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   "value": "A.1 - PARTE G<span class=\"_ _35\"></span>ENERALE SEZIONE 1 - DICHIARAZIONE<span class=\"_ _3\"></span> DI CONFORMIT\u00c0 AI PRINCIPI CONT<span class=\"_ _3\"></span>ABILI INTERNAZIONALI <span class=\"_ _3\"></span><span class=\"fc5\"> </span>Il <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>applicazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _2\"></span>28 <span class=\"_ _5\"></span>febbraio <span class=\"_ _5\"></span>2005 <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>38, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>redatto <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>i principi <span class=\"_ _17\"> </span>contabili <span class=\"_ _18\"> </span>IAS/IFRS <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>manati <span class=\"_ _18\"> </span><span class=\"ff4\">dall\u2019International <span class=\"_ _17\"> </span>Accounting <span class=\"_ _18\"> </span>Standards <span class=\"_ _17\"> </span>Board <span class=\"_ _18\"> </span>(IASB) <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>le <span class=\"_ _17\"> </span>relative <span class=\"_ _18\"> </span>interpretazioni<span class=\"_ _35\"></span> </span>dell\u2019International <span class=\"_ _16\"> </span>Financial <span class=\"_ _16\"> </span>Reporting  S<span class=\"_ _0\"></span>tandards  \u2013<span class=\"ff1\"> <span class=\"_ _16\"> </span>Interpretations <span class=\"_ _16\"> </span>Committee  (<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span>FRS-IC)  e<span class=\"_ _0\"></span>d  omolog<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>dalla  Comm<span class=\"_ _0\"></span>issione<span class=\"_ _0\"></span> </span>Europea, come stabilit<span class=\"_ _0\"></span>o dal Regolament<span class=\"_ _0\"></span>o Comunitario n. 1606 del 19 luglio 2002. Il <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>consolidato <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>predisposto <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>\u201cIstruzioni <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>redazione <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>bilancio dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _2\"></span>capogruppo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>gruppi <span class=\"_ _2\"></span>bancar<span class=\"_ _5\"></span>i\u201d <span class=\"_ _5\"></span>emanate <span class=\"_ _2\"></span>dalla Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _5\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>poteri <span class=\"_ _5\"></span>stabiliti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019art. <span class=\"_ _2\"></span>43 <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _5\"></span>n. <span class=\"_ _4\"> </span><span class=\"ff1\">136/2015<span class=\"_ _90\"> </span></span>(  )<span class=\"_ _90\"> </span>, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Provvedimento <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>22 <span class=\"_ _5\"></span>dicembre<span class=\"_ _0\"></span> 2005 con cui \u00e8 stata emanata <span class=\"_ _3\"></span>la Circolare n. 262/2005, con i successivi aggiornamenti del 18 <span class=\"_ _2\"></span>novembre 2009, del 21 gennaio 2014, del 22 dicembre <span class=\"_ _0\"></span>2014, del 15 dicemb<span class=\"_ _0\"></span>re 2015, del 22 di<span class=\"_ _0\"></span>cembre 2017, del 30 nov<span class=\"_ _0\"></span>embre 2018 e del 29 o<span class=\"_ _0\"></span>ttobre 2021<span class=\"_ _90\"> </span>70<span class=\"_ _90\"> </span>. Queste <span class=\"_ _7\"> </span>Istruzioni <span class=\"_ _4\"> </span>stabiliscono <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>incolante <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>schemi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>relative <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>compilazi<span class=\"_ _2\"></span>one, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>il contenuto della Nota in<span class=\"_ _0\"></span>tegrativa. Nella <span class=\"_ _3\"></span>predisposizione del <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati a<span class=\"_ _3\"></span>pplicati i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipi IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>(inclu<span class=\"_ _5\"></span>si i documenti interpreta<span class=\"_ _0\"></span>tivi denominati SIC <span class=\"_ _0\"></span>e IFRIC) il cui ele<span class=\"_ _0\"></span>nco \u00e8 riportato tr<span class=\"_ _3\"></span>a gli allegati del pr<span class=\"_ _0\"></span>esente bilancio. Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>segue <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>riportati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>nuovi <span class=\"_ _5\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _7\"> </span>vigore, con i relativi Regolame<span class=\"_ _0\"></span>nti di omolog<span class=\"_ _0\"></span>azione da parte della Comm<span class=\"_ _35\"></span>is<span class=\"_ _3\"></span>sione Europea, e<span class=\"_ _0\"></span>ntrat<span class=\"_ _3\"></span><span class=\"ff4\">i<span class=\"_ _3\"></span> in vigore <span class=\"_ _0\"></span>nell\u2019esercizio 2022.<span class=\"ff1\"> </span></span><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2c yf12 ff1 fse fc0 sc0 ls28 ws0\">69</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 h11 yf13 ff1 fs6 fc0 sc0 ls0 ws0\"> <span class=\"ff4 fs4\">L\u2019Art. 43 del D. Lgs.<span class=\"_ _3\"></span> n.136/2015 h<span class=\"_ _3\"></span>a confermato <span class=\"_ _3\"></span>alla Banca d\u2019Itali<span class=\"_ _3\"></span>a i poteri in m<span class=\"_ _3\"></span>ateria di forme tecnic<span class=\"_ _3\"></span>he dei bilanci <span class=\"_ _3\"></span>gi\u00e0 prec<span class=\"_ _3\"></span><span class=\"ff1\">edentemen<span class=\"_ _3\"></span>te attribuiti all<span class=\"_ _3\"></span>a </span></span></div><div class=\"t m0 x0 h11 y3b2 ff1 fs4 fc0 sc0 ls0 ws0\">stessa Autorit\u00e0 dal D.<span class=\"_ _3\"></span> Lgs. n. 38/<span class=\"_ _3\"></span>2005.<span class=\"fs6\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y278 ff1 fsf fc0 sc0 ls1c ws0\">70</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 hb y279 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _4\"> </span><span class=\"ff4\">L\u20198\u00b0 <span class=\"_ _4\"> </span>aggiorname<span class=\"_ _3\"></span>nto <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>17 <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ovembre <span class=\"_ _4\"> </span>2022  </span>- <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>modifica <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Ci<span class=\"_ _3\"></span>rcolare <span class=\"_ _4\"> </span>n.<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>262 <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tener <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onto <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>nuovo <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _4\"> </span>contabile<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _4\"> </span>Co<span class=\"_ _3\"></span>ntratti </div><div class=\"t m0 x0 hb y27a ff1 fs4 fc0 sc0 ls0 ws0\">assicurativi che ent<span class=\"_ _3\"></span>ra in vigore a pa<span class=\"_ _3\"></span>rtire dal 1\u00b0 ge<span class=\"_ _3\"></span>nnaio 2023 <span class=\"_ _3\"></span>- si applicher\u00e0 <span class=\"_ _3\"></span>a partire <span class=\"_ _3\"></span>dai bilanci chiusi <span class=\"_ _3\"></span>o in corso <span class=\"_ _3\"></span>al 31 dicembre <span class=\"_ _3\"></span>2023. </div></div>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1024": {
   "value": "Adozione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _2\"></span>Contratti <span class=\"_ _2\"></span>assic<span class=\"_ _3\"></span>urativi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>Strumenti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>Com<span class=\"_ _3\"></span>pagnie assicurative del Gruppo Nel  pres<span class=\"ff4\">ente  paragrafo<span class=\"_ _0\"></span>  \u00e8  fornita  l\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  sui  principali <span class=\"_ _16\"> </span>impatti  attesi  dall\u2019intro<span class=\"_ _0\"></span>duzione  del  nuovo<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>principio  c<span class=\"_ _0\"></span>ontabile </span>IFRS 17 <span class=\"_ _4\"> </span>Contratti <span class=\"_ _4\"></span>assicurativi<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span><span class=\"ff4\">d<span class=\"_ _3\"></span>all\u2019applicazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>Compagnie <span class=\"_ _4\"> </span>assicurative <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span>Gruppo, in <span class=\"_ _3\"></span>relaz<span class=\"ff4\">ione a <span class=\"_ _3\"></span>quanto richiesto dallo I<span class=\"_ _3\"></span>AS 8 <span class=\"_ _3\"></span>paragrafi 30 e <span class=\"_ _3\"></span>31 ed <span class=\"_ _3\"></span>in ottemperanza alle indicazioni dell\u2019Autorit\u00e0 <span class=\"_ _3\"></span>Europe<span class=\"_ _35\"></span>a </span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>Me<span class=\"_ _3\"></span>rcati <span class=\"_ _6\"></span>(ESMA)<span class=\"_ _90\"> </span>72<span class=\"_ _90\"> </span>. <span class=\"_ _6\"></span><span class=\"ls0\">Sono <span class=\"_ _6\"></span>ino<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>illustrazione <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>interrelazioni <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> </span>IFRS 17 e <span class=\"_ _3\"></span>IFRS 9 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> che <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>della Divisione Insurance applicheranno simultaneamente e per <span class=\"_ _3\"></span>la prima volta <span class=\"_ _3\"></span>a partire dal 1\u00b0<span class=\"ls0\"> gennaio 20<span class=\"_ _0\"></span>23. </span>Si ricorda che l\u2019informativa sulla tran<span class=\"_ _0\"></span>sizione ai nuovi principi sar\u00e0 resa in occasione della trime<span class=\"_ _0\"></span>strale 2023 che <span class=\"_ _2\"></span><span class=\"ff1\">rappresenter\u00e0 il </span>primo <span class=\"_ _6\"></span>resoconto <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>pubblicato <span class=\"_ _6\"></span>successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conterr\u00e0 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni richieste dagli IFRS<span class=\"_ _0\"></span> e dall\u2019ESMA.<span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>nuovo <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"></span>IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _4\"> </span>pubblicato <span class=\"_ _6\"></span>dallo <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>maggio <span class=\"_ _4\"></span>201<span class=\"_ _3\"></span>7 <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>successive <span class=\"_ _4\"> </span>modifiche pubblicate <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>25 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>omologato <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Regolament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>UE <span class=\"_ _5\"></span>n. <span class=\"_ _5\"></span>2036/2021 <span class=\"_ _2\"></span>del 19<span class=\"ls0\"> novembr<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>entra <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>partire <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>mologazione <span class=\"_ _3\"></span>eur<span class=\"_ _5\"></span>opeo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>su </span>base <span class=\"_ _5\"></span>opzionale <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>esentare <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>caratterizzati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>mutualizzazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>intergenerazionale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>congruit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari dall'applicazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ell'obbligo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>ragg<span class=\"_ _0\"></span>ruppamento <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>oorti <span class=\"_ _18\"> </span>annuali <span class=\"_ _18\"> </span>previsto <span class=\"_ _1c\"> </span>dall'IFRS<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>17. <span class=\"_ _1c\"> </span>Inoltre,<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>R<span class=\"_ _0\"></span>eg<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lamento n.<span class=\"ls0\"> <span class=\"ff4\">1491/2022 <span class=\"_ _6\"> </span>dell\u20198 <span class=\"_ _4\"> </span>settembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>introdotte <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifi<span class=\"_ _0\"></span>che <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>portata <span class=\"_ _4\"> </span>limitata <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"> </span>delle </span></span>informazioni comparati<span class=\"_ _0\"></span>ve in sede di prima <span class=\"_ _0\"></span>applicazione dell\u2019IFR<span class=\"_ _35\"></span>S<span class=\"_ _2\"></span><span class=\"ff1\"> </span>17 e dell\u2019IFRS 9. <span class=\"ff1\"> </span>Si <span class=\"_ _7\"> </span>ricorda <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>lo <span class=\"_ _16\"> </span>standard <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>Strumenti <span class=\"_ _4\"> </span>finanziari, <span class=\"_ _7\"> </span>emanato <span class=\"_ _7\"> </span>dallo <span class=\"_ _7\"> </span>IASB <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>luglio <span class=\"_ _4\"> </span>2014 <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>omologato <span class=\"_ _4\"> </span>dalla Commissione <span class=\"_ _6\"></span>Europea <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Regolamento <span class=\"_ _6\"></span>n. <span class=\"_ _4\"> </span>2067/2016, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>sostituito, <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>partire <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018, <span class=\"_ _4\"></span>lo <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"> </span>39 <span class=\"_ _4\"></span>nella disciplina della cla<span class=\"_ _0\"></span>ssificazione e misurazione <span class=\"_ _0\"></span>degli strumen<span class=\"_ _3\"></span>ti finanziari. Il  Gruppo <span class=\"_ _1d\"> </span>Intesa  Sanpaolo,  in  qualit\u00e0  di <span class=\"_ _1d\"> </span>conglomerato  finanziario  a  prevalenza  bancaria,  si  \u00e8 <span class=\"_ _1d\"> </span>avvalso  dell\u2019opzione  di applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>c.d. <span class=\"_ _6\"></span>\u201cDeferral <span class=\"_ _5\"></span>Approach\u201d <span class=\"_ _6\"></span>(o <span class=\"_ _6\"> </span>Temporary <span class=\"_ _6\"></span>Exemption), <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>irt\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>quale <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanzi<span class=\"_ _5\"></span><span class=\"ff1\">arie </span>delle <span class=\"_ _2\"></span>Compagnie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ssicurative <span class=\"_ _3\"></span>controllate <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>prescritto <span class=\"_ _3\"></span>dallo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>39<span class=\"_ _5\"></span><span class=\"ls12\">, </span>fino  all\u2019entrata  in <span class=\"_ _16\"> </span>vigore  del  nuovo  prin<span class=\"_ _0\"></span>cipio  contabile <span class=\"_ _16\"> </span>sui  contratti  assicurativi <span class=\"_ _16\"> </span>(IFRS  17),  il  1\u00b0  gennai<span class=\"_ _0\"></span>o  2023.  Il  rinvio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell'adozione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l'IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferibili <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>imposto, <span class=\"_ _2\"></span>quindi, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _2\"></span>gen<span class=\"_ _5\"></span>naio 2018, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>'applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>differenti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>nell'ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>co<span class=\"_ _6\"></span>nsolidato di Gruppo.  In <span class=\"_ _6\"></span>questo <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _6\"></span>gennaio <span class=\"_ _6\"></span>2023, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>applicher\u00e0 <span class=\"_ _6\"></span>congiuntamente <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>la prima <span class=\"_ _3\"></span>volta <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>principi <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>17. <span class=\"_ _3\"></span>L\u2019implementazione <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Divisione Insurance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oer<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>nte <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le </span>policy <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>definite <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>garantire <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>corretta <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>omogenea <span class=\"_ _7\"> </span>applicazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>nuovo principio a livello c<span class=\"_ _0\"></span>onsolidato. IFRS 17 Contratti assicurativi<span class=\"fc0\"> </span>Overview del Principio IF<span class=\"_ _0\"></span>RS 17 Il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _6\"> </span>sostituisce <span class=\"_ _5\"></span>l\u2019IFRS <span class=\"_ _6\"> </span>4 <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>sua <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"></span>era <span class=\"_ _5\"></span>considerato <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>\u201cinterim standard\u201d e <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto t<span class=\"_ _3\"></span>ale </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> non <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>tra i <span class=\"_ _3\"></span>propri <span class=\"_ _3\"></span>scopi <span class=\"_ _3\"></span>quello di <span class=\"_ _3\"></span>prevedere una <span class=\"_ _3\"></span>metodologia unica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rappresentazione dei </span>contratti <span class=\"_ _3\"></span>assicurativi, r<span class=\"_ _3\"></span>imandando ai <span class=\"_ _2\"></span>modelli contabili <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>normative <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>paesi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quest<span class=\"_ _5\"></span><span class=\"ls17\">o </span>aspetto <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>unitamente <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>migliore <span class=\"_ _5\"></span>informativa <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>risultati <span class=\"_ _5\"></span>economici <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>del nu<span class=\"ls0\">ovo stand<span class=\"_ _0\"></span>ard.  </span>Si riportano a seguir<span class=\"_ _0\"></span>e le principali previsi<span class=\"_ _0\"></span>oni del principio: \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurativa: <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>soggetto <span class=\"_ _2\"></span>ass<span class=\"_ _3\"></span>icurato,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>l\u2019impresa <span class=\"_ _5\"></span>riconosce <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ammontare <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>dato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>somma <span class=\"_ _5\"></span>algebrica <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa </span>attesi <span class=\"_ _3\"></span>contrattuali (Present value <span class=\"_ _3\"></span>future <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">\u201c<span class=\"_ _3\"></span>PVFCF\u201d) e <span class=\"_ _3\"></span>inclusivi <span class=\"_ _3\"></span>anche di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>opportuno Risk<span class=\"_ _3\"></span> adjustment <span class=\"_ _3\"></span>(\u201cRA\u201d) a </span>presidio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>rischi<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>finanziario <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>atteso <span class=\"_ _4\"></span>(Contractual <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>Margin <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">\u201cCSM\u201d), <span class=\"_ _6\"> </span>che </span>rappresenta il valore at<span class=\"_ _0\"></span>tuale degli utili f<span class=\"_ _0\"></span>uturi sui contratti as<span class=\"_ _0\"></span>sicurativi;<span class=\"_ _3\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>raggruppamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>contratti: <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>\u201cportafogli\u201d <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>assicurativ<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>(o<span class=\"ls0\">vvero di <span class=\"_ _3\"></span>gruppi di contratti <span class=\"_ _3\"></span>che condividono rischi <span class=\"_ _3\"></span>simili e <span class=\"_ _3\"></span>gestiti unitariamente). Ciascun portafoglio viene <span class=\"_ _3\"></span>ulteriormente </span>suddiviso in gruppi <span class=\"_ _3\"></span>composti da contratti con <span class=\"_ _3\"></span>caratteristiche simili in <span class=\"_ _3\"></span>termini di profittabilit\u00e0 attesa, prevedendo pertanto<span class=\"_ _5\"></span> la di<span class=\"ls0\">stinzione <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>profittevoli <span class=\"_ _2\"></span>(con <span class=\"_ _5\"></span>margine <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>atteso <span class=\"_ _5\"></span>positivo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>onerosi <span class=\"_ _2\"></span>(con <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>economico <span class=\"_ _2\"></span>atteso </span>negativo); \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> modelli di misurazione previ<span class=\"_ _0\"></span>sti dal principio: il principio IFRS 17<span class=\"_ _0\"></span> prevede un modello di misurazione de<span class=\"_ _0\"></span>nominato Genera<span class=\"_ _0\"></span>l </span>Mod<span class=\"ff4\">el <span class=\"_ _2\"></span>(\u201cGM\u201d) <span class=\"_ _2\"></span>applicabile <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>partecipazione <span class=\"_ _2\"></span>diretta <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>utili<span class=\"_ _2\"></span></span><span class=\"ls12\">, </span>per i <span class=\"_ _3\"></span>quali viene applicato <span class=\"_ _3\"></span>il Variable Fee Approach (\u201c<span class=\"_ _3\"></span>VFA\u201d), qualora siano rispettati i <span class=\"_ _3\"></span>criteri di eleggibilit\u00e0 dipendenti d<span class=\"_ _5\"></span><span class=\"ff1\">alla </span>natura <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>partecipazione <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>utili. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _4\"></span>previsto <span class=\"_ _4\"></span>inoltre<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>modello <span class=\"_ _6\"></span>semplificato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzionale <span class=\"_ _6\"></span>(Premium <span class=\"_ _4\"> </span>Allocation<span class=\"_ _0\"></span> Approach <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">\u201c<span class=\"_ _3\"></span>PAA\u201d) per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>della passivit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>residua denominata L<span class=\"_ _3\"></span>iability for <span class=\"_ _3\"></span>Remaining Co<span class=\"_ _3\"></span>verage<span class=\"_ _0\"></span> </span>(\u201cLRC\u201d, <span class=\"_ _3\"></span>assimila<span class=\"ff1\">bile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Riserva per <span class=\"_ _2\"></span>frazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>mi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iporto premi) <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>uguale o </span>inferiore <span class=\"_ _3\"></span>all'anno <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>materialmente <span class=\"_ _3\"></span>differente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quella <span class=\"_ _3\"></span>risultan<span class=\"_ _5\"></span>te dall'applicazione del General Mo<span class=\"_ _0\"></span>del; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>ransition: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>applicazione, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafogl<span class=\"_ _5\"></span>io </span>siano <span class=\"_ _3\"></span>contabilizzati c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>introdotte <span class=\"_ _3\"></span>fossero <span class=\"_ _3\"></span>sempre <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore; <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transition <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span>rende <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ome<span class=\"_ _0\"></span> di <span class=\"_ _20\"> </span>Full <span class=\"_ _23\"> </span>Retrospective <span class=\"_ _20\"> </span>Approach <span class=\"_ _20\"> </span>(\u201cFRA\u201d). <span class=\"_ _20\"> </span>Poich\u00e9 <span class=\"_ _23\"> </span>la <span class=\"_ _20\"> </span>sua <span class=\"_ _20\"> </span>applicabilit\u00e0 <span class=\"_ _20\"> </span>pu\u00f2 <span class=\"_ _23\"> </span>risultare <span class=\"_ _20\"> </span>molto <span class=\"_ _20\"> </span>complessa <span class=\"_ _20\"> </span>a <span class=\"_ _20\"> </span>causa dell\u2019indisponibilit\u00e0 <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>serie <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>toriche <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>attributi <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>ecessari <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _17\"> </span>gestire <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>capillarit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>dati <span class=\"_ _18\"> </span>previsto<span class=\"_ _35\"></span> dall\u2019lFRS<span class=\"ff1\"> 17, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>consentano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>piena <span class=\"_ _3\"></span>applicazione, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>metodi, <span class=\"_ _3\"></span>tra </span>loro opzionali:  o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">il <span class=\"_ _4\"> </span>Modified <span class=\"_ _4\"> </span>Retrospective <span class=\"_ _4\"> </span>Approach <span class=\"_ _4\"> </span>(\u201cMRA\u201d), <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>approssima <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>risultati <span class=\"_ _4\"> </span>ottenuti <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>FRA <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio </span>retrospettivo, <span class=\"_ _7\"> </span>prevedendo <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>semplificazioni <span class=\"_ _4\"> </span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>CSM, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>contratti, l\u2019utilizzo delle coorti <span class=\"_ _0\"></span>annua<span class=\"ff1\">li ed i tassi di sconto da utiliz<span class=\"_ _0\"></span>zare;  </span>o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">il <span class=\"_ _2\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Approach <span class=\"_ _3\"></span>(\u201cFVA\u201d), <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>CSM/Loss <span class=\"_ _3\"></span>Component <span class=\"_ _3\"></span>(in<span class=\"_ _3\"></span><span class=\"ff1\"> caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>onerosi) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>come </span></span>differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gruppo di<span class=\"_ _3\"></span> contratti <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>riferisce <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il valore <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Fulfillment Cas<span class=\"_ _2\"></span>h<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Flows alla <span class=\"_ _3\"></span>medesima data (rappresentato <span class=\"_ _0\"></span>dalla somma di PVFC<span class=\"_ _0\"></span>F e RA); \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>successiva <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurativa: <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>richiede <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>aggiornamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>ogni<span class=\"_ _0\"></span> reporting <span class=\"_ _3\"></span>period <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>elementi <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>indicati <span class=\"_ _2\"></span>(i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>margine <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>atteso), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 delle <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventuali <span class=\"_ _3\"></span>aggiornamenti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>recepiti <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span>la prima <span class=\"_ _5\"></span>reporting <span class=\"_ _5\"></span>date <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>consuntivazi<span class=\"_ _0\"></span>one: <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>ambiamenti <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>gi\u00e0 avvenuti <span class=\"_ _6\"></span>oppure <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mar<span class=\"_ _3\"></span>gine <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>atteso <span class=\"_ _4\"></span>(CSM) <span class=\"_ _6\"></span>qualora <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventi <span class=\"_ _4\"></span>futuri. Con riferimento  all<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  variazioni <span class=\"_ _16\"> </span>delle  sole  v<span class=\"_ _0\"></span>ariabili  finan<span class=\"_ _0\"></span>ziarie  (e  no<span class=\"_ _0\"></span>n  delle  re<span class=\"_ _0\"></span>stanti,  q<span class=\"_ _2\"></span>uindi  pri<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cipalmente <span class=\"_ _16\"> </span>relative  al comportamento degli assicurati), \u00e8 rimessa scelta alle imprese di individuare <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> p<span class=\"_ _3\"></span>er ciascun raggruppamento di contratti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> se rappresentare gli <span class=\"_ _0\"></span>effetti delle modifi<span class=\"_ _0\"></span>che nel conto economico<span class=\"_ _0\"></span> o nel patrimonio <span class=\"_ _0\"></span>netto (c.d. Opzione<span class=\"_ _3\"></span> OCI); \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>misurazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>ricavo <span class=\"_ _4\"> </span>assicurativo: <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _6\"> </span>17 <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>esposizione <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>\u201cper margini\u201d  conseguiti <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso  de<span class=\"_ _3\"></span>lla  vita <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>polizze,  ossia <span class=\"_ _1d\"> </span>quando <span class=\"_ _1d\"> </span>l\u2019impresa  eroga <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>servizi  agli <span class=\"_ _1d\"> </span>assicurati, <span class=\"_ _1d\"> </span>non prevedendo pertanto la rilevazio<span class=\"_ _0\"></span>ne di alcun ricavo al momento della sotto<span class=\"_ _0\"></span>scrizione del contratto. <span class=\"_ _3\"></span>In merito a tale aspetto il<span class=\"_ _0\"></span> principio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>asimmetrico <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gruppi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>onerosi <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>immediata <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>a conto economico; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mi</span>surazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>performanc<span class=\"_ _0\"></span>e: <span class=\"_ _3\"></span>nell\u2019ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019informativa che <span class=\"_ _3\"></span>garantisca <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>comparabilit\u00e0 <span class=\"_ _3\"></span>degli a<span class=\"_ _3\"></span>ndamenti<span class=\"_ _0\"></span> delle <span class=\"_ _5\"></span>Compagnie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>istinta <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>separata <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>componenti <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tipicamente<span class=\"_ _0\"></span> concorrono <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>formare <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>imprese <span class=\"_ _2\"></span>assicuratrici: <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prima, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profitto <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 </span>assicurativa <span class=\"_ _4\"> </span>prestata <span class=\"_ _7\"> </span>(il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cmargine <span class=\"_ _7\"> </span>tecnico\u201d) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>seconda <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>raggruppa <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _4\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carattere \u201cfinanziario\u201d <span class=\"_ _3\"></span>(i <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span><span class=\"ff1\">nvestimenti, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variabili <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti, <span class=\"_ _3\"></span>ecc.). </span>I cambiamenti nelle stime futur<span class=\"_ _0\"></span>e di premi collegati a contratti in essere alla data di reporting (flussi di cassa da ricevere<span class=\"_ _0\"></span>) <span class=\"_ _5\"></span><span class=\"ls17\">e </span>di <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>(flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>conoscere) <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>contrattuale <span class=\"_ _3\"></span>delle polizze di riferimento<span class=\"_ _0\"></span>. Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conglomerati finanziar<span class=\"ff4\">i, si evidenzia che in data 17 novembre 2022 la <span class=\"_ _3\"></span>Banca d\u2019Italia ha pubblicato l\u20198\u00b0 aggiornam<span class=\"_ _0\"></span>ento della Circolare n. 262 </span>del 22 dicembre 200<span class=\"_ _0\"></span>5 che sar\u00e0 applic<span class=\"_ _0\"></span>abile a partire dai bil<span class=\"_ _0\"></span>anci al 31 dicembre <span class=\"_ _0\"></span>2023. <span class=\"_ _3\"></span> Al <span class=\"_ _6\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>contenere <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>oneri <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>compilazione <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span><span class=\"ff4\">le <span class=\"_ _6\"> </span>banche, <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>predisposizione <span class=\"_ _6\"> </span>dell\u2019aggiornamento <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>Banca <span class=\"_ _6\"> </span>d\u2018<span class=\"_ _3\"></span>Italia <span class=\"_ _5\"></span>ha </span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>analoghe <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>emanate <span class=\"_ _3\"></span>dall\u2019IVASS<span class=\"_ _90\"> </span>73 <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>assicurativo <span class=\"_ _3\"></span>IAS/IFRS, <span class=\"_ _3\"></span>prevedend<span class=\"_ _35\"></span>o un rinvio <span class=\"_ _3\"></span>alle disposizioni emanate dall\u2019IVASS per <span class=\"_ _3\"></span>gli aspetti riconducibili ai contratti assicurativi di <span class=\"_ _3\"></span>pertinenza delle im<span class=\"_ _5\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>rese di </span>assicurazione  incluse  nel <span class=\"_ _1d\"> </span>consolidam<span class=\"_ _0\"></span>ento.  Le <span class=\"_ _1d\"> </span>modifiche  intr<span class=\"_ _3\"></span><span class=\"ff4\">odotte  riguardano  l<span class=\"_ _3\"></span>\u2019adeguamento  degli  schemi  del  b<span class=\"_ _3\"></span>ilancio<span class=\"_ _0\"></span> </span>consolidato <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>relativa <span class=\"_ _7\"> </span>informativa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>nota <span class=\"_ _7\"> </span>integrativa <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>17, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>modificato <span class=\"_ _7\"> </span>lo <span class=\"_ _7\"> </span>IAS <span class=\"_ _16\"> </span>1 <span class=\"_ _4\"> </span>e l\u2019IFRS<span class=\"ff1\"> </span>7, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019allineament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>manate dall\u2019IVASS. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>partico<span class=\"_ _3\"></span><span class=\"ff1\">lare, <span class=\"_ _3\"></span>nello <span class=\"_ _2\"></span>schema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>consolidato </span>viene data evidenza nelle <span class=\"_ _3\"></span>voci \u201cPassivit\u00e0 assicurative\u201d e \u201c<span class=\"_ _3\"></span>Attivit\u00e0<span class=\"_ _0\"></span> assicurative\u201d dei c<span class=\"_ _3\"></span>ontratti assicurativi emessi e delle c<span class=\"_ _5\"></span><span class=\"ff1\">essioni </span>in  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>assicurazion<span class=\"_ _0\"></span>e.  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>invece <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Conto <span class=\"_ _16\"> </span>economico <span class=\"_ _7\"> </span>consolid<span class=\"_ _2\"></span>ato, <span class=\"_ _16\"> </span>nel  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>sultato <span class=\"_ _16\"> </span>intermedio <span class=\"_ _7\"> </span>riferito  al<span class=\"_ _0\"></span>la  g<span class=\"_ _35\"></span>estione assicurativa <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>distinzione <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricavi/costi <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>servizi <span class=\"_ _3\"></span>assicurativi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricavi/costi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>natura <span class=\"_ _2\"></span>finanziar<span class=\"_ _5\"></span>ia <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ai contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>emessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>cessioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riassicura<span class=\"_ _3\"></span>zione. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _5\"></span>integrativa <span class=\"_ _5\"></span>consolidata <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>adeguata, <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>le previsioni <span class=\"_ _17\"> </span>emanate <span class=\"_ _17\"> </span>dall\u2019IVASS, <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>presentare <span class=\"_ _17\"> </span>l\u2019informativa <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>natura <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>sull\u2019entit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>derivanti <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ai <span class=\"_ _17\"> </span>contratti assicurativi <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>sensi <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>previsioni <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _1d\"> </span>17. <span class=\"_ _1d\"> </span>La <span class=\"_ _17\"> </span>Banca <span class=\"_ _1d\"> </span>d\u2019Italia <span class=\"_ _1d\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\">on <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>apportato <span class=\"_ _1d\"> </span>modifiche <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>alla </span>rappresentazione delle gr<span class=\"_ _0\"></span>andezze IFRS 9 pertanto gli strume<span class=\"_ _0\"></span>nti finanziari di competenza delle compag<span class=\"_ _0\"></span>nie assicurative (inclusi<span class=\"_ _3\"></span> i <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>applica <span class=\"_ _6\"> </span>l\u2019IFRS <span class=\"_ _6\"></span>9) <span class=\"_ _6\"></span>negli <span class=\"_ _5\"></span>schemi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sens<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _6\"></span>verranno <span class=\"_ _5\"></span>rappresentati<span class=\"_ _0\"></span> </span>insieme a quelli della<span class=\"_ _0\"></span> banca, salvo fornir<span class=\"_ _0\"></span>e specifiche evide<span class=\"_ _0\"></span>nze nelle tabelle di No<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a Integrativa.<span class=\"_ _3\"></span> Progetto di implement<span class=\"_ _0\"></span>azione per la Divisione Insu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span>nce: impatti organi<span class=\"_ _0\"></span>zzativi ed informat<span class=\"_ _0\"></span>ici<span class=\"_ _3\"></span> Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Gr<span class=\"ff1\">uppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>applicabile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>finanziari </span>con elementi di parteci<span class=\"_ _0\"></span>pazione discrezional<span class=\"_ _0\"></span>e agli utili emessi <span class=\"_ _0\"></span>dalla Divisione Insura<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ce. <span class=\"_ _2\"></span> Il <span class=\"_ _5\"></span>progetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>implementazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>D<span class=\"_ _3\"></span><span class=\"ff1\">ivisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>preso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vvio <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2019 <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>articolato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>pi\u00f9 </span>filoni <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _7\"> </span>impostati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>omogeneo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>compagnie <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _4\"> </span>Insurance, <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>delle specificit\u00e0 di busines<span class=\"_ _0\"></span>s di ciascuna compag<span class=\"_ _0\"></span>nia:  \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _3\"></span>efinizione dell\u2019i<span class=\"ff1\">mpianto <span class=\"_ _3\"></span>metodologico: sono stati <span class=\"_ _3\"></span>identificati gli argomenti <span class=\"_ _3\"></span>chiave ai <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>corrispondono altrettante scelte </span>metodologiche <span class=\"_ _7\"> </span>declinate <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>Technical <span class=\"_ _16\"> </span>Paper, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>classificazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prodotti, <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>cash <span class=\"_ _7\"> </span>flow prospettici e calcolo <span class=\"_ _0\"></span>del CSM; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"_ _3\"></span>voluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>sistemi <span class=\"_ _7\"> </span>informativi: <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>quadro <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>(\u201cBig <span class=\"_ _16\"> </span>Picture\u201d) <span class=\"_ _7\"> </span>progettuale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>mapp<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>egli applicativi e le relative interfacce informatiche, definita a dicembre 2020, \u00e8 stata confermata e <span class=\"_ _3\"></span>implementata anche per le compagnie  successivamente  acquisite <span class=\"_ _1d\"> </span>e  prevede <span class=\"_ _1d\"> </span>la  medesima  s<span class=\"_ _3\"></span>truttura  informatica  per <span class=\"_ _1d\"> </span>tutte  le <span class=\"_ _1d\"> </span>Compagnie  della Divisione Insurance, tenendo in considerazione le peculiarit\u00e0 d<span class=\"_ _3\"></span>i ciascuna. Sono state <span class=\"_ _3\"></span>inoltre effettuate le attivit\u00e0 di <span class=\"_ _3\"></span>anali<span class=\"_ _5\"></span>si e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span><span class=\"ff4\">equirement. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>30 <span class=\"_ _6\"> </span>giugno <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _6\"> </span>completata <span class=\"_ _4\"> </span>l\u2019implementazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _6\"></span>a </span>includere <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>fil<span class=\"_ _3\"></span>iera <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contabilit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>processi <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>prospettiche <span class=\"_ _2\"></span>introdo<span class=\"_ _5\"></span>tte dall\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>(principalmente <span class=\"_ _2\"></span>cash <span class=\"_ _5\"></span>flow, <span class=\"_ _2\"></span>risk <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">djustment <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>CSM). <span class=\"_ _5\"></span>Infine, <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>sviluppi <span class=\"_ _5\"></span>informatici <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>motori <span class=\"_ _2\"></span>attuariali <span class=\"_ _2\"></span>sono </span>stati conclusi;  \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>formazione: <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _4\"> </span>prevista <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019<span class=\"_ _3\"></span>intera <span class=\"_ _4\"> </span>durata <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>progetto <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>suddivisa <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>Top <span class=\"_ _4\"> </span>Management, tecnica  ed  operativa,  prevedendo  specifiche  sessioni  dedicate  agli  amministratori  delle  compagnie  della  Divi<span class=\"_ _0\"></span>sione Insurance e della Capogr<span class=\"_ _0\"></span>uppo; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>mo<span class=\"_ _3\"></span>difiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>normativa <span class=\"_ _4\"></span>interna: <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>formalizzato <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>target <span class=\"_ _4\"></span>operating <span class=\"_ _4\"></span>mod<span class=\"_ _0\"></span>el, <span class=\"_ _4\"></span>ossia <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>disegno <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la </span>formalizzazione dei sistemi, proc<span class=\"_ _3\"></span>essi organizzativi e relativi <span class=\"_ _3\"></span>uffici responsabili, in modo da<span class=\"_ _3\"></span> presidiare il nuovo p<span class=\"_ _3\"></span>rocesso di formazione del bilan<span class=\"_ _0\"></span>cio; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>ransition <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>parallel <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022: <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>concluse <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>quantificazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>saldi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>apertura <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>gennai<span class=\"_ _5\"></span><span class=\"lsc\">o </span></span>2022 <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ricostruzione <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>risultato <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>complessivo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2022; <span class=\"_ _5\"></span>risulta <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roduzione <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>sistemi informatici dei dati c<span class=\"_ _0\"></span>omparativi dei trimestri<span class=\"_ _0\"></span> 2022 per tutte le <span class=\"_ _0\"></span>compagnie della Divisi<span class=\"_ _0\"></span>one Insurance.<span class=\"_ _3\"></span> Da <span class=\"_ _18\"> </span>un <span class=\"_ _1c\"> </span>punto <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>vista <span class=\"_ _18\"> </span>organizzativo <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>progetto <span class=\"_ _18\"> </span>IFRS <span class=\"_ _1c\"> </span>17 <span class=\"_ _18\"> </span>include, <span class=\"_ _1c\"> </span>oltre <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>processo <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>predisposizione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>bilancio<span class=\"_ _35\"></span>, l\u2019implementazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sistemi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>processi <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Pianificazione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Controllo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>all\u2019Asset <span class=\"_ _5\"></span>and <span class=\"_ _2\"></span>Liability <span class=\"_ _5\"></span>Management, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>garantire la capacit\u00e0 di<span class=\"_ _0\"></span> governo delle comp<span class=\"_ _0\"></span>agnie del Gruppo secondo le nuove metrich<span class=\"_ _0\"></span>e introdotte dal pri<span class=\"_ _0\"></span>ncipio IFRS 17. Nel <span class=\"_ _6\"></span>corso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _4\"></span>attivata <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>progettualit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>Capogru<span class=\"_ _0\"></span>ppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>coinvolgimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>pi\u00f9 direzioni <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _5\"></span>CFO <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>COO <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>opera <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>piena <span class=\"_ _2\"></span>sinergia <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _4\"> </span><span class=\"ff1\">attivit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>progetto <span class=\"_ _5\"></span>di </span>implementazione <span class=\"_ _1c\"> </span>dell\u2019IFRS <span class=\"_ _1c\"> </span>17 <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>me<span class=\"_ _0\"></span>rito <span class=\"_ _20\"> </span>alla <span class=\"_ _1c\"> </span>rappresentazione<span class=\"_ _0\"></span> <span class=\"_ _20\"> </span>delle <span class=\"_ _1c\"> </span>grandezze <span class=\"_ _1c\"> </span>patrimoniali <span class=\"_ _20\"> </span>ed <span class=\"_ _1c\"> </span>economiche <span class=\"_ _1c\"> </span>tipiche dell\u2019IFRS<span class=\"ff1\"> </span>17 con riferiment<span class=\"_ _0\"></span>o alla rappresentazi<span class=\"_ _0\"></span>one ai sensi dell\u2019I<span class=\"_ _35\"></span>FRS 10<span class=\"_ _3\"></span> nel Bilan<span class=\"_ _3\"></span><span class=\"ff1\">cio Consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo. </span>Si evidenzia <span class=\"_ _3\"></span>infine che sono <span class=\"_ _3\"></span>stati effettuati <span class=\"_ _3\"></span>incontri periodici con <span class=\"_ _3\"></span>la societ\u00e0 d<span class=\"_ _3\"></span>i Revisione EY <span class=\"_ _3\"></span>volti a <span class=\"_ _3\"></span>promuovere un confron<span class=\"_ _5\"></span>to in merito alle scelte meto<span class=\"_ _0\"></span>dologiche identific<span class=\"_ _0\"></span>ate nell\u2019ambito progett<span class=\"_ _0\"></span>uale.<span class=\"_ _3\"></span><span class=\"ffa fc2\"> <span class=\"_ _9\"> </span></span>Scelte metodologiche del Gru<span class=\"_ _35\"></span>ppo<span class=\"_ _3\"></span> Le <span class=\"_ _1c\"> </span>principali <span class=\"_ _18\"> </span>scelte <span class=\"_ _1c\"> </span>metodolog<span class=\"_ _0\"></span>iche <span class=\"_ _1c\"> </span>affrontate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>hanno <span class=\"_ _1c\"> </span>riguardato <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>definizione <span class=\"_ _18\"> </span>della <span class=\"_ _1c\"> </span>curva <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1c\"> </span>sconto, <span class=\"_ _18\"> </span>la quantificazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _6\"></span>flow <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttica <span class=\"_ _6\"></span>IFRS<span class=\"_ _3\"></span> 17, <span class=\"_ _4\"></span>nonch\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>quantificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>CSM <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo<span class=\"_ _0\"></span> Intesa  S<span class=\"_ _0\"></span>anpaolo, <span class=\"_ _16\"> </span>differente <span class=\"_ _16\"> </span>dal  CSM <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ilevato <span class=\"_ _16\"> </span>a  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>di  Divi<span class=\"_ _0\"></span>sione  I<span class=\"_ _0\"></span>nsurance, <span class=\"_ _16\"> </span>al  fin<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  considerare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effettivi <span class=\"_ _16\"> </span>costi  d<span class=\"_ _0\"></span>i distribuzione/gesti<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurative <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>luogo <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>provvigioni <span class=\"_ _6\"></span>regolate <span class=\"_ _6\"></span>tra <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del Gruppo.  Di seguito sono riporta<span class=\"_ _0\"></span>te le principali scelte<span class=\"_ _0\"></span> metodologiche assun<span class=\"_ _0\"></span>te dal Gruppo Intesa S<span class=\"_ _0\"></span>anpaolo<span class=\"_ _2\"></span>: \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _3\"></span>ivello <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ggregazione e <span class=\"_ _3\"></span>opzione <span class=\"_ _3\"></span>\u201ccarve <span class=\"_ _3\"></span>out\u201d <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>coorti: i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>livello di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggregazione permette d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>definire <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>granularit\u00e0 co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span>cui viene valutata la <span class=\"_ _0\"></span>redditivit\u00e0 di un gruppo di contrat<span class=\"_ _0\"></span>ti, andando a raggru<span class=\"_ _0\"></span>ppare <span class=\"_ _3\"></span>nel medesimo portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> quelli che: o <span class=\"_ _22\"> </span><span class=\"fs0\">presentano rischi simili e<span class=\"_ _0\"></span> che sono gestiti uni<span class=\"_ _0\"></span>tariamente;  </span>o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">hanno la stessa profitt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>bilit\u00e0 attesa all\u2019emis<span class=\"_ _0\"></span>sione (c.d. bucket di<span class=\"_ _0\"></span> profittabilit\u00e0);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>o <span class=\"_ _22\"> </span><span class=\"fs0\">appartengono alla st<span class=\"_ _0\"></span>essa generazione<span class=\"_ _0\"></span> (c.d. coorte annuale).  </span>Limitatamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>primo <span class=\"_ _2\"></span>punto, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>adottato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _4\"> </span>Business <span class=\"_ _2\"></span>Danni <span class=\"_ _5\"></span>in<span class=\"_ _0\"></span> base <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Line <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Business <span class=\"_ _3\"></span>(\u201cLoB\u201d) <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>appartenenza; <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _6\"> </span><span class=\"ff1\">Business <span class=\"_ _3\"></span>Vita <span class=\"_ _2\"></span></span>l\u2019aggregazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>gruppi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti<span class=\"_ _35\"></span> avviene <span class=\"_ _2\"></span>raggruppando <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>unico <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>Gestione <span class=\"_ _5\"></span>Separata;<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _2\"></span>Multiramo <span class=\"_ _2\"></span>per ciascuna <span class=\"_ _3\"></span>Gestione <span class=\"_ _3\"></span>Separata; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inked; <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>collegati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Fon<span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Pensione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>puro <span class=\"_ _2\"></span>rischio<span class=\"_ _0\"></span> (es. Temporanee caso<span class=\"_ _0\"></span> morte - TCM). Per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _4\"></span>appartenenti <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"></span>Multira<span class=\"_ _35\"></span>mo<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>collegati <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>Gestione <span class=\"_ _6\"></span>Separata, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>ha deciso <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>esercitare <span class=\"_ _6\"></span>l\u2019opzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>non <span class=\"_ _6\"> </span>applicare <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>requisito <span class=\"_ _6\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _6\"> </span>Coorte <span class=\"_ _4\"> </span>Annuale <span class=\"_ _6\"> </span>(\u201cCarve <span class=\"_ _4\"> </span>Out\u201d) <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"> </span>come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>dal Regolamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>omologazione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>livello <span class=\"_ _5\"></span>europeo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quindi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>aggregare <span class=\"_ _5\"></span>queste <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>con riguardo al concetto <span class=\"_ _0\"></span>di rischi simili e gestio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e unitaria e all\u2019ap<span class=\"_ _0\"></span>partenenza allo ste<span class=\"_ _3\"></span><span class=\"ff1\">sso bucket di profittabili<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>\u00e0. </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Cu<span class=\"_ _3\"></span>rva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sconto: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>utilizzare <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>approccio <span class=\"_ _2\"></span>Bottom<span class=\"_ _2\"></span>-</span>Up, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>privi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischio<span class=\"_ _0\"></span> con <span class=\"_ _5\"></span>l\u2019a<span class=\"_ _3\"></span>ggiunta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>premio <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rischio <span class=\"_ _5\"></span>insito <span class=\"_ _6\"> </span>all\u2019interno <span class=\"_ _7\"> </span><span class=\"ff1\">del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </span>ciascuna compagnia, ri<span class=\"_ _0\"></span>partito per singola g<span class=\"_ _0\"></span>estione separata, po<span class=\"_ _0\"></span>rtafoglio unit, fondi p<span class=\"_ _0\"></span>ensione e portafogli<span class=\"_ _0\"></span>o libero.<span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Ris<span class=\"_ _3\"></span>k <span class=\"_ _5\"></span>adjustment: <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>metodologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>Value <span class=\"_ _6\"></span>at <span class=\"_ _5\"></span>Risk <span class=\"_ _6\"></span>(VaR) <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>l\u2019incertezza <span class=\"_ _7\"> </span><span class=\"ff1\">dei </span>rischi non finanziari <span class=\"_ _0\"></span>sulla base del 75\u00b0 p<span class=\"_ _0\"></span>ercentile della distrib<span class=\"_ _0\"></span>uzione specifica di ci<span class=\"_ _0\"></span>ascun rischio consi<span class=\"_ _0\"></span>derato. <span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Var<span class=\"_ _3\"></span>iable Fee <span class=\"_ _3\"></span>Approach (VFA): come <span class=\"_ _3\"></span>evidenziato in <span class=\"_ _3\"></span>precedenza, il <span class=\"_ _3\"></span>VFA \u00e8 <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello previsto dallo <span class=\"_ _3\"></span>Standard obbligatorio </span>per <span class=\"_ _1d\"> </span>i  contratti <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span><span class=\"ff4\">prevedono  una <span class=\"_ _1d\"> </span>significativa  partecipazione  discrezionale  agli <span class=\"_ _1d\"> </span>utili  da <span class=\"_ _1d\"> </span>parte <span class=\"_ _1d\"> </span>dell\u2019assicurat<span class=\"_ _0\"></span>o. <span class=\"_ _1d\"> </span>Per </span>determinare se <span class=\"_ _3\"></span>la partecipazione discrezionale agli <span class=\"_ _3\"></span>utili \u00e8 <span class=\"_ _3\"></span>significativa, viene eseguito un <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sia di <span class=\"_ _3\"></span>natura qualitativa c<span class=\"_ _6\"></span>he<span class=\"_ _0\"></span> quantitativa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">requisiti <span class=\"_ _6\"></span>previsti. <span class=\"_ _6\"></span>Nell\u2019ambito <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"> </span>misurati <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>il </span>Variable <span class=\"_ _2\"></span>Fee <span class=\"_ _2\"></span>Approach <span class=\"_ _3\"></span>tutt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>Linked <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ollegati <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>gestione <span class=\"_ _3\"></span>separata, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>ia individuali che di ti<span class=\"_ _0\"></span>po Multiram<span class=\"ls10\">o.</span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Pre<span class=\"_ _3\"></span>mium <span class=\"_ _2\"></span>Allocation <span class=\"_ _5\"></span>Approach <span class=\"_ _2\"></span>(PAA): <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>evidenziato <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>precedenza, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>PAA <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>opzionale <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>applicabile <span class=\"_ _5\"></span>ai </span>contratti <span class=\"_ _3\"></span>con durata <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>all\u2019anno o <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>con d<span class=\"_ _3\"></span>urata superiore a<span class=\"_ _3\"></span>ll\u2019anno per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>dimostra che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019applicazio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span>del <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>PAA <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>porti <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>risultati <span class=\"_ _5\"></span>significativamente <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>otterrebbero <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>generale. <span class=\"_ _5\"></span>Il Gruppo ha <span class=\"_ _3\"></span>deciso di appl<span class=\"_ _3\"></span>icare tale modello al <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>Business<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Danni, definendo come <span class=\"_ _3\"></span>regola generale <span class=\"_ _3\"></span>quella di utilizzare il modello PAA per le <span class=\"_ _0\"></span>pol<span class=\"ff4\">izze assicurative con dur<span class=\"_ _0\"></span>ata non superiore all\u2019a<span class=\"_ _0\"></span>nno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Co<span class=\"_ _3\"></span>verage <span class=\"_ _4\"> </span>Unit: <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>Coverage <span class=\"_ _7\"> </span>Unit <span class=\"_ _4\"> </span>rappresentano <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>river <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>viene <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>rilascio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>CSM <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>conto </span>economico, <span class=\"_ _7\"> </span>tenendo  i<span class=\"_ _35\"></span>n  consid<span class=\"_ _0\"></span>erazione <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>quantit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>servizio <span class=\"_ _7\"> </span>fornita <span class=\"_ _16\"> </span>all\u2019assicurato <span class=\"_ _7\"> </span>e  la<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>durata <span class=\"_ _7\"> </span>attesa <span class=\"_ _16\"> </span>del  g<span class=\"_ _0\"></span>ruppo <span class=\"_ _7\"> </span>di </span>contratti. Le <span class=\"_ _3\"></span>Coverage Unit <span class=\"_ _3\"></span>sono determinate <span class=\"_ _3\"></span>in maniera <span class=\"_ _3\"></span>differenziata<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>a seconda <span class=\"_ _3\"></span>che si <span class=\"_ _3\"></span>tratti di <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Vita o <span class=\"_ _3\"></span>Business Danni. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Danni <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Coverage <span class=\"_ _3\"></span>Unit <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificate <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompet<span class=\"_ _2\"></span>enza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo mentre <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Business <span class=\"_ _2\"></span>Vita <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identificate <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>capitali <span class=\"_ _5\"></span>assicurati <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>capitali <span class=\"_ _5\"></span>assicurati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>inter<span class=\"_ _6\"></span>a,<span class=\"_ _0\"></span> che rappresentano l\u2019im<span class=\"_ _0\"></span>pegno della compag<span class=\"_ _0\"></span>nia verso gli assicur<span class=\"_ _0\"></span>ati nel periodo di val<span class=\"_ _0\"></span>utazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Co<span class=\"_ _3\"></span>ntract Boundaries: la determinazione <span class=\"_ _3\"></span>dei Contract Boundaries viene ut<span class=\"_ _3\"></span>ilizzata per definire se <span class=\"_ _3\"></span>una determinata opzione </span>contrattuale  debba  e<span class=\"_ _3\"></span>ssere  inclusa  nella <span class=\"_ _1d\"> </span>proiezione  dei <span class=\"_ _1d\"> </span>flussi  di  cassa <span class=\"_ _1d\"> </span>gi\u00e0  d<span class=\"_ _3\"></span>all\u2019emissione<span class=\"_ _0\"></span>  de<span class=\"_ _3\"></span>l  contratto  o<span class=\"_ _3\"></span>ppure  se l\u2019esercizio della stes<span class=\"ff1\">sa comporti <span class=\"_ _0\"></span>la generazione di un <span class=\"_ _0\"></span>nuovo gruppo di con<span class=\"_ _0\"></span>tratti. <span class=\"_ _3\"></span> </span>Vengono <span class=\"_ _4\"> </span>incluse <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Contract <span class=\"_ _4\"> </span>Boundaries <span class=\"_ _7\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>opz<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>prevedono, <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>all\u2019emissione <span class=\"_ _7\"> </span>dei contratti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>dell\u2019opzione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pricing. <span class=\"_ _3\"></span>Qualor<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>l\u2019esercizio <span class=\"_ _3\"></span>dell\u2019opzione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>abbia <span class=\"_ _3\"></span>condizioni prestabilite <span class=\"_ _1d\"> </span>all\u2019emissione, <span class=\"_ _1d\"> </span>ma <span class=\"_ _1d\"> </span>queste <span class=\"_ _17\"> </span>vengono <span class=\"_ _1d\"> </span>definite <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>olo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _1d\"> </span>secondo <span class=\"_ _17\"> </span>momento <span class=\"_ _1d\"> </span>oppure <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>momento <span class=\"_ _1d\"> </span>stesso dell\u2019esercizio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>dell\u2019assicurato, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ve<span class=\"_ _5\"></span><span class=\"ff1\">ngono <span class=\"_ _2\"></span>proiettate </span>nei flussi di cassa del contratto <span class=\"_ _0\"></span>principale; l\u2019esercizio dell\u2019<span class=\"_ _0\"></span>opzione genera un nuovo gruppo di co<span class=\"_ _0\"></span>ntratti differente da quel<span class=\"_ _2\"></span><span class=\"ff1\">lo </span>del contratto principale<span class=\"_ _0\"></span>. \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>App<span class=\"_ _3\"></span>roccio di <span class=\"_ _3\"></span>Transition: il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>ha deciso d<span class=\"_ _3\"></span>i ut<span class=\"_ _3\"></span>ilizzare tutti e <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi di <span class=\"_ _3\"></span>tr<span class=\"_ _2\"></span>ansition previsti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>Standard a <span class=\"_ _3\"></span>seconda </span>della d<span class=\"_ _3\"></span>isponibilit\u00e0 dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>richiesti <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>principio per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>CSM a<span class=\"_ _3\"></span>lla da<span class=\"_ _3\"></span>ta di <span class=\"_ _3\"></span>FTA. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er le <span class=\"_ _7\"> </span>generazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>contratti <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _16\"> </span>recenti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _7\"> </span>Full <span class=\"_ _7\"> </span>Retrospectiv<span class=\"_ _2\"></span>e <span class=\"_ _7\"> </span>Approach, <span class=\"_ _7\"> </span>fatta <span class=\"_ _16\"> </span>eccezione <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le compagnie <span class=\"_ _4\"> </span>acquisite <span class=\"_ _4\"> </span>(ISP <span class=\"_ _4\"> </span>RBM <span class=\"_ _7\"> </span>Salute <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>x <span class=\"_ _7\"> </span>UBI), <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _7\"> </span>Fair <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>Approach. <span class=\"_ _7\"> </span>Per <span class=\"_ _4\"></span>i contratti <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>multiramo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>danni <span class=\"_ _7\"> </span>meno <span class=\"_ _7\"> </span>recenti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>Modified <span class=\"_ _4\"> </span>Retrospective<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>Approach, mentre per<span class=\"_ _3\"></span> i <span class=\"_ _3\"></span>restanti <span class=\"_ _3\"></span>prodotti e <span class=\"_ _3\"></span>annualit\u00e0 viene <span class=\"_ _3\"></span>utilizzato il <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Approach. Le <span class=\"_ _3\"></span>principali semplificazioni utilizzate <span class=\"_ _6\"></span>dal Gruppo nell\u2019applic<span class=\"_ _0\"></span>azione del Modified Retr<span class=\"_ _0\"></span>ospective Approach <span class=\"_ _0\"></span>sono: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>utilizzo <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>coorti <span class=\"_ _5\"></span>annuali: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>mplificazi<span class=\"_ _0\"></span>oni <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>aggrega <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>coorti <span class=\"_ _5\"></span>annuali <span class=\"_ _5\"></span>in </span>un\u2019unica Unit of Acc<span class=\"_ _0\"></span>ount per il business <span class=\"_ _0\"></span>vita e per il busine<span class=\"_ _0\"></span>ss danni;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>tassi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>sconto: <span class=\"_ _6\"></span>ricostruzione <span class=\"_ _5\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto <span class=\"_ _6\"></span>tramite <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>ult<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>5<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>curve <span class=\"_ _6\"></span>ricostruite <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>an<span class=\"_ _5\"></span>ni <span class=\"_ _6\"></span>di </span>valutazione precede<span class=\"_ _0\"></span>nti alla data di transi<span class=\"_ _0\"></span>zione; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mancata ricostruzione delle <span class=\"_ _0\"></span>chiusure contabili sui p<span class=\"_ _0\"></span>eriodi precedenti. </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Qu<span class=\"_ _3\"></span>antificazione <span class=\"_ _16\"> </span>del  CSM  per<span class=\"_ _0\"></span>  il  Bila<span class=\"_ _0\"></span>ncio  Con<span class=\"_ _0\"></span>solidato:  in <span class=\"_ _16\"> </span>ambito  IFRS <span class=\"_ _16\"> </span>17,  la  gestio<span class=\"_ _0\"></span>ne  delle <span class=\"_ _16\"> </span>transazioni  i<span class=\"_ _0\"></span>nfragruppo </span>comporta la <span class=\"_ _3\"></span>nece<span class=\"ff4\">ssit\u00e0, <span class=\"_ _3\"></span>per la <span class=\"_ _3\"></span>quantificazione dei <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa, d<span class=\"_ _3\"></span>i \u201csostituire\u201d <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>infragruppo proiettati <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisio<span class=\"_ _0\"></span>ne </span>Insurance  nella  stima  della  p<span class=\"_ _3\"></span>ropria  situazione  contabile  \u201cstand  a<span class=\"_ _3\"></span>lone\u201d  (tipicamente  le  provvigioni  pagate  alla <span class=\"_ _1d\"> </span>rete<span class=\"_ _0\"></span> distributiva <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancaria) <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>reali <span class=\"_ _5\"></span>sostenuti <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>economie <span class=\"_ _5\"></span>terze <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tale <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omportare <span class=\"_ _2\"></span>la rilevazione di un p<span class=\"_ _3\"></span>rofitto atteso (CSM) differente t<span class=\"_ _3\"></span>ra le s<span class=\"_ _3\"></span>ingole Societ\u00e0 del Gruppo e<span class=\"_ _3\"></span> il Gruppo nel <span class=\"_ _3\"></span>suo insieme. <span class=\"_ _3\"></span>La stessa<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">ESMA <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>comunicazione <span class=\"_ _2\"></span>annuale <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>priorit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x89 h33 y49b ff1 fs11 fc0 sc0 ls1a ws0\">74</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 xdc h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff4\">evidenzia <span class=\"_ _5\"></span>l\u2019importanza <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _2\"></span>consistente <span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">requisiti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>corretta <span class=\"_ _4\"> </span>applicazione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"> </span>bilancio </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">consolidato. Nello specifico, ESMA segnala che nel ca<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>in cui le banche <span class=\"_ _3\"></span>del gruppo distribuiscano i prodotti assicurativi,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">il CSM a livello consoli<span class=\"_ _0\"></span>dato spesso differir\u00e0<span class=\"_ _0\"></span> da quello assicurati<span class=\"_ _0\"></span>vo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>I<span class=\"_ _3\"></span>mpatti dell\u2019I<span class=\"_ _3\"></span>FRS 17 <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>Misure <span class=\"_ _3\"></span>Alternative d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Performance: a <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>guito delle <span class=\"_ _3\"></span>novit\u00e0 <span class=\"_ _3\"></span>introdotte dall<span class=\"_ _3\"></span>\u2019applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>nuovo </span></div><div class=\"t m0 x2a h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">principio, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>sta <span class=\"_ _4\"> </span>valutando <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>migliori <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business <span class=\"_ _4\"> </span>assicurativo <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>degli </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">schemi riclassificati <span class=\"_ _0\"></span>di Stato Patrimoniale e di<span class=\"_ _0\"></span> Conto economico.  </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>I<span class=\"_ _3\"></span>nterazione <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>7 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _4\"> </span>dell\u2019opzion<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _4\"> </span>OCI: <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>alcuni <span class=\"_ _4\"> </span>casi,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>l'interazione <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>l'<span class=\"_ _3\"></span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>l'IFRS <span class=\"_ _4\"> </span>9 </span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">potrebbe <span class=\"_ _6\"></span>generare <span class=\"_ _6\"></span>mismatch <span class=\"_ _5\"></span>contabili <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </div><div class=\"t m0 x2a h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie ad <span class=\"_ _3\"></span>essi c<span class=\"_ _3\"></span>orrelate. Per r<span class=\"_ _3\"></span>idurre tali <span class=\"_ _3\"></span>mismatch, l\u2019IFRS <span class=\"_ _3\"></span>17 cons<span class=\"_ _2\"></span><span class=\"ff1\">ente <span class=\"_ _3\"></span>di effettuare <span class=\"_ _3\"></span>una di<span class=\"_ _3\"></span>saggregazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>dei proventi </span></div><div class=\"t m0 x2a h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">ed <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>finanziari derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>assicurativi <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico (<span class=\"_ _3\"></span>risultato finanziario) e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019Other <span class=\"_ _3\"></span>Comprehensiv<span class=\"_ _3\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Income <span class=\"_ _2\"></span>(OCI) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>Netto. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disaggregazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fatta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>contratti </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">assicurativi e deve e<span class=\"_ _0\"></span>ssere presa in coerenza <span class=\"_ _0\"></span>con il metodo di v<span class=\"_ _0\"></span>alutazione degli attivi. I<span class=\"_ _0\"></span>n particolare:<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y6b ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">per <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _5\"></span>Model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Pre<span class=\"_ _3\"></span>mium <span class=\"_ _2\"></span>Allocation <span class=\"_ _2\"></span>Approach, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>ivalutazione </span></div><div class=\"t m0 x62 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">finanziaria dei flussi di cassa futuri e <span class=\"_ _3\"></span>del risk adjustment a tassi s<span class=\"_ _3\"></span>torici \u00e8 contabilizzata a conto economico, mentre la </div><div class=\"t m0 x62 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">differenza tra la rival<span class=\"_ _0\"></span>utazione a tassi stor<span class=\"_ _0\"></span>ici e quelli correnti \u00e8<span class=\"_ _0\"></span> contabilizzata <span class=\"_ _0\"></span>a Other Comprehensive <span class=\"_ _0\"></span>Income;<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y6e ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">per i <span class=\"_ _3\"></span><span class=\"ff4\">contratti valutati al Variable Fee <span class=\"_ _3\"></span>Approa<span class=\"_ _0\"></span>ch, l\u2019IFRS 17 <span class=\"_ _3\"></span>prevede che il risultato finanziario dei contratti assicurativi </span></span></div><div class=\"t m0 x62 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">sia <span class=\"_ _7\"> </span>disaggregato <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _4\"> </span>Income: <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sostanza <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>riclassificata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Other </div><div class=\"t m0 x62 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Comprehensive Income l<span class=\"_ _0\"></span>a differenza tra il risultato finanziari<span class=\"_ _0\"></span>o dei contratti assicurativi e <span class=\"_ _0\"></span>il risultato finanziario a co<span class=\"_ _0\"></span>nto </div><div class=\"t m0 x62 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">economico derivante d<span class=\"_ _0\"></span>agli strumenti finanziari sottostanti (c.d<span class=\"_ _0\"></span>. Mirroring).  </div><div class=\"t m0 x2a h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>finalizzato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bu<span class=\"_ _2\"></span><span class=\"ff1\">siness <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tendere: <span class=\"_ _2\"></span>Hold <span class=\"_ _5\"></span>To <span class=\"_ _2\"></span>Collect </span></div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>debito, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ollegati <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>linked <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>pensione <span class=\"_ _3\"></span>aper<span class=\"_ _5\"></span><span class=\"ls12\">ti </span></div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">(ai quali verr\u00e0 applicato <span class=\"_ _3\"></span>il Business Model Other). <span class=\"_ _3\"></span>Per quanto r<span class=\"_ _3\"></span>iguarda la classificazio<span class=\"_ _2\"></span>ne dei <span class=\"_ _3\"></span>titoli di <span class=\"_ _3\"></span>capitale che rientrano </div><div class=\"t m0 x2a h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">nel perimetro di <span class=\"_ _3\"></span>applicazione dell\u2019IFRS 9, <span class=\"_ _3\"></span>la Divisione Insurance applicher\u00e0 la <span class=\"_ _3\"></span>valutazione a fair value <span class=\"_ _3\"></span>con contropartita a </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>Conseguentemente, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ridurre <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>mismatch <span class=\"_ _2\"></span>contabili, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>deciso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>adottare </div><div class=\"t m0 x2a h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019opzione <span class=\"_ _2\"></span>OCI <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019eccezione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>colleg<span class=\"_ _2\"></span><span class=\"ff1\">ati <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x2a h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">prodotti multiramo e <span class=\"_ _0\"></span>ai fondi pensione <span class=\"_ _0\"></span>aperti. </div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Per maggiori dettagli sulle attivit\u00e0 finanziarie s<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>rimanda al successivo paragrafo relativo all\u2019adozione dell\u2019IFRS 9 da parte </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">delle Compagnie assic<span class=\"_ _0\"></span>urative del Gru<span class=\"_ _0\"></span>ppo. </div><div class=\"t m0 x0 h95 y7b ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7c ffa fs0 fc2 sc0 ls0 ws0\">Principali differenze <span class=\"_ _0\"></span>tra il framework IFRS 17 <span class=\"_ _0\"></span>e Solvency II  </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>Standard <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Solvency <span class=\"_ _5\"></span>II <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>relazione <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurative <span class=\"_ _5\"></span>sono<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">primariamente <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>gate <span class=\"_ _3\"></span>all\u2019identificazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>Contract <span class=\"_ _3\"></span>Boundaries, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">calcolo del Margine <span class=\"_ _0\"></span>di Prudenza (rispetti<span class=\"_ _0\"></span>vamente Risk Adjustme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>t o R<span class=\"_ _3\"></span>isk Margin). In particolar<span class=\"_ _0\"></span>e: </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"></span>riguarda <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>Contract <span class=\"_ _4\"> </span>Boundaries, <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>principali <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>fferenze <span class=\"_ _4\"></span>riguardano <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>logica <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">periodicit\u00e0 della valutazione. In Solvency II <span class=\"_ _3\"></span>i Contract Boundaries sono basati su una <span class=\"_ _3\"></span>logica di rischio per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>compagnia e </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">sono determinati a ciascu<span class=\"_ _0\"></span>na data di valutazione; in IFRS 17 inve<span class=\"_ _0\"></span>ce sulla possibilit\u00e0 di re<span class=\"_ _3\"></span>-pricing da parte della compagni<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">e sono determinati all\u2019<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>missione dei contra<span class=\"_ _0\"></span>tti; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>curve <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>principale <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>rig<span class=\"_ _3\"></span>uarda <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>granularit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>stessa </span></div><div class=\"t m0 x2a h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _4\"></span>calcolata; <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>particolare, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>Solvency <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>esiste <span class=\"_ _6\"></span>un'unica <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"></span>composta <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>priva <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>premio <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>(Volatility <span class=\"_ _6\"> </span>Adjustment), <span class=\"_ _6\"> </span>definito <span class=\"_ _4\"> </span>dall\u2019EIOPA <span class=\"_ _6\"></span>sulla <span class=\"_ _16\"> </span><span class=\"ff1\">base <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">medio di mercato. <span class=\"_ _3\"></span>Nel Framework IFRS 17 invece \u00e8 possibile calcolare le curve d<span class=\"_ _3\"></span>i sconto per ogni portafoglio identificato<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">sulla base degli specifi<span class=\"_ _0\"></span>ci pool di attivi d<span class=\"_ _0\"></span>i riferimento;  </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er il <span class=\"_ _3\"></span>Margine di Prudenza, la differ<span class=\"_ _3\"></span>enza tra <span class=\"_ _3\"></span>Risk Margin e <span class=\"_ _3\"></span>Risk Adjustment \u00e8 dovuta sia <span class=\"_ _3\"></span>ad una differente <span class=\"_ _3\"></span>metodologia di </span></div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">calcolo <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverso <span class=\"_ _6\"></span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>identificati. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Margin <span class=\"_ _4\"></span>Solvency <span class=\"_ _6\"></span>II <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>calcolato <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>metodologia<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Cost of <span class=\"_ _4\"></span>Capital, <span class=\"_ _6\"></span>applicata <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>requisito <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Capitale <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>percentile<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>95%, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">rischi <span class=\"_ _4\"> </span>tecnici, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>redito <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>operativo; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Adjustment <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Principio <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>prevede <span class=\"_ _4\"> </span>una </div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">metodologia standar<span class=\"_ _0\"></span>d ma esclusivamente l<span class=\"_ _0\"></span>a determinazione dell<span class=\"_ _0\"></span>o stess<span class=\"_ _3\"></span>o sulla base di specifici <span class=\"_ _0\"></span>rischi non finanziari. </div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"> </span>precisa <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>previsti <span class=\"_ _6\"></span>impatti <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _6\"></span>dell\u2019introduzione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _6\"> </span>sull\u2019indicatore <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>sintesi <span class=\"_ _6\"> </span>Solvency <span class=\"_ _6\"> </span>II <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span><span class=\"ff1\">il </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo Assicurativo. </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y4d ffa fs0 fc2 sc0 ls0 ws0\">Impatti economici e patri<span class=\"_ _0\"></span>moniali </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Il  n<span class=\"_ _3\"></span>uovo  principio <span class=\"_ _1d\"> </span>preve<span class=\"ff4\">de  l\u2019introduzione  di <span class=\"_ _1d\"> </span>nuove  grandezze <span class=\"_ _1d\"> </span>patrimoniali  e  differenti <span class=\"_ _1d\"> </span>modalit\u00e0  di  r<span class=\"_ _3\"></span>iconoscimento<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>della<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">redditivit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>bilanci <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>compagnie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mportera<span class=\"_ _0\"></span>nno <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>atrimoniali <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prim<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">applicazione del prin<span class=\"_ _0\"></span>cipio, sia volatilit\u00e0 di conto econom<span class=\"_ _0\"></span>ico a target. </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>in  s<span class=\"_ _35\"></span>ede  di<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>transizione <span class=\"_ _7\"> </span>al  n<span class=\"_ _0\"></span>uovo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipio  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2022  - <span class=\"_ _7\"> </span>verranno <span class=\"_ _16\"> </span>stornate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>poste <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>precedenza </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">contabilizzate ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>(riserve <span class=\"_ _3\"></span>tecniche) e <span class=\"_ _2\"></span>dell\u2019IFRS 3 <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span><span class=\"ff1\">Value on <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>acquired, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>VOBA, iscritto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">purchase <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>acquisition <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ls22\">PPA <span class=\"_ _5\"></span></span>- <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titolo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>definita<span class=\"_ _3\"></span>) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>previsti </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _2\"></span>nuovo <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>verranno <span class=\"_ _2\"></span>iscritte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>nuove <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurative <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nelle <span class=\"_ _4\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Present <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>Future<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y55 ff4 fs0 fc0 sc0 ls0 ws0\">Cash Flows, Risk <span class=\"_ _3\"></span>Adjustment e CSM. L\u2019effetto cumulato della <span class=\"_ _3\"></span>prima applicazione del principio IFRS 17 <span class=\"_ _3\"></span>(impatto al 1<span class=\"_ _3\"></span>\u00b0 gennaio </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">2022 e delta sul <span class=\"_ _3\"></span>conto economico 2022) sar\u00e0 contabilizzato al 1\u00b0 gennaio 2023 in <span class=\"_ _3\"></span>contropartita<span class=\"_ _2\"></span> ad una specifica riserva di uti<span class=\"_ _3\"></span>li<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">(detta anche riserva di <span class=\"_ _0\"></span>\u201cFirst time adopti<span class=\"_ _0\"></span>on\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y58 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019impatto <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ipende <span class=\"_ _7\"> </span>principalmente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">transition <span class=\"_ _6\"></span>(ad <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>minor <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>corrispon<span class=\"_ _3\"></span>de <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>maggior <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>negativo <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>patrimonio), <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>approcci <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">transition adottati. Il <span class=\"_ _3\"></span>risultato di conto economico \u00e8<span class=\"_ _3\"></span> invece strettamente correlato al<span class=\"_ _3\"></span>la modalit\u00e0 di rilascio del<span class=\"_ _3\"></span> CSM nel <span class=\"_ _3\"></span>te<span class=\"_ _5\"></span>mpo e </div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019aggiustamento dello stesso a seguito delle revis<span class=\"_ _3\"></span><span class=\"ff1\">ioni delle <span class=\"_ _3\"></span>ipotesi operative e finanziarie incluse nei flussi di cassa e <span class=\"_ _3\"></span>nel risk </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">adjustment.  </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x0 h2d y373 ff1 fsf fc0 sc0 ls1c ws0\">74</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x47 hb y18d ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"ff4\">Public Statement ES<span class=\"_ _3\"></span>MA \u201cEuropean<span class=\"_ _3\"></span> enforcement prioriti<span class=\"_ _3\"></span>es for 2022 an<span class=\"_ _3\"></span>nual financial<span class=\"_ _3\"></span> statement\u201d del 30<span class=\"_ _2\"></span></span> ottobre 2022, <span class=\"_ _3\"></span>gi\u00e0 richiamato i<span class=\"_ _3\"></span>n precedenza.<span class=\"_ _3\"></span> </div></div>Sulla base delle analisi<span class=\"_ _0\"></span> e delle implementazio<span class=\"_ _0\"></span>ni effettuate, si sti<span class=\"_ _0\"></span>mano i seguenti effet<span class=\"_ _0\"></span>ti:<span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019impatto complessivo da rilevar<span class=\"_ _0\"></span>e in contropartita del patrimonio n<span class=\"_ _3\"></span><span class=\"ff1\">etto in sede di t<span class=\"_ _3\"></span>ransizione al<span class=\"_ _0\"></span> nuovo principio contabile al<span class=\"_ _0\"></span> </span>1\u00b0 gennaio 2022 \u00e8 stima<span class=\"_ _0\"></span>to pari a circa -1 miliardo al netto dell<span class=\"_ _0\"></span>a fiscalit\u00e0 ed \u00e8 ric<span class=\"_ _0\"></span>onducibile: o <span class=\"_ _29\"> </span><span class=\"ff4 fs0\">da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _3\"></span>all\u2019impatto <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>differenti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>assicurative<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>17 <span class=\"_ _2\"></span>in </span>luogo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>precedente <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>4, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>ef<span class=\"_ _3\"></span>fetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>riconducibile <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle gestioni separate ch<span class=\"_ _0\"></span>e presentano rendime<span class=\"_ _0\"></span>nti minimi garantiti el<span class=\"_ _0\"></span>evati; e <span class=\"_ _3\"></span> o <span class=\"_ _29\"> </span><span class=\"ff4 fs0\">dall\u2019altro, <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>V<span class=\"_ _3\"></span><span class=\"ff1\">alue <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>Business <span class=\"_ _4\"></span>Acquired <span class=\"_ _6\"></span>(VoBa) <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span></span>sensi <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>PPA <span class=\"_ _4\"> </span>a </span>seguito di business com<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ination;  \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019ammontare del CSM <span class=\"_ _0\"></span>calcolato a livello <span class=\"_ _0\"></span>consolidato alla data<span class=\"_ _0\"></span> di transizione <span class=\"_ _3\"></span><span class=\"ff1\">- 1\u00b0 gennaio 2022 - \u00e8 pari a 9,<span class=\"_ _0\"></span>3 miliardi;  </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>prima<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>applicazione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>principio <span class=\"_ _18\"> </span>- <span class=\"_ _17\"> </span>1\u00b0 <span class=\"_ _18\"> </span>gennai<span class=\"_ _0\"></span>o <span class=\"_ _17\"> </span>2023 <span class=\"_ _18\"> </span>- <span class=\"_ _18\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _1d\"> </span>complessivo, <span class=\"_ _17\"> </span>ancora <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>di </span></span>finalizzazione, si stima<span class=\"_ _0\"></span> non essere significa<span class=\"_ _0\"></span>tivamente diverso ri<span class=\"_ _0\"></span>spetto a quanto stimat<span class=\"_ _0\"></span>o per il 1\u00b0 gennaio 2<span class=\"_ _0\"></span>022;<span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> correlati <span class=\"_ _3\"></span>impatti prudenziali stimati al <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio 2023 ammontano a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>-20 <span class=\"_ _3\"></span>bps sul <span class=\"_ _3\"></span>CET1, tenendo in <span class=\"_ _3\"></span>considerazion<span class=\"_ _0\"></span>e </span>l\u2019applicazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cDanish <span class=\"_ _5\"></span>Comp<span class=\"_ _3\"></span>romise\u201d. <span class=\"_ _6\"> </span>Si <span class=\"_ _4\"> </span>ricorda <span class=\"_ _6\"> </span>infatti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _4\"> </span>regolamentari <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>in quanto <span class=\"_ _1d\"> </span>\u201cconglomerato <span class=\"_ _1d\"> </span>finanziario\u201d, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato <span class=\"_ _1d\"> </span>autorizzato <span class=\"_ _1d\"> </span>all\u2019ap<span class=\"_ _3\"></span>plicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>\u201cDanish <span class=\"_ _17\"> </span>Compromise\u201d<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>consente <span class=\"_ _17\"> </span>la ponderazione al 370% <span class=\"_ _0\"></span>degli investimenti signific<span class=\"_ _0\"></span>ativi nelle contr<span class=\"_ _0\"></span>ollate assicurative in lu<span class=\"_ _0\"></span>ogo della loro ded<span class=\"_ _0\"></span>uzione dal CET1.<span class=\"_ _3\"></span> IFRS 9 Strumenti finanziari<span class=\"ff1 fc0\"> </span>Le <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Divisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>partecipato <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>Assicurativa <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo<span class=\"_ _0\"></span> Vita <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>progetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>settembre <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>influenza <span class=\"_ _3\"></span>del principio <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9, <span class=\"_ _7\"> </span>a  definir<span class=\"_ _0\"></span>e  i<span class=\"_ _35\"></span>  suoi <span class=\"_ _7\"> </span>impatti <span class=\"_ _16\"> </span>qualitativi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>qua<span class=\"_ _3\"></span>ntitativi, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _16\"> </span>individuare <span class=\"_ _7\"> </span>ed  im<span class=\"_ _0\"></span>plementare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>interventi<span class=\"_ _35\"></span> applicativi <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>organizzativi <span class=\"_ _2\"></span>necessari. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>dell\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perseguire <span class=\"_ _2\"></span>un\u2019adozione <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>mogenea <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span><span class=\"ff1\">el </span>principio <span class=\"_ _5\"></span>contabile, <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _6\"></span>assicurativa<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>legata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>alle<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>specificit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>prodotto <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>gestioni separate. Classificazione e Misur<span class=\"_ _0\"></span>azione Per <span class=\"_ _4\"> </span>poter <span class=\"_ _4\"> </span>rispettare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>dettato <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>9<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>introduce <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>\u00e8 </span>guidata, da un <span class=\"_ _3\"></span><span class=\"ff4\">lato, dalle <span class=\"_ _3\"></span>caratteristiche contrattuali dei flussi di cassa <span class=\"_ _3\"></span>degli strumenti e, dall\u2019altro, dall\u2019intento <span class=\"_ _3\"></span>gestionale con il </span>quale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>detenuti <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eclinate <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>effettuazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow (cosiddetto SPPI Test), <span class=\"_ _0\"></span>ed \u00e8 stata finalizzata la <span class=\"_ _0\"></span>definizione dei bu<span class=\"_ _0\"></span>siness model a tend<span class=\"_ _0\"></span>ere.<span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>attiene <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>SPPI <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie, <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Divisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _2\"></span>adotter\u00e0 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>definita <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>ivel<span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>di Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo e u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>2018; \u00e8 <span class=\"_ _3\"></span>stata <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>inoltre <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">finalizzata l\u2019analisi della <span class=\"_ _3\"></span>composizione dei portafogli d<span class=\"_ _3\"></span>i titoli e </span>crediti attualmente i<span class=\"_ _3\"></span>n essere, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>individuarne la <span class=\"_ _3\"></span>corretta classificazione al <span class=\"_ _3\"></span>momento de<span class=\"_ _3\"></span>lla First <span class=\"_ _3\"></span>Time Adoption (<span class=\"_ _3\"></span>FTA)<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>del nuovo principio. Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>esame <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>dettaglio <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>caratteristiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>degli strumenti <span class=\"_ _1d\"> </span>classificati <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _1d\"> </span>categoria <span class=\"_ _17\"> </span>delle <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _1d\"> </span>disponibili <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>vendita <span class=\"_ _1d\"> </span>secondo <span class=\"_ _17\"> </span>lo <span class=\"_ _17\"> </span>IAS<span class=\"_ _2\"></span> 39 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>costo ammortizzato, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>dentificare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>superando <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>test <span class=\"_ _6\"></span>SPPI, <span class=\"_ _6\"></span>saranno <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatti <span class=\"_ _5\"></span>a conto <span class=\"_ _17\"> </span>economico <span class=\"_ _18\"> </span>secondo <span class=\"_ _18\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>9. <span class=\"_ _18\"> </span>Dalle <span class=\"_ _18\"> </span>analisi <span class=\"_ _17\"> </span>condotte, <span class=\"_ _18\"> </span>sul <span class=\"_ _18\"> </span>perimetro <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Divisione <span class=\"_ _18\"> </span>Insurance, <span class=\"_ _17\"> </span>solamente <span class=\"_ _18\"> </span>una percentuale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>materiale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>supera <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>SPPI, <span class=\"_ _2\"></span>principalmente<span class=\"_ _0\"></span> riconducibile a titoli s<span class=\"_ _0\"></span>trutturati.  Inoltre, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>(fondi <span class=\"_ _2\"></span>aperti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>chiusi) <span class=\"_ _2\"></span>saranno <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>alue <span class=\"_ _2\"></span>con impatto <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>futuro <span class=\"_ _7\"> </span>incremento <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>volatilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onto <span class=\"_ _4\"></span>economico <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>questi <span class=\"_ _4\"> </span>strumenti, attualmente classific<span class=\"_ _0\"></span>ati tra le Attivit\u00e0 disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la classificazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capit<span class=\"_ _3\"></span><span class=\"ff4\">ale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel p<span class=\"_ _3\"></span>erimetro di <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Divisione<span class=\"_ _0\"></span> </span>Insurance, non intende avvalersi dell\u2019opportunit<span class=\"_ _0\"></span>\u00e0 di esercitare l\u2019opzione per la classificazione degli strumenti di capitale <span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>l Fair </span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>(FVTOCI <span class=\"_ _4\"> </span>senza <span class=\"_ _6\"></span>recycling <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico) <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>del principio.  Infine, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>contributo <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziare <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Divisione <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>isulta essere poco significativo e, essendo princi<span class=\"_ _3\"></span>palmente rappresentat<span class=\"_ _0\"></span>o da conti c<span class=\"_ _3\"></span>orrenti e da altre forme t<span class=\"_ _3\"></span>ecniche a breve termine, non sono attese casisti<span class=\"_ _0\"></span>che di fallimento dell<span class=\"_ _0\"></span>\u2019SPPI test o particol<span class=\"_ _0\"></span>ari impatti in fase di FTA<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>secondo driver <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>classificazione delle <span class=\"_ _3\"></span>attivit\u00e0 f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span><span class=\"ff4\">ziarie <span class=\"_ _3\"></span>(business model), <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>l\u2019intenzione con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>osserva <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>segue. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Compagni<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>appartenenti <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>Divisione Insurance <span class=\"_ _6\"></span>adotteranno <span class=\"_ _6\"></span>principalmente <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _6\"></span>Hold <span class=\"_ _6\"></span>To <span class=\"_ _4\"> </span>Collect <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>S<span class=\"_ _2\"></span>ell, <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>eccezione <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"></span>collegati <span class=\"_ _6\"></span>ai prodotti unit <span class=\"_ _3\"></span>linked <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fondi pensione a<span class=\"_ _3\"></span>perti, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>sar\u00e0 adottato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Business Model <span class=\"_ _3\"></span>\u201cOther\u201d, con <span class=\"_ _3\"></span>misurazione degli <span class=\"_ _3\"></span>atti<span class=\"_ _5\"></span><span class=\"ff1\">vi a </span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>impatti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"></span>proposito, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _4\"></span>ai <span class=\"_ _6\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>debito, <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>previste <span class=\"_ _6\"></span>significative variazioni rispetto all<span class=\"_ _0\"></span>a classificazione <span class=\"_ _0\"></span>ai sensi dello IAS 39, a<span class=\"_ _0\"></span>d eccezione di m<span class=\"_ _0\"></span>arginali casistiche rif<span class=\"_ _0\"></span>eribili a: <span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>itoli di debito attualmente classificati<span class=\"_ _0\"></span> tra le Attivit\u00e0 disponibili per la vendita che non <span class=\"_ _2\"></span><span class=\"ff4\">superano l\u2019SPPI test. Tale riclassific<span class=\"_ _35\"></span>a </span></span>non comporta alcun im<span class=\"_ _0\"></span>patto sul patrimonio<span class=\"_ _0\"></span> netto complessiv<span class=\"_ _0\"></span>o determinato secondo le<span class=\"_ _0\"></span> regole del principio<span class=\"_ _0\"></span> IFRS 9;<span class=\"_ _2\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>attualmente <span class=\"_ _7\"> </span>classificati <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>Loans <span class=\"_ _16\"> </span>&amp; <span class=\"_ _16\"> </span>Receivables <span class=\"_ _16\"> </span>che, <span class=\"_ _7\"> </span>a  secon<span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>dell\u2019esito <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell\u2019SPPI <span class=\"_ _1d\"> </span><span class=\"ff1\">Test, <span class=\"_ _16\"> </span>saranno </span>classificati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con c<span class=\"_ _3\"></span>ontropartita il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassifi<span class=\"_ _2\"></span>ca comporta un impatto n<span class=\"_ _0\"></span>on significativo. Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>crediti, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>evidenziata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>signi<span class=\"_ _2\"></span>ficativit\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>compless<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziare <span class=\"_ _5\"></span>della Divisione, il business mo<span class=\"_ _0\"></span>del \u00e8 ricondu<span class=\"_ _0\"></span>cibile al modello Hol<span class=\"_ _0\"></span>d to Collect. <span class=\"_ _3\"></span> Infine, <span class=\"_ _1d\"> </span>in  relazione <span class=\"_ _1d\"> </span>agli <span class=\"_ _1d\"> </span>intenti  gestionali <span class=\"_ _1d\"> </span>per  cui <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie  sono <span class=\"_ _1d\"> </span>detenute, <span class=\"_ _1d\"> </span>si  evidenzia <span class=\"_ _1d\"> </span>che  \u00e8 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>corso <span class=\"_ _1d\"> </span>di ag<span class=\"ff4 ls0\">giornamento <span class=\"_ _7\"> </span>il  do<span class=\"_ _0\"></span>cumento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Regole <span class=\"_ _16\"> </span>in  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>model <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>definire <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>declinare  g<span class=\"_ _0\"></span>li <span class=\"_ _16\"> </span>elementi </span>costitutivi <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>specificandone <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>ruolo <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>modello <span class=\"_ _5\"></span>di classificazione disciplinato d<span class=\"_ _0\"></span>al principio IFRS 9. Per <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>segnalano<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>modifiche <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attuali <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>classificazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>e valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>stesse <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39. <span class=\"_ _7\"> </span>In <span class=\"_ _7\"> </span>particolare, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>specifica <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">designare <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>assicurative <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>rientrano<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>eliminare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ridurre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>possibili <span class=\"_ _2\"></span>\u201casimmetri<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contabili\u201d <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>attivi </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">collegati e valutati <span class=\"_ _0\"></span>anch\u2019essi al fair v<span class=\"_ _0\"></span>alue.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y62 ffa fs0 fc2 sc0 ls0 ws0\">Impairment<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>l\u2019Impairment <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _16\"> </span>definita <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>metodologia <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mune <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>un </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">processo <span class=\"_ _3\"></span>accentrato <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>struttura <span class=\"_ _3\"></span>Risk <span class=\"_ _2\"></span>Management d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>quantificazione dell\u2019Expected <span class=\"_ _3\"></span>credit <span class=\"_ _2\"></span>loss </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _1d\"> </span>tutte <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>socie<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Gruppo. <span class=\"_ _1d\"> </span>Pertanto, <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>completa <span class=\"_ _1d\"> </span>illustrazione <span class=\"_ _1d\"> </span>delle  s<span class=\"_ _3\"></span>celte <span class=\"_ _1d\"> </span>adottate <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>merito </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019applicazione <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>Politiche <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>all\u2019illustrazione <span class=\"_ _5\"></span>riportata <span class=\"_ _6\"></span>nella <span class=\"_ _16\"> </span><span class=\"ff1\">Parte <span class=\"_ _5\"></span>E </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">della Nota integrativ<span class=\"_ _0\"></span>a relativa al presidio dei rischi.  </div><div class=\"t m0 x0 h32 y68 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>completezza, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>risulter\u00e0 <span class=\"_ _5\"></span>applicabile <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>documento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>\u201cRegole <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>materia <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _16\"> </span>dell\u2019Expected <span class=\"_ _16\"> </span>Credit  Lo<span class=\"_ _0\"></span>ss  sec<span class=\"_ _0\"></span>ondo  il <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9  (Impairm<span class=\"_ _0\"></span>ent  Pol<span class=\"_ _0\"></span>icy)\u201d  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>riferime<span class=\"_ _2\"></span><span class=\"ff1\">nto  alle <span class=\"_ _16\"> </span>linee  gu<span class=\"_ _0\"></span>ida </span></div><div class=\"t m0 x0 h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">metodologiche <span class=\"_ _1d\"> </span>definite <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _17\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>applicazione <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _1d\"> </span>9 <span class=\"_ _17\"> </span>e <span class=\"_ _1d\"> </span>approvate <span class=\"_ _1d\"> </span>dai <span class=\"_ _17\"> </span>competenti <span class=\"_ _1d\"> </span>livelli <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">governance. </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">In questa sede si evidenzia che per le Compagnie della Di<span class=\"_ _0\"></span>visione Insurance l\u2019applicazi<span class=\"_ _0\"></span>one del nuovo modello<span class=\"_ _2\"></span><span class=\"ff1\"> Expected Credit </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Losses  rilev<span class=\"_ _0\"></span>a  principalmente<span class=\"_ _0\"></span>  con  ri<span class=\"_ _0\"></span>ferimento  al <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _16\"> </span>dei  titoli  di <span class=\"_ _16\"> </span>debito  classif<span class=\"_ _0\"></span>icati  nella <span class=\"_ _16\"> </span>categoria  Fair <span class=\"_ _16\"> </span>value  con<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">imputazione a patrimo<span class=\"_ _0\"></span>nio netto. Non risulta<span class=\"_ _0\"></span> essere invece signi<span class=\"_ _0\"></span>ficativa per quant<span class=\"_ _0\"></span>o riguarda i crediti. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">I principali elementi all<span class=\"_ _0\"></span>a base della metodologia<span class=\"_ _0\"></span> possono essere <span class=\"_ _0\"></span>considerati i seguenti: </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tracking <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fai<span class=\"_ _5\"></span><span class=\"ls18\">r </span></span></div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">value con contropartita<span class=\"_ _0\"></span> il patrimonio n<span class=\"_ _0\"></span>etto; </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la d<span class=\"_ _3\"></span>eterminazione del <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>deterioramento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>corretta </span></div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">allocazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>bonis <span class=\"_ _6\"></span>nello <span class=\"_ _5\"></span>stage <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>nello <span class=\"_ _6\"></span>stage <span class=\"_ _5\"></span>2, <span class=\"_ _6\"></span>basata <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>variazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>default </div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">lifetime <span class=\"_ _6\"></span>r<span class=\"ff4\">ispetto <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _6\"> </span>iniziale <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _6\"> </span>finanziario. <span class=\"_ _4\"> </span>Con <span class=\"_ _6\"></span>riferimento, <span class=\"_ _6\"> </span>invece, <span class=\"_ _4\"> </span>alle<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">esposizioni  impaired,  l\u2019allineamento <span class=\"_ _1d\"> </span>delle  definizioni  di <span class=\"_ _1d\"> </span>default  contabile  e <span class=\"_ _1d\"> </span>regolamentare  consente  di <span class=\"_ _1d\"> </span>considerare </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">identiche <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>log<span class=\"_ _3\"></span><span class=\"ff4\">iche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>novero <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>\u201cdeteriorate<span class=\"_ _0\"></span>\u201d/\u201dimpaired\u201d <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle </span></div><div class=\"t m0 x2a h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">logiche di classific<span class=\"_ _0\"></span>azione delle esposizio<span class=\"_ _0\"></span>ni all\u2019interno dell<span class=\"_ _0\"></span>o stage 3;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\">  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>clusivi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>informazioni <span class=\"_ _16\"> </span>forward <span class=\"_ _7\"> </span>looking  <span class=\"ff4\">\u2013<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>t<span class=\"ff4\">aging <span class=\"_ _7\"> </span>(relativamente <span class=\"_ _7\"> </span>all\u2019utilizzo <span class=\"_ _7\"> </span>della </span></span></span></span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls22 ws0\">PD<span class=\"ls0\"> <span class=\"ff4\">lifetime <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ndicatore <span class=\"_ _7\"> </span>relativo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>deterioramento) <span class=\"_ _7\"> </span>e  per <span class=\"_ _7\"> </span>il  c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lcolo <span class=\"_ _16\"> </span>dell\u2019expected<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>credit <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>oss <span class=\"_ _16\"> </span>(ECL) <span class=\"_ _7\"> </span>ad  un <span class=\"_ _7\"> </span>anno </span></span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">(da applicare <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _2\"></span>1) <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>(da <span class=\"_ _5\"></span>applicare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _5\"></span>age <span class=\"_ _2\"></span>3). <span class=\"_ _5\"></span>Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto </div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">delle informazioni forward looking e degli scenari macroeconomici in cui il <span class=\"_ _3\"></span>Gruppo potr\u00e0 trovarsi ad operare, si \u00e8 scelto di </div><div class=\"t m0 x2a h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">adottare l\u2019approccio <span class=\"_ _0\"></span>del c.d. \u201cMost likely <span class=\"_ _0\"></span>scenario+Add<span class=\"_ _3\"></span><span class=\"ff1\">-</span>on\u201d. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>\u201cstaging\u201d <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"></span>bi<span class=\"_ _3\"></span><span class=\"ff1\">sogna <span class=\"_ _6\"></span>considerare <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>compravendita <span class=\"_ _5\"></span>successive <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>primo <span class=\"_ _6\"></span>acquisto </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">(effettuate <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>ISIN) <span class=\"_ _3\"></span>possono <span class=\"_ _2\"></span>rientrare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>bitualmente <span class=\"_ _3\"></span>nell\u2019ordinaria <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">(con <span class=\"_ _3\"></span>conseguente n<span class=\"_ _3\"></span>ecessit\u00e0 di <span class=\"_ _3\"></span>individuare <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>me<span class=\"_ _2\"></span><span class=\"ff4\">todologia da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottare per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019identificazione delle <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">determinare le quantit\u00e0 residue delle singole transazio<span class=\"_ _0\"></span>ni cui associare una qualit\u00e0 creditizia/rating all\u2019originatio<span class=\"_ _0\"></span>n da comp<span class=\"_ _5\"></span><span class=\"ff1\">arar<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>reporting). <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>contesto, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nalogia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>scelta <span class=\"_ _2\"></span>adottata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2018 <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _7\"> </span>Insurance <span class=\"_ _16\"> </span>adotter\u00e0 <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>etodologia <span class=\"_ _16\"> </span>\u201cfirst<span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"ls11\">in</span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o  \u201cFIFO\u201d<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>riversamento <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>conto </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">economico dell\u2019ECL registrata, <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>aso di <span class=\"_ _3\"></span>vendite e <span class=\"_ _2\"></span><span class=\"ff1\">rimborsi) c<span class=\"_ _3\"></span>he contribuisce ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>gestione pi\u00f9 <span class=\"_ _3\"></span>trasparente del p<span class=\"_ _3\"></span>ortafoglio,<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>punto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vista <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>operatori <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>front <span class=\"_ _16\"> </span>office, <span class=\"_ _7\"> </span>consentendo, <span class=\"_ _7\"> </span>contestualmente, <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>continuo <span class=\"_ _16\"> </span>aggiornamen<span class=\"_ _0\"></span>to <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione del merito <span class=\"_ _0\"></span>creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, un elemento assolutamente rileva<span class=\"_ _0\"></span>nte ai fini delle stime sulle perdite attese risulta l\u2019in<span class=\"_ _0\"></span>clusione dei fattori forwar<span class=\"_ _2\"></span><span class=\"ff1\">d<span class=\"_ _3\"></span> looking<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">e, in <span class=\"_ _3\"></span>particolare, degli <span class=\"_ _3\"></span>scenari macroeconomici. Da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista metodologico, l\u2019approccio che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Sanpaolo </span></div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">ha adottato \u00e8 rappresenta<span class=\"_ _0\"></span>to dal c.d. \u201cMost likely sc<span class=\"_ _0\"></span>enario+Add<span class=\"_ _3\"></span><span class=\"ff1\">-</span>on\u201d, che preved<span class=\"_ _0\"></span>e, ai fini del calcolo della p<span class=\"_ _0\"></span>erdita attesa (ECL) <span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">dello  \u201cs<span class=\"_ _0\"></span>tage  assig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ment\u201d,  d<span class=\"_ _0\"></span>i  con<span class=\"_ _0\"></span>siderare  la <span class=\"_ _7\"> </span>perd<span class=\"_ _3\"></span>ita <span class=\"_ _16\"> </span>su  crediti <span class=\"_ _16\"> </span>determinata <span class=\"_ _16\"> </span>per  lo <span class=\"_ _16\"> </span>scenario <span class=\"_ _16\"> </span>base,  ritenuto <span class=\"_ _16\"> </span>maggiormen<span class=\"_ _2\"></span><span class=\"ff1\">te </span></div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">probabile e <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzato <span class=\"_ _3\"></span>anche p<span class=\"_ _3\"></span>er a<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>finalit\u00e0 a<span class=\"_ _3\"></span>ll\u2019interno del <span class=\"_ _2\"></span>Gruppo (ad <span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>mpio per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pi<span class=\"_ _5\"></span><span class=\"ff1 lsc\">ano </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019impresa), <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>sommata <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>rettifica <span class=\"_ _6\"> </span>(Add<span class=\"_ _3\"></span><span class=\"ff1\">-on) <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>riflettere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>linearit\u00e0 <span class=\"_ _6\"></span>de<span class=\"_ _2\"></span>lle </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>condizionamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>macro<span class=\"_ _2\"></span>-economici. <span class=\"_ _3\"></span>Analoga <span class=\"_ _3\"></span>impostazione <span class=\"_ _3\"></span>verr\u00e0 <span class=\"_ _3\"></span>applicata <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>anche </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">per le societ\u00e0 della Div<span class=\"_ _0\"></span>isione Insurance. </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h32 y4b ff4 fs0 fc0 sc0 ls0 ws0\">bonis <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>deciso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>\u201clow <span class=\"_ _4\"> </span>credit <span class=\"_ _4\"> </span>risk <span class=\"_ _7\"> </span>exempti<span class=\"_ _5\"></span>on\u201d </div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">prevista <span class=\"_ _4\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>identificate <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>esposizion<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>basso <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dunque <span class=\"_ _7\"> </span>da </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">considerare  nello  st<span class=\"_ _0\"></span>age  1  le  esposi<span class=\"_ _0\"></span>zioni  che,  alla <span class=\"_ _16\"> </span>data  di  transizione  al <span class=\"_ _16\"> </span>nuovo  standard,  possiedo<span class=\"_ _0\"></span>no  un  rating  pari<span class=\"_ _0\"></span>  a </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">\u201cinvestment grade\u201d (<span class=\"_ _0\"></span>o di qualit\u00e0 similare).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y50 ffa fs0 fc2 sc0 ls0 ws0\">Hedge accounting </div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda <span class=\"_ _1d\"> </span>l\u2019Hedge <span class=\"_ _1d\"> </span>Accounting, <span class=\"_ _1d\"> </span>l\u2019IFRS <span class=\"_ _1d\"> </span>9 <span class=\"_ _1d\"> </span>introduce <span class=\"_ _1d\"> </span>modifiche <span class=\"_ _1d\"> </span>esclusivamente <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>General <span class=\"_ _1d\"> </span>Hedge<span class=\"_ _2\"></span><span class=\"ff2\"> <span class=\"_ _1d\"> </span><span class=\"ff1\">e <span class=\"_ _1d\"> </span>sono </span></span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">strettamente <span class=\"_ _3\"></span>legate <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avvalersi de<span class=\"_ _3\"></span>ll\u2019opzione opt<span class=\"_ _2\"></span><span class=\"ff1\">-in <span class=\"_ _2\"></span>/ <span class=\"_ _3\"></span>opt-out <span class=\"_ _2\"></span>(ossia <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>implementare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>nuovo <span class=\"_ _3\"></span>standard </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iuttosto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>vecchio <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>IAS <span class=\"_ _6\"></span>39). <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>degli <span class=\"_ _5\"></span>approfondimenti </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">effettuati <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>l\u2019esercizio, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>FTA <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>dell\u2019opzione <span class=\"_ _5\"></span>opt<span class=\"_ _5\"></span><span class=\"ff1\">-out, </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">confermando tale s<span class=\"_ _3\"></span>celta fino <span class=\"_ _3\"></span>ad oggi. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>indicazione, anche per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Divisione Insurance le <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>copertura </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">continueranno ad es<span class=\"_ _0\"></span>sere gestite nel risp<span class=\"_ _0\"></span>etto di quanto previst<span class=\"_ _0\"></span>o dallo IAS 39 (carv<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>-out), attualment<span class=\"_ _0\"></span>e in vigore.  </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y58 ffa fs0 fc2 sc0 ls0 ws0\">Impatti organizzativi e <span class=\"_ _0\"></span>sui sistemi informativi </div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019adozione<span class=\"ff1\"> del principio IFRS<span class=\"_ _0\"></span> 9 comporta inter<span class=\"_ _0\"></span>venti di natura organiz<span class=\"_ _0\"></span>zativa e sui sistemi i<span class=\"_ _0\"></span>nformativi della Divis<span class=\"_ _0\"></span>ione Insurance. <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>identificati <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>principali <span class=\"_ _16\"> </span>impatti <span class=\"_ _16\"> </span>organizzativi <span class=\"_ _7\"> </span>che  rigu<span class=\"_ _0\"></span>ardano <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>revisione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>l\u2019adattamento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>operativi<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">esistenti, <span class=\"ff4\">i<span class=\"_ _3\"></span>l disegno <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019impleme<span class=\"_ _0\"></span>ntazione di <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>processi, nonch\u00e9 l<span class=\"_ _3\"></span>\u2019ampliament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>delle competenze disponibili <span class=\"_ _3\"></span>all\u2019interno delle </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">diverse strutture sia <span class=\"_ _0\"></span>operative sia amminis<span class=\"_ _0\"></span>trative e di controllo. </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>informativi, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>effettuati <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nterventi <span class=\"_ _5\"></span>sugli <span class=\"_ _2\"></span>applicativi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Compagnie<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">assicurative a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguarli a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dallo s<span class=\"_ _3\"></span>tandard ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>implementato uno <span class=\"_ _3\"></span>scambio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>con cade<span class=\"_ _5\"></span>nza </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">mensile <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Compagnie <span class=\"_ _6\"></span>assicurative <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>strutture <span class=\"_ _6\"></span>preposte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>taging <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>all\u2019expected </span></div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">credit losses per i tit<span class=\"_ _0\"></span>oli classificati a fair v<span class=\"_ _0\"></span>alue con contropartita <span class=\"_ _0\"></span>il patrimonio netto. <span class=\"_ _9\"> </span> </div></div>Riesposizione dei dati comp<span class=\"_ _0\"></span>arativi e Parallel Ru<span class=\"_ _0\"></span>nning Come <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Compagnie <span class=\"_ _5\"></span>assi<span class=\"_ _3\"></span><span class=\"ff4\">curative <span class=\"_ _6\"> </span>hanno <span class=\"_ _6\"> </span>potuto <span class=\"_ _6\"> </span>differire <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>adozione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>fino <span class=\"_ _6\"> </span>al </span>1\u00b0<span class=\"ls0\"> gennaio 2023,<span class=\"_ _0\"></span> che rappresenta quindi la data di applicazione iniziale del principio. In merito alla predisposizione<span class=\"_ _0\"></span> dei perio<span class=\"_ _5\"></span>di </span>comparativi, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>permesso <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">bbligatorio <span class=\"_ _6\"></span>effettuare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>restatement <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confronto. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>gli </span>strumenti finanziari gi\u00e0 cancellati alla data di appl<span class=\"_ _3\"></span>icazione iniziale (ovvero prima del 1\u00b0 gennaio 2023 <span class=\"_ _3\"></span>per le assicurazioni<span class=\"_ _5\"></span>) non \u00e8 <span class=\"_ _7\"> </span>per\u00f2<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>permesso <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>restatement, <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riesp<span class=\"_ _3\"></span>osizione <span class=\"_ _7\"> </span>facoltativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>confronto. <span class=\"_ _16\"> </span>Viceversa,<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>sensi dell\u2019IFRS 17 \u00e8 richie<span class=\"_ _0\"></span>sto obbligatoriamente <span class=\"_ _0\"></span>di presentare il <span class=\"_ _0\"></span>periodo comparativo ri<span class=\"_ _0\"></span>esposto. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>effetti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>prima <span class=\"_ _16\"> </span>applicazione <span class=\"_ _7\"> </span>dell\u2019IFRS <span class=\"_ _16\"> </span>9,<span class=\"_ _5\"></span><span class=\"ff1\">  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>Divisione <span class=\"_ _16\"> </span>Insuranc<span class=\"_ _0\"></span>e </span>adotter\u00e0 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>facolt\u00e0 <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>paragrafo <span class=\"_ _6\"></span>7.2.15 <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"> </span>secondo <span class=\"_ _5\"></span>cui <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _5\"></span>l\u2019applicazione <span class=\"_ _5\"></span>retrospettiva <span class=\"_ _5\"></span>delle nuove regole di <span class=\"_ _3\"></span>misurazione e rappresentazione richiesta dallo standard <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>non \u00e8 p<span class=\"_ _3\"></span>revista la riesposizione <span class=\"_ _3\"></span>obbligatoria su basi omogenee <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>confronto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipio. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance<span class=\"_ _5\"></span> adotter\u00e0 il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Classification Overlay per <span class=\"_ _3\"></span>l\u2019intero portafoglio di<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie secondo <span class=\"_ _3\"></span>quanto previ<span class=\"_ _5\"></span><span class=\"ff1\">sto dal <span class=\"_ _3\"></span>paragrafo C28A </span>e <span class=\"_ _4\"> </span>seguenti <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>17 <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>modificati <span class=\"_ _6\"></span>dallo <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _4\"></span>9 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>omologati<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>Commissione<span class=\"_ _0\"></span> </span>Europea <span class=\"_ _26\"> </span>con <span class=\"_ _26\"> </span>il <span class=\"_ _2b\"> </span>Regolamento <span class=\"_ _26\"> </span>n. <span class=\"_ _26\"> </span>1491/202<span class=\"_ _0\"></span>2 <span class=\"_ _26\"> </span>dell\u20198 <span class=\"_ _2b\"> </span>s<span class=\"_ _3\"></span>ettembre <span class=\"_ _26\"> </span>2022 <span class=\"_ _2a\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _26\"> </span>dedicato <span class=\"_ _2b\"> </span>alle <span class=\"_ _26\"> </span>compagnie <span class=\"_ _26\"> </span>che <span class=\"_ _2b\"> </span>adottano </span>contemporaneamente per la pr<span class=\"_ _0\"></span>ima volta i prin<span class=\"_ _0\"></span>cipi IFRS 9 e IFRS<span class=\"_ _0\"></span> 17.  Il <span class=\"_ _3\"></span>Classification<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Overlay prevede, per <span class=\"_ _3\"></span>la predisposizione dei <span class=\"_ _3\"></span>periodi comparativi, l\u2019applicazione dei <span class=\"_ _3\"></span>requisiti di <span class=\"_ _3\"></span>classifica<span class=\"_ _2\"></span><span class=\"ff1\">zione e </span>misurazione <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _4\"></span>9 <span class=\"_ _4\"></span>utilizzan<span class=\"_ _0\"></span>do <span class=\"_ _4\"></span>informa<span class=\"_ _3\"></span><span class=\"ff4\">zioni <span class=\"_ _4\"> </span>ragionevoli <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>dimostrabili. <span class=\"_ _6\"> </span>L<span class=\"_ _3\"></span>\u2019esercizio <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>tale </span>opzione <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsentir\u00e0 <span class=\"_ _7\"> </span>di  ra<span class=\"_ _0\"></span>ppresentare <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>comparativo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>maniera <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>mogenea, <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>con  ri<span class=\"_ _0\"></span>ferimento <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>strumenti finanziari <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>cancellati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2023 <span class=\"_ _4\"> </span>(per <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _4\"></span>sarebbe <span class=\"_ _4\"></span>permesso <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>restate<span class=\"_ _3\"></span>ment <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ordinarie <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i transizione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9). <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>consentito <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Regolamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>n. <span class=\"_ _5\"></span>1491, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>adottare <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Classification <span class=\"_ _6\"></span>Overlay senza applicare i requi<span class=\"_ _0\"></span>siti sull\u2019ECL.<span class=\"ff1\"> </span>Nel <span class=\"_ _7\"> </span>secondo <span class=\"_ _16\"> </span>semestre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpagnie <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>Divisione <span class=\"_ _16\"> </span>As<span class=\"_ _3\"></span>sicurativa <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>completato <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>quantificazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>saldi <span class=\"_ _7\"> </span>di apertura <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>nonch\u00e8  l<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>produzione <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>comparativi <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>trimestri <span class=\"_ _7\"> </span>2022  secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>dal Classification Overlay<span class=\"ls12\">. </span> Impatti economici e patri<span class=\"_ _0\"></span>moniali Complessivamente, <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _6\"> </span>netto <span class=\"_ _4\"> </span>derivante <span class=\"_ _4\"> </span>dalla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rima <span class=\"_ _6\"> </span>applicazione <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>9 <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Compagni<span class=\"_ _0\"></span>e della Divisione Insur<span class=\"_ _0\"></span>ance \u00e8 stimato non m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale<span class=\"_ _3\"></span> sia al 1\u00b0 genn<span class=\"_ _0\"></span>aio 2022 che al 1\u00b0 g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nnaio 2023. Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>dell\u2019impatto <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span><span class=\"ff1\">significativo <span class=\"_ _5\"></span>sul <span class=\"_ _2\"></span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>contabile <span class=\"_ _2\"></span>derivante <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>applicazione, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinano </span>impatti attesi sul CET1<span class=\"_ _0\"></span> in termini di bps. Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono riportati i n<span class=\"_ _0\"></span>uovi principi conta<span class=\"_ _0\"></span>bili internazionali o le<span class=\"_ _0\"></span> modifiche di prin<span class=\"_ _0\"></span>cipi conta<span class=\"_ _2\"></span>bili gi\u00e0 in vigore non ancora omologati da p<span class=\"_ _0\"></span>arte della Commissi<span class=\"_ _0\"></span>one Europea. Principi contabili internazionali non ancora omologati al 31.12.2022 Principio/ Interpretazione<span class=\"_ _3\"></span> Modifiche Data di pubblicazi<span class=\"_ _3\"></span>one IAS 1 Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Classific<span class=\"_ _3\"></span>ation of Liabilities as Curren<span class=\"_ _3\"></span>t or Non-c<span class=\"_ _3\"></span>urrent  23/01/2020 IAS 1 Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Classific<span class=\"_ _3\"></span>ation of Liabilities as Curren<span class=\"_ _3\"></span>t or Non-c<span class=\"_ _3\"></span>urrent - Defe<span class=\"_ _3\"></span>rral of Effective D<span class=\"_ _3\"></span>ate 15/07/2020 IAS 1 Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Non<span class=\"_ _3\"></span>-current Lia<span class=\"_ _3\"></span>bilities with Covenants<span class=\"_ _3\"></span> 31/10/2022 IFRS 16 Amendments to I<span class=\"_ _3\"></span>FRS 16 Leases: Le<span class=\"_ _3\"></span>ase Liability in a<span class=\"_ _3\"></span> Sale and Le<span class=\"_ _3\"></span>aseback<span class=\"_ _3\"></span> 22/09/2022 Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>documenti dello <span class=\"_ _3\"></span>IASB <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>modificano <span class=\"_ _3\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _3\"></span>esistenti <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>omologazione <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> segnala quanto segue: - <span class=\"_ _6\"></span><span class=\"ff3\">Amendments <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"> </span>1 <span class=\"_ _6\"> </span>\u201cClassification <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>Liabilities <span class=\"_ _5\"></span>as <span class=\"_ _6\"> </span>Current <span class=\"_ _6\"> </span>or <span class=\"_ _6\"></span>Non<span class=\"_ _2\"></span><span class=\"ff2\">-</span>Current\u201d</span><span class=\"lsd\">, <span class=\"_ _5\"></span></span>pubblicato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>23 <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span><span class=\"ff10\"> </span>l\u02bcobiettivo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>proporre <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>portata <span class=\"_ _4\"> </span>limitata <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>1 <span class=\"_ _4\"> </span>\u201cPresentazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>bilancio\u201d, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>chiarire <span class=\"_ _6\"> </span>com<span class=\"_ _5\"></span><span class=\"ff10 lsc\">e </span>classificare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>debiti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>correnti. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>proposta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>chiarisce <span class=\"_ _2\"></span><span class=\"ff11\">\u2013</span> <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>modificarli <span class=\"_ _3\"></span><span class=\"ff11\">\u2013</span> gli <span class=\"_ _2\"></span>attuali <span class=\"_ _2\"></span>requisiti <span class=\"_ _2\"></span>dello <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>1; <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _2\"></span>mirano <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>promuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>nell'applicazione <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>societ\u00e0<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>per determinare se, nel prospetto della situazione patrimoniale<span class=\"_ _3\"></span>-finanziaria, i debiti e <span class=\"_ _3\"></span>le altre passivit\u00e0 con una data <span class=\"_ _3\"></span>di regolamento<span class=\"_ _0\"></span> incerta <span class=\"_ _3\"></span>debbano <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>(dovuti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>potenzialme<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>liquidare en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>renti. Con <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span> successiva <span class=\"_ _16\"> </span>pubblicazione  del <span class=\"_ _16\"> </span>15  luglio  2<span class=\"_ _0\"></span>020  vie<span class=\"_ _0\"></span>ne  differita <span class=\"_ _16\"> </span>di  un <span class=\"_ _16\"> </span>anno  la  data<span class=\"_ _0\"></span>  di<span class=\"_ _3\"></span>  entrata  in <span class=\"_ _16\"> </span>vigore  delle  m<span class=\"_ _35\"></span>odifiche,  al 1\u00b0<span class=\"ls0\"> gennaio 20<span class=\"_ _0\"></span>23 in luogo del 20<span class=\"_ _0\"></span>22, senza introdurre <span class=\"_ _0\"></span>ulteriori modifiche<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span>- <span class=\"ff3\">Amendments allo IAS 1 \u201c<span class=\"ff2\">Non-</span>curre<span class=\"_ _0\"></span>nt Liabilities with Co<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>enants\u201d<span class=\"ff2\"> </span></span>In <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>IASB <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ubblicato <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>limitata <span class=\"_ _4\"></span><span class=\"ff4\">modifica <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>IAS <span class=\"_ _6\"></span>1 <span class=\"_ _6\"> </span>\u201cPresentazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>bilancio\u201d <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>mira <span class=\"_ _5\"></span>a </span>migliorare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>informazioni <span class=\"_ _4\"> </span>fornite <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>covenants <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>tali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me<span class=\"_ _2\"></span> correnti <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>correnti. <span class=\"_ _2\"></span>Lo <span class=\"_ _5\"></span>IASB <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>aspetta <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>migliorin<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ornite <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>societ\u00e0, <span class=\"_ _2\"></span>consentendo <span class=\"_ _2\"></span>agli investitori di compre<span class=\"_ _0\"></span>ndere il rischio ch<span class=\"_ _0\"></span>e tali passivit\u00e0 possan<span class=\"_ _0\"></span>o dover essere rimborsat<span class=\"_ _0\"></span>e anticipatamente.<span class=\"_ _3\"></span> Lo <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>classifichi <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>olo <span class=\"_ _6\"></span>se <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>saldare <span class=\"_ _6\"></span>il debito nei <span class=\"_ _3\"></span>12 mesi s<span class=\"_ _3\"></span>uccessivi alla data <span class=\"_ _3\"></span>del bi<span class=\"_ _3\"></span>lancio. Tuttavia, la <span class=\"_ _3\"></span>capacit\u00e0 di <span class=\"_ _3\"></span>un'azienda di farlo <span class=\"_ _3\"></span>\u00e8 spesso <span class=\"_ _3\"></span>soggetta al <span class=\"_ _3\"></span>rispe<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>to di covenants. <span class=\"_ _6\"></span>Ad <span class=\"_ _6\"></span>esempio, <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>debito <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>lungo <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>diven<span class=\"_ _2\"></span>tare <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imborsabile <span class=\"_ _5\"></span>entro 12<span class=\"ls0\"> mesi se l<span class=\"_ _0\"></span>a societ\u00e0 non rispett<span class=\"_ _0\"></span>a un covenant (ad esem<span class=\"_ _0\"></span>pio un ratio in termin<span class=\"_ _0\"></span>i di working capital)<span class=\"_ _0\"></span> nei 12 mesi successiv<span class=\"_ _0\"></span>i.<span class=\"_ _2\"></span> </span>Le <span class=\"_ _3\"></span>modifiche allo <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>specificano che <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>covenants da <span class=\"_ _3\"></span>rispettare <span class=\"_ _3\"></span>dopo <span class=\"_ _3\"></span>la data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>non influiscono su<span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>la classificazione del debito come corrente o non corrente alla data d<span class=\"_ _3\"></span>i bilancio. Di converso viene richiesto alla societ\u00e0 di fornire informazio<span class=\"_ _2\"></span>ni s<span class=\"_ _3\"></span>u questi covenants in not<span class=\"_ _0\"></span>a integrativa. Le <span class=\"_ _7\"> </span>modifiche <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>efficaci <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>esercizi <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>iniziano <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>gen<span class=\"_ _2\"></span>naio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>024, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>adozione <span class=\"_ _7\"> </span>anticipata <span class=\"_ _4\"> </span>consentita, <span class=\"_ _7\"> </span>previa omologazione della Comm<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ssione Europea. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-734.54224px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>considerazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>modifiche <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnziate, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>assumono <span class=\"_ _2\"></span>scarsa <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tore <span class=\"_ _3\"></span>finanziario, </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9 in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>dell\u2019obbligo di <span class=\"_ _3\"></span>appl<span class=\"_ _3\"></span>icare gli <span class=\"_ _3\"></span>schemi <span class=\"_ _3\"></span>previsti dalla <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>262/05 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>limitate proposte di </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">modifica allo IAS 1 non<span class=\"_ _0\"></span> risultano particol<span class=\"_ _0\"></span>armente rilevanti per il G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4c y61 ff2 fs0 fc0 sc0 ls0 ws0\">- <span class=\"ff3\">Amendments all\u2019IFRS <span class=\"_ _0\"></span>16 \u201cLease Liability<span class=\"_ _0\"></span> in a Sale and lease<span class=\"_ _0\"></span>back\u201d <span class=\"_ _3\"></span><span class=\"ff2\"> </span></span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>pubblicazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data 2<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>settembre 2022 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Narrow<span class=\"_ _3\"></span>-<span class=\"ff4\">scope <span class=\"_ _3\"></span>Amendments \u201cLease <span class=\"_ _3\"></span>Liability <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Sale <span class=\"_ _3\"></span>and L<span class=\"_ _3\"></span>easeback\u201d lo </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">IASB <span class=\"_ _2\"></span>introduce <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>limitate <span class=\"_ _2\"></span>mo<span class=\"_ _3\"></span>difiche <span class=\"_ _2\"></span>all'IFRS <span class=\"_ _2\"></span>16 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>sole <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>retr<span class=\"_ _5\"></span>o-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">locazione (cd. <span class=\"_ _3\"></span>sale <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>leaseback) <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte del <span class=\"_ _3\"></span>locatario<span class=\"_ _3\"></span>-venditore. Le <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>di sale <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>leaseback <span class=\"_ _3\"></span>sono operazioni per </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>vende<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>prende <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>bene <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>nuovo <span class=\"_ _2\"></span>proprietario. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>questo </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">ambito, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span><span class=\"ff4\">quelle <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>dell\u2019asset <span class=\"_ _3\"></span>soddisfa <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>quisiti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>15<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">essere contabilizzato c<span class=\"_ _0\"></span>ome una vendita del<span class=\"_ _0\"></span> bene. </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"> </span>presente <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>sollecitata <span class=\"_ _4\"> </span>dall\u2019IFRIC <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>aveva <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>vuoto <span class=\"_ _4\"> </span>normativo <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _7\"> </span>al<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">rilevazione del right of use e <span class=\"_ _3\"></span>delle lease liability nelle transazioni di sale <span class=\"_ _3\"></span>and leaseback in presenza di canoni variabili <span class=\"_ _5\"></span>che <span class=\"_ _3\"></span>non<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">dipendono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>indice <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>esempio <span class=\"_ _3\"></span>basati <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>percentuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>vendite <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario<span class=\"_ _5\"></span>-venditore <span class=\"_ _2\"></span>generate </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019uso del bene.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>ambito <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>emendamenti <span class=\"_ _6\"></span>apportano <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _6\"></span>chiarimenti <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>lasciano <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _5\"></span>entity <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>accounti<span class=\"_ _0\"></span>ng </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">policy per la modalit<span class=\"_ _0\"></span>\u00e0 di valutazione della<span class=\"_ _0\"></span> passivit\u00e0 derivante <span class=\"_ _0\"></span>dalla retrolocazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>modifiche <span class=\"_ _5\"></span>saranno <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>applicabili <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2024 <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>previa <span class=\"_ _5\"></span>omologazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Commissione </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Europea <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attuazione <span class=\"_ _4\"> </span>anticipata<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>applicazione <span class=\"_ _4\"> </span>retrospettiva <span class=\"_ _4\"></span>alle <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>sale <span class=\"_ _4\"></span>and <span class=\"_ _4\"> </span>leaseback </div><div class=\"t m0 x0 h117 y70 ff1 fs0 fc0 sc0 ls0 ws0\">stipulate successivam<span class=\"_ _0\"></span>ente <span class=\"ff4\">alla data di prima adozion<span class=\"_ _0\"></span>e dell\u2019IFRS 16, ovve<span class=\"_ _0\"></span>ro per il Gruppo dal <span class=\"_ _0\"></span>1\u00b0 gennaio 2019.<span class=\"_ _3\"></span><span class=\"ff12 fs1e\"> </span></span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>proposito, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>leaseback <span class=\"_ _5\"></span>stipulate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2019 <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>imitate <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">importi non rilevanti <span class=\"_ _0\"></span>e, al momento, non <span class=\"_ _0\"></span>sono e<span class=\"ff4\">merse casistiche di interesse per l\u2019a<span class=\"_ _0\"></span>pplicazione delle m<span class=\"_ _0\"></span>odifiche.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h57 y8c5 ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span>La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span>significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span>e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span>ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span>supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span>aziendale sono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span>finanziarie; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span>possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste dall\u2019IFRS 4.<span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span>di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span>misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span>mercato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span>alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span>alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span>assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span>elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span>tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span>per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span>di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate a nuovo).<span class=\"ffa fcb\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-908": {
   "value": "Adozione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _2\"></span>Contratti <span class=\"_ _2\"></span>assic<span class=\"_ _3\"></span>urativi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>Strumenti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>Com<span class=\"_ _3\"></span>pagnie assicurative del Gruppo Nel  pres<span class=\"ff4\">ente  paragrafo<span class=\"_ _0\"></span>  \u00e8  fornita  l\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  sui  principali <span class=\"_ _16\"> </span>impatti  attesi  dall\u2019intro<span class=\"_ _0\"></span>duzione  del  nuovo<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>principio  c<span class=\"_ _0\"></span>ontabile </span>IFRS 17 <span class=\"_ _4\"> </span>Contratti <span class=\"_ _4\"></span>assicurativi<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span><span class=\"ff4\">d<span class=\"_ _3\"></span>all\u2019applicazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>Compagnie <span class=\"_ _4\"> </span>assicurative <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span>Gruppo, in <span class=\"_ _3\"></span>relaz<span class=\"ff4\">ione a <span class=\"_ _3\"></span>quanto richiesto dallo I<span class=\"_ _3\"></span>AS 8 <span class=\"_ _3\"></span>paragrafi 30 e <span class=\"_ _3\"></span>31 ed <span class=\"_ _3\"></span>in ottemperanza alle indicazioni dell\u2019Autorit\u00e0 <span class=\"_ _3\"></span>Europe<span class=\"_ _35\"></span>a </span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>Me<span class=\"_ _3\"></span>rcati <span class=\"_ _6\"></span>(ESMA)<span class=\"_ _90\"> </span>72<span class=\"_ _90\"> </span>. <span class=\"_ _6\"></span><span class=\"ls0\">Sono <span class=\"_ _6\"></span>ino<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>illustrazione <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>interrelazioni <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> </span>IFRS 17 e <span class=\"_ _3\"></span>IFRS 9 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> che <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>della Divisione Insurance applicheranno simultaneamente e per <span class=\"_ _3\"></span>la prima volta <span class=\"_ _3\"></span>a partire dal 1\u00b0<span class=\"ls0\"> gennaio 20<span class=\"_ _0\"></span>23. </span>Si ricorda che l\u2019informativa sulla tran<span class=\"_ _0\"></span>sizione ai nuovi principi sar\u00e0 resa in occasione della trime<span class=\"_ _0\"></span>strale 2023 che <span class=\"_ _2\"></span><span class=\"ff1\">rappresenter\u00e0 il </span>primo <span class=\"_ _6\"></span>resoconto <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>pubblicato <span class=\"_ _6\"></span>successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conterr\u00e0 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni richieste dagli IFRS<span class=\"_ _0\"></span> e dall\u2019ESMA.<span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>nuovo <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"></span>IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _4\"> </span>pubblicato <span class=\"_ _6\"></span>dallo <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>maggio <span class=\"_ _4\"></span>201<span class=\"_ _3\"></span>7 <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>successive <span class=\"_ _4\"> </span>modifiche pubblicate <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>25 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>omologato <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Regolament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>UE <span class=\"_ _5\"></span>n. <span class=\"_ _5\"></span>2036/2021 <span class=\"_ _2\"></span>del 19<span class=\"ls0\"> novembr<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>entra <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>partire <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>mologazione <span class=\"_ _3\"></span>eur<span class=\"_ _5\"></span>opeo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>su </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-123.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _5\"></span>opzionale <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>esentare <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>caratterizzati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>mutualizzazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>intergenerazionale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>congruit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">dall'applicazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ell'obbligo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>ragg<span class=\"_ _0\"></span>ruppamento <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>oorti <span class=\"_ _18\"> </span>annuali <span class=\"_ _18\"> </span>previsto <span class=\"_ _1c\"> </span>dall'IFRS<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>17. <span class=\"_ _1c\"> </span>Inoltre,<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>R<span class=\"_ _0\"></span>eg<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lamento </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls10 ws0\">n.<span class=\"ls0\"> <span class=\"ff4\">1491/2022 <span class=\"_ _6\"> </span>dell\u20198 <span class=\"_ _4\"> </span>settembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>introdotte <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifi<span class=\"_ _0\"></span>che <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>portata <span class=\"_ _4\"> </span>limitata <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"> </span>delle </span></span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">informazioni comparati<span class=\"_ _0\"></span>ve in sede di prima <span class=\"_ _0\"></span>applicazione dell\u2019IFR<span class=\"_ _35\"></span>S<span class=\"_ _2\"></span><span class=\"ff1\"> </span>17 e dell\u2019IFRS 9. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _7\"> </span>ricorda <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>lo <span class=\"_ _16\"> </span>standard <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>Strumenti <span class=\"_ _4\"> </span>finanziari, <span class=\"_ _7\"> </span>emanato <span class=\"_ _7\"> </span>dallo <span class=\"_ _7\"> </span>IASB <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>luglio <span class=\"_ _4\"> </span>2014 <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>omologato <span class=\"_ _4\"> </span>dalla </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Commissione <span class=\"_ _6\"></span>Europea <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Regolamento <span class=\"_ _6\"></span>n. <span class=\"_ _4\"> </span>2067/2016, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>sostituito, <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>partire <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018, <span class=\"_ _4\"></span>lo <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"> </span>39 <span class=\"_ _4\"></span>nella </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">disciplina della cla<span class=\"_ _0\"></span>ssificazione e misurazione <span class=\"_ _0\"></span>degli strumen<span class=\"_ _3\"></span>ti finanziari. </div><div class=\"t m0 x0 h32 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Il  Gruppo <span class=\"_ _1d\"> </span>Intesa  Sanpaolo,  in  qualit\u00e0  di <span class=\"_ _1d\"> </span>conglomerato  finanziario  a  prevalenza  bancaria,  si  \u00e8 <span class=\"_ _1d\"> </span>avvalso  dell\u2019opzione  di </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>c.d. <span class=\"_ _6\"></span>\u201cDeferral <span class=\"_ _5\"></span>Approach\u201d <span class=\"_ _6\"></span>(o <span class=\"_ _6\"> </span>Temporary <span class=\"_ _6\"></span>Exemption), <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>irt\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>quale <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanzi<span class=\"_ _5\"></span><span class=\"ff1\">arie </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>Compagnie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ssicurative <span class=\"_ _3\"></span>controllate <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>prescritto <span class=\"_ _3\"></span>dallo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>39<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">fino  all\u2019entrata  in <span class=\"_ _16\"> </span>vigore  del  nuovo  prin<span class=\"_ _0\"></span>cipio  contabile <span class=\"_ _16\"> </span>sui  contratti  assicurativi <span class=\"_ _16\"> </span>(IFRS  17),  il  1\u00b0  gennai<span class=\"_ _0\"></span>o  2023.  Il  rinvio<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">dell'adozione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l'IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferibili <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>imposto, <span class=\"_ _2\"></span>quindi, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _2\"></span>gen<span class=\"_ _5\"></span>naio </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">2018, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>'applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>differenti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>nell'ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>co<span class=\"_ _6\"></span>nsolidato </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">di Gruppo.  </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>questo <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _6\"></span>gennaio <span class=\"_ _6\"></span>2023, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>applicher\u00e0 <span class=\"_ _6\"></span>congiuntamente <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">prima <span class=\"_ _3\"></span>volta <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>principi <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>17. <span class=\"_ _3\"></span>L\u2019implementazione <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Divisione Insurance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oer<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>nte <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">policy <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>definite <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>garantire <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>corretta <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>omogenea <span class=\"_ _7\"> </span>applicazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>nuovo </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">principio a livello c<span class=\"_ _0\"></span>onsolidato. </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yde2 ff5 fs9 fc2 sc0 ls0 ws0\">IFRS 17 Contratti assicurativi<span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 y7f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y8fa ffa fs0 fc2 sc0 ls0 ws0\">Overview del Principio IF<span class=\"_ _0\"></span>RS 17 </div><div class=\"t m0 x0 h32 y60e ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _6\"> </span>sostituisce <span class=\"_ _5\"></span>l\u2019IFRS <span class=\"_ _6\"> </span>4 <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>sua <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"></span>era <span class=\"_ _5\"></span>considerato <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>\u201cinterim </div><div class=\"t m0 x0 h2 y17d ff4 fs0 fc0 sc0 ls0 ws0\">standard\u201d e <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto t<span class=\"_ _3\"></span>ale </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> non <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>tra i <span class=\"_ _3\"></span>propri <span class=\"_ _3\"></span>scopi <span class=\"_ _3\"></span>quello di <span class=\"_ _3\"></span>prevedere una <span class=\"_ _3\"></span>metodologia unica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rappresentazione dei </span></div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">contratti <span class=\"_ _3\"></span>assicurativi, r<span class=\"_ _3\"></span>imandando ai <span class=\"_ _2\"></span>modelli contabili <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>normative <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>paesi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quest<span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">aspetto <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>unitamente <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>migliore <span class=\"_ _5\"></span>informativa <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>risultati <span class=\"_ _5\"></span>economici <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls10 ws0\">nu<span class=\"ls0\">ovo stand<span class=\"_ _0\"></span>ard.  </span></div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">Si riportano a seguir<span class=\"_ _0\"></span>e le principali previsi<span class=\"_ _0\"></span>oni del principio: </div><div class=\"t m0 x0 h2 y1e6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurativa: <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ottoscrizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>soggetto <span class=\"_ _2\"></span>ass<span class=\"_ _3\"></span>icurato,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y8fd ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019impresa <span class=\"_ _5\"></span>riconosce <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ammontare <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>dato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>somma <span class=\"_ _5\"></span>algebrica <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa </span></div><div class=\"t m0 x2a h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">attesi <span class=\"_ _3\"></span>contrattuali (Present value <span class=\"_ _3\"></span>future <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">\u201c<span class=\"_ _3\"></span>PVFCF\u201d) e <span class=\"_ _3\"></span>inclusivi <span class=\"_ _3\"></span>anche di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>opportuno Risk<span class=\"_ _3\"></span> adjustment <span class=\"_ _3\"></span>(\u201cRA\u201d) a </span></div><div class=\"t m0 x2a h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\">presidio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>rischi<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>finanziario <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>atteso <span class=\"_ _4\"></span>(Contractual <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>Margin <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">\u201cCSM\u201d), <span class=\"_ _6\"> </span>che </span></div><div class=\"t m0 x2a h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">rappresenta il valore at<span class=\"_ _0\"></span>tuale degli utili f<span class=\"_ _0\"></span>uturi sui contratti as<span class=\"_ _0\"></span>sicurativi;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y901 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>raggruppamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>contratti: <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>\u201cportafogli\u201d <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>assicurativ<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x2a h2 y902 ff1 fs0 fc0 sc0 ls24 ws0\">(o<span class=\"ls0\">vvero di <span class=\"_ _3\"></span>gruppi di contratti <span class=\"_ _3\"></span>che condividono rischi <span class=\"_ _3\"></span>simili e <span class=\"_ _3\"></span>gestiti unitariamente). Ciascun portafoglio viene <span class=\"_ _3\"></span>ulteriormente </span></div><div class=\"t m0 x2a h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\">suddiviso in gruppi <span class=\"_ _3\"></span>composti da contratti con <span class=\"_ _3\"></span>caratteristiche simili in <span class=\"_ _3\"></span>termini di profittabilit\u00e0 attesa, prevedendo pertanto<span class=\"_ _5\"></span> la </div><div class=\"t m0 x2a h2 y904 ff1 fs0 fc0 sc0 ls10 ws0\">di<span class=\"ls0\">stinzione <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>profittevoli <span class=\"_ _2\"></span>(con <span class=\"_ _5\"></span>margine <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>atteso <span class=\"_ _5\"></span>positivo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>onerosi <span class=\"_ _2\"></span>(con <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>economico <span class=\"_ _2\"></span>atteso </span></div><div class=\"t m0 x2a h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">negativo); </div><div class=\"t m0 x0 h2 y906 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> modelli di misurazione previ<span class=\"_ _0\"></span>sti dal principio: il principio IFRS 17<span class=\"_ _0\"></span> prevede un modello di misurazione de<span class=\"_ _0\"></span>nominato Genera<span class=\"_ _0\"></span>l </span></div><div class=\"t m0 x2a h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">Mod<span class=\"ff4\">el <span class=\"_ _2\"></span>(\u201cGM\u201d) <span class=\"_ _2\"></span>applicabile <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>partecipazione <span class=\"_ _2\"></span>diretta <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>utili<span class=\"_ _2\"></span></span><span class=\"ls12\">, </span></div><div class=\"t m0 x2a h2 y908 ff4 fs0 fc0 sc0 ls0 ws0\">per i <span class=\"_ _3\"></span>quali viene applicato <span class=\"_ _3\"></span>il Variable Fee Approach (\u201c<span class=\"_ _3\"></span>VFA\u201d), qualora siano rispettati i <span class=\"_ _3\"></span>criteri di eleggibilit\u00e0 dipendenti d<span class=\"_ _5\"></span><span class=\"ff1\">alla </span></div><div class=\"t m0 x2a h2 y909 ff1 fs0 fc0 sc0 ls0 ws0\">natura <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>partecipazione <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>utili. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _4\"></span>previsto <span class=\"_ _4\"></span>inoltre<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>modello <span class=\"_ _6\"></span>semplificato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzionale <span class=\"_ _6\"></span>(Premium <span class=\"_ _4\"> </span>Allocation<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">Approach <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">\u201c<span class=\"_ _3\"></span>PAA\u201d) per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>della passivit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>residua denominata L<span class=\"_ _3\"></span>iability for <span class=\"_ _3\"></span>Remaining Co<span class=\"_ _3\"></span>verage<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y1b6 ff4 fs0 fc0 sc0 ls0 ws0\">(\u201cLRC\u201d, <span class=\"_ _3\"></span>assimila<span class=\"ff1\">bile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Riserva per <span class=\"_ _2\"></span>frazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>mi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iporto premi) <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>uguale o </span></div><div class=\"t m0 x2a h2 y1b7 ff1 fs0 fc0 sc0 ls0 ws0\">inferiore <span class=\"_ _3\"></span>all'anno <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>materialmente <span class=\"_ _3\"></span>differente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quella <span class=\"_ _3\"></span>risultan<span class=\"_ _5\"></span>te </div><div class=\"t m0 x2a h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">dall'applicazione del General Mo<span class=\"_ _0\"></span>del; </div><div class=\"t m0 x0 h2 y1b9 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>ransition: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>applicazione, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafogl<span class=\"_ _5\"></span>io </span></div><div class=\"t m0 x2a h2 y90a ff1 fs0 fc0 sc0 ls0 ws0\">siano <span class=\"_ _3\"></span>contabilizzati c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>introdotte <span class=\"_ _3\"></span>fossero <span class=\"_ _3\"></span>sempre <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore; <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transition <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span>rende <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ome<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 y1bb ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _20\"> </span>Full <span class=\"_ _23\"> </span>Retrospective <span class=\"_ _20\"> </span>Approach <span class=\"_ _20\"> </span>(\u201cFRA\u201d). <span class=\"_ _20\"> </span>Poich\u00e9 <span class=\"_ _23\"> </span>la <span class=\"_ _20\"> </span>sua <span class=\"_ _20\"> </span>applicabilit\u00e0 <span class=\"_ _20\"> </span>pu\u00f2 <span class=\"_ _23\"> </span>risultare <span class=\"_ _20\"> </span>molto <span class=\"_ _20\"> </span>complessa <span class=\"_ _20\"> </span>a <span class=\"_ _20\"> </span>causa </div><div class=\"t m0 x2a h32 y3df ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019indisponibilit\u00e0 <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>serie <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>toriche <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>attributi <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>ecessari <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _17\"> </span>gestire <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>capillarit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>modello <span class=\"_ _17\"> </span>dati <span class=\"_ _18\"> </span>previsto<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y1bd ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019lFRS<span class=\"ff1\"> 17, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>consentano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>piena <span class=\"_ _3\"></span>applicazione, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>metodi, <span class=\"_ _3\"></span>tra </span></div><div class=\"t m0 x2a h2 y3e1 ff1 fs0 fc0 sc0 ls0 ws0\">loro opzionali:  </div><div class=\"t m0 x2a h32 y1bf ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">il <span class=\"_ _4\"> </span>Modified <span class=\"_ _4\"> </span>Retrospective <span class=\"_ _4\"> </span>Approach <span class=\"_ _4\"> </span>(\u201cMRA\u201d), <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>approssima <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>risultati <span class=\"_ _4\"> </span>ottenuti <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>FRA <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio </span></div><div class=\"t m0 x62 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">retrospettivo, <span class=\"_ _7\"> </span>prevedendo <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>semplificazioni <span class=\"_ _4\"> </span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>CSM, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>contratti, </div><div class=\"t m0 x62 h2 y1c1 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019utilizzo delle coorti <span class=\"_ _0\"></span>annua<span class=\"ff1\">li ed i tassi di sconto da utiliz<span class=\"_ _0\"></span>zare;  </span></div><div class=\"t m0 x2a h2 y1c2 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">il <span class=\"_ _2\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Approach <span class=\"_ _3\"></span>(\u201cFVA\u201d), <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>CSM/Loss <span class=\"_ _3\"></span>Component <span class=\"_ _3\"></span>(in<span class=\"_ _3\"></span><span class=\"ff1\"> caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>onerosi) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>come </span></span></div><div class=\"t m0 x62 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gruppo di<span class=\"_ _3\"></span> contratti <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>riferisce <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il valore <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Fulfillment Cas<span class=\"_ _2\"></span>h<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Flows alla <span class=\"_ _3\"></span>medesima </div><div class=\"t m0 x62 h2 y1c4 ff1 fs0 fc0 sc0 ls0 ws0\">data (rappresentato <span class=\"_ _0\"></span>dalla somma di PVFC<span class=\"_ _0\"></span>F e RA); </div><div class=\"t m0 x0 h2 yf37 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>successiva <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurativa: <span class=\"_ _2\"></span>l\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>richiede <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>aggiornamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>ogni<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">reporting <span class=\"_ _3\"></span>period <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>elementi <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>indicati <span class=\"_ _2\"></span>(i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>margine <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>atteso), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 </div><div class=\"t m0 x2a h2 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato. <span class=\"_ _2\"></span>Gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventuali <span class=\"_ _3\"></span>aggiornamenti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>recepiti <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span>la </div><div class=\"t m0 x2a h2 y1c8 ff1 fs0 fc0 sc0 ls0 ws0\">prima <span class=\"_ _5\"></span>reporting <span class=\"_ _5\"></span>date <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>consuntivazi<span class=\"_ _0\"></span>one: <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>ambiamenti <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>gi\u00e0 </div><div class=\"t m0 x2a h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">avvenuti <span class=\"_ _6\"></span>oppure <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mar<span class=\"_ _3\"></span>gine <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>atteso <span class=\"_ _4\"></span>(CSM) <span class=\"_ _6\"></span>qualora <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventi <span class=\"_ _4\"></span>futuri. </div><div class=\"t m0 x2a h2 yf38 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento  all<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  variazioni <span class=\"_ _16\"> </span>delle  sole  v<span class=\"_ _0\"></span>ariabili  finan<span class=\"_ _0\"></span>ziarie  (e  no<span class=\"_ _0\"></span>n  delle  re<span class=\"_ _0\"></span>stanti,  q<span class=\"_ _2\"></span>uindi  pri<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cipalmente <span class=\"_ _16\"> </span>relative  al </div><div class=\"t m0 x2a h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">comportamento degli assicurati), \u00e8 rimessa scelta alle imprese di individuare <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> p<span class=\"_ _3\"></span>er ciascun raggruppamento di contratti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> </div><div class=\"t m0 x2a h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">se rappresentare gli <span class=\"_ _0\"></span>effetti delle modifi<span class=\"_ _0\"></span>che nel conto economico<span class=\"_ _0\"></span> o nel patrimonio <span class=\"_ _0\"></span>netto (c.d. Opzione<span class=\"_ _3\"></span> OCI); </div><div class=\"t m0 x0 h2 y303 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.73907px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>misurazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>ricavo <span class=\"_ _4\"> </span>assicurativo: <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _6\"> </span>17 <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>esposizione <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>\u201cper </div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">margini\u201d  conseguiti <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso  de<span class=\"_ _3\"></span>lla  vita <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>polizze,  ossia <span class=\"_ _1d\"> </span>quando <span class=\"_ _1d\"> </span>l\u2019impresa  eroga <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>servizi  agli <span class=\"_ _1d\"> </span>assicurati, <span class=\"_ _1d\"> </span>non </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">prevedendo pertanto la rilevazio<span class=\"_ _0\"></span>ne di alcun ricavo al momento della sotto<span class=\"_ _0\"></span>scrizione del contratto. <span class=\"_ _3\"></span>In merito a tale aspetto il<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">principio <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>asimmetrico <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gruppi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>onerosi <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>immediata <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>a </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">conto economico; </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mi</span>surazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>performanc<span class=\"_ _0\"></span>e: <span class=\"_ _3\"></span>nell\u2019ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019informativa che <span class=\"_ _3\"></span>garantisca <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>comparabilit\u00e0 <span class=\"_ _3\"></span>degli a<span class=\"_ _3\"></span>ndamenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _5\"></span>Compagnie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>istinta <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>separata <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>componenti <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tipicamente<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">concorrono <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>formare <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>imprese <span class=\"_ _2\"></span>assicuratrici: <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prima, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profitto <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 </span></div><div class=\"t m0 x2a h32 y66 ff4 fs0 fc0 sc0 ls0 ws0\">assicurativa <span class=\"_ _4\"> </span>prestata <span class=\"_ _7\"> </span>(il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cmargine <span class=\"_ _7\"> </span>tecnico\u201d) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>seconda <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>raggruppa <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _4\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carattere </div><div class=\"t m0 x2a h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cfinanziario\u201d <span class=\"_ _3\"></span>(i <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span><span class=\"ff1\">nvestimenti, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>variabili <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>utilizzate <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti, <span class=\"_ _3\"></span>ecc.). </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">I cambiamenti nelle stime futur<span class=\"_ _0\"></span>e di premi collegati a contratti in essere alla data di reporting (flussi di cassa da ricevere<span class=\"_ _0\"></span>) <span class=\"_ _5\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>(flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>conoscere) <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>contrattuale <span class=\"_ _3\"></span>delle </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">polizze di riferimento<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conglomerati </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">finanziar<span class=\"ff4\">i, si evidenzia che in data 17 novembre 2022 la <span class=\"_ _3\"></span>Banca d\u2019Italia ha pubblicato l\u20198\u00b0 aggiornam<span class=\"_ _0\"></span>ento della Circolare n. 262 </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">del 22 dicembre 200<span class=\"_ _0\"></span>5 che sar\u00e0 applic<span class=\"_ _0\"></span>abile a partire dai bil<span class=\"_ _0\"></span>anci al 31 dicembre <span class=\"_ _0\"></span>2023. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>contenere <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>oneri <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>compilazione <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span><span class=\"ff4\">le <span class=\"_ _6\"> </span>banche, <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>predisposizione <span class=\"_ _6\"> </span>dell\u2019aggiornamento <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>Banca <span class=\"_ _6\"> </span>d\u2018<span class=\"_ _3\"></span>Italia <span class=\"_ _5\"></span>ha </span></div><div class=\"t m0 x0 h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>analoghe <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>emanate <span class=\"_ _3\"></span>dall\u2019IVASS<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-136.73907px;\"><div class=\"t m0 x11d h33 y4aa ff1 fs11 fc0 sc0 ls1a ws0\">73</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.73907px;\"><div class=\"t m0 x42 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>assicurativo <span class=\"_ _3\"></span>IAS/IFRS, <span class=\"_ _3\"></span>prevedend<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">un rinvio <span class=\"_ _3\"></span>alle disposizioni emanate dall\u2019IVASS per <span class=\"_ _3\"></span>gli aspetti riconducibili ai contratti assicurativi di <span class=\"_ _3\"></span>pertinenza delle im<span class=\"_ _5\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>rese di </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">assicurazione  incluse  nel <span class=\"_ _1d\"> </span>consolidam<span class=\"_ _0\"></span>ento.  Le <span class=\"_ _1d\"> </span>modifiche  intr<span class=\"_ _3\"></span><span class=\"ff4\">odotte  riguardano  l<span class=\"_ _3\"></span>\u2019adeguamento  degli  schemi  del  b<span class=\"_ _3\"></span>ilancio<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">consolidato <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>relativa <span class=\"_ _7\"> </span>informativa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>nota <span class=\"_ _7\"> </span>integrativa <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>17, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>modificato <span class=\"_ _7\"> </span>lo <span class=\"_ _7\"> </span>IAS <span class=\"_ _16\"> </span>1 <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019IFRS<span class=\"ff1\"> </span>7, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019allineament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>manate dall\u2019IVASS. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>partico<span class=\"_ _3\"></span><span class=\"ff1\">lare, <span class=\"_ _3\"></span>nello <span class=\"_ _2\"></span>schema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>consolidato </span></div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">viene data evidenza nelle <span class=\"_ _3\"></span>voci \u201cPassivit\u00e0 assicurative\u201d e \u201c<span class=\"_ _3\"></span>Attivit\u00e0<span class=\"_ _0\"></span> assicurative\u201d dei c<span class=\"_ _3\"></span>ontratti assicurativi emessi e delle c<span class=\"_ _5\"></span><span class=\"ff1\">essioni </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">in  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>assicurazion<span class=\"_ _0\"></span>e.  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>invece <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Conto <span class=\"_ _16\"> </span>economico <span class=\"_ _7\"> </span>consolid<span class=\"_ _2\"></span>ato, <span class=\"_ _16\"> </span>nel  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>sultato <span class=\"_ _16\"> </span>intermedio <span class=\"_ _7\"> </span>riferito  al<span class=\"_ _0\"></span>la  g<span class=\"_ _35\"></span>estione </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativa <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>distinzione <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricavi/costi <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>servizi <span class=\"_ _3\"></span>assicurativi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricavi/costi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>natura <span class=\"_ _2\"></span>finanziar<span class=\"_ _5\"></span>ia <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ai </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>emessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>cessioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riassicura<span class=\"_ _3\"></span>zione. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _5\"></span>integrativa <span class=\"_ _5\"></span>consolidata <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>adeguata, <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h32 y79 ff4 fs0 fc0 sc0 ls0 ws0\">previsioni <span class=\"_ _17\"> </span>emanate <span class=\"_ _17\"> </span>dall\u2019IVASS, <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>presentare <span class=\"_ _17\"> </span>l\u2019informativa <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>natura <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>sull\u2019entit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>derivanti <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ai <span class=\"_ _17\"> </span>contratti </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">assicurativi <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>sensi <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>previsioni <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _1d\"> </span>17. <span class=\"_ _1d\"> </span>La <span class=\"_ _17\"> </span>Banca <span class=\"_ _1d\"> </span>d\u2019Italia <span class=\"_ _1d\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\">on <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>apportato <span class=\"_ _1d\"> </span>modifiche <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>alla </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione delle gr<span class=\"_ _0\"></span>andezze IFRS 9 pertanto gli strume<span class=\"_ _0\"></span>nti finanziari di competenza delle compag<span class=\"_ _0\"></span>nie assicurative (inclusi<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">i <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>applica <span class=\"_ _6\"> </span>l\u2019IFRS <span class=\"_ _6\"></span>9) <span class=\"_ _6\"></span>negli <span class=\"_ _5\"></span>schemi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sens<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _6\"></span>verranno <span class=\"_ _5\"></span>rappresentati<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">insieme a quelli della<span class=\"_ _0\"></span> banca, salvo fornir<span class=\"_ _0\"></span>e specifiche evide<span class=\"_ _0\"></span>nze nelle tabelle di No<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a Integrativa.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7f ffa fs0 fc2 sc0 ls0 ws0\">Progetto di implement<span class=\"_ _0\"></span>azione per la Divisione Insu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span>nce: impatti organi<span class=\"_ _0\"></span>zzativi ed informat<span class=\"_ _0\"></span>ici<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Gr<span class=\"ff1\">uppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>applicabile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>finanziari </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">con elementi di parteci<span class=\"_ _0\"></span>pazione discrezional<span class=\"_ _0\"></span>e agli utili emessi <span class=\"_ _0\"></span>dalla Divisione Insura<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ce. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>progetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>implementazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>D<span class=\"_ _3\"></span><span class=\"ff1\">ivisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>preso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vvio <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2019 <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>articolato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>pi\u00f9 </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">filoni <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _7\"> </span>impostati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>omogeneo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>compagnie <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _4\"> </span>Insurance, <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>delle </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">specificit\u00e0 di busines<span class=\"_ _0\"></span>s di ciascuna compag<span class=\"_ _0\"></span>nia:  </div><div class=\"t m0 x0 h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _3\"></span>efinizione dell\u2019i<span class=\"ff1\">mpianto <span class=\"_ _3\"></span>metodologico: sono stati <span class=\"_ _3\"></span>identificati gli argomenti <span class=\"_ _3\"></span>chiave ai <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>corrispondono altrettante scelte </span></div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">metodologiche <span class=\"_ _7\"> </span>declinate <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>Technical <span class=\"_ _16\"> </span>Paper, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>classificazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prodotti, <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>cash <span class=\"_ _7\"> </span>flow </div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">prospettici e calcolo <span class=\"_ _0\"></span>del CSM; </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"_ _3\"></span>voluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>sistemi <span class=\"_ _7\"> </span>informativi: <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>quadro <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>(\u201cBig <span class=\"_ _16\"> </span>Picture\u201d) <span class=\"_ _7\"> </span>progettuale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>mapp<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>egli </div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">applicativi e le relative interfacce informatiche, definita a dicembre 2020, \u00e8 stata confermata e <span class=\"_ _3\"></span>implementata anche per le </div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">compagnie  successivamente  acquisite <span class=\"_ _1d\"> </span>e  prevede <span class=\"_ _1d\"> </span>la  medesima  s<span class=\"_ _3\"></span>truttura  informatica  per <span class=\"_ _1d\"> </span>tutte  le <span class=\"_ _1d\"> </span>Compagnie  della </div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Divisione Insurance, tenendo in considerazione le peculiarit\u00e0 d<span class=\"_ _3\"></span>i ciascuna. Sono state <span class=\"_ _3\"></span>inoltre effettuate le attivit\u00e0 di <span class=\"_ _3\"></span>anali<span class=\"_ _5\"></span>si </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span><span class=\"ff4\">equirement. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>30 <span class=\"_ _6\"> </span>giugno <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _6\"> </span>completata <span class=\"_ _4\"> </span>l\u2019implementazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>finalizzata <span class=\"_ _6\"></span>a </span></div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">includere <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>fil<span class=\"_ _3\"></span>iera <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contabilit\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>processi <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>prospettiche <span class=\"_ _2\"></span>introdo<span class=\"_ _5\"></span>tte </div><div class=\"t m0 x2a h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>(principalmente <span class=\"_ _2\"></span>cash <span class=\"_ _5\"></span>flow, <span class=\"_ _2\"></span>risk <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">djustment <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>CSM). <span class=\"_ _5\"></span>Infine, <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>sviluppi <span class=\"_ _5\"></span>informatici <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>motori <span class=\"_ _2\"></span>attuariali <span class=\"_ _2\"></span>sono </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">stati conclusi;  </div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>formazione: <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _4\"> </span>prevista <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019<span class=\"_ _3\"></span>intera <span class=\"_ _4\"> </span>durata <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>progetto <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>suddivisa <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>Top <span class=\"_ _4\"> </span>Management, </div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">tecnica  ed  operativa,  prevedendo  specifiche  sessioni  dedicate  agli  amministratori  delle  compagnie  della  Divi<span class=\"_ _0\"></span>sione </div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Insurance e della Capogr<span class=\"_ _0\"></span>uppo; </div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>mo<span class=\"_ _3\"></span>difiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>normativa <span class=\"_ _4\"></span>interna: <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>formalizzato <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>target <span class=\"_ _4\"></span>operating <span class=\"_ _4\"></span>mod<span class=\"_ _0\"></span>el, <span class=\"_ _4\"></span>ossia <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>disegno <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la </span></div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">formalizzazione dei sistemi, proc<span class=\"_ _3\"></span>essi organizzativi e relativi <span class=\"_ _3\"></span>uffici responsabili, in modo da<span class=\"_ _3\"></span> presidiare il nuovo p<span class=\"_ _3\"></span>rocesso di </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">formazione del bilan<span class=\"_ _0\"></span>cio; </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>ransition <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>parallel <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022: <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>concluse <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>quantificazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>saldi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>apertura <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>gennai<span class=\"_ _5\"></span><span class=\"lsc\">o </span></span></div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">2022 <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ricostruzione <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>risultato <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>complessivo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2022; <span class=\"_ _5\"></span>risulta <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roduzione <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>sistemi </div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">informatici dei dati c<span class=\"_ _0\"></span>omparativi dei trimestri<span class=\"_ _0\"></span> 2022 per tutte le <span class=\"_ _0\"></span>compagnie della Divisi<span class=\"_ _0\"></span>one Insurance.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">Da <span class=\"_ _18\"> </span>un <span class=\"_ _1c\"> </span>punto <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>vista <span class=\"_ _18\"> </span>organizzativo <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>progetto <span class=\"_ _18\"> </span>IFRS <span class=\"_ _1c\"> </span>17 <span class=\"_ _18\"> </span>include, <span class=\"_ _1c\"> </span>oltre <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>processo <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>predisposizione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>bilancio<span class=\"_ _35\"></span>, </div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019implementazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sistemi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>processi <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Pianificazione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Controllo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>all\u2019Asset <span class=\"_ _5\"></span>and <span class=\"_ _2\"></span>Liability <span class=\"_ _5\"></span>Management, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">garantire la capacit\u00e0 di<span class=\"_ _0\"></span> governo delle comp<span class=\"_ _0\"></span>agnie del Gruppo secondo le nuove metrich<span class=\"_ _0\"></span>e introdotte dal pri<span class=\"_ _0\"></span>ncipio IFRS 17. </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>corso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _4\"></span>attivata <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>progettualit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>Capogru<span class=\"_ _0\"></span>ppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>coinvolgimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>pi\u00f9 </div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">direzioni <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _5\"></span>CFO <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>COO <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>opera <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>piena <span class=\"_ _2\"></span>sinergia <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _4\"> </span><span class=\"ff1\">attivit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>progetto <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h32 y5a ff4 fs0 fc0 sc0 ls0 ws0\">implementazione <span class=\"_ _1c\"> </span>dell\u2019IFRS <span class=\"_ _1c\"> </span>17 <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>me<span class=\"_ _0\"></span>rito <span class=\"_ _20\"> </span>alla <span class=\"_ _1c\"> </span>rappresentazione<span class=\"_ _0\"></span> <span class=\"_ _20\"> </span>delle <span class=\"_ _1c\"> </span>grandezze <span class=\"_ _1c\"> </span>patrimoniali <span class=\"_ _20\"> </span>ed <span class=\"_ _1c\"> </span>economiche <span class=\"_ _1c\"> </span>tipiche </div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS<span class=\"ff1\"> </span>17 con riferiment<span class=\"_ _0\"></span>o alla rappresentazi<span class=\"_ _0\"></span>one ai sensi dell\u2019I<span class=\"_ _35\"></span>FRS 10<span class=\"_ _3\"></span> nel Bilan<span class=\"_ _3\"></span><span class=\"ff1\">cio Consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo. </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Si evidenzia <span class=\"_ _3\"></span>infine che sono <span class=\"_ _3\"></span>stati effettuati <span class=\"_ _3\"></span>incontri periodici con <span class=\"_ _3\"></span>la societ\u00e0 d<span class=\"_ _3\"></span>i Revisione EY <span class=\"_ _3\"></span>volti a <span class=\"_ _3\"></span>promuovere un confron<span class=\"_ _5\"></span>to in </div><div class=\"t m0 x0 h95 y5d ff4 fs0 fc0 sc0 ls0 ws0\">merito alle scelte meto<span class=\"_ _0\"></span>dologiche identific<span class=\"_ _0\"></span>ate nell\u2019ambito progett<span class=\"_ _0\"></span>uale.<span class=\"_ _3\"></span><span class=\"ffa fc2\"> <span class=\"_ _9\"> </span></span><span class=\"ffa fc2\"> </span></div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.51099px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Scelte metodologiche del Gru<span class=\"_ _35\"></span>ppo<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _1c\"> </span>principali <span class=\"_ _18\"> </span>scelte <span class=\"_ _1c\"> </span>metodolog<span class=\"_ _0\"></span>iche <span class=\"_ _1c\"> </span>affrontate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>hanno <span class=\"_ _1c\"> </span>riguardato <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>definizione <span class=\"_ _18\"> </span>della <span class=\"_ _1c\"> </span>curva <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1c\"> </span>sconto, <span class=\"_ _18\"> </span>la </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">quantificazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ash <span class=\"_ _6\"></span>flow <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttica <span class=\"_ _6\"></span>IFRS<span class=\"_ _3\"></span> 17, <span class=\"_ _4\"></span>nonch\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>quantificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>CSM <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa  S<span class=\"_ _0\"></span>anpaolo, <span class=\"_ _16\"> </span>differente <span class=\"_ _16\"> </span>dal  CSM <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ilevato <span class=\"_ _16\"> </span>a  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>di  Divi<span class=\"_ _0\"></span>sione  I<span class=\"_ _0\"></span>nsurance, <span class=\"_ _16\"> </span>al  fin<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  considerare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effettivi <span class=\"_ _16\"> </span>costi  d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">distribuzione/gesti<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurative <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>luogo <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>provvigioni <span class=\"_ _6\"></span>regolate <span class=\"_ _6\"></span>tra <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo.  </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Di seguito sono riporta<span class=\"_ _0\"></span>te le principali scelte<span class=\"_ _0\"></span> metodologiche assun<span class=\"_ _0\"></span>te dal Gruppo Intesa S<span class=\"_ _0\"></span>anpaolo<span class=\"_ _2\"></span>: </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _3\"></span>ivello <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ggregazione e <span class=\"_ _3\"></span>opzione <span class=\"_ _3\"></span>\u201ccarve <span class=\"_ _3\"></span>out\u201d <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>coorti: i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>livello di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggregazione permette d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>definire <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>granularit\u00e0 co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">cui viene valutata la <span class=\"_ _0\"></span>redditivit\u00e0 di un gruppo di contrat<span class=\"_ _0\"></span>ti, andando a raggru<span class=\"_ _0\"></span>ppare <span class=\"_ _3\"></span>nel medesimo portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> quelli che: </div><div class=\"t m0 x2a h2 y67 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">presentano rischi simili e<span class=\"_ _0\"></span> che sono gestiti uni<span class=\"_ _0\"></span>tariamente;  </span></div><div class=\"t m0 x2a h2 y68 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"ff4 fs0\">hanno la stessa profitt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>bilit\u00e0 attesa all\u2019emis<span class=\"_ _0\"></span>sione (c.d. bucket di<span class=\"_ _0\"></span> profittabilit\u00e0);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x2a h2 y69 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">appartengono alla st<span class=\"_ _0\"></span>essa generazione<span class=\"_ _0\"></span> (c.d. coorte annuale).  </span></div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Limitatamente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>primo <span class=\"_ _2\"></span>punto, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>adottato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _4\"> </span>Business <span class=\"_ _2\"></span>Danni <span class=\"_ _5\"></span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Line <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Business <span class=\"_ _3\"></span>(\u201cLoB\u201d) <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>appartenenza; <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _6\"> </span><span class=\"ff1\">Business <span class=\"_ _3\"></span>Vita <span class=\"_ _2\"></span></span>l\u2019aggregazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>gruppi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">avviene <span class=\"_ _2\"></span>raggruppando <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>unico <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>Gestione <span class=\"_ _5\"></span>Separata;<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _2\"></span>Multiramo <span class=\"_ _2\"></span>per </div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">ciascuna <span class=\"_ _3\"></span>Gestione <span class=\"_ _3\"></span>Separata; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inked; <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>collegati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Fon<span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Pensione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>puro <span class=\"_ _2\"></span>rischio<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">(es. Temporanee caso<span class=\"_ _0\"></span> morte - TCM). </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _4\"></span>appartenenti <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"></span>Multira<span class=\"_ _35\"></span>mo<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>collegati <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>Gestione <span class=\"_ _6\"></span>Separata, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>ha </div><div class=\"t m0 x2a h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">deciso <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>esercitare <span class=\"_ _6\"></span>l\u2019opzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>non <span class=\"_ _6\"> </span>applicare <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>requisito <span class=\"_ _6\"> </span>dell<span class=\"_ _2\"></span>a <span class=\"_ _6\"> </span>Coorte <span class=\"_ _4\"> </span>Annuale <span class=\"_ _6\"> </span>(\u201cCarve <span class=\"_ _4\"> </span>Out\u201d) <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"> </span>come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>dal </div><div class=\"t m0 x2a h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">Regolamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>omologazione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>17 <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>livello <span class=\"_ _5\"></span>europeo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quindi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>aggregare <span class=\"_ _5\"></span>queste <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>con </div><div class=\"t m0 x2a h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">riguardo al concetto <span class=\"_ _0\"></span>di rischi simili e gestio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e unitaria e all\u2019ap<span class=\"_ _0\"></span>partenenza allo ste<span class=\"_ _3\"></span><span class=\"ff1\">sso bucket di profittabili<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>\u00e0. </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Cu<span class=\"_ _3\"></span>rva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sconto: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>utilizzare <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>approccio <span class=\"_ _2\"></span>Bottom<span class=\"_ _2\"></span>-</span>Up, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>privi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischio<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>l\u2019a<span class=\"_ _3\"></span>ggiunta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>premio <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rischio <span class=\"_ _5\"></span>insito <span class=\"_ _6\"> </span>all\u2019interno <span class=\"_ _7\"> </span><span class=\"ff1\">del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x2a h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">ciascuna compagnia, ri<span class=\"_ _0\"></span>partito per singola g<span class=\"_ _0\"></span>estione separata, po<span class=\"_ _0\"></span>rtafoglio unit, fondi p<span class=\"_ _0\"></span>ensione e portafogli<span class=\"_ _0\"></span>o libero.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Ris<span class=\"_ _3\"></span>k <span class=\"_ _5\"></span>adjustment: <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>metodologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>Value <span class=\"_ _6\"></span>at <span class=\"_ _5\"></span>Risk <span class=\"_ _6\"></span>(VaR) <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>l\u2019incertezza <span class=\"_ _7\"> </span><span class=\"ff1\">dei </span></div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">rischi non finanziari <span class=\"_ _0\"></span>sulla base del 75\u00b0 p<span class=\"_ _0\"></span>ercentile della distrib<span class=\"_ _0\"></span>uzione specifica di ci<span class=\"_ _0\"></span>ascun rischio consi<span class=\"_ _0\"></span>derato. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Var<span class=\"_ _3\"></span>iable Fee <span class=\"_ _3\"></span>Approach (VFA): come <span class=\"_ _3\"></span>evidenziato in <span class=\"_ _3\"></span>precedenza, il <span class=\"_ _3\"></span>VFA \u00e8 <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello previsto dallo <span class=\"_ _3\"></span>Standard obbligatorio </span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _1d\"> </span>i  contratti <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span><span class=\"ff4\">prevedono  una <span class=\"_ _1d\"> </span>significativa  partecipazione  discrezionale  agli <span class=\"_ _1d\"> </span>utili  da <span class=\"_ _1d\"> </span>parte <span class=\"_ _1d\"> </span>dell\u2019assicurat<span class=\"_ _0\"></span>o. <span class=\"_ _1d\"> </span>Per </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">determinare se <span class=\"_ _3\"></span>la partecipazione discrezionale agli <span class=\"_ _3\"></span>utili \u00e8 <span class=\"_ _3\"></span>significativa, viene eseguito un <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sia di <span class=\"_ _3\"></span>natura qualitativa c<span class=\"_ _6\"></span>he<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">quantitativa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">requisiti <span class=\"_ _6\"></span>previsti. <span class=\"_ _6\"></span>Nell\u2019ambito <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"> </span>misurati <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>il </span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Variable <span class=\"_ _2\"></span>Fee <span class=\"_ _2\"></span>Approach <span class=\"_ _3\"></span>tutt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>Linked <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ollegati <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>gestione <span class=\"_ _3\"></span>separata, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>ia </div><div class=\"t m0 x2a h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">individuali che di ti<span class=\"_ _0\"></span>po Multiram<span class=\"ls10\">o.</span> </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Pre<span class=\"_ _3\"></span>mium <span class=\"_ _2\"></span>Allocation <span class=\"_ _5\"></span>Approach <span class=\"_ _2\"></span>(PAA): <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>evidenziato <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>precedenza, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>PAA <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>opzionale <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>applicabile <span class=\"_ _5\"></span>ai </span></div><div class=\"t m0 x2a h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">contratti <span class=\"_ _3\"></span>con durata <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>all\u2019anno o <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>con d<span class=\"_ _3\"></span>urata superiore a<span class=\"_ _3\"></span>ll\u2019anno per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>dimostra che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019applicazio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span></div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>PAA <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>porti <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>risultati <span class=\"_ _5\"></span>significativamente <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>otterrebbero <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>generale. <span class=\"_ _5\"></span>Il </div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo ha <span class=\"_ _3\"></span>deciso di appl<span class=\"_ _3\"></span>icare tale modello al <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>Business<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Danni, definendo come <span class=\"_ _3\"></span>regola generale <span class=\"_ _3\"></span>quella di utilizzare il </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">modello PAA per le <span class=\"_ _0\"></span>pol<span class=\"ff4\">izze assicurative con dur<span class=\"_ _0\"></span>ata non superiore all\u2019a<span class=\"_ _0\"></span>nno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Co<span class=\"_ _3\"></span>verage <span class=\"_ _4\"> </span>Unit: <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>Coverage <span class=\"_ _7\"> </span>Unit <span class=\"_ _4\"> </span>rappresentano <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>river <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>viene <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>rilascio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>CSM <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>conto </span></div><div class=\"t m0 x2a h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">economico, <span class=\"_ _7\"> </span>tenendo  i<span class=\"_ _35\"></span>n  consid<span class=\"_ _0\"></span>erazione <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>quantit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>servizio <span class=\"_ _7\"> </span>fornita <span class=\"_ _16\"> </span>all\u2019assicurato <span class=\"_ _7\"> </span>e  la<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>durata <span class=\"_ _7\"> </span>attesa <span class=\"_ _16\"> </span>del  g<span class=\"_ _0\"></span>ruppo <span class=\"_ _7\"> </span>di </span></div><div class=\"t m0 x2a h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">contratti. Le <span class=\"_ _3\"></span>Coverage Unit <span class=\"_ _3\"></span>sono determinate <span class=\"_ _3\"></span>in maniera <span class=\"_ _3\"></span>differenziata<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>a seconda <span class=\"_ _3\"></span>che si <span class=\"_ _3\"></span>tratti di <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Vita o <span class=\"_ _3\"></span>Business </div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Danni. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Danni <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Coverage <span class=\"_ _3\"></span>Unit <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificate <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompet<span class=\"_ _2\"></span>enza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo </div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">mentre <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Business <span class=\"_ _2\"></span>Vita <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identificate <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>capitali <span class=\"_ _5\"></span>assicurati <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>capitali <span class=\"_ _5\"></span>assicurati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>inter<span class=\"_ _6\"></span>a,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">che rappresentano l\u2019im<span class=\"_ _0\"></span>pegno della compag<span class=\"_ _0\"></span>nia verso gli assicur<span class=\"_ _0\"></span>ati nel periodo di val<span class=\"_ _0\"></span>utazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Co<span class=\"_ _3\"></span>ntract Boundaries: la determinazione <span class=\"_ _3\"></span>dei Contract Boundaries viene ut<span class=\"_ _3\"></span>ilizzata per definire se <span class=\"_ _3\"></span>una determinata opzione </span></div><div class=\"t m0 x2a h32 y46 ff4 fs0 fc0 sc0 ls0 ws0\">contrattuale  debba  e<span class=\"_ _3\"></span>ssere  inclusa  nella <span class=\"_ _1d\"> </span>proiezione  dei <span class=\"_ _1d\"> </span>flussi  di  cassa <span class=\"_ _1d\"> </span>gi\u00e0  d<span class=\"_ _3\"></span>all\u2019emissione<span class=\"_ _0\"></span>  de<span class=\"_ _3\"></span>l  contratto  o<span class=\"_ _3\"></span>ppure  se </div><div class=\"t m0 x2a h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esercizio della stes<span class=\"ff1\">sa comporti <span class=\"_ _0\"></span>la generazione di un <span class=\"_ _0\"></span>nuovo gruppo di con<span class=\"_ _0\"></span>tratti. <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Vengono <span class=\"_ _4\"> </span>incluse <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Contract <span class=\"_ _4\"> </span>Boundaries <span class=\"_ _7\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>opz<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>prevedono, <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>all\u2019emissione <span class=\"_ _7\"> </span>dei </div><div class=\"t m0 x2a h32 y49 ff4 fs0 fc0 sc0 ls0 ws0\">contratti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>dell\u2019opzione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pricing. <span class=\"_ _3\"></span>Qualor<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>l\u2019esercizio <span class=\"_ _3\"></span>dell\u2019opzione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>abbia <span class=\"_ _3\"></span>condizioni </div><div class=\"t m0 x2a h32 y4a ff4 fs0 fc0 sc0 ls0 ws0\">prestabilite <span class=\"_ _1d\"> </span>all\u2019emissione, <span class=\"_ _1d\"> </span>ma <span class=\"_ _1d\"> </span>queste <span class=\"_ _17\"> </span>vengono <span class=\"_ _1d\"> </span>definite <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>olo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _1d\"> </span>secondo <span class=\"_ _17\"> </span>momento <span class=\"_ _1d\"> </span>oppure <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>momento <span class=\"_ _1d\"> </span>stesso </div><div class=\"t m0 x2a h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>dell\u2019assicurato, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>Contract <span class=\"_ _2\"></span>Boundaries <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ve<span class=\"_ _5\"></span><span class=\"ff1\">ngono <span class=\"_ _2\"></span>proiettate </span></div><div class=\"t m0 x2a h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">nei flussi di cassa del contratto <span class=\"_ _0\"></span>principale; l\u2019esercizio dell\u2019<span class=\"_ _0\"></span>opzione genera un nuovo gruppo di co<span class=\"_ _0\"></span>ntratti differente da quel<span class=\"_ _2\"></span><span class=\"ff1\">lo </span></div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">del contratto principale<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>App<span class=\"_ _3\"></span>roccio di <span class=\"_ _3\"></span>Transition: il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>ha deciso d<span class=\"_ _3\"></span>i ut<span class=\"_ _3\"></span>ilizzare tutti e <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi di <span class=\"_ _3\"></span>tr<span class=\"_ _2\"></span>ansition previsti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>Standard a <span class=\"_ _3\"></span>seconda </span></div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">della d<span class=\"_ _3\"></span>isponibilit\u00e0 dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>richiesti <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>principio per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>CSM a<span class=\"_ _3\"></span>lla da<span class=\"_ _3\"></span>ta di <span class=\"_ _3\"></span>FTA. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er </div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _7\"> </span>generazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>contratti <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _16\"> </span>recenti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _7\"> </span>Full <span class=\"_ _7\"> </span>Retrospectiv<span class=\"_ _2\"></span>e <span class=\"_ _7\"> </span>Approach, <span class=\"_ _7\"> </span>fatta <span class=\"_ _16\"> </span>eccezione <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">compagnie <span class=\"_ _4\"> </span>acquisite <span class=\"_ _4\"> </span>(ISP <span class=\"_ _4\"> </span>RBM <span class=\"_ _7\"> </span>Salute <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>x <span class=\"_ _7\"> </span>UBI), <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>metodo <span class=\"_ _7\"> </span>Fair <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>Approach. <span class=\"_ _7\"> </span>Per <span class=\"_ _4\"></span>i </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">contratti <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>multiramo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>danni <span class=\"_ _7\"> </span>meno <span class=\"_ _7\"> </span>recenti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>Modified <span class=\"_ _4\"> </span>Retrospective<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>Approach, </div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">mentre per<span class=\"_ _3\"></span> i <span class=\"_ _3\"></span>restanti <span class=\"_ _3\"></span>prodotti e <span class=\"_ _3\"></span>annualit\u00e0 viene <span class=\"_ _3\"></span>utilizzato il <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Approach. Le <span class=\"_ _3\"></span>principali semplificazioni utilizzate <span class=\"_ _6\"></span>dal </div><div class=\"t m0 x2a h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo nell\u2019applic<span class=\"_ _0\"></span>azione del Modified Retr<span class=\"_ _0\"></span>ospective Approach <span class=\"_ _0\"></span>sono: <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y55 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>utilizzo <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>coorti <span class=\"_ _5\"></span>annuali: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>mplificazi<span class=\"_ _0\"></span>oni <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>aggrega <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>coorti <span class=\"_ _5\"></span>annuali <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x62 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019unica Unit of Acc<span class=\"_ _0\"></span>ount per il business <span class=\"_ _0\"></span>vita e per il busine<span class=\"_ _0\"></span>ss danni;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y57 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>tassi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>sconto: <span class=\"_ _6\"></span>ricostruzione <span class=\"_ _5\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto <span class=\"_ _6\"></span>tramite <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>ult<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>5<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>curve <span class=\"_ _6\"></span>ricostruite <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>an<span class=\"_ _5\"></span>ni <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x62 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione precede<span class=\"_ _0\"></span>nti alla data di transi<span class=\"_ _0\"></span>zione; </div><div class=\"t m0 x2a h2 y59 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mancata ricostruzione delle <span class=\"_ _0\"></span>chiusure contabili sui p<span class=\"_ _0\"></span>eriodi precedenti. </span></div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Qu<span class=\"_ _3\"></span>antificazione <span class=\"_ _16\"> </span>del  CSM  per<span class=\"_ _0\"></span>  il  Bila<span class=\"_ _0\"></span>ncio  Con<span class=\"_ _0\"></span>solidato:  in <span class=\"_ _16\"> </span>ambito  IFRS <span class=\"_ _16\"> </span>17,  la  gestio<span class=\"_ _0\"></span>ne  delle <span class=\"_ _16\"> </span>transazioni  i<span class=\"_ _0\"></span>nfragruppo </span></div><div class=\"t m0 x2a h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">comporta la <span class=\"_ _3\"></span>nece<span class=\"ff4\">ssit\u00e0, <span class=\"_ _3\"></span>per la <span class=\"_ _3\"></span>quantificazione dei <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa, d<span class=\"_ _3\"></span>i \u201csostituire\u201d <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>infragruppo proiettati <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisio<span class=\"_ _0\"></span>ne </span></div><div class=\"t m0 x2a h32 y5c ff4 fs0 fc0 sc0 ls0 ws0\">Insurance  nella  stima  della  p<span class=\"_ _3\"></span>ropria  situazione  contabile  \u201cstand  a<span class=\"_ _3\"></span>lone\u201d  (tipicamente  le  provvigioni  pagate  alla <span class=\"_ _1d\"> </span>rete<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">distributiva <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancaria) <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>reali <span class=\"_ _5\"></span>sostenuti <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>economie <span class=\"_ _5\"></span>terze <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tale <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omportare <span class=\"_ _2\"></span>la </div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">rilevazione di un p<span class=\"_ _3\"></span>rofitto atteso (CSM) differente t<span class=\"_ _3\"></span>ra le s<span class=\"_ _3\"></span>ingole Societ\u00e0 del Gruppo e<span class=\"_ _3\"></span> il Gruppo nel <span class=\"_ _3\"></span>suo insieme. <span class=\"_ _3\"></span>La stessa<span class=\"_ _90\"> </span></div></div>ESMA <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>comunicazione <span class=\"_ _2\"></span>annuale <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>priorit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci<span class=\"_ _90\"> </span>74 <span class=\"_ _2\"></span><span class=\"ff4\">evidenzia <span class=\"_ _5\"></span>l\u2019importanza <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _2\"></span>consistente <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>corretta <span class=\"_ _4\"> </span>applicazione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"> </span>bilancio consolidato. Nello specifico, ESMA segnala che nel ca<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>in cui le banche <span class=\"_ _3\"></span>del gruppo distribuiscano i prodotti assicurativi,<span class=\"_ _0\"></span> il CSM a livello consoli<span class=\"_ _0\"></span>dato spesso differir\u00e0<span class=\"_ _0\"></span> da quello assicurati<span class=\"_ _0\"></span>vo. <span class=\"_ _3\"></span> \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>I<span class=\"_ _3\"></span>mpatti dell\u2019I<span class=\"_ _3\"></span>FRS 17 <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>Misure <span class=\"_ _3\"></span>Alternative d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Performance: a <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>guito delle <span class=\"_ _3\"></span>novit\u00e0 <span class=\"_ _3\"></span>introdotte dall<span class=\"_ _3\"></span>\u2019applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>nuovo </span>principio, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>sta <span class=\"_ _4\"> </span>valutando <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>migliori <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Business <span class=\"_ _4\"> </span>assicurativo <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>degli schemi riclassificati <span class=\"_ _0\"></span>di Stato Patrimoniale e di<span class=\"_ _0\"></span> Conto economico.  \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>I<span class=\"_ _3\"></span>nterazione <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>7 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _4\"> </span>dell\u2019opzion<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _4\"> </span>OCI: <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>alcuni <span class=\"_ _4\"> </span>casi,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>l'interazione <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>l'<span class=\"_ _3\"></span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>l'IFRS <span class=\"_ _4\"> </span>9 </span>potrebbe <span class=\"_ _6\"></span>generare <span class=\"_ _6\"></span>mismatch <span class=\"_ _5\"></span>contabili <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 finanziarie ad <span class=\"_ _3\"></span>essi c<span class=\"_ _3\"></span>orrelate. Per r<span class=\"_ _3\"></span>idurre tali <span class=\"_ _3\"></span>mismatch, l\u2019IFRS <span class=\"_ _3\"></span>17 cons<span class=\"_ _2\"></span><span class=\"ff1\">ente <span class=\"_ _3\"></span>di effettuare <span class=\"_ _3\"></span>una di<span class=\"_ _3\"></span>saggregazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>dei proventi </span>ed <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>finanziari derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>assicurativi <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico (<span class=\"_ _3\"></span>risultato finanziario) e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019Other <span class=\"_ _3\"></span>Comprehensiv<span class=\"_ _3\"></span><span class=\"ff1 lsc\">e </span>Income <span class=\"_ _2\"></span>(OCI) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>Netto. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disaggregazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fatta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>contratti assicurativi e deve e<span class=\"_ _0\"></span>ssere presa in coerenza <span class=\"_ _0\"></span>con il metodo di v<span class=\"_ _0\"></span>alutazione degli attivi. I<span class=\"_ _0\"></span>n particolare:<span class=\"_ _3\"></span> o <span class=\"_ _22\"> </span><span class=\"fs0\">per <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>General <span class=\"_ _5\"></span>Model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Pre<span class=\"_ _3\"></span>mium <span class=\"_ _2\"></span>Allocation <span class=\"_ _2\"></span>Approach, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span>ivalutazione </span>finanziaria dei flussi di cassa futuri e <span class=\"_ _3\"></span>del risk adjustment a tassi s<span class=\"_ _3\"></span>torici \u00e8 contabilizzata a conto economico, mentre la differenza tra la rival<span class=\"_ _0\"></span>utazione a tassi stor<span class=\"_ _0\"></span>ici e quelli correnti \u00e8<span class=\"_ _0\"></span> contabilizzata <span class=\"_ _0\"></span>a Other Comprehensive <span class=\"_ _0\"></span>Income;<span class=\"_ _2\"></span> o <span class=\"_ _22\"> </span><span class=\"fs0\">per i <span class=\"_ _3\"></span><span class=\"ff4\">contratti valutati al Variable Fee <span class=\"_ _3\"></span>Approa<span class=\"_ _0\"></span>ch, l\u2019IFRS 17 <span class=\"_ _3\"></span>prevede che il risultato finanziario dei contratti assicurativi </span></span>sia <span class=\"_ _7\"> </span>disaggregato <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Other <span class=\"_ _4\"> </span>Comprehensive <span class=\"_ _4\"> </span>Income: <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sostanza <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>riclassificata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Other Comprehensive Income l<span class=\"_ _0\"></span>a differenza tra il risultato finanziari<span class=\"_ _0\"></span>o dei contratti assicurativi e <span class=\"_ _0\"></span>il risultato finanziario a co<span class=\"_ _0\"></span>nto economico derivante d<span class=\"_ _0\"></span>agli strumenti finanziari sottostanti (c.d<span class=\"_ _0\"></span>. Mirroring).  Ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>finalizzato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bu<span class=\"_ _2\"></span><span class=\"ff1\">siness <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tendere: <span class=\"_ _2\"></span>Hold <span class=\"_ _5\"></span>To <span class=\"_ _2\"></span>Collect </span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>debito, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ollegati <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>linked <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>pensione <span class=\"_ _3\"></span>aper<span class=\"_ _5\"></span><span class=\"ls12\">ti </span>(ai quali verr\u00e0 applicato <span class=\"_ _3\"></span>il Business Model Other). <span class=\"_ _3\"></span>Per quanto r<span class=\"_ _3\"></span>iguarda la classificazio<span class=\"_ _2\"></span>ne dei <span class=\"_ _3\"></span>titoli di <span class=\"_ _3\"></span>capitale che rientrano nel perimetro di <span class=\"_ _3\"></span>applicazione dell\u2019IFRS 9, <span class=\"_ _3\"></span>la Divisione Insurance applicher\u00e0 la <span class=\"_ _3\"></span>valutazione a fair value <span class=\"_ _3\"></span>con contropartita a conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>Conseguentemente, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ridurre <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>mismatch <span class=\"_ _2\"></span>contabili, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>deciso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>adottare l\u2019opzione <span class=\"_ _2\"></span>OCI <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>portafogli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>assicurativi, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019eccezione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>colleg<span class=\"_ _2\"></span><span class=\"ff1\">ati <span class=\"_ _5\"></span>a </span>prodotti multiramo e <span class=\"_ _0\"></span>ai fondi pensione <span class=\"_ _0\"></span>aperti. Per maggiori dettagli sulle attivit\u00e0 finanziarie s<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>rimanda al successivo paragrafo relativo all\u2019adozione dell\u2019IFRS 9 da parte </span>delle Compagnie assic<span class=\"_ _0\"></span>urative del Gru<span class=\"_ _0\"></span>ppo. Principali differenze <span class=\"_ _0\"></span>tra il framework IFRS 17 <span class=\"_ _0\"></span>e Solvency II  Le <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>Standard <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>17 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Solvency <span class=\"_ _5\"></span>II <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>relazione <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurative <span class=\"_ _5\"></span>sono<span class=\"_ _35\"></span> primariamente <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>gate <span class=\"_ _3\"></span>all\u2019identificazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>Contract <span class=\"_ _3\"></span>Boundaries, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>calcolo del Margine <span class=\"_ _0\"></span>di Prudenza (rispetti<span class=\"_ _0\"></span>vamente Risk Adjustme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>t o R<span class=\"_ _3\"></span>isk Margin). In particolar<span class=\"_ _0\"></span>e: \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"></span>riguarda <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>Contract <span class=\"_ _4\"> </span>Boundaries, <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>principali <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>fferenze <span class=\"_ _4\"></span>riguardano <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>logica <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la </span>periodicit\u00e0 della valutazione. In Solvency II <span class=\"_ _3\"></span>i Contract Boundaries sono basati su una <span class=\"_ _3\"></span>logica di rischio per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>compagnia e sono determinati a ciascu<span class=\"_ _0\"></span>na data di valutazione; in IFRS 17 inve<span class=\"_ _0\"></span>ce sulla possibilit\u00e0 di re<span class=\"_ _3\"></span>-pricing da parte della compagni<span class=\"_ _0\"></span>a e sono determinati all\u2019<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>missione dei contra<span class=\"_ _0\"></span>tti; <span class=\"ff1\"> </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>curve <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>principale <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>rig<span class=\"_ _3\"></span>uarda <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>granularit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>stessa </span>viene <span class=\"_ _4\"></span>calcolata; <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>particolare, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>Solvency <span class=\"_ _4\"></span>II <span class=\"_ _4\"></span>esiste <span class=\"_ _6\"></span>un'unica <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"></span>composta <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>priva <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> rischio <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>premio <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>(Volatility <span class=\"_ _6\"> </span>Adjustment), <span class=\"_ _6\"> </span>definito <span class=\"_ _4\"> </span>dall\u2019EIOPA <span class=\"_ _6\"></span>sulla <span class=\"_ _16\"> </span><span class=\"ff1\">base <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento<span class=\"_ _0\"></span> </span>medio di mercato. <span class=\"_ _3\"></span>Nel Framework IFRS 17 invece \u00e8 possibile calcolare le curve d<span class=\"_ _3\"></span>i sconto per ogni portafoglio identificato<span class=\"_ _0\"></span> sulla base degli specifi<span class=\"_ _0\"></span>ci pool di attivi d<span class=\"_ _0\"></span>i riferimento;  \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>er il <span class=\"_ _3\"></span>Margine di Prudenza, la differ<span class=\"_ _3\"></span>enza tra <span class=\"_ _3\"></span>Risk Margin e <span class=\"_ _3\"></span>Risk Adjustment \u00e8 dovuta sia <span class=\"_ _3\"></span>ad una differente <span class=\"_ _3\"></span>metodologia di </span>calcolo <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverso <span class=\"_ _6\"></span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>identificati. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Margin <span class=\"_ _4\"></span>Solvency <span class=\"_ _6\"></span>II <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>calcolato <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>metodologia<span class=\"_ _35\"></span> Cost of <span class=\"_ _4\"></span>Capital, <span class=\"_ _6\"></span>applicata <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>requisito <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Capitale <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Compagnia <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>percentile<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>95%, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i rischi <span class=\"_ _4\"> </span>tecnici, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>redito <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>operativo; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Adjustment <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Principio <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>prevede <span class=\"_ _4\"> </span>una metodologia standar<span class=\"_ _0\"></span>d ma esclusivamente l<span class=\"_ _0\"></span>a determinazione dell<span class=\"_ _0\"></span>o stess<span class=\"_ _3\"></span>o sulla base di specifici <span class=\"_ _0\"></span>rischi non finanziari. Si <span class=\"_ _6\"> </span>precisa <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>previsti <span class=\"_ _6\"></span>impatti <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _6\"></span>dell\u2019introduzione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>17 <span class=\"_ _6\"> </span>sull\u2019indicatore <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>sintesi <span class=\"_ _6\"> </span>Solvency <span class=\"_ _6\"> </span>II <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span><span class=\"ff1\">il </span>Gruppo Assicurativo. Impatti economici e patri<span class=\"_ _0\"></span>moniali Il  n<span class=\"_ _3\"></span>uovo  principio <span class=\"_ _1d\"> </span>preve<span class=\"ff4\">de  l\u2019introduzione  di <span class=\"_ _1d\"> </span>nuove  grandezze <span class=\"_ _1d\"> </span>patrimoniali  e  differenti <span class=\"_ _1d\"> </span>modalit\u00e0  di  r<span class=\"_ _3\"></span>iconoscimento<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>della<span class=\"_ _0\"></span> </span>redditivit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>assicurativi <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>bilanci <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>compagnie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mportera<span class=\"_ _0\"></span>nno <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>atrimoniali <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prim<span class=\"_ _5\"></span><span class=\"lsc\">a </span>applicazione del prin<span class=\"_ _0\"></span>cipio, sia volatilit\u00e0 di conto econom<span class=\"_ _0\"></span>ico a target. In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>in  s<span class=\"_ _35\"></span>ede  di<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>transizione <span class=\"_ _7\"> </span>al  n<span class=\"_ _0\"></span>uovo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipio  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2022  - <span class=\"_ _7\"> </span>verranno <span class=\"_ _16\"> </span>stornate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>poste <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>precedenza contabilizzate ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>(riserve <span class=\"_ _3\"></span>tecniche) e <span class=\"_ _2\"></span>dell\u2019IFRS 3 <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span><span class=\"ff1\">Value on <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>acquired, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>VOBA, iscritto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di </span>purchase <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>acquisition <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ls22\">PPA <span class=\"_ _5\"></span></span>- <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titolo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>definita<span class=\"_ _3\"></span>) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>requisiti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>previsti dal <span class=\"_ _2\"></span>nuovo <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>verranno <span class=\"_ _2\"></span>iscritte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>nuove <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>assicurative <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nelle <span class=\"_ _4\"></span>componenti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Present <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>Future<span class=\"_ _0\"></span> Cash Flows, Risk <span class=\"_ _3\"></span>Adjustment e CSM. L\u2019effetto cumulato della <span class=\"_ _3\"></span>prima applicazione del principio IFRS 17 <span class=\"_ _3\"></span>(impatto al 1<span class=\"_ _3\"></span>\u00b0 gennaio 2022 e delta sul <span class=\"_ _3\"></span>conto economico 2022) sar\u00e0 contabilizzato al 1\u00b0 gennaio 2023 in <span class=\"_ _3\"></span>contropartita<span class=\"_ _2\"></span> ad una specifica riserva di uti<span class=\"_ _3\"></span>li<span class=\"_ _35\"></span> (detta anche riserva di <span class=\"_ _0\"></span>\u201cFirst time adopti<span class=\"_ _0\"></span>on\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019impatto <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ipende <span class=\"_ _7\"> </span>principalmente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di transition <span class=\"_ _6\"></span>(ad <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>minor <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>corrispon<span class=\"_ _3\"></span>de <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>maggior <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>negativo <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>patrimonio), <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>approcci <span class=\"_ _6\"></span>di transition adottati. Il <span class=\"_ _3\"></span>risultato di conto economico \u00e8<span class=\"_ _3\"></span> invece strettamente correlato al<span class=\"_ _3\"></span>la modalit\u00e0 di rilascio del<span class=\"_ _3\"></span> CSM nel <span class=\"_ _3\"></span>te<span class=\"_ _5\"></span>mpo e all\u2019aggiustamento dello stesso a seguito delle revis<span class=\"_ _3\"></span><span class=\"ff1\">ioni delle <span class=\"_ _3\"></span>ipotesi operative e finanziarie incluse nei flussi di cassa e <span class=\"_ _3\"></span>nel risk </span>adjustment.  74 <span class=\"ff4\">Public Statement ES<span class=\"_ _3\"></span>MA \u201cEuropean<span class=\"_ _3\"></span> enforcement prioriti<span class=\"_ _3\"></span>es for 2022 an<span class=\"_ _3\"></span>nual financial<span class=\"_ _3\"></span> statement\u201d del 30<span class=\"_ _2\"></span></span> ottobre 2022, <span class=\"_ _3\"></span>gi\u00e0 richiamato i<span class=\"_ _3\"></span>n precedenza.<span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.46411px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Sulla base delle analisi<span class=\"_ _0\"></span> e delle implementazio<span class=\"_ _0\"></span>ni effettuate, si sti<span class=\"_ _0\"></span>mano i seguenti effet<span class=\"_ _0\"></span>ti:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019impatto complessivo da rilevar<span class=\"_ _0\"></span>e in contropartita del patrimonio n<span class=\"_ _3\"></span><span class=\"ff1\">etto in sede di t<span class=\"_ _3\"></span>ransizione al<span class=\"_ _0\"></span> nuovo principio contabile al<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">1\u00b0 gennaio 2022 \u00e8 stima<span class=\"_ _0\"></span>to pari a circa -1 miliardo al netto dell<span class=\"_ _0\"></span>a fiscalit\u00e0 ed \u00e8 ric<span class=\"_ _0\"></span>onducibile: </div><div class=\"t m0 x2a h2 y61 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _29\"> </span><span class=\"ff4 fs0\">da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _3\"></span>all\u2019impatto <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>differenti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>assicurative<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>17 <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 x62 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">luogo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>precedente <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>4, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>ef<span class=\"_ _3\"></span>fetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>riconducibile <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle </div><div class=\"t m0 x62 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">gestioni separate ch<span class=\"_ _0\"></span>e presentano rendime<span class=\"_ _0\"></span>nti minimi garantiti el<span class=\"_ _0\"></span>evati; e <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y64 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _29\"> </span><span class=\"ff4 fs0\">dall\u2019altro, <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>V<span class=\"_ _3\"></span><span class=\"ff1\">alue <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>Business <span class=\"_ _4\"></span>Acquired <span class=\"_ _6\"></span>(VoBa) <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span></span>sensi <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>PPA <span class=\"_ _4\"> </span>a </span></div><div class=\"t m0 x62 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">seguito di business com<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ination;  </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _3\"></span>\u2019ammontare del CSM <span class=\"_ _0\"></span>calcolato a livello <span class=\"_ _0\"></span>consolidato alla data<span class=\"_ _0\"></span> di transizione <span class=\"_ _3\"></span><span class=\"ff1\">- 1\u00b0 gennaio 2022 - \u00e8 pari a 9,<span class=\"_ _0\"></span>3 miliardi;  </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>prima<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>applicazione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>principio <span class=\"_ _18\"> </span>- <span class=\"_ _17\"> </span>1\u00b0 <span class=\"_ _18\"> </span>gennai<span class=\"_ _0\"></span>o <span class=\"_ _17\"> </span>2023 <span class=\"_ _18\"> </span>- <span class=\"_ _18\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _1d\"> </span>complessivo, <span class=\"_ _17\"> </span>ancora <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>di </span></span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">finalizzazione, si stima<span class=\"_ _0\"></span> non essere significa<span class=\"_ _0\"></span>tivamente diverso ri<span class=\"_ _0\"></span>spetto a quanto stimat<span class=\"_ _0\"></span>o per il 1\u00b0 gennaio 2<span class=\"_ _0\"></span>022;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> correlati <span class=\"_ _3\"></span>impatti prudenziali stimati al <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio 2023 ammontano a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>-20 <span class=\"_ _3\"></span>bps sul <span class=\"_ _3\"></span>CET1, tenendo in <span class=\"_ _3\"></span>considerazion<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x2a h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019applicazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cDanish <span class=\"_ _5\"></span>Comp<span class=\"_ _3\"></span>romise\u201d. <span class=\"_ _6\"> </span>Si <span class=\"_ _4\"> </span>ricorda <span class=\"_ _6\"> </span>infatti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _4\"> </span>regolamentari <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>in </div><div class=\"t m0 x2a h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">quanto <span class=\"_ _1d\"> </span>\u201cconglomerato <span class=\"_ _1d\"> </span>finanziario\u201d, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato <span class=\"_ _1d\"> </span>autorizzato <span class=\"_ _1d\"> </span>all\u2019ap<span class=\"_ _3\"></span>plicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>\u201cDanish <span class=\"_ _17\"> </span>Compromise\u201d<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>consente <span class=\"_ _17\"> </span>la </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">ponderazione al 370% <span class=\"_ _0\"></span>degli investimenti signific<span class=\"_ _0\"></span>ativi nelle contr<span class=\"_ _0\"></span>ollate assicurative in lu<span class=\"_ _0\"></span>ogo della loro ded<span class=\"_ _0\"></span>uzione dal CET1.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1dc ff5 fs9 fc2 sc0 ls0 ws0\">IFRS 9 Strumenti finanziari<span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Divisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>partecipato <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>Assicurativa <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6f2 ff1 fs0 fc0 sc0 ls0 ws0\">Vita <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>progetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>settembre <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>approfondire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>influenza <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 yfa ff1 fs0 fc0 sc0 ls0 ws0\">principio <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9, <span class=\"_ _7\"> </span>a  definir<span class=\"_ _0\"></span>e  i<span class=\"_ _35\"></span>  suoi <span class=\"_ _7\"> </span>impatti <span class=\"_ _16\"> </span>qualitativi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>qua<span class=\"_ _3\"></span>ntitativi, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _16\"> </span>individuare <span class=\"_ _7\"> </span>ed  im<span class=\"_ _0\"></span>plementare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>interventi<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y8f9 ff4 fs0 fc0 sc0 ls0 ws0\">applicativi <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>organizzativi <span class=\"_ _2\"></span>necessari. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>dell\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perseguire <span class=\"_ _2\"></span>un\u2019adozione <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>mogenea <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span><span class=\"ff1\">el </span></div><div class=\"t m0 x0 h2 y7f8 ff1 fs0 fc0 sc0 ls0 ws0\">principio <span class=\"_ _5\"></span>contabile, <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _6\"></span>assicurativa<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>legata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>alle<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>specificit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>prodotto <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>gestioni </div><div class=\"t m0 x0 h2 y8fa ff1 fs0 fc0 sc0 ls0 ws0\">separate. </div><div class=\"t m0 x0 h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y17d ffa fs0 fc2 sc0 ls0 ws0\">Classificazione e Misur<span class=\"_ _0\"></span>azione </div><div class=\"t m0 x0 h2 y2b5 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>poter <span class=\"_ _4\"> </span>rispettare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>dettato <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>9<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>introduce <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>\u00e8 </span></div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">guidata, da un <span class=\"_ _3\"></span><span class=\"ff4\">lato, dalle <span class=\"_ _3\"></span>caratteristiche contrattuali dei flussi di cassa <span class=\"_ _3\"></span>degli strumenti e, dall\u2019altro, dall\u2019intento <span class=\"_ _3\"></span>gestionale con il </span></div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">quale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>detenuti <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eclinate <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>effettuazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">(cosiddetto SPPI Test), <span class=\"_ _0\"></span>ed \u00e8 stata finalizzata la <span class=\"_ _0\"></span>definizione dei bu<span class=\"_ _0\"></span>siness model a tend<span class=\"_ _0\"></span>ere.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>attiene <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>SPPI <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie, <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Divisione <span class=\"_ _5\"></span>Insurance <span class=\"_ _2\"></span>adotter\u00e0 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>definita <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>ivel<span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo e u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>2018; \u00e8 <span class=\"_ _3\"></span>stata <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>inoltre <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">finalizzata l\u2019analisi della <span class=\"_ _3\"></span>composizione dei portafogli d<span class=\"_ _3\"></span>i titoli e </span></div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">crediti attualmente i<span class=\"_ _3\"></span>n essere, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>individuarne la <span class=\"_ _3\"></span>corretta classificazione al <span class=\"_ _3\"></span>momento de<span class=\"_ _3\"></span>lla First <span class=\"_ _3\"></span>Time Adoption (<span class=\"_ _3\"></span>FTA)<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\">nuovo principio. </div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>esame <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>dettaglio <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>caratteristiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>degli </div><div class=\"t m0 x0 h2 y901 ff1 fs0 fc0 sc0 ls0 ws0\">strumenti <span class=\"_ _1d\"> </span>classificati <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _1d\"> </span>categoria <span class=\"_ _17\"> </span>delle <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _1d\"> </span>disponibili <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>vendita <span class=\"_ _1d\"> </span>secondo <span class=\"_ _17\"> </span>lo <span class=\"_ _17\"> </span>IAS<span class=\"_ _2\"></span> 39 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>costo </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>dentificare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>superando <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>test <span class=\"_ _6\"></span>SPPI, <span class=\"_ _6\"></span>saranno <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatti <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h32 y903 ff4 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _17\"> </span>economico <span class=\"_ _18\"> </span>secondo <span class=\"_ _18\"> </span>l\u2019IFRS <span class=\"_ _17\"> </span>9. <span class=\"_ _18\"> </span>Dalle <span class=\"_ _18\"> </span>analisi <span class=\"_ _17\"> </span>condotte, <span class=\"_ _18\"> </span>sul <span class=\"_ _18\"> </span>perimetro <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Divisione <span class=\"_ _18\"> </span>Insurance, <span class=\"_ _17\"> </span>solamente <span class=\"_ _18\"> </span>una </div><div class=\"t m0 x0 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\">percentuale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>materiale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>supera <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>SPPI, <span class=\"_ _2\"></span>principalmente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">riconducibile a titoli s<span class=\"_ _0\"></span>trutturati.  </div><div class=\"t m0 x0 h2 y906 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>(fondi <span class=\"_ _2\"></span>aperti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>chiusi) <span class=\"_ _2\"></span>saranno <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>alue <span class=\"_ _2\"></span>con </div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">impatto <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>futuro <span class=\"_ _7\"> </span>incremento <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>volatilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onto <span class=\"_ _4\"></span>economico <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>questi <span class=\"_ _4\"> </span>strumenti, </div><div class=\"t m0 x0 h2 y908 ff1 fs0 fc0 sc0 ls0 ws0\">attualmente classific<span class=\"_ _0\"></span>ati tra le Attivit\u00e0 disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y909 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la classificazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capit<span class=\"_ _3\"></span><span class=\"ff4\">ale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel p<span class=\"_ _3\"></span>erimetro di <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Divisione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y874 ff4 fs0 fc0 sc0 ls0 ws0\">Insurance, non intende avvalersi dell\u2019opportunit<span class=\"_ _0\"></span>\u00e0 di esercitare l\u2019opzione per la classificazione degli strumenti di capitale <span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>l Fair </span></div><div class=\"t m0 x0 h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>(FVTOCI <span class=\"_ _4\"> </span>senza <span class=\"_ _6\"></span>recycling <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico) <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y1b7 ff1 fs0 fc0 sc0 ls0 ws0\">principio.  </div><div class=\"t m0 x0 h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>contributo <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziare <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Divisione <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>isulta </div><div class=\"t m0 x0 h2 y1b9 ff1 fs0 fc0 sc0 ls0 ws0\">essere poco significativo e, essendo princi<span class=\"_ _3\"></span>palmente rappresentat<span class=\"_ _0\"></span>o da conti c<span class=\"_ _3\"></span>orrenti e da altre forme t<span class=\"_ _3\"></span>ecniche a breve termine, </div><div class=\"t m0 x0 h2 y90a ff4 fs0 fc0 sc0 ls0 ws0\">non sono attese casisti<span class=\"_ _0\"></span>che di fallimento dell<span class=\"_ _0\"></span>\u2019SPPI test o particol<span class=\"_ _0\"></span>ari impatti in fase di FTA<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1bb ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>secondo driver <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>classificazione delle <span class=\"_ _3\"></span>attivit\u00e0 f<span class=\"_ _3\"></span>inan<span class=\"_ _3\"></span><span class=\"ff4\">ziarie <span class=\"_ _3\"></span>(business model), <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>l\u2019intenzione con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le </span></div><div class=\"t m0 x0 h2 y3df ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _4\"></span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>osserva <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>segue. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Compagni<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>appartenenti <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>Divisione </div><div class=\"t m0 x0 h2 y1bd ff1 fs0 fc0 sc0 ls0 ws0\">Insurance <span class=\"_ _6\"></span>adotteranno <span class=\"_ _6\"></span>principalmente <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _6\"></span>Hold <span class=\"_ _6\"></span>To <span class=\"_ _4\"> </span>Collect <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>S<span class=\"_ _2\"></span>ell, <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>eccezione <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"></span>collegati <span class=\"_ _6\"></span>ai </div><div class=\"t m0 x0 h2 y3e1 ff4 fs0 fc0 sc0 ls0 ws0\">prodotti unit <span class=\"_ _3\"></span>linked <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fondi pensione a<span class=\"_ _3\"></span>perti, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>sar\u00e0 adottato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Business Model <span class=\"_ _3\"></span>\u201cOther\u201d, con <span class=\"_ _3\"></span>misurazione degli <span class=\"_ _3\"></span>atti<span class=\"_ _5\"></span><span class=\"ff1\">vi a </span></div><div class=\"t m0 x0 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>impatti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"></span>proposito, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _4\"></span>ai <span class=\"_ _6\"></span>tit<span class=\"_ _2\"></span>oli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>debito, <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>previste <span class=\"_ _6\"></span>significative </div><div class=\"t m0 x0 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">variazioni rispetto all<span class=\"_ _0\"></span>a classificazione <span class=\"_ _0\"></span>ai sensi dello IAS 39, a<span class=\"_ _0\"></span>d eccezione di m<span class=\"_ _0\"></span>arginali casistiche rif<span class=\"_ _0\"></span>eribili a: <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1c1 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>t<span class=\"_ _3\"></span>itoli di debito attualmente classificati<span class=\"_ _0\"></span> tra le Attivit\u00e0 disponibili per la vendita che non <span class=\"_ _2\"></span><span class=\"ff4\">superano l\u2019SPPI test. Tale riclassific<span class=\"_ _35\"></span>a </span></span></div><div class=\"t m0 x2a h2 y1c2 ff1 fs0 fc0 sc0 ls0 ws0\">non comporta alcun im<span class=\"_ _0\"></span>patto sul patrimonio<span class=\"_ _0\"></span> netto complessiv<span class=\"_ _0\"></span>o determinato secondo le<span class=\"_ _0\"></span> regole del principio<span class=\"_ _0\"></span> IFRS 9;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1c3 ff4 fs0 fc0 sc0 ls0 ws0\">\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>attualmente <span class=\"_ _7\"> </span>classificati <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>Loans <span class=\"_ _16\"> </span>&amp; <span class=\"_ _16\"> </span>Receivables <span class=\"_ _16\"> </span>che, <span class=\"_ _7\"> </span>a  secon<span class=\"_ _0\"></span>da <span class=\"_ _16\"> </span>dell\u2019esito <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell\u2019SPPI <span class=\"_ _1d\"> </span><span class=\"ff1\">Test, <span class=\"_ _16\"> </span>saranno </span></div><div class=\"t m0 x2a h2 y1c4 ff1 fs0 fc0 sc0 ls0 ws0\">classificati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con c<span class=\"_ _3\"></span>ontropartita il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassifi<span class=\"_ _2\"></span>ca </div><div class=\"t m0 x2a h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">comporta un impatto n<span class=\"_ _0\"></span>on significativo. </div><div class=\"t m0 x0 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>crediti, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>evidenziata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>signi<span class=\"_ _2\"></span>ficativit\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>compless<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziare <span class=\"_ _5\"></span>della </div><div class=\"t m0 x0 h2 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">Divisione, il business mo<span class=\"_ _0\"></span>del \u00e8 ricondu<span class=\"_ _0\"></span>cibile al modello Hol<span class=\"_ _0\"></span>d to Collect. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1c8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _1d\"> </span>in  relazione <span class=\"_ _1d\"> </span>agli <span class=\"_ _1d\"> </span>intenti  gestionali <span class=\"_ _1d\"> </span>per  cui <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie  sono <span class=\"_ _1d\"> </span>detenute, <span class=\"_ _1d\"> </span>si  evidenzia <span class=\"_ _1d\"> </span>che  \u00e8 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>corso <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 yf38 ff1 fs0 fc0 sc0 ls10 ws0\">ag<span class=\"ff4 ls0\">giornamento <span class=\"_ _7\"> </span>il  do<span class=\"_ _0\"></span>cumento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Regole <span class=\"_ _16\"> </span>in  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>model <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>definire <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>declinare  g<span class=\"_ _0\"></span>li <span class=\"_ _16\"> </span>elementi </span></div><div class=\"t m0 x0 h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">costitutivi <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>Divisione <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>specificandone <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>ruolo <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>modello <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">classificazione disciplinato d<span class=\"_ _0\"></span>al principio IFRS 9. </div><div class=\"t m0 x0 h2 y303 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf3b ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>segnalano<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>modifiche <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attuali <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>classificazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>e </div><div class=\"t m0 x0 h2 yf3c ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>stesse <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39. <span class=\"_ _7\"> </span>In <span class=\"_ _7\"> </span>particolare, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>specifica <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di </div></div>designare <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>assicurative <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>rientrano<span class=\"_ _2\"></span> nell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>17<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>eliminare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ridurre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>possibili <span class=\"_ _2\"></span>\u201casimmetri<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contabili\u201d <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>attivi collegati e valutati <span class=\"_ _0\"></span>anch\u2019essi al fair v<span class=\"_ _0\"></span>alue.<span class=\"ff1\"> </span>Impairment<span class=\"ff2\"> </span>Per <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>l\u2019Impairment <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _16\"> </span>definita <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>metodologia <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mune <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>un processo <span class=\"_ _3\"></span>accentrato <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>struttura <span class=\"_ _3\"></span>Risk <span class=\"_ _2\"></span>Management d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>quantificazione dell\u2019Expected <span class=\"_ _3\"></span>credit <span class=\"_ _2\"></span>loss per <span class=\"_ _1d\"> </span>tutte <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>socie<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Gruppo. <span class=\"_ _1d\"> </span>Pertanto, <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>completa <span class=\"_ _1d\"> </span>illustrazione <span class=\"_ _1d\"> </span>delle  s<span class=\"_ _3\"></span>celte <span class=\"_ _1d\"> </span>adottate <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>merito all\u2019applicazione <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>Politiche <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>all\u2019illustrazione <span class=\"_ _5\"></span>riportata <span class=\"_ _6\"></span>nella <span class=\"_ _16\"> </span><span class=\"ff1\">Parte <span class=\"_ _5\"></span>E </span>della Nota integrativ<span class=\"_ _0\"></span>a relativa al presidio dei rischi.  Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>completezza, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>risulter\u00e0 <span class=\"_ _5\"></span>applicabile <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>documento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>\u201cRegole <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>materia <span class=\"_ _5\"></span>di valutazione <span class=\"_ _16\"> </span>dell\u2019Expected <span class=\"_ _16\"> </span>Credit  Lo<span class=\"_ _0\"></span>ss  sec<span class=\"_ _0\"></span>ondo  il <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9  (Impairm<span class=\"_ _0\"></span>ent  Pol<span class=\"_ _0\"></span>icy)\u201d  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>riferime<span class=\"_ _2\"></span><span class=\"ff1\">nto  alle <span class=\"_ _16\"> </span>linee  gu<span class=\"_ _0\"></span>ida </span>metodologiche <span class=\"_ _1d\"> </span>definite <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _17\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>applicazione <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _1d\"> </span>9 <span class=\"_ _17\"> </span>e <span class=\"_ _1d\"> </span>approvate <span class=\"_ _1d\"> </span>dai <span class=\"_ _17\"> </span>competenti <span class=\"_ _1d\"> </span>livelli <span class=\"_ _1d\"> </span>di governance. In questa sede si evidenzia che per le Compagnie della Di<span class=\"_ _0\"></span>visione Insurance l\u2019applicazi<span class=\"_ _0\"></span>one del nuovo modello<span class=\"_ _2\"></span><span class=\"ff1\"> Expected Credit </span>Losses  rilev<span class=\"_ _0\"></span>a  principalmente<span class=\"_ _0\"></span>  con  ri<span class=\"_ _0\"></span>ferimento  al <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _16\"> </span>dei  titoli  di <span class=\"_ _16\"> </span>debito  classif<span class=\"_ _0\"></span>icati  nella <span class=\"_ _16\"> </span>categoria  Fair <span class=\"_ _16\"> </span>value  con<span class=\"_ _0\"></span> imputazione a patrimo<span class=\"_ _0\"></span>nio netto. Non risulta<span class=\"_ _0\"></span> essere invece signi<span class=\"_ _0\"></span>ficativa per quant<span class=\"_ _0\"></span>o riguarda i crediti. <span class=\"_ _3\"></span> I principali elementi all<span class=\"_ _0\"></span>a base della metodologia<span class=\"_ _0\"></span> possono essere <span class=\"_ _0\"></span>considerati i seguenti: \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tracking <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fai<span class=\"_ _5\"></span><span class=\"ls18\">r </span></span>value con contropartita<span class=\"_ _0\"></span> il patrimonio n<span class=\"_ _0\"></span>etto; \u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la d<span class=\"_ _3\"></span>eterminazione del <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>deterioramento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>corretta </span>allocazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>bonis <span class=\"_ _6\"></span>nello <span class=\"_ _5\"></span>stage <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>nello <span class=\"_ _6\"></span>stage <span class=\"_ _5\"></span>2, <span class=\"_ _6\"></span>basata <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>variazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>default lifetime <span class=\"_ _6\"></span>r<span class=\"ff4\">ispetto <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _6\"> </span>iniziale <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _6\"> </span>finanziario. <span class=\"_ _4\"> </span>Con <span class=\"_ _6\"></span>riferimento, <span class=\"_ _6\"> </span>invece, <span class=\"_ _4\"> </span>alle<span class=\"_ _35\"></span> </span>esposizioni  impaired,  l\u2019allineamento <span class=\"_ _1d\"> </span>delle  definizioni  di <span class=\"_ _1d\"> </span>default  contabile  e <span class=\"_ _1d\"> </span>regolamentare  consente  di <span class=\"_ _1d\"> </span>considerare identiche <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>log<span class=\"_ _3\"></span><span class=\"ff4\">iche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>novero <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>\u201cdeteriorate<span class=\"_ _0\"></span>\u201d/\u201dimpaired\u201d <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle </span>logiche di classific<span class=\"_ _0\"></span>azione delle esposizio<span class=\"_ _0\"></span>ni all\u2019interno dell<span class=\"_ _0\"></span>o stage 3;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2012<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\">  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>clusivi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>informazioni <span class=\"_ _16\"> </span>forward <span class=\"_ _7\"> </span>looking  <span class=\"ff4\">\u2013<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>t<span class=\"ff4\">aging <span class=\"_ _7\"> </span>(relativamente <span class=\"_ _7\"> </span>all\u2019utilizzo <span class=\"_ _7\"> </span>della </span></span></span></span>PD<span class=\"ls0\"> <span class=\"ff4\">lifetime <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ndicatore <span class=\"_ _7\"> </span>relativo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>deterioramento) <span class=\"_ _7\"> </span>e  per <span class=\"_ _7\"> </span>il  c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lcolo <span class=\"_ _16\"> </span>dell\u2019expected<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>credit <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>oss <span class=\"_ _16\"> </span>(ECL) <span class=\"_ _7\"> </span>ad  un <span class=\"_ _7\"> </span>anno </span></span>(da applicare <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _2\"></span>1) <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>(da <span class=\"_ _5\"></span>applicare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>st<span class=\"_ _5\"></span>age <span class=\"_ _2\"></span>3). <span class=\"_ _5\"></span>Per <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto delle informazioni forward looking e degli scenari macroeconomici in cui il <span class=\"_ _3\"></span>Gruppo potr\u00e0 trovarsi ad operare, si \u00e8 scelto di adottare l\u2019approccio <span class=\"_ _0\"></span>del c.d. \u201cMost likely <span class=\"_ _0\"></span>scenario+Add<span class=\"_ _3\"></span><span class=\"ff1\">-</span>on\u201d. <span class=\"ff1\"> </span>Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>\u201cstaging\u201d <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"></span>bi<span class=\"_ _3\"></span><span class=\"ff1\">sogna <span class=\"_ _6\"></span>considerare <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>compravendita <span class=\"_ _5\"></span>successive <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>primo <span class=\"_ _6\"></span>acquisto </span>(effettuate <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>medesimo <span class=\"_ _2\"></span>ISIN) <span class=\"_ _3\"></span>possono <span class=\"_ _2\"></span>rientrare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>bitualmente <span class=\"_ _3\"></span>nell\u2019ordinaria <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span>(con <span class=\"_ _3\"></span>conseguente n<span class=\"_ _3\"></span>ecessit\u00e0 di <span class=\"_ _3\"></span>individuare <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>me<span class=\"_ _2\"></span><span class=\"ff4\">todologia da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottare per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019identificazione delle <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di </span>determinare le quantit\u00e0 residue delle singole transazio<span class=\"_ _0\"></span>ni cui associare una qualit\u00e0 creditizia/rating all\u2019originatio<span class=\"_ _0\"></span>n da comp<span class=\"_ _5\"></span><span class=\"ff1\">arar<span class=\"_ _0\"></span>e </span>con <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>reporting). <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>contesto, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nalogia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>scelta <span class=\"_ _2\"></span>adottata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2018 <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa Sanpaolo, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _7\"> </span>Insurance <span class=\"_ _16\"> </span>adotter\u00e0 <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>etodologia <span class=\"_ _16\"> </span>\u201cfirst<span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"ls11\">in</span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o  \u201cFIFO\u201d<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>riversamento <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>conto economico dell\u2019ECL registrata, <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>aso di <span class=\"_ _3\"></span>vendite e <span class=\"_ _2\"></span><span class=\"ff1\">rimborsi) c<span class=\"_ _3\"></span>he contribuisce ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>gestione pi\u00f9 <span class=\"_ _3\"></span>trasparente del p<span class=\"_ _3\"></span>ortafoglio,<span class=\"_ _35\"></span> </span>anche <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>punto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vista <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>operatori <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>front <span class=\"_ _16\"> </span>office, <span class=\"_ _7\"> </span>consentendo, <span class=\"_ _7\"> </span>contestualmente, <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>continuo <span class=\"_ _16\"> </span>aggiornamen<span class=\"_ _0\"></span>to <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la valutazione del merito <span class=\"_ _0\"></span>creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. Inoltre, un elemento assolutamente rileva<span class=\"_ _0\"></span>nte ai fini delle stime sulle perdite attese risulta l\u2019in<span class=\"_ _0\"></span>clusione dei fattori forwar<span class=\"_ _2\"></span><span class=\"ff1\">d<span class=\"_ _3\"></span> looking<span class=\"_ _35\"></span> </span>e, in <span class=\"_ _3\"></span>particolare, degli <span class=\"_ _3\"></span>scenari macroeconomici. Da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista metodologico, l\u2019approccio che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Sanpaolo </span>ha adottato \u00e8 rappresenta<span class=\"_ _0\"></span>to dal c.d. \u201cMost likely sc<span class=\"_ _0\"></span>enario+Add<span class=\"_ _3\"></span><span class=\"ff1\">-</span>on\u201d, che preved<span class=\"_ _0\"></span>e, ai fini del calcolo della p<span class=\"_ _0\"></span>erdita attesa (ECL) <span class=\"_ _0\"></span>e dello  \u201cs<span class=\"_ _0\"></span>tage  assig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ment\u201d,  d<span class=\"_ _0\"></span>i  con<span class=\"_ _0\"></span>siderare  la <span class=\"_ _7\"> </span>perd<span class=\"_ _3\"></span>ita <span class=\"_ _16\"> </span>su  crediti <span class=\"_ _16\"> </span>determinata <span class=\"_ _16\"> </span>per  lo <span class=\"_ _16\"> </span>scenario <span class=\"_ _16\"> </span>base,  ritenuto <span class=\"_ _16\"> </span>maggiormen<span class=\"_ _2\"></span><span class=\"ff1\">te </span>probabile e <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzato <span class=\"_ _3\"></span>anche p<span class=\"_ _3\"></span>er a<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>finalit\u00e0 a<span class=\"_ _3\"></span>ll\u2019interno del <span class=\"_ _2\"></span>Gruppo (ad <span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>mpio per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pi<span class=\"_ _5\"></span><span class=\"ff1 lsc\">ano </span>d\u2019impresa), <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>sommata <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>rettifica <span class=\"_ _6\"> </span>(Add<span class=\"_ _3\"></span><span class=\"ff1\">-on) <span class=\"_ _4\"> </span>volta <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>riflettere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>linearit\u00e0 <span class=\"_ _6\"></span>de<span class=\"_ _2\"></span>lle </span>variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>condizionamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>macro<span class=\"_ _2\"></span>-economici. <span class=\"_ _3\"></span>Analoga <span class=\"_ _3\"></span>impostazione <span class=\"_ _3\"></span>verr\u00e0 <span class=\"_ _3\"></span>applicata <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>anche per le societ\u00e0 della Div<span class=\"_ _0\"></span>isione Insurance. Infine, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>in bonis <span class=\"_ _4\"> </span>rilevati <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>deciso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>\u201clow <span class=\"_ _4\"> </span>credit <span class=\"_ _4\"> </span>risk <span class=\"_ _7\"> </span>exempti<span class=\"_ _5\"></span>on\u201d prevista <span class=\"_ _4\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>identificate <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>esposizion<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>basso <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dunque <span class=\"_ _7\"> </span>da </span>considerare  nello  st<span class=\"_ _0\"></span>age  1  le  esposi<span class=\"_ _0\"></span>zioni  che,  alla <span class=\"_ _16\"> </span>data  di  transizione  al <span class=\"_ _16\"> </span>nuovo  standard,  possiedo<span class=\"_ _0\"></span>no  un  rating  pari<span class=\"_ _0\"></span>  a \u201cinvestment grade\u201d (<span class=\"_ _0\"></span>o di qualit\u00e0 similare).<span class=\"ff1\"> </span>Hedge accounting Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda <span class=\"_ _1d\"> </span>l\u2019Hedge <span class=\"_ _1d\"> </span>Accounting, <span class=\"_ _1d\"> </span>l\u2019IFRS <span class=\"_ _1d\"> </span>9 <span class=\"_ _1d\"> </span>introduce <span class=\"_ _1d\"> </span>modifiche <span class=\"_ _1d\"> </span>esclusivamente <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>General <span class=\"_ _1d\"> </span>Hedge<span class=\"_ _2\"></span><span class=\"ff2\"> <span class=\"_ _1d\"> </span><span class=\"ff1\">e <span class=\"_ _1d\"> </span>sono </span></span>strettamente <span class=\"_ _3\"></span>legate <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avvalersi de<span class=\"_ _3\"></span>ll\u2019opzione opt<span class=\"_ _2\"></span><span class=\"ff1\">-in <span class=\"_ _2\"></span>/ <span class=\"_ _3\"></span>opt-out <span class=\"_ _2\"></span>(ossia <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>implementare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>nuovo <span class=\"_ _3\"></span>standard </span>IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iuttosto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>vecchio <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>IAS <span class=\"_ _6\"></span>39). <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>degli <span class=\"_ _5\"></span>approfondimenti effettuati <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>l\u2019esercizio, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>FTA <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>dell\u2019opzione <span class=\"_ _5\"></span>opt<span class=\"_ _5\"></span><span class=\"ff1\">-out, </span>confermando tale s<span class=\"_ _3\"></span>celta fino <span class=\"_ _3\"></span>ad oggi. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>indicazione, anche per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Divisione Insurance le <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>copertura continueranno ad es<span class=\"_ _0\"></span>sere gestite nel risp<span class=\"_ _0\"></span>etto di quanto previst<span class=\"_ _0\"></span>o dallo IAS 39 (carv<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>-out), attualment<span class=\"_ _0\"></span>e in vigore.  Impatti organizzativi e <span class=\"_ _0\"></span>sui sistemi informativi L\u2019adozione<span class=\"ff1\"> del principio IFRS<span class=\"_ _0\"></span> 9 comporta inter<span class=\"_ _0\"></span>venti di natura organiz<span class=\"_ _0\"></span>zativa e sui sistemi i<span class=\"_ _0\"></span>nformativi della Divis<span class=\"_ _0\"></span>ione Insurance. <span class=\"_ _2\"></span> </span>Sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>identificati <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>principali <span class=\"_ _16\"> </span>impatti <span class=\"_ _16\"> </span>organizzativi <span class=\"_ _7\"> </span>che  rigu<span class=\"_ _0\"></span>ardano <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>revisione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>l\u2019adattamento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>operativi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esistenti, <span class=\"ff4\">i<span class=\"_ _3\"></span>l disegno <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019impleme<span class=\"_ _0\"></span>ntazione di <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>processi, nonch\u00e9 l<span class=\"_ _3\"></span>\u2019ampliament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>delle competenze disponibili <span class=\"_ _3\"></span>all\u2019interno delle </span>diverse strutture sia <span class=\"_ _0\"></span>operative sia amminis<span class=\"_ _0\"></span>trative e di controllo. Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>informativi, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>effettuati <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nterventi <span class=\"_ _5\"></span>sugli <span class=\"_ _2\"></span>applicativi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Compagnie<span class=\"_ _35\"></span> assicurative a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguarli a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dallo s<span class=\"_ _3\"></span>tandard ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>implementato uno <span class=\"_ _3\"></span>scambio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>con cade<span class=\"_ _5\"></span>nza mensile <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Compagnie <span class=\"_ _6\"></span>assicurative <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>strutture <span class=\"_ _6\"></span>preposte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>taging <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>all\u2019expected </span>credit losses per i tit<span class=\"_ _0\"></span>oli classificati a fair v<span class=\"_ _0\"></span>alue con contropartita <span class=\"_ _0\"></span>il patrimonio netto. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.93286px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Riesposizione dei dati comp<span class=\"_ _0\"></span>arativi e Parallel Ru<span class=\"_ _0\"></span>nning </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Compagnie <span class=\"_ _5\"></span>assi<span class=\"_ _3\"></span><span class=\"ff4\">curative <span class=\"_ _6\"> </span>hanno <span class=\"_ _6\"> </span>potuto <span class=\"_ _6\"> </span>differire <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>adozione <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>fino <span class=\"_ _6\"> </span>al </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> gennaio 2023,<span class=\"_ _0\"></span> che rappresenta quindi la data di applicazione iniziale del principio. In merito alla predisposizione<span class=\"_ _0\"></span> dei perio<span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">comparativi, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>permesso <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">bbligatorio <span class=\"_ _6\"></span>effettuare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>restatement <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confronto. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>gli </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">strumenti finanziari gi\u00e0 cancellati alla data di appl<span class=\"_ _3\"></span>icazione iniziale (ovvero prima del 1\u00b0 gennaio 2023 <span class=\"_ _3\"></span>per le assicurazioni<span class=\"_ _5\"></span>) non </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 <span class=\"_ _7\"> </span>per\u00f2<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>permesso <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>restatement, <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riesp<span class=\"_ _3\"></span>osizione <span class=\"_ _7\"> </span>facoltativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>confronto. <span class=\"_ _16\"> </span>Viceversa,<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>sensi </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS 17 \u00e8 richie<span class=\"_ _0\"></span>sto obbligatoriamente <span class=\"_ _0\"></span>di presentare il <span class=\"_ _0\"></span>periodo comparativo ri<span class=\"_ _0\"></span>esposto. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>effetti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>prima <span class=\"_ _16\"> </span>applicazione <span class=\"_ _7\"> </span>dell\u2019IFRS <span class=\"_ _16\"> </span>9,<span class=\"_ _5\"></span><span class=\"ff1\">  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>Divisione <span class=\"_ _16\"> </span>Insuranc<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">adotter\u00e0 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>facolt\u00e0 <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>paragrafo <span class=\"_ _6\"></span>7.2.15 <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"> </span>secondo <span class=\"_ _5\"></span>cui <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _5\"></span>l\u2019applicazione <span class=\"_ _5\"></span>retrospettiva <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">nuove regole di <span class=\"_ _3\"></span>misurazione e rappresentazione richiesta dallo standard <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>non \u00e8 p<span class=\"_ _3\"></span>revista la riesposizione <span class=\"_ _3\"></span>obbligatoria su basi </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">omogenee <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>confronto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipio. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Insurance<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">adotter\u00e0 il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Classification Overlay per <span class=\"_ _3\"></span>l\u2019intero portafoglio di<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie secondo <span class=\"_ _3\"></span>quanto previ<span class=\"_ _5\"></span><span class=\"ff1\">sto dal <span class=\"_ _3\"></span>paragrafo C28A </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _4\"> </span>seguenti <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>17 <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>modificati <span class=\"_ _6\"></span>dallo <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _4\"></span>9 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>omologati<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>Commissione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Europea <span class=\"_ _26\"> </span>con <span class=\"_ _26\"> </span>il <span class=\"_ _2b\"> </span>Regolamento <span class=\"_ _26\"> </span>n. <span class=\"_ _26\"> </span>1491/202<span class=\"_ _0\"></span>2 <span class=\"_ _26\"> </span>dell\u20198 <span class=\"_ _2b\"> </span>s<span class=\"_ _3\"></span>ettembre <span class=\"_ _26\"> </span>2022 <span class=\"_ _2a\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _26\"> </span>dedicato <span class=\"_ _2b\"> </span>alle <span class=\"_ _26\"> </span>compagnie <span class=\"_ _26\"> </span>che <span class=\"_ _2b\"> </span>adottano </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">contemporaneamente per la pr<span class=\"_ _0\"></span>ima volta i prin<span class=\"_ _0\"></span>cipi IFRS 9 e IFRS<span class=\"_ _0\"></span> 17.  </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Classification<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Overlay prevede, per <span class=\"_ _3\"></span>la predisposizione dei <span class=\"_ _3\"></span>periodi comparativi, l\u2019applicazione dei <span class=\"_ _3\"></span>requisiti di <span class=\"_ _3\"></span>classifica<span class=\"_ _2\"></span><span class=\"ff1\">zione e </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">misurazione <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _4\"></span>9 <span class=\"_ _4\"></span>utilizzan<span class=\"_ _0\"></span>do <span class=\"_ _4\"></span>informa<span class=\"_ _3\"></span><span class=\"ff4\">zioni <span class=\"_ _4\"> </span>ragionevoli <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>dimostrabili. <span class=\"_ _6\"> </span>L<span class=\"_ _3\"></span>\u2019esercizio <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>tale </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">opzione <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsentir\u00e0 <span class=\"_ _7\"> </span>di  ra<span class=\"_ _0\"></span>ppresentare <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>comparativo <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>maniera <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>mogenea, <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>con  ri<span class=\"_ _0\"></span>ferimento <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>strumenti </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>cancellati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2023 <span class=\"_ _4\"> </span>(per <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _4\"></span>sarebbe <span class=\"_ _4\"></span>permesso <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>restate<span class=\"_ _3\"></span>ment <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ordinarie <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">transizione <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9). <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>consentito <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Regolamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>n. <span class=\"_ _5\"></span>1491, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>adottare <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Classification <span class=\"_ _6\"></span>Overlay </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">senza applicare i requi<span class=\"_ _0\"></span>siti sull\u2019ECL.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>secondo <span class=\"_ _16\"> </span>semestre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpagnie <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>Divisione <span class=\"_ _16\"> </span>As<span class=\"_ _3\"></span>sicurativa <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>completato <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>quantificazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>saldi <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">apertura <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>nonch\u00e8  l<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>produzione <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>comparativi <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>trimestri <span class=\"_ _7\"> </span>2022  secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>dal </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Classification Overlay<span class=\"ls12\">. </span> </div><div class=\"t m0 x0 h95 y76 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y77 ffa fs0 fc2 sc0 ls0 ws0\">Impatti economici e patri<span class=\"_ _0\"></span>moniali </div><div class=\"t m0 x0 h32 y78 ff4 fs0 fc0 sc0 ls0 ws0\">Complessivamente, <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _6\"> </span>netto <span class=\"_ _4\"> </span>derivante <span class=\"_ _4\"> </span>dalla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rima <span class=\"_ _6\"> </span>applicazione <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _6\"> </span>9 <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Compagni<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">della Divisione Insur<span class=\"_ _0\"></span>ance \u00e8 stimato non m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale<span class=\"_ _3\"></span> sia al 1\u00b0 genn<span class=\"_ _0\"></span>aio 2022 che al 1\u00b0 g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nnaio 2023. </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>dell\u2019impatto <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span><span class=\"ff1\">significativo <span class=\"_ _5\"></span>sul <span class=\"_ _2\"></span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>contabile <span class=\"_ _2\"></span>derivante <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>applicazione, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinano </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">impatti attesi sul CET1<span class=\"_ _0\"></span> in termini di bps. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono riportati i n<span class=\"_ _0\"></span>uovi principi conta<span class=\"_ _0\"></span>bili internazionali o le<span class=\"_ _0\"></span> modifiche di prin<span class=\"_ _0\"></span>cipi conta<span class=\"_ _2\"></span>bili gi\u00e0 in vigore non </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">ancora omologati da p<span class=\"_ _0\"></span>arte della Commissi<span class=\"_ _0\"></span>one Europea. </div><div class=\"t m0 x0 hb y4a6 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hb y58e ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y58f ff5 fs9 fc2 sc0 ls0 ws0\">Principi contabili internazionali non ancora omologati al 31.12.2022 </div><div class=\"t m0 x0 h19 y980 ff5 fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1a1 h14\" style=\"left:-4.050377px; bottom:418.29816px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">Principio/ </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Interpretazione<span class=\"_ _3\"></span> </div></div><div class=\"c w1a2 h14\" style=\"left:123.27162px; bottom:418.29816px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Modifiche </div></div><div class=\"c w1a3 h14\" style=\"left:480.7326px; bottom:418.29816px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Data di pubblicazi<span class=\"_ _3\"></span>one </div></div><div class=\"c w1a1 h114\" style=\"left:-4.050377px; bottom:393.93613px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">IAS 1 </div></div><div class=\"c w1a2 h114\" style=\"left:123.27162px; bottom:393.93613px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Classific<span class=\"_ _3\"></span>ation of </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Liabilities as Curren<span class=\"_ _3\"></span>t or Non-c<span class=\"_ _3\"></span>urrent  </div></div><div class=\"c w1a3 h114\" style=\"left:480.7326px; bottom:393.93613px;\"><div class=\"t m0 x2e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">23/01/2020 </div></div><div class=\"c w1a1 h80\" style=\"left:-4.050377px; bottom:369.60013px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">IAS 1 </div></div><div class=\"c w1a2 h80\" style=\"left:123.27162px; bottom:369.60013px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Classific<span class=\"_ _3\"></span>ation of </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Liabilities as Curren<span class=\"_ _3\"></span>t or Non-c<span class=\"_ _3\"></span>urrent - Defe<span class=\"_ _3\"></span>rral of Effective D<span class=\"_ _3\"></span>ate </div></div><div class=\"c w1a3 h80\" style=\"left:480.7326px; bottom:369.60013px;\"><div class=\"t m0 x2e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">15/07/2020 </div></div><div class=\"c w1a1 hb4\" style=\"left:-4.050377px; bottom:345.10812px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">IAS 1 </div></div><div class=\"c w1a2 hb4\" style=\"left:123.27162px; bottom:345.10812px;\"><div class=\"t m0 x41 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">Amendments to IAS 1<span class=\"_ _3\"></span> Presentation <span class=\"_ _3\"></span>of Financial Statem<span class=\"_ _3\"></span>ents: Non<span class=\"_ _3\"></span>-current Lia<span class=\"_ _3\"></span>bilities </div><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">with Covenants<span class=\"_ _3\"></span> </div></div><div class=\"c w1a3 hb4\" style=\"left:480.7326px; bottom:345.10812px;\"><div class=\"t m0 x2e hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">31/10/2022 </div></div><div class=\"c w1a1 h115\" style=\"left:-4.050377px; bottom:326.85614px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">IFRS 16 </div></div><div class=\"c w1a2 h115\" style=\"left:123.27162px; bottom:326.85614px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Amendments to I<span class=\"_ _3\"></span>FRS 16 Leases: Le<span class=\"_ _3\"></span>ase Liability in a<span class=\"_ _3\"></span> Sale and Le<span class=\"_ _3\"></span>aseback<span class=\"_ _3\"></span> </div></div><div class=\"c w1a3 h115\" style=\"left:480.7326px; bottom:326.85614px;\"><div class=\"t m0 x2e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">22/09/2022 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.93286px;\"><div class=\"t m0 x0 h116 yee8 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya5a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb4 ff10 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>documenti dello <span class=\"_ _3\"></span>IASB <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>modificano <span class=\"_ _3\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _3\"></span>esistenti <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>omologazione <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 ydcd ff10 fs0 fc0 sc0 ls0 ws0\">segnala quanto segue: </div><div class=\"t m0 x0 h2 yf3d ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _6\"></span><span class=\"ff3\">Amendments <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"> </span>1 <span class=\"_ _6\"> </span>\u201cClassification <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>Liabilities <span class=\"_ _5\"></span>as <span class=\"_ _6\"> </span>Current <span class=\"_ _6\"> </span>or <span class=\"_ _6\"></span>Non<span class=\"_ _2\"></span><span class=\"ff2\">-</span>Current\u201d</span><span class=\"lsd\">, <span class=\"_ _5\"></span></span>pubblicato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>23 <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span><span class=\"ff10\"> </span></div><div class=\"t m0 x0 h2 ydcf ff11 fs0 fc0 sc0 ls0 ws0\">l\u02bcobiettivo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>proporre <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>portata <span class=\"_ _4\"> </span>limitata <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>1 <span class=\"_ _4\"> </span>\u201cPresentazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>bilancio\u201d, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>chiarire <span class=\"_ _6\"> </span>com<span class=\"_ _5\"></span><span class=\"ff10 lsc\">e </span></div><div class=\"t m0 x0 h2 yf3e ff10 fs0 fc0 sc0 ls0 ws0\">classificare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>debiti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>correnti. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>proposta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>chiarisce <span class=\"_ _2\"></span><span class=\"ff11\">\u2013</span> <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>modificarli <span class=\"_ _3\"></span><span class=\"ff11\">\u2013</span> </div><div class=\"t m0 x0 h2 ydd1 ff10 fs0 fc0 sc0 ls0 ws0\">gli <span class=\"_ _2\"></span>attuali <span class=\"_ _2\"></span>requisiti <span class=\"_ _2\"></span>dello <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>1; <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _2\"></span>mirano <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>promuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>nell'applicazione <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>societ\u00e0<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>per </div><div class=\"t m0 x0 h2 ydd2 ff10 fs0 fc0 sc0 ls0 ws0\">determinare se, nel prospetto della situazione patrimoniale<span class=\"_ _3\"></span>-finanziaria, i debiti e <span class=\"_ _3\"></span>le altre passivit\u00e0 con una data <span class=\"_ _3\"></span>di regolamento<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yf3f ff10 fs0 fc0 sc0 ls0 ws0\">incerta <span class=\"_ _3\"></span>debbano <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>(dovuti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>potenzialme<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>liquidare en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>renti. Con <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 ydd4 ff10 fs0 fc0 sc0 ls0 ws0\">successiva <span class=\"_ _16\"> </span>pubblicazione  del <span class=\"_ _16\"> </span>15  luglio  2<span class=\"_ _0\"></span>020  vie<span class=\"_ _0\"></span>ne  differita <span class=\"_ _16\"> </span>di  un <span class=\"_ _16\"> </span>anno  la  data<span class=\"_ _0\"></span>  di<span class=\"_ _3\"></span>  entrata  in <span class=\"_ _16\"> </span>vigore  delle  m<span class=\"_ _35\"></span>odifiche,  al </div><div class=\"t m0 x0 h2 yf40 ff10 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> gennaio 20<span class=\"_ _0\"></span>23 in luogo del 20<span class=\"_ _0\"></span>22, senza introdurre <span class=\"_ _0\"></span>ulteriori modifiche<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ydd6 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"ff3\">Amendments allo IAS 1 \u201c<span class=\"ff2\">Non-</span>curre<span class=\"_ _0\"></span>nt Liabilities with Co<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>enants\u201d<span class=\"ff2\"> </span></span></div><div class=\"t m0 x0 h2 yb92 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>IASB <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ubblicato <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>limitata <span class=\"_ _4\"></span><span class=\"ff4\">modifica <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>IAS <span class=\"_ _6\"></span>1 <span class=\"_ _6\"> </span>\u201cPresentazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>bilancio\u201d <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>mira <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 yf41 ff1 fs0 fc0 sc0 ls0 ws0\">migliorare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>informazioni <span class=\"_ _4\"> </span>fornite <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>covenants <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>tali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yf42 ff1 fs0 fc0 sc0 ls0 ws0\">correnti <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>correnti. <span class=\"_ _2\"></span>Lo <span class=\"_ _5\"></span>IASB <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>aspetta <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>modifiche <span class=\"_ _2\"></span>migliorin<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ornite <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>societ\u00e0, <span class=\"_ _2\"></span>consentendo <span class=\"_ _2\"></span>agli </div><div class=\"t m0 x0 h2 y85f ff1 fs0 fc0 sc0 ls0 ws0\">investitori di compre<span class=\"_ _0\"></span>ndere il rischio ch<span class=\"_ _0\"></span>e tali passivit\u00e0 possan<span class=\"_ _0\"></span>o dover essere rimborsat<span class=\"_ _0\"></span>e anticipatamente.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf43 ff1 fs0 fc0 sc0 ls0 ws0\">Lo <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>classifichi <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>olo <span class=\"_ _6\"></span>se <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>soci<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>saldare <span class=\"_ _6\"></span>il </div><div class=\"t m0 x0 h2 yf44 ff1 fs0 fc0 sc0 ls0 ws0\">debito nei <span class=\"_ _3\"></span>12 mesi s<span class=\"_ _3\"></span>uccessivi alla data <span class=\"_ _3\"></span>del bi<span class=\"_ _3\"></span>lancio. Tuttavia, la <span class=\"_ _3\"></span>capacit\u00e0 di <span class=\"_ _3\"></span>un'azienda di farlo <span class=\"_ _3\"></span>\u00e8 spesso <span class=\"_ _3\"></span>soggetta al <span class=\"_ _3\"></span>rispe<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>to di </div><div class=\"t m0 x0 h2 y1c9 ff1 fs0 fc0 sc0 ls0 ws0\">covenants. <span class=\"_ _6\"></span>Ad <span class=\"_ _6\"></span>esempio, <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>debito <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>lungo <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>diven<span class=\"_ _2\"></span>tare <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imborsabile <span class=\"_ _5\"></span>entro </div><div class=\"t m0 x0 h2 yf45 ff1 fs0 fc0 sc0 ls10 ws0\">12<span class=\"ls0\"> mesi se l<span class=\"_ _0\"></span>a societ\u00e0 non rispett<span class=\"_ _0\"></span>a un covenant (ad esem<span class=\"_ _0\"></span>pio un ratio in termin<span class=\"_ _0\"></span>i di working capital)<span class=\"_ _0\"></span> nei 12 mesi successiv<span class=\"_ _0\"></span>i.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 yf46 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>modifiche allo <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>specificano che <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>covenants da <span class=\"_ _3\"></span>rispettare <span class=\"_ _3\"></span>dopo <span class=\"_ _3\"></span>la data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>non influiscono su<span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>la classificazione </div><div class=\"t m0 x0 h2 yf47 ff1 fs0 fc0 sc0 ls0 ws0\">del debito come corrente o non corrente alla data d<span class=\"_ _3\"></span>i bilancio. Di converso viene richiesto alla societ\u00e0 di fornire informazio<span class=\"_ _2\"></span>ni s<span class=\"_ _3\"></span>u </div><div class=\"t m0 x0 h2 y3b3 ff1 fs0 fc0 sc0 ls0 ws0\">questi covenants in not<span class=\"_ _0\"></span>a integrativa. </div><div class=\"t m0 x0 h2 yf48 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _7\"> </span>modifiche <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>efficaci <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>esercizi <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>iniziano <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>gen<span class=\"_ _2\"></span>naio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>024, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>adozione <span class=\"_ _7\"> </span>anticipata <span class=\"_ _4\"> </span>consentita, <span class=\"_ _7\"> </span>previa </div><div class=\"t m0 x0 h2 y206 ff1 fs0 fc0 sc0 ls0 ws0\">omologazione della Comm<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ssione Europea. <span class=\"_ _9\"> </span> </div></div>In <span class=\"_ _2\"></span>considerazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>modifiche <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnziate, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>assumono <span class=\"_ _2\"></span>scarsa <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _3\"></span>set<span class=\"_ _3\"></span>tore <span class=\"_ _3\"></span>finanziario, nonch\u00e9 in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>dell\u2019obbligo di <span class=\"_ _3\"></span>appl<span class=\"_ _3\"></span>icare gli <span class=\"_ _3\"></span>schemi <span class=\"_ _3\"></span>previsti dalla <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>262/05 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>limitate proposte di modifica allo IAS 1 non<span class=\"_ _0\"></span> risultano particol<span class=\"_ _0\"></span>armente rilevanti per il G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo.<span class=\"_ _3\"></span> - <span class=\"ff3\">Amendments all\u2019IFRS <span class=\"_ _0\"></span>16 \u201cLease Liability<span class=\"_ _0\"></span> in a Sale and lease<span class=\"_ _0\"></span>back\u201d <span class=\"_ _3\"></span><span class=\"ff2\"> </span></span>Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>pubblicazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data 2<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>settembre 2022 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Narrow<span class=\"_ _3\"></span>-<span class=\"ff4\">scope <span class=\"_ _3\"></span>Amendments \u201cLease <span class=\"_ _3\"></span>Liability <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Sale <span class=\"_ _3\"></span>and L<span class=\"_ _3\"></span>easeback\u201d lo </span>IASB <span class=\"_ _2\"></span>introduce <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>limitate <span class=\"_ _2\"></span>mo<span class=\"_ _3\"></span>difiche <span class=\"_ _2\"></span>all'IFRS <span class=\"_ _2\"></span>16 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>sole <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>retr<span class=\"_ _5\"></span>o-<span class=\"_ _90\"> </span>locazione (cd. <span class=\"_ _3\"></span>sale <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>leaseback) <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte del <span class=\"_ _3\"></span>locatario<span class=\"_ _3\"></span>-venditore. Le <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>di sale <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>leaseback <span class=\"_ _3\"></span>sono operazioni per le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>vende<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>prende <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>bene <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>nuovo <span class=\"_ _2\"></span>proprietario. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>questo ambito, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span><span class=\"ff4\">quelle <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>dell\u2019asset <span class=\"_ _3\"></span>soddisfa <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>quisiti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>15<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per </span>essere contabilizzato c<span class=\"_ _0\"></span>ome una vendita del<span class=\"_ _0\"></span> bene. La <span class=\"_ _4\"> </span>presente <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>sollecitata <span class=\"_ _4\"> </span>dall\u2019IFRIC <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>aveva <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>vuoto <span class=\"_ _4\"> </span>normativo <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _7\"> </span>al<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di </span>rilevazione del right of use e <span class=\"_ _3\"></span>delle lease liability nelle transazioni di sale <span class=\"_ _3\"></span>and leaseback in presenza di canoni variabili <span class=\"_ _5\"></span>che <span class=\"_ _3\"></span>non<span class=\"_ _0\"></span> dipendono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>indice <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>esempio <span class=\"_ _3\"></span>basati <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>percentuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>vendite <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario<span class=\"_ _5\"></span>-venditore <span class=\"_ _2\"></span>generate dall\u2019uso del bene.<span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>ambito <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>emendamenti <span class=\"_ _6\"></span>apportano <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _6\"></span>chiarimenti <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>lasciano <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _5\"></span>entity <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>accounti<span class=\"_ _0\"></span>ng policy per la modalit<span class=\"_ _0\"></span>\u00e0 di valutazione della<span class=\"_ _0\"></span> passivit\u00e0 derivante <span class=\"_ _0\"></span>dalla retrolocazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>modifiche <span class=\"_ _5\"></span>saranno <span class=\"_ _2\"></span>obbligatoriamente <span class=\"_ _2\"></span>applicabili <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2024 <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>previa <span class=\"_ _5\"></span>omologazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Commissione Europea <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attuazione <span class=\"_ _4\"> </span>anticipata<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>applicazione <span class=\"_ _4\"> </span>retrospettiva <span class=\"_ _4\"></span>alle <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>sale <span class=\"_ _4\"></span>and <span class=\"_ _4\"> </span>leaseback stipulate successivam<span class=\"_ _0\"></span>ente <span class=\"ff4\">alla data di prima adozion<span class=\"_ _0\"></span>e dell\u2019IFRS 16, ovve<span class=\"_ _0\"></span>ro per il Gruppo dal <span class=\"_ _0\"></span>1\u00b0 gennaio 2019.<span class=\"_ _3\"></span><span class=\"ff12 fs1e\"> </span></span>In <span class=\"_ _5\"></span>proposito, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>leaseback <span class=\"_ _5\"></span>stipulate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2019 <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>imitate <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di importi non rilevanti <span class=\"_ _0\"></span>e, al momento, non <span class=\"_ _0\"></span>sono e<span class=\"ff4\">merse casistiche di interesse per l\u2019a<span class=\"_ _0\"></span>pplicazione delle m<span class=\"_ _0\"></span>odifiche.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-938": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-235.27661px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">SEZIONE 2 - PRINCIPI GEN<span class=\"_ _3\"></span>ERALI DI REDAZIONE <span class=\"_ _3\"></span><span class=\"fc5\"> </span></div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y18e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>consolidato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>costituito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>patrimoniale, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessi<span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>, </div><div class=\"t m0 x0 h2 y18f ff1 fs0 fc0 sc0 ls0 ws0\">dal Prospetto delle varia<span class=\"_ _0\"></span>zioni di patrimonio<span class=\"_ _0\"></span> netto, dal Rendic<span class=\"_ _0\"></span>onto finanziario, dalla N<span class=\"_ _0\"></span>ota integrativa <span class=\"_ _0\"></span>e dalle relative informa<span class=\"_ _0\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni </div><div class=\"t m0 x0 h2 y256 ff4 fs0 fc0 sc0 ls0 ws0\">comparative ed \u00e8 inoltr<span class=\"_ _0\"></span>e corredato da un<span class=\"_ _0\"></span>a Relazione degli ammi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>istratori sull\u2019andam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto della gestio<span class=\"_ _0\"></span>ne, sui risultati ec<span class=\"_ _0\"></span>onomi<span class=\"_ _2\"></span><span class=\"ff1 ls14\">ci<span class=\"ls0\"> </span></span></div><div class=\"t m0 x0 h2 y257 ff4 fs0 fc0 sc0 ls0 ws0\">conseguiti e sulla situazione patrimoniale e <span class=\"_ _3\"></span>finanziaria del Gruppo Intesa Sanpaolo. In conformit\u00e0 a <span class=\"_ _3\"></span>quanto disposto dall\u2019art<span class=\"_ _5\"></span><span class=\"ff1\">. 5 </span></div><div class=\"t m0 x0 h2 y258 ff4 fs0 fc0 sc0 ls0 ws0\">del D. Lgs. n. 38/2005,<span class=\"_ _0\"></span> il bilancio \u00e8 red<span class=\"_ _0\"></span>atto utilizzando l\u2019Eu<span class=\"_ _0\"></span>ro quale monet<span class=\"_ _0\"></span>a di conto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y259 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _7\"> </span>importi <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prospetti <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Nota <span class=\"_ _7\"> </span>integrativa, <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>indicati <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>Relazione <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>sono </div><div class=\"t m0 x0 h2 y25a ff1 fs0 fc0 sc0 ls0 ws0\">espressi <span class=\"ff4\">\u2013</span> qualora non div<span class=\"_ _0\"></span>ersamente specificato <span class=\"ff4\">\u2013</span> in milioni di <span class=\"_ _0\"></span>Euro. </div><div class=\"t m0 x0 h2 y25b ff4 fs0 fc0 sc0 ls0 ws0\">Il bilancio \u00e8 redatto c<span class=\"_ _0\"></span>on l\u2019applicazione <span class=\"_ _0\"></span>dei principi generali <span class=\"_ _0\"></span>previsti dallo IAS 1 e<span class=\"_ _0\"></span> degli specifi<span class=\"_ _3\"></span><span class=\"ff1\">c<span class=\"_ _3\"></span>i principi c<span class=\"_ _0\"></span>ontabili omologati da<span class=\"_ _0\"></span>lla </span></div><div class=\"t m0 x0 h2 y25c ff1 fs0 fc0 sc0 ls0 ws0\">Commissione <span class=\"_ _4\"> </span>Europea <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>illustrati <span class=\"_ _7\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A.2 <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>presente <span class=\"_ _7\"> </span>Nota <span class=\"_ _4\"> </span>integrativa, <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>aderenza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>assunzioni </div><div class=\"t m0 x0 h2 y25d ff1 fs0 fc0 sc0 ls0 ws0\">generali previste dal Q<span class=\"_ _0\"></span>uadro Sistematico p<span class=\"_ _0\"></span>er la preparazione e <span class=\"_ _0\"></span>presentazione del bi<span class=\"_ _0\"></span>lancio elaborat<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> dallo IASB. </div><div class=\"t m0 x0 h2 y25e ff4 fs0 fc0 sc0 ls0 ws0\">Non sono state effettu<span class=\"_ _0\"></span>ate deroghe all\u2019<span class=\"_ _0\"></span>applicazione dei prin<span class=\"_ _0\"></span>cipi contabili IAS/IFRS<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">Nella Relazione sulla gestione e nella Nota integr<span class=\"_ _0\"></span>ativa sono fornite le informazioni richie<span class=\"_ _0\"></span>ste dai principi contabili interna<span class=\"_ _2\"></span>zionali, </div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\">dalle <span class=\"_ _5\"></span>Leggi, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span><span class=\"ff4\">Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Borsa <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span><span class=\"ff4\">Consob <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>all\u2019Autorit\u00e0 <span class=\"_ _5\"></span>Europea </span></div><div class=\"t m0 x0 h2 y261 ff1 fs0 fc0 sc0 ls0 ws0\">degli  Strumenti  Finanzia<span class=\"_ _0\"></span>ri  e  dei  Mercati  <span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>ESMA,  olt<span class=\"_ _0\"></span>re  ad  altre  informazioni  no<span class=\"_ _0\"></span>n  obbligatorie  ma  ritenut<span class=\"_ _0\"></span>e  ugualmente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\">necessarie <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>rappresentazione <span class=\"_ _7\"> </span>corretta <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>eritiera <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>inoltre <span class=\"_ _7\"> </span>tenuto <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei </div><div class=\"t m0 x0 h2 y263 ff4 fs0 fc0 sc0 ls0 ws0\">documenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>tipo <span class=\"_ _6\"> </span>interpretativo <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>supporto <span class=\"_ _6\"> </span>all\u2019applicazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"></span>agli <span class=\"_ _4\"> </span>impatti <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _6\"></span>e </span></div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\">quelli <span class=\"_ _3\"></span>conseguenti <span class=\"_ _2\"></span>allo <span class=\"_ _3\"></span>scoppio <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>cris<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>russo-ucraina, <span class=\"_ _3\"></span>emanati <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>organismi <span class=\"_ _2\"></span>regolamentari <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _2\"></span>europei <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli </div><div class=\"t m0 x0 h2 y266 ff1 fs0 fc0 sc0 ls0 ws0\">standard setter illustrat<span class=\"_ _0\"></span>i pi\u00f9 nel dettagli<span class=\"_ _0\"></span>o nella Successiva Se<span class=\"_ _0\"></span>zione 5 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Altri aspetti. </div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>Prospetti <span class=\"_ _5\"></span>contabili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integr<span class=\"_ _2\"></span>ativa <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto </div><div class=\"t m0 x0 h2 y269 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IFRS <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dismissione <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno </span></div><div class=\"t m0 x0 h2 y26a ff4 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>cessione <span class=\"_ _17\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>strategie <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span><span class=\"ff1\">-risking <span class=\"_ _18\"> </span>del <span class=\"_ _17\"> </span>Gruppo. <span class=\"_ _18\"> </span>Nella <span class=\"_ _17\"> </span>voce <span class=\"_ _18\"> </span>risultano <span class=\"_ _17\"> </span>inoltre <span class=\"_ _17\"> </span>riclassificate <span class=\"_ _17\"> </span>la </span></div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\">partecipazione in Zhong Ou Asset Manageme<span class=\"_ _0\"></span>nt Co. Ltd., per la quale il perfezionamento dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> cessione \u00e8 atteso nel corso dei<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y26c ff4 fs0 fc0 sc0 ls0 ws0\">prossimi <span class=\"_ _7\"> </span>mesi, <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>volta <span class=\"_ _7\"> </span>completato <span class=\"_ _7\"> </span>l\u2019iter <span class=\"_ _7\"> </span>autorizzativo, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>afferenti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>ramo <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>PBZ <span class=\"_ _4\"> </span>Card </div><div class=\"t m0 x0 h2 y26d ff4 fs0 fc0 sc0 ls0 ws0\">dedicato all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> merchant acquiri<span class=\"_ _0\"></span>ng, che saranno ogget<span class=\"_ _0\"></span>to di trasferiment<span class=\"_ _0\"></span>o al Gruppo Nexi <span class=\"_ _0\"></span>nella prima parte del 2<span class=\"_ _0\"></span>023. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>Prospetti <span class=\"_ _3\"></span>contabili <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Nota <span class=\"_ _3\"></span>integrativa <span class=\"_ _3\"></span>presentano <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrispondenti dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">raffronto riferiti al 31 <span class=\"_ _0\"></span>dicembre 2021.  </div><div class=\"t m0 x0 h2 y271 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y272 ff1 fs0 fc0 sc0 ls0 ws0\">Negli <span class=\"_ _3\"></span>Allegati vengono presentati <span class=\"_ _3\"></span>i prospetti di <span class=\"_ _3\"></span>raccordo con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dati di <span class=\"_ _3\"></span>Stato patrimoniale e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Conto economico or<span class=\"_ _3\"></span>iginariamen<span class=\"_ _2\"></span>te </div><div class=\"t m0 x0 h2 y273 ff1 fs0 fc0 sc0 ls0 ws0\">pubblicati  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l  Bilan<span class=\"_ _0\"></span>cio  2021,<span class=\"_ _0\"></span>  oltre <span class=\"_ _16\"> </span>a  spec<span class=\"_ _3\"></span>ifici <span class=\"_ _16\"> </span>schemi  di <span class=\"_ _16\"> </span>raccordo  tra <span class=\"_ _16\"> </span>questi  ultimi <span class=\"_ _16\"> </span>e  i <span class=\"_ _16\"> </span>prospetti  riclassi<span class=\"_ _0\"></span>ficati  (rie<span class=\"_ _0\"></span>sposti <span class=\"_ _16\"> </span>e </div><div class=\"t m0 x0 h2 y1aa ff1 fs0 fc0 sc0 ls0 ws0\">rideterminati) inclusi n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla Relazione sulla g<span class=\"_ _0\"></span>estione che corre<span class=\"_ _0\"></span>da il presente bilanci<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y274 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y3f7 ff5 fs9 fc2 sc0 ls0 ws0\">Contenuto dei prospetti contabili </div><div class=\"t m0 x0 h24 y895 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y896 ff1 fs0 fc2 sc0 ls0 ws0\">Prospetto di stato patrim<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>niale e Prospetto di conto econ<span class=\"_ _0\"></span>omico </div><div class=\"t m0 x0 h2 y897 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _2\"></span>schemi <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>atrimoniale <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>costituiti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>voci, <span class=\"_ _2\"></span>sottovoci <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ulteriori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>informat<span class=\"_ _5\"></span>ivi </div><div class=\"t m0 x0 h2 ye83 ff1 fs0 fc0 sc0 ls24 ws0\">(i<span class=\"ls0\"> <span class=\"ff4\">\u201cdi cui\u201d delle v<span class=\"_ _0\"></span>oci e sottovoci). <span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h32 y898 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>avvalersi <span class=\"_ _5\"></span>dell\u2019opzione <span class=\"_ _4\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>c.d. <span class=\"_ _6\"></span>Deferral <span class=\"_ _5\"></span>Approach, <span class=\"_ _6\"></span>prevista <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 </div><div class=\"t m0 x0 h2 y702 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cStrumenti <span class=\"_ _5\"></span>finanziari\u201d <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>conglomerati <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prevalenza <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancaria, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>virt\u00f9 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assi<span class=\"_ _5\"></span><span class=\"ff1\">vit\u00e0 </span></div><div class=\"t m0 x0 h2 y899 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie delle compagnie assicurative controllate continuano <span class=\"_ _3\"></span>ad essere rilevate in bilancio ai sensi d<span class=\"_ _3\"></span>i quanto prescritto dallo </div><div class=\"t m0 x0 h2 yc93 ff1 fs0 fc0 sc0 ls0 ws0\">IAS <span class=\"_ _6\"></span>39, <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>schemi <span class=\"_ _6\"></span>consolidati <span class=\"_ _5\"></span>previsti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>aggiunte <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>voci <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>pat<span class=\"_ _3\"></span>rimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y89a ff1 fs0 fc0 sc0 ls0 ws0\">Conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rappresentare <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valorizzazione <span class=\"_ _5\"></span>delle <span class=\"_ _4\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>imprese <span class=\"_ _5\"></span>assicurative <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i </div><div class=\"t m0 x0 h2 ycf7 ff1 fs0 fc0 sc0 ls0 ws0\">relativi effetti econ<span class=\"_ _0\"></span>omici valutati ai sen<span class=\"_ _0\"></span>si dello IAS 39. </div><div class=\"t m0 x0 h2 y89c ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>definiti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oci <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89d ff1 fs0 fc0 sc0 ls0 ws0\">presenta<span class=\"ff4\">no <span class=\"_ _5\"></span>importi <span class=\"_ _5\"></span>n\u00e9 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019esercizio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>precedente. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _5\"></span>economico <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>ricavi </span></div><div class=\"t m0 x0 h2 y32f ff1 fs0 fc0 sc0 ls0 ws0\">sono indicati senza segn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>, mentre i costi s<span class=\"_ _0\"></span>ono preceduti dal <span class=\"_ _0\"></span>segno meno. </div><div class=\"t m0 x0 h2 y89e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y48d ff1 fs0 fc2 sc0 ls0 ws0\">Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva </div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>red<span class=\"ff4\">d<span class=\"_ _3\"></span>itivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _5\"></span>partendo <span class=\"_ _2\"></span>dall\u2019utile <span class=\"_ _5\"></span>(perdita) <span class=\"_ _2\"></span>d\u2019esercizio, <span class=\"_ _5\"></span>espone <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>componenti <span class=\"_ _5\"></span>reddituali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x0 h2 y48f ff1 fs0 fc0 sc0 ls0 ws0\">contropartita delle riser<span class=\"_ _0\"></span>ve da valutazio<span class=\"_ _0\"></span>ne, al netto del relati<span class=\"_ _0\"></span>vo effetto fiscale, in <span class=\"_ _0\"></span>conformit\u00e0 ai prin<span class=\"_ _0\"></span>cipi contabili intern<span class=\"_ _2\"></span>azionali. </div><div class=\"t m0 x0 h2 y490 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>edditivit\u00e0 <span class=\"_ _7\"> </span>complessiva <span class=\"_ _7\"> </span>consolidata <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentat<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>fornendo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eparata <span class=\"_ _7\"> </span>evidenza <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>reddituali <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non </div><div class=\"t m0 x0 h2 yf49 ff1 fs0 fc0 sc0 ls0 ws0\">saranno <span class=\"_ _18\"> </span>in <span class=\"_ _1c\"> </span>fut<span class=\"_ _0\"></span>uro <span class=\"_ _18\"> </span>riversate <span class=\"_ _1c\"> </span>nel <span class=\"_ _18\"> </span>conto <span class=\"_ _18\"> </span>economico <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>quelle <span class=\"_ _18\"> </span>che, <span class=\"_ _1c\"> </span>diversamente<span class=\"_ _0\"></span>, <span class=\"_ _18\"> </span>potranno <span class=\"_ _1c\"> </span>essere <span class=\"_ _17\"> </span>successivamente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y8a1 ff4 fs0 fc0 sc0 ls0 ws0\">riclassificate <span class=\"_ _5\"></span>nell\u2019utile <span class=\"_ _5\"></span>(perdita) <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>l\u2019esercizio <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>verificarsi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>determinate <span class=\"_ _5\"></span>condizioni. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>istingue <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 yf4a ff1 fs0 fc0 sc0 ls0 ws0\">redditivit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pertinenza della <span class=\"_ _2\"></span>Capogruppo da <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>soci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza. <span class=\"_ _3\"></span>Come <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>Stato patrimoniale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span></div><div class=\"t m0 x0 h2 y8a3 ff1 fs0 fc0 sc0 ls0 ws0\">Conto <span class=\"_ _3\"></span>economico, rispetto <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span><span class=\"ff4\">chemi <span class=\"_ _3\"></span>definiti dal<span class=\"_ _3\"></span>la Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>riportate a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>le voc<span class=\"_ _3\"></span>i che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>n\u00e9 </span></div><div class=\"t m0 x0 h2 y8a4 ff4 fs0 fc0 sc0 ls0 ws0\">per l\u2019esercizio al q<span class=\"_ _0\"></span>uale si riferisce il bilan<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>io, n\u00e9 per quell<span class=\"_ _0\"></span>o precedente. Gli im<span class=\"_ _0\"></span>porti negativi sono <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>receduti dal segn<span class=\"_ _0\"></span>o me<span class=\"_ _5\"></span><span class=\"ff1\">no. </span></div><div class=\"t m0 x0 h2 y40e ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Prospetto delle variazioni del<span class=\"_ _0\"></span> patrimonio netto Nel prospetto delle variazioni del <span class=\"_ _3\"></span>patrimonio netto viene riportata la c<span class=\"_ _3\"></span>omposizione e la movimentazione dei conti di <span class=\"_ _3\"></span>patrimon<span class=\"_ _5\"></span>io netto <span class=\"_ _3\"></span>intervenuta <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>precedente, <span class=\"_ _3\"></span>suddivisi <span class=\"_ _6\"></span><span class=\"ff1\">tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>di </span>capitale, di utili e da valutazione di attivit\u00e0 o passivit\u00e0 di bilancio ed il <span class=\"_ _3\"></span>risultato economico.<span class=\"_ _0\"></span> Le azioni proprie in porta<span class=\"_ _5\"></span>foglio sono portate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentato <span class=\"_ _5\"></span>invertend<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>righe <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>colonne <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>medesim<span class=\"_ _0\"></span>o prospetto previsto dall\u2019<span class=\"_ _0\"></span>aggiornamento d<span class=\"_ _0\"></span>ella Circolare n. 262/<span class=\"_ _0\"></span>2005 della B<span class=\"_ _0\"></span>anca d\u2019Italia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Rendiconto finanziario Il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ntervenuti <span class=\"_ _4\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>qu<span class=\"_ _2\"></span><span class=\"ff1\">ello <span class=\"_ _7\"> </span>precedente <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>predisposto<span class=\"_ _0\"></span> </span>seguendo <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>metodo  indiretto, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>derivanti  d<span class=\"_ _3\"></span>all\u2019attivit\u00e0  operativa <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentati <span class=\"_ _1d\"> </span>dal  r<span class=\"_ _3\"></span>isultato<span class=\"_ _0\"></span> dell\u2019esercizio rettifica<span class=\"_ _0\"></span>to degli effetti dell<span class=\"_ _0\"></span>e operazioni di natur<span class=\"_ _0\"></span>a non monetaria. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span><span class=\"ff4\">sono <span class=\"_ _6\"></span>suddivisi <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>operativa, <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"> </span>generati <span class=\"_ _6\"></span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quelli<span class=\"_ _0\"></span> </span>prodotti dall\u2019attivit\u00e0 di<span class=\"_ _0\"></span> provvista.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>generatisi <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>indicati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>segno, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>as<span class=\"_ _5\"></span><span class=\"ff1\">sorbiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>preceduti <span class=\"_ _3\"></span>dal </span>segno meno. Contenuto della Nota integrativa La Nota <span class=\"_ _3\"></span>integrativa comprende le informazioni previste dai principi contabili internazionali e dalla Circolare <span class=\"_ _3\"></span>n. 262 della <span class=\"_ _3\"></span>B<span class=\"_ _5\"></span>anca d\u2019Italia <span class=\"_ _3\"></span>emanata <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2005 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>successivi <span class=\"_ _3\"></span>ag<span class=\"_ _2\"></span><span class=\"ff1\">giornamenti a<span class=\"_ _3\"></span>pplicabili <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>redazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>bilancio. <span class=\"_ _3\"></span>Come <span class=\"_ _2\"></span>gi\u00e0 </span>evidenziato <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>merito <span class=\"_ _4\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prospetti <span class=\"_ _7\"> </span>contabili, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>all\u2019applicazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Deferral <span class=\"_ _7\"> </span>approach <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>compagnie assicurative <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Gruppo, <span class=\"_ _5\"></span>l\u2019informativa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>nota <span class=\"_ _6\"></span>integrativa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span><span class=\"ff1\">revista <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Circolare <span class=\"_ _5\"></span>262 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>integrata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>tabelle <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dal </span>previgente 4\u00b0 agg<span class=\"_ _0\"></span>iornamento della Cir<span class=\"_ _0\"></span>colare 262 per rappresen<span class=\"_ _0\"></span>tare le informazio<span class=\"_ _0\"></span>ni richieste dall<span class=\"_ _0\"></span>o IAS 39.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-903": {
   "value": "SEZIONE 2 - PRINCIPI GEN<span class=\"_ _3\"></span>ERALI DI REDAZIONE <span class=\"_ _3\"></span><span class=\"fc5\"> </span>Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>consolidato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>costituito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>patrimoniale, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessi<span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>, dal Prospetto delle varia<span class=\"_ _0\"></span>zioni di patrimonio<span class=\"_ _0\"></span> netto, dal Rendic<span class=\"_ _0\"></span>onto finanziario, dalla N<span class=\"_ _0\"></span>ota integrativa <span class=\"_ _0\"></span>e dalle relative informa<span class=\"_ _0\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni comparative ed \u00e8 inoltr<span class=\"_ _0\"></span>e corredato da un<span class=\"_ _0\"></span>a Relazione degli ammi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>istratori sull\u2019andam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto della gestio<span class=\"_ _0\"></span>ne, sui risultati ec<span class=\"_ _0\"></span>onomi<span class=\"_ _2\"></span><span class=\"ff1 ls14\">ci<span class=\"ls0\"> </span></span>conseguiti e sulla situazione patrimoniale e <span class=\"_ _3\"></span>finanziaria del Gruppo Intesa Sanpaolo. In conformit\u00e0 a <span class=\"_ _3\"></span>quanto disposto dall\u2019art<span class=\"_ _5\"></span><span class=\"ff1\">. 5 </span>del D. Lgs. n. 38/2005,<span class=\"_ _0\"></span> il bilancio \u00e8 red<span class=\"_ _0\"></span>atto utilizzando l\u2019Eu<span class=\"_ _0\"></span>ro quale monet<span class=\"_ _0\"></span>a di conto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gli <span class=\"_ _7\"> </span>importi <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prospetti <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Nota <span class=\"_ _7\"> </span>integrativa, <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>indicati <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>Relazione <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>sono espressi <span class=\"ff4\">\u2013</span> qualora non div<span class=\"_ _0\"></span>ersamente specificato <span class=\"ff4\">\u2013</span> in milioni di <span class=\"_ _0\"></span>Euro. Il bilancio \u00e8 redatto c<span class=\"_ _0\"></span>on l\u2019applicazione <span class=\"_ _0\"></span>dei principi generali <span class=\"_ _0\"></span>previsti dallo IAS 1 e<span class=\"_ _0\"></span> degli specifi<span class=\"_ _3\"></span><span class=\"ff1\">c<span class=\"_ _3\"></span>i principi c<span class=\"_ _0\"></span>ontabili omologati da<span class=\"_ _0\"></span>lla </span>Commissione <span class=\"_ _4\"> </span>Europea <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>illustrati <span class=\"_ _7\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A.2 <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>presente <span class=\"_ _7\"> </span>Nota <span class=\"_ _4\"> </span>integrativa, <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>aderenza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>assunzioni generali previste dal Q<span class=\"_ _0\"></span>uadro Sistematico p<span class=\"_ _0\"></span>er la preparazione e <span class=\"_ _0\"></span>presentazione del bi<span class=\"_ _0\"></span>lancio elaborat<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> dallo IASB. Non sono state effettu<span class=\"_ _0\"></span>ate deroghe all\u2019<span class=\"_ _0\"></span>applicazione dei prin<span class=\"_ _0\"></span>cipi contabili IAS/IFRS<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella Relazione sulla gestione e nella Nota integr<span class=\"_ _0\"></span>ativa sono fornite le informazioni richie<span class=\"_ _0\"></span>ste dai principi contabili interna<span class=\"_ _2\"></span>zionali, dalle <span class=\"_ _5\"></span>Leggi, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span><span class=\"ff4\">Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Borsa <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span><span class=\"ff4\">Consob <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>all\u2019Autorit\u00e0 <span class=\"_ _5\"></span>Europea </span>degli  Strumenti  Finanzia<span class=\"_ _0\"></span>ri  e  dei  Mercati  <span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>ESMA,  olt<span class=\"_ _0\"></span>re  ad  altre  informazioni  no<span class=\"_ _0\"></span>n  obbligatorie  ma  ritenut<span class=\"_ _0\"></span>e  ugualmente<span class=\"_ _0\"></span> necessarie <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>rappresentazione <span class=\"_ _7\"> </span>corretta <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>eritiera <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>inoltre <span class=\"_ _7\"> </span>tenuto <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei documenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>tipo <span class=\"_ _6\"> </span>interpretativo <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>supporto <span class=\"_ _6\"> </span>all\u2019applicazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"></span>agli <span class=\"_ _4\"> </span>impatti <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _6\"></span>e </span>quelli <span class=\"_ _3\"></span>conseguenti <span class=\"_ _2\"></span>allo <span class=\"_ _3\"></span>scoppio <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>cris<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>russo-ucraina, <span class=\"_ _3\"></span>emanati <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>organismi <span class=\"_ _2\"></span>regolamentari <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _2\"></span>europei <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli standard setter illustrat<span class=\"_ _0\"></span>i pi\u00f9 nel dettagli<span class=\"_ _0\"></span>o nella Successiva Se<span class=\"_ _0\"></span>zione 5 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Altri aspetti. I <span class=\"_ _2\"></span>Prospetti <span class=\"_ _5\"></span>contabili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integr<span class=\"_ _2\"></span>ativa <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto dall\u2019IFRS <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dismissione <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>cessione <span class=\"_ _17\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>strategie <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span><span class=\"ff1\">-risking <span class=\"_ _18\"> </span>del <span class=\"_ _17\"> </span>Gruppo. <span class=\"_ _18\"> </span>Nella <span class=\"_ _17\"> </span>voce <span class=\"_ _18\"> </span>risultano <span class=\"_ _17\"> </span>inoltre <span class=\"_ _17\"> </span>riclassificate <span class=\"_ _17\"> </span>la </span>partecipazione in Zhong Ou Asset Manageme<span class=\"_ _0\"></span>nt Co. Ltd., per la quale il perfezionamento dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> cessione \u00e8 atteso nel corso dei<span class=\"_ _35\"></span> prossimi <span class=\"_ _7\"> </span>mesi, <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>volta <span class=\"_ _7\"> </span>completato <span class=\"_ _7\"> </span>l\u2019iter <span class=\"_ _7\"> </span>autorizzativo, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>afferenti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>ramo <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>PBZ <span class=\"_ _4\"> </span>Card dedicato all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> merchant acquiri<span class=\"_ _0\"></span>ng, che saranno ogget<span class=\"_ _0\"></span>to di trasferiment<span class=\"_ _0\"></span>o al Gruppo Nexi <span class=\"_ _0\"></span>nella prima parte del 2<span class=\"_ _0\"></span>023. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>Prospetti <span class=\"_ _3\"></span>contabili <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Nota <span class=\"_ _3\"></span>integrativa <span class=\"_ _3\"></span>presentano <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrispondenti dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i raffronto riferiti al 31 <span class=\"_ _0\"></span>dicembre 2021.  Negli <span class=\"_ _3\"></span>Allegati vengono presentati <span class=\"_ _3\"></span>i prospetti di <span class=\"_ _3\"></span>raccordo con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dati di <span class=\"_ _3\"></span>Stato patrimoniale e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Conto economico or<span class=\"_ _3\"></span>iginariamen<span class=\"_ _2\"></span>te pubblicati  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l  Bilan<span class=\"_ _0\"></span>cio  2021,<span class=\"_ _0\"></span>  oltre <span class=\"_ _16\"> </span>a  spec<span class=\"_ _3\"></span>ifici <span class=\"_ _16\"> </span>schemi  di <span class=\"_ _16\"> </span>raccordo  tra <span class=\"_ _16\"> </span>questi  ultimi <span class=\"_ _16\"> </span>e  i <span class=\"_ _16\"> </span>prospetti  riclassi<span class=\"_ _0\"></span>ficati  (rie<span class=\"_ _0\"></span>sposti <span class=\"_ _16\"> </span>e rideterminati) inclusi n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla Relazione sulla g<span class=\"_ _0\"></span>estione che corre<span class=\"_ _0\"></span>da il presente bilanci<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-979": {
   "value": "SEZIONE 2 - PRINCIPI GEN<span class=\"_ _3\"></span>ERALI DI REDAZIONE <span class=\"_ _3\"></span><span class=\"fc5\"> </span>Il <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>consolidato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>costituito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>patrimoniale, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Prospetto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessi<span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>, dal Prospetto delle varia<span class=\"_ _0\"></span>zioni di patrimonio<span class=\"_ _0\"></span> netto, dal Rendic<span class=\"_ _0\"></span>onto finanziario, dalla N<span class=\"_ _0\"></span>ota integrativa <span class=\"_ _0\"></span>e dalle relative informa<span class=\"_ _0\"></span>zi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni comparative ed \u00e8 inoltr<span class=\"_ _0\"></span>e corredato da un<span class=\"_ _0\"></span>a Relazione degli ammi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>istratori sull\u2019andam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto della gestio<span class=\"_ _0\"></span>ne, sui risultati ec<span class=\"_ _0\"></span>onomi<span class=\"_ _2\"></span><span class=\"ff1 ls14\">ci<span class=\"ls0\"> </span></span>conseguiti e sulla situazione patrimoniale e <span class=\"_ _3\"></span>finanziaria del Gruppo Intesa Sanpaolo. In conformit\u00e0 a <span class=\"_ _3\"></span>quanto disposto dall\u2019art<span class=\"_ _5\"></span><span class=\"ff1\">. 5 </span>del D. Lgs. n. 38/2005,<span class=\"_ _0\"></span> il bilancio \u00e8 red<span class=\"_ _0\"></span>atto utilizzando l\u2019Eu<span class=\"_ _0\"></span>ro quale monet<span class=\"_ _0\"></span>a di conto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gli <span class=\"_ _7\"> </span>importi <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prospetti <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Nota <span class=\"_ _7\"> </span>integrativa, <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>indicati <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>Relazione <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>sono espressi <span class=\"ff4\">\u2013</span> qualora non div<span class=\"_ _0\"></span>ersamente specificato <span class=\"ff4\">\u2013</span> in milioni di <span class=\"_ _0\"></span>Euro. Il bilancio \u00e8 redatto c<span class=\"_ _0\"></span>on l\u2019applicazione <span class=\"_ _0\"></span>dei principi generali <span class=\"_ _0\"></span>previsti dallo IAS 1 e<span class=\"_ _0\"></span> degli specifi<span class=\"_ _3\"></span><span class=\"ff1\">c<span class=\"_ _3\"></span>i principi c<span class=\"_ _0\"></span>ontabili omologati da<span class=\"_ _0\"></span>lla </span>Commissione <span class=\"_ _4\"> </span>Europea <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>illustrati <span class=\"_ _7\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A.2 <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>presente <span class=\"_ _7\"> </span>Nota <span class=\"_ _4\"> </span>integrativa, <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>aderenza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>assunzioni generali previste dal Q<span class=\"_ _0\"></span>uadro Sistematico p<span class=\"_ _0\"></span>er la preparazione e <span class=\"_ _0\"></span>presentazione del bi<span class=\"_ _0\"></span>lancio elaborat<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> dallo IASB. Non sono state effettu<span class=\"_ _0\"></span>ate deroghe all\u2019<span class=\"_ _0\"></span>applicazione dei prin<span class=\"_ _0\"></span>cipi contabili IAS/IFRS<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella Relazione sulla gestione e nella Nota integr<span class=\"_ _0\"></span>ativa sono fornite le informazioni richie<span class=\"_ _0\"></span>ste dai principi contabili interna<span class=\"_ _2\"></span>zionali, dalle <span class=\"_ _5\"></span>Leggi, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span><span class=\"ff4\">Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Borsa <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span><span class=\"ff4\">Consob <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>all\u2019Autorit\u00e0 <span class=\"_ _5\"></span>Europea </span>degli  Strumenti  Finanzia<span class=\"_ _0\"></span>ri  e  dei  Mercati  <span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>ESMA,  olt<span class=\"_ _0\"></span>re  ad  altre  informazioni  no<span class=\"_ _0\"></span>n  obbligatorie  ma  ritenut<span class=\"_ _0\"></span>e  ugualmente<span class=\"_ _0\"></span> necessarie <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>rappresentazione <span class=\"_ _7\"> </span>corretta <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>eritiera <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>inoltre <span class=\"_ _7\"> </span>tenuto <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei documenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>tipo <span class=\"_ _6\"> </span>interpretativo <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>supporto <span class=\"_ _6\"> </span>all\u2019applicazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"></span>agli <span class=\"_ _4\"> </span>impatti <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _6\"></span>e </span>quelli <span class=\"_ _3\"></span>conseguenti <span class=\"_ _2\"></span>allo <span class=\"_ _3\"></span>scoppio <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>cris<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>russo-ucraina, <span class=\"_ _3\"></span>emanati <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>organismi <span class=\"_ _2\"></span>regolamentari <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _2\"></span>europei <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli standard setter illustrat<span class=\"_ _0\"></span>i pi\u00f9 nel dettagli<span class=\"_ _0\"></span>o nella Successiva Se<span class=\"_ _0\"></span>zione 5 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Altri aspetti. I <span class=\"_ _2\"></span>Prospetti <span class=\"_ _5\"></span>contabili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integr<span class=\"_ _2\"></span>ativa <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto dall\u2019IFRS <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dismissione <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno </span>oggetto <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>cessione <span class=\"_ _17\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>strategie <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span><span class=\"ff1\">-risking <span class=\"_ _18\"> </span>del <span class=\"_ _17\"> </span>Gruppo. <span class=\"_ _18\"> </span>Nella <span class=\"_ _17\"> </span>voce <span class=\"_ _18\"> </span>risultano <span class=\"_ _17\"> </span>inoltre <span class=\"_ _17\"> </span>riclassificate <span class=\"_ _17\"> </span>la </span>partecipazione in Zhong Ou Asset Manageme<span class=\"_ _0\"></span>nt Co. Ltd., per la quale il perfezionamento dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> cessione \u00e8 atteso nel corso dei<span class=\"_ _35\"></span> prossimi <span class=\"_ _7\"> </span>mesi, <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>volta <span class=\"_ _7\"> </span>completato <span class=\"_ _7\"> </span>l\u2019iter <span class=\"_ _7\"> </span>autorizzativo, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>afferenti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>ramo <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>PBZ <span class=\"_ _4\"> </span>Card dedicato all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> merchant acquiri<span class=\"_ _0\"></span>ng, che saranno ogget<span class=\"_ _0\"></span>to di trasferiment<span class=\"_ _0\"></span>o al Gruppo Nexi <span class=\"_ _0\"></span>nella prima parte del 2<span class=\"_ _0\"></span>023. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>Prospetti <span class=\"_ _3\"></span>contabili <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Nota <span class=\"_ _3\"></span>integrativa <span class=\"_ _3\"></span>presentano <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrispondenti dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i raffronto riferiti al 31 <span class=\"_ _0\"></span>dicembre 2021.  Negli <span class=\"_ _3\"></span>Allegati vengono presentati <span class=\"_ _3\"></span>i prospetti di <span class=\"_ _3\"></span>raccordo con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dati di <span class=\"_ _3\"></span>Stato patrimoniale e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Conto economico or<span class=\"_ _3\"></span>iginariamen<span class=\"_ _2\"></span>te pubblicati  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l  Bilan<span class=\"_ _0\"></span>cio  2021,<span class=\"_ _0\"></span>  oltre <span class=\"_ _16\"> </span>a  spec<span class=\"_ _3\"></span>ifici <span class=\"_ _16\"> </span>schemi  di <span class=\"_ _16\"> </span>raccordo  tra <span class=\"_ _16\"> </span>questi  ultimi <span class=\"_ _16\"> </span>e  i <span class=\"_ _16\"> </span>prospetti  riclassi<span class=\"_ _0\"></span>ficati  (rie<span class=\"_ _0\"></span>sposti <span class=\"_ _16\"> </span>e rideterminati) inclusi n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla Relazione sulla g<span class=\"_ _0\"></span>estione che corre<span class=\"_ _0\"></span>da il presente bilanci<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> Contenuto dei prospetti contabili Prospetto di stato patrim<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>niale e Prospetto di conto econ<span class=\"_ _0\"></span>omico Gli <span class=\"_ _2\"></span>schemi <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>atrimoniale <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>costituiti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>voci, <span class=\"_ _2\"></span>sottovoci <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ulteriori <span class=\"_ _2\"></span>dettagli <span class=\"_ _2\"></span>informat<span class=\"_ _5\"></span>ivi (i<span class=\"ls0\"> <span class=\"ff4\">\u201cdi cui\u201d delle v<span class=\"_ _0\"></span>oci e sottovoci). <span class=\"ff1\"> </span></span></span>A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>avvalersi <span class=\"_ _5\"></span>dell\u2019opzione <span class=\"_ _4\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>c.d. <span class=\"_ _6\"></span>Deferral <span class=\"_ _5\"></span>Approach, <span class=\"_ _6\"></span>prevista <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 \u201cStrumenti <span class=\"_ _5\"></span>finanziari\u201d <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>conglomerati <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prevalenza <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancaria, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>virt\u00f9 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assi<span class=\"_ _5\"></span><span class=\"ff1\">vit\u00e0 </span>finanziarie delle compagnie assicurative controllate continuano <span class=\"_ _3\"></span>ad essere rilevate in bilancio ai sensi d<span class=\"_ _3\"></span>i quanto prescritto dallo IAS <span class=\"_ _6\"></span>39, <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>schemi <span class=\"_ _6\"></span>consolidati <span class=\"_ _5\"></span>previsti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>aggiunte <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>voci <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>pat<span class=\"_ _3\"></span>rimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di Conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rappresentare <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valorizzazione <span class=\"_ _5\"></span>delle <span class=\"_ _4\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>imprese <span class=\"_ _5\"></span>assicurative <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i relativi effetti econ<span class=\"_ _0\"></span>omici valutati ai sen<span class=\"_ _0\"></span>si dello IAS 39. Per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>definiti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oci <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span>presenta<span class=\"ff4\">no <span class=\"_ _5\"></span>importi <span class=\"_ _5\"></span>n\u00e9 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019esercizio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>precedente. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _5\"></span>economico <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>ricavi </span>sono indicati senza segn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>, mentre i costi s<span class=\"_ _0\"></span>ono preceduti dal <span class=\"_ _0\"></span>segno meno. Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>red<span class=\"ff4\">d<span class=\"_ _3\"></span>itivit\u00e0 <span class=\"_ _2\"></span>complessiva, <span class=\"_ _5\"></span>partendo <span class=\"_ _2\"></span>dall\u2019utile <span class=\"_ _5\"></span>(perdita) <span class=\"_ _2\"></span>d\u2019esercizio, <span class=\"_ _5\"></span>espone <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>componenti <span class=\"_ _5\"></span>reddituali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _5\"></span>in </span>contropartita delle riser<span class=\"_ _0\"></span>ve da valutazio<span class=\"_ _0\"></span>ne, al netto del relati<span class=\"_ _0\"></span>vo effetto fiscale, in <span class=\"_ _0\"></span>conformit\u00e0 ai prin<span class=\"_ _0\"></span>cipi contabili intern<span class=\"_ _2\"></span>azionali. La <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>edditivit\u00e0 <span class=\"_ _7\"> </span>complessiva <span class=\"_ _7\"> </span>consolidata <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentat<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>fornendo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eparata <span class=\"_ _7\"> </span>evidenza <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>reddituali <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non saranno <span class=\"_ _18\"> </span>in <span class=\"_ _1c\"> </span>fut<span class=\"_ _0\"></span>uro <span class=\"_ _18\"> </span>riversate <span class=\"_ _1c\"> </span>nel <span class=\"_ _18\"> </span>conto <span class=\"_ _18\"> </span>economico <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>quelle <span class=\"_ _18\"> </span>che, <span class=\"_ _1c\"> </span>diversamente<span class=\"_ _0\"></span>, <span class=\"_ _18\"> </span>potranno <span class=\"_ _1c\"> </span>essere <span class=\"_ _17\"> </span>successivamente<span class=\"_ _0\"></span> riclassificate <span class=\"_ _5\"></span>nell\u2019utile <span class=\"_ _5\"></span>(perdita) <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>l\u2019esercizio <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>verificarsi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>determinate <span class=\"_ _5\"></span>condizioni. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>istingue <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di redditivit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pertinenza della <span class=\"_ _2\"></span>Capogruppo da <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>soci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza. <span class=\"_ _3\"></span>Come <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>Stato patrimoniale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span>Conto <span class=\"_ _3\"></span>economico, rispetto <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span><span class=\"ff4\">chemi <span class=\"_ _3\"></span>definiti dal<span class=\"_ _3\"></span>la Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>riportate a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>le voc<span class=\"_ _3\"></span>i che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>n\u00e9 </span>per l\u2019esercizio al q<span class=\"_ _0\"></span>uale si riferisce il bilan<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>io, n\u00e9 per quell<span class=\"_ _0\"></span>o precedente. Gli im<span class=\"_ _0\"></span>porti negativi sono <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>receduti dal segn<span class=\"_ _0\"></span>o me<span class=\"_ _5\"></span><span class=\"ff1\">no. </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-708.3235px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc2 sc0 ls0 ws0\">Prospetto delle variazioni del<span class=\"_ _0\"></span> patrimonio netto </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Nel prospetto delle variazioni del <span class=\"_ _3\"></span>patrimonio netto viene riportata la c<span class=\"_ _3\"></span>omposizione e la movimentazione dei conti di <span class=\"_ _3\"></span>patrimon<span class=\"_ _5\"></span>io </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">netto <span class=\"_ _3\"></span>intervenuta <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>precedente, <span class=\"_ _3\"></span>suddivisi <span class=\"_ _6\"></span><span class=\"ff1\">tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">capitale, di utili e da valutazione di attivit\u00e0 o passivit\u00e0 di bilancio ed il <span class=\"_ _3\"></span>risultato economico.<span class=\"_ _0\"></span> Le azioni proprie in porta<span class=\"_ _5\"></span>foglio sono </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">portate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>prospetto <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentato <span class=\"_ _5\"></span>invertend<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>righe <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>colonne <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>medesim<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">prospetto previsto dall\u2019<span class=\"_ _0\"></span>aggiornamento d<span class=\"_ _0\"></span>ella Circolare n. 262/<span class=\"_ _0\"></span>2005 della B<span class=\"_ _0\"></span>anca d\u2019Italia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc2 sc0 ls0 ws0\">Rendiconto finanziario </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ntervenuti <span class=\"_ _4\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>qu<span class=\"_ _2\"></span><span class=\"ff1\">ello <span class=\"_ _7\"> </span>precedente <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>predisposto<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">seguendo <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>metodo  indiretto, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>derivanti  d<span class=\"_ _3\"></span>all\u2019attivit\u00e0  operativa <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentati <span class=\"_ _1d\"> </span>dal  r<span class=\"_ _3\"></span>isultato<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio rettifica<span class=\"_ _0\"></span>to degli effetti dell<span class=\"_ _0\"></span>e operazioni di natur<span class=\"_ _0\"></span>a non monetaria. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span><span class=\"ff4\">sono <span class=\"_ _6\"></span>suddivisi <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>operativa, <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"> </span>generati <span class=\"_ _6\"></span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quelli<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">prodotti dall\u2019attivit\u00e0 di<span class=\"_ _0\"></span> provvista.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>generatisi <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>indicati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>segno, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>as<span class=\"_ _5\"></span><span class=\"ff1\">sorbiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>preceduti <span class=\"_ _3\"></span>dal </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">segno meno. </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1dc ff5 fs9 fc2 sc0 ls0 ws0\">Contenuto della Nota integrativa </div><div class=\"t m0 x0 h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">La Nota <span class=\"_ _3\"></span>integrativa comprende le informazioni previste dai principi contabili internazionali e dalla Circolare <span class=\"_ _3\"></span>n. 262 della <span class=\"_ _3\"></span>B<span class=\"_ _5\"></span>anca </div><div class=\"t m0 x0 h2 y6f2 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Italia <span class=\"_ _3\"></span>emanata <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2005 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>successivi <span class=\"_ _3\"></span>ag<span class=\"_ _2\"></span><span class=\"ff1\">giornamenti a<span class=\"_ _3\"></span>pplicabili <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>redazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>bilancio. <span class=\"_ _3\"></span>Come <span class=\"_ _2\"></span>gi\u00e0 </span></div><div class=\"t m0 x0 h32 yfa ff4 fs0 fc0 sc0 ls0 ws0\">evidenziato <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>merito <span class=\"_ _4\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prospetti <span class=\"_ _7\"> </span>contabili, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>all\u2019applicazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Deferral <span class=\"_ _7\"> </span>approach <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>compagnie </div><div class=\"t m0 x0 h2 y8f9 ff4 fs0 fc0 sc0 ls0 ws0\">assicurative <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Gruppo, <span class=\"_ _5\"></span>l\u2019informativa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>nota <span class=\"_ _6\"></span>integrativa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span><span class=\"ff1\">revista <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Circolare <span class=\"_ _5\"></span>262 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>integrata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>tabelle <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dal </span></div><div class=\"t m0 x0 h2 y7f8 ff1 fs0 fc0 sc0 ls0 ws0\">previgente 4\u00b0 agg<span class=\"_ _0\"></span>iornamento della Cir<span class=\"_ _0\"></span>colare 262 per rappresen<span class=\"_ _0\"></span>tare le informazio<span class=\"_ _0\"></span>ni richieste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y8fa ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y901 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-909": {
   "value": "SEZIONE 2 - PRINCIPI GENERALI DI REDAZIONE  Il bilancio consolidato \u00e8 costituito dallo Stato patrimoniale, dal Conto economico, dal Prospetto della redditivit\u00e0 complessiva, dal Prospetto delle variazioni di patrimonio netto, dal Rendiconto finanziario, dalla Nota integrativa e dalle relative informazioni comparative ed \u00e8 inoltre corredato da una Relazione degli amministratori sull\u2019andamento della gestione, sui risultati economici conseguiti e sulla situazione patrimoniale e finanziaria del Gruppo Intesa Sanpaolo. In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D. Lgs. n. 38/2005, il bilancio \u00e8 redatto utilizzando l\u2019Euro quale moneta di conto. Gli  importi  dei  Prospetti  contabili  e  della  Nota  integrativa,  cos\u00ec  come  quelli  indicati  nella  Relazione  sulla  gestione,  sono espressi \u2013 qualora non diversamente specificato \u2013 in milioni di Euro. Il bilancio \u00e8 redatto con l\u2019applicazione dei principi generali previsti dallo IAS 1 e degli specifici principi contabili omologati dalla Commissione  Europea  e  illustrati  nella  Parte  A.2  della  presente  Nota  integrativa,  nonch\u00e9  in  aderenza  con  le  assunzioni generali previste dal Quadro Sistematico per la preparazione e presentazione del bilancio elaborato dallo IASB. Non sono state effettuate deroghe all\u2019applicazione dei principi contabili IAS/IFRS.  Nella Relazione sulla gestione e nella Nota integrativa sono fornite le informazioni richieste dai principi contabili internazionali, dalle Leggi, dalla Banca d\u2019Italia, dalla Commissione Nazionale per le Societ\u00e0 e la Borsa  \u2013 Consob e dall\u2019Autorit\u00e0 Europea degli  Strumenti  Finanziari  e  dei  Mercati  \u2013  ESMA,  oltre  ad  altre  informazioni  non  obbligatorie  ma  ritenute  ugualmente necessarie  ai  fini  di  una  rappresentazione  corretta  e  veritiera  della  situazione  del  Gruppo.  Si  \u00e8  inoltre  tenuto  conto  dei documenti di  tipo  interpretativo e  di  supporto  all\u2019applicazione dei  principi  contabili  in  relazione agli  impatti da  COVID-19 e quelli conseguenti allo scoppio della crisi russo-ucraina, emanati dagli organismi regolamentari e di vigilanza europei e dagli standard setter illustrati pi\u00f9 nel dettaglio nella Successiva Sezione 5 \u2013 Altri aspetti. I Prospetti contabili di stato patrimoniale e i relativi dettagli di Nota integrativa presentano \u2013 in conformit\u00e0 a quanto previsto dall\u2019IFRS 5 \u2013 tra le componenti relative alle attivit\u00e0 in dismissione principalmente i portafogli di crediti deteriorati che saranno oggetto  di  cessione  nell\u2019ambito  delle  strategie  di  de-risking  del  Gruppo.  Nella  voce  risultano  inoltre  riclassificate  la partecipazione in Zhong Ou Asset Management Co. Ltd., per la quale il perfezionamento della cessione \u00e8 atteso nel corso dei prossimi  mesi,  una  volta  completato  l\u2019iter  autorizzativo,  e  le  attivit\u00e0  e  passivit\u00e0  afferenti  al  ramo  d\u2019azienda  di  PBZ  Card dedicato all\u2019attivit\u00e0 di merchant acquiring, che saranno oggetto di trasferimento al Gruppo Nexi nella prima parte del 2023.  I Prospetti contabili e la Nota integrativa presentano oltre agli importi del periodo di riferimento, anche i corrispondenti dati di raffronto riferiti al 31 dicembre 2021.  Negli Allegati vengono presentati i prospetti di raccordo con i dati di Stato patrimoniale e di Conto economico originariamente pubblicati  nel  Bilancio  2021,  oltre  a  specifici  schemi  di  raccordo  tra  questi  ultimi  e  i  prospetti  riclassificati  (riesposti  e rideterminati) inclusi nella Relazione sulla gestione che correda il presente bilancio. Contenuto dei prospetti contabili Prospetto di stato patrimoniale e Prospetto di conto economico Gli schemi dello Stato patrimoniale e del Conto economico sono costituiti da voci, sottovoci e da ulteriori dettagli informativi (i \u201cdi cui\u201d delle voci e sottovoci).  A seguito della scelta del Gruppo di avvalersi dell\u2019opzione  di applicazione del c.d. Deferral Approach, prevista dall\u2019IFRS 9 \u201cStrumenti finanziari\u201d anche per i conglomerati finanziari a prevalenza bancaria, in virt\u00f9 della quale le attivit\u00e0 e le passivit\u00e0 finanziarie delle compagnie assicurative controllate continuano ad essere rilevate in bilancio ai sensi di quanto prescritto dallo IAS 39, negli schemi consolidati previsti dalla Circolare 262 sono state aggiunte specifiche voci di Stato patrimoniale e di Conto economico per rappresentare la valorizzazione delle attivit\u00e0 e passivit\u00e0 di pertinenza delle imprese assicurative e i relativi effetti economici valutati ai sensi dello IAS 39. Per completezza si segnala che con riferimento agli schemi definiti dalla Banca d\u2019Italia sono riportate anche le voci che non presentano importi n\u00e9 per l\u2019esercizio al quale si riferisce il bilancio, n\u00e9 per quello precedente. Nel conto economico i ricavi sono indicati senza segno, mentre i costi sono preceduti dal segno meno. Prospetto della redditivit\u00e0 complessiva Il prospetto della redditivit\u00e0 complessiva, partendo dall\u2019utile (perdita) d\u2019esercizio, espone le componenti reddituali rilevate in contropartita delle riserve da valutazione, al netto del relativo effetto fiscale, in conformit\u00e0 ai principi contabili internazionali. La  redditivit\u00e0  complessiva  consolidata  \u00e8  rappresentata  fornendo  separata  evidenza  delle  componenti  reddituali  che  non saranno  in  futuro  riversate  nel  conto  economico  e  di  quelle  che,  diversamente,  potranno  essere  successivamente riclassificate nell\u2019utile (perdita) dell\u2019esercizio al verificarsi di determinate condizioni. Il prospetto distingue inoltre la quota di redditivit\u00e0 di pertinenza della Capogruppo da quelle di pertinenza dei soci di minoranza. Come per lo Stato patrimoniale ed il Conto economico, rispetto agli schemi definiti dalla Banca d\u2019Italia sono riportate anche le voci che non presentano importi n\u00e9 per l\u2019esercizio al quale si riferisce il bilancio, n\u00e9 per quello precedente. Gli importi negativi sono preceduti dal segno meno. Prospetto delle variazioni del patrimonio netto Nel prospetto delle variazioni del patrimonio netto viene riportata la composizione e la movimentazione dei conti di patrimonio netto intervenuta nell\u2019esercizio di riferimento del bilancio ed in quello precedente, suddivisi tra il capitale sociale, le riserve di capitale, di utili e da valutazione di attivit\u00e0 o passivit\u00e0 di bilancio ed il risultato economico. Le azioni proprie in portafoglio sono portate in diminuzione del patrimonio netto. Il prospetto \u00e8 presentato invertendo le righe e le colonne rispetto al medesimo prospetto previsto dall\u2019aggiornamento della Circolare n. 262/2005 della Banca d\u2019Italia.  Rendiconto finanziario Il  prospetto  dei  flussi  finanziari  intervenuti  nell\u2019esercizio  di  riferimento  del  bilancio  ed  in  quello  precedente  \u00e8  predisposto seguendo  il  metodo  indiretto,  in  base  al  quale  i  flussi  derivanti  dall\u2019attivit\u00e0  operativa  sono  rappresentati  dal  risultato dell\u2019esercizio rettificato degli effetti delle operazioni di natura non monetaria.  I flussi finanziari sono suddivisi  tra  quelli derivanti  dall\u2019attivit\u00e0  operativa,  quelli  generati dall\u2019attivit\u00e0  di  investimento e  quelli prodotti dall\u2019attivit\u00e0 di provvista. Nel prospetto i flussi generatisi nel corso dell\u2019esercizio sono indicati senza segno, mentre quelli assorbiti sono preceduti dal segno meno. Contenuto della Nota integrativa La Nota integrativa comprende le informazioni previste dai principi contabili internazionali e dalla Circolare n. 262 della Banca d\u2019Italia emanata il 22 dicembre 2005 e successivi aggiornamenti applicabili per la redazione del presente bilancio. Come gi\u00e0 evidenziato  in  merito  ai  prospetti  contabili,  in  relazione  all\u2019applicazione  del  Deferral  approach  da  parte  delle  compagnie assicurative del  Gruppo, l\u2019informativa di nota integrativa prevista dalla Circolare 262 \u00e8 integrata con le tabelle previste dal previgente 4\u00b0 aggiornamento della Circolare 262 per rappresentare le informazioni richieste dallo IAS 39. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-904": {
   "value": "Rendiconto finanziario Il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ntervenuti <span class=\"_ _4\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>qu<span class=\"_ _2\"></span><span class=\"ff1\">ello <span class=\"_ _7\"> </span>precedente <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>predisposto<span class=\"_ _0\"></span> </span>seguendo <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>metodo  indiretto, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>derivanti  d<span class=\"_ _3\"></span>all\u2019attivit\u00e0  operativa <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentati <span class=\"_ _1d\"> </span>dal  r<span class=\"_ _3\"></span>isultato<span class=\"_ _0\"></span> dell\u2019esercizio rettifica<span class=\"_ _0\"></span>to degli effetti dell<span class=\"_ _0\"></span>e operazioni di natur<span class=\"_ _0\"></span>a non monetaria. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span><span class=\"ff4\">sono <span class=\"_ _6\"></span>suddivisi <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>operativa, <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"> </span>generati <span class=\"_ _6\"></span>dall\u2019attivit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quelli<span class=\"_ _0\"></span> </span>prodotti dall\u2019attivit\u00e0 di<span class=\"_ _0\"></span> provvista.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>prospetto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>generatisi <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>indicati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>segno, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>as<span class=\"_ _5\"></span><span class=\"ff1\">sorbiti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>preceduti <span class=\"_ _3\"></span>dal </span>segno meno. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1025": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-121.24536px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">SEZIONE 3 - AREA E METODI DI C<span class=\"_ _3\"></span>ONSOLIDAMENTO  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 yaa8 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yaa9 ff5 fs0 fc2 sc0 ls0 ws0\">Area di consolidamento  </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _20\"> </span>bilancio <span class=\"_ _20\"> </span>consolidato <span class=\"_ _20\"> </span>include<span class=\"_ _35\"></span> <span class=\"_ _23\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>societ\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _20\"> </span>questa <span class=\"_ _20\"> </span>direttamente <span class=\"_ _20\"> </span>o <span class=\"_ _20\"> </span>indirettamente <span class=\"_ _1c\"> </span>controllate, </div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">comprendendo <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>specificamente <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>societ\u00e0 </div><div class=\"t m0 x0 h2 y416 ff1 fs0 fc0 sc0 ls0 ws0\">operanti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>settori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>dissimili <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capo<span class=\"_ _3\"></span>gruppo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>private <span class=\"_ _2\"></span>equ<span class=\"_ _5\"></span>ity. </div><div class=\"t m0 x0 h2 y417 ff1 fs0 fc0 sc0 ls0 ws0\">Analogamente, <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>incluse <span class=\"_ _18\"> </span>anche <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>entit\u00e0 <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _17\"> </span>quando <span class=\"_ _1c\"> </span>ne <span class=\"_ _18\"> </span>ricorrano <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>req<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>isiti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>effettivo <span class=\"_ _18\"> </span>controllo, <span class=\"_ _18\"> </span>anche </div><div class=\"t m0 x0 h2 y418 ff4 fs0 fc0 sc0 ls0 ws0\">indipendentemente dall<span class=\"_ _0\"></span>\u2019esistenza di una qu<span class=\"_ _0\"></span>ota partecipativ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>esposta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detiene <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>ta<span class=\"_ _5\"></span><span class=\"ls13\">li </span></div><div class=\"t m0 x0 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\">rendimenti, derivanti dal <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>rio rapporto con <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>tesse e <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>contempo ha <span class=\"_ _3\"></span>la capacit\u00e0 di<span class=\"_ _3\"></span> incidere <span class=\"_ _3\"></span>sui rendimenti e<span class=\"_ _3\"></span>sercitando il </div><div class=\"t m0 x0 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">proprio potere su tali<span class=\"_ _0\"></span> entit\u00e0. </div><div class=\"t m0 x0 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4a3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della partecipata; </span></div><div class=\"t m0 x0 h2 y25f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti <span class=\"_ _0\"></span>a rendimenti variabili<span class=\"_ _0\"></span> derivanti dal rappor<span class=\"_ _0\"></span>to con l\u2019entit\u00e0 ogg<span class=\"_ _0\"></span>etto di investimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 yad ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _3\"></span></span> </span></div><div class=\"t m0 x2a h2 yae ff1 fs0 fc0 sc0 ls0 ws0\">rendimenti. </div><div class=\"t m0 x0 h2 yaf ff1 fs0 fc0 sc0 ls0 ws0\">Sono  considerate  controllate  congiuntamente<span class=\"_ _0\"></span>  le  entit\u00e0 <span class=\"_ _1d\"> </span>nelle  quali,  su  base  contrattuale,  il  controllo  \u00e8  condiviso  fra  la </div><div class=\"t m0 x0 h2 yb0 ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo, <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>indirettamen<span class=\"_ _0\"></span>te, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>uno <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>esterni <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _4\"> </span>quando <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>decisioni </div><div class=\"t m0 x0 h2 yb1 ff1 fs0 fc0 sc0 ls24 ws0\">ri<span class=\"ls0\">guardanti le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti \u00e8 richie<span class=\"_ _0\"></span>sto il consenso un<span class=\"_ _0\"></span>anime di tutte le p<span class=\"_ _0\"></span>arti che condividono il <span class=\"_ _0\"></span>controllo.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yb2 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>collegate, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>sot<span class=\"_ _3\"></span>toposte <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>notevole, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>direttamente <span class=\"_ _5\"></span>o </div><div class=\"t m0 x0 h2 yf4b ff1 fs0 fc0 sc0 ls0 ws0\">indirettamente, po<span class=\"_ _0\"></span>ssie<span class=\"ff4\">de almeno il 20% dei diritti<span class=\"_ _0\"></span> di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201c<span class=\"_ _0\"></span>potenziali\u201d) o nelle q<span class=\"_ _0\"></span>uali <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> pur con una quota </span></span></div><div class=\"t m0 x0 h2 y960 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>voto <span class=\"_ _4\"> </span>inferiore <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>potere <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>partecipare <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 yef9 ff1 fs0 fc0 sc0 ls0 ws0\">particolari legami giuri<span class=\"_ _0\"></span>dici, quali la partecip<span class=\"_ _0\"></span>azione a patti di sind<span class=\"_ _0\"></span>acato.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y7f9 ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _16\"> </span>escluse <span class=\"_ _7\"> </span>dall\u2019area <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>onsolidamento, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>classificate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9,  alcun<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>interessenz<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 yefa ff1 fs0 fc0 sc0 ls0 ws0\">superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20%, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>importo <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>indirettamente, <span class=\"_ _5\"></span>detiene </div><div class=\"t m0 x0 h2 yf4c ff1 fs0 fc0 sc0 ls0 ws0\">esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>una porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti de<span class=\"_ _3\"></span>gli investimenti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ha accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di gestione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu\u00f2 </div><div class=\"t m0 x0 h2 y24a ff1 fs0 fc0 sc0 ls0 ws0\">esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla tutela dei propri int<span class=\"_ _0\"></span>eressi patrimonial<span class=\"_ _0\"></span>i. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yf4d ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>escluse <span class=\"_ _5\"></span>dall\u2019area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _6\"></span><span class=\"ff1\">integrale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artecipative <span class=\"_ _2\"></span>detenute, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>attraverso </span></div><div class=\"t m0 x0 h2 y7fb ff1 fs0 fc0 sc0 ls0 ws0\">fondi, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>svolgono <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>venture <span class=\"_ _4\"></span>capital. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>interessenze <span class=\"_ _4\"></span>partecipativ<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>incluse <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>categoria <span class=\"_ _4\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 yefd ff1 fs0 fc0 sc0 ls0 ws0\">Attivit\u00e0 finanziarie va<span class=\"_ _0\"></span>lutate al fair value con <span class=\"_ _0\"></span>impat<span class=\"_ _3\"></span>to a conto econ<span class=\"_ _0\"></span>omico.  </div><div class=\"t m0 x0 h2 yf4e ff4 fs0 fc0 sc0 ls0 ws0\">Sono, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019area <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricevute <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pegno <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yeff ff1 fs0 fc0 sc0 ls0 ws0\">diritto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>20%, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>considerazione della <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>tela<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 yf4f ff1 fs0 fc0 sc0 ls0 ws0\">non di <span class=\"_ _3\"></span>esercizio del <span class=\"_ _3\"></span>controllo e di <span class=\"_ _3\"></span>indirizzo del<span class=\"_ _3\"></span>le politiche finanziarie ed <span class=\"_ _3\"></span>economiche, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>usufruire dei <span class=\"_ _3\"></span>benefici ec<span class=\"_ _5\"></span>onomici </div><div class=\"t m0 x0 h2 yf50 ff1 fs0 fc0 sc0 ls0 ws0\">da esse derivanti. </div><div class=\"t m0 x0 h2 y1e9 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _18\"> </span>esercita <span class=\"_ _17\"> </span>su <span class=\"_ _1c\"> </span>Risa<span class=\"_ _0\"></span>namento <span class=\"_ _18\"> </span>S.p.A. <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>con<span class=\"_ _3\"></span><span class=\"ff4\">trollate <span class=\"_ _18\"> </span>l\u2019attivit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>direzione <span class=\"_ _18\"> </span>e </span></div><div class=\"t m0 x0 h2 ye6b ff4 fs0 fc0 sc0 ls0 ws0\">coordinamento di cui a<span class=\"_ _0\"></span>ll\u2019art. 2497 C.C. e s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guenti.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y894 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y895 ff4 fs0 fc0 sc0 ls0 ws0\">Rispetto al 31 dicem<span class=\"_ _0\"></span>bre 2021, le variazioni <span class=\"_ _0\"></span>nel perimetro di c<span class=\"_ _0\"></span>onsolidamento int<span class=\"_ _0\"></span>egrale hanno rigu<span class=\"_ _0\"></span>ardato l\u2019ingresso di:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Newco  TPA<span class=\"_ _0\"></span>  S.p.A.<span class=\"_ _0\"></span>  (or<span class=\"_ _0\"></span>a  deno<span class=\"_ _0\"></span>minata  I<span class=\"_ _0\"></span>nSalute  Se<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>vizi  <span class=\"ff4\">S.p.A.), <span class=\"_ _16\"> </span>societ\u00e0  di<span class=\"_ _0\"></span>  nu<span class=\"_ _0\"></span>ova <span class=\"_ _16\"> </span>costituzione  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _16\"> </span>del  Gr<span class=\"_ _0\"></span>uppo </span></span></div><div class=\"t m0 x2a h2 y6b3 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativo, parteci<span class=\"_ _0\"></span>pata al 100% da Intesa S<span class=\"_ _0\"></span>anpaolo Vita; </div><div class=\"t m0 x0 h2 y2c0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest (CBPQ), part<span class=\"_ _0\"></span>ecipata al 100% d<span class=\"_ _0\"></span>a Fideuram Bank (L<span class=\"_ _0\"></span>uxembourg) S.A.;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y361 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>VUB Operating Leasing A.S. <span class=\"_ _3\"></span>(societ\u00e0<span class=\"_ _3\"></span> dedicata per lo <span class=\"_ _3\"></span>sviluppo del leasing <span class=\"_ _3\"></span>operativo), precedente<span class=\"_ _0\"></span>mente consolidata con il </span></div><div class=\"t m0 x2a h2 y362 ff1 fs0 fc0 sc0 ls0 ws0\">metodo del patrimonio <span class=\"_ _0\"></span>netto; </div><div class=\"t m0 x0 h2 yf51 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(cessionaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ISP e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI), <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>miti di </span></div><div class=\"t m0 x2a h2 yf52 ff1 fs0 fc0 sc0 ls0 ws0\">immaterialit\u00e0 che ne permetteva<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o in precedenza il c<span class=\"_ _0\"></span>onsolidamento al <span class=\"_ _0\"></span>patrimonio netto; </div><div class=\"t m0 x0 h2 y8ea ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB Generali Dochodkova Spravcovs<span class=\"_ _0\"></span>ka Spolocnost A.S a seguito dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisto di una ulteriore q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del 5,26% da part<span class=\"_ _35\"></span>e </span></span></div><div class=\"t m0 x2a h2 y39f ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"> </span>VSEOBECNA <span class=\"_ _4\"> </span>UVEROVA <span class=\"_ _4\"> </span>BANKA <span class=\"_ _4\"> </span>A.S. <span class=\"_ _7\"> </span>(l\u2019investimento <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attesta <span class=\"_ _4\"> </span>ora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>55,26%), <span class=\"_ _4\"></span>precedentemente <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 yf53 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 era consolid<span class=\"_ _0\"></span>ata con il metodo <span class=\"_ _0\"></span>del patrimonio netto; </div><div class=\"t m0 x0 h2 yb1f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Eurizon <span class=\"_ _6\"></span>Capital <span class=\"_ _6\"></span>Real <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>SGR <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>superamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>immaterialit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ne <span class=\"_ _6\"></span>permettevano <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x2a h2 yf54 ff1 fs0 fc0 sc0 ls0 ws0\">precedenza il consolid<span class=\"_ _0\"></span>amento al patrimoni<span class=\"_ _0\"></span>o netto; </div><div class=\"t m0 x0 h2 yc64 ff4 fs0 fc0 sc0 ls0 ws0\">e l\u2019uscita di:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y59b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Suisse) Morval, fu<span class=\"_ _0\"></span>sa per incorporazione in R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>yl &amp; Cie S.A.;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y8ee ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB <span class=\"_ _6\"> </span>Le<span class=\"_ _3\"></span>asing <span class=\"_ _6\"> </span>A.S., <span class=\"_ _4\"> </span>cessata <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>scissione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>Vs<span class=\"_ _3\"></span>eobecna <span class=\"_ _6\"> </span>Uverova <span class=\"_ _4\"> </span>Banka <span class=\"_ _6\"> </span>A.S. <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>leasing<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 ycde ff1 fs0 fc0 sc0 ls0 ws0\">finanziario e in VUB<span class=\"_ _0\"></span> Operating Lea<span class=\"ff4\">sing (sopra indicata) per<span class=\"_ _0\"></span> l\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 yf55 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>UBI Leasing S.p.A., fusa p<span class=\"_ _0\"></span>er incorporazione in In<span class=\"_ _0\"></span>tesa Sanpaolo <span class=\"_ _0\"></span>S.p.A.;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yf56 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>PBZ Stambena Stedionica d.<span class=\"_ _0\"></span>d., fusa per incorpora<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione in PBZ <span class=\"ff4\">\u2013</span> Privredna Banka Zagreb d.d.; </span></div><div class=\"t m0 x0 h2 yf57 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _1c\"> </span>Sanpaolo <span class=\"_ _20\"> </span>(Qingd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>o) <span class=\"_ _20\"> </span>Service <span class=\"_ _1c\"> </span>Company <span class=\"_ _1c\"> </span>Limited, <span class=\"_ _1c\"> </span>ora <span class=\"_ _1c\"> </span>consolidata <span class=\"_ _1c\"> </span>con <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>metodo <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>patri<span class=\"_ _3\"></span>monio <span class=\"_ _1c\"> </span>netto <span class=\"_ _1c\"> </span>in </span></div><div class=\"t m0 x2a h2 yf58 ff1 fs0 fc0 sc0 ls0 ws0\">considerazione della c<span class=\"_ _0\"></span>ontenuta materiali<span class=\"_ _0\"></span>t\u00e0 degli aggregati <span class=\"_ _0\"></span>patrimoniali;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y55 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Cargeas Assicurazioni S.p<span class=\"_ _0\"></span>.A., fusa per incorpora<span class=\"_ _0\"></span>zione in Intesa S<span class=\"_ _0\"></span>anpaolo Assicura S.p.A.; </span></div><div class=\"t m0 x0 h2 yf37 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Smart Care S.r<span class=\"_ _0\"></span>.l., fusa per incorp<span class=\"_ _0\"></span>orazione in Intesa San<span class=\"_ _0\"></span>paolo S.p.A.;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yf59 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Sanpaolo Invest SIM S.p.A., <span class=\"_ _0\"></span>fusa per incorp<span class=\"_ _0\"></span>orazione in Fideuram-Intesa Sanpaolo Private Banking S.p.A<span class=\"_ _0\"></span>. </span></div><div class=\"t m0 x0 h2 yf5a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>completezza si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>Mooney <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>continua a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>essere consolidat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>perimetro<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yf5b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>rientra <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>prudenziale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roporzionale; <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso </div><div class=\"t m0 x0 h2 y201 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>5 <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>l\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>20% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>citata <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>porta </span></div><div class=\"t m0 x0 h2 y129 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019interessenza compl<span class=\"_ _0\"></span>essiva al 50% (soggetta <span class=\"_ _0\"></span>a controllo congiu<span class=\"_ _0\"></span>nto).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf5c ff1 fs0 fc0 sc0 ls0 ws0\">Infine, per completezz<span class=\"_ _0\"></span>a, si segnalano i s<span class=\"_ _0\"></span>eguenti cambiamenti d<span class=\"_ _0\"></span>i denominazione:  </div><div class=\"t m0 x0 h2 yf5d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Intesa Sanpaolo Inte<span class=\"_ _0\"></span>rnational Value Servi<span class=\"_ _0\"></span>ces Ltd. in Intesa San<span class=\"_ _0\"></span>paolo <span class=\"_ _3\"></span>International Value Servi<span class=\"_ _0\"></span>ces d.o.o.; </span></div><div class=\"t m0 x0 h2 yf5e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>IW Bank S.p.A. in IW Pri<span class=\"_ _0\"></span>vate Investments Soci<span class=\"_ _0\"></span>et\u00e0 di Intermediaz<span class=\"_ _0\"></span>ione Mobiliare S.p.A.<span class=\"_ _90\"> </span></span><span class=\"ff1\">  </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-104.3844px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nel prospetto che segue <span class=\"_ _0\"></span>sono indicate le p<span class=\"_ _0\"></span>artecipazioni controll<span class=\"_ _0\"></span>ate in via esclusiva <span class=\"_ _0\"></span>al 31 dicembre 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y96c ff5 fs9 fc2 sc0 ls3 ws0\">1.<span class=\"ls0\"> <span class=\"_ _24\"> </span>Partecipazioni in societ\u00e0 controllate in via esclusiva </span></div><div class=\"t m0 x0 h1b y955 ff1 fs9 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1a6 h42\" style=\"left:12.516815px; bottom:842.3536px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c wff hdb\" style=\"left:228.29861px; bottom:816.9256px;\"><div class=\"t m0 x41 h8d yf5f ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y561 ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c w1a7 hdb\" style=\"left:281.18262px; bottom:816.9256px;\"><div class=\"t m0 x41 h8d yf5f ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y561 ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1a8 hdb\" style=\"left:334.7166px; bottom:816.9256px;\"><div class=\"t m0 x87 h8f yca7 ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yf60 ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1a9 h42\" style=\"left:375.58862px; bottom:842.3536px;\"><div class=\"t m0 xa4 h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1aa hdb\" style=\"left:579.20764px; bottom:816.9256px;\"><div class=\"t m0 x41 h8f yca7 ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yf60 ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1ab h8c\" style=\"left:375.58862px; bottom:816.9256px;\"><div class=\"t m0 xda h8d y959 ff5 fse fc2 sc0 ls27 ws0\">Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ac h8c\" style=\"left:547.5396px; bottom:816.9256px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y7b9 ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:802.2616px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:802.2616px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Acantus S.p.A. </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:802.2616px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:802.2616px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:802.2616px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:802.2616px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:802.2616px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:787.4416px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 800.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:772.6216px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:772.6216px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Anti Financial Crime Digital HU<span class=\"_ _0\"></span>B S.c.a r.l. (c) </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:772.6216px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:772.6216px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:772.6216px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:772.6216px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:772.6216px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 10,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:757.9576px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 100.000 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:757.9576px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:757.9576px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:742.5136px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 70,00 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:727.8496px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:727.8496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A.   (d) </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:727.8496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:727.8496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:727.8496px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:727.8496px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:727.8496px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:713.0296px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Chf 14.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:698.2096px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:698.2096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banca 5 S.p.A. </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:698.2096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:698.2096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:698.2096px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:698.2096px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:698.2096px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:683.5456px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 30.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:668.7256px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:668.7256px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banca Comerciala Eximbank S.A.<span class=\"_ _0\"></span> </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:668.7256px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Chisinau </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:668.7256px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Chisinau </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:668.7256px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:668.7256px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:668.7256px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:654.0616px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Mdl 1.250.000.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h103\" style=\"left:-4.050377px; bottom:639.2026px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w1a6 h103\" style=\"left:12.516815px; bottom:639.2026px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banca Intesa AD Beograd </div></div><div class=\"c wff h103\" style=\"left:228.29861px; bottom:639.2026px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Novi Beograd </div></div><div class=\"c w1a7 h103\" style=\"left:281.18262px; bottom:639.2026px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Beograd </div></div><div class=\"c w1a8 h103\" style=\"left:334.7166px; bottom:639.2026px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h103\" style=\"left:375.58862px; bottom:639.2026px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h103\" style=\"left:547.5396px; bottom:639.2026px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:624.3826px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rsd 21.315.900.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:609.7186px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:609.7186px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bank of Alexandria S.A.E.<span class=\"_ _0\"></span> </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:609.7186px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:609.7186px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:609.7186px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:609.7186px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:609.7186px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 80,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:594.8986px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Egp 5.000.000.<span class=\"_ _0\"></span>000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:580.2346px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:580.2346px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banka Intesa Sanpaolo d.<span class=\"_ _0\"></span>d. (e) </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:580.2346px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Koper </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:580.2346px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Koper </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:580.2346px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:580.2346px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:580.2346px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 48,13 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:565.4146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 22.173.21<span class=\"_ _0\"></span>8 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:565.4146px;\"><div class=\"t m0 x135 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.  </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:565.4146px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 51,00 </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:549.9706px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,13 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:535.3066px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:535.3066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">CBP Quilvest PE Fund GP S.<span class=\"_ _0\"></span>a r.l. (c) </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:535.3066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:535.3066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:535.3066px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:535.3066px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:535.3066px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:520.4866px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 20.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:505.82257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:505.82257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cib Bank Ltd. </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:505.82257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:505.82257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:505.82257px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:505.82257px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:505.82257px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:491.00262px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 50.000.00<span class=\"_ _0\"></span>0.003 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:476.18262px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:476.18262px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">CIB Insurance Broker Ltd.<span class=\"_ _0\"></span> </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:476.18262px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:476.18262px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:476.18262px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:476.18262px;\"><div class=\"t m0 x64 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cib Bank Ltd. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:476.18262px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:461.51862px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 10.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:446.6986px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:446.6986px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">CIB Leasing Ltd. </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:446.6986px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:446.6986px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:446.6986px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:446.6986px;\"><div class=\"t m0 x64 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cib Bank Ltd. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:446.6986px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:432.0346px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 53.000.000<span class=\"_ _0\"></span> </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:417.2146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:417.2146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">CIB Rent Operative Leasi<span class=\"_ _0\"></span>ng Ltd. </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:417.2146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:417.2146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:417.2146px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:417.2146px;\"><div class=\"t m0 x64 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cib Bank Ltd. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:417.2146px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h103\" style=\"left:12.516815px; bottom:402.3686px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 5.000.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:387.7046px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:387.7046px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Colline e oltre S.p.A. (c) </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:387.7046px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Pavia </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:387.7046px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Pavia </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:387.7046px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:387.7046px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:387.7046px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 51,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:372.8846px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 50.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:358.2206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:358.2206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Compagnia Italiana Finanziaria - C<span class=\"_ _0\"></span>IF S.r.l. </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:358.2206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:358.2206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:358.2206px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:358.2206px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:358.2206px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 61,45 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:343.4006px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:328.7366px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:328.7366px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:328.7366px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:328.7366px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:328.7366px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:328.7366px;\"><div class=\"t m0 x4a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A.  </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:328.7366px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:313.9166px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 32.537.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:299.0966px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:299.0966px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Consorzio Studi e ricerche<span class=\"_ _0\"></span> fiscali Gruppo Intesa <span class=\"_ _0\"></span>Sanpaolo (c) </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:299.0966px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:299.0966px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:299.0966px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:299.0966px;\"><div class=\"t m0 x1a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:299.0966px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>7,50 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:284.4326px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 258.228 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:284.4326px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:284.4326px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>5,00 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:269.6126px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:269.6126px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>7,50 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:254.94861px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:254.94861px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 80,00 </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:239.50461px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:224.6846px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:224.6846px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Duomo Funding Plc (f) </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:224.6846px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:224.6846px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:224.6846px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:224.6846px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:224.6846px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _22\"> </span>- </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.050377px; bottom:210.0206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:210.0206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Epsilon SGR S.p.A. </div></div><div class=\"c wff h7a\" style=\"left:228.29861px; bottom:210.0206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a7 h7a\" style=\"left:281.18262px; bottom:210.0206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:334.7166px; bottom:210.0206px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h7a\" style=\"left:375.58862px; bottom:210.0206px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:547.5396px; bottom:210.0206px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:195.20059px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 5.200.000 </div></div><div class=\"c w1a5 h79\" style=\"left:-4.050377px; bottom:180.49759px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls1a ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h79\" style=\"left:12.516815px; bottom:180.49759px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Etoile Fran\u00e7ois Premier S.a.r.l.<span class=\"_ _0\"></span> (g) </div></div><div class=\"c wff h79\" style=\"left:228.29861px; bottom:180.49759px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Parigi </div></div><div class=\"c w1a7 h79\" style=\"left:281.18262px; bottom:180.49759px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Parigi </div></div><div class=\"c w1a8 h79\" style=\"left:334.7166px; bottom:180.49759px;\"><div class=\"t m0 xae h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h79\" style=\"left:375.58862px; bottom:180.49759px;\"><div class=\"t m0 x0 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento Europa S.r.l. </div></div><div class=\"c w1ac h79\" style=\"left:547.5396px; bottom:180.49759px;\"><div class=\"t m0 xab h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:165.67761px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 5.000 </div></div><div class=\"c w1a5 h118\" style=\"left:-4.050377px; bottom:149.2976px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h118\" style=\"left:12.516815px; bottom:149.2976px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Asset Manage<span class=\"_ _0\"></span>ment Croatia D.O.O. </div></div><div class=\"c wff h118\" style=\"left:228.29861px; bottom:149.2976px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a7 h118\" style=\"left:281.18262px; bottom:149.2976px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a8 h118\" style=\"left:334.7166px; bottom:149.2976px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h118\" style=\"left:375.58862px; bottom:149.2976px;\"><div class=\"t m0 xdd h33 yf73 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. </div><div class=\"t m0 xee h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">A.S. </div></div><div class=\"c w1ac h118\" style=\"left:547.5396px; bottom:149.2976px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:134.4776px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hrk 5.000.000 </div></div><div class=\"c w1a5 h118\" style=\"left:-4.050377px; bottom:118.097595px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h118\" style=\"left:12.516815px; bottom:118.097595px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Asset Manage<span class=\"_ _0\"></span>ment Hungary Ltd. </div></div><div class=\"c wff h118\" style=\"left:228.29861px; bottom:118.097595px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a7 h118\" style=\"left:281.18262px; bottom:118.097595px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h118\" style=\"left:334.7166px; bottom:118.097595px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h118\" style=\"left:375.58862px; bottom:118.097595px;\"><div class=\"t m0 xdd h33 yf73 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. </div><div class=\"t m0 xee h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">A.S. </div></div><div class=\"c w1ac h118\" style=\"left:547.5396px; bottom:118.097595px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:103.2776px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 600.000.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:88.457596px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:88.457596px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S.<span class=\"_ _0\"></span> </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:88.457596px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:88.457596px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:88.457596px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:88.457596px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:88.457596px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:73.793594px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 4.093.560 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:58.973602px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:58.973602px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital Asia Li<span class=\"_ _0\"></span>mited (gi\u00e0 Eurizon Capital (<span class=\"_ _0\"></span>HK) limited) (c) </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:58.973602px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Hong Kong </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:58.973602px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Hong Kong </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:58.973602px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:58.973602px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:58.973602px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a6 h7a\" style=\"left:12.516815px; bottom:44.3096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hkd 78.000.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.050377px; bottom:29.489594px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:29.489594px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital Real Ass<span class=\"_ _0\"></span>et SGR S.p.a. </div></div><div class=\"c wff h1d\" style=\"left:228.29861px; bottom:29.489594px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a7 h1d\" style=\"left:281.18262px; bottom:29.489594px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:334.7166px; bottom:29.489594px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:29.489594px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:29.489594px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 19,98 </div></div><div class=\"c w1aa h1d\" style=\"left:579.20764px; bottom:29.489594px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">51,00 (*) </div></div><div class=\"c w1a6 h1d\" style=\"left:12.516815px; bottom:14.674797px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 4.166.667 </div></div><div class=\"c w1ab h1d\" style=\"left:375.58862px; bottom:14.674797px;\"><div class=\"t m0 x40 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:547.5396px; bottom:14.674797px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 40,01 </div></div><div class=\"c w1aa h1d\" style=\"left:579.20764px; bottom:14.674797px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">24,50 (*) </div></div><div class=\"c w1ac h21\" style=\"left:547.5396px; bottom:2.038803px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 59,99 </div></div><div class=\"c w1aa h21\" style=\"left:579.20764px; bottom:2.038803px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">75,50 (*) </div></div><div class=\"c w1ad h42\" style=\"left:12.03244px; bottom:874.50287px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:221.88623px; bottom:849.0489px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:274.61426px; bottom:849.0489px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1af h119\" style=\"left:327.18625px; bottom:849.0489px;\"><div class=\"t m0 x87 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b0 h42\" style=\"left:368.24026px; bottom:874.50287px;\"><div class=\"t m0 xa h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1b1 h119\" style=\"left:576.22723px; bottom:849.0489px;\"><div class=\"t m0 x41 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1b2 h11a\" style=\"left:368.24026px; bottom:849.0489px;\"><div class=\"t m0 x35 h8d y959 ff5 fse fc2 sc0 ls27 ws0\">Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ac h11a\" style=\"left:543.77924px; bottom:849.0489px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y32c ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:834.3849px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:834.3849px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital S.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:834.3849px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:834.3849px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:834.3849px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:834.3849px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:834.3849px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:819.5649px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 7.974.600 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:804.9009px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:804.9009px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:804.9009px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:804.9009px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:804.9009px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:804.9009px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:804.9009px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:790.0809px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 99.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:775.2609px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:775.2609px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Slj Capital Ltd. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:775.2609px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:775.2609px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:775.2609px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:775.2609px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:775.2609px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 65,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:760.5969px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Gbp 1.001.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:745.7769px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:745.7769px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Exelia S.r.l. (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:745.7769px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Brasov  </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:745.7769px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Brasov </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:745.7769px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:745.7769px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:745.7769px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:731.1129px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Ron 8.252.600 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:716.2929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:716.2929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Exetra S.p.A.  (h) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:716.2929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:716.2929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:716.2929px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:716.2929px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:716.2929px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 85,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:701.4729px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 158.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:686.8089px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:686.8089px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:686.8089px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:686.8089px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:686.8089px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:686.8089px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:686.8089px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:671.9889px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 300.000.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h70\" style=\"left:-4.534752px; bottom:649.9929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h70\" style=\"left:12.03244px; bottom:649.9929px;\"><div class=\"t m0 x41 h33 yf73 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(gi\u00e0 Fideuram Asset Manage<span class=\"_ _0\"></span>ment (Ireland) Ltd.) </div></div><div class=\"c w1ae h70\" style=\"left:221.88623px; bottom:649.9929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1ae h70\" style=\"left:274.61426px; bottom:649.9929px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1af h70\" style=\"left:327.18625px; bottom:649.9929px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h70\" style=\"left:368.24026px; bottom:649.9929px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. </div></div><div class=\"c w1ac h70\" style=\"left:543.77924px; bottom:649.9929px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h103\" style=\"left:12.03244px; bottom:635.1339px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 1.000.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:620.3139px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:620.3139px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Asset Manag<span class=\"_ _0\"></span>ement SGR S.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:620.3139px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:620.3139px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:620.3139px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:620.3139px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:620.3139px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,52 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:605.6499px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 25.870.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:590.8299px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:590.8299px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Asset Management Uk <span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>td (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:590.8299px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra  </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:590.8299px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:590.8299px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:590.8299px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:590.8299px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:576.1659px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Gbp 1.000.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:561.3459px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:561.3459px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Bank (Luxe<span class=\"_ _0\"></span>mbourg) S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:561.3459px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:561.3459px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:561.3459px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:561.3459px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:561.3459px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:546.6819px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 40.000.000<span class=\"_ _0\"></span> </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:531.8619px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:531.8619px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Vita S.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:531.8619px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:531.8619px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:531.8619px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:531.8619px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:531.8619px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 80,01 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:517.0419px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 357.446.8<span class=\"_ _0\"></span>36 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:517.0419px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:517.0419px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 19,99 </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:501.7539px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:486.9339px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:486.9339px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fondo Sviluppo ecosist<span class=\"_ _0\"></span>emi di Innovazione (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:486.9339px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:486.9339px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:486.9339px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:486.9339px;\"><div class=\"t m0 xf h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:486.9339px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:472.1139px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 15.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:457.4499px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:457.4499px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Gap Manco Sarl (c) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:457.4499px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:457.4499px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:457.4499px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:457.4499px;\"><div class=\"t m0 x63 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:457.4499px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:442.62988px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 12.500 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:427.96588px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:427.96588px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Iberia Distressed Assets Ma<span class=\"_ _0\"></span>nager Sarl (c) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:427.96588px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:427.96588px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:427.96588px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:427.96588px;\"><div class=\"t m0 xaa h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Finance (MEA) Ltd. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:427.96588px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:413.14587px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 12.500 </div></div><div class=\"c w1a5 h79\" style=\"left:-4.534752px; bottom:398.4559px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h79\" style=\"left:12.03244px; bottom:398.4559px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IIF SME Manager Ltd. (c) </div></div><div class=\"c w1ae h79\" style=\"left:221.88623px; bottom:398.4559px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">George Town  </div></div><div class=\"c w1ae h79\" style=\"left:274.61426px; bottom:398.4559px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">George Town  </div></div><div class=\"c w1af h79\" style=\"left:327.18625px; bottom:398.4559px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h79\" style=\"left:368.24026px; bottom:398.4559px;\"><div class=\"t m0 x4a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A. </div></div><div class=\"c w1ac h79\" style=\"left:543.77924px; bottom:398.4559px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:383.6359px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 1.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:368.8159px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:368.8159px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMI Capital Market USA C<span class=\"_ _0\"></span>orp. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:368.8159px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:368.8159px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:368.8159px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:368.8159px;\"><div class=\"t m0 x13f h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMI Investments S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:368.8159px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:354.1519px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 5.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:339.3319px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:339.3319px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMI Finance Luxembourg <span class=\"_ _0\"></span>S.A. (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:339.3319px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:339.3319px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:339.3319px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:339.3319px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:339.3319px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:324.6679px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 100.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:309.8479px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:309.8479px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMI Investments S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:309.8479px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:309.8479px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:309.8479px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:309.8479px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:309.8479px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:295.0279px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 21.660.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:280.3639px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:280.3639px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMMIT - Immobili Italiani S<span class=\"_ _0\"></span>.r.l. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:280.3639px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:280.3639px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:280.3639px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:280.3639px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:280.3639px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:265.54388px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 185.680.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:250.87988px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:250.87988px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Immobiliare Cascina Rubin<span class=\"_ _0\"></span>a S.r.l. (g) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:250.87988px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:250.87988px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:250.87988px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:250.87988px;\"><div class=\"t m0 xc8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:250.87988px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:236.0599px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:221.3959px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:221.3959px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IN.FRA - Investire nelle In<span class=\"_ _0\"></span>frastrutture S.r.l. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:221.3959px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:221.3959px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:221.3959px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:221.3959px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:221.3959px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:206.5759px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:191.75589px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:191.75589px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Iniziative Logistiche S.r.l<span class=\"_ _0\"></span>. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:191.75589px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:191.75589px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:191.75589px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:191.75589px;\"><div class=\"t m0 xb8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:191.75589px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,02 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:177.09189px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1a5 h103\" style=\"left:-4.534752px; bottom:162.23291px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h103\" style=\"left:12.03244px; bottom:162.23291px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Insalute Servizi S.p.A. </div></div><div class=\"c w1ae h103\" style=\"left:221.88623px; bottom:162.23291px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h103\" style=\"left:274.61426px; bottom:162.23291px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h103\" style=\"left:327.18625px; bottom:162.23291px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h103\" style=\"left:368.24026px; bottom:162.23291px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h103\" style=\"left:543.77924px; bottom:162.23291px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:147.56891px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 500.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:132.7489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:132.7489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Invest A.D. Beogr<span class=\"_ _0\"></span>ad (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:132.7489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Beograd </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:132.7489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Beograd </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:132.7489px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:132.7489px;\"><div class=\"t m0 xaa h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banca Intesa AD Beograd </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:132.7489px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:117.928894px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rsd 236.975.800 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:103.26489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:103.26489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Leasing (Closed Join<span class=\"_ _0\"></span>t-Stock Company) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:103.26489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:103.26489px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:103.26489px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:103.26489px;\"><div class=\"t m0 x104 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:103.26489px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:88.4449px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rub 3.000.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:73.7809px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:73.7809px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Leasing d.o.o. B<span class=\"_ _0\"></span>eograd </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:73.7809px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Beograd </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:73.7809px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Beograd </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:73.7809px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:73.7809px;\"><div class=\"t m0 xaa h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Banca Intesa AD Beograd </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:73.7809px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:58.96089px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rsd 960.374.301 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:44.29689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:44.29689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo (Qingdao) <span class=\"_ _0\"></span>Service Company (c) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:44.29689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Qingdao </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:44.29689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Qingdao </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:44.29689px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:44.29689px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:44.29689px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:29.476898px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale CNY 80.000.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:14.662094px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:14.662094px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Assicura S.<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:14.662094px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:14.662094px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:14.662094px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:14.662094px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:14.662094px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:-0.0018997192px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 27.912.25<span class=\"_ _0\"></span>8<span class=\"_ _90\"> </span></div></div><div class=\"c w1ad h42\" style=\"left:12.03244px; bottom:806.6435px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:221.88623px; bottom:781.1895px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:274.61426px; bottom:781.1895px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1af h119\" style=\"left:327.18625px; bottom:781.1895px;\"><div class=\"t m0 x87 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b0 h42\" style=\"left:368.24026px; bottom:806.6435px;\"><div class=\"t m0 xa h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1b1 h119\" style=\"left:576.22723px; bottom:781.1895px;\"><div class=\"t m0 x41 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1b2 h11a\" style=\"left:368.24026px; bottom:781.1895px;\"><div class=\"t m0 x35 h8d y959 ff5 fse fc2 sc0 ls27 ws0\">Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ac h11a\" style=\"left:543.77924px; bottom:781.1895px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y32c ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:766.5255px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:766.5255px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Bank Alba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ia Sh.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:766.5255px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Tirana </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:766.5255px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Tirana </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:766.5255px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:766.5255px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:766.5255px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:751.7055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale All 5.562.517.6<span class=\"_ _0\"></span>74 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:737.0415px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:737.0415px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Bank Irel<span class=\"_ _0\"></span>and Plc </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:737.0415px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:737.0415px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:737.0415px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:737.0415px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:737.0415px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:722.2215px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 400.500.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:707.40155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:707.40155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Bank Luxe<span class=\"_ _0\"></span>mbourg S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:707.40155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:707.40155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:707.40155px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:707.40155px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:707.40155px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:692.73755px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 1.389.370.55<span class=\"_ _0\"></span>5 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:677.91754px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:677.91754px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Banka <span class=\"_ _0\"></span>d.d. Bosna I Hercegovin<span class=\"_ _0\"></span>a </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:677.91754px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Sarajevo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:677.91754px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Sarajevo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:677.91754px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:677.91754px;\"><div class=\"t m0 x3e h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:677.91754px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,99 </div></div><div class=\"c w1b1 h1d\" style=\"left:576.22723px; bottom:677.91754px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 (**) </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:663.25354px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Bam 44.782.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:648.43353px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:648.43353px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Brasil S.<span class=\"_ _0\"></span>A. - Banco Multiplo </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:648.43353px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">San Paolo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:648.43353px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">San Paolo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:648.43353px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:648.43353px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:648.43353px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,90 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:633.6135px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Brl 945.428.281 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:633.6135px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:633.6135px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>0,10 </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:618.3255px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:603.5055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:603.5055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Casa S.p<span class=\"_ _0\"></span>.A. (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:603.5055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:603.5055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:603.5055px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:603.5055px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:603.5055px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:588.84155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 1.000.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:574.02155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:574.02155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Expo I<span class=\"_ _0\"></span>nstitutional Contact S.r.l. (c<span class=\"_ _0\"></span>) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:574.02155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:574.02155px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:574.02155px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:574.02155px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:574.02155px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h103\" style=\"left:12.03244px; bottom:559.16254px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> Capitale Eur 50.000 </div></div><div class=\"c w1a5 h118\" style=\"left:-4.534752px; bottom:542.78253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h118\" style=\"left:12.03244px; bottom:542.78253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Funding<span class=\"_ _0\"></span> LLC (gi\u00e0 Intesa Funding<span class=\"_ _0\"></span> LLC) </div></div><div class=\"c w1ae h118\" style=\"left:221.88623px; bottom:542.78253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1ae h118\" style=\"left:274.61426px; bottom:542.78253px;\"><div class=\"t m0 x41 h33 yf98 ff1 fs11 fc2 sc0 ls0 ws0\">Wilmington </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Delaware </div></div><div class=\"c w1af h118\" style=\"left:327.18625px; bottom:542.78253px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h118\" style=\"left:368.24026px; bottom:542.78253px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h118\" style=\"left:543.77924px; bottom:542.78253px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:527.9625px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 25.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:513.2985px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:513.2985px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Harbo<span class=\"_ _0\"></span>urmaster III S.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:513.2985px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:513.2985px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:513.2985px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:513.2985px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holding I<span class=\"_ _0\"></span>nternational S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:513.2985px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:498.47852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 5.500.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:483.8145px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:483.8145px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Highline<span class=\"_ _0\"></span> S.r.l. (c) </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:483.8145px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:483.8145px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:483.8145px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:483.8145px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:483.8145px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:468.9945px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 500.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:454.1745px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">64<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:454.1745px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:454.1745px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:454.1745px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:454.1745px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:454.1745px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:454.1745px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:439.5105px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 2.157.957.27<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:424.69055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:424.69055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo House L<span class=\"_ _0\"></span>uxemburg S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:424.69055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:424.69055px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:424.69055px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:424.69055px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:424.69055px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:410.02655px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 24.990.31<span class=\"_ _0\"></span>7 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:395.20654px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:395.20654px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Imi Sec<span class=\"_ _0\"></span>urities Corp. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:395.20654px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:395.20654px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:395.20654px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:395.20654px;\"><div class=\"t m0 x135 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IMI Capital Market USA C<span class=\"_ _0\"></span>orp. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:395.20654px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:380.54254px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 44.500.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:365.72253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">67<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:365.72253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.a. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:365.72253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:365.72253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:365.72253px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:365.72253px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:365.72253px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,99 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:350.90253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 9.254.940 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:350.90253px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:350.90253px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>0,01 </div></div><div class=\"c w1ac h79\" style=\"left:543.77924px; bottom:335.5885px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:320.76852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:320.76852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Insur<span class=\"_ _0\"></span>ance Agency S.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:320.76852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:320.76852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:320.76852px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:320.76852px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:320.76852px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:305.94852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 500.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:291.28452px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">69<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:291.28452px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Interna<span class=\"_ _0\"></span>tional Value Services d.o.<span class=\"_ _0\"></span>o. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:291.28452px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:291.28452px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:291.28452px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:291.28452px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:291.28452px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:276.4645px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hrk 100.000 </div></div><div class=\"c w1a5 h70\" style=\"left:-4.534752px; bottom:254.46854px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h70\" style=\"left:12.03244px; bottom:254.46854px;\"><div class=\"t m0 x41 h33 yf73 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Life Desig<span class=\"_ _0\"></span>ned activity company (<span class=\"_ _0\"></span>gi\u00e0 Intesa </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Sanpaolo Life Ltd.) </div></div><div class=\"c w1ae h70\" style=\"left:221.88623px; bottom:254.46854px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1ae h70\" style=\"left:274.61426px; bottom:254.46854px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dublino </div></div><div class=\"c w1af h70\" style=\"left:327.18625px; bottom:254.46854px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h70\" style=\"left:368.24026px; bottom:254.46854px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h70\" style=\"left:543.77924px; bottom:254.46854px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:239.64853px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 625.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:224.82852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:224.82852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Private Arg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntina S.A. (c) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:224.82852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Buenos Aires </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:224.82852px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Buenos Aires </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:224.82852px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:224.82852px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:224.82852px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>4,97 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:210.16452px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Ars 13.404.506 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:210.16452px;\"><div class=\"t m0 x63 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:210.16452px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 95,03 </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:194.72052px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:180.05652px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:180.05652px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:180.05652px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:180.05652px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:180.05652px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:180.05652px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:180.05652px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:165.23651px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 117.497.4<span class=\"_ _0\"></span>24 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:150.41653px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:150.41653px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Provis S<span class=\"_ _0\"></span>.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:150.41653px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:150.41653px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:150.41653px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:150.41653px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:150.41653px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:135.75253px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 6.725.000 </div></div><div class=\"c w1a5 h1d\" style=\"left:-4.534752px; bottom:120.932526px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:120.932526px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo RBM Sal<span class=\"_ _0\"></span>ute S.p.A. (i) </div></div><div class=\"c w1ae h1d\" style=\"left:221.88623px; bottom:120.932526px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Venezia </div></div><div class=\"c w1ae h1d\" style=\"left:274.61426px; bottom:120.932526px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Venezia </div></div><div class=\"c w1af h1d\" style=\"left:327.18625px; bottom:120.932526px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:120.932526px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:120.932526px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 73,79 </div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:106.268524px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 305.208.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1a5 h103\" style=\"left:-4.534752px; bottom:91.409515px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h103\" style=\"left:12.03244px; bottom:91.409515px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo RE.O.CO<span class=\"_ _0\"></span>. S.p.A. </div></div><div class=\"c w1ae h103\" style=\"left:221.88623px; bottom:91.409515px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1ae h103\" style=\"left:274.61426px; bottom:91.409515px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1af h103\" style=\"left:327.18625px; bottom:91.409515px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h103\" style=\"left:368.24026px; bottom:91.409515px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h103\" style=\"left:543.77924px; bottom:91.409515px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:76.58952px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 13.000.000<span class=\"_ _0\"></span> </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:61.92552px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:61.92552px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Rent Foryo<span class=\"_ _0\"></span>u S.p.A. </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:61.92552px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:61.92552px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:61.92552px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:61.92552px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:61.92552px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:47.10553px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 630.000 </div></div><div class=\"c w1a5 h7a\" style=\"left:-4.534752px; bottom:32.44153px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">77<span class=\"ls0\"> </span></div></div><div class=\"c w1ad h7a\" style=\"left:12.03244px; bottom:32.44153px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Romani<span class=\"_ _0\"></span>a S.A. Commercial Bank </div></div><div class=\"c w1ae h7a\" style=\"left:221.88623px; bottom:32.44153px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bucarest </div></div><div class=\"c w1ae h7a\" style=\"left:274.61426px; bottom:32.44153px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bucarest </div></div><div class=\"c w1af h7a\" style=\"left:327.18625px; bottom:32.44153px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b2 h7a\" style=\"left:368.24026px; bottom:32.44153px;\"><div class=\"t m0 x7a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:32.44153px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,73 </div></div><div class=\"c w1ad h1d\" style=\"left:12.03244px; bottom:17.621521px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Ron 1.216.639.410 </div></div><div class=\"c w1b2 h1d\" style=\"left:368.24026px; bottom:17.621521px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:17.621521px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _17\"> </span>0,27 </div></div><div class=\"c w1ac h11b\" style=\"left:543.77924px; bottom:2.9575195px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00<span class=\"_ _90\"> </span> </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:872.4716px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:224.53824px; bottom:847.01764px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c w1b5 h119\" style=\"left:276.79825px; bottom:847.01764px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1a8 h119\" style=\"left:329.55225px; bottom:847.01764px;\"><div class=\"t m0 x87 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b6 h42\" style=\"left:371.36026px; bottom:872.4716px;\"><div class=\"t m0 xa4 h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1b1 h119\" style=\"left:576.22723px; bottom:847.01764px;\"><div class=\"t m0 x41 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1b7 h11a\" style=\"left:371.36026px; bottom:847.01764px;\"><div class=\"t m0 xda h8d y959 ff5 fse fc2 sc0 ls27 ws0\">Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1ac h11a\" style=\"left:543.77924px; bottom:847.01764px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y32c ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1b3 h5b\" style=\"left:-4.534752px; bottom:828.6096px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">78<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h5b\" style=\"left:15.745247px; bottom:828.6096px;\"><div class=\"t m0 x41 h33 yf98 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Servi\u00e7os e <span class=\"_ _0\"></span>Empreendimentos Ltd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">em liquida\u00e7\u00e3o (c) </div></div><div class=\"c w1ae h5b\" style=\"left:224.53824px; bottom:828.6096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">San Paolo </div></div><div class=\"c w1b5 h5b\" style=\"left:276.79825px; bottom:828.6096px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">San Paolo </div></div><div class=\"c w1a8 h5b\" style=\"left:329.55225px; bottom:828.6096px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h5b\" style=\"left:371.36026px; bottom:828.6096px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h5b\" style=\"left:543.77924px; bottom:828.6096px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:813.9456px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Brl 3.283.320 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:799.1257px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">79<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:799.1257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Servitia S.A<span class=\"_ _0\"></span>. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:799.1257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:799.1257px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:799.1257px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:799.1257px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:799.1257px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:784.4617px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 1.500.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:769.64166px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:769.64166px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:769.64166px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:769.64166px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:769.64166px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:769.64166px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:769.64166px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 99,99 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:754.82166px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 320.422.5<span class=\"_ _0\"></span>09 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:740.15765px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:740.15765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Inveniam S.A. en Liquidati<span class=\"_ _0\"></span>on (c) </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:740.15765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:740.15765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:740.15765px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:740.15765px;\"><div class=\"t m0 x99 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg S.a.r.l. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:740.15765px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:725.33765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Chf 50.000 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:710.67365px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:710.67365px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">ISP CB Ipotecario S.r.l. (c)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:710.67365px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:710.67365px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:710.67365px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:710.67365px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:710.67365px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:695.85364px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 120.000 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:681.18964px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:681.18964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">ISP CB Pubbico S.r.l. (c) </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:681.18964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:681.18964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:681.18964px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:681.18964px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:681.18964px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:666.3696px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 120.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:651.5496px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">84<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:651.5496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">ISP OBG S.r.l. (c) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:651.5496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:651.5496px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:651.5496px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:651.5496px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:651.5496px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:636.8856px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 42.038 </div></div><div class=\"c w1b3 h103\" style=\"left:-4.534752px; bottom:622.0267px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h103\" style=\"left:15.745247px; bottom:622.0267px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">IW Private Investments SIM S.<span class=\"_ _0\"></span>p.A. </div></div><div class=\"c w1ae h103\" style=\"left:224.53824px; bottom:622.0267px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h103\" style=\"left:276.79825px; bottom:622.0267px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h103\" style=\"left:329.55225px; bottom:622.0267px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h103\" style=\"left:371.36026px; bottom:622.0267px;\"><div class=\"t m0 x1a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h103\" style=\"left:543.77924px; bottom:622.0267px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:607.3627px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 67.950.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:592.54266px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">86<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:592.54266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:592.54266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:592.54266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:592.54266px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:592.54266px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:592.54266px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 53,02 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:577.72266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rub 10.820.180.<span class=\"_ _0\"></span>800 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:577.72266px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:577.72266px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 46,98 </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:562.43463px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:547.6146px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:547.6146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lux Gest Asset Manage<span class=\"_ _0\"></span>ment S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:547.6146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:547.6146px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:547.6146px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:547.6146px;\"><div class=\"t m0 x98 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Bank L<span class=\"_ _0\"></span>uxembourg S.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:547.6146px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:532.9506px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 200.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:518.1307px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">88<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:518.1307px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. (g) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:518.1307px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:518.1307px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:518.1307px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:518.1307px;\"><div class=\"t m0 x13f h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:518.1307px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:503.31067px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 139.041 </div></div><div class=\"c w1b3 h118\" style=\"left:-4.534752px; bottom:486.93066px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h118\" style=\"left:15.745247px; bottom:486.93066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Morval Bank &amp; Trust Cayman<span class=\"_ _0\"></span> Ltd. (c) </div></div><div class=\"c w1ae h118\" style=\"left:224.53824px; bottom:486.93066px;\"><div class=\"t m0 x41 h33 yf98 ff1 fs11 fc2 sc0 ls0 ws0\">Grand </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cayman </div></div><div class=\"c w1b5 h118\" style=\"left:276.79825px; bottom:486.93066px;\"><div class=\"t m0 x41 h33 yf98 ff1 fs11 fc2 sc0 ls0 ws0\">Grand </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cayman </div></div><div class=\"c w1a8 h118\" style=\"left:329.55225px; bottom:486.93066px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h118\" style=\"left:371.36026px; bottom:486.93066px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h118\" style=\"left:543.77924px; bottom:486.93066px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:472.11066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 7.850.000 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:457.44666px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:457.44666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">MSG Comparto Quarto S.r.l<span class=\"_ _0\"></span>. (e) </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:457.44666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:457.44666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:457.44666px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:457.44666px;\"><div class=\"t m0 x0 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:457.44666px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:442.62665px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 20.000 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:427.96265px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">91<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:427.96265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">MSG Comparto Secondo <span class=\"_ _0\"></span>S.r.l. (g) </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:427.96265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:427.96265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:427.96265px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:427.96265px;\"><div class=\"t m0 x0 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:427.96265px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:413.14264px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 50.000 </div></div><div class=\"c w1b3 h103\" style=\"left:-4.534752px; bottom:398.29666px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h103\" style=\"left:15.745247px; bottom:398.29666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">MSG Comparto Terzo S.r.l. (g)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h103\" style=\"left:224.53824px; bottom:398.29666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h103\" style=\"left:276.79825px; bottom:398.29666px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h103\" style=\"left:329.55225px; bottom:398.29666px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h103\" style=\"left:371.36026px; bottom:398.29666px;\"><div class=\"t m0 x0 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. </div></div><div class=\"c w1ac h103\" style=\"left:543.77924px; bottom:398.29666px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:383.63266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 20.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:368.81265px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:368.81265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Neva S.G.R. S.p.A. (gi\u00e0 <span class=\"_ _0\"></span>Imi Fondi Chiusi S.p.A.) (c) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:368.81265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:368.81265px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:368.81265px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:368.81265px;\"><div class=\"t m0 xe h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:368.81265px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:354.14865px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 2.000.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:339.32864px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">94<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:339.32864px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">OOO Intesa Realty Russia i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> Liquidation (c) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:339.32864px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:339.32864px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Mosca </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:339.32864px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:339.32864px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:339.32864px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:324.66464px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Rub 10.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:309.84464px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">95<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:309.84464px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Oro Italia Trading S.p.A. in liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idazione (c) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:309.84464px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Arezzo </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:309.84464px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Arezzo </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:309.84464px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:309.84464px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:309.84464px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:295.02466px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 500.000 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:280.36066px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:280.36066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">PBZ Card d.o.o. </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:280.36066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:280.36066px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:280.36066px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:280.36066px;\"><div class=\"t m0 x135 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:280.36066px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:265.54065px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hrk 43.422.200 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:250.87665px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:250.87665px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">PBZ Leasing d.o.o. </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:250.87665px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:250.87665px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:250.87665px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:250.87665px;\"><div class=\"t m0 x135 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:250.87665px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:236.05664px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hrk 15.000.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:221.23663px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">98<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:221.23663px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Porta Nuova Gioia (j) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:221.23663px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:221.23663px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:221.23663px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:221.23663px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:221.23663px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:206.57266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 7.054.350 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:191.75266px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:191.75266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Portugal Real Estate Opp<span class=\"_ _0\"></span>ortunities Manager Sarl (<span class=\"_ _0\"></span>c) </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:191.75266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo  </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:191.75266px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo  </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:191.75266px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:191.75266px;\"><div class=\"t m0 x35 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Finance (MEA) Ltd. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:191.75266px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:177.08865px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 12.500 </div></div><div class=\"c w1b3 h103\" style=\"left:-4.534752px; bottom:162.22964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100 </div></div><div class=\"c w1b4 h103\" style=\"left:15.745247px; bottom:162.22964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Pravex Bank Joint-Stock Com<span class=\"_ _0\"></span>pany </div></div><div class=\"c w1ae h103\" style=\"left:224.53824px; bottom:162.22964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Kiev </div></div><div class=\"c w1b5 h103\" style=\"left:276.79825px; bottom:162.22964px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Kiev </div></div><div class=\"c w1a8 h103\" style=\"left:329.55225px; bottom:162.22964px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h103\" style=\"left:371.36026px; bottom:162.22964px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h103\" style=\"left:543.77924px; bottom:162.22964px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:147.56564px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Uah 979.089.724 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:132.74565px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">101 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:132.74565px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Prestitalia S.p.A. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:132.74565px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:132.74565px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:132.74565px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:132.74565px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:132.74565px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:117.925644px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 205.722.7<span class=\"_ _0\"></span>15 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:103.26164px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">102 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:103.26164px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Private Equity International <span class=\"_ _0\"></span>S.A. </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:103.26164px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:103.26164px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:103.26164px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:103.26164px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:103.26164px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:88.44165px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 101.000.0<span class=\"_ _0\"></span>00 </div></div><div class=\"c w1b3 h7a\" style=\"left:-4.534752px; bottom:73.77765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">103 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:73.77765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. </div></div><div class=\"c w1ae h7a\" style=\"left:224.53824px; bottom:73.77765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1b5 h7a\" style=\"left:276.79825px; bottom:73.77765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a8 h7a\" style=\"left:329.55225px; bottom:73.77765px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h7a\" style=\"left:371.36026px; bottom:73.77765px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h7a\" style=\"left:543.77924px; bottom:73.77765px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:58.95764px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Hrk 1.876.574.70<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:44.13765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">104 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:44.13765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Qingdao Yicai Fund Distri<span class=\"_ _0\"></span>bution Co. Ltd. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:44.13765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Qingdao </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:44.13765px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Qingdao </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:44.13765px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:44.13765px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:44.13765px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:29.473648px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Cny 591.000.000 </div></div><div class=\"c w1b3 h1d\" style=\"left:-4.534752px; bottom:14.658844px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">105 </div></div><div class=\"c w1b4 h1d\" style=\"left:15.745247px; bottom:14.658844px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">RB Participations S.A. </div></div><div class=\"c w1ae h1d\" style=\"left:224.53824px; bottom:14.658844px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1b5 h1d\" style=\"left:276.79825px; bottom:14.658844px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a8 h1d\" style=\"left:329.55225px; bottom:14.658844px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h1d\" style=\"left:371.36026px; bottom:14.658844px;\"><div class=\"t m0 x1a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h1d\" style=\"left:543.77924px; bottom:14.658844px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h7a\" style=\"left:15.745247px; bottom:-0.0051498413px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Chf 100.000<span class=\"_ _90\"> </span> </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:725.831px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c w1ae h119\" style=\"left:224.53824px; bottom:700.377px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c w1b5 h119\" style=\"left:276.79825px; bottom:700.377px;\"><div class=\"t m0 x41 h8d yf7a ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yf7b ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1a8 h119\" style=\"left:329.55225px; bottom:700.377px;\"><div class=\"t m0 x87 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b6 h42\" style=\"left:371.36026px; bottom:725.831px;\"><div class=\"t m0 xa4 h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1b1 h119\" style=\"left:576.22723px; bottom:700.377px;\"><div class=\"t m0 x41 h8f yf7c ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yf7d ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f y77e ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1b7 h11a\" style=\"left:371.36026px; bottom:700.377px;\"><div class=\"t m0 xda h8d y959 ff5 fse fc2 sc0 ls27 ws0\">Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1ac h11a\" style=\"left:543.77924px; bottom:700.377px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y32c ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:684.77704px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">106 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:684.77704px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Recovery Property Utilisatio<span class=\"_ _0\"></span>n and Services Zrt. </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:684.77704px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:684.77704px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Budapest </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:684.77704px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:684.77704px;\"><div class=\"t m0 x64 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cib Bank Ltd. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:684.77704px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:669.333px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Huf 20.000.00<span class=\"_ _0\"></span>0 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:653.73303px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">107 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:653.73303px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. (c) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:653.73303px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Valletta </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:653.73303px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Valletta </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:653.73303px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:653.73303px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:653.73303px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:638.289px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 730.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:622.689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">108 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:622.689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie (Malta) Ltd. (c)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:622.689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Valletta </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:622.689px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Valletta </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:622.689px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:622.689px;\"><div class=\"t m0 x139 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:622.689px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:607.245px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 730.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:591.645px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">109 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:591.645px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. (k) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:591.645px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:591.645px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:591.645px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:591.645px;\"><div class=\"t m0 x1a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:591.645px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 39,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:576.20105px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Chf 31.500.00<span class=\"_ _0\"></span>1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:576.20105px;\"><div class=\"t m0 x16d h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">RB Participations S.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:576.20105px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 30,00 </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:559.97705px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 69,00 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:544.377px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">110 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:544.377px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; CO (UK) Llp. (c)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:544.377px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:544.377px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:544.377px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:544.377px;\"><div class=\"t m0 x35 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; CO Holdings Ltd. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:544.377px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:528.77704px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Gbp 2.500.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:513.333px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">111 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:513.333px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; CO Holdings Ltd. (c)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:513.333px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:513.333px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:513.333px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:513.333px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:513.333px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:497.73303px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Gbp 2.400.000 </div></div><div class=\"c w1b3 h11e\" style=\"left:-4.534752px; bottom:482.25px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">112 </div></div><div class=\"c w1b4 h11e\" style=\"left:15.745247px; bottom:482.25px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Finance (MEA) Ltd. (c) </div></div><div class=\"c w1ae h11e\" style=\"left:224.53824px; bottom:482.25px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dubai </div></div><div class=\"c w1b5 h11e\" style=\"left:276.79825px; bottom:482.25px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Dubai </div></div><div class=\"c w1a8 h11e\" style=\"left:329.55225px; bottom:482.25px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11e\" style=\"left:371.36026px; bottom:482.25px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h11e\" style=\"left:543.77924px; bottom:482.25px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:466.65002px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Usd 2.875.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:451.206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">113 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:451.206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Overseas AG (c) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:451.206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zurigo </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:451.206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Zurigo </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:451.206px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:451.206px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:451.206px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:435.60602px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Chf 2.000.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:420.16205px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">114 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:420.16205px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg Sarl (c) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:420.16205px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:420.16205px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:420.16205px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:420.16205px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:420.16205px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:404.562px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 50.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:389.11804px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">115 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:389.11804px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. (c) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:389.11804px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Singapore </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:389.11804px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Singapore </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:389.11804px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:389.11804px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:389.11804px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 75,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:373.518px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Sgd 1.201 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:357.91803px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">116 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:357.91803px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Singapore Pte. Ltd. (c)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:357.91803px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Singapore </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:357.91803px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Singapore </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:357.91803px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:357.91803px;\"><div class=\"t m0 x125 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL &amp; Cie S.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:357.91803px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 76,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:342.474px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Sgd 500.000 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:342.474px;\"><div class=\"t m0 x49 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:342.474px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 24,00 </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:326.25px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:310.80603px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">117 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:310.80603px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ri. Rental S.r.l. (g) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:310.80603px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:310.80603px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:310.80603px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:310.80603px;\"><div class=\"t m0 x13f h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento S.p.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:310.80603px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:295.206px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:279.76202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">118 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:279.76202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento Europa S.r.l.<span class=\"_ _0\"></span> (g) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:279.76202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:279.76202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:279.76202px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:279.76202px;\"><div class=\"t m0 x13f h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento S.p.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:279.76202px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:264.16205px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1b3 h11e\" style=\"left:-4.534752px; bottom:248.69202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">119 </div></div><div class=\"c w1b4 h11e\" style=\"left:15.745247px; bottom:248.69202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Risanamento S.p.A. (g)<span class=\"_ _0\"></span> </div></div><div class=\"c w1ae h11e\" style=\"left:224.53824px; bottom:248.69202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h11e\" style=\"left:276.79825px; bottom:248.69202px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h11e\" style=\"left:329.55225px; bottom:248.69202px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11e\" style=\"left:371.36026px; bottom:248.69202px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h11e\" style=\"left:543.77924px; bottom:248.69202px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 48,88 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:233.09201px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 197.951.7<span class=\"_ _0\"></span>84 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:217.49203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">120 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:217.49203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Romulus Funding Corporatio<span class=\"_ _0\"></span>n (f) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:217.49203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:217.49203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">New York </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:217.49203px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:217.49203px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:217.49203px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> <span class=\"_ _22\"> </span>- </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:201.89203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">121 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:201.89203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Societ\u00e0 Benefit Cimarosa <span class=\"_ _0\"></span>1 S.p.A. (c) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:201.89203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:201.89203px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:201.89203px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:201.89203px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:201.89203px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:186.44803px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 100.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:170.84802px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">122 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:170.84802px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Societ\u00e0 Italiana di Revisio<span class=\"_ _0\"></span>ne e Fiduciaria <span class=\"ff4\">\u2013</span> S.I.RE.F. S.p.A. </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:170.84802px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:170.84802px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:170.84802px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:170.84802px;\"><div class=\"t m0 x1a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:170.84802px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:155.40402px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 2.600.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:139.80402px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">123 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:139.80402px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">SRM Studi e Ricerche per il M<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>zzogiorno (c) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:139.80402px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Napoli </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:139.80402px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Napoli </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:139.80402px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:139.80402px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:139.80402px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1b1 h42\" style=\"left:576.22723px; bottom:139.80402px;\"><div class=\"t m0 x87 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">20,00 (*) </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:124.360016px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 90.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:108.916016px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">124 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:108.916016px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Sviluppo Comparto 3 S.r.l. (<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:108.916016px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:108.916016px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:108.916016px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:108.916016px;\"><div class=\"t m0 x0 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:108.916016px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:93.31601px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 50.000 </div></div><div class=\"c w1b3 h11d\" style=\"left:-4.534752px; bottom:77.87201px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">125 </div></div><div class=\"c w1b4 h11d\" style=\"left:15.745247px; bottom:77.87201px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">UBI Finance S.r.l. (c) </div></div><div class=\"c w1ae h11d\" style=\"left:224.53824px; bottom:77.87201px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1b5 h11d\" style=\"left:276.79825px; bottom:77.87201px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h11d\" style=\"left:329.55225px; bottom:77.87201px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11d\" style=\"left:371.36026px; bottom:77.87201px;\"><div class=\"t m0 xc2 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1ac h11d\" style=\"left:543.77924px; bottom:77.87201px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 60,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:62.272034px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.534752px; bottom:46.672028px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">126 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:46.672028px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">UBI Trustee S.A. (c) </div></div><div class=\"c w1ae h42\" style=\"left:224.53824px; bottom:46.672028px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1b5 h42\" style=\"left:276.79825px; bottom:46.672028px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h42\" style=\"left:329.55225px; bottom:46.672028px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h42\" style=\"left:371.36026px; bottom:46.672028px;\"><div class=\"t m0 x4a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A. </div></div><div class=\"c w1ac h42\" style=\"left:543.77924px; bottom:46.672028px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:31.072021px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 250.000 </div></div><div class=\"c w1b3 h11e\" style=\"left:-4.534752px; bottom:15.58902px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">127 </div></div><div class=\"c w1b4 h11e\" style=\"left:15.745247px; bottom:15.58902px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. </div></div><div class=\"c w1ae h11e\" style=\"left:224.53824px; bottom:15.58902px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1b5 h11e\" style=\"left:276.79825px; bottom:15.58902px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h11e\" style=\"left:329.55225px; bottom:15.58902px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1b7 h11e\" style=\"left:371.36026px; bottom:15.58902px;\"><div class=\"t m0 x13 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. </div></div><div class=\"c w1ac h11e\" style=\"left:543.77924px; bottom:15.58902px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b4 h42\" style=\"left:15.745247px; bottom:-0.010986328px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 430.819.0<span class=\"_ _0\"></span>64 </div></div><div class=\"c w1b8 h81\" style=\"left:16.229622px; bottom:875.136px;\"><div class=\"t m0 x41 h8d y70d ff5 fse fc2 sc0 ls26 ws0\">Denominazione imprese<span class=\"ls0\"> </span></div></div><div class=\"c w92 h11f\" style=\"left:225.02261px; bottom:849.214px;\"><div class=\"t m0 x41 h8d yfca ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yfcb ff5 fse fc2 sc0 ls2b ws0\">operativa<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h11f\" style=\"left:277.28262px; bottom:849.214px;\"><div class=\"t m0 x41 h8d yfca ff5 fse fc2 sc0 ls29 ws0\">Sede<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d yfcb ff5 fse fc2 sc0 ls27 ws0\">legale<span class=\"ls0\"> </span></div></div><div class=\"c w1a8 h11f\" style=\"left:327.67062px; bottom:849.214px;\"><div class=\"t m0 x87 h8f yfcc ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x41 h8f yfcd ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x6 h8f ybfb ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b9 h81\" style=\"left:368.72464px; bottom:875.136px;\"><div class=\"t m0 x43 h8d y70d ff5 fse fc2 sc0 ls27 ws0\">       <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1b1 h11f\" style=\"left:576.7116px; bottom:849.214px;\"><div class=\"t m0 x41 h8f yfcc ff5 fsf fc2 sc0 ls0 ws0\">Disponib. </div><div class=\"t m0 x97 h8f yfcd ff5 fsf fc2 sc0 ls0 ws0\">voti % </div><div class=\"t m0 x86 h8f ybfb ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1ba h120\" style=\"left:368.72464px; bottom:849.214px;\"><div class=\"t m0 x0 h8d y9bd ff5 fse fc2 sc0 ls27 ws0\">Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ac h120\" style=\"left:544.2636px; bottom:849.214px;\"><div class=\"t m0 x41 h8d y9bd ff5 fse fc2 sc0 ls2b ws0\">quota                  </div><div class=\"t m0 x14 h8d y705 ff5 fse fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:833.614px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">128 </div></div><div class=\"c w1b8 h42\" style=\"left:16.229622px; bottom:833.614px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">VUB Generali Dochodkova <span class=\"_ _0\"></span>Spravcovska Spolocn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>st A.S. (l) </div></div><div class=\"c w92 h42\" style=\"left:225.02261px; bottom:833.614px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c wb0 h42\" style=\"left:277.28262px; bottom:833.614px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h42\" style=\"left:327.67062px; bottom:833.614px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ba h42\" style=\"left:368.72464px; bottom:833.614px;\"><div class=\"t m0 xcc h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. </div></div><div class=\"c w1ac h42\" style=\"left:544.2636px; bottom:833.614px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> 55,26 </div></div><div class=\"c w1b8 h12\" style=\"left:16.229622px; bottom:820.978px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 10.090.97<span class=\"_ _0\"></span>6 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:805.378px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">129 </div></div><div class=\"c w1b8 h42\" style=\"left:16.229622px; bottom:805.378px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">VUB Operating Leasing  </div></div><div class=\"c w92 h42\" style=\"left:225.02261px; bottom:805.378px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c wb0 h42\" style=\"left:277.28262px; bottom:805.378px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h42\" style=\"left:327.67062px; bottom:805.378px;\"><div class=\"t m0 xae h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1ba h42\" style=\"left:368.72464px; bottom:805.378px;\"><div class=\"t m0 xcc h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. </div></div><div class=\"c w1ac h42\" style=\"left:544.2636px; bottom:805.378px;\"><div class=\"t m0 xab h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w1b8 h12\" style=\"left:16.229622px; bottom:792.742px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale Eur 25.000 </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:764.35004px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w1b8 h42\" style=\"left:16.229622px; bottom:764.35004px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Tipo di rapporto: </div></div><div class=\"c w1b8 h42\" style=\"left:16.229622px; bottom:748.75px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">1 <span class=\"ls0\">- maggioranza <span class=\"_ _0\"></span>dei diritti di voto nell'ass<span class=\"_ _0\"></span>emblea ordinaria; </span></div></div><div class=\"c w1b8 h42\" style=\"left:16.229622px; bottom:733.15px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">2 <span class=\"ls0\">- altre forme di<span class=\"_ _0\"></span> controllo. </span></div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:717.55px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:717.55px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Ove differente dalla quota <span class=\"_ _0\"></span>% viene indicata la disp<span class=\"_ _0\"></span>onibilit\u00e0 dei voti nell'asse<span class=\"_ _0\"></span>mblea ordinaria, disti<span class=\"_ _0\"></span>nguendo, ove applic<span class=\"_ _0\"></span>abile<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>tra diritti di voto effettivi (*)<span class=\"_ _0\"></span> e potenziali (**). </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:701.95px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(c) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:701.95px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Societ\u00e0 consolidata con il <span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etodo del patrimonio n<span class=\"_ _0\"></span>etto in considerazione della<span class=\"_ _0\"></span> limitata materialit\u00e0. </div></div><div class=\"c w1b3 h9b\" style=\"left:-4.050377px; bottom:664.978px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(d) </div></div><div class=\"c w1bb h9b\" style=\"left:16.229622px; bottom:664.978px;\"><div class=\"t m0 x41 h121 y916 ff4 fs11 fc2 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>controllata <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _2\"></span>Managers <span class=\"_ _2\"></span>SA <span class=\"_ _2\"></span>(\"Asteria\") <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"> </span>detenuta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _5\"> </span>SA <span class=\"_ _2\"></span>all\u201980% <span class=\"_ _3\"></span>a <span class=\"_ _5\"> </span>seguito <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"> </span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>soci <span class=\"_ _5\"> </span>terzi; <span class=\"_ _3\"></span>il <span class=\"_ _5\"> </span>restante <span class=\"_ _2\"></span>20% <span class=\"_ _2\"></span>del </div><div class=\"t m0 x41 h33 y9bd ff4 fs11 fc2 sc0 ls0 ws0\">capitale <span class=\"_ _2\"></span>sociale \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costituito <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _3\"></span>proprie. <span class=\"_ _3\"></span>Nei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _3\"></span>l\u2019annullamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>azioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roprie, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff1\">n <span class=\"_ _2\"></span>conseguente <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ciale <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x41 h33 yf98 ff1 fs11 fc2 sc0 ls0 ws0\">Asteria, a <span class=\"_ _3\"></span>seguito del <span class=\"_ _3\"></span>quale Reyl &amp;<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cie deterr\u00e0 il <span class=\"_ _3\"></span>100% della <span class=\"_ _3\"></span>partecipazione. Asteria ha <span class=\"_ _3\"></span>incorporato la <span class=\"_ _3\"></span>controllata Obviam AG<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>con efficacia <span class=\"_ _3\"></span>contabile 31 <span class=\"_ _3\"></span>dicembre 2022 (che <span class=\"_ _3\"></span>in precedenza </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">era consolidata al Patri<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>onio netto tenuto conto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla limitata materialit\u00e0). </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:649.378px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(e) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:649.378px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Si segnala la presenza di <span class=\"_ _0\"></span>un impegno di legge n<span class=\"_ _0\"></span>ei confronti degli azionisti di <span class=\"_ _0\"></span>minoranza per l'acquis<span class=\"_ _0\"></span>to del residuo 0,7% d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span>capitale sociale. </div></div><div class=\"c w1b3 h103\" style=\"left:-4.050377px; bottom:634.51904px;\"><div class=\"t m0 xdd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w1bb h103\" style=\"left:16.229622px; bottom:634.51904px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Societ\u00e0 per la quale si ha<span class=\"_ _0\"></span> il controllo ai sensi dell'I<span class=\"_ _0\"></span>FRS10 pur non detenendo <span class=\"_ _0\"></span>una <span class=\"_ _3\"></span>quota di interessenza social<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:618.919px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(g) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:618.919px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Societ\u00e0 non soggetta a<span class=\"_ _0\"></span>d attivit\u00e0 di direzione e coo<span class=\"_ _0\"></span>rdinamento ai sensi dell'art.<span class=\"_ _0\"></span> 2497 e segg. C.C. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:603.31903px;\"><div class=\"t m0 x8 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(h) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:603.31903px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\"> In caso di messa in liquid<span class=\"_ _0\"></span>azione della partecipazi<span class=\"_ _0\"></span>one, il socio di minoranz<span class=\"_ _0\"></span>a ha la facolt\u00e0 di vendere,<span class=\"_ _0\"></span> ed Intesa Sanpaolo d<span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>r\u00e0 acquistare, l'inter<span class=\"_ _0\"></span>a partecipazione di <span class=\"_ _0\"></span>minoranza. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:587.719px;\"><div class=\"t m0 xdd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(i) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:587.719px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 26,1% del capitale sociale detenuto d<span class=\"_ _0\"></span>a azionisti di minoranza<span class=\"_ _0\"></span>. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:572.119px;\"><div class=\"t m0 xdd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(j) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:572.119px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Si tratta di un fondo com<span class=\"_ _0\"></span>une di investimento alt<span class=\"_ _0\"></span>ernativo immobiliare di ti<span class=\"_ _0\"></span>po chiuso gestito da COIMA<span class=\"_ _0\"></span> SGR S.p.A. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:556.51904px;\"><div class=\"t m0 x45 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(k) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:556.51904px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 31% del capitale <span class=\"_ _0\"></span>soci<span class=\"_ _3\"></span>ale detenuto da az<span class=\"_ _35\"></span>io<span class=\"_ _3\"></span>nisti di minoranza. </div></div><div class=\"c w1b3 h42\" style=\"left:-4.050377px; bottom:540.919px;\"><div class=\"t m0 xdd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(l) </div></div><div class=\"c w1bb h42\" style=\"left:16.229622px; bottom:540.919px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 44,74% del ca<span class=\"_ _0\"></span>pitale sociale detenuto <span class=\"_ _0\"></span>da azionisti di minoranz<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-105.63599px;\"><div class=\"t m0 x0 h1b yfda ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y921 ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b yfdb ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y9ff ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h61 yd2b ff1 fs1c fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h19 yc5e ff6 fs9 fc2 sc0 ls0 ws0\">2. Valutazioni e assunzioni significative per determinare l\u2019area di <span class=\"ff5\">consolidamento </span></div><div class=\"t m0 x0 h19 ye9f ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yfdc ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _6\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>precedenza <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendimenti </div><div class=\"t m0 x0 h2 yfdd ff1 fs0 fc0 sc0 ls0 ws0\">variabili, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>diritti <span class=\"_ _4\"> </span>su <span class=\"_ _4\"></span>tali <span class=\"_ _4\"></span>rendimenti,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contempo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 yc8e ff1 fs0 fc0 sc0 ls0 ws0\">incidere sui rendime<span class=\"_ _0\"></span>nti esercitando il pro<span class=\"_ _0\"></span>prio potere su tali <span class=\"_ _0\"></span>entit\u00e0.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yfde ff1 fs0 fc0 sc0 ls0 ws0\">Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ye6c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della <span class=\"_ _0\"></span>partecipata; </span></div><div class=\"t m0 x0 h2 yfdf ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti a rendime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti variabili derivan<span class=\"_ _0\"></span>ti dal rapporto con l\u2019<span class=\"_ _0\"></span>entit\u00e0 oggetto di in<span class=\"_ _0\"></span>vestimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 yfe0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y1ef ff1 fs0 fc0 sc0 ls0 ws0\">rendimenti. </div><div class=\"t m0 x0 h2 yb17 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y927 ff1 fs0 fc0 sc0 ls0 ws0\">Nello specifico il Gru<span class=\"_ _0\"></span>ppo consider<span class=\"ff4\">a i seguenti fattori per <span class=\"_ _0\"></span>valutare l\u2019esistenz<span class=\"_ _0\"></span>a di controllo:<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 yfe1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">lo <span class=\"_ _2\"></span>scopo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>identificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>obiettivi del<span class=\"_ _3\"></span>l\u2019entit\u00e0, le <span class=\"_ _2\"></span>sue <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _3\"></span>ovve<span class=\"_ _5\"></span></span>ro <span class=\"_ _3\"></span>quelle </span></div><div class=\"t m0 x2a h2 y114 ff1 fs0 fc0 sc0 ls0 ws0\">che maggiormente ne i<span class=\"_ _0\"></span>nfluenzano i re<span class=\"_ _0\"></span>ndimenti, e come tali a<span class=\"_ _0\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 sono governate; </div><div class=\"t m0 x0 h2 yef2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"></span>potere, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprendere <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>attribuiscono <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>irigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 </span></div><div class=\"t m0 x2a h2 y3dc ff1 fs0 fc0 sc0 ls0 ws0\">rilevanti; </div><div class=\"t m0 x0 h2 ye13 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione alla variabilit\u00e0 dei rendimenti <span class=\"_ _3\"></span>della partecipata, al fine d<span class=\"_ _3\"></span>i valutare se <span class=\"_ _3\"></span>il rendime<span class=\"_ _2\"></span></span>n<span class=\"_ _3\"></span>to percepito dal <span class=\"_ _3\"></span>Gruppo pu\u00f2 </span></div><div class=\"t m0 x2a h2 yd5e ff1 fs0 fc0 sc0 ls0 ws0\">variare in via potenzi<span class=\"_ _0\"></span>ale in funzione de<span class=\"_ _0\"></span>i risultati raggiunti d<span class=\"_ _0\"></span>alla partecipata. </div><div class=\"t m0 x0 h2 y9e9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd5f ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>l\u2019esistenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>prese <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>considerazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>relazioni <span class=\"_ _2\"></span>principale<span class=\"_ _5\"></span><span class=\"ff1\">-agente; <span class=\"_ _2\"></span>per </span></div><div class=\"t m0 x0 h2 ycf9 ff1 fs0 fc0 sc0 ls0 ws0\">valutare se opera com<span class=\"_ _0\"></span>e principale o come <span class=\"_ _0\"></span>agente, il Gruppo pr<span class=\"_ _0\"></span>ende in considera<span class=\"_ _0\"></span>zione i seguenti fattori:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y737 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere decisionale sulle a<span class=\"_ _0\"></span>ttivit\u00e0 rilevanti d<span class=\"_ _0\"></span>ella partecipata; </span></div><div class=\"t m0 x0 h2 yfe2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i diritti detenuti da altri <span class=\"_ _0\"></span>soggetti; </span></div><div class=\"t m0 x0 h2 y9cd ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la remunerazione a cui il<span class=\"_ _0\"></span> Gruppo ha diritto<span class=\"_ _0\"></span>; </span></div><div class=\"t m0 x0 h2 yfe3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 ls11\">l\u2019e<span class=\"ls0\">sposizione del Grup<span class=\"_ _0\"></span>po alla variabilit<span class=\"_ _0\"></span>\u00e0 dei rendimenti deri<span class=\"_ _0\"></span>vanti dall\u2019eventual<span class=\"_ _0\"></span>e partecipazione de<span class=\"_ _0\"></span>tenuta nella partecip<span class=\"_ _0\"></span>ata.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></div><div class=\"t m0 xb6 h2 yfe4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yfe5 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS <span class=\"_ _16\"> </span>10 <span class=\"_ _16\"> </span>identifica <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cattivit\u00e0 <span class=\"_ _7\"> </span>rilevanti\u201d <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>influenzano <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ignificativam<span class=\"_ _0\"></span>ente  i<span class=\"_ _35\"></span>  rendimenti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yfe6 ff1 fs0 fc0 sc0 ls0 ws0\">partecipata. </div><div class=\"t m0 x0 h2 yc9c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>generali, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>gestite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>diritti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>voto, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>seguenti <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>forniscono <span class=\"_ _5\"></span>evid<span class=\"_ _5\"></span>enza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 yfe7 ff1 fs0 fc0 sc0 ls0 ws0\">controllo: </div><div class=\"t m0 x0 h2 yfe8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso, direttamente o indiret<span class=\"_ _0\"></span>tamente attraverso le proprie controllat<span class=\"_ _0\"></span>e, di pi\u00f9 della met\u00e0 dei diritti d<span class=\"_ _2\"></span>i voto di una entit\u00e0 a </span></div><div class=\"t m0 x2a h2 y808 ff1 fs0 fc0 sc0 ls0 ws0\">meno che, in casi eccezi<span class=\"_ _0\"></span>onali, possa essere <span class=\"_ _0\"></span>chiaramente dimost<span class=\"_ _0\"></span>rato che tale posses<span class=\"_ _0\"></span>so non costituisce contro<span class=\"_ _0\"></span>llo;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y83b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso  della  met\u00e0,  o  di  una  quota  inferiore,  dei  voti  es<span class=\"_ _0\"></span>ercitabili  in  assembl<span class=\"_ _0\"></span>ea  e  capacit\u00e0  pratica  di  governar<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x2a h2 yfe9 ff1 fs0 fc0 sc0 ls0 ws0\">unilateralmente le attivit\u00e0<span class=\"_ _0\"></span> rilevanti attraverso: </div><div class=\"t m0 x2a h2 ycc9 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il controllo di pi\u00f9 della met<span class=\"_ _0\"></span>\u00e0 dei diritti di voto <span class=\"_ _0\"></span>in virt\u00f9 di un acco<span class=\"_ _0\"></span>rdo con altri investitori;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 yfea ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il potere di determinare le <span class=\"_ _0\"></span>politiche finanziarie <span class=\"_ _0\"></span>e operative dell\u2019en<span class=\"_ _0\"></span>tit\u00e0 in virt\u00f9 di clausol<span class=\"_ _0\"></span>e statutarie o di un co<span class=\"_ _2\"></span><span class=\"ff1\">ntratto; </span></span></span></div><div class=\"t m0 x2a h2 yfeb ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nominare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>membri <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dell\u2019equivalente </span></span></div><div class=\"t m0 x62 h2 yfec ff1 fs0 fc0 sc0 ls0 ws0\">organo di governo soci<span class=\"_ _0\"></span>etario; </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-771.22974px;\"><div class=\"t m0 x2a h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il <span class=\"_ _1c\"> </span>potere <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>esercitare <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>maggioranza <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>diritti <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>voto <span class=\"_ _1c\"> </span>nelle <span class=\"_ _1c\"> </span>sedute <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>consiglio <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>mministrazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>o </span></div><div class=\"t m0 x62 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019equivalente orga<span class=\"_ _0\"></span>no di governo societ<span class=\"_ _0\"></span>ario.<span class=\"ff1\"> </span></div><div class=\"t m0 x16e h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y61 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>esercitare <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>potere <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>necessario <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>vantati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>sull\u2019entit\u00e0 <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>siano <span class=\"_ _16\"> </span>sostanziali; <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sser<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">sostanziali tali dirit<span class=\"_ _0\"></span>ti devono essere <span class=\"_ _0\"></span>praticamente esercitabili quando le decisioni sull<span class=\"_ _0\"></span>e attivit\u00e0 rilevanti <span class=\"_ _0\"></span>devono essere pr<span class=\"_ _0\"></span>ese.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019esistenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>sostanziali, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione all\u2019atto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutare <span class=\"_ _3\"></span>se <span class=\"_ _6\"> </span><span class=\"ff1\">sussiste <span class=\"_ _3\"></span>il </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">potere o meno di dirige<span class=\"_ _0\"></span>re le politiche fi<span class=\"_ _0\"></span>nanziarie e <span class=\"_ _3\"></span><span class=\"ff4\">gestionali di <span class=\"_ _0\"></span>un\u2019altra entit\u00e0.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Pu\u00f2 <span class=\"_ _3\"></span>accadere <span class=\"_ _3\"></span>talvolta <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo eserciti <span class=\"_ _2\"></span>un \u201c<span class=\"_ _3\"></span>controllo di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fatto\u201d <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>quando, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>in a<span class=\"_ _3\"></span>ssenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maggioranz<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h32 y66 ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _7\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>voto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>possiedono <span class=\"_ _4\"> </span>diritti <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _4\"> </span>l\u2019indirizzo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>unidirezionale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _4\"> </span>dell\u2019entit\u00e0 </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">partecipata. </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Di <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>emergere <span class=\"_ _3\"></span>casistiche dove <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo, p<span class=\"_ _3\"></span>ur p<span class=\"_ _3\"></span>ossedendo o<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 d<span class=\"_ _3\"></span>ei d<span class=\"_ _3\"></span>iritti d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>voto, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>enti<span class=\"_ _5\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>quanto, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>investitori, <span class=\"_ _4\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rendimenti <span class=\"_ _5\"></span>variabili <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dal </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">rapporto con tali e<span class=\"_ _0\"></span>ntit\u00e0 non \u00e8 consider<span class=\"_ _0\"></span>ata significativa. </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprese <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>\u201centit\u00e0 <span class=\"_ _2\"></span>strutturate\u201d <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rappresenta<span class=\"_ _5\"></span><span class=\"ff1\">no </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">gli <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minanti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>controllo, <span class=\"_ _6\"></span>ivi <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _6\"></span>(SPE/SPV) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento. <span class=\"_ _5\"></span>Le </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">entit\u00e0 strutturate son<span class=\"_ _0\"></span>o considerate controlla<span class=\"_ _0\"></span>te laddove: </div><div class=\"t m0 x0 h2 y6d5 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo dispone di potere<span class=\"_ _0\"></span> attraverso diritti co<span class=\"_ _0\"></span>ntrattuali che cons<span class=\"_ _0\"></span>entono il governo delle<span class=\"_ _3\"></span> attivit\u00e0 rilevanti; </span></div><div class=\"t m0 x0 h2 y420 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo \u00e8 esposto ai rend<span class=\"_ _0\"></span>imenti variabili de<span class=\"_ _0\"></span>rivanti da tali attivit\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h1b y45e ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b ya92 ff1 fs9 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y26c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> 3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese Interessen<span class=\"_ _0\"></span>ze  dei terzi % Disponi<span class=\"_ _0\"></span>b. dei voti di te<span class=\"_ _0\"></span>rzi % (1)<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i distribuiti<span class=\"_ _0\"></span> a terzi 1 Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) 20,00 20,00 16<span class=\"ls0\"> </span>2 Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. 0,87 0,87 3 Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. 38,55 38,55 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. 40,01 24,50 5 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 35,00 35,00 1 6 Exetra S.p<span class=\"_ _0\"></span>.A. 15,00 15,00 7 Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. 0,48 0,48 8 Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. 39,98 39,98 9 Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina 0,01 10<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. 26,21 26,21 11<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. 0,01 0,01 12<span class=\"ls0\"> </span>Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. 31,00 31,00 13<span class=\"ls0\"> </span>Risanament<span class=\"_ _0\"></span>o S.p.A. 51,12 51,12 14<span class=\"ls0\"> </span>VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. 44,74 44,74 (1)<span class=\"ls0\"> </span>Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Totale attivoCassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 material<span class=\"_ _0\"></span>i e immaterialiPassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePatrimonio nett<span class=\"_ _0\"></span>oMargine di intere<span class=\"_ _0\"></span>sseMargine di interm<span class=\"_ _0\"></span>ediazioneCosti operativ<span class=\"_ _0\"></span>iUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle im<span class=\"_ _0\"></span>posteUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte<span class=\"ls0\"> </span>Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2)Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)1 Bank of Alexandri<span class=\"_ _0\"></span>a 5.171 86<span class=\"ls0\"> </span>4.808 162<span class=\"ls0\"> </span>4.249 628<span class=\"ls0\"> </span>353<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>-<span class=\"ls3b\">177</span> 191<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>-<span class=\"ls3b\">319</span> -<span class=\"ls3b\">190</span> 5. Altre informazioni  Non <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>preparazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>riferi<span class=\"_ _6\"></span>ti <span class=\"_ _5\"></span>ad una <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>diversa <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>stesso, <span class=\"_ _4\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>sotto <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>ucraina<span class=\"_ _35\"></span> Pravex Bank nel succes<span class=\"_ _0\"></span>sivo paragrafo Meto<span class=\"_ _0\"></span>di di consolidament<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span>Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. <div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y5d3 ff1 fsf fc0 sc0 ls1c ws0\">75</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 hb y5d4 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 </div><div class=\"t m0 x0 hb y38 ff1 fs4 fc0 sc0 ls0 ws0\">consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi </div><div class=\"t m0 x0 h6 y316 ff4 fs4 fc0 sc0 ls0 ws0\">dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h6 y5d5 ff2 fs4 fc0 sc0 ls0 ws0\">data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h6 y454 ff2 fs4 fc0 sc0 ls0 ws0\">consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h6 y4e9 ff3 fs4 fc0 sc0 ls0 ws0\">informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span></div><div class=\"t m0 x0 h6 y4b0 ff2 fs4 fc0 sc0 ls0 ws0\">informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che </div><div class=\"t m0 x0 h6 y4b1 ff2 fs4 fc0 sc0 ls0 ws0\">si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h6 y411 ff2 fs4 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hb y27a ff2 fs4 fc0 sc0 ls0 ws0\">dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span></div></div>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Partecipazioni </span>Criteri di classifica<span class=\"_ _0\"></span>zione, iscrizione e valuta<span class=\"_ _0\"></span>zione <span class=\"ff1 fc0\"> </span>La voce include le inter<span class=\"_ _0\"></span>essenze detenute in<span class=\"_ _0\"></span> societ\u00e0 controllat<span class=\"_ _0\"></span>e congiuntamente e<span class=\"_ _0\"></span> collegate.<span class=\"_ _3\"></span> Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>congiunto  (j<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>int <span class=\"_ _7\"> </span>ventures) <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>qua<span class=\"_ _3\"></span>li, <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>contrattuale, <span class=\"_ _7\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rileva<span class=\"_ _5\"></span>nti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividono il controllo. Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>possiede <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0% dei diritti di <span class=\"_ _3\"></span>voto (ivi i<span class=\"_ _3\"></span>nclusi i diritti di<span class=\"_ _3\"></span> voto \u201cpotenziali\u201d) o ne<span class=\"_ _3\"></span>lle quali <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>pur con una<span class=\"_ _3\"></span> quota di diritti<span class=\"_ _3\"></span> di<span class=\"_ _3\"></span> voto <span class=\"_ _3\"></span>inferiore - <span class=\"_ _3\"></span>ha il potere <span class=\"_ _3\"></span>di </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giu<span class=\"_ _5\"></span>ridici quali la partecipazione <span class=\"_ _0\"></span>a patti di sindacat<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>considerate <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenz<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>interessenze <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>%, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>detiene<span class=\"_ _0\"></span> esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali su <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti degli <span class=\"_ _3\"></span>investimenti, non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche di <span class=\"_ _3\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla<span class=\"_ _3\"></span> tutela degli inter<span class=\"_ _0\"></span>essi patrimoniali. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>contabilizzate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio <span class=\"_ _3\"></span>netto.<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il valore <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>par<span class=\"_ _3\"></span>tecipazione <span class=\"_ _17\"> </span>possa <span class=\"_ _18\"> </span>aver <span class=\"_ _1c\"> </span>subito <span class=\"_ _17\"> </span>una <span class=\"_ _1c\"> </span>riduzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>procede <span class=\"_ _18\"> </span>alla <span class=\"_ _1c\"> </span>stim<span class=\"_ _0\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _18\"> </span>recuperabile <span class=\"_ _18\"> </span>della partecipazione stessa, tene<span class=\"_ _0\"></span>ndo conto del valore attual<span class=\"_ _0\"></span>e dei flussi finanziari futuri<span class=\"_ _0\"></span> che la partecipazione potr\u00e0 <span class=\"_ _2\"></span>generare, inclus<span class=\"_ _0\"></span>o il valore di dismissio<span class=\"_ _0\"></span>ne finale dell\u2019investime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Qualora il valore di r<span class=\"_ _0\"></span>ecupero risulti i<span class=\"_ _0\"></span>nferiore al valore co<span class=\"_ _0\"></span>ntabile, la relativa differ<span class=\"_ _0\"></span>enza \u00e8 rilevata a <span class=\"_ _0\"></span>conto economico.<span class=\"_ _3\"></span> Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _5\"></span>di u<span class=\"_ _3\"></span>n evento <span class=\"_ _3\"></span>verificatosi successivamente <span class=\"_ _3\"></span>alla r<span class=\"_ _3\"></span>ilevazione della riduzione di valore, v<span class=\"_ _0\"></span>engono effettuate ripre<span class=\"_ _0\"></span>se di valore con imp<span class=\"_ _0\"></span>utazione a conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span> Criteri di cancellazione Le <span class=\"_ _6\"></span>partecipazioni <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>cancellate <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>contrattua<span class=\"_ _2\"></span>li <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>stesse <span class=\"_ _5\"></span>o quando la partecipazio<span class=\"_ _0\"></span>ne viene ceduta tr<span class=\"_ _0\"></span>asferendo sostanzialm<span class=\"_ _35\"></span>ente<span class=\"_ _3\"></span> tutti i risc<span class=\"_ _0\"></span>hi e benefici ad es<span class=\"_ _0\"></span>sa connessi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1063": {
   "value": "SEZIONE 3 - AREA E METODI DI C<span class=\"_ _3\"></span>ONSOLIDAMENTO  <span class=\"_ _3\"></span> Area di consolidamento  Il <span class=\"_ _20\"> </span>bilancio <span class=\"_ _20\"> </span>consolidato <span class=\"_ _20\"> </span>include<span class=\"_ _35\"></span> <span class=\"_ _23\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>societ\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _20\"> </span>questa <span class=\"_ _20\"> </span>direttamente <span class=\"_ _20\"> </span>o <span class=\"_ _20\"> </span>indirettamente <span class=\"_ _1c\"> </span>controllate, comprendendo <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>specificamente <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>societ\u00e0 operanti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>settori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>dissimili <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capo<span class=\"_ _3\"></span>gruppo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>private <span class=\"_ _2\"></span>equ<span class=\"_ _5\"></span>ity. Analogamente, <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>incluse <span class=\"_ _18\"> </span>anche <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>entit\u00e0 <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _17\"> </span>quando <span class=\"_ _1c\"> </span>ne <span class=\"_ _18\"> </span>ricorrano <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>req<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>isiti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>effettivo <span class=\"_ _18\"> </span>controllo, <span class=\"_ _18\"> </span>anche indipendentemente dall<span class=\"_ _0\"></span>\u2019esistenza di una qu<span class=\"_ _0\"></span>ota partecipativ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>esposta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detiene <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>ta<span class=\"_ _5\"></span><span class=\"ls13\">li </span>rendimenti, derivanti dal <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>rio rapporto con <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>tesse e <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>contempo ha <span class=\"_ _3\"></span>la capacit\u00e0 di<span class=\"_ _3\"></span> incidere <span class=\"_ _3\"></span>sui rendimenti e<span class=\"_ _3\"></span>sercitando il proprio potere su tali<span class=\"_ _0\"></span> entit\u00e0. Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti <span class=\"_ _0\"></span>a rendimenti variabili<span class=\"_ _0\"></span> derivanti dal rappor<span class=\"_ _0\"></span>to con l\u2019entit\u00e0 ogg<span class=\"_ _0\"></span>etto di investimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _3\"></span></span> </span>rendimenti. Sono  considerate  controllate  congiuntamente<span class=\"_ _0\"></span>  le  entit\u00e0 <span class=\"_ _1d\"> </span>nelle  quali,  su  base  contrattuale,  il  controllo  \u00e8  condiviso  fra  la Capogruppo, <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>indirettamen<span class=\"_ _0\"></span>te, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>uno <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>esterni <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _4\"> </span>quando <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>decisioni ri<span class=\"ls0\">guardanti le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti \u00e8 richie<span class=\"_ _0\"></span>sto il consenso un<span class=\"_ _0\"></span>anime di tutte le p<span class=\"_ _0\"></span>arti che condividono il <span class=\"_ _0\"></span>controllo.<span class=\"_ _3\"></span> </span>Sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>collegate, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>sot<span class=\"_ _3\"></span>toposte <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>notevole, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>direttamente <span class=\"_ _5\"></span>o indirettamente, po<span class=\"_ _0\"></span>ssie<span class=\"ff4\">de almeno il 20% dei diritti<span class=\"_ _0\"></span> di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201c<span class=\"_ _0\"></span>potenziali\u201d) o nelle q<span class=\"_ _0\"></span>uali <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> pur con una quota </span></span>di <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>voto <span class=\"_ _4\"> </span>inferiore <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>potere <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>partecipare <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuri<span class=\"_ _0\"></span>dici, quali la partecip<span class=\"_ _0\"></span>azione a patti di sind<span class=\"_ _0\"></span>acato.<span class=\"_ _3\"></span> Sono <span class=\"_ _16\"> </span>escluse <span class=\"_ _7\"> </span>dall\u2019area <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>onsolidamento, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>classificate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9,  alcun<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>interessenz<span class=\"_ _0\"></span>e superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20%, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>importo <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>indirettamente, <span class=\"_ _5\"></span>detiene esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>una porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti de<span class=\"_ _3\"></span>gli investimenti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ha accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di gestione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla tutela dei propri int<span class=\"_ _0\"></span>eressi patrimonial<span class=\"_ _0\"></span>i. <span class=\"_ _2\"></span> Sono <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>escluse <span class=\"_ _5\"></span>dall\u2019area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _6\"></span><span class=\"ff1\">integrale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artecipative <span class=\"_ _2\"></span>detenute, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>attraverso </span>fondi, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>svolgono <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>venture <span class=\"_ _4\"></span>capital. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>interessenze <span class=\"_ _4\"></span>partecipativ<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>incluse <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>categoria <span class=\"_ _4\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>Attivit\u00e0 finanziarie va<span class=\"_ _0\"></span>lutate al fair value con <span class=\"_ _0\"></span>impat<span class=\"_ _3\"></span>to a conto econ<span class=\"_ _0\"></span>omico.  Sono, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019area <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricevute <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pegno <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\"> </span>diritto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>20%, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>considerazione della <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>tela<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e non di <span class=\"_ _3\"></span>esercizio del <span class=\"_ _3\"></span>controllo e di <span class=\"_ _3\"></span>indirizzo del<span class=\"_ _3\"></span>le politiche finanziarie ed <span class=\"_ _3\"></span>economiche, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>usufruire dei <span class=\"_ _3\"></span>benefici ec<span class=\"_ _5\"></span>onomici da esse derivanti. Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _18\"> </span>esercita <span class=\"_ _17\"> </span>su <span class=\"_ _1c\"> </span>Risa<span class=\"_ _0\"></span>namento <span class=\"_ _18\"> </span>S.p.A. <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>con<span class=\"_ _3\"></span><span class=\"ff4\">trollate <span class=\"_ _18\"> </span>l\u2019attivit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>direzione <span class=\"_ _18\"> </span>e </span>coordinamento di cui a<span class=\"_ _0\"></span>ll\u2019art. 2497 C.C. e s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guenti.<span class=\"ff1\"> </span>Rispetto al 31 dicem<span class=\"_ _0\"></span>bre 2021, le variazioni <span class=\"_ _0\"></span>nel perimetro di c<span class=\"_ _0\"></span>onsolidamento int<span class=\"_ _0\"></span>egrale hanno rigu<span class=\"_ _0\"></span>ardato l\u2019ingresso di:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Newco  TPA<span class=\"_ _0\"></span>  S.p.A.<span class=\"_ _0\"></span>  (or<span class=\"_ _0\"></span>a  deno<span class=\"_ _0\"></span>minata  I<span class=\"_ _0\"></span>nSalute  Se<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>vizi  <span class=\"ff4\">S.p.A.), <span class=\"_ _16\"> </span>societ\u00e0  di<span class=\"_ _0\"></span>  nu<span class=\"_ _0\"></span>ova <span class=\"_ _16\"> </span>costituzione  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _16\"> </span>del  Gr<span class=\"_ _0\"></span>uppo </span></span>assicurativo, parteci<span class=\"_ _0\"></span>pata al 100% da Intesa S<span class=\"_ _0\"></span>anpaolo Vita; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest (CBPQ), part<span class=\"_ _0\"></span>ecipata al 100% d<span class=\"_ _0\"></span>a Fideuram Bank (L<span class=\"_ _0\"></span>uxembourg) S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>VUB Operating Leasing A.S. <span class=\"_ _3\"></span>(societ\u00e0<span class=\"_ _3\"></span> dedicata per lo <span class=\"_ _3\"></span>sviluppo del leasing <span class=\"_ _3\"></span>operativo), precedente<span class=\"_ _0\"></span>mente consolidata con il </span>metodo del patrimonio <span class=\"_ _0\"></span>netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(cessionaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ISP e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI), <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>miti di </span>immaterialit\u00e0 che ne permetteva<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o in precedenza il c<span class=\"_ _0\"></span>onsolidamento al <span class=\"_ _0\"></span>patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB Generali Dochodkova Spravcovs<span class=\"_ _0\"></span>ka Spolocnost A.S a seguito dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisto di una ulteriore q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del 5,26% da part<span class=\"_ _35\"></span>e </span></span>di <span class=\"_ _4\"> </span>VSEOBECNA <span class=\"_ _4\"> </span>UVEROVA <span class=\"_ _4\"> </span>BANKA <span class=\"_ _4\"> </span>A.S. <span class=\"_ _7\"> </span>(l\u2019investimento <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attesta <span class=\"_ _4\"> </span>ora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>55,26%), <span class=\"_ _4\"></span>precedentemente <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span>societ\u00e0 era consolid<span class=\"_ _0\"></span>ata con il metodo <span class=\"_ _0\"></span>del patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Eurizon <span class=\"_ _6\"></span>Capital <span class=\"_ _6\"></span>Real <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>SGR <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>superamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>immaterialit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ne <span class=\"_ _6\"></span>permettevano <span class=\"_ _5\"></span>in </span>precedenza il consolid<span class=\"_ _0\"></span>amento al patrimoni<span class=\"_ _0\"></span>o netto; e l\u2019uscita di:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Suisse) Morval, fu<span class=\"_ _0\"></span>sa per incorporazione in R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>yl &amp; Cie S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB <span class=\"_ _6\"> </span>Le<span class=\"_ _3\"></span>asing <span class=\"_ _6\"> </span>A.S., <span class=\"_ _4\"> </span>cessata <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>scissione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>Vs<span class=\"_ _3\"></span>eobecna <span class=\"_ _6\"> </span>Uverova <span class=\"_ _4\"> </span>Banka <span class=\"_ _6\"> </span>A.S. <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>leasing<span class=\"_ _35\"></span> </span></span>finanziario e in VUB<span class=\"_ _0\"></span> Operating Lea<span class=\"ff4\">sing (sopra indicata) per<span class=\"_ _0\"></span> l\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>UBI Leasing S.p.A., fusa p<span class=\"_ _0\"></span>er incorporazione in In<span class=\"_ _0\"></span>tesa Sanpaolo <span class=\"_ _0\"></span>S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>PBZ Stambena Stedionica d.<span class=\"_ _0\"></span>d., fusa per incorpora<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione in PBZ <span class=\"ff4\">\u2013</span> Privredna Banka Zagreb d.d.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _1c\"> </span>Sanpaolo <span class=\"_ _20\"> </span>(Qingd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>o) <span class=\"_ _20\"> </span>Service <span class=\"_ _1c\"> </span>Company <span class=\"_ _1c\"> </span>Limited, <span class=\"_ _1c\"> </span>ora <span class=\"_ _1c\"> </span>consolidata <span class=\"_ _1c\"> </span>con <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>metodo <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>patri<span class=\"_ _3\"></span>monio <span class=\"_ _1c\"> </span>netto <span class=\"_ _1c\"> </span>in </span>considerazione della c<span class=\"_ _0\"></span>ontenuta materiali<span class=\"_ _0\"></span>t\u00e0 degli aggregati <span class=\"_ _0\"></span>patrimoniali;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Cargeas Assicurazioni S.p<span class=\"_ _0\"></span>.A., fusa per incorpora<span class=\"_ _0\"></span>zione in Intesa S<span class=\"_ _0\"></span>anpaolo Assicura S.p.A.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Smart Care S.r<span class=\"_ _0\"></span>.l., fusa per incorp<span class=\"_ _0\"></span>orazione in Intesa San<span class=\"_ _0\"></span>paolo S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Sanpaolo Invest SIM S.p.A., <span class=\"_ _0\"></span>fusa per incorp<span class=\"_ _0\"></span>orazione in Fideuram-Intesa Sanpaolo Private Banking S.p.A<span class=\"_ _0\"></span>. </span>Per <span class=\"_ _3\"></span>completezza si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>Mooney <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>continua a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>essere consolidat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>perimetro<span class=\"_ _35\"></span> di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>rientra <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>prudenziale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roporzionale; <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso del <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>5 <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>l\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>20% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>citata <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>porta </span>l\u2019interessenza compl<span class=\"_ _0\"></span>essiva al 50% (soggetta <span class=\"_ _0\"></span>a controllo congiu<span class=\"_ _0\"></span>nto).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, per completezz<span class=\"_ _0\"></span>a, si segnalano i s<span class=\"_ _0\"></span>eguenti cambiamenti d<span class=\"_ _0\"></span>i denominazione:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Intesa Sanpaolo Inte<span class=\"_ _0\"></span>rnational Value Servi<span class=\"_ _0\"></span>ces Ltd. in Intesa San<span class=\"_ _0\"></span>paolo <span class=\"_ _3\"></span>International Value Servi<span class=\"_ _0\"></span>ces d.o.o.; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>IW Bank S.p.A. in IW Pri<span class=\"_ _0\"></span>vate Investments Soci<span class=\"_ _0\"></span>et\u00e0 di Intermediaz<span class=\"_ _0\"></span>ione Mobiliare S.p.A.<span class=\"_ _90\"> </span></span><span class=\"ff1\">  </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span>Nel prospetto che segue <span class=\"_ _0\"></span>sono indicate le p<span class=\"_ _0\"></span>artecipazioni controll<span class=\"_ _0\"></span>ate in via esclusiva <span class=\"_ _0\"></span>al 31 dicembre 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> 1.<span class=\"ls0\"> <span class=\"_ _24\"> </span>Partecipazioni in societ\u00e0 controllate in via esclusiva </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 1 Acantus S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 800.000 2 Anti Financial Crime Digital HU<span class=\"_ _0\"></span>B S.c.a r.l. (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.   10,00 Capitale Eur 100.000 Intesa Sanpaolo S.p.A.  60,00  70,00 3 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A.   (d) Ginevra Ginevra 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 14.000.00<span class=\"_ _0\"></span>0 4 Banca 5 S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 30.000.00<span class=\"_ _0\"></span>0 5 Banca Comerciala Eximbank S.A.<span class=\"_ _0\"></span> Chisinau Chisinau 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Mdl 1.250.000.0<span class=\"_ _0\"></span>00 6 Banca Intesa AD Beograd Novi Beograd Beograd 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Rsd 21.315.900.0<span class=\"_ _0\"></span>00 7 Bank of Alexandria S.A.E.<span class=\"_ _0\"></span> Il Cairo Il Cairo 1 Intesa Sanpaolo S.p.A.  80,00 Capitale Egp 5.000.000.<span class=\"_ _0\"></span>000 8 Banka Intesa Sanpaolo d.<span class=\"_ _0\"></span>d. (e) Koper Koper 1 Intesa Sanpaolo S.p.A.  48,13 Capitale Eur 22.173.21<span class=\"_ _0\"></span>8 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.   51,00  99,13 9 CBP Quilvest PE Fund GP S.<span class=\"_ _0\"></span>a r.l. (c) Lussemburgo Lussemburgo 1 Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. 100,00 Capitale Usd 20.000 10<span class=\"ls0\"> </span>Cib Bank Ltd. Budapest Budapest 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Huf 50.000.00<span class=\"_ _0\"></span>0.003 11<span class=\"ls0\"> </span>CIB Insurance Broker Ltd.<span class=\"_ _0\"></span> Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 10.000.00<span class=\"_ _0\"></span>0 12<span class=\"ls0\"> </span>CIB Leasing Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 53.000.000<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>CIB Rent Operative Leasi<span class=\"_ _0\"></span>ng Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 5.000.000 14<span class=\"ls0\"> </span>Colline e oltre S.p.A. (c) Pavia Pavia 1 Intesa Sanpaolo S.p.A.  51,00 Capitale Eur 50.000 15<span class=\"ls0\"> </span>Compagnia Italiana Finanziaria - C<span class=\"_ _0\"></span>IF S.r.l. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  61,45 Capitale Eur 10.000 16<span class=\"ls0\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A.  100,00 Capitale Eur 32.537.00<span class=\"_ _0\"></span>0 17<span class=\"ls0\"> </span>Consorzio Studi e ricerche<span class=\"_ _0\"></span> fiscali Gruppo Intesa <span class=\"_ _0\"></span>Sanpaolo (c) Roma Roma 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>7,50 Capitale Eur 258.228 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span>  <span class=\"_ _17\"> </span>5,00 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>7,50 Intesa Sanpaolo S.p.A.  80,00 100,00 18<span class=\"ls0\"> </span>Duomo Funding Plc (f) Dublino Dublino 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 19<span class=\"ls0\"> </span>Epsilon SGR S.p.A. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 5.200.000 20<span class=\"ls0\"> </span>Etoile Fran\u00e7ois Premier S.a.r.l.<span class=\"_ _0\"></span> (g) Parigi Parigi 1 Risanamento Europa S.r.l. 100,00 Capitale Eur 5.000 21<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Croatia D.O.O. Zagabria Zagabria 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Hrk 5.000.000 22<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Hungary Ltd. Budapest Budapest 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Huf 600.000.0<span class=\"_ _0\"></span>00 23<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S.<span class=\"_ _0\"></span> Bratislava Bratislava 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 4.093.560 24<span class=\"ls0\"> </span>Eurizon Capital Asia Li<span class=\"_ _0\"></span>mited (gi\u00e0 Eurizon Capital (<span class=\"_ _0\"></span>HK) limited) (c) Hong Kong Hong Kong 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Hkd 78.000.000 25<span class=\"ls0\"> </span>Eurizon Capital Real Ass<span class=\"_ _0\"></span>et SGR S.p.a. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  19,98 51,00 (*) Capitale Eur 4.166.667 Intesa Sanpaolo Vita S.p.A.  40,01 24,50 (*)  59,99 75,50 (*) Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 26<span class=\"ls0\"> </span>Eurizon Capital S.A. Lussemburgo Lussemburgo 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Eur 7.974.600 27<span class=\"ls0\"> </span>Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 99.000.00<span class=\"_ _0\"></span>0 28<span class=\"ls0\"> </span>Eurizon Slj Capital Ltd. Londra Londra 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  65,00 Capitale Gbp 1.001.000 29<span class=\"ls0\"> </span>Exelia S.r.l. (c) Brasov  Brasov 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Ron 8.252.600 30<span class=\"ls0\"> </span>Exetra S.p.A.  (h) Milano Milano 1 Intesa Sanpaolo S.p.A.  85,00 Capitale Eur 158.000 31<span class=\"ls0\"> </span>Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. Roma Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 300.000.0<span class=\"_ _0\"></span>00 32<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac (gi\u00e0 Fideuram Asset Manage<span class=\"_ _0\"></span>ment (Ireland) Ltd.) Dublino Dublino 1 Fideuram Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. 100,00 Capitale Eur 1.000.000 33<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement SGR S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  99,52 Capitale Eur 25.870.00<span class=\"_ _0\"></span>0 34<span class=\"ls0\"> </span>Fideuram Asset Management Uk <span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>td (c) Londra  Londra 1 Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac 100,00 Capitale Gbp 1.000.000 35<span class=\"ls0\"> </span>Fideuram Bank (Luxe<span class=\"_ _0\"></span>mbourg) S.A. Lussemburgo Lussemburgo 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 40.000.000<span class=\"_ _0\"></span> 36<span class=\"ls0\"> </span>Fideuram Vita S.p.A. Roma Roma 1 Intesa Sanpaolo S.p.A.  80,01 Capitale Eur 357.446.8<span class=\"_ _0\"></span>36 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  19,99 100,00 37<span class=\"ls0\"> </span>Fondo Sviluppo ecosist<span class=\"_ _0\"></span>emi di Innovazione (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  100,00 Capitale Eur 15.000.00<span class=\"_ _0\"></span>0 38<span class=\"ls0\"> </span>Gap Manco Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 12.500 39<span class=\"ls0\"> </span>Iberia Distressed Assets Ma<span class=\"_ _0\"></span>nager Sarl (c) Lussemburgo Lussemburgo 1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 40<span class=\"ls0\"> </span>IIF SME Manager Ltd. (c) George Town  George Town  1 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A. 100,00 Capitale Usd 1.000 41<span class=\"ls0\"> </span>IMI Capital Market USA C<span class=\"_ _0\"></span>orp. New York New York 1 IMI Investments S.A. 100,00 Capitale Usd 5.000 42<span class=\"ls0\"> </span>IMI Finance Luxembourg <span class=\"_ _0\"></span>S.A. (c) Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 100.000 43<span class=\"ls0\"> </span>IMI Investments S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 21.660.00<span class=\"_ _0\"></span>0 44<span class=\"ls0\"> </span>IMMIT - Immobili Italiani S<span class=\"_ _0\"></span>.r.l. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 185.680.0<span class=\"_ _0\"></span>00 45<span class=\"ls0\"> </span>Immobiliare Cascina Rubin<span class=\"_ _0\"></span>a S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 46<span class=\"ls0\"> </span>IN.FRA - Investire nelle In<span class=\"_ _0\"></span>frastrutture S.r.l. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 10.000 47<span class=\"ls0\"> </span>Iniziative Logistiche S.r.l<span class=\"_ _0\"></span>. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  60,02 Capitale Eur 10.000 48<span class=\"ls0\"> </span>Insalute Servizi S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 49<span class=\"ls0\"> </span>Intesa Invest A.D. Beogr<span class=\"_ _0\"></span>ad (c) Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 236.975.800 50<span class=\"ls0\"> </span>Intesa Leasing (Closed Join<span class=\"_ _0\"></span>t-Stock Company) Mosca Mosca 1 Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa 100,00 Capitale Rub 3.000.000 51<span class=\"ls0\"> </span>Intesa Leasing d.o.o. B<span class=\"_ _0\"></span>eograd Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 960.374.301 52<span class=\"ls0\"> </span>Intesa Sanpaolo (Qingdao) <span class=\"_ _0\"></span>Service Company (c) Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale CNY 80.000.000 53<span class=\"ls0\"> </span>Intesa Sanpaolo Assicura S.<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 27.912.25<span class=\"_ _0\"></span>8<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 54<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Alba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ia Sh.A. Tirana Tirana 1 Intesa Sanpaolo S.p.A. 100,00 Capitale All 5.562.517.6<span class=\"_ _0\"></span>74 55<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Irel<span class=\"_ _0\"></span>and Plc Dublino Dublino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 400.500.0<span class=\"_ _0\"></span>00 56<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Luxe<span class=\"_ _0\"></span>mbourg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.389.370.55<span class=\"_ _0\"></span>5 57<span class=\"ls0\"> </span>Intesa Sanpaolo Banka <span class=\"_ _0\"></span>d.d. Bosna I Hercegovin<span class=\"_ _0\"></span>a Sarajevo Sarajevo 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.  99,99 100,00 (**) Capitale Bam 44.782.00<span class=\"_ _0\"></span>0 58<span class=\"ls0\"> </span>Intesa Sanpaolo Brasil S.<span class=\"_ _0\"></span>A. - Banco Multiplo San Paolo San Paolo 1 Intesa Sanpaolo S.p.A.  99,90 Capitale Brl 945.428.281 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,10 100,00 59<span class=\"ls0\"> </span>Intesa Sanpaolo Casa S.p<span class=\"_ _0\"></span>.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 1.000.000 60<span class=\"ls0\"> </span>Intesa Sanpaolo Expo I<span class=\"_ _0\"></span>nstitutional Contact S.r.l. (c<span class=\"_ _0\"></span>) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00  Capitale Eur 50.000 61<span class=\"ls0\"> </span>Intesa Sanpaolo Funding<span class=\"_ _0\"></span> LLC (gi\u00e0 Intesa Funding<span class=\"_ _0\"></span> LLC) New York Wilmington Delaware 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Usd 25.000 62<span class=\"ls0\"> </span>Intesa Sanpaolo Harbo<span class=\"_ _0\"></span>urmaster III S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holding I<span class=\"_ _0\"></span>nternational S.A. 100,00 Capitale Eur 5.500.000 63<span class=\"ls0\"> </span>Intesa Sanpaolo Highline<span class=\"_ _0\"></span> S.r.l. (c) Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 64<span class=\"ls0\"> </span>Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 2.157.957.27<span class=\"_ _0\"></span>0 65<span class=\"ls0\"> </span>Intesa Sanpaolo House L<span class=\"_ _0\"></span>uxemburg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 24.990.31<span class=\"_ _0\"></span>7 66<span class=\"ls0\"> </span>Intesa Sanpaolo Imi Sec<span class=\"_ _0\"></span>urities Corp. New York New York 1 IMI Capital Market USA C<span class=\"_ _0\"></span>orp. 100,00 Capitale Usd 44.500.000 67<span class=\"ls0\"> </span>Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.a. Torino Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 9.254.940 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>0,01 100,00 68<span class=\"ls0\"> </span>Intesa Sanpaolo Insur<span class=\"_ _0\"></span>ance Agency S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 69<span class=\"ls0\"> </span>Intesa Sanpaolo Interna<span class=\"_ _0\"></span>tional Value Services d.o.<span class=\"_ _0\"></span>o. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 100.000 70<span class=\"ls0\"> </span>Intesa Sanpaolo Life Desig<span class=\"_ _0\"></span>ned activity company (<span class=\"_ _0\"></span>gi\u00e0 Intesa Sanpaolo Life Ltd.) Dublino Dublino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 625.000 71<span class=\"ls0\"> </span>Intesa Sanpaolo Private Arg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntina S.A. (c) Buenos Aires Buenos Aires 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>4,97 Capitale Ars 13.404.506 REYL &amp; Cie S.A.  95,03 100,00 72<span class=\"ls0\"> </span> Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 117.497.4<span class=\"_ _0\"></span>24 73<span class=\"ls0\"> </span>Intesa Sanpaolo Provis S<span class=\"_ _0\"></span>.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 6.725.000 74<span class=\"ls0\"> </span>Intesa Sanpaolo RBM Sal<span class=\"_ _0\"></span>ute S.p.A. (i) Venezia Venezia 1 Intesa Sanpaolo Vita S.p.A.  73,79 Capitale Eur 305.208.0<span class=\"_ _0\"></span>00 75<span class=\"ls0\"> </span>Intesa Sanpaolo RE.O.CO<span class=\"_ _0\"></span>. S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 13.000.000<span class=\"_ _0\"></span> 76<span class=\"ls0\"> </span>Intesa Sanpaolo Rent Foryo<span class=\"_ _0\"></span>u S.p.A. Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 630.000 77<span class=\"ls0\"> </span>Intesa Sanpaolo Romani<span class=\"_ _0\"></span>a S.A. Commercial Bank Bucarest Bucarest 1 Intesa Sanpaolo S.p.A.  99,73 Capitale Ron 1.216.639.410 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,27 100,00<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 78<span class=\"ls0\"> </span>Intesa Sanpaolo Servi\u00e7os e <span class=\"_ _0\"></span>Empreendimentos Ltd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> em liquida\u00e7\u00e3o (c) San Paolo San Paolo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Brl 3.283.320 79<span class=\"ls0\"> </span>Intesa Sanpaolo Servitia S.A<span class=\"_ _0\"></span>. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.500.000 80<span class=\"ls0\"> </span>Intesa Sanpaolo Vita S.p.A. Milano Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 320.422.5<span class=\"_ _0\"></span>09 81<span class=\"ls0\"> </span>Inveniam S.A. en Liquidati<span class=\"_ _0\"></span>on (c) Ginevra Ginevra 1 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg S.a.r.l. 100,00 Capitale Chf 50.000 82<span class=\"ls0\"> </span>ISP CB Ipotecario S.r.l. (c)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 83<span class=\"ls0\"> </span>ISP CB Pubbico S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 84<span class=\"ls0\"> </span>ISP OBG S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 42.038 85<span class=\"ls0\"> </span>IW Private Investments SIM S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 67.950.00<span class=\"_ _0\"></span>0 86<span class=\"ls0\"> </span>Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa Mosca Mosca 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  53,02 Capitale Rub 10.820.180.<span class=\"_ _0\"></span>800 Intesa Sanpaolo S.p.A.  46,98 100,00 87<span class=\"ls0\"> </span>Lux Gest Asset Manage<span class=\"_ _0\"></span>ment S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Bank L<span class=\"_ _0\"></span>uxembourg S.A. 100,00 Capitale Eur 200.000 88<span class=\"ls0\"> </span>Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 139.041 89<span class=\"ls0\"> </span>Morval Bank &amp; Trust Cayman<span class=\"_ _0\"></span> Ltd. (c) Grand Cayman Grand Cayman 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 7.850.000 90<span class=\"ls0\"> </span>MSG Comparto Quarto S.r.l<span class=\"_ _0\"></span>. (e) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 91<span class=\"ls0\"> </span>MSG Comparto Secondo <span class=\"_ _0\"></span>S.r.l. (g) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 92<span class=\"ls0\"> </span>MSG Comparto Terzo S.r.l. (g)<span class=\"_ _0\"></span> Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 93<span class=\"ls0\"> </span>Neva S.G.R. S.p.A. (gi\u00e0 <span class=\"_ _0\"></span>Imi Fondi Chiusi S.p.A.) (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A. 100,00 Capitale Eur 2.000.000 94<span class=\"ls0\"> </span>OOO Intesa Realty Russia i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> Liquidation (c) Mosca Mosca 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Rub 10.000 95<span class=\"ls0\"> </span>Oro Italia Trading S.p.A. in liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idazione (c) Arezzo Arezzo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 96<span class=\"ls0\"> </span>PBZ Card d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 43.422.200 97<span class=\"ls0\"> </span>PBZ Leasing d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 15.000.000 98<span class=\"ls0\"> </span>Porta Nuova Gioia (j) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 7.054.350 99<span class=\"ls0\"> </span>Portugal Real Estate Opp<span class=\"_ _0\"></span>ortunities Manager Sarl (<span class=\"_ _0\"></span>c) Lussemburgo  Lussemburgo  1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 100 Pravex Bank Joint-Stock Com<span class=\"_ _0\"></span>pany Kiev Kiev 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Uah 979.089.724 101 Prestitalia S.p.A. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 205.722.7<span class=\"_ _0\"></span>15 102 Private Equity International <span class=\"_ _0\"></span>S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 101.000.0<span class=\"_ _0\"></span>00 103 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 1.876.574.70<span class=\"_ _0\"></span>0 104 Qingdao Yicai Fund Distri<span class=\"_ _0\"></span>bution Co. Ltd. Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Cny 591.000.000 105 RB Participations S.A. Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Chf 100.000<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 106 Recovery Property Utilisatio<span class=\"_ _0\"></span>n and Services Zrt. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 20.000.00<span class=\"_ _0\"></span>0 107 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. (c) Valletta Valletta 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 730.000 108 REYL &amp; Cie (Malta) Ltd. (c)<span class=\"_ _0\"></span> Valletta Valletta 1 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. 100,00 Capitale Eur 730.000 109 REYL &amp; Cie S.A. (k) Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  39,00 Capitale Chf 31.500.00<span class=\"_ _0\"></span>1 RB Participations S.A.  30,00  69,00 110 REYL &amp; CO (UK) Llp. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; CO Holdings Ltd. 100,00 Capitale Gbp 2.500.000 111 REYL &amp; CO Holdings Ltd. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; Cie S.A. 100,00 Capitale Gbp 2.400.000 112 REYL Finance (MEA) Ltd. (c) Dubai Dubai 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 2.875.000 113 REYL Overseas AG (c) Zurigo Zurigo 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 2.000.000 114 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 50.000 115 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. (c) Singapore Singapore 1 REYL &amp; Cie S.A.  75,00 Capitale Sgd 1.201 116 REYL Singapore Pte. Ltd. (c)<span class=\"_ _0\"></span> Singapore Singapore 1 REYL &amp; Cie S.A.  76,00 Capitale Sgd 500.000 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd.  24,00 100,00 117 Ri. Rental S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 118 Risanamento Europa S.r.l.<span class=\"_ _0\"></span> (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 119 Risanamento S.p.A. (g)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  48,88 Capitale Eur 197.951.7<span class=\"_ _0\"></span>84 120 Romulus Funding Corporatio<span class=\"_ _0\"></span>n (f) New York New York 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 121 Societ\u00e0 Benefit Cimarosa <span class=\"_ _0\"></span>1 S.p.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 100.000 122 Societ\u00e0 Italiana di Revisio<span class=\"_ _0\"></span>ne e Fiduciaria <span class=\"ff4\">\u2013</span> S.I.RE.F. S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 2.600.000 123 SRM Studi e Ricerche per il M<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>zzogiorno (c) Napoli Napoli 1 Intesa Sanpaolo S.p.A.  60,00 20,00 (*) Capitale Eur 90.000 124 Sviluppo Comparto 3 S.r.l. (<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 125 UBI Finance S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 10.000 126 UBI Trustee S.A. (c) Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A. 100,00 Capitale Eur 250.000 127 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. Bratislava Bratislava 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 430.819.0<span class=\"_ _0\"></span>64 Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 128 VUB Generali Dochodkova <span class=\"_ _0\"></span>Spravcovska Spolocn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>st A.S. (l) Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S.  55,26 Capitale Eur 10.090.97<span class=\"_ _0\"></span>6 129 VUB Operating Leasing  Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. 100,00 Capitale Eur 25.000 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza <span class=\"_ _0\"></span>dei diritti di voto nell'ass<span class=\"_ _0\"></span>emblea ordinaria; </span>2 <span class=\"ls0\">- altre forme di<span class=\"_ _0\"></span> controllo. </span>(b) Ove differente dalla quota <span class=\"_ _0\"></span>% viene indicata la disp<span class=\"_ _0\"></span>onibilit\u00e0 dei voti nell'asse<span class=\"_ _0\"></span>mblea ordinaria, disti<span class=\"_ _0\"></span>nguendo, ove applic<span class=\"_ _0\"></span>abile<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>tra diritti di voto effettivi (*)<span class=\"_ _0\"></span> e potenziali (**). (c) Societ\u00e0 consolidata con il <span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etodo del patrimonio n<span class=\"_ _0\"></span>etto in considerazione della<span class=\"_ _0\"></span> limitata materialit\u00e0. (d) La <span class=\"_ _2\"></span>controllata <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _2\"></span>Managers <span class=\"_ _2\"></span>SA <span class=\"_ _2\"></span>(\"Asteria\") <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"> </span>detenuta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _5\"> </span>SA <span class=\"_ _2\"></span>all\u201980% <span class=\"_ _3\"></span>a <span class=\"_ _5\"> </span>seguito <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"> </span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>soci <span class=\"_ _5\"> </span>terzi; <span class=\"_ _3\"></span>il <span class=\"_ _5\"> </span>restante <span class=\"_ _2\"></span>20% <span class=\"_ _2\"></span>del capitale <span class=\"_ _2\"></span>sociale \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costituito <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _3\"></span>proprie. <span class=\"_ _3\"></span>Nei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _3\"></span>l\u2019annullamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>azioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roprie, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff1\">n <span class=\"_ _2\"></span>conseguente <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ciale <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </span>Asteria, a <span class=\"_ _3\"></span>seguito del <span class=\"_ _3\"></span>quale Reyl &amp;<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cie deterr\u00e0 il <span class=\"_ _3\"></span>100% della <span class=\"_ _3\"></span>partecipazione. Asteria ha <span class=\"_ _3\"></span>incorporato la <span class=\"_ _3\"></span>controllata Obviam AG<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>con efficacia <span class=\"_ _3\"></span>contabile 31 <span class=\"_ _3\"></span>dicembre 2022 (che <span class=\"_ _3\"></span>in precedenza era consolidata al Patri<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>onio netto tenuto conto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla limitata materialit\u00e0). (e) Si segnala la presenza di <span class=\"_ _0\"></span>un impegno di legge n<span class=\"_ _0\"></span>ei confronti degli azionisti di <span class=\"_ _0\"></span>minoranza per l'acquis<span class=\"_ _0\"></span>to del residuo 0,7% d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span>capitale sociale. (f) Societ\u00e0 per la quale si ha<span class=\"_ _0\"></span> il controllo ai sensi dell'I<span class=\"_ _0\"></span>FRS10 pur non detenendo <span class=\"_ _0\"></span>una <span class=\"_ _3\"></span>quota di interessenza social<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. (g) Societ\u00e0 non soggetta a<span class=\"_ _0\"></span>d attivit\u00e0 di direzione e coo<span class=\"_ _0\"></span>rdinamento ai sensi dell'art.<span class=\"_ _0\"></span> 2497 e segg. C.C. (h)  In caso di messa in liquid<span class=\"_ _0\"></span>azione della partecipazi<span class=\"_ _0\"></span>one, il socio di minoranz<span class=\"_ _0\"></span>a ha la facolt\u00e0 di vendere,<span class=\"_ _0\"></span> ed Intesa Sanpaolo d<span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>r\u00e0 acquistare, l'inter<span class=\"_ _0\"></span>a partecipazione di <span class=\"_ _0\"></span>minoranza. (i) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 26,1% del capitale sociale detenuto d<span class=\"_ _0\"></span>a azionisti di minoranza<span class=\"_ _0\"></span>. (j) Si tratta di un fondo com<span class=\"_ _0\"></span>une di investimento alt<span class=\"_ _0\"></span>ernativo immobiliare di ti<span class=\"_ _0\"></span>po chiuso gestito da COIMA<span class=\"_ _0\"></span> SGR S.p.A. (k) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 31% del capitale <span class=\"_ _0\"></span>soci<span class=\"_ _3\"></span>ale detenuto da az<span class=\"_ _35\"></span>io<span class=\"_ _3\"></span>nisti di minoranza. (l) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 44,74% del ca<span class=\"_ _0\"></span>pitale sociale detenuto <span class=\"_ _0\"></span>da azionisti di minoranz<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> 2. Valutazioni e assunzioni significative per determinare l\u2019area di <span class=\"ff5\">consolidamento </span>Come <span class=\"_ _6\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>precedenza <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendimenti variabili, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>diritti <span class=\"_ _4\"> </span>su <span class=\"_ _4\"></span>tali <span class=\"_ _4\"></span>rendimenti,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contempo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di incidere sui rendime<span class=\"_ _0\"></span>nti esercitando il pro<span class=\"_ _0\"></span>prio potere su tali <span class=\"_ _0\"></span>entit\u00e0.<span class=\"_ _3\"></span> Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della <span class=\"_ _0\"></span>partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti a rendime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti variabili derivan<span class=\"_ _0\"></span>ti dal rapporto con l\u2019<span class=\"_ _0\"></span>entit\u00e0 oggetto di in<span class=\"_ _0\"></span>vestimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _0\"></span> </span></span>rendimenti. Nello specifico il Gru<span class=\"_ _0\"></span>ppo consider<span class=\"ff4\">a i seguenti fattori per <span class=\"_ _0\"></span>valutare l\u2019esistenz<span class=\"_ _0\"></span>a di controllo:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">lo <span class=\"_ _2\"></span>scopo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>identificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>obiettivi del<span class=\"_ _3\"></span>l\u2019entit\u00e0, le <span class=\"_ _2\"></span>sue <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _3\"></span>ovve<span class=\"_ _5\"></span></span>ro <span class=\"_ _3\"></span>quelle </span>che maggiormente ne i<span class=\"_ _0\"></span>nfluenzano i re<span class=\"_ _0\"></span>ndimenti, e come tali a<span class=\"_ _0\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 sono governate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"></span>potere, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprendere <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>attribuiscono <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>irigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 </span>rilevanti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione alla variabilit\u00e0 dei rendimenti <span class=\"_ _3\"></span>della partecipata, al fine d<span class=\"_ _3\"></span>i valutare se <span class=\"_ _3\"></span>il rendime<span class=\"_ _2\"></span></span>n<span class=\"_ _3\"></span>to percepito dal <span class=\"_ _3\"></span>Gruppo pu\u00f2 </span>variare in via potenzi<span class=\"_ _0\"></span>ale in funzione de<span class=\"_ _0\"></span>i risultati raggiunti d<span class=\"_ _0\"></span>alla partecipata. Inoltre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>l\u2019esistenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>prese <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>considerazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>relazioni <span class=\"_ _2\"></span>principale<span class=\"_ _5\"></span><span class=\"ff1\">-agente; <span class=\"_ _2\"></span>per </span>valutare se opera com<span class=\"_ _0\"></span>e principale o come <span class=\"_ _0\"></span>agente, il Gruppo pr<span class=\"_ _0\"></span>ende in considera<span class=\"_ _0\"></span>zione i seguenti fattori:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere decisionale sulle a<span class=\"_ _0\"></span>ttivit\u00e0 rilevanti d<span class=\"_ _0\"></span>ella partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i diritti detenuti da altri <span class=\"_ _0\"></span>soggetti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la remunerazione a cui il<span class=\"_ _0\"></span> Gruppo ha diritto<span class=\"_ _0\"></span>; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 ls11\">l\u2019e<span class=\"ls0\">sposizione del Grup<span class=\"_ _0\"></span>po alla variabilit<span class=\"_ _0\"></span>\u00e0 dei rendimenti deri<span class=\"_ _0\"></span>vanti dall\u2019eventual<span class=\"_ _0\"></span>e partecipazione de<span class=\"_ _0\"></span>tenuta nella partecip<span class=\"_ _0\"></span>ata.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span>L\u2019IFRS <span class=\"_ _16\"> </span>10 <span class=\"_ _16\"> </span>identifica <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cattivit\u00e0 <span class=\"_ _7\"> </span>rilevanti\u201d <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>influenzano <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ignificativam<span class=\"_ _0\"></span>ente  i<span class=\"_ _35\"></span>  rendimenti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>partecipata. In <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>generali, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>gestite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>diritti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>voto, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>seguenti <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>forniscono <span class=\"_ _5\"></span>evid<span class=\"_ _5\"></span>enza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i controllo: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso, direttamente o indiret<span class=\"_ _0\"></span>tamente attraverso le proprie controllat<span class=\"_ _0\"></span>e, di pi\u00f9 della met\u00e0 dei diritti d<span class=\"_ _2\"></span>i voto di una entit\u00e0 a </span>meno che, in casi eccezi<span class=\"_ _0\"></span>onali, possa essere <span class=\"_ _0\"></span>chiaramente dimost<span class=\"_ _0\"></span>rato che tale posses<span class=\"_ _0\"></span>so non costituisce contro<span class=\"_ _0\"></span>llo;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso  della  met\u00e0,  o  di  una  quota  inferiore,  dei  voti  es<span class=\"_ _0\"></span>ercitabili  in  assembl<span class=\"_ _0\"></span>ea  e  capacit\u00e0  pratica  di  governar<span class=\"_ _0\"></span>e </span>unilateralmente le attivit\u00e0<span class=\"_ _0\"></span> rilevanti attraverso: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il controllo di pi\u00f9 della met<span class=\"_ _0\"></span>\u00e0 dei diritti di voto <span class=\"_ _0\"></span>in virt\u00f9 di un acco<span class=\"_ _0\"></span>rdo con altri investitori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il potere di determinare le <span class=\"_ _0\"></span>politiche finanziarie <span class=\"_ _0\"></span>e operative dell\u2019en<span class=\"_ _0\"></span>tit\u00e0 in virt\u00f9 di clausol<span class=\"_ _0\"></span>e statutarie o di un co<span class=\"_ _2\"></span><span class=\"ff1\">ntratto; </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nominare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>membri <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dell\u2019equivalente </span></span>organo di governo soci<span class=\"_ _0\"></span>etario; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il <span class=\"_ _1c\"> </span>potere <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>esercitare <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>maggioranza <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>diritti <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>voto <span class=\"_ _1c\"> </span>nelle <span class=\"_ _1c\"> </span>sedute <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>consiglio <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>mministrazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>o </span>dell\u2019equivalente orga<span class=\"_ _0\"></span>no di governo societ<span class=\"_ _0\"></span>ario.<span class=\"ff1\"> </span>Per <span class=\"_ _16\"> </span>esercitare <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>potere <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>necessario <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>vantati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>sull\u2019entit\u00e0 <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>siano <span class=\"_ _16\"> </span>sostanziali; <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sser<span class=\"_ _0\"></span>e sostanziali tali dirit<span class=\"_ _0\"></span>ti devono essere <span class=\"_ _0\"></span>praticamente esercitabili quando le decisioni sull<span class=\"_ _0\"></span>e attivit\u00e0 rilevanti <span class=\"_ _0\"></span>devono essere pr<span class=\"_ _0\"></span>ese.<span class=\"_ _3\"></span> L\u2019esistenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>sostanziali, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione all\u2019atto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutare <span class=\"_ _3\"></span>se <span class=\"_ _6\"> </span><span class=\"ff1\">sussiste <span class=\"_ _3\"></span>il </span>potere o meno di dirige<span class=\"_ _0\"></span>re le politiche fi<span class=\"_ _0\"></span>nanziarie e <span class=\"_ _3\"></span><span class=\"ff4\">gestionali di <span class=\"_ _0\"></span>un\u2019altra entit\u00e0.<span class=\"ff1\"> </span></span>Pu\u00f2 <span class=\"_ _3\"></span>accadere <span class=\"_ _3\"></span>talvolta <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo eserciti <span class=\"_ _2\"></span>un \u201c<span class=\"_ _3\"></span>controllo di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fatto\u201d <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>quando, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>in a<span class=\"_ _3\"></span>ssenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maggioranz<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>dei <span class=\"_ _7\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>voto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>possiedono <span class=\"_ _4\"> </span>diritti <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _4\"> </span>l\u2019indirizzo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>unidirezionale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _4\"> </span>dell\u2019entit\u00e0 partecipata. Di <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>emergere <span class=\"_ _3\"></span>casistiche dove <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo, p<span class=\"_ _3\"></span>ur p<span class=\"_ _3\"></span>ossedendo o<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 d<span class=\"_ _3\"></span>ei d<span class=\"_ _3\"></span>iritti d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>voto, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>enti<span class=\"_ _5\"></span>t\u00e0 oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>quanto, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>investitori, <span class=\"_ _4\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rendimenti <span class=\"_ _5\"></span>variabili <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dal </span>rapporto con tali e<span class=\"_ _0\"></span>ntit\u00e0 non \u00e8 consider<span class=\"_ _0\"></span>ata significativa. Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprese <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>\u201centit\u00e0 <span class=\"_ _2\"></span>strutturate\u201d <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rappresenta<span class=\"_ _5\"></span><span class=\"ff1\">no </span>gli <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minanti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>controllo, <span class=\"_ _6\"></span>ivi <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _6\"></span>(SPE/SPV) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento. <span class=\"_ _5\"></span>Le entit\u00e0 strutturate son<span class=\"_ _0\"></span>o considerate controlla<span class=\"_ _0\"></span>te laddove: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo dispone di potere<span class=\"_ _0\"></span> attraverso diritti co<span class=\"_ _0\"></span>ntrattuali che cons<span class=\"_ _0\"></span>entono il governo delle<span class=\"_ _3\"></span> attivit\u00e0 rilevanti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo \u00e8 esposto ai rend<span class=\"_ _0\"></span>imenti variabili de<span class=\"_ _0\"></span>rivanti da tali attivit\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span>3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> 3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese Interessen<span class=\"_ _0\"></span>ze  dei terzi % Disponi<span class=\"_ _0\"></span>b. dei voti di te<span class=\"_ _0\"></span>rzi % (1)<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i distribuiti<span class=\"_ _0\"></span> a terzi 1 Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) 20,00 20,00 16<span class=\"ls0\"> </span>2 Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. 0,87 0,87 3 Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. 38,55 38,55 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. 40,01 24,50 5 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 35,00 35,00 1 6 Exetra S.p<span class=\"_ _0\"></span>.A. 15,00 15,00 7 Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. 0,48 0,48 8 Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. 39,98 39,98 9 Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina 0,01 10<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. 26,21 26,21 11<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. 0,01 0,01 12<span class=\"ls0\"> </span>Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. 31,00 31,00 13<span class=\"ls0\"> </span>Risanament<span class=\"_ _0\"></span>o S.p.A. 51,12 51,12 14<span class=\"ls0\"> </span>VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. 44,74 44,74 (1)<span class=\"ls0\"> </span>Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Totale attivoCassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 material<span class=\"_ _0\"></span>i e immaterialiPassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePatrimonio nett<span class=\"_ _0\"></span>oMargine di intere<span class=\"_ _0\"></span>sseMargine di interm<span class=\"_ _0\"></span>ediazioneCosti operativ<span class=\"_ _0\"></span>iUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle im<span class=\"_ _0\"></span>posteUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte<span class=\"ls0\"> </span>Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2)Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)1 Bank of Alexandri<span class=\"_ _0\"></span>a 5.171 86<span class=\"ls0\"> </span>4.808 162<span class=\"ls0\"> </span>4.249 628<span class=\"ls0\"> </span>353<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>-<span class=\"ls3b\">177</span> 191<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>-<span class=\"ls3b\">319</span> -<span class=\"ls3b\">190</span> 4. Restrizioni significative     <span class=\"fs19 fc5\"> </span>In <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>restrizioni <span class=\"_ _5\"></span>significative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>prudenziale <span class=\"_ _2\"></span>previ<span class=\"_ _5\"></span>sta dalla <span class=\"_ _7\"> </span>Direttiva <span class=\"_ _4\"></span>2013/36/UE <span class=\"_ _4\"> </span>(CRD <span class=\"_ _4\"> </span>IV) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>Regolam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>UE) <span class=\"_ _4\"> </span>575/2013 <span class=\"_ _7\"> </span>(CRR), <span class=\"_ _7\"> </span>modificate <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>Direttiva 2019/878/UE <span class=\"_ _7\"> </span>(CRD <span class=\"_ _16\"> </span>V) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dal <span class=\"_ _7\"> </span>Regolamento <span class=\"_ _16\"> </span>(UE) <span class=\"_ _7\"> </span>876/2019 <span class=\"_ _16\"> </span>(CRR <span class=\"_ _7\"> </span>II), <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>trolla <span class=\"_ _7\"> </span>istituti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>medesima<span class=\"_ _0\"></span> disciplina o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>discipline a<span class=\"_ _3\"></span>naloghe vo<span class=\"_ _3\"></span>lte <span class=\"_ _3\"></span>comunque a <span class=\"_ _3\"></span>preservare <span class=\"_ _3\"></span>l\u2019adeguata <span class=\"_ _3\"></span>patrimonializzazione i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>funzione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>rischi a<span class=\"_ _3\"></span>ssunti;<span class=\"_ _0\"></span> </span>pertanto la capacit\u00e0 delle banche o delle entit\u00e0 finanziarie controllate<span class=\"_ _0\"></span> di distribuire capitale o dividendi \u00e8 vincolata al r<span class=\"_ _5\"></span>ispetto di dette discipline in termi<span class=\"_ _0\"></span>ni di requisiti patrim<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>niali. <span class=\"_ _3\"></span> Rimandando, <span class=\"_ _7\"> </span>per  pi<span class=\"_ _0\"></span>\u00f9 <span class=\"_ _16\"> </span>ampi <span class=\"_ _16\"> </span>approfondimenti, <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Parte <span class=\"_ _7\"> </span>A<span class=\"_ _3\"></span>- <span class=\"_ _16\"> </span>Sezione <span class=\"_ _7\"> </span>5 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>bilancio <span class=\"_ _16\"> </span>consolidato, <span class=\"_ _7\"> </span>in  c<span class=\"_ _0\"></span>onformit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>disposto dell\u2019IFRS <span class=\"_ _5\"></span>12,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rammentano <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>questa <span class=\"_ _6\"> </span>sede <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>attualmente <span class=\"_ _5\"></span>poste <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>normativa <span class=\"_ _5\"></span>russa <span class=\"_ _6\"> </span>che <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>sostanza <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> </span>impone restrizioni a <span class=\"_ _0\"></span>rimborsi e pagamenti ver<span class=\"_ _0\"></span>so so<span class=\"_ _3\"></span><span class=\"ff4\">ggetti residen<span class=\"_ _0\"></span>ti in Paesi \u201cunfriendly\u201d.<span class=\"_ _0\"></span> <span class=\"ff1\"> </span></span>Tali <span class=\"_ _18\"> </span>limitazioni, <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>particolare, <span class=\"_ _17\"> </span>gra<span class=\"_ _3\"></span>vano <span class=\"_ _17\"> </span>sulla <span class=\"_ _18\"> </span>controllata <span class=\"_ _18\"> </span>Banca <span class=\"_ _17\"> </span>Intesa <span class=\"_ _18\"> </span>Russia, <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>quale <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>corso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>2022 <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata impossibilitata a indirizzare direttam<span class=\"_ _0\"></span>ente i rimborsi delle rate scadute riferibili alle esposizio<span class=\"_ _2\"></span>ni <span class=\"_ _3\"></span>infragruppo<span class=\"_ _0\"></span> alle banche creditrici ed <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>dunque <span class=\"_ _2\"></span>convogliato <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>conti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Russia, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>risorse <span class=\"_ _3\"></span>destinate <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>rimborsi <span class=\"_ _3\"></span>(per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022, <span class=\"_ _4\"></span>di circa 29 milioni di <span class=\"_ _0\"></span>euro). Va peraltro so<span class=\"_ _3\"></span>ttolineato come le attuali <span class=\"_ _3\"></span>restrizioni <span class=\"_ _3\"></span>legali al <span class=\"_ _3\"></span>trasferimento di risorse <span class=\"_ _3\"></span>monetarie oltre confine non pregiudichino in alcun <span class=\"_ _1d\"> </span>modo  n\u00e9 <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>titolarit\u00e0  delle <span class=\"_ _1d\"> </span>somme  (d<span class=\"_ _3\"></span>i  spettanza <span class=\"_ _1d\"> </span>delle  banche <span class=\"_ _1d\"> </span>creditrici)  n\u00e9 <span class=\"_ _1d\"> </span>tantomeno <span class=\"_ _1d\"> </span>costituiscan<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>come  pi\u00f9 diffusamente <span class=\"_ _5\"></span>argomentato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Parte <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Sezione <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>lemento <span class=\"_ _5\"></span>ostativo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>manteniment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>partecipata russa. Infine, <span class=\"_ _1d\"> </span>nell\u2019ambito <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>presenti <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>assicurative <span class=\"_ _1d\"> </span>soggette  a<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Requisiti <span class=\"_ _1d\"> </span>Patrimoniali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Solvibilit\u00e0 <span class=\"_ _1d\"> </span>delle Compagnie assicurative <span class=\"_ _0\"></span>prescritti dalla norm<span class=\"_ _0\"></span>ativa Solvency II. 5. Altre informazioni  Non <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>preparazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>riferi<span class=\"_ _6\"></span>ti <span class=\"_ _5\"></span>ad una <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>diversa <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>stesso, <span class=\"_ _4\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>sotto <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>ucraina<span class=\"_ _35\"></span> Pravex Bank nel succes<span class=\"_ _0\"></span>sivo paragrafo Meto<span class=\"_ _0\"></span>di di consolidament<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span>Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Consolidamento con il me<span class=\"_ _0\"></span>todo del patrimonio netto Sono <span class=\"_ _16\"> </span>consolidate <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>sintetico <span class=\"_ _7\"> </span>del  patrim<span class=\"_ _0\"></span>onio <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _16\"> </span>collegate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoposte <span class=\"_ _7\"> </span>a  cont<span class=\"_ _0\"></span>rollo congiunto.  Il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>l\u2019iscrizione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>suo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ucc<span class=\"_ _2\"></span><span class=\"ff1\">essivo <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>guamento <span class=\"_ _3\"></span>di </span>valore sulla base della q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di perti<span class=\"_ _0\"></span>nenza del patrimoni<span class=\"_ _0\"></span>o netto della parte<span class=\"_ _0\"></span>cipata.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pertinenza <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>valo<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>e contabile della parte<span class=\"_ _0\"></span>cipata. Nella valorizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla quota di pertin<span class=\"_ _0\"></span>enza non vengono c<span class=\"_ _0\"></span>onsiderati eventuali diri<span class=\"_ _0\"></span>tti di voto potenzi<span class=\"_ _0\"></span>ali.<span class=\"_ _2\"></span> La quota di pertinenza <span class=\"_ _0\"></span>dei risultati d\u2019esercizi<span class=\"_ _0\"></span>o della partecipata <span class=\"_ _35\"></span>\u00e8<span class=\"_ _3\"></span> rilevata in specifi<span class=\"_ _0\"></span>ca voce del conto e<span class=\"_ _0\"></span>conomico consolida<span class=\"_ _2\"></span><span class=\"ff1\">to. </span>Se <span class=\"_ _5\"></span>esistono <span class=\"_ _5\"></span>evidenze <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _2\"></span>possa <span class=\"_ _5\"></span>aver <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>riduzione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore recuperabile <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>stessa, <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>futuri <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> potr\u00e0 <span class=\"_ _2\"></span>generare, <span class=\"_ _2\"></span>in<span class=\"ff4\">cluso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dismissione <span class=\"_ _3\"></span>finale <span class=\"_ _2\"></span>dell\u2019investimento. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>risulti <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>valore<span class=\"_ _0\"></span> </span>contabile, la relativa <span class=\"_ _0\"></span>differenza \u00e8 rilevata <span class=\"_ _0\"></span>nel conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> 75 <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span>informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>Per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>congiunto <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati utilizzati i <span class=\"_ _3\"></span>bilanci (annuali o <span class=\"_ _3\"></span>infra<span class=\"_ _3\"></span>-annuali) pi\u00f9 r<span class=\"_ _3\"></span>ecenti approvati dalle <span class=\"_ _3\"></span>societ\u00e0. In a<span class=\"_ _3\"></span>lcuni marginali casi <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>non applicano i principi <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span><span class=\"ff1\">eventuale <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principi <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>avrebbe </span>prodotto effetti signifi<span class=\"_ _0\"></span>cativi sul bilancio <span class=\"_ _0\"></span>consolidato del Gruppo I<span class=\"_ _0\"></span>ntesa Sanpaolo.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Conversione dei bilan<span class=\"_ _0\"></span>ci in moneta diversa da<span class=\"_ _0\"></span>ll\u2019euro<span class=\"ffa fc0\"> </span>I <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aree <span class=\"_ _2\"></span>diverse <span class=\"_ _6\"></span><span class=\"ff4\">dall\u2019euro <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>convertiti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>voci <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo<span class=\"_ _0\"></span> </span>patrimoniale i cambi <span class=\"_ _0\"></span>correnti alla data di <span class=\"_ _0\"></span>chiusura dell\u2019esercizio <span class=\"_ _0\"></span>e alle voci di co<span class=\"_ _0\"></span>nto economico i cambi me<span class=\"_ _0\"></span>di dell\u2019esercizio<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Le differenze di c<span class=\"_ _3\"></span>ambio da conversione dei b<span class=\"_ _3\"></span>ilan<span class=\"_ _3\"></span><span class=\"ff4\">ci di <span class=\"_ _3\"></span>queste imprese, derivanti dall\u2019applicazione di cambi <span class=\"_ _3\"></span>diversi per le attivit\u00e0 </span>e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>economico, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>voce <span class=\"_ _6\"></span>Riserve <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"> </span>netto. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>differenze<span class=\"_ _35\"></span> cambio sui patrim<span class=\"_ _0\"></span>oni netti delle part<span class=\"_ _0\"></span>ecipate vengono<span class=\"_ _3\"></span> <span class=\"ff4\">anch\u2019esse <span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ilevate nella voce Ri<span class=\"_ _0\"></span>serve da valutazione. <span class=\"ff1\"> </span></span>Tutte le differenze di c<span class=\"_ _0\"></span>ambio vengono ri<span class=\"_ _0\"></span>versate nel conto ec<span class=\"_ _0\"></span>onomico nell\u2019esercizio<span class=\"_ _0\"></span> in cui la partecipa<span class=\"_ _0\"></span>zione viene dismessa.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>SEZIONE 7 <span class=\"ff6\">\u2013</span> LE PARTECIPAZIONI <span class=\"ff6\">\u2013</span> VOCE 70 7.1 Partecipazioni: inform<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zioni sui rapporti part<span class=\"_ _0\"></span>ecipativi Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % A. IMPRESE CONTROLLATE IN MODO CONGIUNTO 1 Apside S.p.A. Torino Torino 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 2 Augusto S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Diocleziano S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 4 Immobiliare Novoli S.p.A. Firenze Firenze 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 15.635.514 suddiviso in azioni da Euro 0,60 5 Mir Capital Management S.A. Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 31.000 suddiviso in azioni da Euro 1 6 Mir Capital S.C.A. SICAR Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 65.365.000 suddiviso in azioni da Euro 1 7 Mooney Group S.p.A. Milano  Milano 7 Banca 5 S.p.A. 50,00 Capitale Euro 10.050.000 suddiviso in azioni da Euro 0,20 8 PBZ Croatia Osiguranje Public Limited Company  for Compulsory Pension Fund Management Zagabria Zagabria 7 Privredna Banka Zagreb D.D. 50,00 Capitale HRK 56.000.000 suddiviso in azioni da HRK 1.000 9 Responsability BOP S.A.R.L. Lussemburgo Lussemburgo 7 Asteria Investment Managers S.A. 50,00 Capitale USD 20.000 suddiviso in azioni da USD 50 B. IMPRESE SOTTOPOSTE A INFLUENZA NOTEVOLE 1 1875 Finance Holding AG Sarnen Sarnen 4 Reyl&amp;Cie S.A. 40,00 Capitale Chf 500.000 suddiviso in azioni da Chf 1 2 Adriano Lease Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Alpian S.A. Ginevra Ginevra 4 Fideuram - Intesa Sanpaolo Private Banking S.p.A. 14,91 Capitale Chf 21.672.678 suddiviso in azioni da Chf 0,01 Reyl&amp;Cie S.A. 12,93 27,84 4 Apulia Finance N. 4 S.r.l. in liquidazione (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 10,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 5 Back2Bonis  Milano Milano 4 Intesa Sanpaolo S.p.A. 55,40 35,00 (*) Capitale Euro 776.381.183 suddiviso in azioni da Euro 476.671 6 Backtowork24 S.r.l. (d) Milano Milano 4 Intesa Sanpaolo S.p.A. 30,58 Capitale Euro 2.892.691 suddiviso in azioni da Euro 0,01 7 Bancomat S.p.A. Roma Roma 4 Intesa Sanpaolo S.p.A. 31,55 Capitale Euro 21.095.726 suddiviso in azioni da Euro 5 Banca 5 S.p.A. 0,01 31,56 8 Berica ABS 3 S.r.l. (c) Vicenza Vicenza 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 9 Brera Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale EUR 10.000 suddiviso in azioni da Euro 1 10<span class=\"ls0\"> </span>Camfin S.p.A. (e) Milano Milano 4 Intesa Sanpaolo S.p.A. 4,60 8,53 (*) Capitale EUR 110.800.000 suddiviso in azioni da Euro 0,2 11<span class=\"ls0\"> </span>Cassa di Risparmio di Fermo S.p.A.  Fermo Fermo 4 Intesa Sanpaolo S.p.A. 33,33 Capitale EUR 39.241.088 suddiviso in azioni da Euro 51,65 12<span class=\"ls0\"> </span>Centai Institute S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 49,00 Capitale EUR 50.000 suddiviso in azioni da Euro 1 13<span class=\"ls0\"> </span>Clara Sec S.r.l. Conegliano  Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 14<span class=\"ls0\"> </span>Compagnia Aerea Italiana S.p.A. Roma Fiumicino 4 Intesa Sanpaolo S.p.A. 27,49 Capitale Euro 3.526.846 suddiviso in azioni da Euro 0,00004<span class=\"_ _90\"> </span> Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0             <span class=\"ls2d\">  </span>voti               % (b) Impresa partecipante Quota               % 15<span class=\"ls0\"> </span>Destination Gusto S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 20.000 suddiviso in azioni da Euro 1 16<span class=\"ls0\"> </span>Digit'ed Holding S.p.A. Milano  Milano 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 1.173.822 suddiviso in azioni da Euro 1 17<span class=\"ls0\"> </span>Equiter S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 32,88 Capitale Euro 150.004.017 suddiviso in azioni da Euro 1 18<span class=\"ls0\"> </span>Euromilano S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 43,43 Capitale Euro 1.356.582 suddiviso in azioni da Euro 15,51 19<span class=\"ls0\"> </span>Europrogetti &amp; Finanza S.r.l. in liquidazione Roma Roma 4 Intesa Sanpaolo S.p.A. 15,97 Capitale Euro 5.636.400 suddiviso in azioni da Euro 1 20<span class=\"ls0\"> </span>Eusebi Holdings B.V. Amsterdam Amsterdam 4 Intesa Sanpaolo S.p.A. 47,00 Capitale Euro 100 suddiviso in azioni da Euro 1 21<span class=\"ls0\"> </span>FI.NAV. Comparto A - Crediti Roma Roma 4 Intesa Sanpaolo S.p.A. 50,54 Capitale USD 405.821.168 suddiviso in azioni da USD 1 22<span class=\"ls0\"> </span>Fondo di Rigenerazione Urbana Sicilia S.r.l. (f) Palermo Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 23<span class=\"ls0\"> </span>Fondo per la ricerca e l'innovazione S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 24<span class=\"ls0\"> </span>Fondo Sardegna Energia S.r.l. (f) Cagliari Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 25<span class=\"ls0\"> </span>Giada Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 26<span class=\"ls0\"> </span>Gilda S.r.l. Montesilvano Montesilvano 4 Intesa Sanpaolo S.p.A. 13,05 15,00 (**) Capitale Euro 213.402 suddiviso in azioni da Euro 1 27<span class=\"ls0\"> </span>Indaco Venture Partners SGR S.p.A. (gi\u00e0 Venture Capital Partners SGR) Milano Milano 4 Intesa Sanpaolo S.p.A. 24,50 Capitale Euro 750.000 suddiviso in azioni da Euro 0,50 28<span class=\"ls0\"> </span>Iniziative Immobiliari Industriali S.p.A. In liquidazione  Arqu\u00e0 Polesine Arqu\u00e0 Polesine 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 510.000 suddiviso in azioni da Euro 0,51 29<span class=\"ls0\"> </span>Intrum Italy S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 600.000 suddiviso in azioni da Euro 0,02 30<span class=\"ls0\"> </span>Ism Investimenti S.p.A.  Mantova Mantova 4 Intesa Sanpaolo S.p.A. 27,36 Capitale Euro 6.654.902 suddiviso in azioni da Euro 1 31<span class=\"ls0\"> </span>Leonardo Technology S.r.l. in liquidazione Torino Torino 4 Intesa Sanpaolo S.p.A. 26,60 Capitale Euro 242.081 suddiviso in azioni da Euro 1 32<span class=\"ls0\"> </span>Marketwall S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 33,00 Capitale Euro 2.380.409 suddiviso in azioni da Euro 1 33<span class=\"ls0\"> </span>Materias S.r.l. Napoli Napoli 4 Intesa Sanpaolo S.p.A. 12,87 Capitale Euro 29.191 suddiviso in azioni da Euro 1 34<span class=\"ls0\"> </span>Misr Alexandria for Financial Investments Mutual Fund Co. in liquidazione Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 25,00 Capitale EGP 30.708.000 suddiviso in azioni da EGP 1000 35<span class=\"ls0\"> </span>Misr International Towers Co. Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 27,86 Capitale EGP 50.000.000 suddiviso in azioni da EGP 10 36<span class=\"ls0\"> </span>Monilogi SRO Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 30,00 Capitale Euro 250.000 suddiviso in azioni da Euro 1 37<span class=\"ls0\"> </span>Montefeltro Sviluppo Soc.cons. A.r. Urbania Urbania 4 Intesa Sanpaolo S.p.A. 26,37 Capitale Euro 73.000 suddiviso in azioni da Euro 10 38<span class=\"ls0\"> </span>Network Impresa S.p.A. in concordato preventivo Limena Limena 4 Intesa Sanpaolo S.p.A. 28,95 Capitale Euro 562.342 suddiviso in azioni da Euro 1 39<span class=\"ls0\"> </span>Neva First - FCC Torino Torino 4 Intesa Sanpaolo Innovation Center S.p.A. 42,53 Capitale Euro 237.323.232 suddiviso in azioni da Euro 99,80<span class=\"_ _90\"> </span>Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % 40<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Piani Urbani Integrati S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 41<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Turismo S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 42<span class=\"ls0\"> </span>Penghua Fund Management Co. Ltd. Shenzhen Shenzhen 4 Eurizon Capital SGR S.p.A. 49,00 Capitale CNY 150.000.000 suddiviso in azioni da CNY 1 43<span class=\"ls0\"> </span>Pietra S.r.l. In liquidazione Milano Milano 4 Intesa Sanpaolo S.p.A. 22,22 Capitale Euro 40.000 suddiviso in azioni da Euro 1 44<span class=\"ls0\"> </span>R.C.N. Finanziaria S.p.A. Mantova Mantova 4 Intesa Sanpaolo S.p.A. 23,96 Capitale Euro 1.000.000 suddiviso in azioni da Euro 0,50 45<span class=\"ls0\"> </span>RSCT FUND - COMPARTO CREDITI Milano Milano 4 Intesa Sanpaolo S.p.A. 70,07 Capitale Euro 383.363.831 suddiviso in azioni da Euro 1 46<span class=\"ls0\"> </span>S.F. Consulting S.r.l. Bergamo Bergamo 4 Intesa Sanpaolo S.p.A. 35,00 Capitale Euro 93.600 suddiviso in azioni da Euro 0,52 47<span class=\"ls0\"> </span>Sicily Investments S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 48<span class=\"ls0\"> </span>Slovak Banking Credit Bureau S.r.o.  Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 33,33 Capitale Euro 9.958 suddiviso in azioni da Euro 3.319,39 49<span class=\"ls0\"> </span>Sviluppo Industriale S.p.A. in Liquidazione (gi\u00e0 Sviluppo Industriale S.p.A. in Concordato Preventivo) Pistoia Pistoia 4 Intesa Sanpaolo S.p.A. 28,27 Capitale Euro 628.444 suddiviso in azioni da Eur 22,26 50<span class=\"ls0\"> </span>Trinacria Capital S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 51<span class=\"ls0\"> </span>UBI SPV LEASE 2016 S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 10,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 52<span class=\"ls0\"> </span>Vesta OML Limited ( ex Oval Money LTD) Londra  Londra 4 Intesa Sanpaolo S.p.A. 37,51 Capitale GBP 16.692 suddiviso in azioni da GBP 0,0004 53<span class=\"ls0\"> </span>Warrant Hub S.p.A. Correggio Correggio 4 Intesa Sanpaolo S.p.A. 12,00 Capitale Euro 113.637 suddiviso in azioni da Euro 1 54<span class=\"ls0\"> </span>Yolo Group S.p.A. Milano Milano 4 Intesa Sanpaolo Vita S.p.A. 1,43 Capitale Euro 87.493 suddiviso in azioni da Euro 0,01 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza dei diritti di voto nell'assemblea ordinaria; </span>2 <span class=\"ls0\">- influenza dominante nell'assemblea ordinaria; </span>3 <span class=\"ls0\">- accordi con altri soci; </span>4 <span class=\"ls0\">- societ\u00e0 sottoposta a influenza notevole; </span>5 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 1, del \"decreto legislativo 87/92\"; </span>6 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 2, del \"decreto legislativo 87/92\"; </span>7 <span class=\"ls0\">- controllo congiunto; </span>8 <span class=\"ls0\">- altro tipo di rapporto. </span>(b) Ove differente dalla quota % viene indicata la disponibilit\u00e0 dei voti nell'assemblea ordinaria, distinguendo, ove applicabile, tra diritto di voto effettivi (*) e potenziali (**). (c) Si tratta di veicoli utilizzati per operazioni di cartolarizzazione nell'ambito del Gruppo. (d) In qualsiasi <span class=\"_ _3\"></span>momento r<span class=\"_ _3\"></span>icompreso tra la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di sottoscrizione <span class=\"_ _3\"></span>del Secondo Aum<span class=\"_ _3\"></span>ento di Capitale <span class=\"_ _3\"></span>(24/11/2020) e <span class=\"_ _3\"></span>la scadenza <span class=\"_ _3\"></span>del 42\u00b0 mese <span class=\"_ _3\"></span>da tale <span class=\"_ _3\"></span>data, <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>il diritto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incrementare, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>tranches, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>propria <span class=\"_ _3\"></span>parte<span class=\"_ _3\"></span>cipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>ott<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tecipazione <span class=\"_ _3\"></span>complessiva <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>51%. <span class=\"_ _2\"></span>Non ricorrono, al momento, i presupposti ai sensi dell\u2019IFRS 10 per la classificazione dell'interessenza tra le Imprese Controllat<span class=\"ff1 ls1c\">e.<span class=\"ls0\"> </span></span>(e)  Il differente valore <span class=\"_ _3\"></span>tra la quota effettiva e il <span class=\"_ _3\"></span>numero di voti <span class=\"_ _3\"></span>in assemblea <span class=\"_ _3\"></span>\u00e8 legato alla presenza <span class=\"_ _3\"></span>di varie categorie di <span class=\"_ _3\"></span>azioni (A e B). Solo le azion<span class=\"_ _3\"></span>i di cat. A (<span class=\"_ _3\"></span>detenute anche da Intesa Sanpaolo) attribuiscono diritto di voto in assemblea. (f) Gli effetti economici delle operazioni di investimento in equity e di <span class=\"ff4\">finanziamento sottostanti l\u2019attivit\u00e0 del fondo ricadono integralmente sulla BEI.</span> L\u2019illustrazione dei crit<span class=\"_ _0\"></span>eri e dei metodi di determinazi<span class=\"_ _0\"></span>one dell\u2019area di consolidame<span class=\"_ _0\"></span>nto e delle motivazioni <span class=\"_ _0\"></span>per cui una partec<span class=\"_ _5\"></span><span class=\"ff1\">ipata </span>\u00e8 sottoposta a controllo co<span class=\"_ _0\"></span>ngiunto o influenza n<span class=\"_ _0\"></span>otevole, \u00e8 conten<span class=\"_ _0\"></span>uta nella Parte A <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Politiche con<span class=\"_ _0\"></span>tabili, alla quale <span class=\"_ _0\"></span>si fa rinvio. 7.2 Partecipazioni sign<span class=\"_ _0\"></span>ificative: valore di bi<span class=\"_ _0\"></span>lancio, fair value e di<span class=\"_ _0\"></span>videndi percepiti (milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni Valore di<span class=\"_ _0\"></span> bilancio Fair value Dividend<span class=\"_ _0\"></span>i percepit<span class=\"_ _0\"></span>i (a)<span class=\"ls0\"> </span>A. IMPRES<span class=\"_ _0\"></span>E CONTR<span class=\"_ _35\"></span>OLLATE IN MODO <span class=\"_ _35\"></span>CONGIUNTO 1 Mooney Grou<span class=\"_ _35\"></span>p <span class=\"_ _3\"></span>S.p.A<span class=\"_ _0\"></span>. 111<span class=\"ls0\"> </span>- - B. IMPRES<span class=\"_ _0\"></span>E SOTTOP<span class=\"_ _35\"></span>OSTE A INFLUE<span class=\"_ _35\"></span>NZA NOTEVOLE 1 BACK2BO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>IS 387<span class=\"ls0\"> </span>- - 2 Penghua Fu<span class=\"_ _0\"></span>nd Manag<span class=\"_ _0\"></span>ement Co<span class=\"_ _0\"></span>. Ltd. 332<span class=\"ls0\"> </span>- 45<span class=\"ls0\"> </span>3 Intrum Ital<span class=\"_ _0\"></span>y S.p.A. 307<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>4 RSCT FU<span class=\"_ _0\"></span>ND - Compar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o Crediti 256<span class=\"ls0\"> </span>- - 5 FI.NAV. <span class=\"_ _0\"></span>Comparto A<span class=\"_ _0\"></span> - Crediti 155<span class=\"ls0\"> </span>- - 6 Equiter S<span class=\"_ _0\"></span>.p.A. 104<span class=\"ls0\"> </span>- 2 7 NEVA FI<span class=\"_ _0\"></span>RST - <span class=\"ls44\">FCC</span> 59<span class=\"ls0\"> </span>- - TOTALE 1.711 - 60<span class=\"ls0\"> </span>a)  I <span class=\"_ _4\"> </span>dividendi  sono  pagati  da  societ\u00e0  del  Gruppo  valutate  con <span class=\"_ _4\"> </span>il  metodo  del  <span class=\"ff4\">patrimonio  netto,  e  bench\u00e9  non  rientrino  nella  voce  \u201c250 <span class=\"_ _4\"> </span>Utili  (Perdite)  delle </span>partecipazioni\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>rap<span class=\"_ _3\"></span>presentano <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _5\"></span>negativa <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>voce<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201c70 <span class=\"_ _2\"></span>Partecipazi<span class=\"_ _3\"></span>oni\u201d <span class=\"_ _2\"></span>dell\u2019Attivo,<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>esposti <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1 ls0\">unque <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>evisto <span class=\"_ _2\"></span>dalla </span>normativa di ri<span class=\"ls0\">ferimento.<span class=\"_ _3\"></span> </span>7.3 Partecipazioni sign<span class=\"_ _0\"></span>ificative: inform<span class=\"_ _0\"></span>azioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Cassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 non  fi<span class=\"_ _0\"></span>nanziariePassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePassivit\u00e0 non  finanziarieRicavi totaliMargine di intere<span class=\"_ _0\"></span>sseRettifiche e ri<span class=\"_ _0\"></span>prese di valore s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> attivit\u00e0 materiali e imma<span class=\"_ _0\"></span>terialiUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osteUtile (Perdita) dei<span class=\"_ _0\"></span> gruppi di attiv<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>t\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte(2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)A. IMPRESE CON<span class=\"_ _35\"></span>TROLLATE IN MODO CON<span class=\"_ _35\"></span>G<span class=\"_ _3\"></span>IUNTO<span class=\"_ _0\"></span> Mooney Group S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. X 397<span class=\"ls0\"> </span>930<span class=\"ls0\"> </span>1.446 198<span class=\"ls0\"> </span>300<span class=\"ls0\"> </span>X X -<span class=\"ls3b\">48</span> -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> B. IMPRESE SO<span class=\"_ _0\"></span>TTOPOSTE A<span class=\"_ _0\"></span> INFLUENZA NO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>EVOLE BACK2BONIS<span class=\"_ _0\"></span> X 748<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>3 11<span class=\"ls0\"> </span>X X - - - - - - Penghua Fun<span class=\"_ _0\"></span>d Managemen<span class=\"_ _0\"></span>t Co. Ltd. X 826<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>596<span class=\"ls0\"> </span>X X 181<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>Intrum Italy S.p.A<span class=\"_ _0\"></span>. X 65<span class=\"ls0\"> </span>86<span class=\"ls0\"> </span>9 60<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>X X 46<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>RSCT FUND - Compa<span class=\"_ _0\"></span>rto Crediti X 346<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- 4 - X X - - - - - - FI.NAV. Compa<span class=\"_ _0\"></span>rto A - Crediti<span class=\"_ _0\"></span> X 268<span class=\"ls0\"> </span>- - - - X X - - - - - - Equiter S.p.A.<span class=\"_ _0\"></span> X 296<span class=\"ls0\"> </span>8 - 3 13<span class=\"ls0\"> </span>X X 10<span class=\"ls0\"> </span>8 - 8 - 8 NEVA FIRST - FCC<span class=\"_ _35\"></span> X 110<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1 7 X X 7 7 - 7 - 7<span class=\"_ _90\"> </span><div class=\"c w2ba h41\" style=\"left:521.01965px; bottom:641.5669px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w2b7 h15e\" style=\"left:-4.050377px; bottom:524.5409px;\"><div class=\"t m0 x41 ha y12cc ff5 fs4 fc2 sc0 ls0 ws0\">Denominazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h15e\" style=\"left:384.6366px; bottom:524.5409px;\"><div class=\"t mb x9b ha y13b ff5 fs4 fc2 sc0 ls0 ws0\">Patrimonio netto </div><div class=\"t mb xad ha y12cd ff5 fs4 fc2 sc0 ls0 ws0\">complessivo</div><div class=\"t mb xad ha y12ce ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b8 h15e\" style=\"left:421.29663px; bottom:524.5409px;\"><div class=\"t mb xa4 ha y1273 ff5 fs4 fc2 sc0 ls0 ws0\">Pro quota patrimo<span class=\"_ _3\"></span>nio</div><div class=\"t mb xa4 ha y12ce ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b9 h15e\" style=\"left:471.0606px; bottom:524.5409px;\"><div class=\"t mb xa4 ha y12cf ff5 fs4 fc2 sc0 ls0 ws0\">Avviamento</div><div class=\"t mb xa4 ha y12ce ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b8 h15e\" style=\"left:521.01965px; bottom:524.5409px;\"><div class=\"t mb xa4 ha y10da ff5 fs4 fc2 sc0 ls0 ws0\">Altre variazioni</div><div class=\"t mb xa4 ha y12ce ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b8 h15e\" style=\"left:570.6276px; bottom:524.5409px;\"><div class=\"t mb xb8 ha yb46 ff5 fs4 fc2 sc0 ls0 ws0\">Valore di bilancio </div><div class=\"t mb xa4 ha y12d0 ff5 fs4 fc2 sc0 ls0 ws0\">consolidato</div><div class=\"t mb xa4 ha y12ce ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b7 h6a\" style=\"left:-4.050377px; bottom:507.84888px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. IMPRESE CONTRO<span class=\"_ _3\"></span>LLATE IN M<span class=\"_ _3\"></span>ODO CONGIUNT<span class=\"_ _3\"></span>O </div></div><div class=\"c w2b7 h42\" style=\"left:-4.050377px; bottom:492.2489px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Mooney Group S.<span class=\"_ _3\"></span>p.A. </div></div><div class=\"c w18e h42\" style=\"left:384.6366px; bottom:492.2489px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:421.29663px; bottom:492.2489px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b9 h42\" style=\"left:471.0606px; bottom:492.2489px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">111<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:521.01965px; bottom:492.2489px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:570.6276px; bottom:492.2489px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">111<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h7e\" style=\"left:-4.050377px; bottom:466.97687px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. IMPRESE SOT<span class=\"_ _3\"></span>TOPOSTE A IN<span class=\"_ _3\"></span>FLUENZA NOTEVOLE<span class=\"_ _3\"></span> </div></div><div class=\"c w2b7 h65\" style=\"left:-4.050377px; bottom:449.34888px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BACK2BONIS<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h65\" style=\"left:384.6366px; bottom:449.34888px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">725<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h65\" style=\"left:421.29663px; bottom:449.34888px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">402<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h65\" style=\"left:471.0606px; bottom:449.34888px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h65\" style=\"left:521.01965px; bottom:449.34888px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">15</span> </div></div><div class=\"c w2b8 h65\" style=\"left:570.6276px; bottom:449.34888px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">387<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h64\" style=\"left:-4.050377px; bottom:431.8769px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Penghua Fund <span class=\"_ _3\"></span>Management Co. Lt<span class=\"_ _3\"></span>d. </div></div><div class=\"c w18e h64\" style=\"left:384.6366px; bottom:431.8769px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">554<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h64\" style=\"left:421.29663px; bottom:431.8769px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">272<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h64\" style=\"left:471.0606px; bottom:431.8769px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h64\" style=\"left:521.01965px; bottom:431.8769px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h64\" style=\"left:570.6276px; bottom:431.8769px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">332<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h42\" style=\"left:-4.050377px; bottom:416.27692px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intrum Italy S.p.A.<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h42\" style=\"left:384.6366px; bottom:416.27692px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:421.29663px; bottom:416.27692px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h42\" style=\"left:471.0606px; bottom:416.27692px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">267<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:521.01965px; bottom:416.27692px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:570.6276px; bottom:416.27692px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">307<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h44\" style=\"left:-4.050377px; bottom:400.63788px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">RSCT FUND - Comp<span class=\"_ _3\"></span>arto Crediti<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h44\" style=\"left:384.6366px; bottom:400.63788px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h44\" style=\"left:421.29663px; bottom:400.63788px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">263<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h44\" style=\"left:471.0606px; bottom:400.63788px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h44\" style=\"left:521.01965px; bottom:400.63788px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2b8 h44\" style=\"left:570.6276px; bottom:400.63788px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">256<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h42\" style=\"left:-4.050377px; bottom:385.0379px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">FI.NAV Comparto<span class=\"_ _3\"></span> A - Crediti<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h42\" style=\"left:384.6366px; bottom:385.0379px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">306<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:421.29663px; bottom:385.0379px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h42\" style=\"left:471.0606px; bottom:385.0379px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:521.01965px; bottom:385.0379px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:570.6276px; bottom:385.0379px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h42\" style=\"left:-4.050377px; bottom:369.43793px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Equiter S.p.A.<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h42\" style=\"left:384.6366px; bottom:369.43793px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">293<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:421.29663px; bottom:369.43793px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h42\" style=\"left:471.0606px; bottom:369.43793px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2b8 h42\" style=\"left:521.01965px; bottom:369.43793px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:570.6276px; bottom:369.43793px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w2b7 h42\" style=\"left:-4.050377px; bottom:353.8379px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">NEVA FIRST - FCC<span class=\"_ _3\"></span> </div></div><div class=\"c w18e h42\" style=\"left:384.6366px; bottom:353.8379px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">138<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h42\" style=\"left:421.29663px; bottom:353.8379px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w2b9 h42\" style=\"left:471.0606px; bottom:353.8379px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:521.01965px; bottom:353.8379px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h42\" style=\"left:570.6276px; bottom:353.8379px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w18e h43\" style=\"left:384.6366px; bottom:326.5379px;\"><div class=\"t m0 x45 ha y7d7 ff5 fs4 fc2 sc0 ls0 ws0\">2.473 </div></div><div class=\"c w2b8 h43\" style=\"left:421.29663px; bottom:326.5379px;\"><div class=\"t m0 x95 ha y7d7 ff5 fs4 fc2 sc0 ls0 ws0\">1.288 </div></div><div class=\"c w2b9 h43\" style=\"left:471.0606px; bottom:326.5379px;\"><div class=\"t m0 x86 ha y7d7 ff5 fs4 fc2 sc0 ls1b ws0\">445<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h43\" style=\"left:521.01965px; bottom:326.5379px;\"><div class=\"t m0 xd1 ha y7d7 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">22</span> </div></div><div class=\"c w2b8 h43\" style=\"left:570.6276px; bottom:326.5379px;\"><div class=\"t m0 x95 ha y7d7 ff5 fs4 fc2 sc0 ls0 ws0\">1.711 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-343.1051px;\"><div class=\"t m0 x0 h61 y351 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y24a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf4d ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>aggiornati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>Intrum <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>Penghua; <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>30 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>RSCT <span class=\"_ _1d\"> </span>FUND, </div><div class=\"t m0 x0 h2 y7fb ff1 fs0 fc0 sc0 ls0 ws0\">BACK2BONIS, <span class=\"_ _2\"></span>NEVA <span class=\"_ _5\"></span>FIRST <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Equiter. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>Mooney <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>esposti <span class=\"_ _5\"></span>si </div><div class=\"t m0 x0 h2 yefd ff1 fs0 fc0 sc0 ls0 ws0\">riferiscono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>bench\u00e9 <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>lizzati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicem<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>re </div><div class=\"t m0 x0 h24 yf4e ff1 fs0 fc0 sc0 ls0 ws0\">2022. Questi <span class=\"ff4\">ultimi infatti s<span class=\"_ _0\"></span>aranno resi pubbli<span class=\"_ _0\"></span>ci successivamente all'a<span class=\"_ _0\"></span>pprovazione dell\u2019Assem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>lea degli Azioni<span class=\"_ _0\"></span>sti della societ\u00e0.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span></span></div><div class=\"t m0 x0 h24 yeff ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf4f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf50 ff5 fs0 fc2 sc0 ls0 ws0\">7.4 Partecipazioni non<span class=\"_ _0\"></span> significative: informazioni <span class=\"_ _0\"></span>contabili </div><div class=\"t m0 x0 h2 y84f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c wf3 h6a\" style=\"left:529.13165px; bottom:205.63788px;\"><div class=\"t m0 xd9 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">(milioni di<span class=\"_ _0\"></span> euro) </div></div><div class=\"c w2bb h124\" style=\"left:-4.050377px; bottom:75.97589px;\"><div class=\"t m0 x41 h107 yff9 ff5 fs7 fc2 sc0 ls0 ws0\">Denominazion<span class=\"_ _0\"></span>i </div></div><div class=\"c wdb h124\" style=\"left:232.97864px; bottom:75.97589px;\"><div class=\"t mb xd h107 yea4 ff5 fs7 fc2 sc0 ls0 ws0\">Valore di bilanci<span class=\"_ _0\"></span>o delle </div><div class=\"t mb xd h107 y12d3 ff5 fs7 fc2 sc0 ls0 ws0\">partecipazi<span class=\"_ _0\"></span>oni</div><div class=\"t mb xd h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2bc h124\" style=\"left:278.53064px; bottom:75.97589px;\"><div class=\"t mb x13 h107 y12d4 ff5 fs7 fc2 sc0 ls0 ws0\">Totale attivo</div><div class=\"t mb x13 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2bd h124\" style=\"left:313.00662px; bottom:75.97589px;\"><div class=\"t mb x13 h107 y12d5 ff5 fs7 fc2 sc0 ls0 ws0\">Totale passivit\u00e0</div><div class=\"t mb x13 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2be h124\" style=\"left:349.06863px; bottom:75.97589px;\"><div class=\"t mb x13 h107 y12d6 ff5 fs7 fc2 sc0 ls0 ws0\">Ricavi totali</div><div class=\"t mb x13 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w219 h124\" style=\"left:382.92062px; bottom:75.97589px;\"><div class=\"t mb xe h107 y9bc ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al </div><div class=\"t mb xd h107 y12d7 ff5 fs7 fc2 sc0 ls0 ws0\">netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste</div><div class=\"t mb xd h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2bf h124\" style=\"left:428.31665px; bottom:75.97589px;\"><div class=\"t mb x48 h107 y120a ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> delle attivit\u00e0 <span class=\"_ _0\"></span>operative </div><div class=\"t mb x9c h107 ya2c ff5 fs7 fc2 sc0 ls0 ws0\">cessate al netto<span class=\"_ _0\"></span> delle imposte</div><div class=\"t mb x9c h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w267 h124\" style=\"left:483.8526px; bottom:75.97589px;\"><div class=\"t mb xe h107 y9ab ff5 fs7 fc2 sc0 ls0 ws0\">Utile (perdita) d<span class=\"_ _0\"></span>'esercizio</div><div class=\"t mb xe h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t mb xd h107 y12d8 ff5 fs7 fc2 sc0 ls0 ws0\">(1) </div></div><div class=\"c wdb h124\" style=\"left:529.13165px; bottom:75.97589px;\"><div class=\"t mb x96 h107 y8c0 ff5 fs7 fc2 sc0 ls0 ws0\">Altre compone<span class=\"_ _0\"></span>nti </div><div class=\"t mb x96 h107 yb93 ff5 fs7 fc2 sc0 ls0 ws0\">reddituali<span class=\"_ _0\"></span> al netto delle </div><div class=\"t mb xe h107 y12d9 ff5 fs7 fc2 sc0 ls0 ws0\">imposte </div><div class=\"t mb xd h107 y12d8 ff5 fs7 fc2 sc0 ls0 ws0\">(2) </div></div><div class=\"c w268 h124\" style=\"left:574.8396px; bottom:75.97589px;\"><div class=\"t mb xe h107 y12da ff5 fs7 fc2 sc0 ls0 ws0\">Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva</div><div class=\"t mb xe h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t mb xd h107 y12db ff5 fs7 fc2 sc0 ls0 ws0\">(3) = (1) + (2)</div><div class=\"t mb xd h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2bb h7e\" style=\"left:-4.050377px; bottom:50.703888px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">IMPRESE CON<span class=\"_ _0\"></span>TROLLATE IN <span class=\"_ _0\"></span>MODO CONGIUN<span class=\"_ _35\"></span>TO </div></div><div class=\"c wdb h7e\" style=\"left:232.97864px; bottom:50.703888px;\"><div class=\"t m0 x13 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w2bc h7e\" style=\"left:278.53064px; bottom:50.703888px;\"><div class=\"t m0 xae h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">210<span class=\"ls0\"> </span></div></div><div class=\"c w2bd h7e\" style=\"left:313.00662px; bottom:50.703888px;\"><div class=\"t m0 xae h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">147<span class=\"ls0\"> </span></div></div><div class=\"c w2be h7e\" style=\"left:349.06863px; bottom:50.703888px;\"><div class=\"t m0 x95 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">94<span class=\"ls0\"> </span></div></div><div class=\"c w219 h7e\" style=\"left:382.92062px; bottom:50.703888px;\"><div class=\"t m0 xe h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2bf h7e\" style=\"left:428.31665px; bottom:50.703888px;\"><div class=\"t m0 x43 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w267 h7e\" style=\"left:483.8526px; bottom:50.703888px;\"><div class=\"t m0 xad h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c wdb h7e\" style=\"left:529.13165px; bottom:50.703888px;\"><div class=\"t m0 xf h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w268 h7e\" style=\"left:574.8396px; bottom:50.703888px;\"><div class=\"t m0 xad h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2bb h8c\" style=\"left:-4.050377px; bottom:25.27591px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">IMPRESE SOT<span class=\"_ _0\"></span>TOPOSTE A IN<span class=\"_ _0\"></span>FLUENZA N<span class=\"_ _0\"></span>OTEVOLE (a) </div></div><div class=\"c wdb h8c\" style=\"left:232.97864px; bottom:25.27591px;\"><div class=\"t m0 x86 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">279<span class=\"ls0\"> </span></div></div><div class=\"c w2bc h8c\" style=\"left:278.53064px; bottom:25.27591px;\"><div class=\"t m0 x12 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">4.523 </div></div><div class=\"c w2bd h8c\" style=\"left:313.00662px; bottom:25.27591px;\"><div class=\"t m0 x12 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">3.449 </div></div><div class=\"c w2be h8c\" style=\"left:349.06863px; bottom:25.27591px;\"><div class=\"t m0 xae h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">222<span class=\"ls0\"> </span></div></div><div class=\"c w219 h8c\" style=\"left:382.92062px; bottom:25.27591px;\"><div class=\"t m0 xb8 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2bf h8c\" style=\"left:428.31665px; bottom:25.27591px;\"><div class=\"t m0 x43 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w267 h8c\" style=\"left:483.8526px; bottom:25.27591px;\"><div class=\"t m0 xb8 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c wdb h8c\" style=\"left:529.13165px; bottom:25.27591px;\"><div class=\"t m0 x86 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">46</span> </div></div><div class=\"c w268 h8c\" style=\"left:574.8396px; bottom:25.27591px;\"><div class=\"t m0 x86 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">41</span> </div></div><div class=\"c w1c h7e\" style=\"left:-4.050377px; bottom:0.00390625px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(a) In tale voce sono <span class=\"ff4\">incluse alcune controllate escluse dall\u2019area di consolidamento, in quanto di importo contenuto.</span> </div></div>7.5 Partecipazioni: v<span class=\"_ _0\"></span>ariazioni annue (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li 1.652 1.996 B. Aument<span class=\"_ _0\"></span>i 942<span class=\"ls0\"> </span>422<span class=\"ls0\"> </span>B.1 acquis<span class=\"_ _0\"></span>ti 528<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - 10<span class=\"ls0\"> </span>B.2 ripre<span class=\"_ _0\"></span>se di valore 13<span class=\"ls0\"> </span>- B.3 rivaluta<span class=\"_ _0\"></span>zioni 143<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>B.4 altre <span class=\"_ _0\"></span>variazioni  258<span class=\"ls0\"> </span>137<span class=\"ls0\"> </span>C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">581</span> -<span class=\"ls25\">766</span> C.1 vendi<span class=\"_ _0\"></span>te -<span class=\"ls25\">305</span> -<span class=\"ls25\">58</span> C.2 rettifi<span class=\"_ _0\"></span>che di valor<span class=\"_ _0\"></span>e  -<span class=\"ls25\">52</span> -<span class=\"ls25\">39</span> C.3 svaluta<span class=\"_ _0\"></span>zioni -<span class=\"ls25\">69</span> -<span class=\"ls25\">61</span> C.4 altre va<span class=\"_ _0\"></span>riazioni -<span class=\"ls25\">155</span> -<span class=\"ls25\">608</span> D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 2.013 1.652 E. Rivaluta<span class=\"_ _0\"></span>zioni tota<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i 3.620 3.477 F. Rettific<span class=\"_ _0\"></span>he total<span class=\"_ _0\"></span>i 2.111 2.059 La sottovoce B.1 <span class=\"_ _3\"></span>Acquisti comprende l\u2019acquisizione dell\u2019ulteriore<span class=\"_ _0\"></span> quota del 20% <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">Mooney Group, di Back2Bonis oltre ad a<span class=\"_ _3\"></span>ltri </span>acquisti tra cui Warr<span class=\"_ _0\"></span>ant Hub e Digit\u2019Ed Holding.<span class=\"ff1 fc5\"> </span>La <span class=\"_ _2\"></span>sottovoce <span class=\"_ _5\"></span>B.3 <span class=\"_ _2\"></span>Rivalutazioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>Penghua<span class=\"_ _2\"></span> Fund Management Co. L<span class=\"_ _0\"></span>td.).  La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>B.4 <span class=\"_ _5\"></span>Altre <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ositive, <span class=\"_ _5\"></span>comprende <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>cessione/riclassifica <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>197 <span class=\"_ _6\"></span>milioni, attribuibili all\u2019opera<span class=\"_ _0\"></span>zione di Isp Formazio<span class=\"_ _0\"></span>ne per 196 milioni e In<span class=\"_ _35\"></span>nol<span class=\"_ _3\"></span>va per 1 mili<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff2 fc5\"> </span>La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>C.1 <span class=\"_ _5\"></span>vendite, <span class=\"_ _5\"></span>comprende <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _5\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>Formazione <span class=\"_ _2\"></span>e Innolva)<span class=\"fc5\">.<span class=\"ff2\"> </span></span>La <span class=\"_ _4\"></span>sottovoce <span class=\"_ _4\"> </span>C.3 <span class=\"_ _4\"></span>Svalutazioni, <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprende <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"></span>(principalmente <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _4\"> </span>e Mooney Group).  La <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce <span class=\"_ _3\"></span>C.4 <span class=\"_ _2\"></span>Altre <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gative, <span class=\"_ _2\"></span>comprende <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>dividendi <span class=\"_ _2\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _2\"></span>Penghua <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Intrum), <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 la <span class=\"_ _2\"></span>riclassifica <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _3\"></span>Generali <span class=\"_ _2\"></span>entrata <span class=\"_ _2\"></span>nell\u2019area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>integrale <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _2\"></span>dell\u2019ulteriore <span class=\"_ _3\"></span>ac<span class=\"_ _6\"></span><span class=\"ff1\">quisto </span>del 5,26%<span class=\"ff5\">. </span>7.6 Valutazioni e assunzi<span class=\"ff6\">oni si<span class=\"_ _0\"></span>gnificative per stabilire l\u2019<span class=\"_ _0\"></span>esistenza di controllo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>congiunto o <span class=\"_ _0\"></span>influenza notevole<span class=\"ff5\"> </span></span>Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ongiunto <span class=\"_ _4\"> </span>(joint <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>entures), <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>quali, <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale, <span class=\"_ _4\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividon<span class=\"_ _0\"></span>o il controllo.  Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>possiede <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>20% dei diritti di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201cpotenziali\u201d<span class=\"_ _0\"></span>) o nelle quali <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> pur con una quota di diritti di voto inferiore<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> ha il potere di<span class=\"_ _0\"></span> </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giuridici quali <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>patti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sindacato. <span class=\"_ _4\"> </span>Non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nfluenza <span class=\"_ _4\"> </span>notevole <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>interessenze<span class=\"_ _0\"></span> superiori <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0%, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>esclusivamente <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>patrimo<span class=\"_ _2\"></span>niali <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>porzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>frutti <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>investimenti, non  ha  accesso  alle  po<span class=\"_ _3\"></span>litiche  di  gestione  e  pu\u00f2  esercitare  d<span class=\"_ _3\"></span>iritti  di  governance  limitati  alla  tutela  dei  propri  interessi patrimoniali. 7.7 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 controllate in modo congiunto Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _6\"></span>impegni <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>MIR <span class=\"_ _6\"></span>CAPITAL <span class=\"_ _6\"></span>S.C.A. <span class=\"_ _6\"></span>Sicar, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _6\"></span>35,6 <span class=\"_ _6\"></span>milioni; Mooney <span class=\"_ _16\"> </span>Group <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>complessivi <span class=\"_ _16\"> </span>8 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _7\"> </span>Apside <span class=\"_ _16\"> </span>S.p.A., <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>complessivi <span class=\"_ _7\"> </span>17 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>strumenti finanziari par<span class=\"_ _0\"></span>tecipativi emessi <span class=\"_ _0\"></span>dalla Societ\u00e0.<span class=\"ff9 fs19\"> </span>7.8 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 sottoposte ad influenza not<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vole Al <span class=\"_ _1d\"> </span>31 <span class=\"_ _1d\"> </span>dicembre  2022 <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>segnalano  i <span class=\"_ _1d\"> </span>seguenti <span class=\"_ _1d\"> </span>impegni:  ricapitalizzazione  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Bancomat  S.p.A. <span class=\"_ _1d\"> </span>per  c<span class=\"_ _3\"></span>irca <span class=\"_ _1d\"> </span>2,7  milioni;<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>il commitment <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>Innovation <span class=\"_ _2\"></span>Center <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Neva <span class=\"_ _2\"></span>SGR <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>versare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _2\"></span>corrispondenti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>richiami <span class=\"_ _3\"></span>del Fondo <span class=\"_ _3\"></span>NEVA <span class=\"_ _3\"></span>FIRST-FCC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idui 49,5 <span class=\"_ _2\"></span>milioni; u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impegno p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore di <span class=\"_ _2\"></span>Centai Inst<span class=\"_ _3\"></span>itute <span class=\"_ _3\"></span>S.P.A. <span class=\"_ _3\"></span>per<span class=\"_ _90\"> </span>0,7 <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ttoscrivere <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _2\"></span>partecipativi <span class=\"_ _3\"></span>emessi <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>Destination <span class=\"_ _2\"></span>Gusto <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er massimi 2,5 milioni; In<span class=\"_ _0\"></span>fine si segnala un im<span class=\"_ _0\"></span>pegno residuo su Le<span class=\"_ _0\"></span>onardo Technology S.<span class=\"_ _0\"></span>r.l. di modesta entit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> 7.9 Restrizioni significativ<span class=\"_ _0\"></span>e In termini di restrizioni <span class=\"_ _0\"></span>significative non ci s<span class=\"_ _0\"></span>ono segnalazioni. 7.10 Altre informazio<span class=\"_ _0\"></span>ni Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _6\"></span>congiunto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>tempistiche <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>del bilancio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>compatibili con <span class=\"_ _2\"></span>le tempistiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiusura <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bilancio consolidato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo; <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tal proposito <span class=\"_ _7\"> </span>per  l\u2019<span class=\"_ _0\"></span>applicazione <span class=\"_ _7\"> </span>del  me<span class=\"_ _0\"></span>todo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>all\u2019ultima <span class=\"_ _16\"> </span>reportistica <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>disponibile<span class=\"_ _0\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span>rappresentata, <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>casi, <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>9 <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>partecipate <span class=\"_ _4\"></span>quotate <span class=\"_ _5\"></span>o dall\u2019ultimo <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>emestrale <span class=\"_ _5\"></span>disponibili <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>partecipate. <span class=\"_ _6\"></span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _6\"></span>caso, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eportistica <span class=\"_ _5\"></span>contab<span class=\"_ _5\"></span><span class=\"ff1\">ile </span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>collegat<span class=\"ff4\">a <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>joint <span class=\"_ _5\"></span>venture <span class=\"_ _5\"></span>utilizzata <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>ll\u2019applic<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>data </span>diversa  dal  bilancio  di  Intesa  Sanpaolo,  vengono  effettuate  rettifiche  per  tener  conto  degli  effetti  di  operazioni  o <span class=\"_ _1d\"> </span>fatt<span class=\"_ _0\"></span>i significativi che sian<span class=\"_ _0\"></span>o intervenuti tra quella data e la d<span class=\"_ _0\"></span>ata di riferimen<span class=\"_ _0\"></span>to del bilancio di Inte<span class=\"_ _0\"></span>sa Sanpaolo.<span class=\"_ _3\"></span> I test di impairment sulle<span class=\"_ _0\"></span> partecipazioni Come <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dai <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _4\"></span>sottoposte <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>ritenere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>interamente <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>stesse. Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>collegamento <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>processo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"> </span>la verifica <span class=\"_ _3\"></span><span class=\"ff4\">della <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dell\u2019eventuale <span class=\"_ _3\"></span>svalutazione. Gli <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment </span>sono sostanzialmente <span class=\"_ _0\"></span>suddivisibili in due c<span class=\"_ _0\"></span>ategorie: indicatori q<span class=\"_ _35\"></span>ual<span class=\"_ _3\"></span>itativi, quali il<span class=\"_ _0\"></span> conseguimento d<span class=\"_ _0\"></span>i risultati economici ne<span class=\"_ _2\"></span>gativi o comunque <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>budget <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _5\"></span>pluriennali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omunicati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mercato, l\u2019annuncio/avvio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>concorsuali <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>piani <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ristrutturazione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ribasso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>\u201crating\u201d <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>due <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">lassi; </span>indicatori quantitativi rappresentati da una riduzione del fair value <span class=\"_ _3\"></span>al di sotto del <span class=\"_ _3\"></span>valore di bilancio di oltre i<span class=\"_ _3\"></span>l 30% ovve<span class=\"_ _5\"></span>ro p<span class=\"_ _3\"></span>er un periodo superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>mesi, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione di <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>inferiore al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile della <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di titoli <span class=\"_ _4\"></span>quotati <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>mercati <span class=\"_ _6\"></span>attivi, <span class=\"_ _6\"></span>ovvero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"></span>separato <span class=\"_ _4\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>valor<span class=\"_ _2\"></span><span class=\"lsc\">e </span>contabile  nel  bilancio  consolidato  dell\u2019attivo  netto  e  dell\u2019avviamento  della  partecipat<span class=\"_ _0\"></span>a  o  dalla  dis<span class=\"_ _3\"></span>tribuzione<span class=\"_ _0\"></span>  da  parte <span class=\"_ _1c\"> </span><span class=\"ff1\">di </span>quest\u2019ultima <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>dividendo <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>proprio <span class=\"_ _17\"> </span>reddito <span class=\"_ _17\"> </span>complessivo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>presenza <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>indicatori <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>impairme<span class=\"_ _0\"></span>nt <span class=\"_ _17\"> </span>viene determinato il <span class=\"_ _3\"></span>valore recuperabile, rappresentato dal <span class=\"_ _3\"></span>maggiore tra <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value al <span class=\"_ _3\"></span>netto dei <span class=\"_ _3\"></span>costi di <span class=\"_ _3\"></span>vendita <span class=\"_ _3\"></span>ed il <span class=\"_ _3\"></span>Valore d<span class=\"_ _5\"></span><span class=\"ff4\">\u2019uso, e </span>se <span class=\"ff4 ls0\">quest\u2019ultimo risulta inferiore al valore di iscrizione si procede alla <span class=\"_ _3\"></span>rilevazione dell\u2019im<span class=\"_ _0\"></span>pairment. Qualora il valore recuper<span class=\"_ _5\"></span><span class=\"ff1\">abile </span></span>dovesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _5\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>rimossi <span class=\"_ _5\"></span>a seguito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>verificatosi <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valore, <span class=\"_ _4\"></span>si <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di riprese di valore, con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione a cont<span class=\"_ _0\"></span>o economico, fino a con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orrenza della rettific<span class=\"_ _0\"></span>a precedentemente <span class=\"_ _0\"></span>registrata.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>congiunto, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>rilevati indicatori <span class=\"_ _3\"></span>di impairment,  sono  state  effettuate  valutazioni  basate  in  v<span class=\"_ _3\"></span>ia  prioritaria  su  metodologie  di  me<span class=\"_ _3\"></span>rcato  (transazioni  dirette  o comparabili e <span class=\"_ _2\"></span>multi<span class=\"ff4\">pli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato) o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>alternativa <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>\u201cfondamentali\u201d, basate <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di </span>cassa attesi attualizzat<span class=\"_ _0\"></span>i attraverso il met<span class=\"_ _0\"></span>odo \u201cdiscounted cas<span class=\"_ _0\"></span>h flow\u201d o sul patrim<span class=\"_ _0\"></span>onio netto rettificat<span class=\"_ _0\"></span>o (c.d. ANAV). <span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _17\"> </span>risultati <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>tali <span class=\"_ _17\"> </span>valut<span class=\"_ _3\"></span>azioni <span class=\"_ _17\"> </span>hanno <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>necessit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>operare <span class=\"_ _17\"> </span>rettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valore <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>riferite <span class=\"_ _17\"> </span>alle partecipazioni  in  Intrum  Ital<span class=\"_ _0\"></span>y  (34  milioni),  Mir  Capital  (<span class=\"_ _0\"></span>8  milioni),  RSCT  Fund  Compart<span class=\"_ _0\"></span>o  Crediti  (4  milioni),  Mark<span class=\"_ _0\"></span>etwall (3<span class=\"ls0\"> milioni) <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>investimenti <span class=\"_ _7\"> </span>min<span class=\"_ _3\"></span><span class=\"ff4\">ori <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sempre <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>partecipazioni <span class=\"_ _4\"> </span>di </span></span>collegamento <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>segnala <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>in FI.NAV. Comparto A - Crediti <span class=\"_ _0\"></span>per 13 milioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1069": {
   "value": "SEZIONE 3 - AREA E METODI DI C<span class=\"_ _3\"></span>ONSOLIDAMENTO  <span class=\"_ _3\"></span> Area di consolidamento  Il <span class=\"_ _20\"> </span>bilancio <span class=\"_ _20\"> </span>consolidato <span class=\"_ _20\"> </span>include<span class=\"_ _35\"></span> <span class=\"_ _23\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>societ\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _20\"> </span>questa <span class=\"_ _20\"> </span>direttamente <span class=\"_ _20\"> </span>o <span class=\"_ _20\"> </span>indirettamente <span class=\"_ _1c\"> </span>controllate, comprendendo <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>specificamente <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>societ\u00e0 operanti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>settori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>dissimili <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capo<span class=\"_ _3\"></span>gruppo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>private <span class=\"_ _2\"></span>equ<span class=\"_ _5\"></span>ity. Analogamente, <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>incluse <span class=\"_ _18\"> </span>anche <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>entit\u00e0 <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _17\"> </span>quando <span class=\"_ _1c\"> </span>ne <span class=\"_ _18\"> </span>ricorrano <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>req<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>isiti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>effettivo <span class=\"_ _18\"> </span>controllo, <span class=\"_ _18\"> </span>anche indipendentemente dall<span class=\"_ _0\"></span>\u2019esistenza di una qu<span class=\"_ _0\"></span>ota partecipativ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>esposta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detiene <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>ta<span class=\"_ _5\"></span><span class=\"ls13\">li </span>rendimenti, derivanti dal <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>rio rapporto con <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>tesse e <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>contempo ha <span class=\"_ _3\"></span>la capacit\u00e0 di<span class=\"_ _3\"></span> incidere <span class=\"_ _3\"></span>sui rendimenti e<span class=\"_ _3\"></span>sercitando il proprio potere su tali<span class=\"_ _0\"></span> entit\u00e0. Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti <span class=\"_ _0\"></span>a rendimenti variabili<span class=\"_ _0\"></span> derivanti dal rappor<span class=\"_ _0\"></span>to con l\u2019entit\u00e0 ogg<span class=\"_ _0\"></span>etto di investimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _3\"></span></span> </span>rendimenti. Sono  considerate  controllate  congiuntamente<span class=\"_ _0\"></span>  le  entit\u00e0 <span class=\"_ _1d\"> </span>nelle  quali,  su  base  contrattuale,  il  controllo  \u00e8  condiviso  fra  la Capogruppo, <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>indirettamen<span class=\"_ _0\"></span>te, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>uno <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>esterni <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _4\"> </span>quando <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>decisioni ri<span class=\"ls0\">guardanti le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti \u00e8 richie<span class=\"_ _0\"></span>sto il consenso un<span class=\"_ _0\"></span>anime di tutte le p<span class=\"_ _0\"></span>arti che condividono il <span class=\"_ _0\"></span>controllo.<span class=\"_ _3\"></span> </span>Sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>collegate, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>sot<span class=\"_ _3\"></span>toposte <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>notevole, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>direttamente <span class=\"_ _5\"></span>o indirettamente, po<span class=\"_ _0\"></span>ssie<span class=\"ff4\">de almeno il 20% dei diritti<span class=\"_ _0\"></span> di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201c<span class=\"_ _0\"></span>potenziali\u201d) o nelle q<span class=\"_ _0\"></span>uali <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> pur con una quota </span></span>di <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>voto <span class=\"_ _4\"> </span>inferiore <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>potere <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>partecipare <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuri<span class=\"_ _0\"></span>dici, quali la partecip<span class=\"_ _0\"></span>azione a patti di sind<span class=\"_ _0\"></span>acato.<span class=\"_ _3\"></span> Sono <span class=\"_ _16\"> </span>escluse <span class=\"_ _7\"> </span>dall\u2019area <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>onsolidamento, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>classificate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9,  alcun<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>interessenz<span class=\"_ _0\"></span>e superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20%, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>importo <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>indirettamente, <span class=\"_ _5\"></span>detiene esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>una porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti de<span class=\"_ _3\"></span>gli investimenti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ha accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di gestione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla tutela dei propri int<span class=\"_ _0\"></span>eressi patrimonial<span class=\"_ _0\"></span>i. <span class=\"_ _2\"></span> Sono <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>escluse <span class=\"_ _5\"></span>dall\u2019area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _6\"></span><span class=\"ff1\">integrale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artecipative <span class=\"_ _2\"></span>detenute, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>attraverso </span>fondi, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>svolgono <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>venture <span class=\"_ _4\"></span>capital. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>interessenze <span class=\"_ _4\"></span>partecipativ<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>incluse <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>categoria <span class=\"_ _4\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>Attivit\u00e0 finanziarie va<span class=\"_ _0\"></span>lutate al fair value con <span class=\"_ _0\"></span>impat<span class=\"_ _3\"></span>to a conto econ<span class=\"_ _0\"></span>omico.  Sono, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019area <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricevute <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pegno <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\"> </span>diritto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>20%, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>considerazione della <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>tela<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e non di <span class=\"_ _3\"></span>esercizio del <span class=\"_ _3\"></span>controllo e di <span class=\"_ _3\"></span>indirizzo del<span class=\"_ _3\"></span>le politiche finanziarie ed <span class=\"_ _3\"></span>economiche, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>usufruire dei <span class=\"_ _3\"></span>benefici ec<span class=\"_ _5\"></span>onomici da esse derivanti. Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _18\"> </span>esercita <span class=\"_ _17\"> </span>su <span class=\"_ _1c\"> </span>Risa<span class=\"_ _0\"></span>namento <span class=\"_ _18\"> </span>S.p.A. <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>con<span class=\"_ _3\"></span><span class=\"ff4\">trollate <span class=\"_ _18\"> </span>l\u2019attivit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>direzione <span class=\"_ _18\"> </span>e </span>coordinamento di cui a<span class=\"_ _0\"></span>ll\u2019art. 2497 C.C. e s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guenti.<span class=\"ff1\"> </span>Rispetto al 31 dicem<span class=\"_ _0\"></span>bre 2021, le variazioni <span class=\"_ _0\"></span>nel perimetro di c<span class=\"_ _0\"></span>onsolidamento int<span class=\"_ _0\"></span>egrale hanno rigu<span class=\"_ _0\"></span>ardato l\u2019ingresso di:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Newco  TPA<span class=\"_ _0\"></span>  S.p.A.<span class=\"_ _0\"></span>  (or<span class=\"_ _0\"></span>a  deno<span class=\"_ _0\"></span>minata  I<span class=\"_ _0\"></span>nSalute  Se<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>vizi  <span class=\"ff4\">S.p.A.), <span class=\"_ _16\"> </span>societ\u00e0  di<span class=\"_ _0\"></span>  nu<span class=\"_ _0\"></span>ova <span class=\"_ _16\"> </span>costituzione  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _16\"> </span>del  Gr<span class=\"_ _0\"></span>uppo </span></span>assicurativo, parteci<span class=\"_ _0\"></span>pata al 100% da Intesa S<span class=\"_ _0\"></span>anpaolo Vita; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest (CBPQ), part<span class=\"_ _0\"></span>ecipata al 100% d<span class=\"_ _0\"></span>a Fideuram Bank (L<span class=\"_ _0\"></span>uxembourg) S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>VUB Operating Leasing A.S. <span class=\"_ _3\"></span>(societ\u00e0<span class=\"_ _3\"></span> dedicata per lo <span class=\"_ _3\"></span>sviluppo del leasing <span class=\"_ _3\"></span>operativo), precedente<span class=\"_ _0\"></span>mente consolidata con il </span>metodo del patrimonio <span class=\"_ _0\"></span>netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(cessionaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ISP e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI), <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>miti di </span>immaterialit\u00e0 che ne permetteva<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o in precedenza il c<span class=\"_ _0\"></span>onsolidamento al <span class=\"_ _0\"></span>patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB Generali Dochodkova Spravcovs<span class=\"_ _0\"></span>ka Spolocnost A.S a seguito dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisto di una ulteriore q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del 5,26% da part<span class=\"_ _35\"></span>e </span></span>di <span class=\"_ _4\"> </span>VSEOBECNA <span class=\"_ _4\"> </span>UVEROVA <span class=\"_ _4\"> </span>BANKA <span class=\"_ _4\"> </span>A.S. <span class=\"_ _7\"> </span>(l\u2019investimento <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attesta <span class=\"_ _4\"> </span>ora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>55,26%), <span class=\"_ _4\"></span>precedentemente <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span>societ\u00e0 era consolid<span class=\"_ _0\"></span>ata con il metodo <span class=\"_ _0\"></span>del patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Eurizon <span class=\"_ _6\"></span>Capital <span class=\"_ _6\"></span>Real <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>SGR <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>superamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>immaterialit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ne <span class=\"_ _6\"></span>permettevano <span class=\"_ _5\"></span>in </span>precedenza il consolid<span class=\"_ _0\"></span>amento al patrimoni<span class=\"_ _0\"></span>o netto; e l\u2019uscita di:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Suisse) Morval, fu<span class=\"_ _0\"></span>sa per incorporazione in R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>yl &amp; Cie S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB <span class=\"_ _6\"> </span>Le<span class=\"_ _3\"></span>asing <span class=\"_ _6\"> </span>A.S., <span class=\"_ _4\"> </span>cessata <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>scissione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>Vs<span class=\"_ _3\"></span>eobecna <span class=\"_ _6\"> </span>Uverova <span class=\"_ _4\"> </span>Banka <span class=\"_ _6\"> </span>A.S. <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>leasing<span class=\"_ _35\"></span> </span></span>finanziario e in VUB<span class=\"_ _0\"></span> Operating Lea<span class=\"ff4\">sing (sopra indicata) per<span class=\"_ _0\"></span> l\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>UBI Leasing S.p.A., fusa p<span class=\"_ _0\"></span>er incorporazione in In<span class=\"_ _0\"></span>tesa Sanpaolo <span class=\"_ _0\"></span>S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>PBZ Stambena Stedionica d.<span class=\"_ _0\"></span>d., fusa per incorpora<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione in PBZ <span class=\"ff4\">\u2013</span> Privredna Banka Zagreb d.d.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _1c\"> </span>Sanpaolo <span class=\"_ _20\"> </span>(Qingd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>o) <span class=\"_ _20\"> </span>Service <span class=\"_ _1c\"> </span>Company <span class=\"_ _1c\"> </span>Limited, <span class=\"_ _1c\"> </span>ora <span class=\"_ _1c\"> </span>consolidata <span class=\"_ _1c\"> </span>con <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>metodo <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>patri<span class=\"_ _3\"></span>monio <span class=\"_ _1c\"> </span>netto <span class=\"_ _1c\"> </span>in </span>considerazione della c<span class=\"_ _0\"></span>ontenuta materiali<span class=\"_ _0\"></span>t\u00e0 degli aggregati <span class=\"_ _0\"></span>patrimoniali;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Cargeas Assicurazioni S.p<span class=\"_ _0\"></span>.A., fusa per incorpora<span class=\"_ _0\"></span>zione in Intesa S<span class=\"_ _0\"></span>anpaolo Assicura S.p.A.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Smart Care S.r<span class=\"_ _0\"></span>.l., fusa per incorp<span class=\"_ _0\"></span>orazione in Intesa San<span class=\"_ _0\"></span>paolo S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Sanpaolo Invest SIM S.p.A., <span class=\"_ _0\"></span>fusa per incorp<span class=\"_ _0\"></span>orazione in Fideuram-Intesa Sanpaolo Private Banking S.p.A<span class=\"_ _0\"></span>. </span>Per <span class=\"_ _3\"></span>completezza si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>Mooney <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>continua a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>essere consolidat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>perimetro<span class=\"_ _35\"></span> di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>rientra <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>prudenziale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roporzionale; <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso del <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>5 <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>l\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>20% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>citata <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>porta </span>l\u2019interessenza compl<span class=\"_ _0\"></span>essiva al 50% (soggetta <span class=\"_ _0\"></span>a controllo congiu<span class=\"_ _0\"></span>nto).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, per completezz<span class=\"_ _0\"></span>a, si segnalano i s<span class=\"_ _0\"></span>eguenti cambiamenti d<span class=\"_ _0\"></span>i denominazione:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Intesa Sanpaolo Inte<span class=\"_ _0\"></span>rnational Value Servi<span class=\"_ _0\"></span>ces Ltd. in Intesa San<span class=\"_ _0\"></span>paolo <span class=\"_ _3\"></span>International Value Servi<span class=\"_ _0\"></span>ces d.o.o.; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>IW Bank S.p.A. in IW Pri<span class=\"_ _0\"></span>vate Investments Soci<span class=\"_ _0\"></span>et\u00e0 di Intermediaz<span class=\"_ _0\"></span>ione Mobiliare S.p.A.<span class=\"_ _90\"> </span></span><span class=\"ff1\">  </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span>Nel prospetto che segue <span class=\"_ _0\"></span>sono indicate le p<span class=\"_ _0\"></span>artecipazioni controll<span class=\"_ _0\"></span>ate in via esclusiva <span class=\"_ _0\"></span>al 31 dicembre 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> 1.<span class=\"ls0\"> <span class=\"_ _24\"> </span>Partecipazioni in societ\u00e0 controllate in via esclusiva </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 1 Acantus S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 800.000 2 Anti Financial Crime Digital HU<span class=\"_ _0\"></span>B S.c.a r.l. (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.   10,00 Capitale Eur 100.000 Intesa Sanpaolo S.p.A.  60,00  70,00 3 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A.   (d) Ginevra Ginevra 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 14.000.00<span class=\"_ _0\"></span>0 4 Banca 5 S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 30.000.00<span class=\"_ _0\"></span>0 5 Banca Comerciala Eximbank S.A.<span class=\"_ _0\"></span> Chisinau Chisinau 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Mdl 1.250.000.0<span class=\"_ _0\"></span>00 6 Banca Intesa AD Beograd Novi Beograd Beograd 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Rsd 21.315.900.0<span class=\"_ _0\"></span>00 7 Bank of Alexandria S.A.E.<span class=\"_ _0\"></span> Il Cairo Il Cairo 1 Intesa Sanpaolo S.p.A.  80,00 Capitale Egp 5.000.000.<span class=\"_ _0\"></span>000 8 Banka Intesa Sanpaolo d.<span class=\"_ _0\"></span>d. (e) Koper Koper 1 Intesa Sanpaolo S.p.A.  48,13 Capitale Eur 22.173.21<span class=\"_ _0\"></span>8 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.   51,00  99,13 9 CBP Quilvest PE Fund GP S.<span class=\"_ _0\"></span>a r.l. (c) Lussemburgo Lussemburgo 1 Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. 100,00 Capitale Usd 20.000 10<span class=\"ls0\"> </span>Cib Bank Ltd. Budapest Budapest 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Huf 50.000.00<span class=\"_ _0\"></span>0.003 11<span class=\"ls0\"> </span>CIB Insurance Broker Ltd.<span class=\"_ _0\"></span> Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 10.000.00<span class=\"_ _0\"></span>0 12<span class=\"ls0\"> </span>CIB Leasing Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 53.000.000<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>CIB Rent Operative Leasi<span class=\"_ _0\"></span>ng Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 5.000.000 14<span class=\"ls0\"> </span>Colline e oltre S.p.A. (c) Pavia Pavia 1 Intesa Sanpaolo S.p.A.  51,00 Capitale Eur 50.000 15<span class=\"ls0\"> </span>Compagnia Italiana Finanziaria - C<span class=\"_ _0\"></span>IF S.r.l. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  61,45 Capitale Eur 10.000 16<span class=\"ls0\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A.  100,00 Capitale Eur 32.537.00<span class=\"_ _0\"></span>0 17<span class=\"ls0\"> </span>Consorzio Studi e ricerche<span class=\"_ _0\"></span> fiscali Gruppo Intesa <span class=\"_ _0\"></span>Sanpaolo (c) Roma Roma 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>7,50 Capitale Eur 258.228 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span>  <span class=\"_ _17\"> </span>5,00 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>7,50 Intesa Sanpaolo S.p.A.  80,00 100,00 18<span class=\"ls0\"> </span>Duomo Funding Plc (f) Dublino Dublino 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 19<span class=\"ls0\"> </span>Epsilon SGR S.p.A. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 5.200.000 20<span class=\"ls0\"> </span>Etoile Fran\u00e7ois Premier S.a.r.l.<span class=\"_ _0\"></span> (g) Parigi Parigi 1 Risanamento Europa S.r.l. 100,00 Capitale Eur 5.000 21<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Croatia D.O.O. Zagabria Zagabria 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Hrk 5.000.000 22<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Hungary Ltd. Budapest Budapest 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Huf 600.000.0<span class=\"_ _0\"></span>00 23<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S.<span class=\"_ _0\"></span> Bratislava Bratislava 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 4.093.560 24<span class=\"ls0\"> </span>Eurizon Capital Asia Li<span class=\"_ _0\"></span>mited (gi\u00e0 Eurizon Capital (<span class=\"_ _0\"></span>HK) limited) (c) Hong Kong Hong Kong 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Hkd 78.000.000 25<span class=\"ls0\"> </span>Eurizon Capital Real Ass<span class=\"_ _0\"></span>et SGR S.p.a. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  19,98 51,00 (*) Capitale Eur 4.166.667 Intesa Sanpaolo Vita S.p.A.  40,01 24,50 (*)  59,99 75,50 (*) Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 26<span class=\"ls0\"> </span>Eurizon Capital S.A. Lussemburgo Lussemburgo 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Eur 7.974.600 27<span class=\"ls0\"> </span>Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 99.000.00<span class=\"_ _0\"></span>0 28<span class=\"ls0\"> </span>Eurizon Slj Capital Ltd. Londra Londra 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  65,00 Capitale Gbp 1.001.000 29<span class=\"ls0\"> </span>Exelia S.r.l. (c) Brasov  Brasov 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Ron 8.252.600 30<span class=\"ls0\"> </span>Exetra S.p.A.  (h) Milano Milano 1 Intesa Sanpaolo S.p.A.  85,00 Capitale Eur 158.000 31<span class=\"ls0\"> </span>Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. Roma Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 300.000.0<span class=\"_ _0\"></span>00 32<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac (gi\u00e0 Fideuram Asset Manage<span class=\"_ _0\"></span>ment (Ireland) Ltd.) Dublino Dublino 1 Fideuram Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. 100,00 Capitale Eur 1.000.000 33<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement SGR S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  99,52 Capitale Eur 25.870.00<span class=\"_ _0\"></span>0 34<span class=\"ls0\"> </span>Fideuram Asset Management Uk <span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>td (c) Londra  Londra 1 Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac 100,00 Capitale Gbp 1.000.000 35<span class=\"ls0\"> </span>Fideuram Bank (Luxe<span class=\"_ _0\"></span>mbourg) S.A. Lussemburgo Lussemburgo 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 40.000.000<span class=\"_ _0\"></span> 36<span class=\"ls0\"> </span>Fideuram Vita S.p.A. Roma Roma 1 Intesa Sanpaolo S.p.A.  80,01 Capitale Eur 357.446.8<span class=\"_ _0\"></span>36 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  19,99 100,00 37<span class=\"ls0\"> </span>Fondo Sviluppo ecosist<span class=\"_ _0\"></span>emi di Innovazione (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  100,00 Capitale Eur 15.000.00<span class=\"_ _0\"></span>0 38<span class=\"ls0\"> </span>Gap Manco Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 12.500 39<span class=\"ls0\"> </span>Iberia Distressed Assets Ma<span class=\"_ _0\"></span>nager Sarl (c) Lussemburgo Lussemburgo 1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 40<span class=\"ls0\"> </span>IIF SME Manager Ltd. (c) George Town  George Town  1 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A. 100,00 Capitale Usd 1.000 41<span class=\"ls0\"> </span>IMI Capital Market USA C<span class=\"_ _0\"></span>orp. New York New York 1 IMI Investments S.A. 100,00 Capitale Usd 5.000 42<span class=\"ls0\"> </span>IMI Finance Luxembourg <span class=\"_ _0\"></span>S.A. (c) Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 100.000 43<span class=\"ls0\"> </span>IMI Investments S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 21.660.00<span class=\"_ _0\"></span>0 44<span class=\"ls0\"> </span>IMMIT - Immobili Italiani S<span class=\"_ _0\"></span>.r.l. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 185.680.0<span class=\"_ _0\"></span>00 45<span class=\"ls0\"> </span>Immobiliare Cascina Rubin<span class=\"_ _0\"></span>a S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 46<span class=\"ls0\"> </span>IN.FRA - Investire nelle In<span class=\"_ _0\"></span>frastrutture S.r.l. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 10.000 47<span class=\"ls0\"> </span>Iniziative Logistiche S.r.l<span class=\"_ _0\"></span>. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  60,02 Capitale Eur 10.000 48<span class=\"ls0\"> </span>Insalute Servizi S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 49<span class=\"ls0\"> </span>Intesa Invest A.D. Beogr<span class=\"_ _0\"></span>ad (c) Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 236.975.800 50<span class=\"ls0\"> </span>Intesa Leasing (Closed Join<span class=\"_ _0\"></span>t-Stock Company) Mosca Mosca 1 Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa 100,00 Capitale Rub 3.000.000 51<span class=\"ls0\"> </span>Intesa Leasing d.o.o. B<span class=\"_ _0\"></span>eograd Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 960.374.301 52<span class=\"ls0\"> </span>Intesa Sanpaolo (Qingdao) <span class=\"_ _0\"></span>Service Company (c) Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale CNY 80.000.000 53<span class=\"ls0\"> </span>Intesa Sanpaolo Assicura S.<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 27.912.25<span class=\"_ _0\"></span>8<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 54<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Alba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ia Sh.A. Tirana Tirana 1 Intesa Sanpaolo S.p.A. 100,00 Capitale All 5.562.517.6<span class=\"_ _0\"></span>74 55<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Irel<span class=\"_ _0\"></span>and Plc Dublino Dublino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 400.500.0<span class=\"_ _0\"></span>00 56<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Luxe<span class=\"_ _0\"></span>mbourg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.389.370.55<span class=\"_ _0\"></span>5 57<span class=\"ls0\"> </span>Intesa Sanpaolo Banka <span class=\"_ _0\"></span>d.d. Bosna I Hercegovin<span class=\"_ _0\"></span>a Sarajevo Sarajevo 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.  99,99 100,00 (**) Capitale Bam 44.782.00<span class=\"_ _0\"></span>0 58<span class=\"ls0\"> </span>Intesa Sanpaolo Brasil S.<span class=\"_ _0\"></span>A. - Banco Multiplo San Paolo San Paolo 1 Intesa Sanpaolo S.p.A.  99,90 Capitale Brl 945.428.281 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,10 100,00 59<span class=\"ls0\"> </span>Intesa Sanpaolo Casa S.p<span class=\"_ _0\"></span>.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 1.000.000 60<span class=\"ls0\"> </span>Intesa Sanpaolo Expo I<span class=\"_ _0\"></span>nstitutional Contact S.r.l. (c<span class=\"_ _0\"></span>) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00  Capitale Eur 50.000 61<span class=\"ls0\"> </span>Intesa Sanpaolo Funding<span class=\"_ _0\"></span> LLC (gi\u00e0 Intesa Funding<span class=\"_ _0\"></span> LLC) New York Wilmington Delaware 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Usd 25.000 62<span class=\"ls0\"> </span>Intesa Sanpaolo Harbo<span class=\"_ _0\"></span>urmaster III S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holding I<span class=\"_ _0\"></span>nternational S.A. 100,00 Capitale Eur 5.500.000 63<span class=\"ls0\"> </span>Intesa Sanpaolo Highline<span class=\"_ _0\"></span> S.r.l. (c) Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 64<span class=\"ls0\"> </span>Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 2.157.957.27<span class=\"_ _0\"></span>0 65<span class=\"ls0\"> </span>Intesa Sanpaolo House L<span class=\"_ _0\"></span>uxemburg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 24.990.31<span class=\"_ _0\"></span>7 66<span class=\"ls0\"> </span>Intesa Sanpaolo Imi Sec<span class=\"_ _0\"></span>urities Corp. New York New York 1 IMI Capital Market USA C<span class=\"_ _0\"></span>orp. 100,00 Capitale Usd 44.500.000 67<span class=\"ls0\"> </span>Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.a. Torino Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 9.254.940 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>0,01 100,00 68<span class=\"ls0\"> </span>Intesa Sanpaolo Insur<span class=\"_ _0\"></span>ance Agency S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 69<span class=\"ls0\"> </span>Intesa Sanpaolo Interna<span class=\"_ _0\"></span>tional Value Services d.o.<span class=\"_ _0\"></span>o. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 100.000 70<span class=\"ls0\"> </span>Intesa Sanpaolo Life Desig<span class=\"_ _0\"></span>ned activity company (<span class=\"_ _0\"></span>gi\u00e0 Intesa Sanpaolo Life Ltd.) Dublino Dublino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 625.000 71<span class=\"ls0\"> </span>Intesa Sanpaolo Private Arg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntina S.A. (c) Buenos Aires Buenos Aires 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>4,97 Capitale Ars 13.404.506 REYL &amp; Cie S.A.  95,03 100,00 72<span class=\"ls0\"> </span> Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 117.497.4<span class=\"_ _0\"></span>24 73<span class=\"ls0\"> </span>Intesa Sanpaolo Provis S<span class=\"_ _0\"></span>.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 6.725.000 74<span class=\"ls0\"> </span>Intesa Sanpaolo RBM Sal<span class=\"_ _0\"></span>ute S.p.A. (i) Venezia Venezia 1 Intesa Sanpaolo Vita S.p.A.  73,79 Capitale Eur 305.208.0<span class=\"_ _0\"></span>00 75<span class=\"ls0\"> </span>Intesa Sanpaolo RE.O.CO<span class=\"_ _0\"></span>. S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 13.000.000<span class=\"_ _0\"></span> 76<span class=\"ls0\"> </span>Intesa Sanpaolo Rent Foryo<span class=\"_ _0\"></span>u S.p.A. Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 630.000 77<span class=\"ls0\"> </span>Intesa Sanpaolo Romani<span class=\"_ _0\"></span>a S.A. Commercial Bank Bucarest Bucarest 1 Intesa Sanpaolo S.p.A.  99,73 Capitale Ron 1.216.639.410 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,27 100,00<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 78<span class=\"ls0\"> </span>Intesa Sanpaolo Servi\u00e7os e <span class=\"_ _0\"></span>Empreendimentos Ltd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> em liquida\u00e7\u00e3o (c) San Paolo San Paolo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Brl 3.283.320 79<span class=\"ls0\"> </span>Intesa Sanpaolo Servitia S.A<span class=\"_ _0\"></span>. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.500.000 80<span class=\"ls0\"> </span>Intesa Sanpaolo Vita S.p.A. Milano Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 320.422.5<span class=\"_ _0\"></span>09 81<span class=\"ls0\"> </span>Inveniam S.A. en Liquidati<span class=\"_ _0\"></span>on (c) Ginevra Ginevra 1 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg S.a.r.l. 100,00 Capitale Chf 50.000 82<span class=\"ls0\"> </span>ISP CB Ipotecario S.r.l. (c)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 83<span class=\"ls0\"> </span>ISP CB Pubbico S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 84<span class=\"ls0\"> </span>ISP OBG S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 42.038 85<span class=\"ls0\"> </span>IW Private Investments SIM S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 67.950.00<span class=\"_ _0\"></span>0 86<span class=\"ls0\"> </span>Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa Mosca Mosca 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  53,02 Capitale Rub 10.820.180.<span class=\"_ _0\"></span>800 Intesa Sanpaolo S.p.A.  46,98 100,00 87<span class=\"ls0\"> </span>Lux Gest Asset Manage<span class=\"_ _0\"></span>ment S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Bank L<span class=\"_ _0\"></span>uxembourg S.A. 100,00 Capitale Eur 200.000 88<span class=\"ls0\"> </span>Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 139.041 89<span class=\"ls0\"> </span>Morval Bank &amp; Trust Cayman<span class=\"_ _0\"></span> Ltd. (c) Grand Cayman Grand Cayman 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 7.850.000 90<span class=\"ls0\"> </span>MSG Comparto Quarto S.r.l<span class=\"_ _0\"></span>. (e) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 91<span class=\"ls0\"> </span>MSG Comparto Secondo <span class=\"_ _0\"></span>S.r.l. (g) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 92<span class=\"ls0\"> </span>MSG Comparto Terzo S.r.l. (g)<span class=\"_ _0\"></span> Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 93<span class=\"ls0\"> </span>Neva S.G.R. S.p.A. (gi\u00e0 <span class=\"_ _0\"></span>Imi Fondi Chiusi S.p.A.) (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A. 100,00 Capitale Eur 2.000.000 94<span class=\"ls0\"> </span>OOO Intesa Realty Russia i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> Liquidation (c) Mosca Mosca 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Rub 10.000 95<span class=\"ls0\"> </span>Oro Italia Trading S.p.A. in liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idazione (c) Arezzo Arezzo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 96<span class=\"ls0\"> </span>PBZ Card d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 43.422.200 97<span class=\"ls0\"> </span>PBZ Leasing d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 15.000.000 98<span class=\"ls0\"> </span>Porta Nuova Gioia (j) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 7.054.350 99<span class=\"ls0\"> </span>Portugal Real Estate Opp<span class=\"_ _0\"></span>ortunities Manager Sarl (<span class=\"_ _0\"></span>c) Lussemburgo  Lussemburgo  1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 100 Pravex Bank Joint-Stock Com<span class=\"_ _0\"></span>pany Kiev Kiev 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Uah 979.089.724 101 Prestitalia S.p.A. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 205.722.7<span class=\"_ _0\"></span>15 102 Private Equity International <span class=\"_ _0\"></span>S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 101.000.0<span class=\"_ _0\"></span>00 103 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 1.876.574.70<span class=\"_ _0\"></span>0 104 Qingdao Yicai Fund Distri<span class=\"_ _0\"></span>bution Co. Ltd. Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Cny 591.000.000 105 RB Participations S.A. Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Chf 100.000<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 106 Recovery Property Utilisatio<span class=\"_ _0\"></span>n and Services Zrt. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 20.000.00<span class=\"_ _0\"></span>0 107 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. (c) Valletta Valletta 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 730.000 108 REYL &amp; Cie (Malta) Ltd. (c)<span class=\"_ _0\"></span> Valletta Valletta 1 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. 100,00 Capitale Eur 730.000 109 REYL &amp; Cie S.A. (k) Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  39,00 Capitale Chf 31.500.00<span class=\"_ _0\"></span>1 RB Participations S.A.  30,00  69,00 110 REYL &amp; CO (UK) Llp. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; CO Holdings Ltd. 100,00 Capitale Gbp 2.500.000 111 REYL &amp; CO Holdings Ltd. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; Cie S.A. 100,00 Capitale Gbp 2.400.000 112 REYL Finance (MEA) Ltd. (c) Dubai Dubai 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 2.875.000 113 REYL Overseas AG (c) Zurigo Zurigo 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 2.000.000 114 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 50.000 115 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. (c) Singapore Singapore 1 REYL &amp; Cie S.A.  75,00 Capitale Sgd 1.201 116 REYL Singapore Pte. Ltd. (c)<span class=\"_ _0\"></span> Singapore Singapore 1 REYL &amp; Cie S.A.  76,00 Capitale Sgd 500.000 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd.  24,00 100,00 117 Ri. Rental S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 118 Risanamento Europa S.r.l.<span class=\"_ _0\"></span> (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 119 Risanamento S.p.A. (g)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  48,88 Capitale Eur 197.951.7<span class=\"_ _0\"></span>84 120 Romulus Funding Corporatio<span class=\"_ _0\"></span>n (f) New York New York 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 121 Societ\u00e0 Benefit Cimarosa <span class=\"_ _0\"></span>1 S.p.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 100.000 122 Societ\u00e0 Italiana di Revisio<span class=\"_ _0\"></span>ne e Fiduciaria <span class=\"ff4\">\u2013</span> S.I.RE.F. S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 2.600.000 123 SRM Studi e Ricerche per il M<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>zzogiorno (c) Napoli Napoli 1 Intesa Sanpaolo S.p.A.  60,00 20,00 (*) Capitale Eur 90.000 124 Sviluppo Comparto 3 S.r.l. (<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 125 UBI Finance S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 10.000 126 UBI Trustee S.A. (c) Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A. 100,00 Capitale Eur 250.000 127 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. Bratislava Bratislava 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 430.819.0<span class=\"_ _0\"></span>64 Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 128 VUB Generali Dochodkova <span class=\"_ _0\"></span>Spravcovska Spolocn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>st A.S. (l) Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S.  55,26 Capitale Eur 10.090.97<span class=\"_ _0\"></span>6 129 VUB Operating Leasing  Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. 100,00 Capitale Eur 25.000 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza <span class=\"_ _0\"></span>dei diritti di voto nell'ass<span class=\"_ _0\"></span>emblea ordinaria; </span>2 <span class=\"ls0\">- altre forme di<span class=\"_ _0\"></span> controllo. </span>(b) Ove differente dalla quota <span class=\"_ _0\"></span>% viene indicata la disp<span class=\"_ _0\"></span>onibilit\u00e0 dei voti nell'asse<span class=\"_ _0\"></span>mblea ordinaria, disti<span class=\"_ _0\"></span>nguendo, ove applic<span class=\"_ _0\"></span>abile<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>tra diritti di voto effettivi (*)<span class=\"_ _0\"></span> e potenziali (**). (c) Societ\u00e0 consolidata con il <span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etodo del patrimonio n<span class=\"_ _0\"></span>etto in considerazione della<span class=\"_ _0\"></span> limitata materialit\u00e0. (d) La <span class=\"_ _2\"></span>controllata <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _2\"></span>Managers <span class=\"_ _2\"></span>SA <span class=\"_ _2\"></span>(\"Asteria\") <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"> </span>detenuta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _5\"> </span>SA <span class=\"_ _2\"></span>all\u201980% <span class=\"_ _3\"></span>a <span class=\"_ _5\"> </span>seguito <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"> </span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>soci <span class=\"_ _5\"> </span>terzi; <span class=\"_ _3\"></span>il <span class=\"_ _5\"> </span>restante <span class=\"_ _2\"></span>20% <span class=\"_ _2\"></span>del capitale <span class=\"_ _2\"></span>sociale \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costituito <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _3\"></span>proprie. <span class=\"_ _3\"></span>Nei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _3\"></span>l\u2019annullamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>azioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roprie, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff1\">n <span class=\"_ _2\"></span>conseguente <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ciale <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </span>Asteria, a <span class=\"_ _3\"></span>seguito del <span class=\"_ _3\"></span>quale Reyl &amp;<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cie deterr\u00e0 il <span class=\"_ _3\"></span>100% della <span class=\"_ _3\"></span>partecipazione. Asteria ha <span class=\"_ _3\"></span>incorporato la <span class=\"_ _3\"></span>controllata Obviam AG<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>con efficacia <span class=\"_ _3\"></span>contabile 31 <span class=\"_ _3\"></span>dicembre 2022 (che <span class=\"_ _3\"></span>in precedenza era consolidata al Patri<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>onio netto tenuto conto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla limitata materialit\u00e0). (e) Si segnala la presenza di <span class=\"_ _0\"></span>un impegno di legge n<span class=\"_ _0\"></span>ei confronti degli azionisti di <span class=\"_ _0\"></span>minoranza per l'acquis<span class=\"_ _0\"></span>to del residuo 0,7% d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span>capitale sociale. (f) Societ\u00e0 per la quale si ha<span class=\"_ _0\"></span> il controllo ai sensi dell'I<span class=\"_ _0\"></span>FRS10 pur non detenendo <span class=\"_ _0\"></span>una <span class=\"_ _3\"></span>quota di interessenza social<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. (g) Societ\u00e0 non soggetta a<span class=\"_ _0\"></span>d attivit\u00e0 di direzione e coo<span class=\"_ _0\"></span>rdinamento ai sensi dell'art.<span class=\"_ _0\"></span> 2497 e segg. C.C. (h)  In caso di messa in liquid<span class=\"_ _0\"></span>azione della partecipazi<span class=\"_ _0\"></span>one, il socio di minoranz<span class=\"_ _0\"></span>a ha la facolt\u00e0 di vendere,<span class=\"_ _0\"></span> ed Intesa Sanpaolo d<span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>r\u00e0 acquistare, l'inter<span class=\"_ _0\"></span>a partecipazione di <span class=\"_ _0\"></span>minoranza. (i) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 26,1% del capitale sociale detenuto d<span class=\"_ _0\"></span>a azionisti di minoranza<span class=\"_ _0\"></span>. (j) Si tratta di un fondo com<span class=\"_ _0\"></span>une di investimento alt<span class=\"_ _0\"></span>ernativo immobiliare di ti<span class=\"_ _0\"></span>po chiuso gestito da COIMA<span class=\"_ _0\"></span> SGR S.p.A. (k) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 31% del capitale <span class=\"_ _0\"></span>soci<span class=\"_ _3\"></span>ale detenuto da az<span class=\"_ _35\"></span>io<span class=\"_ _3\"></span>nisti di minoranza. (l) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 44,74% del ca<span class=\"_ _0\"></span>pitale sociale detenuto <span class=\"_ _0\"></span>da azionisti di minoranz<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> 2. Valutazioni e assunzioni significative per determinare l\u2019area di <span class=\"ff5\">consolidamento </span>Come <span class=\"_ _6\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>precedenza <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendimenti variabili, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>diritti <span class=\"_ _4\"> </span>su <span class=\"_ _4\"></span>tali <span class=\"_ _4\"></span>rendimenti,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contempo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di incidere sui rendime<span class=\"_ _0\"></span>nti esercitando il pro<span class=\"_ _0\"></span>prio potere su tali <span class=\"_ _0\"></span>entit\u00e0.<span class=\"_ _3\"></span> Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della <span class=\"_ _0\"></span>partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti a rendime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti variabili derivan<span class=\"_ _0\"></span>ti dal rapporto con l\u2019<span class=\"_ _0\"></span>entit\u00e0 oggetto di in<span class=\"_ _0\"></span>vestimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _0\"></span> </span></span>rendimenti. Nello specifico il Gru<span class=\"_ _0\"></span>ppo consider<span class=\"ff4\">a i seguenti fattori per <span class=\"_ _0\"></span>valutare l\u2019esistenz<span class=\"_ _0\"></span>a di controllo:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">lo <span class=\"_ _2\"></span>scopo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>identificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>obiettivi del<span class=\"_ _3\"></span>l\u2019entit\u00e0, le <span class=\"_ _2\"></span>sue <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _3\"></span>ovve<span class=\"_ _5\"></span></span>ro <span class=\"_ _3\"></span>quelle </span>che maggiormente ne i<span class=\"_ _0\"></span>nfluenzano i re<span class=\"_ _0\"></span>ndimenti, e come tali a<span class=\"_ _0\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 sono governate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"></span>potere, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprendere <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>attribuiscono <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>irigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 </span>rilevanti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione alla variabilit\u00e0 dei rendimenti <span class=\"_ _3\"></span>della partecipata, al fine d<span class=\"_ _3\"></span>i valutare se <span class=\"_ _3\"></span>il rendime<span class=\"_ _2\"></span></span>n<span class=\"_ _3\"></span>to percepito dal <span class=\"_ _3\"></span>Gruppo pu\u00f2 </span>variare in via potenzi<span class=\"_ _0\"></span>ale in funzione de<span class=\"_ _0\"></span>i risultati raggiunti d<span class=\"_ _0\"></span>alla partecipata. Inoltre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>l\u2019esistenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>prese <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>considerazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>relazioni <span class=\"_ _2\"></span>principale<span class=\"_ _5\"></span><span class=\"ff1\">-agente; <span class=\"_ _2\"></span>per </span>valutare se opera com<span class=\"_ _0\"></span>e principale o come <span class=\"_ _0\"></span>agente, il Gruppo pr<span class=\"_ _0\"></span>ende in considera<span class=\"_ _0\"></span>zione i seguenti fattori:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere decisionale sulle a<span class=\"_ _0\"></span>ttivit\u00e0 rilevanti d<span class=\"_ _0\"></span>ella partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i diritti detenuti da altri <span class=\"_ _0\"></span>soggetti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la remunerazione a cui il<span class=\"_ _0\"></span> Gruppo ha diritto<span class=\"_ _0\"></span>; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 ls11\">l\u2019e<span class=\"ls0\">sposizione del Grup<span class=\"_ _0\"></span>po alla variabilit<span class=\"_ _0\"></span>\u00e0 dei rendimenti deri<span class=\"_ _0\"></span>vanti dall\u2019eventual<span class=\"_ _0\"></span>e partecipazione de<span class=\"_ _0\"></span>tenuta nella partecip<span class=\"_ _0\"></span>ata.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span>L\u2019IFRS <span class=\"_ _16\"> </span>10 <span class=\"_ _16\"> </span>identifica <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cattivit\u00e0 <span class=\"_ _7\"> </span>rilevanti\u201d <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>influenzano <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ignificativam<span class=\"_ _0\"></span>ente  i<span class=\"_ _35\"></span>  rendimenti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>partecipata. In <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>generali, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>gestite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>diritti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>voto, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>seguenti <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>forniscono <span class=\"_ _5\"></span>evid<span class=\"_ _5\"></span>enza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i controllo: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso, direttamente o indiret<span class=\"_ _0\"></span>tamente attraverso le proprie controllat<span class=\"_ _0\"></span>e, di pi\u00f9 della met\u00e0 dei diritti d<span class=\"_ _2\"></span>i voto di una entit\u00e0 a </span>meno che, in casi eccezi<span class=\"_ _0\"></span>onali, possa essere <span class=\"_ _0\"></span>chiaramente dimost<span class=\"_ _0\"></span>rato che tale posses<span class=\"_ _0\"></span>so non costituisce contro<span class=\"_ _0\"></span>llo;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso  della  met\u00e0,  o  di  una  quota  inferiore,  dei  voti  es<span class=\"_ _0\"></span>ercitabili  in  assembl<span class=\"_ _0\"></span>ea  e  capacit\u00e0  pratica  di  governar<span class=\"_ _0\"></span>e </span>unilateralmente le attivit\u00e0<span class=\"_ _0\"></span> rilevanti attraverso: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il controllo di pi\u00f9 della met<span class=\"_ _0\"></span>\u00e0 dei diritti di voto <span class=\"_ _0\"></span>in virt\u00f9 di un acco<span class=\"_ _0\"></span>rdo con altri investitori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il potere di determinare le <span class=\"_ _0\"></span>politiche finanziarie <span class=\"_ _0\"></span>e operative dell\u2019en<span class=\"_ _0\"></span>tit\u00e0 in virt\u00f9 di clausol<span class=\"_ _0\"></span>e statutarie o di un co<span class=\"_ _2\"></span><span class=\"ff1\">ntratto; </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nominare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>membri <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dell\u2019equivalente </span></span>organo di governo soci<span class=\"_ _0\"></span>etario; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il <span class=\"_ _1c\"> </span>potere <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>esercitare <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>maggioranza <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>diritti <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>voto <span class=\"_ _1c\"> </span>nelle <span class=\"_ _1c\"> </span>sedute <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>consiglio <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>mministrazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>o </span>dell\u2019equivalente orga<span class=\"_ _0\"></span>no di governo societ<span class=\"_ _0\"></span>ario.<span class=\"ff1\"> </span>Per <span class=\"_ _16\"> </span>esercitare <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>potere <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>necessario <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>vantati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>sull\u2019entit\u00e0 <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>siano <span class=\"_ _16\"> </span>sostanziali; <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sser<span class=\"_ _0\"></span>e sostanziali tali dirit<span class=\"_ _0\"></span>ti devono essere <span class=\"_ _0\"></span>praticamente esercitabili quando le decisioni sull<span class=\"_ _0\"></span>e attivit\u00e0 rilevanti <span class=\"_ _0\"></span>devono essere pr<span class=\"_ _0\"></span>ese.<span class=\"_ _3\"></span> L\u2019esistenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>sostanziali, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione all\u2019atto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutare <span class=\"_ _3\"></span>se <span class=\"_ _6\"> </span><span class=\"ff1\">sussiste <span class=\"_ _3\"></span>il </span>potere o meno di dirige<span class=\"_ _0\"></span>re le politiche fi<span class=\"_ _0\"></span>nanziarie e <span class=\"_ _3\"></span><span class=\"ff4\">gestionali di <span class=\"_ _0\"></span>un\u2019altra entit\u00e0.<span class=\"ff1\"> </span></span>Pu\u00f2 <span class=\"_ _3\"></span>accadere <span class=\"_ _3\"></span>talvolta <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo eserciti <span class=\"_ _2\"></span>un \u201c<span class=\"_ _3\"></span>controllo di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fatto\u201d <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>quando, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>in a<span class=\"_ _3\"></span>ssenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maggioranz<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>dei <span class=\"_ _7\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>voto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>possiedono <span class=\"_ _4\"> </span>diritti <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _4\"> </span>l\u2019indirizzo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>unidirezionale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _4\"> </span>dell\u2019entit\u00e0 partecipata. Di <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>emergere <span class=\"_ _3\"></span>casistiche dove <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo, p<span class=\"_ _3\"></span>ur p<span class=\"_ _3\"></span>ossedendo o<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 d<span class=\"_ _3\"></span>ei d<span class=\"_ _3\"></span>iritti d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>voto, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>enti<span class=\"_ _5\"></span>t\u00e0 oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>quanto, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>investitori, <span class=\"_ _4\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rendimenti <span class=\"_ _5\"></span>variabili <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dal </span>rapporto con tali e<span class=\"_ _0\"></span>ntit\u00e0 non \u00e8 consider<span class=\"_ _0\"></span>ata significativa. Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprese <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>\u201centit\u00e0 <span class=\"_ _2\"></span>strutturate\u201d <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rappresenta<span class=\"_ _5\"></span><span class=\"ff1\">no </span>gli <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minanti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>controllo, <span class=\"_ _6\"></span>ivi <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _6\"></span>(SPE/SPV) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento. <span class=\"_ _5\"></span>Le entit\u00e0 strutturate son<span class=\"_ _0\"></span>o considerate controlla<span class=\"_ _0\"></span>te laddove: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo dispone di potere<span class=\"_ _0\"></span> attraverso diritti co<span class=\"_ _0\"></span>ntrattuali che cons<span class=\"_ _0\"></span>entono il governo delle<span class=\"_ _3\"></span> attivit\u00e0 rilevanti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo \u00e8 esposto ai rend<span class=\"_ _0\"></span>imenti variabili de<span class=\"_ _0\"></span>rivanti da tali attivit\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span>3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> 3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese Interessen<span class=\"_ _0\"></span>ze  dei terzi % Disponi<span class=\"_ _0\"></span>b. dei voti di te<span class=\"_ _0\"></span>rzi % (1)<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i distribuiti<span class=\"_ _0\"></span> a terzi 1 Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) 20,00 20,00 16<span class=\"ls0\"> </span>2 Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. 0,87 0,87 3 Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. 38,55 38,55 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. 40,01 24,50 5 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 35,00 35,00 1 6 Exetra S.p<span class=\"_ _0\"></span>.A. 15,00 15,00 7 Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. 0,48 0,48 8 Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. 39,98 39,98 9 Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina 0,01 10<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. 26,21 26,21 11<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. 0,01 0,01 12<span class=\"ls0\"> </span>Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. 31,00 31,00 13<span class=\"ls0\"> </span>Risanament<span class=\"_ _0\"></span>o S.p.A. 51,12 51,12 14<span class=\"ls0\"> </span>VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. 44,74 44,74 (1)<span class=\"ls0\"> </span>Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Totale attivoCassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 material<span class=\"_ _0\"></span>i e immaterialiPassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePatrimonio nett<span class=\"_ _0\"></span>oMargine di intere<span class=\"_ _0\"></span>sseMargine di interm<span class=\"_ _0\"></span>ediazioneCosti operativ<span class=\"_ _0\"></span>iUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle im<span class=\"_ _0\"></span>posteUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte<span class=\"ls0\"> </span>Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2)Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)1 Bank of Alexandri<span class=\"_ _0\"></span>a 5.171 86<span class=\"ls0\"> </span>4.808 162<span class=\"ls0\"> </span>4.249 628<span class=\"ls0\"> </span>353<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>-<span class=\"ls3b\">177</span> 191<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>-<span class=\"ls3b\">319</span> -<span class=\"ls3b\">190</span> 4. Restrizioni significative     <span class=\"fs19 fc5\"> </span>In <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>restrizioni <span class=\"_ _5\"></span>significative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>prudenziale <span class=\"_ _2\"></span>previ<span class=\"_ _5\"></span>sta dalla <span class=\"_ _7\"> </span>Direttiva <span class=\"_ _4\"></span>2013/36/UE <span class=\"_ _4\"> </span>(CRD <span class=\"_ _4\"> </span>IV) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>Regolam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>UE) <span class=\"_ _4\"> </span>575/2013 <span class=\"_ _7\"> </span>(CRR), <span class=\"_ _7\"> </span>modificate <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>Direttiva 2019/878/UE <span class=\"_ _7\"> </span>(CRD <span class=\"_ _16\"> </span>V) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dal <span class=\"_ _7\"> </span>Regolamento <span class=\"_ _16\"> </span>(UE) <span class=\"_ _7\"> </span>876/2019 <span class=\"_ _16\"> </span>(CRR <span class=\"_ _7\"> </span>II), <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>trolla <span class=\"_ _7\"> </span>istituti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>medesima<span class=\"_ _0\"></span> disciplina o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>discipline a<span class=\"_ _3\"></span>naloghe vo<span class=\"_ _3\"></span>lte <span class=\"_ _3\"></span>comunque a <span class=\"_ _3\"></span>preservare <span class=\"_ _3\"></span>l\u2019adeguata <span class=\"_ _3\"></span>patrimonializzazione i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>funzione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>rischi a<span class=\"_ _3\"></span>ssunti;<span class=\"_ _0\"></span> </span>pertanto la capacit\u00e0 delle banche o delle entit\u00e0 finanziarie controllate<span class=\"_ _0\"></span> di distribuire capitale o dividendi \u00e8 vincolata al r<span class=\"_ _5\"></span>ispetto di dette discipline in termi<span class=\"_ _0\"></span>ni di requisiti patrim<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>niali. <span class=\"_ _3\"></span> Rimandando, <span class=\"_ _7\"> </span>per  pi<span class=\"_ _0\"></span>\u00f9 <span class=\"_ _16\"> </span>ampi <span class=\"_ _16\"> </span>approfondimenti, <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Parte <span class=\"_ _7\"> </span>A<span class=\"_ _3\"></span>- <span class=\"_ _16\"> </span>Sezione <span class=\"_ _7\"> </span>5 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>bilancio <span class=\"_ _16\"> </span>consolidato, <span class=\"_ _7\"> </span>in  c<span class=\"_ _0\"></span>onformit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>disposto dell\u2019IFRS <span class=\"_ _5\"></span>12,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rammentano <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>questa <span class=\"_ _6\"> </span>sede <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>attualmente <span class=\"_ _5\"></span>poste <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>normativa <span class=\"_ _5\"></span>russa <span class=\"_ _6\"> </span>che <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>sostanza <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> </span>impone restrizioni a <span class=\"_ _0\"></span>rimborsi e pagamenti ver<span class=\"_ _0\"></span>so so<span class=\"_ _3\"></span><span class=\"ff4\">ggetti residen<span class=\"_ _0\"></span>ti in Paesi \u201cunfriendly\u201d.<span class=\"_ _0\"></span> <span class=\"ff1\"> </span></span>Tali <span class=\"_ _18\"> </span>limitazioni, <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>particolare, <span class=\"_ _17\"> </span>gra<span class=\"_ _3\"></span>vano <span class=\"_ _17\"> </span>sulla <span class=\"_ _18\"> </span>controllata <span class=\"_ _18\"> </span>Banca <span class=\"_ _17\"> </span>Intesa <span class=\"_ _18\"> </span>Russia, <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>quale <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>corso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>2022 <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata impossibilitata a indirizzare direttam<span class=\"_ _0\"></span>ente i rimborsi delle rate scadute riferibili alle esposizio<span class=\"_ _2\"></span>ni <span class=\"_ _3\"></span>infragruppo<span class=\"_ _0\"></span> alle banche creditrici ed <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>dunque <span class=\"_ _2\"></span>convogliato <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>conti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Russia, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>risorse <span class=\"_ _3\"></span>destinate <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>rimborsi <span class=\"_ _3\"></span>(per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022, <span class=\"_ _4\"></span>di circa 29 milioni di <span class=\"_ _0\"></span>euro). Va peraltro so<span class=\"_ _3\"></span>ttolineato come le attuali <span class=\"_ _3\"></span>restrizioni <span class=\"_ _3\"></span>legali al <span class=\"_ _3\"></span>trasferimento di risorse <span class=\"_ _3\"></span>monetarie oltre confine non pregiudichino in alcun <span class=\"_ _1d\"> </span>modo  n\u00e9 <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>titolarit\u00e0  delle <span class=\"_ _1d\"> </span>somme  (d<span class=\"_ _3\"></span>i  spettanza <span class=\"_ _1d\"> </span>delle  banche <span class=\"_ _1d\"> </span>creditrici)  n\u00e9 <span class=\"_ _1d\"> </span>tantomeno <span class=\"_ _1d\"> </span>costituiscan<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>come  pi\u00f9 diffusamente <span class=\"_ _5\"></span>argomentato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Parte <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Sezione <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>lemento <span class=\"_ _5\"></span>ostativo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>manteniment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>partecipata russa. Infine, <span class=\"_ _1d\"> </span>nell\u2019ambito <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>presenti <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>assicurative <span class=\"_ _1d\"> </span>soggette  a<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Requisiti <span class=\"_ _1d\"> </span>Patrimoniali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Solvibilit\u00e0 <span class=\"_ _1d\"> </span>delle Compagnie assicurative <span class=\"_ _0\"></span>prescritti dalla norm<span class=\"_ _0\"></span>ativa Solvency II. 5. Altre informazioni  Non <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>preparazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>riferi<span class=\"_ _6\"></span>ti <span class=\"_ _5\"></span>ad una <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>diversa <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>stesso, <span class=\"_ _4\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>sotto <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>ucraina<span class=\"_ _35\"></span> Pravex Bank nel succes<span class=\"_ _0\"></span>sivo paragrafo Meto<span class=\"_ _0\"></span>di di consolidament<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span>Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Consolidamento con il me<span class=\"_ _0\"></span>todo del patrimonio netto Sono <span class=\"_ _16\"> </span>consolidate <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>sintetico <span class=\"_ _7\"> </span>del  patrim<span class=\"_ _0\"></span>onio <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _16\"> </span>collegate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoposte <span class=\"_ _7\"> </span>a  cont<span class=\"_ _0\"></span>rollo congiunto.  Il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>l\u2019iscrizione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>suo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ucc<span class=\"_ _2\"></span><span class=\"ff1\">essivo <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>guamento <span class=\"_ _3\"></span>di </span>valore sulla base della q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di perti<span class=\"_ _0\"></span>nenza del patrimoni<span class=\"_ _0\"></span>o netto della parte<span class=\"_ _0\"></span>cipata.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pertinenza <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>valo<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>e contabile della parte<span class=\"_ _0\"></span>cipata. Nella valorizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla quota di pertin<span class=\"_ _0\"></span>enza non vengono c<span class=\"_ _0\"></span>onsiderati eventuali diri<span class=\"_ _0\"></span>tti di voto potenzi<span class=\"_ _0\"></span>ali.<span class=\"_ _2\"></span> La quota di pertinenza <span class=\"_ _0\"></span>dei risultati d\u2019esercizi<span class=\"_ _0\"></span>o della partecipata <span class=\"_ _35\"></span>\u00e8<span class=\"_ _3\"></span> rilevata in specifi<span class=\"_ _0\"></span>ca voce del conto e<span class=\"_ _0\"></span>conomico consolida<span class=\"_ _2\"></span><span class=\"ff1\">to. </span>Se <span class=\"_ _5\"></span>esistono <span class=\"_ _5\"></span>evidenze <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _2\"></span>possa <span class=\"_ _5\"></span>aver <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>riduzione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore recuperabile <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>stessa, <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>futuri <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> potr\u00e0 <span class=\"_ _2\"></span>generare, <span class=\"_ _2\"></span>in<span class=\"ff4\">cluso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dismissione <span class=\"_ _3\"></span>finale <span class=\"_ _2\"></span>dell\u2019investimento. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>risulti <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>valore<span class=\"_ _0\"></span> </span>contabile, la relativa <span class=\"_ _0\"></span>differenza \u00e8 rilevata <span class=\"_ _0\"></span>nel conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> 75 <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span>informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>Per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>congiunto <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati utilizzati i <span class=\"_ _3\"></span>bilanci (annuali o <span class=\"_ _3\"></span>infra<span class=\"_ _3\"></span>-annuali) pi\u00f9 r<span class=\"_ _3\"></span>ecenti approvati dalle <span class=\"_ _3\"></span>societ\u00e0. In a<span class=\"_ _3\"></span>lcuni marginali casi <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>non applicano i principi <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span><span class=\"ff1\">eventuale <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principi <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>avrebbe </span>prodotto effetti signifi<span class=\"_ _0\"></span>cativi sul bilancio <span class=\"_ _0\"></span>consolidato del Gruppo I<span class=\"_ _0\"></span>ntesa Sanpaolo.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Conversione dei bilan<span class=\"_ _0\"></span>ci in moneta diversa da<span class=\"_ _0\"></span>ll\u2019euro<span class=\"ffa fc0\"> </span>I <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aree <span class=\"_ _2\"></span>diverse <span class=\"_ _6\"></span><span class=\"ff4\">dall\u2019euro <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>convertiti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>voci <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo<span class=\"_ _0\"></span> </span>patrimoniale i cambi <span class=\"_ _0\"></span>correnti alla data di <span class=\"_ _0\"></span>chiusura dell\u2019esercizio <span class=\"_ _0\"></span>e alle voci di co<span class=\"_ _0\"></span>nto economico i cambi me<span class=\"_ _0\"></span>di dell\u2019esercizio<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Le differenze di c<span class=\"_ _3\"></span>ambio da conversione dei b<span class=\"_ _3\"></span>ilan<span class=\"_ _3\"></span><span class=\"ff4\">ci di <span class=\"_ _3\"></span>queste imprese, derivanti dall\u2019applicazione di cambi <span class=\"_ _3\"></span>diversi per le attivit\u00e0 </span>e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>economico, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>voce <span class=\"_ _6\"></span>Riserve <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"> </span>netto. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>differenze<span class=\"_ _35\"></span> cambio sui patrim<span class=\"_ _0\"></span>oni netti delle part<span class=\"_ _0\"></span>ecipate vengono<span class=\"_ _3\"></span> <span class=\"ff4\">anch\u2019esse <span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ilevate nella voce Ri<span class=\"_ _0\"></span>serve da valutazione. <span class=\"ff1\"> </span></span>Tutte le differenze di c<span class=\"_ _0\"></span>ambio vengono ri<span class=\"_ _0\"></span>versate nel conto ec<span class=\"_ _0\"></span>onomico nell\u2019esercizio<span class=\"_ _0\"></span> in cui la partecipa<span class=\"_ _0\"></span>zione viene dismessa.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1067": {
   "value": "SEZIONE 3 - AREA E METODI DI C<span class=\"_ _3\"></span>ONSOLIDAMENTO  <span class=\"_ _3\"></span> Area di consolidamento  Il <span class=\"_ _20\"> </span>bilancio <span class=\"_ _20\"> </span>consolidato <span class=\"_ _20\"> </span>include<span class=\"_ _35\"></span> <span class=\"_ _23\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>societ\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _20\"> </span>questa <span class=\"_ _20\"> </span>direttamente <span class=\"_ _20\"> </span>o <span class=\"_ _20\"> </span>indirettamente <span class=\"_ _1c\"> </span>controllate, comprendendo <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>specificamente <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>societ\u00e0 operanti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>settori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>dissimili <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capo<span class=\"_ _3\"></span>gruppo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>private <span class=\"_ _2\"></span>equ<span class=\"_ _5\"></span>ity. Analogamente, <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>incluse <span class=\"_ _18\"> </span>anche <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>entit\u00e0 <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _17\"> </span>quando <span class=\"_ _1c\"> </span>ne <span class=\"_ _18\"> </span>ricorrano <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>req<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>isiti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>effettivo <span class=\"_ _18\"> </span>controllo, <span class=\"_ _18\"> </span>anche indipendentemente dall<span class=\"_ _0\"></span>\u2019esistenza di una qu<span class=\"_ _0\"></span>ota partecipativ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>esposta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detiene <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>ta<span class=\"_ _5\"></span><span class=\"ls13\">li </span>rendimenti, derivanti dal <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>rio rapporto con <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>tesse e <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>contempo ha <span class=\"_ _3\"></span>la capacit\u00e0 di<span class=\"_ _3\"></span> incidere <span class=\"_ _3\"></span>sui rendimenti e<span class=\"_ _3\"></span>sercitando il proprio potere su tali<span class=\"_ _0\"></span> entit\u00e0. Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti <span class=\"_ _0\"></span>a rendimenti variabili<span class=\"_ _0\"></span> derivanti dal rappor<span class=\"_ _0\"></span>to con l\u2019entit\u00e0 ogg<span class=\"_ _0\"></span>etto di investimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _3\"></span></span> </span>rendimenti. Sono  considerate  controllate  congiuntamente<span class=\"_ _0\"></span>  le  entit\u00e0 <span class=\"_ _1d\"> </span>nelle  quali,  su  base  contrattuale,  il  controllo  \u00e8  condiviso  fra  la Capogruppo, <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>indirettamen<span class=\"_ _0\"></span>te, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>uno <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>esterni <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _4\"> </span>quando <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>decisioni ri<span class=\"ls0\">guardanti le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti \u00e8 richie<span class=\"_ _0\"></span>sto il consenso un<span class=\"_ _0\"></span>anime di tutte le p<span class=\"_ _0\"></span>arti che condividono il <span class=\"_ _0\"></span>controllo.<span class=\"_ _3\"></span> </span>Sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>collegate, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>sot<span class=\"_ _3\"></span>toposte <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>notevole, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>direttamente <span class=\"_ _5\"></span>o indirettamente, po<span class=\"_ _0\"></span>ssie<span class=\"ff4\">de almeno il 20% dei diritti<span class=\"_ _0\"></span> di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201c<span class=\"_ _0\"></span>potenziali\u201d) o nelle q<span class=\"_ _0\"></span>uali <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> pur con una quota </span></span>di <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>voto <span class=\"_ _4\"> </span>inferiore <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>potere <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>partecipare <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuri<span class=\"_ _0\"></span>dici, quali la partecip<span class=\"_ _0\"></span>azione a patti di sind<span class=\"_ _0\"></span>acato.<span class=\"_ _3\"></span> Sono <span class=\"_ _16\"> </span>escluse <span class=\"_ _7\"> </span>dall\u2019area <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>onsolidamento, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>classificate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9,  alcun<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>interessenz<span class=\"_ _0\"></span>e superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20%, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>importo <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>indirettamente, <span class=\"_ _5\"></span>detiene esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>una porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti de<span class=\"_ _3\"></span>gli investimenti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ha accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di gestione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla tutela dei propri int<span class=\"_ _0\"></span>eressi patrimonial<span class=\"_ _0\"></span>i. <span class=\"_ _2\"></span> Sono <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>escluse <span class=\"_ _5\"></span>dall\u2019area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _6\"></span><span class=\"ff1\">integrale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artecipative <span class=\"_ _2\"></span>detenute, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>attraverso </span>fondi, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>svolgono <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>venture <span class=\"_ _4\"></span>capital. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>interessenze <span class=\"_ _4\"></span>partecipativ<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>incluse <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>categoria <span class=\"_ _4\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>Attivit\u00e0 finanziarie va<span class=\"_ _0\"></span>lutate al fair value con <span class=\"_ _0\"></span>impat<span class=\"_ _3\"></span>to a conto econ<span class=\"_ _0\"></span>omico.  Sono, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019area <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricevute <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pegno <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\"> </span>diritto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>20%, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>considerazione della <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>tela<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e non di <span class=\"_ _3\"></span>esercizio del <span class=\"_ _3\"></span>controllo e di <span class=\"_ _3\"></span>indirizzo del<span class=\"_ _3\"></span>le politiche finanziarie ed <span class=\"_ _3\"></span>economiche, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>usufruire dei <span class=\"_ _3\"></span>benefici ec<span class=\"_ _5\"></span>onomici da esse derivanti. Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _18\"> </span>esercita <span class=\"_ _17\"> </span>su <span class=\"_ _1c\"> </span>Risa<span class=\"_ _0\"></span>namento <span class=\"_ _18\"> </span>S.p.A. <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>con<span class=\"_ _3\"></span><span class=\"ff4\">trollate <span class=\"_ _18\"> </span>l\u2019attivit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>direzione <span class=\"_ _18\"> </span>e </span>coordinamento di cui a<span class=\"_ _0\"></span>ll\u2019art. 2497 C.C. e s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guenti.<span class=\"ff1\"> </span>Rispetto al 31 dicem<span class=\"_ _0\"></span>bre 2021, le variazioni <span class=\"_ _0\"></span>nel perimetro di c<span class=\"_ _0\"></span>onsolidamento int<span class=\"_ _0\"></span>egrale hanno rigu<span class=\"_ _0\"></span>ardato l\u2019ingresso di:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Newco  TPA<span class=\"_ _0\"></span>  S.p.A.<span class=\"_ _0\"></span>  (or<span class=\"_ _0\"></span>a  deno<span class=\"_ _0\"></span>minata  I<span class=\"_ _0\"></span>nSalute  Se<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>vizi  <span class=\"ff4\">S.p.A.), <span class=\"_ _16\"> </span>societ\u00e0  di<span class=\"_ _0\"></span>  nu<span class=\"_ _0\"></span>ova <span class=\"_ _16\"> </span>costituzione  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _16\"> </span>del  Gr<span class=\"_ _0\"></span>uppo </span></span>assicurativo, parteci<span class=\"_ _0\"></span>pata al 100% da Intesa S<span class=\"_ _0\"></span>anpaolo Vita; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest (CBPQ), part<span class=\"_ _0\"></span>ecipata al 100% d<span class=\"_ _0\"></span>a Fideuram Bank (L<span class=\"_ _0\"></span>uxembourg) S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>VUB Operating Leasing A.S. <span class=\"_ _3\"></span>(societ\u00e0<span class=\"_ _3\"></span> dedicata per lo <span class=\"_ _3\"></span>sviluppo del leasing <span class=\"_ _3\"></span>operativo), precedente<span class=\"_ _0\"></span>mente consolidata con il </span>metodo del patrimonio <span class=\"_ _0\"></span>netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(cessionaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ISP e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI), <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>miti di </span>immaterialit\u00e0 che ne permetteva<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o in precedenza il c<span class=\"_ _0\"></span>onsolidamento al <span class=\"_ _0\"></span>patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB Generali Dochodkova Spravcovs<span class=\"_ _0\"></span>ka Spolocnost A.S a seguito dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisto di una ulteriore q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del 5,26% da part<span class=\"_ _35\"></span>e </span></span>di <span class=\"_ _4\"> </span>VSEOBECNA <span class=\"_ _4\"> </span>UVEROVA <span class=\"_ _4\"> </span>BANKA <span class=\"_ _4\"> </span>A.S. <span class=\"_ _7\"> </span>(l\u2019investimento <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attesta <span class=\"_ _4\"> </span>ora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>55,26%), <span class=\"_ _4\"></span>precedentemente <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span>societ\u00e0 era consolid<span class=\"_ _0\"></span>ata con il metodo <span class=\"_ _0\"></span>del patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Eurizon <span class=\"_ _6\"></span>Capital <span class=\"_ _6\"></span>Real <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>SGR <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>superamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>immaterialit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ne <span class=\"_ _6\"></span>permettevano <span class=\"_ _5\"></span>in </span>precedenza il consolid<span class=\"_ _0\"></span>amento al patrimoni<span class=\"_ _0\"></span>o netto; e l\u2019uscita di:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Suisse) Morval, fu<span class=\"_ _0\"></span>sa per incorporazione in R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>yl &amp; Cie S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB <span class=\"_ _6\"> </span>Le<span class=\"_ _3\"></span>asing <span class=\"_ _6\"> </span>A.S., <span class=\"_ _4\"> </span>cessata <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>scissione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>Vs<span class=\"_ _3\"></span>eobecna <span class=\"_ _6\"> </span>Uverova <span class=\"_ _4\"> </span>Banka <span class=\"_ _6\"> </span>A.S. <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>leasing<span class=\"_ _35\"></span> </span></span>finanziario e in VUB<span class=\"_ _0\"></span> Operating Lea<span class=\"ff4\">sing (sopra indicata) per<span class=\"_ _0\"></span> l\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>UBI Leasing S.p.A., fusa p<span class=\"_ _0\"></span>er incorporazione in In<span class=\"_ _0\"></span>tesa Sanpaolo <span class=\"_ _0\"></span>S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>PBZ Stambena Stedionica d.<span class=\"_ _0\"></span>d., fusa per incorpora<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione in PBZ <span class=\"ff4\">\u2013</span> Privredna Banka Zagreb d.d.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _1c\"> </span>Sanpaolo <span class=\"_ _20\"> </span>(Qingd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>o) <span class=\"_ _20\"> </span>Service <span class=\"_ _1c\"> </span>Company <span class=\"_ _1c\"> </span>Limited, <span class=\"_ _1c\"> </span>ora <span class=\"_ _1c\"> </span>consolidata <span class=\"_ _1c\"> </span>con <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>metodo <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>patri<span class=\"_ _3\"></span>monio <span class=\"_ _1c\"> </span>netto <span class=\"_ _1c\"> </span>in </span>considerazione della c<span class=\"_ _0\"></span>ontenuta materiali<span class=\"_ _0\"></span>t\u00e0 degli aggregati <span class=\"_ _0\"></span>patrimoniali;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Cargeas Assicurazioni S.p<span class=\"_ _0\"></span>.A., fusa per incorpora<span class=\"_ _0\"></span>zione in Intesa S<span class=\"_ _0\"></span>anpaolo Assicura S.p.A.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Smart Care S.r<span class=\"_ _0\"></span>.l., fusa per incorp<span class=\"_ _0\"></span>orazione in Intesa San<span class=\"_ _0\"></span>paolo S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Sanpaolo Invest SIM S.p.A., <span class=\"_ _0\"></span>fusa per incorp<span class=\"_ _0\"></span>orazione in Fideuram-Intesa Sanpaolo Private Banking S.p.A<span class=\"_ _0\"></span>. </span>Per <span class=\"_ _3\"></span>completezza si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>Mooney <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>continua a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>essere consolidat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>perimetro<span class=\"_ _35\"></span> di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>rientra <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>prudenziale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roporzionale; <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso del <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>5 <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>l\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>20% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>citata <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>porta </span>l\u2019interessenza compl<span class=\"_ _0\"></span>essiva al 50% (soggetta <span class=\"_ _0\"></span>a controllo congiu<span class=\"_ _0\"></span>nto).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, per completezz<span class=\"_ _0\"></span>a, si segnalano i s<span class=\"_ _0\"></span>eguenti cambiamenti d<span class=\"_ _0\"></span>i denominazione:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Intesa Sanpaolo Inte<span class=\"_ _0\"></span>rnational Value Servi<span class=\"_ _0\"></span>ces Ltd. in Intesa San<span class=\"_ _0\"></span>paolo <span class=\"_ _3\"></span>International Value Servi<span class=\"_ _0\"></span>ces d.o.o.; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>IW Bank S.p.A. in IW Pri<span class=\"_ _0\"></span>vate Investments Soci<span class=\"_ _0\"></span>et\u00e0 di Intermediaz<span class=\"_ _0\"></span>ione Mobiliare S.p.A.<span class=\"_ _90\"> </span></span><span class=\"ff1\">  </span>Nel prospetto che segue <span class=\"_ _0\"></span>sono indicate le p<span class=\"_ _0\"></span>artecipazioni controll<span class=\"_ _0\"></span>ate in via esclusiva <span class=\"_ _0\"></span>al 31 dicembre 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> 1.<span class=\"ls0\"> <span class=\"_ _24\"> </span>Partecipazioni in societ\u00e0 controllate in via esclusiva </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 1 Acantus S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 800.000 2 Anti Financial Crime Digital HU<span class=\"_ _0\"></span>B S.c.a r.l. (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.   10,00 Capitale Eur 100.000 Intesa Sanpaolo S.p.A.  60,00  70,00 3 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A.   (d) Ginevra Ginevra 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 14.000.00<span class=\"_ _0\"></span>0 4 Banca 5 S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 30.000.00<span class=\"_ _0\"></span>0 5 Banca Comerciala Eximbank S.A.<span class=\"_ _0\"></span> Chisinau Chisinau 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Mdl 1.250.000.0<span class=\"_ _0\"></span>00 6 Banca Intesa AD Beograd Novi Beograd Beograd 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Rsd 21.315.900.0<span class=\"_ _0\"></span>00 7 Bank of Alexandria S.A.E.<span class=\"_ _0\"></span> Il Cairo Il Cairo 1 Intesa Sanpaolo S.p.A.  80,00 Capitale Egp 5.000.000.<span class=\"_ _0\"></span>000 8 Banka Intesa Sanpaolo d.<span class=\"_ _0\"></span>d. (e) Koper Koper 1 Intesa Sanpaolo S.p.A.  48,13 Capitale Eur 22.173.21<span class=\"_ _0\"></span>8 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.   51,00  99,13 9 CBP Quilvest PE Fund GP S.<span class=\"_ _0\"></span>a r.l. (c) Lussemburgo Lussemburgo 1 Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. 100,00 Capitale Usd 20.000 10<span class=\"ls0\"> </span>Cib Bank Ltd. Budapest Budapest 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Huf 50.000.00<span class=\"_ _0\"></span>0.003 11<span class=\"ls0\"> </span>CIB Insurance Broker Ltd.<span class=\"_ _0\"></span> Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 10.000.00<span class=\"_ _0\"></span>0 12<span class=\"ls0\"> </span>CIB Leasing Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 53.000.000<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>CIB Rent Operative Leasi<span class=\"_ _0\"></span>ng Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 5.000.000 14<span class=\"ls0\"> </span>Colline e oltre S.p.A. (c) Pavia Pavia 1 Intesa Sanpaolo S.p.A.  51,00 Capitale Eur 50.000 15<span class=\"ls0\"> </span>Compagnia Italiana Finanziaria - C<span class=\"_ _0\"></span>IF S.r.l. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  61,45 Capitale Eur 10.000 16<span class=\"ls0\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A.  100,00 Capitale Eur 32.537.00<span class=\"_ _0\"></span>0 17<span class=\"ls0\"> </span>Consorzio Studi e ricerche<span class=\"_ _0\"></span> fiscali Gruppo Intesa <span class=\"_ _0\"></span>Sanpaolo (c) Roma Roma 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>7,50 Capitale Eur 258.228 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span>  <span class=\"_ _17\"> </span>5,00 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>7,50 Intesa Sanpaolo S.p.A.  80,00 100,00 18<span class=\"ls0\"> </span>Duomo Funding Plc (f) Dublino Dublino 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 19<span class=\"ls0\"> </span>Epsilon SGR S.p.A. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 5.200.000 20<span class=\"ls0\"> </span>Etoile Fran\u00e7ois Premier S.a.r.l.<span class=\"_ _0\"></span> (g) Parigi Parigi 1 Risanamento Europa S.r.l. 100,00 Capitale Eur 5.000 21<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Croatia D.O.O. Zagabria Zagabria 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Hrk 5.000.000 22<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Hungary Ltd. Budapest Budapest 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Huf 600.000.0<span class=\"_ _0\"></span>00 23<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S.<span class=\"_ _0\"></span> Bratislava Bratislava 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 4.093.560 24<span class=\"ls0\"> </span>Eurizon Capital Asia Li<span class=\"_ _0\"></span>mited (gi\u00e0 Eurizon Capital (<span class=\"_ _0\"></span>HK) limited) (c) Hong Kong Hong Kong 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Hkd 78.000.000 25<span class=\"ls0\"> </span>Eurizon Capital Real Ass<span class=\"_ _0\"></span>et SGR S.p.a. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  19,98 51,00 (*) Capitale Eur 4.166.667 Intesa Sanpaolo Vita S.p.A.  40,01 24,50 (*)  59,99 75,50 (*) Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 26<span class=\"ls0\"> </span>Eurizon Capital S.A. Lussemburgo Lussemburgo 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Eur 7.974.600 27<span class=\"ls0\"> </span>Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 99.000.00<span class=\"_ _0\"></span>0 28<span class=\"ls0\"> </span>Eurizon Slj Capital Ltd. Londra Londra 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  65,00 Capitale Gbp 1.001.000 29<span class=\"ls0\"> </span>Exelia S.r.l. (c) Brasov  Brasov 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Ron 8.252.600 30<span class=\"ls0\"> </span>Exetra S.p.A.  (h) Milano Milano 1 Intesa Sanpaolo S.p.A.  85,00 Capitale Eur 158.000 31<span class=\"ls0\"> </span>Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. Roma Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 300.000.0<span class=\"_ _0\"></span>00 32<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac (gi\u00e0 Fideuram Asset Manage<span class=\"_ _0\"></span>ment (Ireland) Ltd.) Dublino Dublino 1 Fideuram Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. 100,00 Capitale Eur 1.000.000 33<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement SGR S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  99,52 Capitale Eur 25.870.00<span class=\"_ _0\"></span>0 34<span class=\"ls0\"> </span>Fideuram Asset Management Uk <span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>td (c) Londra  Londra 1 Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac 100,00 Capitale Gbp 1.000.000 35<span class=\"ls0\"> </span>Fideuram Bank (Luxe<span class=\"_ _0\"></span>mbourg) S.A. Lussemburgo Lussemburgo 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 40.000.000<span class=\"_ _0\"></span> 36<span class=\"ls0\"> </span>Fideuram Vita S.p.A. Roma Roma 1 Intesa Sanpaolo S.p.A.  80,01 Capitale Eur 357.446.8<span class=\"_ _0\"></span>36 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  19,99 100,00 37<span class=\"ls0\"> </span>Fondo Sviluppo ecosist<span class=\"_ _0\"></span>emi di Innovazione (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  100,00 Capitale Eur 15.000.00<span class=\"_ _0\"></span>0 38<span class=\"ls0\"> </span>Gap Manco Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 12.500 39<span class=\"ls0\"> </span>Iberia Distressed Assets Ma<span class=\"_ _0\"></span>nager Sarl (c) Lussemburgo Lussemburgo 1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 40<span class=\"ls0\"> </span>IIF SME Manager Ltd. (c) George Town  George Town  1 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A. 100,00 Capitale Usd 1.000 41<span class=\"ls0\"> </span>IMI Capital Market USA C<span class=\"_ _0\"></span>orp. New York New York 1 IMI Investments S.A. 100,00 Capitale Usd 5.000 42<span class=\"ls0\"> </span>IMI Finance Luxembourg <span class=\"_ _0\"></span>S.A. (c) Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 100.000 43<span class=\"ls0\"> </span>IMI Investments S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 21.660.00<span class=\"_ _0\"></span>0 44<span class=\"ls0\"> </span>IMMIT - Immobili Italiani S<span class=\"_ _0\"></span>.r.l. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 185.680.0<span class=\"_ _0\"></span>00 45<span class=\"ls0\"> </span>Immobiliare Cascina Rubin<span class=\"_ _0\"></span>a S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 46<span class=\"ls0\"> </span>IN.FRA - Investire nelle In<span class=\"_ _0\"></span>frastrutture S.r.l. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 10.000 47<span class=\"ls0\"> </span>Iniziative Logistiche S.r.l<span class=\"_ _0\"></span>. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  60,02 Capitale Eur 10.000 48<span class=\"ls0\"> </span>Insalute Servizi S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 49<span class=\"ls0\"> </span>Intesa Invest A.D. Beogr<span class=\"_ _0\"></span>ad (c) Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 236.975.800 50<span class=\"ls0\"> </span>Intesa Leasing (Closed Join<span class=\"_ _0\"></span>t-Stock Company) Mosca Mosca 1 Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa 100,00 Capitale Rub 3.000.000 51<span class=\"ls0\"> </span>Intesa Leasing d.o.o. B<span class=\"_ _0\"></span>eograd Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 960.374.301 52<span class=\"ls0\"> </span>Intesa Sanpaolo (Qingdao) <span class=\"_ _0\"></span>Service Company (c) Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale CNY 80.000.000 53<span class=\"ls0\"> </span>Intesa Sanpaolo Assicura S.<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 27.912.25<span class=\"_ _0\"></span>8<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 54<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Alba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ia Sh.A. Tirana Tirana 1 Intesa Sanpaolo S.p.A. 100,00 Capitale All 5.562.517.6<span class=\"_ _0\"></span>74 55<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Irel<span class=\"_ _0\"></span>and Plc Dublino Dublino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 400.500.0<span class=\"_ _0\"></span>00 56<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Luxe<span class=\"_ _0\"></span>mbourg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.389.370.55<span class=\"_ _0\"></span>5 57<span class=\"ls0\"> </span>Intesa Sanpaolo Banka <span class=\"_ _0\"></span>d.d. Bosna I Hercegovin<span class=\"_ _0\"></span>a Sarajevo Sarajevo 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.  99,99 100,00 (**) Capitale Bam 44.782.00<span class=\"_ _0\"></span>0 58<span class=\"ls0\"> </span>Intesa Sanpaolo Brasil S.<span class=\"_ _0\"></span>A. - Banco Multiplo San Paolo San Paolo 1 Intesa Sanpaolo S.p.A.  99,90 Capitale Brl 945.428.281 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,10 100,00 59<span class=\"ls0\"> </span>Intesa Sanpaolo Casa S.p<span class=\"_ _0\"></span>.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 1.000.000 60<span class=\"ls0\"> </span>Intesa Sanpaolo Expo I<span class=\"_ _0\"></span>nstitutional Contact S.r.l. (c<span class=\"_ _0\"></span>) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00  Capitale Eur 50.000 61<span class=\"ls0\"> </span>Intesa Sanpaolo Funding<span class=\"_ _0\"></span> LLC (gi\u00e0 Intesa Funding<span class=\"_ _0\"></span> LLC) New York Wilmington Delaware 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Usd 25.000 62<span class=\"ls0\"> </span>Intesa Sanpaolo Harbo<span class=\"_ _0\"></span>urmaster III S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holding I<span class=\"_ _0\"></span>nternational S.A. 100,00 Capitale Eur 5.500.000 63<span class=\"ls0\"> </span>Intesa Sanpaolo Highline<span class=\"_ _0\"></span> S.r.l. (c) Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 64<span class=\"ls0\"> </span>Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 2.157.957.27<span class=\"_ _0\"></span>0 65<span class=\"ls0\"> </span>Intesa Sanpaolo House L<span class=\"_ _0\"></span>uxemburg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 24.990.31<span class=\"_ _0\"></span>7 66<span class=\"ls0\"> </span>Intesa Sanpaolo Imi Sec<span class=\"_ _0\"></span>urities Corp. New York New York 1 IMI Capital Market USA C<span class=\"_ _0\"></span>orp. 100,00 Capitale Usd 44.500.000 67<span class=\"ls0\"> </span>Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.a. Torino Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 9.254.940 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>0,01 100,00 68<span class=\"ls0\"> </span>Intesa Sanpaolo Insur<span class=\"_ _0\"></span>ance Agency S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 69<span class=\"ls0\"> </span>Intesa Sanpaolo Interna<span class=\"_ _0\"></span>tional Value Services d.o.<span class=\"_ _0\"></span>o. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 100.000 70<span class=\"ls0\"> </span>Intesa Sanpaolo Life Desig<span class=\"_ _0\"></span>ned activity company (<span class=\"_ _0\"></span>gi\u00e0 Intesa Sanpaolo Life Ltd.) Dublino Dublino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 625.000 71<span class=\"ls0\"> </span>Intesa Sanpaolo Private Arg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntina S.A. (c) Buenos Aires Buenos Aires 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>4,97 Capitale Ars 13.404.506 REYL &amp; Cie S.A.  95,03 100,00 72<span class=\"ls0\"> </span> Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 117.497.4<span class=\"_ _0\"></span>24 73<span class=\"ls0\"> </span>Intesa Sanpaolo Provis S<span class=\"_ _0\"></span>.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 6.725.000 74<span class=\"ls0\"> </span>Intesa Sanpaolo RBM Sal<span class=\"_ _0\"></span>ute S.p.A. (i) Venezia Venezia 1 Intesa Sanpaolo Vita S.p.A.  73,79 Capitale Eur 305.208.0<span class=\"_ _0\"></span>00 75<span class=\"ls0\"> </span>Intesa Sanpaolo RE.O.CO<span class=\"_ _0\"></span>. S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 13.000.000<span class=\"_ _0\"></span> 76<span class=\"ls0\"> </span>Intesa Sanpaolo Rent Foryo<span class=\"_ _0\"></span>u S.p.A. Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 630.000 77<span class=\"ls0\"> </span>Intesa Sanpaolo Romani<span class=\"_ _0\"></span>a S.A. Commercial Bank Bucarest Bucarest 1 Intesa Sanpaolo S.p.A.  99,73 Capitale Ron 1.216.639.410 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,27 100,00<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 78<span class=\"ls0\"> </span>Intesa Sanpaolo Servi\u00e7os e <span class=\"_ _0\"></span>Empreendimentos Ltd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> em liquida\u00e7\u00e3o (c) San Paolo San Paolo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Brl 3.283.320 79<span class=\"ls0\"> </span>Intesa Sanpaolo Servitia S.A<span class=\"_ _0\"></span>. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.500.000 80<span class=\"ls0\"> </span>Intesa Sanpaolo Vita S.p.A. Milano Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 320.422.5<span class=\"_ _0\"></span>09 81<span class=\"ls0\"> </span>Inveniam S.A. en Liquidati<span class=\"_ _0\"></span>on (c) Ginevra Ginevra 1 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg S.a.r.l. 100,00 Capitale Chf 50.000 82<span class=\"ls0\"> </span>ISP CB Ipotecario S.r.l. (c)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 83<span class=\"ls0\"> </span>ISP CB Pubbico S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 84<span class=\"ls0\"> </span>ISP OBG S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 42.038 85<span class=\"ls0\"> </span>IW Private Investments SIM S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 67.950.00<span class=\"_ _0\"></span>0 86<span class=\"ls0\"> </span>Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa Mosca Mosca 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  53,02 Capitale Rub 10.820.180.<span class=\"_ _0\"></span>800 Intesa Sanpaolo S.p.A.  46,98 100,00 87<span class=\"ls0\"> </span>Lux Gest Asset Manage<span class=\"_ _0\"></span>ment S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Bank L<span class=\"_ _0\"></span>uxembourg S.A. 100,00 Capitale Eur 200.000 88<span class=\"ls0\"> </span>Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 139.041 89<span class=\"ls0\"> </span>Morval Bank &amp; Trust Cayman<span class=\"_ _0\"></span> Ltd. (c) Grand Cayman Grand Cayman 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 7.850.000 90<span class=\"ls0\"> </span>MSG Comparto Quarto S.r.l<span class=\"_ _0\"></span>. (e) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 91<span class=\"ls0\"> </span>MSG Comparto Secondo <span class=\"_ _0\"></span>S.r.l. (g) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 92<span class=\"ls0\"> </span>MSG Comparto Terzo S.r.l. (g)<span class=\"_ _0\"></span> Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 93<span class=\"ls0\"> </span>Neva S.G.R. S.p.A. (gi\u00e0 <span class=\"_ _0\"></span>Imi Fondi Chiusi S.p.A.) (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A. 100,00 Capitale Eur 2.000.000 94<span class=\"ls0\"> </span>OOO Intesa Realty Russia i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> Liquidation (c) Mosca Mosca 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Rub 10.000 95<span class=\"ls0\"> </span>Oro Italia Trading S.p.A. in liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idazione (c) Arezzo Arezzo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 96<span class=\"ls0\"> </span>PBZ Card d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 43.422.200 97<span class=\"ls0\"> </span>PBZ Leasing d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 15.000.000 98<span class=\"ls0\"> </span>Porta Nuova Gioia (j) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 7.054.350 99<span class=\"ls0\"> </span>Portugal Real Estate Opp<span class=\"_ _0\"></span>ortunities Manager Sarl (<span class=\"_ _0\"></span>c) Lussemburgo  Lussemburgo  1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 100 Pravex Bank Joint-Stock Com<span class=\"_ _0\"></span>pany Kiev Kiev 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Uah 979.089.724 101 Prestitalia S.p.A. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 205.722.7<span class=\"_ _0\"></span>15 102 Private Equity International <span class=\"_ _0\"></span>S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 101.000.0<span class=\"_ _0\"></span>00 103 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 1.876.574.70<span class=\"_ _0\"></span>0 104 Qingdao Yicai Fund Distri<span class=\"_ _0\"></span>bution Co. Ltd. Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Cny 591.000.000 105 RB Participations S.A. Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Chf 100.000<span class=\"_ _90\"> </span> Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 106 Recovery Property Utilisatio<span class=\"_ _0\"></span>n and Services Zrt. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 20.000.00<span class=\"_ _0\"></span>0 107 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. (c) Valletta Valletta 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 730.000 108 REYL &amp; Cie (Malta) Ltd. (c)<span class=\"_ _0\"></span> Valletta Valletta 1 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. 100,00 Capitale Eur 730.000 109 REYL &amp; Cie S.A. (k) Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  39,00 Capitale Chf 31.500.00<span class=\"_ _0\"></span>1 RB Participations S.A.  30,00  69,00 110 REYL &amp; CO (UK) Llp. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; CO Holdings Ltd. 100,00 Capitale Gbp 2.500.000 111 REYL &amp; CO Holdings Ltd. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; Cie S.A. 100,00 Capitale Gbp 2.400.000 112 REYL Finance (MEA) Ltd. (c) Dubai Dubai 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 2.875.000 113 REYL Overseas AG (c) Zurigo Zurigo 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 2.000.000 114 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 50.000 115 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. (c) Singapore Singapore 1 REYL &amp; Cie S.A.  75,00 Capitale Sgd 1.201 116 REYL Singapore Pte. Ltd. (c)<span class=\"_ _0\"></span> Singapore Singapore 1 REYL &amp; Cie S.A.  76,00 Capitale Sgd 500.000 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd.  24,00 100,00 117 Ri. Rental S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 118 Risanamento Europa S.r.l.<span class=\"_ _0\"></span> (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 119 Risanamento S.p.A. (g)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  48,88 Capitale Eur 197.951.7<span class=\"_ _0\"></span>84 120 Romulus Funding Corporatio<span class=\"_ _0\"></span>n (f) New York New York 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 121 Societ\u00e0 Benefit Cimarosa <span class=\"_ _0\"></span>1 S.p.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 100.000 122 Societ\u00e0 Italiana di Revisio<span class=\"_ _0\"></span>ne e Fiduciaria <span class=\"ff4\">\u2013</span> S.I.RE.F. S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 2.600.000 123 SRM Studi e Ricerche per il M<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>zzogiorno (c) Napoli Napoli 1 Intesa Sanpaolo S.p.A.  60,00 20,00 (*) Capitale Eur 90.000 124 Sviluppo Comparto 3 S.r.l. (<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 125 UBI Finance S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 10.000 126 UBI Trustee S.A. (c) Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A. 100,00 Capitale Eur 250.000 127 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. Bratislava Bratislava 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 430.819.0<span class=\"_ _0\"></span>64 Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 128 VUB Generali Dochodkova <span class=\"_ _0\"></span>Spravcovska Spolocn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>st A.S. (l) Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S.  55,26 Capitale Eur 10.090.97<span class=\"_ _0\"></span>6 129 VUB Operating Leasing  Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. 100,00 Capitale Eur 25.000 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza <span class=\"_ _0\"></span>dei diritti di voto nell'ass<span class=\"_ _0\"></span>emblea ordinaria; </span>2 <span class=\"ls0\">- altre forme di<span class=\"_ _0\"></span> controllo. </span>(b) Ove differente dalla quota <span class=\"_ _0\"></span>% viene indicata la disp<span class=\"_ _0\"></span>onibilit\u00e0 dei voti nell'asse<span class=\"_ _0\"></span>mblea ordinaria, disti<span class=\"_ _0\"></span>nguendo, ove applic<span class=\"_ _0\"></span>abile<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>tra diritti di voto effettivi (*)<span class=\"_ _0\"></span> e potenziali (**). (c) Societ\u00e0 consolidata con il <span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etodo del patrimonio n<span class=\"_ _0\"></span>etto in considerazione della<span class=\"_ _0\"></span> limitata materialit\u00e0. (d) La <span class=\"_ _2\"></span>controllata <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _2\"></span>Managers <span class=\"_ _2\"></span>SA <span class=\"_ _2\"></span>(\"Asteria\") <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"> </span>detenuta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _5\"> </span>SA <span class=\"_ _2\"></span>all\u201980% <span class=\"_ _3\"></span>a <span class=\"_ _5\"> </span>seguito <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"> </span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>soci <span class=\"_ _5\"> </span>terzi; <span class=\"_ _3\"></span>il <span class=\"_ _5\"> </span>restante <span class=\"_ _2\"></span>20% <span class=\"_ _2\"></span>del capitale <span class=\"_ _2\"></span>sociale \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costituito <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _3\"></span>proprie. <span class=\"_ _3\"></span>Nei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _3\"></span>l\u2019annullamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>azioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roprie, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff1\">n <span class=\"_ _2\"></span>conseguente <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ciale <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </span>Asteria, a <span class=\"_ _3\"></span>seguito del <span class=\"_ _3\"></span>quale Reyl &amp;<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cie deterr\u00e0 il <span class=\"_ _3\"></span>100% della <span class=\"_ _3\"></span>partecipazione. Asteria ha <span class=\"_ _3\"></span>incorporato la <span class=\"_ _3\"></span>controllata Obviam AG<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>con efficacia <span class=\"_ _3\"></span>contabile 31 <span class=\"_ _3\"></span>dicembre 2022 (che <span class=\"_ _3\"></span>in precedenza era consolidata al Patri<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>onio netto tenuto conto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla limitata materialit\u00e0). (e) Si segnala la presenza di <span class=\"_ _0\"></span>un impegno di legge n<span class=\"_ _0\"></span>ei confronti degli azionisti di <span class=\"_ _0\"></span>minoranza per l'acquis<span class=\"_ _0\"></span>to del residuo 0,7% d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span>capitale sociale. (f) Societ\u00e0 per la quale si ha<span class=\"_ _0\"></span> il controllo ai sensi dell'I<span class=\"_ _0\"></span>FRS10 pur non detenendo <span class=\"_ _0\"></span>una <span class=\"_ _3\"></span>quota di interessenza social<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. (g) Societ\u00e0 non soggetta a<span class=\"_ _0\"></span>d attivit\u00e0 di direzione e coo<span class=\"_ _0\"></span>rdinamento ai sensi dell'art.<span class=\"_ _0\"></span> 2497 e segg. C.C. (h)  In caso di messa in liquid<span class=\"_ _0\"></span>azione della partecipazi<span class=\"_ _0\"></span>one, il socio di minoranz<span class=\"_ _0\"></span>a ha la facolt\u00e0 di vendere,<span class=\"_ _0\"></span> ed Intesa Sanpaolo d<span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>r\u00e0 acquistare, l'inter<span class=\"_ _0\"></span>a partecipazione di <span class=\"_ _0\"></span>minoranza. (i) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 26,1% del capitale sociale detenuto d<span class=\"_ _0\"></span>a azionisti di minoranza<span class=\"_ _0\"></span>. (j) Si tratta di un fondo com<span class=\"_ _0\"></span>une di investimento alt<span class=\"_ _0\"></span>ernativo immobiliare di ti<span class=\"_ _0\"></span>po chiuso gestito da COIMA<span class=\"_ _0\"></span> SGR S.p.A. (k) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 31% del capitale <span class=\"_ _0\"></span>soci<span class=\"_ _3\"></span>ale detenuto da az<span class=\"_ _35\"></span>io<span class=\"_ _3\"></span>nisti di minoranza. (l) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 44,74% del ca<span class=\"_ _0\"></span>pitale sociale detenuto <span class=\"_ _0\"></span>da azionisti di minoranz<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> 2. Valutazioni e assunzioni significative per determinare l\u2019area di <span class=\"ff5\">consolidamento </span>Come <span class=\"_ _6\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>precedenza <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendimenti variabili, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>diritti <span class=\"_ _4\"> </span>su <span class=\"_ _4\"></span>tali <span class=\"_ _4\"></span>rendimenti,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contempo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di incidere sui rendime<span class=\"_ _0\"></span>nti esercitando il pro<span class=\"_ _0\"></span>prio potere su tali <span class=\"_ _0\"></span>entit\u00e0.<span class=\"_ _3\"></span> Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della <span class=\"_ _0\"></span>partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti a rendime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti variabili derivan<span class=\"_ _0\"></span>ti dal rapporto con l\u2019<span class=\"_ _0\"></span>entit\u00e0 oggetto di in<span class=\"_ _0\"></span>vestimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _0\"></span> </span></span>rendimenti. Nello specifico il Gru<span class=\"_ _0\"></span>ppo consider<span class=\"ff4\">a i seguenti fattori per <span class=\"_ _0\"></span>valutare l\u2019esistenz<span class=\"_ _0\"></span>a di controllo:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">lo <span class=\"_ _2\"></span>scopo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>identificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>obiettivi del<span class=\"_ _3\"></span>l\u2019entit\u00e0, le <span class=\"_ _2\"></span>sue <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _3\"></span>ovve<span class=\"_ _5\"></span></span>ro <span class=\"_ _3\"></span>quelle </span>che maggiormente ne i<span class=\"_ _0\"></span>nfluenzano i re<span class=\"_ _0\"></span>ndimenti, e come tali a<span class=\"_ _0\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 sono governate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"></span>potere, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprendere <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>attribuiscono <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>irigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 </span>rilevanti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione alla variabilit\u00e0 dei rendimenti <span class=\"_ _3\"></span>della partecipata, al fine d<span class=\"_ _3\"></span>i valutare se <span class=\"_ _3\"></span>il rendime<span class=\"_ _2\"></span></span>n<span class=\"_ _3\"></span>to percepito dal <span class=\"_ _3\"></span>Gruppo pu\u00f2 </span>variare in via potenzi<span class=\"_ _0\"></span>ale in funzione de<span class=\"_ _0\"></span>i risultati raggiunti d<span class=\"_ _0\"></span>alla partecipata. Inoltre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>l\u2019esistenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>prese <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>considerazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>relazioni <span class=\"_ _2\"></span>principale<span class=\"_ _5\"></span><span class=\"ff1\">-agente; <span class=\"_ _2\"></span>per </span>valutare se opera com<span class=\"_ _0\"></span>e principale o come <span class=\"_ _0\"></span>agente, il Gruppo pr<span class=\"_ _0\"></span>ende in considera<span class=\"_ _0\"></span>zione i seguenti fattori:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere decisionale sulle a<span class=\"_ _0\"></span>ttivit\u00e0 rilevanti d<span class=\"_ _0\"></span>ella partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i diritti detenuti da altri <span class=\"_ _0\"></span>soggetti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la remunerazione a cui il<span class=\"_ _0\"></span> Gruppo ha diritto<span class=\"_ _0\"></span>; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 ls11\">l\u2019e<span class=\"ls0\">sposizione del Grup<span class=\"_ _0\"></span>po alla variabilit<span class=\"_ _0\"></span>\u00e0 dei rendimenti deri<span class=\"_ _0\"></span>vanti dall\u2019eventual<span class=\"_ _0\"></span>e partecipazione de<span class=\"_ _0\"></span>tenuta nella partecip<span class=\"_ _0\"></span>ata.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span>L\u2019IFRS <span class=\"_ _16\"> </span>10 <span class=\"_ _16\"> </span>identifica <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cattivit\u00e0 <span class=\"_ _7\"> </span>rilevanti\u201d <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>influenzano <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ignificativam<span class=\"_ _0\"></span>ente  i<span class=\"_ _35\"></span>  rendimenti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>partecipata. In <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>generali, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>gestite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>diritti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>voto, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>seguenti <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>forniscono <span class=\"_ _5\"></span>evid<span class=\"_ _5\"></span>enza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i controllo: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso, direttamente o indiret<span class=\"_ _0\"></span>tamente attraverso le proprie controllat<span class=\"_ _0\"></span>e, di pi\u00f9 della met\u00e0 dei diritti d<span class=\"_ _2\"></span>i voto di una entit\u00e0 a </span>meno che, in casi eccezi<span class=\"_ _0\"></span>onali, possa essere <span class=\"_ _0\"></span>chiaramente dimost<span class=\"_ _0\"></span>rato che tale posses<span class=\"_ _0\"></span>so non costituisce contro<span class=\"_ _0\"></span>llo;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso  della  met\u00e0,  o  di  una  quota  inferiore,  dei  voti  es<span class=\"_ _0\"></span>ercitabili  in  assembl<span class=\"_ _0\"></span>ea  e  capacit\u00e0  pratica  di  governar<span class=\"_ _0\"></span>e </span>unilateralmente le attivit\u00e0<span class=\"_ _0\"></span> rilevanti attraverso: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il controllo di pi\u00f9 della met<span class=\"_ _0\"></span>\u00e0 dei diritti di voto <span class=\"_ _0\"></span>in virt\u00f9 di un acco<span class=\"_ _0\"></span>rdo con altri investitori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il potere di determinare le <span class=\"_ _0\"></span>politiche finanziarie <span class=\"_ _0\"></span>e operative dell\u2019en<span class=\"_ _0\"></span>tit\u00e0 in virt\u00f9 di clausol<span class=\"_ _0\"></span>e statutarie o di un co<span class=\"_ _2\"></span><span class=\"ff1\">ntratto; </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nominare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>membri <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dell\u2019equivalente </span></span>organo di governo soci<span class=\"_ _0\"></span>etario; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il <span class=\"_ _1c\"> </span>potere <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>esercitare <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>maggioranza <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>diritti <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>voto <span class=\"_ _1c\"> </span>nelle <span class=\"_ _1c\"> </span>sedute <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>consiglio <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>mministrazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>o </span>dell\u2019equivalente orga<span class=\"_ _0\"></span>no di governo societ<span class=\"_ _0\"></span>ario.<span class=\"ff1\"> </span>Per <span class=\"_ _16\"> </span>esercitare <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>potere <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>necessario <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>vantati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>sull\u2019entit\u00e0 <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>siano <span class=\"_ _16\"> </span>sostanziali; <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sser<span class=\"_ _0\"></span>e sostanziali tali dirit<span class=\"_ _0\"></span>ti devono essere <span class=\"_ _0\"></span>praticamente esercitabili quando le decisioni sull<span class=\"_ _0\"></span>e attivit\u00e0 rilevanti <span class=\"_ _0\"></span>devono essere pr<span class=\"_ _0\"></span>ese.<span class=\"_ _3\"></span> L\u2019esistenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>sostanziali, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione all\u2019atto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutare <span class=\"_ _3\"></span>se <span class=\"_ _6\"> </span><span class=\"ff1\">sussiste <span class=\"_ _3\"></span>il </span>potere o meno di dirige<span class=\"_ _0\"></span>re le politiche fi<span class=\"_ _0\"></span>nanziarie e <span class=\"_ _3\"></span><span class=\"ff4\">gestionali di <span class=\"_ _0\"></span>un\u2019altra entit\u00e0.<span class=\"ff1\"> </span></span>Pu\u00f2 <span class=\"_ _3\"></span>accadere <span class=\"_ _3\"></span>talvolta <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo eserciti <span class=\"_ _2\"></span>un \u201c<span class=\"_ _3\"></span>controllo di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fatto\u201d <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>quando, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>in a<span class=\"_ _3\"></span>ssenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maggioranz<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>dei <span class=\"_ _7\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>voto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>possiedono <span class=\"_ _4\"> </span>diritti <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _4\"> </span>l\u2019indirizzo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>unidirezionale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _4\"> </span>dell\u2019entit\u00e0 partecipata. Di <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>emergere <span class=\"_ _3\"></span>casistiche dove <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo, p<span class=\"_ _3\"></span>ur p<span class=\"_ _3\"></span>ossedendo o<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 d<span class=\"_ _3\"></span>ei d<span class=\"_ _3\"></span>iritti d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>voto, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>enti<span class=\"_ _5\"></span>t\u00e0 oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>quanto, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>investitori, <span class=\"_ _4\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rendimenti <span class=\"_ _5\"></span>variabili <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dal </span>rapporto con tali e<span class=\"_ _0\"></span>ntit\u00e0 non \u00e8 consider<span class=\"_ _0\"></span>ata significativa. Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprese <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>\u201centit\u00e0 <span class=\"_ _2\"></span>strutturate\u201d <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rappresenta<span class=\"_ _5\"></span><span class=\"ff1\">no </span>gli <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minanti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>controllo, <span class=\"_ _6\"></span>ivi <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _6\"></span>(SPE/SPV) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento. <span class=\"_ _5\"></span>Le entit\u00e0 strutturate son<span class=\"_ _0\"></span>o considerate controlla<span class=\"_ _0\"></span>te laddove: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo dispone di potere<span class=\"_ _0\"></span> attraverso diritti co<span class=\"_ _0\"></span>ntrattuali che cons<span class=\"_ _0\"></span>entono il governo delle<span class=\"_ _3\"></span> attivit\u00e0 rilevanti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo \u00e8 esposto ai rend<span class=\"_ _0\"></span>imenti variabili de<span class=\"_ _0\"></span>rivanti da tali attivit\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span>3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> 3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese Interessen<span class=\"_ _0\"></span>ze  dei terzi % Disponi<span class=\"_ _0\"></span>b. dei voti di te<span class=\"_ _0\"></span>rzi % (1)<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i distribuiti<span class=\"_ _0\"></span> a terzi 1 Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) 20,00 20,00 16<span class=\"ls0\"> </span>2 Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. 0,87 0,87 3 Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. 38,55 38,55 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. 40,01 24,50 5 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 35,00 35,00 1 6 Exetra S.p<span class=\"_ _0\"></span>.A. 15,00 15,00 7 Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. 0,48 0,48 8 Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. 39,98 39,98 9 Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina 0,01 10<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. 26,21 26,21 11<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. 0,01 0,01 12<span class=\"ls0\"> </span>Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. 31,00 31,00 13<span class=\"ls0\"> </span>Risanament<span class=\"_ _0\"></span>o S.p.A. 51,12 51,12 14<span class=\"ls0\"> </span>VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. 44,74 44,74 (1)<span class=\"ls0\"> </span>Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Totale attivoCassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 material<span class=\"_ _0\"></span>i e immaterialiPassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePatrimonio nett<span class=\"_ _0\"></span>oMargine di intere<span class=\"_ _0\"></span>sseMargine di interm<span class=\"_ _0\"></span>ediazioneCosti operativ<span class=\"_ _0\"></span>iUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle im<span class=\"_ _0\"></span>posteUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte<span class=\"ls0\"> </span>Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2)Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)1 Bank of Alexandri<span class=\"_ _0\"></span>a 5.171 86<span class=\"ls0\"> </span>4.808 162<span class=\"ls0\"> </span>4.249 628<span class=\"ls0\"> </span>353<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>-<span class=\"ls3b\">177</span> 191<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>-<span class=\"ls3b\">319</span> -<span class=\"ls3b\">190</span> 4. Restrizioni significative     <span class=\"fs19 fc5\"> </span>In <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>restrizioni <span class=\"_ _5\"></span>significative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>prudenziale <span class=\"_ _2\"></span>previ<span class=\"_ _5\"></span>sta dalla <span class=\"_ _7\"> </span>Direttiva <span class=\"_ _4\"></span>2013/36/UE <span class=\"_ _4\"> </span>(CRD <span class=\"_ _4\"> </span>IV) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>Regolam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>UE) <span class=\"_ _4\"> </span>575/2013 <span class=\"_ _7\"> </span>(CRR), <span class=\"_ _7\"> </span>modificate <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>Direttiva 2019/878/UE <span class=\"_ _7\"> </span>(CRD <span class=\"_ _16\"> </span>V) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dal <span class=\"_ _7\"> </span>Regolamento <span class=\"_ _16\"> </span>(UE) <span class=\"_ _7\"> </span>876/2019 <span class=\"_ _16\"> </span>(CRR <span class=\"_ _7\"> </span>II), <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>trolla <span class=\"_ _7\"> </span>istituti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>medesima<span class=\"_ _0\"></span> disciplina o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>discipline a<span class=\"_ _3\"></span>naloghe vo<span class=\"_ _3\"></span>lte <span class=\"_ _3\"></span>comunque a <span class=\"_ _3\"></span>preservare <span class=\"_ _3\"></span>l\u2019adeguata <span class=\"_ _3\"></span>patrimonializzazione i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>funzione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>rischi a<span class=\"_ _3\"></span>ssunti;<span class=\"_ _0\"></span> </span>pertanto la capacit\u00e0 delle banche o delle entit\u00e0 finanziarie controllate<span class=\"_ _0\"></span> di distribuire capitale o dividendi \u00e8 vincolata al r<span class=\"_ _5\"></span>ispetto di dette discipline in termi<span class=\"_ _0\"></span>ni di requisiti patrim<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>niali. <span class=\"_ _3\"></span> Rimandando, <span class=\"_ _7\"> </span>per  pi<span class=\"_ _0\"></span>\u00f9 <span class=\"_ _16\"> </span>ampi <span class=\"_ _16\"> </span>approfondimenti, <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Parte <span class=\"_ _7\"> </span>A<span class=\"_ _3\"></span>- <span class=\"_ _16\"> </span>Sezione <span class=\"_ _7\"> </span>5 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>bilancio <span class=\"_ _16\"> </span>consolidato, <span class=\"_ _7\"> </span>in  c<span class=\"_ _0\"></span>onformit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>disposto dell\u2019IFRS <span class=\"_ _5\"></span>12,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rammentano <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>questa <span class=\"_ _6\"> </span>sede <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>attualmente <span class=\"_ _5\"></span>poste <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>normativa <span class=\"_ _5\"></span>russa <span class=\"_ _6\"> </span>che <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>sostanza <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> </span>impone restrizioni a <span class=\"_ _0\"></span>rimborsi e pagamenti ver<span class=\"_ _0\"></span>so so<span class=\"_ _3\"></span><span class=\"ff4\">ggetti residen<span class=\"_ _0\"></span>ti in Paesi \u201cunfriendly\u201d.<span class=\"_ _0\"></span> <span class=\"ff1\"> </span></span>Tali <span class=\"_ _18\"> </span>limitazioni, <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>particolare, <span class=\"_ _17\"> </span>gra<span class=\"_ _3\"></span>vano <span class=\"_ _17\"> </span>sulla <span class=\"_ _18\"> </span>controllata <span class=\"_ _18\"> </span>Banca <span class=\"_ _17\"> </span>Intesa <span class=\"_ _18\"> </span>Russia, <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>quale <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>corso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>2022 <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata impossibilitata a indirizzare direttam<span class=\"_ _0\"></span>ente i rimborsi delle rate scadute riferibili alle esposizio<span class=\"_ _2\"></span>ni <span class=\"_ _3\"></span>infragruppo<span class=\"_ _0\"></span> alle banche creditrici ed <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>dunque <span class=\"_ _2\"></span>convogliato <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>conti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Russia, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>risorse <span class=\"_ _3\"></span>destinate <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>rimborsi <span class=\"_ _3\"></span>(per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022, <span class=\"_ _4\"></span>di circa 29 milioni di <span class=\"_ _0\"></span>euro). Va peraltro so<span class=\"_ _3\"></span>ttolineato come le attuali <span class=\"_ _3\"></span>restrizioni <span class=\"_ _3\"></span>legali al <span class=\"_ _3\"></span>trasferimento di risorse <span class=\"_ _3\"></span>monetarie oltre confine non pregiudichino in alcun <span class=\"_ _1d\"> </span>modo  n\u00e9 <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>titolarit\u00e0  delle <span class=\"_ _1d\"> </span>somme  (d<span class=\"_ _3\"></span>i  spettanza <span class=\"_ _1d\"> </span>delle  banche <span class=\"_ _1d\"> </span>creditrici)  n\u00e9 <span class=\"_ _1d\"> </span>tantomeno <span class=\"_ _1d\"> </span>costituiscan<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>come  pi\u00f9 diffusamente <span class=\"_ _5\"></span>argomentato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Parte <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Sezione <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>lemento <span class=\"_ _5\"></span>ostativo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>manteniment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>partecipata russa. Infine, <span class=\"_ _1d\"> </span>nell\u2019ambito <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>presenti <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>assicurative <span class=\"_ _1d\"> </span>soggette  a<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Requisiti <span class=\"_ _1d\"> </span>Patrimoniali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Solvibilit\u00e0 <span class=\"_ _1d\"> </span>delle Compagnie assicurative <span class=\"_ _0\"></span>prescritti dalla norm<span class=\"_ _0\"></span>ativa Solvency II. 5. Altre informazioni  Non <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>preparazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>riferi<span class=\"_ _6\"></span>ti <span class=\"_ _5\"></span>ad una <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>diversa <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>stesso, <span class=\"_ _4\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>sotto <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>ucraina<span class=\"_ _35\"></span> Pravex Bank nel succes<span class=\"_ _0\"></span>sivo paragrafo Meto<span class=\"_ _0\"></span>di di consolidament<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span>Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Consolidamento con il me<span class=\"_ _0\"></span>todo del patrimonio netto Sono <span class=\"_ _16\"> </span>consolidate <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>sintetico <span class=\"_ _7\"> </span>del  patrim<span class=\"_ _0\"></span>onio <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _16\"> </span>collegate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoposte <span class=\"_ _7\"> </span>a  cont<span class=\"_ _0\"></span>rollo congiunto.  Il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>l\u2019iscrizione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>suo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ucc<span class=\"_ _2\"></span><span class=\"ff1\">essivo <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>guamento <span class=\"_ _3\"></span>di </span>valore sulla base della q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di perti<span class=\"_ _0\"></span>nenza del patrimoni<span class=\"_ _0\"></span>o netto della parte<span class=\"_ _0\"></span>cipata.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pertinenza <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>valo<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>e contabile della parte<span class=\"_ _0\"></span>cipata. Nella valorizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla quota di pertin<span class=\"_ _0\"></span>enza non vengono c<span class=\"_ _0\"></span>onsiderati eventuali diri<span class=\"_ _0\"></span>tti di voto potenzi<span class=\"_ _0\"></span>ali.<span class=\"_ _2\"></span> La quota di pertinenza <span class=\"_ _0\"></span>dei risultati d\u2019esercizi<span class=\"_ _0\"></span>o della partecipata <span class=\"_ _35\"></span>\u00e8<span class=\"_ _3\"></span> rilevata in specifi<span class=\"_ _0\"></span>ca voce del conto e<span class=\"_ _0\"></span>conomico consolida<span class=\"_ _2\"></span><span class=\"ff1\">to. </span>Se <span class=\"_ _5\"></span>esistono <span class=\"_ _5\"></span>evidenze <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _2\"></span>possa <span class=\"_ _5\"></span>aver <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>riduzione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore recuperabile <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>stessa, <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>futuri <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> potr\u00e0 <span class=\"_ _2\"></span>generare, <span class=\"_ _2\"></span>in<span class=\"ff4\">cluso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dismissione <span class=\"_ _3\"></span>finale <span class=\"_ _2\"></span>dell\u2019investimento. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>risulti <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>valore<span class=\"_ _0\"></span> </span>contabile, la relativa <span class=\"_ _0\"></span>differenza \u00e8 rilevata <span class=\"_ _0\"></span>nel conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> 75 <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span>informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-833.3235px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>congiunto <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzati i <span class=\"_ _3\"></span>bilanci (annuali o <span class=\"_ _3\"></span>infra<span class=\"_ _3\"></span>-annuali) pi\u00f9 r<span class=\"_ _3\"></span>ecenti approvati dalle <span class=\"_ _3\"></span>societ\u00e0. In a<span class=\"_ _3\"></span>lcuni marginali casi <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>non applicano i </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">principi <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span><span class=\"ff1\">eventuale <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principi <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>avrebbe </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">prodotto effetti signifi<span class=\"_ _0\"></span>cativi sul bilancio <span class=\"_ _0\"></span>consolidato del Gruppo I<span class=\"_ _0\"></span>ntesa Sanpaolo.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h34 y1019 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y101a ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y258 ffb fs0 fc2 sc0 ls0 ws0\">Conversione dei bilan<span class=\"_ _0\"></span>ci in moneta diversa da<span class=\"_ _0\"></span>ll\u2019euro<span class=\"ffa fc0\"> </span></div><div class=\"t m0 x0 h2 y259 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aree <span class=\"_ _2\"></span>diverse <span class=\"_ _6\"></span><span class=\"ff4\">dall\u2019euro <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>convertiti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>voci <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y25a ff4 fs0 fc0 sc0 ls0 ws0\">patrimoniale i cambi <span class=\"_ _0\"></span>correnti alla data di <span class=\"_ _0\"></span>chiusura dell\u2019esercizio <span class=\"_ _0\"></span>e alle voci di co<span class=\"_ _0\"></span>nto economico i cambi me<span class=\"_ _0\"></span>di dell\u2019esercizio<span class=\"_ _2\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x0 h2 y25b ff1 fs0 fc0 sc0 ls0 ws0\">Le differenze di c<span class=\"_ _3\"></span>ambio da conversione dei b<span class=\"_ _3\"></span>ilan<span class=\"_ _3\"></span><span class=\"ff4\">ci di <span class=\"_ _3\"></span>queste imprese, derivanti dall\u2019applicazione di cambi <span class=\"_ _3\"></span>diversi per le attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y25c ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>economico, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>voce <span class=\"_ _6\"></span>Riserve <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"> </span>netto. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>differenze<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y25d ff1 fs0 fc0 sc0 ls0 ws0\">cambio sui patrim<span class=\"_ _0\"></span>oni netti delle part<span class=\"_ _0\"></span>ecipate vengono<span class=\"_ _3\"></span> <span class=\"ff4\">anch\u2019esse <span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ilevate nella voce Ri<span class=\"_ _0\"></span>serve da valutazione. <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y25e ff4 fs0 fc0 sc0 ls0 ws0\">Tutte le differenze di c<span class=\"_ _0\"></span>ambio vengono ri<span class=\"_ _0\"></span>versate nel conto ec<span class=\"_ _0\"></span>onomico nell\u2019esercizio<span class=\"_ _0\"></span> in cui la partecipa<span class=\"_ _0\"></span>zione viene dismessa.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y261 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y263 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y266 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>7.6 Valutazioni e assunzi<span class=\"ff6\">oni si<span class=\"_ _0\"></span>gnificative per stabilire l\u2019<span class=\"_ _0\"></span>esistenza di controllo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>congiunto o <span class=\"_ _0\"></span>influenza notevole<span class=\"ff5\"> </span></span>Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ongiunto <span class=\"_ _4\"> </span>(joint <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>entures), <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>quali, <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale, <span class=\"_ _4\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividon<span class=\"_ _0\"></span>o il controllo.  Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>possiede <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>20% dei diritti di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201cpotenziali\u201d<span class=\"_ _0\"></span>) o nelle quali <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> pur con una quota di diritti di voto inferiore<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> ha il potere di<span class=\"_ _0\"></span> </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giuridici quali <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>patti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sindacato. <span class=\"_ _4\"> </span>Non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nfluenza <span class=\"_ _4\"> </span>notevole <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>interessenze<span class=\"_ _0\"></span> superiori <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0%, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>esclusivamente <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>patrimo<span class=\"_ _2\"></span>niali <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>porzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>frutti <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>investimenti, non  ha  accesso  alle  po<span class=\"_ _3\"></span>litiche  di  gestione  e  pu\u00f2  esercitare  d<span class=\"_ _3\"></span>iritti  di  governance  limitati  alla  tutela  dei  propri  interessi patrimoniali. 7.7 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 controllate in modo congiunto Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _6\"></span>impegni <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>MIR <span class=\"_ _6\"></span>CAPITAL <span class=\"_ _6\"></span>S.C.A. <span class=\"_ _6\"></span>Sicar, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _6\"></span>35,6 <span class=\"_ _6\"></span>milioni; Mooney <span class=\"_ _16\"> </span>Group <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>complessivi <span class=\"_ _16\"> </span>8 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _7\"> </span>Apside <span class=\"_ _16\"> </span>S.p.A., <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>complessivi <span class=\"_ _7\"> </span>17 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>strumenti finanziari par<span class=\"_ _0\"></span>tecipativi emessi <span class=\"_ _0\"></span>dalla Societ\u00e0.<span class=\"ff9 fs19\"> </span>7.8 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 sottoposte ad influenza not<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vole Al <span class=\"_ _1d\"> </span>31 <span class=\"_ _1d\"> </span>dicembre  2022 <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>segnalano  i <span class=\"_ _1d\"> </span>seguenti <span class=\"_ _1d\"> </span>impegni:  ricapitalizzazione  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Bancomat  S.p.A. <span class=\"_ _1d\"> </span>per  c<span class=\"_ _3\"></span>irca <span class=\"_ _1d\"> </span>2,7  milioni;<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>il commitment <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>Innovation <span class=\"_ _2\"></span>Center <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Neva <span class=\"_ _2\"></span>SGR <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>versare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _2\"></span>corrispondenti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>richiami <span class=\"_ _3\"></span>del Fondo <span class=\"_ _3\"></span>NEVA <span class=\"_ _3\"></span>FIRST-FCC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idui 49,5 <span class=\"_ _2\"></span>milioni; u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impegno p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore di <span class=\"_ _2\"></span>Centai Inst<span class=\"_ _3\"></span>itute <span class=\"_ _3\"></span>S.P.A. <span class=\"_ _3\"></span>per<span class=\"_ _90\"> </span>0,7 <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ttoscrivere <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _2\"></span>partecipativi <span class=\"_ _3\"></span>emessi <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>Destination <span class=\"_ _2\"></span>Gusto <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er massimi 2,5 milioni; In<span class=\"_ _0\"></span>fine si segnala un im<span class=\"_ _0\"></span>pegno residuo su Le<span class=\"_ _0\"></span>onardo Technology S.<span class=\"_ _0\"></span>r.l. di modesta entit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span>B.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>INFORMATIVA <span class=\"_ _32\"> </span>S<span class=\"_ _3\"></span>ULLE <span class=\"_ _2c\"> </span>ENTIT\u00c0 <span class=\"_ _2c\"> </span><span class=\"ff6\">STRUTT<span class=\"_ _3\"></span>URATE <span class=\"_ _2c\"> </span>(DIVERS<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>DALL<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>SOCIETA\u2019 <span class=\"_ _2c\"> </span>PER <span class=\"_ _2c\"> </span>LA </span></span>CARTOLARIZZAZIONE)<span class=\"_ _3\"></span><span class=\"fc0\"> </span>Il <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>coerentemente con <span class=\"_ _2\"></span>quanto stabilito <span class=\"_ _3\"></span>dall\u2019IFRS 12, <span class=\"_ _3\"></span>considera <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>strutturate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>costituite per <span class=\"_ _3\"></span>raggiungere<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">un </span></span>obiettivo limitato <span class=\"_ _3\"></span>e ben <span class=\"_ _3\"></span>definito attraverso <span class=\"_ _3\"></span>accordi contrattual<span class=\"_ _2\"></span>i che s<span class=\"_ _3\"></span>pesso impongono <span class=\"_ _3\"></span>rigidi vincoli <span class=\"_ _3\"></span>alle facolt\u00e0 <span class=\"_ _3\"></span>decisionali degli organi <span class=\"_ _2\"></span>direttivi <span class=\"_ _2\"></span>dell\u2019entit\u00e0; <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigurate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>diritti <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _6\"> </span><span class=\"ff1\">imilari, <span class=\"_ _2\"></span>non </span>rappresentano il fattore pr<span class=\"_ _0\"></span>eponderante per stabil<span class=\"ff4\">ire il soggetto che controlla l\u2019entit\u00e0, in qua<span class=\"_ _0\"></span>nto si riferiscono a mat<span class=\"_ _0\"></span>erie di natura </span>amministrativa, <span class=\"_ _1c\"> </span>mentre <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>relative <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>operative <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>dirette <span class=\"_ _20\"> </span>media<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>accordi <span class=\"_ _1c\"> </span>contrattuali <span class=\"_ _1c\"> </span>condivisi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>i strutturazione dell\u2019entit\u00e0 strutturata e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>difficil<span class=\"_ _3\"></span><span class=\"ff1\">mente possono e<span class=\"_ _3\"></span>ssere modificati; tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche che contraddistinguono </span>le entit\u00e0 strutturate vi s<span class=\"_ _0\"></span>ono: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>attivit\u00e0 limitate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>un obiettivo limitato <span class=\"_ _0\"></span>e ben definito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">patrimonio netto insufficiente<span class=\"_ _0\"></span> per consentire all\u2019entit\u00e0 strutturata di <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>inanziare le proprie attivit\u00e0 senza sostegno<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finanziario </span></span></span>subordinato. Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>strutturate <span class=\"_ _4\"> </span>pr<span class=\"_ _3\"></span>incipalmente <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Special <span class=\"_ _4\"> </span>Purpose <span class=\"_ _4\"> </span>Entities <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>SPEs) <span class=\"_ _6\"></span>e OICR. B.1. Entit\u00e0 strutturate consolidate<span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _2\"></span>consolidate <span class=\"_ _5\"></span>contabilmente, <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione, <span class=\"_ _5\"></span>rientranti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>perimetro del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. B.2. Entit\u00e0 strutturate non consolidate co<span class=\"_ _3\"></span>ntabilmente <span class=\"_ _3\"></span> B.2.1. Entit\u00e0 struttur<span class=\"_ _0\"></span>ate consolidate prudenzialmente Non risultano <span class=\"_ _3\"></span>entit\u00e0 strutturate consolidate prudenzialmente, diverse dalle societ\u00e0 d<span class=\"_ _3\"></span>i cartolarizzazione, rientranti nel peri<span class=\"_ _5\"></span>metro del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. B.2.2. Altre entit\u00e0 strut<span class=\"_ _0\"></span>turate  Informativa di natura qu<span class=\"_ _0\"></span>alitativa<span class=\"fc5\"> </span>Come <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _5\"></span>strutturate <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>svolge <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>SPEs. <span class=\"_ _2\"></span>A<span class=\"_ _5\"></span><span class=\"ff1\"> </span>tale fine, per SPEs si i<span class=\"_ _0\"></span>ntendono le entit\u00e0 leg<span class=\"_ _0\"></span>ali costituite pe<span class=\"_ _0\"></span>r il raggiungiment<span class=\"_ _0\"></span>o di uno specifico o<span class=\"_ _0\"></span>biettivo, ben <span class=\"_ _2\"></span>definito e limitato: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>raccogliere fondi sul m<span class=\"_ _0\"></span>ercato emettendo apposi<span class=\"_ _0\"></span>ti strumenti fina<span class=\"_ _0\"></span>nziari;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">sviluppare e/o finanziare una s<span class=\"_ _3\"></span>pecifica iniziativa di business, <span class=\"_ _3\"></span>in grado di generare, a<span class=\"_ _3\"></span>ttraverso un\u2019attivit\u00e0 economica, fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>di cassa tali da co<span class=\"_ _0\"></span>nsentire il rimborso del debito; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziare <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _5\"></span>(target) <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>propria <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>economica, <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>generare </span></span>flussi di cassa in capo <span class=\"_ _0\"></span>alla SPE, tali da con<span class=\"_ _0\"></span>sentire il rimborso in<span class=\"_ _0\"></span>tegrale del debito.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>presente <span class=\"_ _7\"> </span>sezione <span class=\"_ _7\"> </span><span class=\"ff4\">non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ileva <span class=\"_ _7\"> </span>l\u2019operativit\u00e0 <span class=\"_ _4\"> </span>attraverso <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>eicolo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cartolarizzazione, <span class=\"_ _4\"> </span>ovvero <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>per </span>acquisire,  cedere <span class=\"_ _16\"> </span>e  gestire  determin<span class=\"_ _0\"></span>ati  assets,  sep<span class=\"_ _0\"></span>arandoli  dal  b<span class=\"_ _0\"></span>ilancio  della <span class=\"_ _16\"> </span>societ\u00e0  originante  (O<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iginator), <span class=\"_ _16\"> </span>sia  per  la realizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>operazioni <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>cartola<span class=\"_ _3\"></span>rizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>attivi <span class=\"_ _29\"> </span>sia <span class=\"_ _2b\"> </span>per <span class=\"_ _2b\"> </span>la <span class=\"_ _29\"> </span>provvista <span class=\"_ _2b\"> </span>di <span class=\"_ _29\"> </span>fondi <span class=\"_ _2b\"> </span>attraverso <span class=\"_ _29\"> </span>operazioni <span class=\"_ _2b\"> </span>di<span class=\"_ _35\"></span> autocartolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di e<span class=\"_ _3\"></span>missione di <span class=\"_ _3\"></span>Obbligazioni Bancarie <span class=\"_ _3\"></span>Garantite (OBG). <span class=\"_ _3\"></span>Per t<span class=\"_ _3\"></span>ali tipologie <span class=\"_ _3\"></span>di s<span class=\"_ _3\"></span>ociet\u00e0 veicolo <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>iman<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a alle sezioni C. Operazi<span class=\"_ _0\"></span>oni di cartolarizzazio<span class=\"_ _0\"></span>ne e D<span class=\"_ _3\"></span>. Operazioni di cess<span class=\"_ _0\"></span>ione della parte E d<span class=\"_ _0\"></span>ella Nota Integrati<span class=\"_ _0\"></span>va consolidata.<span class=\"_ _3\"></span> In taluni <span class=\"_ _3\"></span>casi il <span class=\"_ _3\"></span>Gruppo risulta s<span class=\"_ _3\"></span>ponsor della SPE <span class=\"_ _3\"></span>attraverso la <span class=\"_ _3\"></span>strutturazione dell\u2019operazione al fine <span class=\"_ _3\"></span>di raggiungere determ<span class=\"_ _5\"></span><span class=\"ff1\">inati </span>obiettivi, <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>raccolta <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>fondi, <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>cartolar<span class=\"_ _3\"></span><span class=\"ff4\">izzazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>proprie <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>provvista <span class=\"_ _4\"> </span>o <span class=\"_ _6\"> </span>l\u2019offerta <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>servizio </span>finanziario alla clie<span class=\"_ _0\"></span>ntela. Nello <span class=\"_ _3\"></span>specifico l\u2019operativit\u00e0 del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>articola attraverso <span class=\"_ _3\"></span>le se<span class=\"_ _3\"></span>guenti tipologie di<span class=\"_ _3\"></span> entit\u00e0 <span class=\"_ _3\"></span>strutturate rappresentate da <span class=\"_ _4\"> </span><span class=\"ff1\">societ\u00e0<span class=\"_ _35\"></span> </span>veicolo (SPEs). SPE Project Financing Sono <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>pro<span class=\"_ _3\"></span>getti <span class=\"_ _17\"> </span>\u201ccapital <span class=\"_ _17\"> </span>intensive\u201d, <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>si <span class=\"_ _17\"> </span>basano <span class=\"_ _17\"> </span>sulla <span class=\"_ _17\"> </span>validit\u00e0 <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>finanziari<span class=\"_ _0\"></span>a dell\u2019operazione <span class=\"_ _2b\"> </span>industriale <span class=\"_ _2b\"> </span>o <span class=\"_ _2b\"> </span>i<span class=\"_ _3\"></span>nfrastrutturale <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>viene <span class=\"_ _2b\"> </span>posta <span class=\"_ _26\"> </span>in <span class=\"_ _2b\"> </span>essere, <span class=\"_ _2b\"> </span>rimanendo <span class=\"_ _2b\"> </span>indipendente <span class=\"_ _2b\"> </span>dal <span class=\"_ _3b\"> </span><span class=\"ff1\">grado <span class=\"_ _2b\"> </span>di </span>affidabilit\u00e0/capacit\u00e0 <span class=\"_ _7\"> </span>di  cre<span class=\"_ _0\"></span>dito <span class=\"_ _16\"> </span>degli  s<span class=\"_ _0\"></span>ponsor <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>sviluppato <span class=\"_ _16\"> </span>l\u2019idea <span class=\"_ _7\"> </span>imprenditoriale. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>finanziamento <span class=\"_ _7\"> </span>dell<span class=\"_ _3\"></span>\u2019iniziativ<span class=\"_ _0\"></span>a <span class=\"_ _17\"> </span><span class=\"ff1 ls17\">\u00e8 </span>basato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>capacit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>progetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>generare <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ositivi, <span class=\"_ _6\"></span>sufficienti <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>ripagare <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>prestiti <span class=\"_ _6\"></span>ottenuti <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>arantire un\u2019adeguata remune<span class=\"_ _0\"></span>razione del capitale in<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>estito, coerentemen<span class=\"_ _0\"></span>te con il grado <span class=\"_ _0\"></span>di rischio assunto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo finanzia entit\u00e0<span class=\"_ _0\"></span> della specie, come <span class=\"_ _0\"></span>normali clienti affi<span class=\"_ _0\"></span>dati, senza ricoprirn<span class=\"_ _0\"></span>e il ruolo di sponsor.<span class=\"_ _3\"></span> SPE Asset Backed Si <span class=\"_ _3\"></span>tra<span class=\"ff4\">tta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>all\u2019acquisizione/co<span class=\"_ _0\"></span>struzione/gestione di <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>fisici <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>SPE <span class=\"_ _3\"></span>finanziate <span class=\"_ _3\"></span>da<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>uno <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>soggetti, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"></span>prospettive <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>recupero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>credito <span class=\"_ _4\"></span>dipendono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>generati <span class=\"_ _6\"></span>dagli <span class=\"_ _4\"> </span>asset stessi. <span class=\"_ _5\"></span>Si <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _2\"></span>perci\u00f2 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>na<span class=\"_ _3\"></span>tura <span class=\"_ _2\"></span>generano <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>ordinaria <span class=\"_ _5\"></span>(ad <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sempio<span class=\"_ _35\"></span> canoni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>affitto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>noleggio, <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trasporto <span class=\"_ _3\"></span>merci, <span class=\"_ _3\"></span>ecc.) <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>straordinaria <span class=\"_ _3\"></span>(ad esem<span class=\"_ _5\"></span><span class=\"ff1\">pio <span class=\"_ _3\"></span>un </span>pi<span class=\"ls0\">ano di sviluppo o <span class=\"_ _3\"></span>dismissione di un patrimonio immobiliare). Gli stessi asset<span class=\"_ _3\"></span> costituiscono generalmente oggetto di garanzia </span>reale a fronte del finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iamento erogato <span class=\"_ _0\"></span>al veicolo. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>finanzia <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>specie, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>normali <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ffidati, <span class=\"_ _2\"></span>senza <span class=\"_ _5\"></span>detenere <span class=\"_ _2\"></span>forme <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>partecipazione azionaria <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"></span>n\u00e9 <span class=\"_ _6\"></span>interessenze <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>configurare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>ruolo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>sponsor. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ssunto <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>sempre <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ormale <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di credito e i benefici s<span class=\"_ _0\"></span>ono rappresentati <span class=\"_ _0\"></span>dalla remunerazione d<span class=\"_ _0\"></span>el finanziamento conc<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sso. SPE Leveraged &amp; A<span class=\"_ _0\"></span>cquisition Finance In <span class=\"_ _1d\"> </span>questa  categoria <span class=\"_ _1d\"> </span>sono  ricomprese <span class=\"_ _1d\"> </span>le  esposizioni <span class=\"_ _1d\"> </span>(affidamenti  ed <span class=\"_ _1d\"> </span>utilizzi  in <span class=\"_ _1d\"> </span>relazione  a <span class=\"_ _1d\"> </span>operazioni  di <span class=\"_ _1d\"> </span>finanziamento<span class=\"_ _0\"></span> strutturate, <span class=\"_ _3\"></span>abitualmente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>medio/lungo <span class=\"_ _3\"></span>termine) <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti giuridici <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranz<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>detenuta da fondi di private eq<span class=\"_ _0\"></span>uity. Si t<span class=\"_ _3\"></span>ratta per <span class=\"_ _3\"></span>lo pi\u00f9 <span class=\"_ _3\"></span>di posizioni <span class=\"_ _3\"></span>volte a <span class=\"_ _3\"></span>supportare progetti <span class=\"_ _3\"></span>di Leveraged <span class=\"_ _3\"></span>Buy Out <span class=\"_ _3\"></span>(quindi ad <span class=\"_ _3\"></span>elevata leva finanziaria), conn<span class=\"_ _5\"></span>esse cio\u00e8 <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aziende <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>attravers<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>veicoli <span class=\"_ _2\"></span>appositamente <span class=\"_ _3\"></span>creati <span class=\"_ _2\"></span>(SPE). <span class=\"_ _2\"></span>Questi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un </span>momento <span class=\"_ _17\"> </span>successivo <span class=\"_ _17\"> </span>all\u2019acquisizione <span class=\"_ _1d\"> </span>del <span class=\"_ _17\"> </span>pacchetto <span class=\"_ _17\"> </span>azionario/quote <span class=\"_ _1d\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>target, <span class=\"_ _1d\"> </span>normal<span class=\"_ _3\"></span>mente <span class=\"_ _1d\"> </span>si <span class=\"_ _18\"> </span>fondono <span class=\"_ _1d\"> </span>per incorporazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quest\u2019ultima. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>arget <span class=\"_ _3\"></span>dell\u2019operazione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span><span class=\"ff1\">ralmente <span class=\"_ _3\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>buone <span class=\"_ _3\"></span>prospettive <span class=\"_ _2\"></span>di </span>sviluppo <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valorizzazione, <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>stabili <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>medio <span class=\"_ _6\"></span>periodo <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>bassi <span class=\"_ _6\"></span>livelli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>indebitamento <span class=\"_ _6\"></span>originari. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>Gruppo<span class=\"_ _5\"></span> Intesa Sanpaolo fina<span class=\"_ _0\"></span>nzia entit\u00e0 della specie,<span class=\"_ _0\"></span> come normali clien<span class=\"_ _0\"></span>ti affidati, senza<span class=\"_ _3\"></span> ricoprirne il ruolo di <span class=\"_ _0\"></span>sponsor. Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo presenta investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti/esposizioni <span class=\"_ _0\"></span>anche verso entit\u00e0 str<span class=\"_ _0\"></span>utturate rappresenta<span class=\"_ _0\"></span>te da OICR.<span class=\"_ _2\"></span> Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>fattispecie <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>investimenti effettuati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lcuni fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riservati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di Venture e Seed Capita<span class=\"_ _0\"></span>l. Tra  le  esposizioni  verso  OICR  figurano  anche  gli  investimenti  in  quote  di  fondi  immobiliari<span class=\"_ _0\"></span>  derivanti  da  operazioni  di conferimento di porzio<span class=\"_ _0\"></span>ni del portafoglio immo<span class=\"_ _0\"></span>biliare del Grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> Sono <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>investime<span class=\"_ _0\"></span>nti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>OICR <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>apporti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non <span class=\"_ _2\"></span>Performing <span class=\"_ _3\"></span>Loans, congiuntamente ad altr<span class=\"_ _0\"></span>i soggetti bancari,<span class=\"_ _0\"></span> a fondi gestiti da <span class=\"_ _0\"></span>soggetti specializzati. Gli  i<span class=\"_ _0\"></span>nvestimenti <span class=\"_ _16\"> </span>in  O<span class=\"_ _35\"></span>ICR  ricompr<span class=\"_ _0\"></span>endono <span class=\"_ _16\"> </span>anche  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>quote <span class=\"_ _16\"> </span>possedu<span class=\"_ _3\"></span>te  in <span class=\"_ _16\"> </span>Fondo <span class=\"_ _16\"> </span>Atlante <span class=\"_ _16\"> </span>e  I<span class=\"_ _0\"></span>talian  R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>covery <span class=\"_ _16\"> </span>Fund, <span class=\"_ _16\"> </span>fondi <span class=\"_ _16\"> </span>di investimento <span class=\"_ _6\"></span>alternativi <span class=\"_ _4\"> </span>gestiti <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _4\"></span>Quaesti<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>Capital <span class=\"_ _4\"></span>Manageme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>t, <span class=\"_ _4\"></span>impegnati <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>valorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Non Performing Loans di b<span class=\"_ _0\"></span>anche italiane. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>presenta <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>vestimenti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>hedge <span class=\"_ _2\"></span>fund <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>rimanda <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>E della Nota Integrativ<span class=\"_ _0\"></span>a consolidata. Ulteriori investimenti in OICR sono effettuati dal Gruppo,<span class=\"_ _0\"></span> per il <span class=\"_ _3\"></span>tramite della controllat<span class=\"_ _0\"></span>a Eurizon Capital SGR e delle socie<span class=\"_ _2\"></span>t\u00e0 da questa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">sua <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafo<span class=\"_ _3\"></span>glio <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>emanate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>stessa <span class=\"_ _5\"></span>SGR <span class=\"_ _2\"></span>e </span>societ\u00e0 <span class=\"_ _2\"></span>controllate, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>accordo <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>stabilito <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>SGR <span class=\"_ _5\"></span>e relative <span class=\"_ _4\"> </span>controllate <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>caratterizzate <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>presenza <span class=\"_ _4\"> </span>sia <span class=\"_ _7\"> </span>temporanea <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>strutturale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>disponibilit\u00e0 <span class=\"_ _7\"> </span>liquide <span class=\"_ _4\"> </span>rivenienti <span class=\"_ _4\"> </span>dal patrimonio <span class=\"_ _2\"></span>aziendale, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>stabilmente <span class=\"_ _3\"></span>investito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immobilizzate, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>dinamica <span class=\"_ _2\"></span>ordinaria <span class=\"_ _4\"></span>dei flussi di cas<span class=\"ff4\">sa. <span class=\"_ _3\"></span>In base a quanto definito n<span class=\"_ _3\"></span>elle linee guida per la gestione del portafoglio f<span class=\"_ _3\"></span>inanziario,<span class=\"_ _0\"></span> nell\u2019ambito delle attivit\u00e0 di </span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>liquidit\u00e0, l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>disponibilit\u00e0 s<span class=\"_ _3\"></span>trutturali e <span class=\"_ _2\"></span>quelle t<span class=\"_ _3\"></span>emporanee legate <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>dinamica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>breve <span class=\"_ _3\"></span>t<span class=\"_ _6\"></span>ermine<span class=\"_ _0\"></span> e a vista compongono il portafoglio di liquidit\u00e0 al netto di quanto mantenuto in c/c o investito in depositi a <span class=\"_ _3\"></span>termine. In rela<span class=\"_ _2\"></span>zione alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>volte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dalle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>controllate <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>esa<span class=\"_ _3\"></span>me, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>eccedenz<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di liquidit\u00e0 devono essere investite in attivit\u00e0 che presentino un rischio <span class=\"_ _3\"></span>moderato e siano facilmente liquidabili. Nell\u2019ambito <span class=\"_ _5\"></span><span class=\"ff1\">di tale </span>portafoglio <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>monetari <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine, <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>specializzat<span class=\"_ _5\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>nell\u2019area </span>euro <span class=\"_ _2\"></span>istituiti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>gestiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Eurizon <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>SGR <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>questa <span class=\"_ _5\"></span>controllate. <span class=\"_ _3\"></span>L\u2019investimento <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>negl<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>OICR <span class=\"_ _4\"> </span>gestiti <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>regiudica <span class=\"_ _4\"> </span>l\u2019autonomia <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>SGR <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>agire <span class=\"_ _4\"> </span>nell\u2019esclu<span class=\"_ _2\"></span><span class=\"ff1\">sivo </span>interesse d<span class=\"_ _3\"></span>egli <span class=\"_ _3\"></span>investitori, in <span class=\"_ _3\"></span>considerazione delle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecifiche disposizioni <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla nor<span class=\"_ _3\"></span>mativa di <span class=\"_ _3\"></span>settore <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Auto<span class=\"_ _5\"></span>rit\u00e0 <span class=\"_ _3\"></span>di Vigilanza.<span class=\"ff5 fc2\"> </span>Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>riepilogati <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>portafogli <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>assivi <span class=\"_ _6\"></span>intrattenuti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le entit\u00e0 strutturate non<span class=\"_ _0\"></span> consolidate. Informativa di natura qu<span class=\"_ _0\"></span>antitativa<span class=\"fc5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci di bilancio / Tipologia di entit\u00e0 strutturata Portafogli conta<span class=\"_ _3\"></span>bili dell'attivo<span class=\"_ _3\"></span> Totale  attivit\u00e0 (A) Portafogli  contabili  del passivo Totale  passivit\u00e0 (B) VALORE  CONTABILE NETTO (C = A-<span class=\"ls1e\">B)</span> Esposizione massima al rischio di perdita (D) Differenza tra esposizione al rischio di perdita e valore contabile (E = D - <span class=\"ls1e\">C)</span> 1.<span class=\"ls0\"> </span>Societ\u00e0 veicolo<span class=\"_ _3\"></span> 2.780 912<span class=\"ls0\"> </span>1.868 3.375 1.507 Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la negoziazione<span class=\"_ _3\"></span> 82<span class=\"ls0\"> </span>Debiti vs clientela<span class=\"_ _3\"></span> 778<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziari<span class=\"_ _3\"></span>e obbligatori<span class=\"_ _3\"></span>amente valutate al fair valu<span class=\"_ _3\"></span>e 3 Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di negoziazione<span class=\"_ _3\"></span> 134<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al fair <span class=\"_ _3\"></span>value con impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a 16<span class=\"ls0\"> </span>- Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato Crediti verso clie<span class=\"_ _3\"></span>ntela 2.679 2.<span class=\"ls0\"> </span>OICR 4.033 10<span class=\"ls0\"> </span>4.023 4.262 239<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la negoziazione<span class=\"_ _3\"></span> 292<span class=\"ls0\"> </span>Debiti vs client<span class=\"_ _3\"></span>ela - Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al fair <span class=\"_ _3\"></span>value 3.450 Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di negoziazione<span class=\"_ _3\"></span> 10<span class=\"ls0\"> </span>Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato Crediti verso clie<span class=\"_ _3\"></span>ntela 291<span class=\"ls0\"> </span>- L\u2019esposizione <span class=\"_ _4\"> </span>massima <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>rischio, <span class=\"_ _16\"> </span><span class=\"ff1\">rappresentante<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>massima<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>esposizione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _4\"> </span>proprie </span>interessenze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _2\"></span>strutturate, <span class=\"_ _2\"></span>coincide, <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>genere, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>sommate, <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>applicabile<span class=\"_ _5\"></span><span class=\"ls12\">, </span>talune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>fuori <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>(es. <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>revocabili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>rilasciate); <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _3\"></span>netto corrisponde all\u2019espo<span class=\"_ _0\"></span>sizione di bilancio <span class=\"_ _0\"></span>al netto delle rettifiche <span class=\"_ _0\"></span>di valore registrat<span class=\"_ _0\"></span>e nell\u2019esercizio in <span class=\"_ _0\"></span>corso o in quelli pr<span class=\"_ _2\"></span><span class=\"ff1\">ecedenti. </span>Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>OICR <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>mas<span class=\"ff1\">s<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>ancora <span class=\"_ _2\"></span>richiamati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fondo, <span class=\"_ _2\"></span>a </span>sottoscrivere ulterior<span class=\"_ _0\"></span>i quote. Nella tabella seguente si ripo<span class=\"_ _0\"></span>rtano l\u2019ammontar<span class=\"_ _0\"></span>e e la tipologia dei ricavi percepiti <span class=\"_ _0\"></span>nel corso dell\u2019esercizio d<span class=\"_ _0\"></span>a entit\u00e0 <span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trutturate; la<span class=\"_ _0\"></span> </span>componente <span class=\"_ _3\"></span>principale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>rilevati <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>commissioni <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>collocamento <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span><span class=\"ff1\">ICR </span>sponsorizzati <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestiti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>SGR <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>collocati <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>clientela. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>addeb<span class=\"_ _5\"></span>itate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> SGR ai fondi oggetto d<span class=\"_ _0\"></span>i gestione e retrocess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in parte alla rete <span class=\"_ _0\"></span>distributrice per il <span class=\"_ _0\"></span>servizio di collocamento.<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di entit\u00e0<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> spons<span class=\"_ _0\"></span>orizzata Interessi Commissi<span class=\"_ _0\"></span>oni Dividend<span class=\"_ _0\"></span>i Altri proventi TOTALE OICR 51<span class=\"ls0\"> </span>2.171 119<span class=\"ls0\"> </span>-<span class=\"ls25\">160</span> 2.181 Societ\u00e0 vei<span class=\"_ _0\"></span>colo 107<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- -<span class=\"ls25\">286</span> -<span class=\"ls25\">169</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1048": {
   "value": "SEZIONE 3 - AREA E METODI DI C<span class=\"_ _3\"></span>ONSOLIDAMENTO  <span class=\"_ _3\"></span> Area di consolidamento  Il <span class=\"_ _20\"> </span>bilancio <span class=\"_ _20\"> </span>consolidato <span class=\"_ _20\"> </span>include<span class=\"_ _35\"></span> <span class=\"_ _23\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>societ\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _20\"> </span>questa <span class=\"_ _20\"> </span>direttamente <span class=\"_ _20\"> </span>o <span class=\"_ _20\"> </span>indirettamente <span class=\"_ _1c\"> </span>controllate, comprendendo <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>come <span class=\"_ _4\"></span>specificamente <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>isto <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>societ\u00e0 operanti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>settori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>dissimili <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capo<span class=\"_ _3\"></span>gruppo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>private <span class=\"_ _2\"></span>equ<span class=\"_ _5\"></span>ity. Analogamente, <span class=\"_ _18\"> </span>sono <span class=\"_ _18\"> </span>incluse <span class=\"_ _18\"> </span>anche <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>entit\u00e0 <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _17\"> </span>quando <span class=\"_ _1c\"> </span>ne <span class=\"_ _18\"> </span>ricorrano <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>req<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>isiti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>effettivo <span class=\"_ _18\"> </span>controllo, <span class=\"_ _18\"> </span>anche indipendentemente dall<span class=\"_ _0\"></span>\u2019esistenza di una qu<span class=\"_ _0\"></span>ota partecipativ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>esposta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>variabili, <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detiene <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>ta<span class=\"_ _5\"></span><span class=\"ls13\">li </span>rendimenti, derivanti dal <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>rio rapporto con <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>tesse e <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>contempo ha <span class=\"_ _3\"></span>la capacit\u00e0 di<span class=\"_ _3\"></span> incidere <span class=\"_ _3\"></span>sui rendimenti e<span class=\"_ _3\"></span>sercitando il proprio potere su tali<span class=\"_ _0\"></span> entit\u00e0. Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti <span class=\"_ _0\"></span>a rendimenti variabili<span class=\"_ _0\"></span> derivanti dal rappor<span class=\"_ _0\"></span>to con l\u2019entit\u00e0 ogg<span class=\"_ _0\"></span>etto di investimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _3\"></span></span> </span>rendimenti. Sono  considerate  controllate  congiuntamente<span class=\"_ _0\"></span>  le  entit\u00e0 <span class=\"_ _1d\"> </span>nelle  quali,  su  base  contrattuale,  il  controllo  \u00e8  condiviso  fra  la Capogruppo, <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>indirettamen<span class=\"_ _0\"></span>te, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>uno <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>esterni <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _4\"> </span>quando <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>decisioni ri<span class=\"ls0\">guardanti le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti \u00e8 richie<span class=\"_ _0\"></span>sto il consenso un<span class=\"_ _0\"></span>anime di tutte le p<span class=\"_ _0\"></span>arti che condividono il <span class=\"_ _0\"></span>controllo.<span class=\"_ _3\"></span> </span>Sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>collegate, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>sot<span class=\"_ _3\"></span>toposte <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>notevole, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>direttamente <span class=\"_ _5\"></span>o indirettamente, po<span class=\"_ _0\"></span>ssie<span class=\"ff4\">de almeno il 20% dei diritti<span class=\"_ _0\"></span> di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201c<span class=\"_ _0\"></span>potenziali\u201d) o nelle q<span class=\"_ _0\"></span>uali <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> pur con una quota </span></span>di <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>voto <span class=\"_ _4\"> </span>inferiore <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>potere <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>partecipare <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _4\"> </span>di particolari legami giuri<span class=\"_ _0\"></span>dici, quali la partecip<span class=\"_ _0\"></span>azione a patti di sind<span class=\"_ _0\"></span>acato.<span class=\"_ _3\"></span> Sono <span class=\"_ _16\"> </span>escluse <span class=\"_ _7\"> </span>dall\u2019area <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>onsolidamento, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>classificate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9,  alcun<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>interessenz<span class=\"_ _0\"></span>e superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20%, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>importo <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>indirettamente, <span class=\"_ _5\"></span>detiene esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>una porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti de<span class=\"_ _3\"></span>gli investimenti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ha accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di gestione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla tutela dei propri int<span class=\"_ _0\"></span>eressi patrimonial<span class=\"_ _0\"></span>i. <span class=\"_ _2\"></span> Sono <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>escluse <span class=\"_ _5\"></span>dall\u2019area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _6\"></span><span class=\"ff1\">integrale <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artecipative <span class=\"_ _2\"></span>detenute, <span class=\"_ _5\"></span>direttamente <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>attraverso </span>fondi, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>svolgono <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>venture <span class=\"_ _4\"></span>capital. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>interessenze <span class=\"_ _4\"></span>partecipativ<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>incluse <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>categoria <span class=\"_ _4\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>Attivit\u00e0 finanziarie va<span class=\"_ _0\"></span>lutate al fair value con <span class=\"_ _0\"></span>impat<span class=\"_ _3\"></span>to a conto econ<span class=\"_ _0\"></span>omico.  Sono, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>escluse <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>all\u2019area <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricevute <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pegno <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\"> </span>diritto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>20%, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>considerazione della <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>tela<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e non di <span class=\"_ _3\"></span>esercizio del <span class=\"_ _3\"></span>controllo e di <span class=\"_ _3\"></span>indirizzo del<span class=\"_ _3\"></span>le politiche finanziarie ed <span class=\"_ _3\"></span>economiche, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>usufruire dei <span class=\"_ _3\"></span>benefici ec<span class=\"_ _5\"></span>onomici da esse derivanti. Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _18\"> </span>esercita <span class=\"_ _17\"> </span>su <span class=\"_ _1c\"> </span>Risa<span class=\"_ _0\"></span>namento <span class=\"_ _18\"> </span>S.p.A. <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>con<span class=\"_ _3\"></span><span class=\"ff4\">trollate <span class=\"_ _18\"> </span>l\u2019attivit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>direzione <span class=\"_ _18\"> </span>e </span>coordinamento di cui a<span class=\"_ _0\"></span>ll\u2019art. 2497 C.C. e s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guenti.<span class=\"ff1\"> </span>Rispetto al 31 dicem<span class=\"_ _0\"></span>bre 2021, le variazioni <span class=\"_ _0\"></span>nel perimetro di c<span class=\"_ _0\"></span>onsolidamento int<span class=\"_ _0\"></span>egrale hanno rigu<span class=\"_ _0\"></span>ardato l\u2019ingresso di:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Newco  TPA<span class=\"_ _0\"></span>  S.p.A.<span class=\"_ _0\"></span>  (or<span class=\"_ _0\"></span>a  deno<span class=\"_ _0\"></span>minata  I<span class=\"_ _0\"></span>nSalute  Se<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>vizi  <span class=\"ff4\">S.p.A.), <span class=\"_ _16\"> </span>societ\u00e0  di<span class=\"_ _0\"></span>  nu<span class=\"_ _0\"></span>ova <span class=\"_ _16\"> </span>costituzione  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _16\"> </span>del  Gr<span class=\"_ _0\"></span>uppo </span></span>assicurativo, parteci<span class=\"_ _0\"></span>pata al 100% da Intesa S<span class=\"_ _0\"></span>anpaolo Vita; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest (CBPQ), part<span class=\"_ _0\"></span>ecipata al 100% d<span class=\"_ _0\"></span>a Fideuram Bank (L<span class=\"_ _0\"></span>uxembourg) S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>VUB Operating Leasing A.S. <span class=\"_ _3\"></span>(societ\u00e0<span class=\"_ _3\"></span> dedicata per lo <span class=\"_ _3\"></span>sviluppo del leasing <span class=\"_ _3\"></span>operativo), precedente<span class=\"_ _0\"></span>mente consolidata con il </span>metodo del patrimonio <span class=\"_ _0\"></span>netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(cessionaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ISP e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI), <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>superamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>miti di </span>immaterialit\u00e0 che ne permetteva<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o in precedenza il c<span class=\"_ _0\"></span>onsolidamento al <span class=\"_ _0\"></span>patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB Generali Dochodkova Spravcovs<span class=\"_ _0\"></span>ka Spolocnost A.S a seguito dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisto di una ulteriore q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del 5,26% da part<span class=\"_ _35\"></span>e </span></span>di <span class=\"_ _4\"> </span>VSEOBECNA <span class=\"_ _4\"> </span>UVEROVA <span class=\"_ _4\"> </span>BANKA <span class=\"_ _4\"> </span>A.S. <span class=\"_ _7\"> </span>(l\u2019investimento <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>attesta <span class=\"_ _4\"> </span>ora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>55,26%), <span class=\"_ _4\"></span>precedentemente <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span>societ\u00e0 era consolid<span class=\"_ _0\"></span>ata con il metodo <span class=\"_ _0\"></span>del patrimonio netto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Eurizon <span class=\"_ _6\"></span>Capital <span class=\"_ _6\"></span>Real <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>SGR <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>superamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>immaterialit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ne <span class=\"_ _6\"></span>permettevano <span class=\"_ _5\"></span>in </span>precedenza il consolid<span class=\"_ _0\"></span>amento al patrimoni<span class=\"_ _0\"></span>o netto; e l\u2019uscita di:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Suisse) Morval, fu<span class=\"_ _0\"></span>sa per incorporazione in R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>yl &amp; Cie S.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">VUB <span class=\"_ _6\"> </span>Le<span class=\"_ _3\"></span>asing <span class=\"_ _6\"> </span>A.S., <span class=\"_ _4\"> </span>cessata <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>scissione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>Vs<span class=\"_ _3\"></span>eobecna <span class=\"_ _6\"> </span>Uverova <span class=\"_ _4\"> </span>Banka <span class=\"_ _6\"> </span>A.S. <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>leasing<span class=\"_ _35\"></span> </span></span>finanziario e in VUB<span class=\"_ _0\"></span> Operating Lea<span class=\"ff4\">sing (sopra indicata) per<span class=\"_ _0\"></span> l\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>UBI Leasing S.p.A., fusa p<span class=\"_ _0\"></span>er incorporazione in In<span class=\"_ _0\"></span>tesa Sanpaolo <span class=\"_ _0\"></span>S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>PBZ Stambena Stedionica d.<span class=\"_ _0\"></span>d., fusa per incorpora<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione in PBZ <span class=\"ff4\">\u2013</span> Privredna Banka Zagreb d.d.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _1c\"> </span>Sanpaolo <span class=\"_ _20\"> </span>(Qingd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>o) <span class=\"_ _20\"> </span>Service <span class=\"_ _1c\"> </span>Company <span class=\"_ _1c\"> </span>Limited, <span class=\"_ _1c\"> </span>ora <span class=\"_ _1c\"> </span>consolidata <span class=\"_ _1c\"> </span>con <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>metodo <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>patri<span class=\"_ _3\"></span>monio <span class=\"_ _1c\"> </span>netto <span class=\"_ _1c\"> </span>in </span>considerazione della c<span class=\"_ _0\"></span>ontenuta materiali<span class=\"_ _0\"></span>t\u00e0 degli aggregati <span class=\"_ _0\"></span>patrimoniali;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Cargeas Assicurazioni S.p<span class=\"_ _0\"></span>.A., fusa per incorpora<span class=\"_ _0\"></span>zione in Intesa S<span class=\"_ _0\"></span>anpaolo Assicura S.p.A.; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa Sanpaolo Smart Care S.r<span class=\"_ _0\"></span>.l., fusa per incorp<span class=\"_ _0\"></span>orazione in Intesa San<span class=\"_ _0\"></span>paolo S.p.A.;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Sanpaolo Invest SIM S.p.A., <span class=\"_ _0\"></span>fusa per incorp<span class=\"_ _0\"></span>orazione in Fideuram-Intesa Sanpaolo Private Banking S.p.A<span class=\"_ _0\"></span>. </span>Per <span class=\"_ _3\"></span>completezza si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>Mooney <span class=\"_ _3\"></span>Group <span class=\"_ _3\"></span>continua a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>essere consolidat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>perimetro<span class=\"_ _35\"></span> di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>rientra <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>consolidamento <span class=\"_ _2\"></span>prudenziale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roporzionale; <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso del <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>5 <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>l\u2019ulteriore <span class=\"_ _2\"></span>quota <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>20% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>citata <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>porta </span>l\u2019interessenza compl<span class=\"_ _0\"></span>essiva al 50% (soggetta <span class=\"_ _0\"></span>a controllo congiu<span class=\"_ _0\"></span>nto).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, per completezz<span class=\"_ _0\"></span>a, si segnalano i s<span class=\"_ _0\"></span>eguenti cambiamenti d<span class=\"_ _0\"></span>i denominazione:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Intesa Sanpaolo Inte<span class=\"_ _0\"></span>rnational Value Servi<span class=\"_ _0\"></span>ces Ltd. in Intesa San<span class=\"_ _0\"></span>paolo <span class=\"_ _3\"></span>International Value Servi<span class=\"_ _0\"></span>ces d.o.o.; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>IW Bank S.p.A. in IW Pri<span class=\"_ _0\"></span>vate Investments Soci<span class=\"_ _0\"></span>et\u00e0 di Intermediaz<span class=\"_ _0\"></span>ione Mobiliare S.p.A.<span class=\"_ _90\"> </span></span>Nel prospetto che segue <span class=\"_ _0\"></span>sono indicate le p<span class=\"_ _0\"></span>artecipazioni controll<span class=\"_ _0\"></span>ate in via esclusiva <span class=\"_ _0\"></span>al 31 dicembre 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> 1.<span class=\"ls0\"> <span class=\"_ _24\"> </span>Partecipazioni in societ\u00e0 controllate in via esclusiva </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 1 Acantus S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 800.000 2 Anti Financial Crime Digital HU<span class=\"_ _0\"></span>B S.c.a r.l. (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.   10,00 Capitale Eur 100.000 Intesa Sanpaolo S.p.A.  60,00  70,00 3 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A.   (d) Ginevra Ginevra 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 14.000.00<span class=\"_ _0\"></span>0 4 Banca 5 S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 30.000.00<span class=\"_ _0\"></span>0 5 Banca Comerciala Eximbank S.A.<span class=\"_ _0\"></span> Chisinau Chisinau 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Mdl 1.250.000.0<span class=\"_ _0\"></span>00 6 Banca Intesa AD Beograd Novi Beograd Beograd 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Rsd 21.315.900.0<span class=\"_ _0\"></span>00 7 Bank of Alexandria S.A.E.<span class=\"_ _0\"></span> Il Cairo Il Cairo 1 Intesa Sanpaolo S.p.A.  80,00 Capitale Egp 5.000.000.<span class=\"_ _0\"></span>000 8 Banka Intesa Sanpaolo d.<span class=\"_ _0\"></span>d. (e) Koper Koper 1 Intesa Sanpaolo S.p.A.  48,13 Capitale Eur 22.173.21<span class=\"_ _0\"></span>8 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.   51,00  99,13 9 CBP Quilvest PE Fund GP S.<span class=\"_ _0\"></span>a r.l. (c) Lussemburgo Lussemburgo 1 Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. 100,00 Capitale Usd 20.000 10<span class=\"ls0\"> </span>Cib Bank Ltd. Budapest Budapest 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Huf 50.000.00<span class=\"_ _0\"></span>0.003 11<span class=\"ls0\"> </span>CIB Insurance Broker Ltd.<span class=\"_ _0\"></span> Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 10.000.00<span class=\"_ _0\"></span>0 12<span class=\"ls0\"> </span>CIB Leasing Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 53.000.000<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>CIB Rent Operative Leasi<span class=\"_ _0\"></span>ng Ltd. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 5.000.000 14<span class=\"ls0\"> </span>Colline e oltre S.p.A. (c) Pavia Pavia 1 Intesa Sanpaolo S.p.A.  51,00 Capitale Eur 50.000 15<span class=\"ls0\"> </span>Compagnia Italiana Finanziaria - C<span class=\"_ _0\"></span>IF S.r.l. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  61,45 Capitale Eur 10.000 16<span class=\"ls0\"> </span>Compagnie de Banque Pri<span class=\"_ _0\"></span>v\u00e9e Quilvest S.A. Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A.  100,00 Capitale Eur 32.537.00<span class=\"_ _0\"></span>0 17<span class=\"ls0\"> </span>Consorzio Studi e ricerche<span class=\"_ _0\"></span> fiscali Gruppo Intesa <span class=\"_ _0\"></span>Sanpaolo (c) Roma Roma 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>7,50 Capitale Eur 258.228 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span>  <span class=\"_ _17\"> </span>5,00 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>7,50 Intesa Sanpaolo S.p.A.  80,00 100,00 18<span class=\"ls0\"> </span>Duomo Funding Plc (f) Dublino Dublino 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 19<span class=\"ls0\"> </span>Epsilon SGR S.p.A. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 5.200.000 20<span class=\"ls0\"> </span>Etoile Fran\u00e7ois Premier S.a.r.l.<span class=\"_ _0\"></span> (g) Parigi Parigi 1 Risanamento Europa S.r.l. 100,00 Capitale Eur 5.000 21<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Croatia D.O.O. Zagabria Zagabria 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Hrk 5.000.000 22<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Hungary Ltd. Budapest Budapest 1 Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S. 100,00 Capitale Huf 600.000.0<span class=\"_ _0\"></span>00 23<span class=\"ls0\"> </span>Eurizon Asset Manage<span class=\"_ _0\"></span>ment Slovakia Sprav. Spol. A.S.<span class=\"_ _0\"></span> Bratislava Bratislava 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. 100,00 Capitale Eur 4.093.560 24<span class=\"ls0\"> </span>Eurizon Capital Asia Li<span class=\"_ _0\"></span>mited (gi\u00e0 Eurizon Capital (<span class=\"_ _0\"></span>HK) limited) (c) Hong Kong Hong Kong 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Hkd 78.000.000 25<span class=\"ls0\"> </span>Eurizon Capital Real Ass<span class=\"_ _0\"></span>et SGR S.p.a. Milano Milano 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  19,98 51,00 (*) Capitale Eur 4.166.667 Intesa Sanpaolo Vita S.p.A.  40,01 24,50 (*)  59,99 75,50 (*) Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 26<span class=\"ls0\"> </span>Eurizon Capital S.A. Lussemburgo Lussemburgo 1 Eurizon Capital SGR S.p.A.<span class=\"_ _0\"></span> 100,00 Capitale Eur 7.974.600 27<span class=\"ls0\"> </span>Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 99.000.00<span class=\"_ _0\"></span>0 28<span class=\"ls0\"> </span>Eurizon Slj Capital Ltd. Londra Londra 1 Eurizon Capital SGR S.<span class=\"_ _0\"></span>p.A.  65,00 Capitale Gbp 1.001.000 29<span class=\"ls0\"> </span>Exelia S.r.l. (c) Brasov  Brasov 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Ron 8.252.600 30<span class=\"ls0\"> </span>Exetra S.p.A.  (h) Milano Milano 1 Intesa Sanpaolo S.p.A.  85,00 Capitale Eur 158.000 31<span class=\"ls0\"> </span>Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. Roma Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 300.000.0<span class=\"_ _0\"></span>00 32<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac (gi\u00e0 Fideuram Asset Manage<span class=\"_ _0\"></span>ment (Ireland) Ltd.) Dublino Dublino 1 Fideuram Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. 100,00 Capitale Eur 1.000.000 33<span class=\"ls0\"> </span>Fideuram Asset Manag<span class=\"_ _0\"></span>ement SGR S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  99,52 Capitale Eur 25.870.00<span class=\"_ _0\"></span>0 34<span class=\"ls0\"> </span>Fideuram Asset Management Uk <span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>td (c) Londra  Londra 1 Fideuram Asset Manag<span class=\"_ _0\"></span>ement (Ireland) Dac 100,00 Capitale Gbp 1.000.000 35<span class=\"ls0\"> </span>Fideuram Bank (Luxe<span class=\"_ _0\"></span>mbourg) S.A. Lussemburgo Lussemburgo 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 40.000.000<span class=\"_ _0\"></span> 36<span class=\"ls0\"> </span>Fideuram Vita S.p.A. Roma Roma 1 Intesa Sanpaolo S.p.A.  80,01 Capitale Eur 357.446.8<span class=\"_ _0\"></span>36 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  19,99 100,00 37<span class=\"ls0\"> </span>Fondo Sviluppo ecosist<span class=\"_ _0\"></span>emi di Innovazione (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A.  100,00 Capitale Eur 15.000.00<span class=\"_ _0\"></span>0 38<span class=\"ls0\"> </span>Gap Manco Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 12.500 39<span class=\"ls0\"> </span>Iberia Distressed Assets Ma<span class=\"_ _0\"></span>nager Sarl (c) Lussemburgo Lussemburgo 1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 40<span class=\"ls0\"> </span>IIF SME Manager Ltd. (c) George Town  George Town  1 Asteria Investment Ma<span class=\"_ _0\"></span>nagers S.A. 100,00 Capitale Usd 1.000 41<span class=\"ls0\"> </span>IMI Capital Market USA C<span class=\"_ _0\"></span>orp. New York New York 1 IMI Investments S.A. 100,00 Capitale Usd 5.000 42<span class=\"ls0\"> </span>IMI Finance Luxembourg <span class=\"_ _0\"></span>S.A. (c) Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 100.000 43<span class=\"ls0\"> </span>IMI Investments S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 21.660.00<span class=\"_ _0\"></span>0 44<span class=\"ls0\"> </span>IMMIT - Immobili Italiani S<span class=\"_ _0\"></span>.r.l. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 185.680.0<span class=\"_ _0\"></span>00 45<span class=\"ls0\"> </span>Immobiliare Cascina Rubin<span class=\"_ _0\"></span>a S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 46<span class=\"ls0\"> </span>IN.FRA - Investire nelle In<span class=\"_ _0\"></span>frastrutture S.r.l. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 10.000 47<span class=\"ls0\"> </span>Iniziative Logistiche S.r.l<span class=\"_ _0\"></span>. Milano Milano 1 IN.FRA - Investire nelle Infr<span class=\"_ _0\"></span>astrutture S.r.l.  60,02 Capitale Eur 10.000 48<span class=\"ls0\"> </span>Insalute Servizi S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 49<span class=\"ls0\"> </span>Intesa Invest A.D. Beogr<span class=\"_ _0\"></span>ad (c) Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 236.975.800 50<span class=\"ls0\"> </span>Intesa Leasing (Closed Join<span class=\"_ _0\"></span>t-Stock Company) Mosca Mosca 1 Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa 100,00 Capitale Rub 3.000.000 51<span class=\"ls0\"> </span>Intesa Leasing d.o.o. B<span class=\"_ _0\"></span>eograd Beograd Beograd 1 Banca Intesa AD Beograd 100,00 Capitale Rsd 960.374.301 52<span class=\"ls0\"> </span>Intesa Sanpaolo (Qingdao) <span class=\"_ _0\"></span>Service Company (c) Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale CNY 80.000.000 53<span class=\"ls0\"> </span>Intesa Sanpaolo Assicura S.<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 27.912.25<span class=\"_ _0\"></span>8<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 54<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Alba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ia Sh.A. Tirana Tirana 1 Intesa Sanpaolo S.p.A. 100,00 Capitale All 5.562.517.6<span class=\"_ _0\"></span>74 55<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Irel<span class=\"_ _0\"></span>and Plc Dublino Dublino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 400.500.0<span class=\"_ _0\"></span>00 56<span class=\"ls0\"> </span>Intesa Sanpaolo Bank Luxe<span class=\"_ _0\"></span>mbourg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.389.370.55<span class=\"_ _0\"></span>5 57<span class=\"ls0\"> </span>Intesa Sanpaolo Banka <span class=\"_ _0\"></span>d.d. Bosna I Hercegovin<span class=\"_ _0\"></span>a Sarajevo Sarajevo 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d.  99,99 100,00 (**) Capitale Bam 44.782.00<span class=\"_ _0\"></span>0 58<span class=\"ls0\"> </span>Intesa Sanpaolo Brasil S.<span class=\"_ _0\"></span>A. - Banco Multiplo San Paolo San Paolo 1 Intesa Sanpaolo S.p.A.  99,90 Capitale Brl 945.428.281 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,10 100,00 59<span class=\"ls0\"> </span>Intesa Sanpaolo Casa S.p<span class=\"_ _0\"></span>.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 1.000.000 60<span class=\"ls0\"> </span>Intesa Sanpaolo Expo I<span class=\"_ _0\"></span>nstitutional Contact S.r.l. (c<span class=\"_ _0\"></span>) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00  Capitale Eur 50.000 61<span class=\"ls0\"> </span>Intesa Sanpaolo Funding<span class=\"_ _0\"></span> LLC (gi\u00e0 Intesa Funding<span class=\"_ _0\"></span> LLC) New York Wilmington Delaware 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Usd 25.000 62<span class=\"ls0\"> </span>Intesa Sanpaolo Harbo<span class=\"_ _0\"></span>urmaster III S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holding I<span class=\"_ _0\"></span>nternational S.A. 100,00 Capitale Eur 5.500.000 63<span class=\"ls0\"> </span>Intesa Sanpaolo Highline<span class=\"_ _0\"></span> S.r.l. (c) Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 64<span class=\"ls0\"> </span>Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 2.157.957.27<span class=\"_ _0\"></span>0 65<span class=\"ls0\"> </span>Intesa Sanpaolo House L<span class=\"_ _0\"></span>uxemburg S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 24.990.31<span class=\"_ _0\"></span>7 66<span class=\"ls0\"> </span>Intesa Sanpaolo Imi Sec<span class=\"_ _0\"></span>urities Corp. New York New York 1 IMI Capital Market USA C<span class=\"_ _0\"></span>orp. 100,00 Capitale Usd 44.500.000 67<span class=\"ls0\"> </span>Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.a. Torino Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 9.254.940 Intesa Sanpaolo Vita S.p.A.  <span class=\"_ _17\"> </span>0,01 100,00 68<span class=\"ls0\"> </span>Intesa Sanpaolo Insur<span class=\"_ _0\"></span>ance Agency S.p.A. Torino Torino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 500.000 69<span class=\"ls0\"> </span>Intesa Sanpaolo Interna<span class=\"_ _0\"></span>tional Value Services d.o.<span class=\"_ _0\"></span>o. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 100.000 70<span class=\"ls0\"> </span>Intesa Sanpaolo Life Desig<span class=\"_ _0\"></span>ned activity company (<span class=\"_ _0\"></span>gi\u00e0 Intesa Sanpaolo Life Ltd.) Dublino Dublino 1 Intesa Sanpaolo Vita S.p.A. 100,00 Capitale Eur 625.000 71<span class=\"ls0\"> </span>Intesa Sanpaolo Private Arg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntina S.A. (c) Buenos Aires Buenos Aires 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  <span class=\"_ _17\"> </span>4,97 Capitale Ars 13.404.506 REYL &amp; Cie S.A.  95,03 100,00 72<span class=\"ls0\"> </span> Intesa Sanpaolo Privat<span class=\"_ _0\"></span>e Banking S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 117.497.4<span class=\"_ _0\"></span>24 73<span class=\"ls0\"> </span>Intesa Sanpaolo Provis S<span class=\"_ _0\"></span>.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 6.725.000 74<span class=\"ls0\"> </span>Intesa Sanpaolo RBM Sal<span class=\"_ _0\"></span>ute S.p.A. (i) Venezia Venezia 1 Intesa Sanpaolo Vita S.p.A.  73,79 Capitale Eur 305.208.0<span class=\"_ _0\"></span>00 75<span class=\"ls0\"> </span>Intesa Sanpaolo RE.O.CO<span class=\"_ _0\"></span>. S.p.A. Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 13.000.000<span class=\"_ _0\"></span> 76<span class=\"ls0\"> </span>Intesa Sanpaolo Rent Foryo<span class=\"_ _0\"></span>u S.p.A. Torino Torino 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 630.000 77<span class=\"ls0\"> </span>Intesa Sanpaolo Romani<span class=\"_ _0\"></span>a S.A. Commercial Bank Bucarest Bucarest 1 Intesa Sanpaolo S.p.A.  99,73 Capitale Ron 1.216.639.410 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  <span class=\"_ _17\"> </span>0,27 100,00<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 78<span class=\"ls0\"> </span>Intesa Sanpaolo Servi\u00e7os e <span class=\"_ _0\"></span>Empreendimentos Ltd<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> em liquida\u00e7\u00e3o (c) San Paolo San Paolo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Brl 3.283.320 79<span class=\"ls0\"> </span>Intesa Sanpaolo Servitia S.A<span class=\"_ _0\"></span>. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 1.500.000 80<span class=\"ls0\"> </span>Intesa Sanpaolo Vita S.p.A. Milano Torino 1 Intesa Sanpaolo S.p.A.  99,99 Capitale Eur 320.422.5<span class=\"_ _0\"></span>09 81<span class=\"ls0\"> </span>Inveniam S.A. en Liquidati<span class=\"_ _0\"></span>on (c) Ginevra Ginevra 1 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg S.a.r.l. 100,00 Capitale Chf 50.000 82<span class=\"ls0\"> </span>ISP CB Ipotecario S.r.l. (c)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 83<span class=\"ls0\"> </span>ISP CB Pubbico S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 120.000 84<span class=\"ls0\"> </span>ISP OBG S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 42.038 85<span class=\"ls0\"> </span>IW Private Investments SIM S.<span class=\"_ _0\"></span>p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 67.950.00<span class=\"_ _0\"></span>0 86<span class=\"ls0\"> </span>Joint-Stock Company Banc<span class=\"_ _0\"></span>a Intesa Mosca Mosca 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A.  53,02 Capitale Rub 10.820.180.<span class=\"_ _0\"></span>800 Intesa Sanpaolo S.p.A.  46,98 100,00 87<span class=\"ls0\"> </span>Lux Gest Asset Manage<span class=\"_ _0\"></span>ment S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo Bank L<span class=\"_ _0\"></span>uxembourg S.A. 100,00 Capitale Eur 200.000 88<span class=\"ls0\"> </span>Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 139.041 89<span class=\"ls0\"> </span>Morval Bank &amp; Trust Cayman<span class=\"_ _0\"></span> Ltd. (c) Grand Cayman Grand Cayman 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 7.850.000 90<span class=\"ls0\"> </span>MSG Comparto Quarto S.r.l<span class=\"_ _0\"></span>. (e) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 91<span class=\"ls0\"> </span>MSG Comparto Secondo <span class=\"_ _0\"></span>S.r.l. (g) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 92<span class=\"ls0\"> </span>MSG Comparto Terzo S.r.l. (g)<span class=\"_ _0\"></span> Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 20.000 93<span class=\"ls0\"> </span>Neva S.G.R. S.p.A. (gi\u00e0 <span class=\"_ _0\"></span>Imi Fondi Chiusi S.p.A.) (c) Torino Torino 1 Intesa Sanpaolo Innovation<span class=\"_ _0\"></span> Center S.p.A. 100,00 Capitale Eur 2.000.000 94<span class=\"ls0\"> </span>OOO Intesa Realty Russia i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> Liquidation (c) Mosca Mosca 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Rub 10.000 95<span class=\"ls0\"> </span>Oro Italia Trading S.p.A. in liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idazione (c) Arezzo Arezzo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 500.000 96<span class=\"ls0\"> </span>PBZ Card d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 43.422.200 97<span class=\"ls0\"> </span>PBZ Leasing d.o.o. Zagabria Zagabria 1 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. 100,00 Capitale Hrk 15.000.000 98<span class=\"ls0\"> </span>Porta Nuova Gioia (j) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 7.054.350 99<span class=\"ls0\"> </span>Portugal Real Estate Opp<span class=\"_ _0\"></span>ortunities Manager Sarl (<span class=\"_ _0\"></span>c) Lussemburgo  Lussemburgo  1 REYL Finance (MEA) Ltd. 100,00 Capitale Eur 12.500 100 Pravex Bank Joint-Stock Com<span class=\"_ _0\"></span>pany Kiev Kiev 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Uah 979.089.724 101 Prestitalia S.p.A. Bergamo Bergamo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 205.722.7<span class=\"_ _0\"></span>15 102 Private Equity International <span class=\"_ _0\"></span>S.A. Lussemburgo Lussemburgo 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 101.000.0<span class=\"_ _0\"></span>00 103 Privredna Banka Zagreb d.<span class=\"_ _0\"></span>d. Zagabria Zagabria 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Hrk 1.876.574.70<span class=\"_ _0\"></span>0 104 Qingdao Yicai Fund Distri<span class=\"_ _0\"></span>bution Co. Ltd. Qingdao Qingdao 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Cny 591.000.000 105 RB Participations S.A. Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Chf 100.000<span class=\"_ _90\"> </span>Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa <span class=\"ls0\">partecipante<span class=\"_ _3\"></span> </span>quota                  % 106 Recovery Property Utilisatio<span class=\"_ _0\"></span>n and Services Zrt. Budapest Budapest 1 Cib Bank Ltd. 100,00 Capitale Huf 20.000.00<span class=\"_ _0\"></span>0 107 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. (c) Valletta Valletta 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 730.000 108 REYL &amp; Cie (Malta) Ltd. (c)<span class=\"_ _0\"></span> Valletta Valletta 1 REYL &amp; Cie (Malta) Holdin<span class=\"_ _0\"></span>g Ltd. 100,00 Capitale Eur 730.000 109 REYL &amp; Cie S.A. (k) Ginevra Ginevra 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A.  39,00 Capitale Chf 31.500.00<span class=\"_ _0\"></span>1 RB Participations S.A.  30,00  69,00 110 REYL &amp; CO (UK) Llp. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; CO Holdings Ltd. 100,00 Capitale Gbp 2.500.000 111 REYL &amp; CO Holdings Ltd. (c)<span class=\"_ _0\"></span> Londra Londra 1 REYL &amp; Cie S.A. 100,00 Capitale Gbp 2.400.000 112 REYL Finance (MEA) Ltd. (c) Dubai Dubai 1 REYL &amp; Cie S.A. 100,00 Capitale Usd 2.875.000 113 REYL Overseas AG (c) Zurigo Zurigo 1 REYL &amp; Cie S.A. 100,00 Capitale Chf 2.000.000 114 REYL Private Office Luxe<span class=\"_ _0\"></span>mbourg Sarl (c) Lussemburgo Lussemburgo 1 REYL &amp; Cie S.A. 100,00 Capitale Eur 50.000 115 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd. (c) Singapore Singapore 1 REYL &amp; Cie S.A.  75,00 Capitale Sgd 1.201 116 REYL Singapore Pte. Ltd. (c)<span class=\"_ _0\"></span> Singapore Singapore 1 REYL &amp; Cie S.A.  76,00 Capitale Sgd 500.000 REYL Singapore Holding Pt<span class=\"_ _0\"></span>e. Ltd.  24,00 100,00 117 Ri. Rental S.r.l. (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 118 Risanamento Europa S.r.l.<span class=\"_ _0\"></span> (g) Milano Milano 1 Risanamento S.p.A. 100,00 Capitale Eur 10.000 119 Risanamento S.p.A. (g)<span class=\"_ _0\"></span> Milano Milano 1 Intesa Sanpaolo S.p.A.  48,88 Capitale Eur 197.951.7<span class=\"_ _0\"></span>84 120 Romulus Funding Corporatio<span class=\"_ _0\"></span>n (f) New York New York 2 Intesa Sanpaolo S.p.A.  <span class=\"_ _22\"> </span>- 121 Societ\u00e0 Benefit Cimarosa <span class=\"_ _0\"></span>1 S.p.A. (c) Milano Milano 1 Intesa Sanpaolo S.p.A. 100,00 Capitale Eur 100.000 122 Societ\u00e0 Italiana di Revisio<span class=\"_ _0\"></span>ne e Fiduciaria <span class=\"ff4\">\u2013</span> S.I.RE.F. S.p.A. Milano Milano 1 Fideuram Intesa Sanp<span class=\"_ _0\"></span>aolo Private Banking S.p.A. 100,00 Capitale Eur 2.600.000 123 SRM Studi e Ricerche per il M<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>zzogiorno (c) Napoli Napoli 1 Intesa Sanpaolo S.p.A.  60,00 20,00 (*) Capitale Eur 90.000 124 Sviluppo Comparto 3 S.r.l. (<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>) Milano Milano 1 Milano Santa Giulia S.p.<span class=\"_ _0\"></span>A. 100,00 Capitale Eur 50.000 125 UBI Finance S.r.l. (c) Milano Milano 1 Intesa Sanpaolo S.p.A.  60,00 Capitale Eur 10.000 126 UBI Trustee S.A. (c) Lussemburgo Lussemburgo 1 Fideuram Bank Luxembour<span class=\"_ _0\"></span>g S.A. 100,00 Capitale Eur 250.000 127 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. Bratislava Bratislava 1 Intesa Sanpaolo Holdin<span class=\"_ _0\"></span>g International S.A. 100,00 Capitale Eur 430.819.0<span class=\"_ _0\"></span>64 Denominazione imprese<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>operativa<span class=\"ls0\"> </span>Sede<span class=\"ls0\"> </span>legale<span class=\"ls0\"> </span>Tipo rapporto (a)        <span class=\"ls0\">RAPPORTO DI PARTECIPAZIONE<span class=\"_ _3\"></span> </span>Disponib. voti % (b) Impresa partecipante<span class=\"_ _3\"></span><span class=\"ls0\"> </span>quota                  % 128 VUB Generali Dochodkova <span class=\"_ _0\"></span>Spravcovska Spolocn<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>st A.S. (l) Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S.  55,26 Capitale Eur 10.090.97<span class=\"_ _0\"></span>6 129 VUB Operating Leasing  Bratislava Bratislava 1 Vseobecna Uverova Bank<span class=\"_ _0\"></span>a A.S. 100,00 Capitale Eur 25.000 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza <span class=\"_ _0\"></span>dei diritti di voto nell'ass<span class=\"_ _0\"></span>emblea ordinaria; </span>2 <span class=\"ls0\">- altre forme di<span class=\"_ _0\"></span> controllo. </span>(b) Ove differente dalla quota <span class=\"_ _0\"></span>% viene indicata la disp<span class=\"_ _0\"></span>onibilit\u00e0 dei voti nell'asse<span class=\"_ _0\"></span>mblea ordinaria, disti<span class=\"_ _0\"></span>nguendo, ove applic<span class=\"_ _0\"></span>abile<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>tra diritti di voto effettivi (*)<span class=\"_ _0\"></span> e potenziali (**). (c) Societ\u00e0 consolidata con il <span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etodo del patrimonio n<span class=\"_ _0\"></span>etto in considerazione della<span class=\"_ _0\"></span> limitata materialit\u00e0. (d) La <span class=\"_ _2\"></span>controllata <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _2\"></span>Managers <span class=\"_ _2\"></span>SA <span class=\"_ _2\"></span>(\"Asteria\") <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"> </span>detenuta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _5\"> </span>SA <span class=\"_ _2\"></span>all\u201980% <span class=\"_ _3\"></span>a <span class=\"_ _5\"> </span>seguito <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"> </span>quote <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>soci <span class=\"_ _5\"> </span>terzi; <span class=\"_ _3\"></span>il <span class=\"_ _5\"> </span>restante <span class=\"_ _2\"></span>20% <span class=\"_ _2\"></span>del capitale <span class=\"_ _2\"></span>sociale \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costituito <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _3\"></span>proprie. <span class=\"_ _3\"></span>Nei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _3\"></span>l\u2019annullamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>azioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roprie, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff1\">n <span class=\"_ _2\"></span>conseguente <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ciale <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </span>Asteria, a <span class=\"_ _3\"></span>seguito del <span class=\"_ _3\"></span>quale Reyl &amp;<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cie deterr\u00e0 il <span class=\"_ _3\"></span>100% della <span class=\"_ _3\"></span>partecipazione. Asteria ha <span class=\"_ _3\"></span>incorporato la <span class=\"_ _3\"></span>controllata Obviam AG<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>con efficacia <span class=\"_ _3\"></span>contabile 31 <span class=\"_ _3\"></span>dicembre 2022 (che <span class=\"_ _3\"></span>in precedenza era consolidata al Patri<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>onio netto tenuto conto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla limitata materialit\u00e0). (e) Si segnala la presenza di <span class=\"_ _0\"></span>un impegno di legge n<span class=\"_ _0\"></span>ei confronti degli azionisti di <span class=\"_ _0\"></span>minoranza per l'acquis<span class=\"_ _0\"></span>to del residuo 0,7% d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span>capitale sociale. (f) Societ\u00e0 per la quale si ha<span class=\"_ _0\"></span> il controllo ai sensi dell'I<span class=\"_ _0\"></span>FRS10 pur non detenendo <span class=\"_ _0\"></span>una <span class=\"_ _3\"></span>quota di interessenza social<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. (g) Societ\u00e0 non soggetta a<span class=\"_ _0\"></span>d attivit\u00e0 di direzione e coo<span class=\"_ _0\"></span>rdinamento ai sensi dell'art.<span class=\"_ _0\"></span> 2497 e segg. C.C. (h)  In caso di messa in liquid<span class=\"_ _0\"></span>azione della partecipazi<span class=\"_ _0\"></span>one, il socio di minoranz<span class=\"_ _0\"></span>a ha la facolt\u00e0 di vendere,<span class=\"_ _0\"></span> ed Intesa Sanpaolo d<span class=\"_ _0\"></span>ov<span class=\"_ _2\"></span>r\u00e0 acquistare, l'inter<span class=\"_ _0\"></span>a partecipazione di <span class=\"_ _0\"></span>minoranza. (i) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 26,1% del capitale sociale detenuto d<span class=\"_ _0\"></span>a azionisti di minoranza<span class=\"_ _0\"></span>. (j) Si tratta di un fondo com<span class=\"_ _0\"></span>une di investimento alt<span class=\"_ _0\"></span>ernativo immobiliare di ti<span class=\"_ _0\"></span>po chiuso gestito da COIMA<span class=\"_ _0\"></span> SGR S.p.A. (k) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 31% del capitale <span class=\"_ _0\"></span>soci<span class=\"_ _3\"></span>ale detenuto da az<span class=\"_ _35\"></span>io<span class=\"_ _3\"></span>nisti di minoranza. (l) Si segnala la presenza di <span class=\"_ _0\"></span>opzioni put and call agre<span class=\"_ _0\"></span>ement sul 44,74% del ca<span class=\"_ _0\"></span>pitale sociale detenuto <span class=\"_ _0\"></span>da azionisti di minoranz<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> 2. Valutazioni e assunzioni significative per determinare l\u2019area di <span class=\"ff5\">consolidamento </span>Come <span class=\"_ _6\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>precedenza <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendimenti variabili, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>diritti <span class=\"_ _4\"> </span>su <span class=\"_ _4\"></span>tali <span class=\"_ _4\"></span>rendimenti,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>rapporto <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contempo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>di incidere sui rendime<span class=\"_ _0\"></span>nti esercitando il pro<span class=\"_ _0\"></span>prio potere su tali <span class=\"_ _0\"></span>entit\u00e0.<span class=\"_ _3\"></span> Il controllo pu\u00f2 configu<span class=\"_ _0\"></span>rarsi solamente c<span class=\"_ _0\"></span>on la presenza contem<span class=\"_ _0\"></span>poranea dei segu<span class=\"_ _0\"></span>enti elementi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere di dirigere le atti<span class=\"_ _0\"></span>vit\u00e0 rilevanti della <span class=\"_ _0\"></span>partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione o i diritti a rendime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti variabili derivan<span class=\"_ _0\"></span>ti dal rapporto con l\u2019<span class=\"_ _0\"></span>entit\u00e0 oggetto di in<span class=\"_ _0\"></span>vestimento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la <span class=\"_ _1d\"> </span>capacit\u00e0  di  e<span class=\"_ _3\"></span>sercitare  il  proprio <span class=\"_ _1d\"> </span>potere  sull\u2019entit\u00e0  o<span class=\"_ _3\"></span>ggetto  di  investimento <span class=\"_ _1d\"> </span>per  incidere  sull\u2019ammontare  dei <span class=\"_ _1d\"> </span>suoi<span class=\"_ _0\"></span> </span></span>rendimenti. Nello specifico il Gru<span class=\"_ _0\"></span>ppo consider<span class=\"ff4\">a i seguenti fattori per <span class=\"_ _0\"></span>valutare l\u2019esistenz<span class=\"_ _0\"></span>a di controllo:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">lo <span class=\"_ _2\"></span>scopo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>identificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>obiettivi del<span class=\"_ _3\"></span>l\u2019entit\u00e0, le <span class=\"_ _2\"></span>sue <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _3\"></span>ovve<span class=\"_ _5\"></span></span>ro <span class=\"_ _3\"></span>quelle </span>che maggiormente ne i<span class=\"_ _0\"></span>nfluenzano i re<span class=\"_ _0\"></span>ndimenti, e come tali a<span class=\"_ _0\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 sono governate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"></span>potere, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprendere <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>diritti <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>attribuiscono <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>capacit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>irigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 </span>rilevanti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019esposizione alla variabilit\u00e0 dei rendimenti <span class=\"_ _3\"></span>della partecipata, al fine d<span class=\"_ _3\"></span>i valutare se <span class=\"_ _3\"></span>il rendime<span class=\"_ _2\"></span></span>n<span class=\"_ _3\"></span>to percepito dal <span class=\"_ _3\"></span>Gruppo pu\u00f2 </span>variare in via potenzi<span class=\"_ _0\"></span>ale in funzione de<span class=\"_ _0\"></span>i risultati raggiunti d<span class=\"_ _0\"></span>alla partecipata. Inoltre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>l\u2019esistenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>prese <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>considerazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>potenziali <span class=\"_ _2\"></span>relazioni <span class=\"_ _2\"></span>principale<span class=\"_ _5\"></span><span class=\"ff1\">-agente; <span class=\"_ _2\"></span>per </span>valutare se opera com<span class=\"_ _0\"></span>e principale o come <span class=\"_ _0\"></span>agente, il Gruppo pr<span class=\"_ _0\"></span>ende in considera<span class=\"_ _0\"></span>zione i seguenti fattori:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il potere decisionale sulle a<span class=\"_ _0\"></span>ttivit\u00e0 rilevanti d<span class=\"_ _0\"></span>ella partecipata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i diritti detenuti da altri <span class=\"_ _0\"></span>soggetti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la remunerazione a cui il<span class=\"_ _0\"></span> Gruppo ha diritto<span class=\"_ _0\"></span>; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 ls11\">l\u2019e<span class=\"ls0\">sposizione del Grup<span class=\"_ _0\"></span>po alla variabilit<span class=\"_ _0\"></span>\u00e0 dei rendimenti deri<span class=\"_ _0\"></span>vanti dall\u2019eventual<span class=\"_ _0\"></span>e partecipazione de<span class=\"_ _0\"></span>tenuta nella partecip<span class=\"_ _0\"></span>ata.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span>L\u2019IFRS <span class=\"_ _16\"> </span>10 <span class=\"_ _16\"> </span>identifica <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cattivit\u00e0 <span class=\"_ _7\"> </span>rilevanti\u201d <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>influenzano <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ignificativam<span class=\"_ _0\"></span>ente  i<span class=\"_ _35\"></span>  rendimenti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>partecipata. In <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>generali, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>gestite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>diritti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>voto, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>seguenti <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>forniscono <span class=\"_ _5\"></span>evid<span class=\"_ _5\"></span>enza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i controllo: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso, direttamente o indiret<span class=\"_ _0\"></span>tamente attraverso le proprie controllat<span class=\"_ _0\"></span>e, di pi\u00f9 della met\u00e0 dei diritti d<span class=\"_ _2\"></span>i voto di una entit\u00e0 a </span>meno che, in casi eccezi<span class=\"_ _0\"></span>onali, possa essere <span class=\"_ _0\"></span>chiaramente dimost<span class=\"_ _0\"></span>rato che tale posses<span class=\"_ _0\"></span>so non costituisce contro<span class=\"_ _0\"></span>llo;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>possesso  della  met\u00e0,  o  di  una  quota  inferiore,  dei  voti  es<span class=\"_ _0\"></span>ercitabili  in  assembl<span class=\"_ _0\"></span>ea  e  capacit\u00e0  pratica  di  governar<span class=\"_ _0\"></span>e </span>unilateralmente le attivit\u00e0<span class=\"_ _0\"></span> rilevanti attraverso: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il controllo di pi\u00f9 della met<span class=\"_ _0\"></span>\u00e0 dei diritti di voto <span class=\"_ _0\"></span>in virt\u00f9 di un acco<span class=\"_ _0\"></span>rdo con altri investitori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il potere di determinare le <span class=\"_ _0\"></span>politiche finanziarie <span class=\"_ _0\"></span>e operative dell\u2019en<span class=\"_ _0\"></span>tit\u00e0 in virt\u00f9 di clausol<span class=\"_ _0\"></span>e statutarie o di un co<span class=\"_ _2\"></span><span class=\"ff1\">ntratto; </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nominare <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimuovere <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>membri <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dell\u2019equivalente </span></span>organo di governo soci<span class=\"_ _0\"></span>etario; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il <span class=\"_ _1c\"> </span>potere <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>esercitare <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>maggioranza <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>diritti <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>voto <span class=\"_ _1c\"> </span>nelle <span class=\"_ _1c\"> </span>sedute <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>consiglio <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>mministrazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>o </span>dell\u2019equivalente orga<span class=\"_ _0\"></span>no di governo societ<span class=\"_ _0\"></span>ario.<span class=\"ff1\"> </span>Per <span class=\"_ _16\"> </span>esercitare <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>potere <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>necessario <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>vantati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>sull\u2019entit\u00e0 <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>siano <span class=\"_ _16\"> </span>sostanziali; <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sser<span class=\"_ _0\"></span>e sostanziali tali dirit<span class=\"_ _0\"></span>ti devono essere <span class=\"_ _0\"></span>praticamente esercitabili quando le decisioni sull<span class=\"_ _0\"></span>e attivit\u00e0 rilevanti <span class=\"_ _0\"></span>devono essere pr<span class=\"_ _0\"></span>ese.<span class=\"_ _3\"></span> L\u2019esistenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>voto <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>sostanziali, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione all\u2019atto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutare <span class=\"_ _3\"></span>se <span class=\"_ _6\"> </span><span class=\"ff1\">sussiste <span class=\"_ _3\"></span>il </span>potere o meno di dirige<span class=\"_ _0\"></span>re le politiche fi<span class=\"_ _0\"></span>nanziarie e <span class=\"_ _3\"></span><span class=\"ff4\">gestionali di <span class=\"_ _0\"></span>un\u2019altra entit\u00e0.<span class=\"ff1\"> </span></span>Pu\u00f2 <span class=\"_ _3\"></span>accadere <span class=\"_ _3\"></span>talvolta <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo eserciti <span class=\"_ _2\"></span>un \u201c<span class=\"_ _3\"></span>controllo di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fatto\u201d <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>quando, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>in a<span class=\"_ _3\"></span>ssenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maggioranz<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>dei <span class=\"_ _7\"> </span>diritti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>voto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>possiedono <span class=\"_ _4\"> </span>diritti <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _4\"> </span>l\u2019indirizzo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>unidirezionale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _4\"> </span>dell\u2019entit\u00e0 partecipata. Di <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>emergere <span class=\"_ _3\"></span>casistiche dove <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo, p<span class=\"_ _3\"></span>ur p<span class=\"_ _3\"></span>ossedendo o<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 d<span class=\"_ _3\"></span>ei d<span class=\"_ _3\"></span>iritti d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>voto, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>enti<span class=\"_ _5\"></span>t\u00e0 oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>quanto, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>investitori, <span class=\"_ _4\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rendimenti <span class=\"_ _5\"></span>variabili <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dal </span>rapporto con tali e<span class=\"_ _0\"></span>ntit\u00e0 non \u00e8 consider<span class=\"_ _0\"></span>ata significativa. Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprese <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>\u201centit\u00e0 <span class=\"_ _2\"></span>strutturate\u201d <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rappresenta<span class=\"_ _5\"></span><span class=\"ff1\">no </span>gli <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minanti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>controllo, <span class=\"_ _6\"></span>ivi <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _6\"></span>(SPE/SPV) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento. <span class=\"_ _5\"></span>Le entit\u00e0 strutturate son<span class=\"_ _0\"></span>o considerate controlla<span class=\"_ _0\"></span>te laddove: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo dispone di potere<span class=\"_ _0\"></span> attraverso diritti co<span class=\"_ _0\"></span>ntrattuali che cons<span class=\"_ _0\"></span>entono il governo delle<span class=\"_ _3\"></span> attivit\u00e0 rilevanti; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il Gruppo \u00e8 esposto ai rend<span class=\"_ _0\"></span>imenti variabili de<span class=\"_ _0\"></span>rivanti da tali attivit\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </span>3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> 3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese Interessen<span class=\"_ _0\"></span>ze  dei terzi % Disponi<span class=\"_ _0\"></span>b. dei voti di te<span class=\"_ _0\"></span>rzi % (1)<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i distribuiti<span class=\"_ _0\"></span> a terzi 1 Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) 20,00 20,00 16<span class=\"ls0\"> </span>2 Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. 0,87 0,87 3 Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. 38,55 38,55 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. 40,01 24,50 5 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 35,00 35,00 1 6 Exetra S.p<span class=\"_ _0\"></span>.A. 15,00 15,00 7 Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. 0,48 0,48 8 Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. 39,98 39,98 9 Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina 0,01 10<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. 26,21 26,21 11<span class=\"ls0\"> </span>Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. 0,01 0,01 12<span class=\"ls0\"> </span>Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. 31,00 31,00 13<span class=\"ls0\"> </span>Risanament<span class=\"_ _0\"></span>o S.p.A. 51,12 51,12 14<span class=\"ls0\"> </span>VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. 44,74 44,74 (1)<span class=\"ls0\"> </span>Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Totale attivoCassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 material<span class=\"_ _0\"></span>i e immaterialiPassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePatrimonio nett<span class=\"_ _0\"></span>oMargine di intere<span class=\"_ _0\"></span>sseMargine di interm<span class=\"_ _0\"></span>ediazioneCosti operativ<span class=\"_ _0\"></span>iUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle im<span class=\"_ _0\"></span>posteUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte<span class=\"ls0\"> </span>Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2)Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)1 Bank of Alexandri<span class=\"_ _0\"></span>a 5.171 86<span class=\"ls0\"> </span>4.808 162<span class=\"ls0\"> </span>4.249 628<span class=\"ls0\"> </span>353<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>-<span class=\"ls3b\">177</span> 191<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>-<span class=\"ls3b\">319</span> -<span class=\"ls3b\">190</span> 5. Altre informazioni  Non <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>preparazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>riferi<span class=\"_ _6\"></span>ti <span class=\"_ _5\"></span>ad una <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>diversa <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>quella <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>consolidato <span class=\"_ _2\"></span>stesso, <span class=\"_ _4\"></span>ad <span class=\"_ _2\"></span>eccezione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>sotto <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>ucraina<span class=\"_ _35\"></span> Pravex Bank nel succes<span class=\"_ _0\"></span>sivo paragrafo Meto<span class=\"_ _0\"></span>di di consolidament<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span>Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. 75 <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span>informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Partecipazioni </span>Criteri di classifica<span class=\"_ _0\"></span>zione, iscrizione e valuta<span class=\"_ _0\"></span>zione <span class=\"ff1 fc0\"> </span>La voce include le inter<span class=\"_ _0\"></span>essenze detenute in<span class=\"_ _0\"></span> societ\u00e0 controllat<span class=\"_ _0\"></span>e congiuntamente e<span class=\"_ _0\"></span> collegate.<span class=\"_ _3\"></span> Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>congiunto  (j<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>int <span class=\"_ _7\"> </span>ventures) <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>qua<span class=\"_ _3\"></span>li, <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>contrattuale, <span class=\"_ _7\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rileva<span class=\"_ _5\"></span>nti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividono il controllo. Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>possiede <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0% dei diritti di <span class=\"_ _3\"></span>voto (ivi i<span class=\"_ _3\"></span>nclusi i diritti di<span class=\"_ _3\"></span> voto \u201cpotenziali\u201d) o ne<span class=\"_ _3\"></span>lle quali <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>pur con una<span class=\"_ _3\"></span> quota di diritti<span class=\"_ _3\"></span> di<span class=\"_ _3\"></span> voto <span class=\"_ _3\"></span>inferiore - <span class=\"_ _3\"></span>ha il potere <span class=\"_ _3\"></span>di </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giu<span class=\"_ _5\"></span>ridici quali la partecipazione <span class=\"_ _0\"></span>a patti di sindacat<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>considerate <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenz<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>interessenze <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>%, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>detiene<span class=\"_ _0\"></span> esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali su <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti degli <span class=\"_ _3\"></span>investimenti, non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche di <span class=\"_ _3\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla<span class=\"_ _3\"></span> tutela degli inter<span class=\"_ _0\"></span>essi patrimoniali. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>contabilizzate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio <span class=\"_ _3\"></span>netto.<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il valore <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>par<span class=\"_ _3\"></span>tecipazione <span class=\"_ _17\"> </span>possa <span class=\"_ _18\"> </span>aver <span class=\"_ _1c\"> </span>subito <span class=\"_ _17\"> </span>una <span class=\"_ _1c\"> </span>riduzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>procede <span class=\"_ _18\"> </span>alla <span class=\"_ _1c\"> </span>stim<span class=\"_ _0\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _18\"> </span>recuperabile <span class=\"_ _18\"> </span>della partecipazione stessa, tene<span class=\"_ _0\"></span>ndo conto del valore attual<span class=\"_ _0\"></span>e dei flussi finanziari futuri<span class=\"_ _0\"></span> che la partecipazione potr\u00e0 <span class=\"_ _2\"></span>generare, inclus<span class=\"_ _0\"></span>o il valore di dismissio<span class=\"_ _0\"></span>ne finale dell\u2019investime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Qualora il valore di r<span class=\"_ _0\"></span>ecupero risulti i<span class=\"_ _0\"></span>nferiore al valore co<span class=\"_ _0\"></span>ntabile, la relativa differ<span class=\"_ _0\"></span>enza \u00e8 rilevata a <span class=\"_ _0\"></span>conto economico.<span class=\"_ _3\"></span> Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _5\"></span>di u<span class=\"_ _3\"></span>n evento <span class=\"_ _3\"></span>verificatosi successivamente <span class=\"_ _3\"></span>alla r<span class=\"_ _3\"></span>ilevazione della riduzione di valore, v<span class=\"_ _0\"></span>engono effettuate ripre<span class=\"_ _0\"></span>se di valore con imp<span class=\"_ _0\"></span>utazione a conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span> Criteri di cancellazione Le <span class=\"_ _6\"></span>partecipazioni <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>cancellate <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>contrattua<span class=\"_ _2\"></span>li <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>stesse <span class=\"_ _5\"></span>o quando la partecipazio<span class=\"_ _0\"></span>ne viene ceduta tr<span class=\"_ _0\"></span>asferendo sostanzialm<span class=\"_ _35\"></span>ente<span class=\"_ _3\"></span> tutti i risc<span class=\"_ _0\"></span>hi e benefici ad es<span class=\"_ _0\"></span>sa connessi.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-910": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-425.4801px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">3. Partecipazioni in societ\u00e0 controllate in via esclusiva co<span class=\"_ _0\"></span>n interessenze di terzi significative<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hda y208 ffa fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y209 ffa fs9 fc2 sc0 ls0 ws0\">3.1 Interessenze di terzi, disponibilit\u00e0 dei voti di terzi e dividendi distribuiti ai terzi </div><div class=\"t m0 x0 h1b y3b ff1 fs9 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1bd h123\" style=\"left:30.919624px; bottom:521.4139px;\"><div class=\"t m0 x41 h59 yfee ff5 fs17 fc2 sc0 ls0 ws0\">Denomi<span class=\"_ _0\"></span>nazioni imp<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ese </div></div><div class=\"c w1be hbd\" style=\"left:391.96863px; bottom:480.85388px;\"><div class=\"t m0 x87 h59 y8cc ff5 fs17 fc2 sc0 ls0 ws0\">Interessen<span class=\"_ _0\"></span>ze  </div><div class=\"t m0 xad h59 ya25 ff5 fs17 fc2 sc0 ls0 ws0\">dei terzi </div><div class=\"t m0 x4a h59 yff0 ff5 fs17 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1bf hbd\" style=\"left:468.25262px; bottom:480.85388px;\"><div class=\"t m0 xdd h59 y8cc ff5 fs17 fc2 sc0 ls0 ws0\">Disponi<span class=\"_ _0\"></span>b. dei </div><div class=\"t m0 x45 h59 ya25 ff5 fs17 fc2 sc0 ls0 ws0\">voti di te<span class=\"_ _0\"></span>rzi % </div><div class=\"t m0 x49 h59 yff0 ff5 fs17 fc2 sc0 ls2c ws0\">(1)<span class=\"ls0\"> </span></div></div><div class=\"c w1be hbd\" style=\"left:544.2636px; bottom:480.85388px;\"><div class=\"t m0 x9a h59 y8cc ff5 fs17 fc2 sc0 ls0 ws0\">Dividend<span class=\"_ _0\"></span>i </div><div class=\"t m0 xae h59 ya25 ff5 fs17 fc2 sc0 ls0 ws0\">distribuiti<span class=\"_ _0\"></span> a </div><div class=\"t m0 xa5 h59 yff0 ff5 fs17 fc2 sc0 ls0 ws0\">terzi </div></div><div class=\"c w1bc h6a\" style=\"left:-4.050377px; bottom:464.16193px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1bd h6a\" style=\"left:30.919624px; bottom:464.16193px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Bank of Ale<span class=\"_ _0\"></span>xandria (2<span class=\"_ _0\"></span>) </div></div><div class=\"c w1be h6a\" style=\"left:391.96863px; bottom:464.16193px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20,00 </div></div><div class=\"c w1bf h6a\" style=\"left:468.25262px; bottom:464.16193px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20,00 </div></div><div class=\"c w1be h6a\" style=\"left:544.2636px; bottom:464.16193px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:447.62592px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:447.62592px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Banka Inte<span class=\"_ _0\"></span>sa Sanpaol<span class=\"_ _0\"></span>o D.D. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:447.62592px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,87 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:447.62592px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,87 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:431.0899px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:431.0899px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Compagnia<span class=\"_ _0\"></span> Italiana Fina<span class=\"_ _35\"></span>nziaria - CIF S.r.l. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:431.0899px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">38,55 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:431.0899px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">38,55 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:414.5539px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:414.5539px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset SG<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span> S.p.A<span class=\"_ _0\"></span>. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:414.5539px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">40,01 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:414.5539px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">24,50 </div></div><div class=\"c w1bc h6a\" style=\"left:-4.050377px; bottom:397.86188px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w1bd h6a\" style=\"left:30.919624px; bottom:397.86188px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited </div></div><div class=\"c w1be h6a\" style=\"left:391.96863px; bottom:397.86188px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">35,00 </div></div><div class=\"c w1bf h6a\" style=\"left:468.25262px; bottom:397.86188px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">35,00 </div></div><div class=\"c w1be h6a\" style=\"left:544.2636px; bottom:397.86188px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:381.32593px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:381.32593px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Exetra S.p<span class=\"_ _0\"></span>.A. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:381.32593px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">15,00 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:381.32593px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">15,00 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:364.78992px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:364.78992px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Fideuram<span class=\"_ _0\"></span> Asset Man<span class=\"_ _0\"></span>agement SG<span class=\"_ _35\"></span>R S.p.A. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:364.78992px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,48 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:364.78992px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,48 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:348.2539px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:348.2539px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Iniziative Logi<span class=\"_ _35\"></span>stiche S.r.l. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:348.2539px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">39,98 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:348.2539px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">39,98 </div></div><div class=\"c w1bc h6a\" style=\"left:-4.050377px; bottom:331.5619px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w1bd h6a\" style=\"left:30.919624px; bottom:331.5619px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Intesa Sanp<span class=\"_ _0\"></span>aolo Bank<span class=\"_ _0\"></span>a D.D. Bo<span class=\"_ _0\"></span>sna I Her<span class=\"_ _0\"></span>cegovina </div></div><div class=\"c w1be h6a\" style=\"left:391.96863px; bottom:331.5619px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,01 </div></div><div class=\"c w1bc h69\" style=\"left:-4.050377px; bottom:314.98688px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w1bd h69\" style=\"left:30.919624px; bottom:314.98688px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Intesa Sanp<span class=\"_ _0\"></span>aolo RB<span class=\"_ _0\"></span>M Salute S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. </div></div><div class=\"c w1be h69\" style=\"left:391.96863px; bottom:314.98688px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">26,21 </div></div><div class=\"c w1bf h69\" style=\"left:468.25262px; bottom:314.98688px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">26,21 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:298.45093px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:298.45093px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Intesa Sanp<span class=\"_ _0\"></span>aolo Vita<span class=\"_ _0\"></span> S.p.A. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:298.45093px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,01 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:298.45093px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,01 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:281.91492px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:281.91492px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Reyl &amp; Cie <span class=\"_ _0\"></span>S.A. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:281.91492px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">31,00 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:281.91492px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">31,00 </div></div><div class=\"c w1bc h6a\" style=\"left:-4.050377px; bottom:265.2229px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w1bd h6a\" style=\"left:30.919624px; bottom:265.2229px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Risanament<span class=\"_ _0\"></span>o S.p.A. </div></div><div class=\"c w1be h6a\" style=\"left:391.96863px; bottom:265.2229px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">51,12 </div></div><div class=\"c w1bf h6a\" style=\"left:468.25262px; bottom:265.2229px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">51,12 </div></div><div class=\"c w1bc h41\" style=\"left:-4.050377px; bottom:248.68689px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w1bd h41\" style=\"left:30.919624px; bottom:248.68689px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">VUB Gener<span class=\"_ _0\"></span>ali Dochod<span class=\"_ _0\"></span>kova Sprav<span class=\"_ _0\"></span>covska Spolo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>nost A.<span class=\"_ _0\"></span>S. </div></div><div class=\"c w1be h41\" style=\"left:391.96863px; bottom:248.68689px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">44,74 </div></div><div class=\"c w1bf h41\" style=\"left:468.25262px; bottom:248.68689px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">44,74 </div></div><div class=\"c w1bc haf\" style=\"left:-4.050377px; bottom:226.53491px;\"><div class=\"t m0 xae h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(1)<span class=\"ls0\"> </span></div></div><div class=\"c w1bd haf\" style=\"left:30.919624px; bottom:226.53491px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Disponibilit\u00e0 voti nell'assemblea ordinaria<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1bc h7a\" style=\"left:-4.050377px; bottom:211.87091px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(2)<span class=\"ls0\"> </span></div></div><div class=\"c w1c0 h7a\" style=\"left:30.919624px; bottom:211.87091px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Dividendo deliberato ma non distribuito<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-425.4801px;\"><div class=\"t m0 x0 h61 y8e2 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c ycef ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y612 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda yff6 ffa fs9 fc2 sc0 ls0 ws0\">3.2 Partecipazioni con interessenze di terzi significative: informazioni contabili </div><div class=\"t m0 x0 hda yff7 ffa fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c9 h42\" style=\"left:531.4716px; bottom:150.25092px;\"><div class=\"t m0 x99 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">(milioni di<span class=\"_ _0\"></span> euro) </div></div><div class=\"c w1c2 h124\" style=\"left:9.248627px; bottom:20.588898px;\"><div class=\"t m0 x41 h107 yff9 ff5 fs7 fc2 sc0 ls0 ws0\">Denominazion<span class=\"_ _0\"></span>i </div></div><div class=\"c w1c3 h124\" style=\"left:171.67061px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yffa ff5 fs7 fc2 sc0 ls0 ws0\">Totale attivo</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c3 h124\" style=\"left:199.75061px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yffb ff5 fs7 fc2 sc0 ls0 ws0\">Cassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquide</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c4 h124\" style=\"left:228.29861px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yffc ff5 fs7 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c3 h124\" style=\"left:256.84662px; bottom:20.588898px;\"><div class=\"t mb x9a h107 ya2c ff5 fs7 fc2 sc0 ls0 ws0\">Attivit\u00e0 material<span class=\"_ _0\"></span>i e immateriali</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c3 h124\" style=\"left:284.61462px; bottom:20.588898px;\"><div class=\"t mb x9a h107 y8cb ff5 fs7 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c5 h124\" style=\"left:313.00662px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yffd ff5 fs7 fc2 sc0 ls0 ws0\">Patrimonio nett<span class=\"_ _0\"></span>o</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c3 h124\" style=\"left:341.73663px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yffe ff5 fs7 fc2 sc0 ls0 ws0\">Margine di intere<span class=\"_ _0\"></span>sse</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c3 h124\" style=\"left:370.12863px; bottom:20.588898px;\"><div class=\"t mb x9a h107 y6e7 ff5 fs7 fc2 sc0 ls0 ws0\">Margine di interm<span class=\"_ _0\"></span>ediazione</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c4 h124\" style=\"left:397.58463px; bottom:20.588898px;\"><div class=\"t mb x9a h107 yfff ff5 fs7 fc2 sc0 ls0 ws0\">Costi operativ<span class=\"_ _0\"></span>i</div><div class=\"t mb x9a h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c6 h124\" style=\"left:425.97662px; bottom:20.588898px;\"><div class=\"t mb x9b h107 y9bc ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al </div><div class=\"t mb x86 h107 y1000 ff5 fs7 fc2 sc0 ls0 ws0\">lordo delle im<span class=\"_ _0\"></span>poste</div><div class=\"t mb x86 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c7 h124\" style=\"left:459.5556px; bottom:20.588898px;\"><div class=\"t mb x9b h107 y9bc ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al </div><div class=\"t mb x86 h107 y1001 ff5 fs7 fc2 sc0 ls0 ws0\">netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste</div><div class=\"t mb x86 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c8 h124\" style=\"left:492.2766px; bottom:20.588898px;\"><div class=\"t mb x96 h107 yb4a ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> dei gruppi d<span class=\"_ _0\"></span>i attivit\u00e0 in via </div><div class=\"t mb xb8 h107 y1002 ff5 fs7 fc2 sc0 ls0 ws0\">di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> impos</div><div class=\"t mb xb8 h107 y1003 ff5 fs7 fc2 sc0 ls3c ws0\">te<span class=\"ls0\"> </span></div></div><div class=\"c w117 h124\" style=\"left:531.4716px; bottom:20.588898px;\"><div class=\"t mb x88 h107 y707 ff5 fs7 fc2 sc0 ls0 ws0\">Utile (perdita) d<span class=\"_ _0\"></span>'esercizio (1)</div><div class=\"t mb x88 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c6 h124\" style=\"left:554.2476px; bottom:20.588898px;\"><div class=\"t mb x9b h107 y8c0 ff5 fs7 fc2 sc0 ls0 ws0\">Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle </div><div class=\"t mb x86 h107 y1004 ff5 fs7 fc2 sc0 ls0 ws0\">imposte (2)</div><div class=\"t mb x86 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1ca h124\" style=\"left:588.0996px; bottom:20.588898px;\"><div class=\"t mb x86 h107 y6e9 ff5 fs7 fc2 sc0 ls0 ws0\">Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva (3) = (1)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>+ (2)</div><div class=\"t mb x86 h107 yff8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1c1 h6a\" style=\"left:-4.050377px; bottom:3.8969116px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1c2 h6a\" style=\"left:9.248627px; bottom:3.8969116px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Bank of Alexandri<span class=\"_ _0\"></span>a </div></div><div class=\"c w1c3 h6a\" style=\"left:171.67061px; bottom:3.8969116px;\"><div class=\"t m0 x8 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">5.171 </div></div><div class=\"c w1c3 h6a\" style=\"left:199.75061px; bottom:3.8969116px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">86<span class=\"ls0\"> </span></div></div><div class=\"c w1c4 h6a\" style=\"left:228.29861px; bottom:3.8969116px;\"><div class=\"t m0 x8 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">4.808 </div></div><div class=\"c w1c3 h6a\" style=\"left:256.84662px; bottom:3.8969116px;\"><div class=\"t m0 x87 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">162<span class=\"ls0\"> </span></div></div><div class=\"c w1c3 h6a\" style=\"left:284.61462px; bottom:3.8969116px;\"><div class=\"t m0 x8 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">4.249 </div></div><div class=\"c w1c5 h6a\" style=\"left:313.00662px; bottom:3.8969116px;\"><div class=\"t m0 x87 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">628<span class=\"ls0\"> </span></div></div><div class=\"c w1c3 h6a\" style=\"left:341.73663px; bottom:3.8969116px;\"><div class=\"t m0 x87 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">353<span class=\"ls0\"> </span></div></div><div class=\"c w1c3 h6a\" style=\"left:370.12863px; bottom:3.8969116px;\"><div class=\"t m0 x87 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">408<span class=\"ls0\"> </span></div></div><div class=\"c w1c4 h6a\" style=\"left:397.58463px; bottom:3.8969116px;\"><div class=\"t m0 x1a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">177</span> </div></div><div class=\"c w1c6 h6a\" style=\"left:425.97662px; bottom:3.8969116px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">191<span class=\"ls0\"> </span></div></div><div class=\"c w1c7 h6a\" style=\"left:459.5556px; bottom:3.8969116px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w117 h6a\" style=\"left:531.4716px; bottom:3.8969116px;\"><div class=\"t m0 x45 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w1c6 h6a\" style=\"left:554.2476px; bottom:3.8969116px;\"><div class=\"t m0 x6 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">319</span> </div></div><div class=\"c w1ca h6a\" style=\"left:588.0996px; bottom:3.8969116px;\"><div class=\"t m0 x6 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">190</span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-911": {
   "value": "4. Restrizioni significative      In termini di restrizioni significative si segnala che il Gruppo Intesa Sanpaolo \u00e8 soggetto alla disciplina prudenziale prevista dalla  Direttiva 2013/36/UE  (CRD  IV)  e  dal  Regolamento  (UE)  575/2013  (CRR),  modificate  rispettivamente  dalla  Direttiva 2019/878/UE  (CRD  V)  e  dal  Regolamento  (UE)  876/2019  (CRR  II),  e  controlla  istituti  finanziari  soggetti  alla  medesima disciplina o a discipline analoghe volte comunque a preservare l\u2019adeguata patrimonializzazione in funzione dei rischi assunti; pertanto la capacit\u00e0 delle banche o delle entit\u00e0 finanziarie controllate di distribuire capitale o dividendi \u00e8 vincolata al rispetto di dette discipline in termini di requisiti patrimoniali.  Rimandando,  per  pi\u00f9  ampi  approfondimenti,  alla  Parte  A-  Sezione  5  del  bilancio  consolidato,  in  conformit\u00e0  al  disposto dell\u2019IFRS 12, si  rammentano in questa  sede le limitazioni attualmente poste dalla normativa russa  che  \u2013 nella sostanza \u2013 impone restrizioni a rimborsi e pagamenti verso soggetti residenti in Paesi \u201cunfriendly\u201d.  Tali  limitazioni,  in  particolare,  gravano  sulla  controllata  Banca  Intesa  Russia,  la  quale  nel  corso  del  2022  \u00e8  stata impossibilitata a indirizzare direttamente i rimborsi delle rate scadute riferibili alle esposizioni infragruppo alle banche creditrici ed ha dunque convogliato su specifici conti, in Russia, le risorse destinate a tali rimborsi (per un ammontare, a fine 2022, di circa 29 milioni di euro). Va peraltro sottolineato come le attuali restrizioni legali al trasferimento di risorse monetarie oltre confine non pregiudichino in alcun  modo  n\u00e9  la  titolarit\u00e0  delle  somme  (di  spettanza  delle  banche  creditrici)  n\u00e9  tantomeno  costituiscano,  come  pi\u00f9 diffusamente argomentato nella Parte A \u2013 Sezione 5, un elemento ostativo al mantenimento del controllo sulla partecipata russa. Infine,  nell\u2019ambito  del  Gruppo  sono  presenti  societ\u00e0  assicurative  soggette  ai  Requisiti  Patrimoniali  di  Solvibilit\u00e0  delle Compagnie assicurative prescritti dalla normativa Solvency II. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-939": {
   "value": "4. Restrizioni significative      In termini di restrizioni significative si segnala che il Gruppo Intesa Sanpaolo \u00e8 soggetto alla disciplina prudenziale prevista dalla  Direttiva 2013/36/UE  (CRD  IV)  e  dal  Regolamento  (UE)  575/2013  (CRR),  modificate  rispettivamente  dalla  Direttiva 2019/878/UE  (CRD  V)  e  dal  Regolamento  (UE)  876/2019  (CRR  II),  e  controlla  istituti  finanziari  soggetti  alla  medesima disciplina o a discipline analoghe volte comunque a preservare l\u2019adeguata patrimonializzazione in funzione dei rischi assunti; pertanto la capacit\u00e0 delle banche o delle entit\u00e0 finanziarie controllate di distribuire capitale o dividendi \u00e8 vincolata al rispetto di dette discipline in termini di requisiti patrimoniali.  Rimandando,  per  pi\u00f9  ampi  approfondimenti,  alla  Parte  A-  Sezione  5  del  bilancio  consolidato,  in  conformit\u00e0  al  disposto dell\u2019IFRS 12, si  rammentano in questa  sede le limitazioni attualmente poste dalla normativa russa  che  \u2013 nella sostanza \u2013 impone restrizioni a rimborsi e pagamenti verso soggetti residenti in Paesi \u201cunfriendly\u201d.  Tali  limitazioni,  in  particolare,  gravano  sulla  controllata  Banca  Intesa  Russia,  la  quale  nel  corso  del  2022  \u00e8  stata impossibilitata a indirizzare direttamente i rimborsi delle rate scadute riferibili alle esposizioni infragruppo alle banche creditrici ed ha dunque convogliato su specifici conti, in Russia, le risorse destinate a tali rimborsi (per un ammontare, a fine 2022, di circa 29 milioni di euro). Va peraltro sottolineato come le attuali restrizioni legali al trasferimento di risorse monetarie oltre confine non pregiudichino in alcun  modo  n\u00e9  la  titolarit\u00e0  delle  somme  (di  spettanza  delle  banche  creditrici)  n\u00e9  tantomeno  costituiscano,  come  pi\u00f9 diffusamente argomentato nella Parte A \u2013 Sezione 5, un elemento ostativo al mantenimento del controllo sulla partecipata russa. Infine,  nell\u2019ambito  del  Gruppo  sono  presenti  societ\u00e0  assicurative  soggette  ai  Requisiti  Patrimoniali  di  Solvibilit\u00e0  delle Compagnie assicurative prescritti dalla normativa Solvency II. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1056": {
   "value": "Metodi di consolidamen<span class=\"_ _0\"></span>to <span class=\"_ _3a\"></span><span class=\"lsd\">  <span class=\"fs6 fc5 ls0\"> </span></span>Consolidamento integr<span class=\"_ _0\"></span>ale<span class=\"fc0\"> </span>Il  consolidamento  integrale  co<span class=\"_ _0\"></span>nsiste  nell\u2019acquisizione  \u201clinea <span class=\"_ _16\"> </span>per  linea\u201d  degli  aggregati  di  Stato <span class=\"_ _17\"> </span><span class=\"ff1\">pa<span class=\"_ _3\"></span>trimoniale  e  di  cont<span class=\"_ _35\"></span>o </span>economico delle societ\u00e0 controllat<span class=\"_ _0\"></span>e. Dopo l\u2019attribuzione ai terzi, in voce propria, delle quote di loro pertinenza del patrim<span class=\"_ _2\"></span><span class=\"ff1\">onio e </span>del  risultato  economic<span class=\"_ _0\"></span>o,  il  valore  della  parte<span class=\"_ _0\"></span>cipazione  viene  annullat<span class=\"_ _0\"></span>o  in  contropartita  al  valore <span class=\"_ _16\"> </span>r<span class=\"_ _5\"></span>esiduo  del  patrimonio<span class=\"_ _0\"></span> della controllata. Le d<span class=\"_ _3\"></span>ifferenze risultanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questa operazione, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>positive, sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">dopo <span class=\"_ _3\"></span>l\u2019eventuale imputazione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>elementi dell\u2019attivo </span>o <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>immateriali come <span class=\"_ _3\"></span>avviamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>differenze negative sono imput<span class=\"_ _0\"></span>ate al conto economico. Le attivit\u00e0, passivit\u00e0, pr<span class=\"_ _0\"></span>oventi ed oneri tra im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese consolidat<span class=\"_ _0\"></span>e vengono integralme<span class=\"_ _0\"></span>nte eliminati.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span><span class=\"ff4\">\u201cmetodo <span class=\"_ _5\"></span>dell\u2019acquisizione\u201d <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _2\"></span>3, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>le </span>attivit\u00e0  ident<span class=\"_ _0\"></span>ificabili  a<span class=\"_ _0\"></span>cquisite  e<span class=\"_ _0\"></span>  le <span class=\"_ _16\"> </span>passivit\u00e0  ide<span class=\"_ _0\"></span>ntificabili <span class=\"_ _16\"> </span>assunte  (comprese  q<span class=\"_ _35\"></span>uelle  potenziali) <span class=\"_ _16\"> </span>devono  essere<span class=\"_ _0\"></span>  rilevat<span class=\"_ _0\"></span>e  a<span class=\"_ _2\"></span><span class=\"ls13\">i </span>rispettivi <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>cquisizione. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"></span>aggregazione <span class=\"_ _6\"></span>aziendale, <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>nella<span class=\"_ _0\"></span> societ\u00e0 <span class=\"_ _6\"></span>acquisita <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>proporzione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>minoranza <span class=\"_ _5\"></span>nelle attivit\u00e0 <span class=\"_ _4\"> </span>nette <span class=\"_ _7\"> </span>identificabili <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>L\u2019eventuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccedenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>(rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair </span>value <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>cedute, <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>emessi) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>eventuale <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fair value delle quote di <span class=\"_ _3\"></span>minoranz<span class=\"_ _0\"></span>a rispetto al <span class=\"_ _3\"></span>fair value delle a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ivit\u00e0 e passivit\u00e0 acquisite viene rilevata come avviamento; qualor<span class=\"_ _0\"></span>a il prezzo risulti inferi<span class=\"_ _0\"></span>ore, la differenza vie<span class=\"_ _0\"></span>ne imputata al<span class=\"_ _3\"></span> conto ec<span class=\"_ _0\"></span>onomico. Il  \u201cmetodo  dell\u2019acqu<span class=\"_ _0\"></span>isizione\u201d  viene  a<span class=\"_ _0\"></span>pplicato  a  partire<span class=\"_ _0\"></span>  dalla  data  dell\u2019acquisi<span class=\"_ _0\"></span>zione,  ossia  dal  m<span class=\"_ _0\"></span>omento  in  c<span class=\"_ _2\"></span><span class=\"ff1\">ui  si  ottiene </span>effettivamente <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>cquisita. <span class=\"_ _4\"> </span>Pertanto, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>controllata <span class=\"_ _4\"> </span>acquisita <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>el periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ua <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _6\"></span>Pariment<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>risultati economici di una co<span class=\"_ _0\"></span>ntrollata ceduta sono in<span class=\"_ _0\"></span>clusi nel bilancio co<span class=\"_ _0\"></span>nsolidato fino alla <span class=\"_ _0\"></span>data in cui il co<span class=\"_ _0\"></span>ntrollo \u00e8 cessato. <span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>dismissione <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>differenze<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cambio rilevate tempo per tem<span class=\"_ _0\"></span>po nel patrimonio ne<span class=\"_ _0\"></span>tto in sede di consolid<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento) \u00e8 rilevata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Ove necessario <span class=\"ff4\">\u2013</span> e fatti salvi casi del tutto marginali <span class=\"ff4\">\u2013</span> i bilanci delle societ\u00e0 consolidate eventu<span class=\"_ _0\"></span>almente redatti in base a criteri<span class=\"_ _0\"></span> contabili diversi sono r<span class=\"_ _0\"></span>esi conformi ai principi<span class=\"_ _0\"></span> del Gruppo. Relativamente  alla  controllata  ucraina  Pravex <span class=\"_ _1d\"> </span>Bank,  l\u2019<span class=\"ff1\">a<span class=\"_ _3\"></span>ggravarsi  della  situazione  nella  c<span class=\"_ _3\"></span>itt\u00e0  di  Kiev <span class=\"_ _1d\"> </span>(dove  ha  sede  la </span>controllata) <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gistrata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>met\u00e0 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>avanti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>ripetuti <span class=\"_ _7\"> </span>bom<span class=\"_ _2\"></span>bardamenti <span class=\"_ _7\"> </span>russi <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>impianti <span class=\"_ _4\"> </span>di generazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>elettricit\u00e0 <span class=\"_ _5\"></span>ucraini, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ritenere <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>un\u2019ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>\u201coperativo\u201d <span class=\"_ _4\"> </span></span>- <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuno mantenere <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"></span>prodotta <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>Pravex<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>settembre 2022. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre, <span class=\"_ _3\"></span>quindi, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>risultanze <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>recepite <span class=\"_ _2\"></span>sull<span class=\"_ _5\"></span><span class=\"ls17\">a </span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>package <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>consolidamento, <span class=\"_ _6\"></span>redatto <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>osservanza <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili <span class=\"_ _4\"></span>IAS/IFRS <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>ome <span class=\"_ _4\"></span>declinati <span class=\"_ _4\"></span>nelle <span class=\"_ _6\"></span>Regole Contabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _16\"> </span>relativo <span class=\"_ _7\"> </span>al  30 <span class=\"_ _7\"> </span>settembre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _7\"> </span>peraltro <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>conversione <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>cambio <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2022. La s<span class=\"_ _3\"></span>celta di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>i dati a<span class=\"_ _3\"></span>l 30 <span class=\"_ _3\"></span>settembre 2022 per <span class=\"_ _3\"></span>il consolidamento integrale di <span class=\"_ _3\"></span>Pra<span class=\"_ _2\"></span>vex, v<span class=\"_ _3\"></span>alutata anche </span>alla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>uce <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>scarsa <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>partecipata, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _4\"></span>motivata<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>oggettivi <span class=\"_ _5\"></span>vincoli <span class=\"_ _2\"></span>operativi, <span class=\"_ _5\"></span>trova <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _2\"></span>riferimento <span class=\"_ _6\"></span>- ancorch\u00e9 per fattispeci<span class=\"_ _0\"></span>e distinte - <span class=\"ff4\">nelle indicazioni dell\u2019IFRS<span class=\"_ _0\"></span> 10<span class=\"_ _90\"> </span></span>75<span class=\"_ _90\"> </span>. 75 <span class=\"ff4\">L\u2019IFRS10 p<span class=\"_ _3\"></span>revede ch<span class=\"_ _3\"></span>e, qual<span class=\"_ _3\"></span>ora non ris<span class=\"_ _3\"></span>ulti possibile <span class=\"_ _3\"></span>utilizzar<span class=\"_ _3\"></span>e i dati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>aggiornati alla <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>data di <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span></span>m<span class=\"_ _3\"></span>ento del bil<span class=\"_ _3\"></span>ancio con<span class=\"_ _3\"></span>solidato, \u00e8 consentito <span class=\"_ _3\"></span>utili<span class=\"_ _3\"></span>zzare <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabili <span class=\"_ _2\"></span>precedenti, <span class=\"_ _2\"></span>purch<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>anteriore <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>mesi. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>maggiori <span class=\"_ _2\"></span>dettagli <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>vedano <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>seguenti <span class=\"_ _2\"></span>paragrafi dell\u2019IFRS 10: I<span class=\"_ _3\"></span>FRS 10.B92 \u201c<span class=\"_ _3\"></span><span class=\"ff2\">I bilanci del<span class=\"_ _3\"></span>la capogrup<span class=\"_ _3\"></span>po e delle s<span class=\"_ _3\"></span>ue controllate <span class=\"_ _3\"></span>utilizzati nell<span class=\"_ _3\"></span>a preparazion<span class=\"_ _3\"></span>e del bilancio<span class=\"_ _3\"></span> consolidato <span class=\"_ _3\"></span>devono rec<span class=\"_ _3\"></span>are la<span class=\"_ _3\"></span> stess<span class=\"_ _3\"></span>a </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Quand<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>chiusura <span class=\"_ _4\"> </span>dell'esercizi<span class=\"_ _3\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>controllante <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollata, <span class=\"_ _4\"> </span>ques<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>'ultima <span class=\"_ _4\"> </span>prepara, <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>di consolidamento, <span class=\"_ _2\"></span>informazio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>stes<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pogru<span class=\"_ _3\"></span>ppo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>os\u00ec <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>consentir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>capogruppo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e informazioni <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controlla<span class=\"_ _3\"></span>ta, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>attibile\u201d; <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>10.B<span class=\"_ _3\"></span>93 <span class=\"_ _2\"></span>\u201cS<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>q<span class=\"_ _3\"></span>uesto <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fattibile, <span class=\"_ _5\"> </span>la <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span><span class=\"ff2\">trollan<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nsolidare <span class=\"_ _5\"></span>le </span>informazioni <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>ella controllata<span class=\"_ _3\"></span> utilizza<span class=\"_ _3\"></span>ndo il su<span class=\"_ _3\"></span>o bilancio <span class=\"_ _3\"></span>pi\u00f9 recente <span class=\"_ _3\"></span>rettific<span class=\"_ _3\"></span>ato per ten<span class=\"_ _3\"></span>ere conto <span class=\"_ _3\"></span>dell'effetto di <span class=\"_ _3\"></span>operazi<span class=\"_ _3\"></span>oni o eve<span class=\"_ _3\"></span>nti significa<span class=\"_ _3\"></span>tivi che si <span class=\"_ _3\"></span>verific<span class=\"_ _3\"></span>ano <span class=\"_ _3\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ato. <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diff<span class=\"_ _3\"></span>erenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlla<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>del bilancio <span class=\"_ _6\"> </span>cons<span class=\"_ _3\"></span>olidato <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>dev<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>essere<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>superior<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>tr<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>mesi;<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>inoltre, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>lung<span class=\"_ _3\"></span>hezza <span class=\"_ _6\"> </span>degli<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>esercizi<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>differenz<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>date <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bilancio<span class=\"_ _3\"></span> dovranno esser<span class=\"_ _3\"></span>e uguali di esercizio<span class=\"_ _3\"></span> in esercizio<span class=\"_ _3\"></span><span class=\"ff4\">\u201d</span>.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1008": {
   "value": "Consolidamento con il metodo del patrimonio netto Sono  consolidate  con  il  metodo  sintetico  del  patrimonio  netto  le  imprese  collegate  e  le  imprese  sottoposte  a  controllo congiunto.  Il metodo del patrimonio netto prevede l\u2019iscrizione iniziale della partecipazione al costo ed il suo successivo adeguamento di valore sulla base della quota di pertinenza del patrimonio netto della partecipata. Le differenze tra il valore della partecipazione ed il patrimonio netto della partecipata di pertinenza sono incluse nel valore contabile della partecipata. Nella valorizzazione della quota di pertinenza non vengono considerati eventuali diritti di voto potenziali. La quota di pertinenza dei risultati d\u2019esercizio della partecipata \u00e8 rilevata in specifica voce del conto economico consolidato. Se esistono evidenze che il valore di una partecipazione possa aver subito una riduzione, si procede alla stima del valore recuperabile della partecipazione stessa, tenendo conto del valore attuale dei  flussi finanziari futuri che  la partecipazione potr\u00e0 generare, incluso il valore di dismissione finale dell\u2019investimento. Qualora il valore di recupero risulti inferiore al valore contabile, la relativa differenza \u00e8 rilevata nel conto economico. Per  il  consolidamento  delle  societ\u00e0  sottoposte  a  controllo  congiunto  e  delle  partecipazioni  in  societ\u00e0  collegate  sono  stati utilizzati i bilanci (annuali o infra-annuali) pi\u00f9 recenti approvati dalle societ\u00e0. In alcuni marginali casi le societ\u00e0 non applicano i principi IAS/IFRS e pertanto per tali societ\u00e0 \u00e8 stato verificato che l\u2019eventuale applicazione dei principi IAS/IFRS non avrebbe prodotto effetti significativi sul bilancio consolidato del Gruppo Intesa Sanpaolo. 5.  Partecipazioni Criteri di classificazione, iscrizione e valutazione  La voce include le interessenze detenute in societ\u00e0 controllate congiuntamente e collegate. Sono  considerate  societ\u00e0  sottoposte  a  controllo  congiunto  (joint  ventures)  le  entit\u00e0  per  le  quali,  su  base  contrattuale,  il controllo \u00e8 condiviso fra il Gruppo e uno o pi\u00f9 altri soggetti, ovvero quando per le decisioni riguardanti le attivit\u00e0 rilevanti \u00e8 richiesto il consenso unanime di tutte le parti che condividono il controllo. Sono considerate societ\u00e0 sottoposte ad una influenza notevole (collegate), le entit\u00e0 in cui il Gruppo possiede almeno il 20% dei diritti di voto (ivi inclusi i diritti di voto \u201cpotenziali\u201d) o nelle quali - pur con una quota di diritti di voto inferiore - ha il potere di partecipare alla determinazione delle politiche finanziarie e gestionali della partecipata in virt\u00f9 di particolari legami giuridici quali la partecipazione a patti di sindacato.  Non sono considerate sottoposte ad influenza notevole alcune interessenze superiori al 20%, nelle quali il Gruppo detiene esclusivamente diritti patrimoniali su una porzione dei frutti degli investimenti, non ha accesso alle politiche di gestione e pu\u00f2 esercitare diritti di governance limitati alla tutela degli interessi patrimoniali. Le partecipazioni sono rilevate al costo e contabilizzate in base al metodo del patrimonio netto. Se esistono evidenze che il valore  di  una  partecipazione  possa  aver  subito  una  riduzione,  si  procede  alla  stima  del  valore  recuperabile  della partecipazione stessa, tenendo conto del valore attuale dei flussi finanziari futuri che la partecipazione potr\u00e0 generare, incluso il valore di dismissione finale dell\u2019investimento. Qualora il valore di recupero risulti inferiore al valore contabile, la relativa differenza \u00e8 rilevata a conto economico. Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla rilevazione della riduzione di valore, vengono effettuate riprese di valore con imputazione a conto economico. Criteri di cancellazione Le partecipazioni vengono cancellate quando scadono i diritti contrattuali sui flussi finanziari derivati dalle attivit\u00e0 stesse o quando la partecipazione viene ceduta trasferendo sostanzialmente tutti i rischi e benefici ad essa connessi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-980": {
   "value": "Consolidamento con il metodo del patrimonio netto Sono  consolidate  con  il  metodo  sintetico  del  patrimonio  netto  le  imprese  collegate  e  le  imprese  sottoposte  a  controllo congiunto.  Il metodo del patrimonio netto prevede l\u2019iscrizione iniziale della partecipazione al costo ed il suo successivo adeguamento di valore sulla base della quota di pertinenza del patrimonio netto della partecipata. Le differenze tra il valore della partecipazione ed il patrimonio netto della partecipata di pertinenza sono incluse nel valore contabile della partecipata. Nella valorizzazione della quota di pertinenza non vengono considerati eventuali diritti di voto potenziali. La quota di pertinenza dei risultati d\u2019esercizio della partecipata \u00e8 rilevata in specifica voce del conto economico consolidato. Se esistono evidenze che il valore di una partecipazione possa aver subito una riduzione, si procede alla stima del valore recuperabile della partecipazione stessa, tenendo conto del valore attuale dei  flussi finanziari futuri che  la partecipazione potr\u00e0 generare, incluso il valore di dismissione finale dell\u2019investimento. Qualora il valore di recupero risulti inferiore al valore contabile, la relativa differenza \u00e8 rilevata nel conto economico. Per  il  consolidamento  delle  societ\u00e0  sottoposte  a  controllo  congiunto  e  delle  partecipazioni  in  societ\u00e0  collegate  sono  stati utilizzati i bilanci (annuali o infra-annuali) pi\u00f9 recenti approvati dalle societ\u00e0. In alcuni marginali casi le societ\u00e0 non applicano i principi IAS/IFRS e pertanto per tali societ\u00e0 \u00e8 stato verificato che l\u2019eventuale applicazione dei principi IAS/IFRS non avrebbe prodotto effetti significativi sul bilancio consolidato del Gruppo Intesa Sanpaolo.  5.  Partecipazioni Criteri di classificazione, iscrizione e valutazione  La voce include le interessenze detenute in societ\u00e0 controllate congiuntamente e collegate. Sono  considerate  societ\u00e0  sottoposte  a  controllo  congiunto  (joint  ventures)  le  entit\u00e0  per  le  quali,  su  base  contrattuale,  il controllo \u00e8 condiviso fra il Gruppo e uno o pi\u00f9 altri soggetti, ovvero quando per le decisioni riguardanti le attivit\u00e0 rilevanti \u00e8 richiesto il consenso unanime di tutte le parti che condividono il controllo. Sono considerate societ\u00e0 sottoposte ad una influenza notevole (collegate), le entit\u00e0 in cui il Gruppo possiede almeno il 20% dei diritti di voto (ivi inclusi i diritti di voto \u201cpotenziali\u201d) o nelle quali - pur con una quota di diritti di voto inferiore - ha il potere di partecipare alla determinazione delle politiche finanziarie e gestionali della partecipata in virt\u00f9 di particolari legami giuridici quali la partecipazione a patti di sindacato.  Non sono considerate sottoposte ad influenza notevole alcune interessenze superiori al 20%, nelle quali il Gruppo detiene esclusivamente diritti patrimoniali su una porzione dei frutti degli investimenti, non ha accesso alle politiche di gestione e pu\u00f2 esercitare diritti di governance limitati alla tutela degli interessi patrimoniali. Le partecipazioni sono rilevate al costo e contabilizzate in base al metodo del patrimonio netto. Se esistono evidenze che il valore  di  una  partecipazione  possa  aver  subito  una  riduzione,  si  procede  alla  stima  del  valore  recuperabile  della partecipazione stessa, tenendo conto del valore attuale dei flussi finanziari futuri che la partecipazione potr\u00e0 generare, incluso il valore di dismissione finale dell\u2019investimento. Qualora il valore di recupero risulti inferiore al valore contabile, la relativa differenza \u00e8 rilevata a conto economico. Qualora i motivi della perdita di valore siano rimossi a seguito di un evento verificatosi successivamente alla rilevazione della riduzione di valore, vengono effettuate riprese di valore con imputazione a conto economico. Criteri di cancellazione Le partecipazioni vengono cancellate quando scadono i diritti contrattuali sui flussi finanziari derivati dalle attivit\u00e0 stesse o quando la partecipazione viene ceduta trasferendo sostanzialmente tutti i rischi e benefici ad essa connessi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-940": {
   "value": "Consolidamento con il me<span class=\"_ _0\"></span>todo del patrimonio netto Sono <span class=\"_ _16\"> </span>consolidate <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>sintetico <span class=\"_ _7\"> </span>del  patrim<span class=\"_ _0\"></span>onio <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _16\"> </span>collegate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoposte <span class=\"_ _7\"> </span>a  cont<span class=\"_ _0\"></span>rollo congiunto.  Il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>l\u2019iscrizione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>suo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ucc<span class=\"_ _2\"></span><span class=\"ff1\">essivo <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>guamento <span class=\"_ _3\"></span>di </span>valore sulla base della q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di perti<span class=\"_ _0\"></span>nenza del patrimoni<span class=\"_ _0\"></span>o netto della parte<span class=\"_ _0\"></span>cipata.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pertinenza <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>valo<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>e contabile della parte<span class=\"_ _0\"></span>cipata. Nella valorizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla quota di pertin<span class=\"_ _0\"></span>enza non vengono c<span class=\"_ _0\"></span>onsiderati eventuali diri<span class=\"_ _0\"></span>tti di voto potenzi<span class=\"_ _0\"></span>ali.<span class=\"_ _2\"></span> La quota di pertinenza <span class=\"_ _0\"></span>dei risultati d\u2019esercizi<span class=\"_ _0\"></span>o della partecipata <span class=\"_ _35\"></span>\u00e8<span class=\"_ _3\"></span> rilevata in specifi<span class=\"_ _0\"></span>ca voce del conto e<span class=\"_ _0\"></span>conomico consolida<span class=\"_ _2\"></span><span class=\"ff1\">to. </span>Se <span class=\"_ _5\"></span>esistono <span class=\"_ _5\"></span>evidenze <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _2\"></span>possa <span class=\"_ _5\"></span>aver <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>riduzione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore recuperabile <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>stessa, <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>futuri <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> potr\u00e0 <span class=\"_ _2\"></span>generare, <span class=\"_ _2\"></span>in<span class=\"ff4\">cluso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dismissione <span class=\"_ _3\"></span>finale <span class=\"_ _2\"></span>dell\u2019investimento. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>risulti <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>valore<span class=\"_ _0\"></span> </span>contabile, la relativa <span class=\"_ _0\"></span>differenza \u00e8 rilevata <span class=\"_ _0\"></span>nel conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consolidamento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>congiunto <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>collegate <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati utilizzati i <span class=\"_ _3\"></span>bilanci (annuali o <span class=\"_ _3\"></span>infra<span class=\"_ _3\"></span>-annuali) pi\u00f9 r<span class=\"_ _3\"></span>ecenti approvati dalle <span class=\"_ _3\"></span>societ\u00e0. In a<span class=\"_ _3\"></span>lcuni marginali casi <span class=\"_ _3\"></span>le societ\u00e0 <span class=\"_ _3\"></span>non applicano i principi <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span><span class=\"ff1\">eventuale <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principi <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>avrebbe </span>prodotto effetti signifi<span class=\"_ _0\"></span>cativi sul bilancio <span class=\"_ _0\"></span>consolidato del Gruppo I<span class=\"_ _0\"></span>ntesa Sanpaolo.<span class=\"_ _90\"> </span>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Partecipazioni </span>Criteri di classifica<span class=\"_ _0\"></span>zione, iscrizione e valuta<span class=\"_ _0\"></span>zione <span class=\"ff1 fc0\"> </span>La voce include le inter<span class=\"_ _0\"></span>essenze detenute in<span class=\"_ _0\"></span> societ\u00e0 controllat<span class=\"_ _0\"></span>e congiuntamente e<span class=\"_ _0\"></span> collegate.<span class=\"_ _3\"></span> Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>congiunto  (j<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>int <span class=\"_ _7\"> </span>ventures) <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>qua<span class=\"_ _3\"></span>li, <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>contrattuale, <span class=\"_ _7\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rileva<span class=\"_ _5\"></span>nti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividono il controllo. Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>possiede <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0% dei diritti di <span class=\"_ _3\"></span>voto (ivi i<span class=\"_ _3\"></span>nclusi i diritti di<span class=\"_ _3\"></span> voto \u201cpotenziali\u201d) o ne<span class=\"_ _3\"></span>lle quali <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>pur con una<span class=\"_ _3\"></span> quota di diritti<span class=\"_ _3\"></span> di<span class=\"_ _3\"></span> voto <span class=\"_ _3\"></span>inferiore - <span class=\"_ _3\"></span>ha il potere <span class=\"_ _3\"></span>di </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giu<span class=\"_ _5\"></span>ridici quali la partecipazione <span class=\"_ _0\"></span>a patti di sindacat<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>considerate <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenz<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>interessenze <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>%, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>detiene<span class=\"_ _0\"></span> esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali su <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti degli <span class=\"_ _3\"></span>investimenti, non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche di <span class=\"_ _3\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla<span class=\"_ _3\"></span> tutela degli inter<span class=\"_ _0\"></span>essi patrimoniali. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>contabilizzate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio <span class=\"_ _3\"></span>netto.<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il valore <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>par<span class=\"_ _3\"></span>tecipazione <span class=\"_ _17\"> </span>possa <span class=\"_ _18\"> </span>aver <span class=\"_ _1c\"> </span>subito <span class=\"_ _17\"> </span>una <span class=\"_ _1c\"> </span>riduzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>procede <span class=\"_ _18\"> </span>alla <span class=\"_ _1c\"> </span>stim<span class=\"_ _0\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _18\"> </span>recuperabile <span class=\"_ _18\"> </span>della partecipazione stessa, tene<span class=\"_ _0\"></span>ndo conto del valore attual<span class=\"_ _0\"></span>e dei flussi finanziari futuri<span class=\"_ _0\"></span> che la partecipazione potr\u00e0 <span class=\"_ _2\"></span>generare, inclus<span class=\"_ _0\"></span>o il valore di dismissio<span class=\"_ _0\"></span>ne finale dell\u2019investime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Qualora il valore di r<span class=\"_ _0\"></span>ecupero risulti i<span class=\"_ _0\"></span>nferiore al valore co<span class=\"_ _0\"></span>ntabile, la relativa differ<span class=\"_ _0\"></span>enza \u00e8 rilevata a <span class=\"_ _0\"></span>conto economico.<span class=\"_ _3\"></span> Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _5\"></span>di u<span class=\"_ _3\"></span>n evento <span class=\"_ _3\"></span>verificatosi successivamente <span class=\"_ _3\"></span>alla r<span class=\"_ _3\"></span>ilevazione della riduzione di valore, v<span class=\"_ _0\"></span>engono effettuate ripre<span class=\"_ _0\"></span>se di valore con imp<span class=\"_ _0\"></span>utazione a conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span> Criteri di cancellazione Le <span class=\"_ _6\"></span>partecipazioni <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>cancellate <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>contrattua<span class=\"_ _2\"></span>li <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>stesse <span class=\"_ _5\"></span>o quando la partecipazio<span class=\"_ _0\"></span>ne viene ceduta tr<span class=\"_ _0\"></span>asferendo sostanzialm<span class=\"_ _35\"></span>ente<span class=\"_ _3\"></span> tutti i risc<span class=\"_ _0\"></span>hi e benefici ad es<span class=\"_ _0\"></span>sa connessi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-981": {
   "value": "Conversione dei bilan<span class=\"_ _0\"></span>ci in moneta diversa da<span class=\"_ _0\"></span>ll\u2019euro<span class=\"ffa fc0\"> </span>I <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aree <span class=\"_ _2\"></span>diverse <span class=\"_ _6\"></span><span class=\"ff4\">dall\u2019euro <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>convertiti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>voci <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo<span class=\"_ _0\"></span> </span>patrimoniale i cambi <span class=\"_ _0\"></span>correnti alla data di <span class=\"_ _0\"></span>chiusura dell\u2019esercizio <span class=\"_ _0\"></span>e alle voci di co<span class=\"_ _0\"></span>nto economico i cambi me<span class=\"_ _0\"></span>di dell\u2019esercizio<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Le differenze di c<span class=\"_ _3\"></span>ambio da conversione dei b<span class=\"_ _3\"></span>ilan<span class=\"_ _3\"></span><span class=\"ff4\">ci di <span class=\"_ _3\"></span>queste imprese, derivanti dall\u2019applicazione di cambi <span class=\"_ _3\"></span>diversi per le attivit\u00e0 </span>e <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>economico, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>imputate <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>voce <span class=\"_ _6\"></span>Riserve <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"> </span>netto. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>differenze<span class=\"_ _35\"></span> cambio sui patrim<span class=\"_ _0\"></span>oni netti delle part<span class=\"_ _0\"></span>ecipate vengono<span class=\"_ _3\"></span> <span class=\"ff4\">anch\u2019esse <span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ilevate nella voce Ri<span class=\"_ _0\"></span>serve da valutazione. <span class=\"ff1\"> </span></span>Tutte le differenze di c<span class=\"_ _0\"></span>ambio vengono ri<span class=\"_ _0\"></span>versate nel conto ec<span class=\"_ _0\"></span>onomico nell\u2019esercizio<span class=\"_ _0\"></span> in cui la partecipa<span class=\"_ _0\"></span>zione viene dismessa.<span class=\"_ _90\"> </span>15. <span class=\"_ _1c\"> </span>Operazioni in valuta Definizione La <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>estera <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>differente <span class=\"_ _7\"> </span>dalla  val<span class=\"_ _0\"></span>uta <span class=\"_ _16\"> </span>funzionale <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>l\u2019impresa, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>volta  \u00e8 <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>dell\u2019ambiente<span class=\"_ _0\"></span> economico prevalente <span class=\"_ _0\"></span>in cui l\u2019impresa st<span class=\"_ _0\"></span>essa opera<span class=\"ff1\">. </span>Criteri di rilevazione <span class=\"_ _0\"></span>iniziale Le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>registrate, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>conto, <span class=\"_ _2\"></span>applicando <span class=\"_ _3\"></span>all\u2019imp<span class=\"_ _5\"></span><span class=\"ff1\">orto </span>in valuta estera il t<span class=\"_ _0\"></span>asso di cambio in vigo<span class=\"_ _0\"></span>re alla data dell\u2019op<span class=\"_ _0\"></span>erazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Criteri di rilevazione succe<span class=\"_ _0\"></span>ssiva Ad ogni chiusura di bil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ncio o di situazione <span class=\"_ _0\"></span>infrannuale, le poste<span class=\"_ _0\"></span> di bilancio in v<span class=\"_ _0\"></span>aluta estera veng<span class=\"_ _0\"></span>ono valorizzate com<span class=\"_ _0\"></span>e segu<span class=\"_ _2\"></span><span class=\"ls10\">e:</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste monetarie<span class=\"_ _0\"></span> sono convertite al t<span class=\"_ _0\"></span>asso di cambio alla dat<span class=\"_ _0\"></span>a di chiusura;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al <span class=\"ff4\">costo storico sono c<span class=\"_ _0\"></span>onvertite al tasso di <span class=\"_ _0\"></span>cambio in essere all<span class=\"_ _0\"></span>a data dell\u2019operazio<span class=\"_ _0\"></span>ne;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al fair <span class=\"_ _0\"></span>value sono convertit<span class=\"_ _0\"></span>e utilizzando i tas<span class=\"_ _0\"></span>si di cambio in essere <span class=\"_ _0\"></span>alla data di chiusura.<span class=\"_ _3\"></span> </span>Le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>monetari <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>monetari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassi diversi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>iniziali, <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedente, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>del periodo in cui sorgono. Quando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>uti<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>elemento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>monetario <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambio relativa <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _6\"> </span>elemento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>rilevata <span class=\"_ _5\"></span>anch\u2019essa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"> </span>contro, <span class=\"_ _6\"> </span>quando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>utile <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>una <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto economico, \u00e8 rilevata in cont<span class=\"_ _0\"></span>o economico anc<span class=\"_ _0\"></span>he la relativa differenza c<span class=\"_ _0\"></span>ambio. Relativamente <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>tematica <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>\u201cConversione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>neta <span class=\"_ _7\"> </span>diversa <span class=\"_ _7\"> </span>dall\u2019euro\u201d <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>consolidamento <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l trattamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>cambio <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _6\"></span>invece, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _4\"></span>paragraf<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"></span>A: <span class=\"_ _6\"></span>Sezione <span class=\"_ _6\"></span>3 <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Area <span class=\"_ _6\"></span>e metodi di consolidame<span class=\"_ _0\"></span>nto della presente<span class=\"_ _0\"></span> nota integrativa. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-912": {
   "value": "SEZIONE 4 - EVENTI SUCCES<span class=\"_ _3\"></span>SIVI ALLA DATA DI RIFERIMENT<span class=\"_ _3\"></span>O DEL BILANCIO <span class=\"_ _3\"></span> Il 1\u00b0 gennaio 2023 \u00e8 divenuta efficace la modifica dello Statuto di Banca 5 S.p.A. con la nuova <span class=\"_ _3\"></span>denominazione<span class=\"_ _0\"></span> della societ\u00e0 i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>Isybank <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>Trattasi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>primo <span class=\"_ _2\"></span>passaggio <span class=\"_ _3\"></span>formale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>pro<span class=\"_ _3\"></span>getto <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>realizzazione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>dare <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anca digitale all\u2019interno <span class=\"_ _0\"></span>del Gruppo, cos\u00ec com<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> previsto dal Pian<span class=\"_ _0\"></span>o d\u2019Impresa 2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025. </span>Sempre  i<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>1\u00b0  gennaio <span class=\"_ _16\"> </span>2023  \u00e8 <span class=\"_ _7\"> </span>stata  deliberata <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>parte  delle <span class=\"_ _16\"> </span>assemblee <span class=\"_ _16\"> </span>straordinarie <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>due  soci<span class=\"_ _0\"></span>et\u00e0  la <span class=\"_ _16\"> </span>fus<span class=\"_ _2\"></span>ione  per<span class=\"_ _35\"></span> incorporazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Fideuram <span class=\"_ _7\"> </span>Bank <span class=\"_ _7\"> </span>(Luxembourg) <span class=\"_ _4\"> </span>S.A. <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _4\"> </span>de <span class=\"_ _7\"> </span>Banque <span class=\"_ _7\"> </span>Priv\u00e9e <span class=\"_ _7\"> </span>Quilvest <span class=\"_ _4\"> </span>S.A., <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a denominazione di Int<span class=\"_ _0\"></span>esa Sanpaolo W<span class=\"_ _0\"></span>ealth Management, co<span class=\"_ _0\"></span>n decorrenza degli effe<span class=\"_ _0\"></span>tti civilistici e cont<span class=\"_ _0\"></span>abili in pari data.<span class=\"_ _3\"></span> In <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span><span class=\"ff4\">ll\u2019acquisto <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>azioni <span class=\"_ _7\"> </span>proprie <span class=\"_ _7\"> </span>finalizzato <span class=\"_ _7\"> </span>all'annullamento <span class=\"_ _7\"> </span>(buyback) <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>esborso <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>massimo <span class=\"_ _7\"> </span>di </span>3.400 milioni <span class=\"_ _16\"> </span>e  per  u<span class=\"_ _0\"></span>n  numero <span class=\"_ _16\"> </span>di  azioni <span class=\"_ _16\"> </span>non  sup<span class=\"_ _0\"></span>eriore  a <span class=\"_ _16\"> </span>n.  2.615.384.615<span class=\"_ _0\"></span>  azioni <span class=\"_ _16\"> </span>ordinarie  I<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tesa  S<span class=\"_ _0\"></span>anpaolo  appro<span class=\"_ _0\"></span>vato dall\u2019Assemblea <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpa<span class=\"_ _0\"></span>olo<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>29 <span class=\"_ _6\"></span>aprile <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>autorizzato <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>BCE <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>comunicazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>pervenuta <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>24 <span class=\"_ _6\"></span>giugno </span>2022 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span><span class=\"ff4\">che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>avuto <span class=\"_ _7\"> </span>esecuzione <span class=\"_ _7\"> </span>attraverso <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>avviato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>4 <span class=\"_ _7\"> </span>luglio <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>concluso <span class=\"_ _7\"> </span>l\u201911 <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>con </span>l\u2019esborso <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>1.700 <span class=\"_ _6\"> </span>milioni <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>l\u2019acquisto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>n. <span class=\"_ _4\"> </span>988.632.<span class=\"ff1\">803 <span class=\"_ _4\"> </span>azioni <span class=\"_ _6\"></span>(<span class=\"_ _3\"></span>tutte <span class=\"_ _6\"></span>annullate)<span class=\"_ _90\"> </span></span>76 <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>6 <span class=\"_ _6\"></span>febbraio <span class=\"_ _4\"></span>2023 <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _5\"></span>ha comunicato <span class=\"_ _2\"></span>l\u2019avvio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>buyback <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>restante <span class=\"_ _5\"></span>esborso <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>1.700 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>numero <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>a n.<span class=\"ls0\"> 1.626.751.8<span class=\"_ _0\"></span>12, cos\u00ec come del<span class=\"_ _0\"></span>iberato dal Consiglio di<span class=\"_ _0\"></span> Amministrazione d<span class=\"_ _0\"></span>ella Banca del 3 feb<span class=\"_ _3\"></span>braio 2023.  </span>L\u2019esecuzione <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>p<span class=\"_ _3\"></span>rogramma, <span class=\"_ _1c\"> </span>affidata <span class=\"_ _1c\"> </span>ad <span class=\"_ _20\"> </span>un <span class=\"_ _1c\"> </span>intermediario <span class=\"_ _1c\"> </span>te<span class=\"_ _3\"></span>rzo <span class=\"_ _1c\"> </span>incaricato, <span class=\"_ _1c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _1c\"> </span>piena <span class=\"_ _20\"> </span>indipenden<span class=\"_ _0\"></span>za <span class=\"_ _1c\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>senza <span class=\"_ _20\"> </span>alcun<span class=\"_ _35\"></span> coinvolgimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>effettuare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>regolamentato <span class=\"_ _3\"></span>Euronext <span class=\"_ _3\"></span>Milan <span class=\"_ _2\"></span>gestito <span class=\"_ _3\"></span>da Borsa <span class=\"_ _2\"></span>Italiana <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>avviata <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>febbraio <span class=\"_ _3\"></span>2023 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncluder\u00e0 <span class=\"_ _3\"></span>entro <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2023, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>autorizzati dall\u2019Assemblea <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>29 <span class=\"_ _6\"></span>aprile <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>prevedono <span class=\"_ _6\"></span>l\u2019acquisto <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>azioni <span class=\"_ _6\"></span>proprie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>oro annullamento entro <span class=\"_ _3\"></span>la data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stacco del <span class=\"_ _3\"></span>dividendo relativo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>bilancio di e<span class=\"_ _3\"></span>sercizio chiusosi a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>ossia entro <span class=\"_ _3\"></span>il 22 maggio 2023. Sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>numero <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>saranno <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>annullamento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ompletamen<span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>programma, <span class=\"_ _5\"></span>Intesa Sanpaolo comunicher\u00e0 l'<span class=\"_ _0\"></span>importo definitivo <span class=\"_ _0\"></span>del saldo dividendi p<span class=\"_ _0\"></span>er azione entro il <span class=\"_ _0\"></span>18 maggio 2023.<span class=\"_ _3\"></span> <div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y278 ff1 fsf fc0 sc0 ls1c ws0\">76</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 hb y279 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _6\"></span>Le <span class=\"_ _6\"> </span>inf<span class=\"_ _3\"></span>ormazioni <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>de<span class=\"ff4\">t<span class=\"_ _3\"></span>taglio <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>programma <span class=\"_ _4\"> </span>iniziale <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>riportate <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _4\"> </span>\u201cGli <span class=\"_ _6\"> </span>ev<span class=\"_ _3\"></span>enti <span class=\"_ _6\"> </span>rilev<span class=\"_ _3\"></span>anti\u201d <span class=\"_ _6\"> </span>dell<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>Relazio<span class=\"_ _3\"></span>ne <span class=\"_ _6\"> </span>sull\u2019<span class=\"_ _3\"></span>andamento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span></span>la </div><div class=\"t m0 x0 hb y27a ff1 fs4 fc0 sc0 ls0 ws0\">gestione. </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-982": {
   "value": "SEZIONE 5 - ALTRI ASPETT<span class=\"_ _3\"></span>I     <span class=\"fs9\"> </span>RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA CRISI RUS<span class=\"_ _0\"></span>SO/UCRAINA E DE<span class=\"_ _0\"></span>LLA PANDEMIA DA CO<span class=\"_ _0\"></span>VID-<span class=\"_ _3\"></span><span class=\"lsc\">19</span> Premessa L\u2019esercizio <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>caratterizzato, <span class=\"_ _7\"> </span>sotto <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>profilo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischi, <span class=\"_ _4\"> </span>sia <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>positivi <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>di </span>regressione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>impatti <span class=\"_ _7\"> </span>derivanti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _7\"> </span>pandemia <span class=\"_ _7\"> </span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>conseguenze <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>solvibilit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>clientela, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>da aspetti <span class=\"_ _3\"></span>negativi <span class=\"_ _2\"></span>primariamente <span class=\"_ _3\"></span>riconducibili <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-ucraino <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>conseguenze <span class=\"_ _3\"></span>indotte <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione ai <span class=\"_ _3\"></span>rincari <span class=\"_ _3\"></span>dei prezzi <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>fonti energetiche, <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>carenza di <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>materie <span class=\"_ _3\"></span>prime ed<span class=\"_ _3\"></span> all\u2019effetto <span class=\"_ _3\"></span>sull\u2019aumento dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>ne \u00e8 </span>derivato.  La <span class=\"_ _4\"> </span>preparazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>consolidato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conformit\u00e0 <span class=\"_ _4\"></span>agli <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>richiede <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>management <span class=\"_ _4\"> </span>effettui <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ipotesi <span class=\"_ _4\"></span>che influenzano <span class=\"_ _5\"></span>l'ammontare <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0, <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0, <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>spese <span class=\"_ _6\"></span>rilevate <span class=\"_ _7\"> </span><span class=\"ff4\">nell\u2019esercizio,<span class=\"_ _35\"></span> </span>nonch\u00e9 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>indicato <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>maggiori <span class=\"_ _3\"></span>dettagli <span class=\"_ _2\"></span>nell\u2019apposito <span class=\"_ _2\"></span>paragrafo della <span class=\"_ _2\"></span>presente <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integrativa <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>A2: <span class=\"_ _5\"></span>Sezione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>Utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>assunzioni nella <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dell\u2019informativa <span class=\"_ _3\"></span>finanziaria). <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incertezza <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>stime <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>management, <span class=\"_ _6\"> </span><span class=\"ff1 ls1f\">che </span>si basano s<span class=\"_ _3\"></span>ull'esperienza storica e su <span class=\"_ _3\"></span>altri presupposti che s<span class=\"_ _3\"></span>i ritiene siano ragionevoli, <span class=\"_ _3\"></span>includono quelle relativ<span class=\"_ _5\"></span>e alle perdite s<span class=\"_ _3\"></span>u crediti,  il <span class=\"_ _16\"> </span>fair  value <span class=\"_ _16\"> </span>di  strumenti  fi<span class=\"_ _0\"></span>nanziari  (i<span class=\"_ _0\"></span>nclusi  deriv<span class=\"_ _0\"></span>ati),  imposte <span class=\"_ _16\"> </span>sul  reddito  d<span class=\"_ _0\"></span>elle  socie<span class=\"_ _0\"></span>t\u00e0,  benefici <span class=\"_ _16\"> </span>per  i  dipend<span class=\"_ _0\"></span>en<span class=\"_ _5\"></span>ti, avviamento <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali, <span class=\"_ _7\"> </span>la  r<span class=\"_ _0\"></span>iduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cancellazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie e gli ac<span class=\"_ _0\"></span>cantonamenti per rischi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d oneri. La <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>descritta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>causato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>causare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>incertezza <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>settore finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>riflessa <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>hiave <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>caratterizzati <span class=\"_ _3\"></span>da elementi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>novit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>riscontrabili <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>periodi <span class=\"_ _7\"> </span>recenti <span class=\"_ _7\"> </span>sono, <span class=\"_ _16\"> </span>infatti, <span class=\"_ _7\"> </span>particolarmente <span class=\"_ _7\"> </span>difficili <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>catturare <span class=\"_ _1d\"> </span>nel processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modellizzazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>creditizie <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>conseguenza <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>estrema <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>produrre <span class=\"_ _2\"></span>previsioni per rischi specifici di<span class=\"_ _0\"></span> portafoglio in tali cir<span class=\"_ _0\"></span>costanze.  Con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>previste <span class=\"_ _16\"> </span>nelle <span class=\"_ _7\"> </span>Policy <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>gruppo, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>specifica <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>stesse <span class=\"_ _7\"> </span>prevedono <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>in<span class=\"_ _0\"></span> determinate <span class=\"_ _16\"> </span>circostanze  <span class=\"ff4\">\u2013<span class=\"_ _0\"></span><span class=\"ff1\">  qu<span class=\"_ _0\"></span>ali  q<span class=\"_ _0\"></span>uella <span class=\"_ _16\"> </span>attuale  - <span class=\"_ _16\"> </span><span class=\"ff4\">emerga <span class=\"_ _16\"> </span>l\u2019esigenza <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>apportare <span class=\"_ _16\"> </span>aggiustamenti <span class=\"_ _16\"> </span>temporanei <span class=\"_ _16\"> </span>(aggravi <span class=\"_ _16\"> </span>alle </span></span></span>valutazioni) <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>modellisti<span class=\"_ _0\"></span>ca <span class=\"_ _3\"></span>adottata, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>ottica <span class=\"_ _3\"></span>cautelativa. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>evenienza <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>nascere <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>di <span class=\"_ _4\"></span>eventi esogeni, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>inattesa, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controllabili a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>opera <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>conseguenze <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>vasta <span class=\"_ _3\"></span>scala, <span class=\"_ _3\"></span>sulla misurazione  della  ECL  dei  portafogli  della  Banca  per  effetto  di  elementi  che  non <span class=\"_ _1d\"> </span>vengono<span class=\"_ _0\"></span>  colti  adeguatamente  dalle modellistiche <span class=\"_ _7\"> </span>IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>uso. <span class=\"_ _7\"> </span>Va<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ricordato, <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span>fatti, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _7\"> </span>IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>fondano <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>basate sull\u2019esperienza <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>forte <span class=\"_ _4\"> </span>ancoraggio <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>osservazioni <span class=\"_ _4\"> </span>storiche, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onsiderate <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>arco <span class=\"_ _7\"> </span>temporale congruo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>sufficient<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mente <span class=\"_ _5\"></span>stabile. <span class=\"_ _6\"></span>Allo <span class=\"_ _5\"></span>stesso <span class=\"_ _6\"></span>tempo, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>metodologie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>anche riflettere <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>\u00abforward-<span class=\"ff4\">looking\u00bb <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>adottano <span class=\"_ _7\"> </span>approcci <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>maniera <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>sostenibile <span class=\"_ _7\"> </span>(\u201cwithout </span>undue <span class=\"_ _2\"></span>cost <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>effort\u201d); <span class=\"_ _5\"></span>questi <span class=\"_ _2\"></span>devono <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span></span>opportuna <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aumento <span class=\"_ _5\"></span>dell\u2019incertezza sullo scenario futuro e <span class=\"_ _0\"></span>sulle ricadute c<span class=\"_ _0\"></span>he gli eventi in questio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e potrebbero a<span class=\"_ _0\"></span>vere.<span class=\"_ _3\"></span> Anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>fornite <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>regolatori <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>occasione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>pandemia <span class=\"_ _5\"></span>COVID<span class=\"_ _2\"></span>-19 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>conflitto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Ucraina<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>(riportate <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>in dettaglio <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>seguenti <span class=\"_ _6\"></span>sezioni) <span class=\"_ _6\"></span>permettono <span class=\"_ _6\"></span>/ <span class=\"_ _4\"></span>invitano <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>adottare <span class=\"_ _5\"></span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _6\"></span>flessibile <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>far<span class=\"_ _5\"></span><span class=\"ls17\">e </span>ricorso al <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>giudizio esperto nel prendere <span class=\"_ _3\"></span>decisioni in <span class=\"_ _3\"></span>contesti eccezionali e<span class=\"_ _3\"></span>d inattesi, a<span class=\"_ _3\"></span>vendo comunqu<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>chiaro che<span class=\"_ _90\"> </span>le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>costituiscono <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>\u201crilassament<span class=\"_ _0\"></span>o\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>regole, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>piuttosto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019ulteriore <span class=\"_ _3\"></span>necessar<span class=\"_ _5\"></span><span class=\"ff1\">ia </span>discrezionalit\u00e0 <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>venti <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>tutto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>pecifici. <span class=\"_ _4\"> </span>Tali <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _4\"></span>hanno <span class=\"_ _4\"> </span>supportato <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span>ella <span class=\"_ _4\"> </span>banca <span class=\"_ _7\"> </span>di adottare <span class=\"_ _4\"> </span>\u201cpost <span class=\"_ _7\"> </span>model <span class=\"_ _4\"> </span>adjustments\u201d <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>innestare, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>aumento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Expected <span class=\"_ _4\"> </span>Credit <span class=\"_ _4\"> </span>Losses <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>ECL) <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base manageriale, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>adeguata <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>richiamati. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>stime, <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> giudizi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>riflettono <span class=\"_ _2\"></span>questa <span class=\"_ _5\"></span>incertezza. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>quadro <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>peraltro <span class=\"_ _2\"></span>supportate<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>come <span class=\"_ _2\"></span>meglio <span class=\"_ _2\"></span>dettagliato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>specifiche <span class=\"_ _5\"></span>disclosure, <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>permettere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>lett<span class=\"_ _5\"></span>ore del bilancio una quanto<span class=\"_ _0\"></span> pi\u00f9 completa e<span class=\"_ _0\"></span> trasparente compren<span class=\"_ _0\"></span>sione dei fenomeni in a<span class=\"_ _0\"></span>tto.<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>attuale, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>profilo <span class=\"_ _2\"></span>macroeconomico,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>dell\u2019evoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>conflitto <span class=\"_ _5\"></span>russo <span class=\"_ _2\"></span>ucraino, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>quindi </span>connotato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>significativa <span class=\"_ _6\"></span>incertezza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>tenuto <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>redazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>bilancio. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>i potenziali <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>diretti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>indiretti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>tenuti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderazione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>osizioni creditizie,  tramite <span class=\"_ _1d\"> </span>rettifiche <span class=\"_ _1d\"> </span>prudenziali <span class=\"_ _1d\"> </span>sulle  esposizioni <span class=\"_ _1d\"> </span>verso  controparti <span class=\"_ _1d\"> </span>russe  ed <span class=\"_ _1d\"> </span>ucraine <span class=\"_ _1d\"> </span>ed  un <span class=\"_ _1d\"> </span>rafforzamento  delle coperture <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>performing <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>performing <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>presentando <span class=\"_ _2\"></span>profili <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>deteriorament<span class=\"_ _5\"></span><span class=\"lsc\">o </span>specifico, <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>subire <span class=\"_ _16\"> </span>conseguenz<span class=\"ff4\">e <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>un\u2019evoluzione <span class=\"_ _7\"> </span>negativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contesto <span class=\"_ _7\"> </span>macroeconomico <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>russo <span class=\"_ _16\"> </span>e </span>ucraino.  Di seguito, quindi, son<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> riportate: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dapprima <span class=\"_ _4\"> </span>alcune <span class=\"_ _7\"> </span>indicazioni <span class=\"_ _4\"> </span>circa <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _7\"> </span>dal <span class=\"_ _4\"> </span>gruppo <span class=\"_ _7\"> </span>nella <span class=\"_ _4\"> </span>preparazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>specifico </span>contesto, sulle relative a<span class=\"_ _0\"></span>nalisi di sensitivit\u00e0 e <span class=\"_ _0\"></span>sul tema dei test di i<span class=\"_ _0\"></span>mpairment su avviament<span class=\"_ _0\"></span>i e fiscalit\u00e0 differita;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>successivamente, sono affro<span class=\"_ _0\"></span>ntate le tematiche re<span class=\"_ _0\"></span>lative al conflitt<span class=\"_ _0\"></span>o russo<span class=\"_ _3\"></span>-ucraino; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>da ultimo viene affrontat<span class=\"_ _0\"></span>o il tema del COVID-<span class=\"lsc\">19<span class=\"_ _90\"> </span></span></span>77<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _4\"></span>inoltre, <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>pertinenti <span class=\"_ _6\"></span>Sezioni <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Nota <span class=\"_ _6\"></span>Integrativa <span class=\"_ _6\"></span>(come <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _4\"></span>indicato) <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>puntuale <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>isamin<span class=\"_ _0\"></span>a anche <span class=\"_ _16\"> </span>quantitativa <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>effetti <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>fenomeni <span class=\"_ _16\"> </span>sopra <span class=\"_ _7\"> </span>evidenziati <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>riassunti. <span class=\"_ _7\"> </span>Nello <span class=\"_ _16\"> </span>specifico, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _7\"> </span>come un\u2019analisi pi\u00f9 comp<span class=\"_ _3\"></span>leta dell\u2019approccio alla valutazione delle posizioni creditizie anche <span class=\"_ _3\"></span>con particolare riguardo alla descrizione della modellistica in <span class=\"_ _3\"></span>uso e <span class=\"_ _3\"></span>degli aggiustamenti mana<span class=\"_ _3\"></span>geriali (management overlay) utilizzati in <span class=\"_ _3\"></span>questo determinato contesto si<span class=\"_ _5\"></span><span class=\"lsc\">a </span>riportata <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>Parte <span class=\"_ _5\"></span>E <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Sezione <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Politiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>credito. <span class=\"_ _5\"></span>Attesa <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>rilevanza <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>temi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>questione <span class=\"_ _5\"></span>si ricorda <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>dedicata <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>sezione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>\u201cL<span class=\"_ _3\"></span>\u2019impatto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ISP del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>mili<span class=\"ff4\">tare <span class=\"_ _16\"> </span>fra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Ucraina\u201d <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>riassume <span class=\"_ _16\"> </span></span>- <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>tematiche <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>iniziative <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa Sanpaolo <span class=\"_ _16\"> </span>a  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vore <span class=\"_ _16\"> </span>dell\u2019Ucraina, <span class=\"_ _7\"> </span>nonch\u00e9  gli <span class=\"_ _7\"> </span>aspetti  rel<span class=\"_ _0\"></span>ativi <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>quadro <span class=\"_ _16\"> </span>sanzionatorio <span class=\"_ _16\"> </span>verso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Federazione <span class=\"_ _16\"> </span>Russa <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>alla Cybersecurity. <span class=\"_ _7\"> </span>Un\u2019analoga <span class=\"_ _4\"> </span>Sezione<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>Relazione <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>prev<span class=\"_ _3\"></span>ista <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>\u201cGli <span class=\"_ _7\"> </span>impatti <span class=\"_ _7\"> </span>della pandemia da COVID-<span class=\"ff4\">19\u201c.</span> Scenario macroeconomi<span class=\"_ _0\"></span>co del Gruppo Intesa S<span class=\"_ _0\"></span>anpaolo per il bilanci<span class=\"_ _0\"></span>o 2022<span class=\"_ _3\"></span> Relativamente <span class=\"_ _6\"></span>allo <span class=\"_ _4\"></span>scenario <span class=\"_ _6\"></span>macroeconomico <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>modelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Expected <span class=\"_ _6\"></span>Credit <span class=\"_ _6\"></span>Losses, <span class=\"_ _4\"> </span>si ricorda <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>giugno <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>indicazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>regulator <span class=\"_ _4\"></span>e <span class=\"_ _7\"> </span>standard <span class=\"_ _4\"></span>setter, <span class=\"_ _4\"> </span>aveva <span class=\"_ _4\"> </span>ancorato <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>proprie previsioni macroeconomiche alle proiezioni pubblicate dalle banche centrali <span class=\"_ _3\"></span>stesse. Alla luce del c<span class=\"_ _3\"></span>ontesto fin qui descritto e <span class=\"_ _3\"></span>in considerazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>minor <span class=\"_ _5\"></span>incertezza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>caratterizza <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>(in <span class=\"_ _5\"></span>confronto <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span> assoluta <span class=\"_ _6\"></span>gravit\u00e0 <span class=\"_ _6\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>inizio <span class=\"_ _4\"> </span>pandemia), <span class=\"_ _5\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>opportuno, <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>dicembre <span class=\"_ _4\"> </span>2021, <span class=\"_ _6\"> </span>ritornare <span class=\"_ _6\"></span>all\u2019utilizzo <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>scenari </span>prodotti <span class=\"_ _2\"></span>internamente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Ricerche <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capo<span class=\"_ _3\"></span>gruppo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ECL, <span class=\"_ _2\"></span>permettendo <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _2\"></span>di ripristinare la <span class=\"_ _3\"></span>sostanziale uniformit\u00e0 fra <span class=\"_ _3\"></span>gli scenari u<span class=\"_ _3\"></span>tilizzati negli altri processi valutativi <span class=\"_ _3\"></span>/ previsionali (impairment test, bud<span class=\"_ _3\"></span>get, etc.), <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>oprattutto <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _6\"> </span>avviato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2022. <span class=\"_ _4\"> </span>Tale <span class=\"_ _6\"></span>scelta, <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onfermata <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>2022, appare ragionevole anche alla <span class=\"_ _3\"></span>luce della convergenza tra le previsioni prodotte internamente dalla Direzione Studi e <span class=\"_ _3\"></span>Ricerch<span class=\"_ _35\"></span>e rispetto alle previsio<span class=\"_ _0\"></span>ni predisposte period<span class=\"_ _0\"></span>icamente da BCE/Banc<span class=\"_ _0\"></span>a d\u2019Italia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>l\u2019illustrazione <span class=\"_ _3\"></span>tabellare <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _3\"></span>effettivamente <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>specifica <span class=\"_ _3\"></span>sezione </span>della Parte <span class=\"_ _3\"></span>E della p<span class=\"_ _3\"></span>resente Nota Integrativa dove <span class=\"_ _3\"></span>sono anche <span class=\"_ _3\"></span>riportati, come di <span class=\"_ _3\"></span>seguito meglio specificato, u<span class=\"_ _3\"></span>lteriori dettag<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>i in tema di sensitivit\u00e0 d<span class=\"_ _0\"></span>ell\u2019ECL alla variazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e degli scenari m<span class=\"_ _0\"></span>acr<span class=\"_ _3\"></span><span class=\"ff1\">oeconomici. </span>Lo s<span class=\"_ _3\"></span>cenario previsionale d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medio t<span class=\"_ _3\"></span>ermine adottato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span><span class=\"ff4\">determinazione del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso de<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini </span>dell\u2019impairment test <span class=\"_ _0\"></span>\u00e8 invece riportato <span class=\"_ _0\"></span>nella Sezione 10 della P<span class=\"_ _35\"></span>arte B. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Analisi di sensitivit\u00e0 <span class=\"_ _0\"></span>alla luce degli s<span class=\"_ _0\"></span>cenar<span class=\"_ _3\"></span>i alternativi Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>raccomandato <span class=\"_ _2\"></span>nelle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>regulator <span class=\"_ _2\"></span>(si <span class=\"_ _5\"></span>veda <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>esempio <span class=\"_ _2\"></span>ESMA: \u201cEuropean <span class=\"_ _2\"></span>common <span class=\"_ _5\"></span>enforcement <span class=\"_ _5\"></span>priorities <span class=\"_ _2\"></span>for <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>annual <span class=\"_ _5\"></span>financial <span class=\"_ _5\"></span>reports\u201d <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>risi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>usso/ucrain<span class=\"_ _35\"></span>a illustrate <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>specifica <span class=\"_ _6\"></span>sezione), <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>fornisce <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>Nota <span class=\"_ _6\"></span>integrativa <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sensitivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>volte <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>integr<span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>le proprie <span class=\"_ _3\"></span>disclosure. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>relative <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>tematiche <span class=\"_ _2\"></span>indicate <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>seguito, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>mett<span class=\"_ _0\"></span>ere <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>lettore <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>bila<span class=\"_ _5\"></span>ncio <span class=\"_ _2\"></span>una migliore comprensione delle scelte valutative del Gruppo in questo particolare contesto. Si <span class=\"_ _3\"></span>rimanda dunque alle seguenti part<span class=\"_ _5\"></span><span class=\"ls19\">i </span>della presente Nota i<span class=\"_ _0\"></span>ntegrativa per quant<span class=\"_ _0\"></span>o riguarda: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>effetti <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>cambiamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>sservabili <span class=\"_ _6\"></span>util<span class=\"_ _3\"></span>izzati <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>tecniche <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>impiegate <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>3 <span class=\"_ _7\"> </span>(Parte <span class=\"_ _7\"> </span>A  -<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>A.4.2 Processi e sensibilit<span class=\"_ _0\"></span>\u00e0 delle valutazioni); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivi<span class=\"ff4\">t\u00e0 <span class=\"_ _6\"> </span>immobiliari <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value. <span class=\"_ _5\"></span>L\u2019analisi <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>riguardato <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _5\"></span>gli <span class=\"_ _6\"> </span>immobili </span></span>della <span class=\"_ _3\"></span>Capogruppo Intesa <span class=\"_ _3\"></span>Sanpaolo, che <span class=\"_ _3\"></span>rappresentano il <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>Core del <span class=\"_ _3\"></span>patrimonio immobiliare <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo (Parte <span class=\"_ _3\"></span>A - A.4.5 Gerarchia del f<span class=\"_ _0\"></span>air value - Sensibilit\u00e0 delle valutazioni imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sensitivity del Valore d\u2019U<span class=\"_ _0\"></span>so delle Cash Generat<span class=\"_ _0\"></span>ing Unit per le qu<span class=\"_ _0\"></span>ali residuano attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita in<span class=\"_ _0\"></span>definita (Parte <span class=\"_ _2\"></span><span class=\"ff1 ls22\">B </span>\u2013<span class=\"ff1\"> </span></span></span>Attivo: Sezione 10 Atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 immateriali); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sensitivity <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>nette <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _5\"></span>definiti <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Parte <span class=\"_ _2\"></span>B <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>Passivo: <span class=\"_ _5\"></span>Sezione <span class=\"_ _2\"></span>10.5 </span>Fondi di quiescenza <span class=\"_ _0\"></span>aziendali a benefi<span class=\"_ _0\"></span>ci definiti); <span class=\"_ _9\"> </span> 77 <span class=\"_ _4\"></span><span class=\"ff4 fs4\">Sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>indicazioni <span class=\"_ _4\"> </span>fornite<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>apposite <span class=\"_ _4\"> </span>comunica<span class=\"_ _3\"></span>zioni <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>d\u2019<span class=\"_ _3\"></span>Italia: <span class=\"_ _4\"> </span>\u201cimpatti <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff1\">COVI<span class=\"_ _3\"></span>D-19 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>soste<span class=\"_ _3\"></span>gno </span></span>dell'economia ed <span class=\"_ _3\"></span>emendamenti a<span class=\"_ _3\"></span>gli IAS/IFRS\u201d.<span class=\"_ _3\"></span><span class=\"ff1 fs0\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi di sensitivit\u00e0 dell\u2019ECL IFRS 9 al <span class=\"_ _3\"></span>fine di analizzarne la variabilit\u00e0 relativamente ai singoli scenari alternativi (Pa<span class=\"_ _5\"></span></span>rte E </span>- Sezione 2 Politiche e g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione del rischio <span class=\"_ _0\"></span>di credito); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sensitivity <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"> </span></span>al </span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>categoria <span class=\"_ _6\"></span>HTC<span class=\"_ _3\"></span>S <span class=\"_ _5\"></span>(Parte <span class=\"_ _5\"></span>E <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>Portafoglio <span class=\"_ _5\"></span>bancario: <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di interesse e rischio pre<span class=\"_ _0\"></span>zzo); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>relativa <span class=\"_ _5\"></span>all\u2019evoluzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>azionari, <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>prezz<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>delle <span class=\"_ _4\"> </span>materie <span class=\"_ _6\"> </span>pri<span class=\"_ _3\"></span>me <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>trading <span class=\"_ _6\"> </span>(P<span class=\"_ _3\"></span><span class=\"ff1\">arte <span class=\"_ _4\"> </span>E <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Portafo<span class=\"_ _0\"></span>glio <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>negoziazione: <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>interesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rischio </span>prezzo); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sensitivity del fair valu<span class=\"_ _0\"></span>e del portafoglio di a<span class=\"_ _0\"></span>ttivi finanziari dell<span class=\"_ _0\"></span>e compagnie assicurati<span class=\"_ _0\"></span>ve rispetto ad un movim<span class=\"_ _0\"></span>ento dei tas<span class=\"_ _2\"></span><span class=\"ls14\">si</span> </span>di interesse, dei credit <span class=\"_ _0\"></span>spread e dei corsi azionari (Parte E - Rischi assi<span class=\"_ _0\"></span>curativi: Rischi Fi<span class=\"_ _0\"></span>nanziari). Valutazione degli av<span class=\"_ _0\"></span>viamenti nello sce<span class=\"_ _0\"></span>nario attuale In <span class=\"_ _5\"></span>contesti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>complessi <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>quelli <span class=\"_ _5\"></span>attuali, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>verifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tenuta <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>intangibili <span class=\"_ _7\"> </span>risultano particolarmente delicate. Pertant<span class=\"_ _0\"></span>o, anche in sede di Bilancio al <span class=\"_ _3\"></span>31<span class=\"_ _3\"></span> <span class=\"ff4\">dicembre 2022, nell\u2019effettuare l\u2019annuale valutazio<span class=\"_ _0\"></span>ne circa la </span>tenuta <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore degli <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iamenti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>attentamente considerati <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ituazione attuale. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>ma<span class=\"_ _5\"></span>ggiori <span class=\"_ _3\"></span>dettagli sull\u2019impairment <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>brand <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ame <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rimanda <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Parte <span class=\"_ _6\"></span>B <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>Informazioni <span class=\"_ _5\"></span>sullo <span class=\"_ _6\"></span>Stato <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>(Cfr. </span>Parte B <span class=\"ff4\">\u2013</span> Attivo: Sezione 1<span class=\"_ _0\"></span>0 Attivit\u00e0 immaterial<span class=\"_ _0\"></span>i <span class=\"_ _3\"></span>- <span class=\"ff4\">Informazioni <span class=\"_ _0\"></span>sulle attivit\u00e0 intangibili <span class=\"_ _0\"></span>e sull\u2019avviamen<span class=\"_ _0\"></span>to).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Probability test sulla fi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>calit\u00e0 differita nell<span class=\"_ _0\"></span>o scenario attuale Come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _4\"> </span>principio <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>12, <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>differita <span class=\"_ _4\"> </span>(o <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>anticipata <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>DTA) <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere rilevata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>differenze <span class=\"_ _7\"> </span>temporanee <span class=\"_ _7\"> </span>deducibili, <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>probabile<span class=\"_ _3\"></span>  il<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>realizzo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>redditi <span class=\"_ _16\"> </span>imponibili <span class=\"_ _7\"> </span>capienti <span class=\"_ _16\"> </span>rispetto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle differenze  tem<span class=\"_ _0\"></span>poranee  deducib<span class=\"_ _0\"></span>ili.  Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste  anticip<span class=\"_ _0\"></span>ate  si  di<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tinguono  poi <span class=\"_ _16\"> </span>in  imposte  a<span class=\"_ _0\"></span>nticipate  \u201cquali<span class=\"_ _0\"></span>ficate\u201d  e <span class=\"_ _16\"> </span>imposte anticipate <span class=\"_ _5\"></span>\u201cnon <span class=\"_ _5\"></span>qualificate\u201d. <span class=\"_ _5\"></span>Mentre <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>prime <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>italiana <span class=\"_ _5\"></span>preve<span class=\"_ _2\"></span><span class=\"ff1\">de <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>conversione <span class=\"_ _5\"></span>in </span>crediti d\u2019imposta che le<span class=\"_ _3\"></span>gittima di per <span class=\"_ _3\"></span>s\u00e9 la l<span class=\"_ _3\"></span>oro iscrizione in b<span class=\"_ _3\"></span>ilancio (Cfr. Parte <span class=\"_ _3\"></span>B <span class=\"_ _2\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Attivo: Sezione 11<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>Attivit\u00e0 e le <span class=\"_ _3\"></span>Passivit<span class=\"_ _35\"></span>\u00e0 </span>fiscali), <span class=\"_ _4\"> </span>l\u2019ammontare <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nticipate <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d <span class=\"_ _6\"> </span>iscritto  <span class=\"ff1\">i<span class=\"_ _35\"></span>n <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"></span>viene <span class=\"_ _4\"> </span>sottoposto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se </span>sussista <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ne <span class=\"_ _5\"></span>consentano <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>(c.d. <span class=\"_ _5\"></span>\u201cprobability <span class=\"_ _5\"></span>test\u201d). <span class=\"_ _5\"></span>A<span class=\"_ _5\"></span><span class=\"ff1\">nche </span>nella <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>effettuato <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>verifica. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>ampia <span class=\"_ _6\"></span>trattazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>imanda <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Parte <span class=\"_ _5\"></span>B <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Attivo: Sezione 11 Le Attivit<span class=\"_ _0\"></span>\u00e0 e le Passivit\u00e0 fiscali - Probability test sull<span class=\"_ _0\"></span>a fiscalit\u00e0 differita. RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA CRISI RUS<span class=\"_ _0\"></span>SO/UCRAINA Il <span class=\"_ _6\"></span>24 <span class=\"_ _4\"> </span>febbraio <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>visto <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>tensione <span class=\"_ _6\"></span>pro<span class=\"_ _3\"></span>gressivamente <span class=\"_ _6\"></span>cresciuta <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>Russia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _6\"></span>sfociare <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>conflitto <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>per intensit\u00e0 e dimensioni, non era presente in <span class=\"_ _3\"></span>Europa dalla fine della Seconda guerra mondiale. La situazione di assoluta gravit<span class=\"_ _2\"></span><span class=\"ls17\">\u00e0 </span>determinatasi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conflitto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>subito<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rettamen<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>monitorata <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>luce delle indicazioni fo<span class=\"_ _0\"></span>rnite dai regulator sul t<span class=\"_ _0\"></span>ema, avendo il Gr<span class=\"_ _0\"></span>uppo:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _6\"></span>diretta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>due <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Paesi <span class=\"_ _4\"></span>belligeranti, <span class=\"_ _6\"></span>Pravex <span class=\"_ _6\"></span>Bank <span class=\"_ _4\"> </span>Public <span class=\"_ _6\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _4\"> </span>Company <span class=\"_ _6\"></span>(Pravex) <span class=\"_ _6\"></span>e </span>Joint-Stock  Company  Ba<span class=\"_ _0\"></span>nca  Intesa  (Banca<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>Intesa  Russi<span class=\"_ _0\"></span>a),  dunque  partic<span class=\"_ _0\"></span>olarmente  esposte  all<span class=\"_ _0\"></span>e  conseguenze  del<span class=\"_ _35\"></span> conflitto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">esposizioni cross border erog<span class=\"_ _0\"></span>ate nell\u2019ambito<span class=\"_ _0\"></span> della sua attivit\u00e0 <span class=\"_ _0\"></span>di Corporate &amp; investme<span class=\"_ _0\"></span>nt banking. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Nella <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>lending, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"></span>IMI <span class=\"_ _4\"> </span>C&amp;IB <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>finanziato <span class=\"_ _4\"> </span>controparti <span class=\"_ _4\"></span>residenti <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>Federazione Russa. <span class=\"_ _7\"> </span>Oltre <span class=\"_ _4\"> </span>due <span class=\"_ _7\"> </span>terzi <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>verso <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>clientela <span class=\"_ _7\"> </span>russa <span class=\"_ _4\"> </span>erogati <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>riguardano <span class=\"_ _4\"> </span>primari <span class=\"_ _7\"> </span>gruppi <span class=\"_ _4\"> </span>industriali<span class=\"_ _5\"></span><span class=\"ls12\">, </span>contraddistinti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>consolidati <span class=\"_ _2\"></span>rapporti <span class=\"_ _6\"></span>commerciali <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>clienti <span class=\"_ _5\"></span>appartenenti <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>filiere <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>quota rilevante derivante da <span class=\"_ _3\"></span>export di materie <span class=\"_ _3\"></span>prime. I <span class=\"_ _3\"></span>crediti a <span class=\"_ _3\"></span>clientela russa <span class=\"_ _3\"></span>rappresentava<span class=\"_ _0\"></span>no, allo <span class=\"_ _3\"></span>scoppio delle o<span class=\"_ _3\"></span>stilit\u00e0, cir<span class=\"_ _5\"></span><span class=\"ff4\">ca l\u20191% </span>dei <span class=\"_ _3\"></span>crediti a <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>totali d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo, al <span class=\"_ _3\"></span>netto d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>garanzie di <span class=\"_ _3\"></span>Export Credit Agencies <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span>ECA. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>presenza di  tali <span class=\"_ _16\"> </span>garanzie  perm<span class=\"_ _0\"></span>ette  infatti<span class=\"_ _0\"></span>  di <span class=\"_ _16\"> </span>considerare  il <span class=\"_ _16\"> </span>rischio  di <span class=\"_ _16\"> </span>credito  su <span class=\"_ _16\"> </span>tali  esposi<span class=\"_ _0\"></span>zioni  come<span class=\"_ _0\"></span>  non <span class=\"_ _16\"> </span>riferibile  alla <span class=\"_ _16\"> </span>Russia <span class=\"_ _16\"> </span>o all\u2019Ucraina. <span class=\"ff1\"> </span>Ci\u00f2 premesso, si rammenta<span class=\"_ _0\"></span>no in questa sede alcune inf<span class=\"_ _0\"></span>ormazioni relative al<span class=\"_ _0\"></span>le controllate russa <span class=\"_ _0\"></span>ed ucraina:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Russia<span class=\"_ _90\"> </span></span>78<span class=\"_ _90\"> </span>: <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>banca <span class=\"_ _2\"></span>Corporate <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Mosca, <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>47% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>53% <span class=\"_ _3\"></span>da Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nternational,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>facente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _3\"></span>Investment <span class=\"_ _3\"></span>Banking. <span class=\"_ _3\"></span>Opera <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>27 filiali e 907 person<span class=\"_ _0\"></span>e; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Pravex <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>piccola <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anca <span class=\"_ _2\"></span>commerciale, <span class=\"_ _5\"></span>interamente <span class=\"_ _2\"></span>partecipata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Kiev, <span class=\"_ _5\"></span>facente <span class=\"_ _5\"></span>parte </span>della International Sub<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>idiary Bank Division<span class=\"_ _0\"></span>. Opera con 43 filiali (prevalentemente nella <span class=\"_ _0\"></span>regione di Kiev) e 7<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>5 persone. La normativa specifi<span class=\"_ _0\"></span>ca emessa dai Regula<span class=\"_ _0\"></span>tor UE relativament<span class=\"_ _0\"></span>e alla crisi russo/ucr<span class=\"_ _0\"></span>aina<span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019inaspettata <span class=\"_ _3\"></span>evoluzione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>russo <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>ucraina, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>conseguenti <span class=\"_ _2\"></span>tension<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>merse <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>rapporti <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>la </span>Federazione <span class=\"_ _2\"></span>Russa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>paesi <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>NATO <span class=\"_ _5\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019Italia), <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>gulator <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messo <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _3\"></span>ad hoc  per  f<span class=\"_ _0\"></span>ornire  indica<span class=\"_ _0\"></span>zioni  sul <span class=\"_ _16\"> </span>tema.  Il  pi\u00f9  r<span class=\"_ _35\"></span>ilevante  \u00e8  il <span class=\"_ _16\"> </span>provvedimento  varato <span class=\"_ _16\"> </span>dall\u2019ESMA  il <span class=\"_ _16\"> </span>13  maggio<span class=\"_ _2\"></span><span class=\"ff1\">  2022,  adottat<span class=\"_ _35\"></span>o </span>specularmente  anche  da<span class=\"_ _0\"></span>  CONSOB  relativamente  agli  as<span class=\"_ _0\"></span>petti  prioritari  in  ottica  cont<span class=\"_ _0\"></span>abile,  che  riprendev<span class=\"_ _0\"></span>a  con  maggior dettaglio <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>recedente documento <span class=\"_ _3\"></span>del 1<span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>(ESMA <span class=\"_ _3\"></span>PUBLIC STATEMENT: <span class=\"_ _3\"></span>ESMA c<span class=\"_ _3\"></span>oordinates re<span class=\"_ _3\"></span>gulatory response<span class=\"_ _0\"></span> to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>war <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ukraine <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>impact <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>EU <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>markets <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>marzo 2022). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato poi <span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>teriormente<span class=\"_ _0\"></span> confermato anche dal <span class=\"_ _0\"></span>documento \u201cESMA En<span class=\"_ _0\"></span>forcement Priorities 2022\u201d <span class=\"_ _0\"></span>del 28 ottobre 202<span class=\"_ _0\"></span>2. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra <span class=\"_ _5\"></span>russo <span class=\"_ _4\"></span>- <span class=\"_ _5\"></span>ucraina, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>COVID-19, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>matiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _6\"></span>impattate dagli eventi bellici, s<span class=\"_ _0\"></span>ono fornite specifiche r<span class=\"_ _0\"></span>accomandazioni in relazione a: Controllo e going co<span class=\"_ _0\"></span>ncern \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">valutare <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gruppo <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>situazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>\u201cgoing <span class=\"_ _6\"> </span>concern\u201d; <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span></span>valutazione <span class=\"_ _6\"></span>deve <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>informazioni </span>disponibili sul futuro, <span class=\"_ _0\"></span>compresa la redditi<span class=\"_ _0\"></span>vit\u00e0 attesa e le event<span class=\"_ _0\"></span>uali restrizioni all'<span class=\"_ _0\"></span>accesso immediato alle ris<span class=\"_ _0\"></span>orse finanzia<span class=\"_ _2\"></span>rie; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutare il permanere del c<span class=\"_ _0\"></span>ontrollo sulle parteci<span class=\"_ _0\"></span>pate situate nelle <span class=\"_ _0\"></span>reg<span class=\"_ _3\"></span>ioni coinvolte nel conflitto; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>considerare la presenza di <span class=\"_ _0\"></span>vincoli finanziari sug<span class=\"_ _0\"></span>li attivi; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutare attentamente se il <span class=\"_ _0\"></span>controllo sia stato ef<span class=\"_ _0\"></span>fettivamente perso i<span class=\"_ _0\"></span>n caso di cessione; </span>Processo valutativo <span class=\"_ _0\"></span>e classificazione delle <span class=\"_ _0\"></span>posizioni<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>aggiornare <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>base <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>significant <span class=\"_ _18\"> </span>judgements, <span class=\"_ _1c\"> </span>ipotesi <span class=\"_ _18\"> </span>sul <span class=\"_ _1c\"> </span>futuro <span class=\"_ _1c\"> </span>e <span class=\"_ _18\"> </span>al<span class=\"_ _3\"></span>tri <span class=\"_ _18\"> </span>stru<span class=\"_ _3\"></span>menti <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>valutazione </span>dell\u2019incertezza;<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nel  determina<span class=\"_ _0\"></span>re  l\u2019im<span class=\"_ _0\"></span>pairment <span class=\"_ _16\"> </span>dei  titoli <span class=\"_ _16\"> </span>di  de<span class=\"_ _0\"></span>bito  e <span class=\"_ _16\"> </span>dei  f<span class=\"_ _0\"></span>inanziamenti, <span class=\"_ _16\"> </span>nonch\u00e9  d<span class=\"_ _0\"></span>ei  co<span class=\"_ _0\"></span>ntratti <span class=\"_ _16\"> </span>di  locazione <span class=\"_ _16\"> </span>e  d<span class=\"_ _0\"></span>ei  credi<span class=\"_ _0\"></span>ti </span></span>commerciali <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>contrattuali, <span class=\"_ _6\"></span>considerare <span class=\"_ _6\"></span>l'effetto <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eventi <span class=\"_ _6\"></span>be<span class=\"_ _3\"></span>llici <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>aumento <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>di credito (SICR)<span class=\"_ _90\"> </span>79 e sulla misurazione delle <span class=\"_ _0\"></span>perdite attese su credi<span class=\"_ _0\"></span>ti (ECL) tenendo conto<span class=\"_ _0\"></span> delle informazioni previs<span class=\"_ _0\"></span>ionali;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span><span class=\"ff4\">considerazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutare <span class=\"_ _2\"></span>l\u2019impairment <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>write<span class=\"_ _3\"></span><span class=\"ff1\">-down <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>asset <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecisioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>abbandonare, <span class=\"_ _2\"></span>dismettere, </span></span></span>sospendere le opera<span class=\"_ _0\"></span>zioni o annullare gli inv<span class=\"_ _0\"></span>estimenti in Ucraina, Rus<span class=\"_ _0\"></span>sia o Bielorussia;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>prestare <span class=\"_ _6\"></span>attenzione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>classificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>orrenti <span class=\"_ _5\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>e/o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>cessate <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi </span>dell'IFRS 5. Informativa finanziaria \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>usare <span class=\"_ _5\"></span>cautela <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>presentare <span class=\"_ _2\"></span>negli <span class=\"_ _5\"></span>schemi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>conflitto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eparato, <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sua <span class=\"_ _5\"></span>pervasivit\u00e0. </span>Appare <span class=\"_ _5\"></span>preferibile, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>fornire<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>not<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>integrativa <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>qualitative <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quantitative <span class=\"_ _5\"></span>sugli <span class=\"_ _5\"></span>impatti <span class=\"_ _2\"></span>significativi, <span class=\"_ _2\"></span>i giudizi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>applicati <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>levazione, <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presentazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>relativi <span class=\"_ _7\"> </span>effetti economici; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>adeguare e potenzialmente ampliare il livello di dettaglio delle informazioni fornite nei bilanci. Viene inoltre raccomandato<span class=\"_ _0\"></span> </span>l\u2019aggiornamento <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>disclosure <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _5\"></span>sensitivity <span class=\"_ _5\"></span>analysis, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>generale <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>specifico <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni verso Russia ed Ucrai<span class=\"_ _0\"></span>na; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>fornire <span class=\"_ _2\"></span>adeguate <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>sugli <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>considerati, <span class=\"_ _2\"></span>aggiornando <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>(quali <span class=\"_ _2\"></span>le </span>attivit\u00e0 intangibili a vi<span class=\"_ _0\"></span>ta indefinita e i def<span class=\"_ _0\"></span>erred tax assets). Sono <span class=\"_ _5\"></span>ovviamente <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>considerare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>attenzione <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _4\"> </span>sul <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>eventuali <span class=\"_ _2\"></span>eventi <span class=\"_ _5\"></span>significativi <span class=\"_ _5\"></span>verificatisi dopo la chiusura del <span class=\"_ _0\"></span>reporting period, <span class=\"_ _0\"></span>per fornire le inform<span class=\"_ _0\"></span>azioni integrative pertin<span class=\"_ _0\"></span>enti.<span class=\"_ _3\"></span> Controllo e going co<span class=\"_ _0\"></span>ncern Nonostante <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>criticit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>situazione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>Pravex,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>controllate <span class=\"_ _6\"></span>residenti <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>paesi <span class=\"_ _6\"></span>belligeranti <span class=\"_ _4\"> </span>stan<span class=\"_ _5\"></span><span class=\"lsc\">no </span>continuando ad operare con <span class=\"_ _3\"></span>il supporto delle strutture d<span class=\"_ _3\"></span>i Capogruppo, seppur con i <span class=\"_ _3\"></span>limiti oggettivi dettati dallo <span class=\"_ _3\"></span>scenario be<span class=\"_ _5\"></span>llico e dalla sempre alta t<span class=\"_ _0\"></span>ensione internazionale.<span class=\"_ _0\"></span>  Si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onferma <span class=\"_ _7\"> </span>altres\u00ec <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>permanenza <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>di  In<span class=\"_ _0\"></span>tesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ue <span class=\"_ _16\"> </span>entit\u00e0, <span class=\"_ _7\"> </span>riscontrabile <span class=\"_ _7\"> </span>sot<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>diversi <span class=\"_ _16\"> </span>profili <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i osservazione: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sul <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>contabile/amministrativo, <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"> </span>l\u2019acquisizione <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span></span>s<span class=\"_ _3\"></span>ituazione <span class=\"_ _5\"></span>contabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consolidamento. <span class=\"_ _6\"></span>Nell<span class=\"_ _35\"></span>o </span>specifico, come meglio dettagliato nella Parte A: Sezione<span class=\"_ _0\"></span> 3 <span class=\"_ _2\"></span>- Area e metodi di consolidamento, per la  controllata russa si \u00e8  acquisita <span class=\"_ _16\"> </span>puntualmente  e  t<span class=\"_ _0\"></span>empestivamente  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  situazione <span class=\"_ _16\"> </span>al  31  dic<span class=\"_ _0\"></span>embre  2022,<span class=\"_ _3\"></span>  mentre  p<span class=\"_ _0\"></span>er  Pravex  s<span class=\"_ _0\"></span>i  \u00e8  ritenu<span class=\"_ _0\"></span>to opportuno <span class=\"_ _6\"></span>mantenere <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>prodotta <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>30 <span class=\"_ _4\"> </span>settembre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>considerazione delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri  diffic<span class=\"_ _0\"></span>olt\u00e0  oper<span class=\"_ _0\"></span>ative  della <span class=\"_ _16\"> </span>partecipata <span class=\"_ _16\"> </span>ed  anche <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>della  sostan<span class=\"_ _0\"></span>ziale  immateri<span class=\"_ _0\"></span>alit\u00e0  de<span class=\"_ _2\"></span>i  suoi <span class=\"_ _16\"> </span>dati patrimoniali a livell<span class=\"_ _0\"></span>o di Gruppo;  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sotto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>profilo <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>normativa <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivilistica. <span class=\"_ _7\"> </span>Con <span class=\"_ _16\"> </span>specifico <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>russa, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>ha  pot<span class=\"_ _0\"></span>uto </span>esercitare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinare, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>disposizioni <span class=\"_ _2\"></span>normative <span class=\"_ _5\"></span>ru<span class=\"_ _2\"></span>sse, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>composizione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>organi sociali <span class=\"_ _1d\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>nominare <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>esponenti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>Intesa <span class=\"_ _17\"> </span>Russia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _1d\"> </span>occasione <span class=\"_ _17\"> </span>dell\u2019Assemblea <span class=\"_ _17\"> </span>dell\u20198 <span class=\"_ _17\"> </span>luglio <span class=\"_ _17\"> </span>2022. <span class=\"_ _17\"> </span>Gli avvicendamenti societari <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>interessato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019Audit <span class=\"_ _3\"></span>Committee <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>espressione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>nomine <span class=\"_ _3\"></span>proposte<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all<span class=\"_ _0\"></span>a </span>Capogruppo <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno  s<span class=\"_ _0\"></span>uperato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>approvativo <span class=\"_ _16\"> </span>della  B<span class=\"_ _35\"></span>anca  Centrale <span class=\"_ _16\"> </span>Russa, <span class=\"_ _16\"> </span>mentre <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a  p<span class=\"_ _0\"></span>artecipata <span class=\"_ _16\"> </span>ucraina continua ad operare il Bo<span class=\"_ _0\"></span>ard nominato p<span class=\"_ _0\"></span>rima del conflitto;  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sul <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>indirizzo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>business, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>continuano <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>portare <span class=\"_ _4\"> </span>avanti<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>commerciale <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"></span>le </span>direttive <span class=\"_ _1d\"> </span>impartite <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>Capogruppo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _1d\"> </span>Banca <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _17\"> </span>Russia <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>propria <span class=\"_ _1d\"> </span>operativit\u00e0 <span class=\"_ _1d\"> </span>corporate <span class=\"_ _1d\"> </span>si <span class=\"_ _17\"> </span>\u00e8 immediatamente <span class=\"_ _6\"></span>conformata <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>indicazioni <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>icevute, <span class=\"_ _6\"> </span>all\u2019indomani <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>scoppio <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>conflitto, <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>pr<span class=\"_ _5\"></span><span class=\"ff1\">ogressiva <span class=\"_ _6\"></span>riduzione </span>dell\u2019esposizione <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>essere. <span class=\"_ _4\"> </span>Nell\u2019erog<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>banca <span class=\"_ _4\"> </span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>soggetta <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>\u201cingerenze\u201d <span class=\"_ _6\"> </span>esterne <span class=\"_ _4\"> </span>e segue <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>indicazioni della Capogruppo <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>nei casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>limitata materialit\u00e0 <span class=\"_ _3\"></span>delle erogazioni, <span class=\"_ _3\"></span>avrebbe, sull<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>base delle facolt\u00e0 in esser<span class=\"_ _0\"></span>e, la liceit\u00e0 di agir<span class=\"_ _0\"></span>e secondo autonome d<span class=\"_ _0\"></span>eterminazioni;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sotto il profilo del coordinamento<span class=\"_ _0\"></span> e del controllo, in quanto l<span class=\"_ _0\"></span>e funzioni di controllo dell<span class=\"_ _0\"></span>a Capogruppo (inclusa la funzi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>di </span>supporto <span class=\"_ _7\"> </span>del  Dirig<span class=\"_ _0\"></span>ente <span class=\"_ _16\"> </span>Preposto, <span class=\"_ _7\"> </span>vale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Governance <span class=\"_ _7\"> </span>Amministrativo <span class=\"_ _16\"> </span>Finanziaria)<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>continuano <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>esercitare <span class=\"_ _16\"> </span>il proprio <span class=\"_ _4\"></span>ruolo <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>regolare <span class=\"_ _6\"></span>ricezione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>analisi <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>informativi <span class=\"_ _4\"></span>previsti, <span class=\"_ _4\"></span>interagen<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"></span>delle controllate <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>canali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>comunicazione <span class=\"_ _5\"></span>disponibili,<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>compatibilmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>eventuali <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>per tempo possono presen<span class=\"_ _0\"></span>tarsi, affrontate a<span class=\"_ _0\"></span>nche attraverso soluzi<span class=\"_ _0\"></span>oni di conting<span class=\"_ _0\"></span>ency.<span class=\"_ _3\"></span> Peraltro, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>aggiunge <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>conclusioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mantenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span>nficiate dalle <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>attualmente <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>russa <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>sostanza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>impone <span class=\"_ _5\"></span>restrizioni <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>pagamenti verso soggetti residenti in Paesi \u201cunfriendly\u201d. Consa<span class=\"_ _0\"></span>pevole dei vincoli imposti dal particolare contesto<span class=\"_ _0\"></span> normativo, Banca In<span class=\"_ _2\"></span><span class=\"ff1\">tesa </span>Russia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>specifici <span class=\"_ _3\"></span>conti <span class=\"_ _2\"></span>russi, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>legalmente prev<span class=\"_ _3\"></span>isto, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>risorse <span class=\"_ _2\"></span>monetarie <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>esposizi<span class=\"_ _5\"></span>oni infragruppo nel frattem<span class=\"_ _0\"></span>po giunte a sca<span class=\"_ _0\"></span>denza. Il potenziale utilizzo dell<span class=\"_ _0\"></span>e risorse accreditate su questi <span class=\"_ _0\"></span>conti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> pari ad un controvalore, a fine dicembre 2022, di circ<span class=\"_ _0\"></span>a 29 milioni<span class=\"_ _35\"></span> \u2013<span class=\"ff1\"> \u00e8<span class=\"_ _3\"></span> limitato ad alcune def<span class=\"_ _3\"></span>inite finalit\u00e0, interne alla Russia. In <span class=\"_ _3\"></span>questo contesto, va considerato c<span class=\"_ _3\"></span>ome le attuali <span class=\"_ _3\"></span>limitazioni, <span class=\"_ _5\"></span>anch<span class=\"_ _0\"></span>e </span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appositi <span class=\"_ _3\"></span>pareri <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>acquisiti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>configurino <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcun <span class=\"_ _2\"></span>modo un <span class=\"_ _2\"></span>\u201cesproprio\u201d delle <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>mme <span class=\"_ _3\"></span>(n\u00e9, tantomeno, <span class=\"_ _3\"></span>siano </span>indicatori di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita del <span class=\"_ _3\"></span>controllo sugli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Partecipata) quanto, piuttosto, <span class=\"_ _3\"></span>derivino dal <span class=\"_ _3\"></span>temporaneo \u201c<span class=\"_ _3\"></span>congelamen<span class=\"_ _2\"></span>to\u201d legale <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>libera <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>isponibilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>somme <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>sarebbero, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>forz<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>diritti <span class=\"_ _6\"></span>economici, <span class=\"_ _4\"></span>altrimenti <span class=\"_ _6\"></span>disponibili <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> proprietario. Sempre <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>tematica <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>asset, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ricordano <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>due <span class=\"_ _7\"> </span>significative <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>de<span class=\"_ _5\"></span>-risking <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er complessivi <span class=\"_ _6\"></span>2,5 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>euro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>ver<span class=\"_ _3\"></span>so <span class=\"_ _4\"></span>primarie <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>Federazione <span class=\"_ _6\"></span>Russa. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"> </span>sono avvenute a titolo defi<span class=\"_ _0\"></span>nitivo con incass<span class=\"_ _0\"></span>o del corrispettivo pa<span class=\"_ _0\"></span>ttuito dalle controparti <span class=\"_ _0\"></span>acquirenti. <span class=\"_ _3\"></span> Processo valutativo <span class=\"_ _0\"></span>e classificazione delle <span class=\"_ _0\"></span>posizioni<span class=\"_ _3\"></span> Nel <span class=\"_ _2\"></span>fare <span class=\"_ _3\"></span>rinvio <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span><span class=\"ff4\">E <span class=\"_ _2\"></span>(Sezione <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>\u201cRischi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _3\"></span>prudenziale\u201d) <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>Bilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>una </span>pi\u00f9 <span class=\"_ _2\"></span>completa <span class=\"_ _2\"></span>disamina <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _3\"></span>vantate <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>russe<span class=\"_ _90\"> </span>80<span class=\"_ _90\"> </span>ed ucraine, si specifica che c<span class=\"ff4\">onseguentemente all\u2019avvio<span class=\"_ _0\"></span> del conflitto, in considerazione della presenza di esposizi<span class=\"_ _0\"></span>oni creditizie </span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>esposte <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>paese <span class=\"_ _2\"></span>correlato <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>conflitto <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>residenti <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>controlla<span class=\"_ _5\"></span>te <span class=\"_ _2\"></span>da residenti <span class=\"_ _4\"></span>nella <span class=\"_ _4\"> </span>Federazione <span class=\"_ _4\"></span>Russa), <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>compiuta <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">ai <span class=\"_ _7\"> </span>fini <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">- <span class=\"_ _4\"></span></span>un\u2019analisi<span class=\"_ _0\"></span> </span>normativa <span class=\"_ _1d\"> </span>dei <span class=\"_ _17\"> </span>principi <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>internazionali <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>verificare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _1d\"> </span>indicazioni <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>razionali <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _17\"> </span>la <span class=\"_ _1d\"> </span>misurazione<span class=\"_ _2\"></span> dell\u2019Expected <span class=\"_ _16\"> </span>Credit <span class=\"_ _16\"> </span>Loss  in <span class=\"_ _7\"> </span>contesti  di <span class=\"_ _16\"> </span>crisi <span class=\"_ _16\"> </span>come  q<span class=\"_ _0\"></span>uella  a<span class=\"_ _0\"></span>ttuale.  D<span class=\"_ _0\"></span>all\u2019analisi <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>contabile  IFR<span class=\"_ _0\"></span>S  9<span class=\"_ _0\"></span>  \u201cSt<span class=\"_ _0\"></span>rumenti finanziari\u201d <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>Annex, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultano <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sservi <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>esemplificazioni <span class=\"_ _2\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>delineare <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>mirate <span class=\"_ _4\"> </span><span class=\"ff1\">alla </span>mi<span class=\"ff4 ls0\">surazione delle Expected Cre<span class=\"_ _0\"></span>dit Losses in contesti bellici o a de<span class=\"_ _0\"></span>terminate metodologie specifi<span class=\"_ _0\"></span>che dell\u2019incremento del ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>geopolitiche <span class=\"_ _4\"></span>improvvi<span class=\"_ _0\"></span>se <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _6\"></span>quella <span class=\"_ _6\"></span>attuale. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>offre <span class=\"_ _6\"></span>piuttosto <span class=\"_ _6\"></span>indicazioni  di<span class=\"_ _35\"></span> ca<span class=\"ff4 ls0\">rattere ge<span class=\"_ _0\"></span>nerale di inquadram<span class=\"_ _0\"></span>ento del calcolo dell\u2019EC<span class=\"_ _0\"></span>L<span class=\"_ _90\"> </span></span>81<span class=\"_ _90\"> </span>.  <span class=\"ls0\"> </span>Pertanto, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>incertezza <span class=\"_ _2\"></span>sugli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _2\"></span>diretti <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>indiretti <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>conflitto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>mutuando <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indicazioni <span class=\"_ _4\"> </span>fornite <span class=\"_ _2\"></span>dai diversi <span class=\"_ _2\"></span>regulator <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>verificarsi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>pandemia <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>COVID-1<span class=\"ff4\">9 <span class=\"_ _2\"></span>(cfr. <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>presentava <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nch\u2019essa <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>evidente </span>imprevedibilit\u00e0, si <span class=\"_ _0\"></span>\u00e8 ritenuto coerente con le<span class=\"_ _0\"></span> indicazioni del prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipio identificare<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nel <span class=\"_ _2\"></span>\u201ccollective <span class=\"_ _3\"></span>assessment\u201d <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cogliere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>SICR, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>misurar<span class=\"_ _2\"></span></span>e <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio </span>creditizio specifico s<span class=\"_ _0\"></span>ulle singole contropa<span class=\"_ _0\"></span>rti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nell\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manageme<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>overlay, <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019ECL, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuna <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>accantonamenti </span></span>legati al rischio pa<span class=\"_ _0\"></span>ese e geopolitico rel<span class=\"_ _0\"></span>ativi al conflitto in <span class=\"_ _0\"></span>corso. <span class=\"_ _3\"></span> Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>confermate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span><span class=\"ff4\">incipali <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>staging ass<span class=\"_ _3\"></span>ignment e <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>dell\u2019ECL </span>adottate <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>reportistica <span class=\"_ _5\"></span>infrannual<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>performing <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>russe <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>craine<span class=\"_ _2\"></span> per  i  quali  il  Gruppo  ha  de<span class=\"_ _0\"></span>ciso  di  adottare,  in  c<span class=\"_ _0\"></span>oerenza  con  quan<span class=\"_ _3\"></span>to  indicato  nel  paragr<span class=\"_ _0\"></span>afo  precedente,  un  appr<span class=\"_ _0\"></span>occio fortemente <span class=\"_ _2\"></span>guidato <span class=\"_ _5\"></span>dall\u2019emerger<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>geopolitico, <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ondizionato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Paese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>residenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>controparti, <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>fini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>SICR <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019ECL, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>medi<span class=\"_ _2\"></span><span class=\"ff1\">ante <span class=\"_ _2\"></span>applicazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>management <span class=\"_ _3\"></span>overlay. <span class=\"_ _2\"></span>Con </span>specifico <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>ferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>cross <span class=\"_ _6\"></span>border, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sottolinea, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>russe <span class=\"_ _5\"></span>finanziate <span class=\"_ _6\"></span>vantassero <span class=\"_ _6\"></span>tutt<span class=\"_ _5\"></span>e, prima de<span class=\"_ _3\"></span>llo scoppio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conflitto, rating <span class=\"_ _3\"></span>elevati e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la maggior <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>l\u2019evoluzione del <span class=\"_ _3\"></span>business non <span class=\"_ _3\"></span>presenta </span>rischi aumentati diversi da quelli indotti dal cont<span class=\"_ _0\"></span>esto geopolitico. Per queste ultim<span class=\"_ _0\"></span>e, quindi, il rischio attualment<span class=\"_ _0\"></span>e preval<span class=\"_ _5\"></span>ente \u00e8 il rischio  di  trasferimento  e  cio\u00e8  il  rischio  che  esse  non  onorino  gli  impegni<span class=\"_ _2\"></span>  di  ripagamento  del  debito <span class=\"_ _1d\"> </span>non  per  aspetti<span class=\"_ _0\"></span> direttamente attinenti a<span class=\"_ _0\"></span>l loro business, qua<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to piuttosto per vi<span class=\"_ _0\"></span>ncoli governativi impo<span class=\"_ _0\"></span>sti. <span class=\"_ _3\"></span> Tale <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>ritenuta <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>opportuna <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>incorporare <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>paese <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>geopolitico <span class=\"_ _3\"></span>rel<span class=\"_ _5\"></span>ativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l conflitto <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>corso, <span class=\"_ _5\"></span>altrimenti <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>adeguatamente <span class=\"_ _5\"></span>colti <span class=\"_ _6\"></span>dai <span class=\"_ _5\"></span>sistemi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>uso. <span class=\"_ _5\"></span>Tali <span class=\"_ _6\"></span>scelt<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>applicate <span class=\"_ _4\"></span>coerentem<span class=\"_ _0\"></span>ente <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Pravex <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>Inte<span class=\"_ _0\"></span>sa <span class=\"_ _4\"></span>Russi<span class=\"_ _0\"></span>a, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>cross <span class=\"_ _6\"></span>border presenti <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>nella<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>estere <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Divisione <span class=\"_ _3\"></span>IMI <span class=\"_ _2\"></span>CIB, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>limitati <span class=\"_ _3\"></span>nelle<span class=\"_ _5\"></span> banche della <span class=\"_ _3\"></span>Divisione International Subsidiary Banks. Per <span class=\"_ _3\"></span>una disamina pi\u00f9 <span class=\"_ _3\"></span>dettagliata delle principali <span class=\"_ _3\"></span>modalit\u00e0 applicative<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>di tali <span class=\"_ _4\"> </span>approcci <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imando <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>dettagliatamente <span class=\"_ _4\"> </span>illustrato<span class=\"_ _3\"></span><span class=\"fff fs6\"> <span class=\"_ _7\"> </span></span>della <span class=\"_ _7\"> </span>Parte <span class=\"_ _4\"> </span>E <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span>Informazioni <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>sulle <span class=\"_ _4\"> </span>relative politiche di copertura<span class=\"_ _90\"> </span>82 della Nota Integrati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a. Relativamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>classificazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>verso <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>russe <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>u<span class=\"_ _2\"></span>craine <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>div<span class=\"_ _3\"></span>ersi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tati <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>previsti dall\u2019IFRS <span class=\"_ _1d\"> </span>9, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>specifica <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>controparti <span class=\"_ _1d\"> </span>cross <span class=\"_ _17\"> </span>border <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>costante <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _1d\"> </span>dei <span class=\"_ _17\"> </span>ra<span class=\"_ _3\"></span>ting <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>la classificazione delle s<span class=\"_ _3\"></span>tesse a <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>gi\u00e0 secondo <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ordinari processi <span class=\"_ _3\"></span>di sta<span class=\"_ _3\"></span>ging, salvo che<span class=\"_ _5\"></span> p<span class=\"_ _3\"></span>er alcune <span class=\"_ _3\"></span>controparti russe <span class=\"_ _3\"></span>per cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato accertato <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Inadempienza probabile. <span class=\"_ _3\"></span>Per le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>performing verso <span class=\"_ _3\"></span>clientela di <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Russi<span class=\"_ _5\"></span><span class=\"lsc\">a </span>l\u2019approccio <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>classificazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Stage <span class=\"_ _7\"> </span>2. <span class=\"_ _7\"> </span>Per  <span class=\"ff1\">quanto <span class=\"_ _7\"> </span>riguarda, <span class=\"_ _4\"> </span>invece, <span class=\"_ _7\"> </span>le </span>esposizioni verso client<span class=\"_ _0\"></span>ela di Pravex, la situazione di assoluta gravit\u00e0 pres<span class=\"_ _0\"></span>ente su tutto il territorio ucrai<span class=\"_ _0\"></span>no ha portato a definire<span class=\"_ _0\"></span> ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _16\"> </span>specifico, <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ortemente <span class=\"_ _6\"></span>guidato <span class=\"_ _4\"> </span>da razionali <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>prudenza <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019aggravarsi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onflitto <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onseguenti <span class=\"_ _7\"> </span>ricadute <span class=\"_ _7\"> </span>sull\u2019economia <span class=\"_ _7\"> </span>ucraina. <span class=\"_ _7\"> </span>Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>del bilancio <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>valutato <span class=\"_ _5\"></span>opportuno <span class=\"_ _5\"></span>apportare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>svalutazione <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _6\"></span>ver<span class=\"_ _5\"></span>so <span class=\"_ _5\"></span>clientela <span class=\"_ _6\"></span>on <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _5\"></span>di Pravex, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>conseguente <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Stage <span class=\"_ _4\"> </span>3. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>misura <span class=\"_ _7\"> </span>riflette <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>condizione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>guerra <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>impone <span class=\"_ _4\"> </span>di considerare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>Paese <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>adeguata <span class=\"_ _4\"></span>misurazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>esposto <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>capitale <span class=\"_ _6\"></span>investito <span class=\"_ _4\"> </span>all'est<span class=\"_ _5\"></span>ero, <span class=\"_ _6\"></span>legato <span class=\"_ _4\"></span>alla possibilit\u00e0  che  circostanze  di  n<span class=\"_ _3\"></span>atura  politica  o <span class=\"_ _1d\"> </span>economica  si  traducano  in  un<span class=\"_ _3\"></span>  mancato  rimborso <span class=\"_ _1d\"> </span>del  credito  o  in <span class=\"_ _1d\"> </span>una svalutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell'investimento <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>paese. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>sostanza, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operatori, <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rivati<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>legato all\u2019area geografica d<span class=\"_ _3\"></span>i provenienza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>indipendente dalla <span class=\"_ _3\"></span>loro volont\u00e0. <span class=\"_ _3\"></span>Queste <span class=\"_ _3\"></span>scelte, infine, <span class=\"_ _3\"></span>tengono anche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _5\"></span><span class=\"ff1 ls13\">il </span>limitato volume di cr<span class=\"_ _0\"></span>editi della Partecipat<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> 80 <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>m<span class=\"_ _3\"></span>arginali <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>ver<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _2\"></span>bieloruss<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>semplicit\u00e0 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questi <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>trattate<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indic<span class=\"_ _3\"></span>ate <span class=\"_ _2\"></span>congiuntament<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _2\"></span>la Federazione Russ<span class=\"_ _3\"></span>a.<span class=\"fs0\"> </span>81 <span class=\"fs4\">In particolare, si ve<span class=\"_ _3\"></span>dano IFRS 9 B5.<span class=\"_ _3\"></span>5.1, IFRS 9 B<span class=\"_ _3\"></span>5.5.4, IFRS 9 B5<span class=\"_ _3\"></span>.5.5, IFRS 9<span class=\"_ _3\"></span> B5.5.18 e IFRS <span class=\"_ _3\"></span>9 B5.5.52. <span class=\"_ _3\"></span><span class=\"fs0\"> </span></span>82 <span class=\"fs4\">Sezione 2 <span class=\"ff4\">\u2013</span> Rischi d<span class=\"_ _3\"></span>el Consolidato P<span class=\"_ _3\"></span>rudenzial<span class=\"_ _3\"></span>e 1.1 Rischio di <span class=\"_ _3\"></span>credito.<span class=\"_ _3\"></span><span class=\"fs6\"> </span></span>Anche il patrimonio immobiliare e gli i<span class=\"_ _3\"></span>nvestimenti finanziari in titoli <span class=\"_ _3\"></span>russi delle due <span class=\"_ _3\"></span>partecipate sono stati oggetto di valutazione<span class=\"_ _0\"></span> con impatti marginali a<span class=\"_ _0\"></span> livello di Gruppo <span class=\"_ _0\"></span>anche alla luce dalla <span class=\"_ _0\"></span>limitata materialit<span class=\"_ _0\"></span>\u00e0 degli stessi.<span class=\"_ _3\"></span> Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>tema <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>correnti <span class=\"_ _5\"></span>possedute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vendi<span class=\"_ _2\"></span>ta <span class=\"_ _6\"></span>e/o <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>cessate <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi dell'IFRS <span class=\"_ _6\"></span>5, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>classificato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tal <span class=\"_ _6\"></span>senso <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _6\"></span>verso <span class=\"_ _4\"></span>controparti <span class=\"_ _6\"></span>russe <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>ucrain<span class=\"_ _0\"></span>e, <span class=\"_ _4\"></span>non<span class=\"_ _0\"></span> sussistendone i presup<span class=\"_ _0\"></span>posti ai sensi del <span class=\"_ _0\"></span>citato principio IFRS 5<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Informativa finanziaria In <span class=\"_ _2\"></span>conti<span class=\"ff4\">nuit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019impostazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>infrannuali <span class=\"_ _2\"></span>pubblicate <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _3\"></span>dell\u2019esercizio, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>rappresenta<span class=\"_ _0\"></span> </span>gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>fornendo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>nota <span class=\"_ _3\"></span>integrativa <span class=\"_ _3\"></span>(nella <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>Sezione o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>rimandi <span class=\"_ _3\"></span>indicati) <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>qualit<span class=\"_ _5\"></span>ative e quantitative sugli <span class=\"_ _3\"></span>impatti s<span class=\"_ _3\"></span>ignificativi, i <span class=\"_ _3\"></span>giudizi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>assunzioni applicati <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>rilevazione, valutazione e <span class=\"_ _3\"></span>presentazione d<span class=\"_ _6\"></span>i <span class=\"_ _3\"></span>attivit\u00e0<span class=\"_ _0\"></span> e passivit\u00e0 e dei rela<span class=\"_ _0\"></span>tivi effetti economici, s<span class=\"_ _0\"></span>enza optare per una r<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ppresentazione s<span class=\"_ _0\"></span>eparata. <span class=\"_ _3\"></span> Ci\u00f2 <span class=\"_ _6\"></span>premesso, <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>fornito <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>quadro <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sintesi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>vantate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>verso <span class=\"_ _4\"></span>contropart<span class=\"_ _0\"></span>i residenti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"></span>economici, <span class=\"_ _4\"></span>rimandando <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>illustrato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella Parte <span class=\"ls3e\">E <span class=\"_ _2\"></span></span>- <span class=\"_ _2\"></span>Informazioni <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sulle <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>Nota <span class=\"_ _3\"></span>Integrativa <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>maggior<span class=\"_ _35\"></span> dettaglio. A <span class=\"_ _7\"> </span>fi<span class=\"_ _3\"></span>ne <span class=\"_ _7\"> </span>esercizio, <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _7\"> </span>residue <span class=\"_ _7\"> </span>verso <span class=\"_ _16\"> </span>controparti <span class=\"_ _7\"> </span>residenti <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Russia <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>Ucraina <span class=\"_ _7\"> </span>(al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>operta <span class=\"_ _7\"> </span>da garanzia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Export <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Agencies) <span class=\"_ _5\"></span>ammontano, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _5\"></span>lordi, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>372 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(205 <span class=\"_ _2\"></span>milioni <span class=\"_ _6\"></span>netti) <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>a Banca Intesa Russia e a 1.<span class=\"_ _3\"></span>257 milioni (963 milioni netti) con riferimento alle esposizioni cross border verso clientela resid<span class=\"_ _5\"></span>ente in <span class=\"_ _4\"></span>Russia <span class=\"_ _6\"></span>(al <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _6\"></span>dell<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>garanzie <span class=\"_ _6\"></span>ECA). <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiungono <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>verso <span class=\"_ _4\"> </span>banche <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>complessivi <span class=\"_ _6\"></span>797 <span class=\"_ _4\"></span>milioni (782 milioni <span class=\"_ _6\"></span>netti) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>73 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>(41 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>netti). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>residente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Ucraina<span class=\"_ _5\"></span> ammontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>216 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(103 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>netti), <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>112 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _5\"></span>nullo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _2\"></span>netti) <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata Pravex Bank. A tali valori si a<span class=\"_ _3\"></span>ggiungon<span class=\"_ _0\"></span>o esposizioni verso banche e in titoli per complessivi 74 milioni (64 milioni netti), <span class=\"_ _5\"></span>per un totale di 2.789 milioni.  La  significativa  mano<span class=\"_ _0\"></span>vra  di  de-<span class=\"ff4\">risking  impostata  nel<span class=\"_ _0\"></span>  corso  dell\u2019esercizi<span class=\"_ _0\"></span>o  2022  (che  ha <span class=\"_ _16\"> </span>visto  il  perfezionamento  di<span class=\"_ _0\"></span>  due </span>importanti <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>2.515 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>lordo) <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>importanti <span class=\"_ _6\"></span>rettifiche <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>posiz<span class=\"_ _5\"></span><span class=\"ls11\">io</span>ni hanno <span class=\"_ _2\"></span>contribuito <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimezzare <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>(clientela, <span class=\"_ _2\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>titoli) <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>verso controparti <span class=\"_ _6\"></span>residenti <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>Russia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>2.158 <span class=\"_ _6\"></span>milioni, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>3<span class=\"_ _3\"></span>.087 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>rispetto <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2021 (-<span class=\"lsc\">59</span>%). Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>valore residuo <span class=\"_ _4\"> </span>iscritto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>211 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>messo <span class=\"_ _6\"> </span>a <span class=\"_ _7\"> </span>disposizione <span class=\"_ _4\"> </span>un<span class=\"_ _0\"></span> ammontare <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>200 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>originariamente <span class=\"_ _4\"> </span>destinato <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>capitale. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>concreta <span class=\"_ _4\"></span>effettuazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>aumento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i capitale <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata <span class=\"_ _17\"> </span>sospesa <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>conseguenza <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>bellici. <span class=\"_ _17\"> </span>Il <span class=\"_ _18\"> </span>finanziamento <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>211 <span class=\"_ _17\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>tuttora <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>supporto dell\u2019operativit\u00e0 de<span class=\"_ _3\"></span>l<span class=\"ff1\">la <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eraltro <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>indotte <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>realizzato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>operativo </span>positivo, <span class=\"_ _3\"></span>mentre <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>l\u2019ammontare <span class=\"_ _2\"></span>originariamente <span class=\"_ _3\"></span>destinato <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>aumento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>dipenderanno <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>sviluppi degli <span class=\"_ _4\"></span>eventi <span class=\"_ _4\"></span>bellici <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>normativa <span class=\"_ _4\"></span>russa <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>momento <span class=\"_ _4\"></span>impone <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>estrizioni <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanee <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imborsi <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>verso soggetti residenti i<span class=\"_ _0\"></span>n Paesi \u201cunfriendly\u201d.<span class=\"ff1\"> </span>Complessivamente, i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>processi <span class=\"_ _3\"></span>valutativi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>legate al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-risking <span class=\"_ _2\"></span>sulle e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _3\"></span>russe hanno <span class=\"_ _3\"></span>portato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione nell\u2019esercizio, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>fiscali, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>netti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _2\"></span>1.415 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>1.298 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">ettifiche <span class=\"_ _5\"></span>su </span>crediti, per <span class=\"_ _3\"></span>36 milioni <span class=\"_ _3\"></span>su titoli <span class=\"_ _3\"></span>e per <span class=\"_ _3\"></span>81 <span class=\"_ _3\"></span>milioni su a<span class=\"_ _3\"></span>ltre poste d<span class=\"_ _3\"></span>i bilancio, inclusivi d<span class=\"_ _3\"></span>ell\u2019accanton<span class=\"_ _2\"></span><span class=\"ff1\">amento di <span class=\"_ _3\"></span>80 milioni e<span class=\"_ _3\"></span>ffettuato in </span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>partecipata <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zzerare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contributo <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>bilanci<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span> consolidato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>scontare <span class=\"_ _2\"></span>l\u2019effetto <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>limitazioni <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rimpatrio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>infragruppo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Russia </span>stanti le restrizioni n<span class=\"_ _0\"></span>ormative locali. Infine, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>rispettive <span class=\"_ _6\"></span>Sezioni <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Parte<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>E <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>presente <span class=\"_ _6\"></span>Nota <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span>tegrativa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>edicate <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"></span>tipologie<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>(risch<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>di mercato e <span class=\"_ _3\"></span>liquidit\u00e0, assicurativi e <span class=\"_ _3\"></span>operativi) ripor<span class=\"_ _3\"></span>tano <span class=\"_ _3\"></span>le informazioni c<span class=\"_ _3\"></span>onseguenti ai <span class=\"_ _3\"></span>limitati impatti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>presenti <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>relativi alla crisi russo ucraina p<span class=\"_ _0\"></span>er gli aspetti di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za.<span class=\"_ _90\"> </span>RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA PAND<span class=\"_ _0\"></span>EMIA DA COVID-<span class=\"lsc\">19</span> Con  la <span class=\"_ _16\"> </span>comunicazione <span class=\"_ _16\"> </span>del  1<span class=\"_ _0\"></span>5  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  2<span class=\"_ _0\"></span>020  aven<span class=\"_ _0\"></span>te  ad  <span class=\"ff4\">oggetto  gli <span class=\"_ _16\"> </span>\u201cimpatti <span class=\"_ _16\"> </span>del  COVID</span>-19 <span class=\"_ _16\"> </span>e  delle <span class=\"_ _16\"> </span>misure  a <span class=\"_ _16\"> </span>sostegno<span class=\"_ _0\"></span> dell'economia <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>emendamenti<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>IAS/IFRS\u201d <span class=\"_ _4\"> </span>(oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>limitato <span class=\"_ _4\"> </span>aggiornamento <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2021), <span class=\"_ _4\"> </span>la Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>disposizioni che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>disciplinano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>b<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>contenute nella <span class=\"_ _3\"></span>\u201cCircolare <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>62 <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>Il <span class=\"_ _3\"></span>bilancio </span>bancario: schemi e regole di compilazione\u201d al fine di fornire al mercato informazioni sugli effetti che il COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _3\"></span>e le misure di </span>sostegno <span class=\"_ _3\"></span>all\u2019economia <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>prodotto <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>strategie, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>politiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>rischi, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>tuazion<span class=\"_ _0\"></span>e </span>economica <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>intermediari. <span class=\"_ _4\"> </span>Nel <span class=\"_ _7\"> </span>definire <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>integrazio<span class=\"_ _0\"></span>ni <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>tenuto <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>documenti pubblicati <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2020 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>organismi <span class=\"_ _2\"></span>regolamentari <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vigilanza <span class=\"_ _2\"></span>europei <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dagli <span class=\"_ _2\"></span>standard <span class=\"_ _5\"></span>setter <span class=\"_ _5\"></span>volti <span class=\"_ _5\"></span>a chiarire <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>IAS/IFRS <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>contesto <span class=\"_ _4\"> </span>pande<span class=\"_ _3\"></span>mico. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>tabella <span class=\"_ _7\"> </span>seguente <span class=\"_ _7\"> </span>riporta <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>documenti <span class=\"_ _7\"> </span>pi\u00f9 rilevanti, indicandone a<span class=\"_ _0\"></span>nche l\u2019ambito di appl<span class=\"_ _0\"></span>icazione.<span class=\"ff1\"> </span>Tematica princi<span class=\"_ _3\"></span>pale Ente emittente<span class=\"_ _3\"></span> Data Titolo Classificazione Misurazione Informativa Finanziaria EBA<span class=\"ls0\"> </span>25.3.20 Statement <span class=\"_ _23\"> </span>on <span class=\"_ _20\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>pplication <span class=\"_ _23\"> </span>of <span class=\"_ _20\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _20\"> </span>pr<span class=\"_ _3\"></span>udential <span class=\"_ _23\"> </span>framework<span class=\"_ _3\"></span> regarding <span class=\"_ _5\"></span>Default, <span class=\"_ _5\"></span>Forbearanc<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>9 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>light <span class=\"_ _5\"></span>of <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span>-<span class=\"ls40\">19 </span>measures X ESMA 25.3.20 Public <span class=\"_ _1c\"> </span>Statement.<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Accounting <span class=\"_ _1c\"> </span>implic<span class=\"_ _3\"></span>ations <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>the <span class=\"_ _1c\"> </span>COVID<span class=\"_ _3\"></span>-19 outbreak <span class=\"_ _23\"> </span>on <span class=\"_ _23\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _23\"> </span>calculation <span class=\"_ _29\"> </span>of <span class=\"_ _23\"> </span>expected <span class=\"_ _23\"> </span>c<span class=\"_ _3\"></span>redit <span class=\"_ _23\"> </span>losses <span class=\"_ _23\"> </span>i<span class=\"_ _3\"></span>n accordance with I<span class=\"_ _3\"></span>FRS 9 X IFRS Foundation<span class=\"_ _3\"></span> 27.3.20 IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"> </span>COVID<span class=\"_ _3\"></span>-<span class=\"ls40\">19 <span class=\"_ _4\"> </span></span>- <span class=\"_ _4\"> </span>Accounting  for <span class=\"_ _6\"> </span>ex<span class=\"_ _3\"></span>pected <span class=\"_ _4\"> </span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _4\"> </span>losses<span class=\"_ _3\"></span> applying <span class=\"_ _15\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _15\"> </span>9 <span class=\"_ _1d\"> </span>Financial <span class=\"_ _1d\"> </span>Instruments <span class=\"_ _1d\"> </span>in <span class=\"_ _15\"> </span>the <span class=\"_ _15\"> </span>li<span class=\"_ _3\"></span>ght <span class=\"_ _15\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _15\"> </span>current<span class=\"_ _3\"></span> uncertainty resulti<span class=\"_ _3\"></span>ng from the COVID<span class=\"_ _3\"></span>-19 pand<span class=\"_ _3\"></span>emic X BCE 1.4.20 IFRS 9 in the conte<span class=\"_ _3\"></span>xt of the coron<span class=\"_ _3\"></span>avirus (COVID<span class=\"_ _3\"></span>-19) pa<span class=\"_ _3\"></span>ndemic X EBA<span class=\"ls0\"> </span>2.4.20 Guidelines  on <span class=\"_ _4\"> </span>legisla<span class=\"_ _3\"></span>tive  and <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>leg<span class=\"_ _3\"></span>islative  moratoria  on<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>loan<span class=\"_ _3\"></span> repayments appli<span class=\"_ _3\"></span>ed in the light of <span class=\"_ _3\"></span>the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> X ESMA 20.5.20 Implications <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>C<span class=\"_ _3\"></span>OVID-19<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>utbreak <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>half-y<span class=\"_ _3\"></span>early fi<span class=\"_ _3\"></span>nancial reports X EBA<span class=\"ls0\"> </span>2.6.20 Guidelines <span class=\"_ _4\"> </span>on<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>reporting<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>discl<span class=\"_ _3\"></span>osure <span class=\"_ _4\"> </span>of  exposures <span class=\"_ _4\"> </span>subject <span class=\"_ _4\"> </span>to<span class=\"_ _3\"></span> measures applied in <span class=\"_ _3\"></span>response<span class=\"_ _3\"></span> to the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> X X ESMA 28.10.20 European <span class=\"_ _23\"> </span>common <span class=\"_ _29\"> </span>enforcement <span class=\"_ _29\"> </span>priorities <span class=\"_ _23\"> </span>for <span class=\"_ _23\"> </span>2020 <span class=\"_ _29\"> </span>annual financial reports<span class=\"_ _3\"></span> X EBA<span class=\"ls0\"> </span>2.12.20 Guidelines <span class=\"_ _4\"> </span>am<span class=\"_ _3\"></span>ending <span class=\"_ _4\"> </span>G<span class=\"_ _3\"></span>uidelines <span class=\"_ _4\"> </span>EB<span class=\"_ _3\"></span>A/GL/20<span class=\"_ _3\"></span>20/02 <span class=\"_ _4\"> </span>on  legislative and <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>legislativ<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>mor<span class=\"_ _3\"></span>atoria <span class=\"_ _6\"></span>on <span class=\"_ _5\"></span>lo<span class=\"_ _3\"></span>an <span class=\"_ _6\"></span>repayments <span class=\"_ _6\"> </span>applied <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the light of the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> X BCE 4.12.20 Identification <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>meas<span class=\"_ _3\"></span>urement <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>context <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e coronavirus (COVID<span class=\"_ _3\"></span>-19) pandem<span class=\"_ _3\"></span>ic X X ESMA 29.10.21 European <span class=\"_ _23\"> </span>common <span class=\"_ _29\"> </span>enforcement <span class=\"_ _29\"> </span>priorities <span class=\"_ _23\"> </span>for <span class=\"_ _23\"> </span>2021 <span class=\"_ _29\"> </span>annual financial reports<span class=\"_ _3\"></span> X X X ESMA 16.12.21 Report <span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>application <span class=\"_ _2\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>7 <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _3\"></span>requi<span class=\"_ _3\"></span>rements regarding banks\u2019<span class=\"_ _3\"></span> expected credit l<span class=\"_ _3\"></span>osses (ECL)<span class=\"_ _3\"></span><span class=\"ff1\"> </span>X X X Gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>regolatori <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _7\"> </span>volti <span class=\"_ _4\"></span>essenzialmente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>chiarire <span class=\"_ _4\"> </span>il <span class=\"_ _16\"> </span>trattamento <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>moratorie, <span class=\"_ _4\"> </span>indicare <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>presupposti minimi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>chiara <span class=\"_ _5\"></span>informativa <span class=\"_ _2\"></span>finanziaria, <span class=\"_ _2\"></span>indirizzare <span class=\"_ _2\"></span>uniformemente <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospettici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>permetter<span class=\"_ _2\"></span><span class=\"lsc\">e </span>flessibilit\u00e0 nella defin<span class=\"_ _0\"></span>izione delle valuta<span class=\"_ _0\"></span>zioni creditizie. Ci\u00f2 <span class=\"_ _4\"> </span>premesso, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"></span>contesto <span class=\"_ _4\"></span>sanitario <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>progressivo <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>costante <span class=\"_ _4\"> </span>miglioramento <span class=\"_ _4\"></span>legato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> crescente immunit\u00e0 raggiunta dalla popolazione, sia a seguito delle campagne vaccinali che dell\u2019el<span class=\"_ _0\"></span>evato numero di contagiati,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cui si deve aggiungere una minor gravit\u00e0 delle v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rianti del virus in cir<span class=\"_ _0\"></span>colazione. Tale andamento <span class=\"_ _0\"></span>ha reso possibile un gradual<span class=\"_ _0\"></span>e azzeramento delle misure restrittive, con una conseguente ripresa di quelle <span class=\"_ _3\"></span>attivit\u00e0 economiche che erano ancora penalizzate da <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>contesto (quali <span class=\"_ _3\"></span>que<span class=\"ff4\">lle <span class=\"_ _3\"></span>turistiche). <span class=\"_ _3\"></span>Nel corso<span class=\"_ _3\"></span> dell\u2019esercizio 2022 <span class=\"_ _2\"></span>\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>coerentemente con <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>sviluppi del <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>sanitario e con <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>economica <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>atto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>assistito <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>progressiva <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>pagamenti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>avevan<span class=\"_ _0\"></span>o goduto <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>misure <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>sostegno<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>quali <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>moratorie. <span class=\"_ _1d\"> </span>Conseguentemente, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>proceduto <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>ridurre <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso dell\u2019esercizio <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>misure <span class=\"_ _1d\"> </span>poste <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>rendere <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _1d\"> </span>creditizie <span class=\"_ _1d\"> </span>coerenti  c<span class=\"_ _3\"></span>on <span class=\"_ _1d\"> </span>lo <span class=\"_ _1d\"> </span>specifico <span class=\"_ _1d\"> </span>contesto pandemico. Classificazione e val<span class=\"_ _0\"></span>utazione crediti n<span class=\"_ _0\"></span>ello<span class=\"_ _3\"></span> scenario COVID-19  La <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>andemia <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>COVID-19 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>avuto <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo i<span class=\"_ _3\"></span>mpatto <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>tematiche <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>classificazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>creditizie, in <span class=\"_ _5\"></span>particolare <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _2\"></span>aspetti <span class=\"_ _5\"></span>collegati <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>moratorie <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>dell\u2019Expec<span class=\"_ _2\"></span><span class=\"ff1\">ted <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Loss </span>(ECL) ai sensi del prin<span class=\"_ _0\"></span>cipio IFRS9. In <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>creditizie, <span class=\"_ _5\"></span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019apparizio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>COVID<span class=\"ff1\">-19 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>comportato <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>necessit\u00e0, <span class=\"_ _2\"></span>condivisa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al </span></span>sistema  bancario <span class=\"_ _1d\"> </span>e  dalle <span class=\"_ _1d\"> </span>istitu<span class=\"_ _0\"></span>zioni <span class=\"_ _1d\"> </span>(governi<span class=\"_ _0\"></span>  e <span class=\"_ _1d\"> </span>regulator),  di <span class=\"_ _1d\"> </span>concedere  ai  c<span class=\"_ _5\"></span>lienti  gi\u00e0 <span class=\"_ _1d\"> </span>in  bonis <span class=\"_ _1d\"> </span>misure  generalizzate  di sospensione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>(moratorie) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>semplificate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>senza <span class=\"_ _5\"></span>penalizzazioni <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>coinvolti, <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e clientela. <span class=\"_ _4\"> </span>Tali <span class=\"_ _7\"> </span>misure, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>regolate <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>nor<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>nazionali <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>decise <span class=\"_ _7\"> </span>autonomam<span class=\"_ _3\"></span>ente <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>banche, <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>state oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>specifica <span class=\"_ _4\"> </span>regolamentazione, <span class=\"_ _4\"> </span>riassunta <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>Guidelines <span class=\"_ _4\"> </span>EBA <span class=\"_ _4\"> </span>(\u201cGuidelines <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>legislative <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>non<span class=\"_ _5\"></span><span class=\"ff1\">-legislativ<span class=\"_ _35\"></span>e </span>moratoria <span class=\"_ _5\"></span>on <span class=\"_ _6\"></span>loan <span class=\"_ _6\"></span>repayments <span class=\"_ _5\"></span>applied <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>ght <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>COVID<span class=\"_ _3\"></span>-<span class=\"ff4\">19 <span class=\"_ _6\"></span>crisis\u201d). <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>concessione <span class=\"_ _5\"></span>s<span class=\"_ _2\"></span></span>econdo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>suddette Guidelines <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>intermediari <span class=\"_ _3\"></span>finanziari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>moratorie <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>private, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>costituiva <span class=\"_ _3\"></span>automaticamente<span class=\"_ _2\"></span> un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default, <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>conseguente <span class=\"_ _2\"></span>classificazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>deteriorato, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nemmeno <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>misura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>for<span class=\"_ _5\"></span>bearance, con <span class=\"_ _4\"> </span>conseguente <span class=\"_ _6\"></span>passaggio <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>Stage <span class=\"_ _4\"> </span>2. <span class=\"_ _4\"> </span>L\u2019EBA <span class=\"_ _6\"></span>aveva <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>condizioni <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>durata <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>limite<span class=\"_ _0\"></span> temporale <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>concessione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"> </span>dell\u2019applicabilit\u00e0 <span class=\"_ _6\"></span>dell\u2019esenzione. <span class=\"_ _5\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _5\"></span>condizioni <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>progressivamente <span class=\"_ _6\"></span>venute <span class=\"_ _6\"> </span>meno <span class=\"_ _6\"> </span>nel co<span class=\"ff4 ls0\">rso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2021. <span class=\"_ _5\"></span>Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _5\"></span>italiano, <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>intervento <span class=\"_ _5\"></span>normativo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>ma <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cd <span class=\"_ _6\"></span>Decreto<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span>legge \u201cSostegni bis\u201d, che ha concesso la possibilit\u00e0 di beneficiare di un\u2019ulteriore proroga delle moratorie ex<span class=\"_ _5\"></span><span class=\"ff1\">-lege in cadenza al </span>30 <span class=\"_ _2\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2021. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>avanti <span class=\"_ _5\"></span>faceva <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>sola <span class=\"_ _5\"></span>quota <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, mentre gli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>in maturazione <span class=\"_ _3\"></span>dovevano essere <span class=\"_ _3\"></span>pagati. <span class=\"_ _3\"></span>Considerando che n<span class=\"_ _3\"></span>on sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>decisi <span class=\"_ _3\"></span>ulteriori interven<span class=\"_ _5\"></span>ti legislativi, <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roroghe <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>concessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuove <span class=\"_ _5\"></span>sospensioni <span class=\"_ _2\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>hanno seguito quindi gli ordi<span class=\"_ _0\"></span>nari processi crediti<span class=\"_ _0\"></span>zi, con valutazione s<span class=\"_ _0\"></span>e la misura fosse da c<span class=\"_ _0\"></span>onsiderare come forbear<span class=\"_ _0\"></span>ance. <span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>tema d<span class=\"_ _3\"></span>i v<span class=\"_ _3\"></span>alutazione dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>aveva adottato <span class=\"_ _3\"></span>fin <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>trimestrale al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>un approccio <span class=\"_ _3\"></span>prudente <span class=\"_ _3\"></span>circa l\u2019adeguamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ECL <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019incerto <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>peggioramento del<span class=\"ls0\">le condizioni <span class=\"_ _3\"></span>economiche <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>derivanti da<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>misure d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>rese <span class=\"_ _3\"></span>tempestivament<span class=\"_ _0\"></span>e </span>disponibili <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>autorit\u00e0 <span class=\"_ _20\"> </span>n<span class=\"_ _3\"></span>azionali <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>sostenute <span class=\"_ _23\"> </span>dalla <span class=\"_ _20\"> </span>politica <span class=\"_ _23\"> </span>accomodante <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>BCE. <span class=\"_ _20\"> </span>Questo <span class=\"_ _23\"> </span>approccio <span class=\"_ _23\"> </span>\u00e8 <span class=\"_ _23\"> </span>stato progressivamente <span class=\"_ _3\"></span>reso <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>sofisticato <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>management <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>verlay <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>via via <span class=\"_ _6\"></span>affinati <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iflettendo <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>miglior<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>percezione <span class=\"_ _6\"></span>dell\u2019evoluzion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>crisi. <span class=\"_ _6\"></span>Relativamente <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>su <span class=\"_ _6\"> </span>credi<span class=\"_ _5\"></span><span class=\"ff1\">ti, <span class=\"_ _6\"></span>nel </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>evi<span class=\"_ _3\"></span>denziato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sostanziale <span class=\"_ _4\"> </span>azzeramento <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>management <span class=\"_ _4\"></span>overlay <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>vulnerabilit\u00e0 <span class=\"_ _4\"> </span>delle moratorie <span class=\"_ _6\"></span>stante <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>progress<span class=\"_ _0\"></span>ivo <span class=\"_ _6\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>moratorie <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>maturato <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>termini <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>presa <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>senza evidenziare <span class=\"_ _5\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>criticit\u00e0 <span class=\"_ _5\"></span>signif<span class=\"_ _3\"></span>icativi <span class=\"_ _2\"></span>(al <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>azzerate, <span class=\"_ _5\"></span>le<span class=\"_ _0\"></span> esposizioni residu<span class=\"_ _0\"></span>e ammontavano a soli 8<span class=\"_ _0\"></span>0 milioni). * * * A <span class=\"_ _6\"> </span>completamento <span class=\"_ _6\"></span>dell\u2019informati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>linea <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>itata <span class=\"_ _6\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>21 <span class=\"_ _7\"> </span><span class=\"ff1\">dicembre <span class=\"_ _6\"></span>2021 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Banca </span>d\u2019Italia <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>integra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>Circolare <span class=\"_ _2\"></span>262, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>vedano <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nformazio<span class=\"_ _0\"></span>ni <span class=\"_ _5\"></span>quantitative <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>di </span>misure di sostegno COV<span class=\"_ _0\"></span>ID-19 e le relative rettifiche di <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alore nette per risch<span class=\"_ _0\"></span>io di credito pubblicat<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>rispettivamente: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in Parte B <span class=\"ff4\">\u2013</span> Informazioni sullo S<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ato patrimoniale <span class=\"ff4\">\u2013</span> Attivo, nelle tabell<span class=\"_ _0\"></span>e: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3.3a <span class=\"_ _4\"> </span>Finanziamenti <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"></span>sulla <span class=\"_ _4\"></span>redditivit\u00e0 <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>misure <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>sostegno </span>COVID-19: valore lordo <span class=\"_ _0\"></span>e rettifiche di valore <span class=\"_ _0\"></span>comp<span class=\"_ _3\"></span>lessive; o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>4.4a <span class=\"_ _3\"></span>Finanziamenti <span class=\"_ _3\"></span>valutati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato o<span class=\"_ _3\"></span>ggetto d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _3\"></span>COVID<span class=\"_ _2\"></span>-19: <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rettifich<span class=\"_ _0\"></span>e </span>di valore complessive; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in Parte C <span class=\"ff4\">\u2013</span> Informazioni sul c<span class=\"_ _0\"></span>onto economico: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>8.1a <span class=\"_ _3\"></span>Rettifiche di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>relat<span class=\"_ _3\"></span>ivo <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>finanziamenti <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato <span class=\"_ _3\"></span>oggetto di </span>misure di sostegno COV<span class=\"_ _0\"></span>ID-19: composizione; o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>8.2a <span class=\"_ _5\"></span>Rettifiche <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>sulla </span>redditivit\u00e0 complessi<span class=\"_ _0\"></span>va oggetto di misure di sostegno Co<span class=\"_ _0\"></span>vid-19: composizione. Infine, per <span class=\"_ _3\"></span>le informazioni <span class=\"_ _3\"></span>quantitative in merito <span class=\"_ _3\"></span>ai trasferimenti tra <span class=\"_ _3\"></span>i diversi <span class=\"_ _3\"></span>stadi di <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>credito e ai <span class=\"_ _3\"></span>finanziame<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti oggetto di <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _3\"></span>COVID-19 <span class=\"_ _2\"></span>suddivisi <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categoria d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eteriorate, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>fa <span class=\"_ _2\"></span>rinvio <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>seguenti <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>abelle <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Parte <span class=\"_ _3\"></span>E (Sezione 2 \u201cRischi d<span class=\"_ _0\"></span>el consolidato prude<span class=\"_ _0\"></span>nziale\u201d) del presente B<span class=\"_ _0\"></span>ilancio consolidat<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>A.1.3a <span class=\"_ _3\"></span>Finanziamenti <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>ure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID<span class=\"_ _3\"></span>-19: tr<span class=\"_ _3\"></span>asferimenti <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tadi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>credi<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>(valori </span>lordi); \u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"fs0\">A.1.5a Finanziamenti ogg<span class=\"_ _0\"></span>etto di misure di <span class=\"_ _0\"></span>sostegno COVID-19: valori lordi e netti.<span class=\"fs12\"> </span></span></span>MODIFICHE CONTRATTUALI <span class=\"_ _0\"></span>DERIVANTI DA COVID-<span class=\"lsc\">19</span><span class=\"fc0\"> </span>Vengono <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>riportate <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informative <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>dettaglio <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>specifiche <span class=\"_ _4\"></span>istruzioni <span class=\"_ _6\"></span>della <span class=\"_ _7\"> </span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Banca d\u2019Italia sulle modifi<span class=\"_ _0\"></span>che contrattuali d<span class=\"_ _0\"></span>erivanti da COVID<span class=\"ff1\">-</span>19 alla luce delle disposizio<span class=\"_ _0\"></span>ni dell\u2019IFRS 9 e dell\u2019IFRS<span class=\"_ _0\"></span> 16.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Modifiche contrattuali <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> cancellazione co<span class=\"_ _0\"></span>ntabile (IFRS 9) Le <span class=\"_ _2\"></span>moratorie <span class=\"_ _2\"></span>concesse <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>andem<span class=\"_ _3\"></span>ia, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>EBA, <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>rispettato <span class=\"_ _2\"></span>alcuni <span class=\"_ _2\"></span>requisiti specifici. Pi\u00f9 in dettagli<span class=\"_ _0\"></span>o esse: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sono state offerte indistintam<span class=\"_ _0\"></span>ente ad una plate<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> di soggetti (perf<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rming) o a seguit<span class=\"_ _0\"></span>o e secondo disposizioni<span class=\"_ _0\"></span> di legge;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>non prevedevano rinunc<span class=\"_ _0\"></span>e ad interessi contrattuali o capital<span class=\"_ _0\"></span>i, ma solo un mero diff<span class=\"_ _0\"></span>erimento/allung<span class=\"_ _0\"></span>amento dei pagamenti.<span class=\"_ _3\"></span> </span>Poich\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>moratorie <span class=\"_ _6\"></span>concesse <span class=\"_ _6\"></span>prevedevano <span class=\"_ _6\"></span>solo <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mero <span class=\"_ _6\"></span>differimento <span class=\"_ _6\"></span>/ <span class=\"_ _6\"></span>allungamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>pagamenti <span class=\"_ _5\"></span>sono dovuti, l\u2019applicazio<span class=\"_ _0\"></span>ne di una moratoria <span class=\"_ _0\"></span>non ha comp<span class=\"ff1\">ortato la derecognition del cr<span class=\"_ _0\"></span>edito. </span>Emendamento del prin<span class=\"_ _0\"></span>cipio contabile IFRS 1<span class=\"_ _0\"></span>6  Bench\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>fattispecie <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevante <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>(lato <span class=\"_ _2\"></span>loc<span class=\"_ _5\"></span>atario), avendo <span class=\"_ _7\"> </span>valutato <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>natura <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span><span class=\"ff4\">contratti <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>ruolo <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>svolto <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>supporto <span class=\"_ _7\"> </span>all\u2019economia, <span class=\"_ _7\"> </span>Intesa </span>Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>stabilito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>applicare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>\u201cpractical <span class=\"_ _5\"></span>expedient\u201d <span class=\"_ _2\"></span>introdotto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>16 <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>Leasing <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>di </span>sconti e dilazioni dei <span class=\"_ _0\"></span>pagamenti sui contratti di leasing pa<span class=\"_ _0\"></span>ssivi in essere. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-941": {
   "value": "SEZIONE 5 - ALTRI ASPETT<span class=\"_ _3\"></span>I     <span class=\"fs9\"> </span>RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA CRISI RUS<span class=\"_ _0\"></span>SO/UCRAINA E DE<span class=\"_ _0\"></span>LLA PANDEMIA DA CO<span class=\"_ _0\"></span>VID-<span class=\"_ _3\"></span><span class=\"lsc\">19</span> Premessa L\u2019esercizio <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>caratterizzato, <span class=\"_ _7\"> </span>sotto <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>profilo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischi, <span class=\"_ _4\"> </span>sia <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>positivi <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>di </span>regressione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>impatti <span class=\"_ _7\"> </span>derivanti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _7\"> </span>pandemia <span class=\"_ _7\"> </span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>conseguenze <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>solvibilit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>clientela, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>da aspetti <span class=\"_ _3\"></span>negativi <span class=\"_ _2\"></span>primariamente <span class=\"_ _3\"></span>riconducibili <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-ucraino <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>conseguenze <span class=\"_ _3\"></span>indotte <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione ai <span class=\"_ _3\"></span>rincari <span class=\"_ _3\"></span>dei prezzi <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>fonti energetiche, <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>carenza di <span class=\"_ _3\"></span>talune <span class=\"_ _3\"></span>materie <span class=\"_ _3\"></span>prime ed<span class=\"_ _3\"></span> all\u2019effetto <span class=\"_ _3\"></span>sull\u2019aumento dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>ne \u00e8 </span>derivato.  La <span class=\"_ _4\"> </span>preparazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>consolidato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conformit\u00e0 <span class=\"_ _4\"></span>agli <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>richiede <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>management <span class=\"_ _4\"> </span>effettui <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ipotesi <span class=\"_ _4\"></span>che influenzano <span class=\"_ _5\"></span>l'ammontare <span class=\"_ _5\"></span>riportato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0, <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0, <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>spese <span class=\"_ _6\"></span>rilevate <span class=\"_ _7\"> </span><span class=\"ff4\">nell\u2019esercizio,<span class=\"_ _35\"></span> </span>nonch\u00e9 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>complessivo, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>indicato <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>maggiori <span class=\"_ _3\"></span>dettagli <span class=\"_ _2\"></span>nell\u2019apposito <span class=\"_ _2\"></span>paragrafo della <span class=\"_ _2\"></span>presente <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integrativa <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>A2: <span class=\"_ _5\"></span>Sezione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>Utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>assunzioni nella <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dell\u2019informativa <span class=\"_ _3\"></span>finanziaria). <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incertezza <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>stime <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>management, <span class=\"_ _6\"> </span><span class=\"ff1 ls1f\">che </span>si basano s<span class=\"_ _3\"></span>ull'esperienza storica e su <span class=\"_ _3\"></span>altri presupposti che s<span class=\"_ _3\"></span>i ritiene siano ragionevoli, <span class=\"_ _3\"></span>includono quelle relativ<span class=\"_ _5\"></span>e alle perdite s<span class=\"_ _3\"></span>u crediti,  il <span class=\"_ _16\"> </span>fair  value <span class=\"_ _16\"> </span>di  strumenti  fi<span class=\"_ _0\"></span>nanziari  (i<span class=\"_ _0\"></span>nclusi  deriv<span class=\"_ _0\"></span>ati),  imposte <span class=\"_ _16\"> </span>sul  reddito  d<span class=\"_ _0\"></span>elle  socie<span class=\"_ _0\"></span>t\u00e0,  benefici <span class=\"_ _16\"> </span>per  i  dipend<span class=\"_ _0\"></span>en<span class=\"_ _5\"></span>ti, avviamento <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali, <span class=\"_ _7\"> </span>la  r<span class=\"_ _0\"></span>iduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cancellazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie e gli ac<span class=\"_ _0\"></span>cantonamenti per rischi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d oneri. La <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>descritta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>causato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>causare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>incertezza <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>settore finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>riflessa <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>hiave <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>caratterizzati <span class=\"_ _3\"></span>da elementi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>novit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>riscontrabili <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>periodi <span class=\"_ _7\"> </span>recenti <span class=\"_ _7\"> </span>sono, <span class=\"_ _16\"> </span>infatti, <span class=\"_ _7\"> </span>particolarmente <span class=\"_ _7\"> </span>difficili <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>catturare <span class=\"_ _1d\"> </span>nel processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modellizzazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>creditizie <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>conseguenza <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>estrema <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>produrre <span class=\"_ _2\"></span>previsioni per rischi specifici di<span class=\"_ _0\"></span> portafoglio in tali cir<span class=\"_ _0\"></span>costanze.  Con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>previste <span class=\"_ _16\"> </span>nelle <span class=\"_ _7\"> </span>Policy <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>gruppo, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>specifica <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>stesse <span class=\"_ _7\"> </span>prevedono <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>in<span class=\"_ _0\"></span> determinate <span class=\"_ _16\"> </span>circostanze  <span class=\"ff4\">\u2013<span class=\"_ _0\"></span><span class=\"ff1\">  qu<span class=\"_ _0\"></span>ali  q<span class=\"_ _0\"></span>uella <span class=\"_ _16\"> </span>attuale  - <span class=\"_ _16\"> </span><span class=\"ff4\">emerga <span class=\"_ _16\"> </span>l\u2019esigenza <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>apportare <span class=\"_ _16\"> </span>aggiustamenti <span class=\"_ _16\"> </span>temporanei <span class=\"_ _16\"> </span>(aggravi <span class=\"_ _16\"> </span>alle </span></span></span>valutazioni) <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>modellisti<span class=\"_ _0\"></span>ca <span class=\"_ _3\"></span>adottata, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>ottica <span class=\"_ _3\"></span>cautelativa. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>evenienza <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>nascere <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>di <span class=\"_ _4\"></span>eventi esogeni, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>inattesa, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>controllabili a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>opera <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>conseguenze <span class=\"_ _3\"></span>potenziali, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>vasta <span class=\"_ _3\"></span>scala, <span class=\"_ _3\"></span>sulla misurazione  della  ECL  dei  portafogli  della  Banca  per  effetto  di  elementi  che  non <span class=\"_ _1d\"> </span>vengono<span class=\"_ _0\"></span>  colti  adeguatamente  dalle modellistiche <span class=\"_ _7\"> </span>IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>uso. <span class=\"_ _7\"> </span>Va<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ricordato, <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span>fatti, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _7\"> </span>IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>fondano <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>basate sull\u2019esperienza <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>forte <span class=\"_ _4\"> </span>ancoraggio <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>osservazioni <span class=\"_ _4\"> </span>storiche, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onsiderate <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>arco <span class=\"_ _7\"> </span>temporale congruo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>sufficient<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mente <span class=\"_ _5\"></span>stabile. <span class=\"_ _6\"></span>Allo <span class=\"_ _5\"></span>stesso <span class=\"_ _6\"></span>tempo, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>metodologie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>anche riflettere <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>\u00abforward-<span class=\"ff4\">looking\u00bb <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>adottano <span class=\"_ _7\"> </span>approcci <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>maniera <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>sostenibile <span class=\"_ _7\"> </span>(\u201cwithout </span>undue <span class=\"_ _2\"></span>cost <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>effort\u201d); <span class=\"_ _5\"></span>questi <span class=\"_ _2\"></span>devono <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span></span>opportuna <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aumento <span class=\"_ _5\"></span>dell\u2019incertezza sullo scenario futuro e <span class=\"_ _0\"></span>sulle ricadute c<span class=\"_ _0\"></span>he gli eventi in questio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e potrebbero a<span class=\"_ _0\"></span>vere.<span class=\"_ _3\"></span> Anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>fornite <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>regolatori <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>occasione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>pandemia <span class=\"_ _5\"></span>COVID<span class=\"_ _2\"></span>-19 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>conflitto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Ucraina<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>(riportate <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>in dettaglio <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>seguenti <span class=\"_ _6\"></span>sezioni) <span class=\"_ _6\"></span>permettono <span class=\"_ _6\"></span>/ <span class=\"_ _4\"></span>invitano <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>adottare <span class=\"_ _5\"></span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _6\"></span>flessibile <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>far<span class=\"_ _5\"></span><span class=\"ls17\">e </span>ricorso al <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>giudizio esperto nel prendere <span class=\"_ _3\"></span>decisioni in <span class=\"_ _3\"></span>contesti eccezionali e<span class=\"_ _3\"></span>d inattesi, a<span class=\"_ _3\"></span>vendo comunqu<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>chiaro che<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.51099px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>costituiscono <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>\u201crilassament<span class=\"_ _0\"></span>o\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>regole, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>piuttosto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019ulteriore <span class=\"_ _3\"></span>necessar<span class=\"_ _5\"></span><span class=\"ff1\">ia </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">discrezionalit\u00e0 <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>venti <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>tutto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>pecifici. <span class=\"_ _4\"> </span>Tali <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _4\"></span>hanno <span class=\"_ _4\"> </span>supportato <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span>ella <span class=\"_ _4\"> </span>banca <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">adottare <span class=\"_ _4\"> </span>\u201cpost <span class=\"_ _7\"> </span>model <span class=\"_ _4\"> </span>adjustments\u201d <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>innestare, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>aumento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Expected <span class=\"_ _4\"> </span>Credit <span class=\"_ _4\"> </span>Losses <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>ECL) <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">manageriale, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>adeguata <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>richiamati. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>stime, <span class=\"_ _2\"></span>ipotesi <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">giudizi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>riflettono <span class=\"_ _2\"></span>questa <span class=\"_ _5\"></span>incertezza. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>quadro <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>peraltro <span class=\"_ _2\"></span>supportate<span class=\"_ _5\"></span><span class=\"ls1d\">, </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">come <span class=\"_ _2\"></span>meglio <span class=\"_ _2\"></span>dettagliato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sensitivit\u00e0, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>specifiche <span class=\"_ _5\"></span>disclosure, <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>permettere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>lett<span class=\"_ _5\"></span>ore </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">del bilancio una quanto<span class=\"_ _0\"></span> pi\u00f9 completa e<span class=\"_ _0\"></span> trasparente compren<span class=\"_ _0\"></span>sione dei fenomeni in a<span class=\"_ _0\"></span>tto.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>attuale, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>profilo <span class=\"_ _2\"></span>macroeconomico,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>dell\u2019evoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>conflitto <span class=\"_ _5\"></span>russo <span class=\"_ _2\"></span>ucraino, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>quindi </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">connotato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>significativa <span class=\"_ _6\"></span>incertezza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>tenuto <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>redazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>bilancio. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>i </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">potenziali <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>diretti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>indiretti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>tenuti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderazione <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>osizioni </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">creditizie,  tramite <span class=\"_ _1d\"> </span>rettifiche <span class=\"_ _1d\"> </span>prudenziali <span class=\"_ _1d\"> </span>sulle  esposizioni <span class=\"_ _1d\"> </span>verso  controparti <span class=\"_ _1d\"> </span>russe  ed <span class=\"_ _1d\"> </span>ucraine <span class=\"_ _1d\"> </span>ed  un <span class=\"_ _1d\"> </span>rafforzamento  delle </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">coperture <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>performing <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>performing <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>presentando <span class=\"_ _2\"></span>profili <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>deteriorament<span class=\"_ _5\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">specifico, <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>subire <span class=\"_ _16\"> </span>conseguenz<span class=\"ff4\">e <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>un\u2019evoluzione <span class=\"_ _7\"> </span>negativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contesto <span class=\"_ _7\"> </span>macroeconomico <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>russo <span class=\"_ _16\"> </span>e </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">ucraino.  </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Di seguito, quindi, son<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> riportate: </div><div class=\"t m0 x0 h2 yee2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dapprima <span class=\"_ _4\"> </span>alcune <span class=\"_ _7\"> </span>indicazioni <span class=\"_ _4\"> </span>circa <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _7\"> </span>dal <span class=\"_ _4\"> </span>gruppo <span class=\"_ _7\"> </span>nella <span class=\"_ _4\"> </span>preparazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>specifico </span></div><div class=\"t m0 x2a h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">contesto, sulle relative a<span class=\"_ _0\"></span>nalisi di sensitivit\u00e0 e <span class=\"_ _0\"></span>sul tema dei test di i<span class=\"_ _0\"></span>mpairment su avviament<span class=\"_ _0\"></span>i e fiscalit\u00e0 differita;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y422 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>successivamente, sono affro<span class=\"_ _0\"></span>ntate le tematiche re<span class=\"_ _0\"></span>lative al conflitt<span class=\"_ _0\"></span>o russo<span class=\"_ _3\"></span>-ucraino; </span></div><div class=\"t m0 x0 h2 y460 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>da ultimo viene affrontat<span class=\"_ _0\"></span>o il tema del COVID-<span class=\"lsc\">19<span class=\"_ _90\"> </span></span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.51099px;\"><div class=\"t m0 xba h33 y8dc ff1 fs11 fc0 sc0 ls1a ws0\">77<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.51099px;\"><div class=\"t m0 x34 h2 y460 ff1 fs0 fc0 sc0 lsd ws0\">. <span class=\"ls0\"> </span></div><div class=\"t m0 x0 h2 y461 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y462 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _4\"></span>inoltre, <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>pertinenti <span class=\"_ _6\"></span>Sezioni <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Nota <span class=\"_ _6\"></span>Integrativa <span class=\"_ _6\"></span>(come <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _4\"></span>indicato) <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>puntuale <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>isamin<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _16\"> </span>quantitativa <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>effetti <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>fenomeni <span class=\"_ _16\"> </span>sopra <span class=\"_ _7\"> </span>evidenziati <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>riassunti. <span class=\"_ _7\"> </span>Nello <span class=\"_ _16\"> </span>specifico, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _7\"> </span>come </div><div class=\"t m0 x0 h32 y2f5 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019analisi pi\u00f9 comp<span class=\"_ _3\"></span>leta dell\u2019approccio alla valutazione delle posizioni creditizie anche <span class=\"_ _3\"></span>con particolare riguardo alla descrizione </div><div class=\"t m0 x0 h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">della modellistica in <span class=\"_ _3\"></span>uso e <span class=\"_ _3\"></span>degli aggiustamenti mana<span class=\"_ _3\"></span>geriali (management overlay) utilizzati in <span class=\"_ _3\"></span>questo determinato contesto si<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">riportata <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>Parte <span class=\"_ _5\"></span>E <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Sezione <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Politiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>credito. <span class=\"_ _5\"></span>Attesa <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>rilevanza <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>temi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>questione <span class=\"_ _5\"></span>si </div><div class=\"t m0 x0 h32 y466 ff4 fs0 fc0 sc0 ls0 ws0\">ricorda <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>Relazione <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>dedicata <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>sezione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>\u201cL<span class=\"_ _3\"></span>\u2019impatto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ISP </div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>mili<span class=\"ff4\">tare <span class=\"_ _16\"> </span>fra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Ucraina\u201d <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>riassume <span class=\"_ _16\"> </span></span>- <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>tematiche <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>iniziative <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa </div><div class=\"t m0 x0 h32 y468 ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _16\"> </span>a  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vore <span class=\"_ _16\"> </span>dell\u2019Ucraina, <span class=\"_ _7\"> </span>nonch\u00e9  gli <span class=\"_ _7\"> </span>aspetti  rel<span class=\"_ _0\"></span>ativi <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>quadro <span class=\"_ _16\"> </span>sanzionatorio <span class=\"_ _16\"> </span>verso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Federazione <span class=\"_ _16\"> </span>Russa <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>alla </div><div class=\"t m0 x0 h32 y182 ff4 fs0 fc0 sc0 ls0 ws0\">Cybersecurity. <span class=\"_ _7\"> </span>Un\u2019analoga <span class=\"_ _4\"> </span>Sezione<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>Relazione <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>prev<span class=\"_ _3\"></span>ista <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>\u201cGli <span class=\"_ _7\"> </span>impatti <span class=\"_ _7\"> </span>della </div><div class=\"t m0 x0 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\">pandemia da COVID-<span class=\"ff4\">19\u201c.</span> </div><div class=\"t m0 x0 h24 y1e8 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y469 ff2 fs0 fc2 sc0 ls0 ws0\">Scenario macroeconomi<span class=\"_ _0\"></span>co del Gruppo Intesa S<span class=\"_ _0\"></span>anpaolo per il bilanci<span class=\"_ _0\"></span>o 2022<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y35b ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _6\"></span>allo <span class=\"_ _4\"></span>scenario <span class=\"_ _6\"></span>macroeconomico <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>modelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Expected <span class=\"_ _6\"></span>Credit <span class=\"_ _6\"></span>Losses, <span class=\"_ _4\"> </span>si </div><div class=\"t m0 x0 h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">ricorda <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>giugno <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>indicazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>regulator <span class=\"_ _4\"></span>e <span class=\"_ _7\"> </span>standard <span class=\"_ _4\"></span>setter, <span class=\"_ _4\"> </span>aveva <span class=\"_ _4\"> </span>ancorato <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>proprie </div><div class=\"t m0 x0 h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">previsioni macroeconomiche alle proiezioni pubblicate dalle banche centrali <span class=\"_ _3\"></span>stesse. Alla luce del c<span class=\"_ _3\"></span>ontesto fin qui descritto e <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">considerazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>minor <span class=\"_ _5\"></span>incertezza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>caratterizza <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>(in <span class=\"_ _5\"></span>confronto <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">assoluta <span class=\"_ _6\"></span>gravit\u00e0 <span class=\"_ _6\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>inizio <span class=\"_ _4\"> </span>pandemia), <span class=\"_ _5\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>opportuno, <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>dicembre <span class=\"_ _4\"> </span>2021, <span class=\"_ _6\"> </span>ritornare <span class=\"_ _6\"></span>all\u2019utilizzo <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>scenari </span></div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">prodotti <span class=\"_ _2\"></span>internamente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Ricerche <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capo<span class=\"_ _3\"></span>gruppo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ECL, <span class=\"_ _2\"></span>permettendo <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">ripristinare la <span class=\"_ _3\"></span>sostanziale uniformit\u00e0 fra <span class=\"_ _3\"></span>gli scenari u<span class=\"_ _3\"></span>tilizzati negli altri processi valutativi <span class=\"_ _3\"></span>/ previsionali (impairment test, bud<span class=\"_ _3\"></span>get, </div><div class=\"t m0 x0 h32 y470 ff4 fs0 fc0 sc0 ls0 ws0\">etc.), <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>oprattutto <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _6\"> </span>avviato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2022. <span class=\"_ _4\"> </span>Tale <span class=\"_ _6\"></span>scelta, <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onfermata <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>2022, </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">appare ragionevole anche alla <span class=\"_ _3\"></span>luce della convergenza tra le previsioni prodotte internamente dalla Direzione Studi e <span class=\"_ _3\"></span>Ricerch<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y22a ff4 fs0 fc0 sc0 ls0 ws0\">rispetto alle previsio<span class=\"_ _0\"></span>ni predisposte period<span class=\"_ _0\"></span>icamente da BCE/Banc<span class=\"_ _0\"></span>a d\u2019Italia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y473 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>l\u2019illustrazione <span class=\"_ _3\"></span>tabellare <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _3\"></span>effettivamente <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>specifica <span class=\"_ _3\"></span>sezione </span></div><div class=\"t m0 x0 h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">della Parte <span class=\"_ _3\"></span>E della p<span class=\"_ _3\"></span>resente Nota Integrativa dove <span class=\"_ _3\"></span>sono anche <span class=\"_ _3\"></span>riportati, come di <span class=\"_ _3\"></span>seguito meglio specificato, u<span class=\"_ _3\"></span>lteriori dettag<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>i in </div><div class=\"t m0 x0 h2 y475 ff4 fs0 fc0 sc0 ls0 ws0\">tema di sensitivit\u00e0 d<span class=\"_ _0\"></span>ell\u2019ECL alla variazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e degli scenari m<span class=\"_ _0\"></span>acr<span class=\"_ _3\"></span><span class=\"ff1\">oeconomici. </span></div><div class=\"t m0 x0 h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">Lo s<span class=\"_ _3\"></span>cenario previsionale d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medio t<span class=\"_ _3\"></span>ermine adottato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span><span class=\"ff4\">determinazione del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso de<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini </span></div><div class=\"t m0 x0 h2 y477 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019impairment test <span class=\"_ _0\"></span>\u00e8 invece riportato <span class=\"_ _0\"></span>nella Sezione 10 della P<span class=\"_ _35\"></span>arte B. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h4c y478 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y479 ff2 fs0 fc2 sc0 ls0 ws0\">Analisi di sensitivit\u00e0 <span class=\"_ _0\"></span>alla luce degli s<span class=\"_ _0\"></span>cenar<span class=\"_ _3\"></span>i alternativi </div><div class=\"t m0 x0 h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>raccomandato <span class=\"_ _2\"></span>nelle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>regulator <span class=\"_ _2\"></span>(si <span class=\"_ _5\"></span>veda <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>esempio <span class=\"_ _2\"></span>ESMA: </div><div class=\"t m0 x0 h32 y47b ff4 fs0 fc0 sc0 ls0 ws0\">\u201cEuropean <span class=\"_ _2\"></span>common <span class=\"_ _5\"></span>enforcement <span class=\"_ _5\"></span>priorities <span class=\"_ _2\"></span>for <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>annual <span class=\"_ _5\"></span>financial <span class=\"_ _5\"></span>reports\u201d <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>risi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>usso/ucrain<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">illustrate <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>specifica <span class=\"_ _6\"></span>sezione), <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>fornisce <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>Nota <span class=\"_ _6\"></span>integrativa <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sensitivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>volte <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>integr<span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h2 y47d ff1 fs0 fc0 sc0 ls0 ws0\">proprie <span class=\"_ _3\"></span>disclosure. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>relative <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>tematiche <span class=\"_ _2\"></span>indicate <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>seguito, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>mett<span class=\"_ _0\"></span>ere <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>lettore <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>bila<span class=\"_ _5\"></span>ncio <span class=\"_ _2\"></span>una </div><div class=\"t m0 x0 h2 y47e ff1 fs0 fc0 sc0 ls0 ws0\">migliore comprensione delle scelte valutative del Gruppo in questo particolare contesto. Si <span class=\"_ _3\"></span>rimanda dunque alle seguenti part<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y47f ff1 fs0 fc0 sc0 ls0 ws0\">della presente Nota i<span class=\"_ _0\"></span>ntegrativa per quant<span class=\"_ _0\"></span>o riguarda: </div><div class=\"t m0 x0 h2 yd4 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>effetti <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>cambiamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>sservabili <span class=\"_ _6\"></span>util<span class=\"_ _3\"></span>izzati <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>tecniche <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>impiegate <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x2a h2 yd5 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>3 <span class=\"_ _7\"> </span>(Parte <span class=\"_ _7\"> </span>A  -<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>A.4.2 </div><div class=\"t m0 x2a h2 yd6 ff1 fs0 fc0 sc0 ls0 ws0\">Processi e sensibilit<span class=\"_ _0\"></span>\u00e0 delle valutazioni); </div><div class=\"t m0 x0 h2 y8a6 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivi<span class=\"ff4\">t\u00e0 <span class=\"_ _6\"> </span>immobiliari <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value. <span class=\"_ _5\"></span>L\u2019analisi <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>riguardato <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _5\"></span>gli <span class=\"_ _6\"> </span>immobili </span></span></div><div class=\"t m0 x2a h2 y1021 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _3\"></span>Capogruppo Intesa <span class=\"_ _3\"></span>Sanpaolo, che <span class=\"_ _3\"></span>rappresentano il <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>Core del <span class=\"_ _3\"></span>patrimonio immobiliare <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo (Parte <span class=\"_ _3\"></span>A </div><div class=\"t m0 x2a h2 ydbb ff1 fs0 fc0 sc0 ls0 ws0\">- A.4.5 Gerarchia del f<span class=\"_ _0\"></span>air value - Sensibilit\u00e0 delle valutazioni imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari); </div><div class=\"t m0 x0 h2 y1022 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sensitivity del Valore d\u2019U<span class=\"_ _0\"></span>so delle Cash Generat<span class=\"_ _0\"></span>ing Unit per le qu<span class=\"_ _0\"></span>ali residuano attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita in<span class=\"_ _0\"></span>definita (Parte <span class=\"_ _2\"></span><span class=\"ff1 ls22\">B </span>\u2013<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x2a h2 y101e ff1 fs0 fc0 sc0 ls0 ws0\">Attivo: Sezione 10 Atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 immateriali); </div><div class=\"t m0 x0 h2 y302 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sensitivity <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>nette <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _5\"></span>definiti <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Parte <span class=\"_ _2\"></span>B <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>Passivo: <span class=\"_ _5\"></span>Sezione <span class=\"_ _2\"></span>10.5 </span></div><div class=\"t m0 x2a h2 y1023 ff1 fs0 fc0 sc0 ls0 ws0\">Fondi di quiescenza <span class=\"_ _0\"></span>aziendali a benefi<span class=\"_ _0\"></span>ci definiti); <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y277 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.51099px;\"><div class=\"t m0 x0 h2d y278 ff1 fsf fc0 sc0 ls1c ws0\">77</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.51099px;\"><div class=\"t m0 x47 h2e y279 ff1 fsa fc0 sc0 ls0 ws0\"> <span class=\"_ _4\"></span><span class=\"ff4 fs4\">Sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>indicazioni <span class=\"_ _4\"> </span>fornite<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>apposite <span class=\"_ _4\"> </span>comunica<span class=\"_ _3\"></span>zioni <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>d\u2019<span class=\"_ _3\"></span>Italia: <span class=\"_ _4\"> </span>\u201cimpatti <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff1\">COVI<span class=\"_ _3\"></span>D-19 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>soste<span class=\"_ _3\"></span>gno </span></span></div><div class=\"t m0 x0 h2 y27a ff4 fs4 fc0 sc0 ls0 ws0\">dell'economia ed <span class=\"_ _3\"></span>emendamenti a<span class=\"_ _3\"></span>gli IAS/IFRS\u201d.<span class=\"_ _3\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-182.22974px;\"><div class=\"t m0 x0 h2 y1024 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi di sensitivit\u00e0 dell\u2019ECL IFRS 9 al <span class=\"_ _3\"></span>fine di analizzarne la variabilit\u00e0 relativamente ai singoli scenari alternativi (Pa<span class=\"_ _5\"></span></span>rte E </span></div><div class=\"t m0 x2a h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\">- Sezione 2 Politiche e g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione del rischio <span class=\"_ _0\"></span>di credito); </div><div class=\"t m0 x0 h2 y1025 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sensitivity <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"> </span></span>al </span></div><div class=\"t m0 x2a h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>categoria <span class=\"_ _6\"></span>HTC<span class=\"_ _3\"></span>S <span class=\"_ _5\"></span>(Parte <span class=\"_ _5\"></span>E <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>Portafoglio <span class=\"_ _5\"></span>bancario: <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di </div><div class=\"t m0 x2a h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">interesse e rischio pre<span class=\"_ _0\"></span>zzo); </div><div class=\"t m0 x0 h2 y49c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>relativa <span class=\"_ _5\"></span>all\u2019evoluzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>azionari, <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>prezz<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span></div><div class=\"t m0 x2a h2 y49d ff4 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _4\"> </span>materie <span class=\"_ _6\"> </span>pri<span class=\"_ _3\"></span>me <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>trading <span class=\"_ _6\"> </span>(P<span class=\"_ _3\"></span><span class=\"ff1\">arte <span class=\"_ _4\"> </span>E <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Portafo<span class=\"_ _0\"></span>glio <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>negoziazione: <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>interesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rischio </span></div><div class=\"t m0 x2a h2 y49e ff1 fs0 fc0 sc0 ls0 ws0\">prezzo); </div><div class=\"t m0 x0 h2 y25a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sensitivity del fair valu<span class=\"_ _0\"></span>e del portafoglio di a<span class=\"_ _0\"></span>ttivi finanziari dell<span class=\"_ _0\"></span>e compagnie assicurati<span class=\"_ _0\"></span>ve rispetto ad un movim<span class=\"_ _0\"></span>ento dei tas<span class=\"_ _2\"></span><span class=\"ls14\">si</span> </span></div><div class=\"t m0 x2a h2 y25b ff1 fs0 fc0 sc0 ls0 ws0\">di interesse, dei credit <span class=\"_ _0\"></span>spread e dei corsi azionari (Parte E - Rischi assi<span class=\"_ _0\"></span>curativi: Rischi Fi<span class=\"_ _0\"></span>nanziari). </div><div class=\"t m0 x0 h2 y6d2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y25d ff2 fs0 fc2 sc0 ls0 ws0\">Valutazione degli av<span class=\"_ _0\"></span>viamenti nello sce<span class=\"_ _0\"></span>nario attuale </div><div class=\"t m0 x0 h2 y25e ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>contesti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>complessi <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>quelli <span class=\"_ _5\"></span>attuali, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>verifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tenuta <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>intangibili <span class=\"_ _7\"> </span>risultano </div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">particolarmente delicate. Pertant<span class=\"_ _0\"></span>o, anche in sede di Bilancio al <span class=\"_ _3\"></span>31<span class=\"_ _3\"></span> <span class=\"ff4\">dicembre 2022, nell\u2019effettuare l\u2019annuale valutazio<span class=\"_ _0\"></span>ne circa la </span></div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\">tenuta <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore degli <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iamenti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>attentamente considerati <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ituazione attuale. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>ma<span class=\"_ _5\"></span>ggiori <span class=\"_ _3\"></span>dettagli </div><div class=\"t m0 x0 h2 y261 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019impairment <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>brand <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ame <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rimanda <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Parte <span class=\"_ _6\"></span>B <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>Informazioni <span class=\"_ _5\"></span>sullo <span class=\"_ _6\"></span>Stato <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>(Cfr. </span></div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\">Parte B <span class=\"ff4\">\u2013</span> Attivo: Sezione 1<span class=\"_ _0\"></span>0 Attivit\u00e0 immaterial<span class=\"_ _0\"></span>i <span class=\"_ _3\"></span>- <span class=\"ff4\">Informazioni <span class=\"_ _0\"></span>sulle attivit\u00e0 intangibili <span class=\"_ _0\"></span>e sull\u2019avviamen<span class=\"_ _0\"></span>to).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y263 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y265 ff2 fs0 fc2 sc0 ls0 ws0\">Probability test sulla fi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>calit\u00e0 differita nell<span class=\"_ _0\"></span>o scenario attuale </div><div class=\"t m0 x0 h32 y266 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _4\"> </span>principio <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>12, <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>differita <span class=\"_ _4\"> </span>(o <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>anticipata <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>DTA) <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere </div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\">rilevata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>differenze <span class=\"_ _7\"> </span>temporanee <span class=\"_ _7\"> </span>deducibili, <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>probabile<span class=\"_ _3\"></span>  il<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>realizzo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>redditi <span class=\"_ _16\"> </span>imponibili <span class=\"_ _7\"> </span>capienti <span class=\"_ _16\"> </span>rispetto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x0 h32 y268 ff4 fs0 fc0 sc0 ls0 ws0\">differenze  tem<span class=\"_ _0\"></span>poranee  deducib<span class=\"_ _0\"></span>ili.  Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste  anticip<span class=\"_ _0\"></span>ate  si  di<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tinguono  poi <span class=\"_ _16\"> </span>in  imposte  a<span class=\"_ _0\"></span>nticipate  \u201cquali<span class=\"_ _0\"></span>ficate\u201d  e <span class=\"_ _16\"> </span>imposte </div><div class=\"t m0 x0 h2 y269 ff4 fs0 fc0 sc0 ls0 ws0\">anticipate <span class=\"_ _5\"></span>\u201cnon <span class=\"_ _5\"></span>qualificate\u201d. <span class=\"_ _5\"></span>Mentre <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>prime <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>italiana <span class=\"_ _5\"></span>preve<span class=\"_ _2\"></span><span class=\"ff1\">de <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>conversione <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x0 h2 y26a ff4 fs0 fc0 sc0 ls0 ws0\">crediti d\u2019imposta che le<span class=\"_ _3\"></span>gittima di per <span class=\"_ _3\"></span>s\u00e9 la l<span class=\"_ _3\"></span>oro iscrizione in b<span class=\"_ _3\"></span>ilancio (Cfr. Parte <span class=\"_ _3\"></span>B <span class=\"_ _2\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Attivo: Sezione 11<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>Attivit\u00e0 e le <span class=\"_ _3\"></span>Passivit<span class=\"_ _35\"></span>\u00e0 </span></div><div class=\"t m0 x0 h2 y26b ff4 fs0 fc0 sc0 ls0 ws0\">fiscali), <span class=\"_ _4\"> </span>l\u2019ammontare <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nticipate <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d <span class=\"_ _6\"> </span>iscritto  <span class=\"ff1\">i<span class=\"_ _35\"></span>n <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"></span>viene <span class=\"_ _4\"> </span>sottoposto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se </span></div><div class=\"t m0 x0 h2 y26c ff4 fs0 fc0 sc0 ls0 ws0\">sussista <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ne <span class=\"_ _5\"></span>consentano <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>(c.d. <span class=\"_ _5\"></span>\u201cprobability <span class=\"_ _5\"></span>test\u201d). <span class=\"_ _5\"></span>A<span class=\"_ _5\"></span><span class=\"ff1\">nche </span></div><div class=\"t m0 x0 h2 y26d ff1 fs0 fc0 sc0 ls0 ws0\">nella <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>effettuato <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>verifica. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>una<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>ampia <span class=\"_ _6\"></span>trattazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>imanda <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Parte <span class=\"_ _5\"></span>B <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Attivo: </div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\">Sezione 11 Le Attivit<span class=\"_ _0\"></span>\u00e0 e le Passivit\u00e0 fiscali - Probability test sull<span class=\"_ _0\"></span>a fiscalit\u00e0 differita. </div><div class=\"t m0 x0 h24 y26f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5c7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y272 ff5 fs0 fc2 sc0 ls0 ws0\">RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA CRISI RUS<span class=\"_ _0\"></span>SO/UCRAINA </div><div class=\"t m0 x0 h2 y273 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>24 <span class=\"_ _4\"> </span>febbraio <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>visto <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>tensione <span class=\"_ _6\"></span>pro<span class=\"_ _3\"></span>gressivamente <span class=\"_ _6\"></span>cresciuta <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>Russia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _6\"></span>sfociare <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>conflitto <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>per </div><div class=\"t m0 x0 h2 y1aa ff1 fs0 fc0 sc0 ls0 ws0\">intensit\u00e0 e dimensioni, non era presente in <span class=\"_ _3\"></span>Europa dalla fine della Seconda guerra mondiale. La situazione di assoluta gravit<span class=\"_ _2\"></span><span class=\"ls17\">\u00e0 </span></div><div class=\"t m0 x0 h2 y274 ff1 fs0 fc0 sc0 ls0 ws0\">determinatasi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conflitto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>subito<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rettamen<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>monitorata <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>luce </div><div class=\"t m0 x0 h2 ybd ff1 fs0 fc0 sc0 ls0 ws0\">delle indicazioni fo<span class=\"_ _0\"></span>rnite dai regulator sul t<span class=\"_ _0\"></span>ema, avendo il Gr<span class=\"_ _0\"></span>uppo:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y894 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _6\"></span>diretta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>due <span class=\"_ _6\"></span>controllate <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Paesi <span class=\"_ _4\"></span>belligeranti, <span class=\"_ _6\"></span>Pravex <span class=\"_ _6\"></span>Bank <span class=\"_ _4\"> </span>Public <span class=\"_ _6\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _4\"> </span>Company <span class=\"_ _6\"></span>(Pravex) <span class=\"_ _6\"></span>e </span></div><div class=\"t m0 x2a h2 y895 ff1 fs0 fc0 sc0 ls0 ws0\">Joint-Stock  Company  Ba<span class=\"_ _0\"></span>nca  Intesa  (Banca<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>Intesa  Russi<span class=\"_ _0\"></span>a),  dunque  partic<span class=\"_ _0\"></span>olarmente  esposte  all<span class=\"_ _0\"></span>e  conseguenze  del<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y896 ff1 fs0 fc0 sc0 ls0 ws0\">conflitto; </div><div class=\"t m0 x0 h2 y6b3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">esposizioni cross border erog<span class=\"_ _0\"></span>ate nell\u2019ambito<span class=\"_ _0\"></span> della sua attivit\u00e0 <span class=\"_ _0\"></span>di Corporate &amp; investme<span class=\"_ _0\"></span>nt banking. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y6b4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6b5 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _4\"> </span>sua <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>lending, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"></span>IMI <span class=\"_ _4\"> </span>C&amp;IB <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>finanziato <span class=\"_ _4\"> </span>controparti <span class=\"_ _4\"></span>residenti <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>Federazione </div><div class=\"t m0 x0 h2 ybef ff1 fs0 fc0 sc0 ls0 ws0\">Russa. <span class=\"_ _7\"> </span>Oltre <span class=\"_ _4\"> </span>due <span class=\"_ _7\"> </span>terzi <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>verso <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>clientela <span class=\"_ _7\"> </span>russa <span class=\"_ _4\"> </span>erogati <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>riguardano <span class=\"_ _4\"> </span>primari <span class=\"_ _7\"> </span>gruppi <span class=\"_ _4\"> </span>industriali<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y6b7 ff1 fs0 fc0 sc0 ls0 ws0\">contraddistinti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>consolidati <span class=\"_ _2\"></span>rapporti <span class=\"_ _6\"></span>commerciali <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>clienti <span class=\"_ _5\"></span>appartenenti <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>filiere <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>quota </div><div class=\"t m0 x0 h2 y6b8 ff1 fs0 fc0 sc0 ls0 ws0\">rilevante derivante da <span class=\"_ _3\"></span>export di materie <span class=\"_ _3\"></span>prime. I <span class=\"_ _3\"></span>crediti a <span class=\"_ _3\"></span>clientela russa <span class=\"_ _3\"></span>rappresentava<span class=\"_ _0\"></span>no, allo <span class=\"_ _3\"></span>scoppio delle o<span class=\"_ _3\"></span>stilit\u00e0, cir<span class=\"_ _5\"></span><span class=\"ff4\">ca l\u20191% </span></div><div class=\"t m0 x0 h2 y6b9 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _3\"></span>crediti a <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>totali d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo, al <span class=\"_ _3\"></span>netto d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>garanzie di <span class=\"_ _3\"></span>Export Credit Agencies <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span>ECA. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>presenza </div><div class=\"t m0 x0 h2 y6ba ff1 fs0 fc0 sc0 ls0 ws0\">di  tali <span class=\"_ _16\"> </span>garanzie  perm<span class=\"_ _0\"></span>ette  infatti<span class=\"_ _0\"></span>  di <span class=\"_ _16\"> </span>considerare  il <span class=\"_ _16\"> </span>rischio  di <span class=\"_ _16\"> </span>credito  su <span class=\"_ _16\"> </span>tali  esposi<span class=\"_ _0\"></span>zioni  come<span class=\"_ _0\"></span>  non <span class=\"_ _16\"> </span>riferibile  alla <span class=\"_ _16\"> </span>Russia <span class=\"_ _16\"> </span>o </div><div class=\"t m0 x0 h2 y6bb ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019Ucraina. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6bc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6bd ff1 fs0 fc0 sc0 ls0 ws0\">Ci\u00f2 premesso, si rammenta<span class=\"_ _0\"></span>no in questa sede alcune inf<span class=\"_ _0\"></span>ormazioni relative al<span class=\"_ _0\"></span>le controllate russa <span class=\"_ _0\"></span>ed ucraina:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y92b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Russia<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-182.22974px;\"><div class=\"t m0 x174 h33 y9a3 ff1 fs11 fc0 sc0 ls1a ws0\">78<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-182.22974px;\"><div class=\"t m0 x175 h2 y92b ff1 fs0 fc0 sc0 ls0 ws0\">: <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>banca <span class=\"_ _2\"></span>Corporate <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Mosca, <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>47% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>53% <span class=\"_ _3\"></span>da </div><div class=\"t m0 x2a h2 y968 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nternational,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>facente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _3\"></span>Investment <span class=\"_ _3\"></span>Banking. <span class=\"_ _3\"></span>Opera <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>27 </div><div class=\"t m0 x2a h2 y969 ff1 fs0 fc0 sc0 ls0 ws0\">filiali e 907 person<span class=\"_ _0\"></span>e; </div><div class=\"t m0 x0 h2 y36d ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Pravex <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>piccola <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anca <span class=\"_ _2\"></span>commerciale, <span class=\"_ _5\"></span>interamente <span class=\"_ _2\"></span>partecipata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Kiev, <span class=\"_ _5\"></span>facente <span class=\"_ _5\"></span>parte </span></div><div class=\"t m0 x2a h2 y5aa ff1 fs0 fc0 sc0 ls0 ws0\">della International Sub<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>idiary Bank Division<span class=\"_ _0\"></span>. Opera con 43 filiali (prevalentemente nella <span class=\"_ _0\"></span>regione di Kiev) e 7<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>5 persone. </div><div class=\"t m0 x2a h2 y36f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y370 ff2 fs0 fc2 sc0 ls0 ws0\">La normativa specifi<span class=\"_ _0\"></span>ca emessa dai Regula<span class=\"_ _0\"></span>tor UE relativament<span class=\"_ _0\"></span>e alla crisi russo/ucr<span class=\"_ _0\"></span>aina<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf36 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019inaspettata <span class=\"_ _3\"></span>evoluzione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>russo <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>ucraina, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>conseguenti <span class=\"_ _2\"></span>tension<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>merse <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>rapporti <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h32 y5ac ff4 fs0 fc0 sc0 ls0 ws0\">Federazione <span class=\"_ _2\"></span>Russa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>paesi <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>NATO <span class=\"_ _5\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019Italia), <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>gulator <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messo <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _3\"></span>ad </div><div class=\"t m0 x0 h2 y8c4 ff4 fs0 fc0 sc0 ls0 ws0\">hoc  per  f<span class=\"_ _0\"></span>ornire  indica<span class=\"_ _0\"></span>zioni  sul <span class=\"_ _16\"> </span>tema.  Il  pi\u00f9  r<span class=\"_ _35\"></span>ilevante  \u00e8  il <span class=\"_ _16\"> </span>provvedimento  varato <span class=\"_ _16\"> </span>dall\u2019ESMA  il <span class=\"_ _16\"> </span>13  maggio<span class=\"_ _2\"></span><span class=\"ff1\">  2022,  adottat<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x0 h2 y495 ff1 fs0 fc0 sc0 ls0 ws0\">specularmente  anche  da<span class=\"_ _0\"></span>  CONSOB  relativamente  agli  as<span class=\"_ _0\"></span>petti  prioritari  in  ottica  cont<span class=\"_ _0\"></span>abile,  che  riprendev<span class=\"_ _0\"></span>a  con  maggior </div><div class=\"t m0 x0 h2 y496 ff1 fs0 fc0 sc0 ls0 ws0\">dettaglio <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>recedente documento <span class=\"_ _3\"></span>del 1<span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>(ESMA <span class=\"_ _3\"></span>PUBLIC STATEMENT: <span class=\"_ _3\"></span>ESMA c<span class=\"_ _3\"></span>oordinates re<span class=\"_ _3\"></span>gulatory response<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y497 ff1 fs0 fc0 sc0 ls0 ws0\">to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>war <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ukraine <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>impact <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>EU <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>markets <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>marzo 2022). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato poi <span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>teriormente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5b1 ff4 fs0 fc0 sc0 ls0 ws0\">confermato anche dal <span class=\"_ _0\"></span>documento \u201cESMA En<span class=\"_ _0\"></span>forcement Priorities 2022\u201d <span class=\"_ _0\"></span>del 28 ottobre 202<span class=\"_ _0\"></span>2. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1026 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b3 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-130.58911px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra <span class=\"_ _5\"></span>russo <span class=\"_ _4\"></span>- <span class=\"_ _5\"></span>ucraina, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>COVID-19, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>matiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _6\"></span>impattate </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">dagli eventi bellici, s<span class=\"_ _0\"></span>ono fornite specifiche r<span class=\"_ _0\"></span>accomandazioni in relazione a: </div><div class=\"t m0 x0 h2d y1027 ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye7 ff1 fs0 fc0 sc0 ls0 ws0\">Controllo e going co<span class=\"_ _0\"></span>ncern </div><div class=\"t m0 x0 h2 y1028 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">valutare <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>gruppo <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>situazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>\u201cgoing <span class=\"_ _6\"> </span>concern\u201d; <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span></span>valutazione <span class=\"_ _6\"></span>deve <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>informazioni </span></div><div class=\"t m0 x2a h2 y1029 ff1 fs0 fc0 sc0 ls0 ws0\">disponibili sul futuro, <span class=\"_ _0\"></span>compresa la redditi<span class=\"_ _0\"></span>vit\u00e0 attesa e le event<span class=\"_ _0\"></span>uali restrizioni all'<span class=\"_ _0\"></span>accesso immediato alle ris<span class=\"_ _0\"></span>orse finanzia<span class=\"_ _2\"></span>rie; </div><div class=\"t m0 x0 h2 ya7 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutare il permanere del c<span class=\"_ _0\"></span>ontrollo sulle parteci<span class=\"_ _0\"></span>pate situate nelle <span class=\"_ _0\"></span>reg<span class=\"_ _3\"></span>ioni coinvolte nel conflitto; </span></div><div class=\"t m0 x0 h2 y684 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>considerare la presenza di <span class=\"_ _0\"></span>vincoli finanziari sug<span class=\"_ _0\"></span>li attivi; </span></div><div class=\"t m0 x0 h2 y7f1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutare attentamente se il <span class=\"_ _0\"></span>controllo sia stato ef<span class=\"_ _0\"></span>fettivamente perso i<span class=\"_ _0\"></span>n caso di cessione; </span></div><div class=\"t m0 x0 h2 y686 ff1 fs0 fc0 sc0 ls0 ws0\">Processo valutativo <span class=\"_ _0\"></span>e classificazione delle <span class=\"_ _0\"></span>posizioni<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y68 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>aggiornare <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>base <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>significant <span class=\"_ _18\"> </span>judgements, <span class=\"_ _1c\"> </span>ipotesi <span class=\"_ _18\"> </span>sul <span class=\"_ _1c\"> </span>futuro <span class=\"_ _1c\"> </span>e <span class=\"_ _18\"> </span>al<span class=\"_ _3\"></span>tri <span class=\"_ _18\"> </span>stru<span class=\"_ _3\"></span>menti <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>valutazione </span></div><div class=\"t m0 x2a h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019incertezza;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y45b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nel  determina<span class=\"_ _0\"></span>re  l\u2019im<span class=\"_ _0\"></span>pairment <span class=\"_ _16\"> </span>dei  titoli <span class=\"_ _16\"> </span>di  de<span class=\"_ _0\"></span>bito  e <span class=\"_ _16\"> </span>dei  f<span class=\"_ _0\"></span>inanziamenti, <span class=\"_ _16\"> </span>nonch\u00e9  d<span class=\"_ _0\"></span>ei  co<span class=\"_ _0\"></span>ntratti <span class=\"_ _16\"> </span>di  locazione <span class=\"_ _16\"> </span>e  d<span class=\"_ _0\"></span>ei  credi<span class=\"_ _0\"></span>ti </span></span></div><div class=\"t m0 x2a h2 yf14 ff1 fs0 fc0 sc0 ls0 ws0\">commerciali <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>contrattuali, <span class=\"_ _6\"></span>considerare <span class=\"_ _6\"></span>l'effetto <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eventi <span class=\"_ _6\"></span>be<span class=\"_ _3\"></span>llici <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>aumento <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y13f ff1 fs0 fc0 sc0 ls0 ws0\">credito (SICR)<span class=\"_ _90\"> </span></div><div class=\"t m0 x176 h33 y622 ff1 fs11 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-130.58911px;\"><div class=\"t m0 x6e h33 y622 ff1 fs11 fc0 sc0 ls1a ws0\">79</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-130.58911px;\"><div class=\"t m0 x162 h2 y13f ff1 fs0 fc0 sc0 ls0 ws0\"> e sulla misurazione delle <span class=\"_ _0\"></span>perdite attese su credi<span class=\"_ _0\"></span>ti (ECL) tenendo conto<span class=\"_ _0\"></span> delle informazioni previs<span class=\"_ _0\"></span>ionali;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y140 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span><span class=\"ff4\">considerazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutare <span class=\"_ _2\"></span>l\u2019impairment <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>write<span class=\"_ _3\"></span><span class=\"ff1\">-down <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>asset <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecisioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>abbandonare, <span class=\"_ _2\"></span>dismettere, </span></span></span></div><div class=\"t m0 x2a h2 y141 ff1 fs0 fc0 sc0 ls0 ws0\">sospendere le opera<span class=\"_ _0\"></span>zioni o annullare gli inv<span class=\"_ _0\"></span>estimenti in Ucraina, Rus<span class=\"_ _0\"></span>sia o Bielorussia;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y142 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>prestare <span class=\"_ _6\"></span>attenzione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>classificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>orrenti <span class=\"_ _5\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>e/o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>cessate <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi </span></div><div class=\"t m0 x2a h2 y45e ff1 fs0 fc0 sc0 ls0 ws0\">dell'IFRS 5. </div><div class=\"t m0 x0 h2 y45f ff1 fs0 fc0 sc0 ls0 ws0\">Informativa finanziaria </div><div class=\"t m0 x0 h2 y267 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>usare <span class=\"_ _5\"></span>cautela <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>presentare <span class=\"_ _2\"></span>negli <span class=\"_ _5\"></span>schemi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>conflitto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eparato, <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sua <span class=\"_ _5\"></span>pervasivit\u00e0. </span></div><div class=\"t m0 x2a h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">Appare <span class=\"_ _5\"></span>preferibile, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>fornire<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>not<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>integrativa <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>qualitative <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quantitative <span class=\"_ _5\"></span>sugli <span class=\"_ _5\"></span>impatti <span class=\"_ _2\"></span>significativi, <span class=\"_ _2\"></span>i </div><div class=\"t m0 x2a h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\">giudizi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>applicati <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>levazione, <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presentazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>relativi <span class=\"_ _7\"> </span>effetti </div><div class=\"t m0 x2a h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\">economici; </div><div class=\"t m0 x0 h2 yefa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>adeguare e potenzialmente ampliare il livello di dettaglio delle informazioni fornite nei bilanci. Viene inoltre raccomandato<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 yf4c ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019aggiornamento <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>disclosure <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _5\"></span>sensitivity <span class=\"_ _5\"></span>analysis, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>generale <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>specifico <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni </div><div class=\"t m0 x2a h2 y24a ff1 fs0 fc0 sc0 ls0 ws0\">verso Russia ed Ucrai<span class=\"_ _0\"></span>na; </div><div class=\"t m0 x0 h2 y694 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>fornire <span class=\"_ _2\"></span>adeguate <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>sugli <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>considerati, <span class=\"_ _2\"></span>aggiornando <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>(quali <span class=\"_ _2\"></span>le </span></div><div class=\"t m0 x2a h2 y6a9 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 intangibili a vi<span class=\"_ _0\"></span>ta indefinita e i def<span class=\"_ _0\"></span>erred tax assets). </div><div class=\"t m0 x0 h46 y42e ff1 fs17 fc0 sc0 ls0 ws0\"> <span class=\"fsf\"> </span></div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _5\"></span>ovviamente <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>considerare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>attenzione <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _4\"> </span>sul <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>eventuali <span class=\"_ _2\"></span>eventi <span class=\"_ _5\"></span>significativi <span class=\"_ _5\"></span>verificatisi </div><div class=\"t m0 x0 h2 ybe9 ff1 fs0 fc0 sc0 ls0 ws0\">dopo la chiusura del <span class=\"_ _0\"></span>reporting period, <span class=\"_ _0\"></span>per fornire le inform<span class=\"_ _0\"></span>azioni integrative pertin<span class=\"_ _0\"></span>enti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hbe y24c ff2 fsf fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yda4 ff2 fs0 fc2 sc0 ls0 ws0\">Controllo e going co<span class=\"_ _0\"></span>ncern </div><div class=\"t m0 x0 h2 yda5 ff1 fs0 fc0 sc0 ls0 ws0\">Nonostante <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>criticit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>situazione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>Pravex,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>controllate <span class=\"_ _6\"></span>residenti <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>paesi <span class=\"_ _6\"></span>belligeranti <span class=\"_ _4\"> </span>stan<span class=\"_ _5\"></span><span class=\"lsc\">no </span></div><div class=\"t m0 x0 h2 yda6 ff1 fs0 fc0 sc0 ls0 ws0\">continuando ad operare con <span class=\"_ _3\"></span>il supporto delle strutture d<span class=\"_ _3\"></span>i Capogruppo, seppur con i <span class=\"_ _3\"></span>limiti oggettivi dettati dallo <span class=\"_ _3\"></span>scenario be<span class=\"_ _5\"></span>llico </div><div class=\"t m0 x0 h2 y2eb ff1 fs0 fc0 sc0 ls0 ws0\">e dalla sempre alta t<span class=\"_ _0\"></span>ensione internazionale.<span class=\"_ _0\"></span>  </div><div class=\"t m0 x0 h2d y225 ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y35d ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onferma <span class=\"_ _7\"> </span>altres\u00ec <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>permanenza <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>di  In<span class=\"_ _0\"></span>tesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ue <span class=\"_ _16\"> </span>entit\u00e0, <span class=\"_ _7\"> </span>riscontrabile <span class=\"_ _7\"> </span>sot<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>diversi <span class=\"_ _16\"> </span>profili <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y35e ff1 fs0 fc0 sc0 ls0 ws0\">osservazione: </div><div class=\"t m0 x0 h2 y102a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">sul <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>contabile/amministrativo, <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"> </span>l\u2019acquisizione <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span></span>s<span class=\"_ _3\"></span>ituazione <span class=\"_ _5\"></span>contabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consolidamento. <span class=\"_ _6\"></span>Nell<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x2a h2 y102b ff1 fs0 fc0 sc0 ls0 ws0\">specifico, come meglio dettagliato nella Parte A: Sezione<span class=\"_ _0\"></span> 3 <span class=\"_ _2\"></span>- Area e metodi di consolidamento, per la  controllata russa si </div><div class=\"t m0 x2a h2 y102c ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8  acquisita <span class=\"_ _16\"> </span>puntualmente  e  t<span class=\"_ _0\"></span>empestivamente  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  situazione <span class=\"_ _16\"> </span>al  31  dic<span class=\"_ _0\"></span>embre  2022,<span class=\"_ _3\"></span>  mentre  p<span class=\"_ _0\"></span>er  Pravex  s<span class=\"_ _0\"></span>i  \u00e8  ritenu<span class=\"_ _0\"></span>to </div><div class=\"t m0 x2a h2 yd43 ff1 fs0 fc0 sc0 ls0 ws0\">opportuno <span class=\"_ _6\"></span>mantenere <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>situazione <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>prodotta <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>consolidamento <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>30 <span class=\"_ _4\"> </span>settembre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>considerazione </div><div class=\"t m0 x2a h2 yf51 ff1 fs0 fc0 sc0 ls0 ws0\">delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri  diffic<span class=\"_ _0\"></span>olt\u00e0  oper<span class=\"_ _0\"></span>ative  della <span class=\"_ _16\"> </span>partecipata <span class=\"_ _16\"> </span>ed  anche <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>della  sostan<span class=\"_ _0\"></span>ziale  immateri<span class=\"_ _0\"></span>alit\u00e0  de<span class=\"_ _2\"></span>i  suoi <span class=\"_ _16\"> </span>dati </div><div class=\"t m0 x2a h2 yf52 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniali a livell<span class=\"_ _0\"></span>o di Gruppo;  </div><div class=\"t m0 x0 h2 y8ea ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sotto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>profilo <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>normativa <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivilistica. <span class=\"_ _7\"> </span>Con <span class=\"_ _16\"> </span>specifico <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>russa, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>ha  pot<span class=\"_ _0\"></span>uto </span></div><div class=\"t m0 x2a h2 y39f ff1 fs0 fc0 sc0 ls0 ws0\">esercitare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinare, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>disposizioni <span class=\"_ _2\"></span>normative <span class=\"_ _5\"></span>ru<span class=\"_ _2\"></span>sse, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>composizione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>organi </div><div class=\"t m0 x2a h32 yf53 ff4 fs0 fc0 sc0 ls0 ws0\">sociali <span class=\"_ _1d\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>nominare <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>esponenti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>Intesa <span class=\"_ _17\"> </span>Russia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _1d\"> </span>occasione <span class=\"_ _17\"> </span>dell\u2019Assemblea <span class=\"_ _17\"> </span>dell\u20198 <span class=\"_ _17\"> </span>luglio <span class=\"_ _17\"> </span>2022. <span class=\"_ _17\"> </span>Gli </div><div class=\"t m0 x2a h2 y102d ff4 fs0 fc0 sc0 ls0 ws0\">avvicendamenti societari <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>interessato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019Audit <span class=\"_ _3\"></span>Committee <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>espressione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>nomine <span class=\"_ _3\"></span>proposte<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x2a h32 yf8b ff4 fs0 fc0 sc0 ls0 ws0\">Capogruppo <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno  s<span class=\"_ _0\"></span>uperato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>approvativo <span class=\"_ _16\"> </span>della  B<span class=\"_ _35\"></span>anca  Centrale <span class=\"_ _16\"> </span>Russa, <span class=\"_ _16\"> </span>mentre <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a  p<span class=\"_ _0\"></span>artecipata <span class=\"_ _16\"> </span>ucraina </div><div class=\"t m0 x2a h2 y102e ff1 fs0 fc0 sc0 ls0 ws0\">continua ad operare il Bo<span class=\"_ _0\"></span>ard nominato p<span class=\"_ _0\"></span>rima del conflitto;  </div><div class=\"t m0 x0 h2 y8eb ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sul <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>indirizzo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>business, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>continuano <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>portare <span class=\"_ _4\"> </span>avanti<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>commerciale <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x2a h2 y102f ff1 fs0 fc0 sc0 ls0 ws0\">direttive <span class=\"_ _1d\"> </span>impartite <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>Capogruppo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>particolare, <span class=\"_ _1d\"> </span>Banca <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _17\"> </span>Russia <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>propria <span class=\"_ _1d\"> </span>operativit\u00e0 <span class=\"_ _1d\"> </span>corporate <span class=\"_ _1d\"> </span>si <span class=\"_ _17\"> </span>\u00e8 </div><div class=\"t m0 x2a h2 yb4d ff4 fs0 fc0 sc0 ls0 ws0\">immediatamente <span class=\"_ _6\"></span>conformata <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>indicazioni <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>icevute, <span class=\"_ _6\"> </span>all\u2019indomani <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>scoppio <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>conflitto, <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>pr<span class=\"_ _5\"></span><span class=\"ff1\">ogressiva <span class=\"_ _6\"></span>riduzione </span></div><div class=\"t m0 x2a h32 ya88 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esposizione <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>essere. <span class=\"_ _4\"> </span>Nell\u2019erog<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>banca <span class=\"_ _4\"> </span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>soggetta <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>\u201cingerenze\u201d <span class=\"_ _6\"> </span>esterne <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x2a h2 y8d2 ff1 fs0 fc0 sc0 ls0 ws0\">segue <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>indicazioni della Capogruppo <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>nei casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>limitata materialit\u00e0 <span class=\"_ _3\"></span>delle erogazioni, <span class=\"_ _3\"></span>avrebbe, sull<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>base </div><div class=\"t m0 x2a h2 y1030 ff1 fs0 fc0 sc0 ls0 ws0\">delle facolt\u00e0 in esser<span class=\"_ _0\"></span>e, la liceit\u00e0 di agir<span class=\"_ _0\"></span>e secondo autonome d<span class=\"_ _0\"></span>eterminazioni;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1031 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sotto il profilo del coordinamento<span class=\"_ _0\"></span> e del controllo, in quanto l<span class=\"_ _0\"></span>e funzioni di controllo dell<span class=\"_ _0\"></span>a Capogruppo (inclusa la funzi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 y59e ff1 fs0 fc0 sc0 ls0 ws0\">supporto <span class=\"_ _7\"> </span>del  Dirig<span class=\"_ _0\"></span>ente <span class=\"_ _16\"> </span>Preposto, <span class=\"_ _7\"> </span>vale <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Governance <span class=\"_ _7\"> </span>Amministrativo <span class=\"_ _16\"> </span>Finanziaria)<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>continuano <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>esercitare <span class=\"_ _16\"> </span>il </div><div class=\"t m0 x2a h2 y1032 ff1 fs0 fc0 sc0 ls0 ws0\">proprio <span class=\"_ _4\"></span>ruolo <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>regolare <span class=\"_ _6\"></span>ricezione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>analisi <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>informativi <span class=\"_ _4\"></span>previsti, <span class=\"_ _4\"></span>interagen<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"></span>delle </div><div class=\"t m0 x2a h2 y5a0 ff1 fs0 fc0 sc0 ls0 ws0\">controllate <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>canali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>comunicazione <span class=\"_ _5\"></span>disponibili,<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>compatibilmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>eventuali <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>per </div><div class=\"t m0 x2a h2 y1033 ff1 fs0 fc0 sc0 ls0 ws0\">tempo possono presen<span class=\"_ _0\"></span>tarsi, affrontate a<span class=\"_ _0\"></span>nche attraverso soluzi<span class=\"_ _0\"></span>oni di conting<span class=\"_ _0\"></span>ency.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a hb y1034 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf90 ff1 fs0 fc0 sc0 ls0 ws0\">Peraltro, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>aggiunge <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>conclusioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mantenimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span>nficiate </div><div class=\"t m0 x0 h2 y2c8 ff1 fs0 fc0 sc0 ls0 ws0\">dalle <span class=\"_ _6\"></span>limitazioni <span class=\"_ _5\"></span>attualmente <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>russa <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>sostanza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>impone <span class=\"_ _5\"></span>restrizioni <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>pagamenti </div><div class=\"t m0 x0 h2 y499 ff4 fs0 fc0 sc0 ls0 ws0\">verso soggetti residenti in Paesi \u201cunfriendly\u201d. Consa<span class=\"_ _0\"></span>pevole dei vincoli imposti dal particolare contesto<span class=\"_ _0\"></span> normativo, Banca In<span class=\"_ _2\"></span><span class=\"ff1\">tesa </span></div><div class=\"t m0 x0 h2 yadb ff1 fs0 fc0 sc0 ls0 ws0\">Russia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>specifici <span class=\"_ _3\"></span>conti <span class=\"_ _2\"></span>russi, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>legalmente prev<span class=\"_ _3\"></span>isto, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>risorse <span class=\"_ _2\"></span>monetarie <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>esposizi<span class=\"_ _5\"></span>oni </div><div class=\"t m0 x0 h2 y49a ff1 fs0 fc0 sc0 ls0 ws0\">infragruppo nel frattem<span class=\"_ _0\"></span>po giunte a sca<span class=\"_ _0\"></span>denza. <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y277 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Il potenziale utilizzo dell<span class=\"_ _0\"></span>e risorse accreditate su questi <span class=\"_ _0\"></span>conti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> pari ad un controvalore, a fine dicembre 2022, di circ<span class=\"_ _0\"></span>a 29 milioni<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> \u00e8<span class=\"_ _3\"></span> limitato ad alcune def<span class=\"_ _3\"></span>inite finalit\u00e0, interne alla Russia. In <span class=\"_ _3\"></span>questo contesto, va considerato c<span class=\"_ _3\"></span>ome le attuali <span class=\"_ _3\"></span>limitazioni, <span class=\"_ _5\"></span>anch<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appositi <span class=\"_ _3\"></span>pareri <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>acquisiti, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>configurino <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcun <span class=\"_ _2\"></span>modo un <span class=\"_ _2\"></span>\u201cesproprio\u201d delle <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>mme <span class=\"_ _3\"></span>(n\u00e9, tantomeno, <span class=\"_ _3\"></span>siano </span></div><div class=\"t m0 x0 h32 y61 ff4 fs0 fc0 sc0 ls0 ws0\">indicatori di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita del <span class=\"_ _3\"></span>controllo sugli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Partecipata) quanto, piuttosto, <span class=\"_ _3\"></span>derivino dal <span class=\"_ _3\"></span>temporaneo \u201c<span class=\"_ _3\"></span>congelamen<span class=\"_ _2\"></span>to\u201d </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">legale <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>libera <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>isponibilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>somme <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>sarebbero, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>forz<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>diritti <span class=\"_ _6\"></span>economici, <span class=\"_ _4\"></span>altrimenti <span class=\"_ _6\"></span>disponibili <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">proprietario. </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Sempre <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>tematica <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>asset, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ricordano <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>due <span class=\"_ _7\"> </span>significative <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>de<span class=\"_ _5\"></span>-risking <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">complessivi <span class=\"_ _6\"></span>2,5 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>euro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>ver<span class=\"_ _3\"></span>so <span class=\"_ _4\"></span>primarie <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>Federazione <span class=\"_ _6\"></span>Russa. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"> </span>sono </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">avvenute a titolo defi<span class=\"_ _0\"></span>nitivo con incass<span class=\"_ _0\"></span>o del corrispettivo pa<span class=\"_ _0\"></span>ttuito dalle controparti <span class=\"_ _0\"></span>acquirenti. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y69 ff2 fs0 fc2 sc0 ls0 ws0\">Processo valutativo <span class=\"_ _0\"></span>e classificazione delle <span class=\"_ _0\"></span>posizioni<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>fare <span class=\"_ _3\"></span>rinvio <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span><span class=\"ff4\">E <span class=\"_ _2\"></span>(Sezione <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>\u201cRischi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _3\"></span>prudenziale\u201d) <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>Bilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>una </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">pi\u00f9 <span class=\"_ _2\"></span>completa <span class=\"_ _2\"></span>disamina <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _3\"></span>vantate <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>russe<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x177 h33 y502 ff1 fs11 fc0 sc0 ls1a ws0\">80<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x3 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">ed ucraine, si specifica che c<span class=\"ff4\">onseguentemente all\u2019avvio<span class=\"_ _0\"></span> del conflitto, in considerazione della presenza di esposizi<span class=\"_ _0\"></span>oni creditizie </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>esposte <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>paese <span class=\"_ _2\"></span>correlato <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>conflitto <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>residenti <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>controlla<span class=\"_ _5\"></span>te <span class=\"_ _2\"></span>da </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">residenti <span class=\"_ _4\"></span>nella <span class=\"_ _4\"> </span>Federazione <span class=\"_ _4\"></span>Russa), <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>compiuta <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">ai <span class=\"_ _7\"> </span>fini <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">- <span class=\"_ _4\"></span></span>un\u2019analisi<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">normativa <span class=\"_ _1d\"> </span>dei <span class=\"_ _17\"> </span>principi <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>internazionali <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>verificare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _1d\"> </span>indicazioni <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>razionali <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _17\"> </span>la <span class=\"_ _1d\"> </span>misurazione<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Expected <span class=\"_ _16\"> </span>Credit <span class=\"_ _16\"> </span>Loss  in <span class=\"_ _7\"> </span>contesti  di <span class=\"_ _16\"> </span>crisi <span class=\"_ _16\"> </span>come  q<span class=\"_ _0\"></span>uella  a<span class=\"_ _0\"></span>ttuale.  D<span class=\"_ _0\"></span>all\u2019analisi <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>contabile  IFR<span class=\"_ _0\"></span>S  9<span class=\"_ _0\"></span>  \u201cSt<span class=\"_ _0\"></span>rumenti </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari\u201d <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>Annex, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultano <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sservi <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>esemplificazioni <span class=\"_ _2\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>delineare <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>mirate <span class=\"_ _4\"> </span><span class=\"ff1\">alla </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls3d ws0\">mi<span class=\"ff4 ls0\">surazione delle Expected Cre<span class=\"_ _0\"></span>dit Losses in contesti bellici o a de<span class=\"_ _0\"></span>terminate metodologie specifi<span class=\"_ _0\"></span>che dell\u2019incremento del ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>geopolitiche <span class=\"_ _4\"></span>improvvi<span class=\"_ _0\"></span>se <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _6\"></span>quella <span class=\"_ _6\"></span>attuale. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>offre <span class=\"_ _6\"></span>piuttosto <span class=\"_ _6\"></span>indicazioni  di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls14 ws0\">ca<span class=\"ff4 ls0\">rattere ge<span class=\"_ _0\"></span>nerale di inquadram<span class=\"_ _0\"></span>ento del calcolo dell\u2019EC<span class=\"_ _0\"></span>L<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x3f h33 y4e1 ff1 fs11 fc0 sc0 ls1a ws0\">81<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x178 h2 y74 ff1 fs0 fc0 sc0 lsd ws0\">.  <span class=\"ls0\"> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>incertezza <span class=\"_ _2\"></span>sugli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _2\"></span>diretti <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>indiretti <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>conflitto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>mutuando <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indicazioni <span class=\"_ _4\"> </span>fornite <span class=\"_ _2\"></span>dai </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">diversi <span class=\"_ _2\"></span>regulator <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>verificarsi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>pandemia <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>COVID-1<span class=\"ff4\">9 <span class=\"_ _2\"></span>(cfr. <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>presentava <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nch\u2019essa <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>evidente </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">imprevedibilit\u00e0, si <span class=\"_ _0\"></span>\u00e8 ritenuto coerente con le<span class=\"_ _0\"></span> indicazioni del prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipio identificare<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8fb ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nel <span class=\"_ _2\"></span>\u201ccollective <span class=\"_ _3\"></span>assessment\u201d <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cogliere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>SICR, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>misurar<span class=\"_ _2\"></span></span>e <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio </span></div><div class=\"t m0 x2a h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">creditizio specifico s<span class=\"_ _0\"></span>ulle singole contropa<span class=\"_ _0\"></span>rti; </div><div class=\"t m0 x0 h2 y2b8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">nell\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manageme<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>overlay, <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019ECL, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _5\"></span>opportuna <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>accantonamenti </span></span></div><div class=\"t m0 x2a h2 y42f ff1 fs0 fc0 sc0 ls0 ws0\">legati al rischio pa<span class=\"_ _0\"></span>ese e geopolitico rel<span class=\"_ _0\"></span>ativi al conflitto in <span class=\"_ _0\"></span>corso. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y430 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y432 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>confermate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span><span class=\"ff4\">incipali <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>staging ass<span class=\"_ _3\"></span>ignment e <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>dell\u2019ECL </span></div><div class=\"t m0 x0 h2 y433 ff1 fs0 fc0 sc0 ls0 ws0\">adottate <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>reportistica <span class=\"_ _5\"></span>infrannual<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>performing <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>russe <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>craine<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y434 ff1 fs0 fc0 sc0 ls0 ws0\">per  i  quali  il  Gruppo  ha  de<span class=\"_ _0\"></span>ciso  di  adottare,  in  c<span class=\"_ _0\"></span>oerenza  con  quan<span class=\"_ _3\"></span>to  indicato  nel  paragr<span class=\"_ _0\"></span>afo  precedente,  un  appr<span class=\"_ _0\"></span>occio </div><div class=\"t m0 x0 h2 y435 ff4 fs0 fc0 sc0 ls0 ws0\">fortemente <span class=\"_ _2\"></span>guidato <span class=\"_ _5\"></span>dall\u2019emerger<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>geopolitico, <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ondizionato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Paese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>residenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>controparti, <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y436 ff4 fs0 fc0 sc0 ls0 ws0\">fini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>SICR <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019ECL, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>medi<span class=\"_ _2\"></span><span class=\"ff1\">ante <span class=\"_ _2\"></span>applicazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>management <span class=\"_ _3\"></span>overlay. <span class=\"_ _2\"></span>Con </span></div><div class=\"t m0 x0 h2 y437 ff1 fs0 fc0 sc0 ls0 ws0\">specifico <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>ferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>cross <span class=\"_ _6\"></span>border, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sottolinea, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>imprese <span class=\"_ _6\"></span>russe <span class=\"_ _5\"></span>finanziate <span class=\"_ _6\"></span>vantassero <span class=\"_ _6\"></span>tutt<span class=\"_ _5\"></span>e, </div><div class=\"t m0 x0 h2 y438 ff1 fs0 fc0 sc0 ls0 ws0\">prima de<span class=\"_ _3\"></span>llo scoppio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conflitto, rating <span class=\"_ _3\"></span>elevati e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la maggior <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>l\u2019evoluzione del <span class=\"_ _3\"></span>business non <span class=\"_ _3\"></span>presenta </span></div><div class=\"t m0 x0 h2 y29c ff1 fs0 fc0 sc0 ls0 ws0\">rischi aumentati diversi da quelli indotti dal cont<span class=\"_ _0\"></span>esto geopolitico. Per queste ultim<span class=\"_ _0\"></span>e, quindi, il rischio attualment<span class=\"_ _0\"></span>e preval<span class=\"_ _5\"></span>ente \u00e8 il </div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 ls0 ws0\">rischio  di  trasferimento  e  cio\u00e8  il  rischio  che  esse  non  onorino  gli  impegni<span class=\"_ _2\"></span>  di  ripagamento  del  debito <span class=\"_ _1d\"> </span>non  per  aspetti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y43a ff1 fs0 fc0 sc0 ls0 ws0\">direttamente attinenti a<span class=\"_ _0\"></span>l loro business, qua<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to piuttosto per vi<span class=\"_ _0\"></span>ncoli governativi impo<span class=\"_ _0\"></span>sti. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y43d ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>ritenuta <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>opportuna <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>incorporare <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>paese <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>geopolitico <span class=\"_ _3\"></span>rel<span class=\"_ _5\"></span>ativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc0 sc0 ls0 ws0\">conflitto <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>corso, <span class=\"_ _5\"></span>altrimenti <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>adeguatamente <span class=\"_ _5\"></span>colti <span class=\"_ _6\"></span>dai <span class=\"_ _5\"></span>sistemi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>uso. <span class=\"_ _5\"></span>Tali <span class=\"_ _6\"></span>scelt<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y43f ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>applicate <span class=\"_ _4\"></span>coerentem<span class=\"_ _0\"></span>ente <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Pravex <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>Inte<span class=\"_ _0\"></span>sa <span class=\"_ _4\"></span>Russi<span class=\"_ _0\"></span>a, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>cross <span class=\"_ _6\"></span>border </div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc0 sc0 ls0 ws0\">presenti <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>nella<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>estere <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Divisione <span class=\"_ _3\"></span>IMI <span class=\"_ _2\"></span>CIB, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>limitati <span class=\"_ _3\"></span>nelle<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y441 ff1 fs0 fc0 sc0 ls0 ws0\">banche della <span class=\"_ _3\"></span>Divisione International Subsidiary Banks. Per <span class=\"_ _3\"></span>una disamina pi\u00f9 <span class=\"_ _3\"></span>dettagliata delle principali <span class=\"_ _3\"></span>modalit\u00e0 applicative<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 hfb y442 ff1 fs0 fc0 sc0 ls0 ws0\">tali <span class=\"_ _4\"> </span>approcci <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imando <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>dettagliatamente <span class=\"_ _4\"> </span>illustrato<span class=\"_ _3\"></span><span class=\"fff fs6\"> <span class=\"_ _7\"> </span></span>della <span class=\"_ _7\"> </span>Parte <span class=\"_ _4\"> </span>E <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span>Informazioni <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>sulle <span class=\"_ _4\"> </span>relative </div><div class=\"t m0 x0 h2 y443 ff1 fs0 fc0 sc0 ls0 ws0\">politiche di copertura<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x5b h33 ydce ff1 fs11 fc0 sc0 ls1a ws0\">82</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x5c h2 y443 ff1 fs0 fc0 sc0 ls0 ws0\"> della Nota Integrati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a. </div><div class=\"t m0 x0 h2 y444 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y445 ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>classificazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>verso <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>russe <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>u<span class=\"_ _2\"></span>craine <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>div<span class=\"_ _3\"></span>ersi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tati <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>previsti </div><div class=\"t m0 x0 h32 y446 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IFRS <span class=\"_ _1d\"> </span>9, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>specifica <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>controparti <span class=\"_ _1d\"> </span>cross <span class=\"_ _17\"> </span>border <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>costante <span class=\"_ _17\"> </span>aggiornamento <span class=\"_ _1d\"> </span>dei <span class=\"_ _17\"> </span>ra<span class=\"_ _3\"></span>ting <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>la </div><div class=\"t m0 x0 h2 y447 ff1 fs0 fc0 sc0 ls0 ws0\">classificazione delle s<span class=\"_ _3\"></span>tesse a <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>gi\u00e0 secondo <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ordinari processi <span class=\"_ _3\"></span>di sta<span class=\"_ _3\"></span>ging, salvo che<span class=\"_ _5\"></span> p<span class=\"_ _3\"></span>er alcune <span class=\"_ _3\"></span>controparti russe <span class=\"_ _3\"></span>per </div><div class=\"t m0 x0 h2 y448 ff1 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato accertato <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Inadempienza probabile. <span class=\"_ _3\"></span>Per le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>performing verso <span class=\"_ _3\"></span>clientela di <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Russi<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y1035 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019approccio <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>classificazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Stage <span class=\"_ _7\"> </span>2. <span class=\"_ _7\"> </span>Per  <span class=\"ff1\">quanto <span class=\"_ _7\"> </span>riguarda, <span class=\"_ _4\"> </span>invece, <span class=\"_ _7\"> </span>le </span></div><div class=\"t m0 x0 h2 y1036 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni verso client<span class=\"_ _0\"></span>ela di Pravex, la situazione di assoluta gravit\u00e0 pres<span class=\"_ _0\"></span>ente su tutto il territorio ucrai<span class=\"_ _0\"></span>no ha portato a definire<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1037 ff1 fs0 fc0 sc0 ls0 ws0\">ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _16\"> </span>specifico, <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ortemente <span class=\"_ _6\"></span>guidato <span class=\"_ _4\"> </span>da </div><div class=\"t m0 x0 h32 ydb8 ff4 fs0 fc0 sc0 ls0 ws0\">razionali <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>prudenza <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019aggravarsi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onflitto <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onseguenti <span class=\"_ _7\"> </span>ricadute <span class=\"_ _7\"> </span>sull\u2019economia <span class=\"_ _7\"> </span>ucraina. <span class=\"_ _7\"> </span>Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>del </div><div class=\"t m0 x0 h2 ydb9 ff1 fs0 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>valutato <span class=\"_ _5\"></span>opportuno <span class=\"_ _5\"></span>apportare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>svalutazione <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _6\"></span>ver<span class=\"_ _5\"></span>so <span class=\"_ _5\"></span>clientela <span class=\"_ _6\"></span>on <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 yeec ff1 fs0 fc0 sc0 ls0 ws0\">Pravex, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>conseguente <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Stage <span class=\"_ _4\"> </span>3. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>misura <span class=\"_ _7\"> </span>riflette <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>condizione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>guerra <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>corso<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>impone <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 yf59 ff1 fs0 fc0 sc0 ls0 ws0\">considerare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>Paese <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>adeguata <span class=\"_ _4\"></span>misurazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>esposto <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>capitale <span class=\"_ _6\"></span>investito <span class=\"_ _4\"> </span>all'est<span class=\"_ _5\"></span>ero, <span class=\"_ _6\"></span>legato <span class=\"_ _4\"></span>alla </div><div class=\"t m0 x0 h2 yf5a ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0  che  circostanze  di  n<span class=\"_ _3\"></span>atura  politica  o <span class=\"_ _1d\"> </span>economica  si  traducano  in  un<span class=\"_ _3\"></span>  mancato  rimborso <span class=\"_ _1d\"> </span>del  credito  o  in <span class=\"_ _1d\"> </span>una </div><div class=\"t m0 x0 h2 yf5b ff1 fs0 fc0 sc0 ls0 ws0\">svalutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell'investimento <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>paese. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>sostanza, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operatori, <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rivati<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>legato </div><div class=\"t m0 x0 h2 y201 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019area geografica d<span class=\"_ _3\"></span>i provenienza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>indipendente dalla <span class=\"_ _3\"></span>loro volont\u00e0. <span class=\"_ _3\"></span>Queste <span class=\"_ _3\"></span>scelte, infine, <span class=\"_ _3\"></span>tengono anche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _5\"></span><span class=\"ff1 ls13\">il </span></div><div class=\"t m0 x0 h2 y1038 ff1 fs0 fc0 sc0 ls0 ws0\">limitato volume di cr<span class=\"_ _0\"></span>editi della Partecipat<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2d h2 y1039 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x0 h2d y4e9 ff1 fsf fc0 sc0 ls1c ws0\">80</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x47 hb y4f6 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>m<span class=\"_ _3\"></span>arginali <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>ver<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _2\"></span>bieloruss<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>semplicit\u00e0 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questi <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>trattate<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indic<span class=\"_ _3\"></span>ate <span class=\"_ _2\"></span>congiuntament<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizio<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y33b ff1 fs4 fc0 sc0 ls0 ws0\">Federazione Russ<span class=\"_ _3\"></span>a.<span class=\"fs0\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x0 h2d ydf8 ff1 fsf fc0 sc0 ls1c ws0\">81</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x47 h2 ye0 ff1 fsa fc0 sc0 ls0 ws0\"> <span class=\"fs4\">In particolare, si ve<span class=\"_ _3\"></span>dano IFRS 9 B5.<span class=\"_ _3\"></span>5.1, IFRS 9 B<span class=\"_ _3\"></span>5.5.4, IFRS 9 B5<span class=\"_ _3\"></span>.5.5, IFRS 9<span class=\"_ _3\"></span> B5.5.18 e IFRS <span class=\"_ _3\"></span>9 B5.5.52. <span class=\"_ _3\"></span><span class=\"fs0\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x0 h2d y373 ff1 fsf fc0 sc0 ls1c ws0\">82</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.480896px;\"><div class=\"t m0 x47 h11 y18d ff1 fsa fc0 sc0 ls0 ws0\"> <span class=\"fs4\">Sezione 2 <span class=\"ff4\">\u2013</span> Rischi d<span class=\"_ _3\"></span>el Consolidato P<span class=\"_ _3\"></span>rudenzial<span class=\"_ _3\"></span>e 1.1 Rischio di <span class=\"_ _3\"></span>credito.<span class=\"_ _3\"></span><span class=\"fs6\"> </span></span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-327.97974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Anche il patrimonio immobiliare e gli i<span class=\"_ _3\"></span>nvestimenti finanziari in titoli <span class=\"_ _3\"></span>russi delle due <span class=\"_ _3\"></span>partecipate sono stati oggetto di valutazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">con impatti marginali a<span class=\"_ _0\"></span> livello di Gruppo <span class=\"_ _0\"></span>anche alla luce dalla <span class=\"_ _0\"></span>limitata materialit<span class=\"_ _0\"></span>\u00e0 degli stessi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>tema <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>correnti <span class=\"_ _5\"></span>possedute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vendi<span class=\"_ _2\"></span>ta <span class=\"_ _6\"></span>e/o <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>cessate <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">dell'IFRS <span class=\"_ _6\"></span>5, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>classificato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tal <span class=\"_ _6\"></span>senso <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _6\"></span>verso <span class=\"_ _4\"></span>controparti <span class=\"_ _6\"></span>russe <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>ucrain<span class=\"_ _0\"></span>e, <span class=\"_ _4\"></span>non<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">sussistendone i presup<span class=\"_ _0\"></span>posti ai sensi del <span class=\"_ _0\"></span>citato principio IFRS 5<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y66 ff2 fs0 fc2 sc0 ls0 ws0\">Informativa finanziaria </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>conti<span class=\"ff4\">nuit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019impostazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>infrannuali <span class=\"_ _2\"></span>pubblicate <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _3\"></span>dell\u2019esercizio, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gruppo <span class=\"_ _2\"></span>rappresenta<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>fornendo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>nota <span class=\"_ _3\"></span>integrativa <span class=\"_ _3\"></span>(nella <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>Sezione o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>rimandi <span class=\"_ _3\"></span>indicati) <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>qualit<span class=\"_ _5\"></span>ative e </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">quantitative sugli <span class=\"_ _3\"></span>impatti s<span class=\"_ _3\"></span>ignificativi, i <span class=\"_ _3\"></span>giudizi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>assunzioni applicati <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>rilevazione, valutazione e <span class=\"_ _3\"></span>presentazione d<span class=\"_ _6\"></span>i <span class=\"_ _3\"></span>attivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">e passivit\u00e0 e dei rela<span class=\"_ _0\"></span>tivi effetti economici, s<span class=\"_ _0\"></span>enza optare per una r<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ppresentazione s<span class=\"_ _0\"></span>eparata. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Ci\u00f2 <span class=\"_ _6\"></span>premesso, <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>fornito <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>quadro <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sintesi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>vantate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>verso <span class=\"_ _4\"></span>contropart<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">residenti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"></span>economici, <span class=\"_ _4\"></span>rimandando <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>illustrato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Parte <span class=\"ls3e\">E <span class=\"_ _2\"></span></span>- <span class=\"_ _2\"></span>Informazioni <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sulle <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>Nota <span class=\"_ _3\"></span>Integrativa <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>maggior<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">dettaglio. </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>fi<span class=\"_ _3\"></span>ne <span class=\"_ _7\"> </span>esercizio, <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _7\"> </span>residue <span class=\"_ _7\"> </span>verso <span class=\"_ _16\"> </span>controparti <span class=\"_ _7\"> </span>residenti <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Russia <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>Ucraina <span class=\"_ _7\"> </span>(al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>operta <span class=\"_ _7\"> </span>da </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">garanzia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Export <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Agencies) <span class=\"_ _5\"></span>ammontano, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _5\"></span>lordi, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>372 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(205 <span class=\"_ _2\"></span>milioni <span class=\"_ _6\"></span>netti) <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Banca Intesa Russia e a 1.<span class=\"_ _3\"></span>257 milioni (963 milioni netti) con riferimento alle esposizioni cross border verso clientela resid<span class=\"_ _5\"></span>ente </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _4\"></span>Russia <span class=\"_ _6\"></span>(al <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _6\"></span>dell<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>garanzie <span class=\"_ _6\"></span>ECA). <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiungono <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>verso <span class=\"_ _4\"> </span>banche <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>complessivi <span class=\"_ _6\"></span>797 <span class=\"_ _4\"></span>milioni </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">(782 milioni <span class=\"_ _6\"></span>netti) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>73 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>(41 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>netti). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>residente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Ucraina<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">ammontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>216 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(103 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>netti), <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>112 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _5\"></span>nullo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _2\"></span>netti) <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Pravex Bank. A tali valori si a<span class=\"_ _3\"></span>ggiungon<span class=\"_ _0\"></span>o esposizioni verso banche e in titoli per complessivi 74 milioni (64 milioni netti), <span class=\"_ _5\"></span>per un </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">totale di 2.789 milioni.  </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">La  significativa  mano<span class=\"_ _0\"></span>vra  di  de-<span class=\"ff4\">risking  impostata  nel<span class=\"_ _0\"></span>  corso  dell\u2019esercizi<span class=\"_ _0\"></span>o  2022  (che  ha <span class=\"_ _16\"> </span>visto  il  perfezionamento  di<span class=\"_ _0\"></span>  due </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">importanti <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>2.515 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>lordo) <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>importanti <span class=\"_ _6\"></span>rettifiche <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>posiz<span class=\"_ _5\"></span><span class=\"ls11\">io</span>ni </div><div class=\"t m0 x0 h32 y7c ff4 fs0 fc0 sc0 ls0 ws0\">hanno <span class=\"_ _2\"></span>contribuito <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>dimezzare <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>(clientela, <span class=\"_ _2\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>titoli) <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>verso </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _6\"></span>residenti <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>Russia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Ucraina <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>2.158 <span class=\"_ _6\"></span>milioni, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>3<span class=\"_ _3\"></span>.087 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>rispetto <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2021 </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">(-<span class=\"lsc\">59</span>%). </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>valore </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">residuo <span class=\"_ _4\"> </span>iscritto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>211 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>messo <span class=\"_ _6\"> </span>a <span class=\"_ _7\"> </span>disposizione <span class=\"_ _4\"> </span>un<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">ammontare <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>200 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>originariamente <span class=\"_ _4\"> </span>destinato <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>capitale. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>concreta <span class=\"_ _4\"></span>effettuazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>aumento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata <span class=\"_ _17\"> </span>sospesa <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>conseguenza <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>bellici. <span class=\"_ _17\"> </span>Il <span class=\"_ _18\"> </span>finanziamento <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>211 <span class=\"_ _17\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>tuttora <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>supporto </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019operativit\u00e0 de<span class=\"_ _3\"></span>l<span class=\"ff1\">la <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eraltro <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>indotte <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>realizzato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>operativo </span></div><div class=\"t m0 x0 h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">positivo, <span class=\"_ _3\"></span>mentre <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>l\u2019ammontare <span class=\"_ _2\"></span>originariamente <span class=\"_ _3\"></span>destinato <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>aumento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>dipenderanno <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>sviluppi </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _4\"></span>eventi <span class=\"_ _4\"></span>bellici <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>normativa <span class=\"_ _4\"></span>russa <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>momento <span class=\"_ _4\"></span>impone <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>estrizioni <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanee <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imborsi <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>verso </div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">soggetti residenti i<span class=\"_ _0\"></span>n Paesi \u201cunfriendly\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Complessivamente, i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>processi <span class=\"_ _3\"></span>valutativi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>legate al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-risking <span class=\"_ _2\"></span>sulle e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _3\"></span>russe hanno <span class=\"_ _3\"></span>portato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019esercizio, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>fiscali, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>netti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _2\"></span>1.415 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>1.298 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">ettifiche <span class=\"_ _5\"></span>su </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">crediti, per <span class=\"_ _3\"></span>36 milioni <span class=\"_ _3\"></span>su titoli <span class=\"_ _3\"></span>e per <span class=\"_ _3\"></span>81 <span class=\"_ _3\"></span>milioni su a<span class=\"_ _3\"></span>ltre poste d<span class=\"_ _3\"></span>i bilancio, inclusivi d<span class=\"_ _3\"></span>ell\u2019accanton<span class=\"_ _2\"></span><span class=\"ff1\">amento di <span class=\"_ _3\"></span>80 milioni e<span class=\"_ _3\"></span>ffettuato in </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>partecipata <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>zzerare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contributo <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>bilanci<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">consolidato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>scontare <span class=\"_ _2\"></span>l\u2019effetto <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>limitazioni <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rimpatrio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>infragruppo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Russia </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">stanti le restrizioni n<span class=\"_ _0\"></span>ormative locali. </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>rispettive <span class=\"_ _6\"></span>Sezioni <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Parte<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>E <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>presente <span class=\"_ _6\"></span>Nota <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span>tegrativa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>edicate <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"></span>tipologie<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>(risch<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">mercato e <span class=\"_ _3\"></span>liquidit\u00e0, assicurativi e <span class=\"_ _3\"></span>operativi) ripor<span class=\"_ _3\"></span>tano <span class=\"_ _3\"></span>le informazioni c<span class=\"_ _3\"></span>onseguenti ai <span class=\"_ _3\"></span>limitati impatti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ove <span class=\"_ _3\"></span>presenti <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>relativi alla </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">crisi russo ucraina p<span class=\"_ _0\"></span>er gli aspetti di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za.<span class=\"_ _90\"> </span> </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y51 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.091064px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">RISCHI, INCERTEZZE<span class=\"_ _0\"></span> E IMPATTI DELLA PAND<span class=\"_ _0\"></span>EMIA DA COVID-<span class=\"lsc\">19</span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Con  la <span class=\"_ _16\"> </span>comunicazione <span class=\"_ _16\"> </span>del  1<span class=\"_ _0\"></span>5  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  2<span class=\"_ _0\"></span>020  aven<span class=\"_ _0\"></span>te  ad  <span class=\"ff4\">oggetto  gli <span class=\"_ _16\"> </span>\u201cimpatti <span class=\"_ _16\"> </span>del  COVID</span>-19 <span class=\"_ _16\"> </span>e  delle <span class=\"_ _16\"> </span>misure  a <span class=\"_ _16\"> </span>sostegno<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">dell'economia <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>emendamenti<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>IAS/IFRS\u201d <span class=\"_ _4\"> </span>(oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>limitato <span class=\"_ _4\"> </span>aggiornamento <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2021), <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>disposizioni che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>disciplinano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>b<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>contenute nella <span class=\"_ _3\"></span>\u201cCircolare <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>62 <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>Il <span class=\"_ _3\"></span>bilancio </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">bancario: schemi e regole di compilazione\u201d al fine di fornire al mercato informazioni sugli effetti che il COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _3\"></span>e le misure di </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">sostegno <span class=\"_ _3\"></span>all\u2019economia <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>prodotto <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>strategie, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>politiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>rischi, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>tuazion<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">economica <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>intermediari. <span class=\"_ _4\"> </span>Nel <span class=\"_ _7\"> </span>definire <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>integrazio<span class=\"_ _0\"></span>ni <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>tenuto <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>documenti </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">pubblicati <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2020 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>organismi <span class=\"_ _2\"></span>regolamentari <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vigilanza <span class=\"_ _2\"></span>europei <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dagli <span class=\"_ _2\"></span>standard <span class=\"_ _5\"></span>setter <span class=\"_ _5\"></span>volti <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">chiarire <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>IAS/IFRS <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>contesto <span class=\"_ _4\"> </span>pande<span class=\"_ _3\"></span>mico. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>tabella <span class=\"_ _7\"> </span>seguente <span class=\"_ _7\"> </span>riporta <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>documenti <span class=\"_ _7\"> </span>pi\u00f9 </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">rilevanti, indicandone a<span class=\"_ _0\"></span>nche l\u2019ambito di appl<span class=\"_ _0\"></span>icazione.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1cf h7a\" style=\"left:413.4966px; bottom:749.8989px;\"><div class=\"t m0 x4a ha y569 ff5 fs4 fc2 sc0 ls0 ws0\">Tematica princi<span class=\"_ _3\"></span>pale </div></div><div class=\"c w1cc haf\" style=\"left:-6.5463715px; bottom:727.74695px;\"><div class=\"t m0 x8 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Ente emittente<span class=\"_ _3\"></span> </div></div><div class=\"c w1cd haf\" style=\"left:79.747604px; bottom:727.74695px;\"><div class=\"t m0 xa1 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Data </div></div><div class=\"c w1ce haf\" style=\"left:132.78761px; bottom:727.74695px;\"><div class=\"t m0 x129 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Titolo </div></div><div class=\"c w1d0 haf\" style=\"left:413.4966px; bottom:727.74695px;\"><div class=\"t m0 x8 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Classificazione </div></div><div class=\"c wcd haf\" style=\"left:493.40765px; bottom:727.74695px;\"><div class=\"t m0 x8 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Misurazione </div></div><div class=\"c w55 haf\" style=\"left:559.0836px; bottom:727.74695px;\"><div class=\"t m0 x8 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Informativa </div><div class=\"t m0 x8 ha y13d ff5 fs4 fc2 sc0 ls0 ws0\">Finanziaria </div></div><div class=\"c w1cc h96\" style=\"left:-6.5463715px; bottom:690.9309px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">EBA<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h96\" style=\"left:79.747604px; bottom:690.9309px;\"><div class=\"t m0 x1a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">25.3.20 </div></div><div class=\"c w1ce h96\" style=\"left:132.78761px; bottom:690.9309px;\"><div class=\"t m0 x8 hb y8d1 ff1 fs4 fc2 sc0 ls0 ws0\">Statement <span class=\"_ _23\"> </span>on <span class=\"_ _20\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _20\"> </span>a<span class=\"_ _3\"></span>pplication <span class=\"_ _23\"> </span>of <span class=\"_ _20\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _20\"> </span>pr<span class=\"_ _3\"></span>udential <span class=\"_ _23\"> </span>framework<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">regarding <span class=\"_ _5\"></span>Default, <span class=\"_ _5\"></span>Forbearanc<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>9 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>light <span class=\"_ _5\"></span>of <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span>-<span class=\"ls40\">19 </span></div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">measures </div></div><div class=\"c w1d0 h96\" style=\"left:413.4966px; bottom:690.9309px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h9b\" style=\"left:-6.5463715px; bottom:653.9589px;\"><div class=\"t m0 x8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">ESMA </div></div><div class=\"c w1cd h9b\" style=\"left:79.747604px; bottom:653.9589px;\"><div class=\"t m0 x1a hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">25.3.20 </div></div><div class=\"c w1ce h9b\" style=\"left:132.78761px; bottom:653.9589px;\"><div class=\"t m0 x8 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">Public <span class=\"_ _1c\"> </span>Statement.<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Accounting <span class=\"_ _1c\"> </span>implic<span class=\"_ _3\"></span>ations <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>the <span class=\"_ _1c\"> </span>COVID<span class=\"_ _3\"></span>-19 </div><div class=\"t m0 x8 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">outbreak <span class=\"_ _23\"> </span>on <span class=\"_ _23\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _23\"> </span>calculation <span class=\"_ _29\"> </span>of <span class=\"_ _23\"> </span>expected <span class=\"_ _23\"> </span>c<span class=\"_ _3\"></span>redit <span class=\"_ _23\"> </span>losses <span class=\"_ _23\"> </span>i<span class=\"_ _3\"></span>n </div><div class=\"t m0 x8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">accordance with I<span class=\"_ _3\"></span>FRS 9 </div></div><div class=\"c wcd h9b\" style=\"left:493.40765px; bottom:653.9589px;\"><div class=\"t m0 x86 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc hd\" style=\"left:-6.5463715px; bottom:617.10394px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">IFRS Foundation<span class=\"_ _3\"></span> </div></div><div class=\"c w1cd hd\" style=\"left:79.747604px; bottom:617.10394px;\"><div class=\"t m0 x1a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">27.3.20 </div></div><div class=\"c w1ce hd\" style=\"left:132.78761px; bottom:617.10394px;\"><div class=\"t m0 x8 hb y8d1 ff1 fs4 fc2 sc0 ls0 ws0\">IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"> </span>COVID<span class=\"_ _3\"></span>-<span class=\"ls40\">19 <span class=\"_ _4\"> </span></span>- <span class=\"_ _4\"> </span>Accounting  for <span class=\"_ _6\"> </span>ex<span class=\"_ _3\"></span>pected <span class=\"_ _4\"> </span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _4\"> </span>losses<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">applying <span class=\"_ _15\"> </span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _15\"> </span>9 <span class=\"_ _1d\"> </span>Financial <span class=\"_ _1d\"> </span>Instruments <span class=\"_ _1d\"> </span>in <span class=\"_ _15\"> </span>the <span class=\"_ _15\"> </span>li<span class=\"_ _3\"></span>ght <span class=\"_ _15\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _15\"> </span>current<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">uncertainty resulti<span class=\"_ _3\"></span>ng from the COVID<span class=\"_ _3\"></span>-19 pand<span class=\"_ _3\"></span>emic </div></div><div class=\"c wcd hd\" style=\"left:493.40765px; bottom:617.10394px;\"><div class=\"t m0 x86 hb y6e9 ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h5b\" style=\"left:-6.5463715px; bottom:598.6959px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BCE </div></div><div class=\"c w1cd h5b\" style=\"left:79.747604px; bottom:598.6959px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.4.20 </div></div><div class=\"c w1ce h5b\" style=\"left:132.78761px; bottom:598.6959px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">IFRS 9 in the conte<span class=\"_ _3\"></span>xt of the coron<span class=\"_ _3\"></span>avirus (COVID<span class=\"_ _3\"></span>-19) pa<span class=\"_ _3\"></span>ndemic </div></div><div class=\"c wcd h5b\" style=\"left:493.40765px; bottom:598.6959px;\"><div class=\"t m0 x86 hb y103c ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6c\" style=\"left:-6.5463715px; bottom:572.95593px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">EBA<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h6c\" style=\"left:79.747604px; bottom:572.95593px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.4.20 </div></div><div class=\"c w1ce h6c\" style=\"left:132.78761px; bottom:572.95593px;\"><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Guidelines  on <span class=\"_ _4\"> </span>legisla<span class=\"_ _3\"></span>tive  and <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>leg<span class=\"_ _3\"></span>islative  moratoria  on<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>loan<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">repayments appli<span class=\"_ _3\"></span>ed in the light of <span class=\"_ _3\"></span>the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h6c\" style=\"left:413.4966px; bottom:572.95593px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6d\" style=\"left:-6.5463715px; bottom:547.05994px;\"><div class=\"t m0 x8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">ESMA </div></div><div class=\"c w1cd h6d\" style=\"left:79.747604px; bottom:547.05994px;\"><div class=\"t m0 x1a hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">20.5.20 </div></div><div class=\"c w1ce h6d\" style=\"left:132.78761px; bottom:547.05994px;\"><div class=\"t m0 x8 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">Implications <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>C<span class=\"_ _3\"></span>OVID-19<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>utbreak <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>half-y<span class=\"_ _3\"></span>early fi<span class=\"_ _3\"></span>nancial </div><div class=\"t m0 x8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">reports </div></div><div class=\"c w55 h6d\" style=\"left:559.0836px; bottom:547.05994px;\"><div class=\"t m0 x96 hb yf73 ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6c\" style=\"left:-6.5463715px; bottom:521.31995px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">EBA<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h6c\" style=\"left:79.747604px; bottom:521.31995px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.6.20 </div></div><div class=\"c w1ce h6c\" style=\"left:132.78761px; bottom:521.31995px;\"><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Guidelines <span class=\"_ _4\"> </span>on<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>reporting<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>discl<span class=\"_ _3\"></span>osure <span class=\"_ _4\"> </span>of  exposures <span class=\"_ _4\"> </span>subject <span class=\"_ _4\"> </span>to<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">measures applied in <span class=\"_ _3\"></span>response<span class=\"_ _3\"></span> to the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h6c\" style=\"left:413.4966px; bottom:521.31995px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w55 h6c\" style=\"left:559.0836px; bottom:521.31995px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6c\" style=\"left:-6.5463715px; bottom:495.57996px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ESMA </div></div><div class=\"c w1cd h6c\" style=\"left:79.747604px; bottom:495.57996px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">28.10.20 </div></div><div class=\"c w1ce h6c\" style=\"left:132.78761px; bottom:495.57996px;\"><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">European <span class=\"_ _23\"> </span>common <span class=\"_ _29\"> </span>enforcement <span class=\"_ _29\"> </span>priorities <span class=\"_ _23\"> </span>for <span class=\"_ _23\"> </span>2020 <span class=\"_ _29\"> </span>annual </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">financial reports<span class=\"_ _3\"></span> </div></div><div class=\"c w55 h6c\" style=\"left:559.0836px; bottom:495.57996px;\"><div class=\"t m0 x96 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h9b\" style=\"left:-6.5463715px; bottom:458.6079px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">EBA<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h9b\" style=\"left:79.747604px; bottom:458.6079px;\"><div class=\"t m0 x1a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.12.20 </div></div><div class=\"c w1ce h9b\" style=\"left:132.78761px; bottom:458.6079px;\"><div class=\"t m0 x8 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">Guidelines <span class=\"_ _4\"> </span>am<span class=\"_ _3\"></span>ending <span class=\"_ _4\"> </span>G<span class=\"_ _3\"></span>uidelines <span class=\"_ _4\"> </span>EB<span class=\"_ _3\"></span>A/GL/20<span class=\"_ _3\"></span>20/02 <span class=\"_ _4\"> </span>on  legislative </div><div class=\"t m0 x8 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">and <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>legislativ<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>mor<span class=\"_ _3\"></span>atoria <span class=\"_ _6\"></span>on <span class=\"_ _5\"></span>lo<span class=\"_ _3\"></span>an <span class=\"_ _6\"></span>repayments <span class=\"_ _6\"> </span>applied <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">light of the COVID<span class=\"_ _3\"></span>-19 crisis<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h9b\" style=\"left:413.4966px; bottom:458.6079px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6c\" style=\"left:-6.5463715px; bottom:432.86792px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BCE </div></div><div class=\"c w1cd h6c\" style=\"left:79.747604px; bottom:432.86792px;\"><div class=\"t m0 x1a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4.12.20 </div></div><div class=\"c w1ce h6c\" style=\"left:132.78761px; bottom:432.86792px;\"><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Identification <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>meas<span class=\"_ _3\"></span>urement <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>context <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">coronavirus (COVID<span class=\"_ _3\"></span>-19) pandem<span class=\"_ _3\"></span>ic </div></div><div class=\"c w1d0 h6c\" style=\"left:413.4966px; bottom:432.86792px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wcd h6c\" style=\"left:493.40765px; bottom:432.86792px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h127\" style=\"left:-6.5463715px; bottom:407.10193px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ESMA </div></div><div class=\"c w1cd h127\" style=\"left:79.747604px; bottom:407.10193px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">29.10.21 </div></div><div class=\"c w1ce h127\" style=\"left:132.78761px; bottom:407.10193px;\"><div class=\"t m0 x8 hb y103f ff1 fs4 fc2 sc0 ls0 ws0\">European <span class=\"_ _23\"> </span>common <span class=\"_ _29\"> </span>enforcement <span class=\"_ _29\"> </span>priorities <span class=\"_ _23\"> </span>for <span class=\"_ _23\"> </span>2021 <span class=\"_ _29\"> </span>annual </div><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">financial reports<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h127\" style=\"left:413.4966px; bottom:407.10193px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wcd h127\" style=\"left:493.40765px; bottom:407.10193px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w55 h127\" style=\"left:559.0836px; bottom:407.10193px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1cc h6d\" style=\"left:-6.5463715px; bottom:381.20593px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ESMA </div></div><div class=\"c w1cd h6d\" style=\"left:79.747604px; bottom:381.20593px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.12.21 </div></div><div class=\"c w1ce h6d\" style=\"left:132.78761px; bottom:381.20593px;\"><div class=\"t m0 x8 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Report <span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>application <span class=\"_ _2\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>7 <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _3\"></span>requi<span class=\"_ _3\"></span>rements </div><div class=\"t m0 x8 hb y6ff ff4 fs4 fc2 sc0 ls0 ws0\">regarding banks\u2019<span class=\"_ _3\"></span> expected credit l<span class=\"_ _3\"></span>osses (ECL)<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w1d0 h6d\" style=\"left:413.4966px; bottom:381.20593px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wcd h6d\" style=\"left:493.40765px; bottom:381.20593px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w55 h6d\" style=\"left:559.0836px; bottom:381.20593px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.091064px;\"><div class=\"t m0 x0 h2 y855 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1040 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>regolatori <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _7\"> </span>volti <span class=\"_ _4\"></span>essenzialmente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>chiarire <span class=\"_ _4\"> </span>il <span class=\"_ _16\"> </span>trattamento <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>moratorie, <span class=\"_ _4\"> </span>indicare <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>presupposti </div><div class=\"t m0 x0 h2 ya9b ff1 fs0 fc0 sc0 ls0 ws0\">minimi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>chiara <span class=\"_ _5\"></span>informativa <span class=\"_ _2\"></span>finanziaria, <span class=\"_ _2\"></span>indirizzare <span class=\"_ _2\"></span>uniformemente <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospettici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>permetter<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y928 ff1 fs0 fc0 sc0 ls0 ws0\">flessibilit\u00e0 nella defin<span class=\"_ _0\"></span>izione delle valuta<span class=\"_ _0\"></span>zioni creditizie. </div><div class=\"t m0 x0 h2 y2d3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2d4 ff1 fs0 fc0 sc0 ls0 ws0\">Ci\u00f2 <span class=\"_ _4\"> </span>premesso, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>il <span class=\"_ _4\"></span>contesto <span class=\"_ _4\"></span>sanitario <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>progressivo <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>costante <span class=\"_ _4\"> </span>miglioramento <span class=\"_ _4\"></span>legato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y2d5 ff4 fs0 fc0 sc0 ls0 ws0\">crescente immunit\u00e0 raggiunta dalla popolazione, sia a seguito delle campagne vaccinali che dell\u2019el<span class=\"_ _0\"></span>evato numero di contagiati,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y2d6 ff1 fs0 fc0 sc0 ls0 ws0\">cui si deve aggiungere una minor gravit\u00e0 delle v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rianti del virus in cir<span class=\"_ _0\"></span>colazione. Tale andamento <span class=\"_ _0\"></span>ha reso possibile un gradual<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y2d7 ff1 fs0 fc0 sc0 ls0 ws0\">azzeramento delle misure restrittive, con una conseguente ripresa di quelle <span class=\"_ _3\"></span>attivit\u00e0 economiche che erano ancora penalizzate </div><div class=\"t m0 x0 h2 y2d8 ff1 fs0 fc0 sc0 ls0 ws0\">da <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>contesto (quali <span class=\"_ _3\"></span>que<span class=\"ff4\">lle <span class=\"_ _3\"></span>turistiche). <span class=\"_ _3\"></span>Nel corso<span class=\"_ _3\"></span> dell\u2019esercizio 2022 <span class=\"_ _2\"></span>\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>coerentemente con <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>sviluppi del <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>sanitario e </div><div class=\"t m0 x0 h2 y2d9 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>economica <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>atto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>assistito <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>progressiva <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>pagamenti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>avevan<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y737 ff1 fs0 fc0 sc0 ls0 ws0\">goduto <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>misure <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>sostegno<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>quali <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>moratorie. <span class=\"_ _1d\"> </span>Conseguentemente, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>proceduto <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>ridurre <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso </div><div class=\"t m0 x0 h32 y2db ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>misure <span class=\"_ _1d\"> </span>poste <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>rendere <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _1d\"> </span>creditizie <span class=\"_ _1d\"> </span>coerenti  c<span class=\"_ _3\"></span>on <span class=\"_ _1d\"> </span>lo <span class=\"_ _1d\"> </span>specifico <span class=\"_ _1d\"> </span>contesto </div><div class=\"t m0 x0 h2 y90 ff1 fs0 fc0 sc0 ls0 ws0\">pandemico. </div><div class=\"t m0 x0 h2 y2dd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y2de ff2 fs0 fc2 sc0 ls0 ws0\">Classificazione e val<span class=\"_ _0\"></span>utazione crediti n<span class=\"_ _0\"></span>ello<span class=\"_ _3\"></span> scenario COVID-19  </div><div class=\"t m0 x0 h2 y2df ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>andemia <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>COVID-19 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>avuto <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo i<span class=\"_ _3\"></span>mpatto <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>tematiche <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>classificazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>creditizie, </div><div class=\"t m0 x0 h2 y2e0 ff4 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>particolare <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _2\"></span>aspetti <span class=\"_ _5\"></span>collegati <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>moratorie <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>dell\u2019Expec<span class=\"_ _2\"></span><span class=\"ff1\">ted <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Loss </span></div><div class=\"t m0 x0 h2 y2e1 ff1 fs0 fc0 sc0 ls0 ws0\">(ECL) ai sensi del prin<span class=\"_ _0\"></span>cipio IFRS9. </div><div class=\"t m0 x0 h2 y2e2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yaa6 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>creditizie, <span class=\"_ _5\"></span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019apparizio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>COVID<span class=\"ff1\">-19 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>comportato <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>necessit\u00e0, <span class=\"_ _2\"></span>condivisa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al </span></span></div><div class=\"t m0 x0 h2 y1041 ff1 fs0 fc0 sc0 ls0 ws0\">sistema  bancario <span class=\"_ _1d\"> </span>e  dalle <span class=\"_ _1d\"> </span>istitu<span class=\"_ _0\"></span>zioni <span class=\"_ _1d\"> </span>(governi<span class=\"_ _0\"></span>  e <span class=\"_ _1d\"> </span>regulator),  di <span class=\"_ _1d\"> </span>concedere  ai  c<span class=\"_ _5\"></span>lienti  gi\u00e0 <span class=\"_ _1d\"> </span>in  bonis <span class=\"_ _1d\"> </span>misure  generalizzate  di </div><div class=\"t m0 x0 h2 y1042 ff1 fs0 fc0 sc0 ls0 ws0\">sospensione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>(moratorie) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>semplificate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>senza <span class=\"_ _5\"></span>penalizzazioni <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>soggetti <span class=\"_ _2\"></span>coinvolti, <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y1043 ff1 fs0 fc0 sc0 ls0 ws0\">clientela. <span class=\"_ _4\"> </span>Tali <span class=\"_ _7\"> </span>misure, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>regolate <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>nor<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>nazionali <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>decise <span class=\"_ _7\"> </span>autonomam<span class=\"_ _3\"></span>ente <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>banche, <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>state </div><div class=\"t m0 x0 h2 y1044 ff4 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>specifica <span class=\"_ _4\"> </span>regolamentazione, <span class=\"_ _4\"> </span>riassunta <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>Guidelines <span class=\"_ _4\"> </span>EBA <span class=\"_ _4\"> </span>(\u201cGuidelines <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>legislative <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>non<span class=\"_ _5\"></span><span class=\"ff1\">-legislativ<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h2 y1045 ff1 fs0 fc0 sc0 ls0 ws0\">moratoria <span class=\"_ _5\"></span>on <span class=\"_ _6\"></span>loan <span class=\"_ _6\"></span>repayments <span class=\"_ _5\"></span>applied <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>ght <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>COVID<span class=\"_ _3\"></span>-<span class=\"ff4\">19 <span class=\"_ _6\"></span>crisis\u201d). <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>concessione <span class=\"_ _5\"></span>s<span class=\"_ _2\"></span></span>econdo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>suddette </div><div class=\"t m0 x0 h2 y1046 ff1 fs0 fc0 sc0 ls0 ws0\">Guidelines <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>intermediari <span class=\"_ _3\"></span>finanziari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>moratorie <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>private, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>costituiva <span class=\"_ _3\"></span>automaticamente<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1047 ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default, <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>conseguente <span class=\"_ _2\"></span>classificazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>deteriorato, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nemmeno <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>misura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>for<span class=\"_ _5\"></span>bearance, </div><div class=\"t m0 x0 h32 y1048 ff4 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _4\"> </span>conseguente <span class=\"_ _6\"></span>passaggio <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>Stage <span class=\"_ _4\"> </span>2. <span class=\"_ _4\"> </span>L\u2019EBA <span class=\"_ _6\"></span>aveva <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>condizioni <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>durata <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>limite<span class=\"_ _0\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-223.41724px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">temporale <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>concessione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"> </span>dell\u2019applicabilit\u00e0 <span class=\"_ _6\"></span>dell\u2019esenzione. <span class=\"_ _5\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _5\"></span>condizioni <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>progressivamente <span class=\"_ _6\"></span>venute <span class=\"_ _6\"> </span>meno <span class=\"_ _6\"> </span>nel </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls14 ws0\">co<span class=\"ff4 ls0\">rso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2021. <span class=\"_ _5\"></span>Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _5\"></span>italiano, <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>intervento <span class=\"_ _5\"></span>normativo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>ma <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cd <span class=\"_ _6\"></span>Decreto<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">legge \u201cSostegni bis\u201d, che ha concesso la possibilit\u00e0 di beneficiare di un\u2019ulteriore proroga delle moratorie ex<span class=\"_ _5\"></span><span class=\"ff1\">-lege in cadenza al </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">30 <span class=\"_ _2\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2021. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>avanti <span class=\"_ _5\"></span>faceva <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>sola <span class=\"_ _5\"></span>quota <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">mentre gli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>in maturazione <span class=\"_ _3\"></span>dovevano essere <span class=\"_ _3\"></span>pagati. <span class=\"_ _3\"></span>Considerando che n<span class=\"_ _3\"></span>on sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>decisi <span class=\"_ _3\"></span>ulteriori interven<span class=\"_ _5\"></span>ti </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">legislativi, <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>roroghe <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>concessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuove <span class=\"_ _5\"></span>sospensioni <span class=\"_ _2\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>hanno </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">seguito quindi gli ordi<span class=\"_ _0\"></span>nari processi crediti<span class=\"_ _0\"></span>zi, con valutazione s<span class=\"_ _0\"></span>e la misura fosse da c<span class=\"_ _0\"></span>onsiderare come forbear<span class=\"_ _0\"></span>ance. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>tema d<span class=\"_ _3\"></span>i v<span class=\"_ _3\"></span>alutazione dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>aveva adottato <span class=\"_ _3\"></span>fin <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>trimestrale al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>un approccio <span class=\"_ _3\"></span>prudente <span class=\"_ _3\"></span>circa </div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019adeguamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>risultati <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ECL <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019incerto <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>peggioramento </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls10 ws0\">del<span class=\"ls0\">le condizioni <span class=\"_ _3\"></span>economiche <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>derivanti da<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>misure d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>rese <span class=\"_ _3\"></span>tempestivament<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">disponibili <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>autorit\u00e0 <span class=\"_ _20\"> </span>n<span class=\"_ _3\"></span>azionali <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>sostenute <span class=\"_ _23\"> </span>dalla <span class=\"_ _20\"> </span>politica <span class=\"_ _23\"> </span>accomodante <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>BCE. <span class=\"_ _20\"> </span>Questo <span class=\"_ _23\"> </span>approccio <span class=\"_ _23\"> </span>\u00e8 <span class=\"_ _23\"> </span>stato </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">progressivamente <span class=\"_ _3\"></span>reso <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>sofisticato <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>management <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>verlay <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>via </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">via <span class=\"_ _6\"></span>affinati <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iflettendo <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>miglior<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>percezione <span class=\"_ _6\"></span>dell\u2019evoluzion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>crisi. <span class=\"_ _6\"></span>Relativamente <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>su <span class=\"_ _6\"> </span>credi<span class=\"_ _5\"></span><span class=\"ff1\">ti, <span class=\"_ _6\"></span>nel </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>evi<span class=\"_ _3\"></span>denziato <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sostanziale <span class=\"_ _4\"> </span>azzeramento <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>management <span class=\"_ _4\"></span>overlay <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>vulnerabilit\u00e0 <span class=\"_ _4\"> </span>delle </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">moratorie <span class=\"_ _6\"></span>stante <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>progress<span class=\"_ _0\"></span>ivo <span class=\"_ _6\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>moratorie <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>maturato <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>termini <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>presa <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>senza </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">evidenziare <span class=\"_ _5\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>criticit\u00e0 <span class=\"_ _5\"></span>signif<span class=\"_ _3\"></span>icativi <span class=\"_ _2\"></span>(al <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>azzerate, <span class=\"_ _5\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni residu<span class=\"_ _0\"></span>e ammontavano a soli 8<span class=\"_ _0\"></span>0 milioni). </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x17b h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">* * * </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _6\"> </span>completamento <span class=\"_ _6\"></span>dell\u2019informati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>linea <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>itata <span class=\"_ _6\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>21 <span class=\"_ _7\"> </span><span class=\"ff1\">dicembre <span class=\"_ _6\"></span>2021 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Banca </span></div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Italia <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>integra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>Circolare <span class=\"_ _2\"></span>262, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>vedano <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nformazio<span class=\"_ _0\"></span>ni <span class=\"_ _5\"></span>quantitative <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">misure di sostegno COV<span class=\"_ _0\"></span>ID-19 e le relative rettifiche di <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alore nette per risch<span class=\"_ _0\"></span>io di credito pubblicat<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>rispettivamente: </div><div class=\"t m0 x0 h2 y1049 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in Parte B <span class=\"ff4\">\u2013</span> Informazioni sullo S<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ato patrimoniale <span class=\"ff4\">\u2013</span> Attivo, nelle tabell<span class=\"_ _0\"></span>e: </span></div><div class=\"t m0 x2a h2 y17d ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3.3a <span class=\"_ _4\"> </span>Finanziamenti <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"></span>sulla <span class=\"_ _4\"></span>redditivit\u00e0 <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>misure <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>sostegno </span></div><div class=\"t m0 x62 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">COVID-19: valore lordo <span class=\"_ _0\"></span>e rettifiche di valore <span class=\"_ _0\"></span>comp<span class=\"_ _3\"></span>lessive; </div><div class=\"t m0 x2a h2 y8fb ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>4.4a <span class=\"_ _3\"></span>Finanziamenti <span class=\"_ _3\"></span>valutati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato o<span class=\"_ _3\"></span>ggetto d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _3\"></span>COVID<span class=\"_ _2\"></span>-19: <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rettifich<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x62 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">di valore complessive; </div><div class=\"t m0 x0 h2 y2b8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in Parte C <span class=\"ff4\">\u2013</span> Informazioni sul c<span class=\"_ _0\"></span>onto economico: </span></div><div class=\"t m0 x2a h2 y42f ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>8.1a <span class=\"_ _3\"></span>Rettifiche di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>relat<span class=\"_ _3\"></span>ivo <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>finanziamenti <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato <span class=\"_ _3\"></span>oggetto di </span></div><div class=\"t m0 x62 h2 y430 ff1 fs0 fc0 sc0 ls0 ws0\">misure di sostegno COV<span class=\"_ _0\"></span>ID-19: composizione; </div><div class=\"t m0 x2a h2 y432 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>8.2a <span class=\"_ _5\"></span>Rettifiche <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>sulla </span></div><div class=\"t m0 x62 h2 y433 ff1 fs0 fc0 sc0 ls0 ws0\">redditivit\u00e0 complessi<span class=\"_ _0\"></span>va oggetto di misure di sostegno Co<span class=\"_ _0\"></span>vid-19: composizione. </div><div class=\"t m0 x0 h2 y434 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, per <span class=\"_ _3\"></span>le informazioni <span class=\"_ _3\"></span>quantitative in merito <span class=\"_ _3\"></span>ai trasferimenti tra <span class=\"_ _3\"></span>i diversi <span class=\"_ _3\"></span>stadi di <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>credito e ai <span class=\"_ _3\"></span>finanziame<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti oggetto </div><div class=\"t m0 x0 h2 y435 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _3\"></span>COVID-19 <span class=\"_ _2\"></span>suddivisi <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categoria d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eteriorate, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>fa <span class=\"_ _2\"></span>rinvio <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>seguenti <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>abelle <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Parte <span class=\"_ _3\"></span>E </div><div class=\"t m0 x0 h2 y436 ff4 fs0 fc0 sc0 ls0 ws0\">(Sezione 2 \u201cRischi d<span class=\"_ _0\"></span>el consolidato prude<span class=\"_ _0\"></span>nziale\u201d) del presente B<span class=\"_ _0\"></span>ilancio consolidat<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>A.1.3a <span class=\"_ _3\"></span>Finanziamenti <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mis<span class=\"_ _3\"></span>ure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID<span class=\"_ _3\"></span>-19: tr<span class=\"_ _3\"></span>asferimenti <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tadi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>credi<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>(valori </span></div><div class=\"t m0 x2a h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">lordi); </div><div class=\"t m0 x0 h34 y104a ff7 fs12 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"fs0\">A.1.5a Finanziamenti ogg<span class=\"_ _0\"></span>etto di misure di <span class=\"_ _0\"></span>sostegno COVID-19: valori lordi e netti.<span class=\"fs12\"> </span></span></span></div><div class=\"t m0 x0 h129 ybb3 ff13 fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h129 ya57 ff13 fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h129 y112 ff13 fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y99e ff5 fs0 fc2 sc0 ls0 ws0\">MODIFICHE CONTRATTUALI <span class=\"_ _0\"></span>DERIVANTI DA COVID-<span class=\"lsc\">19</span><span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 yee8 ff1 fs0 fc0 sc0 ls0 ws0\">Vengono <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>riportate <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informative <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>dettaglio <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>specifiche <span class=\"_ _4\"></span>istruzioni <span class=\"_ _6\"></span>della <span class=\"_ _7\"> </span>Circolare <span class=\"_ _6\"></span>262 <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Banca </div><div class=\"t m0 x0 h2 y9a0 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Italia sulle modifi<span class=\"_ _0\"></span>che contrattuali d<span class=\"_ _0\"></span>erivanti da COVID<span class=\"ff1\">-</span>19 alla luce delle disposizio<span class=\"_ _0\"></span>ni dell\u2019IFRS 9 e dell\u2019IFRS<span class=\"_ _0\"></span> 16.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y9a1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y9a2 ff2 fs0 fc2 sc0 ls0 ws0\">Modifiche contrattuali <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> cancellazione co<span class=\"_ _0\"></span>ntabile (IFRS 9) </div><div class=\"t m0 x0 h2 y92a ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>moratorie <span class=\"_ _2\"></span>concesse <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>andem<span class=\"_ _3\"></span>ia, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>EBA, <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>rispettato <span class=\"_ _2\"></span>alcuni <span class=\"_ _2\"></span>requisiti </div><div class=\"t m0 x0 h2 y9a3 ff1 fs0 fc0 sc0 ls0 ws0\">specifici. Pi\u00f9 in dettagli<span class=\"_ _0\"></span>o esse: </div><div class=\"t m0 x0 h2 y90b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>sono state offerte indistintam<span class=\"_ _0\"></span>ente ad una plate<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> di soggetti (perf<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rming) o a seguit<span class=\"_ _0\"></span>o e secondo disposizioni<span class=\"_ _0\"></span> di legge;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y104b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>non prevedevano rinunc<span class=\"_ _0\"></span>e ad interessi contrattuali o capital<span class=\"_ _0\"></span>i, ma solo un mero diff<span class=\"_ _0\"></span>erimento/allung<span class=\"_ _0\"></span>amento dei pagamenti.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yaf3 ff1 fs0 fc0 sc0 ls0 ws0\">Poich\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>moratorie <span class=\"_ _6\"></span>concesse <span class=\"_ _6\"></span>prevedevano <span class=\"_ _6\"></span>solo <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mero <span class=\"_ _6\"></span>differimento <span class=\"_ _6\"></span>/ <span class=\"_ _6\"></span>allungamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>pagamenti <span class=\"_ _5\"></span>sono </div><div class=\"t m0 x0 h2 yaf4 ff4 fs0 fc0 sc0 ls0 ws0\">dovuti, l\u2019applicazio<span class=\"_ _0\"></span>ne di una moratoria <span class=\"_ _0\"></span>non ha comp<span class=\"ff1\">ortato la derecognition del cr<span class=\"_ _0\"></span>edito. </span></div><div class=\"t m0 x0 h2 yaf5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yaf6 ff2 fs0 fc2 sc0 ls0 ws0\">Emendamento del prin<span class=\"_ _0\"></span>cipio contabile IFRS 1<span class=\"_ _0\"></span>6  </div><div class=\"t m0 x0 h2 yaf7 ff1 fs0 fc0 sc0 ls0 ws0\">Bench\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>fattispecie <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevante <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>(lato <span class=\"_ _2\"></span>loc<span class=\"_ _5\"></span>atario), </div><div class=\"t m0 x0 h2 yaf8 ff1 fs0 fc0 sc0 ls0 ws0\">avendo <span class=\"_ _7\"> </span>valutato <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>natura <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span><span class=\"ff4\">contratti <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>ruolo <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>svolto <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>supporto <span class=\"_ _7\"> </span>all\u2019economia, <span class=\"_ _7\"> </span>Intesa </span></div><div class=\"t m0 x0 h2 y94e ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>stabilito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>applicare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>\u201cpractical <span class=\"_ _5\"></span>expedient\u201d <span class=\"_ _2\"></span>introdotto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>16 <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>Leasing <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 yaf9 ff1 fs0 fc0 sc0 ls0 ws0\">sconti e dilazioni dei <span class=\"_ _0\"></span>pagamenti sui contratti di leasing pa<span class=\"_ _0\"></span>ssivi in essere. </div><div class=\"t m0 x0 h2 yafa ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y104c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1073": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x0 h15 y374 ff5 fs8 fc2 sc0 ls0 ws0\">A. 2 <span class=\"ff6\">\u2013</span> PAR<span class=\"_ _0\"></span>TE RELA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>IVA <span class=\"_ _0\"></span>ALLE PRI<span class=\"_ _0\"></span>NCIPALI VO<span class=\"_ _35\"></span>CI DI BILANCIO <span class=\"_ _0\"></span>   </div><div class=\"t m0 x0 ha y1064 ff5 fs4 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y413 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>l\u2019omogeneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>criteri <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>redazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Bilancio, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>dot<span class=\"_ _3\"></span>ato <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>corpo </div><div class=\"t m0 x0 h2 y414 ff1 fs0 fc0 sc0 ls0 ws0\">normativo interno di <span class=\"_ _0\"></span>regole e policy relati<span class=\"_ _0\"></span>vo ai vari ambiti ope<span class=\"_ _0\"></span>rativi ed <span class=\"_ _3\"></span>organizzativi.  </div><div class=\"t m0 x0 h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 ycb2 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>documento <span class=\"_ _6\"></span>metodologico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>l\u2019appli<span class=\"_ _0\"></span>cazione <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>rappresentato <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Regole <span class=\"_ _4\"> </span>Contabil<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y1014 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>engono <span class=\"_ _4\"></span>descritti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>applicativi <span class=\"_ _4\"> </span>adottati <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Gr<span class=\"_ _3\"></span>uppo, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>statuito <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>ai <span class=\"_ _7\"> </span>principi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1015 ff1 fs0 fc0 sc0 ls0 ws0\">contabili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>legislazioni <span class=\"_ _3\"></span>app<span class=\"_ _3\"></span>licabili <span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>Societ\u00e0/Entit\u00e0 <span class=\"_ _3\"></span>controllate, <span class=\"_ _2\"></span>esplicitando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>scelte <span class=\"_ _5\"></span>ope<span class=\"_ _5\"></span>rate <span class=\"_ _2\"></span>nei </div><div class=\"t m0 x0 h2 y1016 ff1 fs0 fc0 sc0 ls0 ws0\">casi in cui la normati<span class=\"_ _0\"></span>va preveda dei regimi <span class=\"_ _0\"></span>contabili alternativi o<span class=\"_ _0\"></span>d opzionali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y458 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y459 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutativi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>formalizzato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>documento <span class=\"_ _5\"></span>\u201cLinee <span class=\"_ _2\"></span>Gu<span class=\"_ _3\"></span>ida <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Poste </span></div><div class=\"t m0 x0 h2 y45a ff4 fs0 fc0 sc0 ls0 ws0\">Patrimoniali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Bilancio\u201d <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>quadro <span class=\"_ _5\"></span>normativo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>patrimoniali, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>ruol<span class=\"_ _6\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le </span></div><div class=\"t m0 x0 h2 y45b ff1 fs0 fc0 sc0 ls0 ws0\">responsabilit\u00e0 <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>Organi <span class=\"_ _5\"></span>Societari, <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Dirigente <span class=\"_ _2\"></span>preposto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>redazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>documenti <span class=\"_ _2\"></span>contabili <span class=\"_ _5\"></span>societari <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>funzioni </div><div class=\"t m0 x0 h2 yf14 ff1 fs0 fc0 sc0 ls0 ws0\">aziendali <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tervengono <span class=\"_ _7\"> </span>nel  p<span class=\"_ _0\"></span>rocesso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione; <span class=\"_ _7\"> </span>i  pre<span class=\"_ _0\"></span>supposti <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>basano <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _16\"> </span>di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y13f ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>istema <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>controlli <span class=\"_ _6\"></span>posti <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>garantire <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>corretta <span class=\"_ _5\"></span>valutazione; <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>macro<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazione </div><div class=\"t m0 x0 h2 ybe6 ff1 fs0 fc0 sc0 ls0 ws0\">basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principi <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>declinati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>categorie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>patrimoniali <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>(attive <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>passive); <span class=\"_ _4\"> </span>le <span class=\"_ _16\"> </span>regole  di </div><div class=\"t m0 x0 h2 y6d5 ff1 fs0 fc0 sc0 ls0 ws0\">indirizzo e coordiname<span class=\"_ _0\"></span>nto delle Societ\u00e0 del Gruppo in mat<span class=\"_ _0\"></span>eria di valutazione dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> poste patrimo<span class=\"_ _0\"></span>niali. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1dc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>linee guida <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>si segnalano <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Regole in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Business Model, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Regole <span class=\"_ _3\"></span>in materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazi<span class=\"_ _5\"></span><span class=\"lsc\">one </span></div><div class=\"t m0 x0 h32 y6f2 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019expected <span class=\"_ _16\"> </span>credit  lo<span class=\"_ _0\"></span>ss  sec<span class=\"_ _0\"></span>ondo  il <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>IFRS  9 <span class=\"_ _16\"> </span>(\u2019\u201dImpai<span class=\"_ _3\"></span>rment  Policy\u201d<span class=\"_ _0\"></span>)  e <span class=\"_ _16\"> </span>le  \u201cL<span class=\"_ _0\"></span>inee  G<span class=\"_ _0\"></span>uida  e <span class=\"_ _16\"> </span>Regole <span class=\"_ _16\"> </span>di  Valutazi<span class=\"_ _0\"></span>one </div><div class=\"t m0 x0 h32 yfa ff4 fs0 fc0 sc0 ls0 ws0\">Strumenti <span class=\"_ _6\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Fair <span class=\"_ _4\"> </span>Value\u201d <span class=\"_ _6\"> </span>(ex. <span class=\"_ _4\"> </span>Fair <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>Policy) <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>aggiungono <span class=\"_ _4\"> </span>documenti <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>dei </div><div class=\"t m0 x0 h2 y8f9 ff1 fs0 fc0 sc0 ls0 ws0\">crediti deteriorati, <span class=\"_ _0\"></span>degli equity investm<span class=\"_ _0\"></span>ent e della gestion<span class=\"_ _0\"></span>e degli strume<span class=\"_ _3\"></span>nti finanziari di cope<span class=\"_ _0\"></span>rtura. </div><div class=\"t m0 x0 h2 y7f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fa ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"></span>riferimento, <span class=\"_ _4\"></span>infine, <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>tematiche <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>vigilanza <span class=\"_ _6\"></span>prudenziale <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>redatto <span class=\"_ _4\"></span>uno <span class=\"_ _4\"></span>specifico <span class=\"_ _6\"></span>documento <span class=\"_ _4\"></span>denominato </div><div class=\"t m0 x0 h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\">Regole di vigilanza p<span class=\"_ _0\"></span>rudenziale armoniz<span class=\"_ _0\"></span>zata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y17d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>documenti <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>approvati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span><span class=\"ff4\">parte <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>Organi <span class=\"_ _6\"></span>Societari <span class=\"_ _5\"></span>competenti. <span class=\"_ _5\"></span>L\u2019aggiornament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">cura <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>manageriali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>esigenze <span class=\"_ _3\"></span>originate <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>eso<span class=\"_ _3\"></span>geni (ad <span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>mpio, ca<span class=\"_ _3\"></span>mbiamento della <span class=\"_ _3\"></span>normativa) <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">endogeni <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>(ad <span class=\"_ _6\"></span>esempio, <span class=\"_ _6\"></span>nuova <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>prodotti) <span class=\"_ _5\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rilevanza <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pervasivit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>modifiche </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">apportate, tali docume<span class=\"_ _0\"></span>nti sono soggetti a<span class=\"_ _0\"></span>d uno specifico iter <span class=\"_ _0\"></span>approvativo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _2\"></span>premette <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _3\"></span>adottati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>Imprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurazione <span class=\"_ _3\"></span>controllate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>disamina <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ap<span class=\"_ _5\"></span>posito </div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">capitolo <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>calce <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>presente <span class=\"_ _4\"> </span>sezione. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y8ff ff4 fs0 fc0 sc0 ls0 ws0\">conglomerato <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>prevalenza <span class=\"_ _6\"></span>bancaria, <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>adottare <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>c.d. <span class=\"_ _6\"> </span>\u201cDeferral <span class=\"_ _4\"> </span>Appro<span class=\"_ _0\"></span>ach\u201d, <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanz<span class=\"_ _2\"></span><span class=\"ff1\">iarie </span></div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">delle  Compagnie  assicurative  cont<span class=\"_ _0\"></span>rollate  sono  rilevate  in  bilancio  ai  sensi  di  quanto  prescritto  dallo  IAS  39  in  attesa<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y901 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019entrata <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>vigore <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>nuovo <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _4\"> </span>internazionale <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>assicurativi <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>contestualmente <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">principio IFRS 9, a partir<span class=\"_ _0\"></span>e dal 1\u00b0 gennaio 2023<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 xa6 h33 y636 ff1 fs11 fc0 sc0 ls1a ws0\">84<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 xff h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">. </div><div class=\"t m0 x0 h19 yd00 ff5 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y46d ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y46e ff5 fs0 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span></div><div class=\"t m0 x0 h4c y46f ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y470 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione  </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair </div><div class=\"t m0 x0 h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\">value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">particolare, include: </div><div class=\"t m0 x0 h2 y1058 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span></div><div class=\"t m0 x2a h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; </div><div class=\"t m0 x0 h2 y475 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x2a h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y477 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y478 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un </div><div class=\"t m0 x2a h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\">modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali </div><div class=\"t m0 x2a h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">(Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span></div><div class=\"t m0 x2a h2 y47b ff4 fs0 fc0 sc0 ls0 ws0\">che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y47c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h32 y47d ff4 fs0 fc0 sc0 ls0 ws0\">ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e </div><div class=\"t m0 x2a h2 y47e ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span></div><div class=\"t m0 x2a h2 y47f ff4 fs0 fc0 sc0 ls0 ws0\">riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span></div><div class=\"t m0 x62 h2 y480 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls0 ws0\">Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: </div><div class=\"t m0 x0 h2 y482 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span></div><div class=\"t m0 x2a h2 y483 ff4 fs0 fc0 sc0 ls0 ws0\">model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x2a h2 y484 ff4 fs0 fc0 sc0 ls0 ws0\">sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span></div><div class=\"t m0 x2a h2 y485 ff1 fs0 fc0 sc0 ls0 ws0\">riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; </div><div class=\"t m0 x0 h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y23e ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x0 h2d y1065 ff1 fsf fc0 sc0 ls1c ws0\">84</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x47 hb y1066 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff4\">In <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>23 <span class=\"_ _5\"></span>novem<span class=\"_ _3\"></span>bre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span>bblicato <span class=\"_ _2\"></span>sull<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Ga<span class=\"_ _3\"></span>zzetta <span class=\"_ _2\"></span>Uffi<span class=\"_ _3\"></span>ciale <span class=\"_ _5\"></span>dell\u2019UE <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Regolame<span class=\"_ _3\"></span>nto <span class=\"_ _5\"></span>n. <span class=\"_ _2\"></span>2036/20<span class=\"_ _3\"></span>21 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>novembre <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span></span>omologa <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>nuovo </div><div class=\"t m0 x0 h4d y1067 ff4 fs4 fc0 sc0 ls0 ws0\">principio cont<span class=\"_ _3\"></span>abile IFRS <span class=\"_ _3\"></span>17 \u201cCon<span class=\"_ _3\"></span>tratti assicur<span class=\"_ _3\"></span>ativi\u201d. <span class=\"_ _3\"></span>A tal p<span class=\"_ _3\"></span>roposito, si <span class=\"_ _3\"></span>ricorda c<span class=\"_ _3\"></span>he in dat<span class=\"_ _3\"></span>a 25 <span class=\"_ _3\"></span>giugno 20<span class=\"_ _3\"></span>20 lo IASB <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>pubblicato l<span class=\"_ _3\"></span>a versione <span class=\"_ _3\"></span>finale <span class=\"_ _3\"></span>degli </div><div class=\"t m0 x0 hb y1068 ff4 fs4 fc0 sc0 ls0 ws0\">\u201cAmendments <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>Insurance <span class=\"_ _3\"></span>Cont<span class=\"_ _3\"></span>racts\u201d n<span class=\"_ _3\"></span>ella q<span class=\"_ _3\"></span>uale <span class=\"_ _3\"></span>veniva <span class=\"_ _3\"></span>confermat<span class=\"_ _3\"></span>o il <span class=\"_ _3\"></span>differim<span class=\"_ _3\"></span>ento d<span class=\"_ _3\"></span>ella d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>applicazio<span class=\"_ _3\"></span>ne o<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">bligat<span class=\"_ _3\"></span>oria <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>Standard </span></div><div class=\"t m0 x0 h4d y1069 ff4 fs4 fc0 sc0 ls0 ws0\">al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2023 <span class=\"_ _4\"> </span>(in <span class=\"_ _4\"> </span>luogo <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>1\u00b0<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>preced<span class=\"_ _3\"></span>entemente <span class=\"_ _4\"> </span>prop<span class=\"_ _3\"></span>osto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ell\u2019ED <span class=\"_ _4\"> </span>2019/4)<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontestual<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>pro<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>oga <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cDeferral </div><div class=\"t m0 x0 hb y106a ff4 fs4 fc0 sc0 ls0 ws0\">approach\u201d <span class=\"_ _15\"> </span>nell\u2019applicazione <span class=\"_ _15\"> </span>dell\u2019IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _15\"> </span>alla <span class=\"_ _16\"> </span>ste<span class=\"_ _3\"></span>ssa  d<span class=\"_ _3\"></span>ata.  Tale <span class=\"_ _15\"> </span>aspetto <span class=\"_ _16\"> </span>e<span class=\"_ _3\"></span>ra  st<span class=\"_ _3\"></span>ato  rece<span class=\"_ _3\"></span>pito  dalla<span class=\"_ _3\"></span>  Comm<span class=\"_ _3\"></span>issione <span class=\"_ _1d\"> </span><span class=\"ff1\">Europea  con <span class=\"_ _16\"> </span>la <span class=\"_ _15\"> </span>pubblicazio<span class=\"_ _3\"></span>ne  del </span></div><div class=\"t m0 x0 h2 y18d ff4 fs4 fc0 sc0 ls0 ws0\">Regolamento n. <span class=\"_ _3\"></span>2097/2020 \u201cPro<span class=\"_ _3\"></span>roga dell\u2019esenzio<span class=\"_ _3\"></span>ne temporane<span class=\"_ _3\"></span>a dell\u2019applicazi<span class=\"_ _3\"></span>one dell\u2019IFRS 9 (m<span class=\"_ _3\"></span>odifiche all\u2019I<span class=\"_ _3\"></span>FRS 4)\u201d del 15 dice<span class=\"_ _3\"></span><span class=\"ff1\">m<span class=\"_ _3\"></span>bre 2020<span class=\"fs0\">.<span class=\"_ _3\"></span> </span></span></div></div>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span>2. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 complessiva (<span class=\"_ _3\"></span>FVOCI)<span class=\"_ _0\"></span><span class=\"ff2 fc0\"> </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ente categoria le atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie che <span class=\"_ _0\"></span>soddisfano entrambe l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> seguenti <span class=\"_ _3\"></span>condizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>posseduta <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onseguito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span>flussi finanziari previ<span class=\"_ _0\"></span>sti contrattualmente ch<span class=\"_ _0\"></span>e mediante la vendit<span class=\"_ _0\"></span>a (Business model \u201cH<span class=\"_ _0\"></span>old to Collect and S<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u201d), e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ls11\">i <span class=\"_ _5\"></span></span><span class=\"ff4\">ter<span class=\"_ _3\"></span>mini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>prevedono, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>unicamente <span class=\"_ _5\"></span>da </span></span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _3\"></span>inoltre inclusi ne<span class=\"_ _3\"></span>lla voce <span class=\"_ _3\"></span>gli strumenti di <span class=\"_ _3\"></span>capitale, non detenuti <span class=\"_ _3\"></span>per f<span class=\"_ _3\"></span>inalit\u00e0 di ne<span class=\"_ _3\"></span>goziazion<span class=\"_ _0\"></span>e, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali, al <span class=\"_ _3\"></span>momento della rilevazione iniziale, \u00e8<span class=\"_ _0\"></span> stata esercitata l\u2019<span class=\"_ _0\"></span>opzione per la designa<span class=\"_ _0\"></span>zione al fair val<span class=\"_ _0\"></span>ue con impatto sulla<span class=\"_ _0\"></span> redditivit\u00e0 complessiv<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>.  </span>In particolare, vengono i<span class=\"_ _0\"></span>nclusi in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he sono riconducibili<span class=\"_ _0\"></span> ad un business mo<span class=\"_ _0\"></span>del Hold to Collect a<span class=\"_ _0\"></span>nd Sell e che hanno <span class=\"_ _0\"></span>superato il test SPPI;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>interessenze<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>azionarie, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>qualificabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo, <span class=\"_ _2\"></span>collegamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ongiunto, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>detenute <span class=\"_ _2\"></span>con </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>negoziazione, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esercitata <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>esignazione <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 complessiva; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>perato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>SPPI, </span>incluse <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>sindacati <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>tipologie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>destin<span class=\"_ _5\"></span><span class=\"ff1\">ate </span>alla cessione e che so<span class=\"_ _0\"></span>no riconducibili <span class=\"_ _0\"></span>ad un Business model H<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect an<span class=\"_ _0\"></span>d Sell.<span class=\"_ _3\"></span> Secondo le regole g<span class=\"ff4\">enerali previste da<span class=\"_ _3\"></span>ll\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclas<span class=\"_ _0\"></span>sifica),  non  sono  ammesse  riclassifi<span class=\"_ _0\"></span>che  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie salvo il <span class=\"ff4\">caso in cu<span class=\"_ _0\"></span>i l\u2019entit\u00e0 modifichi il <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roprio modello di bu<span class=\"_ _0\"></span>siness per la gestio<span class=\"_ _0\"></span>ne delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>In <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>casi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>infrequenti, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>potranno <span class=\"_ _2\"></span>essere <span class=\"_ _6\"></span>riclassificate<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>cat<span class=\"_ _5\"></span>egoria valutata <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span><span class=\"ff4\">value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>categorie <span class=\"_ _6\"></span>previste <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>(Attivit\u00e0 </span>finanziarie valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortizzato o <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico). <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>alore di <span class=\"_ _3\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fetti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>riclassificazione <span class=\"_ _3\"></span>operano <span class=\"_ _3\"></span>in maniera prospettica a partire dalla data di riclas<span class=\"_ _0\"></span>sificazione. Nel caso di riclassific<span class=\"_ _0\"></span>a dalla categoria in oggetto a quella d<span class=\"_ _2\"></span>el<span class=\"_ _3\"></span> cost<span class=\"_ _0\"></span>o amm<span class=\"ff4\">ortizzato, <span class=\"_ _4\"> </span>l\u2019utile <span class=\"_ _7\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riserva <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>portato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettifica <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _5\"></span></span><span class=\"ls17\">\u00e0 </span>finanziaria <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>riclassificazione. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riclassifica <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span>onto economico, l'utile (perdita) cumulato rilevato preceden<span class=\"_ _0\"></span>temente nella riserva da valutazione \u00e8 riclassificato dal patrimonio n<span class=\"_ _5\"></span>ett<span class=\"_ _0\"></span>o all'utile (perdita) d<span class=\"_ _0\"></span>'esercizio. Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvi<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"> </span>\u201cI <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _5\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _3\"></span>iniziale delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alla </span>data di <span class=\"ff4\">erogazione per i finanziamenti. All\u2019atto della rileva<span class=\"_ _0\"></span>zione iniziale le attivit\u00e0 sono contabili<span class=\"_ _0\"></span>zzate al fair value, comprensiv<span class=\"_ _2\"></span><span class=\"ff1 ls17\">o </span></span>dei costi o proventi d<span class=\"_ _0\"></span>i transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo<span class=\"_ _0\"></span> strumento stesso. Criteri di valutazione Successivamente alla <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Attivit\u00e0 c<span class=\"_ _3\"></span>lassificate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva, <span class=\"_ _3\"></span>diverse dai <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _3\"></span>dall\u2019applic<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>del <span class=\"_ _3\"></span>costo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"ff4\">mmortizzato, <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019eventuale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>cambio, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>utili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da </span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>finch\u00e9 <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _7\"> </span><span class=\"ff1\">viene </span>can<span class=\"ff4\">cellata. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>l\u2019utile <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>cumulati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>vengono </span>riversati, in tutto o in <span class=\"_ _0\"></span>parte, a Conto econ<span class=\"_ _0\"></span>omico. Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>scelta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classifica<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>importi <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>(Prospetto <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva) <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>esser<span class=\"_ _5\"></span><span class=\"lsc\">e </span>successivamente trasferiti a con<span class=\"_ _0\"></span>to economico, neanche in caso di cessione. La<span class=\"_ _3\"></span> sola componente riferibile ai titoli di capit<span class=\"_ _0\"></span>ale in questione che \u00e8 ogg<span class=\"_ _0\"></span>etto di rilevazione a co<span class=\"_ _0\"></span>nto economico \u00e8 rap<span class=\"_ _0\"></span>presentata dai rel<span class=\"_ _0\"></span>ativi dividendi.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>criteri <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>illustrati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a conto economico. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>categoria, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>qu<span class=\"_ _5\"></span>ale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima del fair <span class=\"_ _3\"></span>value soltanto in <span class=\"_ _3\"></span>via residuale e <span class=\"_ _3\"></span>limitatamente<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>oche circostanze, ossia in caso <span class=\"_ _3\"></span>di non <span class=\"_ _3\"></span>applicabilit\u00e0 di tutti <span class=\"_ _3\"></span>i metodi d<span class=\"_ _3\"></span>i valutazione <span class=\"_ _3\"></span>precedentemente richiamati, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>\u2019ampia gamma <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ambito il costo rappr<span class=\"_ _0\"></span>esenta la stima pi\u00f9 sig<span class=\"_ _0\"></span>nificat<span class=\"_ _3\"></span>iva. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d. <span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sotto <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>debito <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>di crediti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ff4\">sono <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019incremento significativo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>(impairment) <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ari </span>delle Attivit\u00e0 al costo ammortizzat<span class=\"_ _0\"></span>o, con conseguente rilevazione a conto economico di una retti<span class=\"_ _0\"></span>fica di valo<span class=\"_ _2\"></span>re<span class=\"_ _3\"></span> a copertura dell<span class=\"_ _35\"></span>e perdite <span class=\"_ _18\"> </span>attese. <span class=\"_ _18\"> </span>Pi\u00f9 <span class=\"_ _18\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _18\"> </span>particolare, <span class=\"_ _18\"> </span>sugli <span class=\"_ _18\"> </span>strumenti <span class=\"_ _18\"> </span>classificati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>tage <span class=\"_ _18\"> </span>1 <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>ossia <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _17\"> </span>al <span class=\"_ _1c\"> </span>momento<span class=\"_ _35\"></span> dell\u2019origination, <span class=\"_ _7\"> </span>ove  non <span class=\"_ _7\"> </span>deteriorate, <span class=\"_ _16\"> </span>e  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>per  cui <span class=\"_ _7\"> </span>non  si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>verificato <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>significativo <span class=\"_ _16\"> </span>incremento <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>rischio<span class=\"_ _0\"></span> </span>creditizio <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale) <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contabilizzata, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni <span class=\"_ _7\"> </span>data<span class=\"_ _6\"></span> <span class=\"_ _7\"> </span>di reporting <span class=\"_ _5\"></span>successiva, <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>anno. <span class=\"_ _6\"></span>Invece, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>classificati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>(bonis <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i  q<span class=\"_ _0\"></span>uali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 verificato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>incremento <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>iniziale) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>stage <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>(espos<span class=\"_ _5\"></span>izioni deteriorate) viene co<span class=\"_ _0\"></span>ntabilizzata una perdit<span class=\"_ _0\"></span>a attesa per l\u2019intera v<span class=\"_ _0\"></span>ita residua dello strum<span class=\"_ _0\"></span>ento finanziario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Viceversa non sono assogge<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tati al processo<span class=\"_ _0\"></span> di impairment i titol<span class=\"_ _0\"></span>i di capitale.<span class=\"_ _3\"></span> Si rinvia al successi<span class=\"_ _0\"></span>vo paragrafo \u201cPerdite di v<span class=\"_ _0\"></span>alore delle attivit\u00e0 <span class=\"_ _0\"></span>finanziarie\u201d per appr<span class=\"_ _0\"></span>ofondimenti.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>solamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>vengono </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>par<span class=\"_ _5\"></span>i <span class=\"_ _1d\"> </span>al </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari delle ste<span class=\"_ _0\"></span>sse. </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>co<span class=\"_ _2\"></span>nservazione dei diritti cont<span class=\"_ _3\"></span>rattuali<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6d ff5 fs0 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammortizzato </div><div class=\"t m0 x0 h95 y6e ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6f ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _7\"> </span>incluse <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"> </span>categoria <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>(in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ebito) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>soddisfan<span class=\"_ _2\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">entrambe le seguenti c<span class=\"_ _0\"></span>ondizioni: </div><div class=\"t m0 x0 h2 y72 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un <span class=\"_ _3\"></span>mod<span class=\"_ _3\"></span>ello di business il <span class=\"_ _3\"></span>cui obiettivo \u00e8 c<span class=\"_ _3\"></span>onseguito mediante l\u2019incasso dei flussi </span></span></div><div class=\"t m0 x2a h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari previsti co<span class=\"_ _0\"></span>ntrattualmente (Busine<span class=\"_ _0\"></span>ss model \u201cHold to C<span class=\"_ _0\"></span>ollect\u201d), e<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y74 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>rmini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appre<span class=\"_ _2\"></span></span>sentati <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nicamente <span class=\"_ _2\"></span>da </span></div><div class=\"t m0 x2a h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9 in particolare, form<span class=\"_ _0\"></span>ano oggetto di rile<span class=\"_ _0\"></span>vazione in questa voc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y78 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con ba<span class=\"_ _0\"></span>nche nelle diverse forme<span class=\"_ _0\"></span> tecniche che presentano i requisiti di cui so<span class=\"_ _0\"></span>pra;  </span></div><div class=\"t m0 x0 h2 y79 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con cli<span class=\"_ _0\"></span>entela nelle diverse f<span class=\"_ _0\"></span>orme tecniche che <span class=\"_ _0\"></span>presentano i requi<span class=\"_ _0\"></span>siti di cui sopra;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y7a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he presentano i requisi<span class=\"_ _0\"></span>ti di cui sopra. </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>funzionam<span class=\"_ _2\"></span>ento <span class=\"_ _5\"></span>connessi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prestazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>servizi <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">come definiti dal T.U<span class=\"_ _0\"></span>.B. e dal T.U.F. (<span class=\"_ _0\"></span>ad esempio per distrib<span class=\"_ _0\"></span>uzione di prodotti fin<span class=\"_ _0\"></span>anziari ed attivit\u00e0 <span class=\"_ _0\"></span>di servicing).<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>regole <span class=\"_ _6\"> </span>generali <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span><span class=\"ff1\">riclassificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ammesse </span></div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">riclassifiche verso altre c<span class=\"_ _3\"></span>ategorie di att<span class=\"_ _3\"></span>ivit\u00e0 finanziarie salvo <span class=\"_ _3\"></span>il caso <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi il <span class=\"_ _3\"></span>proprio modello <span class=\"_ _3\"></span>di bus<span class=\"_ _5\"></span><span class=\"ff1\">iness per <span class=\"_ _3\"></span>la </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">gestione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _6\"></span>finanziarie. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>casi, <span class=\"_ _4\"></span>che <span class=\"_ _7\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>attende <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>altamente <span class=\"_ _6\"></span>infrequenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziari<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>potranno </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _7\"> </span>riclassificate <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>valutata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>costo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>due <span class=\"_ _16\"> </span>categorie <span class=\"_ _7\"> </span>previste <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">(Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _0\"></span> complessiva o <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>fair value con </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">impatto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>gl<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">effetti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>riclassificazione <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perano <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>anier<span class=\"_ _2\"></span>a <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _16\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>riclassificazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>perdite </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">risultanti dalla differenza tra <span class=\"_ _3\"></span>il costo a<span class=\"_ _3\"></span>mmortizzato dell'attivit\u00e0 finanziaria e il relativo <span class=\"_ _3\"></span>fair value sono <span class=\"_ _3\"></span>rilevati a <span class=\"_ _3\"></span>cont<span class=\"_ _5\"></span>o economico </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riclassifica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>netto, </div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019apposita <span class=\"_ _6\"> </span>riserva <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valutazi<span class=\"_ _0\"></span>one, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riclassifi<span class=\"_ _0\"></span>ca <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sulla </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">redditivit\u00e0 complessi<span class=\"_ _0\"></span>va. </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>maggi<span class=\"ff4\">ori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>nvia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span>\u201cI <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y49 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziari<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>erogazione <span class=\"_ _3\"></span>nel </span></div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti. <span class=\"_ _3\"></span>All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>iniziale le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roventi <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo s<span class=\"_ _0\"></span>trumen<span class=\"_ _3\"></span>to stesso. </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>erogazione <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ormalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _5\"></span>del<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">contratto. <span class=\"_ _7\"> </span>Qualora <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ale <span class=\"_ _7\"> </span>coincidenza <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>manifesti, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>provvede <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>iscrivere <span class=\"_ _1d\"> </span><span class=\"lsc\">un </span></div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">impegno <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>erogare <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>chiude <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>erogazione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>L\u2019iscrizione del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">del fair <span class=\"_ _3\"></span>value dello <span class=\"_ _3\"></span>stesso, pari <span class=\"_ _3\"></span>all\u2019ammontare erogato, o p<span class=\"_ _3\"></span>rezzo di <span class=\"_ _3\"></span>sottoscrizione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>comprensivo dei costi/proventi direttame<span class=\"_ _5\"></span><span class=\"ff1 ls17\">nt<span class=\"lsc\">e </span></span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>determinabili <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019origine <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>liquidati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>successiv<span class=\"_ _5\"></span><span class=\"ff1\">o. </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>esclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>avendo <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche suddette, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto di <span class=\"_ _2\"></span>rimborso da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte d<span class=\"_ _3\"></span>ebitri<span class=\"_ _2\"></span>c<span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">o sono inquadrabili tr<span class=\"_ _0\"></span>a i normali costi i<span class=\"_ _0\"></span>nterni di carattere <span class=\"_ _0\"></span>amministrativo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro <span class=\"_ _7\"> </span>te<span class=\"_ _3\"></span>rmine <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>obbligo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rivendita <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>sono  iscritte <span class=\"_ _7\"> </span>in  Bi<span class=\"_ _0\"></span>lancio <span class=\"_ _16\"> </span>come </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">operazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>impiego. <span class=\"_ _6\"></span>In <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>op<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>razioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>pronti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rilevate <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">Bilancio <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>mporto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>percepito <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti, <span class=\"_ _5\"></span>mentre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rivendita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>son<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">rilevate come crediti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r l\u2019importo corrispo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to a pronti.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h95 y59 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5a ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>esame <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>ammortizzato, <span class=\"_ _5\"></span>utilizzando <span class=\"_ _7\"> </span>il </div><div class=\"t m0 x0 h2 y5c ff4 fs0 fc0 sc0 ls0 ws0\">metodo <span class=\"_ _3\"></span>del tasso <span class=\"_ _3\"></span>di i<span class=\"_ _3\"></span>nteresse effettivo. I<span class=\"_ _3\"></span>n questi <span class=\"_ _3\"></span>termini, l<span class=\"_ _3\"></span>\u2019attivit\u00e0 \u00e8 <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>in Bilancio p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>u<span class=\"_ _2\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>ammontare par<span class=\"_ _3\"></span>i al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">prima <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>diminuito <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale, p<span class=\"_ _3\"></span>i\u00f9 o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>l\u2019ammortamento <span class=\"_ _3\"></span>cumulato <span class=\"_ _3\"></span>(calcolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">interesse effettivo) della differenza tra tale importo inizi<span class=\"_ _0\"></span>ale e l\u2019importo alla scadenza (riconduci<span class=\"_ _3\"></span><span class=\"ff1\">bile tipicamente ai costi/proventi </span></div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">imputati <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>singola <span class=\"_ _4\"> </span>attivit\u00e0) <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettificato <span class=\"_ _7\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>intere<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">sse </span></div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">effettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>individuato <span class=\"_ _2\"></span>calcolando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guaglia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>futuri<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>interesse</span><span class=\"ff4\"><span class=\"_ _0\"></span>, </span></div></div>all\u2019ammontare <span class=\"_ _26\"> </span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2a\"> </span>inclusivo <span class=\"_ _2a\"> </span>dei <span class=\"_ _2a\"> </span>costi/proventi <span class=\"_ _2a\"> </span>ricondotti <span class=\"_ _2a\"> </span>all\u2019attivit\u00e0 <span class=\"_ _2a\"> </span>finanziaria <span class=\"_ _2a\"> </span>medesima. <span class=\"_ _2a\"> </span>Tale <span class=\"_ _3b\"> </span>modalit\u00e0 <span class=\"_ _2a\"> </span>di contabilizzazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>utilizzando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuire <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>economico <span class=\"_ _6\"></span><span class=\"ff1\">dei <span class=\"_ _3\"></span>costi/proventi <span class=\"_ _3\"></span>direttamente </span>attribuibili ad un\u2019attivi<span class=\"_ _0\"></span>t\u00e0 finanziaria lung<span class=\"_ _0\"></span>o la sua vita residua <span class=\"_ _0\"></span>attesa.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>utilizzato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>valorizzate <span class=\"_ _5\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>storico <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>fa ritenere <span class=\"_ _3\"></span>trascurabile <span class=\"_ _3\"></span>l\u2019e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>gica <span class=\"_ _3\"></span>dell\u2019attualizzazione, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>scadenza <span class=\"_ _3\"></span>def<span class=\"_ _3\"></span>inita <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i crediti a revoca. I <span class=\"_ _4\"> </span>cr<span class=\"_ _3\"></span>iteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>meglio <span class=\"_ _7\"> </span>indicato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _7\"> </span>\u201cPerdite <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie\u201d, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>strettament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>con<span class=\"ff4\">nessi all\u2019inclusione <span class=\"_ _0\"></span>degli strumenti in es<span class=\"_ _0\"></span>ame in uno dei tre stages<span class=\"_ _0\"></span> (stadi di rischio cre<span class=\"_ _0\"></span>ditizio) previsti <span class=\"_ _0\"></span>dall\u2019IFRS 9, l\u2019ult<span class=\"_ _2\"></span><span class=\"ff1\">imo dei </span></span>quali (stage 3) compre<span class=\"_ _0\"></span>nde le attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie deteriorate e i r<span class=\"_ _0\"></span>estanti (stage 1 e <span class=\"_ _0\"></span>2) le attivit\u00e0 finanziar<span class=\"_ _0\"></span>ie in bonis.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>suddetti <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>valutativi, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>riferite a <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>pologia <span class=\"_ _3\"></span>di attivit\u00e0 sono rilevate <span class=\"_ _0\"></span>nel Conto economic<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto dell\u2019iscrizio<span class=\"_ _0\"></span>ne iniziale, per un <span class=\"_ _0\"></span>ammontare pari alla<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">perdita attesa a dodici mesi; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>significativamente <span class=\"_ _3\"></span>increment<span class=\"_ _5\"></span></span>ato </span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _6\"></span>nei </span>dodici mesi successivi<span class=\"_ _0\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>successiva <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0,  o<span class=\"_ _0\"></span>ve <span class=\"_ _16\"> </span>il  ris<span class=\"_ _0\"></span>chio  c<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>editizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>significativamente <span class=\"_ _16\"> </span>incrementato<span class=\"_ _35\"></span> </span></span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>rettifich<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _5\"></span>riferibili <span class=\"_ _6\"> </span>all\u2019intera <span class=\"_ _6\"></span>vita residua prevista contra<span class=\"_ _0\"></span>ttualmente per l\u2019attiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>ove <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>dopo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>verificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _1c\"> </span>all\u2019<span class=\"ff1\">iscrizione <span class=\"_ _1c\"> </span>inizia<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _1c\"> </span>\u201csignificativit\u00e0\u201d <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>tale <span class=\"_ _1c\"> </span>increment<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>poi <span class=\"_ _1c\"> </span>venuta <span class=\"_ _1c\"> </span>meno, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>rel<span class=\"_ _0\"></span>azione </span></span>all\u2019adeguamento delle <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore cu<span class=\"_ _3\"></span>mulate per <span class=\"_ _3\"></span>tener conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passaggio da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita attesa <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita residua dello strume<span class=\"_ _0\"></span>nto (\u201clifetime\u201d)<span class=\"ff1\"> ad una a dodici mesi. </span>Le attivit\u00e0 finanziarie in esame, <span class=\"_ _0\"></span>ove risultino in bonis, sono sottoposte ad un<span class=\"_ _0\"></span>a valutazione, volta a definire le rettifi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>di valore da  r<span class=\"_ _0\"></span>ilevare <span class=\"_ _16\"> </span>in  b<span class=\"_ _0\"></span>ilancio, <span class=\"_ _16\"> </span>a  li<span class=\"_ _0\"></span>vello <span class=\"_ _16\"> </span>di  singo<span class=\"_ _0\"></span>lo  r<span class=\"_ _35\"></span>apporto  creditizio<span class=\"_ _0\"></span>  (o <span class=\"_ _7\"> </span>\u201ctranche\u201d  di <span class=\"_ _16\"> </span>titolo), <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funz<span class=\"_ _2\"></span><span class=\"ff1\">ione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di  ris<span class=\"_ _0\"></span>chio </span>rappresentati da probability of default (PD), loss given default (LGD<span class=\"_ _0\"></span>) ed exposure at default (EAD), derivati dai modelli AIR<span class=\"_ _5\"></span>B e opportunamente corret<span class=\"_ _0\"></span>ti per tener conto <span class=\"_ _0\"></span>delle previsioni del p<span class=\"_ _0\"></span>rincipio contabile <span class=\"_ _0\"></span>IFRS 9.<span class=\"_ _3\"></span> Se, <span class=\"_ _3\"></span>oltre ad<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span> incremento s<span class=\"_ _3\"></span>ignificativo del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riscontrano anche <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze di <span class=\"_ _3\"></span>una p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore, l\u2019importo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>misurato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span></span>classificata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cdeteriorata\u201d, <span class=\"_ _5\"></span>al pa<span class=\"ls0\">ri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>rapporti <span class=\"_ _6\"></span>intercorrenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>controparte <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati,<span class=\"_ _0\"></span> </span>scontati al tasso di inte<span class=\"_ _0\"></span>resse effettivo <span class=\"_ _0\"></span>originario. L\u2019importo <span class=\"_ _0\"></span>della perdita, da rile<span class=\"_ _0\"></span>vare a Conto eco<span class=\"_ _0\"></span>nomico, \u00e8 definito <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span><span class=\"ff1\">l<span class=\"_ _3\"></span>a base di </span>un <span class=\"_ _16\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>analitica <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>categorie <span class=\"_ _16\"> </span>omogenee <span class=\"_ _7\"> </span>e,  quin<span class=\"_ _0\"></span>di, <span class=\"_ _16\"> </span>attribuito <span class=\"_ _16\"> </span>analiticamente <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>ogni<span class=\"_ _0\"></span> posizione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tiene <span class=\"_ _6\"></span>conto, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>dettagliato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>paragrafo <span class=\"_ _6\"></span>\u201cPerdite <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie\u201d, <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>informazioni <span class=\"_ _6\"> </span>forwa<span class=\"_ _5\"></span><span class=\"ff1\">r<span class=\"lsc\">d </span></span>looking e dei possibil<span class=\"_ _0\"></span>i scenari alternativi <span class=\"_ _0\"></span>di recupero.  Rientrano  nell\u2019ambito  delle  atti<span class=\"_ _0\"></span>vit\u00e0  deteriorate  gli  strumenti  finanziari  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza<span class=\"_ _2\"></span><span class=\"ff1 ls12\">, </span>inadempienza <span class=\"_ _3\"></span>probabile <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>caduto/sconfinante <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>novanta <span class=\"_ _2\"></span>gior<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Italia, <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la </span>normativa IAS/IFRS e di V<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>gilanza europe<span class=\"_ _0\"></span>a.  I <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa <span class=\"_ _7\"> </span>previsti <span class=\"_ _16\"> </span>tengono <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tempi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>attesi <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>presumibile <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rea<span class=\"_ _3\"></span>lizzo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>eventuali garanzie.  Il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ciascuna <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>rimane <span class=\"_ _6\"></span>invariato <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ncorch\u00e9 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>intervenuta <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ristrutturazion<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>divenga, <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>pratica, infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla rilevazione d<span class=\"_ _3\"></span>ella riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _5\"></span>riprese <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in as<span class=\"_ _0\"></span>senza di preced<span class=\"_ _3\"></span>enti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati nel margine d<span class=\"_ _0\"></span>i interesse.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>casi, <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>contrattual<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>originarie sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>volont\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>contratto. <span class=\"_ _5\"></span>Quando, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento, <span class=\"_ _5\"></span>le clausole <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>modifica <span class=\"_ _5\"></span>occorre <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>originaria <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>continuare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>rilevata<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>in </span>bilancio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>contrario, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>riginario <span class=\"_ _2\"></span>deve <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(<span class=\"_ _5\"></span>derecognition) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>debba essere rilevato un nuo<span class=\"_ _0\"></span>vo strumento finanzi<span class=\"_ _0\"></span>ario. In <span class=\"_ _4\"> </span>generale,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>conducono <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _7\"> </span>della <span class=\"_ _6\"> </span>stessa <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>nuova attivit\u00e0 <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>\u201csostanzialit\u00e0<span class=\"_ _0\"></span>\u201d <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>modifica <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>considerand<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>qualitativi <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>quantitativi. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>sultare <span class=\"_ _4\"> </span>chiaro, <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complesse analisi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambiamenti <span class=\"_ _2\"></span>introdotti <span class=\"_ _5\"></span>modificano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>contrattuali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>determin<span class=\"_ _5\"></span>ata attivit\u00e0 <span class=\"_ _2\"></span>mentre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>dovranno <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>svolte <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>(anche <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>apprezzare <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>delle stesse <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>procedere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _2\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>finanziario. Le <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>(quali-<span class=\"ff4\">quantitative) <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finire <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>\u201csostanzial<span class=\"_ _3\"></span>it\u00e0\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _5\"></span>apportate <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria </span>dovranno pertanto con<span class=\"_ _0\"></span>siderare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finalit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>modifiche sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state e<span class=\"_ _3\"></span>ffettuate: a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>rinegoziazioni per <span class=\"_ _2\"></span>motivi commerciali <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>concessioni <span class=\"_ _3\"></span>per </span>difficolt\u00e0 finanziari<span class=\"_ _0\"></span>e della controparte: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>prime, <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>trattenere\u201d <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>liente, <span class=\"_ _6\"></span>vedono <span class=\"_ _6\"></span>coinvolto <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>debitore <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _6\"></span>versa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>difficolt\u00e0 </span></span>finanziaria. <span class=\"_ _16\"> </span>In  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>casistica <span class=\"_ _16\"> </span>sono  in<span class=\"_ _0\"></span>cluse <span class=\"_ _16\"> </span>tutte  le<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>negoziazione <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>volte <span class=\"_ _16\"> </span>ad  adegu<span class=\"_ _0\"></span>are l\u2019onerosit\u00e0 <span class=\"_ _1d\"> </span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span>debito <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>condizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato. <span class=\"_ _1d\"> </span>Tali <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>comportano <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>variazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni </span>originarie <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _2\"></span>solitamente <span class=\"_ _2\"></span>richieste <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>debitore, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>onerosit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>debito, con <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>debitore <span class=\"_ _6\"></span>stesso. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>ogniqualvolta <span class=\"_ _6\"></span>la banca <span class=\"_ _6\"></span>effettui <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rinegoziazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>proprio <span class=\"_ _6\"></span>cliente, <span class=\"_ _5\"></span>tale <span class=\"_ _4\"></span>rinegoziazione <span class=\"_ _5\"></span>debba <span class=\"_ _6\"></span>essere considerata <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quanto, <span class=\"_ _4\"> </span>ove <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fosse <span class=\"_ _4\"></span>effettuata,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _4\"> </span>finanziarsi <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>altro intermediario e la <span class=\"_ _0\"></span>banca subirebbe un de<span class=\"_ _0\"></span>cremento dei ricavi fut<span class=\"_ _0\"></span>uri previsti;<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _5\"></span>seconde, <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>\u201cragioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>creditizio\u201d <span class=\"_ _2\"></span>(misure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>forbearance), <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>tentativo <span class=\"_ _5\"></span>della </span></span>banca  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>massimizzare  il <span class=\"_ _1d\"> </span>recupero <span class=\"_ _1d\"> </span>dei  f<span class=\"_ _3\"></span>lussi  di <span class=\"_ _1d\"> </span>cassa <span class=\"_ _1d\"> </span>del  credito <span class=\"_ _1d\"> </span>originario. <span class=\"_ _1d\"> </span>I <span class=\"_ _1d\"> </span>rischi  e <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>benefici  sottostanti, successivamente <span class=\"_ _20\"> </span>alle <span class=\"_ _29\"> </span>modific<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e, <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>norma, <span class=\"_ _23\"> </span>non <span class=\"_ _23\"> </span>sono <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>trasferiti <span class=\"_ _23\"> </span>e, <span class=\"_ _23\"> </span>conseguentemente<span class=\"_ _0\"></span>, <span class=\"_ _23\"> </span>la rappresentazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>of<span class=\"_ _3\"></span>fre <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>lettore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _4\"> </span>(salvo <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>dir\u00e0 <span class=\"_ _7\"> </span>in seguito  in  tem<span class=\"_ _0\"></span>a  di  elem<span class=\"_ _0\"></span>enti  og<span class=\"_ _0\"></span>gettivi),  \u00e8  quella <span class=\"_ _16\"> </span>effettuata  tramite  il <span class=\"_ _16\"> </span>\u201cmodification  acc<span class=\"_ _0\"></span>ounting\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">-  che  im<span class=\"_ _0\"></span>plica  la </span>rilevazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>modificati<span class=\"_ _35\"></span> scontati al tasso di inte<span class=\"_ _0\"></span>resse originario - e non tramite la d<span class=\"_ _0\"></span>erecognition;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>specifici <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>\u201ctrigger\u201d) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>incidono <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _7\"> </span>dello<span class=\"_ _0\"></span> </span></span>strumento <span class=\"_ _3\"></span>finanziario (quali, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>solo <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esempio, il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambiamento di <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modifica della <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cui si  \u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>esposti,  ove <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>si  correli <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>parametri  d<span class=\"_ _3\"></span>i  e<span class=\"_ _3\"></span>quity  e <span class=\"_ _1d\"> </span>commodity),  c<span class=\"_ _3\"></span>he  si <span class=\"_ _1d\"> </span>ritiene <span class=\"_ _1d\"> </span>comportino  la <span class=\"_ _1d\"> </span>derecognition  in considerazione del loro<span class=\"_ _0\"></span> impatto (atteso come signific<span class=\"_ _0\"></span>ativo) sui flussi c<span class=\"_ _0\"></span>ontrattuali originari. Viceversa, le modifiche alle attivit\u00e0 finanziarie a seguito della Riforma degli indici <span class=\"_ _3\"></span>di riferimento per la determinazione d<span class=\"_ _5\"></span>ei tassi di  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>cosiddetta <span class=\"_ _16\"> </span>IBOR <span class=\"_ _7\"> </span>Reform),  rela<span class=\"_ _0\"></span>tive <span class=\"_ _16\"> </span>alla  variazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinare <span class=\"_ _7\"> </span>i  flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>contrattuali (sostituzione <span class=\"_ _7\"> </span>dell\u2019indice  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _16\"> </span>esistente <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riferimento<span class=\"_ _0\"></span> alternativo), <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>costituiscono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span><span class=\"ff4\">ntabile <span class=\"_ _4\"> </span>(\u201cderecognition\u201d), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>considerate <span class=\"_ _4\"> </span>contabilmente </span>come <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>modifica <span class=\"_ _16\"> </span>(\u201cmodificati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n\u201d). <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>modifiche, <span class=\"_ _7\"> </span>se <span class=\"_ _16\"> </span>effettuate <span class=\"_ _4\"> </span>come <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>conseguenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019IBOR <span class=\"_ _7\"> </span>Reform <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>basi economiche <span class=\"_ _2\"></span>equivalenti, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentate <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>adeguamento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>il paragrafo B5.4.5 dell\u2019IFR<span class=\"_ _0\"></span>S 9 anzich\u00e9 il \u201cm<span class=\"_ _0\"></span>odification accounting<span class=\"_ _35\"></span>\u201d <span class=\"_ _2\"></span><span class=\"ff1\">- con impatti sul margine <span class=\"_ _0\"></span>di interesse dei fu<span class=\"_ _0\"></span>turi periodi. </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>sol<span class=\"_ _3\"></span>amente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _6\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>al co<span class=\"ff4 ls0\">involgime<span class=\"_ _0\"></span>nto <span class=\"_ _6\"></span>residuo, <span class=\"_ _5\"></span>misurato <span class=\"_ _6\"> </span>dall\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>cambiamenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cedute <span class=\"_ _6\"> </span>ed <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>conservaz<span class=\"_ _2\"></span>ione dei <span class=\"_ _3\"></span>diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi. 4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.10474px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls10 ws0\">d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">debba pi\u00f9 accadere. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls14 ws0\">co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su </div><div class=\"t m0 x0 h1b y1080 ff1 fs0 fc0 sc0 ls0 ws0\">basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span><span class=\"fs9\"> </span></div><div class=\"t m0 x0 h2 y459 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y45a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y45b ff5 fs0 fc2 sc0 ls10 ws0\">5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Partecipazioni </span></div><div class=\"t m0 x0 h2 yf14 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13f ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione, iscrizione e valuta<span class=\"_ _0\"></span>zione <span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 ybe6 ff1 fs0 fc0 sc0 ls0 ws0\">La voce include le inter<span class=\"_ _0\"></span>essenze detenute in<span class=\"_ _0\"></span> societ\u00e0 controllat<span class=\"_ _0\"></span>e congiuntamente e<span class=\"_ _0\"></span> collegate.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d5 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>congiunto  (j<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>int <span class=\"_ _7\"> </span>ventures) <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>qua<span class=\"_ _3\"></span>li, <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>contrattuale, <span class=\"_ _7\"> </span>il </div><div class=\"t m0 x0 h2 y1dc ff1 fs0 fc0 sc0 ls0 ws0\">controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rileva<span class=\"_ _5\"></span>nti <span class=\"_ _5\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividono il controllo. </div><div class=\"t m0 x0 h2 y6f2 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>possiede <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0% </div><div class=\"t m0 x0 h2 yfa ff4 fs0 fc0 sc0 ls0 ws0\">dei diritti di <span class=\"_ _3\"></span>voto (ivi i<span class=\"_ _3\"></span>nclusi i diritti di<span class=\"_ _3\"></span> voto \u201cpotenziali\u201d) o ne<span class=\"_ _3\"></span>lle quali <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>pur con una<span class=\"_ _3\"></span> quota di diritti<span class=\"_ _3\"></span> di<span class=\"_ _3\"></span> voto <span class=\"_ _3\"></span>inferiore - <span class=\"_ _3\"></span>ha il potere <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y8f9 ff1 fs0 fc0 sc0 ls0 ws0\">partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giu<span class=\"_ _5\"></span>ridici </div><div class=\"t m0 x0 h2 y7f8 ff1 fs0 fc0 sc0 ls0 ws0\">quali la partecipazione <span class=\"_ _0\"></span>a patti di sindacat<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8fa ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>considerate <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenz<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>interessenze <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>%, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>detiene<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\">esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali su <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti degli <span class=\"_ _3\"></span>investimenti, non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche di <span class=\"_ _3\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _3\"></span>pu\u00f2 </div><div class=\"t m0 x0 h2 y17d ff1 fs0 fc0 sc0 ls0 ws0\">esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla<span class=\"_ _3\"></span> tutela degli inter<span class=\"_ _0\"></span>essi patrimoniali. </div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>contabilizzate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio <span class=\"_ _3\"></span>netto.<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>par<span class=\"_ _3\"></span>tecipazione <span class=\"_ _17\"> </span>possa <span class=\"_ _18\"> </span>aver <span class=\"_ _1c\"> </span>subito <span class=\"_ _17\"> </span>una <span class=\"_ _1c\"> </span>riduzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>procede <span class=\"_ _18\"> </span>alla <span class=\"_ _1c\"> </span>stim<span class=\"_ _0\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _18\"> </span>recuperabile <span class=\"_ _18\"> </span>della </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">partecipazione stessa, tene<span class=\"_ _0\"></span>ndo conto del valore attual<span class=\"_ _0\"></span>e dei flussi finanziari futuri<span class=\"_ _0\"></span> che la partecipazione potr\u00e0 <span class=\"_ _2\"></span>generare, inclus<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y1e6 ff4 fs0 fc0 sc0 ls0 ws0\">il valore di dismissio<span class=\"_ _0\"></span>ne finale dell\u2019investime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">Qualora il valore di r<span class=\"_ _0\"></span>ecupero risulti i<span class=\"_ _0\"></span>nferiore al valore co<span class=\"_ _0\"></span>ntabile, la relativa differ<span class=\"_ _0\"></span>enza \u00e8 rilevata a <span class=\"_ _0\"></span>conto economico.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _5\"></span>di u<span class=\"_ _3\"></span>n evento <span class=\"_ _3\"></span>verificatosi successivamente <span class=\"_ _3\"></span>alla r<span class=\"_ _3\"></span>ilevazione della </div><div class=\"t m0 x0 h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\">riduzione di valore, v<span class=\"_ _0\"></span>engono effettuate ripre<span class=\"_ _0\"></span>se di valore con imp<span class=\"_ _0\"></span>utazione a conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y901 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>partecipazioni <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>cancellate <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>contrattua<span class=\"_ _2\"></span>li <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>stesse <span class=\"_ _5\"></span>o </div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\">quando la partecipazio<span class=\"_ _0\"></span>ne viene ceduta tr<span class=\"_ _0\"></span>asferendo sostanzialm<span class=\"_ _35\"></span>ente<span class=\"_ _3\"></span> tutti i risc<span class=\"_ _0\"></span>hi e benefici ad es<span class=\"_ _0\"></span>sa connessi.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y906 ff5 fs0 fc2 sc0 ls10 ws0\">6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span></div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y908 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y909 ff1 fs0 fc0 sc0 ls0 ws0\">Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, </div><div class=\"t m0 x0 h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. </div><div class=\"t m0 x0 h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come </div><div class=\"t m0 x0 h2 y1b7 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x0 h2 y1b9 ff1 fs0 fc0 sc0 ls0 ws0\">base allo IAS 40. </div><div class=\"t m0 x0 h2 y90a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1bb ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span></div><div class=\"t m0 x0 h2 y3df ff1 fs0 fc0 sc0 ls0 ws0\">effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, </div><div class=\"t m0 x0 h2 y1bd ff1 fs0 fc0 sc0 ls0 ws0\">sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span></div><div class=\"t m0 x0 h2 y3e1 ff4 fs0 fc0 sc0 ls0 ws0\">immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span></div><div class=\"t m0 x0 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1c1 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1c2 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri </div><div class=\"t m0 x0 h2 y1c4 ff4 fs0 fc0 sc0 ls0 ws0\">accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad </div><div class=\"t m0 x0 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h95 y3ea ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1c8 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad </div><div class=\"t m0 x0 h2 yf38 ff1 fs0 fc0 sc0 ls0 ws0\">uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. </div><div class=\"t m0 x0 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y303 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span></div><div class=\"t m0 x2a h2 yf3b ff1 fs0 fc0 sc0 ls0 ws0\">rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span></div></div>rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span>rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span>considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span>patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span>anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span>ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span>si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a Conto economico. Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>valore. Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, </div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6f ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">benefici economici futu<span class=\"_ _0\"></span>ri. </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y74 ff5 fs0 fc2 sc0 ls10 ws0\">8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Altre attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>accolgono <span class=\"_ _2\"></span>essenzialmente <span class=\"_ _3\"></span>partite <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>attesa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistemazione <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>poste <span class=\"_ _3\"></span>non <span class=\"_ _6\"></span>riconducibili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale, tra cui si ricordano i cred<span class=\"_ _3\"></span>iti derivanti da forniture di beni e servizi non <span class=\"_ _3\"></span>finanziari, le partite fiscali dive<span class=\"_ _5\"></span>rse da <span class=\"_ _3\"></span>quelle<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y77 ff4 fs0 fc0 sc0 ls0 ws0\">rilevate a <span class=\"_ _2\"></span>voce <span class=\"_ _3\"></span>propria (ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>connesse c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>l\u2019attivit\u00e0 di <span class=\"_ _3\"></span>sostituto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>imposta), l<span class=\"_ _3\"></span>\u2019oro, l\u2019argento <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metalli <span class=\"_ _3\"></span>preziosi, <span class=\"_ _3\"></span>i c<span class=\"_ _3\"></span>rediti </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019imposta <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>Decreti <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>\u201cCura <span class=\"_ _5\"></span>Italia\u201d <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>\u201cRilancio\u201d <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>ratei <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>diversi <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>vanno <span class=\"_ _5\"></span>capitalizzati <span class=\"_ _4\"> </span><span class=\"ff1\">sulle </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie, <span class=\"_ _3\"></span>ivi <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ratti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>clienti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>15,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>paragrafi <span class=\"_ _3\"></span>116 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>successivi. </span></div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">Come previsto dai paragrafi <span class=\"_ _3\"></span>91 e <span class=\"_ _3\"></span>successivi dell\u2019IFRS 15, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>l\u2019acquisizione e l\u2019adempimento dei contratti <span class=\"_ _6\"></span><span class=\"ff1\">con<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _5\"></span>clientela <span class=\"_ _2\"></span>aventi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>pluriennale <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>capitalizza<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>ammortizzati <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ncrementali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>preveda <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">recuperarli. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y7f ff5 fs0 fc2 sc0 ls10 ws0\">9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 non correnti o g<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissione </span></div><div class=\"t m0 x0 h32 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Vengono classificate nella voce d<span class=\"_ _3\"></span>ell\u2019attivo \u201cAttivit\u00e0 non correnti e <span class=\"_ _3\"></span>gruppi di <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _5\"></span>dismissione\u201d e in<span class=\"_ _3\"></span> quella del <span class=\"_ _3\"></span>passivo<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y81 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cPassivit\u00e0 associate ad <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _3\"></span>dismissione\u201d attivit\u00e0 non <span class=\"_ _3\"></span>correnti o <span class=\"_ _3\"></span>gruppi di at<span class=\"_ _3\"></span>tivit\u00e0/pass<span class=\"_ _0\"></span>ivit\u00e0 per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali \u00e8 s<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>to avviato </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">un p<span class=\"_ _3\"></span>rocesso di <span class=\"_ _3\"></span>dismissione e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro vendita <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuta altamente p<span class=\"_ _3\"></span>robabile. Tali <span class=\"_ _5\"></span>attivit\u00e0/passivit\u00e0 sono valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>minore tra <span class=\"_ _3\"></span>il </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>costi <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>cessione,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"></span>eccezione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>tipologi<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>(es. <span class=\"_ _4\"></span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019IF<span class=\"_ _2\"></span><span class=\"ff1\">RS <span class=\"_ _5\"></span>5 <span class=\"_ _2\"></span>prevede <span class=\"_ _5\"></span>specificatament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>debbano <span class=\"_ _5\"></span>essere </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">applicati i criteri valu<span class=\"_ _0\"></span>tativi del principio <span class=\"_ _0\"></span>contabile di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 <span class=\"_ _4\"></span>possibile <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>correnti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"></span>inclusi <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>n<span class=\"_ _5\"></span>on </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">esistono  quotazioni  in <span class=\"_ _16\"> </span>un  mercato  attivo.  In  t<span class=\"_ _0\"></span>ale  evenienza,  si <span class=\"_ _16\"> </span>procede  ad  una  loro  val<span class=\"_ _0\"></span>utazione  al  fair<span class=\"_ _0\"></span>  value  facendo </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento, in presenza d<span class=\"_ _3\"></span>i un accordo <span class=\"_ _3\"></span>raggiunto con la controparte <span class=\"_ _3\"></span>acquirente, ai prezzi di <span class=\"_ _3\"></span>cessione risultanti da ta<span class=\"_ _3\"></span>le accordo;<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccordo, <span class=\"_ _4\"></span>applicando <span class=\"_ _4\"> </span><span class=\"ff4\">specifiche <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>valutative <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ricorrendo <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _6\"> </span>a </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">fairness opinion este<span class=\"_ _0\"></span>rne. </div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>proventi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _5\"></span>(al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>dell\u2019effetto <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>scale), <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>dismissione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">ome <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>nel </span></div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">corso dell\u2019esercizi<span class=\"_ _0\"></span>o, sono esposti nel conto e<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>onomico in voce <span class=\"_ _0\"></span>separata.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y4b ff5 fs0 fc2 sc0 ls0 ws0\">10. <span class=\"_ _1c\"> </span>Fiscalit\u00e0 corrente e diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ita </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>reddito, <span class=\"_ _6\"></span>calcolate <span class=\"_ _6\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>legislazioni <span class=\"_ _6\"></span>fiscali <span class=\"_ _4\"></span>nazionali, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>contabilizzate <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"></span>costo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">criterio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">generate. <span class=\"_ _3\"></span>Esse <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>dell\u2019esercizio. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>At<span class=\"_ _5\"></span><span class=\"ff1\">tivit\u00e0 e </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Passivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Amministrazioni<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie italiana ed este<span class=\"_ _0\"></span>re riconducibili all\u2019ambit<span class=\"_ _0\"></span>o della fiscalit\u00e0 diretta. In partic<span class=\"_ _0\"></span>olare, tali poste accolg<span class=\"_ _0\"></span>ono il sald<span class=\"_ _5\"></span><span class=\"ff1\">o netto tra le </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 fiscali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>pregressi e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti dell\u2019esercizio, <span class=\"_ _3\"></span>calcolate in <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prudenziale previsione del<span class=\"_ _3\"></span>l\u2019onere tri<span class=\"_ _5\"></span><span class=\"ff1\">butario </span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">dovuto <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>l\u2019esercizio, <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>norme <span class=\"_ _7\"> </span>tributarie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>igore, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>correnti <span class=\"_ _4\"> </span>rapprese<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>tate <span class=\"_ _4\"> </span>dagli </span></div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">acconti, dalle ritenute d\u2019acconto subite o da <span class=\"_ _3\"></span>altri crediti d\u2019imposta. Il rischio insito nei <span class=\"_ _3\"></span>suddetti procedimenti <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>allo stesso <span class=\"_ _3\"></span>modo<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>insiti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>procedimenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>versamenti <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _6\"></span>provvisorio <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>sec<span class=\"_ _3\"></span>ondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>logiche </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">dello IAS 37, in relaz<span class=\"_ _0\"></span>ione alle probabili<span class=\"_ _0\"></span>t\u00e0 di impiego di risor<span class=\"_ _0\"></span>se economiche per il l<span class=\"_ _0\"></span>oro adempimento.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">Tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019adozione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>nazionale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>riferibili <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>societ<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0 <span class=\"_ _2\"></span>del </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo sono gestite in mo<span class=\"_ _0\"></span>do distinto sotto il <span class=\"_ _0\"></span>profilo amministrativ<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>fiscalit\u00e0 d<span class=\"_ _3\"></span>ifferita viene <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>base al <span class=\"_ _2\"></span>criterio del <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _3\"></span>balance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>liability method, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto d<span class=\"_ _3\"></span>ell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019effetto </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">fiscale <span class=\"_ _7\"> </span>connesso <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _7\"> </span>tra  i<span class=\"_ _35\"></span>l  v<span class=\"_ _0\"></span>alore <span class=\"_ _7\"> </span>c<span class=\"_ _2\"></span>ontabile <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>il  l<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>che </div><div class=\"t m0 x0 h32 y5a ff4 fs0 fc0 sc0 ls0 ws0\">determineranno importi imponibili o deducibili nei futuri periodi. A tali <span class=\"_ _3\"></span>fini, si intendono \u201cdifferenze temporanee tassabili<span class=\"_ _2\"></span>\u201d <span class=\"_ _3\"></span>quelle </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>determineranno <span class=\"_ _5\"></span>importi <span class=\"_ _6\"></span>imponibili<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>\u201cdifferenze <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _5\"></span>deducibili\u201d <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>futuri<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">determineranno importi deduci<span class=\"_ _0\"></span>bili. </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>differita <span class=\"_ _4\"> </span>viene <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _6\"></span>applicando <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>ali<span class=\"_ _3\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>imposizione <span class=\"_ _4\"></span>stabilite <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>disposizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>legge <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _16\"> </span>alle </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">differenze  temporan<span class=\"_ _0\"></span>ee  tassabili  per  cui  esiste  la  probabilit\u00e0 <span class=\"_ _16\"> </span>di  un  effettivo  sostenimento  di<span class=\"_ _0\"></span>  imposte  ed  alle  differenze<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">temporanee <span class=\"_ _2\"></span>deducibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esiste <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>ragionevole <span class=\"_ _5\"></span>certezza <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vi <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>ammontari <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.51099px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">manifester\u00e0 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibilit\u00e0 <span class=\"_ _16\"> </span>fiscale <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>probability <span class=\"_ _16\"> </span>test). <span class=\"_ _7\"> </span>Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>differite <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>medesima<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">imposta e scadenti nel m<span class=\"_ _0\"></span>edesimo periodo <span class=\"_ _0\"></span>vengono compensate.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Attivit\u00e0 <span class=\"_ _16\"> </span>e  P<span class=\"_ _0\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>differite <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>riferiscano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>interessato<span class=\"_ _2\"></span>  il <span class=\"_ _7\"> </span>conto  e<span class=\"_ _0\"></span>conomico, <span class=\"_ _16\"> </span>la </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">contropartita \u00e8 rappr<span class=\"_ _0\"></span>esentata dalle imposte<span class=\"_ _0\"></span> sul reddito. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differite <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iguardino <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>interessato <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _2\"></span>net<span class=\"_ _6\"></span>to </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">senza <span class=\"_ _5\"></span>influenzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>(quali <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>applicazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>IAS/IFRS, <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari rilevati al fair value con impatto sulla redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva o dei contratti deriv<span class=\"_ _0\"></span>ati di copertura di flussi f<span class=\"_ _5\"></span>inanziari), l<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">stesse <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontropartita <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio net<span class=\"_ _3\"></span>to, <span class=\"_ _3\"></span>interessando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>(es. <span class=\"_ _2\"></span>riserve <span class=\"_ _3\"></span>da </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione). </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>\u201ctassabili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>utilizzo\u201d <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>il<span class=\"_ _5\"></span><span class=\"ff1\">ancio <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"ff4\">atrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>rivalutazioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conversione <span class=\"_ _2\"></span>all\u2019euro <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputate <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">specifica <span class=\"_ _4\"> </span>Riserva <span class=\"_ _6\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>D. <span class=\"_ _4\"> </span>Lgs. <span class=\"_ _4\"> </span>213/98 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sospensione <span class=\"_ _6\"> </span>d\u2019imposta, <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>iscritta <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Riserva </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">stessa. La fisc<span class=\"ff4\">alit\u00e0 latente riferita alle poste p<span class=\"_ _3\"></span>atrimoniali in sospensione d\u2019imposta \u201ctassabili solt<span class=\"_ _0\"></span>anto in ipotesi di <span class=\"_ _3\"></span>distribuzione\u201d </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"></span>iscritta <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bilancio, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>quanto<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>consistenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>disponibili <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"></span>assoggettate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tassazione <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">ritenere che non saranno e<span class=\"_ _0\"></span>ffettuate operazio<span class=\"_ _0\"></span>ni che ne comportin<span class=\"_ _0\"></span>o la tassazione. </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>fiscalit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>differita riferita alle <span class=\"_ _3\"></span>societ\u00e0 incluse nel <span class=\"_ _3\"></span>consolidato fiscale viene rilevata <span class=\"_ _3\"></span>in bilancio <span class=\"_ _3\"></span>dalle stesse, in a<span class=\"_ _3\"></span>ppl<span class=\"_ _5\"></span>icazione del </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">criterio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ompetenza <span class=\"_ _4\"></span>economica <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>considera<span class=\"_ _3\"></span>zione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _7\"> </span>fiscale <span class=\"_ _4\"></span>limitata <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>dempimenti <span class=\"_ _4\"></span>di </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">liquidazione delle po<span class=\"_ _0\"></span>sizioni fiscali correnti<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>consolidate <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span>n <span class=\"_ _3\"></span>si </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">ritenga  probabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  il <span class=\"_ _16\"> </span>verificarsi <span class=\"_ _16\"> </span>dei  presupposti <span class=\"_ _16\"> </span>per  la  r<span class=\"_ _0\"></span>elativa  ta<span class=\"_ _0\"></span>ssazione,  e<span class=\"_ _0\"></span>  ci\u00f2 <span class=\"_ _16\"> </span>anche  in  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lazione  a<span class=\"_ _0\"></span>lla  natura<span class=\"_ _0\"></span>  durevole </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019investimento.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y75 ff5 fs0 fc2 sc0 ls0 ws0\">11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri </div><div class=\"t m0 x0 h95 y76 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y77 ffa fs0 fc2 sc0 ls0 ws0\">Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad </div><div class=\"t m0 x0 h32 y79 ff4 fs0 fc0 sc0 ls0 ws0\">erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span></div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS 9.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h95 y80 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y81 ffa fs0 fc2 sc0 ls0 ws0\">Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls10 ws0\">La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span></div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span></div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y4b ffa fs0 fc2 sc0 ls0 ws0\">Altri fondi </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">ammontare. </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: </div><div class=\"t m0 x0 h2 y51 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y52 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">economici; e </div><div class=\"t m0 x0 h2 y54 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y56 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span></div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y5a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per </div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls10 ws0\">at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">conto economico. <span class=\"_ _30\"> </span> </div></div>12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Criteri di iscrizione La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span>di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span>Criteri di valutazione Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span>effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato. I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span>per diritto d\u2019uso. <span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. 13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. 14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> Criteri di iscrizione L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span>derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-113.44849px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span></div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); </div><div class=\"t m0 x0 h2 y62 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">a conto economico. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6a ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. </div><div class=\"t m0 x0 h2e y91a ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y609 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y2ad ff5 fs0 fc2 sc0 ls0 ws0\">15. <span class=\"_ _1c\"> </span>Operazioni in valuta </div><div class=\"t m0 x0 h2 y553 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ya18 ffa fs0 fc2 sc0 ls0 ws0\">Definizione </div><div class=\"t m0 x0 h32 y555 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>estera <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>differente <span class=\"_ _7\"> </span>dalla  val<span class=\"_ _0\"></span>uta <span class=\"_ _16\"> </span>funzionale <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>l\u2019impresa, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>volta  \u00e8 <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>dell\u2019ambiente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y19f ff4 fs0 fc0 sc0 ls0 ws0\">economico prevalente <span class=\"_ _0\"></span>in cui l\u2019impresa st<span class=\"_ _0\"></span>essa opera<span class=\"ff1\">. </span></div><div class=\"t m0 x0 h95 y109d ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y109e ffa fs0 fc2 sc0 ls0 ws0\">Criteri di rilevazione <span class=\"_ _0\"></span>iniziale </div><div class=\"t m0 x0 h2 y109f ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>registrate, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>conto, <span class=\"_ _2\"></span>applicando <span class=\"_ _3\"></span>all\u2019imp<span class=\"_ _5\"></span><span class=\"ff1\">orto </span></div><div class=\"t m0 x0 h2 ye47 ff4 fs0 fc0 sc0 ls0 ws0\">in valuta estera il t<span class=\"_ _0\"></span>asso di cambio in vigo<span class=\"_ _0\"></span>re alla data dell\u2019op<span class=\"_ _0\"></span>erazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ye48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ye49 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di rilevazione succe<span class=\"_ _0\"></span>ssiva </div><div class=\"t m0 x0 h2 y70e ff1 fs0 fc0 sc0 ls0 ws0\">Ad ogni chiusura di bil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ncio o di situazione <span class=\"_ _0\"></span>infrannuale, le poste<span class=\"_ _0\"></span> di bilancio in v<span class=\"_ _0\"></span>aluta estera veng<span class=\"_ _0\"></span>ono valorizzate com<span class=\"_ _0\"></span>e segu<span class=\"_ _2\"></span><span class=\"ls10\">e:</span> </div><div class=\"t m0 x0 h2 ye4a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste monetarie<span class=\"_ _0\"></span> sono convertite al t<span class=\"_ _0\"></span>asso di cambio alla dat<span class=\"_ _0\"></span>a di chiusura;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ye4b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al <span class=\"ff4\">costo storico sono c<span class=\"_ _0\"></span>onvertite al tasso di <span class=\"_ _0\"></span>cambio in essere all<span class=\"_ _0\"></span>a data dell\u2019operazio<span class=\"_ _0\"></span>ne;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y108 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al fair <span class=\"_ _0\"></span>value sono convertit<span class=\"_ _0\"></span>e utilizzando i tas<span class=\"_ _0\"></span>si di cambio in essere <span class=\"_ _0\"></span>alla data di chiusura.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y10a0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8b8 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>monetari <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>monetari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassi </div><div class=\"t m0 x0 h2 y7dc ff1 fs0 fc0 sc0 ls0 ws0\">diversi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>iniziali, <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedente, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>del </div><div class=\"t m0 x0 h2 yd55 ff1 fs0 fc0 sc0 ls0 ws0\">periodo in cui sorgono. </div><div class=\"t m0 x0 h2 yc31 ff1 fs0 fc0 sc0 ls0 ws0\">Quando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>uti<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>elemento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>monetario <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambio </div><div class=\"t m0 x0 h32 yc32 ff4 fs0 fc0 sc0 ls0 ws0\">relativa <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _6\"> </span>elemento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>rilevata <span class=\"_ _5\"></span>anch\u2019essa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"> </span>contro, <span class=\"_ _6\"> </span>quando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>utile <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>una <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto </div><div class=\"t m0 x0 h2 yc33 ff1 fs0 fc0 sc0 ls0 ws0\">economico, \u00e8 rilevata in cont<span class=\"_ _0\"></span>o economico anc<span class=\"_ _0\"></span>he la relativa differenza c<span class=\"_ _0\"></span>ambio. </div><div class=\"t m0 x0 h2 yc34 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yc35 ff4 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>tematica <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>\u201cConversione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>neta <span class=\"_ _7\"> </span>diversa <span class=\"_ _7\"> </span>dall\u2019euro\u201d <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>consolidamento <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 yc36 ff1 fs0 fc0 sc0 ls0 ws0\">trattamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>cambio <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _6\"></span>invece, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _4\"></span>paragraf<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"></span>A: <span class=\"_ _6\"></span>Sezione <span class=\"_ _6\"></span>3 <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Area <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 yc37 ff1 fs0 fc0 sc0 ls0 ws0\">metodi di consolidame<span class=\"_ _0\"></span>nto della presente<span class=\"_ _0\"></span> nota integrativa. </div><div class=\"t m0 x0 h2 y10a1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10a2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ycab ff5 fs0 fc2 sc0 ls0 ws0\">16. <span class=\"_ _1c\"> </span>Altre informazioni </div><div class=\"t m0 x0 h95 y10a3 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y10a4 ffa fs0 fc2 sc0 ls0 ws0\">Azioni proprie </div><div class=\"t m0 x0 h2 y10a5 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>proprie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>portate <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>patrimonio <span class=\"_ _6\"></span>netto. <span class=\"_ _6\"></span>Analogamente, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>orig<span class=\"_ _5\"></span>inario <span class=\"_ _6\"></span>delle </div><div class=\"t m0 x0 h2 y10a6 ff1 fs0 fc0 sc0 ls0 ws0\">stesse e gli utili o l<span class=\"_ _0\"></span>e perdite derivanti d<span class=\"_ _0\"></span>alla loro successiva <span class=\"_ _0\"></span>vendita sono rilevati<span class=\"_ _0\"></span> come movimenti del pat<span class=\"_ _0\"></span>rimonio netto.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h95 yb10 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y10a7 ffa fs0 fc2 sc0 ls0 ws0\">Ratei e risconti </div><div class=\"t m0 x0 h2 yc67 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>ratei <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>risconti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>accolgono <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mpetenza <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>maturati <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 y10a8 ff1 fs0 fc0 sc0 ls0 ws0\">bilancio a rettifica <span class=\"_ _0\"></span>delle attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> a cui si riferiscono. </div><div class=\"t m0 x0 h95 yc68 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yf56 ffa fs0 fc2 sc0 ls0 ws0\">Spese per migliorie su b<span class=\"_ _0\"></span>eni di terzi </div><div class=\"t m0 x0 h2 yc6a ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ristrutturazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>cap<span class=\"_ _3\"></span>italizzati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fatto <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>dur<span class=\"_ _5\"></span>ata <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 yc6b ff1 fs0 fc0 sc0 ls0 ws0\">contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>affitto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzatrice <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>trarre <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>benefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>futuri. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>sudd<span class=\"_ _5\"></span>etti <span class=\"_ _2\"></span>costi, </div><div class=\"t m0 x0 h2 yc6c ff4 fs0 fc0 sc0 ls0 ws0\">classificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Altre <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Istruzioni <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzati <span class=\"_ _5\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>non </span></div><div class=\"t m0 x0 h2 yc6d ff1 fs0 fc0 sc0 ls0 ws0\">superiore alla durata<span class=\"_ _0\"></span> del contratto di affitt<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 yc6e ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yc6f ffa fs0 fc2 sc0 ls0 ws0\">Trattamento di fine r<span class=\"_ _0\"></span>apporto del person<span class=\"_ _0\"></span>ale </div><div class=\"t m0 x0 h2 y10a9 ff4 fs0 fc0 sc0 ls0 ws0\">Il trattamento di fine <span class=\"_ _0\"></span>rapporto si config<span class=\"_ _0\"></span>ura come un \u201cbenefi<span class=\"_ _0\"></span>cio successivo al rapp<span class=\"_ _0\"></span>orto di lavoro\u201d classific<span class=\"_ _0\"></span>ato come:<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yc71 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>contribuzione <span class=\"_ _16\"> </span>definita\u201d <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>quote  di <span class=\"_ _7\"> </span>trattamento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>rapporto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>personale <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span>turande <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal </span></span></div><div class=\"t m0 x2a h2 y10aa ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _5\"></span>2007 <span class=\"_ _6\"></span>(data <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>entrata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>vigore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>riforma <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>idenza <span class=\"_ _5\"></span>complementare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Decreto <span class=\"_ _6\"></span>Legislativo </span></div><div class=\"t m0 x2a h2 yc73 ff1 fs0 fc0 sc0 ls0 ws0\">5 dicembre 2005 <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>252) s<span class=\"_ _3\"></span>ia nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opzione da<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>dipendente per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previdenza complementare, <span class=\"_ _3\"></span>sia nel <span class=\"_ _3\"></span>caso </div><div class=\"t m0 x2a h32 y4a7 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"> </span>destinazione <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Tesoreria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>l\u2019INPS. <span class=\"_ _6\"> </span>Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>l\u2019importo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contabilizzato <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _4\"> </span>\u00e8 </div><div class=\"t m0 x2a h2 yc74 ff1 fs0 fc0 sc0 ls0 ws0\">determinato sulla base<span class=\"_ _0\"></span> dei contributi dovuti s<span class=\"_ _0\"></span>en<span class=\"ff4\">z<span class=\"_ _3\"></span>a l\u2019applicazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i metodologie di c<span class=\"_ _0\"></span>alcolo attuariali;<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 yc75 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano a benefici d<span class=\"_ _0\"></span>efiniti\u201d per la q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del trattamento di f<span class=\"_ _0\"></span>ine rapporto del p<span class=\"_ _0\"></span>ersonale maturata sin<span class=\"_ _0\"></span>o al 31 dicembre 2006.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Tali <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuariale <span class=\"_ _2\"></span>determinato <span class=\"_ _6\"></span><span class=\"ff4\">ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>\u201cProiezione <span class=\"_ _2\"></span>Unitaria </span></div><div class=\"t m0 x2a h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>Credito\u201d, senza <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span><span class=\"ff1\">-</span>rata <span class=\"_ _3\"></span>del serv<span class=\"_ _3\"></span>izio prestato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>previdenziale (\u201ccurrent <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>cost\u201d)<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>TFR <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>quasi <span class=\"_ _6\"></span>interamente <span class=\"_ _6\"></span>maturato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>rivalutazione <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>stesso, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>ann<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>ven<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>dia <span class=\"_ _6\"></span>luogo <span class=\"_ _5\"></span>a </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">significativi benefici <span class=\"_ _0\"></span>per i dipendenti. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell'attualizzazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercat<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>obbligazioni di <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>ziende </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">primarie <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>media <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esidua <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _2\"></span>ponderata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>percentuale <span class=\"_ _2\"></span>dell'importo <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">anticipato, per ciasc<span class=\"_ _0\"></span>una scadenza, ris<span class=\"_ _0\"></span>petto al totale da pagar<span class=\"_ _0\"></span>e e anticipare fino al<span class=\"_ _0\"></span>l'estinzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazi<span class=\"_ _2\"></span><span class=\"ff1\">one. </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">I costi <span class=\"_ _3\"></span>per il servizio del <span class=\"_ _3\"></span>piano sono contab<span class=\"_ _3\"></span>ilizzati tra <span class=\"_ _3\"></span>i costi del p<span class=\"_ _3\"></span>ersonale, mentre gli utili e <span class=\"_ _3\"></span>le perdite attuariali sono <span class=\"_ _3\"></span>rilevati nel </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">prospetto della redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva.<span class=\"_ _90\"> </span> </div><div class=\"t m0 x0 h95 y69 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6a ffa fs0 fc2 sc0 ls0 ws0\">Pagamenti basati su azion<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">I  piani  di <span class=\"_ _16\"> </span>remunerazione  del <span class=\"_ _16\"> </span>personale  basati  su  a<span class=\"_ _0\"></span>zioni  vengono <span class=\"_ _16\"> </span>rilevati  nel  con<span class=\"_ _0\"></span>to  economico<span class=\"_ _2\"></span>,  con  un  c<span class=\"_ _0\"></span>orrispondente </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">incremento <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>patrimonio <span class=\"_ _16\"> </span>netto,  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>base  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>fair  val<span class=\"_ _0\"></span>ue  degli <span class=\"_ _7\"> </span>strumenti  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iari <span class=\"_ _16\"> </span>attribuiti <span class=\"_ _16\"> </span>alla  d<span class=\"_ _0\"></span>ata <span class=\"_ _16\"> </span>di  assegn<span class=\"_ _0\"></span>azione, </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">suddividendo l\u2019onere lu<span class=\"_ _0\"></span>ngo il periodo pre<span class=\"_ _0\"></span>visto dal piano.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>presenza di <span class=\"_ _3\"></span>opzioni, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair va<span class=\"_ _3\"></span>lue delle<span class=\"_ _3\"></span> stesse<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> calcolato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _3\"></span>modello c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>considera, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>informazioni quali <span class=\"_ _3\"></span>il </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esercizio e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>dell\u2019opzione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>attesa, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _4\"></span>risk-free, <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>caratteristiche <span class=\"_ _6\"></span>specifiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>piano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere. <span class=\"_ _4\"></span>Nel <span class=\"_ _4\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>in </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">modo distinto l\u2019opzio<span class=\"_ _0\"></span>ne e la probabilit\u00e0 di <span class=\"_ _0\"></span>realizzazione dell<span class=\"_ _0\"></span>e condizioni in base <span class=\"_ _0\"></span>alle quali le opzio<span class=\"_ _0\"></span>ni sono state assegn<span class=\"_ _0\"></span>ate<span class=\"_ _5\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">La combinazione dei d<span class=\"_ _0\"></span>ue valori fornisce il fair value dello st<span class=\"_ _0\"></span>rumento assegnato. </div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019eventuale <span class=\"_ _6\"> </span>riduzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"> </span>finanziari <span class=\"_ _4\"> </span>assegnati <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>contabilizzata <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>parte <span class=\"_ _4\"> </span>degli </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">stessi. </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y76 ffa fs0 fc2 sc0 ls0 ws0\">Benefici ai dipendenti </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Si def<span class=\"_ _3\"></span>iniscono benefici ai dipendenti <span class=\"_ _3\"></span>tutti i <span class=\"_ _3\"></span>tipi di <span class=\"_ _3\"></span>remuner<span class=\"_ _3\"></span><span class=\"ff4\">azione erogati d<span class=\"_ _3\"></span>all\u2019azienda in cambio <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 lavorativa svolta dai </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">dipendenti. I benefici ai<span class=\"_ _0\"></span> dipendenti si s<span class=\"_ _0\"></span>uddividono tra: </div><div class=\"t m0 x0 h2 y79 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>(diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>dovuti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>apporto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">retributivi <span class=\"_ _3\"></span>sotto <span class=\"_ _3\"></span>forma <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale) <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidare <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>termine </div><div class=\"t m0 x2a h32 y7b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  q<span class=\"_ _0\"></span>uale <span class=\"_ _16\"> </span>i  di<span class=\"_ _0\"></span>pendenti <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>prestato <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vorativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>rilevati <span class=\"_ _16\"> </span>interamente  a<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>conto  eco<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>omico <span class=\"_ _16\"> </span>al </div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">momento della <span class=\"ff4\">maturazione <span class=\"_ _0\"></span>(rientrano in tale cat<span class=\"_ _0\"></span>egoria, ad esempio, i s<span class=\"_ _0\"></span>alari, gli stipendi e<span class=\"_ _0\"></span> le prestazioni \u201cstra<span class=\"_ _0\"></span>ordinarie\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y7d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">b<span class=\"_ _3\"></span>enefici <span class=\"_ _6\"></span>successivi <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>dovuti <span class=\"_ _6\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>conclusione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>lavoro <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>obbligano <span class=\"_ _6\"></span>l\u2019impresa <span class=\"_ _5\"></span>ad </span></span></div><div class=\"t m0 x2a h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019erogazione <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>dipendenti. <span class=\"_ _2\"></span>Tra <span class=\"_ _5\"></span>questi, <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>pensione </div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">che, a loro volta si s<span class=\"_ _0\"></span>uddividono in piani a <span class=\"_ _0\"></span>contribuzione definit<span class=\"_ _0\"></span>a e piani a benefici <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>efiniti o fondi d<span class=\"_ _0\"></span>i quiescenza aziendal<span class=\"_ _2\"></span><span class=\"lsc\">e;</span> </div><div class=\"t m0 x0 h2 y80 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>ene<span class=\"ff4\">fici <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cessazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>lavoro, <span class=\"_ _4\"> </span>oss<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>quei <span class=\"_ _7\"> </span>compensi <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019azienda <span class=\"_ _7\"> </span>riconosce <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>come </span></span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">contropartita <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>cessazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>lavoro, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>stessa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>concludere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">lavoro prima della normale dat<span class=\"_ _0\"></span>a di pensionamento; </div><div class=\"t m0 x0 h2 y83 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici  a <span class=\"_ _16\"> </span>lungo  termi<span class=\"_ _0\"></span>ne,  diver<span class=\"_ _0\"></span>si  dai <span class=\"_ _16\"> </span>precedenti,  che<span class=\"_ _0\"></span>  non  s<span class=\"_ _0\"></span>i  prevede <span class=\"_ _16\"> </span>siano  estinti <span class=\"_ _16\"> </span>interamente  entr<span class=\"_ _0\"></span>o  i  do<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ici  mes<span class=\"_ _35\"></span>i </span></div><div class=\"t m0 x2a h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">successivi al temine d<span class=\"_ _0\"></span>ell\u2019esercizio in cui i dip<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ndenti hanno svolt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le proprie presta<span class=\"_ _0\"></span>zioni lavorative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y86 ffa fs0 fc2 sc0 ls0 ws0\">Compensazione di strumenti f<span class=\"_ _0\"></span>inanziari </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>AS <span class=\"_ _16\"> </span>32, <span class=\"_ _16\"> </span>paragrafo <span class=\"_ _7\"> </span>42, <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>e  le <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>sono  og<span class=\"_ _35\"></span>getto <span class=\"_ _16\"> </span>di  com<span class=\"_ _0\"></span>pensazione <span class=\"_ _7\"> </span>ed </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">evidenziate in bilanci<span class=\"_ _0\"></span>o per il saldo netto, qu<span class=\"_ _0\"></span>alora l\u2019entit\u00e0:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>bbia <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>legale <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>operare <span class=\"_ _4\"></span>tale <span class=\"_ _7\"> </span>compensazion<span class=\"_ _0\"></span>e, <span class=\"_ _4\"></span>correntemente <span class=\"_ _6\"></span>esercitabile <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>circostanze, <span class=\"_ _6\"></span>siano <span class=\"_ _4\"> </span>esse </span></div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">afferenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>normale <span class=\"_ _5\"></span>svolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>esse <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>situazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inadempimento, <span class=\"_ _2\"></span>insolvenza, <span class=\"_ _5\"></span>fallimento<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">delle parti; </div><div class=\"t m0 x0 h2 y48 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntenda <span class=\"_ _3\"></span>regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _5\"></span>netto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>lorda <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>sostanziali <span class=\"_ _3\"></span>siano </span></div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">equivalenti ad un reg<span class=\"_ _0\"></span>olamento netto. </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>gli strumenti derivati <span class=\"_ _3\"></span>rientranti in accordi <span class=\"_ _3\"></span>di compensazione che <span class=\"_ _3\"></span>rispettano i <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>in precedenza illustrati la <span class=\"_ _3\"></span>Circ<span class=\"_ _5\"></span>olare n. </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">262 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura, <span class=\"_ _6\"></span>prevedendo <span class=\"_ _5\"></span>una </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione <span class=\"_ _18\"> </span>su <span class=\"_ _1c\"> </span>base<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>netta <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tali <span class=\"_ _1c\"> </span>sbilanci: <span class=\"_ _18\"> </span>convenzionalmente, <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>saldo <span class=\"_ _1c\"> </span>netto <span class=\"_ _18\"> </span>viene <span class=\"_ _1c\"> </span>allocato<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _18\"> </span>portafoglio <span class=\"_ _18\"> </span>di </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione <span class=\"_ _4\"> </span>piuttosto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>derivati <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>prevalenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>assoluto <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>lo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>bilancio <span class=\"_ _4\"> </span>dei </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">derivati di negozia<span class=\"_ _0\"></span>zione e quello dei de<span class=\"_ _0\"></span>rivati di copertura. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>ottemperanza <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>IFRS <span class=\"_ _2\"></span>7, <span class=\"_ _5\"></span>informazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>maggior <span class=\"_ _2\"></span>de<span class=\"_ _5\"></span>ttaglio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tavole </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">contenute nella Parte B <span class=\"ff4\">\u2013</span> Altre i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formazioni della p<span class=\"_ _0\"></span>resente nota integra<span class=\"_ _0\"></span>tiva, nelle quali <span class=\"_ _0\"></span>sono esposti in parti<span class=\"_ _0\"></span>colare:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y51 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>presentano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _5\"></span>previsti <span class=\"_ _6\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>paragraf<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>4<span class=\"_ _3\"></span>2, <span class=\"_ _5\"></span>prima <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la </span></div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">compensazione contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>; </div><div class=\"t m0 x0 h2 y53 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>soggette <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccordi <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>compensazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>dato <span class=\"_ _7\"> </span>luogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>ma <span class=\"_ _7\"> </span>che </span></div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">potenzialmente la po<span class=\"_ _0\"></span>ssono attivare in <span class=\"_ _0\"></span>seguito a specifiche <span class=\"_ _0\"></span>circostanze; </div><div class=\"t m0 x0 h2 y55 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e garanzie reali ad e<span class=\"_ _0\"></span>sse connesse. </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h12c y57 ffb fs0 fc2 sc0 ls0 ws0\">Crediti d\u2019imposta conne<span class=\"_ _0\"></span>ssi con i Decreti Legge<span class=\"_ _0\"></span> \u201cCura Italia\u201d e <span class=\"_ _0\"></span>\u201cRilancio\u201d acquistati a s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guito di cessione da par<span class=\"_ _0\"></span>te dei </div><div class=\"t m0 x0 h95 y58 ffa fs0 fc2 sc0 ls0 ws0\">beneficiari diretti o di pr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cedenti acquirenti (<span class=\"_ _0\"></span>es. ecobonus) </div><div class=\"t m0 x0 h32 y59 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>Decreti <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>egge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>18/2020 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cCura <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>talia\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>34/2020 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _5\"></span>\u201cRilancio\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>trodotto <span class=\"_ _3\"></span>nell\u2019ordinamento <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>misure </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">fiscali di <span class=\"_ _3\"></span>incentivazione connesse sia con <span class=\"_ _3\"></span>spese per <span class=\"_ _3\"></span>investimenti (es. e<span class=\"_ _3\"></span>co e <span class=\"_ _3\"></span>sismabonus) sia con <span class=\"_ _3\"></span>spese correnti <span class=\"_ _3\"></span>(es. canoni d<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">locazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>locali <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>abitativo). <span class=\"_ _5\"></span>Ulteriormente <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Governo<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>nuovamente <span class=\"_ _5\"></span>intervenuto <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Decreto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5c ff4 fs0 fc0 sc0 ls0 ws0\">Legge n. 50/2022 (c.<span class=\"_ _0\"></span>d. \u201cDecreto Aiuti\u201d) prin<span class=\"_ _0\"></span>cipalmente rimodulan<span class=\"_ _0\"></span>do la platea dei pote<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziali ricessionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">Tali <span class=\"_ _6\"></span>incentivi <span class=\"_ _4\"></span>fiscali <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>applicano <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>famiglie <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>imprese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>commisurati <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>percentuale <span class=\"_ _7\"> </span>della <span class=\"_ _4\"></span>spesa <span class=\"_ _6\"></span>sostenuta <span class=\"_ _6\"></span>(che <span class=\"_ _4\"> </span>in </div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">alcuni casi <span class=\"_ _3\"></span>raggiunge anche <span class=\"_ _3\"></span>il 110<span class=\"_ _3\"></span>%) e s<span class=\"_ _3\"></span>ono erogati <span class=\"_ _3\"></span>sotto forma d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>d\u2019imposta o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>detrazioni d\u2019imposta (trasformabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"ls1f\">su </span></span></div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">opzione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>crediti <span class=\"_ _17\"> </span>d\u2019imposta). <span class=\"_ _1d\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>caratteristiche <span class=\"_ _17\"> </span>principali <span class=\"_ _17\"> </span>di <span class=\"_ _1d\"> </span>ta<span class=\"_ _3\"></span>li <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _1d\"> </span>sono: <span class=\"_ _17\"> </span>i) <span class=\"_ _17\"> </span>l<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>ossibilit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>utilizzo <span class=\"_ _1d\"> </span>in </span></div><div class=\"t m0 x0 h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">compensazione; ii) l<span class=\"_ _0\"></span>a cedibilit\u00e0 a terzi acqui<span class=\"_ _0\"></span>renti; e iii) la no<span class=\"_ _0\"></span>n rimborsabilit\u00e0 da parte <span class=\"_ _0\"></span>dell\u2019Erario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div>La <span class=\"_ _17\"> </span>contabilizzazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>crediti <span class=\"_ _17\"> </span>d\u2019imposta <span class=\"_ _17\"> </span>acquistati <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _1d\"> </span>terzo <span class=\"_ _18\"> </span>(cessionario <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>credito <span class=\"_ _17\"> </span>d\u2019imposta) <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _17\"> </span>\u00e8 riconducibile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>specifico <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>internazionale. <span class=\"_ _2\"></span>Lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>8 <span class=\"_ _5\"></span>prevede <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>vi <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>fattispecie<span class=\"_ _0\"></span> non <span class=\"_ _3\"></span>esplicitamente trattata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>incipio contabile <span class=\"_ _3\"></span>IAS/IFRS, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>direzione <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>definisca un<span class=\"_ _3\"></span>\u2019accounting policy <span class=\"_ _3\"></span>idonea <span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>garant<span class=\"ff4\">ire un\u2019informativ<span class=\"_ _0\"></span>a rilevante e attendi<span class=\"_ _0\"></span>bile di tali opera<span class=\"_ _0\"></span>zioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>A  tal <span class=\"_ _16\"> </span>fine  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa  Sa<span class=\"_ _0\"></span>npaolo,  te<span class=\"_ _0\"></span>nendo <span class=\"_ _16\"> </span>in  considerazi<span class=\"_ _0\"></span>one  le <span class=\"_ _16\"> </span>indicazioni <span class=\"_ _16\"> </span>espresse <span class=\"_ _16\"> </span>dalle  Autorit\u00e0, <span class=\"_ _16\"> </span>nel  d<span class=\"_ _0\"></span>ocumento \u201cTrattamento <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _4\"> </span>d\u2019imposta <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onnessi <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>Decreti <span class=\"_ _6\"> </span>Legge <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Cura <span class=\"_ _4\"> </span>Italia\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cRilancio\u201d<span class=\"ff1\"> acquistati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>di </span>cessione  da <span class=\"_ _1d\"> </span>parte <span class=\"_ _1d\"> </span>dei  beneficiari <span class=\"_ _1d\"> </span>diretti  o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>precedenti  acquirenti\u201d <span class=\"_ _1d\"> </span>pubblicat<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>in  data <span class=\"_ _1d\"> </span>5 <span class=\"_ _1d\"> </span>gennaio  2021 <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Tavolo  di coordinamento <span class=\"_ _3\"></span>fra <span class=\"_ _5\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia, <span class=\"_ _2\"></span>Consob <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>IVASS <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>IAS/I<span class=\"_ _2\"></span><span class=\"ff1\">FRS <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>dotato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>accounting<span class=\"_ _0\"></span> </span>policy che <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lla disciplina contabile <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>applicandone in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>analogica <span class=\"_ _3\"></span>le disposizioni co<span class=\"_ _3\"></span>mpa<span class=\"_ _5\"></span><span class=\"ff1\">tibili </span>con le caratteristiche d<span class=\"_ _0\"></span>ell\u2019operazione.<span class=\"ff1\"> </span>Il Gruppo riconduce: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model <span class=\"_ _3\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _3\"></span></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>acquistati nei <span class=\"_ _2\"></span>limiti de<span class=\"_ _3\"></span>lla propria <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>capacity, <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di detenerli per le compensa<span class=\"_ _0\"></span>zioni future. Tali crediti sono ril<span class=\"_ _0\"></span>evati al costo ammortizzato<span class=\"_ _3\"></span> e la redditivit\u00e0 viene rilevata pro-rata temporis nel conto e<span class=\"_ _0\"></span>conomico a margine di interesse<span class=\"ls12\">; </span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>d un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model Hold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Collect and <span class=\"_ _3\"></span>Sell <span class=\"_ _3\"></span>i crediti a<span class=\"_ _3\"></span>cquistati in <span class=\"_ _3\"></span>esubero rispetto <span class=\"_ _3\"></span>alla tax <span class=\"_ _3\"></span>capacity <span class=\"_ _3\"></span>e per<span class=\"_ _3\"></span>tanto destinati<span class=\"_ _2\"></span> </span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>successiva <span class=\"_ _5\"></span>ricessione. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sul<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva. <span class=\"_ _2\"></span>Stante <span class=\"_ _5\"></span>la natura <span class=\"_ _5\"></span>peculiare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>questi <span class=\"_ _5\"></span>strumenti, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>oscillazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _5\"></span>collegate <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interess<span class=\"_ _5\"></span><span class=\"lsc\">e </span>nella <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riflettano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisto. <span class=\"_ _3\"></span>L<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>rilevata <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>-rata t<span class=\"_ _3\"></span>empori<span class=\"_ _0\"></span>s nel conto economico a m<span class=\"_ _0\"></span>argine di intere<span class=\"_ _0\"></span>sse. Non <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _3\"></span>applicabile <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>specifica <span class=\"_ _3\"></span>casistica <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>framew<span class=\"_ _0\"></span>ork <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">attese. </span>Su <span class=\"_ _16\"> </span>questi <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>d\u2019imposta <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _16\"> </span>essere<span class=\"ff1\"> <span class=\"_ _16\"> </span></span>calcolata <span class=\"_ _7\"> </span>ECL, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8  a<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>teso <span class=\"_ _7\"> </span>alcun <span class=\"_ _7\"> </span>rimborso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019Erario essendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019estinzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>strumento <span class=\"_ _5\"></span>legata <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portatore. <span class=\"_ _2\"></span>Peraltro, <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">\u00e8 </span></span>prevista <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ricessione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>perfeziona <span class=\"_ _5\"></span>prev<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>incasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _5\"></span>strumento, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un credito verso il cessi<span class=\"_ _0\"></span>onario. Infine, <span class=\"_ _20\"> </span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>modalit\u00e0 <span class=\"_ _20\"> </span>operativ<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>poste <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>essere<span class=\"_ _0\"></span> <span class=\"_ _20\"> </span>dal <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _20\"> </span>si <span class=\"_ _1c\"> </span>ritiene <span class=\"_ _20\"> </span>che <span class=\"_ _20\"> </span>possano <span class=\"_ _1c\"> </span>essere <span class=\"_ _20\"> </span>considerati ragionevolmente non sussistenti<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>i rischi di mancato u<span class=\"_ _0\"></span>tilizzo dei crediti fi<span class=\"_ _0\"></span>scali, ovvero i rischi <span class=\"_ _0\"></span>che la Banca non abbi<span class=\"_ _0\"></span>a la capacit\u00e0<span class=\"_ _0\"></span> di conseguire i benef<span class=\"_ _0\"></span>ici associati all\u2019attivit<span class=\"_ _0\"></span>\u00e0. Infatti:<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>model <span class=\"_ _7\"> </span>Hold <span class=\"_ _7\"> </span>to <span class=\"_ _16\"> </span>Collect, <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>consistenze <span class=\"_ _7\"> </span>acquistate <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>coe<span class=\"_ _3\"></span>renti <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>complessiva <span class=\"_ _7\"> </span>tax </span>capacity costantement<span class=\"_ _0\"></span>e monitorata, in mo<span class=\"_ _0\"></span>do tale che la Banca p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ssa procedere all<span class=\"_ _0\"></span>a compensazione con pr<span class=\"_ _0\"></span>opri debiti;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>on riferimento a<span class=\"_ _3\"></span>l business model <span class=\"_ _3\"></span>Hold to <span class=\"_ _3\"></span>Collect and <span class=\"_ _3\"></span>Sell, a <span class=\"_ _3\"></span>fronte dei <span class=\"_ _3\"></span>crediti acquistati sono <span class=\"_ _3\"></span>progressivament<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>stipulati,<span class=\"_ _0\"></span> </span>per <span class=\"_ _16\"> </span>volumi  ca<span class=\"_ _0\"></span>pienti, <span class=\"_ _16\"> </span>accordi  di<span class=\"_ _0\"></span>  ricessio<span class=\"_ _0\"></span>ne  v<span class=\"_ _0\"></span>incolanti <span class=\"_ _16\"> </span>per  i<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>cliente  e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>controparti <span class=\"_ _16\"> </span>differenziate <span class=\"_ _16\"> </span>per  le <span class=\"_ _16\"> </span>quali <span class=\"_ _16\"> </span>viene<span class=\"_ _0\"></span> preventivamente verifi<span class=\"_ _0\"></span>cata la relativa capie<span class=\"_ _0\"></span>nza fiscale. Come specificato dal <span class=\"_ _3\"></span>documento c<span class=\"_ _3\"></span>ongiunto delle <span class=\"_ _3\"></span>Autorit\u00e0 sopra ric<span class=\"_ _3\"></span><span class=\"ff4\">hiamato, <span class=\"_ _3\"></span>tenuto conto <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>crediti d\u2019imposta <span class=\"_ _3\"></span>acquistati non </span>rappresentano, <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>sensi <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>principi <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>internazionali, <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali, <span class=\"_ _7\"> </span>contributi <span class=\"_ _16\"> </span>pubblici,<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>o <span class=\"_ _1d\"> </span>attivit\u00e0 finanziarie, <span class=\"_ _3\"></span>la classificazione <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>appropriata, ai <span class=\"_ _2\"></span>fini de<span class=\"_ _3\"></span>ll<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>presentazione in <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>residuale fra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>Altre <span class=\"_ _3\"></span>Attivit\u00e0 dello Stato patrimoniale. Operazioni di finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto TLTRO III<span class=\"ffd fc0\"> </span>Le operazioni <span class=\"_ _3\"></span>TLTRO <span class=\"_ _3\"></span>III <span class=\"_ _3\"></span>(Target<span class=\"_ _0\"></span>ed <span class=\"_ _3\"></span>Longer Term <span class=\"_ _3\"></span>Refinancing Operation) <span class=\"_ _3\"></span>mirano <span class=\"_ _3\"></span>a preservare c<span class=\"_ _3\"></span>ondizioni favorevoli de<span class=\"_ _3\"></span>l credit<span class=\"_ _2\"></span><span class=\"lsc\">o </span>bancario e a sostenere<span class=\"_ _0\"></span> l\u2019orientamento d<span class=\"_ _0\"></span>efinito di politica m<span class=\"_ _0\"></span>onetaria. Alcuni dei <span class=\"_ _0\"></span>parametri che caratt<span class=\"_ _0\"></span>erizzano queste opera<span class=\"_ _0\"></span>zio<span class=\"_ _5\"></span><span class=\"ff1\">ni, </span>stabiliti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2019, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>rivisti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iprese, <span class=\"_ _2\"></span>inizialmente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>migliorativo <span class=\"_ _2\"></span>pe<span class=\"_ _5\"></span>r <span class=\"_ _5\"></span>le banche <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>luce <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ricadute <span class=\"_ _2\"></span>economiche <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dall\u2019emergenza <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>recentemente <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>27 <span class=\"_ _5\"></span>ottobre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>- </span>per <span class=\"_ _3\"></span>\u201cnormalizzare\u201d <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>raccolta <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>alleggerire <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>pressione <span class=\"_ _3\"></span>dell\u2019inflazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ristabilire condizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>st<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>bilit\u00e0 <span class=\"_ _3\"></span>dei </span>prezzi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>termine. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>finanziam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>ottenibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>istituto <span class=\"_ _3\"></span>bancario <span class=\"_ _3\"></span>dipende <span class=\"_ _3\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prestiti <span class=\"_ _3\"></span>conces<span class=\"_ _5\"></span><span class=\"ff1\">si </span>a <span class=\"_ _1d\"> </span>determinate  date <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevazione  a <span class=\"_ _1d\"> </span>societ\u00e0  n<span class=\"_ _3\"></span>on <span class=\"_ _1d\"> </span>finanziar<span class=\"_ _0\"></span>ie <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>famiglie  (c.d. <span class=\"_ _1d\"> </span>prestiti  idonei). <span class=\"_ _1d\"> </span>Le  s<span class=\"_ _3\"></span>ingole  tranche <span class=\"_ _1d\"> </span>erano so<span class=\"ls0\">ttoscrivibili con <span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>trimestrale, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>partire <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>settembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>iascuna <span class=\"_ _3\"></span>operazione ha <span class=\"_ _3\"></span>durata </span>pari a tre anni. Il <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteresse <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>fissato <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quello <span class=\"_ _6\"></span>medio <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rifina<span class=\"_ _5\"></span>nziamento principali dell\u2019Eurosistema <span class=\"_ _3\"></span>(MRO), <span class=\"_ _3\"></span>fatta e<span class=\"_ _3\"></span>ccezione per <span class=\"_ _2\"></span>il periodo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpreso tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _2\"></span>giugno 2022 <span class=\"_ _3\"></span>(\u201cspecia<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>period\u201d), <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _6\"> </span>appl<span class=\"_ _3\"></span>ica <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>inferiore <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>50 <span class=\"_ _4\"> </span>punti <span class=\"_ _4\"> </span>base. <span class=\"_ _4\"> </span>Le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>concedono <span class=\"_ _6\"> </span>prestiti <span class=\"_ _4\"> </span>idonei  <span class=\"ff1\">netti </span>superiori <span class=\"_ _16\"> </span>a  predefi<span class=\"_ _0\"></span>niti  v<span class=\"_ _0\"></span>alori  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento  (<span class=\"_ _0\"></span>\u201cbenchmark <span class=\"_ _16\"> </span>net  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nding\u201d) <span class=\"_ _16\"> </span>possono <span class=\"_ _16\"> </span>beneficiare <span class=\"_ _16\"> </span>di  una <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _16\"> </span>del  t<span class=\"_ _0\"></span>asso <span class=\"_ _16\"> </span>di interesse. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>migliorativo <span class=\"_ _4\"></span>applicato <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>tasso <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _4\"></span>press<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>banca <span class=\"_ _6\"></span>centrale <span class=\"_ _4\"></span>(Deposit<span class=\"_ _2\"></span> Fa<span class=\"ff4 ls0\">cility <span class=\"_ _3\"></span>Rate o <span class=\"_ _3\"></span>DFR), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019intera durata <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rispettiva operazione, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019eccezione degli <span class=\"_ _3\"></span>\u201cspecial <span class=\"_ _3\"></span>interest rate <span class=\"_ _3\"></span>period\u201d a <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>i si </span></span>aggiunge  l\u2019ulteriore  riduzi<span class=\"_ _0\"></span>one  di  50  punti  base.  Gli  interessi  sono  regolati  postic<span class=\"_ _0\"></span>ipatamente  alla  scadenza  di  ciasc<span class=\"_ _0\"></span>una operazione di TLTRO III o <span class=\"_ _0\"></span>al momento del rimbo<span class=\"_ _0\"></span>rso anticipato.  Come <span class=\"_ _7\"> </span>anticipato, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>27 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>direttivo <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>BCE  - <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _7\"> </span>innalzamento <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>tassi,<span class=\"_ _35\"></span> nell\u2019ambito  di  un  t<span class=\"_ _3\"></span>rend  di  rialzo  dei <span class=\"_ _1d\"> </span>tassi  avviato  da  luglio  2022 <span class=\"_ _17\"> </span><span class=\"ff1\">- <span class=\"_ _1d\"> </span>ha  deciso  di  ricalibrare  le  condizioni  applicabili  ai </span>finanziamenti <span class=\"_ _2\"></span>TLTRO <span class=\"_ _5\"></span>III.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>manovr<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>mantenuto <span class=\"_ _5\"></span>invariata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>in essere fi<span class=\"_ _3\"></span>no al <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>che p<span class=\"_ _3\"></span>revedeva che <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>periodi <span class=\"_ _3\"></span>\u201cordinari\u201d (ovvero <span class=\"_ _3\"></span>periodi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span></span>diversi <span class=\"_ _3\"></span>dagli \u201cspecial <span class=\"_ _3\"></span>interest <span class=\"_ _3\"></span>rate p<span class=\"_ _3\"></span>eriod\u201d<span class=\"_ _35\"></span> definiti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>precedenza) <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"></span>applicabile <span class=\"_ _6\"></span>fosse <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>media <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>calcolati <span class=\"_ _4\"></span>lungo <span class=\"_ _4\"></span>tutta <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>del<span class=\"_ _5\"></span>lo strumento, <span class=\"_ _3\"></span>comportando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>\u201ccorrezione\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>applic<span class=\"_ _3\"></span><span class=\"ff1\">ando <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>vigore<span class=\"_ _0\"></span> </span>nei <span class=\"_ _5\"></span>soli <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>ordinari; <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>23 <span class=\"_ _5\"></span>novembre <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>(fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scadenza <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _5\"></span>rispettiv<span class=\"_ _5\"></span><span class=\"lsc\">a </span>TLTRO III <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n essere) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse \u00e8 <span class=\"_ _3\"></span>indicizzato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>media dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento della <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>applicabili per ogni operazione in ta<span class=\"_ _0\"></span>le periodo (pari al ta<span class=\"_ _0\"></span>sso DFR per le ban<span class=\"_ _0\"></span>che che hanno raggiunto <span class=\"_ _0\"></span>i benchmark definiti<span class=\"_ _0\"></span>).<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>previsioni nei <span class=\"_ _2\"></span>principi contabili <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trattamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>fattispecie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiare <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span>dicazioni da <span class=\"_ _3\"></span>parte dell\u2019IFRIC interpellata sul <span class=\"_ _3\"></span>trattamento contabile del <span class=\"_ _3\"></span>TLTRO III, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha de<span class=\"_ _3\"></span>finito la p<span class=\"_ _3\"></span>ropri<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>policy </span>contabile, <span class=\"_ _5\"></span>applicata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oerentemente <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tempo, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>succedute <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-175.37036px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">termini <span class=\"_ _5\"></span>contrattuali: <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>applica <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>TLTRO <span class=\"_ _5\"></span>III <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>trattamento <span class=\"_ _5\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinito <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>strum<span class=\"_ _2\"></span><span class=\"ff1\">ent<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>considerando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>finanziamento <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>BCE <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>variabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019ambito delle misure di polit<span class=\"_ _0\"></span>ica monetaria dell\u2019Euro<span class=\"_ _0\"></span>sistema <span class=\"_ _3\"></span><span class=\"ff1\">- con rilevazione degli interessi, te<span class=\"_ _0\"></span>mpo per tempo applicabili,<span class=\"_ _3\"></span> da </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">stimare in funzione dell<span class=\"_ _0\"></span>a probabilit\u00e0 di riu<span class=\"_ _0\"></span>scire a raggiungere gli<span class=\"_ _0\"></span> obiettivi previsti in<span class=\"_ _0\"></span> termini di net lending. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Presupposto <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019impostazione <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>adottata <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>TLTRO <span class=\"_ _2\"></span>II<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>\u00e8, </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">infatti, <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>stima <span class=\"_ _4\"> </span>attendibile <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>verificarsi <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>raggiungimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>arget <span class=\"_ _4\"> </span>previsti <span class=\"_ _7\"> </span>(benchmark <span class=\"_ _4\"> </span>net <span class=\"_ _7\"> </span>lending), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">effettua tramite <span class=\"_ _3\"></span>i report <span class=\"_ _3\"></span>previsionali sull\u2019andamento degli <span class=\"_ _3\"></span>impieghi monitorati a<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>predefinite e <span class=\"_ _3\"></span>approvati da <span class=\"_ _3\"></span>adeguato l<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">v<span class=\"_ _3\"></span>ello </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>management. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>benchmark <span class=\"_ _4\"></span>- <span class=\"_ _6\"></span>riferiti <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>particolare <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>consistenze <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2021 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 - sono stati effettivam<span class=\"_ _0\"></span>ente raggiunti.  </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ggiungim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>arget <span class=\"_ _5\"></span><span class=\"ff4\">trovano <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9 </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">sulle revisioni delle s<span class=\"_ _0\"></span>time dei flussi di <span class=\"_ _0\"></span>cassa. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>policy <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ricalibrazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ondizioni <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>BCE </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iabile a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>par. <span class=\"_ _2\"></span>B5.4.5 <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>prospettico </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fatto <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>BCE <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>modificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>propria <span class=\"_ _3\"></span>discrezione <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ella </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">definizione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff4\">onetaria <span class=\"_ _5\"></span>(come <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>aprile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>020 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019introduzione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>\u201cspecial </span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">interest <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>period\u201d <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>recentemente, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ottobre 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>evidenziati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>precedenza). Gli <span class=\"_ _2\"></span>interessi ven<span class=\"_ _3\"></span>gono quin<span class=\"_ _5\"></span><span class=\"ff1\">di </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">rilevati <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>-0,5% <span class=\"_ _5\"></span>fino <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>24 <span class=\"_ _6\"></span>giugno<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">2020; <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>-1% <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>23 <span class=\"_ _2\"></span>giugno 2022 <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>successivamente, <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>condizioni in <span class=\"_ _3\"></span>essere, <span class=\"_ _3\"></span>illustrate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>seguito) <span class=\"_ _3\"></span>come </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">previsto dal paragraf<span class=\"_ _0\"></span>o B5.4.5 dell\u2019IFRS <span class=\"ff1\">9.  </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>incrementi <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>approvati d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Consiglio Direttivo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>partire <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mese di <span class=\"_ _2\"></span>luglio 2022 <span class=\"_ _4\"></span>si \u00e8 </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">reso n<span class=\"_ _3\"></span>ecessario rideterminare <span class=\"_ _3\"></span>il t<span class=\"_ _3\"></span>asso d<span class=\"_ _3\"></span>i interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>applicabile ad <span class=\"_ _3\"></span>ogni o<span class=\"_ _3\"></span>perazione a <span class=\"_ _3\"></span>partire d<span class=\"_ _3\"></span>alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revis<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">tassi,  con <span class=\"_ _7\"> </span>l\u2019ob<span class=\"_ _3\"></span>iettivo <span class=\"_ _16\"> </span>di  rip<span class=\"_ _0\"></span>artire <span class=\"_ _16\"> </span>il  beneficio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _16\"> </span>al  p<span class=\"_ _0\"></span>eculiare  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ccanismo <span class=\"_ _16\"> </span>della  media <span class=\"_ _16\"> </span>dei  t<span class=\"_ _0\"></span>assi  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l  perio<span class=\"_ _0\"></span>do  di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"></span>stesso. <span class=\"_ _6\"></span>Da <span class=\"_ _4\"></span>ultimo, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>ricalibrazioni <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"></span>applicabili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _4\"></span>TLTRO <span class=\"_ _6\"></span>III <span class=\"_ _4\"> </span>definit<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls10 ws0\">27<span class=\"ls0\"> ottobre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>comportato <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>beneficio <span class=\"_ _5\"></span>residuo <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrattuali<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">(ovvero, fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>novembre 2022). <span class=\"_ _3\"></span>Tale approccio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea con <span class=\"_ _3\"></span>quanto adottato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>passato per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione degli <span class=\"_ _3\"></span>intere<span class=\"_ _5\"></span>ssi </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">nei <span class=\"_ _3\"></span>periodi <span class=\"_ _3\"></span>speciali <span class=\"_ _2\"></span>(ovvero, <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>beneficio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntivo d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>-50 <span class=\"_ _2\"></span>bps <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>periodo <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2022) <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quanto </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">considerato come il tasso var<span class=\"_ _3\"></span>iabile \u201cdi politica monetaria\u201d applicabile al periodo di riferimento. A partire <span class=\"_ _3\"></span>dal 23 novembre <span class=\"_ _5\"></span><span class=\"ff1\">2022 </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">sui finanziamenti TLTRO<span class=\"_ _0\"></span> III in essere gli in<span class=\"_ _0\"></span>teressi sono rilev<span class=\"_ _0\"></span>ati sulla base del tas<span class=\"_ _0\"></span>so DFR tempo per temp<span class=\"_ _0\"></span>o in vigore.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y7b ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Bilancio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icorda <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gennaio <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>l\u2019ESMA <span class=\"_ _5\"></span>aveva <span class=\"_ _2\"></span>emesso <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>Public <span class=\"_ _2\"></span>Statement </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">con  lo <span class=\"_ _16\"> </span>scopo <span class=\"_ _16\"> </span>di  promuovere <span class=\"_ _16\"> </span>la  tra<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parenza <span class=\"_ _16\"> </span>nei  resoc<span class=\"_ _0\"></span>onti  fin<span class=\"_ _0\"></span>anziari  IF<span class=\"_ _0\"></span>RS  delle<span class=\"_ _0\"></span>  banc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e  in <span class=\"_ _7\"> </span>me<span class=\"_ _3\"></span>rito <span class=\"_ _16\"> </span>alla  rappre<span class=\"_ _0\"></span>sentazione<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">contabile <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>TLTRO <span class=\"_ _4\"> </span>III: <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>significativi <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"> </span>numerici <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>livello  di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">giudizio <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">definizione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>policy <span class=\"_ _5\"></span>contabile, <span class=\"_ _5\"></span>ESMA <span class=\"_ _2\"></span>evidenziava <span class=\"_ _5\"></span>l\u2019importanza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>adeguato </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">livello di trasparen<span class=\"_ _0\"></span>za sul trattamento c<span class=\"_ _0\"></span>ontabile delle operazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Il Gruppo ISP, pertanto, in <span class=\"_ _3\"></span>coerenza con le richieste dell\u2019ESMA, fornisce disclo<span class=\"_ _0\"></span>sure ol<span class=\"_ _2\"></span><span class=\"ff1\">tre che sulle po<span class=\"_ _3\"></span>licy contabili adottate per </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">la contabilizzazione <span class=\"_ _0\"></span>delle operazioni TLTRO I<span class=\"_ _0\"></span>II anche sui conseg<span class=\"_ _0\"></span>uenti impatti quantita<span class=\"_ _0\"></span>tivi nella rilev<span class=\"_ _0\"></span>azione degli interessi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"ffa fc2\"> </span></div><div class=\"t m0 x0 h95 y83 ffa fs0 fc2 sc0 ls0 ws0\">Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span></div><div class=\"t m0 x0 h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: </div><div class=\"t m0 x0 h2 y88 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">obbligazioni; </div><div class=\"t m0 x0 h2 y46 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">serviz<span class=\"ls13\">i;</span> </div><div class=\"t m0 x0 h2 y49 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span></div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">singola obbligazione; </div><div class=\"t m0 x0 h2 y4b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span></div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: </div><div class=\"t m0 x0 h2 y56 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">o </div><div class=\"t m0 x0 h2 y58 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span></div><div class=\"t m0 x2a h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">promesso. </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare: </div><div class=\"t m0 x0 h2 y5 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span></div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span></div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">derivati finanziari: </div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls10 ws0\">a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls10 ws0\">b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span></div><div class=\"t m0 x62 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); </div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls14 ws0\">c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span></div><div class=\"t m0 x62 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; </div><div class=\"t m0 x0 h2 y68 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span></div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">del loro effettivo in<span class=\"_ _0\"></span>casso; </div><div class=\"t m0 x0 h1b y6a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span></div><div class=\"t m0 x2a h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span></div><div class=\"t m0 x2a h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019incasso;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span></div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; </div><div class=\"t m0 x0 h2 y70 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span></div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">degli strumenti stessi; </div><div class=\"t m0 x0 h2 y73 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span></div><div class=\"t m0 x2a h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79 ffb fs0 fc2 sc0 ls0 ws0\">Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span></div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span></div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span></div><div class=\"t m0 x0 h32 y7c ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">aziendale sono: </div><div class=\"t m0 x0 h2 y86 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span></div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie; </div><div class=\"t m0 x0 h2 y88 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y89 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y46 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span></div><div class=\"t m0 x0 h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span></div><div class=\"t m0 x0 h2 y48 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y49 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span></div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo </div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste </div><div class=\"t m0 x2a h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IFRS 4.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: </div><div class=\"t m0 x0 h2 y51 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span></div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o </div><div class=\"t m0 x2a h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span></div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; </div><div class=\"t m0 x0 h2 y55 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span></div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo </div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y58 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x62 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y5a ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x2a h2 y5b ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span></div><div class=\"t m0 x62 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">mercato; </div><div class=\"t m0 x0 h2 y5d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si </div><div class=\"t m0 x2a h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y62 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi </div><div class=\"t m0 x2a h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span></div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; </div><div class=\"t m0 x0 h2 y66 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie </div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di </div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 </div><div class=\"t m0 x2a h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e </div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span></div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span></div><div class=\"t m0 x2a h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y70 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span></div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">a nuovo).<span class=\"ffa fcb\"> </span></div><div class=\"t m0 x0 h95 y74 ffa fs0 fcb sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y75 ffa fs0 fc2 sc0 ls0 ws0\">I criteri di classificazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">La  classificazione  dell<span class=\"_ _0\"></span>e  attivit\u00e0  finan<span class=\"_ _0\"></span>ziarie  nelle  tre  categ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rie  previste  da<span class=\"_ _0\"></span>l  principio  dipend<span class=\"_ _0\"></span>e  da  due  criteri,<span class=\"_ _0\"></span>  o  driver,  di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">classificazione: <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>modello<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>business <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>gestiti <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>strumenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>(o <span class=\"_ _4\"> </span>Business <span class=\"_ _7\"> </span>Model) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>caratteristiche </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">contrattuali dei flussi<span class=\"_ _0\"></span> finanziari delle att<span class=\"_ _0\"></span>ivit\u00e0 finanziarie (o SPPI T<span class=\"_ _35\"></span>est). <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Dal combinato disposto dei due driver sopra menzio<span class=\"_ _0\"></span>nati discende la classificazi<span class=\"_ _3\"></span>one delle attivit\u00e0 finanziare, secondo quanto d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">seguito evidenziat<span class=\"_ _0\"></span>o: </div><div class=\"t m0 x0 h2 y7b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ammortizzato: <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>superano <span class=\"_ _2\"></span>l\u2019SPPI <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold </span></span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">to collect (HTC); </div><div class=\"t m0 x0 h2 y7d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span><span class=\"ff4\">on <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>(FVOCI): <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>superano <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019SPPI </span></span></div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">test e rientrano nel b<span class=\"_ _0\"></span>usiness model Hold to<span class=\"_ _0\"></span> collect and sell (HT<span class=\"_ _0\"></span>CS); <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _7\"> </span>(FVTPL): <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>residual<span class=\"_ _2\"></span>e, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ui </span></div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">rientrano <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>classificabili <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"> </span>precedenti <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>emerso <span class=\"_ _7\"> </span>dal </div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">business model test o <span class=\"_ _0\"></span>dal test sulle cara<span class=\"_ _0\"></span>tteristiche dei flus<span class=\"_ _0\"></span>si contrattuali (SPPI te<span class=\"_ _0\"></span>st non superato).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y83 ff2 fs0 fc2 sc0 ls0 ws0\">SPPI test </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">Affinch\u00e9 un\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>possa essere classificata <span class=\"_ _3\"></span>al costo ammortizzato o <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>FVOCI <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span></span>oltre all\u2019analisi relativa <span class=\"_ _3\"></span>al business </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">model -<span class=\"_ _3\"></span> <span class=\"ff4\">\u00e8 necessario <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>termini contrattuali dell\u2019attivit\u00e0 stessa prevedano, a <span class=\"_ _3\"></span>determinate date, flussi finanziari <span class=\"_ _3\"></span>rappre<span class=\"_ _2\"></span></span>sentati </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">unicamente <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell\u2019interesse <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019importo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _2\"></span>(\u201csolely <span class=\"_ _2\"></span>payment <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>principal <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">nd </span></div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">interest\u201d <span class=\"ff1\">- SPPI). Tale anal<span class=\"_ _0\"></span>isi deve essere effettuata, in partic<span class=\"_ _0\"></span>olare, per i fina<span class=\"_ _0\"></span>nziamenti e i titoli <span class=\"_ _0\"></span>di debito. <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _1c\"> </span>te<span class=\"ff4\">st <span class=\"_ _1c\"> </span>SPPI <span class=\"_ _1c\"> </span>deve <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>effettuato <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _1c\"> </span>ogni <span class=\"_ _1c\"> </span>singolo <span class=\"_ _1c\"> </span>strumento <span class=\"_ _1c\"> </span>finanzi<span class=\"_ _0\"></span>ario, <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>dell\u2019iscrizione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>bilancio. </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">S<span class=\"ff4\">uccessivamente <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nch\u00e9 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>rilevata <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n bilancio, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _3\"></span>valutazioni <span class=\"_ _6\"> </span>ai <span class=\"_ _3\"></span>fini </span></div><div class=\"t m0 x0 h32 y46 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>SPPI. <span class=\"_ _5\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>proced<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>derecognition <span class=\"_ _2\"></span>contabile) <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>finanziario <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>all\u2019iscrizione <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">una nuova a<span class=\"_ _0\"></span>ttivit\u00e0 finanziaria occorre pro<span class=\"_ _0\"></span>cedere all\u2019ef<span class=\"_ _35\"></span>fettuazione del test SPPI sul nuovo<span class=\"_ _0\"></span> asset. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">Ai fini dell\u2019applicazio<span class=\"_ _0\"></span>ne del test SPPI, l\u2019IFRS 9 fornisce le definiz<span class=\"_ _0\"></span>ioni di:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Ca<span class=\"_ _3\"></span>pitale: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>all\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>iniziale. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>modificarsi <span class=\"_ _2\"></span>durante <span class=\"_ _6\"> </span><span class=\"ff1\">la <span class=\"_ _2\"></span>vita </span></span></span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">dello strumento finanzi<span class=\"_ _0\"></span>ario, per esempio<span class=\"_ _0\"></span> per effetto dei rimb<span class=\"_ _0\"></span>orsi di parte del capita<span class=\"_ _3\"></span>le; </div><div class=\"t m0 x0 h2 y4c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>I<span class=\"_ _3\"></span>nteresse: \u00e8 <span class=\"_ _3\"></span>il c<span class=\"_ _3\"></span>orrispettivo per il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>temporale del d<span class=\"_ _3\"></span>enaro (time v<span class=\"_ _3\"></span>alue of <span class=\"_ _3\"></span>money) e<span class=\"_ _3\"></span> per <span class=\"_ _3\"></span>il r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>credito associato <span class=\"_ _6\"></span>al </span></div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">capitale in essere in un particolare period<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di tempo. Pu\u00f2 anche includere la remunera<span class=\"_ _0\"></span>zione per altri rischi e costi di bas<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x2a h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">associati all\u2019attivit\u00e0 c<span class=\"_ _0\"></span>reditizia e un margin<span class=\"_ _0\"></span>e di profitto.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _4\"> </span>valutare <span class=\"_ _4\"> </span>se <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _7\"> </span>contrattuali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>definiti <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>SPPI, <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _4\"> </span>fa <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">concetto <span class=\"_ _3\"></span>generale d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u201ccontratto <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span>(basic <span class=\"_ _3\"></span>lending a<span class=\"_ _3\"></span>rrangement), che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>indipendente dalla <span class=\"_ _3\"></span>forma </span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">legale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0. Quando le<span class=\"_ _3\"></span> clausole <span class=\"_ _3\"></span>contrattuali introducono <span class=\"_ _3\"></span>l\u2019esposizione a <span class=\"_ _3\"></span>rischi o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>volatilit\u00e0 dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari c<span class=\"_ _5\"></span><span class=\"ff1\">ontrattuali </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">non coerente con la definizione di basic lending arrang<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"ff4\">, come ad esempio l\u2019esposizione a variazione dei prezzi <span class=\"_ _0\"></span>di azioni </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">o <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>merci, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>soddisfano <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>SPPI<span class=\"_ _3\"></span><span class=\"ff2\">.<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span><span class=\"ff4\">L\u2019applicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>driver <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>basato <span class=\"_ _6\"></span>sui </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">flussi di cassa contratt<span class=\"_ _0\"></span>uali richiede talvolt<span class=\"_ _0\"></span>a un giudizio so<span class=\"_ _3\"></span>ggettivo e, pert<span class=\"_ _0\"></span>anto, la definizione d<span class=\"_ _0\"></span>i policy interne di applic<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4c y56 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">Nei <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore te<span class=\"_ _3\"></span>mporal<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>del denaro <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>modificato (\u201cmodified <span class=\"_ _3\"></span>time value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>money\u201d) <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso di </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminato <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span><span class=\"ff1\">iodicamente, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>frequenza <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rideterminazione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>frequenza <span class=\"_ _5\"></span>del </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">pagamento  delle  cedole  non  rispe<span class=\"_ _0\"></span>cchiano  la  natura  del  tasso  di  interesse<span class=\"_ _0\"></span>  (ad  esempio  il  tasso  di  interesse  \u00e8  ri<span class=\"_ _0\"></span>visto </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">mensilmente <span class=\"_ _3\"></span>sulla base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno) <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">d\u2019<span class=\"_ _3\"></span>interesse \u00e8 <span class=\"_ _2\"></span>ridetermina<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>periodicamente sulla <span class=\"_ _3\"></span>base </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>ticolari tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>medio<span class=\"_ _3\"></span>-lungo <span class=\"_ _3\"></span>termine <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>valutare, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>quantitativ<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">che qualitativi, se <span class=\"_ _3\"></span>i fl<span class=\"_ _3\"></span>ussi contrattuali rispondano ancora al<span class=\"_ _3\"></span>la defini<span class=\"_ _3\"></span>zione d<span class=\"_ _3\"></span>i SPPI (c.d<span class=\"_ _3\"></span>. benchmark cash <span class=\"_ _3\"></span>flows test<span class=\"ff2\">)<span class=\"_ _3\"></span>. </span>Qualora dal </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">test <span class=\"_ _3\"></span>emerga che <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>assa contrattuali <span class=\"_ _3\"></span>(non attualizzati) <span class=\"_ _3\"></span>risultano \u201csignificativamente differenti\u201d <span class=\"_ _3\"></span>rispetto ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span></div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">(anch\u2019essi <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttualizzati) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>uno<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>benchmark<span class=\"_ _2\"></span><span class=\"ff2\"> <span class=\"_ _2\"></span>(<span class=\"ff1\">ovv</span></span>ero <span class=\"_ _5\"></span>senza <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>time <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>modificato<span class=\"_ _3\"></span><span class=\"ff2\">)<span class=\"ff1\"> <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cassa </span></span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">contrattuali non posso<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o essere conside<span class=\"_ _0\"></span>rati come rispondenti <span class=\"_ _0\"></span>alla definizione di SP<span class=\"_ _0\"></span>PI.<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Analisi <span class=\"_ _3\"></span>particolari <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201clook <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>test\u201d) <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>richieste <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conseguenza <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span><span class=\"ff1\">te <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>multipli <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>gati <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>(\u201ccontractually <span class=\"_ _2\"></span>linked <span class=\"_ _2\"></span>instruments\u201d <span class=\"_ _5\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>CLI) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>creano <span class=\"_ _2\"></span>concentrazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">credito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipianamento del <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>recourse <span class=\"_ _3\"></span>asset, <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>esempio <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>it<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>fatto <span class=\"_ _3\"></span>valere </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">solo in relazione a d<span class=\"_ _0\"></span>eterminate attivit\u00e0<span class=\"_ _0\"></span> del debitore o ai flu<span class=\"_ _0\"></span>ssi finanziari deriv<span class=\"_ _0\"></span>anti da determinate <span class=\"_ _0\"></span>attivit\u00e0. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>presenza di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lausole contrattuali <span class=\"_ _3\"></span>che p<span class=\"_ _3\"></span>ossono modificare <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>eriodicit\u00e0 o <span class=\"_ _2\"></span>l\u2019ammontare dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontrattuali </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">deve <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>considerata <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>soddisfano <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>requisiti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sempio <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">prepagamento, <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>differire <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _5\"></span>contrattualmente, <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>incorporati<span class=\"_ _5\"></span>, <span class=\"_ _6\"></span>strumenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">subordinati, eccetera).  </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">Tuttavia, <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>previsto  d<span class=\"_ _0\"></span>all\u2019IFRS <span class=\"_ _16\"> </span>9,  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>caratteristica <span class=\"_ _16\"> </span>dei  fl<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ssi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>contrattuali <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>influisce <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>classificazion<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">dell'attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _6\"></span>qualora <span class=\"_ _5\"></span>possa <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>solo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>effetto <span class=\"_ _6\"></span>de <span class=\"_ _6\"></span>minimis <span class=\"_ _6\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _5\"></span>ari <span class=\"_ _5\"></span>contrattuali <span class=\"_ _6\"></span>dell'attivit\u00e0 <span class=\"_ _5\"></span>finanziaria </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">(in ciascun  es<span class=\"_ _0\"></span>ercizio  e  c<span class=\"_ _0\"></span>umulativame<span class=\"_ _0\"></span>nte).  Analogame<span class=\"_ _0\"></span>nte,  se <span class=\"_ _16\"> </span>una  caratteristica <span class=\"_ _16\"> </span>dei  flussi  f<span class=\"_ _35\"></span>inanziari  non  \u00e8  r<span class=\"_ _0\"></span>ealistica  (<span class=\"_ _0\"></span>not </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">genuine),<span class=\"ff2\"> <span class=\"_ _3\"></span></span>ovvero s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>influisce sui <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lussi f<span class=\"_ _3\"></span>inanziari contrattuali d<span class=\"_ _3\"></span>ello st<span class=\"_ _3\"></span>rumento soltanto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _3\"></span>verificarsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento <span class=\"_ _3\"></span>estremamente </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">raro, molto insolito e m<span class=\"_ _0\"></span>olto improbabil<span class=\"_ _0\"></span>e, essa non influisce s<span class=\"_ _0\"></span>ulla classificazione d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0 finanziaria.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">Ai fini dell\u2019effettuazione <span class=\"_ _0\"></span>del test SPPI, per l\u2019operativ<span class=\"_ _0\"></span>it\u00e0 in titoli di debito il Gr<span class=\"_ _0\"></span>uppo Intesa Sanpaol<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> si avvale dei servizi forniti da </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">noti <span class=\"_ _16\"> </span>info-provider. <span class=\"_ _16\"> </span>Tale <span class=\"_ _16\"> </span>scelta, <span class=\"_ _7\"> </span>da  un <span class=\"_ _7\"> </span>lato, <span class=\"_ _16\"> </span>permette <span class=\"_ _16\"> </span>agli <span class=\"_ _16\"> </span>operatori <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>front <span class=\"_ _7\"> </span>office  c<span class=\"_ _0\"></span>he <span class=\"_ _16\"> </span>operano <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>titoli <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avere <span class=\"_ _7\"> </span>un  esit<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">immediato <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>svolgimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test, <span class=\"_ _2\"></span>consentendo <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>snellimento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>qu<span class=\"_ _2\"></span><span class=\"ff4\">isto, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">avvalersi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impostazioni <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>condivise <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>molteplici <span class=\"_ _2\"></span>operatori <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>revisione. <span class=\"_ _5\"></span>Solo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _7\"> </span>non </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">siano  ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>titi <span class=\"_ _16\"> </span>dagli  info-<span class=\"ff4\">provider, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>test  \u00e8 <span class=\"_ _16\"> </span>effettuato <span class=\"_ _16\"> </span>manualmente <span class=\"_ _16\"> </span>tramite  l\u2019<span class=\"_ _0\"></span>utilizzo  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  un <span class=\"_ _7\"> </span>tool<span class=\"_ _2\"></span><span class=\"ff1\">  proprietario <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asato <span class=\"_ _16\"> </span>su  un<span class=\"_ _35\"></span>a </span></span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">metodologia sviluppata<span class=\"_ _0\"></span> internamente (alber<span class=\"_ _0\"></span>i decisionali). </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">Viceversa, <span class=\"_ _16\"> </span>per  l\u2019effettuazio<span class=\"_ _0\"></span>ne  del <span class=\"_ _16\"> </span>test  SPPI <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>dei  proc<span class=\"_ _0\"></span>essi  di<span class=\"_ _0\"></span>  concessione<span class=\"_ _0\"></span>  del  c<span class=\"_ _35\"></span>red<span class=\"_ _3\"></span>ito <span class=\"_ _16\"> </span>si  \u00e8 <span class=\"_ _16\"> </span>sviluppato  un <span class=\"_ _16\"> </span>tool </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">proprietario  basato  su  una  metodologia  sviluppata <span class=\"_ _1d\"> </span>internam<span class=\"_ _0\"></span>ente  (alberi  decisionali).  In  particolare,  date  le  significative </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">differenti <span class=\"_ _1d\"> </span>caratteristiche, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>gestione <span class=\"_ _17\"> </span>differenziata <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>prodotti <span class=\"_ _17\"> </span>riconducibili <span class=\"_ _1d\"> </span>a <span class=\"_ _18\"> </span>uno <span class=\"_ _1d\"> </span>st<span class=\"_ _3\"></span>andard <span class=\"_ _1d\"> </span>contrattuale </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">(tipicamente portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> crediti retail) e<span class=\"_ _0\"></span> finanziamenti tailor made (tipicamente portafogli<span class=\"_ _0\"></span>o crediti corporate). </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>standard, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>SPPI <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>effettuato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>strutturazione <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>contrattuale, <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proce<span class=\"_ _5\"></span>sso </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">\u00abCoordinamento <span class=\"_ _5\"></span>Nuovi <span class=\"_ _2\"></span>Prodotti\u00bb <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>esteso <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutti <span class=\"_ _4\"> </span><span class=\"ff1\">i <span class=\"_ _5\"></span>singoli <span class=\"_ _5\"></span>rapporti <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>medesimo <span class=\"_ _5\"></span>prodotto <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">catalogo. <span class=\"_ _4\"></span>Invece <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>tailor <span class=\"_ _4\"> </span>made, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>SPPI <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>effettuato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _7\"> </span>/ <span class=\"_ _4\"></span>rapporto <span class=\"_ _4\"></span>sottoposta<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019organo delibera<span class=\"_ _0\"></span>nte attraverso l\u2019utiliz<span class=\"_ _0\"></span>zo del tool proprietar<span class=\"_ _0\"></span>io.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Gli  alberi <span class=\"_ _7\"> </span>decisionali  -  inseriti <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  to<span class=\"_ _0\"></span>ol  propri<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tario  -  son<span class=\"_ _0\"></span>o  st<span class=\"_ _0\"></span>ati  predis<span class=\"_ _0\"></span>posti  inte<span class=\"_ _0\"></span>rnamente  (<span class=\"_ _0\"></span>sia  p<span class=\"_ _0\"></span>er  i <span class=\"_ _16\"> </span>titoli  di <span class=\"_ _7\"> </span>debito  che  i<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">finanziamenti) e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>atturano <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>caratteristiche non <span class=\"_ _2\"></span>SPPI <span class=\"_ _3\"></span>compliant. <span class=\"_ _3\"></span>Tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>indicazioni <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>dall\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">9,</span> </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">oltre <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>recepire <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>interpretazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _5\"></span>Gli <span class=\"_ _6\"> </span>alberi <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>utilizzati <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>l\u2019i<span class=\"_ _3\"></span>mplementazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">elle </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">regole del tool pro<span class=\"_ _0\"></span>prietario, sia per la v<span class=\"_ _0\"></span>erifica e per la validazi<span class=\"_ _0\"></span>one della metodol<span class=\"_ _0\"></span>ogia adottata dagli in<span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>-provider.  </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y83 ff2 fs0 fc2 sc0 ls0 ws0\">Business model </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda il business model, l\u2019IFRS 9 individua tre fattispecie in relazio<span class=\"_ _0\"></span>ne alla modalit\u00e0 con cui sono gestiti i f<span class=\"_ _5\"></span><span class=\"ff1\">lussi di </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">cassa e le vendite dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> attivit\u00e0 finanziari<span class=\"_ _0\"></span>e: <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y86 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Ho<span class=\"_ _3\"></span>ld <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Collect <span class=\"_ _3\"></span>(HTC): <span class=\"_ _3\"></span>s</span>i <span class=\"_ _3\"></span>tratta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span><span class=\"ff4\">business il <span class=\"_ _2\"></span>cui obiettivo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>realizza <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>l\u2019incasso dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span></span></div><div class=\"t m0 x2a h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">contrattuali <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>incluse <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>esso <span class=\"_ _7\"> </span>associati. <span class=\"_ _4\"> </span>L\u2019inserimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>tale <span class=\"_ _4\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>comporta <span class=\"_ _4\"></span>nec<span class=\"_ _3\"></span><span class=\"ff4\">essariamente <span class=\"_ _4\"> </span>l\u2019impo<span class=\"_ _0\"></span>ssibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vendere <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>strumenti <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>se <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">necessario <span class=\"_ _4\"> </span>considerare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>frequenza, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>tempistica <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>vendite <span class=\"_ _4\"> </span>ne<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _4\"></span>precedenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ragioni <span class=\"_ _4\"> </span>delle </div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">vendite e le aspettati<span class=\"_ _0\"></span>ve riguardo alle v<span class=\"_ _0\"></span>endite future; </div><div class=\"t m0 x0 h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Ho<span class=\"_ _3\"></span>ld <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Collect<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _2\"></span>(HTCS): <span class=\"_ _2\"></span><span class=\"ff4\">\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>misto, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>raggiunto <span class=\"_ _3\"></span>attraverso <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span></span></div><div class=\"t m0 x2a h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>contrattuali <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>(anche) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>part<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">integrante  della  strategia.  Entrambe  le <span class=\"_ _16\"> </span>attivit\u00e0  (raccolta  dei  flussi  contr<span class=\"_ _0\"></span>attuali  e  vendita)  sono  indi<span class=\"_ _0\"></span>spensabili  per  il </div><div class=\"t m0 x2a h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">raggiungimento dell\u2019obiettivo del modello di business. Pertanto, le vendite sono pi\u00f9 <span class=\"_ _3\"></span>frequenti e significative rispetto ad un<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">business model HTC e s<span class=\"_ _0\"></span>ono parte integrante delle strategie<span class=\"_ _0\"></span> perseguite;  </div><div class=\"t m0 x0 h2 y4c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Oth<span class=\"_ _3\"></span>er/Trading: s</span>i <span class=\"_ _3\"></span>tratta di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>categoria residuale che <span class=\"_ _3\"></span>comprende sia <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie detenute <span class=\"_ _3\"></span>con f<span class=\"_ _3\"></span>inalit\u00e0 di <span class=\"_ _3\"></span>trading<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">sia le attivit\u00e0 finanziarie gestite con <span class=\"_ _3\"></span>un modello di business non riconducibile alle c<span class=\"_ _2\"></span>ate<span class=\"_ _3\"></span>gorie precedenti (Hold to Collect ed<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Sell). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>generale <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>classificazione <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>gestione <span class=\"_ _6\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">performance sono v<span class=\"_ _0\"></span>alutate sulla base del f<span class=\"_ _0\"></span>air value.  </div><div class=\"t m0 x0 h4c y50 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _5\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>gestite <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>generare <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beneficio </div><div class=\"t m0 x0 h32 y52 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019entit\u00e0 <span class=\"_ _16\"> </span>e  viene  definito <span class=\"_ _16\"> </span>dal  top  m<span class=\"_ _0\"></span>anagement  medi<span class=\"_ _0\"></span>ante  l\u2019opportun<span class=\"_ _0\"></span>o  coinvolgime<span class=\"_ _0\"></span>nto  delle <span class=\"_ _16\"> </span>strutture  di  busin<span class=\"_ _0\"></span>ess.  Viene<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">osservato considerando la modalit\u00e0<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>gestione delle attivit\u00e0 finanziarie e, come conseguenza, la misura in cui i flussi di cassa </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>derivano <span class=\"_ _2\"></span>dall\u2019incasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>contrattuali, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>entrambe <span class=\"_ _2\"></span>queste <span class=\"_ _3\"></span>a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0.<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>avviene <span class=\"_ _7\"> </span>sulla  base <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>che,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>ragionevoli <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell'entit\u00e0, <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>destinati <span class=\"_ _7\"> </span>a </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">verificarsi,  co<span class=\"_ _3\"></span>me  i <span class=\"_ _1d\"> </span>cosiddetti <span class=\"_ _1d\"> </span>scenari  \u00abworst <span class=\"_ _1d\"> </span>case\u00bb  o<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>\u00abstress  case\u00bb. <span class=\"_ _1d\"> </span>Per <span class=\"_ _1d\"> </span>esempio,  se <span class=\"_ _1d\"> </span>l'entit\u00e0  p<span class=\"_ _3\"></span>revede  di <span class=\"_ _1d\"> </span>vendere <span class=\"_ _1d\"> </span>un </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">determinato <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>solo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>\u00ab<span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>case\u00bb, <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>influisce <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>valutazione </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">del modello di business dell'entit\u00e0 per tali attivit\u00e0 se tale scenario, in base a previsioni ragionevoli<span class=\"_ _0\"></span> dell'entit\u00e0, non \u00e8 d<span class=\"_ _5\"></span>estinato a </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">verificarsi. </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>modello di business non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ipende dalle intenzioni che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>management<span class=\"_ _0\"></span> ha <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento ad un si<span class=\"_ _3\"></span>ngolo strumento finanziario, </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">ma <span class=\"_ _7\"> </span>fa <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>gruppi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>vengono <span class=\"_ _7\"> </span>gestiti <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>ra<span class=\"_ _3\"></span>ggiungiment<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>un </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">determinato obiettivo d<span class=\"_ _0\"></span>i business<span class=\"lsd\">. </span> </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.676575px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">In sintesi, il business<span class=\"_ _0\"></span> model<span class=\"ff2\">:</span> </div><div class=\"t m0 x0 h2 y5 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>iflette le modalit\u00e0 <span class=\"_ _0\"></span>con cui le attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie sono gest<span class=\"_ _0\"></span>ite per generare flu<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>si di cassa;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>iene definito dal t<span class=\"_ _0\"></span>op management, mediant<span class=\"_ _0\"></span>e l\u2019opportuno coinvolgime<span class=\"_ _0\"></span>nto delle strutture di <span class=\"_ _0\"></span>business;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y61 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eve essere osservabil<span class=\"_ _0\"></span>e considerando le modali<span class=\"_ _0\"></span>t\u00e0 di gestione d<span class=\"_ _0\"></span>elle attivit\u00e0 finanziari<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>operativi <span class=\"_ _7\"> </span>l\u2019assessment <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>modello <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>business <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>effettuato <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019organizzazione <span class=\"_ _4\"> </span>aziendale, <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">specializzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _18\"> </span>funzioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>business, <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>modello <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>risk <span class=\"_ _17\"> </span>cas<span class=\"_ _2\"></span><span class=\"ff4\">cading <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>l\u2019assegnazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>poteri <span class=\"_ _17\"> </span>delegati <span class=\"_ _17\"> </span>(limiti). </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019effettuare  l\u2019asses<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ment  del  business<span class=\"_ _0\"></span>  model  si  utilizzano <span class=\"_ _16\"> </span>tutti  i  fattori  rilevanti  di<span class=\"_ _0\"></span>sponibili  alla  data<span class=\"_ _0\"></span>  dell\u2019assessment<span class=\"_ _2\"></span><span class=\"ff1 ls12\">. </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls10 ws0\">Le<span class=\"ls0\"> evidenze<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sopra richiamate comprendono <span class=\"_ _3\"></span>la strategia, i <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>e la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>estione, <span class=\"_ _3\"></span>le politiche <span class=\"_ _3\"></span>di remunerazione, il <span class=\"_ _3\"></span>reporting e </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019ammontare delle vendite. Nell\u2019analisi del <span class=\"_ _3\"></span>business model \u00e8 <span class=\"_ _3\"></span>essenziale che gli e<span class=\"_ _3\"></span>lementi indagati mostrino tra d<span class=\"_ _3\"></span>i loro coeren<span class=\"_ _5\"></span><span class=\"ff1\">za </span></div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>perseguita. <span class=\"_ _6\"> </span>L<span class=\"_ _3\"></span>\u2019ev<span class=\"_ _2\"></span><span class=\"ff1\">idenza <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>linea <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>deve </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">essere analizzata e <span class=\"_ _0\"></span>adeguatamente giustificat<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>proposito <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>intenti <span class=\"_ _2\"></span>gestionali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziare <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>detenute, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>redatto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>app<span class=\"_ _5\"></span>osito </div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">documento \u201cRegole in <span class=\"_ _3\"></span>materia di business <span class=\"_ _3\"></span>model\u201d (approvato dai competenti livelli di <span class=\"_ _3\"></span>governance), destinato alla Capogruppo </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">e alle Societ\u00e0 del Gr<span class=\"_ _0\"></span>uppo Bancario. Esso def<span class=\"_ _0\"></span>inisce e declina gli<span class=\"_ _0\"></span> elementi costituti<span class=\"_ _0\"></span>vi del business model <span class=\"_ _0\"></span>in relazione alle at<span class=\"_ _2\"></span>tivit\u00e0 </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _7\"> </span>inserite <span class=\"_ _16\"> </span>ne<span class=\"ff4\">i <span class=\"_ _16\"> </span>portafogli <span class=\"_ _7\"> </span>gestiti <span class=\"_ _16\"> </span>nello <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>sulle <span class=\"_ _16\"> </span>strutture <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>business <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>mappatura <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>business <span class=\"_ _6\"></span>adottato <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>diverse <span class=\"_ _4\"></span>strutture <span class=\"_ _4\"></span>attraverso <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">opera, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>debito, <span class=\"_ _3\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell\u2019articolazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>Divisionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Centro <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Governo; <span class=\"_ _6\"></span>tale <span class=\"_ _4\"> </span>articolazione <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>individuata <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>rilevante <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>definizione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>rappresentazione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>divers<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h57 y71 ff1 fs0 fc0 sc0 ls0 ws0\">modelli di busines<span class=\"_ _0\"></span>s applicati dai Risk Taking Center <span class=\"_ _0\"></span>del Gruppo.<span class=\"ff5 fs12 fc2\"> </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>dell\u2019Area <span class=\"_ _3\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>Officer, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>sovraintende<span class=\"_ _35\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">ad alto livello, <span class=\"_ _3\"></span>la procedura necessaria per determinare il modello di business di un <span class=\"_ _5\"></span>determinato insieme di attivit\u00e0 e verifica la </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">necessit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>(da <span class=\"_ _7\"> </span>riportare, <span class=\"_ _6\"></span>con <span class=\"_ _7\"> </span>cadenza <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>meno <span class=\"_ _4\"></span>annuale, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>documento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">business model). </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y78 ff2 fs0 fc2 sc0 ls0 ws0\">Monitoraggi del Busi<span class=\"_ _0\"></span>ness Model </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>business <span class=\"_ _7\"> </span>model <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rifer<span class=\"_ _3\"></span>imento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutture <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>opera <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>effettuato <span class=\"_ _4\"> </span>dal<span class=\"_ _3\"></span>la<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Mercato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>utilizza <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>aventi <span class=\"_ _3\"></span>l\u2019obiettivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>verificare la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>tra s<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span><span class=\"ff1\">rategia </span></div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">dichiarata e <span class=\"_ _2\"></span>quella perseguita <span class=\"_ _3\"></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>modelli di <span class=\"_ _2\"></span>business;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>indicatori, <span class=\"_ _3\"></span>differenziati per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model, sono </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">stati sviluppati in li<span class=\"_ _0\"></span>nea con l\u2019IFRS 9 <span class=\"_ _0\"></span>e in coerenza con policy <span class=\"_ _0\"></span>e regole aziendali<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Per i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>Hold to <span class=\"_ _3\"></span>Collect, il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>definito le <span class=\"_ _3\"></span>soglie di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmissibilit\u00e0 delle vendite c<span class=\"_ _3\"></span>he non <span class=\"_ _3\"></span>inficiano la <span class=\"_ _3\"></span>classificazion<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">(frequenti <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>significative, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>dividualmente <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>aggregato, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>infrequenti <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>se <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>gnificativo<span class=\"_ _0\"></span>) <span class=\"_ _6\"></span>e, </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">contestualmente, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>stabiliti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>individuare <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>endite <span class=\"_ _7\"> </span>coerenti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>modello <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>business <span class=\"_ _7\"> </span>in  q<span class=\"_ _35\"></span>uanto </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">riconducibili ad un in<span class=\"_ _0\"></span>cremento del risc<span class=\"_ _0\"></span>hio di credito o per titol<span class=\"_ _0\"></span>i prossimi alla scad<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nza.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9 nel dettaglio, nell<span class=\"_ _0\"></span>\u2019ambito di un mod<span class=\"_ _0\"></span>ello di business HTC l<span class=\"_ _0\"></span>e vendite sono ammesse<span class=\"_ _0\"></span>: <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y83 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>n caso di aumento d<span class=\"_ _0\"></span>el rischio di credito, che a<span class=\"_ _0\"></span>vviene:  </span></div><div class=\"t m0 x2a h2 y84 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"> </span>quando <span class=\"_ _4\"> </span>si <span class=\"_ _6\"> </span>verifica <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>downgrade <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>predeterminati <span class=\"_ _5\"></span>notches <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>rating <span class=\"_ _6\"></span>all\u2019origination. <span class=\"_ _6\"></span>L\u2019approccio </span></span></div><div class=\"t m0 x17c h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">adottato <span class=\"_ _4\"> </span>prevede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>numero <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>notch <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>differenziato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>rating <span class=\"_ _4\"> </span>all\u2019originati<span class=\"_ _0\"></span>on, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">oerenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x17c h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">metodologia in uso per<span class=\"_ _0\"></span> l'identificazione dell<span class=\"_ _0\"></span>a \"significant det<span class=\"_ _0\"></span>erioration\", ossia per il<span class=\"_ _0\"></span> passaggio di staging;<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y87 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er i crediti, se si t<span class=\"_ _0\"></span>ratta di cessioni di cre<span class=\"_ _0\"></span>diti deteriorati o <span class=\"_ _0\"></span>di crediti classificati in <span class=\"_ _0\"></span>stage 2; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y88 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i titoli <span class=\"_ _3\"></span>prossimi a <span class=\"_ _3\"></span>scadenza (ovvero, s<span class=\"_ _3\"></span>econdo le nor<span class=\"_ _3\"></span>me di <span class=\"_ _3\"></span>Gruppo, nei 6 <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>precedenti la <span class=\"_ _3\"></span>scadenza), purch\u00e9 quanto </span></div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">incassato approssimi il<span class=\"_ _0\"></span> valore attuale dei fl<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ssi contrattuali rima<span class=\"_ _0\"></span>nenti;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y46 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qua<span class=\"_ _3\"></span>ndo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>frequenti <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>significative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>infrequenti <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>sig<span class=\"_ _2\"></span>nificative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">previo assessment autori<span class=\"_ _0\"></span>zzativo a cura dei competenti Organi di control<span class=\"_ _0\"></span>lo.<span class=\"_ _3\"></span> Al f<span class=\"_ _3\"></span>ine di determinare q<span class=\"_ _0\"></span>uesti aspetti sono stat<span class=\"_ _35\"></span>e </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">definite soglie di fr<span class=\"_ _0\"></span>equenza e significati<span class=\"_ _0\"></span>vit\u00e0:<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y49 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>la <span class=\"_ _7\"> </span>frequenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>definita <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>percentual<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>numero <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>posizioni <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>endute <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>il </span></span></div><div class=\"t m0 x62 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">numero di posizioni i<span class=\"_ _0\"></span>n portafoglio;  </div><div class=\"t m0 x2a h2 y4b ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">la significativit\u00e0 \u00e8 definita come il rapporto percentuale tra <span class=\"_ _3\"></span>il valore nominale delle vendite intervenute durante l\u2019anno<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x62 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">in corso e il valore n<span class=\"_ _0\"></span>ominale degli strumenti in portafoglio. </div><div class=\"t m0 x62 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">Con riferimento alla determinazione<span class=\"_ _0\"></span> dei \u201cRischi\u201d e del \u201c<span class=\"_ _3\"></span>Reporting<span class=\"_ _0\"></span>\u201d sui modelli di business HTCS e Trading si applica in linea<span class=\"_ _5\"></span><span class=\"ff1\"> di </span></div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">principio <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>normato <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>RAF <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Charter, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>policy <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei <span class=\"_ _5\"></span>controlli <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>contestualmente <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>definite <span class=\"_ _4\"> </span>talune <span class=\"_ _7\"> </span>misure <span class=\"_ _4\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>monitorare <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>coerenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>business <span class=\"_ _4\"> </span>HTCS <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">Other/Trading. </div><div class=\"t m0 x0 h95 y52 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">Con ri<span class=\"_ _3\"></span>ferimento al b<span class=\"_ _3\"></span>usiness model <span class=\"_ _3\"></span>HTCS, il<span class=\"_ _2\"></span> principio <span class=\"_ _3\"></span>IFRS 9<span class=\"_ _3\"></span> non <span class=\"_ _3\"></span>prevede la <span class=\"_ _3\"></span>necessit\u00e0 di <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>frequenza o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>valore delle </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">vendite, <span class=\"_ _7\"> </span>tuttavia <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>stabilito <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>soli <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>garantir<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>tempo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>corr<span class=\"_ _5\"></span>etta </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">attribuzione al busin<span class=\"_ _0\"></span>ess model scelto. Gli stessi sono definiti <span class=\"_ _0\"></span>come: </div><div class=\"t m0 x0 h2 y56 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Ho<span class=\"_ _3\"></span>lding Period - misura la gi<span class=\"_ _0\"></span>acenza temporale di<span class=\"_ _0\"></span> un determinato strum<span class=\"_ _0\"></span>ento in portafoglio;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y57 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>I<span class=\"_ _3\"></span>ndice di Turnover - misur<span class=\"_ _0\"></span>a la velocit\u00e0 di rotazi<span class=\"_ _0\"></span>one delle posizioni in p<span class=\"_ _0\"></span>ortafoglio su un pred<span class=\"_ _0\"></span>efinito arco temp<span class=\"_ _0\"></span>orale.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>m<span class=\"ff1\">onitoraggio <span class=\"_ _4\"></span>degli <span class=\"_ _4\"></span>indicatori <span class=\"_ _4\"></span>sopra <span class=\"_ _6\"></span>definiti <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>soglie <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>early <span class=\"_ _4\"> </span>warning <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>del </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">complesso delle strategi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> perseguite dal p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtafoglio classific<span class=\"_ _0\"></span>ato Hold to Collect a<span class=\"_ _0\"></span>nd Sell.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>capi<span class=\"_ _3\"></span>tale <span class=\"_ _5\"></span>detenuti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>misura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>coerenza <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y5c ff4 fs0 fc0 sc0 ls0 ws0\">inclusione nel <span class=\"_ _3\"></span>business model <span class=\"_ _3\"></span>scelto, rappresentata dall\u2019indicatore di <span class=\"_ _3\"></span>\u201cpermanenza media <span class=\"_ _3\"></span>attesa\u201d (c.d. <span class=\"_ _3\"></span>Vintage) che <span class=\"_ _3\"></span>misura la<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">giacenza temporale <span class=\"_ _0\"></span>osservata di ogni titolo in<span class=\"_ _0\"></span> porta<span class=\"_ _3\"></span>foglio. </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">Le misure di monitoragg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>o relative ai div<span class=\"_ _0\"></span>ersi business model s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>no oggetto di regola<span class=\"_ _0\"></span>re reporting in comitati te<span class=\"_ _0\"></span>cnici.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span></div><div class=\"t m0 x0 h95 y60 ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne del costo ammortizza<span class=\"_ _0\"></span>to </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Il costo ammortizzato di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria \u00e8 il valore a cui <span class=\"_ _3\"></span>\u00e8 stata misurata, alla rilevazione iniziale, l<span class=\"_ _5\"></span>\u2019attivit\u00e0 o la </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 <span class=\"_ _16\"> </span>finanziaria  al <span class=\"_ _16\"> </span>netto  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i  rimb<span class=\"_ _0\"></span>orsi  di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _16\"> </span>accresciuto  o <span class=\"_ _16\"> </span>diminuito  d<span class=\"_ _0\"></span>all\u2019ammortamento <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessivo, <span class=\"_ _16\"> </span>calc<span class=\"_ _5\"></span><span class=\"ff1\">olato </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">usando il metodo dell\u2019interesse effettivo, delle differenz<span class=\"_ _0\"></span>e tra i<span class=\"_ _3\"></span>l valore iniziale e quello a scadenza e al netto di <span class=\"_ _3\"></span>qualsias<span class=\"_ _2\"></span><span class=\"ff1\">i perdita </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">di valore.  </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Il  tasso  di  interesse  effettivo <span class=\"_ _16\"> </span>\u00e8  quel  tasso  che  eguaglia  il  valore  attuale  di  un\u2019attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>  o  passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\">  finanziaria  al  flusso </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">contrattuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>denaro <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>ricevuti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ricalcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>prezzo. <span class=\"_ _2\"></span>Per<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">calcolo del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>il tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse effettivo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>flusso dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>incassi o <span class=\"_ _3\"></span>pag<span class=\"_ _2\"></span><span class=\"ff4\">amenti <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita <span class=\"_ _3\"></span>utile<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziaria o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per un<span class=\"_ _3\"></span> periodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>breve <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>talune condizioni <span class=\"_ _3\"></span>(per <span class=\"_ _3\"></span>esempio revisione <span class=\"_ _3\"></span>dei <span class=\"_ _6\"> </span><span class=\"ff1\">tassi </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">di mercato). </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _5\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _6\"></span>permette <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>llocare <span class=\"_ _6\"></span>ricavi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osti <span class=\"_ _6\"></span>portati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>diminuzione <span class=\"_ _5\"></span>o </div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">aumento <span class=\"_ _29\"> </span>dello <span class=\"_ _23\"> </span>strumento <span class=\"_ _29\"> </span>lungo <span class=\"_ _23\"> </span>l<span class=\"_ _3\"></span>\u2019intera <span class=\"_ _29\"> </span>vita <span class=\"_ _23\"> </span>attesa <span class=\"_ _29\"> </span>dello <span class=\"_ _29\"> </span>stesso <span class=\"_ _29\"> </span>per <span class=\"_ _23\"> </span>il <span class=\"_ _29\"> </span>tramite <span class=\"_ _29\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>ammortam<span class=\"_ _0\"></span>ento. </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls10 ws0\">La<span class=\"ls0\"> determin<span class=\"_ _0\"></span>azione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diversa <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _16\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">siano a tasso <span class=\"_ _3\"></span>fisso o variabile e <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">in quest\u2019ultimo caso \u2013</span> a<span class=\"_ _3\"></span> seconda che la variabilit\u00e0 del <span class=\"_ _3\"></span>tasso sia nota o meno a <span class=\"_ _3\"></span>priori. Per gli </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">strumenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>asce <span class=\"_ _6\"></span>temporali, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>quantif<span class=\"_ _2\"></span>icati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _3\"></span>noto <span class=\"_ _3\"></span>(unico <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iabile) durante <span class=\"_ _2\"></span>la v<span class=\"_ _3\"></span>ita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0/passivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>asso v<span class=\"_ _3\"></span>ariabile<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">variabilit\u00e0 n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>nota <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>priori <span class=\"_ _3\"></span>(ad <span class=\"_ _3\"></span>esempio <span class=\"_ _3\"></span>perch\u00e9 <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>n i<span class=\"_ _3\"></span>ndice), <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>lussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">base d<span class=\"_ _3\"></span>ell\u2019ultimo tasso <span class=\"_ _3\"></span>noto. <span class=\"_ _3\"></span>Ad o<span class=\"_ _3\"></span>gni da<span class=\"_ _3\"></span>ta di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>tasso si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ricalcolo del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>piano di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortam<span class=\"_ _0\"></span>ento e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>tass<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">di rendimento effettivo su tut<span class=\"_ _0\"></span>ta la vita utile dello strumento, cio<span class=\"_ _0\"></span>\u00e8 fino alla data di scadenz<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">. L\u2019aggiustamento viene ri<span class=\"_ _0\"></span>conosciuto </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">come costo o provento<span class=\"_ _0\"></span> nel conto economi<span class=\"_ _0\"></span>co. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>quelle<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>impatto <span class=\"_ _17\"> </span>sulla <span class=\"_ _17\"> </span>redditiv<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _1d\"> </span>complessiva, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>costo </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato.  </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>negoziate  a <span class=\"_ _7\"> </span>condizioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>inizialmente <span class=\"_ _16\"> </span>rilevate <span class=\"_ _7\"> </span>al  loro <span class=\"_ _7\"> </span>fair  valu<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>che </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">normalmente <span class=\"_ _2\"></span>corrisponde <span class=\"_ _3\"></span>all\u2019ammontare <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>rogato<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>comprensivo, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>dei </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">costi di transazione <span class=\"_ _0\"></span>e delle commissioni di<span class=\"_ _0\"></span>rettamente imputabi<span class=\"_ _0\"></span>li. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazione i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>proventi <span class=\"_ _3\"></span>marginali <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sterni <span class=\"_ _3\"></span>attribuibili all'emissione, <span class=\"_ _3\"></span>all\u2019acqui<span class=\"_ _5\"></span><span class=\"ff1\">sizione <span class=\"_ _3\"></span>o </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">alla dismissione <span class=\"_ _3\"></span>di uno <span class=\"_ _3\"></span>strumento finanziario e <span class=\"_ _3\"></span>non riaddebitabili a<span class=\"_ _3\"></span>l cliente. <span class=\"_ _3\"></span>Tali commissioni, che d<span class=\"_ _3\"></span>evono essere dirett<span class=\"_ _5\"></span>amente </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">riconducibili <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>singola <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziaria, <span class=\"_ _7\"> </span>incidono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _7\"> </span>rendimento <span class=\"_ _16\"> </span>effettivo <span class=\"_ _7\"> </span>originario <span class=\"_ _7\"> </span>e  r<span class=\"_ _0\"></span>endono <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>associato <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>transazione <span class=\"_ _5\"></span>diverso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>tasso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>contrattuale. <span class=\"_ _2\"></span>Sono <span class=\"_ _2\"></span>esclusi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>costi/proventi<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>relativi </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">indistintamente <span class=\"_ _16\"> </span>a  pi<span class=\"_ _0\"></span>\u00f9  operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i  e <span class=\"_ _16\"> </span>le  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mponenti <span class=\"_ _16\"> </span>correlate  a<span class=\"_ _0\"></span>d  eventi <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>possono  verifi<span class=\"_ _0\"></span>carsi  n<span class=\"_ _0\"></span>el  c<span class=\"_ _0\"></span>orso  de<span class=\"_ _0\"></span>lla  vita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ello </div><div class=\"t m0 x0 h32 y82 ff4 fs0 fc0 sc0 ls0 ws0\">strumento <span class=\"_ _18\"> </span>finanziario, <span class=\"_ _1c\"> </span>ma <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>non <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>certi <span class=\"_ _18\"> </span>all\u2019atto <span class=\"_ _18\"> </span>della <span class=\"_ _1c\"> </span>definizione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>quali <span class=\"_ _1c\"> </span>ad <span class=\"_ _18\"> </span>esempio: <span class=\"_ _1c\"> </span>commissioni <span class=\"_ _18\"> </span>per </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">retrocessione, per manc<span class=\"_ _0\"></span>ato utilizzo, per estinzi<span class=\"_ _0\"></span>one anticipata. Ino<span class=\"_ _0\"></span>ltre non sono consider<span class=\"_ _0\"></span>ati nel calcolo del <span class=\"_ _0\"></span>costo ammortizzato i<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">costi <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>l\u2019impresa <span class=\"_ _17\"> </span>dovrebbe <span class=\"_ _1d\"> </span>sostenere <span class=\"_ _17\"> </span>indipendentemente<span class=\"_ _35\"></span> <span class=\"_ _17\"> </span>da<span class=\"_ _3\"></span>ll\u2019operazione <span class=\"_ _1d\"> </span>(es. <span class=\"_ _1d\"> </span>costi <span class=\"_ _17\"> </span>amministrativi, <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>cancelleria, <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">comunicazione), q<span class=\"ff4\">uelli che, <span class=\"_ _3\"></span>pur essendo specificatamente attribuibili all\u2019operazione, rientrano nella n<span class=\"_ _3\"></span>ormale prassi di <span class=\"_ _3\"></span>gestione </span></div><div class=\"t m0 x0 h32 y86 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _4\"> </span>(ad <span class=\"_ _4\"> </span>ese<span class=\"_ _3\"></span>mpio, <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>all\u2019erogazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fido), <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>commissioni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"> </span>incassate <span class=\"_ _4\"> </span>a </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">seguito <span class=\"_ _7\"> </span>dell'espletamento <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Finanza <span class=\"_ _7\"> </span>Strutturata <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sarebbero <span class=\"_ _7\"> </span>comunque <span class=\"_ _7\"> </span>incassate <span class=\"_ _7\"> </span>indipendentemente <span class=\"_ _7\"> </span>dal </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">successivo finanziame<span class=\"_ _0\"></span>nto dell'operazione <span class=\"_ _0\"></span>(quali ad esempio le<span class=\"_ _0\"></span> commissioni di facility e<span class=\"_ _0\"></span> di arrangement). <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Con particolare riferimento ai <span class=\"_ _3\"></span>crediti, si consider<span class=\"_ _3\"></span>ano costi riconducibili allo <span class=\"_ _3\"></span>strumento finanziario le provvigioni pagate ai canali </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">distributivi, <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>compensi <span class=\"_ _4\"> </span>pagati <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>consulenza/assistenza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019organizzazione <span class=\"_ _6\"></span>e/o <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>artecipazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>restiti <span class=\"_ _6\"> </span>sindacati <span class=\"_ _4\"> </span>ed<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">infine <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>up <span class=\"_ _5\"></span>front <span class=\"_ _5\"></span>correlate <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _6\"></span>erogati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato; <span class=\"_ _2\"></span>mentre <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>considerati <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">calcolo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>up<span class=\"_ _2\"></span>-front <span class=\"_ _6\"></span>correlate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>erogati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>inferiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>mercato<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">quelle <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"> </span>sindacat<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>brokeragg<span class=\"_ _0\"></span>io <span class=\"_ _4\"></span>collegate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>provvigioni <span class=\"_ _4\"></span>riconosciute<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>da </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 di intermedia<span class=\"_ _0\"></span>zione.  </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>economico, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _4\"> </span>le </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">commissioni per <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>con b<span class=\"_ _3\"></span>roker operanti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>mercati azionari <span class=\"_ _3\"></span>italiani, <span class=\"_ _3\"></span>quelle erogate agli <span class=\"_ _3\"></span>intermediari operanti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>mercati </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">azionari e o<span class=\"_ _3\"></span>bbligazionari esteri definite sulla base d<span class=\"_ _3\"></span>i tabelle <span class=\"_ _3\"></span>commissionali. Non si considerano attratti <span class=\"_ _3\"></span>dal costo ammortiz<span class=\"_ _5\"></span>zato </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">i bolli, in quanto non signifi<span class=\"_ _0\"></span>cativi.  </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>titoli <span class=\"_ _17\"> </span>emessi, <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>considerati <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>ammortizzato <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>commissioni <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>collocamento <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prestiti </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">obbligazionari <span class=\"_ _3\"></span>pagate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>gate <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>borse <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensi <span class=\"_ _3\"></span>pagati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>revisori <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>svol<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">ogni <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>mentre <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>considerano <span class=\"_ _4\"></span>attratte <span class=\"_ _4\"></span>dal <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>commissioni <span class=\"_ _4\"> </span>pagate <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">rating, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>spese <span class=\"_ _5\"></span>legali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consulenza/revisione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>prospetti <span class=\"_ _5\"></span>informativi, <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019util<span class=\"_ _5\"></span><span class=\"ff1\">izzo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">indici e le commissioni<span class=\"_ _0\"></span> che si originano dur<span class=\"_ _0\"></span>ante la vita del prestit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> obbligazionario em<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sso.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>osto <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>applica <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _7\"> </span>sopra <span class=\"_ _4\"> </span>elencati </div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9 per <span class=\"_ _3\"></span>l\u2019iscrizione di qu<span class=\"_ _3\"></span><span class=\"ff1\">elli emessi o <span class=\"_ _3\"></span>acquistati ad <span class=\"_ _3\"></span>un valore <span class=\"_ _3\"></span>diverso dal l<span class=\"_ _3\"></span>oro<span class=\"_ _3\"></span><span class=\"ff2\"> <span class=\"_ _3\"></span></span>fair value. <span class=\"_ _3\"></span>Questi ultimi vengono iscritti a<span class=\"_ _3\"></span>l fair </span></div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">value, <span class=\"_ _3\"></span>anzich\u00e9 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>incassato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pagato, <span class=\"_ _3\"></span>calcolato <span class=\"_ _2\"></span>attualizzando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>futuri <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>guale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>tasso<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">rendimento <span class=\"_ _6\"></span>effettivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>imili <span class=\"_ _6\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>creditizio, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _6\"></span>contrattuali, <span class=\"_ _6\"></span>val<span class=\"_ _3\"></span>uta, <span class=\"_ _6\"></span>ecc.), <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>contestuale </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">rilevazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>onere <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>provento <span class=\"_ _3\"></span>finanziario; <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>sono </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">valutati al costo ammor<span class=\"ff4\">tizzato con l\u2019evidenziazion<span class=\"_ _0\"></span>e di interessi effettivi maggiori o minori rispetto a quelli nomi<span class=\"_ _0\"></span>nali. Infine, sono </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>strutturate <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Conto </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">economico <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovveduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>scorporare <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>separatamente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>derivato <span class=\"_ _2\"></span>incorporato <span class=\"_ _3\"></span>nello <span class=\"_ _2\"></span>strumento </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">finanziario. </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _3\"></span>indicato <span class=\"_ _3\"></span>dall'IFRS 9, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>alcuni casi, <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>deteriorata al <span class=\"_ _2\"></span>momento della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>ini<span class=\"_ _5\"></span><span class=\"ff1\">ziale </span></div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">poich\u00e9 <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di  cr<span class=\"_ _0\"></span>edito <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>molto  e<span class=\"_ _0\"></span>levato <span class=\"_ _16\"> </span>e,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>caso  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>acquisto, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>acquistata <span class=\"_ _16\"> </span>con  g<span class=\"_ _0\"></span>rossi <span class=\"_ _16\"> </span>sconti <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di </div></div>erogazione <span class=\"_ _2\"></span>iniziale). <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>oggetto, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>driver <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>classifi<span class=\"_ _5\"></span><span class=\"ff1\">cazione </span>(ovvero SPPI test e Business model), siano classificate tra le attivit\u00e0 valutate al costo ammortizz<span class=\"_ _0\"></span>ato o al fair value con <span class=\"_ _3\"></span>impatto sulla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>edditivit\u00e0 <span class=\"_ _4\"> </span>complessiva, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>stesse <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>qualificate <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>\u201cPurchased <span class=\"_ _7\"> </span>or <span class=\"_ _7\"> </span>Originated <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Impaired <span class=\"_ _7\"> </span>Asset\u201d <span class=\"_ _4\"> </span>(in <span class=\"_ _7\"> </span>breve \u201cPOCI\u201d) <span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>on<span class=\"ff1\">o <span class=\"_ _3\"></span>assoggettate ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>trattamento peculiare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che at<span class=\"_ _3\"></span>tiene al <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment. Inol<span class=\"_ _3\"></span>tre, sulle <span class=\"_ _3\"></span>attivit\u00e0 </span>finanziarie <span class=\"_ _6\"></span>qualificate <span class=\"_ _6\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>POCI, <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>calcola, <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>effettivo <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>pe<span class=\"_ _5\"></span>r <span class=\"_ _4\"> </span>il credito <span class=\"_ _5\"></span>(c.<span class=\"_ _3\"></span><span class=\"ff4\">d. <span class=\"_ _6\"></span>\u201ccredit</span>-<span class=\"ff4\">adjusted <span class=\"_ _5\"></span>effective <span class=\"_ _6\"></span>interest <span class=\"_ _5\"></span>rate\u201d), <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>individuazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>necessario <span class=\"_ _6\"></span>includere, <span class=\"_ _5\"></span>nelle <span class=\"_ _6\"></span>stime <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span>finanziari, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _7\"> </span>iniziali. <span class=\"_ _4\"> </span>Per <span class=\"_ _7\"> </span>l\u2019applicazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>conseguente <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>interessi,  <span class=\"ff1\">si </span>applica, quindi, tale tass<span class=\"_ _0\"></span>o di interesse effettiv<span class=\"_ _0\"></span>o corretto per il cre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ito. <span class=\"_ _3\"></span> Con <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>deteriorati <span class=\"_ _4\"> </span>rivenienti <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali, <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>pri<span class=\"_ _5\"></span>ma iscrizione <span class=\"_ _6\"></span>(il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>PPA) <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>P<span class=\"_ _3\"></span>OCI <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>precedente <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _5\"></span>contabile <span class=\"_ _6\"></span>presso <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>soggett<span class=\"_ _35\"></span>o acquisito <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>suddivisa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>componenti: <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>minori <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>recuperabili stimati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>determinazione del <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>air value, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>scontano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>creditizie <span class=\"_ _2\"></span>attese <span class=\"_ _2\"></span>lun<span class=\"_ _3\"></span><span class=\"ff4\">go <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>residua, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019altra <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>all\u2019attualizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali </span>minori flussi <span class=\"_ _3\"></span>recuperabili. Si <span class=\"_ _3\"></span>precisa che <span class=\"_ _3\"></span>l\u2019effetto reversal <span class=\"_ _3\"></span>dell\u2019attualizzazione (relativa alla s<span class=\"_ _3\"></span>tima dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span><span class=\"ff1\">li <span class=\"_ _3\"></span>attribuiti<span class=\"_ _35\"></span> </span>ai <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PPA) viene<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contabilizzato, <span class=\"_ _3\"></span>pro-rata <span class=\"_ _3\"></span>temporis, f<span class=\"_ _3\"></span>ra gli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>modo <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>integrare <span class=\"_ _3\"></span>il tasso di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>contrattuale <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>endimento <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attribuito <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>recuperabili <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span>tto in precedenza, tengon<span class=\"_ _0\"></span>o conto delle p<span class=\"ff4\">erdite attese lungo l\u2019intera <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>urata residua d<span class=\"_ _0\"></span>elle attivit\u00e0 POCI.<span class=\"ff1\"> </span></span>Il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _3\"></span>finanziarie coperte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _6\"></span>prevista la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico. <span class=\"_ _2\"></span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziario <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>per\u00f2 nuovamente valutato al costo a<span class=\"_ _0\"></span>mmortizzato in caso di cessazione della copertura, m<span class=\"_ _0\"></span>omento a partire dal quale le variazioni di<span class=\"_ _3\"></span> fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>rilevate <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ammortizzate, <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>lcolando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rendimento <span class=\"_ _2\"></span>che considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>aggiustato <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>copertur<span class=\"_ _5\"></span><span class=\"lsc\">a </span>originariamente <span class=\"_ _2\"></span>prevista. <span class=\"_ _5\"></span>Inoltre, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>ricordato <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>paragr<span class=\"_ _3\"></span>af<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo ammortizzato, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>applica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0/passivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _5\"></span>durata <span class=\"_ _6\"></span>f<span class=\"_ _5\"></span><span class=\"lsc\">a </span>ritenere trascurabile <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dell\u2019attualizzazio<span class=\"ff1\">ne n\u00e9 per i crediti senza una s<span class=\"_ _0\"></span>cadenza definit<span class=\"_ _0\"></span>a o a revoca.<span class=\"_ _3\"></span> </span>Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne delle perdite di valore Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie Ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>iverse d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quelle v<span class=\"_ _3\"></span>alutate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _6\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>conto </span>economico  sono  sottoposte  ad  una  valutazione  volta  a  verificare  se  esistano  evidenze  che  possano <span class=\"_ _1d\"> </span>far  ritenere<span class=\"_ _0\"></span>  non interamen<span class=\"ff4\">te <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tesse. <span class=\"_ _2\"></span>Un\u2019analisi<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>analoga <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni </span>ad erogare fondi e p<span class=\"_ _0\"></span>er le garanzie rilasci<span class=\"_ _0\"></span>ate che rientrano nel<span class=\"_ _0\"></span> perimetro da assog<span class=\"_ _0\"></span>gettare ad impairment<span class=\"_ _0\"></span> ai sensi dell\u2019IFRS 9<span class=\"_ _0\"></span>.<span class=\"_ _5\"></span><span class=\"ff1\">  </span>Propedeu<span class=\"ff4\">ticamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>perd<span class=\"_ _3\"></span>ite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>reporting <span class=\"_ _3\"></span>occorre <span class=\"_ _2\"></span>procedere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019allocazione </span>degli strumenti finan<span class=\"_ _0\"></span>ziari (c.d. Stage Assig<span class=\"_ _0\"></span>nment\u201d o \u201cStaging\u201d), n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle seguenti categ<span class=\"_ _0\"></span>orie:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _5\"></span>1: <span class=\"_ _6\"></span>comprendente <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>niziale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di </span>reporting, non siano <span class=\"_ _0\"></span>state rilevate evid<span class=\"_ _0\"></span>enze di un significati<span class=\"_ _0\"></span>vo incremento del risc<span class=\"_ _0\"></span>hio di credito;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _6\"></span>2: <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>comprende <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>significat<span class=\"_ _3\"></span>ivo <span class=\"_ _4\"> </span>incremento <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>creditizio<span class=\"_ _0\"></span> </span>rispetto al momento de<span class=\"_ _0\"></span>lla rilevazione inizial<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Sta<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sussistano <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cevidenze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment\u201d<span class=\"_ _0\"></span>), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>questione <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>coerentemente, <span class=\"_ _6\"></span>ove <span class=\"_ _4\"> </span>esistenti, <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>quelle <span class=\"_ _4\"></span>restanti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>medesima <span class=\"_ _6\"></span>controparte <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sono considerate deterior<span class=\"_ _0\"></span>ate (impaired) e pert<span class=\"_ _0\"></span>anto classificate nell<span class=\"_ _0\"></span>o Stage 3.<span class=\"_ _3\"></span> Le  esposizioni  deteriorate  (impaired),  sono  rappresentate  dalle  attivit\u00e0  finanziarie  classificate <span class=\"_ _17\"> </span>nelle  categorie  delle sofferenze, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>(\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _6\"></span>pay\u201d <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>UTP) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>oltre <span class=\"_ _5\"></span>novanta <span class=\"_ _6\"></span>giorni, </span>definite nella Circola<span class=\"_ _0\"></span>re di Banca d\u2019Italia n.2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>2/2008.<span class=\"ff1\"> </span>Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie pe<span class=\"_ _0\"></span>rforming Per le attivit\u00e0 finanziarie per cui non sussisto<span class=\"_ _0\"></span>no evidenze di impairment (strum<span class=\"_ _0\"></span>enti finanziari non deteriorati), o<span class=\"_ _0\"></span>ccorre verificare<span class=\"_ _35\"></span> se <span class=\"_ _3\"></span>esistono <span class=\"_ _2\"></span>indicatori <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>operazione <span class=\"_ _3\"></span>risulti <span class=\"_ _3\"></span>significativamente <span class=\"_ _3\"></span>incrementato <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>spetto <span class=\"_ _3\"></span>al mo<span class=\"ls0\">mento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>iniziale. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>conseguenze <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>tale <span class=\"_ _2\"></span>verifica, <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>punto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>(o, <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>propriamente,<span class=\"_ _2\"></span> </span>dello staging) e della<span class=\"_ _0\"></span> valutazione, son<span class=\"_ _0\"></span>o le seguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _3\"></span>sussistano, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onfluisce <span class=\"_ _3\"></span>nello <span class=\"_ _5\"></span>Stag<span class=\"_ _3\"></span></span>e <span class=\"_ _2\"></span>2. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il </span>dettato <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>manifesta, <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _3\"></span>di rettifiche di valore pari alle perdi<span class=\"_ _0\"></span>te attese lungo l\u2019intera vita r<span class=\"_ _0\"></span>esidua dell<span class=\"_ _3\"></span><span class=\"ff1\">o strumento finanziario. Tali rettifi<span class=\"_ _0\"></span>che sono oggetto </span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>ogni <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reporting <span class=\"_ _6\"></span>successiva <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>verificarne <span class=\"_ _6\"></span>periodicamente <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>congruit\u00e0 <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di perdita <span class=\"_ _5\"></span>costantemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>vengano <span class=\"_ _6\"></span>meno <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit<span class=\"_ _35\"></span>\u00e0 creditizia \u201csignificativ<span class=\"_ _0\"></span>amente incrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzont<span class=\"_ _0\"></span>e previsionale di c<span class=\"_ _0\"></span>alcolo della perdita atte<span class=\"_ _0\"></span>sa;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve tali indicatori non sussistano, l\u2019atti<span class=\"_ _0\"></span>vit\u00e0 finanziaria confluisce nello stage 1. La valutazio<span class=\"_ _0\"></span>ne, in <span class=\"_ _2\"></span><span class=\"ff1\">tal caso, in coerenza con </span></span></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _6\"></span>contabili <span class=\"_ _6\"></span>internazionali <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>manifesta, <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>di perdite <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tese, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>specifico <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>finanziario, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _2\"></span>successivi. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span>rettifi<span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di revisione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificarne periodicamente <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span>lle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita costantemente <span class=\"_ _5\"></span>aggiornate, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>dovessero <span class=\"_ _6\"></span>presentarsi <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>cr<span class=\"_ _3\"></span>editizia \u201csignificativamente i<span class=\"_ _0\"></span>ncrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzonte pr<span class=\"_ _0\"></span>evisionale di calcolo d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla perdita atte<span class=\"_ _0\"></span>sa.<span class=\"_ _3\"></span> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span><span class=\"ff4\">de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019identificazi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201csignificativo <span class=\"_ _6\"></span>incremento\u201d<span class=\"_ _0\"></span> </span>del  risc<span class=\"_ _0\"></span>hio  di <span class=\"_ _16\"> </span>credito  (<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ondizione <span class=\"_ _16\"> </span>necessaria  e <span class=\"_ _7\"> </span>sufficiente  per <span class=\"_ _16\"> </span>la  classific<span class=\"_ _0\"></span>azione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _16\"> </span>oggetto  di <span class=\"_ _7\"> </span>valutazione  nello<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Stage <span class=\"ls10\">2)</span>, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _3\"></span>sua<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>declinazione <span class=\"_ _3\"></span>operativa <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _5\"></span>npaolo <span class=\"_ _3\"></span>- costituiscono le dete<span class=\"_ _0\"></span>rminanti principali d<span class=\"_ _0\"></span>a prendere in consid<span class=\"_ _0\"></span>erazione sono i seg<span class=\"_ _0\"></span>uenti:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazione <span class=\"_ _5\"></span>(oltre <span class=\"_ _6\"></span>soglie <span class=\"_ _6\"></span>determinate) <span class=\"_ _6\"></span><span class=\"ff4\">delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>default<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>lifetime <span class=\"_ _6\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _5\"></span>in </span></span>bilancio del<span class=\"_ _3\"></span>lo strumento <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span><span class=\"ff4\">ario. <span class=\"_ _3\"></span>Si tratta, <span class=\"_ _3\"></span>dunque, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valutazione ef<span class=\"_ _3\"></span>fettuata adottando un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio \u201crelativo\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si </span>configura come il \u201cdr<span class=\"_ _0\"></span>iver\u201d principale;<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>scaduto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>ferme <span class=\"_ _5\"></span>restando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>identificate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risu<span class=\"ls13\">lti </span></span>tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>giorni. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattispecie, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rmini, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>creditizia <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">tiene </span>presuntivamente <span class=\"_ _20\"> </span>\u201csig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativamente <span class=\"_ _20\"> </span>increm<span class=\"_ _0\"></span>entata\u201d <span class=\"_ _20\"> </span>e, <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _1c\"> </span>ne <span class=\"_ _20\"> </span>consegue <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>\u201c<span class=\"_ _3\"></span>passaggio\u201d <span class=\"_ _1c\"> </span>nello <span class=\"_ _20\"> </span>Stage <span class=\"_ _20\"> </span>2 <span class=\"_ _20\"> </span>(ove<span class=\"_ _0\"></span> l\u2019esposizione <span class=\"ff1\">precedentemen<span class=\"_ _0\"></span>te fosse ricompresa n<span class=\"_ _0\"></span>ello Stage 1); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>forbearance, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _4\"></span>sempre <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _4\"></span>presuntiva <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>comportano <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>delle </span>esposizioni tra quelle il<span class=\"_ _0\"></span> cui rischio di cr<span class=\"_ _0\"></span>edito risulta \u201csignific<span class=\"_ _0\"></span>ativamente incrementato\u201d <span class=\"_ _3\"></span>rispetto all\u2019iscrizion<span class=\"_ _0\"></span>e iniziale;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>banche <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>al  perimetr<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>estero, <span class=\"_ _16\"> </span>infine, <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>considerati  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span><span class=\"ff4\">ai  fi<span class=\"_ _0\"></span>ni <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _16\"> </span>\u201cstages\u201d <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ove </span></span>opportuno <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>alcuni <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>sistemi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>specificatam<span class=\"_ _0\"></span>ente <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizz<span class=\"_ _2\"></span>ati <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna banca. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cwatch<span class=\"_ _3\"></span><span class=\"ff1\">-</span>lists\u201d, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quei <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>sulla </span>base <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>qualit\u00e0 <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>debitrice <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff4\">ricompre<span class=\"_ _0\"></span>ndono <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019interno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span><span class=\"ff1\">range <span class=\"_ _6\"></span>le </span></span>esposizioni in bonis <span class=\"_ _0\"></span>al di sopra di un dete<span class=\"_ _0\"></span>rminato livello di ris<span class=\"_ _0\"></span>chiosit\u00e0.<span class=\"_ _3\"></span> Focalizzando  l\u2019attenzione  sul  p<span class=\"_ _3\"></span>rincipale  dei <span class=\"_ _1d\"> </span>trigger  sopra  evidenziati  (la <span class=\"_ _1d\"> </span>variazione  di  p<span class=\"_ _3\"></span>robabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>di  default  lifetime), <span class=\"_ _1d\"> </span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>significativo  incremento  del  rischio  di  <span class=\"ff4\">credito  (\u201cSICR\u201d)  \u00e8  determinato  mettendo  a  confro<span class=\"_ _0\"></span>nto  la  variazione  relativa  dell<span class=\"_ _0\"></span>a </span>Probabilit\u00e0 di Default lifetime registrata tra la data di prima iscrizione del rapporto e <span class=\"_ _3\"></span>quella di osservazione (Delta PD Li<span class=\"_ _5\"></span>fetime) con  soglie <span class=\"_ _16\"> </span>di  sig<span class=\"_ _0\"></span>nificativit\u00e0  p<span class=\"_ _0\"></span>redetermina<span class=\"_ _3\"></span>te. <span class=\"_ _16\"> </span><span class=\"ff4\">L\u2019attribuzione  di <span class=\"_ _16\"> </span>una  PD<span class=\"_ _0\"></span>  Lifetime <span class=\"_ _16\"> </span>ai  singoli<span class=\"_ _0\"></span>  rapporti <span class=\"_ _16\"> </span>viene  effettuat<span class=\"_ _0\"></span>a  tramit<span class=\"_ _35\"></span>e </span>riconduzione <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>masterscale <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>rating <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>segmento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>iscrizione <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>all\u2019osservazione. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ratin<span class=\"_ _5\"></span><span class=\"ff1 ls17\">g </span>sono  determinati  sulla  base  di  modelli  i<span class=\"_ _0\"></span>nterni<span class=\"_ _3\"></span>  ove  disponibili  o  gestionali.  In  assenza  di  r<span class=\"_ _0\"></span>ating  vengono  assegnate  l<span class=\"_ _0\"></span>e PD<span class=\"ls0\"> Benchmark sul tipo di co<span class=\"_ _0\"></span>ntroparte valutata.  </span>La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>significativo <span class=\"_ _5\"></span>deterioramento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>dall\u2019incremento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>PD <span class=\"_ _6\"></span>lifetime <span class=\"_ _6\"></span>causata <span class=\"_ _5\"></span>dai <span class=\"_ _6\"> </span>downgrade della <span class=\"_ _3\"></span>posizio<span class=\"ff4\">ne <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l\u2019origination <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>(\u201cobservation\u201d) nonch\u00e9 <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>dei </span>fattori macroeconomici<span class=\"_ _0\"></span> futuri. La <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u201crelativa\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019indicatore <span class=\"_ _3\"></span>dell\u2019incremento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>decr<span class=\"_ _5\"></span><span class=\"ff1\">emento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _6\"> </span>poter <span class=\"_ _4\"> </span>stabilire <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>e, <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>sensi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _6\"> </span>dall\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>eventual<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>incremento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>considerarsi <span class=\"_ _3\"></span>\u201csignificativo\u201d <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>comportare, <span class=\"_ _3\"></span>quindi, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _3\"></span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stages), <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario<span class=\"_ _0\"></span> </span>definire apposite <span class=\"_ _3\"></span>soglie. Gli <span class=\"_ _3\"></span>incrementi di <span class=\"_ _3\"></span>PD <span class=\"_ _3\"></span>lifetime inferiori <span class=\"_ _3\"></span>a tali <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>considerati significativi e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cons<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guenza, non  comportano  il  tra<span class=\"_ _0\"></span>sferimento  di  singo<span class=\"_ _0\"></span>le  linee  di  cre<span class=\"_ _0\"></span>dito/tranches  di  titoli <span class=\"_ _16\"> </span>di  debito  dallo  Stag<span class=\"_ _3\"></span>e  1  allo  Stage  2;  tale spostamento <span class=\"_ _7\"> </span>\u00e8,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece, <span class=\"_ _7\"> </span>necessario <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>presenza <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>incrementi <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>soglie <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>uestione. <span class=\"_ _7\"> </span>Le <span class=\"_ _16\"> </span>soglie utilizzate  so<span class=\"_ _0\"></span>no  stimate <span class=\"_ _16\"> </span>sulla  base <span class=\"_ _16\"> </span>di  un  pr<span class=\"_ _0\"></span>ocesso  di <span class=\"_ _16\"> </span>simulazioni  e<span class=\"_ _0\"></span>d  ottimizzazio<span class=\"_ _0\"></span>ni  di  p<span class=\"_ _0\"></span>erformance  pr<span class=\"_ _0\"></span>edittive,  s<span class=\"_ _0\"></span>v<span class=\"_ _5\"></span>iluppate utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>granulari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafoglio. <span class=\"_ _3\"></span>Sono <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>puntuali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>Corporate, <span class=\"_ _3\"></span>Retail, Lar<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>Corpo<span class=\"_ _5\"></span>rate <span class=\"_ _3\"></span>e SME <span class=\"_ _6\"></span>Retail <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>estese <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>affinit\u00e0 <span class=\"_ _4\"></span>metodologic<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"></span>modelli. <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>glie <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>differenziano <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>esidua, <span class=\"_ _6\"></span>g<span class=\"_ _5\"></span>ranularit\u00e0 annuale e classe di r<span class=\"_ _0\"></span>ating. La <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>calibrata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trovare <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orretto <span class=\"_ _5\"></span>bilanciamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>performan<span class=\"_ _5\"></span><span class=\"ls1f\">ce </span>relativi alla capacit\u00e0 <span class=\"_ _0\"></span>delle soglie stesse di<span class=\"_ _0\"></span>: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntercettare posizioni<span class=\"_ _0\"></span> a stage 2 prima del loro passaggio <span class=\"_ _0\"></span>a default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificare le posi<span class=\"_ _0\"></span>zioni per le quali il <span class=\"_ _0\"></span>rientro a stage 1 sia si<span class=\"_ _0\"></span>nonimo di un effettiv<span class=\"_ _0\"></span>o miglioramento del m<span class=\"_ _0\"></span>erito di credito.<span class=\"_ _2\"></span> </span>Alcune c<span class=\"_ _3\"></span>onsiderazioni peculiari va<span class=\"_ _3\"></span>lgono poi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>\u201cstaging\u201d dei <span class=\"_ _3\"></span>titoli. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>dei crediti<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>infatti, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>questa tipologia <span class=\"_ _3\"></span>di </span>esposizioni, operazioni d<span class=\"_ _3\"></span>i co<span class=\"_ _3\"></span>mpravendita successive al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>acquisto (effettuate c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>medesimo ISIN) <span class=\"_ _3\"></span>possono rientrare <span class=\"_ _1d\"> </span>abitualmente <span class=\"_ _1d\"> </span>nell\u2019ordinaria  at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>gestione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>neces<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>una </span>metodologia <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>adottare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>endite <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quantit\u00e0 <span class=\"_ _2\"></span>residue <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singo<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni cui associare una <span class=\"_ _3\"></span>qualit\u00e0 creditizia/rating all\u2019origin<span class=\"_ _0\"></span>ation da comparare con <span class=\"_ _3\"></span>quella della da<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>a di reporting). In <span class=\"_ _3\"></span>questo </span>contesto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ritenuto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>metodologia <span class=\"_ _7\"> </span>\u201cfirst<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls13\">in<span class=\"_ _3\"></span></span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>\u201cFIFO\u201d <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>riversamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico dell\u2019ECL registrata, in c<span class=\"_ _0\"></span>aso di vendite e rimborsi) contrib<span class=\"_ _0\"></span>uisca ad una gestione pi\u00f9 trasp<span class=\"_ _0\"></span>arente del p<span class=\"_ _3\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>rtafoglio, anche dal p<span class=\"_ _0\"></span>unto </span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli o<span class=\"_ _3\"></span>peratori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>front <span class=\"_ _3\"></span>office, <span class=\"_ _3\"></span>consentendo, <span class=\"_ _3\"></span>contestualmente, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>aggiornamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>merit<span class=\"_ _2\"></span><span class=\"lsc\">o </span>creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. Una <span class=\"_ _5\"></span>volta <span class=\"_ _6\"></span>definita <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>div<span class=\"_ _3\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rsi <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>creditizio, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese </span>(ECL) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>effettuata, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>singola <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titolo, <span class=\"_ _5\"></span>partendo <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _5\"></span>IRB/Gestionale, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>ui parametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Probabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Default <span class=\"_ _7\"> </span>(PD), <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>oss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>De<span class=\"_ _3\"></span>fault <span class=\"_ _16\"> </span>(LGD) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Exposure <span class=\"_ _7\"> </span>at <span class=\"_ _16\"> </span>Default <span class=\"_ _7\"> </span>(EAD), <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>effettuati opportuni interventi cor<span class=\"_ _0\"></span>rettivi, in modo da g<span class=\"_ _0\"></span>arantirne la complia<span class=\"_ _0\"></span>nce con le pres<span class=\"_ _0\"></span>crizioni peculiari dell\u2019<span class=\"_ _0\"></span>IFRS 9. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per PD, LGD ed EAD<span class=\"_ _0\"></span> valgono le seguenti defini<span class=\"_ _0\"></span>zioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>PD  (Probabilit\u00e0  di  De<span class=\"_ _0\"></span>fault)<span class=\"ff4\">:  probabilit\u00e0 <span class=\"_ _16\"> </span>di  migrare  d<span class=\"_ _0\"></span>allo  stato<span class=\"_ _0\"></span>  di  bonis <span class=\"_ _16\"> </span>a  quello <span class=\"_ _16\"> </span>di  credito  dete<span class=\"_ _0\"></span>riorato  nell\u2019o<span class=\"_ _0\"></span>rizzonte </span></span>temporale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>anno. <span class=\"_ _5\"></span>Nei <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vigilanza, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fattore <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>tipicamente <span class=\"_ _5\"></span>quantificato<span class=\"_ _0\"></span> attraverso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ratin<span class=\"_ _3\"></span>g. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>S<span class=\"_ _3\"></span>anpaolo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>interno <span class=\"_ _2\"></span>laddove <span class=\"_ _2\"></span>disponibili, integrati da valutazio<span class=\"_ _0\"></span>ni esterne o da dati m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>di di segmento/port<span class=\"_ _0\"></span>afoglio;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>(Loss <span class=\"_ _2\"></span>Given <span class=\"_ _2\"></span>Default): <span class=\"_ _3\"></span>percentuale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>default. <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dis<span class=\"_ _5\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vigilanza </span>viene quantificata <span class=\"_ _0\"></span>attraverso l\u2019esperienza st<span class=\"_ _0\"></span>orica dei recuperi at<span class=\"_ _0\"></span>tualizzati sulle <span class=\"_ _0\"></span>pratiche passate a cre<span class=\"_ _0\"></span>dito deteriorato;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">EAD (Exposure At Default) o equivale<span class=\"_ _0\"></span>nte creditizio: ammont<span class=\"_ _0\"></span>are dell\u2019esposizione <span class=\"_ _0\"></span>al momento del d<span class=\"_ _0\"></span>efault. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Come <span class=\"_ _5\"></span>g<span class=\"ff4\">i\u00e0 <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>evidenziato, <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>poter <span class=\"_ _6\"></span>rispettare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>reso <span class=\"_ _5\"></span>necessario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>interventi <span class=\"_ _6\"></span>di </span>adeguamento sui su<span class=\"_ _0\"></span>ddetti fattori, tra cui <span class=\"_ _0\"></span>si ricordano in partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019adozione di una PD<span class=\"_ _0\"></span> Point in Time (PIT<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> a fronte della PD<span class=\"_ _0\"></span> Thro<span class=\"_ _3\"></span><span class=\"ff1\">ugh the Cycle (TTC) usa<span class=\"_ _0\"></span>ta ai fini di Basilea; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a rimozione dalla LGD TTC<span class=\"_ _0\"></span> di alcune componenti aggiuntive, quali i c<span class=\"_ _0\"></span>osti indiretti (costi non ripeti<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ili) e ulteriori margin<span class=\"_ _2\"></span>i di </span>conservativismo <span class=\"_ _1d\"> </span>specificatamente <span class=\"_ _1d\"> </span>introdotti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>modelli <span class=\"_ _17\"> </span>regolamentari, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>della <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _1d\"> </span>legata <span class=\"_ _17\"> </span>al <span class=\"_ _1d\"> </span>ciclo economico avverso (c.d.<span class=\"_ _0\"></span> Downturn); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019introduzione  di<span class=\"_ _0\"></span>  trattamenti  specifi<span class=\"_ _0\"></span>ci  rispetto  al  dett<span class=\"_ _0\"></span>ato  regolamentare,  ai  fini <span class=\"_ _16\"> </span>della  stima  della  LGD  cont<span class=\"_ _0\"></span>abile,  per<span class=\"_ _0\"></span> </span></span>includere <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>modellistica (<span class=\"_ _3\"></span>in coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>indicazioni de<span class=\"_ _3\"></span>ll\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>sull\u2019utilizzo di <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>entity <span class=\"_ _3\"></span>specific) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime di <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>glia <span class=\"_ _5\"></span>regolamenta<span class=\"_ _0\"></span>re <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Maximum <span class=\"_ _2\"></span>Recovery <span class=\"_ _5\"></span>Period, <span class=\"_ _2\"></span>cio\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>la Vigilanza ipotizza re<span class=\"_ _0\"></span>cuperi nulli; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>ove <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessario, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>GD <span class=\"_ _5\"></span>multiperiodali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019intera <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>residua </span></span>dello strumento finanzi<span class=\"_ _0\"></span>ario (Stage 2 e 3); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>attesi, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span></span>ell<span class=\"lsc\">a </span></span>singola <span class=\"_ _2\"></span>operazione, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>regolamentari, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>sconto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _0\"></span> avviene tramite i tas<span class=\"_ _0\"></span>si di attualizzazione <span class=\"_ _0\"></span>determinati in conform<span class=\"_ _0\"></span>it\u00e0 con la normati<span class=\"_ _0\"></span>va prudenziale.<span class=\"_ _3\"></span> In relazione all\u2019EAD multiperiodale, in linea con i<span class=\"_ _3\"></span>l dettato dell\u2019IFRS 9, il Gruppo Intesa Sanpaolo fa riferimento ai piani al costo ammortizzato per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>riguarda sia <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>titoli d<span class=\"_ _3\"></span>i debito, <span class=\"_ _3\"></span>a prescindere dalle <span class=\"_ _3\"></span>relative modalit\u00e0 <span class=\"_ _3\"></span>di valutazione<span class=\"_ _5\"></span> (<span class=\"_ _3\"></span>costo ammortizzat<span class=\"ff4\">o <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _7\"> </span>redditivit\u00e0 <span class=\"_ _6\"> </span>complessiva). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>(margini), <span class=\"_ _6\"> </span>l\u2019EAD <span class=\"_ _4\"> </span>\u00e8, </span>invece, assunta pari al <span class=\"_ _0\"></span>valore nominale pond<span class=\"_ _0\"></span>erato per un apposit<span class=\"_ _0\"></span>o Fattore di Conversio<span class=\"_ _0\"></span>ne Creditizia (CCF).<span class=\"_ _3\"></span> La <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>riflette, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miglior <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>futur<span class=\"_ _5\"></span>e, <span class=\"_ _2\"></span>prime <span class=\"_ _2\"></span>tra tutte <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>contesto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>condizionate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _5\"></span>forward <span class=\"_ _6\"></span>looking. <span class=\"_ _16\"> </span><span class=\"ff4\">Nell\u2019ambi</span>to dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Regulators <span class=\"_ _5\"></span>internazionali, <span class=\"_ _5\"></span>assumono <span class=\"_ _2\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazion<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>sugli scenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca pu\u00f2 <span class=\"_ _3\"></span>trovarsi a<span class=\"_ _3\"></span>d operare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza, la <span class=\"_ _3\"></span>situazio<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span>dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span>quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>attesa <span class=\"_ _18\"> </span>sulle esposizioni). <span class=\"_ _3\"></span>Da un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>possibili approcci a<span class=\"_ _3\"></span>lternativi al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>prendere <span class=\"_ _6\"></span>in considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha deciso <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>adottare <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _7\"> </span>likely <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _7\"> </span>Add<span class=\"_ _3\"></span></span>-<span class=\"ff4\">on\u201d. <span class=\"_ _7\"> </span>Secondo <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>approccio, <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>condizionamento </span>macroeconomico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>LGD <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>\u00abMost <span class=\"_ _3\"></span>Likely\u00bb, <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>per altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e <span class=\"_ _3\"></span>piani di impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span>positivo sui para<span class=\"ff4\">metri di risc<span class=\"_ _0\"></span>hio, \u00e8 stato scelto <span class=\"_ _0\"></span>di sterilizzarne l\u2019effetto <span class=\"_ _0\"></span>sia per finalit\u00e0 di stagi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g che di calcol<span class=\"_ _0\"></span>o dell\u2019ECL. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Lo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>macroeconomico \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ricerche d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>previsivi <span class=\"_ _2\"></span>portati <span class=\"_ _3\"></span>poi in <span class=\"_ _2\"></span>condivisione <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>consenso. <span class=\"_ _5\"></span>Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>peggiorativi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>determinati tramite stress dell<span class=\"_ _0\"></span>e variabili in input ai m<span class=\"_ _0\"></span>odelli previsivi. In  particolare  la  determinazione  dello  scenario<span class=\"_ _0\"></span>  \u201cmost<span class=\"_ _3\"></span><span class=\"ff1\">-</span>likely\u201d  e  di <span class=\"_ _1d\"> </span>quelli<span class=\"_ _0\"></span>  alterna<span class=\"_ _3\"></span><span class=\"ff1\">tivi  avviene  utilizzando  un  complesso  di </span>strumenti analitici <span class=\"_ _0\"></span>e previsionali stand-alone che determinano<span class=\"_ _0\"></span> il sentiero previs<span class=\"_ _0\"></span>ionale per alcuni <span class=\"_ _0\"></span>blocchi di variabili, in<span class=\"_ _0\"></span> dettaglio: <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>onti nazionali e infla<span class=\"_ _0\"></span>zione dei primi <span class=\"_ _0\"></span>6 paesi dell\u2019Eurozona,<span class=\"_ _0\"></span> degli Stati Uniti<span class=\"_ _3\"></span><span class=\"ff1\"> e del Giappone; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi ufficiali (BCE<span class=\"_ _0\"></span>, Fed, BoJ), curve dei <span class=\"_ _0\"></span>tassi swap EUR e US<span class=\"_ _0\"></span>D, alcuni punti delle cu<span class=\"_ _0\"></span>rve governative; <span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi di cambio per E<span class=\"_ _0\"></span>UR, USD, JPY e GBP; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici di borsa (DJ E<span class=\"_ _0\"></span>urostoxx 50 e S&amp;P 500<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzo del Brent; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>lcuni dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dettaglio per <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>economia italiana <span class=\"_ _3\"></span>(produzione industriale, <span class=\"_ _3\"></span>prezzi degli <span class=\"_ _3\"></span>immobili, occupazione, <span class=\"_ _3\"></span>saldi <span class=\"_ _3\"></span>di finanza </span>pubblica). Tali previsioni vengono poi elaborate tramite<span class=\"_ _0\"></span> il modello strutturale multi<span class=\"_ _3\"></span>-<span class=\"ff4\">paese \u201c<span class=\"_ _3\"></span>Global Economic<span class=\"_ _0\"></span> Model\u201d di Oxford Economics,<span class=\"_ _0\"></span> </span>ove <span class=\"_ _3\"></span>sostituiscono <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span><span class=\"ff4\">corsi <span class=\"_ _3\"></span>previsionali <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019aggiornam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>database<span class=\"_ _0\"></span>. </span>Il <span class=\"_ _3\"></span>modello viene <span class=\"_ _3\"></span>quindi risolto <span class=\"_ _3\"></span>per r<span class=\"_ _3\"></span>icavare un <span class=\"_ _3\"></span>quadro previsionale <span class=\"_ _3\"></span>globale coerente, i<span class=\"_ _3\"></span>nclusivo di v<span class=\"_ _3\"></span>ariabili per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali non<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono stati <span class=\"_ _7\"> </span>sviluppati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>ad  h<span class=\"_ _0\"></span>oc, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isporre <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>ambiente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>simulazione <span class=\"_ _16\"> </span>utilizzabile <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>generare <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>scenari alternativi. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>richiedere <span class=\"_ _5\"></span>alcune <span class=\"_ _2\"></span>iterazioni, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oprattutto<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _2\"></span>previsionale <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>ricorso <span class=\"_ _4\"> </span>ad elaborazioni  interne  si <span class=\"_ _1d\"> </span>discosti <span class=\"_ _1d\"> </span>significativament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>da  quello  di <span class=\"_ _1d\"> </span>Oxford  Economics. <span class=\"_ _1d\"> </span>In  tal  caso, <span class=\"_ _1d\"> </span>pu\u00f2  essere <span class=\"_ _1d\"> </span>necessari<span class=\"_ _0\"></span>o procedere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>tuning <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>variabili <span class=\"_ _5\"></span>secondarie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>ritengono <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>coerenti <span class=\"_ _2\"></span>co<span class=\"_ _6\"></span>n <span class=\"_ _5\"></span>lo scenario di prevision<span class=\"_ _0\"></span>e o che risultino caratterizzate da <span class=\"_ _0\"></span>una volatilit\u00e0 trimestral<span class=\"_ _0\"></span>e non spiegabile. La selezione dei p<span class=\"_ _0\"></span>ercorsi alternativi viene e<span class=\"_ _0\"></span>ffettuata con il ricors<span class=\"_ _0\"></span>o a informazioni est<span class=\"_ _0\"></span>erne. In particolare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>medi <span class=\"_ _3\"></span>annui <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>paesi: <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>fond<span class=\"_ _2\"></span>amentale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>simulazione, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scostamenti<span class=\"_ _35\"></span> </span>vengono <span class=\"_ _3\"></span>determinati in <span class=\"_ _2\"></span>modo da <span class=\"_ _3\"></span>replicare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>dispersione <span class=\"_ _3\"></span>delle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita p<span class=\"_ _3\"></span>ubblicate da <span class=\"_ _2\"></span>Consensus<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Economics <span class=\"_ _3\"></span>nel pi\u00f9  r<span class=\"_ _0\"></span>ecente  r<span class=\"_ _0\"></span>apporto <span class=\"_ _16\"> </span>disponibile <span class=\"_ _16\"> </span>alla  data <span class=\"_ _7\"> </span>della  simulazion<span class=\"_ _0\"></span>e,  consid<span class=\"_ _0\"></span>erando  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>previsioni  mini<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a  e  ma<span class=\"_ _0\"></span>ssima <span class=\"_ _16\"> </span>(previa applicazione di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>filtro per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019identificazione e <span class=\"_ _2\"></span>l\u2019eliminazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>outliers). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>outliers, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>dato <span class=\"_ _3\"></span>ano<span class=\"_ _5\"></span><span class=\"ff1\">malo </span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cartato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>massimo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>restanti. <span class=\"_ _5\"></span>Poich\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consenso <span class=\"_ _2\"></span>so<span class=\"_ _5\"></span>no <span class=\"_ _5\"></span>disponibili soltanto  p<span class=\"_ _0\"></span>er  i  prim<span class=\"_ _0\"></span>i  due <span class=\"_ _16\"> </span>anni  dell\u2019orizz<span class=\"_ _0\"></span>onte  di <span class=\"_ _16\"> </span>simulazione, <span class=\"_ _16\"> </span>per  il  terz<span class=\"_ _0\"></span>o  anno <span class=\"_ _16\"> </span>si  ricorre <span class=\"_ _16\"> </span>a  una  est<span class=\"_ _0\"></span>rapolazione <span class=\"_ _16\"> </span>degli scostamenti indivi<span class=\"_ _0\"></span>duati per i primi due anni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>borsa <span class=\"_ _7\"> </span>(DJ <span class=\"_ _7\"> </span>Eurostoxx <span class=\"_ _4\"></span>50, <span class=\"_ _7\"> </span>S&amp;P500) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>immobiliari <span class=\"_ _4\"> </span>residenzial<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>statunitensi: <span class=\"_ _4\"> </span>vengono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me </span>riferimento le previsi<span class=\"_ _0\"></span>oni minime e massim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del panel di Thoms<span class=\"_ _0\"></span>on Reuters;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _6\"></span>immobiliari <span class=\"_ _6\"></span>residenziali <span class=\"_ _6\"></span>italiani: <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>disponendo <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consenso, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>percorsi <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>partono </span>dalla distribuzione delle variazi<span class=\"_ _0\"></span>oni trimestrali stor<span class=\"_ _0\"></span>iche disponibili dal 1<span class=\"_ _0\"></span>980 al trimestre c<span class=\"_ _0\"></span>orrente. <span class=\"_ _3\"></span> A partire dal valore di percentile identificato, per lo scenario Most likely, vengono identificate le variazioni corris<span class=\"_ _0\"></span>ponden<span class=\"_ _5\"></span>ti a uno scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0, <span class=\"_ _6\"></span>calcolato <span class=\"_ _4\"></span>attraver<span class=\"ff4\">so <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>statistica <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>distribuzione <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>torica <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>sservazioni. <span class=\"_ _6\"> </span>Le <span class=\"_ _4\"> </span>due <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazioni<span class=\"_ _35\"></span> </span>(positiva <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>negativa) <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>Most<span class=\"_ _3\"></span>-Likely, <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"></span>utilizzate <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>calcolo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>singoli <span class=\"_ _6\"></span>ind<span class=\"_ _3\"></span>ici<span class=\"_ _0\"></span> identificati, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icostruendo <span class=\"_ _2\"></span>-per <span class=\"_ _2\"></span>ognu<span class=\"ls10\">no</span>- <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>sentieri <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>(uno <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>gativo) <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresentano <span class=\"_ _2\"></span>l\u2019input <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la </span>determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Add-On. <span class=\"_ _4\"></span>Lo <span class=\"_ _6\"></span>scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>identificato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"></span>di variabilit\u00e0 della serie<span class=\"_ _0\"></span>, in modo da ottenere uno scostament<span class=\"_ _0\"></span>o dallo scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely di ampie<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>za significativa.  In <span class=\"_ _5\"></span>aggiunta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>percorsi <span class=\"_ _5\"></span>alternativi, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>mantenuta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>possibili <span class=\"_ _2\"></span>addit<span class=\"_ _3\"></span>ional <span class=\"_ _2\"></span>factors, <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _5\"></span>eventi<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ls17\">o </span>scenari <span class=\"_ _4\"></span>idiosincratici <span class=\"_ _6\"></span>avversi, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>esplicitamente <span class=\"_ _4\"> </span>incorporati <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>serie <span class=\"_ _4\"></span>storiche <span class=\"_ _6\"></span>utilizzate <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenario Most-Likely o nei perc<span class=\"_ _0\"></span>orsi alternativi, che po<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sono generare ulte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iori effetti significa<span class=\"_ _0\"></span>tivi sulle perdite atte<span class=\"_ _0\"></span>se. <span class=\"_ _2\"></span> Di tali eventi/scenari si<span class=\"_ _0\"></span> valutano:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l possibile orizz<span class=\"_ _0\"></span>onte di realizzazione (time frame<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l grado di inclusio<span class=\"_ _0\"></span>ne nello scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely o nei percorsi a<span class=\"_ _0\"></span>lternativi;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l potenziale imp<span class=\"_ _0\"></span>atto, valutato in termini<span class=\"_ _0\"></span> qualitativi. </span>La <span class=\"_ _2\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>additional <span class=\"_ _2\"></span>factors <span class=\"_ _2\"></span>attinge <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>elenchi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>contenuti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>rapporti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IMF <span class=\"_ _2\"></span>(World Economic Outlook) e Commi<span class=\"_ _0\"></span>ssione Europea e<span class=\"_ _0\"></span> pu\u00f2 mutare nel t<span class=\"_ _0\"></span>empo.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>valutazione del <span class=\"_ _3\"></span>time<span class=\"_ _3\"></span>-frame <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>additional factors, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>impossibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>collocare <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>specifico<span class=\"_ _0\"></span> orizzonte <span class=\"_ _3\"></span>temporale, <span class=\"_ _2\"></span>caratteristica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rende <span class=\"_ _2\"></span>poco <span class=\"_ _3\"></span>praticabile <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sua <span class=\"_ _2\"></span>incorporazione n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>Most<span class=\"_ _2\"></span>-L<span class=\"_ _3\"></span>ikely <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>percorsi alternativi. Le <span class=\"_ _3\"></span>valutazioni effettuate tengono conto <span class=\"_ _3\"></span>del fa<span class=\"_ _3\"></span>tto che <span class=\"_ _3\"></span>le stime <span class=\"_ _3\"></span>di consenso <span class=\"_ _3\"></span>potrebbero includere previsioni <span class=\"_ _3\"></span>che gi\u00e0 <span class=\"_ _3\"></span>incorporan<span class=\"_ _5\"></span>o nelle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>stime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>realizzazione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arziale, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _3\"></span>sicch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>percorsi <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>potre<span class=\"_ _5\"></span>bbero <span class=\"_ _2\"></span>gi\u00e0 incorporare in qualche m<span class=\"_ _0\"></span>isura tali fattori <span class=\"_ _0\"></span>addizionali. In condizioni di incertezza marcata <span class=\"_ _3\"></span>delle proiezioni macroecono<span class=\"_ _0\"></span>m<span class=\"_ _3\"></span>iche n<span class=\"_ _3\"></span>azionali ed internazionali e in presenza di scostamenti significativi in senso migliorativo delle proiezioni risp<span class=\"_ _0\"></span>etto allo scenario TTC, possono essere introdotti eleme<span class=\"_ _0\"></span>nti di pruden<span class=\"_ _2\"></span>zi<span class=\"_ _3\"></span>alit\u00e0<span class=\"_ _0\"></span> con riferimento agli sc<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stamenti dei valori mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi e massimi delle variabili basati sul Consens<span class=\"_ _0\"></span>us o storici sopradescri<span class=\"_ _0\"></span>tti.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>suddetti <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _2\"></span>(most <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alternativi) <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>interni <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parame<span class=\"_ _5\"></span>tri point-<span class=\"ls13\">in</span>-time (PIT).  Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tas<span class=\"_ _3\"></span><span class=\"ff4\">si <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>differenziate <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span></span>-settori economici <span class=\"_ _5\"></span>(es <span class=\"_ _5\"></span>Famiglie <span class=\"_ _5\"></span>consumatrici, <span class=\"_ _6\"></span>Famiglie <span class=\"_ _5\"></span>produttrici, <span class=\"_ _5\"></span>Costruzioni, <span class=\"_ _5\"></span>\u2026) <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>ciascuno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i, <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>satelli<span class=\"_ _5\"></span><span class=\"ff1\">te </span>stabiliscono <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>relazioni <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>varia<span class=\"_ _3\"></span>bili  m<span class=\"_ _35\"></span>acroeconomiche <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>permettono <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ottenere <span class=\"_ _7\"> </span>i  ta<span class=\"_ _0\"></span>ssi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>default <span class=\"_ _7\"> </span>prospettici. <span class=\"_ _16\"> </span>Questi consentono <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>olta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>condizionare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transizione <span class=\"_ _7\"> </span>TTC <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>classi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ottenere <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di transizione PIT per cia<span class=\"_ _0\"></span>scuno scenario (Mo<span class=\"_ _0\"></span>st lik<span class=\"_ _3\"></span>ely e alternativi<span class=\"_ _0\"></span>); da queste ultime si o<span class=\"_ _0\"></span>ttengono le PD<span class=\"_ _0\"></span> condizionate lifetime.  In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>TTC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segmenti <span class=\"_ _3\"></span>Corporate, SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Retail ven<span class=\"_ _3\"></span>gono utilizza<span class=\"_ _5\"></span>ti i tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>interni, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segment<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Low <span class=\"_ _3\"></span>Default, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>profondit\u00e0 de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>serie s<span class=\"_ _3\"></span>toriche i<span class=\"_ _3\"></span>nterne \u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>esigua, <span class=\"_ _3\"></span>si utilizzano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca d<span class=\"_ _3\"></span>\u2019Italia.<span class=\"_ _3\"></span><span class=\"ffc\"> <span class=\"_ _3\"></span><span class=\"ff1\">Ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>Point <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Time <span class=\"_ _2\"></span>forward<span class=\"_ _3\"></span>-looking <span class=\"_ _3\"></span>vengono, </span></span>invece, utilizzati i t<span class=\"_ _0\"></span>assi di default di sistema per tutti i s<span class=\"_ _0\"></span>egmenti. Un analogo process<span class=\"_ _0\"></span>o viene utilizzato per d<span class=\"_ _0\"></span>eterminare le griglie <span class=\"_ _0\"></span>di LGD PIT.<span class=\"_ _3\"></span> Tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rimborso <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>finanziamenti,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>condizionate, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>maturity <span class=\"_ _5\"></span>residua <span class=\"_ _6\"></span>e dello staging si determinano le <span class=\"_ _0\"></span>perdite di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie performing. Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie no<span class=\"_ _0\"></span>n performing I <span class=\"_ _3\"></span>crediti deteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, dalle <span class=\"_ _3\"></span>inadempienze probabili e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>scad<span class=\"_ _5\"></span>ute <span class=\"_ _3\"></span>e/o sconfinanti da oltre 9<span class=\"_ _0\"></span>0 giorni. I crediti deteriorati cl<span class=\"_ _0\"></span>assificati a sofferenz<span class=\"_ _0\"></span>a sono assoggettati all<span class=\"_ _0\"></span>e seguenti modalit\u00e0 <span class=\"_ _0\"></span>di valutazione:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _4\"></span>analitico-<span class=\"ff4\">statistica, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>adottata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>inferiori <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>basata <span class=\"_ _4\"> </span>sull\u2019appl<span class=\"_ _2\"></span></span>icazione <span class=\"_ _4\"> </span>di </span>apposite <span class=\"_ _3\"></span>griglie di <span class=\"_ _2\"></span>LGD, a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui s<span class=\"_ _3\"></span>i aggiunge <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-<span class=\"ff4\">On a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tenere conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>legate a<span class=\"_ _3\"></span>ll\u2019evoluzione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>delle </span>condizioni correnti riferibili a <span class=\"_ _3\"></span>variabili gestionali altamente <span class=\"_ _3\"></span>correlate con <span class=\"_ _3\"></span>la dinamica delle p<span class=\"_ _3\"></span>erdite e f<span class=\"_ _3\"></span>orward lookin<span class=\"_ _5\"></span>g riferite agli impatti di scenar<span class=\"_ _0\"></span>i macroeconomici f<span class=\"_ _0\"></span>uturi attesi (come illu<span class=\"_ _0\"></span>strato nei paragrafi pre<span class=\"_ _0\"></span>cedenti);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione  a<span class=\"_ _0\"></span>nalitico-specifica,  che <span class=\"_ _16\"> </span>\u00e8  adottata <span class=\"_ _16\"> </span>per  i  clienti <span class=\"_ _16\"> </span>con  esposizi<span class=\"_ _0\"></span>oni  superiori <span class=\"_ _16\"> </span>a  2  milioni <span class=\"_ _16\"> </span>ed  \u00e8  basat<span class=\"_ _0\"></span>a  sulle<span class=\"_ _35\"></span> </span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tribuite <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>gestore, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _5\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>luce<span class=\"_ _0\"></span> dell\u2019evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>correnti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>aggiunge <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Add<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>On <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>delle </span>informazioni forward looking, in p<span class=\"_ _3\"></span>articolare q<span class=\"_ _3\"></span>uelle riferite agli <span class=\"_ _3\"></span>impatti di <span class=\"_ _3\"></span>scenari macroeconomici futuri (ad eccezione delle sofferenze <span class=\"_ _3\"></span>assistite da <span class=\"_ _2\"></span>garanzie ipotecarie <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>scenar<span class=\"_ _5\"></span><span class=\"ls13\">i </span>futuri sono inclusi tram<span class=\"_ _0\"></span>ite le modalit\u00e0 di d<span class=\"_ _0\"></span>eter<span class=\"_ _3\"></span>minazione degli hair<span class=\"_ _0\"></span>cut al valore degli imm<span class=\"_ _0\"></span>obili in garanzia). Anche la valutazione d<span class=\"_ _0\"></span>elle inadempienze p<span class=\"_ _0\"></span>robabili (Unlikely t<span class=\"_ _0\"></span>o Pay <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> UTP) \u00e8 operata sulla base <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i differenti appr<span class=\"_ _0\"></span>occi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _1d\"> </span>analitico-statistica, <span class=\"_ _17\"> </span>per <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _17\"> </span>esposizioni <span class=\"_ _1d\"> </span>inferiori <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>2 <span class=\"_ _17\"> </span>milion<span class=\"_ _3\"></span><span class=\"ff4\">i, <span class=\"_ _17\"> </span>basata <span class=\"_ _1d\"> </span>sull\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>apposite <span class=\"_ _17\"> </span>griglie </span></span>statistiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiunge <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-On <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>itate <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ondizioni<span class=\"_ _0\"></span> correnti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _3\"></span>futuri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span><span class=\"ff4\">lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di </span>penalizzare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>presentano <span class=\"_ _5\"></span>movimenta<span class=\"_ _0\"></span>zioni <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>recuperi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>determinat<span class=\"_ _35\"></span>o periodo di tempo; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _2\"></span>analitico-specifica<span class=\"ff5 lsd\">, <span class=\"_ _2\"></span></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>basata <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>svalutazione </span>attribuite  dal  gestore,  a  seguito  di  appositi  processi  di  analisi  e  valutazione  anche  alla  luce  dell\u2019ev<span class=\"_ _0\"></span>oluzione  delle condizioni <span class=\"_ _6\"></span>correnti, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>agg<span class=\"_ _0\"></span>iunge <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>com<span class=\"_ _3\"></span>ponente <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span><span class=\"ff2\">Add-On <span class=\"_ _6\"></span></span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>tener <span class=\"_ _4\"></span>conto, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>caso, <span class=\"_ _4\"></span>degli impatti di scenari macr<span class=\"_ _0\"></span>oeconomici futuri e <span class=\"_ _0\"></span>della permanenza nell<span class=\"_ _0\"></span>o stato di rischio.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>soglia per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>fissato da<span class=\"_ _3\"></span> part<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>competenti <span class=\"_ _3\"></span>Organi delle singole <span class=\"_ _3\"></span>Societ\u00e0, d<span class=\"_ _3\"></span>i concerto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>strutture di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>fissato d<span class=\"_ _6\"></span>alla Capogruppo. Indipendentemente dall<span class=\"_ _0\"></span>a suddivisione di tali esposizioni tra quelle oggetto di<span class=\"_ _0\"></span> valu<span class=\"_ _2\"></span>tazione analitico-statistica e quelle oggetto di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>analitico-specifica <span class=\"_ _2\"></span>(come <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>identificate), <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati <span class=\"_ _6\"> </span>cedibili <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>piano <span class=\"_ _6\"></span>d\u2019impresa <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>pianificazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rid<span class=\"_ _3\"></span><span class=\"ff1\">uzione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>prevedano <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>di </span>cessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>comportino <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>riclassifica <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>5. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deterior<span class=\"_ _5\"></span>ati cedibili, quindi, consi<span class=\"_ _0\"></span>dera la possibilit\u00e0 <span class=\"_ _0\"></span>di realizzo di tali cre<span class=\"_ _0\"></span>diti a<span class=\"_ _3\"></span>nche attraverso la vendit<span class=\"_ _0\"></span>a. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>goria <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>sconfinanti <span class=\"_ _2\"></span>sono, <span class=\"_ _2\"></span>invece, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>nalitica su <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>statistiche <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _2\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dell\u2019esposizione. <span class=\"_ _2\"></span>Anche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso, <span class=\"_ _6\"></span><span class=\"ff1\">comunque, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rettifica <span class=\"_ _3\"></span>definita </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>griglie <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>LGD <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>integrata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tener <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Add<span class=\"_ _5\"></span>-<span class=\"ff4\">On <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>scrivibile <span class=\"_ _7\"> </span>all\u2019effetto </span>dell\u2019evoluzione delle <span class=\"_ _0\"></span>condizioni corr<span class=\"_ _0\"></span>enti e degli scenari ma<span class=\"_ _0\"></span>croeconomici futuri. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _2\"></span>devono <span class=\"_ _3\"></span>continuare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quando non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>trascorsi <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>tre mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oddisfano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>probation <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span>iod). <span class=\"_ _7\"> </span>Tali esposizioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>mantenute, <span class=\"_ _4\"></span>s<span class=\"ff4\">ino <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>maturare <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>condizio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019uscita <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato, <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>rispettive <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"> </span>di </span>rischio e valutate i<span class=\"_ _0\"></span>n modalit\u00e0 analitico-statistica o analitico-speci<span class=\"_ _0\"></span>fica tenendo conto dell<span class=\"_ _0\"></span>a loro minore rischiosit<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _3\"></span> Di <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>fornita <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>breve <span class=\"_ _7\"> </span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>vengono <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>specifica ed analitico-statisti<span class=\"_ _0\"></span>ca:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-<span class=\"_ _3\"></span>specifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>sofferenze <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>valutazione </span>operata dai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">gestori sulle <span class=\"_ _3\"></span>singole p<span class=\"_ _3\"></span>osizioni basata <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un\u2019analisi <span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span></span>-quantitativa della <span class=\"_ _3\"></span>situazione economico<span class=\"_ _3\"></span>-patrimoniale<span class=\"_ _0\"></span> e <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>strategie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cre<span class=\"_ _6\"></span>diti deteriorati,  d<span class=\"ff4\">i  eventuali  fattori <span class=\"_ _16\"> </span>mitiganti  (garanzie)  e  tenendo  conto <span class=\"_ _16\"> </span>dell\u2019effetto  finanziario  del  tem<span class=\"_ _0\"></span>po  stimato  come </span>necessario per il r<span class=\"_ _0\"></span>ecupero. In <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze<span class=\"_ _0\"></span>, <span class=\"_ _16\"> </span>assumono <span class=\"_ _7\"> </span>rilevanza <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _16\"> </span>serie <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elementi, <span class=\"_ _7\"> </span>diversamente <span class=\"_ _7\"> </span>presenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>delle caratteristiche <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>posizioni, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>valutare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>massima <span class=\"_ _5\"></span>accuratezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prudenza, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>citano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mero <span class=\"_ _5\"></span>titolo esemplificativo: o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>natura del credito, <span class=\"_ _0\"></span>privilegiato o chirogr<span class=\"_ _0\"></span>afario; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>consistenza patrimo<span class=\"_ _0\"></span>niale netta degli obblig<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti/terzi datori di ga<span class=\"_ _0\"></span>ranzie rea<span class=\"_ _3\"></span><span class=\"ls11\">li;</span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>complessit\u00e0 del cont<span class=\"_ _0\"></span>enzioso in essere o <span class=\"_ _0\"></span>potenziale e/o dell<span class=\"_ _0\"></span>e questioni giuridi<span class=\"_ _0\"></span>che sottese;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione degli ob<span class=\"_ _0\"></span>bligati nei confr<span class=\"_ _0\"></span>onti del sistema bancar<span class=\"_ _0\"></span>io e di altri cre<span class=\"_ _0\"></span>ditori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>ultimi bilanci dis<span class=\"_ _0\"></span>ponibili; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>stato giuridico degl<span class=\"_ _0\"></span>i obbligati e penden<span class=\"_ _0\"></span>za di pr<span class=\"_ _3\"></span>ocedure concors<span class=\"_ _0\"></span>uali e/o individu<span class=\"_ _0\"></span>ali. </span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>garantiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>immobili, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia delle <span class=\"_ _7\"> </span>serie <span class=\"_ _7\"> </span>storiche <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>recuperi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _7\"> </span>forward<span class=\"_ _3\"></span>-<span class=\"ff4\">looking <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>applicato <span class=\"_ _7\"> </span>un </span>approccio <span class=\"_ _3\"></span>inc<span class=\"ff4\">entrato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>all\u2019asta <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>attesa <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>abbattiment<span class=\"_ _0\"></span>o </span>del <span class=\"_ _16\"> </span>prezzo  os<span class=\"_ _0\"></span>servato, <span class=\"_ _16\"> </span>determinando <span class=\"_ _16\"> </span>degli  h<span class=\"_ _0\"></span>aircut  m<span class=\"_ _35\"></span>edi  differe<span class=\"_ _0\"></span>nziati <span class=\"_ _16\"> </span>per  tipologia<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>i  ga<span class=\"_ _0\"></span>ranzia  imm<span class=\"_ _0\"></span>obiliare <span class=\"_ _16\"> </span>(abitativa, commerciale, <span class=\"_ _16\"> </span>industriale<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>te<span class=\"_ _3\"></span>rreni). <span class=\"_ _16\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>ipotecarie <span class=\"_ _16\"> </span>in  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-specifica <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>viene,  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi,<span class=\"_ _0\"></span> applicato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>Add-On <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evitare <span class=\"_ _4\"> </span>duplicazioni, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>forward looking \u00e8 gi\u00e0 tenut<span class=\"_ _0\"></span>a in considerazione tram<span class=\"_ _0\"></span>ite l\u2019ha<span class=\"ff1\">i<span class=\"_ _3\"></span>rcut.  </span>Con  rif<span class=\"_ _0\"></span>erimento <span class=\"_ _16\"> </span>alle  sofferen<span class=\"_ _0\"></span>ze  immobili<span class=\"_ _0\"></span>ari  riveni<span class=\"_ _0\"></span>enti  da <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _16\"> </span>di  le<span class=\"_ _0\"></span>asing, <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rit\u00e0 <span class=\"_ _16\"> </span>del  prodotto<span class=\"_ _0\"></span> (assenza <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>aste), <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019haircut <span class=\"_ _7\"> </span>\u00e8  stimato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>deprezzamento <span class=\"_ _7\"> </span>del  bene <span class=\"_ _7\"> </span>osservato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>perizia <span class=\"_ _7\"> </span>al  mom<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span> dell\u2019ingresso in sofferenza <span class=\"_ _0\"></span>e l\u2019effettivo prezzo d<span class=\"_ _0\"></span>i vendita.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _2\"></span>quali<span class=\"_ _5\"></span><span class=\"ff1\">-quantitativa <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>situazione<span class=\"_ _0\"></span> </span>economico-patrimoniale e <span class=\"_ _0\"></span>finanziaria del debito<span class=\"_ _0\"></span>re e su una puntu<span class=\"_ _0\"></span>ale verifica della<span class=\"_ _3\"></span> situazione di rischio. La <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>presuppone <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>assa <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>il debitore <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rodurre <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno destinati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>finanziario. <span class=\"_ _3\"></span>Tale s<span class=\"_ _3\"></span>tima deve<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>essere effettuata sulla base <span class=\"_ _0\"></span>di due approcci alte<span class=\"_ _0\"></span>rnativi: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>continuit\u00e0 <span class=\"_ _7\"> </span>operativa <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>\u201cGoing <span class=\"_ _7\"> </span>Concern <span class=\"_ _7\"> </span>Approach\u201d): <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>operativi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>debitore <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>del </span></span>garante <span class=\"_ _2\"></span>effettivo) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuano <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>ripagare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ebiti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>contratti. <span class=\"_ _2\"></span>L\u2019ipotesi <span class=\"_ _2\"></span>di </span>continuit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>esclude <span class=\"_ _16\"> </span>l\u2019eventuale <span class=\"_ _7\"> </span>realizzo  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>garanzie, <span class=\"_ _7\"> </span>ma <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>misura <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>ci\u00f2 <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>avvenire <span class=\"_ _7\"> </span>senza pregiudicare la c<span class=\"_ _3\"></span>apacit\u00e0 del <span class=\"_ _3\"></span>debitore di <span class=\"_ _3\"></span>generare flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>futuri. Il <span class=\"_ _3\"></span>metodo \u201cGoing <span class=\"_ _3\"></span>Concern\u201d trova<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>applicazione </span>anche ai <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui la <span class=\"_ _3\"></span>recuperabilit\u00e0 dell\u2019esposizione si basi <span class=\"_ _3\"></span>sulla eventuale cessione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _3\"></span>da parte <span class=\"_ _3\"></span>del debitore o <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>straordinarie. <span class=\"_ _5\"></span>Similmente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Sofferenze<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>UTP, vengono <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _5\"></span>haircut <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>garanzie <span class=\"_ _5\"></span>immobiliari. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>Going <span class=\"_ _5\"></span>Concern, <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>hai<span class=\"_ _3\"></span>rcut sono <span class=\"_ _7\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>haircut <span class=\"_ _7\"> </span>applicati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>liquidatorio <span class=\"_ _7\"> </span>(sofferenza <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>UTP <span class=\"_ _4\"> </span>Gone<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Concern)<span class=\"_ _0\"></span>, applicando un fattore d<span class=\"_ _0\"></span>i calibrazione pari alla probabilit<span class=\"_ _0\"></span>\u00e0 di migrazione degli UT<span class=\"_ _0\"></span>P a sofferenza; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario di <span class=\"_ _3\"></span>cessazione dell\u2019attivit\u00e0 (c.d.<span class=\"_ _3\"></span></span> <span class=\"ff4\">\u201cGone Concern <span class=\"_ _3\"></span>Approach\u201d): applicabile nei casi in cui <span class=\"_ _3\"></span>si ritiene che <span class=\"_ _3\"></span>i flussi di </span></span>cassa del debitore siano destin<span class=\"_ _0\"></span>ati a venir meno. Si tratta di uno s<span class=\"_ _3\"></span>cenario la cui applicazione potr<span class=\"_ _0\"></span>ebbe eventualmente riguardare <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>prevista <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>classificazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>sofferenza. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>assumendo <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non siano <span class=\"_ _2\"></span>ragionevolmente <span class=\"_ _2\"></span>percorribili <span class=\"_ _3\"></span>interventi <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>straordinarie <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ristrutturazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito in <span class=\"_ _5\"></span>contesti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>turnaround, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>basa <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>assistono <span class=\"_ _2\"></span>il credito  della  Banca  al  netto  dell\u2019applicazione  di  un  haircut  (determinato  come  per  le <span class=\"_ _1d\"> </span>Sofferenze)<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>nonch\u00e9,  i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">n </span>subordine, sul valore di realizzo degli asset patrimoniali, tenuto conto della massa passiva e delle eventuali cause di prelazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione analitic<span class=\"_ _0\"></span>o-statistica, effettuata per le s<span class=\"_ _0\"></span>offerenze e le inadem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ienze probabili di im<span class=\"_ _0\"></span>porto inferiore ai 2 m<span class=\"_ _3\"></span>ilioni e </span>per i crediti scaduti e<span class=\"_ _0\"></span>/o sconfinanti, pres<span class=\"_ _0\"></span>enta delle peculiari<span class=\"_ _0\"></span>t\u00e0 a seconda della ti<span class=\"_ _0\"></span>pologia di esposizione <span class=\"_ _0\"></span>interessata. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>sofferenze, la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione analitico<span class=\"_ _3\"></span>-s<span class=\"_ _3\"></span>tatistica si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _3\"></span>griglie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>Sofferenza, <span class=\"_ _3\"></span>dove <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello<span class=\"_ _3\"></span> LGD <span class=\"_ _3\"></span>Defaulted Asset <span class=\"_ _3\"></span>si caratterizza prevalentemente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la differenziazione <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>erdita in <span class=\"_ _3\"></span>funzione, o<span class=\"_ _3\"></span>ltre che <span class=\"_ _3\"></span>del segmento regolamentare, <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>ermanenza nello <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio (\u201cvintage\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019eventuale attivazione di<span class=\"_ _3\"></span> procedure <span class=\"_ _3\"></span>di recupero <span class=\"_ _4\"></span>giudiziali. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>griglie <span class=\"_ _6\"></span>risultano <span class=\"_ _4\"> </span>inoltre <span class=\"_ _4\"></span>differenziate <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>assi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>analisi <span class=\"_ _4\"></span>significativi <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> modello <span class=\"_ _6\"></span>(es. <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>tecnica, <span class=\"_ _6\"></span>tipologia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gar<span class=\"_ _0\"></span>anzia, <span class=\"_ _6\"></span>area <span class=\"_ _6\"></span>geografica, <span class=\"_ _6\"></span>fascia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esposizione, <span class=\"_ _6\"></span>ecc.). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>griglie <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>tempi <span class=\"_ _6\"></span>di recupero <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _6\"></span>principalmente <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>golament<span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>ulteriori <span class=\"_ _5\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>significativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di modellistica (es. pro<span class=\"_ _0\"></span>cedure di recupero, fa<span class=\"_ _0\"></span>scia di esposizione, f<span class=\"_ _0\"></span>orma tecnica). Con riferimento alle inadempienze probabili, la valutazione \u00e8 effet<span class=\"_ _2\"></span><span class=\"ff4\">tuata mediante l\u2019applicazion<span class=\"_ _0\"></span>e di <span class=\"_ _3\"></span>griglie di LGD statistica<span class=\"_ _35\"></span> </span>stimate <span class=\"_ _4\"> </span>appositamente <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>Inadempienze <span class=\"_ _4\"> </span>Probabili, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>griglie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>LGD stimate per <span class=\"_ _2\"></span>le s<span class=\"_ _3\"></span>offerenze. Il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>griglia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Inademp<span class=\"_ _3\"></span>ienze <span class=\"_ _3\"></span>Probabili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>infatti <span class=\"_ _3\"></span>analogo a <span class=\"_ _2\"></span>quell<span class=\"_ _0\"></span>o descritto <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>calcola <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _7\"> </span>atteso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _4\"> </span>in funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>stesso. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Inadempienze <span class=\"_ _5\"></span>Probabili <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ottenuta <span class=\"_ _5\"></span>tr<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mite <span class=\"_ _2\"></span>ricalibrazione <span class=\"_ _2\"></span>della LGD <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modulo <span class=\"_ _2\"></span>Danger <span class=\"_ _2\"></span>Rate. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>Danger <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _2\"></span>correttivo <span class=\"_ _2\"></span>moltiplicativo<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>alla LGD <span class=\"_ _2\"></span>sofferenza, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>registrabili <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(stat<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Inadempienza<span class=\"_ _35\"></span> Probabile <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>scaduto/sconfinante). <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>Danger <span class=\"_ _3\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>migrazione <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>Sofferenza <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le posizioni <span class=\"_ _3\"></span>gi\u00e0 in <span class=\"_ _3\"></span>default, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>osservati n<span class=\"_ _3\"></span>ella fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pre<span class=\"_ _2\"></span>-Sofferenza per <span class=\"_ _2\"></span>le posizioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>migrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>offerenza<span class=\"_ _0\"></span> e i tassi di perdita <span class=\"_ _0\"></span>osservati nella fase <span class=\"_ _0\"></span>di Pre-<span class=\"_ _3\"></span>Sofferenza per le<span class=\"_ _0\"></span> posizioni che rientra<span class=\"_ _0\"></span>no in Bonis o si esti<span class=\"_ _0\"></span>nguono.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>sottoclassi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u201cInadempienz<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>Probabili\u201d <span class=\"_ _4\"> </span>(\u201cInadempienze <span class=\"_ _4\"> </span>Probabili <span class=\"_ _6\"> </span>Non <span class=\"_ _4\"> </span>Forborne\u201d <span class=\"_ _4\"> </span>e \u201cInadempienze <span class=\"_ _1d\"> </span>Probabili <span class=\"_ _17\"> </span>Forborne\u201d), <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>stimate <span class=\"_ _1d\"> </span>griglie <span class=\"_ _17\"> </span>differenziate <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>tenere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>opportuna <span class=\"_ _1d\"> </span>considerazione <span class=\"_ _1d\"> </span>le caratteristiche <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _1d\"> </span>Forborne, <span class=\"_ _1d\"> </span>che, <span class=\"_ _17\"> </span>oltre <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>presentare <span class=\"_ _1d\"> </span>livelli <span class=\"_ _17\"> </span>medi <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>perdita <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>contenuti <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>effetto <span class=\"_ _17\"> </span>delle \u201cForbearance <span class=\"_ _3\"></span>Measures\u201d, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isentono <span class=\"_ _3\"></span>an<span class=\"ff1\">c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli <span class=\"_ _2\"></span>normativi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>impediscono <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rientro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mes<span class=\"_ _35\"></span>i </span>dalla data dell\u2019avven<span class=\"_ _0\"></span>uta rinegoziazione.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>sconfinanti, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>griglie <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quelle descritte <span class=\"_ _1c\"> </span>per <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>Inadempienze <span class=\"_ _1c\"> </span>Probabili <span class=\"_ _1c\"> </span>(Framework <span class=\"_ _1c\"> </span>Danger <span class=\"_ _20\"> </span>Rate). <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span>fattore <span class=\"_ _20\"> </span>vintage <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>questo <span class=\"_ _1c\"> </span>caso <span class=\"_ _1c\"> </span>colto dall\u2019introduzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>differenziazione <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>durata <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scaduto <span class=\"_ _4\"> </span>(Past <span class=\"_ _4\"> </span>Due <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>90 <span class=\"_ _7\"> </span>giorni/180 <span class=\"_ _6\"> </span>giorni) <span class=\"_ _4\"> </span>che determina <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>significativa <span class=\"_ _2\"></span>variazione <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>griglie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _2\"></span>inoltre, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>maniera <span class=\"_ _2\"></span>differenziata,<span class=\"_ _0\"></span> per segmento regolamentar<span class=\"_ _0\"></span>e e per ulteriori assi di analisi (es. forma tecnic<span class=\"_ _0\"></span>a, tipologia di garanzia, ar<span class=\"_ _0\"></span>ea geografica, fasci<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> di esposizione, ecc.)<span class=\"_ _0\"></span> comuni alle altre categorie del credito dete<span class=\"_ _0\"></span>riorato. Anche <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>LGD <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _4\"> </span>nella<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>performing,<span class=\"_ _0\"></span> vengono <span class=\"_ _6\"></span>effettuati <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rimozione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _5\"></span>specificatamente <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntro<span class=\"_ _2\"></span>dotte <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>modelli regolamentari, analogam<span class=\"_ _0\"></span>ente a quanto g<span class=\"_ _0\"></span>i\u00e0 evidenziato per le e<span class=\"_ _35\"></span>sposizioni performing.<span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quel <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>all\u2019inclusione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _5\"></span>looking, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>deteriorat<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>viene <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>stimata s<span class=\"_ _3\"></span>tatisticamente (<span class=\"_ _3\"></span>Add <span class=\"_ _3\"></span>On <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>macroeconomico) <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>scenari most-<span class=\"ff4\">likely e peggiorativi<span class=\"_ _0\"></span> previsti nell\u2019orizzont<span class=\"_ _0\"></span>e temporale dei suc<span class=\"_ _0\"></span>cessivi tre anni, secon<span class=\"_ _0\"></span>do i criteri gi\u00e0 descrit<span class=\"_ _0\"></span>ti.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></span>Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dall\u2019IFR<span class=\"ff1\">S <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>occorre, <span class=\"_ _5\"></span>infatti, <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>forward <span class=\"_ _2\"></span>looking <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di </span>LGD e la componente <span class=\"_ _0\"></span>sopra richiamata \u00e8 volta <span class=\"_ _0\"></span>a catturare la non<span class=\"_ _0\"></span> linearit\u00e0 della rela<span class=\"_ _0\"></span>zione tra le variabili m<span class=\"_ _0\"></span>acroeconomiche e <span class=\"_ _2\"></span>la misurazione <span class=\"_ _3\"></span>dell\u2019ECL,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>dell\u2019incertezza p<span class=\"_ _3\"></span>revisionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario most-likely. <span class=\"_ _7\"> </span>Essa <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>basa <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>medesimo <span class=\"_ _7\"> </span>framework <span class=\"_ _16\"> </span>metodologico <span class=\"_ _7\"> </span>impiegato <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _16\"> </span>ma <span class=\"_ _7\"> </span>ignora <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>ottica prudenziale <span class=\"_ _6\"></span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>migliorativo, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>soli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>peggiorativo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>most-<span class=\"_ _3\"></span><span class=\"ff4\">likely <span class=\"_ _6\"> </span>medi <span class=\"_ _4\"> </span>sull\u2019orizzonte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>tre <span class=\"_ _4\"> </span>anni </span>successivi.  Alle <span class=\"_ _1d\"> </span>valutazioni  analitico/statistiche, <span class=\"_ _1d\"> </span>inoltre,  \u00e8 <span class=\"_ _1d\"> </span>applicato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>fattore <span class=\"_ _1d\"> </span>aggiuntivo  ancorato <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>variabili <span class=\"_ _1d\"> </span>gestionali <span class=\"_ _1d\"> </span>interne,  i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>particolare <span class=\"_ _1c\"> </span>il <span class=\"_ _18\"> </span>li<span class=\"ff4\">vello <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>NPL <span class=\"_ _18\"> </span>ratio <span class=\"_ _1c\"> </span>passato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>pros<span class=\"_ _0\"></span>pettico <span class=\"_ _1c\"> </span>che, <span class=\"_ _18\"> </span>sulla <span class=\"_ _1c\"> </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ell\u2019osservazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>lungo <span class=\"_ _18\"> </span>periodo, <span class=\"_ _1c\"> </span>risulta<span class=\"_ _35\"></span> </span>statisticamente <span class=\"_ _4\"> </span>correlato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>dinamica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>perdite. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>fattore <span class=\"_ _7\"> </span>rende <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>dell\u2019LGD <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensibile <span class=\"_ _4\"> </span>alle variazioni del cont<span class=\"_ _0\"></span>esto economico/gestionale corrente e <span class=\"_ _0\"></span>prospettico. Sempre in <span class=\"_ _3\"></span>relazione a <span class=\"_ _3\"></span>scenari prospettici, con riferimento a<span class=\"_ _3\"></span>lla categoria delle <span class=\"_ _3\"></span>inadempienze probabili, che racchiude posizio<span class=\"_ _5\"></span>ni ancora <span class=\"_ _2\"></span>vive <span class=\"_ _2\"></span>ma <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>criticit\u00e0, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _2\"></span>-specifica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>valutazione analitico-<span class=\"ff4\">statistica, <span class=\"_ _17\"> </span>qualora <span class=\"_ _1d\"> </span>non <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>presenti <span class=\"_ _17\"> </span>misure <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>forbearance <span class=\"_ _17\"> </span>efficaci, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n\u2019ulteriore<span class=\"_ _0\"></span> </span>componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>(oltre <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>citato <span class=\"_ _5\"></span>Add <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>macroeconomico) <span class=\"_ _2\"></span>finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>ridurre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>delle posizioni <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>dell\u2019anzianit\u00e0 <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>movimentazione <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>recuperi <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>determinato periodo di tempo.<span class=\"ff9\"> </span>Passando <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>analizzare <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>scenari <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>recupero, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evi<span class=\"_ _3\"></span>denzia <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"></span>agli obiettivi di riduzione <span class=\"_ _0\"></span>dello stock di crediti<span class=\"_ _0\"></span> non performing in e<span class=\"_ _0\"></span>ssere, inclusi nei pia<span class=\"_ _0\"></span>ni aziendali, ed agli <span class=\"_ _0\"></span>eventuali impegn<span class=\"_ _2\"></span>i assunt<span class=\"ls13\">i </span>con gli Organi di Vigila<span class=\"_ _0\"></span>nza, con specifi<span class=\"_ _0\"></span>co riferimento alla c.d.<span class=\"_ _0\"></span> NPL Strategy, consid<span class=\"_ _0\"></span>era la vendita di dete<span class=\"_ _0\"></span>rminati portafogli<span class=\"_ _2\"></span> come la <span class=\"_ _3\"></span>strategia <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>pu\u00f2, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>condizioni, <span class=\"_ _3\"></span>massimizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>recupero <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mpi <span class=\"_ _6\"></span>di recupero.  Conseguentemente, <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _18\"> </span>\u201cordinario\u201d, <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>ipotiz<span class=\"_ _0\"></span>za <span class=\"_ _18\"> </span>una <span class=\"_ _1c\"> </span>strategia <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>recupero <span class=\"_ _18\"> </span>basata <span class=\"_ _18\"> </span>su<span class=\"_ _3\"></span>ll\u2019incasso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>credito tipicamente <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>legali, <span class=\"_ _5\"></span>mandati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero, <span class=\"_ _5\"></span>realizzo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancarie, <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>affiancato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>ove applicabile e come stra<span class=\"_ _0\"></span>tegia di recupero <span class=\"_ _0\"></span>alternativa <span class=\"ff4\">\u2013</span> anche lo scenario di vendita <span class=\"_ _0\"></span>del credito medesimo. Qualora <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>piani <span class=\"_ _7\"> </span>aziendali <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>strategie <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>identifichino <span class=\"_ _4\"> </span>specifici <span class=\"_ _7\"> </span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>dismissione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>un portafoglio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>teriorati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tale <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento degli <span class=\"_ _4\"></span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>recuperabile <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>operativa, <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>di valutazioni di mercato <span class=\"_ _0\"></span>(sulla base di perizie esterne) <span class=\"_ _0\"></span>e/o di prezzi di ve<span class=\"_ _0\"></span>ndita se gi\u00e0 definiti<span class=\"_ _3\"></span><span class=\"fs9\">. </span>In particolare, qualora si iden<span class=\"_ _0\"></span>tifichi un pi\u00f9 ampio portafogl<span class=\"_ _0\"></span>io di crediti oggetto di pote<span class=\"_ _0\"></span>nziale cessione rappre<span class=\"_ _0\"></span>sentato da cr<span class=\"_ _2\"></span>editi di propriet\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>edibilit\u00e0 <span class=\"_ _5\"></span>(quindi, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>situazioni <span class=\"_ _5\"></span>di contenzioso, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>indicazione <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>sintetica),<span class=\"_ _0\"></span> rispetto <span class=\"_ _1d\"> </span>agli<span class=\"ffc\"> <span class=\"_ _17\"> </span></span>obiettivi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>vendita, <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>suddetto <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>ponderando <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>valore recuperabile attraverso<span class=\"_ _0\"></span> la gestione operati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a con il valore recu<span class=\"_ _0\"></span>perabile attrave<span class=\"_ _0\"></span>rso la cessione.<span class=\"_ _3\"></span> Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>cedibili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>quantificato come<span class=\"_ _5\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi </span>di <span class=\"_ _5\"></span>cessione\u201d <span class=\"_ _6\"></span>(fair <span class=\"_ _5\"></span>value) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>(ii) <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>\u201cvalore <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>collection\u201d, <span class=\"_ _5\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>peso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ponderazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ercentuale <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>crediti <span class=\"_ _3\"></span>cedibili <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>rapporto <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>target <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>volume <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span><span class=\"ff4\">dere <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rispettivi <span class=\"_ _3\"></span>portafogli <span class=\"_ _2\"></span>\u201caggredibili\u201d per </span>caratteristiche <span class=\"_ _4\"> </span>similari, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>percentuale <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>riflette <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vendita <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>portafogli <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>cui dismissione <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ritenuta <span class=\"_ _6\"> </span>altamente <span class=\"_ _6\"> </span>probabile. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>osserva <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>\u201cvalore <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collection\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>gi\u00e0 illustrate <span class=\"_ _3\"></span>logiche ordinarie <span class=\"_ _3\"></span>seguite <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment dei <span class=\"_ _3\"></span>crediti d<span class=\"_ _3\"></span>eteriorati, vale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dire <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>analitica <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>soglia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-statistica <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione\u201d <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>val<span class=\"_ _5\"></span><span class=\"ff1\">utatori </span>indipendenti. Qualora, invece, si identifi<span class=\"_ _0\"></span>chi in modo specifico le posi<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>ioni da cedere, tali posizioni vengo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o valutate esclusivam<span class=\"_ _0\"></span>ente tenendo conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>stabiliti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>fairness <span class=\"_ _2\"></span>opinion <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>attrave<span class=\"_ _5\"></span><span class=\"ff1\">rso <span class=\"_ _2\"></span>un </span>accordo <span class=\"_ _6\"> </span>vincolante <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>l\u2019acquirente,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ce<span class=\"_ _3\"></span><span class=\"ff1\">ssione. <span class=\"_ _4\"></span>Tali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>riclassificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di </span>dismissione. <span class=\"_ _30\"> </span> Come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>anticipato, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>egnala, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>acquistate <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>originate <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>deteriorate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>POCI) <span class=\"_ _5\"></span>presentan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>delle <span class=\"_ _3\"></span>particolarit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairme<span class=\"_ _3\"></span>nt. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>proposito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse, <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>tutta <span class=\"_ _2\"></span>la vita  degli <span class=\"_ _16\"> </span>strumenti  in  questi<span class=\"_ _0\"></span>one,  devo<span class=\"_ _0\"></span>no  essere  co<span class=\"_ _0\"></span>ntabilizzate  rett<span class=\"_ _0\"></span>ifiche  di  val<span class=\"_ _0\"></span>ore  pari <span class=\"_ _16\"> </span>all\u2019ECL  lifetime.  A <span class=\"_ _16\"> </span>ogni  data  di<span class=\"_ _35\"></span> riferimento successiva del bi<span class=\"_ _0\"></span>lancio, d<span class=\"_ _3\"></span><span class=\"ff4\">eve, quindi, essere adeg<span class=\"_ _0\"></span>uato l\u2019ammontare dell\u2019EC<span class=\"_ _0\"></span>L lifetime, rilevand<span class=\"_ _0\"></span>o a conto economico </span>l\u2019importo <span class=\"_ _4\"> </span>dell\u2019eventuale <span class=\"_ _6\"> </span>variazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"> </span>tutta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>tile <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore. <span class=\"_ _6\"></span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>esposto, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>POCI <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>Stage <span class=\"_ _6\"></span>3, <span class=\"_ _4\"></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _6\"></span>la possibilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>spostate <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>quali, <span class=\"_ _4\"></span>per\u00f2, <span class=\"_ _4\"> </span>continuer\u00e0 <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>una perdita attesa pari all<span class=\"_ _0\"></span>\u2019ECL lifetime. <span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ricorre <span class=\"_ _3\"></span>allo <span class=\"_ _3\"></span>stralcio/cancellazione <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-<span class=\"ff4\">off\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span>re<span class=\"ls0\">siduo non ancor<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> rettificato nei seg<span class=\"_ _0\"></span>uenti casi: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span>debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>recuperi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _5\"></span>mobiliari <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _5\"></span>pi<span class=\"_ _3\"></span>gnoram<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nti <span class=\"_ _6\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _35\"></span>e con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remi<span class=\"_ _0\"></span>ssione unilaterale <span class=\"_ _0\"></span>del debito o residuo <span class=\"_ _0\"></span>a fronte<span class=\"_ _2\"></span> di contratti t<span class=\"_ _0\"></span>ransattivi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span>mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che, <span class=\"_ _16\"> </span>pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestiti <span class=\"_ _16\"> </span>dalle  strutture <span class=\"_ _16\"> </span>di  rec<span class=\"_ _5\"></span>upero,  pres<span class=\"_ _0\"></span>entano<span class=\"_ _0\"></span> possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>interessare <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>accantonam<span class=\"_ _2\"></span>enti; pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>seguenti macro-caratteristiche: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span>&gt; di 1 anno; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 (intesa come periodo di permanenza nello stato di <span class=\"_ _5\"></span><span class=\"ff4\">\u201csofferenza\u201d) &gt; 5 anni </span></span>o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. \u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogenee d<span class=\"_ _3\"></span>iverse da quelle sopra indicate, ma riferibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>presentino marginali possibilit\u00e0 d<span class=\"_ _3\"></span>i recupero <span class=\"_ _3\"></span>della quota <span class=\"_ _3\"></span>accantonata e <span class=\"_ _3\"></span>in presenza di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  pruden<span class=\"ff4\">z<span class=\"_ _3\"></span>iale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddetto  \u201cCalendar  Provisioning\u201d)  almeno  pari  al </span>complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate dal Gruppo. Perdite di valore di par<span class=\"_ _0\"></span>tecipazioni Ad <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>congiunto <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>assoggettate <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di impairment al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verificare <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>esistono <span class=\"_ _3\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano f<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>ritenere n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>recuperabile il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alo<span class=\"_ _5\"></span>re di iscrizione delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse. Il <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>impairment prevede <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>riduzioni <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>valore e <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>determinazi<span class=\"_ _0\"></span>one <span class=\"_ _1d\"> </span>dell\u2019eventuale  svalutazione. <span class=\"_ _1d\"> </span>Gli  indicatori <span class=\"_ _1d\"> </span>di  i<span class=\"_ _3\"></span>mpairment  sono <span class=\"_ _1d\"> </span>sostanzi<span class=\"_ _2\"></span><span class=\"ff1\">almente  s<span class=\"_ _3\"></span>uddivisibili  in <span class=\"_ _1d\"> </span>due </span>categorie: indicatori qu<span class=\"_ _0\"></span>alitativi e indicat<span class=\"_ _0\"></span>ori quantitativi. Tra quelli qualitativi <span class=\"_ _0\"></span>si segnalano: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>conseguimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici negativi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>scostamento <span class=\"_ _3\"></span>rispetto ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>o </span>previsti da piani plurienn<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li comunicati al me<span class=\"_ _0\"></span>rcato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019annuncio/avvio di pr<span class=\"_ _0\"></span>ocedure concorsual<span class=\"_ _0\"></span>i o di piani di ristru<span class=\"_ _0\"></span>tturazione;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a revisione al riba<span class=\"_ _0\"></span>sso del \u201crating\u201d di <span class=\"_ _0\"></span>oltre due classi;<span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019inadempimento ri<span class=\"_ _0\"></span>spetto agli obbligh<span class=\"_ _0\"></span>i di puntuale ed integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le pagamento dei<span class=\"_ _3\"></span><span class=\"ff1\"> titoli di debito emes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>gravi <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>consentire <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>aziende <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffron<span class=\"_ _5\"></span>tare </span>processi di ristrutt<span class=\"_ _0\"></span>urazione/riorganizzazi<span class=\"_ _0\"></span>one. Tra gli indicatori q<span class=\"_ _0\"></span>uantitativi si segnala<span class=\"_ _0\"></span>no: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a riduzione del fair v<span class=\"_ _0\"></span>alue al di sotto de<span class=\"_ _0\"></span>l valore di bilancio di<span class=\"_ _0\"></span> oltre il 30% ovvero <span class=\"_ _0\"></span>per un periodo su<span class=\"_ _0\"></span>periore a 24 mesi;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>capitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>orsa <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>att<span class=\"_ _5\"></span>ivi,<span class=\"_ _0\"></span> </span>ovvero  d<span class=\"_ _0\"></span>a  un <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>contabile <span class=\"_ _16\"> </span>della  parteci<span class=\"_ _0\"></span>pazione <span class=\"_ _16\"> </span>nel  bilancio <span class=\"_ _16\"> </span>separato <span class=\"_ _16\"> </span>superiore <span class=\"_ _16\"> </span>al  valor<span class=\"_ _0\"></span>e  contabi<span class=\"_ _0\"></span>le  n<span class=\"_ _0\"></span>el  bil<span class=\"_ _0\"></span>ancio consolidato <span class=\"_ _16\"> </span>dell\u2019attivo <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>e  dell\u2019<span class=\"_ _0\"></span>avviamento <span class=\"_ _16\"> </span>della  pa<span class=\"_ _0\"></span>rtecipata <span class=\"_ _16\"> </span>o  dall<span class=\"_ _0\"></span>a  di<span class=\"_ _0\"></span>stribuzione <span class=\"_ _16\"> </span>da  p<span class=\"_ _0\"></span>arte  di<span class=\"_ _0\"></span>  q<span class=\"_ _0\"></span>uest\u2019ultima <span class=\"_ _16\"> </span>di  u<span class=\"_ _35\"></span>n dividendo superiore <span class=\"_ _0\"></span>al proprio reddito complessivo. La <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _3\"></span>comporta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabil<span class=\"_ _2\"></span><span class=\"lsc\">e </span>risulti inferiore al v<span class=\"_ _0\"></span>alore di iscrizione. Il valore recuperabile \u00e8<span class=\"_ _0\"></span> rappresentato dal magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ore tra il <span class=\"_ _3\"></span><span class=\"ff4\">fair value <span class=\"_ _0\"></span>al netto dei costi di ven<span class=\"_ _0\"></span>dita ed il valore d\u2019<span class=\"_ _0\"></span>uso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per  i <span class=\"_ _16\"> </span>metodi <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>determinazione  del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  si<span class=\"_ _35\"></span>  rimanda <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>indicato  nel<span class=\"_ _3\"></span>la  S<span class=\"_ _0\"></span>ezione <span class=\"_ _16\"> </span>specifica  A<span class=\"_ _0\"></span>.4  <span class=\"ff4\">\u2013</span> Informativa sul fair v<span class=\"_ _0\"></span>alue. Il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari at<span class=\"_ _3\"></span>tesi <span class=\"_ _3\"></span>rivenienti dall\u2019attivit\u00e0; <span class=\"_ _3\"></span>esso <span class=\"_ _3\"></span>riflette <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>attesi dalla <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>nell\u2019ammontare <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tempistica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fina<span class=\"_ _5\"></span><span class=\"ff1\">nziario <span class=\"_ _3\"></span>del </span>tempo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo a<span class=\"_ _3\"></span>tto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span><span class=\"ff4\">re<span class=\"_ _3\"></span>muner<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 ed <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>influenzare <span class=\"_ _3\"></span>l\u2019apprezzamento<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte </span>degli operatori di me<span class=\"_ _0\"></span>rcato, dei flussi fi<span class=\"_ _0\"></span>nanziari attesi rive<span class=\"_ _0\"></span>nienti dall\u2019attivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella determinazion<span class=\"_ _0\"></span>e del valore d\u2019uso si <span class=\"_ _0\"></span>utilizza il metodo del<span class=\"_ _0\"></span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">attualizzazione dei flussi di c<span class=\"_ _0\"></span>assa futuri. </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span>Perdite di valore di altr<span class=\"_ _0\"></span>e attivit\u00e0 non finanzi<span class=\"_ _0\"></span>arie Le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>vita <span class=\"_ _5\"></span>utile <span class=\"_ _6\"> </span>definita <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>soggette <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>test <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>impairment <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>esiste <span class=\"_ _6\"></span>un\u2019indicazione <span class=\"_ _5\"></span>che  <span class=\"ff1\">il<span class=\"_ _0\"></span> </span>valore contabile del <span class=\"_ _3\"></span>bene non p<span class=\"_ _3\"></span>u\u00f2 p<span class=\"_ _3\"></span>i\u00f9 essere r<span class=\"_ _3\"></span>ecuperato. Il valore <span class=\"_ _3\"></span>recuperabile viene determinato con <span class=\"_ _3\"></span>riferimento al fair <span class=\"_ _3\"></span>value dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>materiale <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>immateriale <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>oneri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d\u2019uso <span class=\"_ _6\"></span>se <span class=\"_ _6\"> </span>determinabile <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>se <span class=\"_ _6\"> </span>esso <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isult<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>superiore al fair valu<span class=\"_ _0\"></span>e. Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>immobilizzazioni <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>immobilizzazioni <span class=\"_ _5\"></span>immateriali<span class=\"_ _35\"></span> (diverse da quelle r<span class=\"_ _3\"></span>ilevate a seguito di operazioni di a<span class=\"_ _3\"></span>ggregazio<span class=\"_ _0\"></span>ne) si <span class=\"_ _3\"></span>assume che il valore di <span class=\"_ _3\"></span>carico corrisponda normalment<span class=\"_ _2\"></span><span class=\"lsc\">e </span>al valor<span class=\"ff4\">e d\u2019uso, in <span class=\"_ _3\"></span>quanto deter<span class=\"_ _0\"></span>minato da un processo di ammortamento stimato sulla base dell\u2019effettivo<span class=\"_ _0\"></span> contributo del bene al </span>processo <span class=\"_ _3\"></span>produttivo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>risultando <span class=\"_ _3\"></span>estremamente <span class=\"_ _3\"></span>aleatoria <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>discostano, <span class=\"_ _3\"></span>dando<span class=\"_ _2\"></span> luogo a impairment, in c<span class=\"_ _0\"></span>aso di danneggiame<span class=\"_ _0\"></span>nti, uscita dal proce<span class=\"_ _0\"></span>sso produttivo o altre c<span class=\"_ _0\"></span>ircostanze similari n<span class=\"_ _0\"></span>on ricorrenti.<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>precisato <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>dell\u2019illustrazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 <span class=\"_ _16\"> </span>materiali <span class=\"_ _4\"> </span>ed <span class=\"_ _16\"> </span>immateriali\u201d, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>valuta <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>caso, <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>perdita per <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>un'attivit\u00e0 <span class=\"_ _1d\"> </span>rivalutata <span class=\"_ _1d\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>trattata <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>diminuzione <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ivalutazione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>fino <span class=\"_ _1d\"> </span>a concorrenza della st<span class=\"_ _0\"></span>essa, dopodich\u00e9 qualunque differ<span class=\"_ _0\"></span>enza \u00e8 imputata a<span class=\"_ _0\"></span> conto economico.  Come <span class=\"_ _5\"></span>illustrato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019Informativa <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>pregio, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>strumentali <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>effettu<span class=\"_ _3\"></span><span class=\"ff4\">ata <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>sui<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trend <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>immobiliare, <span class=\"_ _2\"></span>al </span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>presentati <span class=\"_ _2\"></span>scostamenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilievo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cespiti. <span class=\"_ _3\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>state <span class=\"_ _2\"></span>riscontrate <span class=\"_ _3\"></span>variazi<span class=\"_ _5\"></span>oni <span class=\"_ _2\"></span>di particolare <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>(+ <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>10%), <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>aggiornata <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>adeguare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bene alle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>immobiliare. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>scostamenti <span class=\"_ _6\"></span>significativi <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore<span class=\"_ _5\"></span> attraverso <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span><span class=\"ff4\">iddetti <span class=\"_ _2\"></span>\u201ctrophy <span class=\"_ _3\"></span>asset\u201d <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>prestigio </span>utilizzati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>Direzionali <span class=\"_ _2\"></span>ubicati <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>citt\u00e0 <span class=\"_ _5\"></span>sede <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>storico <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>tistico perch\u00e9 vincolati dal Mi<span class=\"_ _0\"></span>nistero per i Beni e l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Attivit<span class=\"_ _3\"></span>\u00e0 Culturali) e o<span class=\"_ _0\"></span>gni tre anni per gli altri <span class=\"_ _0\"></span>immobili strum<span class=\"_ _0\"></span>entali. <span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>gni tre <span class=\"_ _17\"> </span>anni. <span class=\"_ _18\"> </span>Annualmente <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>comunque <span class=\"_ _17\"> </span>svolta <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>sc<span class=\"_ _2\"></span>enario <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>individuare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _18\"> </span>variazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore apprezzabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>anticipare <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>annuale <span class=\"_ _6\"></span>evidenzi <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore,  in  positivo <span class=\"_ _16\"> </span>o  in  negativo,  superior<span class=\"_ _0\"></span>e  al  15%  per  sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le  opere  di  au<span class=\"_ _3\"></span>tori  presenti  nelle <span class=\"_ _16\"> </span>collezioni  della  banca  e<span class=\"_ _0\"></span> confrontabili in base <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>criteri oggettivi (dimensioni, tecnica, periodo d<span class=\"_ _3\"></span>i realizzazione, etc.), \u00e8 <span class=\"_ _3\"></span>necessario commissionare n<span class=\"_ _5\"></span>uove perizie di stima.  Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>principio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di bilancio <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>possa <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">ver </span>subito una riduzione <span class=\"_ _0\"></span>di valore. Le attivit\u00e0 <span class=\"_ _3\"></span>immateriali a vi<span class=\"_ _3\"></span>ta definita, <span class=\"_ _3\"></span>rappresentate<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dal valore <span class=\"_ _3\"></span>del portafoglio di <span class=\"_ _3\"></span>asset management e dal <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>portafoglio assicurativo, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>valutativo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>valori <span class=\"_ _4\"></span>iscr<span class=\"ff4\">itti <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio. <span class=\"_ _6\"> </span>Il <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"> </span>recuperabile <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>determinato <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d\u2019uso, <span class=\"_ _6\"> </span>ovvero <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>valore <span class=\"_ _5\"></span>attuale, <span class=\"_ _5\"></span>stimato <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>rappresentativo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>temporale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>denaro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>specif<span class=\"_ _5\"></span><span class=\"ff1\">ici </span>dell\u2019attivit\u00e0, <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>margini <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span><span class=\"ff1\">eddituali <span class=\"_ _4\"> </span>generati <span class=\"_ _4\"></span>dai <span class=\"_ _4\"></span>rapporti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _6\"></span>lun<span class=\"_ _3\"></span>go <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>izzonte <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _35\"></span> </span>esprimente la durata<span class=\"_ _0\"></span> residua attesa degli<span class=\"_ _0\"></span> stessi. Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>(\u201cbrand <span class=\"_ _3\"></span>name\u201d) <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>dall\u2019avviame<span class=\"_ _0\"></span>nto, <span class=\"_ _2\"></span>non presentando flussi <span class=\"_ _3\"></span>finanziari autonomi, sono <span class=\"_ _3\"></span>annualmente sottoposte ad <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza del <span class=\"_ _3\"></span>valore iscritto <span class=\"_ _3\"></span>tra <span class=\"_ _5\"></span><span class=\"ff1\">le </span>attivit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>Cash <span class=\"_ _6\"></span>Generating <span class=\"_ _6\"></span>Un<span class=\"_ _3\"></span>it <span class=\"_ _6\"></span>(CGU) <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>attribuiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>occasione <span class=\"_ _16\"> </span>delle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _35\"></span> aggregazione aziendale. <span class=\"_ _3\"></span>L\u2019ammontare dell\u2019eventuale r<span class=\"_ _3\"></span>iduzione di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>\u00e8 determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base della <span class=\"_ _3\"></span>differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valor<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>contabile della CGU e<span class=\"_ _3\"></span> il v<span class=\"_ _3\"></span>alore recuperabile della stessa rappresentato dal <span class=\"_ _3\"></span>maggiore tra il fa<span class=\"_ _3\"></span>ir value, al <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>tto di e<span class=\"_ _3\"></span>ventuali costi di vendita, ed il valor<span class=\"_ _0\"></span>e d\u2019uso.<span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>maniera <span class=\"_ _4\"></span>coerente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore recuperabile <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>stesse. <span class=\"_ _5\"></span>Nell\u2019ottica<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>possibile <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">ndividuare <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>senza </span>considerare i flussi d<span class=\"_ _0\"></span>erivanti da attivit\u00e0<span class=\"_ _0\"></span>/passivit\u00e0 finanziarie, <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osto che queste ultim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> integrano il co<span class=\"_ _0\"></span>re business aziendal<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> In altri <span class=\"_ _3\"></span>termini, il valore recuperabile delle <span class=\"_ _3\"></span>CGU \u00e8 influenzato dai suddetti flus<span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e pertanto il valore <span class=\"_ _3\"></span>contabile delle stesse deve essere <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>coerentemente <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>stima <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>recuperabile <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>deve, <span class=\"_ _17\"> </span>quindi, <span class=\"_ _17\"> </span>includere <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>le attivit\u00e0/passivit\u00e0  fi<span class=\"_ _0\"></span>nanziarie.  A <span class=\"_ _16\"> </span>tal  fine,  queste <span class=\"_ _16\"> </span>attivit\u00e0  e  passivit\u00e0 <span class=\"_ _16\"> </span>devono  essere  oppo<span class=\"_ _2\"></span>rtunamen<span class=\"_ _0\"></span>te  allocate  alle  C<span class=\"_ _0\"></span>GU  di<span class=\"_ _0\"></span> riferimento. Seguendo <span class=\"_ _7\"> </span>questa  imp<span class=\"_ _0\"></span>ostazione, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di contributo al patrimo<span class=\"_ _0\"></span>nio netto consolid<span class=\"_ _0\"></span>ato inclusa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto,  il <span class=\"_ _1d\"> </span>valore  di  carico  delle <span class=\"_ _1d\"> </span>CGU  composte  da  societ\u00e0  che <span class=\"_ _1d\"> </span>appartengon<span class=\"_ _0\"></span>o  ad <span class=\"_ _1d\"> </span>una  singola  divisione  operativa  o coincidono <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>legal <span class=\"_ _2\"></span>entity<span class=\"_ _3\"></span><span class=\"fs9\"> <span class=\"_ _2\"></span></span>(Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _2\"></span>Private <span class=\"_ _2\"></span>Banking, <span class=\"_ _3\"></span>Insurance <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks) <span class=\"_ _3\"></span>\u00e8 determinato attraverso la sommatoria dei <span class=\"_ _3\"></span>singoli valori contabili di ogni societ\u00e0 nel bilancio consolidato, intesi come contributo al <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _5\"></span>tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>e intangibles registrati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di acquisizione (a<span class=\"_ _3\"></span>l netto dei <span class=\"_ _3\"></span>successivi ammortamenti e d<span class=\"_ _3\"></span>i eventuali svalutazioni) e <span class=\"_ _3\"></span>delle scritture di <span class=\"_ _2\"></span>consolidamento. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>divisioni <span class=\"_ _2\"></span>(Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>Corporate <span class=\"_ _4\"> </span><span class=\"ls3e\">&amp; </span>Investment <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nking), <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>suddivisione non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabili, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>sulla<span class=\"_ _2\"></span> base <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valori <span class=\"_ _4\"> </span>contabili. <span class=\"_ _4\"> </span>Di <span class=\"_ _4\"> </span>conse<span class=\"_ _3\"></span>guenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>necessario <span class=\"_ _4\"></span>ricorrere <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>operare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>suddivisione <span class=\"_ _4\"> </span>dopo <span class=\"_ _4\"> </span>aver attribuito in maniera analitica gli intangibles e gli avviamenti alle due <span class=\"_ _3\"></span>CGU in coerenza con le informazioni contabili dispo<span class=\"_ _5\"></span>nibili. Il dr<span class=\"_ _3\"></span>iver gestionale \u00e8 <span class=\"_ _3\"></span>identificato nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u201ccapitale regolamentare\u201d, determinato dalle strutture d<span class=\"_ _3\"></span>ella Direzione <span class=\"_ _3\"></span>Rischi Finanziari e <span class=\"_ _3\"></span>di </span>Mercato, per <span class=\"_ _3\"></span>ogni d<span class=\"_ _3\"></span>ivisione operativa: esso rappresenta l\u2019assorbimento patrimoniale n<span class=\"_ _3\"></span>ecessario per <span class=\"_ _3\"></span>fronteggiare<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>le fattispeci<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>vigenti <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>isposizioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vigilanza <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _5\"></span>I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _5\"></span>tengono <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>conto degli effetti <span class=\"_ _3\"></span>di eventuali <span class=\"_ _3\"></span>impairment effettuati sulle <span class=\"_ _3\"></span>singole attivit\u00e0, ivi <span class=\"_ _3\"></span>inclusi quelli eventualmente relativi a<span class=\"_ _3\"></span>d attivit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>immateriali a vita definita. Per <span class=\"_ _3\"></span>i metodi <span class=\"_ _3\"></span>utilizzati per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value si <span class=\"_ _3\"></span>rimanda a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quanto indicato nella <span class=\"_ _3\"></span>Sezione <span class=\"_ _5\"></span>A.4 <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value. Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>pr<span class=\"_ _2\"></span><span class=\"ff1\">evede </span>possano <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>generati <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>CGU. <span class=\"_ _16\"> </span>Tali  fl<span class=\"_ _0\"></span>ussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _16\"> </span>l\u2019ultimo <span class=\"_ _16\"> </span>piano <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019impresa <span class=\"_ _16\"> </span>pubblic<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">disponibile <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>vvero, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>mancanza, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>formulazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>interno <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>management <span class=\"_ _6\"></span>o </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>evidenze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>disponibili. <span class=\"_ _6\"></span>Normalmente <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>previsione <span class=\"_ _6\"></span>analitico <span class=\"_ _6\"></span>comprende <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rco <span class=\"_ _6\"></span>temporale </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">massimo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque <span class=\"_ _4\"> </span>anni. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>flusso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019ultimo <span class=\"_ _4\"> </span>esercizio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>previsione <span class=\"_ _4\"> </span>analitica <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>proiettato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>perpetuit\u00e0, <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>un<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">appropriato tasso <span class=\"_ _3\"></span><span class=\"ff4\">di crescita \u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini del c<span class=\"_ _3\"></span>osiddetto \u201cTerminal value\u201d. Il <span class=\"_ _3\"></span>tasso \u201cg\u201d <span class=\"_ _3\"></span>viene determinato a<span class=\"_ _3\"></span>ssumendo come fattore </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>prev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>analitica <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>ilup<span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Prodotto Interno Lordo n<span class=\"_ _0\"></span>ei Paesi in cui i flussi s<span class=\"_ _0\"></span>i generano. </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>d\u2019uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rifletta <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazioni </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">correnti <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"> </span>temporale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>denaro <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _4\"> </span>In  <span class=\"ff1\">particolare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attualizzazione <span class=\"_ _4\"> </span>utilizzati </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">incorporano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>risk free <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio correlati <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>azionaria <span class=\"_ _3\"></span>osservati <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>arco <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">sufficientemente <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _17\"> </span>per <span class=\"_ _1c\"> </span>rif<span class=\"_ _0\"></span>lettere <span class=\"_ _18\"> </span>condizioni <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>icli <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span>fferenziati. <span class=\"_ _18\"> </span>Inoltre, <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>ogni <span class=\"_ _18\"> </span>CGU, <span class=\"_ _18\"> </span>in </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">considerazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>diversa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rispettivi <span class=\"_ _2\"></span>ambiti <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>coefficienti <span class=\"_ _3\"></span>Beta <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>fferenziati.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Tu<span class=\"_ _5\"></span>tti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>tassi </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">cos\u00ec determinati son<span class=\"_ _0\"></span>o corretti per tenere cont<span class=\"_ _0\"></span>o del cosiddetto \u201cRi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio Paese\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>partecipate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stimati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>essi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>generano <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>convertiti <span class=\"_ _5\"></span>in  e<span class=\"_ _0\"></span>uro </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">utilizzando il tasso di<span class=\"_ _0\"></span> cambio a pronti alla<span class=\"_ _0\"></span> data di determinazi<span class=\"_ _0\"></span>one del valore d\u2019u<span class=\"_ _0\"></span>so.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">le <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>name, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento  non <span class=\"_ _1d\"> </span>presenti </span></div><div class=\"t m0 x0 h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">avviamenti  allocati  e,  c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span>,  non <span class=\"_ _1d\"> </span>risulti  possibile  attrarre  la <span class=\"_ _1d\"> </span>verifica  del  valore  recuperabile  dell\u2019intangible </div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">specifico <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019avviame<span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>basato <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>ad </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">una sua valutazione <span class=\"_ _0\"></span>autonoma e specifica sulla <span class=\"_ _0\"></span>base del fair value at<span class=\"_ _0\"></span>testato dalla perizia <span class=\"_ _0\"></span>di un esperto indi<span class=\"_ _0\"></span>pendente.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h4c y70 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y71 ffa fs0 fc2 sc0 ls0 ws0\">Aggregazioni aziendali </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">In tema di Aggregazion<span class=\"_ _0\"></span>i aziendali il pri<span class=\"_ _0\"></span>ncipi<span class=\"_ _3\"></span><span class=\"ff4\">o contabile di riferim<span class=\"_ _0\"></span>ento \u00e8 l\u2019IFRS 3.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Il trasferimento del controllo di un\u2019impresa (o d<span class=\"_ _3\"></span>i un gruppo di att<span class=\"_ _3\"></span>ivit\u00e0 e beni integrati, condotti e <span class=\"_ _3\"></span>gestiti unitariamente) <span class=\"_ _5\"></span><span class=\"ff1\">configura<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019operazione di agg<span class=\"_ _0\"></span>regazione aziendale.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fine  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsidera <span class=\"_ _7\"> </span>tras<span class=\"_ _3\"></span><span class=\"ff4\">ferito <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>l\u2019investitore <span class=\"_ _7\"> </span>\u00e8  e<span class=\"_ _0\"></span>sposto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>rendimenti <span class=\"_ _7\"> </span>variabili, <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>tali </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">rendimenti,  deriv<span class=\"_ _0\"></span>anti  dal  p<span class=\"_ _0\"></span>roprio  rapporto <span class=\"_ _16\"> </span>con  la  partecipa<span class=\"_ _0\"></span>ta  e  nel <span class=\"_ _16\"> </span>contempo  ha  la <span class=\"_ _16\"> </span>capacit\u00e0  di  i<span class=\"_ _0\"></span>ncidere  sui <span class=\"_ _16\"> </span>rendimenti </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">esercitando il proprio p<span class=\"_ _0\"></span>otere su tale entit\u00e0. </div><div class=\"t m0 x0 h32 y78 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS <span class=\"_ _6\"> </span>3 <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ichiede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>venga <span class=\"_ _4\"> </span>individuato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>acquirente. <span class=\"_ _6\"> </span>Quest\u2019ultimo <span class=\"_ _4\"> </span>deve <span class=\"_ _6\"> </span>essere </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">identificato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ottiene <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>un\u2019altra <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _6\"> </span>attivit\u00e0. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gra<span class=\"_ _6\"> </span><span class=\"ff1\">do <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">identificare <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>soggetto <span class=\"_ _7\"> </span>controllante <span class=\"_ _4\"> </span>seguendo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>descritta, <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scambio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>partecipative, <span class=\"_ _2\"></span>l\u2019individuazi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">attori </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">quali: l<span class=\"ff4\">\u2019entit\u00e0 il cui fair value \u00e8 significativamente maggiore, l\u2019entit\u00e0 che eventualmen<span class=\"_ _0\"></span>te versa un corrispettivo in denaro, l\u2019entit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span></span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">che emette le nuove a<span class=\"_ _0\"></span>zioni. </div><div class=\"t m0 x0 h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019acquisizione, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quindi <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _3\"></span>consolidamento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019entit\u00e0 <span class=\"_ _3\"></span>acquisita, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>contabilizzata <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019acquirente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">ottiene effettivamente <span class=\"_ _3\"></span>il controllo <span class=\"_ _3\"></span>sull\u2019impresa o <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>acquisite. Quando <span class=\"_ _3\"></span>l\u2019operazione avviene <span class=\"_ _3\"></span>tramite un\u2019unica <span class=\"_ _3\"></span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">scambio, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>scambio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _5\"></span>Tuttavia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>sempr<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>necessario <span class=\"_ _5\"></span>verificare </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019eventuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>comportare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>dello </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">scambio. </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>corrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazione <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>come<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sommatoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">value<span class=\"ff2 lsd\">, <span class=\"_ _2\"></span></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scambio, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>cedute, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>assunte <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messi </div><div class=\"t m0 x0 h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019acquirente in camb<span class=\"_ _0\"></span>io del controllo.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Nelle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>denaro <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>quando <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>pagamento<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"></span>finanziar<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">assimilabili  alla <span class=\"_ _1d\"> </span>cassa)  il <span class=\"_ _1d\"> </span>prezzo  \u00e8 <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>corrispettivo<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>pattuito,  eventualmente  attualizzato  nel <span class=\"_ _1d\"> </span>caso  i<span class=\"_ _3\"></span>n  cui <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>previsto  un </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">pagamento <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ateale <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _2\"></span>superiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine; <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenga <span class=\"_ _2\"></span>tramite </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>cassa, <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>l\u2019emissione di <span class=\"_ _2\"></span>strumenti rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span><span class=\"ff1\">fair </span></div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">value del mezzo di pag<span class=\"_ _0\"></span>amento al netto d<span class=\"_ _0\"></span>ei costi direttamente attr<span class=\"_ _0\"></span>ibuibili all\u2019operazio<span class=\"ff1\">n<span class=\"_ _3\"></span>e di emissio<span class=\"_ _0\"></span>ne di capitale. Per le m<span class=\"_ _0\"></span>odalit\u00e0 </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">di determinazione del <span class=\"_ _3\"></span>fair value degli strumenti <span class=\"_ _3\"></span>finanziari, si rimanda a<span class=\"_ _3\"></span> quanto indicato nella <span class=\"_ _3\"></span>Sezione A.4 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair </div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">value, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>l\u2019accortezza <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>mercati <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>quotazione <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">Borsa alla data dell\u2019a<span class=\"_ _0\"></span>cquisizione o, in ma<span class=\"_ _0\"></span>ncanza, dall\u2019ultim<span class=\"_ _0\"></span>a quotazione disponibil<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>corrispettivo <span class=\"_ _6\"> </span>del<span class=\"_ _3\"></span>l\u2019aggregazione <span class=\"_ _5\"></span>aziendale <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>acquisizione <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _6\"> </span>subordinati <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>even<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">futuri, se previsti da<span class=\"_ _3\"></span>gli accordi e solo nel <span class=\"_ _3\"></span>caso in cui siano p<span class=\"_ _3\"></span>robabili, determinabili in modo attendibile e realizzati entr<span class=\"_ _5\"></span>o i <span class=\"_ _3\"></span>dodici </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">mesi <span class=\"_ _3\"></span>successivi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>indennizzi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>el <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lore </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">delle attivit\u00e0 ut<span class=\"_ _3\"></span>ilizzate in <span class=\"_ _3\"></span>quanto gi\u00e0 considerati o<span class=\"_ _3\"></span> nel <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>degli strumenti rappresentativi di <span class=\"_ _3\"></span>capitale o <span class=\"_ _3\"></span>come riduz<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">premio o incremento d<span class=\"_ _0\"></span>ello sconto sull\u2019emis<span class=\"_ _0\"></span>sione iniziale nel ca<span class=\"_ _0\"></span>so di emissione di strum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti di debito.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>c<span class=\"ff4\">orrelati <span class=\"_ _6\"> </span>all\u2019acquisizione <span class=\"_ _5\"></span>sono <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>oneri <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>l\u2019acquire<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostiene <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>dell\u2019aggregazione <span class=\"_ _6\"></span>aziendale; <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">titolo <span class=\"_ _6\"></span>esemplificativo <span class=\"_ _5\"></span>questi <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>compensi <span class=\"_ _6\"></span>professionali <span class=\"_ _6\"></span>corrisposti <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>revisori, <span class=\"_ _5\"></span>periti, <span class=\"_ _6\"></span>consulenti <span class=\"_ _6\"></span>legali, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>per </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">perizie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>conti, <span class=\"_ _6\"></span>predisposizion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>documenti <span class=\"_ _6\"></span>informativi <span class=\"_ _5\"></span>richiesti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>norme, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consulenza </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">sostenute <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>identificare <span class=\"_ _2\"></span>potenziali <span class=\"_ _3\"></span>target <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>acquisire <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>contrattualmente <span class=\"_ _3\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">caso di <span class=\"ff4\">esito positivo dell<span class=\"_ _0\"></span>\u2019aggregazione, no<span class=\"_ _0\"></span>nch\u00e9 i costi di registra<span class=\"_ _0\"></span>zione ed emissione <span class=\"_ _0\"></span>di titoli di debito o t<span class=\"_ _0\"></span>itoli azionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019acquirente <span class=\"_ _6\"> </span>deve <span class=\"_ _4\"> </span>contabilizzare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>correlati <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>l\u2019acquisizi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>nei <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>iodi <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>e<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span><span class=\"ls13\">i </span></span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">servizi <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>no <span class=\"_ _4\"> </span>ricevuti, <span class=\"_ _7\"> </span>ad <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccezione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>azionari <span class=\"_ _7\"> </span>o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>rilevati<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">secondo quanto disp<span class=\"_ _0\"></span>osto dallo IAS<span class=\"_ _0\"></span> 32.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">Le o<span class=\"_ _3\"></span>perazioni di <span class=\"_ _3\"></span>aggregazione aziendale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate secondo i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>\u201cmetodo dell\u2019acquisizione\u201d, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">identificabili acquisite <span class=\"_ _3\"></span>(comprese eventuali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali in <span class=\"_ _3\"></span>precedenza <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rilevate dall\u2019impresa <span class=\"_ _3\"></span>acquisita) e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span><span class=\"ff1\">sivit\u00e0 </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">identificabili assunte <span class=\"_ _0\"></span>(comprese quelle pote<span class=\"_ _0\"></span>nziali) devono esser<span class=\"_ _0\"></span>e rilevate ai rispet<span class=\"_ _0\"></span>tivi fair val<span class=\"_ _3\"></span>ue alla data di acquisizione. </div><div class=\"t m0 x0 h32 y5a ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>espressamente <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>3,  per <span class=\"_ _7\"> </span>ogni <span class=\"_ _16\"> </span>aggregazione <span class=\"_ _7\"> </span>aziendale  e<span class=\"_ _0\"></span>ventuali <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  m<span class=\"_ _0\"></span>inoranza <span class=\"_ _7\"> </span>nella </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _1d\"> </span>acquisita <span class=\"_ _1d\"> </span>possono <span class=\"_ _1d\"> </span>essere <span class=\"_ _1d\"> </span>rilevate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>incremento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>corrispettivo <span class=\"_ _1d\"> </span>trasfer<span class=\"_ _2\"></span>ito) <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>in </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">proporzione alla quota <span class=\"_ _0\"></span>della partecipazio<span class=\"_ _0\"></span>ne di minoranza nell<span class=\"_ _0\"></span>e attivit\u00e0 nette identif<span class=\"_ _0\"></span>icabili delle soc<span class=\"_ _0\"></span>iet\u00e0 acquisite.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">Se <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>realizzato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>acquisti <span class=\"_ _4\"> </span>successivi, <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>ricalcolare <span class=\"_ _4\"> </span>l\u2019interessenza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>deteneva <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls10 ws0\">pr<span class=\"ff4 ls0\">ecedenza n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>acquisita <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettivo <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>l\u2019eventual<span class=\"_ _2\"></span></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">differenza rispetto al pr<span class=\"_ _0\"></span>ecedente valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019eccedenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _2\"></span>trasferito <span class=\"_ _3\"></span>(rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _3\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>trasferite, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli </span></div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>emessi <span class=\"_ _3\"></span>dall\u2019acquirente), eventualmente <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>(determinato <span class=\"_ _3\"></span>come </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">sopra <span class=\"_ _4\"> </span>esposto) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>interessenze <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>all\u2019acq<span class=\"_ _3\"></span><span class=\"ff1\">uirente, <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">acquisite  deve <span class=\"_ _16\"> </span>essere  rilevata <span class=\"_ _16\"> </span>come  avviamento;  q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>lora  q<span class=\"_ _0\"></span>ueste  ultime  r<span class=\"_ _0\"></span>isultino,  in<span class=\"_ _0\"></span>vece,  superiori <span class=\"_ _16\"> </span>alla  sommatoria <span class=\"_ _16\"> </span>del </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">corrispettivo, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>possedute, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>imputata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">economico. </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1d\"> </span>contabilizzazione <span class=\"_ _1d\"> </span>dell\u2019opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>aggregazione <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _1d\"> </span>avvenire <span class=\"_ _1d\"> </span>provvisoriament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>entro <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>fine <span class=\"_ _1d\"> </span>dell\u2019esercizio <span class=\"_ _1d\"> </span>in  c<span class=\"_ _3\"></span>ui </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019aggregazione vie<span class=\"_ _0\"></span>ne realizzata e deve<span class=\"_ _0\"></span> essere perfezionata e<span class=\"_ _0\"></span>ntro dodici mesi <span class=\"_ _0\"></span>dalla <span class=\"_ _3\"></span><span class=\"ff1\">data di acquisizione. </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">Le contabilizzazioni di ulteriori quote di partecipazione in societ\u00e0 gi\u00e0 controllate sono considerate, ai sensi dell\u2019IFRS 10,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>come </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">operazione <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>agiscono <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soci. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _2\"></span>le<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>minoranz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>cquisite s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>imputate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppo; <span class=\"_ _3\"></span>parimenti<span class=\"_ _5\"></span><span class=\"ls1d\">, </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quote d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>gen<span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>utili/perdite nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>econ<span class=\"_ _5\"></span>omico <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio netto di g<span class=\"_ _0\"></span>ruppo. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span>figurano <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>imprese <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>costituiscono </div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019attivit\u00e0 <span class=\"_ _18\"> </span>aziendale <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>controllo <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>via <span class=\"_ _18\"> </span>transitoria <span class=\"_ _1c\"> </span>o, <span class=\"_ _18\"> </span>infine, <span class=\"_ _18\"> </span>se <span class=\"_ _20\"> </span>l\u2019aggregazione <span class=\"_ _17\"> </span>aziendale <span class=\"_ _18\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>realizzata <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>finalit\u00e0 </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">riorganizzative, <span class=\"_ _6\"></span>quindi <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>imprese <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>aziendali <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"></span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>non </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">comporta <span class=\"_ _1d\"> </span>cambiamento <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ssetti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>controllo <span class=\"_ _17\"> </span>indipendentemente <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>percentual<span class=\"_ _2\"></span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>iritti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>terzi <span class=\"_ _1d\"> </span>prima <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>dopo </div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019operazione <span class=\"_ _2\"></span>(cosiddette <span class=\"_ _2\"></span>aggregazioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>comune). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>considerat<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">prive di sostanza economica. Pertanto, in as<span class=\"_ _0\"></span>senza di specifiche indicazioni previ<span class=\"_ _0\"></span>ste dai principi<span class=\"_ _2\"></span> IAS/IFRS e in aderenza con le </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">presunzioni dello <span class=\"_ _3\"></span>IAS 8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>ichiede che <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>in assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>principio specifico <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa debba <span class=\"_ _3\"></span>fare uso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio giudizio </span></div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019applicare <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _7\"> </span>che  fo<span class=\"_ _0\"></span>rnisca <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rilevante, <span class=\"_ _7\"> </span>attendibile, <span class=\"_ _16\"> </span>prudent<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>rifletta <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>sostanza </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">economica dell\u2019oper<span class=\"_ _0\"></span>azione, esse sono c<span class=\"_ _0\"></span>ontabilizzate salvag<span class=\"_ _0\"></span>uardando la continui<span class=\"_ _0\"></span>t\u00e0 dei valori nel<span class=\"_ _0\"></span> bilancio dell\u2019acquire<span class=\"_ _0\"></span>nte.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>fusioni <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>imprese, <span class=\"_ _2\"></span>rappresentando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pi\u00f9 </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">completa, in quanto <span class=\"_ _0\"></span>comportano l\u2019unifica<span class=\"_ _0\"></span>zione sia giuridica che <span class=\"_ _0\"></span>economica dei <span class=\"_ _0\"></span>soggetti che vi partecipa<span class=\"_ _0\"></span>no.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y77 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"> </span>fusioni, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"> </span>esse <span class=\"_ _6\"> </span>proprie, <span class=\"_ _6\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>costituzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _6\"> </span>soggetto <span class=\"_ _6\"> </span>giuridico <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>incorporazione\u201d <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>la </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">conflu<span class=\"ff4\">enza <span class=\"_ _16\"> </span>di  un\u2019impre<span class=\"_ _0\"></span>sa  in <span class=\"_ _7\"> </span>un\u2019altra  impresa <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>esistente, <span class=\"_ _16\"> </span>sono  trattate <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _16\"> </span>i  criteri <span class=\"_ _7\"> </span>precedentemente  illu<span class=\"_ _0\"></span>strati,  i<span class=\"_ _35\"></span>n </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">particolare: </div><div class=\"t m0 x0 h2 y7a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _1d\"> </span>l\u2019operazione <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>trasferimento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019impresa,  essa<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>trattata <span class=\"_ _1d\"> </span>come <span class=\"_ _1d\"> </span>un\u2019operazione <span class=\"_ _1d\"> </span>di </span></span></div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">aggregazione <span class=\"ff4\">ai sensi dell\u2019IFRS<span class=\"_ _0\"></span> 3;<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y7c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e l\u2019operazione no<span class=\"_ _0\"></span>n comporta il trasferim<span class=\"_ _0\"></span>ento del controllo, ess<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> viene contabili<span class=\"_ _0\"></span>zzata privilegiand<span class=\"_ _0\"></span>o la continuit\u00e0 dei valor<span class=\"_ _0\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">.</span></span></span><span class=\"ff1\"><span class=\"ff4\"><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h95 y7d ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7e ffb fs0 fc2 sc0 ls0 ws0\">Criteri di redazione del<span class=\"_ _0\"></span>l\u2019informativa di <span class=\"_ _0\"></span>settore<span class=\"ffa\"> </span></div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019informativa di <span class=\"_ _3\"></span>settore del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo si <span class=\"_ _3\"></span>ba<span class=\"_ _3\"></span><span class=\"ff1\">sa <span class=\"_ _3\"></span>sugli <span class=\"_ _3\"></span>elementi che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>management utilizza <span class=\"_ _3\"></span>per prendere <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>roprie </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">decisioni operative (<span class=\"_ _0\"></span>c.d. \u201cmanagement a<span class=\"_ _0\"></span>pproach\u201d) ed \u00e8 dunque<span class=\"_ _0\"></span> coerente con i req<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isiti informativi <span class=\"_ _0\"></span>previsti dall\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> 8.  </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>modello organizzativo del <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo si a<span class=\"_ _3\"></span>rticola in<span class=\"_ _2\"></span> s<span class=\"_ _3\"></span>ei settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 con <span class=\"_ _3\"></span>specifiche responsabilit\u00e0 operative:<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Banca dei Territori, IMI Corpor<span class=\"_ _0\"></span>ate &amp; Investment Banking, Intern<span class=\"_ _0\"></span>ational Subsidiary Banks, A<span class=\"_ _0\"></span>sset Management, Private Ban<span class=\"_ _0\"></span>king </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>Insurance. <span class=\"_ _3\"></span>Ai suddetti <span class=\"_ _3\"></span>settori <span class=\"_ _3\"></span>operativi si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiunge, inoltre, <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Centro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Governo <span class=\"_ _3\"></span>cui \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>demandato il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">indirizzo, <span class=\"_ _2\"></span>coordinamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>dell\u2019intero <span class=\"_ _2\"></span>Gruppo. <span class=\"_ _5\"></span>Rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>strutture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>rappresentate<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">dalla Tesoreria, dalla D<span class=\"_ _0\"></span>irezione NP<span class=\"_ _0\"></span>E nonch\u00e9 le attivit\u00e0 di Asset<span class=\"_ _0\"></span> &amp;<span class=\"_ _3\"></span> Liability Management (A<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>M) strategico.  </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Ai f<span class=\"_ _3\"></span>ini della <span class=\"_ _3\"></span>predisposizione del Segment <span class=\"_ _3\"></span>Reporting i <span class=\"_ _3\"></span>risultati economici <span class=\"_ _3\"></span>e patri<span class=\"_ _3\"></span>moniali attribuiti ai <span class=\"_ _3\"></span>diversi settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>att<span class=\"_ _5\"></span>ivit\u00e0 sono </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">determinati in base ai<span class=\"_ _3\"></span> principi contabili utilizzati nella redazione e p<span class=\"_ _3\"></span>resenta<span class=\"_ _3\"></span><span class=\"ff4\">zione d<span class=\"_ _3\"></span>el bilancio consolidato. L\u2019utilizzo degli stessi </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">criteri <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rendicontazione  consente <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>i\u00f9  a<span class=\"_ _3\"></span>gevole <span class=\"_ _1d\"> </span>riconciliazione  dei <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>settoriali <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>quelli <span class=\"_ _1d\"> </span>consolidati. <span class=\"_ _1d\"> </span>Al <span class=\"_ _1d\"> </span>fine <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentare pi\u00f9 efficacemente i <span class=\"_ _3\"></span>risultati e <span class=\"_ _3\"></span>per me<span class=\"_ _3\"></span>glio comprendere le compo<span class=\"_ _2\"></span>nenti che <span class=\"_ _3\"></span>li hanno <span class=\"_ _3\"></span>generati, per ci<span class=\"_ _3\"></span>ascun settore </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>informativa <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>presentat<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _2\"></span>riclassificato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>esprimono <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contributo <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>risultato<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo.  </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>contributo <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _4\"></span>Divisioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Centro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Governo <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>risu<span class=\"_ _3\"></span>ltato <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>complessivo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>determinato<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">secondo le metodologi<span class=\"_ _0\"></span>e descritte di seguit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>: </div><div class=\"t m0 x0 h2 y4a ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tassi <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _6\"></span>(TIT), <span class=\"_ _6\"></span>differenziati <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>scadenza </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">della singola operazi<span class=\"_ _0\"></span>one, per la corretta attribuzione dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> componente i<span class=\"_ _0\"></span>nteressi netti; </div><div class=\"t m0 x0 h2 y4c ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banche/Societ\u00e0 d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>componenti </span></div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">reddituali <span class=\"_ _3\"></span>riferibili a <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ripartizione <span class=\"_ _3\"></span>dei risulta<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>fabbriche prodotto/unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizio e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">relazione/unit\u00e0 clienti<span class=\"_ _0\"></span>; </div><div class=\"t m0 x0 h2 y4f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>addebito dei costi <span class=\"_ _0\"></span>diretti a ciascuna Di<span class=\"_ _0\"></span>visione di Business <span class=\"_ _0\"></span>e al Centro di Gover<span class=\"_ _0\"></span>no;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y50 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contabilit\u00e0 <span class=\"_ _6\"></span>industriale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza, <span class=\"_ _5\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>l\u2019addebito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>costi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>i </span></span></div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">servizi <span class=\"_ _5\"></span>erogati <span class=\"_ _5\"></span>dalle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>centrali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>facenti <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>Divisioni <span class=\"_ _2\"></span>di </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">Business e delle altre Strutture del Centro di Govern<span class=\"_ _0\"></span>o, nonch\u00e9 dei costi relativi allo svolgimento del<span class=\"_ _2\"></span>le attivit\u00e0 di indirizzo e<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">controllo; </div><div class=\"t m0 x0 h2 y54 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>logica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>portafogliazione/segme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>clientela <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>l\u2019attribuzione <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>ci<span class=\"_ _3\"></span>ascuna <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>al </span></span></div><div class=\"t m0 x2a h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">Centro di Governo dei <span class=\"_ _0\"></span>risultati economici d<span class=\"_ _0\"></span>ell\u2019operativit\u00e0 con <span class=\"_ _0\"></span>clientela e delle retti<span class=\"_ _0\"></span>fiche nette<span class=\"_ _3\"></span><span class=\"ff1\"> di valore su crediti. </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>risultato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Business<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Unit <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>fiscali, <span class=\"_ _4\"> </span>calcolati <span class=\"_ _4\"></span>applicando <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>principali <span class=\"_ _4\"></span>componen<span class=\"_ _2\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione del tax<span class=\"_ _0\"></span> rate effettivo in coere<span class=\"_ _0\"></span>nza con la politica <span class=\"_ _0\"></span>fiscale del Gruppo. </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gment<span class=\"_ _0\"></span>i <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>infragruppo <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">lordo dei rapporti tra <span class=\"_ _0\"></span>diversi segmenti <span class=\"_ _0\"></span>operativi di business. </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"> </span>Divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>Centro <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>inoltre <span class=\"_ _6\"></span>calcolato <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tale <span class=\"_ _6\"></span>assorbito <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>RWA <span class=\"_ _6\"></span>(Risk <span class=\"_ _4\"></span>Weighted<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Assets) <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>oerentemente <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>vigente <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>integrati, <span class=\"_ _5\"></span>laddove <span class=\"_ _6\"></span>necessario, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>gestionali <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">\u201ceconomico\u201d per ten<span class=\"_ _0\"></span>ere conto dei risc<span class=\"_ _0\"></span>hi non coperti dalla me<span class=\"_ _0\"></span>trica regolamenta<span class=\"_ _0\"></span>re<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpl<span class=\"ff4\">etamento d<span class=\"_ _3\"></span>ell\u2019informativa per <span class=\"_ _2\"></span>segmenti <span class=\"_ _2\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>fornita <span class=\"_ _3\"></span>un\u2019illustrazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>economici <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _3\"></span>aggregati <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>opera. <span class=\"_ _2\"></span>Le <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>finite </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _4\"> </span><span class=\"ff4\">base <span class=\"_ _4\"> </span>dell\u2019articolazione <span class=\"_ _6\"> </span>territoriale <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>segmenti <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perativi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>business <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>riconducibili <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tre<span class=\"_ _90\"> </span></span><span class=\"ff4\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-226.22974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">principali <span class=\"_ _2\"></span>raggruppamenti <span class=\"_ _2\"></span>geografici <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finiti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>residenza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _2\"></span>giuridiche <span class=\"_ _2\"></span>costituenti <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo:<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>Italia, </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Europa e Resto del mon<span class=\"_ _0\"></span>do. </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y61 ffa fs0 fc2 sc0 ls0 ws0\">Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-226.22974px;\"><div class=\"t m0 x53 h33 y65a ff1 fs11 fc0 sc0 ls1a ws0\">85<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-226.22974px;\"><div class=\"t m0 xde h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">riportati: </div><div class=\"t m0 x0 h2 y67 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span></div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale </div><div class=\"t m0 x2a h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span></div><div class=\"t m0 x0 h2 y6b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y70 ff5 fs0 fc2 sc0 ls10 ws0\">1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span></div><div class=\"t m0 x0 h24 y71 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y72 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione  </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">separata in quanto: </div><div class=\"t m0 x0 h2 y77 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span></div><div class=\"t m0 x0 h2 y78 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span></div><div class=\"t m0 x0 h2 y79 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">incorporati da scorpora<span class=\"_ _0\"></span>re. </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y86 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y4c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y4d ff5 fs0 fc2 sc0 ls10 ws0\">2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y4f ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">cessione. </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\"><span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y5b3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> <span class=\"_ _9\"> </span> Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Prodotti a contenuto as<span class=\"_ _0\"></span>sicurativo </span>I <span class=\"_ _5\"></span>prodotti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>icurativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _6\"></span>significativo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omprendono: <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>caso<span class=\"_ _5\"></span> morte, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>mis<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>coefficienti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>garantiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _4\"> </span>dell'em<span class=\"_ _5\"></span>issione, <span class=\"_ _4\"></span>alcune tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>lizze <span class=\"_ _5\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anni. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>prodotti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sciplina <span class=\"_ _5\"></span>IAS/IFRS <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>quant<span class=\"_ _5\"></span><span class=\"ls17\">o </span>previsto dai principi <span class=\"_ _0\"></span>contabili nazionali in m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria assicurati<span class=\"_ _0\"></span>va. <span class=\"_ _3\"></span> L\u2019IFRS 4, in sintesi pre<span class=\"_ _0\"></span>vede: <span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione dei p<span class=\"_ _3\"></span>remi lordi a <span class=\"_ _3\"></span>Conto economico fra <span class=\"_ _3\"></span>i proventi; essi <span class=\"_ _3\"></span>comprendono tutti gli <span class=\"_ _3\"></span>importi maturati durante l<span class=\"_ _3\"></span>\u2019esercizi<span class=\"_ _35\"></span>o </span></span>a  seguito  della <span class=\"_ _1d\"> </span>stipula  dei  contratti  di  assicurazione  al  netto  de<span class=\"_ _3\"></span>gli  annullamenti;  analogamente,  i  premi  ceduti  ai riassicuratori sono iscr<span class=\"_ _0\"></span>itt<span class=\"ff4\">i quali costi dell\u2019esercizi<span class=\"_ _0\"></span>o;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fronte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>premi <span class=\"_ _4\"> </span>lordi, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>accantonato <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>riserve <span class=\"_ _6\"></span>tecniche <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _6\"></span>degli <span class=\"_ _6\"> </span>impegni <span class=\"_ _6\"> </span>verso <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>assicurati<span class=\"_ _0\"></span>, </span></span>calcolati analiticame<span class=\"_ _0\"></span>nte per ciascun cont<span class=\"_ _0\"></span>ratto secondo quant<span class=\"_ _0\"></span>o definito dai prin<span class=\"_ _0\"></span>cipi contabili locali<span class=\"_ _0\"></span> in materia; <span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>prodotti a <span class=\"_ _3\"></span>conten<span class=\"ff4\">uto assicurativo <span class=\"_ _3\"></span>inseriti all\u2019interno delle <span class=\"_ _3\"></span>gestioni separate s<span class=\"_ _3\"></span>ono valutati <span class=\"_ _3\"></span>applicando il <span class=\"_ _3\"></span>cosiddetto shadow </span></span>accounting, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>allocando <span class=\"_ _7\"> </span>le <span class=\"_ _4\"></span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>quello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato, <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificati<span class=\"_ _35\"></span> disponibili  p<span class=\"_ _0\"></span>er  la<span class=\"_ _0\"></span>  vendita,  per<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>componente  di<span class=\"_ _0\"></span>  compete<span class=\"_ _0\"></span>nza  degli<span class=\"_ _0\"></span>  assicurati <span class=\"_ _16\"> </span>alle  ris<span class=\"_ _0\"></span>erve  tecnic<span class=\"_ _0\"></span>he,  e <span class=\"_ _16\"> </span>per  quella<span class=\"_ _0\"></span>  di competenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"></span>netto. <span class=\"_ _4\"> </span>Nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui, <span class=\"_ _4\"> </span>invece, <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alue, rilevato a Conto economico, la differenza <span class=\"_ _3\"></span>tra il valore di car<span class=\"_ _3\"></span>ico ed il valore di mercato viene registrata a Conto economico determinando una vari<span class=\"_ _0\"></span>azione delle riserve <span class=\"_ _0\"></span>tecniche per la quot<span class=\"_ _0\"></span>a di competenza degli <span class=\"_ _0\"></span>assicurati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>ge<span class=\"_ _3\"></span><span class=\"ff4\">s<span class=\"_ _3\"></span>tione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>utili<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresenta<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>complessivamente <span class=\"_ _5\"></span>senza </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale. In  c<span class=\"_ _3\"></span>onformit\u00e0  alle <span class=\"_ _1d\"> </span>previsioni  dell\u2019IFRS <span class=\"_ _1d\"> </span>4 <span class=\"_ _1d\"> </span>il  Gruppo <span class=\"_ _1d\"> </span>verifica  l\u2019adeguatezza <span class=\"_ _1d\"> </span>prospettica  del  valore <span class=\"_ _1d\"> </span>delle  p<span class=\"_ _3\"></span>assivit\u00e0  iscritte attraverso il cosiddetto<span class=\"_ _0\"></span> Liability Adequacy Test (<span class=\"_ _0\"></span>LAT). 10. <span class=\"_ _1c\"> </span>Prodotti di natura finanzia<span class=\"_ _0\"></span>ria inclusi in gestion<span class=\"_ _0\"></span>i separate I <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>avendo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo, <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gestioni <span class=\"_ _5\"></span>separate<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>e quindi <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili, <span class=\"_ _2\"></span>comprendono <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>maggioranza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>durata della <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>polizze <span class=\"_ _5\"></span>miste <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>quinto. <span class=\"_ _5\"></span>Essi <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzat<span class=\"_ _5\"></span><span class=\"ls19\">i </span>secondo i principi <span class=\"_ _0\"></span>dettati dall'IFRS 4, ovvero, sinteticamente: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>esposti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _4\"> </span>analogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>principi <span class=\"_ _4\"> </span>contabili <span class=\"_ _7\"> </span>locali <span class=\"_ _7\"> </span>in </span>materia, con evidenza <span class=\"_ _0\"></span>a Conto economico <span class=\"_ _0\"></span>dei premi, dei pagam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti e della varia<span class=\"_ _0\"></span>zione delle riserve tec<span class=\"_ _0\"></span>niche;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>i  pr<span class=\"ff4\">odotti  a <span class=\"_ _16\"> </span>contenuto  assic<span class=\"_ _0\"></span>urativo  inseriti <span class=\"_ _16\"> </span>all\u2019interno  delle  g<span class=\"_ _35\"></span>estioni  separate,  e  c<span class=\"_ _35\"></span>he  quindi  prevedono <span class=\"_ _16\"> </span>elementi  di </span></span>partecipazione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>iscrezionale <span class=\"_ _18\"> </span>agli <span class=\"_ _1c\"> </span>utili, <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>applica <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>cosidd<span class=\"_ _0\"></span>etto <span class=\"_ _1c\"> </span>shadow <span class=\"_ _1c\"> </span>accounting, <span class=\"_ _18\"> </span>come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>nel paragrafo precedente; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>det<span class=\"ff4\">erminazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _2\"></span>accounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e passivit\u00e0 <span class=\"_ _3\"></span>relative ai p<span class=\"_ _3\"></span>rodotti con <span class=\"_ _3\"></span>partecipazione discrezionale agli u<span class=\"_ _3\"></span>tili sono <span class=\"_ _3\"></span>rappresentate in modo complessivo, <span class=\"_ _3\"></span>senza<span class=\"_ _0\"></span> </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale.<span class=\"_ _90\"> </span>11. <span class=\"_ _1c\"> </span>Prodotti di natura finanziaria n<span class=\"_ _0\"></span>on inclusi in gestioni s<span class=\"_ _0\"></span>eparate I <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>di natura <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano un <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio assicurativo significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni separate, e quindi non prevedono elementi di partecipazione discrezional<span class=\"_ _0\"></span>e agli utili, sono esposti in bilancio come passivit\u00e0 finanziar<span class=\"_ _5\"></span>ie e sono <span class=\"_ _6\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value, <span class=\"_ _4\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>prevista <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzione <span class=\"_ _6\"></span>(Fair <span class=\"_ _4\"></span>Value <span class=\"_ _6\"></span>Option), <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato. <span class=\"_ _6\"></span>Questi <span class=\"_ _4\"></span>prodotti<span class=\"_ _35\"></span> finanziari <span class=\"_ _16\"> </span>comprendono <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>polizze <span class=\"_ _16\"> </span>index <span class=\"_ _16\"> </span>linked <span class=\"_ _7\"> </span>e  p<span class=\"_ _0\"></span>arte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>nit <span class=\"_ _16\"> </span>linked, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>le  polizze <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>provvista specifica di attivi non incluse in <span class=\"_ _3\"></span>gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come di seguito sintetizzat<span class=\"_ _0\"></span>o: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>index <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _2\"></span>considerate <span class=\"_ _5\"></span>investment <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontracts <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>mentre <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>specifica </span>provvista di attivi non i<span class=\"_ _0\"></span>nclusi in gestioni separ<span class=\"_ _0\"></span>ate sono valutati al <span class=\"_ _0\"></span>costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _4\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>questi <span class=\"_ _7\"> </span>prodotti, <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>sole <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>ricavo, <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"> </span>dai </span>caricamenti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>commissioni, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>costo, <span class=\"_ _3\"></span>costituite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>provvigioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri <span class=\"_ _3\"></span>oneri; <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>riflette, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i ricavi <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>dalle v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>accese <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti. Pi\u00f9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _6\"></span>rincipi<span class=\"_ _35\"></span> contabili <span class=\"_ _6\"></span>internazionali, <span class=\"_ _5\"></span>contenuti <span class=\"_ _4\"></span>nello <span class=\"_ _5\"></span>IAS <span class=\"_ _4\"></span>3<span class=\"ff4\">9<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>nell\u2019IFRS <span class=\"_ _6\"> </span>15, <span class=\"_ _6\"> </span>prevedono <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>value, <span class=\"_ _6\"></span>i </span>ricavi <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>identificati <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>separati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>componenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(i) <span class=\"_ _7\"> </span>origination, <span class=\"_ _4\"> </span>da imputare <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>dell\u2019emissione <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>prodotto, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(ii) <span class=\"_ _7\"> </span>investment <span class=\"_ _7\"> </span>management <span class=\"_ _7\"> </span>service, <span class=\"_ _7\"> </span>da </span>ripartire <span class=\"_ _2\"></span>lungo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prodotto, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>fornito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>servizio. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>specifi<span class=\"_ _5\"></span>ca<span class=\"_ _0\"></span> provvista di <span class=\"_ _3\"></span>attivi non i<span class=\"_ _3\"></span>nclusi in <span class=\"_ _3\"></span>gestioni separate, i <span class=\"_ _3\"></span>ricavi e <span class=\"_ _3\"></span>costi in<span class=\"_ _2\"></span>crementali confluiscono nella <span class=\"_ _3\"></span>determinazione del costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l'eventuale <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>insita <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>index <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>linked, <span class=\"_ _4\"></span>qualo<span class=\"_ _0\"></span>ra <span class=\"_ _6\"></span>separabile, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>autonoma </span>valutazione e rappre<span class=\"_ _0\"></span>sentazione contabile.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-905": {
   "value": "A. 2 <span class=\"ff6\">\u2013</span> PAR<span class=\"_ _0\"></span>TE RELA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>IVA <span class=\"_ _0\"></span>ALLE PRI<span class=\"_ _0\"></span>NCIPALI VO<span class=\"_ _35\"></span>CI DI BILANCIO <span class=\"_ _0\"></span>   Al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>l\u2019omogeneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>criteri <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>redazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Bilancio, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>dot<span class=\"_ _3\"></span>ato <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>corpo normativo interno di <span class=\"_ _0\"></span>regole e policy relati<span class=\"_ _0\"></span>vo ai vari ambiti ope<span class=\"_ _0\"></span>rativi ed <span class=\"_ _3\"></span>organizzativi.  Il <span class=\"_ _4\"> </span>documento <span class=\"_ _6\"></span>metodologico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>l\u2019appli<span class=\"_ _0\"></span>cazione <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>rappresentato <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Regole <span class=\"_ _4\"> </span>Contabil<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>di<span class=\"_ _35\"></span> Gruppo, <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>engono <span class=\"_ _4\"></span>descritti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>applicativi <span class=\"_ _4\"> </span>adottati <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Gr<span class=\"_ _3\"></span>uppo, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>statuito <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>ai <span class=\"_ _7\"> </span>principi<span class=\"_ _0\"></span> contabili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>legislazioni <span class=\"_ _3\"></span>app<span class=\"_ _3\"></span>licabili <span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>Societ\u00e0/Entit\u00e0 <span class=\"_ _3\"></span>controllate, <span class=\"_ _2\"></span>esplicitando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>scelte <span class=\"_ _5\"></span>ope<span class=\"_ _5\"></span>rate <span class=\"_ _2\"></span>nei casi in cui la normati<span class=\"_ _0\"></span>va preveda dei regimi <span class=\"_ _0\"></span>contabili alternativi o<span class=\"_ _0\"></span>d opzionali.<span class=\"_ _3\"></span> Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutativi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>formalizzato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>documento <span class=\"_ _5\"></span>\u201cLinee <span class=\"_ _2\"></span>Gu<span class=\"_ _3\"></span>ida <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Poste </span>Patrimoniali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Bilancio\u201d <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>quadro <span class=\"_ _5\"></span>normativo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>patrimoniali, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>ruol<span class=\"_ _6\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le </span>responsabilit\u00e0 <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>Organi <span class=\"_ _5\"></span>Societari, <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Dirigente <span class=\"_ _2\"></span>preposto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>redazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>documenti <span class=\"_ _2\"></span>contabili <span class=\"_ _5\"></span>societari <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>funzioni aziendali <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tervengono <span class=\"_ _7\"> </span>nel  p<span class=\"_ _0\"></span>rocesso <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione; <span class=\"_ _7\"> </span>i  pre<span class=\"_ _0\"></span>supposti <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>basano <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _16\"> </span>di<span class=\"_ _35\"></span> valutazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>istema <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>controlli <span class=\"_ _6\"></span>posti <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>garantire <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>corretta <span class=\"_ _5\"></span>valutazione; <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>macro<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazione basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>principi <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>declinati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>categorie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>patrimoniali <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>(attive <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>passive); <span class=\"_ _4\"> </span>le <span class=\"_ _16\"> </span>regole  di indirizzo e coordiname<span class=\"_ _0\"></span>nto delle Societ\u00e0 del Gruppo in mat<span class=\"_ _0\"></span>eria di valutazione dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> poste patrimo<span class=\"_ _0\"></span>niali. <span class=\"_ _3\"></span> Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>linee guida <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>si segnalano <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Regole in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Business Model, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Regole <span class=\"_ _3\"></span>in materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazi<span class=\"_ _5\"></span><span class=\"lsc\">one </span>dell\u2019expected <span class=\"_ _16\"> </span>credit  lo<span class=\"_ _0\"></span>ss  sec<span class=\"_ _0\"></span>ondo  il <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>IFRS  9 <span class=\"_ _16\"> </span>(\u2019\u201dImpai<span class=\"_ _3\"></span>rment  Policy\u201d<span class=\"_ _0\"></span>)  e <span class=\"_ _16\"> </span>le  \u201cL<span class=\"_ _0\"></span>inee  G<span class=\"_ _0\"></span>uida  e <span class=\"_ _16\"> </span>Regole <span class=\"_ _16\"> </span>di  Valutazi<span class=\"_ _0\"></span>one Strumenti <span class=\"_ _6\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Fair <span class=\"_ _4\"> </span>Value\u201d <span class=\"_ _6\"> </span>(ex. <span class=\"_ _4\"> </span>Fair <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>Policy) <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>aggiungono <span class=\"_ _4\"> </span>documenti <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>dei crediti deteriorati, <span class=\"_ _0\"></span>degli equity investm<span class=\"_ _0\"></span>ent e della gestion<span class=\"_ _0\"></span>e degli strume<span class=\"_ _3\"></span>nti finanziari di cope<span class=\"_ _0\"></span>rtura. Con <span class=\"_ _4\"></span>riferimento, <span class=\"_ _4\"></span>infine, <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>tematiche <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>vigilanza <span class=\"_ _6\"></span>prudenziale <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>redatto <span class=\"_ _4\"></span>uno <span class=\"_ _4\"></span>specifico <span class=\"_ _6\"></span>documento <span class=\"_ _4\"></span>denominato Regole di vigilanza p<span class=\"_ _0\"></span>rudenziale armoniz<span class=\"_ _0\"></span>zata.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>documenti <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>approvati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span><span class=\"ff4\">parte <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>Organi <span class=\"_ _6\"></span>Societari <span class=\"_ _5\"></span>competenti. <span class=\"_ _5\"></span>L\u2019aggiornament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>a </span>cura <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>manageriali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>esigenze <span class=\"_ _3\"></span>originate <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>eso<span class=\"_ _3\"></span>geni (ad <span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>mpio, ca<span class=\"_ _3\"></span>mbiamento della <span class=\"_ _3\"></span>normativa) <span class=\"_ _3\"></span>che endogeni <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>(ad <span class=\"_ _6\"></span>esempio, <span class=\"_ _6\"></span>nuova <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>prodotti) <span class=\"_ _5\"></span>e,<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rilevanza <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pervasivit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>modifiche apportate, tali docume<span class=\"_ _0\"></span>nti sono soggetti a<span class=\"_ _0\"></span>d uno specifico iter <span class=\"_ _0\"></span>approvativo.<span class=\"_ _3\"></span> Si <span class=\"_ _2\"></span>premette <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _3\"></span>adottati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>Imprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assicurazione <span class=\"_ _3\"></span>controllate <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>disamina <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ap<span class=\"_ _5\"></span>posito capitolo <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>calce <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>presente <span class=\"_ _4\"> </span>sezione. <span class=\"_ _4\"> </span>Alla <span class=\"_ _4\"> </span>luce, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>scelta <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>conglomerato <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>prevalenza <span class=\"_ _6\"></span>bancaria, <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>adottare <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>c.d. <span class=\"_ _6\"> </span>\u201cDeferral <span class=\"_ _4\"> </span>Appro<span class=\"_ _0\"></span>ach\u201d, <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanz<span class=\"_ _2\"></span><span class=\"ff1\">iarie </span>delle  Compagnie  assicurative  cont<span class=\"_ _0\"></span>rollate  sono  rilevate  in  bilancio  ai  sensi  di  quanto  prescritto  dallo  IAS  39  in  attesa<span class=\"_ _0\"></span> dell\u2019entrata <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>vigore <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>nuovo <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _4\"> </span>internazionale <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>assicurativi <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>17 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>contestualmente <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> principio IFRS 9, a partir<span class=\"_ _0\"></span>e dal 1\u00b0 gennaio 2023<span class=\"_ _90\"> </span>84<span class=\"_ _90\"> </span>. 1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; 84 <span class=\"_ _2\"></span><span class=\"ff4\">In <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>23 <span class=\"_ _5\"></span>novem<span class=\"_ _3\"></span>bre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span>bblicato <span class=\"_ _2\"></span>sull<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Ga<span class=\"_ _3\"></span>zzetta <span class=\"_ _2\"></span>Uffi<span class=\"_ _3\"></span>ciale <span class=\"_ _5\"></span>dell\u2019UE <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Regolame<span class=\"_ _3\"></span>nto <span class=\"_ _5\"></span>n. <span class=\"_ _2\"></span>2036/20<span class=\"_ _3\"></span>21 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>novembre <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span></span>omologa <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>nuovo principio cont<span class=\"_ _3\"></span>abile IFRS <span class=\"_ _3\"></span>17 \u201cCon<span class=\"_ _3\"></span>tratti assicur<span class=\"_ _3\"></span>ativi\u201d. <span class=\"_ _3\"></span>A tal p<span class=\"_ _3\"></span>roposito, si <span class=\"_ _3\"></span>ricorda c<span class=\"_ _3\"></span>he in dat<span class=\"_ _3\"></span>a 25 <span class=\"_ _3\"></span>giugno 20<span class=\"_ _3\"></span>20 lo IASB <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>pubblicato l<span class=\"_ _3\"></span>a versione <span class=\"_ _3\"></span>finale <span class=\"_ _3\"></span>degli \u201cAmendments <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>Insurance <span class=\"_ _3\"></span>Cont<span class=\"_ _3\"></span>racts\u201d n<span class=\"_ _3\"></span>ella q<span class=\"_ _3\"></span>uale <span class=\"_ _3\"></span>veniva <span class=\"_ _3\"></span>confermat<span class=\"_ _3\"></span>o il <span class=\"_ _3\"></span>differim<span class=\"_ _3\"></span>ento d<span class=\"_ _3\"></span>ella d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>applicazio<span class=\"_ _3\"></span>ne o<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">bligat<span class=\"_ _3\"></span>oria <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>Standard </span>al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2023 <span class=\"_ _4\"> </span>(in <span class=\"_ _4\"> </span>luogo <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>1\u00b0<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>preced<span class=\"_ _3\"></span>entemente <span class=\"_ _4\"> </span>prop<span class=\"_ _3\"></span>osto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ell\u2019ED <span class=\"_ _4\"> </span>2019/4)<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontestual<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>pro<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>oga <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>\u201cDeferral approach\u201d <span class=\"_ _15\"> </span>nell\u2019applicazione <span class=\"_ _15\"> </span>dell\u2019IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _15\"> </span>alla <span class=\"_ _16\"> </span>ste<span class=\"_ _3\"></span>ssa  d<span class=\"_ _3\"></span>ata.  Tale <span class=\"_ _15\"> </span>aspetto <span class=\"_ _16\"> </span>e<span class=\"_ _3\"></span>ra  st<span class=\"_ _3\"></span>ato  rece<span class=\"_ _3\"></span>pito  dalla<span class=\"_ _3\"></span>  Comm<span class=\"_ _3\"></span>issione <span class=\"_ _1d\"> </span><span class=\"ff1\">Europea  con <span class=\"_ _16\"> </span>la <span class=\"_ _15\"> </span>pubblicazio<span class=\"_ _3\"></span>ne  del </span>Regolamento n. <span class=\"_ _3\"></span>2097/2020 \u201cPro<span class=\"_ _3\"></span>roga dell\u2019esenzio<span class=\"_ _3\"></span>ne temporane<span class=\"_ _3\"></span>a dell\u2019applicazi<span class=\"_ _3\"></span>one dell\u2019IFRS 9 (m<span class=\"_ _3\"></span>odifiche all\u2019I<span class=\"_ _3\"></span>FRS 4)\u201d del 15 dice<span class=\"_ _3\"></span><span class=\"ff1\">m<span class=\"_ _3\"></span>bre 2020<span class=\"fs0\">.<span class=\"_ _3\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span>2. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 complessiva (<span class=\"_ _3\"></span>FVOCI)<span class=\"_ _0\"></span><span class=\"ff2 fc0\"> </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ente categoria le atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie che <span class=\"_ _0\"></span>soddisfano entrambe l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> seguenti <span class=\"_ _3\"></span>condizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>posseduta <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onseguito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span>flussi finanziari previ<span class=\"_ _0\"></span>sti contrattualmente ch<span class=\"_ _0\"></span>e mediante la vendit<span class=\"_ _0\"></span>a (Business model \u201cH<span class=\"_ _0\"></span>old to Collect and S<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u201d), e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ls11\">i <span class=\"_ _5\"></span></span><span class=\"ff4\">ter<span class=\"_ _3\"></span>mini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>prevedono, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>unicamente <span class=\"_ _5\"></span>da </span></span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _3\"></span>inoltre inclusi ne<span class=\"_ _3\"></span>lla voce <span class=\"_ _3\"></span>gli strumenti di <span class=\"_ _3\"></span>capitale, non detenuti <span class=\"_ _3\"></span>per f<span class=\"_ _3\"></span>inalit\u00e0 di ne<span class=\"_ _3\"></span>goziazion<span class=\"_ _0\"></span>e, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali, al <span class=\"_ _3\"></span>momento della rilevazione iniziale, \u00e8<span class=\"_ _0\"></span> stata esercitata l\u2019<span class=\"_ _0\"></span>opzione per la designa<span class=\"_ _0\"></span>zione al fair val<span class=\"_ _0\"></span>ue con impatto sulla<span class=\"_ _0\"></span> redditivit\u00e0 complessiv<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>.  </span>In particolare, vengono i<span class=\"_ _0\"></span>nclusi in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he sono riconducibili<span class=\"_ _0\"></span> ad un business mo<span class=\"_ _0\"></span>del Hold to Collect a<span class=\"_ _0\"></span>nd Sell e che hanno <span class=\"_ _0\"></span>superato il test SPPI;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>interessenze<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>azionarie, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>qualificabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo, <span class=\"_ _2\"></span>collegamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ongiunto, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>detenute <span class=\"_ _2\"></span>con </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>negoziazione, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esercitata <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>esignazione <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 complessiva; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>perato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>SPPI, </span>incluse <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>sindacati <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>tipologie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>destin<span class=\"_ _5\"></span><span class=\"ff1\">ate </span>alla cessione e che so<span class=\"_ _0\"></span>no riconducibili <span class=\"_ _0\"></span>ad un Business model H<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect an<span class=\"_ _0\"></span>d Sell.<span class=\"_ _3\"></span> Secondo le regole g<span class=\"ff4\">enerali previste da<span class=\"_ _3\"></span>ll\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclas<span class=\"_ _0\"></span>sifica),  non  sono  ammesse  riclassifi<span class=\"_ _0\"></span>che  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie salvo il <span class=\"ff4\">caso in cu<span class=\"_ _0\"></span>i l\u2019entit\u00e0 modifichi il <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roprio modello di bu<span class=\"_ _0\"></span>siness per la gestio<span class=\"_ _0\"></span>ne delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>In <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>casi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>infrequenti, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>potranno <span class=\"_ _2\"></span>essere <span class=\"_ _6\"></span>riclassificate<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>cat<span class=\"_ _5\"></span>egoria valutata <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span><span class=\"ff4\">value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>categorie <span class=\"_ _6\"></span>previste <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>(Attivit\u00e0 </span>finanziarie valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortizzato o <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico). <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>alore di <span class=\"_ _3\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fetti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>riclassificazione <span class=\"_ _3\"></span>operano <span class=\"_ _3\"></span>in maniera prospettica a partire dalla data di riclas<span class=\"_ _0\"></span>sificazione. Nel caso di riclassific<span class=\"_ _0\"></span>a dalla categoria in oggetto a quella d<span class=\"_ _2\"></span>el<span class=\"_ _3\"></span> cost<span class=\"_ _0\"></span>o amm<span class=\"ff4\">ortizzato, <span class=\"_ _4\"> </span>l\u2019utile <span class=\"_ _7\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riserva <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>portato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettifica <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _5\"></span></span><span class=\"ls17\">\u00e0 </span>finanziaria <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>riclassificazione. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riclassifica <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span>onto economico, l'utile (perdita) cumulato rilevato preceden<span class=\"_ _0\"></span>temente nella riserva da valutazione \u00e8 riclassificato dal patrimonio n<span class=\"_ _5\"></span>ett<span class=\"_ _0\"></span>o all'utile (perdita) d<span class=\"_ _0\"></span>'esercizio. Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvi<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"> </span>\u201cI <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _5\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _3\"></span>iniziale delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alla </span>data di <span class=\"ff4\">erogazione per i finanziamenti. All\u2019atto della rileva<span class=\"_ _0\"></span>zione iniziale le attivit\u00e0 sono contabili<span class=\"_ _0\"></span>zzate al fair value, comprensiv<span class=\"_ _2\"></span><span class=\"ff1 ls17\">o </span></span>dei costi o proventi d<span class=\"_ _0\"></span>i transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo<span class=\"_ _0\"></span> strumento stesso. Criteri di valutazione Successivamente alla <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Attivit\u00e0 c<span class=\"_ _3\"></span>lassificate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva, <span class=\"_ _3\"></span>diverse dai <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _3\"></span>dall\u2019applic<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>del <span class=\"_ _3\"></span>costo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"ff4\">mmortizzato, <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019eventuale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>cambio, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>utili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da </span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>finch\u00e9 <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _7\"> </span><span class=\"ff1\">viene </span>can<span class=\"ff4\">cellata. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>l\u2019utile <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>cumulati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>vengono </span>riversati, in tutto o in <span class=\"_ _0\"></span>parte, a Conto econ<span class=\"_ _0\"></span>omico. Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>scelta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classifica<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>importi <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>(Prospetto <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva) <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>esser<span class=\"_ _5\"></span><span class=\"lsc\">e </span>successivamente trasferiti a con<span class=\"_ _0\"></span>to economico, neanche in caso di cessione. La<span class=\"_ _3\"></span> sola componente riferibile ai titoli di capit<span class=\"_ _0\"></span>ale in questione che \u00e8 ogg<span class=\"_ _0\"></span>etto di rilevazione a co<span class=\"_ _0\"></span>nto economico \u00e8 rap<span class=\"_ _0\"></span>presentata dai rel<span class=\"_ _0\"></span>ativi dividendi.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>criteri <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>illustrati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a conto economico. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>categoria, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>qu<span class=\"_ _5\"></span>ale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima del fair <span class=\"_ _3\"></span>value soltanto in <span class=\"_ _3\"></span>via residuale e <span class=\"_ _3\"></span>limitatamente<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>oche circostanze, ossia in caso <span class=\"_ _3\"></span>di non <span class=\"_ _3\"></span>applicabilit\u00e0 di tutti <span class=\"_ _3\"></span>i metodi d<span class=\"_ _3\"></span>i valutazione <span class=\"_ _3\"></span>precedentemente richiamati, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>\u2019ampia gamma <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ambito il costo rappr<span class=\"_ _0\"></span>esenta la stima pi\u00f9 sig<span class=\"_ _0\"></span>nificat<span class=\"_ _3\"></span>iva. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d. <span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sotto <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>debito <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>di crediti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ff4\">sono <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019incremento significativo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>(impairment) <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ari </span>delle Attivit\u00e0 al costo ammortizzat<span class=\"_ _0\"></span>o, con conseguente rilevazione a conto economico di una retti<span class=\"_ _0\"></span>fica di valo<span class=\"_ _2\"></span>re<span class=\"_ _3\"></span> a copertura dell<span class=\"_ _35\"></span>e perdite <span class=\"_ _18\"> </span>attese. <span class=\"_ _18\"> </span>Pi\u00f9 <span class=\"_ _18\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _18\"> </span>particolare, <span class=\"_ _18\"> </span>sugli <span class=\"_ _18\"> </span>strumenti <span class=\"_ _18\"> </span>classificati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>tage <span class=\"_ _18\"> </span>1 <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>ossia <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _17\"> </span>al <span class=\"_ _1c\"> </span>momento<span class=\"_ _35\"></span> dell\u2019origination, <span class=\"_ _7\"> </span>ove  non <span class=\"_ _7\"> </span>deteriorate, <span class=\"_ _16\"> </span>e  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>per  cui <span class=\"_ _7\"> </span>non  si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>verificato <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>significativo <span class=\"_ _16\"> </span>incremento <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>rischio<span class=\"_ _0\"></span> </span>creditizio <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale) <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contabilizzata, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni <span class=\"_ _7\"> </span>data<span class=\"_ _6\"></span> <span class=\"_ _7\"> </span>di reporting <span class=\"_ _5\"></span>successiva, <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>anno. <span class=\"_ _6\"></span>Invece, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>classificati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>(bonis <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i  q<span class=\"_ _0\"></span>uali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 verificato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>incremento <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>iniziale) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>stage <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>(espos<span class=\"_ _5\"></span>izioni deteriorate) viene co<span class=\"_ _0\"></span>ntabilizzata una perdit<span class=\"_ _0\"></span>a attesa per l\u2019intera v<span class=\"_ _0\"></span>ita residua dello strum<span class=\"_ _0\"></span>ento finanziario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Viceversa non sono assogge<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tati al processo<span class=\"_ _0\"></span> di impairment i titol<span class=\"_ _0\"></span>i di capitale.<span class=\"_ _3\"></span> Si rinvia al successi<span class=\"_ _0\"></span>vo paragrafo \u201cPerdite di v<span class=\"_ _0\"></span>alore delle attivit\u00e0 <span class=\"_ _0\"></span>finanziarie\u201d per appr<span class=\"_ _0\"></span>ofondimenti.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>solamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>par<span class=\"_ _5\"></span>i <span class=\"_ _1d\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>co<span class=\"_ _2\"></span>nservazione dei diritti cont<span class=\"_ _3\"></span>rattuali<span class=\"_ _0\"></span> a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi.<span class=\"_ _90\"> </span>3. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammortizzato Criteri di classifica<span class=\"_ _0\"></span>zione Sono <span class=\"_ _7\"> </span>incluse <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"> </span>categoria <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>(in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ebito) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>soddisfan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>entrambe le seguenti c<span class=\"_ _0\"></span>ondizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un <span class=\"_ _3\"></span>mod<span class=\"_ _3\"></span>ello di business il <span class=\"_ _3\"></span>cui obiettivo \u00e8 c<span class=\"_ _3\"></span>onseguito mediante l\u2019incasso dei flussi </span></span>finanziari previsti co<span class=\"_ _0\"></span>ntrattualmente (Busine<span class=\"_ _0\"></span>ss model \u201cHold to C<span class=\"_ _0\"></span>ollect\u201d), e<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>rmini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appre<span class=\"_ _2\"></span></span>sentati <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nicamente <span class=\"_ _2\"></span>da </span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Pi\u00f9 in particolare, form<span class=\"_ _0\"></span>ano oggetto di rile<span class=\"_ _0\"></span>vazione in questa voc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con ba<span class=\"_ _0\"></span>nche nelle diverse forme<span class=\"_ _0\"></span> tecniche che presentano i requisiti di cui so<span class=\"_ _0\"></span>pra;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con cli<span class=\"_ _0\"></span>entela nelle diverse f<span class=\"_ _0\"></span>orme tecniche che <span class=\"_ _0\"></span>presentano i requi<span class=\"_ _0\"></span>siti di cui sopra;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he presentano i requisi<span class=\"_ _0\"></span>ti di cui sopra. </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>funzionam<span class=\"_ _2\"></span>ento <span class=\"_ _5\"></span>connessi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prestazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>servizi <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _35\"></span> come definiti dal T.U<span class=\"_ _0\"></span>.B. e dal T.U.F. (<span class=\"_ _0\"></span>ad esempio per distrib<span class=\"_ _0\"></span>uzione di prodotti fin<span class=\"_ _0\"></span>anziari ed attivit\u00e0 <span class=\"_ _0\"></span>di servicing).<span class=\"_ _2\"></span> Secondo <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>regole <span class=\"_ _6\"> </span>generali <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span><span class=\"ff1\">riclassificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ammesse </span>riclassifiche verso altre c<span class=\"_ _3\"></span>ategorie di att<span class=\"_ _3\"></span>ivit\u00e0 finanziarie salvo <span class=\"_ _3\"></span>il caso <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi il <span class=\"_ _3\"></span>proprio modello <span class=\"_ _3\"></span>di bus<span class=\"_ _5\"></span><span class=\"ff1\">iness per <span class=\"_ _3\"></span>la </span>gestione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _6\"></span>finanziarie. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>casi, <span class=\"_ _4\"></span>che <span class=\"_ _7\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>attende <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>altamente <span class=\"_ _6\"></span>infrequenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziari<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>potranno essere <span class=\"_ _7\"> </span>riclassificate <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>valutata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>costo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>due <span class=\"_ _16\"> </span>categorie <span class=\"_ _7\"> </span>previste <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 (Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _0\"></span> complessiva o <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>fair value con impatto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>gl<span class=\"_ _2\"></span><span class=\"ls13\">i </span>effetti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>riclassificazione <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perano <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>anier<span class=\"_ _2\"></span>a <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _16\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>riclassificazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>perdite risultanti dalla differenza tra <span class=\"_ _3\"></span>il costo a<span class=\"_ _3\"></span>mmortizzato dell'attivit\u00e0 finanziaria e il relativo <span class=\"_ _3\"></span>fair value sono <span class=\"_ _3\"></span>rilevati a <span class=\"_ _3\"></span>cont<span class=\"_ _5\"></span>o economico nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riclassifica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>netto, nell\u2019apposita <span class=\"_ _6\"> </span>riserva <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valutazi<span class=\"_ _0\"></span>one, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riclassifi<span class=\"_ _0\"></span>ca <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sulla </span>redditivit\u00e0 complessi<span class=\"_ _0\"></span>va. Per <span class=\"_ _6\"></span>maggi<span class=\"ff4\">ori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>nvia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span>\u201cI <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziari<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>erogazione <span class=\"_ _3\"></span>nel </span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti. <span class=\"_ _3\"></span>All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>iniziale le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roventi <span class=\"_ _3\"></span>di </span>transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo s<span class=\"_ _0\"></span>trumen<span class=\"_ _3\"></span>to stesso. In <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>erogazione <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ormalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _5\"></span>del<span class=\"_ _5\"></span> contratto. <span class=\"_ _7\"> </span>Qualora <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ale <span class=\"_ _7\"> </span>coincidenza <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>manifesti, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>provvede <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>iscrivere <span class=\"_ _1d\"> </span><span class=\"lsc\">un </span>impegno <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>erogare <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>chiude <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>erogazione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>L\u2019iscrizione del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base<span class=\"_ _5\"></span><span class=\"ff1\"> </span>del fair <span class=\"_ _3\"></span>value dello <span class=\"_ _3\"></span>stesso, pari <span class=\"_ _3\"></span>all\u2019ammontare erogato, o p<span class=\"_ _3\"></span>rezzo di <span class=\"_ _3\"></span>sottoscrizione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>comprensivo dei costi/proventi direttame<span class=\"_ _5\"></span><span class=\"ff1 ls17\">nt<span class=\"lsc\">e </span></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>determinabili <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019origine <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>liquidati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>successiv<span class=\"_ _5\"></span><span class=\"ff1\">o. </span>Sono <span class=\"_ _3\"></span>esclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>avendo <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche suddette, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto di <span class=\"_ _2\"></span>rimborso da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte d<span class=\"_ _3\"></span>ebitri<span class=\"_ _2\"></span>c<span class=\"ls17\">e </span>o sono inquadrabili tr<span class=\"_ _0\"></span>a i normali costi i<span class=\"_ _0\"></span>nterni di carattere <span class=\"_ _0\"></span>amministrativo.<span class=\"_ _3\"></span> Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro <span class=\"_ _7\"> </span>te<span class=\"_ _3\"></span>rmine <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>obbligo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rivendita <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>sono  iscritte <span class=\"_ _7\"> </span>in  Bi<span class=\"_ _0\"></span>lancio <span class=\"_ _16\"> </span>come operazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>impiego. <span class=\"_ _6\"></span>In <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>op<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>razioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>pronti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rilevate <span class=\"_ _6\"></span>in Bilancio <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>mporto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>percepito <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti, <span class=\"_ _5\"></span>mentre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rivendita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>son<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilevate come crediti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r l\u2019importo corrispo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to a pronti.<span class=\"ff1\"> </span>Criteri di valutazione Successivamente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>esame <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>ammortizzato, <span class=\"_ _5\"></span>utilizzando <span class=\"_ _7\"> </span>il metodo <span class=\"_ _3\"></span>del tasso <span class=\"_ _3\"></span>di i<span class=\"_ _3\"></span>nteresse effettivo. I<span class=\"_ _3\"></span>n questi <span class=\"_ _3\"></span>termini, l<span class=\"_ _3\"></span>\u2019attivit\u00e0 \u00e8 <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>in Bilancio p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>u<span class=\"_ _2\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>ammontare par<span class=\"_ _3\"></span>i al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di </span>prima <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>diminuito <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale, p<span class=\"_ _3\"></span>i\u00f9 o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>l\u2019ammortamento <span class=\"_ _3\"></span>cumulato <span class=\"_ _3\"></span>(calcolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>interesse effettivo) della differenza tra tale importo inizi<span class=\"_ _0\"></span>ale e l\u2019importo alla scadenza (riconduci<span class=\"_ _3\"></span><span class=\"ff1\">bile tipicamente ai costi/proventi </span>imputati <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>singola <span class=\"_ _4\"> </span>attivit\u00e0) <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettificato <span class=\"_ _7\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>intere<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">sse </span>effettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>individuato <span class=\"_ _2\"></span>calcolando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guaglia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>futuri<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>interesse</span><span class=\"ff4\"><span class=\"_ _0\"></span>, </span>all\u2019ammontare <span class=\"_ _26\"> </span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2a\"> </span>inclusivo <span class=\"_ _2a\"> </span>dei <span class=\"_ _2a\"> </span>costi/proventi <span class=\"_ _2a\"> </span>ricondotti <span class=\"_ _2a\"> </span>all\u2019attivit\u00e0 <span class=\"_ _2a\"> </span>finanziaria <span class=\"_ _2a\"> </span>medesima. <span class=\"_ _2a\"> </span>Tale <span class=\"_ _3b\"> </span>modalit\u00e0 <span class=\"_ _2a\"> </span>di contabilizzazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>utilizzando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuire <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>economico <span class=\"_ _6\"></span><span class=\"ff1\">dei <span class=\"_ _3\"></span>costi/proventi <span class=\"_ _3\"></span>direttamente </span>attribuibili ad un\u2019attivi<span class=\"_ _0\"></span>t\u00e0 finanziaria lung<span class=\"_ _0\"></span>o la sua vita residua <span class=\"_ _0\"></span>attesa.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>utilizzato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>valorizzate <span class=\"_ _5\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>storico <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>fa ritenere <span class=\"_ _3\"></span>trascurabile <span class=\"_ _3\"></span>l\u2019e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>gica <span class=\"_ _3\"></span>dell\u2019attualizzazione, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>scadenza <span class=\"_ _3\"></span>def<span class=\"_ _3\"></span>inita <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i crediti a revoca. I <span class=\"_ _4\"> </span>cr<span class=\"_ _3\"></span>iteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>meglio <span class=\"_ _7\"> </span>indicato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _7\"> </span>\u201cPerdite <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie\u201d, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>strettament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>con<span class=\"ff4\">nessi all\u2019inclusione <span class=\"_ _0\"></span>degli strumenti in es<span class=\"_ _0\"></span>ame in uno dei tre stages<span class=\"_ _0\"></span> (stadi di rischio cre<span class=\"_ _0\"></span>ditizio) previsti <span class=\"_ _0\"></span>dall\u2019IFRS 9, l\u2019ult<span class=\"_ _2\"></span><span class=\"ff1\">imo dei </span></span>quali (stage 3) compre<span class=\"_ _0\"></span>nde le attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie deteriorate e i r<span class=\"_ _0\"></span>estanti (stage 1 e <span class=\"_ _0\"></span>2) le attivit\u00e0 finanziar<span class=\"_ _0\"></span>ie in bonis.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>suddetti <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>valutativi, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>riferite a <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>pologia <span class=\"_ _3\"></span>di attivit\u00e0 sono rilevate <span class=\"_ _0\"></span>nel Conto economic<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto dell\u2019iscrizio<span class=\"_ _0\"></span>ne iniziale, per un <span class=\"_ _0\"></span>ammontare pari alla<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">perdita attesa a dodici mesi; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>significativamente <span class=\"_ _3\"></span>increment<span class=\"_ _5\"></span></span>ato </span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _6\"></span>nei </span>dodici mesi successivi<span class=\"_ _0\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>successiva <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0,  o<span class=\"_ _0\"></span>ve <span class=\"_ _16\"> </span>il  ris<span class=\"_ _0\"></span>chio  c<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>editizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>significativamente <span class=\"_ _16\"> </span>incrementato<span class=\"_ _35\"></span> </span></span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>rettifich<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _5\"></span>riferibili <span class=\"_ _6\"> </span>all\u2019intera <span class=\"_ _6\"></span>vita residua prevista contra<span class=\"_ _0\"></span>ttualmente per l\u2019attiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>ove <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>dopo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>verificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _1c\"> </span>all\u2019<span class=\"ff1\">iscrizione <span class=\"_ _1c\"> </span>inizia<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _1c\"> </span>\u201csignificativit\u00e0\u201d <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>tale <span class=\"_ _1c\"> </span>increment<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>poi <span class=\"_ _1c\"> </span>venuta <span class=\"_ _1c\"> </span>meno, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>rel<span class=\"_ _0\"></span>azione </span></span>all\u2019adeguamento delle <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore cu<span class=\"_ _3\"></span>mulate per <span class=\"_ _3\"></span>tener conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passaggio da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita attesa <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita residua dello strume<span class=\"_ _0\"></span>nto (\u201clifetime\u201d)<span class=\"ff1\"> ad una a dodici mesi. </span>Le attivit\u00e0 finanziarie in esame, <span class=\"_ _0\"></span>ove risultino in bonis, sono sottoposte ad un<span class=\"_ _0\"></span>a valutazione, volta a definire le rettifi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>di valore da  r<span class=\"_ _0\"></span>ilevare <span class=\"_ _16\"> </span>in  b<span class=\"_ _0\"></span>ilancio, <span class=\"_ _16\"> </span>a  li<span class=\"_ _0\"></span>vello <span class=\"_ _16\"> </span>di  singo<span class=\"_ _0\"></span>lo  r<span class=\"_ _35\"></span>apporto  creditizio<span class=\"_ _0\"></span>  (o <span class=\"_ _7\"> </span>\u201ctranche\u201d  di <span class=\"_ _16\"> </span>titolo), <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funz<span class=\"_ _2\"></span><span class=\"ff1\">ione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di  ris<span class=\"_ _0\"></span>chio </span>rappresentati da probability of default (PD), loss given default (LGD<span class=\"_ _0\"></span>) ed exposure at default (EAD), derivati dai modelli AIR<span class=\"_ _5\"></span>B e opportunamente corret<span class=\"_ _0\"></span>ti per tener conto <span class=\"_ _0\"></span>delle previsioni del p<span class=\"_ _0\"></span>rincipio contabile <span class=\"_ _0\"></span>IFRS 9.<span class=\"_ _3\"></span> Se, <span class=\"_ _3\"></span>oltre ad<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span> incremento s<span class=\"_ _3\"></span>ignificativo del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riscontrano anche <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze di <span class=\"_ _3\"></span>una p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore, l\u2019importo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>misurato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span></span>classificata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cdeteriorata\u201d, <span class=\"_ _5\"></span>al pa<span class=\"ls0\">ri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>rapporti <span class=\"_ _6\"></span>intercorrenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>controparte <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati,<span class=\"_ _0\"></span> </span>scontati al tasso di inte<span class=\"_ _0\"></span>resse effettivo <span class=\"_ _0\"></span>originario. L\u2019importo <span class=\"_ _0\"></span>della perdita, da rile<span class=\"_ _0\"></span>vare a Conto eco<span class=\"_ _0\"></span>nomico, \u00e8 definito <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span><span class=\"ff1\">l<span class=\"_ _3\"></span>a base di </span>un <span class=\"_ _16\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>analitica <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>categorie <span class=\"_ _16\"> </span>omogenee <span class=\"_ _7\"> </span>e,  quin<span class=\"_ _0\"></span>di, <span class=\"_ _16\"> </span>attribuito <span class=\"_ _16\"> </span>analiticamente <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>ogni<span class=\"_ _0\"></span> posizione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tiene <span class=\"_ _6\"></span>conto, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>dettagliato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>paragrafo <span class=\"_ _6\"></span>\u201cPerdite <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie\u201d, <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>informazioni <span class=\"_ _6\"> </span>forwa<span class=\"_ _5\"></span><span class=\"ff1\">r<span class=\"lsc\">d </span></span>looking e dei possibil<span class=\"_ _0\"></span>i scenari alternativi <span class=\"_ _0\"></span>di recupero.  Rientrano  nell\u2019ambito  delle  atti<span class=\"_ _0\"></span>vit\u00e0  deteriorate  gli  strumenti  finanziari  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza<span class=\"_ _2\"></span><span class=\"ff1 ls12\">, </span>inadempienza <span class=\"_ _3\"></span>probabile <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>caduto/sconfinante <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>novanta <span class=\"_ _2\"></span>gior<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Italia, <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la </span>normativa IAS/IFRS e di V<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>gilanza europe<span class=\"_ _0\"></span>a.  I <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa <span class=\"_ _7\"> </span>previsti <span class=\"_ _16\"> </span>tengono <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tempi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>attesi <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>presumibile <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rea<span class=\"_ _3\"></span>lizzo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>eventuali garanzie.  Il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ciascuna <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>rimane <span class=\"_ _6\"></span>invariato <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ncorch\u00e9 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>intervenuta <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ristrutturazion<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>divenga, <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>pratica, infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla rilevazione d<span class=\"_ _3\"></span>ella riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _5\"></span>riprese <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in as<span class=\"_ _0\"></span>senza di preced<span class=\"_ _3\"></span>enti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati nel margine d<span class=\"_ _0\"></span>i interesse.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>casi, <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>contrattual<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>originarie sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>volont\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>contratto. <span class=\"_ _5\"></span>Quando, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento, <span class=\"_ _5\"></span>le clausole <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>modifica <span class=\"_ _5\"></span>occorre <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>originaria <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>continuare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>rilevata<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>in </span>bilancio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>contrario, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>riginario <span class=\"_ _2\"></span>deve <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(<span class=\"_ _5\"></span>derecognition) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>debba essere rilevato un nuo<span class=\"_ _0\"></span>vo strumento finanzi<span class=\"_ _0\"></span>ario. In <span class=\"_ _4\"> </span>generale,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>conducono <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _7\"> </span>della <span class=\"_ _6\"> </span>stessa <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>nuova attivit\u00e0 <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>\u201csostanzialit\u00e0<span class=\"_ _0\"></span>\u201d <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>modifica <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>considerand<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>qualitativi <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>quantitativi. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>sultare <span class=\"_ _4\"> </span>chiaro, <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complesse analisi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambiamenti <span class=\"_ _2\"></span>introdotti <span class=\"_ _5\"></span>modificano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>contrattuali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>determin<span class=\"_ _5\"></span>ata attivit\u00e0 <span class=\"_ _2\"></span>mentre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>dovranno <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>svolte <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>(anche <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>apprezzare <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>delle stesse <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>procedere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _2\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>finanziario. Le <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>(quali-<span class=\"ff4\">quantitative) <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finire <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>\u201csostanzial<span class=\"_ _3\"></span>it\u00e0\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _5\"></span>apportate <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria </span>dovranno pertanto con<span class=\"_ _0\"></span>siderare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finalit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>modifiche sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state e<span class=\"_ _3\"></span>ffettuate: a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>rinegoziazioni per <span class=\"_ _2\"></span>motivi commerciali <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>concessioni <span class=\"_ _3\"></span>per </span>difficolt\u00e0 finanziari<span class=\"_ _0\"></span>e della controparte: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>prime, <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>trattenere\u201d <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>liente, <span class=\"_ _6\"></span>vedono <span class=\"_ _6\"></span>coinvolto <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>debitore <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _6\"></span>versa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>difficolt\u00e0 </span></span>finanziaria. <span class=\"_ _16\"> </span>In  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>casistica <span class=\"_ _16\"> </span>sono  in<span class=\"_ _0\"></span>cluse <span class=\"_ _16\"> </span>tutte  le<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>negoziazione <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>volte <span class=\"_ _16\"> </span>ad  adegu<span class=\"_ _0\"></span>are l\u2019onerosit\u00e0 <span class=\"_ _1d\"> </span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span>debito <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>condizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato. <span class=\"_ _1d\"> </span>Tali <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>comportano <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>variazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni </span>originarie <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _2\"></span>solitamente <span class=\"_ _2\"></span>richieste <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>debitore, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>onerosit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>debito, con <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>debitore <span class=\"_ _6\"></span>stesso. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>ogniqualvolta <span class=\"_ _6\"></span>la banca <span class=\"_ _6\"></span>effettui <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rinegoziazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>proprio <span class=\"_ _6\"></span>cliente, <span class=\"_ _5\"></span>tale <span class=\"_ _4\"></span>rinegoziazione <span class=\"_ _5\"></span>debba <span class=\"_ _6\"></span>essere considerata <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quanto, <span class=\"_ _4\"> </span>ove <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fosse <span class=\"_ _4\"></span>effettuata,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _4\"> </span>finanziarsi <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>altro intermediario e la <span class=\"_ _0\"></span>banca subirebbe un de<span class=\"_ _0\"></span>cremento dei ricavi fut<span class=\"_ _0\"></span>uri previsti;<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _5\"></span>seconde, <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>\u201cragioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>creditizio\u201d <span class=\"_ _2\"></span>(misure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>forbearance), <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>tentativo <span class=\"_ _5\"></span>della </span></span>banca  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>massimizzare  il <span class=\"_ _1d\"> </span>recupero <span class=\"_ _1d\"> </span>dei  f<span class=\"_ _3\"></span>lussi  di <span class=\"_ _1d\"> </span>cassa <span class=\"_ _1d\"> </span>del  credito <span class=\"_ _1d\"> </span>originario. <span class=\"_ _1d\"> </span>I <span class=\"_ _1d\"> </span>rischi  e <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>benefici  sottostanti, successivamente <span class=\"_ _20\"> </span>alle <span class=\"_ _29\"> </span>modific<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e, <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>norma, <span class=\"_ _23\"> </span>non <span class=\"_ _23\"> </span>sono <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>trasferiti <span class=\"_ _23\"> </span>e, <span class=\"_ _23\"> </span>conseguentemente<span class=\"_ _0\"></span>, <span class=\"_ _23\"> </span>la rappresentazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>of<span class=\"_ _3\"></span>fre <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>lettore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _4\"> </span>(salvo <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>dir\u00e0 <span class=\"_ _7\"> </span>in seguito  in  tem<span class=\"_ _0\"></span>a  di  elem<span class=\"_ _0\"></span>enti  og<span class=\"_ _0\"></span>gettivi),  \u00e8  quella <span class=\"_ _16\"> </span>effettuata  tramite  il <span class=\"_ _16\"> </span>\u201cmodification  acc<span class=\"_ _0\"></span>ounting\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">-  che  im<span class=\"_ _0\"></span>plica  la </span>rilevazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>modificati<span class=\"_ _35\"></span> scontati al tasso di inte<span class=\"_ _0\"></span>resse originario - e non tramite la d<span class=\"_ _0\"></span>erecognition;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>specifici <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>\u201ctrigger\u201d) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>incidono <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _7\"> </span>dello<span class=\"_ _0\"></span> </span></span>strumento <span class=\"_ _3\"></span>finanziario (quali, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>solo <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esempio, il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambiamento di <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modifica della <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cui si  \u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>esposti,  ove <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>si  correli <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>parametri  d<span class=\"_ _3\"></span>i  e<span class=\"_ _3\"></span>quity  e <span class=\"_ _1d\"> </span>commodity),  c<span class=\"_ _3\"></span>he  si <span class=\"_ _1d\"> </span>ritiene <span class=\"_ _1d\"> </span>comportino  la <span class=\"_ _1d\"> </span>derecognition  in considerazione del loro<span class=\"_ _0\"></span> impatto (atteso come signific<span class=\"_ _0\"></span>ativo) sui flussi c<span class=\"_ _0\"></span>ontrattuali originari. Viceversa, le modifiche alle attivit\u00e0 finanziarie a seguito della Riforma degli indici <span class=\"_ _3\"></span>di riferimento per la determinazione d<span class=\"_ _5\"></span>ei tassi di  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>cosiddetta <span class=\"_ _16\"> </span>IBOR <span class=\"_ _7\"> </span>Reform),  rela<span class=\"_ _0\"></span>tive <span class=\"_ _16\"> </span>alla  variazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinare <span class=\"_ _7\"> </span>i  flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>contrattuali (sostituzione <span class=\"_ _7\"> </span>dell\u2019indice  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _16\"> </span>esistente <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riferimento<span class=\"_ _0\"></span> alternativo), <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>costituiscono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span><span class=\"ff4\">ntabile <span class=\"_ _4\"> </span>(\u201cderecognition\u201d), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>considerate <span class=\"_ _4\"> </span>contabilmente </span>come <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>modifica <span class=\"_ _16\"> </span>(\u201cmodificati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n\u201d). <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>modifiche, <span class=\"_ _7\"> </span>se <span class=\"_ _16\"> </span>effettuate <span class=\"_ _4\"> </span>come <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>conseguenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019IBOR <span class=\"_ _7\"> </span>Reform <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>basi economiche <span class=\"_ _2\"></span>equivalenti, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentate <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>adeguamento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>il paragrafo B5.4.5 dell\u2019IFR<span class=\"_ _0\"></span>S 9 anzich\u00e9 il \u201cm<span class=\"_ _0\"></span>odification accounting<span class=\"_ _35\"></span>\u201d <span class=\"_ _2\"></span><span class=\"ff1\">- con impatti sul margine <span class=\"_ _0\"></span>di interesse dei fu<span class=\"_ _0\"></span>turi periodi. </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>sol<span class=\"_ _3\"></span>amente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _6\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>al co<span class=\"ff4 ls0\">involgime<span class=\"_ _0\"></span>nto <span class=\"_ _6\"></span>residuo, <span class=\"_ _5\"></span>misurato <span class=\"_ _6\"> </span>dall\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>cambiamenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cedute <span class=\"_ _6\"> </span>ed <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>conservaz<span class=\"_ _2\"></span>ione dei <span class=\"_ _3\"></span>diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi. 4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span><span class=\"fs9\"> </span>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Partecipazioni </span>Criteri di classifica<span class=\"_ _0\"></span>zione, iscrizione e valuta<span class=\"_ _0\"></span>zione <span class=\"ff1 fc0\"> </span>La voce include le inter<span class=\"_ _0\"></span>essenze detenute in<span class=\"_ _0\"></span> societ\u00e0 controllat<span class=\"_ _0\"></span>e congiuntamente e<span class=\"_ _0\"></span> collegate.<span class=\"_ _3\"></span> Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>congiunto  (j<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>int <span class=\"_ _7\"> </span>ventures) <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>qua<span class=\"_ _3\"></span>li, <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>contrattuale, <span class=\"_ _7\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>rileva<span class=\"_ _5\"></span>nti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividono il controllo. Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>possiede <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0% dei diritti di <span class=\"_ _3\"></span>voto (ivi i<span class=\"_ _3\"></span>nclusi i diritti di<span class=\"_ _3\"></span> voto \u201cpotenziali\u201d) o ne<span class=\"_ _3\"></span>lle quali <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>pur con una<span class=\"_ _3\"></span> quota di diritti<span class=\"_ _3\"></span> di<span class=\"_ _3\"></span> voto <span class=\"_ _3\"></span>inferiore - <span class=\"_ _3\"></span>ha il potere <span class=\"_ _3\"></span>di </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giu<span class=\"_ _5\"></span>ridici quali la partecipazione <span class=\"_ _0\"></span>a patti di sindacat<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>considerate <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenz<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>interessenze <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>%, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>detiene<span class=\"_ _0\"></span> esclusivamente diritti <span class=\"_ _3\"></span>patrimoniali su <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>porzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>frutti degli <span class=\"_ _3\"></span>investimenti, non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>accesso <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>politiche di <span class=\"_ _3\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _3\"></span>pu\u00f2 esercitare diritti di go<span class=\"_ _0\"></span>vernance limitati <span class=\"_ _0\"></span>alla<span class=\"_ _3\"></span> tutela degli inter<span class=\"_ _0\"></span>essi patrimoniali. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>contabilizzate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio <span class=\"_ _3\"></span>netto.<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>il valore <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>par<span class=\"_ _3\"></span>tecipazione <span class=\"_ _17\"> </span>possa <span class=\"_ _18\"> </span>aver <span class=\"_ _1c\"> </span>subito <span class=\"_ _17\"> </span>una <span class=\"_ _1c\"> </span>riduzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>procede <span class=\"_ _18\"> </span>alla <span class=\"_ _1c\"> </span>stim<span class=\"_ _0\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _18\"> </span>recuperabile <span class=\"_ _18\"> </span>della partecipazione stessa, tene<span class=\"_ _0\"></span>ndo conto del valore attual<span class=\"_ _0\"></span>e dei flussi finanziari futuri<span class=\"_ _0\"></span> che la partecipazione potr\u00e0 <span class=\"_ _2\"></span>generare, inclus<span class=\"_ _0\"></span>o il valore di dismissio<span class=\"_ _0\"></span>ne finale dell\u2019investime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Qualora il valore di r<span class=\"_ _0\"></span>ecupero risulti i<span class=\"_ _0\"></span>nferiore al valore co<span class=\"_ _0\"></span>ntabile, la relativa differ<span class=\"_ _0\"></span>enza \u00e8 rilevata a <span class=\"_ _0\"></span>conto economico.<span class=\"_ _3\"></span> Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _5\"></span>di u<span class=\"_ _3\"></span>n evento <span class=\"_ _3\"></span>verificatosi successivamente <span class=\"_ _3\"></span>alla r<span class=\"_ _3\"></span>ilevazione della riduzione di valore, v<span class=\"_ _0\"></span>engono effettuate ripre<span class=\"_ _0\"></span>se di valore con imp<span class=\"_ _0\"></span>utazione a conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span> Criteri di cancellazione Le <span class=\"_ _6\"></span>partecipazioni <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>cancellate <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>contrattua<span class=\"_ _2\"></span>li <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>stesse <span class=\"_ _5\"></span>o quando la partecipazio<span class=\"_ _0\"></span>ne viene ceduta tr<span class=\"_ _0\"></span>asferendo sostanzialm<span class=\"_ _35\"></span>ente<span class=\"_ _3\"></span> tutti i risc<span class=\"_ _0\"></span>hi e benefici ad es<span class=\"_ _0\"></span>sa connessi.<span class=\"_ _2\"></span> 6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come \u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span>base allo IAS 40. La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span>attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Criteri di iscrizione<span class=\"ff1\"> </span>Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> Criteri di valutazione Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span>rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span>rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span>rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span>considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span>patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span>anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span>ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span>si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a Conto economico. Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>valore. Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.46411px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x2a h32 y61 ff4 fs0 fc0 sc0 ls0 ws0\">contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; </div><div class=\"t m0 x0 h2 y63 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti </div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">delle quote capitale e i<span class=\"_ _0\"></span>nteressi. </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y69 ffa fs0 fc2 sc0 ls15 ws0\">Cr<span class=\"ls0\">iteri di cancellazione </span></div><div class=\"t m0 x0 h2 y689 ff1 fs0 fc0 sc0 ls0 ws0\">Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente </div><div class=\"t m0 x0 h2 yb7c ff4 fs0 fc0 sc0 ls0 ws0\">ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1081 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y51f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y9da ff5 fs0 fc2 sc0 ls10 ws0\">7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span></div><div class=\"t m0 x0 h2 y9db ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1082 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 ya17 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span></div><div class=\"t m0 x0 h2 y1083 ff4 fs0 fc0 sc0 ls0 ws0\">diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span></div><div class=\"t m0 x0 h2 ye44 ff1 fs0 fc0 sc0 ls0 ws0\">operativo (per i locat<span class=\"_ _0\"></span>ori).  </div><div class=\"t m0 x0 h2 ycec ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </div><div class=\"t m0 x0 h2 yf9a ff4 fs0 fc0 sc0 ls0 ws0\">immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span></div><div class=\"t m0 x0 h2 y9b3 ff4 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yc87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1084 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione </div><div class=\"t m0 x0 h2 y1085 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1086 ff4 fs0 fc0 sc0 ls0 ws0\">economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y1087 ff4 fs0 fc0 sc0 ls0 ws0\">contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1088 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span></div><div class=\"t m0 x0 h2 y1089 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span></div><div class=\"t m0 x0 h2 y108a ff4 fs0 fc0 sc0 ls0 ws0\">ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span></div><div class=\"t m0 x0 h2 y108b ff4 fs0 fc0 sc0 ls0 ws0\">Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y24d ff4 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yb65 ff4 fs0 fc0 sc0 ls0 ws0\">contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y108c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y108d ff1 fs0 fc0 sc0 ls0 ws0\">In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: </div><div class=\"t m0 x0 h2 y10e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 ycd7 ff1 fs0 fc0 sc0 ls0 ws0\">obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y321 ff1 fs0 fc0 sc0 ls0 ws0\">le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su </div><div class=\"t m0 x2a h2 y108e ff1 fs0 fc0 sc0 ls0 ws0\">periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e </div><div class=\"t m0 x2a h2 ye96 ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span></div><div class=\"t m0 x2a h2 y8c1 ff4 fs0 fc0 sc0 ls0 ws0\">attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y9e7 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span></div><div class=\"t m0 x2a h2 y9e8 ff1 fs0 fc0 sc0 ls0 ws0\">costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y108f ff1 fs0 fc0 sc0 ls0 ws0\">direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o </div><div class=\"t m0 x2a h2 y1090 ff1 fs0 fc0 sc0 ls0 ws0\">la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci </div><div class=\"t m0 x2a h2 y1091 ff1 fs0 fc0 sc0 lsd ws0\">fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y1092 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x2a h1b yc64 ff1 fs0 fc0 sc0 ls0 ws0\">aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 ya0b ff4 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con </div><div class=\"t m0 x2a h32 y779 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi </div><div class=\"t m0 x2a h2 y1093 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y85c ff1 fs0 fc0 sc0 ls0 ws0\">essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span></div><div class=\"t m0 x2a h2 yf70 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y334 ff1 fs0 fc0 sc0 ls0 ws0\">significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti </div><div class=\"t m0 x2a h2 y1094 ff1 fs0 fc0 sc0 ls0 ws0\">legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el </div><div class=\"t m0 x2a h2 y1095 ff1 fs0 fc0 sc0 ls0 ws0\">caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); </div><div class=\"t m0 x0 h2 y823 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span></div><div class=\"t m0 x2a h2 y1096 ff1 fs0 fc0 sc0 ls0 ws0\">occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa </div><div class=\"t m0 x2a h2 y1097 ff1 fs0 fc0 sc0 ls0 ws0\">contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. </div><div class=\"t m0 x0 h2 ycc7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1098 ff4 fs0 fc0 sc0 ls0 ws0\">Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1099 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y109a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span></div><div class=\"t m0 x0 h2 y2ef ff4 fs0 fc0 sc0 ls0 ws0\">trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span></div><div class=\"t m0 x0 h2 y240 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y109b ff1 fs0 fc0 sc0 ls0 ws0\">Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y109c ff1 fs0 fc0 sc0 ls0 ws0\">future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div></div>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Altre attivit\u00e0 </span>Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>accolgono <span class=\"_ _2\"></span>essenzialmente <span class=\"_ _3\"></span>partite <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>attesa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistemazione <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>poste <span class=\"_ _3\"></span>non <span class=\"_ _6\"></span>riconducibili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>Stato patrimoniale, tra cui si ricordano i cred<span class=\"_ _3\"></span>iti derivanti da forniture di beni e servizi non <span class=\"_ _3\"></span>finanziari, le partite fiscali dive<span class=\"_ _5\"></span>rse da <span class=\"_ _3\"></span>quelle<span class=\"_ _0\"></span> rilevate a <span class=\"_ _2\"></span>voce <span class=\"_ _3\"></span>propria (ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>connesse c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>l\u2019attivit\u00e0 di <span class=\"_ _3\"></span>sostituto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>imposta), l<span class=\"_ _3\"></span>\u2019oro, l\u2019argento <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metalli <span class=\"_ _3\"></span>preziosi, <span class=\"_ _3\"></span>i c<span class=\"_ _3\"></span>rediti d\u2019imposta <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>Decreti <span class=\"_ _2\"></span>Legge <span class=\"_ _2\"></span>\u201cCura <span class=\"_ _5\"></span>Italia\u201d <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>\u201cRilancio\u201d <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>ratei <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>diversi <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>vanno <span class=\"_ _5\"></span>capitalizzati <span class=\"_ _4\"> </span><span class=\"ff1\">sulle </span>relative <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie, <span class=\"_ _3\"></span>ivi <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ratti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>clienti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>15,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>paragrafi <span class=\"_ _3\"></span>116 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>successivi. </span>Come previsto dai paragrafi <span class=\"_ _3\"></span>91 e <span class=\"_ _3\"></span>successivi dell\u2019IFRS 15, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>l\u2019acquisizione e l\u2019adempimento dei contratti <span class=\"_ _6\"></span><span class=\"ff1\">con<span class=\"_ _0\"></span> </span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _2\"></span>aventi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>pluriennale <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>capitalizza<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>ammortizzati <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ncrementali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>preveda <span class=\"_ _2\"></span>di recuperarli. 9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 non correnti o g<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissione </span>Vengono classificate nella voce d<span class=\"_ _3\"></span>ell\u2019attivo \u201cAttivit\u00e0 non correnti e <span class=\"_ _3\"></span>gruppi di <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _5\"></span>dismissione\u201d e in<span class=\"_ _3\"></span> quella del <span class=\"_ _3\"></span>passivo<span class=\"_ _35\"></span> \u201cPassivit\u00e0 associate ad <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _3\"></span>dismissione\u201d attivit\u00e0 non <span class=\"_ _3\"></span>correnti o <span class=\"_ _3\"></span>gruppi di at<span class=\"_ _3\"></span>tivit\u00e0/pass<span class=\"_ _0\"></span>ivit\u00e0 per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali \u00e8 s<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>to avviato </span>un p<span class=\"_ _3\"></span>rocesso di <span class=\"_ _3\"></span>dismissione e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro vendita <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuta altamente p<span class=\"_ _3\"></span>robabile. Tali <span class=\"_ _5\"></span>attivit\u00e0/passivit\u00e0 sono valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>minore tra <span class=\"_ _3\"></span>il valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>costi <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>cessione,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"></span>eccezione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>tipologi<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>(es. <span class=\"_ _4\"></span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019IF<span class=\"_ _2\"></span><span class=\"ff1\">RS <span class=\"_ _5\"></span>5 <span class=\"_ _2\"></span>prevede <span class=\"_ _5\"></span>specificatament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>debbano <span class=\"_ _5\"></span>essere </span>applicati i criteri valu<span class=\"_ _0\"></span>tativi del principio <span class=\"_ _0\"></span>contabile di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> \u00c8 <span class=\"_ _4\"></span>possibile <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>correnti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"></span>inclusi <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>n<span class=\"_ _5\"></span>on esistono  quotazioni  in <span class=\"_ _16\"> </span>un  mercato  attivo.  In  t<span class=\"_ _0\"></span>ale  evenienza,  si <span class=\"_ _16\"> </span>procede  ad  una  loro  val<span class=\"_ _0\"></span>utazione  al  fair<span class=\"_ _0\"></span>  value  facendo riferimento, in presenza d<span class=\"_ _3\"></span>i un accordo <span class=\"_ _3\"></span>raggiunto con la controparte <span class=\"_ _3\"></span>acquirente, ai prezzi di <span class=\"_ _3\"></span>cessione risultanti da ta<span class=\"_ _3\"></span>le accordo;<span class=\"_ _35\"></span> in <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccordo, <span class=\"_ _4\"></span>applicando <span class=\"_ _4\"> </span><span class=\"ff4\">specifiche <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>valutative <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ricorrendo <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _6\"> </span>a </span>fairness opinion este<span class=\"_ _0\"></span>rne. I <span class=\"_ _5\"></span>proventi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _5\"></span>(al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>dell\u2019effetto <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>scale), <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>dismissione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">ome <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>nel </span>corso dell\u2019esercizi<span class=\"_ _0\"></span>o, sono esposti nel conto e<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>onomico in voce <span class=\"_ _0\"></span>separata.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>10. <span class=\"_ _1c\"> </span>Fiscalit\u00e0 corrente e diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ita Le <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>reddito, <span class=\"_ _6\"></span>calcolate <span class=\"_ _6\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>legislazioni <span class=\"_ _6\"></span>fiscali <span class=\"_ _4\"></span>nazionali, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>contabilizzate <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"></span>costo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno generate. <span class=\"_ _3\"></span>Esse <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>dell\u2019esercizio. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>At<span class=\"_ _5\"></span><span class=\"ff1\">tivit\u00e0 e </span>Passivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Amministrazioni<span class=\"_ _35\"></span> finanziarie italiana ed este<span class=\"_ _0\"></span>re riconducibili all\u2019ambit<span class=\"_ _0\"></span>o della fiscalit\u00e0 diretta. In partic<span class=\"_ _0\"></span>olare, tali poste accolg<span class=\"_ _0\"></span>ono il sald<span class=\"_ _5\"></span><span class=\"ff1\">o netto tra le </span>passivit\u00e0 fiscali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>pregressi e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti dell\u2019esercizio, <span class=\"_ _3\"></span>calcolate in <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prudenziale previsione del<span class=\"_ _3\"></span>l\u2019onere tri<span class=\"_ _5\"></span><span class=\"ff1\">butario </span>dovuto <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>l\u2019esercizio, <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>norme <span class=\"_ _7\"> </span>tributarie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>igore, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>correnti <span class=\"_ _4\"> </span>rapprese<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>tate <span class=\"_ _4\"> </span>dagli </span>acconti, dalle ritenute d\u2019acconto subite o da <span class=\"_ _3\"></span>altri crediti d\u2019imposta. Il rischio insito nei <span class=\"_ _3\"></span>suddetti procedimenti <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>allo stesso <span class=\"_ _3\"></span>modo<span class=\"_ _35\"></span> </span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>insiti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>procedimenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>versamenti <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _6\"></span>provvisorio <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>sec<span class=\"_ _3\"></span>ondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>logiche dello IAS 37, in relaz<span class=\"_ _0\"></span>ione alle probabili<span class=\"_ _0\"></span>t\u00e0 di impiego di risor<span class=\"_ _0\"></span>se economiche per il l<span class=\"_ _0\"></span>oro adempimento.<span class=\"_ _3\"></span> Tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019adozione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>nazionale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>riferibili <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>societ<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0 <span class=\"_ _2\"></span>del </span>Gruppo sono gestite in mo<span class=\"_ _0\"></span>do distinto sotto il <span class=\"_ _0\"></span>profilo amministrativ<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>fiscalit\u00e0 d<span class=\"_ _3\"></span>ifferita viene <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>base al <span class=\"_ _2\"></span>criterio del <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _3\"></span>balance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>liability method, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto d<span class=\"_ _3\"></span>ell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019effetto </span>fiscale <span class=\"_ _7\"> </span>connesso <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _7\"> </span>tra  i<span class=\"_ _35\"></span>l  v<span class=\"_ _0\"></span>alore <span class=\"_ _7\"> </span>c<span class=\"_ _2\"></span>ontabile <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>il  l<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>che determineranno importi imponibili o deducibili nei futuri periodi. A tali <span class=\"_ _3\"></span>fini, si intendono \u201cdifferenze temporanee tassabili<span class=\"_ _2\"></span>\u201d <span class=\"_ _3\"></span>quelle che <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>determineranno <span class=\"_ _5\"></span>importi <span class=\"_ _6\"></span>imponibili<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>\u201cdifferenze <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _5\"></span>deducibili\u201d <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>futuri<span class=\"_ _35\"></span> </span>determineranno importi deduci<span class=\"_ _0\"></span>bili. La <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>differita <span class=\"_ _4\"> </span>viene <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _6\"></span>applicando <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>ali<span class=\"_ _3\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>imposizione <span class=\"_ _4\"></span>stabilite <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>disposizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>legge <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _16\"> </span>alle differenze  temporan<span class=\"_ _0\"></span>ee  tassabili  per  cui  esiste  la  probabilit\u00e0 <span class=\"_ _16\"> </span>di  un  effettivo  sostenimento  di<span class=\"_ _0\"></span>  imposte  ed  alle  differenze<span class=\"_ _35\"></span> temporanee <span class=\"_ _2\"></span>deducibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esiste <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>ragionevole <span class=\"_ _5\"></span>certezza <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vi <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>ammontari <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si manifester\u00e0 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibilit\u00e0 <span class=\"_ _16\"> </span>fiscale <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>probability <span class=\"_ _16\"> </span>test). <span class=\"_ _7\"> </span>Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>differite <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>medesima<span class=\"_ _35\"></span> imposta e scadenti nel m<span class=\"_ _0\"></span>edesimo periodo <span class=\"_ _0\"></span>vengono compensate.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> Qualora <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Attivit\u00e0 <span class=\"_ _16\"> </span>e  P<span class=\"_ _0\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>differite <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>riferiscano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>interessato<span class=\"_ _2\"></span>  il <span class=\"_ _7\"> </span>conto  e<span class=\"_ _0\"></span>conomico, <span class=\"_ _16\"> </span>la contropartita \u00e8 rappr<span class=\"_ _0\"></span>esentata dalle imposte<span class=\"_ _0\"></span> sul reddito. Nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differite <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iguardino <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>interessato <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _2\"></span>net<span class=\"_ _6\"></span>to senza <span class=\"_ _5\"></span>influenzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>(quali <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>applicazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>IAS/IFRS, <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti finanziari rilevati al fair value con impatto sulla redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva o dei contratti deriv<span class=\"_ _0\"></span>ati di copertura di flussi f<span class=\"_ _5\"></span>inanziari), l<span class=\"_ _0\"></span>e stesse <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontropartita <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio net<span class=\"_ _3\"></span>to, <span class=\"_ _3\"></span>interessando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>(es. <span class=\"_ _2\"></span>riserve <span class=\"_ _3\"></span>da valutazione). La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>\u201ctassabili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>utilizzo\u201d <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>il<span class=\"_ _5\"></span><span class=\"ff1\">ancio <span class=\"_ _2\"></span>in </span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"ff4\">atrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>rivalutazioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conversione <span class=\"_ _2\"></span>all\u2019euro <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputate <span class=\"_ _3\"></span>a </span>specifica <span class=\"_ _4\"> </span>Riserva <span class=\"_ _6\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>D. <span class=\"_ _4\"> </span>Lgs. <span class=\"_ _4\"> </span>213/98 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sospensione <span class=\"_ _6\"> </span>d\u2019imposta, <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>iscritta <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Riserva stessa. La fisc<span class=\"ff4\">alit\u00e0 latente riferita alle poste p<span class=\"_ _3\"></span>atrimoniali in sospensione d\u2019imposta \u201ctassabili solt<span class=\"_ _0\"></span>anto in ipotesi di <span class=\"_ _3\"></span>distribuzione\u201d </span>non <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"></span>iscritta <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bilancio, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>quanto<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>consistenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>disponibili <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"></span>assoggettate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tassazione <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di ritenere che non saranno e<span class=\"_ _0\"></span>ffettuate operazio<span class=\"_ _0\"></span>ni che ne comportin<span class=\"_ _0\"></span>o la tassazione. La <span class=\"_ _3\"></span>fiscalit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>differita riferita alle <span class=\"_ _3\"></span>societ\u00e0 incluse nel <span class=\"_ _3\"></span>consolidato fiscale viene rilevata <span class=\"_ _3\"></span>in bilancio <span class=\"_ _3\"></span>dalle stesse, in a<span class=\"_ _3\"></span>ppl<span class=\"_ _5\"></span>icazione del criterio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ompetenza <span class=\"_ _4\"></span>economica <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>considera<span class=\"_ _3\"></span>zione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _7\"> </span>fiscale <span class=\"_ _4\"></span>limitata <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>dempimenti <span class=\"_ _4\"></span>di liquidazione delle po<span class=\"_ _0\"></span>sizioni fiscali correnti<span class=\"_ _0\"></span>. La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>consolidate <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span>n <span class=\"_ _3\"></span>si ritenga  probabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  il <span class=\"_ _16\"> </span>verificarsi <span class=\"_ _16\"> </span>dei  presupposti <span class=\"_ _16\"> </span>per  la  r<span class=\"_ _0\"></span>elativa  ta<span class=\"_ _0\"></span>ssazione,  e<span class=\"_ _0\"></span>  ci\u00f2 <span class=\"_ _16\"> </span>anche  in  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lazione  a<span class=\"_ _0\"></span>lla  natura<span class=\"_ _0\"></span>  durevole dell\u2019investimento.<span class=\"ff1\"> </span>11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span>rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span>rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span>dell\u2019IFRS 9.<span class=\"ff1\"> </span>Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span>futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span>determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span>attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Altri fondi Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span>ammontare. Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span>economici; e -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span>correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span>at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span>conto economico. <span class=\"_ _30\"> </span> 12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Criteri di iscrizione La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span>di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span>Criteri di valutazione Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span>effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato. I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span>per diritto d\u2019uso. <span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. 13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. 14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> Criteri di iscrizione L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span>derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span>Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span>Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span>netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate a conto economico. Criteri di cancellazione Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. 15. <span class=\"_ _1c\"> </span>Operazioni in valuta Definizione La <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>estera <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>differente <span class=\"_ _7\"> </span>dalla  val<span class=\"_ _0\"></span>uta <span class=\"_ _16\"> </span>funzionale <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>l\u2019impresa, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>volta  \u00e8 <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>dell\u2019ambiente<span class=\"_ _0\"></span> economico prevalente <span class=\"_ _0\"></span>in cui l\u2019impresa st<span class=\"_ _0\"></span>essa opera<span class=\"ff1\">. </span>Criteri di rilevazione <span class=\"_ _0\"></span>iniziale Le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>registrate, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>conto, <span class=\"_ _2\"></span>applicando <span class=\"_ _3\"></span>all\u2019imp<span class=\"_ _5\"></span><span class=\"ff1\">orto </span>in valuta estera il t<span class=\"_ _0\"></span>asso di cambio in vigo<span class=\"_ _0\"></span>re alla data dell\u2019op<span class=\"_ _0\"></span>erazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Criteri di rilevazione succe<span class=\"_ _0\"></span>ssiva Ad ogni chiusura di bil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ncio o di situazione <span class=\"_ _0\"></span>infrannuale, le poste<span class=\"_ _0\"></span> di bilancio in v<span class=\"_ _0\"></span>aluta estera veng<span class=\"_ _0\"></span>ono valorizzate com<span class=\"_ _0\"></span>e segu<span class=\"_ _2\"></span><span class=\"ls10\">e:</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste monetarie<span class=\"_ _0\"></span> sono convertite al t<span class=\"_ _0\"></span>asso di cambio alla dat<span class=\"_ _0\"></span>a di chiusura;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al <span class=\"ff4\">costo storico sono c<span class=\"_ _0\"></span>onvertite al tasso di <span class=\"_ _0\"></span>cambio in essere all<span class=\"_ _0\"></span>a data dell\u2019operazio<span class=\"_ _0\"></span>ne;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al fair <span class=\"_ _0\"></span>value sono convertit<span class=\"_ _0\"></span>e utilizzando i tas<span class=\"_ _0\"></span>si di cambio in essere <span class=\"_ _0\"></span>alla data di chiusura.<span class=\"_ _3\"></span> </span>Le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>monetari <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>monetari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassi diversi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>iniziali, <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedente, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>del periodo in cui sorgono. Quando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>uti<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>elemento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>monetario <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambio relativa <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _6\"> </span>elemento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>rilevata <span class=\"_ _5\"></span>anch\u2019essa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"> </span>contro, <span class=\"_ _6\"> </span>quando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>utile <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>una <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto economico, \u00e8 rilevata in cont<span class=\"_ _0\"></span>o economico anc<span class=\"_ _0\"></span>he la relativa differenza c<span class=\"_ _0\"></span>ambio. Relativamente <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>tematica <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>\u201cConversione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>neta <span class=\"_ _7\"> </span>diversa <span class=\"_ _7\"> </span>dall\u2019euro\u201d <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>consolidamento <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l trattamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>cambio <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _6\"></span>invece, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _4\"></span>paragraf<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"></span>A: <span class=\"_ _6\"></span>Sezione <span class=\"_ _6\"></span>3 <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Area <span class=\"_ _6\"></span>e metodi di consolidame<span class=\"_ _0\"></span>nto della presente<span class=\"_ _0\"></span> nota integrativa. 16. <span class=\"_ _1c\"> </span>Altre informazioni Azioni proprie Le <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>proprie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>portate <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>patrimonio <span class=\"_ _6\"></span>netto. <span class=\"_ _6\"></span>Analogamente, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>orig<span class=\"_ _5\"></span>inario <span class=\"_ _6\"></span>delle stesse e gli utili o l<span class=\"_ _0\"></span>e perdite derivanti d<span class=\"_ _0\"></span>alla loro successiva <span class=\"_ _0\"></span>vendita sono rilevati<span class=\"_ _0\"></span> come movimenti del pat<span class=\"_ _0\"></span>rimonio netto.<span class=\"_ _2\"></span> Ratei e risconti I <span class=\"_ _5\"></span>ratei <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>risconti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>accolgono <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mpetenza <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>maturati <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _5\"></span>in bilancio a rettifica <span class=\"_ _0\"></span>delle attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> a cui si riferiscono. Spese per migliorie su b<span class=\"_ _0\"></span>eni di terzi I <span class=\"_ _5\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ristrutturazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>cap<span class=\"_ _3\"></span>italizzati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fatto <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>dur<span class=\"_ _5\"></span>ata <span class=\"_ _5\"></span>del contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>affitto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzatrice <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>trarre <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>benefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>futuri. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>sudd<span class=\"_ _5\"></span>etti <span class=\"_ _2\"></span>costi, classificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Altre <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Istruzioni <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _5\"></span>d\u2019Italia, <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzati <span class=\"_ _5\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>non </span>superiore alla durata<span class=\"_ _0\"></span> del contratto di affitt<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> Trattamento di fine r<span class=\"_ _0\"></span>apporto del person<span class=\"_ _0\"></span>ale Il trattamento di fine <span class=\"_ _0\"></span>rapporto si config<span class=\"_ _0\"></span>ura come un \u201cbenefi<span class=\"_ _0\"></span>cio successivo al rapp<span class=\"_ _0\"></span>orto di lavoro\u201d classific<span class=\"_ _0\"></span>ato come:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>contribuzione <span class=\"_ _16\"> </span>definita\u201d <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>quote  di <span class=\"_ _7\"> </span>trattamento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>rapporto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>personale <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span>turande <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal </span></span>1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _5\"></span>2007 <span class=\"_ _6\"></span>(data <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>entrata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>vigore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>riforma <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>idenza <span class=\"_ _5\"></span>complementare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Decreto <span class=\"_ _6\"></span>Legislativo </span>5 dicembre 2005 <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>252) s<span class=\"_ _3\"></span>ia nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opzione da<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>dipendente per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previdenza complementare, <span class=\"_ _3\"></span>sia nel <span class=\"_ _3\"></span>caso di <span class=\"_ _4\"> </span>destinazione <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Tesoreria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>l\u2019INPS. <span class=\"_ _6\"> </span>Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>l\u2019importo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contabilizzato <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _4\"> </span>\u00e8 determinato sulla base<span class=\"_ _0\"></span> dei contributi dovuti s<span class=\"_ _0\"></span>en<span class=\"ff4\">z<span class=\"_ _3\"></span>a l\u2019applicazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i metodologie di c<span class=\"_ _0\"></span>alcolo attuariali;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano a benefici d<span class=\"_ _0\"></span>efiniti\u201d per la q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del trattamento di f<span class=\"_ _0\"></span>ine rapporto del p<span class=\"_ _0\"></span>ersonale maturata sin<span class=\"_ _0\"></span>o al 31 dicembre 2006.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Tali <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuariale <span class=\"_ _2\"></span>determinato <span class=\"_ _6\"></span><span class=\"ff4\">ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>\u201cProiezione <span class=\"_ _2\"></span>Unitaria </span>del <span class=\"_ _3\"></span>Credito\u201d, senza <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span><span class=\"ff1\">-</span>rata <span class=\"_ _3\"></span>del serv<span class=\"_ _3\"></span>izio prestato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>previdenziale (\u201ccurrent <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>cost\u201d)<span class=\"_ _35\"></span> del <span class=\"_ _6\"></span>TFR <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>quasi <span class=\"_ _6\"></span>interamente <span class=\"_ _6\"></span>maturato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>rivalutazione <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>stesso, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>ann<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>ven<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>dia <span class=\"_ _6\"></span>luogo <span class=\"_ _5\"></span>a significativi benefici <span class=\"_ _0\"></span>per i dipendenti. Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell'attualizzazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercat<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>obbligazioni di <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>ziende primarie <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>media <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esidua <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _2\"></span>ponderata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>percentuale <span class=\"_ _2\"></span>dell'importo <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>e anticipato, per ciasc<span class=\"_ _0\"></span>una scadenza, ris<span class=\"_ _0\"></span>petto al totale da pagar<span class=\"_ _0\"></span>e e anticipare fino al<span class=\"_ _0\"></span>l'estinzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazi<span class=\"_ _2\"></span><span class=\"ff1\">one. </span>I costi <span class=\"_ _3\"></span>per il servizio del <span class=\"_ _3\"></span>piano sono contab<span class=\"_ _3\"></span>ilizzati tra <span class=\"_ _3\"></span>i costi del p<span class=\"_ _3\"></span>ersonale, mentre gli utili e <span class=\"_ _3\"></span>le perdite attuariali sono <span class=\"_ _3\"></span>rilevati nel prospetto della redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva.<span class=\"_ _90\"> </span> Pagamenti basati su azion<span class=\"_ _0\"></span>i I  piani  di <span class=\"_ _16\"> </span>remunerazione  del <span class=\"_ _16\"> </span>personale  basati  su  a<span class=\"_ _0\"></span>zioni  vengono <span class=\"_ _16\"> </span>rilevati  nel  con<span class=\"_ _0\"></span>to  economico<span class=\"_ _2\"></span>,  con  un  c<span class=\"_ _0\"></span>orrispondente incremento <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>patrimonio <span class=\"_ _16\"> </span>netto,  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>base  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>fair  val<span class=\"_ _0\"></span>ue  degli <span class=\"_ _7\"> </span>strumenti  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iari <span class=\"_ _16\"> </span>attribuiti <span class=\"_ _16\"> </span>alla  d<span class=\"_ _0\"></span>ata <span class=\"_ _16\"> </span>di  assegn<span class=\"_ _0\"></span>azione, suddividendo l\u2019onere lu<span class=\"_ _0\"></span>ngo il periodo pre<span class=\"_ _0\"></span>visto dal piano.<span class=\"ff1\"> </span>In <span class=\"_ _3\"></span>presenza di <span class=\"_ _3\"></span>opzioni, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair va<span class=\"_ _3\"></span>lue delle<span class=\"_ _3\"></span> stesse<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> calcolato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _3\"></span>modello c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>considera, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>informazioni quali <span class=\"_ _3\"></span>il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esercizio e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>dell\u2019opzione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>attesa, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di </span>interesse <span class=\"_ _4\"></span>risk-free, <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>caratteristiche <span class=\"_ _6\"></span>specifiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>piano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere. <span class=\"_ _4\"></span>Nel <span class=\"_ _4\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>in modo distinto l\u2019opzio<span class=\"_ _0\"></span>ne e la probabilit\u00e0 di <span class=\"_ _0\"></span>realizzazione dell<span class=\"_ _0\"></span>e condizioni in base <span class=\"_ _0\"></span>alle quali le opzio<span class=\"_ _0\"></span>ni sono state assegn<span class=\"_ _0\"></span>ate<span class=\"_ _5\"></span><span class=\"ff1\">. </span>La combinazione dei d<span class=\"_ _0\"></span>ue valori fornisce il fair value dello st<span class=\"_ _0\"></span>rumento assegnato. L\u2019eventuale <span class=\"_ _6\"> </span>riduzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"> </span>finanziari <span class=\"_ _4\"> </span>assegnati <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>contabilizzata <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>parte <span class=\"_ _4\"> </span>degli stessi. Benefici ai dipendenti Si def<span class=\"_ _3\"></span>iniscono benefici ai dipendenti <span class=\"_ _3\"></span>tutti i <span class=\"_ _3\"></span>tipi di <span class=\"_ _3\"></span>remuner<span class=\"_ _3\"></span><span class=\"ff4\">azione erogati d<span class=\"_ _3\"></span>all\u2019azienda in cambio <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 lavorativa svolta dai </span>dipendenti. I benefici ai<span class=\"_ _0\"></span> dipendenti si s<span class=\"_ _0\"></span>uddividono tra: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>(diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>dovuti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>apporto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici </span>retributivi <span class=\"_ _3\"></span>sotto <span class=\"_ _3\"></span>forma <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale) <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidare <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>termine dell\u2019esercizio <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  q<span class=\"_ _0\"></span>uale <span class=\"_ _16\"> </span>i  di<span class=\"_ _0\"></span>pendenti <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>prestato <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vorativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>rilevati <span class=\"_ _16\"> </span>interamente  a<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>conto  eco<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>omico <span class=\"_ _16\"> </span>al momento della <span class=\"ff4\">maturazione <span class=\"_ _0\"></span>(rientrano in tale cat<span class=\"_ _0\"></span>egoria, ad esempio, i s<span class=\"_ _0\"></span>alari, gli stipendi e<span class=\"_ _0\"></span> le prestazioni \u201cstra<span class=\"_ _0\"></span>ordinarie\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">b<span class=\"_ _3\"></span>enefici <span class=\"_ _6\"></span>successivi <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>dovuti <span class=\"_ _6\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>conclusione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>lavoro <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>obbligano <span class=\"_ _6\"></span>l\u2019impresa <span class=\"_ _5\"></span>ad </span></span>un\u2019erogazione <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>dipendenti. <span class=\"_ _2\"></span>Tra <span class=\"_ _5\"></span>questi, <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>pensione che, a loro volta si s<span class=\"_ _0\"></span>uddividono in piani a <span class=\"_ _0\"></span>contribuzione definit<span class=\"_ _0\"></span>a e piani a benefici <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>efiniti o fondi d<span class=\"_ _0\"></span>i quiescenza aziendal<span class=\"_ _2\"></span><span class=\"lsc\">e;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>ene<span class=\"ff4\">fici <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cessazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>lavoro, <span class=\"_ _4\"> </span>oss<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>quei <span class=\"_ _7\"> </span>compensi <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019azienda <span class=\"_ _7\"> </span>riconosce <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>come </span></span>contropartita <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>cessazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>lavoro, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>stessa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>concludere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di lavoro prima della normale dat<span class=\"_ _0\"></span>a di pensionamento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici  a <span class=\"_ _16\"> </span>lungo  termi<span class=\"_ _0\"></span>ne,  diver<span class=\"_ _0\"></span>si  dai <span class=\"_ _16\"> </span>precedenti,  che<span class=\"_ _0\"></span>  non  s<span class=\"_ _0\"></span>i  prevede <span class=\"_ _16\"> </span>siano  estinti <span class=\"_ _16\"> </span>interamente  entr<span class=\"_ _0\"></span>o  i  do<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ici  mes<span class=\"_ _35\"></span>i </span>successivi al temine d<span class=\"_ _0\"></span>ell\u2019esercizio in cui i dip<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ndenti hanno svolt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le proprie presta<span class=\"_ _0\"></span>zioni lavorative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Compensazione di strumenti f<span class=\"_ _0\"></span>inanziari Ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>AS <span class=\"_ _16\"> </span>32, <span class=\"_ _16\"> </span>paragrafo <span class=\"_ _7\"> </span>42, <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>e  le <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>sono  og<span class=\"_ _35\"></span>getto <span class=\"_ _16\"> </span>di  com<span class=\"_ _0\"></span>pensazione <span class=\"_ _7\"> </span>ed evidenziate in bilanci<span class=\"_ _0\"></span>o per il saldo netto, qu<span class=\"_ _0\"></span>alora l\u2019entit\u00e0:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>bbia <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>legale <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>operare <span class=\"_ _4\"></span>tale <span class=\"_ _7\"> </span>compensazion<span class=\"_ _0\"></span>e, <span class=\"_ _4\"></span>correntemente <span class=\"_ _6\"></span>esercitabile <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>circostanze, <span class=\"_ _6\"></span>siano <span class=\"_ _4\"> </span>esse </span>afferenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>normale <span class=\"_ _5\"></span>svolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>esse <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>situazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inadempimento, <span class=\"_ _2\"></span>insolvenza, <span class=\"_ _5\"></span>fallimento<span class=\"_ _0\"></span> delle parti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntenda <span class=\"_ _3\"></span>regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _5\"></span>netto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>lorda <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>sostanziali <span class=\"_ _3\"></span>siano </span>equivalenti ad un reg<span class=\"_ _0\"></span>olamento netto. Per <span class=\"_ _3\"></span>gli strumenti derivati <span class=\"_ _3\"></span>rientranti in accordi <span class=\"_ _3\"></span>di compensazione che <span class=\"_ _3\"></span>rispettano i <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>in precedenza illustrati la <span class=\"_ _3\"></span>Circ<span class=\"_ _5\"></span>olare n. 262 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura, <span class=\"_ _6\"></span>prevedendo <span class=\"_ _5\"></span>una rappresentazione <span class=\"_ _18\"> </span>su <span class=\"_ _1c\"> </span>base<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>netta <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tali <span class=\"_ _1c\"> </span>sbilanci: <span class=\"_ _18\"> </span>convenzionalmente, <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>saldo <span class=\"_ _1c\"> </span>netto <span class=\"_ _18\"> </span>viene <span class=\"_ _1c\"> </span>allocato<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _18\"> </span>portafoglio <span class=\"_ _18\"> </span>di negoziazione <span class=\"_ _4\"> </span>piuttosto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>derivati <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>prevalenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>assoluto <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>lo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>bilancio <span class=\"_ _4\"> </span>dei derivati di negozia<span class=\"_ _0\"></span>zione e quello dei de<span class=\"_ _0\"></span>rivati di copertura. In <span class=\"_ _2\"></span>ottemperanza <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>IFRS <span class=\"_ _2\"></span>7, <span class=\"_ _5\"></span>informazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>maggior <span class=\"_ _2\"></span>de<span class=\"_ _5\"></span>ttaglio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tavole contenute nella Parte B <span class=\"ff4\">\u2013</span> Altre i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formazioni della p<span class=\"_ _0\"></span>resente nota integra<span class=\"_ _0\"></span>tiva, nelle quali <span class=\"_ _0\"></span>sono esposti in parti<span class=\"_ _0\"></span>colare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>presentano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _5\"></span>previsti <span class=\"_ _6\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>paragraf<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>4<span class=\"_ _3\"></span>2, <span class=\"_ _5\"></span>prima <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la </span>compensazione contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>soggette <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccordi <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>compensazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>dato <span class=\"_ _7\"> </span>luogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>ma <span class=\"_ _7\"> </span>che </span>potenzialmente la po<span class=\"_ _0\"></span>ssono attivare in <span class=\"_ _0\"></span>seguito a specifiche <span class=\"_ _0\"></span>circostanze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e garanzie reali ad e<span class=\"_ _0\"></span>sse connesse. </span>Crediti d\u2019imposta conne<span class=\"_ _0\"></span>ssi con i Decreti Legge<span class=\"_ _0\"></span> \u201cCura Italia\u201d e <span class=\"_ _0\"></span>\u201cRilancio\u201d acquistati a s<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>guito di cessione da par<span class=\"_ _0\"></span>te dei beneficiari diretti o di pr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cedenti acquirenti (<span class=\"_ _0\"></span>es. ecobonus) I <span class=\"_ _2\"></span>Decreti <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>egge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>18/2020 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cCura <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>talia\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>34/2020 <span class=\"_ _2\"></span>(c.d. <span class=\"_ _5\"></span>\u201cRilancio\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>trodotto <span class=\"_ _3\"></span>nell\u2019ordinamento <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>misure fiscali di <span class=\"_ _3\"></span>incentivazione connesse sia con <span class=\"_ _3\"></span>spese per <span class=\"_ _3\"></span>investimenti (es. e<span class=\"_ _3\"></span>co e <span class=\"_ _3\"></span>sismabonus) sia con <span class=\"_ _3\"></span>spese correnti <span class=\"_ _3\"></span>(es. canoni d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>locazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>locali <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>abitativo). <span class=\"_ _5\"></span>Ulteriormente <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Governo<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>nuovamente <span class=\"_ _5\"></span>intervenuto <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Decreto<span class=\"_ _0\"></span> Legge n. 50/2022 (c.<span class=\"_ _0\"></span>d. \u201cDecreto Aiuti\u201d) prin<span class=\"_ _0\"></span>cipalmente rimodulan<span class=\"_ _0\"></span>do la platea dei pote<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziali ricessionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tali <span class=\"_ _6\"></span>incentivi <span class=\"_ _4\"></span>fiscali <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>applicano <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>famiglie <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>imprese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>commisurati <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>percentuale <span class=\"_ _7\"> </span>della <span class=\"_ _4\"></span>spesa <span class=\"_ _6\"></span>sostenuta <span class=\"_ _6\"></span>(che <span class=\"_ _4\"> </span>in alcuni casi <span class=\"_ _3\"></span>raggiunge anche <span class=\"_ _3\"></span>il 110<span class=\"_ _3\"></span>%) e s<span class=\"_ _3\"></span>ono erogati <span class=\"_ _3\"></span>sotto forma d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>d\u2019imposta o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>detrazioni d\u2019imposta (trasformabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"ls1f\">su </span></span>opzione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>crediti <span class=\"_ _17\"> </span>d\u2019imposta). <span class=\"_ _1d\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>caratteristiche <span class=\"_ _17\"> </span>principali <span class=\"_ _17\"> </span>di <span class=\"_ _1d\"> </span>ta<span class=\"_ _3\"></span>li <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _1d\"> </span>sono: <span class=\"_ _17\"> </span>i) <span class=\"_ _17\"> </span>l<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>ossibilit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>utilizzo <span class=\"_ _1d\"> </span>in </span>compensazione; ii) l<span class=\"_ _0\"></span>a cedibilit\u00e0 a terzi acqui<span class=\"_ _0\"></span>renti; e iii) la no<span class=\"_ _0\"></span>n rimborsabilit\u00e0 da parte <span class=\"_ _0\"></span>dell\u2019Erario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _17\"> </span>contabilizzazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>crediti <span class=\"_ _17\"> </span>d\u2019imposta <span class=\"_ _17\"> </span>acquistati <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _1d\"> </span>terzo <span class=\"_ _18\"> </span>(cessionario <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>credito <span class=\"_ _17\"> </span>d\u2019imposta) <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _17\"> </span>\u00e8 riconducibile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>specifico <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>internazionale. <span class=\"_ _2\"></span>Lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>8 <span class=\"_ _5\"></span>prevede <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>vi <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>fattispecie<span class=\"_ _0\"></span> non <span class=\"_ _3\"></span>esplicitamente trattata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>incipio contabile <span class=\"_ _3\"></span>IAS/IFRS, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>direzione <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>definisca un<span class=\"_ _3\"></span>\u2019accounting policy <span class=\"_ _3\"></span>idonea <span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>garant<span class=\"ff4\">ire un\u2019informativ<span class=\"_ _0\"></span>a rilevante e attendi<span class=\"_ _0\"></span>bile di tali opera<span class=\"_ _0\"></span>zioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>A  tal <span class=\"_ _16\"> </span>fine  il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa  Sa<span class=\"_ _0\"></span>npaolo,  te<span class=\"_ _0\"></span>nendo <span class=\"_ _16\"> </span>in  considerazi<span class=\"_ _0\"></span>one  le <span class=\"_ _16\"> </span>indicazioni <span class=\"_ _16\"> </span>espresse <span class=\"_ _16\"> </span>dalle  Autorit\u00e0, <span class=\"_ _16\"> </span>nel  d<span class=\"_ _0\"></span>ocumento \u201cTrattamento <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _4\"> </span>d\u2019imposta <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onnessi <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>Decreti <span class=\"_ _6\"> </span>Legge <span class=\"_ _4\"> </span>\u201c<span class=\"_ _2\"></span>Cura <span class=\"_ _4\"> </span>Italia\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cRilancio\u201d<span class=\"ff1\"> acquistati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>di </span>cessione  da <span class=\"_ _1d\"> </span>parte <span class=\"_ _1d\"> </span>dei  beneficiari <span class=\"_ _1d\"> </span>diretti  o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>precedenti  acquirenti\u201d <span class=\"_ _1d\"> </span>pubblicat<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>in  data <span class=\"_ _1d\"> </span>5 <span class=\"_ _1d\"> </span>gennaio  2021 <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Tavolo  di coordinamento <span class=\"_ _3\"></span>fra <span class=\"_ _5\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia, <span class=\"_ _2\"></span>Consob <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>IVASS <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>IAS/I<span class=\"_ _2\"></span><span class=\"ff1\">FRS <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>dotato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>accounting<span class=\"_ _0\"></span> </span>policy che <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lla disciplina contabile <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>applicandone in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>analogica <span class=\"_ _3\"></span>le disposizioni co<span class=\"_ _3\"></span>mpa<span class=\"_ _5\"></span><span class=\"ff1\">tibili </span>con le caratteristiche d<span class=\"_ _0\"></span>ell\u2019operazione.<span class=\"ff1\"> </span>Il Gruppo riconduce: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model <span class=\"_ _3\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _3\"></span></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>acquistati nei <span class=\"_ _2\"></span>limiti de<span class=\"_ _3\"></span>lla propria <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>capacity, <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di detenerli per le compensa<span class=\"_ _0\"></span>zioni future. Tali crediti sono ril<span class=\"_ _0\"></span>evati al costo ammortizzato<span class=\"_ _3\"></span> e la redditivit\u00e0 viene rilevata pro-rata temporis nel conto e<span class=\"_ _0\"></span>conomico a margine di interesse<span class=\"ls12\">; </span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>d un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model Hold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Collect and <span class=\"_ _3\"></span>Sell <span class=\"_ _3\"></span>i crediti a<span class=\"_ _3\"></span>cquistati in <span class=\"_ _3\"></span>esubero rispetto <span class=\"_ _3\"></span>alla tax <span class=\"_ _3\"></span>capacity <span class=\"_ _3\"></span>e per<span class=\"_ _3\"></span>tanto destinati<span class=\"_ _2\"></span> </span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>successiva <span class=\"_ _5\"></span>ricessione. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sul<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva. <span class=\"_ _2\"></span>Stante <span class=\"_ _5\"></span>la natura <span class=\"_ _5\"></span>peculiare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>questi <span class=\"_ _5\"></span>strumenti, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>oscillazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _5\"></span>collegate <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interess<span class=\"_ _5\"></span><span class=\"lsc\">e </span>nella <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riflettano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisto. <span class=\"_ _3\"></span>L<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>rilevata <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>-rata t<span class=\"_ _3\"></span>empori<span class=\"_ _0\"></span>s nel conto economico a m<span class=\"_ _0\"></span>argine di intere<span class=\"_ _0\"></span>sse. Non <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _3\"></span>applicabile <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>specifica <span class=\"_ _3\"></span>casistica <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>framew<span class=\"_ _0\"></span>ork <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">attese. </span>Su <span class=\"_ _16\"> </span>questi <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>d\u2019imposta <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _16\"> </span>essere<span class=\"ff1\"> <span class=\"_ _16\"> </span></span>calcolata <span class=\"_ _7\"> </span>ECL, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8  a<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>teso <span class=\"_ _7\"> </span>alcun <span class=\"_ _7\"> </span>rimborso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019Erario essendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019estinzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>strumento <span class=\"_ _5\"></span>legata <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portatore. <span class=\"_ _2\"></span>Peraltro, <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">\u00e8 </span></span>prevista <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ricessione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>perfeziona <span class=\"_ _5\"></span>prev<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>incasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _5\"></span>strumento, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un credito verso il cessi<span class=\"_ _0\"></span>onario. Infine, <span class=\"_ _20\"> </span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>modalit\u00e0 <span class=\"_ _20\"> </span>operativ<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>poste <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>essere<span class=\"_ _0\"></span> <span class=\"_ _20\"> </span>dal <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _20\"> </span>si <span class=\"_ _1c\"> </span>ritiene <span class=\"_ _20\"> </span>che <span class=\"_ _20\"> </span>possano <span class=\"_ _1c\"> </span>essere <span class=\"_ _20\"> </span>considerati ragionevolmente non sussistenti<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>i rischi di mancato u<span class=\"_ _0\"></span>tilizzo dei crediti fi<span class=\"_ _0\"></span>scali, ovvero i rischi <span class=\"_ _0\"></span>che la Banca non abbi<span class=\"_ _0\"></span>a la capacit\u00e0<span class=\"_ _0\"></span> di conseguire i benef<span class=\"_ _0\"></span>ici associati all\u2019attivit<span class=\"_ _0\"></span>\u00e0. Infatti:<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>model <span class=\"_ _7\"> </span>Hold <span class=\"_ _7\"> </span>to <span class=\"_ _16\"> </span>Collect, <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>consistenze <span class=\"_ _7\"> </span>acquistate <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>coe<span class=\"_ _3\"></span>renti <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>complessiva <span class=\"_ _7\"> </span>tax </span>capacity costantement<span class=\"_ _0\"></span>e monitorata, in mo<span class=\"_ _0\"></span>do tale che la Banca p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ssa procedere all<span class=\"_ _0\"></span>a compensazione con pr<span class=\"_ _0\"></span>opri debiti;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>on riferimento a<span class=\"_ _3\"></span>l business model <span class=\"_ _3\"></span>Hold to <span class=\"_ _3\"></span>Collect and <span class=\"_ _3\"></span>Sell, a <span class=\"_ _3\"></span>fronte dei <span class=\"_ _3\"></span>crediti acquistati sono <span class=\"_ _3\"></span>progressivament<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>stipulati,<span class=\"_ _0\"></span> </span>per <span class=\"_ _16\"> </span>volumi  ca<span class=\"_ _0\"></span>pienti, <span class=\"_ _16\"> </span>accordi  di<span class=\"_ _0\"></span>  ricessio<span class=\"_ _0\"></span>ne  v<span class=\"_ _0\"></span>incolanti <span class=\"_ _16\"> </span>per  i<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>cliente  e <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>controparti <span class=\"_ _16\"> </span>differenziate <span class=\"_ _16\"> </span>per  le <span class=\"_ _16\"> </span>quali <span class=\"_ _16\"> </span>viene<span class=\"_ _0\"></span> preventivamente verifi<span class=\"_ _0\"></span>cata la relativa capie<span class=\"_ _0\"></span>nza fiscale. Come specificato dal <span class=\"_ _3\"></span>documento c<span class=\"_ _3\"></span>ongiunto delle <span class=\"_ _3\"></span>Autorit\u00e0 sopra ric<span class=\"_ _3\"></span><span class=\"ff4\">hiamato, <span class=\"_ _3\"></span>tenuto conto <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>crediti d\u2019imposta <span class=\"_ _3\"></span>acquistati non </span>rappresentano, <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>sensi <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>principi <span class=\"_ _7\"> </span>contabili <span class=\"_ _7\"> </span>internazionali, <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali, <span class=\"_ _7\"> </span>contributi <span class=\"_ _16\"> </span>pubblici,<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>o <span class=\"_ _1d\"> </span>attivit\u00e0 finanziarie, <span class=\"_ _3\"></span>la classificazione <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>appropriata, ai <span class=\"_ _2\"></span>fini de<span class=\"_ _3\"></span>ll<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>presentazione in <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>residuale fra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>Altre <span class=\"_ _3\"></span>Attivit\u00e0 dello Stato patrimoniale. Operazioni di finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto TLTRO III<span class=\"ffd fc0\"> </span>Le operazioni <span class=\"_ _3\"></span>TLTRO <span class=\"_ _3\"></span>III <span class=\"_ _3\"></span>(Target<span class=\"_ _0\"></span>ed <span class=\"_ _3\"></span>Longer Term <span class=\"_ _3\"></span>Refinancing Operation) <span class=\"_ _3\"></span>mirano <span class=\"_ _3\"></span>a preservare c<span class=\"_ _3\"></span>ondizioni favorevoli de<span class=\"_ _3\"></span>l credit<span class=\"_ _2\"></span><span class=\"lsc\">o </span>bancario e a sostenere<span class=\"_ _0\"></span> l\u2019orientamento d<span class=\"_ _0\"></span>efinito di politica m<span class=\"_ _0\"></span>onetaria. Alcuni dei <span class=\"_ _0\"></span>parametri che caratt<span class=\"_ _0\"></span>erizzano queste opera<span class=\"_ _0\"></span>zio<span class=\"_ _5\"></span><span class=\"ff1\">ni, </span>stabiliti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>BCE <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2019, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>rivisti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iprese, <span class=\"_ _2\"></span>inizialmente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>migliorativo <span class=\"_ _2\"></span>pe<span class=\"_ _5\"></span>r <span class=\"_ _5\"></span>le banche <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>luce <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ricadute <span class=\"_ _2\"></span>economiche <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dall\u2019emergenza <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>recentemente <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>27 <span class=\"_ _5\"></span>ottobre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>- </span>per <span class=\"_ _3\"></span>\u201cnormalizzare\u201d <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>raccolta <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>alleggerire <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>pressione <span class=\"_ _3\"></span>dell\u2019inflazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ristabilire condizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>st<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>bilit\u00e0 <span class=\"_ _3\"></span>dei </span>prezzi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>termine. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>finanziam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>ottenibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>istituto <span class=\"_ _3\"></span>bancario <span class=\"_ _3\"></span>dipende <span class=\"_ _3\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prestiti <span class=\"_ _3\"></span>conces<span class=\"_ _5\"></span><span class=\"ff1\">si </span>a <span class=\"_ _1d\"> </span>determinate  date <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevazione  a <span class=\"_ _1d\"> </span>societ\u00e0  n<span class=\"_ _3\"></span>on <span class=\"_ _1d\"> </span>finanziar<span class=\"_ _0\"></span>ie <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>famiglie  (c.d. <span class=\"_ _1d\"> </span>prestiti  idonei). <span class=\"_ _1d\"> </span>Le  s<span class=\"_ _3\"></span>ingole  tranche <span class=\"_ _1d\"> </span>erano so<span class=\"ls0\">ttoscrivibili con <span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>trimestrale, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>partire <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>settembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>iascuna <span class=\"_ _3\"></span>operazione ha <span class=\"_ _3\"></span>durata </span>pari a tre anni. Il <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteresse <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>fissato <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quello <span class=\"_ _6\"></span>medio <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rifina<span class=\"_ _5\"></span>nziamento principali dell\u2019Eurosistema <span class=\"_ _3\"></span>(MRO), <span class=\"_ _3\"></span>fatta e<span class=\"_ _3\"></span>ccezione per <span class=\"_ _2\"></span>il periodo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpreso tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _2\"></span>giugno 2022 <span class=\"_ _3\"></span>(\u201cspecia<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>interest <span class=\"_ _4\"> </span>rate <span class=\"_ _4\"> </span>period\u201d), <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _6\"> </span>appl<span class=\"_ _3\"></span>ica <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>inferiore <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>50 <span class=\"_ _4\"> </span>punti <span class=\"_ _4\"> </span>base. <span class=\"_ _4\"> </span>Le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>concedono <span class=\"_ _6\"> </span>prestiti <span class=\"_ _4\"> </span>idonei  <span class=\"ff1\">netti </span>superiori <span class=\"_ _16\"> </span>a  predefi<span class=\"_ _0\"></span>niti  v<span class=\"_ _0\"></span>alori  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento  (<span class=\"_ _0\"></span>\u201cbenchmark <span class=\"_ _16\"> </span>net  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nding\u201d) <span class=\"_ _16\"> </span>possono <span class=\"_ _16\"> </span>beneficiare <span class=\"_ _16\"> </span>di  una <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _16\"> </span>del  t<span class=\"_ _0\"></span>asso <span class=\"_ _16\"> </span>di interesse. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>migliorativo <span class=\"_ _4\"></span>applicato <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>tasso <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _4\"></span>press<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>banca <span class=\"_ _6\"></span>centrale <span class=\"_ _4\"></span>(Deposit<span class=\"_ _2\"></span> Fa<span class=\"ff4 ls0\">cility <span class=\"_ _3\"></span>Rate o <span class=\"_ _3\"></span>DFR), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019intera durata <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rispettiva operazione, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019eccezione degli <span class=\"_ _3\"></span>\u201cspecial <span class=\"_ _3\"></span>interest rate <span class=\"_ _3\"></span>period\u201d a <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>i si </span></span>aggiunge  l\u2019ulteriore  riduzi<span class=\"_ _0\"></span>one  di  50  punti  base.  Gli  interessi  sono  regolati  postic<span class=\"_ _0\"></span>ipatamente  alla  scadenza  di  ciasc<span class=\"_ _0\"></span>una operazione di TLTRO III o <span class=\"_ _0\"></span>al momento del rimbo<span class=\"_ _0\"></span>rso anticipato.  Come <span class=\"_ _7\"> </span>anticipato, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>27 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>direttivo <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>BCE  - <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _7\"> </span>innalzamento <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>tassi,<span class=\"_ _35\"></span> nell\u2019ambito  di  un  t<span class=\"_ _3\"></span>rend  di  rialzo  dei <span class=\"_ _1d\"> </span>tassi  avviato  da  luglio  2022 <span class=\"_ _17\"> </span><span class=\"ff1\">- <span class=\"_ _1d\"> </span>ha  deciso  di  ricalibrare  le  condizioni  applicabili  ai </span>finanziamenti <span class=\"_ _2\"></span>TLTRO <span class=\"_ _5\"></span>III.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>manovr<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>mantenuto <span class=\"_ _5\"></span>invariata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>in essere fi<span class=\"_ _3\"></span>no al <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>che p<span class=\"_ _3\"></span>revedeva che <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>periodi <span class=\"_ _3\"></span>\u201cordinari\u201d (ovvero <span class=\"_ _3\"></span>periodi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span></span>diversi <span class=\"_ _3\"></span>dagli \u201cspecial <span class=\"_ _3\"></span>interest <span class=\"_ _3\"></span>rate p<span class=\"_ _3\"></span>eriod\u201d<span class=\"_ _35\"></span> definiti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>precedenza) <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"></span>applicabile <span class=\"_ _6\"></span>fosse <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>media <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>calcolati <span class=\"_ _4\"></span>lungo <span class=\"_ _4\"></span>tutta <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>del<span class=\"_ _5\"></span>lo strumento, <span class=\"_ _3\"></span>comportando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>\u201ccorrezione\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>applic<span class=\"_ _3\"></span><span class=\"ff1\">ando <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>vigore<span class=\"_ _0\"></span> </span>nei <span class=\"_ _5\"></span>soli <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>ordinari; <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>23 <span class=\"_ _5\"></span>novembre <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>(fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scadenza <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _5\"></span>rispettiv<span class=\"_ _5\"></span><span class=\"lsc\">a </span>TLTRO III <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n essere) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse \u00e8 <span class=\"_ _3\"></span>indicizzato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>media dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interess<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento della <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>applicabili per ogni operazione in ta<span class=\"_ _0\"></span>le periodo (pari al ta<span class=\"_ _0\"></span>sso DFR per le ban<span class=\"_ _0\"></span>che che hanno raggiunto <span class=\"_ _0\"></span>i benchmark definiti<span class=\"_ _0\"></span>).<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>previsioni nei <span class=\"_ _2\"></span>principi contabili <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trattamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>fattispecie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiare <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span>dicazioni da <span class=\"_ _3\"></span>parte dell\u2019IFRIC interpellata sul <span class=\"_ _3\"></span>trattamento contabile del <span class=\"_ _3\"></span>TLTRO III, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha de<span class=\"_ _3\"></span>finito la p<span class=\"_ _3\"></span>ropri<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>policy </span>contabile, <span class=\"_ _5\"></span>applicata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oerentemente <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tempo, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>succedute <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i termini <span class=\"_ _5\"></span>contrattuali: <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>applica <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>TLTRO <span class=\"_ _5\"></span>III <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>trattamento <span class=\"_ _5\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinito <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>strum<span class=\"_ _2\"></span><span class=\"ff1\">ent<span class=\"_ _3\"></span>i </span>finanziari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>considerando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>finanziamento <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>BCE <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>variabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato nell\u2019ambito delle misure di polit<span class=\"_ _0\"></span>ica monetaria dell\u2019Euro<span class=\"_ _0\"></span>sistema <span class=\"_ _3\"></span><span class=\"ff1\">- con rilevazione degli interessi, te<span class=\"_ _0\"></span>mpo per tempo applicabili,<span class=\"_ _3\"></span> da </span>stimare in funzione dell<span class=\"_ _0\"></span>a probabilit\u00e0 di riu<span class=\"_ _0\"></span>scire a raggiungere gli<span class=\"_ _0\"></span> obiettivi previsti in<span class=\"_ _0\"></span> termini di net lending. <span class=\"_ _3\"></span> Presupposto <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">in <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019impostazione <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>adottata <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>TLTRO <span class=\"_ _2\"></span>II<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>\u00e8, infatti, <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>stima <span class=\"_ _4\"> </span>attendibile <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>verificarsi <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>raggiungimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>arget <span class=\"_ _4\"> </span>previsti <span class=\"_ _7\"> </span>(benchmark <span class=\"_ _4\"> </span>net <span class=\"_ _7\"> </span>lending), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo effettua tramite <span class=\"_ _3\"></span>i report <span class=\"_ _3\"></span>previsionali sull\u2019andamento degli <span class=\"_ _3\"></span>impieghi monitorati a<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>predefinite e <span class=\"_ _3\"></span>approvati da <span class=\"_ _3\"></span>adeguato l<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">v<span class=\"_ _3\"></span>ello </span>del <span class=\"_ _6\"></span>management. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>benchmark <span class=\"_ _4\"></span>- <span class=\"_ _6\"></span>riferiti <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>particolare <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>consistenze <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2021 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 - sono stati effettivam<span class=\"_ _0\"></span>ente raggiunti.  </span>In <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ggiungim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>arget <span class=\"_ _5\"></span><span class=\"ff4\">trovano <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>disposizioni <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9 </span>sulle revisioni delle s<span class=\"_ _0\"></span>time dei flussi di <span class=\"_ _0\"></span>cassa. Secondo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>policy <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ricalibrazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ondizioni <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>BCE sono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iabile a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>par. <span class=\"_ _2\"></span>B5.4.5 <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>prospettico </span>del <span class=\"_ _2\"></span>tasso, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fatto <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>BCE <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>modificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>propria <span class=\"_ _3\"></span>discrezione <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ella </span>definizione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff4\">onetaria <span class=\"_ _5\"></span>(come <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>aprile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>020 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019introduzione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>\u201cspecial </span>interest <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>period\u201d <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>recentemente, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ottobre 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>evidenziati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>precedenza). Gli <span class=\"_ _2\"></span>interessi ven<span class=\"_ _3\"></span>gono quin<span class=\"_ _5\"></span><span class=\"ff1\">di </span>rilevati <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>-0,5% <span class=\"_ _5\"></span>fino <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>24 <span class=\"_ _6\"></span>giugno<span class=\"_ _0\"></span> 2020; <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>-1% <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>23 <span class=\"_ _2\"></span>giugno 2022 <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>successivamente, <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>condizioni in <span class=\"_ _3\"></span>essere, <span class=\"_ _3\"></span>illustrate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>seguito) <span class=\"_ _3\"></span>come previsto dal paragraf<span class=\"_ _0\"></span>o B5.4.5 dell\u2019IFRS <span class=\"ff1\">9.  </span>A <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>incrementi <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>approvati d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Consiglio Direttivo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>partire <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mese di <span class=\"_ _2\"></span>luglio 2022 <span class=\"_ _4\"></span>si \u00e8 reso n<span class=\"_ _3\"></span>ecessario rideterminare <span class=\"_ _3\"></span>il t<span class=\"_ _3\"></span>asso d<span class=\"_ _3\"></span>i interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>applicabile ad <span class=\"_ _3\"></span>ogni o<span class=\"_ _3\"></span>perazione a <span class=\"_ _3\"></span>partire d<span class=\"_ _3\"></span>alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revis<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei tassi,  con <span class=\"_ _7\"> </span>l\u2019ob<span class=\"_ _3\"></span>iettivo <span class=\"_ _16\"> </span>di  rip<span class=\"_ _0\"></span>artire <span class=\"_ _16\"> </span>il  beneficio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _16\"> </span>al  p<span class=\"_ _0\"></span>eculiare  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ccanismo <span class=\"_ _16\"> </span>della  media <span class=\"_ _16\"> </span>dei  t<span class=\"_ _0\"></span>assi  n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l  perio<span class=\"_ _0\"></span>do  di<span class=\"_ _35\"></span> riferimento <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"></span>stesso. <span class=\"_ _6\"></span>Da <span class=\"_ _4\"></span>ultimo, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>ricalibrazioni <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"></span>applicabili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _4\"></span>TLTRO <span class=\"_ _6\"></span>III <span class=\"_ _4\"> </span>definit<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il 27<span class=\"ls0\"> ottobre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>comportato <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>beneficio <span class=\"_ _5\"></span>residuo <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrattuali<span class=\"_ _0\"></span> </span>(ovvero, fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>novembre 2022). <span class=\"_ _3\"></span>Tale approccio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea con <span class=\"_ _3\"></span>quanto adottato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>passato per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione degli <span class=\"_ _3\"></span>intere<span class=\"_ _5\"></span>ssi nei <span class=\"_ _3\"></span>periodi <span class=\"_ _3\"></span>speciali <span class=\"_ _2\"></span>(ovvero, <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>beneficio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiuntivo d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>-50 <span class=\"_ _2\"></span>bps <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>periodo <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2022) <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quanto considerato come il tasso var<span class=\"_ _3\"></span>iabile \u201cdi politica monetaria\u201d applicabile al periodo di riferimento. A partire <span class=\"_ _3\"></span>dal 23 novembre <span class=\"_ _5\"></span><span class=\"ff1\">2022 </span>sui finanziamenti TLTRO<span class=\"_ _0\"></span> III in essere gli in<span class=\"_ _0\"></span>teressi sono rilev<span class=\"_ _0\"></span>ati sulla base del tas<span class=\"_ _0\"></span>so DFR tempo per temp<span class=\"_ _0\"></span>o in vigore.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Bilancio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icorda <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gennaio <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>l\u2019ESMA <span class=\"_ _5\"></span>aveva <span class=\"_ _2\"></span>emesso <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>Public <span class=\"_ _2\"></span>Statement con  lo <span class=\"_ _16\"> </span>scopo <span class=\"_ _16\"> </span>di  promuovere <span class=\"_ _16\"> </span>la  tra<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parenza <span class=\"_ _16\"> </span>nei  resoc<span class=\"_ _0\"></span>onti  fin<span class=\"_ _0\"></span>anziari  IF<span class=\"_ _0\"></span>RS  delle<span class=\"_ _0\"></span>  banc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e  in <span class=\"_ _7\"> </span>me<span class=\"_ _3\"></span>rito <span class=\"_ _16\"> </span>alla  rappre<span class=\"_ _0\"></span>sentazione<span class=\"_ _35\"></span> contabile <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>TLTRO <span class=\"_ _4\"> </span>III: <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>luce <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>significativi <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"> </span>numerici <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>livello  di<span class=\"_ _0\"></span> giudizio <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">definizione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>policy <span class=\"_ _5\"></span>contabile, <span class=\"_ _5\"></span>ESMA <span class=\"_ _2\"></span>evidenziava <span class=\"_ _5\"></span>l\u2019importanza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>adeguato </span>livello di trasparen<span class=\"_ _0\"></span>za sul trattamento c<span class=\"_ _0\"></span>ontabile delle operazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Il Gruppo ISP, pertanto, in <span class=\"_ _3\"></span>coerenza con le richieste dell\u2019ESMA, fornisce disclo<span class=\"_ _0\"></span>sure ol<span class=\"_ _2\"></span><span class=\"ff1\">tre che sulle po<span class=\"_ _3\"></span>licy contabili adottate per </span>la contabilizzazione <span class=\"_ _0\"></span>delle operazioni TLTRO I<span class=\"_ _0\"></span>II anche sui conseg<span class=\"_ _0\"></span>uenti impatti quantita<span class=\"_ _0\"></span>tivi nella rilev<span class=\"_ _0\"></span>azione degli interessi.<span class=\"_ _3\"></span> Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span>La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span>significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span>e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span>ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span>supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span>aziendale sono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span>finanziarie; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span>possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste dall\u2019IFRS 4.<span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span>di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span>misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span>mercato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span>alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span>alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span>assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span>elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span>tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span>per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span>di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate a nuovo).<span class=\"ffa fcb\"> </span>I criteri di classificazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie La  classificazione  dell<span class=\"_ _0\"></span>e  attivit\u00e0  finan<span class=\"_ _0\"></span>ziarie  nelle  tre  categ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rie  previste  da<span class=\"_ _0\"></span>l  principio  dipend<span class=\"_ _0\"></span>e  da  due  criteri,<span class=\"_ _0\"></span>  o  driver,  di<span class=\"_ _2\"></span> classificazione: <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>modello<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>business <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>gestiti <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>strumenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>(o <span class=\"_ _4\"> </span>Business <span class=\"_ _7\"> </span>Model) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>caratteristiche contrattuali dei flussi<span class=\"_ _0\"></span> finanziari delle att<span class=\"_ _0\"></span>ivit\u00e0 finanziarie (o SPPI T<span class=\"_ _35\"></span>est). <span class=\"_ _2\"></span> Dal combinato disposto dei due driver sopra menzio<span class=\"_ _0\"></span>nati discende la classificazi<span class=\"_ _3\"></span>one delle attivit\u00e0 finanziare, secondo quanto d<span class=\"_ _0\"></span>i seguito evidenziat<span class=\"_ _0\"></span>o: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>ammortizzato: <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>superano <span class=\"_ _2\"></span>l\u2019SPPI <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold </span></span>to collect (HTC); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span><span class=\"ff4\">on <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>(FVOCI): <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>superano <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019SPPI </span></span>test e rientrano nel b<span class=\"_ _0\"></span>usiness model Hold to<span class=\"_ _0\"></span> collect and sell (HT<span class=\"_ _0\"></span>CS); <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _7\"> </span>(FVTPL): <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>residual<span class=\"_ _2\"></span>e, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ui </span>rientrano <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>classificabili <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"> </span>precedenti <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>emerso <span class=\"_ _7\"> </span>dal business model test o <span class=\"_ _0\"></span>dal test sulle cara<span class=\"_ _0\"></span>tteristiche dei flus<span class=\"_ _0\"></span>si contrattuali (SPPI te<span class=\"_ _0\"></span>st non superato).<span class=\"_ _3\"></span> SPPI test Affinch\u00e9 un\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>possa essere classificata <span class=\"_ _3\"></span>al costo ammortizzato o <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>FVOCI <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span></span>oltre all\u2019analisi relativa <span class=\"_ _3\"></span>al business model -<span class=\"_ _3\"></span> <span class=\"ff4\">\u00e8 necessario <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>termini contrattuali dell\u2019attivit\u00e0 stessa prevedano, a <span class=\"_ _3\"></span>determinate date, flussi finanziari <span class=\"_ _3\"></span>rappre<span class=\"_ _2\"></span></span>sentati unicamente <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell\u2019interesse <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019importo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _2\"></span>(\u201csolely <span class=\"_ _2\"></span>payment <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>principal <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">nd </span>interest\u201d <span class=\"ff1\">- SPPI). Tale anal<span class=\"_ _0\"></span>isi deve essere effettuata, in partic<span class=\"_ _0\"></span>olare, per i fina<span class=\"_ _0\"></span>nziamenti e i titoli <span class=\"_ _0\"></span>di debito. <span class=\"_ _3\"></span> </span>Il <span class=\"_ _1c\"> </span>te<span class=\"ff4\">st <span class=\"_ _1c\"> </span>SPPI <span class=\"_ _1c\"> </span>deve <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>effettuato <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _1c\"> </span>ogni <span class=\"_ _1c\"> </span>singolo <span class=\"_ _1c\"> </span>strumento <span class=\"_ _1c\"> </span>finanzi<span class=\"_ _0\"></span>ario, <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>dell\u2019iscrizione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>bilancio. </span>S<span class=\"ff4\">uccessivamente <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nch\u00e9 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>rilevata <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n bilancio, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _3\"></span>valutazioni <span class=\"_ _6\"> </span>ai <span class=\"_ _3\"></span>fini </span>del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>SPPI. <span class=\"_ _5\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>proced<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>derecognition <span class=\"_ _2\"></span>contabile) <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>finanziario <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>all\u2019iscrizione <span class=\"_ _2\"></span>di una nuova a<span class=\"_ _0\"></span>ttivit\u00e0 finanziaria occorre pro<span class=\"_ _0\"></span>cedere all\u2019ef<span class=\"_ _35\"></span>fettuazione del test SPPI sul nuovo<span class=\"_ _0\"></span> asset. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Ai fini dell\u2019applicazio<span class=\"_ _0\"></span>ne del test SPPI, l\u2019IFRS 9 fornisce le definiz<span class=\"_ _0\"></span>ioni di:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Ca<span class=\"_ _3\"></span>pitale: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>all\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>iniziale. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>modificarsi <span class=\"_ _2\"></span>durante <span class=\"_ _6\"> </span><span class=\"ff1\">la <span class=\"_ _2\"></span>vita </span></span></span>dello strumento finanzi<span class=\"_ _0\"></span>ario, per esempio<span class=\"_ _0\"></span> per effetto dei rimb<span class=\"_ _0\"></span>orsi di parte del capita<span class=\"_ _3\"></span>le; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>I<span class=\"_ _3\"></span>nteresse: \u00e8 <span class=\"_ _3\"></span>il c<span class=\"_ _3\"></span>orrispettivo per il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>temporale del d<span class=\"_ _3\"></span>enaro (time v<span class=\"_ _3\"></span>alue of <span class=\"_ _3\"></span>money) e<span class=\"_ _3\"></span> per <span class=\"_ _3\"></span>il r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>credito associato <span class=\"_ _6\"></span>al </span>capitale in essere in un particolare period<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di tempo. Pu\u00f2 anche includere la remunera<span class=\"_ _0\"></span>zione per altri rischi e costi di bas<span class=\"_ _2\"></span><span class=\"lsc\">e </span>associati all\u2019attivit\u00e0 c<span class=\"_ _0\"></span>reditizia e un margin<span class=\"_ _0\"></span>e di profitto.<span class=\"ff1\"> </span>Nel <span class=\"_ _4\"> </span>valutare <span class=\"_ _4\"> </span>se <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _7\"> </span>contrattuali <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>definiti <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>SPPI, <span class=\"_ _4\"> </span>l\u2019IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _4\"> </span>fa <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>concetto <span class=\"_ _3\"></span>generale d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u201ccontratto <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span>(basic <span class=\"_ _3\"></span>lending a<span class=\"_ _3\"></span>rrangement), che <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>indipendente dalla <span class=\"_ _3\"></span>forma </span>legale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0. Quando le<span class=\"_ _3\"></span> clausole <span class=\"_ _3\"></span>contrattuali introducono <span class=\"_ _3\"></span>l\u2019esposizione a <span class=\"_ _3\"></span>rischi o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>volatilit\u00e0 dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari c<span class=\"_ _5\"></span><span class=\"ff1\">ontrattuali </span>non coerente con la definizione di basic lending arrang<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"ff4\">, come ad esempio l\u2019esposizione a variazione dei prezzi <span class=\"_ _0\"></span>di azioni </span>o <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>merci, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>soddisfano <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>SPPI<span class=\"_ _3\"></span><span class=\"ff2\">.<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span><span class=\"ff4\">L\u2019applicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>driver <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>basato <span class=\"_ _6\"></span>sui </span>flussi di cassa contratt<span class=\"_ _0\"></span>uali richiede talvolt<span class=\"_ _0\"></span>a un giudizio so<span class=\"_ _3\"></span>ggettivo e, pert<span class=\"_ _0\"></span>anto, la definizione d<span class=\"_ _0\"></span>i policy interne di applic<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> Nei <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore te<span class=\"_ _3\"></span>mporal<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>del denaro <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>modificato (\u201cmodified <span class=\"_ _3\"></span>time value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>money\u201d) <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso di </span>interesse <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminato <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span><span class=\"ff1\">iodicamente, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>frequenza <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rideterminazione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>frequenza <span class=\"_ _5\"></span>del </span>pagamento  delle  cedole  non  rispe<span class=\"_ _0\"></span>cchiano  la  natura  del  tasso  di  interesse<span class=\"_ _0\"></span>  (ad  esempio  il  tasso  di  interesse  \u00e8  ri<span class=\"_ _0\"></span>visto mensilmente <span class=\"_ _3\"></span>sulla base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno) <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">d\u2019<span class=\"_ _3\"></span>interesse \u00e8 <span class=\"_ _2\"></span>ridetermina<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>periodicamente sulla <span class=\"_ _3\"></span>base </span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>ticolari tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>medio<span class=\"_ _3\"></span>-lungo <span class=\"_ _3\"></span>termine <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>valutare, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>quantitativ<span class=\"_ _0\"></span>i </span>che qualitativi, se <span class=\"_ _3\"></span>i fl<span class=\"_ _3\"></span>ussi contrattuali rispondano ancora al<span class=\"_ _3\"></span>la defini<span class=\"_ _3\"></span>zione d<span class=\"_ _3\"></span>i SPPI (c.d<span class=\"_ _3\"></span>. benchmark cash <span class=\"_ _3\"></span>flows test<span class=\"ff2\">)<span class=\"_ _3\"></span>. </span>Qualora dal test <span class=\"_ _3\"></span>emerga che <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>assa contrattuali <span class=\"_ _3\"></span>(non attualizzati) <span class=\"_ _3\"></span>risultano \u201csignificativamente differenti\u201d <span class=\"_ _3\"></span>rispetto ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span>(anch\u2019essi <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttualizzati) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>uno<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>benchmark<span class=\"_ _2\"></span><span class=\"ff2\"> <span class=\"_ _2\"></span>(<span class=\"ff1\">ovv</span></span>ero <span class=\"_ _5\"></span>senza <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>time <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>modificato<span class=\"_ _3\"></span><span class=\"ff2\">)<span class=\"ff1\"> <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cassa </span></span>contrattuali non posso<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o essere conside<span class=\"_ _0\"></span>rati come rispondenti <span class=\"_ _0\"></span>alla definizione di SP<span class=\"_ _0\"></span>PI.<span class=\"_ _3\"></span> Analisi <span class=\"_ _3\"></span>particolari <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201clook <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>test\u201d) <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>richieste <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conseguenza <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span><span class=\"ff1\">te <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per </span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>multipli <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>gati <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>(\u201ccontractually <span class=\"_ _2\"></span>linked <span class=\"_ _2\"></span>instruments\u201d <span class=\"_ _5\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>CLI) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>creano <span class=\"_ _2\"></span>concentrazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipianamento del <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>recourse <span class=\"_ _3\"></span>asset, <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>esempio <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>it<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>fatto <span class=\"_ _3\"></span>valere solo in relazione a d<span class=\"_ _0\"></span>eterminate attivit\u00e0<span class=\"_ _0\"></span> del debitore o ai flu<span class=\"_ _0\"></span>ssi finanziari deriv<span class=\"_ _0\"></span>anti da determinate <span class=\"_ _0\"></span>attivit\u00e0. <span class=\"_ _2\"></span> Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>presenza di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lausole contrattuali <span class=\"_ _3\"></span>che p<span class=\"_ _3\"></span>ossono modificare <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>eriodicit\u00e0 o <span class=\"_ _2\"></span>l\u2019ammontare dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontrattuali </span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>considerata <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>soddisfano <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>requisiti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>SPPI <span class=\"_ _2\"></span>(ad <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sempio <span class=\"_ _2\"></span>opzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> prepagamento, <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>differire <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _5\"></span>contrattualmente, <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>incorporati<span class=\"_ _5\"></span>, <span class=\"_ _6\"></span>strumenti<span class=\"_ _0\"></span> subordinati, eccetera).  Tuttavia, <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>previsto  d<span class=\"_ _0\"></span>all\u2019IFRS <span class=\"_ _16\"> </span>9,  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>caratteristica <span class=\"_ _16\"> </span>dei  fl<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ssi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>contrattuali <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>influisce <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>classificazion<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>dell'attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _6\"></span>qualora <span class=\"_ _5\"></span>possa <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>solo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>effetto <span class=\"_ _6\"></span>de <span class=\"_ _6\"></span>minimis <span class=\"_ _6\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _5\"></span>ari <span class=\"_ _5\"></span>contrattuali <span class=\"_ _6\"></span>dell'attivit\u00e0 <span class=\"_ _5\"></span>finanziaria (in ciascun  es<span class=\"_ _0\"></span>ercizio  e  c<span class=\"_ _0\"></span>umulativame<span class=\"_ _0\"></span>nte).  Analogame<span class=\"_ _0\"></span>nte,  se <span class=\"_ _16\"> </span>una  caratteristica <span class=\"_ _16\"> </span>dei  flussi  f<span class=\"_ _35\"></span>inanziari  non  \u00e8  r<span class=\"_ _0\"></span>ealistica  (<span class=\"_ _0\"></span>not genuine),<span class=\"ff2\"> <span class=\"_ _3\"></span></span>ovvero s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>influisce sui <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lussi f<span class=\"_ _3\"></span>inanziari contrattuali d<span class=\"_ _3\"></span>ello st<span class=\"_ _3\"></span>rumento soltanto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _3\"></span>verificarsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento <span class=\"_ _3\"></span>estremamente raro, molto insolito e m<span class=\"_ _0\"></span>olto improbabil<span class=\"_ _0\"></span>e, essa non influisce s<span class=\"_ _0\"></span>ulla classificazione d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0 finanziaria.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Ai fini dell\u2019effettuazione <span class=\"_ _0\"></span>del test SPPI, per l\u2019operativ<span class=\"_ _0\"></span>it\u00e0 in titoli di debito il Gr<span class=\"_ _0\"></span>uppo Intesa Sanpaol<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> si avvale dei servizi forniti da </span>noti <span class=\"_ _16\"> </span>info-provider. <span class=\"_ _16\"> </span>Tale <span class=\"_ _16\"> </span>scelta, <span class=\"_ _7\"> </span>da  un <span class=\"_ _7\"> </span>lato, <span class=\"_ _16\"> </span>permette <span class=\"_ _16\"> </span>agli <span class=\"_ _16\"> </span>operatori <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>front <span class=\"_ _7\"> </span>office  c<span class=\"_ _0\"></span>he <span class=\"_ _16\"> </span>operano <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>titoli <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avere <span class=\"_ _7\"> </span>un  esit<span class=\"_ _35\"></span>o immediato <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>svolgimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test, <span class=\"_ _2\"></span>consentendo <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>snellimento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>qu<span class=\"_ _2\"></span><span class=\"ff4\">isto, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di </span>avvalersi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impostazioni <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>condivise <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>molteplici <span class=\"_ _2\"></span>operatori <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>revisione. <span class=\"_ _5\"></span>Solo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _7\"> </span>non siano  ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>titi <span class=\"_ _16\"> </span>dagli  info-<span class=\"ff4\">provider, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>test  \u00e8 <span class=\"_ _16\"> </span>effettuato <span class=\"_ _16\"> </span>manualmente <span class=\"_ _16\"> </span>tramite  l\u2019<span class=\"_ _0\"></span>utilizzo  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  un <span class=\"_ _7\"> </span>tool<span class=\"_ _2\"></span><span class=\"ff1\">  proprietario <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asato <span class=\"_ _16\"> </span>su  un<span class=\"_ _35\"></span>a </span></span>metodologia sviluppata<span class=\"_ _0\"></span> internamente (alber<span class=\"_ _0\"></span>i decisionali). Viceversa, <span class=\"_ _16\"> </span>per  l\u2019effettuazio<span class=\"_ _0\"></span>ne  del <span class=\"_ _16\"> </span>test  SPPI <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>dei  proc<span class=\"_ _0\"></span>essi  di<span class=\"_ _0\"></span>  concessione<span class=\"_ _0\"></span>  del  c<span class=\"_ _35\"></span>red<span class=\"_ _3\"></span>ito <span class=\"_ _16\"> </span>si  \u00e8 <span class=\"_ _16\"> </span>sviluppato  un <span class=\"_ _16\"> </span>tool proprietario  basato  su  una  metodologia  sviluppata <span class=\"_ _1d\"> </span>internam<span class=\"_ _0\"></span>ente  (alberi  decisionali).  In  particolare,  date  le  significative differenti <span class=\"_ _1d\"> </span>caratteristiche, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>gestione <span class=\"_ _17\"> </span>differenziata <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _17\"> </span>prodotti <span class=\"_ _17\"> </span>riconducibili <span class=\"_ _1d\"> </span>a <span class=\"_ _18\"> </span>uno <span class=\"_ _1d\"> </span>st<span class=\"_ _3\"></span>andard <span class=\"_ _1d\"> </span>contrattuale (tipicamente portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> crediti retail) e<span class=\"_ _0\"></span> finanziamenti tailor made (tipicamente portafogli<span class=\"_ _0\"></span>o crediti corporate). Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>standard, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>SPPI <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>effettuato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>strutturazione <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>contrattuale, <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proce<span class=\"_ _5\"></span>sso \u00abCoordinamento <span class=\"_ _5\"></span>Nuovi <span class=\"_ _2\"></span>Prodotti\u00bb <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>esteso <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutti <span class=\"_ _4\"> </span><span class=\"ff1\">i <span class=\"_ _5\"></span>singoli <span class=\"_ _5\"></span>rapporti <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>medesimo <span class=\"_ _5\"></span>prodotto <span class=\"_ _5\"></span>a </span>catalogo. <span class=\"_ _4\"></span>Invece <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>tailor <span class=\"_ _4\"> </span>made, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>SPPI <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>effettuato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>credito <span class=\"_ _7\"> </span>/ <span class=\"_ _4\"></span>rapporto <span class=\"_ _4\"></span>sottoposta<span class=\"_ _0\"></span> all\u2019organo delibera<span class=\"_ _0\"></span>nte attraverso l\u2019utiliz<span class=\"_ _0\"></span>zo del tool proprietar<span class=\"_ _0\"></span>io.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gli  alberi <span class=\"_ _7\"> </span>decisionali  -  inseriti <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  to<span class=\"_ _0\"></span>ol  propri<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tario  -  son<span class=\"_ _0\"></span>o  st<span class=\"_ _0\"></span>ati  predis<span class=\"_ _0\"></span>posti  inte<span class=\"_ _0\"></span>rnamente  (<span class=\"_ _0\"></span>sia  p<span class=\"_ _0\"></span>er  i <span class=\"_ _16\"> </span>titoli  di <span class=\"_ _7\"> </span>debito  che  i<span class=\"_ _35\"></span> finanziamenti) e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>atturano <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>caratteristiche non <span class=\"_ _2\"></span>SPPI <span class=\"_ _3\"></span>compliant. <span class=\"_ _3\"></span>Tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>indicazioni <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>dall\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">9,</span> </span>oltre <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>recepire <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>interpretazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _5\"></span>Gli <span class=\"_ _6\"> </span>alberi <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>utilizzati <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>l\u2019i<span class=\"_ _3\"></span>mplementazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">elle </span>regole del tool pro<span class=\"_ _0\"></span>prietario, sia per la v<span class=\"_ _0\"></span>erifica e per la validazi<span class=\"_ _0\"></span>one della metodol<span class=\"_ _0\"></span>ogia adottata dagli in<span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>-provider.  Business model Per quanto riguarda il business model, l\u2019IFRS 9 individua tre fattispecie in relazio<span class=\"_ _0\"></span>ne alla modalit\u00e0 con cui sono gestiti i f<span class=\"_ _5\"></span><span class=\"ff1\">lussi di </span>cassa e le vendite dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> attivit\u00e0 finanziari<span class=\"_ _0\"></span>e: <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Ho<span class=\"_ _3\"></span>ld <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Collect <span class=\"_ _3\"></span>(HTC): <span class=\"_ _3\"></span>s</span>i <span class=\"_ _3\"></span>tratta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span><span class=\"ff4\">business il <span class=\"_ _2\"></span>cui obiettivo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>realizza <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>l\u2019incasso dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span></span>contrattuali <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>incluse <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>esso <span class=\"_ _7\"> </span>associati. <span class=\"_ _4\"> </span>L\u2019inserimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>finanziarie <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>tale <span class=\"_ _4\"></span>business <span class=\"_ _4\"></span>model <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>comporta <span class=\"_ _4\"></span>nec<span class=\"_ _3\"></span><span class=\"ff4\">essariamente <span class=\"_ _4\"> </span>l\u2019impo<span class=\"_ _0\"></span>ssibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vendere <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>strumenti <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>se <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _0\"></span> </span>necessario <span class=\"_ _4\"> </span>considerare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>frequenza, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>tempistica <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>vendite <span class=\"_ _4\"> </span>ne<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _4\"></span>precedenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>ragioni <span class=\"_ _4\"> </span>delle vendite e le aspettati<span class=\"_ _0\"></span>ve riguardo alle v<span class=\"_ _0\"></span>endite future; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Ho<span class=\"_ _3\"></span>ld <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Collect<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _2\"></span>(HTCS): <span class=\"_ _2\"></span><span class=\"ff4\">\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>misto, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>raggiunto <span class=\"_ _3\"></span>attraverso <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>contrattuali <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>(anche) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>part<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>integrante  della  strategia.  Entrambe  le <span class=\"_ _16\"> </span>attivit\u00e0  (raccolta  dei  flussi  contr<span class=\"_ _0\"></span>attuali  e  vendita)  sono  indi<span class=\"_ _0\"></span>spensabili  per  il raggiungimento dell\u2019obiettivo del modello di business. Pertanto, le vendite sono pi\u00f9 <span class=\"_ _3\"></span>frequenti e significative rispetto ad un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>business model HTC e s<span class=\"_ _0\"></span>ono parte integrante delle strategie<span class=\"_ _0\"></span> perseguite;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff2\">Oth<span class=\"_ _3\"></span>er/Trading: s</span>i <span class=\"_ _3\"></span>tratta di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>categoria residuale che <span class=\"_ _3\"></span>comprende sia <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie detenute <span class=\"_ _3\"></span>con f<span class=\"_ _3\"></span>inalit\u00e0 di <span class=\"_ _3\"></span>trading<span class=\"_ _0\"></span> </span>sia le attivit\u00e0 finanziarie gestite con <span class=\"_ _3\"></span>un modello di business non riconducibile alle c<span class=\"_ _2\"></span>ate<span class=\"_ _3\"></span>gorie precedenti (Hold to Collect ed<span class=\"_ _35\"></span> Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Sell). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>generale <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>classificazione <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>gestione <span class=\"_ _6\"></span><span class=\"ls17\">e </span>performance sono v<span class=\"_ _0\"></span>alutate sulla base del f<span class=\"_ _0\"></span>air value.  Il <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _5\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>gestite <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>generare <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beneficio dell\u2019entit\u00e0 <span class=\"_ _16\"> </span>e  viene  definito <span class=\"_ _16\"> </span>dal  top  m<span class=\"_ _0\"></span>anagement  medi<span class=\"_ _0\"></span>ante  l\u2019opportun<span class=\"_ _0\"></span>o  coinvolgime<span class=\"_ _0\"></span>nto  delle <span class=\"_ _16\"> </span>strutture  di  busin<span class=\"_ _0\"></span>ess.  Viene<span class=\"_ _0\"></span> osservato considerando la modalit\u00e0<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>gestione delle attivit\u00e0 finanziarie e, come conseguenza, la misura in cui i flussi di cassa del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>derivano <span class=\"_ _2\"></span>dall\u2019incasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>contrattuali, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>entrambe <span class=\"_ _2\"></span>queste <span class=\"_ _3\"></span>a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0.<span class=\"_ _0\"></span> </span>La <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>avviene <span class=\"_ _7\"> </span>sulla  base <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>che,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>ragionevoli <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell'entit\u00e0, <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>destinati <span class=\"_ _7\"> </span>a verificarsi,  co<span class=\"_ _3\"></span>me  i <span class=\"_ _1d\"> </span>cosiddetti <span class=\"_ _1d\"> </span>scenari  \u00abworst <span class=\"_ _1d\"> </span>case\u00bb  o<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>\u00abstress  case\u00bb. <span class=\"_ _1d\"> </span>Per <span class=\"_ _1d\"> </span>esempio,  se <span class=\"_ _1d\"> </span>l'entit\u00e0  p<span class=\"_ _3\"></span>revede  di <span class=\"_ _1d\"> </span>vendere <span class=\"_ _1d\"> </span>un determinato <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>solo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>\u00ab<span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>case\u00bb, <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>influisce <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>valutazione del modello di business dell'entit\u00e0 per tali attivit\u00e0 se tale scenario, in base a previsioni ragionevoli<span class=\"_ _0\"></span> dell'entit\u00e0, non \u00e8 d<span class=\"_ _5\"></span>estinato a verificarsi. Il <span class=\"_ _3\"></span>modello di business non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ipende dalle intenzioni che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>management<span class=\"_ _0\"></span> ha <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento ad un si<span class=\"_ _3\"></span>ngolo strumento finanziario, ma <span class=\"_ _7\"> </span>fa <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>gruppi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>vengono <span class=\"_ _7\"> </span>gestiti <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>ra<span class=\"_ _3\"></span>ggiungiment<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>un determinato obiettivo d<span class=\"_ _0\"></span>i business<span class=\"lsd\">. </span> In sintesi, il business<span class=\"_ _0\"></span> model<span class=\"ff2\">:</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>iflette le modalit\u00e0 <span class=\"_ _0\"></span>con cui le attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie sono gest<span class=\"_ _0\"></span>ite per generare flu<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>si di cassa;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>iene definito dal t<span class=\"_ _0\"></span>op management, mediant<span class=\"_ _0\"></span>e l\u2019opportuno coinvolgime<span class=\"_ _0\"></span>nto delle strutture di <span class=\"_ _0\"></span>business;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eve essere osservabil<span class=\"_ _0\"></span>e considerando le modali<span class=\"_ _0\"></span>t\u00e0 di gestione d<span class=\"_ _0\"></span>elle attivit\u00e0 finanziari<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </span>In <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>operativi <span class=\"_ _7\"> </span>l\u2019assessment <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>modello <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>business <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>effettuato <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019organizzazione <span class=\"_ _4\"> </span>aziendale, <span class=\"_ _7\"> </span>la specializzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _18\"> </span>funzioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>business, <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>modello <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>risk <span class=\"_ _17\"> </span>cas<span class=\"_ _2\"></span><span class=\"ff4\">cading <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>l\u2019assegnazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>poteri <span class=\"_ _17\"> </span>delegati <span class=\"_ _17\"> </span>(limiti). </span>Nell\u2019effettuare  l\u2019asses<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ment  del  business<span class=\"_ _0\"></span>  model  si  utilizzano <span class=\"_ _16\"> </span>tutti  i  fattori  rilevanti  di<span class=\"_ _0\"></span>sponibili  alla  data<span class=\"_ _0\"></span>  dell\u2019assessment<span class=\"_ _2\"></span><span class=\"ff1 ls12\">. </span>Le<span class=\"ls0\"> evidenze<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sopra richiamate comprendono <span class=\"_ _3\"></span>la strategia, i <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>e la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>estione, <span class=\"_ _3\"></span>le politiche <span class=\"_ _3\"></span>di remunerazione, il <span class=\"_ _3\"></span>reporting e </span>l\u2019ammontare delle vendite. Nell\u2019analisi del <span class=\"_ _3\"></span>business model \u00e8 <span class=\"_ _3\"></span>essenziale che gli e<span class=\"_ _3\"></span>lementi indagati mostrino tra d<span class=\"_ _3\"></span>i loro coeren<span class=\"_ _5\"></span><span class=\"ff1\">za </span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>perseguita. <span class=\"_ _6\"> </span>L<span class=\"_ _3\"></span>\u2019ev<span class=\"_ _2\"></span><span class=\"ff1\">idenza <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>linea <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>deve </span>essere analizzata e <span class=\"_ _0\"></span>adeguatamente giustificat<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>proposito <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>intenti <span class=\"_ _2\"></span>gestionali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziare <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>detenute, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>redatto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>app<span class=\"_ _5\"></span>osito documento \u201cRegole in <span class=\"_ _3\"></span>materia di business <span class=\"_ _3\"></span>model\u201d (approvato dai competenti livelli di <span class=\"_ _3\"></span>governance), destinato alla Capogruppo e alle Societ\u00e0 del Gr<span class=\"_ _0\"></span>uppo Bancario. Esso def<span class=\"_ _0\"></span>inisce e declina gli<span class=\"_ _0\"></span> elementi costituti<span class=\"_ _0\"></span>vi del business model <span class=\"_ _0\"></span>in relazione alle at<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _7\"> </span>inserite <span class=\"_ _16\"> </span>ne<span class=\"ff4\">i <span class=\"_ _16\"> </span>portafogli <span class=\"_ _7\"> </span>gestiti <span class=\"_ _16\"> </span>nello <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>sulle <span class=\"_ _16\"> </span>strutture <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>business <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa<span class=\"_ _35\"></span> </span>Sanpaolo. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>dettaglio, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>mappatura <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>business <span class=\"_ _6\"></span>adottato <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>diverse <span class=\"_ _4\"></span>strutture <span class=\"_ _4\"></span>attraverso <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo opera, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>debito, <span class=\"_ _3\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell\u2019articolazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>Divisionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Centro <span class=\"_ _3\"></span>di </span>Governo; <span class=\"_ _6\"></span>tale <span class=\"_ _4\"> </span>articolazione <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>individuata <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>rilevante <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>definizione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>rappresentazione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>divers<span class=\"_ _5\"></span><span class=\"ls13\">i </span>modelli di busines<span class=\"_ _0\"></span>s applicati dai Risk Taking Center <span class=\"_ _0\"></span>del Gruppo.<span class=\"ff5 fs12 fc2\"> </span>Nell\u2019ambito <span class=\"_ _3\"></span>dell\u2019Area <span class=\"_ _3\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>Officer, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>sovraintende<span class=\"_ _35\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ad alto livello, <span class=\"_ _3\"></span>la procedura necessaria per determinare il modello di business di un <span class=\"_ _5\"></span>determinato insieme di attivit\u00e0 e verifica la necessit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>(da <span class=\"_ _7\"> </span>riportare, <span class=\"_ _6\"></span>con <span class=\"_ _7\"> </span>cadenza <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>meno <span class=\"_ _4\"></span>annuale, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>documento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"> </span>di business model). Monitoraggi del Busi<span class=\"_ _0\"></span>ness Model Il <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>business <span class=\"_ _7\"> </span>model <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rifer<span class=\"_ _3\"></span>imento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutture <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>opera <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>effettuato <span class=\"_ _4\"> </span>dal<span class=\"_ _3\"></span>la<span class=\"_ _0\"></span> Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Mercato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>utilizza <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>aventi <span class=\"_ _3\"></span>l\u2019obiettivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>verificare la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>tra s<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span><span class=\"ff1\">rategia </span>dichiarata e <span class=\"_ _2\"></span>quella perseguita <span class=\"_ _3\"></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>modelli di <span class=\"_ _2\"></span>business;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>indicatori, <span class=\"_ _3\"></span>differenziati per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>model, sono </span>stati sviluppati in li<span class=\"_ _0\"></span>nea con l\u2019IFRS 9 <span class=\"_ _0\"></span>e in coerenza con policy <span class=\"_ _0\"></span>e regole aziendali<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>Hold to <span class=\"_ _3\"></span>Collect, il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>definito le <span class=\"_ _3\"></span>soglie di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmissibilit\u00e0 delle vendite c<span class=\"_ _3\"></span>he non <span class=\"_ _3\"></span>inficiano la <span class=\"_ _3\"></span>classificazion<span class=\"_ _0\"></span>e (frequenti <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>significative, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>dividualmente <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>aggregato, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>infrequenti <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>se <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>gnificativo<span class=\"_ _0\"></span>) <span class=\"_ _6\"></span>e, contestualmente, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>stabiliti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>individuare <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>v<span class=\"_ _2\"></span>endite <span class=\"_ _7\"> </span>coerenti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>modello <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>business <span class=\"_ _7\"> </span>in  q<span class=\"_ _35\"></span>uanto riconducibili ad un in<span class=\"_ _0\"></span>cremento del risc<span class=\"_ _0\"></span>hio di credito o per titol<span class=\"_ _0\"></span>i prossimi alla scad<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nza.<span class=\"_ _3\"></span> Pi\u00f9 nel dettaglio, nell<span class=\"_ _0\"></span>\u2019ambito di un mod<span class=\"_ _0\"></span>ello di business HTC l<span class=\"_ _0\"></span>e vendite sono ammesse<span class=\"_ _0\"></span>: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>n caso di aumento d<span class=\"_ _0\"></span>el rischio di credito, che a<span class=\"_ _0\"></span>vviene:  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"> </span>quando <span class=\"_ _4\"> </span>si <span class=\"_ _6\"> </span>verifica <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>downgrade <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>predeterminati <span class=\"_ _5\"></span>notches <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>rating <span class=\"_ _6\"></span>all\u2019origination. <span class=\"_ _6\"></span>L\u2019approccio </span></span>adottato <span class=\"_ _4\"> </span>prevede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>numero <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>notch <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>differenziato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>rating <span class=\"_ _4\"> </span>all\u2019originati<span class=\"_ _0\"></span>on, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">oerenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>la<span class=\"_ _0\"></span> </span>metodologia in uso per<span class=\"_ _0\"></span> l'identificazione dell<span class=\"_ _0\"></span>a \"significant det<span class=\"_ _0\"></span>erioration\", ossia per il<span class=\"_ _0\"></span> passaggio di staging;<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er i crediti, se si t<span class=\"_ _0\"></span>ratta di cessioni di cre<span class=\"_ _0\"></span>diti deteriorati o <span class=\"_ _0\"></span>di crediti classificati in <span class=\"_ _0\"></span>stage 2; <span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i titoli <span class=\"_ _3\"></span>prossimi a <span class=\"_ _3\"></span>scadenza (ovvero, s<span class=\"_ _3\"></span>econdo le nor<span class=\"_ _3\"></span>me di <span class=\"_ _3\"></span>Gruppo, nei 6 <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>precedenti la <span class=\"_ _3\"></span>scadenza), purch\u00e9 quanto </span>incassato approssimi il<span class=\"_ _0\"></span> valore attuale dei fl<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ssi contrattuali rima<span class=\"_ _0\"></span>nenti;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qua<span class=\"_ _3\"></span>ndo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>frequenti <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>significative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>infrequenti <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>sig<span class=\"_ _2\"></span>nificative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore,<span class=\"_ _0\"></span> </span>previo assessment autori<span class=\"_ _0\"></span>zzativo a cura dei competenti Organi di control<span class=\"_ _0\"></span>lo.<span class=\"_ _3\"></span> Al f<span class=\"_ _3\"></span>ine di determinare q<span class=\"_ _0\"></span>uesti aspetti sono stat<span class=\"_ _35\"></span>e definite soglie di fr<span class=\"_ _0\"></span>equenza e significati<span class=\"_ _0\"></span>vit\u00e0:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>la <span class=\"_ _7\"> </span>frequenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>definita <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>percentual<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>numero <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>posizioni <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>endute <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>il </span></span>numero di posizioni i<span class=\"_ _0\"></span>n portafoglio;  o<span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">la significativit\u00e0 \u00e8 definita come il rapporto percentuale tra <span class=\"_ _3\"></span>il valore nominale delle vendite intervenute durante l\u2019anno<span class=\"_ _0\"></span> </span></span>in corso e il valore n<span class=\"_ _0\"></span>ominale degli strumenti in portafoglio. Con riferimento alla determinazione<span class=\"_ _0\"></span> dei \u201cRischi\u201d e del \u201c<span class=\"_ _3\"></span>Reporting<span class=\"_ _0\"></span>\u201d sui modelli di business HTCS e Trading si applica in linea<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>principio <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>normato <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>RAF <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Charter, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>policy <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei <span class=\"_ _5\"></span>controlli <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>di </span>mercato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>contestualmente <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>definite <span class=\"_ _4\"> </span>talune <span class=\"_ _7\"> </span>misure <span class=\"_ _4\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>monitorare <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>coerenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>business <span class=\"_ _4\"> </span>HTCS <span class=\"_ _4\"> </span>e Other/Trading. Con ri<span class=\"_ _3\"></span>ferimento al b<span class=\"_ _3\"></span>usiness model <span class=\"_ _3\"></span>HTCS, il<span class=\"_ _2\"></span> principio <span class=\"_ _3\"></span>IFRS 9<span class=\"_ _3\"></span> non <span class=\"_ _3\"></span>prevede la <span class=\"_ _3\"></span>necessit\u00e0 di <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>frequenza o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>valore delle vendite, <span class=\"_ _7\"> </span>tuttavia <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>stabilito <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>soli <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>indicatori <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>garantir<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>tempo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>corr<span class=\"_ _5\"></span>etta attribuzione al busin<span class=\"_ _0\"></span>ess model scelto. Gli stessi sono definiti <span class=\"_ _0\"></span>come: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Ho<span class=\"_ _3\"></span>lding Period - misura la gi<span class=\"_ _0\"></span>acenza temporale di<span class=\"_ _0\"></span> un determinato strum<span class=\"_ _0\"></span>ento in portafoglio;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>I<span class=\"_ _3\"></span>ndice di Turnover - misur<span class=\"_ _0\"></span>a la velocit\u00e0 di rotazi<span class=\"_ _0\"></span>one delle posizioni in p<span class=\"_ _0\"></span>ortafoglio su un pred<span class=\"_ _0\"></span>efinito arco temp<span class=\"_ _0\"></span>orale.<span class=\"_ _3\"></span> </span>Nell\u2019ambito <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>m<span class=\"ff1\">onitoraggio <span class=\"_ _4\"></span>degli <span class=\"_ _4\"></span>indicatori <span class=\"_ _4\"></span>sopra <span class=\"_ _6\"></span>definiti <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>soglie <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>early <span class=\"_ _4\"> </span>warning <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>del </span>complesso delle strategi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> perseguite dal p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtafoglio classific<span class=\"_ _0\"></span>ato Hold to Collect a<span class=\"_ _0\"></span>nd Sell.<span class=\"_ _3\"></span> Con <span class=\"_ _5\"></span>riferimento, <span class=\"_ _2\"></span>infine, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>capi<span class=\"_ _3\"></span>tale <span class=\"_ _5\"></span>detenuti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>misura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>coerenza <span class=\"_ _2\"></span>di inclusione nel <span class=\"_ _3\"></span>business model <span class=\"_ _3\"></span>scelto, rappresentata dall\u2019indicatore di <span class=\"_ _3\"></span>\u201cpermanenza media <span class=\"_ _3\"></span>attesa\u201d (c.d. <span class=\"_ _3\"></span>Vintage) che <span class=\"_ _3\"></span>misura la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>giacenza temporale <span class=\"_ _0\"></span>osservata di ogni titolo in<span class=\"_ _0\"></span> porta<span class=\"_ _3\"></span>foglio. Le misure di monitoragg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>o relative ai div<span class=\"_ _0\"></span>ersi business model s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>no oggetto di regola<span class=\"_ _0\"></span>re reporting in comitati te<span class=\"_ _0\"></span>cnici.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span>Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne del costo ammortizza<span class=\"_ _0\"></span>to Il costo ammortizzato di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria \u00e8 il valore a cui <span class=\"_ _3\"></span>\u00e8 stata misurata, alla rilevazione iniziale, l<span class=\"_ _5\"></span>\u2019attivit\u00e0 o la passivit\u00e0 <span class=\"_ _16\"> </span>finanziaria  al <span class=\"_ _16\"> </span>netto  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i  rimb<span class=\"_ _0\"></span>orsi  di <span class=\"_ _16\"> </span>capitale, <span class=\"_ _16\"> </span>accresciuto  o <span class=\"_ _16\"> </span>diminuito  d<span class=\"_ _0\"></span>all\u2019ammortamento <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessivo, <span class=\"_ _16\"> </span>calc<span class=\"_ _5\"></span><span class=\"ff1\">olato </span>usando il metodo dell\u2019interesse effettivo, delle differenz<span class=\"_ _0\"></span>e tra i<span class=\"_ _3\"></span>l valore iniziale e quello a scadenza e al netto di <span class=\"_ _3\"></span>qualsias<span class=\"_ _2\"></span><span class=\"ff1\">i perdita </span>di valore.  Il  tasso  di  interesse  effettivo <span class=\"_ _16\"> </span>\u00e8  quel  tasso  che  eguaglia  il  valore  attuale  di  un\u2019attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>  o  passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\">  finanziaria  al  flusso </span>contrattuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>pagamenti <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>denaro <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>ricevuti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ricalcolo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>prezzo. <span class=\"_ _2\"></span>Per<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>il calcolo del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>il tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse effettivo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>flusso dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>incassi o <span class=\"_ _3\"></span>pag<span class=\"_ _2\"></span><span class=\"ff4\">amenti <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita <span class=\"_ _3\"></span>utile<span class=\"_ _0\"></span> </span>dell\u2019attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziaria o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per un<span class=\"_ _3\"></span> periodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>breve <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>talune condizioni <span class=\"_ _3\"></span>(per <span class=\"_ _3\"></span>esempio revisione <span class=\"_ _3\"></span>dei <span class=\"_ _6\"> </span><span class=\"ff1\">tassi </span>di mercato). Successivamente <span class=\"_ _5\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _6\"></span>permette <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>llocare <span class=\"_ _6\"></span>ricavi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osti <span class=\"_ _6\"></span>portati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>diminuzione <span class=\"_ _5\"></span>o aumento <span class=\"_ _29\"> </span>dello <span class=\"_ _23\"> </span>strumento <span class=\"_ _29\"> </span>lungo <span class=\"_ _23\"> </span>l<span class=\"_ _3\"></span>\u2019intera <span class=\"_ _29\"> </span>vita <span class=\"_ _23\"> </span>attesa <span class=\"_ _29\"> </span>dello <span class=\"_ _29\"> </span>stesso <span class=\"_ _29\"> </span>per <span class=\"_ _23\"> </span>il <span class=\"_ _29\"> </span>tramite <span class=\"_ _29\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>ammortam<span class=\"_ _0\"></span>ento. La<span class=\"ls0\"> determin<span class=\"_ _0\"></span>azione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diversa <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _16\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione </span>siano a tasso <span class=\"_ _3\"></span>fisso o variabile e <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">in quest\u2019ultimo caso \u2013</span> a<span class=\"_ _3\"></span> seconda che la variabilit\u00e0 del <span class=\"_ _3\"></span>tasso sia nota o meno a <span class=\"_ _3\"></span>priori. Per gli strumenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>asce <span class=\"_ _6\"></span>temporali, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>quantif<span class=\"_ _2\"></span>icati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>di interesse <span class=\"_ _3\"></span>noto <span class=\"_ _3\"></span>(unico <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iabile) durante <span class=\"_ _2\"></span>la v<span class=\"_ _3\"></span>ita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivit\u00e0/passivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>asso v<span class=\"_ _3\"></span>ariabile<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui variabilit\u00e0 n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>nota <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>priori <span class=\"_ _3\"></span>(ad <span class=\"_ _3\"></span>esempio <span class=\"_ _3\"></span>perch\u00e9 <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>n i<span class=\"_ _3\"></span>ndice), <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>lussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla base d<span class=\"_ _3\"></span>ell\u2019ultimo tasso <span class=\"_ _3\"></span>noto. <span class=\"_ _3\"></span>Ad o<span class=\"_ _3\"></span>gni da<span class=\"_ _3\"></span>ta di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>tasso si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ricalcolo del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>piano di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortam<span class=\"_ _0\"></span>ento e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>tass<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>di rendimento effettivo su tut<span class=\"_ _0\"></span>ta la vita utile dello strumento, cio<span class=\"_ _0\"></span>\u00e8 fino alla data di scadenz<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">. L\u2019aggiustamento viene ri<span class=\"_ _0\"></span>conosciuto </span>come costo o provento<span class=\"_ _0\"></span> nel conto economi<span class=\"_ _0\"></span>co. La <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>quelle<span class=\"_ _2\"></span> valutate <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>impatto <span class=\"_ _17\"> </span>sulla <span class=\"_ _17\"> </span>redditiv<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _1d\"> </span>complessiva, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>costo ammortizzato.  Le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>negoziate  a <span class=\"_ _7\"> </span>condizioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>inizialmente <span class=\"_ _16\"> </span>rilevate <span class=\"_ _7\"> </span>al  loro <span class=\"_ _7\"> </span>fair  valu<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>che normalmente <span class=\"_ _2\"></span>corrisponde <span class=\"_ _3\"></span>all\u2019ammontare <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>rogato<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>comprensivo, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>dei </span>costi di transazione <span class=\"_ _0\"></span>e delle commissioni di<span class=\"_ _0\"></span>rettamente imputabi<span class=\"_ _0\"></span>li. <span class=\"_ _3\"></span> Sono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazione i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>proventi <span class=\"_ _3\"></span>marginali <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sterni <span class=\"_ _3\"></span>attribuibili all'emissione, <span class=\"_ _3\"></span>all\u2019acqui<span class=\"_ _5\"></span><span class=\"ff1\">sizione <span class=\"_ _3\"></span>o </span>alla dismissione <span class=\"_ _3\"></span>di uno <span class=\"_ _3\"></span>strumento finanziario e <span class=\"_ _3\"></span>non riaddebitabili a<span class=\"_ _3\"></span>l cliente. <span class=\"_ _3\"></span>Tali commissioni, che d<span class=\"_ _3\"></span>evono essere dirett<span class=\"_ _5\"></span>amente riconducibili <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>singola <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziaria, <span class=\"_ _7\"> </span>incidono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _7\"> </span>rendimento <span class=\"_ _16\"> </span>effettivo <span class=\"_ _7\"> </span>originario <span class=\"_ _7\"> </span>e  r<span class=\"_ _0\"></span>endono <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _2\"></span>associato <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>transazione <span class=\"_ _5\"></span>diverso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>tasso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>contrattuale. <span class=\"_ _2\"></span>Sono <span class=\"_ _2\"></span>esclusi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>costi/proventi<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>relativi indistintamente <span class=\"_ _16\"> </span>a  pi<span class=\"_ _0\"></span>\u00f9  operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i  e <span class=\"_ _16\"> </span>le  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mponenti <span class=\"_ _16\"> </span>correlate  a<span class=\"_ _0\"></span>d  eventi <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>possono  verifi<span class=\"_ _0\"></span>carsi  n<span class=\"_ _0\"></span>el  c<span class=\"_ _0\"></span>orso  de<span class=\"_ _0\"></span>lla  vita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ello strumento <span class=\"_ _18\"> </span>finanziario, <span class=\"_ _1c\"> </span>ma <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>non <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>certi <span class=\"_ _18\"> </span>all\u2019atto <span class=\"_ _18\"> </span>della <span class=\"_ _1c\"> </span>definizione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>quali <span class=\"_ _1c\"> </span>ad <span class=\"_ _18\"> </span>esempio: <span class=\"_ _1c\"> </span>commissioni <span class=\"_ _18\"> </span>per retrocessione, per manc<span class=\"_ _0\"></span>ato utilizzo, per estinzi<span class=\"_ _0\"></span>one anticipata. Ino<span class=\"_ _0\"></span>ltre non sono consider<span class=\"_ _0\"></span>ati nel calcolo del <span class=\"_ _0\"></span>costo ammortizzato i<span class=\"_ _35\"></span> costi <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>l\u2019impresa <span class=\"_ _17\"> </span>dovrebbe <span class=\"_ _1d\"> </span>sostenere <span class=\"_ _17\"> </span>indipendentemente<span class=\"_ _35\"></span> <span class=\"_ _17\"> </span>da<span class=\"_ _3\"></span>ll\u2019operazione <span class=\"_ _1d\"> </span>(es. <span class=\"_ _1d\"> </span>costi <span class=\"_ _17\"> </span>amministrativi, <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>cancelleria, <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i comunicazione), q<span class=\"ff4\">uelli che, <span class=\"_ _3\"></span>pur essendo specificatamente attribuibili all\u2019operazione, rientrano nella n<span class=\"_ _3\"></span>ormale prassi di <span class=\"_ _3\"></span>gestione </span>del <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _4\"> </span>(ad <span class=\"_ _4\"> </span>ese<span class=\"_ _3\"></span>mpio, <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>all\u2019erogazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fido), <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>commissioni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"> </span>incassate <span class=\"_ _4\"> </span>a seguito <span class=\"_ _7\"> </span>dell'espletamento <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Finanza <span class=\"_ _7\"> </span>Strutturata <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sarebbero <span class=\"_ _7\"> </span>comunque <span class=\"_ _7\"> </span>incassate <span class=\"_ _7\"> </span>indipendentemente <span class=\"_ _7\"> </span>dal successivo finanziame<span class=\"_ _0\"></span>nto dell'operazione <span class=\"_ _0\"></span>(quali ad esempio le<span class=\"_ _0\"></span> commissioni di facility e<span class=\"_ _0\"></span> di arrangement). <span class=\"_ _3\"></span> Con particolare riferimento ai <span class=\"_ _3\"></span>crediti, si consider<span class=\"_ _3\"></span>ano costi riconducibili allo <span class=\"_ _3\"></span>strumento finanziario le provvigioni pagate ai canali distributivi, <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>compensi <span class=\"_ _4\"> </span>pagati <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>consulenza/assistenza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019organizzazione <span class=\"_ _6\"></span>e/o <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>artecipazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>restiti <span class=\"_ _6\"> </span>sindacati <span class=\"_ _4\"> </span>ed<span class=\"_ _2\"></span><span class=\"ff1\"> </span>infine <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>up <span class=\"_ _5\"></span>front <span class=\"_ _5\"></span>correlate <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _6\"></span>erogati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato; <span class=\"_ _2\"></span>mentre <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>considerati <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el calcolo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>up<span class=\"_ _2\"></span>-front <span class=\"_ _6\"></span>correlate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>erogati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>inferiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>mercato<span class=\"_ _0\"></span>, quelle <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"> </span>sindacat<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>brokeragg<span class=\"_ _0\"></span>io <span class=\"_ _4\"></span>collegate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>provvigioni <span class=\"_ _4\"></span>riconosciute<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>da societ\u00e0 di intermedia<span class=\"_ _0\"></span>zione.  Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>economico, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>transazione <span class=\"_ _4\"> </span>le commissioni per <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>con b<span class=\"_ _3\"></span>roker operanti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>mercati azionari <span class=\"_ _3\"></span>italiani, <span class=\"_ _3\"></span>quelle erogate agli <span class=\"_ _3\"></span>intermediari operanti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>mercati azionari e o<span class=\"_ _3\"></span>bbligazionari esteri definite sulla base d<span class=\"_ _3\"></span>i tabelle <span class=\"_ _3\"></span>commissionali. Non si considerano attratti <span class=\"_ _3\"></span>dal costo ammortiz<span class=\"_ _5\"></span>zato i bolli, in quanto non signifi<span class=\"_ _0\"></span>cativi.  Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>titoli <span class=\"_ _17\"> </span>emessi, <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>considerati <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>ammortizzato <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>commissioni <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>collocamento <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prestiti obbligazionari <span class=\"_ _3\"></span>pagate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>gate <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>borse <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensi <span class=\"_ _3\"></span>pagati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>revisori <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>svol<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _3\"></span>di </span>ogni <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>emissione, <span class=\"_ _4\"> </span>mentre <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>considerano <span class=\"_ _4\"></span>attratte <span class=\"_ _4\"></span>dal <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>commissioni <span class=\"_ _4\"> </span>pagate <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>di rating, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>spese <span class=\"_ _5\"></span>legali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consulenza/revisione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>prospetti <span class=\"_ _5\"></span>informativi, <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019util<span class=\"_ _5\"></span><span class=\"ff1\">izzo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>indici e le commissioni<span class=\"_ _0\"></span> che si originano dur<span class=\"_ _0\"></span>ante la vita del prestit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> obbligazionario em<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sso.<span class=\"_ _3\"></span> Il <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>osto <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>applica <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _7\"> </span>sopra <span class=\"_ _4\"> </span>elencati nonch\u00e9 per <span class=\"_ _3\"></span>l\u2019iscrizione di qu<span class=\"_ _3\"></span><span class=\"ff1\">elli emessi o <span class=\"_ _3\"></span>acquistati ad <span class=\"_ _3\"></span>un valore <span class=\"_ _3\"></span>diverso dal l<span class=\"_ _3\"></span>oro<span class=\"_ _3\"></span><span class=\"ff2\"> <span class=\"_ _3\"></span></span>fair value. <span class=\"_ _3\"></span>Questi ultimi vengono iscritti a<span class=\"_ _3\"></span>l fair </span>value, <span class=\"_ _3\"></span>anzich\u00e9 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>incassato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pagato, <span class=\"_ _3\"></span>calcolato <span class=\"_ _2\"></span>attualizzando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>futuri <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>guale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>tasso<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di </span>rendimento <span class=\"_ _6\"></span>effettivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>imili <span class=\"_ _6\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>creditizio, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _6\"></span>contrattuali, <span class=\"_ _6\"></span>val<span class=\"_ _3\"></span>uta, <span class=\"_ _6\"></span>ecc.), <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>contestuale rilevazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>onere <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>provento <span class=\"_ _3\"></span>finanziario; <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>sono valutati al costo ammor<span class=\"ff4\">tizzato con l\u2019evidenziazion<span class=\"_ _0\"></span>e di interessi effettivi maggiori o minori rispetto a quelli nomi<span class=\"_ _0\"></span>nali. Infine, sono </span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>ammortizzato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>strutturate <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Conto economico <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovveduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>scorporare <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>separatamente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>derivato <span class=\"_ _2\"></span>incorporato <span class=\"_ _3\"></span>nello <span class=\"_ _2\"></span>strumento finanziario. Come <span class=\"_ _3\"></span>indicato <span class=\"_ _3\"></span>dall'IFRS 9, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>alcuni casi, <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>deteriorata al <span class=\"_ _2\"></span>momento della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>ini<span class=\"_ _5\"></span><span class=\"ff1\">ziale </span>poich\u00e9 <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di  cr<span class=\"_ _0\"></span>edito <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>molto  e<span class=\"_ _0\"></span>levato <span class=\"_ _16\"> </span>e,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>caso  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>acquisto, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>acquistata <span class=\"_ _16\"> </span>con  g<span class=\"_ _0\"></span>rossi <span class=\"_ _16\"> </span>sconti <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">erogazione <span class=\"_ _2\"></span>iniziale). <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>oggetto, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>driver <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>classifi<span class=\"_ _5\"></span><span class=\"ff1\">cazione </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">(ovvero SPPI test e Business model), siano classificate tra le attivit\u00e0 valutate al costo ammortizz<span class=\"_ _0\"></span>ato o al fair value con <span class=\"_ _3\"></span>impatto </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>edditivit\u00e0 <span class=\"_ _4\"> </span>complessiva, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>stesse <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>qualificate <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>\u201cPurchased <span class=\"_ _7\"> </span>or <span class=\"_ _7\"> </span>Originated <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Impaired <span class=\"_ _7\"> </span>Asset\u201d <span class=\"_ _4\"> </span>(in <span class=\"_ _7\"> </span>breve </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cPOCI\u201d) <span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>on<span class=\"ff1\">o <span class=\"_ _3\"></span>assoggettate ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>trattamento peculiare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che at<span class=\"_ _3\"></span>tiene al <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment. Inol<span class=\"_ _3\"></span>tre, sulle <span class=\"_ _3\"></span>attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _6\"></span>qualificate <span class=\"_ _6\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>POCI, <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>calcola, <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>effettivo <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>pe<span class=\"_ _5\"></span>r <span class=\"_ _4\"> </span>il </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">credito <span class=\"_ _5\"></span>(c.<span class=\"_ _3\"></span><span class=\"ff4\">d. <span class=\"_ _6\"></span>\u201ccredit</span>-<span class=\"ff4\">adjusted <span class=\"_ _5\"></span>effective <span class=\"_ _6\"></span>interest <span class=\"_ _5\"></span>rate\u201d), <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>individuazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>necessario <span class=\"_ _6\"></span>includere, <span class=\"_ _5\"></span>nelle <span class=\"_ _6\"></span>stime <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span></div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _7\"> </span>iniziali. <span class=\"_ _4\"> </span>Per <span class=\"_ _7\"> </span>l\u2019applicazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>conseguente <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>interessi,  <span class=\"ff1\">si </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">applica, quindi, tale tass<span class=\"_ _0\"></span>o di interesse effettiv<span class=\"_ _0\"></span>o corretto per il cre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ito. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>deteriorati <span class=\"_ _4\"> </span>rivenienti <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali, <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>pri<span class=\"_ _5\"></span>ma </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">iscrizione <span class=\"_ _6\"></span>(il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>PPA) <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>P<span class=\"_ _3\"></span>OCI <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>precedente <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _5\"></span>contabile <span class=\"_ _6\"></span>presso <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>soggett<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">acquisito <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>suddivisa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>componenti: <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>minori <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>recuperabili stimati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>determinazione del <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>air </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">value, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>scontano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>creditizie <span class=\"_ _2\"></span>attese <span class=\"_ _2\"></span>lun<span class=\"_ _3\"></span><span class=\"ff4\">go <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>residua, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019altra <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>all\u2019attualizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">minori flussi <span class=\"_ _3\"></span>recuperabili. Si <span class=\"_ _3\"></span>precisa che <span class=\"_ _3\"></span>l\u2019effetto reversal <span class=\"_ _3\"></span>dell\u2019attualizzazione (relativa alla s<span class=\"_ _3\"></span>tima dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span><span class=\"ff1\">li <span class=\"_ _3\"></span>attribuiti<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">ai <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PPA) viene<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contabilizzato, <span class=\"_ _3\"></span>pro-rata <span class=\"_ _3\"></span>temporis, f<span class=\"_ _3\"></span>ra gli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>modo <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>integrare <span class=\"_ _3\"></span>il tasso </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>contrattuale <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>endimento <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attribuito <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>recuperabili <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span>tto </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">in precedenza, tengon<span class=\"_ _0\"></span>o conto delle p<span class=\"ff4\">erdite attese lungo l\u2019intera <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>urata residua d<span class=\"_ _0\"></span>elle attivit\u00e0 POCI.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applica <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _3\"></span>finanziarie coperte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _6\"></span>prevista </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>coperto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico. <span class=\"_ _2\"></span>Lo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziario <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>per\u00f2 </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">nuovamente valutato al costo a<span class=\"_ _0\"></span>mmortizzato in caso di cessazione della copertura, m<span class=\"_ _0\"></span>omento a partire dal quale le variazioni di<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>rilevate <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ammortizzate, <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>lcolando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rendimento <span class=\"_ _2\"></span>che </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>aggiustato <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>copertur<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">originariamente <span class=\"_ _2\"></span>prevista. <span class=\"_ _5\"></span>Inoltre, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>ricordato <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>paragr<span class=\"_ _3\"></span>af<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>applica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0/passivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _5\"></span>durata <span class=\"_ _6\"></span>f<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">ritenere trascurabile <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dell\u2019attualizzazio<span class=\"ff1\">ne n\u00e9 per i crediti senza una s<span class=\"_ _0\"></span>cadenza definit<span class=\"_ _0\"></span>a o a revoca.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h95 y77 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y78 ffa fs0 fc2 sc0 ls0 ws0\">Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne delle perdite di valore </div><div class=\"t m0 x0 h95 y79 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7a ffa fs0 fc2 sc0 ls0 ws0\">Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">Ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>iverse d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quelle v<span class=\"_ _3\"></span>alutate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _6\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>conto </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">economico  sono  sottoposte  ad  una  valutazione  volta  a  verificare  se  esistano  evidenze  che  possano <span class=\"_ _1d\"> </span>far  ritenere<span class=\"_ _0\"></span>  non </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">interamen<span class=\"ff4\">te <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tesse. <span class=\"_ _2\"></span>Un\u2019analisi<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>analoga <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">ad erogare fondi e p<span class=\"_ _0\"></span>er le garanzie rilasci<span class=\"_ _0\"></span>ate che rientrano nel<span class=\"_ _0\"></span> perimetro da assog<span class=\"_ _0\"></span>gettare ad impairment<span class=\"_ _0\"></span> ai sensi dell\u2019IFRS 9<span class=\"_ _0\"></span>.<span class=\"_ _5\"></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Propedeu<span class=\"ff4\">ticamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>perd<span class=\"_ _3\"></span>ite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>reporting <span class=\"_ _3\"></span>occorre <span class=\"_ _2\"></span>procedere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019allocazione </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">degli strumenti finan<span class=\"_ _0\"></span>ziari (c.d. Stage Assig<span class=\"_ _0\"></span>nment\u201d o \u201cStaging\u201d), n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle seguenti categ<span class=\"_ _0\"></span>orie:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y81 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _5\"></span>1: <span class=\"_ _6\"></span>comprendente <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>niziale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">reporting, non siano <span class=\"_ _0\"></span>state rilevate evid<span class=\"_ _0\"></span>enze di un significati<span class=\"_ _0\"></span>vo incremento del risc<span class=\"_ _0\"></span>hio di credito;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y83 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _6\"></span>2: <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>comprende <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>significat<span class=\"_ _3\"></span>ivo <span class=\"_ _4\"> </span>incremento <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>creditizio<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto al momento de<span class=\"_ _0\"></span>lla rilevazione inizial<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y85 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Sta<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sussistano <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cevidenze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment\u201d<span class=\"_ _0\"></span>), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">questione <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>coerentemente, <span class=\"_ _6\"></span>ove <span class=\"_ _4\"> </span>esistenti, <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>quelle <span class=\"_ _4\"></span>restanti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>medesima <span class=\"_ _6\"></span>controparte <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sono </div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">considerate deterior<span class=\"_ _0\"></span>ate (impaired) e pert<span class=\"_ _0\"></span>anto classificate nell<span class=\"_ _0\"></span>o Stage 3.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Le  esposizioni  deteriorate  (impaired),  sono  rappresentate  dalle  attivit\u00e0  finanziarie  classificate <span class=\"_ _17\"> </span>nelle  categorie  delle </div><div class=\"t m0 x2a h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">sofferenze, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>(\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _6\"></span>pay\u201d <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>UTP) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>oltre <span class=\"_ _5\"></span>novanta <span class=\"_ _6\"></span>giorni, </span></div><div class=\"t m0 x2a h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">definite nella Circola<span class=\"_ _0\"></span>re di Banca d\u2019Italia n.2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>2/2008.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y48 ffa fs0 fc2 sc0 ls0 ws0\">Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie pe<span class=\"_ _0\"></span>rforming </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Per le attivit\u00e0 finanziarie per cui non sussisto<span class=\"_ _0\"></span>no evidenze di impairment (strum<span class=\"_ _0\"></span>enti finanziari non deteriorati), o<span class=\"_ _0\"></span>ccorre verificare<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">se <span class=\"_ _3\"></span>esistono <span class=\"_ _2\"></span>indicatori <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>operazione <span class=\"_ _3\"></span>risulti <span class=\"_ _3\"></span>significativamente <span class=\"_ _3\"></span>incrementato <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>spetto <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls3d ws0\">mo<span class=\"ls0\">mento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>iniziale. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>conseguenze <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>tale <span class=\"_ _2\"></span>verifica, <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>punto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>(o, <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>propriamente,<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">dello staging) e della<span class=\"_ _0\"></span> valutazione, son<span class=\"_ _0\"></span>o le seguenti: </div><div class=\"t m0 x0 h2 y4d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _3\"></span>sussistano, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onfluisce <span class=\"_ _3\"></span>nello <span class=\"_ _5\"></span>Stag<span class=\"_ _3\"></span></span>e <span class=\"_ _2\"></span>2. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">dettato <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>manifesta, <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">rettifiche di valore pari alle perdi<span class=\"_ _0\"></span>te attese lungo l\u2019intera vita r<span class=\"_ _0\"></span>esidua dell<span class=\"_ _3\"></span><span class=\"ff1\">o strumento finanziario. Tali rettifi<span class=\"_ _0\"></span>che sono oggetto </span></div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>revisione <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>ogni <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reporting <span class=\"_ _6\"></span>successiva <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>verificarne <span class=\"_ _6\"></span>periodicamente <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>congruit\u00e0 <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">perdita <span class=\"_ _5\"></span>costantemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>vengano <span class=\"_ _6\"></span>meno <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit<span class=\"_ _35\"></span>\u00e0 </div><div class=\"t m0 x2a h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">creditizia \u201csignificativ<span class=\"_ _0\"></span>amente incrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzont<span class=\"_ _0\"></span>e previsionale di c<span class=\"_ _0\"></span>alcolo della perdita atte<span class=\"_ _0\"></span>sa;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y53 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve tali indicatori non sussistano, l\u2019atti<span class=\"_ _0\"></span>vit\u00e0 finanziaria confluisce nello stage 1. La valutazio<span class=\"_ _0\"></span>ne, in <span class=\"_ _2\"></span><span class=\"ff1\">tal caso, in coerenza con </span></span></span></div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _6\"></span>dettato <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _6\"></span>contabili <span class=\"_ _6\"></span>internazionali <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>manifesta, <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">perdite <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tese, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>specifico <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>finanziario, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _2\"></span>successivi. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span>rettifi<span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">revisione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificarne periodicamente <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span>lle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita </div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">costantemente <span class=\"_ _5\"></span>aggiornate, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>dovessero <span class=\"_ _6\"></span>presentarsi <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>cr<span class=\"_ _3\"></span>editizia </div><div class=\"t m0 x2a h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">\u201csignificativamente i<span class=\"_ _0\"></span>ncrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzonte pr<span class=\"_ _0\"></span>evisionale di calcolo d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla perdita atte<span class=\"_ _0\"></span>sa.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span><span class=\"ff4\">de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019identificazi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201csignificativo <span class=\"_ _6\"></span>incremento\u201d<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">del  risc<span class=\"_ _0\"></span>hio  di <span class=\"_ _16\"> </span>credito  (<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ondizione <span class=\"_ _16\"> </span>necessaria  e <span class=\"_ _7\"> </span>sufficiente  per <span class=\"_ _16\"> </span>la  classific<span class=\"_ _0\"></span>azione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _16\"> </span>oggetto  di <span class=\"_ _7\"> </span>valutazione  nello<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Stage <span class=\"ls10\">2)</span>, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _3\"></span>sua<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>declinazione <span class=\"_ _3\"></span>operativa <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _5\"></span>npaolo <span class=\"_ _3\"></span>- </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">costituiscono le dete<span class=\"_ _0\"></span>rminanti principali d<span class=\"_ _0\"></span>a prendere in consid<span class=\"_ _0\"></span>erazione sono i seg<span class=\"_ _0\"></span>uenti:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazione <span class=\"_ _5\"></span>(oltre <span class=\"_ _6\"></span>soglie <span class=\"_ _6\"></span>determinate) <span class=\"_ _6\"></span><span class=\"ff4\">delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>default<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>lifetime <span class=\"_ _6\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _5\"></span>in </span></span></div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">bilancio del<span class=\"_ _3\"></span>lo strumento <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span><span class=\"ff4\">ario. <span class=\"_ _3\"></span>Si tratta, <span class=\"_ _3\"></span>dunque, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valutazione ef<span class=\"_ _3\"></span>fettuata adottando un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio \u201crelativo\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si </span></div><div class=\"t m0 x2a h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">configura come il \u201cdr<span class=\"_ _0\"></span>iver\u201d principale;<span class=\"_ _90\"> </span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>scaduto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>ferme <span class=\"_ _5\"></span>restando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>identificate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risu<span class=\"ls13\">lti </span></span></div><div class=\"t m0 x2a h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>giorni. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattispecie, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rmini, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>creditizia <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">tiene </span></div><div class=\"t m0 x2a h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">presuntivamente <span class=\"_ _20\"> </span>\u201csig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativamente <span class=\"_ _20\"> </span>increm<span class=\"_ _0\"></span>entata\u201d <span class=\"_ _20\"> </span>e, <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _1c\"> </span>ne <span class=\"_ _20\"> </span>consegue <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>\u201c<span class=\"_ _3\"></span>passaggio\u201d <span class=\"_ _1c\"> </span>nello <span class=\"_ _20\"> </span>Stage <span class=\"_ _20\"> </span>2 <span class=\"_ _20\"> </span>(ove<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esposizione <span class=\"ff1\">precedentemen<span class=\"_ _0\"></span>te fosse ricompresa n<span class=\"_ _0\"></span>ello Stage 1); </span></div><div class=\"t m0 x0 h2 y62 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>forbearance, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _4\"></span>sempre <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _4\"></span>presuntiva <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>comportano <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>delle </span></div><div class=\"t m0 x2a h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">esposizioni tra quelle il<span class=\"_ _0\"></span> cui rischio di cr<span class=\"_ _0\"></span>edito risulta \u201csignific<span class=\"_ _0\"></span>ativamente incrementato\u201d <span class=\"_ _3\"></span>rispetto all\u2019iscrizion<span class=\"_ _0\"></span>e iniziale;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y64 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>banche <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>al  perimetr<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>estero, <span class=\"_ _16\"> </span>infine, <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>considerati  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span><span class=\"ff4\">ai  fi<span class=\"_ _0\"></span>ni <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _16\"> </span>\u201cstages\u201d <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ove </span></span></div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">opportuno <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>alcuni <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>sistemi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>specificatam<span class=\"_ _0\"></span>ente <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizz<span class=\"_ _2\"></span>ati <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna </div><div class=\"t m0 x2a h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">banca. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cwatch<span class=\"_ _3\"></span><span class=\"ff1\">-</span>lists\u201d, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quei <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>sulla </span></div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>qualit\u00e0 <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>debitrice <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff4\">ricompre<span class=\"_ _0\"></span>ndono <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019interno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span><span class=\"ff1\">range <span class=\"_ _6\"></span>le </span></span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni in bonis <span class=\"_ _0\"></span>al di sopra di un dete<span class=\"_ _0\"></span>rminato livello di ris<span class=\"_ _0\"></span>chiosit\u00e0.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Focalizzando  l\u2019attenzione  sul  p<span class=\"_ _3\"></span>rincipale  dei <span class=\"_ _1d\"> </span>trigger  sopra  evidenziati  (la <span class=\"_ _1d\"> </span>variazione  di  p<span class=\"_ _3\"></span>robabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>di  default  lifetime), <span class=\"_ _1d\"> </span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">significativo  incremento  del  rischio  di  <span class=\"ff4\">credito  (\u201cSICR\u201d)  \u00e8  determinato  mettendo  a  confro<span class=\"_ _0\"></span>nto  la  variazione  relativa  dell<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Probabilit\u00e0 di Default lifetime registrata tra la data di prima iscrizione del rapporto e <span class=\"_ _3\"></span>quella di osservazione (Delta PD Li<span class=\"_ _5\"></span>fetime) </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">con  soglie <span class=\"_ _16\"> </span>di  sig<span class=\"_ _0\"></span>nificativit\u00e0  p<span class=\"_ _0\"></span>redetermina<span class=\"_ _3\"></span>te. <span class=\"_ _16\"> </span><span class=\"ff4\">L\u2019attribuzione  di <span class=\"_ _16\"> </span>una  PD<span class=\"_ _0\"></span>  Lifetime <span class=\"_ _16\"> </span>ai  singoli<span class=\"_ _0\"></span>  rapporti <span class=\"_ _16\"> </span>viene  effettuat<span class=\"_ _0\"></span>a  tramit<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">riconduzione <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>masterscale <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>rating <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>segmento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>iscrizione <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>all\u2019osservazione. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ratin<span class=\"_ _5\"></span><span class=\"ff1 ls17\">g </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">sono  determinati  sulla  base  di  modelli  i<span class=\"_ _0\"></span>nterni<span class=\"_ _3\"></span>  ove  disponibili  o  gestionali.  In  assenza  di  r<span class=\"_ _0\"></span>ating  vengono  assegnate  l<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls22 ws0\">PD<span class=\"ls0\"> Benchmark sul tipo di co<span class=\"_ _0\"></span>ntroparte valutata.  </span></div><div class=\"t m0 x0 h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>significativo <span class=\"_ _5\"></span>deterioramento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>dall\u2019incremento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>PD <span class=\"_ _6\"></span>lifetime <span class=\"_ _6\"></span>causata <span class=\"_ _5\"></span>dai <span class=\"_ _6\"> </span>downgrade </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _3\"></span>posizio<span class=\"ff4\">ne <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l\u2019origination <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>(\u201cobservation\u201d) nonch\u00e9 <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>dei </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">fattori macroeconomici<span class=\"_ _0\"></span> futuri. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u201crelativa\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019indicatore <span class=\"_ _3\"></span>dell\u2019incremento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>decr<span class=\"_ _5\"></span><span class=\"ff1\">emento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">credito <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _6\"> </span>poter <span class=\"_ _4\"> </span>stabilire <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>e, <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>sensi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _6\"> </span>dall\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>eventual<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">incremento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>considerarsi <span class=\"_ _3\"></span>\u201csignificativo\u201d <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>comportare, <span class=\"_ _3\"></span>quindi, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _3\"></span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stages), <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">definire apposite <span class=\"_ _3\"></span>soglie. Gli <span class=\"_ _3\"></span>incrementi di <span class=\"_ _3\"></span>PD <span class=\"_ _3\"></span>lifetime inferiori <span class=\"_ _3\"></span>a tali <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>considerati significativi e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cons<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guenza, </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">non  comportano  il  tra<span class=\"_ _0\"></span>sferimento  di  singo<span class=\"_ _0\"></span>le  linee  di  cre<span class=\"_ _0\"></span>dito/tranches  di  titoli <span class=\"_ _16\"> </span>di  debito  dallo  Stag<span class=\"_ _3\"></span>e  1  allo  Stage  2;  tale </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">spostamento <span class=\"_ _7\"> </span>\u00e8,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece, <span class=\"_ _7\"> </span>necessario <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>presenza <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>incrementi <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>soglie <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>uestione. <span class=\"_ _7\"> </span>Le <span class=\"_ _16\"> </span>soglie </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">utilizzate  so<span class=\"_ _0\"></span>no  stimate <span class=\"_ _16\"> </span>sulla  base <span class=\"_ _16\"> </span>di  un  pr<span class=\"_ _0\"></span>ocesso  di <span class=\"_ _16\"> </span>simulazioni  e<span class=\"_ _0\"></span>d  ottimizzazio<span class=\"_ _0\"></span>ni  di  p<span class=\"_ _0\"></span>erformance  pr<span class=\"_ _0\"></span>edittive,  s<span class=\"_ _0\"></span>v<span class=\"_ _5\"></span>iluppate </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>granulari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafoglio. <span class=\"_ _3\"></span>Sono <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>puntuali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>Corporate, <span class=\"_ _3\"></span>Retail, Lar<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>Corpo<span class=\"_ _5\"></span>rate <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">SME <span class=\"_ _6\"></span>Retail <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>estese <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>affinit\u00e0 <span class=\"_ _4\"></span>metodologic<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"></span>modelli. <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>glie <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>differenziano <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>esidua, <span class=\"_ _6\"></span>g<span class=\"_ _5\"></span>ranularit\u00e0 </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">annuale e classe di r<span class=\"_ _0\"></span>ating. </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>calibrata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trovare <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orretto <span class=\"_ _5\"></span>bilanciamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>performan<span class=\"_ _5\"></span><span class=\"ls1f\">ce </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">relativi alla capacit\u00e0 <span class=\"_ _0\"></span>delle soglie stesse di<span class=\"_ _0\"></span>: </div><div class=\"t m0 x0 h2 y81 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntercettare posizioni<span class=\"_ _0\"></span> a stage 2 prima del loro passaggio <span class=\"_ _0\"></span>a default; </span></div><div class=\"t m0 x0 h2 y82 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificare le posi<span class=\"_ _0\"></span>zioni per le quali il <span class=\"_ _0\"></span>rientro a stage 1 sia si<span class=\"_ _0\"></span>nonimo di un effettiv<span class=\"_ _0\"></span>o miglioramento del m<span class=\"_ _0\"></span>erito di credito.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">Alcune c<span class=\"_ _3\"></span>onsiderazioni peculiari va<span class=\"_ _3\"></span>lgono poi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>\u201cstaging\u201d dei <span class=\"_ _3\"></span>titoli. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>dei crediti<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>infatti, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>questa tipologia <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni, operazioni d<span class=\"_ _3\"></span>i co<span class=\"_ _3\"></span>mpravendita successive al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>acquisto (effettuate c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>medesimo ISIN) <span class=\"_ _3\"></span>possono </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">rientrare <span class=\"_ _1d\"> </span>abitualmente <span class=\"_ _1d\"> </span>nell\u2019ordinaria  at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>gestione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>neces<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>una </span></div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">metodologia <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>adottare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>endite <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quantit\u00e0 <span class=\"_ _2\"></span>residue <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singo<span class=\"_ _5\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">transazioni cui associare una <span class=\"_ _3\"></span>qualit\u00e0 creditizia/rating all\u2019origin<span class=\"_ _0\"></span>ation da comparare con <span class=\"_ _3\"></span>quella della da<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>a di reporting). In <span class=\"_ _3\"></span>questo </span></div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">contesto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ritenuto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>metodologia <span class=\"_ _7\"> </span>\u201cfirst<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls13\">in<span class=\"_ _3\"></span></span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>\u201cFIFO\u201d <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>riversamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019ECL registrata, in c<span class=\"_ _0\"></span>aso di vendite e rimborsi) contrib<span class=\"_ _0\"></span>uisca ad una gestione pi\u00f9 trasp<span class=\"_ _0\"></span>arente del p<span class=\"_ _3\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>rtafoglio, anche dal p<span class=\"_ _0\"></span>unto </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli o<span class=\"_ _3\"></span>peratori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>front <span class=\"_ _3\"></span>office, <span class=\"_ _3\"></span>consentendo, <span class=\"_ _3\"></span>contestualmente, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>aggiornamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>merit<span class=\"_ _2\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">Una <span class=\"_ _5\"></span>volta <span class=\"_ _6\"></span>definita <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>div<span class=\"_ _3\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rsi <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>creditizio, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">(ECL) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>effettuata, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>singola <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titolo, <span class=\"_ _5\"></span>partendo <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _5\"></span>IRB/Gestionale, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>ui </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">parametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Probabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Default <span class=\"_ _7\"> </span>(PD), <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>oss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>De<span class=\"_ _3\"></span>fault <span class=\"_ _16\"> </span>(LGD) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Exposure <span class=\"_ _7\"> </span>at <span class=\"_ _16\"> </span>Default <span class=\"_ _7\"> </span>(EAD), <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>effettuati </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">opportuni interventi cor<span class=\"_ _0\"></span>rettivi, in modo da g<span class=\"_ _0\"></span>arantirne la complia<span class=\"_ _0\"></span>nce con le pres<span class=\"_ _0\"></span>crizioni peculiari dell\u2019<span class=\"_ _0\"></span>IFRS 9. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Per PD, LGD ed EAD<span class=\"_ _0\"></span> valgono le seguenti defini<span class=\"_ _0\"></span>zioni: </div><div class=\"t m0 x0 h2 y4f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>PD  (Probabilit\u00e0  di  De<span class=\"_ _0\"></span>fault)<span class=\"ff4\">:  probabilit\u00e0 <span class=\"_ _16\"> </span>di  migrare  d<span class=\"_ _0\"></span>allo  stato<span class=\"_ _0\"></span>  di  bonis <span class=\"_ _16\"> </span>a  quello <span class=\"_ _16\"> </span>di  credito  dete<span class=\"_ _0\"></span>riorato  nell\u2019o<span class=\"_ _0\"></span>rizzonte </span></span></div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">temporale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>anno. <span class=\"_ _5\"></span>Nei <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vigilanza, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fattore <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>tipicamente <span class=\"_ _5\"></span>quantificato<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ratin<span class=\"_ _3\"></span>g. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>S<span class=\"_ _3\"></span>anpaolo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>interno <span class=\"_ _2\"></span>laddove <span class=\"_ _2\"></span>disponibili, </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">integrati da valutazio<span class=\"_ _0\"></span>ni esterne o da dati m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>di di segmento/port<span class=\"_ _0\"></span>afoglio;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y53 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>(Loss <span class=\"_ _2\"></span>Given <span class=\"_ _2\"></span>Default): <span class=\"_ _3\"></span>percentuale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>default. <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dis<span class=\"_ _5\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vigilanza </span></div><div class=\"t m0 x2a h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">viene quantificata <span class=\"_ _0\"></span>attraverso l\u2019esperienza st<span class=\"_ _0\"></span>orica dei recuperi at<span class=\"_ _0\"></span>tualizzati sulle <span class=\"_ _0\"></span>pratiche passate a cre<span class=\"_ _0\"></span>dito deteriorato;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y55 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">EAD (Exposure At Default) o equivale<span class=\"_ _0\"></span>nte creditizio: ammont<span class=\"_ _0\"></span>are dell\u2019esposizione <span class=\"_ _0\"></span>al momento del d<span class=\"_ _0\"></span>efault. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>g<span class=\"ff4\">i\u00e0 <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>evidenziato, <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>poter <span class=\"_ _6\"></span>rispettare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>reso <span class=\"_ _5\"></span>necessario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>interventi <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">adeguamento sui su<span class=\"_ _0\"></span>ddetti fattori, tra cui <span class=\"_ _0\"></span>si ricordano in partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y58 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019adozione di una PD<span class=\"_ _0\"></span> Point in Time (PIT<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> a fronte della PD<span class=\"_ _0\"></span> Thro<span class=\"_ _3\"></span><span class=\"ff1\">ugh the Cycle (TTC) usa<span class=\"_ _0\"></span>ta ai fini di Basilea; </span></span></span></div><div class=\"t m0 x0 h2 y59 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a rimozione dalla LGD TTC<span class=\"_ _0\"></span> di alcune componenti aggiuntive, quali i c<span class=\"_ _0\"></span>osti indiretti (costi non ripeti<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ili) e ulteriori margin<span class=\"_ _2\"></span>i di </span></div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">conservativismo <span class=\"_ _1d\"> </span>specificatamente <span class=\"_ _1d\"> </span>introdotti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>modelli <span class=\"_ _17\"> </span>regolamentari, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>della <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _1d\"> </span>legata <span class=\"_ _17\"> </span>al <span class=\"_ _1d\"> </span>ciclo </div><div class=\"t m0 x2a h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">economico avverso (c.d.<span class=\"_ _0\"></span> Downturn); </div><div class=\"t m0 x0 h2 y5c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019introduzione  di<span class=\"_ _0\"></span>  trattamenti  specifi<span class=\"_ _0\"></span>ci  rispetto  al  dett<span class=\"_ _0\"></span>ato  regolamentare,  ai  fini <span class=\"_ _16\"> </span>della  stima  della  LGD  cont<span class=\"_ _0\"></span>abile,  per<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h32 y5d ff4 fs0 fc0 sc0 ls0 ws0\">includere <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>modellistica (<span class=\"_ _3\"></span>in coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>indicazioni de<span class=\"_ _3\"></span>ll\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>sull\u2019utilizzo di <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>entity <span class=\"_ _3\"></span>specific) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime </div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>glia <span class=\"_ _5\"></span>regolamenta<span class=\"_ _0\"></span>re <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Maximum <span class=\"_ _2\"></span>Recovery <span class=\"_ _5\"></span>Period, <span class=\"_ _2\"></span>cio\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>la </div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">Vigilanza ipotizza re<span class=\"_ _0\"></span>cuperi nulli; </div></div>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>ove <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessario, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>GD <span class=\"_ _5\"></span>multiperiodali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019intera <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>residua </span></span>dello strumento finanzi<span class=\"_ _0\"></span>ario (Stage 2 e 3); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>attesi, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span></span>ell<span class=\"lsc\">a </span></span>singola <span class=\"_ _2\"></span>operazione, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>regolamentari, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>sconto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _0\"></span> avviene tramite i tas<span class=\"_ _0\"></span>si di attualizzazione <span class=\"_ _0\"></span>determinati in conform<span class=\"_ _0\"></span>it\u00e0 con la normati<span class=\"_ _0\"></span>va prudenziale.<span class=\"_ _3\"></span> In relazione all\u2019EAD multiperiodale, in linea con i<span class=\"_ _3\"></span>l dettato dell\u2019IFRS 9, il Gruppo Intesa Sanpaolo fa riferimento ai piani al costo ammortizzato per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>riguarda sia <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>titoli d<span class=\"_ _3\"></span>i debito, <span class=\"_ _3\"></span>a prescindere dalle <span class=\"_ _3\"></span>relative modalit\u00e0 <span class=\"_ _3\"></span>di valutazione<span class=\"_ _5\"></span> (<span class=\"_ _3\"></span>costo ammortizzat<span class=\"ff4\">o <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _7\"> </span>redditivit\u00e0 <span class=\"_ _6\"> </span>complessiva). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>(margini), <span class=\"_ _6\"> </span>l\u2019EAD <span class=\"_ _4\"> </span>\u00e8, </span>invece, assunta pari al <span class=\"_ _0\"></span>valore nominale pond<span class=\"_ _0\"></span>erato per un apposit<span class=\"_ _0\"></span>o Fattore di Conversio<span class=\"_ _0\"></span>ne Creditizia (CCF).<span class=\"_ _3\"></span> La <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>riflette, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miglior <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>futur<span class=\"_ _5\"></span>e, <span class=\"_ _2\"></span>prime <span class=\"_ _2\"></span>tra tutte <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>contesto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>condizionate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _5\"></span>forward <span class=\"_ _6\"></span>looking. <span class=\"_ _16\"> </span><span class=\"ff4\">Nell\u2019ambi</span>to dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Regulators <span class=\"_ _5\"></span>internazionali, <span class=\"_ _5\"></span>assumono <span class=\"_ _2\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazion<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>sugli scenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca pu\u00f2 <span class=\"_ _3\"></span>trovarsi a<span class=\"_ _3\"></span>d operare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza, la <span class=\"_ _3\"></span>situazio<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span>dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span>quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>attesa <span class=\"_ _18\"> </span>sulle esposizioni). <span class=\"_ _3\"></span>Da un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>possibili approcci a<span class=\"_ _3\"></span>lternativi al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>prendere <span class=\"_ _6\"></span>in considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha deciso <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>adottare <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _7\"> </span>likely <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _7\"> </span>Add<span class=\"_ _3\"></span></span>-<span class=\"ff4\">on\u201d. <span class=\"_ _7\"> </span>Secondo <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>approccio, <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>condizionamento </span>macroeconomico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>LGD <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>\u00abMost <span class=\"_ _3\"></span>Likely\u00bb, <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>per altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e <span class=\"_ _3\"></span>piani di impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span>positivo sui para<span class=\"ff4\">metri di risc<span class=\"_ _0\"></span>hio, \u00e8 stato scelto <span class=\"_ _0\"></span>di sterilizzarne l\u2019effetto <span class=\"_ _0\"></span>sia per finalit\u00e0 di stagi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g che di calcol<span class=\"_ _0\"></span>o dell\u2019ECL. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Lo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>macroeconomico \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ricerche d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>previsivi <span class=\"_ _2\"></span>portati <span class=\"_ _3\"></span>poi in <span class=\"_ _2\"></span>condivisione <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>consenso. <span class=\"_ _5\"></span>Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>peggiorativi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>determinati tramite stress dell<span class=\"_ _0\"></span>e variabili in input ai m<span class=\"_ _0\"></span>odelli previsivi. In  particolare  la  determinazione  dello  scenario<span class=\"_ _0\"></span>  \u201cmost<span class=\"_ _3\"></span><span class=\"ff1\">-</span>likely\u201d  e  di <span class=\"_ _1d\"> </span>quelli<span class=\"_ _0\"></span>  alterna<span class=\"_ _3\"></span><span class=\"ff1\">tivi  avviene  utilizzando  un  complesso  di </span>strumenti analitici <span class=\"_ _0\"></span>e previsionali stand-alone che determinano<span class=\"_ _0\"></span> il sentiero previs<span class=\"_ _0\"></span>ionale per alcuni <span class=\"_ _0\"></span>blocchi di variabili, in<span class=\"_ _0\"></span> dettaglio: <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>onti nazionali e infla<span class=\"_ _0\"></span>zione dei primi <span class=\"_ _0\"></span>6 paesi dell\u2019Eurozona,<span class=\"_ _0\"></span> degli Stati Uniti<span class=\"_ _3\"></span><span class=\"ff1\"> e del Giappone; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi ufficiali (BCE<span class=\"_ _0\"></span>, Fed, BoJ), curve dei <span class=\"_ _0\"></span>tassi swap EUR e US<span class=\"_ _0\"></span>D, alcuni punti delle cu<span class=\"_ _0\"></span>rve governative; <span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi di cambio per E<span class=\"_ _0\"></span>UR, USD, JPY e GBP; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici di borsa (DJ E<span class=\"_ _0\"></span>urostoxx 50 e S&amp;P 500<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzo del Brent; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>lcuni dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dettaglio per <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>economia italiana <span class=\"_ _3\"></span>(produzione industriale, <span class=\"_ _3\"></span>prezzi degli <span class=\"_ _3\"></span>immobili, occupazione, <span class=\"_ _3\"></span>saldi <span class=\"_ _3\"></span>di finanza </span>pubblica). Tali previsioni vengono poi elaborate tramite<span class=\"_ _0\"></span> il modello strutturale multi<span class=\"_ _3\"></span>-<span class=\"ff4\">paese \u201c<span class=\"_ _3\"></span>Global Economic<span class=\"_ _0\"></span> Model\u201d di Oxford Economics,<span class=\"_ _0\"></span> </span>ove <span class=\"_ _3\"></span>sostituiscono <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span><span class=\"ff4\">corsi <span class=\"_ _3\"></span>previsionali <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019aggiornam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>database<span class=\"_ _0\"></span>. </span>Il <span class=\"_ _3\"></span>modello viene <span class=\"_ _3\"></span>quindi risolto <span class=\"_ _3\"></span>per r<span class=\"_ _3\"></span>icavare un <span class=\"_ _3\"></span>quadro previsionale <span class=\"_ _3\"></span>globale coerente, i<span class=\"_ _3\"></span>nclusivo di v<span class=\"_ _3\"></span>ariabili per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali non<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono stati <span class=\"_ _7\"> </span>sviluppati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>ad  h<span class=\"_ _0\"></span>oc, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isporre <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>ambiente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>simulazione <span class=\"_ _16\"> </span>utilizzabile <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>generare <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>scenari alternativi. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>richiedere <span class=\"_ _5\"></span>alcune <span class=\"_ _2\"></span>iterazioni, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oprattutto<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _2\"></span>previsionale <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>ricorso <span class=\"_ _4\"> </span>ad elaborazioni  interne  si <span class=\"_ _1d\"> </span>discosti <span class=\"_ _1d\"> </span>significativament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>da  quello  di <span class=\"_ _1d\"> </span>Oxford  Economics. <span class=\"_ _1d\"> </span>In  tal  caso, <span class=\"_ _1d\"> </span>pu\u00f2  essere <span class=\"_ _1d\"> </span>necessari<span class=\"_ _0\"></span>o procedere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>tuning <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>variabili <span class=\"_ _5\"></span>secondarie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>ritengono <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>coerenti <span class=\"_ _2\"></span>co<span class=\"_ _6\"></span>n <span class=\"_ _5\"></span>lo scenario di prevision<span class=\"_ _0\"></span>e o che risultino caratterizzate da <span class=\"_ _0\"></span>una volatilit\u00e0 trimestral<span class=\"_ _0\"></span>e non spiegabile. La selezione dei p<span class=\"_ _0\"></span>ercorsi alternativi viene e<span class=\"_ _0\"></span>ffettuata con il ricors<span class=\"_ _0\"></span>o a informazioni est<span class=\"_ _0\"></span>erne. In particolare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>medi <span class=\"_ _3\"></span>annui <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>paesi: <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>fond<span class=\"_ _2\"></span>amentale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>simulazione, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scostamenti<span class=\"_ _35\"></span> </span>vengono <span class=\"_ _3\"></span>determinati in <span class=\"_ _2\"></span>modo da <span class=\"_ _3\"></span>replicare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>dispersione <span class=\"_ _3\"></span>delle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita p<span class=\"_ _3\"></span>ubblicate da <span class=\"_ _2\"></span>Consensus<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Economics <span class=\"_ _3\"></span>nel pi\u00f9  r<span class=\"_ _0\"></span>ecente  r<span class=\"_ _0\"></span>apporto <span class=\"_ _16\"> </span>disponibile <span class=\"_ _16\"> </span>alla  data <span class=\"_ _7\"> </span>della  simulazion<span class=\"_ _0\"></span>e,  consid<span class=\"_ _0\"></span>erando  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>previsioni  mini<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a  e  ma<span class=\"_ _0\"></span>ssima <span class=\"_ _16\"> </span>(previa applicazione di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>filtro per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019identificazione e <span class=\"_ _2\"></span>l\u2019eliminazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>outliers). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>outliers, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>dato <span class=\"_ _3\"></span>ano<span class=\"_ _5\"></span><span class=\"ff1\">malo </span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cartato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>massimo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>restanti. <span class=\"_ _5\"></span>Poich\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consenso <span class=\"_ _2\"></span>so<span class=\"_ _5\"></span>no <span class=\"_ _5\"></span>disponibili soltanto  p<span class=\"_ _0\"></span>er  i  prim<span class=\"_ _0\"></span>i  due <span class=\"_ _16\"> </span>anni  dell\u2019orizz<span class=\"_ _0\"></span>onte  di <span class=\"_ _16\"> </span>simulazione, <span class=\"_ _16\"> </span>per  il  terz<span class=\"_ _0\"></span>o  anno <span class=\"_ _16\"> </span>si  ricorre <span class=\"_ _16\"> </span>a  una  est<span class=\"_ _0\"></span>rapolazione <span class=\"_ _16\"> </span>degli scostamenti indivi<span class=\"_ _0\"></span>duati per i primi due anni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>borsa <span class=\"_ _7\"> </span>(DJ <span class=\"_ _7\"> </span>Eurostoxx <span class=\"_ _4\"></span>50, <span class=\"_ _7\"> </span>S&amp;P500) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>immobiliari <span class=\"_ _4\"> </span>residenzial<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>statunitensi: <span class=\"_ _4\"> </span>vengono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me </span>riferimento le previsi<span class=\"_ _0\"></span>oni minime e massim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del panel di Thoms<span class=\"_ _0\"></span>on Reuters;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _6\"></span>immobiliari <span class=\"_ _6\"></span>residenziali <span class=\"_ _6\"></span>italiani: <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>disponendo <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consenso, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>percorsi <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>partono </span>dalla distribuzione delle variazi<span class=\"_ _0\"></span>oni trimestrali stor<span class=\"_ _0\"></span>iche disponibili dal 1<span class=\"_ _0\"></span>980 al trimestre c<span class=\"_ _0\"></span>orrente. <span class=\"_ _3\"></span> A partire dal valore di percentile identificato, per lo scenario Most likely, vengono identificate le variazioni corris<span class=\"_ _0\"></span>ponden<span class=\"_ _5\"></span>ti a uno scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0, <span class=\"_ _6\"></span>calcolato <span class=\"_ _4\"></span>attraver<span class=\"ff4\">so <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>statistica <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>distribuzione <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>torica <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>sservazioni. <span class=\"_ _6\"> </span>Le <span class=\"_ _4\"> </span>due <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazioni<span class=\"_ _35\"></span> </span>(positiva <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>negativa) <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>Most<span class=\"_ _3\"></span>-Likely, <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"></span>utilizzate <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>calcolo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>singoli <span class=\"_ _6\"></span>ind<span class=\"_ _3\"></span>ici<span class=\"_ _0\"></span> identificati, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icostruendo <span class=\"_ _2\"></span>-per <span class=\"_ _2\"></span>ognu<span class=\"ls10\">no</span>- <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>sentieri <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>(uno <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>gativo) <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresentano <span class=\"_ _2\"></span>l\u2019input <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la </span>determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Add-On. <span class=\"_ _4\"></span>Lo <span class=\"_ _6\"></span>scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>identificato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"></span>di variabilit\u00e0 della serie<span class=\"_ _0\"></span>, in modo da ottenere uno scostament<span class=\"_ _0\"></span>o dallo scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely di ampie<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>za significativa.  In <span class=\"_ _5\"></span>aggiunta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>percorsi <span class=\"_ _5\"></span>alternativi, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>mantenuta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>possibili <span class=\"_ _2\"></span>addit<span class=\"_ _3\"></span>ional <span class=\"_ _2\"></span>factors, <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _5\"></span>eventi<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ls17\">o </span>scenari <span class=\"_ _4\"></span>idiosincratici <span class=\"_ _6\"></span>avversi, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>esplicitamente <span class=\"_ _4\"> </span>incorporati <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>serie <span class=\"_ _4\"></span>storiche <span class=\"_ _6\"></span>utilizzate <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenario Most-Likely o nei perc<span class=\"_ _0\"></span>orsi alternativi, che po<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sono generare ulte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iori effetti significa<span class=\"_ _0\"></span>tivi sulle perdite atte<span class=\"_ _0\"></span>se. <span class=\"_ _2\"></span> Di tali eventi/scenari si<span class=\"_ _0\"></span> valutano:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l possibile orizz<span class=\"_ _0\"></span>onte di realizzazione (time frame<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l grado di inclusio<span class=\"_ _0\"></span>ne nello scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely o nei percorsi a<span class=\"_ _0\"></span>lternativi;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l potenziale imp<span class=\"_ _0\"></span>atto, valutato in termini<span class=\"_ _0\"></span> qualitativi. </span>La <span class=\"_ _2\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>additional <span class=\"_ _2\"></span>factors <span class=\"_ _2\"></span>attinge <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>elenchi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>contenuti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>rapporti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IMF <span class=\"_ _2\"></span>(World Economic Outlook) e Commi<span class=\"_ _0\"></span>ssione Europea e<span class=\"_ _0\"></span> pu\u00f2 mutare nel t<span class=\"_ _0\"></span>empo.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>valutazione del <span class=\"_ _3\"></span>time<span class=\"_ _3\"></span>-frame <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>additional factors, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>impossibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>collocare <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>specifico<span class=\"_ _0\"></span> orizzonte <span class=\"_ _3\"></span>temporale, <span class=\"_ _2\"></span>caratteristica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rende <span class=\"_ _2\"></span>poco <span class=\"_ _3\"></span>praticabile <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sua <span class=\"_ _2\"></span>incorporazione n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>Most<span class=\"_ _2\"></span>-L<span class=\"_ _3\"></span>ikely <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>percorsi alternativi. Le <span class=\"_ _3\"></span>valutazioni effettuate tengono conto <span class=\"_ _3\"></span>del fa<span class=\"_ _3\"></span>tto che <span class=\"_ _3\"></span>le stime <span class=\"_ _3\"></span>di consenso <span class=\"_ _3\"></span>potrebbero includere previsioni <span class=\"_ _3\"></span>che gi\u00e0 <span class=\"_ _3\"></span>incorporan<span class=\"_ _5\"></span>o nelle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>stime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>realizzazione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arziale, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _3\"></span>sicch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>percorsi <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>potre<span class=\"_ _5\"></span>bbero <span class=\"_ _2\"></span>gi\u00e0 incorporare in qualche m<span class=\"_ _0\"></span>isura tali fattori <span class=\"_ _0\"></span>addizionali. In condizioni di incertezza marcata <span class=\"_ _3\"></span>delle proiezioni macroecono<span class=\"_ _0\"></span>m<span class=\"_ _3\"></span>iche n<span class=\"_ _3\"></span>azionali ed internazionali e in presenza di scostamenti significativi in senso migliorativo delle proiezioni risp<span class=\"_ _0\"></span>etto allo scenario TTC, possono essere introdotti eleme<span class=\"_ _0\"></span>nti di pruden<span class=\"_ _2\"></span>zi<span class=\"_ _3\"></span>alit\u00e0<span class=\"_ _0\"></span> con riferimento agli sc<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stamenti dei valori mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi e massimi delle variabili basati sul Consens<span class=\"_ _0\"></span>us o storici sopradescri<span class=\"_ _0\"></span>tti.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>suddetti <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _2\"></span>(most <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alternativi) <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>interni <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parame<span class=\"_ _5\"></span>tri point-<span class=\"ls13\">in</span>-time (PIT).  Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tas<span class=\"_ _3\"></span><span class=\"ff4\">si <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>differenziate <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span></span>-settori economici <span class=\"_ _5\"></span>(es <span class=\"_ _5\"></span>Famiglie <span class=\"_ _5\"></span>consumatrici, <span class=\"_ _6\"></span>Famiglie <span class=\"_ _5\"></span>produttrici, <span class=\"_ _5\"></span>Costruzioni, <span class=\"_ _5\"></span>\u2026) <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>ciascuno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i, <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>satelli<span class=\"_ _5\"></span><span class=\"ff1\">te </span>stabiliscono <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>relazioni <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>varia<span class=\"_ _3\"></span>bili  m<span class=\"_ _35\"></span>acroeconomiche <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>permettono <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ottenere <span class=\"_ _7\"> </span>i  ta<span class=\"_ _0\"></span>ssi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>default <span class=\"_ _7\"> </span>prospettici. <span class=\"_ _16\"> </span>Questi consentono <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>olta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>condizionare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transizione <span class=\"_ _7\"> </span>TTC <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>classi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ottenere <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di transizione PIT per cia<span class=\"_ _0\"></span>scuno scenario (Mo<span class=\"_ _0\"></span>st lik<span class=\"_ _3\"></span>ely e alternativi<span class=\"_ _0\"></span>); da queste ultime si o<span class=\"_ _0\"></span>ttengono le PD<span class=\"_ _0\"></span> condizionate lifetime.  In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>TTC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segmenti <span class=\"_ _3\"></span>Corporate, SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Retail ven<span class=\"_ _3\"></span>gono utilizza<span class=\"_ _5\"></span>ti i tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>interni, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segment<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Low <span class=\"_ _3\"></span>Default, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>profondit\u00e0 de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>serie s<span class=\"_ _3\"></span>toriche i<span class=\"_ _3\"></span>nterne \u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>esigua, <span class=\"_ _3\"></span>si utilizzano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca d<span class=\"_ _3\"></span>\u2019Italia.<span class=\"_ _3\"></span><span class=\"ffc\"> <span class=\"_ _3\"></span><span class=\"ff1\">Ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>Point <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Time <span class=\"_ _2\"></span>forward<span class=\"_ _3\"></span>-looking <span class=\"_ _3\"></span>vengono, </span></span>invece, utilizzati i t<span class=\"_ _0\"></span>assi di default di sistema per tutti i s<span class=\"_ _0\"></span>egmenti. Un analogo process<span class=\"_ _0\"></span>o viene utilizzato per d<span class=\"_ _0\"></span>eterminare le griglie <span class=\"_ _0\"></span>di LGD PIT.<span class=\"_ _3\"></span> Tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rimborso <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>finanziamenti,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>condizionate, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>maturity <span class=\"_ _5\"></span>residua <span class=\"_ _6\"></span>e dello staging si determinano le <span class=\"_ _0\"></span>perdite di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie performing. Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie no<span class=\"_ _0\"></span>n performing I <span class=\"_ _3\"></span>crediti deteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, dalle <span class=\"_ _3\"></span>inadempienze probabili e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>scad<span class=\"_ _5\"></span>ute <span class=\"_ _3\"></span>e/o sconfinanti da oltre 9<span class=\"_ _0\"></span>0 giorni. I crediti deteriorati cl<span class=\"_ _0\"></span>assificati a sofferenz<span class=\"_ _0\"></span>a sono assoggettati all<span class=\"_ _0\"></span>e seguenti modalit\u00e0 <span class=\"_ _0\"></span>di valutazione:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _4\"></span>analitico-<span class=\"ff4\">statistica, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>adottata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>inferiori <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>basata <span class=\"_ _4\"> </span>sull\u2019appl<span class=\"_ _2\"></span></span>icazione <span class=\"_ _4\"> </span>di </span>apposite <span class=\"_ _3\"></span>griglie di <span class=\"_ _2\"></span>LGD, a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui s<span class=\"_ _3\"></span>i aggiunge <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-<span class=\"ff4\">On a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tenere conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>legate a<span class=\"_ _3\"></span>ll\u2019evoluzione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>delle </span>condizioni correnti riferibili a <span class=\"_ _3\"></span>variabili gestionali altamente <span class=\"_ _3\"></span>correlate con <span class=\"_ _3\"></span>la dinamica delle p<span class=\"_ _3\"></span>erdite e f<span class=\"_ _3\"></span>orward lookin<span class=\"_ _5\"></span>g riferite agli impatti di scenar<span class=\"_ _0\"></span>i macroeconomici f<span class=\"_ _0\"></span>uturi attesi (come illu<span class=\"_ _0\"></span>strato nei paragrafi pre<span class=\"_ _0\"></span>cedenti);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione  a<span class=\"_ _0\"></span>nalitico-specifica,  che <span class=\"_ _16\"> </span>\u00e8  adottata <span class=\"_ _16\"> </span>per  i  clienti <span class=\"_ _16\"> </span>con  esposizi<span class=\"_ _0\"></span>oni  superiori <span class=\"_ _16\"> </span>a  2  milioni <span class=\"_ _16\"> </span>ed  \u00e8  basat<span class=\"_ _0\"></span>a  sulle<span class=\"_ _35\"></span> </span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tribuite <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>gestore, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _5\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>luce<span class=\"_ _0\"></span> dell\u2019evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>correnti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>aggiunge <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Add<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>On <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>delle </span>informazioni forward looking, in p<span class=\"_ _3\"></span>articolare q<span class=\"_ _3\"></span>uelle riferite agli <span class=\"_ _3\"></span>impatti di <span class=\"_ _3\"></span>scenari macroeconomici futuri (ad eccezione delle sofferenze <span class=\"_ _3\"></span>assistite da <span class=\"_ _2\"></span>garanzie ipotecarie <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>scenar<span class=\"_ _5\"></span><span class=\"ls13\">i </span>futuri sono inclusi tram<span class=\"_ _0\"></span>ite le modalit\u00e0 di d<span class=\"_ _0\"></span>eter<span class=\"_ _3\"></span>minazione degli hair<span class=\"_ _0\"></span>cut al valore degli imm<span class=\"_ _0\"></span>obili in garanzia). Anche la valutazione d<span class=\"_ _0\"></span>elle inadempienze p<span class=\"_ _0\"></span>robabili (Unlikely t<span class=\"_ _0\"></span>o Pay <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> UTP) \u00e8 operata sulla base <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i differenti appr<span class=\"_ _0\"></span>occi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _1d\"> </span>analitico-statistica, <span class=\"_ _17\"> </span>per <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _17\"> </span>esposizioni <span class=\"_ _1d\"> </span>inferiori <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>2 <span class=\"_ _17\"> </span>milion<span class=\"_ _3\"></span><span class=\"ff4\">i, <span class=\"_ _17\"> </span>basata <span class=\"_ _1d\"> </span>sull\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>apposite <span class=\"_ _17\"> </span>griglie </span></span>statistiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiunge <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-On <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>itate <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ondizioni<span class=\"_ _0\"></span> correnti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _3\"></span>futuri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span><span class=\"ff4\">lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di </span>penalizzare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>presentano <span class=\"_ _5\"></span>movimenta<span class=\"_ _0\"></span>zioni <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>recuperi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>determinat<span class=\"_ _35\"></span>o periodo di tempo; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _2\"></span>analitico-specifica<span class=\"ff5 lsd\">, <span class=\"_ _2\"></span></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>basata <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>svalutazione </span>attribuite  dal  gestore,  a  seguito  di  appositi  processi  di  analisi  e  valutazione  anche  alla  luce  dell\u2019ev<span class=\"_ _0\"></span>oluzione  delle condizioni <span class=\"_ _6\"></span>correnti, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>agg<span class=\"_ _0\"></span>iunge <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>com<span class=\"_ _3\"></span>ponente <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span><span class=\"ff2\">Add-On <span class=\"_ _6\"></span></span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>tener <span class=\"_ _4\"></span>conto, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>caso, <span class=\"_ _4\"></span>degli impatti di scenari macr<span class=\"_ _0\"></span>oeconomici futuri e <span class=\"_ _0\"></span>della permanenza nell<span class=\"_ _0\"></span>o stato di rischio.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>soglia per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>fissato da<span class=\"_ _3\"></span> part<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>competenti <span class=\"_ _3\"></span>Organi delle singole <span class=\"_ _3\"></span>Societ\u00e0, d<span class=\"_ _3\"></span>i concerto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>strutture di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>fissato d<span class=\"_ _6\"></span>alla Capogruppo. Indipendentemente dall<span class=\"_ _0\"></span>a suddivisione di tali esposizioni tra quelle oggetto di<span class=\"_ _0\"></span> valu<span class=\"_ _2\"></span>tazione analitico-statistica e quelle oggetto di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>analitico-specifica <span class=\"_ _2\"></span>(come <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>identificate), <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati <span class=\"_ _6\"> </span>cedibili <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>piano <span class=\"_ _6\"></span>d\u2019impresa <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>pianificazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rid<span class=\"_ _3\"></span><span class=\"ff1\">uzione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>prevedano <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>di </span>cessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>comportino <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>riclassifica <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>5. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deterior<span class=\"_ _5\"></span>ati cedibili, quindi, consi<span class=\"_ _0\"></span>dera la possibilit\u00e0 <span class=\"_ _0\"></span>di realizzo di tali cre<span class=\"_ _0\"></span>diti a<span class=\"_ _3\"></span>nche attraverso la vendit<span class=\"_ _0\"></span>a. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>goria <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>sconfinanti <span class=\"_ _2\"></span>sono, <span class=\"_ _2\"></span>invece, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>nalitica su <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>statistiche <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _2\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dell\u2019esposizione. <span class=\"_ _2\"></span>Anche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso, <span class=\"_ _6\"></span><span class=\"ff1\">comunque, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rettifica <span class=\"_ _3\"></span>definita </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>griglie <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>LGD <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>integrata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tener <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Add<span class=\"_ _5\"></span>-<span class=\"ff4\">On <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>scrivibile <span class=\"_ _7\"> </span>all\u2019effetto </span>dell\u2019evoluzione delle <span class=\"_ _0\"></span>condizioni corr<span class=\"_ _0\"></span>enti e degli scenari ma<span class=\"_ _0\"></span>croeconomici futuri. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _2\"></span>devono <span class=\"_ _3\"></span>continuare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quando non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>trascorsi <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>tre mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oddisfano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>probation <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span>iod). <span class=\"_ _7\"> </span>Tali esposizioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>mantenute, <span class=\"_ _4\"></span>s<span class=\"ff4\">ino <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>maturare <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>condizio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019uscita <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato, <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>rispettive <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"> </span>di </span>rischio e valutate i<span class=\"_ _0\"></span>n modalit\u00e0 analitico-statistica o analitico-speci<span class=\"_ _0\"></span>fica tenendo conto dell<span class=\"_ _0\"></span>a loro minore rischiosit<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _3\"></span> Di <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>fornita <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>breve <span class=\"_ _7\"> </span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>vengono <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>specifica ed analitico-statisti<span class=\"_ _0\"></span>ca:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-<span class=\"_ _3\"></span>specifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>sofferenze <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>valutazione </span>operata dai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">gestori sulle <span class=\"_ _3\"></span>singole p<span class=\"_ _3\"></span>osizioni basata <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un\u2019analisi <span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span></span>-quantitativa della <span class=\"_ _3\"></span>situazione economico<span class=\"_ _3\"></span>-patrimoniale<span class=\"_ _0\"></span> e <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>strategie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cre<span class=\"_ _6\"></span>diti deteriorati,  d<span class=\"ff4\">i  eventuali  fattori <span class=\"_ _16\"> </span>mitiganti  (garanzie)  e  tenendo  conto <span class=\"_ _16\"> </span>dell\u2019effetto  finanziario  del  tem<span class=\"_ _0\"></span>po  stimato  come </span>necessario per il r<span class=\"_ _0\"></span>ecupero. In <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze<span class=\"_ _0\"></span>, <span class=\"_ _16\"> </span>assumono <span class=\"_ _7\"> </span>rilevanza <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _16\"> </span>serie <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elementi, <span class=\"_ _7\"> </span>diversamente <span class=\"_ _7\"> </span>presenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>delle caratteristiche <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>posizioni, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>valutare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>massima <span class=\"_ _5\"></span>accuratezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prudenza, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>citano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mero <span class=\"_ _5\"></span>titolo esemplificativo: o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>natura del credito, <span class=\"_ _0\"></span>privilegiato o chirogr<span class=\"_ _0\"></span>afario; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>consistenza patrimo<span class=\"_ _0\"></span>niale netta degli obblig<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti/terzi datori di ga<span class=\"_ _0\"></span>ranzie rea<span class=\"_ _3\"></span><span class=\"ls11\">li;</span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>complessit\u00e0 del cont<span class=\"_ _0\"></span>enzioso in essere o <span class=\"_ _0\"></span>potenziale e/o dell<span class=\"_ _0\"></span>e questioni giuridi<span class=\"_ _0\"></span>che sottese;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione degli ob<span class=\"_ _0\"></span>bligati nei confr<span class=\"_ _0\"></span>onti del sistema bancar<span class=\"_ _0\"></span>io e di altri cre<span class=\"_ _0\"></span>ditori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>ultimi bilanci dis<span class=\"_ _0\"></span>ponibili; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>stato giuridico degl<span class=\"_ _0\"></span>i obbligati e penden<span class=\"_ _0\"></span>za di pr<span class=\"_ _3\"></span>ocedure concors<span class=\"_ _0\"></span>uali e/o individu<span class=\"_ _0\"></span>ali. </span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>garantiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>immobili, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia delle <span class=\"_ _7\"> </span>serie <span class=\"_ _7\"> </span>storiche <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>recuperi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _7\"> </span>forward<span class=\"_ _3\"></span>-<span class=\"ff4\">looking <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>applicato <span class=\"_ _7\"> </span>un </span>approccio <span class=\"_ _3\"></span>inc<span class=\"ff4\">entrato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>all\u2019asta <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>attesa <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>abbattiment<span class=\"_ _0\"></span>o </span>del <span class=\"_ _16\"> </span>prezzo  os<span class=\"_ _0\"></span>servato, <span class=\"_ _16\"> </span>determinando <span class=\"_ _16\"> </span>degli  h<span class=\"_ _0\"></span>aircut  m<span class=\"_ _35\"></span>edi  differe<span class=\"_ _0\"></span>nziati <span class=\"_ _16\"> </span>per  tipologia<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>i  ga<span class=\"_ _0\"></span>ranzia  imm<span class=\"_ _0\"></span>obiliare <span class=\"_ _16\"> </span>(abitativa, commerciale, <span class=\"_ _16\"> </span>industriale<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>te<span class=\"_ _3\"></span>rreni). <span class=\"_ _16\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>ipotecarie <span class=\"_ _16\"> </span>in  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-specifica <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>viene,  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi,<span class=\"_ _0\"></span> applicato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>Add-On <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evitare <span class=\"_ _4\"> </span>duplicazioni, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>forward looking \u00e8 gi\u00e0 tenut<span class=\"_ _0\"></span>a in considerazione tram<span class=\"_ _0\"></span>ite l\u2019ha<span class=\"ff1\">i<span class=\"_ _3\"></span>rcut.  </span>Con  rif<span class=\"_ _0\"></span>erimento <span class=\"_ _16\"> </span>alle  sofferen<span class=\"_ _0\"></span>ze  immobili<span class=\"_ _0\"></span>ari  riveni<span class=\"_ _0\"></span>enti  da <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _16\"> </span>di  le<span class=\"_ _0\"></span>asing, <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rit\u00e0 <span class=\"_ _16\"> </span>del  prodotto<span class=\"_ _0\"></span> (assenza <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>aste), <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019haircut <span class=\"_ _7\"> </span>\u00e8  stimato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>deprezzamento <span class=\"_ _7\"> </span>del  bene <span class=\"_ _7\"> </span>osservato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>perizia <span class=\"_ _7\"> </span>al  mom<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span> dell\u2019ingresso in sofferenza <span class=\"_ _0\"></span>e l\u2019effettivo prezzo d<span class=\"_ _0\"></span>i vendita.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _2\"></span>quali<span class=\"_ _5\"></span><span class=\"ff1\">-quantitativa <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>situazione<span class=\"_ _0\"></span> </span>economico-patrimoniale e <span class=\"_ _0\"></span>finanziaria del debito<span class=\"_ _0\"></span>re e su una puntu<span class=\"_ _0\"></span>ale verifica della<span class=\"_ _3\"></span> situazione di rischio. La <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>presuppone <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>assa <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>il debitore <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rodurre <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno destinati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>finanziario. <span class=\"_ _3\"></span>Tale s<span class=\"_ _3\"></span>tima deve<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>essere effettuata sulla base <span class=\"_ _0\"></span>di due approcci alte<span class=\"_ _0\"></span>rnativi: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>continuit\u00e0 <span class=\"_ _7\"> </span>operativa <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>\u201cGoing <span class=\"_ _7\"> </span>Concern <span class=\"_ _7\"> </span>Approach\u201d): <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>operativi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>debitore <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>del </span></span>garante <span class=\"_ _2\"></span>effettivo) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuano <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>ripagare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ebiti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>contratti. <span class=\"_ _2\"></span>L\u2019ipotesi <span class=\"_ _2\"></span>di </span>continuit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>esclude <span class=\"_ _16\"> </span>l\u2019eventuale <span class=\"_ _7\"> </span>realizzo  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>garanzie, <span class=\"_ _7\"> </span>ma <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>misura <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>ci\u00f2 <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>avvenire <span class=\"_ _7\"> </span>senza pregiudicare la c<span class=\"_ _3\"></span>apacit\u00e0 del <span class=\"_ _3\"></span>debitore di <span class=\"_ _3\"></span>generare flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>futuri. Il <span class=\"_ _3\"></span>metodo \u201cGoing <span class=\"_ _3\"></span>Concern\u201d trova<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>applicazione </span>anche ai <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui la <span class=\"_ _3\"></span>recuperabilit\u00e0 dell\u2019esposizione si basi <span class=\"_ _3\"></span>sulla eventuale cessione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _3\"></span>da parte <span class=\"_ _3\"></span>del debitore o <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>straordinarie. <span class=\"_ _5\"></span>Similmente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Sofferenze<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>UTP, vengono <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _5\"></span>haircut <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>garanzie <span class=\"_ _5\"></span>immobiliari. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>Going <span class=\"_ _5\"></span>Concern, <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>hai<span class=\"_ _3\"></span>rcut sono <span class=\"_ _7\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>haircut <span class=\"_ _7\"> </span>applicati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>liquidatorio <span class=\"_ _7\"> </span>(sofferenza <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>UTP <span class=\"_ _4\"> </span>Gone<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Concern)<span class=\"_ _0\"></span>, applicando un fattore d<span class=\"_ _0\"></span>i calibrazione pari alla probabilit<span class=\"_ _0\"></span>\u00e0 di migrazione degli UT<span class=\"_ _0\"></span>P a sofferenza; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario di <span class=\"_ _3\"></span>cessazione dell\u2019attivit\u00e0 (c.d.<span class=\"_ _3\"></span></span> <span class=\"ff4\">\u201cGone Concern <span class=\"_ _3\"></span>Approach\u201d): applicabile nei casi in cui <span class=\"_ _3\"></span>si ritiene che <span class=\"_ _3\"></span>i flussi di </span></span>cassa del debitore siano destin<span class=\"_ _0\"></span>ati a venir meno. Si tratta di uno s<span class=\"_ _3\"></span>cenario la cui applicazione potr<span class=\"_ _0\"></span>ebbe eventualmente riguardare <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>prevista <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>classificazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>sofferenza. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>assumendo <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non siano <span class=\"_ _2\"></span>ragionevolmente <span class=\"_ _2\"></span>percorribili <span class=\"_ _3\"></span>interventi <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>straordinarie <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ristrutturazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito in <span class=\"_ _5\"></span>contesti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>turnaround, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>basa <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>assistono <span class=\"_ _2\"></span>il credito  della  Banca  al  netto  dell\u2019applicazione  di  un  haircut  (determinato  come  per  le <span class=\"_ _1d\"> </span>Sofferenze)<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>nonch\u00e9,  i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">n </span>subordine, sul valore di realizzo degli asset patrimoniali, tenuto conto della massa passiva e delle eventuali cause di prelazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione analitic<span class=\"_ _0\"></span>o-statistica, effettuata per le s<span class=\"_ _0\"></span>offerenze e le inadem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ienze probabili di im<span class=\"_ _0\"></span>porto inferiore ai 2 m<span class=\"_ _3\"></span>ilioni e </span>per i crediti scaduti e<span class=\"_ _0\"></span>/o sconfinanti, pres<span class=\"_ _0\"></span>enta delle peculiari<span class=\"_ _0\"></span>t\u00e0 a seconda della ti<span class=\"_ _0\"></span>pologia di esposizione <span class=\"_ _0\"></span>interessata. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>sofferenze, la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione analitico<span class=\"_ _3\"></span>-s<span class=\"_ _3\"></span>tatistica si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _3\"></span>griglie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>Sofferenza, <span class=\"_ _3\"></span>dove <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello<span class=\"_ _3\"></span> LGD <span class=\"_ _3\"></span>Defaulted Asset <span class=\"_ _3\"></span>si caratterizza prevalentemente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la differenziazione <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>erdita in <span class=\"_ _3\"></span>funzione, o<span class=\"_ _3\"></span>ltre che <span class=\"_ _3\"></span>del segmento regolamentare, <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>ermanenza nello <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio (\u201cvintage\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019eventuale attivazione di<span class=\"_ _3\"></span> procedure <span class=\"_ _3\"></span>di recupero <span class=\"_ _4\"></span>giudiziali. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>griglie <span class=\"_ _6\"></span>risultano <span class=\"_ _4\"> </span>inoltre <span class=\"_ _4\"></span>differenziate <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>assi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>analisi <span class=\"_ _4\"></span>significativi <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> modello <span class=\"_ _6\"></span>(es. <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>tecnica, <span class=\"_ _6\"></span>tipologia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gar<span class=\"_ _0\"></span>anzia, <span class=\"_ _6\"></span>area <span class=\"_ _6\"></span>geografica, <span class=\"_ _6\"></span>fascia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esposizione, <span class=\"_ _6\"></span>ecc.). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>griglie <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>tempi <span class=\"_ _6\"></span>di recupero <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _6\"></span>principalmente <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>golament<span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>ulteriori <span class=\"_ _5\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>significativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di modellistica (es. pro<span class=\"_ _0\"></span>cedure di recupero, fa<span class=\"_ _0\"></span>scia di esposizione, f<span class=\"_ _0\"></span>orma tecnica). Con riferimento alle inadempienze probabili, la valutazione \u00e8 effet<span class=\"_ _2\"></span><span class=\"ff4\">tuata mediante l\u2019applicazion<span class=\"_ _0\"></span>e di <span class=\"_ _3\"></span>griglie di LGD statistica<span class=\"_ _35\"></span> </span>stimate <span class=\"_ _4\"> </span>appositamente <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>Inadempienze <span class=\"_ _4\"> </span>Probabili, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>griglie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>LGD stimate per <span class=\"_ _2\"></span>le s<span class=\"_ _3\"></span>offerenze. Il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>griglia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Inademp<span class=\"_ _3\"></span>ienze <span class=\"_ _3\"></span>Probabili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>infatti <span class=\"_ _3\"></span>analogo a <span class=\"_ _2\"></span>quell<span class=\"_ _0\"></span>o descritto <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>calcola <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _7\"> </span>atteso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _4\"> </span>in funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>stesso. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Inadempienze <span class=\"_ _5\"></span>Probabili <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ottenuta <span class=\"_ _5\"></span>tr<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mite <span class=\"_ _2\"></span>ricalibrazione <span class=\"_ _2\"></span>della LGD <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modulo <span class=\"_ _2\"></span>Danger <span class=\"_ _2\"></span>Rate. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>Danger <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _2\"></span>correttivo <span class=\"_ _2\"></span>moltiplicativo<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>alla LGD <span class=\"_ _2\"></span>sofferenza, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>registrabili <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(stat<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Inadempienza<span class=\"_ _35\"></span> Probabile <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>scaduto/sconfinante). <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>Danger <span class=\"_ _3\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>migrazione <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>Sofferenza <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le posizioni <span class=\"_ _3\"></span>gi\u00e0 in <span class=\"_ _3\"></span>default, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>osservati n<span class=\"_ _3\"></span>ella fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pre<span class=\"_ _2\"></span>-Sofferenza per <span class=\"_ _2\"></span>le posizioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>migrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>offerenza<span class=\"_ _0\"></span> e i tassi di perdita <span class=\"_ _0\"></span>osservati nella fase <span class=\"_ _0\"></span>di Pre-<span class=\"_ _3\"></span>Sofferenza per le<span class=\"_ _0\"></span> posizioni che rientra<span class=\"_ _0\"></span>no in Bonis o si esti<span class=\"_ _0\"></span>nguono.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>sottoclassi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u201cInadempienz<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>Probabili\u201d <span class=\"_ _4\"> </span>(\u201cInadempienze <span class=\"_ _4\"> </span>Probabili <span class=\"_ _6\"> </span>Non <span class=\"_ _4\"> </span>Forborne\u201d <span class=\"_ _4\"> </span>e \u201cInadempienze <span class=\"_ _1d\"> </span>Probabili <span class=\"_ _17\"> </span>Forborne\u201d), <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>stimate <span class=\"_ _1d\"> </span>griglie <span class=\"_ _17\"> </span>differenziate <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>tenere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>opportuna <span class=\"_ _1d\"> </span>considerazione <span class=\"_ _1d\"> </span>le caratteristiche <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _1d\"> </span>Forborne, <span class=\"_ _1d\"> </span>che, <span class=\"_ _17\"> </span>oltre <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>presentare <span class=\"_ _1d\"> </span>livelli <span class=\"_ _17\"> </span>medi <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>perdita <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>contenuti <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>effetto <span class=\"_ _17\"> </span>delle \u201cForbearance <span class=\"_ _3\"></span>Measures\u201d, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isentono <span class=\"_ _3\"></span>an<span class=\"ff1\">c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli <span class=\"_ _2\"></span>normativi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>impediscono <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rientro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mes<span class=\"_ _35\"></span>i </span>dalla data dell\u2019avven<span class=\"_ _0\"></span>uta rinegoziazione.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>sconfinanti, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>griglie <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quelle descritte <span class=\"_ _1c\"> </span>per <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>Inadempienze <span class=\"_ _1c\"> </span>Probabili <span class=\"_ _1c\"> </span>(Framework <span class=\"_ _1c\"> </span>Danger <span class=\"_ _20\"> </span>Rate). <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span>fattore <span class=\"_ _20\"> </span>vintage <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>questo <span class=\"_ _1c\"> </span>caso <span class=\"_ _1c\"> </span>colto dall\u2019introduzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>differenziazione <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>durata <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scaduto <span class=\"_ _4\"> </span>(Past <span class=\"_ _4\"> </span>Due <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>90 <span class=\"_ _7\"> </span>giorni/180 <span class=\"_ _6\"> </span>giorni) <span class=\"_ _4\"> </span>che determina <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>significativa <span class=\"_ _2\"></span>variazione <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>griglie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _2\"></span>inoltre, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>maniera <span class=\"_ _2\"></span>differenziata,<span class=\"_ _0\"></span> per segmento regolamentar<span class=\"_ _0\"></span>e e per ulteriori assi di analisi (es. forma tecnic<span class=\"_ _0\"></span>a, tipologia di garanzia, ar<span class=\"_ _0\"></span>ea geografica, fasci<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> di esposizione, ecc.)<span class=\"_ _0\"></span> comuni alle altre categorie del credito dete<span class=\"_ _0\"></span>riorato. Anche <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>LGD <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _4\"> </span>nella<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>performing,<span class=\"_ _0\"></span> vengono <span class=\"_ _6\"></span>effettuati <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rimozione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _5\"></span>specificatamente <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntro<span class=\"_ _2\"></span>dotte <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>modelli regolamentari, analogam<span class=\"_ _0\"></span>ente a quanto g<span class=\"_ _0\"></span>i\u00e0 evidenziato per le e<span class=\"_ _35\"></span>sposizioni performing.<span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quel <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>all\u2019inclusione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _5\"></span>looking, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>deteriorat<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>viene <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>stimata s<span class=\"_ _3\"></span>tatisticamente (<span class=\"_ _3\"></span>Add <span class=\"_ _3\"></span>On <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>macroeconomico) <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>scenari most-<span class=\"ff4\">likely e peggiorativi<span class=\"_ _0\"></span> previsti nell\u2019orizzont<span class=\"_ _0\"></span>e temporale dei suc<span class=\"_ _0\"></span>cessivi tre anni, secon<span class=\"_ _0\"></span>do i criteri gi\u00e0 descrit<span class=\"_ _0\"></span>ti.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></span>Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dall\u2019IFR<span class=\"ff1\">S <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>occorre, <span class=\"_ _5\"></span>infatti, <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>forward <span class=\"_ _2\"></span>looking <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di </span>LGD e la componente <span class=\"_ _0\"></span>sopra richiamata \u00e8 volta <span class=\"_ _0\"></span>a catturare la non<span class=\"_ _0\"></span> linearit\u00e0 della rela<span class=\"_ _0\"></span>zione tra le variabili m<span class=\"_ _0\"></span>acroeconomiche e <span class=\"_ _2\"></span>la misurazione <span class=\"_ _3\"></span>dell\u2019ECL,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>dell\u2019incertezza p<span class=\"_ _3\"></span>revisionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario most-likely. <span class=\"_ _7\"> </span>Essa <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>basa <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>medesimo <span class=\"_ _7\"> </span>framework <span class=\"_ _16\"> </span>metodologico <span class=\"_ _7\"> </span>impiegato <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _16\"> </span>ma <span class=\"_ _7\"> </span>ignora <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>ottica prudenziale <span class=\"_ _6\"></span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>migliorativo, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>soli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>peggiorativo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>most-<span class=\"_ _3\"></span><span class=\"ff4\">likely <span class=\"_ _6\"> </span>medi <span class=\"_ _4\"> </span>sull\u2019orizzonte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>tre <span class=\"_ _4\"> </span>anni </span>successivi.  Alle <span class=\"_ _1d\"> </span>valutazioni  analitico/statistiche, <span class=\"_ _1d\"> </span>inoltre,  \u00e8 <span class=\"_ _1d\"> </span>applicato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>fattore <span class=\"_ _1d\"> </span>aggiuntivo  ancorato <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>variabili <span class=\"_ _1d\"> </span>gestionali <span class=\"_ _1d\"> </span>interne,  i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>particolare <span class=\"_ _1c\"> </span>il <span class=\"_ _18\"> </span>li<span class=\"ff4\">vello <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>NPL <span class=\"_ _18\"> </span>ratio <span class=\"_ _1c\"> </span>passato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>pros<span class=\"_ _0\"></span>pettico <span class=\"_ _1c\"> </span>che, <span class=\"_ _18\"> </span>sulla <span class=\"_ _1c\"> </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ell\u2019osservazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>lungo <span class=\"_ _18\"> </span>periodo, <span class=\"_ _1c\"> </span>risulta<span class=\"_ _35\"></span> </span>statisticamente <span class=\"_ _4\"> </span>correlato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>dinamica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>perdite. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>fattore <span class=\"_ _7\"> </span>rende <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>dell\u2019LGD <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensibile <span class=\"_ _4\"> </span>alle variazioni del cont<span class=\"_ _0\"></span>esto economico/gestionale corrente e <span class=\"_ _0\"></span>prospettico. Sempre in <span class=\"_ _3\"></span>relazione a <span class=\"_ _3\"></span>scenari prospettici, con riferimento a<span class=\"_ _3\"></span>lla categoria delle <span class=\"_ _3\"></span>inadempienze probabili, che racchiude posizio<span class=\"_ _5\"></span>ni ancora <span class=\"_ _2\"></span>vive <span class=\"_ _2\"></span>ma <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>criticit\u00e0, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _2\"></span>-specifica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>valutazione analitico-<span class=\"ff4\">statistica, <span class=\"_ _17\"> </span>qualora <span class=\"_ _1d\"> </span>non <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>presenti <span class=\"_ _17\"> </span>misure <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>forbearance <span class=\"_ _17\"> </span>efficaci, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n\u2019ulteriore<span class=\"_ _0\"></span> </span>componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>(oltre <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>citato <span class=\"_ _5\"></span>Add <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>macroeconomico) <span class=\"_ _2\"></span>finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>ridurre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>delle posizioni <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>dell\u2019anzianit\u00e0 <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>movimentazione <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>recuperi <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>determinato periodo di tempo.<span class=\"ff9\"> </span>Passando <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>analizzare <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>scenari <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>recupero, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evi<span class=\"_ _3\"></span>denzia <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"></span>agli obiettivi di riduzione <span class=\"_ _0\"></span>dello stock di crediti<span class=\"_ _0\"></span> non performing in e<span class=\"_ _0\"></span>ssere, inclusi nei pia<span class=\"_ _0\"></span>ni aziendali, ed agli <span class=\"_ _0\"></span>eventuali impegn<span class=\"_ _2\"></span>i assunt<span class=\"ls13\">i </span>con gli Organi di Vigila<span class=\"_ _0\"></span>nza, con specifi<span class=\"_ _0\"></span>co riferimento alla c.d.<span class=\"_ _0\"></span> NPL Strategy, consid<span class=\"_ _0\"></span>era la vendita di dete<span class=\"_ _0\"></span>rminati portafogli<span class=\"_ _2\"></span> come la <span class=\"_ _3\"></span>strategia <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>pu\u00f2, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>condizioni, <span class=\"_ _3\"></span>massimizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>recupero <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mpi <span class=\"_ _6\"></span>di recupero.  Conseguentemente, <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _18\"> </span>\u201cordinario\u201d, <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>ipotiz<span class=\"_ _0\"></span>za <span class=\"_ _18\"> </span>una <span class=\"_ _1c\"> </span>strategia <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>recupero <span class=\"_ _18\"> </span>basata <span class=\"_ _18\"> </span>su<span class=\"_ _3\"></span>ll\u2019incasso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>credito tipicamente <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>legali, <span class=\"_ _5\"></span>mandati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero, <span class=\"_ _5\"></span>realizzo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancarie, <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>affiancato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>ove applicabile e come stra<span class=\"_ _0\"></span>tegia di recupero <span class=\"_ _0\"></span>alternativa <span class=\"ff4\">\u2013</span> anche lo scenario di vendita <span class=\"_ _0\"></span>del credito medesimo. Qualora <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>piani <span class=\"_ _7\"> </span>aziendali <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>strategie <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>identifichino <span class=\"_ _4\"> </span>specifici <span class=\"_ _7\"> </span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>dismissione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>un portafoglio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>teriorati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tale <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento degli <span class=\"_ _4\"></span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>recuperabile <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>operativa, <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>di valutazioni di mercato <span class=\"_ _0\"></span>(sulla base di perizie esterne) <span class=\"_ _0\"></span>e/o di prezzi di ve<span class=\"_ _0\"></span>ndita se gi\u00e0 definiti<span class=\"_ _3\"></span><span class=\"fs9\">. </span>In particolare, qualora si iden<span class=\"_ _0\"></span>tifichi un pi\u00f9 ampio portafogl<span class=\"_ _0\"></span>io di crediti oggetto di pote<span class=\"_ _0\"></span>nziale cessione rappre<span class=\"_ _0\"></span>sentato da cr<span class=\"_ _2\"></span>editi di propriet\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>edibilit\u00e0 <span class=\"_ _5\"></span>(quindi, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>situazioni <span class=\"_ _5\"></span>di contenzioso, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>indicazione <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>sintetica),<span class=\"_ _0\"></span> rispetto <span class=\"_ _1d\"> </span>agli<span class=\"ffc\"> <span class=\"_ _17\"> </span></span>obiettivi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>vendita, <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>suddetto <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>ponderando <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>valore recuperabile attraverso<span class=\"_ _0\"></span> la gestione operati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a con il valore recu<span class=\"_ _0\"></span>perabile attrave<span class=\"_ _0\"></span>rso la cessione.<span class=\"_ _3\"></span> Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>cedibili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>quantificato come<span class=\"_ _5\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi </span>di <span class=\"_ _5\"></span>cessione\u201d <span class=\"_ _6\"></span>(fair <span class=\"_ _5\"></span>value) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>(ii) <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>\u201cvalore <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>collection\u201d, <span class=\"_ _5\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>peso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ponderazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ercentuale <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>crediti <span class=\"_ _3\"></span>cedibili <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>rapporto <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>target <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>volume <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span><span class=\"ff4\">dere <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rispettivi <span class=\"_ _3\"></span>portafogli <span class=\"_ _2\"></span>\u201caggredibili\u201d per </span>caratteristiche <span class=\"_ _4\"> </span>similari, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>percentuale <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>riflette <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vendita <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>portafogli <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>cui dismissione <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ritenuta <span class=\"_ _6\"> </span>altamente <span class=\"_ _6\"> </span>probabile. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>osserva <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>\u201cvalore <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collection\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>gi\u00e0 illustrate <span class=\"_ _3\"></span>logiche ordinarie <span class=\"_ _3\"></span>seguite <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment dei <span class=\"_ _3\"></span>crediti d<span class=\"_ _3\"></span>eteriorati, vale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dire <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>analitica <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>soglia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-statistica <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione\u201d <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>val<span class=\"_ _5\"></span><span class=\"ff1\">utatori </span>indipendenti. Qualora, invece, si identifi<span class=\"_ _0\"></span>chi in modo specifico le posi<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>ioni da cedere, tali posizioni vengo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o valutate esclusivam<span class=\"_ _0\"></span>ente tenendo conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>stabiliti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>fairness <span class=\"_ _2\"></span>opinion <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>attrave<span class=\"_ _5\"></span><span class=\"ff1\">rso <span class=\"_ _2\"></span>un </span>accordo <span class=\"_ _6\"> </span>vincolante <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>l\u2019acquirente,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ce<span class=\"_ _3\"></span><span class=\"ff1\">ssione. <span class=\"_ _4\"></span>Tali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>riclassificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di </span>dismissione. <span class=\"_ _30\"> </span> Come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>anticipato, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>egnala, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>acquistate <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>originate <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>deteriorate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>POCI) <span class=\"_ _5\"></span>presentan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>delle <span class=\"_ _3\"></span>particolarit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairme<span class=\"_ _3\"></span>nt. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>proposito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse, <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>tutta <span class=\"_ _2\"></span>la vita  degli <span class=\"_ _16\"> </span>strumenti  in  questi<span class=\"_ _0\"></span>one,  devo<span class=\"_ _0\"></span>no  essere  co<span class=\"_ _0\"></span>ntabilizzate  rett<span class=\"_ _0\"></span>ifiche  di  val<span class=\"_ _0\"></span>ore  pari <span class=\"_ _16\"> </span>all\u2019ECL  lifetime.  A <span class=\"_ _16\"> </span>ogni  data  di<span class=\"_ _35\"></span> riferimento successiva del bi<span class=\"_ _0\"></span>lancio, d<span class=\"_ _3\"></span><span class=\"ff4\">eve, quindi, essere adeg<span class=\"_ _0\"></span>uato l\u2019ammontare dell\u2019EC<span class=\"_ _0\"></span>L lifetime, rilevand<span class=\"_ _0\"></span>o a conto economico </span>l\u2019importo <span class=\"_ _4\"> </span>dell\u2019eventuale <span class=\"_ _6\"> </span>variazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"> </span>tutta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>tile <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore. <span class=\"_ _6\"></span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>esposto, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>POCI <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>Stage <span class=\"_ _6\"></span>3, <span class=\"_ _4\"></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _6\"></span>la possibilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>spostate <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>quali, <span class=\"_ _4\"></span>per\u00f2, <span class=\"_ _4\"> </span>continuer\u00e0 <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>una perdita attesa pari all<span class=\"_ _0\"></span>\u2019ECL lifetime. <span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ricorre <span class=\"_ _3\"></span>allo <span class=\"_ _3\"></span>stralcio/cancellazione <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-<span class=\"ff4\">off\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span>re<span class=\"ls0\">siduo non ancor<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> rettificato nei seg<span class=\"_ _0\"></span>uenti casi: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span>debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>recuperi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _5\"></span>mobiliari <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _5\"></span>pi<span class=\"_ _3\"></span>gnoram<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nti <span class=\"_ _6\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _35\"></span>e con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remi<span class=\"_ _0\"></span>ssione unilaterale <span class=\"_ _0\"></span>del debito o residuo <span class=\"_ _0\"></span>a fronte<span class=\"_ _2\"></span> di contratti t<span class=\"_ _0\"></span>ransattivi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span>mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che, <span class=\"_ _16\"> </span>pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestiti <span class=\"_ _16\"> </span>dalle  strutture <span class=\"_ _16\"> </span>di  rec<span class=\"_ _5\"></span>upero,  pres<span class=\"_ _0\"></span>entano<span class=\"_ _0\"></span> possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>interessare <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>accantonam<span class=\"_ _2\"></span>enti; pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>seguenti macro-caratteristiche: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span>&gt; di 1 anno; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 (intesa come periodo di permanenza nello stato di <span class=\"_ _5\"></span><span class=\"ff4\">\u201csofferenza\u201d) &gt; 5 anni </span></span>o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. \u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogenee d<span class=\"_ _3\"></span>iverse da quelle sopra indicate, ma riferibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>presentino marginali possibilit\u00e0 d<span class=\"_ _3\"></span>i recupero <span class=\"_ _3\"></span>della quota <span class=\"_ _3\"></span>accantonata e <span class=\"_ _3\"></span>in presenza di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  pruden<span class=\"ff4\">z<span class=\"_ _3\"></span>iale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddetto  \u201cCalendar  Provisioning\u201d)  almeno  pari  al </span>complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate dal Gruppo. Perdite di valore di par<span class=\"_ _0\"></span>tecipazioni Ad <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>congiunto <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>assoggettate <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di impairment al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verificare <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>esistono <span class=\"_ _3\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano f<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>ritenere n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>recuperabile il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alo<span class=\"_ _5\"></span>re di iscrizione delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse. Il <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>impairment prevede <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>riduzioni <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>valore e <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>determinazi<span class=\"_ _0\"></span>one <span class=\"_ _1d\"> </span>dell\u2019eventuale  svalutazione. <span class=\"_ _1d\"> </span>Gli  indicatori <span class=\"_ _1d\"> </span>di  i<span class=\"_ _3\"></span>mpairment  sono <span class=\"_ _1d\"> </span>sostanzi<span class=\"_ _2\"></span><span class=\"ff1\">almente  s<span class=\"_ _3\"></span>uddivisibili  in <span class=\"_ _1d\"> </span>due </span>categorie: indicatori qu<span class=\"_ _0\"></span>alitativi e indicat<span class=\"_ _0\"></span>ori quantitativi. Tra quelli qualitativi <span class=\"_ _0\"></span>si segnalano: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>conseguimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici negativi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>scostamento <span class=\"_ _3\"></span>rispetto ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>o </span>previsti da piani plurienn<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li comunicati al me<span class=\"_ _0\"></span>rcato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019annuncio/avvio di pr<span class=\"_ _0\"></span>ocedure concorsual<span class=\"_ _0\"></span>i o di piani di ristru<span class=\"_ _0\"></span>tturazione;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a revisione al riba<span class=\"_ _0\"></span>sso del \u201crating\u201d di <span class=\"_ _0\"></span>oltre due classi;<span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019inadempimento ri<span class=\"_ _0\"></span>spetto agli obbligh<span class=\"_ _0\"></span>i di puntuale ed integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le pagamento dei<span class=\"_ _3\"></span><span class=\"ff1\"> titoli di debito emes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>gravi <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>consentire <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>aziende <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffron<span class=\"_ _5\"></span>tare </span>processi di ristrutt<span class=\"_ _0\"></span>urazione/riorganizzazi<span class=\"_ _0\"></span>one. Tra gli indicatori q<span class=\"_ _0\"></span>uantitativi si segnala<span class=\"_ _0\"></span>no: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a riduzione del fair v<span class=\"_ _0\"></span>alue al di sotto de<span class=\"_ _0\"></span>l valore di bilancio di<span class=\"_ _0\"></span> oltre il 30% ovvero <span class=\"_ _0\"></span>per un periodo su<span class=\"_ _0\"></span>periore a 24 mesi;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>capitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>orsa <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>att<span class=\"_ _5\"></span>ivi,<span class=\"_ _0\"></span> </span>ovvero  d<span class=\"_ _0\"></span>a  un <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>contabile <span class=\"_ _16\"> </span>della  parteci<span class=\"_ _0\"></span>pazione <span class=\"_ _16\"> </span>nel  bilancio <span class=\"_ _16\"> </span>separato <span class=\"_ _16\"> </span>superiore <span class=\"_ _16\"> </span>al  valor<span class=\"_ _0\"></span>e  contabi<span class=\"_ _0\"></span>le  n<span class=\"_ _0\"></span>el  bil<span class=\"_ _0\"></span>ancio consolidato <span class=\"_ _16\"> </span>dell\u2019attivo <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>e  dell\u2019<span class=\"_ _0\"></span>avviamento <span class=\"_ _16\"> </span>della  pa<span class=\"_ _0\"></span>rtecipata <span class=\"_ _16\"> </span>o  dall<span class=\"_ _0\"></span>a  di<span class=\"_ _0\"></span>stribuzione <span class=\"_ _16\"> </span>da  p<span class=\"_ _0\"></span>arte  di<span class=\"_ _0\"></span>  q<span class=\"_ _0\"></span>uest\u2019ultima <span class=\"_ _16\"> </span>di  u<span class=\"_ _35\"></span>n dividendo superiore <span class=\"_ _0\"></span>al proprio reddito complessivo. La <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _3\"></span>comporta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabil<span class=\"_ _2\"></span><span class=\"lsc\">e </span>risulti inferiore al v<span class=\"_ _0\"></span>alore di iscrizione. Il valore recuperabile \u00e8<span class=\"_ _0\"></span> rappresentato dal magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ore tra il <span class=\"_ _3\"></span><span class=\"ff4\">fair value <span class=\"_ _0\"></span>al netto dei costi di ven<span class=\"_ _0\"></span>dita ed il valore d\u2019<span class=\"_ _0\"></span>uso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per  i <span class=\"_ _16\"> </span>metodi <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>determinazione  del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  si<span class=\"_ _35\"></span>  rimanda <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>indicato  nel<span class=\"_ _3\"></span>la  S<span class=\"_ _0\"></span>ezione <span class=\"_ _16\"> </span>specifica  A<span class=\"_ _0\"></span>.4  <span class=\"ff4\">\u2013</span> Informativa sul fair v<span class=\"_ _0\"></span>alue. Il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari at<span class=\"_ _3\"></span>tesi <span class=\"_ _3\"></span>rivenienti dall\u2019attivit\u00e0; <span class=\"_ _3\"></span>esso <span class=\"_ _3\"></span>riflette <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>attesi dalla <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>nell\u2019ammontare <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tempistica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fina<span class=\"_ _5\"></span><span class=\"ff1\">nziario <span class=\"_ _3\"></span>del </span>tempo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo a<span class=\"_ _3\"></span>tto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span><span class=\"ff4\">re<span class=\"_ _3\"></span>muner<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 ed <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>influenzare <span class=\"_ _3\"></span>l\u2019apprezzamento<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte </span>degli operatori di me<span class=\"_ _0\"></span>rcato, dei flussi fi<span class=\"_ _0\"></span>nanziari attesi rive<span class=\"_ _0\"></span>nienti dall\u2019attivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella determinazion<span class=\"_ _0\"></span>e del valore d\u2019uso si <span class=\"_ _0\"></span>utilizza il metodo del<span class=\"_ _0\"></span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">attualizzazione dei flussi di c<span class=\"_ _0\"></span>assa futuri. </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span>Perdite di valore di altr<span class=\"_ _0\"></span>e attivit\u00e0 non finanzi<span class=\"_ _0\"></span>arie Le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>vita <span class=\"_ _5\"></span>utile <span class=\"_ _6\"> </span>definita <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>soggette <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>test <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>impairment <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>esiste <span class=\"_ _6\"></span>un\u2019indicazione <span class=\"_ _5\"></span>che  <span class=\"ff1\">il<span class=\"_ _0\"></span> </span>valore contabile del <span class=\"_ _3\"></span>bene non p<span class=\"_ _3\"></span>u\u00f2 p<span class=\"_ _3\"></span>i\u00f9 essere r<span class=\"_ _3\"></span>ecuperato. Il valore <span class=\"_ _3\"></span>recuperabile viene determinato con <span class=\"_ _3\"></span>riferimento al fair <span class=\"_ _3\"></span>value dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>materiale <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>immateriale <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>oneri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d\u2019uso <span class=\"_ _6\"></span>se <span class=\"_ _6\"> </span>determinabile <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>se <span class=\"_ _6\"> </span>esso <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isult<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>superiore al fair valu<span class=\"_ _0\"></span>e. Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>immobilizzazioni <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>immobilizzazioni <span class=\"_ _5\"></span>immateriali<span class=\"_ _35\"></span> (diverse da quelle r<span class=\"_ _3\"></span>ilevate a seguito di operazioni di a<span class=\"_ _3\"></span>ggregazio<span class=\"_ _0\"></span>ne) si <span class=\"_ _3\"></span>assume che il valore di <span class=\"_ _3\"></span>carico corrisponda normalment<span class=\"_ _2\"></span><span class=\"lsc\">e </span>al valor<span class=\"ff4\">e d\u2019uso, in <span class=\"_ _3\"></span>quanto deter<span class=\"_ _0\"></span>minato da un processo di ammortamento stimato sulla base dell\u2019effettivo<span class=\"_ _0\"></span> contributo del bene al </span>processo <span class=\"_ _3\"></span>produttivo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>risultando <span class=\"_ _3\"></span>estremamente <span class=\"_ _3\"></span>aleatoria <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>discostano, <span class=\"_ _3\"></span>dando<span class=\"_ _2\"></span> luogo a impairment, in c<span class=\"_ _0\"></span>aso di danneggiame<span class=\"_ _0\"></span>nti, uscita dal proce<span class=\"_ _0\"></span>sso produttivo o altre c<span class=\"_ _0\"></span>ircostanze similari n<span class=\"_ _0\"></span>on ricorrenti.<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>precisato <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>dell\u2019illustrazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 <span class=\"_ _16\"> </span>materiali <span class=\"_ _4\"> </span>ed <span class=\"_ _16\"> </span>immateriali\u201d, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>valuta <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>caso, <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>perdita per <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>un'attivit\u00e0 <span class=\"_ _1d\"> </span>rivalutata <span class=\"_ _1d\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>trattata <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>diminuzione <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ivalutazione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>fino <span class=\"_ _1d\"> </span>a concorrenza della st<span class=\"_ _0\"></span>essa, dopodich\u00e9 qualunque differ<span class=\"_ _0\"></span>enza \u00e8 imputata a<span class=\"_ _0\"></span> conto economico.  Come <span class=\"_ _5\"></span>illustrato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019Informativa <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>pregio, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>strumentali <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>effettu<span class=\"_ _3\"></span><span class=\"ff4\">ata <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>sui<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trend <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>immobiliare, <span class=\"_ _2\"></span>al </span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>presentati <span class=\"_ _2\"></span>scostamenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilievo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cespiti. <span class=\"_ _3\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>state <span class=\"_ _2\"></span>riscontrate <span class=\"_ _3\"></span>variazi<span class=\"_ _5\"></span>oni <span class=\"_ _2\"></span>di particolare <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>(+ <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>10%), <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>aggiornata <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>adeguare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bene alle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>immobiliare. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>scostamenti <span class=\"_ _6\"></span>significativi <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore<span class=\"_ _5\"></span> attraverso <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span><span class=\"ff4\">iddetti <span class=\"_ _2\"></span>\u201ctrophy <span class=\"_ _3\"></span>asset\u201d <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>prestigio </span>utilizzati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>Direzionali <span class=\"_ _2\"></span>ubicati <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>citt\u00e0 <span class=\"_ _5\"></span>sede <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>storico <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>tistico perch\u00e9 vincolati dal Mi<span class=\"_ _0\"></span>nistero per i Beni e l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Attivit<span class=\"_ _3\"></span>\u00e0 Culturali) e o<span class=\"_ _0\"></span>gni tre anni per gli altri <span class=\"_ _0\"></span>immobili strum<span class=\"_ _0\"></span>entali. <span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>gni tre <span class=\"_ _17\"> </span>anni. <span class=\"_ _18\"> </span>Annualmente <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>comunque <span class=\"_ _17\"> </span>svolta <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>sc<span class=\"_ _2\"></span>enario <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>individuare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _18\"> </span>variazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore apprezzabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>anticipare <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>annuale <span class=\"_ _6\"></span>evidenzi <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore,  in  positivo <span class=\"_ _16\"> </span>o  in  negativo,  superior<span class=\"_ _0\"></span>e  al  15%  per  sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le  opere  di  au<span class=\"_ _3\"></span>tori  presenti  nelle <span class=\"_ _16\"> </span>collezioni  della  banca  e<span class=\"_ _0\"></span> confrontabili in base <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>criteri oggettivi (dimensioni, tecnica, periodo d<span class=\"_ _3\"></span>i realizzazione, etc.), \u00e8 <span class=\"_ _3\"></span>necessario commissionare n<span class=\"_ _5\"></span>uove perizie di stima.  Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>principio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di bilancio <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>possa <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">ver </span>subito una riduzione <span class=\"_ _0\"></span>di valore. Le attivit\u00e0 <span class=\"_ _3\"></span>immateriali a vi<span class=\"_ _3\"></span>ta definita, <span class=\"_ _3\"></span>rappresentate<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dal valore <span class=\"_ _3\"></span>del portafoglio di <span class=\"_ _3\"></span>asset management e dal <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>portafoglio assicurativo, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>valutativo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>valori <span class=\"_ _4\"></span>iscr<span class=\"ff4\">itti <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio. <span class=\"_ _6\"> </span>Il <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"> </span>recuperabile <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>determinato <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d\u2019uso, <span class=\"_ _6\"> </span>ovvero <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>valore <span class=\"_ _5\"></span>attuale, <span class=\"_ _5\"></span>stimato <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>rappresentativo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>temporale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>denaro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>specif<span class=\"_ _5\"></span><span class=\"ff1\">ici </span>dell\u2019attivit\u00e0, <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>margini <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span><span class=\"ff1\">eddituali <span class=\"_ _4\"> </span>generati <span class=\"_ _4\"></span>dai <span class=\"_ _4\"></span>rapporti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _6\"></span>lun<span class=\"_ _3\"></span>go <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>izzonte <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _35\"></span> </span>esprimente la durata<span class=\"_ _0\"></span> residua attesa degli<span class=\"_ _0\"></span> stessi. Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>(\u201cbrand <span class=\"_ _3\"></span>name\u201d) <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>dall\u2019avviame<span class=\"_ _0\"></span>nto, <span class=\"_ _2\"></span>non presentando flussi <span class=\"_ _3\"></span>finanziari autonomi, sono <span class=\"_ _3\"></span>annualmente sottoposte ad <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza del <span class=\"_ _3\"></span>valore iscritto <span class=\"_ _3\"></span>tra <span class=\"_ _5\"></span><span class=\"ff1\">le </span>attivit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>Cash <span class=\"_ _6\"></span>Generating <span class=\"_ _6\"></span>Un<span class=\"_ _3\"></span>it <span class=\"_ _6\"></span>(CGU) <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>attribuiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>occasione <span class=\"_ _16\"> </span>delle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _35\"></span> aggregazione aziendale. <span class=\"_ _3\"></span>L\u2019ammontare dell\u2019eventuale r<span class=\"_ _3\"></span>iduzione di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>\u00e8 determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base della <span class=\"_ _3\"></span>differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valor<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>contabile della CGU e<span class=\"_ _3\"></span> il v<span class=\"_ _3\"></span>alore recuperabile della stessa rappresentato dal <span class=\"_ _3\"></span>maggiore tra il fa<span class=\"_ _3\"></span>ir value, al <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>tto di e<span class=\"_ _3\"></span>ventuali costi di vendita, ed il valor<span class=\"_ _0\"></span>e d\u2019uso.<span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>maniera <span class=\"_ _4\"></span>coerente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore recuperabile <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>stesse. <span class=\"_ _5\"></span>Nell\u2019ottica<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>possibile <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">ndividuare <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>senza </span>considerare i flussi d<span class=\"_ _0\"></span>erivanti da attivit\u00e0<span class=\"_ _0\"></span>/passivit\u00e0 finanziarie, <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osto che queste ultim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> integrano il co<span class=\"_ _0\"></span>re business aziendal<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> In altri <span class=\"_ _3\"></span>termini, il valore recuperabile delle <span class=\"_ _3\"></span>CGU \u00e8 influenzato dai suddetti flus<span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e pertanto il valore <span class=\"_ _3\"></span>contabile delle stesse deve essere <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>coerentemente <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>stima <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>recuperabile <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>deve, <span class=\"_ _17\"> </span>quindi, <span class=\"_ _17\"> </span>includere <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>le attivit\u00e0/passivit\u00e0  fi<span class=\"_ _0\"></span>nanziarie.  A <span class=\"_ _16\"> </span>tal  fine,  queste <span class=\"_ _16\"> </span>attivit\u00e0  e  passivit\u00e0 <span class=\"_ _16\"> </span>devono  essere  oppo<span class=\"_ _2\"></span>rtunamen<span class=\"_ _0\"></span>te  allocate  alle  C<span class=\"_ _0\"></span>GU  di<span class=\"_ _0\"></span> riferimento. Seguendo <span class=\"_ _7\"> </span>questa  imp<span class=\"_ _0\"></span>ostazione, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di contributo al patrimo<span class=\"_ _0\"></span>nio netto consolid<span class=\"_ _0\"></span>ato inclusa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto,  il <span class=\"_ _1d\"> </span>valore  di  carico  delle <span class=\"_ _1d\"> </span>CGU  composte  da  societ\u00e0  che <span class=\"_ _1d\"> </span>appartengon<span class=\"_ _0\"></span>o  ad <span class=\"_ _1d\"> </span>una  singola  divisione  operativa  o coincidono <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>legal <span class=\"_ _2\"></span>entity<span class=\"_ _3\"></span><span class=\"fs9\"> <span class=\"_ _2\"></span></span>(Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _2\"></span>Private <span class=\"_ _2\"></span>Banking, <span class=\"_ _3\"></span>Insurance <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks) <span class=\"_ _3\"></span>\u00e8 determinato attraverso la sommatoria dei <span class=\"_ _3\"></span>singoli valori contabili di ogni societ\u00e0 nel bilancio consolidato, intesi come contributo al <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _5\"></span>tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>e intangibles registrati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di acquisizione (a<span class=\"_ _3\"></span>l netto dei <span class=\"_ _3\"></span>successivi ammortamenti e d<span class=\"_ _3\"></span>i eventuali svalutazioni) e <span class=\"_ _3\"></span>delle scritture di <span class=\"_ _2\"></span>consolidamento. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>divisioni <span class=\"_ _2\"></span>(Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>Corporate <span class=\"_ _4\"> </span><span class=\"ls3e\">&amp; </span>Investment <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nking), <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>suddivisione non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabili, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>sulla<span class=\"_ _2\"></span> base <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valori <span class=\"_ _4\"> </span>contabili. <span class=\"_ _4\"> </span>Di <span class=\"_ _4\"> </span>conse<span class=\"_ _3\"></span>guenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>necessario <span class=\"_ _4\"></span>ricorrere <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>operare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>suddivisione <span class=\"_ _4\"> </span>dopo <span class=\"_ _4\"> </span>aver attribuito in maniera analitica gli intangibles e gli avviamenti alle due <span class=\"_ _3\"></span>CGU in coerenza con le informazioni contabili dispo<span class=\"_ _5\"></span>nibili. Il dr<span class=\"_ _3\"></span>iver gestionale \u00e8 <span class=\"_ _3\"></span>identificato nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u201ccapitale regolamentare\u201d, determinato dalle strutture d<span class=\"_ _3\"></span>ella Direzione <span class=\"_ _3\"></span>Rischi Finanziari e <span class=\"_ _3\"></span>di </span>Mercato, per <span class=\"_ _3\"></span>ogni d<span class=\"_ _3\"></span>ivisione operativa: esso rappresenta l\u2019assorbimento patrimoniale n<span class=\"_ _3\"></span>ecessario per <span class=\"_ _3\"></span>fronteggiare<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>le fattispeci<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>vigenti <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>isposizioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vigilanza <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _5\"></span>I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _5\"></span>tengono <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>conto degli effetti <span class=\"_ _3\"></span>di eventuali <span class=\"_ _3\"></span>impairment effettuati sulle <span class=\"_ _3\"></span>singole attivit\u00e0, ivi <span class=\"_ _3\"></span>inclusi quelli eventualmente relativi a<span class=\"_ _3\"></span>d attivit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>immateriali a vita definita. Per <span class=\"_ _3\"></span>i metodi <span class=\"_ _3\"></span>utilizzati per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value si <span class=\"_ _3\"></span>rimanda a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quanto indicato nella <span class=\"_ _3\"></span>Sezione <span class=\"_ _5\"></span>A.4 <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value. Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>pr<span class=\"_ _2\"></span><span class=\"ff1\">evede </span>possano <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>generati <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>CGU. <span class=\"_ _16\"> </span>Tali  fl<span class=\"_ _0\"></span>ussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _16\"> </span>l\u2019ultimo <span class=\"_ _16\"> </span>piano <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019impresa <span class=\"_ _16\"> </span>pubblic<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span> disponibile <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>vvero, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>mancanza, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>formulazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>interno <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>management <span class=\"_ _6\"></span>o attraverso <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>evidenze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>disponibili. <span class=\"_ _6\"></span>Normalmente <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>previsione <span class=\"_ _6\"></span>analitico <span class=\"_ _6\"></span>comprende <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rco <span class=\"_ _6\"></span>temporale massimo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque <span class=\"_ _4\"> </span>anni. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>flusso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019ultimo <span class=\"_ _4\"> </span>esercizio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>previsione <span class=\"_ _4\"> </span>analitica <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>proiettato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>perpetuit\u00e0, <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>un<span class=\"_ _5\"></span><span class=\"ff1\"> </span>appropriato tasso <span class=\"_ _3\"></span><span class=\"ff4\">di crescita \u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini del c<span class=\"_ _3\"></span>osiddetto \u201cTerminal value\u201d. Il <span class=\"_ _3\"></span>tasso \u201cg\u201d <span class=\"_ _3\"></span>viene determinato a<span class=\"_ _3\"></span>ssumendo come fattore </span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>prev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>analitica <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>ilup<span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del Prodotto Interno Lordo n<span class=\"_ _0\"></span>ei Paesi in cui i flussi s<span class=\"_ _0\"></span>i generano. Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>d\u2019uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rifletta <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazioni correnti <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"> </span>temporale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>denaro <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _4\"> </span>In  <span class=\"ff1\">particolare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attualizzazione <span class=\"_ _4\"> </span>utilizzati </span>incorporano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>risk free <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio correlati <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>azionaria <span class=\"_ _3\"></span>osservati <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>arco <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _2\"></span> sufficientemente <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _17\"> </span>per <span class=\"_ _1c\"> </span>rif<span class=\"_ _0\"></span>lettere <span class=\"_ _18\"> </span>condizioni <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>icli <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span>fferenziati. <span class=\"_ _18\"> </span>Inoltre, <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>ogni <span class=\"_ _18\"> </span>CGU, <span class=\"_ _18\"> </span>in considerazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>diversa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rispettivi <span class=\"_ _2\"></span>ambiti <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>coefficienti <span class=\"_ _3\"></span>Beta <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>fferenziati.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Tu<span class=\"_ _5\"></span>tti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>tassi cos\u00ec determinati son<span class=\"_ _0\"></span>o corretti per tenere cont<span class=\"_ _0\"></span>o del cosiddetto \u201cRi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio Paese\u201d.<span class=\"ff1\"> </span>I <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>partecipate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stimati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>essi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>generano <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>convertiti <span class=\"_ _5\"></span>in  e<span class=\"_ _0\"></span>uro utilizzando il tasso di<span class=\"_ _0\"></span> cambio a pronti alla<span class=\"_ _0\"></span> data di determinazi<span class=\"_ _0\"></span>one del valore d\u2019u<span class=\"_ _0\"></span>so.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">le <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>name, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento  non <span class=\"_ _1d\"> </span>presenti </span>avviamenti  allocati  e,  c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span>,  non <span class=\"_ _1d\"> </span>risulti  possibile  attrarre  la <span class=\"_ _1d\"> </span>verifica  del  valore  recuperabile  dell\u2019intangible specifico <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019avviame<span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>basato <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>ad </span>una sua valutazione <span class=\"_ _0\"></span>autonoma e specifica sulla <span class=\"_ _0\"></span>base del fair value at<span class=\"_ _0\"></span>testato dalla perizia <span class=\"_ _0\"></span>di un esperto indi<span class=\"_ _0\"></span>pendente.<span class=\"_ _2\"></span> Aggregazioni aziendali In tema di Aggregazion<span class=\"_ _0\"></span>i aziendali il pri<span class=\"_ _0\"></span>ncipi<span class=\"_ _3\"></span><span class=\"ff4\">o contabile di riferim<span class=\"_ _0\"></span>ento \u00e8 l\u2019IFRS 3.<span class=\"ff1\"> </span></span>Il trasferimento del controllo di un\u2019impresa (o d<span class=\"_ _3\"></span>i un gruppo di att<span class=\"_ _3\"></span>ivit\u00e0 e beni integrati, condotti e <span class=\"_ _3\"></span>gestiti unitariamente) <span class=\"_ _5\"></span><span class=\"ff1\">configura<span class=\"_ _35\"></span> </span>un\u2019operazione di agg<span class=\"_ _0\"></span>regazione aziendale.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fine  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsidera <span class=\"_ _7\"> </span>tras<span class=\"_ _3\"></span><span class=\"ff4\">ferito <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>l\u2019investitore <span class=\"_ _7\"> </span>\u00e8  e<span class=\"_ _0\"></span>sposto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>rendimenti <span class=\"_ _7\"> </span>variabili, <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>tali </span>rendimenti,  deriv<span class=\"_ _0\"></span>anti  dal  p<span class=\"_ _0\"></span>roprio  rapporto <span class=\"_ _16\"> </span>con  la  partecipa<span class=\"_ _0\"></span>ta  e  nel <span class=\"_ _16\"> </span>contempo  ha  la <span class=\"_ _16\"> </span>capacit\u00e0  di  i<span class=\"_ _0\"></span>ncidere  sui <span class=\"_ _16\"> </span>rendimenti esercitando il proprio p<span class=\"_ _0\"></span>otere su tale entit\u00e0. L\u2019IFRS <span class=\"_ _6\"> </span>3 <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ichiede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>venga <span class=\"_ _4\"> </span>individuato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>acquirente. <span class=\"_ _6\"> </span>Quest\u2019ultimo <span class=\"_ _4\"> </span>deve <span class=\"_ _6\"> </span>essere identificato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ottiene <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>un\u2019altra <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _6\"> </span>attivit\u00e0. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gra<span class=\"_ _6\"> </span><span class=\"ff1\">do <span class=\"_ _5\"></span>di </span>identificare <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>soggetto <span class=\"_ _7\"> </span>controllante <span class=\"_ _4\"> </span>seguendo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>descritta, <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scambio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>partecipative, <span class=\"_ _2\"></span>l\u2019individuazi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">attori </span>quali: l<span class=\"ff4\">\u2019entit\u00e0 il cui fair value \u00e8 significativamente maggiore, l\u2019entit\u00e0 che eventualmen<span class=\"_ _0\"></span>te versa un corrispettivo in denaro, l\u2019entit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span></span>che emette le nuove a<span class=\"_ _0\"></span>zioni. L\u2019acquisizione, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quindi <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _3\"></span>consolidamento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019entit\u00e0 <span class=\"_ _3\"></span>acquisita, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>contabilizzata <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019acquirente<span class=\"_ _0\"></span> ottiene effettivamente <span class=\"_ _3\"></span>il controllo <span class=\"_ _3\"></span>sull\u2019impresa o <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>acquisite. Quando <span class=\"_ _3\"></span>l\u2019operazione avviene <span class=\"_ _3\"></span>tramite un\u2019unica <span class=\"_ _3\"></span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>di </span>scambio, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>scambio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _5\"></span>Tuttavia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>sempr<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>necessario <span class=\"_ _5\"></span>verificare l\u2019eventuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>comportare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>dello scambio. Il <span class=\"_ _4\"> </span>corrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazione <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>come<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sommatoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair </span>value<span class=\"ff2 lsd\">, <span class=\"_ _2\"></span></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scambio, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>cedute, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>assunte <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messi dall\u2019acquirente in camb<span class=\"_ _0\"></span>io del controllo.<span class=\"ff1\"> </span>Nelle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>denaro <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>quando <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>pagamento<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"></span>finanziar<span class=\"_ _0\"></span>i assimilabili  alla <span class=\"_ _1d\"> </span>cassa)  il <span class=\"_ _1d\"> </span>prezzo  \u00e8 <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>corrispettivo<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>pattuito,  eventualmente  attualizzato  nel <span class=\"_ _1d\"> </span>caso  i<span class=\"_ _3\"></span>n  cui <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>previsto  un pagamento <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ateale <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _2\"></span>superiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine; <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenga <span class=\"_ _2\"></span>tramite uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>cassa, <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>l\u2019emissione di <span class=\"_ _2\"></span>strumenti rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span><span class=\"ff1\">fair </span>value del mezzo di pag<span class=\"_ _0\"></span>amento al netto d<span class=\"_ _0\"></span>ei costi direttamente attr<span class=\"_ _0\"></span>ibuibili all\u2019operazio<span class=\"ff1\">n<span class=\"_ _3\"></span>e di emissio<span class=\"_ _0\"></span>ne di capitale. Per le m<span class=\"_ _0\"></span>odalit\u00e0 </span>di determinazione del <span class=\"_ _3\"></span>fair value degli strumenti <span class=\"_ _3\"></span>finanziari, si rimanda a<span class=\"_ _3\"></span> quanto indicato nella <span class=\"_ _3\"></span>Sezione A.4 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>l\u2019accortezza <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>mercati <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>quotazione <span class=\"_ _2\"></span>di </span>Borsa alla data dell\u2019a<span class=\"_ _0\"></span>cquisizione o, in ma<span class=\"_ _0\"></span>ncanza, dall\u2019ultim<span class=\"_ _0\"></span>a quotazione disponibil<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>corrispettivo <span class=\"_ _6\"> </span>del<span class=\"_ _3\"></span>l\u2019aggregazione <span class=\"_ _5\"></span>aziendale <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>acquisizione <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _6\"> </span>subordinati <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>even<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span>futuri, se previsti da<span class=\"_ _3\"></span>gli accordi e solo nel <span class=\"_ _3\"></span>caso in cui siano p<span class=\"_ _3\"></span>robabili, determinabili in modo attendibile e realizzati entr<span class=\"_ _5\"></span>o i <span class=\"_ _3\"></span>dodici mesi <span class=\"_ _3\"></span>successivi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>indennizzi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>el <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lore delle attivit\u00e0 ut<span class=\"_ _3\"></span>ilizzate in <span class=\"_ _3\"></span>quanto gi\u00e0 considerati o<span class=\"_ _3\"></span> nel <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>degli strumenti rappresentativi di <span class=\"_ _3\"></span>capitale o <span class=\"_ _3\"></span>come riduz<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>del premio o incremento d<span class=\"_ _0\"></span>ello sconto sull\u2019emis<span class=\"_ _0\"></span>sione iniziale nel ca<span class=\"_ _0\"></span>so di emissione di strum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti di debito.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>c<span class=\"ff4\">orrelati <span class=\"_ _6\"> </span>all\u2019acquisizione <span class=\"_ _5\"></span>sono <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>oneri <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>l\u2019acquire<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostiene <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>dell\u2019aggregazione <span class=\"_ _6\"></span>aziendale; <span class=\"_ _5\"></span>a </span>titolo <span class=\"_ _6\"></span>esemplificativo <span class=\"_ _5\"></span>questi <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>compensi <span class=\"_ _6\"></span>professionali <span class=\"_ _6\"></span>corrisposti <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>revisori, <span class=\"_ _5\"></span>periti, <span class=\"_ _6\"></span>consulenti <span class=\"_ _6\"></span>legali, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>per perizie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>conti, <span class=\"_ _6\"></span>predisposizion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>documenti <span class=\"_ _6\"></span>informativi <span class=\"_ _5\"></span>richiesti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>norme, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consulenza sostenute <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>identificare <span class=\"_ _2\"></span>potenziali <span class=\"_ _3\"></span>target <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>acquisire <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>contrattualmente <span class=\"_ _3\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>in caso di <span class=\"ff4\">esito positivo dell<span class=\"_ _0\"></span>\u2019aggregazione, no<span class=\"_ _0\"></span>nch\u00e9 i costi di registra<span class=\"_ _0\"></span>zione ed emissione <span class=\"_ _0\"></span>di titoli di debito o t<span class=\"_ _0\"></span>itoli azionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>L\u2019acquirente <span class=\"_ _6\"> </span>deve <span class=\"_ _4\"> </span>contabilizzare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>correlati <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>l\u2019acquisizi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>nei <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>iodi <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>e<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span><span class=\"ls13\">i </span></span>servizi <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>no <span class=\"_ _4\"> </span>ricevuti, <span class=\"_ _7\"> </span>ad <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccezione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>azionari <span class=\"_ _7\"> </span>o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>rilevati<span class=\"_ _0\"></span> secondo quanto disp<span class=\"_ _0\"></span>osto dallo IAS<span class=\"_ _0\"></span> 32.<span class=\"_ _3\"></span> Le o<span class=\"_ _3\"></span>perazioni di <span class=\"_ _3\"></span>aggregazione aziendale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate secondo i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>\u201cmetodo dell\u2019acquisizione\u201d, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </span>identificabili acquisite <span class=\"_ _3\"></span>(comprese eventuali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali in <span class=\"_ _3\"></span>precedenza <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rilevate dall\u2019impresa <span class=\"_ _3\"></span>acquisita) e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span><span class=\"ff1\">sivit\u00e0 </span>identificabili assunte <span class=\"_ _0\"></span>(comprese quelle pote<span class=\"_ _0\"></span>nziali) devono esser<span class=\"_ _0\"></span>e rilevate ai rispet<span class=\"_ _0\"></span>tivi fair val<span class=\"_ _3\"></span>ue alla data di acquisizione. Inoltre, <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>espressamente <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>3,  per <span class=\"_ _7\"> </span>ogni <span class=\"_ _16\"> </span>aggregazione <span class=\"_ _7\"> </span>aziendale  e<span class=\"_ _0\"></span>ventuali <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  m<span class=\"_ _0\"></span>inoranza <span class=\"_ _7\"> </span>nella societ\u00e0 <span class=\"_ _1d\"> </span>acquisita <span class=\"_ _1d\"> </span>possono <span class=\"_ _1d\"> </span>essere <span class=\"_ _1d\"> </span>rilevate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>incremento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>corrispettivo <span class=\"_ _1d\"> </span>trasfer<span class=\"_ _2\"></span>ito) <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>in proporzione alla quota <span class=\"_ _0\"></span>della partecipazio<span class=\"_ _0\"></span>ne di minoranza nell<span class=\"_ _0\"></span>e attivit\u00e0 nette identif<span class=\"_ _0\"></span>icabili delle soc<span class=\"_ _0\"></span>iet\u00e0 acquisite.<span class=\"_ _2\"></span> Se <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>realizzato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>acquisti <span class=\"_ _4\"> </span>successivi, <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>ricalcolare <span class=\"_ _4\"> </span>l\u2019interessenza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>deteneva <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pr<span class=\"ff4 ls0\">ecedenza n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>acquisita <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettivo <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>l\u2019eventual<span class=\"_ _2\"></span></span><span class=\"ls17\">e </span>differenza rispetto al pr<span class=\"_ _0\"></span>ecedente valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>L\u2019eccedenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _2\"></span>trasferito <span class=\"_ _3\"></span>(rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _3\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>trasferite, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli </span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>emessi <span class=\"_ _3\"></span>dall\u2019acquirente), eventualmente <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>(determinato <span class=\"_ _3\"></span>come sopra <span class=\"_ _4\"> </span>esposto) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>interessenze <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>all\u2019acq<span class=\"_ _3\"></span><span class=\"ff1\">uirente, <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 </span>acquisite  deve <span class=\"_ _16\"> </span>essere  rilevata <span class=\"_ _16\"> </span>come  avviamento;  q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>lora  q<span class=\"_ _0\"></span>ueste  ultime  r<span class=\"_ _0\"></span>isultino,  in<span class=\"_ _0\"></span>vece,  superiori <span class=\"_ _16\"> </span>alla  sommatoria <span class=\"_ _16\"> </span>del corrispettivo, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>possedute, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>imputata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico. La <span class=\"_ _1d\"> </span>contabilizzazione <span class=\"_ _1d\"> </span>dell\u2019opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>aggregazione <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _1d\"> </span>avvenire <span class=\"_ _1d\"> </span>provvisoriament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>entro <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>fine <span class=\"_ _1d\"> </span>dell\u2019esercizio <span class=\"_ _1d\"> </span>in  c<span class=\"_ _3\"></span>ui l\u2019aggregazione vie<span class=\"_ _0\"></span>ne realizzata e deve<span class=\"_ _0\"></span> essere perfezionata e<span class=\"_ _0\"></span>ntro dodici mesi <span class=\"_ _0\"></span>dalla <span class=\"_ _3\"></span><span class=\"ff1\">data di acquisizione. </span>Le contabilizzazioni di ulteriori quote di partecipazione in societ\u00e0 gi\u00e0 controllate sono considerate, ai sensi dell\u2019IFRS 10,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>come </span>operazione <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>agiscono <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soci. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _2\"></span>le<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>minoranz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>cquisite s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>imputate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppo; <span class=\"_ _3\"></span>parimenti<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>le <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quote d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>gen<span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>utili/perdite nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>econ<span class=\"_ _5\"></span>omico <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del patrimonio netto di g<span class=\"_ _0\"></span>ruppo. Non <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span>figurano <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>imprese <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>costituiscono un\u2019attivit\u00e0 <span class=\"_ _18\"> </span>aziendale <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>controllo <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>via <span class=\"_ _18\"> </span>transitoria <span class=\"_ _1c\"> </span>o, <span class=\"_ _18\"> </span>infine, <span class=\"_ _18\"> </span>se <span class=\"_ _20\"> </span>l\u2019aggregazione <span class=\"_ _17\"> </span>aziendale <span class=\"_ _18\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>realizzata <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>finalit\u00e0 riorganizzative, <span class=\"_ _6\"></span>quindi <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>imprese <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>aziendali <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"></span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>non comporta <span class=\"_ _1d\"> </span>cambiamento <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ssetti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>controllo <span class=\"_ _17\"> </span>indipendentemente <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>percentual<span class=\"_ _2\"></span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>iritti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>terzi <span class=\"_ _1d\"> </span>prima <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>dopo l\u2019operazione <span class=\"_ _2\"></span>(cosiddette <span class=\"_ _2\"></span>aggregazioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>comune). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>considerat<span class=\"_ _0\"></span>e prive di sostanza economica. Pertanto, in as<span class=\"_ _0\"></span>senza di specifiche indicazioni previ<span class=\"_ _0\"></span>ste dai principi<span class=\"_ _2\"></span> IAS/IFRS e in aderenza con le presunzioni dello <span class=\"_ _3\"></span>IAS 8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>ichiede che <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>in assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>principio specifico <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa debba <span class=\"_ _3\"></span>fare uso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio giudizio </span>nell\u2019applicare <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _7\"> </span>che  fo<span class=\"_ _0\"></span>rnisca <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rilevante, <span class=\"_ _7\"> </span>attendibile, <span class=\"_ _16\"> </span>prudent<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>rifletta <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>sostanza </span>economica dell\u2019oper<span class=\"_ _0\"></span>azione, esse sono c<span class=\"_ _0\"></span>ontabilizzate salvag<span class=\"_ _0\"></span>uardando la continui<span class=\"_ _0\"></span>t\u00e0 dei valori nel<span class=\"_ _0\"></span> bilancio dell\u2019acquire<span class=\"_ _0\"></span>nte.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>fusioni <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>imprese, <span class=\"_ _2\"></span>rappresentando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pi\u00f9 completa, in quanto <span class=\"_ _0\"></span>comportano l\u2019unifica<span class=\"_ _0\"></span>zione sia giuridica che <span class=\"_ _0\"></span>economica dei <span class=\"_ _0\"></span>soggetti che vi partecipa<span class=\"_ _0\"></span>no.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"> </span>fusioni, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"> </span>esse <span class=\"_ _6\"> </span>proprie, <span class=\"_ _6\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>costituzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _6\"> </span>soggetto <span class=\"_ _6\"> </span>giuridico <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>incorporazione\u201d <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>la conflu<span class=\"ff4\">enza <span class=\"_ _16\"> </span>di  un\u2019impre<span class=\"_ _0\"></span>sa  in <span class=\"_ _7\"> </span>un\u2019altra  impresa <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>esistente, <span class=\"_ _16\"> </span>sono  trattate <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _16\"> </span>i  criteri <span class=\"_ _7\"> </span>precedentemente  illu<span class=\"_ _0\"></span>strati,  i<span class=\"_ _35\"></span>n </span>particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _1d\"> </span>l\u2019operazione <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>trasferimento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019impresa,  essa<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>trattata <span class=\"_ _1d\"> </span>come <span class=\"_ _1d\"> </span>un\u2019operazione <span class=\"_ _1d\"> </span>di </span></span>aggregazione <span class=\"ff4\">ai sensi dell\u2019IFRS<span class=\"_ _0\"></span> 3;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e l\u2019operazione no<span class=\"_ _0\"></span>n comporta il trasferim<span class=\"_ _0\"></span>ento del controllo, ess<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> viene contabili<span class=\"_ _0\"></span>zzata privilegiand<span class=\"_ _0\"></span>o la continuit\u00e0 dei valor<span class=\"_ _0\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">.</span></span></span><span class=\"ff1\"><span class=\"ff4\"><span class=\"ff1\"> </span></span></span>Criteri di redazione del<span class=\"_ _0\"></span>l\u2019informativa di <span class=\"_ _0\"></span>settore<span class=\"ffa\"> </span>L\u2019informativa di <span class=\"_ _3\"></span>settore del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo si <span class=\"_ _3\"></span>ba<span class=\"_ _3\"></span><span class=\"ff1\">sa <span class=\"_ _3\"></span>sugli <span class=\"_ _3\"></span>elementi che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>management utilizza <span class=\"_ _3\"></span>per prendere <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>roprie </span>decisioni operative (<span class=\"_ _0\"></span>c.d. \u201cmanagement a<span class=\"_ _0\"></span>pproach\u201d) ed \u00e8 dunque<span class=\"_ _0\"></span> coerente con i req<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isiti informativi <span class=\"_ _0\"></span>previsti dall\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> 8.  </span>Il <span class=\"_ _3\"></span>modello organizzativo del <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo si a<span class=\"_ _3\"></span>rticola in<span class=\"_ _2\"></span> s<span class=\"_ _3\"></span>ei settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 con <span class=\"_ _3\"></span>specifiche responsabilit\u00e0 operative:<span class=\"_ _0\"></span> Banca dei Territori, IMI Corpor<span class=\"_ _0\"></span>ate &amp; Investment Banking, Intern<span class=\"_ _0\"></span>ational Subsidiary Banks, A<span class=\"_ _0\"></span>sset Management, Private Ban<span class=\"_ _0\"></span>king e <span class=\"_ _3\"></span>Insurance. <span class=\"_ _3\"></span>Ai suddetti <span class=\"_ _3\"></span>settori <span class=\"_ _3\"></span>operativi si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiunge, inoltre, <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Centro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Governo <span class=\"_ _3\"></span>cui \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>demandato il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>di indirizzo, <span class=\"_ _2\"></span>coordinamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>dell\u2019intero <span class=\"_ _2\"></span>Gruppo. <span class=\"_ _5\"></span>Rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>strutture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>rappresentate<span class=\"_ _0\"></span> dalla Tesoreria, dalla D<span class=\"_ _0\"></span>irezione NP<span class=\"_ _0\"></span>E nonch\u00e9 le attivit\u00e0 di Asset<span class=\"_ _0\"></span> &amp;<span class=\"_ _3\"></span> Liability Management (A<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>M) strategico.  Ai f<span class=\"_ _3\"></span>ini della <span class=\"_ _3\"></span>predisposizione del Segment <span class=\"_ _3\"></span>Reporting i <span class=\"_ _3\"></span>risultati economici <span class=\"_ _3\"></span>e patri<span class=\"_ _3\"></span>moniali attribuiti ai <span class=\"_ _3\"></span>diversi settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>att<span class=\"_ _5\"></span>ivit\u00e0 sono determinati in base ai<span class=\"_ _3\"></span> principi contabili utilizzati nella redazione e p<span class=\"_ _3\"></span>resenta<span class=\"_ _3\"></span><span class=\"ff4\">zione d<span class=\"_ _3\"></span>el bilancio consolidato. L\u2019utilizzo degli stessi </span>criteri <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rendicontazione  consente <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>i\u00f9  a<span class=\"_ _3\"></span>gevole <span class=\"_ _1d\"> </span>riconciliazione  dei <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>settoriali <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>quelli <span class=\"_ _1d\"> </span>consolidati. <span class=\"_ _1d\"> </span>Al <span class=\"_ _1d\"> </span>fine <span class=\"_ _1d\"> </span>di rappresentare pi\u00f9 efficacemente i <span class=\"_ _3\"></span>risultati e <span class=\"_ _3\"></span>per me<span class=\"_ _3\"></span>glio comprendere le compo<span class=\"_ _2\"></span>nenti che <span class=\"_ _3\"></span>li hanno <span class=\"_ _3\"></span>generati, per ci<span class=\"_ _3\"></span>ascun settore oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>informativa <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>presentat<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _2\"></span>riclassificato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>esprimono <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contributo <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>risultato<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di Gruppo.  Il <span class=\"_ _4\"> </span>contributo <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _4\"></span>Divisioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Centro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Governo <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>risu<span class=\"_ _3\"></span>ltato <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>complessivo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>determinato<span class=\"_ _35\"></span> secondo le metodologi<span class=\"_ _0\"></span>e descritte di seguit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tassi <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _6\"></span>(TIT), <span class=\"_ _6\"></span>differenziati <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>scadenza </span>della singola operazi<span class=\"_ _0\"></span>one, per la corretta attribuzione dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> componente i<span class=\"_ _0\"></span>nteressi netti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banche/Societ\u00e0 d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>componenti </span>reddituali <span class=\"_ _3\"></span>riferibili a <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ripartizione <span class=\"_ _3\"></span>dei risulta<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>fabbriche prodotto/unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizio e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>di relazione/unit\u00e0 clienti<span class=\"_ _0\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>addebito dei costi <span class=\"_ _0\"></span>diretti a ciascuna Di<span class=\"_ _0\"></span>visione di Business <span class=\"_ _0\"></span>e al Centro di Gover<span class=\"_ _0\"></span>no;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contabilit\u00e0 <span class=\"_ _6\"></span>industriale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza, <span class=\"_ _5\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>l\u2019addebito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>costi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>i </span></span>servizi <span class=\"_ _5\"></span>erogati <span class=\"_ _5\"></span>dalle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>centrali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>facenti <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>Divisioni <span class=\"_ _2\"></span>di Business e delle altre Strutture del Centro di Govern<span class=\"_ _0\"></span>o, nonch\u00e9 dei costi relativi allo svolgimento del<span class=\"_ _2\"></span>le attivit\u00e0 di indirizzo e<span class=\"_ _35\"></span> controllo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>logica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>portafogliazione/segme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>clientela <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>l\u2019attribuzione <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>ci<span class=\"_ _3\"></span>ascuna <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>al </span></span>Centro di Governo dei <span class=\"_ _0\"></span>risultati economici d<span class=\"_ _0\"></span>ell\u2019operativit\u00e0 con <span class=\"_ _0\"></span>clientela e delle retti<span class=\"_ _0\"></span>fiche nette<span class=\"_ _3\"></span><span class=\"ff1\"> di valore su crediti. </span>Il <span class=\"_ _4\"> </span>risultato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Business<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Unit <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>fiscali, <span class=\"_ _4\"> </span>calcolati <span class=\"_ _4\"></span>applicando <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>principali <span class=\"_ _4\"></span>componen<span class=\"_ _2\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i determinazione del tax<span class=\"_ _0\"></span> rate effettivo in coere<span class=\"_ _0\"></span>nza con la politica <span class=\"_ _0\"></span>fiscale del Gruppo. I <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gment<span class=\"_ _0\"></span>i <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>infragruppo <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al lordo dei rapporti tra <span class=\"_ _0\"></span>diversi segmenti <span class=\"_ _0\"></span>operativi di business. Per <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"> </span>Divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>Centro <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>inoltre <span class=\"_ _6\"></span>calcolato <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tale <span class=\"_ _6\"></span>assorbito <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>RWA <span class=\"_ _6\"></span>(Risk <span class=\"_ _4\"></span>Weighted<span class=\"_ _35\"></span> Assets) <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>oerentemente <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>vigente <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>integrati, <span class=\"_ _5\"></span>laddove <span class=\"_ _6\"></span>necessario, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>gestionali <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale \u201ceconomico\u201d per ten<span class=\"_ _0\"></span>ere conto dei risc<span class=\"_ _0\"></span>hi non coperti dalla me<span class=\"_ _0\"></span>trica regolamenta<span class=\"_ _0\"></span>re<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpl<span class=\"ff4\">etamento d<span class=\"_ _3\"></span>ell\u2019informativa per <span class=\"_ _2\"></span>segmenti <span class=\"_ _2\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>fornita <span class=\"_ _3\"></span>un\u2019illustrazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>economici <span class=\"_ _3\"></span>e </span>degli <span class=\"_ _3\"></span>aggregati <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>opera. <span class=\"_ _2\"></span>Le <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>finite sulla <span class=\"_ _4\"> </span><span class=\"ff4\">base <span class=\"_ _4\"> </span>dell\u2019articolazione <span class=\"_ _6\"> </span>territoriale <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>segmenti <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perativi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>business <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>riconducibili <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tre<span class=\"_ _90\"> </span></span><span class=\"ff4\"> </span>principali <span class=\"_ _2\"></span>raggruppamenti <span class=\"_ _2\"></span>geografici <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finiti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>residenza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _2\"></span>giuridiche <span class=\"_ _2\"></span>costituenti <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo:<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>Italia, Europa e Resto del mon<span class=\"_ _0\"></span>do. Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> <span class=\"_ _9\"> </span> Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Prodotti a contenuto as<span class=\"_ _0\"></span>sicurativo </span>I <span class=\"_ _5\"></span>prodotti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>icurativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _6\"></span>significativo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omprendono: <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>caso<span class=\"_ _5\"></span> morte, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>mis<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>coefficienti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>garantiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _4\"> </span>dell'em<span class=\"_ _5\"></span>issione, <span class=\"_ _4\"></span>alcune tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>lizze <span class=\"_ _5\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anni. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>prodotti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sciplina <span class=\"_ _5\"></span>IAS/IFRS <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>quant<span class=\"_ _5\"></span><span class=\"ls17\">o </span>previsto dai principi <span class=\"_ _0\"></span>contabili nazionali in m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria assicurati<span class=\"_ _0\"></span>va. <span class=\"_ _3\"></span> L\u2019IFRS 4, in sintesi pre<span class=\"_ _0\"></span>vede: <span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione dei p<span class=\"_ _3\"></span>remi lordi a <span class=\"_ _3\"></span>Conto economico fra <span class=\"_ _3\"></span>i proventi; essi <span class=\"_ _3\"></span>comprendono tutti gli <span class=\"_ _3\"></span>importi maturati durante l<span class=\"_ _3\"></span>\u2019esercizi<span class=\"_ _35\"></span>o </span></span>a  seguito  della <span class=\"_ _1d\"> </span>stipula  dei  contratti  di  assicurazione  al  netto  de<span class=\"_ _3\"></span>gli  annullamenti;  analogamente,  i  premi  ceduti  ai riassicuratori sono iscr<span class=\"_ _0\"></span>itt<span class=\"ff4\">i quali costi dell\u2019esercizi<span class=\"_ _0\"></span>o;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fronte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>premi <span class=\"_ _4\"> </span>lordi, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>accantonato <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>riserve <span class=\"_ _6\"></span>tecniche <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _6\"></span>degli <span class=\"_ _6\"> </span>impegni <span class=\"_ _6\"> </span>verso <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>assicurati<span class=\"_ _0\"></span>, </span></span>calcolati analiticame<span class=\"_ _0\"></span>nte per ciascun cont<span class=\"_ _0\"></span>ratto secondo quant<span class=\"_ _0\"></span>o definito dai prin<span class=\"_ _0\"></span>cipi contabili locali<span class=\"_ _0\"></span> in materia; <span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>prodotti a <span class=\"_ _3\"></span>conten<span class=\"ff4\">uto assicurativo <span class=\"_ _3\"></span>inseriti all\u2019interno delle <span class=\"_ _3\"></span>gestioni separate s<span class=\"_ _3\"></span>ono valutati <span class=\"_ _3\"></span>applicando il <span class=\"_ _3\"></span>cosiddetto shadow </span></span>accounting, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>allocando <span class=\"_ _7\"> </span>le <span class=\"_ _4\"></span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>quello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato, <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificati<span class=\"_ _35\"></span> disponibili  p<span class=\"_ _0\"></span>er  la<span class=\"_ _0\"></span>  vendita,  per<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>componente  di<span class=\"_ _0\"></span>  compete<span class=\"_ _0\"></span>nza  degli<span class=\"_ _0\"></span>  assicurati <span class=\"_ _16\"> </span>alle  ris<span class=\"_ _0\"></span>erve  tecnic<span class=\"_ _0\"></span>he,  e <span class=\"_ _16\"> </span>per  quella<span class=\"_ _0\"></span>  di competenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"></span>netto. <span class=\"_ _4\"> </span>Nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui, <span class=\"_ _4\"> </span>invece, <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alue, rilevato a Conto economico, la differenza <span class=\"_ _3\"></span>tra il valore di car<span class=\"_ _3\"></span>ico ed il valore di mercato viene registrata a Conto economico determinando una vari<span class=\"_ _0\"></span>azione delle riserve <span class=\"_ _0\"></span>tecniche per la quot<span class=\"_ _0\"></span>a di competenza degli <span class=\"_ _0\"></span>assicurati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>ge<span class=\"_ _3\"></span><span class=\"ff4\">s<span class=\"_ _3\"></span>tione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>utili<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresenta<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>complessivamente <span class=\"_ _5\"></span>senza </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale. In  c<span class=\"_ _3\"></span>onformit\u00e0  alle <span class=\"_ _1d\"> </span>previsioni  dell\u2019IFRS <span class=\"_ _1d\"> </span>4 <span class=\"_ _1d\"> </span>il  Gruppo <span class=\"_ _1d\"> </span>verifica  l\u2019adeguatezza <span class=\"_ _1d\"> </span>prospettica  del  valore <span class=\"_ _1d\"> </span>delle  p<span class=\"_ _3\"></span>assivit\u00e0  iscritte attraverso il cosiddetto<span class=\"_ _0\"></span> Liability Adequacy Test (<span class=\"_ _0\"></span>LAT). 10. <span class=\"_ _1c\"> </span>Prodotti di natura finanzia<span class=\"_ _0\"></span>ria inclusi in gestion<span class=\"_ _0\"></span>i separate I <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>avendo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo, <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gestioni <span class=\"_ _5\"></span>separate<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>e quindi <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili, <span class=\"_ _2\"></span>comprendono <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>maggioranza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>durata della <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>polizze <span class=\"_ _5\"></span>miste <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>quinto. <span class=\"_ _5\"></span>Essi <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzat<span class=\"_ _5\"></span><span class=\"ls19\">i </span>secondo i principi <span class=\"_ _0\"></span>dettati dall'IFRS 4, ovvero, sinteticamente: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>esposti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _4\"> </span>analogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>principi <span class=\"_ _4\"> </span>contabili <span class=\"_ _7\"> </span>locali <span class=\"_ _7\"> </span>in </span>materia, con evidenza <span class=\"_ _0\"></span>a Conto economico <span class=\"_ _0\"></span>dei premi, dei pagam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti e della varia<span class=\"_ _0\"></span>zione delle riserve tec<span class=\"_ _0\"></span>niche;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>i  pr<span class=\"ff4\">odotti  a <span class=\"_ _16\"> </span>contenuto  assic<span class=\"_ _0\"></span>urativo  inseriti <span class=\"_ _16\"> </span>all\u2019interno  delle  g<span class=\"_ _35\"></span>estioni  separate,  e  c<span class=\"_ _35\"></span>he  quindi  prevedono <span class=\"_ _16\"> </span>elementi  di </span></span>partecipazione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>iscrezionale <span class=\"_ _18\"> </span>agli <span class=\"_ _1c\"> </span>utili, <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>applica <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>cosidd<span class=\"_ _0\"></span>etto <span class=\"_ _1c\"> </span>shadow <span class=\"_ _1c\"> </span>accounting, <span class=\"_ _18\"> </span>come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>nel paragrafo precedente; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>det<span class=\"ff4\">erminazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _2\"></span>accounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e passivit\u00e0 <span class=\"_ _3\"></span>relative ai p<span class=\"_ _3\"></span>rodotti con <span class=\"_ _3\"></span>partecipazione discrezionale agli u<span class=\"_ _3\"></span>tili sono <span class=\"_ _3\"></span>rappresentate in modo complessivo, <span class=\"_ _3\"></span>senza<span class=\"_ _0\"></span> </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale.<span class=\"_ _90\"> </span>11. <span class=\"_ _1c\"> </span>Prodotti di natura finanziaria n<span class=\"_ _0\"></span>on inclusi in gestioni s<span class=\"_ _0\"></span>eparate I <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>di natura <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano un <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio assicurativo significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni separate, e quindi non prevedono elementi di partecipazione discrezional<span class=\"_ _0\"></span>e agli utili, sono esposti in bilancio come passivit\u00e0 finanziar<span class=\"_ _5\"></span>ie e sono <span class=\"_ _6\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value, <span class=\"_ _4\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>prevista <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzione <span class=\"_ _6\"></span>(Fair <span class=\"_ _4\"></span>Value <span class=\"_ _6\"></span>Option), <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato. <span class=\"_ _6\"></span>Questi <span class=\"_ _4\"></span>prodotti<span class=\"_ _35\"></span> finanziari <span class=\"_ _16\"> </span>comprendono <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>polizze <span class=\"_ _16\"> </span>index <span class=\"_ _16\"> </span>linked <span class=\"_ _7\"> </span>e  p<span class=\"_ _0\"></span>arte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>nit <span class=\"_ _16\"> </span>linked, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>le  polizze <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>provvista specifica di attivi non incluse in <span class=\"_ _3\"></span>gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come di seguito sintetizzat<span class=\"_ _0\"></span>o: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>index <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _2\"></span>considerate <span class=\"_ _5\"></span>investment <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontracts <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>mentre <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>specifica </span>provvista di attivi non i<span class=\"_ _0\"></span>nclusi in gestioni separ<span class=\"_ _0\"></span>ate sono valutati al <span class=\"_ _0\"></span>costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _4\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>questi <span class=\"_ _7\"> </span>prodotti, <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>sole <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>ricavo, <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"> </span>dai </span>caricamenti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>commissioni, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>costo, <span class=\"_ _3\"></span>costituite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>provvigioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri <span class=\"_ _3\"></span>oneri; <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>riflette, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i ricavi <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>dalle v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>accese <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti. Pi\u00f9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _6\"></span>rincipi<span class=\"_ _35\"></span> contabili <span class=\"_ _6\"></span>internazionali, <span class=\"_ _5\"></span>contenuti <span class=\"_ _4\"></span>nello <span class=\"_ _5\"></span>IAS <span class=\"_ _4\"></span>3<span class=\"ff4\">9<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>nell\u2019IFRS <span class=\"_ _6\"> </span>15, <span class=\"_ _6\"> </span>prevedono <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>value, <span class=\"_ _6\"></span>i </span>ricavi <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>identificati <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>separati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>componenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(i) <span class=\"_ _7\"> </span>origination, <span class=\"_ _4\"> </span>da imputare <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>dell\u2019emissione <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>prodotto, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(ii) <span class=\"_ _7\"> </span>investment <span class=\"_ _7\"> </span>management <span class=\"_ _7\"> </span>service, <span class=\"_ _7\"> </span>da </span>ripartire <span class=\"_ _2\"></span>lungo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prodotto, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>fornito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>servizio. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>specifi<span class=\"_ _5\"></span>ca<span class=\"_ _0\"></span> provvista di <span class=\"_ _3\"></span>attivi non i<span class=\"_ _3\"></span>nclusi in <span class=\"_ _3\"></span>gestioni separate, i <span class=\"_ _3\"></span>ricavi e <span class=\"_ _3\"></span>costi in<span class=\"_ _2\"></span>crementali confluiscono nella <span class=\"_ _3\"></span>determinazione del costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l'eventuale <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>insita <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>index <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>linked, <span class=\"_ _4\"></span>qualo<span class=\"_ _0\"></span>ra <span class=\"_ _6\"></span>separabile, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>autonoma </span>valutazione e rappre<span class=\"_ _0\"></span>sentazione contabile.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-942": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-226.22974px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; </div><div class=\"t m0 x0 h2 y61 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: </div><div class=\"t m0 x0 h2 y6a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span></div><div class=\"t m0 x0 h2 y6b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span></div><div class=\"t m0 x0 h2 y6c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7a ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y80 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. </div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h95 y49 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y4a ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari delle ste<span class=\"_ _0\"></span>sse. </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali </div><div class=\"t m0 x0 h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span></div></div>Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span>1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1009": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 complessiva (<span class=\"_ _3\"></span>FVOCI)<span class=\"_ _0\"></span><span class=\"ff2 fc0\"> </span></div><div class=\"t m0 x0 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Sono incluse nella pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ente categoria le atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie che <span class=\"_ _0\"></span>soddisfano entrambe l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> seguenti <span class=\"_ _3\"></span>condizioni: </div><div class=\"t m0 x0 h2 y62 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>posseduta <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onseguito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span></div><div class=\"t m0 x2a h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">flussi finanziari previ<span class=\"_ _0\"></span>sti contrattualmente ch<span class=\"_ _0\"></span>e mediante la vendit<span class=\"_ _0\"></span>a (Business model \u201cH<span class=\"_ _0\"></span>old to Collect and S<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u201d), e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y64 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ls11\">i <span class=\"_ _5\"></span></span><span class=\"ff4\">ter<span class=\"_ _3\"></span>mini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>prevedono, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>unicamente <span class=\"_ _5\"></span>da </span></span></div><div class=\"t m0 x2a h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 xaa h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xaa h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>inoltre inclusi ne<span class=\"_ _3\"></span>lla voce <span class=\"_ _3\"></span>gli strumenti di <span class=\"_ _3\"></span>capitale, non detenuti <span class=\"_ _3\"></span>per f<span class=\"_ _3\"></span>inalit\u00e0 di ne<span class=\"_ _3\"></span>goziazion<span class=\"_ _0\"></span>e, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali, al <span class=\"_ _3\"></span>momento della </div><div class=\"t m0 xaa h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">rilevazione iniziale, \u00e8<span class=\"_ _0\"></span> stata esercitata l\u2019<span class=\"_ _0\"></span>opzione per la designa<span class=\"_ _0\"></span>zione al fair val<span class=\"_ _0\"></span>ue con impatto sulla<span class=\"_ _0\"></span> redditivit\u00e0 complessiv<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>.  </span></div><div class=\"t m0 xaa h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xaa h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, vengono i<span class=\"_ _0\"></span>nclusi in questa voce: </div><div class=\"t m0 x0 h2 y6b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he sono riconducibili<span class=\"_ _0\"></span> ad un business mo<span class=\"_ _0\"></span>del Hold to Collect a<span class=\"_ _0\"></span>nd Sell e che hanno <span class=\"_ _0\"></span>superato il test SPPI;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y6c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>interessenze<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>azionarie, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>qualificabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo, <span class=\"_ _2\"></span>collegamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ongiunto, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>detenute <span class=\"_ _2\"></span>con </span></div><div class=\"t m0 x2a h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>negoziazione, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esercitata <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>esignazione <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">complessiva; </div><div class=\"t m0 x0 h2 y6f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>perato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>SPPI, </span></div><div class=\"t m0 x2a h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">incluse <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>sindacati <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>tipologie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>destin<span class=\"_ _5\"></span><span class=\"ff1\">ate </span></div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">alla cessione e che so<span class=\"_ _0\"></span>no riconducibili <span class=\"_ _0\"></span>ad un Business model H<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect an<span class=\"_ _0\"></span>d Sell.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Secondo le regole g<span class=\"ff4\">enerali previste da<span class=\"_ _3\"></span>ll\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclas<span class=\"_ _0\"></span>sifica),  non  sono  ammesse  riclassifi<span class=\"_ _0\"></span>che  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie salvo il <span class=\"ff4\">caso in cu<span class=\"_ _0\"></span>i l\u2019entit\u00e0 modifichi il <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roprio modello di bu<span class=\"_ _0\"></span>siness per la gestio<span class=\"_ _0\"></span>ne delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>casi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>infrequenti, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>potranno <span class=\"_ _2\"></span>essere <span class=\"_ _6\"></span>riclassificate<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>cat<span class=\"_ _5\"></span>egoria </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">valutata <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span><span class=\"ff4\">value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>categorie <span class=\"_ _6\"></span>previste <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>(Attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortizzato o <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico). <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>alore </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fetti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>riclassificazione <span class=\"_ _3\"></span>operano <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">maniera prospettica a partire dalla data di riclas<span class=\"_ _0\"></span>sificazione. Nel caso di riclassific<span class=\"_ _0\"></span>a dalla categoria in oggetto a quella d<span class=\"_ _2\"></span>el<span class=\"_ _3\"></span> cost<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">amm<span class=\"ff4\">ortizzato, <span class=\"_ _4\"> </span>l\u2019utile <span class=\"_ _7\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riserva <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>portato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettifica <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _5\"></span></span><span class=\"ls17\">\u00e0 </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">finanziaria <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>riclassificazione. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riclassifica <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span>onto </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">economico, l'utile (perdita) cumulato rilevato preceden<span class=\"_ _0\"></span>temente nella riserva da valutazione \u00e8 riclassificato dal patrimonio n<span class=\"_ _5\"></span>ett<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">all'utile (perdita) d<span class=\"_ _0\"></span>'esercizio. </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvi<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"> </span>\u201cI <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h95 y81 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y82 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019iscrizione <span class=\"_ _3\"></span>iniziale delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alla </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">data di <span class=\"ff4\">erogazione per i finanziamenti. All\u2019atto della rileva<span class=\"_ _0\"></span>zione iniziale le attivit\u00e0 sono contabili<span class=\"_ _0\"></span>zzate al fair value, comprensiv<span class=\"_ _2\"></span><span class=\"ff1 ls17\">o </span></span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">dei costi o proventi d<span class=\"_ _0\"></span>i transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo<span class=\"_ _0\"></span> strumento stesso. </div><div class=\"t m0 x0 h95 y86 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y87 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente alla <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Attivit\u00e0 c<span class=\"_ _3\"></span>lassificate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva, <span class=\"_ _3\"></span>diverse </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">dai <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _3\"></span>dall\u2019applic<span class=\"_ _5\"></span><span class=\"ff1\">azione </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>costo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"ff4\">mmortizzato, <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019eventuale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>cambio, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>utili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>finch\u00e9 <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _7\"> </span><span class=\"ff1\">viene </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">can<span class=\"ff4\">cellata. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>l\u2019utile <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>cumulati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>vengono </span></div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">riversati, in tutto o in <span class=\"_ _0\"></span>parte, a Conto econ<span class=\"_ _0\"></span>omico. </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>scelta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classifica<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>importi <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>(Prospetto <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva) <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>esser<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">successivamente trasferiti a con<span class=\"_ _0\"></span>to economico, neanche in caso di cessione. La<span class=\"_ _3\"></span> sola componente riferibile ai titoli di capit<span class=\"_ _0\"></span>ale in </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">questione che \u00e8 ogg<span class=\"_ _0\"></span>etto di rilevazione a co<span class=\"_ _0\"></span>nto economico \u00e8 rap<span class=\"_ _0\"></span>presentata dai rel<span class=\"_ _0\"></span>ativi dividendi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>criteri <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>illustrati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">conto economico. </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>categoria, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>qu<span class=\"_ _5\"></span>ale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">del fair <span class=\"_ _3\"></span>value soltanto in <span class=\"_ _3\"></span>via residuale e <span class=\"_ _3\"></span>limitatamente<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>oche circostanze, ossia in caso <span class=\"_ _3\"></span>di non <span class=\"_ _3\"></span>applicabilit\u00e0 di tutti <span class=\"_ _3\"></span>i metodi d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>precedentemente richiamati, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>\u2019ampia gamma <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">ambito il costo rappr<span class=\"_ _0\"></span>esenta la stima pi\u00f9 sig<span class=\"_ _0\"></span>nificat<span class=\"_ _3\"></span>iva. </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sotto <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>debito <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">crediti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ff4\">sono <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019incremento significativo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>(impairment) <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ari </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">delle Attivit\u00e0 al costo ammortizzat<span class=\"_ _0\"></span>o, con conseguente rilevazione a conto economico di una retti<span class=\"_ _0\"></span>fica di valo<span class=\"_ _2\"></span>re<span class=\"_ _3\"></span> a copertura dell<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">perdite <span class=\"_ _18\"> </span>attese. <span class=\"_ _18\"> </span>Pi\u00f9 <span class=\"_ _18\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _18\"> </span>particolare, <span class=\"_ _18\"> </span>sugli <span class=\"_ _18\"> </span>strumenti <span class=\"_ _18\"> </span>classificati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>tage <span class=\"_ _18\"> </span>1 <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>ossia <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _17\"> </span>al <span class=\"_ _1c\"> </span>momento<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019origination, <span class=\"_ _7\"> </span>ove  non <span class=\"_ _7\"> </span>deteriorate, <span class=\"_ _16\"> </span>e  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>per  cui <span class=\"_ _7\"> </span>non  si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>verificato <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>significativo <span class=\"_ _16\"> </span>incremento <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>rischio<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">creditizio <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale) <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contabilizzata, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni <span class=\"_ _7\"> </span>data<span class=\"_ _6\"></span> <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">reporting <span class=\"_ _5\"></span>successiva, <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>anno. <span class=\"_ _6\"></span>Invece, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>classificati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>(bonis <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i  q<span class=\"_ _0\"></span>uali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">verificato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>incremento <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>iniziale) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>stage <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>(espos<span class=\"_ _5\"></span>izioni </div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">deteriorate) viene co<span class=\"_ _0\"></span>ntabilizzata una perdit<span class=\"_ _0\"></span>a attesa per l\u2019intera v<span class=\"_ _0\"></span>ita residua dello strum<span class=\"_ _0\"></span>ento finanziario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">Viceversa non sono assogge<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tati al processo<span class=\"_ _0\"></span> di impairment i titol<span class=\"_ _0\"></span>i di capitale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">Si rinvia al successi<span class=\"_ _0\"></span>vo paragrafo \u201cPerdite di v<span class=\"_ _0\"></span>alore delle attivit\u00e0 <span class=\"_ _0\"></span>finanziarie\u201d per appr<span class=\"_ _0\"></span>ofondimenti.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>solamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>par<span class=\"_ _5\"></span>i <span class=\"_ _1d\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>co<span class=\"_ _2\"></span>nservazione dei diritti cont<span class=\"_ _3\"></span>rattuali<span class=\"_ _0\"></span> a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi.<span class=\"_ _90\"> </span>3. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammortizzato Criteri di classifica<span class=\"_ _0\"></span>zione Sono <span class=\"_ _7\"> </span>incluse <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"> </span>categoria <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>(in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ebito) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>soddisfan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>entrambe le seguenti c<span class=\"_ _0\"></span>ondizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un <span class=\"_ _3\"></span>mod<span class=\"_ _3\"></span>ello di business il <span class=\"_ _3\"></span>cui obiettivo \u00e8 c<span class=\"_ _3\"></span>onseguito mediante l\u2019incasso dei flussi </span></span>finanziari previsti co<span class=\"_ _0\"></span>ntrattualmente (Busine<span class=\"_ _0\"></span>ss model \u201cHold to C<span class=\"_ _0\"></span>ollect\u201d), e<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>rmini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appre<span class=\"_ _2\"></span></span>sentati <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nicamente <span class=\"_ _2\"></span>da </span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Pi\u00f9 in particolare, form<span class=\"_ _0\"></span>ano oggetto di rile<span class=\"_ _0\"></span>vazione in questa voc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con ba<span class=\"_ _0\"></span>nche nelle diverse forme<span class=\"_ _0\"></span> tecniche che presentano i requisiti di cui so<span class=\"_ _0\"></span>pra;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con cli<span class=\"_ _0\"></span>entela nelle diverse f<span class=\"_ _0\"></span>orme tecniche che <span class=\"_ _0\"></span>presentano i requi<span class=\"_ _0\"></span>siti di cui sopra;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he presentano i requisi<span class=\"_ _0\"></span>ti di cui sopra. </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>funzionam<span class=\"_ _2\"></span>ento <span class=\"_ _5\"></span>connessi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prestazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>servizi <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _35\"></span> come definiti dal T.U<span class=\"_ _0\"></span>.B. e dal T.U.F. (<span class=\"_ _0\"></span>ad esempio per distrib<span class=\"_ _0\"></span>uzione di prodotti fin<span class=\"_ _0\"></span>anziari ed attivit\u00e0 <span class=\"_ _0\"></span>di servicing).<span class=\"_ _2\"></span> Secondo <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>regole <span class=\"_ _6\"> </span>generali <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span><span class=\"ff1\">riclassificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ammesse </span>riclassifiche verso altre c<span class=\"_ _3\"></span>ategorie di att<span class=\"_ _3\"></span>ivit\u00e0 finanziarie salvo <span class=\"_ _3\"></span>il caso <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi il <span class=\"_ _3\"></span>proprio modello <span class=\"_ _3\"></span>di bus<span class=\"_ _5\"></span><span class=\"ff1\">iness per <span class=\"_ _3\"></span>la </span>gestione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _6\"></span>finanziarie. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>casi, <span class=\"_ _4\"></span>che <span class=\"_ _7\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>attende <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>altamente <span class=\"_ _6\"></span>infrequenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziari<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>potranno essere <span class=\"_ _7\"> </span>riclassificate <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>valutata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>costo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>due <span class=\"_ _16\"> </span>categorie <span class=\"_ _7\"> </span>previste <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 (Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _0\"></span> complessiva o <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>fair value con impatto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>gl<span class=\"_ _2\"></span><span class=\"ls13\">i </span>effetti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>riclassificazione <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perano <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>anier<span class=\"_ _2\"></span>a <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _16\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>riclassificazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>perdite risultanti dalla differenza tra <span class=\"_ _3\"></span>il costo a<span class=\"_ _3\"></span>mmortizzato dell'attivit\u00e0 finanziaria e il relativo <span class=\"_ _3\"></span>fair value sono <span class=\"_ _3\"></span>rilevati a <span class=\"_ _3\"></span>cont<span class=\"_ _5\"></span>o economico nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riclassifica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>netto, nell\u2019apposita <span class=\"_ _6\"> </span>riserva <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valutazi<span class=\"_ _0\"></span>one, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riclassifi<span class=\"_ _0\"></span>ca <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sulla </span>redditivit\u00e0 complessi<span class=\"_ _0\"></span>va. Per <span class=\"_ _6\"></span>maggi<span class=\"ff4\">ori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>nvia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span>\u201cI <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziari<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>erogazione <span class=\"_ _3\"></span>nel </span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti. <span class=\"_ _3\"></span>All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>iniziale le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roventi <span class=\"_ _3\"></span>di </span>transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo s<span class=\"_ _0\"></span>trumen<span class=\"_ _3\"></span>to stesso. In <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>erogazione <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ormalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _5\"></span>del<span class=\"_ _5\"></span> contratto. <span class=\"_ _7\"> </span>Qualora <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ale <span class=\"_ _7\"> </span>coincidenza <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>manifesti, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>provvede <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>iscrivere <span class=\"_ _1d\"> </span><span class=\"lsc\">un </span>impegno <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>erogare <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>chiude <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>erogazione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>L\u2019iscrizione del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base<span class=\"_ _5\"></span><span class=\"ff1\"> </span>del fair <span class=\"_ _3\"></span>value dello <span class=\"_ _3\"></span>stesso, pari <span class=\"_ _3\"></span>all\u2019ammontare erogato, o p<span class=\"_ _3\"></span>rezzo di <span class=\"_ _3\"></span>sottoscrizione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>comprensivo dei costi/proventi direttame<span class=\"_ _5\"></span><span class=\"ff1 ls17\">nt<span class=\"lsc\">e </span></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>determinabili <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019origine <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>liquidati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>successiv<span class=\"_ _5\"></span><span class=\"ff1\">o. </span>Sono <span class=\"_ _3\"></span>esclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>avendo <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche suddette, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto di <span class=\"_ _2\"></span>rimborso da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte d<span class=\"_ _3\"></span>ebitri<span class=\"_ _2\"></span>c<span class=\"ls17\">e </span>o sono inquadrabili tr<span class=\"_ _0\"></span>a i normali costi i<span class=\"_ _0\"></span>nterni di carattere <span class=\"_ _0\"></span>amministrativo.<span class=\"_ _3\"></span> Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro <span class=\"_ _7\"> </span>te<span class=\"_ _3\"></span>rmine <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>obbligo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rivendita <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>sono  iscritte <span class=\"_ _7\"> </span>in  Bi<span class=\"_ _0\"></span>lancio <span class=\"_ _16\"> </span>come operazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>impiego. <span class=\"_ _6\"></span>In <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>op<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>razioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>pronti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rilevate <span class=\"_ _6\"></span>in Bilancio <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>mporto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>percepito <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti, <span class=\"_ _5\"></span>mentre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rivendita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>son<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilevate come crediti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r l\u2019importo corrispo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to a pronti.<span class=\"ff1\"> </span>Criteri di valutazione Successivamente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>esame <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>ammortizzato, <span class=\"_ _5\"></span>utilizzando <span class=\"_ _7\"> </span>il metodo <span class=\"_ _3\"></span>del tasso <span class=\"_ _3\"></span>di i<span class=\"_ _3\"></span>nteresse effettivo. I<span class=\"_ _3\"></span>n questi <span class=\"_ _3\"></span>termini, l<span class=\"_ _3\"></span>\u2019attivit\u00e0 \u00e8 <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>in Bilancio p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>u<span class=\"_ _2\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>ammontare par<span class=\"_ _3\"></span>i al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di </span>prima <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>diminuito <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale, p<span class=\"_ _3\"></span>i\u00f9 o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>l\u2019ammortamento <span class=\"_ _3\"></span>cumulato <span class=\"_ _3\"></span>(calcolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>interesse effettivo) della differenza tra tale importo inizi<span class=\"_ _0\"></span>ale e l\u2019importo alla scadenza (riconduci<span class=\"_ _3\"></span><span class=\"ff1\">bile tipicamente ai costi/proventi </span>imputati <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>singola <span class=\"_ _4\"> </span>attivit\u00e0) <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettificato <span class=\"_ _7\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>intere<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">sse </span>effettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>individuato <span class=\"_ _2\"></span>calcolando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guaglia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>futuri<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>interesse</span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019ammontare <span class=\"_ _26\"> </span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2a\"> </span>inclusivo <span class=\"_ _2a\"> </span>dei <span class=\"_ _2a\"> </span>costi/proventi <span class=\"_ _2a\"> </span>ricondotti <span class=\"_ _2a\"> </span>all\u2019attivit\u00e0 <span class=\"_ _2a\"> </span>finanziaria <span class=\"_ _2a\"> </span>medesima. <span class=\"_ _2a\"> </span>Tale <span class=\"_ _3b\"> </span>modalit\u00e0 <span class=\"_ _2a\"> </span>di </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">contabilizzazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>utilizzando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuire <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>economico <span class=\"_ _6\"></span><span class=\"ff1\">dei <span class=\"_ _3\"></span>costi/proventi <span class=\"_ _3\"></span>direttamente </span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">attribuibili ad un\u2019attivi<span class=\"_ _0\"></span>t\u00e0 finanziaria lung<span class=\"_ _0\"></span>o la sua vita residua <span class=\"_ _0\"></span>attesa.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>utilizzato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>valorizzate <span class=\"_ _5\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>storico <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>fa </div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">ritenere <span class=\"_ _3\"></span>trascurabile <span class=\"_ _3\"></span>l\u2019e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>gica <span class=\"_ _3\"></span>dell\u2019attualizzazione, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>scadenza <span class=\"_ _3\"></span>def<span class=\"_ _3\"></span>inita <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">crediti a revoca. </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>cr<span class=\"_ _3\"></span>iteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>meglio <span class=\"_ _7\"> </span>indicato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _7\"> </span>\u201cPerdite <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie\u201d, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>strettament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">con<span class=\"ff4\">nessi all\u2019inclusione <span class=\"_ _0\"></span>degli strumenti in es<span class=\"_ _0\"></span>ame in uno dei tre stages<span class=\"_ _0\"></span> (stadi di rischio cre<span class=\"_ _0\"></span>ditizio) previsti <span class=\"_ _0\"></span>dall\u2019IFRS 9, l\u2019ult<span class=\"_ _2\"></span><span class=\"ff1\">imo dei </span></span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">quali (stage 3) compre<span class=\"_ _0\"></span>nde le attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie deteriorate e i r<span class=\"_ _0\"></span>estanti (stage 1 e <span class=\"_ _0\"></span>2) le attivit\u00e0 finanziar<span class=\"_ _0\"></span>ie in bonis.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>suddetti <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>valutativi, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>riferite a <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>pologia <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 sono rilevate <span class=\"_ _0\"></span>nel Conto economic<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto dell\u2019iscrizio<span class=\"_ _0\"></span>ne iniziale, per un <span class=\"_ _0\"></span>ammontare pari alla<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">perdita attesa a dodici mesi; </span></span></span></div><div class=\"t m0 x0 h2 y6b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>significativamente <span class=\"_ _3\"></span>increment<span class=\"_ _5\"></span></span>ato </span></div><div class=\"t m0 x2a h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _6\"></span>nei </span></div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">dodici mesi successivi<span class=\"_ _0\"></span>; </div><div class=\"t m0 x0 h2 y6e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>successiva <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0,  o<span class=\"_ _0\"></span>ve <span class=\"_ _16\"> </span>il  ris<span class=\"_ _0\"></span>chio  c<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>editizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>significativamente <span class=\"_ _16\"> </span>incrementato<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>rettifich<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _5\"></span>riferibili <span class=\"_ _6\"> </span>all\u2019intera <span class=\"_ _6\"></span>vita </div><div class=\"t m0 x2a h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">residua prevista contra<span class=\"_ _0\"></span>ttualmente per l\u2019attiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y71 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>ove <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>dopo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>verificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">credito <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _1c\"> </span>all\u2019<span class=\"ff1\">iscrizione <span class=\"_ _1c\"> </span>inizia<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _1c\"> </span>\u201csignificativit\u00e0\u201d <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>tale <span class=\"_ _1c\"> </span>increment<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>poi <span class=\"_ _1c\"> </span>venuta <span class=\"_ _1c\"> </span>meno, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>rel<span class=\"_ _0\"></span>azione </span></span></div><div class=\"t m0 x2a h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019adeguamento delle <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore cu<span class=\"_ _3\"></span>mulate per <span class=\"_ _3\"></span>tener conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passaggio da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita attesa <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita </div><div class=\"t m0 x2a h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">residua dello strume<span class=\"_ _0\"></span>nto (\u201clifetime\u201d)<span class=\"ff1\"> ad una a dodici mesi. </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 finanziarie in esame, <span class=\"_ _0\"></span>ove risultino in bonis, sono sottoposte ad un<span class=\"_ _0\"></span>a valutazione, volta a definire le rettifi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>di valore </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">da  r<span class=\"_ _0\"></span>ilevare <span class=\"_ _16\"> </span>in  b<span class=\"_ _0\"></span>ilancio, <span class=\"_ _16\"> </span>a  li<span class=\"_ _0\"></span>vello <span class=\"_ _16\"> </span>di  singo<span class=\"_ _0\"></span>lo  r<span class=\"_ _35\"></span>apporto  creditizio<span class=\"_ _0\"></span>  (o <span class=\"_ _7\"> </span>\u201ctranche\u201d  di <span class=\"_ _16\"> </span>titolo), <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funz<span class=\"_ _2\"></span><span class=\"ff1\">ione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di  ris<span class=\"_ _0\"></span>chio </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentati da probability of default (PD), loss given default (LGD<span class=\"_ _0\"></span>) ed exposure at default (EAD), derivati dai modelli AIR<span class=\"_ _5\"></span>B e </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">opportunamente corret<span class=\"_ _0\"></span>ti per tener conto <span class=\"_ _0\"></span>delle previsioni del p<span class=\"_ _0\"></span>rincipio contabile <span class=\"_ _0\"></span>IFRS 9.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Se, <span class=\"_ _3\"></span>oltre ad<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span> incremento s<span class=\"_ _3\"></span>ignificativo del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riscontrano anche <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze di <span class=\"_ _3\"></span>una p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore, </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019importo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>misurato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span></span>classificata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cdeteriorata\u201d, <span class=\"_ _5\"></span>al </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls10 ws0\">pa<span class=\"ls0\">ri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>rapporti <span class=\"_ _6\"></span>intercorrenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>controparte <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">scontati al tasso di inte<span class=\"_ _0\"></span>resse effettivo <span class=\"_ _0\"></span>originario. L\u2019importo <span class=\"_ _0\"></span>della perdita, da rile<span class=\"_ _0\"></span>vare a Conto eco<span class=\"_ _0\"></span>nomico, \u00e8 definito <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span><span class=\"ff1\">l<span class=\"_ _3\"></span>a base di </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _16\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>analitica <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>categorie <span class=\"_ _16\"> </span>omogenee <span class=\"_ _7\"> </span>e,  quin<span class=\"_ _0\"></span>di, <span class=\"_ _16\"> </span>attribuito <span class=\"_ _16\"> </span>analiticamente <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>ogni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">posizione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tiene <span class=\"_ _6\"></span>conto, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>dettagliato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>paragrafo <span class=\"_ _6\"></span>\u201cPerdite <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie\u201d, <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>informazioni <span class=\"_ _6\"> </span>forwa<span class=\"_ _5\"></span><span class=\"ff1\">r<span class=\"lsc\">d </span></span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">looking e dei possibil<span class=\"_ _0\"></span>i scenari alternativi <span class=\"_ _0\"></span>di recupero.  </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Rientrano  nell\u2019ambito  delle  atti<span class=\"_ _0\"></span>vit\u00e0  deteriorate  gli  strumenti  finanziari  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza<span class=\"_ _2\"></span><span class=\"ff1 ls12\">, </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">inadempienza <span class=\"_ _3\"></span>probabile <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>caduto/sconfinante <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>novanta <span class=\"_ _2\"></span>gior<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Italia, <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">normativa IAS/IFRS e di V<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>gilanza europe<span class=\"_ _0\"></span>a.  </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa <span class=\"_ _7\"> </span>previsti <span class=\"_ _16\"> </span>tengono <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tempi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>attesi <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>presumibile <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rea<span class=\"_ _3\"></span>lizzo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>eventuali </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">garanzie.  </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ciascuna <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>rimane <span class=\"_ _6\"></span>invariato <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ncorch\u00e9 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>intervenuta <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ristrutturazion<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>divenga, <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>pratica, </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla rilevazione d<span class=\"_ _3\"></span>ella </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _5\"></span>riprese <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in as<span class=\"_ _0\"></span>senza di preced<span class=\"_ _3\"></span>enti rettifiche. </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati nel margine d<span class=\"_ _0\"></span>i interesse.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>casi, <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>contrattual<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>originarie </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>volont\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>contratto. <span class=\"_ _5\"></span>Quando, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento, <span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">clausole <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>modifica <span class=\"_ _5\"></span>occorre <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>originaria <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>continuare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>rilevata<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>contrario, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>riginario <span class=\"_ _2\"></span>deve <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(<span class=\"_ _5\"></span>derecognition) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>debba </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">essere rilevato un nuo<span class=\"_ _0\"></span>vo strumento finanzi<span class=\"_ _0\"></span>ario. </div><div class=\"t m0 x0 h32 y4d ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>generale,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>conducono <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _7\"> </span>della <span class=\"_ _6\"> </span>stessa <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>nuova </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>\u201csostanzialit\u00e0<span class=\"_ _0\"></span>\u201d <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>modifica <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>considerand<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>qualitativi <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>quantitativi. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>sultare <span class=\"_ _4\"> </span>chiaro, <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complesse </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">analisi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambiamenti <span class=\"_ _2\"></span>introdotti <span class=\"_ _5\"></span>modificano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>contrattuali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>determin<span class=\"_ _5\"></span>ata </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _2\"></span>mentre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>dovranno <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>svolte <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>(anche <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>apprezzare <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>delle </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">stesse <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>procedere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _2\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">finanziario. </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>(quali-<span class=\"ff4\">quantitative) <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finire <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>\u201csostanzial<span class=\"_ _3\"></span>it\u00e0\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _5\"></span>apportate <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">dovranno pertanto con<span class=\"_ _0\"></span>siderare: </div><div class=\"t m0 x0 h2 y56 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finalit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>modifiche sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state e<span class=\"_ _3\"></span>ffettuate: a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>rinegoziazioni per <span class=\"_ _2\"></span>motivi commerciali <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>concessioni <span class=\"_ _3\"></span>per </span></div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">difficolt\u00e0 finanziari<span class=\"_ _0\"></span>e della controparte: </div><div class=\"t m0 x2a h2 y58 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>prime, <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>trattenere\u201d <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>liente, <span class=\"_ _6\"></span>vedono <span class=\"_ _6\"></span>coinvolto <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>debitore <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _6\"></span>versa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>difficolt\u00e0 </span></span></div><div class=\"t m0 x62 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">finanziaria. <span class=\"_ _16\"> </span>In  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>casistica <span class=\"_ _16\"> </span>sono  in<span class=\"_ _0\"></span>cluse <span class=\"_ _16\"> </span>tutte  le<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>negoziazione <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>volte <span class=\"_ _16\"> </span>ad  adegu<span class=\"_ _0\"></span>are </div><div class=\"t m0 x62 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019onerosit\u00e0 <span class=\"_ _1d\"> </span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span>debito <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>condizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato. <span class=\"_ _1d\"> </span>Tali <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>comportano <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>variazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni </span></div><div class=\"t m0 x62 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">originarie <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _2\"></span>solitamente <span class=\"_ _2\"></span>richieste <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>debitore, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>onerosit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>debito, </div><div class=\"t m0 x62 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>debitore <span class=\"_ _6\"></span>stesso. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>ogniqualvolta <span class=\"_ _6\"></span>la </div><div class=\"t m0 x62 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">banca <span class=\"_ _6\"></span>effettui <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rinegoziazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>proprio <span class=\"_ _6\"></span>cliente, <span class=\"_ _5\"></span>tale <span class=\"_ _4\"></span>rinegoziazione <span class=\"_ _5\"></span>debba <span class=\"_ _6\"></span>essere </div><div class=\"t m0 x62 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">considerata <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quanto, <span class=\"_ _4\"> </span>ove <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fosse <span class=\"_ _4\"></span>effettuata,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _4\"> </span>finanziarsi <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>altro </div><div class=\"t m0 x62 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">intermediario e la <span class=\"_ _0\"></span>banca subirebbe un de<span class=\"_ _0\"></span>cremento dei ricavi fut<span class=\"_ _0\"></span>uri previsti;<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x2a h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _5\"></span>seconde, <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>\u201cragioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>creditizio\u201d <span class=\"_ _2\"></span>(misure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>forbearance), <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>tentativo <span class=\"_ _5\"></span>della </span></span></div><div class=\"t m0 x62 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">banca  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>massimizzare  il <span class=\"_ _1d\"> </span>recupero <span class=\"_ _1d\"> </span>dei  f<span class=\"_ _3\"></span>lussi  di <span class=\"_ _1d\"> </span>cassa <span class=\"_ _1d\"> </span>del  credito <span class=\"_ _1d\"> </span>originario. <span class=\"_ _1d\"> </span>I <span class=\"_ _1d\"> </span>rischi  e <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>benefici  sottostanti, </div><div class=\"t m0 x62 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">successivamente <span class=\"_ _20\"> </span>alle <span class=\"_ _29\"> </span>modific<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e, <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>norma, <span class=\"_ _23\"> </span>non <span class=\"_ _23\"> </span>sono <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>trasferiti <span class=\"_ _23\"> </span>e, <span class=\"_ _23\"> </span>conseguentemente<span class=\"_ _0\"></span>, <span class=\"_ _23\"> </span>la </div><div class=\"t m0 x62 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>of<span class=\"_ _3\"></span>fre <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>lettore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _4\"> </span>(salvo <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>dir\u00e0 <span class=\"_ _7\"> </span>in </div><div class=\"t m0 x62 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">seguito  in  tem<span class=\"_ _0\"></span>a  di  elem<span class=\"_ _0\"></span>enti  og<span class=\"_ _0\"></span>gettivi),  \u00e8  quella <span class=\"_ _16\"> </span>effettuata  tramite  il <span class=\"_ _16\"> </span>\u201cmodification  acc<span class=\"_ _0\"></span>ounting\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">-  che  im<span class=\"_ _0\"></span>plica  la </span></div><div class=\"t m0 x62 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">rilevazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>modificati<span class=\"_ _35\"></span> </div><div class=\"t m0 x62 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">scontati al tasso di inte<span class=\"_ _0\"></span>resse originario - e non tramite la d<span class=\"_ _0\"></span>erecognition;  </div><div class=\"t m0 x0 h2 y65 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>specifici <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>\u201ctrigger\u201d) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>incidono <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _7\"> </span>dello<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">strumento <span class=\"_ _3\"></span>finanziario (quali, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>solo <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esempio, il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambiamento di <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modifica della <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cui </div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">si  \u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>esposti,  ove <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>si  correli <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>parametri  d<span class=\"_ _3\"></span>i  e<span class=\"_ _3\"></span>quity  e <span class=\"_ _1d\"> </span>commodity),  c<span class=\"_ _3\"></span>he  si <span class=\"_ _1d\"> </span>ritiene <span class=\"_ _1d\"> </span>comportino  la <span class=\"_ _1d\"> </span>derecognition  in </div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">considerazione del loro<span class=\"_ _0\"></span> impatto (atteso come signific<span class=\"_ _0\"></span>ativo) sui flussi c<span class=\"_ _0\"></span>ontrattuali originari. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Viceversa, le modifiche alle attivit\u00e0 finanziarie a seguito della Riforma degli indici <span class=\"_ _3\"></span>di riferimento per la determinazione d<span class=\"_ _5\"></span>ei tassi </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">di  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>cosiddetta <span class=\"_ _16\"> </span>IBOR <span class=\"_ _7\"> </span>Reform),  rela<span class=\"_ _0\"></span>tive <span class=\"_ _16\"> </span>alla  variazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinare <span class=\"_ _7\"> </span>i  flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>contrattuali </div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">(sostituzione <span class=\"_ _7\"> </span>dell\u2019indice  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _16\"> </span>esistente <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riferimento<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">alternativo), <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>costituiscono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span><span class=\"ff4\">ntabile <span class=\"_ _4\"> </span>(\u201cderecognition\u201d), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>considerate <span class=\"_ _4\"> </span>contabilmente </span></div><div class=\"t m0 x0 h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">come <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>modifica <span class=\"_ _16\"> </span>(\u201cmodificati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n\u201d). <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>modifiche, <span class=\"_ _7\"> </span>se <span class=\"_ _16\"> </span>effettuate <span class=\"_ _4\"> </span>come <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>conseguenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019IBOR <span class=\"_ _7\"> </span>Reform <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>basi </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">economiche <span class=\"_ _2\"></span>equivalenti, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentate <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>adeguamento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">paragrafo B5.4.5 dell\u2019IFR<span class=\"_ _0\"></span>S 9 anzich\u00e9 il \u201cm<span class=\"_ _0\"></span>odification accounting<span class=\"_ _35\"></span>\u201d <span class=\"_ _2\"></span><span class=\"ff1\">- con impatti sul margine <span class=\"_ _0\"></span>di interesse dei fu<span class=\"_ _0\"></span>turi periodi. </span></div><div class=\"t m0 x0 h95 y70 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y71 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>sol<span class=\"_ _3\"></span>amente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _6\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _6\"></span>vengono </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>al </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls14 ws0\">co<span class=\"ff4 ls0\">involgime<span class=\"_ _0\"></span>nto <span class=\"_ _6\"></span>residuo, <span class=\"_ _5\"></span>misurato <span class=\"_ _6\"> </span>dall\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>cambiamenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cedute <span class=\"_ _6\"> </span>ed <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">finanziari delle ste<span class=\"_ _0\"></span>sse. </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>conservaz<span class=\"_ _2\"></span>ione dei <span class=\"_ _3\"></span>diritti contrattuali </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y80 ff5 fs0 fc2 sc0 ls0 ws0\">4. Operazioni di cop<span class=\"_ _0\"></span>ertura </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls10 ws0\">dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h95 y85 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y86 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">manifestarsi.  </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: </div><div class=\"t m0 x0 h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span></div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e </div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla </div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e </div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0; </div><div class=\"t m0 x0 h2 y4e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span></div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il </div><div class=\"t m0 x2a h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span></div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y52 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span></div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">in valuta. </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">economico). </div><div class=\"t m0 x0 h95 y5a ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5b ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.93286px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include </div><div class=\"t m0 x2a h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come </div><div class=\"t m0 x2a h32 y61 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value </div><div class=\"t m0 x2a h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y63 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span></div><div class=\"t m0 x0 h2 y64 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span></div><div class=\"t m0 x2a h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y67 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y106b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yee0 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 yee1 ff1 fs0 fc0 sc0 ls0 ws0\">I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: </div><div class=\"t m0 x0 h2 y7f5 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span></div><div class=\"t m0 x2a h2 y68b ff1 fs0 fc0 sc0 ls0 ws0\">value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 y106c ff4 fs0 fc0 sc0 ls0 ws0\">variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio </div><div class=\"t m0 x2a h32 y991 ff4 fs0 fc0 sc0 ls0 ws0\">sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della </div><div class=\"t m0 x2a h2 yd ff1 fs0 fc0 sc0 ls0 ws0\">copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span></div><div class=\"t m0 x2a h2 y106d ff4 fs0 fc0 sc0 ls0 ws0\">value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span></div><div class=\"t m0 x2a h2 y106e ff1 fs0 fc0 sc0 ls0 ws0\">copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span></div><div class=\"t m0 x2a h32 y219 ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x2a h2 y106f ff4 fs0 fc0 sc0 ls0 ws0\">copertura generica\u201d;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y292 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span></div><div class=\"t m0 x2a h2 ya33 ff1 fs0 fc0 sc0 ls0 ws0\">quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si </div><div class=\"t m0 x2a h2 y1070 ff1 fs0 fc0 sc0 ls0 ws0\">manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  </div><div class=\"t m0 x0 h2 y17e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y1053 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1071 ff1 fs0 fc0 sc0 ls0 ws0\">L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi </div><div class=\"t m0 x0 h2 ybd7 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 yb62 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 ycf0 ff1 fs0 fc0 sc0 ls0 ws0\">essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura </div><div class=\"t m0 x0 h2 y1072 ff1 fs0 fc0 sc0 ls0 ws0\">neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per </div><div class=\"t m0 x0 h2 y3f4 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1056 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1073 ff1 fs0 fc0 sc0 ls0 ws0\">La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6fc ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span></div><div class=\"t m0 x2a h2 y1074 ff1 fs0 fc0 sc0 ls0 ws0\">attesa; </div><div class=\"t m0 x0 h2 y1075 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span></div><div class=\"t m0 x2a h2 y1076 ff1 fs0 fc0 sc0 ls0 ws0\">misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1077 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6fd ff1 fs0 fc0 sc0 ls0 ws0\">La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y712 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y872 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span></div><div class=\"t m0 x0 h2e y1078 ff8 fsa fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span></div><div class=\"t m0 x0 h2e y1079 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y107a ff4 fs0 fc0 sc0 ls0 ws0\">Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span></div><div class=\"t m0 x0 h2 y107b ff1 fs0 fc0 sc0 ls0 ws0\">secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y107c ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y107d ff4 fs0 fc0 sc0 ls0 ws0\">bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span></div><div class=\"t m0 x0 h2 yc96 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico </div><div class=\"t m0 x0 h2 yab3 ff1 fs0 fc0 sc0 ls0 ws0\">secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, </div><div class=\"t m0 x0 h32 yab4 ff4 fs0 fc0 sc0 ls0 ws0\">le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di </div><div class=\"t m0 x0 h32 y233 ff4 fs0 fc0 sc0 ls0 ws0\">copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate </div><div class=\"t m0 x0 h2 yab6 ff1 fs0 fc0 sc0 ls0 ws0\">a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando </div><div class=\"t m0 x0 h2 y822 ff1 fs0 fc0 sc0 ls0 ws0\">la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. </div><div class=\"t m0 x0 h2 y91 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yab7 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi </div><div class=\"t m0 x0 h2 yab8 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari: </div><div class=\"t m0 x0 h2 yf41 ff1 fs0 fc0 sc0 ls10 ws0\">a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span></div><div class=\"t m0 x2a h2 y107e ff1 fs0 fc0 sc0 ls0 ws0\">riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale </div><div class=\"t m0 x2a h2 y85f ff4 fs0 fc0 sc0 ls0 ws0\">sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span></div><div class=\"t m0 x2a h32 yf43 ff4 fs0 fc0 sc0 ls0 ws0\">complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x2a h2 yf44 ff1 fs0 fc0 sc0 ls0 ws0\">copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y1c9 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; </div><div class=\"t m0 x0 h2 yf45 ff1 fs0 fc0 sc0 ls10 ws0\">b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span></div><div class=\"t m0 x2a h2 yf46 ff4 fs0 fc0 sc0 ls0 ws0\">dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span></div><div class=\"t m0 x2a h2 y4ae ff1 fs0 fc0 sc0 ls0 ws0\">efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y3b3 ff1 fs0 fc0 sc0 ls14 ws0\">c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span></div><div class=\"t m0 x2a h2 y107f ff1 fs0 fc0 sc0 ls0 ws0\">complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span></div><div class=\"t m0 x2a h2 y206 ff1 fs0 fc0 sc0 ls0 ws0\">efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span></div></div>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.93286px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato </div><div class=\"t m0 x0 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">riacquistati. </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h95 y66 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y67 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span></div><div class=\"t m0 x0 h95 y6f ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y70 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">effettivo.  </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">valore incassato. </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">per diritto d\u2019uso. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y81 ff5 fs0 fc2 sc0 ls0 ws0\">13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y83 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">rientranti nel busines<span class=\"_ _0\"></span>s model di trading. </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y47 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">economico. </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y4b ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y51 ff5 fs0 fc2 sc0 ls0 ws0\">14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y53 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto </div><div class=\"t m0 x0 h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 y59 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5a ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5e ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span>Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span>Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span>netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate a conto economico. Criteri di cancellazione Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. 15. <span class=\"_ _1c\"> </span>Operazioni in valuta Definizione La <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>estera <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>differente <span class=\"_ _7\"> </span>dalla  val<span class=\"_ _0\"></span>uta <span class=\"_ _16\"> </span>funzionale <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>l\u2019impresa, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>volta  \u00e8 <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>valuta <span class=\"_ _16\"> </span>dell\u2019ambiente<span class=\"_ _0\"></span> economico prevalente <span class=\"_ _0\"></span>in cui l\u2019impresa st<span class=\"_ _0\"></span>essa opera<span class=\"ff1\">. </span>Criteri di rilevazione <span class=\"_ _0\"></span>iniziale Le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>registrate, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>conto, <span class=\"_ _2\"></span>applicando <span class=\"_ _3\"></span>all\u2019imp<span class=\"_ _5\"></span><span class=\"ff1\">orto </span>in valuta estera il t<span class=\"_ _0\"></span>asso di cambio in vigo<span class=\"_ _0\"></span>re alla data dell\u2019op<span class=\"_ _0\"></span>erazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Criteri di rilevazione succe<span class=\"_ _0\"></span>ssiva Ad ogni chiusura di bil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ncio o di situazione <span class=\"_ _0\"></span>infrannuale, le poste<span class=\"_ _0\"></span> di bilancio in v<span class=\"_ _0\"></span>aluta estera veng<span class=\"_ _0\"></span>ono valorizzate com<span class=\"_ _0\"></span>e segu<span class=\"_ _2\"></span><span class=\"ls10\">e:</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste monetarie<span class=\"_ _0\"></span> sono convertite al t<span class=\"_ _0\"></span>asso di cambio alla dat<span class=\"_ _0\"></span>a di chiusura;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al <span class=\"ff4\">costo storico sono c<span class=\"_ _0\"></span>onvertite al tasso di <span class=\"_ _0\"></span>cambio in essere all<span class=\"_ _0\"></span>a data dell\u2019operazio<span class=\"_ _0\"></span>ne;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e poste non monetar<span class=\"_ _0\"></span>ie valutate al fair <span class=\"_ _0\"></span>value sono convertit<span class=\"_ _0\"></span>e utilizzando i tas<span class=\"_ _0\"></span>si di cambio in essere <span class=\"_ _0\"></span>alla data di chiusura.<span class=\"_ _3\"></span> </span>Le <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>monetari <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>monetari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tassi diversi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>iniziali, <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedente, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>del periodo in cui sorgono. Quando <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>uti<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>elemento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>monetario <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambio relativa <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _6\"> </span>elemento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>rilevata <span class=\"_ _5\"></span>anch\u2019essa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>patrimonio. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"> </span>contro, <span class=\"_ _6\"> </span>quando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>utile <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>una <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto economico, \u00e8 rilevata in cont<span class=\"_ _0\"></span>o economico anc<span class=\"_ _0\"></span>he la relativa differenza c<span class=\"_ _0\"></span>ambio. Relativamente <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>tematica <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>\u201cConversione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilanci <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>neta <span class=\"_ _7\"> </span>diversa <span class=\"_ _7\"> </span>dall\u2019euro\u201d <span class=\"_ _16\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>consolidamento <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l trattamento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>cambio <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rimanda, <span class=\"_ _6\"></span>invece, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _4\"></span>paragraf<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"></span>A: <span class=\"_ _6\"></span>Sezione <span class=\"_ _6\"></span>3 <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Area <span class=\"_ _6\"></span>e metodi di consolidame<span class=\"_ _0\"></span>nto della presente<span class=\"_ _0\"></span> nota integrativa. Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span>Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1026": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span>2. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 complessiva (<span class=\"_ _3\"></span>FVOCI)<span class=\"_ _0\"></span><span class=\"ff2 fc0\"> </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ente categoria le atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie che <span class=\"_ _0\"></span>soddisfano entrambe l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> seguenti <span class=\"_ _3\"></span>condizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>posseduta <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onseguito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span>flussi finanziari previ<span class=\"_ _0\"></span>sti contrattualmente ch<span class=\"_ _0\"></span>e mediante la vendit<span class=\"_ _0\"></span>a (Business model \u201cH<span class=\"_ _0\"></span>old to Collect and S<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u201d), e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ls11\">i <span class=\"_ _5\"></span></span><span class=\"ff4\">ter<span class=\"_ _3\"></span>mini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>prevedono, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>unicamente <span class=\"_ _5\"></span>da </span></span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _3\"></span>inoltre inclusi ne<span class=\"_ _3\"></span>lla voce <span class=\"_ _3\"></span>gli strumenti di <span class=\"_ _3\"></span>capitale, non detenuti <span class=\"_ _3\"></span>per f<span class=\"_ _3\"></span>inalit\u00e0 di ne<span class=\"_ _3\"></span>goziazion<span class=\"_ _0\"></span>e, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali, al <span class=\"_ _3\"></span>momento della rilevazione iniziale, \u00e8<span class=\"_ _0\"></span> stata esercitata l\u2019<span class=\"_ _0\"></span>opzione per la designa<span class=\"_ _0\"></span>zione al fair val<span class=\"_ _0\"></span>ue con impatto sulla<span class=\"_ _0\"></span> redditivit\u00e0 complessiv<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>.  </span>In particolare, vengono i<span class=\"_ _0\"></span>nclusi in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he sono riconducibili<span class=\"_ _0\"></span> ad un business mo<span class=\"_ _0\"></span>del Hold to Collect a<span class=\"_ _0\"></span>nd Sell e che hanno <span class=\"_ _0\"></span>superato il test SPPI;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>interessenze<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>azionarie, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>qualificabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo, <span class=\"_ _2\"></span>collegamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ongiunto, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>detenute <span class=\"_ _2\"></span>con </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>negoziazione, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esercitata <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>esignazione <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 complessiva; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>perato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>SPPI, </span>incluse <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>sindacati <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>tipologie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>destin<span class=\"_ _5\"></span><span class=\"ff1\">ate </span>alla cessione e che so<span class=\"_ _0\"></span>no riconducibili <span class=\"_ _0\"></span>ad un Business model H<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect an<span class=\"_ _0\"></span>d Sell.<span class=\"_ _3\"></span> Secondo le regole g<span class=\"ff4\">enerali previste da<span class=\"_ _3\"></span>ll\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclas<span class=\"_ _0\"></span>sifica),  non  sono  ammesse  riclassifi<span class=\"_ _0\"></span>che  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie salvo il <span class=\"ff4\">caso in cu<span class=\"_ _0\"></span>i l\u2019entit\u00e0 modifichi il <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roprio modello di bu<span class=\"_ _0\"></span>siness per la gestio<span class=\"_ _0\"></span>ne delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>In <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>casi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>infrequenti, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>potranno <span class=\"_ _2\"></span>essere <span class=\"_ _6\"></span>riclassificate<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>cat<span class=\"_ _5\"></span>egoria valutata <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span><span class=\"ff4\">value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>categorie <span class=\"_ _6\"></span>previste <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>(Attivit\u00e0 </span>finanziarie valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortizzato o <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico). <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>alore di <span class=\"_ _3\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fetti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>riclassificazione <span class=\"_ _3\"></span>operano <span class=\"_ _3\"></span>in maniera prospettica a partire dalla data di riclas<span class=\"_ _0\"></span>sificazione. Nel caso di riclassific<span class=\"_ _0\"></span>a dalla categoria in oggetto a quella d<span class=\"_ _2\"></span>el<span class=\"_ _3\"></span> cost<span class=\"_ _0\"></span>o amm<span class=\"ff4\">ortizzato, <span class=\"_ _4\"> </span>l\u2019utile <span class=\"_ _7\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riserva <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>portato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettifica <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _5\"></span></span><span class=\"ls17\">\u00e0 </span>finanziaria <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>riclassificazione. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riclassifica <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span>onto economico, l'utile (perdita) cumulato rilevato preceden<span class=\"_ _0\"></span>temente nella riserva da valutazione \u00e8 riclassificato dal patrimonio n<span class=\"_ _5\"></span>ett<span class=\"_ _0\"></span>o all'utile (perdita) d<span class=\"_ _0\"></span>'esercizio. Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvi<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"> </span>\u201cI <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _5\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _3\"></span>iniziale delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alla </span>data di <span class=\"ff4\">erogazione per i finanziamenti. All\u2019atto della rileva<span class=\"_ _0\"></span>zione iniziale le attivit\u00e0 sono contabili<span class=\"_ _0\"></span>zzate al fair value, comprensiv<span class=\"_ _2\"></span><span class=\"ff1 ls17\">o </span></span>dei costi o proventi d<span class=\"_ _0\"></span>i transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo<span class=\"_ _0\"></span> strumento stesso. Criteri di valutazione Successivamente alla <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Attivit\u00e0 c<span class=\"_ _3\"></span>lassificate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva, <span class=\"_ _3\"></span>diverse dai <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _3\"></span>dall\u2019applic<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>del <span class=\"_ _3\"></span>costo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"ff4\">mmortizzato, <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019eventuale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>cambio, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>utili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da </span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>finch\u00e9 <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _7\"> </span><span class=\"ff1\">viene </span>can<span class=\"ff4\">cellata. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>l\u2019utile <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>cumulati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>vengono </span>riversati, in tutto o in <span class=\"_ _0\"></span>parte, a Conto econ<span class=\"_ _0\"></span>omico. Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>scelta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classifica<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>importi <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>(Prospetto <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva) <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>esser<span class=\"_ _5\"></span><span class=\"lsc\">e </span>successivamente trasferiti a con<span class=\"_ _0\"></span>to economico, neanche in caso di cessione. La<span class=\"_ _3\"></span> sola componente riferibile ai titoli di capit<span class=\"_ _0\"></span>ale in questione che \u00e8 ogg<span class=\"_ _0\"></span>etto di rilevazione a co<span class=\"_ _0\"></span>nto economico \u00e8 rap<span class=\"_ _0\"></span>presentata dai rel<span class=\"_ _0\"></span>ativi dividendi.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>criteri <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>illustrati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a conto economico. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>categoria, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>qu<span class=\"_ _5\"></span>ale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima del fair <span class=\"_ _3\"></span>value soltanto in <span class=\"_ _3\"></span>via residuale e <span class=\"_ _3\"></span>limitatamente<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>oche circostanze, ossia in caso <span class=\"_ _3\"></span>di non <span class=\"_ _3\"></span>applicabilit\u00e0 di tutti <span class=\"_ _3\"></span>i metodi d<span class=\"_ _3\"></span>i valutazione <span class=\"_ _3\"></span>precedentemente richiamati, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>\u2019ampia gamma <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ambito il costo rappr<span class=\"_ _0\"></span>esenta la stima pi\u00f9 sig<span class=\"_ _0\"></span>nificat<span class=\"_ _3\"></span>iva. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d. <span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sotto <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>debito <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>di crediti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ff4\">sono <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019incremento significativo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>(impairment) <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ari </span>delle Attivit\u00e0 al costo ammortizzat<span class=\"_ _0\"></span>o, con conseguente rilevazione a conto economico di una retti<span class=\"_ _0\"></span>fica di valo<span class=\"_ _2\"></span>re<span class=\"_ _3\"></span> a copertura dell<span class=\"_ _35\"></span>e perdite <span class=\"_ _18\"> </span>attese. <span class=\"_ _18\"> </span>Pi\u00f9 <span class=\"_ _18\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _18\"> </span>particolare, <span class=\"_ _18\"> </span>sugli <span class=\"_ _18\"> </span>strumenti <span class=\"_ _18\"> </span>classificati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>tage <span class=\"_ _18\"> </span>1 <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>ossia <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _17\"> </span>al <span class=\"_ _1c\"> </span>momento<span class=\"_ _35\"></span> dell\u2019origination, <span class=\"_ _7\"> </span>ove  non <span class=\"_ _7\"> </span>deteriorate, <span class=\"_ _16\"> </span>e  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>per  cui <span class=\"_ _7\"> </span>non  si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>verificato <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>significativo <span class=\"_ _16\"> </span>incremento <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>rischio<span class=\"_ _0\"></span> </span>creditizio <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale) <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contabilizzata, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni <span class=\"_ _7\"> </span>data<span class=\"_ _6\"></span> <span class=\"_ _7\"> </span>di reporting <span class=\"_ _5\"></span>successiva, <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>anno. <span class=\"_ _6\"></span>Invece, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>classificati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>(bonis <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i  q<span class=\"_ _0\"></span>uali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 verificato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>incremento <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>iniziale) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>stage <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>(espos<span class=\"_ _5\"></span>izioni deteriorate) viene co<span class=\"_ _0\"></span>ntabilizzata una perdit<span class=\"_ _0\"></span>a attesa per l\u2019intera v<span class=\"_ _0\"></span>ita residua dello strum<span class=\"_ _0\"></span>ento finanziario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Viceversa non sono assogge<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tati al processo<span class=\"_ _0\"></span> di impairment i titol<span class=\"_ _0\"></span>i di capitale.<span class=\"_ _3\"></span> Si rinvia al successi<span class=\"_ _0\"></span>vo paragrafo \u201cPerdite di v<span class=\"_ _0\"></span>alore delle attivit\u00e0 <span class=\"_ _0\"></span>finanziarie\u201d per appr<span class=\"_ _0\"></span>ofondimenti.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>solamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>par<span class=\"_ _5\"></span>i <span class=\"_ _1d\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>co<span class=\"_ _2\"></span>nservazione dei diritti cont<span class=\"_ _3\"></span>rattuali<span class=\"_ _0\"></span> a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi.<span class=\"_ _90\"> </span>13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. 14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> Criteri di iscrizione L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span>derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span>Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span>Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span>Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span>netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate a conto economico. Criteri di cancellazione Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1064": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span>4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span>13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1068": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span>4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span><span class=\"fs9\"> </span>13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-983": {
   "value": "1. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto a conto e<span class=\"_ _0\"></span>conomico (FVTPL<span class=\"_ _3\"></span><span class=\"ffa\">)<span class=\"fc0\"> </span></span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono classificate in questa categoria le <span class=\"_ _3\"></span>attivit\u00e0 finanziarie diverse da quelle <span class=\"_ _2\"></span>classificate tra le <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate al fair value  con  impatto  sull<span class=\"_ _0\"></span>a  redditivit\u00e0  complessiva  e<span class=\"_ _0\"></span>  tra  le  Attivit\u00e0  finanziare  v<span class=\"_ _0\"></span>alutate  al  costo  amm<span class=\"_ _0\"></span>ortizzato.  La  voce,  in<span class=\"_ _0\"></span> particolare, include: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>negoziazione, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssenzialmente <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal </span>valore positivo dei cont<span class=\"_ _0\"></span>ratti derivati deten<span class=\"_ _0\"></span>uti con finalit\u00e0 di neg<span class=\"_ _0\"></span>oziazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>soddisfano <span class=\"_ _3\"></span>i </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>tratta <span class=\"_ _6\"></span>di attivit\u00e0 finanziarie i cui termini contrattuali non prevedono esclusivamente rimborsi del capitale e pagamenti dell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019<span class=\"_ _3\"></span>interesse<span class=\"_ _0\"></span> </span>sull\u2019importo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>restituire <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cSPPI <span class=\"_ _6\"></span>test\u201d <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>superato) <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>detenute <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>quadro <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>un modello <span class=\"_ _16\"> </span>di  busin<span class=\"_ _0\"></span>ess  il <span class=\"_ _7\"> </span>cui  obiettiv<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>\u00e8  il <span class=\"_ _16\"> </span>possesso <span class=\"_ _16\"> </span>di  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _16\"> </span>finalizzato  a<span class=\"_ _0\"></span>lla  r<span class=\"_ _0\"></span>accolta <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi  fi<span class=\"_ _0\"></span>nanziari <span class=\"_ _16\"> </span>contrattuali (Bu<span class=\"ff4\">siness <span class=\"_ _3\"></span>model <span class=\"_ _2\"></span>\u201cHold <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>llect\u201d) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>obiettivo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conseguito <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _2\"></span>finanziari c<span class=\"_ _3\"></span>ontrattuali </span>che mediante la ven<span class=\"_ _0\"></span>dita di attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie (Business model \u201cH<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect and Se<span class=\"_ _0\"></span>ll\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al mom<span class=\"_ _0\"></span>ento della rilevazione iniziale e<span class=\"_ _35\"></span> </span>ove <span class=\"_ _6\"> </span>ne <span class=\"_ _4\"> </span>sussistano <span class=\"_ _4\"> </span>i <span class=\"_ _6\"> </span>presupposti. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"> </span>fattispecie, <span class=\"_ _4\"> </span>un\u2019entit\u00e0 <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"> </span>designare <span class=\"_ _4\"> </span>irrevocabilme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>all\u2019iscrizion<span class=\"_ _35\"></span>e un\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _6\"></span>se, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se, <span class=\"_ _5\"></span>cos<span class=\"_ _3\"></span>\u00ec <span class=\"_ _5\"></span>facendo <span class=\"_ _5\"></span>elimina <span class=\"_ _5\"></span>o </span>riduce significativam<span class=\"_ _0\"></span>ente un\u2019incoerenza val<span class=\"_ _0\"></span>utativa. <span class=\"ff1\"> </span>Trovano quindi eviden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito e <span class=\"_ _3\"></span>i finanziamenti che sono inclusi in un business model <span class=\"_ _3\"></span>Other/T<span class=\"_ _3\"></span>rading (non riconducibili quindi ai business </span>model \u201cHold to Collect\u201d o \u201cHold t<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> Collect and Sell\u201d) o che non s<span class=\"_ _0\"></span>uperano il test SPPI, incluse le q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ote dei prestiti sindacat<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>sottoscritti <span class=\"_ _16\"> </span>o  altre <span class=\"_ _16\"> </span>tipologie <span class=\"_ _16\"> </span>di  finanzi<span class=\"_ _0\"></span>amenti  c<span class=\"_ _0\"></span>he,  sin <span class=\"_ _7\"> </span>dall<span class=\"_ _3\"></span>\u2019origine, <span class=\"_ _16\"> </span>vengono  d<span class=\"_ _0\"></span>esti<span class=\"_ _2\"></span><span class=\"ff1\">nate  al<span class=\"_ _0\"></span>la  cessio<span class=\"_ _0\"></span>ne  e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he  no<span class=\"_ _0\"></span>n  so<span class=\"_ _0\"></span>no </span>riconducibili ad un B<span class=\"_ _0\"></span>usiness model Hold <span class=\"_ _0\"></span>to Collect and Sell; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli  strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capitale  - <span class=\"_ _7\"> </span>non  q<span class=\"_ _0\"></span>ualificabili <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo, <span class=\"_ _16\"> </span>collegamento <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>congiunto <span class=\"_ _1d\"> </span>- <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>etenuti <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _16\"> </span>di<span class=\"_ _0\"></span> </span>negoziazione o per <span class=\"_ _3\"></span>cui non si <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>optato, <span class=\"_ _3\"></span>in sede di <span class=\"_ _3\"></span>rilevazione iniziale, per la <span class=\"_ _3\"></span>designazione al fair value c<span class=\"_ _3\"></span>on impatto sulla redditivit\u00e0 complessi<span class=\"_ _0\"></span>va; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e quote di OICR. </span>La <span class=\"_ _4\"></span>voce <span class=\"_ _4\"></span>accoglie <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>derivati, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabilizzati <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>negoziazione,  che <span class=\"_ _6\"></span>sono rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>compensare <span class=\"_ _7\"> </span><span class=\"ls13\">i </span>valori <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gativi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>medesima <span class=\"_ _3\"></span>controparte <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratt<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati<span class=\"_ _0\"></span> allocati nel portafoglio di negoziazione e i contratti derivati di copertur<span class=\"_ _0\"></span>a, come previsto dalla Circolare 262 <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>soltanto qualora si abbia <span class=\"_ _3\"></span>correntemente il <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>rilevati contabilmente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle posi<span class=\"_ _0\"></span>zioni oggetto di com<span class=\"_ _0\"></span>pensazione. Fra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>quelli <span class=\"_ _3\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessi <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rimario <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 finanziaria - che sono stati <span class=\"_ _0\"></span>oggetto di rilevazi<span class=\"_ _0\"></span>one s<span class=\"_ _3\"></span>eparata in qua<span class=\"_ _0\"></span>nto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati,<span class=\"_ _0\"></span> soddisfano la defi<span class=\"_ _0\"></span>nizione di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono non sono <span class=\"_ _0\"></span>valutati al fair valu<span class=\"_ _0\"></span>e con le relative vari<span class=\"_ _0\"></span>azioni rilevate a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span> </span>Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclassifica),  non  sono <span class=\"_ _16\"> </span>ammesse  riclassifiche  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie <span class=\"_ _2\"></span>salvo <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019entit\u00e0 <span class=\"_ _2\"></span>modifichi <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tali </span>casi, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attende <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>altamente <span class=\"_ _3\"></span>infrequenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>valutata al fair value con <span class=\"_ _3\"></span>impatto a conto economico in una delle al<span class=\"_ _3\"></span>tre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valut<span class=\"_ _5\"></span><span class=\"ff1\">ate al </span>costo <span class=\"_ _1d\"> </span>ammortizzato <span class=\"_ _1d\"> </span>o <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 <span class=\"_ _1d\"> </span>complessiva). <span class=\"_ _1d\"> </span>Il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>di trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>riclassificazione <span class=\"_ _5\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in maniera prospetti<span class=\"ff4\">ca a <span class=\"_ _3\"></span>partire dalla <span class=\"_ _3\"></span>data di r<span class=\"_ _3\"></span>iclassificazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. In <span class=\"_ _3\"></span>questo caso, il <span class=\"_ _3\"></span>tasso di i<span class=\"_ _3\"></span>nteresse effettivo dell\u2019attivit\u00e0 finanziaria<span class=\"_ _0\"></span> </span>riclassificata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>considerata <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>data<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di rilevaz<span class=\"ff4\">ione iniziale per l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>llocazione nei <span class=\"_ _0\"></span>diversi stadi di rischi<span class=\"_ _0\"></span>o creditizio (stage assignm<span class=\"_ _35\"></span>ent) ai fini dell\u2019impairment<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvia <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201cI <span class=\"_ _6\"></span>crit<span class=\"_ _5\"></span><span class=\"ff1\">eri <span class=\"_ _6\"></span>di </span>classifi<span class=\"ff4\">cazione delle attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie\u201d.<span class=\"ff1\"> </span></span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale, <span class=\"_ _5\"></span>alla </span>data di erogazione p<span class=\"_ _0\"></span>er i finanziamenti <span class=\"_ _0\"></span>ed alla data di sottoscrizione per i contratti d<span class=\"_ _0\"></span>erivati. All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico vengono <span class=\"_ _2\"></span>rile<span class=\"_ _5\"></span><span class=\"ff1\">vate <span class=\"_ _3\"></span>al </span>fair value, senza consi<span class=\"_ _0\"></span>derare i costi o <span class=\"_ _0\"></span>proventi di transazione<span class=\"_ _0\"></span> direttamente attrib<span class=\"_ _3\"></span>uibili allo strum<span class=\"_ _0\"></span>ento stesso. Criteri di valutazione Successivamente <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>iniziale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>economico <span class=\"_ _6\"></span>sono valorizzate al fair val<span class=\"_ _0\"></span>ue. Gli effetti dell\u2019ap<span class=\"_ _0\"></span>plicazione di tale c<span class=\"_ _0\"></span>riterio di<span class=\"_ _3\"></span><span class=\"ff1\"> valutazione sono imputati n<span class=\"_ _0\"></span>el Conto economico. </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _16\"> </span>quotazioni <span class=\"_ _5\"></span>di mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>metodi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elli <span class=\"_ _2\"></span>valutativi <span class=\"_ _5\"></span>comunemente <span class=\"_ _2\"></span>adottati, <span class=\"_ _5\"></span>che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche, <span class=\"_ _3\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni, <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>transazioni <span class=\"_ _5\"></span>comparabili, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>deri<span class=\"_ _6\"></span>vati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he hanno <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attiv<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value soltanto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>residuale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>poche <span class=\"_ _2\"></span>circostanze, <span class=\"_ _3\"></span>ossia <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>applicabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valuta<span class=\"_ _5\"></span>zione<span class=\"_ _0\"></span> precedentemente <span class=\"_ _5\"></span>richiamati, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019ampia <span class=\"_ _5\"></span>g<span class=\"_ _2\"></span><span class=\"ff1\">amma <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>possibili <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>ambito <span class=\"_ _6\"></span>il </span>costo rappresenta la st<span class=\"_ _0\"></span>ima pi\u00f9 significativa. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d.<span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>solamente <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>comportato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevan<span class=\"_ _5\"></span>te dei <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>giuridicamen<span class=\"_ _2\"></span>te <span class=\"_ _5\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente <span class=\"_ _3\"></span>trasferita. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>sostanzi<span class=\"_ _0\"></span>ale <span class=\"_ _4\"></span>trasferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>benefici, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comp<span class=\"_ _3\"></span>orta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _17\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi<span class=\"_ _3\"></span> sia la <span class=\"_ _3\"></span>conservazione dei diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri soggetti <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>erzi.<span class=\"_ _90\"> </span> <span class=\"_ _9\"> </span>2. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair v<span class=\"_ _0\"></span>alue con impatto sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 complessiva (<span class=\"_ _3\"></span>FVOCI)<span class=\"_ _0\"></span><span class=\"ff2 fc0\"> </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ente categoria le atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie che <span class=\"_ _0\"></span>soddisfano entrambe l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> seguenti <span class=\"_ _3\"></span>condizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>posseduta <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>obiettivo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onseguito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>l\u2019incasso <span class=\"_ _3\"></span>dei </span></span>flussi finanziari previ<span class=\"_ _0\"></span>sti contrattualmente ch<span class=\"_ _0\"></span>e mediante la vendit<span class=\"_ _0\"></span>a (Business model \u201cH<span class=\"_ _0\"></span>old to Collect and S<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u201d), e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ls11\">i <span class=\"_ _5\"></span></span><span class=\"ff4\">ter<span class=\"_ _3\"></span>mini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>prevedono, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>rappresentati <span class=\"_ _2\"></span>unicamente <span class=\"_ _5\"></span>da </span></span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _3\"></span>inoltre inclusi ne<span class=\"_ _3\"></span>lla voce <span class=\"_ _3\"></span>gli strumenti di <span class=\"_ _3\"></span>capitale, non detenuti <span class=\"_ _3\"></span>per f<span class=\"_ _3\"></span>inalit\u00e0 di ne<span class=\"_ _3\"></span>goziazion<span class=\"_ _0\"></span>e, per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali, al <span class=\"_ _3\"></span>momento della rilevazione iniziale, \u00e8<span class=\"_ _0\"></span> stata esercitata l\u2019<span class=\"_ _0\"></span>opzione per la designa<span class=\"_ _0\"></span>zione al fair val<span class=\"_ _0\"></span>ue con impatto sulla<span class=\"_ _0\"></span> redditivit\u00e0 complessiv<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>.  </span>In particolare, vengono i<span class=\"_ _0\"></span>nclusi in questa voce: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he sono riconducibili<span class=\"_ _0\"></span> ad un business mo<span class=\"_ _0\"></span>del Hold to Collect a<span class=\"_ _0\"></span>nd Sell e che hanno <span class=\"_ _0\"></span>superato il test SPPI;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>interessenze<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>azionarie, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>qualificabili <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo, <span class=\"_ _2\"></span>collegamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ongiunto, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>detenute <span class=\"_ _2\"></span>con </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>negoziazione, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esercitata <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>esignazione <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 complessiva; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>riconducibili <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>model <span class=\"_ _2\"></span>Hold <span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>Collect <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Sell <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>perato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>SPPI, </span>incluse <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>sindacati <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>tipologie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>destin<span class=\"_ _5\"></span><span class=\"ff1\">ate </span>alla cessione e che so<span class=\"_ _0\"></span>no riconducibili <span class=\"_ _0\"></span>ad un Business model H<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ld to Collect an<span class=\"_ _0\"></span>d Sell.<span class=\"_ _3\"></span> Secondo le regole g<span class=\"ff4\">enerali previste da<span class=\"_ _3\"></span>ll\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di </span>capitale,  per  cui  non  \u00e8  ammessa  alcuna  riclas<span class=\"_ _0\"></span>sifica),  non  sono  ammesse  riclassifi<span class=\"_ _0\"></span>che  verso  altre  categorie  di  attiv<span class=\"_ _0\"></span>it\u00e0 finanziarie salvo il <span class=\"ff4\">caso in cu<span class=\"_ _0\"></span>i l\u2019entit\u00e0 modifichi il <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roprio modello di bu<span class=\"_ _0\"></span>siness per la gestio<span class=\"_ _0\"></span>ne delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>In <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>casi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>infrequenti, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>potranno <span class=\"_ _2\"></span>essere <span class=\"_ _6\"></span>riclassificate<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>cat<span class=\"_ _5\"></span>egoria valutata <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span><span class=\"ff4\">value <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>categorie <span class=\"_ _6\"></span>previste <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _5\"></span>(Attivit\u00e0 </span>finanziarie valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmortizzato o <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico). <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>alore di <span class=\"_ _3\"></span>trasferimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fetti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>riclassificazione <span class=\"_ _3\"></span>operano <span class=\"_ _3\"></span>in maniera prospettica a partire dalla data di riclas<span class=\"_ _0\"></span>sificazione. Nel caso di riclassific<span class=\"_ _0\"></span>a dalla categoria in oggetto a quella d<span class=\"_ _2\"></span>el<span class=\"_ _3\"></span> cost<span class=\"_ _0\"></span>o amm<span class=\"ff4\">ortizzato, <span class=\"_ _4\"> </span>l\u2019utile <span class=\"_ _7\"> </span>(perdita) <span class=\"_ _4\"> </span>cumulato <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riserva <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>portato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettifica <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _5\"></span></span><span class=\"ls17\">\u00e0 </span>finanziaria <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>riclassificazione. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riclassifica <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span>onto economico, l'utile (perdita) cumulato rilevato preceden<span class=\"_ _0\"></span>temente nella riserva da valutazione \u00e8 riclassificato dal patrimonio n<span class=\"_ _5\"></span>ett<span class=\"_ _0\"></span>o all'utile (perdita) d<span class=\"_ _0\"></span>'esercizio. Per <span class=\"_ _6\"></span>maggiori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>rinvi<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"> </span>\u201cI <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _5\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _3\"></span>iniziale delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _5\"></span><span class=\"ff1\">pitale <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alla </span>data di <span class=\"ff4\">erogazione per i finanziamenti. All\u2019atto della rileva<span class=\"_ _0\"></span>zione iniziale le attivit\u00e0 sono contabili<span class=\"_ _0\"></span>zzate al fair value, comprensiv<span class=\"_ _2\"></span><span class=\"ff1 ls17\">o </span></span>dei costi o proventi d<span class=\"_ _0\"></span>i transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo<span class=\"_ _0\"></span> strumento stesso. Criteri di valutazione Successivamente alla <span class=\"_ _2\"></span>rilevazione iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Attivit\u00e0 c<span class=\"_ _3\"></span>lassificate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva, <span class=\"_ _3\"></span>diverse dai <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _2\"></span>economico <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _3\"></span>dall\u2019applic<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>del <span class=\"_ _3\"></span>costo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"ff4\">mmortizzato, <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019eventuale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>cambio, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>utili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>da </span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>finch\u00e9 <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _7\"> </span><span class=\"ff1\">viene </span>can<span class=\"ff4\">cellata. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parziale, <span class=\"_ _2\"></span>l\u2019utile <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>cumulati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>vengono </span>riversati, in tutto o in <span class=\"_ _0\"></span>parte, a Conto econ<span class=\"_ _0\"></span>omico. Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>scelta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>classifica<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>valutati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair value <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>importi <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>(Prospetto <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva) <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>devono <span class=\"_ _6\"></span>esser<span class=\"_ _5\"></span><span class=\"lsc\">e </span>successivamente trasferiti a con<span class=\"_ _0\"></span>to economico, neanche in caso di cessione. La<span class=\"_ _3\"></span> sola componente riferibile ai titoli di capit<span class=\"_ _0\"></span>ale in questione che \u00e8 ogg<span class=\"_ _0\"></span>etto di rilevazione a co<span class=\"_ _0\"></span>nto economico \u00e8 rap<span class=\"_ _0\"></span>presentata dai rel<span class=\"_ _0\"></span>ativi dividendi.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>criteri <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>illustrati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>a conto economico. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questa <span class=\"_ _2\"></span>categoria, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>qu<span class=\"_ _5\"></span>ale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima del fair <span class=\"_ _3\"></span>value soltanto in <span class=\"_ _3\"></span>via residuale e <span class=\"_ _3\"></span>limitatamente<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>oche circostanze, ossia in caso <span class=\"_ _3\"></span>di non <span class=\"_ _3\"></span>applicabilit\u00e0 di tutti <span class=\"_ _3\"></span>i metodi d<span class=\"_ _3\"></span>i valutazione <span class=\"_ _3\"></span>precedentemente richiamati, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>\u2019ampia gamma <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ambito il costo rappr<span class=\"_ _0\"></span>esenta la stima pi\u00f9 sig<span class=\"_ _0\"></span>nificat<span class=\"_ _3\"></span>iva. Per maggiori inform<span class=\"_ _0\"></span>azioni sui criteri di dete<span class=\"_ _0\"></span>rminazione del fair val<span class=\"_ _0\"></span>ue, si rinvia alla Sezi<span class=\"_ _0\"></span>one \u201cA.4 Informativa s<span class=\"_ _0\"></span>ul Fair Valu<span class=\"_ _2\"></span>e\u201d. <span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _6\"></span>- <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sotto <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>debito <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>di crediti <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ff4\">sono <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019incremento significativo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>(impairment) <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ari </span>delle Attivit\u00e0 al costo ammortizzat<span class=\"_ _0\"></span>o, con conseguente rilevazione a conto economico di una retti<span class=\"_ _0\"></span>fica di valo<span class=\"_ _2\"></span>re<span class=\"_ _3\"></span> a copertura dell<span class=\"_ _35\"></span>e perdite <span class=\"_ _18\"> </span>attese. <span class=\"_ _18\"> </span>Pi\u00f9 <span class=\"_ _18\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _18\"> </span>particolare, <span class=\"_ _18\"> </span>sugli <span class=\"_ _18\"> </span>strumenti <span class=\"_ _18\"> </span>classificati <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>tage <span class=\"_ _18\"> </span>1 <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>ossia <span class=\"_ _18\"> </span>sulle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _17\"> </span>al <span class=\"_ _1c\"> </span>momento<span class=\"_ _35\"></span> dell\u2019origination, <span class=\"_ _7\"> </span>ove  non <span class=\"_ _7\"> </span>deteriorate, <span class=\"_ _16\"> </span>e  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>gli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>per  cui <span class=\"_ _7\"> </span>non  si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>verificato <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>significativo <span class=\"_ _16\"> </span>incremento <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>rischio<span class=\"_ _0\"></span> </span>creditizio <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale) <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contabilizzata, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>iniziale <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni <span class=\"_ _7\"> </span>data<span class=\"_ _6\"></span> <span class=\"_ _7\"> </span>di reporting <span class=\"_ _5\"></span>successiva, <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>anno. <span class=\"_ _6\"></span>Invece, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>classificati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>(bonis <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i  q<span class=\"_ _0\"></span>uali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 verificato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>incremento <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>iniziale) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>stage <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>(espos<span class=\"_ _5\"></span>izioni deteriorate) viene co<span class=\"_ _0\"></span>ntabilizzata una perdit<span class=\"_ _0\"></span>a attesa per l\u2019intera v<span class=\"_ _0\"></span>ita residua dello strum<span class=\"_ _0\"></span>ento finanziario. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Viceversa non sono assogge<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tati al processo<span class=\"_ _0\"></span> di impairment i titol<span class=\"_ _0\"></span>i di capitale.<span class=\"_ _3\"></span> Si rinvia al successi<span class=\"_ _0\"></span>vo paragrafo \u201cPerdite di v<span class=\"_ _0\"></span>alore delle attivit\u00e0 <span class=\"_ _0\"></span>finanziarie\u201d per appr<span class=\"_ _0\"></span>ofondimenti.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>solamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>sostanziale <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>dute, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>att<span class=\"_ _2\"></span>ivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>par<span class=\"_ _5\"></span>i <span class=\"_ _1d\"> </span>al coinvolgimento <span class=\"_ _5\"></span>residuo, <span class=\"_ _6\"></span>misurato <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>l\u2019esposi<span class=\"_ _0\"></span>zione <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>cedute <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>fluss<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>co<span class=\"_ _2\"></span>nservazione dei diritti cont<span class=\"_ _3\"></span>rattuali<span class=\"_ _0\"></span> a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi.<span class=\"_ _90\"> </span>3. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammortizzato Criteri di classifica<span class=\"_ _0\"></span>zione Sono <span class=\"_ _7\"> </span>incluse <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"> </span>categoria <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>(in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ebito) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>soddisfan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>entrambe le seguenti c<span class=\"_ _0\"></span>ondizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un <span class=\"_ _3\"></span>mod<span class=\"_ _3\"></span>ello di business il <span class=\"_ _3\"></span>cui obiettivo \u00e8 c<span class=\"_ _3\"></span>onseguito mediante l\u2019incasso dei flussi </span></span>finanziari previsti co<span class=\"_ _0\"></span>ntrattualmente (Busine<span class=\"_ _0\"></span>ss model \u201cHold to C<span class=\"_ _0\"></span>ollect\u201d), e<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>rmini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appre<span class=\"_ _2\"></span></span>sentati <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nicamente <span class=\"_ _2\"></span>da </span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Pi\u00f9 in particolare, form<span class=\"_ _0\"></span>ano oggetto di rile<span class=\"_ _0\"></span>vazione in questa voc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con ba<span class=\"_ _0\"></span>nche nelle diverse forme<span class=\"_ _0\"></span> tecniche che presentano i requisiti di cui so<span class=\"_ _0\"></span>pra;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con cli<span class=\"_ _0\"></span>entela nelle diverse f<span class=\"_ _0\"></span>orme tecniche che <span class=\"_ _0\"></span>presentano i requi<span class=\"_ _0\"></span>siti di cui sopra;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he presentano i requisi<span class=\"_ _0\"></span>ti di cui sopra. </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>funzionam<span class=\"_ _2\"></span>ento <span class=\"_ _5\"></span>connessi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prestazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>servizi <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _35\"></span> come definiti dal T.U<span class=\"_ _0\"></span>.B. e dal T.U.F. (<span class=\"_ _0\"></span>ad esempio per distrib<span class=\"_ _0\"></span>uzione di prodotti fin<span class=\"_ _0\"></span>anziari ed attivit\u00e0 <span class=\"_ _0\"></span>di servicing).<span class=\"_ _2\"></span> Secondo <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>regole <span class=\"_ _6\"> </span>generali <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span><span class=\"ff1\">riclassificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ammesse </span>riclassifiche verso altre c<span class=\"_ _3\"></span>ategorie di att<span class=\"_ _3\"></span>ivit\u00e0 finanziarie salvo <span class=\"_ _3\"></span>il caso <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi il <span class=\"_ _3\"></span>proprio modello <span class=\"_ _3\"></span>di bus<span class=\"_ _5\"></span><span class=\"ff1\">iness per <span class=\"_ _3\"></span>la </span>gestione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _6\"></span>finanziarie. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>casi, <span class=\"_ _4\"></span>che <span class=\"_ _7\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>attende <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>altamente <span class=\"_ _6\"></span>infrequenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziari<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>potranno essere <span class=\"_ _7\"> </span>riclassificate <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>valutata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>costo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>due <span class=\"_ _16\"> </span>categorie <span class=\"_ _7\"> </span>previste <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 (Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _0\"></span> complessiva o <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>fair value con impatto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>gl<span class=\"_ _2\"></span><span class=\"ls13\">i </span>effetti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>riclassificazione <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perano <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>anier<span class=\"_ _2\"></span>a <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _16\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>riclassificazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>perdite risultanti dalla differenza tra <span class=\"_ _3\"></span>il costo a<span class=\"_ _3\"></span>mmortizzato dell'attivit\u00e0 finanziaria e il relativo <span class=\"_ _3\"></span>fair value sono <span class=\"_ _3\"></span>rilevati a <span class=\"_ _3\"></span>cont<span class=\"_ _5\"></span>o economico nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riclassifica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>netto, nell\u2019apposita <span class=\"_ _6\"> </span>riserva <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valutazi<span class=\"_ _0\"></span>one, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riclassifi<span class=\"_ _0\"></span>ca <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sulla </span>redditivit\u00e0 complessi<span class=\"_ _0\"></span>va. Per <span class=\"_ _6\"></span>maggi<span class=\"ff4\">ori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>nvia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span>\u201cI <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziari<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>erogazione <span class=\"_ _3\"></span>nel </span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti. <span class=\"_ _3\"></span>All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>iniziale le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roventi <span class=\"_ _3\"></span>di </span>transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo s<span class=\"_ _0\"></span>trumen<span class=\"_ _3\"></span>to stesso. In <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>erogazione <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ormalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _5\"></span>del<span class=\"_ _5\"></span> contratto. <span class=\"_ _7\"> </span>Qualora <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ale <span class=\"_ _7\"> </span>coincidenza <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>manifesti, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>provvede <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>iscrivere <span class=\"_ _1d\"> </span><span class=\"lsc\">un </span>impegno <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>erogare <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>chiude <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>erogazione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>L\u2019iscrizione del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base<span class=\"_ _5\"></span><span class=\"ff1\"> </span>del fair <span class=\"_ _3\"></span>value dello <span class=\"_ _3\"></span>stesso, pari <span class=\"_ _3\"></span>all\u2019ammontare erogato, o p<span class=\"_ _3\"></span>rezzo di <span class=\"_ _3\"></span>sottoscrizione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>comprensivo dei costi/proventi direttame<span class=\"_ _5\"></span><span class=\"ff1 ls17\">nt<span class=\"lsc\">e </span></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>determinabili <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019origine <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>liquidati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>successiv<span class=\"_ _5\"></span><span class=\"ff1\">o. </span>Sono <span class=\"_ _3\"></span>esclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>avendo <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche suddette, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto di <span class=\"_ _2\"></span>rimborso da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte d<span class=\"_ _3\"></span>ebitri<span class=\"_ _2\"></span>c<span class=\"ls17\">e </span>o sono inquadrabili tr<span class=\"_ _0\"></span>a i normali costi i<span class=\"_ _0\"></span>nterni di carattere <span class=\"_ _0\"></span>amministrativo.<span class=\"_ _3\"></span> Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro <span class=\"_ _7\"> </span>te<span class=\"_ _3\"></span>rmine <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>obbligo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rivendita <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>sono  iscritte <span class=\"_ _7\"> </span>in  Bi<span class=\"_ _0\"></span>lancio <span class=\"_ _16\"> </span>come operazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>impiego. <span class=\"_ _6\"></span>In <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>op<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>razioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>pronti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rilevate <span class=\"_ _6\"></span>in Bilancio <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>mporto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>percepito <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti, <span class=\"_ _5\"></span>mentre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rivendita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>son<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilevate come crediti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r l\u2019importo corrispo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to a pronti.<span class=\"ff1\"> </span>Criteri di valutazione Successivamente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>esame <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>ammortizzato, <span class=\"_ _5\"></span>utilizzando <span class=\"_ _7\"> </span>il metodo <span class=\"_ _3\"></span>del tasso <span class=\"_ _3\"></span>di i<span class=\"_ _3\"></span>nteresse effettivo. I<span class=\"_ _3\"></span>n questi <span class=\"_ _3\"></span>termini, l<span class=\"_ _3\"></span>\u2019attivit\u00e0 \u00e8 <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>in Bilancio p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>u<span class=\"_ _2\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>ammontare par<span class=\"_ _3\"></span>i al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di </span>prima <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>diminuito <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale, p<span class=\"_ _3\"></span>i\u00f9 o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>l\u2019ammortamento <span class=\"_ _3\"></span>cumulato <span class=\"_ _3\"></span>(calcolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>interesse effettivo) della differenza tra tale importo inizi<span class=\"_ _0\"></span>ale e l\u2019importo alla scadenza (riconduci<span class=\"_ _3\"></span><span class=\"ff1\">bile tipicamente ai costi/proventi </span>imputati <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>singola <span class=\"_ _4\"> </span>attivit\u00e0) <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettificato <span class=\"_ _7\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>intere<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">sse </span>effettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>individuato <span class=\"_ _2\"></span>calcolando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guaglia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>futuri<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>interesse</span><span class=\"ff4\"><span class=\"_ _0\"></span>, </span>all\u2019ammontare <span class=\"_ _26\"> </span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2a\"> </span>inclusivo <span class=\"_ _2a\"> </span>dei <span class=\"_ _2a\"> </span>costi/proventi <span class=\"_ _2a\"> </span>ricondotti <span class=\"_ _2a\"> </span>all\u2019attivit\u00e0 <span class=\"_ _2a\"> </span>finanziaria <span class=\"_ _2a\"> </span>medesima. <span class=\"_ _2a\"> </span>Tale <span class=\"_ _3b\"> </span>modalit\u00e0 <span class=\"_ _2a\"> </span>di contabilizzazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>utilizzando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuire <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>economico <span class=\"_ _6\"></span><span class=\"ff1\">dei <span class=\"_ _3\"></span>costi/proventi <span class=\"_ _3\"></span>direttamente </span>attribuibili ad un\u2019attivi<span class=\"_ _0\"></span>t\u00e0 finanziaria lung<span class=\"_ _0\"></span>o la sua vita residua <span class=\"_ _0\"></span>attesa.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>utilizzato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>valorizzate <span class=\"_ _5\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>storico <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>fa ritenere <span class=\"_ _3\"></span>trascurabile <span class=\"_ _3\"></span>l\u2019e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>gica <span class=\"_ _3\"></span>dell\u2019attualizzazione, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>scadenza <span class=\"_ _3\"></span>def<span class=\"_ _3\"></span>inita <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i crediti a revoca. I <span class=\"_ _4\"> </span>cr<span class=\"_ _3\"></span>iteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>meglio <span class=\"_ _7\"> </span>indicato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _7\"> </span>\u201cPerdite <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie\u201d, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>strettament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>con<span class=\"ff4\">nessi all\u2019inclusione <span class=\"_ _0\"></span>degli strumenti in es<span class=\"_ _0\"></span>ame in uno dei tre stages<span class=\"_ _0\"></span> (stadi di rischio cre<span class=\"_ _0\"></span>ditizio) previsti <span class=\"_ _0\"></span>dall\u2019IFRS 9, l\u2019ult<span class=\"_ _2\"></span><span class=\"ff1\">imo dei </span></span>quali (stage 3) compre<span class=\"_ _0\"></span>nde le attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie deteriorate e i r<span class=\"_ _0\"></span>estanti (stage 1 e <span class=\"_ _0\"></span>2) le attivit\u00e0 finanziar<span class=\"_ _0\"></span>ie in bonis.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>suddetti <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>valutativi, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>riferite a <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>pologia <span class=\"_ _3\"></span>di attivit\u00e0 sono rilevate <span class=\"_ _0\"></span>nel Conto economic<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto dell\u2019iscrizio<span class=\"_ _0\"></span>ne iniziale, per un <span class=\"_ _0\"></span>ammontare pari alla<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">perdita attesa a dodici mesi; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>significativamente <span class=\"_ _3\"></span>increment<span class=\"_ _5\"></span></span>ato </span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _6\"></span>nei </span>dodici mesi successivi<span class=\"_ _0\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>successiva <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0,  o<span class=\"_ _0\"></span>ve <span class=\"_ _16\"> </span>il  ris<span class=\"_ _0\"></span>chio  c<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>editizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>significativamente <span class=\"_ _16\"> </span>incrementato<span class=\"_ _35\"></span> </span></span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>rettifich<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _5\"></span>riferibili <span class=\"_ _6\"> </span>all\u2019intera <span class=\"_ _6\"></span>vita residua prevista contra<span class=\"_ _0\"></span>ttualmente per l\u2019attiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>ove <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>dopo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>verificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _1c\"> </span>all\u2019<span class=\"ff1\">iscrizione <span class=\"_ _1c\"> </span>inizia<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _1c\"> </span>\u201csignificativit\u00e0\u201d <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>tale <span class=\"_ _1c\"> </span>increment<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>poi <span class=\"_ _1c\"> </span>venuta <span class=\"_ _1c\"> </span>meno, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>rel<span class=\"_ _0\"></span>azione </span></span>all\u2019adeguamento delle <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore cu<span class=\"_ _3\"></span>mulate per <span class=\"_ _3\"></span>tener conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passaggio da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita attesa <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita residua dello strume<span class=\"_ _0\"></span>nto (\u201clifetime\u201d)<span class=\"ff1\"> ad una a dodici mesi. </span>Le attivit\u00e0 finanziarie in esame, <span class=\"_ _0\"></span>ove risultino in bonis, sono sottoposte ad un<span class=\"_ _0\"></span>a valutazione, volta a definire le rettifi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>di valore da  r<span class=\"_ _0\"></span>ilevare <span class=\"_ _16\"> </span>in  b<span class=\"_ _0\"></span>ilancio, <span class=\"_ _16\"> </span>a  li<span class=\"_ _0\"></span>vello <span class=\"_ _16\"> </span>di  singo<span class=\"_ _0\"></span>lo  r<span class=\"_ _35\"></span>apporto  creditizio<span class=\"_ _0\"></span>  (o <span class=\"_ _7\"> </span>\u201ctranche\u201d  di <span class=\"_ _16\"> </span>titolo), <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funz<span class=\"_ _2\"></span><span class=\"ff1\">ione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di  ris<span class=\"_ _0\"></span>chio </span>rappresentati da probability of default (PD), loss given default (LGD<span class=\"_ _0\"></span>) ed exposure at default (EAD), derivati dai modelli AIR<span class=\"_ _5\"></span>B e opportunamente corret<span class=\"_ _0\"></span>ti per tener conto <span class=\"_ _0\"></span>delle previsioni del p<span class=\"_ _0\"></span>rincipio contabile <span class=\"_ _0\"></span>IFRS 9.<span class=\"_ _3\"></span> Se, <span class=\"_ _3\"></span>oltre ad<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span> incremento s<span class=\"_ _3\"></span>ignificativo del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riscontrano anche <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze di <span class=\"_ _3\"></span>una p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore, l\u2019importo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>misurato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span></span>classificata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cdeteriorata\u201d, <span class=\"_ _5\"></span>al pa<span class=\"ls0\">ri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>rapporti <span class=\"_ _6\"></span>intercorrenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>controparte <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati,<span class=\"_ _0\"></span> </span>scontati al tasso di inte<span class=\"_ _0\"></span>resse effettivo <span class=\"_ _0\"></span>originario. L\u2019importo <span class=\"_ _0\"></span>della perdita, da rile<span class=\"_ _0\"></span>vare a Conto eco<span class=\"_ _0\"></span>nomico, \u00e8 definito <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span><span class=\"ff1\">l<span class=\"_ _3\"></span>a base di </span>un <span class=\"_ _16\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>analitica <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>categorie <span class=\"_ _16\"> </span>omogenee <span class=\"_ _7\"> </span>e,  quin<span class=\"_ _0\"></span>di, <span class=\"_ _16\"> </span>attribuito <span class=\"_ _16\"> </span>analiticamente <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>ogni<span class=\"_ _0\"></span> posizione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tiene <span class=\"_ _6\"></span>conto, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>dettagliato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>paragrafo <span class=\"_ _6\"></span>\u201cPerdite <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie\u201d, <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>informazioni <span class=\"_ _6\"> </span>forwa<span class=\"_ _5\"></span><span class=\"ff1\">r<span class=\"lsc\">d </span></span>looking e dei possibil<span class=\"_ _0\"></span>i scenari alternativi <span class=\"_ _0\"></span>di recupero.  Rientrano  nell\u2019ambito  delle  atti<span class=\"_ _0\"></span>vit\u00e0  deteriorate  gli  strumenti  finanziari  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza<span class=\"_ _2\"></span><span class=\"ff1 ls12\">, </span>inadempienza <span class=\"_ _3\"></span>probabile <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>caduto/sconfinante <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>novanta <span class=\"_ _2\"></span>gior<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Italia, <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la </span>normativa IAS/IFRS e di V<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>gilanza europe<span class=\"_ _0\"></span>a.  I <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa <span class=\"_ _7\"> </span>previsti <span class=\"_ _16\"> </span>tengono <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tempi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>attesi <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>presumibile <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rea<span class=\"_ _3\"></span>lizzo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>eventuali garanzie.  Il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ciascuna <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>rimane <span class=\"_ _6\"></span>invariato <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ncorch\u00e9 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>intervenuta <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ristrutturazion<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>divenga, <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>pratica, infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla rilevazione d<span class=\"_ _3\"></span>ella riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _5\"></span>riprese <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in as<span class=\"_ _0\"></span>senza di preced<span class=\"_ _3\"></span>enti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati nel margine d<span class=\"_ _0\"></span>i interesse.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>casi, <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>contrattual<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>originarie sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>volont\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>contratto. <span class=\"_ _5\"></span>Quando, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento, <span class=\"_ _5\"></span>le clausole <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>modifica <span class=\"_ _5\"></span>occorre <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>originaria <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>continuare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>rilevata<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>in </span>bilancio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>contrario, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>riginario <span class=\"_ _2\"></span>deve <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(<span class=\"_ _5\"></span>derecognition) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>debba essere rilevato un nuo<span class=\"_ _0\"></span>vo strumento finanzi<span class=\"_ _0\"></span>ario. In <span class=\"_ _4\"> </span>generale,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>conducono <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _7\"> </span>della <span class=\"_ _6\"> </span>stessa <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>nuova attivit\u00e0 <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>\u201csostanzialit\u00e0<span class=\"_ _0\"></span>\u201d <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>modifica <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>considerand<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>qualitativi <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>quantitativi. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>sultare <span class=\"_ _4\"> </span>chiaro, <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complesse analisi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambiamenti <span class=\"_ _2\"></span>introdotti <span class=\"_ _5\"></span>modificano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>contrattuali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>determin<span class=\"_ _5\"></span>ata attivit\u00e0 <span class=\"_ _2\"></span>mentre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>dovranno <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>svolte <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>(anche <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>apprezzare <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>delle stesse <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>procedere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _2\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>finanziario. Le <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>(quali-<span class=\"ff4\">quantitative) <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finire <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>\u201csostanzial<span class=\"_ _3\"></span>it\u00e0\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _5\"></span>apportate <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria </span>dovranno pertanto con<span class=\"_ _0\"></span>siderare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finalit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>modifiche sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state e<span class=\"_ _3\"></span>ffettuate: a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>rinegoziazioni per <span class=\"_ _2\"></span>motivi commerciali <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>concessioni <span class=\"_ _3\"></span>per </span>difficolt\u00e0 finanziari<span class=\"_ _0\"></span>e della controparte: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>prime, <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>trattenere\u201d <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>liente, <span class=\"_ _6\"></span>vedono <span class=\"_ _6\"></span>coinvolto <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>debitore <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _6\"></span>versa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>difficolt\u00e0 </span></span>finanziaria. <span class=\"_ _16\"> </span>In  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>casistica <span class=\"_ _16\"> </span>sono  in<span class=\"_ _0\"></span>cluse <span class=\"_ _16\"> </span>tutte  le<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>negoziazione <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>volte <span class=\"_ _16\"> </span>ad  adegu<span class=\"_ _0\"></span>are l\u2019onerosit\u00e0 <span class=\"_ _1d\"> </span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span>debito <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>condizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato. <span class=\"_ _1d\"> </span>Tali <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>comportano <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>variazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni </span>originarie <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _2\"></span>solitamente <span class=\"_ _2\"></span>richieste <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>debitore, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>onerosit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>debito, con <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>debitore <span class=\"_ _6\"></span>stesso. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>ogniqualvolta <span class=\"_ _6\"></span>la banca <span class=\"_ _6\"></span>effettui <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rinegoziazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>proprio <span class=\"_ _6\"></span>cliente, <span class=\"_ _5\"></span>tale <span class=\"_ _4\"></span>rinegoziazione <span class=\"_ _5\"></span>debba <span class=\"_ _6\"></span>essere considerata <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quanto, <span class=\"_ _4\"> </span>ove <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fosse <span class=\"_ _4\"></span>effettuata,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _4\"> </span>finanziarsi <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>altro intermediario e la <span class=\"_ _0\"></span>banca subirebbe un de<span class=\"_ _0\"></span>cremento dei ricavi fut<span class=\"_ _0\"></span>uri previsti;<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _5\"></span>seconde, <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>\u201cragioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>creditizio\u201d <span class=\"_ _2\"></span>(misure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>forbearance), <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>tentativo <span class=\"_ _5\"></span>della </span></span>banca  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>massimizzare  il <span class=\"_ _1d\"> </span>recupero <span class=\"_ _1d\"> </span>dei  f<span class=\"_ _3\"></span>lussi  di <span class=\"_ _1d\"> </span>cassa <span class=\"_ _1d\"> </span>del  credito <span class=\"_ _1d\"> </span>originario. <span class=\"_ _1d\"> </span>I <span class=\"_ _1d\"> </span>rischi  e <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>benefici  sottostanti, successivamente <span class=\"_ _20\"> </span>alle <span class=\"_ _29\"> </span>modific<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e, <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>norma, <span class=\"_ _23\"> </span>non <span class=\"_ _23\"> </span>sono <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>trasferiti <span class=\"_ _23\"> </span>e, <span class=\"_ _23\"> </span>conseguentemente<span class=\"_ _0\"></span>, <span class=\"_ _23\"> </span>la rappresentazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>of<span class=\"_ _3\"></span>fre <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>lettore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _4\"> </span>(salvo <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>dir\u00e0 <span class=\"_ _7\"> </span>in seguito  in  tem<span class=\"_ _0\"></span>a  di  elem<span class=\"_ _0\"></span>enti  og<span class=\"_ _0\"></span>gettivi),  \u00e8  quella <span class=\"_ _16\"> </span>effettuata  tramite  il <span class=\"_ _16\"> </span>\u201cmodification  acc<span class=\"_ _0\"></span>ounting\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">-  che  im<span class=\"_ _0\"></span>plica  la </span>rilevazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>modificati<span class=\"_ _35\"></span> scontati al tasso di inte<span class=\"_ _0\"></span>resse originario - e non tramite la d<span class=\"_ _0\"></span>erecognition;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>specifici <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>\u201ctrigger\u201d) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>incidono <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _7\"> </span>dello<span class=\"_ _0\"></span> </span></span>strumento <span class=\"_ _3\"></span>finanziario (quali, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>solo <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esempio, il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambiamento di <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modifica della <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cui si  \u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>esposti,  ove <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>si  correli <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>parametri  d<span class=\"_ _3\"></span>i  e<span class=\"_ _3\"></span>quity  e <span class=\"_ _1d\"> </span>commodity),  c<span class=\"_ _3\"></span>he  si <span class=\"_ _1d\"> </span>ritiene <span class=\"_ _1d\"> </span>comportino  la <span class=\"_ _1d\"> </span>derecognition  in considerazione del loro<span class=\"_ _0\"></span> impatto (atteso come signific<span class=\"_ _0\"></span>ativo) sui flussi c<span class=\"_ _0\"></span>ontrattuali originari. Viceversa, le modifiche alle attivit\u00e0 finanziarie a seguito della Riforma degli indici <span class=\"_ _3\"></span>di riferimento per la determinazione d<span class=\"_ _5\"></span>ei tassi di  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>cosiddetta <span class=\"_ _16\"> </span>IBOR <span class=\"_ _7\"> </span>Reform),  rela<span class=\"_ _0\"></span>tive <span class=\"_ _16\"> </span>alla  variazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinare <span class=\"_ _7\"> </span>i  flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>contrattuali (sostituzione <span class=\"_ _7\"> </span>dell\u2019indice  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _16\"> </span>esistente <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riferimento<span class=\"_ _0\"></span> alternativo), <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>costituiscono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span><span class=\"ff4\">ntabile <span class=\"_ _4\"> </span>(\u201cderecognition\u201d), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>considerate <span class=\"_ _4\"> </span>contabilmente </span>come <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>modifica <span class=\"_ _16\"> </span>(\u201cmodificati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n\u201d). <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>modifiche, <span class=\"_ _7\"> </span>se <span class=\"_ _16\"> </span>effettuate <span class=\"_ _4\"> </span>come <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>conseguenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019IBOR <span class=\"_ _7\"> </span>Reform <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>basi economiche <span class=\"_ _2\"></span>equivalenti, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentate <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>adeguamento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>il paragrafo B5.4.5 dell\u2019IFR<span class=\"_ _0\"></span>S 9 anzich\u00e9 il \u201cm<span class=\"_ _0\"></span>odification accounting<span class=\"_ _35\"></span>\u201d <span class=\"_ _2\"></span><span class=\"ff1\">- con impatti sul margine <span class=\"_ _0\"></span>di interesse dei fu<span class=\"_ _0\"></span>turi periodi. </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>sol<span class=\"_ _3\"></span>amente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _6\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>al co<span class=\"ff4 ls0\">involgime<span class=\"_ _0\"></span>nto <span class=\"_ _6\"></span>residuo, <span class=\"_ _5\"></span>misurato <span class=\"_ _6\"> </span>dall\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>cambiamenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cedute <span class=\"_ _6\"> </span>ed <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>conservaz<span class=\"_ _2\"></span>ione dei <span class=\"_ _3\"></span>diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi. 4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span><span class=\"fs9\"> </span>Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-162.72974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">riclassificazione.<span class=\"ffa fc2\"> </span></div><div class=\"t m0 x0 h95 y63 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y64 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">evidenze di riduzione d<span class=\"_ _0\"></span>i valore. </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">value. </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls10 ws0\">am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y76 ff5 fs0 fc2 sc0 ls10 ws0\">3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y78 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y80 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span></div><div class=\"t m0 x2a h2 y81 ff4 fs0 fc0 sc0 ls0 ws0\">di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y82 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span></div><div class=\"t m0 x2a h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">ordinari programmati o<span class=\"_ _0\"></span> anticipati; o </div><div class=\"t m0 x0 h2 y84 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span></div><div class=\"t m0 x2a h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">ragionevolmente preveder<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y87 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">riduzione di valore. </div><div class=\"t m0 x0 h32 y4b ff4 fs0 fc0 sc0 ls0 ws0\">Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore </div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">nel conto economico.  </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y52 ff5 fs0 fc2 sc0 ls10 ws0\">4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y54 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">attivi. </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> <span class=\"_ _9\"> </span> </div></div>Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1070": {
   "value": "3. Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammortizzato Criteri di classifica<span class=\"_ _0\"></span>zione Sono <span class=\"_ _7\"> </span>incluse <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"> </span>categoria <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>(in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ebito) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>soddisfan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>entrambe le seguenti c<span class=\"_ _0\"></span>ondizioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un <span class=\"_ _3\"></span>mod<span class=\"_ _3\"></span>ello di business il <span class=\"_ _3\"></span>cui obiettivo \u00e8 c<span class=\"_ _3\"></span>onseguito mediante l\u2019incasso dei flussi </span></span>finanziari previsti co<span class=\"_ _0\"></span>ntrattualmente (Busine<span class=\"_ _0\"></span>ss model \u201cHold to C<span class=\"_ _0\"></span>ollect\u201d), e<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>rmini <span class=\"_ _2\"></span>contrattuali <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _2\"></span>date, <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appre<span class=\"_ _2\"></span></span>sentati <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nicamente <span class=\"_ _2\"></span>da </span>pagamenti del capita<span class=\"_ _0\"></span>le e dell\u2019interes<span class=\"_ _0\"></span>se sull\u2019importo del c<span class=\"_ _0\"></span>apitale da restituir<span class=\"_ _0\"></span>e (c.d. \u201cSPPI test\u201d su<span class=\"_ _0\"></span>perato).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Pi\u00f9 in particolare, form<span class=\"_ _0\"></span>ano oggetto di rile<span class=\"_ _0\"></span>vazione in questa voc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con ba<span class=\"_ _0\"></span>nche nelle diverse forme<span class=\"_ _0\"></span> tecniche che presentano i requisiti di cui so<span class=\"_ _0\"></span>pra;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mpieghi con cli<span class=\"_ _0\"></span>entela nelle diverse f<span class=\"_ _0\"></span>orme tecniche che <span class=\"_ _0\"></span>presentano i requi<span class=\"_ _0\"></span>siti di cui sopra;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> titoli di debito c<span class=\"_ _0\"></span>he presentano i requisi<span class=\"_ _0\"></span>ti di cui sopra. </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>funzionam<span class=\"_ _2\"></span>ento <span class=\"_ _5\"></span>connessi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prestazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>servizi <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _35\"></span> come definiti dal T.U<span class=\"_ _0\"></span>.B. e dal T.U.F. (<span class=\"_ _0\"></span>ad esempio per distrib<span class=\"_ _0\"></span>uzione di prodotti fin<span class=\"_ _0\"></span>anziari ed attivit\u00e0 <span class=\"_ _0\"></span>di servicing).<span class=\"_ _2\"></span> Secondo <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>regole <span class=\"_ _6\"> </span>generali <span class=\"_ _5\"></span>previste <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _6\"></span>9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span><span class=\"ff1\">riclassificazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ammesse </span>riclassifiche verso altre c<span class=\"_ _3\"></span>ategorie di att<span class=\"_ _3\"></span>ivit\u00e0 finanziarie salvo <span class=\"_ _3\"></span>il caso <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi il <span class=\"_ _3\"></span>proprio modello <span class=\"_ _3\"></span>di bus<span class=\"_ _5\"></span><span class=\"ff1\">iness per <span class=\"_ _3\"></span>la </span>gestione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _6\"></span>finanziarie. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>casi, <span class=\"_ _4\"></span>che <span class=\"_ _7\"> </span>ci <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>attende <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>altamente <span class=\"_ _6\"></span>infrequenti, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>finanziari<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>potranno essere <span class=\"_ _7\"> </span>riclassificate <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>categoria <span class=\"_ _16\"> </span>valutata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>costo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>altre <span class=\"_ _7\"> </span>due <span class=\"_ _16\"> </span>categorie <span class=\"_ _7\"> </span>previste <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 (Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _0\"></span> complessiva o <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie valutate<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>fair value con impatto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>riclassificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>gl<span class=\"_ _2\"></span><span class=\"ls13\">i </span>effetti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>riclassificazione <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perano <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>anier<span class=\"_ _2\"></span>a <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _16\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>riclassificazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>perdite risultanti dalla differenza tra <span class=\"_ _3\"></span>il costo a<span class=\"_ _3\"></span>mmortizzato dell'attivit\u00e0 finanziaria e il relativo <span class=\"_ _3\"></span>fair value sono <span class=\"_ _3\"></span>rilevati a <span class=\"_ _3\"></span>cont<span class=\"_ _5\"></span>o economico nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riclassifica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>impatto <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>netto, nell\u2019apposita <span class=\"_ _6\"> </span>riserva <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valutazi<span class=\"_ _0\"></span>one, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riclassifi<span class=\"_ _0\"></span>ca <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sulla </span>redditivit\u00e0 complessi<span class=\"_ _0\"></span>va. Per <span class=\"_ _6\"></span>maggi<span class=\"ff4\">ori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>sui <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>classificazione <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>nvia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>successivo <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span>\u201cI <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>di </span>classificazione delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span>Criteri di iscrizione L\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziari<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>avviene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regolamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>erogazione <span class=\"_ _3\"></span>nel </span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti. <span class=\"_ _3\"></span>All\u2019atto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>iniziale le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roventi <span class=\"_ _3\"></span>di </span>transazione direttam<span class=\"_ _0\"></span>ente attribuibili allo s<span class=\"_ _0\"></span>trumen<span class=\"_ _3\"></span>to stesso. In <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>att<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>erogazione <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ormalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _5\"></span>del<span class=\"_ _5\"></span> contratto. <span class=\"_ _7\"> </span>Qualora <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ale <span class=\"_ _7\"> </span>coincidenza <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>manifesti, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>si <span class=\"_ _7\"> </span>provvede <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>iscrivere <span class=\"_ _1d\"> </span><span class=\"lsc\">un </span>impegno <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>erogare <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>chiude <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>erogazione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>finanziamento. <span class=\"_ _3\"></span>L\u2019iscrizione del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base<span class=\"_ _5\"></span><span class=\"ff1\"> </span>del fair <span class=\"_ _3\"></span>value dello <span class=\"_ _3\"></span>stesso, pari <span class=\"_ _3\"></span>all\u2019ammontare erogato, o p<span class=\"_ _3\"></span>rezzo di <span class=\"_ _3\"></span>sottoscrizione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>comprensivo dei costi/proventi direttame<span class=\"_ _5\"></span><span class=\"ff1 ls17\">nt<span class=\"lsc\">e </span></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>determinabili <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019origine <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>ancorch\u00e9 <span class=\"_ _5\"></span>liquidati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>successiv<span class=\"_ _5\"></span><span class=\"ff1\">o. </span>Sono <span class=\"_ _3\"></span>esclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>avendo <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche suddette, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto di <span class=\"_ _2\"></span>rimborso da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte d<span class=\"_ _3\"></span>ebitri<span class=\"_ _2\"></span>c<span class=\"ls17\">e </span>o sono inquadrabili tr<span class=\"_ _0\"></span>a i normali costi i<span class=\"_ _0\"></span>nterni di carattere <span class=\"_ _0\"></span>amministrativo.<span class=\"_ _3\"></span> Le <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro <span class=\"_ _7\"> </span>te<span class=\"_ _3\"></span>rmine <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>obbligo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rivendita <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>sono  iscritte <span class=\"_ _7\"> </span>in  Bi<span class=\"_ _0\"></span>lancio <span class=\"_ _16\"> </span>come operazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>impiego. <span class=\"_ _6\"></span>In <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>op<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>razioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>pronti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rilevate <span class=\"_ _6\"></span>in Bilancio <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>mporto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>percepito <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti, <span class=\"_ _5\"></span>mentre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>pronti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rivendita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>son<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilevate come crediti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r l\u2019importo corrispo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to a pronti.<span class=\"ff1\"> </span>Criteri di valutazione Successivamente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>esame <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>ammortizzato, <span class=\"_ _5\"></span>utilizzando <span class=\"_ _7\"> </span>il metodo <span class=\"_ _3\"></span>del tasso <span class=\"_ _3\"></span>di i<span class=\"_ _3\"></span>nteresse effettivo. I<span class=\"_ _3\"></span>n questi <span class=\"_ _3\"></span>termini, l<span class=\"_ _3\"></span>\u2019attivit\u00e0 \u00e8 <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>in Bilancio p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>u<span class=\"_ _2\"></span><span class=\"ff1\">n <span class=\"_ _3\"></span>ammontare par<span class=\"_ _3\"></span>i al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di </span>prima <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>diminuito <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rimborsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale, p<span class=\"_ _3\"></span>i\u00f9 o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>l\u2019ammortamento <span class=\"_ _3\"></span>cumulato <span class=\"_ _3\"></span>(calcolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>interesse effettivo) della differenza tra tale importo inizi<span class=\"_ _0\"></span>ale e l\u2019importo alla scadenza (riconduci<span class=\"_ _3\"></span><span class=\"ff1\">bile tipicamente ai costi/proventi </span>imputati <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>singola <span class=\"_ _4\"> </span>attivit\u00e0) <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rettificato <span class=\"_ _7\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>intere<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">sse </span>effettivo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>individuato <span class=\"_ _2\"></span>calcolando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guaglia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>futuri<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>interesse</span><span class=\"ff4\"><span class=\"_ _0\"></span>, </span>all\u2019ammontare <span class=\"_ _26\"> </span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2a\"> </span>inclusivo <span class=\"_ _2a\"> </span>dei <span class=\"_ _2a\"> </span>costi/proventi <span class=\"_ _2a\"> </span>ricondotti <span class=\"_ _2a\"> </span>all\u2019attivit\u00e0 <span class=\"_ _2a\"> </span>finanziaria <span class=\"_ _2a\"> </span>medesima. <span class=\"_ _2a\"> </span>Tale <span class=\"_ _3b\"> </span>modalit\u00e0 <span class=\"_ _2a\"> </span>di contabilizzazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>utilizzando <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuire <span class=\"_ _3\"></span>l\u2019effetto <span class=\"_ _3\"></span>economico <span class=\"_ _6\"></span><span class=\"ff1\">dei <span class=\"_ _3\"></span>costi/proventi <span class=\"_ _3\"></span>direttamente </span>attribuibili ad un\u2019attivi<span class=\"_ _0\"></span>t\u00e0 finanziaria lung<span class=\"_ _0\"></span>o la sua vita residua <span class=\"_ _0\"></span>attesa.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>utilizzato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>valorizzate <span class=\"_ _5\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>storico <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>fa ritenere <span class=\"_ _3\"></span>trascurabile <span class=\"_ _3\"></span>l\u2019e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dell\u2019applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>gica <span class=\"_ _3\"></span>dell\u2019attualizzazione, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>scadenza <span class=\"_ _3\"></span>def<span class=\"_ _3\"></span>inita <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>i crediti a revoca. I <span class=\"_ _4\"> </span>cr<span class=\"_ _3\"></span>iteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>meglio <span class=\"_ _7\"> </span>indicato <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>paragrafo <span class=\"_ _7\"> </span>\u201cPerdite <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie\u201d, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>strettament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>con<span class=\"ff4\">nessi all\u2019inclusione <span class=\"_ _0\"></span>degli strumenti in es<span class=\"_ _0\"></span>ame in uno dei tre stages<span class=\"_ _0\"></span> (stadi di rischio cre<span class=\"_ _0\"></span>ditizio) previsti <span class=\"_ _0\"></span>dall\u2019IFRS 9, l\u2019ult<span class=\"_ _2\"></span><span class=\"ff1\">imo dei </span></span>quali (stage 3) compre<span class=\"_ _0\"></span>nde le attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie deteriorate e i r<span class=\"_ _0\"></span>estanti (stage 1 e <span class=\"_ _0\"></span>2) le attivit\u00e0 finanziar<span class=\"_ _0\"></span>ie in bonis.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>suddetti <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>valutativi, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>riferite a <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>pologia <span class=\"_ _3\"></span>di attivit\u00e0 sono rilevate <span class=\"_ _0\"></span>nel Conto economic<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto dell\u2019iscrizio<span class=\"_ _0\"></span>ne iniziale, per un <span class=\"_ _0\"></span>ammontare pari alla<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">perdita attesa a dodici mesi; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sia <span class=\"_ _2\"></span>risultato <span class=\"_ _2\"></span>significativamente <span class=\"_ _3\"></span>increment<span class=\"_ _5\"></span></span>ato </span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"> </span>variazioni <span class=\"_ _6\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>rettifiche <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _6\"></span>nei </span>dodici mesi successivi<span class=\"_ _0\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>successiva <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0,  o<span class=\"_ _0\"></span>ve <span class=\"_ _16\"> </span>il  ris<span class=\"_ _0\"></span>chio  c<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>editizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>significativamente <span class=\"_ _16\"> </span>incrementato<span class=\"_ _35\"></span> </span></span>rispetto <span class=\"_ _6\"></span>all\u2019iscrizione <span class=\"_ _5\"></span>iniziale, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>rettifich<span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>perdite <span class=\"_ _4\"> </span>attese <span class=\"_ _5\"></span>riferibili <span class=\"_ _6\"> </span>all\u2019intera <span class=\"_ _6\"></span>vita residua prevista contra<span class=\"_ _0\"></span>ttualmente per l\u2019attiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019atto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>successiva <span class=\"_ _2\"></span>dell\u2019attivit\u00e0, <span class=\"_ _2\"></span>ove <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _2\"></span>dopo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>verificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _1c\"> </span>all\u2019<span class=\"ff1\">iscrizione <span class=\"_ _1c\"> </span>inizia<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">la <span class=\"_ _1c\"> </span>\u201csignificativit\u00e0\u201d <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>tale <span class=\"_ _1c\"> </span>increment<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>poi <span class=\"_ _1c\"> </span>venuta <span class=\"_ _1c\"> </span>meno, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>rel<span class=\"_ _0\"></span>azione </span></span>all\u2019adeguamento delle <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore cu<span class=\"_ _3\"></span>mulate per <span class=\"_ _3\"></span>tener conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>passaggio da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita attesa <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera vita residua dello strume<span class=\"_ _0\"></span>nto (\u201clifetime\u201d)<span class=\"ff1\"> ad una a dodici mesi. </span>Le attivit\u00e0 finanziarie in esame, <span class=\"_ _0\"></span>ove risultino in bonis, sono sottoposte ad un<span class=\"_ _0\"></span>a valutazione, volta a definire le rettifi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>di valore da  r<span class=\"_ _0\"></span>ilevare <span class=\"_ _16\"> </span>in  b<span class=\"_ _0\"></span>ilancio, <span class=\"_ _16\"> </span>a  li<span class=\"_ _0\"></span>vello <span class=\"_ _16\"> </span>di  singo<span class=\"_ _0\"></span>lo  r<span class=\"_ _35\"></span>apporto  creditizio<span class=\"_ _0\"></span>  (o <span class=\"_ _7\"> </span>\u201ctranche\u201d  di <span class=\"_ _16\"> </span>titolo), <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funz<span class=\"_ _2\"></span><span class=\"ff1\">ione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>parametri <span class=\"_ _16\"> </span>di  ris<span class=\"_ _0\"></span>chio </span>rappresentati da probability of default (PD), loss given default (LGD<span class=\"_ _0\"></span>) ed exposure at default (EAD), derivati dai modelli AIR<span class=\"_ _5\"></span>B e opportunamente corret<span class=\"_ _0\"></span>ti per tener conto <span class=\"_ _0\"></span>delle previsioni del p<span class=\"_ _0\"></span>rincipio contabile <span class=\"_ _0\"></span>IFRS 9.<span class=\"_ _3\"></span> Se, <span class=\"_ _3\"></span>oltre ad<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span> incremento s<span class=\"_ _3\"></span>ignificativo del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riscontrano anche <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze di <span class=\"_ _3\"></span>una p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore, l\u2019importo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>misurato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span></span>classificata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cdeteriorata\u201d, <span class=\"_ _5\"></span>al pa<span class=\"ls0\">ri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>rapporti <span class=\"_ _6\"></span>intercorrenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>controparte <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati,<span class=\"_ _0\"></span> </span>scontati al tasso di inte<span class=\"_ _0\"></span>resse effettivo <span class=\"_ _0\"></span>originario. L\u2019importo <span class=\"_ _0\"></span>della perdita, da rile<span class=\"_ _0\"></span>vare a Conto eco<span class=\"_ _0\"></span>nomico, \u00e8 definito <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span><span class=\"ff1\">l<span class=\"_ _3\"></span>a base di </span>un <span class=\"_ _16\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>analitica <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>categorie <span class=\"_ _16\"> </span>omogenee <span class=\"_ _7\"> </span>e,  quin<span class=\"_ _0\"></span>di, <span class=\"_ _16\"> </span>attribuito <span class=\"_ _16\"> </span>analiticamente <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>ogni<span class=\"_ _0\"></span> posizione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tiene <span class=\"_ _6\"></span>conto, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>dettagliato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>paragrafo <span class=\"_ _6\"></span>\u201cPerdite <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie\u201d, <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>informazioni <span class=\"_ _6\"> </span>forwa<span class=\"_ _5\"></span><span class=\"ff1\">r<span class=\"lsc\">d </span></span>looking e dei possibil<span class=\"_ _0\"></span>i scenari alternativi <span class=\"_ _0\"></span>di recupero.  Rientrano  nell\u2019ambito  delle  atti<span class=\"_ _0\"></span>vit\u00e0  deteriorate  gli  strumenti  finanziari  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza<span class=\"_ _2\"></span><span class=\"ff1 ls12\">, </span>inadempienza <span class=\"_ _3\"></span>probabile <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>caduto/sconfinante <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>novanta <span class=\"_ _2\"></span>gior<span class=\"_ _2\"></span><span class=\"ff4\">ni <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Italia, <span class=\"_ _2\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la </span>normativa IAS/IFRS e di V<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>gilanza europe<span class=\"_ _0\"></span>a.  I <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa <span class=\"_ _7\"> </span>previsti <span class=\"_ _16\"> </span>tengono <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tempi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>attesi <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>presumibile <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rea<span class=\"_ _3\"></span>lizzo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>eventuali garanzie.  Il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ciascuna <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>rimane <span class=\"_ _6\"></span>invariato <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tempo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ncorch\u00e9 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>intervenuta <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ristrutturazion<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>divenga, <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>pratica, infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla rilevazione d<span class=\"_ _3\"></span>ella riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _5\"></span>riprese <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>imputazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in as<span class=\"_ _0\"></span>senza di preced<span class=\"_ _3\"></span>enti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati nel margine d<span class=\"_ _0\"></span>i interesse.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>casi, <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>contrattual<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>originarie sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>modifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>volont\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>contratto. <span class=\"_ _5\"></span>Quando, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento, <span class=\"_ _5\"></span>le clausole <span class=\"_ _5\"></span>contrattuali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>modifica <span class=\"_ _5\"></span>occorre <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>originaria <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>continuare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>rilevata<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>in </span>bilancio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>contrario, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>riginario <span class=\"_ _2\"></span>deve <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cancellazione <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(<span class=\"_ _5\"></span>derecognition) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>debba essere rilevato un nuo<span class=\"_ _0\"></span>vo strumento finanzi<span class=\"_ _0\"></span>ario. In <span class=\"_ _4\"> </span>generale,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019attivit\u00e0 <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>conducono <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _7\"> </span>della <span class=\"_ _6\"> </span>stessa <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>nuova attivit\u00e0 <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>\u201csostanziali\u201d. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>\u201csostanzialit\u00e0<span class=\"_ _0\"></span>\u201d <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>modifica <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>considerand<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>qualitativi <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>elementi <span class=\"_ _4\"> </span>quantitativi. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcuni <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _7\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>ri<span class=\"_ _2\"></span>sultare <span class=\"_ _4\"> </span>chiaro, <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complesse analisi, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ambiamenti <span class=\"_ _2\"></span>introdotti <span class=\"_ _5\"></span>modificano <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>contrattuali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>determin<span class=\"_ _5\"></span>ata attivit\u00e0 <span class=\"_ _2\"></span>mentre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>dovranno <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>svolte <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>(anche <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>quantitativo) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>apprezzare <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>delle stesse <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>procedere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>cancellazione <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _2\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>finanziario. Le <span class=\"_ _5\"></span>analisi <span class=\"_ _2\"></span>(quali-<span class=\"ff4\">quantitative) <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finire <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>\u201csostanzial<span class=\"_ _3\"></span>it\u00e0\u201d <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>contrattuali <span class=\"_ _5\"></span>apportate <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria </span>dovranno pertanto con<span class=\"_ _0\"></span>siderare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finalit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>modifiche sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state e<span class=\"_ _3\"></span>ffettuate: a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>rinegoziazioni per <span class=\"_ _2\"></span>motivi commerciali <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>concessioni <span class=\"_ _3\"></span>per </span>difficolt\u00e0 finanziari<span class=\"_ _0\"></span>e della controparte: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _4\"> </span>prime, <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>trattenere\u201d <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>liente, <span class=\"_ _6\"></span>vedono <span class=\"_ _6\"></span>coinvolto <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>debitore <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _6\"></span>versa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>difficolt\u00e0 </span></span>finanziaria. <span class=\"_ _16\"> </span>In  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>casistica <span class=\"_ _16\"> </span>sono  in<span class=\"_ _0\"></span>cluse <span class=\"_ _16\"> </span>tutte  le<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>negoziazione <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>volte <span class=\"_ _16\"> </span>ad  adegu<span class=\"_ _0\"></span>are l\u2019onerosit\u00e0 <span class=\"_ _1d\"> </span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span>debito <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>condizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato. <span class=\"_ _1d\"> </span>Tali <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>comportano <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>variazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni </span>originarie <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _2\"></span>solitamente <span class=\"_ _2\"></span>richieste <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>debitore, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>onerosit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>debito, con <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>debitore <span class=\"_ _6\"></span>stesso. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>ogniqualvolta <span class=\"_ _6\"></span>la banca <span class=\"_ _6\"></span>effettui <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rinegoziazione <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>evitare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdere <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>proprio <span class=\"_ _6\"></span>cliente, <span class=\"_ _5\"></span>tale <span class=\"_ _4\"></span>rinegoziazione <span class=\"_ _5\"></span>debba <span class=\"_ _6\"></span>essere considerata <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quanto, <span class=\"_ _4\"> </span>ove <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fosse <span class=\"_ _4\"></span>effettuata,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _4\"> </span>finanziarsi <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>altro intermediario e la <span class=\"_ _0\"></span>banca subirebbe un de<span class=\"_ _0\"></span>cremento dei ricavi fut<span class=\"_ _0\"></span>uri previsti;<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">le <span class=\"_ _5\"></span>seconde, <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>\u201cragioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>creditizio\u201d <span class=\"_ _2\"></span>(misure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>forbearance), <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>riconducibili <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>tentativo <span class=\"_ _5\"></span>della </span></span>banca  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>massimizzare  il <span class=\"_ _1d\"> </span>recupero <span class=\"_ _1d\"> </span>dei  f<span class=\"_ _3\"></span>lussi  di <span class=\"_ _1d\"> </span>cassa <span class=\"_ _1d\"> </span>del  credito <span class=\"_ _1d\"> </span>originario. <span class=\"_ _1d\"> </span>I <span class=\"_ _1d\"> </span>rischi  e <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>benefici  sottostanti, successivamente <span class=\"_ _20\"> </span>alle <span class=\"_ _29\"> </span>modific<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e, <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>norma, <span class=\"_ _23\"> </span>non <span class=\"_ _23\"> </span>sono <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>trasferiti <span class=\"_ _23\"> </span>e, <span class=\"_ _23\"> </span>conseguentemente<span class=\"_ _0\"></span>, <span class=\"_ _23\"> </span>la rappresentazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>of<span class=\"_ _3\"></span>fre <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>lettore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _4\"> </span>(salvo <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>dir\u00e0 <span class=\"_ _7\"> </span>in seguito  in  tem<span class=\"_ _0\"></span>a  di  elem<span class=\"_ _0\"></span>enti  og<span class=\"_ _0\"></span>gettivi),  \u00e8  quella <span class=\"_ _16\"> </span>effettuata  tramite  il <span class=\"_ _16\"> </span>\u201cmodification  acc<span class=\"_ _0\"></span>ounting\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">-  che  im<span class=\"_ _0\"></span>plica  la </span>rilevazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cassa <span class=\"_ _4\"></span>modificati<span class=\"_ _35\"></span> scontati al tasso di inte<span class=\"_ _0\"></span>resse originario - e non tramite la d<span class=\"_ _0\"></span>erecognition;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>specifici <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>\u201ctrigger\u201d) <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>incidono <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>contrattuali <span class=\"_ _7\"> </span>dello<span class=\"_ _0\"></span> </span></span>strumento <span class=\"_ _3\"></span>finanziario (quali, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>solo <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esempio, il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambiamento di <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>modifica della <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>cui si  \u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>esposti,  ove <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>si  correli <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>parametri  d<span class=\"_ _3\"></span>i  e<span class=\"_ _3\"></span>quity  e <span class=\"_ _1d\"> </span>commodity),  c<span class=\"_ _3\"></span>he  si <span class=\"_ _1d\"> </span>ritiene <span class=\"_ _1d\"> </span>comportino  la <span class=\"_ _1d\"> </span>derecognition  in considerazione del loro<span class=\"_ _0\"></span> impatto (atteso come signific<span class=\"_ _0\"></span>ativo) sui flussi c<span class=\"_ _0\"></span>ontrattuali originari. Viceversa, le modifiche alle attivit\u00e0 finanziarie a seguito della Riforma degli indici <span class=\"_ _3\"></span>di riferimento per la determinazione d<span class=\"_ _5\"></span>ei tassi di  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>cosiddetta <span class=\"_ _16\"> </span>IBOR <span class=\"_ _7\"> </span>Reform),  rela<span class=\"_ _0\"></span>tive <span class=\"_ _16\"> </span>alla  variazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinare <span class=\"_ _7\"> </span>i  flussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>contrattuali (sostituzione <span class=\"_ _7\"> </span>dell\u2019indice  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>interesse <span class=\"_ _16\"> </span>esistente <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>riferimento<span class=\"_ _0\"></span> alternativo), <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>costituiscono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cancellazione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span><span class=\"ff4\">ntabile <span class=\"_ _4\"> </span>(\u201cderecognition\u201d), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>considerate <span class=\"_ _4\"> </span>contabilmente </span>come <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>modifica <span class=\"_ _16\"> </span>(\u201cmodificati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n\u201d). <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>modifiche, <span class=\"_ _7\"> </span>se <span class=\"_ _16\"> </span>effettuate <span class=\"_ _4\"> </span>come <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>conseguenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019IBOR <span class=\"_ _7\"> </span>Reform <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>basi economiche <span class=\"_ _2\"></span>equivalenti, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentate <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>adeguamento <span class=\"_ _2\"></span>prospettico <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>effettivo <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>applicando <span class=\"_ _2\"></span>il paragrafo B5.4.5 dell\u2019IFR<span class=\"_ _0\"></span>S 9 anzich\u00e9 il \u201cm<span class=\"_ _0\"></span>odification accounting<span class=\"_ _35\"></span>\u201d <span class=\"_ _2\"></span><span class=\"ff1\">- con impatti sul margine <span class=\"_ _0\"></span>di interesse dei fu<span class=\"_ _0\"></span>turi periodi. </span>Criteri di cancellazione Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>sol<span class=\"_ _3\"></span>amente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>comportato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sostanziale <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di tutti i <span class=\"_ _3\"></span>rischi e benefici <span class=\"_ _3\"></span>connessi alle attivit\u00e0 <span class=\"_ _3\"></span>stesse. Per contro, <span class=\"_ _3\"></span>qualora sia stata mantenuta una quota <span class=\"_ _3\"></span>parte rilevante de<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>rischi e <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>cedute, <span class=\"_ _6\"></span>queste <span class=\"_ _2\"></span>continuano <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 <span class=\"_ _2\"></span>giuridicamente <span class=\"_ _2\"></span>la titolarit\u00e0 delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse sia stata eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ttivamente trasferit<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"></span>accertare <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>sostanziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>benefici, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _6\"></span>vengono cancellate <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _18\"> </span>qualora <span class=\"_ _18\"> </span>non <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _18\"> </span>stato <span class=\"_ _1c\"> </span>mantenut<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>alcun <span class=\"_ _1c\"> </span>tipo <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>contr<span class=\"_ _0\"></span>ollo <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>stesse. <span class=\"_ _18\"> </span>In <span class=\"_ _1c\"> </span>ca<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>contrar<span class=\"_ _0\"></span>io, <span class=\"_ _1c\"> </span>l<span class=\"_ _35\"></span>a conservazione, <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>tale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>mantenimento <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bilancio <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>al co<span class=\"ff4 ls0\">involgime<span class=\"_ _0\"></span>nto <span class=\"_ _6\"></span>residuo, <span class=\"_ _5\"></span>misurato <span class=\"_ _6\"> </span>dall\u2019esposizione <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>cambiamenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valore <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cedute <span class=\"_ _6\"> </span>ed <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi </span>finanziari delle ste<span class=\"_ _0\"></span>sse. Infine, le attivit\u00e0 finanziarie cedute v<span class=\"_ _3\"></span>engono cancellate dal bilancio nel caso <span class=\"_ _3\"></span>in cui vi <span class=\"_ _3\"></span>sia la <span class=\"_ _3\"></span>conservaz<span class=\"_ _2\"></span>ione dei <span class=\"_ _3\"></span>diritti contrattuali a ricevere i relativi flussi di c<span class=\"_ _0\"></span>assa, con la contestual<span class=\"_ _0\"></span>e assunzione di un\u2019obblig<span class=\"_ _0\"></span>azione a pagare detti flussi, e s<span class=\"_ _0\"></span>olo essi, s<span class=\"_ _2\"></span><span class=\"ff1\">enza un </span>ritardo rilevante ad altri<span class=\"_ _0\"></span> soggetti terzi. 12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Criteri di iscrizione La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span>di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span>Criteri di valutazione Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span>effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato. I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span>per diritto d\u2019uso. <span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-943": {
   "value": "4. Operazioni di cop<span class=\"_ _0\"></span>ertura Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dal<span class=\"ls0\">la Commi<span class=\"_ _0\"></span>ssione Europea) pe<span class=\"_ _0\"></span>r ogni tipologia di c<span class=\"_ _0\"></span>opertura (sia per le <span class=\"_ _0\"></span>coperture specific<span class=\"_ _0\"></span>he che per le macro c<span class=\"_ _0\"></span>operture). <span class=\"_ _2\"></span> </span>Criteri di classifica<span class=\"_ _0\"></span>zione: tipologia di copertu<span class=\"_ _0\"></span>re Le <span class=\"_ _3\"></span>operazioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura dei <span class=\"_ _2\"></span>rischi sono <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>potenziali perdite, <span class=\"_ _3\"></span>attribuibili <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>ris<span class=\"_ _5\"></span>chio, e rilevabili <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>elemento <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>quel <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>dovesse <span class=\"_ _6\"></span>effettivamente<span class=\"_ _2\"></span> manifestarsi.  Le tipologie di cop<span class=\"_ _0\"></span>erture utilizzate sono le s<span class=\"_ _0\"></span>eguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura di fair <span class=\"_ _3\"></span>value: ha <span class=\"_ _3\"></span>l\u2019obiettivo di coprire l\u2019esposizione alla variazione del <span class=\"_ _3\"></span>fair value (attribuibile a<span class=\"_ _3\"></span>lle diverse ti<span class=\"_ _5\"></span></span>pologie </span>di rischio) di <span class=\"_ _3\"></span>attivit\u00e0 e passivit\u00e0 <span class=\"_ _3\"></span>iscritte in bila<span class=\"_ _3\"></span>ncio o <span class=\"_ _3\"></span>porzioni di esse,<span class=\"_ _3\"></span> di gruppi di <span class=\"_ _3\"></span>attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>core <span class=\"_ _7\"> </span>deposits, <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>consentito <span class=\"_ _4\"> </span>dallo <span class=\"_ _7\"> </span>IAS <span class=\"_ _7\"> </span>39 <span class=\"_ _7\"> </span>omologato <span class=\"_ _7\"> </span>dalla Commissione <span class=\"_ _3\"></span>Europea. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>generiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">value <span class=\"_ _2\"></span>(\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ridurre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>oscillazioni <span class=\"_ _3\"></span>di </span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputabili <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>monetario, <span class=\"_ _2\"></span>riveniente <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di passivit\u00e0 <span class=\"_ _3\"></span>finanziarie. <span class=\"_ _3\"></span>Non <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura gen<span class=\"_ _3\"></span>erica <span class=\"_ _3\"></span>importi <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dallo <span class=\"_ _3\"></span>sbilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e passivit\u00e0; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>opertura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>finanziari: <span class=\"_ _4\"> </span>ha <span class=\"_ _16\"> </span>l\u2019obiettivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>coprire <span class=\"_ _7\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _4\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _16\"> </span>futuri <span class=\"_ _7\"> </span>attribuibili  </span><span class=\"lsc\">a </span></span>particolari <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>associati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>bilancio<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Tale <span class=\"_ _5\"></span>tipologia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>stabilizzare <span class=\"_ _5\"></span>il flusso di <span class=\"_ _3\"></span>interessi della raccolta a<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>variabile nella misura in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>quest\u2019ultima finanzia impieghi a <span class=\"_ _3\"></span>tasso fisso. <span class=\"_ _3\"></span>In tal<span class=\"_ _2\"></span><span class=\"ff1\">u<span class=\"_ _3\"></span>ne </span>circostanze, analoghe <span class=\"_ _0\"></span>operazioni sono poste <span class=\"_ _0\"></span>in es<span class=\"_ _3\"></span>sere relativam<span class=\"_ _0\"></span>ente ad alcune tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di impieghi a t<span class=\"_ _0\"></span>asso variabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _3\"></span><span class=\"ff4\">di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>investimento i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>valuta: <span class=\"_ _3\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>copertura <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019impresa e<span class=\"_ _3\"></span>stera <span class=\"_ _3\"></span>espresso </span></span>in valuta. Solo gli strumenti ch<span class=\"_ _0\"></span>e coinvolgono una c<span class=\"_ _0\"></span>ontroparte esterna al Gruppo possono esser<span class=\"_ _0\"></span>e designati come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Data <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercitata <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>avvalersi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"></span>integralme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"></span>dello IAS 39 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>nare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>classificati tra <span class=\"_ _2\"></span>le Atti<span class=\"_ _3\"></span>vit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate <span class=\"_ _3\"></span>al fair value <span class=\"_ _3\"></span>con i<span class=\"_ _3\"></span>mpatto sulla redditivit\u00e0 c<span class=\"_ _3\"></span>omplessiva (FVOCI) come o<span class=\"_ _3\"></span>ggetti coperti <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>o di <span class=\"_ _3\"></span>cambio, dato <span class=\"_ _6\"></span>che tali <span class=\"_ _3\"></span>strumenti non <span class=\"_ _3\"></span>impattano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>conto economico,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nemmeno <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di vendita <span class=\"_ _3\"></span>(se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>che sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico). Criteri di iscrizione Gli strumenti derivati d<span class=\"_ _0\"></span>i copertura, al pari di<span class=\"_ _0\"></span> tutti i derivati, so<span class=\"_ _0\"></span>no inizialmente iscrit<span class=\"_ _0\"></span>ti e successiva<span class=\"_ _0\"></span>mente misurati al fa<span class=\"_ _2\"></span>ir value. Una <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>qualifica <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trova <span class=\"_ _7\"> </span>coerente <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _7\"> </span>soltanto <span class=\"_ _16\"> </span>se <span class=\"_ _7\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>seguenti<span class=\"_ _0\"></span> condizioni sono soddis<span class=\"_ _0\"></span>fatte:<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ll\u2019inizio della copertura vi \u00e8 una designazione e documentazione formale della relazione di copertura, degli obi<span class=\"_ _2\"></span></span>ettivi della </span>societ\u00e0 <span class=\"_ _20\"> </span>nella <span class=\"_ _23\"> </span>gestione <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>rischio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>strategia <span class=\"_ _20\"> </span>nell\u2019effettuare <span class=\"_ _20\"> </span>la <span class=\"_ _20\"> </span>copertura. <span class=\"_ _20\"> </span>Tale <span class=\"_ _20\"> </span>documentazione <span class=\"_ _20\"> </span>include l\u2019identificazione <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura, <span class=\"_ _6\"> </span>l\u2019elemento <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>l\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>coperta, <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>natura <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>operto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>come l\u2019impresa  v<span class=\"_ _3\"></span>aluta <span class=\"_ _1d\"> </span>l\u2019efficacia  dello <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>copertura  nel <span class=\"_ _1d\"> </span>compensare <span class=\"_ _1d\"> </span>l\u2019esposizione  alle <span class=\"_ _1d\"> </span>variazioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>fair  value dell\u2019elemento copert<span class=\"_ _0\"></span>o o dei flussi finan<span class=\"_ _0\"></span>ziari attribuibili al ris<span class=\"_ _0\"></span>chio coperto;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a copertura \u00e8 atte<span class=\"_ _0\"></span>sa altamente effic<span class=\"_ _0\"></span>ace; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>programmata <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presenta </span>un\u2019esposizione alle v<span class=\"_ _0\"></span>ariazioni di flussi fin<span class=\"_ _0\"></span>anziari che potreb<span class=\"_ _0\"></span>be incidere sul Cont<span class=\"_ _0\"></span>o economico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019efficacia della cop<span class=\"_ _0\"></span>ertura pu\u00f2 essere atte<span class=\"_ _0\"></span>ndibilmente valutata<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutata <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>altamente <span class=\"_ _2\"></span>efficace <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>esercizi <span class=\"_ _5\"></span>di </span>riferimento per cui la<span class=\"_ _0\"></span> copertura era desig<span class=\"_ _0\"></span>nata.<span class=\"_ _3\"></span> Criteri di valutazione I derivati di copert<span class=\"_ _0\"></span>ura sono valutati al f<span class=\"_ _0\"></span>air value. In particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el caso di copertura di fair valu<span class=\"_ _0\"></span>e, si compensa la variazione del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value dell\u2019elemento <span class=\"_ _0\"></span>coperto con la variazione del fai<span class=\"_ _3\"></span><span class=\"ff1 ls20\">r </span></span></span>value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto economico de<span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> variazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valore, <span class=\"_ _7\"> </span>riferite <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>all\u2019elemento <span class=\"_ _7\"> </span>coperto <span class=\"_ _7\"> </span>(per <span class=\"_ _7\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rodotte <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fattore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio sottostante), <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>allo <span class=\"_ _1d\"> </span>strumento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>copertura. <span class=\"_ _1d\"> </span>L\u2019eventuale <span class=\"_ _1d\"> </span>differenza, <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>parziale <span class=\"_ _1d\"> </span>inefficacia <span class=\"_ _1d\"> </span>della copertura, <span class=\"_ _2\"></span>n<span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ostituisce <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conseguenza <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>netto. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>generica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fair </span>value (\u201cmacro <span class=\"_ _3\"></span>hedge\u201d) le <span class=\"_ _3\"></span>variazioni di f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rischio coperto <span class=\"_ _3\"></span>delle attivit\u00e0 e <span class=\"_ _3\"></span>delle passivit\u00e0 o<span class=\"_ _3\"></span>ggetto<span class=\"_ _5\"></span><span class=\"ff1\"> di </span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>imp<span class=\"ff4\">utate <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>lo <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _5\"></span>rispettivamente, <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>60. <span class=\"_ _5\"></span>\u201cAdeguamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>copertura <span class=\"_ _16\"> </span>generica\u201d <span class=\"_ _7\"> </span>oppure <span class=\"_ _16\"> </span>50.  \u201cAdeg<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _7\"> </span>di copertura generica\u201d;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>imputate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la </span>quota <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>ficace <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura, <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>solo <span class=\"_ _6\"></span>quando, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>coperta, <span class=\"_ _6\"></span>si manifesta la variazione<span class=\"_ _0\"></span> dei flussi di cassa da compensare<span class=\"_ _0\"></span> o se la copertura ri<span class=\"_ _0\"></span>sulta inefficace;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e coperture di un i<span class=\"_ _0\"></span>nvestimento in valut<span class=\"_ _0\"></span>a sono contabilizzat<span class=\"_ _0\"></span>e allo stesso modo dell<span class=\"_ _0\"></span>e coperture di flussi fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziari.<span class=\"_ _2\"></span> </span>L'efficacia <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>dipende <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>coperto <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>flussi finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>compensati <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>copertura. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _6\"></span>l'efficacia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>apprezzata <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>confront<span class=\"_ _5\"></span><span class=\"ls17\">o </span>delle <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>dell'intento <span class=\"_ _5\"></span>perse<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>dall'impresa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>posta <span class=\"_ _5\"></span>in essere. <span class=\"_ _7\"> </span>Si <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>fficacia <span class=\"_ _7\"> </span>quando <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>(o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cassa) <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>finanziario <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>copertura neutralizzano <span class=\"_ _6\"></span>quasi <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _6\"></span>nei <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"></span>stabiliti <span class=\"_ _6\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019<span class=\"_ _3\"></span>intervallo <span class=\"_ _6\"></span>80</span>-125%, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"></span>coperto, <span class=\"_ _6\"></span>per l\u2019elemento di rischio <span class=\"_ _0\"></span>oggetto di copertura.<span class=\"ff1\"> </span>La valutazione dell'e<span class=\"_ _0\"></span>fficacia \u00e8 effettuata ad <span class=\"_ _0\"></span>ogni chiusura di bila<span class=\"_ _0\"></span>ncio o di situazi<span class=\"_ _0\"></span>one infrannuale utilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndo:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>prospettici, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>giustifican<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l'applicazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contabilizzazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostrano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>efficacia </span>attesa; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziano <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>efficacia <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>aggiunto <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>riferiscono, <span class=\"_ _5\"></span>ovvero, </span>misurano quanto i risul<span class=\"_ _0\"></span>tati effettivi si siano discostati d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla copertura perfett<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle coperture di fa<span class=\"_ _0\"></span>ir value cessa prospet<span class=\"_ _0\"></span>ticamente nei s<span class=\"_ _0\"></span>eguenti casi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo strumento di co<span class=\"_ _0\"></span>pertura giunge a scadenza,<span class=\"_ _0\"></span> \u00e8 venduto, cessato<span class=\"_ _0\"></span> o esercitato;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la copertura non sod<span class=\"_ _0\"></span>disfa pi\u00f9 i criteri per la contabilizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di copertur<span class=\"_ _0\"></span>a sopra detti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff4 fs0\">l\u2019impresa revoca la de<span class=\"_ _0\"></span>signazione.<span class=\"ff1 fsa\"> </span></span></span>Se le ver<span class=\"_ _3\"></span>ifiche non confermano l\u2019efficacia della copertura, da <span class=\"_ _3\"></span>quel momento la contabilizzazione delle operazioni di copertur<span class=\"_ _5\"></span><span class=\"ff1\">a, </span>secondo <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _16\"> </span>esposto, <span class=\"_ _7\"> </span>vie<span class=\"_ _3\"></span>ne <span class=\"_ _16\"> </span>interrotta, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>derivato <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>riclassificato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>strumenti <span class=\"_ _16\"> </span>di negoziazione e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>strumento finanziario coperto <span class=\"_ _3\"></span>riacquisisce <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>alutazione corrispondente alla <span class=\"_ _3\"></span>sua c<span class=\"_ _3\"></span>lassificazio<span class=\"_ _2\"></span>ne <span class=\"_ _3\"></span>di bilancio. <span class=\"_ _2\"></span>Qualora <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span><span class=\"ff1\">ssivit\u00e0 <span class=\"_ _2\"></span>coperta <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>ammortizzato, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>derivante <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla </span>valutazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>stessa <span class=\"_ _16\"> </span>a  fair<span class=\"_ _0\"></span>  v<span class=\"_ _0\"></span>alue  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>effetto  d<span class=\"_ _0\"></span>ella  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>pertura <span class=\"_ _16\"> </span>divenuta <span class=\"_ _16\"> </span>inefficace <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>imputato <span class=\"_ _16\"> </span>a  Co<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>economico secondo il <span class=\"_ _3\"></span>metodo del <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>interesse e<span class=\"_ _3\"></span>ffettivo<span class=\"fca\">.</span> Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>interruzione di una <span class=\"_ _3\"></span>relazione di <span class=\"_ _3\"></span>copertura generica di <span class=\"_ _3\"></span>fair value, le  rivalutazioni/svaluta<span class=\"_ _0\"></span>zioni  cumulate  iscritte  n<span class=\"_ _0\"></span>ella  voce  60.  \u201cAdeg<span class=\"_ _0\"></span>uamento  di  valore  delle <span class=\"_ _16\"> </span>attivit\u00e0  finanziarie  oggetto  di copertura generica\u201d oppure 50.<span class=\"_ _0\"></span> \u201cAdeguamento <span class=\"_ _3\"></span>di valore delle passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie oggetto di copertura generica\u201d sono rile<span class=\"_ _0\"></span>vate a conto economico tra gli<span class=\"_ _0\"></span> interessi attivi o p<span class=\"_ _0\"></span>assivi lungo la durat<span class=\"_ _0\"></span>a residua delle originar<span class=\"_ _0\"></span>ie relazioni di cop<span class=\"_ _0\"></span>ertura, ferma r<span class=\"_ _2\"></span>estando la verifica che ne su<span class=\"_ _0\"></span>ssistano i presupposti. In <span class=\"_ _5\"></span>ciascuna <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>seguenti <span class=\"_ _5\"></span>circostanze <span class=\"_ _5\"></span>un\u2019impresa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>cessare <span class=\"_ _5\"></span>prospetticamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>flussi finanziari: a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>lo <span class=\"_ _4\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>giunge <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>scadenza <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>venduto, <span class=\"_ _6\"></span>cessato <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>esercitato <span class=\"_ _4\"></span>(a <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>scopo, <span class=\"_ _4\"></span>la <span class=\"_ _16\"> </span>sostituzione <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>il </span>riporto di uno strumento di copertura con un altro str<span class=\"_ _0\"></span>umento di copertura non \u00e8 una conclusione o una cess<span class=\"_ _0\"></span>azione se tale sostituzione <span class=\"_ _16\"> </span>o  riporto <span class=\"_ _16\"> </span>\u00e8  p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>della  documentat<span class=\"_ _0\"></span>a  strat<span class=\"_ _0\"></span>egia  di<span class=\"_ _0\"></span>  copert<span class=\"_ _0\"></span>ura  dell\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa). <span class=\"_ _16\"> </span>In  tal <span class=\"_ _16\"> </span>caso,  l\u2019<span class=\"_ _0\"></span>utile <span class=\"_ _16\"> </span>(o  perdit<span class=\"_ _2\"></span><span class=\"ff1\">a) </span>complessivo <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"> </span>rilevato <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"> </span>all\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>la copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>efficace <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>resta <span class=\"_ _6\"></span>separatamente <span class=\"_ _6\"></span>iscritto <span class=\"_ _5\"></span>nel <span class=\"_ _4\"></span>patrimonio<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>programmata <span class=\"_ _6\"></span>operazione,<span class=\"_ _0\"></span> oggetto di copertura, si verifi<span class=\"_ _0\"></span>ca; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">la <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>soddisfa <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>criteri <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>contabilizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>tal <span class=\"_ _5\"></span>caso, <span class=\"_ _6\"></span>l\u2019utile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _6\"></span>complessiva </span></span>dello <span class=\"_ _4\"> </span>strumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artire <span class=\"_ _4\"> </span>dall\u2019esercizio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>copert<span class=\"_ _5\"></span><span class=\"ff1\">ura <span class=\"_ _4\"> </span>era </span>efficace resta separatam<span class=\"_ _0\"></span>ente iscritta nel pa<span class=\"_ _0\"></span>trimonio netto sino a <span class=\"_ _35\"></span>qua<span class=\"_ _3\"></span>ndo la programm<span class=\"_ _0\"></span>ata operazione si <span class=\"_ _0\"></span>verifica;<span class=\"_ _2\"></span> c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ritiene <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>programmata <span class=\"_ _4\"> </span>operazione <span class=\"_ _7\"> </span>debba <span class=\"_ _4\"> </span>accadere, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>qual <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _7\"> </span>correlato <span class=\"_ _7\"> </span>utile <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>perdita </span>complessiva <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ullo <span class=\"_ _2\"></span>str<span class=\"ff4\">umento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>era </span>efficace va rilevata a<span class=\"_ _0\"></span> Conto economico;<span class=\"_ _90\"> </span>d)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">l\u2019impresa <span class=\"_ _3\"></span>revoca <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>designazione. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>programmata o<span class=\"_ _3\"></span>perazione, <span class=\"_ _3\"></span>l\u2019utile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>complessiva<span class=\"_ _5\"></span></span> <span class=\"_ _3\"></span>dello </span>strumento <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dall\u2019esercizio <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>efficace resta separatamente iscritta nel patrimonio netto sino a<span class=\"_ _3\"></span> quando la <span class=\"_ _3\"></span>programmata operazione si verifica o ci si <span class=\"_ _3\"></span>attende non debba pi\u00f9 accadere. Come <span class=\"_ _20\"> </span>eccezione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1c\"> </span>prev<span class=\"_ _3\"></span>isioni <span class=\"_ _1c\"> </span>dello <span class=\"_ _20\"> </span>IAS <span class=\"_ _20\"> </span>39, <span class=\"_ _20\"> </span>non <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>effettua <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>discontinuing <span class=\"_ _20\"> </span>a <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _20\"> </span>dell\u2019aggi<span class=\"_ _0\"></span>ornamento <span class=\"_ _20\"> </span>della<span class=\"_ _35\"></span> documentazione <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>relazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>(per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>coperto, <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>sottostante <span class=\"_ _7\"> </span>coperto, <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>derivato <span class=\"_ _7\"> </span>di co<span class=\"ls0\">pertura o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verif<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>tenuta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>modifiche <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>conseguenza </span>della <span class=\"_ _3\"></span>Riforma degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse (cosiddetta <span class=\"_ _3\"></span>IBOR Refo<span class=\"_ _3\"></span>rm) ed <span class=\"_ _3\"></span>effettuate<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>su basi economiche eq<span class=\"_ _0\"></span>uivalenti<span class=\"fs9\">.<span class=\"_ _90\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-944": {
   "value": "6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come \u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span>base allo IAS 40. La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span>attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Criteri di iscrizione<span class=\"ff1\"> </span>Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> Criteri di valutazione Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span>rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto </div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; </div><div class=\"t m0 x0 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span></div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: </div><div class=\"t m0 x0 h2 y75 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span></div><div class=\"t m0 x0 h2 y76 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span></div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; </div><div class=\"t m0 x0 h2 y78 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Conto economico. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">valore. </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y88 ff6 fs0 fc2 sc0 ls0 ws0\">Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 y89 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span></div><div class=\"t m0 x0 h32 y4a ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  </div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span></div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">sottostante il leasi<span class=\"_ _0\"></span>ng. </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y54 ff10 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y55 ff10 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni </div><div class=\"t m0 x0 h2 y56 ff10 fs0 fc0 sc0 ls0 ws0\">casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato </div><div class=\"t m0 x0 h2 y57 ff10 fs0 fc0 sc0 ls0 ws0\">prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n </div><div class=\"t m0 x0 h2 y58 ff10 fs0 fc0 sc0 ls0 ws0\">garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y59 ff10 fs0 fc0 sc0 ls0 ws0\">incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della </div><div class=\"t m0 x0 h2 y5a ff10 fs0 fc0 sc0 ls0 ws0\">raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, </div><div class=\"t m0 x0 h2 y5b ff10 fs0 fc0 sc0 ls0 ws0\">tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito </div><div class=\"t m0 x0 h2 y5c ff11 fs0 fc0 sc0 ls0 ws0\">creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5d ff10 fs0 fc0 sc0 ls0 ws0\">\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: </div><div class=\"t m0 x0 h2 y60 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span><span class=\"ff1\"><span class=\"ff4\"><span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div></div>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-984": {
   "value": "6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come \u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span>base allo IAS 40. La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span>attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Criteri di iscrizione<span class=\"ff1\"> </span>Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> Criteri di valutazione Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span>rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span>rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span>rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span>considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span>patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span>anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span>ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span>si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a Conto economico. Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>valore. Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1010": {
   "value": "6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come \u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span>base allo IAS 40. La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span>attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Criteri di iscrizione<span class=\"ff1\"> </span>Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> Criteri di valutazione Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span>rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span>rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span>rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span>considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span>patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span>anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span>ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span>si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a Conto economico. Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>valore. Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1038": {
   "value": "6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 materiali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le a<span class=\"_ _3\"></span>ttivit\u00e0 materiali <span class=\"_ _3\"></span>comprendono i <span class=\"_ _3\"></span>terreni, <span class=\"_ _3\"></span>gli immobili s<span class=\"_ _3\"></span>trumentali, gli <span class=\"_ _3\"></span>investimenti immobiliari, il <span class=\"_ _3\"></span>patrimonio artistico di <span class=\"_ _3\"></span>pregio, gli impianti tecnici, i m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili e gli arre<span class=\"_ _0\"></span>di nonch\u00e9 le attrezzatu<span class=\"_ _0\"></span>re di qualsiasi tipo<span class=\"_ _0\"></span> che si ritiene di u<span class=\"_ _0\"></span>tilizzare per pi\u00f9 di <span class=\"_ _2\"></span>un periodo. Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>teriali <span class=\"_ _2\"></span>detenute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>produzione <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>fornitura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _2\"></span>come \u201cattivit\u00e0 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _5\"></span>funzionale\u201d <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>16. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>posseduti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>(per <span class=\"_ _5\"></span>conseguire <span class=\"_ _2\"></span>canoni <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>locazi<span class=\"ff4\">one <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>l\u2019apprezzamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>investito) <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cattivit\u00e0 <span class=\"_ _5\"></span>detenute <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento\u201d <span class=\"_ _5\"></span>in </span>base allo IAS 40. La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>2 <span class=\"_ _7\"> </span>- <span class=\"_ _5\"></span>Rimanenze, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>beni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti<span class=\"_ _0\"></span> dall\u2019attivit\u00e0 di escussione di <span class=\"_ _3\"></span>garanzie o dall\u2019acquisto in asta <span class=\"_ _3\"></span>che l\u2019impresa ha in<span class=\"_ _3\"></span>tenzione di vendere nel prossimo futuro, <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>effettuare <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>opere <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ristrutturazion<span class=\"_ _0\"></span>e, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>presupposti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>essere <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>categorie<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>precedenti, sia <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>immobiliare <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Societ\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>immobiliari <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>comprensivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>aree <span class=\"_ _5\"></span>edificabili, <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>costruzione<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>immobili ultimati in v<span class=\"_ _0\"></span>endita e iniziative <span class=\"_ _0\"></span>di sviluppo immobiliare, <span class=\"_ _0\"></span>detenuto in un\u2019ottica <span class=\"_ _0\"></span>di dismissione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono, infin<span class=\"ff4\">e, inclusi i diritti d\u2019uso acquisiti con il l<span class=\"_ _3\"></span>easing e relativi all\u2019utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 materiale (per le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>societ\u00e0 locatarie) e le </span></span>attivit\u00e0 concesse i<span class=\"_ _0\"></span>n leasing operativo (pe<span class=\"_ _0\"></span>r le societ\u00e0 locatrici)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Criteri di iscrizione<span class=\"ff1\"> </span>Le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>materiali <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>comprende, <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisto, <span class=\"_ _7\"> </span>tutti <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>oneri accessori direttamente<span class=\"_ _0\"></span> imputabili all\u2019acquis<span class=\"_ _0\"></span>to e alla messa in fu<span class=\"_ _0\"></span>nzione del bene.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>straordinaria <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>comportano <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>benefic<span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>economici <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>imputate <span class=\"_ _5\"></span>ad incremento del valor<span class=\"_ _0\"></span>e dei cespiti, mentre gl<span class=\"_ _0\"></span>i altri costi di m<span class=\"_ _0\"></span>anutenzione ordinaria sono <span class=\"_ _0\"></span>rilevati a Conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _2\"></span> Criteri di valutazione Le <span class=\"_ _3\"></span>attivit\u00e0 materiali sono <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>costo, <span class=\"_ _3\"></span>dedotti eventuali ammor<span class=\"_ _3\"></span>tamenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e perd<span class=\"_ _3\"></span>ite di <span class=\"_ _3\"></span>valore, ad <span class=\"_ _3\"></span>eccezione degli <span class=\"_ _3\"></span>immobili ad uso funzionale e del <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio che sono v<span class=\"_ _0\"></span>alutati secondo il meto<span class=\"_ _0\"></span>do della ridet<span class=\"_ _0\"></span>erminazione del valore<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Gli immobili detenuti<span class=\"_ _0\"></span> a scopo di investim<span class=\"_ _0\"></span>ento sono valutati con i<span class=\"_ _0\"></span>l metodo <span class=\"_ _3\"></span>del fair value. Per le attivit\u00e0 materi<span class=\"_ _0\"></span>ali soggette alla valuta<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione secondo il met<span class=\"_ _0\"></span>odo della rideterm<span class=\"_ _0\"></span>inazione del valor<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>incrementato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore, <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere </span></span>rilevato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>prospetto <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>redditivit\u00e0 <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>accumulato <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>patrimonio <span class=\"_ _17\"> </span>netto <span class=\"_ _1c\"> </span>sotto <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>voce <span class=\"_ _18\"> </span>riserva <span class=\"_ _18\"> </span>di<span class=\"_ _90\"> </span>rivalutazione; <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>ripristini <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>svalutazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>stessa <span class=\"_ _2\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _2\"></span>rilevata <span class=\"_ _5\"></span>precedentemente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>conto economico deve esser<span class=\"_ _0\"></span>e rilevato come provento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"></span>contabile <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>bene <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>diminuito <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"></span>rideterminazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valore, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>deve <span class=\"_ _7\"> </span>essere </span>rilevata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>prospetto <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>misura <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>vi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>saldi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>credito <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>riserva <span class=\"_ _6\"></span>di rivalutazione in riferim<span class=\"_ _0\"></span>ento a tale attivit\u00e0; alt<span class=\"_ _0\"></span>rimenti tale riduzi<span class=\"_ _0\"></span>one va contabilizzata n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span> Le  atti<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>it\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono  si<span class=\"_ _0\"></span>stematicamente <span class=\"_ _16\"> </span>ammortizzate, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>dottando <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>criterio  di <span class=\"_ _16\"> </span>ammortamento <span class=\"_ _16\"> </span>il  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>todo <span class=\"_ _16\"> </span>a  quot<span class=\"_ _35\"></span>e costanti, <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>le. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>ammortizzabile <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>rideterminat<span class=\"_ _0\"></span>o qualora il metodo adottato per la valutazio<span class=\"_ _0\"></span>ne sia quello della ridetermin<span class=\"_ _0\"></span>azione del valore) al netto del valore residuo al te<span class=\"_ _2\"></span>rmine del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>ammortamento, <span class=\"_ _7\"> </span>se  sig<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span>ficativo. <span class=\"_ _7\"> </span>Gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>vengono <span class=\"_ _16\"> </span>ammortizzati <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>quo<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>itenuta <span class=\"_ _7\"> </span>congrua <span class=\"_ _7\"> </span>per rappresentare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>deperimento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cespiti <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>utilizzo, <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>spese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>manutenzione <span class=\"_ _5\"></span>di carattere <span class=\"_ _2\"></span>straordinario, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>porta<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>cespiti.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>ita <span class=\"_ _2\"></span>utile delle diverse tipologi<span class=\"_ _0\"></span>e di cespiti e dei c<span class=\"_ _0\"></span>orrispondenti coeffic<span class=\"_ _0\"></span>ienti di ammortame<span class=\"_ _0\"></span>nto, il patrimonio i<span class=\"_ _0\"></span>mmobiliare del Gruppo \u00e8<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>stato segmentato in quattro cluster: (i) Imm<span class=\"_ _3\"></span>obili storici (vita utile pari <span class=\"_ _3\"></span>a 65 anni), (ii) Immobili cielo<span class=\"_ _2\"></span>-terra (vita utile pari a 33 <span class=\"_ _3\"></span>anni), (iii) Filiali <span class=\"_ _2\"></span>bancarie <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tile <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>anni) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>immobili <span class=\"_ _5\"></span>(vita <span class=\"_ _2\"></span>utile <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>anni). <span class=\"_ _5\"></span>Da <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>cluster, <span class=\"_ _5\"></span>esula <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Nuo<span class=\"_ _5\"></span>vo <span class=\"_ _5\"></span>Centr<span class=\"_ _35\"></span>o Direzionale <span class=\"_ _5\"></span>Intes<span class=\"ff4\">a <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Torino, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>imato <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019analisi <span class=\"_ _5\"></span>specifica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha </span>considerato <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"> </span>innovative <span class=\"_ _4\"> </span>dell\u2019opera, <span class=\"_ _4\"> </span>caratterizzata <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>importanza <span class=\"_ _4\"> </span>strategica <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>grande <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>architettoni<span class=\"_ _0\"></span>co,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costruita  facen<span class=\"_ _0\"></span>do  r<span class=\"ff4\">icorso  a <span class=\"_ _16\"> </span>tecnologie  com<span class=\"_ _0\"></span>plesse  con  p<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>chi,  s<span class=\"_ _0\"></span>e  non <span class=\"_ _16\"> </span>nulli,  termini  di<span class=\"_ _0\"></span>  paragone <span class=\"_ _16\"> </span>non  solo  all\u2019i<span class=\"_ _0\"></span>nterno  del<span class=\"_ _35\"></span> </span>patrimonio <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _0\"></span>ppo,  ma <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nche <span class=\"_ _16\"> </span>all\u2019esterno.  L<span class=\"_ _35\"></span>e  altre  at<span class=\"_ _0\"></span>tivit\u00e0  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>ammortizzate  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>la  b<span class=\"_ _0\"></span>ase  de<span class=\"_ _0\"></span>lle seguenti vite utile: i mobili da 5 a <span class=\"ff4\">10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da <span class=\"_ _0\"></span>4 a 8 </span>anni e, infine, gli al<span class=\"_ _0\"></span>tri beni da 3 a 13 an<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> Non vengono invece amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> terreni, siano e<span class=\"_ _0\"></span>ssi stati acquisiti singol<span class=\"_ _0\"></span>armente o incorporati <span class=\"_ _0\"></span>nel <span class=\"_ _3\"></span>valore dei fabbricati, in quant<span class=\"_ _0\"></span>o hanno vita utile i<span class=\"_ _0\"></span>ndefinita; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, gli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri beni <span class=\"_ _3\"></span>storico <span class=\"_ _3\"></span>artistici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>decorativi in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>utile non <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _6\"></span>stimata </span>ed il loro valore \u00e8 norm<span class=\"_ _0\"></span>almente destin<span class=\"_ _0\"></span>ato ad aumentare nel t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli i<span class=\"_ _3\"></span>mmobili ad uso in<span class=\"_ _0\"></span>vestimento, come ri<span class=\"_ _0\"></span>chiesto dal principio co<span class=\"_ _0\"></span>ntabile IAS 40, sono v<span class=\"_ _0\"></span>alutati al fair value con contr<span class=\"_ _0\"></span>opartit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>il conto economico e p<span class=\"_ _0\"></span>ertanto non devo<span class=\"_ _0\"></span>no essere ammortizzati. Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>imostri c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span><span class=\"ff1\">teriale <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>subito <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore, </span>si p<span class=\"_ _3\"></span>rocede al <span class=\"_ _3\"></span>confronto tra <span class=\"_ _3\"></span>il v<span class=\"_ _3\"></span>alore di c<span class=\"_ _3\"></span>arico del <span class=\"_ _3\"></span>cespite ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>suo va<span class=\"_ _3\"></span>lore di <span class=\"_ _3\"></span>recupero. Le <span class=\"_ _3\"></span>eventuali rettifiche v<span class=\"_ _3\"></span>engono ril<span class=\"_ _5\"></span>evate <span class=\"_ _3\"></span>a Conto economico. Qualora vengano <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi che <span class=\"_ _3\"></span>hanno<span class=\"_ _3\"></span> portato<span class=\"_ _3\"></span> alla <span class=\"_ _3\"></span>rilevazione della <span class=\"_ _3\"></span>perdita, <span class=\"_ _3\"></span>si d\u00e0 <span class=\"_ _3\"></span>luogo <span class=\"_ _3\"></span>ad u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>ripresa di <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>che non pu\u00f2 <span class=\"_ _2\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>avrebbe <span class=\"_ _2\"></span>avuto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>ammortamenti <span class=\"_ _2\"></span>calcolati, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>perdite <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>valore. Per quel che a<span class=\"_ _3\"></span>ttiene alle attivi<span class=\"_ _3\"></span>t\u00e0 materiali rilevate ai sensi dello <span class=\"_ _3\"></span>IAS 2, le <span class=\"_ _3\"></span>stesse sono valutate al minore <span class=\"_ _3\"></span>tra il costo <span class=\"_ _3\"></span>ed il valore netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo, <span class=\"_ _2\"></span>fermo <span class=\"_ _2\"></span>restando <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>comunque <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>cespite <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>suo <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>recupero <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ve <span class=\"_ _7\"> </span>esista <span class=\"_ _7\"> </span>qualche <span class=\"_ _7\"> </span>indicazione <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>dimostri <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>bene <span class=\"_ _7\"> </span>possa <span class=\"_ _7\"> </span>aver <span class=\"_ _7\"> </span>subito <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valore. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>eventuali rettifiche vengono ril<span class=\"_ _0\"></span>evate a conto economi<span class=\"_ _0\"></span>co. Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1071": {
   "value": "6.  Attivit\u00e0 materiali Criteri di classificazione Le attivit\u00e0 materiali comprendono i terreni, gli immobili strumentali, gli investimenti immobiliari, il patrimonio artistico di pregio, gli impianti tecnici, i mobili e gli arredi nonch\u00e9 le attrezzature di qualsiasi tipo che si ritiene di utilizzare per pi\u00f9 di un periodo. Le attivit\u00e0 materiali detenute per essere utilizzate nella produzione o nella fornitura di beni e servizi sono classificate come \u201cattivit\u00e0 ad uso funzionale\u201d secondo lo IAS 16. Gli immobili posseduti con finalit\u00e0 di investimento (per conseguire canoni di locazione o per l\u2019apprezzamento del capitale investito) sono classificati come \u201cattivit\u00e0 detenute a scopo di  investimento\u201d in base allo IAS 40. La voce accoglie anche attivit\u00e0 materiali classificate in base allo IAS 2  - Rimanenze, che si riferiscono sia a beni derivanti dall\u2019attivit\u00e0 di escussione di garanzie o dall\u2019acquisto in asta che l\u2019impresa ha intenzione di vendere nel prossimo futuro, senza effettuare rilevanti opere di ristrutturazione, e che non hanno i presupposti per essere classificati nelle categorie precedenti, sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, comprensivo di aree edificabili, immobili in costruzione, immobili ultimati in vendita e iniziative di sviluppo immobiliare, detenuto in un\u2019ottica di dismissione. Sono, infine, inclusi i diritti d\u2019uso acquisiti con il leasing e relativi all\u2019utilizzo di un\u2019attivit\u00e0 materiale (per le societ\u00e0 locatarie) e le attivit\u00e0 concesse in leasing operativo (per le societ\u00e0 locatrici). Criteri di iscrizione Le attivit\u00e0  materiali sono inizialmente  iscritte  al  costo  che  comprende,  oltre  al  prezzo  di  acquisto,  tutti gli eventuali oneri accessori direttamente imputabili all\u2019acquisto e alla messa in funzione del bene. Le spese di manutenzione straordinaria che comportano un incremento dei benefici economici futuri vengono imputate ad incremento del valore dei cespiti, mentre gli altri costi di manutenzione ordinaria sono rilevati a Conto economico. Criteri di valutazione Le attivit\u00e0 materiali sono valutate al costo, dedotti eventuali ammortamenti e perdite di valore, ad eccezione degli immobili ad uso funzionale e del patrimonio artistico di pregio che sono valutati secondo il metodo della rideterminazione del valore.  Gli immobili detenuti a scopo di investimento sono valutati con il metodo del fair value. Per le attivit\u00e0 materiali soggette alla valutazione secondo il metodo della rideterminazione del valore: -  se il valore contabile di un bene \u00e8 incrementato a seguito di una rideterminazione di valore, l\u2019incremento deve essere rilevato  nel  prospetto  della  redditivit\u00e0  complessiva  e  accumulato  nel  patrimonio  netto  sotto  la  voce  riserva  di rivalutazione; invece, nel caso in cui ripristini una svalutazione della stessa attivit\u00e0 rilevata precedentemente nel conto economico deve essere rilevato come provento; -  se  il  valore contabile  di  un bene  \u00e8  diminuito  a  seguito  della rideterminazione di  valore,  la  diminuzione  deve  essere rilevata nel prospetto della redditivit\u00e0 complessiva nella misura in cui vi siano eventuali saldi a credito nella riserva di rivalutazione in riferimento a tale attivit\u00e0; altrimenti tale riduzione va contabilizzata nel conto economico. Le  attivit\u00e0  materiali  sono  sistematicamente  ammortizzate,  adottando  come  criterio  di  ammortamento  il  metodo  a  quote costanti, lungo la loro vita utile. Il valore ammortizzabile \u00e8 rappresentato dal costo dei beni (o dal valore netto rideterminato qualora il metodo adottato per la valutazione sia quello della rideterminazione del valore) al netto del valore residuo al termine del  processo  di  ammortamento,  se  significativo.  Gli  immobili  vengono  ammortizzati  per  una  quota  ritenuta  congrua  per rappresentare il deperimento dei cespiti nel tempo a seguito del loro utilizzo, tenuto conto delle spese di manutenzione di carattere straordinario, che vengono portate ad incremento del valore dei cespiti. Ai fini della determinazione della vita utile delle diverse tipologie di cespiti e dei corrispondenti coefficienti di ammortamento, il patrimonio immobiliare del Gruppo \u00e8 stato segmentato in quattro cluster: (i) Immobili storici (vita utile pari a 65 anni), (ii) Immobili cielo-terra (vita utile pari a 33 anni), (iii) Filiali bancarie (vita utile pari a 20 anni) e (iv) Altri immobili (vita utile pari a 20 anni). Da tali cluster, esula il Nuovo Centro Direzionale Intesa  Sanpaolo a Torino, per il quale il periodo di vita utile \u00e8 stato stimato tramite un\u2019analisi specifica che ha considerato  le  caratteristiche  innovative  dell\u2019opera,  caratterizzata  da  importanza  strategica  e  grande  valore  architettonico, costruita  facendo  ricorso  a  tecnologie  complesse  con  pochi,  se  non  nulli,  termini  di  paragone  non  solo  all\u2019interno  del patrimonio  immobiliare  del  Gruppo,  ma  anche  all\u2019esterno.  Le  altre  attivit\u00e0  materiali  sono  ammortizzate  sula  base  delle seguenti vite utile: i mobili da 5 a 10 anni, gli impianti da 4 a 10 anni, l\u2019hardware e le apparecchiature IT in un periodo da 4 a 8 anni e, infine, gli altri beni da 3 a 13 anni. Non vengono invece ammortizzati: -  i terreni, siano essi stati acquisiti singolarmente o incorporati nel valore dei fabbricati, in quanto hanno vita utile indefinita; -  il patrimonio artistico di pregio, gli altri beni storico artistici e decorativi in quanto la loro vita utile non pu\u00f2 essere stimata ed il loro valore \u00e8 normalmente destinato ad aumentare nel tempo; -  gli immobili ad uso investimento, come richiesto dal principio contabile IAS 40, sono valutati al fair value con contropartita il conto economico e pertanto non devono essere ammortizzati. Se esiste qualche indicazione che dimostri che un\u2019attivit\u00e0 materiale valutata al costo possa aver subito una perdita di valore, si procede al confronto tra il valore di carico del cespite ed il suo valore di recupero. Le eventuali rettifiche vengono rilevate a Conto economico. Qualora vengano meno i motivi che hanno portato alla rilevazione della perdita, si d\u00e0 luogo ad una ripresa di valore, che non pu\u00f2 superare il valore che l\u2019attivit\u00e0 avrebbe avuto, al netto degli ammortamenti calcolati, in assenza di precedenti perdite  di valore. Per quel che attiene alle attivit\u00e0 materiali rilevate ai sensi dello IAS 2, le stesse sono valutate al minore tra il costo ed il valore netto di realizzo, fermo restando che si procede comunque al confronto tra il valore di carico del cespite ed il suo valore di recupero  ove  esista  qualche  indicazione  che  dimostri  che  il  bene  possa  aver  subito  una  perdita  di  valore.  Le  eventuali rettifiche vengono rilevate a conto economico. Attivit\u00e0 materiali rappresentate dal diritto d\u2019uso di beni di cui a contratti di \u201cleasing\u201d Ai sensi dell\u2019IFRS 16 il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di utilizzo di un\u2019attivit\u00e0 (l\u2019attivit\u00e0 sottostante) per un periodo di tempo. Secondo l\u2019IFRS 16, i leasing sono contabilizzati sulla base del modello del right of use, per cui, alla data iniziale, il locatario ha un\u2019obbligazione  finanziaria  a  effettuare  pagamenti  dovuti  al  locatore  per  compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante la durata del leasing.  Quando l\u2019attivit\u00e0 \u00e8 resa disponibile al locatario per il relativo utilizzo (data iniziale), il locatario riconosce sia la passivit\u00e0 che l\u2019attivit\u00e0 consistente nel diritto di utilizzo. In particolare il diritto d\u2019uso acquisito con il leasing \u00e8 rilevato come somma del valore attuale dei canoni futuri da pagare per la durata  contrattuale,  dei  pagamenti  per  leasing  corrisposti  alla  data  o  prima  della  decorrenza  del  leasing,  degli  eventuali incentivi  ricevuti,  dei  costi  diretti  iniziali  e  degli  eventuali  costi  stimati  per  lo  smantellamento  o  il  ripristino  dell\u2019attivit\u00e0 sottostante il leasing. La passivit\u00e0 finanziaria iscritta corrisponde al valore attuale dei pagamenti dovuti per il leasing. In merito al tasso di attualizzazione, sulla base dei requisiti IFRS 16, il Gruppo utilizza per ogni contratto di leasing il tasso di interesse implicito, laddove sia disponibile. Per quanto riguarda i contratti di leasing dal punto di vista del locatario, in alcuni casi,  ad  esempio con  riferimento  ai  contratti  di  affitto,  il  tasso  di  interesse  implicito non pu\u00f2  essere  sempre  determinato prontamente  senza  ricorrere  a  stime  e  assunzioni  (il  locatario  non  ha  abbastanza  informazioni  sul  valore  residuo  non garantito del  bene  locato).  In  questi  casi,  il  Gruppo  ha  sviluppato  una  metodologia  per  definire  il  tasso  di  interesse incrementale in alternativa al tasso di interesse implicito ed ha deciso di adottare il tasso interno di trasferimento (TIT) della raccolta. Si tratta di una curva tassi non garantita (unsecured) e amortizing, prevedendo il  contratto di leasing dei canoni, tipicamente costanti, lungo la durata del contratto, e non un unico pagamento a scadenza. Tale tasso tiene conto del merito creditizio del locatario, della durata del leasing, nonch\u00e9 dell\u2019ambiente economico nel quale la transazione ha luogo e pertanto \u00e8 in linea con quanto richiesto dal principio. La durata del leasing viene determinata tenendo conto di: -  periodi coperti da un\u2019opzione di proroga del leasing, in caso l\u2019esercizio della medesima sia ragionevolmente certo; -  periodi coperti da un\u2019opzione di risoluzione del leasing, in caso l\u2019esercizio della medesima sia ragionevolmente certo. Nel corso della durata del contratto di leasing, il locatario deve: -  valutare il diritto d\u2019uso al costo, al netto degli ammortamenti cumulati e delle rettifiche cumulate di valore determinate e contabilizzate  in  base  alle  previsioni dello  IAS  36  \u201cRiduzioni di  valore  delle  attivit\u00e0\u201d,  rettificato  per  tenere  conto  delle eventuali rideterminazioni della passivit\u00e0 del leasing; -  incrementare la passivit\u00e0 riveniente dall\u2019operazione di leasing a seguito della maturazione di interessi passivi calcolati al tasso di interesse implicito del leasing, o, alternativamente, al tasso di finanziamento marginale e ridurla per i pagamenti delle quote capitale e interessi. In caso di modifiche nei pagamenti dovuti per il leasing la passivit\u00e0 deve essere rideterminata; l\u2019impatto della rideterminazione della passivit\u00e0 \u00e8 rilevato in contropartita dell\u2019attivit\u00e0 consistente nel diritto di utilizzo. Criteri di cancellazione Un'attivit\u00e0 materiale \u00e8 eliminata dallo Stato patrimoniale al momento della dismissione o quando il bene \u00e8 permanentemente ritirato dall\u2019uso e dalla sua dismissione non sono attesi benefici economici futuri.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1027": {
   "value": "Attivit\u00e0 materiali rappr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sentate dal diritto<span class=\"_ _0\"></span> d\u2019uso di beni di cu<span class=\"_ _0\"></span>i a contratti di \u201clea<span class=\"_ _0\"></span>sing\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Ai sensi dell\u2019IFRS 16<span class=\"ff1\"> </span>il \u201cleasing\u201d \u00e8 un contratto, o parte di un contratto, che, in cambio di un corrispettivo, trasferisce il diritto di<span class=\"_ _0\"></span> utilizzo di un\u2019attivit<span class=\"_ _0\"></span>\u00e0 (l\u2019attivit\u00e0 sottostante)<span class=\"_ _0\"></span> per un periodo di tem<span class=\"_ _35\"></span>po.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Secondo l\u2019IFRS 16, i le<span class=\"_ _0\"></span>asing sono conta<span class=\"_ _0\"></span>bilizzati sulla base d<span class=\"_ _0\"></span>el <span class=\"_ _3\"></span><span class=\"ff1\">modello del right of use<span class=\"ff2 lsd\">, </span>per cui,<span class=\"_ _0\"></span> alla data iniziale, il l<span class=\"_ _0\"></span>ocatario ha </span>un\u2019obbligazione  finanziaria  a  effettuare  pagamenti<span class=\"_ _0\"></span>  dovuti  al  locatore  per <span class=\"_ _1d\"> </span>compensare  il  suo  diritto  a  utilizzare  il  bene sottostante durante l<span class=\"_ _0\"></span>a durata del leasing.  Quando <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span><span class=\"ff1\">resa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>iniziale), <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _2\"></span>riconosce <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>che </span>l\u2019attivit\u00e0 consistente <span class=\"_ _0\"></span>nel diritto di utilizzo.<span class=\"ff1\"> </span>In particolare il diritto d\u2019uso acquisito <span class=\"_ _0\"></span>con il leasing \u00e8 rilevato come somma del valor<span class=\"_ _0\"></span>e at<span class=\"_ _2\"></span><span class=\"ff1\">tuale dei canoni futuri da pagare per la<span class=\"_ _35\"></span> </span>durata <span class=\"_ _4\"> </span>contrattuale, <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>corrisposti <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>decorrenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>leasing, <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali incentivi  ricevuti,  dei  costi  d<span class=\"_ _3\"></span>iretti  iniziali  e  degli  eventuali  costi  s<span class=\"_ _3\"></span>timati  per  lo  smante<span class=\"_ _2\"></span><span class=\"ff4\">llamento  o <span class=\"_ _1d\"> </span>il  ripristino  dell\u2019attivit\u00e0<span class=\"_ _0\"></span> </span>sottostante il leasi<span class=\"_ _0\"></span>ng. La passivit\u00e0 finanziaria<span class=\"_ _0\"></span> iscritta corrispon<span class=\"_ _0\"></span>de al valore attuale d<span class=\"_ _0\"></span>ei pagamenti d<span class=\"_ _0\"></span>ovuti per il leasing.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _5\"></span>utilizza p<span class=\"_ _3\"></span>er o<span class=\"_ _3\"></span>gni contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito, <span class=\"_ _2\"></span>laddove <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>sponibile. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vista <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>locatario, <span class=\"_ _3\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>alcuni casi, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>affitto, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>implicito <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>sempre <span class=\"_ _4\"> </span>determinato prontamente <span class=\"_ _16\"> </span>senza  ricorre<span class=\"_ _0\"></span>re  a<span class=\"_ _0\"></span>  stime <span class=\"_ _16\"> </span>e  assunzio<span class=\"_ _0\"></span>ni  (il <span class=\"_ _16\"> </span>locatario <span class=\"_ _16\"> </span>non  ha <span class=\"_ _16\"> </span>abbastanza  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>sul  valore <span class=\"_ _16\"> </span>residuo  no<span class=\"_ _35\"></span>n garantito del <span class=\"_ _1d\"> </span>bene  l<span class=\"_ _3\"></span>ocato). <span class=\"_ _1d\"> </span>In  questi <span class=\"_ _1d\"> </span>casi, <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>Gruppo <span class=\"_ _1d\"> </span>ha <span class=\"_ _1d\"> </span>sviluppato <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>metodologia  per<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>definire <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>tasso  di <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span>teress<span class=\"_ _0\"></span>e incrementale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>alternativa <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>implicito <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adottare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>(TIT) <span class=\"_ _4\"></span>della raccolta. <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>tratta <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>garantita <span class=\"_ _6\"></span>(unsecured)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>amortizing, <span class=\"_ _5\"></span>prevedendo <span class=\"_ _6\"></span>il <span class=\"_ _7\"> </span>contratto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>canoni, tipicamente <span class=\"_ _3\"></span>costanti, <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>durata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>scadenza. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>merito creditizio del locatario, <span class=\"_ _3\"></span>della durata d<span class=\"_ _3\"></span>el leasing, nonch\u00e9 <span class=\"_ _3\"></span>dell\u2019ambiente economico nel <span class=\"_ _3\"></span>quale la t<span class=\"_ _3\"></span>ra<span class=\"_ _2\"></span><span class=\"ff10\">nsazione ha <span class=\"_ _3\"></span>luogo e <span class=\"_ _3\"></span>pertanto<span class=\"_ _0\"></span> </span>\u00e8 in linea con quanto<span class=\"_ _0\"></span> richiesto dal prin<span class=\"_ _0\"></span>cipio. La durata del leasing<span class=\"_ _0\"></span> viene determinata te<span class=\"_ _0\"></span>nendo conto di: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>eriodi coperti d<span class=\"_ _0\"></span>a un\u2019opzione di pror<span class=\"_ _0\"></span>oga del leasing, in cas<span class=\"_ _0\"></span>o l\u2019esercizio dell<span class=\"_ _0\"></span>a medesima sia rag<span class=\"_ _0\"></span>ionevolmente certo;<span class=\"_ _90\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>erio<span class=\"ff4\">di coperti da un\u2019o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>zione di risoluzio<span class=\"_ _0\"></span>ne del leasing, in ca<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o l\u2019esercizio della m<span class=\"_ _0\"></span>edesima sia ra<span class=\"_ _0\"></span>gionevolmente certo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Nel corso della durata <span class=\"_ _0\"></span>del contratto di leasi<span class=\"_ _0\"></span>ng, il locatario d<span class=\"_ _0\"></span>eve:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>alutare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019uso <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>costo, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span></span>ammortamenti <span class=\"_ _2\"></span>cumulati <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>cumulate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>e </span>contabilizzate <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisioni <span class=\"_ _6\"></span>dello <span class=\"_ _4\"> </span>IAS <span class=\"_ _4\"> </span>36 <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Riduzioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0\u201d, <span class=\"_ _4\"> </span>rettificato <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>delle eventuali rideterminazi<span class=\"_ _0\"></span>oni della passivit\u00e0<span class=\"_ _0\"></span> del leasing; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span><span class=\"ff4\">ncrementare <span class=\"_ _3\"></span>la passivit\u00e0 <span class=\"_ _3\"></span>riveniente <span class=\"_ _3\"></span>dall\u2019operazione di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>maturazione di <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>calcolati a<span class=\"_ _3\"></span>l </span></span>tasso <span class=\"_ _3\"></span>di interesse <span class=\"_ _3\"></span>implicito del <span class=\"_ _3\"></span>leasing, o, <span class=\"_ _3\"></span>alternativamente, al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento marginale e <span class=\"_ _3\"></span>ridurla p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> pagamenti delle quote capitale e i<span class=\"_ _0\"></span>nteressi. In caso di modifiche nei pagam<span class=\"_ _0\"></span>enti dovuti per il leasing la pass<span class=\"_ _0\"></span>ivit\u00e0 deve essere ridet<span class=\"_ _0\"></span>erminata; l\u2019impatto d<span class=\"_ _0\"></span>ella rideterminaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>della passivit\u00e0 \u00e8 rilev<span class=\"_ _0\"></span>ato in contropartit<span class=\"_ _0\"></span>a dell\u2019attivit\u00e0 consist<span class=\"_ _0\"></span>ente nel diritto di <span class=\"_ _0\"></span>utilizzo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Cr<span class=\"ls0\">iteri di cancellazione </span>Un'attivit\u00e0 <span class=\"_ _3\"></span>materiale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>liminata da<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>dismissione <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>bene <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>permanentemente ritirato dall\u2019uso e d<span class=\"_ _0\"></span>alla sua dismissione n<span class=\"_ _0\"></span>on sono attesi benefici<span class=\"_ _0\"></span> economici futu<span class=\"_ _0\"></span>ri.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-985": {
   "value": "7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. Aggregazioni aziendali In tema di Aggregazion<span class=\"_ _0\"></span>i aziendali il pri<span class=\"_ _0\"></span>ncipi<span class=\"_ _3\"></span><span class=\"ff4\">o contabile di riferim<span class=\"_ _0\"></span>ento \u00e8 l\u2019IFRS 3.<span class=\"ff1\"> </span></span>Il trasferimento del controllo di un\u2019impresa (o d<span class=\"_ _3\"></span>i un gruppo di att<span class=\"_ _3\"></span>ivit\u00e0 e beni integrati, condotti e <span class=\"_ _3\"></span>gestiti unitariamente) <span class=\"_ _5\"></span><span class=\"ff1\">configura<span class=\"_ _35\"></span> </span>un\u2019operazione di agg<span class=\"_ _0\"></span>regazione aziendale.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fine  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsidera <span class=\"_ _7\"> </span>tras<span class=\"_ _3\"></span><span class=\"ff4\">ferito <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>l\u2019investitore <span class=\"_ _7\"> </span>\u00e8  e<span class=\"_ _0\"></span>sposto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>rendimenti <span class=\"_ _7\"> </span>variabili, <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>tali </span>rendimenti,  deriv<span class=\"_ _0\"></span>anti  dal  p<span class=\"_ _0\"></span>roprio  rapporto <span class=\"_ _16\"> </span>con  la  partecipa<span class=\"_ _0\"></span>ta  e  nel <span class=\"_ _16\"> </span>contempo  ha  la <span class=\"_ _16\"> </span>capacit\u00e0  di  i<span class=\"_ _0\"></span>ncidere  sui <span class=\"_ _16\"> </span>rendimenti esercitando il proprio p<span class=\"_ _0\"></span>otere su tale entit\u00e0. L\u2019IFRS <span class=\"_ _6\"> </span>3 <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ichiede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>venga <span class=\"_ _4\"> </span>individuato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>acquirente. <span class=\"_ _6\"> </span>Quest\u2019ultimo <span class=\"_ _4\"> </span>deve <span class=\"_ _6\"> </span>essere identificato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ottiene <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>un\u2019altra <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _6\"> </span>attivit\u00e0. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gra<span class=\"_ _6\"> </span><span class=\"ff1\">do <span class=\"_ _5\"></span>di </span>identificare <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>soggetto <span class=\"_ _7\"> </span>controllante <span class=\"_ _4\"> </span>seguendo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>descritta, <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scambio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>partecipative, <span class=\"_ _2\"></span>l\u2019individuazi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">attori </span>quali: l<span class=\"ff4\">\u2019entit\u00e0 il cui fair value \u00e8 significativamente maggiore, l\u2019entit\u00e0 che eventualmen<span class=\"_ _0\"></span>te versa un corrispettivo in denaro, l\u2019entit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span></span>che emette le nuove a<span class=\"_ _0\"></span>zioni. L\u2019acquisizione, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quindi <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _3\"></span>consolidamento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019entit\u00e0 <span class=\"_ _3\"></span>acquisita, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>contabilizzata <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019acquirente<span class=\"_ _0\"></span> ottiene effettivamente <span class=\"_ _3\"></span>il controllo <span class=\"_ _3\"></span>sull\u2019impresa o <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>acquisite. Quando <span class=\"_ _3\"></span>l\u2019operazione avviene <span class=\"_ _3\"></span>tramite un\u2019unica <span class=\"_ _3\"></span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>di </span>scambio, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>scambio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _5\"></span>Tuttavia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>sempr<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>necessario <span class=\"_ _5\"></span>verificare l\u2019eventuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>comportare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>dello scambio. Il <span class=\"_ _4\"> </span>corrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazione <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>come<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sommatoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair </span>value<span class=\"ff2 lsd\">, <span class=\"_ _2\"></span></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scambio, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>cedute, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>assunte <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messi dall\u2019acquirente in camb<span class=\"_ _0\"></span>io del controllo.<span class=\"ff1\"> </span>Nelle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>denaro <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>quando <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>pagamento<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"></span>finanziar<span class=\"_ _0\"></span>i assimilabili  alla <span class=\"_ _1d\"> </span>cassa)  il <span class=\"_ _1d\"> </span>prezzo  \u00e8 <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>corrispettivo<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>pattuito,  eventualmente  attualizzato  nel <span class=\"_ _1d\"> </span>caso  i<span class=\"_ _3\"></span>n  cui <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>previsto  un pagamento <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ateale <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _2\"></span>superiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine; <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenga <span class=\"_ _2\"></span>tramite uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>cassa, <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>l\u2019emissione di <span class=\"_ _2\"></span>strumenti rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span><span class=\"ff1\">fair </span>value del mezzo di pag<span class=\"_ _0\"></span>amento al netto d<span class=\"_ _0\"></span>ei costi direttamente attr<span class=\"_ _0\"></span>ibuibili all\u2019operazio<span class=\"ff1\">n<span class=\"_ _3\"></span>e di emissio<span class=\"_ _0\"></span>ne di capitale. Per le m<span class=\"_ _0\"></span>odalit\u00e0 </span>di determinazione del <span class=\"_ _3\"></span>fair value degli strumenti <span class=\"_ _3\"></span>finanziari, si rimanda a<span class=\"_ _3\"></span> quanto indicato nella <span class=\"_ _3\"></span>Sezione A.4 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>l\u2019accortezza <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>mercati <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>quotazione <span class=\"_ _2\"></span>di </span>Borsa alla data dell\u2019a<span class=\"_ _0\"></span>cquisizione o, in ma<span class=\"_ _0\"></span>ncanza, dall\u2019ultim<span class=\"_ _0\"></span>a quotazione disponibil<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>corrispettivo <span class=\"_ _6\"> </span>del<span class=\"_ _3\"></span>l\u2019aggregazione <span class=\"_ _5\"></span>aziendale <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>acquisizione <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _6\"> </span>subordinati <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>even<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span>futuri, se previsti da<span class=\"_ _3\"></span>gli accordi e solo nel <span class=\"_ _3\"></span>caso in cui siano p<span class=\"_ _3\"></span>robabili, determinabili in modo attendibile e realizzati entr<span class=\"_ _5\"></span>o i <span class=\"_ _3\"></span>dodici mesi <span class=\"_ _3\"></span>successivi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>indennizzi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>el <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lore delle attivit\u00e0 ut<span class=\"_ _3\"></span>ilizzate in <span class=\"_ _3\"></span>quanto gi\u00e0 considerati o<span class=\"_ _3\"></span> nel <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>degli strumenti rappresentativi di <span class=\"_ _3\"></span>capitale o <span class=\"_ _3\"></span>come riduz<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>del premio o incremento d<span class=\"_ _0\"></span>ello sconto sull\u2019emis<span class=\"_ _0\"></span>sione iniziale nel ca<span class=\"_ _0\"></span>so di emissione di strum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti di debito.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>c<span class=\"ff4\">orrelati <span class=\"_ _6\"> </span>all\u2019acquisizione <span class=\"_ _5\"></span>sono <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>oneri <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>l\u2019acquire<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostiene <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>dell\u2019aggregazione <span class=\"_ _6\"></span>aziendale; <span class=\"_ _5\"></span>a </span>titolo <span class=\"_ _6\"></span>esemplificativo <span class=\"_ _5\"></span>questi <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>compensi <span class=\"_ _6\"></span>professionali <span class=\"_ _6\"></span>corrisposti <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>revisori, <span class=\"_ _5\"></span>periti, <span class=\"_ _6\"></span>consulenti <span class=\"_ _6\"></span>legali, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>per perizie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>conti, <span class=\"_ _6\"></span>predisposizion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>documenti <span class=\"_ _6\"></span>informativi <span class=\"_ _5\"></span>richiesti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>norme, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consulenza sostenute <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>identificare <span class=\"_ _2\"></span>potenziali <span class=\"_ _3\"></span>target <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>acquisire <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>contrattualmente <span class=\"_ _3\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>in caso di <span class=\"ff4\">esito positivo dell<span class=\"_ _0\"></span>\u2019aggregazione, no<span class=\"_ _0\"></span>nch\u00e9 i costi di registra<span class=\"_ _0\"></span>zione ed emissione <span class=\"_ _0\"></span>di titoli di debito o t<span class=\"_ _0\"></span>itoli azionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>L\u2019acquirente <span class=\"_ _6\"> </span>deve <span class=\"_ _4\"> </span>contabilizzare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>correlati <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>l\u2019acquisizi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>nei <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>iodi <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>e<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span><span class=\"ls13\">i </span></span>servizi <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>no <span class=\"_ _4\"> </span>ricevuti, <span class=\"_ _7\"> </span>ad <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccezione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>azionari <span class=\"_ _7\"> </span>o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>rilevati<span class=\"_ _0\"></span> secondo quanto disp<span class=\"_ _0\"></span>osto dallo IAS<span class=\"_ _0\"></span> 32.<span class=\"_ _3\"></span> Le o<span class=\"_ _3\"></span>perazioni di <span class=\"_ _3\"></span>aggregazione aziendale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate secondo i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>\u201cmetodo dell\u2019acquisizione\u201d, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </span>identificabili acquisite <span class=\"_ _3\"></span>(comprese eventuali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali in <span class=\"_ _3\"></span>precedenza <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rilevate dall\u2019impresa <span class=\"_ _3\"></span>acquisita) e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span><span class=\"ff1\">sivit\u00e0 </span>identificabili assunte <span class=\"_ _0\"></span>(comprese quelle pote<span class=\"_ _0\"></span>nziali) devono esser<span class=\"_ _0\"></span>e rilevate ai rispet<span class=\"_ _0\"></span>tivi fair val<span class=\"_ _3\"></span>ue alla data di acquisizione. Inoltre, <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>espressamente <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>3,  per <span class=\"_ _7\"> </span>ogni <span class=\"_ _16\"> </span>aggregazione <span class=\"_ _7\"> </span>aziendale  e<span class=\"_ _0\"></span>ventuali <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  m<span class=\"_ _0\"></span>inoranza <span class=\"_ _7\"> </span>nella societ\u00e0 <span class=\"_ _1d\"> </span>acquisita <span class=\"_ _1d\"> </span>possono <span class=\"_ _1d\"> </span>essere <span class=\"_ _1d\"> </span>rilevate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>incremento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>corrispettivo <span class=\"_ _1d\"> </span>trasfer<span class=\"_ _2\"></span>ito) <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>in proporzione alla quota <span class=\"_ _0\"></span>della partecipazio<span class=\"_ _0\"></span>ne di minoranza nell<span class=\"_ _0\"></span>e attivit\u00e0 nette identif<span class=\"_ _0\"></span>icabili delle soc<span class=\"_ _0\"></span>iet\u00e0 acquisite.<span class=\"_ _2\"></span> Se <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>realizzato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>acquisti <span class=\"_ _4\"> </span>successivi, <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>ricalcolare <span class=\"_ _4\"> </span>l\u2019interessenza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>deteneva <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pr<span class=\"ff4 ls0\">ecedenza n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>acquisita <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettivo <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>l\u2019eventual<span class=\"_ _2\"></span></span><span class=\"ls17\">e </span>differenza rispetto al pr<span class=\"_ _0\"></span>ecedente valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>L\u2019eccedenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _2\"></span>trasferito <span class=\"_ _3\"></span>(rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _3\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>trasferite, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli </span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>emessi <span class=\"_ _3\"></span>dall\u2019acquirente), eventualmente <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>(determinato <span class=\"_ _3\"></span>come sopra <span class=\"_ _4\"> </span>esposto) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>interessenze <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>all\u2019acq<span class=\"_ _3\"></span><span class=\"ff1\">uirente, <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 </span>acquisite  deve <span class=\"_ _16\"> </span>essere  rilevata <span class=\"_ _16\"> </span>come  avviamento;  q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>lora  q<span class=\"_ _0\"></span>ueste  ultime  r<span class=\"_ _0\"></span>isultino,  in<span class=\"_ _0\"></span>vece,  superiori <span class=\"_ _16\"> </span>alla  sommatoria <span class=\"_ _16\"> </span>del corrispettivo, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>possedute, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>imputata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico. La <span class=\"_ _1d\"> </span>contabilizzazione <span class=\"_ _1d\"> </span>dell\u2019opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>aggregazione <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _1d\"> </span>avvenire <span class=\"_ _1d\"> </span>provvisoriament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>entro <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>fine <span class=\"_ _1d\"> </span>dell\u2019esercizio <span class=\"_ _1d\"> </span>in  c<span class=\"_ _3\"></span>ui l\u2019aggregazione vie<span class=\"_ _0\"></span>ne realizzata e deve<span class=\"_ _0\"></span> essere perfezionata e<span class=\"_ _0\"></span>ntro dodici mesi <span class=\"_ _0\"></span>dalla <span class=\"_ _3\"></span><span class=\"ff1\">data di acquisizione. </span>Le contabilizzazioni di ulteriori quote di partecipazione in societ\u00e0 gi\u00e0 controllate sono considerate, ai sensi dell\u2019IFRS 10,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>come </span>operazione <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>agiscono <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soci. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _2\"></span>le<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>minoranz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>cquisite s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>imputate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppo; <span class=\"_ _3\"></span>parimenti<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>le <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quote d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>gen<span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>utili/perdite nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>econ<span class=\"_ _5\"></span>omico <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del patrimonio netto di g<span class=\"_ _0\"></span>ruppo. Non <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span>figurano <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>imprese <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>costituiscono un\u2019attivit\u00e0 <span class=\"_ _18\"> </span>aziendale <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>controllo <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>via <span class=\"_ _18\"> </span>transitoria <span class=\"_ _1c\"> </span>o, <span class=\"_ _18\"> </span>infine, <span class=\"_ _18\"> </span>se <span class=\"_ _20\"> </span>l\u2019aggregazione <span class=\"_ _17\"> </span>aziendale <span class=\"_ _18\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>realizzata <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>finalit\u00e0 riorganizzative, <span class=\"_ _6\"></span>quindi <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>imprese <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>aziendali <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"></span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>non comporta <span class=\"_ _1d\"> </span>cambiamento <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ssetti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>controllo <span class=\"_ _17\"> </span>indipendentemente <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>percentual<span class=\"_ _2\"></span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>iritti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>terzi <span class=\"_ _1d\"> </span>prima <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>dopo l\u2019operazione <span class=\"_ _2\"></span>(cosiddette <span class=\"_ _2\"></span>aggregazioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>comune). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>considerat<span class=\"_ _0\"></span>e prive di sostanza economica. Pertanto, in as<span class=\"_ _0\"></span>senza di specifiche indicazioni previ<span class=\"_ _0\"></span>ste dai principi<span class=\"_ _2\"></span> IAS/IFRS e in aderenza con le presunzioni dello <span class=\"_ _3\"></span>IAS 8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>ichiede che <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>in assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>principio specifico <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa debba <span class=\"_ _3\"></span>fare uso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio giudizio </span>nell\u2019applicare <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _7\"> </span>che  fo<span class=\"_ _0\"></span>rnisca <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rilevante, <span class=\"_ _7\"> </span>attendibile, <span class=\"_ _16\"> </span>prudent<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>rifletta <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>sostanza </span>economica dell\u2019oper<span class=\"_ _0\"></span>azione, esse sono c<span class=\"_ _0\"></span>ontabilizzate salvag<span class=\"_ _0\"></span>uardando la continui<span class=\"_ _0\"></span>t\u00e0 dei valori nel<span class=\"_ _0\"></span> bilancio dell\u2019acquire<span class=\"_ _0\"></span>nte.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>fusioni <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>imprese, <span class=\"_ _2\"></span>rappresentando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pi\u00f9 completa, in quanto <span class=\"_ _0\"></span>comportano l\u2019unifica<span class=\"_ _0\"></span>zione sia giuridica che <span class=\"_ _0\"></span>economica dei <span class=\"_ _0\"></span>soggetti che vi partecipa<span class=\"_ _0\"></span>no.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"> </span>fusioni, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"> </span>esse <span class=\"_ _6\"> </span>proprie, <span class=\"_ _6\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>costituzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _6\"> </span>soggetto <span class=\"_ _6\"> </span>giuridico <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>incorporazione\u201d <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>la conflu<span class=\"ff4\">enza <span class=\"_ _16\"> </span>di  un\u2019impre<span class=\"_ _0\"></span>sa  in <span class=\"_ _7\"> </span>un\u2019altra  impresa <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>esistente, <span class=\"_ _16\"> </span>sono  trattate <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _16\"> </span>i  criteri <span class=\"_ _7\"> </span>precedentemente  illu<span class=\"_ _0\"></span>strati,  i<span class=\"_ _35\"></span>n </span>particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _1d\"> </span>l\u2019operazione <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>trasferimento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019impresa,  essa<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>trattata <span class=\"_ _1d\"> </span>come <span class=\"_ _1d\"> </span>un\u2019operazione <span class=\"_ _1d\"> </span>di </span></span>aggregazione <span class=\"ff4\">ai sensi dell\u2019IFRS<span class=\"_ _0\"></span> 3;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e l\u2019operazione no<span class=\"_ _0\"></span>n comporta il trasferim<span class=\"_ _0\"></span>ento del controllo, ess<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> viene contabili<span class=\"_ _0\"></span>zzata privilegiand<span class=\"_ _0\"></span>o la continuit\u00e0 dei valor<span class=\"_ _0\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">.</span></span></span><span class=\"ff1\"><span class=\"ff4\"><span class=\"ff1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1049": {
   "value": "7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1039": {
   "value": "7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1028": {
   "value": "7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1011": {
   "value": "7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 immateriali </span>Criteri di classifica<span class=\"_ _0\"></span>zione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _5\"></span>disciplinate <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>38. <span class=\"_ _5\"></span>Possono <span class=\"_ _5\"></span>includere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>diritti <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>leasing e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019utilizzo di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale (per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>locat<span class=\"_ _5\"></span><span class=\"ff1\">ari) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>concesse <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>leasing </span>operativo (per i locat<span class=\"_ _0\"></span>ori).  Le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>iscritte <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>identificabili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>trovano <span class=\"_ _3\"></span>origine <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>legali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _3\"></span>Tr<span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 immateriali <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>rap<span class=\"_ _3\"></span><span class=\"ff1\">presenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>pos<span class=\"_ _3\"></span>itiva <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisto <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _5\"></span>delle </span>attivit\u00e0 e passivit\u00e0 di <span class=\"_ _0\"></span>pertinenza di un\u2019im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>resa acquisita.<span class=\"ff1\"> </span>Criteri di iscrizione e<span class=\"_ _0\"></span> valutazione Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo, <span class=\"_ _5\"></span>rettificato <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>eventuali <span class=\"_ _2\"></span>oneri <span class=\"_ _6\"></span>accessori <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>probabile <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>futuri <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici<span class=\"_ _0\"></span> economici <span class=\"_ _2\"></span>attribuibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>realizzino <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>attendibilmente<span class=\"_ _0\"></span>. <span class=\"_ _7\"> </span><span class=\"ff1\">In <span class=\"_ _5\"></span>caso<span class=\"_ _35\"></span> </span>contrario il costo dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 immateriale <span class=\"_ _0\"></span>\u00e8 rilevato<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a conto economico n<span class=\"_ _0\"></span>ell\u2019esercizio in cui \u00e8 <span class=\"_ _0\"></span>stato sostenuto.<span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _5\"></span>definita, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>costanti <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>decrescenti <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>funzio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>dell\u2019afflusso <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>benefici <span class=\"_ _17\"> </span>economici <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _17\"> </span>dall\u2019attivit\u00e0. <span class=\"_ _1d\"> </span>Le <span class=\"_ _17\"> </span>attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>vita <span class=\"_ _18\"> </span>utile <span class=\"_ _17\"> </span>indefinita <span class=\"_ _17\"> </span>non <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>invece <span class=\"_ _17\"> </span>soggette <span class=\"_ _17\"> </span>ad </span>ammortamento sistemati<span class=\"_ _0\"></span>co, bens\u00ec ad un test p<span class=\"_ _0\"></span>eriodico di verifica<span class=\"_ _0\"></span> dell\u2019adeguatezza del r<span class=\"_ _0\"></span>elativo valore di is<span class=\"_ _0\"></span>crizione in bilan<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">io. </span>Se <span class=\"_ _3\"></span>esiste <span class=\"_ _2\"></span>qualche <span class=\"_ _2\"></span>indicazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dimostri <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff1\">ub\u00ecto <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>del </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>recupero <span class=\"_ _7\"> </span>dell'attivit\u00e0. <span class=\"_ _4\"> </span>L\u2019ammontare <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>perdita, <span class=\"_ _7\"> </span>rilevato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>economico, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>differenza <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabile dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>ed il valore recupera<span class=\"_ _0\"></span>bile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare tra le attivit\u00e0 imm<span class=\"_ _0\"></span>ateriali sono inclu<span class=\"_ _0\"></span>se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>immateriali basate <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>tecnologia, quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>software applicativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono ammortizzate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione della <span class=\"_ _3\"></span>prevista<span class=\"_ _2\"></span> </span>obsolescenza tecnologica d<span class=\"_ _3\"></span>elle stesse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>comunque tendenzialmente non <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>di set<span class=\"_ _3\"></span>te a<span class=\"_ _5\"></span>nni; <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>eccezione<span class=\"_ _0\"></span> le p<span class=\"_ _3\"></span>iattaforme di <span class=\"_ _3\"></span>core <span class=\"_ _3\"></span>banking system <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>vita u<span class=\"_ _3\"></span>tile viene <span class=\"_ _3\"></span>stimata <span class=\"_ _3\"></span>caso per <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>conseguentemente ammortizzate su periodi pi\u00f9 <span class=\"_ _3\"></span>lunghi (da 1<span class=\"_ _3\"></span>0 a <span class=\"_ _3\"></span>15 anni). <span class=\"_ _3\"></span>Inoltre, i c<span class=\"_ _3\"></span>osti sostenuti per <span class=\"_ _3\"></span>lo sviluppo di <span class=\"_ _3\"></span>software costituiscono attivit\u00e0 <span class=\"_ _6\"></span>immateriali e sono <span class=\"_ _6\"> </span>iscritti <span class=\"_ _4\"> </span>all\u2019attivo <span class=\"_ _6\"></span>solo <span class=\"_ _4\"> </span>se <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>seguenti <span class=\"_ _4\"> </span>condizioni <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>rispettate: <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>attribuibile <span class=\"_ _6\"> </span>all\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>svilu<span class=\"_ _5\"></span><span class=\"ff1\">ppo <span class=\"_ _6\"></span>\u00e8 </span>attendibilmente <span class=\"_ _5\"></span>determinabile, <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>vi <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>l\u2019intenzione, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>disponibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>risorse <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _4\"> </span>tec<span class=\"_ _2\"></span><span class=\"ff1\">nica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>rendere<span class=\"_ _0\"></span> </span>l\u2019attivit\u00e0 d<span class=\"_ _3\"></span>isponibile all\u2019uso <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>iii) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>dimostrabile <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>produrre b<span class=\"_ _3\"></span>enefici e<span class=\"_ _3\"></span>conomici f<span class=\"_ _5\"></span><span class=\"ff1\">uturi. <span class=\"_ _3\"></span>I </span>costi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sviluppo <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>soft<span class=\"_ _3\"></span>ware <span class=\"_ _1d\"> </span>capitalizzati <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omprendono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>spese <span class=\"_ _17\"> </span>sostenute <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>possono <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>attribu<span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> direttamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sviluppo. <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span> costi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>software <span class=\"_ _3\"></span>capitalizzati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>ammortizzati <span class=\"_ _3\"></span>sistematicamente <span class=\"_ _2\"></span>lung<span class=\"_ _0\"></span>o la v<span class=\"_ _3\"></span>ita stimata d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>relativo prodotto/servizio in <span class=\"_ _3\"></span>modo da <span class=\"_ _3\"></span>riflettere le <span class=\"_ _3\"></span>modalit\u00e0 con <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ci <span class=\"_ _3\"></span>si attende c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i benefici <span class=\"_ _3\"></span>economi<span class=\"_ _2\"></span>ci fu<span class=\"ff4 ls0\">turi derivanti d<span class=\"_ _0\"></span>all\u2019attivit\u00e0 siano co<span class=\"_ _0\"></span>nsumati dall\u2019entit\u00e0 d<span class=\"_ _0\"></span>all\u2019inizio della prod<span class=\"_ _0\"></span>uzione lungo la vita <span class=\"_ _0\"></span>stimata del prodotto;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0  immate<span class=\"_ _0\"></span>riali  legate <span class=\"_ _16\"> </span>alla  clientela <span class=\"_ _16\"> </span>rappresentate  in  ge<span class=\"_ _0\"></span>nere  dalla <span class=\"_ _16\"> </span>valorizzazione,  i<span class=\"_ _0\"></span>n  occasione <span class=\"_ _16\"> </span>di  operazioni  d<span class=\"_ _0\"></span>i </span>aggregazione, <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>management<span class=\"_ _3\"></span><span class=\"fs9 ls4\">, <span class=\"_ _4\"></span></span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>correlate <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> portafoglio <span class=\"_ _4\"> </span>assicurativo. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>attivit\u00e0, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _7\"> </span>definita, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>originariamente <span class=\"_ _4\"> </span>valorizzate <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l\u2019attualizzazione, <span class=\"_ _4\"> </span>con l\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>rappresentativo  del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>temporale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>denaro  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>rischi <span class=\"_ _1d\"> </span>specifici  d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0,  dei <span class=\"_ _1d\"> </span>flussi rappresentativi dei margini reddituali<span class=\"_ _0\"></span> lungo un periodo esprimente la durata residua, contrattu<span class=\"_ _0\"></span>ale o stimata, dei rapporti in<span class=\"_ _2\"></span> essere a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>del<span class=\"ff4\">l\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>aggregazione. Esse <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ammortizzate, p<span class=\"_ _3\"></span>er i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>sset <span class=\"_ _3\"></span>management e <span class=\"_ _3\"></span>per </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>correlate <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prestazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>servizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>costanti <span class=\"_ _4\"> </span>lungo <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>afflusso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>maggiore<span class=\"_ _0\"></span> significativit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>economici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttesi <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>aventi <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _3\"></span>predeterminata <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>rapporti legati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>assicurativi, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>tendenzialmente <span class=\"_ _5\"></span>decrescenti <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el caso di rapporti con <span class=\"_ _0\"></span>scadenza definita (v<span class=\"_ _0\"></span>ita re<span class=\"_ _3\"></span>sidua delle poli<span class=\"_ _0\"></span>zze); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>ttivit\u00e0 immateriali lega<span class=\"_ _0\"></span>te al marketing ra<span class=\"_ _0\"></span>ppresentate dalla valor<span class=\"_ _0\"></span>izzazione del mar<span class=\"_ _0\"></span>chio (\u201cbrand name\u201d) a<span class=\"_ _0\"></span>nch\u2019esso iscritto in </span></span>occasione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>aggregazione. <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vita <span class=\"_ _16\"> </span>indefinita <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ritiene <span class=\"_ _7\"> </span>c<span class=\"_ _5\"></span>he <span class=\"_ _16\"> </span>possa contribuire per un pe<span class=\"_ _0\"></span>riodo indeterminato all<span class=\"_ _0\"></span>a formazione dei flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3\"></span> reddituali. Infine, tra le attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali \u00e8 incluso l\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>L\u2019avviamento <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>iscritto, <span class=\"_ _5\"></span>nell\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>aggregazione, <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>positiv<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>corrispettivo </span>trasferito <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>l\u2019eventuale <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>minoranza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>acqu<span class=\"_ _5\"></span><span class=\"ff1\">isiti <span class=\"_ _2\"></span>\u00e8 </span>rappresentativo delle c<span class=\"_ _0\"></span>apacit\u00e0 redditu<span class=\"_ _0\"></span>ali future della partec<span class=\"_ _0\"></span>ipazione (goodwil<span class=\"_ _0\"></span>l).<span class=\"_ _3\"></span> Qualora tale <span class=\"_ _3\"></span>diffe<span class=\"ff4\">renza <span class=\"_ _3\"></span>risulti negativa <span class=\"_ _3\"></span>(badwill) o<span class=\"_ _3\"></span> nell\u2019ipotesi <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>goodwill non <span class=\"_ _3\"></span>trovi giustificazione <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>capacit\u00e0 reddituali<span class=\"_ _0\"></span> </span>future della partecipata<span class=\"_ _0\"></span>, la differenza s<span class=\"_ _0\"></span>tessa viene iscritta <span class=\"_ _0\"></span>direttamente a conto e<span class=\"_ _0\"></span>conomico.<span class=\"_ _90\"> </span>Con <span class=\"_ _1d\"> </span>periodicit\u00e0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _1d\"> </span>(od <span class=\"_ _1d\"> </span>ogni <span class=\"_ _17\"> </span>volta <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>vi <span class=\"_ _17\"> </span>sia <span class=\"_ _1d\"> </span>evidenza <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>perdita <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore) <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>effettuato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>est <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza  del  v<span class=\"_ _0\"></span>alore  dell\u2019avviamento.  A  tal  fi<span class=\"_ _0\"></span>ne  viene  identific<span class=\"_ _0\"></span>ata  l\u2019Unit\u00e0  generatrice  di  flus<span class=\"_ _0\"></span>si  finanziari  (o  Cash<span class=\"_ _35\"></span> Generating <span class=\"_ _16\"> </span>Unit,  CGU) <span class=\"ff4\">cui <span class=\"_ _16\"> </span>attribuire <span class=\"_ _16\"> </span>l\u2019avviamento. <span class=\"_ _16\"> </span>Nell\u2019a<span class=\"_ _3\"></span></span>mbito <span class=\"_ _16\"> </span>del  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po  Int<span class=\"_ _0\"></span>esa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>le  Unit\u00e0 <span class=\"_ _16\"> </span>generatrici <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>flussi finanziari corrispondono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>divisioni operative <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>nel s<span class=\"_ _3\"></span>egment <span class=\"_ _3\"></span>reporting. L\u2019ammontare <span class=\"_ _3\"></span>dell\u2019eventuale riduzione d<span class=\"_ _6\"></span><span class=\"ff1 ls19\">i </span>valore <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">iscrizione <span class=\"_ _6\"> </span>dell\u2019avviamento <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>suo <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>recupero, <span class=\"_ _4\"> </span>se<span class=\"_ _0\"></span> </span>inferiore. <span class=\"_ _5\"></span>Detto <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>dell\u2019Unit\u00e0 <span class=\"_ _5\"></span>generatrice <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>nett<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli<span class=\"_ _35\"></span> </span>eventuali costi di vendi<span class=\"_ _0\"></span>ta, ed il relati<span class=\"_ _0\"></span>vo valore d\u2019uso. Le co<span class=\"ff1\">nseguenti rettifiche di val<span class=\"_ _0\"></span>ore vengono rilev<span class=\"_ _0\"></span>ate a conto economico. </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>ale <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>na<span class=\"_ _3\"></span>me,  qualora <span class=\"_ _18\"> </span><span class=\"ff1\">la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>non  p<span class=\"_ _3\"></span>resenti<span class=\"_ _0\"></span> </span>avviamenti allocati, si procede ad una valutazione autonoma e specifica d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019intangibile sulla base del fair value attestato dalla<span class=\"_ _0\"></span> </span>perizia di un esperto indipendente; qual<span class=\"_ _0\"></span>ora il fair value del brand name non risu<span class=\"_ _0\"></span>lti superiore al suo valore contabil<span class=\"_ _0\"></span>e, si pr<span class=\"_ _5\"></span>ocede alla stima del valore <span class=\"_ _0\"></span>recuperabile della<span class=\"_ _0\"></span> CGU, calcolato sulla <span class=\"_ _0\"></span>base <span class=\"_ _3\"></span>dei flussi di cassa prospetti<span class=\"_ _0\"></span>ci. Si precisa, <span class=\"_ _3\"></span>inoltre, che qualora una CGU a <span class=\"_ _3\"></span>cui sono <span class=\"_ _3\"></span>allocati sia avviamento che brand name presenti un <span class=\"_ _3\"></span>valore d\u2019uso inferiore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>eccede <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>angibili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>allocati, fermo restando la svalutazione integrale dell\u2019avviamento, si procede ad una autonoma valutazione del brand name sulla base del fair value risult<span class=\"_ _0\"></span>ante da apposita perizi<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Criteri di cancellazione Un'attivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>eliminata <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>allo <span class=\"_ _7\"> </span>Stato <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>dismissione <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>qualora <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>attesi benefici economici futu<span class=\"_ _0\"></span>ri. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-913": {
   "value": "9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 non correnti o g<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissione </span>Vengono classificate nella voce d<span class=\"_ _3\"></span>ell\u2019attivo \u201cAttivit\u00e0 non correnti e <span class=\"_ _3\"></span>gruppi di <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _5\"></span>dismissione\u201d e in<span class=\"_ _3\"></span> quella del <span class=\"_ _3\"></span>passivo<span class=\"_ _35\"></span> \u201cPassivit\u00e0 associate ad <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _3\"></span>dismissione\u201d attivit\u00e0 non <span class=\"_ _3\"></span>correnti o <span class=\"_ _3\"></span>gruppi di at<span class=\"_ _3\"></span>tivit\u00e0/pass<span class=\"_ _0\"></span>ivit\u00e0 per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali \u00e8 s<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>to avviato </span>un p<span class=\"_ _3\"></span>rocesso di <span class=\"_ _3\"></span>dismissione e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro vendita <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuta altamente p<span class=\"_ _3\"></span>robabile. Tali <span class=\"_ _5\"></span>attivit\u00e0/passivit\u00e0 sono valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>minore tra <span class=\"_ _3\"></span>il valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>costi <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>cessione,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"></span>eccezione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>tipologi<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>(es. <span class=\"_ _4\"></span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019IF<span class=\"_ _2\"></span><span class=\"ff1\">RS <span class=\"_ _5\"></span>5 <span class=\"_ _2\"></span>prevede <span class=\"_ _5\"></span>specificatament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>debbano <span class=\"_ _5\"></span>essere </span>applicati i criteri valu<span class=\"_ _0\"></span>tativi del principio <span class=\"_ _0\"></span>contabile di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> \u00c8 <span class=\"_ _4\"></span>possibile <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>correnti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"></span>inclusi <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>n<span class=\"_ _5\"></span>on esistono  quotazioni  in <span class=\"_ _16\"> </span>un  mercato  attivo.  In  t<span class=\"_ _0\"></span>ale  evenienza,  si <span class=\"_ _16\"> </span>procede  ad  una  loro  val<span class=\"_ _0\"></span>utazione  al  fair<span class=\"_ _0\"></span>  value  facendo riferimento, in presenza d<span class=\"_ _3\"></span>i un accordo <span class=\"_ _3\"></span>raggiunto con la controparte <span class=\"_ _3\"></span>acquirente, ai prezzi di <span class=\"_ _3\"></span>cessione risultanti da ta<span class=\"_ _3\"></span>le accordo;<span class=\"_ _35\"></span> in <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccordo, <span class=\"_ _4\"></span>applicando <span class=\"_ _4\"> </span><span class=\"ff4\">specifiche <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>valutative <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ricorrendo <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _6\"> </span>a </span>fairness opinion este<span class=\"_ _0\"></span>rne. I <span class=\"_ _5\"></span>proventi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _5\"></span>(al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>dell\u2019effetto <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>scale), <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>dismissione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">ome <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>nel </span>corso dell\u2019esercizi<span class=\"_ _0\"></span>o, sono esposti nel conto e<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>onomico in voce <span class=\"_ _0\"></span>separata.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-945": {
   "value": "9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 non correnti o g<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissione </span>Vengono classificate nella voce d<span class=\"_ _3\"></span>ell\u2019attivo \u201cAttivit\u00e0 non correnti e <span class=\"_ _3\"></span>gruppi di <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _5\"></span>dismissione\u201d e in<span class=\"_ _3\"></span> quella del <span class=\"_ _3\"></span>passivo<span class=\"_ _35\"></span> \u201cPassivit\u00e0 associate ad <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _3\"></span>dismissione\u201d attivit\u00e0 non <span class=\"_ _3\"></span>correnti o <span class=\"_ _3\"></span>gruppi di at<span class=\"_ _3\"></span>tivit\u00e0/pass<span class=\"_ _0\"></span>ivit\u00e0 per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali \u00e8 s<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>to avviato </span>un p<span class=\"_ _3\"></span>rocesso di <span class=\"_ _3\"></span>dismissione e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro vendita <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuta altamente p<span class=\"_ _3\"></span>robabile. Tali <span class=\"_ _5\"></span>attivit\u00e0/passivit\u00e0 sono valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>minore tra <span class=\"_ _3\"></span>il valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>costi <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>cessione,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"></span>eccezione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>tipologi<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>(es. <span class=\"_ _4\"></span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019IF<span class=\"_ _2\"></span><span class=\"ff1\">RS <span class=\"_ _5\"></span>5 <span class=\"_ _2\"></span>prevede <span class=\"_ _5\"></span>specificatament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>debbano <span class=\"_ _5\"></span>essere </span>applicati i criteri valu<span class=\"_ _0\"></span>tativi del principio <span class=\"_ _0\"></span>contabile di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> \u00c8 <span class=\"_ _4\"></span>possibile <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>correnti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"></span>inclusi <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>n<span class=\"_ _5\"></span>on esistono  quotazioni  in <span class=\"_ _16\"> </span>un  mercato  attivo.  In  t<span class=\"_ _0\"></span>ale  evenienza,  si <span class=\"_ _16\"> </span>procede  ad  una  loro  val<span class=\"_ _0\"></span>utazione  al  fair<span class=\"_ _0\"></span>  value  facendo riferimento, in presenza d<span class=\"_ _3\"></span>i un accordo <span class=\"_ _3\"></span>raggiunto con la controparte <span class=\"_ _3\"></span>acquirente, ai prezzi di <span class=\"_ _3\"></span>cessione risultanti da ta<span class=\"_ _3\"></span>le accordo;<span class=\"_ _35\"></span> in <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccordo, <span class=\"_ _4\"></span>applicando <span class=\"_ _4\"> </span><span class=\"ff4\">specifiche <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>valutative <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ricorrendo <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _6\"> </span>a </span>fairness opinion este<span class=\"_ _0\"></span>rne. I <span class=\"_ _5\"></span>proventi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _5\"></span>(al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>dell\u2019effetto <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>scale), <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>dismissione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">ome <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>nel </span>corso dell\u2019esercizi<span class=\"_ _0\"></span>o, sono esposti nel conto e<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>onomico in voce <span class=\"_ _0\"></span>separata.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-986": {
   "value": "9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 non correnti o g<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissione </span>Vengono classificate nella voce d<span class=\"_ _3\"></span>ell\u2019attivo \u201cAttivit\u00e0 non correnti e <span class=\"_ _3\"></span>gruppi di <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _5\"></span>dismissione\u201d e in<span class=\"_ _3\"></span> quella del <span class=\"_ _3\"></span>passivo<span class=\"_ _35\"></span> \u201cPassivit\u00e0 associate ad <span class=\"_ _3\"></span>attivit\u00e0 in <span class=\"_ _3\"></span>via di <span class=\"_ _3\"></span>dismissione\u201d attivit\u00e0 non <span class=\"_ _3\"></span>correnti o <span class=\"_ _3\"></span>gruppi di at<span class=\"_ _3\"></span>tivit\u00e0/pass<span class=\"_ _0\"></span>ivit\u00e0 per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali \u00e8 s<span class=\"_ _3\"></span>t<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>to avviato </span>un p<span class=\"_ _3\"></span>rocesso di <span class=\"_ _3\"></span>dismissione e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro vendita <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuta altamente p<span class=\"_ _3\"></span>robabile. Tali <span class=\"_ _5\"></span>attivit\u00e0/passivit\u00e0 sono valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>minore tra <span class=\"_ _3\"></span>il valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carico <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>costi <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>cessione,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"></span>eccezione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>tipologi<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>(es. <span class=\"_ _4\"></span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>rientranti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>l\u2019IF<span class=\"_ _2\"></span><span class=\"ff1\">RS <span class=\"_ _5\"></span>5 <span class=\"_ _2\"></span>prevede <span class=\"_ _5\"></span>specificatament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>debbano <span class=\"_ _5\"></span>essere </span>applicati i criteri valu<span class=\"_ _0\"></span>tativi del principio <span class=\"_ _0\"></span>contabile di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> \u00c8 <span class=\"_ _4\"></span>possibile <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>correnti <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gruppi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"></span>inclusi <span class=\"_ _6\"></span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>n<span class=\"_ _5\"></span>on esistono  quotazioni  in <span class=\"_ _16\"> </span>un  mercato  attivo.  In  t<span class=\"_ _0\"></span>ale  evenienza,  si <span class=\"_ _16\"> </span>procede  ad  una  loro  val<span class=\"_ _0\"></span>utazione  al  fair<span class=\"_ _0\"></span>  value  facendo riferimento, in presenza d<span class=\"_ _3\"></span>i un accordo <span class=\"_ _3\"></span>raggiunto con la controparte <span class=\"_ _3\"></span>acquirente, ai prezzi di <span class=\"_ _3\"></span>cessione risultanti da ta<span class=\"_ _3\"></span>le accordo;<span class=\"_ _35\"></span> in <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccordo, <span class=\"_ _4\"></span>applicando <span class=\"_ _4\"> </span><span class=\"ff4\">specifiche <span class=\"_ _4\"> </span>tecniche <span class=\"_ _4\"> </span>valutative <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ricorrendo <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _6\"> </span>a </span>fairness opinion este<span class=\"_ _0\"></span>rne. I <span class=\"_ _5\"></span>proventi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _5\"></span>(al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>dell\u2019effetto <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>scale), <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>dismissione <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">ome <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>nel </span>corso dell\u2019esercizi<span class=\"_ _0\"></span>o, sono esposti nel conto e<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>onomico in voce <span class=\"_ _0\"></span>separata.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-946": {
   "value": "10. <span class=\"_ _1c\"> </span>Fiscalit\u00e0 corrente e diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ita Le <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>reddito, <span class=\"_ _6\"></span>calcolate <span class=\"_ _6\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>legislazioni <span class=\"_ _6\"></span>fiscali <span class=\"_ _4\"></span>nazionali, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>contabilizzate <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"></span>costo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno generate. <span class=\"_ _3\"></span>Esse <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>dell\u2019esercizio. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>At<span class=\"_ _5\"></span><span class=\"ff1\">tivit\u00e0 e </span>Passivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Amministrazioni<span class=\"_ _35\"></span> finanziarie italiana ed este<span class=\"_ _0\"></span>re riconducibili all\u2019ambit<span class=\"_ _0\"></span>o della fiscalit\u00e0 diretta. In partic<span class=\"_ _0\"></span>olare, tali poste accolg<span class=\"_ _0\"></span>ono il sald<span class=\"_ _5\"></span><span class=\"ff1\">o netto tra le </span>passivit\u00e0 fiscali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>pregressi e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti dell\u2019esercizio, <span class=\"_ _3\"></span>calcolate in <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prudenziale previsione del<span class=\"_ _3\"></span>l\u2019onere tri<span class=\"_ _5\"></span><span class=\"ff1\">butario </span>dovuto <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>l\u2019esercizio, <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>norme <span class=\"_ _7\"> </span>tributarie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>igore, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>correnti <span class=\"_ _4\"> </span>rapprese<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>tate <span class=\"_ _4\"> </span>dagli </span>acconti, dalle ritenute d\u2019acconto subite o da <span class=\"_ _3\"></span>altri crediti d\u2019imposta. Il rischio insito nei <span class=\"_ _3\"></span>suddetti procedimenti <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>allo stesso <span class=\"_ _3\"></span>modo<span class=\"_ _35\"></span> </span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>insiti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>procedimenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>versamenti <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _6\"></span>provvisorio <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>sec<span class=\"_ _3\"></span>ondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>logiche dello IAS 37, in relaz<span class=\"_ _0\"></span>ione alle probabili<span class=\"_ _0\"></span>t\u00e0 di impiego di risor<span class=\"_ _0\"></span>se economiche per il l<span class=\"_ _0\"></span>oro adempimento.<span class=\"_ _3\"></span> Tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019adozione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>nazionale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>riferibili <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>societ<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0 <span class=\"_ _2\"></span>del </span>Gruppo sono gestite in mo<span class=\"_ _0\"></span>do distinto sotto il <span class=\"_ _0\"></span>profilo amministrativ<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>fiscalit\u00e0 d<span class=\"_ _3\"></span>ifferita viene <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>base al <span class=\"_ _2\"></span>criterio del <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _3\"></span>balance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>liability method, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto d<span class=\"_ _3\"></span>ell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019effetto </span>fiscale <span class=\"_ _7\"> </span>connesso <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _7\"> </span>tra  i<span class=\"_ _35\"></span>l  v<span class=\"_ _0\"></span>alore <span class=\"_ _7\"> </span>c<span class=\"_ _2\"></span>ontabile <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>il  l<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>che determineranno importi imponibili o deducibili nei futuri periodi. A tali <span class=\"_ _3\"></span>fini, si intendono \u201cdifferenze temporanee tassabili<span class=\"_ _2\"></span>\u201d <span class=\"_ _3\"></span>quelle che <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>determineranno <span class=\"_ _5\"></span>importi <span class=\"_ _6\"></span>imponibili<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>\u201cdifferenze <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _5\"></span>deducibili\u201d <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>futuri<span class=\"_ _35\"></span> </span>determineranno importi deduci<span class=\"_ _0\"></span>bili. La <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>differita <span class=\"_ _4\"> </span>viene <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _6\"></span>applicando <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>ali<span class=\"_ _3\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>imposizione <span class=\"_ _4\"></span>stabilite <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>disposizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>legge <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _16\"> </span>alle differenze  temporan<span class=\"_ _0\"></span>ee  tassabili  per  cui  esiste  la  probabilit\u00e0 <span class=\"_ _16\"> </span>di  un  effettivo  sostenimento  di<span class=\"_ _0\"></span>  imposte  ed  alle  differenze<span class=\"_ _35\"></span> temporanee <span class=\"_ _2\"></span>deducibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esiste <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>ragionevole <span class=\"_ _5\"></span>certezza <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vi <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>ammontari <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si manifester\u00e0 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibilit\u00e0 <span class=\"_ _16\"> </span>fiscale <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>probability <span class=\"_ _16\"> </span>test). <span class=\"_ _7\"> </span>Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>differite <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>medesima<span class=\"_ _35\"></span> imposta e scadenti nel m<span class=\"_ _0\"></span>edesimo periodo <span class=\"_ _0\"></span>vengono compensate.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> Qualora <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Attivit\u00e0 <span class=\"_ _16\"> </span>e  P<span class=\"_ _0\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>differite <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>riferiscano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>interessato<span class=\"_ _2\"></span>  il <span class=\"_ _7\"> </span>conto  e<span class=\"_ _0\"></span>conomico, <span class=\"_ _16\"> </span>la contropartita \u00e8 rappr<span class=\"_ _0\"></span>esentata dalle imposte<span class=\"_ _0\"></span> sul reddito. Nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differite <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iguardino <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>interessato <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _2\"></span>net<span class=\"_ _6\"></span>to senza <span class=\"_ _5\"></span>influenzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>(quali <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>applicazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>IAS/IFRS, <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti finanziari rilevati al fair value con impatto sulla redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva o dei contratti deriv<span class=\"_ _0\"></span>ati di copertura di flussi f<span class=\"_ _5\"></span>inanziari), l<span class=\"_ _0\"></span>e stesse <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontropartita <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio net<span class=\"_ _3\"></span>to, <span class=\"_ _3\"></span>interessando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>(es. <span class=\"_ _2\"></span>riserve <span class=\"_ _3\"></span>da valutazione). La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>\u201ctassabili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>utilizzo\u201d <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>il<span class=\"_ _5\"></span><span class=\"ff1\">ancio <span class=\"_ _2\"></span>in </span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"ff4\">atrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>rivalutazioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conversione <span class=\"_ _2\"></span>all\u2019euro <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputate <span class=\"_ _3\"></span>a </span>specifica <span class=\"_ _4\"> </span>Riserva <span class=\"_ _6\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>D. <span class=\"_ _4\"> </span>Lgs. <span class=\"_ _4\"> </span>213/98 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sospensione <span class=\"_ _6\"> </span>d\u2019imposta, <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>iscritta <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Riserva stessa. La fisc<span class=\"ff4\">alit\u00e0 latente riferita alle poste p<span class=\"_ _3\"></span>atrimoniali in sospensione d\u2019imposta \u201ctassabili solt<span class=\"_ _0\"></span>anto in ipotesi di <span class=\"_ _3\"></span>distribuzione\u201d </span>non <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"></span>iscritta <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bilancio, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>quanto<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>consistenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>disponibili <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"></span>assoggettate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tassazione <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di ritenere che non saranno e<span class=\"_ _0\"></span>ffettuate operazio<span class=\"_ _0\"></span>ni che ne comportin<span class=\"_ _0\"></span>o la tassazione. La <span class=\"_ _3\"></span>fiscalit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>differita riferita alle <span class=\"_ _3\"></span>societ\u00e0 incluse nel <span class=\"_ _3\"></span>consolidato fiscale viene rilevata <span class=\"_ _3\"></span>in bilancio <span class=\"_ _3\"></span>dalle stesse, in a<span class=\"_ _3\"></span>ppl<span class=\"_ _5\"></span>icazione del criterio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ompetenza <span class=\"_ _4\"></span>economica <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>considera<span class=\"_ _3\"></span>zione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _7\"> </span>fiscale <span class=\"_ _4\"></span>limitata <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>dempimenti <span class=\"_ _4\"></span>di liquidazione delle po<span class=\"_ _0\"></span>sizioni fiscali correnti<span class=\"_ _0\"></span>. La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>consolidate <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span>n <span class=\"_ _3\"></span>si ritenga  probabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  il <span class=\"_ _16\"> </span>verificarsi <span class=\"_ _16\"> </span>dei  presupposti <span class=\"_ _16\"> </span>per  la  r<span class=\"_ _0\"></span>elativa  ta<span class=\"_ _0\"></span>ssazione,  e<span class=\"_ _0\"></span>  ci\u00f2 <span class=\"_ _16\"> </span>anche  in  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lazione  a<span class=\"_ _0\"></span>lla  natura<span class=\"_ _0\"></span>  durevole dell\u2019investimento.<span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-914": {
   "value": "10. <span class=\"_ _1c\"> </span>Fiscalit\u00e0 corrente e diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ita Le <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>reddito, <span class=\"_ _6\"></span>calcolate <span class=\"_ _6\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>legislazioni <span class=\"_ _6\"></span>fiscali <span class=\"_ _4\"></span>nazionali, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>contabilizzate <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"></span>costo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>modalit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno generate. <span class=\"_ _3\"></span>Esse <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>pertanto <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>dell\u2019esercizio. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>At<span class=\"_ _5\"></span><span class=\"ff1\">tivit\u00e0 e </span>Passivit\u00e0 <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>correnti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Amministrazioni<span class=\"_ _35\"></span> finanziarie italiana ed este<span class=\"_ _0\"></span>re riconducibili all\u2019ambit<span class=\"_ _0\"></span>o della fiscalit\u00e0 diretta. In partic<span class=\"_ _0\"></span>olare, tali poste accolg<span class=\"_ _0\"></span>ono il sald<span class=\"_ _5\"></span><span class=\"ff1\">o netto tra le </span>passivit\u00e0 fiscali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>pregressi e <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orrenti dell\u2019esercizio, <span class=\"_ _3\"></span>calcolate in <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prudenziale previsione del<span class=\"_ _3\"></span>l\u2019onere tri<span class=\"_ _5\"></span><span class=\"ff1\">butario </span>dovuto <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>l\u2019esercizio, <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>norme <span class=\"_ _7\"> </span>tributarie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>igore, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>correnti <span class=\"_ _4\"> </span>rapprese<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>tate <span class=\"_ _4\"> </span>dagli </span>acconti, dalle ritenute d\u2019acconto subite o da <span class=\"_ _3\"></span>altri crediti d\u2019imposta. Il rischio insito nei <span class=\"_ _3\"></span>suddetti procedimenti <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>allo stesso <span class=\"_ _3\"></span>modo<span class=\"_ _35\"></span> </span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _6\"></span>insiti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>procedimenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>versamenti <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _6\"></span>provvisorio <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>sec<span class=\"_ _3\"></span>ondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>logiche dello IAS 37, in relaz<span class=\"_ _0\"></span>ione alle probabili<span class=\"_ _0\"></span>t\u00e0 di impiego di risor<span class=\"_ _0\"></span>se economiche per il l<span class=\"_ _0\"></span>oro adempimento.<span class=\"_ _3\"></span> Tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019adozione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>nazionale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>posizioni <span class=\"_ _2\"></span>fiscali <span class=\"_ _2\"></span>riferibili <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>societ<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0 <span class=\"_ _2\"></span>del </span>Gruppo sono gestite in mo<span class=\"_ _0\"></span>do distinto sotto il <span class=\"_ _0\"></span>profilo amministrativ<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>fiscalit\u00e0 d<span class=\"_ _3\"></span>ifferita viene <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>base al <span class=\"_ _2\"></span>criterio del <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _3\"></span>balance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>liability method, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto d<span class=\"_ _3\"></span>ell<span class=\"_ _2\"></span><span class=\"ff4\">\u2019effetto </span>fiscale <span class=\"_ _7\"> </span>connesso <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _7\"> </span>tra  i<span class=\"_ _35\"></span>l  v<span class=\"_ _0\"></span>alore <span class=\"_ _7\"> </span>c<span class=\"_ _2\"></span>ontabile <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>il  l<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lore <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>che determineranno importi imponibili o deducibili nei futuri periodi. A tali <span class=\"_ _3\"></span>fini, si intendono \u201cdifferenze temporanee tassabili<span class=\"_ _2\"></span>\u201d <span class=\"_ _3\"></span>quelle che <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>determineranno <span class=\"_ _5\"></span>importi <span class=\"_ _6\"></span>imponibili<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>\u201cdifferenze <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _5\"></span>deducibili\u201d <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>futuri<span class=\"_ _35\"></span> </span>determineranno importi deduci<span class=\"_ _0\"></span>bili. La <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>differita <span class=\"_ _4\"> </span>viene <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _6\"></span>applicando <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>ali<span class=\"_ _3\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>imposizione <span class=\"_ _4\"></span>stabilite <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>disposizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>legge <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>igore <span class=\"_ _16\"> </span>alle differenze  temporan<span class=\"_ _0\"></span>ee  tassabili  per  cui  esiste  la  probabilit\u00e0 <span class=\"_ _16\"> </span>di  un  effettivo  sostenimento  di<span class=\"_ _0\"></span>  imposte  ed  alle  differenze<span class=\"_ _35\"></span> temporanee <span class=\"_ _2\"></span>deducibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esiste <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>ragionevole <span class=\"_ _5\"></span>certezza <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>vi <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>ammontari <span class=\"_ _5\"></span>imponibili <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si manifester\u00e0 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibilit\u00e0 <span class=\"_ _16\"> </span>fiscale <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>probability <span class=\"_ _16\"> </span>test). <span class=\"_ _7\"> </span>Le  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>differite <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>medesima<span class=\"_ _35\"></span> imposta e scadenti nel m<span class=\"_ _0\"></span>edesimo periodo <span class=\"_ _0\"></span>vengono compensate.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> Qualora <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Attivit\u00e0 <span class=\"_ _16\"> </span>e  P<span class=\"_ _0\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>differite <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>riferiscano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>interessato<span class=\"_ _2\"></span>  il <span class=\"_ _7\"> </span>conto  e<span class=\"_ _0\"></span>conomico, <span class=\"_ _16\"> </span>la contropartita \u00e8 rappr<span class=\"_ _0\"></span>esentata dalle imposte<span class=\"_ _0\"></span> sul reddito. Nei <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differite <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iguardino <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>interessato <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _2\"></span>net<span class=\"_ _6\"></span>to senza <span class=\"_ _5\"></span>influenzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>(quali <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>applicazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>IAS/IFRS, <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti finanziari rilevati al fair value con impatto sulla redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva o dei contratti deriv<span class=\"_ _0\"></span>ati di copertura di flussi f<span class=\"_ _5\"></span>inanziari), l<span class=\"_ _0\"></span>e stesse <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontropartita <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimonio net<span class=\"_ _3\"></span>to, <span class=\"_ _3\"></span>interessando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>(es. <span class=\"_ _2\"></span>riserve <span class=\"_ _3\"></span>da valutazione). La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>patrimoniali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sospensione <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>\u201ctassabili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>utilizzo\u201d <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>il<span class=\"_ _5\"></span><span class=\"ff1\">ancio <span class=\"_ _2\"></span>in </span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"ff4\">atrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>rivalutazioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>conversione <span class=\"_ _2\"></span>all\u2019euro <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mputate <span class=\"_ _3\"></span>a </span>specifica <span class=\"_ _4\"> </span>Riserva <span class=\"_ _6\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>21 <span class=\"_ _4\"> </span>D. <span class=\"_ _4\"> </span>Lgs. <span class=\"_ _4\"> </span>213/98 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sospensione <span class=\"_ _6\"> </span>d\u2019imposta, <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>iscritta <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Riserva stessa. La fisc<span class=\"ff4\">alit\u00e0 latente riferita alle poste p<span class=\"_ _3\"></span>atrimoniali in sospensione d\u2019imposta \u201ctassabili solt<span class=\"_ _0\"></span>anto in ipotesi di <span class=\"_ _3\"></span>distribuzione\u201d </span>non <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"></span>iscritta <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bilancio, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>quanto<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>consistenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>disponibili <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"></span>assoggettate <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tassazione <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>di ritenere che non saranno e<span class=\"_ _0\"></span>ffettuate operazio<span class=\"_ _0\"></span>ni che ne comportin<span class=\"_ _0\"></span>o la tassazione. La <span class=\"_ _3\"></span>fiscalit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>differita riferita alle <span class=\"_ _3\"></span>societ\u00e0 incluse nel <span class=\"_ _3\"></span>consolidato fiscale viene rilevata <span class=\"_ _3\"></span>in bilancio <span class=\"_ _3\"></span>dalle stesse, in a<span class=\"_ _3\"></span>ppl<span class=\"_ _5\"></span>icazione del criterio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ompetenza <span class=\"_ _4\"></span>economica <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>considera<span class=\"_ _3\"></span>zione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alenza <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _7\"> </span>fiscale <span class=\"_ _4\"></span>limitata <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>dempimenti <span class=\"_ _4\"></span>di liquidazione delle po<span class=\"_ _0\"></span>sizioni fiscali correnti<span class=\"_ _0\"></span>. La <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>latente <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>componenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>consolidate <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span>n <span class=\"_ _3\"></span>si ritenga  probabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  il <span class=\"_ _16\"> </span>verificarsi <span class=\"_ _16\"> </span>dei  presupposti <span class=\"_ _16\"> </span>per  la  r<span class=\"_ _0\"></span>elativa  ta<span class=\"_ _0\"></span>ssazione,  e<span class=\"_ _0\"></span>  ci\u00f2 <span class=\"_ _16\"> </span>anche  in  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lazione  a<span class=\"_ _0\"></span>lla  natura<span class=\"_ _0\"></span>  durevole dell\u2019investimento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1029": {
   "value": "11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span>rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span>rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span>dell\u2019IFRS 9.<span class=\"ff1\"> </span>Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span>futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span>determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span>attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Altri fondi Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span>ammontare. Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span>economici; e -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span>correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span>at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span>conto economico. <span class=\"_ _30\"> </span>2.4.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Tecniche di mitigazione d<span class=\"_ _3\"></span>el rischio di credito<span class=\"_ _3\"></span> </span>Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>incentivata <span class=\"_ _2\"></span>l\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>mitiganti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>controparti con un rating <span class=\"_ _0\"></span>non investment gr<span class=\"_ _0\"></span>ade, ovvero di alcune<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tipologie di operaz<span class=\"_ _0\"></span>ioni a medio lungo t<span class=\"_ _0\"></span>ermine.<span class=\"_ _2\"></span> Tra i <span class=\"_ _3\"></span>fattori mitiganti a <span class=\"_ _3\"></span>pi\u00f9 alto impatto r<span class=\"_ _3\"></span>ientrano i pegni su <span class=\"_ _3\"></span>attivit\u00e0 finanziarie e l<span class=\"_ _3\"></span>e ipoteche s<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span> immobili residenziali; altre <span class=\"_ _3\"></span>forme<span class=\"_ _35\"></span> di mitigazione del ris<span class=\"_ _0\"></span>chio sono i pegni <span class=\"_ _0\"></span>su attivit\u00e0 non finanziar<span class=\"_ _0\"></span>ie e le ipoteche s<span class=\"_ _0\"></span>u immobili non re<span class=\"_ _0\"></span>sidenziali.<span class=\"_ _2\"></span> La <span class=\"_ _7\"> </span>forza <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>personali <span class=\"_ _7\"> </span>rilasciate <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>rated, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipicamente <span class=\"_ _4\"> </span>banche/assicurazi<span class=\"_ _0\"></span>oni, <span class=\"_ _7\"> </span>Confidi <span class=\"_ _4\"> </span>e<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>imprese, <span class=\"_ _7\"> </span>viene invece graduata sull<span class=\"_ _0\"></span>a base della tipologia<span class=\"_ _0\"></span> della garanzia e <span class=\"_ _0\"></span>della qualit\u00e0 credit<span class=\"_ _0\"></span>izia del garante.<span class=\"_ _3\"></span> Processi <span class=\"_ _16\"> </span>di  dett<span class=\"_ _0\"></span>aglio  d<span class=\"_ _0\"></span>isciplinano <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale <span class=\"_ _16\"> </span>acquisizione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>singole  gara<span class=\"_ _0\"></span>nzie,  i<span class=\"_ _0\"></span>ndividuando <span class=\"_ _7\"> </span>le  strutture <span class=\"_ _16\"> </span>responsabili<span class=\"_ _35\"></span> nonch\u00e9  le <span class=\"_ _16\"> </span>modalit\u00e0  <span class=\"ff4\">per <span class=\"_ _16\"> </span>il  lor<span class=\"_ _0\"></span>o  corrett<span class=\"_ _0\"></span>o  perfe<span class=\"_ _0\"></span>zionamento, <span class=\"_ _16\"> </span>per  l\u2019archivia<span class=\"_ _0\"></span>zione  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>documentazione <span class=\"_ _16\"> </span>e  per  l<span class=\"_ _0\"></span>a  com<span class=\"_ _0\"></span>pleta  e<span class=\"_ _0\"></span> </span>tempestiva rilevazio<span class=\"_ _0\"></span>ne negli applicativi d<span class=\"_ _0\"></span>elle pertinenti inform<span class=\"_ _0\"></span>azioni.<span class=\"_ _3\"></span> L\u2019insieme della regol<span class=\"_ _0\"></span>amentazione interna, <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ei controlli organi<span class=\"_ _0\"></span>zzativi e procedurali,<span class=\"_ _3\"></span><span class=\"ff1\"> \u00e8 volto ad assicura<span class=\"_ _0\"></span>re che: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano previsti tutti gli <span class=\"_ _0\"></span>adempimenti per la<span class=\"_ _0\"></span> validit\u00e0 ed effic<span class=\"_ _0\"></span>acia della protezione d<span class=\"_ _0\"></span>el credito;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sia <span class=\"_ _5\"></span>definita, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrente, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>contrattualisti<span class=\"_ _0\"></span>ca <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>corredata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>complete <span class=\"_ _5\"></span>istruzioni </span>per il suo utilizzo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano <span class=\"_ _6\"></span>individuate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pprovazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>testi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>garanzia <span class=\"_ _5\"></span>difformi <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>standard <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>strutture <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse<span class=\"_ _0\"></span> </span>rispetto a quelle prepo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te alla gestione della<span class=\"_ _0\"></span> relazione commercial<span class=\"_ _0\"></span>e con il cliente.<span class=\"_ _3\"></span> Le <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>g<span class=\"_ _3\"></span>aranzie <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>uniche <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tutto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _7\"> </span>attive <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la Capogruppo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>Italiane <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>piattaforma<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>unica <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>integrata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019anagrafe <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>portale <span class=\"_ _4\"> </span>che gestisce le valutazio<span class=\"_ _0\"></span>ni immobiliari. L\u2019erogazione de<span class=\"ff1\">l credito con acquisizione di garanzie <span class=\"_ _0\"></span>reali \u00e8 soggetta a norme e processi int<span class=\"_ _0\"></span>erni per la valutazione del bene, il<span class=\"_ _0\"></span> </span>perfezionamento <span class=\"_ _6\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore. <span class=\"_ _4\"> </span>L\u2019eventuale <span class=\"_ _4\"> </span>realizzo <span class=\"_ _4\"> </span>forzoso <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>curato <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>strutture specialistiche deputate al r<span class=\"_ _0\"></span>ecupero del credito.<span class=\"_ _90\"> </span>La <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"></span>reali <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>esime, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>incentrata principalmente <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _1d\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>renditore <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>far <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>obbligazioni <span class=\"_ _17\"> </span>assunte <span class=\"_ _17\"> </span>indipendenteme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span><span class=\"ff4\">dall\u2019accessoria </span>garanzia. La v<span class=\"_ _3\"></span>alutazione delle <span class=\"_ _3\"></span>garanzie pignoratizie <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata sul<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore reale, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>quale valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli st<span class=\"_ _3\"></span>rumenti finanz<span class=\"_ _5\"></span>iari quotati <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>regolamentato, <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>diversamente, <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>presunto <span class=\"_ _4\"></span>realizzo. <span class=\"_ _4\"></span>Al <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>co<span class=\"_ _5\"></span>s\u00ec <span class=\"_ _4\"></span>determinato <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono applicati degli scarti <span class=\"_ _0\"></span>percentuali, differen<span class=\"_ _0\"></span>ziati in funzione degli<span class=\"_ _0\"></span> strumenti finanzi<span class=\"_ _0\"></span>ari assunti a garanzia.<span class=\"_ _3\"></span> Per le <span class=\"_ _3\"></span>garanzie immobiliari si <span class=\"_ _3\"></span>considera, invece, <span class=\"_ _3\"></span>il valore di <span class=\"_ _3\"></span>mercato prudenziale o, <span class=\"_ _3\"></span>per gli <span class=\"_ _3\"></span>immobili in <span class=\"_ _3\"></span>corso di <span class=\"_ _3\"></span>realizzazi<span class=\"_ _5\"></span><span class=\"lsc\">on</span>e, il costo di costruzione, al<span class=\"_ _0\"></span> netto di scarti <span class=\"_ _0\"></span>prudenziali distinti sull<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> base della destin<span class=\"_ _0\"></span>azione dell\u2019immobile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La  va<span class=\"_ _3\"></span>lutazione  dei  beni <span class=\"_ _1d\"> </span>\u00e8  effettuata  d<span class=\"_ _3\"></span>a  tecnici <span class=\"_ _1d\"> </span>interni  ed <span class=\"_ _1d\"> </span>esterni.  I <span class=\"_ _1d\"> </span>tecnici  esterni  sono <span class=\"_ _1d\"> </span>inseriti  in <span class=\"_ _1d\"> </span>apposito  elenco  di professionisti <span class=\"_ _3\"></span>accreditati <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>individuale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>capacit\u00e0, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rofessionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esperienza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di immobili <span class=\"_ _3\"></span>residenziali posti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>privati \u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidata <span class=\"_ _3\"></span>principalmente a <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>specializzate. <span class=\"_ _3\"></span>L\u2019operato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">riti <span class=\"_ _3\"></span>\u00e8 </span>costantemente monitorato, tr<span class=\"_ _0\"></span>amite riscontri statis<span class=\"_ _0\"></span>tici e controlli a cam<span class=\"_ _0\"></span>pione effettuati ce<span class=\"_ _0\"></span>ntralmente.<span class=\"_ _3\"></span> I <span class=\"_ _4\"></span>tecnici <span class=\"_ _6\"></span>devono <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>stime <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perizia <span class=\"_ _4\"></span>standardizzat<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenziati <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> valutazione <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>applicare <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>immobiliare <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>creditizi redatte <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>regole <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>garanzia <span class=\"_ _5\"></span>delle esposizioni creditizie<span class=\"_ _0\"></span>\u201d promosse da ABI e co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span><span class=\"ff1\"> gli European Val<span class=\"_ _0\"></span>uation Standards. </span>La <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un\u2019apposita <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presidia <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019istr<span class=\"_ _2\"></span><span class=\"ff1\">uttoria </span>tecnica, <span class=\"_ _4\"> </span>garantendo <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>corretto <span class=\"_ _4\"> </span>conferimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>incarichi, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"></span>indipendenti<span class=\"_ _0\"></span>  e<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>obiettivi, <span class=\"_ _4\"> </span>un completo <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>work <span class=\"_ _16\"> </span>flow, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>puntuale <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>standard <span class=\"_ _16\"> </span>valutativi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>conservazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le informazioni e dei do<span class=\"_ _0\"></span>cumenti attinenti ai be<span class=\"_ _0\"></span>ni immobili. Il valore di mercato dell\u2019immobile dato a<span class=\"_ _3\"></span><span class=\"ff1\"> garanzia viene ricalcolato periodicamente attraverso varie metodol<span class=\"_ _0\"></span>ogie di valutazione </span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvalgono <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prezzi/coefficienti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>fornitore <span class=\"_ _3\"></span>esterno <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>presenta <span class=\"_ _3\"></span>comprovate <span class=\"_ _3\"></span>capacit\u00e0 e <span class=\"_ _2\"></span>reputazione <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span><span class=\"lsc\">a </span>rilevazione e misura<span class=\"_ _0\"></span>zione dei prezzi di mercato del patrim<span class=\"_ _0\"></span>onio immobiliare ital<span class=\"_ _0\"></span>iano. Il  valore <span class=\"_ _16\"> </span>dei  beni  \u00e8 <span class=\"_ _16\"> </span>soggetto  ad  u<span class=\"_ _0\"></span>n  monitoraggio <span class=\"_ _16\"> </span>costante.  Per  gli <span class=\"_ _16\"> </span>immobili  i<span class=\"_ _0\"></span>n  corso <span class=\"_ _16\"> </span>di  costruzione,  i <span class=\"_ _16\"> </span>periti  eseg<span class=\"_ _0\"></span>uono sopralluoghi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>verificano <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>avanzamento l<span class=\"_ _3\"></span>avori. <span class=\"_ _3\"></span>Un <span class=\"_ _3\"></span>aggiornamento p<span class=\"_ _3\"></span>untuale <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>di restrizione <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>frazionamento <span class=\"_ _6\"> </span>dell\u2019ipoteca, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>all\u2019immobile, <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>fronte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>valutazioni <span class=\"_ _5\"></span>ev<span class=\"_ _3\"></span>idenzia<span class=\"_ _5\"></span><span class=\"ff1\">te<span class=\"_ _90\"> </span></span>dagli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sorveglianza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>e,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>ogni <span class=\"_ _4\"> </span>caso,  secondo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _4\"> </span>stabilite <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le esposizioni di magg<span class=\"_ _0\"></span>ior rilievo o a front<span class=\"_ _0\"></span>e di garanzie immobili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri che assistono cre<span class=\"_ _0\"></span>diti deteriorati.<span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insussistenz<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>protezione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>specifiche <span class=\"_ _3\"></span>tutele, <span class=\"_ _2\"></span>quali: <span class=\"_ _2\"></span>il <span class=\"_ _4\"></span>reintegro <span class=\"_ _3\"></span>del pegno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>diminuzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>iniziale <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>beni <span class=\"_ _4\"> </span>o, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"> </span>immobiliari, <span class=\"_ _4\"> </span>l\u2019obbligo <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>copertura assicurativa <span class=\"_ _6\"> </span>contro <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>danni <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>incendio <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019adeguata <span class=\"_ _6\"> </span>sorveglianza <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bene <span class=\"_ _4\"> </span>immobile. <span class=\"_ _4\"> </span>\u00c8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>inoltre <span class=\"_ _16\"> </span>operante <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _7\"> </span>ass<span class=\"_ _3\"></span>icurativa <span class=\"_ _7\"> </span>\u201combrello\u201d <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>salvo <span class=\"_ _16\"> </span>limitate <span class=\"_ _16\"> </span>eccezioni, <span class=\"_ _7\"> </span>copre  i <span class=\"_ _7\"> </span>danni  s<span class=\"_ _0\"></span>ull\u2019intero <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _16\"> </span>di immobili <span class=\"_ _6\"></span>ipotecati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _0\"></span>aranzia <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>concessi. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>puntuale <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>periodico <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _90\"> </span>mediante <span class=\"_ _4\"></span><span class=\"ff4\">un <span class=\"_ _6\"> </span>apposito <span class=\"_ _4\"> </span>applicativo, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>motore <span class=\"_ _6\"> </span>CRM\u201d, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>implementati <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>serie <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>per </span>appurare l\u2019effettivo ri<span class=\"_ _0\"></span>spetto dei requisiti ri<span class=\"_ _0\"></span>chiesti dalla regol<span class=\"_ _0\"></span>amentazione in m<span class=\"_ _0\"></span>ateria di Vigilanza p<span class=\"_ _0\"></span>rudenziale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019applicativo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>supporto <span class=\"_ _5\"></span><span class=\"ff1\">consente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertare <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>eleggibili <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>metodi </span>ammessi d<span class=\"_ _3\"></span>alla normativa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>categorie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>requisito <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>(Standardis<span class=\"_ _2\"></span>ed e <span class=\"_ _3\"></span>Internal <span class=\"_ _3\"></span>Rating Based). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span><span class=\"ff4\">accordo <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>peculiarit\u00e0 proprie <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>iascuna categoria, <span class=\"_ _3\"></span>l\u2019esito di <span class=\"_ _3\"></span>eleggibilit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definito a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di </span>singola <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle unfunded <span class=\"_ _3\"></span>(tipicamente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>garanzie <span class=\"_ _3\"></span>personali) ovvero, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>garanzie reali, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>bene<span class=\"_ _2\"></span> o strumento finanzia<span class=\"_ _0\"></span>rio. La <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>utilizza <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _3\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>(PGA <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Portale <span class=\"_ _2\"></span>Garanzie <span class=\"_ _3\"></span>Attive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ABS <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Archivio Beni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Sistema) <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>efficiente <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>llaterali. <span class=\"_ _5\"></span>Parallelamente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>sviluppato <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>specifi<span class=\"_ _5\"></span><span class=\"ls39\">co</span> sistema <span class=\"_ _7\"> </span>dedicato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>sofferenze, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>tracciatura <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>giudiziari<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>quell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>connesse all\u2019escussion<span class=\"_ _0\"></span>e delle garanzi<span class=\"_ _0\"></span>e reali immobiliari (EP<span class=\"_ _0\"></span>C <span class=\"_ _3\"></span><span class=\"ff1\">- Ex Parte Creditoris). </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>(non <span class=\"_ _3\"></span>regolamentati) e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>tipo SFT <span class=\"_ _6\"></span>(Securities <span class=\"_ _6\"></span>Financing <span class=\"_ _6\"></span>Transactions, <span class=\"_ _6\"></span>ossia <span class=\"_ _6\"></span>Prestito <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Pronti <span class=\"_ _4\"></span>contro <span class=\"_ _6\"></span>termine), <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>utilizza <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilaterali<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>di netting che consentono<span class=\"_ _0\"></span>, nel caso di default della contr<span class=\"_ _0\"></span>oparte, la compensazi<span class=\"_ _0\"></span>one delle posizioni c<span class=\"_ _0\"></span>reditorie e debitori<span class=\"_ _0\"></span>e.<span class=\"_ _90\"> </span>Questo <span class=\"_ _6\"></span>avviene <span class=\"_ _6\"></span>tramite <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _4\"></span>ISDA <span class=\"_ _5\"></span>(In<span class=\"_ _3\"></span>ternational <span class=\"_ _6\"></span>Swap <span class=\"_ _6\"></span>Derivatives <span class=\"_ _6\"></span>Association) <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>ISMA/PSA<span class=\"_ _0\"></span> (International <span class=\"_ _2\"></span>Securities <span class=\"_ _5\"></span>Market <span class=\"_ _5\"></span>Association <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>Public <span class=\"_ _6\"></span>Securities <span class=\"_ _2\"></span>Assoc<span class=\"_ _3\"></span>iation), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>permettono, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di vigilanza, anche la ri<span class=\"_ _0\"></span>duzione deg<span class=\"_ _0\"></span>li assorbimenti di capitale<span class=\"_ _0\"></span> regolamentare.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scambio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>collaterale, <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>frequenza <span class=\"_ _5\"></span>giornaliera<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura dell\u2019operativit\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _18\"> </span>OTC <span class=\"_ _17\"> </span>(Credit <span class=\"_ _18\"> </span>Support <span class=\"_ _17\"> </span>Annex), <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>virt\u00f9 <span class=\"_ _18\"> </span>dell\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>marginazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _17\"> </span>non compensabili <span class=\"_ _3\"></span>centralmente, previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>normativa EMIR; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>pone <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>accord<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di </span>marginazione <span class=\"_ _4\"></span>giornaliera <span class=\"_ _6\"></span>(GMRA <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>Global <span class=\"_ _4\"> </span>Master <span class=\"_ _4\"> </span>Repurchase <span class=\"_ _6\"></span>Agree<span class=\"_ _3\"></span>ments <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>GMSLA <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Global <span class=\"_ _4\"></span>Master <span class=\"_ _4\"> </span>Securities <span class=\"_ _6\"></span>Lending Agreement). A mitigazione dell\u2019esposizione<span class=\"_ _0\"></span> verso le controparti, principalmente verso la clientela corporat<span class=\"_ _0\"></span>e, e della volatilit\u00e0 derivant<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e <span class=\"ls0\">dagli </span></span>aggiustamenti <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>(CVA), <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>acquista <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>protezione <span class=\"_ _2\"></span>tr<span class=\"_ _3\"></span>amite <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Default <span class=\"_ _5\"></span>Swap<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>che forniscono garanzi<span class=\"_ _0\"></span>a sulle singole <span class=\"_ _0\"></span>societ\u00e0 o su indici di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Capogruppo s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>proseguite <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Progetto <span class=\"_ _3\"></span>\u201cGARC\u201d <span class=\"_ _3\"></span>(Gestione <span class=\"_ _3\"></span>Attiva <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito), </span>piattaforma <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _7\"> </span>\u201cin <span class=\"_ _4\"> </span>bonis\u201d. <span class=\"_ _7\"> </span>L\u2019iniziativa <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019acquisi<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _7\"> </span>via </span>sistematica di garan<span class=\"_ _0\"></span>zie (di tipo personale e<span class=\"_ _0\"></span> reale)<span class=\"_ _3\"></span> <span class=\"ff4\">a supporto dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 di lending vers<span class=\"_ _0\"></span>o le imprese. <span class=\"ff1\"> </span></span>Le <span class=\"_ _3\"></span>garanzie acquisite consentono la <span class=\"_ _3\"></span>copertura dal rischio <span class=\"_ _3\"></span>di default <span class=\"_ _3\"></span>(past due, <span class=\"_ _3\"></span>unlikely to <span class=\"_ _3\"></span>pay, bad loan) <span class=\"_ _3\"></span>di portafo<span class=\"_ _3\"></span>gli gran<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lari e consentono <span class=\"_ _3\"></span>la l<span class=\"_ _3\"></span>iberazione di cap<span class=\"_ _3\"></span>itale economico e <span class=\"_ _3\"></span>regolamentare, co<span class=\"_ _2\"></span>s\u00ec co<span class=\"_ _3\"></span>me previsto dalla <span class=\"_ _3\"></span>vigente disciplina di <span class=\"_ _3\"></span>Vigilanza <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> materia (tra gli altri Rego<span class=\"_ _0\"></span>lamento UE n. <span class=\"_ _0\"></span>575/2013 e Circolare d<span class=\"_ _0\"></span>ella Banca d\u2019Italia n.<span class=\"_ _0\"></span> 285/2013).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Progetto <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Garanzia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le </span>PMI  \u00e8  stato  completato  il  ramp-up  di <span class=\"_ _1d\"> </span>quattro  opera<span class=\"_ _0\"></span>zioni  tranched  cover  a  copertura  del  rischio  junio<span class=\"_ _0\"></span>r  di  portafogli  di finanziamenti di nuo<span class=\"_ _0\"></span>va erogazione a s<span class=\"_ _0\"></span>ostegno delle imprese <span class=\"_ _0\"></span>danneggiate dall\u2019emerge<span class=\"_ _0\"></span>nza COVID<span class=\"_ _3\"></span><span class=\"ff1\">-19.  </span>Per  i <span class=\"_ _16\"> </span>dettagli <span class=\"_ _16\"> </span>delle  op<span class=\"_ _0\"></span>erazioni <span class=\"_ _16\"> </span>effettuate  nel <span class=\"_ _7\"> </span>corso  del <span class=\"_ _16\"> </span>2022  in <span class=\"_ _16\"> </span>seno <span class=\"_ _16\"> </span>al  Prog<span class=\"_ _0\"></span>etto  GAR<span class=\"_ _0\"></span>C, <span class=\"_ _16\"> </span>si  rimanda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>anto  il<span class=\"_ _0\"></span>lustrat<span class=\"_ _35\"></span>o nell\u2019ambito del prese<span class=\"_ _0\"></span>nte capitolo al parag<span class=\"_ _0\"></span>rafo C. Operazioni di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>artolarizzazione.<span class=\"_ _90\"> </span>In <span class=\"_ _6\"></span>ottica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ottimizzazione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>assorbimenti <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stat<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>inoltre <span class=\"_ _6\"></span>rinnovate <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di espropriazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"></span>obbligatorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>libere <span class=\"_ _6\"></span>detenute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>operano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Serbia, <span class=\"_ _4\"></span>Egitto <span class=\"_ _4\"></span>e Moldavia ed increment<span class=\"_ _0\"></span>ato la copertura relativ<span class=\"_ _0\"></span>a alla banca operan<span class=\"_ _0\"></span>te in Albania<span class=\"_ _3\"></span>. Nel corso dell\u2019esercizio, al fine di migliora<span class=\"_ _0\"></span>re il profilo di rischio<span class=\"_ _3\"></span><span class=\"ff1\">-rendimento complessivo dei portaf<span class=\"_ _0\"></span>ogli di credito, anche in ottica </span>di <span class=\"_ _2\"></span>ottimizzazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>perfezionato <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>crediti </span>in <span class=\"_ _4\"> </span>bonis <span class=\"_ _4\"> </span>rinvenienti <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>leasing, <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>trasferimen<span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>significativo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>rischio, <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importo <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>circ<span class=\"_ _5\"></span><span class=\"lsc\">a </span>3,7 miliardi lordi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1012": {
   "value": "11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span>rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span>rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span>dell\u2019IFRS 9.<span class=\"ff1\"> </span>Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span>futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span>determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span>attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Altri fondi Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span>ammontare. Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span>economici; e -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span>correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span>at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span>conto economico. <span class=\"_ _30\"> </span>2.4.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Tecniche di mitigazione d<span class=\"_ _3\"></span>el rischio di credito<span class=\"_ _3\"></span> </span>Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>incentivata <span class=\"_ _2\"></span>l\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>mitiganti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>controparti con un rating <span class=\"_ _0\"></span>non investment gr<span class=\"_ _0\"></span>ade, ovvero di alcune<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tipologie di operaz<span class=\"_ _0\"></span>ioni a medio lungo t<span class=\"_ _0\"></span>ermine.<span class=\"_ _2\"></span> Tra i <span class=\"_ _3\"></span>fattori mitiganti a <span class=\"_ _3\"></span>pi\u00f9 alto impatto r<span class=\"_ _3\"></span>ientrano i pegni su <span class=\"_ _3\"></span>attivit\u00e0 finanziarie e l<span class=\"_ _3\"></span>e ipoteche s<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span> immobili residenziali; altre <span class=\"_ _3\"></span>forme<span class=\"_ _35\"></span> di mitigazione del ris<span class=\"_ _0\"></span>chio sono i pegni <span class=\"_ _0\"></span>su attivit\u00e0 non finanziar<span class=\"_ _0\"></span>ie e le ipoteche s<span class=\"_ _0\"></span>u immobili non re<span class=\"_ _0\"></span>sidenziali.<span class=\"_ _2\"></span> La <span class=\"_ _7\"> </span>forza <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>personali <span class=\"_ _7\"> </span>rilasciate <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>rated, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipicamente <span class=\"_ _4\"> </span>banche/assicurazi<span class=\"_ _0\"></span>oni, <span class=\"_ _7\"> </span>Confidi <span class=\"_ _4\"> </span>e<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>imprese, <span class=\"_ _7\"> </span>viene invece graduata sull<span class=\"_ _0\"></span>a base della tipologia<span class=\"_ _0\"></span> della garanzia e <span class=\"_ _0\"></span>della qualit\u00e0 credit<span class=\"_ _0\"></span>izia del garante.<span class=\"_ _3\"></span> Processi <span class=\"_ _16\"> </span>di  dett<span class=\"_ _0\"></span>aglio  d<span class=\"_ _0\"></span>isciplinano <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale <span class=\"_ _16\"> </span>acquisizione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>singole  gara<span class=\"_ _0\"></span>nzie,  i<span class=\"_ _0\"></span>ndividuando <span class=\"_ _7\"> </span>le  strutture <span class=\"_ _16\"> </span>responsabili<span class=\"_ _35\"></span> nonch\u00e9  le <span class=\"_ _16\"> </span>modalit\u00e0  <span class=\"ff4\">per <span class=\"_ _16\"> </span>il  lor<span class=\"_ _0\"></span>o  corrett<span class=\"_ _0\"></span>o  perfe<span class=\"_ _0\"></span>zionamento, <span class=\"_ _16\"> </span>per  l\u2019archivia<span class=\"_ _0\"></span>zione  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>documentazione <span class=\"_ _16\"> </span>e  per  l<span class=\"_ _0\"></span>a  com<span class=\"_ _0\"></span>pleta  e<span class=\"_ _0\"></span> </span>tempestiva rilevazio<span class=\"_ _0\"></span>ne negli applicativi d<span class=\"_ _0\"></span>elle pertinenti inform<span class=\"_ _0\"></span>azioni.<span class=\"_ _3\"></span> L\u2019insieme della regol<span class=\"_ _0\"></span>amentazione interna, <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ei controlli organi<span class=\"_ _0\"></span>zzativi e procedurali,<span class=\"_ _3\"></span><span class=\"ff1\"> \u00e8 volto ad assicura<span class=\"_ _0\"></span>re che: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano previsti tutti gli <span class=\"_ _0\"></span>adempimenti per la<span class=\"_ _0\"></span> validit\u00e0 ed effic<span class=\"_ _0\"></span>acia della protezione d<span class=\"_ _0\"></span>el credito;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sia <span class=\"_ _5\"></span>definita, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrente, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>contrattualisti<span class=\"_ _0\"></span>ca <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>corredata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>complete <span class=\"_ _5\"></span>istruzioni </span>per il suo utilizzo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano <span class=\"_ _6\"></span>individuate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pprovazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>testi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>garanzia <span class=\"_ _5\"></span>difformi <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>standard <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>strutture <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse<span class=\"_ _0\"></span> </span>rispetto a quelle prepo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te alla gestione della<span class=\"_ _0\"></span> relazione commercial<span class=\"_ _0\"></span>e con il cliente.<span class=\"_ _3\"></span> Le <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>g<span class=\"_ _3\"></span>aranzie <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>uniche <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tutto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _7\"> </span>attive <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la Capogruppo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>Italiane <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>piattaforma<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>unica <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>integrata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019anagrafe <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>portale <span class=\"_ _4\"> </span>che gestisce le valutazio<span class=\"_ _0\"></span>ni immobiliari. L\u2019erogazione de<span class=\"ff1\">l credito con acquisizione di garanzie <span class=\"_ _0\"></span>reali \u00e8 soggetta a norme e processi int<span class=\"_ _0\"></span>erni per la valutazione del bene, il<span class=\"_ _0\"></span> </span>perfezionamento <span class=\"_ _6\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore. <span class=\"_ _4\"> </span>L\u2019eventuale <span class=\"_ _4\"> </span>realizzo <span class=\"_ _4\"> </span>forzoso <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>curato <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>strutture specialistiche deputate al r<span class=\"_ _0\"></span>ecupero del credito.<span class=\"_ _90\"> </span>La <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"></span>reali <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>esime, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>incentrata principalmente <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _1d\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>renditore <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>far <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>obbligazioni <span class=\"_ _17\"> </span>assunte <span class=\"_ _17\"> </span>indipendenteme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span><span class=\"ff4\">dall\u2019accessoria </span>garanzia. La v<span class=\"_ _3\"></span>alutazione delle <span class=\"_ _3\"></span>garanzie pignoratizie <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata sul<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore reale, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>quale valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli st<span class=\"_ _3\"></span>rumenti finanz<span class=\"_ _5\"></span>iari quotati <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>regolamentato, <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>diversamente, <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>presunto <span class=\"_ _4\"></span>realizzo. <span class=\"_ _4\"></span>Al <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>co<span class=\"_ _5\"></span>s\u00ec <span class=\"_ _4\"></span>determinato <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono applicati degli scarti <span class=\"_ _0\"></span>percentuali, differen<span class=\"_ _0\"></span>ziati in funzione degli<span class=\"_ _0\"></span> strumenti finanzi<span class=\"_ _0\"></span>ari assunti a garanzia.<span class=\"_ _3\"></span> Per le <span class=\"_ _3\"></span>garanzie immobiliari si <span class=\"_ _3\"></span>considera, invece, <span class=\"_ _3\"></span>il valore di <span class=\"_ _3\"></span>mercato prudenziale o, <span class=\"_ _3\"></span>per gli <span class=\"_ _3\"></span>immobili in <span class=\"_ _3\"></span>corso di <span class=\"_ _3\"></span>realizzazi<span class=\"_ _5\"></span><span class=\"lsc\">on</span>e, il costo di costruzione, al<span class=\"_ _0\"></span> netto di scarti <span class=\"_ _0\"></span>prudenziali distinti sull<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> base della destin<span class=\"_ _0\"></span>azione dell\u2019immobile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La  va<span class=\"_ _3\"></span>lutazione  dei  beni <span class=\"_ _1d\"> </span>\u00e8  effettuata  d<span class=\"_ _3\"></span>a  tecnici <span class=\"_ _1d\"> </span>interni  ed <span class=\"_ _1d\"> </span>esterni.  I <span class=\"_ _1d\"> </span>tecnici  esterni  sono <span class=\"_ _1d\"> </span>inseriti  in <span class=\"_ _1d\"> </span>apposito  elenco  di professionisti <span class=\"_ _3\"></span>accreditati <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>individuale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>capacit\u00e0, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rofessionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esperienza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di immobili <span class=\"_ _3\"></span>residenziali posti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>privati \u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidata <span class=\"_ _3\"></span>principalmente a <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>specializzate. <span class=\"_ _3\"></span>L\u2019operato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">riti <span class=\"_ _3\"></span>\u00e8 </span>costantemente monitorato, tr<span class=\"_ _0\"></span>amite riscontri statis<span class=\"_ _0\"></span>tici e controlli a cam<span class=\"_ _0\"></span>pione effettuati ce<span class=\"_ _0\"></span>ntralmente.<span class=\"_ _3\"></span> I <span class=\"_ _4\"></span>tecnici <span class=\"_ _6\"></span>devono <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>stime <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perizia <span class=\"_ _4\"></span>standardizzat<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenziati <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> valutazione <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>applicare <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>immobiliare <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>creditizi redatte <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>regole <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>garanzia <span class=\"_ _5\"></span>delle esposizioni creditizie<span class=\"_ _0\"></span>\u201d promosse da ABI e co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span><span class=\"ff1\"> gli European Val<span class=\"_ _0\"></span>uation Standards. </span>La <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un\u2019apposita <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presidia <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019istr<span class=\"_ _2\"></span><span class=\"ff1\">uttoria </span>tecnica, <span class=\"_ _4\"> </span>garantendo <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>corretto <span class=\"_ _4\"> </span>conferimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>incarichi, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"></span>indipendenti<span class=\"_ _0\"></span>  e<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>obiettivi, <span class=\"_ _4\"> </span>un completo <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>work <span class=\"_ _16\"> </span>flow, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>puntuale <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>standard <span class=\"_ _16\"> </span>valutativi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>conservazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le informazioni e dei do<span class=\"_ _0\"></span>cumenti attinenti ai be<span class=\"_ _0\"></span>ni immobili. Il valore di mercato dell\u2019immobile dato a<span class=\"_ _3\"></span><span class=\"ff1\"> garanzia viene ricalcolato periodicamente attraverso varie metodol<span class=\"_ _0\"></span>ogie di valutazione </span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvalgono <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prezzi/coefficienti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>fornitore <span class=\"_ _3\"></span>esterno <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>presenta <span class=\"_ _3\"></span>comprovate <span class=\"_ _3\"></span>capacit\u00e0 e <span class=\"_ _2\"></span>reputazione <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span><span class=\"lsc\">a </span>rilevazione e misura<span class=\"_ _0\"></span>zione dei prezzi di mercato del patrim<span class=\"_ _0\"></span>onio immobiliare ital<span class=\"_ _0\"></span>iano. Il  valore <span class=\"_ _16\"> </span>dei  beni  \u00e8 <span class=\"_ _16\"> </span>soggetto  ad  u<span class=\"_ _0\"></span>n  monitoraggio <span class=\"_ _16\"> </span>costante.  Per  gli <span class=\"_ _16\"> </span>immobili  i<span class=\"_ _0\"></span>n  corso <span class=\"_ _16\"> </span>di  costruzione,  i <span class=\"_ _16\"> </span>periti  eseg<span class=\"_ _0\"></span>uono sopralluoghi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>verificano <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>avanzamento l<span class=\"_ _3\"></span>avori. <span class=\"_ _3\"></span>Un <span class=\"_ _3\"></span>aggiornamento p<span class=\"_ _3\"></span>untuale <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>di restrizione <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>frazionamento <span class=\"_ _6\"> </span>dell\u2019ipoteca, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>all\u2019immobile, <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>fronte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>valutazioni <span class=\"_ _5\"></span>ev<span class=\"_ _3\"></span>idenzia<span class=\"_ _5\"></span><span class=\"ff1\">te<span class=\"_ _90\"> </span></span>dagli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sorveglianza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>e,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>ogni <span class=\"_ _4\"> </span>caso,  secondo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _4\"> </span>stabilite <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le esposizioni di magg<span class=\"_ _0\"></span>ior rilievo o a front<span class=\"_ _0\"></span>e di garanzie immobili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri che assistono cre<span class=\"_ _0\"></span>diti deteriorati.<span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insussistenz<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>protezione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>specifiche <span class=\"_ _3\"></span>tutele, <span class=\"_ _2\"></span>quali: <span class=\"_ _2\"></span>il <span class=\"_ _4\"></span>reintegro <span class=\"_ _3\"></span>del pegno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>diminuzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>iniziale <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>beni <span class=\"_ _4\"> </span>o, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"> </span>immobiliari, <span class=\"_ _4\"> </span>l\u2019obbligo <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>copertura assicurativa <span class=\"_ _6\"> </span>contro <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>danni <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>incendio <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019adeguata <span class=\"_ _6\"> </span>sorveglianza <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bene <span class=\"_ _4\"> </span>immobile. <span class=\"_ _4\"> </span>\u00c8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>inoltre <span class=\"_ _16\"> </span>operante <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _7\"> </span>ass<span class=\"_ _3\"></span>icurativa <span class=\"_ _7\"> </span>\u201combrello\u201d <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>salvo <span class=\"_ _16\"> </span>limitate <span class=\"_ _16\"> </span>eccezioni, <span class=\"_ _7\"> </span>copre  i <span class=\"_ _7\"> </span>danni  s<span class=\"_ _0\"></span>ull\u2019intero <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _16\"> </span>di immobili <span class=\"_ _6\"></span>ipotecati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _0\"></span>aranzia <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>concessi. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>puntuale <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>periodico <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _90\"> </span>mediante <span class=\"_ _4\"></span><span class=\"ff4\">un <span class=\"_ _6\"> </span>apposito <span class=\"_ _4\"> </span>applicativo, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>motore <span class=\"_ _6\"> </span>CRM\u201d, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>implementati <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>serie <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>per </span>appurare l\u2019effettivo ri<span class=\"_ _0\"></span>spetto dei requisiti ri<span class=\"_ _0\"></span>chiesti dalla regol<span class=\"_ _0\"></span>amentazione in m<span class=\"_ _0\"></span>ateria di Vigilanza p<span class=\"_ _0\"></span>rudenziale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019applicativo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>supporto <span class=\"_ _5\"></span><span class=\"ff1\">consente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertare <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>eleggibili <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>metodi </span>ammessi d<span class=\"_ _3\"></span>alla normativa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>categorie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>requisito <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>(Standardis<span class=\"_ _2\"></span>ed e <span class=\"_ _3\"></span>Internal <span class=\"_ _3\"></span>Rating Based). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span><span class=\"ff4\">accordo <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>peculiarit\u00e0 proprie <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>iascuna categoria, <span class=\"_ _3\"></span>l\u2019esito di <span class=\"_ _3\"></span>eleggibilit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definito a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di </span>singola <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle unfunded <span class=\"_ _3\"></span>(tipicamente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>garanzie <span class=\"_ _3\"></span>personali) ovvero, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>garanzie reali, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>bene<span class=\"_ _2\"></span> o strumento finanzia<span class=\"_ _0\"></span>rio. La <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>utilizza <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _3\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>(PGA <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Portale <span class=\"_ _2\"></span>Garanzie <span class=\"_ _3\"></span>Attive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ABS <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Archivio Beni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Sistema) <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>efficiente <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>llaterali. <span class=\"_ _5\"></span>Parallelamente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>sviluppato <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>specifi<span class=\"_ _5\"></span><span class=\"ls39\">co</span> sistema <span class=\"_ _7\"> </span>dedicato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>sofferenze, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>tracciatura <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>giudiziari<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>quell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>connesse all\u2019escussion<span class=\"_ _0\"></span>e delle garanzi<span class=\"_ _0\"></span>e reali immobiliari (EP<span class=\"_ _0\"></span>C <span class=\"_ _3\"></span><span class=\"ff1\">- Ex Parte Creditoris). </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>(non <span class=\"_ _3\"></span>regolamentati) e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>tipo SFT <span class=\"_ _6\"></span>(Securities <span class=\"_ _6\"></span>Financing <span class=\"_ _6\"></span>Transactions, <span class=\"_ _6\"></span>ossia <span class=\"_ _6\"></span>Prestito <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Pronti <span class=\"_ _4\"></span>contro <span class=\"_ _6\"></span>termine), <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>utilizza <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilaterali<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>di netting che consentono<span class=\"_ _0\"></span>, nel caso di default della contr<span class=\"_ _0\"></span>oparte, la compensazi<span class=\"_ _0\"></span>one delle posizioni c<span class=\"_ _0\"></span>reditorie e debitori<span class=\"_ _0\"></span>e.<span class=\"_ _90\"> </span>Questo <span class=\"_ _6\"></span>avviene <span class=\"_ _6\"></span>tramite <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _4\"></span>ISDA <span class=\"_ _5\"></span>(In<span class=\"_ _3\"></span>ternational <span class=\"_ _6\"></span>Swap <span class=\"_ _6\"></span>Derivatives <span class=\"_ _6\"></span>Association) <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>ISMA/PSA<span class=\"_ _0\"></span> (International <span class=\"_ _2\"></span>Securities <span class=\"_ _5\"></span>Market <span class=\"_ _5\"></span>Association <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>Public <span class=\"_ _6\"></span>Securities <span class=\"_ _2\"></span>Assoc<span class=\"_ _3\"></span>iation), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>permettono, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di vigilanza, anche la ri<span class=\"_ _0\"></span>duzione deg<span class=\"_ _0\"></span>li assorbimenti di capitale<span class=\"_ _0\"></span> regolamentare.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scambio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>collaterale, <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>frequenza <span class=\"_ _5\"></span>giornaliera<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura dell\u2019operativit\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _18\"> </span>OTC <span class=\"_ _17\"> </span>(Credit <span class=\"_ _18\"> </span>Support <span class=\"_ _17\"> </span>Annex), <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>virt\u00f9 <span class=\"_ _18\"> </span>dell\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>marginazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _17\"> </span>non compensabili <span class=\"_ _3\"></span>centralmente, previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>normativa EMIR; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>pone <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>accord<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di </span>marginazione <span class=\"_ _4\"></span>giornaliera <span class=\"_ _6\"></span>(GMRA <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>Global <span class=\"_ _4\"> </span>Master <span class=\"_ _4\"> </span>Repurchase <span class=\"_ _6\"></span>Agree<span class=\"_ _3\"></span>ments <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>GMSLA <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Global <span class=\"_ _4\"></span>Master <span class=\"_ _4\"> </span>Securities <span class=\"_ _6\"></span>Lending Agreement). A mitigazione dell\u2019esposizione<span class=\"_ _0\"></span> verso le controparti, principalmente verso la clientela corporat<span class=\"_ _0\"></span>e, e della volatilit\u00e0 derivant<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e <span class=\"ls0\">dagli </span></span>aggiustamenti <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>(CVA), <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>acquista <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>protezione <span class=\"_ _2\"></span>tr<span class=\"_ _3\"></span>amite <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Default <span class=\"_ _5\"></span>Swap<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>che forniscono garanzi<span class=\"_ _0\"></span>a sulle singole <span class=\"_ _0\"></span>societ\u00e0 o su indici di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Capogruppo s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>proseguite <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Progetto <span class=\"_ _3\"></span>\u201cGARC\u201d <span class=\"_ _3\"></span>(Gestione <span class=\"_ _3\"></span>Attiva <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito), </span>piattaforma <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _7\"> </span>\u201cin <span class=\"_ _4\"> </span>bonis\u201d. <span class=\"_ _7\"> </span>L\u2019iniziativa <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019acquisi<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _7\"> </span>via </span>sistematica di garan<span class=\"_ _0\"></span>zie (di tipo personale e<span class=\"_ _0\"></span> reale)<span class=\"_ _3\"></span> <span class=\"ff4\">a supporto dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 di lending vers<span class=\"_ _0\"></span>o le imprese. <span class=\"ff1\"> </span></span>Le <span class=\"_ _3\"></span>garanzie acquisite consentono la <span class=\"_ _3\"></span>copertura dal rischio <span class=\"_ _3\"></span>di default <span class=\"_ _3\"></span>(past due, <span class=\"_ _3\"></span>unlikely to <span class=\"_ _3\"></span>pay, bad loan) <span class=\"_ _3\"></span>di portafo<span class=\"_ _3\"></span>gli gran<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lari e consentono <span class=\"_ _3\"></span>la l<span class=\"_ _3\"></span>iberazione di cap<span class=\"_ _3\"></span>itale economico e <span class=\"_ _3\"></span>regolamentare, co<span class=\"_ _2\"></span>s\u00ec co<span class=\"_ _3\"></span>me previsto dalla <span class=\"_ _3\"></span>vigente disciplina di <span class=\"_ _3\"></span>Vigilanza <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> materia (tra gli altri Rego<span class=\"_ _0\"></span>lamento UE n. <span class=\"_ _0\"></span>575/2013 e Circolare d<span class=\"_ _0\"></span>ella Banca d\u2019Italia n.<span class=\"_ _0\"></span> 285/2013).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Progetto <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Garanzia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le </span>PMI  \u00e8  stato  completato  il  ramp-up  di <span class=\"_ _1d\"> </span>quattro  opera<span class=\"_ _0\"></span>zioni  tranched  cover  a  copertura  del  rischio  junio<span class=\"_ _0\"></span>r  di  portafogli  di finanziamenti di nuo<span class=\"_ _0\"></span>va erogazione a s<span class=\"_ _0\"></span>ostegno delle imprese <span class=\"_ _0\"></span>danneggiate dall\u2019emerge<span class=\"_ _0\"></span>nza COVID<span class=\"_ _3\"></span><span class=\"ff1\">-19.  </span>Per  i <span class=\"_ _16\"> </span>dettagli <span class=\"_ _16\"> </span>delle  op<span class=\"_ _0\"></span>erazioni <span class=\"_ _16\"> </span>effettuate  nel <span class=\"_ _7\"> </span>corso  del <span class=\"_ _16\"> </span>2022  in <span class=\"_ _16\"> </span>seno <span class=\"_ _16\"> </span>al  Prog<span class=\"_ _0\"></span>etto  GAR<span class=\"_ _0\"></span>C, <span class=\"_ _16\"> </span>si  rimanda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>anto  il<span class=\"_ _0\"></span>lustrat<span class=\"_ _35\"></span>o nell\u2019ambito del prese<span class=\"_ _0\"></span>nte capitolo al parag<span class=\"_ _0\"></span>rafo C. Operazioni di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>artolarizzazione.<span class=\"_ _90\"> </span>In <span class=\"_ _6\"></span>ottica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ottimizzazione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>assorbimenti <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stat<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>inoltre <span class=\"_ _6\"></span>rinnovate <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di espropriazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"></span>obbligatorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>libere <span class=\"_ _6\"></span>detenute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>operano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Serbia, <span class=\"_ _4\"></span>Egitto <span class=\"_ _4\"></span>e Moldavia ed increment<span class=\"_ _0\"></span>ato la copertura relativ<span class=\"_ _0\"></span>a alla banca operan<span class=\"_ _0\"></span>te in Albania<span class=\"_ _3\"></span>. Nel corso dell\u2019esercizio, al fine di migliora<span class=\"_ _0\"></span>re il profilo di rischio<span class=\"_ _3\"></span><span class=\"ff1\">-rendimento complessivo dei portaf<span class=\"_ _0\"></span>ogli di credito, anche in ottica </span>di <span class=\"_ _2\"></span>ottimizzazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>perfezionato <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>crediti </span>in <span class=\"_ _4\"> </span>bonis <span class=\"_ _4\"> </span>rinvenienti <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>leasing, <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>trasferimen<span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>significativo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>rischio, <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importo <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>circ<span class=\"_ _5\"></span><span class=\"lsc\">a </span>3,7 miliardi lordi.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-987": {
   "value": "11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span>rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span>rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span>dell\u2019IFRS 9.<span class=\"ff1\"> </span>Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span>futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span>determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span>attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Altri fondi Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span>ammontare. Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span>economici; e -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span>correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span>at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span>conto economico. <span class=\"_ _30\"> </span>Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span>La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span>significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span>e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span>ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span>supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span>aziendale sono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span>finanziarie; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span>possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste dall\u2019IFRS 4.<span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span>di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span>misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span>mercato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span>alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span>alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span>assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span>elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span>tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span>per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span>di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate a nuovo).<span class=\"ffa fcb\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-947": {
   "value": "11. <span class=\"_ _1c\"> </span>Fondi per rischi ed oneri Fondi per rischi ed on<span class=\"_ _0\"></span>eri a fronte di impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>oneri <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>esa<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>ad erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>rilasciate <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rientrano <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>perimetro <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>sull\u2019impairment <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi dell\u2019IFRS 9<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per tali <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>attispecie sono <span class=\"_ _3\"></span>adottate, <span class=\"_ _3\"></span>in linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>principio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>medesime modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>allocazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tre <span class=\"_ _3\"></span>stage <span class=\"_ _3\"></span>(stadi <span class=\"_ _3\"></span>di </span>rischio <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>reditizio) <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>calcolo <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>perdita <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _18\"> </span>esposte <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>costo ammortizzato o al fair value <span class=\"_ _0\"></span>con impatto sulla redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva. L\u2019aggregato <span class=\"_ _5\"></span>accoglie, <span class=\"_ _5\"></span>peraltro, <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ostituiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>altre <span class=\"_ _6\"> </span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>gara<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>zie </span>rilasciate <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>virt\u00f9 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle p<span class=\"_ _3\"></span>roprie peculiarit\u00e0, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ientrano nel <span class=\"_ _3\"></span>richia<span class=\"_ _2\"></span><span class=\"ff4\">mato <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>metro di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicazione dell\u2019impairment <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi </span>dell\u2019IFRS 9.<span class=\"ff1\"> </span>Fondi di quiescenza e p<span class=\"_ _0\"></span>er obblighi simili I  Fondi  di  quiescenza  sono  costituiti  in  attuazione  di  accordi  aziendali  e  si  qualific<span class=\"_ _0\"></span>ano  come  piani  a  benefici  definiti.<span class=\"_ _35\"></span> La<span class=\"ls0\"> passivit\u00e0 <span class=\"_ _5\"></span>relativa <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>piani <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>previdenziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>prestazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _6\"></span>corrente <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>determinati <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _3\"></span>applicando <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201cProiezione <span class=\"_ _3\"></span>Unitaria <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Credito\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proiezione <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>esbo<span class=\"_ _5\"></span><span class=\"ff1\">rsi </span>futuri sulla base d<span class=\"_ _3\"></span><span class=\"ff4\">i analisi storiche statistiche e <span class=\"_ _3\"></span>della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di </span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>mercato. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>contributi <span class=\"_ _6\"></span>versati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>esercizio <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>considerati <span class=\"_ _4\"></span>come <span class=\"_ _6\"></span>unit\u00e0 <span class=\"_ _6\"></span>separate, <span class=\"_ _6\"></span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _6\"></span>e valutate <span class=\"_ _1c\"> </span>sing<span class=\"ff4\">olarme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span>ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>della<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>dell'ob<span class=\"_ _0\"></span>bligazione <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>ale. <span class=\"_ _1c\"> </span>Il <span class=\"_ _18\"> </span>tasso <span class=\"_ _1c\"> </span>utilizzato <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>l\u2019attualizzazione <span class=\"_ _18\"> </span>\u00e8 </span>determinato in base <span class=\"_ _3\"></span>ai rendimenti d<span class=\"_ _3\"></span>i mercato rilevati a<span class=\"_ _3\"></span>lle date d<span class=\"_ _3\"></span>i valutazione di o<span class=\"_ _3\"></span>bbligazioni di aziende pri<span class=\"_ _3\"></span>marie tenendo co<span class=\"_ _5\"></span>nto della <span class=\"_ _4\"> </span>durata <span class=\"_ _4\"> </span>media<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>passivit\u00e0. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dell'obbligazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>inoltre rettificato del fair val<span class=\"_ _0\"></span>ue delle eventuali <span class=\"_ _0\"></span>attivit\u00e0 a servizio del pi<span class=\"_ _0\"></span>ano.<span class=\"_ _3\"></span> Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>attuariali <span class=\"_ _6\"></span>(ovvero <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>attu<span class=\"_ _3\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>dell\u2019obbligazione <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>modifiche <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"> </span>ipotesi </span>attuariali e dalle rettif<span class=\"_ _0\"></span>iche basate sull\u2019esp<span class=\"_ _0\"></span>erienza passata) sono <span class=\"_ _0\"></span>riconosciuti nel pr<span class=\"_ _0\"></span>ospetto della redditi<span class=\"_ _0\"></span>vit\u00e0 complessiva.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Altri fondi Gli <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>fondi <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>accolgono <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>legali <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>lavoro oppure <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>contenziosi, <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>fiscali, <span class=\"_ _5\"></span>originati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>evento <span class=\"_ _5\"></span>passato <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>probabile <span class=\"_ _2\"></span>l\u2019esborso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risorse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomich<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>per <span class=\"_ _18\"> </span>l\u2019adempimento <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _17\"> </span>stesse, <span class=\"_ _17\"> </span>sempre <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>po<span class=\"_ _3\"></span><span class=\"ff1\">ssa <span class=\"_ _18\"> </span>essere <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _17\"> </span>una <span class=\"_ _18\"> </span>stima <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>ttendibile <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>relativo </span>ammontare. Conseguentemente, la<span class=\"_ _0\"></span> rilevazione di un <span class=\"_ _0\"></span>accantonamento av<span class=\"_ _0\"></span>viene se e solo se: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">v<span class=\"_ _3\"></span>i \u00e8 un\u2019obbligazi<span class=\"_ _0\"></span>one in corso (leg<span class=\"_ _0\"></span>ale o implicita) quale ris<span class=\"_ _0\"></span>ultato di un evento p<span class=\"_ _0\"></span>assato; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>\u00e8<span class=\"_ _3\"></span>  proba<span class=\"_ _0\"></span>bile  che <span class=\"_ _16\"> </span>per  ad<span class=\"ff4\">empiere <span class=\"_ _16\"> </span>all\u2019obbligazione <span class=\"_ _16\"> </span>si  render\u00e0 <span class=\"_ _16\"> </span>necessario  l\u2019im<span class=\"_ _0\"></span>piego  di <span class=\"_ _16\"> </span>risorse  atte <span class=\"_ _16\"> </span>a  produrr<span class=\"_ _0\"></span>e  benefici<span class=\"_ _35\"></span> </span></span>economici; e -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>u\u00f2 essere effettu<span class=\"_ _0\"></span>ata una stima attendibil<span class=\"_ _0\"></span>e dell\u2019importo deriv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nte dall\u2019adempim<span class=\"_ _0\"></span>ento dell\u2019obbligazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>L\u2019importo <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ccantonamento <span class=\"_ _2\"></span>rappres<span class=\"_ _3\"></span>enta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>migliore <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>spesa <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>adempiere <span class=\"_ _5\"></span>all\u2019obbligazione esistente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riflette <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incertezze <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>inevitabilmente <span class=\"_ _3\"></span>caratterizzano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>plural<span class=\"_ _5\"></span>it\u00e0 <span class=\"_ _2\"></span>di fatti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>circostanze.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Laddove <span class=\"_ _2\"></span>l\u2019elemento <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mporal<span class=\"ff1\">e <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>significativo, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>attualizzati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi </span>correnti di mercato. <span class=\"_ _0\"></span>L\u2019accantonamento e gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>crementi dovuti a<span class=\"_ _0\"></span>l fattore temporale s<span class=\"_ _0\"></span>ono rilevati a Conto <span class=\"_ _0\"></span>economico.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019accantonamento <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>stornato <span class=\"_ _7\"> </span>quando <span class=\"_ _4\"> </span>diviene <span class=\"_ _7\"> </span>improbabile <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019impiego <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>risorse <span class=\"_ _7\"> </span>atte <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>produrre <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _4\"> </span>economici <span class=\"_ _7\"> </span>per adempiere l\u2019obblig<span class=\"_ _0\"></span>azione oppure quando si <span class=\"_ _0\"></span>estingue l\u2019obbligazione.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>determinati <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>medesimi <span class=\"_ _3\"></span>criter<span class=\"_ _5\"></span><span class=\"ls13\">i </span>at<span class=\"ls0\">tuariali <span class=\"_ _1d\"> </span>descritti <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>i <span class=\"_ _1d\"> </span>fondi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>quiescenza. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _1d\"> </span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>attuariali <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ilevati <span class=\"_ _1d\"> </span>tutti <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmediatam<span class=\"_ _0\"></span>ente <span class=\"_ _1d\"> </span>nel </span>conto economico. <span class=\"_ _30\"> </span>Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span>La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span>significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span>e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span>ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span>supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span>aziendale sono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span>finanziarie; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span>possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste dall\u2019IFRS 4.<span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span>di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span>misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span>mercato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span>alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span>alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span>assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span>elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span>tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span>per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span>di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate a nuovo).<span class=\"ffa fcb\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1057": {
   "value": "12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Criteri di iscrizione La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span>di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span>Criteri di valutazione Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span>effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato. I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span>per diritto d\u2019uso. <span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. 13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. 14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> Criteri di iscrizione L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span>derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span>Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span>Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span>netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate a conto economico. Criteri di cancellazione Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. 6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1072": {
   "value": "12. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al costo ammor<span class=\"_ _0\"></span>tizzato Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti ver<span class=\"_ _3\"></span>so clientela e i Titoli in circolazione ricomprendono le varie forme di provvista interb<span class=\"_ _0\"></span>ancaria e con <span class=\"_ _4\"> </span>clientela, <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>operazioni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>obblig<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"></span>effettuata <span class=\"_ _4\"></span>attravers<span class=\"_ _35\"></span>o<span class=\"_ _5\"></span> certificati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>deposito, <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>obbligazionari <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>circolazione, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>eventuali <span class=\"_ _7\"> </span>ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario nell\u2019ambito di <span class=\"_ _0\"></span>operazioni di le<span class=\"_ _0\"></span>asing.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Criteri di iscrizione La <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>avviene alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sottoscrizione del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ormalmente coincide<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>con il momento della ricezi<span class=\"_ _0\"></span>one delle somme ra<span class=\"_ _0\"></span>ccolte o della emissi<span class=\"_ _0\"></span>one dei titoli di de<span class=\"_ _0\"></span>bito.<span class=\"_ _3\"></span> La prima iscrizione \u00e8 effet<span class=\"ff4\">t<span class=\"_ _3\"></span>uata sulla base del fair value delle p<span class=\"_ _3\"></span>assivit\u00e0, normalmente pari all\u2019ammontare<span class=\"_ _0\"></span> incassato o al p<span class=\"_ _3\"></span>rezzo<span class=\"_ _35\"></span> </span>di <span class=\"_ _3\"></span>emissione, <span class=\"_ _3\"></span>aumentato degli <span class=\"_ _3\"></span>eventuali costi/proventi a<span class=\"_ _3\"></span>ggiuntivi direttamente <span class=\"_ _3\"></span>attribuibili alla <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>operazione d<span class=\"_ _3\"></span>i provvi<span class=\"_ _5\"></span>sta <span class=\"_ _3\"></span>o di emissione. Sono es<span class=\"_ _0\"></span>clusi i costi interni di caratter<span class=\"_ _0\"></span>e amministrativo. I <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing vengono <span class=\"_ _3\"></span>iscritti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _3\"></span>pagamenti di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>leasing futuri, <span class=\"_ _3\"></span>attualizzati <span class=\"_ _3\"></span>utilizzando il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>interess<span class=\"_ _35\"></span>e implicito dell\u2019operazi<span class=\"_ _0\"></span>one oppure, se non <span class=\"_ _0\"></span>determinabile, <span class=\"ff1\">attraverso il tasso marginale <span class=\"_ _0\"></span>di finanziamento. </span>Criteri di valutazione Dopo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie vengono <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato c<span class=\"_ _3\"></span>ol metodo <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span><span class=\"ls1f\">se </span>effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termine<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato. I <span class=\"_ _4\"> </span>debiti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>rideterminati <span class=\"_ _4\"></span>quando <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>lease <span class=\"_ _4\"> </span>modification <span class=\"_ _4\"></span>(e.g. <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>contratto <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 contabilizzata/consider<span class=\"_ _0\"></span>ata <span class=\"_ _3\"></span>co<span class=\"ff4\">me <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>separato); <span class=\"_ _3\"></span>l\u2019effetto della <span class=\"_ _3\"></span>rideterminazione andr\u00e0 <span class=\"_ _3\"></span>registrato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita all\u2019attivit\u00e0 </span>per diritto d\u2019uso. <span class=\"ff1\"> </span>Criteri di cancellazione Le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _2\"></span>risultano <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>estinte. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cancellazione<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviene <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in presenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riacquist<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _4\"></span>precedentem<span class=\"_ _0\"></span>ente <span class=\"_ _4\"></span>emessi. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>differenza <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>contabile <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e l\u2019ammontare corrisp<span class=\"_ _0\"></span>osto per acquistarla vien<span class=\"_ _0\"></span>e registrata a Conto <span class=\"_ _0\"></span>economico. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>ricollocamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>riacquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>considerato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>con iscrizione al nuovo p<span class=\"_ _0\"></span>rezzo di collocamento. 13. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione Criteri di iscrizione Gli strumenti f<span class=\"_ _3\"></span>inanziari in oggetto <span class=\"_ _3\"></span>sono iscritti al<span class=\"_ _3\"></span>la data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>sottoscrizione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i emissione <span class=\"_ _3\"></span>ad un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value dello strumento, sen<span class=\"_ _0\"></span>za considerare eventu<span class=\"_ _0\"></span>ali costi o proventi di<span class=\"_ _0\"></span> transazione direttame<span class=\"_ _0\"></span>nte attribuibili agli<span class=\"_ _0\"></span> strumenti stessi.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>clusi <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>negativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>derivati impliciti con fair valu<span class=\"_ _0\"></span>e negativo ogg<span class=\"_ _0\"></span>etto di scorporo dalle passivi<span class=\"_ _0\"></span>t\u00e0 valutate al cost<span class=\"_ _0\"></span>o ammortizzato. <span class=\"_ _3\"></span> Inoltre <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le passivit\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>originano da <span class=\"_ _3\"></span>scoperti <span class=\"_ _2\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>ecnici <span class=\"_ _3\"></span>generati dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione di <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>certificates </span>rientranti nel busines<span class=\"_ _0\"></span>s model di trading. Criteri di valutazione Tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione <span class=\"_ _7\"> </span>sono  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>imputazione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>risultato <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>nel  C<span class=\"_ _2\"></span>onto economico. Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 della stessa. 14. <span class=\"_ _1c\"> </span>Passivit\u00e0 finanziarie design<span class=\"_ _0\"></span>ate al fair value Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presente <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _2\"></span>design<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Conto economico, sulla base della facolt<span class=\"_ _0\"></span>\u00e0 riconosciuta alle imprese (c.d. \u201cfair value opti<span class=\"_ _0\"></span>on\u201d) dall\u2019IFRS 9 e nel rispetto delle cas<span class=\"_ _5\"></span><span class=\"ff1\">istiche<span class=\"_ _35\"></span> </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. In tale categoria di p<span class=\"_ _0\"></span>assivit\u00e0 sono, in particolare, inclusi i <span class=\"_ _0\"></span>certificates rientranti<span class=\"_ _0\"></span> nel business model<span class=\"_ _0\"></span> di banking book.<span class=\"_ _3\"></span> Criteri di iscrizione L\u2019iscrizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>avviene <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missione <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>mis<span class=\"_ _3\"></span>ura <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>loro <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _6\"> </span>incluso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>dell\u2019event<span class=\"_ _5\"></span><span class=\"ff1\">uale </span>derivato embedded e al netto<span class=\"_ _0\"></span> delle commissio<span class=\"_ _0\"></span>ni di collocamento pagate<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato secondo le segu<span class=\"_ _0\"></span>enti regole previst<span class=\"_ _0\"></span>e dall\u2019IFRS 9:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>sono <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttribuibili <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>variazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>proprio <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>creditizio <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevate <span class=\"_ _4\"> </span>nel </span>Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio Netto); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e restanti variazio<span class=\"_ _0\"></span>ni di fair value devon<span class=\"_ _0\"></span>o essere rilevate nel C<span class=\"_ _0\"></span>onto economico. </span>Gli <span class=\"_ _3\"></span>importi rilevati nel <span class=\"_ _2\"></span>Prospetto della redditivit\u00e0 co<span class=\"_ _3\"></span>mplessiva non rigirano <span class=\"_ _3\"></span>successivamente a conto e<span class=\"_ _3\"></span>conomico. Tale <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _5\"></span>contabilizzazione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pplicata <span class=\"_ _5\"></span>qualora <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>merito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Patrimoni<span class=\"_ _5\"></span><span class=\"ls17\">o </span>netto <span class=\"_ _7\"> </span>determini <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccentui <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>accounting <span class=\"_ _16\"> </span>mismatch <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questo <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>utili <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>perdite <span class=\"_ _16\"> </span>legate <span class=\"_ _7\"> </span>alla passivit\u00e0, incluse <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si determinano <span class=\"_ _3\"></span>come e<span class=\"_ _3\"></span>ffetto de<span class=\"_ _3\"></span>lla variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio merito <span class=\"_ _3\"></span>creditizio, devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilev<span class=\"_ _5\"></span>ate a conto economico. Criteri di cancellazione Le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>cancellate <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>scadono <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>contrattuali <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>re<span class=\"_ _6\"></span>lativi flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>quando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ceduta <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>trasferimento<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>sostanziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>utti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>benefici <span class=\"_ _2\"></span>derivanti dalla propriet\u00e0 dell<span class=\"_ _0\"></span>a stessa. 6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-915": {
   "value": "Azioni proprie Le <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>proprie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>portate <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>patrimonio <span class=\"_ _6\"></span>netto. <span class=\"_ _6\"></span>Analogamente, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _6\"></span>orig<span class=\"_ _5\"></span>inario <span class=\"_ _6\"></span>delle stesse e gli utili o l<span class=\"_ _0\"></span>e perdite derivanti d<span class=\"_ _0\"></span>alla loro successiva <span class=\"_ _0\"></span>vendita sono rilevati<span class=\"_ _0\"></span> come movimenti del pat<span class=\"_ _0\"></span>rimonio netto.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-948": {
   "value": "Trattamento di fine r<span class=\"_ _0\"></span>apporto del person<span class=\"_ _0\"></span>ale Il trattamento di fine <span class=\"_ _0\"></span>rapporto si config<span class=\"_ _0\"></span>ura come un \u201cbenefi<span class=\"_ _0\"></span>cio successivo al rapp<span class=\"_ _0\"></span>orto di lavoro\u201d classific<span class=\"_ _0\"></span>ato come:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>contribuzione <span class=\"_ _16\"> </span>definita\u201d <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>quote  di <span class=\"_ _7\"> </span>trattamento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>rapporto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>personale <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span>turande <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal </span></span>1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _5\"></span>2007 <span class=\"_ _6\"></span>(data <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>entrata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>vigore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>riforma <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>idenza <span class=\"_ _5\"></span>complementare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Decreto <span class=\"_ _6\"></span>Legislativo </span>5 dicembre 2005 <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>252) s<span class=\"_ _3\"></span>ia nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opzione da<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>dipendente per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previdenza complementare, <span class=\"_ _3\"></span>sia nel <span class=\"_ _3\"></span>caso di <span class=\"_ _4\"> </span>destinazione <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Tesoreria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>l\u2019INPS. <span class=\"_ _6\"> </span>Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>l\u2019importo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contabilizzato <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _4\"> </span>\u00e8 determinato sulla base<span class=\"_ _0\"></span> dei contributi dovuti s<span class=\"_ _0\"></span>en<span class=\"ff4\">z<span class=\"_ _3\"></span>a l\u2019applicazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i metodologie di c<span class=\"_ _0\"></span>alcolo attuariali;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano a benefici d<span class=\"_ _0\"></span>efiniti\u201d per la q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del trattamento di f<span class=\"_ _0\"></span>ine rapporto del p<span class=\"_ _0\"></span>ersonale maturata sin<span class=\"_ _0\"></span>o al 31 dicembre 2006.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Tali <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuariale <span class=\"_ _2\"></span>determinato <span class=\"_ _6\"></span><span class=\"ff4\">ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>\u201cProiezione <span class=\"_ _2\"></span>Unitaria </span>del <span class=\"_ _3\"></span>Credito\u201d, senza <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span><span class=\"ff1\">-</span>rata <span class=\"_ _3\"></span>del serv<span class=\"_ _3\"></span>izio prestato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>previdenziale (\u201ccurrent <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>cost\u201d)<span class=\"_ _35\"></span> del <span class=\"_ _6\"></span>TFR <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>quasi <span class=\"_ _6\"></span>interamente <span class=\"_ _6\"></span>maturato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>rivalutazione <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>stesso, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>ann<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>ven<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>dia <span class=\"_ _6\"></span>luogo <span class=\"_ _5\"></span>a significativi benefici <span class=\"_ _0\"></span>per i dipendenti. Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell'attualizzazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercat<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>obbligazioni di <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>ziende primarie <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>media <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esidua <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _2\"></span>ponderata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>percentuale <span class=\"_ _2\"></span>dell'importo <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>e anticipato, per ciasc<span class=\"_ _0\"></span>una scadenza, ris<span class=\"_ _0\"></span>petto al totale da pagar<span class=\"_ _0\"></span>e e anticipare fino al<span class=\"_ _0\"></span>l'estinzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazi<span class=\"_ _2\"></span><span class=\"ff1\">one. </span>I costi <span class=\"_ _3\"></span>per il servizio del <span class=\"_ _3\"></span>piano sono contab<span class=\"_ _3\"></span>ilizzati tra <span class=\"_ _3\"></span>i costi del p<span class=\"_ _3\"></span>ersonale, mentre gli utili e <span class=\"_ _3\"></span>le perdite attuariali sono <span class=\"_ _3\"></span>rilevati nel prospetto della redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva.<span class=\"_ _90\"> </span> Benefici ai dipendenti Si def<span class=\"_ _3\"></span>iniscono benefici ai dipendenti <span class=\"_ _3\"></span>tutti i <span class=\"_ _3\"></span>tipi di <span class=\"_ _3\"></span>remuner<span class=\"_ _3\"></span><span class=\"ff4\">azione erogati d<span class=\"_ _3\"></span>all\u2019azienda in cambio <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 lavorativa svolta dai </span>dipendenti. I benefici ai<span class=\"_ _0\"></span> dipendenti si s<span class=\"_ _0\"></span>uddividono tra: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>(diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>dovuti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>apporto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici </span>retributivi <span class=\"_ _3\"></span>sotto <span class=\"_ _3\"></span>forma <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale) <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidare <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>termine dell\u2019esercizio <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  q<span class=\"_ _0\"></span>uale <span class=\"_ _16\"> </span>i  di<span class=\"_ _0\"></span>pendenti <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>prestato <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vorativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>rilevati <span class=\"_ _16\"> </span>interamente  a<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>conto  eco<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>omico <span class=\"_ _16\"> </span>al momento della <span class=\"ff4\">maturazione <span class=\"_ _0\"></span>(rientrano in tale cat<span class=\"_ _0\"></span>egoria, ad esempio, i s<span class=\"_ _0\"></span>alari, gli stipendi e<span class=\"_ _0\"></span> le prestazioni \u201cstra<span class=\"_ _0\"></span>ordinarie\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">b<span class=\"_ _3\"></span>enefici <span class=\"_ _6\"></span>successivi <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>dovuti <span class=\"_ _6\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>conclusione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>lavoro <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>obbligano <span class=\"_ _6\"></span>l\u2019impresa <span class=\"_ _5\"></span>ad </span></span>un\u2019erogazione <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>dipendenti. <span class=\"_ _2\"></span>Tra <span class=\"_ _5\"></span>questi, <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>pensione che, a loro volta si s<span class=\"_ _0\"></span>uddividono in piani a <span class=\"_ _0\"></span>contribuzione definit<span class=\"_ _0\"></span>a e piani a benefici <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>efiniti o fondi d<span class=\"_ _0\"></span>i quiescenza aziendal<span class=\"_ _2\"></span><span class=\"lsc\">e;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>ene<span class=\"ff4\">fici <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cessazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>lavoro, <span class=\"_ _4\"> </span>oss<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>quei <span class=\"_ _7\"> </span>compensi <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019azienda <span class=\"_ _7\"> </span>riconosce <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>come </span></span>contropartita <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>cessazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>lavoro, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>stessa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>concludere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di lavoro prima della normale dat<span class=\"_ _0\"></span>a di pensionamento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici  a <span class=\"_ _16\"> </span>lungo  termi<span class=\"_ _0\"></span>ne,  diver<span class=\"_ _0\"></span>si  dai <span class=\"_ _16\"> </span>precedenti,  che<span class=\"_ _0\"></span>  non  s<span class=\"_ _0\"></span>i  prevede <span class=\"_ _16\"> </span>siano  estinti <span class=\"_ _16\"> </span>interamente  entr<span class=\"_ _0\"></span>o  i  do<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ici  mes<span class=\"_ _35\"></span>i </span>successivi al temine d<span class=\"_ _0\"></span>ell\u2019esercizio in cui i dip<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ndenti hanno svolt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le proprie presta<span class=\"_ _0\"></span>zioni lavorative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-916": {
   "value": "Trattamento di fine r<span class=\"_ _0\"></span>apporto del person<span class=\"_ _0\"></span>ale Il trattamento di fine <span class=\"_ _0\"></span>rapporto si config<span class=\"_ _0\"></span>ura come un \u201cbenefi<span class=\"_ _0\"></span>cio successivo al rapp<span class=\"_ _0\"></span>orto di lavoro\u201d classific<span class=\"_ _0\"></span>ato come:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>contribuzione <span class=\"_ _16\"> </span>definita\u201d <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>quote  di <span class=\"_ _7\"> </span>trattamento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>rapporto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>personale <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span>turande <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal </span></span>1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _5\"></span>2007 <span class=\"_ _6\"></span>(data <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>entrata <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>vigore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>riforma <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>prev<span class=\"_ _3\"></span>idenza <span class=\"_ _5\"></span>complementare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Decreto <span class=\"_ _6\"></span>Legislativo </span>5 dicembre 2005 <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>252) s<span class=\"_ _3\"></span>ia nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opzione da<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>dipendente per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previdenza complementare, <span class=\"_ _3\"></span>sia nel <span class=\"_ _3\"></span>caso di <span class=\"_ _4\"> </span>destinazione <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Tesoreria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>l\u2019INPS. <span class=\"_ _6\"> </span>Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>l\u2019importo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contabilizzato <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _4\"> </span>\u00e8 determinato sulla base<span class=\"_ _0\"></span> dei contributi dovuti s<span class=\"_ _0\"></span>en<span class=\"ff4\">z<span class=\"_ _3\"></span>a l\u2019applicazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i metodologie di c<span class=\"_ _0\"></span>alcolo attuariali;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">\u201c<span class=\"_ _3\"></span>piano a benefici d<span class=\"_ _0\"></span>efiniti\u201d per la q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota del trattamento di f<span class=\"_ _0\"></span>ine rapporto del p<span class=\"_ _0\"></span>ersonale maturata sin<span class=\"_ _0\"></span>o al 31 dicembre 2006.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Tali <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>attuariale <span class=\"_ _2\"></span>determinato <span class=\"_ _6\"></span><span class=\"ff4\">ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>\u201cProiezione <span class=\"_ _2\"></span>Unitaria </span>del <span class=\"_ _3\"></span>Credito\u201d, senza <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span><span class=\"ff1\">-</span>rata <span class=\"_ _3\"></span>del serv<span class=\"_ _3\"></span>izio prestato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>previdenziale (\u201ccurrent <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>cost\u201d)<span class=\"_ _35\"></span> del <span class=\"_ _6\"></span>TFR <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>quasi <span class=\"_ _6\"></span>interamente <span class=\"_ _6\"></span>maturato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>rivalutazione <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>stesso, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>ann<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>ven<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>dia <span class=\"_ _6\"></span>luogo <span class=\"_ _5\"></span>a significativi benefici <span class=\"_ _0\"></span>per i dipendenti. Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell'attualizzazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercat<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>obbligazioni di <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>ziende primarie <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urata <span class=\"_ _2\"></span>media <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esidua <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _2\"></span>ponderata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>percentuale <span class=\"_ _2\"></span>dell'importo <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>e anticipato, per ciasc<span class=\"_ _0\"></span>una scadenza, ris<span class=\"_ _0\"></span>petto al totale da pagar<span class=\"_ _0\"></span>e e anticipare fino al<span class=\"_ _0\"></span>l'estinzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazi<span class=\"_ _2\"></span><span class=\"ff1\">one. </span>I costi <span class=\"_ _3\"></span>per il servizio del <span class=\"_ _3\"></span>piano sono contab<span class=\"_ _3\"></span>ilizzati tra <span class=\"_ _3\"></span>i costi del p<span class=\"_ _3\"></span>ersonale, mentre gli utili e <span class=\"_ _3\"></span>le perdite attuariali sono <span class=\"_ _3\"></span>rilevati nel prospetto della redditiv<span class=\"_ _0\"></span>it\u00e0 complessiva.<span class=\"_ _90\"> </span>Benefici ai dipendenti Si def<span class=\"_ _3\"></span>iniscono benefici ai dipendenti <span class=\"_ _3\"></span>tutti i <span class=\"_ _3\"></span>tipi di <span class=\"_ _3\"></span>remuner<span class=\"_ _3\"></span><span class=\"ff4\">azione erogati d<span class=\"_ _3\"></span>all\u2019azienda in cambio <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 lavorativa svolta dai </span>dipendenti. I benefici ai<span class=\"_ _0\"></span> dipendenti si s<span class=\"_ _0\"></span>uddividono tra: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>(diversi <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>dovuti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>apporto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>benefici </span>retributivi <span class=\"_ _3\"></span>sotto <span class=\"_ _3\"></span>forma <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale) <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidare <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>termine dell\u2019esercizio <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el  q<span class=\"_ _0\"></span>uale <span class=\"_ _16\"> </span>i  di<span class=\"_ _0\"></span>pendenti <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>prestato <span class=\"_ _16\"> </span>l\u2019attivit\u00e0  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vorativa <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>rilevati <span class=\"_ _16\"> </span>interamente  a<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>conto  eco<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>omico <span class=\"_ _16\"> </span>al momento della <span class=\"ff4\">maturazione <span class=\"_ _0\"></span>(rientrano in tale cat<span class=\"_ _0\"></span>egoria, ad esempio, i s<span class=\"_ _0\"></span>alari, gli stipendi e<span class=\"_ _0\"></span> le prestazioni \u201cstra<span class=\"_ _0\"></span>ordinarie\u201d);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">b<span class=\"_ _3\"></span>enefici <span class=\"_ _6\"></span>successivi <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>dovuti <span class=\"_ _6\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>conclusione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>lavoro <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>obbligano <span class=\"_ _6\"></span>l\u2019impresa <span class=\"_ _5\"></span>ad </span></span>un\u2019erogazione <span class=\"_ _2\"></span>futura <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>dipendenti. <span class=\"_ _2\"></span>Tra <span class=\"_ _5\"></span>questi, <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>pensione che, a loro volta si s<span class=\"_ _0\"></span>uddividono in piani a <span class=\"_ _0\"></span>contribuzione definit<span class=\"_ _0\"></span>a e piani a benefici <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>efiniti o fondi d<span class=\"_ _0\"></span>i quiescenza aziendal<span class=\"_ _2\"></span><span class=\"lsc\">e;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>ene<span class=\"ff4\">fici <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>cessazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>lavoro, <span class=\"_ _4\"> </span>oss<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>quei <span class=\"_ _7\"> </span>compensi <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019azienda <span class=\"_ _7\"> </span>riconosce <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>come </span></span>contropartita <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>cessazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>lavoro, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>stessa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>concludere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rapporto <span class=\"_ _4\"></span>di lavoro prima della normale dat<span class=\"_ _0\"></span>a di pensionamento; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>b<span class=\"_ _3\"></span>enefici  a <span class=\"_ _16\"> </span>lungo  termi<span class=\"_ _0\"></span>ne,  diver<span class=\"_ _0\"></span>si  dai <span class=\"_ _16\"> </span>precedenti,  che<span class=\"_ _0\"></span>  non  s<span class=\"_ _0\"></span>i  prevede <span class=\"_ _16\"> </span>siano  estinti <span class=\"_ _16\"> </span>interamente  entr<span class=\"_ _0\"></span>o  i  do<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ici  mes<span class=\"_ _35\"></span>i </span>successivi al temine d<span class=\"_ _0\"></span>ell\u2019esercizio in cui i dip<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ndenti hanno svolt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le proprie presta<span class=\"_ _0\"></span>zioni lavorative.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-917": {
   "value": "Pagamenti basati su azion<span class=\"_ _0\"></span>i I  piani  di <span class=\"_ _16\"> </span>remunerazione  del <span class=\"_ _16\"> </span>personale  basati  su  a<span class=\"_ _0\"></span>zioni  vengono <span class=\"_ _16\"> </span>rilevati  nel  con<span class=\"_ _0\"></span>to  economico<span class=\"_ _2\"></span>,  con  un  c<span class=\"_ _0\"></span>orrispondente incremento <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>patrimonio <span class=\"_ _16\"> </span>netto,  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>base  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>fair  val<span class=\"_ _0\"></span>ue  degli <span class=\"_ _7\"> </span>strumenti  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iari <span class=\"_ _16\"> </span>attribuiti <span class=\"_ _16\"> </span>alla  d<span class=\"_ _0\"></span>ata <span class=\"_ _16\"> </span>di  assegn<span class=\"_ _0\"></span>azione, suddividendo l\u2019onere lu<span class=\"_ _0\"></span>ngo il periodo pre<span class=\"_ _0\"></span>visto dal piano.<span class=\"ff1\"> </span>In <span class=\"_ _3\"></span>presenza di <span class=\"_ _3\"></span>opzioni, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair va<span class=\"_ _3\"></span>lue delle<span class=\"_ _3\"></span> stesse<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> calcolato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _3\"></span>modello c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>considera, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>informazioni quali <span class=\"_ _3\"></span>il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esercizio e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>dell\u2019opzione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>attesa, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di </span>interesse <span class=\"_ _4\"></span>risk-free, <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>caratteristiche <span class=\"_ _6\"></span>specifiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>piano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere. <span class=\"_ _4\"></span>Nel <span class=\"_ _4\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>in modo distinto l\u2019opzio<span class=\"_ _0\"></span>ne e la probabilit\u00e0 di <span class=\"_ _0\"></span>realizzazione dell<span class=\"_ _0\"></span>e condizioni in base <span class=\"_ _0\"></span>alle quali le opzio<span class=\"_ _0\"></span>ni sono state assegn<span class=\"_ _0\"></span>ate<span class=\"_ _5\"></span><span class=\"ff1\">. </span>La combinazione dei d<span class=\"_ _0\"></span>ue valori fornisce il fair value dello st<span class=\"_ _0\"></span>rumento assegnato. L\u2019eventuale <span class=\"_ _6\"> </span>riduzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"> </span>finanziari <span class=\"_ _4\"> </span>assegnati <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>contabilizzata <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>parte <span class=\"_ _4\"> </span>degli stessi. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-918": {
   "value": "Compensazione di strumenti f<span class=\"_ _0\"></span>inanziari Ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>AS <span class=\"_ _16\"> </span>32, <span class=\"_ _16\"> </span>paragrafo <span class=\"_ _7\"> </span>42, <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>e  le <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _7\"> </span>sono  og<span class=\"_ _35\"></span>getto <span class=\"_ _16\"> </span>di  com<span class=\"_ _0\"></span>pensazione <span class=\"_ _7\"> </span>ed evidenziate in bilanci<span class=\"_ _0\"></span>o per il saldo netto, qu<span class=\"_ _0\"></span>alora l\u2019entit\u00e0:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>bbia <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>diritto <span class=\"_ _4\"> </span>legale <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>operare <span class=\"_ _4\"></span>tale <span class=\"_ _7\"> </span>compensazion<span class=\"_ _0\"></span>e, <span class=\"_ _4\"></span>correntemente <span class=\"_ _6\"></span>esercitabile <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>circostanze, <span class=\"_ _6\"></span>siano <span class=\"_ _4\"> </span>esse </span>afferenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>normale <span class=\"_ _5\"></span>svolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>siano <span class=\"_ _5\"></span>esse <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>situazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inadempimento, <span class=\"_ _2\"></span>insolvenza, <span class=\"_ _5\"></span>fallimento<span class=\"_ _0\"></span> delle parti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntenda <span class=\"_ _3\"></span>regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>saldo <span class=\"_ _5\"></span>netto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>base a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>regolamento <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>lorda <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>sostanziali <span class=\"_ _3\"></span>siano </span>equivalenti ad un reg<span class=\"_ _0\"></span>olamento netto. Per <span class=\"_ _3\"></span>gli strumenti derivati <span class=\"_ _3\"></span>rientranti in accordi <span class=\"_ _3\"></span>di compensazione che <span class=\"_ _3\"></span>rispettano i <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>in precedenza illustrati la <span class=\"_ _3\"></span>Circ<span class=\"_ _5\"></span>olare n. 262 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura, <span class=\"_ _6\"></span>prevedendo <span class=\"_ _5\"></span>una rappresentazione <span class=\"_ _18\"> </span>su <span class=\"_ _1c\"> </span>base<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>netta <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>tali <span class=\"_ _1c\"> </span>sbilanci: <span class=\"_ _18\"> </span>convenzionalmente, <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>saldo <span class=\"_ _1c\"> </span>netto <span class=\"_ _18\"> </span>viene <span class=\"_ _1c\"> </span>allocato<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _18\"> </span>portafoglio <span class=\"_ _18\"> </span>di negoziazione <span class=\"_ _4\"> </span>piuttosto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>derivati <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>prevalenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>assoluto <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>lo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>bilancio <span class=\"_ _4\"> </span>dei derivati di negozia<span class=\"_ _0\"></span>zione e quello dei de<span class=\"_ _0\"></span>rivati di copertura. In <span class=\"_ _2\"></span>ottemperanza <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>IFRS <span class=\"_ _2\"></span>7, <span class=\"_ _5\"></span>informazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>maggior <span class=\"_ _2\"></span>de<span class=\"_ _5\"></span>ttaglio <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tavole contenute nella Parte B <span class=\"ff4\">\u2013</span> Altre i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formazioni della p<span class=\"_ _0\"></span>resente nota integra<span class=\"_ _0\"></span>tiva, nelle quali <span class=\"_ _0\"></span>sono esposti in parti<span class=\"_ _0\"></span>colare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>presentano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _5\"></span>previsti <span class=\"_ _6\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>paragraf<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>4<span class=\"_ _3\"></span>2, <span class=\"_ _5\"></span>prima <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la </span>compensazione contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>soggette <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ccordi <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>compensazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>dato <span class=\"_ _7\"> </span>luogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>ma <span class=\"_ _7\"> </span>che </span>potenzialmente la po<span class=\"_ _0\"></span>ssono attivare in <span class=\"_ _0\"></span>seguito a specifiche <span class=\"_ _0\"></span>circostanze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e garanzie reali ad e<span class=\"_ _0\"></span>sse connesse. </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1058": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1050": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1040": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1030": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1013": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-988": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-919": {
   "value": "Riconoscimento dei ri<span class=\"_ _0\"></span>cavi e dei costi I <span class=\"_ _2\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>lordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economi<span class=\"_ _3\"></span><span class=\"ff4\">ci <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>ordinaria <span class=\"_ _2\"></span>dell\u2019impresa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>trasferito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>servizi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cl<span class=\"_ _3\"></span>iente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _7\"> </span>l\u2019importo <span class=\"_ _4\"> </span>del corrispettivo a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>diritt<span class=\"ff4\">o<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rilevazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _3\"></span>avviene <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello<span class=\"_ _35\"></span> </span>che deve soddisfare i s<span class=\"_ _0\"></span>eguenti criteri: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contratto, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>accordo <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>impegnate <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>adempiere <span class=\"_ _4\"></span>alle  ri<span class=\"_ _0\"></span>spettive<span class=\"_ _0\"></span> </span>obbligazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ndividuazione d<span class=\"_ _0\"></span>elle singole obblig<span class=\"_ _0\"></span>azioni di fare (\u201cperform<span class=\"_ _0\"></span>ance obligations\u201d) cont<span class=\"_ _0\"></span>enute nel contratt<span class=\"_ _0\"></span>o;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>transazione, <span class=\"_ _6\"></span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>corrispettiv<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>atteso <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>cliente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dei<span class=\"_ _0\"></span> </span>serviz<span class=\"ls13\">i;</span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ipartizione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>prezzo <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>ciascuna <span class=\"_ _4\"> </span>\u201cperformance <span class=\"_ _7\"> </span>obligation\u201d, <span class=\"_ _16\"> </span>sulla <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>endita <span class=\"_ _7\"> </span>della </span></span>singola obbligazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>iconoscimento <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>(o <span class=\"_ _5\"></span>man <span class=\"_ _6\"></span>mano <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he) <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>risulta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dempiuta <span class=\"_ _5\"></span>trasferend<span class=\"_ _2\"></span></span>o <span class=\"_ _6\"></span>al </span>cliente il bene o servizi<span class=\"_ _0\"></span>o promesso. Il prezzo dell\u2019operazion<span class=\"_ _0\"></span>e rappresenta l\u2019importo del cor<span class=\"_ _0\"></span>rispettivo a cui l\u2019entit\u00e0 ritie<span class=\"_ _0\"></span>ne di aver diritto in cambi<span class=\"_ _0\"></span>o del trasfe<span class=\"_ _2\"></span><span class=\"ff1\">rimento al </span>cliente <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>servizi <span class=\"_ _2\"></span>promessi. <span class=\"_ _5\"></span>Esso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>fissi, <span class=\"_ _5\"></span>variab<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>casistiche. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>configurati <span class=\"_ _3\"></span>da corrispettivi <span class=\"_ _3\"></span>variabili <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>attendibilmente <span class=\"_ _3\"></span>stimabili <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>altamente <span class=\"_ _3\"></span>probabile<span class=\"_ _2\"></span> che <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>cor<span class=\"_ _3\"></span>rispettivo <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>debba <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>periodi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivi, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sua <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>significativa, <span class=\"_ _6\"></span>stornato <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Conto economico. In caso di forte prevalenza di fattori di incertezza legati alla natura del corrispettivo, il medesimo sar\u00e0 rileva<span class=\"_ _5\"></span>to solo al momento in cui tale <span class=\"_ _0\"></span>incertezza verr<span class=\"_ _0\"></span>\u00e0 risolta. I ricavi possono ess<span class=\"_ _0\"></span>ere riconosciuti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>preciso, <span class=\"_ _3\"></span>quando <span class=\"_ _3\"></span>l\u2019entit\u00e0 adempie <span class=\"_ _3\"></span>l\u2019obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fare <span class=\"_ _3\"></span>trasferendo al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cliente <span class=\"_ _3\"></span>il bene <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>promesso,<span class=\"_ _35\"></span> </span></span>o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>empo, <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>mano <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>l\u2019entit\u00e0 <span class=\"_ _5\"></span>adempie <span class=\"_ _5\"></span>l\u2019obbligazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fare <span class=\"_ _6\"></span>trasferendo <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cliente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>bene <span class=\"_ _5\"></span>o <span class=\"_ _16\"> </span></span>servizio </span>promesso. Il bene \u00e8 trasferito q<span class=\"_ _0\"></span>uando, o nel corso d<span class=\"_ _0\"></span>el periodo in cui, il cli<span class=\"_ _0\"></span>ente ne acquisi<span class=\"_ _0\"></span>sce il controllo.<span class=\"_ _90\"> </span>In particolare: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gli <span class=\"_ _4\"></span>interessi <span class=\"_ _4\"></span>corrispettivi <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ro <span class=\"_ _4\"></span>rata <span class=\"_ _4\"></span>temporis <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>contrattuale <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>qu<span class=\"_ _5\"></span>ello </span>effettivo <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>app<span class=\"_ _3\"></span>licazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _5\"></span>ammortizzato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>(ovvero <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>passivi) <span class=\"_ _5\"></span>comprende anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>differenziali <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>margini, <span class=\"_ _2\"></span>positivi <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>negativi), <span class=\"_ _2\"></span>maturati <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _5\"></span>tratt<span class=\"ls19\">i </span>derivati finanziari: a)<span class=\"ls0\"> <span class=\"_ _2c\"> </span>di copertura di attivit\u00e0 e passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> che generano int<span class=\"_ _0\"></span>eressi; </span>b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>classificati <span class=\"_ _16\"> </span>nello  St<span class=\"_ _0\"></span>ato <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>nel  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di  n<span class=\"_ _0\"></span>egoziazione, <span class=\"_ _7\"> </span>ma<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestionalmente <span class=\"_ _7\"> </span>collegati  a<span class=\"_ _0\"></span>d <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>e/o </span>passivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair val<span class=\"_ _0\"></span>ue (fair value <span class=\"_ _3\"></span>option); c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>connessi <span class=\"_ _7\"> </span>gestionalmente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>classificate <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>la </span>liquidazione di differe<span class=\"_ _0\"></span>nziali o di margini a <span class=\"_ _0\"></span>pi\u00f9 scadenze; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mora, <span class=\"_ _2\"></span>eventualmente <span class=\"_ _3\"></span>previsti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>contrattuale, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tabilizzati <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>del loro effettivo in<span class=\"_ _0\"></span>casso; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>deliberata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>distribuzione,<span class=\"_ _5\"></span><span class=\"fs9\"> <span class=\"_ _3\"></span></span>a <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>data </span>non <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>nota <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>l\u2019informazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span><span class=\"ff1\">immediatamente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibile, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>qual <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ammessa <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento </span>dell\u2019incasso;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>servizi <span class=\"_ _6\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritt<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>dell\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _6\"> </span>contrattuali, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"> </span>i </span></span>servizi <span class=\"_ _4\"></span>stessi <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"></span>prestati. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _4\"></span>considerat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>ammortizzato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>determinazione <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> tasso di interesse effet<span class=\"_ _0\"></span>tivo, sono rilevate tr<span class=\"_ _0\"></span>a gli interessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli <span class=\"_ _3\"></span>utili <span class=\"_ _3\"></span>e perdite derivanti dalla <span class=\"_ _3\"></span>negoziazione di strumenti <span class=\"_ _3\"></span>finanziari sono riconosciuti al Conto <span class=\"_ _3\"></span>economico al m<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>mento del </span>perfezionamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>vendita, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>incassato <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>iscrizione<span class=\"_ _2\"></span> degli strumenti stessi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ricavi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>rilevati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>perfe<span class=\"_ _5\"></span>zionamento <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>vendita, </span>ovvero quando \u00e8 adem<span class=\"_ _0\"></span>piuta l\u2019obbligazion<span class=\"_ _0\"></span>e di fare nei confr<span class=\"_ _0\"></span>onti del cliente. <span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>competenza; <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019otteniment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019adempimen<span class=\"_ _2\"></span><span class=\"ff1\">to </span>dei contratti con la cl<span class=\"_ _0\"></span>ientela sono rilevati a Co<span class=\"_ _0\"></span>nto economico nei p<span class=\"_ _0\"></span>eriodi nei quali sono <span class=\"_ _0\"></span>contabilizzati i rel<span class=\"_ _0\"></span>ativi ricavi.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1014": {
   "value": "Utilizzo di stime e <span class=\"_ _0\"></span>assunzioni nella predisposiz<span class=\"_ _0\"></span>ione dell\u2019informativa finan<span class=\"_ _0\"></span>ziaria<span class=\"ffa\"> </span>La <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _6\"></span>dell\u2019informativa <span class=\"_ _4\"> </span>finanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>richiede <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>ricorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stime <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>ad <span class=\"_ _6\"></span>assunzioni <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>determinare </span>significativi effetti <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>iscritti <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>economico, nonch\u00e9 <span class=\"_ _3\"></span>sull\u2019informativa <span class=\"_ _3\"></span>relativa al<span class=\"_ _6\"></span><span class=\"ff1\">le a<span class=\"_ _3\"></span>ttivit<span class=\"_ _0\"></span>\u00e0 </span>e <span class=\"_ _1d\"> </span>passivit\u00e0  potenziali <span class=\"_ _1d\"> </span>riportate  in <span class=\"_ _1d\"> </span>bilancio.  L\u2019<span class=\"_ _3\"></span>elaborazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>di  ta<span class=\"_ _3\"></span>li  s<span class=\"_ _5\"></span>time <span class=\"_ _1d\"> </span>implic<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>l\u2019utilizzo  delle <span class=\"_ _1d\"> </span>informazioni  disponibili <span class=\"_ _1d\"> </span>e l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>soggettive, <span class=\"_ _6\"></span>fondate <span class=\"_ _5\"></span>anche <span class=\"_ _6\"> </span>sull\u2019esperienza <span class=\"_ _5\"></span>storica, <span class=\"_ _6\"></span>utilizzata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>formulazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzi<span class=\"_ _5\"></span><span class=\"ff1\">oni<span class=\"_ _0\"></span> </span>ragionevoli <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione. <span class=\"_ _4\"> </span>Per <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>natura  le <span class=\"_ _7\"> </span>stime <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>assunzioni <span class=\"_ _7\"> </span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _4\"> </span>possono <span class=\"_ _7\"> </span>variare <span class=\"_ _7\"> </span>di esercizio <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>escludersi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>successivi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>v<span class=\"_ _5\"></span>ariare anche in maniera signi<span class=\"_ _0\"></span>ficativa a seguit<span class=\"_ _0\"></span>o del mutamento delle va<span class=\"_ _0\"></span>lutazi<span class=\"_ _3\"></span>oni soggettive utilizzate. In <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incertezze <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>significative <span class=\"_ _4\"> </span>e/o <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>particolare <span class=\"_ _4\"> </span>materialit\u00e0 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione  <span class=\"lsc\">\u00e8 </span>supportata, con il ric<span class=\"_ _0\"></span>orso a periti/esperti <span class=\"_ _0\"></span>esterni, da specifich<span class=\"_ _0\"></span>e fairness opinion. Le <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>fa<span class=\"ff4\">ttispecie <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _7\"> </span>richiesto <span class=\"_ _4\"> </span>l\u2019impiego <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>soggettive <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>direzione </span>aziendale sono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>perdite <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>crediti, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>partecipazioni <span class=\"_ _6\"></span>e, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>genere, <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>attivit\u00e0<span class=\"_ _5\"></span> </span>finanziarie; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo di modelli <span class=\"_ _0\"></span>valutativi per la rilev<span class=\"_ _0\"></span>azione del fair value <span class=\"_ _0\"></span>degli strumenti fin<span class=\"_ _0\"></span>anziari non quotati i<span class=\"_ _0\"></span>n mercati attivi;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione della c<span class=\"_ _0\"></span>ongruit\u00e0 del val<span class=\"_ _0\"></span>ore degli avviamenti e <span class=\"_ _0\"></span>delle altre attivit\u00e0 imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e del fair value degli immobili <span class=\"_ _0\"></span>e del patrimonio arti<span class=\"_ _0\"></span>stico di pregio; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a quantificazion<span class=\"_ _0\"></span>e dei fondi del perso<span class=\"_ _0\"></span>nale e dei fondi per ris<span class=\"_ _0\"></span>chi e oneri; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e stime e le assunzi<span class=\"_ _0\"></span>oni sulla recuperabili<span class=\"_ _0\"></span>t\u00e0 della fiscalit\u00e0 dif<span class=\"_ _0\"></span>ferita attiva;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>ipotesi <span class=\"_ _16\"> </span>demografiche <span class=\"_ _16\"> </span>(legate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla  mortalit\u00e0 <span class=\"_ _7\"> </span>prospettica <span class=\"_ _16\"> </span>della  p<span class=\"_ _0\"></span>opolazione <span class=\"_ _16\"> </span>assicurata) <span class=\"_ _7\"> </span>e  finanziari<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>(derivanti <span class=\"_ _16\"> </span>dalla </span>possibile evoluzione d<span class=\"_ _3\"></span>ei mercati <span class=\"_ _3\"></span>finanziari) u<span class=\"_ _3\"></span>tilizzate nello s<span class=\"_ _3\"></span>trutturare i <span class=\"_ _3\"></span>prodotti assicurativi <span class=\"_ _3\"></span>e n<span class=\"_ _3\"></span>el definire <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>basi di <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>alcolo delle r<span class=\"_ _3\"></span>iserve integrative previste d<span class=\"_ _3\"></span>a nor<span class=\"_ _2\"></span>mativa assicurativa, oltre a<span class=\"_ _3\"></span>lle riserve s<span class=\"_ _3\"></span>hadow e <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Liability adequacy <span class=\"_ _3\"></span>test previste dall\u2019IFRS 4.<span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>talune <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fattispecie <span class=\"_ _3\"></span>appena <span class=\"_ _2\"></span>elencate <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>identificati <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>pa<span class=\"_ _6\"></span>rte del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>quindi <span class=\"_ _5\"></span>concorrono <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0. <span class=\"_ _5\"></span>Senza <span class=\"_ _5\"></span>pretesa <span class=\"_ _5\"></span>di esaustivit\u00e0, si seg<span class=\"_ _0\"></span>nala che: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er la determinazione del fair value degli strumenti finanziari non quotati su mercati attivi, qualora sia necessario l\u2019utili<span class=\"_ _2\"></span></span><span class=\"ls1f\">zzo</span> </span>di p<span class=\"_ _3\"></span>arametri non desumibili <span class=\"_ _3\"></span>dal mercato, <span class=\"_ _3\"></span>le pr<span class=\"_ _3\"></span>incipali stime <span class=\"_ _3\"></span>riguard<span class=\"_ _0\"></span>ano, da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, <span class=\"_ _3\"></span>lo sviluppo dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>(o anche <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>reddituali, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>azionari), <span class=\"_ _7\"> </span>eventualmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ondizionati <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dall\u2019altro, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>determinati parametri i<span class=\"_ _0\"></span>n input non quotati s<span class=\"_ _0\"></span>u mercati attivi; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>tre <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>creditizio <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span></span>Attivit<span class=\"_ _0\"></span>\u00e0 </span>finanziarie al costo amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rtizzato e le Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _3\"></span>finanziarie al fair value <span class=\"_ _0\"></span>con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva e<span class=\"_ _0\"></span>d il calcolo delle relative perdite <span class=\"_ _0\"></span>attese, le principa<span class=\"_ _0\"></span>li stime riguardan<span class=\"_ _0\"></span>o:<span class=\"_ _3\"></span> o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _3\"></span>determinazione dei <span class=\"_ _3\"></span>parametri di si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>vo <span class=\"_ _3\"></span>incremento del rischio di <span class=\"_ _3\"></span>credito, basati <span class=\"_ _3\"></span>essenzialmente su <span class=\"_ _3\"></span>mo<span class=\"_ _2\"></span>delli <span class=\"_ _3\"></span>di </span>misurazione delle pr<span class=\"_ _0\"></span>obabilit\u00e0 di default (PD<span class=\"_ _0\"></span>) all\u2019origination <span class=\"_ _0\"></span>delle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie e alla data di <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ilancio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019inclusione di fattori forward <span class=\"_ _0\"></span>looking, anche <span class=\"_ _0\"></span>di tipo macroeconomico, pe<span class=\"_ _0\"></span>r la determinazione <span class=\"_ _0\"></span>di PD e LGD;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>deteriorate, <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>realizzo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sul </span>mercato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>deteriorati, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>presi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>considerazione<span class=\"_ _2\"></span> </span>alcuni <span class=\"_ _2\"></span>elementi: <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>recupero <span class=\"_ _3\"></span>attesi, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>realizzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si ritiene verranno sost<span class=\"_ _0\"></span>enuti per il recupero d<span class=\"_ _0\"></span>ell\u2019esposizione cre<span class=\"_ _0\"></span>ditizia;<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso de<span class=\"_ _3\"></span>lle attivit\u00e0 <span class=\"_ _3\"></span>immateriali a <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>indefinita <span class=\"_ _5\"></span></span>(brand name e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avviamento) in r<span class=\"_ _3\"></span>iferiment<span class=\"_ _35\"></span>o </span>alle <span class=\"_ _20\"> </span>Cash <span class=\"_ _1c\"> </span>Generating <span class=\"_ _20\"> </span>Units <span class=\"_ _1c\"> </span>(CGU) <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>cui <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>compone <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>Gruppo, <span class=\"_ _1c\"> </span>sono <span class=\"_ _20\"> </span>oggetto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>stima, <span class=\"_ _20\"> </span>separat<span class=\"_ _0\"></span>amente <span class=\"_ _20\"> </span>ed<span class=\"_ _0\"></span> opportunamente attualizzati, i flussi <span class=\"_ _3\"></span>finanziari futuri nel periodo d<span class=\"_ _3\"></span>i previsione analitica e<span class=\"_ _3\"></span> i fl<span class=\"_ _3\"></span>ussi utilizzati<span class=\"_ _5\"></span> per <span class=\"_ _3\"></span>determinare il<span class=\"_ _0\"></span> c.d. \u201cterminal value\u201d, g<span class=\"_ _0\"></span>enerati dalla CGU. Rie<span class=\"_ _0\"></span>ntra tra gli elementi <span class=\"_ _0\"></span>oggetto di stima anc<span class=\"_ _0\"></span>he il costo del capitale;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>er  la  determinazio<span class=\"_ _0\"></span>ne  del  valore  d\u2019uso  d<span class=\"_ _0\"></span>elle  attivit\u00e0  immate<span class=\"_ _0\"></span>riali  a  vita  definita  (<span class=\"_ _0\"></span>portafogli  di  a<span class=\"_ _0\"></span>sset  management  e<span class=\"_ _35\"></span> </span></span>assicurativo) in <span class=\"_ _3\"></span>riferimento alle CGU <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>si compone <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo, sono o<span class=\"_ _3\"></span>ggetto di stima <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>utile, da u<span class=\"_ _3\"></span>n lato, <span class=\"_ _3\"></span>ed i <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _16\"> </span>dall\u2019at<span class=\"_ _0\"></span>tivit\u00e0, <span class=\"_ _7\"> </span>dall\u2019altro. <span class=\"_ _7\"> </span>Anche <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>immateriali <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _7\"> </span>definita <span class=\"_ _16\"> </span>rientra <span class=\"_ _7\"> </span>tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>gli </span>elementi oggetto di stima<span class=\"_ _0\"></span> il costo del capit<span class=\"_ _0\"></span>ale; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>immobili <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>patrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>effettuata <span class=\"_ _1d\"> </span>attraverso <span class=\"_ _1d\"> </span>la<span class=\"_ _0\"></span> </span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>apposite <span class=\"_ _6\"></span>perizie <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>qualificate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>indipendenti. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _2\"></span>disposizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>perizie relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>canoni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>locazione, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vendita, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>tassi<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di capitalizzazione, <span class=\"_ _3\"></span>mentre per <span class=\"_ _2\"></span>la p<span class=\"_ _3\"></span>redisposizione delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio artistico <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _2\"></span>egio <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore \u00e8 desunta dall\u2019andamento degli scambi di opere analoghe (per tecnica, misure, soggetto) dello stesso autore, o <span class=\"_ _3\"></span>di scuole e movimenti regionali <span class=\"_ _0\"></span>prossimi per stile e t<span class=\"_ _0\"></span>ecnica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quantificazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>obbli<span class=\"_ _3\"></span>ghi <span class=\"_ _5\"></span>simili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>obbli<span class=\"_ _3\"></span>gazioni<span class=\"_ _0\"></span>, </span>tenuto conto dei flus<span class=\"_ _0\"></span>si, opportunamente <span class=\"_ _0\"></span>attualizzati, derivanti<span class=\"_ _0\"></span> dalle analisi storico <span class=\"_ _0\"></span>statistiche, e della c<span class=\"_ _0\"></span>urva demografica;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er la quantificazione dei fondi per rischi e<span class=\"_ _3\"></span> oneri \u00e8 o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"ff4\">\u2013</span> ove <span class=\"_ _3\"></span>possibile <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare degli esborsi necessari </span></span>per l\u2019adempimento d<span class=\"_ _0\"></span>elle obbligazioni, t<span class=\"_ _0\"></span>enuto conto della <span class=\"_ _0\"></span>probabilit\u00e0 effettiva del<span class=\"_ _0\"></span> dover impiegare <span class=\"_ _0\"></span>risorse;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fiscalit\u00e0 <span class=\"_ _3\"></span>differita \u00e8 <span class=\"_ _2\"></span>stimata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prob<span class=\"_ _2\"></span>abilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>futuro <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>sostenimento </span>di <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>(differenze <span class=\"_ _3\"></span>temporanee <span class=\"_ _3\"></span>tassabili) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>gionevole<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>certezza <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>se <span class=\"_ _2\"></span>esistente <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>ammontari <span class=\"_ _3\"></span>imponibili futuri <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>manife<span class=\"_ _0\"></span>ster\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>(differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _2\"></span>ded<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>fiscali <span class=\"_ _5\"></span>riportate a nuovo).<span class=\"ffa fcb\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1051": {
   "value": "Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne delle perdite di valore Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie Ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>iverse d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quelle v<span class=\"_ _3\"></span>alutate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _6\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>conto </span>economico  sono  sottoposte  ad  una  valutazione  volta  a  verificare  se  esistano  evidenze  che  possano <span class=\"_ _1d\"> </span>far  ritenere<span class=\"_ _0\"></span>  non interamen<span class=\"ff4\">te <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tesse. <span class=\"_ _2\"></span>Un\u2019analisi<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>analoga <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni </span>ad erogare fondi e p<span class=\"_ _0\"></span>er le garanzie rilasci<span class=\"_ _0\"></span>ate che rientrano nel<span class=\"_ _0\"></span> perimetro da assog<span class=\"_ _0\"></span>gettare ad impairment<span class=\"_ _0\"></span> ai sensi dell\u2019IFRS 9<span class=\"_ _0\"></span>.<span class=\"_ _5\"></span><span class=\"ff1\">  </span>Propedeu<span class=\"ff4\">ticamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>perd<span class=\"_ _3\"></span>ite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>reporting <span class=\"_ _3\"></span>occorre <span class=\"_ _2\"></span>procedere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019allocazione </span>degli strumenti finan<span class=\"_ _0\"></span>ziari (c.d. Stage Assig<span class=\"_ _0\"></span>nment\u201d o \u201cStaging\u201d), n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle seguenti categ<span class=\"_ _0\"></span>orie:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _5\"></span>1: <span class=\"_ _6\"></span>comprendente <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>niziale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di </span>reporting, non siano <span class=\"_ _0\"></span>state rilevate evid<span class=\"_ _0\"></span>enze di un significati<span class=\"_ _0\"></span>vo incremento del risc<span class=\"_ _0\"></span>hio di credito;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _6\"></span>2: <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>comprende <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>significat<span class=\"_ _3\"></span>ivo <span class=\"_ _4\"> </span>incremento <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>creditizio<span class=\"_ _0\"></span> </span>rispetto al momento de<span class=\"_ _0\"></span>lla rilevazione inizial<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Sta<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sussistano <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cevidenze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment\u201d<span class=\"_ _0\"></span>), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>questione <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>coerentemente, <span class=\"_ _6\"></span>ove <span class=\"_ _4\"> </span>esistenti, <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>quelle <span class=\"_ _4\"></span>restanti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>medesima <span class=\"_ _6\"></span>controparte <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sono considerate deterior<span class=\"_ _0\"></span>ate (impaired) e pert<span class=\"_ _0\"></span>anto classificate nell<span class=\"_ _0\"></span>o Stage 3.<span class=\"_ _3\"></span> Le  esposizioni  deteriorate  (impaired),  sono  rappresentate  dalle  attivit\u00e0  finanziarie  classificate <span class=\"_ _17\"> </span>nelle  categorie  delle sofferenze, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>(\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _6\"></span>pay\u201d <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>UTP) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>oltre <span class=\"_ _5\"></span>novanta <span class=\"_ _6\"></span>giorni, </span>definite nella Circola<span class=\"_ _0\"></span>re di Banca d\u2019Italia n.2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>2/2008.<span class=\"ff1\"> </span>Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie pe<span class=\"_ _0\"></span>rforming Per le attivit\u00e0 finanziarie per cui non sussisto<span class=\"_ _0\"></span>no evidenze di impairment (strum<span class=\"_ _0\"></span>enti finanziari non deteriorati), o<span class=\"_ _0\"></span>ccorre verificare<span class=\"_ _35\"></span> se <span class=\"_ _3\"></span>esistono <span class=\"_ _2\"></span>indicatori <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>operazione <span class=\"_ _3\"></span>risulti <span class=\"_ _3\"></span>significativamente <span class=\"_ _3\"></span>incrementato <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>spetto <span class=\"_ _3\"></span>al mo<span class=\"ls0\">mento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>iniziale. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>conseguenze <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>tale <span class=\"_ _2\"></span>verifica, <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>punto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>(o, <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>propriamente,<span class=\"_ _2\"></span> </span>dello staging) e della<span class=\"_ _0\"></span> valutazione, son<span class=\"_ _0\"></span>o le seguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _3\"></span>sussistano, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onfluisce <span class=\"_ _3\"></span>nello <span class=\"_ _5\"></span>Stag<span class=\"_ _3\"></span></span>e <span class=\"_ _2\"></span>2. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il </span>dettato <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>manifesta, <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _3\"></span>di rettifiche di valore pari alle perdi<span class=\"_ _0\"></span>te attese lungo l\u2019intera vita r<span class=\"_ _0\"></span>esidua dell<span class=\"_ _3\"></span><span class=\"ff1\">o strumento finanziario. Tali rettifi<span class=\"_ _0\"></span>che sono oggetto </span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>ogni <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reporting <span class=\"_ _6\"></span>successiva <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>verificarne <span class=\"_ _6\"></span>periodicamente <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>congruit\u00e0 <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di perdita <span class=\"_ _5\"></span>costantemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>vengano <span class=\"_ _6\"></span>meno <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit<span class=\"_ _35\"></span>\u00e0 creditizia \u201csignificativ<span class=\"_ _0\"></span>amente incrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzont<span class=\"_ _0\"></span>e previsionale di c<span class=\"_ _0\"></span>alcolo della perdita atte<span class=\"_ _0\"></span>sa;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve tali indicatori non sussistano, l\u2019atti<span class=\"_ _0\"></span>vit\u00e0 finanziaria confluisce nello stage 1. La valutazio<span class=\"_ _0\"></span>ne, in <span class=\"_ _2\"></span><span class=\"ff1\">tal caso, in coerenza con </span></span></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _6\"></span>contabili <span class=\"_ _6\"></span>internazionali <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>manifesta, <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>di perdite <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tese, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>specifico <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>finanziario, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _2\"></span>successivi. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span>rettifi<span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di revisione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificarne periodicamente <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span>lle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita costantemente <span class=\"_ _5\"></span>aggiornate, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>dovessero <span class=\"_ _6\"></span>presentarsi <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>cr<span class=\"_ _3\"></span>editizia \u201csignificativamente i<span class=\"_ _0\"></span>ncrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzonte pr<span class=\"_ _0\"></span>evisionale di calcolo d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla perdita atte<span class=\"_ _0\"></span>sa.<span class=\"_ _3\"></span> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span><span class=\"ff4\">de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019identificazi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201csignificativo <span class=\"_ _6\"></span>incremento\u201d<span class=\"_ _0\"></span> </span>del  risc<span class=\"_ _0\"></span>hio  di <span class=\"_ _16\"> </span>credito  (<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ondizione <span class=\"_ _16\"> </span>necessaria  e <span class=\"_ _7\"> </span>sufficiente  per <span class=\"_ _16\"> </span>la  classific<span class=\"_ _0\"></span>azione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _16\"> </span>oggetto  di <span class=\"_ _7\"> </span>valutazione  nello<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Stage <span class=\"ls10\">2)</span>, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _3\"></span>sua<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>declinazione <span class=\"_ _3\"></span>operativa <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _5\"></span>npaolo <span class=\"_ _3\"></span>- costituiscono le dete<span class=\"_ _0\"></span>rminanti principali d<span class=\"_ _0\"></span>a prendere in consid<span class=\"_ _0\"></span>erazione sono i seg<span class=\"_ _0\"></span>uenti:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazione <span class=\"_ _5\"></span>(oltre <span class=\"_ _6\"></span>soglie <span class=\"_ _6\"></span>determinate) <span class=\"_ _6\"></span><span class=\"ff4\">delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>default<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>lifetime <span class=\"_ _6\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _5\"></span>in </span></span>bilancio del<span class=\"_ _3\"></span>lo strumento <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span><span class=\"ff4\">ario. <span class=\"_ _3\"></span>Si tratta, <span class=\"_ _3\"></span>dunque, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valutazione ef<span class=\"_ _3\"></span>fettuata adottando un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio \u201crelativo\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si </span>configura come il \u201cdr<span class=\"_ _0\"></span>iver\u201d principale;<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>scaduto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>ferme <span class=\"_ _5\"></span>restando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>identificate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risu<span class=\"ls13\">lti </span></span>tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>giorni. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattispecie, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rmini, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>creditizia <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">tiene </span>presuntivamente <span class=\"_ _20\"> </span>\u201csig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativamente <span class=\"_ _20\"> </span>increm<span class=\"_ _0\"></span>entata\u201d <span class=\"_ _20\"> </span>e, <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _1c\"> </span>ne <span class=\"_ _20\"> </span>consegue <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>\u201c<span class=\"_ _3\"></span>passaggio\u201d <span class=\"_ _1c\"> </span>nello <span class=\"_ _20\"> </span>Stage <span class=\"_ _20\"> </span>2 <span class=\"_ _20\"> </span>(ove<span class=\"_ _0\"></span> l\u2019esposizione <span class=\"ff1\">precedentemen<span class=\"_ _0\"></span>te fosse ricompresa n<span class=\"_ _0\"></span>ello Stage 1); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>forbearance, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _4\"></span>sempre <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _4\"></span>presuntiva <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>comportano <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>delle </span>esposizioni tra quelle il<span class=\"_ _0\"></span> cui rischio di cr<span class=\"_ _0\"></span>edito risulta \u201csignific<span class=\"_ _0\"></span>ativamente incrementato\u201d <span class=\"_ _3\"></span>rispetto all\u2019iscrizion<span class=\"_ _0\"></span>e iniziale;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>banche <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>al  perimetr<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>estero, <span class=\"_ _16\"> </span>infine, <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>considerati  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span><span class=\"ff4\">ai  fi<span class=\"_ _0\"></span>ni <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _16\"> </span>\u201cstages\u201d <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ove </span></span>opportuno <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>alcuni <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>sistemi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>specificatam<span class=\"_ _0\"></span>ente <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizz<span class=\"_ _2\"></span>ati <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna banca. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cwatch<span class=\"_ _3\"></span><span class=\"ff1\">-</span>lists\u201d, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quei <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>sulla </span>base <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>qualit\u00e0 <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>debitrice <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff4\">ricompre<span class=\"_ _0\"></span>ndono <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019interno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span><span class=\"ff1\">range <span class=\"_ _6\"></span>le </span></span>esposizioni in bonis <span class=\"_ _0\"></span>al di sopra di un dete<span class=\"_ _0\"></span>rminato livello di ris<span class=\"_ _0\"></span>chiosit\u00e0.<span class=\"_ _3\"></span> Focalizzando  l\u2019attenzione  sul  p<span class=\"_ _3\"></span>rincipale  dei <span class=\"_ _1d\"> </span>trigger  sopra  evidenziati  (la <span class=\"_ _1d\"> </span>variazione  di  p<span class=\"_ _3\"></span>robabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>di  default  lifetime), <span class=\"_ _1d\"> </span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>significativo  incremento  del  rischio  di  <span class=\"ff4\">credito  (\u201cSICR\u201d)  \u00e8  determinato  mettendo  a  confro<span class=\"_ _0\"></span>nto  la  variazione  relativa  dell<span class=\"_ _0\"></span>a </span>Probabilit\u00e0 di Default lifetime registrata tra la data di prima iscrizione del rapporto e <span class=\"_ _3\"></span>quella di osservazione (Delta PD Li<span class=\"_ _5\"></span>fetime) con  soglie <span class=\"_ _16\"> </span>di  sig<span class=\"_ _0\"></span>nificativit\u00e0  p<span class=\"_ _0\"></span>redetermina<span class=\"_ _3\"></span>te. <span class=\"_ _16\"> </span><span class=\"ff4\">L\u2019attribuzione  di <span class=\"_ _16\"> </span>una  PD<span class=\"_ _0\"></span>  Lifetime <span class=\"_ _16\"> </span>ai  singoli<span class=\"_ _0\"></span>  rapporti <span class=\"_ _16\"> </span>viene  effettuat<span class=\"_ _0\"></span>a  tramit<span class=\"_ _35\"></span>e </span>riconduzione <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>masterscale <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>rating <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>segmento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>iscrizione <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>all\u2019osservazione. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ratin<span class=\"_ _5\"></span><span class=\"ff1 ls17\">g </span>sono  determinati  sulla  base  di  modelli  i<span class=\"_ _0\"></span>nterni<span class=\"_ _3\"></span>  ove  disponibili  o  gestionali.  In  assenza  di  r<span class=\"_ _0\"></span>ating  vengono  assegnate  l<span class=\"_ _0\"></span>e PD<span class=\"ls0\"> Benchmark sul tipo di co<span class=\"_ _0\"></span>ntroparte valutata.  </span>La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>significativo <span class=\"_ _5\"></span>deterioramento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>dall\u2019incremento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>PD <span class=\"_ _6\"></span>lifetime <span class=\"_ _6\"></span>causata <span class=\"_ _5\"></span>dai <span class=\"_ _6\"> </span>downgrade della <span class=\"_ _3\"></span>posizio<span class=\"ff4\">ne <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l\u2019origination <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>(\u201cobservation\u201d) nonch\u00e9 <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>dei </span>fattori macroeconomici<span class=\"_ _0\"></span> futuri. La <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u201crelativa\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019indicatore <span class=\"_ _3\"></span>dell\u2019incremento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>decr<span class=\"_ _5\"></span><span class=\"ff1\">emento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _6\"> </span>poter <span class=\"_ _4\"> </span>stabilire <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>e, <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>sensi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _6\"> </span>dall\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>eventual<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>incremento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>considerarsi <span class=\"_ _3\"></span>\u201csignificativo\u201d <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>comportare, <span class=\"_ _3\"></span>quindi, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _3\"></span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stages), <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario<span class=\"_ _0\"></span> </span>definire apposite <span class=\"_ _3\"></span>soglie. Gli <span class=\"_ _3\"></span>incrementi di <span class=\"_ _3\"></span>PD <span class=\"_ _3\"></span>lifetime inferiori <span class=\"_ _3\"></span>a tali <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>considerati significativi e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cons<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guenza, non  comportano  il  tra<span class=\"_ _0\"></span>sferimento  di  singo<span class=\"_ _0\"></span>le  linee  di  cre<span class=\"_ _0\"></span>dito/tranches  di  titoli <span class=\"_ _16\"> </span>di  debito  dallo  Stag<span class=\"_ _3\"></span>e  1  allo  Stage  2;  tale spostamento <span class=\"_ _7\"> </span>\u00e8,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece, <span class=\"_ _7\"> </span>necessario <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>presenza <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>incrementi <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>soglie <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>uestione. <span class=\"_ _7\"> </span>Le <span class=\"_ _16\"> </span>soglie utilizzate  so<span class=\"_ _0\"></span>no  stimate <span class=\"_ _16\"> </span>sulla  base <span class=\"_ _16\"> </span>di  un  pr<span class=\"_ _0\"></span>ocesso  di <span class=\"_ _16\"> </span>simulazioni  e<span class=\"_ _0\"></span>d  ottimizzazio<span class=\"_ _0\"></span>ni  di  p<span class=\"_ _0\"></span>erformance  pr<span class=\"_ _0\"></span>edittive,  s<span class=\"_ _0\"></span>v<span class=\"_ _5\"></span>iluppate utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>granulari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafoglio. <span class=\"_ _3\"></span>Sono <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>puntuali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>Corporate, <span class=\"_ _3\"></span>Retail, Lar<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>Corpo<span class=\"_ _5\"></span>rate <span class=\"_ _3\"></span>e SME <span class=\"_ _6\"></span>Retail <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>estese <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>affinit\u00e0 <span class=\"_ _4\"></span>metodologic<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"></span>modelli. <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>glie <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>differenziano <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>esidua, <span class=\"_ _6\"></span>g<span class=\"_ _5\"></span>ranularit\u00e0 annuale e classe di r<span class=\"_ _0\"></span>ating. La <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>calibrata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trovare <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orretto <span class=\"_ _5\"></span>bilanciamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>performan<span class=\"_ _5\"></span><span class=\"ls1f\">ce </span>relativi alla capacit\u00e0 <span class=\"_ _0\"></span>delle soglie stesse di<span class=\"_ _0\"></span>: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntercettare posizioni<span class=\"_ _0\"></span> a stage 2 prima del loro passaggio <span class=\"_ _0\"></span>a default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificare le posi<span class=\"_ _0\"></span>zioni per le quali il <span class=\"_ _0\"></span>rientro a stage 1 sia si<span class=\"_ _0\"></span>nonimo di un effettiv<span class=\"_ _0\"></span>o miglioramento del m<span class=\"_ _0\"></span>erito di credito.<span class=\"_ _2\"></span> </span>Alcune c<span class=\"_ _3\"></span>onsiderazioni peculiari va<span class=\"_ _3\"></span>lgono poi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>\u201cstaging\u201d dei <span class=\"_ _3\"></span>titoli. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>dei crediti<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>infatti, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>questa tipologia <span class=\"_ _3\"></span>di </span>esposizioni, operazioni d<span class=\"_ _3\"></span>i co<span class=\"_ _3\"></span>mpravendita successive al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>acquisto (effettuate c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>medesimo ISIN) <span class=\"_ _3\"></span>possono rientrare <span class=\"_ _1d\"> </span>abitualmente <span class=\"_ _1d\"> </span>nell\u2019ordinaria  at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>gestione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>neces<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>una </span>metodologia <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>adottare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>endite <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quantit\u00e0 <span class=\"_ _2\"></span>residue <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singo<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni cui associare una <span class=\"_ _3\"></span>qualit\u00e0 creditizia/rating all\u2019origin<span class=\"_ _0\"></span>ation da comparare con <span class=\"_ _3\"></span>quella della da<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>a di reporting). In <span class=\"_ _3\"></span>questo </span>contesto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ritenuto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>metodologia <span class=\"_ _7\"> </span>\u201cfirst<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls13\">in<span class=\"_ _3\"></span></span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>\u201cFIFO\u201d <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>riversamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico dell\u2019ECL registrata, in c<span class=\"_ _0\"></span>aso di vendite e rimborsi) contrib<span class=\"_ _0\"></span>uisca ad una gestione pi\u00f9 trasp<span class=\"_ _0\"></span>arente del p<span class=\"_ _3\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>rtafoglio, anche dal p<span class=\"_ _0\"></span>unto </span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli o<span class=\"_ _3\"></span>peratori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>front <span class=\"_ _3\"></span>office, <span class=\"_ _3\"></span>consentendo, <span class=\"_ _3\"></span>contestualmente, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>aggiornamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>merit<span class=\"_ _2\"></span><span class=\"lsc\">o </span>creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. Una <span class=\"_ _5\"></span>volta <span class=\"_ _6\"></span>definita <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>div<span class=\"_ _3\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rsi <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>creditizio, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese </span>(ECL) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>effettuata, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>singola <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titolo, <span class=\"_ _5\"></span>partendo <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _5\"></span>IRB/Gestionale, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>ui parametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Probabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Default <span class=\"_ _7\"> </span>(PD), <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>oss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>De<span class=\"_ _3\"></span>fault <span class=\"_ _16\"> </span>(LGD) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Exposure <span class=\"_ _7\"> </span>at <span class=\"_ _16\"> </span>Default <span class=\"_ _7\"> </span>(EAD), <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>effettuati opportuni interventi cor<span class=\"_ _0\"></span>rettivi, in modo da g<span class=\"_ _0\"></span>arantirne la complia<span class=\"_ _0\"></span>nce con le pres<span class=\"_ _0\"></span>crizioni peculiari dell\u2019<span class=\"_ _0\"></span>IFRS 9. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per PD, LGD ed EAD<span class=\"_ _0\"></span> valgono le seguenti defini<span class=\"_ _0\"></span>zioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>PD  (Probabilit\u00e0  di  De<span class=\"_ _0\"></span>fault)<span class=\"ff4\">:  probabilit\u00e0 <span class=\"_ _16\"> </span>di  migrare  d<span class=\"_ _0\"></span>allo  stato<span class=\"_ _0\"></span>  di  bonis <span class=\"_ _16\"> </span>a  quello <span class=\"_ _16\"> </span>di  credito  dete<span class=\"_ _0\"></span>riorato  nell\u2019o<span class=\"_ _0\"></span>rizzonte </span></span>temporale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>anno. <span class=\"_ _5\"></span>Nei <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vigilanza, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fattore <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>tipicamente <span class=\"_ _5\"></span>quantificato<span class=\"_ _0\"></span> attraverso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ratin<span class=\"_ _3\"></span>g. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>S<span class=\"_ _3\"></span>anpaolo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>interno <span class=\"_ _2\"></span>laddove <span class=\"_ _2\"></span>disponibili, integrati da valutazio<span class=\"_ _0\"></span>ni esterne o da dati m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>di di segmento/port<span class=\"_ _0\"></span>afoglio;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>(Loss <span class=\"_ _2\"></span>Given <span class=\"_ _2\"></span>Default): <span class=\"_ _3\"></span>percentuale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>default. <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dis<span class=\"_ _5\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vigilanza </span>viene quantificata <span class=\"_ _0\"></span>attraverso l\u2019esperienza st<span class=\"_ _0\"></span>orica dei recuperi at<span class=\"_ _0\"></span>tualizzati sulle <span class=\"_ _0\"></span>pratiche passate a cre<span class=\"_ _0\"></span>dito deteriorato;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">EAD (Exposure At Default) o equivale<span class=\"_ _0\"></span>nte creditizio: ammont<span class=\"_ _0\"></span>are dell\u2019esposizione <span class=\"_ _0\"></span>al momento del d<span class=\"_ _0\"></span>efault. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Come <span class=\"_ _5\"></span>g<span class=\"ff4\">i\u00e0 <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>evidenziato, <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>poter <span class=\"_ _6\"></span>rispettare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>reso <span class=\"_ _5\"></span>necessario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>interventi <span class=\"_ _6\"></span>di </span>adeguamento sui su<span class=\"_ _0\"></span>ddetti fattori, tra cui <span class=\"_ _0\"></span>si ricordano in partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019adozione di una PD<span class=\"_ _0\"></span> Point in Time (PIT<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> a fronte della PD<span class=\"_ _0\"></span> Thro<span class=\"_ _3\"></span><span class=\"ff1\">ugh the Cycle (TTC) usa<span class=\"_ _0\"></span>ta ai fini di Basilea; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a rimozione dalla LGD TTC<span class=\"_ _0\"></span> di alcune componenti aggiuntive, quali i c<span class=\"_ _0\"></span>osti indiretti (costi non ripeti<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ili) e ulteriori margin<span class=\"_ _2\"></span>i di </span>conservativismo <span class=\"_ _1d\"> </span>specificatamente <span class=\"_ _1d\"> </span>introdotti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>modelli <span class=\"_ _17\"> </span>regolamentari, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>della <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _1d\"> </span>legata <span class=\"_ _17\"> </span>al <span class=\"_ _1d\"> </span>ciclo economico avverso (c.d.<span class=\"_ _0\"></span> Downturn); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019introduzione  di<span class=\"_ _0\"></span>  trattamenti  specifi<span class=\"_ _0\"></span>ci  rispetto  al  dett<span class=\"_ _0\"></span>ato  regolamentare,  ai  fini <span class=\"_ _16\"> </span>della  stima  della  LGD  cont<span class=\"_ _0\"></span>abile,  per<span class=\"_ _0\"></span> </span></span>includere <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>modellistica (<span class=\"_ _3\"></span>in coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>indicazioni de<span class=\"_ _3\"></span>ll\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>sull\u2019utilizzo di <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>entity <span class=\"_ _3\"></span>specific) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime di <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>glia <span class=\"_ _5\"></span>regolamenta<span class=\"_ _0\"></span>re <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Maximum <span class=\"_ _2\"></span>Recovery <span class=\"_ _5\"></span>Period, <span class=\"_ _2\"></span>cio\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>la Vigilanza ipotizza re<span class=\"_ _0\"></span>cuperi nulli; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>ove <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessario, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>GD <span class=\"_ _5\"></span>multiperiodali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019intera <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>residua </span></span>dello strumento finanzi<span class=\"_ _0\"></span>ario (Stage 2 e 3); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>attesi, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span></span>ell<span class=\"lsc\">a </span></span>singola <span class=\"_ _2\"></span>operazione, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>regolamentari, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>sconto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _0\"></span> avviene tramite i tas<span class=\"_ _0\"></span>si di attualizzazione <span class=\"_ _0\"></span>determinati in conform<span class=\"_ _0\"></span>it\u00e0 con la normati<span class=\"_ _0\"></span>va prudenziale.<span class=\"_ _3\"></span> In relazione all\u2019EAD multiperiodale, in linea con i<span class=\"_ _3\"></span>l dettato dell\u2019IFRS 9, il Gruppo Intesa Sanpaolo fa riferimento ai piani al costo ammortizzato per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>riguarda sia <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>titoli d<span class=\"_ _3\"></span>i debito, <span class=\"_ _3\"></span>a prescindere dalle <span class=\"_ _3\"></span>relative modalit\u00e0 <span class=\"_ _3\"></span>di valutazione<span class=\"_ _5\"></span> (<span class=\"_ _3\"></span>costo ammortizzat<span class=\"ff4\">o <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _7\"> </span>redditivit\u00e0 <span class=\"_ _6\"> </span>complessiva). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>(margini), <span class=\"_ _6\"> </span>l\u2019EAD <span class=\"_ _4\"> </span>\u00e8, </span>invece, assunta pari al <span class=\"_ _0\"></span>valore nominale pond<span class=\"_ _0\"></span>erato per un apposit<span class=\"_ _0\"></span>o Fattore di Conversio<span class=\"_ _0\"></span>ne Creditizia (CCF).<span class=\"_ _3\"></span> La <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>riflette, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miglior <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>futur<span class=\"_ _5\"></span>e, <span class=\"_ _2\"></span>prime <span class=\"_ _2\"></span>tra tutte <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>contesto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>condizionate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _5\"></span>forward <span class=\"_ _6\"></span>looking. <span class=\"_ _16\"> </span><span class=\"ff4\">Nell\u2019ambi</span>to dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Regulators <span class=\"_ _5\"></span>internazionali, <span class=\"_ _5\"></span>assumono <span class=\"_ _2\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazion<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>sugli scenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca pu\u00f2 <span class=\"_ _3\"></span>trovarsi a<span class=\"_ _3\"></span>d operare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza, la <span class=\"_ _3\"></span>situazio<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span>dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span>quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>attesa <span class=\"_ _18\"> </span>sulle esposizioni). <span class=\"_ _3\"></span>Da un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>possibili approcci a<span class=\"_ _3\"></span>lternativi al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>prendere <span class=\"_ _6\"></span>in considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha deciso <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>adottare <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _7\"> </span>likely <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _7\"> </span>Add<span class=\"_ _3\"></span></span>-<span class=\"ff4\">on\u201d. <span class=\"_ _7\"> </span>Secondo <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>approccio, <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>condizionamento </span>macroeconomico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>LGD <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>\u00abMost <span class=\"_ _3\"></span>Likely\u00bb, <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>per altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e <span class=\"_ _3\"></span>piani di impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span>positivo sui para<span class=\"ff4\">metri di risc<span class=\"_ _0\"></span>hio, \u00e8 stato scelto <span class=\"_ _0\"></span>di sterilizzarne l\u2019effetto <span class=\"_ _0\"></span>sia per finalit\u00e0 di stagi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g che di calcol<span class=\"_ _0\"></span>o dell\u2019ECL. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Lo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>macroeconomico \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ricerche d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>previsivi <span class=\"_ _2\"></span>portati <span class=\"_ _3\"></span>poi in <span class=\"_ _2\"></span>condivisione <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>consenso. <span class=\"_ _5\"></span>Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>peggiorativi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>determinati tramite stress dell<span class=\"_ _0\"></span>e variabili in input ai m<span class=\"_ _0\"></span>odelli previsivi. In  particolare  la  determinazione  dello  scenario<span class=\"_ _0\"></span>  \u201cmost<span class=\"_ _3\"></span><span class=\"ff1\">-</span>likely\u201d  e  di <span class=\"_ _1d\"> </span>quelli<span class=\"_ _0\"></span>  alterna<span class=\"_ _3\"></span><span class=\"ff1\">tivi  avviene  utilizzando  un  complesso  di </span>strumenti analitici <span class=\"_ _0\"></span>e previsionali stand-alone che determinano<span class=\"_ _0\"></span> il sentiero previs<span class=\"_ _0\"></span>ionale per alcuni <span class=\"_ _0\"></span>blocchi di variabili, in<span class=\"_ _0\"></span> dettaglio: <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>onti nazionali e infla<span class=\"_ _0\"></span>zione dei primi <span class=\"_ _0\"></span>6 paesi dell\u2019Eurozona,<span class=\"_ _0\"></span> degli Stati Uniti<span class=\"_ _3\"></span><span class=\"ff1\"> e del Giappone; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi ufficiali (BCE<span class=\"_ _0\"></span>, Fed, BoJ), curve dei <span class=\"_ _0\"></span>tassi swap EUR e US<span class=\"_ _0\"></span>D, alcuni punti delle cu<span class=\"_ _0\"></span>rve governative; <span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi di cambio per E<span class=\"_ _0\"></span>UR, USD, JPY e GBP; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici di borsa (DJ E<span class=\"_ _0\"></span>urostoxx 50 e S&amp;P 500<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzo del Brent; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>lcuni dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dettaglio per <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>economia italiana <span class=\"_ _3\"></span>(produzione industriale, <span class=\"_ _3\"></span>prezzi degli <span class=\"_ _3\"></span>immobili, occupazione, <span class=\"_ _3\"></span>saldi <span class=\"_ _3\"></span>di finanza </span>pubblica). Tali previsioni vengono poi elaborate tramite<span class=\"_ _0\"></span> il modello strutturale multi<span class=\"_ _3\"></span>-<span class=\"ff4\">paese \u201c<span class=\"_ _3\"></span>Global Economic<span class=\"_ _0\"></span> Model\u201d di Oxford Economics,<span class=\"_ _0\"></span> </span>ove <span class=\"_ _3\"></span>sostituiscono <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span><span class=\"ff4\">corsi <span class=\"_ _3\"></span>previsionali <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019aggiornam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>database<span class=\"_ _0\"></span>. </span>Il <span class=\"_ _3\"></span>modello viene <span class=\"_ _3\"></span>quindi risolto <span class=\"_ _3\"></span>per r<span class=\"_ _3\"></span>icavare un <span class=\"_ _3\"></span>quadro previsionale <span class=\"_ _3\"></span>globale coerente, i<span class=\"_ _3\"></span>nclusivo di v<span class=\"_ _3\"></span>ariabili per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali non<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono stati <span class=\"_ _7\"> </span>sviluppati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>ad  h<span class=\"_ _0\"></span>oc, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isporre <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>ambiente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>simulazione <span class=\"_ _16\"> </span>utilizzabile <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>generare <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>scenari alternativi. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>richiedere <span class=\"_ _5\"></span>alcune <span class=\"_ _2\"></span>iterazioni, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oprattutto<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _2\"></span>previsionale <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>ricorso <span class=\"_ _4\"> </span>ad elaborazioni  interne  si <span class=\"_ _1d\"> </span>discosti <span class=\"_ _1d\"> </span>significativament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>da  quello  di <span class=\"_ _1d\"> </span>Oxford  Economics. <span class=\"_ _1d\"> </span>In  tal  caso, <span class=\"_ _1d\"> </span>pu\u00f2  essere <span class=\"_ _1d\"> </span>necessari<span class=\"_ _0\"></span>o procedere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>tuning <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>variabili <span class=\"_ _5\"></span>secondarie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>ritengono <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>coerenti <span class=\"_ _2\"></span>co<span class=\"_ _6\"></span>n <span class=\"_ _5\"></span>lo scenario di prevision<span class=\"_ _0\"></span>e o che risultino caratterizzate da <span class=\"_ _0\"></span>una volatilit\u00e0 trimestral<span class=\"_ _0\"></span>e non spiegabile. La selezione dei p<span class=\"_ _0\"></span>ercorsi alternativi viene e<span class=\"_ _0\"></span>ffettuata con il ricors<span class=\"_ _0\"></span>o a informazioni est<span class=\"_ _0\"></span>erne. In particolare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>medi <span class=\"_ _3\"></span>annui <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>paesi: <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>fond<span class=\"_ _2\"></span>amentale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>simulazione, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scostamenti<span class=\"_ _35\"></span> </span>vengono <span class=\"_ _3\"></span>determinati in <span class=\"_ _2\"></span>modo da <span class=\"_ _3\"></span>replicare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>dispersione <span class=\"_ _3\"></span>delle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita p<span class=\"_ _3\"></span>ubblicate da <span class=\"_ _2\"></span>Consensus<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Economics <span class=\"_ _3\"></span>nel pi\u00f9  r<span class=\"_ _0\"></span>ecente  r<span class=\"_ _0\"></span>apporto <span class=\"_ _16\"> </span>disponibile <span class=\"_ _16\"> </span>alla  data <span class=\"_ _7\"> </span>della  simulazion<span class=\"_ _0\"></span>e,  consid<span class=\"_ _0\"></span>erando  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>previsioni  mini<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a  e  ma<span class=\"_ _0\"></span>ssima <span class=\"_ _16\"> </span>(previa applicazione di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>filtro per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019identificazione e <span class=\"_ _2\"></span>l\u2019eliminazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>outliers). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>outliers, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>dato <span class=\"_ _3\"></span>ano<span class=\"_ _5\"></span><span class=\"ff1\">malo </span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cartato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>massimo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>restanti. <span class=\"_ _5\"></span>Poich\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consenso <span class=\"_ _2\"></span>so<span class=\"_ _5\"></span>no <span class=\"_ _5\"></span>disponibili soltanto  p<span class=\"_ _0\"></span>er  i  prim<span class=\"_ _0\"></span>i  due <span class=\"_ _16\"> </span>anni  dell\u2019orizz<span class=\"_ _0\"></span>onte  di <span class=\"_ _16\"> </span>simulazione, <span class=\"_ _16\"> </span>per  il  terz<span class=\"_ _0\"></span>o  anno <span class=\"_ _16\"> </span>si  ricorre <span class=\"_ _16\"> </span>a  una  est<span class=\"_ _0\"></span>rapolazione <span class=\"_ _16\"> </span>degli scostamenti indivi<span class=\"_ _0\"></span>duati per i primi due anni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>borsa <span class=\"_ _7\"> </span>(DJ <span class=\"_ _7\"> </span>Eurostoxx <span class=\"_ _4\"></span>50, <span class=\"_ _7\"> </span>S&amp;P500) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>immobiliari <span class=\"_ _4\"> </span>residenzial<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>statunitensi: <span class=\"_ _4\"> </span>vengono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me </span>riferimento le previsi<span class=\"_ _0\"></span>oni minime e massim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del panel di Thoms<span class=\"_ _0\"></span>on Reuters;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _6\"></span>immobiliari <span class=\"_ _6\"></span>residenziali <span class=\"_ _6\"></span>italiani: <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>disponendo <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consenso, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>percorsi <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>partono </span>dalla distribuzione delle variazi<span class=\"_ _0\"></span>oni trimestrali stor<span class=\"_ _0\"></span>iche disponibili dal 1<span class=\"_ _0\"></span>980 al trimestre c<span class=\"_ _0\"></span>orrente. <span class=\"_ _3\"></span> A partire dal valore di percentile identificato, per lo scenario Most likely, vengono identificate le variazioni corris<span class=\"_ _0\"></span>ponden<span class=\"_ _5\"></span>ti a uno scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0, <span class=\"_ _6\"></span>calcolato <span class=\"_ _4\"></span>attraver<span class=\"ff4\">so <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>statistica <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>distribuzione <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>torica <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>sservazioni. <span class=\"_ _6\"> </span>Le <span class=\"_ _4\"> </span>due <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazioni<span class=\"_ _35\"></span> </span>(positiva <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>negativa) <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>Most<span class=\"_ _3\"></span>-Likely, <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"></span>utilizzate <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>calcolo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>singoli <span class=\"_ _6\"></span>ind<span class=\"_ _3\"></span>ici<span class=\"_ _0\"></span> identificati, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icostruendo <span class=\"_ _2\"></span>-per <span class=\"_ _2\"></span>ognu<span class=\"ls10\">no</span>- <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>sentieri <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>(uno <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>gativo) <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresentano <span class=\"_ _2\"></span>l\u2019input <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la </span>determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Add-On. <span class=\"_ _4\"></span>Lo <span class=\"_ _6\"></span>scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>identificato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"></span>di variabilit\u00e0 della serie<span class=\"_ _0\"></span>, in modo da ottenere uno scostament<span class=\"_ _0\"></span>o dallo scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely di ampie<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>za significativa.  In <span class=\"_ _5\"></span>aggiunta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>percorsi <span class=\"_ _5\"></span>alternativi, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>mantenuta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>possibili <span class=\"_ _2\"></span>addit<span class=\"_ _3\"></span>ional <span class=\"_ _2\"></span>factors, <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _5\"></span>eventi<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ls17\">o </span>scenari <span class=\"_ _4\"></span>idiosincratici <span class=\"_ _6\"></span>avversi, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>esplicitamente <span class=\"_ _4\"> </span>incorporati <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>serie <span class=\"_ _4\"></span>storiche <span class=\"_ _6\"></span>utilizzate <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenario Most-Likely o nei perc<span class=\"_ _0\"></span>orsi alternativi, che po<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sono generare ulte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iori effetti significa<span class=\"_ _0\"></span>tivi sulle perdite atte<span class=\"_ _0\"></span>se. <span class=\"_ _2\"></span> Di tali eventi/scenari si<span class=\"_ _0\"></span> valutano:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l possibile orizz<span class=\"_ _0\"></span>onte di realizzazione (time frame<span class=\"_ _0\"></span>); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l grado di inclusio<span class=\"_ _0\"></span>ne nello scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely o nei percorsi a<span class=\"_ _0\"></span>lternativi;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l potenziale imp<span class=\"_ _0\"></span>atto, valutato in termini<span class=\"_ _0\"></span> qualitativi. </span>La <span class=\"_ _2\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>additional <span class=\"_ _2\"></span>factors <span class=\"_ _2\"></span>attinge <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>elenchi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>contenuti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>rapporti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IMF <span class=\"_ _2\"></span>(World Economic Outlook) e Commi<span class=\"_ _0\"></span>ssione Europea e<span class=\"_ _0\"></span> pu\u00f2 mutare nel t<span class=\"_ _0\"></span>empo.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>valutazione del <span class=\"_ _3\"></span>time<span class=\"_ _3\"></span>-frame <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>additional factors, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>impossibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>collocare <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>specifico<span class=\"_ _0\"></span> orizzonte <span class=\"_ _3\"></span>temporale, <span class=\"_ _2\"></span>caratteristica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rende <span class=\"_ _2\"></span>poco <span class=\"_ _3\"></span>praticabile <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sua <span class=\"_ _2\"></span>incorporazione n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>Most<span class=\"_ _2\"></span>-L<span class=\"_ _3\"></span>ikely <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>percorsi alternativi. Le <span class=\"_ _3\"></span>valutazioni effettuate tengono conto <span class=\"_ _3\"></span>del fa<span class=\"_ _3\"></span>tto che <span class=\"_ _3\"></span>le stime <span class=\"_ _3\"></span>di consenso <span class=\"_ _3\"></span>potrebbero includere previsioni <span class=\"_ _3\"></span>che gi\u00e0 <span class=\"_ _3\"></span>incorporan<span class=\"_ _5\"></span>o nelle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>stime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>realizzazione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arziale, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _3\"></span>sicch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>percorsi <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>potre<span class=\"_ _5\"></span>bbero <span class=\"_ _2\"></span>gi\u00e0 incorporare in qualche m<span class=\"_ _0\"></span>isura tali fattori <span class=\"_ _0\"></span>addizionali. In condizioni di incertezza marcata <span class=\"_ _3\"></span>delle proiezioni macroecono<span class=\"_ _0\"></span>m<span class=\"_ _3\"></span>iche n<span class=\"_ _3\"></span>azionali ed internazionali e in presenza di scostamenti significativi in senso migliorativo delle proiezioni risp<span class=\"_ _0\"></span>etto allo scenario TTC, possono essere introdotti eleme<span class=\"_ _0\"></span>nti di pruden<span class=\"_ _2\"></span>zi<span class=\"_ _3\"></span>alit\u00e0<span class=\"_ _0\"></span> con riferimento agli sc<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stamenti dei valori mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi e massimi delle variabili basati sul Consens<span class=\"_ _0\"></span>us o storici sopradescri<span class=\"_ _0\"></span>tti.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>suddetti <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _2\"></span>(most <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alternativi) <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>interni <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parame<span class=\"_ _5\"></span>tri point-<span class=\"ls13\">in</span>-time (PIT).  Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tas<span class=\"_ _3\"></span><span class=\"ff4\">si <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>differenziate <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span></span>-settori economici <span class=\"_ _5\"></span>(es <span class=\"_ _5\"></span>Famiglie <span class=\"_ _5\"></span>consumatrici, <span class=\"_ _6\"></span>Famiglie <span class=\"_ _5\"></span>produttrici, <span class=\"_ _5\"></span>Costruzioni, <span class=\"_ _5\"></span>\u2026) <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>ciascuno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i, <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>satelli<span class=\"_ _5\"></span><span class=\"ff1\">te </span>stabiliscono <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>relazioni <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>varia<span class=\"_ _3\"></span>bili  m<span class=\"_ _35\"></span>acroeconomiche <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>permettono <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ottenere <span class=\"_ _7\"> </span>i  ta<span class=\"_ _0\"></span>ssi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>default <span class=\"_ _7\"> </span>prospettici. <span class=\"_ _16\"> </span>Questi consentono <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>olta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>condizionare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transizione <span class=\"_ _7\"> </span>TTC <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>classi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ottenere <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di transizione PIT per cia<span class=\"_ _0\"></span>scuno scenario (Mo<span class=\"_ _0\"></span>st lik<span class=\"_ _3\"></span>ely e alternativi<span class=\"_ _0\"></span>); da queste ultime si o<span class=\"_ _0\"></span>ttengono le PD<span class=\"_ _0\"></span> condizionate lifetime.  In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>TTC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segmenti <span class=\"_ _3\"></span>Corporate, SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Retail ven<span class=\"_ _3\"></span>gono utilizza<span class=\"_ _5\"></span>ti i tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>interni, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segment<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Low <span class=\"_ _3\"></span>Default, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>profondit\u00e0 de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>serie s<span class=\"_ _3\"></span>toriche i<span class=\"_ _3\"></span>nterne \u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>esigua, <span class=\"_ _3\"></span>si utilizzano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca d<span class=\"_ _3\"></span>\u2019Italia.<span class=\"_ _3\"></span><span class=\"ffc\"> <span class=\"_ _3\"></span><span class=\"ff1\">Ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>Point <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Time <span class=\"_ _2\"></span>forward<span class=\"_ _3\"></span>-looking <span class=\"_ _3\"></span>vengono, </span></span>invece, utilizzati i t<span class=\"_ _0\"></span>assi di default di sistema per tutti i s<span class=\"_ _0\"></span>egmenti. Un analogo process<span class=\"_ _0\"></span>o viene utilizzato per d<span class=\"_ _0\"></span>eterminare le griglie <span class=\"_ _0\"></span>di LGD PIT.<span class=\"_ _3\"></span> Tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rimborso <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>finanziamenti,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>condizionate, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>maturity <span class=\"_ _5\"></span>residua <span class=\"_ _6\"></span>e dello staging si determinano le <span class=\"_ _0\"></span>perdite di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie performing. Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie no<span class=\"_ _0\"></span>n performing I <span class=\"_ _3\"></span>crediti deteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, dalle <span class=\"_ _3\"></span>inadempienze probabili e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>scad<span class=\"_ _5\"></span>ute <span class=\"_ _3\"></span>e/o sconfinanti da oltre 9<span class=\"_ _0\"></span>0 giorni. I crediti deteriorati cl<span class=\"_ _0\"></span>assificati a sofferenz<span class=\"_ _0\"></span>a sono assoggettati all<span class=\"_ _0\"></span>e seguenti modalit\u00e0 <span class=\"_ _0\"></span>di valutazione:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _4\"></span>analitico-<span class=\"ff4\">statistica, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>adottata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>inferiori <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>basata <span class=\"_ _4\"> </span>sull\u2019appl<span class=\"_ _2\"></span></span>icazione <span class=\"_ _4\"> </span>di </span>apposite <span class=\"_ _3\"></span>griglie di <span class=\"_ _2\"></span>LGD, a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui s<span class=\"_ _3\"></span>i aggiunge <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-<span class=\"ff4\">On a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tenere conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>legate a<span class=\"_ _3\"></span>ll\u2019evoluzione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>delle </span>condizioni correnti riferibili a <span class=\"_ _3\"></span>variabili gestionali altamente <span class=\"_ _3\"></span>correlate con <span class=\"_ _3\"></span>la dinamica delle p<span class=\"_ _3\"></span>erdite e f<span class=\"_ _3\"></span>orward lookin<span class=\"_ _5\"></span>g riferite agli impatti di scenar<span class=\"_ _0\"></span>i macroeconomici f<span class=\"_ _0\"></span>uturi attesi (come illu<span class=\"_ _0\"></span>strato nei paragrafi pre<span class=\"_ _0\"></span>cedenti);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione  a<span class=\"_ _0\"></span>nalitico-specifica,  che <span class=\"_ _16\"> </span>\u00e8  adottata <span class=\"_ _16\"> </span>per  i  clienti <span class=\"_ _16\"> </span>con  esposizi<span class=\"_ _0\"></span>oni  superiori <span class=\"_ _16\"> </span>a  2  milioni <span class=\"_ _16\"> </span>ed  \u00e8  basat<span class=\"_ _0\"></span>a  sulle<span class=\"_ _35\"></span> </span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tribuite <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>gestore, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _5\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>luce<span class=\"_ _0\"></span> dell\u2019evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>correnti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>aggiunge <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Add<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>On <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>delle </span>informazioni forward looking, in p<span class=\"_ _3\"></span>articolare q<span class=\"_ _3\"></span>uelle riferite agli <span class=\"_ _3\"></span>impatti di <span class=\"_ _3\"></span>scenari macroeconomici futuri (ad eccezione delle sofferenze <span class=\"_ _3\"></span>assistite da <span class=\"_ _2\"></span>garanzie ipotecarie <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>scenar<span class=\"_ _5\"></span><span class=\"ls13\">i </span>futuri sono inclusi tram<span class=\"_ _0\"></span>ite le modalit\u00e0 di d<span class=\"_ _0\"></span>eter<span class=\"_ _3\"></span>minazione degli hair<span class=\"_ _0\"></span>cut al valore degli imm<span class=\"_ _0\"></span>obili in garanzia). Anche la valutazione d<span class=\"_ _0\"></span>elle inadempienze p<span class=\"_ _0\"></span>robabili (Unlikely t<span class=\"_ _0\"></span>o Pay <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> UTP) \u00e8 operata sulla base <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i differenti appr<span class=\"_ _0\"></span>occi:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _1d\"> </span>analitico-statistica, <span class=\"_ _17\"> </span>per <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _17\"> </span>esposizioni <span class=\"_ _1d\"> </span>inferiori <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>2 <span class=\"_ _17\"> </span>milion<span class=\"_ _3\"></span><span class=\"ff4\">i, <span class=\"_ _17\"> </span>basata <span class=\"_ _1d\"> </span>sull\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>apposite <span class=\"_ _17\"> </span>griglie </span></span>statistiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiunge <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-On <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>itate <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ondizioni<span class=\"_ _0\"></span> correnti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _3\"></span>futuri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span><span class=\"ff4\">lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di </span>penalizzare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>presentano <span class=\"_ _5\"></span>movimenta<span class=\"_ _0\"></span>zioni <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>recuperi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>determinat<span class=\"_ _35\"></span>o periodo di tempo; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _2\"></span>analitico-specifica<span class=\"ff5 lsd\">, <span class=\"_ _2\"></span></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>basata <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>svalutazione </span>attribuite  dal  gestore,  a  seguito  di  appositi  processi  di  analisi  e  valutazione  anche  alla  luce  dell\u2019ev<span class=\"_ _0\"></span>oluzione  delle condizioni <span class=\"_ _6\"></span>correnti, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>agg<span class=\"_ _0\"></span>iunge <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>com<span class=\"_ _3\"></span>ponente <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span><span class=\"ff2\">Add-On <span class=\"_ _6\"></span></span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>tener <span class=\"_ _4\"></span>conto, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>caso, <span class=\"_ _4\"></span>degli impatti di scenari macr<span class=\"_ _0\"></span>oeconomici futuri e <span class=\"_ _0\"></span>della permanenza nell<span class=\"_ _0\"></span>o stato di rischio.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>soglia per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>fissato da<span class=\"_ _3\"></span> part<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>competenti <span class=\"_ _3\"></span>Organi delle singole <span class=\"_ _3\"></span>Societ\u00e0, d<span class=\"_ _3\"></span>i concerto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>strutture di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>fissato d<span class=\"_ _6\"></span>alla Capogruppo. Indipendentemente dall<span class=\"_ _0\"></span>a suddivisione di tali esposizioni tra quelle oggetto di<span class=\"_ _0\"></span> valu<span class=\"_ _2\"></span>tazione analitico-statistica e quelle oggetto di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>analitico-specifica <span class=\"_ _2\"></span>(come <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>identificate), <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati <span class=\"_ _6\"> </span>cedibili <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>piano <span class=\"_ _6\"></span>d\u2019impresa <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>pianificazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rid<span class=\"_ _3\"></span><span class=\"ff1\">uzione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>prevedano <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>di </span>cessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>comportino <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>riclassifica <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>5. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deterior<span class=\"_ _5\"></span>ati cedibili, quindi, consi<span class=\"_ _0\"></span>dera la possibilit\u00e0 <span class=\"_ _0\"></span>di realizzo di tali cre<span class=\"_ _0\"></span>diti a<span class=\"_ _3\"></span>nche attraverso la vendit<span class=\"_ _0\"></span>a. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>goria <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>sconfinanti <span class=\"_ _2\"></span>sono, <span class=\"_ _2\"></span>invece, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>nalitica su <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>statistiche <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _2\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dell\u2019esposizione. <span class=\"_ _2\"></span>Anche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso, <span class=\"_ _6\"></span><span class=\"ff1\">comunque, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rettifica <span class=\"_ _3\"></span>definita </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>griglie <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>LGD <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>integrata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tener <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Add<span class=\"_ _5\"></span>-<span class=\"ff4\">On <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>scrivibile <span class=\"_ _7\"> </span>all\u2019effetto </span>dell\u2019evoluzione delle <span class=\"_ _0\"></span>condizioni corr<span class=\"_ _0\"></span>enti e degli scenari ma<span class=\"_ _0\"></span>croeconomici futuri. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _2\"></span>devono <span class=\"_ _3\"></span>continuare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quando non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>trascorsi <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>tre mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oddisfano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>probation <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span>iod). <span class=\"_ _7\"> </span>Tali esposizioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>mantenute, <span class=\"_ _4\"></span>s<span class=\"ff4\">ino <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>maturare <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>condizio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019uscita <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato, <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>rispettive <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"> </span>di </span>rischio e valutate i<span class=\"_ _0\"></span>n modalit\u00e0 analitico-statistica o analitico-speci<span class=\"_ _0\"></span>fica tenendo conto dell<span class=\"_ _0\"></span>a loro minore rischiosit<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _3\"></span> Di <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>fornita <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>breve <span class=\"_ _7\"> </span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>vengono <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>specifica ed analitico-statisti<span class=\"_ _0\"></span>ca:  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-<span class=\"_ _3\"></span>specifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>sofferenze <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>valutazione </span>operata dai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">gestori sulle <span class=\"_ _3\"></span>singole p<span class=\"_ _3\"></span>osizioni basata <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un\u2019analisi <span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span></span>-quantitativa della <span class=\"_ _3\"></span>situazione economico<span class=\"_ _3\"></span>-patrimoniale<span class=\"_ _0\"></span> e <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>strategie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cre<span class=\"_ _6\"></span>diti deteriorati,  d<span class=\"ff4\">i  eventuali  fattori <span class=\"_ _16\"> </span>mitiganti  (garanzie)  e  tenendo  conto <span class=\"_ _16\"> </span>dell\u2019effetto  finanziario  del  tem<span class=\"_ _0\"></span>po  stimato  come </span>necessario per il r<span class=\"_ _0\"></span>ecupero. In <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze<span class=\"_ _0\"></span>, <span class=\"_ _16\"> </span>assumono <span class=\"_ _7\"> </span>rilevanza <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _16\"> </span>serie <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elementi, <span class=\"_ _7\"> </span>diversamente <span class=\"_ _7\"> </span>presenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>delle caratteristiche <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>posizioni, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>valutare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>massima <span class=\"_ _5\"></span>accuratezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prudenza, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>citano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mero <span class=\"_ _5\"></span>titolo esemplificativo: o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>natura del credito, <span class=\"_ _0\"></span>privilegiato o chirogr<span class=\"_ _0\"></span>afario; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>consistenza patrimo<span class=\"_ _0\"></span>niale netta degli obblig<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti/terzi datori di ga<span class=\"_ _0\"></span>ranzie rea<span class=\"_ _3\"></span><span class=\"ls11\">li;</span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>complessit\u00e0 del cont<span class=\"_ _0\"></span>enzioso in essere o <span class=\"_ _0\"></span>potenziale e/o dell<span class=\"_ _0\"></span>e questioni giuridi<span class=\"_ _0\"></span>che sottese;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione degli ob<span class=\"_ _0\"></span>bligati nei confr<span class=\"_ _0\"></span>onti del sistema bancar<span class=\"_ _0\"></span>io e di altri cre<span class=\"_ _0\"></span>ditori;<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>ultimi bilanci dis<span class=\"_ _0\"></span>ponibili; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>stato giuridico degl<span class=\"_ _0\"></span>i obbligati e penden<span class=\"_ _0\"></span>za di pr<span class=\"_ _3\"></span>ocedure concors<span class=\"_ _0\"></span>uali e/o individu<span class=\"_ _0\"></span>ali. </span>Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>garantiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>immobili, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia delle <span class=\"_ _7\"> </span>serie <span class=\"_ _7\"> </span>storiche <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>recuperi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _7\"> </span>forward<span class=\"_ _3\"></span>-<span class=\"ff4\">looking <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>applicato <span class=\"_ _7\"> </span>un </span>approccio <span class=\"_ _3\"></span>inc<span class=\"ff4\">entrato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>all\u2019asta <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>attesa <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>abbattiment<span class=\"_ _0\"></span>o </span>del <span class=\"_ _16\"> </span>prezzo  os<span class=\"_ _0\"></span>servato, <span class=\"_ _16\"> </span>determinando <span class=\"_ _16\"> </span>degli  h<span class=\"_ _0\"></span>aircut  m<span class=\"_ _35\"></span>edi  differe<span class=\"_ _0\"></span>nziati <span class=\"_ _16\"> </span>per  tipologia<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>i  ga<span class=\"_ _0\"></span>ranzia  imm<span class=\"_ _0\"></span>obiliare <span class=\"_ _16\"> </span>(abitativa, commerciale, <span class=\"_ _16\"> </span>industriale<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>te<span class=\"_ _3\"></span>rreni). <span class=\"_ _16\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>ipotecarie <span class=\"_ _16\"> </span>in  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-specifica <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>viene,  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi,<span class=\"_ _0\"></span> applicato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>Add-On <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evitare <span class=\"_ _4\"> </span>duplicazioni, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>forward looking \u00e8 gi\u00e0 tenut<span class=\"_ _0\"></span>a in considerazione tram<span class=\"_ _0\"></span>ite l\u2019ha<span class=\"ff1\">i<span class=\"_ _3\"></span>rcut.  </span>Con  rif<span class=\"_ _0\"></span>erimento <span class=\"_ _16\"> </span>alle  sofferen<span class=\"_ _0\"></span>ze  immobili<span class=\"_ _0\"></span>ari  riveni<span class=\"_ _0\"></span>enti  da <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _16\"> </span>di  le<span class=\"_ _0\"></span>asing, <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rit\u00e0 <span class=\"_ _16\"> </span>del  prodotto<span class=\"_ _0\"></span> (assenza <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>aste), <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019haircut <span class=\"_ _7\"> </span>\u00e8  stimato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>deprezzamento <span class=\"_ _7\"> </span>del  bene <span class=\"_ _7\"> </span>osservato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>perizia <span class=\"_ _7\"> </span>al  mom<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span> dell\u2019ingresso in sofferenza <span class=\"_ _0\"></span>e l\u2019effettivo prezzo d<span class=\"_ _0\"></span>i vendita.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _2\"></span>quali<span class=\"_ _5\"></span><span class=\"ff1\">-quantitativa <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>situazione<span class=\"_ _0\"></span> </span>economico-patrimoniale e <span class=\"_ _0\"></span>finanziaria del debito<span class=\"_ _0\"></span>re e su una puntu<span class=\"_ _0\"></span>ale verifica della<span class=\"_ _3\"></span> situazione di rischio. La <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>presuppone <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>assa <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>il debitore <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rodurre <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno destinati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>finanziario. <span class=\"_ _3\"></span>Tale s<span class=\"_ _3\"></span>tima deve<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>essere effettuata sulla base <span class=\"_ _0\"></span>di due approcci alte<span class=\"_ _0\"></span>rnativi: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>continuit\u00e0 <span class=\"_ _7\"> </span>operativa <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>\u201cGoing <span class=\"_ _7\"> </span>Concern <span class=\"_ _7\"> </span>Approach\u201d): <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>operativi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>debitore <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>del </span></span>garante <span class=\"_ _2\"></span>effettivo) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuano <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>ripagare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ebiti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>contratti. <span class=\"_ _2\"></span>L\u2019ipotesi <span class=\"_ _2\"></span>di </span>continuit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>esclude <span class=\"_ _16\"> </span>l\u2019eventuale <span class=\"_ _7\"> </span>realizzo  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>garanzie, <span class=\"_ _7\"> </span>ma <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>misura <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>ci\u00f2 <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>avvenire <span class=\"_ _7\"> </span>senza pregiudicare la c<span class=\"_ _3\"></span>apacit\u00e0 del <span class=\"_ _3\"></span>debitore di <span class=\"_ _3\"></span>generare flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>futuri. Il <span class=\"_ _3\"></span>metodo \u201cGoing <span class=\"_ _3\"></span>Concern\u201d trova<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>applicazione </span>anche ai <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui la <span class=\"_ _3\"></span>recuperabilit\u00e0 dell\u2019esposizione si basi <span class=\"_ _3\"></span>sulla eventuale cessione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _3\"></span>da parte <span class=\"_ _3\"></span>del debitore o <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>straordinarie. <span class=\"_ _5\"></span>Similmente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Sofferenze<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>UTP, vengono <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _5\"></span>haircut <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>garanzie <span class=\"_ _5\"></span>immobiliari. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>Going <span class=\"_ _5\"></span>Concern, <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>hai<span class=\"_ _3\"></span>rcut sono <span class=\"_ _7\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>haircut <span class=\"_ _7\"> </span>applicati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>liquidatorio <span class=\"_ _7\"> </span>(sofferenza <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>UTP <span class=\"_ _4\"> </span>Gone<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Concern)<span class=\"_ _0\"></span>, applicando un fattore d<span class=\"_ _0\"></span>i calibrazione pari alla probabilit<span class=\"_ _0\"></span>\u00e0 di migrazione degli UT<span class=\"_ _0\"></span>P a sofferenza; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario di <span class=\"_ _3\"></span>cessazione dell\u2019attivit\u00e0 (c.d.<span class=\"_ _3\"></span></span> <span class=\"ff4\">\u201cGone Concern <span class=\"_ _3\"></span>Approach\u201d): applicabile nei casi in cui <span class=\"_ _3\"></span>si ritiene che <span class=\"_ _3\"></span>i flussi di </span></span>cassa del debitore siano destin<span class=\"_ _0\"></span>ati a venir meno. Si tratta di uno s<span class=\"_ _3\"></span>cenario la cui applicazione potr<span class=\"_ _0\"></span>ebbe eventualmente riguardare <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>prevista <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>classificazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>sofferenza. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>assumendo <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non siano <span class=\"_ _2\"></span>ragionevolmente <span class=\"_ _2\"></span>percorribili <span class=\"_ _3\"></span>interventi <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>straordinarie <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ristrutturazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito in <span class=\"_ _5\"></span>contesti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>turnaround, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>basa <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>assistono <span class=\"_ _2\"></span>il credito  della  Banca  al  netto  dell\u2019applicazione  di  un  haircut  (determinato  come  per  le <span class=\"_ _1d\"> </span>Sofferenze)<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>nonch\u00e9,  i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">n </span>subordine, sul valore di realizzo degli asset patrimoniali, tenuto conto della massa passiva e delle eventuali cause di prelazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione analitic<span class=\"_ _0\"></span>o-statistica, effettuata per le s<span class=\"_ _0\"></span>offerenze e le inadem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ienze probabili di im<span class=\"_ _0\"></span>porto inferiore ai 2 m<span class=\"_ _3\"></span>ilioni e </span>per i crediti scaduti e<span class=\"_ _0\"></span>/o sconfinanti, pres<span class=\"_ _0\"></span>enta delle peculiari<span class=\"_ _0\"></span>t\u00e0 a seconda della ti<span class=\"_ _0\"></span>pologia di esposizione <span class=\"_ _0\"></span>interessata. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>sofferenze, la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione analitico<span class=\"_ _3\"></span>-s<span class=\"_ _3\"></span>tatistica si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _3\"></span>griglie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>Sofferenza, <span class=\"_ _3\"></span>dove <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello<span class=\"_ _3\"></span> LGD <span class=\"_ _3\"></span>Defaulted Asset <span class=\"_ _3\"></span>si caratterizza prevalentemente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la differenziazione <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>erdita in <span class=\"_ _3\"></span>funzione, o<span class=\"_ _3\"></span>ltre che <span class=\"_ _3\"></span>del segmento regolamentare, <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>ermanenza nello <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio (\u201cvintage\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019eventuale attivazione di<span class=\"_ _3\"></span> procedure <span class=\"_ _3\"></span>di recupero <span class=\"_ _4\"></span>giudiziali. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>griglie <span class=\"_ _6\"></span>risultano <span class=\"_ _4\"> </span>inoltre <span class=\"_ _4\"></span>differenziate <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>assi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>analisi <span class=\"_ _4\"></span>significativi <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> modello <span class=\"_ _6\"></span>(es. <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>tecnica, <span class=\"_ _6\"></span>tipologia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gar<span class=\"_ _0\"></span>anzia, <span class=\"_ _6\"></span>area <span class=\"_ _6\"></span>geografica, <span class=\"_ _6\"></span>fascia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esposizione, <span class=\"_ _6\"></span>ecc.). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>griglie <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>tempi <span class=\"_ _6\"></span>di recupero <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _6\"></span>principalmente <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>golament<span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>ulteriori <span class=\"_ _5\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>significativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di modellistica (es. pro<span class=\"_ _0\"></span>cedure di recupero, fa<span class=\"_ _0\"></span>scia di esposizione, f<span class=\"_ _0\"></span>orma tecnica). Con riferimento alle inadempienze probabili, la valutazione \u00e8 effet<span class=\"_ _2\"></span><span class=\"ff4\">tuata mediante l\u2019applicazion<span class=\"_ _0\"></span>e di <span class=\"_ _3\"></span>griglie di LGD statistica<span class=\"_ _35\"></span> </span>stimate <span class=\"_ _4\"> </span>appositamente <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>Inadempienze <span class=\"_ _4\"> </span>Probabili, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>griglie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>LGD stimate per <span class=\"_ _2\"></span>le s<span class=\"_ _3\"></span>offerenze. Il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>griglia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Inademp<span class=\"_ _3\"></span>ienze <span class=\"_ _3\"></span>Probabili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>infatti <span class=\"_ _3\"></span>analogo a <span class=\"_ _2\"></span>quell<span class=\"_ _0\"></span>o descritto <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>calcola <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _7\"> </span>atteso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _4\"> </span>in funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>stesso. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Inadempienze <span class=\"_ _5\"></span>Probabili <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ottenuta <span class=\"_ _5\"></span>tr<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mite <span class=\"_ _2\"></span>ricalibrazione <span class=\"_ _2\"></span>della LGD <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modulo <span class=\"_ _2\"></span>Danger <span class=\"_ _2\"></span>Rate. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>Danger <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _2\"></span>correttivo <span class=\"_ _2\"></span>moltiplicativo<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>alla LGD <span class=\"_ _2\"></span>sofferenza, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>registrabili <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(stat<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Inadempienza<span class=\"_ _35\"></span> Probabile <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>scaduto/sconfinante). <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>Danger <span class=\"_ _3\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>migrazione <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>Sofferenza <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le posizioni <span class=\"_ _3\"></span>gi\u00e0 in <span class=\"_ _3\"></span>default, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>osservati n<span class=\"_ _3\"></span>ella fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pre<span class=\"_ _2\"></span>-Sofferenza per <span class=\"_ _2\"></span>le posizioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>migrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>offerenza<span class=\"_ _0\"></span> e i tassi di perdita <span class=\"_ _0\"></span>osservati nella fase <span class=\"_ _0\"></span>di Pre-<span class=\"_ _3\"></span>Sofferenza per le<span class=\"_ _0\"></span> posizioni che rientra<span class=\"_ _0\"></span>no in Bonis o si esti<span class=\"_ _0\"></span>nguono.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>sottoclassi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u201cInadempienz<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>Probabili\u201d <span class=\"_ _4\"> </span>(\u201cInadempienze <span class=\"_ _4\"> </span>Probabili <span class=\"_ _6\"> </span>Non <span class=\"_ _4\"> </span>Forborne\u201d <span class=\"_ _4\"> </span>e \u201cInadempienze <span class=\"_ _1d\"> </span>Probabili <span class=\"_ _17\"> </span>Forborne\u201d), <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>stimate <span class=\"_ _1d\"> </span>griglie <span class=\"_ _17\"> </span>differenziate <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>tenere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>opportuna <span class=\"_ _1d\"> </span>considerazione <span class=\"_ _1d\"> </span>le caratteristiche <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _1d\"> </span>Forborne, <span class=\"_ _1d\"> </span>che, <span class=\"_ _17\"> </span>oltre <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>presentare <span class=\"_ _1d\"> </span>livelli <span class=\"_ _17\"> </span>medi <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>perdita <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>contenuti <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>effetto <span class=\"_ _17\"> </span>delle \u201cForbearance <span class=\"_ _3\"></span>Measures\u201d, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isentono <span class=\"_ _3\"></span>an<span class=\"ff1\">c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli <span class=\"_ _2\"></span>normativi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>impediscono <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rientro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mes<span class=\"_ _35\"></span>i </span>dalla data dell\u2019avven<span class=\"_ _0\"></span>uta rinegoziazione.<span class=\"ff1\"> </span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>sconfinanti, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>griglie <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quelle descritte <span class=\"_ _1c\"> </span>per <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>Inadempienze <span class=\"_ _1c\"> </span>Probabili <span class=\"_ _1c\"> </span>(Framework <span class=\"_ _1c\"> </span>Danger <span class=\"_ _20\"> </span>Rate). <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span>fattore <span class=\"_ _20\"> </span>vintage <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>questo <span class=\"_ _1c\"> </span>caso <span class=\"_ _1c\"> </span>colto dall\u2019introduzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>differenziazione <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>durata <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scaduto <span class=\"_ _4\"> </span>(Past <span class=\"_ _4\"> </span>Due <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>90 <span class=\"_ _7\"> </span>giorni/180 <span class=\"_ _6\"> </span>giorni) <span class=\"_ _4\"> </span>che determina <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>significativa <span class=\"_ _2\"></span>variazione <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>griglie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _2\"></span>inoltre, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>maniera <span class=\"_ _2\"></span>differenziata,<span class=\"_ _0\"></span> per segmento regolamentar<span class=\"_ _0\"></span>e e per ulteriori assi di analisi (es. forma tecnic<span class=\"_ _0\"></span>a, tipologia di garanzia, ar<span class=\"_ _0\"></span>ea geografica, fasci<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> di esposizione, ecc.)<span class=\"_ _0\"></span> comuni alle altre categorie del credito dete<span class=\"_ _0\"></span>riorato. Anche <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>LGD <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _4\"> </span>nella<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>performing,<span class=\"_ _0\"></span> vengono <span class=\"_ _6\"></span>effettuati <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rimozione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _5\"></span>specificatamente <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntro<span class=\"_ _2\"></span>dotte <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>modelli regolamentari, analogam<span class=\"_ _0\"></span>ente a quanto g<span class=\"_ _0\"></span>i\u00e0 evidenziato per le e<span class=\"_ _35\"></span>sposizioni performing.<span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quel <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>all\u2019inclusione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _5\"></span>looking, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>deteriorat<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>viene <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>stimata s<span class=\"_ _3\"></span>tatisticamente (<span class=\"_ _3\"></span>Add <span class=\"_ _3\"></span>On <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>macroeconomico) <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>scenari most-<span class=\"ff4\">likely e peggiorativi<span class=\"_ _0\"></span> previsti nell\u2019orizzont<span class=\"_ _0\"></span>e temporale dei suc<span class=\"_ _0\"></span>cessivi tre anni, secon<span class=\"_ _0\"></span>do i criteri gi\u00e0 descrit<span class=\"_ _0\"></span>ti.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></span>Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dall\u2019IFR<span class=\"ff1\">S <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>occorre, <span class=\"_ _5\"></span>infatti, <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>forward <span class=\"_ _2\"></span>looking <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di </span>LGD e la componente <span class=\"_ _0\"></span>sopra richiamata \u00e8 volta <span class=\"_ _0\"></span>a catturare la non<span class=\"_ _0\"></span> linearit\u00e0 della rela<span class=\"_ _0\"></span>zione tra le variabili m<span class=\"_ _0\"></span>acroeconomiche e <span class=\"_ _2\"></span>la misurazione <span class=\"_ _3\"></span>dell\u2019ECL,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>dell\u2019incertezza p<span class=\"_ _3\"></span>revisionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario most-likely. <span class=\"_ _7\"> </span>Essa <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>basa <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>medesimo <span class=\"_ _7\"> </span>framework <span class=\"_ _16\"> </span>metodologico <span class=\"_ _7\"> </span>impiegato <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _16\"> </span>ma <span class=\"_ _7\"> </span>ignora <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>ottica prudenziale <span class=\"_ _6\"></span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>migliorativo, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>soli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>peggiorativo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>most-<span class=\"_ _3\"></span><span class=\"ff4\">likely <span class=\"_ _6\"> </span>medi <span class=\"_ _4\"> </span>sull\u2019orizzonte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>tre <span class=\"_ _4\"> </span>anni </span>successivi.  Alle <span class=\"_ _1d\"> </span>valutazioni  analitico/statistiche, <span class=\"_ _1d\"> </span>inoltre,  \u00e8 <span class=\"_ _1d\"> </span>applicato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>fattore <span class=\"_ _1d\"> </span>aggiuntivo  ancorato <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>variabili <span class=\"_ _1d\"> </span>gestionali <span class=\"_ _1d\"> </span>interne,  i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>particolare <span class=\"_ _1c\"> </span>il <span class=\"_ _18\"> </span>li<span class=\"ff4\">vello <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>NPL <span class=\"_ _18\"> </span>ratio <span class=\"_ _1c\"> </span>passato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>pros<span class=\"_ _0\"></span>pettico <span class=\"_ _1c\"> </span>che, <span class=\"_ _18\"> </span>sulla <span class=\"_ _1c\"> </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ell\u2019osservazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>lungo <span class=\"_ _18\"> </span>periodo, <span class=\"_ _1c\"> </span>risulta<span class=\"_ _35\"></span> </span>statisticamente <span class=\"_ _4\"> </span>correlato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>dinamica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>perdite. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>fattore <span class=\"_ _7\"> </span>rende <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>dell\u2019LGD <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensibile <span class=\"_ _4\"> </span>alle variazioni del cont<span class=\"_ _0\"></span>esto economico/gestionale corrente e <span class=\"_ _0\"></span>prospettico. Sempre in <span class=\"_ _3\"></span>relazione a <span class=\"_ _3\"></span>scenari prospettici, con riferimento a<span class=\"_ _3\"></span>lla categoria delle <span class=\"_ _3\"></span>inadempienze probabili, che racchiude posizio<span class=\"_ _5\"></span>ni ancora <span class=\"_ _2\"></span>vive <span class=\"_ _2\"></span>ma <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>criticit\u00e0, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _2\"></span>-specifica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>valutazione analitico-<span class=\"ff4\">statistica, <span class=\"_ _17\"> </span>qualora <span class=\"_ _1d\"> </span>non <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>presenti <span class=\"_ _17\"> </span>misure <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>forbearance <span class=\"_ _17\"> </span>efficaci, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n\u2019ulteriore<span class=\"_ _0\"></span> </span>componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>(oltre <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>citato <span class=\"_ _5\"></span>Add <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>macroeconomico) <span class=\"_ _2\"></span>finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>ridurre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>delle posizioni <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>dell\u2019anzianit\u00e0 <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>movimentazione <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>recuperi <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>determinato periodo di tempo.<span class=\"ff9\"> </span>Passando <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>analizzare <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>scenari <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>recupero, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evi<span class=\"_ _3\"></span>denzia <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"></span>agli obiettivi di riduzione <span class=\"_ _0\"></span>dello stock di crediti<span class=\"_ _0\"></span> non performing in e<span class=\"_ _0\"></span>ssere, inclusi nei pia<span class=\"_ _0\"></span>ni aziendali, ed agli <span class=\"_ _0\"></span>eventuali impegn<span class=\"_ _2\"></span>i assunt<span class=\"ls13\">i </span>con gli Organi di Vigila<span class=\"_ _0\"></span>nza, con specifi<span class=\"_ _0\"></span>co riferimento alla c.d.<span class=\"_ _0\"></span> NPL Strategy, consid<span class=\"_ _0\"></span>era la vendita di dete<span class=\"_ _0\"></span>rminati portafogli<span class=\"_ _2\"></span> come la <span class=\"_ _3\"></span>strategia <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>pu\u00f2, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>condizioni, <span class=\"_ _3\"></span>massimizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>recupero <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mpi <span class=\"_ _6\"></span>di recupero.  Conseguentemente, <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _18\"> </span>\u201cordinario\u201d, <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>ipotiz<span class=\"_ _0\"></span>za <span class=\"_ _18\"> </span>una <span class=\"_ _1c\"> </span>strategia <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>recupero <span class=\"_ _18\"> </span>basata <span class=\"_ _18\"> </span>su<span class=\"_ _3\"></span>ll\u2019incasso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>credito tipicamente <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>legali, <span class=\"_ _5\"></span>mandati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero, <span class=\"_ _5\"></span>realizzo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancarie, <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>affiancato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>ove applicabile e come stra<span class=\"_ _0\"></span>tegia di recupero <span class=\"_ _0\"></span>alternativa <span class=\"ff4\">\u2013</span> anche lo scenario di vendita <span class=\"_ _0\"></span>del credito medesimo. Qualora <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>piani <span class=\"_ _7\"> </span>aziendali <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>strategie <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>identifichino <span class=\"_ _4\"> </span>specifici <span class=\"_ _7\"> </span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>dismissione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>un portafoglio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>teriorati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tale <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento degli <span class=\"_ _4\"></span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>recuperabile <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>operativa, <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>di valutazioni di mercato <span class=\"_ _0\"></span>(sulla base di perizie esterne) <span class=\"_ _0\"></span>e/o di prezzi di ve<span class=\"_ _0\"></span>ndita se gi\u00e0 definiti<span class=\"_ _3\"></span><span class=\"fs9\">. </span>In particolare, qualora si iden<span class=\"_ _0\"></span>tifichi un pi\u00f9 ampio portafogl<span class=\"_ _0\"></span>io di crediti oggetto di pote<span class=\"_ _0\"></span>nziale cessione rappre<span class=\"_ _0\"></span>sentato da cr<span class=\"_ _2\"></span>editi di propriet\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>edibilit\u00e0 <span class=\"_ _5\"></span>(quindi, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>situazioni <span class=\"_ _5\"></span>di contenzioso, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>indicazione <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>sintetica),<span class=\"_ _0\"></span> rispetto <span class=\"_ _1d\"> </span>agli<span class=\"ffc\"> <span class=\"_ _17\"> </span></span>obiettivi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>vendita, <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>suddetto <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>ponderando <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>valore recuperabile attraverso<span class=\"_ _0\"></span> la gestione operati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a con il valore recu<span class=\"_ _0\"></span>perabile attrave<span class=\"_ _0\"></span>rso la cessione.<span class=\"_ _3\"></span> Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>cedibili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>quantificato come<span class=\"_ _5\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi </span>di <span class=\"_ _5\"></span>cessione\u201d <span class=\"_ _6\"></span>(fair <span class=\"_ _5\"></span>value) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>(ii) <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>\u201cvalore <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>collection\u201d, <span class=\"_ _5\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>peso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ponderazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ercentuale <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>crediti <span class=\"_ _3\"></span>cedibili <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>rapporto <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>target <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>volume <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span><span class=\"ff4\">dere <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rispettivi <span class=\"_ _3\"></span>portafogli <span class=\"_ _2\"></span>\u201caggredibili\u201d per </span>caratteristiche <span class=\"_ _4\"> </span>similari, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>percentuale <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>riflette <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vendita <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>portafogli <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>cui dismissione <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ritenuta <span class=\"_ _6\"> </span>altamente <span class=\"_ _6\"> </span>probabile. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>osserva <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>\u201cvalore <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collection\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>gi\u00e0 illustrate <span class=\"_ _3\"></span>logiche ordinarie <span class=\"_ _3\"></span>seguite <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment dei <span class=\"_ _3\"></span>crediti d<span class=\"_ _3\"></span>eteriorati, vale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dire <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>analitica <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>soglia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-statistica <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre. <span class=\"_ _2\"></span>La valutazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione\u201d <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>val<span class=\"_ _5\"></span><span class=\"ff1\">utatori </span>indipendenti. Qualora, invece, si identifi<span class=\"_ _0\"></span>chi in modo specifico le posi<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>ioni da cedere, tali posizioni vengo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o valutate esclusivam<span class=\"_ _0\"></span>ente tenendo conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>stabiliti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>fairness <span class=\"_ _2\"></span>opinion <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>attrave<span class=\"_ _5\"></span><span class=\"ff1\">rso <span class=\"_ _2\"></span>un </span>accordo <span class=\"_ _6\"> </span>vincolante <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>l\u2019acquirente,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ce<span class=\"_ _3\"></span><span class=\"ff1\">ssione. <span class=\"_ _4\"></span>Tali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>riclassificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di </span>dismissione. <span class=\"_ _30\"> </span>Come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>anticipato, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>egnala, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>acquistate <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>originate <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>deteriorate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>POCI) <span class=\"_ _5\"></span>presentan<span class=\"_ _2\"></span><span class=\"lsc\">o </span>delle <span class=\"_ _3\"></span>particolarit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairme<span class=\"_ _3\"></span>nt. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>proposito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse, <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>tutta <span class=\"_ _2\"></span>la vita  degli <span class=\"_ _16\"> </span>strumenti  in  questi<span class=\"_ _0\"></span>one,  devo<span class=\"_ _0\"></span>no  essere  co<span class=\"_ _0\"></span>ntabilizzate  rett<span class=\"_ _0\"></span>ifiche  di  val<span class=\"_ _0\"></span>ore  pari <span class=\"_ _16\"> </span>all\u2019ECL  lifetime.  A <span class=\"_ _16\"> </span>ogni  data  di<span class=\"_ _35\"></span> riferimento successiva del bi<span class=\"_ _0\"></span>lancio, d<span class=\"_ _3\"></span><span class=\"ff4\">eve, quindi, essere adeg<span class=\"_ _0\"></span>uato l\u2019ammontare dell\u2019EC<span class=\"_ _0\"></span>L lifetime, rilevand<span class=\"_ _0\"></span>o a conto economico </span>l\u2019importo <span class=\"_ _4\"> </span>dell\u2019eventuale <span class=\"_ _6\"> </span>variazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"> </span>tutta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>tile <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore. <span class=\"_ _6\"></span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>esposto, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>POCI <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>Stage <span class=\"_ _6\"></span>3, <span class=\"_ _4\"></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _6\"></span>la possibilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>spostate <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>quali, <span class=\"_ _4\"></span>per\u00f2, <span class=\"_ _4\"> </span>continuer\u00e0 <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>una perdita attesa pari all<span class=\"_ _0\"></span>\u2019ECL lifetime. <span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ricorre <span class=\"_ _3\"></span>allo <span class=\"_ _3\"></span>stralcio/cancellazione <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-<span class=\"ff4\">off\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span>re<span class=\"ls0\">siduo non ancor<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> rettificato nei seg<span class=\"_ _0\"></span>uenti casi: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span>debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>recuperi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _5\"></span>mobiliari <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _5\"></span>pi<span class=\"_ _3\"></span>gnoram<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nti <span class=\"_ _6\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _35\"></span>e con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remi<span class=\"_ _0\"></span>ssione unilaterale <span class=\"_ _0\"></span>del debito o residuo <span class=\"_ _0\"></span>a fronte<span class=\"_ _2\"></span> di contratti t<span class=\"_ _0\"></span>ransattivi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span>mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che, <span class=\"_ _16\"> </span>pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestiti <span class=\"_ _16\"> </span>dalle  strutture <span class=\"_ _16\"> </span>di  rec<span class=\"_ _5\"></span>upero,  pres<span class=\"_ _0\"></span>entano<span class=\"_ _0\"></span> possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>interessare <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>accantonam<span class=\"_ _2\"></span>enti; pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>seguenti macro-caratteristiche: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span>&gt; di 1 anno; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 (intesa come periodo di permanenza nello stato di <span class=\"_ _5\"></span><span class=\"ff4\">\u201csofferenza\u201d) &gt; 5 anni </span></span>o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. \u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogenee d<span class=\"_ _3\"></span>iverse da quelle sopra indicate, ma riferibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>presentino marginali possibilit\u00e0 d<span class=\"_ _3\"></span>i recupero <span class=\"_ _3\"></span>della quota <span class=\"_ _3\"></span>accantonata e <span class=\"_ _3\"></span>in presenza di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  pruden<span class=\"ff4\">z<span class=\"_ _3\"></span>iale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddetto  \u201cCalendar  Provisioning\u201d)  almeno  pari  al </span>complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate dal Gruppo. Perdite di valore di par<span class=\"_ _0\"></span>tecipazioni Ad <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>congiunto <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>assoggettate <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di impairment al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verificare <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>esistono <span class=\"_ _3\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano f<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>ritenere n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>recuperabile il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alo<span class=\"_ _5\"></span>re di iscrizione delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse. Il <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>impairment prevede <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>riduzioni <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>valore e <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>determinazi<span class=\"_ _0\"></span>one <span class=\"_ _1d\"> </span>dell\u2019eventuale  svalutazione. <span class=\"_ _1d\"> </span>Gli  indicatori <span class=\"_ _1d\"> </span>di  i<span class=\"_ _3\"></span>mpairment  sono <span class=\"_ _1d\"> </span>sostanzi<span class=\"_ _2\"></span><span class=\"ff1\">almente  s<span class=\"_ _3\"></span>uddivisibili  in <span class=\"_ _1d\"> </span>due </span>categorie: indicatori qu<span class=\"_ _0\"></span>alitativi e indicat<span class=\"_ _0\"></span>ori quantitativi. Tra quelli qualitativi <span class=\"_ _0\"></span>si segnalano: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>conseguimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici negativi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>scostamento <span class=\"_ _3\"></span>rispetto ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>o </span>previsti da piani plurienn<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li comunicati al me<span class=\"_ _0\"></span>rcato; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019annuncio/avvio di pr<span class=\"_ _0\"></span>ocedure concorsual<span class=\"_ _0\"></span>i o di piani di ristru<span class=\"_ _0\"></span>tturazione;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a revisione al riba<span class=\"_ _0\"></span>sso del \u201crating\u201d di <span class=\"_ _0\"></span>oltre due classi;<span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019inadempimento ri<span class=\"_ _0\"></span>spetto agli obbligh<span class=\"_ _0\"></span>i di puntuale ed integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le pagamento dei<span class=\"_ _3\"></span><span class=\"ff1\"> titoli di debito emes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>gravi <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>consentire <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>aziende <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffron<span class=\"_ _5\"></span>tare </span>processi di ristrutt<span class=\"_ _0\"></span>urazione/riorganizzazi<span class=\"_ _0\"></span>one. Tra gli indicatori q<span class=\"_ _0\"></span>uantitativi si segnala<span class=\"_ _0\"></span>no: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a riduzione del fair v<span class=\"_ _0\"></span>alue al di sotto de<span class=\"_ _0\"></span>l valore di bilancio di<span class=\"_ _0\"></span> oltre il 30% ovvero <span class=\"_ _0\"></span>per un periodo su<span class=\"_ _0\"></span>periore a 24 mesi;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>capitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>orsa <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>att<span class=\"_ _5\"></span>ivi,<span class=\"_ _0\"></span> </span>ovvero  d<span class=\"_ _0\"></span>a  un <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>contabile <span class=\"_ _16\"> </span>della  parteci<span class=\"_ _0\"></span>pazione <span class=\"_ _16\"> </span>nel  bilancio <span class=\"_ _16\"> </span>separato <span class=\"_ _16\"> </span>superiore <span class=\"_ _16\"> </span>al  valor<span class=\"_ _0\"></span>e  contabi<span class=\"_ _0\"></span>le  n<span class=\"_ _0\"></span>el  bil<span class=\"_ _0\"></span>ancio consolidato <span class=\"_ _16\"> </span>dell\u2019attivo <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>e  dell\u2019<span class=\"_ _0\"></span>avviamento <span class=\"_ _16\"> </span>della  pa<span class=\"_ _0\"></span>rtecipata <span class=\"_ _16\"> </span>o  dall<span class=\"_ _0\"></span>a  di<span class=\"_ _0\"></span>stribuzione <span class=\"_ _16\"> </span>da  p<span class=\"_ _0\"></span>arte  di<span class=\"_ _0\"></span>  q<span class=\"_ _0\"></span>uest\u2019ultima <span class=\"_ _16\"> </span>di  u<span class=\"_ _35\"></span>n dividendo superiore <span class=\"_ _0\"></span>al proprio reddito complessivo. La <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _3\"></span>comporta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabil<span class=\"_ _2\"></span><span class=\"lsc\">e </span>risulti inferiore al v<span class=\"_ _0\"></span>alore di iscrizione. Il valore recuperabile \u00e8<span class=\"_ _0\"></span> rappresentato dal magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ore tra il <span class=\"_ _3\"></span><span class=\"ff4\">fair value <span class=\"_ _0\"></span>al netto dei costi di ven<span class=\"_ _0\"></span>dita ed il valore d\u2019<span class=\"_ _0\"></span>uso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per  i <span class=\"_ _16\"> </span>metodi <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>determinazione  del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  si<span class=\"_ _35\"></span>  rimanda <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>indicato  nel<span class=\"_ _3\"></span>la  S<span class=\"_ _0\"></span>ezione <span class=\"_ _16\"> </span>specifica  A<span class=\"_ _0\"></span>.4  <span class=\"ff4\">\u2013</span> Informativa sul fair v<span class=\"_ _0\"></span>alue. Il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari at<span class=\"_ _3\"></span>tesi <span class=\"_ _3\"></span>rivenienti dall\u2019attivit\u00e0; <span class=\"_ _3\"></span>esso <span class=\"_ _3\"></span>riflette <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>attesi dalla <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>nell\u2019ammontare <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tempistica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fina<span class=\"_ _5\"></span><span class=\"ff1\">nziario <span class=\"_ _3\"></span>del </span>tempo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo a<span class=\"_ _3\"></span>tto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span><span class=\"ff4\">re<span class=\"_ _3\"></span>muner<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 ed <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>influenzare <span class=\"_ _3\"></span>l\u2019apprezzamento<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte </span>degli operatori di me<span class=\"_ _0\"></span>rcato, dei flussi fi<span class=\"_ _0\"></span>nanziari attesi rive<span class=\"_ _0\"></span>nienti dall\u2019attivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella determinazion<span class=\"_ _0\"></span>e del valore d\u2019uso si <span class=\"_ _0\"></span>utilizza il metodo del<span class=\"_ _0\"></span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">attualizzazione dei flussi di c<span class=\"_ _0\"></span>assa futuri. </span>Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Prodotti a contenuto as<span class=\"_ _0\"></span>sicurativo </span>I <span class=\"_ _5\"></span>prodotti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>icurativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _6\"></span>significativo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omprendono: <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>caso<span class=\"_ _5\"></span> morte, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>mis<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>coefficienti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>garantiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _4\"> </span>dell'em<span class=\"_ _5\"></span>issione, <span class=\"_ _4\"></span>alcune tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>lizze <span class=\"_ _5\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anni. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>prodotti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sciplina <span class=\"_ _5\"></span>IAS/IFRS <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>quant<span class=\"_ _5\"></span><span class=\"ls17\">o </span>previsto dai principi <span class=\"_ _0\"></span>contabili nazionali in m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria assicurati<span class=\"_ _0\"></span>va. <span class=\"_ _3\"></span> L\u2019IFRS 4, in sintesi pre<span class=\"_ _0\"></span>vede: <span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione dei p<span class=\"_ _3\"></span>remi lordi a <span class=\"_ _3\"></span>Conto economico fra <span class=\"_ _3\"></span>i proventi; essi <span class=\"_ _3\"></span>comprendono tutti gli <span class=\"_ _3\"></span>importi maturati durante l<span class=\"_ _3\"></span>\u2019esercizi<span class=\"_ _35\"></span>o </span></span>a  seguito  della <span class=\"_ _1d\"> </span>stipula  dei  contratti  di  assicurazione  al  netto  de<span class=\"_ _3\"></span>gli  annullamenti;  analogamente,  i  premi  ceduti  ai riassicuratori sono iscr<span class=\"_ _0\"></span>itt<span class=\"ff4\">i quali costi dell\u2019esercizi<span class=\"_ _0\"></span>o;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fronte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>premi <span class=\"_ _4\"> </span>lordi, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>accantonato <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>riserve <span class=\"_ _6\"></span>tecniche <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _6\"></span>degli <span class=\"_ _6\"> </span>impegni <span class=\"_ _6\"> </span>verso <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>assicurati<span class=\"_ _0\"></span>, </span></span>calcolati analiticame<span class=\"_ _0\"></span>nte per ciascun cont<span class=\"_ _0\"></span>ratto secondo quant<span class=\"_ _0\"></span>o definito dai prin<span class=\"_ _0\"></span>cipi contabili locali<span class=\"_ _0\"></span> in materia; <span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>prodotti a <span class=\"_ _3\"></span>conten<span class=\"ff4\">uto assicurativo <span class=\"_ _3\"></span>inseriti all\u2019interno delle <span class=\"_ _3\"></span>gestioni separate s<span class=\"_ _3\"></span>ono valutati <span class=\"_ _3\"></span>applicando il <span class=\"_ _3\"></span>cosiddetto shadow </span></span>accounting, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>allocando <span class=\"_ _7\"> </span>le <span class=\"_ _4\"></span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>quello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato, <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificati<span class=\"_ _35\"></span> disponibili  p<span class=\"_ _0\"></span>er  la<span class=\"_ _0\"></span>  vendita,  per<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>componente  di<span class=\"_ _0\"></span>  compete<span class=\"_ _0\"></span>nza  degli<span class=\"_ _0\"></span>  assicurati <span class=\"_ _16\"> </span>alle  ris<span class=\"_ _0\"></span>erve  tecnic<span class=\"_ _0\"></span>he,  e <span class=\"_ _16\"> </span>per  quella<span class=\"_ _0\"></span>  di competenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"></span>netto. <span class=\"_ _4\"> </span>Nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui, <span class=\"_ _4\"> </span>invece, <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alue, rilevato a Conto economico, la differenza <span class=\"_ _3\"></span>tra il valore di car<span class=\"_ _3\"></span>ico ed il valore di mercato viene registrata a Conto economico determinando una vari<span class=\"_ _0\"></span>azione delle riserve <span class=\"_ _0\"></span>tecniche per la quot<span class=\"_ _0\"></span>a di competenza degli <span class=\"_ _0\"></span>assicurati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>ge<span class=\"_ _3\"></span><span class=\"ff4\">s<span class=\"_ _3\"></span>tione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>utili<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresenta<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>complessivamente <span class=\"_ _5\"></span>senza </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale. In  c<span class=\"_ _3\"></span>onformit\u00e0  alle <span class=\"_ _1d\"> </span>previsioni  dell\u2019IFRS <span class=\"_ _1d\"> </span>4 <span class=\"_ _1d\"> </span>il  Gruppo <span class=\"_ _1d\"> </span>verifica  l\u2019adeguatezza <span class=\"_ _1d\"> </span>prospettica  del  valore <span class=\"_ _1d\"> </span>delle  p<span class=\"_ _3\"></span>assivit\u00e0  iscritte attraverso il cosiddetto<span class=\"_ _0\"></span> Liability Adequacy Test (<span class=\"_ _0\"></span>LAT). 10. <span class=\"_ _1c\"> </span>Prodotti di natura finanzia<span class=\"_ _0\"></span>ria inclusi in gestion<span class=\"_ _0\"></span>i separate I <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>avendo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo, <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gestioni <span class=\"_ _5\"></span>separate<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>e quindi <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili, <span class=\"_ _2\"></span>comprendono <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>maggioranza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>durata della <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>polizze <span class=\"_ _5\"></span>miste <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>quinto. <span class=\"_ _5\"></span>Essi <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzat<span class=\"_ _5\"></span><span class=\"ls19\">i </span>secondo i principi <span class=\"_ _0\"></span>dettati dall'IFRS 4, ovvero, sinteticamente: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>esposti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _4\"> </span>analogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>principi <span class=\"_ _4\"> </span>contabili <span class=\"_ _7\"> </span>locali <span class=\"_ _7\"> </span>in </span>materia, con evidenza <span class=\"_ _0\"></span>a Conto economico <span class=\"_ _0\"></span>dei premi, dei pagam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti e della varia<span class=\"_ _0\"></span>zione delle riserve tec<span class=\"_ _0\"></span>niche;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>i  pr<span class=\"ff4\">odotti  a <span class=\"_ _16\"> </span>contenuto  assic<span class=\"_ _0\"></span>urativo  inseriti <span class=\"_ _16\"> </span>all\u2019interno  delle  g<span class=\"_ _35\"></span>estioni  separate,  e  c<span class=\"_ _35\"></span>he  quindi  prevedono <span class=\"_ _16\"> </span>elementi  di </span></span>partecipazione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>iscrezionale <span class=\"_ _18\"> </span>agli <span class=\"_ _1c\"> </span>utili, <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>applica <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>cosidd<span class=\"_ _0\"></span>etto <span class=\"_ _1c\"> </span>shadow <span class=\"_ _1c\"> </span>accounting, <span class=\"_ _18\"> </span>come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>nel paragrafo precedente; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>det<span class=\"ff4\">erminazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _2\"></span>accounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e passivit\u00e0 <span class=\"_ _3\"></span>relative ai p<span class=\"_ _3\"></span>rodotti con <span class=\"_ _3\"></span>partecipazione discrezionale agli u<span class=\"_ _3\"></span>tili sono <span class=\"_ _3\"></span>rappresentate in modo complessivo, <span class=\"_ _3\"></span>senza<span class=\"_ _0\"></span> </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale.<span class=\"_ _90\"> </span>11. <span class=\"_ _1c\"> </span>Prodotti di natura finanziaria n<span class=\"_ _0\"></span>on inclusi in gestioni s<span class=\"_ _0\"></span>eparate I <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>di natura <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano un <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio assicurativo significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni separate, e quindi non prevedono elementi di partecipazione discrezional<span class=\"_ _0\"></span>e agli utili, sono esposti in bilancio come passivit\u00e0 finanziar<span class=\"_ _5\"></span>ie e sono <span class=\"_ _6\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value, <span class=\"_ _4\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>prevista <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzione <span class=\"_ _6\"></span>(Fair <span class=\"_ _4\"></span>Value <span class=\"_ _6\"></span>Option), <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato. <span class=\"_ _6\"></span>Questi <span class=\"_ _4\"></span>prodotti<span class=\"_ _35\"></span> finanziari <span class=\"_ _16\"> </span>comprendono <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>polizze <span class=\"_ _16\"> </span>index <span class=\"_ _16\"> </span>linked <span class=\"_ _7\"> </span>e  p<span class=\"_ _0\"></span>arte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>nit <span class=\"_ _16\"> </span>linked, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>le  polizze <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>provvista specifica di attivi non incluse in <span class=\"_ _3\"></span>gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come di seguito sintetizzat<span class=\"_ _0\"></span>o: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>index <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _2\"></span>considerate <span class=\"_ _5\"></span>investment <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontracts <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>mentre <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>specifica </span>provvista di attivi non i<span class=\"_ _0\"></span>nclusi in gestioni separ<span class=\"_ _0\"></span>ate sono valutati al <span class=\"_ _0\"></span>costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _4\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>questi <span class=\"_ _7\"> </span>prodotti, <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>sole <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>ricavo, <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"> </span>dai </span>caricamenti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>commissioni, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>costo, <span class=\"_ _3\"></span>costituite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>provvigioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri <span class=\"_ _3\"></span>oneri; <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>riflette, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i ricavi <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>dalle v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>accese <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti. Pi\u00f9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _6\"></span>rincipi<span class=\"_ _35\"></span> contabili <span class=\"_ _6\"></span>internazionali, <span class=\"_ _5\"></span>contenuti <span class=\"_ _4\"></span>nello <span class=\"_ _5\"></span>IAS <span class=\"_ _4\"></span>3<span class=\"ff4\">9<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>nell\u2019IFRS <span class=\"_ _6\"> </span>15, <span class=\"_ _6\"> </span>prevedono <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>value, <span class=\"_ _6\"></span>i </span>ricavi <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>identificati <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>separati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>componenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(i) <span class=\"_ _7\"> </span>origination, <span class=\"_ _4\"> </span>da imputare <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>dell\u2019emissione <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>prodotto, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(ii) <span class=\"_ _7\"> </span>investment <span class=\"_ _7\"> </span>management <span class=\"_ _7\"> </span>service, <span class=\"_ _7\"> </span>da </span>ripartire <span class=\"_ _2\"></span>lungo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prodotto, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>fornito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>servizio. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>specifi<span class=\"_ _5\"></span>ca<span class=\"_ _0\"></span> provvista di <span class=\"_ _3\"></span>attivi non i<span class=\"_ _3\"></span>nclusi in <span class=\"_ _3\"></span>gestioni separate, i <span class=\"_ _3\"></span>ricavi e <span class=\"_ _3\"></span>costi in<span class=\"_ _2\"></span>crementali confluiscono nella <span class=\"_ _3\"></span>determinazione del costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l'eventuale <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>insita <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>index <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>linked, <span class=\"_ _4\"></span>qualo<span class=\"_ _0\"></span>ra <span class=\"_ _6\"></span>separabile, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>autonoma </span>valutazione e rappre<span class=\"_ _0\"></span>sentazione contabile.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1041": {
   "value": "Modalit\u00e0 di determinazio<span class=\"_ _0\"></span>ne delle perdite di valore Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie Ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie d<span class=\"_ _3\"></span>iverse d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quelle v<span class=\"_ _3\"></span>alutate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _6\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>conto </span>economico  sono  sottoposte  ad  una  valutazione  volta  a  verificare  se  esistano  evidenze  che  possano <span class=\"_ _1d\"> </span>far  ritenere<span class=\"_ _0\"></span>  non interamen<span class=\"ff4\">te <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>iscrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tesse. <span class=\"_ _2\"></span>Un\u2019analisi<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>analoga <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni </span>ad erogare fondi e p<span class=\"_ _0\"></span>er le garanzie rilasci<span class=\"_ _0\"></span>ate che rientrano nel<span class=\"_ _0\"></span> perimetro da assog<span class=\"_ _0\"></span>gettare ad impairment<span class=\"_ _0\"></span> ai sensi dell\u2019IFRS 9<span class=\"_ _0\"></span>.<span class=\"_ _5\"></span><span class=\"ff1\">  </span>Propedeu<span class=\"ff4\">ticamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>perd<span class=\"_ _3\"></span>ite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>reporting <span class=\"_ _3\"></span>occorre <span class=\"_ _2\"></span>procedere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019allocazione </span>degli strumenti finan<span class=\"_ _0\"></span>ziari (c.d. Stage Assig<span class=\"_ _0\"></span>nment\u201d o \u201cStaging\u201d), n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle seguenti categ<span class=\"_ _0\"></span>orie:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _5\"></span>1: <span class=\"_ _6\"></span>comprendente <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>niziale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ino <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di </span>reporting, non siano <span class=\"_ _0\"></span>state rilevate evid<span class=\"_ _0\"></span>enze di un significati<span class=\"_ _0\"></span>vo incremento del risc<span class=\"_ _0\"></span>hio di credito;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Sta<span class=\"_ _3\"></span>ge <span class=\"_ _6\"></span>2: <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>comprende <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>evidenziato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>significat<span class=\"_ _3\"></span>ivo <span class=\"_ _4\"> </span>incremento <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _6\"></span>creditizio<span class=\"_ _0\"></span> </span>rispetto al momento de<span class=\"_ _0\"></span>lla rilevazione inizial<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">Sta<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sussistano <span class=\"_ _2\"></span>evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>\u201cevidenze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>impairment\u201d<span class=\"_ _0\"></span>), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>questione <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>coerentemente, <span class=\"_ _6\"></span>ove <span class=\"_ _4\"> </span>esistenti, <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>quelle <span class=\"_ _4\"></span>restanti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>medesima <span class=\"_ _6\"></span>controparte <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sono considerate deterior<span class=\"_ _0\"></span>ate (impaired) e pert<span class=\"_ _0\"></span>anto classificate nell<span class=\"_ _0\"></span>o Stage 3.<span class=\"_ _3\"></span> Le  esposizioni  deteriorate  (impaired),  sono  rappresentate  dalle  attivit\u00e0  finanziarie  classificate <span class=\"_ _17\"> </span>nelle  categorie  delle sofferenze, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>(\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _6\"></span>pay\u201d <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>UTP) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>scadute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>oltre <span class=\"_ _5\"></span>novanta <span class=\"_ _6\"></span>giorni, </span>definite nella Circola<span class=\"_ _0\"></span>re di Banca d\u2019Italia n.2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>2/2008.<span class=\"ff1\"> </span>Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie pe<span class=\"_ _0\"></span>rforming Per le attivit\u00e0 finanziarie per cui non sussisto<span class=\"_ _0\"></span>no evidenze di impairment (strum<span class=\"_ _0\"></span>enti finanziari non deteriorati), o<span class=\"_ _0\"></span>ccorre verificare<span class=\"_ _35\"></span> se <span class=\"_ _3\"></span>esistono <span class=\"_ _2\"></span>indicatori <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>operazione <span class=\"_ _3\"></span>risulti <span class=\"_ _3\"></span>significativamente <span class=\"_ _3\"></span>incrementato <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>spetto <span class=\"_ _3\"></span>al mo<span class=\"ls0\">mento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>iscrizione <span class=\"_ _2\"></span>iniziale. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>conseguenze <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>tale <span class=\"_ _2\"></span>verifica, <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>punto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>classificazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>(o, <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>propriamente,<span class=\"_ _2\"></span> </span>dello staging) e della<span class=\"_ _0\"></span> valutazione, son<span class=\"_ _0\"></span>o le seguenti: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _3\"></span>sussistano, <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onfluisce <span class=\"_ _3\"></span>nello <span class=\"_ _5\"></span>Stag<span class=\"_ _3\"></span></span>e <span class=\"_ _2\"></span>2. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il </span>dettato <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>principi <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>internazionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>manifesta, <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _3\"></span>di rettifiche di valore pari alle perdi<span class=\"_ _0\"></span>te attese lungo l\u2019intera vita r<span class=\"_ _0\"></span>esidua dell<span class=\"_ _3\"></span><span class=\"ff1\">o strumento finanziario. Tali rettifi<span class=\"_ _0\"></span>che sono oggetto </span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>ogni <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reporting <span class=\"_ _6\"></span>successiva <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>verificarne <span class=\"_ _6\"></span>periodicamente <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>congruit\u00e0 <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di perdita <span class=\"_ _5\"></span>costantemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>vengano <span class=\"_ _6\"></span>meno <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit<span class=\"_ _35\"></span>\u00e0 creditizia \u201csignificativ<span class=\"_ _0\"></span>amente incrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzont<span class=\"_ _0\"></span>e previsionale di c<span class=\"_ _0\"></span>alcolo della perdita atte<span class=\"_ _0\"></span>sa;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">o<span class=\"_ _3\"></span>ve tali indicatori non sussistano, l\u2019atti<span class=\"_ _0\"></span>vit\u00e0 finanziaria confluisce nello stage 1. La valutazio<span class=\"_ _0\"></span>ne, in <span class=\"_ _2\"></span><span class=\"ff1\">tal caso, in coerenza con </span></span></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _4\"></span>dei <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _6\"></span>contabili <span class=\"_ _6\"></span>internazionali <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>manifesta, <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>rilevazione <span class=\"_ _6\"></span>di perdite <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tese, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>specifico <span class=\"_ _3\"></span>strumento <span class=\"_ _2\"></span>finanziario, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dodici <span class=\"_ _3\"></span>mesi <span class=\"_ _2\"></span>successivi. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span>rettifi<span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di revisione <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificarne periodicamente <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>congruit\u00e0 <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span>lle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita costantemente <span class=\"_ _5\"></span>aggiornate, <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _6\"></span>dovessero <span class=\"_ _6\"></span>presentarsi <span class=\"_ _6\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>cr<span class=\"_ _3\"></span>editizia \u201csignificativamente i<span class=\"_ _0\"></span>ncrementata\u201d \u2013<span class=\"ff1\"> del mutato orizzonte pr<span class=\"_ _0\"></span>evisionale di calcolo d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla perdita atte<span class=\"_ _0\"></span>sa.<span class=\"_ _3\"></span> </span>Per <span class=\"_ _2\"></span>quel <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span><span class=\"ff4\">de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019identificazi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201csignificativo <span class=\"_ _6\"></span>incremento\u201d<span class=\"_ _0\"></span> </span>del  risc<span class=\"_ _0\"></span>hio  di <span class=\"_ _16\"> </span>credito  (<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ondizione <span class=\"_ _16\"> </span>necessaria  e <span class=\"_ _7\"> </span>sufficiente  per <span class=\"_ _16\"> </span>la  classific<span class=\"_ _0\"></span>azione  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _16\"> </span>oggetto  di <span class=\"_ _7\"> </span>valutazione  nello<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Stage <span class=\"ls10\">2)</span>, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _3\"></span>sua<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>declinazione <span class=\"_ _3\"></span>operativa <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _5\"></span>npaolo <span class=\"_ _3\"></span>- costituiscono le dete<span class=\"_ _0\"></span>rminanti principali d<span class=\"_ _0\"></span>a prendere in consid<span class=\"_ _0\"></span>erazione sono i seg<span class=\"_ _0\"></span>uenti:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazione <span class=\"_ _5\"></span>(oltre <span class=\"_ _6\"></span>soglie <span class=\"_ _6\"></span>determinate) <span class=\"_ _6\"></span><span class=\"ff4\">delle <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>default<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>lifetime <span class=\"_ _6\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>momento <span class=\"_ _6\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _5\"></span>in </span></span>bilancio del<span class=\"_ _3\"></span>lo strumento <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span><span class=\"ff4\">ario. <span class=\"_ _3\"></span>Si tratta, <span class=\"_ _3\"></span>dunque, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valutazione ef<span class=\"_ _3\"></span>fettuata adottando un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>riterio \u201crelativo\u201d, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si </span>configura come il \u201cdr<span class=\"_ _0\"></span>iver\u201d principale;<span class=\"_ _90\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>scaduto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>ferme <span class=\"_ _5\"></span>restando <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>identificate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risu<span class=\"ls13\">lti </span></span>tale <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>giorni. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>fattispecie, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rmini, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>creditizia <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">tiene </span>presuntivamente <span class=\"_ _20\"> </span>\u201csig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativamente <span class=\"_ _20\"> </span>increm<span class=\"_ _0\"></span>entata\u201d <span class=\"_ _20\"> </span>e, <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _1c\"> </span>ne <span class=\"_ _20\"> </span>consegue <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>\u201c<span class=\"_ _3\"></span>passaggio\u201d <span class=\"_ _1c\"> </span>nello <span class=\"_ _20\"> </span>Stage <span class=\"_ _20\"> </span>2 <span class=\"_ _20\"> </span>(ove<span class=\"_ _0\"></span> l\u2019esposizione <span class=\"ff1\">precedentemen<span class=\"_ _0\"></span>te fosse ricompresa n<span class=\"_ _0\"></span>ello Stage 1); </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019eventuale <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>forbearance, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _4\"></span>sempre <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _4\"></span>presuntiva <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>comportano <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>delle </span>esposizioni tra quelle il<span class=\"_ _0\"></span> cui rischio di cr<span class=\"_ _0\"></span>edito risulta \u201csignific<span class=\"_ _0\"></span>ativamente incrementato\u201d <span class=\"_ _3\"></span>rispetto all\u2019iscrizion<span class=\"_ _0\"></span>e iniziale;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>banche <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>al  perimetr<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>estero, <span class=\"_ _16\"> </span>infine, <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>considerati  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span><span class=\"ff4\">ai  fi<span class=\"_ _0\"></span>ni <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _16\"> </span>\u201cstages\u201d <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ove </span></span>opportuno <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>alcuni <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>sistemi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>specificatam<span class=\"_ _0\"></span>ente <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizz<span class=\"_ _2\"></span>ati <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna banca. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cwatch<span class=\"_ _3\"></span><span class=\"ff1\">-</span>lists\u201d, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quei <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>sulla </span>base <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>qualit\u00e0 <span class=\"_ _6\"></span>creditizia <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>debitrice <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff4\">ricompre<span class=\"_ _0\"></span>ndono <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019interno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span><span class=\"ff1\">range <span class=\"_ _6\"></span>le </span></span>esposizioni in bonis <span class=\"_ _0\"></span>al di sopra di un dete<span class=\"_ _0\"></span>rminato livello di ris<span class=\"_ _0\"></span>chiosit\u00e0.<span class=\"_ _3\"></span> Focalizzando  l\u2019attenzione  sul  p<span class=\"_ _3\"></span>rincipale  dei <span class=\"_ _1d\"> </span>trigger  sopra  evidenziati  (la <span class=\"_ _1d\"> </span>variazione  di  p<span class=\"_ _3\"></span>robabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>di  default  lifetime), <span class=\"_ _1d\"> </span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>significativo  incremento  del  rischio  di  <span class=\"ff4\">credito  (\u201cSICR\u201d)  \u00e8  determinato  mettendo  a  confro<span class=\"_ _0\"></span>nto  la  variazione  relativa  dell<span class=\"_ _0\"></span>a </span>Probabilit\u00e0 di Default lifetime registrata tra la data di prima iscrizione del rapporto e <span class=\"_ _3\"></span>quella di osservazione (Delta PD Li<span class=\"_ _5\"></span>fetime) con  soglie <span class=\"_ _16\"> </span>di  sig<span class=\"_ _0\"></span>nificativit\u00e0  p<span class=\"_ _0\"></span>redetermina<span class=\"_ _3\"></span>te. <span class=\"_ _16\"> </span><span class=\"ff4\">L\u2019attribuzione  di <span class=\"_ _16\"> </span>una  PD<span class=\"_ _0\"></span>  Lifetime <span class=\"_ _16\"> </span>ai  singoli<span class=\"_ _0\"></span>  rapporti <span class=\"_ _16\"> </span>viene  effettuat<span class=\"_ _0\"></span>a  tramit<span class=\"_ _35\"></span>e </span>riconduzione <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>masterscale <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>rating <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>singolo <span class=\"_ _5\"></span>segmento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>iscrizione <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>all\u2019osservazione. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ratin<span class=\"_ _5\"></span><span class=\"ff1 ls17\">g </span>sono  determinati  sulla  base  di  modelli  i<span class=\"_ _0\"></span>nterni<span class=\"_ _3\"></span>  ove  disponibili  o  gestionali.  In  assenza  di  r<span class=\"_ _0\"></span>ating  vengono  assegnate  l<span class=\"_ _0\"></span>e PD<span class=\"ls0\"> Benchmark sul tipo di co<span class=\"_ _0\"></span>ntroparte valutata.  </span>La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>significativo <span class=\"_ _5\"></span>deterioramento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>dall\u2019incremento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>PD <span class=\"_ _6\"></span>lifetime <span class=\"_ _6\"></span>causata <span class=\"_ _5\"></span>dai <span class=\"_ _6\"> </span>downgrade della <span class=\"_ _3\"></span>posizio<span class=\"ff4\">ne <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>l\u2019origination <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>stessa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>(\u201cobservation\u201d) nonch\u00e9 <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>dei </span>fattori macroeconomici<span class=\"_ _0\"></span> futuri. La <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u201crelativa\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _2\"></span>lifetime <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019indicatore <span class=\"_ _3\"></span>dell\u2019incremento <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>decr<span class=\"_ _5\"></span><span class=\"ff1\">emento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di </span>credito <span class=\"_ _4\"> </span>riscontrato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _6\"> </span>poter <span class=\"_ _4\"> </span>stabilire <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>e, <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>sensi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _6\"> </span>dall\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>eventual<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>incremento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>possa <span class=\"_ _3\"></span>considerarsi <span class=\"_ _3\"></span>\u201csignificativo\u201d <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>comportare, <span class=\"_ _3\"></span>quindi, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _3\"></span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stages), <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario<span class=\"_ _0\"></span> </span>definire apposite <span class=\"_ _3\"></span>soglie. Gli <span class=\"_ _3\"></span>incrementi di <span class=\"_ _3\"></span>PD <span class=\"_ _3\"></span>lifetime inferiori <span class=\"_ _3\"></span>a tali <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>considerati significativi e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cons<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>guenza, non  comportano  il  tra<span class=\"_ _0\"></span>sferimento  di  singo<span class=\"_ _0\"></span>le  linee  di  cre<span class=\"_ _0\"></span>dito/tranches  di  titoli <span class=\"_ _16\"> </span>di  debito  dallo  Stag<span class=\"_ _3\"></span>e  1  allo  Stage  2;  tale spostamento <span class=\"_ _7\"> </span>\u00e8,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece, <span class=\"_ _7\"> </span>necessario <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>presenza <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>incrementi <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>soglie <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>uestione. <span class=\"_ _7\"> </span>Le <span class=\"_ _16\"> </span>soglie utilizzate  so<span class=\"_ _0\"></span>no  stimate <span class=\"_ _16\"> </span>sulla  base <span class=\"_ _16\"> </span>di  un  pr<span class=\"_ _0\"></span>ocesso  di <span class=\"_ _16\"> </span>simulazioni  e<span class=\"_ _0\"></span>d  ottimizzazio<span class=\"_ _0\"></span>ni  di  p<span class=\"_ _0\"></span>erformance  pr<span class=\"_ _0\"></span>edittive,  s<span class=\"_ _0\"></span>v<span class=\"_ _5\"></span>iluppate utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _3\"></span>granulari d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafoglio. <span class=\"_ _3\"></span>Sono <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>puntuali <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>Corporate, <span class=\"_ _3\"></span>Retail, Lar<span class=\"_ _3\"></span>ge <span class=\"_ _3\"></span>Corpo<span class=\"_ _5\"></span>rate <span class=\"_ _3\"></span>e SME <span class=\"_ _6\"></span>Retail <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>estese <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>affinit\u00e0 <span class=\"_ _4\"></span>metodologic<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"></span>modelli. <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>so<span class=\"_ _3\"></span>glie <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>differenziano <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>durata <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>esidua, <span class=\"_ _6\"></span>g<span class=\"_ _5\"></span>ranularit\u00e0 annuale e classe di r<span class=\"_ _0\"></span>ating. La <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _6\"></span>calibrata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trovare <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orretto <span class=\"_ _5\"></span>bilanciamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>performan<span class=\"_ _5\"></span><span class=\"ls1f\">ce </span>relativi alla capacit\u00e0 <span class=\"_ _0\"></span>delle soglie stesse di<span class=\"_ _0\"></span>: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ntercettare posizioni<span class=\"_ _0\"></span> a stage 2 prima del loro passaggio <span class=\"_ _0\"></span>a default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>dentificare le posi<span class=\"_ _0\"></span>zioni per le quali il <span class=\"_ _0\"></span>rientro a stage 1 sia si<span class=\"_ _0\"></span>nonimo di un effettiv<span class=\"_ _0\"></span>o miglioramento del m<span class=\"_ _0\"></span>erito di credito.<span class=\"_ _2\"></span> </span>Alcune c<span class=\"_ _3\"></span>onsiderazioni peculiari va<span class=\"_ _3\"></span>lgono poi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>\u201cstaging\u201d dei <span class=\"_ _3\"></span>titoli. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>dei crediti<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>infatti, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>questa tipologia <span class=\"_ _3\"></span>di </span>esposizioni, operazioni d<span class=\"_ _3\"></span>i co<span class=\"_ _3\"></span>mpravendita successive al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>acquisto (effettuate c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>medesimo ISIN) <span class=\"_ _3\"></span>possono rientrare <span class=\"_ _1d\"> </span>abitualmente <span class=\"_ _1d\"> </span>nell\u2019ordinaria  at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>gestione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>neces<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>una </span>metodologia <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>adottare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019identificazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>endite <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quantit\u00e0 <span class=\"_ _2\"></span>residue <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singo<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni cui associare una <span class=\"_ _3\"></span>qualit\u00e0 creditizia/rating all\u2019origin<span class=\"_ _0\"></span>ation da comparare con <span class=\"_ _3\"></span>quella della da<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>a di reporting). In <span class=\"_ _3\"></span>questo </span>contesto, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ritenuto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>metodologia <span class=\"_ _7\"> </span>\u201cfirst<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls13\">in<span class=\"_ _3\"></span></span>-first-</span>out\u201d <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>\u201cFIFO\u201d <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>riversamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>economico dell\u2019ECL registrata, in c<span class=\"_ _0\"></span>aso di vendite e rimborsi) contrib<span class=\"_ _0\"></span>uisca ad una gestione pi\u00f9 trasp<span class=\"_ _0\"></span>arente del p<span class=\"_ _3\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>rtafoglio, anche dal p<span class=\"_ _0\"></span>unto </span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli o<span class=\"_ _3\"></span>peratori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>front <span class=\"_ _3\"></span>office, <span class=\"_ _3\"></span>consentendo, <span class=\"_ _3\"></span>contestualmente, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>aggiornamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>merit<span class=\"_ _2\"></span><span class=\"lsc\">o </span>creditizio sulla base <span class=\"_ _0\"></span>dei nuovi acquisti. Una <span class=\"_ _5\"></span>volta <span class=\"_ _6\"></span>definita <span class=\"_ _5\"></span>l\u2019allocazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>div<span class=\"_ _3\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rsi <span class=\"_ _5\"></span>stadi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>creditizio, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese </span>(ECL) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>effettuata, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>singola <span class=\"_ _5\"></span>operazione <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titolo, <span class=\"_ _5\"></span>partendo <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _5\"></span>IRB/Gestionale, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>ui parametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Probabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Default <span class=\"_ _7\"> </span>(PD), <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>oss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>De<span class=\"_ _3\"></span>fault <span class=\"_ _16\"> </span>(LGD) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Exposure <span class=\"_ _7\"> </span>at <span class=\"_ _16\"> </span>Default <span class=\"_ _7\"> </span>(EAD), <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>effettuati opportuni interventi cor<span class=\"_ _0\"></span>rettivi, in modo da g<span class=\"_ _0\"></span>arantirne la complia<span class=\"_ _0\"></span>nce con le pres<span class=\"_ _0\"></span>crizioni peculiari dell\u2019<span class=\"_ _0\"></span>IFRS 9. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per PD, LGD ed EAD<span class=\"_ _0\"></span> valgono le seguenti defini<span class=\"_ _0\"></span>zioni: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>PD  (Probabilit\u00e0  di  De<span class=\"_ _0\"></span>fault)<span class=\"ff4\">:  probabilit\u00e0 <span class=\"_ _16\"> </span>di  migrare  d<span class=\"_ _0\"></span>allo  stato<span class=\"_ _0\"></span>  di  bonis <span class=\"_ _16\"> </span>a  quello <span class=\"_ _16\"> </span>di  credito  dete<span class=\"_ _0\"></span>riorato  nell\u2019o<span class=\"_ _0\"></span>rizzonte </span></span>temporale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>anno. <span class=\"_ _5\"></span>Nei <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vigilanza, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fattore <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>viene <span class=\"_ _5\"></span>tipicamente <span class=\"_ _5\"></span>quantificato<span class=\"_ _0\"></span> attraverso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ratin<span class=\"_ _3\"></span>g. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>S<span class=\"_ _3\"></span>anpaolo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _2\"></span>derivano <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>interno <span class=\"_ _2\"></span>laddove <span class=\"_ _2\"></span>disponibili, integrati da valutazio<span class=\"_ _0\"></span>ni esterne o da dati m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>di di segmento/port<span class=\"_ _0\"></span>afoglio;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>(Loss <span class=\"_ _2\"></span>Given <span class=\"_ _2\"></span>Default): <span class=\"_ _3\"></span>percentuale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>default. <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>dis<span class=\"_ _5\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vigilanza </span>viene quantificata <span class=\"_ _0\"></span>attraverso l\u2019esperienza st<span class=\"_ _0\"></span>orica dei recuperi at<span class=\"_ _0\"></span>tualizzati sulle <span class=\"_ _0\"></span>pratiche passate a cre<span class=\"_ _0\"></span>dito deteriorato;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">EAD (Exposure At Default) o equivale<span class=\"_ _0\"></span>nte creditizio: ammont<span class=\"_ _0\"></span>are dell\u2019esposizione <span class=\"_ _0\"></span>al momento del d<span class=\"_ _0\"></span>efault. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Come <span class=\"_ _5\"></span>g<span class=\"ff4\">i\u00e0 <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>evidenziato, <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>poter <span class=\"_ _6\"></span>rispettare <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>dettato <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>reso <span class=\"_ _5\"></span>necessario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>interventi <span class=\"_ _6\"></span>di </span>adeguamento sui su<span class=\"_ _0\"></span>ddetti fattori, tra cui <span class=\"_ _0\"></span>si ricordano in partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019adozione di una PD<span class=\"_ _0\"></span> Point in Time (PIT<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> a fronte della PD<span class=\"_ _0\"></span> Thro<span class=\"_ _3\"></span><span class=\"ff1\">ugh the Cycle (TTC) usa<span class=\"_ _0\"></span>ta ai fini di Basilea; </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a rimozione dalla LGD TTC<span class=\"_ _0\"></span> di alcune componenti aggiuntive, quali i c<span class=\"_ _0\"></span>osti indiretti (costi non ripeti<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ili) e ulteriori margin<span class=\"_ _2\"></span>i di </span>conservativismo <span class=\"_ _1d\"> </span>specificatamente <span class=\"_ _1d\"> </span>introdotti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>modelli <span class=\"_ _17\"> </span>regolamentari, <span class=\"_ _1d\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>della <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _1d\"> </span>legata <span class=\"_ _17\"> </span>al <span class=\"_ _1d\"> </span>ciclo economico avverso (c.d.<span class=\"_ _0\"></span> Downturn); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019introduzione  di<span class=\"_ _0\"></span>  trattamenti  specifi<span class=\"_ _0\"></span>ci  rispetto  al  dett<span class=\"_ _0\"></span>ato  regolamentare,  ai  fini <span class=\"_ _16\"> </span>della  stima  della  LGD  cont<span class=\"_ _0\"></span>abile,  per<span class=\"_ _0\"></span> </span></span>includere <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>modellistica (<span class=\"_ _3\"></span>in coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>indicazioni de<span class=\"_ _3\"></span>ll\u2019IF<span class=\"_ _3\"></span>RS <span class=\"_ _3\"></span>9 <span class=\"_ _2\"></span>sull\u2019utilizzo di <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>entity <span class=\"_ _3\"></span>specific) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>stime di <span class=\"_ _5\"></span>recupero <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>glia <span class=\"_ _5\"></span>regolamenta<span class=\"_ _0\"></span>re <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Maximum <span class=\"_ _2\"></span>Recovery <span class=\"_ _5\"></span>Period, <span class=\"_ _2\"></span>cio\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>la Vigilanza ipotizza re<span class=\"_ _0\"></span>cuperi nulli; <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>PD <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>ove <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessario, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>GD <span class=\"_ _5\"></span>multiperiodali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttesa <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019intera <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>residua </span></span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">dello strumento finanzi<span class=\"_ _0\"></span>ario (Stage 2 e 3); </div><div class=\"t m0 x0 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019utilizzo, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>futuri <span class=\"_ _5\"></span>attesi, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettivo <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span></span>ell<span class=\"lsc\">a </span></span></div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">singola <span class=\"_ _2\"></span>operazione, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>dai <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>regolamentari, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>sconto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">avviene tramite i tas<span class=\"_ _0\"></span>si di attualizzazione <span class=\"_ _0\"></span>determinati in conform<span class=\"_ _0\"></span>it\u00e0 con la normati<span class=\"_ _0\"></span>va prudenziale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">In relazione all\u2019EAD multiperiodale, in linea con i<span class=\"_ _3\"></span>l dettato dell\u2019IFRS 9, il Gruppo Intesa Sanpaolo fa riferimento ai piani al costo </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>riguarda sia <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>che i <span class=\"_ _3\"></span>titoli d<span class=\"_ _3\"></span>i debito, <span class=\"_ _3\"></span>a prescindere dalle <span class=\"_ _3\"></span>relative modalit\u00e0 <span class=\"_ _3\"></span>di valutazione<span class=\"_ _5\"></span> (<span class=\"_ _3\"></span>costo </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzat<span class=\"ff4\">o <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"> </span>sulla <span class=\"_ _7\"> </span>redditivit\u00e0 <span class=\"_ _6\"> </span>complessiva). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>erogare <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>(margini), <span class=\"_ _6\"> </span>l\u2019EAD <span class=\"_ _4\"> </span>\u00e8, </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">invece, assunta pari al <span class=\"_ _0\"></span>valore nominale pond<span class=\"_ _0\"></span>erato per un apposit<span class=\"_ _0\"></span>o Fattore di Conversio<span class=\"_ _0\"></span>ne Creditizia (CCF).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>riflette, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miglior <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>futur<span class=\"_ _5\"></span>e, <span class=\"_ _2\"></span>prime <span class=\"_ _2\"></span>tra </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">tutte <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>contesto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>condizionate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _5\"></span>forward <span class=\"_ _6\"></span>looking. <span class=\"_ _16\"> </span><span class=\"ff4\">Nell\u2019ambi</span>to </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Regulators <span class=\"_ _5\"></span>internazionali, <span class=\"_ _5\"></span>assumono <span class=\"_ _2\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazion<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">sugli scenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca pu\u00f2 <span class=\"_ _3\"></span>trovarsi a<span class=\"_ _3\"></span>d operare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza, la <span class=\"_ _3\"></span>situazio<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span></div><div class=\"t m0 x0 h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>attesa <span class=\"_ _18\"> </span>sulle </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni). <span class=\"_ _3\"></span>Da un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>possibili approcci a<span class=\"_ _3\"></span>lternativi al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>prendere <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">deciso <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>adottare <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _7\"> </span>likely <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _7\"> </span>Add<span class=\"_ _3\"></span></span>-<span class=\"ff4\">on\u201d. <span class=\"_ _7\"> </span>Secondo <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>approccio, <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>condizionamento </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>LGD <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>effettuato <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>\u00abMost <span class=\"_ _3\"></span>Likely\u00bb, <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>utilizzato <span class=\"_ _3\"></span>per </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e <span class=\"_ _3\"></span>piani di impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">positivo sui para<span class=\"ff4\">metri di risc<span class=\"_ _0\"></span>hio, \u00e8 stato scelto <span class=\"_ _0\"></span>di sterilizzarne l\u2019effetto <span class=\"_ _0\"></span>sia per finalit\u00e0 di stagi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g che di calcol<span class=\"_ _0\"></span>o dell\u2019ECL. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Lo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>macroeconomico \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _2\"></span>Studi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ricerche d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>previsivi <span class=\"_ _2\"></span>portati <span class=\"_ _3\"></span>poi </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _2\"></span>condivisione <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>consenso. <span class=\"_ _5\"></span>Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>migliorativi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>peggiorativi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>determinati </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">tramite stress dell<span class=\"_ _0\"></span>e variabili in input ai m<span class=\"_ _0\"></span>odelli previsivi. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">In  particolare  la  determinazione  dello  scenario<span class=\"_ _0\"></span>  \u201cmost<span class=\"_ _3\"></span><span class=\"ff1\">-</span>likely\u201d  e  di <span class=\"_ _1d\"> </span>quelli<span class=\"_ _0\"></span>  alterna<span class=\"_ _3\"></span><span class=\"ff1\">tivi  avviene  utilizzando  un  complesso  di </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">strumenti analitici <span class=\"_ _0\"></span>e previsionali stand-alone che determinano<span class=\"_ _0\"></span> il sentiero previs<span class=\"_ _0\"></span>ionale per alcuni <span class=\"_ _0\"></span>blocchi di variabili, in<span class=\"_ _0\"></span> dettaglio: <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>onti nazionali e infla<span class=\"_ _0\"></span>zione dei primi <span class=\"_ _0\"></span>6 paesi dell\u2019Eurozona,<span class=\"_ _0\"></span> degli Stati Uniti<span class=\"_ _3\"></span><span class=\"ff1\"> e del Giappone; </span></span></span></div><div class=\"t m0 x0 h2 y7d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi ufficiali (BCE<span class=\"_ _0\"></span>, Fed, BoJ), curve dei <span class=\"_ _0\"></span>tassi swap EUR e US<span class=\"_ _0\"></span>D, alcuni punti delle cu<span class=\"_ _0\"></span>rve governative; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y7e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi di cambio per E<span class=\"_ _0\"></span>UR, USD, JPY e GBP; </span></div><div class=\"t m0 x0 h2 y7f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici di borsa (DJ E<span class=\"_ _0\"></span>urostoxx 50 e S&amp;P 500<span class=\"_ _0\"></span>); </span></div><div class=\"t m0 x0 h2 y80 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzo del Brent; </span></div><div class=\"t m0 x0 h2 y81 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span>lcuni dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dettaglio per <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>economia italiana <span class=\"_ _3\"></span>(produzione industriale, <span class=\"_ _3\"></span>prezzi degli <span class=\"_ _3\"></span>immobili, occupazione, <span class=\"_ _3\"></span>saldi <span class=\"_ _3\"></span>di finanza </span></div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">pubblica). </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Tali previsioni vengono poi elaborate tramite<span class=\"_ _0\"></span> il modello strutturale multi<span class=\"_ _3\"></span>-<span class=\"ff4\">paese \u201c<span class=\"_ _3\"></span>Global Economic<span class=\"_ _0\"></span> Model\u201d di Oxford Economics,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">ove <span class=\"_ _3\"></span>sostituiscono <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span><span class=\"ff4\">corsi <span class=\"_ _3\"></span>previsionali <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019aggiornam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>database<span class=\"_ _0\"></span>. </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>modello viene <span class=\"_ _3\"></span>quindi risolto <span class=\"_ _3\"></span>per r<span class=\"_ _3\"></span>icavare un <span class=\"_ _3\"></span>quadro previsionale <span class=\"_ _3\"></span>globale coerente, i<span class=\"_ _3\"></span>nclusivo di v<span class=\"_ _3\"></span>ariabili per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali non<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">stati <span class=\"_ _7\"> </span>sviluppati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>ad  h<span class=\"_ _0\"></span>oc, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isporre <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>ambiente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>simulazione <span class=\"_ _16\"> </span>utilizzabile <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>generare <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>scenari </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">alternativi. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>richiedere <span class=\"_ _5\"></span>alcune <span class=\"_ _2\"></span>iterazioni, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oprattutto<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _2\"></span>previsionale <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>ricorso <span class=\"_ _4\"> </span>ad </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">elaborazioni  interne  si <span class=\"_ _1d\"> </span>discosti <span class=\"_ _1d\"> </span>significativament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>da  quello  di <span class=\"_ _1d\"> </span>Oxford  Economics. <span class=\"_ _1d\"> </span>In  tal  caso, <span class=\"_ _1d\"> </span>pu\u00f2  essere <span class=\"_ _1d\"> </span>necessari<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">procedere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>tuning <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>variabili <span class=\"_ _5\"></span>secondarie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>ritengono <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>coerenti <span class=\"_ _2\"></span>co<span class=\"_ _6\"></span>n <span class=\"_ _5\"></span>lo </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">scenario di prevision<span class=\"_ _0\"></span>e o che risultino caratterizzate da <span class=\"_ _0\"></span>una volatilit\u00e0 trimestral<span class=\"_ _0\"></span>e non spiegabile. </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">La selezione dei p<span class=\"_ _0\"></span>ercorsi alternativi viene e<span class=\"_ _0\"></span>ffettuata con il ricors<span class=\"_ _0\"></span>o a informazioni est<span class=\"_ _0\"></span>erne. In particolare:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y48 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>medi <span class=\"_ _3\"></span>annui <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alcuni <span class=\"_ _3\"></span>paesi: <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>fond<span class=\"_ _2\"></span>amentale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>simulazione, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scostamenti<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">vengono <span class=\"_ _3\"></span>determinati in <span class=\"_ _2\"></span>modo da <span class=\"_ _3\"></span>replicare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>dispersione <span class=\"_ _3\"></span>delle s<span class=\"_ _3\"></span>time <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita p<span class=\"_ _3\"></span>ubblicate da <span class=\"_ _2\"></span>Consensus<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Economics <span class=\"_ _3\"></span>nel </div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">pi\u00f9  r<span class=\"_ _0\"></span>ecente  r<span class=\"_ _0\"></span>apporto <span class=\"_ _16\"> </span>disponibile <span class=\"_ _16\"> </span>alla  data <span class=\"_ _7\"> </span>della  simulazion<span class=\"_ _0\"></span>e,  consid<span class=\"_ _0\"></span>erando  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>previsioni  mini<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a  e  ma<span class=\"_ _0\"></span>ssima <span class=\"_ _16\"> </span>(previa </div><div class=\"t m0 x2a h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">applicazione di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>filtro per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019identificazione e <span class=\"_ _2\"></span>l\u2019eliminazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>outliers). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>outliers, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>dato <span class=\"_ _3\"></span>ano<span class=\"_ _5\"></span><span class=\"ff1\">malo </span></div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cartato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>massimo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>restanti. <span class=\"_ _5\"></span>Poich\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consenso <span class=\"_ _2\"></span>so<span class=\"_ _5\"></span>no <span class=\"_ _5\"></span>disponibili </div><div class=\"t m0 x2a h32 y4d ff4 fs0 fc0 sc0 ls0 ws0\">soltanto  p<span class=\"_ _0\"></span>er  i  prim<span class=\"_ _0\"></span>i  due <span class=\"_ _16\"> </span>anni  dell\u2019orizz<span class=\"_ _0\"></span>onte  di <span class=\"_ _16\"> </span>simulazione, <span class=\"_ _16\"> </span>per  il  terz<span class=\"_ _0\"></span>o  anno <span class=\"_ _16\"> </span>si  ricorre <span class=\"_ _16\"> </span>a  una  est<span class=\"_ _0\"></span>rapolazione <span class=\"_ _16\"> </span>degli </div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">scostamenti indivi<span class=\"_ _0\"></span>duati per i primi due anni; </div><div class=\"t m0 x0 h2 y4f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndici <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>borsa <span class=\"_ _7\"> </span>(DJ <span class=\"_ _7\"> </span>Eurostoxx <span class=\"_ _4\"></span>50, <span class=\"_ _7\"> </span>S&amp;P500) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>immobiliari <span class=\"_ _4\"> </span>residenzial<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>statunitensi: <span class=\"_ _4\"> </span>vengono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me </span></div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento le previsi<span class=\"_ _0\"></span>oni minime e massim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del panel di Thoms<span class=\"_ _0\"></span>on Reuters;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y51 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _6\"></span>immobiliari <span class=\"_ _6\"></span>residenziali <span class=\"_ _6\"></span>italiani: <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>disponendo <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>time <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consenso, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>percorsi <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>partono </span></div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">dalla distribuzione delle variazi<span class=\"_ _0\"></span>oni trimestrali stor<span class=\"_ _0\"></span>iche disponibili dal 1<span class=\"_ _0\"></span>980 al trimestre c<span class=\"_ _0\"></span>orrente. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">A partire dal valore di percentile identificato, per lo scenario Most likely, vengono identificate le variazioni corris<span class=\"_ _0\"></span>ponden<span class=\"_ _5\"></span>ti a uno </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0, <span class=\"_ _6\"></span>calcolato <span class=\"_ _4\"></span>attraver<span class=\"ff4\">so <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>statistica <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>distribuzione <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>torica <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>sservazioni. <span class=\"_ _6\"> </span>Le <span class=\"_ _4\"> </span>due <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazioni<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">(positiva <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>negativa) <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>Most<span class=\"_ _3\"></span>-Likely, <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"></span>utilizzate <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>calcolo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>singoli <span class=\"_ _6\"></span>ind<span class=\"_ _3\"></span>ici<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">identificati, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icostruendo <span class=\"_ _2\"></span>-per <span class=\"_ _2\"></span>ognu<span class=\"ls10\">no</span>- <span class=\"_ _2\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>sentieri <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>(uno <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>gativo) <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresentano <span class=\"_ _2\"></span>l\u2019input <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Add-On. <span class=\"_ _4\"></span>Lo <span class=\"_ _6\"></span>scarto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>adottato <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>identificato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>delle <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">variabilit\u00e0 della serie<span class=\"_ _0\"></span>, in modo da ottenere uno scostament<span class=\"_ _0\"></span>o dallo scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely di ampie<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>za significativa.  </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>aggiunta <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>percorsi <span class=\"_ _5\"></span>alternativi, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _5\"></span>mantenuta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>possibili <span class=\"_ _2\"></span>addit<span class=\"_ _3\"></span>ional <span class=\"_ _2\"></span>factors, <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _5\"></span>eventi<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">scenari <span class=\"_ _4\"></span>idiosincratici <span class=\"_ _6\"></span>avversi, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>esplicitamente <span class=\"_ _4\"> </span>incorporati <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>serie <span class=\"_ _4\"></span>storiche <span class=\"_ _6\"></span>utilizzate <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>definizione <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenario </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Most-Likely o nei perc<span class=\"_ _0\"></span>orsi alternativi, che po<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sono generare ulte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iori effetti significa<span class=\"_ _0\"></span>tivi sulle perdite atte<span class=\"_ _0\"></span>se. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Di tali eventi/scenari si<span class=\"_ _0\"></span> valutano:  </div><div class=\"t m0 x0 h2 y5d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l possibile orizz<span class=\"_ _0\"></span>onte di realizzazione (time frame<span class=\"_ _0\"></span>); </span></div><div class=\"t m0 x0 h2 y5e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l grado di inclusio<span class=\"_ _0\"></span>ne nello scenario Mo<span class=\"_ _0\"></span>st<span class=\"_ _3\"></span>-Likely o nei percorsi a<span class=\"_ _0\"></span>lternativi;  </span></div><div class=\"t m0 x0 h2 y5f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l potenziale imp<span class=\"_ _0\"></span>atto, valutato in termini<span class=\"_ _0\"></span> qualitativi. </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-108.91724px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>mappa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>additional <span class=\"_ _2\"></span>factors <span class=\"_ _2\"></span>attinge <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>elenchi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>contenuti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>rapporti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IMF <span class=\"_ _2\"></span>(World </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Economic Outlook) e Commi<span class=\"_ _0\"></span>ssione Europea e<span class=\"_ _0\"></span> pu\u00f2 mutare nel t<span class=\"_ _0\"></span>empo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>valutazione del <span class=\"_ _3\"></span>time<span class=\"_ _3\"></span>-frame <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>additional factors, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>impossibile <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>collocare <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>specifico<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">orizzonte <span class=\"_ _3\"></span>temporale, <span class=\"_ _2\"></span>caratteristica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rende <span class=\"_ _2\"></span>poco <span class=\"_ _3\"></span>praticabile <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sua <span class=\"_ _2\"></span>incorporazione n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>Most<span class=\"_ _2\"></span>-L<span class=\"_ _3\"></span>ikely <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>percorsi </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">alternativi. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>valutazioni effettuate tengono conto <span class=\"_ _3\"></span>del fa<span class=\"_ _3\"></span>tto che <span class=\"_ _3\"></span>le stime <span class=\"_ _3\"></span>di consenso <span class=\"_ _3\"></span>potrebbero includere previsioni <span class=\"_ _3\"></span>che gi\u00e0 <span class=\"_ _3\"></span>incorporan<span class=\"_ _5\"></span>o </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">nelle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>stime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>realizzazione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arziale, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _3\"></span>sicch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>percorsi <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>potre<span class=\"_ _5\"></span>bbero <span class=\"_ _2\"></span>gi\u00e0 </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">incorporare in qualche m<span class=\"_ _0\"></span>isura tali fattori <span class=\"_ _0\"></span>addizionali. </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">In condizioni di incertezza marcata <span class=\"_ _3\"></span>delle proiezioni macroecono<span class=\"_ _0\"></span>m<span class=\"_ _3\"></span>iche n<span class=\"_ _3\"></span>azionali ed internazionali e in presenza di scostamenti </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">significativi in senso migliorativo delle proiezioni risp<span class=\"_ _0\"></span>etto allo scenario TTC, possono essere introdotti eleme<span class=\"_ _0\"></span>nti di pruden<span class=\"_ _2\"></span>zi<span class=\"_ _3\"></span>alit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">con riferimento agli sc<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stamenti dei valori mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi e massimi delle variabili basati sul Consens<span class=\"_ _0\"></span>us o storici sopradescri<span class=\"_ _0\"></span>tti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>suddetti <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _2\"></span>(most <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>alternativi) <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>interni <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parame<span class=\"_ _5\"></span>tri </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">point-<span class=\"ls13\">in</span>-time (PIT).  </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tas<span class=\"_ _3\"></span><span class=\"ff4\">si <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>d\u2019Italia <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>differenziate <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>macro<span class=\"_ _2\"></span></span>-settori </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">economici <span class=\"_ _5\"></span>(es <span class=\"_ _5\"></span>Famiglie <span class=\"_ _5\"></span>consumatrici, <span class=\"_ _6\"></span>Famiglie <span class=\"_ _5\"></span>produttrici, <span class=\"_ _5\"></span>Costruzioni, <span class=\"_ _5\"></span>\u2026) <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>ciascuno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i, <span class=\"_ _5\"></span>specifici <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>satelli<span class=\"_ _5\"></span><span class=\"ff1\">te </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">stabiliscono <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>relazioni <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>varia<span class=\"_ _3\"></span>bili  m<span class=\"_ _35\"></span>acroeconomiche <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>permettono <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ottenere <span class=\"_ _7\"> </span>i  ta<span class=\"_ _0\"></span>ssi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>default <span class=\"_ _7\"> </span>prospettici. <span class=\"_ _16\"> </span>Questi </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">consentono <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>loro <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>olta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>condizionare <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transizione <span class=\"_ _7\"> </span>TTC <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>classi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ottenere <span class=\"_ _7\"> </span>cos\u00ec <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>matrici <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">transizione PIT per cia<span class=\"_ _0\"></span>scuno scenario (Mo<span class=\"_ _0\"></span>st lik<span class=\"_ _3\"></span>ely e alternativi<span class=\"_ _0\"></span>); da queste ultime si o<span class=\"_ _0\"></span>ttengono le PD<span class=\"_ _0\"></span> condizionate lifetime.  </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella determinazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>TTC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segmenti <span class=\"_ _3\"></span>Corporate, SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Retail ven<span class=\"_ _3\"></span>gono utilizza<span class=\"_ _5\"></span>ti i </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>interni, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segment<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Low <span class=\"_ _3\"></span>Default, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>profondit\u00e0 de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>serie s<span class=\"_ _3\"></span>toriche i<span class=\"_ _3\"></span>nterne \u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>esigua, <span class=\"_ _3\"></span>si </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">utilizzano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca d<span class=\"_ _3\"></span>\u2019Italia.<span class=\"_ _3\"></span><span class=\"ffc\"> <span class=\"_ _3\"></span><span class=\"ff1\">Ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>matrici <span class=\"_ _3\"></span>Point <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Time <span class=\"_ _2\"></span>forward<span class=\"_ _3\"></span>-looking <span class=\"_ _3\"></span>vengono, </span></span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">invece, utilizzati i t<span class=\"_ _0\"></span>assi di default di sistema per tutti i s<span class=\"_ _0\"></span>egmenti. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Un analogo process<span class=\"_ _0\"></span>o viene utilizzato per d<span class=\"_ _0\"></span>eterminare le griglie <span class=\"_ _0\"></span>di LGD PIT.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rimborso <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>finanziamenti,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>loro <span class=\"_ _5\"></span>PD <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>condizionate, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>maturity <span class=\"_ _5\"></span>residua <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">dello staging si determinano le <span class=\"_ _0\"></span>perdite di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie performing. </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79 ffa fs0 fc2 sc0 ls0 ws0\">Perdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie no<span class=\"_ _0\"></span>n performing </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>crediti deteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, dalle <span class=\"_ _3\"></span>inadempienze probabili e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>scad<span class=\"_ _5\"></span>ute <span class=\"_ _3\"></span>e/o </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">sconfinanti da oltre 9<span class=\"_ _0\"></span>0 giorni. </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">I crediti deteriorati cl<span class=\"_ _0\"></span>assificati a sofferenz<span class=\"_ _0\"></span>a sono assoggettati all<span class=\"_ _0\"></span>e seguenti modalit\u00e0 <span class=\"_ _0\"></span>di valutazione:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8fd ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _4\"></span>analitico-<span class=\"ff4\">statistica, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>adottata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>inferiori <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>basata <span class=\"_ _4\"> </span>sull\u2019appl<span class=\"_ _2\"></span></span>icazione <span class=\"_ _4\"> </span>di </span></div><div class=\"t m0 x2a h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">apposite <span class=\"_ _3\"></span>griglie di <span class=\"_ _2\"></span>LGD, a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui s<span class=\"_ _3\"></span>i aggiunge <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-<span class=\"ff4\">On a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tenere conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>legate a<span class=\"_ _3\"></span>ll\u2019evoluzione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>delle </span></div><div class=\"t m0 x2a h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\">condizioni correnti riferibili a <span class=\"_ _3\"></span>variabili gestionali altamente <span class=\"_ _3\"></span>correlate con <span class=\"_ _3\"></span>la dinamica delle p<span class=\"_ _3\"></span>erdite e f<span class=\"_ _3\"></span>orward lookin<span class=\"_ _5\"></span>g riferite </div><div class=\"t m0 x2a h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">agli impatti di scenar<span class=\"_ _0\"></span>i macroeconomici f<span class=\"_ _0\"></span>uturi attesi (come illu<span class=\"_ _0\"></span>strato nei paragrafi pre<span class=\"_ _0\"></span>cedenti);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y435 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione  a<span class=\"_ _0\"></span>nalitico-specifica,  che <span class=\"_ _16\"> </span>\u00e8  adottata <span class=\"_ _16\"> </span>per  i  clienti <span class=\"_ _16\"> </span>con  esposizi<span class=\"_ _0\"></span>oni  superiori <span class=\"_ _16\"> </span>a  2  milioni <span class=\"_ _16\"> </span>ed  \u00e8  basat<span class=\"_ _0\"></span>a  sulle<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y436 ff1 fs0 fc0 sc0 ls0 ws0\">percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tribuite <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>gestore, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _5\"></span>processi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>luce<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y437 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019evoluzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>correnti, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>aggiunge <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Add<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>On <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>delle </span></div><div class=\"t m0 x2a h2 y438 ff1 fs0 fc0 sc0 ls0 ws0\">informazioni forward looking, in p<span class=\"_ _3\"></span>articolare q<span class=\"_ _3\"></span>uelle riferite agli <span class=\"_ _3\"></span>impatti di <span class=\"_ _3\"></span>scenari macroeconomici futuri (ad eccezione delle </div><div class=\"t m0 x2a h2 y29c ff1 fs0 fc0 sc0 ls0 ws0\">sofferenze <span class=\"_ _3\"></span>assistite da <span class=\"_ _2\"></span>garanzie ipotecarie <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>scenar<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x2a h2 y439 ff1 fs0 fc0 sc0 ls0 ws0\">futuri sono inclusi tram<span class=\"_ _0\"></span>ite le modalit\u00e0 di d<span class=\"_ _0\"></span>eter<span class=\"_ _3\"></span>minazione degli hair<span class=\"_ _0\"></span>cut al valore degli imm<span class=\"_ _0\"></span>obili in garanzia). </div><div class=\"t m0 x0 h2 y43a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\">Anche la valutazione d<span class=\"_ _0\"></span>elle inadempienze p<span class=\"_ _0\"></span>robabili (Unlikely t<span class=\"_ _0\"></span>o Pay <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> UTP) \u00e8 operata sulla base <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i differenti appr<span class=\"_ _0\"></span>occi:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y22a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _1d\"> </span>analitico-statistica, <span class=\"_ _17\"> </span>per <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _17\"> </span>esposizioni <span class=\"_ _1d\"> </span>inferiori <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>2 <span class=\"_ _17\"> </span>milion<span class=\"_ _3\"></span><span class=\"ff4\">i, <span class=\"_ _17\"> </span>basata <span class=\"_ _1d\"> </span>sull\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>apposite <span class=\"_ _17\"> </span>griglie </span></span></div><div class=\"t m0 x2a h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">statistiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiunge <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-On <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>itate <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ondizioni<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y473 ff1 fs0 fc0 sc0 ls0 ws0\">correnti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>macroeconomici <span class=\"_ _3\"></span>futuri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nel<span class=\"_ _2\"></span><span class=\"ff4\">lo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">penalizzare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>maggiore <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>presentano <span class=\"_ _5\"></span>movimenta<span class=\"_ _0\"></span>zioni <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>recuperi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>determinat<span class=\"_ _35\"></span>o </div><div class=\"t m0 x2a h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\">periodo di tempo; </div><div class=\"t m0 x0 h24 yca ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>valutazione <span class=\"_ _2\"></span>analitico-specifica<span class=\"ff5 lsd\">, <span class=\"_ _2\"></span></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>basata <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>percentuali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>svalutazione </span></div><div class=\"t m0 x2a h32 ycb ff4 fs0 fc0 sc0 ls0 ws0\">attribuite  dal  gestore,  a  seguito  di  appositi  processi  di  analisi  e  valutazione  anche  alla  luce  dell\u2019ev<span class=\"_ _0\"></span>oluzione  delle </div><div class=\"t m0 x2a h2 y11b ff1 fs0 fc0 sc0 ls0 ws0\">condizioni <span class=\"_ _6\"></span>correnti, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>si <span class=\"_ _4\"></span>agg<span class=\"_ _0\"></span>iunge <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>com<span class=\"_ _3\"></span>ponente <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span><span class=\"ff2\">Add-On <span class=\"_ _6\"></span></span>al <span class=\"_ _4\"> </span>fine <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>tener <span class=\"_ _4\"></span>conto, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>questo <span class=\"_ _6\"></span>caso, <span class=\"_ _4\"></span>degli </div><div class=\"t m0 x2a h2 ycd ff1 fs0 fc0 sc0 ls0 ws0\">impatti di scenari macr<span class=\"_ _0\"></span>oeconomici futuri e <span class=\"_ _0\"></span>della permanenza nell<span class=\"_ _0\"></span>o stato di rischio.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yce ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycf ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>soglia per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>fissato da<span class=\"_ _3\"></span> part<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>competenti <span class=\"_ _3\"></span>Organi delle </div><div class=\"t m0 x0 h2 yd0 ff1 fs0 fc0 sc0 ls0 ws0\">singole <span class=\"_ _3\"></span>Societ\u00e0, d<span class=\"_ _3\"></span>i concerto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>strutture di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>fissato d<span class=\"_ _6\"></span>alla </div><div class=\"t m0 x0 h2 yd1 ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo. </div><div class=\"t m0 x0 h2 yd2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd3 ff1 fs0 fc0 sc0 ls0 ws0\">Indipendentemente dall<span class=\"_ _0\"></span>a suddivisione di tali esposizioni tra quelle oggetto di<span class=\"_ _0\"></span> valu<span class=\"_ _2\"></span>tazione analitico-statistica e quelle oggetto di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yd4 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>analitico-specifica <span class=\"_ _2\"></span>(come <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>identificate), <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>vendita <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti </div><div class=\"t m0 x0 h2 yd5 ff4 fs0 fc0 sc0 ls0 ws0\">deteriorati <span class=\"_ _6\"> </span>cedibili <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>piano <span class=\"_ _6\"></span>d\u2019impresa <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>pianificazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rid<span class=\"_ _3\"></span><span class=\"ff1\">uzione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>prevedano <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 yd6 ff1 fs0 fc0 sc0 ls0 ws0\">cessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tali <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>comportino <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>riclassifica <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>5. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deterior<span class=\"_ _5\"></span>ati </div><div class=\"t m0 x0 h2 yb72 ff1 fs0 fc0 sc0 ls0 ws0\">cedibili, quindi, consi<span class=\"_ _0\"></span>dera la possibilit\u00e0 <span class=\"_ _0\"></span>di realizzo di tali cre<span class=\"_ _0\"></span>diti a<span class=\"_ _3\"></span>nche attraverso la vendit<span class=\"_ _0\"></span>a. </div><div class=\"t m0 x0 h2 yd8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd9 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>goria <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _5\"></span>sconfinanti <span class=\"_ _2\"></span>sono, <span class=\"_ _2\"></span>invece, <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>nalitica </div><div class=\"t m0 x0 h2 yda ff4 fs0 fc0 sc0 ls0 ws0\">su <span class=\"_ _2\"></span>basi <span class=\"_ _2\"></span>statistiche <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _2\"></span>dall\u2019ammontare <span class=\"_ _3\"></span>dell\u2019esposizione. <span class=\"_ _2\"></span>Anche <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>caso, <span class=\"_ _6\"></span><span class=\"ff1\">comunque, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rettifica <span class=\"_ _3\"></span>definita </span></div><div class=\"t m0 x0 h2 ydb ff1 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>griglie <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>LGD <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>integrata <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>tener <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span>to <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Add<span class=\"_ _5\"></span>-<span class=\"ff4\">On <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>scrivibile <span class=\"_ _7\"> </span>all\u2019effetto </span></div><div class=\"t m0 x0 h2 ydc ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019evoluzione delle <span class=\"_ _0\"></span>condizioni corr<span class=\"_ _0\"></span>enti e degli scenari ma<span class=\"_ _0\"></span>croeconomici futuri. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y275 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4fe ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _2\"></span>devono <span class=\"_ _3\"></span>continuare <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>rilevate <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quando non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>trascorsi <span class=\"_ _3\"></span>almeno <span class=\"_ _2\"></span>tre </div><div class=\"t m0 x0 h2 y4ff ff1 fs0 fc0 sc0 ls0 ws0\">mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oddisfano <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>probation <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span>iod). <span class=\"_ _7\"> </span>Tali </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>mantenute, <span class=\"_ _4\"></span>s<span class=\"ff4\">ino <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>maturare <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>condizio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019uscita <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>deteriorato, <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>rispettive <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"> </span>di </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">rischio e valutate i<span class=\"_ _0\"></span>n modalit\u00e0 analitico-statistica o analitico-speci<span class=\"_ _0\"></span>fica tenendo conto dell<span class=\"_ _0\"></span>a loro minore rischiosit<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Di <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _7\"> </span>fornita <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>breve <span class=\"_ _7\"> </span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>vengono <span class=\"_ _7\"> </span>poste <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">specifica ed analitico-statisti<span class=\"_ _0\"></span>ca:  </div><div class=\"t m0 x0 h2 y63 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-<span class=\"_ _3\"></span>specifica <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>sofferenze <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>inadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>superiori <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>valutazione </span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">operata dai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">gestori sulle <span class=\"_ _3\"></span>singole p<span class=\"_ _3\"></span>osizioni basata <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un\u2019analisi <span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span></span>-quantitativa della <span class=\"_ _3\"></span>situazione economico<span class=\"_ _3\"></span>-patrimoniale<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>strategie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>cre<span class=\"_ _6\"></span>diti </div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">deteriorati,  d<span class=\"ff4\">i  eventuali  fattori <span class=\"_ _16\"> </span>mitiganti  (garanzie)  e  tenendo  conto <span class=\"_ _16\"> </span>dell\u2019effetto  finanziario  del  tem<span class=\"_ _0\"></span>po  stimato  come </span></div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">necessario per il r<span class=\"_ _0\"></span>ecupero. </div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze<span class=\"_ _0\"></span>, <span class=\"_ _16\"> </span>assumono <span class=\"_ _7\"> </span>rilevanza <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _16\"> </span>serie <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elementi, <span class=\"_ _7\"> </span>diversamente <span class=\"_ _7\"> </span>presenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>delle </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>posizioni, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>valutare <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>massima <span class=\"_ _5\"></span>accuratezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prudenza, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>citano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mero <span class=\"_ _5\"></span>titolo </div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">esemplificativo: </div><div class=\"t m0 x2a h2 y6c ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>natura del credito, <span class=\"_ _0\"></span>privilegiato o chirogr<span class=\"_ _0\"></span>afario; </span></div><div class=\"t m0 x2a h2 y6d ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>consistenza patrimo<span class=\"_ _0\"></span>niale netta degli obblig<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti/terzi datori di ga<span class=\"_ _0\"></span>ranzie rea<span class=\"_ _3\"></span><span class=\"ls11\">li;</span> </span></div><div class=\"t m0 x2a h2 y6e ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>complessit\u00e0 del cont<span class=\"_ _0\"></span>enzioso in essere o <span class=\"_ _0\"></span>potenziale e/o dell<span class=\"_ _0\"></span>e questioni giuridi<span class=\"_ _0\"></span>che sottese;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y6f ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione degli ob<span class=\"_ _0\"></span>bligati nei confr<span class=\"_ _0\"></span>onti del sistema bancar<span class=\"_ _0\"></span>io e di altri cre<span class=\"_ _0\"></span>ditori;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y70 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>ultimi bilanci dis<span class=\"_ _0\"></span>ponibili; </span></div><div class=\"t m0 x2a h2 y71 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>stato giuridico degl<span class=\"_ _0\"></span>i obbligati e penden<span class=\"_ _0\"></span>za di pr<span class=\"_ _3\"></span>ocedure concors<span class=\"_ _0\"></span>uali e/o individu<span class=\"_ _0\"></span>ali. </span></div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resumibile <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>realizzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>garantiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>beni <span class=\"_ _2\"></span>immobili, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _7\"> </span>serie <span class=\"_ _7\"> </span>storiche <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>recuperi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>considerazioni <span class=\"_ _7\"> </span>forward<span class=\"_ _3\"></span>-<span class=\"ff4\">looking <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>applicato <span class=\"_ _7\"> </span>un </span></div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">approccio <span class=\"_ _3\"></span>inc<span class=\"ff4\">entrato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>all\u2019asta <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>attesa <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>relativo <span class=\"_ _2\"></span>abbattiment<span class=\"_ _0\"></span>o </span></div><div class=\"t m0 x2a h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _16\"> </span>prezzo  os<span class=\"_ _0\"></span>servato, <span class=\"_ _16\"> </span>determinando <span class=\"_ _16\"> </span>degli  h<span class=\"_ _0\"></span>aircut  m<span class=\"_ _35\"></span>edi  differe<span class=\"_ _0\"></span>nziati <span class=\"_ _16\"> </span>per  tipologia<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>i  ga<span class=\"_ _0\"></span>ranzia  imm<span class=\"_ _0\"></span>obiliare <span class=\"_ _16\"> </span>(abitativa, </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">commerciale, <span class=\"_ _16\"> </span>industriale<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>te<span class=\"_ _3\"></span>rreni). <span class=\"_ _16\"> </span>Per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>ipotecarie <span class=\"_ _16\"> </span>in  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _7\"> </span>analitico<span class=\"_ _2\"></span>-specifica <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>viene,  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">applicato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>Add-On <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evitare <span class=\"_ _4\"> </span>duplicazioni, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>componente <span class=\"_ _4\"> </span>forward </div><div class=\"t m0 x2a h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">looking \u00e8 gi\u00e0 tenut<span class=\"_ _0\"></span>a in considerazione tram<span class=\"_ _0\"></span>ite l\u2019ha<span class=\"ff1\">i<span class=\"_ _3\"></span>rcut.  </span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Con  rif<span class=\"_ _0\"></span>erimento <span class=\"_ _16\"> </span>alle  sofferen<span class=\"_ _0\"></span>ze  immobili<span class=\"_ _0\"></span>ari  riveni<span class=\"_ _0\"></span>enti  da <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _16\"> </span>di  le<span class=\"_ _0\"></span>asing, <span class=\"_ _16\"> </span>alla  luce <span class=\"_ _16\"> </span>delle  peculi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rit\u00e0 <span class=\"_ _16\"> </span>del  prodotto<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 y7a ff4 fs0 fc0 sc0 ls0 ws0\">(assenza <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>aste), <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019haircut <span class=\"_ _7\"> </span>\u00e8  stimato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>deprezzamento <span class=\"_ _7\"> </span>del  bene <span class=\"_ _7\"> </span>osservato <span class=\"_ _16\"> </span>tra <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>perizia <span class=\"_ _7\"> </span>al  mom<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019ingresso in sofferenza <span class=\"_ _0\"></span>e l\u2019effettivo prezzo d<span class=\"_ _0\"></span>i vendita.<span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _2\"></span>quali<span class=\"_ _5\"></span><span class=\"ff1\">-quantitativa <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>situazione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">economico-patrimoniale e <span class=\"_ _0\"></span>finanziaria del debito<span class=\"_ _0\"></span>re e su una puntu<span class=\"_ _0\"></span>ale verifica della<span class=\"_ _3\"></span> situazione di rischio. </div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>perdita <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>presuppone <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>assa <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>il </div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">debitore <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rodurre <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>saranno destinati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>finanziario. <span class=\"_ _3\"></span>Tale s<span class=\"_ _3\"></span>tima deve<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>essere </div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">effettuata sulla base <span class=\"_ _0\"></span>di due approcci alte<span class=\"_ _0\"></span>rnativi: </div><div class=\"t m0 x2a h2 y82 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>continuit\u00e0 <span class=\"_ _7\"> </span>operativa <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>\u201cGoing <span class=\"_ _7\"> </span>Concern <span class=\"_ _7\"> </span>Approach\u201d): <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>operativi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>debitore <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>del </span></span></div><div class=\"t m0 x62 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">garante <span class=\"_ _2\"></span>effettivo) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuano <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>utilizzati <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>ripagare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ebiti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>contratti. <span class=\"_ _2\"></span>L\u2019ipotesi <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x62 h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">continuit\u00e0 <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>esclude <span class=\"_ _16\"> </span>l\u2019eventuale <span class=\"_ _7\"> </span>realizzo  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>garanzie, <span class=\"_ _7\"> </span>ma <span class=\"_ _16\"> </span>solo <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>misura <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _16\"> </span>ci\u00f2 <span class=\"_ _16\"> </span>possa <span class=\"_ _16\"> </span>avvenire <span class=\"_ _7\"> </span>senza </div><div class=\"t m0 x62 h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">pregiudicare la c<span class=\"_ _3\"></span>apacit\u00e0 del <span class=\"_ _3\"></span>debitore di <span class=\"_ _3\"></span>generare flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>futuri. Il <span class=\"_ _3\"></span>metodo \u201cGoing <span class=\"_ _3\"></span>Concern\u201d trova<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>applicazione </span></div><div class=\"t m0 x62 h32 y86 ff4 fs0 fc0 sc0 ls0 ws0\">anche ai <span class=\"_ _3\"></span>casi in <span class=\"_ _3\"></span>cui la <span class=\"_ _3\"></span>recuperabilit\u00e0 dell\u2019esposizione si basi <span class=\"_ _3\"></span>sulla eventuale cessione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _3\"></span>da parte <span class=\"_ _3\"></span>del debitore </div><div class=\"t m0 x62 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">o <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>straordinarie. <span class=\"_ _5\"></span>Similmente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>Sofferenze<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>UTP, </div><div class=\"t m0 x62 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">vengono <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _5\"></span>haircut <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>garanzie <span class=\"_ _5\"></span>immobiliari. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _6\"></span>Going <span class=\"_ _5\"></span>Concern, <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>hai<span class=\"_ _3\"></span>rcut </div><div class=\"t m0 x62 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _7\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>haircut <span class=\"_ _7\"> </span>applicati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>liquidatorio <span class=\"_ _7\"> </span>(sofferenza <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>UTP <span class=\"_ _4\"> </span>Gone<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Concern)<span class=\"_ _0\"></span>, </div><div class=\"t m0 x62 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">applicando un fattore d<span class=\"_ _0\"></span>i calibrazione pari alla probabilit<span class=\"_ _0\"></span>\u00e0 di migrazione degli UT<span class=\"_ _0\"></span>P a sofferenza; </div><div class=\"t m0 x2a h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">scenario di <span class=\"_ _3\"></span>cessazione dell\u2019attivit\u00e0 (c.d.<span class=\"_ _3\"></span></span> <span class=\"ff4\">\u201cGone Concern <span class=\"_ _3\"></span>Approach\u201d): applicabile nei casi in cui <span class=\"_ _3\"></span>si ritiene che <span class=\"_ _3\"></span>i flussi di </span></span></div><div class=\"t m0 x62 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">cassa del debitore siano destin<span class=\"_ _0\"></span>ati a venir meno. Si tratta di uno s<span class=\"_ _3\"></span>cenario la cui applicazione potr<span class=\"_ _0\"></span>ebbe eventualmente </div><div class=\"t m0 x62 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">riguardare <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>prevista <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>classificazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>sofferenza. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _6\"></span>contesto, <span class=\"_ _4\"></span>assumendo <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non </div><div class=\"t m0 x62 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">siano <span class=\"_ _2\"></span>ragionevolmente <span class=\"_ _2\"></span>percorribili <span class=\"_ _3\"></span>interventi <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>straordinarie <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ristrutturazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito </div><div class=\"t m0 x62 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>contesti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>turnaround, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>basa <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>assistono <span class=\"_ _2\"></span>il </div><div class=\"t m0 x62 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">credito  della  Banca  al  netto  dell\u2019applicazione  di  un  haircut  (determinato  come  per  le <span class=\"_ _1d\"> </span>Sofferenze)<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>nonch\u00e9,  i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">n </span></div><div class=\"t m0 x62 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">subordine, sul valore di realizzo degli asset patrimoniali, tenuto conto della massa passiva e delle eventuali cause di </div><div class=\"t m0 x62 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">prelazione; </div><div class=\"t m0 x62 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y50 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a valutazione analitic<span class=\"_ _0\"></span>o-statistica, effettuata per le s<span class=\"_ _0\"></span>offerenze e le inadem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ienze probabili di im<span class=\"_ _0\"></span>porto inferiore ai 2 m<span class=\"_ _3\"></span>ilioni e </span></div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">per i crediti scaduti e<span class=\"_ _0\"></span>/o sconfinanti, pres<span class=\"_ _0\"></span>enta delle peculiari<span class=\"_ _0\"></span>t\u00e0 a seconda della ti<span class=\"_ _0\"></span>pologia di esposizione <span class=\"_ _0\"></span>interessata. <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>sofferenze, la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione analitico<span class=\"_ _3\"></span>-s<span class=\"_ _3\"></span>tatistica si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _3\"></span>griglie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>Sofferenza, <span class=\"_ _3\"></span>dove <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">LGD <span class=\"_ _3\"></span>Defaulted Asset <span class=\"_ _3\"></span>si caratterizza prevalentemente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la differenziazione <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>erdita in <span class=\"_ _3\"></span>funzione, o<span class=\"_ _3\"></span>ltre che <span class=\"_ _3\"></span>del </div><div class=\"t m0 x2a h32 y55 ff4 fs0 fc0 sc0 ls0 ws0\">segmento regolamentare, <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>ermanenza nello <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio (\u201cvintage\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019eventuale attivazione di<span class=\"_ _3\"></span> procedure <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">recupero <span class=\"_ _4\"></span>giudiziali. <span class=\"_ _6\"></span>Le <span class=\"_ _7\"> </span>griglie <span class=\"_ _6\"></span>risultano <span class=\"_ _4\"> </span>inoltre <span class=\"_ _4\"></span>differenziate <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>assi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>analisi <span class=\"_ _4\"></span>significativi <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>del<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">modello <span class=\"_ _6\"></span>(es. <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>tecnica, <span class=\"_ _6\"></span>tipologia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gar<span class=\"_ _0\"></span>anzia, <span class=\"_ _6\"></span>area <span class=\"_ _6\"></span>geografica, <span class=\"_ _6\"></span>fascia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esposizione, <span class=\"_ _6\"></span>ecc.). <span class=\"_ _6\"></span>Le <span class=\"_ _6\"></span>griglie <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>tempi <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">recupero <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _6\"></span>principalmente <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>golament<span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>ulteriori <span class=\"_ _5\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>significativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">modellistica (es. pro<span class=\"_ _0\"></span>cedure di recupero, fa<span class=\"_ _0\"></span>scia di esposizione, f<span class=\"_ _0\"></span>orma tecnica). </div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento alle inadempienze probabili, la valutazione \u00e8 effet<span class=\"_ _2\"></span><span class=\"ff4\">tuata mediante l\u2019applicazion<span class=\"_ _0\"></span>e di <span class=\"_ _3\"></span>griglie di LGD statistica<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">stimate <span class=\"_ _4\"> </span>appositamente <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>classificate <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>Inadempienze <span class=\"_ _4\"> </span>Probabili, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>griglie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>LGD </div><div class=\"t m0 x2a h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">stimate per <span class=\"_ _2\"></span>le s<span class=\"_ _3\"></span>offerenze. Il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>griglia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>Inademp<span class=\"_ _3\"></span>ienze <span class=\"_ _3\"></span>Probabili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>infatti <span class=\"_ _3\"></span>analogo a <span class=\"_ _2\"></span>quell<span class=\"_ _0\"></span>o </div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">descritto <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>calcola <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _7\"> </span>atteso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _4\"> </span>in </div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>stesso. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Inadempienze <span class=\"_ _5\"></span>Probabili <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ottenuta <span class=\"_ _5\"></span>tr<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mite <span class=\"_ _2\"></span>ricalibrazione <span class=\"_ _2\"></span>della </div><div class=\"t m0 x2a h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">LGD <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modulo <span class=\"_ _2\"></span>Danger <span class=\"_ _2\"></span>Rate. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>Danger <span class=\"_ _2\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _2\"></span>correttivo <span class=\"_ _2\"></span>moltiplicativo<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>alla </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.46411px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">LGD <span class=\"_ _2\"></span>sofferenza, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>registrabili <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>(stat<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Inadempienza<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Probabile <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>scaduto/sconfinante). <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>Danger <span class=\"_ _3\"></span>Rate <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>timato <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>migrazione <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>Sofferenza <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni <span class=\"_ _3\"></span>gi\u00e0 in <span class=\"_ _3\"></span>default, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>osservati n<span class=\"_ _3\"></span>ella fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pre<span class=\"_ _2\"></span>-Sofferenza per <span class=\"_ _2\"></span>le posizioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>migrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>offerenza<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">e i tassi di perdita <span class=\"_ _0\"></span>osservati nella fase <span class=\"_ _0\"></span>di Pre-<span class=\"_ _3\"></span>Sofferenza per le<span class=\"_ _0\"></span> posizioni che rientra<span class=\"_ _0\"></span>no in Bonis o si esti<span class=\"_ _0\"></span>nguono.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>sottoclassi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>\u201cInadempienz<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>Probabili\u201d <span class=\"_ _4\"> </span>(\u201cInadempienze <span class=\"_ _4\"> </span>Probabili <span class=\"_ _6\"> </span>Non <span class=\"_ _4\"> </span>Forborne\u201d <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x2a h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cInadempienze <span class=\"_ _1d\"> </span>Probabili <span class=\"_ _17\"> </span>Forborne\u201d), <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>stimate <span class=\"_ _1d\"> </span>griglie <span class=\"_ _17\"> </span>differenziate <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>tenere <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>opportuna <span class=\"_ _1d\"> </span>considerazione <span class=\"_ _1d\"> </span>le </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _1d\"> </span>Forborne, <span class=\"_ _1d\"> </span>che, <span class=\"_ _17\"> </span>oltre <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>presentare <span class=\"_ _1d\"> </span>livelli <span class=\"_ _17\"> </span>medi <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>perdita <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>contenuti <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>effetto <span class=\"_ _17\"> </span>delle </div><div class=\"t m0 x2a h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cForbearance <span class=\"_ _3\"></span>Measures\u201d, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isentono <span class=\"_ _3\"></span>an<span class=\"ff1\">c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli <span class=\"_ _2\"></span>normativi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>impediscono <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rientro <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>mes<span class=\"_ _35\"></span>i </span></div><div class=\"t m0 x2a h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">dalla data dell\u2019avven<span class=\"_ _0\"></span>uta rinegoziazione.<span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>sconfinanti, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>griglie <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>analoghe <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quelle </div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">descritte <span class=\"_ _1c\"> </span>per <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>Inadempienze <span class=\"_ _1c\"> </span>Probabili <span class=\"_ _1c\"> </span>(Framework <span class=\"_ _1c\"> </span>Danger <span class=\"_ _20\"> </span>Rate). <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span>fattore <span class=\"_ _20\"> </span>vintage <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>questo <span class=\"_ _1c\"> </span>caso <span class=\"_ _1c\"> </span>colto </div><div class=\"t m0 x2a h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019introduzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>differenziazione <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>durata <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scaduto <span class=\"_ _4\"> </span>(Past <span class=\"_ _4\"> </span>Due <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>90 <span class=\"_ _7\"> </span>giorni/180 <span class=\"_ _6\"> </span>giorni) <span class=\"_ _4\"> </span>che </div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">determina <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>significativa <span class=\"_ _2\"></span>variazione <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>griglie <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ar<span class=\"_ _3\"></span>ticolano <span class=\"_ _2\"></span>inoltre, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>maniera <span class=\"_ _2\"></span>differenziata,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">per segmento regolamentar<span class=\"_ _0\"></span>e e per ulteriori assi di analisi (es. forma tecnic<span class=\"_ _0\"></span>a, tipologia di garanzia, ar<span class=\"_ _0\"></span>ea geografica, fasci<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">di esposizione, ecc.)<span class=\"_ _0\"></span> comuni alle altre categorie del credito dete<span class=\"_ _0\"></span>riorato. </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>stima <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>LGD <span class=\"_ _4\"> </span>utilizzati <span class=\"_ _4\"> </span>nella<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>analitico<span class=\"_ _3\"></span>-statistica <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>performing,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">vengono <span class=\"_ _6\"></span>effettuati <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rimozione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntive <span class=\"_ _5\"></span>specificatamente <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntro<span class=\"_ _2\"></span>dotte <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>modelli </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">regolamentari, analogam<span class=\"_ _0\"></span>ente a quanto g<span class=\"_ _0\"></span>i\u00e0 evidenziato per le e<span class=\"_ _35\"></span>sposizioni performing.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quel <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>all\u2019inclusione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>correnti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _5\"></span>looking, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>deteriorat<span class=\"_ _5\"></span><span class=\"ff1\">e, </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>stimata s<span class=\"_ _3\"></span>tatisticamente (<span class=\"_ _3\"></span>Add <span class=\"_ _3\"></span>On <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>macroeconomico) <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>scenari </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">most-<span class=\"ff4\">likely e peggiorativi<span class=\"_ _0\"></span> previsti nell\u2019orizzont<span class=\"_ _0\"></span>e temporale dei suc<span class=\"_ _0\"></span>cessivi tre anni, secon<span class=\"_ _0\"></span>do i criteri gi\u00e0 descrit<span class=\"_ _0\"></span>ti.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dall\u2019IFR<span class=\"ff1\">S <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>occorre, <span class=\"_ _5\"></span>infatti, <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>forward <span class=\"_ _2\"></span>looking <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">LGD e la componente <span class=\"_ _0\"></span>sopra richiamata \u00e8 volta <span class=\"_ _0\"></span>a catturare la non<span class=\"_ _0\"></span> linearit\u00e0 della rela<span class=\"_ _0\"></span>zione tra le variabili m<span class=\"_ _0\"></span>acroeconomiche e <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">misurazione <span class=\"_ _3\"></span>dell\u2019ECL,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>dell\u2019incertezza p<span class=\"_ _3\"></span>revisionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>utilizzate <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>scenario </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">most-likely. <span class=\"_ _7\"> </span>Essa <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>basa <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>medesimo <span class=\"_ _7\"> </span>framework <span class=\"_ _16\"> </span>metodologico <span class=\"_ _7\"> </span>impiegato <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _16\"> </span>ma <span class=\"_ _7\"> </span>ignora <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>ottica </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">prudenziale <span class=\"_ _6\"></span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>migliorativo, <span class=\"_ _4\"></span>considerando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>soli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>peggiorativo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>most-<span class=\"_ _3\"></span><span class=\"ff4\">likely <span class=\"_ _6\"> </span>medi <span class=\"_ _4\"> </span>sull\u2019orizzonte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>tre <span class=\"_ _4\"> </span>anni </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">successivi.  </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Alle <span class=\"_ _1d\"> </span>valutazioni  analitico/statistiche, <span class=\"_ _1d\"> </span>inoltre,  \u00e8 <span class=\"_ _1d\"> </span>applicato <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>fattore <span class=\"_ _1d\"> </span>aggiuntivo  ancorato <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>variabili <span class=\"_ _1d\"> </span>gestionali <span class=\"_ _1d\"> </span>interne,  i<span class=\"_ _5\"></span><span class=\"lsc\">n </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">particolare <span class=\"_ _1c\"> </span>il <span class=\"_ _18\"> </span>li<span class=\"ff4\">vello <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>NPL <span class=\"_ _18\"> </span>ratio <span class=\"_ _1c\"> </span>passato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>pros<span class=\"_ _0\"></span>pettico <span class=\"_ _1c\"> </span>che, <span class=\"_ _18\"> </span>sulla <span class=\"_ _1c\"> </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ell\u2019osservazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>lungo <span class=\"_ _18\"> </span>periodo, <span class=\"_ _1c\"> </span>risulta<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">statisticamente <span class=\"_ _4\"> </span>correlato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>dinamica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>perdite. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>fattore <span class=\"_ _7\"> </span>rende <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>dell\u2019LGD <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensibile <span class=\"_ _4\"> </span>alle </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">variazioni del cont<span class=\"_ _0\"></span>esto economico/gestionale corrente e <span class=\"_ _0\"></span>prospettico. </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Sempre in <span class=\"_ _3\"></span>relazione a <span class=\"_ _3\"></span>scenari prospettici, con riferimento a<span class=\"_ _3\"></span>lla categoria delle <span class=\"_ _3\"></span>inadempienze probabili, che racchiude posizio<span class=\"_ _5\"></span>ni </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">ancora <span class=\"_ _2\"></span>vive <span class=\"_ _2\"></span>ma <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>criticit\u00e0, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _3\"></span>analitico<span class=\"_ _2\"></span>-specifica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>valutazione </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">analitico-<span class=\"ff4\">statistica, <span class=\"_ _17\"> </span>qualora <span class=\"_ _1d\"> </span>non <span class=\"_ _17\"> </span>siano <span class=\"_ _17\"> </span>presenti <span class=\"_ _17\"> </span>misure <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>forbearance <span class=\"_ _17\"> </span>efficaci, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevista <span class=\"_ _17\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>n\u2019ulteriore<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>(oltre <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>citato <span class=\"_ _5\"></span>Add <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> da <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>macroeconomico) <span class=\"_ _2\"></span>finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>ridurre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>delle </div><div class=\"t m0 x0 h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">posizioni <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>dell\u2019anzianit\u00e0 <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>movimentazione <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>recuperi <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>determinato </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">periodo di tempo.<span class=\"ff9\"> </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Passando <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>analizzare <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>scenari <span class=\"_ _6\"></span>alternativi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>recupero, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evi<span class=\"_ _3\"></span>denzia <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>relazione <span class=\"_ _6\"></span>agli </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">obiettivi di riduzione <span class=\"_ _0\"></span>dello stock di crediti<span class=\"_ _0\"></span> non performing in e<span class=\"_ _0\"></span>ssere, inclusi nei pia<span class=\"_ _0\"></span>ni aziendali, ed agli <span class=\"_ _0\"></span>eventuali impegn<span class=\"_ _2\"></span>i assunt<span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">con gli Organi di Vigila<span class=\"_ _0\"></span>nza, con specifi<span class=\"_ _0\"></span>co riferimento alla c.d.<span class=\"_ _0\"></span> NPL Strategy, consid<span class=\"_ _0\"></span>era la vendita di dete<span class=\"_ _0\"></span>rminati portafogli<span class=\"_ _2\"></span> come </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _3\"></span>strategia <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>pu\u00f2, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>condizioni, <span class=\"_ _3\"></span>massimizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>recupero <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>cash <span class=\"_ _2\"></span>flow, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mpi <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">recupero.  </div><div class=\"t m0 x0 h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Conseguentemente, <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _18\"> </span>\u201cordinario\u201d, <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>ipotiz<span class=\"_ _0\"></span>za <span class=\"_ _18\"> </span>una <span class=\"_ _1c\"> </span>strategia <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>recupero <span class=\"_ _18\"> </span>basata <span class=\"_ _18\"> </span>su<span class=\"_ _3\"></span>ll\u2019incasso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>credito </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">tipicamente <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>legali, <span class=\"_ _5\"></span>mandati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero, <span class=\"_ _5\"></span>realizzo <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ancarie, <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>affiancato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>ove </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">applicabile e come stra<span class=\"_ _0\"></span>tegia di recupero <span class=\"_ _0\"></span>alternativa <span class=\"ff4\">\u2013</span> anche lo scenario di vendita <span class=\"_ _0\"></span>del credito medesimo. </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>piani <span class=\"_ _7\"> </span>aziendali <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>strategie <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>identifichino <span class=\"_ _4\"> </span>specifici <span class=\"_ _7\"> </span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>dismissione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>un </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>teriorati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tale <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>raggiungimento </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _4\"></span>obiettivi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>recuperabile <span class=\"_ _4\"></span>attraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>operativa, <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h1b yb8e ff1 fs0 fc0 sc0 ls0 ws0\">valutazioni di mercato <span class=\"_ _0\"></span>(sulla base di perizie esterne) <span class=\"_ _0\"></span>e/o di prezzi di ve<span class=\"_ _0\"></span>ndita se gi\u00e0 definiti<span class=\"_ _3\"></span><span class=\"fs9\">. </span></div><div class=\"t m0 x0 h2 y3e1 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, qualora si iden<span class=\"_ _0\"></span>tifichi un pi\u00f9 ampio portafogl<span class=\"_ _0\"></span>io di crediti oggetto di pote<span class=\"_ _0\"></span>nziale cessione rappre<span class=\"_ _0\"></span>sentato da cr<span class=\"_ _2\"></span>editi di </div><div class=\"t m0 x0 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">propriet\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _2\"></span>edibilit\u00e0 <span class=\"_ _5\"></span>(quindi, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>situazioni <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">contenzioso, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>indicazione <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>sintetica),<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1c1 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto <span class=\"_ _1d\"> </span>agli<span class=\"ffc\"> <span class=\"_ _17\"> </span></span>obiettivi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>vendita, <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>bilanci<span class=\"_ _3\"></span>o <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>suddetto <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>ponderando <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>valore </div><div class=\"t m0 x0 h2 y1c2 ff1 fs0 fc0 sc0 ls0 ws0\">recuperabile attraverso<span class=\"_ _0\"></span> la gestione operati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a con il valore recu<span class=\"_ _0\"></span>perabile attrave<span class=\"_ _0\"></span>rso la cessione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>cedibili <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>quantificato come<span class=\"_ _5\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi </span></div><div class=\"t m0 x0 h2 y1c4 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>cessione\u201d <span class=\"_ _6\"></span>(fair <span class=\"_ _5\"></span>value) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>(ii) <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>\u201cvalore <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>collection\u201d, <span class=\"_ _5\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>peso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ponderazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ercentuale <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">crediti <span class=\"_ _3\"></span>cedibili <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>determinata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>rapporto <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>target <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>volume <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span><span class=\"ff4\">dere <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rispettivi <span class=\"_ _3\"></span>portafogli <span class=\"_ _2\"></span>\u201caggredibili\u201d per </span></div><div class=\"t m0 x0 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _4\"> </span>similari, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>percentuale <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>riflette <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vendita <span class=\"_ _4\"> </span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>portafogli <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>cui </div><div class=\"t m0 x0 h32 y3ea ff4 fs0 fc0 sc0 ls0 ws0\">dismissione <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ritenuta <span class=\"_ _6\"> </span>altamente <span class=\"_ _6\"> </span>probabile. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>osserva <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>\u201cvalore <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collection\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>gi\u00e0 </div><div class=\"t m0 x0 h2 y1c8 ff4 fs0 fc0 sc0 ls0 ws0\">illustrate <span class=\"_ _3\"></span>logiche ordinarie <span class=\"_ _3\"></span>seguite <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment dei <span class=\"_ _3\"></span>crediti d<span class=\"_ _3\"></span>eteriorati, vale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dire <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span></div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">analitica <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>soglia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>analitico-statistica <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre. <span class=\"_ _2\"></span>La </div><div class=\"t m0 x0 h2 yf38 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cvalore <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione\u201d <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>val<span class=\"_ _5\"></span><span class=\"ff1\">utatori </span></div><div class=\"t m0 x0 h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">indipendenti. </div><div class=\"t m0 x0 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">Qualora, invece, si identifi<span class=\"_ _0\"></span>chi in modo specifico le posi<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>ioni da cedere, tali posizioni vengo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o valutate esclusivam<span class=\"_ _0\"></span>ente tenendo </div><div class=\"t m0 x0 h2 y303 ff4 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>stabiliti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>esterni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019apposita <span class=\"_ _3\"></span>fairness <span class=\"_ _2\"></span>opinion <span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>attrave<span class=\"_ _5\"></span><span class=\"ff1\">rso <span class=\"_ _2\"></span>un </span></div><div class=\"t m0 x0 h2 yf3b ff4 fs0 fc0 sc0 ls0 ws0\">accordo <span class=\"_ _6\"> </span>vincolante <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>l\u2019acquirente,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ce<span class=\"_ _3\"></span><span class=\"ff1\">ssione. <span class=\"_ _4\"></span>Tali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>riclassificati <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di </span></div><div class=\"t m0 x0 h2 yf3c ff1 fs0 fc0 sc0 ls0 ws0\">dismissione. <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-137.30786px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>anticipato, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>egnala, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>acquistate <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>originate <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>deteriorate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>POCI) <span class=\"_ _5\"></span>presentan<span class=\"_ _2\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>particolarit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairme<span class=\"_ _3\"></span>nt. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>proposito, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse, <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>tutta <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">vita  degli <span class=\"_ _16\"> </span>strumenti  in  questi<span class=\"_ _0\"></span>one,  devo<span class=\"_ _0\"></span>no  essere  co<span class=\"_ _0\"></span>ntabilizzate  rett<span class=\"_ _0\"></span>ifiche  di  val<span class=\"_ _0\"></span>ore  pari <span class=\"_ _16\"> </span>all\u2019ECL  lifetime.  A <span class=\"_ _16\"> </span>ogni  data  di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento successiva del bi<span class=\"_ _0\"></span>lancio, d<span class=\"_ _3\"></span><span class=\"ff4\">eve, quindi, essere adeg<span class=\"_ _0\"></span>uato l\u2019ammontare dell\u2019EC<span class=\"_ _0\"></span>L lifetime, rilevand<span class=\"_ _0\"></span>o a conto economico </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019importo <span class=\"_ _4\"> </span>dell\u2019eventuale <span class=\"_ _6\"> </span>variazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>perdite <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"> </span>tutta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _4\"> </span>come <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>tile <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">valore. <span class=\"_ _6\"></span>Alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>esposto, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>POCI <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>inizialmente <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>Stage <span class=\"_ _6\"></span>3, <span class=\"_ _4\"></span>ferma <span class=\"_ _6\"></span>restando <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>spostate <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>crediti <span class=\"_ _7\"> </span>performing, <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>quali, <span class=\"_ _4\"></span>per\u00f2, <span class=\"_ _4\"> </span>continuer\u00e0 <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>rilevata <span class=\"_ _4\"> </span>una </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">perdita attesa pari all<span class=\"_ _0\"></span>\u2019ECL lifetime. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ricorre <span class=\"_ _3\"></span>allo <span class=\"_ _3\"></span>stralcio/cancellazione <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-<span class=\"ff4\">off\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls24 ws0\">re<span class=\"ls0\">siduo non ancor<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> rettificato nei seg<span class=\"_ _0\"></span>uenti casi: </span></div><div class=\"t m0 x0 h2 y6a ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>recuperi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _5\"></span>mobiliari <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _5\"></span>pi<span class=\"_ _3\"></span>gnoram<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nti <span class=\"_ _6\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _35\"></span>e </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span></div><div class=\"t m0 x0 h2 y6e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remi<span class=\"_ _0\"></span>ssione unilaterale <span class=\"_ _0\"></span>del debito o residuo <span class=\"_ _0\"></span>a fronte<span class=\"_ _2\"></span> di contratti t<span class=\"_ _0\"></span>ransattivi; </span></div><div class=\"t m0 x0 h2 y6f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span></div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che, <span class=\"_ _16\"> </span>pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestiti <span class=\"_ _16\"> </span>dalle  strutture <span class=\"_ _16\"> </span>di  rec<span class=\"_ _5\"></span>upero,  pres<span class=\"_ _0\"></span>entano<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>interessare <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>accantonam<span class=\"_ _2\"></span>enti; </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede </div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>seguenti </div><div class=\"t m0 x2a h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">macro-caratteristiche: </div><div class=\"t m0 x2a h2 y76 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x62 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">&gt; di 1 anno; </div><div class=\"t m0 x2a h2 y78 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 (intesa come periodo di permanenza nello stato di <span class=\"_ _5\"></span><span class=\"ff4\">\u201csofferenza\u201d) &gt; 5 anni </span></span></div><div class=\"t m0 x62 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. </div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogenee d<span class=\"_ _3\"></span>iverse da quelle sopra </div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">indicate, ma riferibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>presentino marginali possibilit\u00e0 d<span class=\"_ _3\"></span>i recupero <span class=\"_ _3\"></span>della quota <span class=\"_ _3\"></span>accantonata e <span class=\"_ _3\"></span>in presenza </div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la </div><div class=\"t m0 x2a h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  pruden<span class=\"ff4\">z<span class=\"_ _3\"></span>iale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddetto  \u201cCalendar  Provisioning\u201d)  almeno  pari  al </span></div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate </div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">dal Gruppo. </div><div class=\"t m0 x124 h95 y80 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y81 ffa fs0 fc2 sc0 ls0 ws0\">Perdite di valore di par<span class=\"_ _0\"></span>tecipazioni </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Ad <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>congiunto <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>assoggettate <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">impairment al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>verificare <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>esistono <span class=\"_ _3\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano f<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>ritenere n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>interamente <span class=\"_ _3\"></span>recuperabile il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alo<span class=\"_ _5\"></span>re </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">di iscrizione delle attivi<span class=\"_ _0\"></span>t\u00e0 stesse. </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>impairment prevede <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>riduzioni <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>valore </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>determinazi<span class=\"_ _0\"></span>one <span class=\"_ _1d\"> </span>dell\u2019eventuale  svalutazione. <span class=\"_ _1d\"> </span>Gli  indicatori <span class=\"_ _1d\"> </span>di  i<span class=\"_ _3\"></span>mpairment  sono <span class=\"_ _1d\"> </span>sostanzi<span class=\"_ _2\"></span><span class=\"ff1\">almente  s<span class=\"_ _3\"></span>uddivisibili  in <span class=\"_ _1d\"> </span>due </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">categorie: indicatori qu<span class=\"_ _0\"></span>alitativi e indicat<span class=\"_ _0\"></span>ori quantitativi. </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Tra quelli qualitativi <span class=\"_ _0\"></span>si segnalano: </div><div class=\"t m0 x0 h2 y89 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>conseguimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici negativi <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>scostamento <span class=\"_ _3\"></span>rispetto ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>budget <span class=\"_ _3\"></span>o </span></div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">previsti da piani plurienn<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li comunicati al me<span class=\"_ _0\"></span>rcato; </div><div class=\"t m0 x0 h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019annuncio/avvio di pr<span class=\"_ _0\"></span>ocedure concorsual<span class=\"_ _0\"></span>i o di piani di ristru<span class=\"_ _0\"></span>tturazione;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y48 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>a revisione al riba<span class=\"_ _0\"></span>sso del \u201crating\u201d di <span class=\"_ _0\"></span>oltre due classi;<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y49 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019inadempimento ri<span class=\"_ _0\"></span>spetto agli obbligh<span class=\"_ _0\"></span>i di puntuale ed integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le pagamento dei<span class=\"_ _3\"></span><span class=\"ff1\"> titoli di debito emes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i; </span></span></span></div><div class=\"t m0 x0 h2 y4a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>politica <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>gravi <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>consentire <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>aziende <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffron<span class=\"_ _5\"></span>tare </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">processi di ristrutt<span class=\"_ _0\"></span>urazione/riorganizzazi<span class=\"_ _0\"></span>one. </div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Tra gli indicatori q<span class=\"_ _0\"></span>uantitativi si segnala<span class=\"_ _0\"></span>no: </div><div class=\"t m0 x0 h2 y4e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a riduzione del fair v<span class=\"_ _0\"></span>alue al di sotto de<span class=\"_ _0\"></span>l valore di bilancio di<span class=\"_ _0\"></span> oltre il 30% ovvero <span class=\"_ _0\"></span>per un periodo su<span class=\"_ _0\"></span>periore a 24 mesi;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y4f ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>capitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>orsa <span class=\"_ _3\"></span>inferiore <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>att<span class=\"_ _5\"></span>ivi,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">ovvero  d<span class=\"_ _0\"></span>a  un <span class=\"_ _16\"> </span>valore <span class=\"_ _16\"> </span>contabile <span class=\"_ _16\"> </span>della  parteci<span class=\"_ _0\"></span>pazione <span class=\"_ _16\"> </span>nel  bilancio <span class=\"_ _16\"> </span>separato <span class=\"_ _16\"> </span>superiore <span class=\"_ _16\"> </span>al  valor<span class=\"_ _0\"></span>e  contabi<span class=\"_ _0\"></span>le  n<span class=\"_ _0\"></span>el  bil<span class=\"_ _0\"></span>ancio </div><div class=\"t m0 x2a h32 y51 ff4 fs0 fc0 sc0 ls0 ws0\">consolidato <span class=\"_ _16\"> </span>dell\u2019attivo <span class=\"_ _16\"> </span>netto <span class=\"_ _16\"> </span>e  dell\u2019<span class=\"_ _0\"></span>avviamento <span class=\"_ _16\"> </span>della  pa<span class=\"_ _0\"></span>rtecipata <span class=\"_ _16\"> </span>o  dall<span class=\"_ _0\"></span>a  di<span class=\"_ _0\"></span>stribuzione <span class=\"_ _16\"> </span>da  p<span class=\"_ _0\"></span>arte  di<span class=\"_ _0\"></span>  q<span class=\"_ _0\"></span>uest\u2019ultima <span class=\"_ _16\"> </span>di  u<span class=\"_ _35\"></span>n </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">dividendo superiore <span class=\"_ _0\"></span>al proprio reddito complessivo. </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _3\"></span>comporta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabil<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">risulti inferiore al v<span class=\"_ _0\"></span>alore di iscrizione. </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">Il valore recuperabile \u00e8<span class=\"_ _0\"></span> rappresentato dal magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ore tra il <span class=\"_ _3\"></span><span class=\"ff4\">fair value <span class=\"_ _0\"></span>al netto dei costi di ven<span class=\"_ _0\"></span>dita ed il valore d\u2019<span class=\"_ _0\"></span>uso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">Per  i <span class=\"_ _16\"> </span>metodi <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>determinazione  del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  si<span class=\"_ _35\"></span>  rimanda <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>indicato  nel<span class=\"_ _3\"></span>la  S<span class=\"_ _0\"></span>ezione <span class=\"_ _16\"> </span>specifica  A<span class=\"_ _0\"></span>.4  <span class=\"ff4\">\u2013</span> </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Informativa sul fair v<span class=\"_ _0\"></span>alue. </div><div class=\"t m0 x0 h32 y59 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari at<span class=\"_ _3\"></span>tesi <span class=\"_ _3\"></span>rivenienti dall\u2019attivit\u00e0; <span class=\"_ _3\"></span>esso <span class=\"_ _3\"></span>riflette <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>attesi </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>possibili <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>nell\u2019ammontare <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tempistica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fina<span class=\"_ _5\"></span><span class=\"ff1\">nziario <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">tempo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo a<span class=\"_ _3\"></span>tto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span><span class=\"ff4\">re<span class=\"_ _3\"></span>muner<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 ed <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>influenzare <span class=\"_ _3\"></span>l\u2019apprezzamento<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte </span></div><div class=\"t m0 x0 h2 y5c ff4 fs0 fc0 sc0 ls0 ws0\">degli operatori di me<span class=\"_ _0\"></span>rcato, dei flussi fi<span class=\"_ _0\"></span>nanziari attesi rive<span class=\"_ _0\"></span>nienti dall\u2019attivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">Nella determinazion<span class=\"_ _0\"></span>e del valore d\u2019uso si <span class=\"_ _0\"></span>utilizza il metodo del<span class=\"_ _0\"></span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">attualizzazione dei flussi di c<span class=\"_ _0\"></span>assa futuri. </span><span class=\"ff1\"><span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-100.591064px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Perdite di valore di altr<span class=\"_ _0\"></span>e attivit\u00e0 non finanzi<span class=\"_ _0\"></span>arie </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>vita <span class=\"_ _5\"></span>utile <span class=\"_ _6\"> </span>definita <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>soggette <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>test <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>impairment <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>esiste <span class=\"_ _6\"></span>un\u2019indicazione <span class=\"_ _5\"></span>che  <span class=\"ff1\">il<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">valore contabile del <span class=\"_ _3\"></span>bene non p<span class=\"_ _3\"></span>u\u00f2 p<span class=\"_ _3\"></span>i\u00f9 essere r<span class=\"_ _3\"></span>ecuperato. Il valore <span class=\"_ _3\"></span>recuperabile viene determinato con <span class=\"_ _3\"></span>riferimento al fair <span class=\"_ _3\"></span>value </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>materiale <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>immateriale <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>oneri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d\u2019uso <span class=\"_ _6\"></span>se <span class=\"_ _6\"> </span>determinabile <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>se <span class=\"_ _6\"> </span>esso <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isult<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">superiore al fair valu<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>immobilizzazioni <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>immobilizzazioni <span class=\"_ _5\"></span>immateriali<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">(diverse da quelle r<span class=\"_ _3\"></span>ilevate a seguito di operazioni di a<span class=\"_ _3\"></span>ggregazio<span class=\"_ _0\"></span>ne) si <span class=\"_ _3\"></span>assume che il valore di <span class=\"_ _3\"></span>carico corrisponda normalment<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">al valor<span class=\"ff4\">e d\u2019uso, in <span class=\"_ _3\"></span>quanto deter<span class=\"_ _0\"></span>minato da un processo di ammortamento stimato sulla base dell\u2019effettivo<span class=\"_ _0\"></span> contributo del bene al </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">processo <span class=\"_ _3\"></span>produttivo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>risultando <span class=\"_ _3\"></span>estremamente <span class=\"_ _3\"></span>aleatoria <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>discostano, <span class=\"_ _3\"></span>dando<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">luogo a impairment, in c<span class=\"_ _0\"></span>aso di danneggiame<span class=\"_ _0\"></span>nti, uscita dal proce<span class=\"_ _0\"></span>sso produttivo o altre c<span class=\"_ _0\"></span>ircostanze similari n<span class=\"_ _0\"></span>on ricorrenti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _7\"> </span>precisato <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>dell\u2019illustrazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 <span class=\"_ _16\"> </span>materiali <span class=\"_ _4\"> </span>ed <span class=\"_ _16\"> </span>immateriali\u201d, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>valuta <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>caso, <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>perdita </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>un'attivit\u00e0 <span class=\"_ _1d\"> </span>rivalutata <span class=\"_ _1d\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>trattata <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>diminuzione <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ivalutazione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>fino <span class=\"_ _1d\"> </span>a </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">concorrenza della st<span class=\"_ _0\"></span>essa, dopodich\u00e9 qualunque differ<span class=\"_ _0\"></span>enza \u00e8 imputata a<span class=\"_ _0\"></span> conto economico.  </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>illustrato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019Informativa <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">pregio, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>strumentali <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>effettu<span class=\"_ _3\"></span><span class=\"ff4\">ata <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>sui<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trend <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>immobiliare, <span class=\"_ _2\"></span>al </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>presentati <span class=\"_ _2\"></span>scostamenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilievo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cespiti. <span class=\"_ _3\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>state <span class=\"_ _2\"></span>riscontrate <span class=\"_ _3\"></span>variazi<span class=\"_ _5\"></span>oni <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">particolare <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>(+ <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>10%), <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>aggiornata <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>adeguare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bene </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>immobiliare. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>scostamenti <span class=\"_ _6\"></span>significativi <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span><span class=\"ff4\">iddetti <span class=\"_ _2\"></span>\u201ctrophy <span class=\"_ _3\"></span>asset\u201d <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>prestigio </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>Direzionali <span class=\"_ _2\"></span>ubicati <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>citt\u00e0 <span class=\"_ _5\"></span>sede <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>storico <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>tistico </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">perch\u00e9 vincolati dal Mi<span class=\"_ _0\"></span>nistero per i Beni e l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Attivit<span class=\"_ _3\"></span>\u00e0 Culturali) e o<span class=\"_ _0\"></span>gni tre anni per gli altri <span class=\"_ _0\"></span>immobili strum<span class=\"_ _0\"></span>entali. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>gni </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">tre <span class=\"_ _17\"> </span>anni. <span class=\"_ _18\"> </span>Annualmente <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>comunque <span class=\"_ _17\"> </span>svolta <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>sc<span class=\"_ _2\"></span>enario <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>individuare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _18\"> </span>variazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">apprezzabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>anticipare <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>annuale <span class=\"_ _6\"></span>evidenzi <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">valore,  in  positivo <span class=\"_ _16\"> </span>o  in  negativo,  superior<span class=\"_ _0\"></span>e  al  15%  per  sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le  opere  di  au<span class=\"_ _3\"></span>tori  presenti  nelle <span class=\"_ _16\"> </span>collezioni  della  banca  e<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">confrontabili in base <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>criteri oggettivi (dimensioni, tecnica, periodo d<span class=\"_ _3\"></span>i realizzazione, etc.), \u00e8 <span class=\"_ _3\"></span>necessario commissionare n<span class=\"_ _5\"></span>uove </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">perizie di stima.  </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>principio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>possa <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">ver </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">subito una riduzione <span class=\"_ _0\"></span>di valore. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 <span class=\"_ _3\"></span>immateriali a vi<span class=\"_ _3\"></span>ta definita, <span class=\"_ _3\"></span>rappresentate<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dal valore <span class=\"_ _3\"></span>del portafoglio di <span class=\"_ _3\"></span>asset management e dal <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>portafoglio </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">assicurativo, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>valutativo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>valori <span class=\"_ _4\"></span>iscr<span class=\"ff4\">itti <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio. <span class=\"_ _6\"> </span>Il <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"> </span>recuperabile <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>determinato <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d\u2019uso, <span class=\"_ _6\"> </span>ovvero <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _5\"></span>attuale, <span class=\"_ _5\"></span>stimato <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>rappresentativo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>temporale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>denaro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>specif<span class=\"_ _5\"></span><span class=\"ff1\">ici </span></div><div class=\"t m0 x0 h2 y81 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0, <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>margini <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span><span class=\"ff1\">eddituali <span class=\"_ _4\"> </span>generati <span class=\"_ _4\"></span>dai <span class=\"_ _4\"></span>rapporti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _6\"></span>lun<span class=\"_ _3\"></span>go <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>izzonte <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">esprimente la durata<span class=\"_ _0\"></span> residua attesa degli<span class=\"_ _0\"></span> stessi. </div><div class=\"t m0 x0 h32 y83 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>(\u201cbrand <span class=\"_ _3\"></span>name\u201d) <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>dall\u2019avviame<span class=\"_ _0\"></span>nto, <span class=\"_ _2\"></span>non </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">presentando flussi <span class=\"_ _3\"></span>finanziari autonomi, sono <span class=\"_ _3\"></span>annualmente sottoposte ad <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza del <span class=\"_ _3\"></span>valore iscritto <span class=\"_ _3\"></span>tra <span class=\"_ _5\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>Cash <span class=\"_ _6\"></span>Generating <span class=\"_ _6\"></span>Un<span class=\"_ _3\"></span>it <span class=\"_ _6\"></span>(CGU) <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>attribuiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>occasione <span class=\"_ _16\"> </span>delle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">aggregazione aziendale. <span class=\"_ _3\"></span>L\u2019ammontare dell\u2019eventuale r<span class=\"_ _3\"></span>iduzione di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>\u00e8 determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base della <span class=\"_ _3\"></span>differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valor<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">contabile della CGU e<span class=\"_ _3\"></span> il v<span class=\"_ _3\"></span>alore recuperabile della stessa rappresentato dal <span class=\"_ _3\"></span>maggiore tra il fa<span class=\"_ _3\"></span>ir value, al <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>tto di e<span class=\"_ _3\"></span>ventuali costi </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">di vendita, ed il valor<span class=\"_ _0\"></span>e d\u2019uso.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>maniera <span class=\"_ _4\"></span>coerente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">recuperabile <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>stesse. <span class=\"_ _5\"></span>Nell\u2019ottica<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>possibile <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">ndividuare <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>senza </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">considerare i flussi d<span class=\"_ _0\"></span>erivanti da attivit\u00e0<span class=\"_ _0\"></span>/passivit\u00e0 finanziarie, <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osto che queste ultim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> integrano il co<span class=\"_ _0\"></span>re business aziendal<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">In altri <span class=\"_ _3\"></span>termini, il valore recuperabile delle <span class=\"_ _3\"></span>CGU \u00e8 influenzato dai suddetti flus<span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e pertanto il valore <span class=\"_ _3\"></span>contabile delle stesse deve </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>coerentemente <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>stima <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>recuperabile <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>deve, <span class=\"_ _17\"> </span>quindi, <span class=\"_ _17\"> </span>includere <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>le </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0/passivit\u00e0  fi<span class=\"_ _0\"></span>nanziarie.  A <span class=\"_ _16\"> </span>tal  fine,  queste <span class=\"_ _16\"> </span>attivit\u00e0  e  passivit\u00e0 <span class=\"_ _16\"> </span>devono  essere  oppo<span class=\"_ _2\"></span>rtunamen<span class=\"_ _0\"></span>te  allocate  alle  C<span class=\"_ _0\"></span>GU  di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">riferimento. </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Seguendo <span class=\"_ _7\"> </span>questa  imp<span class=\"_ _0\"></span>ostazione, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">contributo al patrimo<span class=\"_ _0\"></span>nio netto consolid<span class=\"_ _0\"></span>ato inclusa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto,  il <span class=\"_ _1d\"> </span>valore  di  carico  delle <span class=\"_ _1d\"> </span>CGU  composte  da  societ\u00e0  che <span class=\"_ _1d\"> </span>appartengon<span class=\"_ _0\"></span>o  ad <span class=\"_ _1d\"> </span>una  singola  divisione  operativa  o </div><div class=\"t m0 x0 h1b y4f ff1 fs0 fc0 sc0 ls0 ws0\">coincidono <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>legal <span class=\"_ _2\"></span>entity<span class=\"_ _3\"></span><span class=\"fs9\"> <span class=\"_ _2\"></span></span>(Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _2\"></span>Private <span class=\"_ _2\"></span>Banking, <span class=\"_ _3\"></span>Insurance <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks) <span class=\"_ _3\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">determinato attraverso la sommatoria dei <span class=\"_ _3\"></span>singoli valori contabili di ogni societ\u00e0 nel bilancio consolidato, intesi come contributo </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _5\"></span>tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">intangibles registrati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di acquisizione (a<span class=\"_ _3\"></span>l netto dei <span class=\"_ _3\"></span>successivi ammortamenti e d<span class=\"_ _3\"></span>i eventuali svalutazioni) e <span class=\"_ _3\"></span>delle scritture </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>consolidamento. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>divisioni <span class=\"_ _2\"></span>(Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>Corporate <span class=\"_ _4\"> </span><span class=\"ls3e\">&amp; </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Investment <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nking), <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>suddivisione </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabili, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>sulla<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valori <span class=\"_ _4\"> </span>contabili. <span class=\"_ _4\"> </span>Di <span class=\"_ _4\"> </span>conse<span class=\"_ _3\"></span>guenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>necessario <span class=\"_ _4\"></span>ricorrere <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>operare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>suddivisione <span class=\"_ _4\"> </span>dopo <span class=\"_ _4\"> </span>aver </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">attribuito in maniera analitica gli intangibles e gli avviamenti alle due <span class=\"_ _3\"></span>CGU in coerenza con le informazioni contabili dispo<span class=\"_ _5\"></span>nibili. </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Il dr<span class=\"_ _3\"></span>iver gestionale \u00e8 <span class=\"_ _3\"></span>identificato nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u201ccapitale regolamentare\u201d, determinato dalle strutture d<span class=\"_ _3\"></span>ella Direzione <span class=\"_ _3\"></span>Rischi Finanziari e <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">Mercato, per <span class=\"_ _3\"></span>ogni d<span class=\"_ _3\"></span>ivisione operativa: esso rappresenta l\u2019assorbimento patrimoniale n<span class=\"_ _3\"></span>ecessario per <span class=\"_ _3\"></span>fronteggiare<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>le fattispeci<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>vigenti <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>isposizioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vigilanza <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _5\"></span>I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _5\"></span>tengono <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>conto </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">degli effetti <span class=\"_ _3\"></span>di eventuali <span class=\"_ _3\"></span>impairment effettuati sulle <span class=\"_ _3\"></span>singole attivit\u00e0, ivi <span class=\"_ _3\"></span>inclusi quelli eventualmente relativi a<span class=\"_ _3\"></span>d attivit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>immateriali </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">a vita definita. </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>i metodi <span class=\"_ _3\"></span>utilizzati per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value si <span class=\"_ _3\"></span>rimanda a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quanto indicato nella <span class=\"_ _3\"></span>Sezione <span class=\"_ _5\"></span>A.4 <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">value. </div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>pr<span class=\"_ _2\"></span><span class=\"ff1\">evede </span></div><div class=\"t m0 x0 h32 y60 ff4 fs0 fc0 sc0 ls0 ws0\">possano <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>generati <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>CGU. <span class=\"_ _16\"> </span>Tali  fl<span class=\"_ _0\"></span>ussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _16\"> </span>l\u2019ultimo <span class=\"_ _16\"> </span>piano <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019impresa <span class=\"_ _16\"> </span>pubblic<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span> </div></div>disponibile <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>vvero, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>mancanza, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>formulazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>interno <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>management <span class=\"_ _6\"></span>o attraverso <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>evidenze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>disponibili. <span class=\"_ _6\"></span>Normalmente <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>previsione <span class=\"_ _6\"></span>analitico <span class=\"_ _6\"></span>comprende <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rco <span class=\"_ _6\"></span>temporale massimo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque <span class=\"_ _4\"> </span>anni. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>flusso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019ultimo <span class=\"_ _4\"> </span>esercizio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>previsione <span class=\"_ _4\"> </span>analitica <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>proiettato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>perpetuit\u00e0, <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>un<span class=\"_ _5\"></span><span class=\"ff1\"> </span>appropriato tasso <span class=\"_ _3\"></span><span class=\"ff4\">di crescita \u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini del c<span class=\"_ _3\"></span>osiddetto \u201cTerminal value\u201d. Il <span class=\"_ _3\"></span>tasso \u201cg\u201d <span class=\"_ _3\"></span>viene determinato a<span class=\"_ _3\"></span>ssumendo come fattore </span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>prev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>analitica <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>ilup<span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del Prodotto Interno Lordo n<span class=\"_ _0\"></span>ei Paesi in cui i flussi s<span class=\"_ _0\"></span>i generano. Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>d\u2019uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rifletta <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazioni correnti <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"> </span>temporale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>denaro <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _4\"> </span>In  <span class=\"ff1\">particolare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attualizzazione <span class=\"_ _4\"> </span>utilizzati </span>incorporano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>risk free <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio correlati <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>azionaria <span class=\"_ _3\"></span>osservati <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>arco <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _2\"></span> sufficientemente <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _17\"> </span>per <span class=\"_ _1c\"> </span>rif<span class=\"_ _0\"></span>lettere <span class=\"_ _18\"> </span>condizioni <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>icli <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span>fferenziati. <span class=\"_ _18\"> </span>Inoltre, <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>ogni <span class=\"_ _18\"> </span>CGU, <span class=\"_ _18\"> </span>in considerazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>diversa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rispettivi <span class=\"_ _2\"></span>ambiti <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>coefficienti <span class=\"_ _3\"></span>Beta <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>fferenziati.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Tu<span class=\"_ _5\"></span>tti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>tassi cos\u00ec determinati son<span class=\"_ _0\"></span>o corretti per tenere cont<span class=\"_ _0\"></span>o del cosiddetto \u201cRi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio Paese\u201d.<span class=\"ff1\"> </span>I <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>partecipate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stimati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>essi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>generano <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>convertiti <span class=\"_ _5\"></span>in  e<span class=\"_ _0\"></span>uro utilizzando il tasso di<span class=\"_ _0\"></span> cambio a pronti alla<span class=\"_ _0\"></span> data di determinazi<span class=\"_ _0\"></span>one del valore d\u2019u<span class=\"_ _0\"></span>so.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">le <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>name, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento  non <span class=\"_ _1d\"> </span>presenti </span>avviamenti  allocati  e,  c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span>,  non <span class=\"_ _1d\"> </span>risulti  possibile  attrarre  la <span class=\"_ _1d\"> </span>verifica  del  valore  recuperabile  dell\u2019intangible specifico <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019avviame<span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>basato <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>ad </span>una sua valutazione <span class=\"_ _0\"></span>autonoma e specifica sulla <span class=\"_ _0\"></span>base del fair value at<span class=\"_ _0\"></span>testato dalla perizia <span class=\"_ _0\"></span>di un esperto indi<span class=\"_ _0\"></span>pendente.<span class=\"_ _2\"></span> Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span>Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. 5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span>dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span>Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> Criteri di valutazione Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span>Criteri di classifica<span class=\"_ _0\"></span>zione I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> ammontari riacquistati. Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span>Criteri di valutazione Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di interesse effettivo.  Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il valore incassato.<span class=\"_ _90\"> </span>7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span>Criteri di iscrizione Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span>Criteri di cancellazione Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. 8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span>Criteri di classifica<span class=\"_ _0\"></span>zione Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span>previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span>di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  Criteri di valutazione Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span>9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Prodotti a contenuto as<span class=\"_ _0\"></span>sicurativo </span>I <span class=\"_ _5\"></span>prodotti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>icurativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _6\"></span>significativo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omprendono: <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>caso<span class=\"_ _5\"></span> morte, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>mis<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>coefficienti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>garantiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _4\"> </span>dell'em<span class=\"_ _5\"></span>issione, <span class=\"_ _4\"></span>alcune tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>lizze <span class=\"_ _5\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anni. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>prodotti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sciplina <span class=\"_ _5\"></span>IAS/IFRS <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>quant<span class=\"_ _5\"></span><span class=\"ls17\">o </span>previsto dai principi <span class=\"_ _0\"></span>contabili nazionali in m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria assicurati<span class=\"_ _0\"></span>va. <span class=\"_ _3\"></span> L\u2019IFRS 4, in sintesi pre<span class=\"_ _0\"></span>vede: <span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione dei p<span class=\"_ _3\"></span>remi lordi a <span class=\"_ _3\"></span>Conto economico fra <span class=\"_ _3\"></span>i proventi; essi <span class=\"_ _3\"></span>comprendono tutti gli <span class=\"_ _3\"></span>importi maturati durante l<span class=\"_ _3\"></span>\u2019esercizi<span class=\"_ _35\"></span>o </span></span>a  seguito  della <span class=\"_ _1d\"> </span>stipula  dei  contratti  di  assicurazione  al  netto  de<span class=\"_ _3\"></span>gli  annullamenti;  analogamente,  i  premi  ceduti  ai riassicuratori sono iscr<span class=\"_ _0\"></span>itt<span class=\"ff4\">i quali costi dell\u2019esercizi<span class=\"_ _0\"></span>o;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fronte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>premi <span class=\"_ _4\"> </span>lordi, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>accantonato <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>riserve <span class=\"_ _6\"></span>tecniche <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _6\"></span>degli <span class=\"_ _6\"> </span>impegni <span class=\"_ _6\"> </span>verso <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>assicurati<span class=\"_ _0\"></span>, </span></span>calcolati analiticame<span class=\"_ _0\"></span>nte per ciascun cont<span class=\"_ _0\"></span>ratto secondo quant<span class=\"_ _0\"></span>o definito dai prin<span class=\"_ _0\"></span>cipi contabili locali<span class=\"_ _0\"></span> in materia; <span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>prodotti a <span class=\"_ _3\"></span>conten<span class=\"ff4\">uto assicurativo <span class=\"_ _3\"></span>inseriti all\u2019interno delle <span class=\"_ _3\"></span>gestioni separate s<span class=\"_ _3\"></span>ono valutati <span class=\"_ _3\"></span>applicando il <span class=\"_ _3\"></span>cosiddetto shadow </span></span>accounting, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>allocando <span class=\"_ _7\"> </span>le <span class=\"_ _4\"></span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>quello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato, <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificati<span class=\"_ _35\"></span> disponibili  p<span class=\"_ _0\"></span>er  la<span class=\"_ _0\"></span>  vendita,  per<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>componente  di<span class=\"_ _0\"></span>  compete<span class=\"_ _0\"></span>nza  degli<span class=\"_ _0\"></span>  assicurati <span class=\"_ _16\"> </span>alle  ris<span class=\"_ _0\"></span>erve  tecnic<span class=\"_ _0\"></span>he,  e <span class=\"_ _16\"> </span>per  quella<span class=\"_ _0\"></span>  di competenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"></span>netto. <span class=\"_ _4\"> </span>Nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui, <span class=\"_ _4\"> </span>invece, <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alue, rilevato a Conto economico, la differenza <span class=\"_ _3\"></span>tra il valore di car<span class=\"_ _3\"></span>ico ed il valore di mercato viene registrata a Conto economico determinando una vari<span class=\"_ _0\"></span>azione delle riserve <span class=\"_ _0\"></span>tecniche per la quot<span class=\"_ _0\"></span>a di competenza degli <span class=\"_ _0\"></span>assicurati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>ge<span class=\"_ _3\"></span><span class=\"ff4\">s<span class=\"_ _3\"></span>tione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>utili<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresenta<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>complessivamente <span class=\"_ _5\"></span>senza </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale. In  c<span class=\"_ _3\"></span>onformit\u00e0  alle <span class=\"_ _1d\"> </span>previsioni  dell\u2019IFRS <span class=\"_ _1d\"> </span>4 <span class=\"_ _1d\"> </span>il  Gruppo <span class=\"_ _1d\"> </span>verifica  l\u2019adeguatezza <span class=\"_ _1d\"> </span>prospettica  del  valore <span class=\"_ _1d\"> </span>delle  p<span class=\"_ _3\"></span>assivit\u00e0  iscritte attraverso il cosiddetto<span class=\"_ _0\"></span> Liability Adequacy Test (<span class=\"_ _0\"></span>LAT). 10. <span class=\"_ _1c\"> </span>Prodotti di natura finanzia<span class=\"_ _0\"></span>ria inclusi in gestion<span class=\"_ _0\"></span>i separate I <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>avendo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo, <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gestioni <span class=\"_ _5\"></span>separate<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>e quindi <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili, <span class=\"_ _2\"></span>comprendono <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>maggioranza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>durata della <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>polizze <span class=\"_ _5\"></span>miste <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>quinto. <span class=\"_ _5\"></span>Essi <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzat<span class=\"_ _5\"></span><span class=\"ls19\">i </span>secondo i principi <span class=\"_ _0\"></span>dettati dall'IFRS 4, ovvero, sinteticamente: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>esposti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _4\"> </span>analogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>principi <span class=\"_ _4\"> </span>contabili <span class=\"_ _7\"> </span>locali <span class=\"_ _7\"> </span>in </span>materia, con evidenza <span class=\"_ _0\"></span>a Conto economico <span class=\"_ _0\"></span>dei premi, dei pagam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti e della varia<span class=\"_ _0\"></span>zione delle riserve tec<span class=\"_ _0\"></span>niche;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>i  pr<span class=\"ff4\">odotti  a <span class=\"_ _16\"> </span>contenuto  assic<span class=\"_ _0\"></span>urativo  inseriti <span class=\"_ _16\"> </span>all\u2019interno  delle  g<span class=\"_ _35\"></span>estioni  separate,  e  c<span class=\"_ _35\"></span>he  quindi  prevedono <span class=\"_ _16\"> </span>elementi  di </span></span>partecipazione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>iscrezionale <span class=\"_ _18\"> </span>agli <span class=\"_ _1c\"> </span>utili, <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>applica <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>cosidd<span class=\"_ _0\"></span>etto <span class=\"_ _1c\"> </span>shadow <span class=\"_ _1c\"> </span>accounting, <span class=\"_ _18\"> </span>come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>nel paragrafo precedente; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>det<span class=\"ff4\">erminazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _2\"></span>accounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il </span></span>tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e passivit\u00e0 <span class=\"_ _3\"></span>relative ai p<span class=\"_ _3\"></span>rodotti con <span class=\"_ _3\"></span>partecipazione discrezionale agli u<span class=\"_ _3\"></span>tili sono <span class=\"_ _3\"></span>rappresentate in modo complessivo, <span class=\"_ _3\"></span>senza<span class=\"_ _0\"></span> </span>distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale.<span class=\"_ _90\"> </span>11. <span class=\"_ _1c\"> </span>Prodotti di natura finanziaria n<span class=\"_ _0\"></span>on inclusi in gestioni s<span class=\"_ _0\"></span>eparate I <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>di natura <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano un <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio assicurativo significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni separate, e quindi non prevedono elementi di partecipazione discrezional<span class=\"_ _0\"></span>e agli utili, sono esposti in bilancio come passivit\u00e0 finanziar<span class=\"_ _5\"></span>ie e sono <span class=\"_ _6\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value, <span class=\"_ _4\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>prevista <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzione <span class=\"_ _6\"></span>(Fair <span class=\"_ _4\"></span>Value <span class=\"_ _6\"></span>Option), <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato. <span class=\"_ _6\"></span>Questi <span class=\"_ _4\"></span>prodotti<span class=\"_ _35\"></span> finanziari <span class=\"_ _16\"> </span>comprendono <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>polizze <span class=\"_ _16\"> </span>index <span class=\"_ _16\"> </span>linked <span class=\"_ _7\"> </span>e  p<span class=\"_ _0\"></span>arte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>nit <span class=\"_ _16\"> </span>linked, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>le  polizze <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>provvista specifica di attivi non incluse in <span class=\"_ _3\"></span>gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come di seguito sintetizzat<span class=\"_ _0\"></span>o: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>index <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _2\"></span>considerate <span class=\"_ _5\"></span>investment <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontracts <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>mentre <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>specifica </span>provvista di attivi non i<span class=\"_ _0\"></span>nclusi in gestioni separ<span class=\"_ _0\"></span>ate sono valutati al <span class=\"_ _0\"></span>costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _4\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>questi <span class=\"_ _7\"> </span>prodotti, <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>sole <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>ricavo, <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"> </span>dai </span>caricamenti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>commissioni, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>costo, <span class=\"_ _3\"></span>costituite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>provvigioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri <span class=\"_ _3\"></span>oneri; <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>riflette, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i ricavi <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>dalle v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>accese <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti. Pi\u00f9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _6\"></span>rincipi<span class=\"_ _35\"></span> contabili <span class=\"_ _6\"></span>internazionali, <span class=\"_ _5\"></span>contenuti <span class=\"_ _4\"></span>nello <span class=\"_ _5\"></span>IAS <span class=\"_ _4\"></span>3<span class=\"ff4\">9<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>nell\u2019IFRS <span class=\"_ _6\"> </span>15, <span class=\"_ _6\"> </span>prevedono <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>value, <span class=\"_ _6\"></span>i </span>ricavi <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>identificati <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>separati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>componenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(i) <span class=\"_ _7\"> </span>origination, <span class=\"_ _4\"> </span>da imputare <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>dell\u2019emissione <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>prodotto, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(ii) <span class=\"_ _7\"> </span>investment <span class=\"_ _7\"> </span>management <span class=\"_ _7\"> </span>service, <span class=\"_ _7\"> </span>da </span>ripartire <span class=\"_ _2\"></span>lungo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prodotto, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>fornito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>servizio. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>specifi<span class=\"_ _5\"></span>ca<span class=\"_ _0\"></span> provvista di <span class=\"_ _3\"></span>attivi non i<span class=\"_ _3\"></span>nclusi in <span class=\"_ _3\"></span>gestioni separate, i <span class=\"_ _3\"></span>ricavi e <span class=\"_ _3\"></span>costi in<span class=\"_ _2\"></span>crementali confluiscono nella <span class=\"_ _3\"></span>determinazione del costo ammortizzato; -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l'eventuale <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>insita <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>index <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>linked, <span class=\"_ _4\"></span>qualo<span class=\"_ _0\"></span>ra <span class=\"_ _6\"></span>separabile, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>autonoma </span>valutazione e rappre<span class=\"_ _0\"></span>sentazione contabile.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1031": {
   "value": "Perdite di valore di altr<span class=\"_ _0\"></span>e attivit\u00e0 non finanzi<span class=\"_ _0\"></span>arie Le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>vita <span class=\"_ _5\"></span>utile <span class=\"_ _6\"> </span>definita <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>soggette <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>test <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>impairment <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>esiste <span class=\"_ _6\"></span>un\u2019indicazione <span class=\"_ _5\"></span>che  <span class=\"ff1\">il<span class=\"_ _0\"></span> </span>valore contabile del <span class=\"_ _3\"></span>bene non p<span class=\"_ _3\"></span>u\u00f2 p<span class=\"_ _3\"></span>i\u00f9 essere r<span class=\"_ _3\"></span>ecuperato. Il valore <span class=\"_ _3\"></span>recuperabile viene determinato con <span class=\"_ _3\"></span>riferimento al fair <span class=\"_ _3\"></span>value dell\u2019attivit\u00e0 <span class=\"_ _6\"></span>materiale <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>immateriale <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>oneri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d\u2019uso <span class=\"_ _6\"></span>se <span class=\"_ _6\"> </span>determinabile <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>se <span class=\"_ _6\"> </span>esso <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isult<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>superiore al fair valu<span class=\"_ _0\"></span>e. Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>immobilizzazioni <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>immobilizzazioni <span class=\"_ _5\"></span>immateriali<span class=\"_ _35\"></span> (diverse da quelle r<span class=\"_ _3\"></span>ilevate a seguito di operazioni di a<span class=\"_ _3\"></span>ggregazio<span class=\"_ _0\"></span>ne) si <span class=\"_ _3\"></span>assume che il valore di <span class=\"_ _3\"></span>carico corrisponda normalment<span class=\"_ _2\"></span><span class=\"lsc\">e </span>al valor<span class=\"ff4\">e d\u2019uso, in <span class=\"_ _3\"></span>quanto deter<span class=\"_ _0\"></span>minato da un processo di ammortamento stimato sulla base dell\u2019effettivo<span class=\"_ _0\"></span> contributo del bene al </span>processo <span class=\"_ _3\"></span>produttivo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>risultando <span class=\"_ _3\"></span>estremamente <span class=\"_ _3\"></span>aleatoria <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>discostano, <span class=\"_ _3\"></span>dando<span class=\"_ _2\"></span> luogo a impairment, in c<span class=\"_ _0\"></span>aso di danneggiame<span class=\"_ _0\"></span>nti, uscita dal proce<span class=\"_ _0\"></span>sso produttivo o altre c<span class=\"_ _0\"></span>ircostanze similari n<span class=\"_ _0\"></span>on ricorrenti.<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>precisato <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>dell\u2019illustrazione <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 <span class=\"_ _16\"> </span>materiali <span class=\"_ _4\"> </span>ed <span class=\"_ _16\"> </span>immateriali\u201d, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>valuta <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>immobili <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>caso, <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>perdita per <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>valore <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>un'attivit\u00e0 <span class=\"_ _1d\"> </span>rivalutata <span class=\"_ _1d\"> </span>deve <span class=\"_ _17\"> </span>essere <span class=\"_ _17\"> </span>trattata <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>diminuzione <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ivalutazione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>fino <span class=\"_ _1d\"> </span>a concorrenza della st<span class=\"_ _0\"></span>essa, dopodich\u00e9 qualunque differ<span class=\"_ _0\"></span>enza \u00e8 imputata a<span class=\"_ _0\"></span> conto economico.  Come <span class=\"_ _5\"></span>illustrato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019Informativa <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>pregio, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>strumentali <span class=\"_ _2\"></span>annualmente <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>effettu<span class=\"_ _3\"></span><span class=\"ff4\">ata <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>sui<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trend <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>immobiliare, <span class=\"_ _2\"></span>al </span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>presentati <span class=\"_ _2\"></span>scostamenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilievo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>cespiti. <span class=\"_ _3\"></span>Qualora <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>state <span class=\"_ _2\"></span>riscontrate <span class=\"_ _3\"></span>variazi<span class=\"_ _5\"></span>oni <span class=\"_ _2\"></span>di particolare <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>(+ <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>10%), <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>predisposizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>aggiornata <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>adeguare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bene alle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>immobiliare. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>scostamenti <span class=\"_ _6\"></span>significativi <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore<span class=\"_ _5\"></span> attraverso <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span><span class=\"ff4\">iddetti <span class=\"_ _2\"></span>\u201ctrophy <span class=\"_ _3\"></span>asset\u201d <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>prestigio </span>utilizzati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>Direzionali <span class=\"_ _2\"></span>ubicati <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>citt\u00e0 <span class=\"_ _5\"></span>sede <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>interesse <span class=\"_ _5\"></span>storico <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>tistico perch\u00e9 vincolati dal Mi<span class=\"_ _0\"></span>nistero per i Beni e l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Attivit<span class=\"_ _3\"></span>\u00e0 Culturali) e o<span class=\"_ _0\"></span>gni tre anni per gli altri <span class=\"_ _0\"></span>immobili strum<span class=\"_ _0\"></span>entali. <span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pregio, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>nuova <span class=\"_ _3\"></span>perizia <span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>gni tre <span class=\"_ _17\"> </span>anni. <span class=\"_ _18\"> </span>Annualmente <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>comunque <span class=\"_ _17\"> </span>svolta <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>sc<span class=\"_ _2\"></span>enario <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>individuare <span class=\"_ _1d\"> </span>eventuali <span class=\"_ _18\"> </span>variazioni <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore apprezzabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>anticipare <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>annuale <span class=\"_ _6\"></span>evidenzi <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>valore,  in  positivo <span class=\"_ _16\"> </span>o  in  negativo,  superior<span class=\"_ _0\"></span>e  al  15%  per  sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le  opere  di  au<span class=\"_ _3\"></span>tori  presenti  nelle <span class=\"_ _16\"> </span>collezioni  della  banca  e<span class=\"_ _0\"></span> confrontabili in base <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>criteri oggettivi (dimensioni, tecnica, periodo d<span class=\"_ _3\"></span>i realizzazione, etc.), \u00e8 <span class=\"_ _3\"></span>necessario commissionare n<span class=\"_ _5\"></span>uove perizie di stima.  Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _2\"></span>rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>quisizione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>applicazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>principio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di bilancio <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>videnze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>possa <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">ver </span>subito una riduzione <span class=\"_ _0\"></span>di valore. Le attivit\u00e0 <span class=\"_ _3\"></span>immateriali a vi<span class=\"_ _3\"></span>ta definita, <span class=\"_ _3\"></span>rappresentate<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dal valore <span class=\"_ _3\"></span>del portafoglio di <span class=\"_ _3\"></span>asset management e dal <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>portafoglio assicurativo, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>valutativo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>valori <span class=\"_ _4\"></span>iscr<span class=\"ff4\">itti <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>bilancio. <span class=\"_ _6\"> </span>Il <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"> </span>recuperabile <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>determinato <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d\u2019uso, <span class=\"_ _6\"> </span>ovvero <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>valore <span class=\"_ _5\"></span>attuale, <span class=\"_ _5\"></span>stimato <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019utilizzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>rappresentativo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>temporale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>denaro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>specif<span class=\"_ _5\"></span><span class=\"ff1\">ici </span>dell\u2019attivit\u00e0, <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>margini <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span><span class=\"ff1\">eddituali <span class=\"_ _4\"> </span>generati <span class=\"_ _4\"></span>dai <span class=\"_ _4\"></span>rapporti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>valutazione <span class=\"_ _6\"></span>lun<span class=\"_ _3\"></span>go <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>izzonte <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _35\"></span> </span>esprimente la durata<span class=\"_ _0\"></span> residua attesa degli<span class=\"_ _0\"></span> stessi. Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>rappresentate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>(\u201cbrand <span class=\"_ _3\"></span>name\u201d) <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>dall\u2019avviame<span class=\"_ _0\"></span>nto, <span class=\"_ _2\"></span>non presentando flussi <span class=\"_ _3\"></span>finanziari autonomi, sono <span class=\"_ _3\"></span>annualmente sottoposte ad <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>erifica dell\u2019adeguatezza del <span class=\"_ _3\"></span>valore iscritto <span class=\"_ _3\"></span>tra <span class=\"_ _5\"></span><span class=\"ff1\">le </span>attivit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>Cash <span class=\"_ _6\"></span>Generating <span class=\"_ _6\"></span>Un<span class=\"_ _3\"></span>it <span class=\"_ _6\"></span>(CGU) <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>attribuiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>occasione <span class=\"_ _16\"> </span>delle <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _35\"></span> aggregazione aziendale. <span class=\"_ _3\"></span>L\u2019ammontare dell\u2019eventuale r<span class=\"_ _3\"></span>iduzione di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>\u00e8 determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base della <span class=\"_ _3\"></span>differenza tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valor<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>contabile della CGU e<span class=\"_ _3\"></span> il v<span class=\"_ _3\"></span>alore recuperabile della stessa rappresentato dal <span class=\"_ _3\"></span>maggiore tra il fa<span class=\"_ _3\"></span>ir value, al <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>tto di e<span class=\"_ _3\"></span>ventuali costi di vendita, ed il valor<span class=\"_ _0\"></span>e d\u2019uso.<span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>maniera <span class=\"_ _4\"></span>coerente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore recuperabile <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>stesse. <span class=\"_ _5\"></span>Nell\u2019ottica<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>possibile <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\">ndividuare <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>generati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>senza </span>considerare i flussi d<span class=\"_ _0\"></span>erivanti da attivit\u00e0<span class=\"_ _0\"></span>/passivit\u00e0 finanziarie, <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osto che queste ultim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> integrano il co<span class=\"_ _0\"></span>re business aziendal<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> In altri <span class=\"_ _3\"></span>termini, il valore recuperabile delle <span class=\"_ _3\"></span>CGU \u00e8 influenzato dai suddetti flus<span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e pertanto il valore <span class=\"_ _3\"></span>contabile delle stesse deve essere <span class=\"_ _17\"> </span>determinato <span class=\"_ _1d\"> </span>coerentemente <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>stima <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>valore <span class=\"_ _17\"> </span>recuperabile <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>deve, <span class=\"_ _17\"> </span>quindi, <span class=\"_ _17\"> </span>includere <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>le attivit\u00e0/passivit\u00e0  fi<span class=\"_ _0\"></span>nanziarie.  A <span class=\"_ _16\"> </span>tal  fine,  queste <span class=\"_ _16\"> </span>attivit\u00e0  e  passivit\u00e0 <span class=\"_ _16\"> </span>devono  essere  oppo<span class=\"_ _2\"></span>rtunamen<span class=\"_ _0\"></span>te  allocate  alle  C<span class=\"_ _0\"></span>GU  di<span class=\"_ _0\"></span> riferimento. Seguendo <span class=\"_ _7\"> </span>questa  imp<span class=\"_ _0\"></span>ostazione, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>determinato <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>termini <span class=\"_ _7\"> </span>di contributo al patrimo<span class=\"_ _0\"></span>nio netto consolid<span class=\"_ _0\"></span>ato inclusa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto,  il <span class=\"_ _1d\"> </span>valore  di  carico  delle <span class=\"_ _1d\"> </span>CGU  composte  da  societ\u00e0  che <span class=\"_ _1d\"> </span>appartengon<span class=\"_ _0\"></span>o  ad <span class=\"_ _1d\"> </span>una  singola  divisione  operativa  o coincidono <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>legal <span class=\"_ _2\"></span>entity<span class=\"_ _3\"></span><span class=\"fs9\"> <span class=\"_ _2\"></span></span>(Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _2\"></span>Private <span class=\"_ _2\"></span>Banking, <span class=\"_ _3\"></span>Insurance <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks) <span class=\"_ _3\"></span>\u00e8 determinato attraverso la sommatoria dei <span class=\"_ _3\"></span>singoli valori contabili di ogni societ\u00e0 nel bilancio consolidato, intesi come contributo al <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrispondenti <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _5\"></span>tenendo <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>eventuali <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>e intangibles registrati in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di acquisizione (a<span class=\"_ _3\"></span>l netto dei <span class=\"_ _3\"></span>successivi ammortamenti e d<span class=\"_ _3\"></span>i eventuali svalutazioni) e <span class=\"_ _3\"></span>delle scritture di <span class=\"_ _2\"></span>consolidamento. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>carico <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>divisioni <span class=\"_ _2\"></span>(Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>Corporate <span class=\"_ _4\"> </span><span class=\"ls3e\">&amp; </span>Investment <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nking), <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _2\"></span>gestionalmente <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>entrambe <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>suddivisione non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>informazioni <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabili, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>sulla<span class=\"_ _2\"></span> base <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valori <span class=\"_ _4\"> </span>contabili. <span class=\"_ _4\"> </span>Di <span class=\"_ _4\"> </span>conse<span class=\"_ _3\"></span>guenza <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>necessario <span class=\"_ _4\"></span>ricorrere <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>operare <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>suddivisione <span class=\"_ _4\"> </span>dopo <span class=\"_ _4\"> </span>aver attribuito in maniera analitica gli intangibles e gli avviamenti alle due <span class=\"_ _3\"></span>CGU in coerenza con le informazioni contabili dispo<span class=\"_ _5\"></span>nibili. Il dr<span class=\"_ _3\"></span>iver gestionale \u00e8 <span class=\"_ _3\"></span>identificato nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u201ccapitale regolamentare\u201d, determinato dalle strutture d<span class=\"_ _3\"></span>ella Direzione <span class=\"_ _3\"></span>Rischi Finanziari e <span class=\"_ _3\"></span>di </span>Mercato, per <span class=\"_ _3\"></span>ogni d<span class=\"_ _3\"></span>ivisione operativa: esso rappresenta l\u2019assorbimento patrimoniale n<span class=\"_ _3\"></span>ecessario per <span class=\"_ _3\"></span>fronteggiare<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>le fattispeci<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>vigenti <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>isposizioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vigilanza <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _5\"></span>I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _5\"></span>tengono <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>conto degli effetti <span class=\"_ _3\"></span>di eventuali <span class=\"_ _3\"></span>impairment effettuati sulle <span class=\"_ _3\"></span>singole attivit\u00e0, ivi <span class=\"_ _3\"></span>inclusi quelli eventualmente relativi a<span class=\"_ _3\"></span>d attivit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>immateriali a vita definita. Per <span class=\"_ _3\"></span>i metodi <span class=\"_ _3\"></span>utilizzati per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value si <span class=\"_ _3\"></span>rimanda a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quanto indicato nella <span class=\"_ _3\"></span>Sezione <span class=\"_ _5\"></span>A.4 <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value. Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>pr<span class=\"_ _2\"></span><span class=\"ff1\">evede </span>possano <span class=\"_ _16\"> </span>essere <span class=\"_ _16\"> </span>generati <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>CGU. <span class=\"_ _16\"> </span>Tali  fl<span class=\"_ _0\"></span>ussi <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>utilizzando <span class=\"_ _16\"> </span>l\u2019ultimo <span class=\"_ _16\"> </span>piano <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019impresa <span class=\"_ _16\"> </span>pubblic<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span>disponibile <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>vvero, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>mancanza, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>formulazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>interno <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>management <span class=\"_ _6\"></span>o attraverso <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>evidenze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>disponibili. <span class=\"_ _6\"></span>Normalmente <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>previsione <span class=\"_ _6\"></span>analitico <span class=\"_ _6\"></span>comprende <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rco <span class=\"_ _6\"></span>temporale massimo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque <span class=\"_ _4\"> </span>anni. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>flusso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u2019ultimo <span class=\"_ _4\"> </span>esercizio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>previsione <span class=\"_ _4\"> </span>analitica <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>proiettato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>perpetuit\u00e0, <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>un<span class=\"_ _5\"></span><span class=\"ff1\"> </span>appropriato tasso <span class=\"_ _3\"></span><span class=\"ff4\">di crescita \u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini del c<span class=\"_ _3\"></span>osiddetto \u201cTerminal value\u201d. Il <span class=\"_ _3\"></span>tasso \u201cg\u201d <span class=\"_ _3\"></span>viene determinato a<span class=\"_ _3\"></span>ssumendo come fattore </span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>prev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>analitica <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>ilup<span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del Prodotto Interno Lordo n<span class=\"_ _0\"></span>ei Paesi in cui i flussi s<span class=\"_ _0\"></span>i generano. Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>d\u2019uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rifletta <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valutazioni correnti <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _4\"> </span>temporale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>denaro <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>specifici <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0. <span class=\"_ _4\"> </span>In  <span class=\"ff1\">particolare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>attualizzazione <span class=\"_ _4\"> </span>utilizzati </span>incorporano <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>risk free <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio correlati <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>azionaria <span class=\"_ _3\"></span>osservati <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>arco <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>emporale<span class=\"_ _2\"></span> sufficientemente <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _17\"> </span>per <span class=\"_ _1c\"> </span>rif<span class=\"_ _0\"></span>lettere <span class=\"_ _18\"> </span>condizioni <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>icli <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span>fferenziati. <span class=\"_ _18\"> </span>Inoltre, <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>ogni <span class=\"_ _18\"> </span>CGU, <span class=\"_ _18\"> </span>in considerazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>diversa <span class=\"_ _2\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rispettivi <span class=\"_ _2\"></span>ambiti <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>coefficienti <span class=\"_ _3\"></span>Beta <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>fferenziati.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Tu<span class=\"_ _5\"></span>tti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>tassi cos\u00ec determinati son<span class=\"_ _0\"></span>o corretti per tenere cont<span class=\"_ _0\"></span>o del cosiddetto \u201cRi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio Paese\u201d.<span class=\"ff1\"> </span>I <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>partecipate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stimati <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>essi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>generano <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>convertiti <span class=\"_ _5\"></span>in  e<span class=\"_ _0\"></span>uro utilizzando il tasso di<span class=\"_ _0\"></span> cambio a pronti alla<span class=\"_ _0\"></span> data di determinazi<span class=\"_ _0\"></span>one del valore d\u2019u<span class=\"_ _0\"></span>so.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>riguarda  l<span class=\"_ _3\"></span>\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>immateri<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1\">le <span class=\"_ _1d\"> </span>rappresentata  dal <span class=\"_ _1d\"> </span>brand <span class=\"_ _1d\"> </span>name, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>riferimento  non <span class=\"_ _1d\"> </span>presenti </span>avviamenti  allocati  e,  c<span class=\"_ _3\"></span>onseguentemente<span class=\"_ _0\"></span>,  non <span class=\"_ _1d\"> </span>risulti  possibile  attrarre  la <span class=\"_ _1d\"> </span>verifica  del  valore  recuperabile  dell\u2019intangible specifico <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019avviame<span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>basato <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>ad </span>una sua valutazione <span class=\"_ _0\"></span>autonoma e specifica sulla <span class=\"_ _0\"></span>base del fair value at<span class=\"_ _0\"></span>testato dalla perizia <span class=\"_ _0\"></span>di un esperto indi<span class=\"_ _0\"></span>pendente.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-949": {
   "value": "Aggregazioni aziendali In tema di Aggregazion<span class=\"_ _0\"></span>i aziendali il pri<span class=\"_ _0\"></span>ncipi<span class=\"_ _3\"></span><span class=\"ff4\">o contabile di riferim<span class=\"_ _0\"></span>ento \u00e8 l\u2019IFRS 3.<span class=\"ff1\"> </span></span>Il trasferimento del controllo di un\u2019impresa (o d<span class=\"_ _3\"></span>i un gruppo di att<span class=\"_ _3\"></span>ivit\u00e0 e beni integrati, condotti e <span class=\"_ _3\"></span>gestiti unitariamente) <span class=\"_ _5\"></span><span class=\"ff1\">configura<span class=\"_ _35\"></span> </span>un\u2019operazione di agg<span class=\"_ _0\"></span>regazione aziendale.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>fine  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>onsidera <span class=\"_ _7\"> </span>tras<span class=\"_ _3\"></span><span class=\"ff4\">ferito <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>l\u2019investitore <span class=\"_ _7\"> </span>\u00e8  e<span class=\"_ _0\"></span>sposto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>rendimenti <span class=\"_ _7\"> </span>variabili, <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>diritti <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>tali </span>rendimenti,  deriv<span class=\"_ _0\"></span>anti  dal  p<span class=\"_ _0\"></span>roprio  rapporto <span class=\"_ _16\"> </span>con  la  partecipa<span class=\"_ _0\"></span>ta  e  nel <span class=\"_ _16\"> </span>contempo  ha  la <span class=\"_ _16\"> </span>capacit\u00e0  di  i<span class=\"_ _0\"></span>ncidere  sui <span class=\"_ _16\"> </span>rendimenti esercitando il proprio p<span class=\"_ _0\"></span>otere su tale entit\u00e0. L\u2019IFRS <span class=\"_ _6\"> </span>3 <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ichiede <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>venga <span class=\"_ _4\"> </span>individuato<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>acquirente. <span class=\"_ _6\"> </span>Quest\u2019ultimo <span class=\"_ _4\"> </span>deve <span class=\"_ _6\"> </span>essere identificato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>soggetto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ottiene <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>un\u2019altra <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>gruppo <span class=\"_ _2\"></span>di <span class=\"_ _6\"> </span>attivit\u00e0. <span class=\"_ _5\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gra<span class=\"_ _6\"> </span><span class=\"ff1\">do <span class=\"_ _5\"></span>di </span>identificare <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>soggetto <span class=\"_ _7\"> </span>controllante <span class=\"_ _4\"> </span>seguendo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>descritta, <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>esempio <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scambio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interessenze <span class=\"_ _2\"></span>partecipative, <span class=\"_ _2\"></span>l\u2019individuazi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">attori </span>quali: l<span class=\"ff4\">\u2019entit\u00e0 il cui fair value \u00e8 significativamente maggiore, l\u2019entit\u00e0 che eventualmen<span class=\"_ _0\"></span>te versa un corrispettivo in denaro, l\u2019entit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span></span>che emette le nuove a<span class=\"_ _0\"></span>zioni. L\u2019acquisizione, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quindi <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _3\"></span>consolidamento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019entit\u00e0 <span class=\"_ _3\"></span>acquisita, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>contabilizzata <span class=\"_ _3\"></span>ne<span class=\"_ _5\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>l\u2019acquirente<span class=\"_ _0\"></span> ottiene effettivamente <span class=\"_ _3\"></span>il controllo <span class=\"_ _3\"></span>sull\u2019impresa o <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>acquisite. Quando <span class=\"_ _3\"></span>l\u2019operazione avviene <span class=\"_ _3\"></span>tramite un\u2019unica <span class=\"_ _3\"></span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>di </span>scambio, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>scambio <span class=\"_ _5\"></span>normalmente <span class=\"_ _5\"></span>coincide <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>acquisizione. <span class=\"_ _5\"></span>Tuttavia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>sempr<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>necessario <span class=\"_ _5\"></span>verificare l\u2019eventuale <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>accordi <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>possano <span class=\"_ _4\"> </span>comportare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>dello scambio. Il <span class=\"_ _4\"> </span>corrispettivo <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>aggregazione <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>come<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sommatoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fair </span>value<span class=\"ff2 lsd\">, <span class=\"_ _2\"></span></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scambio, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>cedute, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>assunte <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>messi dall\u2019acquirente in camb<span class=\"_ _0\"></span>io del controllo.<span class=\"ff1\"> </span>Nelle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>prevedono <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>denaro <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>quando <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>previsto <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>pagamento<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"></span>finanziar<span class=\"_ _0\"></span>i assimilabili  alla <span class=\"_ _1d\"> </span>cassa)  il <span class=\"_ _1d\"> </span>prezzo  \u00e8 <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>corrispettivo<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>pattuito,  eventualmente  attualizzato  nel <span class=\"_ _1d\"> </span>caso  i<span class=\"_ _3\"></span>n  cui <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>previsto  un pagamento <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ateale <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _2\"></span>superiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine; <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span>aso <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenga <span class=\"_ _2\"></span>tramite uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>cassa, <span class=\"_ _3\"></span>quindi <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>l\u2019emissione di <span class=\"_ _2\"></span>strumenti rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span><span class=\"ff1\">fair </span>value del mezzo di pag<span class=\"_ _0\"></span>amento al netto d<span class=\"_ _0\"></span>ei costi direttamente attr<span class=\"_ _0\"></span>ibuibili all\u2019operazio<span class=\"ff1\">n<span class=\"_ _3\"></span>e di emissio<span class=\"_ _0\"></span>ne di capitale. Per le m<span class=\"_ _0\"></span>odalit\u00e0 </span>di determinazione del <span class=\"_ _3\"></span>fair value degli strumenti <span class=\"_ _3\"></span>finanziari, si rimanda a<span class=\"_ _3\"></span> quanto indicato nella <span class=\"_ _3\"></span>Sezione A.4 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Informativa sul <span class=\"_ _3\"></span>fair value, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>l\u2019accortezza <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>mercati <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>quotazione <span class=\"_ _2\"></span>di </span>Borsa alla data dell\u2019a<span class=\"_ _0\"></span>cquisizione o, in ma<span class=\"_ _0\"></span>ncanza, dall\u2019ultim<span class=\"_ _0\"></span>a quotazione disponibil<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>corrispettivo <span class=\"_ _6\"> </span>del<span class=\"_ _3\"></span>l\u2019aggregazione <span class=\"_ _5\"></span>aziendale <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>data <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>acquisizione <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _6\"> </span>subordinati <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>even<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span>futuri, se previsti da<span class=\"_ _3\"></span>gli accordi e solo nel <span class=\"_ _3\"></span>caso in cui siano p<span class=\"_ _3\"></span>robabili, determinabili in modo attendibile e realizzati entr<span class=\"_ _5\"></span>o i <span class=\"_ _3\"></span>dodici mesi <span class=\"_ _3\"></span>successivi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>indennizzi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>el <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lore delle attivit\u00e0 ut<span class=\"_ _3\"></span>ilizzate in <span class=\"_ _3\"></span>quanto gi\u00e0 considerati o<span class=\"_ _3\"></span> nel <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>degli strumenti rappresentativi di <span class=\"_ _3\"></span>capitale o <span class=\"_ _3\"></span>come riduz<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>del premio o incremento d<span class=\"_ _0\"></span>ello sconto sull\u2019emis<span class=\"_ _0\"></span>sione iniziale nel ca<span class=\"_ _0\"></span>so di emissione di strum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti di debito.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>c<span class=\"ff4\">orrelati <span class=\"_ _6\"> </span>all\u2019acquisizione <span class=\"_ _5\"></span>sono <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>oneri <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>l\u2019acquire<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostiene <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>dell\u2019aggregazione <span class=\"_ _6\"></span>aziendale; <span class=\"_ _5\"></span>a </span>titolo <span class=\"_ _6\"></span>esemplificativo <span class=\"_ _5\"></span>questi <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>compensi <span class=\"_ _6\"></span>professionali <span class=\"_ _6\"></span>corrisposti <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>revisori, <span class=\"_ _5\"></span>periti, <span class=\"_ _6\"></span>consulenti <span class=\"_ _6\"></span>legali, <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>per perizie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>conti, <span class=\"_ _6\"></span>predisposizion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>documenti <span class=\"_ _6\"></span>informativi <span class=\"_ _5\"></span>richiesti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>norme, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>consulenza sostenute <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>identificare <span class=\"_ _2\"></span>potenziali <span class=\"_ _3\"></span>target <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>acquisire <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>contrattualmente <span class=\"_ _3\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>in caso di <span class=\"ff4\">esito positivo dell<span class=\"_ _0\"></span>\u2019aggregazione, no<span class=\"_ _0\"></span>nch\u00e9 i costi di registra<span class=\"_ _0\"></span>zione ed emissione <span class=\"_ _0\"></span>di titoli di debito o t<span class=\"_ _0\"></span>itoli azionari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>L\u2019acquirente <span class=\"_ _6\"> </span>deve <span class=\"_ _4\"> </span>contabilizzare <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>correlati <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>l\u2019acquisizi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>nei <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>iodi <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>costi <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>e<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span><span class=\"ls13\">i </span></span>servizi <span class=\"_ _4\"> </span>so<span class=\"_ _3\"></span>no <span class=\"_ _4\"> </span>ricevuti, <span class=\"_ _7\"> </span>ad <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ccezione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>azionari <span class=\"_ _7\"> </span>o <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>debito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>rilevati<span class=\"_ _0\"></span> secondo quanto disp<span class=\"_ _0\"></span>osto dallo IAS<span class=\"_ _0\"></span> 32.<span class=\"_ _3\"></span> Le o<span class=\"_ _3\"></span>perazioni di <span class=\"_ _3\"></span>aggregazione aziendale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>contabilizzate secondo i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>\u201cmetodo dell\u2019acquisizione\u201d, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 </span>identificabili acquisite <span class=\"_ _3\"></span>(comprese eventuali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali in <span class=\"_ _3\"></span>precedenza <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rilevate dall\u2019impresa <span class=\"_ _3\"></span>acquisita) e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span><span class=\"ff1\">sivit\u00e0 </span>identificabili assunte <span class=\"_ _0\"></span>(comprese quelle pote<span class=\"_ _0\"></span>nziali) devono esser<span class=\"_ _0\"></span>e rilevate ai rispet<span class=\"_ _0\"></span>tivi fair val<span class=\"_ _3\"></span>ue alla data di acquisizione. Inoltre, <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>espressamente <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>3,  per <span class=\"_ _7\"> </span>ogni <span class=\"_ _16\"> </span>aggregazione <span class=\"_ _7\"> </span>aziendale  e<span class=\"_ _0\"></span>ventuali <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  m<span class=\"_ _0\"></span>inoranza <span class=\"_ _7\"> </span>nella societ\u00e0 <span class=\"_ _1d\"> </span>acquisita <span class=\"_ _1d\"> </span>possono <span class=\"_ _1d\"> </span>essere <span class=\"_ _1d\"> </span>rilevate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _1d\"> </span>(con <span class=\"_ _1d\"> </span>conseguente <span class=\"_ _1d\"> </span>incremento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>corrispettivo <span class=\"_ _1d\"> </span>trasfer<span class=\"_ _2\"></span>ito) <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>in proporzione alla quota <span class=\"_ _0\"></span>della partecipazio<span class=\"_ _0\"></span>ne di minoranza nell<span class=\"_ _0\"></span>e attivit\u00e0 nette identif<span class=\"_ _0\"></span>icabili delle soc<span class=\"_ _0\"></span>iet\u00e0 acquisite.<span class=\"_ _2\"></span> Se <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>realizzato <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>acquisti <span class=\"_ _4\"> </span>successivi, <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>ricalcolare <span class=\"_ _4\"> </span>l\u2019interessenza <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>deteneva <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pr<span class=\"ff4 ls0\">ecedenza n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>acquisita <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettivo <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>acquisizione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>l\u2019eventual<span class=\"_ _2\"></span></span><span class=\"ls17\">e </span>differenza rispetto al pr<span class=\"_ _0\"></span>ecedente valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>L\u2019eccedenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _2\"></span>trasferito <span class=\"_ _3\"></span>(rappresentato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _3\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>trasferite, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>sostenute <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli </span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>emessi <span class=\"_ _3\"></span>dall\u2019acquirente), eventualmente <span class=\"_ _3\"></span>integrato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>(determinato <span class=\"_ _3\"></span>come sopra <span class=\"_ _4\"> </span>esposto) <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>interessenze <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>all\u2019acq<span class=\"_ _3\"></span><span class=\"ff1\">uirente, <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>passivit\u00e0 </span>acquisite  deve <span class=\"_ _16\"> </span>essere  rilevata <span class=\"_ _16\"> </span>come  avviamento;  q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>lora  q<span class=\"_ _0\"></span>ueste  ultime  r<span class=\"_ _0\"></span>isultino,  in<span class=\"_ _0\"></span>vece,  superiori <span class=\"_ _16\"> </span>alla  sommatoria <span class=\"_ _16\"> </span>del corrispettivo, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>possedute, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>imputata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto economico. La <span class=\"_ _1d\"> </span>contabilizzazione <span class=\"_ _1d\"> </span>dell\u2019opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>aggregazione <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _1d\"> </span>avvenire <span class=\"_ _1d\"> </span>provvisoriament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>entro <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>fine <span class=\"_ _1d\"> </span>dell\u2019esercizio <span class=\"_ _1d\"> </span>in  c<span class=\"_ _3\"></span>ui l\u2019aggregazione vie<span class=\"_ _0\"></span>ne realizzata e deve<span class=\"_ _0\"></span> essere perfezionata e<span class=\"_ _0\"></span>ntro dodici mesi <span class=\"_ _0\"></span>dalla <span class=\"_ _3\"></span><span class=\"ff1\">data di acquisizione. </span>Le contabilizzazioni di ulteriori quote di partecipazione in societ\u00e0 gi\u00e0 controllate sono considerate, ai sensi dell\u2019IFRS 10,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>come </span>operazione <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soci <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>agiscono <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>qualit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soci. <span class=\"_ _5\"></span>Pertanto <span class=\"_ _2\"></span>le<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>differenze <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>minoranz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>cquisite s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>imputate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppo; <span class=\"_ _3\"></span>parimenti<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>le <span class=\"_ _3\"></span>vendite <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quote d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>gen<span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>utili/perdite nel <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>econ<span class=\"_ _5\"></span>omico <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del patrimonio netto di g<span class=\"_ _0\"></span>ruppo. Non <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span>figurano <span class=\"_ _4\"> </span>aggregazioni <span class=\"_ _4\"> </span>aziendali <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>finalizzate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>imprese <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>costituiscono un\u2019attivit\u00e0 <span class=\"_ _18\"> </span>aziendale <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>controllo <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>via <span class=\"_ _18\"> </span>transitoria <span class=\"_ _1c\"> </span>o, <span class=\"_ _18\"> </span>infine, <span class=\"_ _18\"> </span>se <span class=\"_ _20\"> </span>l\u2019aggregazione <span class=\"_ _17\"> </span>aziendale <span class=\"_ _18\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>realizzata <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>finalit\u00e0 riorganizzative, <span class=\"_ _6\"></span>quindi <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>imprese <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>aziendali <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"></span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>non comporta <span class=\"_ _1d\"> </span>cambiamento <span class=\"_ _1d\"> </span>degli <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ssetti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>controllo <span class=\"_ _17\"> </span>indipendentemente <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>percentual<span class=\"_ _2\"></span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>iritti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>terzi <span class=\"_ _1d\"> </span>prima <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>dopo l\u2019operazione <span class=\"_ _2\"></span>(cosiddette <span class=\"_ _2\"></span>aggregazioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>comune). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>considerat<span class=\"_ _0\"></span>e prive di sostanza economica. Pertanto, in as<span class=\"_ _0\"></span>senza di specifiche indicazioni previ<span class=\"_ _0\"></span>ste dai principi<span class=\"_ _2\"></span> IAS/IFRS e in aderenza con le presunzioni dello <span class=\"_ _3\"></span>IAS 8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>ichiede che <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>in assenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>principio specifico <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impresa debba <span class=\"_ _3\"></span>fare uso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>proprio giudizio </span>nell\u2019applicare <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _7\"> </span>che  fo<span class=\"_ _0\"></span>rnisca <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n\u2019informativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rilevante, <span class=\"_ _7\"> </span>attendibile, <span class=\"_ _16\"> </span>prudent<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>rifletta <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>sostanza </span>economica dell\u2019oper<span class=\"_ _0\"></span>azione, esse sono c<span class=\"_ _0\"></span>ontabilizzate salvag<span class=\"_ _0\"></span>uardando la continui<span class=\"_ _0\"></span>t\u00e0 dei valori nel<span class=\"_ _0\"></span> bilancio dell\u2019acquire<span class=\"_ _0\"></span>nte.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>fusioni <span class=\"_ _5\"></span>rientrano <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>imprese, <span class=\"_ _2\"></span>rappresentando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pi\u00f9 completa, in quanto <span class=\"_ _0\"></span>comportano l\u2019unifica<span class=\"_ _0\"></span>zione sia giuridica che <span class=\"_ _0\"></span>economica dei <span class=\"_ _0\"></span>soggetti che vi partecipa<span class=\"_ _0\"></span>no.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _6\"> </span>fusioni, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _6\"> </span>esse <span class=\"_ _6\"> </span>proprie, <span class=\"_ _6\"> </span>cio\u00e8 <span class=\"_ _4\"> </span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>costituzione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uovo <span class=\"_ _6\"> </span>soggetto <span class=\"_ _6\"> </span>giuridico <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>incorporazione\u201d <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>la conflu<span class=\"ff4\">enza <span class=\"_ _16\"> </span>di  un\u2019impre<span class=\"_ _0\"></span>sa  in <span class=\"_ _7\"> </span>un\u2019altra  impresa <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>esistente, <span class=\"_ _16\"> </span>sono  trattate <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _16\"> </span>i  criteri <span class=\"_ _7\"> </span>precedentemente  illu<span class=\"_ _0\"></span>strati,  i<span class=\"_ _35\"></span>n </span>particolare: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e <span class=\"_ _1d\"> </span>l\u2019operazione <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>trasferimento <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019impresa,  essa<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>trattata <span class=\"_ _1d\"> </span>come <span class=\"_ _1d\"> </span>un\u2019operazione <span class=\"_ _1d\"> </span>di </span></span>aggregazione <span class=\"ff4\">ai sensi dell\u2019IFRS<span class=\"_ _0\"></span> 3;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>e l\u2019operazione no<span class=\"_ _0\"></span>n comporta il trasferim<span class=\"_ _0\"></span>ento del controllo, ess<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> viene contabili<span class=\"_ _0\"></span>zzata privilegiand<span class=\"_ _0\"></span>o la continuit\u00e0 dei valor<span class=\"_ _0\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">.</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-989": {
   "value": "Criteri di redazione del<span class=\"_ _0\"></span>l\u2019informativa di <span class=\"_ _0\"></span>settore<span class=\"ffa\"> </span>L\u2019informativa di <span class=\"_ _3\"></span>settore del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo si <span class=\"_ _3\"></span>ba<span class=\"_ _3\"></span><span class=\"ff1\">sa <span class=\"_ _3\"></span>sugli <span class=\"_ _3\"></span>elementi che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>management utilizza <span class=\"_ _3\"></span>per prendere <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>roprie </span>decisioni operative (<span class=\"_ _0\"></span>c.d. \u201cmanagement a<span class=\"_ _0\"></span>pproach\u201d) ed \u00e8 dunque<span class=\"_ _0\"></span> coerente con i req<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isiti informativi <span class=\"_ _0\"></span>previsti dall\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> 8.  </span>Il <span class=\"_ _3\"></span>modello organizzativo del <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo si a<span class=\"_ _3\"></span>rticola in<span class=\"_ _2\"></span> s<span class=\"_ _3\"></span>ei settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 con <span class=\"_ _3\"></span>specifiche responsabilit\u00e0 operative:<span class=\"_ _0\"></span> Banca dei Territori, IMI Corpor<span class=\"_ _0\"></span>ate &amp; Investment Banking, Intern<span class=\"_ _0\"></span>ational Subsidiary Banks, A<span class=\"_ _0\"></span>sset Management, Private Ban<span class=\"_ _0\"></span>king e <span class=\"_ _3\"></span>Insurance. <span class=\"_ _3\"></span>Ai suddetti <span class=\"_ _3\"></span>settori <span class=\"_ _3\"></span>operativi si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiunge, inoltre, <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Centro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Governo <span class=\"_ _3\"></span>cui \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>demandato il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>di indirizzo, <span class=\"_ _2\"></span>coordinamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>dell\u2019intero <span class=\"_ _2\"></span>Gruppo. <span class=\"_ _5\"></span>Rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>strutture <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>rappresentate<span class=\"_ _0\"></span> dalla Tesoreria, dalla D<span class=\"_ _0\"></span>irezione NP<span class=\"_ _0\"></span>E nonch\u00e9 le attivit\u00e0 di Asset<span class=\"_ _0\"></span> &amp;<span class=\"_ _3\"></span> Liability Management (A<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>M) strategico.  Ai f<span class=\"_ _3\"></span>ini della <span class=\"_ _3\"></span>predisposizione del Segment <span class=\"_ _3\"></span>Reporting i <span class=\"_ _3\"></span>risultati economici <span class=\"_ _3\"></span>e patri<span class=\"_ _3\"></span>moniali attribuiti ai <span class=\"_ _3\"></span>diversi settori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>att<span class=\"_ _5\"></span>ivit\u00e0 sono determinati in base ai<span class=\"_ _3\"></span> principi contabili utilizzati nella redazione e p<span class=\"_ _3\"></span>resenta<span class=\"_ _3\"></span><span class=\"ff4\">zione d<span class=\"_ _3\"></span>el bilancio consolidato. L\u2019utilizzo degli stessi </span>criteri <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rendicontazione  consente <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>i\u00f9  a<span class=\"_ _3\"></span>gevole <span class=\"_ _1d\"> </span>riconciliazione  dei <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>settoriali <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>quelli <span class=\"_ _1d\"> </span>consolidati. <span class=\"_ _1d\"> </span>Al <span class=\"_ _1d\"> </span>fine <span class=\"_ _1d\"> </span>di rappresentare pi\u00f9 efficacemente i <span class=\"_ _3\"></span>risultati e <span class=\"_ _3\"></span>per me<span class=\"_ _3\"></span>glio comprendere le compo<span class=\"_ _2\"></span>nenti che <span class=\"_ _3\"></span>li hanno <span class=\"_ _3\"></span>generati, per ci<span class=\"_ _3\"></span>ascun settore oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>informativa <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>presentat<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _2\"></span>riclassificato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>esprimono <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>contributo <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>risultato<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di Gruppo.  Il <span class=\"_ _4\"> </span>contributo <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _4\"></span>Divisioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Centro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Governo <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>risu<span class=\"_ _3\"></span>ltato <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>complessivo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>determinato<span class=\"_ _35\"></span> secondo le metodologi<span class=\"_ _0\"></span>e descritte di seguit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>modello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tassi <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _6\"></span>(TIT), <span class=\"_ _6\"></span>differenziati <span class=\"_ _5\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>scadenza </span>della singola operazi<span class=\"_ _0\"></span>one, per la corretta attribuzione dell<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> componente i<span class=\"_ _0\"></span>nteressi netti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banche/Societ\u00e0 d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>componenti </span>reddituali <span class=\"_ _3\"></span>riferibili a <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ripartizione <span class=\"_ _3\"></span>dei risulta<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>fabbriche prodotto/unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizio e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>di relazione/unit\u00e0 clienti<span class=\"_ _0\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>addebito dei costi <span class=\"_ _0\"></span>diretti a ciascuna Di<span class=\"_ _0\"></span>visione di Business <span class=\"_ _0\"></span>e al Centro di Gover<span class=\"_ _0\"></span>no;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contabilit\u00e0 <span class=\"_ _6\"></span>industriale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza, <span class=\"_ _5\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>l\u2019addebito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>costi <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>i </span></span>servizi <span class=\"_ _5\"></span>erogati <span class=\"_ _5\"></span>dalle <span class=\"_ _2\"></span>strutture <span class=\"_ _5\"></span>centrali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>facenti <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Centro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>Divisioni <span class=\"_ _2\"></span>di Business e delle altre Strutture del Centro di Govern<span class=\"_ _0\"></span>o, nonch\u00e9 dei costi relativi allo svolgimento del<span class=\"_ _2\"></span>le attivit\u00e0 di indirizzo e<span class=\"_ _35\"></span> controllo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>logica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>portafogliazione/segme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>clientela <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>l\u2019attribuzione <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>ci<span class=\"_ _3\"></span>ascuna <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>al </span></span>Centro di Governo dei <span class=\"_ _0\"></span>risultati economici d<span class=\"_ _0\"></span>ell\u2019operativit\u00e0 con <span class=\"_ _0\"></span>clientela e delle retti<span class=\"_ _0\"></span>fiche nette<span class=\"_ _3\"></span><span class=\"ff1\"> di valore su crediti. </span>Il <span class=\"_ _4\"> </span>risultato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Business<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Unit <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>indicato <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>fiscali, <span class=\"_ _4\"> </span>calcolati <span class=\"_ _4\"></span>applicando <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>principali <span class=\"_ _4\"></span>componen<span class=\"_ _2\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i determinazione del tax<span class=\"_ _0\"></span> rate effettivo in coere<span class=\"_ _0\"></span>nza con la politica <span class=\"_ _0\"></span>fiscale del Gruppo. I <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>economici <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gment<span class=\"_ _0\"></span>i <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>infragruppo <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al lordo dei rapporti tra <span class=\"_ _0\"></span>diversi segmenti <span class=\"_ _0\"></span>operativi di business. Per <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"> </span>Divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>Centro <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"></span>viene <span class=\"_ _4\"></span>inoltre <span class=\"_ _6\"></span>calcolato <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>capi<span class=\"_ _3\"></span>tale <span class=\"_ _6\"></span>assorbito <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>RWA <span class=\"_ _6\"></span>(Risk <span class=\"_ _4\"></span>Weighted<span class=\"_ _35\"></span> Assets) <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>oerentemente <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>vigente <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>integrati, <span class=\"_ _5\"></span>laddove <span class=\"_ _6\"></span>necessario, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>gestionali <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale \u201ceconomico\u201d per ten<span class=\"_ _0\"></span>ere conto dei risc<span class=\"_ _0\"></span>hi non coperti dalla me<span class=\"_ _0\"></span>trica regolamenta<span class=\"_ _0\"></span>re<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpl<span class=\"ff4\">etamento d<span class=\"_ _3\"></span>ell\u2019informativa per <span class=\"_ _2\"></span>segmenti <span class=\"_ _2\"></span>operativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>fornita <span class=\"_ _3\"></span>un\u2019illustrazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>economici <span class=\"_ _3\"></span>e </span>degli <span class=\"_ _3\"></span>aggregati <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>opera. <span class=\"_ _2\"></span>Le <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>geografiche <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>finite sulla <span class=\"_ _4\"> </span><span class=\"ff4\">base <span class=\"_ _4\"> </span>dell\u2019articolazione <span class=\"_ _6\"> </span>territoriale <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>segmenti <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perativi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>business <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>riconducibili <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tre<span class=\"_ _90\"> </span></span>principali <span class=\"_ _2\"></span>raggruppamenti <span class=\"_ _2\"></span>geografici <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>finiti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>criterio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>residenza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _2\"></span>giuridiche <span class=\"_ _2\"></span>costituenti <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo:<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>Italia, Europa e Resto del mon<span class=\"_ _0\"></span>do.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-920": {
   "value": "Attivit\u00e0 e passivit\u00e0 assi<span class=\"_ _0\"></span>curative Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha deciso di <span class=\"_ _3\"></span>avvalersi dell\u2019opzione di applicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d, in virt\u00f9 del <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>assicurati<span class=\"_ _3\"></span>ve <span class=\"_ _2\"></span>controllate <span class=\"_ _3\"></span>continuano <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> quanto  pr<span class=\"_ _0\"></span>escritto  dall<span class=\"_ _0\"></span>o  IAS <span class=\"_ _16\"> </span>39,  in <span class=\"_ _16\"> </span>attesa  dell\u2019entr<span class=\"_ _0\"></span>ata  in <span class=\"_ _16\"> </span>vigore  del <span class=\"_ _16\"> </span>nuovo  principi<span class=\"_ _0\"></span>o  contabil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  intern<span class=\"_ _0\"></span>azionale  sui<span class=\"_ _0\"></span>  contratti<span class=\"_ _0\"></span> assicurativi <span class=\"_ _3\"></span>(IFRS <span class=\"_ _2\"></span>17), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2023<span class=\"_ _90\"> </span>85<span class=\"_ _90\"> </span>. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>completezza <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>intetica<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>quindi<span class=\"_ _35\"></span> riportati: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>criteri <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _5\"></span>utilizzati <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span>el </span>Gruppo, <span class=\"_ _4\"> </span>rimandando <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>maggiori <span class=\"_ _4\"></span>dettagli <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>espos<span class=\"_ _3\"></span><span class=\"ff4\">t<span class=\"_ _3\"></span>o <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>Parte <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>\u201cPolitiche <span class=\"_ _4\"> </span>contabili\u201d <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Nota <span class=\"_ _7\"> </span>integrativa </span>consolidata <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _7\"> </span>2017.  N<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>sono, <span class=\"_ _16\"> </span>invece, <span class=\"_ _16\"> </span>riproposti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>criteri <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>iscrizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>cancellazione, <span class=\"_ _7\"> </span>dato  il <span class=\"_ _7\"> </span>sostanziale allineamento tra le pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isioni dell\u2019IFRS 9 e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>elle dello IAS 3<span class=\"_ _0\"></span>9 al riguar<span class=\"_ _3\"></span><span class=\"ff1\">do; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e impostazioni ad<span class=\"_ _0\"></span>ottate per i prodotti <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pecifici del comp<span class=\"_ _0\"></span>arto assicurativo.  </span>Per <span class=\"_ _3\"></span>quel <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>trattamento delle <span class=\"_ _3\"></span>voci <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Compagnie a<span class=\"_ _3\"></span>ssicurative diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _3\"></span>finanziar<span class=\"_ _5\"></span>ia, si  rimanda  a  quanto  precedentem<span class=\"_ _0\"></span>ente  rappresenta<span class=\"_ _3\"></span>to,  dato  che  le  societ\u00e0  del  grup<span class=\"_ _0\"></span>po  bancario  e  quelle  del  compart<span class=\"_ _35\"></span>o assicurativo condivido<span class=\"_ _0\"></span>no le medesime p<span class=\"_ _0\"></span>olitiche contabili 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute per la negozi<span class=\"_ _0\"></span>azione </span>Criteri di classifica<span class=\"_ _0\"></span>zione  Sono <span class=\"_ _1c\"> </span>classifi<span class=\"_ _0\"></span>cate <span class=\"_ _1c\"> </span>in <span class=\"_ _18\"> </span>questa <span class=\"_ _18\"> </span>categoria <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>finanziarie<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>allocate <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>portafoglio <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>negoziazione, <span class=\"_ _1c\"> </span>essenzialme<span class=\"_ _0\"></span>nte rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati<span class=\"_ _0\"></span> detenuti con finalit\u00e0 di negozia<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>ione. Fra i <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>inclusi <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span>elli <span class=\"_ _5\"></span>incorporati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>complessi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevazione separata in quanto: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e loro caratteristic<span class=\"_ _0\"></span>he economiche ed i ris<span class=\"_ _0\"></span>chi non sono strettam<span class=\"_ _0\"></span>ente correlati alle <span class=\"_ _0\"></span>caratteristiche del cont<span class=\"_ _0\"></span>ratto sottostante<span class=\"_ _2\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti inc<span class=\"_ _0\"></span>orporati, anche se separati, soddi<span class=\"_ _0\"></span>sfano la definizione <span class=\"_ _0\"></span>di derivato;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>gli s<span class=\"_ _3\"></span>trumenti ibri<span class=\"_ _0\"></span>di cui appartengono <span class=\"_ _0\"></span>non sono valutati al fai<span class=\"_ _0\"></span>r value con le relativ<span class=\"_ _0\"></span>e variazioni rileva<span class=\"_ _0\"></span>te a conto economic<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </span>I <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>po<span class=\"_ _2\"></span>sitivo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>negativo. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _5\"></span>possibile<span class=\"_ _0\"></span> compensare i valori correnti positivi <span class=\"_ _3\"></span>e negativi derivanti da operazioni in<span class=\"_ _3\"></span> essere con la <span class=\"_ _3\"></span>medesima controparte soltanto qualo<span class=\"_ _5\"></span>ra si <span class=\"_ _3\"></span>abbia <span class=\"_ _2\"></span>correntemente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>legale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>compensare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impo<span class=\"_ _3\"></span>rti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>contabilmente <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>intenda <span class=\"_ _3\"></span>procedere <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>regolamento su base netta delle p<span class=\"_ _0\"></span>osizioni ogg<span class=\"_ _0\"></span>etto di compensazione. Non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmesse <span class=\"_ _5\"></span>riclassifiche <span class=\"_ _5\"></span>verso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altre <span class=\"_ _6\"></span>categorie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _6\"></span>salvo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>event<span class=\"_ _5\"></span><span class=\"ls13\">i </span>inusuali e che difficilm<span class=\"_ _0\"></span>ente si possono ripr<span class=\"_ _0\"></span>esentare nel breve per<span class=\"_ _0\"></span>iodo. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>finalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>altre<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>categorie<span class=\"_ _0\"></span> previste dallo IAS 39 qualora ne <span class=\"_ _3\"></span>ricorrano le condizion<span class=\"_ _3\"></span><span class=\"ff4\">i per l\u2019iscrizione (<span class=\"_ _3\"></span>Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> detenute sino alla <span class=\"_ _3\"></span>scadenza, Attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>finanziarie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>vendita, <span class=\"_ _16\"> </span>Crediti). <span class=\"_ _7\"> </span>Il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di  tr<span class=\"_ _0\"></span>asferimento <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rappresentato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>al  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>della riclassificazione. <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iclassificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>vien<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _6\"></span>all\u2019eventuale <span class=\"_ _5\"></span>presenza <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"></span>derivati </span>incorporati da scorpora<span class=\"_ _0\"></span>re. Criteri di valutazione Successivamente alla <span class=\"_ _3\"></span>rilevazione iniziale, le<span class=\"_ _3\"></span> attivit\u00e0 <span class=\"_ _3\"></span>finanziarie detenute <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> negoziazione sono <span class=\"_ _3\"></span>valorizzate al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _5\"></span>e. <span class=\"_ _3\"></span>Gli effetti dell\u2019applicazio<span class=\"_ _0\"></span>ne di tale criterio di v<span class=\"_ _0\"></span>alutazione sono imp<span class=\"_ _0\"></span>utati nel conto econom<span class=\"_ _0\"></span>ico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _5\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>utilizzate <span class=\"_ _5\"></span>quotazioni <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mercato. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>attivo, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>metodi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>valutativi <span class=\"_ _2\"></span>comunemente <span class=\"_ _5\"></span>adottati, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: <span class=\"_ _2\"></span>valutazione di <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>quotati <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentano <span class=\"_ _3\"></span>analoghe <span class=\"_ _2\"></span>caratteristiche,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>calcoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>scontati, <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del prezzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>opzioni, <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>recenti <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>comparabili, <span class=\"_ _6\"></span>ecc. <span class=\"_ _4\"></span>I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>stru<span class=\"_ _2\"></span>menti derivati che hanno per <span class=\"_ _3\"></span>oggetto titoli di capitale, non quotati in un mercato <span class=\"_ _3\"></span>attivo, per i quali non sia possibile determinare il fair value in maniera atten<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ibile secondo l<span class=\"_ _0\"></span>e linee guida sopra i<span class=\"_ _0\"></span>ndicate, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _90\"> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche. 4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-186.29224px;\"><div class=\"t m0 x0 h95 y10ab ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y10ac ff1 fs0 fc0 sc0 ls0 ws0\">Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato </div><div class=\"t m0 x0 h2 ydfc ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span></div><div class=\"t m0 x0 h2 ydfd ff1 fs0 fc0 sc0 ls0 ws0\">effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span></div><div class=\"t m0 x0 h2 y242 ff1 fs0 fc0 sc0 ls0 ws0\">costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y10ad ff1 fs0 fc0 sc0 ls0 ws0\">eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span></div><div class=\"t m0 x0 h2 y8d7 ff1 fs0 fc0 sc0 ls0 ws0\">costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire </div><div class=\"t m0 x0 h2 y51e ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span></div><div class=\"t m0 x0 h32 y10ae ff4 fs0 fc0 sc0 ls0 ws0\">Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y10af ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span></div><div class=\"t m0 x0 h2 y10b0 ff1 fs0 fc0 sc0 ls0 ws0\">valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. </div><div class=\"t m0 x0 h2 y10b1 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y6ee ff1 fs0 fc0 sc0 ls0 ws0\">loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato </div><div class=\"t m0 x0 h2 y6d3 ff1 fs0 fc0 sc0 ls0 ws0\">attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 ye05 ff1 fs0 fc0 sc0 ls0 ws0\">coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. </div><div class=\"t m0 x0 h2 y10b2 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per </div><div class=\"t m0 x0 h2 y61d ff1 fs0 fc0 sc0 ls0 ws0\">categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span></div><div class=\"t m0 x0 h2 y10b3 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x0 h2 y68d ff1 fs0 fc0 sc0 ls0 ws0\">previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. </div><div class=\"t m0 x0 h2 y10b4 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie </div><div class=\"t m0 x0 h2 y10b5 ff1 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  </div><div class=\"t m0 x0 h2 y10b6 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y147 ff1 fs0 fc0 sc0 ls0 ws0\">rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 ye08 ff1 fs0 fc0 sc0 ls0 ws0\">infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. </div><div class=\"t m0 x0 h2 y660 ff1 fs0 fc0 sc0 ls0 ws0\">La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. </div><div class=\"t m0 x0 h2 y10b7 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y662 ff1 fs0 fc0 sc0 ls0 ws0\">hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si </div><div class=\"t m0 x0 h2 y10b8 ff1 fs0 fc0 sc0 ls0 ws0\">successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y664 ff1 fs0 fc0 sc0 ls0 ws0\">costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. </div><div class=\"t m0 x0 h2 y181 ff1 fs0 fc0 sc0 ls0 ws0\">I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y2b9 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 ycbb ff1 fs0 fc0 sc0 ls0 ws0\">una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 yb11 ff1 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della </div><div class=\"t m0 x0 h2 y4c5 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene </div><div class=\"t m0 x0 h2 y4c6 ff1 fs0 fc0 sc0 ls0 ws0\">conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y668 ff1 fs0 fc0 sc0 ls0 ws0\">Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. </div><div class=\"t m0 x0 h2 y10b9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y66a ff5 fs0 fc2 sc0 ls10 ws0\">5.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate al fair value </span></div><div class=\"t m0 x0 h24 ya03 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y156 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 yfb1 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>principi <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>IAS/IFRS <span class=\"_ _3\"></span>omologati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Commissione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Europea <span class=\"_ _2\"></span>consentono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>classificare <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>strumenti </div><div class=\"t m0 x0 h2 y66d ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _4\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>contropartita <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>economico <span class=\"_ _4\"> </span>qualsiasi <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>cos\u00ec <span class=\"_ _7\"> </span>definita <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y10ba ff1 fs0 fc0 sc0 ls0 ws0\">dell<span class=\"ff4\">\u2019acquisizione, nel ri<span class=\"_ _0\"></span>spetto delle casistic<span class=\"_ _0\"></span>he previste dalla n<span class=\"_ _0\"></span>ormativa di<span class=\"_ _3\"></span><span class=\"ff1\"> riferimento.  </span></span></div><div class=\"t m0 x0 h2 ye10 ff1 fs0 fc0 sc0 ls0 ws0\">Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y670 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo classifica i<span class=\"_ _0\"></span>n tale categoria gli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vestimenti a front<span class=\"_ _0\"></span>e di polizze assicurati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ye11 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y672 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y834 ff1 fs0 fc0 sc0 ls0 ws0\">Successivamente  alla <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>gli  strumenti <span class=\"_ _1d\"> </span>finanziari  in <span class=\"_ _1d\"> </span>questione  sono <span class=\"_ _1d\"> </span>valorizzati  al <span class=\"_ _1d\"> </span>fair  va<span class=\"_ _3\"></span>lue. <span class=\"_ _1d\"> </span>Gli  effetti </div><div class=\"t m0 x0 h2 y674 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019applicazione di t<span class=\"_ _0\"></span>ale criterio di valut<span class=\"_ _0\"></span>azione sono imputati n<span class=\"_ _0\"></span>el conto economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y879 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y30b ff5 fs0 fc2 sc0 ls10 ws0\">6.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Debiti e titoli in cir<span class=\"_ _0\"></span>colazione  </span></div><div class=\"t m0 x0 h2 y30c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y94d ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y30e ff1 fs0 fc0 sc0 ls0 ws0\">I Debiti verso banche, i Debiti verso clientela e i <span class=\"_ _3\"></span>Titoli<span class=\"_ _0\"></span> in circolazione ricomprendono le varie forme di provvista interban<span class=\"_ _2\"></span>caria e </div><div class=\"t m0 x0 h2 y30f ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>le  o<span class=\"_ _0\"></span>perazioni <span class=\"_ _7\"> </span>pronti  contro <span class=\"_ _7\"> </span>termine  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>obbligo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>riacquisto <span class=\"_ _16\"> </span>a  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmine <span class=\"_ _1d\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>raccolta <span class=\"_ _16\"> </span>effettuata <span class=\"_ _16\"> </span>attraverso<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y310 ff1 fs0 fc0 sc0 ls0 ws0\">certificati <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>deposito, <span class=\"_ _29\"> </span>titoli <span class=\"_ _23\"> </span>obb<span class=\"_ _3\"></span>ligazion<span class=\"_ _0\"></span>ari <span class=\"_ _29\"> </span>ed <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _29\"> </span>strumen<span class=\"_ _0\"></span>ti <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _23\"> </span>in <span class=\"_ _29\"> </span>circolazione, <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>netto <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>eventuali<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y311 ff1 fs0 fc0 sc0 ls0 ws0\">ammontari riacquistati. </div><div class=\"t m0 x0 h2 y312 ff4 fs0 fc0 sc0 ls0 ws0\">Sono inoltre inclusi i <span class=\"_ _0\"></span>debiti iscritti dall\u2019imp<span class=\"_ _0\"></span>resa in qualit\u00e0 di loc<span class=\"_ _0\"></span>atario <span class=\"_ _3\"></span>nell\u2019ambito di operazioni di <span class=\"ff1\">leasing finanziario. </span></div><div class=\"t m0 x0 h2 y313 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y314 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y10bb ff1 fs0 fc0 sc0 ls0 ws0\">Dopo <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>rilevazione  iniziale, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>passivit\u00e0  finanziarie <span class=\"_ _1d\"> </span>vengono  v<span class=\"_ _3\"></span>alutate  al <span class=\"_ _1d\"> </span>costo <span class=\"_ _1d\"> </span>ammortizzato  c<span class=\"_ _3\"></span>ol <span class=\"_ _1d\"> </span>metodo  del <span class=\"_ _1d\"> </span>tasso <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y10bc ff1 fs0 fc0 sc0 ls0 ws0\">interesse effettivo.  </div><div class=\"t m0 x0 h2 y931 ff1 fs0 fc0 sc0 ls0 ws0\">Fanno eccezione le <span class=\"_ _3\"></span>passivit\u00e0 a <span class=\"_ _3\"></span>breve termi<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>per le <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il fattore temporale <span class=\"_ _3\"></span>risulta trascurabile, che <span class=\"_ _3\"></span>rimangono iscritte per <span class=\"_ _3\"></span>il </div><div class=\"t m0 x0 h2 y450 ff1 fs0 fc0 sc0 ls0 ws0\">valore incassato.<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.51099px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls10 ws0\">7.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione </span></div><div class=\"t m0 x0 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di iscrizione </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">corrispondente  al  fair <span class=\"_ _1d\"> </span>value  dello  strumento,  senza <span class=\"_ _1d\"> </span>considerare  eventuali  costi  o  p<span class=\"_ _3\"></span>roventi  di  t<span class=\"_ _3\"></span>ransazione  direttamente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">attribuibili agli strum<span class=\"_ _0\"></span>enti stessi. </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>sono, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">negativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>complessi <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>strettamente <span class=\"_ _5\"></span>correlati <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>stessi. <span class=\"_ _2\"></span>Inoltre <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>se <span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 che origi<span class=\"_ _0\"></span>nano da scoperti tecni<span class=\"_ _0\"></span>ci <span class=\"_ _3\"></span><span class=\"ff4\">generati dall\u2019atti<span class=\"_ _0\"></span>vit\u00e0 di negoziazione <span class=\"_ _0\"></span>di titoli.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h95 y67 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y68 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di cancellazione </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>etenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>scadono <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrattuali <span class=\"_ _5\"></span>sui </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">relativi <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>quando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ceduta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>trasferiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ostanziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>benefici </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">derivanti dalla propri<span class=\"_ _0\"></span>et\u00e0 delle stesse. </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6d ff5 fs0 fc2 sc0 ls10 ws0\">8.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Passivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair v<span class=\"_ _0\"></span>alue </span></div><div class=\"t m0 x0 h24 y6e ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6f ffa fs0 fc2 sc0 ls0 ws0\">Criteri di classifica<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Formano <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>voc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>designate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>conto </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">economico, sulla base della facolt\u00e0 riconosci<span class=\"_ _0\"></span>uta alle imprese (c.d. \u201cfair value option\u201d) dallo IAS 39, nel r<span class=\"_ _3\"></span>ispetto delle cas<span class=\"_ _2\"></span><span class=\"ff1\">istiche </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">previste dalla normativ<span class=\"_ _0\"></span>a di riferimento. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>avvalso <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>designare <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>non </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">presentano un <span class=\"_ _2\"></span>rischio assicurativo <span class=\"_ _3\"></span>significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni <span class=\"_ _3\"></span>separate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>prevedono, <span class=\"_ _3\"></span>quindi, ele<span class=\"_ _3\"></span>ment<span class=\"_ _2\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>utili. <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>investimenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>forme <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>raccolta, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>precedentemente </div><div class=\"t m0 x0 h32 y76 ff4 fs0 fc0 sc0 ls0 ws0\">esposto,  sono  valutati<span class=\"_ _0\"></span>  al  fair  valu<span class=\"_ _0\"></span>e  eliminando  o  ri<span class=\"_ _0\"></span>ducendo  notevolment<span class=\"_ _0\"></span>e  possibili  \u201casimm<span class=\"_ _0\"></span>etrie  contabili\u201d  ch<span class=\"_ _0\"></span>e  altrimenti </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">risulterebbero dalla rilev<span class=\"_ _0\"></span>azione di queste attivit\u00e0 e<span class=\"_ _0\"></span> delle relative p<span class=\"_ _0\"></span>assivit\u00e0 sulla base di c<span class=\"_ _0\"></span>riteri contabili<span class=\"_ _3\"></span> differenti.  </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79 ffa fs0 fc2 sc0 ls0 ws0\">Criteri di valutazione </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Tali passivit\u00e0 sono v<span class=\"_ _0\"></span>alutate al fair value con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione del ris<span class=\"_ _0\"></span>ultato della valutazio<span class=\"_ _0\"></span>ne nel conto<span class=\"_ _3\"></span> economico.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y7c ff5 fs0 fc2 sc0 ls10 ws0\">9.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Prodotti a contenuto as<span class=\"_ _0\"></span>sicurativo </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>prodotti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>icurativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _6\"></span>significativo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omprendono: <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>caso<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">morte, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>mis<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>coefficienti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>conversione <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>rendita <span class=\"_ _4\"> </span>garantiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>momento <span class=\"_ _4\"> </span>dell'em<span class=\"_ _5\"></span>issione, <span class=\"_ _4\"></span>alcune </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>lizze <span class=\"_ _5\"></span>unit <span class=\"_ _5\"></span>linked <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anni. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>prodotti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sciplina <span class=\"_ _5\"></span>IAS/IFRS <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>quant<span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">previsto dai principi <span class=\"_ _0\"></span>contabili nazionali in m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teria assicurati<span class=\"_ _0\"></span>va. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y81 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS 4, in sintesi pre<span class=\"_ _0\"></span>vede: <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y82 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione dei p<span class=\"_ _3\"></span>remi lordi a <span class=\"_ _3\"></span>Conto economico fra <span class=\"_ _3\"></span>i proventi; essi <span class=\"_ _3\"></span>comprendono tutti gli <span class=\"_ _3\"></span>importi maturati durante l<span class=\"_ _3\"></span>\u2019esercizi<span class=\"_ _35\"></span>o </span></span></div><div class=\"t m0 x2a h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">a  seguito  della <span class=\"_ _1d\"> </span>stipula  dei  contratti  di  assicurazione  al  netto  de<span class=\"_ _3\"></span>gli  annullamenti;  analogamente,  i  premi  ceduti  ai </div><div class=\"t m0 x2a h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">riassicuratori sono iscr<span class=\"_ _0\"></span>itt<span class=\"ff4\">i quali costi dell\u2019esercizi<span class=\"_ _0\"></span>o;<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y85 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fronte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>premi <span class=\"_ _4\"> </span>lordi, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>accantonato <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>riserve <span class=\"_ _6\"></span>tecniche <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _6\"></span>degli <span class=\"_ _6\"> </span>impegni <span class=\"_ _6\"> </span>verso <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>assicurati<span class=\"_ _0\"></span>, </span></span></div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">calcolati analiticame<span class=\"_ _0\"></span>nte per ciascun cont<span class=\"_ _0\"></span>ratto secondo quant<span class=\"_ _0\"></span>o definito dai prin<span class=\"_ _0\"></span>cipi contabili locali<span class=\"_ _0\"></span> in materia; <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y87 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>prodotti a <span class=\"_ _3\"></span>conten<span class=\"ff4\">uto assicurativo <span class=\"_ _3\"></span>inseriti all\u2019interno delle <span class=\"_ _3\"></span>gestioni separate s<span class=\"_ _3\"></span>ono valutati <span class=\"_ _3\"></span>applicando il <span class=\"_ _3\"></span>cosiddetto shadow </span></span></div><div class=\"t m0 x2a h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">accounting, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>allocando <span class=\"_ _7\"> </span>le <span class=\"_ _4\"></span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>quello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato, <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificati<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">disponibili  p<span class=\"_ _0\"></span>er  la<span class=\"_ _0\"></span>  vendita,  per<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>componente  di<span class=\"_ _0\"></span>  compete<span class=\"_ _0\"></span>nza  degli<span class=\"_ _0\"></span>  assicurati <span class=\"_ _16\"> </span>alle  ris<span class=\"_ _0\"></span>erve  tecnic<span class=\"_ _0\"></span>he,  e <span class=\"_ _16\"> </span>per  quella<span class=\"_ _0\"></span>  di </div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">competenza <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>patrimonio <span class=\"_ _4\"></span>netto. <span class=\"_ _4\"> </span>Nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>cui, <span class=\"_ _4\"> </span>invece, <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _4\"></span>siano <span class=\"_ _4\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alue, </div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">rilevato a Conto economico, la differenza <span class=\"_ _3\"></span>tra il valore di car<span class=\"_ _3\"></span>ico ed il valore di mercato viene registrata a Conto economico </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">determinando una vari<span class=\"_ _0\"></span>azione delle riserve <span class=\"_ _0\"></span>tecniche per la quot<span class=\"_ _0\"></span>a di competenza degli <span class=\"_ _0\"></span>assicurati;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y49 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>ge<span class=\"_ _3\"></span><span class=\"ff4\">s<span class=\"_ _3\"></span>tione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il </span></span></div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; </div><div class=\"t m0 x0 h2 y4b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>utili<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresenta<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>complessivamente <span class=\"_ _5\"></span>senza </span></div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale. </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y4e ff4 fs0 fc0 sc0 ls0 ws0\">In  c<span class=\"_ _3\"></span>onformit\u00e0  alle <span class=\"_ _1d\"> </span>previsioni  dell\u2019IFRS <span class=\"_ _1d\"> </span>4 <span class=\"_ _1d\"> </span>il  Gruppo <span class=\"_ _1d\"> </span>verifica  l\u2019adeguatezza <span class=\"_ _1d\"> </span>prospettica  del  valore <span class=\"_ _1d\"> </span>delle  p<span class=\"_ _3\"></span>assivit\u00e0  iscritte </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">attraverso il cosiddetto<span class=\"_ _0\"></span> Liability Adequacy Test (<span class=\"_ _0\"></span>LAT). </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y51 ff5 fs0 fc2 sc0 ls0 ws0\">10. <span class=\"_ _1c\"> </span>Prodotti di natura finanzia<span class=\"_ _0\"></span>ria inclusi in gestion<span class=\"_ _0\"></span>i separate </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>atura <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ur <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>avendo <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo, <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>gestioni <span class=\"_ _5\"></span>separate<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">quindi <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revedono <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>discrezionale <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili, <span class=\"_ _2\"></span>comprendono <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>maggioranza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>durata </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>polizze <span class=\"_ _5\"></span>miste <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>quinto. <span class=\"_ _5\"></span>Essi <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzat<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">secondo i principi <span class=\"_ _0\"></span>dettati dall'IFRS 4, ovvero, sinteticamente: </div><div class=\"t m0 x0 h2 y56 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>esposti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>bilancio <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _4\"> </span>analogo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>principi <span class=\"_ _4\"> </span>contabili <span class=\"_ _7\"> </span>locali <span class=\"_ _7\"> </span>in </span></div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">materia, con evidenza <span class=\"_ _0\"></span>a Conto economico <span class=\"_ _0\"></span>dei premi, dei pagam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti e della varia<span class=\"_ _0\"></span>zione delle riserve tec<span class=\"_ _0\"></span>niche;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y58 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>a<span class=\"_ _3\"></span>i  pr<span class=\"ff4\">odotti  a <span class=\"_ _16\"> </span>contenuto  assic<span class=\"_ _0\"></span>urativo  inseriti <span class=\"_ _16\"> </span>all\u2019interno  delle  g<span class=\"_ _35\"></span>estioni  separate,  e  c<span class=\"_ _35\"></span>he  quindi  prevedono <span class=\"_ _16\"> </span>elementi  di </span></span></div><div class=\"t m0 x2a h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">partecipazione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>iscrezionale <span class=\"_ _18\"> </span>agli <span class=\"_ _1c\"> </span>utili, <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>applica <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>cosidd<span class=\"_ _0\"></span>etto <span class=\"_ _1c\"> </span>shadow <span class=\"_ _1c\"> </span>accounting, <span class=\"_ _18\"> </span>come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>nel </div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">paragrafo precedente; </div><div class=\"t m0 x0 h2 y5b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>det<span class=\"ff4\">erminazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>shadow <span class=\"_ _2\"></span>accounting <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>utilizza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>l\u2019aliquota <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>retrocessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il </span></span></div><div class=\"t m0 x2a h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">tasso minimo garantito<span class=\"_ _0\"></span> definiti in base all<span class=\"_ _0\"></span>e condizioni contratt<span class=\"_ _0\"></span>uali dei diversi prod<span class=\"_ _0\"></span>otti collegati alla<span class=\"_ _3\"></span> gestione; </div><div class=\"t m0 x0 h2 y5d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>e passivit\u00e0 <span class=\"_ _3\"></span>relative ai p<span class=\"_ _3\"></span>rodotti con <span class=\"_ _3\"></span>partecipazione discrezionale agli u<span class=\"_ _3\"></span>tili sono <span class=\"_ _3\"></span>rappresentate in modo complessivo, <span class=\"_ _3\"></span>senza<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">distinzione tra la c<span class=\"_ _0\"></span>omponente garantita e q<span class=\"_ _0\"></span>uella discrezionale.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 yf48 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-747.3703px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">11. <span class=\"_ _1c\"> </span>Prodotti di natura finanziaria n<span class=\"_ _0\"></span>on inclusi in gestioni s<span class=\"_ _0\"></span>eparate </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>di natura <span class=\"_ _3\"></span>finanziaria <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>presentano un <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio assicurativo significativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>gestioni separate, </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">e quindi non prevedono elementi di partecipazione discrezional<span class=\"_ _0\"></span>e agli utili, sono esposti in bilancio come passivit\u00e0 finanziar<span class=\"_ _5\"></span>ie e </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _6\"></span>valutati <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value, <span class=\"_ _4\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>prevista <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>pzione <span class=\"_ _6\"></span>(Fair <span class=\"_ _4\"></span>Value <span class=\"_ _6\"></span>Option), <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato. <span class=\"_ _6\"></span>Questi <span class=\"_ _4\"></span>prodotti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _16\"> </span>comprendono <span class=\"_ _7\"> </span>sostanzialmente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>polizze <span class=\"_ _16\"> </span>index <span class=\"_ _16\"> </span>linked <span class=\"_ _7\"> </span>e  p<span class=\"_ _0\"></span>arte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>nit <span class=\"_ _16\"> </span>linked, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>le  polizze <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>provvista </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">specifica di attivi non incluse in <span class=\"_ _3\"></span>gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">di seguito sintetizzat<span class=\"_ _0\"></span>o: </div><div class=\"t m0 x0 h2 y65 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le <span class=\"_ _5\"></span>polizze <span class=\"_ _5\"></span>index <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _2\"></span>considerate <span class=\"_ _5\"></span>investment <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontracts <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>mentre <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>specifica </span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">provvista di attivi non i<span class=\"_ _0\"></span>nclusi in gestioni separ<span class=\"_ _0\"></span>ate sono valutati al <span class=\"_ _0\"></span>costo ammortizzato; </div><div class=\"t m0 x0 h2 y67 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _4\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>questi <span class=\"_ _7\"> </span>prodotti, <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>sole <span class=\"_ _4\"> </span>componenti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>ricavo, <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"> </span>dai </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">caricamenti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>commissioni, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>costo, <span class=\"_ _3\"></span>costituite <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>provvigioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dagli <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>tri <span class=\"_ _3\"></span>oneri; <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>riflette, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>ed <span class=\"_ _3\"></span>i </div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">ricavi <span class=\"_ _3\"></span>rappresentati <span class=\"_ _3\"></span>dalle v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>accese <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti. Pi\u00f9<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>dettaglio, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _6\"></span>rincipi<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">contabili <span class=\"_ _6\"></span>internazionali, <span class=\"_ _5\"></span>contenuti <span class=\"_ _4\"></span>nello <span class=\"_ _5\"></span>IAS <span class=\"_ _4\"></span>3<span class=\"ff4\">9<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>nell\u2019IFRS <span class=\"_ _6\"> </span>15, <span class=\"_ _6\"> </span>prevedono <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fair <span class=\"_ _6\"> </span>value, <span class=\"_ _6\"></span>i </span></div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">ricavi <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>ai <span class=\"_ _16\"> </span>prodotti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>siano <span class=\"_ _7\"> </span>identificati <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>separati <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>componenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(i) <span class=\"_ _7\"> </span>origination, <span class=\"_ _4\"> </span>da </div><div class=\"t m0 x2a h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">imputare <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Conto <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>momento <span class=\"_ _7\"> </span>dell\u2019emissione <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>prodotto, <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>(ii) <span class=\"_ _7\"> </span>investment <span class=\"_ _7\"> </span>management <span class=\"_ _7\"> </span>service, <span class=\"_ _7\"> </span>da </span></div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">ripartire <span class=\"_ _2\"></span>lungo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vita <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prodotto, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>fornito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>servizio. <span class=\"_ _2\"></span>Inoltre, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>specifi<span class=\"_ _5\"></span>ca<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">provvista di <span class=\"_ _3\"></span>attivi non i<span class=\"_ _3\"></span>nclusi in <span class=\"_ _3\"></span>gestioni separate, i <span class=\"_ _3\"></span>ricavi e <span class=\"_ _3\"></span>costi in<span class=\"_ _2\"></span>crementali confluiscono nella <span class=\"_ _3\"></span>determinazione del costo </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato; </div><div class=\"t m0 x0 h2 y70 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>l'eventuale <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>insita <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>index <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>linked, <span class=\"_ _4\"></span>qualo<span class=\"_ _0\"></span>ra <span class=\"_ _6\"></span>separabile, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>autonoma </span></div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione e rappre<span class=\"_ _0\"></span>sentazione contabile.</div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 ha ye92 ff5 fs4 fc5 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 ya1b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1e3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya1c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya1d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya1e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y24c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya4f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd2c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-950": {
   "value": "2.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie di<span class=\"_ _0\"></span>sponibili per la vendita  </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono incluse nella presente categoria le attivit\u00e0 finanziarie non diversamente classificate come<span class=\"_ _0\"></span> Crediti, Attivit\u00e0 detenute p<span class=\"_ _5\"></span>er la negoziazione, <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>no <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lue. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>incluse <span class=\"_ _2\"></span>in questa <span class=\"_ _5\"></span>voce, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trading <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>At<span class=\"_ _6\"></span>tivit\u00e0 detenute <span class=\"_ _6\"></span>sino <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>scadenza <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _4\"> </span>oppure <span class=\"_ _4\"> </span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>Crediti, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>interessenze <span class=\"_ _4\"></span>azionarie <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>gestite <span class=\"_ _4\"></span>con finalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>qualificabili <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controllo, <span class=\"_ _5\"></span>collegamento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto, <span class=\"_ _6\"></span>inclusi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pr<span class=\"_ _5\"></span>ivate equity <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rivate <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>quota <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>sindacati <span class=\"_ _2\"></span>sottosc<span class=\"_ _5\"></span><span class=\"ff4\">ritti <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>sin <span class=\"_ _2\"></span>dall\u2019origine, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>destinata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla</span> cessione. Nei <span class=\"_ _4\"> </span>casi <span class=\"_ _4\"></span>consentiti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>principi <span class=\"_ _6\"></span>contabili, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>ammesse <span class=\"_ _4\"></span>riclassifiche <span class=\"_ _6\"></span>esclusivamente <span class=\"_ _4\"></span>verso <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>categoria <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>finanziarie<span class=\"_ _2\"></span> detenute sino <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza. \u00c8 <span class=\"_ _3\"></span>possibile, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iclassificare i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito oltre <span class=\"_ _3\"></span>che n<span class=\"_ _3\"></span>ella categoria <span class=\"_ _3\"></span>delle Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie<span class=\"_ _35\"></span> detenute <span class=\"_ _6\"></span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>Crediti, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>intento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>detenzione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prevedibile <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>uturo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qualora <span class=\"_ _6\"></span>ne ricorrano <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>condizioni <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019iscrizione. <span class=\"_ _1c\"> </span>Il <span class=\"_ _1c\"> </span><span class=\"ff1\">v<span class=\"_ _3\"></span>alore <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>trasferimento <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>rappresentato <span class=\"_ _18\"> </span>dal <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1c\"> </span>momento <span class=\"_ _1c\"> </span>della </span>riclassificazione.<span class=\"ffa fc2\"> </span>Criteri di valutazione Successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _3\"></span>iniziale, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>disponibili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>rilevaz<span class=\"_ _5\"></span>ione <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortizzat<span class=\"_ _0\"></span>o, <span class=\"_ _2\"></span>mentre <span class=\"_ _5\"></span>gli <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>specifica <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _2\"></span>sino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>cancella<span class=\"_ _5\"></span><span class=\"ff1\">ta <span class=\"_ _5\"></span>o </span>non <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>dismissione, <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>parziale, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>di valore, l\u2019utile o la per<span class=\"_ _0\"></span>dita cumulati vengono <span class=\"_ _0\"></span>riversati, in tutto o<span class=\"_ _0\"></span> in parte, a conto <span class=\"_ _0\"></span>economico.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il fair value viene det<span class=\"_ _0\"></span>erminato sulla base dei criteri gi\u00e0 illust<span class=\"_ _0\"></span>rati per le attivit<span class=\"_ _0\"></span>\u00e0 finanziarie detenut<span class=\"_ _0\"></span>e per la<span class=\"_ _3\"></span> negoziazione. I <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>inclusi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>questa <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>OICR <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>quotati <span class=\"_ _6\"></span>in <span class=\"_ _16\"> </span><span class=\"lsc\">un </span>mercato attivo, per i qu<span class=\"_ _0\"></span>ali non sia possibile determinare il f<span class=\"_ _0\"></span>air value in maniera <span class=\"_ _0\"></span>attendibile, sono mante<span class=\"_ _0\"></span>nuti al costo.<span class=\"_ _3\"></span> Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"> </span>disponibili <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>vendita <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"> </span>verifica <span class=\"_ _4\"> </span>volta <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>individuare <span class=\"_ _6\"></span>l\u2019esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>biett<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>evidenze di riduzione d<span class=\"_ _0\"></span>i valore. Se <span class=\"_ _2\"></span>sussiston<span class=\"ff4\">o <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>evidenze, <span class=\"_ _3\"></span>l\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair<span class=\"_ _2\"></span></span> value. Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>evento verificatosi <span class=\"_ _3\"></span>successivamente alla <span class=\"_ _3\"></span>rilevazione d<span class=\"_ _5\"></span>ell<span class=\"ls17\">a </span>riduzione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore, <span class=\"_ _6\"></span>vengono <span class=\"_ _6\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>imputazione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>economico, <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>di debito, <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>trimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale. <span class=\"_ _2\"></span>L\u2019ammontare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cost<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>am<span class=\"ls0\">mortizzato <span class=\"_ _0\"></span>che lo strumento <span class=\"_ _0\"></span>avrebbe avuto in asse<span class=\"_ _0\"></span>nza di precedenti ret<span class=\"_ _0\"></span>tifiche.<span class=\"_ _3\"></span> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-951": {
   "value": "3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Attivit\u00e0 finanziarie d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tenute sino alla scadenz<span class=\"_ _0\"></span>a </span>Criteri di classifica<span class=\"_ _0\"></span>zione Sono classificati nella presente categoria i titoli di <span class=\"_ _3\"></span>debito quotati con pagamenti fissi o determi<span class=\"_ _2\"></span>nabili e <span class=\"_ _3\"></span>con scadenza fissa, che si ha intenzione e <span class=\"_ _0\"></span>capacit\u00e0 di detenere si<span class=\"_ _0\"></span>no a scadenza. Nei casi consentiti d<span class=\"_ _0\"></span>ai principi contabil<span class=\"_ _0\"></span>i, sono ammesse ricla<span class=\"_ _0\"></span>ssifiche esclusivament<span class=\"_ _0\"></span>e verso la categoria d<span class=\"_ _0\"></span>elle Attivit\u00e0 finan<span class=\"_ _2\"></span>ziarie disponibili per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vendita. Qualor<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>nel c<span class=\"_ _3\"></span>orso di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio venisse <span class=\"_ _3\"></span>venduto o <span class=\"_ _3\"></span>riclassificato, prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>cadenza, un <span class=\"_ _3\"></span>importo non  irrilevante  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  investimenti <span class=\"_ _16\"> </span>classificati  in  tale <span class=\"_ _16\"> </span>categoria,  le  rimanent<span class=\"_ _0\"></span>i  attivit\u00e0  finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie  detenute  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o  a  scad<span class=\"_ _0\"></span>enza<span class=\"_ _2\"></span> verrebbero riclassificat<span class=\"_ _0\"></span>e come Atti<span class=\"ff4\">vit\u00e0 finanziarie disponi<span class=\"_ _0\"></span>bili per la vendita e l\u2019<span class=\"_ _0\"></span>uso del portafoglio i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> questione sarebbe <span class=\"_ _0\"></span>precluso </span>per i successivi due <span class=\"_ _0\"></span>esercizi, a meno ch<span class=\"_ _0\"></span>e le vendite o riclassifi<span class=\"_ _0\"></span>cazioni:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>iano cos\u00ec prossime alla scadenza o alla data dell\u2019op<span class=\"_ _0\"></span>zione dell\u2019attivit\u00e0 finanziaria<span class=\"_ _3\"></span><span class=\"ff1\">, che le oscillazioni del tasso di interesse </span></span></span>di mercato non avre<span class=\"_ _0\"></span>bbero un effetto signifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativo sul fair valu<span class=\"_ _0\"></span>e dell\u2019attivit\u00e0 stessa;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>i siano verificate dopo <span class=\"_ _3\"></span>l\u2019incasso sostanzialmente di tutto il capitale originario dell\u2019attivit\u00e0 finanziaria attraverso paga<span class=\"_ _5\"></span></span>menti </span>ordinari programmati o<span class=\"_ _0\"></span> anticipati; o -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2b\"> </span>attribuib<span class=\"_ _0\"></span>ili <span class=\"_ _2b\"> </span>a <span class=\"_ _2b\"> </span>un <span class=\"_ _29\"> </span>evento <span class=\"_ _2b\"> </span>isolato <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>controllabile,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>non<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>sia <span class=\"_ _2b\"> </span>ricorre<span class=\"_ _0\"></span>nte <span class=\"_ _2b\"> </span>e <span class=\"_ _29\"> </span>non <span class=\"_ _2b\"> </span>si <span class=\"_ _2b\"> </span>possa <span class=\"_ _2b\"> </span>pertan<span class=\"_ _0\"></span>to </span>ragionevolmente preveder<span class=\"_ _0\"></span>e. Criteri di valutazione Successivamente <span class=\"_ _17\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _18\"> </span>rilevazione <span class=\"_ _18\"> </span>iniziale, <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>Attivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _18\"> </span>detenute <span class=\"_ _18\"> </span>sino <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato, utilizza<span class=\"_ _0\"></span>ndo il metodo del t<span class=\"_ _0\"></span>asso di interesse effett<span class=\"_ _0\"></span>ivo. <span class=\"_ _3\"></span> Gli utili <span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>e perdite <span class=\"_ _3\"></span>riferiti ad <span class=\"_ _3\"></span>attivit\u00e0 detenute s<span class=\"_ _3\"></span>ino a <span class=\"_ _3\"></span>scadenz<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sono rilevati n<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico nel momento <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 sono <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>subito <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>ammortamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il valore di iscrizione e<span class=\"_ _0\"></span> il valore rimborsabil<span class=\"_ _0\"></span>e alla scadenza. Le at<span class=\"_ _3\"></span><span class=\"ff4\">tivit\u00e0 detenute sino alla <span class=\"_ _3\"></span>scadenza sono so<span class=\"_ _3\"></span>ttoposte ad una <span class=\"_ _3\"></span>verifica volta ad <span class=\"_ _3\"></span>individuare l\u2019esistenza di <span class=\"_ _3\"></span>obiettive evidenze di </span>riduzione di valore. Se <span class=\"_ _3\"></span>sussistono <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>evidenze l\u2019<span class=\"_ _3\"></span>importo della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore contabile <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>l\u2019attivit\u00e0 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>valore attuale <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari s<span class=\"_ _3\"></span>timati, s<span class=\"_ _3\"></span>contati a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>effettivo <span class=\"_ _3\"></span>originario. L\u2019importo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span><span class=\"ff1\">ene <span class=\"_ _3\"></span>rilevato </span>nel conto economico.  Qualora <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>motivi della p<span class=\"_ _3\"></span>erdita di <span class=\"_ _3\"></span>valore siano <span class=\"_ _3\"></span>rimossi <span class=\"_ _3\"></span>a seguito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ev<span class=\"_ _2\"></span>ento <span class=\"_ _3\"></span>verificatosi successivamente alla <span class=\"_ _3\"></span>rilevazione della riduzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>riprese <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>imputazione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>ripresa <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>pu\u00f2 eccedere il costo amm<span class=\"_ _0\"></span>ortizzato che lo strum<span class=\"_ _0\"></span>ento finanziario av<span class=\"_ _0\"></span>rebbe avuto in assenza di precedenti rettifiche.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-952": {
   "value": "4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Crediti </span>Criteri di classifica<span class=\"_ _0\"></span>zione I <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>includono <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mpieghi <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cl<span class=\"_ _3\"></span>ientela <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>banche, <span class=\"_ _6\"></span>sia <span class=\"_ _6\"></span>erogati <span class=\"_ _4\"></span>direttamente <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>acquistati <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>terzi, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revedono<span class=\"_ _0\"></span> pagamenti <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>issi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>comunque <span class=\"_ _16\"> </span>determinabili, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  so<span class=\"_ _0\"></span>no  qu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>un  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>sono  st<span class=\"_ _0\"></span>ati <span class=\"_ _16\"> </span>classificati<span class=\"_ _0\"></span> all\u2019origine tra le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disp<span class=\"_ _0\"></span>onibili per la vendita.<span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>Crediti <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>inoltre <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>commerciali, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rivendita <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine ed <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli acquistati <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>ottoscrizione o <span class=\"_ _3\"></span>collocamento privato, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pagamenti determinati <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>determinabili, non <span class=\"_ _3\"></span>quotati in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>me<span class=\"_ _5\"></span>rcati<span class=\"_ _0\"></span> attivi. Non sono ammesse ri<span class=\"_ _0\"></span>classifiche in altre catego<span class=\"_ _0\"></span>rie di attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie previste dall<span class=\"_ _0\"></span>o IAS 39.<span class=\"_ _90\"> </span>Criteri di valutazione Dopo la <span class=\"_ _3\"></span>rilevazione iniziale, i <span class=\"_ _3\"></span>crediti sono v<span class=\"_ _3\"></span>alutati al <span class=\"_ _3\"></span>costo ammortizzato, pari <span class=\"_ _3\"></span>al valore di <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>iscrizione diminuito/aum<span class=\"_ _2\"></span>entato dei <span class=\"_ _6\"></span>rimborsi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche/riprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019ammortamento <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>col <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>teresse </span>effettivo <span class=\"_ _1c\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1c\"> </span><span class=\"ff4\">della <span class=\"_ _18\"> </span>differenza <span class=\"_ _1c\"> </span>tra <span class=\"_ _1c\"> </span>l\u2019ammontare <span class=\"_ _18\"> </span>erogato <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>quello <span class=\"_ _1c\"> </span>rimborsabi<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span>a <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>cadenza, <span class=\"_ _1c\"> </span>riconducib<span class=\"_ _0\"></span>ile <span class=\"_ _1c\"> </span>tipicamente <span class=\"_ _18\"> </span>ai </span>costi/proventi <span class=\"_ _4\"> </span>imputati <span class=\"_ _7\"> </span>direttamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>credito. <span class=\"_ _4\"> </span>Il <span class=\"_ _16\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>interess<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>effettivo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>individuato <span class=\"_ _4\"> </span>calcolando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>ch<span class=\"_ _5\"></span><span class=\"lsc\">e </span>eguag<span class=\"ff4\">lia <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _1d\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _17\"> </span>futuri <span class=\"_ _17\"> </span>del <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>capitale <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interesse, <span class=\"_ _1d\"> </span>all\u2019ammontare <span class=\"_ _17\"> </span>erogato <span class=\"_ _1d\"> </span>inclusivo <span class=\"_ _17\"> </span>dei </span>costi/proventi ricondotti al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Tale modalit\u00e0 d<span class=\"_ _3\"></span>i contabilizzazione, utilizzando una <span class=\"_ _3\"></span>logica <span class=\"_ _3\"></span>finanziaria, consente di <span class=\"_ _3\"></span>dis<span class=\"_ _5\"></span>tribuire l\u2019effe<span class=\"ff1\">tto economico dei c<span class=\"_ _0\"></span>osti/proventi lungo<span class=\"_ _0\"></span> la vita residua attes<span class=\"_ _0\"></span>a del credito. </span>Il  metodo  d<span class=\"_ _0\"></span>el  costo <span class=\"_ _16\"> </span>ammortizzato  no<span class=\"_ _0\"></span>n  viene  utili<span class=\"_ _0\"></span>zzato  per <span class=\"_ _16\"> </span>i  crediti <span class=\"_ _16\"> </span>la  cui  breve <span class=\"_ _16\"> </span>durata  fa <span class=\"_ _16\"> </span>ritenere  trascurabil<span class=\"_ _0\"></span>e  l\u2019effetto<span class=\"_ _0\"></span> dell\u2019applicazione <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>logica <span class=\"_ _1d\"> </span>dell\u2019attualizzazione. <span class=\"_ _1d\"> </span>Detti<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _17\"> </span>crediti <span class=\"_ _1d\"> </span>vengono <span class=\"_ _17\"> </span>valorizzati <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>costo <span class=\"_ _17\"> </span>storico. <span class=\"_ _17\"> </span>Analogo <span class=\"_ _1d\"> </span>criterio <span class=\"_ _1d\"> </span>di </span>valorizzazione vie<span class=\"_ _0\"></span>ne adottato per i cre<span class=\"_ _0\"></span>diti senza una scadenza <span class=\"_ _0\"></span>definita<span class=\"_ _3\"></span> o a revoca. I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposti <span class=\"_ _3\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _3\"></span>ricognizione <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>lli <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>verificarsi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>occorsi <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>la loro <span class=\"_ _3\"></span>iscrizione, <span class=\"_ _3\"></span>mostrino<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>oggettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>possibile perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore. <span class=\"_ _3\"></span>Rientrano <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale amb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>quali <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _3\"></span>stato attribuito <span class=\"_ _16\"> </span>lo <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tatus <span class=\"_ _7\"> </span>di  soff<span class=\"_ _0\"></span>erenza, <span class=\"_ _7\"> </span>inadempienza <span class=\"_ _16\"> </span>probabile, <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>scaduto/sconfinan<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>r<span class=\"_ _2\"></span><span class=\"ff4\">egole <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019Italia,<span class=\"_ _0\"></span> </span>coerenti con la norm<span class=\"_ _0\"></span>ativa IAS/IFRS e di vigil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nza europea. I <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>analitica, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>previsione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdita <span class=\"_ _4\"> </span>per categorie omogenee ed attribuzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne analitic<span class=\"ff4\">a ad o<span class=\"_ _3\"></span>gni posizione, <span class=\"_ _0\"></span>e l\u2019ammontare della rettifica di valore di ci<span class=\"_ _0\"></span>ascun credito \u00e8 pari </span>alla <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valutazione <span class=\"_ _2\"></span>(costo <span class=\"_ _2\"></span>ammortizzato) ed <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttuale<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>dei previsti flussi di cassa <span class=\"_ _0\"></span>futuri, calcolato applicando il tasso d<span class=\"_ _0\"></span>i interesse effet<span class=\"_ _0\"></span>tivo originario. I <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>tempi di <span class=\"_ _2\"></span>recupero attesi, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>presumibile <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>realizzo delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>gar<span class=\"_ _5\"></span>anzie nonch\u00e9 dei costi che si<span class=\"_ _0\"></span> ritiene verrann<span class=\"_ _0\"></span>o sostenuti per il recu<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ero<span class=\"_ _3\"></span> <span class=\"ff4\">dell\u2019esposizione</span> creditizia.  Il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>effettivo <span class=\"_ _6\"></span>originario <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>ciascun <span class=\"_ _6\"></span>credito <span class=\"_ _4\"> </span>rimane <span class=\"_ _4\"></span>invariato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>ancorch\u00e9 <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ntervenuta <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>ristrutturazione <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span> rapporto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>comportato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>contrattuale <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>qualora <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>rapporto <span class=\"_ _16\"> </span>div<span class=\"_ _2\"></span>enga, <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ratica,<span class=\"_ _35\"></span> infruttifero di interessi <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ontrattuali. La rettifica di valore <span class=\"_ _0\"></span>\u00e8 iscritta a conto econom<span class=\"_ _0\"></span>ico. Il <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>originario <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipristinato <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _6\"></span>successivi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>misura <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>vengano <span class=\"_ _4\"></span>meno <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>motivi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span><span class=\"ls17\">e </span>hanno <span class=\"_ _29\"> </span>determinato <span class=\"_ _29\"> </span>la <span class=\"_ _29\"> </span>rettifica, <span class=\"_ _23\"> </span>purch\u00e9 <span class=\"_ _29\"> </span>tale <span class=\"_ _29\"> </span>valutazione <span class=\"_ _23\"> </span>sia <span class=\"_ _29\"> </span>o<span class=\"_ _3\"></span>ggettivamente <span class=\"_ _23\"> </span>collegabile <span class=\"_ _23\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _29\"> </span>evento <span class=\"_ _29\"> </span>verificato<span class=\"_ _0\"></span>si successivamente <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>rettifica <span class=\"_ _5\"></span>stessa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>superare <span class=\"_ _2\"></span>il<span class=\"_ _5\"></span> costo ammortizzato che <span class=\"_ _0\"></span>il credito avrebbe avuto in a<span class=\"_ _0\"></span>ssenza di precedenti rettifiche. I ripristini di valore c<span class=\"_ _0\"></span>onnessi con il tras<span class=\"_ _0\"></span>correre del tempo son<span class=\"_ _0\"></span>o appostati tra le ripres<span class=\"_ _0\"></span>e di valore.<span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>individuate <span class=\"_ _3\"></span>singolarmente <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>oggettive <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>sot<span class=\"_ _2\"></span>toposti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>rettifica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>collettiva. Tale <span class=\"_ _2\"></span>valutazione avviene <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>categorie di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>omogenee <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le relative <span class=\"_ _7\"> </span>percentuali <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>perdita <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>timate <span class=\"_ _4\"> </span>tenendo <span class=\"_ _7\"> </span>conto <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>erie <span class=\"_ _7\"> </span>storiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>element<span class=\"_ _2\"></span>i <span class=\"_ _7\"> </span>osservabili <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della valutazione, che consentano <span class=\"_ _3\"></span>di stimare il <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>perdita latente <span class=\"_ _3\"></span>in ciascuna categoria di <span class=\"_ _3\"></span>crediti. Nella <span class=\"_ _3\"></span>valutazione si<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>tiene conto anche della ris<span class=\"_ _0\"></span>chiosit\u00e0 conness<span class=\"_ _0\"></span>a con il Paese di resid<span class=\"_ _0\"></span>enza della controp<span class=\"_ _0\"></span>arte.<span class=\"_ _3\"></span> Le rettifiche di valore det<span class=\"_ _0\"></span>erminate collettivam<span class=\"_ _0\"></span>ente sono imputate <span class=\"_ _0\"></span>nel conto economico. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-953": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-705.68286px;\"><div class=\"t m0 x0 h15 y374 ff5 fs8 fc2 sc0 ls0 ws0\">A. 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUI<span class=\"_ _0\"></span> TRASFERIM<span class=\"_ _35\"></span>E<span class=\"_ _3\"></span>NTI <span class=\"_ _0\"></span>TRA PORTAFOG<span class=\"_ _35\"></span>LI DI ATTIVITA\u2019 FI<span class=\"_ _35\"></span>NANZIARIE<span class=\"ff5\"> </span></span></div><div class=\"t m0 x0 h4f y10bd ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y10be ff4 fs0 fc0 sc0 ls0 ws0\">Successivamente all\u2019adozione dell\u2019IFR<span class=\"_ _0\"></span>S 9, il<span class=\"_ _3\"></span> Gruppo Intesa Sanpaolo non ha effettuato cambiamenti di business model per l<span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y10bf ff1 fs0 fc0 sc0 ls0 ws0\">gestione  delle <span class=\"_ _16\"> </span>proprie  at<span class=\"_ _0\"></span>tivit\u00e0  finanzi<span class=\"_ _0\"></span>arie  e,  c<span class=\"_ _0\"></span>onseguentemente<span class=\"_ _3\"></span>,  non <span class=\"_ _16\"> </span>sono  avvenuti  t<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>asferimen<span class=\"_ _0\"></span>ti  tra <span class=\"_ _16\"> </span>portafogli  di <span class=\"_ _16\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y743 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie.  </div><div class=\"t m0 x0 h2 y10c0 ff4 fs0 fc0 sc0 ls0 ws0\">Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span></div><div class=\"t m0 x0 h2 y54b ff1 fs0 fc0 sc0 ls0 ws0\">capitale, per cui non <span class=\"_ _0\"></span>\u00e8 ammessa alcuna ricla<span class=\"_ _0\"></span>s<span class=\"_ _3\"></span>sifica) non sono amm<span class=\"_ _0\"></span>esse riclassifiche vers<span class=\"_ _0\"></span>o altre categorie di attiv<span class=\"_ _0\"></span>it\u00e0 finanziari<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 ye18 ff4 fs0 fc0 sc0 ls0 ws0\">salvo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello d<span class=\"_ _3\"></span>i business <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie. \u00c8 <span class=\"_ _3\"></span>atteso <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tal<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>modifiche<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yfa8 ff1 fs0 fc0 sc0 ls0 ws0\">siano altamente infrequenti e devo<span class=\"_ _3\"></span>no essere de<span class=\"_ _3\"></span>terminate dal management a seguito di r<span class=\"_ _3\"></span>ilevanti cambiamenti esterni o interni, </div><div class=\"t m0 x0 h2 yc56 ff1 fs0 fc0 sc0 ls0 ws0\">dimostrabili a soggetti <span class=\"_ _0\"></span>esterni. </div><div class=\"t m0 x0 h4f y10c1 ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y791 ffa fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y196 ffa fs9 fc2 sc0 ls0 ws0\">A.3.1 Attivit\u00e0 finanziarie riclassificate: cambiamento di modello di business, valore contabile e interessi attivi </div><div class=\"t m0 x0 h2 y255 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019informativa non \u00e8 dovuta in<span class=\"_ _0\"></span> quanto non sussi<span class=\"_ _0\"></span>stono attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie riclassificate i<span class=\"_ _0\"></span>scritte nell\u2019attiv<span class=\"_ _0\"></span>o di bilancio.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2e ybe6 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y106c ffa fs9 fc2 sc0 ls0 ws0\">A.3.2 <span class=\"_ _18\"> </span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>ri<span class=\"_ _0\"></span>classificate: <span class=\"_ _18\"> </span>cam<span class=\"_ _3\"></span>biamento <span class=\"_ _17\"> </span>di <span class=\"_ _1c\"> </span>modello <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>business, <span class=\"_ _18\"> </span>fair <span class=\"_ _18\"> </span>value<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>ed <span class=\"_ _1c\"> </span>effetti <span class=\"_ _18\"> </span>sulla </div><div class=\"t m0 x0 hda y10b3 ffa fs9 fc2 sc0 ls0 ws0\">redditivit\u00e0 complessiva </div><div class=\"t m0 x0 h32 y10c2 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019informativa  non  \u00e8  dovuta  in  quanto  nell\u2019eserci<span class=\"_ _0\"></span>zio  2022  non  sono  stati  effettuati  trasferimenti  tra  portafogli  di  attivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y10b4 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie. </div><div class=\"t m0 x0 h1b y9dd ff1 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y10c3 ffa fs9 fc2 sc0 ls0 ws0\">A.3.3 Attivit\u00e0 finanziarie riclassificate: cambiamento del modello di business e tasso <span class=\"_ _0\"></span>di interesse effettivo<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8ef ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019informativa non \u00e8 do<span class=\"_ _0\"></span>vuta in quanto non sus<span class=\"_ _0\"></span>sistono attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie riclassificat<span class=\"_ _0\"></span>e iscritte nell\u2019att<span class=\"_ _0\"></span>ivo di bilancio.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d5 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y149 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybae ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb3f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y865 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y819 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10c4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y81a ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-921": {
   "value": "A. 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUI<span class=\"_ _0\"></span> TRASFERIM<span class=\"_ _35\"></span>E<span class=\"_ _3\"></span>NTI <span class=\"_ _0\"></span>TRA PORTAFOG<span class=\"_ _35\"></span>LI DI ATTIVITA\u2019 FI<span class=\"_ _35\"></span>NANZIARIE<span class=\"ff5\"> </span></span>Successivamente all\u2019adozione dell\u2019IFR<span class=\"_ _0\"></span>S 9, il<span class=\"_ _3\"></span> Gruppo Intesa Sanpaolo non ha effettuato cambiamenti di business model per l<span class=\"_ _3\"></span>a gestione  delle <span class=\"_ _16\"> </span>proprie  at<span class=\"_ _0\"></span>tivit\u00e0  finanzi<span class=\"_ _0\"></span>arie  e,  c<span class=\"_ _0\"></span>onseguentemente<span class=\"_ _3\"></span>,  non <span class=\"_ _16\"> </span>sono  avvenuti  t<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>asferimen<span class=\"_ _0\"></span>ti  tra <span class=\"_ _16\"> </span>portafogli  di <span class=\"_ _16\"> </span>attivit\u00e0 finanziarie.  Secondo le regole generali previste dall\u2019IFRS 9 in <span class=\"_ _3\"></span>materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei <span class=\"_ _5\"></span><span class=\"ff1\">titoli di </span>capitale, per cui non <span class=\"_ _0\"></span>\u00e8 ammessa alcuna ricla<span class=\"_ _0\"></span>s<span class=\"_ _3\"></span>sifica) non sono amm<span class=\"_ _0\"></span>esse riclassifiche vers<span class=\"_ _0\"></span>o altre categorie di attiv<span class=\"_ _0\"></span>it\u00e0 finanziari<span class=\"_ _0\"></span>e salvo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019entit\u00e0 modifichi <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>modello d<span class=\"_ _3\"></span>i business <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie. \u00c8 <span class=\"_ _3\"></span>atteso <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tal<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>modifiche<span class=\"_ _0\"></span> </span>siano altamente infrequenti e devo<span class=\"_ _3\"></span>no essere de<span class=\"_ _3\"></span>terminate dal management a seguito di r<span class=\"_ _3\"></span>ilevanti cambiamenti esterni o interni, dimostrabili a soggetti <span class=\"_ _0\"></span>esterni. A.3.1 Attivit\u00e0 finanziarie riclassificate: cambiamento di modello di business, valore contabile e interessi attivi L\u2019informativa non \u00e8 dovuta in<span class=\"_ _0\"></span> quanto non sussi<span class=\"_ _0\"></span>stono attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie riclassificate i<span class=\"_ _0\"></span>scritte nell\u2019attiv<span class=\"_ _0\"></span>o di bilancio.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A.3.2 <span class=\"_ _18\"> </span>Attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>ri<span class=\"_ _0\"></span>classificate: <span class=\"_ _18\"> </span>cam<span class=\"_ _3\"></span>biamento <span class=\"_ _17\"> </span>di <span class=\"_ _1c\"> </span>modello <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>business, <span class=\"_ _18\"> </span>fair <span class=\"_ _18\"> </span>value<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>ed <span class=\"_ _1c\"> </span>effetti <span class=\"_ _18\"> </span>sulla redditivit\u00e0 complessiva L\u2019informativa  non  \u00e8  dovuta  in  quanto  nell\u2019eserci<span class=\"_ _0\"></span>zio  2022  non  sono  stati  effettuati  trasferimenti  tra  portafogli  di  attivit\u00e0<span class=\"_ _0\"></span> finanziarie. A.3.3 Attivit\u00e0 finanziarie riclassificate: cambiamento del modello di business e tasso <span class=\"_ _0\"></span>di interesse effettivo<span class=\"_ _3\"></span> L\u2019informativa non \u00e8 do<span class=\"_ _0\"></span>vuta in quanto non sus<span class=\"_ _0\"></span>sistono attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie riclassificat<span class=\"_ _0\"></span>e iscritte nell\u2019att<span class=\"_ _0\"></span>ivo di bilancio.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-990": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-153.05786px;\"><div class=\"t m0 x0 h15 y374 ff5 fs8 fc2 sc0 ls0 ws0\">A. 4 <span class=\"ff6\">\u2013</span> INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL F<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>IR VAL<span class=\"_ _0\"></span>UE    </div><div class=\"t m0 x0 h15 y10c5 ff5 fs8 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h15 y10c6 ff5 fs8 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h15 y10c7 ff5 fs8 fc2 sc0 ls0 ws0\">FAIR <span class=\"_ _7\"></span>VALUE, <span class=\"_ _4\"></span>INDEPEN<span class=\"_ _0\"></span>DENT <span class=\"_ _4\"></span>PRICE <span class=\"_ _7\"></span>VERIFIC<span class=\"_ _0\"></span>ATION <span class=\"_ _4\"></span>E <span class=\"_ _7\"></span>PRUDENT <span class=\"_ _4\"></span>VALUE <span class=\"_ _7\"></span>DEGLI <span class=\"_ _4\"></span>STRUMENTI </div><div class=\"t m0 x0 h15 ydff ff5 fs8 fc2 sc0 ls0 ws0\">FINANZI<span class=\"_ _0\"></span>ARI </div><div class=\"t m0 x0 h2 y49d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>quadro <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>articola <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>tre <span class=\"_ _6\"></span>pilastri: <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipi </div><div class=\"t m0 x0 h2 y49e ff1 fs0 fc0 sc0 ls0 ws0\">contabili <span class=\"_ _3\"></span>internazionali <span class=\"_ _3\"></span>(IAS/IFRS), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>(I<span class=\"_ _3\"></span>PV <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Independent <span class=\"_ _3\"></span>Price <span class=\"_ _3\"></span>Verification) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y49f ff1 fs0 fc0 sc0 ls10 ws0\">de<span class=\"ls0\">l <span class=\"_ _6\"></span>prudent <span class=\"_ _4\"></span>value, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>ultimi <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>stabiliti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"></span>Capit<span class=\"_ _0\"></span>al <span class=\"_ _4\"></span>Requirement <span class=\"_ _6\"></span>Regulation <span class=\"_ _6\"></span>(CRR). <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>paragrafi <span class=\"_ _6\"></span>descrivono <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x0 h2 y4a0 ff1 fs0 fc0 sc0 ls0 ws0\">modalit\u00e0 con cui gli elem<span class=\"_ _35\"></span>ent<span class=\"_ _3\"></span>i citati sono stat<span class=\"_ _0\"></span>i recepiti ed utilizzat<span class=\"_ _0\"></span>i dal Gruppo Intes<span class=\"_ _0\"></span>a Sanpaolo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4a1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y10c8 ff5 fs12 fc2 sc0 ls0 ws0\">Principi generali fair value<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5dc ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Line<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y5dd ff1 fs0 fc0 sc0 ls0 ws0\">Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _3\"></span>Stru<span class=\"_ _3\"></span>menti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predisposto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Direzione </div><div class=\"t m0 x0 h2 yad ff1 fs0 fc0 sc0 ls0 ws0\">Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Risk <span class=\"_ _4\"></span>Managem<span class=\"_ _0\"></span>ent <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>applicazione <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>estende <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollate<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yae ff1 fs0 fc0 sc0 ls0 ws0\">oggetto di consolidame<span class=\"_ _0\"></span>nto, ivi comprese l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Compagnie Assi<span class=\"_ _0\"></span>curative. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb0 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Valutazione Strumenti <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value\u201d, <span class=\"_ _3\"></span>previo <span class=\"_ _5\"></span><span class=\"ff1\">parere <span class=\"_ _3\"></span>favorevole d<span class=\"_ _3\"></span>el Co<span class=\"_ _3\"></span>mitato <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 yb1 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>oggetto di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Amministrazione,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 yb2 ff4 fs0 fc0 sc0 ls0 ws0\">con il s<span class=\"_ _3\"></span>upporto del Comitato Rischi <span class=\"_ _3\"></span>e Sostenibilit\u00e0. Le \u201cRe<span class=\"_ _3\"></span>gole di Valutazione Stru<span class=\"_ _2\"></span>menti Finanziari al <span class=\"_ _3\"></span>Fair Value\u201d sono o<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yf4b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>esame, <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ci\u00f2 </div><div class=\"t m0 x0 h2 y960 ff1 fs0 fc0 sc0 ls0 ws0\">specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>interventi  ed <span class=\"_ _7\"> </span>aggiornamenti <span class=\"_ _4\"> </span>materialmente </div><div class=\"t m0 x0 h2 yef9 ff1 fs0 fc0 sc0 ls0 ws0\">rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7f9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yefa ff4 fs0 fc0 sc0 ls0 ws0\">Le \u201c<span class=\"_ _3\"></span>Regole per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Investments non <span class=\"_ _3\"></span>quotati\u201d, elaborate d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione Centrale M&amp;A <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Partecipazioni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yf4c ff1 fs0 fc0 sc0 ls10 ws0\">di<span class=\"ls0\"> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>approvate <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>Comitato<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>disciplinano <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 yefb ff1 fs0 fc0 sc0 ls0 ws0\">capitale non quotati <span class=\"_ _0\"></span>e degli strumenti finanziar<span class=\"_ _0\"></span>i aventi come sott<span class=\"_ _0\"></span>ostante titoli di capitale<span class=\"_ _0\"></span> non quotati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hb y663 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y42c ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13 <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>armonizza <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>relativa <span class=\"_ _2\"></span>informativa, <span class=\"_ _2\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y2b8 ff4 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>pagherebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h2 y42f ff1 fs0 fc0 sc0 ls0 ws0\">regolare <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(ossia <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>liquidazione <span class=\"_ _2\"></span>forzosa <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vendita <span class=\"_ _5\"></span>sottocosto) <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y430 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione. Il <span class=\"_ _3\"></span>fair value \u00e8 <span class=\"_ _3\"></span>un cr<span class=\"_ _3\"></span>iterio di valutazione di <span class=\"_ _3\"></span>mercato, non s<span class=\"_ _3\"></span>pecificatamente riferito alla singola banca. <span class=\"_ _3\"></span>Sottost<span class=\"_ _2\"></span>ante <span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 y432 ff1 fs0 fc0 sc0 ls0 ws0\">definizione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  <span class=\"ff4\">value <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>\u2019\u00e8 <span class=\"_ _16\"> </span>la  pre<span class=\"_ _0\"></span>sunzione <span class=\"_ _16\"> </span>che  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>banca <span class=\"_ _16\"> </span>si  trovi<span class=\"_ _0\"></span>  n<span class=\"_ _0\"></span>el <span class=\"_ _16\"> </span>normale  e<span class=\"_ _0\"></span>sercizio <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>attivit\u00e0  s<span class=\"_ _0\"></span>enza <span class=\"_ _16\"> </span>alcuna </span></div><div class=\"t m0 x0 h2 y433 ff1 fs0 fc0 sc0 ls0 ws0\">intenzione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>liquidare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>propri <span class=\"_ _7\"> </span>beni, <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ridurre <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roprie <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>procedere <span class=\"_ _1d\"> </span>alla </div><div class=\"t m0 x0 h2 y434 ff1 fs0 fc0 sc0 ls0 ws0\">definizione di transa<span class=\"_ _0\"></span>zioni a condizioni sfavorevoli. </div><div class=\"t m0 x0 h2 y435 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di un\u2019<span class=\"_ _3\"></span>attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>adottando <span class=\"_ _3\"></span>le a<span class=\"_ _3\"></span>ssunzioni che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>operatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>utilizzerebbero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella </span></div><div class=\"t m0 x0 h2 y436 ff4 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0, <span class=\"_ _3\"></span>presumendo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>essi <span class=\"_ _3\"></span>agiscano <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oddisfare<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>modo <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>proprio </span></div><div class=\"t m0 x0 h2 y437 ff4 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>suppone <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>della<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y438 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 abbia luogo:  </div><div class=\"t m0 x0 h2 y29c ff1 fs0 fc0 sc0 ls10 ws0\">a.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">nel mercato attivo prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipale dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 o passivit\u00e0; <span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 ls10 ws0\">b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in assenza di un m<span class=\"ff4\">ercato pri<span class=\"_ _0\"></span>ncipale, nel mercato at<span class=\"_ _0\"></span>tivo pi\u00f9 vantag<span class=\"_ _0\"></span>gioso per l\u2019attivit\u00e0 o p<span class=\"_ _0\"></span>assivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y43a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>banca <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>effettuare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>ricerca <span class=\"_ _7\"> </span>esaustiva <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>possibili <span class=\"_ _7\"> </span>mercati <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>principale <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in </div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\">assenza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>principale, <span class=\"_ _5\"></span>il <span class=\"_ _4\"></span>mercato<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>ntaggioso, <span class=\"_ _6\"></span>ma <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _6\"></span>che </div><div class=\"t m0 x0 h32 y43d ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _4\"> </span>ragionevolmente <span class=\"_ _6\"> </span>disponibili. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019evidenza <span class=\"_ _6\"> </span>contraria, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>presume <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _6\"> </span>normalmente </div><div class=\"t m0 x0 h2 y29e ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019entit\u00e0 <span class=\"_ _2\"></span>opera <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>vendere <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>trasferire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipale, <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 x0 h2 y43f ff4 fs0 fc0 sc0 ls0 ws0\">mercato pi\u00f9 vantaggioso. Il Gruppo Intesa Sanpaolo ritiene che il <span class=\"_ _3\"></span>mercato principale di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria p<span class=\"_ _5\"></span><span class=\"ff1\">ossa </span></div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc0 sc0 ls0 ws0\">essere identificato c<span class=\"_ _0\"></span>on il mercato nel qu<span class=\"_ _0\"></span>ale normalmente opera il Gruppo Intesa San<span class=\"_ _0\"></span>paolo. </div><div class=\"t m0 x0 hb y118 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10c9 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>considera, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span></div><div class=\"t m0 x0 h2 y94b ff1 fs0 fc0 sc0 ls0 ws0\">o <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>verificano <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>frequenza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>volumi <span class=\"_ _5\"></span>sufficienti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>informazioni<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y10ca ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>continuativa. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"></span>precisamente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>uno <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>considerato <span class=\"_ _4\"> </span>quotato <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>attivo <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>i </div><div class=\"t m0 x0 h2 yc65 ff1 fs0 fc0 sc0 ls0 ws0\">prezzi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>prontamente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>regolarmente <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>listino, <span class=\"_ _3\"></span>operatore, <span class=\"_ _2\"></span>intermediari<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>industriale, <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 yb22 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>utorit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>regolamentazione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>effettive <span class=\"_ _7\"> </span>che </div><div class=\"t m0 x0 h2 y10cb ff1 fs0 fc0 sc0 ls0 ws0\">avvengono regolarmen<span class=\"_ _0\"></span>te in normali contrattazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hb ydd3 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycdf ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>specifiche <span class=\"_ _5\"></span>casistiche, <span class=\"_ _6\"></span>disciplinate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _6\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 yce0 ff1 fs0 fc0 sc0 ls0 ws0\">presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quotazioni su <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>regolamentati, vengono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>appositi a<span class=\"_ _3\"></span>pprofondimenti, tesi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>verificare la <span class=\"_ _3\"></span>significat<span class=\"_ _5\"></span>ivit\u00e0 </div><div class=\"t m0 x0 h2 yce1 ff1 fs0 fc0 sc0 ls0 ws0\">delle quotazioni espresse dal mer<span class=\"_ _0\"></span>cato ufficiale. Nel caso <span class=\"_ _3\"></span>di significativa riduzione nel volum<span class=\"_ _0\"></span>e o nel livello di operativit\u00e0 rispetto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yce2 ff4 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _7\"> </span>consueto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>milari) <span class=\"_ _4\"> </span>evidenziata <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>alcuni <span class=\"_ _4\"> </span>indicatori <span class=\"_ _16\"> </span>(numerosit\u00e0 <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 yce3 ff1 fs0 fc0 sc0 ls0 ws0\">transazioni, <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>espre<span class=\"_ _3\"></span>ssi <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"></span>impliciti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y10cc ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0, allargamento o <span class=\"_ _3\"></span>incremento dello <span class=\"_ _3\"></span>spread bid<span class=\"_ _3\"></span>-ask, <span class=\"_ _3\"></span>riduzione o <span class=\"_ _3\"></span>assenza totale d<span class=\"_ _3\"></span>i mercato per <span class=\"_ _3\"></span>nuove e<span class=\"_ _3\"></span>missioni, scarsit\u00e0 </div><div class=\"t m0 x0 h2 ycc5 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>dominio <span class=\"_ _2\"></span>pubblico), <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>esse<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>effettuate <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ransazioni <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _2\"></span>quotati. <span class=\"_ _2\"></span>Una <span class=\"_ _2\"></span>diminuzione </div><div class=\"t m0 x0 h2 y10cd ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>volume <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>sola <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>indicare <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>transazione <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>quotato <span class=\"_ _6\"></span>non </div><div class=\"t m0 x0 h2 yce5 ff1 fs0 fc0 sc0 ls0 ws0\">rappresenta il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value o <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>transazione in <span class=\"_ _3\"></span>quel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">mercato <span class=\"_ _3\"></span>non sia <span class=\"_ _3\"></span>ordinaria. <span class=\"_ _3\"></span>Se un\u2019entit\u00e0 d<span class=\"_ _3\"></span>etermina che <span class=\"_ _3\"></span>una t<span class=\"_ _3\"></span>ransazione o </span></div><div class=\"t m0 x0 h2 y10ce ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>quotato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(es. <span class=\"_ _3\"></span>transazioni n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie), <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ecessario un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 yce7 ff4 fs0 fc0 sc0 ls0 ws0\">transazioni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>usa <span class=\"_ _3\"></span>quei <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span><span class=\"ff1\">zzi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>aggiustamento <span class=\"_ _3\"></span>pu\u00f2 </span></div><div class=\"t m0 x0 h2 yce8 ff1 fs0 fc0 sc0 ls0 ws0\">essere significativ<span class=\"_ _0\"></span>o rispetto alla valuta<span class=\"_ _0\"></span>zione al fair value nel s<span class=\"_ _0\"></span>uo complesso. </div><div class=\"t m0 x0 h2 y2e4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yce9 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">Il fair value degli stru<span class=\"_ _0\"></span>menti finanziari </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019esistenza di quotazio<span class=\"_ _0\"></span>ni in un mercato atti<span class=\"_ _0\"></span>vo costituisce l<span class=\"ff1\">a <span class=\"_ _3\"></span>miglior evidenz<span class=\"_ _0\"></span>a del fair value; tali q<span class=\"_ _35\"></span>uotazioni rappresentano quindi<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>prioritaria <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>assenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>m<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rcato </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">attivo, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>determinato <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _16\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _4\"> </span>volte <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>stabilire, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>ultima <span class=\"_ _7\"> </span>analisi, <span class=\"_ _7\"> </span>quale <span class=\"_ _16\"> </span>prezzo </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">avrebbe avuto il prodot<span class=\"_ _0\"></span>to, alla data di <span class=\"_ _0\"></span>valutazione, in un lib<span class=\"_ _0\"></span>ero scambio m<span class=\"_ _0\"></span>otivato da normali con<span class=\"_ _0\"></span>siderazioni commercia<span class=\"_ _0\"></span>li. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">La scelta tra le suddette metodologie di valut<span class=\"_ _0\"></span>azione non \u00e8<span class=\"_ _3\"></span> opzionale, dovendo le stesse essere applic<span class=\"_ _0\"></span>ate in ordine gerarchico: </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">la disponibilit\u00e0 di u<span class=\"_ _0\"></span>n prezzo espresso da <span class=\"_ _0\"></span>un mercato attivo imp<span class=\"_ _0\"></span>edisce di ricorrere<span class=\"_ _0\"></span> ad uno degli altri <span class=\"_ _0\"></span>approcci valutativi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y66 ff5 fs0 fc2 sc0 ls0 ws0\">Input delle tecniche di <span class=\"_ _0\"></span>valutazion<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>definiscono <span class=\"_ _6\"></span>input <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span><span class=\"ff4\">assunzioni <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>operatori <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>utilizzerebbero <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>prezzo <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>della </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0, <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>assunzioni <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>inerente <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>tecnica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutaz<span class=\"_ _5\"></span>ione </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzata <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>misurare  il<span class=\"_ _35\"></span>  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>inerente <span class=\"_ _7\"> </span>agli <span class=\"_ _16\"> </span>input <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>tecnica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">osservabili o non osser<span class=\"_ _0\"></span>vabili. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>laborati utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>informazioni di<span class=\"_ _3\"></span>sponibili al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ubblico <span class=\"_ _3\"></span>su <span class=\"_ _6\"></span>operazioni <span class=\"_ _3\"></span>o </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">fatti <span class=\"_ _2\"></span>effettivi, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riflettono <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>utilizzerebbero <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>dell\u2019a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0 <span class=\"_ _2\"></span>o </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">della passivit\u00e0. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _2\"></span>input <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>osservabili <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>formazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>elaborati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">migliori <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzerebbero <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>pre<span class=\"_ _5\"></span>zzo </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0 o della <span class=\"_ _0\"></span>passivit\u00e0.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y71 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y72 ff5 fs0 fc2 sc0 ls0 ws0\">Gerarchia del fair value<span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS <span class=\"_ _3\"></span>13 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gerarch<span class=\"ff1\">ia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>classifica <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>input <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>adottate <span class=\"_ _2\"></span>per </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">valutare il fair value. Tale ger<span class=\"_ _0\"></span>archia attribuisce la massima <span class=\"_ _0\"></span>priorit\u00e0 ai prezzi quotati (non re<span class=\"_ _0\"></span>ttificati) in mercati at<span class=\"_ _0\"></span>tivi <span class=\"_ _5\"></span>per attivit\u00e0 o </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 identiche (dati <span class=\"_ _0\"></span>di Livello 1) e minim<span class=\"_ _0\"></span>a priorit\u00e0 agli input <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>on osservabili (dati <span class=\"_ _0\"></span>di Livello 3). In parti<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>olare:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y76 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il livello di fair value viene classificato a 1 quando la valutazione dello strumento \u00e8 ottenuta direttamente da prezzi quota<span class=\"_ _2\"></span>ti </span></div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">(non rettificati) in <span class=\"ff4\">mercati atti<span class=\"_ _0\"></span>vi per attivit\u00e0 o pa<span class=\"_ _0\"></span>ssivit\u00e0 identiche a c<span class=\"_ _0\"></span>ui l\u2019entit\u00e0 pu\u00f2 accedere<span class=\"_ _0\"></span> alla data di valutazi<span class=\"_ _0\"></span>one; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y78 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassificato a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riscontrato <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazion<span class=\"_ _5\"></span><span class=\"ls17\">e </span></span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">avvenga <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ecnica <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutazione, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>osservabili <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>sull\u2019utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>para<span class=\"_ _3\"></span>metri <span class=\"_ _3\"></span>non </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">osservabili ma supp<span class=\"_ _0\"></span>ortati e confermati d<span class=\"_ _0\"></span>a evidenze di mercato,<span class=\"_ _0\"></span> quali prezzi, s<span class=\"_ _0\"></span>pread o altri input; <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7b ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _3\"></span>livello di <span class=\"_ _2\"></span>fair va<span class=\"_ _3\"></span>lue viene <span class=\"_ _3\"></span>classificato a <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>quando le<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>valutazioni sono <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>diversi, non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>desunti </span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">direttamente da param<span class=\"_ _0\"></span>etri osservabili sul me<span class=\"_ _0\"></span>rcato e comportano <span class=\"_ _0\"></span>quindi stime ed assu<span class=\"_ _0\"></span>nzioni da parte del <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutatore.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Nel caso in cui differenti inpu<span class=\"_ _0\"></span>t siano utilizzati per val<span class=\"_ _0\"></span>utare il f<span class=\"_ _3\"></span><span class=\"ff4\">air value di un\u2019attivit\u00e0 o passivit\u00e0, la <span class=\"_ _0\"></span>classificazione nella gerarc<span class=\"_ _0\"></span>hia </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">\u00e8 de<span class=\"_ _3\"></span>terminata in base <span class=\"_ _3\"></span>all\u2019input di <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>basso l<span class=\"_ _3\"></span>ivello utilizzato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione. Per assegnare <span class=\"_ _3\"></span>la gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>viene </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">data priorit\u00e0 agli in<span class=\"_ _0\"></span>put delle tecniche di va<span class=\"_ _0\"></span>lutazio<span class=\"_ _3\"></span>ne piuttosto ch<span class=\"_ _0\"></span>e alle tecniche di val<span class=\"_ _0\"></span>utazione stesse. </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019allegato \u201cGerarchia del Fair Value\u201d delle \u201cRegol<span class=\"_ _0\"></span>e di Valutazione Strumenti Finanziari al Fair Value\u201d definisce,<span class=\"_ _0\"></span> con riferim<span class=\"_ _5\"></span><span class=\"ff1\">ento<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">ai rispettivi <span class=\"_ _3\"></span>modelli/in<span class=\"_ _0\"></span>put di <span class=\"_ _3\"></span>valutazione degli strumenti finanziari, <span class=\"_ _3\"></span>le re<span class=\"_ _3\"></span>gole minimali che devono soddisfare gli <span class=\"_ _3\"></span>input di mercato </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">per essere classificati <span class=\"_ _0\"></span>a livello 2, e le sog<span class=\"_ _0\"></span>lie di significativit\u00e0 c<span class=\"_ _0\"></span>he, qualora superate<span class=\"_ _0\"></span>, portino ad una attribu<span class=\"_ _0\"></span>zione al liv<span class=\"_ _2\"></span>ello 3. </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Per gli strumenti finanziari di liv<span class=\"_ _0\"></span>ello 1 viene utilizzato il <span class=\"ff4\">prezzo \u201ccorrente\u201d offerto (\u201cdenaro\u201d) per le a<span class=\"_ _0\"></span>ttivit\u00e0 finanziarie ed il prez<span class=\"_ _0\"></span>zo </span></div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">corrente richiesto (\u201clettera\u201d) per le passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie, rilevato sul mercato principale al quale si ha accesso, alla chi<span class=\"_ _5\"></span><span class=\"ff1\">usura del </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">periodo di riferime<span class=\"_ _0\"></span>nto. </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>differenziale <span class=\"_ _5\"></span>domanda<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>offerta <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _6\"></span>scarsamente <span class=\"_ _6\"></span>rilevante, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>portare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>compensative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>me<span class=\"_ _3\"></span>rcato, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>utilizzat<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>un </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo medio di <span class=\"_ _3\"></span><span class=\"ff4\">mercato (sempre r<span class=\"_ _3\"></span>iferito all\u2019ultimo giorno del periodo di riferimento) in <span class=\"_ _3\"></span>luogo del prezzo d<span class=\"_ _3\"></span>i offerta o del <span class=\"_ _3\"></span>prezzo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">richiesto. </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _5\"></span>(ovvero <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>disponibile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>C<span class=\"_ _5\"></span>omposite </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Bloomberg <span class=\"_ _3\"></span>Bond <span class=\"_ _3\"></span>Trader <span class=\"_ _3\"></span>sull'Informatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Provider <span class=\"_ _3\"></span>Bloomberg o, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ternativa, una <span class=\"_ _3\"></span>quotazione <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>circuito <span class=\"_ _3\"></span>EuroMTS o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lmeno </div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">tre <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>eseguibili <span class=\"_ _2\"></span>sull\u2019Information <span class=\"_ _3\"></span>Provider <span class=\"_ _2\"></span>Bloomberg), <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>azionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>uffic<span class=\"_ _5\"></span><span class=\"ff1\">iale <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">riferimento), i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>comuni d<span class=\"_ _3\"></span>i investimento <span class=\"_ _3\"></span>UCITS contribuiti <span class=\"_ _3\"></span>(rientranti nell\u2019ambito d<span class=\"_ _3\"></span>i applicazione <span class=\"_ _3\"></span>delle d<span class=\"_ _3\"></span>irettive comuni<span class=\"_ _5\"></span><span class=\"ff1\">tarie), </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">le operazioni in cambi spot, i contratti derivati per i <span class=\"_ _3\"></span>quali siano disponibili quotazioni su un mercato attivo (per es<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>mpio futures </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">e opzioni exchang<span class=\"_ _0\"></span>ed traded). </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>differenza, <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>altri <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>appartengono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ategorie <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>presentano<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">profondit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strum<span class=\"_ _2\"></span>enti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">considerati strumenti d<span class=\"_ _0\"></span>i livello 1. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">In assenza di quotazione su un mercato attivo o in assen<span class=\"_ _0\"></span>za di un regolare funzionamento del mercato, cio\u00e8 q<span class=\"_ _0\"></span>uando il mercato<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">non ha un sufficiente e continuativo numero di transazion<span class=\"_ _3\"></span>i, spread denaro-lettera e volatilit\u00e0 non sufficientemente contenuti, la </div><div class=\"t m0 x0 h32 y51 ff4 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>finanziari <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>realizzata <span class=\"_ _17\"> </span>grazie <span class=\"_ _17\"> </span>all\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>tecniche <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h32 y52 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione aventi l\u2019obiettivo d<span class=\"_ _3\"></span>i stabilire il <span class=\"_ _3\"></span>prezzo al <span class=\"_ _3\"></span>quale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>in una transazione <span class=\"_ _3\"></span>ordinaria l\u2019attivit\u00e0 sarebbe venduta <span class=\"_ _3\"></span>o la <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">trasferita tra parte<span class=\"_ _0\"></span>cipanti al mercato, alla data<span class=\"_ _0\"></span> di valutazione, in <span class=\"_ _0\"></span>condizioni attuali <span class=\"_ _0\"></span>di mercato. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Nel caso di<span class=\"_ _3\"></span> strumenti classificati a livello 2<span class=\"_ _3\"></span> la <span class=\"_ _3\"></span>valutazione \u00e8 basata su <span class=\"_ _3\"></span>prezzi o<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>spread creditizi desunti <span class=\"_ _3\"></span>dalle quotazioni ufficiali </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _4\"> </span>simili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rischio, <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>(modello <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione). <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>approccio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>traduce <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>ricerca <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>transaz<span class=\"_ _2\"></span>ioni <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">che, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>rischio, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omparabili <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>o <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>calcolo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">classificate <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>consentono <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riprodurre <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanz<span class=\"_ _2\"></span>iari <span class=\"_ _16\"> </span>quotati <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>mercati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _7\"> </span>(calibrazione <span class=\"_ _7\"> </span>del </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">modello) <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>includere <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>discrezionali <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>io\u00e8 <span class=\"_ _4\"> </span>parametri <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>desunto <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _2\"></span>mercati <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>ovvero <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>fissato <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>livell<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>replicare <span class=\"_ _2\"></span>quotazioni <span class=\"_ _5\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">mercati attivi <span class=\"ff4\">\u2013</span> tali da influi<span class=\"_ _0\"></span>re in maniera det<span class=\"_ _0\"></span>erminante sul prezz<span class=\"_ _0\"></span>o di valutazione final<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Sono valutati secondo m<span class=\"_ _0\"></span>odelli che utili<span class=\"_ _0\"></span>zzano input di livello<span class=\"_ _0\"></span> 2:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _6\"></span>privi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quotazioni <span class=\"_ _6\"></span>ufficiali <span class=\"_ _6\"></span>es<span class=\"_ _3\"></span>presse <span class=\"_ _4\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>tramite </span></div><div class=\"t m0 x2a h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019utilizzo di un a<span class=\"_ _3\"></span>ppropriato credit spread, individuato a partire <span class=\"_ _3\"></span>da strumenti finanziari contribuiti e liquidi <span class=\"_ _3\"></span>con caratteri<span class=\"_ _5\"></span><span class=\"ff1\">stiche </span></div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">similari;<span class=\"_ _90\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-97.68286px;\"><div class=\"t m0 x0 h2 y4 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determin<span class=\"ff4\">ato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span>utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ppropriato <span class=\"_ _6\"></span>credit <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"></span>individuato <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>partire <span class=\"_ _6\"> </span>da </span></span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">evidenze di mercato di<span class=\"_ _0\"></span> strumenti finanziari <span class=\"_ _0\"></span>con caratteristiche simila<span class=\"_ _0\"></span>ri;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>inclusi <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>cartolarizzati) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _5\"></span>mediant<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>appo<span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>modelli, <span class=\"_ _2\"></span>alimentati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">parametri di input (q<span class=\"_ _0\"></span>uali curve di tasso, c<span class=\"_ _0\"></span>ambi e volatilit\u00e0) osser<span class=\"_ _0\"></span>vati sul mercato; </div><div class=\"t m0 x0 h2 y62 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i prodotti <span class=\"_ _3\"></span>strutturati di credito <span class=\"_ _3\"></span>(ABS, CLO <span class=\"_ _3\"></span>HY, CDO) per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>non sono d<span class=\"_ _3\"></span>isponibili prezzi significativi e <span class=\"_ _3\"></span>il cui <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>vi<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ne<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">determinato utilizzando tecni<span class=\"_ _0\"></span>che di valutazio<span class=\"_ _0\"></span>ne che tengono conto <span class=\"_ _0\"></span>di parametri desumibili<span class=\"_ _0\"></span> dal mercato;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y64 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>titoli <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>non  c<span class=\"_ _0\"></span>ontribuiti <span class=\"_ _16\"> </span>valutati  con <span class=\"_ _16\"> </span>il  ric<span class=\"_ _0\"></span>orso  a <span class=\"_ _16\"> </span>transazioni <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _16\"> </span>ovvero  tra<span class=\"_ _0\"></span>nsazioni  sig<span class=\"_ _0\"></span>nificative <span class=\"_ _16\"> </span>sul  titol<span class=\"_ _35\"></span>o<span class=\"_ _6\"></span> </span></div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">registrate <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>fficientemente <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di </div><div class=\"t m0 x2a h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">mercato costanti, o per i q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>li sono utilizzat<span class=\"_ _0\"></span>i i cosiddetti modelli <span class=\"_ _0\"></span>valutativi \u201crelati<span class=\"_ _0\"></span>vi\u201d basati su moltipli<span class=\"_ _0\"></span>catori;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y67 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i fondi hedge non UCITS<span class=\"_ _0\"></span>, verificato che gli <span class=\"_ _0\"></span>strumenti di <span class=\"ls11\">li</span>vello 3 non superino un<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> predeterminata <span class=\"_ _0\"></span>soglia. </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>classificati a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>3, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value \u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere a <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>valutat<span class=\"_ _5\"></span>ivi <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">presuppongono <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>osservabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"> </span>comportano <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">assunzioni <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutatore. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>valutazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>condotta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>una<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">metodologia di calcolo <span class=\"_ _0\"></span>basata su specifi<span class=\"_ _0\"></span>che ipotesi riguard<span class=\"_ _0\"></span>anti:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6c ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _7\"> </span>sviluppo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>cash<span class=\"_ _3\"></span>-flow <span class=\"_ _7\"> </span>futuri, <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _7\"> </span>condizionati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttribuite <span class=\"_ _4\"> </span>probabilit\u00e0 </span></div><div class=\"t m0 x2a h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">desunte dall\u2019esperienz<span class=\"_ _0\"></span>a storica o sulla<span class=\"_ _0\"></span> base di ipotesi di com<span class=\"_ _0\"></span>portamento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _4\"></span>livello<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>determinati <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>input <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>quotati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>mercati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque <span class=\"_ _4\"></span>privilegiate <span class=\"_ _6\"></span>le </span></div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">informazioni <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spread <span class=\"_ _5\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>mercato. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _5\"></span>disponibili, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>ricorre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dati </div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">storici del fattore di <span class=\"_ _3\"></span>rischio specifico sottostante o a ricerche specializzate in materia <span class=\"_ _2\"></span>(ad es. <span class=\"_ _3\"></span>report di Agenzie di <span class=\"_ _3\"></span>Rating o </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">di primari attori del mercat<span class=\"_ _0\"></span>o). </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Sono valutati secondo <span class=\"_ _0\"></span>tale metodologi<span class=\"_ _0\"></span>a: </div><div class=\"t m0 x0 h2 y73 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alcune operazioni in <span class=\"_ _0\"></span>derivati, in titoli ob<span class=\"_ _0\"></span>bligazionari o in stru<span class=\"_ _0\"></span>tturati di credito com<span class=\"_ _0\"></span>plessi valutati con in<span class=\"_ _0\"></span>put di livello 3<span class=\"_ _2\"></span>; </span></div><div class=\"t m0 x0 h2 y74 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>hedge fund in cui gli ass<span class=\"_ _0\"></span>et di livello 3 sono supe<span class=\"_ _0\"></span>riori ad una pred<span class=\"_ _0\"></span>eterminata soglia; </span></div><div class=\"t m0 x0 h2 y75 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>fondi di private equity, <span class=\"_ _3\"></span>fondi di private debt, fondi immobiliari e <span class=\"_ _3\"></span>fondi chiusi derivanti da cessioni di c<span class=\"_ _3\"></span>redito non perform<span class=\"_ _5\"></span>ing </span></div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">valutati al NAV, con <span class=\"_ _0\"></span>eventuale applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di sconti; </div><div class=\"t m0 x0 h2 y77 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">quote <span class=\"_ _4\"> </span>partecipative <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>fondati <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span></div><div class=\"t m0 x2a h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari attualizz<span class=\"_ _0\"></span>ati o con metodi patrim<span class=\"_ _0\"></span>oniali; </div><div class=\"t m0 x0 h2 y79 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>credit <span class=\"_ _7\"> </span></span>spread <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>soddisfa <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>essere </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">considerato livello 2; </div><div class=\"t m0 x0 h2 y7b ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>azionaria, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>dell\u2019attualizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span></span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">flussi contrattuali pre<span class=\"_ _0\"></span>visti. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Il trasferimento di liv<span class=\"_ _0\"></span>ello di fair value delle attivit\u00e0 e p<span class=\"_ _0\"></span>assivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair valu<span class=\"_ _0\"></span>e su base ricorrente,<span class=\"_ _0\"></span> avviene, come </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">definito <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>segue: <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>etermina a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>nell\u2019osservab<span class=\"_ _2\"></span><span class=\"ff1\">ilit\u00e0 <span class=\"_ _3\"></span>o </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">nella significativit\u00e0 <span class=\"_ _3\"></span>di un <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>alle valutazioni; <span class=\"_ _3\"></span>il trasferimento tra <span class=\"_ _3\"></span>i livelli <span class=\"_ _3\"></span>1 e<span class=\"_ _3\"></span> 2 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>3 si <span class=\"_ _3\"></span>determina a <span class=\"_ _3\"></span>fronte di <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>ariazione della </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">disponibilit\u00e0 dei pr<span class=\"_ _0\"></span>ezzi su un mercato atti<span class=\"_ _0\"></span>vo. </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>OTC, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dipende <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservabilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">parametri <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _2\"></span>free\u201d. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolv<span class=\"_ _5\"></span><span class=\"ff1\">enza </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">della c<span class=\"_ _3\"></span>ontroparte/emitte<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>pu\u00f2 c<span class=\"_ _3\"></span>omportare il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello 3 <span class=\"_ _2\"></span>quando<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019esposizione cor<span class=\"_ _3\"></span>rente <span class=\"_ _3\"></span>\u00e8 positiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _3\"></span>controparte <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>status <span class=\"_ _2\"></span>creditizio <span class=\"_ _3\"></span>deteriorato, <span class=\"_ _3\"></span>oppure <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _3\"></span>richiede <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"lsc\">on </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">osservabili e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente di <span class=\"_ _3\"></span>bilateral <span class=\"_ _3\"></span>Credit Value <span class=\"_ _3\"></span>Adjustment (bCVA) si<span class=\"_ _3\"></span>a si<span class=\"_ _5\"></span>gnific<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value complessivo del </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">netting set, oppure q<span class=\"_ _0\"></span>uando la sensitivit<span class=\"_ _0\"></span>y al downgrading della<span class=\"_ _0\"></span> controparte sia sig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativa rispett<span class=\"_ _0\"></span>o al fair value compl<span class=\"_ _0\"></span>essi<span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>o del </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">netting set. </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Per gli strumenti di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti il trasferimento di livello avviene: </div><div class=\"t m0 x0 h2 y10cf ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">quando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>resi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _4\"> </span>input <span class=\"_ _6\"> </span>osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>definiti <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>transazioni<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">comparabili  sul  m<span class=\"_ _35\"></span>edesimo  strumento  tr<span class=\"_ _0\"></span>a  controparti  i<span class=\"_ _35\"></span>ndipendenti  e  consapevoli). <span class=\"_ _16\"> </span>In  questo <span class=\"_ _16\"> </span>caso,  il  Gruppo <span class=\"_ _16\"> </span>Intes<span class=\"_ _5\"></span><span class=\"ls17\">a </span></div><div class=\"t m0 x2a h2 y1b7 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo procede alla <span class=\"_ _0\"></span>riclassifica dal livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> 3 al livello 2; </div><div class=\"t m0 x0 h2 y441 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndirettamente <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>venuti <span class=\"_ _3\"></span>meno, <span class=\"_ _2\"></span>ovvero </span></div><div class=\"t m0 x2a h2 y442 ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>aggiornati <span class=\"_ _6\"></span>(es. <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>comparabili <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>recenti <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ultipli <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>pplicabili). <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>il </div><div class=\"t m0 x2a h2 y443 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo ricorre a tecniche <span class=\"_ _0\"></span>di valutazione che u<span class=\"_ _0\"></span>tilizzano input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y444 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y445 ff5 fs0 fc2 sc0 ls0 ws0\">Processo di valutazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli strumenti fin<span class=\"_ _0\"></span>anziari </div><div class=\"t m0 x0 h2 y446 ff1 fs0 fc0 sc0 ls0 ws0\">Il processo di valuta<span class=\"_ _0\"></span>zione degli strumenti fi<span class=\"_ _0\"></span>nanziari si articola in diverse fasi che vengono <span class=\"_ _0\"></span>brevemente riassunte q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>i di seguito: </div><div class=\"t m0 x0 h2 y447 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndividuazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>fonti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>valutazioni: <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value </span></div><div class=\"t m0 x2a h2 y448 ff1 fs0 fc0 sc0 ls0 ws0\">stabiliscono, <span class=\"_ _16\"> </span>per  og<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>categoria <span class=\"_ _16\"> </span>di  riferime<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>(asset  <span class=\"ff4\">class),  i <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazio<span class=\"_ _0\"></span>ne  dei<span class=\"_ _0\"></span>  p<span class=\"_ _0\"></span>arametri <span class=\"_ _16\"> </span>di </span></div><div class=\"t m0 x2a h2 y1035 ff1 fs0 fc0 sc0 ls0 ws0\">mercato e le modalit\u00e0 <span class=\"_ _0\"></span>secondo le quali tali <span class=\"_ _0\"></span>dati devono esser<span class=\"_ _0\"></span>e recepiti e utilizzati;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1036 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>ertificazione e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>periodiche: <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>consiste <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>contr<span class=\"_ _5\"></span>ollo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>untuale, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni </span></div><div class=\"t m0 x2a h32 y1037 ff4 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>parametri <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _7\"> </span>(rilevazione <span class=\"_ _16\"> </span>dell\u2019integrit\u00e0 <span class=\"_ _7\"> </span>del  dato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>storicizzato <span class=\"_ _16\"> </span>sulla<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 ydb8 ff1 fs0 fc0 sc0 ls0 ws0\">piattaforma <span class=\"_ _3\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contribuzione), <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _3\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingolo <span class=\"_ _3\"></span>dato </div><div class=\"t m0 x2a h2 ydb9 ff1 fs0 fc0 sc0 ls0 ws0\">con dati simili o com<span class=\"_ _0\"></span>parabili) e nella verific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> delle concrete m<span class=\"_ _0\"></span>odalit\u00e0 applicative;  </div><div class=\"t m0 x0 h2 yeec ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>ertificazione <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione: <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>questa <span class=\"_ _4\"> </span>fase <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>verificata <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>consistenza <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>varie<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 yf59 ff1 fs0 fc0 sc0 ls0 ws0\">metodologie valutative <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>prassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>porre <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>aspetti critici <span class=\"_ _3\"></span>insiti <span class=\"_ _3\"></span>nei </div><div class=\"t m0 x2a h2 yf5a ff1 fs0 fc0 sc0 ls0 ws0\">modelli di valutazi<span class=\"_ _0\"></span>one usati e di determinar<span class=\"_ _0\"></span>e eventuali aggiusta<span class=\"_ _0\"></span>menti necessari alla valu<span class=\"_ _0\"></span>tazione; <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf5b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mo<span class=\"_ _3\"></span>nitoraggio <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>revisione <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione: <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _17\"> </span>consiste <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>verificare <span class=\"_ _17\"> </span>cos<span class=\"_ _3\"></span>tantement<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x2a h32 y201 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019aderenza <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>empestivamente <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>scostamenti, </div><div class=\"t m0 x2a h2 y1038 ff1 fs0 fc0 sc0 ls0 ws0\">avviando le necessa<span class=\"_ _0\"></span>rie verifiche ed inter<span class=\"_ _0\"></span>venti. </div><div class=\"t m0 x0 h2 ycd4 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yadc ff1 fs0 fc2 sc0 ls0 ws0\">Individuazione, certific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione e trattamento dei dati di inp<span class=\"_ _0\"></span>ut alle valutazioni </div><div class=\"t m0 x0 h2 y10d0 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>necessit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>distinguere <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>valutabili <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>effettivi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mer<span class=\"_ _5\"></span>cato, </div><div class=\"t m0 x0 h2 y10d1 ff1 fs0 fc0 sc0 ls0 ws0\">piuttosto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>l'applicazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenzia <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>necessi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tabilire <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>univoci <span class=\"_ _7\"> </span>nella </div><div class=\"t m0 x0 h2 y10d2 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione dei parametri <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>A tal <span class=\"_ _3\"></span>fine le <span class=\"_ _3\"></span>Linee Gu<span class=\"_ _3\"></span>ida e <span class=\"_ _3\"></span>Regole di <span class=\"_ _3\"></span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Strumenti Finanziari al <span class=\"_ _3\"></span>Fair Value<span class=\"_ _5\"></span><span class=\"ls1d\">,</span><span class=\"ls1d\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">stabiliscono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>necessari <span class=\"_ _4\"> </span>all<span class=\"_ _3\"></span>\u2019identificaz<span class=\"_ _0\"></span>ione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>mercato, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>fon<span class=\"_ _5\"></span><span class=\"ff1\">ti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contribuzione <span class=\"_ _4\"> </span>ritenute <span class=\"_ _7\"> </span>idonee <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>le </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">modalit\u00e0 secondo <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>tali d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>devono essere <span class=\"_ _3\"></span>recepiti (cut <span class=\"_ _3\"></span>off) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> valutazione <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>finanziari d<span class=\"_ _6\"></span>etenuti </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _6\"></span>vario <span class=\"_ _6\"></span>titolo <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>contro<span class=\"_ _5\"></span>llate. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>stesse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _5\"></span>utilizzate <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valutazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>favore <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>terze <span class=\"_ _17\"> </span>parti <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>accordi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Service <span class=\"_ _17\"> </span>Level <span class=\"_ _1d\"> </span>Agree<span class=\"_ _3\"></span>ment, <span class=\"_ _1d\"> </span>preventivamente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">formalizzati. <span class=\"_ _7\"> </span>L\u2019idoneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>dati <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>input <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>garantita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>requis<span class=\"_ _5\"></span><span class=\"ff1\">iti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>riferimento: <span class=\"_ _7\"> </span>comparabilit\u00e0,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">reperibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>trasparenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>dato<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>reperire <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>dato <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>infoproviding, <span class=\"_ _2\"></span>misur<span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">bid-ask di contribuzion<span class=\"_ _0\"></span>e e, infine, relativam<span class=\"_ _0\"></span>ente ai prodotti OTC, <span class=\"_ _0\"></span>verifica della compara<span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ilit\u00e0 delle fonti d<span class=\"_ _0\"></span>i contribuzione.  </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>subordinato <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"> </span>certificazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della  <span class=\"ff1\">Direzione </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _6\"></span>puntuale <span class=\"_ _5\"></span>(rilevando <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _2\"></span></span>integrit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>dato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricizzat<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _2\"></span>piattaforma <span class=\"_ _2\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contribuzione), <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _2\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _4\"></span>dato </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">con dati simili o com<span class=\"_ _0\"></span>parabili) e di verifi<span class=\"_ _0\"></span>ca delle concrete mod<span class=\"_ _0\"></span>alit\u00e0 applicative.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc2 sc0 ls0 ws0\">Certificazione delle metod<span class=\"_ _0\"></span>ologie di valutazio<span class=\"_ _0\"></span>ne </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _18\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _17\"> </span>dal <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _18\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>certificate <span class=\"_ _18\"> </span>dalla <span class=\"_ _18\"> </span>Direzione <span class=\"_ _18\"> </span>Centrale <span class=\"_ _17\"> </span>Risk </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Management IMI CIB, con il coinvolgimento di tutte le strutture competenti. La certificazione \u00e8 volta a <span class=\"_ _2\"></span>verificare la consistenza </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"></span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>corrente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>limiti <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>determinare <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ventual<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">aggiustamenti al fair value, coerentemente con quanto stabilito dalla normativa vigente. Il <span class=\"_ _3\"></span>processo di ce<span class=\"_ _2\"></span>rtificazione considera </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>(assunzioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>base, <span class=\"_ _7\"> </span>derivazione <span class=\"_ _7\"> </span>matematica, <span class=\"_ _7\"> </span>eventuali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprossimazioni<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">algoritmi <span class=\"_ _2\"></span>numerici <span class=\"_ _2\"></span>utilizzati, <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>output) <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>ini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">fra <span class=\"_ _3\"></span>cui le <span class=\"_ _3\"></span>caratteristiche dei prodotti a<span class=\"_ _3\"></span>ssociati (payoff, clausole d<span class=\"_ _3\"></span>i estinzione anticipata, <span class=\"_ _3\"></span>ecc.), degli eventuali <span class=\"_ _3\"></span>accordi <span class=\"_ _5\"></span>accessori </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">(ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>accordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>netting <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>collaterale), <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>negoziati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>mod<span class=\"_ _5\"></span>alit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">utenti <span class=\"_ _7\"> </span>finali <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>es. <span class=\"_ _7\"> </span>precisione <span class=\"_ _7\"> </span>vs <span class=\"_ _7\"> </span>performance, <span class=\"_ _4\"> </span>calcolo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio, <span class=\"_ _7\"> </span>ecc.). <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>analisi<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">qualitative e quantitativ<span class=\"_ _0\"></span>e e sono opportun<span class=\"_ _0\"></span>amente riportati nell<span class=\"_ _0\"></span>a documentazion<span class=\"_ _0\"></span>e interna. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>complessit\u00e0 <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>turbolenza <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>market <span class=\"_ _3\"></span>dislocation) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ricorrere <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">validazione indipend<span class=\"_ _0\"></span>ente da parte di accr<span class=\"_ _0\"></span>editate societ\u00e0 di <span class=\"_ _0\"></span>servizi finanziari. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _17\"> </span>conclusione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>certificazione, <span class=\"_ _1d\"> </span>la <span class=\"_ _18\"> </span>metod<span class=\"_ _3\"></span>ologia <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>valutazione <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _17\"> </span>censita <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>documento <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Valutazione Strumenti Fi<span class=\"_ _0\"></span>nanziari al Fair Valu<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc2 sc0 ls0 ws0\">Monitoraggio e revisio<span class=\"_ _0\"></span>ne delle metodologie <span class=\"_ _0\"></span>di valutazione </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>normativa <span class=\"_ _3\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">costante <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>loro performance <span class=\"_ _3\"></span>rispetto alle <span class=\"_ _3\"></span>evoluzioni <span class=\"_ _3\"></span>degli s<span class=\"_ _3\"></span>trumenti finanziari, dei <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alle innovaz<span class=\"_ _6\"></span>ioni </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">metodologiche <span class=\"_ _5\"></span>sviluppate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>comunit\u00e0 <span class=\"_ _5\"></span>scientifica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>garantire<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>continua <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>mercato, </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">evidenziare <span class=\"_ _1d\"> </span>tempestivamente <span class=\"_ _17\"> </span>eventuali <span class=\"_ _17\"> </span>inadeguatezze <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>avv<span class=\"_ _3\"></span>iare <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>necessarie <span class=\"_ _1d\"> </span>verifiche <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interventi. <span class=\"_ _17\"> </span>Le <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Valutazione <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _7\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fair <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>dettagliano <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _7\"> </span>periodico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">revisione  delle  me<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>odologie  di <span class=\"_ _16\"> </span>valutazione.  Le  funzioni <span class=\"_ _16\"> </span>coinvolte  nel  pr<span class=\"_ _0\"></span>ocesso  di  monit<span class=\"_ _0\"></span>oraggio  sono  l<span class=\"_ _0\"></span>e  stesse  funzi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">coinvolte <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>certificazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>metodologi<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>sopra <span class=\"_ _6\"></span>citato <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>IPV <span class=\"_ _6\"></span>disciplina<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o <span class=\"_ _6\"></span>dalle </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Linee Guida e Regol<span class=\"_ _0\"></span>e di Verifica Indipen<span class=\"_ _0\"></span>dente dei Prezzi. </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y84 ff5 fs0 fc2 sc0 ls0 ws0\">Rischio di valutazione: agg<span class=\"_ _0\"></span>iustamenti al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall'incertezza <span class=\"_ _2\"></span>valutativa<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uscita <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>eventuali <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>applicate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">particolari condizioni<span class=\"_ _0\"></span> del mercato.  </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>principale <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>associato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustamenti al <span class=\"_ _2\"></span>fair v<span class=\"_ _3\"></span>alue, v<span class=\"_ _3\"></span>olti </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>considerazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>l\u2019incertezza <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutativa <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>difficolt\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>smobilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>particolari <span class=\"_ _6\"> </span>posizioni <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>oss<span class=\"_ _5\"></span><span class=\"ff1\">ono </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _3\"></span>riferiti <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>dat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Gli<span class=\"_ _3\"></span> aggiustamenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>calcolati <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>add<span class=\"_ _3\"></span>itive <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>incluse <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>valutazione.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Essi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>visti <span class=\"_ _7\"> </span>periodicamente, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019evoluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>mercati, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>dell\u2019eve<span class=\"_ _2\"></span><span class=\"ff1\">ntuale <span class=\"_ _16\"> </span>introduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>nuovi </span></div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">strumenti <span class=\"_ _2\"></span>liquidi, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>generale, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>af<span class=\"_ _3\"></span>finamenti <span class=\"_ _2\"></span>metodologici, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>portare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">modifiche sostanziali n<span class=\"_ _0\"></span>elle metodologi<span class=\"_ _0\"></span>e di valutazione prescelt<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e nelle loro im<span class=\"_ _0\"></span>plementazioni. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">In  particolare  il  Grup<span class=\"_ _0\"></span>po  Intesa  Sanpaolo  c<span class=\"_ _0\"></span>onsidera  aggiust<span class=\"_ _0\"></span>amenti  al  fair <span class=\"_ _16\"> </span>value  per  le  seguenti <span class=\"_ _16\"> </span>categorie  di  incertezza </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">valutativa: </div><div class=\"t m0 x0 h2 y4d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>input: <span class=\"_ _3\"></span>l\u2019eventuale <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>valutativa <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>(siano <span class=\"_ _3\"></span>essi <span class=\"_ _2\"></span>mid, <span class=\"_ _2\"></span>bid<span class=\"_ _5\"></span></span> <span class=\"_ _2\"></span><span class=\"ls17\">o </span></span></div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls10 ws0\">as<span class=\"ff4 ls0\">k) <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>misurata <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>strutturali <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mercati <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>all\u2019entit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>controvalori<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">detenuti <span class=\"_ _3\"></span>(in c<span class=\"_ _3\"></span>aso d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>concentrazione) e, <span class=\"_ _2\"></span>laddove necessario, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>quantificando il </div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">conseguente impatto sulle <span class=\"_ _0\"></span>valutazioni; </div><div class=\"t m0 x0 h2 y51 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>lliquidit\u00e0 delle p<span class=\"_ _3\"></span>osizioni o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>sottostanti: analogamente <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>caso p<span class=\"_ _3\"></span>recedente, lo <span class=\"_ _3\"></span>spread bid<span class=\"_ _5\"></span>-ask <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato e <span class=\"_ _2\"></span>laddove necessario <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _5\"></span>quantificando il <span class=\"_ _3\"></span>conseguente </div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">impatto sulle valutazio<span class=\"_ _0\"></span>ni; </div><div class=\"t m0 x0 h2 y54 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>modello: si basa sull\u2019individuazione e l\u2019utilizzo di varianti dello s<span class=\"_ _3\"></span>tesso modello o <span class=\"_ _3\"></span>di modelli alternativi, con i<span class=\"_ _6\"></span></span> quali </span></div><div class=\"t m0 x2a h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">effettuare analisi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>confronto volte<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>quantificare <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span><span class=\"ff4\">variabilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>valutazioni (in <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>l\u2019eventuale direzionalit\u00e0 del </span></div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo al variare del modello) ed <span class=\"_ _3\"></span>il comportamento del modello in vari scenari di <span class=\"_ _3\"></span>mercato (stress test). La quantificazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019aggiustamento al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>possib<span class=\"_ _3\"></span><span class=\"ff1\">ile, <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>grandezze finanziarie <span class=\"_ _3\"></span>facilmente comprensibili <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>misurabili </span></div><div class=\"t m0 x2a h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">(e.g. vega, delta, shift <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i correlazione); </div><div class=\"t m0 x0 h2 y59 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento: <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>finanziamento, <span class=\"_ _4\"> </span>collettivamente <span class=\"_ _4\"> </span>indicati <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>XVA, </span></div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">includono <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Bilateral <span class=\"_ _17\"> </span>Cred<span class=\"_ _3\"></span>it <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(bCVA) <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Funding <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(FVA). <span class=\"_ _18\"> </span>Il <span class=\"_ _18\"> </span>bCVA <span class=\"_ _18\"> </span>tiene <span class=\"_ _18\"> </span>in<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">considerazione <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>premio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>possano <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>onorare <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>propri<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">mutui <span class=\"_ _4\"> </span>impegni <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>esempio <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fallimento). <span class=\"_ _4\"> </span>A <span class=\"_ _16\"> </span>sua <span class=\"_ _4\"> </span>volta, <span class=\"_ _7\"> </span>essa <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>data <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>componenti, <span class=\"_ _7\"> </span>dette <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Value<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">Adjustment <span class=\"_ _20\"> </span>(CVA, <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>segno <span class=\"_ _20\"> </span>negativo) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>Debt <span class=\"_ _20\"> </span>Valu<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>Adjustment <span class=\"_ _20\"> </span>(DVA, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>segno <span class=\"_ _20\"> </span>positivo), <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>considerano, </div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">rispettivamente, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Controparte <span class=\"_ _3\"></span>fallisce <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>(e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">resenta <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>positiva </span></div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Controparte), <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>viceversa <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>scenari <span class=\"_ _7\"> </span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>fallisce <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>Controparte <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca </div><div class=\"t m0 x2a h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">presenta un\u2019esposizione ne<span class=\"_ _3\"></span>gativa nei confronti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Controparte<span class=\"_ _0\"></span>).<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>Il Funding <span class=\"_ _3\"></span>Value Adjustment (FVA, <span class=\"_ _3\"></span>di s<span class=\"_ _2\"></span>egno negativo) </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.46411px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">tiene <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>legato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ass<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">(cedole, dividendi, collaterale, ecc.) generati dal complessivo portafogli<span class=\"_ _0\"></span>o di derivati OTC della Banca. <span class=\"_ _5\"></span>Il calcolo degli XVA </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">dipende <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>controparti, <span class=\"_ _3\"></span>calcolata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>tecniche d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>simulazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>fattori </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">di rischio <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni considerate, tenendo <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span>ventuali accordi di <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">controparte <span class=\"_ _6\"></span>(in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>netting <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>collateralizzazione), <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>eventuali <span class=\"_ _6\"></span>clausole <span class=\"_ _6\"></span>contrattuali. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>calcol<span class=\"_ _0\"></span>o </div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _7\"> </span>XVA <span class=\"_ _4\"> </span>dipende <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>Loss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>Default <span class=\"_ _4\"> </span>(LGD) <span class=\"_ _7\"> </span>basate <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">fallimento delle controparti e dall<span class=\"_ _0\"></span>e probabilit\u00e0 di default delle<span class=\"_ _0\"></span> controparti (PD). LGD <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> PD sono ottenut<span class=\"_ _0\"></span>e dalle quotazioni <span class=\"_ _0\"></span>di </div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Credit <span class=\"_ _3\"></span>Default Swap <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basano <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>stime <span class=\"_ _3\"></span>interne per <span class=\"_ _3\"></span>settore/rating <span class=\"_ _3\"></span>utilizzate p<span class=\"_ _3\"></span>er il <span class=\"_ _2\"></span>rischio d<span class=\"_ _3\"></span>i cred<span class=\"_ _3\"></span>ito.<span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>FVA <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basa s<span class=\"_ _3\"></span>u <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>curva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento <span class=\"_ _3\"></span>rappresentativa delle <span class=\"_ _2\"></span>migliori controparti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato c<span class=\"_ _3\"></span>on </div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">cui  la <span class=\"_ _1d\"> </span>Banca  potrebbe  rinegoziare  le  operazioni,  secondo  il  principio  IFRS  13  d<span class=\"_ _3\"></span>el  mercato  pi\u00f9  vantaggioso,<span class=\"_ _5\"></span>  <span class=\"lsc\">non </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">ravvisando, al moment<span class=\"_ _0\"></span>o, un reale mercato principale per tali t<span class=\"_ _0\"></span>ransazioni. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>enti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>formalizzato <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Reg<span class=\"_ _0\"></span>ole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Valutazione <span class=\"_ _2\"></span>Strumenti </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Finanziari al Fair Val<span class=\"_ _0\"></span>ue e nelle Regole Per <span class=\"_ _0\"></span>La Valutazione Degl<span class=\"_ _0\"></span>i Equity Investments N<span class=\"_ _0\"></span>on Quotati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n appropriate me<span class=\"_ _0\"></span>todologie di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">calcolo  a  second<span class=\"_ _0\"></span>a  del  diverso  configu<span class=\"_ _0\"></span>rarsi  dei  punti <span class=\"_ _16\"> </span>sopra  indicati,  ed  avvi<span class=\"_ _0\"></span>ene  nel  modo  pi\u00f9 <span class=\"_ _16\"> </span>oggettivo,  consistente  e<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">sistematico <span class=\"_ _1d\"> </span>possibile <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>cura <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Management <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>MI <span class=\"_ _1d\"> </span>CIB <span class=\"_ _1c\"> </span>e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _17\"> </span>M&amp;A <span class=\"_ _1d\"> </span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Partecipazioni <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Gruppo<span class=\"ff4\">. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019introduzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _6\"></span>rilascio <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>dipendono <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>dinamica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>fattori </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">sopra <span class=\"_ _2\"></span>indicati. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>combinazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _2\"></span>quantitativi, <span class=\"_ _2\"></span>rigidamente <span class=\"_ _3\"></span>specificati, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>qualitat<span class=\"_ _2\"></span>ivi, </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">valutati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>diversa <span class=\"_ _6\"></span>configurazione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>generato <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>aggiustamenti; <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>le<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">stime successive all<span class=\"_ _0\"></span>a prima iscrizione sono s<span class=\"_ _0\"></span>empre guidate dalla<span class=\"_ _0\"></span> mitigazione o dal venir<span class=\"_ _0\"></span> meno di detti rischi. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>nuovi <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>aggiustamenti <span class=\"_ _4\"></span>viene <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resa <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>approvazione <span class=\"_ _4\"></span>nuovi </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">prodotti su proposta <span class=\"_ _0\"></span>della Direzione C<span class=\"_ _0\"></span>entrale Risk Managemen<span class=\"_ _0\"></span>t IMI CIB.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019applicazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aggiustamenti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>procedura <span class=\"_ _2\"></span>autorizzativa<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>soglia <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">rilevanza definita <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>casistiche, <span class=\"_ _3\"></span>coinvolge sia <span class=\"_ _2\"></span>l\u2019area del <span class=\"_ _2\"></span>Chief Risk <span class=\"_ _2\"></span>Officer che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dirigente <span class=\"_ _3\"></span>Preposto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>reda<span class=\"_ _5\"></span><span class=\"ff1\">zione </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">dei documenti conta<span class=\"_ _0\"></span>bili societari. </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y2b5 ff5 fs9 fc2 sc0 ls0 ws0\">A.4.1 Livelli di fair value 2 e 3: tecniche di valutazione e input utilizzati </div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _7\"> </span>paragrafi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguono <span class=\"_ _4\"> </span>riepilogano, <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _7\"> </span>(titoli, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _4\"> </span>hedge <span class=\"_ _7\"> </span>fu<span class=\"_ _5\"></span>nd, </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">finanziamenti), le inf<span class=\"_ _0\"></span>ormazioni sui model<span class=\"_ _0\"></span>li di valutazione utiliz<span class=\"_ _0\"></span>zati. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x7a h2 y1e6 ff1 fs0 fc2 sc0 lsd ws0\">I.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei tit<span class=\"_ _0\"></span>oli di debito non c<span class=\"_ _0\"></span>ontribuiti </span></div><div class=\"t m0 xf4 h2 y8fd ff1 fs0 fc0 sc0 ls10 ws0\">La<span class=\"ls0\"> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>bbligazionari <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>reddituale </span></div><div class=\"t m0 xf4 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">ovvero <span class=\"_ _17\"> </span>calcolando <span class=\"_ _1d\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>valore <span class=\"_ _17\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>cassa <span class=\"_ _18\"> </span>futuri <span class=\"_ _1d\"> </span>at<span class=\"_ _3\"></span>tesi <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>appropriato <span class=\"_ _17\"> </span>premio <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>rischio </div><div class=\"t m0 xf4 h2 y8ff ff1 fs0 fc0 sc0 ls0 ws0\">rappresentato <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>liquidi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>caratteristiche </div><div class=\"t m0 xf4 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">similari. Le fonti da cui<span class=\"_ _0\"></span> attingere tale mis<span class=\"_ _0\"></span>ura sono le seguenti: </div><div class=\"t m0 xf4 h2 y901 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli di debito co<span class=\"_ _0\"></span>ntribuiti e liquidi del me<span class=\"_ _0\"></span>desimo emittente; </span></div><div class=\"t m0 xf4 h2 y902 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap sulla med<span class=\"_ _0\"></span>esima reference <span class=\"_ _0\"></span>entity; </span></div><div class=\"t m0 xf4 h2 y903 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti e liq<span class=\"_ _0\"></span>uidi emessi da emitte<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te con medesimo r<span class=\"_ _0\"></span>ating e appartenente<span class=\"_ _0\"></span> al medesimo settor<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 xf4 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\">In  ogni  caso  si  tien<span class=\"_ _0\"></span>e  conto  della <span class=\"_ _16\"> </span>differente  seniority  del<span class=\"_ _0\"></span>  titolo  da  prezzare  re<span class=\"_ _0\"></span>lativamente  all<span class=\"_ _0\"></span>a  struttura  del  debi<span class=\"_ _0\"></span>to </div><div class=\"t m0 xf4 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">d<span class=\"ff4\">ell\u2019emittente.</span> </div><div class=\"t m0 xf4 h2 y906 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>emittenti <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>italiani <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>costruita <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>matrice <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating/durata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 xf4 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">emissioni  governative  cui <span class=\"_ _16\"> </span>vengono  applicati  i  differenziali  t<span class=\"_ _0\"></span>ra  le  varie  classi  di  rati<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g/durata  rispetto  a<span class=\"_ _0\"></span>d  emiss<span class=\"_ _5\"></span>ioni </div><div class=\"t m0 xf4 h2 y908 ff1 fs0 fc0 sc0 ls0 ws0\">pubbliche (regioni, pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ince, comuni, enti gov<span class=\"_ _0\"></span>ernativi).<span class=\"_ _3\"></span> </div><div class=\"t m0 xf4 h2 y909 ff4 fs0 fc0 sc0 ls0 ws0\">In fase d<span class=\"_ _3\"></span>i applicazione dello spread per il pricing dello s<span class=\"_ _3\"></span>trumento non contribuito, qualora la curva d<span class=\"_ _3\"></span>i credito \u201cfair\u201d stima<span class=\"_ _5\"></span><span class=\"ff1\">ta </span></div><div class=\"t m0 xf4 h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">non rispettasse le st<span class=\"_ _0\"></span>esse caratteristiche <span class=\"_ _0\"></span>dello <span class=\"_ _3\"></span>strumento, si consi<span class=\"_ _0\"></span>derano dei fattori cor<span class=\"_ _0\"></span>rettivi. </div><div class=\"t m0 xf4 h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati attivi, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior prem<span class=\"_ _6\"></span>io </div><div class=\"t m0 xf4 h2 y1b7 ff1 fs0 fc0 sc0 ls0 ws0\">richiesto dal mercato rispett<span class=\"_ _0\"></span>o ad un titolo similare contribuit<span class=\"_ _0\"></span>o, si aggiunge <span class=\"_ _3\"></span><span class=\"ff4\">al credit spread \u201cfair\u201d una ulteriore comp<span class=\"_ _0\"></span>onente </span></div><div class=\"t m0 xf4 h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">stimata sulla base d<span class=\"_ _0\"></span>ei bid/ask spread rile<span class=\"_ _0\"></span>vati sul mercato. </div><div class=\"t m0 xf4 h2 y1b9 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>includa <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>opzionale <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>provvede <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>ento <span class=\"_ _2\"></span>dello </div><div class=\"t m0 xf4 h2 y90a ff1 fs0 fc0 sc0 ls0 ws0\">spread <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiungendo <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compon<span class=\"_ _3\"></span><span class=\"ff4\">ente <span class=\"_ _6\"></span>volta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>cogliere <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>illiquidit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti. <span class=\"_ _6\"></span>Tale </span></div><div class=\"t m0 xf4 h2 y1bb ff1 fs0 fc0 sc0 ls0 ws0\">componente \u00e8 determinata in <span class=\"_ _3\"></span>base alla tipologia di opzione u<span class=\"_ _3\"></span>tilizzando i corrispondenti modelli di valutazione dei derivati </div><div class=\"t m0 xf4 h2 y3df ff1 fs0 fc0 sc0 ls0 ws0\">citati nel seguito. </div><div class=\"t m0 xf4 h2 y1bd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 y3e1 ff1 fs0 fc0 sc0 ls0 ws0\">Similarmente, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credit <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>del </div><div class=\"t m0 xf4 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _6\"></span>Bancario <span class=\"_ _5\"></span>designate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>fa <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>obbligazionari <span class=\"_ _6\"></span>emessi <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cedole </div><div class=\"t m0 xf4 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">periodiche regolari, scade<span class=\"_ _0\"></span>nza oltre un<span class=\"_ _3\"></span> anno e quotati su un mercato attivo sulla bas<span class=\"_ _0\"></span>e di quanto prescritto dagli IAS/IFRS. </div><div class=\"t m0 xf4 h2 y1c1 ff1 fs0 fc0 sc0 ls0 ws0\">Dalle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>esume <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>merito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _4\"> </span>implicito, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>poi <span class=\"_ _4\"> </span>perfezionato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>di </div><div class=\"t m0 xf4 h2 y1c2 ff1 fs0 fc0 sc0 ls0 ws0\">interpolazione, che generano curve di credit spread dif<span class=\"_ _3\"></span>ferenziate<span class=\"_ _0\"></span> per t<span class=\"_ _3\"></span>ipo di cedola, scadenza e livello di subordinazione. </div><div class=\"t m0 xf4 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">Analogamente <span class=\"_ _4\"> </span>i <span class=\"_ _16\"> </span>Certificates <span class=\"_ _4\"> </span>emessi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>valutati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>scomponendoli <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>componenti: <span class=\"_ _7\"> </span>titolo </div><div class=\"t m0 xf4 h2 y1c4 ff1 fs0 fc0 sc0 ls0 ws0\">obbligazionario <span class=\"_ _3\"></span>emesso, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>descritto, <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>compone<span class=\"_ _3\"></span>nte <span class=\"_ _2\"></span>opzionale, <span class=\"_ _2\"></span>valutata <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corrispondenti </div><div class=\"t m0 xf4 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">modelli di pricing dei<span class=\"_ _0\"></span> derivati descritti <span class=\"_ _0\"></span>nel seguito.  </div><div class=\"t m0 xf4 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h24 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">Infine<span class=\"ff5\">,</span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>designate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _6\"></span>Assicurative <span class=\"_ _4\"> </span>(principalmente<span class=\"_ _0\"></span> </div><div class=\"t m0 xf4 h2 y1c8 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 collegate a c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>di investimento di <span class=\"_ _3\"></span>tipo Unit L<span class=\"_ _3\"></span>inked che <span class=\"_ _3\"></span>non presentano un <span class=\"_ _3\"></span>rischio assicurativo significativo)<span class=\"_ _35\"></span> </div><div class=\"t m0 xf4 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">riflette il valore di me<span class=\"_ _0\"></span>rcato degli asset <span class=\"_ _0\"></span>sottostanti per la cui d<span class=\"_ _0\"></span>efinizione si applic<span class=\"_ _0\"></span>ano le diverse meto<span class=\"_ _0\"></span>dologie qui descritt<span class=\"_ _2\"></span>e.  </div><div class=\"t m0 xf4 h2 yf38 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x47 h2 yf39 ff1 fs0 fc2 sc0 lsd ws0\">II.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei fina<span class=\"_ _0\"></span>nziamen<span class=\"lsd\">ti</span> </span></div><div class=\"t m0 xf4 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>contribuzioni <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provider <span class=\"_ _6\"></span>qualora </div><div class=\"t m0 xf4 h2 y303 ff1 fs0 fc0 sc0 ls0 ws0\">disponibili, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>calcolando <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>attesi <span class=\"_ _5\"></span>utilizzando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redit <span class=\"_ _5\"></span>spread, </div><div class=\"t m0 xf4 h2 yf3b ff1 fs0 fc0 sc0 ls0 ws0\">individuato a partire da<span class=\"_ _0\"></span>lle seguenti fonti:  </div><div class=\"t m0 xf4 h2 yf3c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>finanziamenti contrib<span class=\"_ _0\"></span>uiti sul mercato;<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div></div>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>curve rating/settor<span class=\"_ _0\"></span>e specifiche del mer<span class=\"_ _0\"></span>cato dei finanziamenti; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti d<span class=\"_ _0\"></span>el medesimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap s<span class=\"_ _0\"></span>ulla medesima refer<span class=\"_ _0\"></span>ence entity. </span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>differente <span class=\"_ _5\"></span>seniority <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzare <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito dell\u2019emittente.<span class=\"ff1\"> </span>In <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>spread <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>pricing <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziamento, <span class=\"_ _7\"> </span>qualora <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>curva <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>redito <span class=\"_ _7\"> </span>\u201cfair\u201d <span class=\"_ _16\"> </span>stimata <span class=\"_ _7\"> </span>non rispettasse le stesse caratter<span class=\"_ _0\"></span>istiche dello strume<span class=\"_ _0\"></span>nto, si consideran<span class=\"_ _0\"></span>o dei fattori correttivi. Inoltre, <span class=\"_ _4\"></span>qualora <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pread <span class=\"_ _4\"></span>creditizio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>faccia <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"></span>curve <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>reate attraverso  titol<span class=\"_ _0\"></span>i  obblig<span class=\"_ _0\"></span>azionari, <span class=\"_ _16\"> </span>occorrer\u00e0  applicare <span class=\"_ _16\"> </span>una <span class=\"_ _1d\"> </span>base  Loan<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">Bond, <span class=\"_ _16\"> </span>volta  a <span class=\"_ _16\"> </span>catturare  l\u2019eventu<span class=\"_ _0\"></span>ale  differe<span class=\"_ _0\"></span>nte </span>struttura del mercato e<span class=\"_ _0\"></span> la diversa forma te<span class=\"_ _0\"></span>cnica.  Al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tenere <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>il premio <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>mercato per <span class=\"_ _3\"></span>strumenti illiquidi <span class=\"_ _3\"></span>e/o s<span class=\"_ _3\"></span>trutturati, si <span class=\"_ _3\"></span>applicano alc<span class=\"_ _5\"></span>uni aggiustamenti allo s<span class=\"_ _0\"></span>pread creditizio. I finanziamenti con rischio sottost<span class=\"_ _0\"></span>ante equity non quotato (rientrano in tale fattisp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cie gli strumenti finanziari che, ai se<span class=\"_ _2\"></span>nsi dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>32, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>equipar<span class=\"_ _0\"></span>abili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>convertibili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>ioni) <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>valutati tramite <span class=\"_ _6\"> </span>l\u2019attualizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>previsti <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>contratto. <span class=\"_ _6\"></span>Trattandosi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>debito, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>si </span>utilizzer\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>omma <span class=\"_ _2\"></span>di: <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free, <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>CDS <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>su titoli quotati o su eroga<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni analoghe, <span class=\"_ _0\"></span>e di un eventuale ult<span class=\"_ _0\"></span>eriore premio per il r<span class=\"_ _0\"></span>ischio.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>finanziamenti n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>osizione.<span class=\"_ _0\"></span> Tale <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>viluppata <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>caratterizzan<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>comportare, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d esempio, la valutazione dei flussi di cassa rivenie<span class=\"_ _0\"></span>nti dalla vendita degli immobili posti a gara<span class=\"_ _0\"></span>nzia oppure la valutazione di<span class=\"_ _2\"></span> eventuali <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capi<span class=\"ff4\">tale <span class=\"_ _16\"> </span>acquisibili  a <span class=\"_ _7\"> </span>seguito <span class=\"_ _16\"> </span>dell\u2019introduzione <span class=\"_ _7\"> </span>di  una <span class=\"_ _7\"> </span>clausola <span class=\"_ _16\"> </span>di  c<span class=\"_ _0\"></span>onversione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>quity <span class=\"_ _16\"> </span>della </span>posizione. III.<span class=\"ls0\"> <span class=\"_ _23\"> </span>L<span class=\"_ _3\"></span>a valutazione dei <span class=\"_ _0\"></span>derivati OTC </span>Gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>scambiati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati <span class=\"_ _3\"></span>regolamentati, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>Over<span class=\"_ _2\"></span> The <span class=\"_ _3\"></span>Counter <span class=\"_ _2\"></span>(OTC), <span class=\"_ _2\"></span>ovvero negoziati <span class=\"_ _3\"></span>bilateralmente <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>apposite <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di valutazione e <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>(quali, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>volatilit\u00e0) <span class=\"_ _3\"></span>sottopost<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> ai<span class=\"ls0\"> processi di c<span class=\"_ _0\"></span>ertificazione e m<span class=\"_ _0\"></span>onitoraggio illustrati i<span class=\"_ _0\"></span>n precedenza. </span>Il <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>derivato <span class=\"_ _5\"></span>OTC <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>tenendo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>fattori <span class=\"_ _5\"></span>di rischio <span class=\"_ _2\"></span>sottostanti. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>distinguono <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econda <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>ad accordi di collateralizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione (CSA<span class=\"_ _0\"></span>), volti a mitigare il rischio<span class=\"_ _0\"></span> di controparte e finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto:<span class=\"_ _3\"></span> a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>CSA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ridurre <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fin<span class=\"_ _5\"></span>anziamento <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un </span>livello <span class=\"_ _3\"></span>trascurabile, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-arbitraggio, includendo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>premio<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di mercato relativo ai <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio s<span class=\"_ _3\"></span>ottostanti al contratto (<span class=\"_ _3\"></span>ad es. <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>interesse, volatilit\u00e0, ecc.), e<span class=\"_ _3\"></span> c<span class=\"_ _5\"></span>onsiderando, nei casi pi\u00f9 rilevanti, <span class=\"_ _0\"></span>come tasso di sconto <span class=\"_ _0\"></span>dei flussi di cassa fu<span class=\"_ _0\"></span>turi il tasso di remuner<span class=\"_ _0\"></span>azione del collateral<span class=\"_ _0\"></span>e; <span class=\"_ _2\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>CSA, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>CSA <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>ridurre <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controparte <span class=\"_ _3\"></span>e </span>finanziamento <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>trascurabile <span class=\"_ _3\"></span>(ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Way <span class=\"_ _3\"></span>CSA, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soglie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>minimum <span class=\"_ _2\"></span>transfer <span class=\"_ _3\"></span>amount <span class=\"_ _2\"></span>non trascurabili), il fair value dello strument<span class=\"_ _0\"></span>o pu\u00f2 essere espresso, sotto opportune ipotes<span class=\"_ _0\"></span>i, come la somma del valore di riferimento <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>base), <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>corrispondente <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>collateralizzato, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>componenti valutative legate al premio al rischio d<span class=\"_ _3\"></span>i controparte e finanziamento, collettivamente indicati come XVA (cfr. \u201cRischio<span class=\"_ _35\"></span> di valutazione: aggiu<span class=\"_ _0\"></span>stamenti al fair valu<span class=\"_ _0\"></span>e\u201d).<span class=\"ff1\"> </span>In c<span class=\"_ _3\"></span>onsiderazione della numerosit\u00e0 e <span class=\"_ _3\"></span>complessit\u00e0 dei <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati OTC, <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato individuato un <span class=\"_ _3\"></span>quadro s<span class=\"_ _3\"></span>istematico di riferimento <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>linee <span class=\"_ _7\"> </span>comuni <span class=\"_ _16\"> </span>(algoritmi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>alcolo, <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elaborazione, <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati, assunzioni di base d<span class=\"_ _0\"></span>el modello) sulle quali si fon<span class=\"_ _0\"></span>da la loro valutazion<span class=\"_ _0\"></span>e.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.43286px;\"><div class=\"t m0 xf4 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La tabella seguente illustr<span class=\"_ _0\"></span>a le principali metodologie <span class=\"_ _0\"></span>utilizzate per la valutazione <span class=\"_ _0\"></span>dei derivati OTC in funzio<span class=\"_ _0\"></span>ne della class<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 xf4 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">di appartenenza del <span class=\"_ _0\"></span>sottostante. </div><div class=\"t m0 x0 h2 y3b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w12f h74\" style=\"left:-4.050377px; bottom:837.3571px;\"><div class=\"t m0 x41 h22 y76a ff5 fsa fc2 sc0 ls0 ws0\">Classe del </div><div class=\"t m0 x41 h22 yf1b ff5 fsa fc2 sc0 ls0 ws0\">Sottostante </div></div><div class=\"c w1d5 h74\" style=\"left:149.9476px; bottom:837.3571px;\"><div class=\"t m0 x41 h22 y76a ff5 fsa fc2 sc0 ls0 ws0\">Modelli di Valuta<span class=\"_ _35\"></span>zi<span class=\"_ _3\"></span>one Utili<span class=\"_ _0\"></span>zzati </div></div><div class=\"c w1d7 h74\" style=\"left:391.96863px; bottom:837.3571px;\"><div class=\"t m0 x41 h22 y76a ff5 fsa fc2 sc0 ls0 ws0\">Principali dati <span class=\"_ _0\"></span>di mercato e para<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etri di </div><div class=\"t m0 x41 h22 yf1b ff5 fsa fc2 sc0 ls0 ws0\">input dei model<span class=\"_ _0\"></span>li </div></div><div class=\"c w12f ha9\" style=\"left:-4.050377px; bottom:767.15717px;\"><div class=\"t m0 x41 h46 y857 ff4 fs17 fc2 sc0 ls0 ws0\">Tasso d\u2019in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span></div></div><div class=\"c w1d5 ha9\" style=\"left:149.9476px; bottom:767.15717px;\"><div class=\"t m0 x41 h46 y857 ff1 fs17 fc2 sc0 ls0 ws0\">Net  Pre<span class=\"_ _0\"></span>sent  Valu<span class=\"_ _0\"></span>e,  Black-Sch<span class=\"_ _0\"></span>oles,  SAB<span class=\"_ _0\"></span>R,  Libo<span class=\"_ _0\"></span>r </div><div class=\"t m0 x41 h46 y10d4 ff1 fs17 fc2 sc0 ls0 ws0\">Market <span class=\"_ _4\"> </span>Model, <span class=\"_ _4\"> </span>Hull<span class=\"_ _3\"></span>-White, <span class=\"_ _4\"> </span>Lognormal<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>Bivariato,<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 yecc ff1 fs17 fc2 sc0 ls0 ws0\">Rendistato<span class=\"_ _0\"></span>, Hagan <span class=\"_ _0\"></span>formula esa<span class=\"_ _0\"></span>tta per C<span class=\"_ _0\"></span>MS </div></div><div class=\"c w1d7 ha9\" style=\"left:391.96863px; bottom:767.15717px;\"><div class=\"t m0 x41 h12d y857 ff4 fs17 fc2 sc0 ls0 ws0\">Curve <span class=\"_ _26\"> </span>dei <span class=\"_ _26\"> </span>tassi <span class=\"_ _26\"> </span>d\u2019interes<span class=\"_ _0\"></span>se <span class=\"_ _26\"> </span>(depositi, <span class=\"_ _26\"> </span>FRA,<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 y10d4 ff1 fs17 fc2 sc0 ls0 ws0\">Futures,<span class=\"_ _0\"></span>  OIS,  swap,  basi<span class=\"_ _35\"></span>s  swap,  CMS,  paniere<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h46 yecc ff1 fs17 fc2 sc0 ls0 ws0\">Rendistato)<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>volatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>opzioni <span class=\"_ _15\"> </span>c<span class=\"_ _3\"></span>ap/floor/swap<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ion,<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 y10d6 ff4 fs17 fc2 sc0 ls0 ws0\">correlazioni<span class=\"_ _0\"></span> tra tassi d\u2019i<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>eresse<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w12f h94\" style=\"left:-4.050377px; bottom:709.59314px;\"><div class=\"t m0 x41 h46 y71c ff1 fs17 fc2 sc0 ls0 ws0\">Tasso di ca<span class=\"_ _0\"></span>mbio </div></div><div class=\"c w1d5 h94\" style=\"left:149.9476px; bottom:709.59314px;\"><div class=\"t m0 x41 h46 y71c ff1 fs17 fc2 sc0 ls0 ws0\">Net <span class=\"_ _3b\"> </span>present <span class=\"_ _2a\"> </span>Value <span class=\"_ _2a\"> </span>F<span class=\"_ _3\"></span>X, <span class=\"_ _3b\"> </span>Garman-Kohlhag<span class=\"_ _35\"></span>en, </div><div class=\"t m0 x41 h46 y10d8 ff1 fs17 fc2 sc0 ls0 ws0\">Lognormale <span class=\"_ _28\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _31\"> </span>Volatilit\u00e0 <span class=\"_ _31\"> </span>Incerta <span class=\"_ _32\"> </span>(LMUV)<span class=\"_ _35\"></span>, </div><div class=\"t m0 x41 h46 y10d9 ff1 fs17 fc2 sc0 ls0 ws0\">Stochasti<span class=\"_ _0\"></span>c  Local <span class=\"_ _7\"> </span>Volatility  (SLV)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span>  Local<span class=\"_ _0\"></span>  Volatilit<span class=\"_ _0\"></span>y </div><div class=\"t m0 x41 h46 yb41 ff1 fs17 fc2 sc0 ls2c ws0\">(LV)<span class=\"ls0\"> </span></div></div><div class=\"c w1d7 h94\" style=\"left:391.96863px; bottom:709.59314px;\"><div class=\"t m0 x41 h12d y71c ff4 fs17 fc2 sc0 ls0 ws0\">Curve <span class=\"_ _18\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _18\"> </span>d\u2019interesse,<span class=\"_ _35\"></span> <span class=\"_ _1c\"> </span>curve <span class=\"_ _17\"> </span>FX <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>pot <span class=\"_ _17\"> </span>e </div><div class=\"t m0 x41 h46 y10d8 ff1 fs17 fc2 sc0 ls0 ws0\">forward, <span class=\"_ _17\"> </span>volatilit\u00e0 <span class=\"_ _18\"> </span>FX, <span class=\"_ _18\"> </span> <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _1c\"> </span>correl<span class=\"_ _35\"></span>azioni </div><div class=\"t m0 x41 h46 y10d9 ff1 fs17 fc2 sc0 ls0 ws0\">quanto </div></div><div class=\"c w12f h88\" style=\"left:-4.050377px; bottom:652.1851px;\"><div class=\"t m0 x41 h46 y10db ff1 fs17 fc2 sc0 ls0 ws0\">Equity </div></div><div class=\"c w1d5 h88\" style=\"left:149.9476px; bottom:652.1851px;\"><div class=\"t m0 x41 h46 y10db ff1 fs17 fc2 sc0 ls0 ws0\">Accrual, <span class=\"_ _2\"></span>Net <span class=\"_ _5\"></span>present <span class=\"_ _2\"></span>Value <span class=\"_ _5\"></span>Equity, <span class=\"_ _5\"></span>Black-Schole<span class=\"_ _0\"></span>s </div><div class=\"t m0 x41 h46 yac6 ff1 fs17 fc2 sc0 ls0 ws0\">generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _2b\"> </span>Heston, <span class=\"_ _2b\"> </span>Local<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>Volatility, <span class=\"_ _2b\"> </span>Ju<span class=\"_ _0\"></span>mp </div><div class=\"t m0 x41 h46 y886 ff1 fs17 fc2 sc0 ls0 ws0\">Diffusion </div></div><div class=\"c w1d7 h88\" style=\"left:391.96863px; bottom:652.1851px;\"><div class=\"t m0 x41 h46 y10db ff1 fs17 fc2 sc0 ls0 ws0\">Curve <span class=\"_ _1c\"> </span>dei<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interes<span class=\"_ _0\"></span>se, <span class=\"_ _1c\"> </span>prezzi <span class=\"_ _18\"> </span>spot <span class=\"_ _1c\"> </span>dei </div><div class=\"t m0 x41 h46 yac6 ff1 fs17 fc2 sc0 ls0 ws0\">sottostanti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi, <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>correlazioni </div><div class=\"t m0 x41 h46 y886 ff1 fs17 fc2 sc0 ls0 ws0\">dei sottosta<span class=\"_ _0\"></span>nti, vola<span class=\"_ _0\"></span>tilit\u00e0 e correla<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni qua<span class=\"_ _0\"></span>nto </div></div><div class=\"c w12f h12e\" style=\"left:-4.050377px; bottom:578.9821px;\"><div class=\"t m0 x41 h46 y10df ff1 fs17 fc2 sc0 ls0 ws0\">Inflazione </div></div><div class=\"c w1d5 h12e\" style=\"left:149.9476px; bottom:578.9821px;\"><div class=\"t m0 x41 h46 y10df ff1 fs17 fc2 sc0 ls0 ws0\">Inflation <span class=\"_ _1d\"> </span>NPV, <span class=\"_ _1d\"> </span>Infl<span class=\"_ _0\"></span>ation <span class=\"_ _1d\"> </span>SABR<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>Inflation <span class=\"_ _1d\"> </span>Jarrow-<span class=\"_ _90\"> </span></div><div class=\"t m0 x41 h46 y10e0 ff1 fs17 fc2 sc0 ls0 ws0\">Yildirim </div></div><div class=\"c w1d7 h12e\" style=\"left:391.96863px; bottom:578.9821px;\"><div class=\"t m0 x41 h12d y10df ff4 fs17 fc2 sc0 ls0 ws0\">Curve dei tas<span class=\"_ _0\"></span>si d\u2019interes<span class=\"_ _0\"></span>se nominali <span class=\"_ _0\"></span>e di inflazione<span class=\"_ _0\"></span>, </div><div class=\"t m0 x41 h12d y10e0 ff4 fs17 fc2 sc0 ls0 ws0\">volatilit\u00e0 <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>d\u2019interesse <span class=\"_ _1c\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>inflazione,<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h12d y742 ff4 fs17 fc2 sc0 ls0 ws0\">coefficien<span class=\"_ _0\"></span>ti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>stagionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>dell\u2019indice <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>al </div><div class=\"t m0 x41 h46 y7b6 ff1 fs17 fc2 sc0 ls0 ws0\">consumo,<span class=\"_ _0\"></span> correlazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dei tassi di in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>lazione<span class=\"_ _0\"></span> </div></div><div class=\"c w12f h88\" style=\"left:-4.050377px; bottom:521.41815px;\"><div class=\"t m0 x41 h46 y71c ff1 fs17 fc2 sc0 ls0 ws0\">Commodit<span class=\"_ _0\"></span>y </div></div><div class=\"c w1d5 h88\" style=\"left:149.9476px; bottom:521.41815px;\"><div class=\"t m0 x41 h46 y71c ff1 fs17 fc2 sc0 ls0 ws0\">Net <span class=\"_ _20\"> </span>present <span class=\"_ _20\"> </span>Value <span class=\"_ _1c\"> </span>Commodity, <span class=\"_ _1c\"> </span>Black<span class=\"_ _3\"></span>-Scholes<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 y10d8 ff1 fs17 fc2 sc0 ls0 ws0\">generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _33\"> </span>Independ<span class=\"_ _35\"></span>ent <span class=\"_ _33\"> </span>Forward, <span class=\"_ _33\"> </span>Local<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h46 y10d9 ff1 fs17 fc2 sc0 ls0 ws0\">Volatility,<span class=\"_ _0\"></span> 2-Factors Ju<span class=\"_ _0\"></span>mp Diffusi<span class=\"_ _0\"></span>on  </div></div><div class=\"c w1d7 h88\" style=\"left:391.96863px; bottom:521.41815px;\"><div class=\"t m0 x41 h12d y71c ff4 fs17 fc2 sc0 ls0 ws0\">Curve <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>d\u2019interesse, <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>spot, <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _3\"></span>e </div><div class=\"t m0 x41 h46 y10d8 ff1 fs17 fc2 sc0 ls0 ws0\">futures <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>sottostanti, <span class=\"_ _5\"></span>volatilit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>correlazioni <span class=\"_ _5\"></span>dei </div><div class=\"t m0 x41 h46 y10d9 ff1 fs17 fc2 sc0 ls0 ws0\">sottostanti<span class=\"_ _0\"></span>, volatilit\u00e0 e <span class=\"_ _0\"></span>correlazioni q<span class=\"_ _35\"></span>uanto </div></div><div class=\"c w12f h50\" style=\"left:-4.050377px; bottom:465.88214px;\"><div class=\"t m0 x41 h46 y10e4 ff1 fs17 fc2 sc0 ls0 ws0\">Credito </div></div><div class=\"c w1d5 h50\" style=\"left:149.9476px; bottom:465.88214px;\"><div class=\"t m0 x41 h46 y10e4 ff1 fs17 fc2 sc0 ls0 ws0\">Net <span class=\"_ _23\"> </span>present <span class=\"_ _23\"> </span>Value, <span class=\"_ _20\"> </span>CDS <span class=\"_ _29\"> </span>Opti<span class=\"_ _0\"></span>on <span class=\"_ _23\"> </span>(o <span class=\"_ _23\"> </span>modello </div><div class=\"t m0 x41 h46 y7cb ff1 fs17 fc2 sc0 ls0 ws0\">lognormale)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> Contingen<span class=\"_ _35\"></span>t CDS </div></div><div class=\"c w1d7 h50\" style=\"left:391.96863px; bottom:465.88214px;\"><div class=\"t m0 x41 h46 y10e4 ff1 fs17 fc2 sc0 ls0 ws0\">Probabilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>default, <span class=\"_ _18\"> </span>R<span class=\"_ _3\"></span>ecover<span class=\"_ _0\"></span>y <span class=\"_ _1c\"> </span>rate, <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h46 y7cb ff4 fs17 fc2 sc0 ls25 ws0\">dell\u2019indice di <span class=\"_ _0\"></span>credito.<span class=\"ff1 ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.43286px;\"><div class=\"t m0 x0 h2 y2be ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 y10e5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 yf00 ff4 fs0 fc0 sc0 ls0 ws0\">Come previsto dal<span class=\"_ _3\"></span>l\u2019IFRS 13, per <span class=\"_ _3\"></span>pervenire alla <span class=\"_ _3\"></span><span class=\"ff1\">determinazione del <span class=\"_ _3\"></span>fair value, i<span class=\"_ _3\"></span>l Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo considera anche </span></div><div class=\"t m0 x2a h2 y155 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019effetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inadempimento <span class=\"_ _3\"></span>(non<span class=\"_ _3\"></span><span class=\"ff1\">-performance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk) <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>sia </span></div><div class=\"t m0 x2a h2 y10e6 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>dell\u2019emittente s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>(own <span class=\"_ _3\"></span>credit </span></div><div class=\"t m0 x2a h2 y99a ff1 fs0 fc0 sc0 ls0 ws0\">risk). </div><div class=\"t m0 x2a h61 y8be ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x2a h2 y10e7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10e8 ff1 fs0 fc2 sc0 ls0 ws0\">IV. <span class=\"_ _29\"> </span>La valutazione dei prodot<span class=\"_ _0\"></span>ti strutturati di cre<span class=\"_ _0\"></span>dito </div><div class=\"t m0 x2a h2 y873 ff1 fs0 fc0 sc0 ls0 ws0\">Con ri<span class=\"_ _3\"></span>ferimento agli <span class=\"_ _3\"></span>ABS (asset <span class=\"_ _3\"></span>backed <span class=\"_ _3\"></span>securities), nel <span class=\"_ _3\"></span>caso i<span class=\"_ _3\"></span>n cui <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>disponibili prezzi significativi, s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fa ricorso<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>a </div><div class=\"t m0 x2a h2 y10e9 ff1 fs0 fc0 sc0 ls0 ws0\">tecniche <span class=\"_ _16\"> </span>di  valut<span class=\"_ _0\"></span>azione  c<span class=\"_ _0\"></span>he  t<span class=\"_ _0\"></span>engano <span class=\"_ _16\"> </span>conto <span class=\"_ _16\"> </span>di  parametri<span class=\"_ _0\"></span>  desumibili<span class=\"_ _0\"></span>  da <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>(input  d<span class=\"_ _0\"></span>i  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>2)  o, <span class=\"_ _16\"> </span>se <span class=\"_ _16\"> </span>non </div><div class=\"t m0 x2a h2 ya9c ff1 fs0 fc0 sc0 ls0 ws0\">osservabili, stimati (i<span class=\"_ _0\"></span>nput di livello 2 o 3 s<span class=\"_ _0\"></span>e non significativo o <span class=\"_ _0\"></span>significativo). <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y10ea ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>acquisiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provi<span class=\"_ _3\"></span>der <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>piattaforme <span class=\"_ _5\"></span>specializzate, <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili, <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sono </div><div class=\"t m0 x2a h32 ya9e ff4 fs0 fc0 sc0 ls0 ws0\">desunti <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>plan <span class=\"_ _5\"></span>dell\u2019operazione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dall\u2019informativa <span class=\"_ _2\"></span>periodica, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non </div><div class=\"t m0 x2a h2 yf34 ff1 fs0 fc0 sc0 ls0 ws0\">Perfoming <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>(NPL) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Unlikely <span class=\"_ _2\"></span>To <span class=\"_ _3\"></span>Pay <span class=\"_ _3\"></span>(UTP);<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>esunti <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato/info provider </div><div class=\"t m0 x2a h32 y1017 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"> </span>mercato, <span class=\"_ _4\"> </span>rafforzati <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un\u2019analisi <span class=\"_ _6\"> </span>qualitativa <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>erformance <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti <span class=\"_ _6\"> </span>desumibili <span class=\"_ _6\"> </span>dai <span class=\"_ _6\"> </span>periodici <span class=\"_ _4\"> </span>investo<span class=\"_ _0\"></span>r </div><div class=\"t m0 x2a h2 y10eb ff1 fs0 fc0 sc0 ls0 ws0\">reports <span class=\"_ _16\"> </span>e  volt<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>ad  evidenzi<span class=\"_ _0\"></span>are <span class=\"_ _16\"> </span>aspetti <span class=\"_ _16\"> </span>strutturali  n<span class=\"_ _0\"></span>on  (<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>non  pienam<span class=\"_ _0\"></span>ente) <span class=\"_ _16\"> </span>ricom<span class=\"_ _2\"></span>presi <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>analisi  preced<span class=\"_ _0\"></span>entemente </div><div class=\"t m0 x2a h2 yada ff4 fs0 fc0 sc0 ls0 ws0\">descritte, relativi <span class=\"_ _3\"></span>all\u2019effettiva <span class=\"_ _3\"></span>futura capacit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pagare <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nalisi di <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rispetto <span class=\"_ _6\"></span><span class=\"ff1\">ad a<span class=\"_ _3\"></span>ltr<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x2a h2 y104b ff1 fs0 fc0 sc0 ls0 ws0\">strutture similari. </div><div class=\"t m0 x2a h2 yaf3 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Corporate <span class=\"_ _5\"></span>Europei <span class=\"_ _2\"></span>High <span class=\"_ _6\"></span>Yield <span class=\"_ _5\"></span>(CLO <span class=\"_ _2\"></span>HY <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans) <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>Valuation </div><div class=\"t m0 x2a h2 yaf4 ff1 fs0 fc0 sc0 ls0 ws0\">technique <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>net <span class=\"_ _4\"> </span>present <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>cash <span class=\"_ _4\"> </span>flow <span class=\"_ _4\"></span>attesi, <span class=\"_ _6\"></span>determinati <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>piattaforme <span class=\"_ _6\"></span>specializzate, </div><div class=\"t m0 x2a h2 yaf5 ff1 fs0 fc0 sc0 ls0 ws0\">scontati <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _2\"></span>espressi <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _3\"></span>Nella <span class=\"_ _2\"></span>modellizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>attesi <span class=\"_ _2\"></span>futuri <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli </div><div class=\"t m0 x2a h2 yaa2 ff1 fs0 fc0 sc0 ls0 ws0\">aspetti contrattuali dei <span class=\"_ _3\"></span>CLO HY Loans che <span class=\"_ _3\"></span>possono influenzare la <span class=\"_ _3\"></span>waterfall, cio\u00e8 la <span class=\"_ _3\"></span>ripartizione dei cash flow derivanti d<span class=\"_ _3\"></span>al </div><div class=\"t m0 x2a h2 yaf7 ff1 fs0 fc0 sc0 ls0 ws0\">collaterale sulle note<span class=\"_ _0\"></span>. </div><div class=\"t m0 x2a h2 y7e3 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>affinate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>cred<span class=\"_ _2\"></span>itizie <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>sottostanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>incorporare <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>valutativi </div><div class=\"t m0 x2a h32 y94e ff4 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _5\"></span>ricompresi <span class=\"_ _2\"></span>nei <span class=\"_ _6\"></span>modelli <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>Qualitative <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Review <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>consta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019analisi </div><div class=\"t m0 x2a h2 y1018 ff1 fs0 fc0 sc0 ls0 ws0\">accurata <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>aspetti <span class=\"_ _6\"></span>creditizi <span class=\"_ _5\"></span>riguardanti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>struttura <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>essa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>HY <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>collaterale <span class=\"_ _5\"></span>presente. <span class=\"_ _6\"></span>Questa <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>lo </div><div class=\"t m0 x2a h2 yafa ff1 fs0 fc0 sc0 ls0 ws0\">scopo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>elementi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debolezza <span class=\"_ _7\"> </span>presenti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>futuri, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>emergono <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>sottostanti, <span class=\"_ _7\"> </span>che </div><div class=\"t m0 x2a h2 yafb ff1 fs0 fc0 sc0 ls0 ws0\">potrebbero <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>colti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>genzie d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pienam<span class=\"_ _3\"></span>ente <span class=\"_ _2\"></span>considerati nelle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>punto </div><div class=\"t m0 x2a h2 y5d4 ff1 fs0 fc0 sc0 ls0 ws0\">precedente. </div><div class=\"t m0 x2a h2 yafc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xaa h2 y10ec ff1 fs0 fc2 sc0 ls22 ws0\">V.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei titoli di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y2ca ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito dei titoli <span class=\"_ _0\"></span>di capitale di livello<span class=\"_ _0\"></span> 2 rientrano:<span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y1067 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>registrate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>un </span></div><div class=\"t m0 x62 h2 y4b0 ff1 fs0 fc0 sc0 ls0 ws0\">arco <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>sufficientemente <span class=\"_ _5\"></span>breve <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercat<span class=\"_ _35\"></span>o </div><div class=\"t m0 x62 h2 y10ed ff1 fs0 fc0 sc0 ls0 ws0\">costanti; </div><div class=\"t m0 x2a h2 y10ee ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli di<span class=\"_ _3\"></span> capitale valutati con metodi relativi, basati su <span class=\"_ _3\"></span>moltiplicatori: multipli implici<span class=\"_ _2\"></span>ti in transazioni avvenute su societ\u00e0<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div></div>comparabili, <span class=\"_ _3\"></span>quotate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>quotate, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _3\"></span>sufficientemente <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _3\"></span>della<span class=\"_ _90\"> </span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>costanti <span class=\"_ _5\"></span>(multipli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>M&amp;A), <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>multipli <span class=\"_ _2\"></span>impliciti <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>quotazio<span class=\"_ _5\"></span>ni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>borsa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un campione di societ\u00e0 <span class=\"_ _0\"></span>comparabili (multipli<span class=\"_ _0\"></span> di borsa). Nell\u2019ambito <span class=\"_ _2\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultando <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>significativi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>\u201c<span class=\"_ _5\"></span>relativi\u201d descritti sopra, veng<span class=\"_ _0\"></span>ono quindi utilizzati mo<span class=\"_ _0\"></span>delli<span class=\"_ _3\"></span> <span class=\"ff4\">valutativi \u201cassolut<span class=\"_ _0\"></span>i\u201d, rientrano:<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>applicati <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>analitici <span class=\"_ _3\"></span>fondat<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>flussi, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </span>valore attraverso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>o reddituali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la societ\u00e0 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>prevede <span class=\"_ _5\"></span>generi nel <span class=\"_ _3\"></span>tempo, attualizzati <span class=\"_ _3\"></span>con un tasso appropriato in<span class=\"_ _0\"></span> funzione del livell<span class=\"_ _0\"></span>o di rischio dello s<span class=\"_ _0\"></span>trumento;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>valutati s<span class=\"_ _3\"></span>ulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>NAV o <span class=\"_ _2\"></span>l\u2019Adjusted <span class=\"_ _3\"></span>Net Asset <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>(ANAV), <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>stima </span></span>il fair value delle di<span class=\"_ _0\"></span>verse componenti del patrimoni<span class=\"_ _0\"></span>o della partecipata. Eventuali <span class=\"_ _7\"> </span>valori  ri<span class=\"_ _0\"></span>tenuti <span class=\"_ _16\"> </span>rappres<span class=\"_ _0\"></span>entativi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _16\"> </span>value <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>titolo <span class=\"_ _16\"> </span>azionario <span class=\"_ _7\"> </span>derivanti <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clausole <span class=\"_ _7\"> </span>pattizie <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>esempio, opzioni) <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia del <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>second<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>dell\u2019osservabilit\u00e0 degli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzati </span>nella <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _4\"> </span>Nello <span class=\"_ _7\"> </span>specifico, <span class=\"_ _7\"> </span>se <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lausola <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d\u2019esercizio, <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>algoritmi <span class=\"_ _4\"> </span>e multipli predefiniti, il <span class=\"_ _0\"></span>titolo viene clas<span class=\"_ _0\"></span>sificato a livello 2. Il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizza <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>via <span class=\"_ _4\"> </span>residuale, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>applicabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>metodi<span class=\"_ _35\"></span> precedenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>mancanza di <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>informazioni <span class=\"_ _2\"></span><span class=\"fs9\">e <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui</span> <span class=\"_ _3\"></span>vi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>un'ampia <span class=\"_ _3\"></span>gamma d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>possibili valutazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair<span class=\"_ _0\"></span> value e non risulta p<span class=\"_ _0\"></span>ossibile individuare tra queste un val<span class=\"_ _0\"></span>ore pi\u00f9 appropriat<span class=\"_ _0\"></span>o. Nella <span class=\"_ _6\"></span>fattispecie <span class=\"_ _5\"></span>qui <span class=\"_ _6\"></span>trattata <span class=\"_ _6\"></span>rientrano <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>Partecipativi <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>le<span class=\"_ _0\"></span> caratteristiche per ess<span class=\"_ _0\"></span>ere considerati titoli di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>apitale. VI. <span class=\"_ _29\"> </span>La valutazione dei fondi <span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>ed<span class=\"lsc\">ge</span> Il <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fondo <span class=\"_ _4\"> </span>hedge <span class=\"_ _6\"> </span>corrisponde <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Net <span class=\"_ _6\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _6\"> </span>(NAV) <span class=\"_ _4\"> </span>fornito <span class=\"_ _6\"> </span>dall\u2019amministratore <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>pu\u00f2<span class=\"_ _0\"></span> essere applicato un <span class=\"_ _3\"></span>aggiustamento derivante da <span class=\"_ _3\"></span>un processo di <span class=\"_ _3\"></span>valutazione volto <span class=\"_ _3\"></span>a cogliere i <span class=\"_ _3\"></span>principali fattori d<span class=\"_ _3\"></span>i rischio ai<span class=\"_ _5\"></span> quali \u00e8 soggetta la gestio<span class=\"_ _0\"></span>ne dei fondi, ricon<span class=\"_ _0\"></span>ducibili alle due seguenti t<span class=\"_ _0\"></span>ipologie:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>(broker), <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sottoposti <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>questo </span>deleghi l\u2019attivit\u00e0 di <span class=\"_ _0\"></span>prime brokerage o di c<span class=\"_ _0\"></span>ustodian ad un <span class=\"ff1\">service provider, soggetto a risc<span class=\"_ _0\"></span>hio default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _5\"></span>illiquidit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2\"></span>illiquidi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>scarsit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quotazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _2\"></span>oppure<span class=\"_ _5\"></span> </span>per mancanza di informa<span class=\"_ _0\"></span>zioni sulle politich<span class=\"_ _0\"></span>e di valutazione utiliz<span class=\"_ _0\"></span>zate dal fondo. <span class=\"_ _3\"></span> Ta<span class=\"ls0\">li rischi sono v<span class=\"_ _3\"></span>alutati sulla base delle informazioni presenti nell<span class=\"_ _0\"></span>a documentazione ricevuta periodicamente dai gestori o </span>dagli amministratori <span class=\"_ _0\"></span>dei fondi. Il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>perino <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>predeterminata<span class=\"_ _0\"></span> soglia. VII. <span class=\"_ _29\"> </span>La valutazione dei fondi di <span class=\"_ _0\"></span>private debt Per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>Private <span class=\"_ _2\"></span>Debt <span class=\"_ _2\"></span>FIA <span class=\"_ _5\"></span>(Fondi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>Alternativi), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>autorizzazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>prevede una due <span class=\"_ _3\"></span>diligence iniziale <span class=\"_ _3\"></span>volta a v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>la policy <span class=\"_ _3\"></span>di valutazione de<span class=\"_ _3\"></span>gli asset di <span class=\"_ _3\"></span>ciascun fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le Linee Guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value. <span class=\"_ _2\"></span>Successivament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>avviene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l NAV. Il livello della g<span class=\"_ _0\"></span>erarchia del fair valu<span class=\"_ _0\"></span>e \u00e8 posto pari a 3. VIII. <span class=\"_ _29\"> </span><span class=\"ls10\">La</span> valutazione dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi di <span class=\"_ _3\"></span>private equity, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi immobiliari e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi chiusi <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>cessioni d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span> performing I  fondi <span class=\"_ _1d\"> </span>chiusi  di  private <span class=\"_ _1d\"> </span>equity  sono  di  re<span class=\"_ _3\"></span>gola  valutati  utilizzando  l\u2019ultimo <span class=\"_ _1d\"> </span>Net  Asset <span class=\"_ _1d\"> </span>Val<span class=\"_ _0\"></span>ue  approvato <span class=\"_ _1d\"> </span>dalla  S.g.r. (pubblicato <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>semestrale <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>trimestrale), <span class=\"_ _2\"></span>rettificato <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>considerare <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventi <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>verificatisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _35\"></span> data di riferimento d<span class=\"_ _0\"></span>el NAV quali: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>una transazione rilevante su un<span class=\"_ _0\"></span>a partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il fallimento o la liquidazione <span class=\"_ _0\"></span>di una partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019allineamento a quotazioni c<span class=\"_ _0\"></span>orrenti di eventuali a<span class=\"_ _0\"></span>sset quotati;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>richiami da parte del fondo e re<span class=\"_ _0\"></span>lative distribuzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> </span>I <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>immobiliari <span class=\"_ _5\"></span>chiusi <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>Net <span class=\"_ _5\"></span>Asset <span class=\"_ _5\"></span>Value <span class=\"_ _5\"></span>disponibile, <span class=\"_ _5\"></span>corretto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>richiami <span class=\"_ _5\"></span>o distribuzioni <span class=\"_ _17\"> </span>successive <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>applicand<span class=\"_ _0\"></span>o, <span class=\"_ _18\"> </span>ove <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _17\"> </span>necessario, <span class=\"_ _17\"> </span>uno <span class=\"_ _18\"> </span>sconto <span class=\"_ _17\"> </span>determinato <span class=\"_ _18\"> </span>con <span class=\"_ _17\"> </span>modello <span class=\"_ _18\"> </span>interno. <span class=\"_ _17\"> </span>In particolare <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>permette <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>Net <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cinque <span class=\"_ _4\"> </span>diverse variabili: <span class=\"_ _2\"></span>(i) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>dimensione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>S.g.<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gestisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fondo; <span class=\"_ _2\"></span>(ii) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>numerosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>sottoscrittori; <span class=\"_ _2\"></span>(iii) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>storico<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>fondo; <span class=\"_ _3\"></span>(iv) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>(v) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indebitamento. <span class=\"_ _3\"></span>Tali variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>tarate <span class=\"_ _3\"></span>diversamente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _5\"></span>distinguendo <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>core, <span class=\"_ _2\"></span>value<span class=\"_ _0\"></span> added ed opportunistici<span class=\"_ _0\"></span>. Relativamente a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>set <span class=\"_ _2\"></span>informativo <span class=\"_ _3\"></span>idoneo<span class=\"_ _2\"></span> per <span class=\"ff4\">effettuare un\u2019analisi del busi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ess plan delle posizioni po<span class=\"_ _0\"></span>ssedute del fondo, singol<span class=\"_ _0\"></span>armente o per cluster omogenei, per<span class=\"_ _35\"></span> </span>determinare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>avvale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>upporto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>esperto <span class=\"_ _5\"></span>indipendente, <span class=\"_ _5\"></span>il quale effettua, tra <span class=\"_ _3\"></span>le altre cose, un confronto andamentale dei business plan delle esposizioni sottostanti e dichiara, nella propria relazione, <span class=\"_ _0\"></span>che il fair value, determi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato dall\u2019esperto, ri<span class=\"_ _0\"></span>sulta conforme alle <span class=\"_ _0\"></span>indicazioni dei <span class=\"_ _0\"></span>principali regulators<span class=\"_ _90\"> </span>86<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Qualora <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ia possibile <span class=\"_ _3\"></span>applicare l<span class=\"_ _3\"></span>\u2019approccio poc\u2019anzi <span class=\"_ _3\"></span>richiamato, per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuato un <span class=\"_ _3\"></span>confronto <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il rendimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cbenchmark\u201d, <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>fattorizza <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>quali i)<span class=\"ls0\">  <span class=\"_ _3\"></span>le policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione del<span class=\"_ _3\"></span> fondo, <span class=\"_ _3\"></span>verificando se <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>siano o <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>compliant con <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>coerenti <span class=\"_ _3\"></span>con la <span class=\"_ _3\"></span>definizione di </span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>plan <span class=\"_ _3\"></span>aggiornato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>performance del <span class=\"_ _2\"></span>fondo rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span><span class=\"ff4\">plan <span class=\"_ _3\"></span>disponibile, <span class=\"_ _2\"></span>iii) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche dell\u2019attivo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cost o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>funding <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>mercato </span>per <span class=\"_ _3\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>liquidi, <span class=\"_ _3\"></span>v) <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>completezza ed <span class=\"_ _2\"></span>esaustivit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>messe <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>disposizione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e 86 <span class=\"_ _3\"></span><span class=\"ff4\">Cfr<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ocumento <span class=\"_ _2\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _2\"></span>d\u2019Italia/Cons<span class=\"_ _3\"></span>ob/Ivass <span class=\"_ _2\"></span>n.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>\u201cTrattamento <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bil<span class=\"_ _3\"></span>ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>ope<span class=\"_ _3\"></span>razioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span></span>-soluto <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _2\"></span>unlikely <span class=\"_ _2\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambio <span class=\"_ _2\"></span>di quote di fondi di i<span class=\"_ _3\"></span>nvestimento\u201d, pu<span class=\"_ _3\"></span>bblicato nell\u2019april<span class=\"_ _3\"></span>e 2020.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>vi) <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span><span class=\"ff4\">estione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo. <span class=\"_ _7\"> </span>Ove <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>atteso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>\u201cbenchmark\u201d <span class=\"_ _4\"> </span>cos\u00ec </span>definito, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>NAV <span class=\"_ _2\"></span>comunicato <span class=\"_ _2\"></span>dalla <span class=\"_ _6\"></span>SGR <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>assunto <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue; <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>\u201cbenchmark\u201d <span class=\"_ _5\"></span>risulti superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>fond<span class=\"_ _3\"></span>o, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>NAV <span class=\"_ _2\"></span>ridotto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>tiene conto <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>\u201cbenchmark\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rendimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>vita <span class=\"_ _4\"> </span>media <span class=\"_ _6\"> </span>residua <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"></span>stesso (Weighted Average <span class=\"_ _0\"></span>Life o WAL). La valutazione delle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 finanziari<span class=\"_ _0\"></span>e non valutate al fair valu<span class=\"_ _0\"></span>e su base ricorr<span class=\"_ _0\"></span>ente<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>Infine, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>attivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivi <span class=\"_ _7\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzato, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>soli<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>fini informativi di nota int<span class=\"_ _0\"></span>egrativa, si precisa: -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>i<span class=\"_ _3\"></span>l fair value dei titoli ob<span class=\"_ _0\"></span>bligazionari viene <span class=\"_ _0\"></span>determinato applicand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le medesime meto<span class=\"_ _0\"></span>dologie esposte in prece<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enza;<span class=\"_ _2\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>attivi<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>passivi <span class=\"_ _16\"> </span>a  m<span class=\"_ _35\"></span>edio  e <span class=\"_ _7\"> </span>lungo <span class=\"_ _16\"> </span>termine  v<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>effettuata </span>attraverso <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019attualizzazio<span class=\"ff1\">ne <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"></span>basata <span class=\"_ _4\"></span>sul <span class=\"_ _4\"></span>discount <span class=\"_ _6\"></span>rate <span class=\"_ _4\"> </span>adjustment <span class=\"_ _4\"> </span>approach, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>i </span>fattori di rischio cr<span class=\"_ _0\"></span>editizio siano considerati <span class=\"_ _0\"></span>nel tasso di attuali<span class=\"_ _0\"></span>zzazione dei cash fl<span class=\"_ _0\"></span>ow futuri;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"></span>periodo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bi<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>ncio <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>assunto <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>ragionevole <span class=\"_ _4\"></span>approssimazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el </span>fair value. Per maggiori inform<span class=\"_ _0\"></span>azioni si fa rinvio a qua<span class=\"_ _0\"></span>nto riportato nel parag<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>afo A.4.5.4.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziari<span class=\"_ _0\"></span>e valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>3, l\u2019<span class=\"_ _3\"></span>informativa <span class=\"_ _3\"></span>quantitativa s<span class=\"_ _3\"></span>ugli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>va<span class=\"_ _5\"></span><span class=\"ff1\">lutazione <span class=\"_ _3\"></span>del </span>fair value. (migliaia di euro) Attivit\u00e0/passivit\u00e0 finanziarie Tecnica  di  valutazione Principali input non osservabili Valore minimo del range di variazione Valore massimo del range di variazione Unit\u00e0 Cambiamenti  di FV  favorevoli Cambiamenti  di FV  sfavorevoli Titoli e Finanziamenti Discounting Cash Flows Credit Spread -3 6 % 7.409 -11.764 Titoli e Finanziamenti strutturati  JD model JD parameters -<span class=\"ls1c\">37</span> 13<span class=\"ls0\"> </span>% 134<span class=\"ls0\"> </span>-<span class=\"ls1c\">192</span> Titoli e Finanziamenti strutturati  Modello a due fattori di tasso Correlazione -<span class=\"ls1c\">26</span> 32<span class=\"ls0\"> </span>% 4.871 -3.413 ABS<span class=\"ls0\"> </span>Discounting Cash Flows Credit Spread -1 3 % 611<span class=\"ls0\"> </span>-<span class=\"ls1c\">832</span> CLO Cash Discounting Cash Flows Credit Spread -6 6 % 503<span class=\"ls0\"> </span>-<span class=\"ls1c\">523</span> Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Loss Given Default Rate (LGD) - 100<span class=\"ls0\"> </span>% 3.388 -2.315 Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Probabilit\u00e0 di default (PD) in funzione del rating interno della controparte CCC<span class=\"ls0\"> </span>A Rating interno 44<span class=\"ls0\"> </span>-<span class=\"ls1c\">78</span> Derivati OTC - Equity basket option Modello di Black - Scholes Correlazione in basket equity -11,16 87,39 % 517<span class=\"ls0\"> </span>-<span class=\"ls1c\">759</span> Derivati OTC - Equity option Modello di Black - Scholes Volatilit\u00e0 storica 8,21 76,17 % 967<span class=\"ls0\"> </span>-1.524 Derivati OTC - Equity option Modello di Marshall Olkin Correlazione storica 2,44 47,95 % 66<span class=\"ls0\"> </span>-<span class=\"ls1c\">43</span> Derivati OTC - Spread option su tassi swap Modello Lognormale bivariato Correlazione tra tassi swap -71,70 71,04 % 0 -1 A.4.2 Processi e sensibilit\u00e0 delle valutazioni   Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>descrizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>valu<span class=\"_ _3\"></span>tativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>livelli <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>in <span class=\"_ _7\"> </span>manier<span class=\"_ _0\"></span>a ricorrente e non ricorre<span class=\"_ _0\"></span>nte, si rinvia a quant<span class=\"_ _0\"></span>o riportato, rispettiv<span class=\"_ _0\"></span>amente, nei parag<span class=\"_ _0\"></span>rafi A.4.1 e A.4.5.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _7\"> </span>fai<span class=\"_ _0\"></span>r value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>camb<span class=\"_ _3\"></span>iamento <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili <span class=\"_ _2\"></span>significativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di valutazione <span class=\"_ _16\"> </span>impiegate <span class=\"_ _7\"> </span>per  la <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value. <span class=\"_ _16\"> </span>Si <span class=\"_ _16\"> </span>precisa <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alorizzati <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oltanto <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effetti<span class=\"_ _35\"></span> complessivamente materia<span class=\"_ _0\"></span>li a fine esercizio. Attivit\u00e0/passivit<span class=\"_ _3\"></span>\u00e0 finanziarie Parametri non o<span class=\"_ _3\"></span>sservabili Sensitivity<span class=\"_ _3\"></span> (migliaia di euro) Variazione parametro non osservabile<span class=\"_ _3\"></span> Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Credit spread -576 1 bp Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I  JD parameters<span class=\"_ _3\"></span> -<span class=\"ls1b\">10</span> 1%<span class=\"ls0\"> </span>Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Correlazione<span class=\"_ _3\"></span> 157<span class=\"ls0\"> </span>1%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Correlazione tra s<span class=\"_ _3\"></span>ottostanti basket <span class=\"_ _3\"></span>equity 218<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Volatilit\u00e0 storica<span class=\"_ _3\"></span> -1.076 10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity CPPI Correlazione storic<span class=\"_ _3\"></span>a -<span class=\"ls1b\">24</span> 10%<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-181.60474px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">A.4.3. Gerarchia del fair value (trasferimenti tra i diversi livelli) </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>descrizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>adottati <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>stabilire <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>verificano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>diversi <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>della </div><div class=\"t m0 x0 h19 y413 ff4 fs0 fc0 sc0 ls0 ws0\">gerarchia del fair val<span class=\"_ _0\"></span>ue (cfr. IFRS 13, <span class=\"_ _0\"></span>par.95) si rimanda a qua<span class=\"_ _0\"></span>nto descritto in prec<span class=\"_ _0\"></span>edenza (cfr. \u201cGer<span class=\"_ _0\"></span>archia del fair value\u201d)<span class=\"_ _3\"></span><span class=\"ff1\">.<span class=\"ff5 fs9 fc2\"> </span></span></div><div class=\"t m0 x0 h19 y10f9 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y10fa ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y10fb ff5 fs9 fc2 sc0 ls0 ws0\">A.4.4. Altre informazioni </div><div class=\"t m0 x0 h2 y706 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span>ascuna <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>CVA </div><div class=\"t m0 x0 h2 y10fc ff1 fs0 fc0 sc0 ls0 ws0\">(per maggiori dettagli in merito alla valuta<span class=\"_ _0\"></span>zione dei derivati si rimanda al precede<span class=\"_ _0\"></span>nte paragrafo A.4.1). Il Gruppo non si avvale,<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y10fd ff4 fs0 fc0 sc0 ls0 ws0\">invece, per<span class=\"_ _3\"></span> altre <span class=\"_ _3\"></span>fattispecie, della <span class=\"_ _3\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>prevista dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>par. <span class=\"_ _5\"></span>48, che <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di \u201cvalutare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>gruppo </div><div class=\"t m0 x0 h2 yb7a ff1 fs0 fc0 sc0 ls0 ws0\">di  attivi<span class=\"_ _0\"></span>t\u00e0  e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _16\"> </span>sulla  bas<span class=\"_ _0\"></span>e  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _16\"> </span>che  s<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  per<span class=\"_ _0\"></span>cepirebbe <span class=\"_ _16\"> </span>dalla  vendi<span class=\"_ _0\"></span>ta  di<span class=\"_ _0\"></span>  una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>osizione <span class=\"_ _16\"> </span>netta  lung<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y10fe ff1 fs0 fc0 sc0 ls0 ws0\">(ossia <span class=\"ff4\">un\u2019attivit\u00e0) <span class=\"_ _7\"> </span>per  un<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>particolare <span class=\"_ _16\"> </span>esposizione <span class=\"_ _7\"> </span>al  ris<span class=\"_ _0\"></span>chio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>trasferim<span class=\"_ _3\"></span><span class=\"ff1\">ento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>posizione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>corta <span class=\"_ _16\"> </span>(ossia <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na </span></span></div><div class=\"t m0 x0 h2 yb39 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0)  per  u<span class=\"_ _3\"></span>na  particolare  esposizione <span class=\"_ _1d\"> </span>al  rischio  in <span class=\"_ _1d\"> </span>una  regolare <span class=\"_ _1d\"> </span>operazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>tra  operatori  di <span class=\"_ _1d\"> </span>mercato  alla  d<span class=\"_ _3\"></span>ata  di </div><div class=\"t m0 x0 h2 y10ff ff4 fs0 fc0 sc0 ls0 ws0\">valutazione, alle con<span class=\"_ _0\"></span>dizioni di mercato c<span class=\"_ _0\"></span>orrenti\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1100 ff5 fs12 fc2 sc0 ls0 ws0\">Principi generali Independent Price Ver<span class=\"_ _3\"></span>ification<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y381 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>indipendente <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi, <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _4\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y382 ff1 fs0 fc0 sc0 ls0 ws0\">Regole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Verifica <span class=\"_ _7\"> </span>Indipendente <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _4\"> </span>documenti <span class=\"_ _7\"> </span>coordinati <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cura <span class=\"_ _16\"> </span>della <span class=\"_ _4\"> </span>Direzione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _4\"> </span>Market <span class=\"_ _7\"> </span>and </div><div class=\"t m0 x0 h2 y383 ff1 fs0 fc0 sc0 ls16 ws0\">Fi<span class=\"ls0\">nancial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>estende <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo </span></div><div class=\"t m0 x0 h2 y384 ff1 fs0 fc0 sc0 ls0 ws0\">Bancario oggetto di co<span class=\"_ _0\"></span>nsolidamento.  </div><div class=\"t m0 x0 h2 y385 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Verifica Indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Prezzi\u201d, previo <span class=\"_ _3\"></span>parere <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Co<span class=\"_ _3\"></span>mitato Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo, sono </span></div><div class=\"t m0 x0 h2 y386 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>revisione <span class=\"_ _7\"> </span>ed  a<span class=\"_ _0\"></span>pprovazione <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>frequenza <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>annuale  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>del  Consigli<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Amministrazione, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>il </div><div class=\"t m0 x0 h2 y387 ff1 fs0 fc0 sc0 ls0 ws0\">supporto del Comitato Rischi e Sos<span class=\"_ _3\"></span>tenibilit\u00e0. Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole di Verifica Indipendente dei Prezzi (Ind<span class=\"_ _3\"></span></span>ependent Price Verification) di </div><div class=\"t m0 x0 h2 y1101 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello\u201d sono <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>pprovazione con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Comitato Rischi <span class=\"_ _3\"></span>Finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y389 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ci\u00f2 <span class=\"_ _4\"></span>specificament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>delegato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _4\"></span>Organi <span class=\"_ _4\"></span>Amministrativ<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>esamina <span class=\"_ _4\"></span>altres\u00ec <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>inte<span class=\"_ _5\"></span>rventi <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y8de ff1 fs0 fc0 sc0 ls0 ws0\">materialmente rileva<span class=\"_ _0\"></span>nti, la cui proposta c<span class=\"_ _0\"></span>ompete alla Direzione <span class=\"_ _0\"></span>Centrale Market and Fin<span class=\"_ _0\"></span>ancial Risk Management<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y27e ff1 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>575/2013 <span class=\"_ _5\"></span>(Capital<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Requirement <span class=\"_ _5\"></span>Regulatio<span class=\"_ _0\"></span>n <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _5\"></span>art. <span class=\"_ _2\"></span>4, <span class=\"_ _5\"></span>par. <span class=\"_ _5\"></span>1.70 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>105, </div><div class=\"t m0 x0 h2 y38b ff1 fs0 fc0 sc0 ls0 ws0\">par. <span class=\"_ _1d\"> </span>8  il <span class=\"_ _1d\"> </span>Gruppo  Intesa  Sanpaolo <span class=\"_ _1d\"> </span>disciplina  il  processo <span class=\"_ _1d\"> </span>di  verifica  Indipendente  dei <span class=\"_ _1d\"> </span>Prezzi  (<span class=\"_ _3\"></span>IPV <span class=\"_ _17\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Independent<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Price<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y38c ff1 fs0 fc0 sc0 ls0 ws0\">Verification), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>consiste <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>verifica <span class=\"_ _16\"> </span>regolare <span class=\"_ _7\"> </span>dell'esattezza <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dell'indipendenz<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y38d ff1 fs0 fc0 sc0 ls0 ws0\">finanziari o dei<span class=\"_ _3\"></span> d<span class=\"ff4\">ati <span class=\"_ _3\"></span>immessi nei modelli di <span class=\"_ _3\"></span>pricing, effettuata da un\u2019unit\u00e0 organizzativa indipendente dalle funzioni <span class=\"_ _3\"></span>di business, </span></div><div class=\"t m0 x0 h2 y38e ff4 fs0 fc0 sc0 ls0 ws0\">con frequenza commisur<span class=\"_ _0\"></span>ata all\u2019attivit\u00e0 di neg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ziazione svolta e <span class=\"_ _0\"></span>alla natura del merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y38f ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha strutturato un p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>IPV <span class=\"_ _3\"></span>articolato su 3 livelli <span class=\"_ _3\"></span>di controllo coerentemente con quanto indicato </div><div class=\"t m0 x0 h2 y390 ff4 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _6\"> </span>Circolare <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _6\"> </span>285/2013 <span class=\"_ _4\"> </span>(Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>igilanza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>banche), <span class=\"_ _4\"> </span>recepita <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>Sistema <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>Controlli <span class=\"_ _6\"></span>Interni<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y391 ff4 fs0 fc0 sc0 ls0 ws0\">Integrati, che <span class=\"_ _3\"></span>richiede l\u2019integrazione dei <span class=\"_ _3\"></span>processi di <span class=\"_ _5\"></span><span class=\"ff1\">gestione dei rischi <span class=\"_ _3\"></span>con i <span class=\"_ _3\"></span>processi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>metodologie di v<span class=\"_ _3\"></span>alutazione, anche a </span></div><div class=\"t m0 x0 h2 y1102 ff1 fs0 fc0 sc0 ls0 ws0\">fini contabili, delle <span class=\"_ _0\"></span>attivit\u00e0 aziendali. </div><div class=\"t m0 x0 h2 y393 ff1 fs0 fc0 sc0 ls0 ws0\">In ambito IPV le funzio<span class=\"_ _0\"></span>ni di controllo di I, <span class=\"_ _0\"></span>II e III livello hann<span class=\"_ _0\"></span>o le seguenti respon<span class=\"_ _0\"></span>sabilit\u00e0 principali:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1103 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a  funzione <span class=\"_ _16\"> </span>di  controllo  di <span class=\"_ _16\"> </span>I  l<span class=\"_ _3\"></span>ivello  parte<span class=\"_ _0\"></span>cipa  alla <span class=\"_ _16\"> </span>definizione  del  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>adro  di  r<span class=\"_ _0\"></span>iferimento  met<span class=\"_ _0\"></span>odologico  ed <span class=\"_ _16\"> </span>effettua  le </span></div><div class=\"t m0 x2a h2 y395 ff1 fs0 fc0 sc0 ls0 ws0\">implementazioni ed i c<span class=\"_ _0\"></span>ontrolli di I livello, <span class=\"_ _0\"></span>riportando gli esiti <span class=\"_ _0\"></span>al business e alle funzi<span class=\"_ _0\"></span>oni di controllo <span class=\"_ _0\"></span>di II livello;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y396 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>II <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>definis<span class=\"_ _3\"></span><span class=\"ff4\">ce <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>controllo, <span class=\"_ _2\"></span>garantisc<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>l\u2019allineamento </span></span></div><div class=\"t m0 x2a h2 y397 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>normative <span class=\"_ _1d\"> </span>vigenti <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>coerenza <span class=\"_ _1d\"> </span>fra <span class=\"_ _1d\"> </span>controlli <span class=\"_ _1d\"> </span>IPV, <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>aggiustamenti  s<span class=\"_ _3\"></span>upplementari <span class=\"_ _1d\"> </span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y398 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>(AVA) <span class=\"_ _3\"></span>(effettuati, <span class=\"_ _3\"></span>rispettivamente, sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari </div><div class=\"t m0 x2a h2 y399 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _5\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Prudente <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value) <span class=\"_ _5\"></span>supervisiona <span class=\"_ _5\"></span>i </div><div class=\"t m0 x2a h2 y39a ff1 fs0 fc0 sc0 ls0 ws0\">controlli di I livello <span class=\"_ _0\"></span>ed effettua i contr<span class=\"_ _0\"></span>olli di II livello; </div><div class=\"t m0 x0 h2 y1104 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>effettua <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>interna, <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>violazioni <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x2a h32 y39c ff4 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _6\"> </span>regolamentazione <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutare <span class=\"_ _6\"></span>periodicamente <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>completezza, <span class=\"_ _5\"></span>l\u2019<span class=\"_ _3\"></span>adeguatezza, <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>funzionalit\u00e0 <span class=\"_ _5\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _5\"></span>di </div><div class=\"t m0 x2a h2 y56b ff1 fs0 fc0 sc0 ls0 ws0\">efficienza ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffica<span class=\"ff4\">cia) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019affidabilit\u00e0 della <span class=\"_ _3\"></span>struttura o<span class=\"_ _3\"></span>rganizzativa delle <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>componenti del <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>interni e </span></div><div class=\"t m0 x2a h2 y39e ff4 fs0 fc0 sc0 ls0 ws0\">del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a livello di Grupp<span class=\"_ _0\"></span>o, con cadenza prefissa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a in relazione alla <span class=\"_ _0\"></span>natura e all\u2019intensit\u00e0<span class=\"_ _0\"></span> dei rischi.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1105 ff1 fs0 fc0 sc0 ls0 ws0\">I controlli IPV di <span class=\"_ _3\"></span>I e I<span class=\"_ _3\"></span>I livello sono controlli di tipo qualitativo e quantitativo e si distinguono in base alla tipologia degli strumenti </div><div class=\"t m0 x0 h2 ybf7 ff1 fs0 fc0 sc0 ls0 ws0\">sottoposti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>controllo. Si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicano coerentemente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>sottostanti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni, sia <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazioni s<span class=\"_ _5\"></span>tesse, <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y56f ff1 fs0 fc0 sc0 ls0 ws0\">garantiscono <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>sistemi. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _2\"></span>da </div><div class=\"t m0 x0 h32 y1106 ff4 fs0 fc0 sc0 ls0 ws0\">completezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>adeguatezza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione, <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sovrapposizioni<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>complementariet\u00e0 <span class=\"_ _5\"></span>nell\u2019esecuzio<span class=\"_ _0\"></span>ne. </div><div class=\"t m0 x0 h2 y571 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>PV <span class=\"_ _2\"></span>utilizzano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>possibile, <span class=\"_ _2\"></span>appositi <span class=\"_ _5\"></span>applicativi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _2\"></span>informatiche, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consentono </div><div class=\"t m0 x0 h2 y1107 ff1 fs0 fc0 sc0 ls0 ws0\">analisi dati estensive<span class=\"_ _0\"></span> con frequenza anche gi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rnaliera. In partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1108 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>validazione <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span><span class=\"ff4\">dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>inseriti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basano <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un\u2019analisi<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y574 ff1 fs0 fc0 sc0 ls0 ws0\">approfondita dei dati ottenuti da provider esterni. Nel caso in <span class=\"_ _3\"></span>cui, a seguito dei c<span class=\"_ _3\"></span>ontrolli di I livello, per il dato <span class=\"_ _3\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _3\"></span>nei </div><div class=\"t m0 x2a h2 y1109 ff1 fs0 fc0 sc0 ls0 ws0\">sistemi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gistri <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>superamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>determinate <span class=\"_ _6\"></span>soglie, <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>omunque <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>dato <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>ritenuto <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"></span>di </div><div class=\"t m0 x2a h2 y576 ff1 fs0 fc0 sc0 ls0 ws0\">controllo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>I <span class=\"_ _2\"></span>livello, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>(challenge) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> </div><div class=\"t m0 x2a h2 y110a ff1 fs0 fc0 sc0 ls0 ws0\">controllo di II livell<span class=\"_ _0\"></span>o, compatibilmente con<span class=\"_ _0\"></span> il grado di comples<span class=\"_ _0\"></span>sit\u00e0 d<span class=\"_ _3\"></span>ella segnalazione;  </div><div class=\"t m0 x0 h2 y577 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>caratterizzati da <span class=\"_ _3\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>complementariet\u00e0 nell\u2019esecuzione <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>live<span class=\"_ _5\"></span></span>llo e </span></div><div class=\"t m0 x2a h2 y1fd ff4 fs0 fc0 sc0 ls0 ws0\">volti <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>l\u2019allineamento <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _7\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabili, <span class=\"_ _7\"> </span>basandosi <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>un\u2019analisi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprofon<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x2a h2 y579 ff1 fs0 fc0 sc0 ls0 ws0\">consenso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultassero <span class=\"_ _3\"></span>disponibili, <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>icing <span class=\"_ _3\"></span>associati </div><div class=\"t m0 x2a h2 y110b ff1 fs0 fc0 sc0 ls0 ws0\">ai rispettivi strumenti.  </div><div class=\"t m0 x0 h2 y110c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"> </span>risultanze <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>IPV <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>analizzate, <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>coordinate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Tavolo <span class=\"_ _4\"> </span>Valutaz<span class=\"_ _2\"></span>ioni <span class=\"_ _4\"> </span>Finanziarie, <span class=\"_ _4\"> </span>organo <span class=\"_ _4\"> </span>tecnico </div><div class=\"t m0 x0 h2 y110d ff4 fs0 fc0 sc0 ls0 ws0\">appositamente <span class=\"_ _6\"> </span>costituito, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>favorire <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019integrazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>confronto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>business <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>funzion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y110e ff1 fs0 fc0 sc0 ls0 ws0\">controllo. </div><div class=\"t m0 x0 h2 y57e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y110f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1110 ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>Principi generali prudent value<span class=\"_ _3\"></span> Il quadro <span class=\"_ _3\"></span>delle valutazioni <span class=\"_ _3\"></span>finanziarie si completa con <span class=\"_ _3\"></span>la Valutazione Prudente delle p<span class=\"_ _3\"></span>oste valutate al f<span class=\"_ _3\"></span>air value, che <span class=\"_ _3\"></span>prevede il calcolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>valutazioni, <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>soli <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>prudenziali <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>impatti s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>ai<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>contabili in accordo con i principi IFRS<span class=\"_ _0\"></span>. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>prudente <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>attraverso <span class=\"_ _5\"></span>le<span class=\"_ _5\"></span> Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _2\"></span>Prudente <span class=\"_ _2\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predispos<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>cura della Direzione <span class=\"_ _3\"></span>Centrale Market and <span class=\"_ _3\"></span>Financial Risk <span class=\"_ _3\"></span>Management e <span class=\"_ _3\"></span>la cui <span class=\"_ _3\"></span>applicazione si estende <span class=\"_ _3\"></span>alla Capogruppo e <span class=\"_ _3\"></span>a tutte <span class=\"_ _3\"></span>le controllate appartenent<span class=\"_ _0\"></span>i al Gruppo Banc<span class=\"_ _0\"></span>ario oggetto di consoli<span class=\"_ _35\"></span>damento. <span class=\"_ _2\"></span> Le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Valutazione <span class=\"_ _6\"></span>Prudente <span class=\"_ _6\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d, <span class=\"_ _4\"> </span>previo <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>favorevole <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Co<span class=\"_ _3\"></span>mitato <span class=\"_ _6\"> </span>Rischi <span class=\"_ _4\"> </span>Finanziari <span class=\"_ _5\"></span>di Gruppo, sono oggetto di revi<span class=\"_ _0\"></span>sione ed approvazione con freq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>enza almeno annual<span class=\"_ _0\"></span>e da parte del Consiglio di Amminist<span class=\"_ _0\"></span>razione, con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>supporto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Comitato <span class=\"_ _7\"> </span>Rischi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Sostenibilit\u00e0. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Valutazione <span class=\"_ _7\"> </span>Prudente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d <span class=\"_ _7\"> </span>sono </span>oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>revisione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec  gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>aggiornamenti <span class=\"_ _7\"> </span>materialmente<span class=\"_ _0\"></span> rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Secondo <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(Capital <span class=\"_ _5\"></span>Requirement <span class=\"_ _2\"></span>Regulation <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>prudente comporta <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifiche <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>supplementari <span class=\"_ _2\"></span>(Additional <span class=\"_ _2\"></span>Valuation <span class=\"_ _2\"></span>Adjustment <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>AVA) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti finanziari <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>vo<span class=\"_ _3\"></span>lti <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>intercettare <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>incertezza <span class=\"_ _5\"></span>valutativa <span class=\"_ _6\"></span>garantendo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>raggiungimento <span class=\"_ _7\"> </span>di <span class=\"_ _6\"></span>un adeguato <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>posizioni. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>AVA <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>detratto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>primario<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di classe 1, senza imp<span class=\"_ _0\"></span>atto sul fair value <span class=\"_ _0\"></span>contabile. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>criteri i<span class=\"_ _3\"></span>ndicati nel <span class=\"_ _2\"></span>Regolamen<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(UE) 2<span class=\"_ _3\"></span>016/101, \u00e8 <span class=\"_ _2\"></span>soggetto all\u2019applicazione </span>del <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>degli <span class=\"_ _4\"></span>AVA <span class=\"_ _5\"></span>sia <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>individuale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>osizioni<span class=\"_ _2\"></span> valutate al fair value.<span class=\"_ _0\"></span> In particolare sono <span class=\"_ _0\"></span>considerati i seguenti A<span class=\"_ _35\"></span>VA:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato: <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>l'incertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>calcolato <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>livello <span class=\"_ _1d\"> </span>di </span>esposizione oggetto <span class=\"_ _0\"></span>di valutazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti di chiusura: r<span class=\"_ _0\"></span>appresenta l'incerte<span class=\"_ _0\"></span>zza del prezzo di uscit<span class=\"_ _0\"></span>a calcolato a livell<span class=\"_ _0\"></span>o di esposizione <span class=\"_ _0\"></span>oggetto<span class=\"_ _2\"></span> di valutazione; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi di modello: tiene conto del<span class=\"_ _0\"></span> rischio del modello di valutazione che deriva dalla pote<span class=\"_ _0\"></span>nziale esistenza di una gamma di<span class=\"_ _0\"></span> </span>diversi modelli o<span class=\"_ _3\"></span> calibrature di <span class=\"_ _3\"></span>modelli utilizzati <span class=\"_ _3\"></span>dai partecipanti al <span class=\"_ _3\"></span>mercato e <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>mancanz<span class=\"_ _0\"></span>a d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>prezzo di <span class=\"_ _6\"></span>uscita solido per il prodotto spe<span class=\"_ _0\"></span>cifico in fase di valut<span class=\"_ _0\"></span>azione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>ifferenziali <span class=\"_ _26\"> </span>creditizi <span class=\"_ _26\"> </span>non <span class=\"_ _26\"> </span>r<span class=\"_ _3\"></span>ealizzati: <span class=\"_ _26\"> </span>rappresenta <span class=\"_ _26\"> </span>l'incertezza <span class=\"_ _26\"> </span>della <span class=\"_ _26\"> </span>valutazione <span class=\"_ _26\"> </span>nell'aggiustamento <span class=\"_ _26\"> </span>necessario </span>conformemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>disciplina <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>applicabile, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>includere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di default della controp<span class=\"_ _0\"></span>arte riguardo a po<span class=\"_ _0\"></span>sizioni su derivati; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>finanziamento: <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>l'incertezza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _5\"></span>(funding) </span>utilizzati in sede di v<span class=\"_ _0\"></span>alutazione del prezzo di uscita c<span class=\"_ _0\"></span>onformemente alla disc<span class=\"_ _0\"></span>iplina contabile ap<span class=\"_ _0\"></span>plicabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>osizioni concentr<span class=\"_ _0\"></span>ate: rappresenta l\u2019in<span class=\"_ _0\"></span>certezza relativa al <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rezzo di uscita d<span class=\"_ _0\"></span>elle posizioni definit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> come concentrat<span class=\"_ _0\"></span>e;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti a<span class=\"_ _3\"></span>mministrativi futuri: considera <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi amministra<span class=\"_ _3\"></span>tivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di copertura <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>delle e<span class=\"_ _3\"></span>sposizion<span class=\"_ _0\"></span>i </span>oggetto di valutazi<span class=\"_ _0\"></span>one per le quali non \u00e8 applic<span class=\"_ _0\"></span>ato un prezzo di <span class=\"_ _0\"></span>uscita diretto per gli AV<span class=\"_ _0\"></span>A per le posizioni<span class=\"_ _0\"></span> concentrate;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>hiusure anticipate delle p<span class=\"_ _3\"></span>osizioni: considera le <span class=\"_ _3\"></span>potenziali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>perdite derivanti dalle <span class=\"_ _3\"></span>chiusure anticipate non contrattuali <span class=\"_ _3\"></span>delle </span>posizioni di negoziaz<span class=\"_ _0\"></span>ione dei clienti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>operativi: <span class=\"_ _2\"></span>considera <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>sostenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>ai </span>processi di valutazio<span class=\"_ _0\"></span>ne. Il<span class=\"ls0\"> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _2\"></span>prudente <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uscita <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>izione <span class=\"_ _3\"></span>(\u201cexit <span class=\"_ _3\"></span>price\u201d) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>90%. <span class=\"_ _2\"></span>Laddov<span class=\"_ _5\"></span></span><span class=\"lsc\">e </span></span>possibile, <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>stribuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>exit <span class=\"_ _2\"></span>price <span class=\"_ _3\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>rcato. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span>tri <span class=\"_ _2\"></span>casi viene utilizzato un appr<span class=\"_ _0\"></span>occio basato s<span class=\"_ _0\"></span>u esperti, facendo rif<span class=\"_ _0\"></span>erimento alle inform<span class=\"_ _0\"></span>azioni qualitative <span class=\"_ _0\"></span>e quantitative disp<span class=\"_ _0\"></span>onibili<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il valore di AVA associato all<span class=\"_ _0\"></span>a singola posizione ed all<span class=\"_ _0\"></span>a singola fonte di incert<span class=\"_ _0\"></span>ezza valutativa corrisponde qui<span class=\"_ _0\"></span>ndi alla d<span class=\"_ _2\"></span>ifferenza fra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>prudente <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>\u2019AVA <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ottiene <span class=\"_ _4\"> </span>aggregando <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>singoli <span class=\"_ _4\"> </span>AVA <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>corrispondenti coefficienti di ponder<span class=\"_ _0\"></span>azione.  Le <span class=\"_ _3\"></span>\u201cRegole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Valutazione Prudente <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari\u201d declinano, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>AVA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione ed <span class=\"_ _2\"></span>interpretazio<span class=\"_ _0\"></span>ne, </span>il perimetro di applic<span class=\"_ _0\"></span>azione, i dati di input <span class=\"_ _0\"></span>e la metodologia <span class=\"_ _0\"></span>dettagliata di calcolo p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r ciascuna classe di<span class=\"_ _0\"></span> strumenti finanz<span class=\"_ _2\"></span>iari.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-168.78284px;\"><div class=\"t m0 x0 h15 y374 ff5 fs8 fc2 sc0 ls0 ws0\">FAIR VA<span class=\"_ _0\"></span>LUE DEL P<span class=\"_ _35\"></span>ATR<span class=\"_ _3\"></span>IMO<span class=\"_ _0\"></span>NIO IMMO<span class=\"_ _0\"></span>BILIARE E <span class=\"_ _35\"></span>DEL PATRIMONIO<span class=\"_ _0\"></span> ARTIS<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ICO DI P<span class=\"_ _0\"></span>REGIO </div><div class=\"t m0 x0 h57 yb51 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yb52 ff5 fs12 fc2 sc0 ls0 ws0\">Fair value del patrimonio immobiliare<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1112 ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>ampiamente <span class=\"_ _18\"> </span>il<span class=\"_ _3\"></span>lustrato <span class=\"_ _18\"> </span>nella <span class=\"_ _1c\"> </span>prima <span class=\"_ _18\"> </span>parte <span class=\"_ _1c\"> </span>relativa<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>alle <span class=\"_ _18\"> </span>politiche <span class=\"_ _1c\"> </span>contabili, <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>adotta <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>criterio <span class=\"_ _18\"> </span>della </div><div class=\"t m0 x0 h2 y1113 ff1 fs0 fc0 sc0 ls0 ws0\">rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _2\"></span>funzionale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabilizzat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>principio </div><div class=\"t m0 x0 h2 y4bd ff1 fs0 fc0 sc0 ls0 ws0\">IAS 16 e del fair value <span class=\"_ _0\"></span>per gli immobili di <span class=\"_ _0\"></span>investimento contabili<span class=\"_ _0\"></span>zzati in base al <span class=\"_ _0\"></span>principio IAS 40.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 y1114 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y887 ffa fs0 fc2 sc0 ls0 ws0\">Metodologia di valutazion<span class=\"_ _0\"></span>e del patrimonio immobilia<span class=\"_ _0\"></span>re  </div><div class=\"t m0 x0 h2 y1115 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>metodo della rideterminazione del <span class=\"_ _3\"></span>valore applicato agli <span class=\"_ _3\"></span>immobili ad uso <span class=\"_ _3\"></span>funzionale prevede <span class=\"_ _3\"></span>che le <span class=\"_ _3\"></span>attivit\u00e0 materiali, il <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>ui fa<span class=\"_ _3\"></span>ir </div><div class=\"t m0 x0 h2 y342 ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attendibilment<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato, <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ideterminato, <span class=\"_ _3\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _7\"> </span>della </div><div class=\"t m0 x0 h2 yf0 ff1 fs0 fc0 sc0 ls0 ws0\">rideterminazione di val<span class=\"_ _0\"></span>ore al netto degli amm<span class=\"_ _0\"></span>ortamenti e dell<span class=\"_ _0\"></span>e eventuali perdit<span class=\"_ _0\"></span>e per riduzione di <span class=\"_ _0\"></span>valore accumulate. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y343 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>scelto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y344 ff1 fs0 fc0 sc0 ls0 ws0\">secondo il quale, succ<span class=\"_ _0\"></span>essivamente alla rile<span class=\"_ _0\"></span>vazione iniziale, t<span class=\"_ _0\"></span>utti gli investimenti imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari sono valutat<span class=\"_ _0\"></span>i al fair value.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y345 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y346 ffa fs0 fc2 sc0 ls0 ws0\">Approccio valutativo </div><div class=\"t m0 x0 h2 y347 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>\"il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aghe<span class=\"_ _5\"></span><span class=\"ff1\">rebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y348 ff1 fs0 fc0 sc0 ls0 ws0\">trasferimento di una pa<span class=\"_ _0\"></span>ssivit\u00e0 in una regola<span class=\"_ _0\"></span>re operazione tra en<span class=\"_ _0\"></span>tit\u00e0 operanti sul mer<span class=\"_ _0\"></span>cato alla data di v<span class=\"_ _0\"></span>alutazione\".<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y349 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019approccio va<span class=\"_ _3\"></span>lutativo \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>definito s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valenza <span class=\"_ _3\"></span>strumentale e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>immobili, <span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span><span class=\"ff1\">possono </span></div><div class=\"t m0 x0 h2 y34a ff1 fs0 fc0 sc0 ls0 ws0\">essere individuati <span class=\"_ _0\"></span>secondo tre gruppi princi<span class=\"_ _0\"></span>pali:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y34b ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201ctrophy asset\u201d, <span class=\"_ _3\"></span></span>ovvero <span class=\"_ _3\"></span>gli immobili di <span class=\"_ _3\"></span>particolare prestigio u<span class=\"_ _3\"></span>tilizzati da funzioni <span class=\"_ _3\"></span>Direzionali ubicati nelle <span class=\"_ _3\"></span>principali citt\u00e0 <span class=\"_ _3\"></span>sede </span></div><div class=\"t m0 x2a h2 y34c ff1 fs0 fc0 sc0 ls0 ws0\">della Banca oppure di <span class=\"_ _0\"></span>particolare inter<span class=\"_ _0\"></span>esse storico artistico p<span class=\"_ _0\"></span>erc<span class=\"_ _3\"></span>h\u00e9 vincolati dal Ministero p<span class=\"_ _0\"></span>er i Beni e le Attivi<span class=\"_ _0\"></span>t\u00e0 Culturali<span class=\"_ _3\"></span>; </div><div class=\"t m0 x0 h2 y34d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cstrumentali\u201d;</span> </span></div><div class=\"t m0 x0 h2 y34e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cnon strumentali\u201d.</span> </span></div><div class=\"t m0 x0 h32 y34f ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>individualmente <span class=\"_ _3\"></span>(\u201casset <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>asset\u201d) <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>alcuno <span class=\"_ _2\"></span>sconto, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>premio, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possa <span class=\"_ _2\"></span>essere </div><div class=\"t m0 x0 h2 y350 ff1 fs0 fc0 sc0 ls0 ws0\">negoziato in fase di t<span class=\"_ _0\"></span>rattativa commerciale se tutto, o par<span class=\"_ _0\"></span>te del portafoglio, ve<span class=\"_ _0\"></span>nisse ceduto in bl<span class=\"_ _0\"></span>occo o per lotti. </div><div class=\"t m0 x0 h32 y351 ff4 fs0 fc0 sc0 ls0 ws0\">Il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo  ha  scelt<span class=\"_ _0\"></span>o  di  affidare  l\u2019atti<span class=\"_ _0\"></span>vit\u00e0  di  valutazion<span class=\"_ _0\"></span>e  a  Societ\u00e0  estern<span class=\"_ _0\"></span>e  con  struttura  i<span class=\"_ _0\"></span>nternazionale, </div><div class=\"t m0 x0 h2 y352 ff1 fs0 fc0 sc0 ls0 ws0\">professionalmente <span class=\"_ _6\"></span>qualificate, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>fornire <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _4\"></span>immobiliari <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"></span>standard <span class=\"_ _6\"></span>RICS <span class=\"_ _4\"> </span>Valuation<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-168.78284px;\"><div class=\"t m0 x37 h33 y1116 ff1 fs11 fc0 sc0 ls1a ws0\">87</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-168.78284px;\"><div class=\"t m0 x32 h2 y352 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _4\"> </span>che </div><div class=\"t m0 x0 h2 y353 ff1 fs0 fc0 sc0 ls0 ws0\">garantiscono: </div><div class=\"t m0 x0 h2 y354 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>una determinazione <span class=\"_ _0\"></span>del valore coerente <span class=\"_ _0\"></span>con la configurazion<span class=\"_ _0\"></span>e di fair value indi<span class=\"_ _0\"></span>cata nei principi c<span class=\"_ _0\"></span>ontabili internazionali<span class=\"_ _0\"></span>;<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y355 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>professionali, <span class=\"_ _3\"></span>etici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>indipendenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>periti, <span class=\"_ _2\"></span>allineati <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>internazionali </span></div><div class=\"t m0 x2a h2 y356 ff1 fs0 fc0 sc0 ls0 ws0\">ed europei. </div><div class=\"t m0 x0 h2 y357 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>metodologie <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>delle </div><div class=\"t m0 x0 h2 y358 ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>ndizioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento; <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valutatore <span class=\"_ _5\"></span>determina <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>idoneo <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>ogni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y359 ff1 fs0 fc0 sc0 ls0 ws0\">singolo immobile.  </div><div class=\"t m0 x0 h2 y35a ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>Attualizzati (<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>Discounted <span class=\"_ _3\"></span>Cash Flow): <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>metodo reddituale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>finanziario (o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span></div><div class=\"t m0 x2a h2 y224 ff1 fs0 fc0 sc0 ls0 ws0\">attualizzati) <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>basato <span class=\"_ _4\"></span><span class=\"ff4\">sull\u2019attuali<span class=\"_ _0\"></span>zzazione <span class=\"_ _6\"></span>(per <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>variabile <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"> </span>locativa/occupazional<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x2a h2 y35c ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019immobile <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>successiva <span class=\"_ _5\"></span>ottimizzazione) <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>futuri <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>netti <span class=\"_ _6\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019affitto <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>propriet<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0. </span></div><div class=\"t m0 x2a h2 y35d ff1 fs0 fc0 sc0 ls22 ws0\">Al<span class=\"ls0\"> termine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>periodo<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ipotizza <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>propriet\u00e0 <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>venduta <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _4\"></span>capitalizzando<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il </span></div><div class=\"t m0 x2a h32 y35e ff4 fs0 fc0 sc0 ls0 ws0\">reddito <span class=\"_ _4\"> </span>dell\u2019ultimo <span class=\"_ _6\"> </span>anno <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>investimenti <span class=\"_ _6\"> </span>analoghi <span class=\"_ _4\"> </span>all\u2019oggetto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attraverso <span class=\"_ _6\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>vendit<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 y35f ff1 fs0 fc0 sc0 ls0 ws0\">frazionata. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobili <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _4\"> </span>strumentalmente <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x2a h2 y360 ff1 fs0 fc0 sc0 ls0 ws0\">contratto di locazion<span class=\"_ _0\"></span>e verso terzi, ubicati in <span class=\"_ _0\"></span>Italia. </div><div class=\"t m0 x0 h2 y361 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _2\"></span>Comparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Mercato: <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asato <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>confronto <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esame <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x2a h2 y362 ff1 fs0 fc0 sc0 ls0 ws0\">altri <span class=\"_ _20\"> </span>simili <span class=\"_ _1c\"> </span>recentemente <span class=\"_ _20\"> </span>ogge<span class=\"_ _0\"></span>tto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>compravendita <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>correntemente <span class=\"_ _1c\"> </span>o<span class=\"_ _3\"></span>fferti <span class=\"_ _1c\"> </span>sullo <span class=\"_ _20\"> </span>stesso <span class=\"_ _1c\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>piazze<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y363 ff1 fs0 fc0 sc0 ls0 ws0\">concorrenziali. Il <span class=\"_ _3\"></span>suddetto criterio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa sulla <span class=\"_ _3\"></span>comparazione con <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>che siano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>vendute od <span class=\"_ _3\"></span>offerte <span class=\"_ _3\"></span>di recente </div><div class=\"t m0 x2a h2 y364 ff1 fs0 fc0 sc0 ls0 ws0\">sul libero mercato e, possibilmente, aventi le medesime caratteristic<span class=\"_ _0\"></span>he. In mancanza di osservazioni direttam<span class=\"_ _0\"></span>ente riferibil<span class=\"_ _0\"></span>i </div><div class=\"t m0 x2a h2 y365 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _3\"></span>propriet\u00e0 in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorre a <span class=\"_ _3\"></span>cas<span class=\"_ _3\"></span>istiche il <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>possibile assimilabili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stessa, apportando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>correzion<span class=\"_ _2\"></span><span class=\"ls13\">i. </span></div><div class=\"t m0 x2a h2 y366 ff1 fs0 fc0 sc0 ls0 ws0\">Questo metodo, <span class=\"_ _3\"></span>rappresentando la <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli altri <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di va<span class=\"_ _3\"></span>lutazione, pu\u00f2 essere <span class=\"_ _3\"></span>adottato in <span class=\"_ _3\"></span>particolare per i </div><div class=\"t m0 x2a h2 y367 ff4 fs0 fc0 sc0 ls0 ws0\">beni non in uso strume<span class=\"_ _0\"></span>ntale e/o comunq<span class=\"_ _0\"></span>ue liberi e disponibili <span class=\"_ _0\"></span>ubicati in Italia <span class=\"_ _0\"></span>e all\u2019estero.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y368 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo Reddituale della <span class=\"_ _3\"></span>capitalizzazione diretta: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo reddituale \u00e8 basa<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>sul valore corrente <span class=\"_ _3\"></span>dei redditi potenziali di </span></div><div class=\"t m0 x2a h2 y369 ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>propriet\u00e0, <span class=\"_ _18\"> </span>ottenuto <span class=\"_ _18\"> </span>capitalizzando <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>reddito <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>tasso <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>mercato. <span class=\"_ _17\"> </span>Tale <span class=\"_ _18\"> </span>metodo <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>pplicato </div><div class=\"t m0 x2a h2 y36a ff4 fs0 fc0 sc0 ls0 ws0\">prevalentemente ad imm<span class=\"_ _0\"></span>obili strumentali al<span class=\"_ _0\"></span>l\u2019estero, in cui si pre<span class=\"_ _0\"></span>veda una permanenza<span class=\"_ _0\"></span> prolungata al<span class=\"_ _2\"></span>l\u2019interno dell\u2019<span class=\"_ _0\"></span>edificio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y36b ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Valore di Investimento \u201cWorth\u201d: il</span> <span class=\"_ _3\"></span><span class=\"ff4\">Valore di Investimento o \u201cWorth\u201d \u00e8 definito dagli International Valuation Standard come:<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y36c ff4 fs0 fc0 sc0 ls0 ws0\">\u201cthe value of an asset to a p<span class=\"_ _3\"></span>articular owner or prospective owner for individual investment<span class=\"_ _0\"></span> or operational <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bjectives\u201d. <span class=\"ff1\">Tale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y36d ff4 fs0 fc0 sc0 ls0 ws0\">definizione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>disposto <span class=\"_ _2\"></span>dell\u2019ultima <span class=\"_ _3\"></span>edizione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>\u201cRICS <span class=\"_ _2\"></span>Valuation <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Global <span class=\"_ _2\"></span>Standards <span class=\"_ _3\"></span>2022\u201d <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Royal </div><div class=\"t m0 x2a h2 y36e ff4 fs0 fc0 sc0 ls0 ws0\">Institution <span class=\"_ _3\"></span>of <span class=\"_ _2\"></span>Chartered <span class=\"_ _2\"></span>Surveyors <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito, <span class=\"_ _3\"></span>dove <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>\u201cil <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ben<span class=\"_ _5\"></span><span class=\"ff1\">e, </span></div><div class=\"t m0 x2a h2 y36f ff4 fs0 fc0 sc0 ls0 ws0\">per il proprietario o p<span class=\"_ _0\"></span>er un potenziale pro<span class=\"_ _0\"></span>prietario, correlato a<span class=\"_ _0\"></span>d un determinato fin<span class=\"_ _0\"></span>e d\u2019investiment<span class=\"_ _0\"></span>o od obiettivo operativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x2a h2 y370 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>nvestimento <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>applicabile <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quegli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>edificati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>immobili <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>connotazione </div><div class=\"t m0 x2a h2 yf36 ff1 fs0 fc0 sc0 ls0 ws0\">strume<span class=\"ff4\">ntale soggetti a sign<span class=\"_ _0\"></span>ificativi investime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti per l\u2019adeguame<span class=\"_ _0\"></span>nto tecnologico, costru<span class=\"_ _0\"></span>ttivo e funzionale. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x2a h2 y5ac ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Vbalore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Investimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>uso <span class=\"_ _5\"></span>strumentale <span class=\"_ _5\"></span>per </div><div class=\"t m0 x2a h2 y8c4 ff1 fs0 fc0 sc0 ls0 ws0\">12+6 anni senza break option, il<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui canone annuo viene determinato applicando un opportuno tasso <span class=\"_ _3\"></span>di rendimento lordo </div><div class=\"t m0 x2a h2 y495 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019ammontare dei cost<span class=\"_ _0\"></span>i diretti e indiretti c<span class=\"_ _0\"></span>apitalizzati dalla Pro<span class=\"_ _0\"></span>priet\u00e0 comprensivi dei <span class=\"_ _0\"></span>costi di acquist<span class=\"_ _0\"></span>o del terreno. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y496 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella v<span class=\"_ _3\"></span>alutazione, se <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dove r<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>levante, le <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>anche considerazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostenibilit\u00e0, connesse </div><div class=\"t m0 x0 h2 y497 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>efficienza <span class=\"_ _4\"></span>energetica <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>legati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>legislazioni <span class=\"_ _4\"></span>specifiche <span class=\"_ _4\"> </span>(ad<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y498 ff1 fs0 fc0 sc0 ls0 ws0\">esempio, <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>accessibilit\u00e0, <span class=\"_ _2\"></span>...). <span class=\"_ _5\"></span>Ad <span class=\"_ _6\"></span>oggi, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>apportato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustamenti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostanziali <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y1026 ff1 fs0 fc0 sc0 ls0 ws0\">cambiamento climatic<span class=\"_ _0\"></span>o oltre a quelli gi<span class=\"_ _0\"></span>\u00e0 apprezzati dagli in<span class=\"_ _0\"></span>dicatori rilevabili n<span class=\"_ _0\"></span>el mercato di riferim<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span><span class=\"ffa fc2\"><span class=\"_ _9\"> </span> </span></div><div class=\"t m0 x2d h2 y277 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-121.24536px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Le rideterminazioni di valore <span class=\"_ _3\"></span>devono essere effettuate con regolarit\u00e0 tale da assicurare che il valore contabile non differisca in </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">modo rilevante da quel<span class=\"_ _0\"></span>lo che sarebbe st<span class=\"_ _0\"></span>ato determinato utilizz<span class=\"_ _35\"></span>ando <span class=\"_ _3\"></span>il fair valu<span class=\"_ _0\"></span>e alla data di riferi<span class=\"_ _0\"></span>mento del bilancio.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">La  frequenza  delle  ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azioni  del  valore  dipe<span class=\"_ _0\"></span>nde  dalle  oscillazio<span class=\"_ _0\"></span>ni  di  fair  value  delle<span class=\"_ _0\"></span>  attivit\u00e0  materiali  oggetto  d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">rivalutazione. <span class=\"_ _7\"> </span>Quando <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _7\"> </span>rivalutata <span class=\"_ _7\"> </span>differisce <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>rilevante <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>suo <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>richies<span class=\"_ _2\"></span><span class=\"ff1\">ta </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019u<span class=\"ff1\">lteriore ridetermin<span class=\"_ _0\"></span>azione del valore.  </span></div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>dettaglio, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dell\u2019andamento fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>mercati, \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>individuata una<span class=\"_ _3\"></span> differente <span class=\"_ _3\"></span>periodicit\u00e0 d<span class=\"_ _3\"></span>i valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>funzione  delle  caratteristiche  d<span class=\"_ _3\"></span>ei <span class=\"_ _1d\"> </span>beni  e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>loro  localizzazione,  s<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>ritien<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>funzionale  a <span class=\"_ _1d\"> </span>cogliere  le <span class=\"_ _1d\"> </span>variazioni </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">significative del valor<span class=\"_ _0\"></span>e dei beni stessi. </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Per gli immobili cl<span class=\"_ _0\"></span>assificati come immobili ad u<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o funzionale vien<span class=\"_ _0\"></span>e effettuata la segue<span class=\"_ _0\"></span>nte distinzione:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h1b y1117 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 fs0\">per  gli <span class=\"_ _1d\"> </span>immobili  cosiddetti  \u201ctrophy  asset\u201d,  la  r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _1d\"> </span>effett<span class=\"_ _3\"></span><span class=\"ff1\">uata <span class=\"_ _1d\"> </span>mediante  una  verifica  del  valore  svolta </span></span></span></div><div class=\"t m0 x2a h2 y844 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso una analisi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i scenario (analis<span class=\"_ _0\"></span>i del trend di mercat<span class=\"_ _0\"></span>o) ogni anno e con u<span class=\"_ _0\"></span>na nuova perizia <span class=\"_ _0\"></span>ogni due anni;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h1b yfaa ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">per quanto concerne gli altri <span class=\"_ _3\"></span>immobili ad uso strumentale, la rideterminazione \u00e8 effettuata con <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019analisi d<span class=\"_ _3\"></span>i scenario (analisi<span class=\"_ _0\"></span> </span></span></span></div><div class=\"t m0 x2a h2 y196 ff1 fs0 fc0 sc0 ls0 ws0\">del trend di mercato) ogn<span class=\"_ _0\"></span>i anno e tramite u<span class=\"_ _0\"></span>na nuova perizi<span class=\"_ _0\"></span>a ogni tre anni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7f5 ff4 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>engano <span class=\"_ _2\"></span>riscontrate <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _2\"></span>(+/<span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>10%), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ecessario <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>perizie </span></div><div class=\"t m0 x0 h2 ye40 ff1 fs0 fc0 sc0 ls0 ws0\">puntuali e aggiornate per adeg<span class=\"_ _0\"></span>uare il fair value<span class=\"_ _0\"></span> del bene alle val<span class=\"_ _0\"></span>utazioni del mercato <span class=\"_ _0\"></span>immobiliare.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y106c ff1 fs0 fc0 sc0 ls0 ws0\">Per gli immobili destin<span class=\"_ _0\"></span>ati a scopo di in<span class=\"_ _0\"></span>vestimento il valore <span class=\"_ _0\"></span>viene determinato sull<span class=\"_ _0\"></span>a base di nuove perizie<span class=\"_ _0\"></span> ogni anno.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y9b0 ff1 fs0 fc0 sc0 ls0 ws0\">Sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>richiamate, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>ogg<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>valutazione <span class=\"_ _4\"></span>periodica <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>immobili <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _4\"></span>investiment<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y1118 ff4 fs0 fc0 sc0 ls0 ws0\">unitamente <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>immobili ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>strumentale che, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>dell\u2019analisi di <span class=\"_ _3\"></span>scenario, <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>evidenziato v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>rispetto a<span class=\"_ _6\"></span><span class=\"ff1\">lla </span></div><div class=\"t m0 x0 h2 y1119 ff1 fs0 fc0 sc0 ls0 ws0\">soglia definita. </div><div class=\"t m0 x0 h2 y111a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y219 ffa fs0 fc2 sc0 ls0 ws0\">Analisi di scenario </div><div class=\"t m0 x0 h2 y111b ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _1d\"> </span>dell\u2019aggiornam<span class=\"ff1\">ento <span class=\"_ _17\"> </span>annuale <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmobili <span class=\"_ _1d\"> </span>strumentali, <span class=\"_ _17\"> </span>negli <span class=\"_ _17\"> </span>anni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>revista <span class=\"_ _1d\"> </span>la </span></div><div class=\"t m0 x0 h2 y292 ff4 fs0 fc0 sc0 ls0 ws0\">rivalutazione dell\u2019immobile si <span class=\"_ _3\"></span>esegue <span class=\"_ _3\"></span>un\u2019analisi di <span class=\"_ _3\"></span>scenario (<span class=\"_ _3\"></span>analisi del <span class=\"_ _3\"></span>trend d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>mercato) attraverso l\u2019utilizzo <span class=\"_ _3\"></span>delle migli<span class=\"_ _5\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>ri f<span class=\"_ _3\"></span>onti </span></div><div class=\"t m0 x0 h2 yd29 ff1 fs0 fc0 sc0 ls0 ws0\">informative disponibili p<span class=\"_ _0\"></span>er i <span class=\"_ _3\"></span>diversi paesi di ubica<span class=\"_ _0\"></span>zione degli immobili fin<span class=\"_ _0\"></span>alizzata alla rilevazio<span class=\"_ _0\"></span>ne sulla base di banche dati, degli<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y1070 ff1 fs0 fc0 sc0 ls0 ws0\">scostamenti dei valo<span class=\"_ _0\"></span>ri di mercato tra il p<span class=\"_ _0\"></span>eriodo di analisi e qu<span class=\"_ _0\"></span>ello precedente. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y111c ff1 fs0 fc0 sc0 ls0 ws0\">In particolare per gli immobili situati i<span class=\"_ _0\"></span>n Italia, la definizione de<span class=\"_ _3\"></span><span class=\"ff4\">lle variazioni avviene attraverso l\u2019ut<span class=\"_ _0\"></span>ilizzo di almeno 3 fonti tra loro </span></div><div class=\"t m0 x0 h2 y2b6 ff1 fs0 fc0 sc0 ls0 ws0\">differenti. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>fonte <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>fornita <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>zone <span class=\"_ _4\"> </span>OMI <span class=\"_ _4\"> </span>(Osservatorio <span class=\"_ _4\"></span>del </div><div class=\"t m0 x0 h2 y111d ff1 fs0 fc0 sc0 ls0 ws0\">Mercato <span class=\"_ _5\"></span>Immobiliare); <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>fonte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ppresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>No<span class=\"_ _3\"></span>misma <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui, <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>relative <span class=\"_ _5\"></span>zonizzazioni, </div><div class=\"t m0 x0 h2 y997 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _5\"></span>eseguite <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>medesime <span class=\"_ _5\"></span>interrogazioni <span class=\"_ _5\"></span>svolte <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>OMI <span class=\"_ _5\"></span>(base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _5\"></span>principale) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>terza <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y111e ff4 fs0 fc0 sc0 ls0 ws0\">variazioni intercorse n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019anno di interr<span class=\"_ _0\"></span>ogazione per quanto espr<span class=\"_ _0\"></span>ess<span class=\"_ _3\"></span><span class=\"ff1\">o dalle offerte presenti sul mer<span class=\"_ _0\"></span>cato immobiliare. </span></div><div class=\"t m0 x0 h2 y111f ff4 fs0 fc0 sc0 ls0 ws0\">Pertanto <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>definire <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>scostamenti <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>canoni <span class=\"_ _2\"></span>e/o <span class=\"_ _4\"> </span><span class=\"ff1\">dei </span></div><div class=\"t m0 x0 h2 y1072 ff1 fs0 fc0 sc0 ls0 ws0\">prezzi per asset class <span class=\"_ _0\"></span>di riferimento. </div><div class=\"t m0 x0 h32 y8c9 ff4 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _6\"> </span>immobili <span class=\"_ _6\"> </span>localizzati <span class=\"_ _6\"> </span>all\u2019estero <span class=\"_ _6\"> </span>ve<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>raggruppati, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>ogni <span class=\"_ _6\"> </span>nazione, <span class=\"_ _4\"> </span>nei <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>localit\u00e0 <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019asset<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1056 ff1 fs0 fc0 sc0 ls0 ws0\">class  di <span class=\"_ _16\"> </span>ciascuno.  Vengon<span class=\"_ _0\"></span>o  predisposte <span class=\"_ _16\"> </span>analisi  di <span class=\"_ _16\"> </span>mercato  puntu<span class=\"_ _0\"></span>ali  sulla <span class=\"_ _16\"> </span>base  delle  c<span class=\"_ _0\"></span>onoscenze <span class=\"_ _16\"> </span>locali  e  nazi<span class=\"_ _0\"></span>onali  del<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y1120 ff1 fs0 fc0 sc0 ls0 ws0\">particolare mercato imm<span class=\"_ _0\"></span>obiliare di riferime<span class=\"_ _0\"></span>nto. </div><div class=\"t m0 x0 h2 y6fc ff1 fs0 fc0 sc0 ls0 ws0\">Lo studio di mercato ti<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ne conto inoltre d<span class=\"_ _0\"></span>ei seguenti drivers ma<span class=\"_ _0\"></span>croeconomici:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h1b ybd9 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">analisi dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>economici (tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupazione, PIL <span class=\"_ _3\"></span>pro <span class=\"_ _3\"></span>capite, inflazione ed<span class=\"_ _3\"></span> indice <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi al <span class=\"_ _3\"></span>consumo), <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>fattor<span class=\"_ _2\"></span><span class=\"ls13\">i </span></span></span></div><div class=\"t m0 x2a h2 ye0e ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomici costit<span class=\"_ _0\"></span>uiscono la prima analisi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>omica, a support<span class=\"_ _0\"></span>o delle previsioni d<span class=\"_ _0\"></span>el mercato immobili<span class=\"_ _0\"></span>are;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h1b y46e ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto del rendim<span class=\"_ _0\"></span>ento medio; </span></span></div><div class=\"t m0 x0 h1b y567 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto dei canoni <span class=\"_ _0\"></span>di mercato; </span></span></div><div class=\"t m0 x0 h1b y158 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del range<span class=\"_ _0\"></span> di movimento dei v<span class=\"_ _0\"></span>alori unitari. </span></span></div><div class=\"t m0 x0 h2 yf03 ff1 fs0 fc0 sc0 ls0 ws0\">Sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>dell'indagi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>mmenzionata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>adeguata <span class=\"_ _5\"></span>ponderazione <span class=\"_ _6\"></span>qualitativa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>key<span class=\"_ _2\"></span>-drivers </div><div class=\"t m0 x0 h2 yf04 ff4 fs0 fc0 sc0 ls0 ws0\">macroeconomici, vien<span class=\"_ _0\"></span>e definito un range d<span class=\"_ _0\"></span>i scostamento percen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uale rispetto all\u2019<span class=\"_ _0\"></span>ultima perizia effettuat<span class=\"_ _0\"></span>a che viene confront<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 yf05 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>target <span class=\"_ _3\"></span>definita, <span class=\"_ _2\"></span>individuando <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ttore <span class=\"_ _3\"></span>sintetico <span class=\"_ _2\"></span>percentuale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inserito <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico </div><div class=\"t m0 x0 h2 y858 ff1 fs0 fc0 sc0 ls0 ws0\">foglio di lavoro. </div><div class=\"t m0 x0 h2 ya06 ff1 fs0 fc0 sc0 ls0 ws0\">Questa <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>prossi<span class=\"_ _3\"></span>mit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>chiusura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>esprimere <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>range <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scostamento <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>ad </div><div class=\"t m0 x0 h2 y856 ff1 fs0 fc0 sc0 ls0 ws0\">una soglia di riferiment<span class=\"_ _0\"></span>o e poter p<span class=\"ff4\">ianificare per tempo l\u2019agg<span class=\"_ _0\"></span>iornamento di stima<span class=\"_ _0\"></span> puntuale per que<span class=\"_ _0\"></span>gli immobili il cui s<span class=\"_ _0\"></span>costamento </span></div><div class=\"t m0 x0 h2 yf06 ff1 fs0 fc0 sc0 ls0 ws0\">sia oltre tale soglia. </div><div class=\"t m0 x0 h2 ycac ff1 fs0 fc0 sc0 ls0 ws0\">La soglia di variazione <span class=\"_ _0\"></span>ammessa \u00e8 pari <span class=\"_ _0\"></span>a +/<span class=\"_ _3\"></span>-10%. </div><div class=\"t m0 x0 h2 y87a ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>scostamenti <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>dovessero <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>soglia <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine </div><div class=\"t m0 x0 h2 yf08 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019anno.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf09 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yf0a ffa fs0 fc2 sc0 ls0 ws0\">Sensibilit\u00e0 delle valu<span class=\"_ _0\"></span>tazioni  </div><div class=\"t m0 x0 h2 ya87 ff1 fs0 fc0 sc0 ls0 ws0\">Analogamente <span class=\"_ _5\"></span>agli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>assoggettate <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>finanziar<span class=\"_ _5\"></span>ie </div><div class=\"t m0 x0 h2 yf0b ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>valutativo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>ne </div><div class=\"t m0 x0 h32 yf0c ff4 fs0 fc0 sc0 ls0 ws0\">sia  possibile <span class=\"_ _1d\"> </span>l\u2019esecuzione  ed <span class=\"_ _1d\"> </span>i  cui <span class=\"_ _1d\"> </span>risultati  s<span class=\"_ _3\"></span>iano  significativi.  L\u2019analisi  ha <span class=\"_ _1d\"> </span>riguardato  essenzialmente <span class=\"_ _1d\"> </span>gli  immobili <span class=\"_ _1d\"> </span>dell<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 yf0d ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo Intesa Sa<span class=\"_ _0\"></span>npaolo, che rappr<span class=\"_ _0\"></span>esent<span class=\"_ _3\"></span>ano il perimetr<span class=\"_ _0\"></span>o Core del patrim<span class=\"_ _0\"></span>onio immobiliare del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1121 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019analisi di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sensitivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>identifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>le v<span class=\"_ _3\"></span>ariabili di <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>rilevanza <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mod<span class=\"_ _5\"></span><span class=\"ff1\">ello <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yf0e ff1 fs0 fc0 sc0 ls0 ws0\">valutazione  utilizzato  per  la  valutazione <span class=\"_ _16\"> </span>delle  diverse  class<span class=\"_ _2\"></span>i  di  immobili,  rappresentato  dal  metodo  dei  flussi  di  cassa </div><div class=\"t m0 x0 h2 yeed ff1 fs0 fc0 sc0 ls0 ws0\">attualizzati. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>trend <span class=\"_ _3\"></span>registrato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>asset <span class=\"_ _2\"></span>class <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>param<span class=\"_ _5\"></span>etri </div><div class=\"t m0 x0 h2 y44d ff1 fs0 fc0 sc0 ls0 ws0\">caratterizzati <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0/variabilit\u00e0, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobil<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>uso <span class=\"_ _7\"> </span>strumentale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>fatto <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h32 yf10 ff4 fs0 fc0 sc0 ls0 ws0\">capitalizzazione <span class=\"_ _4\"> </span>(yield) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>d\u2019inflazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio/lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>detenuti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h32 yf11 ff4 fs0 fc0 sc0 ls0 ws0\">investimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>c.d. <span class=\"_ _2\"></span>\u201cexit <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue\u201d. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>assunzioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019analisi<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y9b ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>range <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>variazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>dinamiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gl<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y1122 ff1 fs0 fc0 sc0 ls0 ws0\">immobili <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _6\"></span>strumentale <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>ipotizzata <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>variazione <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _4\"></span>25 <span class=\"_ _6\"></span>bps <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>capitalizzazione <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una </div><div class=\"t m0 x0 h2 y1123 ff1 fs0 fc0 sc0 ls0 ws0\">contestuale variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>-/+15 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>per il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inflazione a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>si \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rilevato uno <span class=\"_ _3\"></span>scostamento medio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair </div><div class=\"t m0 x0 h2 yf5d ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>+4,4% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>-4,3%. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>mmobili ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>investimento <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ipotizzata <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del +/<span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">5% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019exit value <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 yf5e ff1 fs0 fc0 sc0 ls0 ws0\">fronte della quale si <span class=\"_ _0\"></span>evidenzia uno sco<span class=\"_ _0\"></span>stamento medio del fa<span class=\"_ _0\"></span>ir value pari al +4,<span class=\"_ _0\"></span>8% e <span class=\"_ _3\"></span>-5,2%.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h57 y1124 ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>Fair value del patrimonio artistico di pregio<span class=\"_ _3\"></span> Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>artistico <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>valore <span class=\"_ _16\"> </span>che prevede  che <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0  materiali, <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>fair  v<span class=\"_ _3\"></span>alue  pu\u00f2 <span class=\"_ _1d\"> </span>essere  attendibilmente <span class=\"_ _1d\"> </span>determinat<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>siano  iscritte <span class=\"_ _1d\"> </span>ad  un <span class=\"_ _1d\"> </span>valore rideterminato, pari al loro f<span class=\"_ _0\"></span>air value alla data <span class=\"_ _0\"></span>della rideterminazio<span class=\"_ _0\"></span>ne di valore<span class=\"_ _3\"></span>. Le <span class=\"_ _3\"></span>opere <span class=\"_ _2\"></span>d\u2019arte <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>classe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cespiti <span class=\"_ _3\"></span>\u201cpatrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>rilevanza, <span class=\"_ _3\"></span>riconosc<span class=\"_ _5\"></span><span class=\"ff1\">iuti <span class=\"_ _3\"></span>in </span>campo scientifico nell\u2019ambito storico<span class=\"ff1\">-artistico e conformi alle linee guida <span class=\"_ _3\"></span>ministeria<span class=\"_ _0\"></span>li evidenziate in particolare nel D.M. 537 del </span>6  d<span class=\"_ _3\"></span>icembre  2017 <span class=\"_ _1d\"> </span>sull\u2019esportazione  delle <span class=\"_ _1d\"> </span>opere  d\u2019arte <span class=\"_ _1d\"> </span>quali:  lo <span class=\"_ _1d\"> </span>stato  di <span class=\"_ _1d\"> </span>conservazione,  l\u2019importanza  storica <span class=\"_ _1d\"> </span>dell\u2019artista<span class=\"_ _0\"></span>, l\u2019importanza  c<span class=\"_ _0\"></span>ritica/storico  a<span class=\"_ _0\"></span>rtistica <span class=\"_ _16\"> </span>dell\u2019opera,  la<span class=\"ff1\">  provenienza  illustr<span class=\"_ _0\"></span>e,  la  q<span class=\"_ _0\"></span>ualit\u00e0  e <span class=\"_ _16\"> </span>attribuzione  cer<span class=\"_ _0\"></span>ta,  la <span class=\"_ _16\"> </span>dichiarazione  d<span class=\"_ _0\"></span>i </span>interesse dello Stato it<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>liano. Approccio valutativo  L\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>esplica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mezzo <span class=\"_ _5\"></span>dell\u2019accertamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perizie <span class=\"_ _6\"></span>esterne, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffidate <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esp<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rti </span>qualificati e indipend<span class=\"_ _0\"></span>enti.  I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>cquisiti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>dati <span class=\"_ _6\"></span>online <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>100 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>opere <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>Artnet <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Artprice, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>monitorano <span class=\"_ _5\"></span>i risultati <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>d\u2019aste <span class=\"_ _3\"></span>italiane <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali. Sono <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggettivi che <span class=\"_ _2\"></span>van<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>confrontati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>mercato n<span class=\"_ _3\"></span>el </span>suo complesso, in u<span class=\"_ _0\"></span>n'analisi che prevede di mo<span class=\"_ _0\"></span>nitorare anche le <span class=\"_ _0\"></span>gallerie e le mostr<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff14\">\u2010</span>mercato. In <span class=\"_ _5\"></span>dettaglio, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>fattori <span class=\"_ _5\"></span>oggettivi, <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>valenza <span class=\"_ _5\"></span>storico<span class=\"_ _6\"></span>-critica <span class=\"_ _2\"></span>e artistica <span class=\"_ _2\"></span>dell\u2019autore, <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conservazione, <span class=\"_ _2\"></span>tecnica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esecuzione, <span class=\"_ _2\"></span>dimensioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell\u2019opera, <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dell\u2019opera <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>lla </span>produzione <span class=\"_ _1d\"> </span>dell\u2019artista, <span class=\"_ _1d\"> </span>pubblicazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>dell\u2019opera <span class=\"_ _1d\"> </span>su <span class=\"_ _1d\"> </span>cataloghi <span class=\"_ _1d\"> </span>specializzati, <span class=\"_ _1d\"> </span>periodo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esecuzione  d<span class=\"_ _3\"></span>ell\u2019opera, <span class=\"_ _1d\"> </span>diffusio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span>internazionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019artista, p<span class=\"_ _3\"></span>rovenienza <span class=\"_ _3\"></span>illustre, <span class=\"_ _3\"></span>certezza <span class=\"_ _3\"></span>dell\u2019attribuzione, <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019autenticit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019op<span class=\"_ _5\"></span><span class=\"ff1\">era, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia </span>fattori <span class=\"_ _3\"></span>soggettivi (che <span class=\"_ _3\"></span>possono mutare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>tempo, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione dell\u2019evoluzione e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>gusti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mercato), quali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>reputa<span class=\"_ _5\"></span><span class=\"ff1\">zione del </span>museo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>ospita <span class=\"_ _2\"></span>l\u2019opera <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019artista, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prestigio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fiere/mostre/gallerie/case <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019asta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>intermediano <span class=\"_ _5\"></span>l\u2019opera, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>reputaz<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span>one </span>della critica che ne p<span class=\"_ _0\"></span>arla e dei collezio<span class=\"_ _0\"></span>nisti, nonch\u00e9 la quali<span class=\"_ _0\"></span>t\u00e0 della comunica<span class=\"_ _0\"></span>zione sull\u2019opera dell\u2019<span class=\"_ _0\"></span>artista.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Una volta identificati tal<span class=\"_ _0\"></span>i fattori rilevanti, la d<span class=\"_ _0\"></span>eterminazione del fa<span class=\"_ _0\"></span>ir value avviene p<span class=\"_ _0\"></span>er comparazione, in pr<span class=\"_ _0\"></span>ima istanza con ope<span class=\"_ _2\"></span>re paragonabili  a <span class=\"_ _16\"> </span>quelle  i<span class=\"_ _0\"></span>n  esame  (<span class=\"_ _0\"></span>per  period<span class=\"_ _0\"></span>o  di  r<span class=\"_ _0\"></span>ealizzazione/<span class=\"_ _0\"></span>anno,  tecnica, <span class=\"_ _16\"> </span>dimensioni,  ti<span class=\"_ _0\"></span>picit\u00e0  del <span class=\"_ _16\"> </span>soggetto  e <span class=\"_ _16\"> </span>stato  di conservazione), <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>autore <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>medesimo <span class=\"_ _3\"></span>periodo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>(tale <span class=\"_ _2\"></span>evenienza <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>facilmente <span class=\"_ _2\"></span>praticabile <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso delle opere <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>comparto moderno e<span class=\"_ _3\"></span> contemporaneo), ed <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>econda istanza <span class=\"_ _3\"></span>con opere <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>rtisti o <span class=\"_ _3\"></span>di scuole <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ambiti prossimi per sti<span class=\"_ _3\"></span>le, poetica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per importanza <span class=\"_ _3\"></span>della medesima <span class=\"_ _3\"></span>epoca storica. <span class=\"_ _3\"></span>Nel caso s<span class=\"_ _3\"></span>iano disponibili p<span class=\"_ _3\"></span>i\u00f9 opere <span class=\"_ _3\"></span>similari, si <span class=\"_ _3\"></span>considerano valori medi per tener<span class=\"_ _0\"></span>e conto della volatilit<span class=\"_ _0\"></span>\u00e0 dei prezzi. Oltre <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>considerare <span class=\"_ _7\"> </span>l\u2019andamento <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>gli <span class=\"_ _4\"> </span>scambi <span class=\"_ _16\"> </span>in <span class=\"_ _4\"> </span>asta, <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tendo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>recenti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>e <span class=\"_ _16\"> </span>includen<span class=\"_ _0\"></span>do <span class=\"_ _7\"> </span>nell\u2019analisi <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>gli invenduti,  (<span class=\"_ _35\"></span>che  rappresentano <span class=\"_ _7\"> </span>un  possibile <span class=\"_ _16\"> </span>indicatore <span class=\"_ _16\"> </span>di  p<span class=\"_ _0\"></span>erdita <span class=\"_ _16\"> </span>di  valore <span class=\"_ _16\"> </span>tendenziale <span class=\"_ _7\"> </span>dell\u2019opera/autore <span class=\"_ _16\"> </span>nel  mercat<span class=\"_ _0\"></span>o),  l<span class=\"_ _0\"></span>a valutazione <span class=\"_ _2\"></span>considera <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019attenzione <span class=\"_ _5\"></span>corrente <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un\u2019opera <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>auto<span class=\"_ _5\"></span><span class=\"ff1\">re, <span class=\"_ _2\"></span>misurata <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>numero <span class=\"_ _2\"></span>e </span>dalla <span class=\"_ _1d\"> </span>qualit\u00e0  di <span class=\"_ _1d\"> </span>mostre  temporanee  allestite <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>spazi  museali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevanza  internazionale  e <span class=\"_ _1d\"> </span>corredate  da <span class=\"_ _1d\"> </span>pubblicazioni specifiche.  Inoltre,  si  tiene  conto  anch<span class=\"_ _0\"></span>e  della  presenza  della  dichia<span class=\"_ _0\"></span>razione  di  interesse  st<span class=\"_ _0\"></span>orico<span class=\"_ _2\"></span>-artistico  formalmente  espressa  da<span class=\"_ _0\"></span>l Ministero <span class=\"_ _6\"> </span>(Mibact) <span class=\"_ _6\"> </span>(comunemente <span class=\"_ _6\"> </span>detta <span class=\"_ _6\"> </span>\u201cnotifica\u201d), <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>lega <span class=\"_ _6\"></span>al <span class=\"_ _6\"> </span>te<span class=\"_ _3\"></span>rritorio <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>opere <span class=\"_ _4\"> </span>d\u2019arte <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>collezione <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>n<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span>vincola la circolazion<span class=\"_ _0\"></span>e al territorio nazi<span class=\"_ _0\"></span>onale, riducendo la quota<span class=\"_ _0\"></span>zione ottenibile <span class=\"_ _0\"></span>sul mercato internazio<span class=\"_ _3\"></span>nale. La determinazione dei prezzi \u00e8 influenzata anche dall\u2019importanza degli acquirenti/<span class=\"_ _0\"></span>venditori (ad esempio, i prezzi corrisposti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">da </span></span>collezionisti celebri o<span class=\"_ _0\"></span> noti investitori <span class=\"_ _0\"></span>possono assumere maggio<span class=\"_ _0\"></span>re rilevanza).<span class=\"_ _3\"></span> L\u2019approccio valutativ<span class=\"_ _0\"></span>o \u00e8 impostato sul m<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span><span class=\"ff1\">itoraggio degli oggett<span class=\"_ _0\"></span>ivi valori di merc<span class=\"_ _0\"></span>ato delle opere comp<span class=\"_ _0\"></span>rese nella classe ogge<span class=\"_ _0\"></span>tto </span>di indagine, che segue <span class=\"_ _0\"></span>tre principi met<span class=\"_ _0\"></span>odologici: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">privilegia <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>prudenziale, <span class=\"_ _3\"></span>analizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>pluralit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>informative <span class=\"_ _2\"></span>diverse, <span class=\"_ _2\"></span>fondate <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>basi </span></span>dati <span class=\"_ _3\"></span>robuste, <span class=\"_ _3\"></span>aggiornate e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatisticamente rappresentative: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>\u201csingolari\u201d, <span class=\"_ _3\"></span>spesso <span class=\"_ _3\"></span>prive <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazioni per  decenni<span class=\"_ _0\"></span>,  quest<span class=\"_ _0\"></span>o  appr<span class=\"_ _0\"></span>occio <span class=\"_ _16\"> </span>garantisce  la <span class=\"_ _16\"> </span>periodica  i<span class=\"_ _0\"></span>ndividuazione <span class=\"_ _16\"> </span>di  eventua<span class=\"_ _0\"></span>li  valor<span class=\"_ _0\"></span>i  outlier <span class=\"_ _16\"> </span>ed  ev<span class=\"_ _0\"></span>ita  di <span class=\"_ _16\"> </span>seguire<span class=\"_ _0\"></span> eventuali dinamiche spe<span class=\"_ _0\"></span>culative; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>natura <span class=\"_ _6\"></span>comparativa, <span class=\"_ _6\"></span>monitorando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>occorse <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>globale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>pluralit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>canali <span class=\"_ _6\"></span>distributivi, <span class=\"_ _6\"></span>per </span></span>evitare <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>considerare <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcune <span class=\"_ _4\"> </span>forme <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>economici: <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _7\"> </span>globale  con <span class=\"_ _4\"> </span>una domanda <span class=\"_ _3\"></span>globale, questo <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>consente di <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>arbitraggi <span class=\"_ _3\"></span>geografici<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l\u2019emergenza <span class=\"_ _3\"></span>di specifici fenomeni di a<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>prezzamento/depre<span class=\"_ _0\"></span>zzamento potenzialm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte impattanti;  \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>ricorsiva, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>aggiorna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>monitora<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019andamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>sull\u2019arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>specificit\u00e0 </span></span></span>del mercato ammettono, ovver<span class=\"_ _0\"></span>o il semestre: in un mercato in cui non esist<span class=\"_ _0\"></span>ono scambi pubblici monitorati giorn<span class=\"_ _0\"></span>almente, l<span class=\"_ _0\"></span>a brevit\u00e0 dell\u2019arco di ril<span class=\"_ _0\"></span>evazione assic<span class=\"_ _0\"></span>ura la massima cura e te<span class=\"ff1\">mpestivit\u00e0 delle eventuali <span class=\"_ _0\"></span>variazioni. </span>Tale metodo risulta <span class=\"_ _0\"></span>applicabile su tutto il <span class=\"_ _0\"></span>comparto del \u201cpatrimo<span class=\"_ _0\"></span>nio artistico di pregio\u201d. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Per quanto concerne il <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio, la ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione di valore \u00e8<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>effettuata tramite u<span class=\"_ _0\"></span>na perizia ogni tre anni<span class=\"_ _0\"></span>. Annualmente viene <span class=\"_ _3\"></span>comunque svolta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scenario per <span class=\"_ _3\"></span>individuare e<span class=\"_ _3\"></span>ventuali variazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>apprezzabile al <span class=\"_ _3\"></span>fine<span class=\"_ _5\"></span> di anticipare l\u2019attivi<span class=\"_ _0\"></span>t\u00e0 valutativa.<span class=\"ff1\"> </span>Sulla base delle regole richiamate, nel 2022 so<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span>o state oggetto di v<span class=\"_ _3\"></span>alutazione le opere che, sulla <span class=\"_ _3\"></span>base dell\u2019analisi di scenario,<span class=\"_ _35\"></span> </span>hanno evidenziato vari<span class=\"_ _0\"></span>azioni rispetto alla<span class=\"_ _0\"></span> soglia definita.<span class=\"ff2\"> </span>Analisi di scenario Al  fine  di <span class=\"_ _1d\"> </span>individuare  ed  apprezzare  le  variazioni  del  mercato  delle  opere  oggetto  di  va<span class=\"_ _3\"></span>luta<span class=\"_ _3\"></span>z<span class=\"_ _3\"></span>ione,  viene  effettuato  un monitoraggio <span class=\"_ _2\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>volto <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ogliere <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>segnali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>richiedano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anticipare <span class=\"_ _2\"></span>l<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>perizie rispetto alle p<span class=\"_ _0\"></span>eriodicit\u00e0 stabilite. Tale monitoraggio h<span class=\"_ _0\"></span>a duplice natura: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>prime <span class=\"_ _4\"></span>opere <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>presenti <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"></span>collezion<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"></span>che </span>rappresentano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>75% <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>complessivo <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>opere <span class=\"_ _1d\"> </span>comprese <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>classe <span class=\"_ _1d\"> </span>\u201cpatrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio\u201d, verificando <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>l\u2019esito <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _4\"> </span>aste <span class=\"_ _16\"> </span>i<span class=\"ff1\">n<span class=\"_ _3\"></span>ternazionali <span class=\"_ _4\"> </span>(il <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>calendario <span class=\"_ _4\"> </span>segue <span class=\"_ _7\"> </span>precise <span class=\"_ _7\"> </span>scadenze <span class=\"_ _7\"> </span>stagionali), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>le </span>segnalazioni <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>mondiali <span class=\"_ _7\"> </span>(Artprice <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Artnet), <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>analytics <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"> </span>utili <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>di monitoraggio delle q<span class=\"_ _0\"></span>uotazioni;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio  <span class=\"ff4\">d<span class=\"_ _0\"></span>ell\u2019andamento <span class=\"_ _16\"> </span>del  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>dell\u2019arte  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nerale, <span class=\"_ _16\"> </span>al  fi<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>evidenziare <span class=\"_ _16\"> </span>tendenze  e <span class=\"_ _7\"> </span>novit\u00e0  rispetto <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> </span></span>\u201cpatrimonio  artistico  di <span class=\"_ _1d\"> </span>pregio\u201d  di  Intesa <span class=\"_ _1d\"> </span>Sanpaolo,  verificando  sia  l\u2019esito  delle <span class=\"_ _1d\"> </span>principali  aste  internazionali  (il  cui calendario <span class=\"_ _2\"></span>segue <span class=\"_ _5\"></span>precise <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _5\"></span>stagionali), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>gnalazi<span class=\"_ _0\"></span>oni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>dati <span class=\"_ _5\"></span>mondiali <span class=\"_ _5\"></span>(Artprice <span class=\"_ _2\"></span>e Artnet); poich\u00e9 <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>molti a<span class=\"_ _3\"></span>utori presenti <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>collezione Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>transitano molto <span class=\"_ _3\"></span>raramente <span class=\"_ _3\"></span>in asta <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il ridotto numero di pezzi rimasti sul <span class=\"_ _3\"></span>merca<span class=\"ff4\">to, \u00e8 importante controllare l\u2019andamento di artisti e opere simili o assimilabili; per </span>questa ragione l\u2019azione di monitoraggio non si limita ai <span class=\"_ _3\"></span>soli autori e a<span class=\"_ _3\"></span>lle sole opere possedute, ma si estende agli autori e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>alle opere riconducib<span class=\"_ _0\"></span>ili allo stesso ambito, per tener conto an<span class=\"_ _0\"></span>che dei dati tendenziali<span class=\"_ _0\"></span>. Qualora <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>annuale evidenzi <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>potenziale scostamento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>in positivo <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in negat<span class=\"_ _3\"></span>ivo, superiore <span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>5% per<span class=\"_ _5\"></span> singole <span class=\"_ _4\"> </span>opere/collezioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autori <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>collezioni <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>conf<span class=\"_ _2\"></span>rontabili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>quali<span class=\"_ _0\"></span> periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazion<span class=\"_ _0\"></span>e/anno, <span class=\"_ _5\"></span>dimensioni, <span class=\"_ _2\"></span>tecnica, <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazione, <span class=\"_ _2\"></span>ecc.), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>commissionare <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perizie <span class=\"_ _5\"></span>di<span class=\"_ _2\"></span> stima secondo le co<span class=\"_ _0\"></span>nsuete procedure inter<span class=\"_ _0\"></span>ne al fine di alline<span class=\"_ _0\"></span>are il valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1015": {
   "value": "A. 4 <span class=\"ff6\">\u2013</span> INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL F<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>IR VAL<span class=\"_ _0\"></span>UE    FAIR <span class=\"_ _7\"></span>VALUE, <span class=\"_ _4\"></span>INDEPEN<span class=\"_ _0\"></span>DENT <span class=\"_ _4\"></span>PRICE <span class=\"_ _7\"></span>VERIFIC<span class=\"_ _0\"></span>ATION <span class=\"_ _4\"></span>E <span class=\"_ _7\"></span>PRUDENT <span class=\"_ _4\"></span>VALUE <span class=\"_ _7\"></span>DEGLI <span class=\"_ _4\"></span>STRUMENTI FINANZI<span class=\"_ _0\"></span>ARI Il <span class=\"_ _6\"></span>quadro <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>articola <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>tre <span class=\"_ _6\"></span>pilastri: <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipi contabili <span class=\"_ _3\"></span>internazionali <span class=\"_ _3\"></span>(IAS/IFRS), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>(I<span class=\"_ _3\"></span>PV <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Independent <span class=\"_ _3\"></span>Price <span class=\"_ _3\"></span>Verification) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> de<span class=\"ls0\">l <span class=\"_ _6\"></span>prudent <span class=\"_ _4\"></span>value, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>ultimi <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>stabiliti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"></span>Capit<span class=\"_ _0\"></span>al <span class=\"_ _4\"></span>Requirement <span class=\"_ _6\"></span>Regulation <span class=\"_ _6\"></span>(CRR). <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>paragrafi <span class=\"_ _6\"></span>descrivono <span class=\"_ _4\"></span>le </span>modalit\u00e0 con cui gli elem<span class=\"_ _35\"></span>ent<span class=\"_ _3\"></span>i citati sono stat<span class=\"_ _0\"></span>i recepiti ed utilizzat<span class=\"_ _0\"></span>i dal Gruppo Intes<span class=\"_ _0\"></span>a Sanpaolo.<span class=\"_ _3\"></span> Principi generali fair value<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Line<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _3\"></span>Stru<span class=\"_ _3\"></span>menti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predisposto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Direzione Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Risk <span class=\"_ _4\"></span>Managem<span class=\"_ _0\"></span>ent <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>applicazione <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>estende <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollate<span class=\"_ _0\"></span> oggetto di consolidame<span class=\"_ _0\"></span>nto, ivi comprese l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Compagnie Assi<span class=\"_ _0\"></span>curative. <span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Valutazione Strumenti <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value\u201d, <span class=\"_ _3\"></span>previo <span class=\"_ _5\"></span><span class=\"ff1\">parere <span class=\"_ _3\"></span>favorevole d<span class=\"_ _3\"></span>el Co<span class=\"_ _3\"></span>mitato <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari d<span class=\"_ _3\"></span>i </span>Gruppo, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>oggetto di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Amministrazione,<span class=\"_ _35\"></span> con il s<span class=\"_ _3\"></span>upporto del Comitato Rischi <span class=\"_ _3\"></span>e Sostenibilit\u00e0. Le \u201cRe<span class=\"_ _3\"></span>gole di Valutazione Stru<span class=\"_ _2\"></span>menti Finanziari al <span class=\"_ _3\"></span>Fair Value\u201d sono o<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> di <span class=\"_ _2\"></span>esame, <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ci\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>interventi  ed <span class=\"_ _7\"> </span>aggiornamenti <span class=\"_ _4\"> </span>materialmente rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Le \u201c<span class=\"_ _3\"></span>Regole per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Investments non <span class=\"_ _3\"></span>quotati\u201d, elaborate d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione Centrale M&amp;A <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Partecipazioni<span class=\"_ _0\"></span> di<span class=\"ls0\"> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>approvate <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>Comitato<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>disciplinano <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di </span>capitale non quotati <span class=\"_ _0\"></span>e degli strumenti finanziar<span class=\"_ _0\"></span>i aventi come sott<span class=\"_ _0\"></span>ostante titoli di capitale<span class=\"_ _0\"></span> non quotati.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13 <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>armonizza <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>relativa <span class=\"_ _2\"></span>informativa, <span class=\"_ _2\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>il prezzo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>pagherebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>regolare <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(ossia <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>liquidazione <span class=\"_ _2\"></span>forzosa <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vendita <span class=\"_ _5\"></span>sottocosto) <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di valutazione. Il <span class=\"_ _3\"></span>fair value \u00e8 <span class=\"_ _3\"></span>un cr<span class=\"_ _3\"></span>iterio di valutazione di <span class=\"_ _3\"></span>mercato, non s<span class=\"_ _3\"></span>pecificatamente riferito alla singola banca. <span class=\"_ _3\"></span>Sottost<span class=\"_ _2\"></span>ante <span class=\"_ _3\"></span>la definizione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  <span class=\"ff4\">value <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>\u2019\u00e8 <span class=\"_ _16\"> </span>la  pre<span class=\"_ _0\"></span>sunzione <span class=\"_ _16\"> </span>che  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>banca <span class=\"_ _16\"> </span>si  trovi<span class=\"_ _0\"></span>  n<span class=\"_ _0\"></span>el <span class=\"_ _16\"> </span>normale  e<span class=\"_ _0\"></span>sercizio <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>attivit\u00e0  s<span class=\"_ _0\"></span>enza <span class=\"_ _16\"> </span>alcuna </span>intenzione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>liquidare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>propri <span class=\"_ _7\"> </span>beni, <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ridurre <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roprie <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>procedere <span class=\"_ _1d\"> </span>alla definizione di transa<span class=\"_ _0\"></span>zioni a condizioni sfavorevoli. La <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di un\u2019<span class=\"_ _3\"></span>attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>adottando <span class=\"_ _3\"></span>le a<span class=\"_ _3\"></span>ssunzioni che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>operatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>utilizzerebbero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella </span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0, <span class=\"_ _3\"></span>presumendo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>essi <span class=\"_ _3\"></span>agiscano <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oddisfare<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>modo <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>proprio </span>interesse <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>suppone <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>della<span class=\"_ _5\"></span><span class=\"ff1\"> </span>passivit\u00e0 abbia luogo:  a.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">nel mercato attivo prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipale dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 o passivit\u00e0; <span class=\"ff1\"> </span></span></span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in assenza di un m<span class=\"ff4\">ercato pri<span class=\"_ _0\"></span>ncipale, nel mercato at<span class=\"_ _0\"></span>tivo pi\u00f9 vantag<span class=\"_ _0\"></span>gioso per l\u2019attivit\u00e0 o p<span class=\"_ _0\"></span>assivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>La <span class=\"_ _7\"> </span>banca <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>effettuare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>ricerca <span class=\"_ _7\"> </span>esaustiva <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>possibili <span class=\"_ _7\"> </span>mercati <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>principale <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in assenza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>principale, <span class=\"_ _5\"></span>il <span class=\"_ _4\"></span>mercato<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>ntaggioso, <span class=\"_ _6\"></span>ma <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _6\"></span>che sono <span class=\"_ _4\"> </span>ragionevolmente <span class=\"_ _6\"> </span>disponibili. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019evidenza <span class=\"_ _6\"> </span>contraria, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>presume <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _6\"> </span>normalmente l\u2019entit\u00e0 <span class=\"_ _2\"></span>opera <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>vendere <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>trasferire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipale, <span class=\"_ _2\"></span>il </span>mercato pi\u00f9 vantaggioso. Il Gruppo Intesa Sanpaolo ritiene che il <span class=\"_ _3\"></span>mercato principale di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria p<span class=\"_ _5\"></span><span class=\"ff1\">ossa </span>essere identificato c<span class=\"_ _0\"></span>on il mercato nel qu<span class=\"_ _0\"></span>ale normalmente opera il Gruppo Intesa San<span class=\"_ _0\"></span>paolo. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>considera, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span>o <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>verificano <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>frequenza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>volumi <span class=\"_ _5\"></span>sufficienti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>informazioni<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del prezzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>continuativa. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"></span>precisamente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>uno <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>considerato <span class=\"_ _4\"> </span>quotato <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>attivo <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>i prezzi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>prontamente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>regolarmente <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>listino, <span class=\"_ _3\"></span>operatore, <span class=\"_ _2\"></span>intermediari<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>industriale, <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>di determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>utorit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>regolamentazione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>effettive <span class=\"_ _7\"> </span>che avvengono regolarmen<span class=\"_ _0\"></span>te in normali contrattazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>specifiche <span class=\"_ _5\"></span>casistiche, <span class=\"_ _6\"></span>disciplinate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _6\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quotazioni su <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>regolamentati, vengono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>appositi a<span class=\"_ _3\"></span>pprofondimenti, tesi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>verificare la <span class=\"_ _3\"></span>significat<span class=\"_ _5\"></span>ivit\u00e0 delle quotazioni espresse dal mer<span class=\"_ _0\"></span>cato ufficiale. Nel caso <span class=\"_ _3\"></span>di significativa riduzione nel volum<span class=\"_ _0\"></span>e o nel livello di operativit\u00e0 rispetto<span class=\"_ _0\"></span> al <span class=\"_ _7\"> </span>consueto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>milari) <span class=\"_ _4\"> </span>evidenziata <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>alcuni <span class=\"_ _4\"> </span>indicatori <span class=\"_ _16\"> </span>(numerosit\u00e0 <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni, <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>espre<span class=\"_ _3\"></span>ssi <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"></span>impliciti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di liquidit\u00e0, allargamento o <span class=\"_ _3\"></span>incremento dello <span class=\"_ _3\"></span>spread bid<span class=\"_ _3\"></span>-ask, <span class=\"_ _3\"></span>riduzione o <span class=\"_ _3\"></span>assenza totale d<span class=\"_ _3\"></span>i mercato per <span class=\"_ _3\"></span>nuove e<span class=\"_ _3\"></span>missioni, scarsit\u00e0 di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>dominio <span class=\"_ _2\"></span>pubblico), <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>esse<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>effettuate <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ransazioni <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _2\"></span>quotati. <span class=\"_ _2\"></span>Una <span class=\"_ _2\"></span>diminuzione del <span class=\"_ _6\"></span>volume <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>sola <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>indicare <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>transazione <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>quotato <span class=\"_ _6\"></span>non rappresenta il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value o <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>transazione in <span class=\"_ _3\"></span>quel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">mercato <span class=\"_ _3\"></span>non sia <span class=\"_ _3\"></span>ordinaria. <span class=\"_ _3\"></span>Se un\u2019entit\u00e0 d<span class=\"_ _3\"></span>etermina che <span class=\"_ _3\"></span>una t<span class=\"_ _3\"></span>ransazione o </span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>quotato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(es. <span class=\"_ _3\"></span>transazioni n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie), <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ecessario un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>transazioni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>usa <span class=\"_ _3\"></span>quei <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span><span class=\"ff1\">zzi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>aggiustamento <span class=\"_ _3\"></span>pu\u00f2 </span>essere significativ<span class=\"_ _0\"></span>o rispetto alla valuta<span class=\"_ _0\"></span>zione al fair value nel s<span class=\"_ _0\"></span>uo complesso. Il fair value degli stru<span class=\"_ _0\"></span>menti finanziari L\u2019esistenza di quotazio<span class=\"_ _0\"></span>ni in un mercato atti<span class=\"_ _0\"></span>vo costituisce l<span class=\"ff1\">a <span class=\"_ _3\"></span>miglior evidenz<span class=\"_ _0\"></span>a del fair value; tali q<span class=\"_ _35\"></span>uotazioni rappresentano quindi<span class=\"_ _35\"></span> </span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>prioritaria <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>assenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>m<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rcato attivo, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>determinato <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _16\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _4\"> </span>volte <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>stabilire, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>ultima <span class=\"_ _7\"> </span>analisi, <span class=\"_ _7\"> </span>quale <span class=\"_ _16\"> </span>prezzo avrebbe avuto il prodot<span class=\"_ _0\"></span>to, alla data di <span class=\"_ _0\"></span>valutazione, in un lib<span class=\"_ _0\"></span>ero scambio m<span class=\"_ _0\"></span>otivato da normali con<span class=\"_ _0\"></span>siderazioni commercia<span class=\"_ _0\"></span>li. <span class=\"_ _2\"></span> La scelta tra le suddette metodologie di valut<span class=\"_ _0\"></span>azione non \u00e8<span class=\"_ _3\"></span> opzionale, dovendo le stesse essere applic<span class=\"_ _0\"></span>ate in ordine gerarchico: la disponibilit\u00e0 di u<span class=\"_ _0\"></span>n prezzo espresso da <span class=\"_ _0\"></span>un mercato attivo imp<span class=\"_ _0\"></span>edisce di ricorrere<span class=\"_ _0\"></span> ad uno degli altri <span class=\"_ _0\"></span>approcci valutativi.<span class=\"_ _3\"></span> Input delle tecniche di <span class=\"_ _0\"></span>valutazion<span class=\"_ _0\"></span>e Si <span class=\"_ _6\"></span>definiscono <span class=\"_ _6\"></span>input <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span><span class=\"ff4\">assunzioni <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>operatori <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>utilizzerebbero <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>prezzo <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>della </span>passivit\u00e0, <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>assunzioni <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>inerente <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>tecnica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutaz<span class=\"_ _5\"></span>ione utilizzata <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>misurare  il<span class=\"_ _35\"></span>  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>inerente <span class=\"_ _7\"> </span>agli <span class=\"_ _16\"> </span>input <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>tecnica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere osservabili o non osser<span class=\"_ _0\"></span>vabili. Sono <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>laborati utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>informazioni di<span class=\"_ _3\"></span>sponibili al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ubblico <span class=\"_ _3\"></span>su <span class=\"_ _6\"></span>operazioni <span class=\"_ _3\"></span>o fatti <span class=\"_ _2\"></span>effettivi, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riflettono <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>utilizzerebbero <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>dell\u2019a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0 <span class=\"_ _2\"></span>o </span>della passivit\u00e0. Sono <span class=\"_ _2\"></span>input <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>osservabili <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>formazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>elaborati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _2\"></span>le migliori <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzerebbero <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>pre<span class=\"_ _5\"></span>zzo dell\u2019attivit\u00e0 o della <span class=\"_ _0\"></span>passivit\u00e0.<span class=\"ff1\"> </span>Gerarchia del fair value<span class=\"ff1 fc0\"> </span>L\u2019IFRS <span class=\"_ _3\"></span>13 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gerarch<span class=\"ff1\">ia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>classifica <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>input <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>adottate <span class=\"_ _2\"></span>per </span>valutare il fair value. Tale ger<span class=\"_ _0\"></span>archia attribuisce la massima <span class=\"_ _0\"></span>priorit\u00e0 ai prezzi quotati (non re<span class=\"_ _0\"></span>ttificati) in mercati at<span class=\"_ _0\"></span>tivi <span class=\"_ _5\"></span>per attivit\u00e0 o passivit\u00e0 identiche (dati <span class=\"_ _0\"></span>di Livello 1) e minim<span class=\"_ _0\"></span>a priorit\u00e0 agli input <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>on osservabili (dati <span class=\"_ _0\"></span>di Livello 3). In parti<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>olare:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il livello di fair value viene classificato a 1 quando la valutazione dello strumento \u00e8 ottenuta direttamente da prezzi quota<span class=\"_ _2\"></span>ti </span>(non rettificati) in <span class=\"ff4\">mercati atti<span class=\"_ _0\"></span>vi per attivit\u00e0 o pa<span class=\"_ _0\"></span>ssivit\u00e0 identiche a c<span class=\"_ _0\"></span>ui l\u2019entit\u00e0 pu\u00f2 accedere<span class=\"_ _0\"></span> alla data di valutazi<span class=\"_ _0\"></span>one; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassificato a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riscontrato <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazion<span class=\"_ _5\"></span><span class=\"ls17\">e </span></span>avvenga <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ecnica <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutazione, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>osservabili <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>sull\u2019utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>para<span class=\"_ _3\"></span>metri <span class=\"_ _3\"></span>non </span>osservabili ma supp<span class=\"_ _0\"></span>ortati e confermati d<span class=\"_ _0\"></span>a evidenze di mercato,<span class=\"_ _0\"></span> quali prezzi, s<span class=\"_ _0\"></span>pread o altri input; <span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _3\"></span>livello di <span class=\"_ _2\"></span>fair va<span class=\"_ _3\"></span>lue viene <span class=\"_ _3\"></span>classificato a <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>quando le<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>valutazioni sono <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>diversi, non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>desunti </span>direttamente da param<span class=\"_ _0\"></span>etri osservabili sul me<span class=\"_ _0\"></span>rcato e comportano <span class=\"_ _0\"></span>quindi stime ed assu<span class=\"_ _0\"></span>nzioni da parte del <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutatore.<span class=\"_ _2\"></span> Nel caso in cui differenti inpu<span class=\"_ _0\"></span>t siano utilizzati per val<span class=\"_ _0\"></span>utare il f<span class=\"_ _3\"></span><span class=\"ff4\">air value di un\u2019attivit\u00e0 o passivit\u00e0, la <span class=\"_ _0\"></span>classificazione nella gerarc<span class=\"_ _0\"></span>hia </span>\u00e8 de<span class=\"_ _3\"></span>terminata in base <span class=\"_ _3\"></span>all\u2019input di <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>basso l<span class=\"_ _3\"></span>ivello utilizzato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione. Per assegnare <span class=\"_ _3\"></span>la gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>viene </span>data priorit\u00e0 agli in<span class=\"_ _0\"></span>put delle tecniche di va<span class=\"_ _0\"></span>lutazio<span class=\"_ _3\"></span>ne piuttosto ch<span class=\"_ _0\"></span>e alle tecniche di val<span class=\"_ _0\"></span>utazione stesse. L\u2019allegato \u201cGerarchia del Fair Value\u201d delle \u201cRegol<span class=\"_ _0\"></span>e di Valutazione Strumenti Finanziari al Fair Value\u201d definisce,<span class=\"_ _0\"></span> con riferim<span class=\"_ _5\"></span><span class=\"ff1\">ento<span class=\"_ _0\"></span> </span>ai rispettivi <span class=\"_ _3\"></span>modelli/in<span class=\"_ _0\"></span>put di <span class=\"_ _3\"></span>valutazione degli strumenti finanziari, <span class=\"_ _3\"></span>le re<span class=\"_ _3\"></span>gole minimali che devono soddisfare gli <span class=\"_ _3\"></span>input di mercato per essere classificati <span class=\"_ _0\"></span>a livello 2, e le sog<span class=\"_ _0\"></span>lie di significativit\u00e0 c<span class=\"_ _0\"></span>he, qualora superate<span class=\"_ _0\"></span>, portino ad una attribu<span class=\"_ _0\"></span>zione al liv<span class=\"_ _2\"></span>ello 3. Per gli strumenti finanziari di liv<span class=\"_ _0\"></span>ello 1 viene utilizzato il <span class=\"ff4\">prezzo \u201ccorrente\u201d offerto (\u201cdenaro\u201d) per le a<span class=\"_ _0\"></span>ttivit\u00e0 finanziarie ed il prez<span class=\"_ _0\"></span>zo </span>corrente richiesto (\u201clettera\u201d) per le passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie, rilevato sul mercato principale al quale si ha accesso, alla chi<span class=\"_ _5\"></span><span class=\"ff1\">usura del </span>periodo di riferime<span class=\"_ _0\"></span>nto. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>differenziale <span class=\"_ _5\"></span>domanda<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>offerta <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _6\"></span>scarsamente <span class=\"_ _6\"></span>rilevante, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>portare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>compensative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>me<span class=\"_ _3\"></span>rcato, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>utilizzat<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>un prezzo medio di <span class=\"_ _3\"></span><span class=\"ff4\">mercato (sempre r<span class=\"_ _3\"></span>iferito all\u2019ultimo giorno del periodo di riferimento) in <span class=\"_ _3\"></span>luogo del prezzo d<span class=\"_ _3\"></span>i offerta o del <span class=\"_ _3\"></span>prezzo<span class=\"_ _0\"></span> </span>richiesto. Sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _5\"></span>(ovvero <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>disponibile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>C<span class=\"_ _5\"></span>omposite Bloomberg <span class=\"_ _3\"></span>Bond <span class=\"_ _3\"></span>Trader <span class=\"_ _3\"></span>sull'Informatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Provider <span class=\"_ _3\"></span>Bloomberg o, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ternativa, una <span class=\"_ _3\"></span>quotazione <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>circuito <span class=\"_ _3\"></span>EuroMTS o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lmeno tre <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>eseguibili <span class=\"_ _2\"></span>sull\u2019Information <span class=\"_ _3\"></span>Provider <span class=\"_ _2\"></span>Bloomberg), <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>azionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>uffic<span class=\"_ _5\"></span><span class=\"ff1\">iale <span class=\"_ _2\"></span>di </span>riferimento), i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>comuni d<span class=\"_ _3\"></span>i investimento <span class=\"_ _3\"></span>UCITS contribuiti <span class=\"_ _3\"></span>(rientranti nell\u2019ambito d<span class=\"_ _3\"></span>i applicazione <span class=\"_ _3\"></span>delle d<span class=\"_ _3\"></span>irettive comuni<span class=\"_ _5\"></span><span class=\"ff1\">tarie), </span>le operazioni in cambi spot, i contratti derivati per i <span class=\"_ _3\"></span>quali siano disponibili quotazioni su un mercato attivo (per es<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>mpio futures e opzioni exchang<span class=\"_ _0\"></span>ed traded). Per <span class=\"_ _2\"></span>differenza, <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>altri <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>appartengono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ategorie <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>presentano<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>la profondit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strum<span class=\"_ _2\"></span>enti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono considerati strumenti d<span class=\"_ _0\"></span>i livello 1. In assenza di quotazione su un mercato attivo o in assen<span class=\"_ _0\"></span>za di un regolare funzionamento del mercato, cio\u00e8 q<span class=\"_ _0\"></span>uando il mercato<span class=\"_ _35\"></span> non ha un sufficiente e continuativo numero di transazion<span class=\"_ _3\"></span>i, spread denaro-lettera e volatilit\u00e0 non sufficientemente contenuti, la determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>finanziari <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>realizzata <span class=\"_ _17\"> </span>grazie <span class=\"_ _17\"> </span>all\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>tecniche <span class=\"_ _17\"> </span>di valutazione aventi l\u2019obiettivo d<span class=\"_ _3\"></span>i stabilire il <span class=\"_ _3\"></span>prezzo al <span class=\"_ _3\"></span>quale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>in una transazione <span class=\"_ _3\"></span>ordinaria l\u2019attivit\u00e0 sarebbe venduta <span class=\"_ _3\"></span>o la <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> trasferita tra parte<span class=\"_ _0\"></span>cipanti al mercato, alla data<span class=\"_ _0\"></span> di valutazione, in <span class=\"_ _0\"></span>condizioni attuali <span class=\"_ _0\"></span>di mercato. <span class=\"_ _3\"></span> Nel caso di<span class=\"_ _3\"></span> strumenti classificati a livello 2<span class=\"_ _3\"></span> la <span class=\"_ _3\"></span>valutazione \u00e8 basata su <span class=\"_ _3\"></span>prezzi o<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>spread creditizi desunti <span class=\"_ _3\"></span>dalle quotazioni ufficiali di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _4\"> </span>simili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rischio, <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>(modello <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> valutazione). <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>approccio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>traduce <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>ricerca <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>transaz<span class=\"_ _2\"></span>ioni <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti che, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>rischio, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omparabili <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>o <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>calcolo<span class=\"_ _0\"></span> classificate <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>consentono <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riprodurre <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanz<span class=\"_ _2\"></span>iari <span class=\"_ _16\"> </span>quotati <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>mercati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _7\"> </span>(calibrazione <span class=\"_ _7\"> </span>del modello) <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>includere <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>discrezionali <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>io\u00e8 <span class=\"_ _4\"> </span>parametri <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>desunto <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _2\"></span>mercati <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>ovvero <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>fissato <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>livell<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>replicare <span class=\"_ _2\"></span>quotazioni <span class=\"_ _5\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u mercati attivi <span class=\"ff4\">\u2013</span> tali da influi<span class=\"_ _0\"></span>re in maniera det<span class=\"_ _0\"></span>erminante sul prezz<span class=\"_ _0\"></span>o di valutazione final<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> Sono valutati secondo m<span class=\"_ _0\"></span>odelli che utili<span class=\"_ _0\"></span>zzano input di livello<span class=\"_ _0\"></span> 2:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _6\"></span>privi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quotazioni <span class=\"_ _6\"></span>ufficiali <span class=\"_ _6\"></span>es<span class=\"_ _3\"></span>presse <span class=\"_ _4\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>tramite </span>l\u2019utilizzo di un a<span class=\"_ _3\"></span>ppropriato credit spread, individuato a partire <span class=\"_ _3\"></span>da strumenti finanziari contribuiti e liquidi <span class=\"_ _3\"></span>con caratteri<span class=\"_ _5\"></span><span class=\"ff1\">stiche </span>similari;<span class=\"_ _90\"> </span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determin<span class=\"ff4\">ato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span>utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ppropriato <span class=\"_ _6\"></span>credit <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"></span>individuato <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>partire <span class=\"_ _6\"> </span>da </span></span>evidenze di mercato di<span class=\"_ _0\"></span> strumenti finanziari <span class=\"_ _0\"></span>con caratteristiche simila<span class=\"_ _0\"></span>ri;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>inclusi <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>cartolarizzati) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _5\"></span>mediant<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>appo<span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>modelli, <span class=\"_ _2\"></span>alimentati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a </span>parametri di input (q<span class=\"_ _0\"></span>uali curve di tasso, c<span class=\"_ _0\"></span>ambi e volatilit\u00e0) osser<span class=\"_ _0\"></span>vati sul mercato; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i prodotti <span class=\"_ _3\"></span>strutturati di credito <span class=\"_ _3\"></span>(ABS, CLO <span class=\"_ _3\"></span>HY, CDO) per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>non sono d<span class=\"_ _3\"></span>isponibili prezzi significativi e <span class=\"_ _3\"></span>il cui <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>vi<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ne<span class=\"_ _0\"></span> </span>determinato utilizzando tecni<span class=\"_ _0\"></span>che di valutazio<span class=\"_ _0\"></span>ne che tengono conto <span class=\"_ _0\"></span>di parametri desumibili<span class=\"_ _0\"></span> dal mercato;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>titoli <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>non  c<span class=\"_ _0\"></span>ontribuiti <span class=\"_ _16\"> </span>valutati  con <span class=\"_ _16\"> </span>il  ric<span class=\"_ _0\"></span>orso  a <span class=\"_ _16\"> </span>transazioni <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _16\"> </span>ovvero  tra<span class=\"_ _0\"></span>nsazioni  sig<span class=\"_ _0\"></span>nificative <span class=\"_ _16\"> </span>sul  titol<span class=\"_ _35\"></span>o<span class=\"_ _6\"></span> </span>registrate <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>fficientemente <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di mercato costanti, o per i q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>li sono utilizzat<span class=\"_ _0\"></span>i i cosiddetti modelli <span class=\"_ _0\"></span>valutativi \u201crelati<span class=\"_ _0\"></span>vi\u201d basati su moltipli<span class=\"_ _0\"></span>catori;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i fondi hedge non UCITS<span class=\"_ _0\"></span>, verificato che gli <span class=\"_ _0\"></span>strumenti di <span class=\"ls11\">li</span>vello 3 non superino un<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> predeterminata <span class=\"_ _0\"></span>soglia. </span>Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>classificati a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>3, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value \u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere a <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>valutat<span class=\"_ _5\"></span>ivi <span class=\"_ _3\"></span>che presuppongono <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>osservabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"> </span>comportano <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e </span>assunzioni <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutatore. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>valutazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>condotta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>una<span class=\"_ _2\"></span> metodologia di calcolo <span class=\"_ _0\"></span>basata su specifi<span class=\"_ _0\"></span>che ipotesi riguard<span class=\"_ _0\"></span>anti:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _7\"> </span>sviluppo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>cash<span class=\"_ _3\"></span>-flow <span class=\"_ _7\"> </span>futuri, <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _7\"> </span>condizionati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttribuite <span class=\"_ _4\"> </span>probabilit\u00e0 </span>desunte dall\u2019esperienz<span class=\"_ _0\"></span>a storica o sulla<span class=\"_ _0\"></span> base di ipotesi di com<span class=\"_ _0\"></span>portamento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _4\"></span>livello<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>determinati <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>input <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>quotati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>mercati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque <span class=\"_ _4\"></span>privilegiate <span class=\"_ _6\"></span>le </span>informazioni <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spread <span class=\"_ _5\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>mercato. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _5\"></span>disponibili, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>ricorre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dati storici del fattore di <span class=\"_ _3\"></span>rischio specifico sottostante o a ricerche specializzate in materia <span class=\"_ _2\"></span>(ad es. <span class=\"_ _3\"></span>report di Agenzie di <span class=\"_ _3\"></span>Rating o di primari attori del mercat<span class=\"_ _0\"></span>o). Sono valutati secondo <span class=\"_ _0\"></span>tale metodologi<span class=\"_ _0\"></span>a: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alcune operazioni in <span class=\"_ _0\"></span>derivati, in titoli ob<span class=\"_ _0\"></span>bligazionari o in stru<span class=\"_ _0\"></span>tturati di credito com<span class=\"_ _0\"></span>plessi valutati con in<span class=\"_ _0\"></span>put di livello 3<span class=\"_ _2\"></span>; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>hedge fund in cui gli ass<span class=\"_ _0\"></span>et di livello 3 sono supe<span class=\"_ _0\"></span>riori ad una pred<span class=\"_ _0\"></span>eterminata soglia; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>fondi di private equity, <span class=\"_ _3\"></span>fondi di private debt, fondi immobiliari e <span class=\"_ _3\"></span>fondi chiusi derivanti da cessioni di c<span class=\"_ _3\"></span>redito non perform<span class=\"_ _5\"></span>ing </span>valutati al NAV, con <span class=\"_ _0\"></span>eventuale applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di sconti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">quote <span class=\"_ _4\"> </span>partecipative <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>fondati <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>finanziari attualizz<span class=\"_ _0\"></span>ati o con metodi patrim<span class=\"_ _0\"></span>oniali; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>credit <span class=\"_ _7\"> </span></span>spread <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>soddisfa <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>essere </span>considerato livello 2; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>azionaria, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>dell\u2019attualizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span></span>flussi contrattuali pre<span class=\"_ _0\"></span>visti. Il trasferimento di liv<span class=\"_ _0\"></span>ello di fair value delle attivit\u00e0 e p<span class=\"_ _0\"></span>assivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair valu<span class=\"_ _0\"></span>e su base ricorrente,<span class=\"_ _0\"></span> avviene, come definito <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>segue: <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>etermina a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>nell\u2019osservab<span class=\"_ _2\"></span><span class=\"ff1\">ilit\u00e0 <span class=\"_ _3\"></span>o </span>nella significativit\u00e0 <span class=\"_ _3\"></span>di un <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>alle valutazioni; <span class=\"_ _3\"></span>il trasferimento tra <span class=\"_ _3\"></span>i livelli <span class=\"_ _3\"></span>1 e<span class=\"_ _3\"></span> 2 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>3 si <span class=\"_ _3\"></span>determina a <span class=\"_ _3\"></span>fronte di <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>ariazione della disponibilit\u00e0 dei pr<span class=\"_ _0\"></span>ezzi su un mercato atti<span class=\"_ _0\"></span>vo. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>OTC, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dipende <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservabilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _3\"></span>dei parametri <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _2\"></span>free\u201d. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolv<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>della c<span class=\"_ _3\"></span>ontroparte/emitte<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>pu\u00f2 c<span class=\"_ _3\"></span>omportare il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello 3 <span class=\"_ _2\"></span>quando<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019esposizione cor<span class=\"_ _3\"></span>rente <span class=\"_ _3\"></span>\u00e8 positiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>e </span>la <span class=\"_ _3\"></span>controparte <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>status <span class=\"_ _2\"></span>creditizio <span class=\"_ _3\"></span>deteriorato, <span class=\"_ _3\"></span>oppure <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _3\"></span>richiede <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"lsc\">on </span>osservabili e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente di <span class=\"_ _3\"></span>bilateral <span class=\"_ _3\"></span>Credit Value <span class=\"_ _3\"></span>Adjustment (bCVA) si<span class=\"_ _3\"></span>a si<span class=\"_ _5\"></span>gnific<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value complessivo del netting set, oppure q<span class=\"_ _0\"></span>uando la sensitivit<span class=\"_ _0\"></span>y al downgrading della<span class=\"_ _0\"></span> controparte sia sig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativa rispett<span class=\"_ _0\"></span>o al fair value compl<span class=\"_ _0\"></span>essi<span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>o del netting set. Per gli strumenti di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti il trasferimento di livello avviene: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">quando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>resi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _4\"> </span>input <span class=\"_ _6\"> </span>osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>definiti <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>transazioni<span class=\"_ _0\"></span> </span></span>comparabili  sul  m<span class=\"_ _35\"></span>edesimo  strumento  tr<span class=\"_ _0\"></span>a  controparti  i<span class=\"_ _35\"></span>ndipendenti  e  consapevoli). <span class=\"_ _16\"> </span>In  questo <span class=\"_ _16\"> </span>caso,  il  Gruppo <span class=\"_ _16\"> </span>Intes<span class=\"_ _5\"></span><span class=\"ls17\">a </span>Sanpaolo procede alla <span class=\"_ _0\"></span>riclassifica dal livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> 3 al livello 2; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndirettamente <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>venuti <span class=\"_ _3\"></span>meno, <span class=\"_ _2\"></span>ovvero </span>non <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>aggiornati <span class=\"_ _6\"></span>(es. <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>comparabili <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>recenti <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ultipli <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>pplicabili). <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>il Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo ricorre a tecniche <span class=\"_ _0\"></span>di valutazione che u<span class=\"_ _0\"></span>tilizzano input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> Processo di valutazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli strumenti fin<span class=\"_ _0\"></span>anziari Il processo di valuta<span class=\"_ _0\"></span>zione degli strumenti fi<span class=\"_ _0\"></span>nanziari si articola in diverse fasi che vengono <span class=\"_ _0\"></span>brevemente riassunte q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>i di seguito: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndividuazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>fonti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>valutazioni: <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value </span>stabiliscono, <span class=\"_ _16\"> </span>per  og<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>categoria <span class=\"_ _16\"> </span>di  riferime<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>(asset  <span class=\"ff4\">class),  i <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazio<span class=\"_ _0\"></span>ne  dei<span class=\"_ _0\"></span>  p<span class=\"_ _0\"></span>arametri <span class=\"_ _16\"> </span>di </span>mercato e le modalit\u00e0 <span class=\"_ _0\"></span>secondo le quali tali <span class=\"_ _0\"></span>dati devono esser<span class=\"_ _0\"></span>e recepiti e utilizzati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>ertificazione e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>periodiche: <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>consiste <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>contr<span class=\"_ _5\"></span>ollo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>untuale, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>parametri <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _7\"> </span>(rilevazione <span class=\"_ _16\"> </span>dell\u2019integrit\u00e0 <span class=\"_ _7\"> </span>del  dato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>storicizzato <span class=\"_ _16\"> </span>sulla<span class=\"_ _0\"></span> piattaforma <span class=\"_ _3\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contribuzione), <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _3\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingolo <span class=\"_ _3\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e nella verific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> delle concrete m<span class=\"_ _0\"></span>odalit\u00e0 applicative;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>ertificazione <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione: <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>questa <span class=\"_ _4\"> </span>fase <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>verificata <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>consistenza <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>varie<span class=\"_ _35\"></span> </span></span>metodologie valutative <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>prassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>porre <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>aspetti critici <span class=\"_ _3\"></span>insiti <span class=\"_ _3\"></span>nei modelli di valutazi<span class=\"_ _0\"></span>one usati e di determinar<span class=\"_ _0\"></span>e eventuali aggiusta<span class=\"_ _0\"></span>menti necessari alla valu<span class=\"_ _0\"></span>tazione; <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mo<span class=\"_ _3\"></span>nitoraggio <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>revisione <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione: <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _17\"> </span>consiste <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>verificare <span class=\"_ _17\"> </span>cos<span class=\"_ _3\"></span>tantement<span class=\"_ _35\"></span>e </span>l\u2019aderenza <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>empestivamente <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>scostamenti, avviando le necessa<span class=\"_ _0\"></span>rie verifiche ed inter<span class=\"_ _0\"></span>venti. Individuazione, certific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione e trattamento dei dati di inp<span class=\"_ _0\"></span>ut alle valutazioni Il <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>necessit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>distinguere <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>valutabili <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>effettivi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mer<span class=\"_ _5\"></span>cato, piuttosto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>l'applicazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenzia <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>necessi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tabilire <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>univoci <span class=\"_ _7\"> </span>nella determinazione dei parametri <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>A tal <span class=\"_ _3\"></span>fine le <span class=\"_ _3\"></span>Linee Gu<span class=\"_ _3\"></span>ida e <span class=\"_ _3\"></span>Regole di <span class=\"_ _3\"></span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Strumenti Finanziari al <span class=\"_ _3\"></span>Fair Value<span class=\"_ _5\"></span><span class=\"ls1d\">,</span><span class=\"ls1d\"> </span>stabiliscono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>necessari <span class=\"_ _4\"> </span>all<span class=\"_ _3\"></span>\u2019identificaz<span class=\"_ _0\"></span>ione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>mercato, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>fon<span class=\"_ _5\"></span><span class=\"ff1\">ti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contribuzione <span class=\"_ _4\"> </span>ritenute <span class=\"_ _7\"> </span>idonee <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>le </span>modalit\u00e0 secondo <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>tali d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>devono essere <span class=\"_ _3\"></span>recepiti (cut <span class=\"_ _3\"></span>off) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> valutazione <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>finanziari d<span class=\"_ _6\"></span>etenuti a <span class=\"_ _6\"></span>vario <span class=\"_ _6\"></span>titolo <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>contro<span class=\"_ _5\"></span>llate. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>stesse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _5\"></span>utilizzate <span class=\"_ _6\"></span>nel caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valutazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>favore <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>terze <span class=\"_ _17\"> </span>parti <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>accordi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Service <span class=\"_ _17\"> </span>Level <span class=\"_ _1d\"> </span>Agree<span class=\"_ _3\"></span>ment, <span class=\"_ _1d\"> </span>preventivamente<span class=\"_ _0\"></span> formalizzati. <span class=\"_ _7\"> </span>L\u2019idoneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>dati <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>input <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>garantita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>requis<span class=\"_ _5\"></span><span class=\"ff1\">iti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>riferimento: <span class=\"_ _7\"> </span>comparabilit\u00e0,<span class=\"_ _0\"></span> </span>reperibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>trasparenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>dato<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>reperire <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>dato <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>infoproviding, <span class=\"_ _2\"></span>misur<span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>del bid-ask di contribuzion<span class=\"_ _0\"></span>e e, infine, relativam<span class=\"_ _0\"></span>ente ai prodotti OTC, <span class=\"_ _0\"></span>verifica della compara<span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ilit\u00e0 delle fonti d<span class=\"_ _0\"></span>i contribuzione.  L\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>subordinato <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"> </span>certificazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della  <span class=\"ff1\">Direzione </span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _6\"></span>puntuale <span class=\"_ _5\"></span>(rilevando <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _2\"></span></span>integrit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>dato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricizzat<span class=\"_ _0\"></span>o sulla <span class=\"_ _2\"></span>piattaforma <span class=\"_ _2\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contribuzione), <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _2\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _4\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e di verifi<span class=\"_ _0\"></span>ca delle concrete mod<span class=\"_ _0\"></span>alit\u00e0 applicative.<span class=\"_ _3\"></span> Certificazione delle metod<span class=\"_ _0\"></span>ologie di valutazio<span class=\"_ _0\"></span>ne Le <span class=\"_ _18\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _17\"> </span>dal <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _18\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>certificate <span class=\"_ _18\"> </span>dalla <span class=\"_ _18\"> </span>Direzione <span class=\"_ _18\"> </span>Centrale <span class=\"_ _17\"> </span>Risk Management IMI CIB, con il coinvolgimento di tutte le strutture competenti. La certificazione \u00e8 volta a <span class=\"_ _2\"></span>verificare la consistenza delle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"></span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>corrente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>limiti <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>determinare <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ventual<span class=\"_ _0\"></span>i aggiustamenti al fair value, coerentemente con quanto stabilito dalla normativa vigente. Il <span class=\"_ _3\"></span>processo di ce<span class=\"_ _2\"></span>rtificazione considera tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>(assunzioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>base, <span class=\"_ _7\"> </span>derivazione <span class=\"_ _7\"> </span>matematica, <span class=\"_ _7\"> </span>eventuali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprossimazioni<span class=\"_ _0\"></span>, algoritmi <span class=\"_ _2\"></span>numerici <span class=\"_ _2\"></span>utilizzati, <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>output) <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>ini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, fra <span class=\"_ _3\"></span>cui le <span class=\"_ _3\"></span>caratteristiche dei prodotti a<span class=\"_ _3\"></span>ssociati (payoff, clausole d<span class=\"_ _3\"></span>i estinzione anticipata, <span class=\"_ _3\"></span>ecc.), degli eventuali <span class=\"_ _3\"></span>accordi <span class=\"_ _5\"></span>accessori (ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>accordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>netting <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>collaterale), <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>negoziati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>mod<span class=\"_ _5\"></span>alit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli utenti <span class=\"_ _7\"> </span>finali <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>es. <span class=\"_ _7\"> </span>precisione <span class=\"_ _7\"> </span>vs <span class=\"_ _7\"> </span>performance, <span class=\"_ _4\"> </span>calcolo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio, <span class=\"_ _7\"> </span>ecc.). <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>analisi<span class=\"_ _2\"></span> qualitative e quantitativ<span class=\"_ _0\"></span>e e sono opportun<span class=\"_ _0\"></span>amente riportati nell<span class=\"_ _0\"></span>a documentazion<span class=\"_ _0\"></span>e interna. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>complessit\u00e0 <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>turbolenza <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>market <span class=\"_ _3\"></span>dislocation) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ricorrere <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una validazione indipend<span class=\"_ _0\"></span>ente da parte di accr<span class=\"_ _0\"></span>editate societ\u00e0 di <span class=\"_ _0\"></span>servizi finanziari. <span class=\"_ _3\"></span> A <span class=\"_ _17\"> </span>conclusione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>certificazione, <span class=\"_ _1d\"> </span>la <span class=\"_ _18\"> </span>metod<span class=\"_ _3\"></span>ologia <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>valutazione <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _17\"> </span>censita <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>documento <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione Strumenti Fi<span class=\"_ _0\"></span>nanziari al Fair Valu<span class=\"_ _0\"></span>e. Monitoraggio e revisio<span class=\"_ _0\"></span>ne delle metodologie <span class=\"_ _0\"></span>di valutazione Come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>normativa <span class=\"_ _3\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di costante <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>loro performance <span class=\"_ _3\"></span>rispetto alle <span class=\"_ _3\"></span>evoluzioni <span class=\"_ _3\"></span>degli s<span class=\"_ _3\"></span>trumenti finanziari, dei <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alle innovaz<span class=\"_ _6\"></span>ioni metodologiche <span class=\"_ _5\"></span>sviluppate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>comunit\u00e0 <span class=\"_ _5\"></span>scientifica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>garantire<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>continua <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>mercato, evidenziare <span class=\"_ _1d\"> </span>tempestivamente <span class=\"_ _17\"> </span>eventuali <span class=\"_ _17\"> </span>inadeguatezze <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>avv<span class=\"_ _3\"></span>iare <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>necessarie <span class=\"_ _1d\"> </span>verifiche <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interventi. <span class=\"_ _17\"> </span>Le <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _7\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fair <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>dettagliano <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _7\"> </span>periodico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la revisione  delle  me<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>odologie  di <span class=\"_ _16\"> </span>valutazione.  Le  funzioni <span class=\"_ _16\"> </span>coinvolte  nel  pr<span class=\"_ _0\"></span>ocesso  di  monit<span class=\"_ _0\"></span>oraggio  sono  l<span class=\"_ _0\"></span>e  stesse  funzi<span class=\"_ _0\"></span>oni coinvolte <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>certificazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>metodologi<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>sopra <span class=\"_ _6\"></span>citato <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>IPV <span class=\"_ _6\"></span>disciplina<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o <span class=\"_ _6\"></span>dalle Linee Guida e Regol<span class=\"_ _0\"></span>e di Verifica Indipen<span class=\"_ _0\"></span>dente dei Prezzi. Rischio di valutazione: agg<span class=\"_ _0\"></span>iustamenti al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall'incertezza <span class=\"_ _2\"></span>valutativa<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>del prezzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uscita <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>eventuali <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>applicate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di particolari condizioni<span class=\"_ _0\"></span> del mercato.  La <span class=\"_ _3\"></span>principale <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>associato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustamenti al <span class=\"_ _2\"></span>fair v<span class=\"_ _3\"></span>alue, v<span class=\"_ _3\"></span>olti a <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>considerazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>l\u2019incertezza <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutativa <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>difficolt\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>smobilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>particolari <span class=\"_ _6\"> </span>posizioni <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>oss<span class=\"_ _5\"></span><span class=\"ff1\">ono </span>essere <span class=\"_ _3\"></span>riferiti <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>dat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Gli<span class=\"_ _3\"></span> aggiustamenti<span class=\"_ _0\"></span> possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>calcolati <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>add<span class=\"_ _3\"></span>itive <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>incluse <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>valutazione.<span class=\"_ _0\"></span> Essi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>visti <span class=\"_ _7\"> </span>periodicamente, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019evoluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>mercati, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>dell\u2019eve<span class=\"_ _2\"></span><span class=\"ff1\">ntuale <span class=\"_ _16\"> </span>introduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>nuovi </span>strumenti <span class=\"_ _2\"></span>liquidi, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>generale, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>af<span class=\"_ _3\"></span>finamenti <span class=\"_ _2\"></span>metodologici, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>portare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span> modifiche sostanziali n<span class=\"_ _0\"></span>elle metodologi<span class=\"_ _0\"></span>e di valutazione prescelt<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e nelle loro im<span class=\"_ _0\"></span>plementazioni. <span class=\"_ _3\"></span> In  particolare  il  Grup<span class=\"_ _0\"></span>po  Intesa  Sanpaolo  c<span class=\"_ _0\"></span>onsidera  aggiust<span class=\"_ _0\"></span>amenti  al  fair <span class=\"_ _16\"> </span>value  per  le  seguenti <span class=\"_ _16\"> </span>categorie  di  incertezza valutativa: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>input: <span class=\"_ _3\"></span>l\u2019eventuale <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>valutativa <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>(siano <span class=\"_ _3\"></span>essi <span class=\"_ _2\"></span>mid, <span class=\"_ _2\"></span>bid<span class=\"_ _5\"></span></span> <span class=\"_ _2\"></span><span class=\"ls17\">o </span></span>as<span class=\"ff4 ls0\">k) <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>misurata <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>strutturali <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mercati <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>all\u2019entit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>controvalori<span class=\"_ _35\"></span> </span>detenuti <span class=\"_ _3\"></span>(in c<span class=\"_ _3\"></span>aso d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>concentrazione) e, <span class=\"_ _2\"></span>laddove necessario, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>quantificando il conseguente impatto sulle <span class=\"_ _0\"></span>valutazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>lliquidit\u00e0 delle p<span class=\"_ _3\"></span>osizioni o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>sottostanti: analogamente <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>caso p<span class=\"_ _3\"></span>recedente, lo <span class=\"_ _3\"></span>spread bid<span class=\"_ _5\"></span>-ask <span class=\"_ _3\"></span>di </span>mercato <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato e <span class=\"_ _2\"></span>laddove necessario <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _5\"></span>quantificando il <span class=\"_ _3\"></span>conseguente impatto sulle valutazio<span class=\"_ _0\"></span>ni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>modello: si basa sull\u2019individuazione e l\u2019utilizzo di varianti dello s<span class=\"_ _3\"></span>tesso modello o <span class=\"_ _3\"></span>di modelli alternativi, con i<span class=\"_ _6\"></span></span> quali </span>effettuare analisi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>confronto volte<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>quantificare <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span><span class=\"ff4\">variabilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>valutazioni (in <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>l\u2019eventuale direzionalit\u00e0 del </span>prezzo al variare del modello) ed <span class=\"_ _3\"></span>il comportamento del modello in vari scenari di <span class=\"_ _3\"></span>mercato (stress test). La quantificazione<span class=\"_ _0\"></span> dell\u2019aggiustamento al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>possib<span class=\"_ _3\"></span><span class=\"ff1\">ile, <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>grandezze finanziarie <span class=\"_ _3\"></span>facilmente comprensibili <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>misurabili </span>(e.g. vega, delta, shift <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i correlazione); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento: <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>finanziamento, <span class=\"_ _4\"> </span>collettivamente <span class=\"_ _4\"> </span>indicati <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>XVA, </span>includono <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Bilateral <span class=\"_ _17\"> </span>Cred<span class=\"_ _3\"></span>it <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(bCVA) <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Funding <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(FVA). <span class=\"_ _18\"> </span>Il <span class=\"_ _18\"> </span>bCVA <span class=\"_ _18\"> </span>tiene <span class=\"_ _18\"> </span>in<span class=\"_ _2\"></span> considerazione <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>premio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>possano <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>onorare <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>propri<span class=\"_ _0\"></span> mutui <span class=\"_ _4\"> </span>impegni <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>esempio <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fallimento). <span class=\"_ _4\"> </span>A <span class=\"_ _16\"> </span>sua <span class=\"_ _4\"> </span>volta, <span class=\"_ _7\"> </span>essa <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>data <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>componenti, <span class=\"_ _7\"> </span>dette <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Value<span class=\"_ _35\"></span> Adjustment <span class=\"_ _20\"> </span>(CVA, <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>segno <span class=\"_ _20\"> </span>negativo) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>Debt <span class=\"_ _20\"> </span>Valu<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>Adjustment <span class=\"_ _20\"> </span>(DVA, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>segno <span class=\"_ _20\"> </span>positivo), <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>considerano, rispettivamente, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Controparte <span class=\"_ _3\"></span>fallisce <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>(e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">resenta <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>positiva </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Controparte), <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>viceversa <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>scenari <span class=\"_ _7\"> </span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>fallisce <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>Controparte <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca presenta un\u2019esposizione ne<span class=\"_ _3\"></span>gativa nei confronti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Controparte<span class=\"_ _0\"></span>).<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>Il Funding <span class=\"_ _3\"></span>Value Adjustment (FVA, <span class=\"_ _3\"></span>di s<span class=\"_ _2\"></span>egno negativo) </span>tiene <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>legato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ass<span class=\"_ _0\"></span>a (cedole, dividendi, collaterale, ecc.) generati dal complessivo portafogli<span class=\"_ _0\"></span>o di derivati OTC della Banca. <span class=\"_ _5\"></span>Il calcolo degli XVA dipende <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>controparti, <span class=\"_ _3\"></span>calcolata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>tecniche d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>simulazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>fattori di rischio <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni considerate, tenendo <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span>ventuali accordi di <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>controparte <span class=\"_ _6\"></span>(in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>netting <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>collateralizzazione), <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>eventuali <span class=\"_ _6\"></span>clausole <span class=\"_ _6\"></span>contrattuali. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>calcol<span class=\"_ _0\"></span>o degli <span class=\"_ _7\"> </span>XVA <span class=\"_ _4\"> </span>dipende <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>Loss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>Default <span class=\"_ _4\"> </span>(LGD) <span class=\"_ _7\"> </span>basate <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di fallimento delle controparti e dall<span class=\"_ _0\"></span>e probabilit\u00e0 di default delle<span class=\"_ _0\"></span> controparti (PD). LGD <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> PD sono ottenut<span class=\"_ _0\"></span>e dalle quotazioni <span class=\"_ _0\"></span>di mercato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Credit <span class=\"_ _3\"></span>Default Swap <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basano <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>stime <span class=\"_ _3\"></span>interne per <span class=\"_ _3\"></span>settore/rating <span class=\"_ _3\"></span>utilizzate p<span class=\"_ _3\"></span>er il <span class=\"_ _2\"></span>rischio d<span class=\"_ _3\"></span>i cred<span class=\"_ _3\"></span>ito.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>FVA <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basa s<span class=\"_ _3\"></span>u <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>curva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento <span class=\"_ _3\"></span>rappresentativa delle <span class=\"_ _2\"></span>migliori controparti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato c<span class=\"_ _3\"></span>on cui  la <span class=\"_ _1d\"> </span>Banca  potrebbe  rinegoziare  le  operazioni,  secondo  il  principio  IFRS  13  d<span class=\"_ _3\"></span>el  mercato  pi\u00f9  vantaggioso,<span class=\"_ _5\"></span>  <span class=\"lsc\">non </span>ravvisando, al moment<span class=\"_ _0\"></span>o, un reale mercato principale per tali t<span class=\"_ _0\"></span>ransazioni. Il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>enti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>formalizzato <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Reg<span class=\"_ _0\"></span>ole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Valutazione <span class=\"_ _2\"></span>Strumenti Finanziari al Fair Val<span class=\"_ _0\"></span>ue e nelle Regole Per <span class=\"_ _0\"></span>La Valutazione Degl<span class=\"_ _0\"></span>i Equity Investments N<span class=\"_ _0\"></span>on Quotati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n appropriate me<span class=\"_ _0\"></span>todologie di<span class=\"_ _35\"></span> calcolo  a  second<span class=\"_ _0\"></span>a  del  diverso  configu<span class=\"_ _0\"></span>rarsi  dei  punti <span class=\"_ _16\"> </span>sopra  indicati,  ed  avvi<span class=\"_ _0\"></span>ene  nel  modo  pi\u00f9 <span class=\"_ _16\"> </span>oggettivo,  consistente  e<span class=\"_ _0\"></span> sistematico <span class=\"_ _1d\"> </span>possibile <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>cura <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Management <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>MI <span class=\"_ _1d\"> </span>CIB <span class=\"_ _1c\"> </span>e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _17\"> </span>M&amp;A <span class=\"_ _1d\"> </span><span class=\"lsc\">e </span>Partecipazioni <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Gruppo<span class=\"ff4\">. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019introduzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _6\"></span>rilascio <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>dipendono <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>dinamica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>fattori </span>sopra <span class=\"_ _2\"></span>indicati. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>combinazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _2\"></span>quantitativi, <span class=\"_ _2\"></span>rigidamente <span class=\"_ _3\"></span>specificati, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>qualitat<span class=\"_ _2\"></span>ivi, valutati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>diversa <span class=\"_ _6\"></span>configurazione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>generato <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>aggiustamenti; <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>le<span class=\"_ _5\"></span> stime successive all<span class=\"_ _0\"></span>a prima iscrizione sono s<span class=\"_ _0\"></span>empre guidate dalla<span class=\"_ _0\"></span> mitigazione o dal venir<span class=\"_ _0\"></span> meno di detti rischi. <span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>nuovi <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>aggiustamenti <span class=\"_ _4\"></span>viene <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resa <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>approvazione <span class=\"_ _4\"></span>nuovi prodotti su proposta <span class=\"_ _0\"></span>della Direzione C<span class=\"_ _0\"></span>entrale Risk Managemen<span class=\"_ _0\"></span>t IMI CIB.<span class=\"_ _3\"></span> L\u2019applicazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aggiustamenti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>procedura <span class=\"_ _2\"></span>autorizzativa<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>soglia <span class=\"_ _2\"></span>di </span>rilevanza definita <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>casistiche, <span class=\"_ _3\"></span>coinvolge sia <span class=\"_ _2\"></span>l\u2019area del <span class=\"_ _2\"></span>Chief Risk <span class=\"_ _2\"></span>Officer che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dirigente <span class=\"_ _3\"></span>Preposto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>reda<span class=\"_ _5\"></span><span class=\"ff1\">zione </span>dei documenti conta<span class=\"_ _0\"></span>bili societari. A.4.1 Livelli di fair value 2 e 3: tecniche di valutazione e input utilizzati I <span class=\"_ _7\"> </span>paragrafi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguono <span class=\"_ _4\"> </span>riepilogano, <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _7\"> </span>(titoli, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _4\"> </span>hedge <span class=\"_ _7\"> </span>fu<span class=\"_ _5\"></span>nd, finanziamenti), le inf<span class=\"_ _0\"></span>ormazioni sui model<span class=\"_ _0\"></span>li di valutazione utiliz<span class=\"_ _0\"></span>zati. <span class=\"_ _3\"></span> I.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei tit<span class=\"_ _0\"></span>oli di debito non c<span class=\"_ _0\"></span>ontribuiti </span>La<span class=\"ls0\"> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>bbligazionari <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>reddituale </span>ovvero <span class=\"_ _17\"> </span>calcolando <span class=\"_ _1d\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>valore <span class=\"_ _17\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>cassa <span class=\"_ _18\"> </span>futuri <span class=\"_ _1d\"> </span>at<span class=\"_ _3\"></span>tesi <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>appropriato <span class=\"_ _17\"> </span>premio <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>rischio rappresentato <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>liquidi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>caratteristiche similari. Le fonti da cui<span class=\"_ _0\"></span> attingere tale mis<span class=\"_ _0\"></span>ura sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli di debito co<span class=\"_ _0\"></span>ntribuiti e liquidi del me<span class=\"_ _0\"></span>desimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap sulla med<span class=\"_ _0\"></span>esima reference <span class=\"_ _0\"></span>entity; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti e liq<span class=\"_ _0\"></span>uidi emessi da emitte<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te con medesimo r<span class=\"_ _0\"></span>ating e appartenente<span class=\"_ _0\"></span> al medesimo settor<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span> </span>In  ogni  caso  si  tien<span class=\"_ _0\"></span>e  conto  della <span class=\"_ _16\"> </span>differente  seniority  del<span class=\"_ _0\"></span>  titolo  da  prezzare  re<span class=\"_ _0\"></span>lativamente  all<span class=\"_ _0\"></span>a  struttura  del  debi<span class=\"_ _0\"></span>to d<span class=\"ff4\">ell\u2019emittente.</span> Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>emittenti <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>italiani <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>costruita <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>matrice <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating/durata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>emissioni  governative  cui <span class=\"_ _16\"> </span>vengono  applicati  i  differenziali  t<span class=\"_ _0\"></span>ra  le  varie  classi  di  rati<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g/durata  rispetto  a<span class=\"_ _0\"></span>d  emiss<span class=\"_ _5\"></span>ioni pubbliche (regioni, pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ince, comuni, enti gov<span class=\"_ _0\"></span>ernativi).<span class=\"_ _3\"></span> In fase d<span class=\"_ _3\"></span>i applicazione dello spread per il pricing dello s<span class=\"_ _3\"></span>trumento non contribuito, qualora la curva d<span class=\"_ _3\"></span>i credito \u201cfair\u201d stima<span class=\"_ _5\"></span><span class=\"ff1\">ta </span>non rispettasse le st<span class=\"_ _0\"></span>esse caratteristiche <span class=\"_ _0\"></span>dello <span class=\"_ _3\"></span>strumento, si consi<span class=\"_ _0\"></span>derano dei fattori cor<span class=\"_ _0\"></span>rettivi. Inoltre, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati attivi, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior prem<span class=\"_ _6\"></span>io richiesto dal mercato rispett<span class=\"_ _0\"></span>o ad un titolo similare contribuit<span class=\"_ _0\"></span>o, si aggiunge <span class=\"_ _3\"></span><span class=\"ff4\">al credit spread \u201cfair\u201d una ulteriore comp<span class=\"_ _0\"></span>onente </span>stimata sulla base d<span class=\"_ _0\"></span>ei bid/ask spread rile<span class=\"_ _0\"></span>vati sul mercato. Infine, <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>includa <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>opzionale <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>provvede <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>ento <span class=\"_ _2\"></span>dello spread <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiungendo <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compon<span class=\"_ _3\"></span><span class=\"ff4\">ente <span class=\"_ _6\"></span>volta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>cogliere <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>illiquidit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti. <span class=\"_ _6\"></span>Tale </span>componente \u00e8 determinata in <span class=\"_ _3\"></span>base alla tipologia di opzione u<span class=\"_ _3\"></span>tilizzando i corrispondenti modelli di valutazione dei derivati citati nel seguito. Similarmente, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credit <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>del Gruppo <span class=\"_ _6\"></span>Bancario <span class=\"_ _5\"></span>designate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>fa <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>obbligazionari <span class=\"_ _6\"></span>emessi <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cedole periodiche regolari, scade<span class=\"_ _0\"></span>nza oltre un<span class=\"_ _3\"></span> anno e quotati su un mercato attivo sulla bas<span class=\"_ _0\"></span>e di quanto prescritto dagli IAS/IFRS. Dalle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>esume <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>merito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _4\"> </span>implicito, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>poi <span class=\"_ _4\"> </span>perfezionato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>di interpolazione, che generano curve di credit spread dif<span class=\"_ _3\"></span>ferenziate<span class=\"_ _0\"></span> per t<span class=\"_ _3\"></span>ipo di cedola, scadenza e livello di subordinazione. Analogamente <span class=\"_ _4\"> </span>i <span class=\"_ _16\"> </span>Certificates <span class=\"_ _4\"> </span>emessi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>valutati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>scomponendoli <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>componenti: <span class=\"_ _7\"> </span>titolo obbligazionario <span class=\"_ _3\"></span>emesso, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>descritto, <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>compone<span class=\"_ _3\"></span>nte <span class=\"_ _2\"></span>opzionale, <span class=\"_ _2\"></span>valutata <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corrispondenti modelli di pricing dei<span class=\"_ _0\"></span> derivati descritti <span class=\"_ _0\"></span>nel seguito.  Infine<span class=\"ff5\">,</span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>designate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _6\"></span>Assicurative <span class=\"_ _4\"> </span>(principalmente<span class=\"_ _0\"></span> passivit\u00e0 collegate a c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>di investimento di <span class=\"_ _3\"></span>tipo Unit L<span class=\"_ _3\"></span>inked che <span class=\"_ _3\"></span>non presentano un <span class=\"_ _3\"></span>rischio assicurativo significativo)<span class=\"_ _35\"></span> riflette il valore di me<span class=\"_ _0\"></span>rcato degli asset <span class=\"_ _0\"></span>sottostanti per la cui d<span class=\"_ _0\"></span>efinizione si applic<span class=\"_ _0\"></span>ano le diverse meto<span class=\"_ _0\"></span>dologie qui descritt<span class=\"_ _2\"></span>e.  II.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei fina<span class=\"_ _0\"></span>nziamen<span class=\"lsd\">ti</span> </span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>contribuzioni <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provider <span class=\"_ _6\"></span>qualora disponibili, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>calcolando <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>attesi <span class=\"_ _5\"></span>utilizzando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redit <span class=\"_ _5\"></span>spread, individuato a partire da<span class=\"_ _0\"></span>lle seguenti fonti:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>finanziamenti contrib<span class=\"_ _0\"></span>uiti sul mercato;<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-416.9016px;\"><div class=\"t m0 xf4 h2 y4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>curve rating/settor<span class=\"_ _0\"></span>e specifiche del mer<span class=\"_ _0\"></span>cato dei finanziamenti; </span></div><div class=\"t m0 xf4 h2 y5 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti d<span class=\"_ _0\"></span>el medesimo emittente; </span></div><div class=\"t m0 xf4 h2 y6 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap s<span class=\"_ _0\"></span>ulla medesima refer<span class=\"_ _0\"></span>ence entity. </span></div><div class=\"t m0 xf4 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>differente <span class=\"_ _5\"></span>seniority <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzare <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito </div><div class=\"t m0 xf4 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019emittente.<span class=\"ff1\"> </span></div><div class=\"t m0 xf4 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>spread <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>pricing <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziamento, <span class=\"_ _7\"> </span>qualora <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>curva <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>redito <span class=\"_ _7\"> </span>\u201cfair\u201d <span class=\"_ _16\"> </span>stimata <span class=\"_ _7\"> </span>non </div><div class=\"t m0 xf4 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">rispettasse le stesse caratter<span class=\"_ _0\"></span>istiche dello strume<span class=\"_ _0\"></span>nto, si consideran<span class=\"_ _0\"></span>o dei fattori correttivi. </div><div class=\"t m0 xf4 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _4\"></span>qualora <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pread <span class=\"_ _4\"></span>creditizio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>faccia <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"></span>curve <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>reate </div><div class=\"t m0 xf4 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso  titol<span class=\"_ _0\"></span>i  obblig<span class=\"_ _0\"></span>azionari, <span class=\"_ _16\"> </span>occorrer\u00e0  applicare <span class=\"_ _16\"> </span>una <span class=\"_ _1d\"> </span>base  Loan<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">Bond, <span class=\"_ _16\"> </span>volta  a <span class=\"_ _16\"> </span>catturare  l\u2019eventu<span class=\"_ _0\"></span>ale  differe<span class=\"_ _0\"></span>nte </span></div><div class=\"t m0 xf4 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">struttura del mercato e<span class=\"_ _0\"></span> la diversa forma te<span class=\"_ _0\"></span>cnica.  </div><div class=\"t m0 xf4 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tenere <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>il premio <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>mercato per <span class=\"_ _3\"></span>strumenti illiquidi <span class=\"_ _3\"></span>e/o s<span class=\"_ _3\"></span>trutturati, si <span class=\"_ _3\"></span>applicano alc<span class=\"_ _5\"></span>uni </div><div class=\"t m0 xf4 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">aggiustamenti allo s<span class=\"_ _0\"></span>pread creditizio. </div><div class=\"t m0 xf4 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">I finanziamenti con rischio sottost<span class=\"_ _0\"></span>ante equity non quotato (rientrano in tale fattisp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cie gli strumenti finanziari che, ai se<span class=\"_ _2\"></span>nsi </div><div class=\"t m0 xf4 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>32, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>equipar<span class=\"_ _0\"></span>abili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>convertibili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>ioni) <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>valutati </div><div class=\"t m0 xf4 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">tramite <span class=\"_ _6\"> </span>l\u2019attualizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>previsti <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>contratto. <span class=\"_ _6\"></span>Trattandosi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>debito, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>si </span></div><div class=\"t m0 xf4 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">utilizzer\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>omma <span class=\"_ _2\"></span>di: <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free, <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>CDS <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>su </div><div class=\"t m0 xf4 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">titoli quotati o su eroga<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni analoghe, <span class=\"_ _0\"></span>e di un eventuale ult<span class=\"_ _0\"></span>eriore premio per il r<span class=\"_ _0\"></span>ischio.<span class=\"_ _3\"></span> </div><div class=\"t m0 xf4 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>finanziamenti n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>osizione.<span class=\"_ _0\"></span> </div><div class=\"t m0 xf4 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>viluppata <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>caratterizzan<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>comportare, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d </div><div class=\"t m0 xf4 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">esempio, la valutazione dei flussi di cassa rivenie<span class=\"_ _0\"></span>nti dalla vendita degli immobili posti a gara<span class=\"_ _0\"></span>nzia oppure la valutazione di<span class=\"_ _2\"></span> </div><div class=\"t m0 xf4 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">eventuali <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capi<span class=\"ff4\">tale <span class=\"_ _16\"> </span>acquisibili  a <span class=\"_ _7\"> </span>seguito <span class=\"_ _16\"> </span>dell\u2019introduzione <span class=\"_ _7\"> </span>di  una <span class=\"_ _7\"> </span>clausola <span class=\"_ _16\"> </span>di  c<span class=\"_ _0\"></span>onversione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>quity <span class=\"_ _16\"> </span>della </span></div><div class=\"t m0 xf4 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">posizione. </div><div class=\"t m0 x124 h2 y74 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x8d h2 y75 ff1 fs0 fc2 sc0 lsd ws0\">III.<span class=\"ls0\"> <span class=\"_ _23\"> </span>L<span class=\"_ _3\"></span>a valutazione dei <span class=\"_ _0\"></span>derivati OTC </span></div><div class=\"t m0 xf4 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>scambiati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati <span class=\"_ _3\"></span>regolamentati, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>Over<span class=\"_ _2\"></span> The <span class=\"_ _3\"></span>Counter <span class=\"_ _2\"></span>(OTC), <span class=\"_ _2\"></span>ovvero </div><div class=\"t m0 xf4 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">negoziati <span class=\"_ _3\"></span>bilateralmente <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>apposite <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di </div><div class=\"t m0 xf4 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione e <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>(quali, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>volatilit\u00e0) <span class=\"_ _3\"></span>sottopost<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> </div><div class=\"t m0 xf4 h2 y79 ff1 fs0 fc0 sc0 ls10 ws0\">ai<span class=\"ls0\"> processi di c<span class=\"_ _0\"></span>ertificazione e m<span class=\"_ _0\"></span>onitoraggio illustrati i<span class=\"_ _0\"></span>n precedenza. </span></div><div class=\"t m0 xf4 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>derivato <span class=\"_ _5\"></span>OTC <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>tenendo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>fattori <span class=\"_ _5\"></span>di </div><div class=\"t m0 xf4 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _2\"></span>sottostanti. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>distinguono <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econda <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>ad </div><div class=\"t m0 xf4 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">accordi di collateralizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione (CSA<span class=\"_ _0\"></span>), volti a mitigare il rischio<span class=\"_ _0\"></span> di controparte e finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto:<span class=\"_ _3\"></span> </div><div class=\"t m0 xf4 h2 y7d ff1 fs0 fc0 sc0 ls10 ws0\">a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>CSA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ridurre <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fin<span class=\"_ _5\"></span>anziamento <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un </span></div><div class=\"t m0 x83 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">livello <span class=\"_ _3\"></span>trascurabile, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-arbitraggio, includendo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>premio<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di </div><div class=\"t m0 x83 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">mercato relativo ai <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio s<span class=\"_ _3\"></span>ottostanti al contratto (<span class=\"_ _3\"></span>ad es. <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>interesse, volatilit\u00e0, ecc.), e<span class=\"_ _3\"></span> c<span class=\"_ _5\"></span>onsiderando, </div><div class=\"t m0 x83 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">nei casi pi\u00f9 rilevanti, <span class=\"_ _0\"></span>come tasso di sconto <span class=\"_ _0\"></span>dei flussi di cassa fu<span class=\"_ _0\"></span>turi il tasso di remuner<span class=\"_ _0\"></span>azione del collateral<span class=\"_ _0\"></span>e; <span class=\"_ _2\"></span> </div><div class=\"t m0 xf4 h2 y81 ff1 fs0 fc0 sc0 ls10 ws0\">b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>CSA, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>CSA <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>ridurre <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controparte <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x83 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">finanziamento <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>trascurabile <span class=\"_ _3\"></span>(ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Way <span class=\"_ _3\"></span>CSA, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soglie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>minimum <span class=\"_ _2\"></span>transfer <span class=\"_ _3\"></span>amount <span class=\"_ _2\"></span>non </div><div class=\"t m0 x83 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">trascurabili), il fair value dello strument<span class=\"_ _0\"></span>o pu\u00f2 essere espresso, sotto opportune ipotes<span class=\"_ _0\"></span>i, come la somma del valore di </div><div class=\"t m0 x83 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>base), <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>corrispondente <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>collateralizzato, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>componenti </div><div class=\"t m0 x83 h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">valutative legate al premio al rischio d<span class=\"_ _3\"></span>i controparte e finanziamento, collettivamente indicati come XVA (cfr. \u201cRischio<span class=\"_ _35\"></span> </div><div class=\"t m0 x83 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">di valutazione: aggiu<span class=\"_ _0\"></span>stamenti al fair valu<span class=\"_ _0\"></span>e\u201d).<span class=\"ff1\"> </span></div><div class=\"t m0 xf4 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">In c<span class=\"_ _3\"></span>onsiderazione della numerosit\u00e0 e <span class=\"_ _3\"></span>complessit\u00e0 dei <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati OTC, <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato individuato un <span class=\"_ _3\"></span>quadro s<span class=\"_ _3\"></span>istematico di </div><div class=\"t m0 xf4 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>linee <span class=\"_ _7\"> </span>comuni <span class=\"_ _16\"> </span>(algoritmi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>alcolo, <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elaborazione, <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati, </div><div class=\"t m0 xf4 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">assunzioni di base d<span class=\"_ _0\"></span>el modello) sulle quali si fon<span class=\"_ _0\"></span>da la loro valutazion<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 xf4 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>La tabella seguente illustr<span class=\"_ _0\"></span>a le principali metodologie <span class=\"_ _0\"></span>utilizzate per la valutazione <span class=\"_ _0\"></span>dei derivati OTC in funzio<span class=\"_ _0\"></span>ne della class<span class=\"_ _2\"></span><span class=\"lsc\">e </span>di appartenenza del <span class=\"_ _0\"></span>sottostante. Classe del Sottostante Modelli di Valuta<span class=\"_ _35\"></span>zi<span class=\"_ _3\"></span>one Utili<span class=\"_ _0\"></span>zzati Principali dati <span class=\"_ _0\"></span>di mercato e para<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etri di input dei model<span class=\"_ _0\"></span>li Tasso d\u2019in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span>Net  Pre<span class=\"_ _0\"></span>sent  Valu<span class=\"_ _0\"></span>e,  Black-Sch<span class=\"_ _0\"></span>oles,  SAB<span class=\"_ _0\"></span>R,  Libo<span class=\"_ _0\"></span>r Market <span class=\"_ _4\"> </span>Model, <span class=\"_ _4\"> </span>Hull<span class=\"_ _3\"></span>-White, <span class=\"_ _4\"> </span>Lognormal<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>Bivariato,<span class=\"_ _0\"></span> Rendistato<span class=\"_ _0\"></span>, Hagan <span class=\"_ _0\"></span>formula esa<span class=\"_ _0\"></span>tta per C<span class=\"_ _0\"></span>MS Curve <span class=\"_ _26\"> </span>dei <span class=\"_ _26\"> </span>tassi <span class=\"_ _26\"> </span>d\u2019interes<span class=\"_ _0\"></span>se <span class=\"_ _26\"> </span>(depositi, <span class=\"_ _26\"> </span>FRA,<span class=\"_ _0\"></span> Futures,<span class=\"_ _0\"></span>  OIS,  swap,  basi<span class=\"_ _35\"></span>s  swap,  CMS,  paniere<span class=\"_ _35\"></span> Rendistato)<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>volatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>opzioni <span class=\"_ _15\"> </span>c<span class=\"_ _3\"></span>ap/floor/swap<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ion,<span class=\"_ _0\"></span> correlazioni<span class=\"_ _0\"></span> tra tassi d\u2019i<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>eresse<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Tasso di ca<span class=\"_ _0\"></span>mbio Net <span class=\"_ _3b\"> </span>present <span class=\"_ _2a\"> </span>Value <span class=\"_ _2a\"> </span>F<span class=\"_ _3\"></span>X, <span class=\"_ _3b\"> </span>Garman-Kohlhag<span class=\"_ _35\"></span>en, Lognormale <span class=\"_ _28\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _31\"> </span>Volatilit\u00e0 <span class=\"_ _31\"> </span>Incerta <span class=\"_ _32\"> </span>(LMUV)<span class=\"_ _35\"></span>, Stochasti<span class=\"_ _0\"></span>c  Local <span class=\"_ _7\"> </span>Volatility  (SLV)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span>  Local<span class=\"_ _0\"></span>  Volatilit<span class=\"_ _0\"></span>y (LV)<span class=\"ls0\"> </span>Curve <span class=\"_ _18\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _18\"> </span>d\u2019interesse,<span class=\"_ _35\"></span> <span class=\"_ _1c\"> </span>curve <span class=\"_ _17\"> </span>FX <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>pot <span class=\"_ _17\"> </span>e forward, <span class=\"_ _17\"> </span>volatilit\u00e0 <span class=\"_ _18\"> </span>FX, <span class=\"_ _18\"> </span> <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _1c\"> </span>correl<span class=\"_ _35\"></span>azioni quanto Equity Accrual, <span class=\"_ _2\"></span>Net <span class=\"_ _5\"></span>present <span class=\"_ _2\"></span>Value <span class=\"_ _5\"></span>Equity, <span class=\"_ _5\"></span>Black-Schole<span class=\"_ _0\"></span>s generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _2b\"> </span>Heston, <span class=\"_ _2b\"> </span>Local<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>Volatility, <span class=\"_ _2b\"> </span>Ju<span class=\"_ _0\"></span>mp Diffusion Curve <span class=\"_ _1c\"> </span>dei<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interes<span class=\"_ _0\"></span>se, <span class=\"_ _1c\"> </span>prezzi <span class=\"_ _18\"> </span>spot <span class=\"_ _1c\"> </span>dei sottostanti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi, <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>correlazioni dei sottosta<span class=\"_ _0\"></span>nti, vola<span class=\"_ _0\"></span>tilit\u00e0 e correla<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni qua<span class=\"_ _0\"></span>nto Inflazione Inflation <span class=\"_ _1d\"> </span>NPV, <span class=\"_ _1d\"> </span>Infl<span class=\"_ _0\"></span>ation <span class=\"_ _1d\"> </span>SABR<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>Inflation <span class=\"_ _1d\"> </span>Jarrow-<span class=\"_ _90\"> </span>Yildirim Curve dei tas<span class=\"_ _0\"></span>si d\u2019interes<span class=\"_ _0\"></span>se nominali <span class=\"_ _0\"></span>e di inflazione<span class=\"_ _0\"></span>, volatilit\u00e0 <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>d\u2019interesse <span class=\"_ _1c\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>inflazione,<span class=\"_ _35\"></span> coefficien<span class=\"_ _0\"></span>ti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>stagionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>dell\u2019indice <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>al consumo,<span class=\"_ _0\"></span> correlazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dei tassi di in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>lazione<span class=\"_ _0\"></span> Commodit<span class=\"_ _0\"></span>y Net <span class=\"_ _20\"> </span>present <span class=\"_ _20\"> </span>Value <span class=\"_ _1c\"> </span>Commodity, <span class=\"_ _1c\"> </span>Black<span class=\"_ _3\"></span>-Scholes<span class=\"_ _0\"></span> generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _33\"> </span>Independ<span class=\"_ _35\"></span>ent <span class=\"_ _33\"> </span>Forward, <span class=\"_ _33\"> </span>Local<span class=\"_ _35\"></span> Volatility,<span class=\"_ _0\"></span> 2-Factors Ju<span class=\"_ _0\"></span>mp Diffusi<span class=\"_ _0\"></span>on  Curve <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>d\u2019interesse, <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>spot, <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _3\"></span>e futures <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>sottostanti, <span class=\"_ _5\"></span>volatilit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>correlazioni <span class=\"_ _5\"></span>dei sottostanti<span class=\"_ _0\"></span>, volatilit\u00e0 e <span class=\"_ _0\"></span>correlazioni q<span class=\"_ _35\"></span>uanto Credito Net <span class=\"_ _23\"> </span>present <span class=\"_ _23\"> </span>Value, <span class=\"_ _20\"> </span>CDS <span class=\"_ _29\"> </span>Opti<span class=\"_ _0\"></span>on <span class=\"_ _23\"> </span>(o <span class=\"_ _23\"> </span>modello lognormale)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> Contingen<span class=\"_ _35\"></span>t CDS Probabilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>default, <span class=\"_ _18\"> </span>R<span class=\"_ _3\"></span>ecover<span class=\"_ _0\"></span>y <span class=\"_ _1c\"> </span>rate, <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _35\"></span> dell\u2019indice di <span class=\"_ _0\"></span>credito.<span class=\"ff1 ls0\"> </span>Come previsto dal<span class=\"_ _3\"></span>l\u2019IFRS 13, per <span class=\"_ _3\"></span>pervenire alla <span class=\"_ _3\"></span><span class=\"ff1\">determinazione del <span class=\"_ _3\"></span>fair value, i<span class=\"_ _3\"></span>l Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo considera anche </span>l\u2019effetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inadempimento <span class=\"_ _3\"></span>(non<span class=\"_ _3\"></span><span class=\"ff1\">-performance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk) <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>sia </span>le <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>dell\u2019emittente s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>(own <span class=\"_ _3\"></span>credit </span>risk). IV. <span class=\"_ _29\"> </span>La valutazione dei prodot<span class=\"_ _0\"></span>ti strutturati di cre<span class=\"_ _0\"></span>dito Con ri<span class=\"_ _3\"></span>ferimento agli <span class=\"_ _3\"></span>ABS (asset <span class=\"_ _3\"></span>backed <span class=\"_ _3\"></span>securities), nel <span class=\"_ _3\"></span>caso i<span class=\"_ _3\"></span>n cui <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>disponibili prezzi significativi, s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fa ricorso<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>a tecniche <span class=\"_ _16\"> </span>di  valut<span class=\"_ _0\"></span>azione  c<span class=\"_ _0\"></span>he  t<span class=\"_ _0\"></span>engano <span class=\"_ _16\"> </span>conto <span class=\"_ _16\"> </span>di  parametri<span class=\"_ _0\"></span>  desumibili<span class=\"_ _0\"></span>  da <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>(input  d<span class=\"_ _0\"></span>i  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>2)  o, <span class=\"_ _16\"> </span>se <span class=\"_ _16\"> </span>non osservabili, stimati (i<span class=\"_ _0\"></span>nput di livello 2 o 3 s<span class=\"_ _0\"></span>e non significativo o <span class=\"_ _0\"></span>significativo). <span class=\"_ _3\"></span> In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>acquisiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provi<span class=\"_ _3\"></span>der <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>piattaforme <span class=\"_ _5\"></span>specializzate, <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili, <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sono desunti <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>plan <span class=\"_ _5\"></span>dell\u2019operazione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dall\u2019informativa <span class=\"_ _2\"></span>periodica, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non Perfoming <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>(NPL) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Unlikely <span class=\"_ _2\"></span>To <span class=\"_ _3\"></span>Pay <span class=\"_ _3\"></span>(UTP);<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>esunti <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato/info provider di <span class=\"_ _6\"> </span>mercato, <span class=\"_ _4\"> </span>rafforzati <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un\u2019analisi <span class=\"_ _6\"> </span>qualitativa <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>erformance <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti <span class=\"_ _6\"> </span>desumibili <span class=\"_ _6\"> </span>dai <span class=\"_ _6\"> </span>periodici <span class=\"_ _4\"> </span>investo<span class=\"_ _0\"></span>r reports <span class=\"_ _16\"> </span>e  volt<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>ad  evidenzi<span class=\"_ _0\"></span>are <span class=\"_ _16\"> </span>aspetti <span class=\"_ _16\"> </span>strutturali  n<span class=\"_ _0\"></span>on  (<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>non  pienam<span class=\"_ _0\"></span>ente) <span class=\"_ _16\"> </span>ricom<span class=\"_ _2\"></span>presi <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>analisi  preced<span class=\"_ _0\"></span>entemente descritte, relativi <span class=\"_ _3\"></span>all\u2019effettiva <span class=\"_ _3\"></span>futura capacit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pagare <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nalisi di <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rispetto <span class=\"_ _6\"></span><span class=\"ff1\">ad a<span class=\"_ _3\"></span>ltr<span class=\"_ _0\"></span>e </span>strutture similari. Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Corporate <span class=\"_ _5\"></span>Europei <span class=\"_ _2\"></span>High <span class=\"_ _6\"></span>Yield <span class=\"_ _5\"></span>(CLO <span class=\"_ _2\"></span>HY <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans) <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>Valuation technique <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>net <span class=\"_ _4\"> </span>present <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>cash <span class=\"_ _4\"> </span>flow <span class=\"_ _4\"></span>attesi, <span class=\"_ _6\"></span>determinati <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>piattaforme <span class=\"_ _6\"></span>specializzate, scontati <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _2\"></span>espressi <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _3\"></span>Nella <span class=\"_ _2\"></span>modellizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>attesi <span class=\"_ _2\"></span>futuri <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli aspetti contrattuali dei <span class=\"_ _3\"></span>CLO HY Loans che <span class=\"_ _3\"></span>possono influenzare la <span class=\"_ _3\"></span>waterfall, cio\u00e8 la <span class=\"_ _3\"></span>ripartizione dei cash flow derivanti d<span class=\"_ _3\"></span>al collaterale sulle note<span class=\"_ _0\"></span>. A <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>affinate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>cred<span class=\"_ _2\"></span>itizie <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>sottostanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>incorporare <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>valutativi non <span class=\"_ _5\"></span>ricompresi <span class=\"_ _2\"></span>nei <span class=\"_ _6\"></span>modelli <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>Qualitative <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Review <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>consta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019analisi accurata <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>aspetti <span class=\"_ _6\"></span>creditizi <span class=\"_ _5\"></span>riguardanti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>struttura <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>essa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>HY <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>collaterale <span class=\"_ _5\"></span>presente. <span class=\"_ _6\"></span>Questa <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>lo scopo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>elementi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debolezza <span class=\"_ _7\"> </span>presenti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>futuri, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>emergono <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>sottostanti, <span class=\"_ _7\"> </span>che potrebbero <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>colti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>genzie d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pienam<span class=\"_ _3\"></span>ente <span class=\"_ _2\"></span>considerati nelle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>punto precedente. V.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei titoli di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti <span class=\"_ _3\"></span> </span>Nell\u2019ambito dei titoli <span class=\"_ _0\"></span>di capitale di livello<span class=\"_ _0\"></span> 2 rientrano:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>registrate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>un </span>arco <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>sufficientemente <span class=\"_ _5\"></span>breve <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercat<span class=\"_ _35\"></span>o costanti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli di<span class=\"_ _3\"></span> capitale valutati con metodi relativi, basati su <span class=\"_ _3\"></span>moltiplicatori: multipli implici<span class=\"_ _2\"></span>ti in transazioni avvenute su societ\u00e0<span class=\"_ _90\"> </span></span>comparabili, <span class=\"_ _3\"></span>quotate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>quotate, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _3\"></span>sufficientemente <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _3\"></span>della<span class=\"_ _90\"> </span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>costanti <span class=\"_ _5\"></span>(multipli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>M&amp;A), <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>multipli <span class=\"_ _2\"></span>impliciti <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>quotazio<span class=\"_ _5\"></span>ni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>borsa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un campione di societ\u00e0 <span class=\"_ _0\"></span>comparabili (multipli<span class=\"_ _0\"></span> di borsa). Nell\u2019ambito <span class=\"_ _2\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultando <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>significativi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>\u201c<span class=\"_ _5\"></span>relativi\u201d descritti sopra, veng<span class=\"_ _0\"></span>ono quindi utilizzati mo<span class=\"_ _0\"></span>delli<span class=\"_ _3\"></span> <span class=\"ff4\">valutativi \u201cassolut<span class=\"_ _0\"></span>i\u201d, rientrano:<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>applicati <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>analitici <span class=\"_ _3\"></span>fondat<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>flussi, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </span>valore attraverso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>o reddituali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la societ\u00e0 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>prevede <span class=\"_ _5\"></span>generi nel <span class=\"_ _3\"></span>tempo, attualizzati <span class=\"_ _3\"></span>con un tasso appropriato in<span class=\"_ _0\"></span> funzione del livell<span class=\"_ _0\"></span>o di rischio dello s<span class=\"_ _0\"></span>trumento;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>valutati s<span class=\"_ _3\"></span>ulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>NAV o <span class=\"_ _2\"></span>l\u2019Adjusted <span class=\"_ _3\"></span>Net Asset <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>(ANAV), <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>stima </span></span>il fair value delle di<span class=\"_ _0\"></span>verse componenti del patrimoni<span class=\"_ _0\"></span>o della partecipata. Eventuali <span class=\"_ _7\"> </span>valori  ri<span class=\"_ _0\"></span>tenuti <span class=\"_ _16\"> </span>rappres<span class=\"_ _0\"></span>entativi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _16\"> </span>value <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>titolo <span class=\"_ _16\"> </span>azionario <span class=\"_ _7\"> </span>derivanti <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clausole <span class=\"_ _7\"> </span>pattizie <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>esempio, opzioni) <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia del <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>second<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>dell\u2019osservabilit\u00e0 degli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzati </span>nella <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _4\"> </span>Nello <span class=\"_ _7\"> </span>specifico, <span class=\"_ _7\"> </span>se <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lausola <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d\u2019esercizio, <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>algoritmi <span class=\"_ _4\"> </span>e multipli predefiniti, il <span class=\"_ _0\"></span>titolo viene clas<span class=\"_ _0\"></span>sificato a livello 2. Il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizza <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>via <span class=\"_ _4\"> </span>residuale, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>applicabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>metodi<span class=\"_ _35\"></span> precedenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>mancanza di <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>informazioni <span class=\"_ _2\"></span><span class=\"fs9\">e <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui</span> <span class=\"_ _3\"></span>vi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>un'ampia <span class=\"_ _3\"></span>gamma d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>possibili valutazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair<span class=\"_ _0\"></span> value e non risulta p<span class=\"_ _0\"></span>ossibile individuare tra queste un val<span class=\"_ _0\"></span>ore pi\u00f9 appropriat<span class=\"_ _0\"></span>o. Nella <span class=\"_ _6\"></span>fattispecie <span class=\"_ _5\"></span>qui <span class=\"_ _6\"></span>trattata <span class=\"_ _6\"></span>rientrano <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>Partecipativi <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>le<span class=\"_ _0\"></span> caratteristiche per ess<span class=\"_ _0\"></span>ere considerati titoli di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>apitale. VI. <span class=\"_ _29\"> </span>La valutazione dei fondi <span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>ed<span class=\"lsc\">ge</span> Il <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fondo <span class=\"_ _4\"> </span>hedge <span class=\"_ _6\"> </span>corrisponde <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Net <span class=\"_ _6\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _6\"> </span>(NAV) <span class=\"_ _4\"> </span>fornito <span class=\"_ _6\"> </span>dall\u2019amministratore <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>pu\u00f2<span class=\"_ _0\"></span> essere applicato un <span class=\"_ _3\"></span>aggiustamento derivante da <span class=\"_ _3\"></span>un processo di <span class=\"_ _3\"></span>valutazione volto <span class=\"_ _3\"></span>a cogliere i <span class=\"_ _3\"></span>principali fattori d<span class=\"_ _3\"></span>i rischio ai<span class=\"_ _5\"></span> quali \u00e8 soggetta la gestio<span class=\"_ _0\"></span>ne dei fondi, ricon<span class=\"_ _0\"></span>ducibili alle due seguenti t<span class=\"_ _0\"></span>ipologie:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>(broker), <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sottoposti <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>questo </span>deleghi l\u2019attivit\u00e0 di <span class=\"_ _0\"></span>prime brokerage o di c<span class=\"_ _0\"></span>ustodian ad un <span class=\"ff1\">service provider, soggetto a risc<span class=\"_ _0\"></span>hio default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _5\"></span>illiquidit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2\"></span>illiquidi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>scarsit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quotazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _2\"></span>oppure<span class=\"_ _5\"></span> </span>per mancanza di informa<span class=\"_ _0\"></span>zioni sulle politich<span class=\"_ _0\"></span>e di valutazione utiliz<span class=\"_ _0\"></span>zate dal fondo. <span class=\"_ _3\"></span> Ta<span class=\"ls0\">li rischi sono v<span class=\"_ _3\"></span>alutati sulla base delle informazioni presenti nell<span class=\"_ _0\"></span>a documentazione ricevuta periodicamente dai gestori o </span>dagli amministratori <span class=\"_ _0\"></span>dei fondi. Il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>perino <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>predeterminata<span class=\"_ _0\"></span> soglia. VII. <span class=\"_ _29\"> </span>La valutazione dei fondi di <span class=\"_ _0\"></span>private debt Per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>Private <span class=\"_ _2\"></span>Debt <span class=\"_ _2\"></span>FIA <span class=\"_ _5\"></span>(Fondi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>Alternativi), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>autorizzazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>prevede una due <span class=\"_ _3\"></span>diligence iniziale <span class=\"_ _3\"></span>volta a v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>la policy <span class=\"_ _3\"></span>di valutazione de<span class=\"_ _3\"></span>gli asset di <span class=\"_ _3\"></span>ciascun fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le Linee Guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value. <span class=\"_ _2\"></span>Successivament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>avviene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l NAV. Il livello della g<span class=\"_ _0\"></span>erarchia del fair valu<span class=\"_ _0\"></span>e \u00e8 posto pari a 3. VIII. <span class=\"_ _29\"> </span><span class=\"ls10\">La</span> valutazione dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi di <span class=\"_ _3\"></span>private equity, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi immobiliari e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi chiusi <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>cessioni d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span> performing I  fondi <span class=\"_ _1d\"> </span>chiusi  di  private <span class=\"_ _1d\"> </span>equity  sono  di  re<span class=\"_ _3\"></span>gola  valutati  utilizzando  l\u2019ultimo <span class=\"_ _1d\"> </span>Net  Asset <span class=\"_ _1d\"> </span>Val<span class=\"_ _0\"></span>ue  approvato <span class=\"_ _1d\"> </span>dalla  S.g.r. (pubblicato <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>semestrale <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>trimestrale), <span class=\"_ _2\"></span>rettificato <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>considerare <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventi <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>verificatisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _35\"></span> data di riferimento d<span class=\"_ _0\"></span>el NAV quali: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>una transazione rilevante su un<span class=\"_ _0\"></span>a partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il fallimento o la liquidazione <span class=\"_ _0\"></span>di una partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019allineamento a quotazioni c<span class=\"_ _0\"></span>orrenti di eventuali a<span class=\"_ _0\"></span>sset quotati;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>richiami da parte del fondo e re<span class=\"_ _0\"></span>lative distribuzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> </span>I <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>immobiliari <span class=\"_ _5\"></span>chiusi <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>Net <span class=\"_ _5\"></span>Asset <span class=\"_ _5\"></span>Value <span class=\"_ _5\"></span>disponibile, <span class=\"_ _5\"></span>corretto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>richiami <span class=\"_ _5\"></span>o distribuzioni <span class=\"_ _17\"> </span>successive <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>applicand<span class=\"_ _0\"></span>o, <span class=\"_ _18\"> </span>ove <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _17\"> </span>necessario, <span class=\"_ _17\"> </span>uno <span class=\"_ _18\"> </span>sconto <span class=\"_ _17\"> </span>determinato <span class=\"_ _18\"> </span>con <span class=\"_ _17\"> </span>modello <span class=\"_ _18\"> </span>interno. <span class=\"_ _17\"> </span>In particolare <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>permette <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>Net <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cinque <span class=\"_ _4\"> </span>diverse variabili: <span class=\"_ _2\"></span>(i) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>dimensione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>S.g.<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gestisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fondo; <span class=\"_ _2\"></span>(ii) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>numerosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>sottoscrittori; <span class=\"_ _2\"></span>(iii) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>storico<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>fondo; <span class=\"_ _3\"></span>(iv) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>(v) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indebitamento. <span class=\"_ _3\"></span>Tali variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>tarate <span class=\"_ _3\"></span>diversamente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _5\"></span>distinguendo <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>core, <span class=\"_ _2\"></span>value<span class=\"_ _0\"></span> added ed opportunistici<span class=\"_ _0\"></span>. Relativamente a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>set <span class=\"_ _2\"></span>informativo <span class=\"_ _3\"></span>idoneo<span class=\"_ _2\"></span> per <span class=\"ff4\">effettuare un\u2019analisi del busi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ess plan delle posizioni po<span class=\"_ _0\"></span>ssedute del fondo, singol<span class=\"_ _0\"></span>armente o per cluster omogenei, per<span class=\"_ _35\"></span> </span>determinare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>avvale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>upporto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>esperto <span class=\"_ _5\"></span>indipendente, <span class=\"_ _5\"></span>il quale effettua, tra <span class=\"_ _3\"></span>le altre cose, un confronto andamentale dei business plan delle esposizioni sottostanti e dichiara, nella propria relazione, <span class=\"_ _0\"></span>che il fair value, determi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato dall\u2019esperto, ri<span class=\"_ _0\"></span>sulta conforme alle <span class=\"_ _0\"></span>indicazioni dei <span class=\"_ _0\"></span>principali regulators<span class=\"_ _90\"> </span>86<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Qualora <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ia possibile <span class=\"_ _3\"></span>applicare l<span class=\"_ _3\"></span>\u2019approccio poc\u2019anzi <span class=\"_ _3\"></span>richiamato, per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuato un <span class=\"_ _3\"></span>confronto <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il rendimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cbenchmark\u201d, <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>fattorizza <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>quali i)<span class=\"ls0\">  <span class=\"_ _3\"></span>le policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione del<span class=\"_ _3\"></span> fondo, <span class=\"_ _3\"></span>verificando se <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>siano o <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>compliant con <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>coerenti <span class=\"_ _3\"></span>con la <span class=\"_ _3\"></span>definizione di </span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>plan <span class=\"_ _3\"></span>aggiornato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>performance del <span class=\"_ _2\"></span>fondo rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span><span class=\"ff4\">plan <span class=\"_ _3\"></span>disponibile, <span class=\"_ _2\"></span>iii) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche dell\u2019attivo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cost o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>funding <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>mercato </span>per <span class=\"_ _3\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>liquidi, <span class=\"_ _3\"></span>v) <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>completezza ed <span class=\"_ _2\"></span>esaustivit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>messe <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>disposizione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e 86 <span class=\"_ _3\"></span><span class=\"ff4\">Cfr<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ocumento <span class=\"_ _2\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _2\"></span>d\u2019Italia/Cons<span class=\"_ _3\"></span>ob/Ivass <span class=\"_ _2\"></span>n.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>\u201cTrattamento <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bil<span class=\"_ _3\"></span>ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>ope<span class=\"_ _3\"></span>razioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span></span>-soluto <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _2\"></span>unlikely <span class=\"_ _2\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambio <span class=\"_ _2\"></span>di quote di fondi di i<span class=\"_ _3\"></span>nvestimento\u201d, pu<span class=\"_ _3\"></span>bblicato nell\u2019april<span class=\"_ _3\"></span>e 2020.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>vi) <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span><span class=\"ff4\">estione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo. <span class=\"_ _7\"> </span>Ove <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>atteso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>\u201cbenchmark\u201d <span class=\"_ _4\"> </span>cos\u00ec </span>definito, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>NAV <span class=\"_ _2\"></span>comunicato <span class=\"_ _2\"></span>dalla <span class=\"_ _6\"></span>SGR <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>assunto <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue; <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>\u201cbenchmark\u201d <span class=\"_ _5\"></span>risulti superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>fond<span class=\"_ _3\"></span>o, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>NAV <span class=\"_ _2\"></span>ridotto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>tiene conto <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>\u201cbenchmark\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rendimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>vita <span class=\"_ _4\"> </span>media <span class=\"_ _6\"> </span>residua <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"></span>stesso (Weighted Average <span class=\"_ _0\"></span>Life o WAL). La valutazione delle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 finanziari<span class=\"_ _0\"></span>e non valutate al fair valu<span class=\"_ _0\"></span>e su base ricorr<span class=\"_ _0\"></span>ente<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>Infine, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>attivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivi <span class=\"_ _7\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzato, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>soli<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>fini informativi di nota int<span class=\"_ _0\"></span>egrativa, si precisa: -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>i<span class=\"_ _3\"></span>l fair value dei titoli ob<span class=\"_ _0\"></span>bligazionari viene <span class=\"_ _0\"></span>determinato applicand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le medesime meto<span class=\"_ _0\"></span>dologie esposte in prece<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enza;<span class=\"_ _2\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>attivi<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>passivi <span class=\"_ _16\"> </span>a  m<span class=\"_ _35\"></span>edio  e <span class=\"_ _7\"> </span>lungo <span class=\"_ _16\"> </span>termine  v<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>effettuata </span>attraverso <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019attualizzazio<span class=\"ff1\">ne <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"></span>basata <span class=\"_ _4\"></span>sul <span class=\"_ _4\"></span>discount <span class=\"_ _6\"></span>rate <span class=\"_ _4\"> </span>adjustment <span class=\"_ _4\"> </span>approach, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>i </span>fattori di rischio cr<span class=\"_ _0\"></span>editizio siano considerati <span class=\"_ _0\"></span>nel tasso di attuali<span class=\"_ _0\"></span>zzazione dei cash fl<span class=\"_ _0\"></span>ow futuri;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"></span>periodo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bi<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>ncio <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>assunto <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>ragionevole <span class=\"_ _4\"></span>approssimazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el </span>fair value. Per maggiori inform<span class=\"_ _0\"></span>azioni si fa rinvio a qua<span class=\"_ _0\"></span>nto riportato nel parag<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>afo A.4.5.4.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziari<span class=\"_ _0\"></span>e valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>3, l\u2019<span class=\"_ _3\"></span>informativa <span class=\"_ _3\"></span>quantitativa s<span class=\"_ _3\"></span>ugli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>va<span class=\"_ _5\"></span><span class=\"ff1\">lutazione <span class=\"_ _3\"></span>del </span>fair value. (migliaia di euro) Attivit\u00e0/passivit\u00e0 finanziarie Tecnica  di  valutazione Principali input non osservabili Valore minimo del range di variazione Valore massimo del range di variazione Unit\u00e0 Cambiamenti  di FV  favorevoli Cambiamenti  di FV  sfavorevoli Titoli e Finanziamenti Discounting Cash Flows Credit Spread -3 6 % 7.409 -11.764 Titoli e Finanziamenti strutturati  JD model JD parameters -<span class=\"ls1c\">37</span> 13<span class=\"ls0\"> </span>% 134<span class=\"ls0\"> </span>-<span class=\"ls1c\">192</span> Titoli e Finanziamenti strutturati  Modello a due fattori di tasso Correlazione -<span class=\"ls1c\">26</span> 32<span class=\"ls0\"> </span>% 4.871 -3.413 ABS<span class=\"ls0\"> </span>Discounting Cash Flows Credit Spread -1 3 % 611<span class=\"ls0\"> </span>-<span class=\"ls1c\">832</span> CLO Cash Discounting Cash Flows Credit Spread -6 6 % 503<span class=\"ls0\"> </span>-<span class=\"ls1c\">523</span> Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Loss Given Default Rate (LGD) - 100<span class=\"ls0\"> </span>% 3.388 -2.315 Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Probabilit\u00e0 di default (PD) in funzione del rating interno della controparte CCC<span class=\"ls0\"> </span>A Rating interno 44<span class=\"ls0\"> </span>-<span class=\"ls1c\">78</span> Derivati OTC - Equity basket option Modello di Black - Scholes Correlazione in basket equity -11,16 87,39 % 517<span class=\"ls0\"> </span>-<span class=\"ls1c\">759</span> Derivati OTC - Equity option Modello di Black - Scholes Volatilit\u00e0 storica 8,21 76,17 % 967<span class=\"ls0\"> </span>-1.524 Derivati OTC - Equity option Modello di Marshall Olkin Correlazione storica 2,44 47,95 % 66<span class=\"ls0\"> </span>-<span class=\"ls1c\">43</span> Derivati OTC - Spread option su tassi swap Modello Lognormale bivariato Correlazione tra tassi swap -71,70 71,04 % 0 -1 A.4.2 Processi e sensibilit\u00e0 delle valutazioni   Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>descrizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>valu<span class=\"_ _3\"></span>tativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>livelli <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>in <span class=\"_ _7\"> </span>manier<span class=\"_ _0\"></span>a ricorrente e non ricorre<span class=\"_ _0\"></span>nte, si rinvia a quant<span class=\"_ _0\"></span>o riportato, rispettiv<span class=\"_ _0\"></span>amente, nei parag<span class=\"_ _0\"></span>rafi A.4.1 e A.4.5.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _7\"> </span>fai<span class=\"_ _0\"></span>r value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>camb<span class=\"_ _3\"></span>iamento <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili <span class=\"_ _2\"></span>significativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di valutazione <span class=\"_ _16\"> </span>impiegate <span class=\"_ _7\"> </span>per  la <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value. <span class=\"_ _16\"> </span>Si <span class=\"_ _16\"> </span>precisa <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alorizzati <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oltanto <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effetti<span class=\"_ _35\"></span> complessivamente materia<span class=\"_ _0\"></span>li a fine esercizio. Attivit\u00e0/passivit<span class=\"_ _3\"></span>\u00e0 finanziarie Parametri non o<span class=\"_ _3\"></span>sservabili Sensitivity<span class=\"_ _3\"></span> (migliaia di euro) Variazione parametro non osservabile<span class=\"_ _3\"></span> Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Credit spread -576 1 bp Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I  JD parameters<span class=\"_ _3\"></span> -<span class=\"ls1b\">10</span> 1%<span class=\"ls0\"> </span>Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Correlazione<span class=\"_ _3\"></span> 157<span class=\"ls0\"> </span>1%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Correlazione tra s<span class=\"_ _3\"></span>ottostanti basket <span class=\"_ _3\"></span>equity 218<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Volatilit\u00e0 storica<span class=\"_ _3\"></span> -1.076 10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity CPPI Correlazione storic<span class=\"_ _3\"></span>a -<span class=\"ls1b\">24</span> 10%<span class=\"_ _90\"> </span>A.4.3. Gerarchia del fair value (trasferimenti tra i diversi livelli) Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>descrizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>adottati <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>stabilire <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>verificano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>diversi <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>della gerarchia del fair val<span class=\"_ _0\"></span>ue (cfr. IFRS 13, <span class=\"_ _0\"></span>par.95) si rimanda a qua<span class=\"_ _0\"></span>nto descritto in prec<span class=\"_ _0\"></span>edenza (cfr. \u201cGer<span class=\"_ _0\"></span>archia del fair value\u201d)<span class=\"_ _3\"></span><span class=\"ff1\">.<span class=\"ff5 fs9 fc2\"> </span></span>A.4.4. Altre informazioni Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span>ascuna <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>CVA (per maggiori dettagli in merito alla valuta<span class=\"_ _0\"></span>zione dei derivati si rimanda al precede<span class=\"_ _0\"></span>nte paragrafo A.4.1). Il Gruppo non si avvale,<span class=\"_ _3\"></span> invece, per<span class=\"_ _3\"></span> altre <span class=\"_ _3\"></span>fattispecie, della <span class=\"_ _3\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>prevista dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>par. <span class=\"_ _5\"></span>48, che <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di \u201cvalutare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>gruppo di  attivi<span class=\"_ _0\"></span>t\u00e0  e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _16\"> </span>sulla  bas<span class=\"_ _0\"></span>e  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _16\"> </span>che  s<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  per<span class=\"_ _0\"></span>cepirebbe <span class=\"_ _16\"> </span>dalla  vendi<span class=\"_ _0\"></span>ta  di<span class=\"_ _0\"></span>  una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>osizione <span class=\"_ _16\"> </span>netta  lung<span class=\"_ _0\"></span>a (ossia <span class=\"ff4\">un\u2019attivit\u00e0) <span class=\"_ _7\"> </span>per  un<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>particolare <span class=\"_ _16\"> </span>esposizione <span class=\"_ _7\"> </span>al  ris<span class=\"_ _0\"></span>chio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>trasferim<span class=\"_ _3\"></span><span class=\"ff1\">ento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>posizione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>corta <span class=\"_ _16\"> </span>(ossia <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na </span></span>passivit\u00e0)  per  u<span class=\"_ _3\"></span>na  particolare  esposizione <span class=\"_ _1d\"> </span>al  rischio  in <span class=\"_ _1d\"> </span>una  regolare <span class=\"_ _1d\"> </span>operazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>tra  operatori  di <span class=\"_ _1d\"> </span>mercato  alla  d<span class=\"_ _3\"></span>ata  di valutazione, alle con<span class=\"_ _0\"></span>dizioni di mercato c<span class=\"_ _0\"></span>orrenti\u201d.<span class=\"ff1\"> </span>Principi generali Independent Price Ver<span class=\"_ _3\"></span>ification<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>indipendente <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi, <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _4\"></span><span class=\"lsc\">e </span>Regole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Verifica <span class=\"_ _7\"> </span>Indipendente <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _4\"> </span>documenti <span class=\"_ _7\"> </span>coordinati <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cura <span class=\"_ _16\"> </span>della <span class=\"_ _4\"> </span>Direzione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _4\"> </span>Market <span class=\"_ _7\"> </span>and Fi<span class=\"ls0\">nancial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>estende <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo </span>Bancario oggetto di co<span class=\"_ _0\"></span>nsolidamento.  Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Verifica Indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Prezzi\u201d, previo <span class=\"_ _3\"></span>parere <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Co<span class=\"_ _3\"></span>mitato Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo, sono </span>oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>revisione <span class=\"_ _7\"> </span>ed  a<span class=\"_ _0\"></span>pprovazione <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>frequenza <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>annuale  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>del  Consigli<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Amministrazione, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>il supporto del Comitato Rischi e Sos<span class=\"_ _3\"></span>tenibilit\u00e0. Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole di Verifica Indipendente dei Prezzi (Ind<span class=\"_ _3\"></span></span>ependent Price Verification) di I <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello\u201d sono <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>pprovazione con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Comitato Rischi <span class=\"_ _3\"></span>Finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ci\u00f2 <span class=\"_ _4\"></span>specificament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>delegato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _4\"></span>Organi <span class=\"_ _4\"></span>Amministrativ<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>esamina <span class=\"_ _4\"></span>altres\u00ec <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>inte<span class=\"_ _5\"></span>rventi <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _35\"></span> materialmente rileva<span class=\"_ _0\"></span>nti, la cui proposta c<span class=\"_ _0\"></span>ompete alla Direzione <span class=\"_ _0\"></span>Centrale Market and Fin<span class=\"_ _0\"></span>ancial Risk Management<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> Secondo <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>575/2013 <span class=\"_ _5\"></span>(Capital<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Requirement <span class=\"_ _5\"></span>Regulatio<span class=\"_ _0\"></span>n <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _5\"></span>art. <span class=\"_ _2\"></span>4, <span class=\"_ _5\"></span>par. <span class=\"_ _5\"></span>1.70 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>105, par. <span class=\"_ _1d\"> </span>8  il <span class=\"_ _1d\"> </span>Gruppo  Intesa  Sanpaolo <span class=\"_ _1d\"> </span>disciplina  il  processo <span class=\"_ _1d\"> </span>di  verifica  Indipendente  dei <span class=\"_ _1d\"> </span>Prezzi  (<span class=\"_ _3\"></span>IPV <span class=\"_ _17\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Independent<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Price<span class=\"_ _0\"></span> Verification), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>consiste <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>verifica <span class=\"_ _16\"> </span>regolare <span class=\"_ _7\"> </span>dell'esattezza <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dell'indipendenz<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti<span class=\"_ _35\"></span> finanziari o dei<span class=\"_ _3\"></span> d<span class=\"ff4\">ati <span class=\"_ _3\"></span>immessi nei modelli di <span class=\"_ _3\"></span>pricing, effettuata da un\u2019unit\u00e0 organizzativa indipendente dalle funzioni <span class=\"_ _3\"></span>di business, </span>con frequenza commisur<span class=\"_ _0\"></span>ata all\u2019attivit\u00e0 di neg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ziazione svolta e <span class=\"_ _0\"></span>alla natura del merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha strutturato un p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>IPV <span class=\"_ _3\"></span>articolato su 3 livelli <span class=\"_ _3\"></span>di controllo coerentemente con quanto indicato dalla <span class=\"_ _6\"> </span>Circolare <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _6\"> </span>285/2013 <span class=\"_ _4\"> </span>(Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>igilanza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>banche), <span class=\"_ _4\"> </span>recepita <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>Sistema <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>Controlli <span class=\"_ _6\"></span>Interni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Integrati, che <span class=\"_ _3\"></span>richiede l\u2019integrazione dei <span class=\"_ _3\"></span>processi di <span class=\"_ _5\"></span><span class=\"ff1\">gestione dei rischi <span class=\"_ _3\"></span>con i <span class=\"_ _3\"></span>processi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>metodologie di v<span class=\"_ _3\"></span>alutazione, anche a </span>fini contabili, delle <span class=\"_ _0\"></span>attivit\u00e0 aziendali. In ambito IPV le funzio<span class=\"_ _0\"></span>ni di controllo di I, <span class=\"_ _0\"></span>II e III livello hann<span class=\"_ _0\"></span>o le seguenti respon<span class=\"_ _0\"></span>sabilit\u00e0 principali:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a  funzione <span class=\"_ _16\"> </span>di  controllo  di <span class=\"_ _16\"> </span>I  l<span class=\"_ _3\"></span>ivello  parte<span class=\"_ _0\"></span>cipa  alla <span class=\"_ _16\"> </span>definizione  del  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>adro  di  r<span class=\"_ _0\"></span>iferimento  met<span class=\"_ _0\"></span>odologico  ed <span class=\"_ _16\"> </span>effettua  le </span>implementazioni ed i c<span class=\"_ _0\"></span>ontrolli di I livello, <span class=\"_ _0\"></span>riportando gli esiti <span class=\"_ _0\"></span>al business e alle funzi<span class=\"_ _0\"></span>oni di controllo <span class=\"_ _0\"></span>di II livello;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>II <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>definis<span class=\"_ _3\"></span><span class=\"ff4\">ce <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>controllo, <span class=\"_ _2\"></span>garantisc<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>l\u2019allineamento </span></span>con <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>normative <span class=\"_ _1d\"> </span>vigenti <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>coerenza <span class=\"_ _1d\"> </span>fra <span class=\"_ _1d\"> </span>controlli <span class=\"_ _1d\"> </span>IPV, <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>aggiustamenti  s<span class=\"_ _3\"></span>upplementari <span class=\"_ _1d\"> </span>di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>(AVA) <span class=\"_ _3\"></span>(effettuati, <span class=\"_ _3\"></span>rispettivamente, sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari al <span class=\"_ _5\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Prudente <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value) <span class=\"_ _5\"></span>supervisiona <span class=\"_ _5\"></span>i controlli di I livello <span class=\"_ _0\"></span>ed effettua i contr<span class=\"_ _0\"></span>olli di II livello; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>effettua <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>interna, <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>violazioni <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _2\"></span>e </span>della <span class=\"_ _6\"> </span>regolamentazione <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutare <span class=\"_ _6\"></span>periodicamente <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>completezza, <span class=\"_ _5\"></span>l\u2019<span class=\"_ _3\"></span>adeguatezza, <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>funzionalit\u00e0 <span class=\"_ _5\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _5\"></span>di efficienza ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffica<span class=\"ff4\">cia) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019affidabilit\u00e0 della <span class=\"_ _3\"></span>struttura o<span class=\"_ _3\"></span>rganizzativa delle <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>componenti del <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>interni e </span>del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a livello di Grupp<span class=\"_ _0\"></span>o, con cadenza prefissa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a in relazione alla <span class=\"_ _0\"></span>natura e all\u2019intensit\u00e0<span class=\"_ _0\"></span> dei rischi.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I controlli IPV di <span class=\"_ _3\"></span>I e I<span class=\"_ _3\"></span>I livello sono controlli di tipo qualitativo e quantitativo e si distinguono in base alla tipologia degli strumenti sottoposti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>controllo. Si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicano coerentemente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>sottostanti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni, sia <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazioni s<span class=\"_ _5\"></span>tesse, <span class=\"_ _3\"></span>e garantiscono <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>sistemi. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _2\"></span>da completezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>adeguatezza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione, <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sovrapposizioni<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>complementariet\u00e0 <span class=\"_ _5\"></span>nell\u2019esecuzio<span class=\"_ _0\"></span>ne. Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>PV <span class=\"_ _2\"></span>utilizzano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>possibile, <span class=\"_ _2\"></span>appositi <span class=\"_ _5\"></span>applicativi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _2\"></span>informatiche, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consentono analisi dati estensive<span class=\"_ _0\"></span> con frequenza anche gi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rnaliera. In partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>validazione <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span><span class=\"ff4\">dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>inseriti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basano <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un\u2019analisi<span class=\"_ _35\"></span> </span></span>approfondita dei dati ottenuti da provider esterni. Nel caso in <span class=\"_ _3\"></span>cui, a seguito dei c<span class=\"_ _3\"></span>ontrolli di I livello, per il dato <span class=\"_ _3\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _3\"></span>nei sistemi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gistri <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>superamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>determinate <span class=\"_ _6\"></span>soglie, <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>omunque <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>dato <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>ritenuto <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"></span>di controllo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>I <span class=\"_ _2\"></span>livello, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>(challenge) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> controllo di II livell<span class=\"_ _0\"></span>o, compatibilmente con<span class=\"_ _0\"></span> il grado di comples<span class=\"_ _0\"></span>sit\u00e0 d<span class=\"_ _3\"></span>ella segnalazione;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>caratterizzati da <span class=\"_ _3\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>complementariet\u00e0 nell\u2019esecuzione <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>live<span class=\"_ _5\"></span></span>llo e </span>volti <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>l\u2019allineamento <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _7\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabili, <span class=\"_ _7\"> </span>basandosi <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>un\u2019analisi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprofon<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </span>consenso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultassero <span class=\"_ _3\"></span>disponibili, <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>icing <span class=\"_ _3\"></span>associati ai rispettivi strumenti.  Le <span class=\"_ _4\"> </span>risultanze <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>IPV <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>analizzate, <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>coordinate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Tavolo <span class=\"_ _4\"> </span>Valutaz<span class=\"_ _2\"></span>ioni <span class=\"_ _4\"> </span>Finanziarie, <span class=\"_ _4\"> </span>organo <span class=\"_ _4\"> </span>tecnico appositamente <span class=\"_ _6\"> </span>costituito, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>favorire <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019integrazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>confronto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>business <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>funzion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>di </span>controllo. Principi generali prudent value<span class=\"_ _3\"></span> Il quadro <span class=\"_ _3\"></span>delle valutazioni <span class=\"_ _3\"></span>finanziarie si completa con <span class=\"_ _3\"></span>la Valutazione Prudente delle p<span class=\"_ _3\"></span>oste valutate al f<span class=\"_ _3\"></span>air value, che <span class=\"_ _3\"></span>prevede il calcolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>valutazioni, <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>soli <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>prudenziali <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>impatti s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>ai<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>contabili in accordo con i principi IFRS<span class=\"_ _0\"></span>. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>prudente <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>attraverso <span class=\"_ _5\"></span>le<span class=\"_ _5\"></span> Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _2\"></span>Prudente <span class=\"_ _2\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predispos<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>cura della Direzione <span class=\"_ _3\"></span>Centrale Market and <span class=\"_ _3\"></span>Financial Risk <span class=\"_ _3\"></span>Management e <span class=\"_ _3\"></span>la cui <span class=\"_ _3\"></span>applicazione si estende <span class=\"_ _3\"></span>alla Capogruppo e <span class=\"_ _3\"></span>a tutte <span class=\"_ _3\"></span>le controllate appartenent<span class=\"_ _0\"></span>i al Gruppo Banc<span class=\"_ _0\"></span>ario oggetto di consoli<span class=\"_ _35\"></span>damento. <span class=\"_ _2\"></span> Le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Valutazione <span class=\"_ _6\"></span>Prudente <span class=\"_ _6\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d, <span class=\"_ _4\"> </span>previo <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>favorevole <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Co<span class=\"_ _3\"></span>mitato <span class=\"_ _6\"> </span>Rischi <span class=\"_ _4\"> </span>Finanziari <span class=\"_ _5\"></span>di Gruppo, sono oggetto di revi<span class=\"_ _0\"></span>sione ed approvazione con freq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>enza almeno annual<span class=\"_ _0\"></span>e da parte del Consiglio di Amminist<span class=\"_ _0\"></span>razione, con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>supporto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Comitato <span class=\"_ _7\"> </span>Rischi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Sostenibilit\u00e0. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Valutazione <span class=\"_ _7\"> </span>Prudente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d <span class=\"_ _7\"> </span>sono </span>oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>revisione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec  gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>aggiornamenti <span class=\"_ _7\"> </span>materialmente<span class=\"_ _0\"></span> rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Secondo <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(Capital <span class=\"_ _5\"></span>Requirement <span class=\"_ _2\"></span>Regulation <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>prudente comporta <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifiche <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>supplementari <span class=\"_ _2\"></span>(Additional <span class=\"_ _2\"></span>Valuation <span class=\"_ _2\"></span>Adjustment <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>AVA) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti finanziari <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>vo<span class=\"_ _3\"></span>lti <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>intercettare <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>incertezza <span class=\"_ _5\"></span>valutativa <span class=\"_ _6\"></span>garantendo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>raggiungimento <span class=\"_ _7\"> </span>di <span class=\"_ _6\"></span>un adeguato <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>posizioni. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>AVA <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>detratto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>primario<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di classe 1, senza imp<span class=\"_ _0\"></span>atto sul fair value <span class=\"_ _0\"></span>contabile. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>criteri i<span class=\"_ _3\"></span>ndicati nel <span class=\"_ _2\"></span>Regolamen<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(UE) 2<span class=\"_ _3\"></span>016/101, \u00e8 <span class=\"_ _2\"></span>soggetto all\u2019applicazione </span>del <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>degli <span class=\"_ _4\"></span>AVA <span class=\"_ _5\"></span>sia <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>individuale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>osizioni<span class=\"_ _2\"></span> valutate al fair value.<span class=\"_ _0\"></span> In particolare sono <span class=\"_ _0\"></span>considerati i seguenti A<span class=\"_ _35\"></span>VA:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato: <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>l'incertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>calcolato <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>livello <span class=\"_ _1d\"> </span>di </span>esposizione oggetto <span class=\"_ _0\"></span>di valutazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti di chiusura: r<span class=\"_ _0\"></span>appresenta l'incerte<span class=\"_ _0\"></span>zza del prezzo di uscit<span class=\"_ _0\"></span>a calcolato a livell<span class=\"_ _0\"></span>o di esposizione <span class=\"_ _0\"></span>oggetto<span class=\"_ _2\"></span> di valutazione; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi di modello: tiene conto del<span class=\"_ _0\"></span> rischio del modello di valutazione che deriva dalla pote<span class=\"_ _0\"></span>nziale esistenza di una gamma di<span class=\"_ _0\"></span> </span>diversi modelli o<span class=\"_ _3\"></span> calibrature di <span class=\"_ _3\"></span>modelli utilizzati <span class=\"_ _3\"></span>dai partecipanti al <span class=\"_ _3\"></span>mercato e <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>mancanz<span class=\"_ _0\"></span>a d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>prezzo di <span class=\"_ _6\"></span>uscita solido per il prodotto spe<span class=\"_ _0\"></span>cifico in fase di valut<span class=\"_ _0\"></span>azione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>ifferenziali <span class=\"_ _26\"> </span>creditizi <span class=\"_ _26\"> </span>non <span class=\"_ _26\"> </span>r<span class=\"_ _3\"></span>ealizzati: <span class=\"_ _26\"> </span>rappresenta <span class=\"_ _26\"> </span>l'incertezza <span class=\"_ _26\"> </span>della <span class=\"_ _26\"> </span>valutazione <span class=\"_ _26\"> </span>nell'aggiustamento <span class=\"_ _26\"> </span>necessario </span>conformemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>disciplina <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>applicabile, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>includere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di default della controp<span class=\"_ _0\"></span>arte riguardo a po<span class=\"_ _0\"></span>sizioni su derivati; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>finanziamento: <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>l'incertezza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _5\"></span>(funding) </span>utilizzati in sede di v<span class=\"_ _0\"></span>alutazione del prezzo di uscita c<span class=\"_ _0\"></span>onformemente alla disc<span class=\"_ _0\"></span>iplina contabile ap<span class=\"_ _0\"></span>plicabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>osizioni concentr<span class=\"_ _0\"></span>ate: rappresenta l\u2019in<span class=\"_ _0\"></span>certezza relativa al <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rezzo di uscita d<span class=\"_ _0\"></span>elle posizioni definit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> come concentrat<span class=\"_ _0\"></span>e;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti a<span class=\"_ _3\"></span>mministrativi futuri: considera <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi amministra<span class=\"_ _3\"></span>tivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di copertura <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>delle e<span class=\"_ _3\"></span>sposizion<span class=\"_ _0\"></span>i </span>oggetto di valutazi<span class=\"_ _0\"></span>one per le quali non \u00e8 applic<span class=\"_ _0\"></span>ato un prezzo di <span class=\"_ _0\"></span>uscita diretto per gli AV<span class=\"_ _0\"></span>A per le posizioni<span class=\"_ _0\"></span> concentrate;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>hiusure anticipate delle p<span class=\"_ _3\"></span>osizioni: considera le <span class=\"_ _3\"></span>potenziali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>perdite derivanti dalle <span class=\"_ _3\"></span>chiusure anticipate non contrattuali <span class=\"_ _3\"></span>delle </span>posizioni di negoziaz<span class=\"_ _0\"></span>ione dei clienti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>operativi: <span class=\"_ _2\"></span>considera <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>sostenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>ai </span>processi di valutazio<span class=\"_ _0\"></span>ne. Il<span class=\"ls0\"> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _2\"></span>prudente <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uscita <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>izione <span class=\"_ _3\"></span>(\u201cexit <span class=\"_ _3\"></span>price\u201d) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>90%. <span class=\"_ _2\"></span>Laddov<span class=\"_ _5\"></span></span><span class=\"lsc\">e </span></span>possibile, <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>stribuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>exit <span class=\"_ _2\"></span>price <span class=\"_ _3\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>rcato. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span>tri <span class=\"_ _2\"></span>casi viene utilizzato un appr<span class=\"_ _0\"></span>occio basato s<span class=\"_ _0\"></span>u esperti, facendo rif<span class=\"_ _0\"></span>erimento alle inform<span class=\"_ _0\"></span>azioni qualitative <span class=\"_ _0\"></span>e quantitative disp<span class=\"_ _0\"></span>onibili<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il valore di AVA associato all<span class=\"_ _0\"></span>a singola posizione ed all<span class=\"_ _0\"></span>a singola fonte di incert<span class=\"_ _0\"></span>ezza valutativa corrisponde qui<span class=\"_ _0\"></span>ndi alla d<span class=\"_ _2\"></span>ifferenza fra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>prudente <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>\u2019AVA <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ottiene <span class=\"_ _4\"> </span>aggregando <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>singoli <span class=\"_ _4\"> </span>AVA <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>corrispondenti coefficienti di ponder<span class=\"_ _0\"></span>azione.  Le <span class=\"_ _3\"></span>\u201cRegole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Valutazione Prudente <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari\u201d declinano, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>AVA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione ed <span class=\"_ _2\"></span>interpretazio<span class=\"_ _0\"></span>ne, </span>il perimetro di applic<span class=\"_ _0\"></span>azione, i dati di input <span class=\"_ _0\"></span>e la metodologia <span class=\"_ _0\"></span>dettagliata di calcolo p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r ciascuna classe di<span class=\"_ _0\"></span> strumenti finanz<span class=\"_ _2\"></span>iari. FAIR VA<span class=\"_ _0\"></span>LUE DEL P<span class=\"_ _35\"></span>ATR<span class=\"_ _3\"></span>IMO<span class=\"_ _0\"></span>NIO IMMO<span class=\"_ _0\"></span>BILIARE E <span class=\"_ _35\"></span>DEL PATRIMONIO<span class=\"_ _0\"></span> ARTIS<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ICO DI P<span class=\"_ _0\"></span>REGIO Fair value del patrimonio immobiliare<span class=\"_ _3\"></span> Come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>ampiamente <span class=\"_ _18\"> </span>il<span class=\"_ _3\"></span>lustrato <span class=\"_ _18\"> </span>nella <span class=\"_ _1c\"> </span>prima <span class=\"_ _18\"> </span>parte <span class=\"_ _1c\"> </span>relativa<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>alle <span class=\"_ _18\"> </span>politiche <span class=\"_ _1c\"> </span>contabili, <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>adotta <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>criterio <span class=\"_ _18\"> </span>della rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _2\"></span>funzionale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabilizzat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>principio IAS 16 e del fair value <span class=\"_ _0\"></span>per gli immobili di <span class=\"_ _0\"></span>investimento contabili<span class=\"_ _0\"></span>zzati in base al <span class=\"_ _0\"></span>principio IAS 40.<span class=\"_ _3\"></span> Metodologia di valutazion<span class=\"_ _0\"></span>e del patrimonio immobilia<span class=\"_ _0\"></span>re  Il <span class=\"_ _3\"></span>metodo della rideterminazione del <span class=\"_ _3\"></span>valore applicato agli <span class=\"_ _3\"></span>immobili ad uso <span class=\"_ _3\"></span>funzionale prevede <span class=\"_ _3\"></span>che le <span class=\"_ _3\"></span>attivit\u00e0 materiali, il <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>ui fa<span class=\"_ _3\"></span>ir value <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attendibilment<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato, <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ideterminato, <span class=\"_ _3\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _7\"> </span>della rideterminazione di val<span class=\"_ _0\"></span>ore al netto degli amm<span class=\"_ _0\"></span>ortamenti e dell<span class=\"_ _0\"></span>e eventuali perdit<span class=\"_ _0\"></span>e per riduzione di <span class=\"_ _0\"></span>valore accumulate. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>scelto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _5\"></span><span class=\"ls12\">, </span>secondo il quale, succ<span class=\"_ _0\"></span>essivamente alla rile<span class=\"_ _0\"></span>vazione iniziale, t<span class=\"_ _0\"></span>utti gli investimenti imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari sono valutat<span class=\"_ _0\"></span>i al fair value.<span class=\"_ _2\"></span> Approccio valutativo L\u2019IFRS <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>\"il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aghe<span class=\"_ _5\"></span><span class=\"ff1\">rebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il </span>trasferimento di una pa<span class=\"_ _0\"></span>ssivit\u00e0 in una regola<span class=\"_ _0\"></span>re operazione tra en<span class=\"_ _0\"></span>tit\u00e0 operanti sul mer<span class=\"_ _0\"></span>cato alla data di v<span class=\"_ _0\"></span>alutazione\".<span class=\"_ _2\"></span> L\u2019approccio va<span class=\"_ _3\"></span>lutativo \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>definito s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valenza <span class=\"_ _3\"></span>strumentale e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>immobili, <span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span><span class=\"ff1\">possono </span>essere individuati <span class=\"_ _0\"></span>secondo tre gruppi princi<span class=\"_ _0\"></span>pali:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201ctrophy asset\u201d, <span class=\"_ _3\"></span></span>ovvero <span class=\"_ _3\"></span>gli immobili di <span class=\"_ _3\"></span>particolare prestigio u<span class=\"_ _3\"></span>tilizzati da funzioni <span class=\"_ _3\"></span>Direzionali ubicati nelle <span class=\"_ _3\"></span>principali citt\u00e0 <span class=\"_ _3\"></span>sede </span>della Banca oppure di <span class=\"_ _0\"></span>particolare inter<span class=\"_ _0\"></span>esse storico artistico p<span class=\"_ _0\"></span>erc<span class=\"_ _3\"></span>h\u00e9 vincolati dal Ministero p<span class=\"_ _0\"></span>er i Beni e le Attivi<span class=\"_ _0\"></span>t\u00e0 Culturali<span class=\"_ _3\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cstrumentali\u201d;</span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cnon strumentali\u201d.</span> </span>Le <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>individualmente <span class=\"_ _3\"></span>(\u201casset <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>asset\u201d) <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>alcuno <span class=\"_ _2\"></span>sconto, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>premio, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possa <span class=\"_ _2\"></span>essere negoziato in fase di t<span class=\"_ _0\"></span>rattativa commerciale se tutto, o par<span class=\"_ _0\"></span>te del portafoglio, ve<span class=\"_ _0\"></span>nisse ceduto in bl<span class=\"_ _0\"></span>occo o per lotti. Il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo  ha  scelt<span class=\"_ _0\"></span>o  di  affidare  l\u2019atti<span class=\"_ _0\"></span>vit\u00e0  di  valutazion<span class=\"_ _0\"></span>e  a  Societ\u00e0  estern<span class=\"_ _0\"></span>e  con  struttura  i<span class=\"_ _0\"></span>nternazionale, professionalmente <span class=\"_ _6\"></span>qualificate, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>fornire <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _4\"></span>immobiliari <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"></span>standard <span class=\"_ _6\"></span>RICS <span class=\"_ _4\"> </span>Valuation<span class=\"_ _90\"> </span>87 <span class=\"_ _4\"> </span>che garantiscono: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>una determinazione <span class=\"_ _0\"></span>del valore coerente <span class=\"_ _0\"></span>con la configurazion<span class=\"_ _0\"></span>e di fair value indi<span class=\"_ _0\"></span>cata nei principi c<span class=\"_ _0\"></span>ontabili internazionali<span class=\"_ _0\"></span>;<span class=\"_ _2\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>professionali, <span class=\"_ _3\"></span>etici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>indipendenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>periti, <span class=\"_ _2\"></span>allineati <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>internazionali </span>ed europei. Per <span class=\"_ _5\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>metodologie <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>delle caratteristiche <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>ndizioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento; <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valutatore <span class=\"_ _5\"></span>determina <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>idoneo <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>ogni<span class=\"_ _0\"></span> singolo immobile.  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>Attualizzati (<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>Discounted <span class=\"_ _3\"></span>Cash Flow): <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>metodo reddituale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>finanziario (o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span>attualizzati) <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>basato <span class=\"_ _4\"></span><span class=\"ff4\">sull\u2019attuali<span class=\"_ _0\"></span>zzazione <span class=\"_ _6\"></span>(per <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>variabile <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"> </span>locativa/occupazional<span class=\"_ _0\"></span>e </span>dell\u2019immobile <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>successiva <span class=\"_ _5\"></span>ottimizzazione) <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>futuri <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>netti <span class=\"_ _6\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019affitto <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>propriet<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0. </span>Al<span class=\"ls0\"> termine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>periodo<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ipotizza <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>propriet\u00e0 <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>venduta <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _4\"></span>capitalizzando<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il </span>reddito <span class=\"_ _4\"> </span>dell\u2019ultimo <span class=\"_ _6\"> </span>anno <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>investimenti <span class=\"_ _6\"> </span>analoghi <span class=\"_ _4\"> </span>all\u2019oggetto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attraverso <span class=\"_ _6\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>vendit<span class=\"_ _0\"></span>a frazionata. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobili <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _4\"> </span>strumentalmente <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di contratto di locazion<span class=\"_ _0\"></span>e verso terzi, ubicati in <span class=\"_ _0\"></span>Italia. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _2\"></span>Comparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Mercato: <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asato <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>confronto <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esame <span class=\"_ _2\"></span>e </span>altri <span class=\"_ _20\"> </span>simili <span class=\"_ _1c\"> </span>recentemente <span class=\"_ _20\"> </span>ogge<span class=\"_ _0\"></span>tto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>compravendita <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>correntemente <span class=\"_ _1c\"> </span>o<span class=\"_ _3\"></span>fferti <span class=\"_ _1c\"> </span>sullo <span class=\"_ _20\"> </span>stesso <span class=\"_ _1c\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>piazze<span class=\"_ _0\"></span> concorrenziali. Il <span class=\"_ _3\"></span>suddetto criterio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa sulla <span class=\"_ _3\"></span>comparazione con <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>che siano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>vendute od <span class=\"_ _3\"></span>offerte <span class=\"_ _3\"></span>di recente sul libero mercato e, possibilmente, aventi le medesime caratteristic<span class=\"_ _0\"></span>he. In mancanza di osservazioni direttam<span class=\"_ _0\"></span>ente riferibil<span class=\"_ _0\"></span>i alla <span class=\"_ _3\"></span>propriet\u00e0 in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorre a <span class=\"_ _3\"></span>cas<span class=\"_ _3\"></span>istiche il <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>possibile assimilabili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stessa, apportando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>correzion<span class=\"_ _2\"></span><span class=\"ls13\">i. </span>Questo metodo, <span class=\"_ _3\"></span>rappresentando la <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli altri <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di va<span class=\"_ _3\"></span>lutazione, pu\u00f2 essere <span class=\"_ _3\"></span>adottato in <span class=\"_ _3\"></span>particolare per i beni non in uso strume<span class=\"_ _0\"></span>ntale e/o comunq<span class=\"_ _0\"></span>ue liberi e disponibili <span class=\"_ _0\"></span>ubicati in Italia <span class=\"_ _0\"></span>e all\u2019estero.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo Reddituale della <span class=\"_ _3\"></span>capitalizzazione diretta: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo reddituale \u00e8 basa<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>sul valore corrente <span class=\"_ _3\"></span>dei redditi potenziali di </span>mercato <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>propriet\u00e0, <span class=\"_ _18\"> </span>ottenuto <span class=\"_ _18\"> </span>capitalizzando <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>reddito <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>tasso <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>mercato. <span class=\"_ _17\"> </span>Tale <span class=\"_ _18\"> </span>metodo <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>pplicato prevalentemente ad imm<span class=\"_ _0\"></span>obili strumentali al<span class=\"_ _0\"></span>l\u2019estero, in cui si pre<span class=\"_ _0\"></span>veda una permanenza<span class=\"_ _0\"></span> prolungata al<span class=\"_ _2\"></span>l\u2019interno dell\u2019<span class=\"_ _0\"></span>edificio.<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Valore di Investimento \u201cWorth\u201d: il</span> <span class=\"_ _3\"></span><span class=\"ff4\">Valore di Investimento o \u201cWorth\u201d \u00e8 definito dagli International Valuation Standard come:<span class=\"_ _0\"></span> </span></span>\u201cthe value of an asset to a p<span class=\"_ _3\"></span>articular owner or prospective owner for individual investment<span class=\"_ _0\"></span> or operational <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bjectives\u201d. <span class=\"ff1\">Tale<span class=\"_ _0\"></span> </span>definizione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>disposto <span class=\"_ _2\"></span>dell\u2019ultima <span class=\"_ _3\"></span>edizione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>\u201cRICS <span class=\"_ _2\"></span>Valuation <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Global <span class=\"_ _2\"></span>Standards <span class=\"_ _3\"></span>2022\u201d <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Royal Institution <span class=\"_ _3\"></span>of <span class=\"_ _2\"></span>Chartered <span class=\"_ _2\"></span>Surveyors <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito, <span class=\"_ _3\"></span>dove <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>\u201cil <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ben<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>per il proprietario o p<span class=\"_ _0\"></span>er un potenziale pro<span class=\"_ _0\"></span>prietario, correlato a<span class=\"_ _0\"></span>d un determinato fin<span class=\"_ _0\"></span>e d\u2019investiment<span class=\"_ _0\"></span>o od obiettivo operativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>nvestimento <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>applicabile <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quegli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>edificati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>immobili <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>connotazione strume<span class=\"ff4\">ntale soggetti a sign<span class=\"_ _0\"></span>ificativi investime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti per l\u2019adeguame<span class=\"_ _0\"></span>nto tecnologico, costru<span class=\"_ _0\"></span>ttivo e funzionale. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Vbalore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Investimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>uso <span class=\"_ _5\"></span>strumentale <span class=\"_ _5\"></span>per 12+6 anni senza break option, il<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui canone annuo viene determinato applicando un opportuno tasso <span class=\"_ _3\"></span>di rendimento lordo all\u2019ammontare dei cost<span class=\"_ _0\"></span>i diretti e indiretti c<span class=\"_ _0\"></span>apitalizzati dalla Pro<span class=\"_ _0\"></span>priet\u00e0 comprensivi dei <span class=\"_ _0\"></span>costi di acquist<span class=\"_ _0\"></span>o del terreno. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella v<span class=\"_ _3\"></span>alutazione, se <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dove r<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>levante, le <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>anche considerazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostenibilit\u00e0, connesse a <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>efficienza <span class=\"_ _4\"></span>energetica <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>legati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>legislazioni <span class=\"_ _4\"></span>specifiche <span class=\"_ _4\"> </span>(ad<span class=\"_ _2\"></span> esempio, <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>accessibilit\u00e0, <span class=\"_ _2\"></span>...). <span class=\"_ _5\"></span>Ad <span class=\"_ _6\"></span>oggi, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>apportato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustamenti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostanziali <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>il cambiamento climatic<span class=\"_ _0\"></span>o oltre a quelli gi<span class=\"_ _0\"></span>\u00e0 apprezzati dagli in<span class=\"_ _0\"></span>dicatori rilevabili n<span class=\"_ _0\"></span>el mercato di riferim<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span><span class=\"ffa fc2\"><span class=\"_ _9\"> </span> </span>87 <span class=\"fs4\">Standard contenuti <span class=\"_ _3\"></span><span class=\"ff4\">nel docume<span class=\"_ _3\"></span>nto della Royal Instit<span class=\"_ _3\"></span>ution of Charter<span class=\"_ _3\"></span>ed Surveyors <span class=\"_ _3\"></span>del Regno Unit<span class=\"_ _3\"></span>o intitolato \u201cRICS V<span class=\"_ _3\"></span>aluation <span class=\"_ _3\"></span>\u2013</span> <span class=\"ff4\">Gl<span class=\"_ _3\"></span>obal Standard\u201d </span></span>(anche detto \u201cRed B<span class=\"_ _3\"></span>ook\u201d): la versi<span class=\"_ _3\"></span>one aggiornata \u00e8 s<span class=\"_ _3\"></span>tata emessa <span class=\"_ _3\"></span>a novembre <span class=\"_ _3\"></span>2021 ed \u00e8 efficac<span class=\"_ _3\"></span>e dal 31 gennai<span class=\"_ _3\"></span>o 2022<span class=\"_ _3\"></span><span class=\"ff1 fs6\"> </span>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Le rideterminazioni di valore <span class=\"_ _3\"></span>devono essere effettuate con regolarit\u00e0 tale da assicurare che il valore contabile non differisca in modo rilevante da quel<span class=\"_ _0\"></span>lo che sarebbe st<span class=\"_ _0\"></span>ato determinato utilizz<span class=\"_ _35\"></span>ando <span class=\"_ _3\"></span>il fair valu<span class=\"_ _0\"></span>e alla data di riferi<span class=\"_ _0\"></span>mento del bilancio.<span class=\"_ _3\"></span> La  frequenza  delle  ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azioni  del  valore  dipe<span class=\"_ _0\"></span>nde  dalle  oscillazio<span class=\"_ _0\"></span>ni  di  fair  value  delle<span class=\"_ _0\"></span>  attivit\u00e0  materiali  oggetto  d<span class=\"_ _0\"></span>i rivalutazione. <span class=\"_ _7\"> </span>Quando <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _7\"> </span>rivalutata <span class=\"_ _7\"> </span>differisce <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>rilevante <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>suo <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>richies<span class=\"_ _2\"></span><span class=\"ff1\">ta </span>un\u2019u<span class=\"ff1\">lteriore ridetermin<span class=\"_ _0\"></span>azione del valore.  </span>In <span class=\"_ _3\"></span>dettaglio, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dell\u2019andamento fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>mercati, \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>individuata una<span class=\"_ _3\"></span> differente <span class=\"_ _3\"></span>periodicit\u00e0 d<span class=\"_ _3\"></span>i valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>che <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>funzione  delle  caratteristiche  d<span class=\"_ _3\"></span>ei <span class=\"_ _1d\"> </span>beni  e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>loro  localizzazione,  s<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>ritien<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>funzionale  a <span class=\"_ _1d\"> </span>cogliere  le <span class=\"_ _1d\"> </span>variazioni significative del valor<span class=\"_ _0\"></span>e dei beni stessi. Per gli immobili cl<span class=\"_ _0\"></span>assificati come immobili ad u<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o funzionale vien<span class=\"_ _0\"></span>e effettuata la segue<span class=\"_ _0\"></span>nte distinzione:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 fs0\">per  gli <span class=\"_ _1d\"> </span>immobili  cosiddetti  \u201ctrophy  asset\u201d,  la  r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _1d\"> </span>effett<span class=\"_ _3\"></span><span class=\"ff1\">uata <span class=\"_ _1d\"> </span>mediante  una  verifica  del  valore  svolta </span></span></span>attraverso una analisi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i scenario (analis<span class=\"_ _0\"></span>i del trend di mercat<span class=\"_ _0\"></span>o) ogni anno e con u<span class=\"_ _0\"></span>na nuova perizia <span class=\"_ _0\"></span>ogni due anni;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">per quanto concerne gli altri <span class=\"_ _3\"></span>immobili ad uso strumentale, la rideterminazione \u00e8 effettuata con <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019analisi d<span class=\"_ _3\"></span>i scenario (analisi<span class=\"_ _0\"></span> </span></span></span>del trend di mercato) ogn<span class=\"_ _0\"></span>i anno e tramite u<span class=\"_ _0\"></span>na nuova perizi<span class=\"_ _0\"></span>a ogni tre anni.<span class=\"_ _3\"></span> Qualora <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>engano <span class=\"_ _2\"></span>riscontrate <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _2\"></span>(+/<span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>10%), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ecessario <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>perizie </span>puntuali e aggiornate per adeg<span class=\"_ _0\"></span>uare il fair value<span class=\"_ _0\"></span> del bene alle val<span class=\"_ _0\"></span>utazioni del mercato <span class=\"_ _0\"></span>immobiliare.<span class=\"_ _3\"></span> Per gli immobili destin<span class=\"_ _0\"></span>ati a scopo di in<span class=\"_ _0\"></span>vestimento il valore <span class=\"_ _0\"></span>viene determinato sull<span class=\"_ _0\"></span>a base di nuove perizie<span class=\"_ _0\"></span> ogni anno.<span class=\"_ _2\"></span> Sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>richiamate, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>ogg<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>valutazione <span class=\"_ _4\"></span>periodica <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>immobili <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _4\"></span>investiment<span class=\"_ _35\"></span>o unitamente <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>immobili ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>strumentale che, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>dell\u2019analisi di <span class=\"_ _3\"></span>scenario, <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>evidenziato v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>rispetto a<span class=\"_ _6\"></span><span class=\"ff1\">lla </span>soglia definita. Analisi di scenario Nell\u2019ambito <span class=\"_ _1d\"> </span>dell\u2019aggiornam<span class=\"ff1\">ento <span class=\"_ _17\"> </span>annuale <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmobili <span class=\"_ _1d\"> </span>strumentali, <span class=\"_ _17\"> </span>negli <span class=\"_ _17\"> </span>anni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>revista <span class=\"_ _1d\"> </span>la </span>rivalutazione dell\u2019immobile si <span class=\"_ _3\"></span>esegue <span class=\"_ _3\"></span>un\u2019analisi di <span class=\"_ _3\"></span>scenario (<span class=\"_ _3\"></span>analisi del <span class=\"_ _3\"></span>trend d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>mercato) attraverso l\u2019utilizzo <span class=\"_ _3\"></span>delle migli<span class=\"_ _5\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>ri f<span class=\"_ _3\"></span>onti </span>informative disponibili p<span class=\"_ _0\"></span>er i <span class=\"_ _3\"></span>diversi paesi di ubica<span class=\"_ _0\"></span>zione degli immobili fin<span class=\"_ _0\"></span>alizzata alla rilevazio<span class=\"_ _0\"></span>ne sulla base di banche dati, degli<span class=\"_ _35\"></span> scostamenti dei valo<span class=\"_ _0\"></span>ri di mercato tra il p<span class=\"_ _0\"></span>eriodo di analisi e qu<span class=\"_ _0\"></span>ello precedente. <span class=\"_ _3\"></span> In particolare per gli immobili situati i<span class=\"_ _0\"></span>n Italia, la definizione de<span class=\"_ _3\"></span><span class=\"ff4\">lle variazioni avviene attraverso l\u2019ut<span class=\"_ _0\"></span>ilizzo di almeno 3 fonti tra loro </span>differenti. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>fonte <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>fornita <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>zone <span class=\"_ _4\"> </span>OMI <span class=\"_ _4\"> </span>(Osservatorio <span class=\"_ _4\"></span>del Mercato <span class=\"_ _5\"></span>Immobiliare); <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>fonte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ppresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>No<span class=\"_ _3\"></span>misma <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui, <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>relative <span class=\"_ _5\"></span>zonizzazioni, sono <span class=\"_ _5\"></span>eseguite <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>medesime <span class=\"_ _5\"></span>interrogazioni <span class=\"_ _5\"></span>svolte <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>OMI <span class=\"_ _5\"></span>(base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _5\"></span>principale) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>terza <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _2\"></span> variazioni intercorse n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019anno di interr<span class=\"_ _0\"></span>ogazione per quanto espr<span class=\"_ _0\"></span>ess<span class=\"_ _3\"></span><span class=\"ff1\">o dalle offerte presenti sul mer<span class=\"_ _0\"></span>cato immobiliare. </span>Pertanto <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>definire <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>scostamenti <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>canoni <span class=\"_ _2\"></span>e/o <span class=\"_ _4\"> </span><span class=\"ff1\">dei </span>prezzi per asset class <span class=\"_ _0\"></span>di riferimento. Gli <span class=\"_ _6\"> </span>immobili <span class=\"_ _6\"> </span>localizzati <span class=\"_ _6\"> </span>all\u2019estero <span class=\"_ _6\"> </span>ve<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>raggruppati, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>ogni <span class=\"_ _6\"> </span>nazione, <span class=\"_ _4\"> </span>nei <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>localit\u00e0 <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019asset<span class=\"_ _0\"></span> class  di <span class=\"_ _16\"> </span>ciascuno.  Vengon<span class=\"_ _0\"></span>o  predisposte <span class=\"_ _16\"> </span>analisi  di <span class=\"_ _16\"> </span>mercato  puntu<span class=\"_ _0\"></span>ali  sulla <span class=\"_ _16\"> </span>base  delle  c<span class=\"_ _0\"></span>onoscenze <span class=\"_ _16\"> </span>locali  e  nazi<span class=\"_ _0\"></span>onali  del<span class=\"_ _35\"></span> particolare mercato imm<span class=\"_ _0\"></span>obiliare di riferime<span class=\"_ _0\"></span>nto. Lo studio di mercato ti<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ne conto inoltre d<span class=\"_ _0\"></span>ei seguenti drivers ma<span class=\"_ _0\"></span>croeconomici:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">analisi dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>economici (tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupazione, PIL <span class=\"_ _3\"></span>pro <span class=\"_ _3\"></span>capite, inflazione ed<span class=\"_ _3\"></span> indice <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi al <span class=\"_ _3\"></span>consumo), <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>fattor<span class=\"_ _2\"></span><span class=\"ls13\">i </span></span></span>macroeconomici costit<span class=\"_ _0\"></span>uiscono la prima analisi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>omica, a support<span class=\"_ _0\"></span>o delle previsioni d<span class=\"_ _0\"></span>el mercato immobili<span class=\"_ _0\"></span>are;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto del rendim<span class=\"_ _0\"></span>ento medio; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto dei canoni <span class=\"_ _0\"></span>di mercato; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del range<span class=\"_ _0\"></span> di movimento dei v<span class=\"_ _0\"></span>alori unitari. </span></span>Sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>dell'indagi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>mmenzionata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>adeguata <span class=\"_ _5\"></span>ponderazione <span class=\"_ _6\"></span>qualitativa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>key<span class=\"_ _2\"></span>-drivers macroeconomici, vien<span class=\"_ _0\"></span>e definito un range d<span class=\"_ _0\"></span>i scostamento percen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uale rispetto all\u2019<span class=\"_ _0\"></span>ultima perizia effettuat<span class=\"_ _0\"></span>a che viene confront<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">to </span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>target <span class=\"_ _3\"></span>definita, <span class=\"_ _2\"></span>individuando <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ttore <span class=\"_ _3\"></span>sintetico <span class=\"_ _2\"></span>percentuale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inserito <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico foglio di lavoro. Questa <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>prossi<span class=\"_ _3\"></span>mit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>chiusura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>esprimere <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>range <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scostamento <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>ad una soglia di riferiment<span class=\"_ _0\"></span>o e poter p<span class=\"ff4\">ianificare per tempo l\u2019agg<span class=\"_ _0\"></span>iornamento di stima<span class=\"_ _0\"></span> puntuale per que<span class=\"_ _0\"></span>gli immobili il cui s<span class=\"_ _0\"></span>costamento </span>sia oltre tale soglia. La soglia di variazione <span class=\"_ _0\"></span>ammessa \u00e8 pari <span class=\"_ _0\"></span>a +/<span class=\"_ _3\"></span>-10%. Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>scostamenti <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>dovessero <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>soglia <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine dell\u2019anno.<span class=\"ff1\"> </span>Sensibilit\u00e0 delle valu<span class=\"_ _0\"></span>tazioni  Analogamente <span class=\"_ _5\"></span>agli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>assoggettate <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>finanziar<span class=\"_ _5\"></span>ie valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>valutativo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>ne sia  possibile <span class=\"_ _1d\"> </span>l\u2019esecuzione  ed <span class=\"_ _1d\"> </span>i  cui <span class=\"_ _1d\"> </span>risultati  s<span class=\"_ _3\"></span>iano  significativi.  L\u2019analisi  ha <span class=\"_ _1d\"> </span>riguardato  essenzialmente <span class=\"_ _1d\"> </span>gli  immobili <span class=\"_ _1d\"> </span>dell<span class=\"_ _0\"></span>a Capogruppo Intesa Sa<span class=\"_ _0\"></span>npaolo, che rappr<span class=\"_ _0\"></span>esent<span class=\"_ _3\"></span>ano il perimetr<span class=\"_ _0\"></span>o Core del patrim<span class=\"_ _0\"></span>onio immobiliare del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po.<span class=\"_ _3\"></span> Si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019analisi di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sensitivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>identifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>le v<span class=\"_ _3\"></span>ariabili di <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>rilevanza <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mod<span class=\"_ _5\"></span><span class=\"ff1\">ello <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span>valutazione  utilizzato  per  la  valutazione <span class=\"_ _16\"> </span>delle  diverse  class<span class=\"_ _2\"></span>i  di  immobili,  rappresentato  dal  metodo  dei  flussi  di  cassa attualizzati. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>trend <span class=\"_ _3\"></span>registrato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>asset <span class=\"_ _2\"></span>class <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>param<span class=\"_ _5\"></span>etri caratterizzati <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0/variabilit\u00e0, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobil<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>uso <span class=\"_ _7\"> </span>strumentale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>fatto <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>di capitalizzazione <span class=\"_ _4\"> </span>(yield) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>d\u2019inflazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio/lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>detenuti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>di investimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>c.d. <span class=\"_ _2\"></span>\u201cexit <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue\u201d. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>assunzioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019analisi<span class=\"_ _0\"></span>, sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>range <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>variazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>dinamiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gl<span class=\"_ _5\"></span><span class=\"ls13\">i </span>immobili <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _6\"></span>strumentale <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>ipotizzata <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>variazione <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _4\"></span>25 <span class=\"_ _6\"></span>bps <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>capitalizzazione <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una contestuale variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>-/+15 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>per il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inflazione a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>si \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rilevato uno <span class=\"_ _3\"></span>scostamento medio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>+4,4% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>-4,3%. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>mmobili ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>investimento <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ipotizzata <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del +/<span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">5% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019exit value <span class=\"_ _3\"></span>a </span>fronte della quale si <span class=\"_ _0\"></span>evidenzia uno sco<span class=\"_ _0\"></span>stamento medio del fa<span class=\"_ _0\"></span>ir value pari al +4,<span class=\"_ _0\"></span>8% e <span class=\"_ _3\"></span>-5,2%.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-95.80786px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">Fair value del patrimonio artistico di pregio<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>artistico <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>valore <span class=\"_ _16\"> </span>che </div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">prevede  che <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0  materiali, <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>fair  v<span class=\"_ _3\"></span>alue  pu\u00f2 <span class=\"_ _1d\"> </span>essere  attendibilmente <span class=\"_ _1d\"> </span>determinat<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>siano  iscritte <span class=\"_ _1d\"> </span>ad  un <span class=\"_ _1d\"> </span>valore </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">rideterminato, pari al loro f<span class=\"_ _0\"></span>air value alla data <span class=\"_ _0\"></span>della rideterminazio<span class=\"_ _0\"></span>ne di valore<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 y415 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>opere <span class=\"_ _2\"></span>d\u2019arte <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>classe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cespiti <span class=\"_ _3\"></span>\u201cpatrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>rilevanza, <span class=\"_ _3\"></span>riconosc<span class=\"_ _5\"></span><span class=\"ff1\">iuti <span class=\"_ _3\"></span>in </span></div><div class=\"t m0 x0 h2 y416 ff4 fs0 fc0 sc0 ls0 ws0\">campo scientifico nell\u2019ambito storico<span class=\"ff1\">-artistico e conformi alle linee guida <span class=\"_ _3\"></span>ministeria<span class=\"_ _0\"></span>li evidenziate in particolare nel D.M. 537 del </span></div><div class=\"t m0 x0 h32 y417 ff4 fs0 fc0 sc0 ls0 ws0\">6  d<span class=\"_ _3\"></span>icembre  2017 <span class=\"_ _1d\"> </span>sull\u2019esportazione  delle <span class=\"_ _1d\"> </span>opere  d\u2019arte <span class=\"_ _1d\"> </span>quali:  lo <span class=\"_ _1d\"> </span>stato  di <span class=\"_ _1d\"> </span>conservazione,  l\u2019importanza  storica <span class=\"_ _1d\"> </span>dell\u2019artista<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y418 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019importanza  c<span class=\"_ _0\"></span>ritica/storico  a<span class=\"_ _0\"></span>rtistica <span class=\"_ _16\"> </span>dell\u2019opera,  la<span class=\"ff1\">  provenienza  illustr<span class=\"_ _0\"></span>e,  la  q<span class=\"_ _0\"></span>ualit\u00e0  e <span class=\"_ _16\"> </span>attribuzione  cer<span class=\"_ _0\"></span>ta,  la <span class=\"_ _16\"> </span>dichiarazione  d<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x0 h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">interesse dello Stato it<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>liano. </div><div class=\"t m0 x0 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y41b ffa fs0 fc2 sc0 ls0 ws0\">Approccio valutativo  </div><div class=\"t m0 x0 h2 y41c ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>esplica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mezzo <span class=\"_ _5\"></span>dell\u2019accertamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perizie <span class=\"_ _6\"></span>esterne, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffidate <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esp<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rti </span></div><div class=\"t m0 x0 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">qualificati e indipend<span class=\"_ _0\"></span>enti.  </div><div class=\"t m0 x0 h2 y41e ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>cquisiti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>dati <span class=\"_ _6\"></span>online <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>100 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>opere <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>Artnet <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Artprice, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>monitorano <span class=\"_ _5\"></span>i </div><div class=\"t m0 x0 h2 y41f ff4 fs0 fc0 sc0 ls0 ws0\">risultati <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>d\u2019aste <span class=\"_ _3\"></span>italiane <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali. Sono <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggettivi che <span class=\"_ _2\"></span>van<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>confrontati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>mercato n<span class=\"_ _3\"></span>el </span></div><div class=\"t m0 x0 h2 y1125 ff1 fs0 fc0 sc0 ls0 ws0\">suo complesso, in u<span class=\"_ _0\"></span>n'analisi che prevede di mo<span class=\"_ _0\"></span>nitorare anche le <span class=\"_ _0\"></span>gallerie e le mostr<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff14\">\u2010</span>mercato. </div><div class=\"t m0 x0 h2 ye06 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>dettaglio, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>fattori <span class=\"_ _5\"></span>oggettivi, <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>valenza <span class=\"_ _5\"></span>storico<span class=\"_ _6\"></span>-critica <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 ya16 ff4 fs0 fc0 sc0 ls0 ws0\">artistica <span class=\"_ _2\"></span>dell\u2019autore, <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conservazione, <span class=\"_ _2\"></span>tecnica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esecuzione, <span class=\"_ _2\"></span>dimensioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell\u2019opera, <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dell\u2019opera <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>lla </span></div><div class=\"t m0 x0 h2 y88c ff4 fs0 fc0 sc0 ls0 ws0\">produzione <span class=\"_ _1d\"> </span>dell\u2019artista, <span class=\"_ _1d\"> </span>pubblicazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>dell\u2019opera <span class=\"_ _1d\"> </span>su <span class=\"_ _1d\"> </span>cataloghi <span class=\"_ _1d\"> </span>specializzati, <span class=\"_ _1d\"> </span>periodo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esecuzione  d<span class=\"_ _3\"></span>ell\u2019opera, <span class=\"_ _1d\"> </span>diffusio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span></div><div class=\"t m0 x0 h2 y305 ff4 fs0 fc0 sc0 ls0 ws0\">internazionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019artista, p<span class=\"_ _3\"></span>rovenienza <span class=\"_ _3\"></span>illustre, <span class=\"_ _3\"></span>certezza <span class=\"_ _3\"></span>dell\u2019attribuzione, <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019autenticit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019op<span class=\"_ _5\"></span><span class=\"ff1\">era, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia </span></div><div class=\"t m0 x0 h2 y7c3 ff4 fs0 fc0 sc0 ls0 ws0\">fattori <span class=\"_ _3\"></span>soggettivi (che <span class=\"_ _3\"></span>possono mutare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>tempo, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione dell\u2019evoluzione e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>gusti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mercato), quali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>reputa<span class=\"_ _5\"></span><span class=\"ff1\">zione del </span></div><div class=\"t m0 x0 h2 yfb ff4 fs0 fc0 sc0 ls0 ws0\">museo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>ospita <span class=\"_ _2\"></span>l\u2019opera <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019artista, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prestigio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fiere/mostre/gallerie/case <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019asta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>intermediano <span class=\"_ _5\"></span>l\u2019opera, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>reputaz<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span>one </span></div><div class=\"t m0 x0 h2 y817 ff4 fs0 fc0 sc0 ls0 ws0\">della critica che ne p<span class=\"_ _0\"></span>arla e dei collezio<span class=\"_ _0\"></span>nisti, nonch\u00e9 la quali<span class=\"_ _0\"></span>t\u00e0 della comunica<span class=\"_ _0\"></span>zione sull\u2019opera dell\u2019<span class=\"_ _0\"></span>artista.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1126 ff1 fs0 fc0 sc0 ls0 ws0\">Una volta identificati tal<span class=\"_ _0\"></span>i fattori rilevanti, la d<span class=\"_ _0\"></span>eterminazione del fa<span class=\"_ _0\"></span>ir value avviene p<span class=\"_ _0\"></span>er comparazione, in pr<span class=\"_ _0\"></span>ima istanza con ope<span class=\"_ _2\"></span>re </div><div class=\"t m0 x0 h2 ye09 ff1 fs0 fc0 sc0 ls0 ws0\">paragonabili  a <span class=\"_ _16\"> </span>quelle  i<span class=\"_ _0\"></span>n  esame  (<span class=\"_ _0\"></span>per  period<span class=\"_ _0\"></span>o  di  r<span class=\"_ _0\"></span>ealizzazione/<span class=\"_ _0\"></span>anno,  tecnica, <span class=\"_ _16\"> </span>dimensioni,  ti<span class=\"_ _0\"></span>picit\u00e0  del <span class=\"_ _16\"> </span>soggetto  e <span class=\"_ _16\"> </span>stato  di </div><div class=\"t m0 x0 h2 y827 ff1 fs0 fc0 sc0 ls0 ws0\">conservazione), <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>autore <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>medesimo <span class=\"_ _3\"></span>periodo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>(tale <span class=\"_ _2\"></span>evenienza <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>facilmente <span class=\"_ _2\"></span>praticabile <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso </div><div class=\"t m0 x0 h2 ye0a ff1 fs0 fc0 sc0 ls0 ws0\">delle opere <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>comparto moderno e<span class=\"_ _3\"></span> contemporaneo), ed <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>econda istanza <span class=\"_ _3\"></span>con opere <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>rtisti o <span class=\"_ _3\"></span>di scuole <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ambiti prossimi </div><div class=\"t m0 x0 h2 y920 ff1 fs0 fc0 sc0 ls0 ws0\">per sti<span class=\"_ _3\"></span>le, poetica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per importanza <span class=\"_ _3\"></span>della medesima <span class=\"_ _3\"></span>epoca storica. <span class=\"_ _3\"></span>Nel caso s<span class=\"_ _3\"></span>iano disponibili p<span class=\"_ _3\"></span>i\u00f9 opere <span class=\"_ _3\"></span>similari, si <span class=\"_ _3\"></span>considerano </div><div class=\"t m0 x0 h2 y611 ff1 fs0 fc0 sc0 ls0 ws0\">valori medi per tener<span class=\"_ _0\"></span>e conto della volatilit<span class=\"_ _0\"></span>\u00e0 dei prezzi. </div><div class=\"t m0 x0 h2 y8b4 ff4 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>considerare <span class=\"_ _7\"> </span>l\u2019andamento <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>gli <span class=\"_ _4\"> </span>scambi <span class=\"_ _16\"> </span>in <span class=\"_ _4\"> </span>asta, <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tendo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>recenti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>e <span class=\"_ _16\"> </span>includen<span class=\"_ _0\"></span>do <span class=\"_ _7\"> </span>nell\u2019analisi <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>gli </div><div class=\"t m0 x0 h32 y296 ff4 fs0 fc0 sc0 ls0 ws0\">invenduti,  (<span class=\"_ _35\"></span>che  rappresentano <span class=\"_ _7\"> </span>un  possibile <span class=\"_ _16\"> </span>indicatore <span class=\"_ _16\"> </span>di  p<span class=\"_ _0\"></span>erdita <span class=\"_ _16\"> </span>di  valore <span class=\"_ _16\"> </span>tendenziale <span class=\"_ _7\"> </span>dell\u2019opera/autore <span class=\"_ _16\"> </span>nel  mercat<span class=\"_ _0\"></span>o),  l<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 ye0b ff4 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _2\"></span>considera <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019attenzione <span class=\"_ _5\"></span>corrente <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un\u2019opera <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>auto<span class=\"_ _5\"></span><span class=\"ff1\">re, <span class=\"_ _2\"></span>misurata <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>numero <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 yc2e ff1 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _1d\"> </span>qualit\u00e0  di <span class=\"_ _1d\"> </span>mostre  temporanee  allestite <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>spazi  museali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevanza  internazionale  e <span class=\"_ _1d\"> </span>corredate  da <span class=\"_ _1d\"> </span>pubblicazioni </div><div class=\"t m0 x0 h2 ye0c ff1 fs0 fc0 sc0 ls0 ws0\">specifiche.  </div><div class=\"t m0 x0 h2 y1127 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre,  si  tiene  conto  anch<span class=\"_ _0\"></span>e  della  presenza  della  dichia<span class=\"_ _0\"></span>razione  di  interesse  st<span class=\"_ _0\"></span>orico<span class=\"_ _2\"></span>-artistico  formalmente  espressa  da<span class=\"_ _0\"></span>l </div><div class=\"t m0 x0 h2 yd2d ff4 fs0 fc0 sc0 ls0 ws0\">Ministero <span class=\"_ _6\"> </span>(Mibact) <span class=\"_ _6\"> </span>(comunemente <span class=\"_ _6\"> </span>detta <span class=\"_ _6\"> </span>\u201cnotifica\u201d), <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>lega <span class=\"_ _6\"></span>al <span class=\"_ _6\"> </span>te<span class=\"_ _3\"></span>rritorio <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>opere <span class=\"_ _4\"> </span>d\u2019arte <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>collezione <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>n<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 ye0d ff1 fs0 fc0 sc0 ls0 ws0\">vincola la circolazion<span class=\"_ _0\"></span>e al territorio nazi<span class=\"_ _0\"></span>onale, riducendo la quota<span class=\"_ _0\"></span>zione ottenibile <span class=\"_ _0\"></span>sul mercato internazio<span class=\"_ _3\"></span>nale. </div><div class=\"t m0 x0 h2 ybd9 ff4 fs0 fc0 sc0 ls0 ws0\">La determinazione dei prezzi \u00e8 influenzata anche dall\u2019importanza degli acquirenti/<span class=\"_ _0\"></span>venditori (ad esempio, i prezzi corrisposti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">da </span></span></div><div class=\"t m0 x0 h2 ye0e ff1 fs0 fc0 sc0 ls0 ws0\">collezionisti celebri o<span class=\"_ _0\"></span> noti investitori <span class=\"_ _0\"></span>possono assumere maggio<span class=\"_ _0\"></span>re rilevanza).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7ce ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019approccio valutativ<span class=\"_ _0\"></span>o \u00e8 impostato sul m<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span><span class=\"ff1\">itoraggio degli oggett<span class=\"_ _0\"></span>ivi valori di merc<span class=\"_ _0\"></span>ato delle opere comp<span class=\"_ _0\"></span>rese nella classe ogge<span class=\"_ _0\"></span>tto </span></div><div class=\"t m0 x0 h2 ya98 ff1 fs0 fc0 sc0 ls0 ws0\">di indagine, che segue <span class=\"_ _0\"></span>tre principi met<span class=\"_ _0\"></span>odologici: </div><div class=\"t m0 x0 h1b y870 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">privilegia <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>prudenziale, <span class=\"_ _3\"></span>analizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>pluralit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>informative <span class=\"_ _2\"></span>diverse, <span class=\"_ _2\"></span>fondate <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>basi </span></span></div><div class=\"t m0 x2a h32 y1128 ff4 fs0 fc0 sc0 ls0 ws0\">dati <span class=\"_ _3\"></span>robuste, <span class=\"_ _3\"></span>aggiornate e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatisticamente rappresentative: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>\u201csingolari\u201d, <span class=\"_ _3\"></span>spesso <span class=\"_ _3\"></span>prive <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazioni </div><div class=\"t m0 x2a h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\">per  decenni<span class=\"_ _0\"></span>,  quest<span class=\"_ _0\"></span>o  appr<span class=\"_ _0\"></span>occio <span class=\"_ _16\"> </span>garantisce  la <span class=\"_ _16\"> </span>periodica  i<span class=\"_ _0\"></span>ndividuazione <span class=\"_ _16\"> </span>di  eventua<span class=\"_ _0\"></span>li  valor<span class=\"_ _0\"></span>i  outlier <span class=\"_ _16\"> </span>ed  ev<span class=\"_ _0\"></span>ita  di <span class=\"_ _16\"> </span>seguire<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">eventuali dinamiche spe<span class=\"_ _0\"></span>culative; </div><div class=\"t m0 x0 h1b yc7 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>natura <span class=\"_ _6\"></span>comparativa, <span class=\"_ _6\"></span>monitorando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>occorse <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>globale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>pluralit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>canali <span class=\"_ _6\"></span>distributivi, <span class=\"_ _6\"></span>per </span></span></div><div class=\"t m0 x2a h2 y327 ff1 fs0 fc0 sc0 ls0 ws0\">evitare <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>considerare <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcune <span class=\"_ _4\"> </span>forme <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>economici: <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _7\"> </span>globale  con <span class=\"_ _4\"> </span>una </div><div class=\"t m0 x2a h32 y1129 ff4 fs0 fc0 sc0 ls0 ws0\">domanda <span class=\"_ _3\"></span>globale, questo <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>consente di <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>arbitraggi <span class=\"_ _3\"></span>geografici<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l\u2019emergenza <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 ybdd ff1 fs0 fc0 sc0 ls0 ws0\">specifici fenomeni di a<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>prezzamento/depre<span class=\"_ _0\"></span>zzamento potenzialm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte impattanti;  </div><div class=\"t m0 x0 h1b yf07 ff8 fs9 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>ricorsiva, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>aggiorna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>monitora<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019andamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>sull\u2019arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>specificit\u00e0 </span></span></span></div><div class=\"t m0 x2a h2 y87a ff1 fs0 fc0 sc0 ls0 ws0\">del mercato ammettono, ovver<span class=\"_ _0\"></span>o il semestre: in un mercato in cui non esist<span class=\"_ _0\"></span>ono scambi pubblici monitorati giorn<span class=\"_ _0\"></span>almente, l<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 ya86 ff4 fs0 fc0 sc0 ls0 ws0\">brevit\u00e0 dell\u2019arco di ril<span class=\"_ _0\"></span>evazione assic<span class=\"_ _0\"></span>ura la massima cura e te<span class=\"ff1\">mpestivit\u00e0 delle eventuali <span class=\"_ _0\"></span>variazioni. </span></div><div class=\"t m0 x0 h2 yf09 ff4 fs0 fc0 sc0 ls0 ws0\">Tale metodo risulta <span class=\"_ _0\"></span>applicabile su tutto il <span class=\"_ _0\"></span>comparto del \u201cpatrimo<span class=\"_ _0\"></span>nio artistico di pregio\u201d. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y407 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ya87 ffa fs0 fc2 sc0 ls0 ws0\">Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 y409 ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto concerne il <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio, la ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione di valore \u00e8<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>effettuata tramite u<span class=\"_ _0\"></span>na perizia ogni tre anni<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 yf0c ff1 fs0 fc0 sc0 ls0 ws0\">Annualmente viene <span class=\"_ _3\"></span>comunque svolta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scenario per <span class=\"_ _3\"></span>individuare e<span class=\"_ _3\"></span>ventuali variazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>apprezzabile al <span class=\"_ _3\"></span>fine<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yf0d ff4 fs0 fc0 sc0 ls0 ws0\">di anticipare l\u2019attivi<span class=\"_ _0\"></span>t\u00e0 valutativa.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ya5e ff1 fs0 fc0 sc0 ls0 ws0\">Sulla base delle regole richiamate, nel 2022 so<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span>o state oggetto di v<span class=\"_ _3\"></span>alutazione le opere che, sulla <span class=\"_ _3\"></span>base dell\u2019analisi di scenario,<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 yf0e ff1 fs0 fc0 sc0 ls0 ws0\">hanno evidenziato vari<span class=\"_ _0\"></span>azioni rispetto alla<span class=\"_ _0\"></span> soglia definita.<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 yf0f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y44d ffa fs0 fc2 sc0 ls0 ws0\">Analisi di scenario </div><div class=\"t m0 x0 h2 y44f ff1 fs0 fc0 sc0 ls0 ws0\">Al  fine  di <span class=\"_ _1d\"> </span>individuare  ed  apprezzare  le  variazioni  del  mercato  delle  opere  oggetto  di  va<span class=\"_ _3\"></span>luta<span class=\"_ _3\"></span>z<span class=\"_ _3\"></span>ione,  viene  effettuato  un </div><div class=\"t m0 x0 h2 yf11 ff4 fs0 fc0 sc0 ls0 ws0\">monitoraggio <span class=\"_ _2\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>volto <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ogliere <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>segnali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>richiedano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anticipare <span class=\"_ _2\"></span>l<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 yd22 ff1 fs0 fc0 sc0 ls0 ws0\">perizie rispetto alle p<span class=\"_ _0\"></span>eriodicit\u00e0 stabilite. </div><div class=\"t m0 x0 h2 y1122 ff1 fs0 fc0 sc0 ls0 ws0\">Tale monitoraggio h<span class=\"_ _0\"></span>a duplice natura: </div><div class=\"t m0 x0 h2 y4ad ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>prime <span class=\"_ _4\"></span>opere <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>presenti <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"></span>collezion<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"></span>che </span></div><div class=\"t m0 x2a h32 yf5d ff4 fs0 fc0 sc0 ls0 ws0\">rappresentano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>75% <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>complessivo <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>opere <span class=\"_ _1d\"> </span>comprese <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>classe <span class=\"_ _1d\"> </span>\u201cpatrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio\u201d, </div><div class=\"t m0 x2a h2 yf5e ff4 fs0 fc0 sc0 ls0 ws0\">verificando <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>l\u2019esito <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _4\"> </span>aste <span class=\"_ _16\"> </span>i<span class=\"ff1\">n<span class=\"_ _3\"></span>ternazionali <span class=\"_ _4\"> </span>(il <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>calendario <span class=\"_ _4\"> </span>segue <span class=\"_ _7\"> </span>precise <span class=\"_ _7\"> </span>scadenze <span class=\"_ _7\"> </span>stagionali), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>le </span></div><div class=\"t m0 x2a h2 y112a ff1 fs0 fc0 sc0 ls0 ws0\">segnalazioni <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>mondiali <span class=\"_ _7\"> </span>(Artprice <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Artnet), <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>analytics <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"> </span>utili <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x2a h2 y112b ff1 fs0 fc0 sc0 ls0 ws0\">monitoraggio delle q<span class=\"_ _0\"></span>uotazioni;<span class=\"_ _90\"> </span> </div></div>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio  <span class=\"ff4\">d<span class=\"_ _0\"></span>ell\u2019andamento <span class=\"_ _16\"> </span>del  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>dell\u2019arte  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nerale, <span class=\"_ _16\"> </span>al  fi<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>evidenziare <span class=\"_ _16\"> </span>tendenze  e <span class=\"_ _7\"> </span>novit\u00e0  rispetto <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> </span></span>\u201cpatrimonio  artistico  di <span class=\"_ _1d\"> </span>pregio\u201d  di  Intesa <span class=\"_ _1d\"> </span>Sanpaolo,  verificando  sia  l\u2019esito  delle <span class=\"_ _1d\"> </span>principali  aste  internazionali  (il  cui calendario <span class=\"_ _2\"></span>segue <span class=\"_ _5\"></span>precise <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _5\"></span>stagionali), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>gnalazi<span class=\"_ _0\"></span>oni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>dati <span class=\"_ _5\"></span>mondiali <span class=\"_ _5\"></span>(Artprice <span class=\"_ _2\"></span>e Artnet); poich\u00e9 <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>molti a<span class=\"_ _3\"></span>utori presenti <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>collezione Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>transitano molto <span class=\"_ _3\"></span>raramente <span class=\"_ _3\"></span>in asta <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il ridotto numero di pezzi rimasti sul <span class=\"_ _3\"></span>merca<span class=\"ff4\">to, \u00e8 importante controllare l\u2019andamento di artisti e opere simili o assimilabili; per </span>questa ragione l\u2019azione di monitoraggio non si limita ai <span class=\"_ _3\"></span>soli autori e a<span class=\"_ _3\"></span>lle sole opere possedute, ma si estende agli autori e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>alle opere riconducib<span class=\"_ _0\"></span>ili allo stesso ambito, per tener conto an<span class=\"_ _0\"></span>che dei dati tendenziali<span class=\"_ _0\"></span>. Qualora <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>annuale evidenzi <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>potenziale scostamento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>in positivo <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in negat<span class=\"_ _3\"></span>ivo, superiore <span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>5% per<span class=\"_ _5\"></span> singole <span class=\"_ _4\"> </span>opere/collezioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autori <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>collezioni <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>conf<span class=\"_ _2\"></span>rontabili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>quali<span class=\"_ _0\"></span> periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazion<span class=\"_ _0\"></span>e/anno, <span class=\"_ _5\"></span>dimensioni, <span class=\"_ _2\"></span>tecnica, <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazione, <span class=\"_ _2\"></span>ecc.), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>commissionare <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perizie <span class=\"_ _5\"></span>di<span class=\"_ _2\"></span> stima secondo le co<span class=\"_ _0\"></span>nsuete procedure inter<span class=\"_ _0\"></span>ne al fine di alline<span class=\"_ _0\"></span>are il valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>Informativa di natura quant<span class=\"_ _3\"></span>itativa A.4.5. Gerarchia del fair value       A.4.5.1 <span class=\"_ _7\"> </span>Attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ricorrente: <span class=\"_ _4\"> </span>ripartizione <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>livelli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value  <span class=\"ffb\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e </span>compagnie assicurativ<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to a conto econo<span class=\"_ _0\"></span>mico 11.311 32.672 3.594 24.262 25.080 3.389 a) <span class=\"ls0\">Attivit\u00e0 fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute per <span class=\"_ _35\"></span>la negoziazione </span>10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>b) Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> designate <span class=\"_ _0\"></span>al fair value<span class=\"_ _0\"></span> - 1 - - 1 3 c) Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finanziar<span class=\"_ _35\"></span>ie obbligatoriament<span class=\"_ _0\"></span>e valutate<span class=\"_ _0\"></span> al fair value<span class=\"_ _0\"></span> 980<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>3.411 1.647 700<span class=\"ls0\"> </span>3.199 di cui: titoli<span class=\"_ _0\"></span> di capitale 122<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 858<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>2.401 1.486 149<span class=\"ls0\"> </span>2.166 2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 compl<span class=\"_ _0\"></span>essiva 41.937 7.422 357<span class=\"ls0\"> </span>59.084 8.004 492<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 513<span class=\"ls0\"> </span>510<span class=\"ls0\"> </span>325<span class=\"ls0\"> </span>1.537 1.314 421<span class=\"ls0\"> </span>3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 10.062 - - 1.732 - 4. Attivit\u00e0<span class=\"_ _0\"></span> materiali - - 7.144 - - 7.364 5. Attivit\u00e0<span class=\"_ _0\"></span> immateriali - - - - - - Totale 53.248 50.156 11.095 83.346 34.816 11.245 1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 7.285 39.085 142<span class=\"ls0\"> </span>22.241 33.946 119<span class=\"ls0\"> </span>2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>designate <span class=\"_ _35\"></span>al fair value - 8.765 30<span class=\"ls0\"> </span>6 3.642 26<span class=\"ls0\"> </span>3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 5.346 - - 4.868 - Totale 7.285 53.196 172<span class=\"ls0\"> </span>22.247 42.456 145<span class=\"ls0\"> </span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggiore d<span class=\"_ _3\"></span>iscrezionalit\u00e0 ne<span class=\"_ _3\"></span>lla d<span class=\"_ _3\"></span>eterminazione d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>fair value,  rappresent<span class=\"_ _0\"></span>ano  una  quot<span class=\"_ _0\"></span>a  contenuta <span class=\"_ _16\"> </span>del <span class=\"_ _1d\"> </span><span class=\"ff4\">portafoglio,  c<span class=\"_ _0\"></span>on  un\u2019incidenza <span class=\"_ _16\"> </span>del  9,7%  sul  total<span class=\"_ _0\"></span>e  delle  attivit\u00e0 <span class=\"_ _16\"> </span>(8,7%  al </span>31<span class=\"ls0\"> dicembre <span class=\"_ _6\"></span>2021). <span class=\"_ _4\"> </span>Tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"></span>3, <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>principale <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>cui, </span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>obbl<span class=\"_ _3\"></span>igatoriament<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnalano <span class=\"_ _2\"></span>290 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>quote </span>del Fondo Atlante e <span class=\"_ _0\"></span>dell\u2019Italian Recovery F<span class=\"_ _0\"></span>und attivati nell\u2019am<span class=\"_ _0\"></span>bito della normativa a <span class=\"_ _0\"></span>sostegno del sistem<span class=\"_ _0\"></span>a bancario.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Oltre <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>6% <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>attr<span class=\"_ _2\"></span>averso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>lasciare alcuna discrezionalit<span class=\"_ _0\"></span>\u00e0 al valutatore. La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>materiali <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>i <span class=\"_ _2\"></span>pregio che rappresentano il 64% delle<span class=\"_ _0\"></span> attivit\u00e0 di bilan<span class=\"_ _0\"></span>cio al fair value <span class=\"_ _0\"></span>di livello 3.<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>performance <span class=\"_ _4\"> </span>(Credit <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>Adjustment <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Debt <span class=\"_ _7\"> </span>Value <span class=\"_ _4\"> </span>Adjustment) <span class=\"_ _7\"> </span>nella determinazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>141 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>positivo <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>79 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>in riduzione del fair val<span class=\"_ _0\"></span>ue negativo. L\u2019impatto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Funding <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Adjustment <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>63<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>finanziament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>dei flussi di cassa gen<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rati dal complessivo portafogl<span class=\"_ _0\"></span>io dei derivati OT<span class=\"_ _0\"></span>C della Banca.<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>determinazione quantitativa dei menzionati <span class=\"_ _3\"></span>aggiustamenti valutativi prescinde dalla <span class=\"_ _3\"></span>misurazione degli effetti <span class=\"_ _3\"></span>delle correl<span class=\"_ _5\"></span>ate strategie di copert<span class=\"_ _0\"></span>ura gestionale, ove pres<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti. <span class=\"fs19\"> </span>Quanto alle passivi<span class=\"ff4\">t\u00e0, la quot<span class=\"_ _0\"></span>a di strumenti di li<span class=\"_ _0\"></span>vello 3 \u00e8 inferiore all\u2019<span class=\"_ _0\"></span>1% rispetto al totale<span class=\"_ _0\"></span> delle passivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Oltre <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>rasferimenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>3 <span class=\"_ _5\"></span>dettagliati <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>seguito, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel corso del 2022 si so<span class=\"_ _0\"></span>no avuti trasferimenti: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 99 m<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>lioni (valore di <span class=\"_ _0\"></span>bilancio al 31 dicemb<span class=\"_ _0\"></span>re 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>altre attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie obbligatoriamen<span class=\"_ _0\"></span>te al fair value per 5<span class=\"_ _0\"></span>1 milioni (valore di b<span class=\"_ _0\"></span>ilancio al 31 dic<span class=\"_ _0\"></span>embre 202<span class=\"_ _2\"></span>2); </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>131 milioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>ilancio al </span>31 dicembre 2022); o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie designate al fair valu<span class=\"_ _0\"></span>e per 3 milioni (valor<span class=\"_ _0\"></span>e di bilancio al 31 <span class=\"_ _0\"></span>dicembre 2022);<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1 di<span class=\"_ _0\"></span>: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 10<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span> milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>47 <span class=\"_ _2\"></span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al </span>31 dicembre 2022); o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie di negoziazione per <span class=\"_ _0\"></span>4 milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022).<span class=\"_ _3\"></span> </span>I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span>effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e della sign<span class=\"_ _0\"></span>ificativit\u00e0 degli inp<span class=\"_ _0\"></span>ut non osservabili. Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>conseguenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>venir <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>attivo <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>strumento verificata <span class=\"_ _4\"> </span>analizzando <span class=\"_ _4\"> </span>l\u2019affidabilit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>reciproca <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span><span class=\"ff1\">elle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _7\"> </span>disponibili <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>Fair </span>Value <span class=\"_ _4\"></span>Policy <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>cont<span class=\"_ _3\"></span>ro, <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>mark<span class=\"_ _2\"></span>-<span class=\"ls12\">to<span class=\"_ _3\"></span></span>-model <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _6\"></span>input osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>classificati, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>vengono <span class=\"_ _7\"> </span>trasferiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>1 <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riscontra l\u2019esistenza di un mer<span class=\"_ _0\"></span>cato attivo.<span class=\"ff1 fs1e fc3\"> </span>A.4.5.1 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 valutate al fai<span class=\"_ _0\"></span>r value su base ricor<span class=\"_ _0\"></span>rente: ripartizione pe<span class=\"_ _0\"></span>r livelli di fair value <span class=\"_ _3\"></span><span class=\"ffb\">\u2013<span class=\"ff2\">Compagnie </span></span>assicurative (milioni di eur<span class=\"_ _0\"></span>o) Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale - - - - - - di <span class=\"ls0\">cui: OICR<span class=\"_ _35\"></span> </span>97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> 85.608 22<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>100.515 143<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 3.016 - - 3.510 - - di cui: OIC<span class=\"_ _0\"></span>R 78.025 - - 91.908 109<span class=\"ls0\"> </span>- 3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita 77.810 3.158 4.625 93.910 6.305 4.208 di cui: titoli<span class=\"_ _0\"></span> di capitale 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 8.306 - 4.208 9.879 - 3.742 4. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 13<span class=\"ls0\"> </span>- - 291<span class=\"ls0\"> </span>- 5. Attivit\u00e0<span class=\"_ _0\"></span> materiali - - 7 - - 8 6. Attivit\u00e0<span class=\"_ _0\"></span> immateriali - - - - - - Totale 163.715 3.442 5.575 194.769 7.032 5.007 1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 1 8 - - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> valutate al fair value - 71.565 - - 84.667 - 3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 170<span class=\"ls0\"> </span>- - - - Totale 1 71.743 - - 84.709 61<span class=\"ls0\"> </span>Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>assicurative <span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>maggiore <span class=\"_ _3\"></span>discrezionalit\u00e0 <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del<span class=\"_ _5\"></span> fair <span class=\"_ _2\"></span>value, <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenuta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>portafoglio; <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019incidenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,2% <span class=\"_ _3\"></span>(2,4% <span class=\"_ _2\"></span>al </span>31 dicembre 2021). Il 94,8<span class=\"_ _3\"></span>% delle a<span class=\"_ _3\"></span>ttivit\u00e0 finanziarie valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value del <span class=\"_ _3\"></span>comparto ass<span class=\"_ _3\"></span>icurativo \u00e8 <span class=\"_ _3\"></span>misurato attraverso il <span class=\"_ _3\"></span>ricorso a <span class=\"_ _3\"></span>quota<span class=\"_ _5\"></span>zioni di mercato, quindi senza <span class=\"_ _0\"></span>lasciare alcuna discre<span class=\"_ _0\"></span>zionalit\u00e0 al valut<span class=\"_ _0\"></span>ator<span class=\"_ _3\"></span><span class=\"ls10\">e.</span> Le passivit\u00e0 al fair v<span class=\"_ _0\"></span>alue sono quasi in<span class=\"_ _0\"></span>teramente misurate con <span class=\"_ _0\"></span>input di livello 2<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Oltre <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>trasferimenti <span class=\"_ _6\"></span>relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>comparto <span class=\"_ _4\"> </span>assicurativo <span class=\"_ _4\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>dettaglia<span class=\"_ _5\"></span>ti <span class=\"_ _4\"></span>nel seguito, si segnala c<span class=\"_ _0\"></span>he nel corso del 2022 si sono avut<span class=\"_ _0\"></span>i trasferimenti: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>attivit\u00e0 finanziarie valutate al <span class=\"_ _0\"></span>fair value per 3 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni (valore di bil<span class=\"_ _0\"></span>ancio al 31 dicembre 2<span class=\"_ _0\"></span>022);<span class=\"_ _2\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 143 milioni (<span class=\"_ _0\"></span>valore di <span class=\"_ _3\"></span>bilancio al 31 dicembre 202<span class=\"_ _0\"></span>2); </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair value <span class=\"_ _0\"></span>per 2 milioni (valo<span class=\"_ _0\"></span>re di bilancio al 31 d<span class=\"_ _0\"></span>icembre 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 2.114 milioni<span class=\"_ _0\"></span> (valore di bilancio al<span class=\"_ _0\"></span> 31 dice<span class=\"_ _2\"></span>mbre 2022). </span>I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span>effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e<span class=\"_ _0\"></span> della significati<span class=\"_ _0\"></span>vit\u00e0 degli input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _5\"></span>2 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>venir <span class=\"_ _2\"></span>meno <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>merca<span class=\"_ _0\"></span>to <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>strumento verificata <span class=\"_ _6\"></span>analizzando <span class=\"_ _6\"></span>l\u2019affidabilit\u00e0 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>reciproca <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _5\"></span>disponibili <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"> </span>nelle <span class=\"_ _16\"> </span><span class=\"ff1\">Linee </span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione Str<span class=\"_ _3\"></span>umenti Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>contro, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>viene e<span class=\"_ _3\"></span>ffettuata una valutazione da <span class=\"_ _3\"></span>mark-<span class=\"lsd\">to</span>-model utilizzando <span class=\"_ _3\"></span>input osservabili <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>classificati, <span class=\"_ _3\"></span>dunque, a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>trasferiti al livello 1 nel mome<span class=\"ff4\">nto in cui s<span class=\"_ _0\"></span>i riscontra l\u2019esiste<span class=\"_ _0\"></span>nza di un mercato attivo.<span class=\"ff1\"> </span></span>A.4.5.2. <span class=\"_ _1d\"> </span>Varia<span class=\"_ _0\"></span>zioni  a<span class=\"_ _3\"></span>nnue  delle <span class=\"_ _1d\"> </span>attivit\u00e0  valutate <span class=\"_ _1d\"> </span>al  fair <span class=\"_ _1d\"> </span>value  su <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>ricorrente  (livello  3<span class=\"_ _3\"></span>) <span class=\"_ _17\"> </span>- <span class=\"_ _1d\"> </span><span class=\"ff2\">Escluse <span class=\"_ _1d\"> </span>compagnie<span class=\"_ _35\"></span> </span>assicurative  (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0 valutate al fair value con <span class=\"ls0\">impatt<span class=\"_ _3\"></span>o a conto </span>economico<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva<span class=\"ls0\"> </span>Derivati di<span class=\"ls0\"> </span>copertura<span class=\"ls0\"> </span>Attivit\u00e0<span class=\"ls0\"> </span>materiali<span class=\"ls0\"> </span>Attivit\u00e0<span class=\"ls0\"> </span>immateriali<span class=\"ls0\"> </span>TOTALE di cui: <span class=\"ls0\"> </span>a) <span class=\"ls0\"> </span>Attivit\u00e0 finanziarie detenute per la negoziazione<span class=\"ls0\"> </span>di cui: <span class=\"ls0\"> </span>b) <span class=\"ls0\"> </span>Attivit\u00e0 finanziarie designate al fair value di cui: <span class=\"ls0\"> </span>c)  Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value 1. Esistenze iniziali <span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.389<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>3 3.199<span class=\"ls0\"> </span>492<span class=\"ls0\"> </span>- 7.364<span class=\"ls0\"> </span>- 2. Aumenti<span class=\"ls0\"> </span>1.070<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>- 976<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>- 278<span class=\"ls0\"> </span>- 2.1 Acquisti<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- 370<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 76<span class=\"ls0\"> </span>- 2.2 Profitti imputati a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>7 - 170<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 32<span class=\"ls0\"> </span>- 2.2.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>7 - 170<span class=\"ls0\"> </span>- - 5 - - <span class=\"ls28\">di cui plusvalenze<span class=\"_ _3\"></span></span> 152<span class=\"ls0\"> </span>7 - 145<span class=\"ls0\"> </span>- - - - 2.2.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- X X X 18<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>- 2.3 Trasferimenti da altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>- - - 2.4 Altre variazioni in aume<span class=\"_ _3\"></span>nto<span class=\"ls0\"> </span>465<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>- 409<span class=\"ls0\"> </span>1 - 170<span class=\"ls0\"> </span>- 3. Diminuzioni<span class=\"ls0\"> </span>-<span class=\"ls28\">865</span> -<span class=\"ls28\">98</span> -3 -<span class=\"ls28\">764</span> -<span class=\"ls28\">228</span> - -<span class=\"ls28\">498</span> - 3.1 Vendite<span class=\"ls0\"> </span>-<span class=\"ls28\">208</span> -<span class=\"ls28\">43</span> -3 -<span class=\"ls28\">162</span> -<span class=\"ls28\">100</span> - -<span class=\"ls28\">48</span> - 3.2 Rimborsi<span class=\"ls0\"> </span>-5 - - -5 -<span class=\"ls28\">14</span> - - - 3.3 Perdite imputate a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">264</span> -<span class=\"ls28\">42</span> - -<span class=\"ls28\">222</span> -<span class=\"ls28\">25</span> - -<span class=\"ls28\">181</span> - 3.3.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">264</span> -<span class=\"ls28\">42</span> - -<span class=\"ls28\">222</span> -4 - -<span class=\"ls28\">165</span> - - <span class=\"ls28\">di cui minusvalenze<span class=\"_ _3\"></span></span> -<span class=\"ls28\">243</span> -<span class=\"ls28\">35</span> - -<span class=\"ls28\">208</span> -1 - - - 3.3.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- X X X -<span class=\"ls28\">21</span> - -<span class=\"ls28\">16</span> - 3.4 Trasferimenti ad altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">38</span> -<span class=\"ls28\">12</span> - -<span class=\"ls28\">26</span> -<span class=\"ls28\">65</span> - - - 3.5 Altre variazioni in diminu<span class=\"_ _3\"></span>zione<span class=\"ls0\"> </span>-<span class=\"ls28\">350</span> -1 - -<span class=\"ls28\">349</span> -<span class=\"ls28\">24</span> - -<span class=\"ls28\">269</span> - 4. Rimanenze finali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.594<span class=\"ls0\"> </span>183<span class=\"ls0\"> </span>- 3.411<span class=\"ls0\"> </span>357<span class=\"ls0\"> </span>- 7.144<span class=\"ls0\"> </span>- Le <span class=\"_ _4\"></span>voci <span class=\"_ _4\"> </span>Altre <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>diminuzione, <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>obbligatoriamente <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value, <span class=\"_ _4\"></span>s<span class=\"_ _5\"></span><span class=\"ls19\">i </span>riferiscono <span class=\"_ _7\"> </span>principalmente <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  OICR <span class=\"_ _4\"> </span>ed  a<span class=\"_ _35\"></span>ccolgono <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>versamenti <span class=\"_ _7\"> </span>effettuati <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>rimborsi <span class=\"_ _7\"> </span>ricevuti <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>ad invarianza <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>quote <span class=\"_ _4\"></span>detenute. <span class=\"_ _6\"></span>Relativamente <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>materiali, <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>voci, <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>trasferimen<span class=\"_ _2\"></span><span class=\"ls12\">ti </span>delle Attivit\u00e0 material<span class=\"_ _0\"></span>i da scopo investim<span class=\"_ _0\"></span>ento a<span class=\"_ _3\"></span> uso funzionale e <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iceversa.<span class=\"_ _90\"> </span>A.4.5.2. Bis Variazioni <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nnue delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al fair va<span class=\"_ _0\"></span>lue su base ricorrent<span class=\"_ _0\"></span>e (livello 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span>(milioni di euro)<span class=\"_ _3\"></span> Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> detenute per la negoziazione Attivit\u00e0  finanziarie<span class=\"_ _3\"></span> valutate al fair value Attivit\u00e0  finanziarie<span class=\"_ _3\"></span> disponibili per la vendita Derivati di copertura Attivit\u00e0 materiali Attivit\u00e0 immateriali 1. Esistenze iniziali<span class=\"_ _3\"></span>  390<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>4.208 - 8 - 2. Aumenti 92<span class=\"ls0\"> </span>186<span class=\"ls0\"> </span>1.091 - - - 2.1 Acquisti<span class=\"_ _3\"></span> 58<span class=\"ls0\"> </span>- 876<span class=\"ls0\"> </span>- - - 2.2 Profitti imputati <span class=\"_ _3\"></span>a: - - 199<span class=\"ls0\"> </span>- - - 2.2.1 Conto econ<span class=\"_ _3\"></span>omico  - - - - - - - di cui plusvale<span class=\"_ _3\"></span>nze - - - - - - 2.2.2 Patrimonio nett<span class=\"_ _3\"></span>o X X 199<span class=\"ls0\"> </span>- - - 2.3 Trasferimenti d<span class=\"_ _3\"></span>a altri livelli<span class=\"_ _3\"></span> 32<span class=\"ls0\"> </span>- 12<span class=\"ls0\"> </span>- - - 2.4 Altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> 2 186<span class=\"ls0\"> </span>4 - - - 3. Diminuzioni -126 - -674 - -1 - 3.1 Vendite -4 - -354 - - - 3.2 Rimborsi - - -<span class=\"ls1b\">12</span> - - - 3.3 Perdite imputa<span class=\"_ _3\"></span>te a: -<span class=\"ls1b\">68</span> - -236 - - - 3.3.1 Conto econ<span class=\"_ _3\"></span>omico  -<span class=\"ls1b\">68</span> - -<span class=\"ls1b\">53</span> - - - - di cui minusvalenz<span class=\"_ _3\"></span>e - - 12<span class=\"ls0\"> </span>- - - 3.3.2 Patrimonio nett<span class=\"_ _3\"></span>o X X -183 - - - 3.4 Trasferimenti a<span class=\"_ _3\"></span>d altri livelli<span class=\"_ _3\"></span> -<span class=\"ls1b\">54</span> - -<span class=\"ls1b\">68</span> - - - 3.5 Altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> - - -4 - -1 - 4. Rimanenze fin<span class=\"_ _3\"></span>ali 356<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>4.625 - 7 - A.4.5.3  V<span class=\"_ _0\"></span>ariazioni  annu<span class=\"_ _0\"></span>e  dell<span class=\"_ _0\"></span>e  passivi<span class=\"_ _0\"></span>t\u00e0  valutate<span class=\"_ _0\"></span>  al <span class=\"_ _16\"> </span>fair  value <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u  base <span class=\"_ _16\"> </span>ricorrente <span class=\"_ _16\"> </span>(livello  3)  -<span class=\"_ _3\"></span>  <span class=\"ff2\">E<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>cluse <span class=\"_ _16\"> </span>compagnie </span>assicurative (milioni di eur<span class=\"_ _35\"></span>o) Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie detenute<span class=\"_ _35\"></span> per la negoziaz<span class=\"_ _0\"></span>ione Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie designate<span class=\"_ _0\"></span> al fair value<span class=\"_ _0\"></span> Derivati d<span class=\"_ _0\"></span>i copertura<span class=\"_ _35\"></span> 1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  119<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- 2. Aume<span class=\"_ _0\"></span>nti 101<span class=\"ls0\"> </span>4 - 2.1 Emis<span class=\"_ _0\"></span>sioni 71<span class=\"ls0\"> </span>- - 2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: - 3 - 2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  - 3 - - di cui minu<span class=\"_ _35\"></span>svalenze - 3 - 2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X - - 2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli 30<span class=\"ls0\"> </span>- - 2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento - 1 - 3. Dimin<span class=\"_ _0\"></span>uzioni -<span class=\"ls25\">78</span> - - 3.1 Rimbor<span class=\"_ _0\"></span>si - - - 3.2 Riacqui<span class=\"_ _0\"></span>sti - - - 3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: -<span class=\"ls25\">19</span> - - 3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  -<span class=\"ls25\">19</span> - - - di cui plu<span class=\"_ _0\"></span>svalenze -<span class=\"ls25\">16</span> - - 3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X - - 3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli -<span class=\"ls25\">50</span> - - 3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione -9 - - 4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li 142<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>- Le \u201cPassivit\u00e0 finanzi<span class=\"_ _0\"></span>arie detenute per la <span class=\"_ _0\"></span>negoziazione\u201d si riferis<span class=\"_ _0\"></span>cono a contratti d<span class=\"_ _0\"></span>erivati aventi fai<span class=\"_ _0\"></span>r value negativo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _2\"></span><span class=\"ls0\">trasferimenti <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>descritti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>tabelle <span class=\"_ _3\"></span>precedenti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>effettuati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>guida </span>descritte nel paragra<span class=\"_ _0\"></span>fo A.4.3 <span class=\"ff4\">\u2013</span> Gerarchia del fair value. Peraltro, per <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>complete informazioni sulla sensitivit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>valori de<span class=\"_ _3\"></span>gli strumenti <span class=\"_ _3\"></span>finanziari al variare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali parametri di input, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rinvia <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>analisi <span class=\"_ _6\"> </span>complessive <span class=\"_ _6\"></span>svolte <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Parte <span class=\"_ _6\"> </span>E <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span><span class=\"ff1\">la </span>presente Nota Integrati<span class=\"_ _0\"></span>va.<span class=\"_ _90\"> </span>A.4.5.3 Bis Variazion<span class=\"_ _0\"></span>i annue delle passivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value su b<span class=\"_ _0\"></span>ase ricorrente (livel<span class=\"_ _0\"></span>lo 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span>(milioni di eur<span class=\"_ _35\"></span>o) Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie detenute<span class=\"_ _35\"></span> per la negoziaz<span class=\"_ _0\"></span>ione Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie valutate al fair value<span class=\"_ _0\"></span> Derivati d<span class=\"_ _0\"></span>i copertura<span class=\"_ _35\"></span> 1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  61<span class=\"ls0\"> </span>- - 2. Aume<span class=\"_ _0\"></span>nti - - - 2.1 Emis<span class=\"_ _0\"></span>sioni - - - 2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: - - - 2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  - - - - di cui minu<span class=\"_ _35\"></span>svalenze - - - 2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X X - 2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli - - - 2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento - - - 3. Dimin<span class=\"_ _0\"></span>uzioni -<span class=\"ls25\">61</span> - - 3.1 Rimbor<span class=\"_ _0\"></span>si - - - 3.2 Riacqui<span class=\"_ _0\"></span>sti - - - 3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: -<span class=\"ls25\">61</span> - - 3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  -<span class=\"ls25\">61</span> - - - di cui plu<span class=\"_ _0\"></span>svalenze - - - 3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X X - 3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli - - - 3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione - - - 4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li - - - A.4.5.4 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>ricorrente: <span class=\"_ _5\"></span>ripartizione <span class=\"_ _2\"></span>per livelli di fair value <span class=\"ff3\">\u2013</span> <span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e compagnie assicurativ<span class=\"_ _0\"></span>e<span class=\"ffa lsd\">  <span class=\"ls0\"> </span></span></span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span>o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore di bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Valore di <span class=\"ls0\"> </span>bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Attivit\u00e0 <span class=\"ls0\">finanziarie valutate al costo a<span class=\"_ _3\"></span>mmortizzato<span class=\"_ _3\"></span> </span>528.078<span class=\"ls0\"> </span>28.958<span class=\"ls0\"> </span>320.105<span class=\"ls0\"> </span>161.493<span class=\"ls0\"> </span>668.866<span class=\"ls0\"> </span>27.206<span class=\"ls0\"> </span>484.983<span class=\"ls0\"> </span>165.462<span class=\"ls0\"> </span>2. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span>- - - - - - - - 3. Attivit\u00e0 non correnti e gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di dismissione<span class=\"ls0\"> </span>638<span class=\"ls0\"> </span>- - 638<span class=\"ls0\"> </span>1.422<span class=\"ls0\"> </span>- - 1.422<span class=\"ls0\"> </span>Totale 528.716<span class=\"ls0\"> </span>28.958<span class=\"ls0\"> </span>320.105<span class=\"ls0\"> </span>162.131<span class=\"ls0\"> </span>670.288<span class=\"ls0\"> </span>27.206<span class=\"ls0\"> </span>484.983<span class=\"ls0\"> </span>166.884<span class=\"ls0\"> </span>1. Passivit\u00e0 finanziarie valut<span class=\"_ _3\"></span>ate al costo ammorti<span class=\"_ _3\"></span>zzato<span class=\"ls0\"> </span>667.586<span class=\"ls0\"> </span>41.748<span class=\"ls0\"> </span>592.888<span class=\"ls0\"> </span>32.270<span class=\"ls0\"> </span>710.055<span class=\"ls0\"> </span>47.030<span class=\"ls0\"> </span>625.414<span class=\"ls0\"> </span>39.759<span class=\"ls0\"> </span>2. Passivit\u00e0 associate ad <span class=\"ls0\">att<span class=\"_ _3\"></span>ivit\u00e0 in via di dismissione<span class=\"_ _3\"></span> </span>15<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>- - 30<span class=\"ls0\"> </span>Totale 667.601<span class=\"ls0\"> </span>41.748<span class=\"ls0\"> </span>592.888<span class=\"ls0\"> </span>32.285<span class=\"ls0\"> </span>710.085<span class=\"ls0\"> </span>47.030<span class=\"ls0\"> </span>625.414<span class=\"ls0\"> </span>39.789<span class=\"ls0\"> </span>A.4.5.4 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 non valutate <span class=\"_ _0\"></span>al fair value o valu<span class=\"_ _0\"></span>tate al fair value su base no<span class=\"_ _0\"></span>n ricorrente: ripartizione<span class=\"_ _0\"></span> per<span class=\"_ _3\"></span> livelli di fair value <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Compag<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ie assicurative </span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span>o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore di bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Valore di <span class=\"ls0\"> </span>bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Attivit\u00e0 <span class=\"ls0\">finanziarie detenute sino alla<span class=\"_ _3\"></span> scadenza<span class=\"_ _3\"></span> </span>- - - - - - - - 2. Crediti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 3. Crediti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>- 34<span class=\"ls0\"> </span>6 44<span class=\"ls0\"> </span>- 39<span class=\"ls0\"> </span>5 4. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span>- - - - - - - - 5. Attivit\u00e0 non correnti e <span class=\"ls0\">gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di dismission<span class=\"_ _3\"></span>e </span>- - - - - - - - Totale 80<span class=\"ls0\"> </span>- 74<span class=\"ls0\"> </span>6 85<span class=\"ls0\"> </span>- 80<span class=\"ls0\"> </span>5 1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>629<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>556<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>- - 650<span class=\"ls0\"> </span>2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>- 452<span class=\"ls0\"> </span>135<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>- 93<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>3. Titoli in circolazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.334<span class=\"ls0\"> </span>- 1.171<span class=\"ls0\"> </span>- 1.335<span class=\"ls0\"> </span>- 1.338<span class=\"ls0\"> </span>- 4. Passivit\u00e0 associate ad att<span class=\"_ _3\"></span>ivit\u00e0 in via di d<span class=\"_ _3\"></span>ismissione<span class=\"ls0\"> </span>- - - - - - - - Totale 2.550<span class=\"ls0\"> </span>- 1.640<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>2.146<span class=\"ls0\"> </span>- 1.431<span class=\"ls0\"> </span>745<span class=\"ls0\"> </span>Attivit\u00e0 e passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie Per quanto riguarda le attivit\u00e0 e le passivit\u00e0 finanziarie non <span class=\"_ _2\"></span>valutate al fair value (crediti e crediti rappresentati da titoli, debiti e titoli <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>circolazione), <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prassi <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>val<span class=\"_ _5\"></span>ore attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>futuri, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>tasso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>incorpora <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principali <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>incertezze <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>allo strumento finanziario ogg<span class=\"_ _0\"></span>etto di valuta<span class=\"_ _0\"></span>zione (il cosiddetto \u201c<span class=\"_ _0\"></span>discount rate adjustm<span class=\"_ _0\"></span>ent approach\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare, il tasso di interesse utilizzato per l\u2019attualizzazione dei cash fl<span class=\"_ _2\"></span><span class=\"ff1\">ow <span class=\"_ _3\"></span>futuri \u00e8 determinato tenendo in considerazione i </span>seguenti fattori di ris<span class=\"_ _0\"></span>chio: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rappresenta <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ffre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _7\"> </span>unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>prestato <span class=\"_ _4\"> </span>a </span>controparti prive di ri<span class=\"_ _0\"></span>schio; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il  rischio  di <span class=\"_ _1d\"> </span>credito,  che  rappresenta  il  premio  per <span class=\"_ _1d\"> </span>aver  prestato  capitale  a  controparti  che  presentano  rischio  di </span>insolvenza; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il costo della liquidit\u00e0<span class=\"_ _0\"></span> connesso al cred<span class=\"_ _0\"></span>ito. </span>Nel caso di strumenti a tasso fisso, i flussi di <span class=\"_ _3\"></span>cassa sono pari a quelli previsti dal <span class=\"_ _2\"></span>contratto; per gli strumenti a tasso variabile, i flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _7\"> </span>futuri <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>forward, <span class=\"_ _4\"></span>impliciti <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>curve <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>coupon<span class=\"_ _2\"></span> osservati in corrispo<span class=\"_ _0\"></span>ndenza delle divers<span class=\"_ _0\"></span>e date di fixing e diffe<span class=\"_ _0\"></span>renziate per tip<span class=\"_ _3\"></span>ologia di indicizzazio<span class=\"_ _0\"></span>ne. Il <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>premio per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>(credit spread) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato a <span class=\"_ _3\"></span>livello di <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>posizione, tramite <span class=\"_ _3\"></span>l\u2019acquisizione dell<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>classe </span>di rischio (L<span class=\"_ _3\"></span>GD) e del rating <span class=\"_ _3\"></span>(PD). Queste grandezze, unitamente alla durata media <span class=\"_ _3\"></span>finanziaria r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>idua, costituiscono il criterio guida per l\u2019acquisizione del credit <span class=\"_ _3\"></span>spread. Per i <span class=\"_ _3\"></span>titoli emessi da Intesa <span class=\"_ _3\"></span>Sanpaolo, la costruzione della curva di spread <span class=\"_ _3\"></span>segu<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>regole disciplinate nell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Regole di V<span class=\"_ _0\"></span>alutazione Strumenti Fin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nziari al Fair Value.<span class=\"_ _3\"></span> Nel determinare i fair value<span class=\"_ _0\"></span> esposti nella tabella<span class=\"_ _0\"></span> A.4.5.4 sono state <span class=\"_ _0\"></span>utilizzate le seguenti as<span class=\"_ _0\"></span>sunzioni:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i c<span class=\"_ _3\"></span>rediti rappresentati da titoli, vengono seguite le <span class=\"_ _3\"></span>medesime regole previste per la <span class=\"_ _3\"></span>valutazione al fair value delle <span class=\"_ _3\"></span>alt<span class=\"_ _5\"></span>re </span>categorie di titoli; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i tito</span>li emessi, le reg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le utilizzate sono le <span class=\"_ _0\"></span>stesse applicate ai <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>itoli dell\u2019attivo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A. 5 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL C.<span class=\"_ _35\"></span>D. \u201cDAY ONE P<span class=\"_ _0\"></span>ROFIT/LOS<span class=\"_ _35\"></span>S\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span></span>L\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _5\"></span>stabilisce <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>l\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenire <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value. <span class=\"_ _5\"></span>Normalmente<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>di </span>uno strumento <span class=\"_ _3\"></span>finanziario alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione iniziale <span class=\"_ _3\"></span>in bilancio \u00e8 <span class=\"_ _3\"></span>pari a<span class=\"_ _3\"></span>l \u201cprezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazione\u201d, in altre <span class=\"_ _3\"></span>parole al<span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo erogato per le attivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie o alla <span class=\"_ _0\"></span>somma incassata per le<span class=\"_ _0\"></span> passivit\u00e0 finanziarie<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> L\u2019affermazione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>all\u2019atto <span class=\"_ _2\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>norma <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>incide <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il prezzo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>intuitivamente <span class=\"_ _4\"> </span>generalmente <span class=\"_ _4\"></span>riscontrabile <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>transazioni <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>livello <span class=\"_ _7\"> </span>1 <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la<span class=\"_ _0\"></span> gerarchia <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>fai<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>Eventuali <span class=\"_ _4\"> </span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>prezzo <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>normalmente <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>attribuire <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>cosiddetti <span class=\"_ _7\"> </span>margini<span class=\"_ _35\"></span> commerciali, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itiene <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>far <span class=\"_ _2\"></span>rientrare <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>casistica <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Day <span class=\"_ _2\"></span>One <span class=\"_ _3\"></span>Profit. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>margini <span class=\"_ _3\"></span>commerciali <span class=\"_ _2\"></span>transitano, <span class=\"_ _3\"></span>dunque<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>a conto economico al momento <span class=\"_ _0\"></span>della prima valuta<span class=\"_ _0\"></span>zione successiva dello<span class=\"_ _0\"></span> strumento finanzi<span class=\"_ _0\"></span>ario.<span class=\"_ _3\"></span> Anche <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>caso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>2, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>asa <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>indirettam<span class=\"_ _0\"></span>ente <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>(comparable <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pproach), <span class=\"_ _6\"></span>l\u2019iscrizione<span class=\"_ _35\"></span> iniziale <span class=\"_ _5\"></span>vede <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>molti <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>coincidere <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>residue <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>riscontrabili, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso precedente, sono di <span class=\"_ _0\"></span>norma da attribuire ai <span class=\"_ _0\"></span>cosiddetti margini <span class=\"_ _0\"></span>commerciali.<span class=\"_ _3\"></span> Nel caso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>livello 3 <span class=\"_ _3\"></span>sussiste una <span class=\"_ _3\"></span>discrezionalit\u00e0 parziale d<span class=\"_ _3\"></span>ell\u2019operatore nella valutazione dello <span class=\"_ _3\"></span>strumento e, <span class=\"_ _6\"> </span><span class=\"ff1\">pertanto, proprio </span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _3\"></span>manca <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>inequivocabile <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>raffrontar<span class=\"_ _2\"></span><span class=\"lsc\">e </span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>transazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stesso <span class=\"_ _2\"></span>motivo <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>difficile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>precisione <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>eve<span class=\"_ _5\"></span>ntuale <span class=\"_ _2\"></span>margine<span class=\"_ _35\"></span> commerciale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>imputare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>economico. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>tal<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>sempre <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>prezzo, <span class=\"_ _5\"></span>prescindendo<span class=\"_ _0\"></span> dalla <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>margini <span class=\"_ _3\"></span>commerciali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>includere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span>rezzo <span class=\"_ _3\"></span>e fair value riscontrata al<span class=\"_ _0\"></span>l\u2019atto della prim<span class=\"_ _0\"></span>a valutazione, definit<span class=\"_ _0\"></span>a anche come Day One P<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ofit (DOP).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tale <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>deriva <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>partecipanti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span> mercato basano le loro<span class=\"_ _0\"></span> <span class=\"ff4\">valutazioni nel fissare i prezzi<span class=\"_ _0\"></span> (incluso l\u2019effetto tem<span class=\"_ _0\"></span>po).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>osservabili, <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iventino <span class=\"_ _2\"></span>osservabili, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>residui <span class=\"_ _5\"></span>Day <span class=\"_ _2\"></span>On<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Profit sospesi <span class=\"_ _6\"></span>patrimonialmente <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>iscritti <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">un\u2019unica <span class=\"_ _6\"></span>soluzione. <span class=\"_ _6\"></span>Analogamen<span class=\"_ _0\"></span>te, <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>caso <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>operazioni </span>gestite <span class=\"_ _2\"></span>\u201ca <span class=\"_ _2\"></span>libro\u201d <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>divisione <span class=\"_ _2\"></span>d\u2019investimento, <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Day <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Profit <span class=\"_ _2\"></span>registrati <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>operazioni <span class=\"_ _4\"> </span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>incluse </span>nella suddetta gestione a libro - sono ri<span class=\"_ _3\"></span>levati a conto economico nel momento in cui sono poste in essere operazioni che nella<span class=\"_ _0\"></span> sostanza eliminano i ri<span class=\"_ _0\"></span>schi legati a paramet<span class=\"_ _0\"></span>ri non osservabili <span class=\"_ _0\"></span>dello strumento che h<span class=\"_ _0\"></span>a generato il DOP.<span class=\"_ _3\"></span> Alla <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022,<span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ff11\">cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019esercizio <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>l\u2019ammontare <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>DOP <span class=\"_ _4\"> </span></span></span>sospeso <span class=\"_ _5\"></span>nello <span class=\"_ _5\"></span>Stato <span class=\"_ _2\"></span>pat<span class=\"_ _3\"></span>rimoniale <span class=\"_ _2\"></span>risulta <span class=\"_ _5\"></span>di importo non materiale <span class=\"_ _0\"></span>(0,1 milioni circ<span class=\"_ _0\"></span>a).<span class=\"_ _3\"></span><span class=\"ff1\"> </span><span class=\"ff1\"> </span>SEZIONE 2 - ATTIVIT\u00c0 FINANZIARIE VALUTATE AL FAIR VALUE CON IMPATTO A CONTO ECONOMICO VOCE 20 2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span>I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span>2.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e detenute per la nego<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>iazione: composi<span class=\"_ _0\"></span>zione per debitori/emit<span class=\"_ _0\"></span>tenti/controparti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 10.396 23.211 a) Banche<span class=\"_ _0\"></span> Centrali 78<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche 7.541 20.394 c) Banche<span class=\"_ _35\"></span> 1.186 1.149 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 1.175 1.239 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 85<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 416<span class=\"ls0\"> </span>385<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 882<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> 35<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>b) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 133<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 51<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>c) Societ\u00e0<span class=\"_ _0\"></span> non finanzi<span class=\"_ _0\"></span>arie 714<span class=\"ls0\"> </span>524<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 290<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti 85<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 38<span class=\"ls0\"> </span>- di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione - - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 47<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>f) Famiglie - - Totale A  11.653 24.061 B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Contropar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i centrali<span class=\"_ _0\"></span> 11.065 1.693 b) Altre 19.804 21.427 Totale B  30.869 23.120 TOTALE<span class=\"_ _0\"></span> (A+B)  42.522 47.181<span class=\"_ _90\"> </span>2.3 Attivit\u00e0 finanziarie de<span class=\"_ _0\"></span>signate al fair valu<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.Titoli d<span class=\"_ _0\"></span>i debito - 1 - - 1 3 1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 1 - - 1 3 2.Finanz<span class=\"_ _0\"></span>iamenti - - - - - - 2.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i - - - - - - 2.2 Altri - - - - - - Totale - 1 - - 1 3<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incluso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>deb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>controp<span class=\"_ _6\"></span>artita d<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico, quali <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>finanziari. <span class=\"_ _3\"></span>A fronte <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate a<span class=\"_ _3\"></span>ttivate coperture <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trami<span class=\"_ _5\"></span>te d<span class=\"_ _3\"></span>i derivati creditizi o strumenti <span class=\"_ _0\"></span>similari ad attenuazion<span class=\"_ _0\"></span>e del relativo rischio d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> credito. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>attribuibile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fai<span class=\"_ _6\"></span>r <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 risultata essere, sia <span class=\"_ _0\"></span>nel<span class=\"ff4\">l\u2019esercizio che cumulativame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te, poco sig<span class=\"_ _0\"></span>nificativa.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span></span>2.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e designate al fair valu<span class=\"_ _0\"></span>e: composizione per debitori<span class=\"_ _0\"></span>/emittenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci<span class=\"ff1 fs0\"> </span>31.12.2022<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>31.12.2021<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>1. Titoli <span class=\"_ _0\"></span>di debito<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) <span class=\"ls0\">Amministr<span class=\"_ _35\"></span>az<span class=\"_ _3\"></span>ioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span></span>1<span class=\"fs0\"> </span>1<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2. Finan<span class=\"_ _0\"></span>ziamenti<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) <span class=\"ls0\">Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie<span class=\"fs0\"> </span></span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>f) Famiglie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>2.5 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _0\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito - 55<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - 5 - - 5 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 55<span class=\"ls0\"> </span>128<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>102<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 122<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 858<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>2.401 1.486 149<span class=\"ls0\"> </span>2.166 4. Finan<span class=\"_ _0\"></span>ziamenti - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>4.1 Pronti <span class=\"_ _0\"></span>contro ter<span class=\"_ _0\"></span>mine - - - - - - 4.2 Altri - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>Totale  980<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>3.411 1.647 700<span class=\"ls0\"> </span>3.199 Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>connessi <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di circa 125 milioni (25 m<span class=\"_ _0\"></span>ilioni Livello 1 e 100 mi<span class=\"_ _0\"></span>lioni Livello 2), di <span class=\"_ _0\"></span>cui 44 milioni seni<span class=\"_ _0\"></span>or, 65 milioni mezza<span class=\"_ _0\"></span>nine e 16 milioni<span class=\"_ _2\"></span> junior. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-464.00745px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">2.6 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriamente valu<span class=\"_ _0\"></span>tate al fair value: comp<span class=\"_ _0\"></span>osizione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h5e\" style=\"left:523.5156px; bottom:504.88257px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h13c\" style=\"left:-4.050377px; bottom:449.65857px;\"><div class=\"t m0 x41 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h13c\" style=\"left:425.97662px; bottom:449.65857px;\"><div class=\"t m0 xb h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h13c\" style=\"left:523.5156px; bottom:449.65857px;\"><div class=\"t m0 xb h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:430.15857px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.Titoli d<span class=\"_ _0\"></span>i capitale<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:430.15857px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">471<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:430.15857px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">502<span class=\"ls0\"> </span></div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:414.55853px;\"><div class=\"t m0 x9b h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">di cui: ban<span class=\"_ _0\"></span>che </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:414.55853px;\"><div class=\"t m0 x2e h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:414.55853px;\"><div class=\"t m0 x2e h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:398.95856px;\"><div class=\"t m0 x9b h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">di cui: altre <span class=\"_ _0\"></span>societ\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:398.95856px;\"><div class=\"t m0 x135 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">117<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:398.95856px;\"><div class=\"t m0 x135 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">160<span class=\"ls0\"> </span></div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:383.35858px;\"><div class=\"t m0 x9b h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">di cui: socie<span class=\"_ _0\"></span>t\u00e0 non finanz<span class=\"_ _35\"></span>iarie </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:383.35858px;\"><div class=\"t m0 x135 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">355<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:383.35858px;\"><div class=\"t m0 x135 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">342<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:363.85858px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:363.85858px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:363.85858px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">167<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:347.32257px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:347.32257px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:347.32257px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:330.78656px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:330.78656px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:330.78656px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:314.09454px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:314.09454px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:314.09454px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:297.55853px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:297.55853px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:297.55853px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">158<span class=\"ls0\"> </span></div></div><div class=\"c w20d h44\" style=\"left:-4.050377px; bottom:281.91956px;\"><div class=\"t m0 x9b h104 y11ae ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione </div></div><div class=\"c w20e h44\" style=\"left:425.97662px; bottom:281.91956px;\"><div class=\"t m0 x100 h104 y11ae ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w20f h44\" style=\"left:523.5156px; bottom:281.91956px;\"><div class=\"t m0 x2e h104 y11ae ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:265.38354px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:265.38354px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:265.38354px;\"><div class=\"t m0 x100 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:245.88354px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R.<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:245.88354px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.450 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:245.88354px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.801 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:226.38354px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:226.38354px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">945<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:226.38354px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.076 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:209.84753px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:209.84753px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:209.84753px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:193.15558px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:193.15558px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:193.15558px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:176.61957px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:176.61957px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:176.61957px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:160.08356px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:160.08356px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:160.08356px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">141<span class=\"ls0\"> </span></div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:144.48358px;\"><div class=\"t m0 x9b h104 y6ce ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:144.48358px;\"><div class=\"t m0 x4 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:144.48358px;\"><div class=\"t m0 x4 h104 y6ce ff2 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:127.94757px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:127.94757px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">554<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:127.94757px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">674<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:111.255554px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">f) Famiglie </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:111.255554px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">243<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:111.255554px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">223<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:91.755554px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:91.755554px;\"><div class=\"t m0 xcc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">5.054 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:91.755554px;\"><div class=\"t m0 xcc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">5.546 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-464.00745px;\"><div class=\"t m0 x0 h61 y11b1 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybfa ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y10c ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019aggregato quote OICR include, per 290 milioni le <span class=\"_ _3\"></span>interessenze detenute<span class=\"_ _0\"></span> dalla <span class=\"_ _3\"></span>Banca nel Fondo Atlante e in Italian Recovery </div><div class=\"t m0 x0 h2 y11b2 ff1 fs0 fc0 sc0 ls0 ws0\">Fund  (gi\u00e0  Fondo  Atlante  II),  quali  fondi  d'investime<span class=\"_ _0\"></span>nto  alternativi  a  sostegno  delle  banche  italian<span class=\"_ _0\"></span>e  nelle  operazioni  di </div><div class=\"t m0 x0 h2 y832 ff1 fs0 fc0 sc0 ls0 ws0\">ricapitalizzazione e nella g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione dei crediti i<span class=\"_ _0\"></span>n sofferenza del set<span class=\"_ _0\"></span>tore. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7de ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>includono <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>creditizie <span class=\"_ _3\"></span>classificate <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _5\"></span>ir <span class=\"_ _3\"></span>value </div><div class=\"t m0 x0 h2 y11b3 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>mancato <span class=\"_ _3\"></span>superamento del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>caratteristich<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ontrattuali dei <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>(SPPI <span class=\"_ _3\"></span>Test) previsto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>contabile </div><div class=\"t m0 x0 h24 y11b4 ff1 fs0 fc0 sc0 ls0 ws0\">internazionale IFRS<span class=\"_ _0\"></span> 9.<span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h24 y11b5 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-115.301575px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE <span class=\"_ _17\"> </span>3 <span class=\"_ _18\"> </span>- <span class=\"_ _18\"> </span><span class=\"ff6\">ATTIVIT\u00c0 <span class=\"_ _17\"> </span>FINANZIARIE <span class=\"_ _17\"> </span>VALUTATE <span class=\"_ _18\"> </span>AL <span class=\"_ _17\"> </span>FAIR <span class=\"_ _18\"> </span>VALUE <span class=\"_ _18\"> </span>CON <span class=\"_ _17\"> </span>IMPATTO <span class=\"_ _18\"> </span>SULLA <span class=\"_ _17\"> </span>REDDITIVITA\u2019 </span></div><div class=\"t m0 x0 h19 y208 ff5 fs9 fc2 sc0 ls0 ws0\">COMPLESSIVA - VOCE 30 </div><div class=\"t m0 x0 h2e y11b6 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y704 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y62 ff5 fs0 fc2 sc0 ls0 ws0\">3.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair value con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica </div><div class=\"t m0 x0 h2 y3b8 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3c h1d\" style=\"left:492.2766px; bottom:807.5684px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w214 h58\" style=\"left:-4.050377px; bottom:772.46844px;\"><div class=\"t m0 x41 h59 y1186 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w217 h47\" style=\"left:221.12262px; bottom:788.0684px;\"><div class=\"t m0 x4b h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w1b9 h47\" style=\"left:413.4966px; bottom:788.0684px;\"><div class=\"t m0 x3e h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w40 h42\" style=\"left:221.12262px; bottom:772.46844px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w215 h42\" style=\"left:284.61462px; bottom:772.46844px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w40 h42\" style=\"left:349.06863px; bottom:772.46844px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w216 h42\" style=\"left:413.4966px; bottom:772.46844px;\"><div class=\"t m0 xad h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c wc7 h42\" style=\"left:492.2766px; bottom:772.46844px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w161 h42\" style=\"left:556.43164px; bottom:772.46844px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:752.96844px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:752.96844px;\"><div class=\"t m0 x86 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">41.424 </div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:752.96844px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">5.227 </div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:752.96844px;\"><div class=\"t m0 x9c h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:752.96844px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">57.547 </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:752.96844px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">6.003 </div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:752.96844px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w214 h41\" style=\"left:-4.050377px; bottom:736.43243px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli s<span class=\"_ _0\"></span>trutturati </div></div><div class=\"c w40 h41\" style=\"left:221.12262px; bottom:736.43243px;\"><div class=\"t m0 xe h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.373 </div></div><div class=\"c w215 h41\" style=\"left:284.61462px; bottom:736.43243px;\"><div class=\"t m0 xc0 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40 h41\" style=\"left:349.06863px; bottom:736.43243px;\"><div class=\"t m0 xc0 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w216 h41\" style=\"left:413.4966px; bottom:736.43243px;\"><div class=\"t m0 xc9 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h41\" style=\"left:492.2766px; bottom:736.43243px;\"><div class=\"t m0 xb h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w161 h41\" style=\"left:556.43164px; bottom:736.43243px;\"><div class=\"t m0 xc0 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w214 h6a\" style=\"left:-4.050377px; bottom:719.7404px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to </div></div><div class=\"c w40 h6a\" style=\"left:221.12262px; bottom:719.7404px;\"><div class=\"t m0 x86 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">40.051 </div></div><div class=\"c w215 h6a\" style=\"left:284.61462px; bottom:719.7404px;\"><div class=\"t m0 xe h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">5.227 </div></div><div class=\"c w40 h6a\" style=\"left:349.06863px; bottom:719.7404px;\"><div class=\"t m0 x9c h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w216 h6a\" style=\"left:413.4966px; bottom:719.7404px;\"><div class=\"t m0 xb h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">57.547 </div></div><div class=\"c wc7 h6a\" style=\"left:492.2766px; bottom:719.7404px;\"><div class=\"t m0 xe h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">5.416 </div></div><div class=\"c w161 h6a\" style=\"left:556.43164px; bottom:719.7404px;\"><div class=\"t m0 x43 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:700.2404px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:700.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">513<span class=\"ls0\"> </span></div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:700.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">510<span class=\"ls0\"> </span></div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:700.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">325<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:700.2404px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1.537 </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:700.2404px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1.314 </div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:700.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">421<span class=\"ls0\"> </span></div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:680.7404px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">3. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:680.7404px;\"><div class=\"t m0 xc0 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:680.7404px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1.685 </div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:680.7404px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:680.7404px;\"><div class=\"t m0 xc9 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:680.7404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">687<span class=\"ls0\"> </span></div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:680.7404px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:661.2404px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:661.2404px;\"><div class=\"t m0 x86 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">41.937 </div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:661.2404px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">7.422 </div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:661.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">357<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:661.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">59.084 </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:661.2404px;\"><div class=\"t m0 xe h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">8.004 </div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:661.2404px;\"><div class=\"t m0 xb h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">492<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-115.301575px;\"><div class=\"t m0 x0 h61 y1dc ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y11bc ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycb7 ff1 fs0 fc0 sc0 lsd ws0\">I <span class=\"_ _2\"></span><span class=\"ls0\">finanziamenti <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>presente <span class=\"_ _2\"></span>voce, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>illustrato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>A <span class=\"_ _2\"></span>Politiche <span class=\"_ _2\"></span>contabili, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pr<span class=\"_ _5\"></span>estiti </span></div><div class=\"t m0 x0 h24 ye62 ff1 fs0 fc0 sc0 ls0 ws0\">sindacati sottoscritti <span class=\"_ _0\"></span>e destinati alla succes<span class=\"_ _0\"></span>siva cessione.<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 ya19 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f3 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _1d\"> </span>voce  sono <span class=\"_ _1d\"> </span>compresi  titoli <span class=\"_ _1d\"> </span>connessi  con <span class=\"_ _1d\"> </span>operazioni  di <span class=\"_ _1d\"> </span>car<span class=\"_ _3\"></span>tolarizzazione <span class=\"_ _1d\"> </span>per  un <span class=\"_ _1d\"> </span>ammontare  complessivo <span class=\"_ _1d\"> </span>di  circa </div><div class=\"t m0 x0 h2 ya49 ff1 fs0 fc0 sc0 ls0 ws0\">1.543 milioni (interament<span class=\"_ _0\"></span>e di Livello 2), di cui<span class=\"_ _0\"></span> circa 1.501 milion<span class=\"_ _0\"></span>i senior, 42 milioni me<span class=\"_ _0\"></span>zzanine e nessun valo<span class=\"_ _0\"></span>re per le junior. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ya4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6d9 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>sottovoce <span class=\"_ _2\"></span>2 <span class=\"_ _3\"></span>Titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipaz<span class=\"_ _2\"></span><span class=\"ff4\">ione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y1e3 ff1 fs0 fc0 sc0 ls0 ws0\">375 milioni. Al riguar<span class=\"_ _0\"></span>do si segnala che per l<span class=\"_ _0\"></span>a relativa valutazion<span class=\"_ _0\"></span>e si \u00e8 fatto riferiment<span class=\"_ _0\"></span>o, come nei precedent<span class=\"_ _0\"></span>i esercizi, al <span class=\"_ _2\"></span>metodo </div><div class=\"t m0 x0 h2 y42b ff1 fs0 fc0 sc0 ls0 ws0\">di valutazione delle <span class=\"_ _3\"></span>transazioni dirette in considerazione delle com<span class=\"_ _3\"></span>pravendite intervenute a partire d<span class=\"_ _3\"></span>al 2015 e <span class=\"_ _3\"></span>proseguite negli </div><div class=\"t m0 x0 h2 ya1d ff4 fs0 fc0 sc0 ls0 ws0\">anni <span class=\"_ _4\"> </span>successivi; <span class=\"_ _6\"> </span>considerato <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>principali <span class=\"_ _4\"> </span>transazioni <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>perfezionate <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>nominale, <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ta<span class=\"_ _2\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 ya4b ff1 fs0 fc0 sc0 ls0 ws0\">approccio consente <span class=\"_ _0\"></span>di confermare il valo<span class=\"_ _0\"></span>re di iscrizione nel Bila<span class=\"_ _0\"></span>nc<span class=\"_ _3\"></span>io del Gruppo delle quote dete<span class=\"_ _0\"></span>nute. </div><div class=\"t m0 x0 h2 y869 ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, il <span class=\"_ _3\"></span>valore dell\u2019investimento \u00e8 <span class=\"_ _3\"></span>stato s<span class=\"_ _3\"></span>upportato anche dall\u2019utilizzo di<span class=\"_ _3\"></span> un <span class=\"_ _3\"></span>metodo alternativo basato <span class=\"_ _3\"></span>sull\u2019attualizzazi<span class=\"_ _2\"></span><span class=\"ff1\">one <span class=\"_ _3\"></span>dei </span></div><div class=\"t m0 x0 h2 ya4d ff4 fs0 fc0 sc0 ls0 ws0\">futuri dividendi derivanti dall\u2019investimento (DDM <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>\u201cDividend Discount Model\u201d). L\u2019utili<span class=\"_ _3\"></span><span class=\"ff1\">zzo, per il <span class=\"_ _3\"></span>Bilancio 2022, in continuit\u00e0 con </span></div><div class=\"t m0 x0 h2 ya4e ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019impostazione <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>precedenti <span class=\"_ _2\"></span>esercizi, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019input <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>(prezzo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>dirette) <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>riferimento <span class=\"_ _7\"> </span><span class=\"ff1\">per <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 ya4f ff1 fs0 fc0 sc0 ls0 ws0\">determinazione del fair<span class=\"_ _0\"></span> value, ha determin<span class=\"_ _0\"></span>ato, inoltre, la c<span class=\"_ _0\"></span>onferma del livello<span class=\"_ _3\"></span> <span class=\"ff4\">2 nell\u2019ambito della g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rarchia del fair value.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h24 ya50 ff1 fs0 fc0 sc0 ls0 ws0\">Il valore di bilancio d<span class=\"_ _0\"></span>ei titoli di capital<span class=\"_ _0\"></span>e rivenienti dal recuper<span class=\"_ _0\"></span>o delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie <span class=\"_ _2\"></span>impaired ammonta a 50 milio<span class=\"_ _0\"></span>ni.<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 ya51 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya52 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya53 ff5 fs0 fc2 sc0 ls0 ws0\">3.2 <span class=\"_ _23\"> </span>Attivit\u00e0 <span class=\"_ _20\"> </span>finanziarie <span class=\"_ _23\"> </span>valutate <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>fair <span class=\"_ _23\"> </span>value <span class=\"_ _20\"> </span>con <span class=\"_ _23\"> </span>impatto <span class=\"_ _23\"> </span>sulla <span class=\"_ _29\"> </span>redditivit\u00e0 <span class=\"_ _20\"> </span>complessiva: <span class=\"_ _20\"> </span>composizione <span class=\"_ _23\"> </span>per<span class=\"_ _0\"></span> </div><div class=\"t m0 xf4 h24 ya54 ff5 fs0 fc2 sc0 ls0 ws0\">debitori/emittenti </div><div class=\"t m0 x0 h2 y155 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:377.87943px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h8c\" style=\"left:-4.050377px; bottom:352.45142px;\"><div class=\"t m0 x41 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h8c\" style=\"left:425.97662px; bottom:352.45142px;\"><div class=\"t m0 xb h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h8c\" style=\"left:523.5156px; bottom:352.45142px;\"><div class=\"t m0 xb h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h5b\" style=\"left:-4.050377px; bottom:334.04343px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h5b\" style=\"left:425.97662px; bottom:334.04343px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">46.660 </div></div><div class=\"c w20f h5b\" style=\"left:523.5156px; bottom:334.04343px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">63.568 </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:319.37943px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:319.37943px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:319.37943px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:304.55942px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:304.55942px;\"><div class=\"t m0 x4a h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">35.062 </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:304.55942px;\"><div class=\"t m0 x4a h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">50.549 </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:289.7394px;\"><div class=\"t m0 x12 h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:289.7394px;\"><div class=\"t m0 xcc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">5.487 </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:289.7394px;\"><div class=\"t m0 xcc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">5.699 </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:275.07544px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:275.07544px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">3.943 </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:275.07544px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">4.212 </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:260.25543px;\"><div class=\"t m0 x9b h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:260.25543px;\"><div class=\"t m0 x4 h104 yf23 ff2 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:260.25543px;\"><div class=\"t m0 x4 h104 yf23 ff2 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:245.59143px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:245.59143px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">2.168 </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:245.59143px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">3.108 </div></div><div class=\"c w20d h5b\" style=\"left:-4.050377px; bottom:227.18341px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w20e h5b\" style=\"left:425.97662px; bottom:227.18341px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.348 </div></div><div class=\"c w20f h5b\" style=\"left:523.5156px; bottom:227.18341px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.272 </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:212.36343px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:212.36343px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">768<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:212.36343px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1.456 </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:197.69943px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri emi<span class=\"_ _0\"></span>ttenti:  </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:197.69943px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">580<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:197.69943px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1.816 </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:182.87943px;\"><div class=\"t m0 x9b h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:182.87943px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">163<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:182.87943px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1.268 </div></div><div class=\"c w20d h103\" style=\"left:-4.050377px; bottom:168.02042px;\"><div class=\"t m0 x13 h104 y11c3 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione </div></div><div class=\"c w20e h103\" style=\"left:425.97662px; bottom:168.02042px;\"><div class=\"t m0 x100 h104 y11c3 ff2 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w20f h103\" style=\"left:523.5156px; bottom:168.02042px;\"><div class=\"t m0 x100 h104 y11c3 ff2 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:153.35641px;\"><div class=\"t m0 x9b h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- societ\u00e0 non<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finanzia<span class=\"_ _0\"></span>rie </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:153.35641px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">407<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:153.35641px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">538<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:138.53642px;\"><div class=\"t m0 x9b h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:138.53642px;\"><div class=\"t m0 x4 h46 yf23 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:138.53642px;\"><div class=\"t m0 x4 h46 yf23 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w20d h5b\" style=\"left:-4.050377px; bottom:120.12842px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h5b\" style=\"left:425.97662px; bottom:120.12842px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.708 </div></div><div class=\"c w20f h5b\" style=\"left:523.5156px; bottom:120.12842px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">740<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:105.46443px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:105.46443px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:105.46443px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:90.644424px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:90.644424px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:90.644424px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:75.98042px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:75.98042px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:75.98042px;\"><div class=\"t m0 x2e h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:61.16043px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:61.16043px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">146<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:61.16043px;\"><div class=\"t m0 x4 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:46.340424px;\"><div class=\"t m0 x9b h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:46.340424px;\"><div class=\"t m0 x2e h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:46.340424px;\"><div class=\"t m0 x2e h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:31.676422px;\"><div class=\"t m0 x12 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:31.676422px;\"><div class=\"t m0 xcc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1.462 </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:31.676422px;\"><div class=\"t m0 x135 h46 yea5 ff1 fs17 fc2 sc0 ls25 ws0\">678<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:16.85643px;\"><div class=\"t m0 x12 h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">f) Famiglie </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:16.85643px;\"><div class=\"t m0 x2e h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:16.85643px;\"><div class=\"t m0 x2e h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:-2.6383743px;\"><div class=\"t m0 x12 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:-2.6383743px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">49.716 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:-2.6383743px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">67.580 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-420.02698px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.3 <span class=\"_ _4\"> </span>Attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>omplessiva: <span class=\"_ _6\"></span>valore <span class=\"_ _7\"> </span>lordo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>rettifiche <span class=\"_ _4\"> </span>di </div><div class=\"t m0 xf4 h24 y5 ff5 fs0 fc2 sc0 ls0 ws0\">valore complessive </div><div class=\"t m0 x0 h2 y3b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w21b h47\" style=\"left:464.774px; bottom:536.22705px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w114 h47\" style=\"left:119.675995px; bottom:516.72705px;\"><div class=\"t m0 xf8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Valore lordo </div></div><div class=\"c w21d h47\" style=\"left:371.954px; bottom:516.72705px;\"><div class=\"t m0 x9b ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Rettifiche di valore <span class=\"_ _3\"></span>complessive<span class=\"_ _3\"></span> </div></div><div class=\"c wc9 h13f\" style=\"left:559.193px; bottom:452.299px;\"><div class=\"t m0 x1a ha y11c7 ff5 fs4 fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 x6 ha y11c8 ff5 fs4 fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 x41 ha y11c9 ff5 fs4 fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w218 ha9\" style=\"left:119.675995px; bottom:452.299px;\"><div class=\"t m0 x88 ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x88 ha y11cb ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c we5 ha9\" style=\"left:171.77998px; bottom:452.299px;\"><div class=\"t m0 x9a ha3 y11ca ffa fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x1a ha3 y11cb ffa fs4 fc2 sc0 ls0 ws0\">Strumenti </div><div class=\"t m0 x45 ha3 y8e8 ffa fs4 fc2 sc0 ls0 ws0\">con basso </div><div class=\"t m0 x12 ha3 y7b6 ffa fs4 fc2 sc0 ls0 ws0\">rischio di </div><div class=\"t m0 x9b ha3 y56c ffa fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w107 ha9\" style=\"left:230.124px; bottom:452.299px;\"><div class=\"t m0 x41 ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xa1 ha y11cb ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w219 ha9\" style=\"left:277.392px; bottom:452.299px;\"><div class=\"t m0 xa1 ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 ha y11cb ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w21a ha9\" style=\"left:323.256px; bottom:452.299px;\"><div class=\"t m0 xab ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 ha y11cb ff5 fs4 fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xf ha y8e8 ff5 fs4 fc2 sc0 ls32 ws0\">o </div><div class=\"t m0 xab ha y7b6 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w219 h40\" style=\"left:371.954px; bottom:484.591px;\"><div class=\"t m0 x6 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x12 ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w107 h40\" style=\"left:417.194px; bottom:484.591px;\"><div class=\"t m0 x41 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xa1 ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w21e h40\" style=\"left:464.774px; bottom:484.591px;\"><div class=\"t m0 xa1 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wbf ha9\" style=\"left:510.05298px; bottom:452.299px;\"><div class=\"t m0 xab ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 ha y11cb ff5 fs4 fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xf ha y8e8 ff5 fs4 fc2 sc0 ls32 ws0\">o </div><div class=\"t m0 xab ha y7b6 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w21c h47\" style=\"left:-3.941002px; bottom:432.799px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w218 h47\" style=\"left:119.675995px; bottom:432.799px;\"><div class=\"t m0 x14 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">46.501 </div></div><div class=\"c we5 h47\" style=\"left:171.77998px; bottom:432.799px;\"><div class=\"t m0 xf h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">564<span class=\"ls0\"> </span></div></div><div class=\"c w107 h47\" style=\"left:230.124px; bottom:432.799px;\"><div class=\"t m0 x9a hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">213<span class=\"ls0\"> </span></div></div><div class=\"c w219 h47\" style=\"left:277.392px; bottom:432.799px;\"><div class=\"t m0 x86 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w21a h47\" style=\"left:323.256px; bottom:432.799px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h47\" style=\"left:371.954px; bottom:432.799px;\"><div class=\"t m0 x96 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">26</span> </div></div><div class=\"c w107 h47\" style=\"left:417.194px; bottom:432.799px;\"><div class=\"t m0 x86 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">28</span> </div></div><div class=\"c w21e h47\" style=\"left:464.774px; bottom:432.799px;\"><div class=\"t m0 x9a hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">36</span> </div></div><div class=\"c wbf h47\" style=\"left:510.05298px; bottom:432.799px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.193px; bottom:432.799px;\"><div class=\"t m0 x9c ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21c h47\" style=\"left:-3.941002px; bottom:413.299px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Finanziamenti </div></div><div class=\"c w218 h47\" style=\"left:119.675995px; bottom:413.299px;\"><div class=\"t m0 x94 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">1.081 </div></div><div class=\"c we5 h47\" style=\"left:171.77998px; bottom:413.299px;\"><div class=\"t m0 xa h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h47\" style=\"left:230.124px; bottom:413.299px;\"><div class=\"t m0 x9a hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">654<span class=\"ls0\"> </span></div></div><div class=\"c w219 h47\" style=\"left:277.392px; bottom:413.299px;\"><div class=\"t m0 xf hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21a h47\" style=\"left:323.256px; bottom:413.299px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h47\" style=\"left:371.954px; bottom:413.299px;\"><div class=\"t m0 x13 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w107 h47\" style=\"left:417.194px; bottom:413.299px;\"><div class=\"t m0 x86 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">19</span> </div></div><div class=\"c w21e h47\" style=\"left:464.774px; bottom:413.299px;\"><div class=\"t m0 xf hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h47\" style=\"left:510.05298px; bottom:413.299px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.193px; bottom:413.299px;\"><div class=\"t m0 x9c ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h47\" style=\"left:-3.941002px; bottom:393.799px;\"><div class=\"t m0 x96 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w141 h47\" style=\"left:56.768997px; bottom:393.799px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w218 h47\" style=\"left:119.675995px; bottom:393.799px;\"><div class=\"t m0 x14 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">47.582 </div></div><div class=\"c we5 h47\" style=\"left:171.77998px; bottom:393.799px;\"><div class=\"t m0 xf ha3 y335 ffa fs4 fc2 sc0 ls1b ws0\">564<span class=\"ls0\"> </span></div></div><div class=\"c w107 h47\" style=\"left:230.124px; bottom:393.799px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">867<span class=\"ls0\"> </span></div></div><div class=\"c w219 h47\" style=\"left:277.392px; bottom:393.799px;\"><div class=\"t m0 x86 ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w21a h47\" style=\"left:323.256px; bottom:393.799px;\"><div class=\"t m0 x98 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h47\" style=\"left:371.954px; bottom:393.799px;\"><div class=\"t m0 x96 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">34</span> </div></div><div class=\"c w107 h47\" style=\"left:417.194px; bottom:393.799px;\"><div class=\"t m0 x86 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">47</span> </div></div><div class=\"c w21e h47\" style=\"left:464.774px; bottom:393.799px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">36</span> </div></div><div class=\"c wbf h47\" style=\"left:510.05298px; bottom:393.799px;\"><div class=\"t m0 x98 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.193px; bottom:393.799px;\"><div class=\"t m0 x9c ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h47\" style=\"left:-3.941002px; bottom:374.299px;\"><div class=\"t m0 x96 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w141 h47\" style=\"left:56.768997px; bottom:374.299px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w218 h47\" style=\"left:119.675995px; bottom:374.299px;\"><div class=\"t m0 x14 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">64.126 </div></div><div class=\"c we5 h47\" style=\"left:171.77998px; bottom:374.299px;\"><div class=\"t m0 xf ha3 y335 ffa fs4 fc2 sc0 ls1b ws0\">965<span class=\"ls0\"> </span></div></div><div class=\"c w107 h47\" style=\"left:230.124px; bottom:374.299px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">231<span class=\"ls0\"> </span></div></div><div class=\"c w219 h47\" style=\"left:277.392px; bottom:374.299px;\"><div class=\"t m0 x86 ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w21a h47\" style=\"left:323.256px; bottom:374.299px;\"><div class=\"t m0 x98 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h47\" style=\"left:371.954px; bottom:374.299px;\"><div class=\"t m0 x96 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">38</span> </div></div><div class=\"c w107 h47\" style=\"left:417.194px; bottom:374.299px;\"><div class=\"t m0 x86 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">11</span> </div></div><div class=\"c w21e h47\" style=\"left:464.774px; bottom:374.299px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">35</span> </div></div><div class=\"c wbf h47\" style=\"left:510.05298px; bottom:374.299px;\"><div class=\"t m0 x98 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.193px; bottom:374.299px;\"><div class=\"t m0 x9c ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-420.02698px;\"><div class=\"t m0 x0 h61 y11ce ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc59 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11cf ff4 fs0 fc0 sc0 ls0 ws0\">Per quanto concerne l\u2019approccio utilizzato<span class=\"_ _0\"></span> nella rappresentazione del valore lordo e delle rettifiche di valore complessive d<span class=\"_ _5\"></span><span class=\"ff1\">elle </span></div><div class=\"t m0 x0 h2 y7c2 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired, si rimanda a<span class=\"_ _0\"></span> quanto esposto nell<span class=\"_ _0\"></span>a Parte A <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Politiche contabili. </div><div class=\"t m0 x0 h2 yb3d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd9b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y11d0 ff5 fs0 fc2 sc0 ls0 ws0\">3.3a Finanziamenti valut<span class=\"_ _0\"></span>ati al fair value con imp<span class=\"_ _0\"></span>atto sulla redditivit\u00e0 comp<span class=\"_ _0\"></span>lessiva oggetto di misure<span class=\"_ _0\"></span> di sostegno </div><div class=\"t m0 x0 h24 y587 ff5 fs0 fc2 sc0 ls0 ws0\">COVID-19: valore lordo e r<span class=\"_ _0\"></span>ettifiche di valore compl<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssive </div><div class=\"t m0 x0 h2 y8f0 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non ri<span class=\"_ _0\"></span>sulta presente. </div><div class=\"t m0 x0 h2 ya1b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y91f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya1c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y11d1 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 3 BIS - ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  </div><div class=\"t m0 x184 h19 yec4 ff5 fs9 fc2 sc0 ls0 ws0\">VALUTATE AL FAIR VALUE AI SENSI DELLO IAS 39 - <span class=\"_ _3\"></span>VOCE 35 </div><div class=\"t m0 x0 h2 y55c ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>riportano <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>Attivo <span class=\"_ _6\"></span>rife<span class=\"_ _2\"></span>rita <span class=\"_ _6\"></span>alle </div><div class=\"t m0 x0 h2 y11d2 ff1 fs0 fc0 sc0 ls0 ws0\">imprese di assicurazio<span class=\"_ _0\"></span>ne. </div><div class=\"t m0 x0 h2 y55e ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span></div><div class=\"t m0 x0 h2 y11d3 ff4 fs0 fc0 sc0 ls0 ws0\">stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>creata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>\u201cVoce <span class=\"_ _2\"></span>35 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pertinenza <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>assi<span class=\"_ _2\"></span><span class=\"ff1\">curazione <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi </span></div><div class=\"t m0 x0 h2 yb12 ff4 fs0 fc0 sc0 ls0 ws0\">dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie le component<span class=\"_ _0\"></span>i di cui al seguent<span class=\"_ _0\"></span>e schema.<span class=\"ff1\"> </span></div><div class=\"t m0 x51 h46 y29a ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w21f h140\" style=\"left:-1.4449997px; bottom:89.69003px;\"><div class=\"t m0 x36 h59 y11d4 ff5 fs17 fc2 sc0 ls0 ws0\">Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  </div><div class=\"t m0 x36 h59 y11d5 ff5 fs17 fc2 sc0 ls0 ws0\">di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al fai<span class=\"_ _35\"></span>r value ai sensi d<span class=\"_ _0\"></span>ello IAS 39 <span class=\"ff6\">\u2013</span> V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 35<span class=\"_ _0\"></span> </div></div><div class=\"c w109 h140\" style=\"left:473.82202px; bottom:89.69003px;\"><div class=\"t m0 x88 h59 y11d4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w220 h140\" style=\"left:546.557px; bottom:89.69003px;\"><div class=\"t m0 x88 h59 y11d4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w21f h13b\" style=\"left:-1.4449997px; bottom:72.84201px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w109 h13b\" style=\"left:473.82202px; bottom:72.84201px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">902<span class=\"ls0\"> </span></div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:72.84201px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.027 </div></div><div class=\"c w21f h141\" style=\"left:-1.4449997px; bottom:55.838013px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">30. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate a<span class=\"_ _0\"></span>l fair valu<span class=\"_ _0\"></span>e </div></div><div class=\"c w109 h141\" style=\"left:473.82202px; bottom:55.838013px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">86.217 </div></div><div class=\"c w220 h141\" style=\"left:546.557px; bottom:55.838013px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">101.059 </div></div><div class=\"c w21f h13b\" style=\"left:-1.4449997px; bottom:38.99002px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">40. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>disponibili<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per la vend<span class=\"_ _0\"></span>ita </div></div><div class=\"c w109 h13b\" style=\"left:473.82202px; bottom:38.99002px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">85.593 </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:38.99002px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">104.423 </div></div><div class=\"c w21f h13b\" style=\"left:-1.4449997px; bottom:22.142029px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">80. Deriva<span class=\"_ _0\"></span>ti di Coper<span class=\"_ _0\"></span>tura </div></div><div class=\"c w109 h13b\" style=\"left:473.82202px; bottom:22.142029px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:22.142029px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w21f haf\" style=\"left:-1.4449997px; bottom:-0.009979248px;\"><div class=\"t m0 x36 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span>  Voce 35 </div></div><div class=\"c w109 haf\" style=\"left:473.82202px; bottom:-0.009979248px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">172.725 </div></div><div class=\"c w220 haf\" style=\"left:546.557px; bottom:-0.009979248px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">206.800<span class=\"_ _90\"> </span></div></div>3.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione merceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello3 Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale - - - - - - 3 Quote di <span class=\"_ _0\"></span>O.I.C.R. 97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - - - - - - 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>attivi<span class=\"_ _0\"></span> - - - - - - 4.2 Altri - - - - - - Totale A 247<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>386<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari:<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 1.1 di negoz<span class=\"_ _0\"></span>iazione 50<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>4 4 1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - 16<span class=\"ls0\"> </span>- 1 1 - 1.3 altri - - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi: - - - - - - 2.1 di negoz<span class=\"_ _0\"></span>iazione - - - - - - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale B 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 TOTALE<span class=\"_ _0\"></span> (A+B) 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>3.2 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 658<span class=\"ls0\"> </span>791<span class=\"ls0\"> </span>a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>101<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 267<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 290<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale - - a) Banche<span class=\"_ _0\"></span> - - b) Altri emi<span class=\"_ _0\"></span>ttenti: - - - imprese di a<span class=\"_ _35\"></span>ssicurazione - - - societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 143<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti - - a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale A 801<span class=\"ls0\"> </span>962<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Banche<span class=\"_ _0\"></span> - - - Fair value<span class=\"_ _0\"></span> - - b) Clientela<span class=\"_ _35\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale B 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale  (A<span class=\"_ _0\"></span>+B) 902<span class=\"ls0\"> </span>1.027<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-344.34845px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.3 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w210 h5e\" style=\"left:488.37665px; bottom:624.54156px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w206 h5f\" style=\"left:-4.050377px; bottom:585.54156px;\"><div class=\"t m0 x41 h59 y7d9 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Val<span class=\"_ _0\"></span>ori </div></div><div class=\"c w20b h47\" style=\"left:226.11462px; bottom:605.04156px;\"><div class=\"t m0 xc7 h59 y745 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w20a h47\" style=\"left:423.9486px; bottom:605.04156px;\"><div class=\"t m0 xc7 h59 y745 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:585.54156px;\"><div class=\"t m0 x88 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:566.04156px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:566.04156px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.344 </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:566.04156px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:566.04156px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:566.04156px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.754 </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:566.04156px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:566.04156px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w206 h41\" style=\"left:-4.050377px; bottom:549.50555px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli s<span class=\"_ _0\"></span>trutturati </div></div><div class=\"c w207 h41\" style=\"left:226.11462px; bottom:549.50555px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h41\" style=\"left:290.8546px; bottom:549.50555px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h41\" style=\"left:357.4926px; bottom:549.50555px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h41\" style=\"left:423.9486px; bottom:549.50555px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w208 h41\" style=\"left:488.37665px; bottom:549.50555px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w209 h41\" style=\"left:554.2476px; bottom:549.50555px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h41\" style=\"left:-4.050377px; bottom:532.96954px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to </div></div><div class=\"c w207 h41\" style=\"left:226.11462px; bottom:532.96954px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.344 </div></div><div class=\"c w208 h41\" style=\"left:290.8546px; bottom:532.96954px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w209 h41\" style=\"left:357.4926px; bottom:532.96954px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w209 h41\" style=\"left:423.9486px; bottom:532.96954px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.737 </div></div><div class=\"c w208 h41\" style=\"left:488.37665px; bottom:532.96954px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w209 h41\" style=\"left:554.2476px; bottom:532.96954px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:513.46954px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:513.46954px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.016 </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:513.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:513.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:513.46954px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.510 </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:513.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:513.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:493.96954px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:493.96954px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">78.025 </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:493.96954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:493.96954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:493.96954px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">91.908 </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:493.96954px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">109<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:493.96954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:474.46954px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:474.46954px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">223<span class=\"ls0\"> </span></div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:474.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:474.46954px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">582<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:474.46954px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">343<span class=\"ls0\"> </span></div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:474.46954px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:474.46954px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">396<span class=\"ls0\"> </span></div></div><div class=\"c w206 h41\" style=\"left:-4.050377px; bottom:457.93353px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i </div></div><div class=\"c w207 h41\" style=\"left:226.11462px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h41\" style=\"left:290.8546px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h41\" style=\"left:357.4926px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h41\" style=\"left:423.9486px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h41\" style=\"left:488.37665px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h41\" style=\"left:554.2476px; bottom:457.93353px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h6a\" style=\"left:-4.050377px; bottom:441.24158px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.2 Altri </div></div><div class=\"c w207 h6a\" style=\"left:226.11462px; bottom:441.24158px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">223<span class=\"ls0\"> </span></div></div><div class=\"c w208 h6a\" style=\"left:290.8546px; bottom:441.24158px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h6a\" style=\"left:357.4926px; bottom:441.24158px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">582<span class=\"ls0\"> </span></div></div><div class=\"c w209 h6a\" style=\"left:423.9486px; bottom:441.24158px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">343<span class=\"ls0\"> </span></div></div><div class=\"c w208 h6a\" style=\"left:488.37665px; bottom:441.24158px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h6a\" style=\"left:554.2476px; bottom:441.24158px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">396<span class=\"ls0\"> </span></div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:421.74158px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:421.74158px;\"><div class=\"t m0 x86 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">85.608 </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:421.74158px;\"><div class=\"t m0 xa h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:421.74158px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:421.74158px;\"><div class=\"t m0 x94 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">100.515 </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:421.74158px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">143<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:421.74158px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">401<span class=\"ls0\"> </span></div></div><div class=\"c w206 h5e\" style=\"left:-4.050377px; bottom:400.33057px;\"><div class=\"t m0 x41 h59 y11ea ff5 fs17 fc2 sc0 ls0 ws0\">Costo </div></div><div class=\"c w207 h5e\" style=\"left:226.11462px; bottom:400.33057px;\"><div class=\"t m0 x86 h59 y11ea ff5 fs17 fc2 sc0 ls0 ws0\">86.661 </div></div><div class=\"c w208 h5e\" style=\"left:290.8546px; bottom:400.33057px;\"><div class=\"t m0 xa h59 y11ea ff5 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w209 h5e\" style=\"left:357.4926px; bottom:400.33057px;\"><div class=\"t m0 xd h59 y11ea ff5 fs17 fc2 sc0 ls25 ws0\">586<span class=\"ls0\"> </span></div></div><div class=\"c w209 h5e\" style=\"left:423.9486px; bottom:400.33057px;\"><div class=\"t m0 x86 h59 y11ea ff5 fs17 fc2 sc0 ls0 ws0\">93.092 </div></div><div class=\"c w208 h5e\" style=\"left:488.37665px; bottom:400.33057px;\"><div class=\"t m0 xd h59 y11ea ff5 fs17 fc2 sc0 ls25 ws0\">121<span class=\"ls0\"> </span></div></div><div class=\"c w209 h5e\" style=\"left:554.2476px; bottom:400.33057px;\"><div class=\"t m0 xd h59 y11ea ff5 fs17 fc2 sc0 ls25 ws0\">395<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-344.34845px;\"><div class=\"t m0 x0 h61 y28f ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9b1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y797 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y8b1 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"ff5 fc2\">3.4 Bis Attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie valutate al fair <span class=\"_ _0\"></span>value: composizion<span class=\"_ _0\"></span>e per debitori/emittenti </span></div><div class=\"t m0 x0 h2 yc27 ff1 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h8b\" style=\"left:523.5156px; bottom:348.38257px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h83\" style=\"left:-4.050377px; bottom:326.85455px;\"><div class=\"t m0 x41 h59 y709 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h83\" style=\"left:425.97662px; bottom:326.85455px;\"><div class=\"t m0 xb h59 y709 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h83\" style=\"left:523.5156px; bottom:326.85455px;\"><div class=\"t m0 xb h59 y709 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:307.35455px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:307.35455px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.371 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:307.35455px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.793 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:290.81854px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:290.81854px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.375 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:290.81854px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.772 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:274.28253px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri Enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:274.28253px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:274.28253px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:257.74652px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:257.74652px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">514<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:257.74652px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">471<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:241.05457px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri emi<span class=\"_ _0\"></span>ttenti </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:241.05457px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">471<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:241.05457px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">539<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:221.55457px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:221.55457px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.016 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:221.55457px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.510 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:205.01855px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:205.01855px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">214<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:205.01855px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">239<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:188.48254px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri emi<span class=\"_ _0\"></span>ttenti: </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:188.48254px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.802 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:188.48254px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.271 </div></div><div class=\"c w20d h69\" style=\"left:-4.050377px; bottom:171.92053px;\"><div class=\"t m0 x9b h104 yacd ff2 fs17 fc2 sc0 ls0 ws0\">- imprese di a<span class=\"_ _35\"></span>ssicurazione </div></div><div class=\"c w20e h69\" style=\"left:425.97662px; bottom:171.92053px;\"><div class=\"t m0 x135 h104 yacd ff2 fs17 fc2 sc0 ls25 ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w20f h69\" style=\"left:523.5156px; bottom:171.92053px;\"><div class=\"t m0 x135 h104 yacd ff2 fs17 fc2 sc0 ls25 ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:155.22855px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:155.22855px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:155.22855px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:138.69254px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:138.69254px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.327 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:138.69254px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.669 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:122.156555px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:122.156555px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.296 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:122.156555px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.428 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:102.656555px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:102.656555px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">78.025 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:102.656555px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">92.017 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:83.156555px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:83.156555px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">805<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:83.156555px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">739<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:66.620544px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:66.620544px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:66.620544px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:49.92856px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:49.92856px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:49.92856px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:33.392548px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:33.392548px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">805<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:33.392548px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">739<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:16.856537px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri sog<span class=\"_ _0\"></span>getti </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:16.856537px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:16.856537px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:-2.6434631px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:-2.6434631px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">86.217 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:-2.6434631px;\"><div class=\"t m0 xc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">101.059<span class=\"_ _90\"> </span> </div></div>3.5 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione merceolog<span class=\"_ _0\"></span>ica <span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Titoli di debito<span class=\"_ _3\"></span> 67.583 3.152 349<span class=\"ls0\"> </span>81.830 6.298 412<span class=\"ls0\"> </span>1.1 Titoli strutturati<span class=\"_ _3\"></span> 8 - - 14<span class=\"ls0\"> </span>- - 1.2 Altri titoli di debito<span class=\"_ _3\"></span> 67.575 3.152 349<span class=\"ls0\"> </span>81.816 6.298 412<span class=\"ls0\"> </span>2. Titoli di capitale<span class=\"_ _3\"></span> 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.1 Valutati al fai<span class=\"_ _3\"></span>r value 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.2 Valutati al costo<span class=\"_ _3\"></span> - - - - - - 3. Quote di O.I.C.R.<span class=\"_ _3\"></span>  8.306 - 4.208 9.879 - 3.742 4. Finanziamen<span class=\"_ _3\"></span>ti - - - - - - Totale 77.810 3.159 4.624 93.910 6.305 4.208 3.6 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione per <span class=\"_ _3\"></span>debitori/<span class=\"_ _0\"></span>emittenti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 71.084 88.540 a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali 55.587 71.782 b) Altri enti<span class=\"_ _0\"></span> pubblici 283<span class=\"ls0\"> </span>359<span class=\"ls0\"> </span>c) Banche<span class=\"_ _35\"></span> 6.495 6.214 d) Altri emi<span class=\"_ _0\"></span>ttenti 8.719 10.185 2. Titoli <span class=\"_ _0\"></span>di capitale 1.995 2.262 a) Banche<span class=\"_ _0\"></span> 194<span class=\"ls0\"> </span>206<span class=\"ls0\"> </span>b) Altri emi<span class=\"_ _0\"></span>ttenti: 1.801 2.056 - imprese di a<span class=\"_ _35\"></span>ssicurazione 35<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 1.766 2.019 - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 12.514 13.621 4. Finan<span class=\"_ _0\"></span>ziamenti - - a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>- - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale 85.593 104.423 3.7 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita oggetto <span class=\"_ _0\"></span>di copertura specific<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span> Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disponibili p<span class=\"_ _0\"></span>er la vendita og<span class=\"_ _0\"></span>getto di copertura specifi<span class=\"_ _0\"></span>ca riferibili a socie<span class=\"_ _0\"></span>t\u00e0 Assicurative.<span class=\"_ _90\"> </span>3.8 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli  (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3.9 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>portafogli co<span class=\"_ _0\"></span>perti e per tipolog<span class=\"_ _0\"></span>ia di copertura (valore di<span class=\"_ _0\"></span> bilancio) (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica SpecificaGenericarischio di tasso rischio di cambio rischio di credito rischio di prezzo pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita - - - - - X 13<span class=\"ls0\"> </span>X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenza  X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - - - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - 13<span class=\"ls0\"> </span>- - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X - X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 finanziarie X X X X X - - - - INFORMATIVA AI SENSI DELL'IFRS<span class=\"fc5\"> </span>4 Come gi\u00e0 <span class=\"_ _3\"></span>indicato, il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span><span class=\"ff4\">Sanpaolo si <span class=\"_ _3\"></span>avvale della <span class=\"_ _3\"></span>facolt\u00e0 di a<span class=\"_ _3\"></span>pplicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d o <span class=\"_ _3\"></span>Temporar<span class=\"_ _0\"></span>y </span>Exemption, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>virt\u00f9 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _4\"></span>assicurative <span class=\"_ _4\"> </span>controllate <span class=\"_ _7\"> </span>continuano <span class=\"_ _4\"> </span>ad essere rilevate in bil<span class=\"_ _0\"></span>ancio ai sensi di q<span class=\"_ _0\"></span>u<span class=\"_ _3\"></span>anto previsto dallo IAS <span class=\"_ _0\"></span>39. In particolare le impr<span class=\"_ _0\"></span>ese di assicurazione d<span class=\"_ _0\"></span>el Gruppo che applica<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o lo IAS 39 sono:<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Intesa Sanpaolo Vita<span class=\"_ _0\"></span> S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo Assic<span class=\"_ _0\"></span>ura S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo Life Lt<span class=\"_ _0\"></span>d.; - <span class=\"_ _34\"> </span>Fideuram Vita S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo RBM S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lute S.p.A. Nella  prese<span class=\"_ _0\"></span>nte  sezio<span class=\"_ _0\"></span>ne  sono <span class=\"_ _16\"> </span>riportate  le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _16\"> </span>richieste  dall\u2019IFR<span class=\"_ _0\"></span>S  4  I<span class=\"_ _35\"></span>nsurance  Contracts  a<span class=\"_ _0\"></span>  seguit<span class=\"_ _0\"></span>o  dell\u2019eserci<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span> dell\u2019opzione, riconosciuta al<span class=\"_ _3\"></span>le imprese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>assicurazione facenti <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conglomerati finanziari a<span class=\"_ _3\"></span> prevalenza <span class=\"_ _3\"></span>bancaria a<span class=\"_ _3\"></span>i se<span class=\"_ _6\"></span><span class=\"ff1\">nsi </span>del Regolamento n. <span class=\"_ _0\"></span>2017/1988 e del successi<span class=\"_ _0\"></span>vo Regolamento 2020/<span class=\"_ _0\"></span>2097, di posticipare la <span class=\"_ _0\"></span>prima applicazi<span class=\"_ _0\"></span>one dell\u2019IFRS 9<span class=\"_ _90\"> </span>88<span class=\"_ _90\"> </span>. Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>possesso <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019applicabili<span class=\"_ _35\"></span>t\u00e0<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Temporary <span class=\"_ _5\"></span>exemption. <span class=\"_ _5\"></span>Nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>Compagnie assicurative <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oddisfatto <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>requisito <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>predominanza <span class=\"_ _6\"></span>assicurativa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>percentuale <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>legate <span class=\"_ _3\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessive del<span class=\"_ _3\"></span>l\u2019entit\u00e0 <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ff1\">l <span class=\"_ _2\"></span>90% </span>(predominance <span class=\"_ _6\"></span>ratio). <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>valutate <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>FVTPL <span class=\"_ _6\"></span>tra imprese del Gruppo che <span class=\"_ _0\"></span>utilizzano Principi<span class=\"_ _0\"></span> contabili differenti<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> A <span class=\"_ _18\"> </span>seguire, <span class=\"_ _1c\"> </span>come <span class=\"_ _17\"> </span>previsto <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _18\"> </span>normativa <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>riferimento, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _18\"> </span>l\u2019info<span class=\"_ _2\"></span><span class=\"ff1\">rmativa <span class=\"_ _18\"> </span>quantitativa <span class=\"_ _18\"> </span>riferita <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _18\"> </span>che </span>applicheranno l\u2019IFRS 9<span class=\"_ _0\"></span> in via posticipata.<span class=\"ff1\"> <span class=\"_ _9\"> </span> </span>88 <span class=\"_ _6\"></span><span class=\"fs4\">Si <span class=\"_ _6\"></span>segnala <span class=\"_ _6\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>Re<span class=\"_ _3\"></span>golamento <span class=\"_ _6\"> </span>n. <span class=\"_ _4\"> </span>2097/2020 <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>020 <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _6\"> </span>recepi<span class=\"_ _3\"></span>ta <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>prorog<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>dell\u2019esenzio<span class=\"_ _3\"></span>ne <span class=\"_ _6\"> </span>temporane<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>dell\u2019applicazio<span class=\"_ _3\"></span>ne </span></span>dell\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _4\"> </span>finan<span class=\"_ _3\"></span>ziari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span>23, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onsiderazi<span class=\"_ _3\"></span>one <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>decision<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>25 <span class=\"_ _4\"> </span>giugno<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>020 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>diffe<span class=\"_ _3\"></span><span class=\"ff1\">rire<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>prima </span>applicazione dell\u2019<span class=\"_ _3\"></span>IFRS 17 Contratti Assi<span class=\"_ _3\"></span>curativi al 1\u00b0 ge<span class=\"_ _3\"></span>nnaio 2023.<span class=\"_ _3\"></span><span class=\"ff1 fs0\"> </span>Dettaglio dei titoli dell<span class=\"_ _0\"></span>e compagnie as<span class=\"_ _0\"></span>sicurative che superan<span class=\"_ _0\"></span>o SPPI Test (milioni di euro) Voce Fair Value alla data di chiusura Variazioni di fair value nell'esercizio Altre variazioni nell'esercizio (3) Fair Value alla data di chiusura precedente Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value a<span class=\"_ _0\"></span>i sensi dello IAS 39 171.920 -24.284 -9.857 206.061 di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) 69.674 -14.890 -1.888 86.452 Titoli di debito 69.674 -14.890 -1.888 86.452 Titoli strutturati - - -9 9 Altri titoli di debito 69.674 -14.890 -1.879 86.443 Finanziamenti - - - - Altre attivit\u00e0 finanziarie  - - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 17.044 -1.668 -<span class=\"ls1c\">818</span> 19.530 Titoli di debito 2.086 -<span class=\"ls1c\">408</span> -<span class=\"ls1c\">405</span> 2.899 Titoli strutturati 8 -1 4 5 Altri titoli di debito 2.078 -<span class=\"ls1c\">407</span> -<span class=\"ls1c\">409</span> 2.894 Titoli di capitale 1.995 -<span class=\"ls1c\">207</span> -<span class=\"ls1c\">60</span> 2.262 Quote di OICR 12.865 -1.008 -<span class=\"ls1c\">152</span> 14.025 Finanziamenti - - - Strumenti derivati 98<span class=\"ls0\"> </span>-<span class=\"ls1c\">45</span> -<span class=\"ls1c\">201</span> 344<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie collegate a contratti per i quali il rischio dell'investimento \u00e8 a carico degli assicurati 85.202 -7.726 -7.151 100.079 Titoli di debito 4.353 -<span class=\"ls1c\">437</span> 17<span class=\"ls0\"> </span>4.773 Titoli strutturati - - -<span class=\"ls1c\">19</span> 19<span class=\"ls0\"> </span>Altri titoli di debito 4.353 -<span class=\"ls1c\">437</span> 36<span class=\"ls0\"> </span>4.754 Titoli di capitale 3.016 -<span class=\"ls1c\">552</span> 58<span class=\"ls0\"> </span>3.510 Quote di OICR 77.817 -6.811 -7.156 91.784 Finanziamenti - - - - Strumenti derivati 16<span class=\"ls0\"> </span>74<span class=\"ls0\"> </span>-<span class=\"ls1c\">70</span> 12<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziarie  - - - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 (*) 69<span class=\"ls0\"> </span>-6 -7 82<span class=\"ls0\"> </span>di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da <span class=\"ff4\">pagamenti del capitale e dell'interesse sull\u2019importo del capitale da </span>restituire (1) 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Titoli di debito 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Titoli strutturati - - - Altri titoli di debito 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determina<span class=\"_ _0\"></span>te date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli di debito 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli strutturati - - - - Altri titoli di debito 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli di capitale - - - Quote di OICR - - - Finanziamenti - - - Strumenti derivati - - - Altre attivit\u00e0 finanziarie  - - - (*) La voce titoli di debito riporta il valore di fair value come richiesto dall\u2019Amendemnt IFRS4. Tali titoli sono iscritti i<span class=\"ff1\">n Stato patrimoniale al valore di costo ammortizzato </span>(1) Escluse le attivit\u00e0 <span class=\"ff4\">finanziarie che soddisfano la definizione di possedute per negoziazione di cui all\u2019IFRS 9, o che sono gestite e il cui rendim<span class=\"_ _3\"></span></span>ento \u00e8 valutato in base al fair value (2) Include tutte le attivit\u00e0 finanziarie diverse ovvero qualsiasi attivit\u00e0 finanziaria:        <span class=\"ls0\">i) con termini contrattuali che non prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del <span class=\"ff4\">cap<span class=\"_ _3\"></span>itale e dell\u2019interesse sull\u2019importo del capitale </span></span>da restituire;        <span class=\"ls0\">ii) che soddisfa la definizione di \"posseduta per neg<span class=\"ff4\">oziazione\" di cui all\u2019IFRS 9; o</span> </span>       <span class=\"ls0\">iii) che \u00e8 gestita o il cui rendimento \u00e8 valutato in base al fair value </span>(3) La colonna include i movimenti non riconducibili a variazioni di fair value (acquisti, vendite, rimborsi, etc.) Nella <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>opra <span class=\"_ _4\"> </span>richiamata <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>investimenti <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>interamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>assicurati <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>sono classificate tra le Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie valut<span class=\"_ _0\"></span>ate al fair value. Agli importi sopra in<span class=\"_ _0\"></span>dicati si aggiungono fin<span class=\"_ _0\"></span>anziamenti verso <span class=\"_ _0\"></span>banche per 805 mil<span class=\"_ _3\"></span>ioni<span class=\"ff5 fc2\">. </span>Esposizione al rischio di<span class=\"_ _0\"></span> credito per gli strumenti<span class=\"_ _0\"></span> finanziari delle comp<span class=\"_ _0\"></span>agnie assicurative <span class=\"_ _0\"></span>che superano l\u2019SPPI test<span class=\"ff5\"> </span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie con termini contrattu<span class=\"_ _3\"></span>ali che prevedono a determinate date fl<span class=\"_ _3\"></span>ussi finanziari <span class=\"ls0\">rappresentati unicamente da <span class=\"_ _3\"></span>pagamenti del capitale e dell'interesse </span>sull\u2019importo del capitale da r<span class=\"_ _3\"></span>estituire (1)<span class=\"ff5 ls0\"> </span>Rating di rischio credito<span class=\"ls0\"> </span>Valore contabile (2) esercizio corrente<span class=\"ls0\"> </span>Valore contabile (2) esercizio precedente<span class=\"ls0\"> </span>Titoli di debito<span class=\"ls0\"> </span>67.265<span class=\"ls0\"> </span>83.261<span class=\"ls0\"> </span>Titoli strutturati<span class=\"ls0\"> </span>Investment Grade<span class=\"ls0\"> </span>- 9 Altri titoli di debito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Investment Grade<span class=\"ls0\"> </span>67.265<span class=\"ls0\"> </span>83.252<span class=\"ls0\"> </span>Finanziamenti<span class=\"ls0\"> </span>- - Altre attivit\u00e0 finanziarie <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - (milioni di euro) Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date fl<span class=\"_ _0\"></span>ussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) che non hanno un basso rischio di credito <span class=\"ff5\"> </span>Rating di rischio credito Valore contabile (2) esercizio corrente Valore di mercato esercizio corrente Valore contabile (2) esercizio precedente Titoli di debito 2.444<span class=\"ls0\"> </span>2.445<span class=\"ls0\"> </span>3.227<span class=\"ls0\"> </span>Titoli strutturati Non Investment Grade - - - Altri titoli di debito Non Investment Grade 2.444 2.445 3.227 Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - (1) <span class=\"_ _2\"></span>Escluse <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>soddisfano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>possedute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>nego<span class=\"_ _3\"></span>ziazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>all\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutato <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>fair </span>value. (2) Nel caso di attivit\u00e0 finanziarie valutate al costo ammortizzato, prima di qualsiasi rettifica per riduzione di valore. SEZIONE 4 <span class=\"ff6\">\u2013</span> ATTIVIT\u00c0 FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO <span class=\"ff6\">\u2013</span> <span class=\"_ _3\"></span>VOCE 40 4.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso banche<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 A. Crediti verso Banche centrali 9.712 - - - 7.089 2.623 131.361 - - - 128.282 3.078 1. Depositi a scadenza 3.622 - - X X X 3.118 - - X X X 2. Riserva obbligatoria 5.427 - - X X X 126.882 - - X X X 3. Pronti contro termine 543<span class=\"ls0\"> </span>- - X X X 273<span class=\"ls0\"> </span>- - X X X 4. Altri 120<span class=\"ls0\"> </span>- - X X X 1.088 - - X X X B. Crediti verso banche 23.136 36<span class=\"ls0\"> </span>- 1.265 18.791 3.055 32.523 53<span class=\"ls0\"> </span>- 1.547 28.156 2.903 1. Finanziamenti 21.478 36<span class=\"ls0\"> </span>- - 18.465 3.055 30.752 53<span class=\"ls0\"> </span>- - 27.914 2.903 1.1 Conti correnti - - - X X X - - - X X X 1.2 Depositi a scadenza  2.449 - - X X X 1.681 - - X X X 1.3 Altri finanziamenti:  19.029 36<span class=\"ls0\"> </span>- X X X 29.071 53<span class=\"ls0\"> </span>- X X X  - Pronti contro termine attivi  5.397 - - X X X 9.566 - - X<span class=\"ff2\"> </span>X X  - Finanziamenti per leasing 5 - - X X X 6 - - X<span class=\"ff2\"> </span>X X  - Altri 13.627 36<span class=\"ls0\"> </span>- X X X 19.499 53<span class=\"ls0\"> </span>- X<span class=\"ff2\"> </span>X X  2. Titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- 2.1 Titoli strutturati  - - - - - - - - - - - - 2.2 Altri titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- TOTALE 32.848 36<span class=\"ls0\"> </span>- 1.265 25.880 5.678 163.884 53<span class=\"ls0\"> </span>- 1.547 156.438 5.981 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>flessione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sottovoce <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>obbligatoria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mputabile <span class=\"_ _4\"> </span>all\u2019impiego <span class=\"_ _4\"> </span>dell\u2019eccesso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _4\"> </span>in<span class=\"_ _0\"></span> depositi a vista (overnigh<span class=\"_ _0\"></span>t) esposti alla v<span class=\"_ _0\"></span>oce Cassa e disponi<span class=\"_ _0\"></span>bilit\u00e0 liquide.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>sottovoce <span class=\"_ _3\"></span>\u201cAltri <span class=\"_ _2\"></span><span class=\"ff1\">finanziamenti <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span></span>Altri\u201d <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>funzionamento, o<span class=\"_ _3\"></span>ssia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>connesse <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prestazione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>affidamento, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>122 <span class=\"_ _5\"></span>milioni. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rappresenta<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>e essenzialmente da crediti in <span class=\"_ _0\"></span>bonis classificati i<span class=\"_ _0\"></span>n Stage 1 e rettificat<span class=\"_ _0\"></span>e sulla base del princip<span class=\"_ _0\"></span>io IFRS 9.<span class=\"_ _90\"> </span>4.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso clientela<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 1. Finanziamenti 432.447 5.255 271<span class=\"ls0\"> </span>- 283.348 140.877 449.287 6.682 446<span class=\"ls0\"> </span>- 317.673 147.945 1.1. Conti correnti 22.967 484<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>X X X 21.724 688<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>X X X 1.2. Pronti contro termine attivi 15.366 - - X X X 17.620 - - X X X 1.3. Mutui 242.049 3.083 156<span class=\"ls0\"> </span>X X X 250.722 4.080 268<span class=\"ls0\"> </span>X X X 1.4. Carte di credito, prestiti personali e cessioni del quinto 19.435 339<span class=\"ls0\"> </span>2 X X X 18.626 364<span class=\"ls0\"> </span>9 X X X 1.5 Finanziamenti per leasing 7.780 328<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>X X X 12.830 347<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>X X X 1.6. Factoring 10.869 52<span class=\"ls0\"> </span>- X X X 9.453 65<span class=\"ls0\"> </span>- X X X 1.7. Altri finanziamenti 113.981 969<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>X X X 118.312 1.138 39<span class=\"ls0\"> </span>X X X 2. Titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 2.1. Titoli strutturati - - - - - - - - - - - - 2.2. Altri titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 Totale 489.635 5.288 271<span class=\"ls0\"> </span>27.693 294.225 155.815 497.760 6.723 446<span class=\"ls0\"> </span>25.659 328.545 159.481 La sottovoce \u201cAltri f<span class=\"_ _3\"></span>inanziamenti<span class=\"_ _0\"></span>\u201d include crediti di <span class=\"_ _3\"></span>funzionamento, ossia per operazioni connesse con la prestazione di attivit\u00e0 e  d<span class=\"_ _3\"></span>i  servizi <span class=\"_ _1d\"> </span>finanziari  privi  di  a<span class=\"_ _3\"></span>ffidamento,  per  un <span class=\"_ _1d\"> </span>ammontare  pari  a<span class=\"_ _3\"></span>  740 <span class=\"_ _1d\"> </span>milioni.  Tali <span class=\"_ _1d\"> </span>esposizioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentate<span class=\"_ _0\"></span> essenzialmente da cre<span class=\"_ _0\"></span>diti in bonis classificati in St<span class=\"_ _0\"></span>age 1 rettificate<span class=\"fs6\"> </span>sulla base del principio IFRS <span class=\"_ _35\"></span>9.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cTitoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>connessi con <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>complessivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>di </span>circa 8.495 milioni di c<span class=\"_ _0\"></span>ui circa 8.475 mili<span class=\"_ _0\"></span>oni rigu<span class=\"_ _3\"></span>ardano titoli seni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>r e 20 milioni titoli<span class=\"_ _0\"></span> mezzanine. 4.3 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione pe<span class=\"_ _0\"></span>r debitori/emittenti dei <span class=\"_ _0\"></span>crediti verso clientel<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1 fs6 fc0\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Primo e secondo stadio Terzo stadio<span class=\"_ _3\"></span> Impaired acquisite o originate Primo e secondo stadio<span class=\"_ _3\"></span> Terzo stadio<span class=\"_ _3\"></span> Impaired acquisite o originate 1. Titoli di debito<span class=\"_ _3\"></span> 57.188 33<span class=\"ls0\"> </span>- 48.473 41<span class=\"ls0\"> </span>- a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> 32.298 13<span class=\"ls0\"> </span>- 27.851 15<span class=\"ls0\"> </span>- b) <span class=\"ls0\">Altre socie<span class=\"_ _3\"></span>t\u00e0 finanziarie<span class=\"_ _3\"></span> </span>21.418 8 - 16.612 14<span class=\"ls0\"> </span>- di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> 1 - - 6 - - c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie 3.472 12<span class=\"ls0\"> </span>- 4.010 12<span class=\"ls0\"> </span>- 2. Finanziamen<span class=\"_ _3\"></span>ti verso: 432.447 5.255 271<span class=\"ls0\"> </span>449.287 6.682 446<span class=\"ls0\"> </span>a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> 15.566 213<span class=\"ls0\"> </span>- 16.385 356<span class=\"ls0\"> </span>- b) Altre societ\u00e0 fina<span class=\"_ _3\"></span>nziarie 44.781 123<span class=\"ls0\"> </span>1 45.872 262<span class=\"ls0\"> </span>1 di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> 39<span class=\"ls0\"> </span>- - 361<span class=\"ls0\"> </span>- - c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie 193.579 3.126 150<span class=\"ls0\"> </span>212.387 3.555 246<span class=\"ls0\"> </span>d) Famiglie<span class=\"_ _3\"></span> 178.521 1.793 120<span class=\"ls0\"> </span>174.643 2.509 199<span class=\"ls0\"> </span>TOTALE 489.635 5.288 271<span class=\"ls0\"> </span>497.760 6.723 446<span class=\"ls0\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-173.65161px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">4.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: valore lordo e r<span class=\"_ _0\"></span>ettifiche di valore co<span class=\"_ _0\"></span>mplessive<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w260 h44\" style=\"left:468.25262px; bottom:799.13837px;\"><div class=\"t m0 x35 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w262 h7e\" style=\"left:134.6596px; bottom:773.8664px;\"><div class=\"t m0 x47 ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">Valore lordo </div></div><div class=\"c w263 h7e\" style=\"left:375.58862px; bottom:773.8664px;\"><div class=\"t m0 x88 ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">Rettifiche di valore <span class=\"_ _3\"></span>complessive<span class=\"_ _3\"></span> </div></div><div class=\"c wc9 h14e\" style=\"left:559.0836px; bottom:717.2384px;\"><div class=\"t m0 xae ha y124c ff5 fs4 fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 x94 ha y124d ff5 fs4 fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 x41 ha y124e ff5 fs4 fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w25d h98\" style=\"left:134.6596px; bottom:717.2384px;\"><div class=\"t m0 x1a ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x1a ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w25e h98\" style=\"left:177.44263px; bottom:717.2384px;\"><div class=\"t m0 x96 ha3 y9d6 ffa fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x87 ha3 y801 ffa fs4 fc2 sc0 ls0 ws0\">Strumenti </div><div class=\"t m0 xdd ha3 y1223 ffa fs4 fc2 sc0 ls0 ws0\">con basso </div><div class=\"t m0 x6 ha3 y10e3 ffa fs4 fc2 sc0 ls0 ws0\">rischio di </div><div class=\"t m0 x94 ha3 y326 ffa fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w107 h98\" style=\"left:237.50262px; bottom:717.2384px;\"><div class=\"t m0 x41 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xa1 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w25f h98\" style=\"left:284.61462px; bottom:717.2384px;\"><div class=\"t m0 x12 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x1a ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wc2 h98\" style=\"left:327.67062px; bottom:717.2384px;\"><div class=\"t m0 xab ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xf ha y1223 ff5 fs4 fc2 sc0 ls32 ws0\">o </div><div class=\"t m0 xab ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w1fa h98\" style=\"left:375.58862px; bottom:717.2384px;\"><div class=\"t m0 x12 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x87 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w107 h98\" style=\"left:421.29663px; bottom:717.2384px;\"><div class=\"t m0 x41 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xa1 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w264 h98\" style=\"left:468.25262px; bottom:717.2384px;\"><div class=\"t m0 x12 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x1a ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wbf h98\" style=\"left:509.9436px; bottom:717.2384px;\"><div class=\"t m0 xab ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xf ha y1223 ff5 fs4 fc2 sc0 ls32 ws0\">o </div><div class=\"t m0 xab ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w25b h41\" style=\"left:-4.050377px; bottom:700.7024px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w25d h41\" style=\"left:134.6596px; bottom:700.7024px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">54.961 </div></div><div class=\"c w25e h41\" style=\"left:177.44263px; bottom:700.7024px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h41\" style=\"left:237.50262px; bottom:700.7024px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4.062 </div></div><div class=\"c w25f h41\" style=\"left:284.61462px; bottom:700.7024px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">105<span class=\"ls0\"> </span></div></div><div class=\"c wc2 h41\" style=\"left:327.67062px; bottom:700.7024px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h41\" style=\"left:375.58862px; bottom:700.7024px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">29</span> </div></div><div class=\"c w107 h41\" style=\"left:421.29663px; bottom:700.7024px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">66</span> </div></div><div class=\"c w264 h41\" style=\"left:468.25262px; bottom:700.7024px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">72</span> </div></div><div class=\"c wbf h41\" style=\"left:509.9436px; bottom:700.7024px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:700.7024px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b h41\" style=\"left:-4.050377px; bottom:684.1664px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Finanziamenti </div></div><div class=\"c w25d h41\" style=\"left:134.6596px; bottom:684.1664px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">419.968 </div></div><div class=\"c w25e h41\" style=\"left:177.44263px; bottom:684.1664px;\"><div class=\"t m0 xd h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w107 h41\" style=\"left:237.50262px; bottom:684.1664px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">46.175 </div></div><div class=\"c w25f h41\" style=\"left:284.61462px; bottom:684.1664px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">10.332 </div></div><div class=\"c wc2 h41\" style=\"left:327.67062px; bottom:684.1664px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">384<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h41\" style=\"left:375.58862px; bottom:684.1664px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-659 </div></div><div class=\"c w107 h41\" style=\"left:421.29663px; bottom:684.1664px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.929 </div></div><div class=\"c w264 h41\" style=\"left:468.25262px; bottom:684.1664px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5.041 </div></div><div class=\"c wbf h41\" style=\"left:509.9436px; bottom:684.1664px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-113 </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:684.1664px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.081 </div></div><div class=\"c w25b h47\" style=\"left:-4.050377px; bottom:664.6664px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w25c h47\" style=\"left:61.651627px; bottom:664.6664px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w25d h47\" style=\"left:134.6596px; bottom:664.6664px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">474.929 </div></div><div class=\"c w25e h47\" style=\"left:177.44263px; bottom:664.6664px;\"><div class=\"t m0 xd ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w107 h47\" style=\"left:237.50262px; bottom:664.6664px;\"><div class=\"t m0 x6 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">50.237 </div></div><div class=\"c w25f h47\" style=\"left:284.61462px; bottom:664.6664px;\"><div class=\"t m0 xdd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.437 </div></div><div class=\"c wc2 h47\" style=\"left:327.67062px; bottom:664.6664px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">384<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:375.58862px; bottom:664.6664px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-688 </div></div><div class=\"c w107 h47\" style=\"left:421.29663px; bottom:664.6664px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.995 </div></div><div class=\"c w264 h47\" style=\"left:468.25262px; bottom:664.6664px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-5.113 </div></div><div class=\"c wbf h47\" style=\"left:509.9436px; bottom:664.6664px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-113 </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:664.6664px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.081 </div></div><div class=\"c w25b h47\" style=\"left:-4.050377px; bottom:645.1664px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w25c h47\" style=\"left:61.651627px; bottom:645.1664px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w25d h47\" style=\"left:134.6596px; bottom:645.1664px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">603.169 </div></div><div class=\"c w25e h47\" style=\"left:177.44263px; bottom:645.1664px;\"><div class=\"t m0 xd ha3 y96e ffa fs4 fc2 sc0 ls1b ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w107 h47\" style=\"left:237.50262px; bottom:645.1664px;\"><div class=\"t m0 x6 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">61.028 </div></div><div class=\"c w25f h47\" style=\"left:284.61462px; bottom:645.1664px;\"><div class=\"t m0 xdd ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">14.892 </div></div><div class=\"c wc2 h47\" style=\"left:327.67062px; bottom:645.1664px;\"><div class=\"t m0 x96 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:375.58862px; bottom:645.1664px;\"><div class=\"t m0 x88 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">-753 </div></div><div class=\"c w107 h47\" style=\"left:421.29663px; bottom:645.1664px;\"><div class=\"t m0 x97 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">-1.800 </div></div><div class=\"c w264 h47\" style=\"left:468.25262px; bottom:645.1664px;\"><div class=\"t m0 x87 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">-8.116 </div></div><div class=\"c wbf h47\" style=\"left:509.9436px; bottom:645.1664px;\"><div class=\"t m0 x94 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">-141 </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:645.1664px;\"><div class=\"t m0 x13 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">6.476 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-173.65161px;\"><div class=\"t m0 x0 h61 y2aa ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7bf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9d9 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"ff4\">quanto concerne l\u2019approccio utilizzato nella rappresenta<span class=\"_ _0\"></span>zione del valore lordo e delle rettifiche di valore complessive delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y124f ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired si rimanda a quant<span class=\"_ _0\"></span>o esposto nella P<span class=\"_ _0\"></span>arte A <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Politiche contabili. </div><div class=\"t m0 x0 h24 y1250 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1251 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y95f ff5 fs0 fc2 sc0 ls0 ws0\">4.4a Finanziamenti valutati a<span class=\"_ _0\"></span>l costo ammortizzato og<span class=\"_ _0\"></span>getto di misure<span class=\"_ _0\"></span> di sostegno COVID-19: valore lordo e retti<span class=\"_ _0\"></span>fiche </div><div class=\"t m0 x0 h24 y248 ff5 fs0 fc2 sc0 ls0 ws0\">di valore complessiv<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h4c y1252 ff2 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w269 h42\" style=\"left:521.01965px; bottom:535.4594px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w26b h8c\" style=\"left:156.18762px; bottom:510.03137px;\"><div class=\"t m0 x8d h8f yf98 ff5 fsf fc2 sc0 ls0 ws0\">Valore lordo </div></div><div class=\"c w26c h8c\" style=\"left:384.6366px; bottom:510.03137px;\"><div class=\"t m0 xd1 h8f yf98 ff5 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore complessive </div></div><div class=\"c w77 h14f\" style=\"left:566.8836px; bottom:438.8954px;\"><div class=\"t m0 x1a h8f y1253 ff5 fsf fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 x12 h8f y1254 ff5 fsf fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 x41 h8f y1255 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w267 h137\" style=\"left:156.18762px; bottom:438.8954px;\"><div class=\"t m0 xae h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x97 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w219 h137\" style=\"left:200.84262px; bottom:438.8954px;\"><div class=\"t m0 x97 h150 y1256 ffa fsf fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x41 h150 y1257 ffa fsf fc2 sc0 ls0 ws0\">Strumenti </div><div class=\"t m0 x9a h150 y6e7 ffa fsf fc2 sc0 ls0 ws0\">con </div><div class=\"t m0 xae h150 y80f ffa fsf fc2 sc0 ls0 ws0\">basso </div><div class=\"t m0 xab h150 ya70 ffa fsf fc2 sc0 ls0 ws0\">rischio di </div><div class=\"t m0 x6 h150 ya71 ffa fsf fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w219 h137\" style=\"left:247.64264px; bottom:438.8954px;\"><div class=\"t m0 x8 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x97 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w244 h137\" style=\"left:293.35062px; bottom:438.8954px;\"><div class=\"t m0 x14 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x97 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w31 h137\" style=\"left:338.61664px; bottom:438.8954px;\"><div class=\"t m0 x45 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x8 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xe h8f y6e7 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x45 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w268 h137\" style=\"left:384.6366px; bottom:438.8954px;\"><div class=\"t m0 xae h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x97 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w219 h137\" style=\"left:429.87665px; bottom:438.8954px;\"><div class=\"t m0 x45 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xae h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w267 h137\" style=\"left:474.80463px; bottom:438.8954px;\"><div class=\"t m0 x14 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x97 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w219 h137\" style=\"left:521.01965px; bottom:438.8954px;\"><div class=\"t m0 x45 h8f y1256 ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x8 h8f y1257 ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xe h8f y6e7 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x45 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w26a h7d\" style=\"left:-4.050377px; bottom:407.69537px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">1. Finanziamenti oggetto di concessione </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">conforme con le GL </div></div><div class=\"c w267 h7d\" style=\"left:156.18762px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h7d\" style=\"left:200.84262px; bottom:407.69537px;\"><div class=\"t m0 xf hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h7d\" style=\"left:247.64264px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h7d\" style=\"left:293.35062px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w31 h7d\" style=\"left:338.61664px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w268 h7d\" style=\"left:384.6366px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h7d\" style=\"left:429.87665px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w267 h7d\" style=\"left:474.80463px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h7d\" style=\"left:521.01965px; bottom:407.69537px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h7d\" style=\"left:566.8836px; bottom:407.69537px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26a h45\" style=\"left:-4.050377px; bottom:362.7674px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">2. Finanziamenti oggetto di misure di </div><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">moratoria in essere non pi\u00f9 conformi alle </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">GL e non valutate come oggetto di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w267 h45\" style=\"left:156.18762px; bottom:362.7674px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w219 h45\" style=\"left:200.84262px; bottom:362.7674px;\"><div class=\"t m0 xf hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h45\" style=\"left:247.64264px; bottom:362.7674px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w244 h45\" style=\"left:293.35062px; bottom:362.7674px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w31 h45\" style=\"left:338.61664px; bottom:362.7674px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w268 h45\" style=\"left:384.6366px; bottom:362.7674px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h45\" style=\"left:429.87665px; bottom:362.7674px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w267 h45\" style=\"left:474.80463px; bottom:362.7674px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">11</span> </div></div><div class=\"c w219 h45\" style=\"left:521.01965px; bottom:362.7674px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h45\" style=\"left:566.8836px; bottom:362.7674px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26a h9a\" style=\"left:-4.050377px; bottom:331.54138px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">3. Finanziamenti oggetto di altre misure di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w267 h9a\" style=\"left:156.18762px; bottom:331.54138px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w219 h9a\" style=\"left:200.84262px; bottom:331.54138px;\"><div class=\"t m0 xf hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h9a\" style=\"left:247.64264px; bottom:331.54138px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">693<span class=\"ls0\"> </span></div></div><div class=\"c w244 h9a\" style=\"left:293.35062px; bottom:331.54138px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w31 h9a\" style=\"left:338.61664px; bottom:331.54138px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w268 h9a\" style=\"left:384.6366px; bottom:331.54138px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h9a\" style=\"left:429.87665px; bottom:331.54138px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">36</span> </div></div><div class=\"c w267 h9a\" style=\"left:474.80463px; bottom:331.54138px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">52</span> </div></div><div class=\"c w219 h9a\" style=\"left:521.01965px; bottom:331.54138px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w77 h9a\" style=\"left:566.8836px; bottom:331.54138px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26a h41\" style=\"left:-4.050377px; bottom:315.0054px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4. Nuovi finanziamenti </div></div><div class=\"c w267 h41\" style=\"left:156.18762px; bottom:315.0054px;\"><div class=\"t m0 xa1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">29.434 </div></div><div class=\"c w219 h41\" style=\"left:200.84262px; bottom:315.0054px;\"><div class=\"t m0 xf hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:247.64264px; bottom:315.0054px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.199 </div></div><div class=\"c w244 h41\" style=\"left:293.35062px; bottom:315.0054px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">573<span class=\"ls0\"> </span></div></div><div class=\"c w31 h41\" style=\"left:338.61664px; bottom:315.0054px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w268 h41\" style=\"left:384.6366px; bottom:315.0054px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">38</span> </div></div><div class=\"c w219 h41\" style=\"left:429.87665px; bottom:315.0054px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">37</span> </div></div><div class=\"c w267 h41\" style=\"left:474.80463px; bottom:315.0054px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">176</span> </div></div><div class=\"c w219 h41\" style=\"left:521.01965px; bottom:315.0054px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h41\" style=\"left:566.8836px; bottom:315.0054px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w265 h41\" style=\"left:-4.050377px; bottom:298.4694px;\"><div class=\"t m0 xa5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w266 h41\" style=\"left:76.00363px; bottom:298.4694px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w267 h41\" style=\"left:156.18762px; bottom:298.4694px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">29.489 </div></div><div class=\"c w219 h41\" style=\"left:200.84262px; bottom:298.4694px;\"><div class=\"t m0 xf h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:247.64264px; bottom:298.4694px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">3.918 </div></div><div class=\"c w244 h41\" style=\"left:293.35062px; bottom:298.4694px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">756<span class=\"ls0\"> </span></div></div><div class=\"c w31 h41\" style=\"left:338.61664px; bottom:298.4694px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w268 h41\" style=\"left:384.6366px; bottom:298.4694px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">38</span> </div></div><div class=\"c w219 h41\" style=\"left:429.87665px; bottom:298.4694px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">76</span> </div></div><div class=\"c w267 h41\" style=\"left:474.80463px; bottom:298.4694px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">239</span> </div></div><div class=\"c w219 h41\" style=\"left:521.01965px; bottom:298.4694px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w77 h41\" style=\"left:566.8836px; bottom:298.4694px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w265 h41\" style=\"left:-4.050377px; bottom:281.93338px;\"><div class=\"t m0 xa5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w266 h41\" style=\"left:76.00363px; bottom:281.93338px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w267 h41\" style=\"left:156.18762px; bottom:281.93338px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">35.182 </div></div><div class=\"c w219 h41\" style=\"left:200.84262px; bottom:281.93338px;\"><div class=\"t m0 xf h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:247.64264px; bottom:281.93338px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">9.340 </div></div><div class=\"c w244 h41\" style=\"left:293.35062px; bottom:281.93338px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">545<span class=\"ls0\"> </span></div></div><div class=\"c w31 h41\" style=\"left:338.61664px; bottom:281.93338px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w268 h41\" style=\"left:384.6366px; bottom:281.93338px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">44</span> </div></div><div class=\"c w219 h41\" style=\"left:429.87665px; bottom:281.93338px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">248</span> </div></div><div class=\"c w267 h41\" style=\"left:474.80463px; bottom:281.93338px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">151</span> </div></div><div class=\"c w219 h41\" style=\"left:521.01965px; bottom:281.93338px;\"><div class=\"t m0 xf h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h41\" style=\"left:566.8836px; bottom:281.93338px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-173.65161px;\"><div class=\"t m0 x0 h4c y9c4 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye10 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yd5b ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>riga <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Finanziame<span class=\"_ _0\"></span>nti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncessione <span class=\"_ _2\"></span>conformi <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>GL\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iportati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 ye11 ff4 fs0 fc0 sc0 ls0 ws0\">rientrano nell\u2019ambito di <span class=\"_ _3\"></span>applicazione delle <span class=\"_ _3\"></span>\u201cGuidelines on <span class=\"_ _3\"></span>legislative and n<span class=\"_ _3\"></span>on legislative <span class=\"_ _3\"></span>moratoria on <span class=\"_ _3\"></span>loan repayments appli<span class=\"_ _5\"></span><span class=\"ff1\">ed </span></div><div class=\"t m0 x0 h2 ye12 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _1d\"> </span><span class=\"ff4\">the <span class=\"_ _1d\"> </span>light  of <span class=\"_ _1d\"> </span>the <span class=\"_ _1d\"> </span>COVID  1<span class=\"_ _3\"></span>9  c<span class=\"_ _3\"></span>risis\u201d <span class=\"_ _1d\"> </span>pubblicate  dall\u02bcEBA  (<span class=\"_ _3\"></span>EBA/GL/2020/02)  e <span class=\"_ _1d\"> </span>successive  modifiche <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>integrazioni. <span class=\"_ _18\"> </span></span>Al </div><div class=\"t m0 x0 h2 yc95 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>022 tali finanziamenti <span class=\"_ _0\"></span>risultavano di import<span class=\"_ _0\"></span>o inferiore al milione e p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri a 412 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ye13 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd5e ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span><span class=\"ff4\">\u201cFinanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h32 ye14 ff4 fs0 fc0 sc0 ls0 ws0\">concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>alla </div><div class=\"t m0 x0 h2 yd5f ff1 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onformi <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _3\"></span>dalla </div><div class=\"t m0 x0 h32 y30d ff4 fs0 fc0 sc0 ls0 ws0\">banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(come <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dalle <span class=\"_ _16\"> </span>vigenti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>egnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della </div><div class=\"t m0 x0 h2 yd60 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione effettuat<span class=\"_ _0\"></span>a al v<span class=\"ff4\">erificarsi dell\u2019evento ch<span class=\"_ _0\"></span>e ha generato la non c<span class=\"_ _0\"></span>onformit\u00e0 alle EBA/GL/2<span class=\"_ _0\"></span>020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y30f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yd61 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>riga  \u201cF<span class=\"_ _0\"></span>inanziamenti <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>portate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y311 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span><span class=\"ff4\">le <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201cesposizione <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>concessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>definite </span></div><div class=\"t m0 x0 h2 y125a ff4 fs0 fc0 sc0 ls0 ws0\">dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>segnalazioni di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamenti oggetto <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>oncessione conformi<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y125b ff4 fs0 fc0 sc0 ls0 ws0\">con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla<span class=\"ff1\"> data in cui non sono pi\u00f9 c<span class=\"_ _0\"></span>onformi alle EBA/GL/2<span class=\"_ _0\"></span>020/02. </span></div><div class=\"t m0 x0 h2 y11e0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y96 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>riga <span class=\"_ _5\"></span>\"Nuovi <span class=\"_ _5\"></span>finanziamenti\" <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>concessa <span class=\"_ _2\"></span>nuova <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>supporto <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y125c ff1 fs0 fc0 sc0 ls0 ws0\">garanzie pubbliche. </div><div class=\"t m0 x0 h2 y125d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y450 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>rappresentati <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"> </span>sottovoci <span class=\"_ _4\"></span>1, <span class=\"_ _4\"></span>2 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>3 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"></span>sopra <span class=\"_ _6\"></span>riportata <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>moratorie <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>risultano </div><div class=\"t m0 x0 h2 y125e ff1 fs0 fc0 sc0 ls0 ws0\">ancora in essere alla d<span class=\"_ _0\"></span>ata del 31 dicembre 20<span class=\"_ _0\"></span>22. </div><div class=\"t m0 x0 h19 y1043 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>SEZIONE 4 BIS <span class=\"ff6\">\u2013</span> ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 <span class=\"ff6\">\u2013</span> VOCE 45 Si <span class=\"_ _6\"></span>riportano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ncluse <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>45 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>attivo <span class=\"_ _6\"></span>riferita <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>le imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consol<span class=\"_ _2\"></span>idati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 45 Attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese di<span class=\"_ _0\"></span> assicurazione valut<span class=\"_ _0\"></span>ate al costo ammortiz<span class=\"_ _2\"></span><span class=\"ff1\">zato </span>ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ent<span class=\"_ _3\"></span><span class=\"ff1\">e schema: </span>(milioni di eur<span class=\"_ _35\"></span>o) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 45 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 50. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> sino alla scad<span class=\"_ _0\"></span>enza - - 60. Crediti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>70. Crediti<span class=\"_ _0\"></span> verso la cl<span class=\"_ _0\"></span>ientela 40<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span>  Voce 45 80<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>4.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute sino <span class=\"_ _0\"></span>alla scadenza Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie dete<span class=\"_ _0\"></span>nute sino alla sca<span class=\"_ _0\"></span>denza riferibili a <span class=\"_ _3\"></span>societ\u00e0 Assicurative. 4.4 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche: composizion<span class=\"_ _0\"></span>e merceologica  (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Valore di  bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Crediti verso Ba<span class=\"_ _3\"></span>nche Centrali<span class=\"_ _3\"></span> - - - - - - - - 1. Depositi vincola<span class=\"_ _3\"></span>ti - - 2. Riserva obbli<span class=\"_ _3\"></span>gatoria - - 3. Pronti contro term<span class=\"_ _3\"></span>ine attivi - - 4. Altri - - B. Crediti verso ba<span class=\"_ _3\"></span>nche 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 1. Finanziamenti<span class=\"_ _3\"></span> - - - - - - - - 1.1 Conti correnti <span class=\"_ _3\"></span>e depositi libe<span class=\"_ _3\"></span>ri - - 1.2 Depositi vincol<span class=\"_ _3\"></span>ati - - 1.3 Altri finanziame<span class=\"_ _3\"></span>nti: - - - Pronti contro term<span class=\"_ _3\"></span>ine attivi - - - Leasing finanzia<span class=\"_ _3\"></span>rio - - - Altri - - 2. Titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 2.1 Titoli strutturati<span class=\"_ _3\"></span> - - 2.2 Altri titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>Totale 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 4.5 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche oggetto di copertu<span class=\"_ _0\"></span>ra specifica Non si segnalano Cred<span class=\"_ _0\"></span>iti verso banch<span class=\"_ _0\"></span>e oggetto di copertura specifica riferibili <span class=\"_ _0\"></span>a societ\u00e0 Assicurative. 4.6 Bis Crediti verso <span class=\"_ _0\"></span>clientela: composizione m<span class=\"_ _0\"></span>erceologica  (milioni di euro) Voci 31.12.2022 31.12.2021 Valore di bilancio Valore di bilancio Non Deteriorati Deteriorati Fair value Non Deteriorati Deteriorati Fair value Acquistati Altri Livello 1 Livello 2 Livello 3 Acquistati Altri Livello 1 Livello 2 Livello 3 Finanziamenti 5 - - - 4 1 8 - - - 8 - 1. Conti correnti - - - X X X - - - X X X 2. Pronti contro termine attivi - - - X X X - - - X X X 3. Mutui - - - X X X - - - X X X 4. Carte di credito, prestiti personali e cessioni del quinto - - - X X X - - - X X X 5. Leasing finanziario - - - X X X - - - X X X 6. Factoring - - - X X X - - - X X X 7. Altri finanziamenti 5 - - X X X 8 - - X X X Titoli di debito 35<span class=\"ls0\"> </span>- - - 30<span class=\"ls0\"> </span>5 36<span class=\"ls0\"> </span>- - - 31<span class=\"ls0\"> </span>5 8. Titoli strutturati - - - X X X - - - X X X 9. Altri titoli di debito 35<span class=\"ls0\"> </span>- - X X X 36<span class=\"ls0\"> </span>- - X X X Totale 40<span class=\"ls0\"> </span>- - - 34<span class=\"ls0\"> </span>6 44<span class=\"ls0\"> </span>- - - 39<span class=\"ls0\"> </span>5<span class=\"_ _90\"> </span> 4.7 Bis Crediti verso client<span class=\"_ _0\"></span>ela: composizione p<span class=\"_ _0\"></span>er debitori/emitt<span class=\"_ _0\"></span>enti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Non Deteriorati Deteriorati Non Deteriorati Deteriorati Acquistati Altri  Acquistati<span class=\"_ _0\"></span> Altri 1. Titoli <span class=\"_ _0\"></span>di Debit<span class=\"_ _0\"></span>o 35<span class=\"ls0\"> </span>- - 36<span class=\"ls0\"> </span>- - a) <span class=\"ls0\">Governi </span>- - - - - - b) Altri Enti<span class=\"_ _0\"></span> pubblici - - - - - - c) Altri e<span class=\"_ _0\"></span>mittenti  35<span class=\"ls0\"> </span>- - 36<span class=\"ls0\"> </span>- - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 20<span class=\"ls0\"> </span>- - 21<span class=\"ls0\"> </span>- - - imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie 15<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>- - - assicurazion<span class=\"_ _35\"></span>i - - - - - - - altri - - - - - - 2. Finan<span class=\"_ _0\"></span>ziamenti ve<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>so: 5 - - 8 - - a) Governi<span class=\"_ _0\"></span> - - - - - - b) Altri Enti<span class=\"_ _0\"></span> pubblici - - - - - - c) Altri sogge<span class=\"_ _35\"></span>tti 5 - - 8 - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - - - - - imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie 4 - - 7 - - - assicurazion<span class=\"_ _35\"></span>i - - - - - - - altri 1 - - 1 - - Totale 40<span class=\"ls0\"> </span>- - 44<span class=\"ls0\"> </span>- - 4.8 Bis Crediti verso client<span class=\"_ _0\"></span>ela oggetto di coper<span class=\"_ _0\"></span>tura specifica Non si segnalano Cred<span class=\"_ _0\"></span>iti verso clientela ogge<span class=\"_ _0\"></span>tto di copertura spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifica riferibili <span class=\"_ _0\"></span>a societ\u00e0 Assicurative.<span class=\"_ _90\"> </span>SEZIONE 5 - DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 50 Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>gli obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategi<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura si <span class=\"_ _3\"></span>rinvia <span class=\"_ _3\"></span>all\u2019informativa f<span class=\"_ _3\"></span>ornita nell\u2019ambito </span>della Parte E <span class=\"ff4\">\u2013</span> Informazio<span class=\"_ _0\"></span>ni sui rischi e sulle r<span class=\"_ _0\"></span>elative politiche di <span class=\"_ _0\"></span>copertura, Sezione 2 <span class=\"_ _3\"></span>- Rischi di merca<span class=\"_ _0\"></span>to.  5.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipologia di copertu<span class=\"_ _0\"></span>ra e per livelli (milioni di eur<span class=\"_ _35\"></span>o) Fair value 31.12.2022<span class=\"_ _0\"></span> Valore noziona<span class=\"_ _0\"></span>le Fair value<span class=\"_ _0\"></span> 31.12.2021 Valore noziona<span class=\"_ _0\"></span>le Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> A. Derivat<span class=\"_ _0\"></span>i finanziari<span class=\"_ _0\"></span> 1. Fair Valu<span class=\"_ _0\"></span>e - 10.061 - 177.498 - 1.719 - 186.185 2. Flussi <span class=\"_ _0\"></span>Finanziari - 1 - 893<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 3.961 3. Investi<span class=\"_ _0\"></span>menti esteri<span class=\"_ _0\"></span> - - - 28<span class=\"ls0\"> </span>- - - - B. Derivat<span class=\"_ _0\"></span>i creditizi 1. Fair Valu<span class=\"_ _0\"></span>e - - - - - - - - 2. Flussi <span class=\"_ _0\"></span>Finanziari - - - - - - - - Totale - 10.062 - 178.419 - 1.732 - 190.146 Il  fair  val<span class=\"_ _0\"></span>ue  lordo <span class=\"_ _16\"> </span>positivo  delle  a<span class=\"_ _0\"></span>ttivit\u00e0  in  D<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rivati  di <span class=\"_ _16\"> </span>copertura  po<span class=\"_ _0\"></span>ste  in  es<span class=\"_ _0\"></span>sere  con  il <span class=\"_ _16\"> </span>compensatore  legal<span class=\"_ _0\"></span>e  LCH  L<span class=\"_ _0\"></span>td., soddisfacendo <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>tra <span class=\"_ _7\"> </span>saldi  lordi <span class=\"_ _16\"> </span>positivi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negativi <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _16\"> </span>IAS <span class=\"_ _7\"> </span>32 paragrafo <span class=\"_ _4\"> </span>42, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>netto <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>Passivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>di negoziazione.<span class=\"ff9 fs19\"> </span>5.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per p<span class=\"_ _0\"></span>ortafogli coper<span class=\"_ _0\"></span>ti e per ti<span class=\"_ _3\"></span>pologia di copertur<span class=\"_ _0\"></span>a (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> Fair Value Flussi finanziari<span class=\"_ _3\"></span> Investim. esteri Specifica Generica SpecificaGenericatitoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro<span class=\"ls0\"> </span>credito merci altri 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatto sulla r<span class=\"_ _3\"></span>edditivit\u00e0 com<span class=\"_ _3\"></span>plessiva 2.566 - 263<span class=\"ls0\"> </span>- X X X - X X 2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato 2.876 X 3 - X X X 1 X X 3. Portafoglio<span class=\"_ _3\"></span> X X X X X X 3.803 X - X 4. Altre operazioni<span class=\"_ _3\"></span> - - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> 5.442 - 266<span class=\"ls0\"> </span>- - - 3.803 1 - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie 476<span class=\"ls0\"> </span>X 60<span class=\"ls0\"> </span>- - - X - X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X X 14<span class=\"ls0\"> </span>X - X Totale passivit\u00e0<span class=\"_ _3\"></span> 476<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>- - - 14<span class=\"ls0\"> </span>- - - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 finanziarie X X X X X X - X - - Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>indicato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>positivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>suddiviso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _3\"></span>passivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _5\"></span>coperta<span class=\"_ _0\"></span> </span>ed alla tipologia di cop<span class=\"_ _0\"></span>ertura realizzata. Considerando <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>compensazione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prevalenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>ne<span class=\"_ _6\"></span>lla copertura specifica di f<span class=\"_ _0\"></span>air value dei titoli <span class=\"_ _0\"></span>di debito dell\u2019atti<span class=\"_ _0\"></span>vo nonch\u00e9 nella cop<span class=\"_ _0\"></span>ertura ge<span class=\"_ _2\"></span><span class=\"ff1\">nerica di fair <span class=\"_ _0\"></span>value di crediti erogati.<span class=\"_ _90\"> </span></span>SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 </span>FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO - VOCE 10 1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.3 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei tito<span class=\"_ _0\"></span>li in circolazione<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia titoli / V<span class=\"_ _3\"></span>alori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Titoli 1. obbligazioni<span class=\"_ _3\"></span> 64.838 41.748 22.980 29<span class=\"ls0\"> </span>75.050 47.030 29.971 42<span class=\"ls0\"> </span>1.1 strutturate<span class=\"_ _3\"></span> 1.806 397<span class=\"ls0\"> </span>1.361 29<span class=\"ls0\"> </span>2.262 246<span class=\"ls0\"> </span>2.038 42<span class=\"ls0\"> </span>1.2 altre 63.032 41.351 21.619 - 72.788 46.784 27.933 - 2. altri titoli 11.241 - 9.280 1.961 11.508 - 8.837 2.671 2.1 strutturati - - - - - - - - 2.2 altri 11.241 - 9.280 1.961 11.508 - 8.837 2.671 Totale 76.079 41.748 32.260 1.990 86.558 47.030 38.808 2.713 1.4 Dettaglio dei debiti<span class=\"_ _0\"></span> / titoli sub<span class=\"_ _0\"></span>ordinati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti subordinati v<span class=\"_ _0\"></span>erso banche e clientela<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Alla data di riferim<span class=\"_ _0\"></span>ento si rilevano titoli <span class=\"_ _0\"></span>in circolazione su<span class=\"_ _0\"></span>bordinati per 12.474 <span class=\"_ _3\"></span>milioni, ascrivibili int<span class=\"_ _0\"></span>eramente alla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> 1.5 Dettaglio dei debiti<span class=\"_ _0\"></span> strutturati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano in esser<span class=\"_ _0\"></span>e debiti struttur<span class=\"_ _0\"></span>ati.<span class=\"_ _3\"></span> 1.6 Debiti per leasing <span class=\"fff fs6 fc0\"> </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _3\"></span>mbre 2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano ha <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1.315 <span class=\"_ _5\"></span>milioni, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>238 <span class=\"_ _2\"></span>milioni in <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno, 622 milioni in scadenz<span class=\"_ _0\"></span>a tra 1 e 5 anni e 455<span class=\"_ _0\"></span> milioni in scadenza <span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltre i 5 anni<span class=\"_ _3\"></span>. I debiti per leasing si<span class=\"_ _0\"></span> riferiscono per 1.30<span class=\"_ _0\"></span>9 milioni a controparti <span class=\"_ _0\"></span>clientela e per 6 milioni<span class=\"_ _3\"></span><span class=\"fc5\"> </span>a controparti ban<span class=\"_ _0\"></span>che.  Gli <span class=\"ff4\">stessi derivano dall<span class=\"_ _0\"></span>\u2019applicazione, con d<span class=\"_ _0\"></span>ecorrenza 1\u00b0 gennaio<span class=\"_ _0\"></span> 2019, del principio c<span class=\"_ _0\"></span>ontabile IFRS 16 relativo <span class=\"_ _0\"></span>al Leasing<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>SEZIONE 1 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 - VOCE 15<span class=\"ff1 fs0 fc0\"> </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>15 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al<span class=\"_ _5\"></span>le imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>revisti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 stata <span class=\"_ _18\"> </span>infatti <span class=\"_ _17\"> </span>creata <span class=\"_ _1c\"> </span>la <span class=\"_ _17\"> </span>\u201cVoce <span class=\"_ _17\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _18\"> </span>Passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>pertinenza <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>assicurazione <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato ai sensi <span class=\"_ _0\"></span>dello IAS 39\u201d che accogl<span class=\"_ _0\"></span>ie componenti di <span class=\"_ _0\"></span>cui al seguente sc<span class=\"_ _0\"></span>hema:<span class=\"_ _3\"></span><span class=\"ff1\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fs0 fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 15 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 10. Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>20. Debiti<span class=\"_ _0\"></span> verso la cli<span class=\"_ _0\"></span>entela 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>30. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 1.334 1.335 TOTALE<span class=\"_ _0\"></span>  Voce 15 2.550 2.146 1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>1.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso ban<span class=\"_ _0\"></span>che\u201d: debiti subo<span class=\"_ _0\"></span>rdinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al 31 dicembre 2022 si<span class=\"_ _0\"></span> rilevano debiti su<span class=\"_ _0\"></span>bordinati per 607 milio<span class=\"_ _0\"></span>ni, ascrivibili interam<span class=\"_ _0\"></span>ente ad Intesa Sanpa<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lo Vita.<span class=\"_ _2\"></span><span class=\"fs12\"> </span>1.3 Bis <span class=\"ff6\">Dettaglio della <span class=\"_ _0\"></span>voce \u201cDebiti verso banche<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span></span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti strutturati di per<span class=\"_ _0\"></span>tinenza delle Imp<span class=\"_ _0\"></span>rese di Assicurazione.<span class=\"_ _3\"></span> 1.4 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> oggetto di cop<span class=\"_ _0\"></span>ertura specifica Al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>segnalano <span class=\"_ _4\"></span>debiti <span class=\"_ _4\"></span>verso <span class=\"_ _6\"></span>banche <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>Imprese <span class=\"_ _4\"> </span>di Assicurazione. 1.5 Bis Debiti per lea<span class=\"_ _0\"></span>sing Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano debiti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r operazioni di le<span class=\"_ _0\"></span>asing verso banche.<span class=\"_ _90\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.7 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti <span class=\"ff5\">subordinati </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela <span class=\"_ _0\"></span>subordinati di pertin<span class=\"_ _0\"></span>enza delle Impres<span class=\"_ _0\"></span>e di Assicurazione<span class=\"_ _2\"></span><span class=\"ff15\">.<span class=\"_ _90\"> </span></span>1.8 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela strutturati di perti<span class=\"_ _0\"></span>nenza delle Imprese di<span class=\"_ _0\"></span> Assicurazione. 1.9 Bis Debiti verso cli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntela oggetto di copertur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> specifica Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _6\"></span>Debiti <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle  Im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i Assicurazione.<span class=\"fs12\"> </span>1.10 Bis Debiti per le<span class=\"_ _0\"></span>asing Al 31 dicembre 2022 risultano in essere debiti per leasing verso clientela<span class=\"_ _0\"></span> per 6 milioni quasi interamente in scadenza tra 1 <span class=\"_ _2\"></span>e 5 anni. Gli stessi derivano d<span class=\"_ _0\"></span>all\u2019applicazione, c<span class=\"_ _0\"></span>on decorrenza 1\u00b0 <span class=\"_ _3\"></span><span class=\"ff1\">gennaio 2<span class=\"_ _0\"></span>019, del principio conta<span class=\"_ _0\"></span>bile IFRS 16 relativo al<span class=\"_ _0\"></span> Leasing<span class=\"_ _3\"></span>. </span>1.11 Bis Titoli in circol<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione: composizione m<span class=\"_ _0\"></span>erceologica<span class=\"fs9\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> titoli / Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021 Valore di<span class=\"_ _0\"></span> bilancio Fair Value Valore di<span class=\"_ _0\"></span> bilancio Fair Value<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A.Titoli 1. Obbliga<span class=\"_ _0\"></span>zioni 1.334 - 1.171 - 1.335 - 1.338 - 1.1 struttura<span class=\"_ _0\"></span>te - - - - - - - - 1.2 altre 1.334 - 1.171 - 1.335 - 1.338 - 2. Altri titoli<span class=\"_ _0\"></span> - - - - - - - - 2.1 struttura<span class=\"_ _0\"></span>ti - - - - - - - - 2.2 altri - - - - - - - - Totale 1.334 - 1.171 - 1.335 - 1.338 - 1.12 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli su<span class=\"_ _35\"></span>bordinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"></span>risultano <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.334 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>completamente <span class=\"_ _5\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>altre obbligazioni- livello 2 (fair <span class=\"_ _0\"></span>value 1.171 milioni); <span class=\"_ _0\"></span>alla fine del 2021 <span class=\"_ _0\"></span>erano pari a 1.335 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-131.68286px;\"><div class=\"t m0 x0 h24 y4 ff6 fs0 fc2 sc0 ls0 ws0\">1.13 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli og<span class=\"_ _35\"></span>ge<span class=\"_ _3\"></span>tto di copertura spe<span class=\"_ _0\"></span>cifica<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 ycaf ff1 fs0 fc0 sc0 ls0 ws0\">Non si segnalano Titoli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> circolazione ogg<span class=\"_ _0\"></span>etto di copertura spe<span class=\"_ _0\"></span>cifica riferibili a soci<span class=\"_ _0\"></span>et\u00e0 Assicurative<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff15\">. </span></div><div class=\"t m0 x0 h19 y169 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y10bf ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yc02 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y970 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 2 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI NEGOZIAZIONE\u2013</span> VOCE 20 </div><div class=\"t m0 x0 h2 y1394 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11e6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1419 ff5 fs0 fc2 sc0 ls0 ws0\">2.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie di negoziazione:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica </div><div class=\"t m0 x0 h2 y128d ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w34b h42\" style=\"left:535.37164px; bottom:730.19116px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w347 h102\" style=\"left:-4.050377px; bottom:718.49115px;\"><div class=\"t m0 x41 ha y13d ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia operazio<span class=\"_ _3\"></span>ni/Valori </div></div><div class=\"c w34c h43\" style=\"left:147.91962px; bottom:706.79114px;\"><div class=\"t m0 x7a ha y746 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w34d h43\" style=\"left:386.5086px; bottom:706.79114px;\"><div class=\"t m0 xc2 ha y746 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w26e h165\" style=\"left:147.91962px; bottom:656.0911px;\"><div class=\"t m0 xae ha ya64 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x8 ha y141a ff5 fs4 fc2 sc0 ls0 ws0\">nominale </div><div class=\"t m0 x98 ha ybfb ff5 fs4 fc2 sc0 ls32 ws0\">o </div><div class=\"t m0 x41 ha y732 ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w34e h8c\" style=\"left:198.65863px; bottom:681.36316px;\"><div class=\"t m0 xd5 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w349 h165\" style=\"left:347.50864px; bottom:656.0911px;\"><div class=\"t m0 xae ha ya64 ff5 fs4 fc2 sc0 ls0 ws0\">Fair </div><div class=\"t m0 x1a ha y141a ff5 fs4 fc2 sc0 ls0 ws0\">value </div><div class=\"t m0 x94 ha ybfb ff5 fs4 fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w34a h165\" style=\"left:386.5086px; bottom:656.0911px;\"><div class=\"t m0 x94 ha ya64 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x41 ha y141a ff5 fs4 fc2 sc0 ls0 ws0\">nominale o </div><div class=\"t m0 x1a ha ybfb ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w336 h8c\" style=\"left:443.2926px; bottom:681.36316px;\"><div class=\"t m0 xa4 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w230 h165\" style=\"left:580.92365px; bottom:656.0911px;\"><div class=\"t m0 x97 ha ya64 ff5 fs4 fc2 sc0 ls0 ws0\">Fair </div><div class=\"t m0 x1a ha y141a ff5 fs4 fc2 sc0 ls0 ws0\">value </div><div class=\"t m0 x94 ha ybfb ff5 fs4 fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w21 h7e\" style=\"left:198.65863px; bottom:656.0911px;\"><div class=\"t m0 x12 h2c y6ea ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w33 h7e\" style=\"left:247.64264px; bottom:656.0911px;\"><div class=\"t m0 x12 h2c y6ea ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w348 h7e\" style=\"left:296.4706px; bottom:656.0911px;\"><div class=\"t m0 x12 h2c y6ea ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w28e h7e\" style=\"left:443.2926px; bottom:656.0911px;\"><div class=\"t m0 x8 hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w232 h7e\" style=\"left:490.09265px; bottom:656.0911px;\"><div class=\"t m0 x8 hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w34f h7e\" style=\"left:535.37164px; bottom:656.0911px;\"><div class=\"t m0 x45 hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w1c h42\" style=\"left:-4.050377px; bottom:640.49115px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Passivit\u00e0 per c<span class=\"_ _3\"></span>assa </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:620.99115px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Debiti verso <span class=\"_ _3\"></span>banche </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:620.99115px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.729 </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:620.99115px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.240 </div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:620.99115px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:620.99115px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:620.99115px;\"><div class=\"t m0 x1a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.239 </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:620.99115px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">19.827 </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:620.99115px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">22.222 </div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:620.99115px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:620.99115px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:620.99115px;\"><div class=\"t m0 x8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">22.262 </div></div><div class=\"c w347 h5e\" style=\"left:-4.050377px; bottom:601.45215px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Debiti verso clie<span class=\"_ _3\"></span>ntela  </div></div><div class=\"c w26e h5e\" style=\"left:147.91962px; bottom:601.45215px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.121 </div></div><div class=\"c w21 h5e\" style=\"left:198.65863px; bottom:601.45215px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.001 </div></div><div class=\"c w33 h5e\" style=\"left:247.64264px; bottom:601.45215px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h5e\" style=\"left:296.4706px; bottom:601.45215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h5e\" style=\"left:347.50864px; bottom:601.45215px;\"><div class=\"t m0 x1a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.001 </div></div><div class=\"c w34a h5e\" style=\"left:386.5086px; bottom:601.45215px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h5e\" style=\"left:443.2926px; bottom:601.45215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h5e\" style=\"left:490.09265px; bottom:601.45215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h5e\" style=\"left:535.37164px; bottom:601.45215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h5e\" style=\"left:580.92365px; bottom:601.45215px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:581.95215px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:581.95215px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.000 </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:581.95215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:581.95215px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.779 </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:581.95215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:581.95215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:581.95215px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.324 </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:581.95215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:581.95215px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.459 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:581.95215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:581.95215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h6a\" style=\"left:-4.050377px; bottom:565.26013px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.1 Obbligazioni <span class=\"_ _3\"></span> </div></div><div class=\"c w26e h6a\" style=\"left:147.91962px; bottom:565.26013px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h6a\" style=\"left:198.65863px; bottom:565.26013px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h6a\" style=\"left:247.64264px; bottom:565.26013px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h6a\" style=\"left:296.4706px; bottom:565.26013px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h6a\" style=\"left:347.50864px; bottom:565.26013px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h6a\" style=\"left:386.5086px; bottom:565.26013px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h6a\" style=\"left:443.2926px; bottom:565.26013px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h6a\" style=\"left:490.09265px; bottom:565.26013px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h6a\" style=\"left:535.37164px; bottom:565.26013px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h6a\" style=\"left:580.92365px; bottom:565.26013px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:548.7241px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.1.1 Strutturate <span class=\"_ _3\"></span> </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:548.7241px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:548.7241px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:548.7241px;\"><div class=\"t m0 x98 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:548.7241px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:548.7241px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:548.7241px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:548.7241px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:548.7241px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:548.7241px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:548.7241px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:532.1881px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.1.2 Altre obbligazi<span class=\"_ _3\"></span>oni  </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:532.1881px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:532.1881px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:532.1881px;\"><div class=\"t m0 x98 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:532.1881px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:532.1881px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:532.1881px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:532.1881px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:532.1881px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:532.1881px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:532.1881px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:515.65216px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3\"></span> </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:515.65216px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.000 </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:515.65216px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:515.65216px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.779 </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:515.65216px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:515.65216px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:515.65216px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.324 </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:515.65216px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:515.65216px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.459 </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:515.65216px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:515.65216px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h6a\" style=\"left:-4.050377px; bottom:498.96014px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.2.1 Strutturati <span class=\"_ _3\"></span> </div></div><div class=\"c w26e h6a\" style=\"left:147.91962px; bottom:498.96014px;\"><div class=\"t m0 x9b h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.000 </div></div><div class=\"c w21 h6a\" style=\"left:198.65863px; bottom:498.96014px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h6a\" style=\"left:247.64264px; bottom:498.96014px;\"><div class=\"t m0 x88 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.779 </div></div><div class=\"c w348 h6a\" style=\"left:296.4706px; bottom:498.96014px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h6a\" style=\"left:347.50864px; bottom:498.96014px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h6a\" style=\"left:386.5086px; bottom:498.96014px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.324 </div></div><div class=\"c w28e h6a\" style=\"left:443.2926px; bottom:498.96014px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h6a\" style=\"left:490.09265px; bottom:498.96014px;\"><div class=\"t m0 xae h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.459 </div></div><div class=\"c w34f h6a\" style=\"left:535.37164px; bottom:498.96014px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h6a\" style=\"left:580.92365px; bottom:498.96014px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:482.42413px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">3.2.2 Altri </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:482.42413px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:482.42413px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:482.42413px;\"><div class=\"t m0 x98 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:482.42413px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:482.42413px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:482.42413px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:482.42413px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:482.42413px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:482.42413px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:482.42413px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:462.92413px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:462.92413px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.850 </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:462.92413px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.241 </div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:462.92413px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.779 </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:462.92413px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:462.92413px;\"><div class=\"t m0 x1a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.240 </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:462.92413px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">23.151 </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:462.92413px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">22.222 </div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:462.92413px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.499 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:462.92413px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:462.92413px;\"><div class=\"t m0 x8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">22.262 </div></div><div class=\"c w1c h41\" style=\"left:-4.050377px; bottom:446.38812px;\"><div class=\"t m0 x41 ha y118b ff5 fs4 fc2 sc0 ls0 ws0\"> B. Strumenti deri<span class=\"_ _3\"></span>vati </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:426.88812px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:426.88812px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:426.88812px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:426.88812px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">35.363 </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:426.88812px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:426.88812px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:426.88812px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:426.88812px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:426.88812px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">28.107 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:426.88812px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:426.88812px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:410.3521px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Di negoziazi<span class=\"_ _3\"></span>one </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:410.3521px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:410.3521px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:410.3521px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">35.343 </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:410.3521px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:410.3521px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:410.3521px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:410.3521px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:410.3521px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">28.072 </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:410.3521px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:410.3521px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h8c\" style=\"left:-4.050377px; bottom:384.92413px;\"><div class=\"t m0 x95 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Connessi con la<span class=\"_ _3\"></span> fair value </div><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">option </div></div><div class=\"c w26e h8c\" style=\"left:147.91962px; bottom:384.92413px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h8c\" style=\"left:198.65863px; bottom:384.92413px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h8c\" style=\"left:247.64264px; bottom:384.92413px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h8c\" style=\"left:296.4706px; bottom:384.92413px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h8c\" style=\"left:347.50864px; bottom:384.92413px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h8c\" style=\"left:386.5086px; bottom:384.92413px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h8c\" style=\"left:443.2926px; bottom:384.92413px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h8c\" style=\"left:490.09265px; bottom:384.92413px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h8c\" style=\"left:535.37164px; bottom:384.92413px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h8c\" style=\"left:580.92365px; bottom:384.92413px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h69\" style=\"left:-4.050377px; bottom:368.36215px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.3 Altri </div></div><div class=\"c w26e h69\" style=\"left:147.91962px; bottom:368.36215px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h69\" style=\"left:198.65863px; bottom:368.36215px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h69\" style=\"left:247.64264px; bottom:368.36215px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w348 h69\" style=\"left:296.4706px; bottom:368.36215px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h69\" style=\"left:347.50864px; bottom:368.36215px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h69\" style=\"left:386.5086px; bottom:368.36215px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h69\" style=\"left:443.2926px; bottom:368.36215px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h69\" style=\"left:490.09265px; bottom:368.36215px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w34f h69\" style=\"left:535.37164px; bottom:368.36215px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h69\" style=\"left:580.92365px; bottom:368.36215px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:348.86215px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _3\"></span>i </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:348.86215px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:348.86215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:348.86215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">943<span class=\"ls0\"> </span></div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:348.86215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:348.86215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:348.86215px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:348.86215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:348.86215px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.340 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:348.86215px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:348.86215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:332.32614px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.1 Di negoziazi<span class=\"_ _3\"></span>one </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:332.32614px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:332.32614px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:332.32614px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">943<span class=\"ls0\"> </span></div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:332.32614px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:332.32614px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:332.32614px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:332.32614px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:332.32614px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.340 </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:332.32614px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:332.32614px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h8c\" style=\"left:-4.050377px; bottom:306.89813px;\"><div class=\"t m0 x95 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">2.2 Connessi con la<span class=\"_ _3\"></span> fair value </div><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">option </div></div><div class=\"c w26e h8c\" style=\"left:147.91962px; bottom:306.89813px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h8c\" style=\"left:198.65863px; bottom:306.89813px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h8c\" style=\"left:247.64264px; bottom:306.89813px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h8c\" style=\"left:296.4706px; bottom:306.89813px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h8c\" style=\"left:347.50864px; bottom:306.89813px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h8c\" style=\"left:386.5086px; bottom:306.89813px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h8c\" style=\"left:443.2926px; bottom:306.89813px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h8c\" style=\"left:490.09265px; bottom:306.89813px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h8c\" style=\"left:535.37164px; bottom:306.89813px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h8c\" style=\"left:580.92365px; bottom:306.89813px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h41\" style=\"left:-4.050377px; bottom:290.36215px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.3 Altri </div></div><div class=\"c w26e h41\" style=\"left:147.91962px; bottom:290.36215px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h41\" style=\"left:198.65863px; bottom:290.36215px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h41\" style=\"left:247.64264px; bottom:290.36215px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h41\" style=\"left:296.4706px; bottom:290.36215px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w349 h41\" style=\"left:347.50864px; bottom:290.36215px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h41\" style=\"left:386.5086px; bottom:290.36215px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h41\" style=\"left:443.2926px; bottom:290.36215px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:490.09265px; bottom:290.36215px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h41\" style=\"left:535.37164px; bottom:290.36215px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:580.92365px; bottom:290.36215px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:270.86215px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:270.86215px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:270.86215px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:270.86215px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">36.306 </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:270.86215px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:270.86215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:270.86215px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:270.86215px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:270.86215px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">30.447 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:270.86215px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:270.86215px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w347 h47\" style=\"left:-4.050377px; bottom:249.33414px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale (A+B) </div></div><div class=\"c w26e h47\" style=\"left:147.91962px; bottom:249.33414px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.850 </div></div><div class=\"c w21 h47\" style=\"left:198.65863px; bottom:249.33414px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.285 </div></div><div class=\"c w33 h47\" style=\"left:247.64264px; bottom:249.33414px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">39.085 </div></div><div class=\"c w348 h47\" style=\"left:296.4706px; bottom:249.33414px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w349 h47\" style=\"left:347.50864px; bottom:249.33414px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34a h47\" style=\"left:386.5086px; bottom:249.33414px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">23.151 </div></div><div class=\"c w28e h47\" style=\"left:443.2926px; bottom:249.33414px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">22.241 </div></div><div class=\"c w232 h47\" style=\"left:490.09265px; bottom:249.33414px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">33.946 </div></div><div class=\"c w34f h47\" style=\"left:535.37164px; bottom:249.33414px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w230 h47\" style=\"left:580.92365px; bottom:249.33414px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c h70\" style=\"left:-4.050377px; bottom:227.33813px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'emitten<span class=\"_ _3\"></span>te rispet<span class=\"_ _3\"></span>to alla dat<span class=\"_ _3\"></span>a di emissione.<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-131.68286px;\"><div class=\"t m0 x0 h61 yf27 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1f6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3a3 ff1 fs0 fc0 sc0 lsd ws0\">I <span class=\"ff4 ls0\">Debiti verso ba<span class=\"_ _0\"></span>nche e clientela rap<span class=\"_ _0\"></span>presentano, per l\u2019intero<span class=\"_ _0\"></span> ammontare, le posi<span class=\"_ _0\"></span>zioni in \u201cscoperti tecnic<span class=\"_ _0\"></span>i\u201d sui titoli.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y162 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019aggregato 3.2.1 <span class=\"_ _3\"></span>Altri <span class=\"_ _3\"></span>Titoli <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>strutturati <span class=\"_ _3\"></span>include i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>cartolarizzati che <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza prevedono <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>parziale o </span></div><div class=\"t m0 x0 h2 y3a4 ff1 fs0 fc0 sc0 ls0 ws0\">inte<span class=\"ff4\">grale dei <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>versati, ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Comunicazione di <span class=\"_ _3\"></span>Banca d\u2019Italia <span class=\"_ _3\"></span>del 21 <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2014, emessi <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutto </span></div><div class=\"t m0 x0 h2 y3a5 ff1 fs0 fc0 sc0 ls0 ws0\">il 2019.  </div><div class=\"t m0 x0 h2 y3a6 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>includono <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>5.017 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>certificates <span class=\"_ _2\"></span>aventi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche a<span class=\"_ _3\"></span>ssimilabili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione </div><div class=\"t m0 x0 h2 y3a7 ff1 fs0 fc0 sc0 ls0 ws0\">della prevalenza dei <span class=\"_ _0\"></span>rischi di mercato ris<span class=\"_ _0\"></span>petto alla restituzion<span class=\"_ _0\"></span>e dei premi versati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3a8 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair value r<span class=\"_ _3\"></span>ilevate nell\u2019esercizio per <span class=\"_ _3\"></span>il ca<span class=\"_ _3\"></span>mbiamento del <span class=\"_ _3\"></span>proprio merito di <span class=\"_ _3\"></span>credito sono <span class=\"_ _3\"></span>risultate positive <span class=\"_ _6\"></span><span class=\"ff1\">per <span class=\"_ _3\"></span>229 </span></div><div class=\"t m0 x0 h2 y141f ff1 fs0 fc0 sc0 ls0 ws0\">milioni e si riferiscono a Strum<span class=\"_ _0\"></span>enti derivati ed a Tit<span class=\"_ _0\"></span>oli di debito - Altri titoli. </div><div class=\"t m0 x0 h2e y64c ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y1420 ff1 fsa fc0 sc0 ls0 ws0\">I valori al 31 dicembre 2022 deg<span class=\"_ _0\"></span>li Strumenti deriva<span class=\"_ _0\"></span>ti includono i risulta<span class=\"_ _0\"></span>ti della compensazione<span class=\"_ _0\"></span> contabile tra saldi lordi po<span class=\"_ _35\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _3\"></span>ivi e negativi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2e y1421 ff1 fsa fc0 sc0 ls0 ws0\">dei <span class=\"_ _6\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>compe<span class=\"_ _3\"></span>nsatore <span class=\"_ _5\"></span>legale <span class=\"_ _5\"></span>LCH <span class=\"_ _5\"></span>Ltd. <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>soddisfano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32 </div><div class=\"t m0 x0 h2e y839 ff1 fsa fc0 sc0 ls31 ws0\">paragrafo 42.<span class=\"ls0\"> </span></div><div class=\"t m0 x0 h2e y110e ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y5b2 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yef0 ff5 fs0 fc2 sc0 ls0 ws0\">2.2 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": passi<span class=\"_ _0\"></span>vit\u00e0 subordinate  </div><div class=\"t m0 x0 h32 ya8b ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019aggregato Passivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione include passivit\u00e0 s<span class=\"_ _3\"></span>ubordinate rappresentate da Debiti <span class=\"_ _3\"></span>verso banche per <span class=\"_ _3\"></span>214 </div><div class=\"t m0 x0 h2 yeb7 ff1 fs0 fc0 sc0 ls0 ws0\">milioni e Debiti verso c<span class=\"_ _0\"></span>lientela per 36 milio<span class=\"_ _0\"></span>ni. </div><div class=\"t m0 x0 h2 y457 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>2.3 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": debiti s<span class=\"_ _0\"></span>trutturati Al 31 dicembre 2022 i <span class=\"_ _0\"></span>debiti strutturati cl<span class=\"_ _0\"></span>assificati nella voce Pa<span class=\"_ _0\"></span>ssivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione amm<span class=\"_ _0\"></span>ontano a 300 milioni verso clientela e 57 milio<span class=\"_ _0\"></span>ni verso banch<span class=\"_ _0\"></span>e, da riferire a debiti <span class=\"_ _0\"></span>da scoperti tecnici s<span class=\"_ _0\"></span>u titoli obbligazi<span class=\"_ _0\"></span>onari a tasso fisso in<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icizzati, quale componente agg<span class=\"_ _0\"></span>iuntiva, all\u2019inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _90\"> </span>SEZIONE 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DESIGNATE AL FAIR VALUE</span>- VOCE 30 3.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie designate al fair <span class=\"_ _0\"></span>value: composizio<span class=\"_ _0\"></span>ne merceologica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 5 - 4 - 4 5 - 4 - 4 2.1 Strutturati 5 - 4 - X 5 - 4 - X 2.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 3. Titoli di debito<span class=\"_ _3\"></span> 9.875 - 8.761 30<span class=\"ls0\"> </span>8.719 3.634 6 3.638 26<span class=\"ls0\"> </span>3.566 3.1 Strutturati 9.875 - 8.761 30<span class=\"ls0\"> </span>X 3.634 6 3.638 26<span class=\"ls0\"> </span>X 3.2 Altri - - - - X - - - - X Totale 9.880 - 8.765 30<span class=\"ls0\"> </span>8.723 3.639 6 3.642 26<span class=\"ls0\"> </span>3.570 (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'em<span class=\"_ _3\"></span>ittente ri<span class=\"_ _3\"></span>spetto alla data di<span class=\"_ _3\"></span> emissione.<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>classificato <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Debiti <span class=\"_ _7\"> </span>verso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Co<span class=\"_ _3\"></span>-Investimenti <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>3.0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>lavoro <span class=\"_ _7\"> </span>cessati anzitempo di dipendenti di <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span> e l<span class=\"_ _3\"></span>e polizze vita collegate <span class=\"_ _3\"></span>ad iniziative sociali<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>Banca gestisce sulla base del fair value. La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>3.1 <span class=\"_ _6\"></span>Titoli <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>debito <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>Strutturati <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>certificates <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>prevedono <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>restituzione <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>o integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>versati<span class=\"ff4\">, <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>Comunicazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>(certificates <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>capitale </span>garantito <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>protetto). <span class=\"_ _4\"></span>Quest<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>emessi <span class=\"_ _4\"></span>successivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>1\u00b0 <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Passivit\u00e0 <span class=\"_ _6\"></span>finanziarie designate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(cd. <span class=\"_ _3\"></span>Fair V<span class=\"_ _3\"></span><span class=\"ff4\">alue <span class=\"_ _2\"></span>Option), a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dell\u2019impleme<span class=\"_ _0\"></span>ntazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>improntato </span>a logiche di banking <span class=\"_ _0\"></span>book con l\u2019obiettivo di g<span class=\"_ _0\"></span>enerare una raccolt<span class=\"_ _0\"></span>a stabile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>certificates rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Passivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rilevano <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>attribuibili alle <span class=\"_ _17\"> </span>variazioni <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>proprio <span class=\"_ _17\"> </span>merito <span class=\"_ _17\"> </span>creditizio <span class=\"_ _18\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span><span class=\"ff1\">redditivit\u00e0 <span class=\"_ _18\"> </span>complessiva <span class=\"_ _17\"> </span>(Patrimonio <span class=\"_ _17\"> </span>netto). </span>Nell\u2019esercizio le vari<span class=\"_ _0\"></span>azioni <span class=\"ff1\">del proprio merito creditizi<span class=\"_ _0\"></span>o sono risultate negative per 47 milioni. <span class=\"ff5 fc5\"> </span></span>3.2 Dettaglio \u201cPassiv<span class=\"_ _0\"></span>it\u00e0 finanziarie designate <span class=\"_ _0\"></span>al fair value\u201d: p<span class=\"_ _0\"></span>assivit\u00e0 subordinate<span class=\"ff5\"> </span>Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subord<span class=\"_ _0\"></span>inate classificate nella voce Passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> finanziarie designate <span class=\"_ _2\"></span>al fair value.<span class=\"_ _90\"> </span>SEZIONE 3 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _7\"> </span>riferita <span class=\"_ _5\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne.  In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 35 Passivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese d<span class=\"_ _3\"></span><span class=\"ff1\">i assicurazione <span class=\"_ _0\"></span>designate al fair valu<span class=\"_ _0\"></span>e ai sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie componenti di c<span class=\"_ _0\"></span>ui al seguente schem<span class=\"_ _35\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fs12\">. </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>signate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS 39 - <span class=\"_ _0\"></span>Voce 35 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 40. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 9 103<span class=\"ls0\"> </span>50. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> valutate al fair value<span class=\"_ _0\"></span> 71.565 84.667 60. Deriva<span class=\"_ _0\"></span>ti di Copertur<span class=\"_ _35\"></span>a  170<span class=\"ls0\"> </span>- TOTALE<span class=\"_ _0\"></span>  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Tipologia operazioni/Valori 31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span>1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span>- - - - X - - - - X 3.1.1 Strutturate<span class=\"ls0\"> </span>- - - - X - - - - - 3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - X - - - - - 3.2 Altri titoli<span class=\"ls0\"> </span>- - - - X - - - - X 3.2.1 Strutturati<span class=\"ls0\"> </span>- - - - X - - - - - 3.2.2 Altri<span class=\"ls0\"> </span>- - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati<span class=\"ls0\"> </span>1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 - - X X - 38<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - 8 - X X - 4 - X 1.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X 2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - - - X X - - - X 2.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X Totale B X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X Totale (A+B) X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X (*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span>3.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: passivit\u00e0 subordinat<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione: <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>subordinate, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Imprese <span class=\"_ _5\"></span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022. 3.3 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5\"> </span>Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le  Passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione: <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ebiti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _7\"> </span>non  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rilevano <span class=\"_ _16\"> </span>importi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Imprese <span class=\"_ _7\"> </span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022.<span class=\"_ _90\"> </span>3.4 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valutate <span class=\"_ _0\"></span>al fair value: compo<span class=\"_ _0\"></span>sizione merceologica  (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 2.1 Strutturati - - - - X - - - - X 2.2 Altri 71.565 - 71.565 - X 84.667 - 84.667 - X 3. Titoli di debito<span class=\"_ _3\"></span> - - - - - - - - - - 3.1 Strutturati - - - - X - - - - X 3.2 Altri - - - - X - - - - X Totale 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.5 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair <span class=\"_ _0\"></span>value\u201d: <span class=\"_ _3\"></span><span class=\"ff5\">passivit\u00e0 subordinate<span class=\"fs9\"> </span></span>Al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnalano <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>voce <span class=\"_ _7\"> </span>\u201cPassivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair value\u201d.<span class=\"_ _90\"> </span>3.6 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli gerar<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>hici<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 170<span class=\"ls0\"> </span>- 1.241 - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 170<span class=\"ls0\"> </span>- 1.241 - - - - 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 170<span class=\"ls0\"> </span>- 1.241 - - - -<span class=\"_ _90\"> </span>3.7 Bis Derivati di copertur<span class=\"_ _0\"></span>a: composizione per por<span class=\"_ _0\"></span>tafogli coperti e p<span class=\"_ _0\"></span>er tipologie di copertu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span><span class=\"fs9\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica Specifica Generica Rischio di tasso Rischio di cambio Rischio di credito Rischio di prezzo Pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita<span class=\"_ _3\"></span> - - - - - X - X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenz<span class=\"_ _3\"></span>a X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X 170<span class=\"ls0\"> </span>X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - 170<span class=\"ls0\"> </span>- - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie<span class=\"_ _3\"></span> X X X X X - X - - SEZIONE 4 <span class=\"ff6\">\u2013</span> DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 40 4.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipolo<span class=\"_ _0\"></span>gia di copertura e p<span class=\"_ _0\"></span>er livelli gerarchi<span class=\"_ _0\"></span>ci<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> 31.12.2022 Valore nozionale 31.12.2021 Valore nozionale Fair value Fair value Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari  - 5.346 - 191.704 - 4.868 - 111.607 1) Fair value  - 5.093 - 178.117 - 2.814 - 102.604 2) Flussi finanziari<span class=\"_ _3\"></span> - 253<span class=\"ls0\"> </span>- 13.408 - 2.054 - 9.003 3) Investimenti est<span class=\"_ _3\"></span>eri - - - 179<span class=\"ls0\"> </span>- - - - B. Derivati credi<span class=\"_ _3\"></span>tizi - - - - - - - - 1) Fair value  - - - - - - - - 2) Flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 5.346 - 191.704 - 4.868 - 111.607 Al <span class=\"_ _2\"></span>31.12.2022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>investimenti <span class=\"_ _5\"></span>esteri, <span class=\"_ _2\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>partecipazione<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>in Reyl &amp; Cie SA, con <span class=\"_ _0\"></span>sede in Svizzera. 4.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per portafogli <span class=\"_ _0\"></span>coperti e per tipo<span class=\"_ _0\"></span>logie di copertura (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica SpecificaGenericatitoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro credito merci altri 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a 68<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>- X X X - X X 2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato  972<span class=\"ls0\"> </span>X 161<span class=\"ls0\"> </span>- X X X - X X 3. Portafoglio <span class=\"_ _3\"></span> X X X X X X 3 X 210<span class=\"ls0\"> </span>X 4. Altre operazioni <span class=\"_ _3\"></span> - - - - - - X - X - Totale attivit\u00e0  1.040 - 177<span class=\"ls0\"> </span>- - - 3 - 210<span class=\"ls0\"> </span>- 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie  545<span class=\"ls0\"> </span>X 625<span class=\"ls0\"> </span>- - - X - X X 2. Portafoglio <span class=\"_ _3\"></span> X X X X X X 2.703 X 43<span class=\"ls0\"> </span>X Totale passivit\u00e0 <span class=\"_ _3\"></span> 545<span class=\"ls0\"> </span>- 625<span class=\"ls0\"> </span>- - - 2.703 - 43<span class=\"ls0\"> </span>- 1. Transazioni attes<span class=\"_ _3\"></span>e  X X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _3\"></span> X X X X X X - X - - Nella tabella \u00e8 indicato il fair <span class=\"_ _0\"></span>value negativo dei deri<span class=\"_ _0\"></span>vati di copertura, suddivis<span class=\"_ _0\"></span>o in relazione all\u2019attivit\u00e0 o alla p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 coperta e<span class=\"_ _0\"></span> </span>alla tipologia di copertura rea<span class=\"_ _0\"></span>lizzata. Considerando <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onferma <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prevalenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura generica di portafogli<span class=\"_ _0\"></span> di passivit\u00e0 ra<span class=\"_ _0\"></span>ppresentate da poste a vi<span class=\"_ _0\"></span>sta e dei titoli di d<span class=\"_ _0\"></span>ebito dell\u2019attivo, <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _3\"></span>copertura dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>si riferisce a<span class=\"_ _3\"></span> raccolta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>titoli in c<span class=\"_ _3\"></span>ircolazione a tasso <span class=\"_ _3\"></span>variabile utilizzata per <span class=\"_ _3\"></span>finanziare i<span class=\"_ _6\"></span>mpieghi a tasso fisso.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-954": {
   "value": "A. 4 <span class=\"ff6\">\u2013</span> INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL F<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>IR VAL<span class=\"_ _0\"></span>UE    FAIR <span class=\"_ _7\"></span>VALUE, <span class=\"_ _4\"></span>INDEPEN<span class=\"_ _0\"></span>DENT <span class=\"_ _4\"></span>PRICE <span class=\"_ _7\"></span>VERIFIC<span class=\"_ _0\"></span>ATION <span class=\"_ _4\"></span>E <span class=\"_ _7\"></span>PRUDENT <span class=\"_ _4\"></span>VALUE <span class=\"_ _7\"></span>DEGLI <span class=\"_ _4\"></span>STRUMENTI FINANZI<span class=\"_ _0\"></span>ARI Il <span class=\"_ _6\"></span>quadro <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>articola <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>tre <span class=\"_ _6\"></span>pilastri: <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipi contabili <span class=\"_ _3\"></span>internazionali <span class=\"_ _3\"></span>(IAS/IFRS), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>(I<span class=\"_ _3\"></span>PV <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Independent <span class=\"_ _3\"></span>Price <span class=\"_ _3\"></span>Verification) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> de<span class=\"ls0\">l <span class=\"_ _6\"></span>prudent <span class=\"_ _4\"></span>value, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>ultimi <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>stabiliti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"></span>Capit<span class=\"_ _0\"></span>al <span class=\"_ _4\"></span>Requirement <span class=\"_ _6\"></span>Regulation <span class=\"_ _6\"></span>(CRR). <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>paragrafi <span class=\"_ _6\"></span>descrivono <span class=\"_ _4\"></span>le </span>modalit\u00e0 con cui gli elem<span class=\"_ _35\"></span>ent<span class=\"_ _3\"></span>i citati sono stat<span class=\"_ _0\"></span>i recepiti ed utilizzat<span class=\"_ _0\"></span>i dal Gruppo Intes<span class=\"_ _0\"></span>a Sanpaolo.<span class=\"_ _3\"></span> Principi generali fair value<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Line<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _3\"></span>Stru<span class=\"_ _3\"></span>menti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predisposto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Direzione Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Risk <span class=\"_ _4\"></span>Managem<span class=\"_ _0\"></span>ent <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>applicazione <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>estende <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollate<span class=\"_ _0\"></span> oggetto di consolidame<span class=\"_ _0\"></span>nto, ivi comprese l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Compagnie Assi<span class=\"_ _0\"></span>curative. <span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Valutazione Strumenti <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value\u201d, <span class=\"_ _3\"></span>previo <span class=\"_ _5\"></span><span class=\"ff1\">parere <span class=\"_ _3\"></span>favorevole d<span class=\"_ _3\"></span>el Co<span class=\"_ _3\"></span>mitato <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari d<span class=\"_ _3\"></span>i </span>Gruppo, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>oggetto di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Amministrazione,<span class=\"_ _35\"></span> con il s<span class=\"_ _3\"></span>upporto del Comitato Rischi <span class=\"_ _3\"></span>e Sostenibilit\u00e0. Le \u201cRe<span class=\"_ _3\"></span>gole di Valutazione Stru<span class=\"_ _2\"></span>menti Finanziari al <span class=\"_ _3\"></span>Fair Value\u201d sono o<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> di <span class=\"_ _2\"></span>esame, <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ci\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>interventi  ed <span class=\"_ _7\"> </span>aggiornamenti <span class=\"_ _4\"> </span>materialmente rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Le \u201c<span class=\"_ _3\"></span>Regole per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Investments non <span class=\"_ _3\"></span>quotati\u201d, elaborate d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione Centrale M&amp;A <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Partecipazioni<span class=\"_ _0\"></span> di<span class=\"ls0\"> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>approvate <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>Comitato<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>disciplinano <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di </span>capitale non quotati <span class=\"_ _0\"></span>e degli strumenti finanziar<span class=\"_ _0\"></span>i aventi come sott<span class=\"_ _0\"></span>ostante titoli di capitale<span class=\"_ _0\"></span> non quotati.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13 <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>armonizza <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>relativa <span class=\"_ _2\"></span>informativa, <span class=\"_ _2\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>il prezzo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>pagherebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>regolare <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(ossia <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>liquidazione <span class=\"_ _2\"></span>forzosa <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vendita <span class=\"_ _5\"></span>sottocosto) <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di valutazione. Il <span class=\"_ _3\"></span>fair value \u00e8 <span class=\"_ _3\"></span>un cr<span class=\"_ _3\"></span>iterio di valutazione di <span class=\"_ _3\"></span>mercato, non s<span class=\"_ _3\"></span>pecificatamente riferito alla singola banca. <span class=\"_ _3\"></span>Sottost<span class=\"_ _2\"></span>ante <span class=\"_ _3\"></span>la definizione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  <span class=\"ff4\">value <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>\u2019\u00e8 <span class=\"_ _16\"> </span>la  pre<span class=\"_ _0\"></span>sunzione <span class=\"_ _16\"> </span>che  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>banca <span class=\"_ _16\"> </span>si  trovi<span class=\"_ _0\"></span>  n<span class=\"_ _0\"></span>el <span class=\"_ _16\"> </span>normale  e<span class=\"_ _0\"></span>sercizio <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>attivit\u00e0  s<span class=\"_ _0\"></span>enza <span class=\"_ _16\"> </span>alcuna </span>intenzione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>liquidare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>propri <span class=\"_ _7\"> </span>beni, <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ridurre <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roprie <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>procedere <span class=\"_ _1d\"> </span>alla definizione di transa<span class=\"_ _0\"></span>zioni a condizioni sfavorevoli. La <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di un\u2019<span class=\"_ _3\"></span>attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>adottando <span class=\"_ _3\"></span>le a<span class=\"_ _3\"></span>ssunzioni che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>operatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>utilizzerebbero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella </span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0, <span class=\"_ _3\"></span>presumendo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>essi <span class=\"_ _3\"></span>agiscano <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oddisfare<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>modo <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>proprio </span>interesse <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>suppone <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>della<span class=\"_ _5\"></span><span class=\"ff1\"> </span>passivit\u00e0 abbia luogo:  a.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">nel mercato attivo prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipale dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 o passivit\u00e0; <span class=\"ff1\"> </span></span></span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in assenza di un m<span class=\"ff4\">ercato pri<span class=\"_ _0\"></span>ncipale, nel mercato at<span class=\"_ _0\"></span>tivo pi\u00f9 vantag<span class=\"_ _0\"></span>gioso per l\u2019attivit\u00e0 o p<span class=\"_ _0\"></span>assivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>La <span class=\"_ _7\"> </span>banca <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>effettuare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>ricerca <span class=\"_ _7\"> </span>esaustiva <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>possibili <span class=\"_ _7\"> </span>mercati <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>principale <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in assenza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>principale, <span class=\"_ _5\"></span>il <span class=\"_ _4\"></span>mercato<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>ntaggioso, <span class=\"_ _6\"></span>ma <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _6\"></span>che sono <span class=\"_ _4\"> </span>ragionevolmente <span class=\"_ _6\"> </span>disponibili. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019evidenza <span class=\"_ _6\"> </span>contraria, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>presume <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _6\"> </span>normalmente l\u2019entit\u00e0 <span class=\"_ _2\"></span>opera <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>vendere <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>trasferire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipale, <span class=\"_ _2\"></span>il </span>mercato pi\u00f9 vantaggioso. Il Gruppo Intesa Sanpaolo ritiene che il <span class=\"_ _3\"></span>mercato principale di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria p<span class=\"_ _5\"></span><span class=\"ff1\">ossa </span>essere identificato c<span class=\"_ _0\"></span>on il mercato nel qu<span class=\"_ _0\"></span>ale normalmente opera il Gruppo Intesa San<span class=\"_ _0\"></span>paolo. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>considera, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span>o <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>verificano <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>frequenza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>volumi <span class=\"_ _5\"></span>sufficienti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>informazioni<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del prezzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>continuativa. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"></span>precisamente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>uno <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>considerato <span class=\"_ _4\"> </span>quotato <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>attivo <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>i prezzi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>prontamente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>regolarmente <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>listino, <span class=\"_ _3\"></span>operatore, <span class=\"_ _2\"></span>intermediari<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>industriale, <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>di determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>utorit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>regolamentazione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>effettive <span class=\"_ _7\"> </span>che avvengono regolarmen<span class=\"_ _0\"></span>te in normali contrattazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>specifiche <span class=\"_ _5\"></span>casistiche, <span class=\"_ _6\"></span>disciplinate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _6\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quotazioni su <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>regolamentati, vengono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>appositi a<span class=\"_ _3\"></span>pprofondimenti, tesi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>verificare la <span class=\"_ _3\"></span>significat<span class=\"_ _5\"></span>ivit\u00e0 delle quotazioni espresse dal mer<span class=\"_ _0\"></span>cato ufficiale. Nel caso <span class=\"_ _3\"></span>di significativa riduzione nel volum<span class=\"_ _0\"></span>e o nel livello di operativit\u00e0 rispetto<span class=\"_ _0\"></span> al <span class=\"_ _7\"> </span>consueto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>milari) <span class=\"_ _4\"> </span>evidenziata <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>alcuni <span class=\"_ _4\"> </span>indicatori <span class=\"_ _16\"> </span>(numerosit\u00e0 <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni, <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>espre<span class=\"_ _3\"></span>ssi <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"></span>impliciti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di liquidit\u00e0, allargamento o <span class=\"_ _3\"></span>incremento dello <span class=\"_ _3\"></span>spread bid<span class=\"_ _3\"></span>-ask, <span class=\"_ _3\"></span>riduzione o <span class=\"_ _3\"></span>assenza totale d<span class=\"_ _3\"></span>i mercato per <span class=\"_ _3\"></span>nuove e<span class=\"_ _3\"></span>missioni, scarsit\u00e0 di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>dominio <span class=\"_ _2\"></span>pubblico), <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>esse<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>effettuate <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ransazioni <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _2\"></span>quotati. <span class=\"_ _2\"></span>Una <span class=\"_ _2\"></span>diminuzione del <span class=\"_ _6\"></span>volume <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>sola <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>indicare <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>transazione <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>quotato <span class=\"_ _6\"></span>non rappresenta il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value o <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>transazione in <span class=\"_ _3\"></span>quel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">mercato <span class=\"_ _3\"></span>non sia <span class=\"_ _3\"></span>ordinaria. <span class=\"_ _3\"></span>Se un\u2019entit\u00e0 d<span class=\"_ _3\"></span>etermina che <span class=\"_ _3\"></span>una t<span class=\"_ _3\"></span>ransazione o </span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>quotato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(es. <span class=\"_ _3\"></span>transazioni n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie), <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ecessario un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>transazioni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>usa <span class=\"_ _3\"></span>quei <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span><span class=\"ff1\">zzi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>aggiustamento <span class=\"_ _3\"></span>pu\u00f2 </span>essere significativ<span class=\"_ _0\"></span>o rispetto alla valuta<span class=\"_ _0\"></span>zione al fair value nel s<span class=\"_ _0\"></span>uo complesso. Il fair value degli stru<span class=\"_ _0\"></span>menti finanziari L\u2019esistenza di quotazio<span class=\"_ _0\"></span>ni in un mercato atti<span class=\"_ _0\"></span>vo costituisce l<span class=\"ff1\">a <span class=\"_ _3\"></span>miglior evidenz<span class=\"_ _0\"></span>a del fair value; tali q<span class=\"_ _35\"></span>uotazioni rappresentano quindi<span class=\"_ _35\"></span> </span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>prioritaria <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>assenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>m<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rcato attivo, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>determinato <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _16\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _4\"> </span>volte <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>stabilire, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>ultima <span class=\"_ _7\"> </span>analisi, <span class=\"_ _7\"> </span>quale <span class=\"_ _16\"> </span>prezzo avrebbe avuto il prodot<span class=\"_ _0\"></span>to, alla data di <span class=\"_ _0\"></span>valutazione, in un lib<span class=\"_ _0\"></span>ero scambio m<span class=\"_ _0\"></span>otivato da normali con<span class=\"_ _0\"></span>siderazioni commercia<span class=\"_ _0\"></span>li. <span class=\"_ _2\"></span> La scelta tra le suddette metodologie di valut<span class=\"_ _0\"></span>azione non \u00e8<span class=\"_ _3\"></span> opzionale, dovendo le stesse essere applic<span class=\"_ _0\"></span>ate in ordine gerarchico: la disponibilit\u00e0 di u<span class=\"_ _0\"></span>n prezzo espresso da <span class=\"_ _0\"></span>un mercato attivo imp<span class=\"_ _0\"></span>edisce di ricorrere<span class=\"_ _0\"></span> ad uno degli altri <span class=\"_ _0\"></span>approcci valutativi.<span class=\"_ _3\"></span> Input delle tecniche di <span class=\"_ _0\"></span>valutazion<span class=\"_ _0\"></span>e Si <span class=\"_ _6\"></span>definiscono <span class=\"_ _6\"></span>input <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span><span class=\"ff4\">assunzioni <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>operatori <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>utilizzerebbero <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>prezzo <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>della </span>passivit\u00e0, <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>assunzioni <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>inerente <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>tecnica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutaz<span class=\"_ _5\"></span>ione utilizzata <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>misurare  il<span class=\"_ _35\"></span>  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>inerente <span class=\"_ _7\"> </span>agli <span class=\"_ _16\"> </span>input <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>tecnica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere osservabili o non osser<span class=\"_ _0\"></span>vabili. Sono <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>laborati utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>informazioni di<span class=\"_ _3\"></span>sponibili al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ubblico <span class=\"_ _3\"></span>su <span class=\"_ _6\"></span>operazioni <span class=\"_ _3\"></span>o fatti <span class=\"_ _2\"></span>effettivi, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riflettono <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>utilizzerebbero <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>dell\u2019a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0 <span class=\"_ _2\"></span>o </span>della passivit\u00e0. Sono <span class=\"_ _2\"></span>input <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>osservabili <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>formazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>elaborati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _2\"></span>le migliori <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzerebbero <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>pre<span class=\"_ _5\"></span>zzo dell\u2019attivit\u00e0 o della <span class=\"_ _0\"></span>passivit\u00e0.<span class=\"ff1\"> </span>Gerarchia del fair value<span class=\"ff1 fc0\"> </span>L\u2019IFRS <span class=\"_ _3\"></span>13 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gerarch<span class=\"ff1\">ia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>classifica <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>input <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>adottate <span class=\"_ _2\"></span>per </span>valutare il fair value. Tale ger<span class=\"_ _0\"></span>archia attribuisce la massima <span class=\"_ _0\"></span>priorit\u00e0 ai prezzi quotati (non re<span class=\"_ _0\"></span>ttificati) in mercati at<span class=\"_ _0\"></span>tivi <span class=\"_ _5\"></span>per attivit\u00e0 o passivit\u00e0 identiche (dati <span class=\"_ _0\"></span>di Livello 1) e minim<span class=\"_ _0\"></span>a priorit\u00e0 agli input <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>on osservabili (dati <span class=\"_ _0\"></span>di Livello 3). In parti<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>olare:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il livello di fair value viene classificato a 1 quando la valutazione dello strumento \u00e8 ottenuta direttamente da prezzi quota<span class=\"_ _2\"></span>ti </span>(non rettificati) in <span class=\"ff4\">mercati atti<span class=\"_ _0\"></span>vi per attivit\u00e0 o pa<span class=\"_ _0\"></span>ssivit\u00e0 identiche a c<span class=\"_ _0\"></span>ui l\u2019entit\u00e0 pu\u00f2 accedere<span class=\"_ _0\"></span> alla data di valutazi<span class=\"_ _0\"></span>one; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassificato a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riscontrato <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazion<span class=\"_ _5\"></span><span class=\"ls17\">e </span></span>avvenga <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ecnica <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutazione, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>osservabili <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>sull\u2019utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>para<span class=\"_ _3\"></span>metri <span class=\"_ _3\"></span>non </span>osservabili ma supp<span class=\"_ _0\"></span>ortati e confermati d<span class=\"_ _0\"></span>a evidenze di mercato,<span class=\"_ _0\"></span> quali prezzi, s<span class=\"_ _0\"></span>pread o altri input; <span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _3\"></span>livello di <span class=\"_ _2\"></span>fair va<span class=\"_ _3\"></span>lue viene <span class=\"_ _3\"></span>classificato a <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>quando le<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>valutazioni sono <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>diversi, non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>desunti </span>direttamente da param<span class=\"_ _0\"></span>etri osservabili sul me<span class=\"_ _0\"></span>rcato e comportano <span class=\"_ _0\"></span>quindi stime ed assu<span class=\"_ _0\"></span>nzioni da parte del <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutatore.<span class=\"_ _2\"></span> Nel caso in cui differenti inpu<span class=\"_ _0\"></span>t siano utilizzati per val<span class=\"_ _0\"></span>utare il f<span class=\"_ _3\"></span><span class=\"ff4\">air value di un\u2019attivit\u00e0 o passivit\u00e0, la <span class=\"_ _0\"></span>classificazione nella gerarc<span class=\"_ _0\"></span>hia </span>\u00e8 de<span class=\"_ _3\"></span>terminata in base <span class=\"_ _3\"></span>all\u2019input di <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>basso l<span class=\"_ _3\"></span>ivello utilizzato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione. Per assegnare <span class=\"_ _3\"></span>la gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>viene </span>data priorit\u00e0 agli in<span class=\"_ _0\"></span>put delle tecniche di va<span class=\"_ _0\"></span>lutazio<span class=\"_ _3\"></span>ne piuttosto ch<span class=\"_ _0\"></span>e alle tecniche di val<span class=\"_ _0\"></span>utazione stesse. L\u2019allegato \u201cGerarchia del Fair Value\u201d delle \u201cRegol<span class=\"_ _0\"></span>e di Valutazione Strumenti Finanziari al Fair Value\u201d definisce,<span class=\"_ _0\"></span> con riferim<span class=\"_ _5\"></span><span class=\"ff1\">ento<span class=\"_ _0\"></span> </span>ai rispettivi <span class=\"_ _3\"></span>modelli/in<span class=\"_ _0\"></span>put di <span class=\"_ _3\"></span>valutazione degli strumenti finanziari, <span class=\"_ _3\"></span>le re<span class=\"_ _3\"></span>gole minimali che devono soddisfare gli <span class=\"_ _3\"></span>input di mercato per essere classificati <span class=\"_ _0\"></span>a livello 2, e le sog<span class=\"_ _0\"></span>lie di significativit\u00e0 c<span class=\"_ _0\"></span>he, qualora superate<span class=\"_ _0\"></span>, portino ad una attribu<span class=\"_ _0\"></span>zione al liv<span class=\"_ _2\"></span>ello 3. Per gli strumenti finanziari di liv<span class=\"_ _0\"></span>ello 1 viene utilizzato il <span class=\"ff4\">prezzo \u201ccorrente\u201d offerto (\u201cdenaro\u201d) per le a<span class=\"_ _0\"></span>ttivit\u00e0 finanziarie ed il prez<span class=\"_ _0\"></span>zo </span>corrente richiesto (\u201clettera\u201d) per le passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie, rilevato sul mercato principale al quale si ha accesso, alla chi<span class=\"_ _5\"></span><span class=\"ff1\">usura del </span>periodo di riferime<span class=\"_ _0\"></span>nto. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>differenziale <span class=\"_ _5\"></span>domanda<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>offerta <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _6\"></span>scarsamente <span class=\"_ _6\"></span>rilevante, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>portare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>compensative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>me<span class=\"_ _3\"></span>rcato, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>utilizzat<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>un prezzo medio di <span class=\"_ _3\"></span><span class=\"ff4\">mercato (sempre r<span class=\"_ _3\"></span>iferito all\u2019ultimo giorno del periodo di riferimento) in <span class=\"_ _3\"></span>luogo del prezzo d<span class=\"_ _3\"></span>i offerta o del <span class=\"_ _3\"></span>prezzo<span class=\"_ _0\"></span> </span>richiesto. Sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _5\"></span>(ovvero <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>disponibile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>C<span class=\"_ _5\"></span>omposite Bloomberg <span class=\"_ _3\"></span>Bond <span class=\"_ _3\"></span>Trader <span class=\"_ _3\"></span>sull'Informatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Provider <span class=\"_ _3\"></span>Bloomberg o, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ternativa, una <span class=\"_ _3\"></span>quotazione <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>circuito <span class=\"_ _3\"></span>EuroMTS o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lmeno tre <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>eseguibili <span class=\"_ _2\"></span>sull\u2019Information <span class=\"_ _3\"></span>Provider <span class=\"_ _2\"></span>Bloomberg), <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>azionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>uffic<span class=\"_ _5\"></span><span class=\"ff1\">iale <span class=\"_ _2\"></span>di </span>riferimento), i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>comuni d<span class=\"_ _3\"></span>i investimento <span class=\"_ _3\"></span>UCITS contribuiti <span class=\"_ _3\"></span>(rientranti nell\u2019ambito d<span class=\"_ _3\"></span>i applicazione <span class=\"_ _3\"></span>delle d<span class=\"_ _3\"></span>irettive comuni<span class=\"_ _5\"></span><span class=\"ff1\">tarie), </span>le operazioni in cambi spot, i contratti derivati per i <span class=\"_ _3\"></span>quali siano disponibili quotazioni su un mercato attivo (per es<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>mpio futures e opzioni exchang<span class=\"_ _0\"></span>ed traded). Per <span class=\"_ _2\"></span>differenza, <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>altri <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>appartengono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ategorie <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>presentano<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>la profondit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strum<span class=\"_ _2\"></span>enti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono considerati strumenti d<span class=\"_ _0\"></span>i livello 1. In assenza di quotazione su un mercato attivo o in assen<span class=\"_ _0\"></span>za di un regolare funzionamento del mercato, cio\u00e8 q<span class=\"_ _0\"></span>uando il mercato<span class=\"_ _35\"></span> non ha un sufficiente e continuativo numero di transazion<span class=\"_ _3\"></span>i, spread denaro-lettera e volatilit\u00e0 non sufficientemente contenuti, la determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>finanziari <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>realizzata <span class=\"_ _17\"> </span>grazie <span class=\"_ _17\"> </span>all\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>tecniche <span class=\"_ _17\"> </span>di valutazione aventi l\u2019obiettivo d<span class=\"_ _3\"></span>i stabilire il <span class=\"_ _3\"></span>prezzo al <span class=\"_ _3\"></span>quale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>in una transazione <span class=\"_ _3\"></span>ordinaria l\u2019attivit\u00e0 sarebbe venduta <span class=\"_ _3\"></span>o la <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> trasferita tra parte<span class=\"_ _0\"></span>cipanti al mercato, alla data<span class=\"_ _0\"></span> di valutazione, in <span class=\"_ _0\"></span>condizioni attuali <span class=\"_ _0\"></span>di mercato. <span class=\"_ _3\"></span> Nel caso di<span class=\"_ _3\"></span> strumenti classificati a livello 2<span class=\"_ _3\"></span> la <span class=\"_ _3\"></span>valutazione \u00e8 basata su <span class=\"_ _3\"></span>prezzi o<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>spread creditizi desunti <span class=\"_ _3\"></span>dalle quotazioni ufficiali di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _4\"> </span>simili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rischio, <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>(modello <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> valutazione). <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>approccio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>traduce <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>ricerca <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>transaz<span class=\"_ _2\"></span>ioni <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti che, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>rischio, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omparabili <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>o <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>calcolo<span class=\"_ _0\"></span> classificate <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>consentono <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riprodurre <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanz<span class=\"_ _2\"></span>iari <span class=\"_ _16\"> </span>quotati <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>mercati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _7\"> </span>(calibrazione <span class=\"_ _7\"> </span>del modello) <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>includere <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>discrezionali <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>io\u00e8 <span class=\"_ _4\"> </span>parametri <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>desunto <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _2\"></span>mercati <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>ovvero <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>fissato <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>livell<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>replicare <span class=\"_ _2\"></span>quotazioni <span class=\"_ _5\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u mercati attivi <span class=\"ff4\">\u2013</span> tali da influi<span class=\"_ _0\"></span>re in maniera det<span class=\"_ _0\"></span>erminante sul prezz<span class=\"_ _0\"></span>o di valutazione final<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> Sono valutati secondo m<span class=\"_ _0\"></span>odelli che utili<span class=\"_ _0\"></span>zzano input di livello<span class=\"_ _0\"></span> 2:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _6\"></span>privi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quotazioni <span class=\"_ _6\"></span>ufficiali <span class=\"_ _6\"></span>es<span class=\"_ _3\"></span>presse <span class=\"_ _4\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>tramite </span>l\u2019utilizzo di un a<span class=\"_ _3\"></span>ppropriato credit spread, individuato a partire <span class=\"_ _3\"></span>da strumenti finanziari contribuiti e liquidi <span class=\"_ _3\"></span>con caratteri<span class=\"_ _5\"></span><span class=\"ff1\">stiche </span>similari;<span class=\"_ _90\"> </span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determin<span class=\"ff4\">ato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span>utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ppropriato <span class=\"_ _6\"></span>credit <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"></span>individuato <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>partire <span class=\"_ _6\"> </span>da </span></span>evidenze di mercato di<span class=\"_ _0\"></span> strumenti finanziari <span class=\"_ _0\"></span>con caratteristiche simila<span class=\"_ _0\"></span>ri;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>inclusi <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>cartolarizzati) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _5\"></span>mediant<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>appo<span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>modelli, <span class=\"_ _2\"></span>alimentati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a </span>parametri di input (q<span class=\"_ _0\"></span>uali curve di tasso, c<span class=\"_ _0\"></span>ambi e volatilit\u00e0) osser<span class=\"_ _0\"></span>vati sul mercato; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i prodotti <span class=\"_ _3\"></span>strutturati di credito <span class=\"_ _3\"></span>(ABS, CLO <span class=\"_ _3\"></span>HY, CDO) per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>non sono d<span class=\"_ _3\"></span>isponibili prezzi significativi e <span class=\"_ _3\"></span>il cui <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>vi<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ne<span class=\"_ _0\"></span> </span>determinato utilizzando tecni<span class=\"_ _0\"></span>che di valutazio<span class=\"_ _0\"></span>ne che tengono conto <span class=\"_ _0\"></span>di parametri desumibili<span class=\"_ _0\"></span> dal mercato;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>titoli <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>non  c<span class=\"_ _0\"></span>ontribuiti <span class=\"_ _16\"> </span>valutati  con <span class=\"_ _16\"> </span>il  ric<span class=\"_ _0\"></span>orso  a <span class=\"_ _16\"> </span>transazioni <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _16\"> </span>ovvero  tra<span class=\"_ _0\"></span>nsazioni  sig<span class=\"_ _0\"></span>nificative <span class=\"_ _16\"> </span>sul  titol<span class=\"_ _35\"></span>o<span class=\"_ _6\"></span> </span>registrate <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>fficientemente <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di mercato costanti, o per i q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>li sono utilizzat<span class=\"_ _0\"></span>i i cosiddetti modelli <span class=\"_ _0\"></span>valutativi \u201crelati<span class=\"_ _0\"></span>vi\u201d basati su moltipli<span class=\"_ _0\"></span>catori;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i fondi hedge non UCITS<span class=\"_ _0\"></span>, verificato che gli <span class=\"_ _0\"></span>strumenti di <span class=\"ls11\">li</span>vello 3 non superino un<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> predeterminata <span class=\"_ _0\"></span>soglia. </span>Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>classificati a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>3, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value \u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere a <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>valutat<span class=\"_ _5\"></span>ivi <span class=\"_ _3\"></span>che presuppongono <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>osservabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"> </span>comportano <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e </span>assunzioni <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutatore. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>valutazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>condotta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>una<span class=\"_ _2\"></span> metodologia di calcolo <span class=\"_ _0\"></span>basata su specifi<span class=\"_ _0\"></span>che ipotesi riguard<span class=\"_ _0\"></span>anti:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _7\"> </span>sviluppo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>cash<span class=\"_ _3\"></span>-flow <span class=\"_ _7\"> </span>futuri, <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _7\"> </span>condizionati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttribuite <span class=\"_ _4\"> </span>probabilit\u00e0 </span>desunte dall\u2019esperienz<span class=\"_ _0\"></span>a storica o sulla<span class=\"_ _0\"></span> base di ipotesi di com<span class=\"_ _0\"></span>portamento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _4\"></span>livello<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>determinati <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>input <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>quotati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>mercati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque <span class=\"_ _4\"></span>privilegiate <span class=\"_ _6\"></span>le </span>informazioni <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spread <span class=\"_ _5\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>mercato. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _5\"></span>disponibili, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>ricorre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dati storici del fattore di <span class=\"_ _3\"></span>rischio specifico sottostante o a ricerche specializzate in materia <span class=\"_ _2\"></span>(ad es. <span class=\"_ _3\"></span>report di Agenzie di <span class=\"_ _3\"></span>Rating o di primari attori del mercat<span class=\"_ _0\"></span>o). Sono valutati secondo <span class=\"_ _0\"></span>tale metodologi<span class=\"_ _0\"></span>a: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alcune operazioni in <span class=\"_ _0\"></span>derivati, in titoli ob<span class=\"_ _0\"></span>bligazionari o in stru<span class=\"_ _0\"></span>tturati di credito com<span class=\"_ _0\"></span>plessi valutati con in<span class=\"_ _0\"></span>put di livello 3<span class=\"_ _2\"></span>; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>hedge fund in cui gli ass<span class=\"_ _0\"></span>et di livello 3 sono supe<span class=\"_ _0\"></span>riori ad una pred<span class=\"_ _0\"></span>eterminata soglia; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>fondi di private equity, <span class=\"_ _3\"></span>fondi di private debt, fondi immobiliari e <span class=\"_ _3\"></span>fondi chiusi derivanti da cessioni di c<span class=\"_ _3\"></span>redito non perform<span class=\"_ _5\"></span>ing </span>valutati al NAV, con <span class=\"_ _0\"></span>eventuale applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di sconti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">quote <span class=\"_ _4\"> </span>partecipative <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>fondati <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>finanziari attualizz<span class=\"_ _0\"></span>ati o con metodi patrim<span class=\"_ _0\"></span>oniali; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>credit <span class=\"_ _7\"> </span></span>spread <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>soddisfa <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>essere </span>considerato livello 2; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>azionaria, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>dell\u2019attualizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span></span>flussi contrattuali pre<span class=\"_ _0\"></span>visti. Il trasferimento di liv<span class=\"_ _0\"></span>ello di fair value delle attivit\u00e0 e p<span class=\"_ _0\"></span>assivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair valu<span class=\"_ _0\"></span>e su base ricorrente,<span class=\"_ _0\"></span> avviene, come definito <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>segue: <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>etermina a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>nell\u2019osservab<span class=\"_ _2\"></span><span class=\"ff1\">ilit\u00e0 <span class=\"_ _3\"></span>o </span>nella significativit\u00e0 <span class=\"_ _3\"></span>di un <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>alle valutazioni; <span class=\"_ _3\"></span>il trasferimento tra <span class=\"_ _3\"></span>i livelli <span class=\"_ _3\"></span>1 e<span class=\"_ _3\"></span> 2 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>3 si <span class=\"_ _3\"></span>determina a <span class=\"_ _3\"></span>fronte di <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>ariazione della disponibilit\u00e0 dei pr<span class=\"_ _0\"></span>ezzi su un mercato atti<span class=\"_ _0\"></span>vo. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>OTC, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dipende <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservabilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _3\"></span>dei parametri <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _2\"></span>free\u201d. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolv<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>della c<span class=\"_ _3\"></span>ontroparte/emitte<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>pu\u00f2 c<span class=\"_ _3\"></span>omportare il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello 3 <span class=\"_ _2\"></span>quando<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019esposizione cor<span class=\"_ _3\"></span>rente <span class=\"_ _3\"></span>\u00e8 positiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>e </span>la <span class=\"_ _3\"></span>controparte <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>status <span class=\"_ _2\"></span>creditizio <span class=\"_ _3\"></span>deteriorato, <span class=\"_ _3\"></span>oppure <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _3\"></span>richiede <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"lsc\">on </span>osservabili e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente di <span class=\"_ _3\"></span>bilateral <span class=\"_ _3\"></span>Credit Value <span class=\"_ _3\"></span>Adjustment (bCVA) si<span class=\"_ _3\"></span>a si<span class=\"_ _5\"></span>gnific<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value complessivo del netting set, oppure q<span class=\"_ _0\"></span>uando la sensitivit<span class=\"_ _0\"></span>y al downgrading della<span class=\"_ _0\"></span> controparte sia sig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativa rispett<span class=\"_ _0\"></span>o al fair value compl<span class=\"_ _0\"></span>essi<span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>o del netting set. Per gli strumenti di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti il trasferimento di livello avviene: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">quando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>resi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _4\"> </span>input <span class=\"_ _6\"> </span>osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>definiti <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>transazioni<span class=\"_ _0\"></span> </span></span>comparabili  sul  m<span class=\"_ _35\"></span>edesimo  strumento  tr<span class=\"_ _0\"></span>a  controparti  i<span class=\"_ _35\"></span>ndipendenti  e  consapevoli). <span class=\"_ _16\"> </span>In  questo <span class=\"_ _16\"> </span>caso,  il  Gruppo <span class=\"_ _16\"> </span>Intes<span class=\"_ _5\"></span><span class=\"ls17\">a </span>Sanpaolo procede alla <span class=\"_ _0\"></span>riclassifica dal livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> 3 al livello 2; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndirettamente <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>venuti <span class=\"_ _3\"></span>meno, <span class=\"_ _2\"></span>ovvero </span>non <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>aggiornati <span class=\"_ _6\"></span>(es. <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>comparabili <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>recenti <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ultipli <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>pplicabili). <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>il Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo ricorre a tecniche <span class=\"_ _0\"></span>di valutazione che u<span class=\"_ _0\"></span>tilizzano input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> Processo di valutazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli strumenti fin<span class=\"_ _0\"></span>anziari Il processo di valuta<span class=\"_ _0\"></span>zione degli strumenti fi<span class=\"_ _0\"></span>nanziari si articola in diverse fasi che vengono <span class=\"_ _0\"></span>brevemente riassunte q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>i di seguito: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndividuazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>fonti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>valutazioni: <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value </span>stabiliscono, <span class=\"_ _16\"> </span>per  og<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>categoria <span class=\"_ _16\"> </span>di  riferime<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>(asset  <span class=\"ff4\">class),  i <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazio<span class=\"_ _0\"></span>ne  dei<span class=\"_ _0\"></span>  p<span class=\"_ _0\"></span>arametri <span class=\"_ _16\"> </span>di </span>mercato e le modalit\u00e0 <span class=\"_ _0\"></span>secondo le quali tali <span class=\"_ _0\"></span>dati devono esser<span class=\"_ _0\"></span>e recepiti e utilizzati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>ertificazione e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>periodiche: <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>consiste <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>contr<span class=\"_ _5\"></span>ollo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>untuale, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>parametri <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _7\"> </span>(rilevazione <span class=\"_ _16\"> </span>dell\u2019integrit\u00e0 <span class=\"_ _7\"> </span>del  dato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>storicizzato <span class=\"_ _16\"> </span>sulla<span class=\"_ _0\"></span> piattaforma <span class=\"_ _3\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contribuzione), <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _3\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingolo <span class=\"_ _3\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e nella verific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> delle concrete m<span class=\"_ _0\"></span>odalit\u00e0 applicative;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>ertificazione <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione: <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>questa <span class=\"_ _4\"> </span>fase <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>verificata <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>consistenza <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>varie<span class=\"_ _35\"></span> </span></span>metodologie valutative <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>prassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>porre <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>aspetti critici <span class=\"_ _3\"></span>insiti <span class=\"_ _3\"></span>nei modelli di valutazi<span class=\"_ _0\"></span>one usati e di determinar<span class=\"_ _0\"></span>e eventuali aggiusta<span class=\"_ _0\"></span>menti necessari alla valu<span class=\"_ _0\"></span>tazione; <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mo<span class=\"_ _3\"></span>nitoraggio <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>revisione <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione: <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _17\"> </span>consiste <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>verificare <span class=\"_ _17\"> </span>cos<span class=\"_ _3\"></span>tantement<span class=\"_ _35\"></span>e </span>l\u2019aderenza <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>empestivamente <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>scostamenti, avviando le necessa<span class=\"_ _0\"></span>rie verifiche ed inter<span class=\"_ _0\"></span>venti. Individuazione, certific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione e trattamento dei dati di inp<span class=\"_ _0\"></span>ut alle valutazioni Il <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>necessit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>distinguere <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>valutabili <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>effettivi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mer<span class=\"_ _5\"></span>cato, piuttosto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>l'applicazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenzia <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>necessi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tabilire <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>univoci <span class=\"_ _7\"> </span>nella determinazione dei parametri <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>A tal <span class=\"_ _3\"></span>fine le <span class=\"_ _3\"></span>Linee Gu<span class=\"_ _3\"></span>ida e <span class=\"_ _3\"></span>Regole di <span class=\"_ _3\"></span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Strumenti Finanziari al <span class=\"_ _3\"></span>Fair Value<span class=\"_ _5\"></span><span class=\"ls1d\">,</span><span class=\"ls1d\"> </span>stabiliscono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>necessari <span class=\"_ _4\"> </span>all<span class=\"_ _3\"></span>\u2019identificaz<span class=\"_ _0\"></span>ione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>mercato, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>fon<span class=\"_ _5\"></span><span class=\"ff1\">ti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contribuzione <span class=\"_ _4\"> </span>ritenute <span class=\"_ _7\"> </span>idonee <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>le </span>modalit\u00e0 secondo <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>tali d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>devono essere <span class=\"_ _3\"></span>recepiti (cut <span class=\"_ _3\"></span>off) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> valutazione <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>finanziari d<span class=\"_ _6\"></span>etenuti a <span class=\"_ _6\"></span>vario <span class=\"_ _6\"></span>titolo <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>contro<span class=\"_ _5\"></span>llate. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>stesse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _5\"></span>utilizzate <span class=\"_ _6\"></span>nel caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valutazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>favore <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>terze <span class=\"_ _17\"> </span>parti <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>accordi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Service <span class=\"_ _17\"> </span>Level <span class=\"_ _1d\"> </span>Agree<span class=\"_ _3\"></span>ment, <span class=\"_ _1d\"> </span>preventivamente<span class=\"_ _0\"></span> formalizzati. <span class=\"_ _7\"> </span>L\u2019idoneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>dati <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>input <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>garantita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>requis<span class=\"_ _5\"></span><span class=\"ff1\">iti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>riferimento: <span class=\"_ _7\"> </span>comparabilit\u00e0,<span class=\"_ _0\"></span> </span>reperibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>trasparenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>dato<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>reperire <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>dato <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>infoproviding, <span class=\"_ _2\"></span>misur<span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>del bid-ask di contribuzion<span class=\"_ _0\"></span>e e, infine, relativam<span class=\"_ _0\"></span>ente ai prodotti OTC, <span class=\"_ _0\"></span>verifica della compara<span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ilit\u00e0 delle fonti d<span class=\"_ _0\"></span>i contribuzione.  L\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>subordinato <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"> </span>certificazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della  <span class=\"ff1\">Direzione </span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _6\"></span>puntuale <span class=\"_ _5\"></span>(rilevando <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _2\"></span></span>integrit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>dato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricizzat<span class=\"_ _0\"></span>o sulla <span class=\"_ _2\"></span>piattaforma <span class=\"_ _2\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contribuzione), <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _2\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _4\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e di verifi<span class=\"_ _0\"></span>ca delle concrete mod<span class=\"_ _0\"></span>alit\u00e0 applicative.<span class=\"_ _3\"></span> Certificazione delle metod<span class=\"_ _0\"></span>ologie di valutazio<span class=\"_ _0\"></span>ne Le <span class=\"_ _18\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _17\"> </span>dal <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _18\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>certificate <span class=\"_ _18\"> </span>dalla <span class=\"_ _18\"> </span>Direzione <span class=\"_ _18\"> </span>Centrale <span class=\"_ _17\"> </span>Risk Management IMI CIB, con il coinvolgimento di tutte le strutture competenti. La certificazione \u00e8 volta a <span class=\"_ _2\"></span>verificare la consistenza delle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"></span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>corrente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>limiti <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>determinare <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ventual<span class=\"_ _0\"></span>i aggiustamenti al fair value, coerentemente con quanto stabilito dalla normativa vigente. Il <span class=\"_ _3\"></span>processo di ce<span class=\"_ _2\"></span>rtificazione considera tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>(assunzioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>base, <span class=\"_ _7\"> </span>derivazione <span class=\"_ _7\"> </span>matematica, <span class=\"_ _7\"> </span>eventuali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprossimazioni<span class=\"_ _0\"></span>, algoritmi <span class=\"_ _2\"></span>numerici <span class=\"_ _2\"></span>utilizzati, <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>output) <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>ini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, fra <span class=\"_ _3\"></span>cui le <span class=\"_ _3\"></span>caratteristiche dei prodotti a<span class=\"_ _3\"></span>ssociati (payoff, clausole d<span class=\"_ _3\"></span>i estinzione anticipata, <span class=\"_ _3\"></span>ecc.), degli eventuali <span class=\"_ _3\"></span>accordi <span class=\"_ _5\"></span>accessori (ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>accordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>netting <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>collaterale), <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>negoziati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>mod<span class=\"_ _5\"></span>alit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli utenti <span class=\"_ _7\"> </span>finali <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>es. <span class=\"_ _7\"> </span>precisione <span class=\"_ _7\"> </span>vs <span class=\"_ _7\"> </span>performance, <span class=\"_ _4\"> </span>calcolo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio, <span class=\"_ _7\"> </span>ecc.). <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>analisi<span class=\"_ _2\"></span> qualitative e quantitativ<span class=\"_ _0\"></span>e e sono opportun<span class=\"_ _0\"></span>amente riportati nell<span class=\"_ _0\"></span>a documentazion<span class=\"_ _0\"></span>e interna. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>complessit\u00e0 <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>turbolenza <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>market <span class=\"_ _3\"></span>dislocation) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ricorrere <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una validazione indipend<span class=\"_ _0\"></span>ente da parte di accr<span class=\"_ _0\"></span>editate societ\u00e0 di <span class=\"_ _0\"></span>servizi finanziari. <span class=\"_ _3\"></span> A <span class=\"_ _17\"> </span>conclusione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>certificazione, <span class=\"_ _1d\"> </span>la <span class=\"_ _18\"> </span>metod<span class=\"_ _3\"></span>ologia <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>valutazione <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _17\"> </span>censita <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>documento <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione Strumenti Fi<span class=\"_ _0\"></span>nanziari al Fair Valu<span class=\"_ _0\"></span>e. Monitoraggio e revisio<span class=\"_ _0\"></span>ne delle metodologie <span class=\"_ _0\"></span>di valutazione Come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>normativa <span class=\"_ _3\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di costante <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>loro performance <span class=\"_ _3\"></span>rispetto alle <span class=\"_ _3\"></span>evoluzioni <span class=\"_ _3\"></span>degli s<span class=\"_ _3\"></span>trumenti finanziari, dei <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alle innovaz<span class=\"_ _6\"></span>ioni metodologiche <span class=\"_ _5\"></span>sviluppate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>comunit\u00e0 <span class=\"_ _5\"></span>scientifica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>garantire<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>continua <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>mercato, evidenziare <span class=\"_ _1d\"> </span>tempestivamente <span class=\"_ _17\"> </span>eventuali <span class=\"_ _17\"> </span>inadeguatezze <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>avv<span class=\"_ _3\"></span>iare <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>necessarie <span class=\"_ _1d\"> </span>verifiche <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interventi. <span class=\"_ _17\"> </span>Le <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _7\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fair <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>dettagliano <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _7\"> </span>periodico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la revisione  delle  me<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>odologie  di <span class=\"_ _16\"> </span>valutazione.  Le  funzioni <span class=\"_ _16\"> </span>coinvolte  nel  pr<span class=\"_ _0\"></span>ocesso  di  monit<span class=\"_ _0\"></span>oraggio  sono  l<span class=\"_ _0\"></span>e  stesse  funzi<span class=\"_ _0\"></span>oni coinvolte <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>certificazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>metodologi<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>sopra <span class=\"_ _6\"></span>citato <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>IPV <span class=\"_ _6\"></span>disciplina<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o <span class=\"_ _6\"></span>dalle Linee Guida e Regol<span class=\"_ _0\"></span>e di Verifica Indipen<span class=\"_ _0\"></span>dente dei Prezzi. Rischio di valutazione: agg<span class=\"_ _0\"></span>iustamenti al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall'incertezza <span class=\"_ _2\"></span>valutativa<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>del prezzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uscita <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>eventuali <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>applicate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di particolari condizioni<span class=\"_ _0\"></span> del mercato.  La <span class=\"_ _3\"></span>principale <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>associato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustamenti al <span class=\"_ _2\"></span>fair v<span class=\"_ _3\"></span>alue, v<span class=\"_ _3\"></span>olti a <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>considerazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>l\u2019incertezza <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutativa <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>difficolt\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>smobilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>particolari <span class=\"_ _6\"> </span>posizioni <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>oss<span class=\"_ _5\"></span><span class=\"ff1\">ono </span>essere <span class=\"_ _3\"></span>riferiti <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>dat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Gli<span class=\"_ _3\"></span> aggiustamenti<span class=\"_ _0\"></span> possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>calcolati <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>add<span class=\"_ _3\"></span>itive <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>incluse <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>valutazione.<span class=\"_ _0\"></span> Essi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>visti <span class=\"_ _7\"> </span>periodicamente, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019evoluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>mercati, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>dell\u2019eve<span class=\"_ _2\"></span><span class=\"ff1\">ntuale <span class=\"_ _16\"> </span>introduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>nuovi </span>strumenti <span class=\"_ _2\"></span>liquidi, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>generale, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>af<span class=\"_ _3\"></span>finamenti <span class=\"_ _2\"></span>metodologici, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>portare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span> modifiche sostanziali n<span class=\"_ _0\"></span>elle metodologi<span class=\"_ _0\"></span>e di valutazione prescelt<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e nelle loro im<span class=\"_ _0\"></span>plementazioni. <span class=\"_ _3\"></span> In  particolare  il  Grup<span class=\"_ _0\"></span>po  Intesa  Sanpaolo  c<span class=\"_ _0\"></span>onsidera  aggiust<span class=\"_ _0\"></span>amenti  al  fair <span class=\"_ _16\"> </span>value  per  le  seguenti <span class=\"_ _16\"> </span>categorie  di  incertezza valutativa: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>input: <span class=\"_ _3\"></span>l\u2019eventuale <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>valutativa <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>(siano <span class=\"_ _3\"></span>essi <span class=\"_ _2\"></span>mid, <span class=\"_ _2\"></span>bid<span class=\"_ _5\"></span></span> <span class=\"_ _2\"></span><span class=\"ls17\">o </span></span>as<span class=\"ff4 ls0\">k) <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>misurata <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>strutturali <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mercati <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>all\u2019entit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>controvalori<span class=\"_ _35\"></span> </span>detenuti <span class=\"_ _3\"></span>(in c<span class=\"_ _3\"></span>aso d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>concentrazione) e, <span class=\"_ _2\"></span>laddove necessario, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>quantificando il conseguente impatto sulle <span class=\"_ _0\"></span>valutazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>lliquidit\u00e0 delle p<span class=\"_ _3\"></span>osizioni o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>sottostanti: analogamente <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>caso p<span class=\"_ _3\"></span>recedente, lo <span class=\"_ _3\"></span>spread bid<span class=\"_ _5\"></span>-ask <span class=\"_ _3\"></span>di </span>mercato <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato e <span class=\"_ _2\"></span>laddove necessario <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _5\"></span>quantificando il <span class=\"_ _3\"></span>conseguente impatto sulle valutazio<span class=\"_ _0\"></span>ni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>modello: si basa sull\u2019individuazione e l\u2019utilizzo di varianti dello s<span class=\"_ _3\"></span>tesso modello o <span class=\"_ _3\"></span>di modelli alternativi, con i<span class=\"_ _6\"></span></span> quali </span>effettuare analisi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>confronto volte<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>quantificare <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span><span class=\"ff4\">variabilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>valutazioni (in <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>l\u2019eventuale direzionalit\u00e0 del </span>prezzo al variare del modello) ed <span class=\"_ _3\"></span>il comportamento del modello in vari scenari di <span class=\"_ _3\"></span>mercato (stress test). La quantificazione<span class=\"_ _0\"></span> dell\u2019aggiustamento al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>possib<span class=\"_ _3\"></span><span class=\"ff1\">ile, <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>grandezze finanziarie <span class=\"_ _3\"></span>facilmente comprensibili <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>misurabili </span>(e.g. vega, delta, shift <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i correlazione); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento: <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>finanziamento, <span class=\"_ _4\"> </span>collettivamente <span class=\"_ _4\"> </span>indicati <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>XVA, </span>includono <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Bilateral <span class=\"_ _17\"> </span>Cred<span class=\"_ _3\"></span>it <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(bCVA) <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Funding <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(FVA). <span class=\"_ _18\"> </span>Il <span class=\"_ _18\"> </span>bCVA <span class=\"_ _18\"> </span>tiene <span class=\"_ _18\"> </span>in<span class=\"_ _2\"></span> considerazione <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>premio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>possano <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>onorare <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>propri<span class=\"_ _0\"></span> mutui <span class=\"_ _4\"> </span>impegni <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>esempio <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fallimento). <span class=\"_ _4\"> </span>A <span class=\"_ _16\"> </span>sua <span class=\"_ _4\"> </span>volta, <span class=\"_ _7\"> </span>essa <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>data <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>componenti, <span class=\"_ _7\"> </span>dette <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Value<span class=\"_ _35\"></span> Adjustment <span class=\"_ _20\"> </span>(CVA, <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>segno <span class=\"_ _20\"> </span>negativo) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>Debt <span class=\"_ _20\"> </span>Valu<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>Adjustment <span class=\"_ _20\"> </span>(DVA, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>segno <span class=\"_ _20\"> </span>positivo), <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>considerano, rispettivamente, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Controparte <span class=\"_ _3\"></span>fallisce <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>(e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">resenta <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>positiva </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Controparte), <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>viceversa <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>scenari <span class=\"_ _7\"> </span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>fallisce <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>Controparte <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca presenta un\u2019esposizione ne<span class=\"_ _3\"></span>gativa nei confronti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Controparte<span class=\"_ _0\"></span>).<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>Il Funding <span class=\"_ _3\"></span>Value Adjustment (FVA, <span class=\"_ _3\"></span>di s<span class=\"_ _2\"></span>egno negativo) </span>tiene <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>legato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ass<span class=\"_ _0\"></span>a (cedole, dividendi, collaterale, ecc.) generati dal complessivo portafogli<span class=\"_ _0\"></span>o di derivati OTC della Banca. <span class=\"_ _5\"></span>Il calcolo degli XVA dipende <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>controparti, <span class=\"_ _3\"></span>calcolata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>tecniche d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>simulazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>fattori di rischio <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni considerate, tenendo <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span>ventuali accordi di <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>controparte <span class=\"_ _6\"></span>(in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>netting <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>collateralizzazione), <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>eventuali <span class=\"_ _6\"></span>clausole <span class=\"_ _6\"></span>contrattuali. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>calcol<span class=\"_ _0\"></span>o degli <span class=\"_ _7\"> </span>XVA <span class=\"_ _4\"> </span>dipende <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>Loss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>Default <span class=\"_ _4\"> </span>(LGD) <span class=\"_ _7\"> </span>basate <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di fallimento delle controparti e dall<span class=\"_ _0\"></span>e probabilit\u00e0 di default delle<span class=\"_ _0\"></span> controparti (PD). LGD <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> PD sono ottenut<span class=\"_ _0\"></span>e dalle quotazioni <span class=\"_ _0\"></span>di mercato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Credit <span class=\"_ _3\"></span>Default Swap <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basano <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>stime <span class=\"_ _3\"></span>interne per <span class=\"_ _3\"></span>settore/rating <span class=\"_ _3\"></span>utilizzate p<span class=\"_ _3\"></span>er il <span class=\"_ _2\"></span>rischio d<span class=\"_ _3\"></span>i cred<span class=\"_ _3\"></span>ito.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>FVA <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basa s<span class=\"_ _3\"></span>u <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>curva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento <span class=\"_ _3\"></span>rappresentativa delle <span class=\"_ _2\"></span>migliori controparti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato c<span class=\"_ _3\"></span>on cui  la <span class=\"_ _1d\"> </span>Banca  potrebbe  rinegoziare  le  operazioni,  secondo  il  principio  IFRS  13  d<span class=\"_ _3\"></span>el  mercato  pi\u00f9  vantaggioso,<span class=\"_ _5\"></span>  <span class=\"lsc\">non </span>ravvisando, al moment<span class=\"_ _0\"></span>o, un reale mercato principale per tali t<span class=\"_ _0\"></span>ransazioni. Il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>enti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>formalizzato <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Reg<span class=\"_ _0\"></span>ole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Valutazione <span class=\"_ _2\"></span>Strumenti Finanziari al Fair Val<span class=\"_ _0\"></span>ue e nelle Regole Per <span class=\"_ _0\"></span>La Valutazione Degl<span class=\"_ _0\"></span>i Equity Investments N<span class=\"_ _0\"></span>on Quotati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n appropriate me<span class=\"_ _0\"></span>todologie di<span class=\"_ _35\"></span> calcolo  a  second<span class=\"_ _0\"></span>a  del  diverso  configu<span class=\"_ _0\"></span>rarsi  dei  punti <span class=\"_ _16\"> </span>sopra  indicati,  ed  avvi<span class=\"_ _0\"></span>ene  nel  modo  pi\u00f9 <span class=\"_ _16\"> </span>oggettivo,  consistente  e<span class=\"_ _0\"></span> sistematico <span class=\"_ _1d\"> </span>possibile <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>cura <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Management <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>MI <span class=\"_ _1d\"> </span>CIB <span class=\"_ _1c\"> </span>e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _17\"> </span>M&amp;A <span class=\"_ _1d\"> </span><span class=\"lsc\">e </span>Partecipazioni <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Gruppo<span class=\"ff4\">. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019introduzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _6\"></span>rilascio <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>dipendono <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>dinamica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>fattori </span>sopra <span class=\"_ _2\"></span>indicati. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>combinazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _2\"></span>quantitativi, <span class=\"_ _2\"></span>rigidamente <span class=\"_ _3\"></span>specificati, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>qualitat<span class=\"_ _2\"></span>ivi, valutati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>diversa <span class=\"_ _6\"></span>configurazione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>generato <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>aggiustamenti; <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>le<span class=\"_ _5\"></span> stime successive all<span class=\"_ _0\"></span>a prima iscrizione sono s<span class=\"_ _0\"></span>empre guidate dalla<span class=\"_ _0\"></span> mitigazione o dal venir<span class=\"_ _0\"></span> meno di detti rischi. <span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>nuovi <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>aggiustamenti <span class=\"_ _4\"></span>viene <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resa <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>approvazione <span class=\"_ _4\"></span>nuovi prodotti su proposta <span class=\"_ _0\"></span>della Direzione C<span class=\"_ _0\"></span>entrale Risk Managemen<span class=\"_ _0\"></span>t IMI CIB.<span class=\"_ _3\"></span> L\u2019applicazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aggiustamenti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>procedura <span class=\"_ _2\"></span>autorizzativa<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>soglia <span class=\"_ _2\"></span>di </span>rilevanza definita <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>casistiche, <span class=\"_ _3\"></span>coinvolge sia <span class=\"_ _2\"></span>l\u2019area del <span class=\"_ _2\"></span>Chief Risk <span class=\"_ _2\"></span>Officer che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dirigente <span class=\"_ _3\"></span>Preposto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>reda<span class=\"_ _5\"></span><span class=\"ff1\">zione </span>dei documenti conta<span class=\"_ _0\"></span>bili societari. A.4.1 Livelli di fair value 2 e 3: tecniche di valutazione e input utilizzati I <span class=\"_ _7\"> </span>paragrafi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguono <span class=\"_ _4\"> </span>riepilogano, <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _7\"> </span>(titoli, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _4\"> </span>hedge <span class=\"_ _7\"> </span>fu<span class=\"_ _5\"></span>nd, finanziamenti), le inf<span class=\"_ _0\"></span>ormazioni sui model<span class=\"_ _0\"></span>li di valutazione utiliz<span class=\"_ _0\"></span>zati. <span class=\"_ _3\"></span> I.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei tit<span class=\"_ _0\"></span>oli di debito non c<span class=\"_ _0\"></span>ontribuiti </span>La<span class=\"ls0\"> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>bbligazionari <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>reddituale </span>ovvero <span class=\"_ _17\"> </span>calcolando <span class=\"_ _1d\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>valore <span class=\"_ _17\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>cassa <span class=\"_ _18\"> </span>futuri <span class=\"_ _1d\"> </span>at<span class=\"_ _3\"></span>tesi <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>appropriato <span class=\"_ _17\"> </span>premio <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>rischio rappresentato <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>liquidi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>caratteristiche similari. Le fonti da cui<span class=\"_ _0\"></span> attingere tale mis<span class=\"_ _0\"></span>ura sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli di debito co<span class=\"_ _0\"></span>ntribuiti e liquidi del me<span class=\"_ _0\"></span>desimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap sulla med<span class=\"_ _0\"></span>esima reference <span class=\"_ _0\"></span>entity; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti e liq<span class=\"_ _0\"></span>uidi emessi da emitte<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te con medesimo r<span class=\"_ _0\"></span>ating e appartenente<span class=\"_ _0\"></span> al medesimo settor<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span> </span>In  ogni  caso  si  tien<span class=\"_ _0\"></span>e  conto  della <span class=\"_ _16\"> </span>differente  seniority  del<span class=\"_ _0\"></span>  titolo  da  prezzare  re<span class=\"_ _0\"></span>lativamente  all<span class=\"_ _0\"></span>a  struttura  del  debi<span class=\"_ _0\"></span>to d<span class=\"ff4\">ell\u2019emittente.</span> Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>emittenti <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>italiani <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>costruita <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>matrice <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating/durata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>emissioni  governative  cui <span class=\"_ _16\"> </span>vengono  applicati  i  differenziali  t<span class=\"_ _0\"></span>ra  le  varie  classi  di  rati<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g/durata  rispetto  a<span class=\"_ _0\"></span>d  emiss<span class=\"_ _5\"></span>ioni pubbliche (regioni, pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ince, comuni, enti gov<span class=\"_ _0\"></span>ernativi).<span class=\"_ _3\"></span> In fase d<span class=\"_ _3\"></span>i applicazione dello spread per il pricing dello s<span class=\"_ _3\"></span>trumento non contribuito, qualora la curva d<span class=\"_ _3\"></span>i credito \u201cfair\u201d stima<span class=\"_ _5\"></span><span class=\"ff1\">ta </span>non rispettasse le st<span class=\"_ _0\"></span>esse caratteristiche <span class=\"_ _0\"></span>dello <span class=\"_ _3\"></span>strumento, si consi<span class=\"_ _0\"></span>derano dei fattori cor<span class=\"_ _0\"></span>rettivi. Inoltre, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati attivi, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior prem<span class=\"_ _6\"></span>io richiesto dal mercato rispett<span class=\"_ _0\"></span>o ad un titolo similare contribuit<span class=\"_ _0\"></span>o, si aggiunge <span class=\"_ _3\"></span><span class=\"ff4\">al credit spread \u201cfair\u201d una ulteriore comp<span class=\"_ _0\"></span>onente </span>stimata sulla base d<span class=\"_ _0\"></span>ei bid/ask spread rile<span class=\"_ _0\"></span>vati sul mercato. Infine, <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>includa <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>opzionale <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>provvede <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>ento <span class=\"_ _2\"></span>dello spread <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiungendo <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compon<span class=\"_ _3\"></span><span class=\"ff4\">ente <span class=\"_ _6\"></span>volta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>cogliere <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>illiquidit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti. <span class=\"_ _6\"></span>Tale </span>componente \u00e8 determinata in <span class=\"_ _3\"></span>base alla tipologia di opzione u<span class=\"_ _3\"></span>tilizzando i corrispondenti modelli di valutazione dei derivati citati nel seguito. Similarmente, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credit <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>del Gruppo <span class=\"_ _6\"></span>Bancario <span class=\"_ _5\"></span>designate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>fa <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>obbligazionari <span class=\"_ _6\"></span>emessi <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cedole periodiche regolari, scade<span class=\"_ _0\"></span>nza oltre un<span class=\"_ _3\"></span> anno e quotati su un mercato attivo sulla bas<span class=\"_ _0\"></span>e di quanto prescritto dagli IAS/IFRS. Dalle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>esume <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>merito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _4\"> </span>implicito, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>poi <span class=\"_ _4\"> </span>perfezionato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>di interpolazione, che generano curve di credit spread dif<span class=\"_ _3\"></span>ferenziate<span class=\"_ _0\"></span> per t<span class=\"_ _3\"></span>ipo di cedola, scadenza e livello di subordinazione. Analogamente <span class=\"_ _4\"> </span>i <span class=\"_ _16\"> </span>Certificates <span class=\"_ _4\"> </span>emessi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>valutati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>scomponendoli <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>componenti: <span class=\"_ _7\"> </span>titolo obbligazionario <span class=\"_ _3\"></span>emesso, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>descritto, <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>compone<span class=\"_ _3\"></span>nte <span class=\"_ _2\"></span>opzionale, <span class=\"_ _2\"></span>valutata <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corrispondenti modelli di pricing dei<span class=\"_ _0\"></span> derivati descritti <span class=\"_ _0\"></span>nel seguito.  Infine<span class=\"ff5\">,</span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>designate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _6\"></span>Assicurative <span class=\"_ _4\"> </span>(principalmente<span class=\"_ _0\"></span> passivit\u00e0 collegate a c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>di investimento di <span class=\"_ _3\"></span>tipo Unit L<span class=\"_ _3\"></span>inked che <span class=\"_ _3\"></span>non presentano un <span class=\"_ _3\"></span>rischio assicurativo significativo)<span class=\"_ _35\"></span> riflette il valore di me<span class=\"_ _0\"></span>rcato degli asset <span class=\"_ _0\"></span>sottostanti per la cui d<span class=\"_ _0\"></span>efinizione si applic<span class=\"_ _0\"></span>ano le diverse meto<span class=\"_ _0\"></span>dologie qui descritt<span class=\"_ _2\"></span>e.  II.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei fina<span class=\"_ _0\"></span>nziamen<span class=\"lsd\">ti</span> </span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>contribuzioni <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provider <span class=\"_ _6\"></span>qualora disponibili, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>calcolando <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>attesi <span class=\"_ _5\"></span>utilizzando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redit <span class=\"_ _5\"></span>spread, individuato a partire da<span class=\"_ _0\"></span>lle seguenti fonti:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>finanziamenti contrib<span class=\"_ _0\"></span>uiti sul mercato;<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>curve rating/settor<span class=\"_ _0\"></span>e specifiche del mer<span class=\"_ _0\"></span>cato dei finanziamenti; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti d<span class=\"_ _0\"></span>el medesimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap s<span class=\"_ _0\"></span>ulla medesima refer<span class=\"_ _0\"></span>ence entity. </span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>differente <span class=\"_ _5\"></span>seniority <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzare <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito dell\u2019emittente.<span class=\"ff1\"> </span>In <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>spread <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>pricing <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziamento, <span class=\"_ _7\"> </span>qualora <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>curva <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>redito <span class=\"_ _7\"> </span>\u201cfair\u201d <span class=\"_ _16\"> </span>stimata <span class=\"_ _7\"> </span>non rispettasse le stesse caratter<span class=\"_ _0\"></span>istiche dello strume<span class=\"_ _0\"></span>nto, si consideran<span class=\"_ _0\"></span>o dei fattori correttivi. Inoltre, <span class=\"_ _4\"></span>qualora <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pread <span class=\"_ _4\"></span>creditizio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>faccia <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"></span>curve <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>reate attraverso  titol<span class=\"_ _0\"></span>i  obblig<span class=\"_ _0\"></span>azionari, <span class=\"_ _16\"> </span>occorrer\u00e0  applicare <span class=\"_ _16\"> </span>una <span class=\"_ _1d\"> </span>base  Loan<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">Bond, <span class=\"_ _16\"> </span>volta  a <span class=\"_ _16\"> </span>catturare  l\u2019eventu<span class=\"_ _0\"></span>ale  differe<span class=\"_ _0\"></span>nte </span>struttura del mercato e<span class=\"_ _0\"></span> la diversa forma te<span class=\"_ _0\"></span>cnica.  Al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tenere <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>il premio <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>mercato per <span class=\"_ _3\"></span>strumenti illiquidi <span class=\"_ _3\"></span>e/o s<span class=\"_ _3\"></span>trutturati, si <span class=\"_ _3\"></span>applicano alc<span class=\"_ _5\"></span>uni aggiustamenti allo s<span class=\"_ _0\"></span>pread creditizio. I finanziamenti con rischio sottost<span class=\"_ _0\"></span>ante equity non quotato (rientrano in tale fattisp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cie gli strumenti finanziari che, ai se<span class=\"_ _2\"></span>nsi dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>32, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>equipar<span class=\"_ _0\"></span>abili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>convertibili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>ioni) <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>valutati tramite <span class=\"_ _6\"> </span>l\u2019attualizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>previsti <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>contratto. <span class=\"_ _6\"></span>Trattandosi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>debito, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>si </span>utilizzer\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>omma <span class=\"_ _2\"></span>di: <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free, <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>CDS <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>su titoli quotati o su eroga<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni analoghe, <span class=\"_ _0\"></span>e di un eventuale ult<span class=\"_ _0\"></span>eriore premio per il r<span class=\"_ _0\"></span>ischio.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>finanziamenti n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>osizione.<span class=\"_ _0\"></span> Tale <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>viluppata <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>caratterizzan<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>comportare, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d esempio, la valutazione dei flussi di cassa rivenie<span class=\"_ _0\"></span>nti dalla vendita degli immobili posti a gara<span class=\"_ _0\"></span>nzia oppure la valutazione di<span class=\"_ _2\"></span> eventuali <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capi<span class=\"ff4\">tale <span class=\"_ _16\"> </span>acquisibili  a <span class=\"_ _7\"> </span>seguito <span class=\"_ _16\"> </span>dell\u2019introduzione <span class=\"_ _7\"> </span>di  una <span class=\"_ _7\"> </span>clausola <span class=\"_ _16\"> </span>di  c<span class=\"_ _0\"></span>onversione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>quity <span class=\"_ _16\"> </span>della </span>posizione. III.<span class=\"ls0\"> <span class=\"_ _23\"> </span>L<span class=\"_ _3\"></span>a valutazione dei <span class=\"_ _0\"></span>derivati OTC </span>Gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>scambiati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati <span class=\"_ _3\"></span>regolamentati, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>Over<span class=\"_ _2\"></span> The <span class=\"_ _3\"></span>Counter <span class=\"_ _2\"></span>(OTC), <span class=\"_ _2\"></span>ovvero negoziati <span class=\"_ _3\"></span>bilateralmente <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>apposite <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di valutazione e <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>(quali, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>volatilit\u00e0) <span class=\"_ _3\"></span>sottopost<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> ai<span class=\"ls0\"> processi di c<span class=\"_ _0\"></span>ertificazione e m<span class=\"_ _0\"></span>onitoraggio illustrati i<span class=\"_ _0\"></span>n precedenza. </span>Il <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>derivato <span class=\"_ _5\"></span>OTC <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>tenendo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>fattori <span class=\"_ _5\"></span>di rischio <span class=\"_ _2\"></span>sottostanti. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>distinguono <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econda <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>ad accordi di collateralizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione (CSA<span class=\"_ _0\"></span>), volti a mitigare il rischio<span class=\"_ _0\"></span> di controparte e finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto:<span class=\"_ _3\"></span> a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>CSA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ridurre <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fin<span class=\"_ _5\"></span>anziamento <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un </span>livello <span class=\"_ _3\"></span>trascurabile, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-arbitraggio, includendo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>premio<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di mercato relativo ai <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio s<span class=\"_ _3\"></span>ottostanti al contratto (<span class=\"_ _3\"></span>ad es. <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>interesse, volatilit\u00e0, ecc.), e<span class=\"_ _3\"></span> c<span class=\"_ _5\"></span>onsiderando, nei casi pi\u00f9 rilevanti, <span class=\"_ _0\"></span>come tasso di sconto <span class=\"_ _0\"></span>dei flussi di cassa fu<span class=\"_ _0\"></span>turi il tasso di remuner<span class=\"_ _0\"></span>azione del collateral<span class=\"_ _0\"></span>e; <span class=\"_ _2\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>CSA, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>CSA <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>ridurre <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controparte <span class=\"_ _3\"></span>e </span>finanziamento <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>trascurabile <span class=\"_ _3\"></span>(ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Way <span class=\"_ _3\"></span>CSA, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soglie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>minimum <span class=\"_ _2\"></span>transfer <span class=\"_ _3\"></span>amount <span class=\"_ _2\"></span>non trascurabili), il fair value dello strument<span class=\"_ _0\"></span>o pu\u00f2 essere espresso, sotto opportune ipotes<span class=\"_ _0\"></span>i, come la somma del valore di riferimento <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>base), <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>corrispondente <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>collateralizzato, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>componenti valutative legate al premio al rischio d<span class=\"_ _3\"></span>i controparte e finanziamento, collettivamente indicati come XVA (cfr. \u201cRischio<span class=\"_ _35\"></span> di valutazione: aggiu<span class=\"_ _0\"></span>stamenti al fair valu<span class=\"_ _0\"></span>e\u201d).<span class=\"ff1\"> </span>In c<span class=\"_ _3\"></span>onsiderazione della numerosit\u00e0 e <span class=\"_ _3\"></span>complessit\u00e0 dei <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati OTC, <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato individuato un <span class=\"_ _3\"></span>quadro s<span class=\"_ _3\"></span>istematico di riferimento <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>linee <span class=\"_ _7\"> </span>comuni <span class=\"_ _16\"> </span>(algoritmi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>alcolo, <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elaborazione, <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati, assunzioni di base d<span class=\"_ _0\"></span>el modello) sulle quali si fon<span class=\"_ _0\"></span>da la loro valutazion<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> La tabella seguente illustr<span class=\"_ _0\"></span>a le principali metodologie <span class=\"_ _0\"></span>utilizzate per la valutazione <span class=\"_ _0\"></span>dei derivati OTC in funzio<span class=\"_ _0\"></span>ne della class<span class=\"_ _2\"></span><span class=\"lsc\">e </span>di appartenenza del <span class=\"_ _0\"></span>sottostante. Classe del Sottostante Modelli di Valuta<span class=\"_ _35\"></span>zi<span class=\"_ _3\"></span>one Utili<span class=\"_ _0\"></span>zzati Principali dati <span class=\"_ _0\"></span>di mercato e para<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etri di input dei model<span class=\"_ _0\"></span>li Tasso d\u2019in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span>Net  Pre<span class=\"_ _0\"></span>sent  Valu<span class=\"_ _0\"></span>e,  Black-Sch<span class=\"_ _0\"></span>oles,  SAB<span class=\"_ _0\"></span>R,  Libo<span class=\"_ _0\"></span>r Market <span class=\"_ _4\"> </span>Model, <span class=\"_ _4\"> </span>Hull<span class=\"_ _3\"></span>-White, <span class=\"_ _4\"> </span>Lognormal<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>Bivariato,<span class=\"_ _0\"></span> Rendistato<span class=\"_ _0\"></span>, Hagan <span class=\"_ _0\"></span>formula esa<span class=\"_ _0\"></span>tta per C<span class=\"_ _0\"></span>MS Curve <span class=\"_ _26\"> </span>dei <span class=\"_ _26\"> </span>tassi <span class=\"_ _26\"> </span>d\u2019interes<span class=\"_ _0\"></span>se <span class=\"_ _26\"> </span>(depositi, <span class=\"_ _26\"> </span>FRA,<span class=\"_ _0\"></span> Futures,<span class=\"_ _0\"></span>  OIS,  swap,  basi<span class=\"_ _35\"></span>s  swap,  CMS,  paniere<span class=\"_ _35\"></span> Rendistato)<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>volatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>opzioni <span class=\"_ _15\"> </span>c<span class=\"_ _3\"></span>ap/floor/swap<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ion,<span class=\"_ _0\"></span> correlazioni<span class=\"_ _0\"></span> tra tassi d\u2019i<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>eresse<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Tasso di ca<span class=\"_ _0\"></span>mbio Net <span class=\"_ _3b\"> </span>present <span class=\"_ _2a\"> </span>Value <span class=\"_ _2a\"> </span>F<span class=\"_ _3\"></span>X, <span class=\"_ _3b\"> </span>Garman-Kohlhag<span class=\"_ _35\"></span>en, Lognormale <span class=\"_ _28\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _31\"> </span>Volatilit\u00e0 <span class=\"_ _31\"> </span>Incerta <span class=\"_ _32\"> </span>(LMUV)<span class=\"_ _35\"></span>, Stochasti<span class=\"_ _0\"></span>c  Local <span class=\"_ _7\"> </span>Volatility  (SLV)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span>  Local<span class=\"_ _0\"></span>  Volatilit<span class=\"_ _0\"></span>y (LV)<span class=\"ls0\"> </span>Curve <span class=\"_ _18\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _18\"> </span>d\u2019interesse,<span class=\"_ _35\"></span> <span class=\"_ _1c\"> </span>curve <span class=\"_ _17\"> </span>FX <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>pot <span class=\"_ _17\"> </span>e forward, <span class=\"_ _17\"> </span>volatilit\u00e0 <span class=\"_ _18\"> </span>FX, <span class=\"_ _18\"> </span> <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _1c\"> </span>correl<span class=\"_ _35\"></span>azioni quanto Equity Accrual, <span class=\"_ _2\"></span>Net <span class=\"_ _5\"></span>present <span class=\"_ _2\"></span>Value <span class=\"_ _5\"></span>Equity, <span class=\"_ _5\"></span>Black-Schole<span class=\"_ _0\"></span>s generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _2b\"> </span>Heston, <span class=\"_ _2b\"> </span>Local<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>Volatility, <span class=\"_ _2b\"> </span>Ju<span class=\"_ _0\"></span>mp Diffusion Curve <span class=\"_ _1c\"> </span>dei<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interes<span class=\"_ _0\"></span>se, <span class=\"_ _1c\"> </span>prezzi <span class=\"_ _18\"> </span>spot <span class=\"_ _1c\"> </span>dei sottostanti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi, <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>correlazioni dei sottosta<span class=\"_ _0\"></span>nti, vola<span class=\"_ _0\"></span>tilit\u00e0 e correla<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni qua<span class=\"_ _0\"></span>nto Inflazione Inflation <span class=\"_ _1d\"> </span>NPV, <span class=\"_ _1d\"> </span>Infl<span class=\"_ _0\"></span>ation <span class=\"_ _1d\"> </span>SABR<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>Inflation <span class=\"_ _1d\"> </span>Jarrow-<span class=\"_ _90\"> </span>Yildirim Curve dei tas<span class=\"_ _0\"></span>si d\u2019interes<span class=\"_ _0\"></span>se nominali <span class=\"_ _0\"></span>e di inflazione<span class=\"_ _0\"></span>, volatilit\u00e0 <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>d\u2019interesse <span class=\"_ _1c\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>inflazione,<span class=\"_ _35\"></span> coefficien<span class=\"_ _0\"></span>ti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>stagionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>dell\u2019indice <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>al consumo,<span class=\"_ _0\"></span> correlazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dei tassi di in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>lazione<span class=\"_ _0\"></span> Commodit<span class=\"_ _0\"></span>y Net <span class=\"_ _20\"> </span>present <span class=\"_ _20\"> </span>Value <span class=\"_ _1c\"> </span>Commodity, <span class=\"_ _1c\"> </span>Black<span class=\"_ _3\"></span>-Scholes<span class=\"_ _0\"></span> generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _33\"> </span>Independ<span class=\"_ _35\"></span>ent <span class=\"_ _33\"> </span>Forward, <span class=\"_ _33\"> </span>Local<span class=\"_ _35\"></span> Volatility,<span class=\"_ _0\"></span> 2-Factors Ju<span class=\"_ _0\"></span>mp Diffusi<span class=\"_ _0\"></span>on  Curve <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>d\u2019interesse, <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>spot, <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _3\"></span>e futures <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>sottostanti, <span class=\"_ _5\"></span>volatilit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>correlazioni <span class=\"_ _5\"></span>dei sottostanti<span class=\"_ _0\"></span>, volatilit\u00e0 e <span class=\"_ _0\"></span>correlazioni q<span class=\"_ _35\"></span>uanto Credito Net <span class=\"_ _23\"> </span>present <span class=\"_ _23\"> </span>Value, <span class=\"_ _20\"> </span>CDS <span class=\"_ _29\"> </span>Opti<span class=\"_ _0\"></span>on <span class=\"_ _23\"> </span>(o <span class=\"_ _23\"> </span>modello lognormale)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> Contingen<span class=\"_ _35\"></span>t CDS Probabilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>default, <span class=\"_ _18\"> </span>R<span class=\"_ _3\"></span>ecover<span class=\"_ _0\"></span>y <span class=\"_ _1c\"> </span>rate, <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _35\"></span> dell\u2019indice di <span class=\"_ _0\"></span>credito.<span class=\"ff1 ls0\"> </span>Come previsto dal<span class=\"_ _3\"></span>l\u2019IFRS 13, per <span class=\"_ _3\"></span>pervenire alla <span class=\"_ _3\"></span><span class=\"ff1\">determinazione del <span class=\"_ _3\"></span>fair value, i<span class=\"_ _3\"></span>l Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo considera anche </span>l\u2019effetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inadempimento <span class=\"_ _3\"></span>(non<span class=\"_ _3\"></span><span class=\"ff1\">-performance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk) <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>sia </span>le <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>dell\u2019emittente s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>(own <span class=\"_ _3\"></span>credit </span>risk). IV. <span class=\"_ _29\"> </span>La valutazione dei prodot<span class=\"_ _0\"></span>ti strutturati di cre<span class=\"_ _0\"></span>dito Con ri<span class=\"_ _3\"></span>ferimento agli <span class=\"_ _3\"></span>ABS (asset <span class=\"_ _3\"></span>backed <span class=\"_ _3\"></span>securities), nel <span class=\"_ _3\"></span>caso i<span class=\"_ _3\"></span>n cui <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>disponibili prezzi significativi, s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fa ricorso<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>a tecniche <span class=\"_ _16\"> </span>di  valut<span class=\"_ _0\"></span>azione  c<span class=\"_ _0\"></span>he  t<span class=\"_ _0\"></span>engano <span class=\"_ _16\"> </span>conto <span class=\"_ _16\"> </span>di  parametri<span class=\"_ _0\"></span>  desumibili<span class=\"_ _0\"></span>  da <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>(input  d<span class=\"_ _0\"></span>i  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>2)  o, <span class=\"_ _16\"> </span>se <span class=\"_ _16\"> </span>non osservabili, stimati (i<span class=\"_ _0\"></span>nput di livello 2 o 3 s<span class=\"_ _0\"></span>e non significativo o <span class=\"_ _0\"></span>significativo). <span class=\"_ _3\"></span> In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>acquisiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provi<span class=\"_ _3\"></span>der <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>piattaforme <span class=\"_ _5\"></span>specializzate, <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili, <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sono desunti <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>plan <span class=\"_ _5\"></span>dell\u2019operazione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dall\u2019informativa <span class=\"_ _2\"></span>periodica, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non Perfoming <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>(NPL) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Unlikely <span class=\"_ _2\"></span>To <span class=\"_ _3\"></span>Pay <span class=\"_ _3\"></span>(UTP);<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>esunti <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato/info provider di <span class=\"_ _6\"> </span>mercato, <span class=\"_ _4\"> </span>rafforzati <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un\u2019analisi <span class=\"_ _6\"> </span>qualitativa <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>erformance <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti <span class=\"_ _6\"> </span>desumibili <span class=\"_ _6\"> </span>dai <span class=\"_ _6\"> </span>periodici <span class=\"_ _4\"> </span>investo<span class=\"_ _0\"></span>r reports <span class=\"_ _16\"> </span>e  volt<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>ad  evidenzi<span class=\"_ _0\"></span>are <span class=\"_ _16\"> </span>aspetti <span class=\"_ _16\"> </span>strutturali  n<span class=\"_ _0\"></span>on  (<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>non  pienam<span class=\"_ _0\"></span>ente) <span class=\"_ _16\"> </span>ricom<span class=\"_ _2\"></span>presi <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>analisi  preced<span class=\"_ _0\"></span>entemente descritte, relativi <span class=\"_ _3\"></span>all\u2019effettiva <span class=\"_ _3\"></span>futura capacit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pagare <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nalisi di <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rispetto <span class=\"_ _6\"></span><span class=\"ff1\">ad a<span class=\"_ _3\"></span>ltr<span class=\"_ _0\"></span>e </span>strutture similari. Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Corporate <span class=\"_ _5\"></span>Europei <span class=\"_ _2\"></span>High <span class=\"_ _6\"></span>Yield <span class=\"_ _5\"></span>(CLO <span class=\"_ _2\"></span>HY <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans) <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>Valuation technique <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>net <span class=\"_ _4\"> </span>present <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>cash <span class=\"_ _4\"> </span>flow <span class=\"_ _4\"></span>attesi, <span class=\"_ _6\"></span>determinati <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>piattaforme <span class=\"_ _6\"></span>specializzate, scontati <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _2\"></span>espressi <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _3\"></span>Nella <span class=\"_ _2\"></span>modellizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>attesi <span class=\"_ _2\"></span>futuri <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli aspetti contrattuali dei <span class=\"_ _3\"></span>CLO HY Loans che <span class=\"_ _3\"></span>possono influenzare la <span class=\"_ _3\"></span>waterfall, cio\u00e8 la <span class=\"_ _3\"></span>ripartizione dei cash flow derivanti d<span class=\"_ _3\"></span>al collaterale sulle note<span class=\"_ _0\"></span>. A <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>affinate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>cred<span class=\"_ _2\"></span>itizie <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>sottostanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>incorporare <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>valutativi non <span class=\"_ _5\"></span>ricompresi <span class=\"_ _2\"></span>nei <span class=\"_ _6\"></span>modelli <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>Qualitative <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Review <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>consta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019analisi accurata <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>aspetti <span class=\"_ _6\"></span>creditizi <span class=\"_ _5\"></span>riguardanti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>struttura <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>essa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>HY <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>collaterale <span class=\"_ _5\"></span>presente. <span class=\"_ _6\"></span>Questa <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>lo scopo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>elementi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debolezza <span class=\"_ _7\"> </span>presenti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>futuri, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>emergono <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>sottostanti, <span class=\"_ _7\"> </span>che potrebbero <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>colti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>genzie d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pienam<span class=\"_ _3\"></span>ente <span class=\"_ _2\"></span>considerati nelle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>punto precedente. V.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei titoli di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti <span class=\"_ _3\"></span> </span>Nell\u2019ambito dei titoli <span class=\"_ _0\"></span>di capitale di livello<span class=\"_ _0\"></span> 2 rientrano:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>registrate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>un </span>arco <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>sufficientemente <span class=\"_ _5\"></span>breve <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercat<span class=\"_ _35\"></span>o costanti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli di<span class=\"_ _3\"></span> capitale valutati con metodi relativi, basati su <span class=\"_ _3\"></span>moltiplicatori: multipli implici<span class=\"_ _2\"></span>ti in transazioni avvenute su societ\u00e0<span class=\"_ _90\"> </span></span>comparabili, <span class=\"_ _3\"></span>quotate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>quotate, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _3\"></span>sufficientemente <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _3\"></span>della<span class=\"_ _90\"> </span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>costanti <span class=\"_ _5\"></span>(multipli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>M&amp;A), <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>multipli <span class=\"_ _2\"></span>impliciti <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>quotazio<span class=\"_ _5\"></span>ni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>borsa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un campione di societ\u00e0 <span class=\"_ _0\"></span>comparabili (multipli<span class=\"_ _0\"></span> di borsa). Nell\u2019ambito <span class=\"_ _2\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultando <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>significativi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>\u201c<span class=\"_ _5\"></span>relativi\u201d descritti sopra, veng<span class=\"_ _0\"></span>ono quindi utilizzati mo<span class=\"_ _0\"></span>delli<span class=\"_ _3\"></span> <span class=\"ff4\">valutativi \u201cassolut<span class=\"_ _0\"></span>i\u201d, rientrano:<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>applicati <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>analitici <span class=\"_ _3\"></span>fondat<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>flussi, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </span>valore attraverso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>o reddituali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la societ\u00e0 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>prevede <span class=\"_ _5\"></span>generi nel <span class=\"_ _3\"></span>tempo, attualizzati <span class=\"_ _3\"></span>con un tasso appropriato in<span class=\"_ _0\"></span> funzione del livell<span class=\"_ _0\"></span>o di rischio dello s<span class=\"_ _0\"></span>trumento;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>valutati s<span class=\"_ _3\"></span>ulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>NAV o <span class=\"_ _2\"></span>l\u2019Adjusted <span class=\"_ _3\"></span>Net Asset <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>(ANAV), <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>stima </span></span>il fair value delle di<span class=\"_ _0\"></span>verse componenti del patrimoni<span class=\"_ _0\"></span>o della partecipata. Eventuali <span class=\"_ _7\"> </span>valori  ri<span class=\"_ _0\"></span>tenuti <span class=\"_ _16\"> </span>rappres<span class=\"_ _0\"></span>entativi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _16\"> </span>value <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>titolo <span class=\"_ _16\"> </span>azionario <span class=\"_ _7\"> </span>derivanti <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clausole <span class=\"_ _7\"> </span>pattizie <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>esempio, opzioni) <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia del <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>second<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>dell\u2019osservabilit\u00e0 degli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzati </span>nella <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _4\"> </span>Nello <span class=\"_ _7\"> </span>specifico, <span class=\"_ _7\"> </span>se <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lausola <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d\u2019esercizio, <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>algoritmi <span class=\"_ _4\"> </span>e multipli predefiniti, il <span class=\"_ _0\"></span>titolo viene clas<span class=\"_ _0\"></span>sificato a livello 2. Il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizza <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>via <span class=\"_ _4\"> </span>residuale, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>applicabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>metodi<span class=\"_ _35\"></span> precedenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>mancanza di <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>informazioni <span class=\"_ _2\"></span><span class=\"fs9\">e <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui</span> <span class=\"_ _3\"></span>vi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>un'ampia <span class=\"_ _3\"></span>gamma d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>possibili valutazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair<span class=\"_ _0\"></span> value e non risulta p<span class=\"_ _0\"></span>ossibile individuare tra queste un val<span class=\"_ _0\"></span>ore pi\u00f9 appropriat<span class=\"_ _0\"></span>o. Nella <span class=\"_ _6\"></span>fattispecie <span class=\"_ _5\"></span>qui <span class=\"_ _6\"></span>trattata <span class=\"_ _6\"></span>rientrano <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>Partecipativi <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>le<span class=\"_ _0\"></span> caratteristiche per ess<span class=\"_ _0\"></span>ere considerati titoli di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>apitale. VI. <span class=\"_ _29\"> </span>La valutazione dei fondi <span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>ed<span class=\"lsc\">ge</span> Il <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fondo <span class=\"_ _4\"> </span>hedge <span class=\"_ _6\"> </span>corrisponde <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Net <span class=\"_ _6\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _6\"> </span>(NAV) <span class=\"_ _4\"> </span>fornito <span class=\"_ _6\"> </span>dall\u2019amministratore <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>pu\u00f2<span class=\"_ _0\"></span> essere applicato un <span class=\"_ _3\"></span>aggiustamento derivante da <span class=\"_ _3\"></span>un processo di <span class=\"_ _3\"></span>valutazione volto <span class=\"_ _3\"></span>a cogliere i <span class=\"_ _3\"></span>principali fattori d<span class=\"_ _3\"></span>i rischio ai<span class=\"_ _5\"></span> quali \u00e8 soggetta la gestio<span class=\"_ _0\"></span>ne dei fondi, ricon<span class=\"_ _0\"></span>ducibili alle due seguenti t<span class=\"_ _0\"></span>ipologie:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>(broker), <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sottoposti <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>questo </span>deleghi l\u2019attivit\u00e0 di <span class=\"_ _0\"></span>prime brokerage o di c<span class=\"_ _0\"></span>ustodian ad un <span class=\"ff1\">service provider, soggetto a risc<span class=\"_ _0\"></span>hio default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _5\"></span>illiquidit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2\"></span>illiquidi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>scarsit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quotazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _2\"></span>oppure<span class=\"_ _5\"></span> </span>per mancanza di informa<span class=\"_ _0\"></span>zioni sulle politich<span class=\"_ _0\"></span>e di valutazione utiliz<span class=\"_ _0\"></span>zate dal fondo. <span class=\"_ _3\"></span> Ta<span class=\"ls0\">li rischi sono v<span class=\"_ _3\"></span>alutati sulla base delle informazioni presenti nell<span class=\"_ _0\"></span>a documentazione ricevuta periodicamente dai gestori o </span>dagli amministratori <span class=\"_ _0\"></span>dei fondi. Il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>perino <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>predeterminata<span class=\"_ _0\"></span> soglia. VII. <span class=\"_ _29\"> </span>La valutazione dei fondi di <span class=\"_ _0\"></span>private debt Per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>Private <span class=\"_ _2\"></span>Debt <span class=\"_ _2\"></span>FIA <span class=\"_ _5\"></span>(Fondi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>Alternativi), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>autorizzazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>prevede una due <span class=\"_ _3\"></span>diligence iniziale <span class=\"_ _3\"></span>volta a v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>la policy <span class=\"_ _3\"></span>di valutazione de<span class=\"_ _3\"></span>gli asset di <span class=\"_ _3\"></span>ciascun fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le Linee Guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value. <span class=\"_ _2\"></span>Successivament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>avviene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l NAV. Il livello della g<span class=\"_ _0\"></span>erarchia del fair valu<span class=\"_ _0\"></span>e \u00e8 posto pari a 3. VIII. <span class=\"_ _29\"> </span><span class=\"ls10\">La</span> valutazione dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi di <span class=\"_ _3\"></span>private equity, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi immobiliari e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi chiusi <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>cessioni d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span> performing I  fondi <span class=\"_ _1d\"> </span>chiusi  di  private <span class=\"_ _1d\"> </span>equity  sono  di  re<span class=\"_ _3\"></span>gola  valutati  utilizzando  l\u2019ultimo <span class=\"_ _1d\"> </span>Net  Asset <span class=\"_ _1d\"> </span>Val<span class=\"_ _0\"></span>ue  approvato <span class=\"_ _1d\"> </span>dalla  S.g.r. (pubblicato <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>semestrale <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>trimestrale), <span class=\"_ _2\"></span>rettificato <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>considerare <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventi <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>verificatisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _35\"></span> data di riferimento d<span class=\"_ _0\"></span>el NAV quali: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>una transazione rilevante su un<span class=\"_ _0\"></span>a partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il fallimento o la liquidazione <span class=\"_ _0\"></span>di una partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019allineamento a quotazioni c<span class=\"_ _0\"></span>orrenti di eventuali a<span class=\"_ _0\"></span>sset quotati;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>richiami da parte del fondo e re<span class=\"_ _0\"></span>lative distribuzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> </span>I <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>immobiliari <span class=\"_ _5\"></span>chiusi <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>Net <span class=\"_ _5\"></span>Asset <span class=\"_ _5\"></span>Value <span class=\"_ _5\"></span>disponibile, <span class=\"_ _5\"></span>corretto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>richiami <span class=\"_ _5\"></span>o distribuzioni <span class=\"_ _17\"> </span>successive <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>applicand<span class=\"_ _0\"></span>o, <span class=\"_ _18\"> </span>ove <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _17\"> </span>necessario, <span class=\"_ _17\"> </span>uno <span class=\"_ _18\"> </span>sconto <span class=\"_ _17\"> </span>determinato <span class=\"_ _18\"> </span>con <span class=\"_ _17\"> </span>modello <span class=\"_ _18\"> </span>interno. <span class=\"_ _17\"> </span>In particolare <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>permette <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>Net <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cinque <span class=\"_ _4\"> </span>diverse variabili: <span class=\"_ _2\"></span>(i) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>dimensione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>S.g.<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gestisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fondo; <span class=\"_ _2\"></span>(ii) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>numerosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>sottoscrittori; <span class=\"_ _2\"></span>(iii) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>storico<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>fondo; <span class=\"_ _3\"></span>(iv) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>(v) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indebitamento. <span class=\"_ _3\"></span>Tali variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>tarate <span class=\"_ _3\"></span>diversamente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _5\"></span>distinguendo <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>core, <span class=\"_ _2\"></span>value<span class=\"_ _0\"></span> added ed opportunistici<span class=\"_ _0\"></span>. Relativamente a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>set <span class=\"_ _2\"></span>informativo <span class=\"_ _3\"></span>idoneo<span class=\"_ _2\"></span> per <span class=\"ff4\">effettuare un\u2019analisi del busi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ess plan delle posizioni po<span class=\"_ _0\"></span>ssedute del fondo, singol<span class=\"_ _0\"></span>armente o per cluster omogenei, per<span class=\"_ _35\"></span> </span>determinare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>avvale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>upporto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>esperto <span class=\"_ _5\"></span>indipendente, <span class=\"_ _5\"></span>il quale effettua, tra <span class=\"_ _3\"></span>le altre cose, un confronto andamentale dei business plan delle esposizioni sottostanti e dichiara, nella propria relazione, <span class=\"_ _0\"></span>che il fair value, determi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato dall\u2019esperto, ri<span class=\"_ _0\"></span>sulta conforme alle <span class=\"_ _0\"></span>indicazioni dei <span class=\"_ _0\"></span>principali regulators<span class=\"_ _90\"> </span>86<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Qualora <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ia possibile <span class=\"_ _3\"></span>applicare l<span class=\"_ _3\"></span>\u2019approccio poc\u2019anzi <span class=\"_ _3\"></span>richiamato, per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuato un <span class=\"_ _3\"></span>confronto <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il rendimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cbenchmark\u201d, <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>fattorizza <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>quali i)<span class=\"ls0\">  <span class=\"_ _3\"></span>le policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione del<span class=\"_ _3\"></span> fondo, <span class=\"_ _3\"></span>verificando se <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>siano o <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>compliant con <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>coerenti <span class=\"_ _3\"></span>con la <span class=\"_ _3\"></span>definizione di </span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>plan <span class=\"_ _3\"></span>aggiornato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>performance del <span class=\"_ _2\"></span>fondo rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span><span class=\"ff4\">plan <span class=\"_ _3\"></span>disponibile, <span class=\"_ _2\"></span>iii) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche dell\u2019attivo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cost o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>funding <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>mercato </span>per <span class=\"_ _3\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>liquidi, <span class=\"_ _3\"></span>v) <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>completezza ed <span class=\"_ _2\"></span>esaustivit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>messe <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>disposizione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e 86 <span class=\"_ _3\"></span><span class=\"ff4\">Cfr<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ocumento <span class=\"_ _2\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _2\"></span>d\u2019Italia/Cons<span class=\"_ _3\"></span>ob/Ivass <span class=\"_ _2\"></span>n.<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>\u201cTrattamento <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bil<span class=\"_ _3\"></span>ancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>ope<span class=\"_ _3\"></span>razioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span></span>-soluto <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _2\"></span>unlikely <span class=\"_ _2\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambio <span class=\"_ _2\"></span>di quote di fondi di i<span class=\"_ _3\"></span>nvestimento\u201d, pu<span class=\"_ _3\"></span>bblicato nell\u2019april<span class=\"_ _3\"></span>e 2020.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>vi) <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span><span class=\"ff4\">estione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo. <span class=\"_ _7\"> </span>Ove <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>atteso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>\u201cbenchmark\u201d <span class=\"_ _4\"> </span>cos\u00ec </span>definito, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>NAV <span class=\"_ _2\"></span>comunicato <span class=\"_ _2\"></span>dalla <span class=\"_ _6\"></span>SGR <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>assunto <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue; <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>\u201cbenchmark\u201d <span class=\"_ _5\"></span>risulti superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>fond<span class=\"_ _3\"></span>o, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>NAV <span class=\"_ _2\"></span>ridotto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>tiene conto <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>\u201cbenchmark\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rendimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>vita <span class=\"_ _4\"> </span>media <span class=\"_ _6\"> </span>residua <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"></span>stesso (Weighted Average <span class=\"_ _0\"></span>Life o WAL). La valutazione delle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 finanziari<span class=\"_ _0\"></span>e non valutate al fair valu<span class=\"_ _0\"></span>e su base ricorr<span class=\"_ _0\"></span>ente<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>Infine, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>attivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivi <span class=\"_ _7\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzato, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>soli<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>fini informativi di nota int<span class=\"_ _0\"></span>egrativa, si precisa: -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>i<span class=\"_ _3\"></span>l fair value dei titoli ob<span class=\"_ _0\"></span>bligazionari viene <span class=\"_ _0\"></span>determinato applicand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le medesime meto<span class=\"_ _0\"></span>dologie esposte in prece<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enza;<span class=\"_ _2\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>attivi<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>passivi <span class=\"_ _16\"> </span>a  m<span class=\"_ _35\"></span>edio  e <span class=\"_ _7\"> </span>lungo <span class=\"_ _16\"> </span>termine  v<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>effettuata </span>attraverso <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019attualizzazio<span class=\"ff1\">ne <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"></span>basata <span class=\"_ _4\"></span>sul <span class=\"_ _4\"></span>discount <span class=\"_ _6\"></span>rate <span class=\"_ _4\"> </span>adjustment <span class=\"_ _4\"> </span>approach, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>i </span>fattori di rischio cr<span class=\"_ _0\"></span>editizio siano considerati <span class=\"_ _0\"></span>nel tasso di attuali<span class=\"_ _0\"></span>zzazione dei cash fl<span class=\"_ _0\"></span>ow futuri;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"></span>periodo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bi<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>ncio <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>assunto <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>ragionevole <span class=\"_ _4\"></span>approssimazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el </span>fair value. Per maggiori inform<span class=\"_ _0\"></span>azioni si fa rinvio a qua<span class=\"_ _0\"></span>nto riportato nel parag<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>afo A.4.5.4.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziari<span class=\"_ _0\"></span>e valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>3, l\u2019<span class=\"_ _3\"></span>informativa <span class=\"_ _3\"></span>quantitativa s<span class=\"_ _3\"></span>ugli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>va<span class=\"_ _5\"></span><span class=\"ff1\">lutazione <span class=\"_ _3\"></span>del </span>fair value. (migliaia di euro) Attivit\u00e0/passivit\u00e0 finanziarie Tecnica  di  valutazione Principali input non osservabili Valore minimo del range di variazione Valore massimo del range di variazione Unit\u00e0 Cambiamenti  di FV  favorevoli Cambiamenti  di FV  sfavorevoli Titoli e Finanziamenti Discounting Cash Flows Credit Spread -3 6 % 7.409 -11.764 Titoli e Finanziamenti strutturati  JD model JD parameters -<span class=\"ls1c\">37</span> 13<span class=\"ls0\"> </span>% 134<span class=\"ls0\"> </span>-<span class=\"ls1c\">192</span> Titoli e Finanziamenti strutturati  Modello a due fattori di tasso Correlazione -<span class=\"ls1c\">26</span> 32<span class=\"ls0\"> </span>% 4.871 -3.413 ABS<span class=\"ls0\"> </span>Discounting Cash Flows Credit Spread -1 3 % 611<span class=\"ls0\"> </span>-<span class=\"ls1c\">832</span> CLO Cash Discounting Cash Flows Credit Spread -6 6 % 503<span class=\"ls0\"> </span>-<span class=\"ls1c\">523</span> Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Loss Given Default Rate (LGD) - 100<span class=\"ls0\"> </span>% 3.388 -2.315 Derivati OTC oggetto di aggiustamento di Fair Value per CVA/DVA CVA Probabilit\u00e0 di default (PD) in funzione del rating interno della controparte CCC<span class=\"ls0\"> </span>A Rating interno 44<span class=\"ls0\"> </span>-<span class=\"ls1c\">78</span> Derivati OTC - Equity basket option Modello di Black - Scholes Correlazione in basket equity -11,16 87,39 % 517<span class=\"ls0\"> </span>-<span class=\"ls1c\">759</span> Derivati OTC - Equity option Modello di Black - Scholes Volatilit\u00e0 storica 8,21 76,17 % 967<span class=\"ls0\"> </span>-1.524 Derivati OTC - Equity option Modello di Marshall Olkin Correlazione storica 2,44 47,95 % 66<span class=\"ls0\"> </span>-<span class=\"ls1c\">43</span> Derivati OTC - Spread option su tassi swap Modello Lognormale bivariato Correlazione tra tassi swap -71,70 71,04 % 0 -1 A.4.2 Processi e sensibilit\u00e0 delle valutazioni   Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>descrizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>valu<span class=\"_ _3\"></span>tativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>livelli <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>in <span class=\"_ _7\"> </span>manier<span class=\"_ _0\"></span>a ricorrente e non ricorre<span class=\"_ _0\"></span>nte, si rinvia a quant<span class=\"_ _0\"></span>o riportato, rispettiv<span class=\"_ _0\"></span>amente, nei parag<span class=\"_ _0\"></span>rafi A.4.1 e A.4.5.<span class=\"_ _3\"></span> Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _7\"> </span>fai<span class=\"_ _0\"></span>r value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>camb<span class=\"_ _3\"></span>iamento <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili <span class=\"_ _2\"></span>significativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di valutazione <span class=\"_ _16\"> </span>impiegate <span class=\"_ _7\"> </span>per  la <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value. <span class=\"_ _16\"> </span>Si <span class=\"_ _16\"> </span>precisa <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alorizzati <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oltanto <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effetti<span class=\"_ _35\"></span> complessivamente materia<span class=\"_ _0\"></span>li a fine esercizio. Attivit\u00e0/passivit<span class=\"_ _3\"></span>\u00e0 finanziarie Parametri non o<span class=\"_ _3\"></span>sservabili Sensitivity<span class=\"_ _3\"></span> (migliaia di euro) Variazione parametro non osservabile<span class=\"_ _3\"></span> Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Credit spread -576 1 bp Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I  JD parameters<span class=\"_ _3\"></span> -<span class=\"ls1b\">10</span> 1%<span class=\"ls0\"> </span>Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I Correlazione<span class=\"_ _3\"></span> 157<span class=\"ls0\"> </span>1%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Correlazione tra s<span class=\"_ _3\"></span>ottostanti basket <span class=\"_ _3\"></span>equity 218<span class=\"ls0\"> </span>10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity Volatilit\u00e0 storica<span class=\"_ _3\"></span> -1.076 10%<span class=\"ls0\"> </span>Derivati OTC - Eq<span class=\"_ _3\"></span>uity CPPI Correlazione storic<span class=\"_ _3\"></span>a -<span class=\"ls1b\">24</span> 10%<span class=\"_ _90\"> </span>A.4.3. Gerarchia del fair value (trasferimenti tra i diversi livelli) Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>descrizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>adottati <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>stabilire <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>verificano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>diversi <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>della gerarchia del fair val<span class=\"_ _0\"></span>ue (cfr. IFRS 13, <span class=\"_ _0\"></span>par.95) si rimanda a qua<span class=\"_ _0\"></span>nto descritto in prec<span class=\"_ _0\"></span>edenza (cfr. \u201cGer<span class=\"_ _0\"></span>archia del fair value\u201d)<span class=\"_ _3\"></span><span class=\"ff1\">.<span class=\"ff5 fs9 fc2\"> </span></span>A.4.4. Altre informazioni Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span>ascuna <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>CVA (per maggiori dettagli in merito alla valuta<span class=\"_ _0\"></span>zione dei derivati si rimanda al precede<span class=\"_ _0\"></span>nte paragrafo A.4.1). Il Gruppo non si avvale,<span class=\"_ _3\"></span> invece, per<span class=\"_ _3\"></span> altre <span class=\"_ _3\"></span>fattispecie, della <span class=\"_ _3\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>prevista dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>par. <span class=\"_ _5\"></span>48, che <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di \u201cvalutare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>gruppo di  attivi<span class=\"_ _0\"></span>t\u00e0  e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _16\"> </span>sulla  bas<span class=\"_ _0\"></span>e  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _16\"> </span>che  s<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  per<span class=\"_ _0\"></span>cepirebbe <span class=\"_ _16\"> </span>dalla  vendi<span class=\"_ _0\"></span>ta  di<span class=\"_ _0\"></span>  una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>osizione <span class=\"_ _16\"> </span>netta  lung<span class=\"_ _0\"></span>a (ossia <span class=\"ff4\">un\u2019attivit\u00e0) <span class=\"_ _7\"> </span>per  un<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>particolare <span class=\"_ _16\"> </span>esposizione <span class=\"_ _7\"> </span>al  ris<span class=\"_ _0\"></span>chio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>trasferim<span class=\"_ _3\"></span><span class=\"ff1\">ento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>posizione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>corta <span class=\"_ _16\"> </span>(ossia <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na </span></span>passivit\u00e0)  per  u<span class=\"_ _3\"></span>na  particolare  esposizione <span class=\"_ _1d\"> </span>al  rischio  in <span class=\"_ _1d\"> </span>una  regolare <span class=\"_ _1d\"> </span>operazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>tra  operatori  di <span class=\"_ _1d\"> </span>mercato  alla  d<span class=\"_ _3\"></span>ata  di valutazione, alle con<span class=\"_ _0\"></span>dizioni di mercato c<span class=\"_ _0\"></span>orrenti\u201d.<span class=\"ff1\"> </span>Principi generali Independent Price Ver<span class=\"_ _3\"></span>ification<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>indipendente <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi, <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _4\"></span><span class=\"lsc\">e </span>Regole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Verifica <span class=\"_ _7\"> </span>Indipendente <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _4\"> </span>documenti <span class=\"_ _7\"> </span>coordinati <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cura <span class=\"_ _16\"> </span>della <span class=\"_ _4\"> </span>Direzione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _4\"> </span>Market <span class=\"_ _7\"> </span>and Fi<span class=\"ls0\">nancial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>estende <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo </span>Bancario oggetto di co<span class=\"_ _0\"></span>nsolidamento.  Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Verifica Indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Prezzi\u201d, previo <span class=\"_ _3\"></span>parere <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Co<span class=\"_ _3\"></span>mitato Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo, sono </span>oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>revisione <span class=\"_ _7\"> </span>ed  a<span class=\"_ _0\"></span>pprovazione <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>frequenza <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>annuale  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>del  Consigli<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Amministrazione, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>il supporto del Comitato Rischi e Sos<span class=\"_ _3\"></span>tenibilit\u00e0. Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole di Verifica Indipendente dei Prezzi (Ind<span class=\"_ _3\"></span></span>ependent Price Verification) di I <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello\u201d sono <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>pprovazione con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Comitato Rischi <span class=\"_ _3\"></span>Finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ci\u00f2 <span class=\"_ _4\"></span>specificament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>delegato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _4\"></span>Organi <span class=\"_ _4\"></span>Amministrativ<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>esamina <span class=\"_ _4\"></span>altres\u00ec <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>inte<span class=\"_ _5\"></span>rventi <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _35\"></span> materialmente rileva<span class=\"_ _0\"></span>nti, la cui proposta c<span class=\"_ _0\"></span>ompete alla Direzione <span class=\"_ _0\"></span>Centrale Market and Fin<span class=\"_ _0\"></span>ancial Risk Management<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> Secondo <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>575/2013 <span class=\"_ _5\"></span>(Capital<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Requirement <span class=\"_ _5\"></span>Regulatio<span class=\"_ _0\"></span>n <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _5\"></span>art. <span class=\"_ _2\"></span>4, <span class=\"_ _5\"></span>par. <span class=\"_ _5\"></span>1.70 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>105, par. <span class=\"_ _1d\"> </span>8  il <span class=\"_ _1d\"> </span>Gruppo  Intesa  Sanpaolo <span class=\"_ _1d\"> </span>disciplina  il  processo <span class=\"_ _1d\"> </span>di  verifica  Indipendente  dei <span class=\"_ _1d\"> </span>Prezzi  (<span class=\"_ _3\"></span>IPV <span class=\"_ _17\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Independent<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Price<span class=\"_ _0\"></span> Verification), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>consiste <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>verifica <span class=\"_ _16\"> </span>regolare <span class=\"_ _7\"> </span>dell'esattezza <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dell'indipendenz<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti<span class=\"_ _35\"></span> finanziari o dei<span class=\"_ _3\"></span> d<span class=\"ff4\">ati <span class=\"_ _3\"></span>immessi nei modelli di <span class=\"_ _3\"></span>pricing, effettuata da un\u2019unit\u00e0 organizzativa indipendente dalle funzioni <span class=\"_ _3\"></span>di business, </span>con frequenza commisur<span class=\"_ _0\"></span>ata all\u2019attivit\u00e0 di neg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ziazione svolta e <span class=\"_ _0\"></span>alla natura del merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha strutturato un p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>IPV <span class=\"_ _3\"></span>articolato su 3 livelli <span class=\"_ _3\"></span>di controllo coerentemente con quanto indicato dalla <span class=\"_ _6\"> </span>Circolare <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _6\"> </span>285/2013 <span class=\"_ _4\"> </span>(Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>igilanza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>banche), <span class=\"_ _4\"> </span>recepita <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>Sistema <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>Controlli <span class=\"_ _6\"></span>Interni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Integrati, che <span class=\"_ _3\"></span>richiede l\u2019integrazione dei <span class=\"_ _3\"></span>processi di <span class=\"_ _5\"></span><span class=\"ff1\">gestione dei rischi <span class=\"_ _3\"></span>con i <span class=\"_ _3\"></span>processi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>metodologie di v<span class=\"_ _3\"></span>alutazione, anche a </span>fini contabili, delle <span class=\"_ _0\"></span>attivit\u00e0 aziendali. In ambito IPV le funzio<span class=\"_ _0\"></span>ni di controllo di I, <span class=\"_ _0\"></span>II e III livello hann<span class=\"_ _0\"></span>o le seguenti respon<span class=\"_ _0\"></span>sabilit\u00e0 principali:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a  funzione <span class=\"_ _16\"> </span>di  controllo  di <span class=\"_ _16\"> </span>I  l<span class=\"_ _3\"></span>ivello  parte<span class=\"_ _0\"></span>cipa  alla <span class=\"_ _16\"> </span>definizione  del  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>adro  di  r<span class=\"_ _0\"></span>iferimento  met<span class=\"_ _0\"></span>odologico  ed <span class=\"_ _16\"> </span>effettua  le </span>implementazioni ed i c<span class=\"_ _0\"></span>ontrolli di I livello, <span class=\"_ _0\"></span>riportando gli esiti <span class=\"_ _0\"></span>al business e alle funzi<span class=\"_ _0\"></span>oni di controllo <span class=\"_ _0\"></span>di II livello;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>II <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>definis<span class=\"_ _3\"></span><span class=\"ff4\">ce <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>controllo, <span class=\"_ _2\"></span>garantisc<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>l\u2019allineamento </span></span>con <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>normative <span class=\"_ _1d\"> </span>vigenti <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>coerenza <span class=\"_ _1d\"> </span>fra <span class=\"_ _1d\"> </span>controlli <span class=\"_ _1d\"> </span>IPV, <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>aggiustamenti  s<span class=\"_ _3\"></span>upplementari <span class=\"_ _1d\"> </span>di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>(AVA) <span class=\"_ _3\"></span>(effettuati, <span class=\"_ _3\"></span>rispettivamente, sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari al <span class=\"_ _5\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Prudente <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value) <span class=\"_ _5\"></span>supervisiona <span class=\"_ _5\"></span>i controlli di I livello <span class=\"_ _0\"></span>ed effettua i contr<span class=\"_ _0\"></span>olli di II livello; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>effettua <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>interna, <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>violazioni <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _2\"></span>e </span>della <span class=\"_ _6\"> </span>regolamentazione <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutare <span class=\"_ _6\"></span>periodicamente <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>completezza, <span class=\"_ _5\"></span>l\u2019<span class=\"_ _3\"></span>adeguatezza, <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>funzionalit\u00e0 <span class=\"_ _5\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _5\"></span>di efficienza ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffica<span class=\"ff4\">cia) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019affidabilit\u00e0 della <span class=\"_ _3\"></span>struttura o<span class=\"_ _3\"></span>rganizzativa delle <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>componenti del <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>interni e </span>del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a livello di Grupp<span class=\"_ _0\"></span>o, con cadenza prefissa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a in relazione alla <span class=\"_ _0\"></span>natura e all\u2019intensit\u00e0<span class=\"_ _0\"></span> dei rischi.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I controlli IPV di <span class=\"_ _3\"></span>I e I<span class=\"_ _3\"></span>I livello sono controlli di tipo qualitativo e quantitativo e si distinguono in base alla tipologia degli strumenti sottoposti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>controllo. Si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicano coerentemente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>sottostanti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni, sia <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazioni s<span class=\"_ _5\"></span>tesse, <span class=\"_ _3\"></span>e garantiscono <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>sistemi. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _2\"></span>da completezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>adeguatezza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione, <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sovrapposizioni<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>complementariet\u00e0 <span class=\"_ _5\"></span>nell\u2019esecuzio<span class=\"_ _0\"></span>ne. Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>PV <span class=\"_ _2\"></span>utilizzano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>possibile, <span class=\"_ _2\"></span>appositi <span class=\"_ _5\"></span>applicativi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _2\"></span>informatiche, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consentono analisi dati estensive<span class=\"_ _0\"></span> con frequenza anche gi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rnaliera. In partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>validazione <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span><span class=\"ff4\">dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>inseriti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basano <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un\u2019analisi<span class=\"_ _35\"></span> </span></span>approfondita dei dati ottenuti da provider esterni. Nel caso in <span class=\"_ _3\"></span>cui, a seguito dei c<span class=\"_ _3\"></span>ontrolli di I livello, per il dato <span class=\"_ _3\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _3\"></span>nei sistemi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gistri <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>superamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>determinate <span class=\"_ _6\"></span>soglie, <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>omunque <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>dato <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>ritenuto <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"></span>di controllo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>I <span class=\"_ _2\"></span>livello, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>(challenge) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> controllo di II livell<span class=\"_ _0\"></span>o, compatibilmente con<span class=\"_ _0\"></span> il grado di comples<span class=\"_ _0\"></span>sit\u00e0 d<span class=\"_ _3\"></span>ella segnalazione;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>caratterizzati da <span class=\"_ _3\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>complementariet\u00e0 nell\u2019esecuzione <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>live<span class=\"_ _5\"></span></span>llo e </span>volti <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>l\u2019allineamento <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _7\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabili, <span class=\"_ _7\"> </span>basandosi <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>un\u2019analisi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprofon<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </span>consenso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultassero <span class=\"_ _3\"></span>disponibili, <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>icing <span class=\"_ _3\"></span>associati ai rispettivi strumenti.  Le <span class=\"_ _4\"> </span>risultanze <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>IPV <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>analizzate, <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>coordinate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Tavolo <span class=\"_ _4\"> </span>Valutaz<span class=\"_ _2\"></span>ioni <span class=\"_ _4\"> </span>Finanziarie, <span class=\"_ _4\"> </span>organo <span class=\"_ _4\"> </span>tecnico appositamente <span class=\"_ _6\"> </span>costituito, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>favorire <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019integrazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>confronto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>business <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>funzion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>di </span>controllo. Principi generali prudent value<span class=\"_ _3\"></span> Il quadro <span class=\"_ _3\"></span>delle valutazioni <span class=\"_ _3\"></span>finanziarie si completa con <span class=\"_ _3\"></span>la Valutazione Prudente delle p<span class=\"_ _3\"></span>oste valutate al f<span class=\"_ _3\"></span>air value, che <span class=\"_ _3\"></span>prevede il calcolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>valutazioni, <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>soli <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>prudenziali <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>impatti s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>ai<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>contabili in accordo con i principi IFRS<span class=\"_ _0\"></span>. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>prudente <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>attraverso <span class=\"_ _5\"></span>le<span class=\"_ _5\"></span> Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _2\"></span>Prudente <span class=\"_ _2\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predispos<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>cura della Direzione <span class=\"_ _3\"></span>Centrale Market and <span class=\"_ _3\"></span>Financial Risk <span class=\"_ _3\"></span>Management e <span class=\"_ _3\"></span>la cui <span class=\"_ _3\"></span>applicazione si estende <span class=\"_ _3\"></span>alla Capogruppo e <span class=\"_ _3\"></span>a tutte <span class=\"_ _3\"></span>le controllate appartenent<span class=\"_ _0\"></span>i al Gruppo Banc<span class=\"_ _0\"></span>ario oggetto di consoli<span class=\"_ _35\"></span>damento. <span class=\"_ _2\"></span> Le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Valutazione <span class=\"_ _6\"></span>Prudente <span class=\"_ _6\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d, <span class=\"_ _4\"> </span>previo <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>favorevole <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Co<span class=\"_ _3\"></span>mitato <span class=\"_ _6\"> </span>Rischi <span class=\"_ _4\"> </span>Finanziari <span class=\"_ _5\"></span>di Gruppo, sono oggetto di revi<span class=\"_ _0\"></span>sione ed approvazione con freq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>enza almeno annual<span class=\"_ _0\"></span>e da parte del Consiglio di Amminist<span class=\"_ _0\"></span>razione, con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>supporto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Comitato <span class=\"_ _7\"> </span>Rischi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Sostenibilit\u00e0. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Valutazione <span class=\"_ _7\"> </span>Prudente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d <span class=\"_ _7\"> </span>sono </span>oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>revisione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec  gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>aggiornamenti <span class=\"_ _7\"> </span>materialmente<span class=\"_ _0\"></span> rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Secondo <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(Capital <span class=\"_ _5\"></span>Requirement <span class=\"_ _2\"></span>Regulation <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>prudente comporta <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifiche <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>supplementari <span class=\"_ _2\"></span>(Additional <span class=\"_ _2\"></span>Valuation <span class=\"_ _2\"></span>Adjustment <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>AVA) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti finanziari <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>vo<span class=\"_ _3\"></span>lti <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>intercettare <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>incertezza <span class=\"_ _5\"></span>valutativa <span class=\"_ _6\"></span>garantendo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>raggiungimento <span class=\"_ _7\"> </span>di <span class=\"_ _6\"></span>un adeguato <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>posizioni. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>AVA <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>detratto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>primario<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di classe 1, senza imp<span class=\"_ _0\"></span>atto sul fair value <span class=\"_ _0\"></span>contabile. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>criteri i<span class=\"_ _3\"></span>ndicati nel <span class=\"_ _2\"></span>Regolamen<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(UE) 2<span class=\"_ _3\"></span>016/101, \u00e8 <span class=\"_ _2\"></span>soggetto all\u2019applicazione </span>del <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>degli <span class=\"_ _4\"></span>AVA <span class=\"_ _5\"></span>sia <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>individuale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>osizioni<span class=\"_ _2\"></span> valutate al fair value.<span class=\"_ _0\"></span> In particolare sono <span class=\"_ _0\"></span>considerati i seguenti A<span class=\"_ _35\"></span>VA:<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato: <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>l'incertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>calcolato <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>livello <span class=\"_ _1d\"> </span>di </span>esposizione oggetto <span class=\"_ _0\"></span>di valutazione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti di chiusura: r<span class=\"_ _0\"></span>appresenta l'incerte<span class=\"_ _0\"></span>zza del prezzo di uscit<span class=\"_ _0\"></span>a calcolato a livell<span class=\"_ _0\"></span>o di esposizione <span class=\"_ _0\"></span>oggetto<span class=\"_ _2\"></span> di valutazione; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi di modello: tiene conto del<span class=\"_ _0\"></span> rischio del modello di valutazione che deriva dalla pote<span class=\"_ _0\"></span>nziale esistenza di una gamma di<span class=\"_ _0\"></span> </span>diversi modelli o<span class=\"_ _3\"></span> calibrature di <span class=\"_ _3\"></span>modelli utilizzati <span class=\"_ _3\"></span>dai partecipanti al <span class=\"_ _3\"></span>mercato e <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>mancanz<span class=\"_ _0\"></span>a d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>prezzo di <span class=\"_ _6\"></span>uscita solido per il prodotto spe<span class=\"_ _0\"></span>cifico in fase di valut<span class=\"_ _0\"></span>azione; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>ifferenziali <span class=\"_ _26\"> </span>creditizi <span class=\"_ _26\"> </span>non <span class=\"_ _26\"> </span>r<span class=\"_ _3\"></span>ealizzati: <span class=\"_ _26\"> </span>rappresenta <span class=\"_ _26\"> </span>l'incertezza <span class=\"_ _26\"> </span>della <span class=\"_ _26\"> </span>valutazione <span class=\"_ _26\"> </span>nell'aggiustamento <span class=\"_ _26\"> </span>necessario </span>conformemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>disciplina <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>applicabile, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>includere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di default della controp<span class=\"_ _0\"></span>arte riguardo a po<span class=\"_ _0\"></span>sizioni su derivati; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>finanziamento: <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>l'incertezza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _5\"></span>(funding) </span>utilizzati in sede di v<span class=\"_ _0\"></span>alutazione del prezzo di uscita c<span class=\"_ _0\"></span>onformemente alla disc<span class=\"_ _0\"></span>iplina contabile ap<span class=\"_ _0\"></span>plicabile;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>osizioni concentr<span class=\"_ _0\"></span>ate: rappresenta l\u2019in<span class=\"_ _0\"></span>certezza relativa al <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rezzo di uscita d<span class=\"_ _0\"></span>elle posizioni definit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> come concentrat<span class=\"_ _0\"></span>e;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti a<span class=\"_ _3\"></span>mministrativi futuri: considera <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi amministra<span class=\"_ _3\"></span>tivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di copertura <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>delle e<span class=\"_ _3\"></span>sposizion<span class=\"_ _0\"></span>i </span>oggetto di valutazi<span class=\"_ _0\"></span>one per le quali non \u00e8 applic<span class=\"_ _0\"></span>ato un prezzo di <span class=\"_ _0\"></span>uscita diretto per gli AV<span class=\"_ _0\"></span>A per le posizioni<span class=\"_ _0\"></span> concentrate;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>hiusure anticipate delle p<span class=\"_ _3\"></span>osizioni: considera le <span class=\"_ _3\"></span>potenziali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>perdite derivanti dalle <span class=\"_ _3\"></span>chiusure anticipate non contrattuali <span class=\"_ _3\"></span>delle </span>posizioni di negoziaz<span class=\"_ _0\"></span>ione dei clienti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>operativi: <span class=\"_ _2\"></span>considera <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>sostenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>ai </span>processi di valutazio<span class=\"_ _0\"></span>ne. Il<span class=\"ls0\"> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _2\"></span>prudente <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uscita <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>izione <span class=\"_ _3\"></span>(\u201cexit <span class=\"_ _3\"></span>price\u201d) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>90%. <span class=\"_ _2\"></span>Laddov<span class=\"_ _5\"></span></span><span class=\"lsc\">e </span></span>possibile, <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>stribuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>exit <span class=\"_ _2\"></span>price <span class=\"_ _3\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>rcato. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span>tri <span class=\"_ _2\"></span>casi viene utilizzato un appr<span class=\"_ _0\"></span>occio basato s<span class=\"_ _0\"></span>u esperti, facendo rif<span class=\"_ _0\"></span>erimento alle inform<span class=\"_ _0\"></span>azioni qualitative <span class=\"_ _0\"></span>e quantitative disp<span class=\"_ _0\"></span>onibili<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il valore di AVA associato all<span class=\"_ _0\"></span>a singola posizione ed all<span class=\"_ _0\"></span>a singola fonte di incert<span class=\"_ _0\"></span>ezza valutativa corrisponde qui<span class=\"_ _0\"></span>ndi alla d<span class=\"_ _2\"></span>ifferenza fra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>prudente <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>\u2019AVA <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ottiene <span class=\"_ _4\"> </span>aggregando <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>singoli <span class=\"_ _4\"> </span>AVA <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>corrispondenti coefficienti di ponder<span class=\"_ _0\"></span>azione.  Le <span class=\"_ _3\"></span>\u201cRegole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Valutazione Prudente <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari\u201d declinano, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>AVA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione ed <span class=\"_ _2\"></span>interpretazio<span class=\"_ _0\"></span>ne, </span>il perimetro di applic<span class=\"_ _0\"></span>azione, i dati di input <span class=\"_ _0\"></span>e la metodologia <span class=\"_ _0\"></span>dettagliata di calcolo p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r ciascuna classe di<span class=\"_ _0\"></span> strumenti finanz<span class=\"_ _2\"></span>iari. FAIR VA<span class=\"_ _0\"></span>LUE DEL P<span class=\"_ _35\"></span>ATR<span class=\"_ _3\"></span>IMO<span class=\"_ _0\"></span>NIO IMMO<span class=\"_ _0\"></span>BILIARE E <span class=\"_ _35\"></span>DEL PATRIMONIO<span class=\"_ _0\"></span> ARTIS<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ICO DI P<span class=\"_ _0\"></span>REGIO Fair value del patrimonio immobiliare<span class=\"_ _3\"></span> Come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>ampiamente <span class=\"_ _18\"> </span>il<span class=\"_ _3\"></span>lustrato <span class=\"_ _18\"> </span>nella <span class=\"_ _1c\"> </span>prima <span class=\"_ _18\"> </span>parte <span class=\"_ _1c\"> </span>relativa<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>alle <span class=\"_ _18\"> </span>politiche <span class=\"_ _1c\"> </span>contabili, <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>adotta <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>criterio <span class=\"_ _18\"> </span>della rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _2\"></span>funzionale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabilizzat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>principio IAS 16 e del fair value <span class=\"_ _0\"></span>per gli immobili di <span class=\"_ _0\"></span>investimento contabili<span class=\"_ _0\"></span>zzati in base al <span class=\"_ _0\"></span>principio IAS 40.<span class=\"_ _3\"></span> Metodologia di valutazion<span class=\"_ _0\"></span>e del patrimonio immobilia<span class=\"_ _0\"></span>re  Il <span class=\"_ _3\"></span>metodo della rideterminazione del <span class=\"_ _3\"></span>valore applicato agli <span class=\"_ _3\"></span>immobili ad uso <span class=\"_ _3\"></span>funzionale prevede <span class=\"_ _3\"></span>che le <span class=\"_ _3\"></span>attivit\u00e0 materiali, il <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>ui fa<span class=\"_ _3\"></span>ir value <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attendibilment<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato, <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ideterminato, <span class=\"_ _3\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _7\"> </span>della rideterminazione di val<span class=\"_ _0\"></span>ore al netto degli amm<span class=\"_ _0\"></span>ortamenti e dell<span class=\"_ _0\"></span>e eventuali perdit<span class=\"_ _0\"></span>e per riduzione di <span class=\"_ _0\"></span>valore accumulate. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>scelto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _5\"></span><span class=\"ls12\">, </span>secondo il quale, succ<span class=\"_ _0\"></span>essivamente alla rile<span class=\"_ _0\"></span>vazione iniziale, t<span class=\"_ _0\"></span>utti gli investimenti imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari sono valutat<span class=\"_ _0\"></span>i al fair value.<span class=\"_ _2\"></span> Approccio valutativo L\u2019IFRS <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>\"il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aghe<span class=\"_ _5\"></span><span class=\"ff1\">rebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il </span>trasferimento di una pa<span class=\"_ _0\"></span>ssivit\u00e0 in una regola<span class=\"_ _0\"></span>re operazione tra en<span class=\"_ _0\"></span>tit\u00e0 operanti sul mer<span class=\"_ _0\"></span>cato alla data di v<span class=\"_ _0\"></span>alutazione\".<span class=\"_ _2\"></span> L\u2019approccio va<span class=\"_ _3\"></span>lutativo \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>definito s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valenza <span class=\"_ _3\"></span>strumentale e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>immobili, <span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span><span class=\"ff1\">possono </span>essere individuati <span class=\"_ _0\"></span>secondo tre gruppi princi<span class=\"_ _0\"></span>pali:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201ctrophy asset\u201d, <span class=\"_ _3\"></span></span>ovvero <span class=\"_ _3\"></span>gli immobili di <span class=\"_ _3\"></span>particolare prestigio u<span class=\"_ _3\"></span>tilizzati da funzioni <span class=\"_ _3\"></span>Direzionali ubicati nelle <span class=\"_ _3\"></span>principali citt\u00e0 <span class=\"_ _3\"></span>sede </span>della Banca oppure di <span class=\"_ _0\"></span>particolare inter<span class=\"_ _0\"></span>esse storico artistico p<span class=\"_ _0\"></span>erc<span class=\"_ _3\"></span>h\u00e9 vincolati dal Ministero p<span class=\"_ _0\"></span>er i Beni e le Attivi<span class=\"_ _0\"></span>t\u00e0 Culturali<span class=\"_ _3\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cstrumentali\u201d;</span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cnon strumentali\u201d.</span> </span>Le <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>individualmente <span class=\"_ _3\"></span>(\u201casset <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>asset\u201d) <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>alcuno <span class=\"_ _2\"></span>sconto, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>premio, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possa <span class=\"_ _2\"></span>essere negoziato in fase di t<span class=\"_ _0\"></span>rattativa commerciale se tutto, o par<span class=\"_ _0\"></span>te del portafoglio, ve<span class=\"_ _0\"></span>nisse ceduto in bl<span class=\"_ _0\"></span>occo o per lotti. Il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo  ha  scelt<span class=\"_ _0\"></span>o  di  affidare  l\u2019atti<span class=\"_ _0\"></span>vit\u00e0  di  valutazion<span class=\"_ _0\"></span>e  a  Societ\u00e0  estern<span class=\"_ _0\"></span>e  con  struttura  i<span class=\"_ _0\"></span>nternazionale, professionalmente <span class=\"_ _6\"></span>qualificate, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>fornire <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _4\"></span>immobiliari <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"></span>standard <span class=\"_ _6\"></span>RICS <span class=\"_ _4\"> </span>Valuation<span class=\"_ _90\"> </span>87 <span class=\"_ _4\"> </span>che garantiscono: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>una determinazione <span class=\"_ _0\"></span>del valore coerente <span class=\"_ _0\"></span>con la configurazion<span class=\"_ _0\"></span>e di fair value indi<span class=\"_ _0\"></span>cata nei principi c<span class=\"_ _0\"></span>ontabili internazionali<span class=\"_ _0\"></span>;<span class=\"_ _2\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>professionali, <span class=\"_ _3\"></span>etici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>indipendenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>periti, <span class=\"_ _2\"></span>allineati <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>internazionali </span>ed europei. Per <span class=\"_ _5\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>metodologie <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>delle caratteristiche <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>ndizioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento; <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valutatore <span class=\"_ _5\"></span>determina <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>idoneo <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>ogni<span class=\"_ _0\"></span> singolo immobile.  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>Attualizzati (<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>Discounted <span class=\"_ _3\"></span>Cash Flow): <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>metodo reddituale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>finanziario (o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span>attualizzati) <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>basato <span class=\"_ _4\"></span><span class=\"ff4\">sull\u2019attuali<span class=\"_ _0\"></span>zzazione <span class=\"_ _6\"></span>(per <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>variabile <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"> </span>locativa/occupazional<span class=\"_ _0\"></span>e </span>dell\u2019immobile <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>successiva <span class=\"_ _5\"></span>ottimizzazione) <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>futuri <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>netti <span class=\"_ _6\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019affitto <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>propriet<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0. </span>Al<span class=\"ls0\"> termine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>periodo<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ipotizza <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>propriet\u00e0 <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>venduta <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _4\"></span>capitalizzando<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il </span>reddito <span class=\"_ _4\"> </span>dell\u2019ultimo <span class=\"_ _6\"> </span>anno <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>investimenti <span class=\"_ _6\"> </span>analoghi <span class=\"_ _4\"> </span>all\u2019oggetto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attraverso <span class=\"_ _6\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>vendit<span class=\"_ _0\"></span>a frazionata. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobili <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _4\"> </span>strumentalmente <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di contratto di locazion<span class=\"_ _0\"></span>e verso terzi, ubicati in <span class=\"_ _0\"></span>Italia. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _2\"></span>Comparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Mercato: <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asato <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>confronto <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esame <span class=\"_ _2\"></span>e </span>altri <span class=\"_ _20\"> </span>simili <span class=\"_ _1c\"> </span>recentemente <span class=\"_ _20\"> </span>ogge<span class=\"_ _0\"></span>tto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>compravendita <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>correntemente <span class=\"_ _1c\"> </span>o<span class=\"_ _3\"></span>fferti <span class=\"_ _1c\"> </span>sullo <span class=\"_ _20\"> </span>stesso <span class=\"_ _1c\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>piazze<span class=\"_ _0\"></span> concorrenziali. Il <span class=\"_ _3\"></span>suddetto criterio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa sulla <span class=\"_ _3\"></span>comparazione con <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>che siano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>vendute od <span class=\"_ _3\"></span>offerte <span class=\"_ _3\"></span>di recente sul libero mercato e, possibilmente, aventi le medesime caratteristic<span class=\"_ _0\"></span>he. In mancanza di osservazioni direttam<span class=\"_ _0\"></span>ente riferibil<span class=\"_ _0\"></span>i alla <span class=\"_ _3\"></span>propriet\u00e0 in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorre a <span class=\"_ _3\"></span>cas<span class=\"_ _3\"></span>istiche il <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>possibile assimilabili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stessa, apportando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>correzion<span class=\"_ _2\"></span><span class=\"ls13\">i. </span>Questo metodo, <span class=\"_ _3\"></span>rappresentando la <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli altri <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di va<span class=\"_ _3\"></span>lutazione, pu\u00f2 essere <span class=\"_ _3\"></span>adottato in <span class=\"_ _3\"></span>particolare per i beni non in uso strume<span class=\"_ _0\"></span>ntale e/o comunq<span class=\"_ _0\"></span>ue liberi e disponibili <span class=\"_ _0\"></span>ubicati in Italia <span class=\"_ _0\"></span>e all\u2019estero.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo Reddituale della <span class=\"_ _3\"></span>capitalizzazione diretta: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo reddituale \u00e8 basa<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>sul valore corrente <span class=\"_ _3\"></span>dei redditi potenziali di </span>mercato <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>propriet\u00e0, <span class=\"_ _18\"> </span>ottenuto <span class=\"_ _18\"> </span>capitalizzando <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>reddito <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>tasso <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>mercato. <span class=\"_ _17\"> </span>Tale <span class=\"_ _18\"> </span>metodo <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>pplicato prevalentemente ad imm<span class=\"_ _0\"></span>obili strumentali al<span class=\"_ _0\"></span>l\u2019estero, in cui si pre<span class=\"_ _0\"></span>veda una permanenza<span class=\"_ _0\"></span> prolungata al<span class=\"_ _2\"></span>l\u2019interno dell\u2019<span class=\"_ _0\"></span>edificio.<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Valore di Investimento \u201cWorth\u201d: il</span> <span class=\"_ _3\"></span><span class=\"ff4\">Valore di Investimento o \u201cWorth\u201d \u00e8 definito dagli International Valuation Standard come:<span class=\"_ _0\"></span> </span></span>\u201cthe value of an asset to a p<span class=\"_ _3\"></span>articular owner or prospective owner for individual investment<span class=\"_ _0\"></span> or operational <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bjectives\u201d. <span class=\"ff1\">Tale<span class=\"_ _0\"></span> </span>definizione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>disposto <span class=\"_ _2\"></span>dell\u2019ultima <span class=\"_ _3\"></span>edizione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>\u201cRICS <span class=\"_ _2\"></span>Valuation <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Global <span class=\"_ _2\"></span>Standards <span class=\"_ _3\"></span>2022\u201d <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Royal Institution <span class=\"_ _3\"></span>of <span class=\"_ _2\"></span>Chartered <span class=\"_ _2\"></span>Surveyors <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito, <span class=\"_ _3\"></span>dove <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>\u201cil <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ben<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>per il proprietario o p<span class=\"_ _0\"></span>er un potenziale pro<span class=\"_ _0\"></span>prietario, correlato a<span class=\"_ _0\"></span>d un determinato fin<span class=\"_ _0\"></span>e d\u2019investiment<span class=\"_ _0\"></span>o od obiettivo operativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>nvestimento <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>applicabile <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quegli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>edificati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>immobili <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>connotazione strume<span class=\"ff4\">ntale soggetti a sign<span class=\"_ _0\"></span>ificativi investime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti per l\u2019adeguame<span class=\"_ _0\"></span>nto tecnologico, costru<span class=\"_ _0\"></span>ttivo e funzionale. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Vbalore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Investimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>uso <span class=\"_ _5\"></span>strumentale <span class=\"_ _5\"></span>per 12+6 anni senza break option, il<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui canone annuo viene determinato applicando un opportuno tasso <span class=\"_ _3\"></span>di rendimento lordo all\u2019ammontare dei cost<span class=\"_ _0\"></span>i diretti e indiretti c<span class=\"_ _0\"></span>apitalizzati dalla Pro<span class=\"_ _0\"></span>priet\u00e0 comprensivi dei <span class=\"_ _0\"></span>costi di acquist<span class=\"_ _0\"></span>o del terreno. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella v<span class=\"_ _3\"></span>alutazione, se <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dove r<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>levante, le <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>anche considerazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostenibilit\u00e0, connesse a <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>efficienza <span class=\"_ _4\"></span>energetica <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>legati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>legislazioni <span class=\"_ _4\"></span>specifiche <span class=\"_ _4\"> </span>(ad<span class=\"_ _2\"></span> esempio, <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>accessibilit\u00e0, <span class=\"_ _2\"></span>...). <span class=\"_ _5\"></span>Ad <span class=\"_ _6\"></span>oggi, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>apportato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustamenti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostanziali <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>il cambiamento climatic<span class=\"_ _0\"></span>o oltre a quelli gi<span class=\"_ _0\"></span>\u00e0 apprezzati dagli in<span class=\"_ _0\"></span>dicatori rilevabili n<span class=\"_ _0\"></span>el mercato di riferim<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span><span class=\"ffa fc2\"><span class=\"_ _9\"> </span> </span>87 <span class=\"fs4\">Standard contenuti <span class=\"_ _3\"></span><span class=\"ff4\">nel docume<span class=\"_ _3\"></span>nto della Royal Instit<span class=\"_ _3\"></span>ution of Charter<span class=\"_ _3\"></span>ed Surveyors <span class=\"_ _3\"></span>del Regno Unit<span class=\"_ _3\"></span>o intitolato \u201cRICS V<span class=\"_ _3\"></span>aluation <span class=\"_ _3\"></span>\u2013</span> <span class=\"ff4\">Gl<span class=\"_ _3\"></span>obal Standard\u201d </span></span>(anche detto \u201cRed B<span class=\"_ _3\"></span>ook\u201d): la versi<span class=\"_ _3\"></span>one aggiornata \u00e8 s<span class=\"_ _3\"></span>tata emessa <span class=\"_ _3\"></span>a novembre <span class=\"_ _3\"></span>2021 ed \u00e8 efficac<span class=\"_ _3\"></span>e dal 31 gennai<span class=\"_ _3\"></span>o 2022<span class=\"_ _3\"></span><span class=\"ff1 fs6\"> </span>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Le rideterminazioni di valore <span class=\"_ _3\"></span>devono essere effettuate con regolarit\u00e0 tale da assicurare che il valore contabile non differisca in modo rilevante da quel<span class=\"_ _0\"></span>lo che sarebbe st<span class=\"_ _0\"></span>ato determinato utilizz<span class=\"_ _35\"></span>ando <span class=\"_ _3\"></span>il fair valu<span class=\"_ _0\"></span>e alla data di riferi<span class=\"_ _0\"></span>mento del bilancio.<span class=\"_ _3\"></span> La  frequenza  delle  ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azioni  del  valore  dipe<span class=\"_ _0\"></span>nde  dalle  oscillazio<span class=\"_ _0\"></span>ni  di  fair  value  delle<span class=\"_ _0\"></span>  attivit\u00e0  materiali  oggetto  d<span class=\"_ _0\"></span>i rivalutazione. <span class=\"_ _7\"> </span>Quando <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _7\"> </span>rivalutata <span class=\"_ _7\"> </span>differisce <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>rilevante <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>suo <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>richies<span class=\"_ _2\"></span><span class=\"ff1\">ta </span>un\u2019u<span class=\"ff1\">lteriore ridetermin<span class=\"_ _0\"></span>azione del valore.  </span>In <span class=\"_ _3\"></span>dettaglio, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dell\u2019andamento fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>mercati, \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>individuata una<span class=\"_ _3\"></span> differente <span class=\"_ _3\"></span>periodicit\u00e0 d<span class=\"_ _3\"></span>i valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>che <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>funzione  delle  caratteristiche  d<span class=\"_ _3\"></span>ei <span class=\"_ _1d\"> </span>beni  e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>loro  localizzazione,  s<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>ritien<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>funzionale  a <span class=\"_ _1d\"> </span>cogliere  le <span class=\"_ _1d\"> </span>variazioni significative del valor<span class=\"_ _0\"></span>e dei beni stessi. Per gli immobili cl<span class=\"_ _0\"></span>assificati come immobili ad u<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o funzionale vien<span class=\"_ _0\"></span>e effettuata la segue<span class=\"_ _0\"></span>nte distinzione:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 fs0\">per  gli <span class=\"_ _1d\"> </span>immobili  cosiddetti  \u201ctrophy  asset\u201d,  la  r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _1d\"> </span>effett<span class=\"_ _3\"></span><span class=\"ff1\">uata <span class=\"_ _1d\"> </span>mediante  una  verifica  del  valore  svolta </span></span></span>attraverso una analisi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i scenario (analis<span class=\"_ _0\"></span>i del trend di mercat<span class=\"_ _0\"></span>o) ogni anno e con u<span class=\"_ _0\"></span>na nuova perizia <span class=\"_ _0\"></span>ogni due anni;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">per quanto concerne gli altri <span class=\"_ _3\"></span>immobili ad uso strumentale, la rideterminazione \u00e8 effettuata con <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019analisi d<span class=\"_ _3\"></span>i scenario (analisi<span class=\"_ _0\"></span> </span></span></span>del trend di mercato) ogn<span class=\"_ _0\"></span>i anno e tramite u<span class=\"_ _0\"></span>na nuova perizi<span class=\"_ _0\"></span>a ogni tre anni.<span class=\"_ _3\"></span> Qualora <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>engano <span class=\"_ _2\"></span>riscontrate <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _2\"></span>(+/<span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>10%), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ecessario <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>perizie </span>puntuali e aggiornate per adeg<span class=\"_ _0\"></span>uare il fair value<span class=\"_ _0\"></span> del bene alle val<span class=\"_ _0\"></span>utazioni del mercato <span class=\"_ _0\"></span>immobiliare.<span class=\"_ _3\"></span> Per gli immobili destin<span class=\"_ _0\"></span>ati a scopo di in<span class=\"_ _0\"></span>vestimento il valore <span class=\"_ _0\"></span>viene determinato sull<span class=\"_ _0\"></span>a base di nuove perizie<span class=\"_ _0\"></span> ogni anno.<span class=\"_ _2\"></span> Sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>richiamate, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>ogg<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>valutazione <span class=\"_ _4\"></span>periodica <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>immobili <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _4\"></span>investiment<span class=\"_ _35\"></span>o unitamente <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>immobili ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>strumentale che, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>dell\u2019analisi di <span class=\"_ _3\"></span>scenario, <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>evidenziato v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>rispetto a<span class=\"_ _6\"></span><span class=\"ff1\">lla </span>soglia definita. Analisi di scenario Nell\u2019ambito <span class=\"_ _1d\"> </span>dell\u2019aggiornam<span class=\"ff1\">ento <span class=\"_ _17\"> </span>annuale <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmobili <span class=\"_ _1d\"> </span>strumentali, <span class=\"_ _17\"> </span>negli <span class=\"_ _17\"> </span>anni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>revista <span class=\"_ _1d\"> </span>la </span>rivalutazione dell\u2019immobile si <span class=\"_ _3\"></span>esegue <span class=\"_ _3\"></span>un\u2019analisi di <span class=\"_ _3\"></span>scenario (<span class=\"_ _3\"></span>analisi del <span class=\"_ _3\"></span>trend d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>mercato) attraverso l\u2019utilizzo <span class=\"_ _3\"></span>delle migli<span class=\"_ _5\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>ri f<span class=\"_ _3\"></span>onti </span>informative disponibili p<span class=\"_ _0\"></span>er i <span class=\"_ _3\"></span>diversi paesi di ubica<span class=\"_ _0\"></span>zione degli immobili fin<span class=\"_ _0\"></span>alizzata alla rilevazio<span class=\"_ _0\"></span>ne sulla base di banche dati, degli<span class=\"_ _35\"></span> scostamenti dei valo<span class=\"_ _0\"></span>ri di mercato tra il p<span class=\"_ _0\"></span>eriodo di analisi e qu<span class=\"_ _0\"></span>ello precedente. <span class=\"_ _3\"></span> In particolare per gli immobili situati i<span class=\"_ _0\"></span>n Italia, la definizione de<span class=\"_ _3\"></span><span class=\"ff4\">lle variazioni avviene attraverso l\u2019ut<span class=\"_ _0\"></span>ilizzo di almeno 3 fonti tra loro </span>differenti. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>fonte <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>fornita <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>zone <span class=\"_ _4\"> </span>OMI <span class=\"_ _4\"> </span>(Osservatorio <span class=\"_ _4\"></span>del Mercato <span class=\"_ _5\"></span>Immobiliare); <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>fonte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ppresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>No<span class=\"_ _3\"></span>misma <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui, <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>relative <span class=\"_ _5\"></span>zonizzazioni, sono <span class=\"_ _5\"></span>eseguite <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>medesime <span class=\"_ _5\"></span>interrogazioni <span class=\"_ _5\"></span>svolte <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>OMI <span class=\"_ _5\"></span>(base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _5\"></span>principale) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>terza <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _2\"></span> variazioni intercorse n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019anno di interr<span class=\"_ _0\"></span>ogazione per quanto espr<span class=\"_ _0\"></span>ess<span class=\"_ _3\"></span><span class=\"ff1\">o dalle offerte presenti sul mer<span class=\"_ _0\"></span>cato immobiliare. </span>Pertanto <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>definire <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>scostamenti <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>canoni <span class=\"_ _2\"></span>e/o <span class=\"_ _4\"> </span><span class=\"ff1\">dei </span>prezzi per asset class <span class=\"_ _0\"></span>di riferimento. Gli <span class=\"_ _6\"> </span>immobili <span class=\"_ _6\"> </span>localizzati <span class=\"_ _6\"> </span>all\u2019estero <span class=\"_ _6\"> </span>ve<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>raggruppati, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>ogni <span class=\"_ _6\"> </span>nazione, <span class=\"_ _4\"> </span>nei <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>localit\u00e0 <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019asset<span class=\"_ _0\"></span> class  di <span class=\"_ _16\"> </span>ciascuno.  Vengon<span class=\"_ _0\"></span>o  predisposte <span class=\"_ _16\"> </span>analisi  di <span class=\"_ _16\"> </span>mercato  puntu<span class=\"_ _0\"></span>ali  sulla <span class=\"_ _16\"> </span>base  delle  c<span class=\"_ _0\"></span>onoscenze <span class=\"_ _16\"> </span>locali  e  nazi<span class=\"_ _0\"></span>onali  del<span class=\"_ _35\"></span> particolare mercato imm<span class=\"_ _0\"></span>obiliare di riferime<span class=\"_ _0\"></span>nto. Lo studio di mercato ti<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ne conto inoltre d<span class=\"_ _0\"></span>ei seguenti drivers ma<span class=\"_ _0\"></span>croeconomici:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">analisi dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>economici (tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupazione, PIL <span class=\"_ _3\"></span>pro <span class=\"_ _3\"></span>capite, inflazione ed<span class=\"_ _3\"></span> indice <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi al <span class=\"_ _3\"></span>consumo), <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>fattor<span class=\"_ _2\"></span><span class=\"ls13\">i </span></span></span>macroeconomici costit<span class=\"_ _0\"></span>uiscono la prima analisi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>omica, a support<span class=\"_ _0\"></span>o delle previsioni d<span class=\"_ _0\"></span>el mercato immobili<span class=\"_ _0\"></span>are;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto del rendim<span class=\"_ _0\"></span>ento medio; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto dei canoni <span class=\"_ _0\"></span>di mercato; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del range<span class=\"_ _0\"></span> di movimento dei v<span class=\"_ _0\"></span>alori unitari. </span></span>Sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>dell'indagi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>mmenzionata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>adeguata <span class=\"_ _5\"></span>ponderazione <span class=\"_ _6\"></span>qualitativa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>key<span class=\"_ _2\"></span>-drivers macroeconomici, vien<span class=\"_ _0\"></span>e definito un range d<span class=\"_ _0\"></span>i scostamento percen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uale rispetto all\u2019<span class=\"_ _0\"></span>ultima perizia effettuat<span class=\"_ _0\"></span>a che viene confront<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">to </span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>target <span class=\"_ _3\"></span>definita, <span class=\"_ _2\"></span>individuando <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ttore <span class=\"_ _3\"></span>sintetico <span class=\"_ _2\"></span>percentuale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inserito <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico foglio di lavoro. Questa <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>prossi<span class=\"_ _3\"></span>mit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>chiusura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>esprimere <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>range <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scostamento <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>ad una soglia di riferiment<span class=\"_ _0\"></span>o e poter p<span class=\"ff4\">ianificare per tempo l\u2019agg<span class=\"_ _0\"></span>iornamento di stima<span class=\"_ _0\"></span> puntuale per que<span class=\"_ _0\"></span>gli immobili il cui s<span class=\"_ _0\"></span>costamento </span>sia oltre tale soglia. La soglia di variazione <span class=\"_ _0\"></span>ammessa \u00e8 pari <span class=\"_ _0\"></span>a +/<span class=\"_ _3\"></span>-10%. Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>scostamenti <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>dovessero <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>soglia <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine dell\u2019anno.<span class=\"ff1\"> </span>Sensibilit\u00e0 delle valu<span class=\"_ _0\"></span>tazioni  Analogamente <span class=\"_ _5\"></span>agli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>assoggettate <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>finanziar<span class=\"_ _5\"></span>ie valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>valutativo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>ne sia  possibile <span class=\"_ _1d\"> </span>l\u2019esecuzione  ed <span class=\"_ _1d\"> </span>i  cui <span class=\"_ _1d\"> </span>risultati  s<span class=\"_ _3\"></span>iano  significativi.  L\u2019analisi  ha <span class=\"_ _1d\"> </span>riguardato  essenzialmente <span class=\"_ _1d\"> </span>gli  immobili <span class=\"_ _1d\"> </span>dell<span class=\"_ _0\"></span>a Capogruppo Intesa Sa<span class=\"_ _0\"></span>npaolo, che rappr<span class=\"_ _0\"></span>esent<span class=\"_ _3\"></span>ano il perimetr<span class=\"_ _0\"></span>o Core del patrim<span class=\"_ _0\"></span>onio immobiliare del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po.<span class=\"_ _3\"></span> Si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019analisi di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sensitivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>identifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>le v<span class=\"_ _3\"></span>ariabili di <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>rilevanza <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mod<span class=\"_ _5\"></span><span class=\"ff1\">ello <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span>valutazione  utilizzato  per  la  valutazione <span class=\"_ _16\"> </span>delle  diverse  class<span class=\"_ _2\"></span>i  di  immobili,  rappresentato  dal  metodo  dei  flussi  di  cassa attualizzati. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>trend <span class=\"_ _3\"></span>registrato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>asset <span class=\"_ _2\"></span>class <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>param<span class=\"_ _5\"></span>etri caratterizzati <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0/variabilit\u00e0, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobil<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>uso <span class=\"_ _7\"> </span>strumentale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>fatto <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>di capitalizzazione <span class=\"_ _4\"> </span>(yield) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>d\u2019inflazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio/lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>detenuti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>di investimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>c.d. <span class=\"_ _2\"></span>\u201cexit <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue\u201d. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>assunzioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019analisi<span class=\"_ _0\"></span>, sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>range <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>variazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>dinamiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gl<span class=\"_ _5\"></span><span class=\"ls13\">i </span>immobili <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _6\"></span>strumentale <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>ipotizzata <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>variazione <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _4\"></span>25 <span class=\"_ _6\"></span>bps <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>capitalizzazione <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una contestuale variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>-/+15 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>per il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inflazione a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>si \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rilevato uno <span class=\"_ _3\"></span>scostamento medio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>+4,4% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>-4,3%. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>mmobili ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>investimento <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ipotizzata <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del +/<span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">5% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019exit value <span class=\"_ _3\"></span>a </span>fronte della quale si <span class=\"_ _0\"></span>evidenzia uno sco<span class=\"_ _0\"></span>stamento medio del fa<span class=\"_ _0\"></span>ir value pari al +4,<span class=\"_ _0\"></span>8% e <span class=\"_ _3\"></span>-5,2%.<span class=\"_ _90\"> </span>Fair value del patrimonio artistico di pregio<span class=\"_ _3\"></span> Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>artistico <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>valore <span class=\"_ _16\"> </span>che prevede  che <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0  materiali, <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>fair  v<span class=\"_ _3\"></span>alue  pu\u00f2 <span class=\"_ _1d\"> </span>essere  attendibilmente <span class=\"_ _1d\"> </span>determinat<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>siano  iscritte <span class=\"_ _1d\"> </span>ad  un <span class=\"_ _1d\"> </span>valore rideterminato, pari al loro f<span class=\"_ _0\"></span>air value alla data <span class=\"_ _0\"></span>della rideterminazio<span class=\"_ _0\"></span>ne di valore<span class=\"_ _3\"></span>. Le <span class=\"_ _3\"></span>opere <span class=\"_ _2\"></span>d\u2019arte <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>classe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cespiti <span class=\"_ _3\"></span>\u201cpatrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>rilevanza, <span class=\"_ _3\"></span>riconosc<span class=\"_ _5\"></span><span class=\"ff1\">iuti <span class=\"_ _3\"></span>in </span>campo scientifico nell\u2019ambito storico<span class=\"ff1\">-artistico e conformi alle linee guida <span class=\"_ _3\"></span>ministeria<span class=\"_ _0\"></span>li evidenziate in particolare nel D.M. 537 del </span>6  d<span class=\"_ _3\"></span>icembre  2017 <span class=\"_ _1d\"> </span>sull\u2019esportazione  delle <span class=\"_ _1d\"> </span>opere  d\u2019arte <span class=\"_ _1d\"> </span>quali:  lo <span class=\"_ _1d\"> </span>stato  di <span class=\"_ _1d\"> </span>conservazione,  l\u2019importanza  storica <span class=\"_ _1d\"> </span>dell\u2019artista<span class=\"_ _0\"></span>, l\u2019importanza  c<span class=\"_ _0\"></span>ritica/storico  a<span class=\"_ _0\"></span>rtistica <span class=\"_ _16\"> </span>dell\u2019opera,  la<span class=\"ff1\">  provenienza  illustr<span class=\"_ _0\"></span>e,  la  q<span class=\"_ _0\"></span>ualit\u00e0  e <span class=\"_ _16\"> </span>attribuzione  cer<span class=\"_ _0\"></span>ta,  la <span class=\"_ _16\"> </span>dichiarazione  d<span class=\"_ _0\"></span>i </span>interesse dello Stato it<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>liano. Approccio valutativo  L\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>esplica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mezzo <span class=\"_ _5\"></span>dell\u2019accertamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perizie <span class=\"_ _6\"></span>esterne, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffidate <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esp<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rti </span>qualificati e indipend<span class=\"_ _0\"></span>enti.  I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>cquisiti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>dati <span class=\"_ _6\"></span>online <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>100 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>opere <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>Artnet <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Artprice, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>monitorano <span class=\"_ _5\"></span>i risultati <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>d\u2019aste <span class=\"_ _3\"></span>italiane <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali. Sono <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggettivi che <span class=\"_ _2\"></span>van<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>confrontati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>mercato n<span class=\"_ _3\"></span>el </span>suo complesso, in u<span class=\"_ _0\"></span>n'analisi che prevede di mo<span class=\"_ _0\"></span>nitorare anche le <span class=\"_ _0\"></span>gallerie e le mostr<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff14\">\u2010</span>mercato. In <span class=\"_ _5\"></span>dettaglio, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>fattori <span class=\"_ _5\"></span>oggettivi, <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>valenza <span class=\"_ _5\"></span>storico<span class=\"_ _6\"></span>-critica <span class=\"_ _2\"></span>e artistica <span class=\"_ _2\"></span>dell\u2019autore, <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conservazione, <span class=\"_ _2\"></span>tecnica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esecuzione, <span class=\"_ _2\"></span>dimensioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell\u2019opera, <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dell\u2019opera <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>lla </span>produzione <span class=\"_ _1d\"> </span>dell\u2019artista, <span class=\"_ _1d\"> </span>pubblicazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>dell\u2019opera <span class=\"_ _1d\"> </span>su <span class=\"_ _1d\"> </span>cataloghi <span class=\"_ _1d\"> </span>specializzati, <span class=\"_ _1d\"> </span>periodo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esecuzione  d<span class=\"_ _3\"></span>ell\u2019opera, <span class=\"_ _1d\"> </span>diffusio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span>internazionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019artista, p<span class=\"_ _3\"></span>rovenienza <span class=\"_ _3\"></span>illustre, <span class=\"_ _3\"></span>certezza <span class=\"_ _3\"></span>dell\u2019attribuzione, <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019autenticit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019op<span class=\"_ _5\"></span><span class=\"ff1\">era, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia </span>fattori <span class=\"_ _3\"></span>soggettivi (che <span class=\"_ _3\"></span>possono mutare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>tempo, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione dell\u2019evoluzione e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>gusti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mercato), quali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>reputa<span class=\"_ _5\"></span><span class=\"ff1\">zione del </span>museo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>ospita <span class=\"_ _2\"></span>l\u2019opera <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019artista, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prestigio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fiere/mostre/gallerie/case <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019asta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>intermediano <span class=\"_ _5\"></span>l\u2019opera, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>reputaz<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span>one </span>della critica che ne p<span class=\"_ _0\"></span>arla e dei collezio<span class=\"_ _0\"></span>nisti, nonch\u00e9 la quali<span class=\"_ _0\"></span>t\u00e0 della comunica<span class=\"_ _0\"></span>zione sull\u2019opera dell\u2019<span class=\"_ _0\"></span>artista.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Una volta identificati tal<span class=\"_ _0\"></span>i fattori rilevanti, la d<span class=\"_ _0\"></span>eterminazione del fa<span class=\"_ _0\"></span>ir value avviene p<span class=\"_ _0\"></span>er comparazione, in pr<span class=\"_ _0\"></span>ima istanza con ope<span class=\"_ _2\"></span>re paragonabili  a <span class=\"_ _16\"> </span>quelle  i<span class=\"_ _0\"></span>n  esame  (<span class=\"_ _0\"></span>per  period<span class=\"_ _0\"></span>o  di  r<span class=\"_ _0\"></span>ealizzazione/<span class=\"_ _0\"></span>anno,  tecnica, <span class=\"_ _16\"> </span>dimensioni,  ti<span class=\"_ _0\"></span>picit\u00e0  del <span class=\"_ _16\"> </span>soggetto  e <span class=\"_ _16\"> </span>stato  di conservazione), <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>autore <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>medesimo <span class=\"_ _3\"></span>periodo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>(tale <span class=\"_ _2\"></span>evenienza <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>facilmente <span class=\"_ _2\"></span>praticabile <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso delle opere <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>comparto moderno e<span class=\"_ _3\"></span> contemporaneo), ed <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>econda istanza <span class=\"_ _3\"></span>con opere <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>rtisti o <span class=\"_ _3\"></span>di scuole <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ambiti prossimi per sti<span class=\"_ _3\"></span>le, poetica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per importanza <span class=\"_ _3\"></span>della medesima <span class=\"_ _3\"></span>epoca storica. <span class=\"_ _3\"></span>Nel caso s<span class=\"_ _3\"></span>iano disponibili p<span class=\"_ _3\"></span>i\u00f9 opere <span class=\"_ _3\"></span>similari, si <span class=\"_ _3\"></span>considerano valori medi per tener<span class=\"_ _0\"></span>e conto della volatilit<span class=\"_ _0\"></span>\u00e0 dei prezzi. Oltre <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>considerare <span class=\"_ _7\"> </span>l\u2019andamento <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>gli <span class=\"_ _4\"> </span>scambi <span class=\"_ _16\"> </span>in <span class=\"_ _4\"> </span>asta, <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tendo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>recenti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>e <span class=\"_ _16\"> </span>includen<span class=\"_ _0\"></span>do <span class=\"_ _7\"> </span>nell\u2019analisi <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>gli invenduti,  (<span class=\"_ _35\"></span>che  rappresentano <span class=\"_ _7\"> </span>un  possibile <span class=\"_ _16\"> </span>indicatore <span class=\"_ _16\"> </span>di  p<span class=\"_ _0\"></span>erdita <span class=\"_ _16\"> </span>di  valore <span class=\"_ _16\"> </span>tendenziale <span class=\"_ _7\"> </span>dell\u2019opera/autore <span class=\"_ _16\"> </span>nel  mercat<span class=\"_ _0\"></span>o),  l<span class=\"_ _0\"></span>a valutazione <span class=\"_ _2\"></span>considera <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019attenzione <span class=\"_ _5\"></span>corrente <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un\u2019opera <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>auto<span class=\"_ _5\"></span><span class=\"ff1\">re, <span class=\"_ _2\"></span>misurata <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>numero <span class=\"_ _2\"></span>e </span>dalla <span class=\"_ _1d\"> </span>qualit\u00e0  di <span class=\"_ _1d\"> </span>mostre  temporanee  allestite <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>spazi  museali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevanza  internazionale  e <span class=\"_ _1d\"> </span>corredate  da <span class=\"_ _1d\"> </span>pubblicazioni specifiche.  Inoltre,  si  tiene  conto  anch<span class=\"_ _0\"></span>e  della  presenza  della  dichia<span class=\"_ _0\"></span>razione  di  interesse  st<span class=\"_ _0\"></span>orico<span class=\"_ _2\"></span>-artistico  formalmente  espressa  da<span class=\"_ _0\"></span>l Ministero <span class=\"_ _6\"> </span>(Mibact) <span class=\"_ _6\"> </span>(comunemente <span class=\"_ _6\"> </span>detta <span class=\"_ _6\"> </span>\u201cnotifica\u201d), <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>lega <span class=\"_ _6\"></span>al <span class=\"_ _6\"> </span>te<span class=\"_ _3\"></span>rritorio <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>opere <span class=\"_ _4\"> </span>d\u2019arte <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>collezione <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>n<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span>vincola la circolazion<span class=\"_ _0\"></span>e al territorio nazi<span class=\"_ _0\"></span>onale, riducendo la quota<span class=\"_ _0\"></span>zione ottenibile <span class=\"_ _0\"></span>sul mercato internazio<span class=\"_ _3\"></span>nale. La determinazione dei prezzi \u00e8 influenzata anche dall\u2019importanza degli acquirenti/<span class=\"_ _0\"></span>venditori (ad esempio, i prezzi corrisposti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">da </span></span>collezionisti celebri o<span class=\"_ _0\"></span> noti investitori <span class=\"_ _0\"></span>possono assumere maggio<span class=\"_ _0\"></span>re rilevanza).<span class=\"_ _3\"></span> L\u2019approccio valutativ<span class=\"_ _0\"></span>o \u00e8 impostato sul m<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span><span class=\"ff1\">itoraggio degli oggett<span class=\"_ _0\"></span>ivi valori di merc<span class=\"_ _0\"></span>ato delle opere comp<span class=\"_ _0\"></span>rese nella classe ogge<span class=\"_ _0\"></span>tto </span>di indagine, che segue <span class=\"_ _0\"></span>tre principi met<span class=\"_ _0\"></span>odologici: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">privilegia <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>prudenziale, <span class=\"_ _3\"></span>analizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>pluralit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>informative <span class=\"_ _2\"></span>diverse, <span class=\"_ _2\"></span>fondate <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>basi </span></span>dati <span class=\"_ _3\"></span>robuste, <span class=\"_ _3\"></span>aggiornate e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatisticamente rappresentative: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>\u201csingolari\u201d, <span class=\"_ _3\"></span>spesso <span class=\"_ _3\"></span>prive <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazioni per  decenni<span class=\"_ _0\"></span>,  quest<span class=\"_ _0\"></span>o  appr<span class=\"_ _0\"></span>occio <span class=\"_ _16\"> </span>garantisce  la <span class=\"_ _16\"> </span>periodica  i<span class=\"_ _0\"></span>ndividuazione <span class=\"_ _16\"> </span>di  eventua<span class=\"_ _0\"></span>li  valor<span class=\"_ _0\"></span>i  outlier <span class=\"_ _16\"> </span>ed  ev<span class=\"_ _0\"></span>ita  di <span class=\"_ _16\"> </span>seguire<span class=\"_ _0\"></span> eventuali dinamiche spe<span class=\"_ _0\"></span>culative; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>natura <span class=\"_ _6\"></span>comparativa, <span class=\"_ _6\"></span>monitorando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>occorse <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>globale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>pluralit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>canali <span class=\"_ _6\"></span>distributivi, <span class=\"_ _6\"></span>per </span></span>evitare <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>considerare <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcune <span class=\"_ _4\"> </span>forme <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>economici: <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _7\"> </span>globale  con <span class=\"_ _4\"> </span>una domanda <span class=\"_ _3\"></span>globale, questo <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>consente di <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>arbitraggi <span class=\"_ _3\"></span>geografici<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l\u2019emergenza <span class=\"_ _3\"></span>di specifici fenomeni di a<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>prezzamento/depre<span class=\"_ _0\"></span>zzamento potenzialm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte impattanti;  \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>ricorsiva, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>aggiorna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>monitora<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019andamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>sull\u2019arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>specificit\u00e0 </span></span></span>del mercato ammettono, ovver<span class=\"_ _0\"></span>o il semestre: in un mercato in cui non esist<span class=\"_ _0\"></span>ono scambi pubblici monitorati giorn<span class=\"_ _0\"></span>almente, l<span class=\"_ _0\"></span>a brevit\u00e0 dell\u2019arco di ril<span class=\"_ _0\"></span>evazione assic<span class=\"_ _0\"></span>ura la massima cura e te<span class=\"ff1\">mpestivit\u00e0 delle eventuali <span class=\"_ _0\"></span>variazioni. </span>Tale metodo risulta <span class=\"_ _0\"></span>applicabile su tutto il <span class=\"_ _0\"></span>comparto del \u201cpatrimo<span class=\"_ _0\"></span>nio artistico di pregio\u201d. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Per quanto concerne il <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio, la ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione di valore \u00e8<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>effettuata tramite u<span class=\"_ _0\"></span>na perizia ogni tre anni<span class=\"_ _0\"></span>. Annualmente viene <span class=\"_ _3\"></span>comunque svolta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scenario per <span class=\"_ _3\"></span>individuare e<span class=\"_ _3\"></span>ventuali variazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>apprezzabile al <span class=\"_ _3\"></span>fine<span class=\"_ _5\"></span> di anticipare l\u2019attivi<span class=\"_ _0\"></span>t\u00e0 valutativa.<span class=\"ff1\"> </span>Sulla base delle regole richiamate, nel 2022 so<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span>o state oggetto di v<span class=\"_ _3\"></span>alutazione le opere che, sulla <span class=\"_ _3\"></span>base dell\u2019analisi di scenario,<span class=\"_ _35\"></span> </span>hanno evidenziato vari<span class=\"_ _0\"></span>azioni rispetto alla<span class=\"_ _0\"></span> soglia definita.<span class=\"ff2\"> </span>Analisi di scenario Al  fine  di <span class=\"_ _1d\"> </span>individuare  ed  apprezzare  le  variazioni  del  mercato  delle  opere  oggetto  di  va<span class=\"_ _3\"></span>luta<span class=\"_ _3\"></span>z<span class=\"_ _3\"></span>ione,  viene  effettuato  un monitoraggio <span class=\"_ _2\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>volto <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ogliere <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>segnali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>richiedano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anticipare <span class=\"_ _2\"></span>l<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>perizie rispetto alle p<span class=\"_ _0\"></span>eriodicit\u00e0 stabilite. Tale monitoraggio h<span class=\"_ _0\"></span>a duplice natura: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>prime <span class=\"_ _4\"></span>opere <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>presenti <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"></span>collezion<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"></span>che </span>rappresentano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>75% <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>complessivo <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>opere <span class=\"_ _1d\"> </span>comprese <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>classe <span class=\"_ _1d\"> </span>\u201cpatrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio\u201d, verificando <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>l\u2019esito <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _4\"> </span>aste <span class=\"_ _16\"> </span>i<span class=\"ff1\">n<span class=\"_ _3\"></span>ternazionali <span class=\"_ _4\"> </span>(il <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>calendario <span class=\"_ _4\"> </span>segue <span class=\"_ _7\"> </span>precise <span class=\"_ _7\"> </span>scadenze <span class=\"_ _7\"> </span>stagionali), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>le </span>segnalazioni <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>mondiali <span class=\"_ _7\"> </span>(Artprice <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Artnet), <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>analytics <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"> </span>utili <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>di monitoraggio delle q<span class=\"_ _0\"></span>uotazioni;<span class=\"_ _90\"> </span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-100.48401px;\"><div class=\"t m0 x0 h2 y4 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio  <span class=\"ff4\">d<span class=\"_ _0\"></span>ell\u2019andamento <span class=\"_ _16\"> </span>del  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>dell\u2019arte  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nerale, <span class=\"_ _16\"> </span>al  fi<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>evidenziare <span class=\"_ _16\"> </span>tendenze  e <span class=\"_ _7\"> </span>novit\u00e0  rispetto <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cpatrimonio  artistico  di <span class=\"_ _1d\"> </span>pregio\u201d  di  Intesa <span class=\"_ _1d\"> </span>Sanpaolo,  verificando  sia  l\u2019esito  delle <span class=\"_ _1d\"> </span>principali  aste  internazionali  (il  cui </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">calendario <span class=\"_ _2\"></span>segue <span class=\"_ _5\"></span>precise <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _5\"></span>stagionali), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>gnalazi<span class=\"_ _0\"></span>oni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>dati <span class=\"_ _5\"></span>mondiali <span class=\"_ _5\"></span>(Artprice <span class=\"_ _2\"></span>e </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Artnet); poich\u00e9 <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>molti a<span class=\"_ _3\"></span>utori presenti <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>collezione Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>transitano molto <span class=\"_ _3\"></span>raramente <span class=\"_ _3\"></span>in asta <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">ridotto numero di pezzi rimasti sul <span class=\"_ _3\"></span>merca<span class=\"ff4\">to, \u00e8 importante controllare l\u2019andamento di artisti e opere simili o assimilabili; per </span></div><div class=\"t m0 x2a h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">questa ragione l\u2019azione di monitoraggio non si limita ai <span class=\"_ _3\"></span>soli autori e a<span class=\"_ _3\"></span>lle sole opere possedute, ma si estende agli autori e<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">alle opere riconducib<span class=\"_ _0\"></span>ili allo stesso ambito, per tener conto an<span class=\"_ _0\"></span>che dei dati tendenziali<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Qualora <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>annuale evidenzi <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>potenziale scostamento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>in positivo <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in negat<span class=\"_ _3\"></span>ivo, superiore <span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>5% per<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">singole <span class=\"_ _4\"> </span>opere/collezioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autori <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>collezioni <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>conf<span class=\"_ _2\"></span>rontabili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>quali<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazion<span class=\"_ _0\"></span>e/anno, <span class=\"_ _5\"></span>dimensioni, <span class=\"_ _2\"></span>tecnica, <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazione, <span class=\"_ _2\"></span>ecc.), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>commissionare <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perizie <span class=\"_ _5\"></span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">stima secondo le co<span class=\"_ _0\"></span>nsuete procedure inter<span class=\"_ _0\"></span>ne al fine di alline<span class=\"_ _0\"></span>are il valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 ya47 ff5 fs12 fc2 sc0 ls0 ws0\">Informativa di natura quant<span class=\"_ _3\"></span>itativa </div><div class=\"t m0 x0 h2 y141 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y45e ff5 fs9 fc2 sc0 ls0 ws0\">A.4.5. Gerarchia del fair value       </div><div class=\"t m0 x0 h2 y45f ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y460 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.1 <span class=\"_ _7\"> </span>Attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ricorrente: <span class=\"_ _4\"> </span>ripartizione <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>livelli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value  <span class=\"ffb\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h4c y461 ff2 fs0 fc2 sc0 ls0 ws0\">compagnie assicurativ<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h24 y3c8 ff5 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w1e5 h6a\" style=\"left:425.97662px; bottom:602.231px;\"><div class=\"t m0 x126 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w1e4 hb0\" style=\"left:-4.050377px; bottom:553.559px;\"><div class=\"t m0 x41 h59 y9f9 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue </div></div><div class=\"c w1e6 h41\" style=\"left:242.96262px; bottom:585.695px;\"><div class=\"t m0 x4c h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w1e5 h41\" style=\"left:425.97662px; bottom:585.695px;\"><div class=\"t m0 x134 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h40\" style=\"left:242.96262px; bottom:553.559px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w8a h40\" style=\"left:304.27063px; bottom:553.559px;\"><div class=\"t m0 x97 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w89 h40\" style=\"left:364.04462px; bottom:553.559px;\"><div class=\"t m0 x97 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w1e7 h40\" style=\"left:425.97662px; bottom:553.559px;\"><div class=\"t m0 x86 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w89 h40\" style=\"left:499.80365px; bottom:553.559px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h40\" style=\"left:560.1756px; bottom:553.559px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w1e4 h7d\" style=\"left:-4.050377px; bottom:522.359px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to a </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">conto econo<span class=\"_ _0\"></span>mico </div></div><div class=\"c w47 h7d\" style=\"left:242.96262px; bottom:522.359px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">11.311 </div></div><div class=\"c w8a h7d\" style=\"left:304.27063px; bottom:522.359px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">32.672 </div></div><div class=\"c w89 h7d\" style=\"left:364.04462px; bottom:522.359px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.594 </div></div><div class=\"c w1e7 h7d\" style=\"left:425.97662px; bottom:522.359px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">24.262 </div></div><div class=\"c w89 h7d\" style=\"left:499.80365px; bottom:522.359px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">25.080 </div></div><div class=\"c w47 h7d\" style=\"left:560.1756px; bottom:522.359px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.389 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:506.75897px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Attivit\u00e0 fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute per <span class=\"_ _35\"></span>la negoziazione </span></div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:506.75897px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.331 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:506.75897px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">32.008 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:506.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">183<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:506.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">22.615 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:506.75897px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">24.379 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:506.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:491.159px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:491.159px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">860<span class=\"ls0\"> </span></div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:491.159px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:491.159px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:491.159px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">674<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:491.159px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:491.159px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:475.55902px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: OIC<span class=\"_ _0\"></span>R </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:475.55902px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">264<span class=\"ls0\"> </span></div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:475.55902px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:475.55902px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:475.55902px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:475.55902px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:475.55902px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:459.95898px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> designate <span class=\"_ _0\"></span>al fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:459.95898px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:459.95898px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:459.95898px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:459.95898px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:459.95898px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:459.95898px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1e4 h7d\" style=\"left:-4.050377px; bottom:428.75897px;\"><div class=\"t m0 x12 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">c) Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finanziar<span class=\"_ _35\"></span>ie obbligatoriament<span class=\"_ _0\"></span>e valutate<span class=\"_ _0\"></span> </div><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">al fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h7d\" style=\"left:242.96262px; bottom:428.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">980<span class=\"ls0\"> </span></div></div><div class=\"c w8a h7d\" style=\"left:304.27063px; bottom:428.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">663<span class=\"ls0\"> </span></div></div><div class=\"c w89 h7d\" style=\"left:364.04462px; bottom:428.75897px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.411 </div></div><div class=\"c w1e7 h7d\" style=\"left:425.97662px; bottom:428.75897px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.647 </div></div><div class=\"c w89 h7d\" style=\"left:499.80365px; bottom:428.75897px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">700<span class=\"ls0\"> </span></div></div><div class=\"c w47 h7d\" style=\"left:560.1756px; bottom:428.75897px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.199 </div></div><div class=\"c w1e4 h44\" style=\"left:-4.050377px; bottom:413.133px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h44\" style=\"left:242.96262px; bottom:413.133px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">122<span class=\"ls0\"> </span></div></div><div class=\"c w8a h44\" style=\"left:304.27063px; bottom:413.133px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w89 h44\" style=\"left:364.04462px; bottom:413.133px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">242<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h44\" style=\"left:425.97662px; bottom:413.133px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">161<span class=\"ls0\"> </span></div></div><div class=\"c w89 h44\" style=\"left:499.80365px; bottom:413.133px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w47 h44\" style=\"left:560.1756px; bottom:413.133px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">225<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:397.533px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: OIC<span class=\"_ _0\"></span>R </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:397.533px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">858<span class=\"ls0\"> </span></div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:397.533px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">191<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:397.533px;\"><div class=\"t m0 xd1 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.401 </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:397.533px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.486 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:397.533px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">149<span class=\"ls0\"> </span></div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:397.533px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.166 </div></div><div class=\"c w1e4 h7d\" style=\"left:-4.050377px; bottom:366.33298px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 compl<span class=\"_ _0\"></span>essiva </div></div><div class=\"c w47 h7d\" style=\"left:242.96262px; bottom:366.33298px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">41.937 </div></div><div class=\"c w8a h7d\" style=\"left:304.27063px; bottom:366.33298px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.422 </div></div><div class=\"c w89 h7d\" style=\"left:364.04462px; bottom:366.33298px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">357<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h7d\" style=\"left:425.97662px; bottom:366.33298px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">59.084 </div></div><div class=\"c w89 h7d\" style=\"left:499.80365px; bottom:366.33298px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.004 </div></div><div class=\"c w47 h7d\" style=\"left:560.1756px; bottom:366.33298px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">492<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:350.733px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:350.733px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">513<span class=\"ls0\"> </span></div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:350.733px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">510<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:350.733px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">325<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:350.733px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.537 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:350.733px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.314 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:350.733px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">421<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:335.133px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:335.133px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:335.133px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.062 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:335.133px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:335.133px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:335.133px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.732 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:335.133px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:319.533px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Attivit\u00e0<span class=\"_ _0\"></span> materiali </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:319.533px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:319.533px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:319.533px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.144 </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:319.533px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:319.533px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:319.533px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.364 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:303.93298px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _0\"></span> immateriali </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:303.93298px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:303.93298px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:303.93298px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:303.93298px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:303.93298px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:303.93298px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:281.469px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:281.469px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">53.248 </div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:281.469px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">50.156 </div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:281.469px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">11.095 </div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:281.469px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">83.346 </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:281.469px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">34.816 </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:281.469px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">11.245 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:265.869px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:265.869px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.285 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:265.869px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">39.085 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:265.869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:265.869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">22.241 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:265.869px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">33.946 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:265.869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:250.26898px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>designate <span class=\"_ _35\"></span>al fair value </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:250.26898px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:250.26898px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.765 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:250.26898px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:250.26898px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:250.26898px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.642 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:250.26898px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:234.669px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:234.669px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:234.669px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:234.669px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:234.669px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:234.669px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.868 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:234.669px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h6a\" style=\"left:-4.050377px; bottom:212.20499px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w47 h6a\" style=\"left:242.96262px; bottom:212.20499px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.285 </div></div><div class=\"c w8a h6a\" style=\"left:304.27063px; bottom:212.20499px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">53.196 </div></div><div class=\"c w89 h6a\" style=\"left:364.04462px; bottom:212.20499px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">172<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h6a\" style=\"left:425.97662px; bottom:212.20499px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">22.247 </div></div><div class=\"c w89 h6a\" style=\"left:499.80365px; bottom:212.20499px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">42.456 </div></div><div class=\"c w47 h6a\" style=\"left:560.1756px; bottom:212.20499px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-100.48401px;\"><div class=\"t m0 x0 h116 y1132 ff5 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yc45 ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc46 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggiore d<span class=\"_ _3\"></span>iscrezionalit\u00e0 ne<span class=\"_ _3\"></span>lla d<span class=\"_ _3\"></span>eterminazione d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>fair </div><div class=\"t m0 x0 h2 yc47 ff1 fs0 fc0 sc0 ls0 ws0\">value,  rappresent<span class=\"_ _0\"></span>ano  una  quot<span class=\"_ _0\"></span>a  contenuta <span class=\"_ _16\"> </span>del <span class=\"_ _1d\"> </span><span class=\"ff4\">portafoglio,  c<span class=\"_ _0\"></span>on  un\u2019incidenza <span class=\"_ _16\"> </span>del  9,7%  sul  total<span class=\"_ _0\"></span>e  delle  attivit\u00e0 <span class=\"_ _16\"> </span>(8,7%  al </span></div><div class=\"t m0 x0 h2 yfe4 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre <span class=\"_ _6\"></span>2021). <span class=\"_ _4\"> </span>Tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"></span>3, <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>principale <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>cui, </span></div><div class=\"t m0 x0 h2 yc49 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>obbl<span class=\"_ _3\"></span>igatoriament<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnalano <span class=\"_ _2\"></span>290 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>quote </span></div><div class=\"t m0 x0 h2 ycad ff4 fs0 fc0 sc0 ls0 ws0\">del Fondo Atlante e <span class=\"_ _0\"></span>dell\u2019Italian Recovery F<span class=\"_ _0\"></span>und attivati nell\u2019am<span class=\"_ _0\"></span>bito della normativa a <span class=\"_ _0\"></span>sostegno del sistem<span class=\"_ _0\"></span>a bancario.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yc4b ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>6% <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>attr<span class=\"_ _2\"></span>averso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>lasciare </div><div class=\"t m0 x0 h2 yc4c ff1 fs0 fc0 sc0 ls0 ws0\">alcuna discrezionalit<span class=\"_ _0\"></span>\u00e0 al valutatore. </div><div class=\"t m0 x0 h2 yc4d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>materiali <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>i <span class=\"_ _2\"></span>pregio </div><div class=\"t m0 x0 h2 yc4e ff1 fs0 fc0 sc0 ls0 ws0\">che rappresentano il 64% delle<span class=\"_ _0\"></span> attivit\u00e0 di bilan<span class=\"_ _0\"></span>cio al fair value <span class=\"_ _0\"></span>di livello 3.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h132 y4e7 ff15 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yc73 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>performance <span class=\"_ _4\"> </span>(Credit <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>Adjustment <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Debt <span class=\"_ _7\"> </span>Value <span class=\"_ _4\"> </span>Adjustment) <span class=\"_ _7\"> </span>nella </div><div class=\"t m0 x0 h2 y1133 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>141 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>positivo <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>79 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 yc74 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione del fair val<span class=\"_ _0\"></span>ue negativo. </div><div class=\"t m0 x0 h2 yc75 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019impatto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Funding <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Adjustment <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>63<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>finanziament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h4e yc76 ff1 fs0 fc0 sc0 ls0 ws0\">dei flussi di cassa gen<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rati dal complessivo portafogl<span class=\"_ _0\"></span>io dei derivati OT<span class=\"_ _0\"></span>C della Banca.<span class=\"_ _90\"> </span><span class=\"fs19\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-138.55786px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>determinazione quantitativa dei menzionati <span class=\"_ _3\"></span>aggiustamenti valutativi prescinde dalla <span class=\"_ _3\"></span>misurazione degli effetti <span class=\"_ _3\"></span>delle correl<span class=\"_ _5\"></span>ate </div><div class=\"t m0 x0 h4e y5 ff1 fs0 fc0 sc0 ls0 ws0\">strategie di copert<span class=\"_ _0\"></span>ura gestionale, ove pres<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti. <span class=\"fs19\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Quanto alle passivi<span class=\"ff4\">t\u00e0, la quot<span class=\"_ _0\"></span>a di strumenti di li<span class=\"_ _0\"></span>vello 3 \u00e8 inferiore all\u2019<span class=\"_ _0\"></span>1% rispetto al totale<span class=\"_ _0\"></span> delle passivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>rasferimenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>3 <span class=\"_ _5\"></span>dettagliati <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>seguito, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">corso del 2022 si so<span class=\"_ _0\"></span>no avuti trasferimenti: </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span></div><div class=\"t m0 x2a h2 y66 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 99 m<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>lioni (valore di <span class=\"_ _0\"></span>bilancio al 31 dicemb<span class=\"_ _0\"></span>re 2022);<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y67 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>altre attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie obbligatoriamen<span class=\"_ _0\"></span>te al fair value per 5<span class=\"_ _0\"></span>1 milioni (valore di b<span class=\"_ _0\"></span>ilancio al 31 dic<span class=\"_ _0\"></span>embre 202<span class=\"_ _2\"></span>2); </span></div><div class=\"t m0 x2a h2 y68 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>131 milioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>ilancio al </span></div><div class=\"t m0 x62 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">31 dicembre 2022); </div><div class=\"t m0 x2a h2 y6a ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie designate al fair valu<span class=\"_ _0\"></span>e per 3 milioni (valor<span class=\"_ _0\"></span>e di bilancio al 31 <span class=\"_ _0\"></span>dicembre 2022);<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1 di<span class=\"_ _0\"></span>: </span></div><div class=\"t m0 x2a h2 y6c ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 10<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span> milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022);<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y6d ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>47 <span class=\"_ _2\"></span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al </span></div><div class=\"t m0 x62 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">31 dicembre 2022); </div><div class=\"t m0 x2a h2 y6f ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie di negoziazione per <span class=\"_ _0\"></span>4 milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022).<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e della sign<span class=\"_ _0\"></span>ificativit\u00e0 degli inp<span class=\"_ _0\"></span>ut non osservabili. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>conseguenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>venir <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>attivo <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>strumento </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">verificata <span class=\"_ _4\"> </span>analizzando <span class=\"_ _4\"> </span>l\u2019affidabilit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>reciproca <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span><span class=\"ff1\">elle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _7\"> </span>disponibili <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>Fair </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Value <span class=\"_ _4\"></span>Policy <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>cont<span class=\"_ _3\"></span>ro, <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>mark<span class=\"_ _2\"></span>-<span class=\"ls12\">to<span class=\"_ _3\"></span></span>-model <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _6\"></span>input </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>classificati, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>vengono <span class=\"_ _7\"> </span>trasferiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>1 <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riscontra </div><div class=\"t m0 x0 hde y77 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esistenza di un mer<span class=\"_ _0\"></span>cato attivo.<span class=\"ff1 fs1e fc3\"> </span></div><div class=\"t m0 x0 h95 y78 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1134 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.1 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 valutate al fai<span class=\"_ _0\"></span>r value su base ricor<span class=\"_ _0\"></span>rente: ripartizione pe<span class=\"_ _0\"></span>r livelli di fair value <span class=\"_ _3\"></span><span class=\"ffb\">\u2013<span class=\"ff2\">Compagnie </span></span></div><div class=\"t m0 x0 h4c y665 ff2 fs0 fc2 sc0 ls0 ws0\">assicurative </div><div class=\"t m0 x0 h2 y1135 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1e8 h41\" style=\"left:499.80365px; bottom:461.04114px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _0\"></span>o) </div></div><div class=\"c w1e4 hac\" style=\"left:-4.050377px; bottom:412.21313px;\"><div class=\"t m0 x41 h59 y1137 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue </div></div><div class=\"c w1e6 h6a\" style=\"left:242.96262px; bottom:444.34912px;\"><div class=\"t m0 x4c h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w1e5 h6a\" style=\"left:425.97662px; bottom:444.34912px;\"><div class=\"t m0 x134 h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h40\" style=\"left:242.96262px; bottom:412.21313px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w8a h40\" style=\"left:304.27063px; bottom:412.21313px;\"><div class=\"t m0 x97 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w89 h40\" style=\"left:364.04462px; bottom:412.21313px;\"><div class=\"t m0 x97 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w1e7 h40\" style=\"left:425.97662px; bottom:412.21313px;\"><div class=\"t m0 x86 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w89 h40\" style=\"left:499.80365px; bottom:412.21313px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h40\" style=\"left:560.1756px; bottom:412.21313px;\"><div class=\"t m0 xa1 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:395.67712px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:395.67712px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">297<span class=\"ls0\"> </span></div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:395.67712px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">249<span class=\"ls0\"> </span></div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:395.67712px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:395.67712px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">344<span class=\"ls0\"> </span></div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:395.67712px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">293<span class=\"ls0\"> </span></div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:395.67712px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">390<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:380.07715px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:380.07715px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:380.07715px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:380.07715px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:380.07715px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:380.07715px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:380.07715px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h44\" style=\"left:-4.050377px; bottom:364.45114px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">di <span class=\"ls0\">cui: OICR<span class=\"_ _35\"></span> </span></div></div><div class=\"c w47 h44\" style=\"left:242.96262px; bottom:364.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w8a h44\" style=\"left:304.27063px; bottom:364.45114px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h44\" style=\"left:364.04462px; bottom:364.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h44\" style=\"left:425.97662px; bottom:364.45114px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">122<span class=\"ls0\"> </span></div></div><div class=\"c w89 h44\" style=\"left:499.80365px; bottom:364.45114px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h44\" style=\"left:560.1756px; bottom:364.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:348.85114px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:348.85114px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">85.608 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:348.85114px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:348.85114px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:348.85114px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">100.515 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:348.85114px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">143<span class=\"ls0\"> </span></div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:348.85114px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">401<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:333.25113px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:333.25113px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3.016 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:333.25113px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:333.25113px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:333.25113px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3.510 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:333.25113px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:333.25113px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:317.65115px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: OIC<span class=\"_ _0\"></span>R </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:317.65115px;\"><div class=\"t m0 x94 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">78.025 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:317.65115px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:317.65115px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:317.65115px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">91.908 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:317.65115px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">109<span class=\"ls0\"> </span></div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:317.65115px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:302.05115px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:302.05115px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">77.810 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:302.05115px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.158 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:302.05115px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.625 </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:302.05115px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">93.910 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:302.05115px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.305 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:302.05115px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.208 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:286.45114px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: titoli<span class=\"_ _0\"></span> di capitale </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:286.45114px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.921 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:286.45114px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:286.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">67<span class=\"ls0\"> </span></div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:286.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.201 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:286.45114px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:286.45114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:270.85114px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: OIC<span class=\"_ _0\"></span>R </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:270.85114px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">8.306 </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:270.85114px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:270.85114px;\"><div class=\"t m0 xd1 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4.208 </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:270.85114px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">9.879 </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:270.85114px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:270.85114px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3.742 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:255.25113px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:255.25113px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:255.25113px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:255.25113px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:255.25113px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:255.25113px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:255.25113px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:239.65115px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _0\"></span> materiali </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:239.65115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:239.65115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:239.65115px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:239.65115px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:239.65115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:239.65115px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1e4 h42\" style=\"left:-4.050377px; bottom:224.05115px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6. Attivit\u00e0<span class=\"_ _0\"></span> immateriali </div></div><div class=\"c w47 h42\" style=\"left:242.96262px; bottom:224.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:304.27063px; bottom:224.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:364.04462px; bottom:224.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h42\" style=\"left:425.97662px; bottom:224.05115px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:224.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:224.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:201.58713px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:201.58713px;\"><div class=\"t m0 x14 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">163.715 </div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:201.58713px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.442 </div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:201.58713px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.575 </div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:201.58713px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">194.769 </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:201.58713px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.032 </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:201.58713px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.007 </div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:185.05115px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:185.05115px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:185.05115px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:185.05115px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:185.05115px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:185.05115px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:185.05115px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:168.51514px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> valutate al fair value </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:168.51514px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:168.51514px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:168.51514px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:168.51514px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:168.51514px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:168.51514px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h6a\" style=\"left:-4.050377px; bottom:151.82315px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> </div></div><div class=\"c w47 h6a\" style=\"left:242.96262px; bottom:151.82315px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h6a\" style=\"left:304.27063px; bottom:151.82315px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w89 h6a\" style=\"left:364.04462px; bottom:151.82315px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h6a\" style=\"left:425.97662px; bottom:151.82315px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h6a\" style=\"left:499.80365px; bottom:151.82315px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h6a\" style=\"left:560.1756px; bottom:151.82315px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e4 h41\" style=\"left:-4.050377px; bottom:129.47614px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w47 h41\" style=\"left:242.96262px; bottom:129.47614px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w8a h41\" style=\"left:304.27063px; bottom:129.47614px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">71.743 </div></div><div class=\"c w89 h41\" style=\"left:364.04462px; bottom:129.47614px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e7 h41\" style=\"left:425.97662px; bottom:129.47614px;\"><div class=\"t m0 x4c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:129.47614px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">84.709 </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:129.47614px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-138.55786px;\"><div class=\"t m0 x0 h61 y3e5 ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y113e ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y113f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>assicurative <span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>maggiore <span class=\"_ _3\"></span>discrezionalit\u00e0 <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y1140 ff1 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _2\"></span>value, <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenuta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>portafoglio; <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019incidenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,2% <span class=\"_ _3\"></span>(2,4% <span class=\"_ _2\"></span>al </span></div><div class=\"t m0 x0 h2 y1141 ff1 fs0 fc0 sc0 ls0 ws0\">31 dicembre 2021). </div><div class=\"t m0 x0 h2 ye52 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf75 ff1 fs0 fc0 sc0 ls0 ws0\">Il 94,8<span class=\"_ _3\"></span>% delle a<span class=\"_ _3\"></span>ttivit\u00e0 finanziarie valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value del <span class=\"_ _3\"></span>comparto ass<span class=\"_ _3\"></span>icurativo \u00e8 <span class=\"_ _3\"></span>misurato attraverso il <span class=\"_ _3\"></span>ricorso a <span class=\"_ _3\"></span>quota<span class=\"_ _5\"></span>zioni di </div><div class=\"t m0 x0 h2 y1142 ff1 fs0 fc0 sc0 ls0 ws0\">mercato, quindi senza <span class=\"_ _0\"></span>lasciare alcuna discre<span class=\"_ _0\"></span>zionalit\u00e0 al valut<span class=\"_ _0\"></span>ator<span class=\"_ _3\"></span><span class=\"ls10\">e.</span> </div><div class=\"t m0 x0 h2 y1143 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1cb ff1 fs0 fc0 sc0 ls0 ws0\">Le passivit\u00e0 al fair v<span class=\"_ _0\"></span>alue sono quasi in<span class=\"_ _0\"></span>teramente misurate con <span class=\"_ _0\"></span>input di livello 2<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1144 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf13 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.57349px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>trasferimenti <span class=\"_ _6\"></span>relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>comparto <span class=\"_ _4\"> </span>assicurativo <span class=\"_ _4\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>dettaglia<span class=\"_ _5\"></span>ti <span class=\"_ _4\"></span>nel </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">seguito, si segnala c<span class=\"_ _0\"></span>he nel corso del 2022 si sono avut<span class=\"_ _0\"></span>i trasferimenti: </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span></div><div class=\"t m0 x2a h2 y61 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>attivit\u00e0 finanziarie valutate al <span class=\"_ _0\"></span>fair value per 3 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni (valore di bil<span class=\"_ _0\"></span>ancio al 31 dicembre 2<span class=\"_ _0\"></span>022);<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y62 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 143 milioni (<span class=\"_ _0\"></span>valore di <span class=\"_ _3\"></span>bilancio al 31 dicembre 202<span class=\"_ _0\"></span>2); </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1<span class=\"_ _0\"></span> di: </span></div><div class=\"t m0 x2a h2 y64 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair value <span class=\"_ _0\"></span>per 2 milioni (valo<span class=\"_ _0\"></span>re di bilancio al 31 d<span class=\"_ _0\"></span>icembre 2022);<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y65 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 2.114 milioni<span class=\"_ _0\"></span> (valore di bilancio al<span class=\"_ _0\"></span> 31 dice<span class=\"_ _2\"></span>mbre 2022). </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e<span class=\"_ _0\"></span> della significati<span class=\"_ _0\"></span>vit\u00e0 degli input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _5\"></span>2 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>venir <span class=\"_ _2\"></span>meno <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>merca<span class=\"_ _0\"></span>to <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>strumento </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">verificata <span class=\"_ _6\"></span>analizzando <span class=\"_ _6\"></span>l\u2019affidabilit\u00e0 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>reciproca <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _5\"></span>disponibili <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"> </span>nelle <span class=\"_ _16\"> </span><span class=\"ff1\">Linee </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Guida <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione Str<span class=\"_ _3\"></span>umenti Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>contro, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>viene e<span class=\"_ _3\"></span>ffettuata una </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">valutazione da <span class=\"_ _3\"></span>mark-<span class=\"lsd\">to</span>-model utilizzando <span class=\"_ _3\"></span>input osservabili <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>classificati, <span class=\"_ _3\"></span>dunque, a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>trasferiti al </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">livello 1 nel mome<span class=\"ff4\">nto in cui s<span class=\"_ _0\"></span>i riscontra l\u2019esiste<span class=\"_ _0\"></span>nza di un mercato attivo.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y70 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.2. <span class=\"_ _1d\"> </span>Varia<span class=\"_ _0\"></span>zioni  a<span class=\"_ _3\"></span>nnue  delle <span class=\"_ _1d\"> </span>attivit\u00e0  valutate <span class=\"_ _1d\"> </span>al  fair <span class=\"_ _1d\"> </span>value  su <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>ricorrente  (livello  3<span class=\"_ _3\"></span>) <span class=\"_ _17\"> </span>- <span class=\"_ _1d\"> </span><span class=\"ff2\">Escluse <span class=\"_ _1d\"> </span>compagnie<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h4c y71 ff2 fs0 fc2 sc0 ls0 ws0\">assicurative  </div><div class=\"t m0 x0 h4c ybac ff2 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1ed h12\" style=\"left:522.42365px; bottom:527.8095px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w1ee h134\" style=\"left:175.72662px; bottom:459.4815px;\"><div class=\"t m0 xa1 h8d y1147 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0 valutate al fair value con <span class=\"ls0\">impatt<span class=\"_ _3\"></span>o a conto </span></div><div class=\"t m0 x8d h8d ya6b ff5 fse fc2 sc0 ls28 ws0\">economico<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h134\" style=\"left:404.13663px; bottom:459.4815px;\"><div class=\"t m0 xf h8d y1147 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0 </div><div class=\"t m0 x94 h8d ya6b ff5 fse fc2 sc0 ls9 ws0\">finanziarie </div><div class=\"t m0 xdd h8d y840 ff5 fse fc2 sc0 ls28 ws0\">valutate al fair </div><div class=\"t m0 x96 h8d yac6 ff5 fse fc2 sc0 ls28 ws0\">value con </div><div class=\"t m0 x6 h8d ya25 ff5 fse fc2 sc0 ls27 ws0\">impatto sulla </div><div class=\"t m0 x9a h8d y82d ff5 fse fc2 sc0 ls2f ws0\">redditivit\u00e0 </div><div class=\"t m0 xa1 h8d y335 ff5 fse fc2 sc0 ls28 ws0\">complessiva<span class=\"ls0\"> </span></div></div><div class=\"c w6f h134\" style=\"left:474.80463px; bottom:459.4815px;\"><div class=\"t m0 x87 h8d y1147 ff5 fse fc2 sc0 ls26 ws0\">Derivati </div><div class=\"t m0 xe h8d ya6b ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y840 ff5 fse fc2 sc0 ls28 ws0\">copertura<span class=\"ls0\"> </span></div></div><div class=\"c w1ef h134\" style=\"left:522.42365px; bottom:459.4815px;\"><div class=\"t m0 x1a h8d y1147 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d ya6b ff5 fse fc2 sc0 ls42 ws0\">materiali<span class=\"ls0\"> </span></div></div><div class=\"c w77 h134\" style=\"left:566.8836px; bottom:459.4815px;\"><div class=\"t m0 x14 h8d y1147 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d ya6b ff5 fse fc2 sc0 ls27 ws0\">immateriali<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h135\" style=\"left:175.72662px; bottom:380.54553px;\"><div class=\"t m0 x41 h8d y1149 ff5 fse fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w87 h135\" style=\"left:218.47061px; bottom:380.54553px;\"><div class=\"t m0 xd1 h97 y1149 ff2 fse fc2 sc0 ls28 ws0\">di cui: <span class=\"ls0\"> </span></div><div class=\"t m0 x48 h97 y114a ff2 fse fc2 sc0 ls28 ws0\">a) <span class=\"ls0\"> </span></div><div class=\"t m0 x96 h97 y114b ff2 fse fc2 sc0 ls29 ws0\">Attivit\u00e0 </div><div class=\"t m0 xa1 h97 yb46 ff2 fse fc2 sc0 ls27 ws0\">finanziarie </div><div class=\"t m0 x8 h97 y71d ff2 fse fc2 sc0 ls28 ws0\">detenute per </div><div class=\"t m0 xa4 h97 ye3 ff2 fse fc2 sc0 ls26 ws0\">la </div><div class=\"t m0 x41 h97 y76d ff2 fse fc2 sc0 ls28 ws0\">negoziazione<span class=\"ls0\"> </span></div></div><div class=\"c w2a h135\" style=\"left:277.28262px; bottom:380.54553px;\"><div class=\"t m0 x95 h97 y1149 ff2 fse fc2 sc0 ls28 ws0\">di cui: <span class=\"ls0\"> </span></div><div class=\"t m0 xb8 h97 y114a ff2 fse fc2 sc0 ls28 ws0\">b) <span class=\"ls0\"> </span></div><div class=\"t m0 xae h97 y114b ff2 fse fc2 sc0 ls29 ws0\">Attivit\u00e0 </div><div class=\"t m0 xab h97 yb46 ff2 fse fc2 sc0 ls27 ws0\">finanziarie </div><div class=\"t m0 x45 h97 y71d ff2 fse fc2 sc0 ls28 ws0\">designate </div><div class=\"t m0 x9b h97 ye3 ff2 fse fc2 sc0 ls28 ws0\">al fair </div><div class=\"t m0 x9b h97 y76d ff2 fse fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w1eb h135\" style=\"left:326.42264px; bottom:380.54553px;\"><div class=\"t m0 x43 h97 y1149 ff2 fse fc2 sc0 ls28 ws0\">di cui: <span class=\"ls0\"> </span></div><div class=\"t m0 x139 h97 y114a ff2 fse fc2 sc0 ls0 ws0\">c)  </div><div class=\"t m0 x9a h97 y114b ff2 fse fc2 sc0 ls29 ws0\">Altre attivit\u00e0 </div><div class=\"t m0 x13 h97 yb46 ff2 fse fc2 sc0 ls27 ws0\">finanziarie </div><div class=\"t m0 x41 h97 y71d ff2 fse fc2 sc0 ls28 ws0\">obbligatoriamente </div><div class=\"t m0 xae h97 ye3 ff2 fse fc2 sc0 ls0 ws0\">valutate al fair </div><div class=\"t m0 xa5 h97 y76d ff2 fse fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w1e9 h47\" style=\"left:-4.050377px; bottom:361.04553px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1. Esistenze iniziali <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h47\" style=\"left:175.72662px; bottom:361.04553px;\"><div class=\"t m0 x97 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.389<span class=\"ls0\"> </span></div></div><div class=\"c w87 h47\" style=\"left:218.47061px; bottom:361.04553px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w2a h47\" style=\"left:277.28262px; bottom:361.04553px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1eb h47\" style=\"left:326.42264px; bottom:361.04553px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.199<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h47\" style=\"left:404.13663px; bottom:361.04553px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">492<span class=\"ls0\"> </span></div></div><div class=\"c w6f h47\" style=\"left:474.80463px; bottom:361.04553px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h47\" style=\"left:522.42365px; bottom:361.04553px;\"><div class=\"t m0 x97 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.364<span class=\"ls0\"> </span></div></div><div class=\"c w77 h47\" style=\"left:566.8836px; bottom:361.04553px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h47\" style=\"left:-4.050377px; bottom:341.54553px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2. Aumenti<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h47\" style=\"left:175.72662px; bottom:341.54553px;\"><div class=\"t m0 x97 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.070<span class=\"ls0\"> </span></div></div><div class=\"c w87 h47\" style=\"left:218.47061px; bottom:341.54553px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">94<span class=\"ls0\"> </span></div></div><div class=\"c w2a h47\" style=\"left:277.28262px; bottom:341.54553px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h47\" style=\"left:326.42264px; bottom:341.54553px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h47\" style=\"left:404.13663px; bottom:341.54553px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w6f h47\" style=\"left:474.80463px; bottom:341.54553px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h47\" style=\"left:522.42365px; bottom:341.54553px;\"><div class=\"t m0 x94 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">278<span class=\"ls0\"> </span></div></div><div class=\"c w77 h47\" style=\"left:566.8836px; bottom:341.54553px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:325.9455px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.1 Acquisti<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:325.9455px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">390<span class=\"ls0\"> </span></div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:325.9455px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:325.9455px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:325.9455px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">370<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:325.9455px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:325.9455px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:325.9455px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:325.9455px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:310.34552px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.2 Profitti imputati a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:310.34552px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">177<span class=\"ls0\"> </span></div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:310.34552px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:310.34552px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:310.34552px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:310.34552px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:310.34552px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:310.34552px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:310.34552px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h44\" style=\"left:-4.050377px; bottom:294.7195px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.2.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h44\" style=\"left:175.72662px; bottom:294.7195px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">177<span class=\"ls0\"> </span></div></div><div class=\"c w87 h44\" style=\"left:218.47061px; bottom:294.7195px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2a h44\" style=\"left:277.28262px; bottom:294.7195px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h44\" style=\"left:326.42264px; bottom:294.7195px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h44\" style=\"left:404.13663px; bottom:294.7195px;\"><div class=\"t m0 x9f h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6f h44\" style=\"left:474.80463px; bottom:294.7195px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h44\" style=\"left:522.42365px; bottom:294.7195px;\"><div class=\"t m0 xad h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w77 h44\" style=\"left:566.8836px; bottom:294.7195px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:279.1195px;\"><div class=\"t m0 x88 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui plusvalenze<span class=\"_ _3\"></span></span> </div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:279.1195px;\"><div class=\"t m0 x9b h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">152<span class=\"ls0\"> </span></div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:279.1195px;\"><div class=\"t m0 x43 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:279.1195px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:279.1195px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:279.1195px;\"><div class=\"t m0 x9f h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:279.1195px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:279.1195px;\"><div class=\"t m0 xe h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:279.1195px;\"><div class=\"t m0 x48 hce y6e4 ffa fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:263.5195px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.2.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:263.5195px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:263.5195px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:263.5195px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:263.5195px;\"><div class=\"t m0 x4c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:263.5195px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:263.5195px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:263.5195px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:263.5195px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:247.91953px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.3 Trasferimenti da altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:247.91953px;\"><div class=\"t m0 x96 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:247.91953px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:247.91953px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:247.91953px;\"><div class=\"t m0 x4a h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:247.91953px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:247.91953px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:247.91953px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:247.91953px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:232.31952px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.4 Altre variazioni in aume<span class=\"_ _3\"></span>nto<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:232.31952px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">465<span class=\"ls0\"> </span></div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:232.31952px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:232.31952px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:232.31952px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">409<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:232.31952px;\"><div class=\"t m0 x4a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:232.31952px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:232.31952px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:232.31952px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h47\" style=\"left:-4.050377px; bottom:212.81952px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3. Diminuzioni<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h47\" style=\"left:175.72662px; bottom:212.81952px;\"><div class=\"t m0 x88 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">865</span> </div></div><div class=\"c w87 h47\" style=\"left:218.47061px; bottom:212.81952px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">98</span> </div></div><div class=\"c w2a h47\" style=\"left:277.28262px; bottom:212.81952px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w1eb h47\" style=\"left:326.42264px; bottom:212.81952px;\"><div class=\"t m0 xa2 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">764</span> </div></div><div class=\"c w1ec h47\" style=\"left:404.13663px; bottom:212.81952px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">228</span> </div></div><div class=\"c w6f h47\" style=\"left:474.80463px; bottom:212.81952px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h47\" style=\"left:522.42365px; bottom:212.81952px;\"><div class=\"t m0 x95 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">498</span> </div></div><div class=\"c w77 h47\" style=\"left:566.8836px; bottom:212.81952px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:197.21951px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.1 Vendite<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:197.21951px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">208</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:197.21951px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">43</span> </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:197.21951px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:197.21951px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">162</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:197.21951px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">100</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:197.21951px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:197.21951px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">48</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:197.21951px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:181.6195px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.2 Rimborsi<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:181.6195px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:181.6195px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:181.6195px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:181.6195px;\"><div class=\"t m0 x9f h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:181.6195px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">14</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:181.6195px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:181.6195px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:181.6195px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:166.0195px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.3 Perdite imputate a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:166.0195px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">264</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:166.0195px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">42</span> </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:166.0195px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:166.0195px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">222</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:166.0195px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">25</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:166.0195px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:166.0195px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">181</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:166.0195px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:150.41953px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.3.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:150.41953px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">264</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:150.41953px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">42</span> </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:150.41953px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:150.41953px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">222</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:150.41953px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:150.41953px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:150.41953px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">165</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:150.41953px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:134.81952px;\"><div class=\"t m0 x88 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui minusvalenze<span class=\"_ _3\"></span></span> </div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:134.81952px;\"><div class=\"t m0 x88 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">243</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:134.81952px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">35</span> </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:134.81952px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:134.81952px;\"><div class=\"t m0 xa2 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">208</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:134.81952px;\"><div class=\"t m0 x49 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:134.81952px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:134.81952px;\"><div class=\"t m0 xe h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:134.81952px;\"><div class=\"t m0 x48 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:119.21951px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.3.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:119.21951px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:119.21951px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:119.21951px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:119.21951px;\"><div class=\"t m0 x4c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:119.21951px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">21</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:119.21951px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:119.21951px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">16</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:119.21951px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:103.61951px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.4 Trasferimenti ad altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:103.61951px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">38</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:103.61951px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:103.61951px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:103.61951px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">26</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:103.61951px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">65</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:103.61951px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:103.61951px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:103.61951px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h42\" style=\"left:-4.050377px; bottom:88.0195px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.5 Altre variazioni in diminu<span class=\"_ _3\"></span>zione<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:175.72662px; bottom:88.0195px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">350</span> </div></div><div class=\"c w87 h42\" style=\"left:218.47061px; bottom:88.0195px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2a h42\" style=\"left:277.28262px; bottom:88.0195px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h42\" style=\"left:326.42264px; bottom:88.0195px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">349</span> </div></div><div class=\"c w1ec h42\" style=\"left:404.13663px; bottom:88.0195px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">24</span> </div></div><div class=\"c w6f h42\" style=\"left:474.80463px; bottom:88.0195px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h42\" style=\"left:522.42365px; bottom:88.0195px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">269</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:88.0195px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e9 h5e\" style=\"left:-4.050377px; bottom:68.4805px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">4. Rimanenze finali<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1ea h5e\" style=\"left:175.72662px; bottom:68.4805px;\"><div class=\"t m0 x97 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.594<span class=\"ls0\"> </span></div></div><div class=\"c w87 h5e\" style=\"left:218.47061px; bottom:68.4805px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">183<span class=\"ls0\"> </span></div></div><div class=\"c w2a h5e\" style=\"left:277.28262px; bottom:68.4805px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1eb h5e\" style=\"left:326.42264px; bottom:68.4805px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.411<span class=\"ls0\"> </span></div></div><div class=\"c w1ec h5e\" style=\"left:404.13663px; bottom:68.4805px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">357<span class=\"ls0\"> </span></div></div><div class=\"c w6f h5e\" style=\"left:474.80463px; bottom:68.4805px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h5e\" style=\"left:522.42365px; bottom:68.4805px;\"><div class=\"t m0 x97 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.144<span class=\"ls0\"> </span></div></div><div class=\"c w77 h5e\" style=\"left:566.8836px; bottom:68.4805px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.57349px;\"><div class=\"t m0 x0 h136 y1151 ff2 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc9b ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1152 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"></span>voci <span class=\"_ _4\"> </span>Altre <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>diminuzione, <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>obbligatoriamente <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value, <span class=\"_ _4\"></span>s<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y1153 ff1 fs0 fc0 sc0 ls0 ws0\">riferiscono <span class=\"_ _7\"> </span>principalmente <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  OICR <span class=\"_ _4\"> </span>ed  a<span class=\"_ _35\"></span>ccolgono <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>versamenti <span class=\"_ _7\"> </span>effettuati <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>rimborsi <span class=\"_ _7\"> </span>ricevuti <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>ad </div><div class=\"t m0 x0 h2 y1154 ff1 fs0 fc0 sc0 ls0 ws0\">invarianza <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>quote <span class=\"_ _4\"></span>detenute. <span class=\"_ _6\"></span>Relativamente <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>materiali, <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>voci, <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>trasferimen<span class=\"_ _2\"></span><span class=\"ls12\">ti </span></div><div class=\"t m0 x0 h2 y1155 ff1 fs0 fc0 sc0 ls0 ws0\">delle Attivit\u00e0 material<span class=\"_ _0\"></span>i da scopo investim<span class=\"_ _0\"></span>ento a<span class=\"_ _3\"></span> uso funzionale e <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iceversa.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y1156 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y752 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y300 ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-592.5895px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.2. Bis Variazioni <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nnue delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al fair va<span class=\"_ _0\"></span>lue su base ricorrent<span class=\"_ _0\"></span>e (livello 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span></div><div class=\"t m0 x0 h95 y73f ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1f2 h17\" style=\"left:499.80365px; bottom:383.16455px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h137\" style=\"left:206.9266px; bottom:312.0285px;\"><div class=\"t m0 xf ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x9b ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 x86 ha ya6c ff5 fs4 fc2 sc0 ls0 ws0\">detenute </div><div class=\"t m0 xd ha yac6 ff5 fs4 fc2 sc0 ls0 ws0\">per la </div><div class=\"t m0 x1a ha yadf ff5 fs4 fc2 sc0 ls0 ws0\">negoziazione </div></div><div class=\"c w1f1 h137\" style=\"left:281.18262px; bottom:312.0285px;\"><div class=\"t m0 xf ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0  </div><div class=\"t m0 x9b ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 x9b ha ya6c ff5 fs4 fc2 sc0 ls0 ws0\">valutate al </div><div class=\"t m0 x96 ha yac6 ff5 fs4 fc2 sc0 ls0 ws0\">fair value </div></div><div class=\"c w82 h137\" style=\"left:353.74863px; bottom:312.0285px;\"><div class=\"t m0 xf ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0  </div><div class=\"t m0 x9b ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 x8 ha ya6c ff5 fs4 fc2 sc0 ls0 ws0\">disponibili per </div><div class=\"t m0 x9a ha yac6 ff5 fs4 fc2 sc0 ls0 ws0\">la vendita </div></div><div class=\"c w1f1 h137\" style=\"left:425.97662px; bottom:312.0285px;\"><div class=\"t m0 x9b ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Derivati di </div><div class=\"t m0 x9a ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">copertura </div></div><div class=\"c w1f3 h137\" style=\"left:499.80365px; bottom:312.0285px;\"><div class=\"t m0 x9b ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 xae ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">materiali </div></div><div class=\"c w1f3 h137\" style=\"left:560.1756px; bottom:312.0285px;\"><div class=\"t m0 x9b ha y1158 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x8 ha y1159 ff5 fs4 fc2 sc0 ls0 ws0\">immateriali </div></div><div class=\"c w1f0 h47\" style=\"left:-4.050377px; bottom:292.5285px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3\"></span>  </div></div><div class=\"c w82 h47\" style=\"left:206.9266px; bottom:292.5285px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">390<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h47\" style=\"left:281.18262px; bottom:292.5285px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">401<span class=\"ls0\"> </span></div></div><div class=\"c w82 h47\" style=\"left:353.74863px; bottom:292.5285px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.208 </div></div><div class=\"c w1f1 h47\" style=\"left:425.97662px; bottom:292.5285px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h47\" style=\"left:499.80365px; bottom:292.5285px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1f3 h47\" style=\"left:560.1756px; bottom:292.5285px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h47\" style=\"left:-4.050377px; bottom:273.0285px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Aumenti </div></div><div class=\"c w82 h47\" style=\"left:206.9266px; bottom:273.0285px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h47\" style=\"left:281.18262px; bottom:273.0285px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">186<span class=\"ls0\"> </span></div></div><div class=\"c w82 h47\" style=\"left:353.74863px; bottom:273.0285px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.091 </div></div><div class=\"c w1f1 h47\" style=\"left:425.97662px; bottom:273.0285px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h47\" style=\"left:499.80365px; bottom:273.0285px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h47\" style=\"left:560.1756px; bottom:273.0285px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:257.42853px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.1 Acquisti<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:257.42853px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:257.42853px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:257.42853px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">876<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:257.42853px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:257.42853px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:257.42853px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:241.82855px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.2 Profitti imputati <span class=\"_ _3\"></span>a: </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:241.82855px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:241.82855px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:241.82855px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:241.82855px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:241.82855px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:241.82855px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:226.22852px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.2.1 Conto econ<span class=\"_ _3\"></span>omico  </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:226.22852px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:226.22852px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:226.22852px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:226.22852px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:226.22852px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:226.22852px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:210.62854px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui plusvale<span class=\"_ _3\"></span>nze </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:210.62854px;\"><div class=\"t m0 x4c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:210.62854px;\"><div class=\"t m0 x4c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:210.62854px;\"><div class=\"t m0 x4c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:210.62854px;\"><div class=\"t m0 x4c ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:210.62854px;\"><div class=\"t m0 xd5 ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:210.62854px;\"><div class=\"t m0 xd5 ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:195.0285px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.2.2 Patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:195.0285px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:195.0285px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:195.0285px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:195.0285px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:195.0285px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:195.0285px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:179.42853px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.3 Trasferimenti d<span class=\"_ _3\"></span>a altri livelli<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:179.42853px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:179.42853px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:179.42853px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:179.42853px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:179.42853px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:179.42853px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:163.82855px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.4 Altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:163.82855px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:163.82855px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">186<span class=\"ls0\"> </span></div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:163.82855px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:163.82855px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:163.82855px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:163.82855px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h5e\" style=\"left:-4.050377px; bottom:144.28955px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3. Diminuzioni </div></div><div class=\"c w82 h5e\" style=\"left:206.9266px; bottom:144.28955px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-126 </div></div><div class=\"c w1f1 h5e\" style=\"left:281.18262px; bottom:144.28955px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h5e\" style=\"left:353.74863px; bottom:144.28955px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-674 </div></div><div class=\"c w1f1 h5e\" style=\"left:425.97662px; bottom:144.28955px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h5e\" style=\"left:499.80365px; bottom:144.28955px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w1f3 h5e\" style=\"left:560.1756px; bottom:144.28955px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:128.68951px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.1 Vendite </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:128.68951px;\"><div class=\"t m0 x10a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:128.68951px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:128.68951px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-354 </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:128.68951px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:128.68951px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:128.68951px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:113.08954px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.2 Rimborsi </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:113.08954px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:113.08954px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:113.08954px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">12</span> </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:113.08954px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:113.08954px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:113.08954px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:97.4895px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.3 Perdite imputa<span class=\"_ _3\"></span>te a: </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:97.4895px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">68</span> </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:97.4895px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:97.4895px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-236 </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:97.4895px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:97.4895px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:97.4895px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:81.88953px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.3.1 Conto econ<span class=\"_ _3\"></span>omico  </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:81.88953px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">68</span> </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:81.88953px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:81.88953px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">53</span> </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:81.88953px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:81.88953px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:81.88953px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:66.28955px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui minusvalenz<span class=\"_ _3\"></span>e </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:66.28955px;\"><div class=\"t m0 x4c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:66.28955px;\"><div class=\"t m0 x4c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:66.28955px;\"><div class=\"t m0 x104 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:66.28955px;\"><div class=\"t m0 x4c ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:66.28955px;\"><div class=\"t m0 xd5 ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:66.28955px;\"><div class=\"t m0 xd5 ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:50.689514px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.3.2 Patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:50.689514px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:50.689514px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:50.689514px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-183 </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:50.689514px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:50.689514px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:50.689514px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:35.08954px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.4 Trasferimenti a<span class=\"_ _3\"></span>d altri livelli<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:35.08954px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">54</span> </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:35.08954px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:35.08954px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">68</span> </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:35.08954px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:35.08954px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:35.08954px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h42\" style=\"left:-4.050377px; bottom:19.489502px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.5 Altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w82 h42\" style=\"left:206.9266px; bottom:19.489502px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f1 h42\" style=\"left:281.18262px; bottom:19.489502px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w82 h42\" style=\"left:353.74863px; bottom:19.489502px;\"><div class=\"t m0 x10a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w1f1 h42\" style=\"left:425.97662px; bottom:19.489502px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h42\" style=\"left:499.80365px; bottom:19.489502px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w1f3 h42\" style=\"left:560.1756px; bottom:19.489502px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f0 h47\" style=\"left:-4.050377px; bottom:-0.010498047px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4. Rimanenze fin<span class=\"_ _3\"></span>ali </div></div><div class=\"c w82 h47\" style=\"left:206.9266px; bottom:-0.010498047px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w1f1 h47\" style=\"left:281.18262px; bottom:-0.010498047px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w82 h47\" style=\"left:353.74863px; bottom:-0.010498047px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.625 </div></div><div class=\"c w1f1 h47\" style=\"left:425.97662px; bottom:-0.010498047px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f3 h47\" style=\"left:499.80365px; bottom:-0.010498047px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1f3 h47\" style=\"left:560.1756px; bottom:-0.010498047px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-452.7766px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.3  V<span class=\"_ _0\"></span>ariazioni  annu<span class=\"_ _0\"></span>e  dell<span class=\"_ _0\"></span>e  passivi<span class=\"_ _0\"></span>t\u00e0  valutate<span class=\"_ _0\"></span>  al <span class=\"_ _16\"> </span>fair  value <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u  base <span class=\"_ _16\"> </span>ricorrente <span class=\"_ _16\"> </span>(livello  3)  -<span class=\"_ _3\"></span>  <span class=\"ff2\">E<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>cluse <span class=\"_ _16\"> </span>compagnie </span></div><div class=\"t m0 x0 h4c y5 ff2 fs0 fc2 sc0 ls0 ws0\">assicurative </div><div class=\"t m0 x0 h95 y3b6 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1f6 h12\" style=\"left:423.9486px; bottom:510.34137px;\"><div class=\"t m0 x64 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w1f5 h138\" style=\"left:324.55063px; bottom:432.34137px;\"><div class=\"t m0 xa5 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x48 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div><div class=\"t m0 xd5 h59 y1161 ff5 fs17 fc2 sc0 ls0 ws0\">detenute<span class=\"_ _35\"></span> </div><div class=\"t m0 xcc h59 y6cb ff5 fs17 fc2 sc0 ls0 ws0\">per la </div><div class=\"t m0 xd1 h59 y708 ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione </div></div><div class=\"c w1f5 h138\" style=\"left:423.9486px; bottom:432.34137px;\"><div class=\"t m0 xa5 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x48 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div><div class=\"t m0 xb8 h59 y1161 ff5 fs17 fc2 sc0 ls0 ws0\">designate<span class=\"_ _0\"></span> al </div><div class=\"t m0 xa h59 y6cb ff5 fs17 fc2 sc0 ls0 ws0\">fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w1f7 h138\" style=\"left:522.42365px; bottom:432.34137px;\"><div class=\"t m0 x48 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Derivati d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x43 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">copertura<span class=\"_ _35\"></span> </div></div><div class=\"c w1f4 h47\" style=\"left:-4.050377px; bottom:412.84137px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  </div></div><div class=\"c w1f5 h47\" style=\"left:324.55063px; bottom:412.84137px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 h47\" style=\"left:423.9486px; bottom:412.84137px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w1f7 h47\" style=\"left:522.42365px; bottom:412.84137px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h47\" style=\"left:-4.050377px; bottom:393.34137px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Aume<span class=\"_ _0\"></span>nti </div></div><div class=\"c w1f5 h47\" style=\"left:324.55063px; bottom:393.34137px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 h47\" style=\"left:423.9486px; bottom:393.34137px;\"><div class=\"t m0 xaa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1f7 h47\" style=\"left:522.42365px; bottom:393.34137px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:377.7414px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Emis<span class=\"_ _0\"></span>sioni </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:377.7414px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:377.7414px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:377.7414px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:362.14142px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:362.14142px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:362.14142px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:362.14142px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:346.54138px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:346.54138px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:346.54138px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:346.54138px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:330.9414px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui minu<span class=\"_ _35\"></span>svalenze </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:330.9414px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:330.9414px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:330.9414px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:315.34137px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:315.34137px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:315.34137px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:315.34137px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:299.7414px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:299.7414px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:299.7414px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:299.7414px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h44\" style=\"left:-4.050377px; bottom:284.10242px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento </div></div><div class=\"c w1f5 h44\" style=\"left:324.55063px; bottom:284.10242px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h44\" style=\"left:423.9486px; bottom:284.10242px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1f7 h44\" style=\"left:522.42365px; bottom:284.10242px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h47\" style=\"left:-4.050377px; bottom:264.60242px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Dimin<span class=\"_ _0\"></span>uzioni </div></div><div class=\"c w1f5 h47\" style=\"left:324.55063px; bottom:264.60242px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">78</span> </div></div><div class=\"c w1f5 h47\" style=\"left:423.9486px; bottom:264.60242px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h47\" style=\"left:522.42365px; bottom:264.60242px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:249.00238px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.1 Rimbor<span class=\"_ _0\"></span>si </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:249.00238px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:249.00238px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:249.00238px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:233.4024px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.2 Riacqui<span class=\"_ _0\"></span>sti </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:233.4024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:233.4024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:233.4024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:217.80237px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:217.80237px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">19</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:217.80237px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:217.80237px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:202.2024px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:202.2024px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">19</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:202.2024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:202.2024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:186.60242px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui plu<span class=\"_ _0\"></span>svalenze </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:186.60242px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:186.60242px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:186.60242px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:171.00238px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:171.00238px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:171.00238px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:171.00238px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:155.4024px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:155.4024px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">50</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:155.4024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:155.4024px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:139.80237px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:139.80237px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:139.80237px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:139.80237px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 hd0\" style=\"left:-4.050377px; bottom:119.21039px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li </div></div><div class=\"c w1f5 hd0\" style=\"left:324.55063px; bottom:119.21039px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 hd0\" style=\"left:423.9486px; bottom:119.21039px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1f7 hd0\" style=\"left:522.42365px; bottom:119.21039px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-452.7766px;\"><div class=\"t m0 x0 h125 y6ae ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46a ff4 fs0 fc0 sc0 ls0 ws0\">Le \u201cPassivit\u00e0 finanzi<span class=\"_ _0\"></span>arie detenute per la <span class=\"_ _0\"></span>negoziazione\u201d si riferis<span class=\"_ _0\"></span>cono a contratti d<span class=\"_ _0\"></span>erivati aventi fai<span class=\"_ _0\"></span>r value negativo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 lsd ws0\">I <span class=\"_ _2\"></span><span class=\"ls0\">trasferimenti <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>descritti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>tabelle <span class=\"_ _3\"></span>precedenti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>effettuati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>guida </span></div><div class=\"t m0 x0 h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">descritte nel paragra<span class=\"_ _0\"></span>fo A.4.3 <span class=\"ff4\">\u2013</span> Gerarchia del fair value. </div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Peraltro, per <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>complete informazioni sulla sensitivit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>valori de<span class=\"_ _3\"></span>gli strumenti <span class=\"_ _3\"></span>finanziari al variare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali parametri di </div><div class=\"t m0 x0 h2 y470 ff4 fs0 fc0 sc0 ls0 ws0\">input, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rinvia <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>analisi <span class=\"_ _6\"> </span>complessive <span class=\"_ _6\"></span>svolte <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Parte <span class=\"_ _6\"> </span>E <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span><span class=\"ff1\">la </span></div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">presente Nota Integrati<span class=\"_ _0\"></span>va.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y48c ff1 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-323.44885px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.3 Bis Variazion<span class=\"_ _0\"></span>i annue delle passivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value su b<span class=\"_ _0\"></span>ase ricorrente (livel<span class=\"_ _0\"></span>lo 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1f6 h17\" style=\"left:423.9486px; bottom:652.3052px;\"><div class=\"t m0 x64 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w1f5 h138\" style=\"left:324.55063px; bottom:574.3052px;\"><div class=\"t m0 xa5 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x48 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div><div class=\"t m0 xd5 h59 ya2b ff5 fs17 fc2 sc0 ls0 ws0\">detenute<span class=\"_ _35\"></span> </div><div class=\"t m0 xcc h59 y759 ff5 fs17 fc2 sc0 ls0 ws0\">per la </div><div class=\"t m0 xd1 h59 y10e4 ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione </div></div><div class=\"c w1f5 h138\" style=\"left:423.9486px; bottom:574.3052px;\"><div class=\"t m0 xa5 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x48 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div><div class=\"t m0 x48 h59 ya2b ff5 fs17 fc2 sc0 ls0 ws0\">valutate al </div><div class=\"t m0 xa h59 y759 ff5 fs17 fc2 sc0 ls0 ws0\">fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w1f7 h138\" style=\"left:522.42365px; bottom:574.3052px;\"><div class=\"t m0 x48 h59 y115f ff5 fs17 fc2 sc0 ls0 ws0\">Derivati d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x43 h59 y1160 ff5 fs17 fc2 sc0 ls0 ws0\">copertura<span class=\"_ _35\"></span> </div></div><div class=\"c w1f4 h47\" style=\"left:-4.050377px; bottom:554.8052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  </div></div><div class=\"c w1f5 h47\" style=\"left:324.55063px; bottom:554.8052px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w1f5 h47\" style=\"left:423.9486px; bottom:554.8052px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h47\" style=\"left:522.42365px; bottom:554.8052px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h47\" style=\"left:-4.050377px; bottom:535.3052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Aume<span class=\"_ _0\"></span>nti </div></div><div class=\"c w1f5 h47\" style=\"left:324.55063px; bottom:535.3052px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h47\" style=\"left:423.9486px; bottom:535.3052px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h47\" style=\"left:522.42365px; bottom:535.3052px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:519.70514px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Emis<span class=\"_ _0\"></span>sioni </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:519.70514px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:519.70514px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:519.70514px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:504.10516px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:504.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:504.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:504.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:488.50513px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:488.50513px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:488.50513px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:488.50513px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:472.90515px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui minu<span class=\"_ _35\"></span>svalenze </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:472.90515px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:472.90515px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:472.90515px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:457.30518px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:457.30518px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:457.30518px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:457.30518px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:441.70514px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:441.70514px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:441.70514px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:441.70514px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:426.10516px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:426.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:426.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:426.10516px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h5e\" style=\"left:-4.050377px; bottom:406.56616px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Dimin<span class=\"_ _0\"></span>uzioni </div></div><div class=\"c w1f5 h5e\" style=\"left:324.55063px; bottom:406.56616px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">61</span> </div></div><div class=\"c w1f5 h5e\" style=\"left:423.9486px; bottom:406.56616px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h5e\" style=\"left:522.42365px; bottom:406.56616px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:390.96613px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.1 Rimbor<span class=\"_ _0\"></span>si </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:390.96613px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:390.96613px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:390.96613px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:375.36615px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.2 Riacqui<span class=\"_ _0\"></span>sti </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:375.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:375.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:375.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:359.76617px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:359.76617px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">61</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:359.76617px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:359.76617px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:344.16614px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:344.16614px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">61</span> </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:344.16614px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:344.16614px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:328.56616px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui plu<span class=\"_ _0\"></span>svalenze </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:328.56616px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:328.56616px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:328.56616px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:312.96613px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:312.96613px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:312.96613px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:312.96613px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:297.36615px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:297.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:297.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:297.36615px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h42\" style=\"left:-4.050377px; bottom:281.76617px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione </div></div><div class=\"c w1f5 h42\" style=\"left:324.55063px; bottom:281.76617px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h42\" style=\"left:423.9486px; bottom:281.76617px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h42\" style=\"left:522.42365px; bottom:281.76617px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f4 h81\" style=\"left:-4.050377px; bottom:261.33014px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li </div></div><div class=\"c w1f5 h81\" style=\"left:324.55063px; bottom:261.33014px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f5 h81\" style=\"left:423.9486px; bottom:261.33014px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f7 h81\" style=\"left:522.42365px; bottom:261.33014px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-323.44885px;\"><div class=\"t m0 x0 h2 y6ad ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y469 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y46a ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.4 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>ricorrente: <span class=\"_ _5\"></span>ripartizione <span class=\"_ _2\"></span>per </div><div class=\"t m0 x0 h95 y46b ffa fs0 fc2 sc0 ls0 ws0\">livelli di fair value <span class=\"ff3\">\u2013</span> <span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e compagnie assicurativ<span class=\"_ _0\"></span>e<span class=\"ffa lsd\">  <span class=\"ls0\"> </span></span></span></div><div class=\"t m0 x0 h4c y3d4 ff2 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1fc h82\" style=\"left:511.3476px; bottom:188.60815px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 hc4\" style=\"left:-4.050377px; bottom:152.57214px;\"><div class=\"t m0 x41 h8d y8a9 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y7c8 ff5 fse fc2 sc0 ls2b ws0\">o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1fd h41\" style=\"left:217.06662px; bottom:172.07214px;\"><div class=\"t m0 xc7 h8d y9b8 ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w1fe h41\" style=\"left:408.97263px; bottom:172.07214px;\"><div class=\"t m0 x0 h8d y9b8 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c w8f h7d\" style=\"left:217.06662px; bottom:140.87216px;\"><div class=\"t m0 x12 h8d y561 ff5 fse fc2 sc0 ls29 ws0\">Valore di </div><div class=\"t m0 x97 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">bilancio<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h47\" style=\"left:271.0426px; bottom:152.57214px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w35 h47\" style=\"left:315.03464px; bottom:152.57214px;\"><div class=\"t m0 x12 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:364.04462px; bottom:152.57214px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w77 h7d\" style=\"left:408.97263px; bottom:140.87216px;\"><div class=\"t m0 x12 h8d y561 ff5 fse fc2 sc0 ls29 ws0\">Valore di <span class=\"ls0\"> </span></div><div class=\"t m0 x97 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">bilancio<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h47\" style=\"left:462.3246px; bottom:152.57214px;\"><div class=\"t m0 x12 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w7 h47\" style=\"left:511.3476px; bottom:152.57214px;\"><div class=\"t m0 x96 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:576.7116px; bottom:152.57214px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h64\" style=\"left:-4.050377px; bottom:123.40015px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1. Attivit\u00e0 <span class=\"ls0\">finanziarie valutate al costo a<span class=\"_ _3\"></span>mmortizzato<span class=\"_ _3\"></span> </span></div></div><div class=\"c w8f h64\" style=\"left:217.06662px; bottom:123.40015px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">528.078<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h64\" style=\"left:271.0426px; bottom:123.40015px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">28.958<span class=\"ls0\"> </span></div></div><div class=\"c w35 h64\" style=\"left:315.03464px; bottom:123.40015px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">320.105<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h64\" style=\"left:364.04462px; bottom:123.40015px;\"><div class=\"t m0 x45 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">161.493<span class=\"ls0\"> </span></div></div><div class=\"c w77 h64\" style=\"left:408.97263px; bottom:123.40015px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">668.866<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h64\" style=\"left:462.3246px; bottom:123.40015px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">27.206<span class=\"ls0\"> </span></div></div><div class=\"c w7 h64\" style=\"left:511.3476px; bottom:123.40015px;\"><div class=\"t m0 x96 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">484.983<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h64\" style=\"left:576.7116px; bottom:123.40015px;\"><div class=\"t m0 x45 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">165.462<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h65\" style=\"left:-4.050377px; bottom:105.772156px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">2. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span></div></div><div class=\"c w8f h65\" style=\"left:217.06662px; bottom:105.772156px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h65\" style=\"left:271.0426px; bottom:105.772156px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35 h65\" style=\"left:315.03464px; bottom:105.772156px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h65\" style=\"left:364.04462px; bottom:105.772156px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h65\" style=\"left:408.97263px; bottom:105.772156px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h65\" style=\"left:462.3246px; bottom:105.772156px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h65\" style=\"left:511.3476px; bottom:105.772156px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h65\" style=\"left:576.7116px; bottom:105.772156px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f8 h6c\" style=\"left:-4.050377px; bottom:80.032135px;\"><div class=\"t m0 x41 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">3. Attivit\u00e0 non correnti e gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di </div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">dismissione<span class=\"ls0\"> </span></div></div><div class=\"c w8f h6c\" style=\"left:217.06662px; bottom:80.032135px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">638<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h6c\" style=\"left:271.0426px; bottom:80.032135px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35 h6c\" style=\"left:315.03464px; bottom:80.032135px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h6c\" style=\"left:364.04462px; bottom:80.032135px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">638<span class=\"ls0\"> </span></div></div><div class=\"c w77 h6c\" style=\"left:408.97263px; bottom:80.032135px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.422<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h6c\" style=\"left:462.3246px; bottom:80.032135px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6c\" style=\"left:511.3476px; bottom:80.032135px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h6c\" style=\"left:576.7116px; bottom:80.032135px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.422<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h41\" style=\"left:-4.050377px; bottom:57.568146px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w8f h41\" style=\"left:217.06662px; bottom:57.568146px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">528.716<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h41\" style=\"left:271.0426px; bottom:57.568146px;\"><div class=\"t m0 x12 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">28.958<span class=\"ls0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:315.03464px; bottom:57.568146px;\"><div class=\"t m0 x12 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">320.105<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h41\" style=\"left:364.04462px; bottom:57.568146px;\"><div class=\"t m0 x45 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">162.131<span class=\"ls0\"> </span></div></div><div class=\"c w77 h41\" style=\"left:408.97263px; bottom:57.568146px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">670.288<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h41\" style=\"left:462.3246px; bottom:57.568146px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">27.206<span class=\"ls0\"> </span></div></div><div class=\"c w7 h41\" style=\"left:511.3476px; bottom:57.568146px;\"><div class=\"t m0 x96 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">484.983<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h41\" style=\"left:576.7116px; bottom:57.568146px;\"><div class=\"t m0 x45 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">166.884<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h64\" style=\"left:-4.050377px; bottom:40.09616px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1. Passivit\u00e0 finanziarie valut<span class=\"_ _3\"></span>ate al costo ammorti<span class=\"_ _3\"></span>zzato<span class=\"ls0\"> </span></div></div><div class=\"c w8f h64\" style=\"left:217.06662px; bottom:40.09616px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">667.586<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h64\" style=\"left:271.0426px; bottom:40.09616px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">41.748<span class=\"ls0\"> </span></div></div><div class=\"c w35 h64\" style=\"left:315.03464px; bottom:40.09616px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">592.888<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h64\" style=\"left:364.04462px; bottom:40.09616px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">32.270<span class=\"ls0\"> </span></div></div><div class=\"c w77 h64\" style=\"left:408.97263px; bottom:40.09616px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">710.055<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h64\" style=\"left:462.3246px; bottom:40.09616px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">47.030<span class=\"ls0\"> </span></div></div><div class=\"c w7 h64\" style=\"left:511.3476px; bottom:40.09616px;\"><div class=\"t m0 x96 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">625.414<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h64\" style=\"left:576.7116px; bottom:40.09616px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">39.759<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h65\" style=\"left:-4.050377px; bottom:22.46814px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2. Passivit\u00e0 associate ad <span class=\"ls0\">att<span class=\"_ _3\"></span>ivit\u00e0 in via di dismissione<span class=\"_ _3\"></span> </span></div></div><div class=\"c w8f h65\" style=\"left:217.06662px; bottom:22.46814px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h65\" style=\"left:271.0426px; bottom:22.46814px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35 h65\" style=\"left:315.03464px; bottom:22.46814px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h65\" style=\"left:364.04462px; bottom:22.46814px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w77 h65\" style=\"left:408.97263px; bottom:22.46814px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h65\" style=\"left:462.3246px; bottom:22.46814px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h65\" style=\"left:511.3476px; bottom:22.46814px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h65\" style=\"left:576.7116px; bottom:22.46814px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w1f8 h6a\" style=\"left:-4.050377px; bottom:0.0041503906px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w8f h6a\" style=\"left:217.06662px; bottom:0.0041503906px;\"><div class=\"t m0 xae h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">667.601<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h6a\" style=\"left:271.0426px; bottom:0.0041503906px;\"><div class=\"t m0 x12 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">41.748<span class=\"ls0\"> </span></div></div><div class=\"c w35 h6a\" style=\"left:315.03464px; bottom:0.0041503906px;\"><div class=\"t m0 x12 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">592.888<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h6a\" style=\"left:364.04462px; bottom:0.0041503906px;\"><div class=\"t m0 x12 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">32.285<span class=\"ls0\"> </span></div></div><div class=\"c w77 h6a\" style=\"left:408.97263px; bottom:0.0041503906px;\"><div class=\"t m0 xae h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">710.085<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h6a\" style=\"left:462.3246px; bottom:0.0041503906px;\"><div class=\"t m0 xae h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">47.030<span class=\"ls0\"> </span></div></div><div class=\"c w7 h6a\" style=\"left:511.3476px; bottom:0.0041503906px;\"><div class=\"t m0 x96 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">625.414<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h6a\" style=\"left:576.7116px; bottom:0.0041503906px;\"><div class=\"t m0 x12 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">39.789<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-366.04224px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.4.5.4 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 non valutate <span class=\"_ _0\"></span>al fair value o valu<span class=\"_ _0\"></span>tate al fair value su base no<span class=\"_ _0\"></span>n ricorrente: ripartizione<span class=\"_ _0\"></span> per<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">livelli di fair value <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Compag<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ie assicurative </span></div><div class=\"t m0 x0 h24 y3b6 ff5 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w201 h41\" style=\"left:432.99664px; bottom:593.1758px;\"><div class=\"t m0 x64 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w1ff h139\" style=\"left:-4.050377px; bottom:556.98376px;\"><div class=\"t m0 x41 h8d ye4 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y7c8 ff5 fse fc2 sc0 ls2b ws0\">o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w202 h6a\" style=\"left:244.52261px; bottom:576.48376px;\"><div class=\"t m0 x134 h8d yb42 ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w201 h6a\" style=\"left:432.99664px; bottom:576.48376px;\"><div class=\"t m0 x134 h8d yb42 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h7d\" style=\"left:244.52261px; bottom:545.28375px;\"><div class=\"t m0 x6 h8d y561 ff5 fse fc2 sc0 ls29 ws0\">Valore di </div><div class=\"t m0 xae h8d yedc ff5 fse fc2 sc0 ls2b ws0\">bilancio<span class=\"ls0\"> </span></div></div><div class=\"c w200 h47\" style=\"left:300.3706px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w83 h47\" style=\"left:344.07663px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:388.69263px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h7d\" style=\"left:432.99664px; bottom:545.28375px;\"><div class=\"t m0 x6 h8d y561 ff5 fse fc2 sc0 ls29 ws0\">Valore di <span class=\"ls0\"> </span></div><div class=\"t m0 xae h8d yedc ff5 fse fc2 sc0 ls2b ws0\">bilancio<span class=\"ls0\"> </span></div></div><div class=\"c w200 h47\" style=\"left:488.37665px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:531.4716px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h47\" style=\"left:576.7116px; bottom:556.98376px;\"><div class=\"t m0 x45 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:529.6838px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1. Attivit\u00e0 <span class=\"ls0\">finanziarie detenute sino alla<span class=\"_ _3\"></span> scadenza<span class=\"_ _3\"></span> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:529.6838px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:529.6838px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:529.6838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:514.08374px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">2. Crediti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:514.08374px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:514.08374px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:514.08374px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:514.08374px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:514.08374px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:514.08374px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:514.08374px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:514.08374px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:498.48376px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">3. Crediti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:498.48376px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:498.48376px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:498.48376px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:498.48376px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:498.48376px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:498.48376px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:498.48376px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:498.48376px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:482.8838px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">4. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:482.8838px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:482.8838px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:482.8838px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:467.28375px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">5. Attivit\u00e0 non correnti e <span class=\"ls0\">gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di dismission<span class=\"_ _3\"></span>e </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:467.28375px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:467.28375px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:467.28375px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h41\" style=\"left:-4.050377px; bottom:444.97577px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wd0 h41\" style=\"left:244.52261px; bottom:444.97577px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w200 h41\" style=\"left:300.3706px; bottom:444.97577px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h41\" style=\"left:344.07663px; bottom:444.97577px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h41\" style=\"left:388.69263px; bottom:444.97577px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c wd0 h41\" style=\"left:432.99664px; bottom:444.97577px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w200 h41\" style=\"left:488.37665px; bottom:444.97577px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h41\" style=\"left:531.4716px; bottom:444.97577px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h41\" style=\"left:576.7116px; bottom:444.97577px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:429.3758px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:429.3758px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">629<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:429.3758px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:429.3758px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:429.3758px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">556<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:429.3758px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:429.3758px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:429.3758px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:429.3758px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">650<span class=\"ls0\"> </span></div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:413.77576px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:413.77576px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:413.77576px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:413.77576px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">452<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:413.77576px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">135<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:413.77576px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:413.77576px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:413.77576px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:413.77576px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">95<span class=\"ls0\"> </span></div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:398.17578px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3. Titoli in circolazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:398.17578px;\"><div class=\"t m0 x96 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.334<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:398.17578px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:398.17578px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.171<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:398.17578px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:398.17578px;\"><div class=\"t m0 x96 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.335<span class=\"ls0\"> </span></div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:398.17578px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:398.17578px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.338<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:398.17578px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h42\" style=\"left:-4.050377px; bottom:382.57574px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">4. Passivit\u00e0 associate ad att<span class=\"_ _3\"></span>ivit\u00e0 in via di d<span class=\"_ _3\"></span>ismissione<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:244.52261px; bottom:382.57574px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:300.3706px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:344.07663px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:388.69263px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:432.99664px; bottom:382.57574px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:488.37665px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:531.4716px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1f9 h42\" style=\"left:576.7116px; bottom:382.57574px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ff h41\" style=\"left:-4.050377px; bottom:360.07275px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wd0 h41\" style=\"left:244.52261px; bottom:360.07275px;\"><div class=\"t m0 x96 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.550<span class=\"ls0\"> </span></div></div><div class=\"c w200 h41\" style=\"left:300.3706px; bottom:360.07275px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h41\" style=\"left:344.07663px; bottom:360.07275px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.640<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h41\" style=\"left:388.69263px; bottom:360.07275px;\"><div class=\"t m0 x94 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">691<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:432.99664px; bottom:360.07275px;\"><div class=\"t m0 x96 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.146<span class=\"ls0\"> </span></div></div><div class=\"c w200 h41\" style=\"left:488.37665px; bottom:360.07275px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h41\" style=\"left:531.4716px; bottom:360.07275px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.431<span class=\"ls0\"> </span></div></div><div class=\"c w1f9 h41\" style=\"left:576.7116px; bottom:360.07275px;\"><div class=\"t m0 x94 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">745<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-366.04224px;\"><div class=\"t m0 x0 h116 y461 ff5 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y74 ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y75 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y76 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y77 ff2 fs0 fc2 sc0 ls0 ws0\">Attivit\u00e0 e passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda le attivit\u00e0 e le passivit\u00e0 finanziarie non <span class=\"_ _2\"></span>valutate al fair value (crediti e crediti rappresentati da titoli, debiti e </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">titoli <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>circolazione), <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prassi <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>val<span class=\"_ _5\"></span>ore </div><div class=\"t m0 x0 h2 y1134 ff1 fs0 fc0 sc0 ls0 ws0\">attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>futuri, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>tasso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>incorpora <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principali <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>incertezze <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>allo </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">strumento finanziario ogg<span class=\"_ _0\"></span>etto di valuta<span class=\"_ _0\"></span>zione (il cosiddetto \u201c<span class=\"_ _0\"></span>discount rate adjustm<span class=\"_ _0\"></span>ent approach\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ye94 ff4 fs0 fc0 sc0 ls0 ws0\">In particolare, il tasso di interesse utilizzato per l\u2019attualizzazione dei cash fl<span class=\"_ _2\"></span><span class=\"ff1\">ow <span class=\"_ _3\"></span>futuri \u00e8 determinato tenendo in considerazione i </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">seguenti fattori di ris<span class=\"_ _0\"></span>chio: </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rappresenta <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ffre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _7\"> </span>unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>prestato <span class=\"_ _4\"> </span>a </span></div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">controparti prive di ri<span class=\"_ _0\"></span>schio; </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il  rischio  di <span class=\"_ _1d\"> </span>credito,  che  rappresenta  il  premio  per <span class=\"_ _1d\"> </span>aver  prestato  capitale  a  controparti  che  presentano  rischio  di </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">insolvenza; </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il costo della liquidit\u00e0<span class=\"_ _0\"></span> connesso al cred<span class=\"_ _0\"></span>ito. </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Nel caso di strumenti a tasso fisso, i flussi di <span class=\"_ _3\"></span>cassa sono pari a quelli previsti dal <span class=\"_ _2\"></span>contratto; per gli strumenti a tasso variabile, i </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _7\"> </span>futuri <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>forward, <span class=\"_ _4\"></span>impliciti <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>curve <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>coupon<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y9e4 ff1 fs0 fc0 sc0 ls0 ws0\">osservati in corrispo<span class=\"_ _0\"></span>ndenza delle divers<span class=\"_ _0\"></span>e date di fixing e diffe<span class=\"_ _0\"></span>renziate per tip<span class=\"_ _3\"></span>ologia di indicizzazio<span class=\"_ _0\"></span>ne. </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>premio per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>(credit spread) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato a <span class=\"_ _3\"></span>livello di <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>posizione, tramite <span class=\"_ _3\"></span>l\u2019acquisizione dell<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>classe </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">di rischio (L<span class=\"_ _3\"></span>GD) e del rating <span class=\"_ _3\"></span>(PD). Queste grandezze, unitamente alla durata media <span class=\"_ _3\"></span>finanziaria r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>idua, costituiscono il criterio </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">guida per l\u2019acquisizione del credit <span class=\"_ _3\"></span>spread. Per i <span class=\"_ _3\"></span>titoli emessi da Intesa <span class=\"_ _3\"></span>Sanpaolo, la costruzione della curva di spread <span class=\"_ _3\"></span>segu<span class=\"_ _5\"></span><span class=\"ff1\">e le </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">regole disciplinate nell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Regole di V<span class=\"_ _0\"></span>alutazione Strumenti Fin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nziari al Fair Value.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Nel determinare i fair value<span class=\"_ _0\"></span> esposti nella tabella<span class=\"_ _0\"></span> A.4.5.4 sono state <span class=\"_ _0\"></span>utilizzate le seguenti as<span class=\"_ _0\"></span>sunzioni:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i c<span class=\"_ _3\"></span>rediti rappresentati da titoli, vengono seguite le <span class=\"_ _3\"></span>medesime regole previste per la <span class=\"_ _3\"></span>valutazione al fair value delle <span class=\"_ _3\"></span>alt<span class=\"_ _5\"></span>re </span></div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">categorie di titoli; </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i tito</span>li emessi, le reg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le utilizzate sono le <span class=\"_ _0\"></span>stesse applicate ai <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>itoli dell\u2019attivo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1176 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1177 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y122 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1178 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye53 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yafc ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-922": {
   "value": "A. 4 <span class=\"ff6\">\u2013</span> INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL F<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>IR VAL<span class=\"_ _0\"></span>UE    FAIR <span class=\"_ _7\"></span>VALUE, <span class=\"_ _4\"></span>INDEPEN<span class=\"_ _0\"></span>DENT <span class=\"_ _4\"></span>PRICE <span class=\"_ _7\"></span>VERIFIC<span class=\"_ _0\"></span>ATION <span class=\"_ _4\"></span>E <span class=\"_ _7\"></span>PRUDENT <span class=\"_ _4\"></span>VALUE <span class=\"_ _7\"></span>DEGLI <span class=\"_ _4\"></span>STRUMENTI FINANZI<span class=\"_ _0\"></span>ARI Il <span class=\"_ _6\"></span>quadro <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>articola <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>tre <span class=\"_ _6\"></span>pilastri: <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipi contabili <span class=\"_ _3\"></span>internazionali <span class=\"_ _3\"></span>(IAS/IFRS), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>(I<span class=\"_ _3\"></span>PV <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Independent <span class=\"_ _3\"></span>Price <span class=\"_ _3\"></span>Verification) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> de<span class=\"ls0\">l <span class=\"_ _6\"></span>prudent <span class=\"_ _4\"></span>value, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>ultimi <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>stabiliti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"></span>Capit<span class=\"_ _0\"></span>al <span class=\"_ _4\"></span>Requirement <span class=\"_ _6\"></span>Regulation <span class=\"_ _6\"></span>(CRR). <span class=\"_ _4\"></span>I <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>paragrafi <span class=\"_ _6\"></span>descrivono <span class=\"_ _4\"></span>le </span>modalit\u00e0 con cui gli elem<span class=\"_ _35\"></span>ent<span class=\"_ _3\"></span>i citati sono stat<span class=\"_ _0\"></span>i recepiti ed utilizzat<span class=\"_ _0\"></span>i dal Gruppo Intes<span class=\"_ _0\"></span>a Sanpaolo.<span class=\"_ _3\"></span> Principi generali fair value<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Line<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _3\"></span>Stru<span class=\"_ _3\"></span>menti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predisposto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cura <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Direzione Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Risk <span class=\"_ _4\"></span>Managem<span class=\"_ _0\"></span>ent <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>applicazione <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>estende <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollate<span class=\"_ _0\"></span> oggetto di consolidame<span class=\"_ _0\"></span>nto, ivi comprese l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Compagnie Assi<span class=\"_ _0\"></span>curative. <span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Valutazione Strumenti <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value\u201d, <span class=\"_ _3\"></span>previo <span class=\"_ _5\"></span><span class=\"ff1\">parere <span class=\"_ _3\"></span>favorevole d<span class=\"_ _3\"></span>el Co<span class=\"_ _3\"></span>mitato <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>Finanziari d<span class=\"_ _3\"></span>i </span>Gruppo, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>oggetto di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Amministrazione,<span class=\"_ _35\"></span> con il s<span class=\"_ _3\"></span>upporto del Comitato Rischi <span class=\"_ _3\"></span>e Sostenibilit\u00e0. Le \u201cRe<span class=\"_ _3\"></span>gole di Valutazione Stru<span class=\"_ _2\"></span>menti Finanziari al <span class=\"_ _3\"></span>Fair Value\u201d sono o<span class=\"_ _3\"></span>ggetto<span class=\"_ _0\"></span> di <span class=\"_ _2\"></span>esame, <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnuale <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ci\u00f2 specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>interventi  ed <span class=\"_ _7\"> </span>aggiornamenti <span class=\"_ _4\"> </span>materialmente rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> Le \u201c<span class=\"_ _3\"></span>Regole per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Investments non <span class=\"_ _3\"></span>quotati\u201d, elaborate d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione Centrale M&amp;A <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Partecipazioni<span class=\"_ _0\"></span> di<span class=\"ls0\"> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>approvate <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>Comitato<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>disciplinano <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misurazione<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>di </span>capitale non quotati <span class=\"_ _0\"></span>e degli strumenti finanziar<span class=\"_ _0\"></span>i aventi come sott<span class=\"_ _0\"></span>ostante titoli di capitale<span class=\"_ _0\"></span> non quotati.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13 <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>armonizza <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>regole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>relativa <span class=\"_ _2\"></span>informativa, <span class=\"_ _2\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>il prezzo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vendita <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>pagherebbe <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>regolare <span class=\"_ _2\"></span>operazione <span class=\"_ _2\"></span>tra<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(ossia <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>liquidazione <span class=\"_ _2\"></span>forzosa <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vendita <span class=\"_ _5\"></span>sottocosto) <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>di valutazione. Il <span class=\"_ _3\"></span>fair value \u00e8 <span class=\"_ _3\"></span>un cr<span class=\"_ _3\"></span>iterio di valutazione di <span class=\"_ _3\"></span>mercato, non s<span class=\"_ _3\"></span>pecificatamente riferito alla singola banca. <span class=\"_ _3\"></span>Sottost<span class=\"_ _2\"></span>ante <span class=\"_ _3\"></span>la definizione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>fair  <span class=\"ff4\">value <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>\u2019\u00e8 <span class=\"_ _16\"> </span>la  pre<span class=\"_ _0\"></span>sunzione <span class=\"_ _16\"> </span>che  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>banca <span class=\"_ _16\"> </span>si  trovi<span class=\"_ _0\"></span>  n<span class=\"_ _0\"></span>el <span class=\"_ _16\"> </span>normale  e<span class=\"_ _0\"></span>sercizio <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>sua <span class=\"_ _16\"> </span>attivit\u00e0  s<span class=\"_ _0\"></span>enza <span class=\"_ _16\"> </span>alcuna </span>intenzione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>liquidare <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>propri <span class=\"_ _7\"> </span>beni, <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ridurre <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>via <span class=\"_ _16\"> </span>significativa <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roprie <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>procedere <span class=\"_ _1d\"> </span>alla definizione di transa<span class=\"_ _0\"></span>zioni a condizioni sfavorevoli. La <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di un\u2019<span class=\"_ _3\"></span>attivit\u00e0 o <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>adottando <span class=\"_ _3\"></span>le a<span class=\"_ _3\"></span>ssunzioni che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>operatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>utilizzerebbero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella </span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0, <span class=\"_ _3\"></span>presumendo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>essi <span class=\"_ _3\"></span>agiscano <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>oddisfare<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>modo <span class=\"_ _3\"></span>migliore <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>proprio </span>interesse <span class=\"_ _5\"></span>economico. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>suppone <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>vendita <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>della<span class=\"_ _5\"></span><span class=\"ff1\"> </span>passivit\u00e0 abbia luogo:  a.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">nel mercato attivo prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipale dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 o passivit\u00e0; <span class=\"ff1\"> </span></span></span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in assenza di un m<span class=\"ff4\">ercato pri<span class=\"_ _0\"></span>ncipale, nel mercato at<span class=\"_ _0\"></span>tivo pi\u00f9 vantag<span class=\"_ _0\"></span>gioso per l\u2019attivit\u00e0 o p<span class=\"_ _0\"></span>assivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>La <span class=\"_ _7\"> </span>banca <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>effettuare <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>ricerca <span class=\"_ _7\"> </span>esaustiva <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>possibili <span class=\"_ _7\"> </span>mercati <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>principale <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in assenza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>principale, <span class=\"_ _5\"></span>il <span class=\"_ _4\"></span>mercato<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>ntaggioso, <span class=\"_ _6\"></span>ma <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>prendere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _6\"></span>che sono <span class=\"_ _4\"> </span>ragionevolmente <span class=\"_ _6\"> </span>disponibili. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>assenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019evidenza <span class=\"_ _6\"> </span>contraria, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>presume <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _6\"> </span>normalmente l\u2019entit\u00e0 <span class=\"_ _2\"></span>opera <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>vendere <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>trasferire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>principale <span class=\"_ _2\"></span>o, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>assenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipale, <span class=\"_ _2\"></span>il </span>mercato pi\u00f9 vantaggioso. Il Gruppo Intesa Sanpaolo ritiene che il <span class=\"_ _3\"></span>mercato principale di un\u2019attivit\u00e0 o passivit\u00e0 finanziaria p<span class=\"_ _5\"></span><span class=\"ff1\">ossa </span>essere identificato c<span class=\"_ _0\"></span>on il mercato nel qu<span class=\"_ _0\"></span>ale normalmente opera il Gruppo Intesa San<span class=\"_ _0\"></span>paolo. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>considera, <span class=\"_ _3\"></span>coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>all\u2019attivit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00e0 </span>o <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>verificano <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>frequenza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>volumi <span class=\"_ _5\"></span>sufficienti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fornire <span class=\"_ _5\"></span>informazioni<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del prezzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>continuativa. <span class=\"_ _4\"> </span>Pi\u00f9 <span class=\"_ _4\"></span>precisamente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>uno <span class=\"_ _6\"></span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>considerato <span class=\"_ _4\"> </span>quotato <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>attivo <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>i prezzi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>prontamente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>regolarmente <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>listino, <span class=\"_ _3\"></span>operatore, <span class=\"_ _2\"></span>intermediari<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>settor<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>industriale, <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>di determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>utorit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>regolamentazione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>effettive <span class=\"_ _7\"> </span>che avvengono regolarmen<span class=\"_ _0\"></span>te in normali contrattazio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>specifiche <span class=\"_ _5\"></span>casistiche, <span class=\"_ _6\"></span>disciplinate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _6\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pur <span class=\"_ _6\"></span>in presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quotazioni su <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>regolamentati, vengono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>appositi a<span class=\"_ _3\"></span>pprofondimenti, tesi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>verificare la <span class=\"_ _3\"></span>significat<span class=\"_ _5\"></span>ivit\u00e0 delle quotazioni espresse dal mer<span class=\"_ _0\"></span>cato ufficiale. Nel caso <span class=\"_ _3\"></span>di significativa riduzione nel volum<span class=\"_ _0\"></span>e o nel livello di operativit\u00e0 rispetto<span class=\"_ _0\"></span> al <span class=\"_ _7\"> </span>consueto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>milari) <span class=\"_ _4\"> </span>evidenziata <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>alcuni <span class=\"_ _4\"> </span>indicatori <span class=\"_ _16\"> </span>(numerosit\u00e0 <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span>transazioni, <span class=\"_ _5\"></span>scarsa <span class=\"_ _5\"></span>significativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>espre<span class=\"_ _3\"></span>ssi <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificativo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"></span>impliciti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di liquidit\u00e0, allargamento o <span class=\"_ _3\"></span>incremento dello <span class=\"_ _3\"></span>spread bid<span class=\"_ _3\"></span>-ask, <span class=\"_ _3\"></span>riduzione o <span class=\"_ _3\"></span>assenza totale d<span class=\"_ _3\"></span>i mercato per <span class=\"_ _3\"></span>nuove e<span class=\"_ _3\"></span>missioni, scarsit\u00e0 di <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>dominio <span class=\"_ _2\"></span>pubblico), <span class=\"_ _2\"></span>devono <span class=\"_ _2\"></span>esse<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>effettuate <span class=\"_ _3\"></span>analisi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ransazioni <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _2\"></span>quotati. <span class=\"_ _2\"></span>Una <span class=\"_ _2\"></span>diminuzione del <span class=\"_ _6\"></span>volume <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>sola <span class=\"_ _6\"></span>potrebbe <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>indicare <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>transazione <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>prezzo <span class=\"_ _6\"></span>quotato <span class=\"_ _6\"></span>non rappresenta il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value o <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>transazione in <span class=\"_ _3\"></span>quel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">mercato <span class=\"_ _3\"></span>non sia <span class=\"_ _3\"></span>ordinaria. <span class=\"_ _3\"></span>Se un\u2019entit\u00e0 d<span class=\"_ _3\"></span>etermina che <span class=\"_ _3\"></span>una t<span class=\"_ _3\"></span>ransazione o </span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>quotato <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(es. <span class=\"_ _3\"></span>transazioni n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie), <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ecessario un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>dell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>transazioni <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>usa <span class=\"_ _3\"></span>quei <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span><span class=\"ff1\">zzi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>aggiustamento <span class=\"_ _3\"></span>pu\u00f2 </span>essere significativ<span class=\"_ _0\"></span>o rispetto alla valuta<span class=\"_ _0\"></span>zione al fair value nel s<span class=\"_ _0\"></span>uo complesso. Il fair value degli stru<span class=\"_ _0\"></span>menti finanziari L\u2019esistenza di quotazio<span class=\"_ _0\"></span>ni in un mercato atti<span class=\"_ _0\"></span>vo costituisce l<span class=\"ff1\">a <span class=\"_ _3\"></span>miglior evidenz<span class=\"_ _0\"></span>a del fair value; tali q<span class=\"_ _35\"></span>uotazioni rappresentano quindi<span class=\"_ _35\"></span> </span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>prioritaria <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>assenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>m<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rcato attivo, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>determinato <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _16\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _4\"> </span>volte <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>stabilire, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>ultima <span class=\"_ _7\"> </span>analisi, <span class=\"_ _7\"> </span>quale <span class=\"_ _16\"> </span>prezzo avrebbe avuto il prodot<span class=\"_ _0\"></span>to, alla data di <span class=\"_ _0\"></span>valutazione, in un lib<span class=\"_ _0\"></span>ero scambio m<span class=\"_ _0\"></span>otivato da normali con<span class=\"_ _0\"></span>siderazioni commercia<span class=\"_ _0\"></span>li. <span class=\"_ _2\"></span> La scelta tra le suddette metodologie di valut<span class=\"_ _0\"></span>azione non \u00e8<span class=\"_ _3\"></span> opzionale, dovendo le stesse essere applic<span class=\"_ _0\"></span>ate in ordine gerarchico: la disponibilit\u00e0 di u<span class=\"_ _0\"></span>n prezzo espresso da <span class=\"_ _0\"></span>un mercato attivo imp<span class=\"_ _0\"></span>edisce di ricorrere<span class=\"_ _0\"></span> ad uno degli altri <span class=\"_ _0\"></span>approcci valutativi.<span class=\"_ _3\"></span> Input delle tecniche di <span class=\"_ _0\"></span>valutazion<span class=\"_ _0\"></span>e Si <span class=\"_ _6\"></span>definiscono <span class=\"_ _6\"></span>input <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span><span class=\"ff4\">assunzioni <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>gli <span class=\"_ _5\"></span>operatori <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>utilizzerebbero <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>prezzo <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>della </span>passivit\u00e0, <span class=\"_ _5\"></span>incluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>assunzioni <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>rca <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>quali, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>inerente <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>tecnica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valutaz<span class=\"_ _5\"></span>ione utilizzata <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>misurare  il<span class=\"_ _35\"></span>  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>inerente <span class=\"_ _7\"> </span>agli <span class=\"_ _16\"> </span>input <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>tecnica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valutazione. <span class=\"_ _7\"> </span>Gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere osservabili o non osser<span class=\"_ _0\"></span>vabili. Sono <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>laborati utilizzando <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>informazioni di<span class=\"_ _3\"></span>sponibili al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ubblico <span class=\"_ _3\"></span>su <span class=\"_ _6\"></span>operazioni <span class=\"_ _3\"></span>o fatti <span class=\"_ _2\"></span>effettivi, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riflettono <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>utilizzerebbero <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>dell\u2019a<span class=\"_ _6\"></span><span class=\"ff1\">ttivit\u00e0 <span class=\"_ _2\"></span>o </span>della passivit\u00e0. Sono <span class=\"_ _2\"></span>input <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>osservabili <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>formazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>elaborati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _2\"></span>le migliori <span class=\"_ _2\"></span>informazioni <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>assunzioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>operatori <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzerebbero <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>pre<span class=\"_ _5\"></span>zzo dell\u2019attivit\u00e0 o della <span class=\"_ _0\"></span>passivit\u00e0.<span class=\"ff1\"> </span>Gerarchia del fair value<span class=\"ff1 fc0\"> </span>L\u2019IFRS <span class=\"_ _3\"></span>13 <span class=\"_ _2\"></span>stabilisce <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gerarch<span class=\"ff1\">ia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>classifica <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>input <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>adottate <span class=\"_ _2\"></span>per </span>valutare il fair value. Tale ger<span class=\"_ _0\"></span>archia attribuisce la massima <span class=\"_ _0\"></span>priorit\u00e0 ai prezzi quotati (non re<span class=\"_ _0\"></span>ttificati) in mercati at<span class=\"_ _0\"></span>tivi <span class=\"_ _5\"></span>per attivit\u00e0 o passivit\u00e0 identiche (dati <span class=\"_ _0\"></span>di Livello 1) e minim<span class=\"_ _0\"></span>a priorit\u00e0 agli input <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>on osservabili (dati <span class=\"_ _0\"></span>di Livello 3). In parti<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>olare:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il livello di fair value viene classificato a 1 quando la valutazione dello strumento \u00e8 ottenuta direttamente da prezzi quota<span class=\"_ _2\"></span>ti </span>(non rettificati) in <span class=\"ff4\">mercati atti<span class=\"_ _0\"></span>vi per attivit\u00e0 o pa<span class=\"_ _0\"></span>ssivit\u00e0 identiche a c<span class=\"_ _0\"></span>ui l\u2019entit\u00e0 pu\u00f2 accedere<span class=\"_ _0\"></span> alla data di valutazi<span class=\"_ _0\"></span>one; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassificato a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riscontrato <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>attivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazion<span class=\"_ _5\"></span><span class=\"ls17\">e </span></span>avvenga <span class=\"_ _2\"></span>via <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ecnica <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span><span class=\"ff4\">alutazione, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>osservabili <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>sull\u2019utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>para<span class=\"_ _3\"></span>metri <span class=\"_ _3\"></span>non </span>osservabili ma supp<span class=\"_ _0\"></span>ortati e confermati d<span class=\"_ _0\"></span>a evidenze di mercato,<span class=\"_ _0\"></span> quali prezzi, s<span class=\"_ _0\"></span>pread o altri input; <span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _3\"></span>livello di <span class=\"_ _2\"></span>fair va<span class=\"_ _3\"></span>lue viene <span class=\"_ _3\"></span>classificato a <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>quando le<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>valutazioni sono <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>utilizzando <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>diversi, non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>desunti </span>direttamente da param<span class=\"_ _0\"></span>etri osservabili sul me<span class=\"_ _0\"></span>rcato e comportano <span class=\"_ _0\"></span>quindi stime ed assu<span class=\"_ _0\"></span>nzioni da parte del <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutatore.<span class=\"_ _2\"></span> Nel caso in cui differenti inpu<span class=\"_ _0\"></span>t siano utilizzati per val<span class=\"_ _0\"></span>utare il f<span class=\"_ _3\"></span><span class=\"ff4\">air value di un\u2019attivit\u00e0 o passivit\u00e0, la <span class=\"_ _0\"></span>classificazione nella gerarc<span class=\"_ _0\"></span>hia </span>\u00e8 de<span class=\"_ _3\"></span>terminata in base <span class=\"_ _3\"></span>all\u2019input di <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>basso l<span class=\"_ _3\"></span>ivello utilizzato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione. Per assegnare <span class=\"_ _3\"></span>la gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>viene </span>data priorit\u00e0 agli in<span class=\"_ _0\"></span>put delle tecniche di va<span class=\"_ _0\"></span>lutazio<span class=\"_ _3\"></span>ne piuttosto ch<span class=\"_ _0\"></span>e alle tecniche di val<span class=\"_ _0\"></span>utazione stesse. L\u2019allegato \u201cGerarchia del Fair Value\u201d delle \u201cRegol<span class=\"_ _0\"></span>e di Valutazione Strumenti Finanziari al Fair Value\u201d definisce,<span class=\"_ _0\"></span> con riferim<span class=\"_ _5\"></span><span class=\"ff1\">ento<span class=\"_ _0\"></span> </span>ai rispettivi <span class=\"_ _3\"></span>modelli/in<span class=\"_ _0\"></span>put di <span class=\"_ _3\"></span>valutazione degli strumenti finanziari, <span class=\"_ _3\"></span>le re<span class=\"_ _3\"></span>gole minimali che devono soddisfare gli <span class=\"_ _3\"></span>input di mercato per essere classificati <span class=\"_ _0\"></span>a livello 2, e le sog<span class=\"_ _0\"></span>lie di significativit\u00e0 c<span class=\"_ _0\"></span>he, qualora superate<span class=\"_ _0\"></span>, portino ad una attribu<span class=\"_ _0\"></span>zione al liv<span class=\"_ _2\"></span>ello 3. Per gli strumenti finanziari di liv<span class=\"_ _0\"></span>ello 1 viene utilizzato il <span class=\"ff4\">prezzo \u201ccorrente\u201d offerto (\u201cdenaro\u201d) per le a<span class=\"_ _0\"></span>ttivit\u00e0 finanziarie ed il prez<span class=\"_ _0\"></span>zo </span>corrente richiesto (\u201clettera\u201d) per le passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie, rilevato sul mercato principale al quale si ha accesso, alla chi<span class=\"_ _5\"></span><span class=\"ff1\">usura del </span>periodo di riferime<span class=\"_ _0\"></span>nto. Nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>strumenti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>differenziale <span class=\"_ _5\"></span>domanda<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>offerta <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _6\"></span>scarsamente <span class=\"_ _6\"></span>rilevante, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>portare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>compensative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>me<span class=\"_ _3\"></span>rcato, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>utilizzat<span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>un prezzo medio di <span class=\"_ _3\"></span><span class=\"ff4\">mercato (sempre r<span class=\"_ _3\"></span>iferito all\u2019ultimo giorno del periodo di riferimento) in <span class=\"_ _3\"></span>luogo del prezzo d<span class=\"_ _3\"></span>i offerta o del <span class=\"_ _3\"></span>prezzo<span class=\"_ _0\"></span> </span>richiesto. Sono <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _5\"></span>(ovvero <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>disponibile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>C<span class=\"_ _5\"></span>omposite Bloomberg <span class=\"_ _3\"></span>Bond <span class=\"_ _3\"></span>Trader <span class=\"_ _3\"></span>sull'Informatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Provider <span class=\"_ _3\"></span>Bloomberg o, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ternativa, una <span class=\"_ _3\"></span>quotazione <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>circuito <span class=\"_ _3\"></span>EuroMTS o <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lmeno tre <span class=\"_ _2\"></span>quotazioni <span class=\"_ _2\"></span>eseguibili <span class=\"_ _2\"></span>sull\u2019Information <span class=\"_ _3\"></span>Provider <span class=\"_ _2\"></span>Bloomberg), <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>azionari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>(ovvero <span class=\"_ _2\"></span>quotati <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>uffic<span class=\"_ _5\"></span><span class=\"ff1\">iale <span class=\"_ _2\"></span>di </span>riferimento), i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>comuni d<span class=\"_ _3\"></span>i investimento <span class=\"_ _3\"></span>UCITS contribuiti <span class=\"_ _3\"></span>(rientranti nell\u2019ambito d<span class=\"_ _3\"></span>i applicazione <span class=\"_ _3\"></span>delle d<span class=\"_ _3\"></span>irettive comuni<span class=\"_ _5\"></span><span class=\"ff1\">tarie), </span>le operazioni in cambi spot, i contratti derivati per i <span class=\"_ _3\"></span>quali siano disponibili quotazioni su un mercato attivo (per es<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>mpio futures e opzioni exchang<span class=\"_ _0\"></span>ed traded). Per <span class=\"_ _2\"></span>differenza, <span class=\"_ _3\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>altri <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>appartengono <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ategorie <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>presentano<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>la profondit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>contribuzione <span class=\"_ _5\"></span>definita <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Regole <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Valutazione <span class=\"_ _5\"></span>Strum<span class=\"_ _2\"></span>enti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono considerati strumenti d<span class=\"_ _0\"></span>i livello 1. In assenza di quotazione su un mercato attivo o in assen<span class=\"_ _0\"></span>za di un regolare funzionamento del mercato, cio\u00e8 q<span class=\"_ _0\"></span>uando il mercato<span class=\"_ _35\"></span> non ha un sufficiente e continuativo numero di transazion<span class=\"_ _3\"></span>i, spread denaro-lettera e volatilit\u00e0 non sufficientemente contenuti, la determinazione <span class=\"_ _1d\"> </span>del <span class=\"_ _18\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>finanziari <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>realizzata <span class=\"_ _17\"> </span>grazie <span class=\"_ _17\"> </span>all\u2019utilizzo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>tecniche <span class=\"_ _17\"> </span>di valutazione aventi l\u2019obiettivo d<span class=\"_ _3\"></span>i stabilire il <span class=\"_ _3\"></span>prezzo al <span class=\"_ _3\"></span>quale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>in una transazione <span class=\"_ _3\"></span>ordinaria l\u2019attivit\u00e0 sarebbe venduta <span class=\"_ _3\"></span>o la <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> trasferita tra parte<span class=\"_ _0\"></span>cipanti al mercato, alla data<span class=\"_ _0\"></span> di valutazione, in <span class=\"_ _0\"></span>condizioni attuali <span class=\"_ _0\"></span>di mercato. <span class=\"_ _3\"></span> Nel caso di<span class=\"_ _3\"></span> strumenti classificati a livello 2<span class=\"_ _3\"></span> la <span class=\"_ _3\"></span>valutazione \u00e8 basata su <span class=\"_ _3\"></span>prezzi o<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>spread creditizi desunti <span class=\"_ _3\"></span>dalle quotazioni ufficiali di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _4\"> </span>simili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>rischio, <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>(modello <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> valutazione). <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>approccio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>traduce <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>ricerca <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>transaz<span class=\"_ _2\"></span>ioni <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti che, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>rischio, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omparabili <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>o <span class=\"_ _7\"> </span>strumento <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>metodologie <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>calcolo<span class=\"_ _0\"></span> classificate <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _7\"> </span>consentono <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riprodurre <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanz<span class=\"_ _2\"></span>iari <span class=\"_ _16\"> </span>quotati <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>mercati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _7\"> </span>(calibrazione <span class=\"_ _7\"> </span>del modello) <span class=\"_ _4\"> </span>senza <span class=\"_ _7\"> </span>includere <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>discrezionali <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>io\u00e8 <span class=\"_ _4\"> </span>parametri <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>desunto <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _2\"></span>mercati <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>ovvero <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>fissato <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>livell<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>replicare <span class=\"_ _2\"></span>quotazioni <span class=\"_ _5\"></span>presenti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u mercati attivi <span class=\"ff4\">\u2013</span> tali da influi<span class=\"_ _0\"></span>re in maniera det<span class=\"_ _0\"></span>erminante sul prezz<span class=\"_ _0\"></span>o di valutazione final<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> Sono valutati secondo m<span class=\"_ _0\"></span>odelli che utili<span class=\"_ _0\"></span>zzano input di livello<span class=\"_ _0\"></span> 2:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>obbligazionari <span class=\"_ _6\"></span>privi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quotazioni <span class=\"_ _6\"></span>ufficiali <span class=\"_ _6\"></span>es<span class=\"_ _3\"></span>presse <span class=\"_ _4\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _4\"></span>mercato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>determinato <span class=\"_ _6\"></span>tramite </span>l\u2019utilizzo di un a<span class=\"_ _3\"></span>ppropriato credit spread, individuato a partire <span class=\"_ _3\"></span>da strumenti finanziari contribuiti e liquidi <span class=\"_ _3\"></span>con caratteri<span class=\"_ _5\"></span><span class=\"ff1\">stiche </span>similari;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>determin<span class=\"ff4\">ato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span>utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ppropriato <span class=\"_ _6\"></span>credit <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"></span>individuato <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>partire <span class=\"_ _6\"> </span>da </span></span>evidenze di mercato di<span class=\"_ _0\"></span> strumenti finanziari <span class=\"_ _0\"></span>con caratteristiche simila<span class=\"_ _0\"></span>ri;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>inclusi <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>cartolarizzati) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuata <span class=\"_ _5\"></span>mediant<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>appo<span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>modelli, <span class=\"_ _2\"></span>alimentati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a </span>parametri di input (q<span class=\"_ _0\"></span>uali curve di tasso, c<span class=\"_ _0\"></span>ambi e volatilit\u00e0) osser<span class=\"_ _0\"></span>vati sul mercato; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i prodotti <span class=\"_ _3\"></span>strutturati di credito <span class=\"_ _3\"></span>(ABS, CLO <span class=\"_ _3\"></span>HY, CDO) per <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>non sono d<span class=\"_ _3\"></span>isponibili prezzi significativi e <span class=\"_ _3\"></span>il cui <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>vi<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ne<span class=\"_ _0\"></span> </span>determinato utilizzando tecni<span class=\"_ _0\"></span>che di valutazio<span class=\"_ _0\"></span>ne che tengono conto <span class=\"_ _0\"></span>di parametri desumibili<span class=\"_ _0\"></span> dal mercato;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>titoli <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>non  c<span class=\"_ _0\"></span>ontribuiti <span class=\"_ _16\"> </span>valutati  con <span class=\"_ _16\"> </span>il  ric<span class=\"_ _0\"></span>orso  a <span class=\"_ _16\"> </span>transazioni <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _16\"> </span>ovvero  tra<span class=\"_ _0\"></span>nsazioni  sig<span class=\"_ _0\"></span>nificative <span class=\"_ _16\"> </span>sul  titol<span class=\"_ _35\"></span>o<span class=\"_ _6\"></span> </span>registrate <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>fficientemente <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di mercato costanti, o per i q<span class=\"_ _35\"></span>ua<span class=\"_ _3\"></span>li sono utilizzat<span class=\"_ _0\"></span>i i cosiddetti modelli <span class=\"_ _0\"></span>valutativi \u201crelati<span class=\"_ _0\"></span>vi\u201d basati su moltipli<span class=\"_ _0\"></span>catori;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i fondi hedge non UCITS<span class=\"_ _0\"></span>, verificato che gli <span class=\"_ _0\"></span>strumenti di <span class=\"ls11\">li</span>vello 3 non superino un<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> predeterminata <span class=\"_ _0\"></span>soglia. </span>Nel <span class=\"_ _3\"></span>caso di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>classificati a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>3, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value \u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere a <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>valutat<span class=\"_ _5\"></span>ivi <span class=\"_ _3\"></span>che presuppongono <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nput <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>direttamente <span class=\"_ _4\"> </span>osservabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>quindi <span class=\"_ _4\"> </span>comportano <span class=\"_ _4\"> </span>stime <span class=\"_ _4\"> </span>e </span>assunzioni <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutatore. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>valutazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>strumento <span class=\"_ _6\"></span>finanziario <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>condotta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>una<span class=\"_ _2\"></span> metodologia di calcolo <span class=\"_ _0\"></span>basata su specifi<span class=\"_ _0\"></span>che ipotesi riguard<span class=\"_ _0\"></span>anti:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _7\"> </span>sviluppo <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>cash<span class=\"_ _3\"></span>-flow <span class=\"_ _7\"> </span>futuri, <span class=\"_ _4\"> </span>eventualmente <span class=\"_ _7\"> </span>condizionati <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>eventi <span class=\"_ _7\"> </span>futuri <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>possono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttribuite <span class=\"_ _4\"> </span>probabilit\u00e0 </span>desunte dall\u2019esperienz<span class=\"_ _0\"></span>a storica o sulla<span class=\"_ _0\"></span> base di ipotesi di com<span class=\"_ _0\"></span>portamento;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _4\"></span>livello<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>determinati <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>input <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>quotati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>mercati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivi, <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque <span class=\"_ _4\"></span>privilegiate <span class=\"_ _6\"></span>le </span>informazioni <span class=\"_ _2\"></span>acquisite <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spread <span class=\"_ _5\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>mercato. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>queste <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>siano <span class=\"_ _5\"></span>disponibili, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>ricorre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dati storici del fattore di <span class=\"_ _3\"></span>rischio specifico sottostante o a ricerche specializzate in materia <span class=\"_ _2\"></span>(ad es. <span class=\"_ _3\"></span>report di Agenzie di <span class=\"_ _3\"></span>Rating o di primari attori del mercat<span class=\"_ _0\"></span>o). Sono valutati secondo <span class=\"_ _0\"></span>tale metodologi<span class=\"_ _0\"></span>a: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alcune operazioni in <span class=\"_ _0\"></span>derivati, in titoli ob<span class=\"_ _0\"></span>bligazionari o in stru<span class=\"_ _0\"></span>tturati di credito com<span class=\"_ _0\"></span>plessi valutati con in<span class=\"_ _0\"></span>put di livello 3<span class=\"_ _2\"></span>; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>hedge fund in cui gli ass<span class=\"_ _0\"></span>et di livello 3 sono supe<span class=\"_ _0\"></span>riori ad una pred<span class=\"_ _0\"></span>eterminata soglia; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>fondi di private equity, <span class=\"_ _3\"></span>fondi di private debt, fondi immobiliari e <span class=\"_ _3\"></span>fondi chiusi derivanti da cessioni di c<span class=\"_ _3\"></span>redito non perform<span class=\"_ _5\"></span>ing </span>valutati al NAV, con <span class=\"_ _0\"></span>eventuale applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di sconti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">quote <span class=\"_ _4\"> </span>partecipative <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>fondati <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>finanziari attualizz<span class=\"_ _0\"></span>ati o con metodi patrim<span class=\"_ _0\"></span>oniali; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>credit <span class=\"_ _7\"> </span></span>spread <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>soddisfa <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>essere </span>considerato livello 2; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziamenti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>azionaria, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>dell\u2019attualizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span></span>flussi contrattuali pre<span class=\"_ _0\"></span>visti. Il trasferimento di liv<span class=\"_ _0\"></span>ello di fair value delle attivit\u00e0 e p<span class=\"_ _0\"></span>assivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair valu<span class=\"_ _0\"></span>e su base ricorrente,<span class=\"_ _0\"></span> avviene, come definito <span class=\"_ _3\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>segue: <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>etermina a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>nell\u2019osservab<span class=\"_ _2\"></span><span class=\"ff1\">ilit\u00e0 <span class=\"_ _3\"></span>o </span>nella significativit\u00e0 <span class=\"_ _3\"></span>di un <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>alle valutazioni; <span class=\"_ _3\"></span>il trasferimento tra <span class=\"_ _3\"></span>i livelli <span class=\"_ _3\"></span>1 e<span class=\"_ _3\"></span> 2 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>3 si <span class=\"_ _3\"></span>determina a <span class=\"_ _3\"></span>fronte di <span class=\"_ _3\"></span>una v<span class=\"_ _3\"></span>ariazione della disponibilit\u00e0 dei pr<span class=\"_ _0\"></span>ezzi su un mercato atti<span class=\"_ _0\"></span>vo. Per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>OTC, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>dipende <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>osservabilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>significativit\u00e0 <span class=\"_ _3\"></span>dei parametri <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _2\"></span>free\u201d. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolv<span class=\"_ _5\"></span><span class=\"ff1\">enza </span>della c<span class=\"_ _3\"></span>ontroparte/emitte<span class=\"_ _0\"></span>nte <span class=\"_ _3\"></span>pu\u00f2 c<span class=\"_ _3\"></span>omportare il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello 3 <span class=\"_ _2\"></span>quando<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019esposizione cor<span class=\"_ _3\"></span>rente <span class=\"_ _3\"></span>\u00e8 positiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>e </span>la <span class=\"_ _3\"></span>controparte <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>status <span class=\"_ _2\"></span>creditizio <span class=\"_ _3\"></span>deteriorato, <span class=\"_ _3\"></span>oppure <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _3\"></span>richiede <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"lsc\">on </span>osservabili e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>componente di <span class=\"_ _3\"></span>bilateral <span class=\"_ _3\"></span>Credit Value <span class=\"_ _3\"></span>Adjustment (bCVA) si<span class=\"_ _3\"></span>a si<span class=\"_ _5\"></span>gnific<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value complessivo del netting set, oppure q<span class=\"_ _0\"></span>uando la sensitivit<span class=\"_ _0\"></span>y al downgrading della<span class=\"_ _0\"></span> controparte sia sig<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ificativa rispett<span class=\"_ _0\"></span>o al fair value compl<span class=\"_ _0\"></span>essi<span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>o del netting set. Per gli strumenti di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti il trasferimento di livello avviene: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">quando <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>resi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _4\"> </span>input <span class=\"_ _6\"> </span>osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>(es. <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>definiti <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>transazioni<span class=\"_ _0\"></span> </span></span>comparabili  sul  m<span class=\"_ _35\"></span>edesimo  strumento  tr<span class=\"_ _0\"></span>a  controparti  i<span class=\"_ _35\"></span>ndipendenti  e  consapevoli). <span class=\"_ _16\"> </span>In  questo <span class=\"_ _16\"> </span>caso,  il  Gruppo <span class=\"_ _16\"> </span>Intes<span class=\"_ _5\"></span><span class=\"ls17\">a </span>Sanpaolo procede alla <span class=\"_ _0\"></span>riclassifica dal livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> 3 al livello 2; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>elementi <span class=\"_ _2\"></span>direttamente <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndirettamente <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>presi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>sono <span class=\"_ _5\"></span>venuti <span class=\"_ _3\"></span>meno, <span class=\"_ _2\"></span>ovvero </span>non <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>aggiornati <span class=\"_ _6\"></span>(es. <span class=\"_ _4\"> </span>transazioni <span class=\"_ _4\"></span>comparabili <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>recenti <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ultipli <span class=\"_ _4\"></span>non <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>pplicabili). <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>questo <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>il Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo ricorre a tecniche <span class=\"_ _0\"></span>di valutazione che u<span class=\"_ _0\"></span>tilizzano input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> Processo di valutazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli strumenti fin<span class=\"_ _0\"></span>anziari Il processo di valuta<span class=\"_ _0\"></span>zione degli strumenti fi<span class=\"_ _0\"></span>nanziari si articola in diverse fasi che vengono <span class=\"_ _0\"></span>brevemente riassunte q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>i di seguito: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ndividuazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>fonti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>valutazioni: <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value </span>stabiliscono, <span class=\"_ _16\"> </span>per  og<span class=\"_ _35\"></span>ni<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>categoria <span class=\"_ _16\"> </span>di  riferime<span class=\"_ _0\"></span>nto <span class=\"_ _16\"> </span>(asset  <span class=\"ff4\">class),  i <span class=\"_ _16\"> </span>processi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazio<span class=\"_ _0\"></span>ne  dei<span class=\"_ _0\"></span>  p<span class=\"_ _0\"></span>arametri <span class=\"_ _16\"> </span>di </span>mercato e le modalit\u00e0 <span class=\"_ _0\"></span>secondo le quali tali <span class=\"_ _0\"></span>dati devono esser<span class=\"_ _0\"></span>e recepiti e utilizzati;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>ertificazione e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>periodiche: <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>consiste <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>contr<span class=\"_ _5\"></span>ollo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>untuale, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _7\"> </span>contabile, <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>parametri <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _7\"> </span>(rilevazione <span class=\"_ _16\"> </span>dell\u2019integrit\u00e0 <span class=\"_ _7\"> </span>del  dato<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>storicizzato <span class=\"_ _16\"> </span>sulla<span class=\"_ _0\"></span> piattaforma <span class=\"_ _3\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contribuzione), <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _3\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingolo <span class=\"_ _3\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e nella verific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> delle concrete m<span class=\"_ _0\"></span>odalit\u00e0 applicative;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">c<span class=\"_ _3\"></span>ertificazione <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione: <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>questa <span class=\"_ _4\"> </span>fase <span class=\"_ _6\"> </span>viene <span class=\"_ _4\"> </span>verificata <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>consistenza <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>l\u2019aderenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>varie<span class=\"_ _35\"></span> </span></span>metodologie valutative <span class=\"_ _3\"></span>utilizzate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>prassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>porre <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>aspetti critici <span class=\"_ _3\"></span>insiti <span class=\"_ _3\"></span>nei modelli di valutazi<span class=\"_ _0\"></span>one usati e di determinar<span class=\"_ _0\"></span>e eventuali aggiusta<span class=\"_ _0\"></span>menti necessari alla valu<span class=\"_ _0\"></span>tazione; <span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>mo<span class=\"_ _3\"></span>nitoraggio <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>revisione <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione: <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _17\"> </span>consiste <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>verificare <span class=\"_ _17\"> </span>cos<span class=\"_ _3\"></span>tantement<span class=\"_ _35\"></span>e </span>l\u2019aderenza <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>consente <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>empestivamente <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>scostamenti, avviando le necessa<span class=\"_ _0\"></span>rie verifiche ed inter<span class=\"_ _0\"></span>venti. Individuazione, certific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione e trattamento dei dati di inp<span class=\"_ _0\"></span>ut alle valutazioni Il <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>necessit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>distinguere <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _5\"></span>valutabili <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>effettivi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mer<span class=\"_ _5\"></span>cato, piuttosto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>l'applicazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ecniche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione, <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenzia <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>necessi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tabilire <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principi <span class=\"_ _4\"> </span>univoci <span class=\"_ _7\"> </span>nella determinazione dei parametri <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>A tal <span class=\"_ _3\"></span>fine le <span class=\"_ _3\"></span>Linee Gu<span class=\"_ _3\"></span>ida e <span class=\"_ _3\"></span>Regole di <span class=\"_ _3\"></span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Strumenti Finanziari al <span class=\"_ _3\"></span>Fair Value<span class=\"_ _5\"></span><span class=\"ls1d\">,</span><span class=\"ls1d\"> </span>stabiliscono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>necessari <span class=\"_ _4\"> </span>all<span class=\"_ _3\"></span>\u2019identificaz<span class=\"_ _0\"></span>ione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>mercato, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>fon<span class=\"_ _5\"></span><span class=\"ff1\">ti <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>contribuzione <span class=\"_ _4\"> </span>ritenute <span class=\"_ _7\"> </span>idonee <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>le </span>modalit\u00e0 secondo <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>tali d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>devono essere <span class=\"_ _3\"></span>recepiti (cut <span class=\"_ _3\"></span>off) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per la<span class=\"_ _3\"></span> valutazione <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>finanziari d<span class=\"_ _6\"></span>etenuti a <span class=\"_ _6\"></span>vario <span class=\"_ _6\"></span>titolo <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>contro<span class=\"_ _5\"></span>llate. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>stesse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _5\"></span>utilizzate <span class=\"_ _6\"></span>nel caso <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valutazioni <span class=\"_ _17\"> </span>effettuate <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>favore <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>terze <span class=\"_ _17\"> </span>parti <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>accordi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Service <span class=\"_ _17\"> </span>Level <span class=\"_ _1d\"> </span>Agree<span class=\"_ _3\"></span>ment, <span class=\"_ _1d\"> </span>preventivamente<span class=\"_ _0\"></span> formalizzati. <span class=\"_ _7\"> </span>L\u2019idoneit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>dati <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>input <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>garantita <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>requis<span class=\"_ _5\"></span><span class=\"ff1\">iti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>riferimento: <span class=\"_ _7\"> </span>comparabilit\u00e0,<span class=\"_ _0\"></span> </span>reperibilit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>trasparenza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>dato<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>reperire <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>dato <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>sistemi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>infoproviding, <span class=\"_ _2\"></span>misur<span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>del bid-ask di contribuzion<span class=\"_ _0\"></span>e e, infine, relativam<span class=\"_ _0\"></span>ente ai prodotti OTC, <span class=\"_ _0\"></span>verifica della compara<span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ilit\u00e0 delle fonti d<span class=\"_ _0\"></span>i contribuzione.  L\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>parametri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>subordinato <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"> </span>certificazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>della  <span class=\"ff1\">Direzione </span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>termini <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _6\"></span>puntuale <span class=\"_ _5\"></span>(rilevando <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _2\"></span></span>integrit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>dato <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricizzat<span class=\"_ _0\"></span>o sulla <span class=\"_ _2\"></span>piattaforma <span class=\"_ _2\"></span>proprietaria <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>fonte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contribuzione), <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>verosimiglianza <span class=\"_ _2\"></span>(congruenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _4\"></span>dato con dati simili o com<span class=\"_ _0\"></span>parabili) e di verifi<span class=\"_ _0\"></span>ca delle concrete mod<span class=\"_ _0\"></span>alit\u00e0 applicative.<span class=\"_ _3\"></span> Certificazione delle metod<span class=\"_ _0\"></span>ologie di valutazio<span class=\"_ _0\"></span>ne Le <span class=\"_ _18\"> </span>metodologie <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valutazione <span class=\"_ _17\"> </span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _17\"> </span>dal <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _18\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>certificate <span class=\"_ _18\"> </span>dalla <span class=\"_ _18\"> </span>Direzione <span class=\"_ _18\"> </span>Centrale <span class=\"_ _17\"> </span>Risk Management IMI CIB, con il coinvolgimento di tutte le strutture competenti. La certificazione \u00e8 volta a <span class=\"_ _2\"></span>verificare la consistenza delle <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"></span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>corrente, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _4\"></span>eventuali <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>limiti <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>determinare <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ventual<span class=\"_ _0\"></span>i aggiustamenti al fair value, coerentemente con quanto stabilito dalla normativa vigente. Il <span class=\"_ _3\"></span>processo di ce<span class=\"_ _2\"></span>rtificazione considera tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>aspetti <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>metodologia <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>(assunzioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>base, <span class=\"_ _7\"> </span>derivazione <span class=\"_ _7\"> </span>matematica, <span class=\"_ _7\"> </span>eventuali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprossimazioni<span class=\"_ _0\"></span>, algoritmi <span class=\"_ _2\"></span>numerici <span class=\"_ _2\"></span>utilizzati, <span class=\"_ _3\"></span>input <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>output) <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevanti <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span>ini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>valutazione, fra <span class=\"_ _3\"></span>cui le <span class=\"_ _3\"></span>caratteristiche dei prodotti a<span class=\"_ _3\"></span>ssociati (payoff, clausole d<span class=\"_ _3\"></span>i estinzione anticipata, <span class=\"_ _3\"></span>ecc.), degli eventuali <span class=\"_ _3\"></span>accordi <span class=\"_ _5\"></span>accessori (ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>accordi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>netting <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>collaterale), <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotti <span class=\"_ _3\"></span>vengono <span class=\"_ _2\"></span>negoziati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>mod<span class=\"_ _5\"></span>alit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli utenti <span class=\"_ _7\"> </span>finali <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>es. <span class=\"_ _7\"> </span>precisione <span class=\"_ _7\"> </span>vs <span class=\"_ _7\"> </span>performance, <span class=\"_ _4\"> </span>calcolo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rischio, <span class=\"_ _7\"> </span>ecc.). <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>analisi<span class=\"_ _2\"></span> qualitative e quantitativ<span class=\"_ _0\"></span>e e sono opportun<span class=\"_ _0\"></span>amente riportati nell<span class=\"_ _0\"></span>a documentazion<span class=\"_ _0\"></span>e interna. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>casi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>complessit\u00e0 <span class=\"_ _3\"></span>e/o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>turbolenza <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>mercati <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>market <span class=\"_ _3\"></span>dislocation) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ricorrere <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una validazione indipend<span class=\"_ _0\"></span>ente da parte di accr<span class=\"_ _0\"></span>editate societ\u00e0 di <span class=\"_ _0\"></span>servizi finanziari. <span class=\"_ _3\"></span> A <span class=\"_ _17\"> </span>conclusione <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>certificazione, <span class=\"_ _1d\"> </span>la <span class=\"_ _18\"> </span>metod<span class=\"_ _3\"></span>ologia <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>valutazione <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _17\"> </span>censita <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>documento <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione Strumenti Fi<span class=\"_ _0\"></span>nanziari al Fair Valu<span class=\"_ _0\"></span>e. Monitoraggio e revisio<span class=\"_ _0\"></span>ne delle metodologie <span class=\"_ _0\"></span>di valutazione Come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>normativa <span class=\"_ _3\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>sottoposte <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di costante <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>loro performance <span class=\"_ _3\"></span>rispetto alle <span class=\"_ _3\"></span>evoluzioni <span class=\"_ _3\"></span>degli s<span class=\"_ _3\"></span>trumenti finanziari, dei <span class=\"_ _3\"></span>mercati <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>alle innovaz<span class=\"_ _6\"></span>ioni metodologiche <span class=\"_ _5\"></span>sviluppate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>comunit\u00e0 <span class=\"_ _5\"></span>scientifica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>garantire<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>loro <span class=\"_ _5\"></span>continua <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>mercato, evidenziare <span class=\"_ _1d\"> </span>tempestivamente <span class=\"_ _17\"> </span>eventuali <span class=\"_ _17\"> </span>inadeguatezze <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>avv<span class=\"_ _3\"></span>iare <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>necessarie <span class=\"_ _1d\"> </span>verifiche <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>interventi. <span class=\"_ _17\"> </span>Le <span class=\"_ _17\"> </span>Regole <span class=\"_ _17\"> </span>di Valutazione <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _7\"> </span>Finanziari <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fair <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>dettagliano <span class=\"_ _4\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>ele<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>monitor<span class=\"_ _2\"></span>aggio <span class=\"_ _7\"> </span>periodico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la revisione  delle  me<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>odologie  di <span class=\"_ _16\"> </span>valutazione.  Le  funzioni <span class=\"_ _16\"> </span>coinvolte  nel  pr<span class=\"_ _0\"></span>ocesso  di  monit<span class=\"_ _0\"></span>oraggio  sono  l<span class=\"_ _0\"></span>e  stesse  funzi<span class=\"_ _0\"></span>oni coinvolte <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>certificazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>metodologi<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>sopra <span class=\"_ _6\"></span>citato <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>IPV <span class=\"_ _6\"></span>disciplina<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>o <span class=\"_ _6\"></span>dalle Linee Guida e Regol<span class=\"_ _0\"></span>e di Verifica Indipen<span class=\"_ _0\"></span>dente dei Prezzi. Rischio di valutazione: agg<span class=\"_ _0\"></span>iustamenti al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall'incertezza <span class=\"_ _2\"></span>valutativa<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>del prezzo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>uscita <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>eventuali <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>applicate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di particolari condizioni<span class=\"_ _0\"></span> del mercato.  La <span class=\"_ _3\"></span>principale <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>associato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustamenti al <span class=\"_ _2\"></span>fair v<span class=\"_ _3\"></span>alue, v<span class=\"_ _3\"></span>olti a <span class=\"_ _4\"> </span>tenere <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>considerazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>l\u2019incertezza <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutativa <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>difficolt\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>smobilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>particolari <span class=\"_ _6\"> </span>posizioni <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>oss<span class=\"_ _5\"></span><span class=\"ff1\">ono </span>essere <span class=\"_ _3\"></span>riferiti <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>strumento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>netta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>dat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Gli<span class=\"_ _3\"></span> aggiustamenti<span class=\"_ _0\"></span> possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>calcolati <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>add<span class=\"_ _3\"></span>itive <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>incluse <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>valutazione.<span class=\"_ _0\"></span> Essi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>visti <span class=\"_ _7\"> </span>periodicamente, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>dell\u2019evoluzione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>mercati, <span class=\"_ _7\"> </span>ovvero <span class=\"_ _7\"> </span>dell\u2019eve<span class=\"_ _2\"></span><span class=\"ff1\">ntuale <span class=\"_ _16\"> </span>introduzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>nuovi </span>strumenti <span class=\"_ _2\"></span>liquidi, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diverse <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>generale, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>af<span class=\"_ _3\"></span>finamenti <span class=\"_ _2\"></span>metodologici, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>portare <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span> modifiche sostanziali n<span class=\"_ _0\"></span>elle metodologi<span class=\"_ _0\"></span>e di valutazione prescelt<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e nelle loro im<span class=\"_ _0\"></span>plementazioni. <span class=\"_ _3\"></span> In  particolare  il  Grup<span class=\"_ _0\"></span>po  Intesa  Sanpaolo  c<span class=\"_ _0\"></span>onsidera  aggiust<span class=\"_ _0\"></span>amenti  al  fair <span class=\"_ _16\"> </span>value  per  le  seguenti <span class=\"_ _16\"> </span>categorie  di  incertezza valutativa: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>input: <span class=\"_ _3\"></span>l\u2019eventuale <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>valutativa <span class=\"_ _3\"></span>legata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>(siano <span class=\"_ _3\"></span>essi <span class=\"_ _2\"></span>mid, <span class=\"_ _2\"></span>bid<span class=\"_ _5\"></span></span> <span class=\"_ _2\"></span><span class=\"ls17\">o </span></span>as<span class=\"ff4 ls0\">k) <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>misurata <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>strutturali <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mercati <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>all\u2019entit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>controvalori<span class=\"_ _35\"></span> </span>detenuti <span class=\"_ _3\"></span>(in c<span class=\"_ _3\"></span>aso d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>concentrazione) e, <span class=\"_ _2\"></span>laddove necessario, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>quantificando il conseguente impatto sulle <span class=\"_ _0\"></span>valutazioni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>lliquidit\u00e0 delle p<span class=\"_ _3\"></span>osizioni o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>sottostanti: analogamente <span class=\"_ _3\"></span>rispetto al <span class=\"_ _3\"></span>caso p<span class=\"_ _3\"></span>recedente, lo <span class=\"_ _3\"></span>spread bid<span class=\"_ _5\"></span>-ask <span class=\"_ _3\"></span>di </span>mercato <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>misurato e <span class=\"_ _2\"></span>laddove necessario <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>procede <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aggiustamento <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _5\"></span>quantificando il <span class=\"_ _3\"></span>conseguente impatto sulle valutazio<span class=\"_ _0\"></span>ni; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">r<span class=\"_ _3\"></span>ischio di <span class=\"_ _3\"></span>modello: si basa sull\u2019individuazione e l\u2019utilizzo di varianti dello s<span class=\"_ _3\"></span>tesso modello o <span class=\"_ _3\"></span>di modelli alternativi, con i<span class=\"_ _6\"></span></span> quali </span>effettuare analisi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>confronto volte<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>quantificare <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span><span class=\"ff4\">variabilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>valutazioni (in <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>l\u2019eventuale direzionalit\u00e0 del </span>prezzo al variare del modello) ed <span class=\"_ _3\"></span>il comportamento del modello in vari scenari di <span class=\"_ _3\"></span>mercato (stress test). La quantificazione<span class=\"_ _0\"></span> dell\u2019aggiustamento al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>possib<span class=\"_ _3\"></span><span class=\"ff1\">ile, <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>grandezze finanziarie <span class=\"_ _3\"></span>facilmente comprensibili <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>misurabili </span>(e.g. vega, delta, shift <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i correlazione); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento: <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>controparte <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>finanziamento, <span class=\"_ _4\"> </span>collettivamente <span class=\"_ _4\"> </span>indicati <span class=\"_ _7\"> </span>come <span class=\"_ _4\"> </span>XVA, </span>includono <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Bilateral <span class=\"_ _17\"> </span>Cred<span class=\"_ _3\"></span>it <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(bCVA) <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>Funding <span class=\"_ _18\"> </span>Value <span class=\"_ _18\"> </span>Adjustment <span class=\"_ _17\"> </span>(FVA). <span class=\"_ _18\"> </span>Il <span class=\"_ _18\"> </span>bCVA <span class=\"_ _18\"> </span>tiene <span class=\"_ _18\"> </span>in<span class=\"_ _2\"></span> considerazione <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>premio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>possano <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>onorare <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>propri<span class=\"_ _0\"></span> mutui <span class=\"_ _4\"> </span>impegni <span class=\"_ _7\"> </span>(ad <span class=\"_ _4\"> </span>esempio <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fallimento). <span class=\"_ _4\"> </span>A <span class=\"_ _16\"> </span>sua <span class=\"_ _4\"> </span>volta, <span class=\"_ _7\"> </span>essa <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>data <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>componenti, <span class=\"_ _7\"> </span>dette <span class=\"_ _4\"> </span>Credit <span class=\"_ _7\"> </span>Value<span class=\"_ _35\"></span> Adjustment <span class=\"_ _20\"> </span>(CVA, <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>segno <span class=\"_ _20\"> </span>negativo) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>Debt <span class=\"_ _20\"> </span>Valu<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>Adjustment <span class=\"_ _20\"> </span>(DVA, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>segno <span class=\"_ _20\"> </span>positivo), <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>considerano, rispettivamente, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>scenari <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Controparte <span class=\"_ _3\"></span>fallisce <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>(e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span><span class=\"ff4\">resenta <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>positiva </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Controparte), <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>viceversa <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>scenari <span class=\"_ _7\"> </span>in <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>fallisce <span class=\"_ _4\"> </span>prima <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>Controparte <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca presenta un\u2019esposizione ne<span class=\"_ _3\"></span>gativa nei confronti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Controparte<span class=\"_ _0\"></span>).<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>Il Funding <span class=\"_ _3\"></span>Value Adjustment (FVA, <span class=\"_ _3\"></span>di s<span class=\"_ _2\"></span>egno negativo) </span>tiene <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>legato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>finanziamento <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ass<span class=\"_ _0\"></span>a (cedole, dividendi, collaterale, ecc.) generati dal complessivo portafogli<span class=\"_ _0\"></span>o di derivati OTC della Banca. <span class=\"_ _5\"></span>Il calcolo degli XVA dipende <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>controparti, <span class=\"_ _3\"></span>calcolata <span class=\"_ _3\"></span>tramite <span class=\"_ _3\"></span>tecniche d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>simulazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>fattori di rischio <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni considerate, tenendo <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span>ventuali accordi di <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>controparte <span class=\"_ _6\"></span>(in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>netting <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>collateralizzazione), <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>eventuali <span class=\"_ _6\"></span>clausole <span class=\"_ _6\"></span>contrattuali. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>calcol<span class=\"_ _0\"></span>o degli <span class=\"_ _7\"> </span>XVA <span class=\"_ _4\"> </span>dipende <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>dalle <span class=\"_ _4\"> </span>Loss <span class=\"_ _7\"> </span>Given <span class=\"_ _7\"> </span>Default <span class=\"_ _4\"> </span>(LGD) <span class=\"_ _7\"> </span>basate <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di fallimento delle controparti e dall<span class=\"_ _0\"></span>e probabilit\u00e0 di default delle<span class=\"_ _0\"></span> controparti (PD). LGD <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> PD sono ottenut<span class=\"_ _0\"></span>e dalle quotazioni <span class=\"_ _0\"></span>di mercato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Credit <span class=\"_ _3\"></span>Default Swap <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basano <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>stime <span class=\"_ _3\"></span>interne per <span class=\"_ _3\"></span>settore/rating <span class=\"_ _3\"></span>utilizzate p<span class=\"_ _3\"></span>er il <span class=\"_ _2\"></span>rischio d<span class=\"_ _3\"></span>i cred<span class=\"_ _3\"></span>ito.<span class=\"_ _2\"></span> Inoltre, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>FVA <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basa s<span class=\"_ _3\"></span>u <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>curva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>finanziamento <span class=\"_ _3\"></span>rappresentativa delle <span class=\"_ _2\"></span>migliori controparti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato c<span class=\"_ _3\"></span>on cui  la <span class=\"_ _1d\"> </span>Banca  potrebbe  rinegoziare  le  operazioni,  secondo  il  principio  IFRS  13  d<span class=\"_ _3\"></span>el  mercato  pi\u00f9  vantaggioso,<span class=\"_ _5\"></span>  <span class=\"lsc\">non </span>ravvisando, al moment<span class=\"_ _0\"></span>o, un reale mercato principale per tali t<span class=\"_ _0\"></span>ransazioni. Il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>enti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>formalizzato <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Reg<span class=\"_ _0\"></span>ole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Valutazione <span class=\"_ _2\"></span>Strumenti Finanziari al Fair Val<span class=\"_ _0\"></span>ue e nelle Regole Per <span class=\"_ _0\"></span>La Valutazione Degl<span class=\"_ _0\"></span>i Equity Investments N<span class=\"_ _0\"></span>on Quotati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n appropriate me<span class=\"_ _0\"></span>todologie di<span class=\"_ _35\"></span> calcolo  a  second<span class=\"_ _0\"></span>a  del  diverso  configu<span class=\"_ _0\"></span>rarsi  dei  punti <span class=\"_ _16\"> </span>sopra  indicati,  ed  avvi<span class=\"_ _0\"></span>ene  nel  modo  pi\u00f9 <span class=\"_ _16\"> </span>oggettivo,  consistente  e<span class=\"_ _0\"></span> sistematico <span class=\"_ _1d\"> </span>possibile <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>cura <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Management <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>MI <span class=\"_ _1d\"> </span>CIB <span class=\"_ _1c\"> </span>e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>Direzione <span class=\"_ _17\"> </span>Centrale <span class=\"_ _17\"> </span>M&amp;A <span class=\"_ _1d\"> </span><span class=\"lsc\">e </span>Partecipazioni <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Gruppo<span class=\"ff4\">. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019introduzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _6\"></span>rilascio <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>aggiustamenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _6\"> </span>dipendono <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>dinamica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>fattori </span>sopra <span class=\"_ _2\"></span>indicati. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>combinazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _2\"></span>quantitativi, <span class=\"_ _2\"></span>rigidamente <span class=\"_ _3\"></span>specificati, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>elementi <span class=\"_ _5\"></span>qualitat<span class=\"_ _2\"></span>ivi, valutati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>diversa <span class=\"_ _6\"></span>configurazione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>generato <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>aggiustamenti; <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>le<span class=\"_ _5\"></span> stime successive all<span class=\"_ _0\"></span>a prima iscrizione sono s<span class=\"_ _0\"></span>empre guidate dalla<span class=\"_ _0\"></span> mitigazione o dal venir<span class=\"_ _0\"></span> meno di detti rischi. <span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>nuovi <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>applicare <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>aggiustamenti <span class=\"_ _4\"></span>viene <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>resa <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>approvazione <span class=\"_ _4\"></span>nuovi prodotti su proposta <span class=\"_ _0\"></span>della Direzione C<span class=\"_ _0\"></span>entrale Risk Managemen<span class=\"_ _0\"></span>t IMI CIB.<span class=\"_ _3\"></span> L\u2019applicazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>aggiustamenti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>procedura <span class=\"_ _2\"></span>autorizzativa<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sopra <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>soglia <span class=\"_ _2\"></span>di </span>rilevanza definita <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>specifiche <span class=\"_ _3\"></span>casistiche, <span class=\"_ _3\"></span>coinvolge sia <span class=\"_ _2\"></span>l\u2019area del <span class=\"_ _2\"></span>Chief Risk <span class=\"_ _2\"></span>Officer che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dirigente <span class=\"_ _3\"></span>Preposto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>reda<span class=\"_ _5\"></span><span class=\"ff1\">zione </span>dei documenti conta<span class=\"_ _0\"></span>bili societari. A.4.1 Livelli di fair value 2 e 3: tecniche di valutazione e input utilizzati I <span class=\"_ _7\"> </span>paragrafi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguono <span class=\"_ _4\"> </span>riepilogano, <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>strumento <span class=\"_ _4\"> </span>finanziario <span class=\"_ _7\"> </span>(titoli, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _7\"> </span>prodotti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _4\"> </span>hedge <span class=\"_ _7\"> </span>fu<span class=\"_ _5\"></span>nd, finanziamenti), le inf<span class=\"_ _0\"></span>ormazioni sui model<span class=\"_ _0\"></span>li di valutazione utiliz<span class=\"_ _0\"></span>zati. <span class=\"_ _3\"></span> I.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei tit<span class=\"_ _0\"></span>oli di debito non c<span class=\"_ _0\"></span>ontribuiti </span>La<span class=\"ls0\"> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>bbligazionari <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiti <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>utilizzando <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>reddituale </span>ovvero <span class=\"_ _17\"> </span>calcolando <span class=\"_ _1d\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>valore <span class=\"_ _17\"> </span>attuale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>cassa <span class=\"_ _18\"> </span>futuri <span class=\"_ _1d\"> </span>at<span class=\"_ _3\"></span>tesi <span class=\"_ _17\"> </span>utilizzando <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>appropriato <span class=\"_ _17\"> </span>premio <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>rischio rappresentato <span class=\"_ _2\"></span>dallo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>contribuiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>liquidi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>caratteristiche similari. Le fonti da cui<span class=\"_ _0\"></span> attingere tale mis<span class=\"_ _0\"></span>ura sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli di debito co<span class=\"_ _0\"></span>ntribuiti e liquidi del me<span class=\"_ _0\"></span>desimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap sulla med<span class=\"_ _0\"></span>esima reference <span class=\"_ _0\"></span>entity; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti e liq<span class=\"_ _0\"></span>uidi emessi da emitte<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te con medesimo r<span class=\"_ _0\"></span>ating e appartenente<span class=\"_ _0\"></span> al medesimo settor<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span> </span>In  ogni  caso  si  tien<span class=\"_ _0\"></span>e  conto  della <span class=\"_ _16\"> </span>differente  seniority  del<span class=\"_ _0\"></span>  titolo  da  prezzare  re<span class=\"_ _0\"></span>lativamente  all<span class=\"_ _0\"></span>a  struttura  del  debi<span class=\"_ _0\"></span>to d<span class=\"ff4\">ell\u2019emittente.</span> Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>emittenti <span class=\"_ _2\"></span>pubblici <span class=\"_ _2\"></span>italiani <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>costruita <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>matrice <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating/durata <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>emissioni  governative  cui <span class=\"_ _16\"> </span>vengono  applicati  i  differenziali  t<span class=\"_ _0\"></span>ra  le  varie  classi  di  rati<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g/durata  rispetto  a<span class=\"_ _0\"></span>d  emiss<span class=\"_ _5\"></span>ioni pubbliche (regioni, pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ince, comuni, enti gov<span class=\"_ _0\"></span>ernativi).<span class=\"_ _3\"></span> In fase d<span class=\"_ _3\"></span>i applicazione dello spread per il pricing dello s<span class=\"_ _3\"></span>trumento non contribuito, qualora la curva d<span class=\"_ _3\"></span>i credito \u201cfair\u201d stima<span class=\"_ _5\"></span><span class=\"ff1\">ta </span>non rispettasse le st<span class=\"_ _0\"></span>esse caratteristiche <span class=\"_ _0\"></span>dello <span class=\"_ _3\"></span>strumento, si consi<span class=\"_ _0\"></span>derano dei fattori cor<span class=\"_ _0\"></span>rettivi. Inoltre, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>quotati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati attivi, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>maggior prem<span class=\"_ _6\"></span>io richiesto dal mercato rispett<span class=\"_ _0\"></span>o ad un titolo similare contribuit<span class=\"_ _0\"></span>o, si aggiunge <span class=\"_ _3\"></span><span class=\"ff4\">al credit spread \u201cfair\u201d una ulteriore comp<span class=\"_ _0\"></span>onente </span>stimata sulla base d<span class=\"_ _0\"></span>ei bid/ask spread rile<span class=\"_ _0\"></span>vati sul mercato. Infine, <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>includa <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>opzionale <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>provvede <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiustam<span class=\"_ _0\"></span>ento <span class=\"_ _2\"></span>dello spread <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiungendo <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compon<span class=\"_ _3\"></span><span class=\"ff4\">ente <span class=\"_ _6\"></span>volta <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>cogliere <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>costi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>illiquidit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti. <span class=\"_ _6\"></span>Tale </span>componente \u00e8 determinata in <span class=\"_ _3\"></span>base alla tipologia di opzione u<span class=\"_ _3\"></span>tilizzando i corrispondenti modelli di valutazione dei derivati citati nel seguito. Similarmente, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credit <span class=\"_ _5\"></span>spread <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>del Gruppo <span class=\"_ _6\"></span>Bancario <span class=\"_ _5\"></span>designate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>fa <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>obbligazionari <span class=\"_ _6\"></span>emessi <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>cedole periodiche regolari, scade<span class=\"_ _0\"></span>nza oltre un<span class=\"_ _3\"></span> anno e quotati su un mercato attivo sulla bas<span class=\"_ _0\"></span>e di quanto prescritto dagli IAS/IFRS. Dalle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>esume <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>merito <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>reditizio <span class=\"_ _4\"> </span>implicito, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>poi <span class=\"_ _4\"> </span>perfezionato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"> </span>di interpolazione, che generano curve di credit spread dif<span class=\"_ _3\"></span>ferenziate<span class=\"_ _0\"></span> per t<span class=\"_ _3\"></span>ipo di cedola, scadenza e livello di subordinazione. Analogamente <span class=\"_ _4\"> </span>i <span class=\"_ _16\"> </span>Certificates <span class=\"_ _4\"> </span>emessi <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>valutati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>scomponendoli <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>componenti: <span class=\"_ _7\"> </span>titolo obbligazionario <span class=\"_ _3\"></span>emesso, <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>descritto, <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>compone<span class=\"_ _3\"></span>nte <span class=\"_ _2\"></span>opzionale, <span class=\"_ _2\"></span>valutata <span class=\"_ _3\"></span>tramite <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corrispondenti modelli di pricing dei<span class=\"_ _0\"></span> derivati descritti <span class=\"_ _0\"></span>nel seguito.  Infine<span class=\"ff5\">,</span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>passivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>designate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _6\"></span>Assicurative <span class=\"_ _4\"> </span>(principalmente<span class=\"_ _0\"></span> passivit\u00e0 collegate a c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>di investimento di <span class=\"_ _3\"></span>tipo Unit L<span class=\"_ _3\"></span>inked che <span class=\"_ _3\"></span>non presentano un <span class=\"_ _3\"></span>rischio assicurativo significativo)<span class=\"_ _35\"></span> riflette il valore di me<span class=\"_ _0\"></span>rcato degli asset <span class=\"_ _0\"></span>sottostanti per la cui d<span class=\"_ _0\"></span>efinizione si applic<span class=\"_ _0\"></span>ano le diverse meto<span class=\"_ _0\"></span>dologie qui descritt<span class=\"_ _2\"></span>e.  II.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei fina<span class=\"_ _0\"></span>nziamen<span class=\"lsd\">ti</span> </span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>contribuzioni <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provider <span class=\"_ _6\"></span>qualora disponibili, <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>calcolando <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>attesi <span class=\"_ _5\"></span>utilizzando <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redit <span class=\"_ _5\"></span>spread, individuato a partire da<span class=\"_ _0\"></span>lle seguenti fonti:  -<span class=\"ff1\"> <span class=\"_ _1e\"> </span>finanziamenti contrib<span class=\"_ _0\"></span>uiti sul mercato;<span class=\"_ _90\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>curve rating/settor<span class=\"_ _0\"></span>e specifiche del mer<span class=\"_ _0\"></span>cato dei finanziamenti; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>titoli contribuiti d<span class=\"_ _0\"></span>el medesimo emittente; </span>-<span class=\"ff1\"> <span class=\"_ _1e\"> </span>credit default swap s<span class=\"_ _0\"></span>ulla medesima refer<span class=\"_ _0\"></span>ence entity. </span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>differente <span class=\"_ _5\"></span>seniority <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>prezzare <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>debito dell\u2019emittente.<span class=\"ff1\"> </span>In <span class=\"_ _16\"> </span>fase <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>applicazione <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>spread <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>pricing <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziamento, <span class=\"_ _7\"> </span>qualora <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>curva <span class=\"_ _7\"> </span>di  c<span class=\"_ _0\"></span>redito <span class=\"_ _7\"> </span>\u201cfair\u201d <span class=\"_ _16\"> </span>stimata <span class=\"_ _7\"> </span>non rispettasse le stesse caratter<span class=\"_ _0\"></span>istiche dello strume<span class=\"_ _0\"></span>nto, si consideran<span class=\"_ _0\"></span>o dei fattori correttivi. Inoltre, <span class=\"_ _4\"></span>qualora <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pread <span class=\"_ _4\"></span>creditizio <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>faccia <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"></span>curve <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>reate attraverso  titol<span class=\"_ _0\"></span>i  obblig<span class=\"_ _0\"></span>azionari, <span class=\"_ _16\"> </span>occorrer\u00e0  applicare <span class=\"_ _16\"> </span>una <span class=\"_ _1d\"> </span>base  Loan<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">Bond, <span class=\"_ _16\"> </span>volta  a <span class=\"_ _16\"> </span>catturare  l\u2019eventu<span class=\"_ _0\"></span>ale  differe<span class=\"_ _0\"></span>nte </span>struttura del mercato e<span class=\"_ _0\"></span> la diversa forma te<span class=\"_ _0\"></span>cnica.  Al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tenere <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>onsiderazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>il premio <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>mercato per <span class=\"_ _3\"></span>strumenti illiquidi <span class=\"_ _3\"></span>e/o s<span class=\"_ _3\"></span>trutturati, si <span class=\"_ _3\"></span>applicano alc<span class=\"_ _5\"></span>uni aggiustamenti allo s<span class=\"_ _0\"></span>pread creditizio. I finanziamenti con rischio sottost<span class=\"_ _0\"></span>ante equity non quotato (rientrano in tale fattisp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cie gli strumenti finanziari che, ai se<span class=\"_ _2\"></span>nsi dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>32, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>equipar<span class=\"_ _0\"></span>abili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>equity, <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>convertibili <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>az<span class=\"_ _2\"></span>ioni) <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>valutati tramite <span class=\"_ _6\"> </span>l\u2019attualizzazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>previsti <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>contratto. <span class=\"_ _6\"></span>Trattandosi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>debito, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019attualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>fluss<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>si </span>utilizzer\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>regola <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>omma <span class=\"_ _2\"></span>di: <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free, <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>spread <span class=\"_ _2\"></span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>CDS <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>su titoli quotati o su eroga<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni analoghe, <span class=\"_ _0\"></span>e di un eventuale ult<span class=\"_ _0\"></span>eriore premio per il r<span class=\"_ _0\"></span>ischio.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>finanziamenti n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>della p<span class=\"_ _3\"></span>osizione.<span class=\"_ _0\"></span> Tale <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>viluppata <span class=\"_ _6\"></span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>contrattuali <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>caratterizzan<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>il <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>pu\u00f2 <span class=\"_ _4\"> </span>comportare, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d esempio, la valutazione dei flussi di cassa rivenie<span class=\"_ _0\"></span>nti dalla vendita degli immobili posti a gara<span class=\"_ _0\"></span>nzia oppure la valutazione di<span class=\"_ _2\"></span> eventuali <span class=\"_ _16\"> </span>strumenti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>capi<span class=\"ff4\">tale <span class=\"_ _16\"> </span>acquisibili  a <span class=\"_ _7\"> </span>seguito <span class=\"_ _16\"> </span>dell\u2019introduzione <span class=\"_ _7\"> </span>di  una <span class=\"_ _7\"> </span>clausola <span class=\"_ _16\"> </span>di  c<span class=\"_ _0\"></span>onversione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>quity <span class=\"_ _16\"> </span>della </span>posizione. III.<span class=\"ls0\"> <span class=\"_ _23\"> </span>L<span class=\"_ _3\"></span>a valutazione dei <span class=\"_ _0\"></span>derivati OTC </span>Gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>scambiati <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>mercati <span class=\"_ _3\"></span>regolamentati, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>Over<span class=\"_ _2\"></span> The <span class=\"_ _3\"></span>Counter <span class=\"_ _2\"></span>(OTC), <span class=\"_ _2\"></span>ovvero negoziati <span class=\"_ _3\"></span>bilateralmente <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>mediante <span class=\"_ _3\"></span>apposite <span class=\"_ _2\"></span>metodologie <span class=\"_ _3\"></span>di valutazione e <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>(quali, <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>esempio, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>volatilit\u00e0) <span class=\"_ _3\"></span>sottopost<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> ai<span class=\"ls0\"> processi di c<span class=\"_ _0\"></span>ertificazione e m<span class=\"_ _0\"></span>onitoraggio illustrati i<span class=\"_ _0\"></span>n precedenza. </span>Il <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>derivato <span class=\"_ _5\"></span>OTC <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>tenendo <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>fattori <span class=\"_ _5\"></span>di rischio <span class=\"_ _2\"></span>sottostanti. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>distinguono <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>casi <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ilevanti, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econda <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>strumento <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>ad accordi di collateralizz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione (CSA<span class=\"_ _0\"></span>), volti a mitigare il rischio<span class=\"_ _0\"></span> di controparte e finanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto:<span class=\"_ _3\"></span> a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>CSA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ridurre <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fin<span class=\"_ _5\"></span>anziamento <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un </span>livello <span class=\"_ _3\"></span>trascurabile, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-arbitraggio, includendo <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>premio<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di mercato relativo ai <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio s<span class=\"_ _3\"></span>ottostanti al contratto (<span class=\"_ _3\"></span>ad es. <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>interesse, volatilit\u00e0, ecc.), e<span class=\"_ _3\"></span> c<span class=\"_ _5\"></span>onsiderando, nei casi pi\u00f9 rilevanti, <span class=\"_ _0\"></span>come tasso di sconto <span class=\"_ _0\"></span>dei flussi di cassa fu<span class=\"_ _0\"></span>turi il tasso di remuner<span class=\"_ _0\"></span>azione del collateral<span class=\"_ _0\"></span>e; <span class=\"_ _2\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>CSA, <span class=\"_ _3\"></span>ovvero <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>CSA <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>ridurre <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controparte <span class=\"_ _3\"></span>e </span>finanziamento <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>trascurabile <span class=\"_ _3\"></span>(ad <span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Way <span class=\"_ _3\"></span>CSA, <span class=\"_ _2\"></span>oppure <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>soglie <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>minimum <span class=\"_ _2\"></span>transfer <span class=\"_ _3\"></span>amount <span class=\"_ _2\"></span>non trascurabili), il fair value dello strument<span class=\"_ _0\"></span>o pu\u00f2 essere espresso, sotto opportune ipotes<span class=\"_ _0\"></span>i, come la somma del valore di riferimento <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>base), <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>corrispondente <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>collateralizzato, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>componenti valutative legate al premio al rischio d<span class=\"_ _3\"></span>i controparte e finanziamento, collettivamente indicati come XVA (cfr. \u201cRischio<span class=\"_ _35\"></span> di valutazione: aggiu<span class=\"_ _0\"></span>stamenti al fair valu<span class=\"_ _0\"></span>e\u201d).<span class=\"ff1\"> </span>In c<span class=\"_ _3\"></span>onsiderazione della numerosit\u00e0 e <span class=\"_ _3\"></span>complessit\u00e0 dei <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>derivati OTC, <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato individuato un <span class=\"_ _3\"></span>quadro s<span class=\"_ _3\"></span>istematico di riferimento <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresenta <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>linee <span class=\"_ _7\"> </span>comuni <span class=\"_ _16\"> </span>(algoritmi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>alcolo, <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>elaborazione, <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati, assunzioni di base d<span class=\"_ _0\"></span>el modello) sulle quali si fon<span class=\"_ _0\"></span>da la loro valutazion<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> La tabella seguente illustr<span class=\"_ _0\"></span>a le principali metodologie <span class=\"_ _0\"></span>utilizzate per la valutazione <span class=\"_ _0\"></span>dei derivati OTC in funzio<span class=\"_ _0\"></span>ne della class<span class=\"_ _2\"></span><span class=\"lsc\">e </span>di appartenenza del <span class=\"_ _0\"></span>sottostante. Classe del Sottostante Modelli di Valuta<span class=\"_ _35\"></span>zi<span class=\"_ _3\"></span>one Utili<span class=\"_ _0\"></span>zzati Principali dati <span class=\"_ _0\"></span>di mercato e para<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>etri di input dei model<span class=\"_ _0\"></span>li Tasso d\u2019in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span>Net  Pre<span class=\"_ _0\"></span>sent  Valu<span class=\"_ _0\"></span>e,  Black-Sch<span class=\"_ _0\"></span>oles,  SAB<span class=\"_ _0\"></span>R,  Libo<span class=\"_ _0\"></span>r Market <span class=\"_ _4\"> </span>Model, <span class=\"_ _4\"> </span>Hull<span class=\"_ _3\"></span>-White, <span class=\"_ _4\"> </span>Lognormal<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>Bivariato,<span class=\"_ _0\"></span> Rendistato<span class=\"_ _0\"></span>, Hagan <span class=\"_ _0\"></span>formula esa<span class=\"_ _0\"></span>tta per C<span class=\"_ _0\"></span>MS Curve <span class=\"_ _26\"> </span>dei <span class=\"_ _26\"> </span>tassi <span class=\"_ _26\"> </span>d\u2019interes<span class=\"_ _0\"></span>se <span class=\"_ _26\"> </span>(depositi, <span class=\"_ _26\"> </span>FRA,<span class=\"_ _0\"></span> Futures,<span class=\"_ _0\"></span>  OIS,  swap,  basi<span class=\"_ _35\"></span>s  swap,  CMS,  paniere<span class=\"_ _35\"></span> Rendistato)<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>volatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>opzioni <span class=\"_ _15\"> </span>c<span class=\"_ _3\"></span>ap/floor/swap<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ion,<span class=\"_ _0\"></span> correlazioni<span class=\"_ _0\"></span> tra tassi d\u2019i<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>eresse<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Tasso di ca<span class=\"_ _0\"></span>mbio Net <span class=\"_ _3b\"> </span>present <span class=\"_ _2a\"> </span>Value <span class=\"_ _2a\"> </span>F<span class=\"_ _3\"></span>X, <span class=\"_ _3b\"> </span>Garman-Kohlhag<span class=\"_ _35\"></span>en, Lognormale <span class=\"_ _28\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _31\"> </span>Volatilit\u00e0 <span class=\"_ _31\"> </span>Incerta <span class=\"_ _32\"> </span>(LMUV)<span class=\"_ _35\"></span>, Stochasti<span class=\"_ _0\"></span>c  Local <span class=\"_ _7\"> </span>Volatility  (SLV)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span>  Local<span class=\"_ _0\"></span>  Volatilit<span class=\"_ _0\"></span>y (LV)<span class=\"ls0\"> </span>Curve <span class=\"_ _18\"> </span>dei <span class=\"_ _17\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _18\"> </span>d\u2019interesse,<span class=\"_ _35\"></span> <span class=\"_ _1c\"> </span>curve <span class=\"_ _17\"> </span>FX <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>pot <span class=\"_ _17\"> </span>e forward, <span class=\"_ _17\"> </span>volatilit\u00e0 <span class=\"_ _18\"> </span>FX, <span class=\"_ _18\"> </span> <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>e <span class=\"_ _1c\"> </span>correl<span class=\"_ _35\"></span>azioni quanto Equity Accrual, <span class=\"_ _2\"></span>Net <span class=\"_ _5\"></span>present <span class=\"_ _2\"></span>Value <span class=\"_ _5\"></span>Equity, <span class=\"_ _5\"></span>Black-Schole<span class=\"_ _0\"></span>s generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _2b\"> </span>Heston, <span class=\"_ _2b\"> </span>Local<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>Volatility, <span class=\"_ _2b\"> </span>Ju<span class=\"_ _0\"></span>mp Diffusion Curve <span class=\"_ _1c\"> </span>dei<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interes<span class=\"_ _0\"></span>se, <span class=\"_ _1c\"> </span>prezzi <span class=\"_ _18\"> </span>spot <span class=\"_ _1c\"> </span>dei sottostanti<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>dividendi <span class=\"_ _3\"></span>attesi, <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>correlazioni dei sottosta<span class=\"_ _0\"></span>nti, vola<span class=\"_ _0\"></span>tilit\u00e0 e correla<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni qua<span class=\"_ _0\"></span>nto Inflazione Inflation <span class=\"_ _1d\"> </span>NPV, <span class=\"_ _1d\"> </span>Infl<span class=\"_ _0\"></span>ation <span class=\"_ _1d\"> </span>SABR<span class=\"_ _0\"></span>, <span class=\"_ _1d\"> </span>Inflation <span class=\"_ _1d\"> </span>Jarrow-<span class=\"_ _90\"> </span>Yildirim Curve dei tas<span class=\"_ _0\"></span>si d\u2019interes<span class=\"_ _0\"></span>se nominali <span class=\"_ _0\"></span>e di inflazione<span class=\"_ _0\"></span>, volatilit\u00e0 <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>tassi <span class=\"_ _1c\"> </span>d\u2019interesse <span class=\"_ _1c\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>inflazione,<span class=\"_ _35\"></span> coefficien<span class=\"_ _0\"></span>ti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>stagionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _6\"> </span>dell\u2019indice <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>al consumo,<span class=\"_ _0\"></span> correlazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dei tassi di in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>lazione<span class=\"_ _0\"></span> Commodit<span class=\"_ _0\"></span>y Net <span class=\"_ _20\"> </span>present <span class=\"_ _20\"> </span>Value <span class=\"_ _1c\"> </span>Commodity, <span class=\"_ _1c\"> </span>Black<span class=\"_ _3\"></span>-Scholes<span class=\"_ _0\"></span> generalizza<span class=\"_ _0\"></span>to, <span class=\"_ _33\"> </span>Independ<span class=\"_ _35\"></span>ent <span class=\"_ _33\"> </span>Forward, <span class=\"_ _33\"> </span>Local<span class=\"_ _35\"></span> Volatility,<span class=\"_ _0\"></span> 2-Factors Ju<span class=\"_ _0\"></span>mp Diffusi<span class=\"_ _0\"></span>on  Curve <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _3\"></span>d\u2019interesse, <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>spot, <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>orward <span class=\"_ _3\"></span>e futures <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>sottostanti, <span class=\"_ _5\"></span>volatilit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>correlazioni <span class=\"_ _5\"></span>dei sottostanti<span class=\"_ _0\"></span>, volatilit\u00e0 e <span class=\"_ _0\"></span>correlazioni q<span class=\"_ _35\"></span>uanto Credito Net <span class=\"_ _23\"> </span>present <span class=\"_ _23\"> </span>Value, <span class=\"_ _20\"> </span>CDS <span class=\"_ _29\"> </span>Opti<span class=\"_ _0\"></span>on <span class=\"_ _23\"> </span>(o <span class=\"_ _23\"> </span>modello lognormale)<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> Contingen<span class=\"_ _35\"></span>t CDS Probabilit\u00e0 <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>default, <span class=\"_ _18\"> </span>R<span class=\"_ _3\"></span>ecover<span class=\"_ _0\"></span>y <span class=\"_ _1c\"> </span>rate, <span class=\"_ _18\"> </span>v<span class=\"_ _3\"></span>olatilit\u00e0<span class=\"_ _35\"></span> dell\u2019indice di <span class=\"_ _0\"></span>credito.<span class=\"ff1 ls0\"> </span>Come previsto dal<span class=\"_ _3\"></span>l\u2019IFRS 13, per <span class=\"_ _3\"></span>pervenire alla <span class=\"_ _3\"></span><span class=\"ff1\">determinazione del <span class=\"_ _3\"></span>fair value, i<span class=\"_ _3\"></span>l Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo considera anche </span>l\u2019effetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inadempimento <span class=\"_ _3\"></span>(non<span class=\"_ _3\"></span><span class=\"ff1\">-performance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk) <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>sia </span>le <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>dell\u2019emittente s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>(own <span class=\"_ _3\"></span>credit </span>risk). IV. <span class=\"_ _29\"> </span>La valutazione dei prodot<span class=\"_ _0\"></span>ti strutturati di cre<span class=\"_ _0\"></span>dito Con ri<span class=\"_ _3\"></span>ferimento agli <span class=\"_ _3\"></span>ABS (asset <span class=\"_ _3\"></span>backed <span class=\"_ _3\"></span>securities), nel <span class=\"_ _3\"></span>caso i<span class=\"_ _3\"></span>n cui <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>disponibili prezzi significativi, s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fa ricorso<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>a tecniche <span class=\"_ _16\"> </span>di  valut<span class=\"_ _0\"></span>azione  c<span class=\"_ _0\"></span>he  t<span class=\"_ _0\"></span>engano <span class=\"_ _16\"> </span>conto <span class=\"_ _16\"> </span>di  parametri<span class=\"_ _0\"></span>  desumibili<span class=\"_ _0\"></span>  da <span class=\"_ _16\"> </span>mercato <span class=\"_ _16\"> </span>attivo <span class=\"_ _16\"> </span>(input  d<span class=\"_ _0\"></span>i  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>2)  o, <span class=\"_ _16\"> </span>se <span class=\"_ _16\"> </span>non osservabili, stimati (i<span class=\"_ _0\"></span>nput di livello 2 o 3 s<span class=\"_ _0\"></span>e non significativo o <span class=\"_ _0\"></span>significativo). <span class=\"_ _3\"></span> In <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>acquisiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>info <span class=\"_ _5\"></span>provi<span class=\"_ _3\"></span>der <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>piattaforme <span class=\"_ _5\"></span>specializzate, <span class=\"_ _2\"></span>qualora <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili, <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sono desunti <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>plan <span class=\"_ _5\"></span>dell\u2019operazione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dall\u2019informativa <span class=\"_ _2\"></span>periodica, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non Perfoming <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>(NPL) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Unlikely <span class=\"_ _2\"></span>To <span class=\"_ _3\"></span>Pay <span class=\"_ _3\"></span>(UTP);<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>esunti <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>disponibili <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato/info provider di <span class=\"_ _6\"> </span>mercato, <span class=\"_ _4\"> </span>rafforzati <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un\u2019analisi <span class=\"_ _6\"> </span>qualitativa <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>erformance <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>sottostanti <span class=\"_ _6\"> </span>desumibili <span class=\"_ _6\"> </span>dai <span class=\"_ _6\"> </span>periodici <span class=\"_ _4\"> </span>investo<span class=\"_ _0\"></span>r reports <span class=\"_ _16\"> </span>e  volt<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>ad  evidenzi<span class=\"_ _0\"></span>are <span class=\"_ _16\"> </span>aspetti <span class=\"_ _16\"> </span>strutturali  n<span class=\"_ _0\"></span>on  (<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>non  pienam<span class=\"_ _0\"></span>ente) <span class=\"_ _16\"> </span>ricom<span class=\"_ _2\"></span>presi <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>analisi  preced<span class=\"_ _0\"></span>entemente descritte, relativi <span class=\"_ _3\"></span>all\u2019effettiva <span class=\"_ _3\"></span>futura capacit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pagare <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>attesi <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nalisi di <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rispetto <span class=\"_ _6\"></span><span class=\"ff1\">ad a<span class=\"_ _3\"></span>ltr<span class=\"_ _0\"></span>e </span>strutture similari. Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Cartolarizzazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>Corporate <span class=\"_ _5\"></span>Europei <span class=\"_ _2\"></span>High <span class=\"_ _6\"></span>Yield <span class=\"_ _5\"></span>(CLO <span class=\"_ _2\"></span>HY <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>oans) <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>Valuation technique <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>calcolo <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>net <span class=\"_ _4\"> </span>present <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>cash <span class=\"_ _4\"> </span>flow <span class=\"_ _4\"></span>attesi, <span class=\"_ _6\"></span>determinati <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>piattaforme <span class=\"_ _6\"></span>specializzate, scontati <span class=\"_ _3\"></span>utilizzando <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>spread <span class=\"_ _2\"></span>espressi <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mercato. <span class=\"_ _3\"></span>Nella <span class=\"_ _2\"></span>modellizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>attesi <span class=\"_ _2\"></span>futuri <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>tiene <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>gli aspetti contrattuali dei <span class=\"_ _3\"></span>CLO HY Loans che <span class=\"_ _3\"></span>possono influenzare la <span class=\"_ _3\"></span>waterfall, cio\u00e8 la <span class=\"_ _3\"></span>ripartizione dei cash flow derivanti d<span class=\"_ _3\"></span>al collaterale sulle note<span class=\"_ _0\"></span>. A <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>affinate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>cred<span class=\"_ _2\"></span>itizie <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>sottostanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>incorporare <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _3\"></span>valutativi non <span class=\"_ _5\"></span>ricompresi <span class=\"_ _2\"></span>nei <span class=\"_ _6\"></span>modelli <span class=\"_ _2\"></span>quantitativi. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>Qualitative <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Review <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>consta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019analisi accurata <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>aspetti <span class=\"_ _6\"></span>creditizi <span class=\"_ _5\"></span>riguardanti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>struttura <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>essa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>HY <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>collaterale <span class=\"_ _5\"></span>presente. <span class=\"_ _6\"></span>Questa <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>lo scopo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>identificare <span class=\"_ _7\"> </span>elementi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>debolezza <span class=\"_ _7\"> </span>presenti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>futuri, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>emergono <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>caratteristiche <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>sottostanti, <span class=\"_ _7\"> </span>che potrebbero <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>colti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>genzie d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pienam<span class=\"_ _3\"></span>ente <span class=\"_ _2\"></span>considerati nelle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>punto precedente. V.<span class=\"ls0\"> <span class=\"_ _29\"> </span>La valutazione dei titoli di c<span class=\"_ _0\"></span>apitale non contribui<span class=\"_ _0\"></span>ti <span class=\"_ _3\"></span> </span>Nell\u2019ambito dei titoli <span class=\"_ _0\"></span>di capitale di livello<span class=\"_ _0\"></span> 2 rientrano:<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>irette, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>registrate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>un </span>arco <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>sufficientemente <span class=\"_ _5\"></span>breve <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>momento <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercat<span class=\"_ _35\"></span>o costanti; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli di<span class=\"_ _3\"></span> capitale valutati con metodi relativi, basati su <span class=\"_ _3\"></span>moltiplicatori: multipli implici<span class=\"_ _2\"></span>ti in transazioni avvenute su societ\u00e0<span class=\"_ _90\"> </span></span>comparabili, <span class=\"_ _3\"></span>quotate <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>quotate, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _3\"></span>sufficientemente <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>momento <span class=\"_ _3\"></span>della<span class=\"_ _90\"> </span> valutazione <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>costanti <span class=\"_ _5\"></span>(multipli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>M&amp;A), <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>multipli <span class=\"_ _2\"></span>impliciti <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>quotazio<span class=\"_ _5\"></span>ni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>borsa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un campione di societ\u00e0 <span class=\"_ _0\"></span>comparabili (multipli<span class=\"_ _0\"></span> di borsa). Nell\u2019ambito <span class=\"_ _2\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>risultando <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>significativi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>\u201c<span class=\"_ _5\"></span>relativi\u201d descritti sopra, veng<span class=\"_ _0\"></span>ono quindi utilizzati mo<span class=\"_ _0\"></span>delli<span class=\"_ _3\"></span> <span class=\"ff4\">valutativi \u201cassolut<span class=\"_ _0\"></span>i\u201d, rientrano:<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>vengono <span class=\"_ _2\"></span>applicati <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>analitici <span class=\"_ _3\"></span>fondat<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>flussi, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del </span>valore attraverso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>o reddituali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>la societ\u00e0 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>prevede <span class=\"_ _5\"></span>generi nel <span class=\"_ _3\"></span>tempo, attualizzati <span class=\"_ _3\"></span>con un tasso appropriato in<span class=\"_ _0\"></span> funzione del livell<span class=\"_ _0\"></span>o di rischio dello s<span class=\"_ _0\"></span>trumento;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>valutati s<span class=\"_ _3\"></span>ulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>NAV o <span class=\"_ _2\"></span>l\u2019Adjusted <span class=\"_ _3\"></span>Net Asset <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>(ANAV), <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>stima </span></span>il fair value delle di<span class=\"_ _0\"></span>verse componenti del patrimoni<span class=\"_ _0\"></span>o della partecipata. Eventuali <span class=\"_ _7\"> </span>valori  ri<span class=\"_ _0\"></span>tenuti <span class=\"_ _16\"> </span>rappres<span class=\"_ _0\"></span>entativi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _16\"> </span>value <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>titolo <span class=\"_ _16\"> </span>azionario <span class=\"_ _7\"> </span>derivanti <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clausole <span class=\"_ _7\"> </span>pattizie <span class=\"_ _16\"> </span>(ad <span class=\"_ _16\"> </span>esempio, opzioni) <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia del <span class=\"_ _3\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>second<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>dell\u2019osservabilit\u00e0 degli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>ut<span class=\"_ _3\"></span>ilizzati </span>nella <span class=\"_ _7\"> </span>valutazione. <span class=\"_ _4\"> </span>Nello <span class=\"_ _7\"> </span>specifico, <span class=\"_ _7\"> </span>se <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lausola <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>d\u2019esercizio, <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>algoritmi <span class=\"_ _4\"> </span>e multipli predefiniti, il <span class=\"_ _0\"></span>titolo viene clas<span class=\"_ _0\"></span>sificato a livello 2. Il <span class=\"_ _4\"> </span>criterio <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizza <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>via <span class=\"_ _4\"> </span>residuale, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>applicabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>tutti <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>metodi<span class=\"_ _35\"></span> precedenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>mancanza di <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>informazioni <span class=\"_ _2\"></span><span class=\"fs9\">e <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui</span> <span class=\"_ _3\"></span>vi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>un'ampia <span class=\"_ _3\"></span>gamma d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>possibili valutazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair<span class=\"_ _0\"></span> value e non risulta p<span class=\"_ _0\"></span>ossibile individuare tra queste un val<span class=\"_ _0\"></span>ore pi\u00f9 appropriat<span class=\"_ _0\"></span>o. Nella <span class=\"_ _6\"></span>fattispecie <span class=\"_ _5\"></span>qui <span class=\"_ _6\"></span>trattata <span class=\"_ _6\"></span>rientrano <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _6\"></span>Finanziari <span class=\"_ _5\"></span>Partecipativi <span class=\"_ _6\"></span>che, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>sensi <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>32, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>le<span class=\"_ _0\"></span> caratteristiche per ess<span class=\"_ _0\"></span>ere considerati titoli di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>apitale. VI. <span class=\"_ _29\"> </span>La valutazione dei fondi <span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>ed<span class=\"lsc\">ge</span> Il <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>value <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fondo <span class=\"_ _4\"> </span>hedge <span class=\"_ _6\"> </span>corrisponde <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Net <span class=\"_ _6\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _6\"> </span>(NAV) <span class=\"_ _4\"> </span>fornito <span class=\"_ _6\"> </span>dall\u2019amministratore <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>pu\u00f2<span class=\"_ _0\"></span> essere applicato un <span class=\"_ _3\"></span>aggiustamento derivante da <span class=\"_ _3\"></span>un processo di <span class=\"_ _3\"></span>valutazione volto <span class=\"_ _3\"></span>a cogliere i <span class=\"_ _3\"></span>principali fattori d<span class=\"_ _3\"></span>i rischio ai<span class=\"_ _5\"></span> quali \u00e8 soggetta la gestio<span class=\"_ _0\"></span>ne dei fondi, ricon<span class=\"_ _0\"></span>ducibili alle due seguenti t<span class=\"_ _0\"></span>ipologie:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _6\"></span>controparte <span class=\"_ _6\"></span>(broker), <span class=\"_ _5\"></span>ovvero <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>sottoposti <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>questo </span>deleghi l\u2019attivit\u00e0 di <span class=\"_ _0\"></span>prime brokerage o di c<span class=\"_ _0\"></span>ustodian ad un <span class=\"ff1\">service provider, soggetto a risc<span class=\"_ _0\"></span>hio default; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>rischio <span class=\"_ _5\"></span>illiquidit\u00e0, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _2\"></span>illiquidi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>scarsit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quotazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _2\"></span>oppure<span class=\"_ _5\"></span> </span>per mancanza di informa<span class=\"_ _0\"></span>zioni sulle politich<span class=\"_ _0\"></span>e di valutazione utiliz<span class=\"_ _0\"></span>zate dal fondo. <span class=\"_ _3\"></span> Ta<span class=\"ls0\">li rischi sono v<span class=\"_ _3\"></span>alutati sulla base delle informazioni presenti nell<span class=\"_ _0\"></span>a documentazione ricevuta periodicamente dai gestori o </span>dagli amministratori <span class=\"_ _0\"></span>dei fondi. Il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gerarchia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>perino <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>predeterminata<span class=\"_ _0\"></span> soglia. VII. <span class=\"_ _29\"> </span>La valutazione dei fondi di <span class=\"_ _0\"></span>private debt Per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>Private <span class=\"_ _2\"></span>Debt <span class=\"_ _2\"></span>FIA <span class=\"_ _5\"></span>(Fondi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>Alternativi), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>autorizzazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>prevede una due <span class=\"_ _3\"></span>diligence iniziale <span class=\"_ _3\"></span>volta a v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>la policy <span class=\"_ _3\"></span>di valutazione de<span class=\"_ _3\"></span>gli asset di <span class=\"_ _3\"></span>ciascun fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le Linee Guida <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>Value. <span class=\"_ _2\"></span>Successivament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>avviene <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l NAV. Il livello della g<span class=\"_ _0\"></span>erarchia del fair valu<span class=\"_ _0\"></span>e \u00e8 posto pari a 3. VIII. <span class=\"_ _29\"> </span><span class=\"ls10\">La</span> valutazione dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi di <span class=\"_ _3\"></span>private equity, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi immobiliari e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi chiusi <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>cessioni d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>non<span class=\"_ _5\"></span> performing I  fondi <span class=\"_ _1d\"> </span>chiusi  di  private <span class=\"_ _1d\"> </span>equity  sono  di  re<span class=\"_ _3\"></span>gola  valutati  utilizzando  l\u2019ultimo <span class=\"_ _1d\"> </span>Net  Asset <span class=\"_ _1d\"> </span>Val<span class=\"_ _0\"></span>ue  approvato <span class=\"_ _1d\"> </span>dalla  S.g.r. (pubblicato <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>semestrale <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>trimestrale), <span class=\"_ _2\"></span>rettificato <span class=\"_ _5\"></span>solo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>considerare <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>eventi <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>verificatisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla<span class=\"_ _35\"></span> data di riferimento d<span class=\"_ _0\"></span>el NAV quali: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>una transazione rilevante su un<span class=\"_ _0\"></span>a partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>il fallimento o la liquidazione <span class=\"_ _0\"></span>di una partecipata;  </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">l\u2019allineamento a quotazioni c<span class=\"_ _0\"></span>orrenti di eventuali a<span class=\"_ _0\"></span>sset quotati;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>richiami da parte del fondo e re<span class=\"_ _0\"></span>lative distribuzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> </span>I <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>immobiliari <span class=\"_ _5\"></span>chiusi <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>utilizzando <span class=\"_ _5\"></span>l\u2019ultimo <span class=\"_ _5\"></span>Net <span class=\"_ _5\"></span>Asset <span class=\"_ _5\"></span>Value <span class=\"_ _5\"></span>disponibile, <span class=\"_ _5\"></span>corretto <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>richiami <span class=\"_ _5\"></span>o distribuzioni <span class=\"_ _17\"> </span>successive <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>applicand<span class=\"_ _0\"></span>o, <span class=\"_ _18\"> </span>ove <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>itenuto <span class=\"_ _17\"> </span>necessario, <span class=\"_ _17\"> </span>uno <span class=\"_ _18\"> </span>sconto <span class=\"_ _17\"> </span>determinato <span class=\"_ _18\"> </span>con <span class=\"_ _17\"> </span>modello <span class=\"_ _18\"> </span>interno. <span class=\"_ _17\"> </span>In particolare <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>permette <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _4\"> </span>sconto <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>Net <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Value <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cinque <span class=\"_ _4\"> </span>diverse variabili: <span class=\"_ _2\"></span>(i) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>dimensione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>S.g.<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>gestisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fondo; <span class=\"_ _2\"></span>(ii) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>numerosit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>sottoscrittori; <span class=\"_ _2\"></span>(iii) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendiment<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>storico<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>fondo; <span class=\"_ _3\"></span>(iv) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>(v) <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>indebitamento. <span class=\"_ _3\"></span>Tali variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>tarate <span class=\"_ _3\"></span>diversamente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>profilo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _5\"></span>distinguendo <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>core, <span class=\"_ _2\"></span>value<span class=\"_ _0\"></span> added ed opportunistici<span class=\"_ _0\"></span>. Relativamente a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti deteriorati, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>set <span class=\"_ _2\"></span>informativo <span class=\"_ _3\"></span>idoneo<span class=\"_ _2\"></span> per <span class=\"ff4\">effettuare un\u2019analisi del busi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ess plan delle posizioni po<span class=\"_ _0\"></span>ssedute del fondo, singol<span class=\"_ _0\"></span>armente o per cluster omogenei, per<span class=\"_ _35\"></span> </span>determinare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>avvale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>upporto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>esperto <span class=\"_ _5\"></span>indipendente, <span class=\"_ _5\"></span>il quale effettua, tra <span class=\"_ _3\"></span>le altre cose, un confronto andamentale dei business plan delle esposizioni sottostanti e dichiara, nella propria relazione, <span class=\"_ _0\"></span>che il fair value, determi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato dall\u2019esperto, ri<span class=\"_ _0\"></span>sulta conforme alle <span class=\"_ _0\"></span>indicazioni dei <span class=\"_ _0\"></span>principali regulators<span class=\"_ _90\"> </span>86<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Qualora <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ia possibile <span class=\"_ _3\"></span>applicare l<span class=\"_ _3\"></span>\u2019approccio poc\u2019anzi <span class=\"_ _3\"></span>richiamato, per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuato un <span class=\"_ _3\"></span>confronto <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il rendimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cbenchmark\u201d, <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>fattorizza <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>quali i)<span class=\"ls0\">  <span class=\"_ _3\"></span>le policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione del<span class=\"_ _3\"></span> fondo, <span class=\"_ _3\"></span>verificando se <span class=\"_ _3\"></span>esse <span class=\"_ _3\"></span>siano o <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>compliant con <span class=\"_ _3\"></span>criteri <span class=\"_ _3\"></span>coerenti <span class=\"_ _3\"></span>con la <span class=\"_ _3\"></span>definizione di </span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>plan <span class=\"_ _3\"></span>aggiornato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>performance del <span class=\"_ _2\"></span>fondo rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>business <span class=\"_ _2\"></span><span class=\"ff4\">plan <span class=\"_ _3\"></span>disponibile, <span class=\"_ _2\"></span>iii) <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche dell\u2019attivo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fondo, <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cost o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>funding <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>mercato </span>per <span class=\"_ _3\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>liquidi, <span class=\"_ _3\"></span>v) <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>completezza ed <span class=\"_ _2\"></span>esaustivit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>informazioni <span class=\"_ _3\"></span>messe <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>disposizione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>e <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-119.05823px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">vi) <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span><span class=\"ff4\">estione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo. <span class=\"_ _7\"> </span>Ove <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>atteso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>\u201cbenchmark\u201d <span class=\"_ _4\"> </span>cos\u00ec </span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">definito, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>NAV <span class=\"_ _2\"></span>comunicato <span class=\"_ _2\"></span>dalla <span class=\"_ _6\"></span>SGR <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>assunto <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue; <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>\u201cbenchmark\u201d <span class=\"_ _5\"></span>risulti </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>fond<span class=\"_ _3\"></span>o, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>NAV <span class=\"_ _2\"></span>ridotto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>sconto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>tiene </div><div class=\"t m0 x2a h32 y61 ff4 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _6\"> </span>dello <span class=\"_ _4\"> </span>spread <span class=\"_ _6\"> </span>tra <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>\u201cbenchmark\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>rendimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>vita <span class=\"_ _4\"> </span>media <span class=\"_ _6\"> </span>residua <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"></span>stesso </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">(Weighted Average <span class=\"_ _0\"></span>Life o WAL). </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y64 ff5 fs0 fc2 sc0 ls0 ws0\">La valutazione delle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 finanziari<span class=\"_ _0\"></span>e non valutate al fair valu<span class=\"_ _0\"></span>e su base ricorr<span class=\"_ _0\"></span>ente<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>strumenti <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>attivi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivi <span class=\"_ _7\"> </span>valutati <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmortizzato, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>determinato <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>soli<span class=\"_ _5\"></span> <span class=\"_ _7\"> </span>fini </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">informativi di nota int<span class=\"_ _0\"></span>egrativa, si precisa: </div><div class=\"t m0 x0 h2 y67 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>i<span class=\"_ _3\"></span>l fair value dei titoli ob<span class=\"_ _0\"></span>bligazionari viene <span class=\"_ _0\"></span>determinato applicand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> le medesime meto<span class=\"_ _0\"></span>dologie esposte in prece<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enza;<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y68 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _7\"> </span>attivi<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>passivi <span class=\"_ _16\"> </span>a  m<span class=\"_ _35\"></span>edio  e <span class=\"_ _7\"> </span>lungo <span class=\"_ _16\"> </span>termine  v<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>effettuata </span></div><div class=\"t m0 xb6 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019attualizzazio<span class=\"ff1\">ne <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>futuri <span class=\"_ _4\"></span>basata <span class=\"_ _4\"></span>sul <span class=\"_ _4\"></span>discount <span class=\"_ _6\"></span>rate <span class=\"_ _4\"> </span>adjustment <span class=\"_ _4\"> </span>approach, <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>i </span></div><div class=\"t m0 xb6 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">fattori di rischio cr<span class=\"_ _0\"></span>editizio siano considerati <span class=\"_ _0\"></span>nel tasso di attuali<span class=\"_ _0\"></span>zzazione dei cash fl<span class=\"_ _0\"></span>ow futuri;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6b ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _1f\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"></span>periodo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bi<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>ncio <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>assunto <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"></span>ragionevole <span class=\"_ _4\"></span>approssimazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el </span></div><div class=\"t m0 xb6 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">fair value. </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Per maggiori inform<span class=\"_ _0\"></span>azioni si fa rinvio a qua<span class=\"_ _0\"></span>nto riportato nel parag<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>afo A.4.5.4.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _2\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziari<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>3, l\u2019<span class=\"_ _3\"></span>informativa <span class=\"_ _3\"></span>quantitativa s<span class=\"_ _3\"></span>ugli <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>osservabili <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>va<span class=\"_ _5\"></span><span class=\"ff1\">lutazione <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">fair value. </div><div class=\"t m0 x0 h2 ybac ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1dd h47\" style=\"left:504.79565px; bottom:608.46075px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(migliaia di euro) </div></div><div class=\"c w1d8 h7f\" style=\"left:-4.050377px; bottom:549.96075px;\"><div class=\"t m0 x41 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0/passivit\u00e0 finanziarie </div></div><div class=\"c w1d9 h7f\" style=\"left:146.55463px; bottom:549.96075px;\"><div class=\"t m0 x41 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Tecnica  </div><div class=\"t m0 x41 h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">di  </div><div class=\"t m0 x41 h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">valutazione </div></div><div class=\"c w1da h7f\" style=\"left:252.79062px; bottom:549.96075px;\"><div class=\"t m0 x95 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Principali input non </div><div class=\"t m0 xf h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">osservabili </div></div><div class=\"c w1db h7f\" style=\"left:370.12863px; bottom:549.96075px;\"><div class=\"t m0 xae h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x6 h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">minimo </div><div class=\"t m0 x8 h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">del range </div><div class=\"t m0 xe h8f y95a ff5 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 h8f y82b ff5 fsf fc2 sc0 ls0 ws0\">variazione </div></div><div class=\"c w13f h7f\" style=\"left:418.48862px; bottom:549.96075px;\"><div class=\"t m0 x88 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x1a h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">massimo </div><div class=\"t m0 x1a h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">del range </div><div class=\"t m0 xf h8f y95a ff5 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x8 h8f y82b ff5 fsf fc2 sc0 ls0 ws0\">variazione </div></div><div class=\"c w1dc h7f\" style=\"left:468.25262px; bottom:549.96075px;\"><div class=\"t m0 x1a h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Unit\u00e0 </div></div><div class=\"c w1de h7f\" style=\"left:504.79565px; bottom:549.96075px;\"><div class=\"t m0 x41 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Cambiamenti  </div><div class=\"t m0 xad h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">di FV  </div><div class=\"t m0 xa1 h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">favorevoli </div></div><div class=\"c w1df h7f\" style=\"left:562.2036px; bottom:549.96075px;\"><div class=\"t m0 x41 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Cambiamenti  </div><div class=\"t m0 xad h8f ya64 ff5 fsf fc2 sc0 ls0 ws0\">di FV  </div><div class=\"t m0 x87 h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">sfavorevoli </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:530.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Titoli e Finanziamenti </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:530.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Discounting Cash Flows </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:530.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Credit Spread </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:530.46075px;\"><div class=\"t m0 xe h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:530.46075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:530.46075px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:530.46075px;\"><div class=\"t m0 x13 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">7.409 </div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:530.46075px;\"><div class=\"t m0 x9a h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-11.764 </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:510.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Titoli e Finanziamenti strutturati  </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:510.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">JD model </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:510.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">JD parameters </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:510.96075px;\"><div class=\"t m0 x86 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">37</span> </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:510.96075px;\"><div class=\"t m0 xb8 h2d ye6d ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:510.96075px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:510.96075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls1c ws0\">134<span class=\"ls0\"> </span></div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:510.96075px;\"><div class=\"t m0 xf h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">192</span> </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:491.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Titoli e Finanziamenti strutturati  </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:491.46075px;\"><div class=\"t m0 x41 h2d y562 ff1 fsf fc2 sc0 ls0 ws0\">Modello a due fattori di </div><div class=\"t m0 x41 h2d yee ff1 fsf fc2 sc0 ls0 ws0\">tasso </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:491.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Correlazione </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:491.46075px;\"><div class=\"t m0 x86 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">26</span> </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:491.46075px;\"><div class=\"t m0 xb8 h2d ye6d ff1 fsf fc2 sc0 ls1c ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:491.46075px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:491.46075px;\"><div class=\"t m0 x13 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">4.871 </div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:491.46075px;\"><div class=\"t m0 x86 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-3.413 </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:471.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls41 ws0\">ABS<span class=\"ls0\"> </span></div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:471.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Discounting Cash Flows </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:471.96075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Credit Spread </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:471.96075px;\"><div class=\"t m0 xe h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:471.96075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:471.96075px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:471.96075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls1c ws0\">611<span class=\"ls0\"> </span></div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:471.96075px;\"><div class=\"t m0 xf h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">832</span> </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:452.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">CLO Cash </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:452.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Discounting Cash Flows </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:452.46075px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Credit Spread </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:452.46075px;\"><div class=\"t m0 xe h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:452.46075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:452.46075px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:452.46075px;\"><div class=\"t m0 x98 h2d ye6d ff1 fsf fc2 sc0 ls1c ws0\">503<span class=\"ls0\"> </span></div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:452.46075px;\"><div class=\"t m0 xf h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">523</span> </div></div><div class=\"c w1d8 h130\" style=\"left:-4.050377px; bottom:418.29675px;\"><div class=\"t m0 x41 h2d y13a ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC oggetto di aggiustamento </div><div class=\"t m0 x41 h2d yf73 ff1 fsf fc2 sc0 ls0 ws0\">di Fair Value per CVA/DVA </div></div><div class=\"c w1d9 h130\" style=\"left:146.55463px; bottom:418.29675px;\"><div class=\"t m0 x41 h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">CVA </div></div><div class=\"c w1da h130\" style=\"left:252.79062px; bottom:418.29675px;\"><div class=\"t m0 x41 h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">Loss Given Default Rate (LGD) </div></div><div class=\"c w1db h130\" style=\"left:370.12863px; bottom:418.29675px;\"><div class=\"t m0 x99 h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13f h130\" style=\"left:418.48862px; bottom:418.29675px;\"><div class=\"t m0 xd1 h2d ye5 ff1 fsf fc2 sc0 ls1c ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c w1dc h130\" style=\"left:468.25262px; bottom:418.29675px;\"><div class=\"t m0 x9b h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h130\" style=\"left:504.79565px; bottom:418.29675px;\"><div class=\"t m0 x13 h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">3.388 </div></div><div class=\"c w1df h130\" style=\"left:562.2036px; bottom:418.29675px;\"><div class=\"t m0 x86 h2d ye5 ff1 fsf fc2 sc0 ls0 ws0\">-2.315 </div></div><div class=\"c w1d8 h131\" style=\"left:-4.050377px; bottom:385.19876px;\"><div class=\"t m0 x41 h2d y10f2 ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC oggetto di aggiustamento </div><div class=\"t m0 x41 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">di Fair Value per CVA/DVA </div></div><div class=\"c w1d9 h131\" style=\"left:146.55463px; bottom:385.19876px;\"><div class=\"t m0 x41 h2d y10f3 ff1 fsf fc2 sc0 ls0 ws0\">CVA </div></div><div class=\"c w1da h131\" style=\"left:252.79062px; bottom:385.19876px;\"><div class=\"t m0 x41 h2d yc39 ff1 fsf fc2 sc0 ls0 ws0\">Probabilit\u00e0 di default (PD) in </div><div class=\"t m0 x41 h2d y10f3 ff1 fsf fc2 sc0 ls0 ws0\">funzione del rating interno della </div><div class=\"t m0 x41 h2d y32d ff1 fsf fc2 sc0 ls0 ws0\">controparte </div></div><div class=\"c w1db h131\" style=\"left:370.12863px; bottom:385.19876px;\"><div class=\"t m0 x94 h2d y10f3 ff1 fsf fc2 sc0 ls36 ws0\">CCC<span class=\"ls0\"> </span></div></div><div class=\"c w13f h131\" style=\"left:418.48862px; bottom:385.19876px;\"><div class=\"t m0 x98 h2d y10f3 ff1 fsf fc2 sc0 ls0 ws0\">A </div></div><div class=\"c w1dc h131\" style=\"left:468.25262px; bottom:385.19876px;\"><div class=\"t m0 x45 h2d y10f2 ff1 fsf fc2 sc0 ls0 ws0\">Rating </div><div class=\"t m0 x8 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">interno </div></div><div class=\"c w1de h131\" style=\"left:504.79565px; bottom:385.19876px;\"><div class=\"t m0 xd h2d y10f3 ff1 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1df h131\" style=\"left:562.2036px; bottom:385.19876px;\"><div class=\"t m0 xd9 h2d y10f3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">78</span> </div></div><div class=\"c w1d8 h43\" style=\"left:-4.050377px; bottom:361.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC - Equity basket option </div></div><div class=\"c w1d9 h43\" style=\"left:146.55463px; bottom:361.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Modello di Black - Scholes </div></div><div class=\"c w1da h43\" style=\"left:252.79062px; bottom:361.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Correlazione in basket equity </div></div><div class=\"c w1db h43\" style=\"left:370.12863px; bottom:361.79877px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-11,16 </div></div><div class=\"c w13f h43\" style=\"left:418.48862px; bottom:361.79877px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">87,39 </div></div><div class=\"c w1dc h43\" style=\"left:468.25262px; bottom:361.79877px;\"><div class=\"t m0 x9b h2d yb42 ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h43\" style=\"left:504.79565px; bottom:361.79877px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">517<span class=\"ls0\"> </span></div></div><div class=\"c w1df h43\" style=\"left:562.2036px; bottom:361.79877px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">759</span> </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:342.29877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC - Equity option </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:342.29877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Modello di Black - Scholes </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:342.29877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Volatilit\u00e0 storica </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:342.29877px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8,21 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:342.29877px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">76,17 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:342.29877px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:342.29877px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">967<span class=\"ls0\"> </span></div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:342.29877px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1.524 </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:322.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC - Equity option </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:322.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Modello di Marshall Olkin </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:322.79877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Correlazione storica </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:322.79877px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2,44 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:322.79877px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">47,95 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:322.79877px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:322.79877px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:322.79877px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">43</span> </div></div><div class=\"c w1d8 h47\" style=\"left:-4.050377px; bottom:303.29877px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Derivati OTC - Spread option su tassi </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">swap </div></div><div class=\"c w1d9 h47\" style=\"left:146.55463px; bottom:303.29877px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Modello Lognormale </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">bivariato </div></div><div class=\"c w1da h47\" style=\"left:252.79062px; bottom:303.29877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Correlazione tra tassi swap </div></div><div class=\"c w1db h47\" style=\"left:370.12863px; bottom:303.29877px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-71,70 </div></div><div class=\"c w13f h47\" style=\"left:418.48862px; bottom:303.29877px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">71,04 </div></div><div class=\"c w1dc h47\" style=\"left:468.25262px; bottom:303.29877px;\"><div class=\"t m0 x9b h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:303.29877px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">0 </div></div><div class=\"c w1df h47\" style=\"left:562.2036px; bottom:303.29877px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-119.05823px;\"><div class=\"t m0 x0 h61 yd5c ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y48 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y3dc ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yd5d ff5 fs9 fc2 sc0 ls0 ws0\">A.4.2 Processi e sensibilit\u00e0 delle valutazioni   </div><div class=\"t m0 x0 h2 yd5e ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>descrizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>processi <span class=\"_ _2\"></span>valu<span class=\"_ _3\"></span>tativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>livelli <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>in <span class=\"_ _7\"> </span>manier<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 ye14 ff1 fs0 fc0 sc0 ls0 ws0\">ricorrente e non ricorre<span class=\"_ _0\"></span>nte, si rinvia a quant<span class=\"_ _0\"></span>o riportato, rispettiv<span class=\"_ _0\"></span>amente, nei parag<span class=\"_ _0\"></span>rafi A.4.1 e A.4.5.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yd5f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y30d ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>richiesto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>IFRS <span class=\"_ _5\"></span>13, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>evidenzia, <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _7\"> </span>fai<span class=\"_ _0\"></span>r </div><div class=\"t m0 x0 h2 yd60 ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>camb<span class=\"_ _3\"></span>iamento <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>osservabili <span class=\"_ _2\"></span>significativi <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 ya2a ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _16\"> </span>impiegate <span class=\"_ _7\"> </span>per  la <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value. <span class=\"_ _16\"> </span>Si <span class=\"_ _16\"> </span>precisa <span class=\"_ _16\"> </span>che  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alorizzati <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>oltanto <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>effetti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yd61 ff1 fs0 fc0 sc0 ls0 ws0\">complessivamente materia<span class=\"_ _0\"></span>li a fine esercizio. </div><div class=\"t m0 x0 h2 y96a ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1e0 h5f\" style=\"left:-4.050377px; bottom:116.99577px;\"><div class=\"t m0 x41 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0/passivit<span class=\"_ _3\"></span>\u00e0 finanziarie </div></div><div class=\"c w1e1 h5f\" style=\"left:203.4946px; bottom:116.99577px;\"><div class=\"t m0 x41 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Parametri non o<span class=\"_ _3\"></span>sservabili </div></div><div class=\"c w1e2 h5f\" style=\"left:459.5556px; bottom:116.99577px;\"><div class=\"t m0 x95 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Sensitivity<span class=\"_ _3\"></span> </div><div class=\"t m0 x88 ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">(migliaia di </div><div class=\"t m0 x48 ha y6ea ff5 fs4 fc2 sc0 ls0 ws0\">euro) </div></div><div class=\"c w1e3 h5f\" style=\"left:533.1876px; bottom:116.99577px;\"><div class=\"t m0 xb8 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Variazione </div><div class=\"t m0 xf ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">parametro </div><div class=\"t m0 x12 ha y6ea ff5 fs4 fc2 sc0 ls0 ws0\">non osservabile<span class=\"_ _3\"></span> </div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:97.49577px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:97.49577px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Credit spread </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:97.49577px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-576 </div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:97.49577px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 bp </div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:77.99577px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I  </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:77.99577px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">JD parameters<span class=\"_ _3\"></span> </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:77.99577px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">10</span> </div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:77.99577px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">1%<span class=\"ls0\"> </span></div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:58.495773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Titoli e Finanziam<span class=\"_ _3\"></span>enti FVTPL e FVTOC<span class=\"_ _3\"></span>I </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:58.495773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Correlazione<span class=\"_ _3\"></span> </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:58.495773px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:58.495773px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">1%<span class=\"ls0\"> </span></div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:38.995773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Derivati OTC - Eq<span class=\"_ _3\"></span>uity </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:38.995773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Correlazione tra s<span class=\"_ _3\"></span>ottostanti basket <span class=\"_ _3\"></span>equity </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:38.995773px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:38.995773px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10%<span class=\"ls0\"> </span></div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:19.495773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Derivati OTC - Eq<span class=\"_ _3\"></span>uity </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:19.495773px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Volatilit\u00e0 storica<span class=\"_ _3\"></span> </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:19.495773px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.076 </div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:19.495773px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10%<span class=\"ls0\"> </span></div></div><div class=\"c w1e0 h47\" style=\"left:-4.050377px; bottom:0.0009689331px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Derivati OTC - Eq<span class=\"_ _3\"></span>uity CPPI </div></div><div class=\"c w1e1 h47\" style=\"left:203.4946px; bottom:0.0009689331px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Correlazione storic<span class=\"_ _3\"></span>a </div></div><div class=\"c w1e2 h47\" style=\"left:459.5556px; bottom:0.0009689331px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">24</span> </div></div><div class=\"c w1e3 h47\" style=\"left:533.1876px; bottom:0.0009689331px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10%<span class=\"_ _90\"> </span><span class=\"ls0\"> </span></div></div>A.4.3. Gerarchia del fair value (trasferimenti tra i diversi livelli) Con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>descrizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>principi <span class=\"_ _5\"></span>adottati <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>stabilire <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>verificano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>diversi <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>della gerarchia del fair val<span class=\"_ _0\"></span>ue (cfr. IFRS 13, <span class=\"_ _0\"></span>par.95) si rimanda a qua<span class=\"_ _0\"></span>nto descritto in prec<span class=\"_ _0\"></span>edenza (cfr. \u201cGer<span class=\"_ _0\"></span>archia del fair value\u201d)<span class=\"_ _3\"></span><span class=\"ff1\">.<span class=\"ff5 fs9 fc2\"> </span></span>A.4.4. Altre informazioni Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>nette <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span>ascuna <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>CVA (per maggiori dettagli in merito alla valuta<span class=\"_ _0\"></span>zione dei derivati si rimanda al precede<span class=\"_ _0\"></span>nte paragrafo A.4.1). Il Gruppo non si avvale,<span class=\"_ _3\"></span> invece, per<span class=\"_ _3\"></span> altre <span class=\"_ _3\"></span>fattispecie, della <span class=\"_ _3\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>prevista dall\u2019IFRS <span class=\"_ _3\"></span>13, <span class=\"_ _3\"></span>par. <span class=\"_ _5\"></span>48, che <span class=\"_ _3\"></span>consente <span class=\"_ _3\"></span>di \u201cvalutare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>gruppo di  attivi<span class=\"_ _0\"></span>t\u00e0  e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _16\"> </span>finanziarie <span class=\"_ _16\"> </span>sulla  bas<span class=\"_ _0\"></span>e  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _16\"> </span>che  s<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  per<span class=\"_ _0\"></span>cepirebbe <span class=\"_ _16\"> </span>dalla  vendi<span class=\"_ _0\"></span>ta  di<span class=\"_ _0\"></span>  una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>osizione <span class=\"_ _16\"> </span>netta  lung<span class=\"_ _0\"></span>a (ossia <span class=\"ff4\">un\u2019attivit\u00e0) <span class=\"_ _7\"> </span>per  un<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>particolare <span class=\"_ _16\"> </span>esposizione <span class=\"_ _7\"> </span>al  ris<span class=\"_ _0\"></span>chio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>trasferim<span class=\"_ _3\"></span><span class=\"ff1\">ento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>posizione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>corta <span class=\"_ _16\"> </span>(ossia <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na </span></span>passivit\u00e0)  per  u<span class=\"_ _3\"></span>na  particolare  esposizione <span class=\"_ _1d\"> </span>al  rischio  in <span class=\"_ _1d\"> </span>una  regolare <span class=\"_ _1d\"> </span>operazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>tra  operatori  di <span class=\"_ _1d\"> </span>mercato  alla  d<span class=\"_ _3\"></span>ata  di valutazione, alle con<span class=\"_ _0\"></span>dizioni di mercato c<span class=\"_ _0\"></span>orrenti\u201d.<span class=\"ff1\"> </span>Principi generali Independent Price Ver<span class=\"_ _3\"></span>ification<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>indipendente <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi, <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _4\"></span><span class=\"lsc\">e </span>Regole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Verifica <span class=\"_ _7\"> </span>Indipendente <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _4\"> </span>documenti <span class=\"_ _7\"> </span>coordinati <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cura <span class=\"_ _16\"> </span>della <span class=\"_ _4\"> </span>Direzione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _4\"> </span>Market <span class=\"_ _7\"> </span>and Fi<span class=\"ls0\">nancial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>estende <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Gruppo </span>Bancario oggetto di co<span class=\"_ _0\"></span>nsolidamento.  Le <span class=\"_ _3\"></span>\u201cLinee <span class=\"_ _3\"></span>Guida d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Verifica Indipendente <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Prezzi\u201d, previo <span class=\"_ _3\"></span>parere <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Co<span class=\"_ _3\"></span>mitato Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo, sono </span>oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>revisione <span class=\"_ _7\"> </span>ed  a<span class=\"_ _0\"></span>pprovazione <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>frequenza <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>annuale  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>del  Consigli<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Amministrazione, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>il supporto del Comitato Rischi e Sos<span class=\"_ _3\"></span>tenibilit\u00e0. Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole di Verifica Indipendente dei Prezzi (Ind<span class=\"_ _3\"></span></span>ependent Price Verification) di I <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello\u201d sono <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>pprovazione con <span class=\"_ _3\"></span>frequenza almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Comitato Rischi <span class=\"_ _3\"></span>Finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ci\u00f2 <span class=\"_ _4\"></span>specificament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>delegato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _4\"></span>Organi <span class=\"_ _4\"></span>Amministrativ<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>esamina <span class=\"_ _4\"></span>altres\u00ec <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>inte<span class=\"_ _5\"></span>rventi <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aggiornamenti<span class=\"_ _35\"></span> materialmente rileva<span class=\"_ _0\"></span>nti, la cui proposta c<span class=\"_ _0\"></span>ompete alla Direzione <span class=\"_ _0\"></span>Centrale Market and Fin<span class=\"_ _0\"></span>ancial Risk Management<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> Secondo <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>575/2013 <span class=\"_ _5\"></span>(Capital<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Requirement <span class=\"_ _5\"></span>Regulatio<span class=\"_ _0\"></span>n <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _5\"></span>art. <span class=\"_ _2\"></span>4, <span class=\"_ _5\"></span>par. <span class=\"_ _5\"></span>1.70 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>105, par. <span class=\"_ _1d\"> </span>8  il <span class=\"_ _1d\"> </span>Gruppo  Intesa  Sanpaolo <span class=\"_ _1d\"> </span>disciplina  il  processo <span class=\"_ _1d\"> </span>di  verifica  Indipendente  dei <span class=\"_ _1d\"> </span>Prezzi  (<span class=\"_ _3\"></span>IPV <span class=\"_ _17\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Independent<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Price<span class=\"_ _0\"></span> Verification), <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>consiste <span class=\"_ _16\"> </span>nella <span class=\"_ _7\"> </span>verifica <span class=\"_ _16\"> </span>regolare <span class=\"_ _7\"> </span>dell'esattezza <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dell'indipendenz<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti<span class=\"_ _35\"></span> finanziari o dei<span class=\"_ _3\"></span> d<span class=\"ff4\">ati <span class=\"_ _3\"></span>immessi nei modelli di <span class=\"_ _3\"></span>pricing, effettuata da un\u2019unit\u00e0 organizzativa indipendente dalle funzioni <span class=\"_ _3\"></span>di business, </span>con frequenza commisur<span class=\"_ _0\"></span>ata all\u2019attivit\u00e0 di neg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ziazione svolta e <span class=\"_ _0\"></span>alla natura del merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha strutturato un p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>IPV <span class=\"_ _3\"></span>articolato su 3 livelli <span class=\"_ _3\"></span>di controllo coerentemente con quanto indicato dalla <span class=\"_ _6\"> </span>Circolare <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _6\"> </span>285/2013 <span class=\"_ _4\"> </span>(Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>igilanza <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>banche), <span class=\"_ _4\"> </span>recepita <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>Sistema <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>Controlli <span class=\"_ _6\"></span>Interni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Integrati, che <span class=\"_ _3\"></span>richiede l\u2019integrazione dei <span class=\"_ _3\"></span>processi di <span class=\"_ _5\"></span><span class=\"ff1\">gestione dei rischi <span class=\"_ _3\"></span>con i <span class=\"_ _3\"></span>processi e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>metodologie di v<span class=\"_ _3\"></span>alutazione, anche a </span>fini contabili, delle <span class=\"_ _0\"></span>attivit\u00e0 aziendali. In ambito IPV le funzio<span class=\"_ _0\"></span>ni di controllo di I, <span class=\"_ _0\"></span>II e III livello hann<span class=\"_ _0\"></span>o le seguenti respon<span class=\"_ _0\"></span>sabilit\u00e0 principali:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a  funzione <span class=\"_ _16\"> </span>di  controllo  di <span class=\"_ _16\"> </span>I  l<span class=\"_ _3\"></span>ivello  parte<span class=\"_ _0\"></span>cipa  alla <span class=\"_ _16\"> </span>definizione  del  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>adro  di  r<span class=\"_ _0\"></span>iferimento  met<span class=\"_ _0\"></span>odologico  ed <span class=\"_ _16\"> </span>effettua  le </span>implementazioni ed i c<span class=\"_ _0\"></span>ontrolli di I livello, <span class=\"_ _0\"></span>riportando gli esiti <span class=\"_ _0\"></span>al business e alle funzi<span class=\"_ _0\"></span>oni di controllo <span class=\"_ _0\"></span>di II livello;<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>II <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>definis<span class=\"_ _3\"></span><span class=\"ff4\">ce <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>controllo, <span class=\"_ _2\"></span>garantisc<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>l\u2019allineamento </span></span>con <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>normative <span class=\"_ _1d\"> </span>vigenti <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>coerenza <span class=\"_ _1d\"> </span>fra <span class=\"_ _1d\"> </span>controlli <span class=\"_ _1d\"> </span>IPV, <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>contabili <span class=\"_ _1d\"> </span>ed <span class=\"_ _17\"> </span>aggiustamenti  s<span class=\"_ _3\"></span>upplementari <span class=\"_ _1d\"> </span>di<span class=\"_ _0\"></span> valutazione <span class=\"_ _3\"></span>(AVA) <span class=\"_ _3\"></span>(effettuati, <span class=\"_ _3\"></span>rispettivamente, sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari al <span class=\"_ _5\"></span>Fair <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>Linee <span class=\"_ _6\"></span>Guida <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Valutazione <span class=\"_ _5\"></span>Prudente <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>Finanziari <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value) <span class=\"_ _5\"></span>supervisiona <span class=\"_ _5\"></span>i controlli di I livello <span class=\"_ _0\"></span>ed effettua i contr<span class=\"_ _0\"></span>olli di II livello; -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>effettua <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>interna, <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>violazioni <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _2\"></span>e </span>della <span class=\"_ _6\"> </span>regolamentazione <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutare <span class=\"_ _6\"></span>periodicamente <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>completezza, <span class=\"_ _5\"></span>l\u2019<span class=\"_ _3\"></span>adeguatezza, <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>funzionalit\u00e0 <span class=\"_ _5\"></span>(in <span class=\"_ _4\"> </span>termini <span class=\"_ _5\"></span>di efficienza ed <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffica<span class=\"ff4\">cia) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l\u2019affidabilit\u00e0 della <span class=\"_ _3\"></span>struttura o<span class=\"_ _3\"></span>rganizzativa delle <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>componenti del <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>interni e </span>del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a livello di Grupp<span class=\"_ _0\"></span>o, con cadenza prefissa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a in relazione alla <span class=\"_ _0\"></span>natura e all\u2019intensit\u00e0<span class=\"_ _0\"></span> dei rischi.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I controlli IPV di <span class=\"_ _3\"></span>I e I<span class=\"_ _3\"></span>I livello sono controlli di tipo qualitativo e quantitativo e si distinguono in base alla tipologia degli strumenti sottoposti a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>controllo. Si <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pplicano coerentemente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>input <span class=\"_ _3\"></span>sottostanti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>valutazioni, sia <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazioni s<span class=\"_ _5\"></span>tesse, <span class=\"_ _3\"></span>e garantiscono <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>contabili <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>sistemi. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _2\"></span>da completezza <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>adeguatezza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicazione, <span class=\"_ _5\"></span>assenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sovrapposizioni<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>complementariet\u00e0 <span class=\"_ _5\"></span>nell\u2019esecuzio<span class=\"_ _0\"></span>ne. Gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>PV <span class=\"_ _2\"></span>utilizzano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>possibile, <span class=\"_ _2\"></span>appositi <span class=\"_ _5\"></span>applicativi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _2\"></span>informatiche, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consentono analisi dati estensive<span class=\"_ _0\"></span> con frequenza anche gi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rnaliera. In partic<span class=\"_ _0\"></span>olare:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controlli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>volti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>validazione <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span><span class=\"ff4\">dati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>inseriti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basano <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>un\u2019analisi<span class=\"_ _35\"></span> </span></span>approfondita dei dati ottenuti da provider esterni. Nel caso in <span class=\"_ _3\"></span>cui, a seguito dei c<span class=\"_ _3\"></span>ontrolli di I livello, per il dato <span class=\"_ _3\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _3\"></span>nei sistemi <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gistri <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>superamento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>determinate <span class=\"_ _6\"></span>soglie, <span class=\"_ _4\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _2\"></span>omunque <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>dato <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>ritenuto <span class=\"_ _4\"></span>corretto <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"></span>di controllo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>I <span class=\"_ _2\"></span>livello, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>(challenge) <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>coinvolgimento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> controllo di II livell<span class=\"_ _0\"></span>o, compatibilmente con<span class=\"_ _0\"></span> il grado di comples<span class=\"_ _0\"></span>sit\u00e0 d<span class=\"_ _3\"></span>ella segnalazione;  -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>controlli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>caratterizzati da <span class=\"_ _3\"></span>sequenzialit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>complementariet\u00e0 nell\u2019esecuzione <span class=\"_ _3\"></span>rispetto a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>live<span class=\"_ _5\"></span></span>llo e </span>volti <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>l\u2019allineamento <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>valutazioni <span class=\"_ _7\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabili, <span class=\"_ _7\"> </span>basandosi <span class=\"_ _7\"> </span>su <span class=\"_ _16\"> </span>un\u2019analisi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprofon<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </span>consenso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultassero <span class=\"_ _3\"></span>disponibili, <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>applicazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>icing <span class=\"_ _3\"></span>associati ai rispettivi strumenti.  Le <span class=\"_ _4\"> </span>risultanze <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _4\"> </span>IPV <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>analizzate, <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>coordinate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Tavolo <span class=\"_ _4\"> </span>Valutaz<span class=\"_ _2\"></span>ioni <span class=\"_ _4\"> </span>Finanziarie, <span class=\"_ _4\"> </span>organo <span class=\"_ _4\"> </span>tecnico appositamente <span class=\"_ _6\"> </span>costituito, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>l\u2019obiettivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>favorire <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019integrazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>ed <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>confronto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>business <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>funzion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _6\"></span>di </span>controllo.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-389.9016px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">Principi generali prudent value<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc0 sc0 ls0 ws0\">Il quadro <span class=\"_ _3\"></span>delle valutazioni <span class=\"_ _3\"></span>finanziarie si completa con <span class=\"_ _3\"></span>la Valutazione Prudente delle p<span class=\"_ _3\"></span>oste valutate al f<span class=\"_ _3\"></span>air value, che <span class=\"_ _3\"></span>prevede il </div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">calcolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ettifiche <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>valutazioni, <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>soli <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>prudenziali <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>impatti s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>calcolato <span class=\"_ _3\"></span>ai<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>fini <span class=\"_ _3\"></span>contabili </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">in accordo con i principi IFRS<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>disciplina <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>formalizza <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>prudente <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _2\"></span>attraverso <span class=\"_ _5\"></span>le<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y416 ff1 fs0 fc0 sc0 ls0 ws0\">Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Regole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Valutazione <span class=\"_ _2\"></span>Prudente <span class=\"_ _2\"></span>Strumenti <span class=\"_ _2\"></span>Finanziari <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>documento <span class=\"_ _2\"></span>predispos<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>cura </div><div class=\"t m0 x0 h2 y417 ff1 fs0 fc0 sc0 ls0 ws0\">della Direzione <span class=\"_ _3\"></span>Centrale Market and <span class=\"_ _3\"></span>Financial Risk <span class=\"_ _3\"></span>Management e <span class=\"_ _3\"></span>la cui <span class=\"_ _3\"></span>applicazione si estende <span class=\"_ _3\"></span>alla Capogruppo e <span class=\"_ _3\"></span>a tutte <span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\">controllate appartenent<span class=\"_ _0\"></span>i al Gruppo Banc<span class=\"_ _0\"></span>ario oggetto di consoli<span class=\"_ _35\"></span>damento. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y419 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Valutazione <span class=\"_ _6\"></span>Prudente <span class=\"_ _6\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d, <span class=\"_ _4\"> </span>previo <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>favorevole <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Co<span class=\"_ _3\"></span>mitato <span class=\"_ _6\"> </span>Rischi <span class=\"_ _4\"> </span>Finanziari <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, sono oggetto di revi<span class=\"_ _0\"></span>sione ed approvazione con freq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>enza almeno annual<span class=\"_ _0\"></span>e da parte del Consiglio di Amminist<span class=\"_ _0\"></span>razione, </div><div class=\"t m0 x0 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>supporto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Comitato <span class=\"_ _7\"> </span>Rischi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Sostenibilit\u00e0. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"ff4\">\u201cRegole <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Valutazione <span class=\"_ _7\"> </span>Prudente <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _7\"> </span>Strumenti <span class=\"_ _4\"> </span>Finanziari\u201d <span class=\"_ _7\"> </span>sono </span></div><div class=\"t m0 x0 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>revisione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>approvazione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>frequenza <span class=\"_ _3\"></span>almeno <span class=\"_ _3\"></span>annuale <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2 </div><div class=\"t m0 x0 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">specificatamente <span class=\"_ _4\"> </span>delegato <span class=\"_ _7\"> </span>dagli <span class=\"_ _4\"> </span>Organi <span class=\"_ _7\"> </span>Amministrativi, <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>samina <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>tres\u00ec  gli <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>aggiornamenti <span class=\"_ _7\"> </span>materialmente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y41e ff1 fs0 fc0 sc0 ls0 ws0\">rilevanti, la cui pro<span class=\"_ _0\"></span>posta compete alla Dir<span class=\"_ _0\"></span>ezione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _0\"></span>k Management.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y41f ff1 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(Capital <span class=\"_ _5\"></span>Requirement <span class=\"_ _2\"></span>Regulation <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>CRR), <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>prudente </div><div class=\"t m0 x0 h2 y140 ff1 fs0 fc0 sc0 ls0 ws0\">comporta <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifiche <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>supplementari <span class=\"_ _2\"></span>(Additional <span class=\"_ _2\"></span>Valuation <span class=\"_ _2\"></span>Adjustment <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>AVA) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti </div><div class=\"t m0 x0 h2 y141 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value, <span class=\"_ _5\"></span>vo<span class=\"_ _3\"></span>lti <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>intercettare <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>fonti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>incertezza <span class=\"_ _5\"></span>valutativa <span class=\"_ _6\"></span>garantendo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>raggiungimento <span class=\"_ _7\"> </span>di <span class=\"_ _6\"></span>un </div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc0 sc0 ls0 ws0\">adeguato <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>posizioni. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>AVA <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>detratto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>primario<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y421 ff1 fs0 fc0 sc0 ls0 ws0\">classe 1, senza imp<span class=\"_ _0\"></span>atto sul fair value <span class=\"_ _0\"></span>contabile. </div><div class=\"t m0 x0 h2 y422 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>criteri i<span class=\"_ _3\"></span>ndicati nel <span class=\"_ _2\"></span>Regolamen<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(UE) 2<span class=\"_ _3\"></span>016/101, \u00e8 <span class=\"_ _2\"></span>soggetto all\u2019applicazione </span></div><div class=\"t m0 x0 h2 y423 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>degli <span class=\"_ _4\"></span>AVA <span class=\"_ _5\"></span>sia <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>individuale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>consolidato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>osizioni<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y424 ff1 fs0 fc0 sc0 ls0 ws0\">valutate al fair value.<span class=\"_ _0\"></span> In particolare sono <span class=\"_ _0\"></span>considerati i seguenti A<span class=\"_ _35\"></span>VA:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y425 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>ncertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato: <span class=\"_ _1d\"> </span>rappresenta <span class=\"_ _1d\"> </span>l'incertezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>quotazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>calcolato <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>livello <span class=\"_ _1d\"> </span>di </span></div><div class=\"t m0 x2a h2 y426 ff1 fs0 fc0 sc0 ls0 ws0\">esposizione oggetto <span class=\"_ _0\"></span>di valutazione; </div><div class=\"t m0 x0 h2 y427 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti di chiusura: r<span class=\"_ _0\"></span>appresenta l'incerte<span class=\"_ _0\"></span>zza del prezzo di uscit<span class=\"_ _0\"></span>a calcolato a livell<span class=\"_ _0\"></span>o di esposizione <span class=\"_ _0\"></span>oggetto<span class=\"_ _2\"></span> di valutazione; </span></div><div class=\"t m0 x0 h2 y428 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi di modello: tiene conto del<span class=\"_ _0\"></span> rischio del modello di valutazione che deriva dalla pote<span class=\"_ _0\"></span>nziale esistenza di una gamma di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y429 ff1 fs0 fc0 sc0 ls0 ws0\">diversi modelli o<span class=\"_ _3\"></span> calibrature di <span class=\"_ _3\"></span>modelli utilizzati <span class=\"_ _3\"></span>dai partecipanti al <span class=\"_ _3\"></span>mercato e <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>mancanz<span class=\"_ _0\"></span>a d<span class=\"_ _3\"></span>i un <span class=\"_ _3\"></span>prezzo di <span class=\"_ _6\"></span>uscita solido </div><div class=\"t m0 x2a h2 y42a ff1 fs0 fc0 sc0 ls0 ws0\">per il prodotto spe<span class=\"_ _0\"></span>cifico in fase di valut<span class=\"_ _0\"></span>azione; </div><div class=\"t m0 x0 h2 y42c ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>d<span class=\"_ _3\"></span>ifferenziali <span class=\"_ _26\"> </span>creditizi <span class=\"_ _26\"> </span>non <span class=\"_ _26\"> </span>r<span class=\"_ _3\"></span>ealizzati: <span class=\"_ _26\"> </span>rappresenta <span class=\"_ _26\"> </span>l'incertezza <span class=\"_ _26\"> </span>della <span class=\"_ _26\"> </span>valutazione <span class=\"_ _26\"> </span>nell'aggiustamento <span class=\"_ _26\"> </span>necessario </span></div><div class=\"t m0 x2a h2 y2b8 ff1 fs0 fc0 sc0 ls0 ws0\">conformemente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>disciplina <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>applicabile, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>includere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>va<span class=\"_ _2\"></span>lore <span class=\"_ _6\"></span>attuale <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>perdite <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttese <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y42f ff1 fs0 fc0 sc0 ls0 ws0\">default della controp<span class=\"_ _0\"></span>arte riguardo a po<span class=\"_ _0\"></span>sizioni su derivati; </div><div class=\"t m0 x0 h2 y430 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>finanziamento: <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>l'incertezza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>costi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _5\"></span>(funding) </span></div><div class=\"t m0 x2a h2 y432 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzati in sede di v<span class=\"_ _0\"></span>alutazione del prezzo di uscita c<span class=\"_ _0\"></span>onformemente alla disc<span class=\"_ _0\"></span>iplina contabile ap<span class=\"_ _0\"></span>plicabile;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y433 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">p<span class=\"_ _3\"></span>osizioni concentr<span class=\"_ _0\"></span>ate: rappresenta l\u2019in<span class=\"_ _0\"></span>certezza relativa al <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rezzo di uscita d<span class=\"_ _0\"></span>elle posizioni definit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> come concentrat<span class=\"_ _0\"></span>e;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y434 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>osti a<span class=\"_ _3\"></span>mministrativi futuri: considera <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi amministra<span class=\"_ _3\"></span>tivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>futuri <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>di copertura <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>la vita <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>delle e<span class=\"_ _3\"></span>sposizion<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x2a h2 y435 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto di valutazi<span class=\"_ _0\"></span>one per le quali non \u00e8 applic<span class=\"_ _0\"></span>ato un prezzo di <span class=\"_ _0\"></span>uscita diretto per gli AV<span class=\"_ _0\"></span>A per le posizioni<span class=\"_ _0\"></span> concentrate;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y436 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>c<span class=\"_ _3\"></span>hiusure anticipate delle p<span class=\"_ _3\"></span>osizioni: considera le <span class=\"_ _3\"></span>potenziali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>perdite derivanti dalle <span class=\"_ _3\"></span>chiusure anticipate non contrattuali <span class=\"_ _3\"></span>delle </span></div><div class=\"t m0 x2a h2 y437 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni di negoziaz<span class=\"_ _0\"></span>ione dei clienti; </div><div class=\"t m0 x0 h2 y438 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>operativi: <span class=\"_ _2\"></span>considera <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>potenziali <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>sostenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>ai </span></div><div class=\"t m0 x2a h2 y29c ff1 fs0 fc0 sc0 ls0 ws0\">processi di valutazio<span class=\"_ _0\"></span>ne. </div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 lsd ws0\">Il<span class=\"ls0\"> <span class=\"_ _3\"></span><span class=\"ff4\">valore <span class=\"_ _2\"></span>prudente <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uscita <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>izione <span class=\"_ _3\"></span>(\u201cexit <span class=\"_ _3\"></span>price\u201d) <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>certezza <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>90%. <span class=\"_ _2\"></span>Laddov<span class=\"_ _5\"></span></span><span class=\"lsc\">e </span></span></div><div class=\"t m0 x0 h2 y43a ff1 fs0 fc0 sc0 ls0 ws0\">possibile, <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>stribuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>exit <span class=\"_ _2\"></span>price <span class=\"_ _3\"></span>osservati <span class=\"_ _2\"></span>sul <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>rcato. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span>tri <span class=\"_ _2\"></span>casi </div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\">viene utilizzato un appr<span class=\"_ _0\"></span>occio basato s<span class=\"_ _0\"></span>u esperti, facendo rif<span class=\"_ _0\"></span>erimento alle inform<span class=\"_ _0\"></span>azioni qualitative <span class=\"_ _0\"></span>e quantitative disp<span class=\"_ _0\"></span>onibili<span class=\"_ _5\"></span><span class=\"lsd\">. </span> </div><div class=\"t m0 x0 h2 y43d ff1 fs0 fc0 sc0 ls0 ws0\">Il valore di AVA associato all<span class=\"_ _0\"></span>a singola posizione ed all<span class=\"_ _0\"></span>a singola fonte di incert<span class=\"_ _0\"></span>ezza valutativa corrisponde qui<span class=\"_ _0\"></span>ndi alla d<span class=\"_ _2\"></span>ifferenza </div><div class=\"t m0 x0 h32 y29e ff4 fs0 fc0 sc0 ls0 ws0\">fra <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>prudente <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>\u2019AVA <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ottiene <span class=\"_ _4\"> </span>aggregando <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>singoli <span class=\"_ _4\"> </span>AVA <span class=\"_ _4\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>corrispondenti </div><div class=\"t m0 x0 h2 y43f ff1 fs0 fc0 sc0 ls0 ws0\">coefficienti di ponder<span class=\"_ _0\"></span>azione.  </div><div class=\"t m0 x0 h2 y440 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>\u201cRegole <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Valutazione Prudente <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Strumenti <span class=\"_ _3\"></span>Finanziari\u201d declinano, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>AVA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione ed <span class=\"_ _2\"></span>interpretazio<span class=\"_ _0\"></span>ne, </span></div><div class=\"t m0 x0 h2 y441 ff1 fs0 fc0 sc0 ls0 ws0\">il perimetro di applic<span class=\"_ _0\"></span>azione, i dati di input <span class=\"_ _0\"></span>e la metodologia <span class=\"_ _0\"></span>dettagliata di calcolo p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r ciascuna classe di<span class=\"_ _0\"></span> strumenti finanz<span class=\"_ _2\"></span>iari. </div><div class=\"t m0 x0 h2 y442 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1111 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y444 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y445 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>FAIR VA<span class=\"_ _0\"></span>LUE DEL P<span class=\"_ _35\"></span>ATR<span class=\"_ _3\"></span>IMO<span class=\"_ _0\"></span>NIO IMMO<span class=\"_ _0\"></span>BILIARE E <span class=\"_ _35\"></span>DEL PATRIMONIO<span class=\"_ _0\"></span> ARTIS<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ICO DI P<span class=\"_ _0\"></span>REGIO Fair value del patrimonio immobiliare<span class=\"_ _3\"></span> Come <span class=\"_ _1c\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>ampiamente <span class=\"_ _18\"> </span>il<span class=\"_ _3\"></span>lustrato <span class=\"_ _18\"> </span>nella <span class=\"_ _1c\"> </span>prima <span class=\"_ _18\"> </span>parte <span class=\"_ _1c\"> </span>relativa<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>alle <span class=\"_ _18\"> </span>politiche <span class=\"_ _1c\"> </span>contabili, <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>adotta <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>criterio <span class=\"_ _18\"> </span>della rideterminazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _2\"></span>funzionale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontabilizzat<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>principio IAS 16 e del fair value <span class=\"_ _0\"></span>per gli immobili di <span class=\"_ _0\"></span>investimento contabili<span class=\"_ _0\"></span>zzati in base al <span class=\"_ _0\"></span>principio IAS 40.<span class=\"_ _3\"></span> Metodologia di valutazion<span class=\"_ _0\"></span>e del patrimonio immobilia<span class=\"_ _0\"></span>re  Il <span class=\"_ _3\"></span>metodo della rideterminazione del <span class=\"_ _3\"></span>valore applicato agli <span class=\"_ _3\"></span>immobili ad uso <span class=\"_ _3\"></span>funzionale prevede <span class=\"_ _3\"></span>che le <span class=\"_ _3\"></span>attivit\u00e0 materiali, il <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>ui fa<span class=\"_ _3\"></span>ir value <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attendibilment<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>determinato, <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>iscritte <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ideterminato, <span class=\"_ _3\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _7\"> </span>della rideterminazione di val<span class=\"_ _0\"></span>ore al netto degli amm<span class=\"_ _0\"></span>ortamenti e dell<span class=\"_ _0\"></span>e eventuali perdit<span class=\"_ _0\"></span>e per riduzione di <span class=\"_ _0\"></span>valore accumulate. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>immobili <span class=\"_ _2\"></span>detenuti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>scelto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value<span class=\"_ _5\"></span><span class=\"ls12\">, </span>secondo il quale, succ<span class=\"_ _0\"></span>essivamente alla rile<span class=\"_ _0\"></span>vazione iniziale, t<span class=\"_ _0\"></span>utti gli investimenti imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari sono valutat<span class=\"_ _0\"></span>i al fair value.<span class=\"_ _2\"></span> Approccio valutativo L\u2019IFRS <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>\"il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>percepirebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aghe<span class=\"_ _5\"></span><span class=\"ff1\">rebbe <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il </span>trasferimento di una pa<span class=\"_ _0\"></span>ssivit\u00e0 in una regola<span class=\"_ _0\"></span>re operazione tra en<span class=\"_ _0\"></span>tit\u00e0 operanti sul mer<span class=\"_ _0\"></span>cato alla data di v<span class=\"_ _0\"></span>alutazione\".<span class=\"_ _2\"></span> L\u2019approccio va<span class=\"_ _3\"></span>lutativo \u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>definito s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valenza <span class=\"_ _3\"></span>strumentale e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>immobili, <span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span><span class=\"ff1\">possono </span>essere individuati <span class=\"_ _0\"></span>secondo tre gruppi princi<span class=\"_ _0\"></span>pali:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201ctrophy asset\u201d, <span class=\"_ _3\"></span></span>ovvero <span class=\"_ _3\"></span>gli immobili di <span class=\"_ _3\"></span>particolare prestigio u<span class=\"_ _3\"></span>tilizzati da funzioni <span class=\"_ _3\"></span>Direzionali ubicati nelle <span class=\"_ _3\"></span>principali citt\u00e0 <span class=\"_ _3\"></span>sede </span>della Banca oppure di <span class=\"_ _0\"></span>particolare inter<span class=\"_ _0\"></span>esse storico artistico p<span class=\"_ _0\"></span>erc<span class=\"_ _3\"></span>h\u00e9 vincolati dal Ministero p<span class=\"_ _0\"></span>er i Beni e le Attivi<span class=\"_ _0\"></span>t\u00e0 Culturali<span class=\"_ _3\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cstrumentali\u201d;</span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">\u201cnon strumentali\u201d.</span> </span>Le <span class=\"_ _2\"></span>propriet\u00e0 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>individualmente <span class=\"_ _3\"></span>(\u201casset <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>asset\u201d) <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>alcuno <span class=\"_ _2\"></span>sconto, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>premio, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possa <span class=\"_ _2\"></span>essere negoziato in fase di t<span class=\"_ _0\"></span>rattativa commerciale se tutto, o par<span class=\"_ _0\"></span>te del portafoglio, ve<span class=\"_ _0\"></span>nisse ceduto in bl<span class=\"_ _0\"></span>occo o per lotti. Il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo  ha  scelt<span class=\"_ _0\"></span>o  di  affidare  l\u2019atti<span class=\"_ _0\"></span>vit\u00e0  di  valutazion<span class=\"_ _0\"></span>e  a  Societ\u00e0  estern<span class=\"_ _0\"></span>e  con  struttura  i<span class=\"_ _0\"></span>nternazionale, professionalmente <span class=\"_ _6\"></span>qualificate, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>fornire <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _4\"></span>immobiliari <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"></span>standard <span class=\"_ _6\"></span>RICS <span class=\"_ _4\"> </span>Valuation<span class=\"_ _90\"> </span>87 <span class=\"_ _4\"> </span>che garantiscono: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>una determinazione <span class=\"_ _0\"></span>del valore coerente <span class=\"_ _0\"></span>con la configurazion<span class=\"_ _0\"></span>e di fair value indi<span class=\"_ _0\"></span>cata nei principi c<span class=\"_ _0\"></span>ontabili internazionali<span class=\"_ _0\"></span>;<span class=\"_ _2\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>professionali, <span class=\"_ _3\"></span>etici <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>indipendenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>periti, <span class=\"_ _2\"></span>allineati <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>internazionali </span>ed europei. Per <span class=\"_ _5\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>beni <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tilizzate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>metodologie <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>delle caratteristiche <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>ndizioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento; <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valutatore <span class=\"_ _5\"></span>determina <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>metodo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>idoneo <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>ogni<span class=\"_ _0\"></span> singolo immobile.  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Flussi di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>Attualizzati (<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>Discounted <span class=\"_ _3\"></span>Cash Flow): <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>metodo reddituale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>finanziario (o <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa </span>attualizzati) <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>basato <span class=\"_ _4\"></span><span class=\"ff4\">sull\u2019attuali<span class=\"_ _0\"></span>zzazione <span class=\"_ _6\"></span>(per <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>variabile <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"> </span>locativa/occupazional<span class=\"_ _0\"></span>e </span>dell\u2019immobile <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>alla <span class=\"_ _6\"></span>successiva <span class=\"_ _5\"></span>ottimizzazione) <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>futuri <span class=\"_ _5\"></span>ricavi <span class=\"_ _6\"></span>netti <span class=\"_ _6\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019affitto <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>endita <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>propriet<span class=\"_ _5\"></span><span class=\"ff1\">\u00e0. </span>Al<span class=\"ls0\"> termine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>periodo<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>ipotizza <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>propriet\u00e0 <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>venduta <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _4\"></span>capitalizzando<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il </span>reddito <span class=\"_ _4\"> </span>dell\u2019ultimo <span class=\"_ _6\"> </span>anno <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>investimenti <span class=\"_ _6\"> </span>analoghi <span class=\"_ _4\"> </span>all\u2019oggetto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>attraverso <span class=\"_ _6\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>vendit<span class=\"_ _0\"></span>a frazionata. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>metodo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>utilizzato <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutti <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobili <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _4\"> </span>strumentalmente <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di contratto di locazion<span class=\"_ _0\"></span>e verso terzi, ubicati in <span class=\"_ _0\"></span>Italia. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo <span class=\"_ _2\"></span>Comparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Mercato: <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omparativo <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asato <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>confronto <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esame <span class=\"_ _2\"></span>e </span>altri <span class=\"_ _20\"> </span>simili <span class=\"_ _1c\"> </span>recentemente <span class=\"_ _20\"> </span>ogge<span class=\"_ _0\"></span>tto <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>compravendita <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>correntemente <span class=\"_ _1c\"> </span>o<span class=\"_ _3\"></span>fferti <span class=\"_ _1c\"> </span>sullo <span class=\"_ _20\"> </span>stesso <span class=\"_ _1c\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>piazze<span class=\"_ _0\"></span> concorrenziali. Il <span class=\"_ _3\"></span>suddetto criterio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>basa sulla <span class=\"_ _3\"></span>comparazione con <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>che siano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>vendute od <span class=\"_ _3\"></span>offerte <span class=\"_ _3\"></span>di recente sul libero mercato e, possibilmente, aventi le medesime caratteristic<span class=\"_ _0\"></span>he. In mancanza di osservazioni direttam<span class=\"_ _0\"></span>ente riferibil<span class=\"_ _0\"></span>i alla <span class=\"_ _3\"></span>propriet\u00e0 in <span class=\"_ _3\"></span>esame <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorre a <span class=\"_ _3\"></span>cas<span class=\"_ _3\"></span>istiche il <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>possibile assimilabili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stessa, apportando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>necessarie <span class=\"_ _3\"></span>correzion<span class=\"_ _2\"></span><span class=\"ls13\">i. </span>Questo metodo, <span class=\"_ _3\"></span>rappresentando la <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli altri <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>di va<span class=\"_ _3\"></span>lutazione, pu\u00f2 essere <span class=\"_ _3\"></span>adottato in <span class=\"_ _3\"></span>particolare per i beni non in uso strume<span class=\"_ _0\"></span>ntale e/o comunq<span class=\"_ _0\"></span>ue liberi e disponibili <span class=\"_ _0\"></span>ubicati in Italia <span class=\"_ _0\"></span>e all\u2019estero.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Metodo Reddituale della <span class=\"_ _3\"></span>capitalizzazione diretta: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>metodo reddituale \u00e8 basa<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>sul valore corrente <span class=\"_ _3\"></span>dei redditi potenziali di </span>mercato <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>una <span class=\"_ _18\"> </span>propriet\u00e0, <span class=\"_ _18\"> </span>ottenuto <span class=\"_ _18\"> </span>capitalizzando <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>reddito <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>un <span class=\"_ _18\"> </span>tasso <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>mercato. <span class=\"_ _17\"> </span>Tale <span class=\"_ _18\"> </span>metodo <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>pplicato prevalentemente ad imm<span class=\"_ _0\"></span>obili strumentali al<span class=\"_ _0\"></span>l\u2019estero, in cui si pre<span class=\"_ _0\"></span>veda una permanenza<span class=\"_ _0\"></span> prolungata al<span class=\"_ _2\"></span>l\u2019interno dell\u2019<span class=\"_ _0\"></span>edificio.<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Valore di Investimento \u201cWorth\u201d: il</span> <span class=\"_ _3\"></span><span class=\"ff4\">Valore di Investimento o \u201cWorth\u201d \u00e8 definito dagli International Valuation Standard come:<span class=\"_ _0\"></span> </span></span>\u201cthe value of an asset to a p<span class=\"_ _3\"></span>articular owner or prospective owner for individual investment<span class=\"_ _0\"></span> or operational <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bjectives\u201d. <span class=\"ff1\">Tale<span class=\"_ _0\"></span> </span>definizione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>coerente <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>disposto <span class=\"_ _2\"></span>dell\u2019ultima <span class=\"_ _3\"></span>edizione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>\u201cRICS <span class=\"_ _2\"></span>Valuation <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Global <span class=\"_ _2\"></span>Standards <span class=\"_ _3\"></span>2022\u201d <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Royal Institution <span class=\"_ _3\"></span>of <span class=\"_ _2\"></span>Chartered <span class=\"_ _2\"></span>Surveyors <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Regno <span class=\"_ _2\"></span>Unito, <span class=\"_ _3\"></span>dove <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Investimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>\u201cil <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ben<span class=\"_ _5\"></span><span class=\"ff1\">e, </span>per il proprietario o p<span class=\"_ _0\"></span>er un potenziale pro<span class=\"_ _0\"></span>prietario, correlato a<span class=\"_ _0\"></span>d un determinato fin<span class=\"_ _0\"></span>e d\u2019investiment<span class=\"_ _0\"></span>o od obiettivo operativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>nvestimento <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>applicabile <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>quegli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>edificati <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>proprio <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>immobili <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forte <span class=\"_ _4\"> </span>connotazione strume<span class=\"ff4\">ntale soggetti a sign<span class=\"_ _0\"></span>ificativi investime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti per l\u2019adeguame<span class=\"_ _0\"></span>nto tecnologico, costru<span class=\"_ _0\"></span>ttivo e funzionale. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Vbalore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Investimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>immobili <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>uso <span class=\"_ _5\"></span>strumentale <span class=\"_ _5\"></span>per 12+6 anni senza break option, il<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui canone annuo viene determinato applicando un opportuno tasso <span class=\"_ _3\"></span>di rendimento lordo all\u2019ammontare dei cost<span class=\"_ _0\"></span>i diretti e indiretti c<span class=\"_ _0\"></span>apitalizzati dalla Pro<span class=\"_ _0\"></span>priet\u00e0 comprensivi dei <span class=\"_ _0\"></span>costi di acquist<span class=\"_ _0\"></span>o del terreno. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>ella v<span class=\"_ _3\"></span>alutazione, se <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dove r<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>levante, le <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>anche considerazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sostenibilit\u00e0, connesse a <span class=\"_ _4\"> </span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cambiamento <span class=\"_ _4\"> </span>climatico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>efficienza <span class=\"_ _4\"></span>energetica <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>legati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>eventuali <span class=\"_ _7\"> </span>legislazioni <span class=\"_ _4\"></span>specifiche <span class=\"_ _4\"> </span>(ad<span class=\"_ _2\"></span> esempio, <span class=\"_ _2\"></span>configurazione, <span class=\"_ _2\"></span>accessibilit\u00e0, <span class=\"_ _2\"></span>...). <span class=\"_ _5\"></span>Ad <span class=\"_ _6\"></span>oggi, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>apportato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiustamenti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostanziali <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>il cambiamento climatic<span class=\"_ _0\"></span>o oltre a quelli gi<span class=\"_ _0\"></span>\u00e0 apprezzati dagli in<span class=\"_ _0\"></span>dicatori rilevabili n<span class=\"_ _0\"></span>el mercato di riferim<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ffa fc2\"> </span><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-89.855896px;\"><div class=\"t m0 x0 h2d y278 ff1 fsf fc0 sc0 ls1c ws0\">87</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-89.855896px;\"><div class=\"t m0 x47 h2e y279 ff1 fsa fc0 sc0 ls0 ws0\"> <span class=\"fs4\">Standard contenuti <span class=\"_ _3\"></span><span class=\"ff4\">nel docume<span class=\"_ _3\"></span>nto della Royal Instit<span class=\"_ _3\"></span>ution of Charter<span class=\"_ _3\"></span>ed Surveyors <span class=\"_ _3\"></span>del Regno Unit<span class=\"_ _3\"></span>o intitolato \u201cRICS V<span class=\"_ _3\"></span>aluation <span class=\"_ _3\"></span>\u2013</span> <span class=\"ff4\">Gl<span class=\"_ _3\"></span>obal Standard\u201d </span></span></div><div class=\"t m0 x0 h11 y27a ff4 fs4 fc0 sc0 ls0 ws0\">(anche detto \u201cRed B<span class=\"_ _3\"></span>ook\u201d): la versi<span class=\"_ _3\"></span>one aggiornata \u00e8 s<span class=\"_ _3\"></span>tata emessa <span class=\"_ _3\"></span>a novembre <span class=\"_ _3\"></span>2021 ed \u00e8 efficac<span class=\"_ _3\"></span>e dal 31 gennai<span class=\"_ _3\"></span>o 2022<span class=\"_ _3\"></span><span class=\"ff1 fs6\"> </span></div></div>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Le rideterminazioni di valore <span class=\"_ _3\"></span>devono essere effettuate con regolarit\u00e0 tale da assicurare che il valore contabile non differisca in modo rilevante da quel<span class=\"_ _0\"></span>lo che sarebbe st<span class=\"_ _0\"></span>ato determinato utilizz<span class=\"_ _35\"></span>ando <span class=\"_ _3\"></span>il fair valu<span class=\"_ _0\"></span>e alla data di riferi<span class=\"_ _0\"></span>mento del bilancio.<span class=\"_ _3\"></span> La  frequenza  delle  ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azioni  del  valore  dipe<span class=\"_ _0\"></span>nde  dalle  oscillazio<span class=\"_ _0\"></span>ni  di  fair  value  delle<span class=\"_ _0\"></span>  attivit\u00e0  materiali  oggetto  d<span class=\"_ _0\"></span>i rivalutazione. <span class=\"_ _7\"> </span>Quando <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _7\"> </span>rivalutata <span class=\"_ _7\"> </span>differisce <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>rilevante <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>suo <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontabile, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>richies<span class=\"_ _2\"></span><span class=\"ff1\">ta </span>un\u2019u<span class=\"ff1\">lteriore ridetermin<span class=\"_ _0\"></span>azione del valore.  </span>In <span class=\"_ _3\"></span>dettaglio, sulla <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>dell\u2019andamento fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>mercati, \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>individuata una<span class=\"_ _3\"></span> differente <span class=\"_ _3\"></span>periodicit\u00e0 d<span class=\"_ _3\"></span>i valut<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>che <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>funzione  delle  caratteristiche  d<span class=\"_ _3\"></span>ei <span class=\"_ _1d\"> </span>beni  e <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>loro  localizzazione,  s<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>ritien<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>funzionale  a <span class=\"_ _1d\"> </span>cogliere  le <span class=\"_ _1d\"> </span>variazioni significative del valor<span class=\"_ _0\"></span>e dei beni stessi. Per gli immobili cl<span class=\"_ _0\"></span>assificati come immobili ad u<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o funzionale vien<span class=\"_ _0\"></span>e effettuata la segue<span class=\"_ _0\"></span>nte distinzione:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4 fs0\">per  gli <span class=\"_ _1d\"> </span>immobili  cosiddetti  \u201ctrophy  asset\u201d,  la  r<span class=\"_ _3\"></span>ideterminazi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _1d\"> </span>effett<span class=\"_ _3\"></span><span class=\"ff1\">uata <span class=\"_ _1d\"> </span>mediante  una  verifica  del  valore  svolta </span></span></span>attraverso una analisi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i scenario (analis<span class=\"_ _0\"></span>i del trend di mercat<span class=\"_ _0\"></span>o) ogni anno e con u<span class=\"_ _0\"></span>na nuova perizia <span class=\"_ _0\"></span>ogni due anni;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">per quanto concerne gli altri <span class=\"_ _3\"></span>immobili ad uso strumentale, la rideterminazione \u00e8 effettuata con <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019analisi d<span class=\"_ _3\"></span>i scenario (analisi<span class=\"_ _0\"></span> </span></span></span>del trend di mercato) ogn<span class=\"_ _0\"></span>i anno e tramite u<span class=\"_ _0\"></span>na nuova perizi<span class=\"_ _0\"></span>a ogni tre anni.<span class=\"_ _3\"></span> Qualora <span class=\"_ _2\"></span>dall\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>engano <span class=\"_ _2\"></span>riscontrate <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>t\u00e0 <span class=\"_ _2\"></span>(+/<span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>10%), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ecessario <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>perizie </span>puntuali e aggiornate per adeg<span class=\"_ _0\"></span>uare il fair value<span class=\"_ _0\"></span> del bene alle val<span class=\"_ _0\"></span>utazioni del mercato <span class=\"_ _0\"></span>immobiliare.<span class=\"_ _3\"></span> Per gli immobili destin<span class=\"_ _0\"></span>ati a scopo di in<span class=\"_ _0\"></span>vestimento il valore <span class=\"_ _0\"></span>viene determinato sull<span class=\"_ _0\"></span>a base di nuove perizie<span class=\"_ _0\"></span> ogni anno.<span class=\"_ _2\"></span> Sulla <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>regole <span class=\"_ _4\"> </span>richiamate, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>ogg<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>valutazione <span class=\"_ _4\"></span>periodica <span class=\"_ _4\"></span>gli <span class=\"_ _4\"></span>immobili <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _4\"></span>investiment<span class=\"_ _35\"></span>o unitamente <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>immobili ad <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>strumentale che, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>dell\u2019analisi di <span class=\"_ _3\"></span>scenario, <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>evidenziato v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _3\"></span>rispetto a<span class=\"_ _6\"></span><span class=\"ff1\">lla </span>soglia definita. Analisi di scenario Nell\u2019ambito <span class=\"_ _1d\"> </span>dell\u2019aggiornam<span class=\"ff1\">ento <span class=\"_ _17\"> </span>annuale <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mmobili <span class=\"_ _1d\"> </span>strumentali, <span class=\"_ _17\"> </span>negli <span class=\"_ _17\"> </span>anni <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cui <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>revista <span class=\"_ _1d\"> </span>la </span>rivalutazione dell\u2019immobile si <span class=\"_ _3\"></span>esegue <span class=\"_ _3\"></span>un\u2019analisi di <span class=\"_ _3\"></span>scenario (<span class=\"_ _3\"></span>analisi del <span class=\"_ _3\"></span>trend d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>mercato) attraverso l\u2019utilizzo <span class=\"_ _3\"></span>delle migli<span class=\"_ _5\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>ri f<span class=\"_ _3\"></span>onti </span>informative disponibili p<span class=\"_ _0\"></span>er i <span class=\"_ _3\"></span>diversi paesi di ubica<span class=\"_ _0\"></span>zione degli immobili fin<span class=\"_ _0\"></span>alizzata alla rilevazio<span class=\"_ _0\"></span>ne sulla base di banche dati, degli<span class=\"_ _35\"></span> scostamenti dei valo<span class=\"_ _0\"></span>ri di mercato tra il p<span class=\"_ _0\"></span>eriodo di analisi e qu<span class=\"_ _0\"></span>ello precedente. <span class=\"_ _3\"></span> In particolare per gli immobili situati i<span class=\"_ _0\"></span>n Italia, la definizione de<span class=\"_ _3\"></span><span class=\"ff4\">lle variazioni avviene attraverso l\u2019ut<span class=\"_ _0\"></span>ilizzo di almeno 3 fonti tra loro </span>differenti. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>fonte <span class=\"_ _4\"> </span>principale <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>quella <span class=\"_ _4\"> </span>fornita <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>zone <span class=\"_ _4\"> </span>OMI <span class=\"_ _4\"> </span>(Osservatorio <span class=\"_ _4\"></span>del Mercato <span class=\"_ _5\"></span>Immobiliare); <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>fonte <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>pubblicazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ppresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>No<span class=\"_ _3\"></span>misma <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>cui, <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>relative <span class=\"_ _5\"></span>zonizzazioni, sono <span class=\"_ _5\"></span>eseguite <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>medesime <span class=\"_ _5\"></span>interrogazioni <span class=\"_ _5\"></span>svolte <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>OMI <span class=\"_ _5\"></span>(base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _5\"></span>principale) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>terza <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _2\"></span> variazioni intercorse n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019anno di interr<span class=\"_ _0\"></span>ogazione per quanto espr<span class=\"_ _0\"></span>ess<span class=\"_ _3\"></span><span class=\"ff1\">o dalle offerte presenti sul mer<span class=\"_ _0\"></span>cato immobiliare. </span>Pertanto <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>periti <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>definire <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>scostamenti <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>canoni <span class=\"_ _2\"></span>e/o <span class=\"_ _4\"> </span><span class=\"ff1\">dei </span>prezzi per asset class <span class=\"_ _0\"></span>di riferimento. Gli <span class=\"_ _6\"> </span>immobili <span class=\"_ _6\"> </span>localizzati <span class=\"_ _6\"> </span>all\u2019estero <span class=\"_ _6\"> </span>ve<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>raggruppati, <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>ogni <span class=\"_ _6\"> </span>nazione, <span class=\"_ _4\"> </span>nei <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>base <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"></span>localit\u00e0 <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019asset<span class=\"_ _0\"></span> class  di <span class=\"_ _16\"> </span>ciascuno.  Vengon<span class=\"_ _0\"></span>o  predisposte <span class=\"_ _16\"> </span>analisi  di <span class=\"_ _16\"> </span>mercato  puntu<span class=\"_ _0\"></span>ali  sulla <span class=\"_ _16\"> </span>base  delle  c<span class=\"_ _0\"></span>onoscenze <span class=\"_ _16\"> </span>locali  e  nazi<span class=\"_ _0\"></span>onali  del<span class=\"_ _35\"></span> particolare mercato imm<span class=\"_ _0\"></span>obiliare di riferime<span class=\"_ _0\"></span>nto. Lo studio di mercato ti<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ne conto inoltre d<span class=\"_ _0\"></span>ei seguenti drivers ma<span class=\"_ _0\"></span>croeconomici:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">analisi dei <span class=\"_ _3\"></span>dati <span class=\"_ _3\"></span>economici (tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupazione, PIL <span class=\"_ _3\"></span>pro <span class=\"_ _3\"></span>capite, inflazione ed<span class=\"_ _3\"></span> indice <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi al <span class=\"_ _3\"></span>consumo), <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>fattor<span class=\"_ _2\"></span><span class=\"ls13\">i </span></span></span>macroeconomici costit<span class=\"_ _0\"></span>uiscono la prima analisi <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>omica, a support<span class=\"_ _0\"></span>o delle previsioni d<span class=\"_ _0\"></span>el mercato immobili<span class=\"_ _0\"></span>are;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto del rendim<span class=\"_ _0\"></span>ento medio; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del movim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto dei canoni <span class=\"_ _0\"></span>di mercato; </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">indicazione del range<span class=\"_ _0\"></span> di movimento dei v<span class=\"_ _0\"></span>alori unitari. </span></span>Sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>dell'indagi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>mmenzionata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _6\"></span>adeguata <span class=\"_ _5\"></span>ponderazione <span class=\"_ _6\"></span>qualitativa <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>key<span class=\"_ _2\"></span>-drivers macroeconomici, vien<span class=\"_ _0\"></span>e definito un range d<span class=\"_ _0\"></span>i scostamento percen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uale rispetto all\u2019<span class=\"_ _0\"></span>ultima perizia effettuat<span class=\"_ _0\"></span>a che viene confront<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">to </span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>soglia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>target <span class=\"_ _3\"></span>definita, <span class=\"_ _2\"></span>individuando <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ttore <span class=\"_ _3\"></span>sintetico <span class=\"_ _2\"></span>percentuale, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>singolo <span class=\"_ _2\"></span>immobile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inserito <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>unico foglio di lavoro. Questa <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>prossi<span class=\"_ _3\"></span>mit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>chiusura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>anno <span class=\"_ _2\"></span>cos\u00ec <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>esprimere <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>range <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scostamento <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>ad una soglia di riferiment<span class=\"_ _0\"></span>o e poter p<span class=\"ff4\">ianificare per tempo l\u2019agg<span class=\"_ _0\"></span>iornamento di stima<span class=\"_ _0\"></span> puntuale per que<span class=\"_ _0\"></span>gli immobili il cui s<span class=\"_ _0\"></span>costamento </span>sia oltre tale soglia. La soglia di variazione <span class=\"_ _0\"></span>ammessa \u00e8 pari <span class=\"_ _0\"></span>a +/<span class=\"_ _3\"></span>-10%. Nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>scostamenti <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>dovessero <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>soglia <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuat<span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>entro <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine dell\u2019anno.<span class=\"ff1\"> </span>Sensibilit\u00e0 delle valu<span class=\"_ _0\"></span>tazioni  Analogamente <span class=\"_ _5\"></span>agli <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>assoggettate <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>finanziar<span class=\"_ _5\"></span>ie valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>funzione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>valutativo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>ne sia  possibile <span class=\"_ _1d\"> </span>l\u2019esecuzione  ed <span class=\"_ _1d\"> </span>i  cui <span class=\"_ _1d\"> </span>risultati  s<span class=\"_ _3\"></span>iano  significativi.  L\u2019analisi  ha <span class=\"_ _1d\"> </span>riguardato  essenzialmente <span class=\"_ _1d\"> </span>gli  immobili <span class=\"_ _1d\"> </span>dell<span class=\"_ _0\"></span>a Capogruppo Intesa Sa<span class=\"_ _0\"></span>npaolo, che rappr<span class=\"_ _0\"></span>esent<span class=\"_ _3\"></span>ano il perimetr<span class=\"_ _0\"></span>o Core del patrim<span class=\"_ _0\"></span>onio immobiliare del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po.<span class=\"_ _3\"></span> Si <span class=\"_ _3\"></span>precisa <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019analisi di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sensitivit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>identifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>le v<span class=\"_ _3\"></span>ariabili di <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>rilevanza <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mod<span class=\"_ _5\"></span><span class=\"ff1\">ello <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span>valutazione  utilizzato  per  la  valutazione <span class=\"_ _16\"> </span>delle  diverse  class<span class=\"_ _2\"></span>i  di  immobili,  rappresentato  dal  metodo  dei  flussi  di  cassa attualizzati. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>trend <span class=\"_ _3\"></span>registrato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>asset <span class=\"_ _2\"></span>class <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>param<span class=\"_ _5\"></span>etri caratterizzati <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>maggiore <span class=\"_ _7\"> </span>volatilit\u00e0/variabilit\u00e0, <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>immobil<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>uso <span class=\"_ _7\"> </span>strumentale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>fatto <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>netto <span class=\"_ _7\"> </span>di capitalizzazione <span class=\"_ _4\"> </span>(yield) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>medio <span class=\"_ _4\"> </span>d\u2019inflazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio/lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>immobili <span class=\"_ _4\"> </span>detenuti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"> </span>di investimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>c.d. <span class=\"_ _2\"></span>\u201cexit <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alue\u201d. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>assunzioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>ma <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019analisi<span class=\"_ _0\"></span>, sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzati <span class=\"_ _6\"></span>i <span class=\"_ _7\"> </span>range <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>variazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>dinamiche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>riferimento. <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>gl<span class=\"_ _5\"></span><span class=\"ls13\">i </span>immobili <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>uso <span class=\"_ _6\"></span>strumentale <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>ipotizzata <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>variazione <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _4\"></span>25 <span class=\"_ _6\"></span>bps <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>capitalizzazione <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una contestuale variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>-/+15 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>per il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inflazione a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>si \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rilevato uno <span class=\"_ _3\"></span>scostamento medio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>+4,4% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>-4,3%. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>mmobili ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>investimento <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ipotizzata <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del +/<span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">5% <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019exit value <span class=\"_ _3\"></span>a </span>fronte della quale si <span class=\"_ _0\"></span>evidenzia uno sco<span class=\"_ _0\"></span>stamento medio del fa<span class=\"_ _0\"></span>ir value pari al +4,<span class=\"_ _0\"></span>8% e <span class=\"_ _3\"></span>-5,2%.<span class=\"_ _90\"> </span>Fair value del patrimonio artistico di pregio<span class=\"_ _3\"></span> Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>artistico <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pregio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>valutato <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>rideterminazione <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>valore <span class=\"_ _16\"> </span>che prevede  che <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0  materiali, <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>fair  v<span class=\"_ _3\"></span>alue  pu\u00f2 <span class=\"_ _1d\"> </span>essere  attendibilmente <span class=\"_ _1d\"> </span>determinat<span class=\"_ _0\"></span>o, <span class=\"_ _1d\"> </span>siano  iscritte <span class=\"_ _1d\"> </span>ad  un <span class=\"_ _1d\"> </span>valore rideterminato, pari al loro f<span class=\"_ _0\"></span>air value alla data <span class=\"_ _0\"></span>della rideterminazio<span class=\"_ _0\"></span>ne di valore<span class=\"_ _3\"></span>. Le <span class=\"_ _3\"></span>opere <span class=\"_ _2\"></span>d\u2019arte <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>classe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cespiti <span class=\"_ _3\"></span>\u201cpatrimonio <span class=\"_ _3\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pregio\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>rilevanza, <span class=\"_ _3\"></span>riconosc<span class=\"_ _5\"></span><span class=\"ff1\">iuti <span class=\"_ _3\"></span>in </span>campo scientifico nell\u2019ambito storico<span class=\"ff1\">-artistico e conformi alle linee guida <span class=\"_ _3\"></span>ministeria<span class=\"_ _0\"></span>li evidenziate in particolare nel D.M. 537 del </span>6  d<span class=\"_ _3\"></span>icembre  2017 <span class=\"_ _1d\"> </span>sull\u2019esportazione  delle <span class=\"_ _1d\"> </span>opere  d\u2019arte <span class=\"_ _1d\"> </span>quali:  lo <span class=\"_ _1d\"> </span>stato  di <span class=\"_ _1d\"> </span>conservazione,  l\u2019importanza  storica <span class=\"_ _1d\"> </span>dell\u2019artista<span class=\"_ _0\"></span>, l\u2019importanza  c<span class=\"_ _0\"></span>ritica/storico  a<span class=\"_ _0\"></span>rtistica <span class=\"_ _16\"> </span>dell\u2019opera,  la<span class=\"ff1\">  provenienza  illustr<span class=\"_ _0\"></span>e,  la  q<span class=\"_ _0\"></span>ualit\u00e0  e <span class=\"_ _16\"> </span>attribuzione  cer<span class=\"_ _0\"></span>ta,  la <span class=\"_ _16\"> </span>dichiarazione  d<span class=\"_ _0\"></span>i </span>interesse dello Stato it<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>liano. Approccio valutativo  L\u2019attivit\u00e0 <span class=\"_ _5\"></span>valutativa <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>esplica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mezzo <span class=\"_ _5\"></span>dell\u2019accertamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perizie <span class=\"_ _6\"></span>esterne, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffidate <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>esp<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rti </span>qualificati e indipend<span class=\"_ _0\"></span>enti.  I <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>cquisiti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>dati <span class=\"_ _6\"></span>online <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>100 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>opere <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>Artnet <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Artprice, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>monitorano <span class=\"_ _5\"></span>i risultati <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>d\u2019aste <span class=\"_ _3\"></span>italiane <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali. Sono <span class=\"_ _3\"></span>parametri <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggettivi che <span class=\"_ _2\"></span>van<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>confrontati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>mercato n<span class=\"_ _3\"></span>el </span>suo complesso, in u<span class=\"_ _0\"></span>n'analisi che prevede di mo<span class=\"_ _0\"></span>nitorare anche le <span class=\"_ _0\"></span>gallerie e le mostr<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff14\">\u2010</span>mercato. In <span class=\"_ _5\"></span>dettaglio, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>considerano <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>fattori <span class=\"_ _5\"></span>oggettivi, <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>valenza <span class=\"_ _5\"></span>storico<span class=\"_ _6\"></span>-critica <span class=\"_ _2\"></span>e artistica <span class=\"_ _2\"></span>dell\u2019autore, <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conservazione, <span class=\"_ _2\"></span>tecnica <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esecuzione, <span class=\"_ _2\"></span>dimensioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>dell\u2019opera, <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>dell\u2019opera <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>lla </span>produzione <span class=\"_ _1d\"> </span>dell\u2019artista, <span class=\"_ _1d\"> </span>pubblicazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>dell\u2019opera <span class=\"_ _1d\"> </span>su <span class=\"_ _1d\"> </span>cataloghi <span class=\"_ _1d\"> </span>specializzati, <span class=\"_ _1d\"> </span>periodo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esecuzione  d<span class=\"_ _3\"></span>ell\u2019opera, <span class=\"_ _1d\"> </span>diffusio<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ne </span>internazionale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019artista, p<span class=\"_ _3\"></span>rovenienza <span class=\"_ _3\"></span>illustre, <span class=\"_ _3\"></span>certezza <span class=\"_ _3\"></span>dell\u2019attribuzione, <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019autenticit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un\u2019op<span class=\"_ _5\"></span><span class=\"ff1\">era, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia </span>fattori <span class=\"_ _3\"></span>soggettivi (che <span class=\"_ _3\"></span>possono mutare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>tempo, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione dell\u2019evoluzione e <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>gusti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>mercato), quali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>reputa<span class=\"_ _5\"></span><span class=\"ff1\">zione del </span>museo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>ospita <span class=\"_ _2\"></span>l\u2019opera <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019artista, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prestigio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fiere/mostre/gallerie/case <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019asta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>intermediano <span class=\"_ _5\"></span>l\u2019opera, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>reputaz<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span>one </span>della critica che ne p<span class=\"_ _0\"></span>arla e dei collezio<span class=\"_ _0\"></span>nisti, nonch\u00e9 la quali<span class=\"_ _0\"></span>t\u00e0 della comunica<span class=\"_ _0\"></span>zione sull\u2019opera dell\u2019<span class=\"_ _0\"></span>artista.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Una volta identificati tal<span class=\"_ _0\"></span>i fattori rilevanti, la d<span class=\"_ _0\"></span>eterminazione del fa<span class=\"_ _0\"></span>ir value avviene p<span class=\"_ _0\"></span>er comparazione, in pr<span class=\"_ _0\"></span>ima istanza con ope<span class=\"_ _2\"></span>re paragonabili  a <span class=\"_ _16\"> </span>quelle  i<span class=\"_ _0\"></span>n  esame  (<span class=\"_ _0\"></span>per  period<span class=\"_ _0\"></span>o  di  r<span class=\"_ _0\"></span>ealizzazione/<span class=\"_ _0\"></span>anno,  tecnica, <span class=\"_ _16\"> </span>dimensioni,  ti<span class=\"_ _0\"></span>picit\u00e0  del <span class=\"_ _16\"> </span>soggetto  e <span class=\"_ _16\"> </span>stato  di conservazione), <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _3\"></span>autore <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>medesimo <span class=\"_ _3\"></span>periodo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>(tale <span class=\"_ _2\"></span>evenienza <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>facilmente <span class=\"_ _2\"></span>praticabile <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>caso delle opere <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>comparto moderno e<span class=\"_ _3\"></span> contemporaneo), ed <span class=\"_ _3\"></span>in s<span class=\"_ _3\"></span>econda istanza <span class=\"_ _3\"></span>con opere <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>rtisti o <span class=\"_ _3\"></span>di scuole <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ambiti prossimi per sti<span class=\"_ _3\"></span>le, poetica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per importanza <span class=\"_ _3\"></span>della medesima <span class=\"_ _3\"></span>epoca storica. <span class=\"_ _3\"></span>Nel caso s<span class=\"_ _3\"></span>iano disponibili p<span class=\"_ _3\"></span>i\u00f9 opere <span class=\"_ _3\"></span>similari, si <span class=\"_ _3\"></span>considerano valori medi per tener<span class=\"_ _0\"></span>e conto della volatilit<span class=\"_ _0\"></span>\u00e0 dei prezzi. Oltre <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>considerare <span class=\"_ _7\"> </span>l\u2019andamento <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>gli <span class=\"_ _4\"> </span>scambi <span class=\"_ _16\"> </span>in <span class=\"_ _4\"> </span>asta, <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tendo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>recenti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span></span>e <span class=\"_ _16\"> </span>includen<span class=\"_ _0\"></span>do <span class=\"_ _7\"> </span>nell\u2019analisi <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>gli invenduti,  (<span class=\"_ _35\"></span>che  rappresentano <span class=\"_ _7\"> </span>un  possibile <span class=\"_ _16\"> </span>indicatore <span class=\"_ _16\"> </span>di  p<span class=\"_ _0\"></span>erdita <span class=\"_ _16\"> </span>di  valore <span class=\"_ _16\"> </span>tendenziale <span class=\"_ _7\"> </span>dell\u2019opera/autore <span class=\"_ _16\"> </span>nel  mercat<span class=\"_ _0\"></span>o),  l<span class=\"_ _0\"></span>a valutazione <span class=\"_ _2\"></span>considera <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019attenzione <span class=\"_ _5\"></span>corrente <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un\u2019opera <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>auto<span class=\"_ _5\"></span><span class=\"ff1\">re, <span class=\"_ _2\"></span>misurata <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>numero <span class=\"_ _2\"></span>e </span>dalla <span class=\"_ _1d\"> </span>qualit\u00e0  di <span class=\"_ _1d\"> </span>mostre  temporanee  allestite <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>spazi  museali <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>rilevanza  internazionale  e <span class=\"_ _1d\"> </span>corredate  da <span class=\"_ _1d\"> </span>pubblicazioni specifiche.  Inoltre,  si  tiene  conto  anch<span class=\"_ _0\"></span>e  della  presenza  della  dichia<span class=\"_ _0\"></span>razione  di  interesse  st<span class=\"_ _0\"></span>orico<span class=\"_ _2\"></span>-artistico  formalmente  espressa  da<span class=\"_ _0\"></span>l Ministero <span class=\"_ _6\"> </span>(Mibact) <span class=\"_ _6\"> </span>(comunemente <span class=\"_ _6\"> </span>detta <span class=\"_ _6\"> </span>\u201cnotifica\u201d), <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>lega <span class=\"_ _6\"></span>al <span class=\"_ _6\"> </span>te<span class=\"_ _3\"></span>rritorio <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>opere <span class=\"_ _4\"> </span>d\u2019arte <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>collezione <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>n<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span>vincola la circolazion<span class=\"_ _0\"></span>e al territorio nazi<span class=\"_ _0\"></span>onale, riducendo la quota<span class=\"_ _0\"></span>zione ottenibile <span class=\"_ _0\"></span>sul mercato internazio<span class=\"_ _3\"></span>nale. La determinazione dei prezzi \u00e8 influenzata anche dall\u2019importanza degli acquirenti/<span class=\"_ _0\"></span>venditori (ad esempio, i prezzi corrisposti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">da </span></span>collezionisti celebri o<span class=\"_ _0\"></span> noti investitori <span class=\"_ _0\"></span>possono assumere maggio<span class=\"_ _0\"></span>re rilevanza).<span class=\"_ _3\"></span> L\u2019approccio valutativ<span class=\"_ _0\"></span>o \u00e8 impostato sul m<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span><span class=\"ff1\">itoraggio degli oggett<span class=\"_ _0\"></span>ivi valori di merc<span class=\"_ _0\"></span>ato delle opere comp<span class=\"_ _0\"></span>rese nella classe ogge<span class=\"_ _0\"></span>tto </span>di indagine, che segue <span class=\"_ _0\"></span>tre principi met<span class=\"_ _0\"></span>odologici: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">privilegia <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>prudenziale, <span class=\"_ _3\"></span>analizzando <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>medi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>pluralit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fonti <span class=\"_ _2\"></span>informative <span class=\"_ _2\"></span>diverse, <span class=\"_ _2\"></span>fondate <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>basi </span></span>dati <span class=\"_ _3\"></span>robuste, <span class=\"_ _3\"></span>aggiornate e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tatisticamente rappresentative: <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>\u201csingolari\u201d, <span class=\"_ _3\"></span>spesso <span class=\"_ _3\"></span>prive <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazioni per  decenni<span class=\"_ _0\"></span>,  quest<span class=\"_ _0\"></span>o  appr<span class=\"_ _0\"></span>occio <span class=\"_ _16\"> </span>garantisce  la <span class=\"_ _16\"> </span>periodica  i<span class=\"_ _0\"></span>ndividuazione <span class=\"_ _16\"> </span>di  eventua<span class=\"_ _0\"></span>li  valor<span class=\"_ _0\"></span>i  outlier <span class=\"_ _16\"> </span>ed  ev<span class=\"_ _0\"></span>ita  di <span class=\"_ _16\"> </span>seguire<span class=\"_ _0\"></span> eventuali dinamiche spe<span class=\"_ _0\"></span>culative; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>natura <span class=\"_ _6\"></span>comparativa, <span class=\"_ _6\"></span>monitorando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>transazioni <span class=\"_ _6\"></span>occorse <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>livello <span class=\"_ _6\"></span>globale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>pluralit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>canali <span class=\"_ _6\"></span>distributivi, <span class=\"_ _6\"></span>per </span></span>evitare <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>considerare <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lcune <span class=\"_ _4\"> </span>forme <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>relativi <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>economici: <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _7\"> </span>globale  con <span class=\"_ _4\"> </span>una domanda <span class=\"_ _3\"></span>globale, questo <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>consente di <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificare la <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>arbitraggi <span class=\"_ _3\"></span>geografici<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>l\u2019emergenza <span class=\"_ _3\"></span>di specifici fenomeni di a<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>prezzamento/depre<span class=\"_ _0\"></span>zzamento potenzialm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte impattanti;  \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fs0\">\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>natura <span class=\"_ _2\"></span>ricorsiva, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>aggiorna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>monitora<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">l\u2019andamento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>sull\u2019arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>specificit\u00e0 </span></span></span>del mercato ammettono, ovver<span class=\"_ _0\"></span>o il semestre: in un mercato in cui non esist<span class=\"_ _0\"></span>ono scambi pubblici monitorati giorn<span class=\"_ _0\"></span>almente, l<span class=\"_ _0\"></span>a brevit\u00e0 dell\u2019arco di ril<span class=\"_ _0\"></span>evazione assic<span class=\"_ _0\"></span>ura la massima cura e te<span class=\"ff1\">mpestivit\u00e0 delle eventuali <span class=\"_ _0\"></span>variazioni. </span>Tale metodo risulta <span class=\"_ _0\"></span>applicabile su tutto il <span class=\"_ _0\"></span>comparto del \u201cpatrimo<span class=\"_ _0\"></span>nio artistico di pregio\u201d. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Periodicit\u00e0 della valuta<span class=\"_ _0\"></span>zione Per quanto concerne il <span class=\"_ _0\"></span>patrimonio artistico <span class=\"_ _0\"></span>di pregio, la ridetermi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione di valore \u00e8<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>effettuata tramite u<span class=\"_ _0\"></span>na perizia ogni tre anni<span class=\"_ _0\"></span>. Annualmente viene <span class=\"_ _3\"></span>comunque svolta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scenario per <span class=\"_ _3\"></span>individuare e<span class=\"_ _3\"></span>ventuali variazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>apprezzabile al <span class=\"_ _3\"></span>fine<span class=\"_ _5\"></span> di anticipare l\u2019attivi<span class=\"_ _0\"></span>t\u00e0 valutativa.<span class=\"ff1\"> </span>Sulla base delle regole richiamate, nel 2022 so<span class=\"_ _3\"></span><span class=\"ff4\">n<span class=\"_ _3\"></span>o state oggetto di v<span class=\"_ _3\"></span>alutazione le opere che, sulla <span class=\"_ _3\"></span>base dell\u2019analisi di scenario,<span class=\"_ _35\"></span> </span>hanno evidenziato vari<span class=\"_ _0\"></span>azioni rispetto alla<span class=\"_ _0\"></span> soglia definita.<span class=\"ff2\"> </span>Analisi di scenario Al  fine  di <span class=\"_ _1d\"> </span>individuare  ed  apprezzare  le  variazioni  del  mercato  delle  opere  oggetto  di  va<span class=\"_ _3\"></span>luta<span class=\"_ _3\"></span>z<span class=\"_ _3\"></span>ione,  viene  effettuato  un monitoraggio <span class=\"_ _2\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _5\"></span>volto <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ogliere <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>segnali <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>richiedano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anticipare <span class=\"_ _2\"></span>l<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>perizie rispetto alle p<span class=\"_ _0\"></span>eriodicit\u00e0 stabilite. Tale monitoraggio h<span class=\"_ _0\"></span>a duplice natura: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>quotazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>prime <span class=\"_ _4\"></span>opere <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>presenti <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"></span>collezion<span class=\"_ _0\"></span>i <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"></span>che </span>rappresentano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>75% <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>complessivo <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>opere <span class=\"_ _1d\"> </span>comprese <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>classe <span class=\"_ _1d\"> </span>\u201cpatrimonio <span class=\"_ _1d\"> </span>artistico <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>pregio\u201d, verificando <span class=\"_ _4\"> </span>si<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>l\u2019esito <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _4\"> </span>aste <span class=\"_ _16\"> </span>i<span class=\"ff1\">n<span class=\"_ _3\"></span>ternazionali <span class=\"_ _4\"> </span>(il <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>calendario <span class=\"_ _4\"> </span>segue <span class=\"_ _7\"> </span>precise <span class=\"_ _7\"> </span>scadenze <span class=\"_ _7\"> </span>stagionali), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>le </span>segnalazioni <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>due <span class=\"_ _7\"> </span>principali <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>mondiali <span class=\"_ _7\"> </span>(Artprice <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Artnet), <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>analytics <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"> </span>utili <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>di monitoraggio delle q<span class=\"_ _0\"></span>uotazioni;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Monitoraggio  <span class=\"ff4\">d<span class=\"_ _0\"></span>ell\u2019andamento <span class=\"_ _16\"> </span>del  m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>dell\u2019arte  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nerale, <span class=\"_ _16\"> </span>al  fi<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>evidenziare <span class=\"_ _16\"> </span>tendenze  e <span class=\"_ _7\"> </span>novit\u00e0  rispetto <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> </span></span>\u201cpatrimonio  artistico  di <span class=\"_ _1d\"> </span>pregio\u201d  di  Intesa <span class=\"_ _1d\"> </span>Sanpaolo,  verificando  sia  l\u2019esito  delle <span class=\"_ _1d\"> </span>principali  aste  internazionali  (il  cui calendario <span class=\"_ _2\"></span>segue <span class=\"_ _5\"></span>precise <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _5\"></span>stagionali), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>gnalazi<span class=\"_ _0\"></span>oni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>principali <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>dati <span class=\"_ _5\"></span>mondiali <span class=\"_ _5\"></span>(Artprice <span class=\"_ _2\"></span>e Artnet); poich\u00e9 <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>opere <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>molti a<span class=\"_ _3\"></span>utori presenti <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>collezione Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>transitano molto <span class=\"_ _3\"></span>raramente <span class=\"_ _3\"></span>in asta <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il ridotto numero di pezzi rimasti sul <span class=\"_ _3\"></span>merca<span class=\"ff4\">to, \u00e8 importante controllare l\u2019andamento di artisti e opere simili o assimilabili; per </span>questa ragione l\u2019azione di monitoraggio non si limita ai <span class=\"_ _3\"></span>soli autori e a<span class=\"_ _3\"></span>lle sole opere possedute, ma si estende agli autori e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>alle opere riconducib<span class=\"_ _0\"></span>ili allo stesso ambito, per tener conto an<span class=\"_ _0\"></span>che dei dati tendenziali<span class=\"_ _0\"></span>. Qualora <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>annuale evidenzi <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>potenziale scostamento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>valore, <span class=\"_ _3\"></span>in positivo <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in negat<span class=\"_ _3\"></span>ivo, superiore <span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>5% per<span class=\"_ _5\"></span> singole <span class=\"_ _4\"> </span>opere/collezioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autori <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _7\"> </span>collezioni <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>conf<span class=\"_ _2\"></span>rontabili <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>riteri <span class=\"_ _4\"> </span>oggettivi <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>quali<span class=\"_ _0\"></span> periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazion<span class=\"_ _0\"></span>e/anno, <span class=\"_ _5\"></span>dimensioni, <span class=\"_ _2\"></span>tecnica, <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>realizzazione, <span class=\"_ _2\"></span>ecc.), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>procede <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>commissionare <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perizie <span class=\"_ _5\"></span>di<span class=\"_ _2\"></span> stima secondo le co<span class=\"_ _0\"></span>nsuete procedure inter<span class=\"_ _0\"></span>ne al fine di alline<span class=\"_ _0\"></span>are il valore di c<span class=\"_ _0\"></span>arico.<span class=\"_ _90\"> </span>Informativa di natura quant<span class=\"_ _3\"></span>itativa A.4.5. Gerarchia del fair value       A.4.5.1 <span class=\"_ _7\"> </span>Attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"> </span>value <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ricorrente: <span class=\"_ _4\"> </span>ripartizione <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>livelli <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value  <span class=\"ffb\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e </span>compagnie assicurativ<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to a conto econo<span class=\"_ _0\"></span>mico 11.311 32.672 3.594 24.262 25.080 3.389 a) <span class=\"ls0\">Attivit\u00e0 fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute per <span class=\"_ _35\"></span>la negoziazione </span>10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>b) Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> designate <span class=\"_ _0\"></span>al fair value<span class=\"_ _0\"></span> - 1 - - 1 3 c) Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finanziar<span class=\"_ _35\"></span>ie obbligatoriament<span class=\"_ _0\"></span>e valutate<span class=\"_ _0\"></span> al fair value<span class=\"_ _0\"></span> 980<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>3.411 1.647 700<span class=\"ls0\"> </span>3.199 di cui: titoli<span class=\"_ _0\"></span> di capitale 122<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 858<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>2.401 1.486 149<span class=\"ls0\"> </span>2.166 2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 compl<span class=\"_ _0\"></span>essiva 41.937 7.422 357<span class=\"ls0\"> </span>59.084 8.004 492<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 513<span class=\"ls0\"> </span>510<span class=\"ls0\"> </span>325<span class=\"ls0\"> </span>1.537 1.314 421<span class=\"ls0\"> </span>3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 10.062 - - 1.732 - 4. Attivit\u00e0<span class=\"_ _0\"></span> materiali - - 7.144 - - 7.364 5. Attivit\u00e0<span class=\"_ _0\"></span> immateriali - - - - - - Totale 53.248 50.156 11.095 83.346 34.816 11.245 1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 7.285 39.085 142<span class=\"ls0\"> </span>22.241 33.946 119<span class=\"ls0\"> </span>2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>designate <span class=\"_ _35\"></span>al fair value - 8.765 30<span class=\"ls0\"> </span>6 3.642 26<span class=\"ls0\"> </span>3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 5.346 - - 4.868 - Totale 7.285 53.196 172<span class=\"ls0\"> </span>22.247 42.456 145<span class=\"ls0\"> </span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>attivit\u00e0, <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>3, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggiore d<span class=\"_ _3\"></span>iscrezionalit\u00e0 ne<span class=\"_ _3\"></span>lla d<span class=\"_ _3\"></span>eterminazione d<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>fair value,  rappresent<span class=\"_ _0\"></span>ano  una  quot<span class=\"_ _0\"></span>a  contenuta <span class=\"_ _16\"> </span>del <span class=\"_ _1d\"> </span><span class=\"ff4\">portafoglio,  c<span class=\"_ _0\"></span>on  un\u2019incidenza <span class=\"_ _16\"> </span>del  9,7%  sul  total<span class=\"_ _0\"></span>e  delle  attivit\u00e0 <span class=\"_ _16\"> </span>(8,7%  al </span>31<span class=\"ls0\"> dicembre <span class=\"_ _6\"></span>2021). <span class=\"_ _4\"> </span>Tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"></span>3, <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>principale <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>OICR <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>cui, </span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>obbl<span class=\"_ _3\"></span>igatoriament<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnalano <span class=\"_ _2\"></span>290 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>rappresentati <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>quote </span>del Fondo Atlante e <span class=\"_ _0\"></span>dell\u2019Italian Recovery F<span class=\"_ _0\"></span>und attivati nell\u2019am<span class=\"_ _0\"></span>bito della normativa a <span class=\"_ _0\"></span>sostegno del sistem<span class=\"_ _0\"></span>a bancario.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Oltre <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>6% <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>misurato <span class=\"_ _2\"></span>attr<span class=\"_ _2\"></span>averso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quotazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato, <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>lasciare alcuna discrezionalit<span class=\"_ _0\"></span>\u00e0 al valutatore. La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>materiali <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>immobiliare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span>i <span class=\"_ _2\"></span>pregio che rappresentano il 64% delle<span class=\"_ _0\"></span> attivit\u00e0 di bilan<span class=\"_ _0\"></span>cio al fair value <span class=\"_ _0\"></span>di livello 3.<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>performance <span class=\"_ _4\"> </span>(Credit <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>Adjustment <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Debt <span class=\"_ _7\"> </span>Value <span class=\"_ _4\"> </span>Adjustment) <span class=\"_ _7\"> </span>nella determinazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>141 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>positivo <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>79 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>in riduzione del fair val<span class=\"_ _0\"></span>ue negativo. L\u2019impatto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Funding <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>Adjustment <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>63<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>finanziament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>dei flussi di cassa gen<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rati dal complessivo portafogl<span class=\"_ _0\"></span>io dei derivati OT<span class=\"_ _0\"></span>C della Banca.<span class=\"_ _90\"> </span><span class=\"fs19\"> </span>La <span class=\"_ _3\"></span>determinazione quantitativa dei menzionati <span class=\"_ _3\"></span>aggiustamenti valutativi prescinde dalla <span class=\"_ _3\"></span>misurazione degli effetti <span class=\"_ _3\"></span>delle correl<span class=\"_ _5\"></span>ate strategie di copert<span class=\"_ _0\"></span>ura gestionale, ove pres<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti. <span class=\"fs19\"> </span>Quanto alle passivi<span class=\"ff4\">t\u00e0, la quot<span class=\"_ _0\"></span>a di strumenti di li<span class=\"_ _0\"></span>vello 3 \u00e8 inferiore all\u2019<span class=\"_ _0\"></span>1% rispetto al totale<span class=\"_ _0\"></span> delle passivit\u00e0.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Oltre <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>rasferimenti <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>3 <span class=\"_ _5\"></span>dettagliati <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>seguito, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>segnala<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel corso del 2022 si so<span class=\"_ _0\"></span>no avuti trasferimenti: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 99 m<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>lioni (valore di <span class=\"_ _0\"></span>bilancio al 31 dicemb<span class=\"_ _0\"></span>re 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>altre attivit\u00e0 finanzi<span class=\"_ _0\"></span>arie obbligatoriamen<span class=\"_ _0\"></span>te al fair value per 5<span class=\"_ _0\"></span>1 milioni (valore di b<span class=\"_ _0\"></span>ilancio al 31 dic<span class=\"_ _0\"></span>embre 202<span class=\"_ _2\"></span>2); </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>con impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>131 milioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>ilancio al </span>31 dicembre 2022); o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie designate al fair valu<span class=\"_ _0\"></span>e per 3 milioni (valor<span class=\"_ _0\"></span>e di bilancio al 31 <span class=\"_ _0\"></span>dicembre 2022);<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1 di<span class=\"_ _0\"></span>: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e di negoziazione per 10<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span> milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>47 <span class=\"_ _2\"></span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>al </span>31 dicembre 2022); o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>passivit\u00e0 finanzi<span class=\"_ _0\"></span>arie di negoziazione per <span class=\"_ _0\"></span>4 milioni (valore di bi<span class=\"_ _0\"></span>lancio al 31 dic<span class=\"_ _0\"></span>embre 2022).<span class=\"_ _3\"></span> </span>I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span>effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e della sign<span class=\"_ _0\"></span>ificativit\u00e0 degli inp<span class=\"_ _0\"></span>ut non osservabili. Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>conseguenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>venir <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>attivo <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>strumento verificata <span class=\"_ _4\"> </span>analizzando <span class=\"_ _4\"> </span>l\u2019affidabilit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>reciproca <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span><span class=\"ff1\">elle <span class=\"_ _7\"> </span>quotazioni <span class=\"_ _7\"> </span>disponibili <span class=\"_ _4\"></span>secondo <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>Fair </span>Value <span class=\"_ _4\"></span>Policy <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo. <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>cont<span class=\"_ _3\"></span>ro, <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>titoli <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>viene <span class=\"_ _4\"> </span>effettuata <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>mark<span class=\"_ _2\"></span>-<span class=\"ls12\">to<span class=\"_ _3\"></span></span>-model <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tilizzando <span class=\"_ _6\"></span>input osservabili <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>classificati, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>unque, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>2 <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>vengono <span class=\"_ _7\"> </span>trasferiti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>1 <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riscontra l\u2019esistenza di un mer<span class=\"_ _0\"></span>cato attivo.<span class=\"ff1 fs1e fc3\"> </span>A.4.5.1 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 valutate al fai<span class=\"_ _0\"></span>r value su base ricor<span class=\"_ _0\"></span>rente: ripartizione pe<span class=\"_ _0\"></span>r livelli di fair value <span class=\"_ _3\"></span><span class=\"ffb\">\u2013<span class=\"ff2\">Compagnie </span></span>assicurative (milioni di eur<span class=\"_ _0\"></span>o) Attivit\u00e0/Pa<span class=\"_ _0\"></span>ssivit\u00e0 misu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ate al fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale - - - - - - di <span class=\"ls0\">cui: OICR<span class=\"_ _35\"></span> </span>97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> 85.608 22<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>100.515 143<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>di cui: titoli<span class=\"_ _0\"></span> di capitale 3.016 - - 3.510 - - di cui: OIC<span class=\"_ _0\"></span>R 78.025 - - 91.908 109<span class=\"ls0\"> </span>- 3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita 77.810 3.158 4.625 93.910 6.305 4.208 di cui: titoli<span class=\"_ _0\"></span> di capitale 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>di cui: OIC<span class=\"_ _0\"></span>R 8.306 - 4.208 9.879 - 3.742 4. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 13<span class=\"ls0\"> </span>- - 291<span class=\"ls0\"> </span>- 5. Attivit\u00e0<span class=\"_ _0\"></span> materiali - - 7 - - 8 6. Attivit\u00e0<span class=\"_ _0\"></span> immateriali - - - - - - Totale 163.715 3.442 5.575 194.769 7.032 5.007 1. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 1 8 - - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>2. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> valutate al fair value - 71.565 - - 84.667 - 3. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - 170<span class=\"ls0\"> </span>- - - - Totale 1 71.743 - - 84.709 61<span class=\"ls0\"> </span>Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>compagnie <span class=\"_ _2\"></span>assicurative <span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>maggiore <span class=\"_ _3\"></span>discrezionalit\u00e0 <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del<span class=\"_ _5\"></span> fair <span class=\"_ _2\"></span>value, <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenuta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>portafoglio; <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019incidenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>,2% <span class=\"_ _3\"></span>(2,4% <span class=\"_ _2\"></span>al </span>31 dicembre 2021). Il 94,8<span class=\"_ _3\"></span>% delle a<span class=\"_ _3\"></span>ttivit\u00e0 finanziarie valutate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value del <span class=\"_ _3\"></span>comparto ass<span class=\"_ _3\"></span>icurativo \u00e8 <span class=\"_ _3\"></span>misurato attraverso il <span class=\"_ _3\"></span>ricorso a <span class=\"_ _3\"></span>quota<span class=\"_ _5\"></span>zioni di mercato, quindi senza <span class=\"_ _0\"></span>lasciare alcuna discre<span class=\"_ _0\"></span>zionalit\u00e0 al valut<span class=\"_ _0\"></span>ator<span class=\"_ _3\"></span><span class=\"ls10\">e.</span> Le passivit\u00e0 al fair v<span class=\"_ _0\"></span>alue sono quasi in<span class=\"_ _0\"></span>teramente misurate con <span class=\"_ _0\"></span>input di livello 2<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Oltre <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>trasferimenti <span class=\"_ _6\"></span>relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>comparto <span class=\"_ _4\"> </span>assicurativo <span class=\"_ _4\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>dettaglia<span class=\"_ _5\"></span>ti <span class=\"_ _4\"></span>nel seguito, si segnala c<span class=\"_ _0\"></span>he nel corso del 2022 si sono avut<span class=\"_ _0\"></span>i trasferimenti: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 1 a livello 2<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>attivit\u00e0 finanziarie valutate al <span class=\"_ _0\"></span>fair value per 3 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni (valore di bil<span class=\"_ _0\"></span>ancio al 31 dicembre 2<span class=\"_ _0\"></span>022);<span class=\"_ _2\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 143 milioni (<span class=\"_ _0\"></span>valore di <span class=\"_ _3\"></span>bilancio al 31 dicembre 202<span class=\"_ _0\"></span>2); </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>da livello 2 a livello 1<span class=\"_ _0\"></span> di: </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair value <span class=\"_ _0\"></span>per 2 milioni (valo<span class=\"_ _0\"></span>re di bilancio al 31 d<span class=\"_ _0\"></span>icembre 2022);<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>attivit\u00e0 finanziari<span class=\"_ _0\"></span>e disponibili per la ven<span class=\"_ _0\"></span>dita per 2.114 milioni<span class=\"_ _0\"></span> (valore di bilancio al<span class=\"_ _0\"></span> 31 dice<span class=\"_ _2\"></span>mbre 2022). </span>I <span class=\"_ _16\"> </span>trasferimenti <span class=\"_ _7\"> </span>tra  li<span class=\"_ _0\"></span>velli <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>derivano <span class=\"_ _16\"> </span>dall\u2019evoluzione <span class=\"_ _7\"> </span>dell\u2019osservabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>prezzi <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>per </span>effettuare le valutazi<span class=\"_ _0\"></span>oni degli strumenti e<span class=\"_ _0\"></span> della significati<span class=\"_ _0\"></span>vit\u00e0 degli input non o<span class=\"_ _0\"></span>sservabili.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>passaggio <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _5\"></span>2 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>venir <span class=\"_ _2\"></span>meno <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>merca<span class=\"_ _0\"></span>to <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tivo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>strumento verificata <span class=\"_ _6\"></span>analizzando <span class=\"_ _6\"></span>l\u2019affidabilit\u00e0 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>reciproca <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _5\"></span>disponibili <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"> </span>nelle <span class=\"_ _16\"> </span><span class=\"ff1\">Linee </span>Guida <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Regole d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Valutazione Str<span class=\"_ _3\"></span>umenti Finanziari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fair <span class=\"_ _3\"></span>Value <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>contro, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>viene e<span class=\"_ _3\"></span>ffettuata una valutazione da <span class=\"_ _3\"></span>mark-<span class=\"lsd\">to</span>-model utilizzando <span class=\"_ _3\"></span>input osservabili <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>classificati, <span class=\"_ _3\"></span>dunque, a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>vengono <span class=\"_ _3\"></span>trasferiti al livello 1 nel mome<span class=\"ff4\">nto in cui s<span class=\"_ _0\"></span>i riscontra l\u2019esiste<span class=\"_ _0\"></span>nza di un mercato attivo.<span class=\"ff1\"> </span></span>A.4.5.2. <span class=\"_ _1d\"> </span>Varia<span class=\"_ _0\"></span>zioni  a<span class=\"_ _3\"></span>nnue  delle <span class=\"_ _1d\"> </span>attivit\u00e0  valutate <span class=\"_ _1d\"> </span>al  fair <span class=\"_ _1d\"> </span>value  su <span class=\"_ _1d\"> </span>base <span class=\"_ _1d\"> </span>ricorrente  (livello  3<span class=\"_ _3\"></span>) <span class=\"_ _17\"> </span>- <span class=\"_ _1d\"> </span><span class=\"ff2\">Escluse <span class=\"_ _1d\"> </span>compagnie<span class=\"_ _35\"></span> </span>assicurative  (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0 valutate al fair value con <span class=\"ls0\">impatt<span class=\"_ _3\"></span>o a conto </span>economico<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva<span class=\"ls0\"> </span>Derivati di<span class=\"ls0\"> </span>copertura<span class=\"ls0\"> </span>Attivit\u00e0<span class=\"ls0\"> </span>materiali<span class=\"ls0\"> </span>Attivit\u00e0<span class=\"ls0\"> </span>immateriali<span class=\"ls0\"> </span>TOTALE di cui: <span class=\"ls0\"> </span>a) <span class=\"ls0\"> </span>Attivit\u00e0 finanziarie detenute per la negoziazione<span class=\"ls0\"> </span>di cui: <span class=\"ls0\"> </span>b) <span class=\"ls0\"> </span>Attivit\u00e0 finanziarie designate al fair value di cui: <span class=\"ls0\"> </span>c)  Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value 1. Esistenze iniziali <span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.389<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>3 3.199<span class=\"ls0\"> </span>492<span class=\"ls0\"> </span>- 7.364<span class=\"ls0\"> </span>- 2. Aumenti<span class=\"ls0\"> </span>1.070<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>- 976<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>- 278<span class=\"ls0\"> </span>- 2.1 Acquisti<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- 370<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 76<span class=\"ls0\"> </span>- 2.2 Profitti imputati a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>7 - 170<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 32<span class=\"ls0\"> </span>- 2.2.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>7 - 170<span class=\"ls0\"> </span>- - 5 - - <span class=\"ls28\">di cui plusvalenze<span class=\"_ _3\"></span></span> 152<span class=\"ls0\"> </span>7 - 145<span class=\"ls0\"> </span>- - - - 2.2.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- X X X 18<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>- 2.3 Trasferimenti da altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>- - - 2.4 Altre variazioni in aume<span class=\"_ _3\"></span>nto<span class=\"ls0\"> </span>465<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>- 409<span class=\"ls0\"> </span>1 - 170<span class=\"ls0\"> </span>- 3. Diminuzioni<span class=\"ls0\"> </span>-<span class=\"ls28\">865</span> -<span class=\"ls28\">98</span> -3 -<span class=\"ls28\">764</span> -<span class=\"ls28\">228</span> - -<span class=\"ls28\">498</span> - 3.1 Vendite<span class=\"ls0\"> </span>-<span class=\"ls28\">208</span> -<span class=\"ls28\">43</span> -3 -<span class=\"ls28\">162</span> -<span class=\"ls28\">100</span> - -<span class=\"ls28\">48</span> - 3.2 Rimborsi<span class=\"ls0\"> </span>-5 - - -5 -<span class=\"ls28\">14</span> - - - 3.3 Perdite imputate a:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">264</span> -<span class=\"ls28\">42</span> - -<span class=\"ls28\">222</span> -<span class=\"ls28\">25</span> - -<span class=\"ls28\">181</span> - 3.3.1 Conto economico <span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">264</span> -<span class=\"ls28\">42</span> - -<span class=\"ls28\">222</span> -4 - -<span class=\"ls28\">165</span> - - <span class=\"ls28\">di cui minusvalenze<span class=\"_ _3\"></span></span> -<span class=\"ls28\">243</span> -<span class=\"ls28\">35</span> - -<span class=\"ls28\">208</span> -1 - - - 3.3.2 Patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- X X X -<span class=\"ls28\">21</span> - -<span class=\"ls28\">16</span> - 3.4 Trasferimenti ad altri livelli<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">38</span> -<span class=\"ls28\">12</span> - -<span class=\"ls28\">26</span> -<span class=\"ls28\">65</span> - - - 3.5 Altre variazioni in diminu<span class=\"_ _3\"></span>zione<span class=\"ls0\"> </span>-<span class=\"ls28\">350</span> -1 - -<span class=\"ls28\">349</span> -<span class=\"ls28\">24</span> - -<span class=\"ls28\">269</span> - 4. Rimanenze finali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.594<span class=\"ls0\"> </span>183<span class=\"ls0\"> </span>- 3.411<span class=\"ls0\"> </span>357<span class=\"ls0\"> </span>- 7.144<span class=\"ls0\"> </span>- Le <span class=\"_ _4\"></span>voci <span class=\"_ _4\"> </span>Altre <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>diminuzione, <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _4\"></span>finanziarie <span class=\"_ _6\"></span>obbligatoriamente <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value, <span class=\"_ _4\"></span>s<span class=\"_ _5\"></span><span class=\"ls19\">i </span>riferiscono <span class=\"_ _7\"> </span>principalmente <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>quote <span class=\"_ _16\"> </span>di  OICR <span class=\"_ _4\"> </span>ed  a<span class=\"_ _35\"></span>ccolgono <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>versamenti <span class=\"_ _7\"> </span>effettuati <span class=\"_ _16\"> </span>ed <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>rimborsi <span class=\"_ _7\"> </span>ricevuti <span class=\"_ _7\"> </span>dalla <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>ad invarianza <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>quote <span class=\"_ _4\"></span>detenute. <span class=\"_ _6\"></span>Relativamente <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>Attivit\u00e0 <span class=\"_ _6\"></span>materiali, <span class=\"_ _6\"></span>nelle <span class=\"_ _6\"></span>voci, <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>trasferimen<span class=\"_ _2\"></span><span class=\"ls12\">ti </span>delle Attivit\u00e0 material<span class=\"_ _0\"></span>i da scopo investim<span class=\"_ _0\"></span>ento a<span class=\"_ _3\"></span> uso funzionale e <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iceversa.<span class=\"_ _90\"> </span>A.4.5.2. Bis Variazioni <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nnue delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al fair va<span class=\"_ _0\"></span>lue su base ricorrent<span class=\"_ _0\"></span>e (livello 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span>(milioni di euro)<span class=\"_ _3\"></span> Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> detenute per la negoziazione Attivit\u00e0  finanziarie<span class=\"_ _3\"></span> valutate al fair value Attivit\u00e0  finanziarie<span class=\"_ _3\"></span> disponibili per la vendita Derivati di copertura Attivit\u00e0 materiali Attivit\u00e0 immateriali 1. Esistenze iniziali<span class=\"_ _3\"></span>  390<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>4.208 - 8 - 2. Aumenti 92<span class=\"ls0\"> </span>186<span class=\"ls0\"> </span>1.091 - - - 2.1 Acquisti<span class=\"_ _3\"></span> 58<span class=\"ls0\"> </span>- 876<span class=\"ls0\"> </span>- - - 2.2 Profitti imputati <span class=\"_ _3\"></span>a: - - 199<span class=\"ls0\"> </span>- - - 2.2.1 Conto econ<span class=\"_ _3\"></span>omico  - - - - - - - di cui plusvale<span class=\"_ _3\"></span>nze - - - - - - 2.2.2 Patrimonio nett<span class=\"_ _3\"></span>o X X 199<span class=\"ls0\"> </span>- - - 2.3 Trasferimenti d<span class=\"_ _3\"></span>a altri livelli<span class=\"_ _3\"></span> 32<span class=\"ls0\"> </span>- 12<span class=\"ls0\"> </span>- - - 2.4 Altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> 2 186<span class=\"ls0\"> </span>4 - - - 3. Diminuzioni -126 - -674 - -1 - 3.1 Vendite -4 - -354 - - - 3.2 Rimborsi - - -<span class=\"ls1b\">12</span> - - - 3.3 Perdite imputa<span class=\"_ _3\"></span>te a: -<span class=\"ls1b\">68</span> - -236 - - - 3.3.1 Conto econ<span class=\"_ _3\"></span>omico  -<span class=\"ls1b\">68</span> - -<span class=\"ls1b\">53</span> - - - - di cui minusvalenz<span class=\"_ _3\"></span>e - - 12<span class=\"ls0\"> </span>- - - 3.3.2 Patrimonio nett<span class=\"_ _3\"></span>o X X -183 - - - 3.4 Trasferimenti a<span class=\"_ _3\"></span>d altri livelli<span class=\"_ _3\"></span> -<span class=\"ls1b\">54</span> - -<span class=\"ls1b\">68</span> - - - 3.5 Altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> - - -4 - -1 - 4. Rimanenze fin<span class=\"_ _3\"></span>ali 356<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>4.625 - 7 - A.4.5.3  V<span class=\"_ _0\"></span>ariazioni  annu<span class=\"_ _0\"></span>e  dell<span class=\"_ _0\"></span>e  passivi<span class=\"_ _0\"></span>t\u00e0  valutate<span class=\"_ _0\"></span>  al <span class=\"_ _16\"> </span>fair  value <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u  base <span class=\"_ _16\"> </span>ricorrente <span class=\"_ _16\"> </span>(livello  3)  -<span class=\"_ _3\"></span>  <span class=\"ff2\">E<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>cluse <span class=\"_ _16\"> </span>compagnie </span>assicurative (milioni di eur<span class=\"_ _35\"></span>o) Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie detenute<span class=\"_ _35\"></span> per la negoziaz<span class=\"_ _0\"></span>ione Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie designate<span class=\"_ _0\"></span> al fair value<span class=\"_ _0\"></span> Derivati d<span class=\"_ _0\"></span>i copertura<span class=\"_ _35\"></span> 1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  119<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- 2. Aume<span class=\"_ _0\"></span>nti 101<span class=\"ls0\"> </span>4 - 2.1 Emis<span class=\"_ _0\"></span>sioni 71<span class=\"ls0\"> </span>- - 2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: - 3 - 2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  - 3 - - di cui minu<span class=\"_ _35\"></span>svalenze - 3 - 2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X - - 2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli 30<span class=\"ls0\"> </span>- - 2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento - 1 - 3. Dimin<span class=\"_ _0\"></span>uzioni -<span class=\"ls25\">78</span> - - 3.1 Rimbor<span class=\"_ _0\"></span>si - - - 3.2 Riacqui<span class=\"_ _0\"></span>sti - - - 3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: -<span class=\"ls25\">19</span> - - 3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  -<span class=\"ls25\">19</span> - - - di cui plu<span class=\"_ _0\"></span>svalenze -<span class=\"ls25\">16</span> - - 3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X - - 3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli -<span class=\"ls25\">50</span> - - 3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione -9 - - 4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li 142<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>- Le \u201cPassivit\u00e0 finanzi<span class=\"_ _0\"></span>arie detenute per la <span class=\"_ _0\"></span>negoziazione\u201d si riferis<span class=\"_ _0\"></span>cono a contratti d<span class=\"_ _0\"></span>erivati aventi fai<span class=\"_ _0\"></span>r value negativo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _2\"></span><span class=\"ls0\">trasferimenti <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>descritti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>tabelle <span class=\"_ _3\"></span>precedenti <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>effettuati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>conformit\u00e0 <span class=\"_ _2\"></span>alle<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>guida </span>descritte nel paragra<span class=\"_ _0\"></span>fo A.4.3 <span class=\"ff4\">\u2013</span> Gerarchia del fair value. Peraltro, per <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>complete informazioni sulla sensitivit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>valori de<span class=\"_ _3\"></span>gli strumenti <span class=\"_ _3\"></span>finanziari al variare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali parametri di input, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>rinvia <span class=\"_ _6\"> </span>alle <span class=\"_ _6\"> </span>analisi <span class=\"_ _6\"> </span>complessive <span class=\"_ _6\"></span>svolte <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Parte <span class=\"_ _6\"> </span>E <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span><span class=\"ff1\">la </span>presente Nota Integrati<span class=\"_ _0\"></span>va.<span class=\"_ _90\"> </span>A.4.5.3 Bis Variazion<span class=\"_ _0\"></span>i annue delle passivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value su b<span class=\"_ _0\"></span>ase ricorrente (livel<span class=\"_ _0\"></span>lo 3) <span class=\"_ _3\"></span>- <span class=\"ff2\">Compagnie assicurative </span>(milioni di eur<span class=\"_ _35\"></span>o) Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie detenute<span class=\"_ _35\"></span> per la negoziaz<span class=\"_ _0\"></span>ione Passivit\u00e0<span class=\"_ _0\"></span> finanziar<span class=\"_ _0\"></span>ie valutate al fair value<span class=\"_ _0\"></span> Derivati d<span class=\"_ _0\"></span>i copertura<span class=\"_ _35\"></span> 1. Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i  61<span class=\"ls0\"> </span>- - 2. Aume<span class=\"_ _0\"></span>nti - - - 2.1 Emis<span class=\"_ _0\"></span>sioni - - - 2.2 Perdite i<span class=\"_ _0\"></span>mputate a<span class=\"_ _0\"></span>: - - - 2.2.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  - - - - di cui minu<span class=\"_ _35\"></span>svalenze - - - 2.2.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X X - 2.3 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altri livelli - - - 2.4 Altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento - - - 3. Dimin<span class=\"_ _0\"></span>uzioni -<span class=\"ls25\">61</span> - - 3.1 Rimbor<span class=\"_ _0\"></span>si - - - 3.2 Riacqui<span class=\"_ _0\"></span>sti - - - 3.3 Profitti i<span class=\"_ _0\"></span>mputati a<span class=\"_ _0\"></span>: -<span class=\"ls25\">61</span> - - 3.3.1 Con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  -<span class=\"ls25\">61</span> - - - di cui plu<span class=\"_ _0\"></span>svalenze - - - 3.3.2 Patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto X X - 3.4 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ad<span class=\"_ _0\"></span> altri livelli - - - 3.5 Altre <span class=\"_ _0\"></span>variazioni in di<span class=\"_ _35\"></span>minuzione - - - 4. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze fina<span class=\"_ _0\"></span>li - - - A.4.5.4 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>ricorrente: <span class=\"_ _5\"></span>ripartizione <span class=\"_ _2\"></span>per livelli di fair value <span class=\"ff3\">\u2013</span> <span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e compagnie assicurativ<span class=\"_ _0\"></span>e<span class=\"ffa lsd\">  <span class=\"ls0\"> </span></span></span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span>o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore di bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Valore di <span class=\"ls0\"> </span>bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Attivit\u00e0 <span class=\"ls0\">finanziarie valutate al costo a<span class=\"_ _3\"></span>mmortizzato<span class=\"_ _3\"></span> </span>528.078<span class=\"ls0\"> </span>28.958<span class=\"ls0\"> </span>320.105<span class=\"ls0\"> </span>161.493<span class=\"ls0\"> </span>668.866<span class=\"ls0\"> </span>27.206<span class=\"ls0\"> </span>484.983<span class=\"ls0\"> </span>165.462<span class=\"ls0\"> </span>2. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span>- - - - - - - - 3. Attivit\u00e0 non correnti e gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di dismissione<span class=\"ls0\"> </span>638<span class=\"ls0\"> </span>- - 638<span class=\"ls0\"> </span>1.422<span class=\"ls0\"> </span>- - 1.422<span class=\"ls0\"> </span>Totale 528.716<span class=\"ls0\"> </span>28.958<span class=\"ls0\"> </span>320.105<span class=\"ls0\"> </span>162.131<span class=\"ls0\"> </span>670.288<span class=\"ls0\"> </span>27.206<span class=\"ls0\"> </span>484.983<span class=\"ls0\"> </span>166.884<span class=\"ls0\"> </span>1. Passivit\u00e0 finanziarie valut<span class=\"_ _3\"></span>ate al costo ammorti<span class=\"_ _3\"></span>zzato<span class=\"ls0\"> </span>667.586<span class=\"ls0\"> </span>41.748<span class=\"ls0\"> </span>592.888<span class=\"ls0\"> </span>32.270<span class=\"ls0\"> </span>710.055<span class=\"ls0\"> </span>47.030<span class=\"ls0\"> </span>625.414<span class=\"ls0\"> </span>39.759<span class=\"ls0\"> </span>2. Passivit\u00e0 associate ad <span class=\"ls0\">att<span class=\"_ _3\"></span>ivit\u00e0 in via di dismissione<span class=\"_ _3\"></span> </span>15<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>- - 30<span class=\"ls0\"> </span>Totale 667.601<span class=\"ls0\"> </span>41.748<span class=\"ls0\"> </span>592.888<span class=\"ls0\"> </span>32.285<span class=\"ls0\"> </span>710.085<span class=\"ls0\"> </span>47.030<span class=\"ls0\"> </span>625.414<span class=\"ls0\"> </span>39.789<span class=\"ls0\"> </span>A.4.5.4 Bis Attivit\u00e0 e pa<span class=\"_ _0\"></span>ssivit\u00e0 non valutate <span class=\"_ _0\"></span>al fair value o valu<span class=\"_ _0\"></span>tate al fair value su base no<span class=\"_ _0\"></span>n ricorrente: ripartizione<span class=\"_ _0\"></span> per<span class=\"_ _3\"></span> livelli di fair value <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Compag<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ie assicurative </span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Passivit\u00e0 non misurate al fair value <span class=\"_ _3\"></span><span class=\"ls0\"> </span>o misurate al fair value su base non ri<span class=\"_ _3\"></span>corrente<span class=\"_ _3\"></span><span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore di bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Valore di <span class=\"ls0\"> </span>bilancio<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Attivit\u00e0 <span class=\"ls0\">finanziarie detenute sino alla<span class=\"_ _3\"></span> scadenza<span class=\"_ _3\"></span> </span>- - - - - - - - 2. Crediti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 3. Crediti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>- 34<span class=\"ls0\"> </span>6 44<span class=\"ls0\"> </span>- 39<span class=\"ls0\"> </span>5 4. Attivit\u00e0 materiali detenute<span class=\"_ _3\"></span> a scopo di inv<span class=\"_ _3\"></span>estimento<span class=\"ls0\"> </span>- - - - - - - - 5. Attivit\u00e0 non correnti e <span class=\"ls0\">gru<span class=\"_ _3\"></span>ppi di attivit\u00e0 in via di dismission<span class=\"_ _3\"></span>e </span>- - - - - - - - Totale 80<span class=\"ls0\"> </span>- 74<span class=\"ls0\"> </span>6 85<span class=\"ls0\"> </span>- 80<span class=\"ls0\"> </span>5 1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>629<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>556<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>- - 650<span class=\"ls0\"> </span>2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>- 452<span class=\"ls0\"> </span>135<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>- 93<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>3. Titoli in circolazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.334<span class=\"ls0\"> </span>- 1.171<span class=\"ls0\"> </span>- 1.335<span class=\"ls0\"> </span>- 1.338<span class=\"ls0\"> </span>- 4. Passivit\u00e0 associate ad att<span class=\"_ _3\"></span>ivit\u00e0 in via di d<span class=\"_ _3\"></span>ismissione<span class=\"ls0\"> </span>- - - - - - - - Totale 2.550<span class=\"ls0\"> </span>- 1.640<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>2.146<span class=\"ls0\"> </span>- 1.431<span class=\"ls0\"> </span>745<span class=\"ls0\"> </span>Attivit\u00e0 e passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie Per quanto riguarda le attivit\u00e0 e le passivit\u00e0 finanziarie non <span class=\"_ _2\"></span>valutate al fair value (crediti e crediti rappresentati da titoli, debiti e titoli <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>circolazione), <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prassi <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>prevede <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>val<span class=\"_ _5\"></span>ore attuale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>futuri, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>tasso<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>incorpora <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>principali <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>incertezze <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>allo strumento finanziario ogg<span class=\"_ _0\"></span>etto di valuta<span class=\"_ _0\"></span>zione (il cosiddetto \u201c<span class=\"_ _0\"></span>discount rate adjustm<span class=\"_ _0\"></span>ent approach\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>In particolare, il tasso di interesse utilizzato per l\u2019attualizzazione dei cash fl<span class=\"_ _2\"></span><span class=\"ff1\">ow <span class=\"_ _3\"></span>futuri \u00e8 determinato tenendo in considerazione i </span>seguenti fattori di ris<span class=\"_ _0\"></span>chio: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rappresenta <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ffre <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>ogni <span class=\"_ _7\"> </span>unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>prestato <span class=\"_ _4\"> </span>a </span>controparti prive di ri<span class=\"_ _0\"></span>schio; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il  rischio  di <span class=\"_ _1d\"> </span>credito,  che  rappresenta  il  premio  per <span class=\"_ _1d\"> </span>aver  prestato  capitale  a  controparti  che  presentano  rischio  di </span>insolvenza; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il costo della liquidit\u00e0<span class=\"_ _0\"></span> connesso al cred<span class=\"_ _0\"></span>ito. </span>Nel caso di strumenti a tasso fisso, i flussi di <span class=\"_ _3\"></span>cassa sono pari a quelli previsti dal <span class=\"_ _2\"></span>contratto; per gli strumenti a tasso variabile, i flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _7\"> </span>futuri <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>determinati <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>forward, <span class=\"_ _4\"></span>impliciti <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>curve <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>coupon<span class=\"_ _2\"></span> osservati in corrispo<span class=\"_ _0\"></span>ndenza delle divers<span class=\"_ _0\"></span>e date di fixing e diffe<span class=\"_ _0\"></span>renziate per tip<span class=\"_ _3\"></span>ologia di indicizzazio<span class=\"_ _0\"></span>ne. Il <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>premio per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>(credit spread) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>determinato a <span class=\"_ _3\"></span>livello di <span class=\"_ _3\"></span>singola <span class=\"_ _3\"></span>posizione, tramite <span class=\"_ _3\"></span>l\u2019acquisizione dell<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _3\"></span>classe </span>di rischio (L<span class=\"_ _3\"></span>GD) e del rating <span class=\"_ _3\"></span>(PD). Queste grandezze, unitamente alla durata media <span class=\"_ _3\"></span>finanziaria r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>idua, costituiscono il criterio guida per l\u2019acquisizione del credit <span class=\"_ _3\"></span>spread. Per i <span class=\"_ _3\"></span>titoli emessi da Intesa <span class=\"_ _3\"></span>Sanpaolo, la costruzione della curva di spread <span class=\"_ _3\"></span>segu<span class=\"_ _5\"></span><span class=\"ff1\">e le </span>regole disciplinate nell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> Regole di V<span class=\"_ _0\"></span>alutazione Strumenti Fin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nziari al Fair Value.<span class=\"_ _3\"></span> Nel determinare i fair value<span class=\"_ _0\"></span> esposti nella tabella<span class=\"_ _0\"></span> A.4.5.4 sono state <span class=\"_ _0\"></span>utilizzate le seguenti as<span class=\"_ _0\"></span>sunzioni:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i c<span class=\"_ _3\"></span>rediti rappresentati da titoli, vengono seguite le <span class=\"_ _3\"></span>medesime regole previste per la <span class=\"_ _3\"></span>valutazione al fair value delle <span class=\"_ _3\"></span>alt<span class=\"_ _5\"></span>re </span>categorie di titoli; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>per i tito</span>li emessi, le reg<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>le utilizzate sono le <span class=\"_ _0\"></span>stesse applicate ai <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>itoli dell\u2019attivo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-991": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-655.29224px;\"><div class=\"t m0 x0 h15 y374 ff5 fs8 fc2 sc0 ls0 ws0\">A. 5 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">INFO<span class=\"_ _35\"></span>R<span class=\"_ _3\"></span>MATIV<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span> SUL C.<span class=\"_ _35\"></span>D. \u201cDAY ONE P<span class=\"_ _0\"></span>ROFIT/LOS<span class=\"_ _35\"></span>S\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span></span></div><div class=\"t m0 x0 h2 y375 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _5\"></span>stabilisce <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>l\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vvenire <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value. <span class=\"_ _5\"></span>Normalmente<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h32 y18e ff4 fs0 fc0 sc0 ls0 ws0\">uno strumento <span class=\"_ _3\"></span>finanziario alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilevazione iniziale <span class=\"_ _3\"></span>in bilancio \u00e8 <span class=\"_ _3\"></span>pari a<span class=\"_ _3\"></span>l \u201cprezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>transazione\u201d, in altre <span class=\"_ _3\"></span>parole al<span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>\u2019importo </div><div class=\"t m0 x0 h2 y18f ff1 fs0 fc0 sc0 ls0 ws0\">erogato per le attivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie o alla <span class=\"_ _0\"></span>somma incassata per le<span class=\"_ _0\"></span> passivit\u00e0 finanziarie<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y256 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019affermazione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>all\u2019atto <span class=\"_ _2\"></span>dell\u2019iscrizione <span class=\"_ _5\"></span>iniziale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>norma <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>incide <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y257 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>transazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>intuitivamente <span class=\"_ _4\"> </span>generalmente <span class=\"_ _4\"></span>riscontrabile <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>transazioni <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>livello <span class=\"_ _7\"> </span>1 <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y258 ff1 fs0 fc0 sc0 ls0 ws0\">gerarchia <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>fai<span class=\"_ _3\"></span>r <span class=\"_ _4\"> </span>value. <span class=\"_ _4\"> </span>Eventuali <span class=\"_ _4\"> </span>differenze <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>prezzo <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>normalmente <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>attribuire <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>cosiddetti <span class=\"_ _7\"> </span>margini<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y259 ff1 fs0 fc0 sc0 ls0 ws0\">commerciali, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itiene <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>far <span class=\"_ _2\"></span>rientrare <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>casistica <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Day <span class=\"_ _2\"></span>One <span class=\"_ _3\"></span>Profit. <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>margini <span class=\"_ _3\"></span>commerciali <span class=\"_ _2\"></span>transitano, <span class=\"_ _3\"></span>dunque<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y25a ff1 fs0 fc0 sc0 ls0 ws0\">conto economico al momento <span class=\"_ _0\"></span>della prima valuta<span class=\"_ _0\"></span>zione successiva dello<span class=\"_ _0\"></span> strumento finanzi<span class=\"_ _0\"></span>ario.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y25b ff4 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>caso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>2, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>asa <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>indirettam<span class=\"_ _0\"></span>ente <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>(comparable <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pproach), <span class=\"_ _6\"></span>l\u2019iscrizione<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y25c ff1 fs0 fc0 sc0 ls0 ws0\">iniziale <span class=\"_ _5\"></span>vede <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>molti <span class=\"_ _5\"></span>casi <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _2\"></span>coincidere <span class=\"_ _2\"></span>fa<span class=\"_ _3\"></span>ir<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rezzo. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>residue <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>riscontrabili, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso </div><div class=\"t m0 x0 h2 y25d ff1 fs0 fc0 sc0 ls0 ws0\">precedente, sono di <span class=\"_ _0\"></span>norma da attribuire ai <span class=\"_ _0\"></span>cosiddetti margini <span class=\"_ _0\"></span>commerciali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y25e ff4 fs0 fc0 sc0 ls0 ws0\">Nel caso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>livello 3 <span class=\"_ _3\"></span>sussiste una <span class=\"_ _3\"></span>discrezionalit\u00e0 parziale d<span class=\"_ _3\"></span>ell\u2019operatore nella valutazione dello <span class=\"_ _3\"></span>strumento e, <span class=\"_ _6\"> </span><span class=\"ff1\">pertanto, proprio </span></div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _3\"></span>manca <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>inequivocabile <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>raffrontar<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>transazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>stesso <span class=\"_ _2\"></span>motivo <span class=\"_ _2\"></span>risulta <span class=\"_ _2\"></span>difficile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>precisione <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>eve<span class=\"_ _5\"></span>ntuale <span class=\"_ _2\"></span>margine<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 y261 ff4 fs0 fc0 sc0 ls0 ws0\">commerciale <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>imputare <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>economico. <span class=\"_ _5\"></span>In <span class=\"_ _2\"></span>tal<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>sempre <span class=\"_ _2\"></span>avvenire <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>prezzo, <span class=\"_ _5\"></span>prescindendo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>dentificazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>margini <span class=\"_ _3\"></span>commerciali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>successiva <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>includere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span>rezzo <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y263 ff4 fs0 fc0 sc0 ls0 ws0\">fair value riscontrata al<span class=\"_ _0\"></span>l\u2019atto della prim<span class=\"_ _0\"></span>a valutazione, definit<span class=\"_ _0\"></span>a anche come Day One P<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ofit (DOP).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _3\"></span>differenza <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>riconosciuta <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>deriva <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>cambiamenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ttori <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>partecipanti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y266 ff1 fs0 fc0 sc0 ls0 ws0\">mercato basano le loro<span class=\"_ _0\"></span> <span class=\"ff4\">valutazioni nel fissare i prezzi<span class=\"_ _0\"></span> (incluso l\u2019effetto tem<span class=\"_ _0\"></span>po).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>input <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>osservabili, <span class=\"_ _2\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iventino <span class=\"_ _2\"></span>osservabili, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>residui <span class=\"_ _5\"></span>Day <span class=\"_ _2\"></span>On<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Profit </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">sospesi <span class=\"_ _6\"></span>patrimonialmente <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>iscritti <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">un\u2019unica <span class=\"_ _6\"></span>soluzione. <span class=\"_ _6\"></span>Analogamen<span class=\"_ _0\"></span>te, <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>caso <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>operazioni </span></div><div class=\"t m0 x0 h2 y269 ff4 fs0 fc0 sc0 ls0 ws0\">gestite <span class=\"_ _2\"></span>\u201ca <span class=\"_ _2\"></span>libro\u201d <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>divisione <span class=\"_ _2\"></span>d\u2019investimento, <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Day <span class=\"_ _2\"></span>One <span class=\"_ _2\"></span>Profit <span class=\"_ _2\"></span>registrati <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>operazioni <span class=\"_ _4\"> </span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>incluse </span></div><div class=\"t m0 x0 h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\">nella suddetta gestione a libro - sono ri<span class=\"_ _3\"></span>levati a conto economico nel momento in cui sono poste in essere operazioni che nella<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\">sostanza eliminano i ri<span class=\"_ _0\"></span>schi legati a paramet<span class=\"_ _0\"></span>ri non osservabili <span class=\"_ _0\"></span>dello strumento che h<span class=\"_ _0\"></span>a generato il DOP.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y26c ff10 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022,<span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"ff11\">cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019esercizio <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>l\u2019ammontare <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>DOP <span class=\"_ _4\"> </span></span></span>sospeso <span class=\"_ _5\"></span>nello <span class=\"_ _5\"></span>Stato <span class=\"_ _2\"></span>pat<span class=\"_ _3\"></span>rimoniale <span class=\"_ _2\"></span>risulta <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y26d ff10 fs0 fc0 sc0 ls0 ws0\">importo non materiale <span class=\"_ _0\"></span>(0,1 milioni circ<span class=\"_ _0\"></span>a).<span class=\"_ _3\"></span><span class=\"ff1\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5e8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1179 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y634 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-955": {
   "value": "SEZIONE 1 - CASSA E DISPONIBILIT\u00c0 LIQUIDE - VOCE 10 1.1 Cassa e disponibili<span class=\"_ _0\"></span>t\u00e0 liquide: composizion<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> a) Cassa 3.709 3.463 b) Conti <span class=\"_ _0\"></span>correnti e de<span class=\"_ _0\"></span>positi a <span class=\"_ _0\"></span>vista presso<span class=\"_ _0\"></span> Banche Ce<span class=\"_ _0\"></span>ntrali 105.546 7.020 c) Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti a vi<span class=\"_ _0\"></span>sta presso<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>banche 3.669 4.273 Totale  112.924 14.756 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>l\u2019aggregato <span class=\"_ _4\"> </span>\u201cb) <span class=\"_ _4\"> </span>Conti <span class=\"_ _16\"> </span>correnti <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vista <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _4\"> </span>accoglie <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ista (overnight) per un ammo<span class=\"_ _0\"></span>ntare pari a circa <span class=\"_ _0\"></span>89 miliardi, ove trov<span class=\"_ _0\"></span>a impiego l\u2019eccesso di liq<span class=\"_ _0\"></span>uidit\u00e0 che per effetto<span class=\"_ _0\"></span> del rialzo de<span class=\"_ _2\"></span><span class=\"ff1\">i tassi </span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>depositato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">della <span class=\"_ _6\"> </span>Riserva <span class=\"_ _6\"> </span>Obbligatoria <span class=\"_ _6\"></span>aggregata <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>voce <span class=\"_ _6\"> </span>\u201cAttivit\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _6\"></span>al<span class=\"_ _0\"></span> </span>costo ammortizzato <span class=\"ff4\">\u2013</span> <span class=\"ff4\">crediti v<span class=\"_ _0\"></span>erso banche\u201d.<span class=\"_ _90\"> </span></span>4.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso banche<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 A. Crediti verso Banche centrali 9.712 - - - 7.089 2.623 131.361 - - - 128.282 3.078 1. Depositi a scadenza 3.622 - - X X X 3.118 - - X X X 2. Riserva obbligatoria 5.427 - - X X X 126.882 - - X X X 3. Pronti contro termine 543<span class=\"ls0\"> </span>- - X X X 273<span class=\"ls0\"> </span>- - X X X 4. Altri 120<span class=\"ls0\"> </span>- - X X X 1.088 - - X X X B. Crediti verso banche 23.136 36<span class=\"ls0\"> </span>- 1.265 18.791 3.055 32.523 53<span class=\"ls0\"> </span>- 1.547 28.156 2.903 1. Finanziamenti 21.478 36<span class=\"ls0\"> </span>- - 18.465 3.055 30.752 53<span class=\"ls0\"> </span>- - 27.914 2.903 1.1 Conti correnti - - - X X X - - - X X X 1.2 Depositi a scadenza  2.449 - - X X X 1.681 - - X X X 1.3 Altri finanziamenti:  19.029 36<span class=\"ls0\"> </span>- X X X 29.071 53<span class=\"ls0\"> </span>- X X X  - Pronti contro termine attivi  5.397 - - X X X 9.566 - - X<span class=\"ff2\"> </span>X X  - Finanziamenti per leasing 5 - - X X X 6 - - X<span class=\"ff2\"> </span>X X  - Altri 13.627 36<span class=\"ls0\"> </span>- X X X 19.499 53<span class=\"ls0\"> </span>- X<span class=\"ff2\"> </span>X X  2. Titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- 2.1 Titoli strutturati  - - - - - - - - - - - - 2.2 Altri titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- TOTALE 32.848 36<span class=\"ls0\"> </span>- 1.265 25.880 5.678 163.884 53<span class=\"ls0\"> </span>- 1.547 156.438 5.981 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>flessione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sottovoce <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>obbligatoria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mputabile <span class=\"_ _4\"> </span>all\u2019impiego <span class=\"_ _4\"> </span>dell\u2019eccesso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _4\"> </span>in<span class=\"_ _0\"></span> depositi a vista (overnigh<span class=\"_ _0\"></span>t) esposti alla v<span class=\"_ _0\"></span>oce Cassa e disponi<span class=\"_ _0\"></span>bilit\u00e0 liquide.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>sottovoce <span class=\"_ _3\"></span>\u201cAltri <span class=\"_ _2\"></span><span class=\"ff1\">finanziamenti <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span></span>Altri\u201d <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>funzionamento, o<span class=\"_ _3\"></span>ssia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>connesse <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prestazione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>affidamento, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>122 <span class=\"_ _5\"></span>milioni. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rappresenta<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>e essenzialmente da crediti in <span class=\"_ _0\"></span>bonis classificati i<span class=\"_ _0\"></span>n Stage 1 e rettificat<span class=\"_ _0\"></span>e sulla base del princip<span class=\"_ _0\"></span>io IFRS 9.<span class=\"_ _90\"> </span>4.4 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche: composizion<span class=\"_ _0\"></span>e merceologica  (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Valore di  bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Crediti verso Ba<span class=\"_ _3\"></span>nche Centrali<span class=\"_ _3\"></span> - - - - - - - - 1. Depositi vincola<span class=\"_ _3\"></span>ti - - 2. Riserva obbli<span class=\"_ _3\"></span>gatoria - - 3. Pronti contro term<span class=\"_ _3\"></span>ine attivi - - 4. Altri - - B. Crediti verso ba<span class=\"_ _3\"></span>nche 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 1. Finanziamenti<span class=\"_ _3\"></span> - - - - - - - - 1.1 Conti correnti <span class=\"_ _3\"></span>e depositi libe<span class=\"_ _3\"></span>ri - - 1.2 Depositi vincol<span class=\"_ _3\"></span>ati - - 1.3 Altri finanziame<span class=\"_ _3\"></span>nti: - - - Pronti contro term<span class=\"_ _3\"></span>ine attivi - - - Leasing finanzia<span class=\"_ _3\"></span>rio - - - Altri - - 2. Titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 2.1 Titoli strutturati<span class=\"_ _3\"></span> - - 2.2 Altri titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>Totale 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-923": {
   "value": "SEZIONE 1 - CASSA E DISPONIBILIT\u00c0 LIQUIDE - VOCE 10 1.1 Cassa e disponibili<span class=\"_ _0\"></span>t\u00e0 liquide: composizion<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> a) Cassa 3.709 3.463 b) Conti <span class=\"_ _0\"></span>correnti e de<span class=\"_ _0\"></span>positi a <span class=\"_ _0\"></span>vista presso<span class=\"_ _0\"></span> Banche Ce<span class=\"_ _0\"></span>ntrali 105.546 7.020 c) Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti a vi<span class=\"_ _0\"></span>sta presso<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>banche 3.669 4.273 Totale  112.924 14.756 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>l\u2019aggregato <span class=\"_ _4\"> </span>\u201cb) <span class=\"_ _4\"> </span>Conti <span class=\"_ _16\"> </span>correnti <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>vista <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _4\"> </span>accoglie <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ista (overnight) per un ammo<span class=\"_ _0\"></span>ntare pari a circa <span class=\"_ _0\"></span>89 miliardi, ove trov<span class=\"_ _0\"></span>a impiego l\u2019eccesso di liq<span class=\"_ _0\"></span>uidit\u00e0 che per effetto<span class=\"_ _0\"></span> del rialzo de<span class=\"_ _2\"></span><span class=\"ff1\">i tassi </span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>depositato <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>conto<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">della <span class=\"_ _6\"> </span>Riserva <span class=\"_ _6\"> </span>Obbligatoria <span class=\"_ _6\"></span>aggregata <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>voce <span class=\"_ _6\"> </span>\u201cAttivit\u00e0 <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"></span>valutate <span class=\"_ _6\"></span>al<span class=\"_ _0\"></span> </span>costo ammortizzato <span class=\"ff4\">\u2013</span> <span class=\"ff4\">crediti v<span class=\"_ _0\"></span>erso banche\u201d.<span class=\"_ _90\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1032": {
   "value": "SEZIONE 2 - ATTIVIT\u00c0 FINANZIARIE VALUTATE AL FAIR VALUE CON IMPATTO A CONTO ECONOMICO VOCE 20 2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span>I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span>2.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e detenute per la nego<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>iazione: composi<span class=\"_ _0\"></span>zione per debitori/emit<span class=\"_ _0\"></span>tenti/controparti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 10.396 23.211 a) Banche<span class=\"_ _0\"></span> Centrali 78<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche 7.541 20.394 c) Banche<span class=\"_ _35\"></span> 1.186 1.149 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 1.175 1.239 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 85<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 416<span class=\"ls0\"> </span>385<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 882<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> 35<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>b) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 133<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 51<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>c) Societ\u00e0<span class=\"_ _0\"></span> non finanzi<span class=\"_ _0\"></span>arie 714<span class=\"ls0\"> </span>524<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 290<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti 85<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 38<span class=\"ls0\"> </span>- di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione - - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 47<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>f) Famiglie - - Totale A  11.653 24.061 B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Contropar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i centrali<span class=\"_ _0\"></span> 11.065 1.693 b) Altre 19.804 21.427 Totale B  30.869 23.120 TOTALE<span class=\"_ _0\"></span> (A+B)  42.522 47.181<span class=\"_ _90\"> </span>2.3 Attivit\u00e0 finanziarie de<span class=\"_ _0\"></span>signate al fair valu<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.Titoli d<span class=\"_ _0\"></span>i debito - 1 - - 1 3 1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 1 - - 1 3 2.Finanz<span class=\"_ _0\"></span>iamenti - - - - - - 2.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i - - - - - - 2.2 Altri - - - - - - Totale - 1 - - 1 3<span class=\"_ _90\"> </span> La <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incluso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>deb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>controp<span class=\"_ _6\"></span>artita d<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico, quali <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>finanziari. <span class=\"_ _3\"></span>A fronte <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate a<span class=\"_ _3\"></span>ttivate coperture <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trami<span class=\"_ _5\"></span>te d<span class=\"_ _3\"></span>i derivati creditizi o strumenti <span class=\"_ _0\"></span>similari ad attenuazion<span class=\"_ _0\"></span>e del relativo rischio d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> credito. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>attribuibile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fai<span class=\"_ _6\"></span>r <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 risultata essere, sia <span class=\"_ _0\"></span>nel<span class=\"ff4\">l\u2019esercizio che cumulativame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te, poco sig<span class=\"_ _0\"></span>nificativa.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span></span>2.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e designate al fair valu<span class=\"_ _0\"></span>e: composizione per debitori<span class=\"_ _0\"></span>/emittenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci<span class=\"ff1 fs0\"> </span>31.12.2022<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>31.12.2021<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>1. Titoli <span class=\"_ _0\"></span>di debito<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) <span class=\"ls0\">Amministr<span class=\"_ _35\"></span>az<span class=\"_ _3\"></span>ioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span></span>1<span class=\"fs0\"> </span>1<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2. Finan<span class=\"_ _0\"></span>ziamenti<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) <span class=\"ls0\">Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie<span class=\"fs0\"> </span></span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>f) Famiglie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>2.5 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _0\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito - 55<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - 5 - - 5 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 55<span class=\"ls0\"> </span>128<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>102<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 122<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 858<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>2.401 1.486 149<span class=\"ls0\"> </span>2.166 4. Finan<span class=\"_ _0\"></span>ziamenti - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>4.1 Pronti <span class=\"_ _0\"></span>contro ter<span class=\"_ _0\"></span>mine - - - - - - 4.2 Altri - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>Totale  980<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>3.411 1.647 700<span class=\"ls0\"> </span>3.199 Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>connessi <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di circa 125 milioni (25 m<span class=\"_ _0\"></span>ilioni Livello 1 e 100 mi<span class=\"_ _0\"></span>lioni Livello 2), di <span class=\"_ _0\"></span>cui 44 milioni seni<span class=\"_ _0\"></span>or, 65 milioni mezza<span class=\"_ _0\"></span>nine e 16 milioni<span class=\"_ _2\"></span> junior. 2.6 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriamente valu<span class=\"_ _0\"></span>tate al fair value: comp<span class=\"_ _0\"></span>osizione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1.Titoli d<span class=\"_ _0\"></span>i capitale<span class=\"_ _0\"></span> 471<span class=\"ls0\"> </span>502<span class=\"ls0\"> </span>di cui: ban<span class=\"_ _0\"></span>che - - di cui: altre <span class=\"_ _0\"></span>societ\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie 117<span class=\"ls0\"> </span>160<span class=\"ls0\"> </span>di cui: socie<span class=\"_ _0\"></span>t\u00e0 non finanz<span class=\"_ _35\"></span>iarie 355<span class=\"ls0\"> </span>342<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di debito 188<span class=\"ls0\"> </span>167<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 157<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 1 - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 31<span class=\"ls0\"> </span>9 3. Quote<span class=\"_ _0\"></span> di O.I.C.R.<span class=\"_ _0\"></span> 3.450 3.801 4. Finan<span class=\"_ _0\"></span>ziamenti 945<span class=\"ls0\"> </span>1.076 a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> 29<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 119<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 10<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 554<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>f) Famiglie 243<span class=\"ls0\"> </span>223<span class=\"ls0\"> </span>Totale 5.054 5.546 L\u2019aggregato quote OICR include, per 290 milioni le <span class=\"_ _3\"></span>interessenze detenute<span class=\"_ _0\"></span> dalla <span class=\"_ _3\"></span>Banca nel Fondo Atlante e in Italian Recovery Fund  (gi\u00e0  Fondo  Atlante  II),  quali  fondi  d'investime<span class=\"_ _0\"></span>nto  alternativi  a  sostegno  delle  banche  italian<span class=\"_ _0\"></span>e  nelle  operazioni  di ricapitalizzazione e nella g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione dei crediti i<span class=\"_ _0\"></span>n sofferenza del set<span class=\"_ _0\"></span>tore. <span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>includono <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>creditizie <span class=\"_ _3\"></span>classificate <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _5\"></span>ir <span class=\"_ _3\"></span>value per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>mancato <span class=\"_ _3\"></span>superamento del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>caratteristich<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ontrattuali dei <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>(SPPI <span class=\"_ _3\"></span>Test) previsto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>contabile internazionale IFRS<span class=\"_ _0\"></span> 9.<span class=\"ff5 fc2\"> </span>SEZIONE <span class=\"_ _17\"> </span>3 <span class=\"_ _18\"> </span>- <span class=\"_ _18\"> </span><span class=\"ff6\">ATTIVIT\u00c0 <span class=\"_ _17\"> </span>FINANZIARIE <span class=\"_ _17\"> </span>VALUTATE <span class=\"_ _18\"> </span>AL <span class=\"_ _17\"> </span>FAIR <span class=\"_ _18\"> </span>VALUE <span class=\"_ _18\"> </span>CON <span class=\"_ _17\"> </span>IMPATTO <span class=\"_ _18\"> </span>SULLA <span class=\"_ _17\"> </span>REDDITIVITA\u2019 </span>COMPLESSIVA - VOCE 30 3.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al fair value con impatto sulla reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 41.424 5.227 9 57.547 6.003 18<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.373 - - - 587<span class=\"ls0\"> </span>- 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 40.051 5.227 9 57.547 5.416 18<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 513<span class=\"ls0\"> </span>510<span class=\"ls0\"> </span>325<span class=\"ls0\"> </span>1.537 1.314 421<span class=\"ls0\"> </span>3. Finan<span class=\"_ _0\"></span>ziamenti - 1.685 23<span class=\"ls0\"> </span>- 687<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>Totale 41.937 7.422 357<span class=\"ls0\"> </span>59.084 8.004 492<span class=\"ls0\"> </span>I <span class=\"_ _2\"></span><span class=\"ls0\">finanziamenti <span class=\"_ _2\"></span>inclusi <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>presente <span class=\"_ _2\"></span>voce, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>illustrato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>A <span class=\"_ _2\"></span>Politiche <span class=\"_ _2\"></span>contabili, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pr<span class=\"_ _5\"></span>estiti </span>sindacati sottoscritti <span class=\"_ _0\"></span>e destinati alla succes<span class=\"_ _0\"></span>siva cessione.<span class=\"ff5\"> </span>Nella <span class=\"_ _1d\"> </span>voce  sono <span class=\"_ _1d\"> </span>compresi  titoli <span class=\"_ _1d\"> </span>connessi  con <span class=\"_ _1d\"> </span>operazioni  di <span class=\"_ _1d\"> </span>car<span class=\"_ _3\"></span>tolarizzazione <span class=\"_ _1d\"> </span>per  un <span class=\"_ _1d\"> </span>ammontare  complessivo <span class=\"_ _1d\"> </span>di  circa 1.543 milioni (interament<span class=\"_ _0\"></span>e di Livello 2), di cui<span class=\"_ _0\"></span> circa 1.501 milion<span class=\"_ _0\"></span>i senior, 42 milioni me<span class=\"_ _0\"></span>zzanine e nessun valo<span class=\"_ _0\"></span>re per le junior. <span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>sottovoce <span class=\"_ _2\"></span>2 <span class=\"_ _3\"></span>Titoli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>partecipaz<span class=\"_ _2\"></span><span class=\"ff4\">ione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>375 milioni. Al riguar<span class=\"_ _0\"></span>do si segnala che per l<span class=\"_ _0\"></span>a relativa valutazion<span class=\"_ _0\"></span>e si \u00e8 fatto riferiment<span class=\"_ _0\"></span>o, come nei precedent<span class=\"_ _0\"></span>i esercizi, al <span class=\"_ _2\"></span>metodo di valutazione delle <span class=\"_ _3\"></span>transazioni dirette in considerazione delle com<span class=\"_ _3\"></span>pravendite intervenute a partire d<span class=\"_ _3\"></span>al 2015 e <span class=\"_ _3\"></span>proseguite negli anni <span class=\"_ _4\"> </span>successivi; <span class=\"_ _6\"> </span>considerato <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>principali <span class=\"_ _4\"> </span>transazioni <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>perfezionate <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>nominale, <span class=\"_ _4\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ta<span class=\"_ _2\"></span><span class=\"ff1\">le </span>approccio consente <span class=\"_ _0\"></span>di confermare il valo<span class=\"_ _0\"></span>re di iscrizione nel Bila<span class=\"_ _0\"></span>nc<span class=\"_ _3\"></span>io del Gruppo delle quote dete<span class=\"_ _0\"></span>nute. Inoltre, il <span class=\"_ _3\"></span>valore dell\u2019investimento \u00e8 <span class=\"_ _3\"></span>stato s<span class=\"_ _3\"></span>upportato anche dall\u2019utilizzo di<span class=\"_ _3\"></span> un <span class=\"_ _3\"></span>metodo alternativo basato <span class=\"_ _3\"></span>sull\u2019attualizzazi<span class=\"_ _2\"></span><span class=\"ff1\">one <span class=\"_ _3\"></span>dei </span>futuri dividendi derivanti dall\u2019investimento (DDM <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>\u201cDividend Discount Model\u201d). L\u2019utili<span class=\"_ _3\"></span><span class=\"ff1\">zzo, per il <span class=\"_ _3\"></span>Bilancio 2022, in continuit\u00e0 con </span>l\u2019impostazione <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>precedenti <span class=\"_ _2\"></span>esercizi, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019input <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>2 <span class=\"_ _5\"></span>(prezzo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>transazioni <span class=\"_ _2\"></span>dirette) <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>riferimento <span class=\"_ _7\"> </span><span class=\"ff1\">per <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> </span>determinazione del fair<span class=\"_ _0\"></span> value, ha determin<span class=\"_ _0\"></span>ato, inoltre, la c<span class=\"_ _0\"></span>onferma del livello<span class=\"_ _3\"></span> <span class=\"ff4\">2 nell\u2019ambito della g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rarchia del fair value.<span class=\"ff1\"> </span></span>Il valore di bilancio d<span class=\"_ _0\"></span>ei titoli di capital<span class=\"_ _0\"></span>e rivenienti dal recuper<span class=\"_ _0\"></span>o delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie <span class=\"_ _2\"></span>impaired ammonta a 50 milio<span class=\"_ _0\"></span>ni.<span class=\"ff5\"> </span>3.2 <span class=\"_ _23\"> </span>Attivit\u00e0 <span class=\"_ _20\"> </span>finanziarie <span class=\"_ _23\"> </span>valutate <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>fair <span class=\"_ _23\"> </span>value <span class=\"_ _20\"> </span>con <span class=\"_ _23\"> </span>impatto <span class=\"_ _23\"> </span>sulla <span class=\"_ _29\"> </span>redditivit\u00e0 <span class=\"_ _20\"> </span>complessiva: <span class=\"_ _20\"> </span>composizione <span class=\"_ _23\"> </span>per<span class=\"_ _0\"></span> debitori/emittenti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 46.660 63.568 a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche 35.062 50.549 c) Banche<span class=\"_ _35\"></span> 5.487 5.699 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie 3.943 4.212 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 25<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 2.168 3.108 2. Titoli <span class=\"_ _0\"></span>di capitale 1.348 3.272 a) Banche<span class=\"_ _0\"></span> 768<span class=\"ls0\"> </span>1.456 b) Altri emi<span class=\"_ _0\"></span>ttenti:  580<span class=\"ls0\"> </span>1.816 - altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 163<span class=\"ls0\"> </span>1.268 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione 3 3 - societ\u00e0 non<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finanzia<span class=\"_ _0\"></span>rie 407<span class=\"ls0\"> </span>538<span class=\"ls0\"> </span>- altri 10<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>3. Finan<span class=\"_ _0\"></span>ziamenti 1.708 740<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> 100<span class=\"ls0\"> </span>- d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 146<span class=\"ls0\"> </span>62<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione - - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 1.462 678<span class=\"ls0\"> </span>f) Famiglie - - Totale 49.716 67.580 3.3 <span class=\"_ _4\"> </span>Attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>omplessiva: <span class=\"_ _6\"></span>valore <span class=\"_ _7\"> </span>lordo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>rettifiche <span class=\"_ _4\"> </span>di valore complessive (milioni di eur<span class=\"_ _35\"></span>o) Valore lordo Rettifiche di valore <span class=\"_ _3\"></span>complessive<span class=\"_ _3\"></span> Write-off parziali complessivi Primo stadio di cui: Strumenti con basso rischio di credito Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Titoli di debito<span class=\"_ _3\"></span> 46.501 564<span class=\"ls0\"> </span>213<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- -<span class=\"ls1b\">26</span> -<span class=\"ls1b\">28</span> -<span class=\"ls1b\">36</span> - - Finanziamenti 1.081 - 654<span class=\"ls0\"> </span>- - -8 -<span class=\"ls1b\">19</span> - - - Totale 31.12.2022 47.582 564<span class=\"ls0\"> </span>867<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- -<span class=\"ls1b\">34</span> -<span class=\"ls1b\">47</span> -<span class=\"ls1b\">36</span> - - Totale 31.12.2021 64.126 965<span class=\"ls0\"> </span>231<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- -<span class=\"ls1b\">38</span> -<span class=\"ls1b\">11</span> -<span class=\"ls1b\">35</span> - - Per quanto concerne l\u2019approccio utilizzato<span class=\"_ _0\"></span> nella rappresentazione del valore lordo e delle rettifiche di valore complessive d<span class=\"_ _5\"></span><span class=\"ff1\">elle </span>attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired, si rimanda a<span class=\"_ _0\"></span> quanto esposto nell<span class=\"_ _0\"></span>a Parte A <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Politiche contabili. 3.3a Finanziamenti valut<span class=\"_ _0\"></span>ati al fair value con imp<span class=\"_ _0\"></span>atto sulla redditivit\u00e0 comp<span class=\"_ _0\"></span>lessiva oggetto di misure<span class=\"_ _0\"></span> di sostegno COVID-19: valore lordo e r<span class=\"_ _0\"></span>ettifiche di valore compl<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssive Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non ri<span class=\"_ _0\"></span>sulta presente. SEZIONE 3 BIS - ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL FAIR VALUE AI SENSI DELLO IAS 39 - <span class=\"_ _3\"></span>VOCE 35 Si <span class=\"_ _6\"></span>riportano <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>Attivo <span class=\"_ _6\"></span>rife<span class=\"_ _2\"></span>rita <span class=\"_ _6\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>creata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>\u201cVoce <span class=\"_ _2\"></span>35 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pertinenza <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>assi<span class=\"_ _2\"></span><span class=\"ff1\">curazione <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie le component<span class=\"_ _0\"></span>i di cui al seguent<span class=\"_ _0\"></span>e schema.<span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al fai<span class=\"_ _35\"></span>r value ai sensi d<span class=\"_ _0\"></span>ello IAS 39 <span class=\"ff6\">\u2013</span> V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 35<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 20. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 902<span class=\"ls0\"> </span>1.027 30. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate a<span class=\"_ _0\"></span>l fair valu<span class=\"_ _0\"></span>e 86.217 101.059 40. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>disponibili<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per la vend<span class=\"_ _0\"></span>ita 85.593 104.423 80. Deriva<span class=\"_ _0\"></span>ti di Coper<span class=\"_ _0\"></span>tura 13<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span>  Voce 35 172.725 206.800<span class=\"_ _90\"> </span>3.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione merceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello3 Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale - - - - - - 3 Quote di <span class=\"_ _0\"></span>O.I.C.R. 97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - - - - - - 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>attivi<span class=\"_ _0\"></span> - - - - - - 4.2 Altri - - - - - - Totale A 247<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>386<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari:<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 1.1 di negoz<span class=\"_ _0\"></span>iazione 50<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>4 4 1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - 16<span class=\"ls0\"> </span>- 1 1 - 1.3 altri - - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi: - - - - - - 2.1 di negoz<span class=\"_ _0\"></span>iazione - - - - - - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale B 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 TOTALE<span class=\"_ _0\"></span> (A+B) 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>3.2 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 658<span class=\"ls0\"> </span>791<span class=\"ls0\"> </span>a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>101<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 267<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 290<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale - - a) Banche<span class=\"_ _0\"></span> - - b) Altri emi<span class=\"_ _0\"></span>ttenti: - - - imprese di a<span class=\"_ _35\"></span>ssicurazione - - - societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 143<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti - - a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale A 801<span class=\"ls0\"> </span>962<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Banche<span class=\"_ _0\"></span> - - - Fair value<span class=\"_ _0\"></span> - - b) Clientela<span class=\"_ _35\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale B 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale  (A<span class=\"_ _0\"></span>+B) 902<span class=\"ls0\"> </span>1.027 3.3 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci/Val<span class=\"_ _0\"></span>ori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 4.344 22<span class=\"ls0\"> </span>5 4.754 34<span class=\"ls0\"> </span>5 1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - 17<span class=\"ls0\"> </span>2 - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 4.344 22<span class=\"ls0\"> </span>5 4.737 32<span class=\"ls0\"> </span>5 2. Titoli <span class=\"_ _0\"></span>di capitale 3.016 - - 3.510 - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 78.025 - - 91.908 109<span class=\"ls0\"> </span>- 4. Finan<span class=\"_ _0\"></span>ziamenti 223<span class=\"ls0\"> </span>- 582<span class=\"ls0\"> </span>343<span class=\"ls0\"> </span>- 396<span class=\"ls0\"> </span>4.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i - - - - - - 4.2 Altri 223<span class=\"ls0\"> </span>- 582<span class=\"ls0\"> </span>343<span class=\"ls0\"> </span>- 396<span class=\"ls0\"> </span>Totale 85.608 22<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>100.515 143<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>Costo 86.661 14<span class=\"ls0\"> </span>586<span class=\"ls0\"> </span>93.092 121<span class=\"ls0\"> </span>395<span class=\"ls0\"> </span> <span class=\"ff5 fc2\">3.4 Bis Attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie valutate al fair <span class=\"_ _0\"></span>value: composizion<span class=\"_ _0\"></span>e per debitori/emittenti </span>(milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 4.371 4.793 a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali 3.375 3.772 b) Altri Enti<span class=\"_ _0\"></span> pubblici 11<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>c) Banche<span class=\"_ _35\"></span> 514<span class=\"ls0\"> </span>471<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 471<span class=\"ls0\"> </span>539<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 3.016 3.510 a) Banche<span class=\"_ _0\"></span> 214<span class=\"ls0\"> </span>239<span class=\"ls0\"> </span>b) Altri emi<span class=\"_ _0\"></span>ttenti: 2.802 3.271 - imprese di a<span class=\"_ _35\"></span>ssicurazione 129<span class=\"ls0\"> </span>120<span class=\"ls0\"> </span>- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>54<span class=\"ls0\"> </span>- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 1.327 1.669 - altri 1.296 1.428 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 78.025 92.017 4. Finan<span class=\"_ _0\"></span>ziamenti 805<span class=\"ls0\"> </span>739<span class=\"ls0\"> </span>a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 805<span class=\"ls0\"> </span>739<span class=\"ls0\"> </span>d) Altri sog<span class=\"_ _0\"></span>getti - - Totale 86.217 101.059<span class=\"_ _90\"> </span> 3.5 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione merceolog<span class=\"_ _0\"></span>ica <span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Titoli di debito<span class=\"_ _3\"></span> 67.583 3.152 349<span class=\"ls0\"> </span>81.830 6.298 412<span class=\"ls0\"> </span>1.1 Titoli strutturati<span class=\"_ _3\"></span> 8 - - 14<span class=\"ls0\"> </span>- - 1.2 Altri titoli di debito<span class=\"_ _3\"></span> 67.575 3.152 349<span class=\"ls0\"> </span>81.816 6.298 412<span class=\"ls0\"> </span>2. Titoli di capitale<span class=\"_ _3\"></span> 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.1 Valutati al fai<span class=\"_ _3\"></span>r value 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.2 Valutati al costo<span class=\"_ _3\"></span> - - - - - - 3. Quote di O.I.C.R.<span class=\"_ _3\"></span>  8.306 - 4.208 9.879 - 3.742 4. Finanziamen<span class=\"_ _3\"></span>ti - - - - - - Totale 77.810 3.159 4.624 93.910 6.305 4.208 3.6 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione per <span class=\"_ _3\"></span>debitori/<span class=\"_ _0\"></span>emittenti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 71.084 88.540 a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali 55.587 71.782 b) Altri enti<span class=\"_ _0\"></span> pubblici 283<span class=\"ls0\"> </span>359<span class=\"ls0\"> </span>c) Banche<span class=\"_ _35\"></span> 6.495 6.214 d) Altri emi<span class=\"_ _0\"></span>ttenti 8.719 10.185 2. Titoli <span class=\"_ _0\"></span>di capitale 1.995 2.262 a) Banche<span class=\"_ _0\"></span> 194<span class=\"ls0\"> </span>206<span class=\"ls0\"> </span>b) Altri emi<span class=\"_ _0\"></span>ttenti: 1.801 2.056 - imprese di a<span class=\"_ _35\"></span>ssicurazione 35<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 1.766 2.019 - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 12.514 13.621 4. Finan<span class=\"_ _0\"></span>ziamenti - - a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>- - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale 85.593 104.423 3.7 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita oggetto <span class=\"_ _0\"></span>di copertura specific<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span> Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disponibili p<span class=\"_ _0\"></span>er la vendita og<span class=\"_ _0\"></span>getto di copertura specifi<span class=\"_ _0\"></span>ca riferibili a socie<span class=\"_ _0\"></span>t\u00e0 Assicurative.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff5\"> </span>3.8 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli  (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3.9 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>portafogli co<span class=\"_ _0\"></span>perti e per tipolog<span class=\"_ _0\"></span>ia di copertura (valore di<span class=\"_ _0\"></span> bilancio) (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica SpecificaGenericarischio di tasso rischio di cambio rischio di credito rischio di prezzo pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita - - - - - X 13<span class=\"ls0\"> </span>X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenza  X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - - - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - 13<span class=\"ls0\"> </span>- - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X - X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 finanziarie X X X X X - - - - INFORMATIVA AI SENSI DELL'IFRS<span class=\"fc5\"> </span>4 Come gi\u00e0 <span class=\"_ _3\"></span>indicato, il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span><span class=\"ff4\">Sanpaolo si <span class=\"_ _3\"></span>avvale della <span class=\"_ _3\"></span>facolt\u00e0 di a<span class=\"_ _3\"></span>pplicazione del c.d. <span class=\"_ _3\"></span>\u201cDeferral Approach\u201d o <span class=\"_ _3\"></span>Temporar<span class=\"_ _0\"></span>y </span>Exemption, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>virt\u00f9 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>Compagnie <span class=\"_ _4\"></span>assicurative <span class=\"_ _4\"> </span>controllate <span class=\"_ _7\"> </span>continuano <span class=\"_ _4\"> </span>ad essere rilevate in bil<span class=\"_ _0\"></span>ancio ai sensi di q<span class=\"_ _0\"></span>u<span class=\"_ _3\"></span>anto previsto dallo IAS <span class=\"_ _0\"></span>39. In particolare le impr<span class=\"_ _0\"></span>ese di assicurazione d<span class=\"_ _0\"></span>el Gruppo che applica<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o lo IAS 39 sono:<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Intesa Sanpaolo Vita<span class=\"_ _0\"></span> S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo Assic<span class=\"_ _0\"></span>ura S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo Life Lt<span class=\"_ _0\"></span>d.; - <span class=\"_ _34\"> </span>Fideuram Vita S.p.A.; - <span class=\"_ _34\"> </span>Intesa Sanpaolo RBM S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lute S.p.A. Nella  prese<span class=\"_ _0\"></span>nte  sezio<span class=\"_ _0\"></span>ne  sono <span class=\"_ _16\"> </span>riportate  le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _16\"> </span>richieste  dall\u2019IFR<span class=\"_ _0\"></span>S  4  I<span class=\"_ _35\"></span>nsurance  Contracts  a<span class=\"_ _0\"></span>  seguit<span class=\"_ _0\"></span>o  dell\u2019eserci<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span> dell\u2019opzione, riconosciuta al<span class=\"_ _3\"></span>le imprese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>assicurazione facenti <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conglomerati finanziari a<span class=\"_ _3\"></span> prevalenza <span class=\"_ _3\"></span>bancaria a<span class=\"_ _3\"></span>i se<span class=\"_ _6\"></span><span class=\"ff1\">nsi </span>del Regolamento n. <span class=\"_ _0\"></span>2017/1988 e del successi<span class=\"_ _0\"></span>vo Regolamento 2020/<span class=\"_ _0\"></span>2097, di posticipare la <span class=\"_ _0\"></span>prima applicazi<span class=\"_ _0\"></span>one dell\u2019IFRS 9<span class=\"_ _90\"> </span>88<span class=\"_ _90\"> </span>. Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>possesso <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>requisiti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019applicabili<span class=\"_ _35\"></span>t\u00e0<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Temporary <span class=\"_ _5\"></span>exemption. <span class=\"_ _5\"></span>Nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"></span>Compagnie assicurative <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oddisfatto <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>requisito <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>predominanza <span class=\"_ _6\"></span>assicurativa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>percentuale <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _2\"></span>legate <span class=\"_ _3\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessive del<span class=\"_ _3\"></span>l\u2019entit\u00e0 <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ff1\">l <span class=\"_ _2\"></span>90% </span>(predominance <span class=\"_ _6\"></span>ratio). <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>trasferimenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>valutate <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>FVTPL <span class=\"_ _6\"></span>tra imprese del Gruppo che <span class=\"_ _0\"></span>utilizzano Principi<span class=\"_ _0\"></span> contabili differenti<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> A <span class=\"_ _18\"> </span>seguire, <span class=\"_ _1c\"> </span>come <span class=\"_ _17\"> </span>previsto <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _18\"> </span>normativa <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>riferimento, <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _18\"> </span>l\u2019info<span class=\"_ _2\"></span><span class=\"ff1\">rmativa <span class=\"_ _18\"> </span>quantitativa <span class=\"_ _18\"> </span>riferita <span class=\"_ _18\"> </span>alle <span class=\"_ _18\"> </span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _18\"> </span>che </span>applicheranno l\u2019IFRS 9<span class=\"_ _0\"></span> in via posticipata.<span class=\"ff1\"> <span class=\"_ _9\"> </span> </span>88 <span class=\"_ _6\"></span><span class=\"fs4\">Si <span class=\"_ _6\"></span>segnala <span class=\"_ _6\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>Re<span class=\"_ _3\"></span>golamento <span class=\"_ _6\"> </span>n. <span class=\"_ _4\"> </span>2097/2020 <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>020 <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _6\"> </span>recepi<span class=\"_ _3\"></span>ta <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>prorog<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>dell\u2019esenzio<span class=\"_ _3\"></span>ne <span class=\"_ _6\"> </span>temporane<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>dell\u2019applicazio<span class=\"_ _3\"></span>ne </span></span>dell\u2019IFRS <span class=\"_ _4\"> </span>9 <span class=\"_ _4\"> </span>Strumenti <span class=\"_ _4\"> </span>finan<span class=\"_ _3\"></span>ziari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>1\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span>23, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onsiderazi<span class=\"_ _3\"></span>one <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>decision<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>IASB <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>25 <span class=\"_ _4\"> </span>giugno<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>020 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>diffe<span class=\"_ _3\"></span><span class=\"ff1\">rire<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>prima </span>applicazione dell\u2019<span class=\"_ _3\"></span>IFRS 17 Contratti Assi<span class=\"_ _3\"></span>curativi al 1\u00b0 ge<span class=\"_ _3\"></span>nnaio 2023.<span class=\"_ _3\"></span><span class=\"ff1 fs0\"> </span>Dettaglio dei titoli dell<span class=\"_ _0\"></span>e compagnie as<span class=\"_ _0\"></span>sicurative che superan<span class=\"_ _0\"></span>o SPPI Test (milioni di euro) Voce Fair Value alla data di chiusura Variazioni di fair value nell'esercizio Altre variazioni nell'esercizio (3) Fair Value alla data di chiusura precedente Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value a<span class=\"_ _0\"></span>i sensi dello IAS 39 171.920 -24.284 -9.857 206.061 di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) 69.674 -14.890 -1.888 86.452 Titoli di debito 69.674 -14.890 -1.888 86.452 Titoli strutturati - - -9 9 Altri titoli di debito 69.674 -14.890 -1.879 86.443 Finanziamenti - - - - Altre attivit\u00e0 finanziarie  - - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 17.044 -1.668 -<span class=\"ls1c\">818</span> 19.530 Titoli di debito 2.086 -<span class=\"ls1c\">408</span> -<span class=\"ls1c\">405</span> 2.899 Titoli strutturati 8 -1 4 5 Altri titoli di debito 2.078 -<span class=\"ls1c\">407</span> -<span class=\"ls1c\">409</span> 2.894 Titoli di capitale 1.995 -<span class=\"ls1c\">207</span> -<span class=\"ls1c\">60</span> 2.262 Quote di OICR 12.865 -1.008 -<span class=\"ls1c\">152</span> 14.025 Finanziamenti - - - Strumenti derivati 98<span class=\"ls0\"> </span>-<span class=\"ls1c\">45</span> -<span class=\"ls1c\">201</span> 344<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie collegate a contratti per i quali il rischio dell'investimento \u00e8 a carico degli assicurati 85.202 -7.726 -7.151 100.079 Titoli di debito 4.353 -<span class=\"ls1c\">437</span> 17<span class=\"ls0\"> </span>4.773 Titoli strutturati - - -<span class=\"ls1c\">19</span> 19<span class=\"ls0\"> </span>Altri titoli di debito 4.353 -<span class=\"ls1c\">437</span> 36<span class=\"ls0\"> </span>4.754 Titoli di capitale 3.016 -<span class=\"ls1c\">552</span> 58<span class=\"ls0\"> </span>3.510 Quote di OICR 77.817 -6.811 -7.156 91.784 Finanziamenti - - - - Strumenti derivati 16<span class=\"ls0\"> </span>74<span class=\"ls0\"> </span>-<span class=\"ls1c\">70</span> 12<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziarie  - - - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 (*) 69<span class=\"ls0\"> </span>-6 -7 82<span class=\"ls0\"> </span>di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da <span class=\"ff4\">pagamenti del capitale e dell'interesse sull\u2019importo del capitale da </span>restituire (1) 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Titoli di debito 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Titoli strutturati - - - Altri titoli di debito 33<span class=\"ls0\"> </span>-2 -6 41<span class=\"ls0\"> </span>Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determina<span class=\"_ _0\"></span>te date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli di debito 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli strutturati - - - - Altri titoli di debito 36<span class=\"ls0\"> </span>-4 -1 41<span class=\"ls0\"> </span>Titoli di capitale - - - Quote di OICR - - - Finanziamenti - - - Strumenti derivati - - - Altre attivit\u00e0 finanziarie  - - - (*) La voce titoli di debito riporta il valore di fair value come richiesto dall\u2019Amendemnt IFRS4. Tali titoli sono iscritti i<span class=\"ff1\">n Stato patrimoniale al valore di costo ammortizzato </span>(1) Escluse le attivit\u00e0 <span class=\"ff4\">finanziarie che soddisfano la definizione di possedute per negoziazione di cui all\u2019IFRS 9, o che sono gestite e il cui rendim<span class=\"_ _3\"></span></span>ento \u00e8 valutato in base al fair value (2) Include tutte le attivit\u00e0 finanziarie diverse ovvero qualsiasi attivit\u00e0 finanziaria:        <span class=\"ls0\">i) con termini contrattuali che non prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del <span class=\"ff4\">cap<span class=\"_ _3\"></span>itale e dell\u2019interesse sull\u2019importo del capitale </span></span>da restituire;        <span class=\"ls0\">ii) che soddisfa la definizione di \"posseduta per neg<span class=\"ff4\">oziazione\" di cui all\u2019IFRS 9; o</span> </span>       <span class=\"ls0\">iii) che \u00e8 gestita o il cui rendimento \u00e8 valutato in base al fair value </span>(3) La colonna include i movimenti non riconducibili a variazioni di fair value (acquisti, vendite, rimborsi, etc.) Nella <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>opra <span class=\"_ _4\"> </span>richiamata <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>investimenti <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>interamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>carico <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>assicurati <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>sono classificate tra le Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie valut<span class=\"_ _0\"></span>ate al fair value. Agli importi sopra in<span class=\"_ _0\"></span>dicati si aggiungono fin<span class=\"_ _0\"></span>anziamenti verso <span class=\"_ _0\"></span>banche per 805 mil<span class=\"_ _3\"></span>ioni<span class=\"ff5 fc2\">. </span>Esposizione al rischio di<span class=\"_ _0\"></span> credito per gli strumenti<span class=\"_ _0\"></span> finanziari delle comp<span class=\"_ _0\"></span>agnie assicurative <span class=\"_ _0\"></span>che superano l\u2019SPPI test<span class=\"ff5\"> </span>(milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie con termini contrattu<span class=\"_ _3\"></span>ali che prevedono a determinate date fl<span class=\"_ _3\"></span>ussi finanziari <span class=\"ls0\">rappresentati unicamente da <span class=\"_ _3\"></span>pagamenti del capitale e dell'interesse </span>sull\u2019importo del capitale da r<span class=\"_ _3\"></span>estituire (1)<span class=\"ff5 ls0\"> </span>Rating di rischio credito<span class=\"ls0\"> </span>Valore contabile (2) esercizio corrente<span class=\"ls0\"> </span>Valore contabile (2) esercizio precedente<span class=\"ls0\"> </span>Titoli di debito<span class=\"ls0\"> </span>67.265<span class=\"ls0\"> </span>83.261<span class=\"ls0\"> </span>Titoli strutturati<span class=\"ls0\"> </span>Investment Grade<span class=\"ls0\"> </span>- 9 Altri titoli di debito<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Investment Grade<span class=\"ls0\"> </span>67.265<span class=\"ls0\"> </span>83.252<span class=\"ls0\"> </span>Finanziamenti<span class=\"ls0\"> </span>- - Altre attivit\u00e0 finanziarie <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - (milioni di euro) Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date fl<span class=\"_ _0\"></span>ussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) che non hanno un basso rischio di credito <span class=\"ff5\"> </span>Rating di rischio credito Valore contabile (2) esercizio corrente Valore di mercato esercizio corrente Valore contabile (2) esercizio precedente Titoli di debito 2.444<span class=\"ls0\"> </span>2.445<span class=\"ls0\"> </span>3.227<span class=\"ls0\"> </span>Titoli strutturati Non Investment Grade - - - Altri titoli di debito Non Investment Grade 2.444 2.445 3.227 Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - (1) <span class=\"_ _2\"></span>Escluse <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>soddisfano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>possedute <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>nego<span class=\"_ _3\"></span>ziazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>all\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>rendimento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutato <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>fair </span>value. (2) Nel caso di attivit\u00e0 finanziarie valutate al costo ammortizzato, prima di qualsiasi rettifica per riduzione di valore. SEZIONE 4 <span class=\"ff6\">\u2013</span> ATTIVIT\u00c0 FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO <span class=\"ff6\">\u2013</span> <span class=\"_ _3\"></span>VOCE 40 4.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso banche<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 A. Crediti verso Banche centrali 9.712 - - - 7.089 2.623 131.361 - - - 128.282 3.078 1. Depositi a scadenza 3.622 - - X X X 3.118 - - X X X 2. Riserva obbligatoria 5.427 - - X X X 126.882 - - X X X 3. Pronti contro termine 543<span class=\"ls0\"> </span>- - X X X 273<span class=\"ls0\"> </span>- - X X X 4. Altri 120<span class=\"ls0\"> </span>- - X X X 1.088 - - X X X B. Crediti verso banche 23.136 36<span class=\"ls0\"> </span>- 1.265 18.791 3.055 32.523 53<span class=\"ls0\"> </span>- 1.547 28.156 2.903 1. Finanziamenti 21.478 36<span class=\"ls0\"> </span>- - 18.465 3.055 30.752 53<span class=\"ls0\"> </span>- - 27.914 2.903 1.1 Conti correnti - - - X X X - - - X X X 1.2 Depositi a scadenza  2.449 - - X X X 1.681 - - X X X 1.3 Altri finanziamenti:  19.029 36<span class=\"ls0\"> </span>- X X X 29.071 53<span class=\"ls0\"> </span>- X X X  - Pronti contro termine attivi  5.397 - - X X X 9.566 - - X<span class=\"ff2\"> </span>X X  - Finanziamenti per leasing 5 - - X X X 6 - - X<span class=\"ff2\"> </span>X X  - Altri 13.627 36<span class=\"ls0\"> </span>- X X X 19.499 53<span class=\"ls0\"> </span>- X<span class=\"ff2\"> </span>X X  2. Titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- 2.1 Titoli strutturati  - - - - - - - - - - - - 2.2 Altri titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- TOTALE 32.848 36<span class=\"ls0\"> </span>- 1.265 25.880 5.678 163.884 53<span class=\"ls0\"> </span>- 1.547 156.438 5.981 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>flessione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sottovoce <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>obbligatoria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mputabile <span class=\"_ _4\"> </span>all\u2019impiego <span class=\"_ _4\"> </span>dell\u2019eccesso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _4\"> </span>in<span class=\"_ _0\"></span> depositi a vista (overnigh<span class=\"_ _0\"></span>t) esposti alla v<span class=\"_ _0\"></span>oce Cassa e disponi<span class=\"_ _0\"></span>bilit\u00e0 liquide.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>sottovoce <span class=\"_ _3\"></span>\u201cAltri <span class=\"_ _2\"></span><span class=\"ff1\">finanziamenti <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span></span>Altri\u201d <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>funzionamento, o<span class=\"_ _3\"></span>ssia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>connesse <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prestazione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>affidamento, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>122 <span class=\"_ _5\"></span>milioni. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rappresenta<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>e essenzialmente da crediti in <span class=\"_ _0\"></span>bonis classificati i<span class=\"_ _0\"></span>n Stage 1 e rettificat<span class=\"_ _0\"></span>e sulla base del princip<span class=\"_ _0\"></span>io IFRS 9.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> 4.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso clientela<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 1. Finanziamenti 432.447 5.255 271<span class=\"ls0\"> </span>- 283.348 140.877 449.287 6.682 446<span class=\"ls0\"> </span>- 317.673 147.945 1.1. Conti correnti 22.967 484<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>X X X 21.724 688<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>X X X 1.2. Pronti contro termine attivi 15.366 - - X X X 17.620 - - X X X 1.3. Mutui 242.049 3.083 156<span class=\"ls0\"> </span>X X X 250.722 4.080 268<span class=\"ls0\"> </span>X X X 1.4. Carte di credito, prestiti personali e cessioni del quinto 19.435 339<span class=\"ls0\"> </span>2 X X X 18.626 364<span class=\"ls0\"> </span>9 X X X 1.5 Finanziamenti per leasing 7.780 328<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>X X X 12.830 347<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>X X X 1.6. Factoring 10.869 52<span class=\"ls0\"> </span>- X X X 9.453 65<span class=\"ls0\"> </span>- X X X 1.7. Altri finanziamenti 113.981 969<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>X X X 118.312 1.138 39<span class=\"ls0\"> </span>X X X 2. Titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 2.1. Titoli strutturati - - - - - - - - - - - - 2.2. Altri titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 Totale 489.635 5.288 271<span class=\"ls0\"> </span>27.693 294.225 155.815 497.760 6.723 446<span class=\"ls0\"> </span>25.659 328.545 159.481 La sottovoce \u201cAltri f<span class=\"_ _3\"></span>inanziamenti<span class=\"_ _0\"></span>\u201d include crediti di <span class=\"_ _3\"></span>funzionamento, ossia per operazioni connesse con la prestazione di attivit\u00e0 e  d<span class=\"_ _3\"></span>i  servizi <span class=\"_ _1d\"> </span>finanziari  privi  di  a<span class=\"_ _3\"></span>ffidamento,  per  un <span class=\"_ _1d\"> </span>ammontare  pari  a<span class=\"_ _3\"></span>  740 <span class=\"_ _1d\"> </span>milioni.  Tali <span class=\"_ _1d\"> </span>esposizioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentate<span class=\"_ _0\"></span> essenzialmente da cre<span class=\"_ _0\"></span>diti in bonis classificati in St<span class=\"_ _0\"></span>age 1 rettificate<span class=\"fs6\"> </span>sulla base del principio IFRS <span class=\"_ _35\"></span>9.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cTitoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>connessi con <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>complessivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>di </span>circa 8.495 milioni di c<span class=\"_ _0\"></span>ui circa 8.475 mili<span class=\"_ _0\"></span>oni rigu<span class=\"_ _3\"></span>ardano titoli seni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>r e 20 milioni titoli<span class=\"_ _0\"></span> mezzanine. 4.3 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione pe<span class=\"_ _0\"></span>r debitori/emittenti dei <span class=\"_ _0\"></span>crediti verso clientel<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1 fs6 fc0\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Primo e secondo stadio Terzo stadio<span class=\"_ _3\"></span> Impaired acquisite o originate Primo e secondo stadio<span class=\"_ _3\"></span> Terzo stadio<span class=\"_ _3\"></span> Impaired acquisite o originate 1. Titoli di debito<span class=\"_ _3\"></span> 57.188 33<span class=\"ls0\"> </span>- 48.473 41<span class=\"ls0\"> </span>- a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> 32.298 13<span class=\"ls0\"> </span>- 27.851 15<span class=\"ls0\"> </span>- b) <span class=\"ls0\">Altre socie<span class=\"_ _3\"></span>t\u00e0 finanziarie<span class=\"_ _3\"></span> </span>21.418 8 - 16.612 14<span class=\"ls0\"> </span>- di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> 1 - - 6 - - c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie 3.472 12<span class=\"ls0\"> </span>- 4.010 12<span class=\"ls0\"> </span>- 2. Finanziamen<span class=\"_ _3\"></span>ti verso: 432.447 5.255 271<span class=\"ls0\"> </span>449.287 6.682 446<span class=\"ls0\"> </span>a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> 15.566 213<span class=\"ls0\"> </span>- 16.385 356<span class=\"ls0\"> </span>- b) Altre societ\u00e0 fina<span class=\"_ _3\"></span>nziarie 44.781 123<span class=\"ls0\"> </span>1 45.872 262<span class=\"ls0\"> </span>1 di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> 39<span class=\"ls0\"> </span>- - 361<span class=\"ls0\"> </span>- - c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie 193.579 3.126 150<span class=\"ls0\"> </span>212.387 3.555 246<span class=\"ls0\"> </span>d) Famiglie<span class=\"_ _3\"></span> 178.521 1.793 120<span class=\"ls0\"> </span>174.643 2.509 199<span class=\"ls0\"> </span>TOTALE 489.635 5.288 271<span class=\"ls0\"> </span>497.760 6.723 446<span class=\"ls0\"> </span>4.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: valore lordo e r<span class=\"_ _0\"></span>ettifiche di valore co<span class=\"_ _0\"></span>mplessive<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Valore lordo Rettifiche di valore <span class=\"_ _3\"></span>complessive<span class=\"_ _3\"></span> Write-off parziali complessivi Primo stadio di cui: Strumenti con basso rischio di credito Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Titoli di debito<span class=\"_ _3\"></span> 54.961 - 4.062 105<span class=\"ls0\"> </span>- -<span class=\"ls1b\">29</span> -<span class=\"ls1b\">66</span> -<span class=\"ls1b\">72</span> - - Finanziamenti 419.968 24<span class=\"ls0\"> </span>46.175 10.332 384<span class=\"ls0\"> </span>-659 -1.929 -5.041 -113 3.081 Totale 31.12.2022 474.929 24<span class=\"ls0\"> </span>50.237 10.437 384<span class=\"ls0\"> </span>-688 -1.995 -5.113 -113 3.081 Totale 31.12.2021 603.169 17<span class=\"ls0\"> </span>61.028 14.892 587<span class=\"ls0\"> </span>-753 -1.800 -8.116 -141 6.476 Per <span class=\"ff4\">quanto concerne l\u2019approccio utilizzato nella rappresenta<span class=\"_ _0\"></span>zione del valore lordo e delle rettifiche di valore complessive delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired si rimanda a quant<span class=\"_ _0\"></span>o esposto nella P<span class=\"_ _0\"></span>arte A <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Politiche contabili. 4.4a Finanziamenti valutati a<span class=\"_ _0\"></span>l costo ammortizzato og<span class=\"_ _0\"></span>getto di misure<span class=\"_ _0\"></span> di sostegno COVID-19: valore lordo e retti<span class=\"_ _0\"></span>fiche di valore complessiv<span class=\"_ _0\"></span>e (milioni di euro) Valore lordo Rettifiche di valore complessive Write-off parziali complessivi Primo stadio di cui: Strumenti con basso rischio di credito Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate 1. Finanziamenti oggetto di concessione conforme con le GL - - - - - - - - - - 2. Finanziamenti oggetto di misure di moratoria in essere non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione 51<span class=\"ls0\"> </span>- 26<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>- - -3 -<span class=\"ls1c\">11</span> - - 3. Finanziamenti oggetto di altre misure di concessione 4 - 693<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>1 - -<span class=\"ls1c\">36</span> -<span class=\"ls1c\">52</span> -1 - 4. Nuovi finanziamenti 29.434 - 3.199 573<span class=\"ls0\"> </span>1 -<span class=\"ls1c\">38</span> -<span class=\"ls1c\">37</span> -<span class=\"ls1c\">176</span> - - Totale 31.12.2022 29.489 - 3.918 756<span class=\"ls0\"> </span>2 -<span class=\"ls1c\">38</span> -<span class=\"ls1c\">76</span> -<span class=\"ls1c\">239</span> -1 - Totale 31.12.2021 35.182 - 9.340 545<span class=\"ls0\"> </span>5 -<span class=\"ls1c\">44</span> -<span class=\"ls1c\">248</span> -<span class=\"ls1c\">151</span> - - Nella <span class=\"_ _2\"></span>riga <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Finanziame<span class=\"_ _0\"></span>nti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncessione <span class=\"_ _2\"></span>conformi <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>GL\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iportati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _3\"></span>che rientrano nell\u2019ambito di <span class=\"_ _3\"></span>applicazione delle <span class=\"_ _3\"></span>\u201cGuidelines on <span class=\"_ _3\"></span>legislative and n<span class=\"_ _3\"></span>on legislative <span class=\"_ _3\"></span>moratoria on <span class=\"_ _3\"></span>loan repayments appli<span class=\"_ _5\"></span><span class=\"ff1\">ed </span>in <span class=\"_ _1d\"> </span><span class=\"ff4\">the <span class=\"_ _1d\"> </span>light  of <span class=\"_ _1d\"> </span>the <span class=\"_ _1d\"> </span>COVID  1<span class=\"_ _3\"></span>9  c<span class=\"_ _3\"></span>risis\u201d <span class=\"_ _1d\"> </span>pubblicate  dall\u02bcEBA  (<span class=\"_ _3\"></span>EBA/GL/2020/02)  e <span class=\"_ _1d\"> </span>successive  modifiche <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>integrazioni. <span class=\"_ _18\"> </span></span>Al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>022 tali finanziamenti <span class=\"_ _0\"></span>risultavano di import<span class=\"_ _0\"></span>o inferiore al milione e p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri a 412 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </span>Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span><span class=\"ff4\">\u201cFinanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di </span>concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onformi <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _3\"></span>dalla banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(come <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dalle <span class=\"_ _16\"> </span>vigenti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>egnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della valutazione effettuat<span class=\"_ _0\"></span>a al v<span class=\"ff4\">erificarsi dell\u2019evento ch<span class=\"_ _0\"></span>e ha generato la non c<span class=\"_ _0\"></span>onformit\u00e0 alle EBA/GL/2<span class=\"_ _0\"></span>020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Nella <span class=\"_ _7\"> </span>riga  \u201cF<span class=\"_ _0\"></span>inanziamenti <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>portate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti<span class=\"_ _35\"></span> oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span><span class=\"ff4\">le <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201cesposizione <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>concessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>definite </span>dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>segnalazioni di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamenti oggetto <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>oncessione conformi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla<span class=\"ff1\"> data in cui non sono pi\u00f9 c<span class=\"_ _0\"></span>onformi alle EBA/GL/2<span class=\"_ _0\"></span>020/02. </span>Nella <span class=\"_ _5\"></span>riga <span class=\"_ _5\"></span>\"Nuovi <span class=\"_ _5\"></span>finanziamenti\" <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>concessa <span class=\"_ _2\"></span>nuova <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>supporto <span class=\"_ _5\"></span>di garanzie pubbliche. I <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>rappresentati <span class=\"_ _4\"></span>nelle <span class=\"_ _4\"> </span>sottovoci <span class=\"_ _4\"></span>1, <span class=\"_ _4\"></span>2 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>3 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"></span>sopra <span class=\"_ _6\"></span>riportata <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>moratorie <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>risultano ancora in essere alla d<span class=\"_ _0\"></span>ata del 31 dicembre 20<span class=\"_ _0\"></span>22. SEZIONE 4 BIS <span class=\"ff6\">\u2013</span> ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 <span class=\"ff6\">\u2013</span> VOCE 45 Si <span class=\"_ _6\"></span>riportano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>ncluse <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>45 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>attivo <span class=\"_ _6\"></span>riferita <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>le imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consol<span class=\"_ _2\"></span>idati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 45 Attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese di<span class=\"_ _0\"></span> assicurazione valut<span class=\"_ _0\"></span>ate al costo ammortiz<span class=\"_ _2\"></span><span class=\"ff1\">zato </span>ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ent<span class=\"_ _3\"></span><span class=\"ff1\">e schema: </span>(milioni di eur<span class=\"_ _35\"></span>o) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 45 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 50. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> sino alla scad<span class=\"_ _0\"></span>enza - - 60. Crediti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>70. Crediti<span class=\"_ _0\"></span> verso la cl<span class=\"_ _0\"></span>ientela 40<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span>  Voce 45 80<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>4.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute sino <span class=\"_ _0\"></span>alla scadenza Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie dete<span class=\"_ _0\"></span>nute sino alla sca<span class=\"_ _0\"></span>denza riferibili a <span class=\"_ _3\"></span>societ\u00e0 Assicurative. 4.4 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche: composizion<span class=\"_ _0\"></span>e merceologica  (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Valore di  bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Crediti verso Ba<span class=\"_ _3\"></span>nche Centrali<span class=\"_ _3\"></span> - - - - - - - - 1. Depositi vincola<span class=\"_ _3\"></span>ti - - 2. Riserva obbli<span class=\"_ _3\"></span>gatoria - - 3. Pronti contro term<span class=\"_ _3\"></span>ine attivi - - 4. Altri - - B. Crediti verso ba<span class=\"_ _3\"></span>nche 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 1. Finanziamenti<span class=\"_ _3\"></span> - - - - - - - - 1.1 Conti correnti <span class=\"_ _3\"></span>e depositi libe<span class=\"_ _3\"></span>ri - - 1.2 Depositi vincol<span class=\"_ _3\"></span>ati - - 1.3 Altri finanziame<span class=\"_ _3\"></span>nti: - - - Pronti contro term<span class=\"_ _3\"></span>ine attivi - - - Leasing finanzia<span class=\"_ _3\"></span>rio - - - Altri - - 2. Titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 2.1 Titoli strutturati<span class=\"_ _3\"></span> - - 2.2 Altri titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>Totale 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 4.5 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche oggetto di copertu<span class=\"_ _0\"></span>ra specifica Non si segnalano Cred<span class=\"_ _0\"></span>iti verso banch<span class=\"_ _0\"></span>e oggetto di copertura specifica riferibili <span class=\"_ _0\"></span>a societ\u00e0 Assicurative. 4.6 Bis Crediti verso <span class=\"_ _0\"></span>clientela: composizione m<span class=\"_ _0\"></span>erceologica  (milioni di euro) Voci 31.12.2022 31.12.2021 Valore di bilancio Valore di bilancio Non Deteriorati Deteriorati Fair value Non Deteriorati Deteriorati Fair value Acquistati Altri Livello 1 Livello 2 Livello 3 Acquistati Altri Livello 1 Livello 2 Livello 3 Finanziamenti 5 - - - 4 1 8 - - - 8 - 1. Conti correnti - - - X X X - - - X X X 2. Pronti contro termine attivi - - - X X X - - - X X X 3. Mutui - - - X X X - - - X X X 4. Carte di credito, prestiti personali e cessioni del quinto - - - X X X - - - X X X 5. Leasing finanziario - - - X X X - - - X X X 6. Factoring - - - X X X - - - X X X 7. Altri finanziamenti 5 - - X X X 8 - - X X X Titoli di debito 35<span class=\"ls0\"> </span>- - - 30<span class=\"ls0\"> </span>5 36<span class=\"ls0\"> </span>- - - 31<span class=\"ls0\"> </span>5 8. Titoli strutturati - - - X X X - - - X X X 9. Altri titoli di debito 35<span class=\"ls0\"> </span>- - X X X 36<span class=\"ls0\"> </span>- - X X X Totale 40<span class=\"ls0\"> </span>- - - 34<span class=\"ls0\"> </span>6 44<span class=\"ls0\"> </span>- - - 39<span class=\"ls0\"> </span>5<span class=\"_ _90\"> </span> 4.7 Bis Crediti verso client<span class=\"_ _0\"></span>ela: composizione p<span class=\"_ _0\"></span>er debitori/emitt<span class=\"_ _0\"></span>enti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Non Deteriorati Deteriorati Non Deteriorati Deteriorati Acquistati Altri  Acquistati<span class=\"_ _0\"></span> Altri 1. Titoli <span class=\"_ _0\"></span>di Debit<span class=\"_ _0\"></span>o 35<span class=\"ls0\"> </span>- - 36<span class=\"ls0\"> </span>- - a) <span class=\"ls0\">Governi </span>- - - - - - b) Altri Enti<span class=\"_ _0\"></span> pubblici - - - - - - c) Altri e<span class=\"_ _0\"></span>mittenti  35<span class=\"ls0\"> </span>- - 36<span class=\"ls0\"> </span>- - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 20<span class=\"ls0\"> </span>- - 21<span class=\"ls0\"> </span>- - - imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie 15<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>- - - assicurazion<span class=\"_ _35\"></span>i - - - - - - - altri - - - - - - 2. Finan<span class=\"_ _0\"></span>ziamenti ve<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>so: 5 - - 8 - - a) Governi<span class=\"_ _0\"></span> - - - - - - b) Altri Enti<span class=\"_ _0\"></span> pubblici - - - - - - c) Altri sogge<span class=\"_ _35\"></span>tti 5 - - 8 - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - - - - - imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie 4 - - 7 - - - assicurazion<span class=\"_ _35\"></span>i - - - - - - - altri 1 - - 1 - - Totale 40<span class=\"ls0\"> </span>- - 44<span class=\"ls0\"> </span>- - 4.8 Bis Crediti verso client<span class=\"_ _0\"></span>ela oggetto di coper<span class=\"_ _0\"></span>tura specifica Non si segnalano Cred<span class=\"_ _0\"></span>iti verso clientela ogge<span class=\"_ _0\"></span>tto di copertura spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifica riferibili <span class=\"_ _0\"></span>a societ\u00e0 Assicurative.<span class=\"_ _90\"> </span>SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 </span>FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO - VOCE 10 1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.3 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei tito<span class=\"_ _0\"></span>li in circolazione<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia titoli / V<span class=\"_ _3\"></span>alori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Titoli 1. obbligazioni<span class=\"_ _3\"></span> 64.838 41.748 22.980 29<span class=\"ls0\"> </span>75.050 47.030 29.971 42<span class=\"ls0\"> </span>1.1 strutturate<span class=\"_ _3\"></span> 1.806 397<span class=\"ls0\"> </span>1.361 29<span class=\"ls0\"> </span>2.262 246<span class=\"ls0\"> </span>2.038 42<span class=\"ls0\"> </span>1.2 altre 63.032 41.351 21.619 - 72.788 46.784 27.933 - 2. altri titoli 11.241 - 9.280 1.961 11.508 - 8.837 2.671 2.1 strutturati - - - - - - - - 2.2 altri 11.241 - 9.280 1.961 11.508 - 8.837 2.671 Totale 76.079 41.748 32.260 1.990 86.558 47.030 38.808 2.713 1.4 Dettaglio dei debiti<span class=\"_ _0\"></span> / titoli sub<span class=\"_ _0\"></span>ordinati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti subordinati v<span class=\"_ _0\"></span>erso banche e clientela<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Alla data di riferim<span class=\"_ _0\"></span>ento si rilevano titoli <span class=\"_ _0\"></span>in circolazione su<span class=\"_ _0\"></span>bordinati per 12.474 <span class=\"_ _3\"></span>milioni, ascrivibili int<span class=\"_ _0\"></span>eramente alla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> 1.5 Dettaglio dei debiti<span class=\"_ _0\"></span> strutturati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano in esser<span class=\"_ _0\"></span>e debiti struttur<span class=\"_ _0\"></span>ati.<span class=\"_ _3\"></span> 1.6 Debiti per leasing <span class=\"fff fs6 fc0\"> </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _3\"></span>mbre 2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano ha <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1.315 <span class=\"_ _5\"></span>milioni, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>238 <span class=\"_ _2\"></span>milioni in <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno, 622 milioni in scadenz<span class=\"_ _0\"></span>a tra 1 e 5 anni e 455<span class=\"_ _0\"></span> milioni in scadenza <span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltre i 5 anni<span class=\"_ _3\"></span>. I debiti per leasing si<span class=\"_ _0\"></span> riferiscono per 1.30<span class=\"_ _0\"></span>9 milioni a controparti <span class=\"_ _0\"></span>clientela e per 6 milioni<span class=\"_ _3\"></span><span class=\"fc5\"> </span>a controparti ban<span class=\"_ _0\"></span>che.  Gli <span class=\"ff4\">stessi derivano dall<span class=\"_ _0\"></span>\u2019applicazione, con d<span class=\"_ _0\"></span>ecorrenza 1\u00b0 gennaio<span class=\"_ _0\"></span> 2019, del principio c<span class=\"_ _0\"></span>ontabile IFRS 16 relativo <span class=\"_ _0\"></span>al Leasing<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>SEZIONE 1 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 - VOCE 15<span class=\"ff1 fs0 fc0\"> </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>15 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al<span class=\"_ _5\"></span>le imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>revisti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 stata <span class=\"_ _18\"> </span>infatti <span class=\"_ _17\"> </span>creata <span class=\"_ _1c\"> </span>la <span class=\"_ _17\"> </span>\u201cVoce <span class=\"_ _17\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _18\"> </span>Passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>pertinenza <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>assicurazione <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato ai sensi <span class=\"_ _0\"></span>dello IAS 39\u201d che accogl<span class=\"_ _0\"></span>ie componenti di <span class=\"_ _0\"></span>cui al seguente sc<span class=\"_ _0\"></span>hema:<span class=\"_ _3\"></span><span class=\"ff1\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fs0 fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 15 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 10. Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>20. Debiti<span class=\"_ _0\"></span> verso la cli<span class=\"_ _0\"></span>entela 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>30. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 1.334 1.335 TOTALE<span class=\"_ _0\"></span>  Voce 15 2.550 2.146 1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>1.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso ban<span class=\"_ _0\"></span>che\u201d: debiti subo<span class=\"_ _0\"></span>rdinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al 31 dicembre 2022 si<span class=\"_ _0\"></span> rilevano debiti su<span class=\"_ _0\"></span>bordinati per 607 milio<span class=\"_ _0\"></span>ni, ascrivibili interam<span class=\"_ _0\"></span>ente ad Intesa Sanpa<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lo Vita.<span class=\"_ _2\"></span><span class=\"fs12\"> </span>1.3 Bis <span class=\"ff6\">Dettaglio della <span class=\"_ _0\"></span>voce \u201cDebiti verso banche<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span></span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti strutturati di per<span class=\"_ _0\"></span>tinenza delle Imp<span class=\"_ _0\"></span>rese di Assicurazione.<span class=\"_ _3\"></span> 1.4 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> oggetto di cop<span class=\"_ _0\"></span>ertura specifica Al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>segnalano <span class=\"_ _4\"></span>debiti <span class=\"_ _4\"></span>verso <span class=\"_ _6\"></span>banche <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>Imprese <span class=\"_ _4\"> </span>di Assicurazione. 1.5 Bis Debiti per lea<span class=\"_ _0\"></span>sing Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano debiti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r operazioni di le<span class=\"_ _0\"></span>asing verso banche.<span class=\"_ _90\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.7 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti <span class=\"ff5\">subordinati </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela <span class=\"_ _0\"></span>subordinati di pertin<span class=\"_ _0\"></span>enza delle Impres<span class=\"_ _0\"></span>e di Assicurazione<span class=\"_ _2\"></span><span class=\"ff15\">.<span class=\"_ _90\"> </span></span>1.8 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela strutturati di perti<span class=\"_ _0\"></span>nenza delle Imprese di<span class=\"_ _0\"></span> Assicurazione. 1.9 Bis Debiti verso cli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntela oggetto di copertur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> specifica Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _6\"></span>Debiti <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle  Im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i Assicurazione.<span class=\"fs12\"> </span>1.10 Bis Debiti per le<span class=\"_ _0\"></span>asing Al 31 dicembre 2022 risultano in essere debiti per leasing verso clientela<span class=\"_ _0\"></span> per 6 milioni quasi interamente in scadenza tra 1 <span class=\"_ _2\"></span>e 5 anni. Gli stessi derivano d<span class=\"_ _0\"></span>all\u2019applicazione, c<span class=\"_ _0\"></span>on decorrenza 1\u00b0 <span class=\"_ _3\"></span><span class=\"ff1\">gennaio 2<span class=\"_ _0\"></span>019, del principio conta<span class=\"_ _0\"></span>bile IFRS 16 relativo al<span class=\"_ _0\"></span> Leasing<span class=\"_ _3\"></span>. </span>1.11 Bis Titoli in circol<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione: composizione m<span class=\"_ _0\"></span>erceologica<span class=\"fs9\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> titoli / Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021 Valore di<span class=\"_ _0\"></span> bilancio Fair Value Valore di<span class=\"_ _0\"></span> bilancio Fair Value<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A.Titoli 1. Obbliga<span class=\"_ _0\"></span>zioni 1.334 - 1.171 - 1.335 - 1.338 - 1.1 struttura<span class=\"_ _0\"></span>te - - - - - - - - 1.2 altre 1.334 - 1.171 - 1.335 - 1.338 - 2. Altri titoli<span class=\"_ _0\"></span> - - - - - - - - 2.1 struttura<span class=\"_ _0\"></span>ti - - - - - - - - 2.2 altri - - - - - - - - Totale 1.334 - 1.171 - 1.335 - 1.338 - 1.12 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli su<span class=\"_ _35\"></span>bordinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"></span>risultano <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.334 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>completamente <span class=\"_ _5\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>altre obbligazioni- livello 2 (fair <span class=\"_ _0\"></span>value 1.171 milioni); <span class=\"_ _0\"></span>alla fine del 2021 <span class=\"_ _0\"></span>erano pari a 1.335 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _90\"> </span>1.13 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli og<span class=\"_ _35\"></span>ge<span class=\"_ _3\"></span>tto di copertura spe<span class=\"_ _0\"></span>cifica<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Non si segnalano Titoli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> circolazione ogg<span class=\"_ _0\"></span>etto di copertura spe<span class=\"_ _0\"></span>cifica riferibili a soci<span class=\"_ _0\"></span>et\u00e0 Assicurative<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff15\">. </span>SEZIONE 2 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI NEGOZIAZIONE\u2013</span> VOCE 20 2.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie di negoziazione:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) Valore nominale o nozionale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per c<span class=\"_ _3\"></span>assa 1. Debiti verso <span class=\"_ _3\"></span>banche 4.729 4.240 - - 4.239 19.827 22.222 40<span class=\"ls0\"> </span>- 22.262 2. Debiti verso clie<span class=\"_ _3\"></span>ntela  3.121 3.001 - - 3.001 - - - - - 3. Titoli di debito<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.1 Obbligazioni <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.1 Strutturate <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.2 Altre obbligazi<span class=\"_ _3\"></span>oni  - - - - X - - - - X 3.2 Altri titoli<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.1 Strutturati <span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.2 Altri - - - - X - - - - X Totale A 10.850 7.241 2.779 - 7.240 23.151 22.222 3.499 - 22.262  B. Strumenti deri<span class=\"_ _3\"></span>vati 1. Derivati finanziari<span class=\"_ _3\"></span> X 44<span class=\"ls0\"> </span>35.363 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.107 118<span class=\"ls0\"> </span>X 1.1 Di negoziazi<span class=\"_ _3\"></span>one X 44<span class=\"ls0\"> </span>35.343 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.072 118<span class=\"ls0\"> </span>X 1.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 1.3 Altri X - 20<span class=\"ls0\"> </span>- X X - 35<span class=\"ls0\"> </span>- X 2. Derivati creditiz<span class=\"_ _3\"></span>i X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.1 Di negoziazi<span class=\"_ _3\"></span>one X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 44<span class=\"ls0\"> </span>36.306 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>30.447 119<span class=\"ls0\"> </span>X Totale (A+B) 10.850 7.285 39.085 142<span class=\"ls0\"> </span>X 23.151 22.241 33.946 119<span class=\"ls0\"> </span>X (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'emitten<span class=\"_ _3\"></span>te rispet<span class=\"_ _3\"></span>to alla dat<span class=\"_ _3\"></span>a di emissione.<span class=\"_ _3\"></span> I <span class=\"ff4 ls0\">Debiti verso ba<span class=\"_ _0\"></span>nche e clientela rap<span class=\"_ _0\"></span>presentano, per l\u2019intero<span class=\"_ _0\"></span> ammontare, le posi<span class=\"_ _0\"></span>zioni in \u201cscoperti tecnic<span class=\"_ _0\"></span>i\u201d sui titoli.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>L\u2019aggregato 3.2.1 <span class=\"_ _3\"></span>Altri <span class=\"_ _3\"></span>Titoli <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>strutturati <span class=\"_ _3\"></span>include i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>cartolarizzati che <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza prevedono <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>parziale o </span>inte<span class=\"ff4\">grale dei <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>versati, ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Comunicazione di <span class=\"_ _3\"></span>Banca d\u2019Italia <span class=\"_ _3\"></span>del 21 <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2014, emessi <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutto </span>il 2019.  Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>includono <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>5.017 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>certificates <span class=\"_ _2\"></span>aventi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche a<span class=\"_ _3\"></span>ssimilabili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione della prevalenza dei <span class=\"_ _0\"></span>rischi di mercato ris<span class=\"_ _0\"></span>petto alla restituzion<span class=\"_ _0\"></span>e dei premi versati.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair value r<span class=\"_ _3\"></span>ilevate nell\u2019esercizio per <span class=\"_ _3\"></span>il ca<span class=\"_ _3\"></span>mbiamento del <span class=\"_ _3\"></span>proprio merito di <span class=\"_ _3\"></span>credito sono <span class=\"_ _3\"></span>risultate positive <span class=\"_ _6\"></span><span class=\"ff1\">per <span class=\"_ _3\"></span>229 </span>milioni e si riferiscono a Strum<span class=\"_ _0\"></span>enti derivati ed a Tit<span class=\"_ _0\"></span>oli di debito - Altri titoli. I valori al 31 dicembre 2022 deg<span class=\"_ _0\"></span>li Strumenti deriva<span class=\"_ _0\"></span>ti includono i risulta<span class=\"_ _0\"></span>ti della compensazione<span class=\"_ _0\"></span> contabile tra saldi lordi po<span class=\"_ _35\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _3\"></span>ivi e negativi<span class=\"_ _0\"></span> dei <span class=\"_ _6\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>compe<span class=\"_ _3\"></span>nsatore <span class=\"_ _5\"></span>legale <span class=\"_ _5\"></span>LCH <span class=\"_ _5\"></span>Ltd. <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>soddisfano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32 paragrafo 42.<span class=\"ls0\"> </span>2.2 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": passi<span class=\"_ _0\"></span>vit\u00e0 subordinate  L\u2019aggregato Passivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione include passivit\u00e0 s<span class=\"_ _3\"></span>ubordinate rappresentate da Debiti <span class=\"_ _3\"></span>verso banche per <span class=\"_ _3\"></span>214 milioni e Debiti verso c<span class=\"_ _0\"></span>lientela per 36 milio<span class=\"_ _0\"></span>ni. 2.3 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": debiti s<span class=\"_ _0\"></span>trutturati Al 31 dicembre 2022 i <span class=\"_ _0\"></span>debiti strutturati cl<span class=\"_ _0\"></span>assificati nella voce Pa<span class=\"_ _0\"></span>ssivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione amm<span class=\"_ _0\"></span>ontano a 300 milioni verso clientela e 57 milio<span class=\"_ _0\"></span>ni verso banch<span class=\"_ _0\"></span>e, da riferire a debiti <span class=\"_ _0\"></span>da scoperti tecnici s<span class=\"_ _0\"></span>u titoli obbligazi<span class=\"_ _0\"></span>onari a tasso fisso in<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icizzati, quale componente agg<span class=\"_ _0\"></span>iuntiva, all\u2019inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>SEZIONE 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DESIGNATE AL FAIR VALUE</span>- VOCE 30 3.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie designate al fair <span class=\"_ _0\"></span>value: composizio<span class=\"_ _0\"></span>ne merceologica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 5 - 4 - 4 5 - 4 - 4 2.1 Strutturati 5 - 4 - X 5 - 4 - X 2.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 3. Titoli di debito<span class=\"_ _3\"></span> 9.875 - 8.761 30<span class=\"ls0\"> </span>8.719 3.634 6 3.638 26<span class=\"ls0\"> </span>3.566 3.1 Strutturati 9.875 - 8.761 30<span class=\"ls0\"> </span>X 3.634 6 3.638 26<span class=\"ls0\"> </span>X 3.2 Altri - - - - X - - - - X Totale 9.880 - 8.765 30<span class=\"ls0\"> </span>8.723 3.639 6 3.642 26<span class=\"ls0\"> </span>3.570 (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'em<span class=\"_ _3\"></span>ittente ri<span class=\"_ _3\"></span>spetto alla data di<span class=\"_ _3\"></span> emissione.<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>classificato <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Debiti <span class=\"_ _7\"> </span>verso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Co<span class=\"_ _3\"></span>-Investimenti <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>3.0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>lavoro <span class=\"_ _7\"> </span>cessati anzitempo di dipendenti di <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span> e l<span class=\"_ _3\"></span>e polizze vita collegate <span class=\"_ _3\"></span>ad iniziative sociali<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>Banca gestisce sulla base del fair value. La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>3.1 <span class=\"_ _6\"></span>Titoli <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>debito <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>Strutturati <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>certificates <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>prevedono <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>restituzione <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>o integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>versati<span class=\"ff4\">, <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>Comunicazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>(certificates <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>capitale </span>garantito <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>protetto). <span class=\"_ _4\"></span>Quest<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>emessi <span class=\"_ _4\"></span>successivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>1\u00b0 <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Passivit\u00e0 <span class=\"_ _6\"></span>finanziarie designate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(cd. <span class=\"_ _3\"></span>Fair V<span class=\"_ _3\"></span><span class=\"ff4\">alue <span class=\"_ _2\"></span>Option), a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dell\u2019impleme<span class=\"_ _0\"></span>ntazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>improntato </span>a logiche di banking <span class=\"_ _0\"></span>book con l\u2019obiettivo di g<span class=\"_ _0\"></span>enerare una raccolt<span class=\"_ _0\"></span>a stabile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>certificates rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Passivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rilevano <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>attribuibili alle <span class=\"_ _17\"> </span>variazioni <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>proprio <span class=\"_ _17\"> </span>merito <span class=\"_ _17\"> </span>creditizio <span class=\"_ _18\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span><span class=\"ff1\">redditivit\u00e0 <span class=\"_ _18\"> </span>complessiva <span class=\"_ _17\"> </span>(Patrimonio <span class=\"_ _17\"> </span>netto). </span>Nell\u2019esercizio le vari<span class=\"_ _0\"></span>azioni <span class=\"ff1\">del proprio merito creditizi<span class=\"_ _0\"></span>o sono risultate negative per 47 milioni. <span class=\"ff5 fc5\"> </span></span>3.2 Dettaglio \u201cPassiv<span class=\"_ _0\"></span>it\u00e0 finanziarie designate <span class=\"_ _0\"></span>al fair value\u201d: p<span class=\"_ _0\"></span>assivit\u00e0 subordinate<span class=\"ff5\"> </span>Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subord<span class=\"_ _0\"></span>inate classificate nella voce Passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> finanziarie designate <span class=\"_ _2\"></span>al fair value.<span class=\"_ _90\"> </span>SEZIONE 3 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _7\"> </span>riferita <span class=\"_ _5\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne.  In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 35 Passivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese d<span class=\"_ _3\"></span><span class=\"ff1\">i assicurazione <span class=\"_ _0\"></span>designate al fair valu<span class=\"_ _0\"></span>e ai sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie componenti di c<span class=\"_ _0\"></span>ui al seguente schem<span class=\"_ _35\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fs12\">. </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>signate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS 39 - <span class=\"_ _0\"></span>Voce 35 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 40. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 9 103<span class=\"ls0\"> </span>50. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> valutate al fair value<span class=\"_ _0\"></span> 71.565 84.667 60. Deriva<span class=\"_ _0\"></span>ti di Copertur<span class=\"_ _35\"></span>a  170<span class=\"ls0\"> </span>- TOTALE<span class=\"_ _0\"></span>  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Tipologia operazioni/Valori 31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span>1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span>- - - - X - - - - X 3.1.1 Strutturate<span class=\"ls0\"> </span>- - - - X - - - - - 3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - X - - - - - 3.2 Altri titoli<span class=\"ls0\"> </span>- - - - X - - - - X 3.2.1 Strutturati<span class=\"ls0\"> </span>- - - - X - - - - - 3.2.2 Altri<span class=\"ls0\"> </span>- - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati<span class=\"ls0\"> </span>1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 - - X X - 38<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - 8 - X X - 4 - X 1.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X 2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - - - X X - - - X 2.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X Totale B X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X Totale (A+B) X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X (*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span>3.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: passivit\u00e0 subordinat<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione: <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>subordinate, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Imprese <span class=\"_ _5\"></span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022. 3.3 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5\"> </span>Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le  Passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione: <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ebiti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _7\"> </span>non  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rilevano <span class=\"_ _16\"> </span>importi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Imprese <span class=\"_ _7\"> </span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022.<span class=\"_ _90\"> </span>3.4 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valutate <span class=\"_ _0\"></span>al fair value: compo<span class=\"_ _0\"></span>sizione merceologica  (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 2.1 Strutturati - - - - X - - - - X 2.2 Altri 71.565 - 71.565 - X 84.667 - 84.667 - X 3. Titoli di debito<span class=\"_ _3\"></span> - - - - - - - - - - 3.1 Strutturati - - - - X - - - - X 3.2 Altri - - - - X - - - - X Totale 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.5 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair <span class=\"_ _0\"></span>value\u201d: <span class=\"_ _3\"></span><span class=\"ff5\">passivit\u00e0 subordinate<span class=\"fs9\"> </span></span>Al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnalano <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>voce <span class=\"_ _7\"> </span>\u201cPassivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair value\u201d.<span class=\"_ _90\"> </span>3.6 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli gerar<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>hici<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 170<span class=\"ls0\"> </span>- 1.241 - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 170<span class=\"ls0\"> </span>- 1.241 - - - - 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 170<span class=\"ls0\"> </span>- 1.241 - - - -<span class=\"_ _90\"> </span>3.7 Bis Derivati di copertur<span class=\"_ _0\"></span>a: composizione per por<span class=\"_ _0\"></span>tafogli coperti e p<span class=\"_ _0\"></span>er tipologie di copertu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span><span class=\"fs9\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica Specifica Generica Rischio di tasso Rischio di cambio Rischio di credito Rischio di prezzo Pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita<span class=\"_ _3\"></span> - - - - - X - X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenz<span class=\"_ _3\"></span>a X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X 170<span class=\"ls0\"> </span>X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - 170<span class=\"ls0\"> </span>- - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie<span class=\"_ _3\"></span> X X X X X - X - - ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-956": {
   "value": "SEZIONE 2 - ATTIVIT\u00c0 FINANZIARIE VALUTATE AL FAIR VALUE CON IMPATTO A CONTO ECONOMICO VOCE 20 2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span>I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span>2.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e detenute per la nego<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>iazione: composi<span class=\"_ _0\"></span>zione per debitori/emit<span class=\"_ _0\"></span>tenti/controparti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 10.396 23.211 a) Banche<span class=\"_ _0\"></span> Centrali 78<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche 7.541 20.394 c) Banche<span class=\"_ _35\"></span> 1.186 1.149 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 1.175 1.239 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 85<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 416<span class=\"ls0\"> </span>385<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 882<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> 35<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>b) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 133<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 51<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>c) Societ\u00e0<span class=\"_ _0\"></span> non finanzi<span class=\"_ _0\"></span>arie 714<span class=\"ls0\"> </span>524<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 290<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti 85<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 38<span class=\"ls0\"> </span>- di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione - - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 47<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>f) Famiglie - - Totale A  11.653 24.061 B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Contropar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i centrali<span class=\"_ _0\"></span> 11.065 1.693 b) Altre 19.804 21.427 Totale B  30.869 23.120 TOTALE<span class=\"_ _0\"></span> (A+B)  42.522 47.181<span class=\"_ _90\"> </span>2.3 Attivit\u00e0 finanziarie de<span class=\"_ _0\"></span>signate al fair valu<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.Titoli d<span class=\"_ _0\"></span>i debito - 1 - - 1 3 1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 1 - - 1 3 2.Finanz<span class=\"_ _0\"></span>iamenti - - - - - - 2.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i - - - - - - 2.2 Altri - - - - - - Totale - 1 - - 1 3<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incluso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>deb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>controp<span class=\"_ _6\"></span>artita d<span class=\"_ _3\"></span>el conto <span class=\"_ _3\"></span>economico, quali <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>finanziari. <span class=\"_ _3\"></span>A fronte <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate a<span class=\"_ _3\"></span>ttivate coperture <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trami<span class=\"_ _5\"></span>te d<span class=\"_ _3\"></span>i derivati creditizi o strumenti <span class=\"_ _0\"></span>similari ad attenuazion<span class=\"_ _0\"></span>e del relativo rischio d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> credito. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>attribuibile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fai<span class=\"_ _6\"></span>r <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 risultata essere, sia <span class=\"_ _0\"></span>nel<span class=\"ff4\">l\u2019esercizio che cumulativame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te, poco sig<span class=\"_ _0\"></span>nificativa.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span></span>2.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e designate al fair valu<span class=\"_ _0\"></span>e: composizione per debitori<span class=\"_ _0\"></span>/emittenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci<span class=\"ff1 fs0\"> </span>31.12.2022<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>31.12.2021<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>1. Titoli <span class=\"_ _0\"></span>di debito<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) <span class=\"ls0\">Amministr<span class=\"_ _35\"></span>az<span class=\"_ _3\"></span>ioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span></span>1<span class=\"fs0\"> </span>1<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2. Finan<span class=\"_ _0\"></span>ziamenti<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>d) <span class=\"ls0\">Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie<span class=\"fs0\"> </span></span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>f) Famiglie<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>1<span class=\"ff1 fs0\"> </span>4<span class=\"ff1 fs0\"> </span>2.5 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _0\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito - 55<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - 5 - - 5 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to - 55<span class=\"ls0\"> </span>128<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>102<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 122<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 858<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>2.401 1.486 149<span class=\"ls0\"> </span>2.166 4. Finan<span class=\"_ _0\"></span>ziamenti - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>4.1 Pronti <span class=\"_ _0\"></span>contro ter<span class=\"_ _0\"></span>mine - - - - - - 4.2 Altri - 310<span class=\"ls0\"> </span>635<span class=\"ls0\"> </span>- 375<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>Totale  980<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>3.411 1.647 700<span class=\"ls0\"> </span>3.199 Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>connessi <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di circa 125 milioni (25 m<span class=\"_ _0\"></span>ilioni Livello 1 e 100 mi<span class=\"_ _0\"></span>lioni Livello 2), di <span class=\"_ _0\"></span>cui 44 milioni seni<span class=\"_ _0\"></span>or, 65 milioni mezza<span class=\"_ _0\"></span>nine e 16 milioni<span class=\"_ _2\"></span> junior. 2.6 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriamente valu<span class=\"_ _0\"></span>tate al fair value: comp<span class=\"_ _0\"></span>osizione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1.Titoli d<span class=\"_ _0\"></span>i capitale<span class=\"_ _0\"></span> 471<span class=\"ls0\"> </span>502<span class=\"ls0\"> </span>di cui: ban<span class=\"_ _0\"></span>che - - di cui: altre <span class=\"_ _0\"></span>societ\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie 117<span class=\"ls0\"> </span>160<span class=\"ls0\"> </span>di cui: socie<span class=\"_ _0\"></span>t\u00e0 non finanz<span class=\"_ _35\"></span>iarie 355<span class=\"ls0\"> </span>342<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di debito 188<span class=\"ls0\"> </span>167<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 157<span class=\"ls0\"> </span>158<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 1 - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 31<span class=\"ls0\"> </span>9 3. Quote<span class=\"_ _0\"></span> di O.I.C.R.<span class=\"_ _0\"></span> 3.450 3.801 4. Finan<span class=\"_ _0\"></span>ziamenti 945<span class=\"ls0\"> </span>1.076 a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> 29<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 119<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 10<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 554<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>f) Famiglie 243<span class=\"ls0\"> </span>223<span class=\"ls0\"> </span>Totale 5.054 5.546 L\u2019aggregato quote OICR include, per 290 milioni le <span class=\"_ _3\"></span>interessenze detenute<span class=\"_ _0\"></span> dalla <span class=\"_ _3\"></span>Banca nel Fondo Atlante e in Italian Recovery Fund  (gi\u00e0  Fondo  Atlante  II),  quali  fondi  d'investime<span class=\"_ _0\"></span>nto  alternativi  a  sostegno  delle  banche  italian<span class=\"_ _0\"></span>e  nelle  operazioni  di ricapitalizzazione e nella g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione dei crediti i<span class=\"_ _0\"></span>n sofferenza del set<span class=\"_ _0\"></span>tore. <span class=\"_ _3\"></span> I <span class=\"_ _2\"></span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>includono <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>creditizie <span class=\"_ _3\"></span>classificate <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>obbligatoriamente <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fa<span class=\"_ _5\"></span>ir <span class=\"_ _3\"></span>value per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>mancato <span class=\"_ _3\"></span>superamento del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>caratteristich<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ontrattuali dei <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>(SPPI <span class=\"_ _3\"></span>Test) previsto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>contabile internazionale IFRS<span class=\"_ _0\"></span> 9.<span class=\"ff5 fc2\"> </span>SEZIONE 3 BIS - ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL FAIR VALUE AI SENSI DELLO IAS 39 - <span class=\"_ _3\"></span>VOCE 35 Si <span class=\"_ _6\"></span>riportano <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>Attivo <span class=\"_ _6\"></span>rife<span class=\"_ _2\"></span>rita <span class=\"_ _6\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>creata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>\u201cVoce <span class=\"_ _2\"></span>35 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pertinenza <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>assi<span class=\"_ _2\"></span><span class=\"ff1\">curazione <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie le component<span class=\"_ _0\"></span>i di cui al seguent<span class=\"_ _0\"></span>e schema.<span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al fai<span class=\"_ _35\"></span>r value ai sensi d<span class=\"_ _0\"></span>ello IAS 39 <span class=\"ff6\">\u2013</span> V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 35<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 20. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 902<span class=\"ls0\"> </span>1.027 30. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate a<span class=\"_ _0\"></span>l fair valu<span class=\"_ _0\"></span>e 86.217 101.059 40. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>disponibili<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per la vend<span class=\"_ _0\"></span>ita 85.593 104.423 80. Deriva<span class=\"_ _0\"></span>ti di Coper<span class=\"_ _0\"></span>tura 13<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span>  Voce 35 172.725 206.800<span class=\"_ _90\"> </span>3.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione merceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello3 Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale - - - - - - 3 Quote di <span class=\"_ _0\"></span>O.I.C.R. 97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - - - - - - 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>attivi<span class=\"_ _0\"></span> - - - - - - 4.2 Altri - - - - - - Totale A 247<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>386<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari:<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 1.1 di negoz<span class=\"_ _0\"></span>iazione 50<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>4 4 1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - 16<span class=\"ls0\"> </span>- 1 1 - 1.3 altri - - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi: - - - - - - 2.1 di negoz<span class=\"_ _0\"></span>iazione - - - - - - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale B 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 TOTALE<span class=\"_ _0\"></span> (A+B) 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>3.2 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 658<span class=\"ls0\"> </span>791<span class=\"ls0\"> </span>a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>101<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 267<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 290<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale - - a) Banche<span class=\"_ _0\"></span> - - b) Altri emi<span class=\"_ _0\"></span>ttenti: - - - imprese di a<span class=\"_ _35\"></span>ssicurazione - - - societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 143<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti - - a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale A 801<span class=\"ls0\"> </span>962<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Banche<span class=\"_ _0\"></span> - - - Fair value<span class=\"_ _0\"></span> - - b) Clientela<span class=\"_ _35\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale B 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale  (A<span class=\"_ _0\"></span>+B) 902<span class=\"ls0\"> </span>1.027 3.3 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci/Val<span class=\"_ _0\"></span>ori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 4.344 22<span class=\"ls0\"> </span>5 4.754 34<span class=\"ls0\"> </span>5 1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - 17<span class=\"ls0\"> </span>2 - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 4.344 22<span class=\"ls0\"> </span>5 4.737 32<span class=\"ls0\"> </span>5 2. Titoli <span class=\"_ _0\"></span>di capitale 3.016 - - 3.510 - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 78.025 - - 91.908 109<span class=\"ls0\"> </span>- 4. Finan<span class=\"_ _0\"></span>ziamenti 223<span class=\"ls0\"> </span>- 582<span class=\"ls0\"> </span>343<span class=\"ls0\"> </span>- 396<span class=\"ls0\"> </span>4.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i - - - - - - 4.2 Altri 223<span class=\"ls0\"> </span>- 582<span class=\"ls0\"> </span>343<span class=\"ls0\"> </span>- 396<span class=\"ls0\"> </span>Totale 85.608 22<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>100.515 143<span class=\"ls0\"> </span>401<span class=\"ls0\"> </span>Costo 86.661 14<span class=\"ls0\"> </span>586<span class=\"ls0\"> </span>93.092 121<span class=\"ls0\"> </span>395<span class=\"ls0\"> </span> <span class=\"ff5 fc2\">3.4 Bis Attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie valutate al fair <span class=\"_ _0\"></span>value: composizion<span class=\"_ _0\"></span>e per debitori/emittenti </span>(milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 4.371 4.793 a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali 3.375 3.772 b) Altri Enti<span class=\"_ _0\"></span> pubblici 11<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>c) Banche<span class=\"_ _35\"></span> 514<span class=\"ls0\"> </span>471<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 471<span class=\"ls0\"> </span>539<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 3.016 3.510 a) Banche<span class=\"_ _0\"></span> 214<span class=\"ls0\"> </span>239<span class=\"ls0\"> </span>b) Altri emi<span class=\"_ _0\"></span>ttenti: 2.802 3.271 - imprese di a<span class=\"_ _35\"></span>ssicurazione 129<span class=\"ls0\"> </span>120<span class=\"ls0\"> </span>- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>54<span class=\"ls0\"> </span>- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 1.327 1.669 - altri 1.296 1.428 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 78.025 92.017 4. Finan<span class=\"_ _0\"></span>ziamenti 805<span class=\"ls0\"> </span>739<span class=\"ls0\"> </span>a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 805<span class=\"ls0\"> </span>739<span class=\"ls0\"> </span>d) Altri sog<span class=\"_ _0\"></span>getti - - Totale 86.217 101.059<span class=\"_ _90\"> </span>3.5 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione merceolog<span class=\"_ _0\"></span>ica <span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Titoli di debito<span class=\"_ _3\"></span> 67.583 3.152 349<span class=\"ls0\"> </span>81.830 6.298 412<span class=\"ls0\"> </span>1.1 Titoli strutturati<span class=\"_ _3\"></span> 8 - - 14<span class=\"ls0\"> </span>- - 1.2 Altri titoli di debito<span class=\"_ _3\"></span> 67.575 3.152 349<span class=\"ls0\"> </span>81.816 6.298 412<span class=\"ls0\"> </span>2. Titoli di capitale<span class=\"_ _3\"></span> 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.1 Valutati al fai<span class=\"_ _3\"></span>r value 1.921 7 67<span class=\"ls0\"> </span>2.201 7 54<span class=\"ls0\"> </span>2.2 Valutati al costo<span class=\"_ _3\"></span> - - - - - - 3. Quote di O.I.C.R.<span class=\"_ _3\"></span>  8.306 - 4.208 9.879 - 3.742 4. Finanziamen<span class=\"_ _3\"></span>ti - - - - - - Totale 77.810 3.159 4.624 93.910 6.305 4.208 3.6 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione per <span class=\"_ _3\"></span>debitori/<span class=\"_ _0\"></span>emittenti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Titoli <span class=\"_ _0\"></span>di debito 71.084 88.540 a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali 55.587 71.782 b) Altri enti<span class=\"_ _0\"></span> pubblici 283<span class=\"ls0\"> </span>359<span class=\"ls0\"> </span>c) Banche<span class=\"_ _35\"></span> 6.495 6.214 d) Altri emi<span class=\"_ _0\"></span>ttenti 8.719 10.185 2. Titoli <span class=\"_ _0\"></span>di capitale 1.995 2.262 a) Banche<span class=\"_ _0\"></span> 194<span class=\"ls0\"> </span>206<span class=\"ls0\"> </span>b) Altri emi<span class=\"_ _0\"></span>ttenti: 1.801 2.056 - imprese di a<span class=\"_ _35\"></span>ssicurazione 35<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e 1.766 2.019 - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 12.514 13.621 4. Finan<span class=\"_ _0\"></span>ziamenti - - a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>- - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale 85.593 104.423 3.7 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita oggetto <span class=\"_ _0\"></span>di copertura specific<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span> Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disponibili p<span class=\"_ _0\"></span>er la vendita og<span class=\"_ _0\"></span>getto di copertura specifi<span class=\"_ _0\"></span>ca riferibili a socie<span class=\"_ _0\"></span>t\u00e0 Assicurative.<span class=\"_ _90\"> </span>3.8 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli  (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 13<span class=\"ls0\"> </span>- 200<span class=\"ls0\"> </span>- 291<span class=\"ls0\"> </span>- 1.046 3.9 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>portafogli co<span class=\"_ _0\"></span>perti e per tipolog<span class=\"_ _0\"></span>ia di copertura (valore di<span class=\"_ _0\"></span> bilancio) (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica SpecificaGenericarischio di tasso rischio di cambio rischio di credito rischio di prezzo pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita - - - - - X 13<span class=\"ls0\"> </span>X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenza  X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - - - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - 13<span class=\"ls0\"> </span>- - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X - X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - - - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 finanziarie X X X X X - - - - SEZIONE 5 - DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 50 Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>gli obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategi<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura si <span class=\"_ _3\"></span>rinvia <span class=\"_ _3\"></span>all\u2019informativa f<span class=\"_ _3\"></span>ornita nell\u2019ambito </span>della Parte E <span class=\"ff4\">\u2013</span> Informazio<span class=\"_ _0\"></span>ni sui rischi e sulle r<span class=\"_ _0\"></span>elative politiche di <span class=\"_ _0\"></span>copertura, Sezione 2 <span class=\"_ _3\"></span>- Rischi di merca<span class=\"_ _0\"></span>to.  5.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipologia di copertu<span class=\"_ _0\"></span>ra e per livelli (milioni di eur<span class=\"_ _35\"></span>o) Fair value 31.12.2022<span class=\"_ _0\"></span> Valore noziona<span class=\"_ _0\"></span>le Fair value<span class=\"_ _0\"></span> 31.12.2021 Valore noziona<span class=\"_ _0\"></span>le Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> A. Derivat<span class=\"_ _0\"></span>i finanziari<span class=\"_ _0\"></span> 1. Fair Valu<span class=\"_ _0\"></span>e - 10.061 - 177.498 - 1.719 - 186.185 2. Flussi <span class=\"_ _0\"></span>Finanziari - 1 - 893<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 3.961 3. Investi<span class=\"_ _0\"></span>menti esteri<span class=\"_ _0\"></span> - - - 28<span class=\"ls0\"> </span>- - - - B. Derivat<span class=\"_ _0\"></span>i creditizi 1. Fair Valu<span class=\"_ _0\"></span>e - - - - - - - - 2. Flussi <span class=\"_ _0\"></span>Finanziari - - - - - - - - Totale - 10.062 - 178.419 - 1.732 - 190.146 Il  fair  val<span class=\"_ _0\"></span>ue  lordo <span class=\"_ _16\"> </span>positivo  delle  a<span class=\"_ _0\"></span>ttivit\u00e0  in  D<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rivati  di <span class=\"_ _16\"> </span>copertura  po<span class=\"_ _0\"></span>ste  in  es<span class=\"_ _0\"></span>sere  con  il <span class=\"_ _16\"> </span>compensatore  legal<span class=\"_ _0\"></span>e  LCH  L<span class=\"_ _0\"></span>td., soddisfacendo <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>tra <span class=\"_ _7\"> </span>saldi  lordi <span class=\"_ _16\"> </span>positivi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negativi <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _16\"> </span>IAS <span class=\"_ _7\"> </span>32 paragrafo <span class=\"_ _4\"> </span>42, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>netto <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>Passivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>di negoziazione.<span class=\"ff9 fs19\"> </span>5.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per p<span class=\"_ _0\"></span>ortafogli coper<span class=\"_ _0\"></span>ti e per ti<span class=\"_ _3\"></span>pologia di copertur<span class=\"_ _0\"></span>a (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> Fair Value Flussi finanziari<span class=\"_ _3\"></span> Investim. esteri Specifica Generica SpecificaGenericatitoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro<span class=\"ls0\"> </span>credito merci altri 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatto sulla r<span class=\"_ _3\"></span>edditivit\u00e0 com<span class=\"_ _3\"></span>plessiva 2.566 - 263<span class=\"ls0\"> </span>- X X X - X X 2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato 2.876 X 3 - X X X 1 X X 3. Portafoglio<span class=\"_ _3\"></span> X X X X X X 3.803 X - X 4. Altre operazioni<span class=\"_ _3\"></span> - - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> 5.442 - 266<span class=\"ls0\"> </span>- - - 3.803 1 - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie 476<span class=\"ls0\"> </span>X 60<span class=\"ls0\"> </span>- - - X - X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X X 14<span class=\"ls0\"> </span>X - X Totale passivit\u00e0<span class=\"_ _3\"></span> 476<span class=\"ls0\"> </span>- 60<span class=\"ls0\"> </span>- - - 14<span class=\"ls0\"> </span>- - - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 finanziarie X X X X X X - X - - Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>indicato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>positivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>suddiviso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _3\"></span>passivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _5\"></span>coperta<span class=\"_ _0\"></span> </span>ed alla tipologia di cop<span class=\"_ _0\"></span>ertura realizzata. Considerando <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>compensazione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prevalenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>ne<span class=\"_ _6\"></span>lla copertura specifica di f<span class=\"_ _0\"></span>air value dei titoli <span class=\"_ _0\"></span>di debito dell\u2019atti<span class=\"_ _0\"></span>vo nonch\u00e9 nella cop<span class=\"_ _0\"></span>ertura ge<span class=\"_ _2\"></span><span class=\"ff1\">nerica di fair <span class=\"_ _0\"></span>value di crediti erogati.<span class=\"_ _90\"> </span></span>SEZIONE 2 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI NEGOZIAZIONE\u2013</span> VOCE 20 2.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie di negoziazione:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) Valore nominale o nozionale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per c<span class=\"_ _3\"></span>assa 1. Debiti verso <span class=\"_ _3\"></span>banche 4.729 4.240 - - 4.239 19.827 22.222 40<span class=\"ls0\"> </span>- 22.262 2. Debiti verso clie<span class=\"_ _3\"></span>ntela  3.121 3.001 - - 3.001 - - - - - 3. Titoli di debito<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.1 Obbligazioni <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.1 Strutturate <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.2 Altre obbligazi<span class=\"_ _3\"></span>oni  - - - - X - - - - X 3.2 Altri titoli<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.1 Strutturati <span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.2 Altri - - - - X - - - - X Totale A 10.850 7.241 2.779 - 7.240 23.151 22.222 3.499 - 22.262  B. Strumenti deri<span class=\"_ _3\"></span>vati 1. Derivati finanziari<span class=\"_ _3\"></span> X 44<span class=\"ls0\"> </span>35.363 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.107 118<span class=\"ls0\"> </span>X 1.1 Di negoziazi<span class=\"_ _3\"></span>one X 44<span class=\"ls0\"> </span>35.343 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.072 118<span class=\"ls0\"> </span>X 1.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 1.3 Altri X - 20<span class=\"ls0\"> </span>- X X - 35<span class=\"ls0\"> </span>- X 2. Derivati creditiz<span class=\"_ _3\"></span>i X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.1 Di negoziazi<span class=\"_ _3\"></span>one X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 44<span class=\"ls0\"> </span>36.306 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>30.447 119<span class=\"ls0\"> </span>X Totale (A+B) 10.850 7.285 39.085 142<span class=\"ls0\"> </span>X 23.151 22.241 33.946 119<span class=\"ls0\"> </span>X (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'emitten<span class=\"_ _3\"></span>te rispet<span class=\"_ _3\"></span>to alla dat<span class=\"_ _3\"></span>a di emissione.<span class=\"_ _3\"></span> I <span class=\"ff4 ls0\">Debiti verso ba<span class=\"_ _0\"></span>nche e clientela rap<span class=\"_ _0\"></span>presentano, per l\u2019intero<span class=\"_ _0\"></span> ammontare, le posi<span class=\"_ _0\"></span>zioni in \u201cscoperti tecnic<span class=\"_ _0\"></span>i\u201d sui titoli.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>L\u2019aggregato 3.2.1 <span class=\"_ _3\"></span>Altri <span class=\"_ _3\"></span>Titoli <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>strutturati <span class=\"_ _3\"></span>include i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>cartolarizzati che <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza prevedono <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>parziale o </span>inte<span class=\"ff4\">grale dei <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>versati, ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Comunicazione di <span class=\"_ _3\"></span>Banca d\u2019Italia <span class=\"_ _3\"></span>del 21 <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2014, emessi <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutto </span>il 2019.  Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>includono <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>5.017 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>certificates <span class=\"_ _2\"></span>aventi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche a<span class=\"_ _3\"></span>ssimilabili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione della prevalenza dei <span class=\"_ _0\"></span>rischi di mercato ris<span class=\"_ _0\"></span>petto alla restituzion<span class=\"_ _0\"></span>e dei premi versati.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair value r<span class=\"_ _3\"></span>ilevate nell\u2019esercizio per <span class=\"_ _3\"></span>il ca<span class=\"_ _3\"></span>mbiamento del <span class=\"_ _3\"></span>proprio merito di <span class=\"_ _3\"></span>credito sono <span class=\"_ _3\"></span>risultate positive <span class=\"_ _6\"></span><span class=\"ff1\">per <span class=\"_ _3\"></span>229 </span>milioni e si riferiscono a Strum<span class=\"_ _0\"></span>enti derivati ed a Tit<span class=\"_ _0\"></span>oli di debito - Altri titoli. I valori al 31 dicembre 2022 deg<span class=\"_ _0\"></span>li Strumenti deriva<span class=\"_ _0\"></span>ti includono i risulta<span class=\"_ _0\"></span>ti della compensazione<span class=\"_ _0\"></span> contabile tra saldi lordi po<span class=\"_ _35\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _3\"></span>ivi e negativi<span class=\"_ _0\"></span> dei <span class=\"_ _6\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>compe<span class=\"_ _3\"></span>nsatore <span class=\"_ _5\"></span>legale <span class=\"_ _5\"></span>LCH <span class=\"_ _5\"></span>Ltd. <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>soddisfano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32 paragrafo 42.<span class=\"ls0\"> </span>2.2 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": passi<span class=\"_ _0\"></span>vit\u00e0 subordinate  L\u2019aggregato Passivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione include passivit\u00e0 s<span class=\"_ _3\"></span>ubordinate rappresentate da Debiti <span class=\"_ _3\"></span>verso banche per <span class=\"_ _3\"></span>214 milioni e Debiti verso c<span class=\"_ _0\"></span>lientela per 36 milio<span class=\"_ _0\"></span>ni. 2.3 Dettaglio delle \"P<span class=\"_ _0\"></span>assivit\u00e0 finanziarie d<span class=\"_ _0\"></span>i negoziazione\": debiti s<span class=\"_ _0\"></span>trutturati Al 31 dicembre 2022 i <span class=\"_ _0\"></span>debiti strutturati cl<span class=\"_ _0\"></span>assificati nella voce Pa<span class=\"_ _0\"></span>ssivit\u00e0 finanziarie di <span class=\"_ _3\"></span>negoziazione amm<span class=\"_ _0\"></span>ontano a 300 milioni verso clientela e 57 milio<span class=\"_ _0\"></span>ni verso banch<span class=\"_ _0\"></span>e, da riferire a debiti <span class=\"_ _0\"></span>da scoperti tecnici s<span class=\"_ _0\"></span>u titoli obbligazi<span class=\"_ _0\"></span>onari a tasso fisso in<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icizzati, quale componente agg<span class=\"_ _0\"></span>iuntiva, all\u2019inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _90\"> </span>SEZIONE 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DESIGNATE AL FAIR VALUE</span>- VOCE 30 3.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie designate al fair <span class=\"_ _0\"></span>value: composizio<span class=\"_ _0\"></span>ne merceologica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 5 - 4 - 4 5 - 4 - 4 2.1 Strutturati 5 - 4 - X 5 - 4 - X 2.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 3. Titoli di debito<span class=\"_ _3\"></span> 9.875 - 8.761 30<span class=\"ls0\"> </span>8.719 3.634 6 3.638 26<span class=\"ls0\"> </span>3.566 3.1 Strutturati 9.875 - 8.761 30<span class=\"ls0\"> </span>X 3.634 6 3.638 26<span class=\"ls0\"> </span>X 3.2 Altri - - - - X - - - - X Totale 9.880 - 8.765 30<span class=\"ls0\"> </span>8.723 3.639 6 3.642 26<span class=\"ls0\"> </span>3.570 (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'em<span class=\"_ _3\"></span>ittente ri<span class=\"_ _3\"></span>spetto alla data di<span class=\"_ _3\"></span> emissione.<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>classificato <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Debiti <span class=\"_ _7\"> </span>verso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Co<span class=\"_ _3\"></span>-Investimenti <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>3.0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>lavoro <span class=\"_ _7\"> </span>cessati anzitempo di dipendenti di <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span> e l<span class=\"_ _3\"></span>e polizze vita collegate <span class=\"_ _3\"></span>ad iniziative sociali<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>Banca gestisce sulla base del fair value. La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>3.1 <span class=\"_ _6\"></span>Titoli <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>debito <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>Strutturati <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>certificates <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>prevedono <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>restituzione <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>o integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>versati<span class=\"ff4\">, <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>Comunicazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>(certificates <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>capitale </span>garantito <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>protetto). <span class=\"_ _4\"></span>Quest<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>emessi <span class=\"_ _4\"></span>successivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>1\u00b0 <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Passivit\u00e0 <span class=\"_ _6\"></span>finanziarie designate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(cd. <span class=\"_ _3\"></span>Fair V<span class=\"_ _3\"></span><span class=\"ff4\">alue <span class=\"_ _2\"></span>Option), a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dell\u2019impleme<span class=\"_ _0\"></span>ntazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>improntato </span>a logiche di banking <span class=\"_ _0\"></span>book con l\u2019obiettivo di g<span class=\"_ _0\"></span>enerare una raccolt<span class=\"_ _0\"></span>a stabile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>certificates rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Passivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rilevano <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>attribuibili alle <span class=\"_ _17\"> </span>variazioni <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>proprio <span class=\"_ _17\"> </span>merito <span class=\"_ _17\"> </span>creditizio <span class=\"_ _18\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span><span class=\"ff1\">redditivit\u00e0 <span class=\"_ _18\"> </span>complessiva <span class=\"_ _17\"> </span>(Patrimonio <span class=\"_ _17\"> </span>netto). </span>Nell\u2019esercizio le vari<span class=\"_ _0\"></span>azioni <span class=\"ff1\">del proprio merito creditizi<span class=\"_ _0\"></span>o sono risultate negative per 47 milioni. <span class=\"ff5 fc5\"> </span></span>3.2 Dettaglio \u201cPassiv<span class=\"_ _0\"></span>it\u00e0 finanziarie designate <span class=\"_ _0\"></span>al fair value\u201d: p<span class=\"_ _0\"></span>assivit\u00e0 subordinate<span class=\"ff5\"> </span>Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subord<span class=\"_ _0\"></span>inate classificate nella voce Passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> finanziarie designate <span class=\"_ _2\"></span>al fair value.<span class=\"_ _90\"> </span>SEZIONE 3 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _7\"> </span>riferita <span class=\"_ _5\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne.  In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 35 Passivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese d<span class=\"_ _3\"></span><span class=\"ff1\">i assicurazione <span class=\"_ _0\"></span>designate al fair valu<span class=\"_ _0\"></span>e ai sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie componenti di c<span class=\"_ _0\"></span>ui al seguente schem<span class=\"_ _35\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fs12\">. </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>signate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS 39 - <span class=\"_ _0\"></span>Voce 35 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 40. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 9 103<span class=\"ls0\"> </span>50. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> valutate al fair value<span class=\"_ _0\"></span> 71.565 84.667 60. Deriva<span class=\"_ _0\"></span>ti di Copertur<span class=\"_ _35\"></span>a  170<span class=\"ls0\"> </span>- TOTALE<span class=\"_ _0\"></span>  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Tipologia operazioni/Valori 31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span>1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span>- - - - X - - - - X 3.1.1 Strutturate<span class=\"ls0\"> </span>- - - - X - - - - - 3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - X - - - - - 3.2 Altri titoli<span class=\"ls0\"> </span>- - - - X - - - - X 3.2.1 Strutturati<span class=\"ls0\"> </span>- - - - X - - - - - 3.2.2 Altri<span class=\"ls0\"> </span>- - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati<span class=\"ls0\"> </span>1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 - - X X - 38<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - 8 - X X - 4 - X 1.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X 2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - - - X X - - - X 2.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X Totale B X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X Totale (A+B) X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X (*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span>3.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: passivit\u00e0 subordinat<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione: <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>subordinate, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Imprese <span class=\"_ _5\"></span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022. 3.3 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5\"> </span>Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le  Passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione: <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ebiti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _7\"> </span>non  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rilevano <span class=\"_ _16\"> </span>importi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Imprese <span class=\"_ _7\"> </span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022.<span class=\"_ _90\"> </span>3.4 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valutate <span class=\"_ _0\"></span>al fair value: compo<span class=\"_ _0\"></span>sizione merceologica  (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 2.1 Strutturati - - - - X - - - - X 2.2 Altri 71.565 - 71.565 - X 84.667 - 84.667 - X 3. Titoli di debito<span class=\"_ _3\"></span> - - - - - - - - - - 3.1 Strutturati - - - - X - - - - X 3.2 Altri - - - - X - - - - X Totale 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.5 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair <span class=\"_ _0\"></span>value\u201d: <span class=\"_ _3\"></span><span class=\"ff5\">passivit\u00e0 subordinate<span class=\"fs9\"> </span></span>Al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnalano <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>voce <span class=\"_ _7\"> </span>\u201cPassivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair value\u201d.<span class=\"_ _90\"> </span>3.6 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli gerar<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>hici<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 170<span class=\"ls0\"> </span>- 1.241 - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 170<span class=\"ls0\"> </span>- 1.241 - - - - 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 170<span class=\"ls0\"> </span>- 1.241 - - - -<span class=\"_ _90\"> </span>3.7 Bis Derivati di copertur<span class=\"_ _0\"></span>a: composizione per por<span class=\"_ _0\"></span>tafogli coperti e p<span class=\"_ _0\"></span>er tipologie di copertu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span><span class=\"fs9\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica Specifica Generica Rischio di tasso Rischio di cambio Rischio di credito Rischio di prezzo Pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita<span class=\"_ _3\"></span> - - - - - X - X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenz<span class=\"_ _3\"></span>a X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X 170<span class=\"ls0\"> </span>X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - 170<span class=\"ls0\"> </span>- - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie<span class=\"_ _3\"></span> X X X X X - X - - SEZIONE 4 <span class=\"ff6\">\u2013</span> DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 40 4.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipolo<span class=\"_ _0\"></span>gia di copertura e p<span class=\"_ _0\"></span>er livelli gerarchi<span class=\"_ _0\"></span>ci<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> 31.12.2022 Valore nozionale 31.12.2021 Valore nozionale Fair value Fair value Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari  - 5.346 - 191.704 - 4.868 - 111.607 1) Fair value  - 5.093 - 178.117 - 2.814 - 102.604 2) Flussi finanziari<span class=\"_ _3\"></span> - 253<span class=\"ls0\"> </span>- 13.408 - 2.054 - 9.003 3) Investimenti est<span class=\"_ _3\"></span>eri - - - 179<span class=\"ls0\"> </span>- - - - B. Derivati credi<span class=\"_ _3\"></span>tizi - - - - - - - - 1) Fair value  - - - - - - - - 2) Flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 5.346 - 191.704 - 4.868 - 111.607 Al <span class=\"_ _2\"></span>31.12.2022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>investimenti <span class=\"_ _5\"></span>esteri, <span class=\"_ _2\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>partecipazione<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>in Reyl &amp; Cie SA, con <span class=\"_ _0\"></span>sede in Svizzera. 4.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per portafogli <span class=\"_ _0\"></span>coperti e per tipo<span class=\"_ _0\"></span>logie di copertura (milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica SpecificaGenericatitoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro credito merci altri 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a 68<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>- X X X - X X 2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato  972<span class=\"ls0\"> </span>X 161<span class=\"ls0\"> </span>- X X X - X X 3. Portafoglio <span class=\"_ _3\"></span> X X X X X X 3 X 210<span class=\"ls0\"> </span>X 4. Altre operazioni <span class=\"_ _3\"></span> - - - - - - X - X - Totale attivit\u00e0  1.040 - 177<span class=\"ls0\"> </span>- - - 3 - 210<span class=\"ls0\"> </span>- 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie  545<span class=\"ls0\"> </span>X 625<span class=\"ls0\"> </span>- - - X - X X 2. Portafoglio <span class=\"_ _3\"></span> X X X X X X 2.703 X 43<span class=\"ls0\"> </span>X Totale passivit\u00e0 <span class=\"_ _3\"></span> 545<span class=\"ls0\"> </span>- 625<span class=\"ls0\"> </span>- - - 2.703 - 43<span class=\"ls0\"> </span>- 1. Transazioni attes<span class=\"_ _3\"></span>e  X X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _3\"></span> X X X X X X - X - - Nella tabella \u00e8 indicato il fair <span class=\"_ _0\"></span>value negativo dei deri<span class=\"_ _0\"></span>vati di copertura, suddivis<span class=\"_ _0\"></span>o in relazione all\u2019attivit\u00e0 o alla p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 coperta e<span class=\"_ _0\"></span> </span>alla tipologia di copertura rea<span class=\"_ _0\"></span>lizzata. Considerando <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onferma <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prevalenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura generica di portafogli<span class=\"_ _0\"></span> di passivit\u00e0 ra<span class=\"_ _0\"></span>ppresentate da poste a vi<span class=\"_ _0\"></span>sta e dei titoli di d<span class=\"_ _0\"></span>ebito dell\u2019attivo, <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _3\"></span>copertura dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>si riferisce a<span class=\"_ _3\"></span> raccolta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>titoli in c<span class=\"_ _3\"></span>ircolazione a tasso <span class=\"_ _3\"></span>variabile utilizzata per <span class=\"_ _3\"></span>finanziare i<span class=\"_ _6\"></span>mpieghi a tasso fisso. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-992": {
   "value": "SEZIONE 2 - ATTIVIT\u00c0 FINANZIARIE VALUTATE AL FAIR VALUE CON IMPATTO A CONTO ECONOMICO VOCE 20 2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-325.6297px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y67 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y68 ff5 fs0 fc2 sc0 ls0 ws0\">2.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e detenute per la nego<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>iazione: composi<span class=\"_ _0\"></span>zione per debitori/emit<span class=\"_ _0\"></span>tenti/controparti </div><div class=\"t m0 x0 h2 y9f6 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h65\" style=\"left:523.5156px; bottom:518.1483px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h43\" style=\"left:-4.050377px; bottom:494.7483px;\"><div class=\"t m0 x41 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h43\" style=\"left:425.97662px; bottom:494.7483px;\"><div class=\"t m0 xb h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h43\" style=\"left:523.5156px; bottom:494.7483px;\"><div class=\"t m0 xb h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:478.21228px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:461.67633px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:461.67633px;\"><div class=\"t m0 x4a h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">10.396 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:461.67633px;\"><div class=\"t m0 x4a h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">23.211 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:445.14032px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:445.14032px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">78<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:445.14032px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:428.4483px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:428.4483px;\"><div class=\"t m0 xcc h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">7.541 </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:428.4483px;\"><div class=\"t m0 x4a h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">20.394 </div></div><div class=\"c w20d h69\" style=\"left:-4.050377px; bottom:411.8733px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h69\" style=\"left:425.97662px; bottom:411.8733px;\"><div class=\"t m0 xcc h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.186 </div></div><div class=\"c w20f h69\" style=\"left:523.5156px; bottom:411.8733px;\"><div class=\"t m0 xcc h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.149 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:395.33728px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:395.33728px;\"><div class=\"t m0 xcc h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.175 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:395.33728px;\"><div class=\"t m0 xcc h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">1.239 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:378.80133px;\"><div class=\"t m0 x9b h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:378.80133px;\"><div class=\"t m0 x4 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:378.80133px;\"><div class=\"t m0 x4 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:362.1093px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:362.1093px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">416<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:362.1093px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">385<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:342.6093px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:342.6093px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">882<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:342.6093px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">691<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:326.0733px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:326.0733px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:326.0733px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:309.5373px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">b) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:309.5373px;\"><div class=\"t m0 x135 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:309.5373px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:293.00128px;\"><div class=\"t m0 x9b h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:293.00128px;\"><div class=\"t m0 x4 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:293.00128px;\"><div class=\"t m0 x4 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:276.30933px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">c) Societ\u00e0<span class=\"_ _0\"></span> non finanzi<span class=\"_ _0\"></span>arie </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:276.30933px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">714<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:276.30933px;\"><div class=\"t m0 x135 h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">524<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:259.77332px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri emi<span class=\"_ _0\"></span>ttenti </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:259.77332px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:259.77332px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:240.27332px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:240.27332px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">290<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:240.27332px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">141<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:220.77332px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:220.77332px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:220.77332px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:204.2373px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:204.2373px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:204.2373px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h69\" style=\"left:-4.050377px; bottom:187.6753px;\"><div class=\"t m0 x12 h46 y1196 ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche </div></div><div class=\"c w20e h69\" style=\"left:425.97662px; bottom:187.6753px;\"><div class=\"t m0 x2e h46 y1196 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h69\" style=\"left:523.5156px; bottom:187.6753px;\"><div class=\"t m0 x2e h46 y1196 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:170.9833px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:170.9833px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:170.9833px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:154.4473px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:154.4473px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:154.4473px;\"><div class=\"t m0 x2e h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:137.91129px;\"><div class=\"t m0 x9b h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:137.91129px;\"><div class=\"t m0 x2e h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:137.91129px;\"><div class=\"t m0 x2e h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:121.375305px;\"><div class=\"t m0 x12 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:121.375305px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:121.375305px;\"><div class=\"t m0 x4 h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:104.68329px;\"><div class=\"t m0 x12 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">f) Famiglie </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:104.68329px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:104.68329px;\"><div class=\"t m0 x2e h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:85.18329px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale A  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:85.18329px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">11.653 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:85.18329px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">24.061 </div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:69.58331px;\"><div class=\"t m0 x41 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i </div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:53.983307px;\"><div class=\"t m0 x12 h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">a) Contropar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i centrali<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:53.983307px;\"><div class=\"t m0 x4a h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">11.065 </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:53.983307px;\"><div class=\"t m0 xcc h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">1.693 </div></div><div class=\"c w20d h42\" style=\"left:-4.050377px; bottom:38.3833px;\"><div class=\"t m0 x12 h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">b) Altre </div></div><div class=\"c w20e h42\" style=\"left:425.97662px; bottom:38.3833px;\"><div class=\"t m0 x4a h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">19.804 </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:38.3833px;\"><div class=\"t m0 x4a h46 y6ce ff1 fs17 fc2 sc0 ls0 ws0\">21.427 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:18.8833px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale B  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:18.8833px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">30.869 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:18.8833px;\"><div class=\"t m0 x4a h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">23.120 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:-2.4887085px;\"><div class=\"t m0 x41 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> (A+B)  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:-2.4887085px;\"><div class=\"t m0 x4a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">42.522 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:-2.4887085px;\"><div class=\"t m0 x4a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">47.181<span class=\"_ _90\"> </span></div></div>SEZIONE 3 BIS - ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL FAIR VALUE AI SENSI DELLO IAS 39 - <span class=\"_ _3\"></span>VOCE 35 Si <span class=\"_ _6\"></span>riportano <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>dettagli <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>voci <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>39 <span class=\"_ _6\"></span>incluse <span class=\"_ _5\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _6\"></span>Attivo <span class=\"_ _6\"></span>rife<span class=\"_ _2\"></span>rita <span class=\"_ _6\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata <span class=\"_ _5\"></span>infatti <span class=\"_ _2\"></span>creata <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>\u201cVoce <span class=\"_ _2\"></span>35 <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pertinenza <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>assi<span class=\"_ _2\"></span><span class=\"ff1\">curazione <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie le component<span class=\"_ _0\"></span>i di cui al seguent<span class=\"_ _0\"></span>e schema.<span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Att<span class=\"_ _0\"></span>ivit\u00e0 fina<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ziarie d<span class=\"_ _0\"></span>i pertine<span class=\"_ _0\"></span>nza delle<span class=\"_ _0\"></span> imprese  di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al fai<span class=\"_ _35\"></span>r value ai sensi d<span class=\"_ _0\"></span>ello IAS 39 <span class=\"ff6\">\u2013</span> V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 35<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 20. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 902<span class=\"ls0\"> </span>1.027 30. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate a<span class=\"_ _0\"></span>l fair valu<span class=\"_ _0\"></span>e 86.217 101.059 40. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>disponibili<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per la vend<span class=\"_ _0\"></span>ita 85.593 104.423 80. Deriva<span class=\"_ _0\"></span>ti di Coper<span class=\"_ _0\"></span>tura 13<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span>  Voce 35 172.725 206.800<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.770325px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione merceologica  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w225 h44\" style=\"left:490.09265px; bottom:874.01965px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w221 h7d\" style=\"left:-4.050377px; bottom:842.8197px;\"><div class=\"t m0 x41 h59 y8cd ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w226 h42\" style=\"left:223.61862px; bottom:858.4197px;\"><div class=\"t m0 x134 h59 yeca ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w227 h42\" style=\"left:418.48862px; bottom:858.4197px;\"><div class=\"t m0 x135 h59 yeca ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w10d h42\" style=\"left:223.61862px; bottom:842.8197px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h42\" style=\"left:289.45062px; bottom:842.8197px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w223 h42\" style=\"left:353.74863px; bottom:842.8197px;\"><div class=\"t m0 x9b h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello3 </div></div><div class=\"c w224 h42\" style=\"left:418.48862px; bottom:842.8197px;\"><div class=\"t m0 x96 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h42\" style=\"left:490.09265px; bottom:842.8197px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w223 h42\" style=\"left:556.43164px; bottom:842.8197px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:826.2837px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:809.7477px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:809.7477px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">150<span class=\"ls0\"> </span></div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:809.7477px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:809.7477px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">310<span class=\"ls0\"> </span></div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:809.7477px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:809.7477px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:809.7477px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">337<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:793.2117px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli s<span class=\"_ _0\"></span>trutturati </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:793.2117px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:793.2117px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:793.2117px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:793.2117px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:793.2117px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:793.2117px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h6a\" style=\"left:-4.050377px; bottom:776.51965px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to </div></div><div class=\"c w10d h6a\" style=\"left:223.61862px; bottom:776.51965px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">150<span class=\"ls0\"> </span></div></div><div class=\"c w222 h6a\" style=\"left:289.45062px; bottom:776.51965px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w223 h6a\" style=\"left:353.74863px; bottom:776.51965px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">310<span class=\"ls0\"> </span></div></div><div class=\"c w224 h6a\" style=\"left:418.48862px; bottom:776.51965px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w222 h6a\" style=\"left:490.09265px; bottom:776.51965px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w223 h6a\" style=\"left:556.43164px; bottom:776.51965px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">337<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:759.9837px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:759.9837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:759.9837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:759.9837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:759.9837px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:759.9837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:759.9837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:743.4477px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 Quote di <span class=\"_ _0\"></span>O.I.C.R. </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:743.4477px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:743.4477px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:743.4477px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:743.4477px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">122<span class=\"ls0\"> </span></div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:743.4477px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:743.4477px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:726.9117px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:726.9117px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:726.9117px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:726.9117px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:726.9117px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:726.9117px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:726.9117px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h6a\" style=\"left:-4.050377px; bottom:710.21967px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>attivi<span class=\"_ _0\"></span> </div></div><div class=\"c w10d h6a\" style=\"left:223.61862px; bottom:710.21967px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h6a\" style=\"left:289.45062px; bottom:710.21967px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h6a\" style=\"left:353.74863px; bottom:710.21967px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h6a\" style=\"left:418.48862px; bottom:710.21967px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h6a\" style=\"left:490.09265px; bottom:710.21967px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h6a\" style=\"left:556.43164px; bottom:710.21967px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:693.68365px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4.2 Altri </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:693.68365px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:693.68365px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:693.68365px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:693.68365px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:693.68365px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:693.68365px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:674.18365px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:674.18365px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">247<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:674.18365px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:674.18365px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:674.18365px;\"><div class=\"t m0 xa5 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:674.18365px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:674.18365px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">386<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:657.6477px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i </div></div><div class=\"c w221 h69\" style=\"left:-4.050377px; bottom:641.0727px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Deriva<span class=\"_ _0\"></span>ti finanziari:<span class=\"_ _0\"></span> </div></div><div class=\"c w10d h69\" style=\"left:223.61862px; bottom:641.0727px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w222 h69\" style=\"left:289.45062px; bottom:641.0727px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w223 h69\" style=\"left:353.74863px; bottom:641.0727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h69\" style=\"left:418.48862px; bottom:641.0727px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w222 h69\" style=\"left:490.09265px; bottom:641.0727px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w223 h69\" style=\"left:556.43164px; bottom:641.0727px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w221 h6a\" style=\"left:-4.050377px; bottom:624.3807px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.1 di negoz<span class=\"_ _0\"></span>iazione </div></div><div class=\"c w10d h6a\" style=\"left:223.61862px; bottom:624.3807px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w222 h6a\" style=\"left:289.45062px; bottom:624.3807px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w223 h6a\" style=\"left:353.74863px; bottom:624.3807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h6a\" style=\"left:418.48862px; bottom:624.3807px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w222 h6a\" style=\"left:490.09265px; bottom:624.3807px;\"><div class=\"t m0 xa2 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w223 h6a\" style=\"left:556.43164px; bottom:624.3807px;\"><div class=\"t m0 xa2 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:607.84467px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:607.84467px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:607.84467px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:607.84467px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:607.84467px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:607.84467px;\"><div class=\"t m0 xa2 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:607.84467px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:591.30865px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.3 altri </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:591.30865px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:591.30865px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:591.30865px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:591.30865px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:591.30865px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:591.30865px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:574.7727px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Deriva<span class=\"_ _0\"></span>ti creditizi: </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:574.7727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:574.7727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:574.7727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:574.7727px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:574.7727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:574.7727px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h6a\" style=\"left:-4.050377px; bottom:558.0807px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.1 di negoz<span class=\"_ _0\"></span>iazione </div></div><div class=\"c w10d h6a\" style=\"left:223.61862px; bottom:558.0807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h6a\" style=\"left:289.45062px; bottom:558.0807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h6a\" style=\"left:353.74863px; bottom:558.0807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h6a\" style=\"left:418.48862px; bottom:558.0807px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h6a\" style=\"left:490.09265px; bottom:558.0807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h6a\" style=\"left:556.43164px; bottom:558.0807px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:541.5447px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:541.5447px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:541.5447px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:541.5447px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:541.5447px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:541.5447px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:541.5447px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:525.00867px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.3 altri </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:525.00867px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:525.00867px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:525.00867px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:525.00867px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:525.00867px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:525.00867px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:505.50867px;\"><div class=\"t m0 x41 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:505.50867px;\"><div class=\"t m0 x43 h59 y569 ff5 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:505.50867px;\"><div class=\"t m0 x43 h59 y569 ff5 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:505.50867px;\"><div class=\"t m0 xc h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:505.50867px;\"><div class=\"t m0 xc0 h59 y569 ff5 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:505.50867px;\"><div class=\"t m0 xa2 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:505.50867px;\"><div class=\"t m0 xa2 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:483.98065px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> (A+B) </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:483.98065px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">297<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:483.98065px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">249<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:483.98065px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:483.98065px;\"><div class=\"t m0 xa5 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">344<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:483.98065px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">293<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:483.98065px;\"><div class=\"t m0 xd h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">390<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.770325px;\"><div class=\"t m0 x0 h61 y11db ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y11dc ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y434 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya38 ff5 fs0 fc2 sc0 ls0 ws0\">3.2 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ya7c ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:427.66467px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h5c\" style=\"left:-4.050377px; bottom:409.23068px;\"><div class=\"t m0 x41 h59 y11de ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h5c\" style=\"left:425.97662px; bottom:409.23068px;\"><div class=\"t m0 xb h59 y11de ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h5c\" style=\"left:523.5156px; bottom:409.23068px;\"><div class=\"t m0 xb h59 y11de ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:392.69467px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:378.03067px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:378.03067px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">658<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:378.03067px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">791<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:363.21066px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span></div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:363.21066px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:363.21066px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">122<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:348.3907px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:348.3907px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:348.3907px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:333.72668px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:333.72668px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">267<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:333.72668px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">329<span class=\"ls0\"> </span></div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:318.90668px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri emi<span class=\"_ _0\"></span>ttenti </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:318.90668px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">290<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:318.90668px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">340<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:304.24268px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:304.24268px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:304.24268px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:289.42267px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:289.42267px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:289.42267px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:274.75867px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri emi<span class=\"_ _0\"></span>ttenti: </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:274.75867px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:274.75867px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:259.9387px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese di a<span class=\"_ _35\"></span>ssicurazione </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:259.9387px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:259.9387px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:245.11868px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:245.11868px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:245.11868px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:230.45468px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:230.45468px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:230.45468px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:215.63467px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:215.63467px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:215.63467px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:200.97067px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:200.97067px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">143<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:200.97067px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">171<span class=\"ls0\"> </span></div></div><div class=\"c w20d h103\" style=\"left:-4.050377px; bottom:186.11166px;\"><div class=\"t m0 x41 h59 yc5a ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h103\" style=\"left:425.97662px; bottom:186.11166px;\"><div class=\"t m0 x2e h59 yc5a ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h103\" style=\"left:523.5156px; bottom:186.11166px;\"><div class=\"t m0 x2e h59 yc5a ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:171.29169px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:171.29169px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:171.29169px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:156.62767px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:156.62767px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:156.62767px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:141.80768px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:141.80768px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:141.80768px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:127.14368px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri sog<span class=\"_ _0\"></span>getti </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:127.14368px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:127.14368px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:110.451675px;\"><div class=\"t m0 x12 h59 y118b ff5 fs17 fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:110.451675px;\"><div class=\"t m0 x135 h59 y118b ff5 fs17 fc2 sc0 ls25 ws0\">801<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:110.451675px;\"><div class=\"t m0 x135 h59 y118b ff5 fs17 fc2 sc0 ls25 ws0\">962<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:95.787674px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:80.96768px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:80.96768px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:80.96768px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:66.30368px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:66.30368px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:66.30368px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:51.483673px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Clientela<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:51.483673px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:51.483673px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7a\" style=\"left:-4.050377px; bottom:36.81967px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h7a\" style=\"left:425.97662px; bottom:36.81967px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w20f h7a\" style=\"left:523.5156px; bottom:36.81967px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w20d h5b\" style=\"left:-4.050377px; bottom:18.416878px;\"><div class=\"t m0 x41 h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w20e h5b\" style=\"left:425.97662px; bottom:18.416878px;\"><div class=\"t m0 x135 h59 y329 ff5 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w20f h5b\" style=\"left:523.5156px; bottom:18.416878px;\"><div class=\"t m0 x4 h59 y329 ff5 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w20d h5b\" style=\"left:-4.050377px; bottom:-2.019127px;\"><div class=\"t m0 x41 h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">Totale  (A<span class=\"_ _0\"></span>+B) </div></div><div class=\"c w20e h5b\" style=\"left:425.97662px; bottom:-2.019127px;\"><div class=\"t m0 x135 h59 y329 ff5 fs17 fc2 sc0 ls25 ws0\">902<span class=\"ls0\"> </span></div></div><div class=\"c w20f h5b\" style=\"left:523.5156px; bottom:-2.019127px;\"><div class=\"t m0 xcc h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">1.027 </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1042": {
   "value": "2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica (milioni di euro) Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Attivit\u00e0 per cassa 1. Titoli di debito 9.150 1.194 52 21.798 1.324 89 1.1 Titoli strutturati 1.016 74 - 5 1.009 42 1.2 Altri titoli di debito 8.134 1.120 52 21.793 315 47 2. Titoli di capitale 860 - 22 674 - 17 3. Quote di O.I.C.R. 264 5 21 116 - 25 4. Finanziamenti - 32 53 - 14 4 4.1 Pronti contro termine - - - - - - 4.2 Altri - 32 53 - 14 4 Totale (A) 10.274 1.231 148 22.588 1.338 135 B. Strumenti derivati 1. Derivati finanziari 57 29.841 35 27 20.817 52 1.1 di negoziazione 55 29.841 35 27 20.817 52 1.2 connessi con la fair value option - - - - - - 1.3 altri 2 - - - - - 2. Derivati creditizi - 936 - - 2.224 - 2.1 di negoziazione - 936 - - 2.224 - 2.2 connessi con la fair value option - - - - - - 2.3 altri - - - - - - Totale (B) 57 30.777 35 27 23.041 52 TOTALE (A+B)  10.331 32.008 183 22.615 24.379 187 I  Titoli  strutturati  al  31  dicembre  2022  si  compongono  per  1.086  milioni  di  titoli  di  debito  a  tasso  fisso  indicizzati,  quale componente aggiuntiva, all\u2019inflazione e per 4 milioni di titoli di debito convertibili in azioni. Nella voce di cui sopra sono compresi i titoli connessi con operazioni di cartolarizzazione per un ammontare complessivo di circa 865 milioni (818 milioni Livello 1 e 47 milioni Livello 2), di cui 627 milioni senior, 230 milioni mezzanine e 8 milioni junior. Il  fair  value  lordo positivo degli Strumenti  derivati  posti  in essere con il compensatore legale  LCH  Ltd.  -  soddisfacendo i requisiti previsti per la compensazione contabile tra saldi lordi positivi e negativi ai sensi dello IAS 32 paragrafo 42 - \u00e8 stato oggetto  di  compensazione  con  rappresentazione  del  fair  value  netto  rispettivamente  tra  le  Passivit\u00e0  finanziarie  di negoziazione e le Attivit\u00e0 finanziarie di negoziazione. 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti (milioni di euro) Voci 31.12.2022 31.12.2021 A. Attivit\u00e0 per cassa 1. Titoli di debito 10.396 23.211 a) Banche Centrali 78 44 b) Amministrazioni pubbliche 7.541 20.394 c) Banche 1.186 1.149 d) Altre societ\u00e0 finanziarie 1.175 1.239 di cui: imprese di assicurazione 85 65 e) Societ\u00e0 non finanziarie 416 385 2. Titoli di capitale 882 691 a) Banche 35 71 b) Altre societ\u00e0 finanziarie 133 96 di cui: imprese di assicurazione 51 31 c) Societ\u00e0 non finanziarie 714 524 d) Altri emittenti - - 3. Quote di O.I.C.R. 290 141 4. Finanziamenti 85 18 a) Banche Centrali - - b) Amministrazioni pubbliche - - c) Banche - - d) Altre societ\u00e0 finanziarie 38 - di cui: imprese di assicurazione - - e) Societ\u00e0 non finanziarie 47 18 f) Famiglie - - Totale A  11.653 24.061 B. Strumenti derivati a) Controparti centrali 11.065 1.693 b) Altre 19.804 21.427 Totale B  30.869 23.120 TOTALE (A+B)  42.522 47.181 SEZIONE 3 BIS - ATTIVIT\u00c0 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  VALUTATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si riportano di seguito i dettagli delle voci IAS 39 incluse nella voce 35 di schema di Stato patrimoniale Attivo riferita alle imprese di assicurazione. In relazione all\u2019applicazione del Deferral Approach, negli schemi consolidati previsti dalla circolare 262 della Banca d\u2019Italia, \u00e8 stata infatti creata la \u201cVoce 35 Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39\u201d che accoglie le componenti di cui al seguente schema. (milioni di euro) Composizione della voce Attivit\u00e0 finanziarie di pertinenza delle imprese  di assicurazione valutate al fair value ai sensi dello IAS 39 \u2013 Voce 35 31.12.2022 31.12.2021 20. Attivit\u00e0 finanziarie detenute per la negoziazione 902 1.027 30. Attivit\u00e0 finanziarie valutate al fair value 86.217 101.059 40. Attivit\u00e0 finanziarie disponibili per la vendita 85.593 104.423 80. Derivati di Copertura 13 291 TOTALE  Voce 35 172.725 206.800 3.1 Bis Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica  (milioni di euro) Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello3 Livello 1 Livello 2 Livello 3 A. Attivit\u00e0 per cassa 1. Titoli di debito 150 198 310 166 288 337 1.1 Titoli strutturati - - - - - - 1.2 Altri titoli di debito 150 198 310 166 288 337 2. Titoli di capitale - - - - - - 3 Quote di O.I.C.R. 97 - 46 122 - 49 4. Finanziamenti - - - - - - 4.1 Pronti contro termine attivi - - - - - - 4.2 Altri - - - - - - Totale A 247 198 356 288 288 386 B. Strumenti derivati 1. Derivati finanziari: 50 51 - 56 5 4 1.1 di negoziazione 50 35 - 55 4 4 1.2 connessi con la fair value option - 16 - 1 1 - 1.3 altri - - - - - - 2. Derivati creditizi: - - - - - - 2.1 di negoziazione - - - - - - 2.2 connessi con la fair value option - - - - - - 2.3 altri - - - - - - Totale B 50 51 - 56 5 4 TOTALE (A+B) 297 249 356 344 293 390 3.2 Bis Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti (milioni di euro) Voci 31.12.2022 31.12.2021 A. Attivit\u00e0 per cassa 1. Titoli di debito 658 791 a) Governi e Banche Centrali 101 122 b) Altri enti pubblici - - c) Banche 267 329 d) Altri emittenti 290 340 2. Titoli di capitale - - a) Banche - - b) Altri emittenti: - - - imprese di assicurazione - - - societ\u00e0 finanziarie - - - imprese non finanziarie - - - altri - - 3. Quote di O.I.C.R. 143 171 4. Finanziamenti - - a) Governi e Banche Centrali - - b) Altri enti pubblici - - c) Banche - - d) Altri soggetti - - Totale A 801 962 B. Strumenti derivati a) Banche - - - Fair value - - b) Clientela 101 65 - Fair value 101 65 Totale B 101 65 Totale  (A+B) 902 1.027 3.3 Bis Attivit\u00e0 finanziarie valutate al fair value: composizione merceologica  (milioni di euro) Voci/Valori 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Titoli di debito 4.344 22 5 4.754 34 5 1.1 Titoli strutturati - - - 17 2 - 1.2 Altri titoli di debito 4.344 22 5 4.737 32 5 2. Titoli di capitale 3.016 - - 3.510 - - 3. Quote di O.I.C.R. 78.025 - - 91.908 109 - 4. Finanziamenti 223 - 582 343 - 396 4.1 Strutturati - - - - - - 4.2 Altri 223 - 582 343 - 396 Totale 85.608 22 587 100.515 143 401 Costo 86.661 14 586 93.092 121 395  3.4 Bis Attivit\u00e0 finanziarie valutate al fair value: composizione per debitori/emittenti (milioni di euro) Voci 31.12.2022 31.12.2021 1. Titoli di debito 4.371 4.793 a) Governi e Banche Centrali 3.375 3.772 b) Altri Enti pubblici 11 11 c) Banche 514 471 d) Altri emittenti 471 539 2. Titoli di capitale 3.016 3.510 a) Banche 214 239 b) Altri emittenti: 2.802 3.271 - imprese di assicurazione 129 120 - societ\u00e0 finanziarie 50 54 - imprese non finanziarie 1.327 1.669 - altri 1.296 1.428 3. Quote di O.I.C.R. 78.025 92.017 4. Finanziamenti 805 739 a) Governi e Banche Centrali - - b) Altri enti pubblici - - c) Banche 805 739 d) Altri soggetti - - Totale 86.217 101.059  3.5 Bis Attivit\u00e0 finanziarie disponibili per la vendita: composizione merceologica  (milioni di euro) Voci 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Titoli di debito 67.583 3.152 349 81.830 6.298 412 1.1 Titoli strutturati 8 - - 14 - - 1.2 Altri titoli di debito 67.575 3.152 349 81.816 6.298 412 2. Titoli di capitale 1.921 7 67 2.201 7 54 2.1 Valutati al fair value 1.921 7 67 2.201 7 54 2.2 Valutati al costo - - - - - - 3. Quote di O.I.C.R.  8.306 - 4.208 9.879 - 3.742 4. Finanziamenti - - - - - - Totale 77.810 3.159 4.624 93.910 6.305 4.208 3.6 Bis Attivit\u00e0 finanziarie disponibili per la vendita: composizione per debitori/emittenti (milioni di euro) Voci 31.12.2022 31.12.2021 1. Titoli di debito 71.084 88.540 a) Governi e Banche Centrali 55.587 71.782 b) Altri enti pubblici 283 359 c) Banche 6.495 6.214 d) Altri emittenti 8.719 10.185 2. Titoli di capitale 1.995 2.262 a) Banche 194 206 b) Altri emittenti: 1.801 2.056 - imprese di assicurazione 35 37 - societ\u00e0 finanziarie - - - imprese non finanziarie 1.766 2.019 - altri - - 3. Quote di O.I.C.R. 12.514 13.621 4. Finanziamenti - - a) Governi e Banche Centrali - - b) Altri enti pubblici - - c) Banche - - d) Altri soggetti - - Totale 85.593 104.423 3.7 Bis Attivit\u00e0 finanziarie disponibili per la vendita oggetto di copertura specifica Non si segnalano Attivit\u00e0 finanziarie disponibili per la vendita oggetto di copertura specifica riferibili a societ\u00e0 Assicurative.  3.8 Bis Derivati di copertura: composizione per tipologia di copertura e per livelli  (milioni di euro) Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finanziari - 13 - 200 - 291 - 1.046 1) fair value - - - - - - - - 2) flussi finanziari - 13 - 200 - 291 - 1.046 3) investimenti esteri - - - - - - - - B) Derivati creditizi - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari - - - - - - - - Totale - 13 - 200 - 291 - 1.046 3.9 Bis Derivati di copertura: composizione per portafogli coperti e per tipologia di copertura (valore di bilancio) (milioni di euro) Operazioni/Tipo di copertura FAIR VALUE FLUSSI FINANZIARI INVESTIM. ESTERI Specifica Generica SpecificaGenericarischio di tasso rischio di cambio rischio di credito rischio di prezzo pi\u00f9 rischi 1. Attivit\u00e0 finanziarie disponibili per la vendita - - - - - X 13 X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanziarie detenute sino alla scadenza  X - - X - X - X X 4. Portafoglio X X X X X - - - X 5. Altre operazioni - - - - - X - - - Totale attivit\u00e0 - - - - - - 13 - - 1. Passivit\u00e0 finanziarie - - - X - X - X X 2. Portafoglio X X X X X - - - X Totale passivit\u00e0 - - - - - - - - - 1. Transazioni attese X X X X X X - X X 2. Portafoglio di attivit\u00e0 e passivit\u00e0 finanziarie X X X X X - - - - SEZIONE 2 \u2013 PASSIVITA\u2019 FINANZIARIE DI NEGOZIAZIONE\u2013 VOCE 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) Valore nominale o nozionale Fair value Fair value (*) Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per cassa 1. Debiti verso banche 4.729 4.240 - - 4.239 19.827 22.222 40 - 22.262 2. Debiti verso clientela  3.121 3.001 - - 3.001 - - - - - 3. Titoli di debito 3.000 - 2.779 - X 3.324 - 3.459 - X 3.1 Obbligazioni  - - - - X - - - - X 3.1.1 Strutturate  - - - - X - - - - X 3.1.2 Altre obbligazioni  - - - - X - - - - X 3.2 Altri titoli 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.1 Strutturati  3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.2 Altri - - - - X - - - - X Totale A 10.850 7.241 2.779 - 7.240 23.151 22.222 3.499 - 22.262  B. Strumenti derivati 1. Derivati finanziari X 44 35.363 142 X X 19 28.107 118 X 1.1 Di negoziazione X 44 35.343 142 X X 19 28.072 118 X 1.2 Connessi con la fair value option X - - - X X - - - X 1.3 Altri X - 20 - X X - 35 - X 2. Derivati creditizi X - 943 - X X - 2.340 1 X 2.1 Di negoziazione X - 943 - X X - 2.340 1 X 2.2 Connessi con la fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 44 36.306 142 X X 19 30.447 119 X Totale (A+B) 10.850 7.285 39.085 142 X 23.151 22.241 33.946 119 X (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. I Debiti verso banche e clientela rappresentano, per l\u2019intero ammontare, le posizioni in \u201cscoperti tecnici\u201d sui titoli. L\u2019aggregato 3.2.1 Altri Titoli \u2013 strutturati include i derivati cartolarizzati che alla scadenza prevedono la restituzione parziale o integrale dei premi versati, ai sensi della Comunicazione di Banca d\u2019Italia del 21 ottobre 2014, emessi dal Gruppo fino a tutto il 2019.  Gli strumenti derivati includono per 5.017 milioni i certificates aventi caratteristiche assimilabili a derivati finanziari in ragione della prevalenza dei rischi di mercato rispetto alla restituzione dei premi versati. Le variazioni di fair value rilevate nell\u2019esercizio per il cambiamento del proprio merito di credito sono risultate positive per 229 milioni e si riferiscono a Strumenti derivati ed a Titoli di debito - Altri titoli. I valori al 31 dicembre 2022 degli Strumenti derivati includono i risultati della compensazione contabile tra saldi lordi positivi e negativi dei derivati di copertura posti in essere con il compensatore legale LCH Ltd. in quanto soddisfano i requisiti previsti dallo IAS 32 paragrafo 42. 2.2 Dettaglio delle \"Passivit\u00e0 finanziarie di negoziazione\": passivit\u00e0 subordinate  L\u2019aggregato Passivit\u00e0 finanziarie di negoziazione include passivit\u00e0 subordinate rappresentate da Debiti verso banche per 214 milioni e Debiti verso clientela per 36 milioni. 2.3 Dettaglio delle \"Passivit\u00e0 finanziarie di negoziazione\": debiti strutturati Al 31 dicembre 2022 i debiti strutturati classificati nella voce Passivit\u00e0 finanziarie di negoziazione ammontano a 300 milioni verso clientela e 57 milioni verso banche, da riferire a debiti da scoperti tecnici su titoli obbligazionari a tasso fisso indicizzati, quale componente aggiuntiva, all\u2019inflazione. SEZIONE 3 BIS \u2013 PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si riportano di seguito i dettagli delle voci IAS39 incluse nella voce 35 di schema di Stato patrimoniale passivo  riferita alle imprese di assicurazione.  In relazione all\u2019applicazione del Deferral Approach, negli schemi consolidati previsti dalla circolare 262 della Banca d\u2019Italia, \u00e8 stata infatti creata la \u201cVoce 35 Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione designate al fair value ai sensi dello IAS 39\u201d che accoglie componenti di cui al seguente schema.                                    (milioni di euro) Composizione della voce Passivit\u00e0 finanziarie di pertinenza delle imprese  di assicurazione designate al fair value ai sensi dello IAS 39 - Voce 35 31.12.2022 31.12.2021 40. Passivit\u00e0 finanziarie di negoziazione 9 103 50. Passivit\u00e0 finanziarie valutate al fair value 71.565 84.667 60. Derivati di Copertura  170 - TOTALE  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanziarie di negoziazione: composizione merceologica (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) valore nominale o nozionale Fair value Fair value (*) Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per cassa 1. Debiti verso banche - - - - - - - - - - 2. Debiti verso clientela - - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 Obbligazioni - - - - X - - - - X 3.1.1 Strutturate - - - - X - - - - - 3.1.2 Altre obbligazioni - - - - X - - - - - 3.2 Altri titoli - - - - X - - - - X 3.2.1 Strutturati - - - - X - - - - - 3.2.2 Altri - - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati 1. Derivati finanziari X 1 8 - X X - 42 61 X 1.1 Di negoziazione X 1 - - X X - 38 61 X 1.2 Connessi con la fair value option X - 8 - X X - 4 - X 1.3 Altri X - - - X X - - - X 2. Derivati creditizi X - - - X X - - - X 2.1 Di negoziazione X - - - X X - - - X 2.2 Connessi con la fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 1 8 - X X - 42 61 X Totale (A+B) X 1 8 - X X - 42 61 X (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.2 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate Per quanto riguarda le Passivit\u00e0 finanziarie di negoziazione: passivit\u00e0 subordinate, non si rilevano importi per le Imprese di Assicurazione al 31 dicembre 2022. 3.3 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: debiti strutturati Per  quanto  riguarda  le  Passivit\u00e0  finanziarie  di  negoziazione:  debiti  strutturati,  non  si  rilevano  importi  per  le  Imprese  di Assicurazione al 31 dicembre 2022. 3.4 Bis Passivit\u00e0 finanziarie valutate al fair value: composizione merceologica  (milioni di euro) Tipologia operazione/Valori 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X 2. Debiti verso clientela 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 2.1 Strutturati - - - - X - - - - X 2.2 Altri 71.565 - 71.565 - X 84.667 - 84.667 - X 3. Titoli di debito - - - - - - - - - - 3.1 Strutturati - - - - X - - - - X 3.2 Altri - - - - X - - - - X Totale 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.5 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie valutate al fair value\u201d: passivit\u00e0 subordinate Al  31  dicembre  2022  non  si  segnalano  passivit\u00e0  subordinate  classificate  nella  voce  \u201cPassivit\u00e0  finanziarie  valutate  al  fair value\u201d. 3.6 Bis Derivati di copertura: composizione per tipologia di copertura e per livelli gerarchici (milioni di euro) Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finanziari - 170 - 1.241 - - - - 1) fair value - - - - - - - - 2) flussi finanziari - 170 - 1.241 - - - - 3) investimenti esteri - - - - - - - - B) Derivati creditizi - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari - - - - - - - - Totale - 170 - 1.241 - - - - 3.7 Bis Derivati di copertura: composizione per portafogli coperti e per tipologie di copertura (milioni di euro) Operazioni/Tipo di copertura FAIR VALUE FLUSSI FINANZIARI INVESTIM. ESTERI Specifica Generica Specifica Generica Rischio di tasso Rischio di cambio Rischio di credito Rischio di prezzo Pi\u00f9 rischi 1. Attivit\u00e0 finanziarie disponibili per la vendita - - - - - X - X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanziarie detenute sino alla scadenza X - - X - X - X X 4. Portafoglio X X X X X - X - X 5. Altre operazioni - - - - - X - X - Totale attivit\u00e0 - - - - - - - - - 1. Passivit\u00e0 finanziarie - - - X - X 170 X X 2. Portafoglio X X X X X - X - X Totale passivit\u00e0 - - - - - - 170 - - 1. Transazioni attese X X X X X X - X X 2. Portafoglio di attivit\u00e0 e passivit\u00e0 finanziarie X X X X X - X - - ",
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    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-1059": {
   "value": "2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span>I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-288.04224px;\"><div class=\"t m0 x0 h61 y390 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yed8 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y11a4 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y43 ff5 fs0 fc2 sc0 ls0 ws0\">2.5 Altre attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie obbligatoriament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y31f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3c h81\" style=\"left:492.2766px; bottom:242.13678px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _0\"></span>o) </div></div><div class=\"c w214 h77\" style=\"left:-4.050377px; bottom:224.48279px;\"><div class=\"t m0 x41 h59 y11a5 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w40 h77\" style=\"left:221.12262px; bottom:224.48279px;\"><div class=\"t m0 x41 h59 y11a5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w216 h77\" style=\"left:413.4966px; bottom:224.48279px;\"><div class=\"t m0 x41 h59 y11a5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w40 h64\" style=\"left:221.12262px; bottom:207.01077px;\"><div class=\"t m0 x14 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w215 h64\" style=\"left:284.61462px; bottom:207.01077px;\"><div class=\"t m0 x14 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w40 h64\" style=\"left:349.06863px; bottom:207.01077px;\"><div class=\"t m0 x14 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w216 h64\" style=\"left:413.4966px; bottom:207.01077px;\"><div class=\"t m0 xad h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c wc7 h64\" style=\"left:492.2766px; bottom:207.01077px;\"><div class=\"t m0 x14 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w161 h64\" style=\"left:556.43164px; bottom:207.01077px;\"><div class=\"t m0 x14 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:187.51077px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:187.51077px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:187.51077px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:187.51077px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:187.51077px;\"><div class=\"t m0 xc9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:187.51077px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:187.51077px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w214 h6a\" style=\"left:-4.050377px; bottom:170.81876px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli s<span class=\"_ _0\"></span>trutturati </div></div><div class=\"c w40 h6a\" style=\"left:221.12262px; bottom:170.81876px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h6a\" style=\"left:284.61462px; bottom:170.81876px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40 h6a\" style=\"left:349.06863px; bottom:170.81876px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w216 h6a\" style=\"left:413.4966px; bottom:170.81876px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h6a\" style=\"left:492.2766px; bottom:170.81876px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w161 h6a\" style=\"left:556.43164px; bottom:170.81876px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w214 h41\" style=\"left:-4.050377px; bottom:154.28278px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to </div></div><div class=\"c w40 h41\" style=\"left:221.12262px; bottom:154.28278px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h41\" style=\"left:284.61462px; bottom:154.28278px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w40 h41\" style=\"left:349.06863px; bottom:154.28278px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">128<span class=\"ls0\"> </span></div></div><div class=\"c w216 h41\" style=\"left:413.4966px; bottom:154.28278px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h41\" style=\"left:492.2766px; bottom:154.28278px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w161 h41\" style=\"left:556.43164px; bottom:154.28278px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">102<span class=\"ls0\"> </span></div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:134.78278px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:134.78278px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">122<span class=\"ls0\"> </span></div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:134.78278px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:134.78278px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">242<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:134.78278px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">161<span class=\"ls0\"> </span></div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:134.78278px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:134.78278px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">225<span class=\"ls0\"> </span></div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:115.282776px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:115.282776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">858<span class=\"ls0\"> </span></div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:115.282776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">191<span class=\"ls0\"> </span></div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:115.282776px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.401 </div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:115.282776px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.486 </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:115.282776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">149<span class=\"ls0\"> </span></div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:115.282776px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.166 </div></div><div class=\"c w214 h47\" style=\"left:-4.050377px; bottom:95.782776px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w40 h47\" style=\"left:221.12262px; bottom:95.782776px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h47\" style=\"left:284.61462px; bottom:95.782776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">310<span class=\"ls0\"> </span></div></div><div class=\"c w40 h47\" style=\"left:349.06863px; bottom:95.782776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">635<span class=\"ls0\"> </span></div></div><div class=\"c w216 h47\" style=\"left:413.4966px; bottom:95.782776px;\"><div class=\"t m0 xc9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h47\" style=\"left:492.2766px; bottom:95.782776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w161 h47\" style=\"left:556.43164px; bottom:95.782776px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">701<span class=\"ls0\"> </span></div></div><div class=\"c w214 h41\" style=\"left:-4.050377px; bottom:79.246765px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.1 Pronti <span class=\"_ _0\"></span>contro ter<span class=\"_ _0\"></span>mine </div></div><div class=\"c w40 h41\" style=\"left:221.12262px; bottom:79.246765px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h41\" style=\"left:284.61462px; bottom:79.246765px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40 h41\" style=\"left:349.06863px; bottom:79.246765px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w216 h41\" style=\"left:413.4966px; bottom:79.246765px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h41\" style=\"left:492.2766px; bottom:79.246765px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w161 h41\" style=\"left:556.43164px; bottom:79.246765px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w214 h41\" style=\"left:-4.050377px; bottom:62.710754px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.2 Altri </div></div><div class=\"c w40 h41\" style=\"left:221.12262px; bottom:62.710754px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w215 h41\" style=\"left:284.61462px; bottom:62.710754px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">310<span class=\"ls0\"> </span></div></div><div class=\"c w40 h41\" style=\"left:349.06863px; bottom:62.710754px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">635<span class=\"ls0\"> </span></div></div><div class=\"c w216 h41\" style=\"left:413.4966px; bottom:62.710754px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc7 h41\" style=\"left:492.2766px; bottom:62.710754px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w161 h41\" style=\"left:556.43164px; bottom:62.710754px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">701<span class=\"ls0\"> </span></div></div><div class=\"c w214 h83\" style=\"left:-4.050377px; bottom:41.18277px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w40 h83\" style=\"left:221.12262px; bottom:41.18277px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">980<span class=\"ls0\"> </span></div></div><div class=\"c w215 h83\" style=\"left:284.61462px; bottom:41.18277px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">663<span class=\"ls0\"> </span></div></div><div class=\"c w40 h83\" style=\"left:349.06863px; bottom:41.18277px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.411 </div></div><div class=\"c w216 h83\" style=\"left:413.4966px; bottom:41.18277px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.647 </div></div><div class=\"c wc7 h83\" style=\"left:492.2766px; bottom:41.18277px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">700<span class=\"ls0\"> </span></div></div><div class=\"c w161 h83\" style=\"left:556.43164px; bottom:41.18277px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.199 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-288.04224px;\"><div class=\"t m0 x0 h61 y11aa ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y9eb ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y30f ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>connessi <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>complessivo <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 yd61 ff1 fs0 fc0 sc0 ls0 ws0\">circa 125 milioni (25 m<span class=\"_ _0\"></span>ilioni Livello 1 e 100 mi<span class=\"_ _0\"></span>lioni Livello 2), di <span class=\"_ _0\"></span>cui 44 milioni seni<span class=\"_ _0\"></span>or, 65 milioni mezza<span class=\"_ _0\"></span>nine e 16 milioni<span class=\"_ _2\"></span> junior. </div><div class=\"t m0 x0 h24 yd62 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>4.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso banche<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 A. Crediti verso Banche centrali 9.712 - - - 7.089 2.623 131.361 - - - 128.282 3.078 1. Depositi a scadenza 3.622 - - X X X 3.118 - - X X X 2. Riserva obbligatoria 5.427 - - X X X 126.882 - - X X X 3. Pronti contro termine 543<span class=\"ls0\"> </span>- - X X X 273<span class=\"ls0\"> </span>- - X X X 4. Altri 120<span class=\"ls0\"> </span>- - X X X 1.088 - - X X X B. Crediti verso banche 23.136 36<span class=\"ls0\"> </span>- 1.265 18.791 3.055 32.523 53<span class=\"ls0\"> </span>- 1.547 28.156 2.903 1. Finanziamenti 21.478 36<span class=\"ls0\"> </span>- - 18.465 3.055 30.752 53<span class=\"ls0\"> </span>- - 27.914 2.903 1.1 Conti correnti - - - X X X - - - X X X 1.2 Depositi a scadenza  2.449 - - X X X 1.681 - - X X X 1.3 Altri finanziamenti:  19.029 36<span class=\"ls0\"> </span>- X X X 29.071 53<span class=\"ls0\"> </span>- X X X  - Pronti contro termine attivi  5.397 - - X X X 9.566 - - X<span class=\"ff2\"> </span>X X  - Finanziamenti per leasing 5 - - X X X 6 - - X<span class=\"ff2\"> </span>X X  - Altri 13.627 36<span class=\"ls0\"> </span>- X X X 19.499 53<span class=\"ls0\"> </span>- X<span class=\"ff2\"> </span>X X  2. Titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- 2.1 Titoli strutturati  - - - - - - - - - - - - 2.2 Altri titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- TOTALE 32.848 36<span class=\"ls0\"> </span>- 1.265 25.880 5.678 163.884 53<span class=\"ls0\"> </span>- 1.547 156.438 5.981 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>flessione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sottovoce <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>obbligatoria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mputabile <span class=\"_ _4\"> </span>all\u2019impiego <span class=\"_ _4\"> </span>dell\u2019eccesso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _4\"> </span>in<span class=\"_ _0\"></span> depositi a vista (overnigh<span class=\"_ _0\"></span>t) esposti alla v<span class=\"_ _0\"></span>oce Cassa e disponi<span class=\"_ _0\"></span>bilit\u00e0 liquide.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>sottovoce <span class=\"_ _3\"></span>\u201cAltri <span class=\"_ _2\"></span><span class=\"ff1\">finanziamenti <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span></span>Altri\u201d <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>funzionamento, o<span class=\"_ _3\"></span>ssia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>connesse <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prestazione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>affidamento, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>122 <span class=\"_ _5\"></span>milioni. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rappresenta<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>e essenzialmente da crediti in <span class=\"_ _0\"></span>bonis classificati i<span class=\"_ _0\"></span>n Stage 1 e rettificat<span class=\"_ _0\"></span>e sulla base del princip<span class=\"_ _0\"></span>io IFRS 9.<span class=\"_ _90\"> </span>4.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso clientela<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello 1 Livello 2 Livello 3 1. Finanziamenti 432.447 5.255 271<span class=\"ls0\"> </span>- 283.348 140.877 449.287 6.682 446<span class=\"ls0\"> </span>- 317.673 147.945 1.1. Conti correnti 22.967 484<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>X X X 21.724 688<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>X X X 1.2. Pronti contro termine attivi 15.366 - - X X X 17.620 - - X X X 1.3. Mutui 242.049 3.083 156<span class=\"ls0\"> </span>X X X 250.722 4.080 268<span class=\"ls0\"> </span>X X X 1.4. Carte di credito, prestiti personali e cessioni del quinto 19.435 339<span class=\"ls0\"> </span>2 X X X 18.626 364<span class=\"ls0\"> </span>9 X X X 1.5 Finanziamenti per leasing 7.780 328<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>X X X 12.830 347<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>X X X 1.6. Factoring 10.869 52<span class=\"ls0\"> </span>- X X X 9.453 65<span class=\"ls0\"> </span>- X X X 1.7. Altri finanziamenti 113.981 969<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>X X X 118.312 1.138 39<span class=\"ls0\"> </span>X X X 2. Titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 2.1. Titoli strutturati - - - - - - - - - - - - 2.2. Altri titoli di debito 57.188 33<span class=\"ls0\"> </span>- 27.693 10.877 14.938 48.473 41<span class=\"ls0\"> </span>- 25.659 10.872 11.536 Totale 489.635 5.288 271<span class=\"ls0\"> </span>27.693 294.225 155.815 497.760 6.723 446<span class=\"ls0\"> </span>25.659 328.545 159.481 La sottovoce \u201cAltri f<span class=\"_ _3\"></span>inanziamenti<span class=\"_ _0\"></span>\u201d include crediti di <span class=\"_ _3\"></span>funzionamento, ossia per operazioni connesse con la prestazione di attivit\u00e0 e  d<span class=\"_ _3\"></span>i  servizi <span class=\"_ _1d\"> </span>finanziari  privi  di  a<span class=\"_ _3\"></span>ffidamento,  per  un <span class=\"_ _1d\"> </span>ammontare  pari  a<span class=\"_ _3\"></span>  740 <span class=\"_ _1d\"> </span>milioni.  Tali <span class=\"_ _1d\"> </span>esposizioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentate<span class=\"_ _0\"></span> essenzialmente da cre<span class=\"_ _0\"></span>diti in bonis classificati in St<span class=\"_ _0\"></span>age 1 rettificate<span class=\"fs6\"> </span>sulla base del principio IFRS <span class=\"_ _35\"></span>9.<span class=\"_ _3\"></span> Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cTitoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>connessi con <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>complessivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>di </span>circa 8.495 milioni di c<span class=\"_ _0\"></span>ui circa 8.475 mili<span class=\"_ _0\"></span>oni rigu<span class=\"_ _3\"></span>ardano titoli seni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>r e 20 milioni titoli<span class=\"_ _0\"></span> mezzanine. 4.4 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche: composizion<span class=\"_ _0\"></span>e merceologica  (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Valore di  bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Crediti verso Ba<span class=\"_ _3\"></span>nche Centrali<span class=\"_ _3\"></span> - - - - - - - - 1. Depositi vincola<span class=\"_ _3\"></span>ti - - 2. Riserva obbli<span class=\"_ _3\"></span>gatoria - - 3. Pronti contro term<span class=\"_ _3\"></span>ine attivi - - 4. Altri - - B. Crediti verso ba<span class=\"_ _3\"></span>nche 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 1. Finanziamenti<span class=\"_ _3\"></span> - - - - - - - - 1.1 Conti correnti <span class=\"_ _3\"></span>e depositi libe<span class=\"_ _3\"></span>ri - - 1.2 Depositi vincol<span class=\"_ _3\"></span>ati - - 1.3 Altri finanziame<span class=\"_ _3\"></span>nti: - - - Pronti contro term<span class=\"_ _3\"></span>ine attivi - - - Leasing finanzia<span class=\"_ _3\"></span>rio - - - Altri - - 2. Titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 2.1 Titoli strutturati<span class=\"_ _3\"></span> - - 2.2 Altri titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>Totale 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 4.6 Bis Crediti verso <span class=\"_ _0\"></span>clientela: composizione m<span class=\"_ _0\"></span>erceologica  (milioni di euro) Voci 31.12.2022 31.12.2021 Valore di bilancio Valore di bilancio Non Deteriorati Deteriorati Fair value Non Deteriorati Deteriorati Fair value Acquistati Altri Livello 1 Livello 2 Livello 3 Acquistati Altri Livello 1 Livello 2 Livello 3 Finanziamenti 5 - - - 4 1 8 - - - 8 - 1. Conti correnti - - - X X X - - - X X X 2. Pronti contro termine attivi - - - X X X - - - X X X 3. Mutui - - - X X X - - - X X X 4. Carte di credito, prestiti personali e cessioni del quinto - - - X X X - - - X X X 5. Leasing finanziario - - - X X X - - - X X X 6. Factoring - - - X X X - - - X X X 7. Altri finanziamenti 5 - - X X X 8 - - X X X Titoli di debito 35<span class=\"ls0\"> </span>- - - 30<span class=\"ls0\"> </span>5 36<span class=\"ls0\"> </span>- - - 31<span class=\"ls0\"> </span>5 8. Titoli strutturati - - - X X X - - - X X X 9. Altri titoli di debito 35<span class=\"ls0\"> </span>- - X X X 36<span class=\"ls0\"> </span>- - X X X Totale 40<span class=\"ls0\"> </span>- - - 34<span class=\"ls0\"> </span>6 44<span class=\"ls0\"> </span>- - - 39<span class=\"ls0\"> </span>5<span class=\"_ _90\"> </span>1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>3. Attivit\u00e0 costituit<span class=\"_ _0\"></span>e a garanzia di proprie pas<span class=\"_ _0\"></span>sivit\u00e0 e impegni<span class=\"ffa\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Portafogli 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economi<span class=\"_ _0\"></span>co  2.058 9.266 2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to sulla re<span class=\"_ _0\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessi<span class=\"_ _0\"></span>va 10.006 25.308 3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> costo am<span class=\"_ _0\"></span>mortizza<span class=\"_ _0\"></span>to  187.404 199.785 4. Attivit\u00e0<span class=\"_ _0\"></span> materiali  - - di cui: atti<span class=\"_ _0\"></span>vit\u00e0 materiali<span class=\"_ _35\"></span> che costituiscono <span class=\"_ _0\"></span>rimanenz<span class=\"_ _0\"></span>e - - Si <span class=\"_ _3\"></span>segnala <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>oggetto d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>elisione <span class=\"_ _3\"></span>depositi infragruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>689 <span class=\"_ _3\"></span>milioni <span class=\"_ _5\"></span><span class=\"ff4\">costituiti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>servizio <span class=\"_ _3\"></span>dell\u2019operativit\u00e0 in <span class=\"_ _2\"></span>prestito </span>titoli con soggetti est<span class=\"_ _0\"></span>erni al Gruppo. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-142.77698px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">5. Gestione e intermed<span class=\"_ _0\"></span>iazione per conto terzi </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3a7 h109\" style=\"left:504.79565px; bottom:834.53705px;\"><div class=\"t m0 xd h46 yacd ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w3a6 h8c\" style=\"left:-4.050377px; bottom:809.109px;\"><div class=\"t m0 x41 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> servizi </div></div><div class=\"c w3a7 h8c\" style=\"left:504.79565px; bottom:809.109px;\"><div class=\"t m0 x4a h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:789.609px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Esecuz<span class=\"_ _0\"></span>ione di or<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ini per c<span class=\"_ _0\"></span>onto della c<span class=\"_ _35\"></span>lientela </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:773.073px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Acquisti<span class=\"_ _0\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:773.073px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">395.714 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:756.53705px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. regolati<span class=\"_ _35\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:756.53705px;\"><div class=\"t m0 x4d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">395.714 </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:739.84503px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. non regola<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:739.84503px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:723.309px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Vendite<span class=\"_ _0\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:723.309px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">371.516 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:706.773px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. regolate<span class=\"_ _35\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:706.773px;\"><div class=\"t m0 x4d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">371.516 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:690.237px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. non regola<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:690.237px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:670.737px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Gestio<span class=\"_ _0\"></span>ni di portaf<span class=\"_ _35\"></span>ogli </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:654.04504px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) individual<span class=\"_ _0\"></span>i </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:654.04504px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">73.591 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:637.50903px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">b) <span class=\"ls0\">colletti<span class=\"_ _0\"></span>ve </span></div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:637.50903px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">161.776 </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:618.00903px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Custod<span class=\"_ _0\"></span>ia e ammin<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>strazione<span class=\"_ _0\"></span> di titoli </div></div><div class=\"c w3a6 h9a\" style=\"left:-4.050377px; bottom:586.77px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) titoli di<span class=\"_ _0\"></span> terzi in depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ito: conn<span class=\"_ _0\"></span>essi con lo<span class=\"_ _35\"></span> svolgimento di banc<span class=\"_ _0\"></span>a deposi<span class=\"_ _0\"></span>taria (escl<span class=\"_ _0\"></span>use le ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tioni di por<span class=\"_ _0\"></span>tafoglio) </div></div><div class=\"c w3a7 h9a\" style=\"left:504.79565px; bottom:586.77px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.468 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:570.234px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.  titoli eme<span class=\"_ _35\"></span>ssi dalle societ\u00e0 in<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>luse nel con<span class=\"_ _0\"></span>solidame<span class=\"_ _0\"></span>nto </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:570.234px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:553.698px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _0\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:553.698px;\"><div class=\"t m0 x35 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4.468 </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:537.00604px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) titoli di<span class=\"_ _0\"></span> terzi in depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ito (escl<span class=\"_ _0\"></span>use ges<span class=\"_ _0\"></span>tioni di porta<span class=\"_ _0\"></span>fogli): altr<span class=\"_ _0\"></span>i </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:537.00604px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">544.770 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:520.47003px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. titoli eme<span class=\"_ _0\"></span>ssi dalle <span class=\"_ _0\"></span>societ\u00e0 in<span class=\"_ _0\"></span>cluse nel con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>olidame<span class=\"_ _0\"></span>nto </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:520.47003px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">18.515 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:503.93402px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _0\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:503.93402px;\"><div class=\"t m0 x4d h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">526.255 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:487.398px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) titoli di <span class=\"_ _0\"></span>terzi deposi<span class=\"_ _0\"></span>tati pres<span class=\"_ _0\"></span>so terzi </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:487.398px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">539.444 </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:470.706px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) titoli di<span class=\"_ _0\"></span> propriet\u00e0 depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>itati pre<span class=\"_ _35\"></span>sso terzi </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:470.706px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">181.698 </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:451.206px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Altre <span class=\"_ _0\"></span>operazioni </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:451.206px;\"><div class=\"t m0 x4d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">694.276 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-142.77698px;\"><div class=\"t m0 x0 h61 y357 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11db ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y24d ff5 fs0 fc2 sc0 ls0 ws0\">Precisazione circa le <span class=\"_ _0\"></span>clausole contrattuali d<span class=\"_ _0\"></span>ei debiti finanziari  </div><div class=\"t m0 x0 h2 y922 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>3: <span class=\"_ _2\"></span>\u201cPrincipio I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>Clausole contrattuali <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>debiti <span class=\"_ _3\"></span></span>finanziari\u201d, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Documento <span class=\"_ _2\"></span>Banca d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _3\"></span>Consob<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 ydb0 ff1 fs0 fc0 sc0 ls0 ws0\">/Isvap n. 4 del marzo 2<span class=\"_ _0\"></span>010, si precisa quan<span class=\"_ _0\"></span>to segue: </div><div class=\"t m0 x0 h2 y108d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>nessuna <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>\u00e8 incorsa n<span class=\"_ _3\"></span>el mancato <span class=\"_ _3\"></span>rispetto di <span class=\"_ _3\"></span>clausole contrattuali previste in <span class=\"_ _3\"></span>emissioni </span></div><div class=\"t m0 x2a h2 yace ff1 fs0 fc0 sc0 ls0 ws0\">obbligazionarie, <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamento <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>medio-lungo <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>ricevuti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Organismi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di </div><div class=\"t m0 x2a h2 ycd7 ff1 fs0 fc0 sc0 ls0 ws0\">debito, che abbiano <span class=\"_ _0\"></span>comportato o possano <span class=\"_ _0\"></span>comportare la deca<span class=\"_ _0\"></span>denza del beneficio <span class=\"_ _0\"></span>del termine;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y14ad ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le <span class=\"_ _3\"></span>emissioni <span class=\"_ _3\"></span>obbligazionarie, i <span class=\"_ _3\"></span>finanziamenti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>medio<span class=\"_ _3\"></span>-lungo <span class=\"_ _3\"></span>termine d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Organismi <span class=\"_ _3\"></span>Sovrannazionali ovvero <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>contratti di </span></div><div class=\"t m0 x2a h2 y108e ff1 fs0 fc0 sc0 ls0 ws0\">debito <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>possono <span class=\"_ _4\"></span>prevedere <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lausole <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negative <span class=\"_ _4\"></span>pledges <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ovenants, <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y13d8 ff1 fs0 fc0 sc0 ls0 ws0\">contenuto standard i<span class=\"_ _0\"></span>n base alle prassi n<span class=\"_ _0\"></span>ormalmente in uso.  </div><div class=\"t m0 x0 h2 y8c1 ff1 fs0 fc0 sc0 ls0 ws0\">La natura degli impegni assunti, in linea con la prassi dei mercati<span class=\"_ _0\"></span>, e le remote probabilit\u00e0 che gli eventi di default si verifi<span class=\"_ _0\"></span>chino, </div><div class=\"t m0 x0 h2 y1005 ff1 fs0 fc0 sc0 ls0 ws0\">consentono di consider<span class=\"_ _0\"></span>are tali clausole c<span class=\"_ _0\"></span>ome non significativ<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y9e8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y108f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf53 ff5 fs0 fc2 sc0 ls0 ws0\">6. <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio, oppure <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>acco<span class=\"_ _3\"></span>rdi-quadro <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensazione <span class=\"_ _3\"></span>o </div><div class=\"t m0 xf8 h24 y1091 ff5 fs0 fc2 sc0 ls0 ws0\">ad accordi similari </div><div class=\"t m0 x0 h2 y7aa ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3bd h5b\" style=\"left:524.7636px; bottom:209.69202px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w3be h182\" style=\"left:-4.050377px; bottom:111.06102px;\"><div class=\"t m0 x41 ha y14af ff5 fs4 fc2 sc0 ls0 ws0\">Forme tecniche<span class=\"_ _3\"></span> </div></div><div class=\"c w3bb h182\" style=\"left:147.91962px; bottom:111.06102px;\"><div class=\"t m0 x41 ha y14af ff5 fs4 fc2 sc0 ls0 ws0\">Ammontare </div><div class=\"t m0 x45 ha y14b0 ff5 fs4 fc2 sc0 ls0 ws0\">lordo delle </div><div class=\"t m0 x94 ha y14b1 ff5 fs4 fc2 sc0 ls0 ws0\">attivit\u00e0 </div><div class=\"t m0 x87 ha y14b2 ff5 fs4 fc2 sc0 ls0 ws0\">finanziare </div><div class=\"t m0 xd ha y14b3 ff5 fs4 fc2 sc0 ls2a ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w300 h182\" style=\"left:206.9266px; bottom:111.06102px;\"><div class=\"t m0 x12 ha y14af ff5 fs4 fc2 sc0 ls0 ws0\">Ammontare </div><div class=\"t m0 xb ha y14b0 ff5 fs4 fc2 sc0 ls0 ws0\">delle </div><div class=\"t m0 x9b ha y14b1 ff5 fs4 fc2 sc0 ls0 ws0\">passivit\u00e0 </div><div class=\"t m0 xae ha y14b2 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie </div><div class=\"t m0 xdd ha y14b3 ff5 fs4 fc2 sc0 ls0 ws0\">compensato </div><div class=\"t m0 xae ha y14b4 ff5 fs4 fc2 sc0 ls0 ws0\">in bilancio </div><div class=\"t m0 xa5 ha y1223 ff5 fs4 fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w39f h182\" style=\"left:275.09863px; bottom:111.06102px;\"><div class=\"t m0 xae ha y14af ff5 fs4 fc2 sc0 ls0 ws0\">Ammontare </div><div class=\"t m0 x9b ha y14b0 ff5 fs4 fc2 sc0 ls0 ws0\">netto delle </div><div class=\"t m0 x98 ha y14b1 ff5 fs4 fc2 sc0 ls0 ws0\">attivit\u00e0 </div><div class=\"t m0 x9b ha y14b2 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie </div><div class=\"t m0 x88 ha y14b3 ff5 fs4 fc2 sc0 ls0 ws0\">riportato in </div><div class=\"t m0 x1a ha y14b4 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio (c=a-<span class=\"_ _90\"> </span></div><div class=\"t m0 x10a ha y1223 ff5 fs4 fc2 sc0 ls32 ws0\">b)<span class=\"ls0\"> </span></div></div><div class=\"c w1dd h78\" style=\"left:349.06863px; bottom:161.80002px;\"><div class=\"t m0 x41 ha y14b5 ff5 fs4 fc2 sc0 ls0 ws0\">Ammontari correl<span class=\"_ _3\"></span>ati non </div><div class=\"t m0 xe ha y1462 ff5 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 xae ha y868 ff5 fs4 fc2 sc0 ls0 ws0\">compensazione i<span class=\"_ _3\"></span>n </div><div class=\"t m0 x98 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">Bilancio </div></div><div class=\"c w3bc haa\" style=\"left:465.75665px; bottom:177.40002px;\"><div class=\"t m0 x41 ha ya6d ff5 fs4 fc2 sc0 ls0 ws0\">Ammontare </div><div class=\"t m0 x13 ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">netto  </div></div><div class=\"c w3bd haa\" style=\"left:524.7636px; bottom:177.40002px;\"><div class=\"t m0 x6 ha ya6d ff5 fs4 fc2 sc0 ls0 ws0\">Ammontare netto<span class=\"_ _3\"></span> </div></div><div class=\"c w3bc h42\" style=\"left:465.75665px; bottom:161.80002px;\"><div class=\"t m0 xdd ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w3bd h42\" style=\"left:524.7636px; bottom:161.80002px;\"><div class=\"t m0 xd ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w26f h183\" style=\"left:349.06863px; bottom:111.06102px;\"><div class=\"t m0 x12 hb y14b6 ff1 fs4 fc2 sc0 ls0 ws0\">Strumenti </div><div class=\"t m0 xa1 hb y14b7 ff1 fs4 fc2 sc0 ls0 ws0\">finanziari </div><div class=\"t m0 x98 hb y328 ff1 fs4 fc2 sc0 ls2a ws0\">(d)<span class=\"ls0\"> </span></div></div><div class=\"c w5e h183\" style=\"left:407.25662px; bottom:111.06102px;\"><div class=\"t m0 x87 hb y14b6 ff1 fs4 fc2 sc0 ls0 ws0\">Depositi di </div><div class=\"t m0 x14 hb y14b7 ff1 fs4 fc2 sc0 ls0 ws0\">contante </div><div class=\"t m0 xa1 hb y328 ff1 fs4 fc2 sc0 ls0 ws0\">ricevuti in </div><div class=\"t m0 xab hb y1239 ff1 fs4 fc2 sc0 ls0 ws0\">garanzia (e) </div></div><div class=\"c w3bc h183\" style=\"left:465.75665px; bottom:111.06102px;\"><div class=\"t m0 xae ha y14b6 ff5 fs4 fc2 sc0 ls0 ws0\">(f=c-d-<span class=\"ls40\">e)</span> </div></div><div class=\"c w3be h41\" style=\"left:-4.050377px; bottom:94.525024px;\"><div class=\"t m0 x41 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">1. Derivati  </div></div><div class=\"c w3bb h41\" style=\"left:147.91962px; bottom:94.525024px;\"><div class=\"t m0 xae hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-118.734 </div></div><div class=\"c w300 h41\" style=\"left:206.9266px; bottom:94.525024px;\"><div class=\"t m0 xe hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">81.574 </div></div><div class=\"c w39f h41\" style=\"left:275.09863px; bottom:94.525024px;\"><div class=\"t m0 xf hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-37.160 </div></div><div class=\"c w26f h41\" style=\"left:349.06863px; bottom:94.525024px;\"><div class=\"t m0 x88 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-22.195 </div></div><div class=\"c w5e h41\" style=\"left:407.25662px; bottom:94.525024px;\"><div class=\"t m0 x9b hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-13.851 </div></div><div class=\"c w3bc h41\" style=\"left:465.75665px; bottom:94.525024px;\"><div class=\"t m0 x96 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-1.114 </div></div><div class=\"c w3bd h41\" style=\"left:524.7636px; bottom:94.525024px;\"><div class=\"t m0 x139 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">-1.091 </div></div><div class=\"c w3be h41\" style=\"left:-4.050377px; bottom:77.98903px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">2. Pronti contro term<span class=\"_ _3\"></span>ine  </div></div><div class=\"c w3bb h41\" style=\"left:147.91962px; bottom:77.98903px;\"><div class=\"t m0 x9b hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-20.694 </div></div><div class=\"c w300 h41\" style=\"left:206.9266px; bottom:77.98903px;\"><div class=\"t m0 x10a hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39f h41\" style=\"left:275.09863px; bottom:77.98903px;\"><div class=\"t m0 xf hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-20.694 </div></div><div class=\"c w26f h41\" style=\"left:349.06863px; bottom:77.98903px;\"><div class=\"t m0 x88 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-19.539 </div></div><div class=\"c w5e h41\" style=\"left:407.25662px; bottom:77.98903px;\"><div class=\"t m0 xe hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-632 </div></div><div class=\"c w3bc h41\" style=\"left:465.75665px; bottom:77.98903px;\"><div class=\"t m0 xb8 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-523 </div></div><div class=\"c w3bd h41\" style=\"left:524.7636px; bottom:77.98903px;\"><div class=\"t m0 x4b hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">-259 </div></div><div class=\"c w3be h41\" style=\"left:-4.050377px; bottom:61.45302px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">3. Prestito titoli <span class=\"_ _3\"></span> </div></div><div class=\"c w3bb h41\" style=\"left:147.91962px; bottom:61.45302px;\"><div class=\"t m0 xa5 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h41\" style=\"left:206.9266px; bottom:61.45302px;\"><div class=\"t m0 x10a hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39f h41\" style=\"left:275.09863px; bottom:61.45302px;\"><div class=\"t m0 x4c hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h41\" style=\"left:349.06863px; bottom:61.45302px;\"><div class=\"t m0 x43 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h41\" style=\"left:407.25662px; bottom:61.45302px;\"><div class=\"t m0 xa5 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h41\" style=\"left:465.75665px; bottom:61.45302px;\"><div class=\"t m0 xa5 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bd h41\" style=\"left:524.7636px; bottom:61.45302px;\"><div class=\"t m0 x100 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3be h6a\" style=\"left:-4.050377px; bottom:44.761017px;\"><div class=\"t m0 x41 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">4. Altre </div></div><div class=\"c w3bb h6a\" style=\"left:147.91962px; bottom:44.761017px;\"><div class=\"t m0 xa5 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h6a\" style=\"left:206.9266px; bottom:44.761017px;\"><div class=\"t m0 x10a hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39f h6a\" style=\"left:275.09863px; bottom:44.761017px;\"><div class=\"t m0 x4c hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h6a\" style=\"left:349.06863px; bottom:44.761017px;\"><div class=\"t m0 x43 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h6a\" style=\"left:407.25662px; bottom:44.761017px;\"><div class=\"t m0 xa5 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h6a\" style=\"left:465.75665px; bottom:44.761017px;\"><div class=\"t m0 xa5 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bd h6a\" style=\"left:524.7636px; bottom:44.761017px;\"><div class=\"t m0 x100 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w267 h47\" style=\"left:-4.050377px; bottom:25.261017px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w3ba h47\" style=\"left:40.59681px; bottom:25.261017px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w3bb h47\" style=\"left:147.91962px; bottom:25.261017px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-139.428 </div></div><div class=\"c w300 h47\" style=\"left:206.9266px; bottom:25.261017px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">81.574 </div></div><div class=\"c w39f h47\" style=\"left:275.09863px; bottom:25.261017px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-57.854 </div></div><div class=\"c w26f h47\" style=\"left:349.06863px; bottom:25.261017px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-41.734 </div></div><div class=\"c w5e h47\" style=\"left:407.25662px; bottom:25.261017px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-14.483 </div></div><div class=\"c w3bc h47\" style=\"left:465.75665px; bottom:25.261017px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.637 </div></div><div class=\"c w3bd h47\" style=\"left:524.7636px; bottom:25.261017px;\"><div class=\"t m0 x0 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w267 h47\" style=\"left:-4.050377px; bottom:-0.010971069px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w3ba h47\" style=\"left:40.59681px; bottom:-0.010971069px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w3bb h47\" style=\"left:147.91962px; bottom:-0.010971069px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-86.176 </div></div><div class=\"c w300 h47\" style=\"left:206.9266px; bottom:-0.010971069px;\"><div class=\"t m0 xd1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-41.082 </div></div><div class=\"c w39f h47\" style=\"left:275.09863px; bottom:-0.010971069px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-45.094 </div></div><div class=\"c w26f h47\" style=\"left:349.06863px; bottom:-0.010971069px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-41.726 </div></div><div class=\"c w5e h47\" style=\"left:407.25662px; bottom:-0.010971069px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-2.018 </div></div><div class=\"c w3bc h47\" style=\"left:465.75665px; bottom:-0.010971069px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3bd h47\" style=\"left:524.7636px; bottom:-0.010971069px;\"><div class=\"t m0 x139 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.350 </div></div>7. <span class=\"_ _3\"></span>Passivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>compensazione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio<span class=\"_ _0\"></span>, <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>soggette <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>accordi-quadro <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>compensazione o ad accordi similari (milioni di euro)<span class=\"_ _3\"></span> Forme tecniche<span class=\"_ _3\"></span> Ammontare lordo delle passivit\u00e0 finanziarie (a)<span class=\"ls0\"> </span>Ammontare delle attivit\u00e0 finanziarie compensato in bilancio (b) Ammontare netto delle passivit\u00e0 finanziarie riportato in bilancio (c=a-<span class=\"ls45\">b)</span> Ammontari correl<span class=\"_ _3\"></span>ati non oggetto di compensazione i<span class=\"_ _3\"></span>n bilancio Ammontare netto Ammontare netto 31.12.2022 31.12.2021 Strumenti finanziari (d)<span class=\"ls0\"> </span>Depositi di contante posti a garanzia (e) (f=c-d-<span class=\"ls40\">e)</span> 1. Derivati  111.771 81.574 30.197 22.196 6.418 1.583 522<span class=\"ls0\"> </span>2. Pronti contro term<span class=\"_ _3\"></span>ine  15.981 - 15.981 15.643 - 338<span class=\"ls0\"> </span>82<span class=\"ls0\"> </span>3. Prestito titoli <span class=\"_ _3\"></span> - - - - - - - 4. Altre - - - - - - - TOTALE 31.12.2022 127.752 81.574 46.178 37.839 6.418 1.921 X TOTALE 31.12.2021 84.693 41.082 43.611 31.209 11.798 X 604<span class=\"ls0\"> </span>Il principio IFRS 7, mo<span class=\"_ _0\"></span>dificato nel corso del 2<span class=\"_ _0\"></span>013, richiede di for<span class=\"_ _0\"></span>nire specifica informati<span class=\"_ _0\"></span>va circa gli strum<span class=\"_ _0\"></span>enti finanziari <span class=\"_ _2\"></span>che sono stati <span class=\"_ _7\"> </span>compensati <span class=\"_ _7\"> </span>nello <span class=\"_ _16\"> </span>Stato <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>IAS <span class=\"_ _16\"> </span>32 <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>potenzialmente <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ompensabili, <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>ricorrere <span class=\"_ _4\"> </span>di de<span class=\"ls0\">terminate<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>condizioni, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>vengono <span class=\"_ _5\"></span>esposti <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ello <span class=\"_ _5\"></span>Stato <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuare <span class=\"_ _5\"></span>compensazioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>regolati <span class=\"_ _5\"></span>da </span>\u201caccordi quadro di com<span class=\"_ _0\"></span>pensazione o simila<span class=\"_ _0\"></span>ri\u201d che non rispett<span class=\"_ _0\"></span>ano tutti i criteri st<span class=\"_ _0\"></span>abiliti dallo IAS 32 paragr<span class=\"_ _0\"></span>afo 42.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _5\"></span>riguardo, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segna<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>accordi <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>soddisfano <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>requisiti <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>32, paragrafo 42 per la comp<span class=\"_ _0\"></span>ensazione in bila<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cio. Per <span class=\"_ _3\"></span>quanto riguarda gli strumenti potenzialmente co<span class=\"_ _3\"></span>mpensabili,<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>ricorrere di <span class=\"_ _3\"></span>taluni eventi, e <span class=\"_ _3\"></span>da espor<span class=\"_ _5\"></span>re nelle <span class=\"_ _3\"></span>tabelle 6 e<span class=\"_ _3\"></span> 7, <span class=\"_ _3\"></span>si segnala  che  il  Gruppo  Intesa  Sanpaolo  utilizza  accordi  bilaterali  di  netting  che  consentono,  nel  caso  di  default  della controparte, <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>osizioni <span class=\"_ _7\"> </span>creditorie <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>debitorie <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>derivati <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>creditiz<span class=\"_ _5\"></span>i, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>delle operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _2\"></span>SFT <span class=\"_ _5\"></span>(Securities <span class=\"_ _2\"></span>Financing <span class=\"_ _2\"></span>Transactions). <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>accordi <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>ISDA <span class=\"_ _5\"></span>(per <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>in<span class=\"_ _2\"></span> derivati), GMRA (per pro<span class=\"_ _0\"></span>nti contro termine) e GMS<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>A (per prestito tit<span class=\"_ _0\"></span>oli).<span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pres<span class=\"_ _3\"></span>tito <span class=\"_ _3\"></span>titoli, <span class=\"_ _3\"></span>sempre <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>tabelle <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>7 <span class=\"_ _3\"></span>occorre <span class=\"_ _3\"></span>riportare <span class=\"_ _3\"></span>esclusivamente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>che prevedono il <span class=\"_ _3\"></span>versamento di <span class=\"_ _3\"></span>garanzia in denaro <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>ientra nella piena <span class=\"_ _3\"></span>disponibilit\u00e0 del <span class=\"_ _3\"></span>prestatore, in <span class=\"_ _3\"></span>quanto si tratta <span class=\"_ _3\"></span>dell\u2019<span class=\"_ _5\"></span><span class=\"ff1\">unica </span>tipologia di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>trova <span class=\"_ _3\"></span>rappresentazione nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale. Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo non <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere a<span class=\"_ _3\"></span>l 31 dicembre 2021 oper<span class=\"_ _0\"></span>azioni della specie. Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mpilazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>tabelle <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>7 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>nuove <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>sposizioni <span class=\"_ _2\"></span>che <span class=\"_ _6\"></span>regolano <span class=\"_ _2\"></span>i<span class=\"_ _6\"> </span><span class=\"ff1 ls13\">l </span>bilancio delle banche<span class=\"_ _0\"></span>, si segnala che: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>controvalori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>indicati <span class=\"_ _4\"> </span>in </span>corrispondenza <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>colonna <span class=\"_ _18\"> </span>(d) <span class=\"_ _18\"> </span>\u201cStrumenti <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>anziari\u201d, <span class=\"_ _18\"> </span>unitamente <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _18\"> </span>fair <span class=\"_ _18\"> </span>value <span class=\"_ _18\"> </span>delle <span class=\"_ _1c\"> </span>garanzi<span class=\"_ _0\"></span>e <span class=\"_ _18\"> </span>reali <span class=\"_ _1c\"> </span>fina<span class=\"_ _0\"></span>nziarie rappresentate da titoli;  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span> <span class=\"ff4\">gli <span class=\"_ _3\"></span>effetti della potenziale compensazione dell\u2019esposizione con le <span class=\"_ _3\"></span>relative garanzie in contanti <span class=\"_ _3\"></span>figurano in corrispondenza </span></span>della colonna (e) \u201cDep<span class=\"_ _0\"></span>ositi in contante ri<span class=\"_ _0\"></span>cevuti/dati in garanzi<span class=\"_ _0\"></span>e\u201d;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le  operazioni <span class=\"_ _16\"> </span>di  pronti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontro  t<span class=\"_ _0\"></span>ermine  s<span class=\"_ _0\"></span>ono  rappr<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>sentate  nelle <span class=\"_ _16\"> </span>tabelle  s<span class=\"_ _0\"></span>econdo  il <span class=\"_ _7\"> </span>criterio  di <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>del  costo<span class=\"_ _0\"></span> </span>ammortizzato, mentre le<span class=\"_ _0\"></span> relative garanzie re<span class=\"_ _0\"></span>ali finanziarie sono ri<span class=\"_ _0\"></span>portate al loro fair <span class=\"_ _0\"></span>value;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le operazioni in derivati so<span class=\"_ _0\"></span>no rappresentate al fair v<span class=\"_ _0\"></span>alue. </span>Tali <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>computati <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>og<span class=\"_ _3\"></span><span class=\"ff4\">ni <span class=\"_ _6\"></span>singola <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssistita <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _5\"></span>quadro <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>tting <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>limiti <span class=\"_ _5\"></span>dell\u2019esposizione </span>indicata nella colonn<span class=\"_ _0\"></span>a (c). In <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>alle <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ompilazione <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>descritte, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>netting <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>gara<span class=\"_ _6\"></span>nzie conse<span class=\"ff4\">ntono <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>ridurre <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>mod<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>significativo <span class=\"_ _1c\"> </span>l\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _1c\"> </span>creditoria/debitoria <span class=\"_ _18\"> </span>verso <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>controparte, <span class=\"_ _1c\"> </span>come <span class=\"_ _1c\"> </span>indicato <span class=\"_ _1c\"> </span>in<span class=\"_ _0\"></span> </span>corrispondenza <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>colonna <span class=\"_ _5\"></span>(f) <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Ammontare<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>netto\u201d. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>computati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>ogni <span class=\"_ _5\"></span>singola <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>assistita <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n accordo quadro di <span class=\"ff4\">netting nei<span class=\"_ _0\"></span> limiti dell\u2019esposizione <span class=\"_ _0\"></span>indicata nella colo<span class=\"_ _0\"></span>nna (c).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>In <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>alle <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ompilazione <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>descritte, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>netting <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>gara<span class=\"_ _6\"></span>nzie consentono <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>ridurre <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>mod<span class=\"_ _0\"></span>o <span class=\"_ _1c\"> </span>significativo <span class=\"_ _1c\"> </span>l\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _1c\"> </span>cred<span class=\"_ _3\"></span><span class=\"ff1\">itoria/debitoria <span class=\"_ _1c\"> </span>verso <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>c<span class=\"_ _3\"></span>ontroparte, <span class=\"_ _1c\"> </span>come <span class=\"_ _18\"> </span>indicato <span class=\"_ _1c\"> </span>in </span>corrispondenza della c<span class=\"_ _0\"></span>olonna (f) \u201cAmmont<span class=\"_ _0\"></span>are netto\u201d.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1074": {
   "value": "2.1 Attivit\u00e0 finanziarie detenut<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> per la negoziazione: <span class=\"_ _0\"></span>composizione merceo<span class=\"_ _0\"></span>logica (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 9.150 1.194 52<span class=\"ls0\"> </span>21.798 1.324 89<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati 1.016 74<span class=\"ls0\"> </span>- 5 1.009 42<span class=\"ls0\"> </span>1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 8.134 1.120 52<span class=\"ls0\"> </span>21.793 315<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 860<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>674<span class=\"ls0\"> </span>- 17<span class=\"ls0\"> </span>3. Quote di<span class=\"_ _0\"></span> O.I.C.R. 264<span class=\"ls0\"> </span>5 21<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e - - - - - - 4.2 Altri - 32<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>4 Totale (<span class=\"_ _0\"></span>A) 10.274 1.231 148<span class=\"ls0\"> </span>22.588 1.338 135<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari 57<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.1 di negoz<span class=\"_ _0\"></span>iazione 55<span class=\"ls0\"> </span>29.841 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>20.817 52<span class=\"ls0\"> </span>1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value op<span class=\"_ _0\"></span>tion - - - - - - 1.3 altri 2 - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi - 936<span class=\"ls0\"> </span>- - 2.224 - 2.1 di negoz<span class=\"_ _0\"></span>iazione - 936<span class=\"ls0\"> </span>- - 2.224 - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale (<span class=\"_ _0\"></span>B) 57<span class=\"ls0\"> </span>30.777 35<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>23.041 52<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (A+B)  10.331 32.008 183<span class=\"ls0\"> </span>22.615 24.379 187<span class=\"_ _90\"> </span>I <span class=\"_ _7\"> </span>Titoli <span class=\"_ _4\"> </span>strutturati <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>compongono <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>1.086 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>titoli <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>debito <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>asso <span class=\"_ _7\"> </span>fisso <span class=\"_ _4\"> </span>indicizzati, <span class=\"_ _7\"> </span>quale<span class=\"_ _2\"></span> componente aggiuntiva<span class=\"_ _0\"></span>, all\u2019inflazion<span class=\"_ _0\"></span>e e per 4 milioni di titol<span class=\"_ _0\"></span>i di <span class=\"_ _3\"></span><span class=\"ff1\">debito convertibili in a<span class=\"_ _0\"></span>zioni. </span>Nella <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>oce <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>compresi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>di circa 865 milioni (81<span class=\"_ _0\"></span>8 milioni Livello 1 e 47 m<span class=\"_ _0\"></span>ilioni Livello 2), <span class=\"_ _0\"></span>di cui 627 milioni se<span class=\"_ _0\"></span>nior, 230 <span class=\"_ _2\"></span>milioni mezzanin<span class=\"_ _0\"></span>e e 8 milioni junior. Il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _4\"></span>positivo <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _4\"> </span>derivati <span class=\"_ _4\"> </span>posti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>essere <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>compensatore <span class=\"_ _6\"></span>legale <span class=\"_ _4\"> </span>LCH <span class=\"_ _4\"> </span>Ltd.  - <span class=\"_ _4\"> </span>soddisfacendo <span class=\"_ _6\"></span>i requisiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>aldi <span class=\"_ _2\"></span>lordi <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>itivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>negativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _2\"></span>IAS <span class=\"_ _3\"></span>32 <span class=\"_ _5\"></span>paragrafo <span class=\"_ _3\"></span>42 <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato oggetto <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mpensazione <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>rappresentazione <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>fair <span class=\"_ _1c\"> </span>value <span class=\"_ _18\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _1c\"> </span>rispettivam<span class=\"_ _0\"></span>ente <span class=\"_ _1c\"> </span>tra <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _1c\"> </span>Passivit\u00e0 <span class=\"_ _18\"> </span>finanziarie <span class=\"_ _1c\"> </span>di negoziazione e le Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie di n<span class=\"_ _0\"></span>egoziazione.<span class=\"_ _90\"> </span>2.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e detenute per la nego<span class=\"_ _0\"></span>z<span class=\"_ _3\"></span>iazione: composi<span class=\"_ _0\"></span>zione per debitori/emit<span class=\"_ _0\"></span>tenti/controparti (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 10.396 23.211 a) Banche<span class=\"_ _0\"></span> Centrali 78<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche 7.541 20.394 c) Banche<span class=\"_ _35\"></span> 1.186 1.149 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 1.175 1.239 di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 85<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 416<span class=\"ls0\"> </span>385<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale 882<span class=\"ls0\"> </span>691<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> 35<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>b) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 133<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione 51<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>c) Societ\u00e0<span class=\"_ _0\"></span> non finanzi<span class=\"_ _0\"></span>arie 714<span class=\"ls0\"> </span>524<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 290<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti 85<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>a) Banche<span class=\"_ _0\"></span> Centrali - - b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche - - c) Banche<span class=\"_ _35\"></span> - - d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie 38<span class=\"ls0\"> </span>- di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _0\"></span>razione - - e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie 47<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>f) Famiglie - - Totale A  11.653 24.061 B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Contropar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i centrali<span class=\"_ _0\"></span> 11.065 1.693 b) Altre 19.804 21.427 Totale B  30.869 23.120 TOTALE<span class=\"_ _0\"></span> (A+B)  42.522 47.181<span class=\"_ _90\"> </span>3.1 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione merceologica  (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello3 Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli di d<span class=\"_ _0\"></span>ebito 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>1.1 Titoli s<span class=\"_ _0\"></span>trutturati - - - - - - 1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to 150<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>310<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale - - - - - - 3 Quote di <span class=\"_ _0\"></span>O.I.C.R. 97<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>4. Finanzia<span class=\"_ _0\"></span>menti - - - - - - 4.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>attivi<span class=\"_ _0\"></span> - - - - - - 4.2 Altri - - - - - - Totale A 247<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>386<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i 1. Deriva<span class=\"_ _0\"></span>ti finanziari:<span class=\"_ _0\"></span> 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 1.1 di negoz<span class=\"_ _0\"></span>iazione 50<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>4 4 1.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - 16<span class=\"ls0\"> </span>- 1 1 - 1.3 altri - - - - - - 2. Deriva<span class=\"_ _0\"></span>ti creditizi: - - - - - - 2.1 di negoz<span class=\"_ _0\"></span>iazione - - - - - - 2.2 connes<span class=\"_ _0\"></span>si con la<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> option - - - - - - 2.3 altri - - - - - - Totale B 50<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>5 4 TOTALE<span class=\"_ _0\"></span> (A+B) 297<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>356<span class=\"ls0\"> </span>344<span class=\"ls0\"> </span>293<span class=\"ls0\"> </span>390<span class=\"ls0\"> </span>3.2 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie detenute per la<span class=\"_ _0\"></span> negoziazione: comp<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>izione per debitori/emi<span class=\"_ _0\"></span>ttenti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> per cassa 1. Titoli <span class=\"_ _0\"></span>di debito 658<span class=\"ls0\"> </span>791<span class=\"ls0\"> </span>a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span>101<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> 267<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>d) Altri emi<span class=\"_ _0\"></span>ttenti 290<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>2. Titoli <span class=\"_ _0\"></span>di capitale - - a) Banche<span class=\"_ _0\"></span> - - b) Altri emi<span class=\"_ _0\"></span>ttenti: - - - imprese di a<span class=\"_ _35\"></span>ssicurazione - - - societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> - - - imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e - - - altri - - 3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. 143<span class=\"ls0\"> </span>171<span class=\"ls0\"> </span>4. Finan<span class=\"_ _0\"></span>ziamenti - - a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali - - b) Altri enti<span class=\"_ _0\"></span> pubblici - - c) Banche<span class=\"_ _35\"></span> - - d) Altri sog<span class=\"_ _0\"></span>getti - - Totale A 801<span class=\"ls0\"> </span>962<span class=\"ls0\"> </span>B. Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti derivat<span class=\"_ _0\"></span>i a) Banche<span class=\"_ _0\"></span> - - - Fair value<span class=\"_ _0\"></span> - - b) Clientela<span class=\"_ _35\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale B 101<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>Totale  (A<span class=\"_ _0\"></span>+B) 902<span class=\"ls0\"> </span>1.027<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-451.37073px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.8 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w67 h143\" style=\"left:496.9956px; bottom:526.09924px;\"><div class=\"t m0 xc hb y786 ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w183 h84\" style=\"left:136.99962px; bottom:495.83527px;\"><div class=\"t m0 x87 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w22a h84\" style=\"left:195.3826px; bottom:495.83527px;\"><div class=\"t m0 xe ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w17e h84\" style=\"left:315.03464px; bottom:495.83527px;\"><div class=\"t m0 x9a ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x87 ha y7b4 ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w229 h84\" style=\"left:373.4046px; bottom:495.83527px;\"><div class=\"t m0 x6 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w22b h84\" style=\"left:435.64862px; bottom:495.83527px;\"><div class=\"t m0 x99 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w229 h84\" style=\"left:557.99164px; bottom:495.83527px;\"><div class=\"t m0 x96 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x6 ha y7b4 ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w183 h1d\" style=\"left:136.99962px; bottom:481.01526px;\"><div class=\"t m0 x88 hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w2d h1d\" style=\"left:195.3826px; bottom:481.01526px;\"><div class=\"t m0 x88 hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w5e h1d\" style=\"left:254.81863px; bottom:481.01526px;\"><div class=\"t m0 x88 hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w17e h1d\" style=\"left:315.03464px; bottom:481.01526px;\"><div class=\"t m0 x45 ha y326 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w229 h1d\" style=\"left:373.4046px; bottom:481.01526px;\"><div class=\"t m0 x9b hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w11d h1d\" style=\"left:435.64862px; bottom:481.01526px;\"><div class=\"t m0 x9b hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w13e h1d\" style=\"left:496.9956px; bottom:481.01526px;\"><div class=\"t m0 x9b hb y326 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w229 h1d\" style=\"left:557.99164px; bottom:481.01526px;\"><div class=\"t m0 x1a ha y326 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w228 h64\" style=\"left:-4.050377px; bottom:463.54327px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A) Derivati finan<span class=\"_ _3\"></span>ziari </div></div><div class=\"c w183 h64\" style=\"left:136.99962px; bottom:463.54327px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h64\" style=\"left:195.3826px; bottom:463.54327px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5e h64\" style=\"left:254.81863px; bottom:463.54327px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h64\" style=\"left:315.03464px; bottom:463.54327px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">200<span class=\"ls0\"> </span></div></div><div class=\"c w229 h64\" style=\"left:373.4046px; bottom:463.54327px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h64\" style=\"left:435.64862px; bottom:463.54327px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w13e h64\" style=\"left:496.9956px; bottom:463.54327px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h64\" style=\"left:557.99164px; bottom:463.54327px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.046 </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:447.9433px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) fair value </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:447.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:447.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:447.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:447.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:447.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:447.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:447.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:447.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:432.34326px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:432.34326px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:432.34326px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:432.34326px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:432.34326px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">200<span class=\"ls0\"> </span></div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:432.34326px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:432.34326px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:432.34326px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:432.34326px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.046 </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:416.7433px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3) investimenti est<span class=\"_ _3\"></span>eri </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:416.7433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:416.7433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:416.7433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:416.7433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:416.7433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:416.7433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:416.7433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:416.7433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:401.14325px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B) Derivati creditizi<span class=\"_ _3\"></span> </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:401.14325px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:401.14325px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:401.14325px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:401.14325px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:401.14325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:401.14325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:401.14325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:401.14325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:385.54327px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) fair value </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:385.54327px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:385.54327px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:385.54327px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:385.54327px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:385.54327px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:385.54327px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:385.54327px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:385.54327px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w228 h42\" style=\"left:-4.050377px; bottom:369.9433px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c w183 h42\" style=\"left:136.99962px; bottom:369.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h42\" style=\"left:195.3826px; bottom:369.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5e h42\" style=\"left:254.81863px; bottom:369.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h42\" style=\"left:315.03464px; bottom:369.9433px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:373.4046px; bottom:369.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h42\" style=\"left:435.64862px; bottom:369.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:496.9956px; bottom:369.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h42\" style=\"left:557.99164px; bottom:369.9433px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w228 h47\" style=\"left:-4.050377px; bottom:350.4433px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w183 h47\" style=\"left:136.99962px; bottom:350.4433px;\"><div class=\"t m0 xa5 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h47\" style=\"left:195.3826px; bottom:350.4433px;\"><div class=\"t m0 xd ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5e h47\" style=\"left:254.81863px; bottom:350.4433px;\"><div class=\"t m0 xa5 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17e h47\" style=\"left:315.03464px; bottom:350.4433px;\"><div class=\"t m0 x99 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">200<span class=\"ls0\"> </span></div></div><div class=\"c w229 h47\" style=\"left:373.4046px; bottom:350.4433px;\"><div class=\"t m0 x9c ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11d h47\" style=\"left:435.64862px; bottom:350.4433px;\"><div class=\"t m0 xd9 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w13e h47\" style=\"left:496.9956px; bottom:350.4433px;\"><div class=\"t m0 x9c ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w229 h47\" style=\"left:557.99164px; bottom:350.4433px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">1.046 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-451.37073px;\"><div class=\"t m0 x0 h61 y1202 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1203 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y609 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y178 ff5 fs0 fc2 sc0 ls0 ws0\">3.9 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>portafogli co<span class=\"_ _0\"></span>perti e per tipolog<span class=\"_ _0\"></span>ia di copertura (valore di<span class=\"_ _0\"></span> bilancio) </div><div class=\"t m0 x0 h2 y45e ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w233 h13\" style=\"left:519.4596px; bottom:298.65125px;\"><div class=\"t m0 x13 hb y130 ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w22c h144\" style=\"left:-4.050377px; bottom:223.42029px;\"><div class=\"t m0 x41 ha y1204 ff5 fs4 fc2 sc0 ls0 ws0\">Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> </div></div><div class=\"c w234 hbc\" style=\"left:175.72662px; bottom:270.37628px;\"><div class=\"t m0 x16d ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">FAIR VALUE<span class=\"_ _3\"></span> </div></div><div class=\"c w235 hbc\" style=\"left:473.71265px; bottom:270.37628px;\"><div class=\"t m0 x96 ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">FLUSSI </div><div class=\"t m0 x14 ha y7c9 ff5 fs4 fc2 sc0 ls0 ws0\">FINANZIARI<span class=\"_ _3\"></span> </div></div><div class=\"c w9f h144\" style=\"left:565.3236px; bottom:223.42029px;\"><div class=\"t m0 x41 ha y1204 ff5 fs4 fc2 sc0 ls0 ws0\">INVESTIM. </div><div class=\"t m0 x97 ha y1205 ff5 fs4 fc2 sc0 ls0 ws0\">ESTERI </div></div><div class=\"c w1e5 h1d\" style=\"left:175.72662px; bottom:255.55627px;\"><div class=\"t m0 x7 ha y32b ff5 fs4 fc2 sc0 ls0 ws0\">Specifica </div></div><div class=\"c w231 h1d\" style=\"left:371.84464px; bottom:255.55627px;\"><div class=\"t m0 x45 ha y32b ff5 fs4 fc2 sc0 ls0 ws0\">Generica </div></div><div class=\"c w232 h145\" style=\"left:473.71265px; bottom:223.42029px;\"><div class=\"t mb xb ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Specifica</div><div class=\"t mb xb ha y1206 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w219 h145\" style=\"left:519.4596px; bottom:223.42029px;\"><div class=\"t mb xb ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Generica</div><div class=\"t mb xb ha ya23 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w22d h40\" style=\"left:175.72662px; bottom:223.42029px;\"><div class=\"t m0 x45 hb ya11 ff1 fs4 fc2 sc0 ls0 ws0\">rischio </div><div class=\"t m0 x9a hb y6e8 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x87 hb yfc ff1 fs4 fc2 sc0 ls0 ws0\">tasso </div></div><div class=\"c w22e h40\" style=\"left:214.88263px; bottom:223.42029px;\"><div class=\"t m0 x45 hb ya11 ff1 fs4 fc2 sc0 ls0 ws0\">rischio </div><div class=\"t m0 x9a hb y6e8 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 hb yfc ff1 fs4 fc2 sc0 ls0 ws0\">cambio </div></div><div class=\"c w22e h40\" style=\"left:254.81863px; bottom:223.42029px;\"><div class=\"t m0 x45 hb ya11 ff1 fs4 fc2 sc0 ls0 ws0\">rischio </div><div class=\"t m0 x9a hb y6e8 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x8 hb yfc ff1 fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w22f h40\" style=\"left:293.35062px; bottom:223.42029px;\"><div class=\"t m0 x45 hb ya11 ff1 fs4 fc2 sc0 ls0 ws0\">rischio </div><div class=\"t m0 x9a hb y6e8 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x8 hb yfc ff1 fs4 fc2 sc0 ls0 ws0\">prezzo </div></div><div class=\"c w230 h40\" style=\"left:332.2206px; bottom:223.42029px;\"><div class=\"t m0 x95 hb ya11 ff1 fs4 fc2 sc0 ls0 ws0\">pi\u00f9 </div><div class=\"t m0 x12 hb y6e8 ff1 fs4 fc2 sc0 ls0 ws0\">rischi </div></div><div class=\"c w22c haf\" style=\"left:-4.050377px; bottom:201.26825px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">vendita </div></div><div class=\"c w22d haf\" style=\"left:175.72662px; bottom:201.26825px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e haf\" style=\"left:214.88263px; bottom:201.26825px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e haf\" style=\"left:254.81863px; bottom:201.26825px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f haf\" style=\"left:293.35062px; bottom:201.26825px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 haf\" style=\"left:332.2206px; bottom:201.26825px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 haf\" style=\"left:371.84464px; bottom:201.26825px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 haf\" style=\"left:473.71265px; bottom:201.26825px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w219 haf\" style=\"left:519.4596px; bottom:201.26825px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f haf\" style=\"left:565.3236px; bottom:201.26825px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h41\" style=\"left:-4.050377px; bottom:184.7323px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Crediti </div></div><div class=\"c w22d h41\" style=\"left:175.72662px; bottom:184.7323px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:214.88263px; bottom:184.7323px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:254.81863px; bottom:184.7323px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h41\" style=\"left:293.35062px; bottom:184.7323px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h41\" style=\"left:332.2206px; bottom:184.7323px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:371.84464px; bottom:184.7323px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 h41\" style=\"left:473.71265px; bottom:184.7323px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:519.4596px; bottom:184.7323px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:184.7323px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h74\" style=\"left:-4.050377px; bottom:155.4043px;\"><div class=\"t m0 x41 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">scadenza  </div></div><div class=\"c w22d h74\" style=\"left:175.72662px; bottom:155.4043px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h74\" style=\"left:214.88263px; bottom:155.4043px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h74\" style=\"left:254.81863px; bottom:155.4043px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h74\" style=\"left:293.35062px; bottom:155.4043px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h74\" style=\"left:332.2206px; bottom:155.4043px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h74\" style=\"left:371.84464px; bottom:155.4043px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 h74\" style=\"left:473.71265px; bottom:155.4043px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h74\" style=\"left:519.4596px; bottom:155.4043px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h74\" style=\"left:565.3236px; bottom:155.4043px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h41\" style=\"left:-4.050377px; bottom:138.86829px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w22d h41\" style=\"left:175.72662px; bottom:138.86829px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h41\" style=\"left:214.88263px; bottom:138.86829px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h41\" style=\"left:254.81863px; bottom:138.86829px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22f h41\" style=\"left:293.35062px; bottom:138.86829px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h41\" style=\"left:332.2206px; bottom:138.86829px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w231 h41\" style=\"left:371.84464px; bottom:138.86829px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h41\" style=\"left:473.71265px; bottom:138.86829px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:519.4596px; bottom:138.86829px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:138.86829px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h41\" style=\"left:-4.050377px; bottom:122.332275px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5. Altre operazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w22d h41\" style=\"left:175.72662px; bottom:122.332275px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:214.88263px; bottom:122.332275px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:254.81863px; bottom:122.332275px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h41\" style=\"left:293.35062px; bottom:122.332275px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:332.2206px; bottom:122.332275px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:371.84464px; bottom:122.332275px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 h41\" style=\"left:473.71265px; bottom:122.332275px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:519.4596px; bottom:122.332275px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:122.332275px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22c h47\" style=\"left:-4.050377px; bottom:102.832275px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w22d h47\" style=\"left:175.72662px; bottom:102.832275px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h47\" style=\"left:214.88263px; bottom:102.832275px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h47\" style=\"left:254.81863px; bottom:102.832275px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h47\" style=\"left:293.35062px; bottom:102.832275px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h47\" style=\"left:332.2206px; bottom:102.832275px;\"><div class=\"t m0 xd1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h47\" style=\"left:371.84464px; bottom:102.832275px;\"><div class=\"t m0 x43 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h47\" style=\"left:473.71265px; bottom:102.832275px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w219 h47\" style=\"left:519.4596px; bottom:102.832275px;\"><div class=\"t m0 xf ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:102.832275px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22c h41\" style=\"left:-4.050377px; bottom:86.296265px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie </div></div><div class=\"c w22d h41\" style=\"left:175.72662px; bottom:86.296265px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:214.88263px; bottom:86.296265px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h41\" style=\"left:254.81863px; bottom:86.296265px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h41\" style=\"left:293.35062px; bottom:86.296265px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h41\" style=\"left:332.2206px; bottom:86.296265px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:371.84464px; bottom:86.296265px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 h41\" style=\"left:473.71265px; bottom:86.296265px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:519.4596px; bottom:86.296265px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:86.296265px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h6a\" style=\"left:-4.050377px; bottom:69.60425px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w22d h6a\" style=\"left:175.72662px; bottom:69.60425px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h6a\" style=\"left:214.88263px; bottom:69.60425px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h6a\" style=\"left:254.81863px; bottom:69.60425px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22f h6a\" style=\"left:293.35062px; bottom:69.60425px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h6a\" style=\"left:332.2206px; bottom:69.60425px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w231 h6a\" style=\"left:371.84464px; bottom:69.60425px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h6a\" style=\"left:473.71265px; bottom:69.60425px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h6a\" style=\"left:519.4596px; bottom:69.60425px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h6a\" style=\"left:565.3236px; bottom:69.60425px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h5e\" style=\"left:-4.050377px; bottom:50.078278px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w22d h5e\" style=\"left:175.72662px; bottom:50.078278px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h5e\" style=\"left:214.88263px; bottom:50.078278px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22e h5e\" style=\"left:254.81863px; bottom:50.078278px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h5e\" style=\"left:293.35062px; bottom:50.078278px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h5e\" style=\"left:332.2206px; bottom:50.078278px;\"><div class=\"t m0 xd1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h5e\" style=\"left:371.84464px; bottom:50.078278px;\"><div class=\"t m0 x43 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h5e\" style=\"left:473.71265px; bottom:50.078278px;\"><div class=\"t m0 xf ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h5e\" style=\"left:519.4596px; bottom:50.078278px;\"><div class=\"t m0 xf ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h5e\" style=\"left:565.3236px; bottom:50.078278px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22c h41\" style=\"left:-4.050377px; bottom:33.542267px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Transazioni attes<span class=\"_ _3\"></span>e </div></div><div class=\"c w22d h41\" style=\"left:175.72662px; bottom:33.542267px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h41\" style=\"left:214.88263px; bottom:33.542267px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h41\" style=\"left:254.81863px; bottom:33.542267px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22f h41\" style=\"left:293.35062px; bottom:33.542267px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h41\" style=\"left:332.2206px; bottom:33.542267px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w231 h41\" style=\"left:371.84464px; bottom:33.542267px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w232 h41\" style=\"left:473.71265px; bottom:33.542267px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h41\" style=\"left:519.4596px; bottom:33.542267px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:33.542267px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22c h6c\" style=\"left:-4.050377px; bottom:7.8022766px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">finanziarie </div></div><div class=\"c w22d h6c\" style=\"left:175.72662px; bottom:7.8022766px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h6c\" style=\"left:214.88263px; bottom:7.8022766px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22e h6c\" style=\"left:254.81863px; bottom:7.8022766px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22f h6c\" style=\"left:293.35062px; bottom:7.8022766px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w230 h6c\" style=\"left:332.2206px; bottom:7.8022766px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w231 h6c\" style=\"left:371.84464px; bottom:7.8022766px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w232 h6c\" style=\"left:473.71265px; bottom:7.8022766px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w219 h6c\" style=\"left:519.4596px; bottom:7.8022766px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h6c\" style=\"left:565.3236px; bottom:7.8022766px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.88599px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 5 - DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 50 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>gli obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategi<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>sottostanti alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura si <span class=\"_ _3\"></span>rinvia <span class=\"_ _3\"></span>all\u2019informativa f<span class=\"_ _3\"></span>ornita nell\u2019ambito </span></div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\">della Parte E <span class=\"ff4\">\u2013</span> Informazio<span class=\"_ _0\"></span>ni sui rischi e sulle r<span class=\"_ _0\"></span>elative politiche di <span class=\"_ _0\"></span>copertura, Sezione 2 <span class=\"_ _3\"></span>- Rischi di merca<span class=\"_ _0\"></span>to.  </div><div class=\"t m0 x0 h2 y414 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ycb2 ff5 fs0 fc2 sc0 ls0 ws0\">5.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipologia di copertu<span class=\"_ _0\"></span>ra e per livelli </div><div class=\"t m0 x0 h2 y1278 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w289 h18\" style=\"left:498.24365px; bottom:703.66003px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w179 h86\" style=\"left:140.27562px; bottom:675.424px;\"><div class=\"t m0 x1a h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w28a h86\" style=\"left:200.84262px; bottom:675.424px;\"><div class=\"t m0 x41 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w76 h86\" style=\"left:308.95062px; bottom:675.424px;\"><div class=\"t m0 x13 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x97 h59 y32c ff5 fs17 fc2 sc0 ls0 ws0\">noziona<span class=\"_ _0\"></span>le </div></div><div class=\"c w287 h86\" style=\"left:377.46063px; bottom:675.424px;\"><div class=\"t m0 x97 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w28b h86\" style=\"left:445.63263px; bottom:675.424px;\"><div class=\"t m0 x41 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w287 h86\" style=\"left:552.2196px; bottom:675.424px;\"><div class=\"t m0 x13 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x97 h59 y32c ff5 fs17 fc2 sc0 ls0 ws0\">noziona<span class=\"_ _0\"></span>le </div></div><div class=\"c w179 h8c\" style=\"left:140.27562px; bottom:649.99603px;\"><div class=\"t m0 x14 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w98 h8c\" style=\"left:200.84262px; bottom:649.99603px;\"><div class=\"t m0 x12 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w193 h8c\" style=\"left:254.81863px; bottom:649.99603px;\"><div class=\"t m0 x12 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w76 h8c\" style=\"left:308.95062px; bottom:649.99603px;\"><div class=\"t m0 x12 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w287 h8c\" style=\"left:377.46063px; bottom:649.99603px;\"><div class=\"t m0 x9a h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w288 h8c\" style=\"left:445.63263px; bottom:649.99603px;\"><div class=\"t m0 x12 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w28c h8c\" style=\"left:498.24365px; bottom:649.99603px;\"><div class=\"t m0 x12 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w287 h8c\" style=\"left:552.2196px; bottom:649.99603px;\"><div class=\"t m0 x12 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c wef h47\" style=\"left:-4.050377px; bottom:630.49603px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Derivat<span class=\"_ _0\"></span>i finanziari<span class=\"_ _0\"></span> </div></div><div class=\"c wef h41\" style=\"left:-4.050377px; bottom:613.96px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Fair Valu<span class=\"_ _0\"></span>e </div></div><div class=\"c w179 h41\" style=\"left:140.27562px; bottom:613.96px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h41\" style=\"left:200.84262px; bottom:613.96px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.061 </div></div><div class=\"c w193 h41\" style=\"left:254.81863px; bottom:613.96px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h41\" style=\"left:308.95062px; bottom:613.96px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">177.498 </div></div><div class=\"c w287 h41\" style=\"left:377.46063px; bottom:613.96px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h41\" style=\"left:445.63263px; bottom:613.96px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.719 </div></div><div class=\"c w28c h41\" style=\"left:498.24365px; bottom:613.96px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h41\" style=\"left:552.2196px; bottom:613.96px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">186.185 </div></div><div class=\"c wef h41\" style=\"left:-4.050377px; bottom:597.424px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Flussi <span class=\"_ _0\"></span>Finanziari </div></div><div class=\"c w179 h41\" style=\"left:140.27562px; bottom:597.424px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h41\" style=\"left:200.84262px; bottom:597.424px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w193 h41\" style=\"left:254.81863px; bottom:597.424px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h41\" style=\"left:308.95062px; bottom:597.424px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">893<span class=\"ls0\"> </span></div></div><div class=\"c w287 h41\" style=\"left:377.46063px; bottom:597.424px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h41\" style=\"left:445.63263px; bottom:597.424px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w28c h41\" style=\"left:498.24365px; bottom:597.424px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h41\" style=\"left:552.2196px; bottom:597.424px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.961 </div></div><div class=\"c wef h6a\" style=\"left:-4.050377px; bottom:580.732px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Investi<span class=\"_ _0\"></span>menti esteri<span class=\"_ _0\"></span> </div></div><div class=\"c w179 h6a\" style=\"left:140.27562px; bottom:580.732px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h6a\" style=\"left:200.84262px; bottom:580.732px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w193 h6a\" style=\"left:254.81863px; bottom:580.732px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h6a\" style=\"left:308.95062px; bottom:580.732px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w287 h6a\" style=\"left:377.46063px; bottom:580.732px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h6a\" style=\"left:445.63263px; bottom:580.732px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28c h6a\" style=\"left:498.24365px; bottom:580.732px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h6a\" style=\"left:552.2196px; bottom:580.732px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wef h47\" style=\"left:-4.050377px; bottom:561.232px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Derivat<span class=\"_ _0\"></span>i creditizi </div></div><div class=\"c wef h41\" style=\"left:-4.050377px; bottom:544.696px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Fair Valu<span class=\"_ _0\"></span>e </div></div><div class=\"c w179 h41\" style=\"left:140.27562px; bottom:544.696px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h41\" style=\"left:200.84262px; bottom:544.696px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w193 h41\" style=\"left:254.81863px; bottom:544.696px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h41\" style=\"left:308.95062px; bottom:544.696px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h41\" style=\"left:377.46063px; bottom:544.696px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h41\" style=\"left:445.63263px; bottom:544.696px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28c h41\" style=\"left:498.24365px; bottom:544.696px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h41\" style=\"left:552.2196px; bottom:544.696px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wef h69\" style=\"left:-4.050377px; bottom:528.12103px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Flussi <span class=\"_ _0\"></span>Finanziari </div></div><div class=\"c w179 h69\" style=\"left:140.27562px; bottom:528.12103px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h69\" style=\"left:200.84262px; bottom:528.12103px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w193 h69\" style=\"left:254.81863px; bottom:528.12103px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h69\" style=\"left:308.95062px; bottom:528.12103px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h69\" style=\"left:377.46063px; bottom:528.12103px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h69\" style=\"left:445.63263px; bottom:528.12103px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28c h69\" style=\"left:498.24365px; bottom:528.12103px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h69\" style=\"left:552.2196px; bottom:528.12103px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wef h47\" style=\"left:-4.050377px; bottom:508.62103px;\"><div class=\"t m0 x12 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w179 h47\" style=\"left:140.27562px; bottom:508.62103px;\"><div class=\"t m0 xd5 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w98 h47\" style=\"left:200.84262px; bottom:508.62103px;\"><div class=\"t m0 x14 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">10.062 </div></div><div class=\"c w193 h47\" style=\"left:254.81863px; bottom:508.62103px;\"><div class=\"t m0 x48 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w76 h47\" style=\"left:308.95062px; bottom:508.62103px;\"><div class=\"t m0 x9a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">178.419 </div></div><div class=\"c w287 h47\" style=\"left:377.46063px; bottom:508.62103px;\"><div class=\"t m0 x49 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w288 h47\" style=\"left:445.63263px; bottom:508.62103px;\"><div class=\"t m0 x94 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">1.732 </div></div><div class=\"c w28c h47\" style=\"left:498.24365px; bottom:508.62103px;\"><div class=\"t m0 x48 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w287 h47\" style=\"left:552.2196px; bottom:508.62103px;\"><div class=\"t m0 x9a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">190.146 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.88599px;\"><div class=\"t m0 x0 h61 y84a ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y127d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y127e ff1 fs0 fc0 sc0 ls0 ws0\">Il  fair  val<span class=\"_ _0\"></span>ue  lordo <span class=\"_ _16\"> </span>positivo  delle  a<span class=\"_ _0\"></span>ttivit\u00e0  in  D<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rivati  di <span class=\"_ _16\"> </span>copertura  po<span class=\"_ _0\"></span>ste  in  es<span class=\"_ _0\"></span>sere  con  il <span class=\"_ _16\"> </span>compensatore  legal<span class=\"_ _0\"></span>e  LCH  L<span class=\"_ _0\"></span>td., </div><div class=\"t m0 x0 h2 y127f ff1 fs0 fc0 sc0 ls0 ws0\">soddisfacendo <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>requisiti <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>per  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>tra <span class=\"_ _7\"> </span>saldi  lordi <span class=\"_ _16\"> </span>positivi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negativi <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _7\"> </span>dello <span class=\"_ _16\"> </span>IAS <span class=\"_ _7\"> </span>32 </div><div class=\"t m0 x0 h2 yd4f ff1 fs0 fc0 sc0 ls0 ws0\">paragrafo <span class=\"_ _4\"> </span>42, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>compensazione <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>fair <span class=\"_ _4\"> </span>va<span class=\"_ _3\"></span>lue <span class=\"_ _4\"> </span>netto <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>Passivit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h4f y9b6 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione.<span class=\"ff9 fs19\"> </span></div><div class=\"t m0 x0 h2 y27f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y115d ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yd52 ff5 fs0 fc2 sc0 ls0 ws0\">5.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per p<span class=\"_ _0\"></span>ortafogli coper<span class=\"_ _0\"></span>ti e per ti<span class=\"_ _3\"></span>pologia di copertur<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h61 yba0 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w291 h41\" style=\"left:529.13165px; bottom:387.565px;\"><div class=\"t m0 x9b hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w28d h154\" style=\"left:-4.050377px; bottom:277.403px;\"><div class=\"t m0 x41 ha y1280 ff5 fs4 fc2 sc0 ls0 ws0\">Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> </div></div><div class=\"c w292 h7e\" style=\"left:182.2786px; bottom:362.29303px;\"><div class=\"t m0 x62 ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">Fair Value </div></div><div class=\"c w110 h7e\" style=\"left:488.37665px; bottom:362.29303px;\"><div class=\"t m0 x8 ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">Flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c wbf h154\" style=\"left:571.8756px; bottom:277.403px;\"><div class=\"t m0 x41 ha y1280 ff5 fs4 fc2 sc0 ls0 ws0\">Investim. </div><div class=\"t m0 x1a ha y1281 ff5 fs4 fc2 sc0 ls0 ws0\">esteri </div></div><div class=\"c w293 h8c\" style=\"left:182.2786px; bottom:336.865px;\"><div class=\"t m0 x2a ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Specifica </div></div><div class=\"c w27a h155\" style=\"left:440.0166px; bottom:277.403px;\"><div class=\"t m0 x41 ha y1282 ff5 fs4 fc2 sc0 ls0 ws0\">Generica </div></div><div class=\"c w25d h155\" style=\"left:488.37665px; bottom:277.403px;\"><div class=\"t mb x9a ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Specifica</div><div class=\"t mb x9a ha y1283 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w294 h155\" style=\"left:529.13165px; bottom:277.403px;\"><div class=\"t mb x9a ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Generica</div><div class=\"t mb x9a ha yfcc ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w28e h156\" style=\"left:182.2786px; bottom:277.403px;\"><div class=\"t m0 x6 hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">titoli di </div><div class=\"t m0 x45 hb y1285 ff1 fs4 fc2 sc0 ls0 ws0\">debito e </div><div class=\"t m0 x12 hb y7d9 ff1 fs4 fc2 sc0 ls0 ws0\">tassi di </div><div class=\"t m0 x41 hb y76a ff1 fs4 fc2 sc0 ls0 ws0\">interesse </div></div><div class=\"c w28f h156\" style=\"left:228.29861px; bottom:277.403px;\"><div class=\"t m0 x1a hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">titoli di </div><div class=\"t m0 xab hb y1285 ff1 fs4 fc2 sc0 ls0 ws0\">capitale </div><div class=\"t m0 x45 hb y7d9 ff1 fs4 fc2 sc0 ls0 ws0\">e indici </div><div class=\"t m0 xab hb y76a ff1 fs4 fc2 sc0 ls0 ws0\">azionari </div></div><div class=\"c w28f h156\" style=\"left:271.0426px; bottom:277.403px;\"><div class=\"t m0 xab hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">valute e </div><div class=\"t m0 x9b hb y1285 ff1 fs4 fc2 sc0 ls1b ws0\">oro<span class=\"ls0\"> </span></div></div><div class=\"c w25d h156\" style=\"left:313.00662px; bottom:277.403px;\"><div class=\"t m0 xdd hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w28f h156\" style=\"left:355.93262px; bottom:277.403px;\"><div class=\"t m0 x6 hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">merci </div></div><div class=\"c w290 h156\" style=\"left:397.58463px; bottom:277.403px;\"><div class=\"t m0 x95 hb y1284 ff1 fs4 fc2 sc0 ls0 ws0\">altri </div></div><div class=\"c w28d hc8\" style=\"left:-4.050377px; bottom:244.17502px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">con impatto sulla r<span class=\"_ _3\"></span>edditivit\u00e0 com<span class=\"_ _3\"></span>plessiva </div></div><div class=\"c w28e hc8\" style=\"left:182.2786px; bottom:244.17502px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.566 </div></div><div class=\"c w28f hc8\" style=\"left:228.29861px; bottom:244.17502px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f hc8\" style=\"left:271.0426px; bottom:244.17502px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">263<span class=\"ls0\"> </span></div></div><div class=\"c w25d hc8\" style=\"left:313.00662px; bottom:244.17502px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f hc8\" style=\"left:355.93262px; bottom:244.17502px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 hc8\" style=\"left:397.58463px; bottom:244.17502px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a hc8\" style=\"left:440.0166px; bottom:244.17502px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d hc8\" style=\"left:488.37665px; bottom:244.17502px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w294 hc8\" style=\"left:529.13165px; bottom:244.17502px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf hc8\" style=\"left:571.8756px; bottom:244.17502px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d h86\" style=\"left:-4.050377px; bottom:215.93903px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ammortizzato </div></div><div class=\"c w28e h86\" style=\"left:182.2786px; bottom:215.93903px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.876 </div></div><div class=\"c w28f h86\" style=\"left:228.29861px; bottom:215.93903px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h86\" style=\"left:271.0426px; bottom:215.93903px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w25d h86\" style=\"left:313.00662px; bottom:215.93903px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h86\" style=\"left:355.93262px; bottom:215.93903px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 h86\" style=\"left:397.58463px; bottom:215.93903px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h86\" style=\"left:440.0166px; bottom:215.93903px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h86\" style=\"left:488.37665px; bottom:215.93903px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w294 h86\" style=\"left:529.13165px; bottom:215.93903px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h86\" style=\"left:571.8756px; bottom:215.93903px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d hd3\" style=\"left:-4.050377px; bottom:194.56702px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w28e hd3\" style=\"left:182.2786px; bottom:194.56702px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f hd3\" style=\"left:228.29861px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f hd3\" style=\"left:271.0426px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d hd3\" style=\"left:313.00662px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f hd3\" style=\"left:355.93262px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 hd3\" style=\"left:397.58463px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a hd3\" style=\"left:440.0166px; bottom:194.56702px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.803 </div></div><div class=\"c w25d hd3\" style=\"left:488.37665px; bottom:194.56702px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w294 hd3\" style=\"left:529.13165px; bottom:194.56702px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf hd3\" style=\"left:571.8756px; bottom:194.56702px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d h6a\" style=\"left:-4.050377px; bottom:177.875px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w28e h6a\" style=\"left:182.2786px; bottom:177.875px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h6a\" style=\"left:228.29861px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h6a\" style=\"left:271.0426px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25d h6a\" style=\"left:313.00662px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h6a\" style=\"left:355.93262px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w290 h6a\" style=\"left:397.58463px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h6a\" style=\"left:440.0166px; bottom:177.875px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h6a\" style=\"left:488.37665px; bottom:177.875px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w294 h6a\" style=\"left:529.13165px; bottom:177.875px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h6a\" style=\"left:571.8756px; bottom:177.875px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28d h47\" style=\"left:-4.050377px; bottom:158.375px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w28e h47\" style=\"left:182.2786px; bottom:158.375px;\"><div class=\"t m0 xae ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">5.442 </div></div><div class=\"c w28f h47\" style=\"left:228.29861px; bottom:158.375px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:271.0426px; bottom:158.375px;\"><div class=\"t m0 x95 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">266<span class=\"ls0\"> </span></div></div><div class=\"c w25d h47\" style=\"left:313.00662px; bottom:158.375px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:355.93262px; bottom:158.375px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w290 h47\" style=\"left:397.58463px; bottom:158.375px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h47\" style=\"left:440.0166px; bottom:158.375px;\"><div class=\"t m0 x14 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">3.803 </div></div><div class=\"c w25d h47\" style=\"left:488.37665px; bottom:158.375px;\"><div class=\"t m0 xd1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w294 h47\" style=\"left:529.13165px; bottom:158.375px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h47\" style=\"left:571.8756px; bottom:158.375px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28d h41\" style=\"left:-4.050377px; bottom:141.83902px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie </div></div><div class=\"c w28e h41\" style=\"left:182.2786px; bottom:141.83902px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">476<span class=\"ls0\"> </span></div></div><div class=\"c w28f h41\" style=\"left:228.29861px; bottom:141.83902px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:271.0426px; bottom:141.83902px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w25d h41\" style=\"left:313.00662px; bottom:141.83902px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:355.93262px; bottom:141.83902px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w290 h41\" style=\"left:397.58463px; bottom:141.83902px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h41\" style=\"left:440.0166px; bottom:141.83902px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h41\" style=\"left:488.37665px; bottom:141.83902px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w294 h41\" style=\"left:529.13165px; bottom:141.83902px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h41\" style=\"left:571.8756px; bottom:141.83902px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d h41\" style=\"left:-4.050377px; bottom:125.30301px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w28e h41\" style=\"left:182.2786px; bottom:125.30301px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:228.29861px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:271.0426px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h41\" style=\"left:313.00662px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:355.93262px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 h41\" style=\"left:397.58463px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h41\" style=\"left:440.0166px; bottom:125.30301px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w25d h41\" style=\"left:488.37665px; bottom:125.30301px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w294 h41\" style=\"left:529.13165px; bottom:125.30301px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h41\" style=\"left:571.8756px; bottom:125.30301px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d h47\" style=\"left:-4.050377px; bottom:105.80301px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w28e h47\" style=\"left:182.2786px; bottom:105.80301px;\"><div class=\"t m0 x94 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">476<span class=\"ls0\"> </span></div></div><div class=\"c w28f h47\" style=\"left:228.29861px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:271.0426px; bottom:105.80301px;\"><div class=\"t m0 x9a ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w25d h47\" style=\"left:313.00662px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:355.93262px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w290 h47\" style=\"left:397.58463px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h47\" style=\"left:440.0166px; bottom:105.80301px;\"><div class=\"t m0 x13 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w25d h47\" style=\"left:488.37665px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w294 h47\" style=\"left:529.13165px; bottom:105.80301px;\"><div class=\"t m0 xad ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h47\" style=\"left:571.8756px; bottom:105.80301px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28d h41\" style=\"left:-4.050377px; bottom:89.26703px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1. Transazioni attes<span class=\"_ _3\"></span>e </div></div><div class=\"c w28e h41\" style=\"left:182.2786px; bottom:89.26703px;\"><div class=\"t m0 xe hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:228.29861px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:271.0426px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h41\" style=\"left:313.00662px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h41\" style=\"left:355.93262px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 h41\" style=\"left:397.58463px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h41\" style=\"left:440.0166px; bottom:89.26703px;\"><div class=\"t m0 xb8 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h41\" style=\"left:488.37665px; bottom:89.26703px;\"><div class=\"t m0 xad hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w294 h41\" style=\"left:529.13165px; bottom:89.26703px;\"><div class=\"t m0 x86 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h41\" style=\"left:571.8756px; bottom:89.26703px;\"><div class=\"t m0 xf hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28d h6f\" style=\"left:-4.050377px; bottom:61.92801px;\"><div class=\"t m0 x41 hb y1288 ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 </div><div class=\"t m0 x41 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">finanziarie </div></div><div class=\"c w28e h6f\" style=\"left:182.2786px; bottom:61.92801px;\"><div class=\"t m0 xe hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h6f\" style=\"left:228.29861px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h6f\" style=\"left:271.0426px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w25d h6f\" style=\"left:313.00662px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w28f h6f\" style=\"left:355.93262px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w290 h6f\" style=\"left:397.58463px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h6f\" style=\"left:440.0166px; bottom:61.92801px;\"><div class=\"t m0 x98 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25d h6f\" style=\"left:488.37665px; bottom:61.92801px;\"><div class=\"t m0 x86 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w294 h6f\" style=\"left:529.13165px; bottom:61.92801px;\"><div class=\"t m0 xad hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h6f\" style=\"left:571.8756px; bottom:61.92801px;\"><div class=\"t m0 x98 hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.88599px;\"><div class=\"t m0 x0 h61 yd8c ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1fd ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>indicato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>positivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>suddiviso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _3\"></span>passivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _5\"></span>coperta<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y128a ff1 fs0 fc0 sc0 ls0 ws0\">ed alla tipologia di cop<span class=\"_ _0\"></span>ertura realizzata. </div><div class=\"t m0 x0 h2 y110b ff1 fs0 fc0 sc0 ls0 ws0\">Considerando <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>compensazione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prevalenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>ne<span class=\"_ _6\"></span>lla </div><div class=\"t m0 x0 h2 y128b ff4 fs0 fc0 sc0 ls0 ws0\">copertura specifica di f<span class=\"_ _0\"></span>air value dei titoli <span class=\"_ _0\"></span>di debito dell\u2019atti<span class=\"_ _0\"></span>vo nonch\u00e9 nella cop<span class=\"_ _0\"></span>ertura ge<span class=\"_ _2\"></span><span class=\"ff1\">nerica di fair <span class=\"_ _0\"></span>value di crediti erogati.<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y110d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf90 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>2.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie di negoziazione:<span class=\"_ _0\"></span> composizione merceolog<span class=\"_ _0\"></span>ica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) Valore nominale o nozionale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per c<span class=\"_ _3\"></span>assa 1. Debiti verso <span class=\"_ _3\"></span>banche 4.729 4.240 - - 4.239 19.827 22.222 40<span class=\"ls0\"> </span>- 22.262 2. Debiti verso clie<span class=\"_ _3\"></span>ntela  3.121 3.001 - - 3.001 - - - - - 3. Titoli di debito<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.1 Obbligazioni <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.1 Strutturate <span class=\"_ _3\"></span> - - - - X - - - - X 3.1.2 Altre obbligazi<span class=\"_ _3\"></span>oni  - - - - X - - - - X 3.2 Altri titoli<span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.1 Strutturati <span class=\"_ _3\"></span> 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.2 Altri - - - - X - - - - X Totale A 10.850 7.241 2.779 - 7.240 23.151 22.222 3.499 - 22.262  B. Strumenti deri<span class=\"_ _3\"></span>vati 1. Derivati finanziari<span class=\"_ _3\"></span> X 44<span class=\"ls0\"> </span>35.363 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.107 118<span class=\"ls0\"> </span>X 1.1 Di negoziazi<span class=\"_ _3\"></span>one X 44<span class=\"ls0\"> </span>35.343 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>28.072 118<span class=\"ls0\"> </span>X 1.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 1.3 Altri X - 20<span class=\"ls0\"> </span>- X X - 35<span class=\"ls0\"> </span>- X 2. Derivati creditiz<span class=\"_ _3\"></span>i X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.1 Di negoziazi<span class=\"_ _3\"></span>one X - 943<span class=\"ls0\"> </span>- X X - 2.340 1 X 2.2 Connessi con la<span class=\"_ _3\"></span> fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 44<span class=\"ls0\"> </span>36.306 142<span class=\"ls0\"> </span>X X 19<span class=\"ls0\"> </span>30.447 119<span class=\"ls0\"> </span>X Totale (A+B) 10.850 7.285 39.085 142<span class=\"ls0\"> </span>X 23.151 22.241 33.946 119<span class=\"ls0\"> </span>X (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'emitten<span class=\"_ _3\"></span>te rispet<span class=\"_ _3\"></span>to alla dat<span class=\"_ _3\"></span>a di emissione.<span class=\"_ _3\"></span> I <span class=\"ff4 ls0\">Debiti verso ba<span class=\"_ _0\"></span>nche e clientela rap<span class=\"_ _0\"></span>presentano, per l\u2019intero<span class=\"_ _0\"></span> ammontare, le posi<span class=\"_ _0\"></span>zioni in \u201cscoperti tecnic<span class=\"_ _0\"></span>i\u201d sui titoli.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>L\u2019aggregato 3.2.1 <span class=\"_ _3\"></span>Altri <span class=\"_ _3\"></span>Titoli <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>strutturati <span class=\"_ _3\"></span>include i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>cartolarizzati che <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza prevedono <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>parziale o </span>inte<span class=\"ff4\">grale dei <span class=\"_ _3\"></span>premi <span class=\"_ _3\"></span>versati, ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Comunicazione di <span class=\"_ _3\"></span>Banca d\u2019Italia <span class=\"_ _3\"></span>del 21 <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2014, emessi <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutto </span>il 2019.  Gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _3\"></span>derivati <span class=\"_ _2\"></span>includono <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>5.017 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>certificates <span class=\"_ _2\"></span>aventi <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aratteristiche a<span class=\"_ _3\"></span>ssimilabili <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione della prevalenza dei <span class=\"_ _0\"></span>rischi di mercato ris<span class=\"_ _0\"></span>petto alla restituzion<span class=\"_ _0\"></span>e dei premi versati.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair value r<span class=\"_ _3\"></span>ilevate nell\u2019esercizio per <span class=\"_ _3\"></span>il ca<span class=\"_ _3\"></span>mbiamento del <span class=\"_ _3\"></span>proprio merito di <span class=\"_ _3\"></span>credito sono <span class=\"_ _3\"></span>risultate positive <span class=\"_ _6\"></span><span class=\"ff1\">per <span class=\"_ _3\"></span>229 </span>milioni e si riferiscono a Strum<span class=\"_ _0\"></span>enti derivati ed a Tit<span class=\"_ _0\"></span>oli di debito - Altri titoli. I valori al 31 dicembre 2022 deg<span class=\"_ _0\"></span>li Strumenti deriva<span class=\"_ _0\"></span>ti includono i risulta<span class=\"_ _0\"></span>ti della compensazione<span class=\"_ _0\"></span> contabile tra saldi lordi po<span class=\"_ _35\"></span>s<span class=\"_ _2\"></span>it<span class=\"_ _3\"></span>ivi e negativi<span class=\"_ _0\"></span> dei <span class=\"_ _6\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>compe<span class=\"_ _3\"></span>nsatore <span class=\"_ _5\"></span>legale <span class=\"_ _5\"></span>LCH <span class=\"_ _5\"></span>Ltd. <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>soddisfano <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>IAS <span class=\"_ _6\"></span>32 paragrafo 42.<span class=\"ls0\"> </span>3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Tipologia operazioni/Valori 31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span>1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span>- - - - X - - - - X 3.1.1 Strutturate<span class=\"ls0\"> </span>- - - - X - - - - - 3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - X - - - - - 3.2 Altri titoli<span class=\"ls0\"> </span>- - - - X - - - - X 3.2.1 Strutturati<span class=\"ls0\"> </span>- - - - X - - - - - 3.2.2 Altri<span class=\"ls0\"> </span>- - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati<span class=\"ls0\"> </span>1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 - - X X - 38<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - 8 - X X - 4 - X 1.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X 2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - - - X X - - - X 2.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X Totale B X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X Totale (A+B) X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X (*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-237.44849px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 4 <span class=\"ff6\">\u2013</span> DERIVATI DI COPERTURA <span class=\"ff6\">\u2013</span> VOCE 40 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">4.1 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per tipolo<span class=\"_ _0\"></span>gia di copertura e p<span class=\"_ _0\"></span>er livelli gerarchi<span class=\"_ _0\"></span>ci<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1290 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w254 h64\" style=\"left:504.79565px; bottom:694.6255px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w374 h74\" style=\"left:171.67061px; bottom:665.2975px;\"><div class=\"t m0 xc ha yadf ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c wbb h74\" style=\"left:331.12863px; bottom:665.2975px;\"><div class=\"t m0 xae ha yadf ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x87 ha y6cc ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w374 h74\" style=\"left:397.58463px; bottom:665.2975px;\"><div class=\"t m0 xc ha yadf ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w375 h74\" style=\"left:557.99164px; bottom:665.2975px;\"><div class=\"t m0 x97 ha yadf ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 xdd ha y6cc ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w374 h7c\" style=\"left:171.67061px; bottom:636.1255px;\"><div class=\"t m0 x104 ha yabd ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w374 h7c\" style=\"left:397.58463px; bottom:636.1255px;\"><div class=\"t m0 x104 ha yabd ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c wbd h6a\" style=\"left:171.67061px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c wbd h6a\" style=\"left:225.02261px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w373 h6a\" style=\"left:278.53064px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c wbb h6a\" style=\"left:331.12863px; bottom:619.43353px;\"><div class=\"t m0 xdd ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c wbd h6a\" style=\"left:397.58463px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w373 h6a\" style=\"left:450.93665px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w9b h6a\" style=\"left:504.79565px; bottom:619.43353px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w375 h6a\" style=\"left:557.99164px; bottom:619.43353px;\"><div class=\"t m0 x45 ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w372 h41\" style=\"left:-4.050377px; bottom:602.8975px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A) Derivati finan<span class=\"_ _3\"></span>ziari  </div></div><div class=\"c wbd h41\" style=\"left:171.67061px; bottom:602.8975px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:225.02261px; bottom:602.8975px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w373 h41\" style=\"left:278.53064px; bottom:602.8975px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h41\" style=\"left:331.12863px; bottom:602.8975px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">191.704 </div></div><div class=\"c wbd h41\" style=\"left:397.58463px; bottom:602.8975px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:450.93665px; bottom:602.8975px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.868 </div></div><div class=\"c w9b h41\" style=\"left:504.79565px; bottom:602.8975px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:602.8975px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">111.607 </div></div><div class=\"c w372 h41\" style=\"left:-4.050377px; bottom:586.3615px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) Fair value  </div></div><div class=\"c wbd h41\" style=\"left:171.67061px; bottom:586.3615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:225.02261px; bottom:586.3615px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5.093 </div></div><div class=\"c w373 h41\" style=\"left:278.53064px; bottom:586.3615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h41\" style=\"left:331.12863px; bottom:586.3615px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">178.117 </div></div><div class=\"c wbd h41\" style=\"left:397.58463px; bottom:586.3615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:450.93665px; bottom:586.3615px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.814 </div></div><div class=\"c w9b h41\" style=\"left:504.79565px; bottom:586.3615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:586.3615px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">102.604 </div></div><div class=\"c w372 h41\" style=\"left:-4.050377px; bottom:569.8255px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c wbd h41\" style=\"left:171.67061px; bottom:569.8255px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:225.02261px; bottom:569.8255px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">253<span class=\"ls0\"> </span></div></div><div class=\"c w373 h41\" style=\"left:278.53064px; bottom:569.8255px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h41\" style=\"left:331.12863px; bottom:569.8255px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">13.408 </div></div><div class=\"c wbd h41\" style=\"left:397.58463px; bottom:569.8255px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:450.93665px; bottom:569.8255px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.054 </div></div><div class=\"c w9b h41\" style=\"left:504.79565px; bottom:569.8255px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:569.8255px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9.003 </div></div><div class=\"c w372 h6a\" style=\"left:-4.050377px; bottom:553.1335px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3) Investimenti est<span class=\"_ _3\"></span>eri </div></div><div class=\"c wbd h6a\" style=\"left:171.67061px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h6a\" style=\"left:225.02261px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h6a\" style=\"left:278.53064px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h6a\" style=\"left:331.12863px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">179<span class=\"ls0\"> </span></div></div><div class=\"c wbd h6a\" style=\"left:397.58463px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h6a\" style=\"left:450.93665px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h6a\" style=\"left:504.79565px; bottom:553.1335px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h6a\" style=\"left:557.99164px; bottom:553.1335px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w372 h41\" style=\"left:-4.050377px; bottom:536.59753px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Derivati credi<span class=\"_ _3\"></span>tizi </div></div><div class=\"c wbd h41\" style=\"left:171.67061px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:225.02261px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:278.53064px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h41\" style=\"left:331.12863px; bottom:536.59753px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:397.58463px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:450.93665px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h41\" style=\"left:504.79565px; bottom:536.59753px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:536.59753px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w372 h41\" style=\"left:-4.050377px; bottom:520.0615px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) Fair value  </div></div><div class=\"c wbd h41\" style=\"left:171.67061px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:225.02261px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:278.53064px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h41\" style=\"left:331.12863px; bottom:520.0615px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h41\" style=\"left:397.58463px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h41\" style=\"left:450.93665px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h41\" style=\"left:504.79565px; bottom:520.0615px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:520.0615px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w372 h69\" style=\"left:-4.050377px; bottom:503.4865px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c wbd h69\" style=\"left:171.67061px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h69\" style=\"left:225.02261px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h69\" style=\"left:278.53064px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h69\" style=\"left:331.12863px; bottom:503.4865px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h69\" style=\"left:397.58463px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h69\" style=\"left:450.93665px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h69\" style=\"left:504.79565px; bottom:503.4865px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h69\" style=\"left:557.99164px; bottom:503.4865px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w372 h6a\" style=\"left:-4.050377px; bottom:486.7945px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wbd h6a\" style=\"left:171.67061px; bottom:486.7945px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h6a\" style=\"left:225.02261px; bottom:486.7945px;\"><div class=\"t m0 x94 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w373 h6a\" style=\"left:278.53064px; bottom:486.7945px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbb h6a\" style=\"left:331.12863px; bottom:486.7945px;\"><div class=\"t m0 x96 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">191.704 </div></div><div class=\"c wbd h6a\" style=\"left:397.58463px; bottom:486.7945px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w373 h6a\" style=\"left:450.93665px; bottom:486.7945px;\"><div class=\"t m0 x94 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">4.868 </div></div><div class=\"c w9b h6a\" style=\"left:504.79565px; bottom:486.7945px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h6a\" style=\"left:557.99164px; bottom:486.7945px;\"><div class=\"t m0 x94 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">111.607 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-237.44849px;\"><div class=\"t m0 x0 h61 y27c ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2b2 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31.12.2022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>investimenti <span class=\"_ _5\"></span>esteri, <span class=\"_ _2\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>partecipazione<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 yf85 ff1 fs0 fc0 sc0 ls0 ws0\">Reyl &amp; Cie SA, con <span class=\"_ _0\"></span>sede in Svizzera. </div><div class=\"t m0 x0 h2 yde3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y766 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yde4 ff5 fs0 fc2 sc0 ls0 ws0\">4.2 Derivati di copertur<span class=\"_ _0\"></span>a: composizione per portafogli <span class=\"_ _0\"></span>coperti e per tipo<span class=\"_ _0\"></span>logie di copertura </div><div class=\"t m0 x0 h2 y143f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w156 h5b\" style=\"left:528.0396px; bottom:389.6065px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w376 h176\" style=\"left:-4.050377px; bottom:297.0985px;\"><div class=\"t m0 x41 ha y1440 ff5 fs4 fc2 sc0 ls0 ws0\">Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> </div></div><div class=\"c w378 h47\" style=\"left:192.2626px; bottom:370.1065px;\"><div class=\"t m0 x16e ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">FAIR VALUE<span class=\"_ _3\"></span> </div></div><div class=\"c w323 h47\" style=\"left:490.09265px; bottom:370.1065px;\"><div class=\"t m0 x88 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">FLUSSI </div><div class=\"t m0 x1a ha y12c3 ff5 fs4 fc2 sc0 ls0 ws0\">FINANZIARI<span class=\"_ _3\"></span> </div></div><div class=\"c w9f h176\" style=\"left:565.3236px; bottom:297.0985px;\"><div class=\"t m0 x41 ha y1440 ff5 fs4 fc2 sc0 ls0 ws0\">INVESTIM. </div><div class=\"t m0 x97 ha y1441 ff5 fs4 fc2 sc0 ls0 ws0\">ESTERI </div></div><div class=\"c w379 h47\" style=\"left:192.2626px; bottom:350.6065px;\"><div class=\"t m0 x13f ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Specifica </div></div><div class=\"c w71 h177\" style=\"left:443.2926px; bottom:297.0985px;\"><div class=\"t m0 x41 ha y10d5 ff5 fs4 fc2 sc0 ls0 ws0\">Generica </div></div><div class=\"c w377 h177\" style=\"left:490.09265px; bottom:297.0985px;\"><div class=\"t mb xe ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Specifica</div><div class=\"t mb xe ha y1206 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w81 h177\" style=\"left:528.0396px; bottom:297.0985px;\"><div class=\"t mb xe ha y1 ff5 fs4 fc2 sc0 ls0 ws0\">Generica</div><div class=\"t mb xe ha ya23 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b8 h178\" style=\"left:192.2626px; bottom:297.0985px;\"><div class=\"t m0 xae hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">titoli di </div><div class=\"t m0 x87 hb y915 ff1 fs4 fc2 sc0 ls0 ws0\">debito e </div><div class=\"t m0 x97 hb y10e4 ff1 fs4 fc2 sc0 ls0 ws0\">tassi di </div><div class=\"t m0 x45 hb yedc ff1 fs4 fc2 sc0 ls0 ws0\">interesse </div></div><div class=\"c w2b8 h178\" style=\"left:241.87064px; bottom:297.0985px;\"><div class=\"t m0 xae hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">titoli di </div><div class=\"t m0 xab hb y915 ff1 fs4 fc2 sc0 ls0 ws0\">capitale e </div><div class=\"t m0 x9b hb y10e4 ff1 fs4 fc2 sc0 ls0 ws0\">indici </div><div class=\"t m0 x12 hb yedc ff1 fs4 fc2 sc0 ls0 ws0\">azionari </div></div><div class=\"c w377 h178\" style=\"left:290.8546px; bottom:297.0985px;\"><div class=\"t m0 x45 hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">valute </div><div class=\"t m0 x87 hb y915 ff1 fs4 fc2 sc0 ls0 ws0\">e oro </div></div><div class=\"c w81 h178\" style=\"left:328.78864px; bottom:297.0985px;\"><div class=\"t m0 xab hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w18a h178\" style=\"left:366.69662px; bottom:297.0985px;\"><div class=\"t m0 x1a hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">merci </div></div><div class=\"c w81 h178\" style=\"left:404.13663px; bottom:297.0985px;\"><div class=\"t m0 xae hb y1326 ff1 fs4 fc2 sc0 ls0 ws0\">altri </div></div><div class=\"c w376 hbc\" style=\"left:-4.050377px; bottom:268.83652px;\"><div class=\"t m0 x41 hb y103f ff1 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a </div></div><div class=\"c w2b8 hbc\" style=\"left:192.2626px; bottom:268.83652px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 hbc\" style=\"left:241.87064px; bottom:268.83652px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w377 hbc\" style=\"left:290.8546px; bottom:268.83652px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w81 hbc\" style=\"left:328.78864px; bottom:268.83652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hbc\" style=\"left:366.69662px; bottom:268.83652px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 hbc\" style=\"left:404.13663px; bottom:268.83652px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 hbc\" style=\"left:443.2926px; bottom:268.83652px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 hbc\" style=\"left:490.09265px; bottom:268.83652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 hbc\" style=\"left:528.0396px; bottom:268.83652px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f hbc\" style=\"left:565.3236px; bottom:268.83652px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h86\" style=\"left:-4.050377px; bottom:240.60052px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ammortizzato  </div></div><div class=\"c w2b8 h86\" style=\"left:192.2626px; bottom:240.60052px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">972<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h86\" style=\"left:241.87064px; bottom:240.60052px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h86\" style=\"left:290.8546px; bottom:240.60052px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">161<span class=\"ls0\"> </span></div></div><div class=\"c w81 h86\" style=\"left:328.78864px; bottom:240.60052px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h86\" style=\"left:366.69662px; bottom:240.60052px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h86\" style=\"left:404.13663px; bottom:240.60052px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h86\" style=\"left:443.2926px; bottom:240.60052px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h86\" style=\"left:490.09265px; bottom:240.60052px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h86\" style=\"left:528.0396px; bottom:240.60052px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h86\" style=\"left:565.3236px; bottom:240.60052px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h41\" style=\"left:-4.050377px; bottom:224.06451px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3. Portafoglio <span class=\"_ _3\"></span> </div></div><div class=\"c w2b8 h41\" style=\"left:192.2626px; bottom:224.06451px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b8 h41\" style=\"left:241.87064px; bottom:224.06451px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h41\" style=\"left:290.8546px; bottom:224.06451px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:328.78864px; bottom:224.06451px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w18a h41\" style=\"left:366.69662px; bottom:224.06451px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:404.13663px; bottom:224.06451px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h41\" style=\"left:443.2926px; bottom:224.06451px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w377 h41\" style=\"left:490.09265px; bottom:224.06451px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:528.0396px; bottom:224.06451px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">210<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:224.06451px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h6a\" style=\"left:-4.050377px; bottom:207.37253px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4. Altre operazioni <span class=\"_ _3\"></span> </div></div><div class=\"c w2b8 h6a\" style=\"left:192.2626px; bottom:207.37253px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h6a\" style=\"left:241.87064px; bottom:207.37253px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w377 h6a\" style=\"left:290.8546px; bottom:207.37253px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h6a\" style=\"left:328.78864px; bottom:207.37253px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h6a\" style=\"left:366.69662px; bottom:207.37253px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h6a\" style=\"left:404.13663px; bottom:207.37253px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h6a\" style=\"left:443.2926px; bottom:207.37253px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h6a\" style=\"left:490.09265px; bottom:207.37253px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h6a\" style=\"left:528.0396px; bottom:207.37253px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h6a\" style=\"left:565.3236px; bottom:207.37253px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w376 h47\" style=\"left:-4.050377px; bottom:187.87253px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale attivit\u00e0  </div></div><div class=\"c w2b8 h47\" style=\"left:192.2626px; bottom:187.87253px;\"><div class=\"t m0 x95 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">1.040 </div></div><div class=\"c w2b8 h47\" style=\"left:241.87064px; bottom:187.87253px;\"><div class=\"t m0 xd9 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w377 h47\" style=\"left:290.8546px; bottom:187.87253px;\"><div class=\"t m0 x97 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">177<span class=\"ls0\"> </span></div></div><div class=\"c w81 h47\" style=\"left:328.78864px; bottom:187.87253px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h47\" style=\"left:366.69662px; bottom:187.87253px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h47\" style=\"left:404.13663px; bottom:187.87253px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h47\" style=\"left:443.2926px; bottom:187.87253px;\"><div class=\"t m0 xf ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w377 h47\" style=\"left:490.09265px; bottom:187.87253px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h47\" style=\"left:528.0396px; bottom:187.87253px;\"><div class=\"t m0 x97 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">210<span class=\"ls0\"> </span></div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:187.87253px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w376 h41\" style=\"left:-4.050377px; bottom:171.33652px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie  </div></div><div class=\"c w2b8 h41\" style=\"left:192.2626px; bottom:171.33652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">545<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h41\" style=\"left:241.87064px; bottom:171.33652px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h41\" style=\"left:290.8546px; bottom:171.33652px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">625<span class=\"ls0\"> </span></div></div><div class=\"c w81 h41\" style=\"left:328.78864px; bottom:171.33652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h41\" style=\"left:366.69662px; bottom:171.33652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h41\" style=\"left:404.13663px; bottom:171.33652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h41\" style=\"left:443.2926px; bottom:171.33652px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h41\" style=\"left:490.09265px; bottom:171.33652px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h41\" style=\"left:528.0396px; bottom:171.33652px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:171.33652px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h41\" style=\"left:-4.050377px; bottom:154.8005px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio <span class=\"_ _3\"></span> </div></div><div class=\"c w2b8 h41\" style=\"left:192.2626px; bottom:154.8005px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b8 h41\" style=\"left:241.87064px; bottom:154.8005px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h41\" style=\"left:290.8546px; bottom:154.8005px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:328.78864px; bottom:154.8005px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w18a h41\" style=\"left:366.69662px; bottom:154.8005px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:404.13663px; bottom:154.8005px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h41\" style=\"left:443.2926px; bottom:154.8005px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.703 </div></div><div class=\"c w377 h41\" style=\"left:490.09265px; bottom:154.8005px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:528.0396px; bottom:154.8005px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:154.8005px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h47\" style=\"left:-4.050377px; bottom:135.3005px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale passivit\u00e0 <span class=\"_ _3\"></span> </div></div><div class=\"c w2b8 h47\" style=\"left:192.2626px; bottom:135.3005px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">545<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h47\" style=\"left:241.87064px; bottom:135.3005px;\"><div class=\"t m0 xd9 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w377 h47\" style=\"left:290.8546px; bottom:135.3005px;\"><div class=\"t m0 x97 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">625<span class=\"ls0\"> </span></div></div><div class=\"c w81 h47\" style=\"left:328.78864px; bottom:135.3005px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h47\" style=\"left:366.69662px; bottom:135.3005px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h47\" style=\"left:404.13663px; bottom:135.3005px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h47\" style=\"left:443.2926px; bottom:135.3005px;\"><div class=\"t m0 x14 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">2.703 </div></div><div class=\"c w377 h47\" style=\"left:490.09265px; bottom:135.3005px;\"><div class=\"t m0 x86 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h47\" style=\"left:528.0396px; bottom:135.3005px;\"><div class=\"t m0 x95 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:135.3005px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w376 h47\" style=\"left:-4.050377px; bottom:115.80051px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Transazioni attes<span class=\"_ _3\"></span>e  </div></div><div class=\"c w2b8 h47\" style=\"left:192.2626px; bottom:115.80051px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b8 h47\" style=\"left:241.87064px; bottom:115.80051px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h47\" style=\"left:290.8546px; bottom:115.80051px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h47\" style=\"left:328.78864px; bottom:115.80051px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w18a h47\" style=\"left:366.69662px; bottom:115.80051px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h47\" style=\"left:404.13663px; bottom:115.80051px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h47\" style=\"left:443.2926px; bottom:115.80051px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h47\" style=\"left:490.09265px; bottom:115.80051px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w81 h47\" style=\"left:528.0396px; bottom:115.80051px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:115.80051px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w376 h41\" style=\"left:-4.050377px; bottom:99.26453px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie <span class=\"_ _3\"></span> </div></div><div class=\"c w2b8 h41\" style=\"left:192.2626px; bottom:99.26453px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b8 h41\" style=\"left:241.87064px; bottom:99.26453px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w377 h41\" style=\"left:290.8546px; bottom:99.26453px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:328.78864px; bottom:99.26453px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w18a h41\" style=\"left:366.69662px; bottom:99.26453px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:404.13663px; bottom:99.26453px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h41\" style=\"left:443.2926px; bottom:99.26453px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w377 h41\" style=\"left:490.09265px; bottom:99.26453px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w81 h41\" style=\"left:528.0396px; bottom:99.26453px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:99.26453px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-237.44849px;\"><div class=\"t m0 x0 h61 y406 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y447 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9a7 ff4 fs0 fc0 sc0 ls0 ws0\">Nella tabella \u00e8 indicato il fair <span class=\"_ _0\"></span>value negativo dei deri<span class=\"_ _0\"></span>vati di copertura, suddivis<span class=\"_ _0\"></span>o in relazione all\u2019attivit\u00e0 o alla p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 coperta e<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1035 ff1 fs0 fc0 sc0 ls0 ws0\">alla tipologia di copertura rea<span class=\"_ _0\"></span>lizzata. </div><div class=\"t m0 x0 h2 y9a9 ff1 fs0 fc0 sc0 ls0 ws0\">Considerando <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>lordo <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>compensazione <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onferma <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>prevalenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura </div><div class=\"t m0 x0 h2 y1037 ff4 fs0 fc0 sc0 ls0 ws0\">generica di portafogli<span class=\"_ _0\"></span> di passivit\u00e0 ra<span class=\"_ _0\"></span>ppresentate da poste a vi<span class=\"_ _0\"></span>sta e dei titoli di d<span class=\"_ _0\"></span>ebito dell\u2019attivo, <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yeeb ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>copertura dei <span class=\"_ _3\"></span>flussi finanziari <span class=\"_ _3\"></span>si riferisce a<span class=\"_ _3\"></span> raccolta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>titoli in c<span class=\"_ _3\"></span>ircolazione a tasso <span class=\"_ _3\"></span>variabile utilizzata per <span class=\"_ _3\"></span>finanziare i<span class=\"_ _6\"></span>mpieghi </div><div class=\"t m0 x0 h2 ydb9 ff1 fs0 fc0 sc0 ls0 ws0\">a tasso fisso. </div><div class=\"t m0 x0 h19 y1445 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yafa ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y8a7 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>1.3. GLI STRUMENTI DERIVATI E LE POLITICHE DI COPERTURA A <span class=\"_ _3\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>2014, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _3\"></span>autori<span class=\"ff4\">z<span class=\"_ _3\"></span>zata <span class=\"_ _3\"></span>all\u2019utilizzo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>interni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>EPE <span class=\"_ _3\"></span>(Expected <span class=\"_ _2\"></span>Positive <span class=\"_ _3\"></span>Exposure) </span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controparte. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applica <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>totalit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>por<span class=\"_ _3\"></span>taf<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>glio dei <span class=\"_ _4\"> </span>derivati <span class=\"_ _7\"> </span>(come <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>ince <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff4\">ttostante, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>irca <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>95<span class=\"_ _3\"></span>% <span class=\"_ _4\"> </span>dell\u2019EAD <span class=\"_ _4\"> </span>complessiva <span class=\"_ _4\"> </span>relativa <span class=\"_ _4\"> </span>ai </span>derivati finanziari e creditizi \u00e8 valutata con <span class=\"_ _3\"></span>modelli EPE). I derivati il cui <span class=\"_ _3\"></span>rischio di controparte \u00e8 misurato con <span class=\"_ _3\"></span>metodi d<span class=\"_ _5\"></span>iversi da<span class=\"_ _0\"></span> modelli <span class=\"_ _1d\"> </span>interni <span class=\"_ _1d\"> </span>rappresentano <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>resi<span class=\"_ _3\"></span><span class=\"ff4\">duale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>(al <span class=\"_ _17\"> </span>31 <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>circa <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>5% <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019EAD<span class=\"_ _35\"></span> </span>complessiva) e si rif<span class=\"_ _0\"></span>eriscono a: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontratti residuali di I<span class=\"_ _0\"></span>ntesa Sanpaolo n<span class=\"_ _0\"></span>on EPE (nel rispetto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle soglie di non mat<span class=\"_ _0\"></span>erialit\u00e0 stabilite<span class=\"_ _0\"></span> da EBA);<span class=\"_ _2\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>EAD generate da tutte le altre banche <span class=\"_ _0\"></span>e societ\u00e0 del gruppo che non seg<span class=\"_ _0\"></span>nalano a modello i<span class=\"_ _0\"></span>nterno.<span class=\"_ _3\"></span> </span>La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>seguente <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>l\u2019EAD <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>creditizi, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uddiviso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>metodologia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di </span>valutazione. (milioni di eur<span class=\"_ _35\"></span>o) Categorie <span class=\"_ _0\"></span>di transa<span class=\"_ _0\"></span>zioni Exposure at defau<span class=\"_ _35\"></span>lt (EAD) 31.12.2022 31.12.2021 Modelli standardizzati Modello interno<span class=\"_ _35\"></span> (EPE) Modelli standardizzati Modello interno<span class=\"_ _35\"></span> (EPE) Contratti deri<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ati  666<span class=\"ls0\"> </span>12.340 599<span class=\"ls0\"> </span>16.270 ll <span class=\"_ _5\"></span>modello <span class=\"_ _6\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _6\"></span>EPE <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>del <span class=\"_ _4\"> </span><span class=\"ff4\">collaterale <span class=\"_ _5\"></span>incassato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mit<span class=\"_ _3\"></span>igazione <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019eventual<span class=\"_ _35\"></span>e </span>collaterale <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>eccesso. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>inglobate <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019EAD <span class=\"_ _5\"></span>ammonta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>a circa <span class=\"_ _3\"></span>17.7 <span class=\"_ _3\"></span>miliardi, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>collaterale <span class=\"_ _3\"></span>pagato <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>18 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>(tale <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>margini <span class=\"_ _3\"></span>iniziali <span class=\"_ _3\"></span>postati a fronte dell\u2019operativi<span class=\"_ _0\"></span>t\u00e0 con controparti<span class=\"_ _0\"></span> centrali).<span class=\"ff1\"> </span>1.3.1. Gli strumenti de<span class=\"_ _3\"></span>rivati di negoz<span class=\"_ _3\"></span>iazione<span class=\"_ _3\"></span> A. DERIVATI FINANZIA<span class=\"_ _3\"></span>RI    A.1. Derivati finanziari di negoziaz<span class=\"_ _3\"></span>ione: valori nozionali di fine periodo<span class=\"_ _3\"></span> (milioni di euro) Attivit\u00e0 sottostanti/Tipologie derivati 31.12.2022 31.12.2021 Over the counter Mercati organizzati Over the counter Mercati organizzati Controparti centrali Senza controparti centrali Controparti centrali Senza controparti centrali Con accordi di compensazione Senza accordi di compensazione Con accordi di compensazione Senza accordi di compensazione 1. Titoli di debito e tassi d'interesse 2.301.865 244.096 76.402 109.527 1.933.468 255.211 70.804 167.501 a) Opzioni - 68.869 7.909 1.004 - 68.964 6.224 6.868 b) Swap 2.301.865 175.227 66.617 - 1.933.468 186.247 63.792 - c) Forward - - 1.607 - - - 751<span class=\"ls0\"> </span>- d) Futures - - 269<span class=\"ls0\"> </span>108.523 - - 37<span class=\"ls0\"> </span>160.633 e) Altri - - - - - - - - 2. Titoli di capitale e indici azionari - 6.570 25.435 5.889 - 4.955 28.500 2.480 a) Opzioni - 6.101 25.426 3.961 - 4.948 28.491 609<span class=\"ls0\"> </span>b) Swap - 469<span class=\"ls0\"> </span>9 - - 7 9 - c) Forward - - - - - - - - d) Futures - - - 1.928 - - - 1.871 e) Altri - - - - - - - - 3. Valute e oro - 163.959 17.532 209<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>170.930 17.670 2.005 a) Opzioni - 27.688 1.282 5 - 22.674 1.186 89<span class=\"ls0\"> </span>b) Swap - 37.274 2.952 201<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>44.619 4.450 - c) Forward - 98.710 12.425 - - 103.454 11.258 1.901 d) Futures - - - 3 - - - 15<span class=\"ls0\"> </span>e) Altri - 287<span class=\"ls0\"> </span>873<span class=\"ls0\"> </span>- 1 183<span class=\"ls0\"> </span>776<span class=\"ls0\"> </span>- 4. Merci - 4.043 1.079 1.640 - 3.070 1.074 1.698 5. Altri - - - - - - - - Totale  2.301.865 418.668 120.448 117.265 1.933.564 434.166 118.048 173.684 I <span class=\"_ _3\"></span>nozionali esposti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>colonna Over <span class=\"_ _5\"></span>the counter <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Controparti centrali <span class=\"_ _3\"></span>afferiscono <span class=\"_ _3\"></span>a d<span class=\"_ _3\"></span>erivati di<span class=\"_ _3\"></span> tasso regolati tramite com<span class=\"_ _0\"></span>pensatori legali pe<span class=\"_ _0\"></span>r 2.302 miliardi A.2. Derivati finanziari di negoziaz<span class=\"_ _3\"></span>ione: fair value lordo positivo e negativo <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> ripa<span class=\"_ _3\"></span>rtizione per prodotti<span class=\"_ _3\"></span> (milioni di euro)<span class=\"fs0 ls0\"> </span>Tipologie derivati<span class=\"ff1 fs0\"> </span>31.12.2022<span class=\"ff1 fs0\"> </span>31.12.2021<span class=\"ff1 fs0\"> </span>Over the counter<span class=\"ff1 fs0\"> </span>Mercati organizzati<span class=\"ff1 fs0\"> </span>Over the counter<span class=\"ff1 fs0\"> </span>Mercati organizzati<span class=\"ff1 fs0\"> </span>Controparti centrali<span class=\"ff1 fs0\"> </span>Senza controparti centrali<span class=\"ff1 fs0\"> </span>Controparti centrali<span class=\"ff1 fs0\"> </span>Senza controparti centrali<span class=\"ff1 fs0\"> </span>Con accordi di compensazione<span class=\"fs0\"> </span>Senza accordi di compensazione<span class=\"fs0\"> </span>Con accordi di compensazione<span class=\"fs0\"> </span>Senza accordi di compensazione<span class=\"fs0\"> </span>1. Fair value positivo<span class=\"ff1 fs0\"> </span>a) Opzioni<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.580<span class=\"fs0\"> </span>594<span class=\"fs0 ls0\"> </span>54<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>1.750<span class=\"fs0\"> </span>789<span class=\"fs0 ls0\"> </span>26<span class=\"fs0 ls0\"> </span>b) Interest rate swap<span class=\"fs0\"> </span>83.520<span class=\"fs0\"> </span>9.334<span class=\"fs0\"> </span>1.649<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>39.039<span class=\"fs0\"> </span>9.181<span class=\"fs0\"> </span>5.331<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>c) Cross currency swap<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.599<span class=\"fs0\"> </span>201<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.250<span class=\"fs0\"> </span>272<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>d) Equity swap<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>21<span class=\"fs0 ls0\"> </span>2<span class=\"fs0\"> </span>1<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>e) Forward<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.886<span class=\"fs0\"> </span>232<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>890<span class=\"fs0 ls0\"> </span>108<span class=\"fs0 ls0\"> </span>8<span class=\"fs0\"> </span>f) Futures<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>g) Altri<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>723<span class=\"fs0 ls0\"> </span>170<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>757<span class=\"fs0 ls0\"> </span>190<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>83.520<span class=\"ff1 fs0\"> </span>15.143<span class=\"ff1 fs0\"> </span>2.848<span class=\"ff1 fs0\"> </span>55<span class=\"ff1 fs0 ls0\"> </span>39.039<span class=\"ff1 fs0\"> </span>13.828<span class=\"ff1 fs0\"> </span>6.690<span class=\"ff1 fs0\"> </span>34<span class=\"ff1 fs0 ls0\"> </span>2. Fair value negativo<span class=\"ff1 fs0\"> </span>a) Opzioni<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.803<span class=\"fs0\"> </span>6.320<span class=\"fs0\"> </span>44<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>1.815<span class=\"fs0\"> </span>6.365<span class=\"fs0\"> </span>19<span class=\"fs0 ls0\"> </span>b) Interest rate swap<span class=\"fs0\"> </span>80.573<span class=\"fs0\"> </span>10.223<span class=\"fs0\"> </span>3.824<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>39.252<span class=\"fs0\"> </span>13.298<span class=\"fs0\"> </span>801<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>c) Cross currency swap<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.443<span class=\"fs0\"> </span>878<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.127<span class=\"fs0\"> </span>864<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>d) Equity swap<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>21<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>1<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>e) Forward<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.323<span class=\"fs0\"> </span>365<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.146<span class=\"fs0\"> </span>212<span class=\"fs0 ls0\"> </span>16<span class=\"fs0 ls0\"> </span>f) Futures<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>g) Altri<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>558<span class=\"fs0 ls0\"> </span>186<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>752<span class=\"fs0 ls0\"> </span>422<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>80.573<span class=\"ff1 fs0\"> </span>15.371<span class=\"ff1 fs0\"> </span>11.573<span class=\"ff1 fs0\"> </span>45<span class=\"ff1 fs0 ls0\"> </span>39.252<span class=\"ff1 fs0\"> </span>18.138<span class=\"ff1 fs0\"> </span>8.664<span class=\"ff1 fs0\"> </span>35<span class=\"ff1 fs0 ls0\"> </span>A.3. <span class=\"_ _4\"> </span>Derivati <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>\u201cover <span class=\"_ _4\"> </span>the <span class=\"_ _7\"> </span>counter\u201d: <span class=\"_ _7\"> </span>valori <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ozionali <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>lordo <span class=\"_ _4\"> </span>positivo <span class=\"_ _4\"> </span>e negativo per controparti<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Attivit\u00e0 sottostan<span class=\"_ _3\"></span>ti  Controparti centrali Banche Altre societ\u00e0 finanziarie<span class=\"_ _3\"></span> Altri soggetti<span class=\"_ _3\"></span> Contratti non rien<span class=\"_ _3\"></span>tranti in accordi <span class=\"_ _3\"></span>di compensazion<span class=\"_ _3\"></span>e 1) Titoli di debit<span class=\"_ _3\"></span>o e tassi d'interesse<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> X 1.982 16.278 58.142 - fair value positivo<span class=\"_ _3\"></span> X 288<span class=\"ls0\"> </span>120<span class=\"ls0\"> </span>1.339 - fair value negativo<span class=\"_ _3\"></span> X -235 -502 -3.555 2) Titoli di capitale <span class=\"_ _3\"></span>e indici azionari<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> X 14.300 5.362 5.773 - fair value positivo<span class=\"_ _3\"></span> X 518<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>3 - fair value negativo<span class=\"_ _3\"></span> X -841 -160 -5.009 3) Valute e oro<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> X 1.352 2.961 13.219 - fair value positivo<span class=\"_ _3\"></span> X 34<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>345<span class=\"ls0\"> </span>- fair value negativo<span class=\"_ _3\"></span> X -668 -<span class=\"ls1b\">31</span> -397 4) Merci - valore nozionale<span class=\"_ _3\"></span> X - 114<span class=\"ls0\"> </span>965<span class=\"ls0\"> </span>- fair value positivo<span class=\"_ _3\"></span> X - 8 139<span class=\"ls0\"> </span>- fair value negativo<span class=\"_ _3\"></span> X - -<span class=\"ls1b\">19</span> -156 5) Altri - valore nozionale<span class=\"_ _3\"></span> X - - - - fair value positivo<span class=\"_ _3\"></span> X - - - - fair value negativo<span class=\"_ _3\"></span> X - - - Contratti rientran<span class=\"_ _3\"></span>ti in accordi di <span class=\"_ _3\"></span>compensazione<span class=\"_ _3\"></span> 1) Titoli di debit<span class=\"_ _3\"></span>o e tassi d'interesse<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> 2.301.865 171.158 58.904 14.034 - fair value positivo<span class=\"_ _3\"></span> 83.520 6.514 3.523 315<span class=\"ls0\"> </span>- fair value negativo<span class=\"_ _3\"></span> -80.573 -8.639 -1.505 -1.072 2) Titoli di capitale <span class=\"_ _3\"></span>e indici azionari<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> - 2.490 4.065 15<span class=\"ls0\"> </span>- fair value positivo<span class=\"_ _3\"></span> - 134<span class=\"ls0\"> </span>64<span class=\"ls0\"> </span>3 - fair value negativo<span class=\"_ _3\"></span> - -101 -330 - 3) Valute e oro<span class=\"_ _3\"></span> - valore nozionale<span class=\"_ _3\"></span> - 118.496 34.311 11.152 - fair value positivo<span class=\"_ _3\"></span> - 2.610 867<span class=\"ls0\"> </span>394<span class=\"ls0\"> </span>- fair value negativo<span class=\"_ _3\"></span> - -1.829 -659 -676 4) Merci - valore nozionale<span class=\"_ _3\"></span> - 350<span class=\"ls0\"> </span>1.725 1.968 - fair value positivo<span class=\"_ _3\"></span> - 48<span class=\"ls0\"> </span>219<span class=\"ls0\"> </span>452<span class=\"ls0\"> </span>- fair value negativo<span class=\"_ _3\"></span> - -<span class=\"ls1b\">38</span> -189 -333 5) Altri - valore nozionale<span class=\"_ _3\"></span> - - - - - fair value positivo<span class=\"_ _3\"></span> - - - - - fair value negativo<span class=\"_ _3\"></span> - - - - A.4. Vita residua dei deriva<span class=\"_ _3\"></span>ti finanziari \u201cover the counter\u201d<span class=\"_ _3\"></span>: valori nozionali <span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua Fino ad 1 <span class=\"_ _0\"></span>anno Oltre 1 a<span class=\"_ _0\"></span>nno e fino a 5 a<span class=\"_ _0\"></span>nni Oltre 5 a<span class=\"_ _0\"></span>nni Totale A.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi di interes<span class=\"_ _0\"></span>se 847.618 1.021.245<span class=\"_ _0\"></span> 753.500 2.622.363<span class=\"_ _0\"></span> A.2 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i capitale e<span class=\"_ _0\"></span>d indici<span class=\"_ _0\"></span> azionari 11.182 19.440 1.383 32.005 A.3 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su valu<span class=\"_ _0\"></span>te e oro 129.901 38.991 12.599 181.491 A.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su merci 2.632 2.490 - 5.122 A.5 Altri der<span class=\"_ _0\"></span>ivati finan<span class=\"_ _0\"></span>ziari  - - - - Totale 31.12.2022<span class=\"_ _0\"></span> 991.333 1.082.166<span class=\"_ _0\"></span> 767.482 2.840.981<span class=\"_ _0\"></span> Totale 31.12.2021<span class=\"_ _0\"></span> 730.422 1.012.428<span class=\"_ _0\"></span> 742.928 2.485.778<span class=\"_ _0\"></span> B. DERIVATI CR<span class=\"_ _3\"></span>EDITIZI B.1. Derivati creditizi di ne<span class=\"_ _3\"></span>goziazione: valori nozional<span class=\"_ _3\"></span>i di fine periodo (milioni di eur<span class=\"_ _35\"></span>o) Categorie <span class=\"_ _0\"></span>di operaz<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>oni Derivati d<span class=\"_ _0\"></span>i negoziazi<span class=\"_ _35\"></span>one su un si<span class=\"_ _0\"></span>ngolo soggetto su pi\u00f9 s<span class=\"_ _0\"></span>oggetti (basket) 1. Acquist<span class=\"_ _0\"></span>i di protez<span class=\"_ _35\"></span>ione a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts  7.582 68.356 b) Credit spre<span class=\"_ _35\"></span>ad products - - c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap  - - d) Altri  - - Totale 31<span class=\"_ _0\"></span>.12.2022 7.582 68.356 Totale 31<span class=\"_ _0\"></span>.12.2021 7.531 67.468 2. Vendite <span class=\"_ _0\"></span>di protez<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>one a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts  7.890 65.183 b) Credit spre<span class=\"_ _35\"></span>ad products - - c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap  - - d) Altri  - - Totale 31<span class=\"_ _0\"></span>.12.2022 7.890 65.183 Totale 31<span class=\"_ _0\"></span>.12.2021 8.043 63.098 Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ls13\">i </span>prodotti strutturati di <span class=\"_ _0\"></span>credito. B.2. Derivati creditizi di ne<span class=\"_ _3\"></span>goziazione: fair value lordo<span class=\"_ _3\"></span> positivo e negativo <span class=\"ff6\">\u2013</span> ripar<span class=\"_ _3\"></span>tizione per prodotti<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Tipologie<span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span> Totale 31<span class=\"_ _0\"></span>.12.2022 Totale 31<span class=\"_ _0\"></span>.12.2021 1. Fair va<span class=\"_ _0\"></span>lue posit<span class=\"_ _0\"></span>ivo a) <span class=\"ls0\">Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _0\"></span>cts </span>936<span class=\"ls0\"> </span>2.225 b) Credit spre<span class=\"_ _35\"></span>ad products - - c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap - - d) Altri - - Totale 936<span class=\"ls0\"> </span>2.225 2. Fair va<span class=\"_ _0\"></span>lue negativ<span class=\"_ _0\"></span>o a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts 943<span class=\"ls0\"> </span>2.341 b) Credit spre<span class=\"_ _35\"></span>ad products - - c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap - - d) Altri - - Totale 943<span class=\"ls0\"> </span>2.341 Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ls13\">i </span>prodotti strutturati di <span class=\"_ _0\"></span>credito.<span class=\"ff5 fs12 fc2\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-351.8258px;\"><div class=\"t m0 x0 h113 y6c7 ff6 fs12 fc2 sc0 ls0 ws0\">B.3. <span class=\"_ _4\"> </span>Derivati <span class=\"_ _7\"> </span>creditizi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>\u201cover <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>unter\u201d: <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>nozionali, <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _7\"> </span>(positivo <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">negativo) per controparti </div><div class=\"t m0 x0 h61 ya60 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w597 h42\" style=\"left:474.80463px; bottom:605.2082px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w65 hdb\" style=\"left:328.78864px; bottom:564.1802px;\"><div class=\"t m0 x6 h59 yabc ff5 fs17 fc2 sc0 ls0 ws0\">Contropa<span class=\"_ _0\"></span>rti </div><div class=\"t m0 x13 h59 yabd ff5 fs17 fc2 sc0 ls0 ws0\">centrali<span class=\"_ _0\"></span> </div></div><div class=\"c w65 hdb\" style=\"left:402.1086px; bottom:564.1802px;\"><div class=\"t m0 x13 h59 yabc ff5 fs17 fc2 sc0 ls0 ws0\">Banche </div></div><div class=\"c w64 hdb\" style=\"left:474.80463px; bottom:564.1802px;\"><div class=\"t m0 xdd h59 yabc ff5 fs17 fc2 sc0 ls0 ws0\">Altre socie<span class=\"_ _0\"></span>t\u00e0 </div><div class=\"t m0 x14 h59 yabd ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div></div><div class=\"c w61 hdb\" style=\"left:547.5396px; bottom:564.1802px;\"><div class=\"t m0 x45 h59 yabc ff5 fs17 fc2 sc0 ls0 ws0\">Altri so<span class=\"_ _0\"></span>ggetti </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:548.5802px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Contratti <span class=\"_ _0\"></span>non rient<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anti in acc<span class=\"_ _35\"></span>ordi di compensa<span class=\"_ _0\"></span>zione </div></div><div class=\"c w596 h47\" style=\"left:-4.050377px; bottom:529.0802px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">1) <span class=\"ls0\">Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne </span></div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:513.4802px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:513.4802px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:513.4802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:513.4802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:513.4802px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">275<span class=\"ls0\"> </span></div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:497.8802px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:497.8802px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:497.8802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:497.8802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:497.8802px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:482.2802px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:482.2802px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:482.2802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:482.2802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:482.2802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h47\" style=\"left:-4.050377px; bottom:462.7802px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:447.18018px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:447.18018px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:447.18018px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:447.18018px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:447.18018px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:431.5802px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:431.5802px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:431.5802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:431.5802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:431.5802px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:415.98022px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:415.98022px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:415.98022px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:415.98022px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:415.98022px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w596 hbc\" style=\"left:-4.050377px; bottom:387.7052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>n accord<span class=\"_ _0\"></span>i di com<span class=\"_ _0\"></span>pensazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e </div></div><div class=\"c w596 h47\" style=\"left:-4.050377px; bottom:368.2052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1) Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:352.60522px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:352.60522px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">53.496 </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:352.60522px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">11.408 </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:352.60522px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.759 </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:352.60522px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:337.0052px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:337.0052px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:337.0052px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">168<span class=\"ls0\"> </span></div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:337.0052px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">147<span class=\"ls0\"> </span></div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:337.0052px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:321.4052px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:321.4052px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">421</span> </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:321.4052px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">77</span> </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:321.4052px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">83</span> </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:321.4052px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h47\" style=\"left:-4.050377px; bottom:301.9052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:286.30518px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:286.30518px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">53.235 </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:286.30518px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.587 </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:286.30518px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9.207 </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:286.30518px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:270.7052px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:270.7052px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">410<span class=\"ls0\"> </span></div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:270.7052px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:270.7052px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">112<span class=\"ls0\"> </span></div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:270.7052px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w596 h42\" style=\"left:-4.050377px; bottom:255.10522px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span></div></div><div class=\"c w65 h42\" style=\"left:328.78864px; bottom:255.10522px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w65 h42\" style=\"left:402.1086px; bottom:255.10522px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">185</span> </div></div><div class=\"c w64 h42\" style=\"left:474.80463px; bottom:255.10522px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">156</span> </div></div><div class=\"c w61 h42\" style=\"left:547.5396px; bottom:255.10522px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-351.8258px;\"><div class=\"t m0 x0 h61 y84c ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y697 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d1 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _4\"></span>perimetro <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h2 y11a4 ff1 fs0 fc0 sc0 ls0 ws0\">prodotti strutturati di <span class=\"_ _0\"></span>credito. </div><div class=\"t m0 x0 h2 y43 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y17b4 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y72c ff6 fs12 fc2 sc0 ls0 ws0\">B.4. Vita residua dei deriva<span class=\"_ _3\"></span>ti creditizi di negoziazione \u201cover<span class=\"_ _3\"></span> the counter\u201d: valori nozionali<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 yd77 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w59a h44\" style=\"left:446.7246px; bottom:156.3312px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w598 h40\" style=\"left:-4.050377px; bottom:124.19519px;\"><div class=\"t m0 x41 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua </div></div><div class=\"c w1cc h40\" style=\"left:272.9146px; bottom:124.19519px;\"><div class=\"t m0 x12 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Fino ad 1 <span class=\"_ _0\"></span>anno </div></div><div class=\"c w599 h40\" style=\"left:359.98862px; bottom:124.19519px;\"><div class=\"t m0 x97 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 1 a<span class=\"_ _0\"></span>nno e </div><div class=\"t m0 x94 h59 y82d ff5 fs17 fc2 sc0 ls0 ws0\">fino a 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w59b h40\" style=\"left:446.7246px; bottom:124.19519px;\"><div class=\"t m0 x96 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w599 h40\" style=\"left:533.1876px; bottom:124.19519px;\"><div class=\"t m0 xd5 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w598 h6a\" style=\"left:-4.050377px; bottom:107.503204px;\"><div class=\"t m0 x41 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">1. Vendita di<span class=\"_ _0\"></span> protezione<span class=\"_ _35\"></span> </div></div><div class=\"c w1cc h6a\" style=\"left:272.9146px; bottom:107.503204px;\"><div class=\"t m0 xc h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">7.767 </div></div><div class=\"c w599 h6a\" style=\"left:359.98862px; bottom:107.503204px;\"><div class=\"t m0 xa5 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">64.382 </div></div><div class=\"c w59b h6a\" style=\"left:446.7246px; bottom:107.503204px;\"><div class=\"t m0 x4c h46 y118b ff1 fs17 fc2 sc0 ls25 ws0\">924<span class=\"ls0\"> </span></div></div><div class=\"c w599 h6a\" style=\"left:533.1876px; bottom:107.503204px;\"><div class=\"t m0 xa5 h46 y118b ff1 fs17 fc2 sc0 ls0 ws0\">73.073 </div></div><div class=\"c w598 h41\" style=\"left:-4.050377px; bottom:90.96719px;\"><div class=\"t m0 x41 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">2. Acquis<span class=\"_ _0\"></span>to di prote<span class=\"_ _0\"></span>zione </div></div><div class=\"c w1cc h41\" style=\"left:272.9146px; bottom:90.96719px;\"><div class=\"t m0 xc h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">8.088 </div></div><div class=\"c w599 h41\" style=\"left:359.98862px; bottom:90.96719px;\"><div class=\"t m0 xa5 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">67.174 </div></div><div class=\"c w59b h41\" style=\"left:446.7246px; bottom:90.96719px;\"><div class=\"t m0 x4c h46 y32d ff1 fs17 fc2 sc0 ls25 ws0\">676<span class=\"ls0\"> </span></div></div><div class=\"c w599 h41\" style=\"left:533.1876px; bottom:90.96719px;\"><div class=\"t m0 xa5 h46 y32d ff1 fs17 fc2 sc0 ls0 ws0\">75.938 </div></div><div class=\"c w598 h42\" style=\"left:-4.050377px; bottom:75.36719px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2022 </div></div><div class=\"c w1cc h42\" style=\"left:272.9146px; bottom:75.36719px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">15.855 </div></div><div class=\"c w599 h42\" style=\"left:359.98862px; bottom:75.36719px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">131.556 </div></div><div class=\"c w59b h42\" style=\"left:446.7246px; bottom:75.36719px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.600 </div></div><div class=\"c w599 h42\" style=\"left:533.1876px; bottom:75.36719px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">149.011 </div></div><div class=\"c w59c h1d\" style=\"left:-4.050377px; bottom:57.895203px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2021 </div></div><div class=\"c w1cc h1d\" style=\"left:272.9146px; bottom:57.895203px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9.145 </div></div><div class=\"c w599 h1d\" style=\"left:359.98862px; bottom:57.895203px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">135.770 </div></div><div class=\"c w59b h1d\" style=\"left:446.7246px; bottom:57.895203px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.225 </div></div><div class=\"c w599 h1d\" style=\"left:533.1876px; bottom:57.895203px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">146.140 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-351.8258px;\"><div class=\"t m0 x0 h61 ya84 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydcc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1860 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y134e ff5 fs12 fc2 sc0 ls0 ws0\">B.5. Derivati creditizi connessi con la <span class=\"_ _3\"></span>fair value option: variaz<span class=\"_ _3\"></span>ioni annue </div><div class=\"t m0 x0 h57 y734 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo non detiene in p<span class=\"_ _0\"></span>ortafoglio derivati <span class=\"_ _0\"></span>creditizi connessi <span class=\"_ _0\"></span>con la fair value opti<span class=\"_ _0\"></span>on.<span class=\"_ _2\"></span><span class=\"ff5 fs12\"> </span></div><div class=\"t m0 x0 h57 yd5f ff5 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y11aa ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h61 y1232 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc44 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y234 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc46 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd13 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd14 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd16 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>1.3.2. Le coperture con<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span> Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span><span class=\"ff4\">sede <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>prima <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>esercitato <span class=\"_ _7\"> </span>l\u2019opzione <span class=\"_ _4\"> </span>prevista <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>citato <span class=\"_ _4\"> </span>Principio </span>contabile <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>regole <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>39 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>(micro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>macro)<span class=\"_ _5\"></span><span class=\"ls12\">. </span>Pertanto non trovano a<span class=\"_ _0\"></span>pplicazione le <span class=\"ff4\">previsioni dell\u2019IFRS 9<span class=\"_ _0\"></span> in tema di copert<span class=\"_ _0\"></span>ura.<span class=\"ff1\"> </span></span>A.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura del fair value<span class=\"_ _3\"></span> </span>L\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>finalizzata <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>immunizzare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>bancario <span class=\"_ _5\"></span>dalle<span class=\"_ _5\"></span><span class=\"ff1\"> </span>variazioni di fair valu<span class=\"_ _0\"></span>e della raccolta e <span class=\"_ _0\"></span>deg<span class=\"_ _3\"></span>li impieghi causate d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>i movimenti della<span class=\"_ _0\"></span> curva dei tassi di inter<span class=\"_ _0\"></span>esse (rischio tasso)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Il Gruppo adotta sia <span class=\"_ _0\"></span>coperture specifiche (mi<span class=\"_ _0\"></span>cro fair value hedge<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> che coperture ge<span class=\"_ _0\"></span>neriche (macro fair val<span class=\"_ _0\"></span>ue hedge).<span class=\"_ _3\"></span> Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>micro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>hedge, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>coperti <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>prestiti <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _2\"></span>emessi, <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>impieghi a clientela. Nell\u2019ambito del macro <span class=\"_ _0\"></span>fair value hedge, l<span class=\"_ _0\"></span>a copertura generica vie<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e applicata a:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a vista stabile (cor<span class=\"_ _0\"></span>e deposit), sulla base normati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a di riferimento<span class=\"_ _3\"></span> <span class=\"ff4\">nella versione \u201cCarve</span>-<span class=\"ff4\">out\u201d dello IAS 39 second<span class=\"_ _0\"></span>o </span></span>l\u2019opzione <span class=\"_ _7\"> </span>prevista <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>avvalersi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicare <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isposizioni <span class=\"_ _4\"> </span>dello <span class=\"_ _16\"> </span>IAS <span class=\"_ _4\"> </span>3<span class=\"_ _3\"></span>9 <span class=\"_ _7\"> </span>in materia di coperture; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quota <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fissata <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>var<span class=\"_ _3\"></span>iabile, <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>hedge <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di </span>tasso insito nelle cedol<span class=\"_ _0\"></span>e a tasso variabile<span class=\"_ _0\"></span> degli impieghi erogati,<span class=\"_ _0\"></span> quando il tasso c<span class=\"_ _0\"></span>edolare viene fi<span class=\"_ _0\"></span>ssato;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una porzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>impieghi creditizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tasso f<span class=\"_ _3\"></span>isso; per <span class=\"_ _3\"></span>questa <span class=\"_ _3\"></span>tipologia, in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span><span class=\"ff4\">la <span class=\"_ _3\"></span>versione \u201cCarve</span>-<span class=\"_ _3\"></span><span class=\"ff4\">out\u201d dello <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>39, </span></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>adottato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>generica <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>aperto <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pproccio <span class=\"_ _3\"></span>bottom<span class=\"_ _2\"></span>-layer <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>coerenza con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>misurazione <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>interesse <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>modellizz<span class=\"_ _0\"></span>azione <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _4\"></span>fenomeno <span class=\"_ _6\"></span>del prepayment, risulta m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ggiormente correlat<span class=\"_ _0\"></span>o all\u2019attivit\u00e0 di gestio<span class=\"_ _0\"></span>ne dei rischi ed al <span class=\"_ _0\"></span>dinamismo delle m<span class=\"_ _0\"></span>asse.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>interest <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ate <span class=\"_ _5\"></span>swap <span class=\"_ _5\"></span>(IRS) <span class=\"_ _5\"></span>plain <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strutturati, <span class=\"_ _4\"> </span>overnight <span class=\"_ _6\"></span>index swap (OIS), cross curre<span class=\"_ _0\"></span>ncy swap (CCS), vendite<span class=\"_ _0\"></span> forward ed opzioni <span class=\"_ _0\"></span>su tassi, realizzati c<span class=\"_ _0\"></span>on controparti terze.<span class=\"_ _3\"></span> I derivati non sono quotati su mercati regolame<span class=\"_ _0\"></span>ntati, ma negoziati nell\u2019ambito dei circuiti ov<span class=\"_ _0\"></span>er the counter (OTC). Rientrano<span class=\"_ _2\"></span><span class=\"ff1\"> tra </span>i contratti over the cou<span class=\"_ _0\"></span>nter (OTC) anche quell<span class=\"_ _0\"></span>i stipulati tramite Cl<span class=\"_ _0\"></span>earing House.<span class=\"_ _3\"></span> B.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura dei flussi finanziari<span class=\"_ _3\"></span> </span>L\u2019attivit\u00e0 di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>posta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere dal<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>l\u2019obiettivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>coprire l\u2019esposizione a <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">lussi </span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri, <span class=\"_ _5\"></span>attribuibili <span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>movimenti <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>curva <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _2\"></span>associati <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>attivit\u00e0/passivit<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>come pagamenti di interes<span class=\"_ _0\"></span>si futuri variabili su u<span class=\"_ _0\"></span>n debito/credito o ad<span class=\"_ _0\"></span> una transazione fut<span class=\"_ _0\"></span>ura prevista alt<span class=\"_ _0\"></span>amente probabile.<span class=\"_ _3\"></span> Il Gruppo adotta sia <span class=\"_ _0\"></span>coperture specifiche (mi<span class=\"_ _0\"></span>cro cash flow h<span class=\"_ _0\"></span>edge) che coperture g<span class=\"_ _0\"></span>eneriche (macr<span class=\"_ _0\"></span>o cash flow hedge).<span class=\"_ _3\"></span> Nell\u2019ambito del micr<span class=\"_ _0\"></span>o cash flow hedge, sono <span class=\"_ _0\"></span>coperti principalm<span class=\"_ _0\"></span>ente prestiti obbliga<span class=\"_ _0\"></span>zionari emessi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nell\u2019ambito del macro <span class=\"_ _0\"></span>cash flow hedge, la c<span class=\"ff1\">opertura generica vie<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e applicata a: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a tasso <span class=\"_ _0\"></span>variabile nella misura i<span class=\"_ _0\"></span>n cui \u00e8 utilizzata per fin<span class=\"_ _0\"></span>anziare impieghi a t<span class=\"_ _0\"></span>asso fisso;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so variabile a copertur<span class=\"_ _0\"></span>a della raccolta a ta<span class=\"_ _0\"></span>sso fisso. </span>I derivati utilizzati sono interest rate swap (IRS)<span class=\"_ _3\"></span> realizzati con controparti terze ovvero con altre soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo che, a loro volta, <span class=\"_ _16\"> </span>coprono <span class=\"_ _7\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>affinch\u00e9 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispettati <span class=\"_ _7\"> </span>i  requi<span class=\"_ _0\"></span>siti <span class=\"_ _16\"> </span>richiesti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>esternalizzaz<span class=\"_ _0\"></span>ione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>coperture <span class=\"_ _7\"> </span>co<span class=\"_ _6\"></span><span class=\"ls17\">n </span>controparti terze per q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>alificare le copert<span class=\"_ _0\"></span>ure c<span class=\"_ _3\"></span>ome IAS compliant<span class=\"_ _0\"></span> a livello di bilancio c<span class=\"_ _0\"></span>onsolidato.<span class=\"ff9\"> </span>I derivati non sono quotati su mercati regolame<span class=\"_ _0\"></span>ntati, ma negoziati nell\u2019ambito dei circuiti <span class=\"_ _3\"></span><span class=\"ff1\">over the counter (OTC). Rientrano tra </span>i contratti over the count<span class=\"_ _0\"></span>er (OTC) anche quelli intermedia<span class=\"_ _0\"></span>ti tramite Clearing House. C.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura di investimenti esteri<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>adottato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>edge <span class=\"_ _5\"></span>accounting, <span class=\"_ _2\"></span>coperture <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>terilizzare <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effet<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span>delle <span class=\"_ _3\"></span>oscillazioni <span class=\"_ _2\"></span>strutturali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cambi <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>esentabili <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>requisiti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>cambio.<span class=\"_ _0\"></span> Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>coperture attivate <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i ca<span class=\"_ _3\"></span>mbio strutturale, <span class=\"_ _3\"></span>tali da <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>riserve c<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mbi che sono <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo. <span class=\"_ _4\"></span>Tali <span class=\"_ _2\"></span>coperture <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>separato <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>qualificate <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>coperture specifiche <span class=\"_ _16\"> </span>di  f<span class=\"_ _0\"></span>air  val<span class=\"_ _0\"></span>ue  (m<span class=\"_ _0\"></span>icro <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  hedge<span class=\"_ _0\"></span>) <span class=\"_ _16\"> </span>e  nel <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _16\"> </span>consolidato <span class=\"_ _16\"> </span>assumono <span class=\"_ _16\"> </span>la  configu<span class=\"_ _0\"></span>razione <span class=\"_ _16\"> </span>di  co<span class=\"_ _0\"></span>perture <span class=\"_ _16\"> </span>di investimenti netti i<span class=\"_ _0\"></span>n valuta. D. Strumenti di copertura Le <span class=\"ff4 ls0\">principali cause di inefficacia del modello adottato dal Gruppo p<span class=\"_ _3\"></span>er la verifica dell\u2019efficacia delle coperture sono imputabil<span class=\"_ _5\"></span><span class=\"ff1\">i ai </span></span>seguenti fenomeni: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>disallineamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>nozionale <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>derivato <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"></span>sottostante <span class=\"_ _6\"></span>coperto <span class=\"_ _4\"></span>rilevato <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>designazione<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iniziale <span class=\"_ _6\"></span>o </span>generato successivam<span class=\"_ _0\"></span>ente, come nel caso di<span class=\"_ _0\"></span> rimborsi parziali <span class=\"_ _0\"></span>dei mutui o riacquisto d<span class=\"_ _0\"></span>ei prestiti obbliga<span class=\"_ _0\"></span>zionari;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">applicazione di curve diverse su derivato di copertura ed oggetto coperto ai fini dell\u2019effettuazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del test di efficacia su<span class=\"_ _5\"></span><span class=\"ff1\">lle </span></span></span>co<span class=\"ls0\">perture di tipo fair va<span class=\"_ _3\"></span>lue hedge. I d<span class=\"_ _3\"></span>erivati, normalmente collateralizzati o stipulati tramite <span class=\"_ _3\"></span>Clea<span class=\"_ _0\"></span>ring House, sono <span class=\"_ _3\"></span>scontati<span class=\"_ _0\"></span> </span>alle curve Overnight, me<span class=\"_ _0\"></span>ntre gli oggetti c<span class=\"_ _0\"></span>operti sono scontati all<span class=\"_ _0\"></span>a curva di indicizza<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione dello strume<span class=\"_ _0\"></span>nto di copertura;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inclusion<span class=\"ff4\">e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>efficacia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>gamba <span class=\"_ _2\"></span>variabile <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201ctipo </span></span>fair value hedge\u201d.<span class=\"ff1\"> </span>L\u2019inefficacia della co<span class=\"_ _0\"></span>pertura \u00e8 prontam<span class=\"_ _0\"></span>ente rilevata ai fini:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">della determinazio<span class=\"_ _0\"></span>ne dell\u2019effetto a <span class=\"_ _0\"></span>conto <span class=\"ff1\">economico; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della valutazio<span class=\"_ _0\"></span>ne in merito alla possi<span class=\"_ _0\"></span>bilit\u00e0 di continuare a<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span> applicare le rego<span class=\"_ _0\"></span>le di hedge accou<span class=\"_ _0\"></span>nting.<span class=\"_ _2\"></span> </span>Il Gruppo non utilizz<span class=\"_ _0\"></span>a le coperture dinamiche,<span class=\"_ _0\"></span> cos\u00ec come definit<span class=\"_ _0\"></span>e nell\u2019IFRS 7, paragrafo <span class=\"_ _0\"></span>23C.<span class=\"_ _90\"> </span>E. Elementi coperti Le principali tipologie<span class=\"_ _0\"></span> di elementi coperti sono: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">titoli di debit<span class=\"_ _0\"></span>o dell\u2019attivo;<span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>titoli di debit<span class=\"_ _0\"></span>o emessi e raccolta non <span class=\"_ _0\"></span>cartolare; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so fisso; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so variabile; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>componente opzio<span class=\"_ _0\"></span>nale implicita nei mu<span class=\"_ _0\"></span>tui a tasso variabile; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>cedola gi\u00e0 fissat<span class=\"_ _0\"></span>a di impieghi a tas<span class=\"_ _0\"></span>so <span class=\"_ _3\"></span>variabile; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a vist<span class=\"_ _0\"></span>a modellizzata; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>investimenti n<span class=\"_ _0\"></span>etti in valuta. </span>E.1 Titoli di debito d<span class=\"_ _0\"></span>ell\u2019attivo<span class=\"ff5\"> </span>Sono coperti in <span class=\"_ _3\"></span>relazioni di c<span class=\"_ _3\"></span>opertura di <span class=\"_ _3\"></span>tipo micro fair <span class=\"_ _3\"></span>value hedge, utilizzando interest <span class=\"_ _3\"></span>rate swap (IRS), overnight <span class=\"_ _3\"></span>index <span class=\"_ _5\"></span>swap (OIS) e cross currency sw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>p (CCS) come strum<span class=\"_ _0\"></span>enti di copertura.  In genere \u00e8 coperto il ri<span class=\"_ _0\"></span>schio tasso per tutt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> la durata dell\u2019<span class=\"ff1\">obbligazione. </span>Per verif<span class=\"_ _3\"></span>icare l\u2019efficacia della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>\u00e8 utilizzato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dollar Offset <span class=\"_ _3\"></span>Method. <span class=\"_ _3\"></span>Tale metodo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basato sul <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>tra le <span class=\"_ _3\"></span>var<span class=\"_ _5\"></span><span class=\"ff1\">iazioni<span class=\"_ _0\"></span> </span>cumulate (da inizio <span class=\"_ _3\"></span>copertura) di fair value dello <span class=\"_ _3\"></span>strumento di copertura, attribuibili al r<span class=\"_ _3\"></span>ischio coperto, e<span class=\"_ _5\"></span> le <span class=\"_ _3\"></span>variazioni passate di fair value dell\u2019eleme<span class=\"_ _0\"></span>nto coperto (c.d. d<span class=\"_ _0\"></span>elta fair value), al ne<span class=\"_ _0\"></span>tto del rateo di interes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Sono relazioni di <span class=\"_ _3\"></span>copertura di tipo <span class=\"_ _3\"></span>micro fair value <span class=\"_ _3\"></span>hedge anche quelle da riferire <span class=\"_ _3\"></span>alle operazioni di <span class=\"_ _3\"></span>vendita forward su tit<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>li del portafoglio HTCS, effettuate per consentire<span class=\"_ _0\"></span> un hedge dei rischi sul fair value da movimenti di spread di credito e delle curve di tasso. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>forward, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _2\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>erivato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>transazione <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _5\"></span>regular way\u201d, <span class=\"_ _5\"></span>s<span class=\"ff1\">i <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>separazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>componente <span class=\"_ _5\"></span>spot <span class=\"_ _5\"></span>(i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>pronti) <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>designando <span class=\"_ _5\"></span>come </span>strumento di copertura<span class=\"_ _0\"></span> in una relazione di f<span class=\"_ _0\"></span>air value hedging sol<span class=\"_ _0\"></span>o la componente <span class=\"_ _0\"></span>spot.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span>E.2 Titoli di debito em<span class=\"_ _0\"></span>essi e raccolta non cartol<span class=\"_ _0\"></span>are Il<span class=\"ls0\"> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>attualmente <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttive <span class=\"_ _2\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>raccolta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>fisso <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>strutturata <span class=\"_ _2\"></span>e </span>coperture <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>micro <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>macro <span class=\"_ _5\"></span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>raccolta <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tasso <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariabile, <span class=\"_ _4\"> </span>ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _5\"></span>interest <span class=\"_ _6\"></span>rate <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>wap (IRS), overnight index swa<span class=\"_ _0\"></span>p (OIS) e cross c<span class=\"_ _0\"></span>urrency swap (CCS) come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> In genere \u00e8 coperto il ri<span class=\"_ _0\"></span>schio tasso per tutt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> la durata dell\u2019obb<span class=\"_ _0\"></span>ligazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _3\"></span>micro, l<span class=\"_ _3\"></span>\u2019efficacia della <span class=\"_ _2\"></span>copertura \u00e8 <span class=\"_ _2\"></span>verificata u<span class=\"_ _3\"></span>tilizzando il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">Dollar <span class=\"_ _3\"></span>Offset <span class=\"_ _3\"></span>Method. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basato </span>sul <span class=\"_ _6\"></span>rapporto <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>variazioni <span class=\"_ _6\"></span>cumulate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>da <span class=\"_ _6\"></span>inizio <span class=\"_ _5\"></span>copertura) <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertur<span class=\"_ _5\"></span>a, attribuibili <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>coperto, <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _5\"></span>passate <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _6\"> </span>cassa <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019elemento <span class=\"_ _5\"></span>coperto <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"></span>delta <span class=\"_ _6\"> </span>fair </span>value), al netto del rate<span class=\"_ _0\"></span>o di interesse. Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>coperture <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>tipo <span class=\"_ _4\"> </span>macro, <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>verificata <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>capienza. <span class=\"_ _4\"> </span>Tale <span class=\"_ _6\"> </span>test <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>un confronto <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _5\"></span>coperti, <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>raccolta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>(c.d. <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>future <span class=\"_ _2\"></span>altamente probabili) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>riscontrata <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span><span class=\"ff1\">lla </span>relazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingola <span class=\"_ _2\"></span>fas<span class=\"ff4\">c<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>temporale. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>\u2019oggetto <span class=\"_ _3\"></span>coperto, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _5\"></span>caso, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rappresentato <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa </span>attesi originati dall<span class=\"_ _0\"></span>a raccolta che si verific<span class=\"_ _0\"></span>heranno lungo la <span class=\"_ _0\"></span>vita delle emissio<span class=\"_ _0\"></span>ni stesse.<span class=\"_ _3\"></span> E.3 Impieghi a tasso fi<span class=\"_ _0\"></span>sso Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>designato <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _6\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>macro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value hedge, <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _7\"> </span>a  m<span class=\"_ _35\"></span>utui <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>segmento <span class=\"_ _7\"> </span>retail,  u<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ilizzando <span class=\"_ _7\"> </span>principalmente  interest <span class=\"_ _7\"> </span>rate  sw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>p <span class=\"_ _16\"> </span>(IRS) <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _7\"> </span>di copertura.  Nell\u2019ambito del micr<span class=\"_ _0\"></span>o fair value hedge, i<span class=\"_ _0\"></span>n genere<span class=\"ff1\"> \u00e8<span class=\"_ _3\"></span> coperto il ri<span class=\"_ _0\"></span>schio tasso per tu<span class=\"_ _0\"></span>tta la durata del s<span class=\"_ _0\"></span>ottostante.<span class=\"_ _3\"></span> </span>Per le coperture di ti<span class=\"_ _0\"></span>po micro, l\u2019efficacia del<span class=\"_ _0\"></span>la copertura \u00e8 verifica<span class=\"_ _0\"></span>ta utilizzando il Dolla<span class=\"_ _0\"></span>r Offset Method. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>macro, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impieghi <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>aperto, <span class=\"_ _3\"></span>cio\u00e8 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituito <span class=\"_ _3\"></span>dinamicamente dagli strumenti a t<span class=\"_ _0\"></span>asso fisso gestiti a li<span class=\"_ _0\"></span>vello aggregato tramite i <span class=\"_ _0\"></span>derivati di copertu<span class=\"_ _0\"></span>ra stipulati nel t<span class=\"_ _0\"></span>empo. <span class=\"_ _2\"></span> L\u2019efficacia delle <span class=\"_ _3\"></span>macro coperture <span class=\"_ _3\"></span>sugli i<span class=\"_ _3\"></span>mpieghi a <span class=\"_ _3\"></span>tasso f<span class=\"_ _3\"></span>isso \u00e8 <span class=\"_ _3\"></span>periodicamente verificata sul<span class=\"_ _5\"></span><span class=\"ff1\">la base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>specifici test <span class=\"_ _3\"></span>prospettici </span>e retrospettivi volti a di<span class=\"_ _3\"></span>mostrare che il portafoglio oggetto di possibile copertura contenga un ammontare di attivit\u00e0 <span class=\"_ _3\"></span>il cui<span class=\"_ _5\"></span> profilo di sensitivity e le cui <span class=\"_ _0\"></span>variazioni di fair valu<span class=\"_ _0\"></span>e per il rischio tasso<span class=\"_ _0\"></span> rispecchino qu<span class=\"_ _3\"></span>elle dei derivati utiliz<span class=\"_ _0\"></span>zati per la copertura. E.4 Impieghi a tasso vari<span class=\"_ _0\"></span>abile Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>attive <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>macro <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>hedge <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>impieghi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>variabile, <span class=\"_ _3\"></span>utilizzan<span class=\"_ _5\"></span><span class=\"lsc\">do </span>principalmente IRS com<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> strumenti di cop<span class=\"_ _0\"></span>ertura. L<span class=\"ff4\">\u2019efficacia <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>verificata <span class=\"_ _5\"></span>mediante<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>capienza. <span class=\"_ _2\"></span>Tale <span class=\"_ _5\"></span>test <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _2\"></span>degli<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>elementi coperti, riferiti agli i<span class=\"_ _3\"></span>mpieghi in essere a <span class=\"_ _3\"></span>tasso variabile e quella degli s<span class=\"_ _3\"></span>trumenti di copertura, che d<span class=\"_ _3\"></span>eve essere s<span class=\"_ _6\"></span>empr<span class=\"_ _0\"></span>e riscontrata <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>fascia <span class=\"_ _3\"></span>temporale. <span class=\"_ _3\"></span>L\u2019oggetto <span class=\"_ _3\"></span>coperto, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>cas<span class=\"_ _5\"></span><span class=\"ff1\">o, <span class=\"_ _2\"></span>\u00e8 </span>rappresentato dai flu<span class=\"_ _0\"></span>ssi di cassa attesi orig<span class=\"_ _0\"></span>inati dagli impieghi<span class=\"_ _0\"></span> che si verificheran<span class=\"_ _0\"></span>no lungo la vita <span class=\"_ _0\"></span>degli attivi stessi.<span class=\"_ _3\"></span> E.5 Componente opzional<span class=\"_ _0\"></span>e implicita nei mutui a ta<span class=\"_ _0\"></span>sso variabile Sono <span class=\"_ _5\"></span>coperte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pzionali <span class=\"_ _2\"></span>implicite <span class=\"_ _5\"></span>(opzioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tasso) <span class=\"_ _5\"></span>ne<span class=\"_ _5\"></span><span class=\"ls13\">i </span>mutui a tasso variabile<span class=\"_ _0\"></span>, utilizzando opzio<span class=\"_ _0\"></span>ni (cap, floor, collar) come strumenti di copertur<span class=\"_ _0\"></span>a.  I sottostanti possono e<span class=\"_ _0\"></span>ssere coperti parzialm<span class=\"_ _0\"></span>ente o totalmente, n<span class=\"_ _0\"></span>el tempo e nell\u2019impor<span class=\"_ _0\"></span>to.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Per verificare l\u2019effi<span class=\"_ _0\"></span>cacia della copertur<span class=\"_ _0\"></span>a \u00e8 utilizzato il Dollar<span class=\"_ _0\"></span> Offset Method. <span class=\"ff1\"> </span>E.6 Cedola gi\u00e0 fissat<span class=\"_ _0\"></span>a di impieghi a tasso vari<span class=\"_ _0\"></span>abile Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>designato <span class=\"_ _4\"> </span>relazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _4\"> </span>macro <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>hedge <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>cedole <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>fissate <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>impieghi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tasso<span class=\"_ _0\"></span> variabile utilizzando <span class=\"_ _0\"></span>overnight index swa<span class=\"_ _0\"></span>p (OIS) come strumen<span class=\"_ _0\"></span>ti di copertura.<span class=\"_ _3\"></span> Scopo di <span class=\"_ _3\"></span>questo t<span class=\"_ _3\"></span>ipo di <span class=\"_ _3\"></span>copertura \u00e8 <span class=\"_ _3\"></span>quello d<span class=\"_ _3\"></span>i immunizzar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio tasso <span class=\"_ _3\"></span>determinato dalle <span class=\"_ _3\"></span>cedole gi\u00e0 <span class=\"_ _3\"></span>fissate degli <span class=\"_ _3\"></span>impieghi a tasso variabile. Per verificare l\u2019efficacia della copertura \u00e8 utilizzato il Dollar Offset Method, mentre l\u2019effettiva consisten<span class=\"_ _0\"></span>za degli element<span class=\"_ _5\"></span><span class=\"ff1\">i coperti </span>\u00e8 verificata con un test<span class=\"_ _0\"></span> di capienza.  E.7 Raccolta a vista mod<span class=\"_ _0\"></span>ellizzata. La <span class=\"_ _5\"></span>raccolta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>modellizzata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>macro <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>previsto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>\u201ccarve<span class=\"_ _5\"></span><span class=\"ff1\"> </span>out\u201d dello IAS 39<span class=\"ff1\"> utilizzand<span class=\"_ _0\"></span>o interest rate sw<span class=\"_ _0\"></span>ap (IRS) e overnight inde<span class=\"_ _0\"></span>x swap (OIS) co<span class=\"_ _3\"></span>me strumenti di copert<span class=\"_ _0\"></span>ura. </span>Scopo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immunizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>possibili <span class=\"_ _5\"></span>cali <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>riducano <span class=\"_ _5\"></span>lo<span class=\"_ _5\"></span> spread generato dall<span class=\"_ _0\"></span>a raccolta core. Il modello \u00e8 oggetto di contin<span class=\"_ _0\"></span>uo monitoraggio ed attivit\u00e0 di verifica da parte della Direzione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _35\"></span>k Management, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>recepire <span class=\"_ _5\"></span>tempestivamente <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>principali <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _6\"></span>(masse, <span class=\"_ _6\"></span>stabilit\u00e0, <span class=\"_ _5\"></span>reattivit\u00e0)<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>e, ove opportuno, appo<span class=\"_ _0\"></span>rtare i necessari aggiu<span class=\"_ _0\"></span>stamenti.  Per verifi<span class=\"ff4\">care l\u2019efficacia <span class=\"_ _0\"></span>della copertura \u00e8 utili<span class=\"_ _0\"></span>zzato il Dollar Off<span class=\"_ _0\"></span>set Method. <span class=\"ff1\"> </span></span>E.8 Investimenti este<span class=\"_ _0\"></span>ri Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>attualmente <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>attive <span class=\"_ _6\"></span>relazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>netti <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>quali <span class=\"_ _6\"></span>strumenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertu<span class=\"_ _5\"></span>ra contratti derivati a te<span class=\"_ _0\"></span>rmine su valute (Outright forward). Scopo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>copertura <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>immunizzare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>dagli <span class=\"_ _4\"></span>effetti<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>der<span class=\"_ _3\"></span>ivanti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>var<span class=\"_ _3\"></span>iazioni <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cambio <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>possano<span class=\"_ _0\"></span> avere impatti sulle ri<span class=\"_ _0\"></span>serve cambi che sono <span class=\"_ _0\"></span>parte del patrimonio n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto consolidato di G<span class=\"_ _0\"></span>ruppo.<span class=\"_ _3\"></span> Del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontratto <span class=\"_ _4\"> </span>derivato <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"></span>su <span class=\"_ _7\"> </span>valute <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>designato <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>hedge <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _4\"> </span>la variazione relativa al<span class=\"_ _0\"></span> cambio a pronti (com<span class=\"_ _0\"></span>ponente spot), enucl<span class=\"_ _0\"></span>eando quest\u2019ultim<span class=\"_ _0\"></span>a dal fair value com<span class=\"_ _0\"></span>plessivo dello strum<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Tale copertura, nel bilancio separato <span class=\"_ _3\"></span>\u00e8 qualificata quale copertura specifica di <span class=\"_ _3\"></span>fair value (micro fair value hedge) e nel <span class=\"_ _3\"></span>bilanci<span class=\"_ _35\"></span>o consolidato assume la <span class=\"_ _0\"></span>configurazione di <span class=\"_ _0\"></span>copertura di investime<span class=\"_ _0\"></span>nti netti in valuta.<span class=\"_ _3\"></span> Nella <span class=\"_ _5\"></span>verifica <span class=\"_ _6\"></span>dell\u2019efficacia<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"> </span><span class=\"ff1\">a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>separata <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzato <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Dollar <span class=\"_ _5\"></span>Offset <span class=\"_ _5\"></span>Method, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di </span>Gruppo la consisten<span class=\"_ _0\"></span>za degli elementi <span class=\"_ _0\"></span>coperti \u00e8 verificata attr<span class=\"_ _0\"></span>averso un test di ca<span class=\"_ _0\"></span>pienza. <span class=\"_ _3\"></span> Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span>  A. Derivati finanziari di copertura<span class=\"_ _3\"></span> A.1 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura: valori<span class=\"_ _0\"></span> nozionali di fine per<span class=\"_ _0\"></span>iodo<span class=\"_ _3\"></span> (milioni di euro) Attivit\u00e0 sottostanti/Tipologie derivati 31.12.2022 31.12.2021 Over the counter Mercati organizzati Over the counter Mercati organizzati Controparti centrali Senza controparti centrali Controparti centrali Senza controparti centrali Con accordi di compensazione Senza accordi di compensazione Con accordi di compensazione Senza accordi di compensazione 1. Titoli di debito e tassi d'interesse 322.529 28.225 8.873 - 253.424 29.784 8.435 - a) Opzioni - 1.587 - - - 1.851 - - b) Swap 322.529 26.269 8.873 - 253.424 27.195 7.687 - c) Forward - 349<span class=\"ls0\"> </span>- - - 718<span class=\"ls0\"> </span>748<span class=\"ls0\"> </span>- d) Futures - - - - - - - - e) Altri - 20<span class=\"ls0\"> </span>- - - 20<span class=\"ls0\"> </span>- - 2. Titoli di capitale e indici azionari - - - - - - - - a) Opzioni - - - - - - - - b) Swap - - - - - - - - c) Forward - - - - - - - - d) Futures - - - - - - - - e) Altri - - - - - - - - 3. Valute e oro - 9.528 21<span class=\"ls0\"> </span>316<span class=\"ls0\"> </span>- 9.576 26<span class=\"ls0\"> </span>175<span class=\"ls0\"> </span>a) Opzioni - - - - - - - - b) Swap - 9.321 21<span class=\"ls0\"> </span>316<span class=\"ls0\"> </span>- 9.576 26<span class=\"ls0\"> </span>175<span class=\"ls0\"> </span>c) Forward - 207<span class=\"ls0\"> </span>- - - - - - d) Futures - - - - - - - - e) Altri - - - - - - - - 4. Merci - - - - - - - - 5. Altri - - - - - - - - TOTALE 322.529 37.753 8.894 316<span class=\"ls0\"> </span>253.424 39.360 8.461 175<span class=\"ls0\"> </span>Il <span class=\"ff4 ls0\">valore nozio<span class=\"_ _0\"></span>nale medio nell\u2019es<span class=\"_ _0\"></span>ercizio dei derivati fi<span class=\"_ _0\"></span>nanziari di copertura amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nta a 335.456 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>A.2 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura: fair v<span class=\"_ _0\"></span>alue lordo positivo e <span class=\"_ _0\"></span>negativo <span class=\"_ _3\"></span>- ripartizione per prod<span class=\"_ _0\"></span>otti (milioni di euro)<span class=\"_ _3\"></span> Tipologie <span class=\"ls2b\">derivati</span> Fair value positivo e negativo<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Variazione del valore usato per calcolare l'efficacia della copertura <span class=\"ls0\"> </span>Totale 31.12.2022<span class=\"ls0\"> </span>Totale 31.12.2021<span class=\"ls0\"> </span>Totale Totale Over the counter<span class=\"ls0\"> </span>Mercati organizzatiOver the counter<span class=\"ls0\"> </span>Mercati organizzatiControparti centraliSenza controparti centrali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Controparti centraliSenza controparti centrali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Con accordi di compensazione Senza accordi di compensazione Con accordi di compensazione Senza accordi di compensazione Fair value positivo<span class=\"ls0\"> </span>a) Opzioni<span class=\"ls0\"> </span>- 75<span class=\"ls0\"> </span>- - - 26<span class=\"ls0\"> </span>- - -<span class=\"ls28\">47</span> -<span class=\"ls28\">114</span> b) Interest rate swap<span class=\"_ _3\"></span><span class=\"ls0\"> </span>17.193<span class=\"ls0\"> </span>1.637<span class=\"ls0\"> </span>830<span class=\"ls0\"> </span>- 2.816<span class=\"ls0\"> </span>712<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>- 18.312<span class=\"ls0\"> </span>2.505<span class=\"ls0\"> </span>c) Cross currency swap - 325<span class=\"ls0\"> </span>- - - 483<span class=\"ls0\"> </span>- - -<span class=\"ls28\">92</span> 68<span class=\"ls0\"> </span>d) Equity swap<span class=\"ls0\"> </span>- - - - - - - - - - e) Forward<span class=\"ls0\"> </span>- - - - - - - - - - f) Futures<span class=\"ls0\"> </span>- - - - - - - - - - g) Altri<span class=\"ls0\"> </span>- - - - - - - - - - Totale 17.193 2.037 830<span class=\"ls0\"> </span>- 2.816 1.221 61<span class=\"ls0\"> </span>- 18.173 2.459 Fair value negativo<span class=\"ls0\"> </span>a) Opzioni<span class=\"ls0\"> </span>- 1 - - - 2 - - 1 2 b) Interest rate swap<span class=\"_ _3\"></span><span class=\"ls0\"> </span>12.471<span class=\"ls0\"> </span>1.631<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 5.238<span class=\"ls0\"> </span>2.492<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>- 13.360<span class=\"ls0\"> </span>5.743<span class=\"ls0\"> </span>c) Cross currency swap - 788<span class=\"ls0\"> </span>8 - - 380<span class=\"ls0\"> </span>7 - 1.015<span class=\"ls0\"> </span>378<span class=\"ls0\"> </span>d) <span class=\"ls29\">Equity swap<span class=\"ls0\"> </span></span>- - - - - - - - - - e) Forward<span class=\"ls0\"> </span>- 5 - - - 6 1 - - - f) Futures<span class=\"ls0\"> </span>- - - - - - - - - - g) Altri<span class=\"ls0\"> </span>- - - 6 - - - - - - Totale 12.471 2.425 26<span class=\"ls0\"> </span>6 5.238 2.880 71<span class=\"ls0\"> </span>- 14.376 6.123<span class=\"_ _90\"> </span>A.3 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura \u201cov<span class=\"_ _0\"></span>er the counter\u201d: <span class=\"ff2\">valori nozionali, fair value lor<span class=\"_ _0\"></span>do positivo e negati<span class=\"_ _0\"></span>vo per controparti </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0 s<span class=\"_ _0\"></span>ottostanti <span class=\"_ _0\"></span> Contropa<span class=\"_ _0\"></span>rti centrali<span class=\"_ _0\"></span> Banche Altre socie<span class=\"_ _0\"></span>t\u00e0 finanziar<span class=\"_ _0\"></span>ie Altri so<span class=\"_ _0\"></span>ggetti Contratti <span class=\"_ _0\"></span>non rient<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anti in acc<span class=\"_ _35\"></span>ordi di compensa<span class=\"_ _0\"></span>zione 1) <span class=\"ls0\">Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _0\"></span> tassi d'int<span class=\"_ _0\"></span>eresse </span>- valore noz<span class=\"_ _0\"></span>ionale X 4.834 4.039 - - fair value<span class=\"_ _0\"></span> positivo X 497<span class=\"ls0\"> </span>333<span class=\"ls0\"> </span>- - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> X -<span class=\"ls25\">16</span> -2 - 2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari - valore noz<span class=\"_ _0\"></span>ionale X - - - - fair value<span class=\"_ _0\"></span> positivo X - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> X - - - 3) Valute e<span class=\"_ _0\"></span> oro - valore noz<span class=\"_ _0\"></span>ionale X 21<span class=\"ls0\"> </span>- - - fair value<span class=\"_ _0\"></span> positivo X - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> X -8 - - 4) Merci - valore noz<span class=\"_ _0\"></span>ionale X - - - - fair value<span class=\"_ _0\"></span> positivo X - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> X - - - 5) <span class=\"ls0\">Altri </span>- valore noz<span class=\"_ _0\"></span>ionale X - - - - fair value<span class=\"_ _0\"></span> positivo X - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> X - - - Contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>n accord<span class=\"_ _0\"></span>i di com<span class=\"_ _0\"></span>pensazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e 1) Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi d'int<span class=\"_ _0\"></span>eresse - valore noz<span class=\"_ _0\"></span>ionale 322.529 26.545 1.680 - - fair value<span class=\"_ _0\"></span> positivo 17.193 1.668 44<span class=\"ls0\"> </span>- - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> -12.471 -1.119 -<span class=\"ls25\">517</span> - 2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> positivo - - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> - - - - 3) Valute e<span class=\"_ _0\"></span> oro - valore nozional<span class=\"_ _35\"></span>e - 7.918 1.610 - - fair value<span class=\"_ _0\"></span> positivo - 293<span class=\"ls0\"> </span>32<span class=\"ls0\"> </span>- - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> - -<span class=\"ls25\">465</span> -<span class=\"ls25\">324</span> - 4) Merci - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> positivo - - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> - - - - 5) Altri - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> positivo - - - - - fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> - - - -<span class=\"_ _90\"> </span>A.4 Vita residua dei <span class=\"_ _0\"></span>derivati finanziari <span class=\"_ _0\"></span>di copertura \u201cover th<span class=\"_ _0\"></span>e counter\u201d: valori nozi<span class=\"_ _0\"></span>onali <span class=\"_ _3\"></span><span class=\"ff2\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua Fino ad 1 <span class=\"_ _0\"></span>anno Oltre 1 a<span class=\"_ _0\"></span>nno e fino a 5 a<span class=\"_ _0\"></span>nni Oltre 5 a<span class=\"_ _0\"></span>nni Totale A.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi di in<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eresse 83.539 151.813 124.275 359.627 A.2 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i capitale e<span class=\"_ _0\"></span>d indici<span class=\"_ _0\"></span> azionari - - - - A.3 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su valu<span class=\"_ _0\"></span>te ed oro 687<span class=\"ls0\"> </span>3.704 5.158 9.549 A.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su merci - - - - A.5 Altri der<span class=\"_ _0\"></span>ivati finan<span class=\"_ _0\"></span>ziari - - - - Totale 31.12.2022<span class=\"_ _0\"></span> 84.226 155.517 129.433 369.176 Totale 31.12.2021<span class=\"_ _0\"></span> 60.347 126.333 114.565 301.245 Informativa sull\u2019incertezza derivante dalla ri<span class=\"_ _3\"></span>forma <span class=\"ff5\">deg<span class=\"_ _3\"></span>li indici di riferimento dei derivati di coper<span class=\"_ _3\"></span>tura </span>Come  illustrato <span class=\"_ _16\"> </span>nella  Parte  A  Politic<span class=\"_ _0\"></span>he  Contabili,  il <span class=\"_ _16\"> </span>Gruppo  Intesa  Sa<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>paolo  applica,  a <span class=\"_ _16\"> </span>decorrere  dal  Bil<span class=\"_ _0\"></span>ancio  2019,  i<span class=\"_ _35\"></span>l Regolamento <span class=\"_ _4\"> </span>n.34/2020 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>15 <span class=\"_ _7\"> </span>gennaio <span class=\"_ _7\"> </span>2020 <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>adottato <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ocumento <span class=\"_ _4\"> </span>emesso <span class=\"_ _7\"> </span>dall<span class=\"_ _2\"></span>o <span class=\"_ _7\"> </span>IASB <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2019 <span class=\"_ _4\"> </span>sulla \u201cRiforma <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>indici <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>modifiche<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>all\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _3\"></span>finanzi<span class=\"_ _5\"></span><span class=\"ff1\">ari, </span>allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _5\"></span>Strumenti <span class=\"_ _2\"></span>finanziari: <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>val<span class=\"_ _3\"></span>utazione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>all\u2019IFRS <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Strumenti <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>nanziari: <span class=\"_ _2\"></span>i<span class=\"_ _5\"></span>nformazioni <span class=\"_ _2\"></span>integrative)\u201d. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>il regolamento <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>introdotte <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifiche <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tema <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>coperture <span class=\"_ _4\"> </span>(hedge <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccounting) <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>finalit\u00e0 <span class=\"_ _4\"> </span>di evitare <span class=\"_ _4\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>incertezze <span class=\"_ _7\"> </span>sull\u2019ammontare <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>tempistiche <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>rifo<span class=\"_ _5\"></span><span class=\"ff1\">rma <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>possano<span class=\"_ _0\"></span> </span>comportare l\u2019interruzio<span class=\"_ _0\"></span>ne delle coperture in essere e diffi<span class=\"_ _0\"></span>colt\u00e0 a designare nuove relazio<span class=\"_ _0\"></span>ni di copertura. Pertant<span class=\"_ _0\"></span>o, l\u2019analis<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span> della </span>tenuta de<span class=\"_ _3\"></span>lle coperture <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata considerando <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tempistiche dei <span class=\"_ _3\"></span>derivati d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere, presumendo che gli indici di riferimento per la determinazione dei tassi di interesse esistenti non siano modificati a seguito della<span class=\"_ _0\"></span> rif<span class=\"_ _5\"></span>orma dei tassi interbancari (cd. I<span class=\"_ _0\"></span>nterest Rate Benchm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rk Reform o IBOR <span class=\"_ _0\"></span>Reform). <span class=\"_ _3\"></span> A <span class=\"_ _5\"></span>seguire <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019informati<span class=\"_ _0\"></span>va <span class=\"_ _6\"></span>richiesta <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>7, <span class=\"_ _6\"></span>paragrafo <span class=\"_ _5\"></span>24H, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>all\u2019incertezza <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>riforma <span class=\"_ _5\"></span>degli </span>indici di riferimento per la determinazione dei tassi di interesse su<span class=\"_ _3\"></span>lle relazioni di copertura e l\u2019importo nominale degli st<span class=\"_ _5\"></span><span class=\"ff1\">rumenti </span>di  copertura  p<span class=\"_ _0\"></span>otenzialmente  i<span class=\"_ _0\"></span>mpattati  dalla <span class=\"_ _16\"> </span>riforma  dei  tas<span class=\"_ _0\"></span>si  benchmark.  Si <span class=\"_ _16\"> </span>rinvia  anche <span class=\"_ _16\"> </span>a  quanto  ripor<span class=\"_ _0\"></span>tato  nella  N<span class=\"_ _0\"></span>ota Integrativa <span class=\"_ _16\"> </span>del  Bilancio <span class=\"_ _16\"> </span>consolidato, <span class=\"_ _16\"> </span>nella  Premessa <span class=\"_ _16\"> </span>della  P<span class=\"_ _0\"></span>arte  E<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  Informazio<span class=\"_ _0\"></span>ni  sui <span class=\"_ _16\"> </span>rischi  e <span class=\"_ _16\"> </span>sulle <span class=\"_ _16\"> </span>relative  politiche<span class=\"_ _35\"></span>  di copertura, per una ill<span class=\"_ _0\"></span>ustrazione di come il Gruppo <span class=\"_ _0\"></span>sta gestendo il proces<span class=\"_ _0\"></span>so di transizione ai tas<span class=\"_ _0\"></span>si di riferimento alt<span class=\"_ _0\"></span>ernativi.<span class=\"_ _3\"></span> B. Derivati creditizi di copertura<span class=\"_ _3\"></span> B.1 Derivati creditizi di<span class=\"_ _0\"></span> copertura: valori nozio<span class=\"_ _0\"></span>nali di fine perio<span class=\"_ _0\"></span>do<span class=\"_ _3\"></span> B.2 Derivati creditizi di<span class=\"_ _0\"></span> copertura: fair val<span class=\"_ _0\"></span>ue l<span class=\"_ _3\"></span>ordo positivo e negat<span class=\"_ _0\"></span>ivo - ripartizione per prodotti B.3 Derivati creditizi di<span class=\"_ _0\"></span> copertura \u201cover the <span class=\"_ _0\"></span>counter\u201d: valori nozi<span class=\"_ _0\"></span>onali, fair value lordo p<span class=\"_ _0\"></span>ositivo e negativo <span class=\"_ _0\"></span>per contropart<span class=\"_ _2\"></span><span class=\"ff2\">i </span>B.4 Vita residua dei <span class=\"_ _0\"></span>derivati creditizi di cop<span class=\"_ _0\"></span>ertura \u201cover the count<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u201d: valori nozionali<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff2\"> </span>Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo non detiene in p<span class=\"_ _0\"></span>ortafoglio derivati <span class=\"_ _0\"></span>creditizi classifi<span class=\"_ _0\"></span>cati di copertura.<span class=\"_ _3\"></span> C. Strumenti non derivati di copertura<span class=\"_ _3\"></span> C.1 Strumenti di coper<span class=\"_ _0\"></span>tura diversi da derivati: ripar<span class=\"_ _0\"></span>tizione per portafogli<span class=\"_ _0\"></span>o contabile e tipol<span class=\"_ _0\"></span>ogia di copertura<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principi<span class=\"_ _3\"></span><span class=\"ff4\">o <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _5\"></span>accounting\u201d <span class=\"_ _3\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _2\"></span>carve<span class=\"_ _3\"></span></span>-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per le coperture spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifiche che per l<span class=\"_ _0\"></span>e macro coperture).<span class=\"_ _3\"></span> Per  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>ragione <span class=\"_ _16\"> </span>il  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>non  h<span class=\"ff4\">a  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>portafoglio  s<span class=\"_ _0\"></span>trumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>riportare <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>tabella  \u201cC.<span class=\"_ _35\"></span>1 </span>Strumenti di copertura <span class=\"_ _0\"></span>diversi da derivati: ri<span class=\"_ _0\"></span>partizione per portaf<span class=\"_ _0\"></span>oglio contabile e ti<span class=\"_ _0\"></span>pologia di copertura<span class=\"_ _0\"></span>\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Derivati di copertura d<span class=\"_ _0\"></span>el fair value I <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>relazion<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>indicizzati <span class=\"_ _3\"></span>all\u2019Euribor, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>di </span>calcolo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>revisione <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>2019 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>oter <span class=\"_ _7\"> </span>continuare <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>utilizzare <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>parametro <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>il 1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>esistenti <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span>lli <span class=\"_ _2\"></span>nuovi. <span class=\"_ _5\"></span>Per <span class=\"_ _2\"></span>rendere <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Euribor <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onforme <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>regolamento <span class=\"_ _3\"></span>dell\u2019<span class=\"_ _3\"></span>UE <span class=\"_ _2\"></span>sui </span></span>benchmark (Benchmarks Regul<span class=\"_ _0\"></span>ation, BMR - <span class=\"ff4\">Re<span class=\"_ _3\"></span>golamento n. 2<span class=\"_ _0\"></span>016/1011/UE), l\u2019EMMI <span class=\"ff1\">- European Money Mar<span class=\"_ _0\"></span>kets Institute -<span class=\"_ _3\"></span> <span class=\"lsc\">ha </span></span></span>reso <span class=\"_ _6\"></span>operativo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>passaggio <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _6\"></span>metodolog<span class=\"_ _0\"></span>ia <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _6\"></span>\u201cibri<span class=\"_ _3\"></span>da\u201d. <span class=\"_ _6\"> </span>L\u2019attuale <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>calcolo <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>sono </span>state c<span class=\"_ _3\"></span>ompletate a <span class=\"_ _2\"></span>fine novembre <span class=\"_ _3\"></span>2019 <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">non <span class=\"_ _2\"></span>modifica <span class=\"_ _3\"></span>la variabile <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019indice <span class=\"_ _3\"></span>misura: <span class=\"_ _3\"></span>l\u2019Euribor esprime <span class=\"_ _3\"></span>l\u2019effettivo </span>costo della raccolta <span class=\"_ _0\"></span>per le banche europee <span class=\"_ _0\"></span>contributrici ed \u00e8 sem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>re dis<span class=\"_ _3\"></span>ponibile e consultabile.  Pertanto, non si ritiene che ci si<span class=\"_ _0\"></span>a incertezza sul timing o sull\u2019am<span class=\"_ _35\"></span>mo<span class=\"_ _3\"></span>ntare dei flussi di cassa d<span class=\"_ _0\"></span>ell\u2019Euribor e non si c<span class=\"_ _0\"></span>onsider<span class=\"_ _5\"></span><span class=\"ff1\">ano le </span>coperture <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>collegate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>l\u2019Euribor <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>impattate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iforma, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019im<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>ostazione <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>adottata <span class=\"_ _6\"></span>negli<span class=\"_ _0\"></span> </span>esercizi precedenti. Con <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>ai <span class=\"_ _7\"> </span>benchmark <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>cessazione <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>corrispondenti <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>transizione <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>sono<span class=\"_ _35\"></span> concluse <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo <span class=\"_ _6\"></span>positivo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rispettivi <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>enchmark. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>qua<span class=\"_ _2\"></span>nto <span class=\"_ _6\"></span>riguarda <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>residuali <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di copertura a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>Eonia <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>indice sottostante <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>EONIA <span class=\"_ _3\"></span>OIS) nonch\u00e9  i<span class=\"_ _35\"></span>  contratti <span class=\"_ _16\"> </span>con  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _16\"> </span>di  r<span class=\"_ _0\"></span>emunerazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lativi <span class=\"_ _16\"> </span>collaterali <span class=\"_ _16\"> </span>all\u2019EONIA, <span class=\"_ _16\"> </span>si <span class=\"_ _1d\"> </span><span class=\"ff1\">rileva <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>al  31 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _16\"> </span>non </span>residuano pi\u00f9 posizioni<span class=\"_ _0\"></span> aperte. Anche <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _4\"> </span>derivati <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _7\"> </span>indicizzati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>LI<span class=\"_ _3\"></span>BOR, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cessazione <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _7\"> </span>2021 (principalmente rispett<span class=\"_ _0\"></span>o a quelli espressi<span class=\"_ _0\"></span> in divisa GBP, CHF, JP<span class=\"_ _0\"></span>Y e<span class=\"_ _3\"></span>d EUR), si evidenzia che le c<span class=\"_ _0\"></span>orrispondenti esposi<span class=\"_ _0\"></span>zioni non risultavano pi\u00f9 present<span class=\"_ _0\"></span>i gi\u00e0 a partire d<span class=\"_ _0\"></span>ai primi mesi del 202<span class=\"_ _0\"></span>2.<span class=\"_ _3\"></span> Per <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>attiene <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>contratti <span class=\"_ _7\"> </span>derivati <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _7\"> </span>indicizzati <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>LIBOR <span class=\"_ _7\"> </span>USD <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>segnala <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>transizione <span class=\"_ _4\"> </span>dovr\u00e0 <span class=\"_ _7\"> </span>essere effettuata entro <span class=\"_ _3\"></span>il 30 giugno 2023 <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> il 31 <span class=\"_ _3\"></span>dicembre 2021 rappresentava la data <span class=\"_ _3\"></span>ultima per la <span class=\"_ _3\"></span>pubblicazione dei soli tassi L<span class=\"_ _3\"></span>IBOR USD <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>settimana <span class=\"_ _4\"></span>ed <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>- <span class=\"_ _4\"></span>pertanto <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>nuovi <span class=\"_ _6\"></span>RFR, <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>di interesse <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>soli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>successiva <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>data. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>essazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>LIBOR USD <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>determina <span class=\"_ _5\"></span>particolari <span class=\"_ _5\"></span>incertezze <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>legate <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>mpistiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>negoziazione <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>potrebbero <span class=\"_ _5\"></span>essere posticipate dalle stess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> controparti. Nello <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecifico, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>presenti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>hedge <span class=\"_ _2\"></span>indicizzati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>LIBOR <span class=\"_ _3\"></span>USD <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nozionale <span class=\"_ _2\"></span>di 13.332 milioni, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>rappresentare il <span class=\"_ _3\"></span>4% del <span class=\"_ _3\"></span>totale d<span class=\"_ _3\"></span>ei derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair v<span class=\"_ _3\"></span>alue hedge <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo. Al <span class=\"_ _3\"></span>31 dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>erano inv<span class=\"_ _5\"></span>ece presenti <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>indicizzati <span class=\"_ _5\"></span>all\u2019EONIA <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>nozionale <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>4 <span class=\"_ _6\"> </span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>LIBOR <span class=\"_ _6\"></span>USD <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>nozionale <span class=\"_ _5\"></span>di 16.646 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>LIBOR <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>divise <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nozionale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>62 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appresentare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>6% <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>totale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>f<span class=\"_ _5\"></span>air value hedge del Gru<span class=\"_ _0\"></span>ppo. Si evidenzia che <span class=\"_ _3\"></span>tali importi sono inclusi nella <span class=\"_ _2\"></span>disclosure <span class=\"ff4\">fornita sull\u2019</span>I<span class=\"_ _3\"></span>BOR Reform nella Parte <span class=\"_ _3\"></span>A Sezione 5 <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Altri Aspetti. Nello specifico <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>pubblicata <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>colonna <span class=\"_ _3\"></span>\u201cderivati\u201d <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>ch<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ancora </span>transitati <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alternativi a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022. <span class=\"_ _3\"></span>Si <span class=\"_ _2\"></span>rinvia <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>ezione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>qualitative <span class=\"_ _3\"></span>sulle<span class=\"_ _6\"></span> <span class=\"_ _3\"></span>modalit\u00e0 di gestione della tr<span class=\"_ _0\"></span>ansizione da part<span class=\"_ _0\"></span>e del Gruppo. Derivati di copertura di<span class=\"_ _0\"></span> flussi finanziari I <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>relazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>flow <span class=\"_ _2\"></span><span class=\"ff4\">sono <span class=\"_ _5\"></span>indicizzati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019Euribor. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>hedge, <span class=\"_ _2\"></span>il Gruppo non <span class=\"_ _3\"></span>ritiene che c<span class=\"_ _3\"></span>i sia <span class=\"_ _3\"></span>incertezza sul <span class=\"_ _2\"></span>timing <span class=\"ff4\">o <span class=\"_ _3\"></span>sull\u2019ammontare dei flussi <span class=\"_ _3\"></span>di cassa <span class=\"_ _3\"></span>dell\u2019Euribor e, <span class=\"_ _3\"></span>pertanto, non <span class=\"_ _3\"></span>consider<span class=\"_ _0\"></span>a </span>le coperture di cash flow come i<span class=\"_ _35\"></span>mp<span class=\"_ _3\"></span>attate dalla riform<span class=\"_ _0\"></span>a. D. Strumenti coperti  Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applicare </span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span>dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per le coperture spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifiche che per <span class=\"_ _3\"></span>le macro coperture). D.1 Coperture del fair <span class=\"_ _0\"></span>value (milioni di euro)<span class=\"_ _3\"></span> Coperture specifiche: valore di bilancio Coperture specifiche - posizioni nette: valore di bilancio delle attivit\u00e0 o passivit\u00e0 (prima della compensazione)<span class=\"_ _3\"></span> Coperture speci<span class=\"_ _3\"></span>fiche Coperture generiche: Valore di bilancio Variazioni cumulate di fair value dello strumento coperto Cessazione della copertura: variazioni cumulate residue del fair value Variazioni del valore usato per rilevare l'inefficacia della copertura A. Attivit\u00e0 1. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impatto sulla redditi<span class=\"_ _3\"></span>vit\u00e0 complessi<span class=\"_ _3\"></span>va - copertura di:<span class=\"_ _3\"></span> 30.794 - -4.934 -2.221 -4.575 - 1.1 Titoli di debito <span class=\"_ _3\"></span>e tassi d'interess<span class=\"_ _3\"></span>e 28.597 - -4.905 -2.214 -4.566 X 1.2 Titoli di capitale<span class=\"_ _3\"></span> e indici aziona<span class=\"_ _3\"></span>ri - - - - - X 1.3 Valute e oro<span class=\"_ _3\"></span> - - - - - X 1.4 Crediti - - - - - X 1.5 Altri 2.197 - -<span class=\"ls1b\">29</span> -7 -9 X 2. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al <span class=\"_ _3\"></span>costo ammortizzato - c<span class=\"_ _3\"></span>opertura di: 35.329 - -2.568 -1.028 -2.536 99.032 1.1 Titoli di debito e t<span class=\"_ _3\"></span>assi d'interess<span class=\"_ _3\"></span>e 34.751 - -2.766 -1.028 -2.738 X 1.2 Titoli di capitale<span class=\"_ _3\"></span> e indici aziona<span class=\"_ _3\"></span>ri - - - - - X 1.3 Valute e oro<span class=\"_ _3\"></span> 157<span class=\"ls0\"> </span>- -1 - - X 1.4 Crediti - - - - - X 1.5 Altri 421<span class=\"ls0\"> </span>- 199<span class=\"ls0\"> </span>- 202<span class=\"ls0\"> </span>X Totale 31.12.2022 66.123 - -7.502 -3.249 -7.111 99.032 Totale 31.12.2021 84.679 - 3.383 190<span class=\"ls0\"> </span>2.773 76.009 B. Passivit\u00e0<span class=\"_ _3\"></span> 1. Passivit\u00e0 finan<span class=\"_ _3\"></span>ziarie valutate al <span class=\"_ _3\"></span>costo ammortizzato - c<span class=\"_ _3\"></span>opertura di: <span class=\"_ _3\"></span> 55.128 - -3.589 -370 -3.764 111.035 1.1 Titoli di debito <span class=\"_ _3\"></span>e tassi d'interess<span class=\"_ _3\"></span>e 49.462 - -2.997 -<span class=\"ls1b\">66</span> -3.219 X 1.2 Valute e oro<span class=\"_ _3\"></span> - - - - - X 1.3 Altri 5.666 - -592 -304 -545 X Totale 31.12.2022 55.128 - -3.589 -370 -3.764 111.035 Totale 31.12.2021 61.269 - 740<span class=\"ls0\"> </span>3 697<span class=\"ls0\"> </span>61.554<span class=\"_ _90\"> </span>D.2 Copertura dei flus<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i finanziari e degli<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>investimenti esteri (milioni di eur<span class=\"_ _35\"></span>o) Variazione<span class=\"_ _0\"></span> del valore usat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> per rilevare l'inefficac<span class=\"_ _0\"></span>ia della copertura<span class=\"_ _35\"></span> Riserve <span class=\"_ _0\"></span>da copertura<span class=\"_ _0\"></span>  Cessazi<span class=\"_ _0\"></span>one della<span class=\"_ _0\"></span> copertura:<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valore residuo <span class=\"_ _0\"></span>delle riserve di<span class=\"_ _0\"></span> copertura<span class=\"_ _35\"></span> A. Cope<span class=\"_ _0\"></span>rtura di fl<span class=\"_ _0\"></span>ussi finanz<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ari 1. Attivit\u00e0<span class=\"_ _35\"></span> 640<span class=\"ls0\"> </span>-488 - 1.1 Titoli di <span class=\"_ _0\"></span>debito e ta<span class=\"_ _0\"></span>ssi d'inter<span class=\"_ _0\"></span>esse 640<span class=\"ls0\"> </span>-488 - 1.2 Titoli di <span class=\"_ _0\"></span>capitale e <span class=\"_ _0\"></span>indici aziona<span class=\"_ _35\"></span>ri - - - 1.3 Valute e<span class=\"_ _0\"></span> oro - - - 1.4 Crediti<span class=\"_ _0\"></span> - - - 1.5 Altri - - - 2. Passivit\u00e0<span class=\"_ _0\"></span> 192<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1.1 Titoli di <span class=\"_ _0\"></span>debito e ta<span class=\"_ _0\"></span>ssi d'inter<span class=\"_ _0\"></span>esse 192<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1.2 Valute e<span class=\"_ _0\"></span> oro - - - 1.3 Altri - - - Totale (<span class=\"_ _0\"></span>A) 31.12.2022<span class=\"_ _0\"></span> 832<span class=\"ls0\"> </span>-466 - Totale (<span class=\"_ _0\"></span>A) 31.12.2021<span class=\"_ _0\"></span> -751 -607 - B. Cope<span class=\"_ _0\"></span>rtura degli<span class=\"_ _0\"></span> investimen<span class=\"_ _0\"></span>ti esteri X 10<span class=\"ls0\"> </span>- Totale (<span class=\"_ _0\"></span>A+B) 31.12.2022<span class=\"_ _0\"></span> 832<span class=\"ls0\"> </span>-456 - Totale (<span class=\"_ _0\"></span>A+B) 31.12.2021<span class=\"_ _0\"></span> -751 -607 - E. Effetti delle operazioni di copertura a <span class=\"_ _3\"></span>patrimonio netto<span class=\"_ _3\"></span> E.1 Riconciliazion<span class=\"_ _0\"></span>e delle componenti di pat<span class=\"_ _0\"></span>rimonio netto (milioni di euro)<span class=\"_ _3\"></span> Riserva da coper<span class=\"_ _3\"></span>tura dei flussi fi<span class=\"_ _3\"></span>nanziari<span class=\"_ _3\"></span> Riserva da coper<span class=\"_ _3\"></span>tura di investim<span class=\"_ _3\"></span>enti esteri<span class=\"_ _3\"></span> Titoli di debito e tassi d'interesse<span class=\"_ _3\"></span> Titoli di capitale e indici azionari Valute e oro Crediti Altri Titoli di debito e tassi d'interesse Titoli di capitale e <span class=\"ls0\">indici </span>azionari Valute e oro Crediti Altri Esistenze iniziali<span class=\"_ _3\"></span> -607 - - - - - - - - - Variazioni di fair v<span class=\"_ _3\"></span>alue (quota efficace) 141<span class=\"ls0\"> </span>- - - - - - - - - Rigiri a conto econ<span class=\"_ _3\"></span>omico - - - - - - - - - - di cui: transazioni f<span class=\"_ _3\"></span>uture non pi\u00f9 attese - - - - - X X X X X Altre variazioni<span class=\"_ _3\"></span> - - - - - - - 10<span class=\"ls0\"> </span>- - di cui: trasferimen<span class=\"_ _3\"></span>ti al valore contabile iniziale <span class=\"_ _3\"></span>degli strumenti coperti - - - - - X X X X X Rimanenze finali<span class=\"_ _3\"></span> -466 - - - - - - 10<span class=\"ls0\"> </span>- - Si segnala che la fa<span class=\"_ _3\"></span>ttispecie \u201cStrumenti<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>copertura (elementi non designati)\u201d non risulta presente dal momento che il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _17\"> </span>Sanpaolo <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>avvale <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>possibilit\u00e0, <span class=\"_ _1d\"> </span>prevista <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sede <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>introduzione <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _17\"> </span>9, <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>continuare <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>applicare integralmente le <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>contabile IAS<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">39 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>\u201chedge <span class=\"_ _3\"></span>accounting\u201d <span class=\"_ _3\"></span>(nella versione <span class=\"_ _3\"></span>\u201ccarve<span class=\"_ _3\"></span></span>-<span class=\"ff4\">out\u201d <span class=\"_ _3\"></span>omologata </span>dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per coperture specifi<span class=\"_ _0\"></span>che che per le macr<span class=\"_ _0\"></span>o coperture)<span class=\"_ _90\"> </span>1.3.3. Altre informazioni <span class=\"_ _3\"></span>sugli strumenti de<span class=\"_ _3\"></span>rivati (di <span class=\"_ _2\"></span>negoziazione e di cop<span class=\"_ _3\"></span>ertura)<span class=\"_ _3\"></span> A. Derivati finanziari e creditizi<span class=\"_ _3\"></span> A.1 Derivati finanziari <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> creditizi \u201cover the c<span class=\"_ _0\"></span>ounter\u201d: fair value n<span class=\"_ _0\"></span>etti per controparti<span class=\"_ _3\"></span><span class=\"ff2\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Contropa<span class=\"_ _0\"></span>rti centrali<span class=\"_ _0\"></span> Banche Altre socie<span class=\"_ _0\"></span>t\u00e0 finanziar<span class=\"_ _0\"></span>ie Altri so<span class=\"_ _0\"></span>ggetti A. Derivat<span class=\"_ _0\"></span>i finanziari<span class=\"_ _0\"></span> 1) Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi d'int<span class=\"_ _0\"></span>eresse  - valore noz<span class=\"_ _0\"></span>ionale 1.650.362<span class=\"_ _0\"></span> - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo 564<span class=\"ls0\"> </span>- - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - 2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari - valore nozional<span class=\"_ _35\"></span>e - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - 3) Valute e<span class=\"_ _0\"></span> oro - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - 4) Merci - valore nozional<span class=\"_ _35\"></span>e - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - 5) Altri - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - B. Derivat<span class=\"_ _0\"></span>i creditizi 1) Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - 2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne - valore noz<span class=\"_ _0\"></span>ionale - - - - - fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo - - - - - fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo - - - - La <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>accoglie <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>compensazioni <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>compensazi<span class=\"_ _5\"></span>one soddisfano i criteri pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isti dallo IAS 32 p<span class=\"_ _0\"></span>aragrafo 42. In <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>ferisce p<span class=\"_ _3\"></span>rincipalmente ai <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>creditizi <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>in essere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>compensatore <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>LCH <span class=\"_ _2\"></span>Ltd. <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>separata <span class=\"_ _3\"></span>compensazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value riconducibili all\u2019opera<span class=\"_ _0\"></span>tivit\u00e0 in conto propri<span class=\"_ _0\"></span>o ed all\u2019operativit\u00e0 p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span><span class=\"ff1\">conto della clientela. </span>Il <span class=\"_ _5\"></span>risultato <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>complessivamente <span class=\"_ _2\"></span>positivo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>564 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>85.957 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>valu<span class=\"_ _5\"></span><span class=\"lsc\">e </span>negativo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>85.393 <span class=\"_ _4\"></span>mili<span class=\"_ _0\"></span>oni), <span class=\"_ _6\"></span>ascrivibile <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>risultato <span class=\"_ _6\"></span>positivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>147 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>negoziazi<span class=\"_ _2\"></span>one <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>risultato sempre <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ositivo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>417 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>derivati <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>riportato <span class=\"_ _7\"> </span>nella  Pa<span class=\"_ _0\"></span>rte <span class=\"_ _16\"> </span>B <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Nota <span class=\"_ _16\"> </span>integrativa <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _7\"> </span>per l\u2019operativit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>(derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione) <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _2\"></span>finanz<span class=\"_ _2\"></span><span class=\"ff1\">iarie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione </span>per 4.384 <span class=\"_ _3\"></span>milioni e per <span class=\"_ _3\"></span>l\u2019operativit\u00e0 in conto proprio <span class=\"_ _3\"></span>(derivati di negoziazione e <span class=\"_ _3\"></span>derivati di copertura) t<span class=\"_ _3\"></span>ra le <span class=\"_ _3\"></span>Passivit\u00e0 fi<span class=\"_ _5\"></span><span class=\"ff1\">nanziarie </span>di negoziazione per <span class=\"_ _0\"></span>3.820 milioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1052": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-114.364075px;\"><div class=\"t m0 x0 h61 y7e1 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 y1132 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 y1197 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1198 ff5 fs0 fc2 sc0 ls0 ws0\">2.3 Attivit\u00e0 finanziarie de<span class=\"_ _0\"></span>signate al fair valu<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 ybbe ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w210 h47\" style=\"left:488.37665px; bottom:148.36594px;\"><div class=\"t m0 x49 h46 y569 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w206 h6b\" style=\"left:-4.050377px; bottom:105.46593px;\"><div class=\"t m0 x41 h59 yca7 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20b h47\" style=\"left:226.11462px; bottom:128.86592px;\"><div class=\"t m0 xc7 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w20a h47\" style=\"left:423.9486px; bottom:128.86592px;\"><div class=\"t m0 xc7 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w207 h43\" style=\"left:226.11462px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h43\" style=\"left:290.8546px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w209 h43\" style=\"left:357.4926px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h43\" style=\"left:423.9486px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h43\" style=\"left:488.37665px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h43\" style=\"left:554.2476px; bottom:105.46593px;\"><div class=\"t m0 x88 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w206 h1d\" style=\"left:-4.050377px; bottom:90.64592px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.Titoli d<span class=\"_ _0\"></span>i debito </div></div><div class=\"c w207 h1d\" style=\"left:226.11462px; bottom:90.64592px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:290.8546px; bottom:90.64592px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h1d\" style=\"left:357.4926px; bottom:90.64592px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:423.9486px; bottom:90.64592px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:488.37665px; bottom:90.64592px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h1d\" style=\"left:554.2476px; bottom:90.64592px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w206 h1d\" style=\"left:-4.050377px; bottom:75.82593px;\"><div class=\"t m0 x9b h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli s<span class=\"_ _0\"></span>trutturati </div></div><div class=\"c w207 h1d\" style=\"left:226.11462px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:290.8546px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:357.4926px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:423.9486px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:488.37665px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:554.2476px; bottom:75.82593px;\"><div class=\"t m0 xc h46 yf23 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h7a\" style=\"left:-4.050377px; bottom:61.161926px;\"><div class=\"t m0 x9b h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Altri titol<span class=\"_ _0\"></span>i di debi<span class=\"_ _0\"></span>to </div></div><div class=\"c w207 h7a\" style=\"left:226.11462px; bottom:61.161926px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7a\" style=\"left:290.8546px; bottom:61.161926px;\"><div class=\"t m0 xa2 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h7a\" style=\"left:357.4926px; bottom:61.161926px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7a\" style=\"left:423.9486px; bottom:61.161926px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7a\" style=\"left:488.37665px; bottom:61.161926px;\"><div class=\"t m0 xa2 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h7a\" style=\"left:554.2476px; bottom:61.161926px;\"><div class=\"t m0 xc0 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w206 h1d\" style=\"left:-4.050377px; bottom:46.34192px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.Finanz<span class=\"_ _0\"></span>iamenti </div></div><div class=\"c w207 h1d\" style=\"left:226.11462px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:290.8546px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:357.4926px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:423.9486px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:488.37665px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:554.2476px; bottom:46.34192px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h7a\" style=\"left:-4.050377px; bottom:31.677933px;\"><div class=\"t m0 x9b h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Struttura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i </div></div><div class=\"c w207 h7a\" style=\"left:226.11462px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7a\" style=\"left:290.8546px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7a\" style=\"left:357.4926px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7a\" style=\"left:423.9486px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7a\" style=\"left:488.37665px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7a\" style=\"left:554.2476px; bottom:31.677933px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h1d\" style=\"left:-4.050377px; bottom:16.857925px;\"><div class=\"t m0 x9b h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Altri </div></div><div class=\"c w207 h1d\" style=\"left:226.11462px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:290.8546px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:357.4926px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:423.9486px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h1d\" style=\"left:488.37665px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h1d\" style=\"left:554.2476px; bottom:16.857925px;\"><div class=\"t m0 xc h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:-2.6368713px;\"><div class=\"t m0 x12 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:-2.6368713px;\"><div class=\"t m0 xc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:-2.6368713px;\"><div class=\"t m0 xa2 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:-2.6368713px;\"><div class=\"t m0 xc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:-2.6368713px;\"><div class=\"t m0 xc h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:-2.6368713px;\"><div class=\"t m0 xa2 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:-2.6368713px;\"><div class=\"t m0 xc0 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">3<span class=\"_ _90\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-592.7457px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incluso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>deb<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>valutati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>controp<span class=\"_ _6\"></span>artita d<span class=\"_ _3\"></span>el </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _3\"></span>economico, quali <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>finanziari. <span class=\"_ _3\"></span>A fronte <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate a<span class=\"_ _3\"></span>ttivate coperture <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trami<span class=\"_ _5\"></span>te d<span class=\"_ _3\"></span>i derivati </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">creditizi o strumenti <span class=\"_ _0\"></span>similari ad attenuazion<span class=\"_ _0\"></span>e del relativo rischio d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> credito. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>variazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>attribuibile <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>misurazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>designate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fai<span class=\"_ _6\"></span>r <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 x0 h24 y119e ff1 fs0 fc0 sc0 ls0 ws0\">risultata essere, sia <span class=\"_ _0\"></span>nel<span class=\"ff4\">l\u2019esercizio che cumulativame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te, poco sig<span class=\"_ _0\"></span>nificativa.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span></span></div><div class=\"t m0 x0 h24 yb35 ff5 fs0 fc2 sc0 ls0 ws0\">2.4 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e designate al fair valu<span class=\"_ _0\"></span>e: composizione per debitori<span class=\"_ _0\"></span>/emittenti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 y119f ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w213 h47\" style=\"left:464.6646px; bottom:299.70428px;\"><div class=\"t m0 x0 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span></div></div><div class=\"c w211 h93\" style=\"left:-6.5463715px; bottom:277.3963px;\"><div class=\"t m0 x8 h2 y6e8 ff5 fs17 fc2 sc0 ls0 ws0\">Voci<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h93\" style=\"left:341.73663px; bottom:277.3963px;\"><div class=\"t m0 xcc h2 y6e8 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h93\" style=\"left:464.6646px; bottom:277.3963px;\"><div class=\"t m0 xb6 h2 y6e8 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w211 h47\" style=\"left:-6.5463715px; bottom:257.8963px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h47\" style=\"left:341.73663px; bottom:257.8963px;\"><div class=\"t m0 xf4 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h47\" style=\"left:464.6646px; bottom:257.8963px;\"><div class=\"t m0 x151 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:241.04828px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:241.04828px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:241.04828px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:224.20026px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">b) <span class=\"ls0\">Amministr<span class=\"_ _35\"></span>az<span class=\"_ _3\"></span>ioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span></span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:224.20026px;\"><div class=\"t m0 xf4 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:224.20026px;\"><div class=\"t m0 x151 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1<span class=\"fs0\"> </span></div></div><div class=\"c w211 h6a\" style=\"left:-6.5463715px; bottom:207.5083px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w212 h6a\" style=\"left:341.73663px; bottom:207.5083px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h6a\" style=\"left:464.6646px; bottom:207.5083px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:190.66028px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:190.66028px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:190.66028px;\"><div class=\"t m0 x151 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:173.81226px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:173.81226px;\"><div class=\"t m0 x124 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:173.81226px;\"><div class=\"t m0 x8e h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:156.9643px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:156.9643px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:156.9643px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h5e\" style=\"left:-6.5463715px; bottom:137.4253px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Finan<span class=\"_ _0\"></span>ziamenti<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h5e\" style=\"left:341.73663px; bottom:137.4253px;\"><div class=\"t m0 x124 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h5e\" style=\"left:464.6646px; bottom:137.4253px;\"><div class=\"t m0 x8e h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:120.57727px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> Centrali<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:120.57727px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:120.57727px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:103.72925px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:103.72925px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:103.72925px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:86.88129px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche <span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:86.88129px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:86.88129px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:70.033264px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">d) <span class=\"ls0\">Altre so<span class=\"_ _0\"></span>ciet\u00e0 finanzia<span class=\"_ _35\"></span>rie<span class=\"fs0\"> </span></span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:70.033264px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:70.033264px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:53.185303px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e di assicu<span class=\"_ _35\"></span>razione<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:53.185303px;\"><div class=\"t m0 x124 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:53.185303px;\"><div class=\"t m0 x8e h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:36.33728px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:36.33728px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:36.33728px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h13b\" style=\"left:-6.5463715px; bottom:19.489258px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">f) Famiglie<span class=\"fs0\"> </span></div></div><div class=\"c w212 h13b\" style=\"left:341.73663px; bottom:19.489258px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w213 h13b\" style=\"left:464.6646px; bottom:19.489258px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w211 h47\" style=\"left:-6.5463715px; bottom:-0.0107421875px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w212 h47\" style=\"left:341.73663px; bottom:-0.0107421875px;\"><div class=\"t m0 xf4 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w213 h47\" style=\"left:464.6646px; bottom:-0.0107421875px;\"><div class=\"t m0 x151 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4<span class=\"ff1 fs0\"> </span></div></div>SEZIONE 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DESIGNATE AL FAIR VALUE</span>- VOCE 30 3.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie designate al fair <span class=\"_ _0\"></span>value: composizio<span class=\"_ _0\"></span>ne merceologica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 5 - 4 - 4 5 - 4 - 4 2.1 Strutturati 5 - 4 - X 5 - 4 - X 2.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 3. Titoli di debito<span class=\"_ _3\"></span> 9.875 - 8.761 30<span class=\"ls0\"> </span>8.719 3.634 6 3.638 26<span class=\"ls0\"> </span>3.566 3.1 Strutturati 9.875 - 8.761 30<span class=\"ls0\"> </span>X 3.634 6 3.638 26<span class=\"ls0\"> </span>X 3.2 Altri - - - - X - - - - X Totale 9.880 - 8.765 30<span class=\"ls0\"> </span>8.723 3.639 6 3.642 26<span class=\"ls0\"> </span>3.570 (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'em<span class=\"_ _3\"></span>ittente ri<span class=\"_ _3\"></span>spetto alla data di<span class=\"_ _3\"></span> emissione.<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>classificato <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Debiti <span class=\"_ _7\"> </span>verso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Co<span class=\"_ _3\"></span>-Investimenti <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>3.0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>lavoro <span class=\"_ _7\"> </span>cessati anzitempo di dipendenti di <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span> e l<span class=\"_ _3\"></span>e polizze vita collegate <span class=\"_ _3\"></span>ad iniziative sociali<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>Banca gestisce sulla base del fair value. La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>3.1 <span class=\"_ _6\"></span>Titoli <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>debito <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>Strutturati <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>certificates <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>prevedono <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>restituzione <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>o integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>versati<span class=\"ff4\">, <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>Comunicazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>(certificates <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>capitale </span>garantito <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>protetto). <span class=\"_ _4\"></span>Quest<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>emessi <span class=\"_ _4\"></span>successivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>1\u00b0 <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Passivit\u00e0 <span class=\"_ _6\"></span>finanziarie designate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(cd. <span class=\"_ _3\"></span>Fair V<span class=\"_ _3\"></span><span class=\"ff4\">alue <span class=\"_ _2\"></span>Option), a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dell\u2019impleme<span class=\"_ _0\"></span>ntazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>improntato </span>a logiche di banking <span class=\"_ _0\"></span>book con l\u2019obiettivo di g<span class=\"_ _0\"></span>enerare una raccolt<span class=\"_ _0\"></span>a stabile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>certificates rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Passivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rilevano <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>attribuibili alle <span class=\"_ _17\"> </span>variazioni <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>proprio <span class=\"_ _17\"> </span>merito <span class=\"_ _17\"> </span>creditizio <span class=\"_ _18\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span><span class=\"ff1\">redditivit\u00e0 <span class=\"_ _18\"> </span>complessiva <span class=\"_ _17\"> </span>(Patrimonio <span class=\"_ _17\"> </span>netto). </span>Nell\u2019esercizio le vari<span class=\"_ _0\"></span>azioni <span class=\"ff1\">del proprio merito creditizi<span class=\"_ _0\"></span>o sono risultate negative per 47 milioni. <span class=\"ff5 fc5\"> </span></span>3.2 Dettaglio \u201cPassiv<span class=\"_ _0\"></span>it\u00e0 finanziarie designate <span class=\"_ _0\"></span>al fair value\u201d: p<span class=\"_ _0\"></span>assivit\u00e0 subordinate<span class=\"ff5\"> </span>Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subord<span class=\"_ _0\"></span>inate classificate nella voce Passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> finanziarie designate <span class=\"_ _2\"></span>al fair value.<span class=\"_ _90\"> </span>SEZIONE 3 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _7\"> </span>riferita <span class=\"_ _5\"></span>alle imprese di assicurazio<span class=\"_ _0\"></span>ne.  In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 35 Passivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese d<span class=\"_ _3\"></span><span class=\"ff1\">i assicurazione <span class=\"_ _0\"></span>designate al fair valu<span class=\"_ _0\"></span>e ai sensi </span>dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie componenti di c<span class=\"_ _0\"></span>ui al seguente schem<span class=\"_ _35\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fs12\">. </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>signate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS 39 - <span class=\"_ _0\"></span>Voce 35 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 40. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 9 103<span class=\"ls0\"> </span>50. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> valutate al fair value<span class=\"_ _0\"></span> 71.565 84.667 60. Deriva<span class=\"_ _0\"></span>ti di Copertur<span class=\"_ _35\"></span>a  170<span class=\"ls0\"> </span>- TOTALE<span class=\"_ _0\"></span>  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Tipologia operazioni/Valori 31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>valore nominale o nozionale<span class=\"ls0\"> </span>Fair value<span class=\"ls0\"> </span>Fair value (*)<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span>1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span>- - - - X - - - - X 3.1.1 Strutturate<span class=\"ls0\"> </span>- - - - X - - - - - 3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - X - - - - - 3.2 Altri titoli<span class=\"ls0\"> </span>- - - - X - - - - X 3.2.1 Strutturati<span class=\"ls0\"> </span>- - - - X - - - - - 3.2.2 Altri<span class=\"ls0\"> </span>- - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati<span class=\"ls0\"> </span>1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 1 - - X X - 38<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X 1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - 8 - X X - 4 - X 1.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X 2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - X X - - - X 2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span>X - - - X X - - - X 2.3 Altri<span class=\"ls0\"> </span>X - - - X X - - - X Totale B X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X Totale (A+B) X 1 8 - X X - 42<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>X (*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span>3.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: passivit\u00e0 subordinat<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione: <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>subordinate, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Imprese <span class=\"_ _5\"></span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022. 3.3 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5\"> </span>Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le  Passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione: <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ebiti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _7\"> </span>non  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rilevano <span class=\"_ _16\"> </span>importi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Imprese <span class=\"_ _7\"> </span>di Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022.<span class=\"_ _90\"> </span>3.4 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valutate <span class=\"_ _0\"></span>al fair value: compo<span class=\"_ _0\"></span>sizione merceologica  (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello 1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 2.1 Strutturati - - - - X - - - - X 2.2 Altri 71.565 - 71.565 - X 84.667 - 84.667 - X 3. Titoli di debito<span class=\"_ _3\"></span> - - - - - - - - - - 3.1 Strutturati - - - - X - - - - X 3.2 Altri - - - - X - - - - X Totale 71.565 - 71.565 - 79.141 84.667 - 84.667 - 85.269 (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.5 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair <span class=\"_ _0\"></span>value\u201d: <span class=\"_ _3\"></span><span class=\"ff5\">passivit\u00e0 subordinate<span class=\"fs9\"> </span></span>Al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnalano <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>voce <span class=\"_ _7\"> </span>\u201cPassivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair value\u201d.<span class=\"_ _90\"> </span><span class=\"ff1 fs12\"> </span>3.6 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli gerar<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>hici<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Fair value 31.12.2022 Valore nozionale Fair value 31.12.2021 Valore nozionale Livello 1 Livello 2 Livello 3 31.12.2022 Livello 1 Livello 2 Livello 3 31.12.2021 A) Derivati finan<span class=\"_ _3\"></span>ziari - 170<span class=\"ls0\"> </span>- 1.241 - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - 170<span class=\"ls0\"> </span>- 1.241 - - - - 3) investimenti est<span class=\"_ _3\"></span>eri - - - - - - - - B) Derivati creditizi<span class=\"_ _3\"></span> - - - - - - - - 1) fair value - - - - - - - - 2) flussi finanziari<span class=\"_ _3\"></span> - - - - - - - - Totale - 170<span class=\"ls0\"> </span>- 1.241 - - - -<span class=\"_ _90\"> </span>3.7 Bis Derivati di copertur<span class=\"_ _0\"></span>a: composizione per por<span class=\"_ _0\"></span>tafogli coperti e p<span class=\"_ _0\"></span>er tipologie di copertu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span><span class=\"fs9\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> FAIR VALUE<span class=\"_ _3\"></span> FLUSSI FINANZIARI<span class=\"_ _3\"></span> INVESTIM. ESTERI Specifica Generica Specifica Generica Rischio di tasso Rischio di cambio Rischio di credito Rischio di prezzo Pi\u00f9 rischi 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita<span class=\"_ _3\"></span> - - - - - X - X X 2. Crediti - - - X - X - X X 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenz<span class=\"_ _3\"></span>a X - - X - X - X X 4. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X 5. Altre operazioni<span class=\"_ _3\"></span> - - - - - X - X - Totale attivit\u00e0<span class=\"_ _3\"></span> - - - - - - - - - 1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie - - - X - X 170<span class=\"ls0\"> </span>X X 2. Portafoglio<span class=\"_ _3\"></span> X X X X X - X - X Totale passivit\u00e0<span class=\"_ _3\"></span> - - - - - - 170<span class=\"ls0\"> </span>- - 1. Transazioni attes<span class=\"_ _3\"></span>e X X X X X X - X X 2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie<span class=\"_ _3\"></span> X X X X X - X - - ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1060": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-303.1637px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.5 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione merceolog<span class=\"_ _0\"></span>ica <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w225 h5e\" style=\"left:490.09265px; bottom:665.7263px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w221 h9b\" style=\"left:-4.050377px; bottom:628.75433px;\"><div class=\"t m0 x41 ha yf1a ff5 fs4 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w226 hd3\" style=\"left:223.61862px; bottom:644.3543px;\"><div class=\"t m0 xc7 ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w227 hd3\" style=\"left:418.48862px; bottom:644.3543px;\"><div class=\"t m0 x7 ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w10d h42\" style=\"left:223.61862px; bottom:628.75433px;\"><div class=\"t m0 x9b ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w222 h42\" style=\"left:289.45062px; bottom:628.75433px;\"><div class=\"t m0 x9b ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w223 h42\" style=\"left:353.74863px; bottom:628.75433px;\"><div class=\"t m0 x9b ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w224 h42\" style=\"left:418.48862px; bottom:628.75433px;\"><div class=\"t m0 x86 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w222 h42\" style=\"left:490.09265px; bottom:628.75433px;\"><div class=\"t m0 x9b ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w223 h42\" style=\"left:556.43164px; bottom:628.75433px;\"><div class=\"t m0 x9b ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:609.25433px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:609.25433px;\"><div class=\"t m0 xd1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">67.583 </div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:609.25433px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.152 </div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:609.25433px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">349<span class=\"ls0\"> </span></div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:609.25433px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">81.830 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:609.25433px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.298 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:609.25433px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">412<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:592.7183px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3\"></span> </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:592.7183px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:592.7183px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:592.7183px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:592.7183px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:592.7183px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:592.7183px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h6a\" style=\"left:-4.050377px; bottom:576.0263px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Altri titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w10d h6a\" style=\"left:223.61862px; bottom:576.0263px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">67.575 </div></div><div class=\"c w222 h6a\" style=\"left:289.45062px; bottom:576.0263px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.152 </div></div><div class=\"c w223 h6a\" style=\"left:353.74863px; bottom:576.0263px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">349<span class=\"ls0\"> </span></div></div><div class=\"c w224 h6a\" style=\"left:418.48862px; bottom:576.0263px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">81.816 </div></div><div class=\"c w222 h6a\" style=\"left:490.09265px; bottom:576.0263px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6.298 </div></div><div class=\"c w223 h6a\" style=\"left:556.43164px; bottom:576.0263px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">412<span class=\"ls0\"> </span></div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:556.5263px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3\"></span> </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:556.5263px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.921 </div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:556.5263px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:556.5263px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">67<span class=\"ls0\"> </span></div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:556.5263px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.201 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:556.5263px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:556.5263px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:539.9903px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.1 Valutati al fai<span class=\"_ _3\"></span>r value </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:539.9903px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.921 </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:539.9903px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:539.9903px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">67<span class=\"ls0\"> </span></div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:539.9903px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.201 </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:539.9903px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:539.9903px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w221 h41\" style=\"left:-4.050377px; bottom:523.4543px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.2 Valutati al costo<span class=\"_ _3\"></span> </div></div><div class=\"c w10d h41\" style=\"left:223.61862px; bottom:523.4543px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:289.45062px; bottom:523.4543px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:353.74863px; bottom:523.4543px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h41\" style=\"left:418.48862px; bottom:523.4543px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:490.09265px; bottom:523.4543px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h41\" style=\"left:556.43164px; bottom:523.4543px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:503.95428px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3\"></span>  </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:503.95428px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8.306 </div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:503.95428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:503.95428px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.208 </div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:503.95428px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">9.879 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:503.95428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:503.95428px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.742 </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:484.45428px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4. Finanziamen<span class=\"_ _3\"></span>ti </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:484.45428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:484.45428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:484.45428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:484.45428px;\"><div class=\"t m0 x139 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:484.45428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:484.45428px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w221 h47\" style=\"left:-4.050377px; bottom:464.95428px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w10d h47\" style=\"left:223.61862px; bottom:464.95428px;\"><div class=\"t m0 xd1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">77.810 </div></div><div class=\"c w222 h47\" style=\"left:289.45062px; bottom:464.95428px;\"><div class=\"t m0 xb8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">3.159 </div></div><div class=\"c w223 h47\" style=\"left:353.74863px; bottom:464.95428px;\"><div class=\"t m0 xf ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">4.624 </div></div><div class=\"c w224 h47\" style=\"left:418.48862px; bottom:464.95428px;\"><div class=\"t m0 x99 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">93.910 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:464.95428px;\"><div class=\"t m0 xb8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">6.305 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:464.95428px;\"><div class=\"t m0 xb8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">4.208 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-303.1637px;\"><div class=\"t m0 x0 h61 y11f1 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11f2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11f3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y9b2 ff5 fs0 fc2 sc0 ls0 ws0\">3.6 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita: compos<span class=\"_ _0\"></span>izione per <span class=\"_ _3\"></span>debitori/<span class=\"_ _0\"></span>emittenti </div><div class=\"t m0 x0 h2 y10ef ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h65\" style=\"left:523.5156px; bottom:406.5713px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h43\" style=\"left:-4.050377px; bottom:383.17133px;\"><div class=\"t m0 x41 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w20e h43\" style=\"left:425.97662px; bottom:383.17133px;\"><div class=\"t m0 xb h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h43\" style=\"left:523.5156px; bottom:383.17133px;\"><div class=\"t m0 xb h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:363.67133px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di debito </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:363.67133px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">71.084 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:363.67133px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">88.540 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:347.1353px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _35\"></span>ntrali </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:347.1353px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">55.587 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:347.1353px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">71.782 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:330.5993px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:330.5993px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">283<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:330.5993px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">359<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:314.0633px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:314.0633px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.495 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:314.0633px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.214 </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:297.37128px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri emi<span class=\"_ _0\"></span>ttenti </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:297.37128px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.719 </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:297.37128px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.185 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:277.87128px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Titoli <span class=\"_ _0\"></span>di capitale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:277.87128px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.995 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:277.87128px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.262 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:261.33533px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Banche<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:261.33533px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">194<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:261.33533px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">206<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:244.79932px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri emi<span class=\"_ _0\"></span>ttenti: </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:244.79932px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.801 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:244.79932px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.056 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:228.2633px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese di a<span class=\"_ _35\"></span>ssicurazione </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:228.2633px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:228.2633px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w20d h82\" style=\"left:-4.050377px; bottom:211.54529px;\"><div class=\"t m0 x9b h104 yacd ff2 fs17 fc2 sc0 ls0 ws0\">- societ\u00e0 fin<span class=\"_ _0\"></span>anziarie<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h82\" style=\"left:425.97662px; bottom:211.54529px;\"><div class=\"t m0 x2e h104 yacd ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h82\" style=\"left:523.5156px; bottom:211.54529px;\"><div class=\"t m0 x2e h104 yacd ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:195.00931px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:195.00931px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.766 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:195.00931px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.019 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:178.4733px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:178.4733px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:178.4733px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:158.9733px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Quote<span class=\"_ _0\"></span> di O.I.C.R<span class=\"_ _0\"></span>. </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:158.9733px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">12.514 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:158.9733px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">13.621 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:139.4733px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:139.4733px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:139.4733px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:122.93732px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Governi e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Banche Ce<span class=\"_ _0\"></span>ntrali </span></div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:122.93732px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:122.93732px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:106.2453px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:106.2453px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:106.2453px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:89.70929px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Banche<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:89.70929px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:89.70929px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:73.17331px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri sog<span class=\"_ _0\"></span>getti </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:73.17331px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:73.17331px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:53.67331px;\"><div class=\"t m0 x41 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:53.67331px;\"><div class=\"t m0 x4a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">85.593 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:53.67331px;\"><div class=\"t m0 xc h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">104.423 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-303.1637px;\"><div class=\"t m0 x0 h61 y11f9 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y231 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf8c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y11fa ff5 fs0 fc2 sc0 ls0 ws0\">3.7 Bis Attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie dispon<span class=\"_ _0\"></span>ibili per la vendita oggetto <span class=\"_ _0\"></span>di copertura specific<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y113d ff1 fs0 fc0 sc0 ls0 ws0\">Non si segnalano Attivi<span class=\"_ _0\"></span>t\u00e0 finanziarie disponibili p<span class=\"_ _0\"></span>er la vendita og<span class=\"_ _0\"></span>getto di copertura specifi<span class=\"_ _0\"></span>ca riferibili a socie<span class=\"_ _0\"></span>t\u00e0 Assicurative.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 y11fb ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y11fc ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y53c ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1065": {
   "value": "    INFORMATIVA AI SENSI DELL'IFRS 4 Come gi\u00e0 indicato, il Gruppo Intesa Sanpaolo si avvale della facolt\u00e0 di applicazione del c.d. \u201cDeferral Approach\u201d o Temporary Exemption,  in  virt\u00f9  del  quale  le  attivit\u00e0  e  le  passivit\u00e0  finanziarie  delle  Compagnie assicurative  controllate  continuano  ad essere rilevate in bilancio ai sensi di quanto previsto dallo IAS 39. In particolare le imprese di assicurazione del Gruppo che applicano lo IAS 39 sono: -  Intesa Sanpaolo Vita S.p.A.; -  Intesa Sanpaolo Assicura S.p.A.; -  Intesa Sanpaolo Life Ltd.; -  Fideuram Vita S.p.A.; -  Intesa Sanpaolo RBM Salute S.p.A.  Nella  presente  sezione  sono  riportate  le  informazioni  richieste  dall\u2019IFRS  4  Insurance  Contracts  a  seguito  dell\u2019esercizio dell\u2019opzione, riconosciuta alle imprese di assicurazione facenti parte di conglomerati finanziari a prevalenza bancaria ai sensi del Regolamento n. 2017/1988 e del successivo Regolamento 2020/2097, di posticipare la prima applicazione dell\u2019IFRS 9 88 . Il Gruppo ha verificato il  possesso dei  requisiti per l\u2019applicabilit\u00e0 della Temporary exemption. Nell\u2019ambito  delle Compagnie assicurative \u00e8 soddisfatto il requisito della predominanza assicurativa che prevede che la percentuale del valore contabile delle passivit\u00e0 legate all\u2019attivit\u00e0 assicurativa sul valore contabile delle passivit\u00e0 complessive dell\u2019entit\u00e0 sia maggiore del 90% (predominance ratio). Inoltre, non sono presenti trasferimenti di attivit\u00e0 finanziarie diverse da quelle valutate al FVTPL tra imprese del Gruppo che utilizzano Principi contabili differenti. A  seguire,  come  previsto  dalla  normativa  di  riferimento,  si  fornisce  l\u2019informativa  quantitativa  riferita  alle  entit\u00e0  che applicheranno l\u2019IFRS 9 in via posticipata.    88 Si segnala  che con  il  Regolamento  n.  2097/2020  del  15  dicembre  2020  \u00e8  stata  recepita  la  proroga  dell\u2019esenzione  temporanea  dell\u2019applicazione dell\u2019IFRS  9  Strumenti  finanziari  al  1\u00b0  gennaio  2023,  in  considerazione  della  decisione  dello  IASB  del  25  giugno  2020  di  differire  la  data  di  prima applicazione dell\u2019IFRS 17 Contratti Assicurativi al 1\u00b0 gennaio 2023. Dettaglio dei titoli delle compagnie assicurative che superano SPPI Test  (milioni di euro) Voce Fair Value alla data di chiusura Variazioni di fair value nell'esercizio Altre variazioni nell'esercizio (3) Fair Value alla data di chiusura precedente Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39 171.920 -24.284 -9.857 206.061 di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) 69.674 -14.890 -1.888 86.452 Titoli di debito 69.674 -14.890 -1.888 86.452 Titoli strutturati - - -9 9 Altri titoli di debito 69.674 -14.890 -1.879 86.443 Finanziamenti - - - - Altre attivit\u00e0 finanziarie  - - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 17.044 -1.668 -818 19.530 Titoli di debito 2.086 -408 -405 2.899 Titoli strutturati 8 -1 4 5 Altri titoli di debito 2.078 -407 -409 2.894 Titoli di capitale 1.995 -207 -60 2.262 Quote di OICR 12.865 -1.008 -152 14.025 Finanziamenti - - - Strumenti derivati 98 -45 -201 344 Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie collegate a contratti per i quali il rischio dell'investimento \u00e8 a carico degli assicurati 85.202 -7.726 -7.151 100.079 Titoli di debito 4.353 -437 17 4.773 Titoli strutturati - - -19 19 Altri titoli di debito 4.353 -437 36 4.754 Titoli di capitale 3.016 -552 58 3.510 Quote di OICR 77.817 -6.811 -7.156 91.784 Finanziamenti - - - - Strumenti derivati 16 74 -70 12 Altre attivit\u00e0 finanziarie  - - - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 (*) 69 -6 -7 82 di cui Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) 33 -2 -6 41 Titoli di debito 33 -2 -6 41 Titoli strutturati - - - Altri titoli di debito 33 -2 -6 41 Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - Altre attivit\u00e0 finanziarie diverse da quelle con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (2) 36 -4 -1 41 Titoli di debito 36 -4 -1 41 Titoli strutturati - - - - Altri titoli di debito 36 -4 -1 41 Titoli di capitale - - - Quote di OICR - - - Finanziamenti - - - Strumenti derivati - - - Altre attivit\u00e0 finanziarie  - - - (*) La voce titoli di debito riporta il valore di fair value come richiesto dall\u2019Amendemnt IFRS4. Tali titoli sono iscritti in Stato patrimoniale al valore di costo ammortizzato (1) Escluse le attivit\u00e0 finanziarie che soddisfano la definizione di possedute per negoziazione di cui all\u2019IFRS 9, o che sono gestite e il cui rendimento \u00e8 valutato in base al fair value (2) Include tutte le attivit\u00e0 finanziarie diverse ovvero qualsiasi attivit\u00e0 finanziaria:        i) con termini contrattuali che non prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sull\u2019importo del capitale da restituire;        ii) che soddisfa la definizione di \"posseduta per negoziazione\" di cui all\u2019IFRS 9; o        iii) che \u00e8 gestita o il cui rendimento \u00e8 valutato in base al fair value (3) La colonna include i movimenti non riconducibili a variazioni di fair value (acquisti, vendite, rimborsi, etc.)   Nella  tabella  sopra  richiamata sono  inclusi  gli  investimenti il  cui  rischio \u00e8  interamente  a  carico  degli  assicurati  che  sono classificate tra le Attivit\u00e0 finanziarie valutate al fair value. Agli importi sopra indicati si aggiungono finanziamenti verso banche per 805 milioni.    Esposizione al rischio di credito per gli strumenti finanziari delle compagnie assicurative che superano l\u2019SPPI test (milioni di euro) Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) Rating di rischio credito Valore contabile (2) esercizio corrente Valore contabile (2) esercizio precedente Titoli di debito 67.265 83.261 Titoli strutturati Investment Grade - 9 Altri titoli di debito Investment Grade 67.265 83.252 Finanziamenti - - Altre attivit\u00e0 finanziarie  - - (milioni di euro) Attivit\u00e0 finanziarie con termini contrattuali che prevedono a determinate date flussi finanziari rappresentati unicamente da pagamenti del capitale e dell'interesse sull\u2019importo del capitale da restituire (1) che non hanno un basso rischio di credito  Rating di rischio credito Valore contabile (2) esercizio corrente Valore di mercato esercizio corrente Valore contabile (2) esercizio precedente Titoli di debito 2.444 2.445 3.227 Titoli strutturati Non Investment Grade - - - Altri titoli di debito Non Investment Grade 2.444 2.445 3.227 Finanziamenti - - - Altre attivit\u00e0 finanziarie  - - - (1) Escluse le attivit\u00e0 finanziarie che soddisfano la definizione di possedute per negoziazione di cui all\u2019IFRS 9, o che sono gestite e il cui rendimento \u00e8 valutato in base al fair value. (2) Nel caso di attivit\u00e0 finanziarie valutate al costo ammortizzato, prima di qualsiasi rettifica per riduzione di valore. SEZIONE 8 \u2013 RISERVE TECNICHE A CARICO DEI RIASSICURATORI \u2013 VOCE 80   8.1 Riserve tecniche a carico dei riassicuratori: composizione  (milioni di euro) Voci 31.12.2022 31.12.2021 A. Ramo danni 127 164 A1. Riserve premi 44 37 A2. Riserve sinistri 83 127 A3. Altre riserve - - B. Ramo vita 36 44 B1. Riserve matematiche 32 40 B2. Riserve per somme da pagare 4 4 B3. Altre riserve - - C. Riserve tecniche allorch\u00e8 il rischio dell'investimento \u00e8 sopportato dagli assicurati - - C1. Riserve relative a contratti le cui prestazioni sono connesse con fondi di investimento e indici di mercato - - C2. Riserve derivanti dalla gestione dei fondi pensione - - D. Totale riserve tecniche a carico dei riassicuratori 163 208    8.2 Variazione della voce 80 \u201cRiserve tecniche a carico dei riassicuratori\u201d Il saldo della voce risulta pari a 163 milioni (208 milioni al 31 dicembre 2021) con un decremento di 45 milioni rispetto al 31 dicembre 2021. La variazione \u00e8 sostanzialmente imputabile alla contrazione della voce \u201cA2. Riserve sinistri\u201d, grazie ad una nuova politica assuntiva, sia in fase di rinnovo sia per i nuovi clienti, che privilegia la redditivit\u00e0 consentendo di ridurre la sinistrosit\u00e0 del portafoglio.     SEZIONE 11 \u2013 RISERVE TECNICHE \u2013 VOCE 110   11.1 Riserve tecniche: composizione Questa voce corrisponde alla voce C del passivo dello Stato patrimoniale di un\u2019impresa di assicurazione.  (milioni di euro) Voci Lavoro diretto Lavoro indiretto 31.12.2022 31.12.2021 A. Ramo danni  1.654 - 1.654 1.756 A1. riserve premi  932 - 932 945 A2. riserve sinistri  708 - 708 797 A3. altre riserve  14 - 14 14 B. Ramo vita  89.874 - 89.874 107.324 B1. riserve matematiche  97.148 - 97.148 98.399 B2. riserve per somme da pagare  673 - 673 712 B3. altre riserve  -7.947 - -7.947 8.213 C. Riserve tecniche allorch\u00e9 il rischio dell'investimento \u00e8 sopportato dagli assicurati  8.589 - 8.589 9.216 C1. riserve relative a contratti le cui prestazioni sono connesse con fondi di investimento e indici di mercato  1.586 - 1.586 1.917 C2. riserve derivanti dalla gestione dei fondi pensione  7.003 - 7.003 7.299 D. Totale riserve tecniche  100.117 - 100.117 118.296    11.2 Riserve tecniche: variazioni annue  (milioni di euro) Voci 31.12.2022 31.12.2021 A. Ramo danni  1.654 1.756 Esistenze iniziali 1.756 1.213 Operazioni di aggregazione aziendale - 396 Variazione della riserva (+/-) -102 147 B. Ramo vita e altre riserve tecniche 98.463 116.540 Esistenze iniziali 116.540 95.598 Operazioni di aggregazione aziendale - 20.530 Variazioni per premi 9.065 9.338 Variazione per pagamenti -9.668 -9.534 Variazione per redditi e altri bonus riconosciuti agli assicurati (+/-) 289 1.743 Variazione per differenza cambio (+/-) - - Variazione delle altre riserve tecniche (+/-) -17.763 -1.135 C. Totale riserve tecniche 100.117 118.296 SEZIONE 3 \u2013 RISCHI DELLE IMPRESE DI ASSICURAZIONE 3.1 RISCHI ASSICURATIVI      INFORMAZIONI DI NATURA QUALITATIVA E QUANTITATIVA Ramo Vita I rischi tipici del portafoglio assicurativo Vita (gestito attraverso Intesa Sanpaolo Vita, Intesa Sanpaolo Life e Fideuram Vita) possono essere riassunti in tre categorie: rischi di tariffazione, rischi demografico-attuariali e rischi di riservazione.  I rischi di tariffazione vengono presidiati dapprima in sede di definizione delle caratteristiche tecniche e di pricing di prodotto e nel  tempo  mediante  verifica  periodica  della  sostenibilit\u00e0  e  della  redditivit\u00e0  (sia  a  livello  di  prodotto  che  di  portafoglio complessivo delle passivit\u00e0). In sede di definizione di un prodotto viene utilizzato lo strumento di profit testing, con l\u2019obiettivo di misurarne la redditivit\u00e0 e di identificare in via preventiva eventuali elementi di debolezza attraverso specifiche analisi di sensitivity.  I rischi demografico-attuariali si manifestano qualora si misuri un andamento sfavorevole della sinistralit\u00e0 effettiva rispetto a quella stimata nella costruzione della tariffa e sono riflessi a livello di riservazione. Per sinistralit\u00e0 si intende non solo quella attuariale ma anche quella finanziaria (rischio di tasso di interesse garantito). La societ\u00e0 presidia tali rischi mediante una sistematica analisi statistica dell\u2019evoluzione delle passivit\u00e0 del proprio portafoglio contratti, suddivisa per tipologia di rischi e mediante simulazioni sulla redditivit\u00e0 attesa degli attivi posti a copertura delle riserve tecniche.  Il rischio di riservazione \u00e8 presidiato in sede di determinazione puntuale delle riserve matematiche, con una serie di controlli sia di dettaglio (per esempio un controllo preventivo sulla corretta  memorizzazione a sistema delle variabili necessarie al calcolo, quali rendimenti, quotazioni, basi tecniche, parametri per le riserve integrative, ricalcolo dei valori di singoli contratti) sia d\u2019insieme, mediante il raffronto dei risultati con le stime che vengono prodotte mensilmente. Particolare attenzione viene posta al controllo della corretta presa in carico dei contratti, attraverso la quadratura del relativo portafoglio con ricostruzione delle  movimentazioni  suddivise  per  causa  intervenute  nel  periodo  e  della  coerenza  degli  importi  liquidati,  rispetto  alla movimentazione delle riserve. Nelle tabelle che seguono viene data rappresentazione della struttura per scadenze delle riserve matematiche, escluse le riserve per somme da pagare e  al  lordo  delle  elisioni  intercompany, e  della  struttura  per  rendimento minimo  garantito al 31 dicembre 2022.  (milioni di euro) Dettaglio riserve matematiche pure del segmento vita: scadenza Riserva matematica % Fino ad 1 anno 1.778   1,68 Da 1 a 5 anni 4.826   4,57 Da 6 a 10 anni 1.934   1,83 Da 11 a 20 anni 3.294   3,12 Oltre 20 anni 93.787   88,80 TOTALE 105.619 100,00 (milioni di euro) Dettaglio della concentrazione dei rischi per tipologia di garanzia Totale riserve % Prodotti assicurativi e investimenti con garanzia rendimento annuo 0% - 1% 52.437   53,86 Da 1% a 3% 31.233   32,08 Da 3% a 5% 6.125   6,29 Prodotti assicurativi  15.824   16,25 Riserva Shadow -8.270 -8,48 TOTALE 97.349   100,00 Le riserve matematiche vengono calcolate sulla quasi totalit\u00e0 del portafoglio contratto per contratto e la metodologia utilizzata per la determinazione delle riserve tiene conto di tutti gli impegni futuri dell\u2019impresa. La  ripartizione  per  scadenza  delle  passivit\u00e0  finanziarie,  al  lordo  delle  elisioni  intercompany, rappresentate  dalle  attivit\u00e0  a copertura  degli  impegni  derivanti  dalle  unit  linked,  index  linked  e  da  altri  prodotti  assicurativi  (nello  specifico  al  prodotto Risparmio Insurance) e dalle passivit\u00e0 subordinate, \u00e8 rappresentata dalla tabella che segue. (milioni di euro) Dettaglio della ripartizione per scadenza delle passivit\u00e0 finanziarie Con scadenza nei 12 mesi Con scadenza oltre i 12 mesi Totale al 31.12.2022 Totale al 31.12.2021 Unit linked 66 70.517 70.583 84.883 Index linked - - - - Altre passivit\u00e0 verso assicurati 1.562 - 1.562 - Passivit\u00e0 subordinate - 2.222 2.222 2.220 Totale   1.628   72.739   74.367   87.103    Ramo Danni I rischi tipici del portafoglio assicurativo Danni (gestito attraverso Intesa Sanpaolo Assicura, Intesa Sanpaolo RBM Salute e Intesa Sanpaolo Vita) sono riconducibili principalmente a rischi di tariffazione e di riservazione.  I rischi di tariffazione vengono presidiati dapprima in sede di definizione delle caratteristiche tecniche e di pricing del prodotto e  nel  tempo  mediante  verifica  periodica  della  sostenibilit\u00e0  e  della  redditivit\u00e0  (sia  a  livello  di  prodotto  che  di  portafoglio complessivo delle passivit\u00e0).  Il rischio di riservazione \u00e8 presidiato in sede di determinazione puntuale delle riserve tecniche. In particolare, per le imprese che  esercitano  i  rami  danni,  le  riserve  tecniche  si  possono  distinguere  in:  riserve  premi,  riserve  sinistri,  riserve  per partecipazione agli utili e ristorni, altre riserve tecniche e riserva di perequazione.  Con  riferimento  all\u2019assunzione  del  rischio,  le  polizze  al  momento  dell\u2019acquisizione  vengono  controllate  con  un  sistema automatico di riscontro dei parametri assuntivi associati alla tariffa di riferimento. Il controllo, oltre che formale, \u00e8 quindi anche sostanziale  e  consente,  in  particolare,  di  accertare  esposizioni  a  livello  di  capitali  e  massimali,  al  fine  di  verificare  la corrispondenza del portafoglio con le impostazioni tecniche e tariffarie concordate con la rete di vendita.  In seconda battuta, vengono effettuati controlli statistici per verificare situazioni potenzialmente anomale (come, ad esempio, la  concentrazione  per  zona  o  tipologia  di  rischio)  e  per  tenere  sotto  controllo  i  cumuli  a  livello  di  singola  persona  (con particolare riferimento alle polizze che prevedono coperture nei rami infortuni e malattia). Ci\u00f2 anche allo scopo di fornire  le opportune indicazioni sui profili  di  portafoglio  alla  unit\u00e0  organizzativa Attuariato e  Riassicurazione, per  impostare  il  piano riassicurativo annuale.  Nella tabella che segue si riporta, per i principali rami nei quali opera la societ\u00e0, lo sviluppo dei sinistri per generazione al 31 dicembre 2022.  (milioni di euro) Sviluppo riserve sinistri ANNO DI GENERAZIONE/ACCADIMENTO TOTALE 2018 2019 2020 2021 2022 Importo riserva: al 31/12 dell'anno di generazione N 543 721 588 842 696 al 31/12 dell'anno N+1 383 396 417 510 al 31/12 dell'anno N+2 261 311 219 al 31/12 dell'anno N+3 251 201 al 31/12 dell'anno N+4 147 Importo complessivo sinistri pagati cumulati 521 623 524 862 429 2.959 Riserva sinistri in bilancio al 31.12.2022 25 37 48 123 403 636 Riserva finale per sinistri esercizi precedenti 72 Totale Riserva sinistri in bilancio al 31.12.2022 708  3.2 RISCHI FINANZIARI  INFORMAZIONI DI NATURA QUALITATIVA E QUANTITATIVA  Rischi Finanziari Tali rischi derivano dal livello o dalla volatilit\u00e0 dei prezzi di mercato di strumenti finanziari che impattano sul valore di bilancio sia delle attivit\u00e0 che della passivit\u00e0. I fattori di rischio individuati dalla Compagnia sono: \u2013  rischio tasso: impatta attivit\u00e0 e passivit\u00e0 per le quali il valore \u00e8 sensibile ai cambiamenti nella struttura a termine dei tassi di interesse o della volatilit\u00e0 dei tassi di interesse; \u2013  rischio azionario: deriva dal livello o dalla volatilit\u00e0 dei prezzi di mercato per i titoli azionari e impatta attivit\u00e0 e passivit\u00e0 il cui valore risulti sensibile alle variazioni dei prezzi azionari; \u2013  rischio immobiliare: deriva dal livello o dalla volatilit\u00e0 dei prezzi di mercato delle propriet\u00e0 immobiliari e impatta attivit\u00e0 e passivit\u00e0 sensibili a tali variazioni; \u2013  rischio cambio: deriva da variazioni del livello o della volatilit\u00e0 dei tassi di cambio di valuta; \u2013  rischio spread: impatta attivit\u00e0 e passivit\u00e0 per le quali il valore \u00e8 sensibile alle variazioni sfavorevoli dei credit spread; \u2013  rischio di concentrazione: riflette il rischio di detenere percentuali elevate in attivit\u00e0 finanziarie con la stessa controparte.  Impatti derivanti dalla pandemia COVID-19 In  continuit\u00e0  con  il  2021,  l\u2019analisi  dell\u2019esposizione  al  rischio  del  Gruppo  Assicurativo  \u00e8  stata  condizionata  dallo  scenario economico/sociale/finanziario  dettato  dall\u2019emergenza  pandemica  COVID-19.  Sono  proseguiti  i  monitoraggi  settimanali  e mensili sulla situazione di solvibilit\u00e0 e di liquidit\u00e0 del Gruppo Assicurativo, inviati all\u2019Autorit\u00e0 di Vigilanza a partire dal mese di marzo 2020. Sono stati inoltre mantenuti i monitoraggi rafforzati relativamente ai rischi operativi, con particolare riferimento all\u2019insorgere di perdite derivanti dalla business continuity e/o dipendenti dai rischi cyber.  Impatti derivanti dal conflitto russo-ucraino A  seguito  dell\u2019escalation  della  tensione  geopolitica  tra  Russia  e  Ucraina,  la  funzione  Risk  Management  effettua costantemente monitoraggi sull\u2019evoluzione dei rischi e dei loro effetti sul business del Gruppo Assicurativo, con particolare focus  sulle  esposizioni  ai  Paesi direttamente  coinvolti  nel  conflitto.  In  tale ambito si  segnala  che  l\u2019esposizione  \u00e8  residuale (inferiore allo 0,1% del totale degli attivi).  Portafogli di investimento Gli investimenti delle societ\u00e0 del segmento assicurativo del Gruppo Intesa Sanpaolo (Intesa Sanpaolo Vita, Intesa Sanpaolo Assicura, Intesa  Sanpaolo Life,  Fideuram Vita e Intesa Sanpaolo RBM Salute) vengono realizzati a fronte del patrimonio libero  ed  a  copertura  delle  obbligazioni  contrattuali  assunte  nei  confronti  della  clientela.  Queste  ultime  sono  relative  alle polizze vita di tipo tradizionale rivalutabile, a quelle di tipo Index e Unit linked, ai fondi pensione e alle polizze danni. I  portafogli  di  investimento  ammontano  complessivamente,  a  valori  di  bilancio  e  alla  data  del  31  dicembre  2022,  a 174.035 milioni. Di  questi, una quota pari a 107.620 milioni \u00e8 relativa  alle polizze vita tradizionali rivalutabili, il cui rischio finanziario \u00e8 condiviso con gli assicurati in virt\u00f9 del meccanismo di determinazione dei rendimenti delle attivit\u00e0 in gestione separata, alle polizze danni ed agli investimenti a fronte del patrimonio libero; l\u2019altra componente, il cui rischio \u00e8 interamente sopportato dagli assicurati, \u00e8 costituita da investimenti a fronte di polizze Index  Linked, Unit Linked e Fondi Pensione ed \u00e8 pari a 100.834 milioni. In considerazione del diverso tipo di rischiosit\u00e0, l\u2019analisi dei portafogli investimenti, dettagliata nel seguito, \u00e8 incentrata sugli attivi detenuti a copertura delle polizze vita tradizionali rivalutabili, delle polizze danni e del patrimonio libero.   Attivit\u00e0 finanziarie a fronte di gestioni separate e patrimonio libero In termini di composizione per asset class, al netto delle posizioni in strumenti finanziari derivati, l\u201983,06% delle attivit\u00e0, pari a 72.869 milioni, \u00e8 costituito da titoli obbligazionari mentre la quota relativa a titoli di capitale pesa per il 2,28% ed \u00e8 pari a 2.001 milioni. La  restante  parte, pari a 12.865 milioni, \u00e8  costituita da investimenti in  OICR, Private  Equity  e  Hedge  Fund (14,66%). Il  valore  di  bilancio  dei  derivati  ammonta  a  -73  milioni  circa,  di  questi  la  quasi  totalit\u00e0  \u00e8  riferita  a  derivati  classificati  di copertura, mentre la quota relativa a derivati di gestione efficace 114 apporta un contributo positivo di 84 milioni circa. Gli investimenti a fronte del patrimonio libero di Intesa Sanpaolo Vita e Fideuram Vita sono pari, alla fine del 2022 ed a valori di mercato, a 430 milioni circa e presentano una rischiosit\u00e0, in termini di VaR (intervallo di confidenza 99%, holding period 10 giorni), pari a 9 milioni circa.    Esposizione al rischio di tasso La  distribuzione  per  scadenze della  componente  obbligazionaria  evidenzia  un  10,76%  a  breve  (inferiore  a  un  anno),  un 27,63% a medio termine e un 44,67% a lungo termine (oltre i 5 anni).  (milioni di euro) Attivit\u00e0 finanziarie Valore  di bilancio % Duration Titoli obbligazionari a tasso fisso 62.464   71,20 6,11 entro 1 anno 9.078   10,35 da 1 a 5 anni 21.656   24,68 oltre i 5 anni 31.730   36,17 Titoli obbligazionari a tasso variabile/indicizzati 10.405   11,86 6,24 entro 1 anno 362   0,41 da 1 a 5 anni 2.591   2,95 oltre i 5 anni 7.452   8,50 TOTALE 72.869 83,06    - Titoli di partecipazione al capitale  2.001   2,28 OICR, Private Equity, Hedge Fund 12.865   14,66 TOTALE AL 31.12.2022 87.735   100,00   La sensitivity del fair value del portafoglio di attivi finanziari rispetto ad un movimento dei tassi di interesse, sintetizzata nella tabella seguente, mette in evidenza l\u2019esposizione del portafoglio: a titolo di esempio, un movimento parallelo della curva di +100 punti base comporta una variazione negativa, nei portafogli obbligazionari, di 4.139 milioni.   (milioni di euro) Valore  di Bilancio % Variazione di fair value a seguito di variazione dei tassi di interesse +100 bps -100 bps Titoli obbligazionari a tasso fisso 62.464   85,72 -3.553 4.034 Titoli obbligazionari a tasso variabile/indicizzato 10.405   14,28 -586 702 Effetto copertura al rischio tasso di interesse -    - - - TOTALE 72.869 100,00 -4.139 4.736    Esposizione al rischio di credito Nella tabella che segue \u00e8 riportata la distribuzione per fasce di rating del portafoglio obbligazionario: i titoli con rating AAA/AA pesano per il 6,30% del totale investimenti mentre il 7,68% circa si colloca nell\u2019area single A. I titoli dell\u2019area low investment grade (BBB) costituiscono il 65,89% del totale, mentre \u00e8 residuale (3,19%) la quota di titoli speculative grade o unrated. Si fa presente che, con riferimento all\u2019esposizione verso titoli con rating BBB, la parte prevalente dell\u2019esposizione \u00e8 relativa a titoli obbligazionari emessi dalla Repubblica Italiana.   (milioni di euro) Dettaglio delle attivit\u00e0 finanziarie per rating dell'emittente Valori di bilancio % Titoli obbligazionari 72.869 83,06 AAA 2.343   2,67 AA 3.182   3,63 A 6.735   7,68 BBB 57.812   65,89 Speculative grade 2.526   2,88 Senza rating 271   0,31 Titoli di partecipazione al capitale  2.001   2,28 OICR, Private Equity, Hedge Fund 12.865   14,66 TOTALE 87.735 100,00   L\u2019analisi  dell\u2019esposizione  in  termini  di  emittenti/controparti  evidenzia  le  seguenti  componenti:  i  titoli  emessi  da  Governi, Banche  Centrali  e  altri  enti  pubblici  rappresentano  il  76,78%  dei  titoli  obbligazionari  mentre  i  titoli  di  emittenti  corporate contribuiscono per circa il 23,22%. A fine esercizio 2022, i valori di sensitivity del fair value dei titoli obbligazionari rispetto ad una variazione del merito creditizio degli emittenti, intesa come shock dei credit spread di mercato di \u00b1100 punti base, sono riportati nella tabella seguente. (milioni di euro) Valore  di Bilancio % Variazioni di fair value a seguito di variazioni degli spread di credito +100 bps -100 bps Titoli obbligazionari di emittenti governativi 55.952   76,78 -3.651 4.216 Titoli obbligazionari di emittenti corporate 16.917   23,22 -758 731 TOTALE 72.869 100,00 -4.409 4.947    Esposizione al rischio azionario La sensitivity del portafoglio azionario a fronte di un ipotetico deterioramento dei corsi azionari pari al 10% risulta quantificata in -200 milioni, come si evince dalla tabella seguente.  (milioni di euro) Valore  di Bilancio % Variazioni di fair value a seguito di variazioni dei corsi azionari -10% Titoli azionari societ\u00e0 finanziarie 289   14,44 -29 Titoli azionari societ\u00e0 non finanziarie e altri soggetti 1.712   85,56 -171 TOTALE 2.001 100,00 -200    Esposizione al rischio di cambio Il  97,6%  circa degli  investimenti  \u00e8  rappresentato  da  attivit\u00e0  denominate  nella  divisa  comunitaria. A  fronte  della  residuale esposizione al rischio di cambio sono state contrapposte posizioni in  strumenti finanziari derivati, principalmente Domestic Currency Swap, nella stessa valuta.   Strumenti finanziari derivati Gli strumenti finanziari derivati sono utilizzati a fini di copertura dei rischi finanziari presenti nel portafoglio investimenti oppure a fini di gestione efficace. Nella tabella sottostante si riportano i valori di bilancio degli strumenti finanziari derivati al 31 dicembre 2022.  (milioni di euro) Tipologia sottostanti TITOLI DI DEBITO / TASSI DI INTERESSE TITOLI DI CAPITALE, INDICI AZIONARI, COMMODITY, CAMBI TOTALE Quotati Non Quotati Quotati Non Quotati Quotati Non Quotati Derivati di copertura - -157 - - - -157 Derivati di gestione efficace - - 49 35 49 35 TOTALE - -157 49 35 49 -122 ",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-924": {
   "value": "4.1 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso banche<span class=\"_ _3\"></span> (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate Livello1 Livello2 Livello3 A. Crediti verso Banche centrali 9.712 - - - 7.089 2.623 131.361 - - - 128.282 3.078 1. Depositi a scadenza 3.622 - - X X X 3.118 - - X X X 2. Riserva obbligatoria 5.427 - - X X X 126.882 - - X X X 3. Pronti contro termine 543<span class=\"ls0\"> </span>- - X X X 273<span class=\"ls0\"> </span>- - X X X 4. Altri 120<span class=\"ls0\"> </span>- - X X X 1.088 - - X X X B. Crediti verso banche 23.136 36<span class=\"ls0\"> </span>- 1.265 18.791 3.055 32.523 53<span class=\"ls0\"> </span>- 1.547 28.156 2.903 1. Finanziamenti 21.478 36<span class=\"ls0\"> </span>- - 18.465 3.055 30.752 53<span class=\"ls0\"> </span>- - 27.914 2.903 1.1 Conti correnti - - - X X X - - - X X X 1.2 Depositi a scadenza  2.449 - - X X X 1.681 - - X X X 1.3 Altri finanziamenti:  19.029 36<span class=\"ls0\"> </span>- X X X 29.071 53<span class=\"ls0\"> </span>- X X X  - Pronti contro termine attivi  5.397 - - X X X 9.566 - - X<span class=\"ff2\"> </span>X X  - Finanziamenti per leasing 5 - - X X X 6 - - X<span class=\"ff2\"> </span>X X  - Altri 13.627 36<span class=\"ls0\"> </span>- X X X 19.499 53<span class=\"ls0\"> </span>- X<span class=\"ff2\"> </span>X X  2. Titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- 2.1 Titoli strutturati  - - - - - - - - - - - - 2.2 Altri titoli di debito  1.658 - - 1.265 326<span class=\"ls0\"> </span>- 1.771 - - 1.547 242<span class=\"ls0\"> </span>- TOTALE 32.848 36<span class=\"ls0\"> </span>- 1.265 25.880 5.678 163.884 53<span class=\"ls0\"> </span>- 1.547 156.438 5.981 Al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>flessione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sottovoce <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>obbligatoria <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mputabile <span class=\"_ _4\"> </span>all\u2019impiego <span class=\"_ _4\"> </span>dell\u2019eccesso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _4\"> </span>in<span class=\"_ _0\"></span> depositi a vista (overnigh<span class=\"_ _0\"></span>t) esposti alla v<span class=\"_ _0\"></span>oce Cassa e disponi<span class=\"_ _0\"></span>bilit\u00e0 liquide.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>sottovoce <span class=\"_ _3\"></span>\u201cAltri <span class=\"_ _2\"></span><span class=\"ff1\">finanziamenti <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span></span>Altri\u201d <span class=\"_ _2\"></span>include <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>funzionamento, o<span class=\"_ _3\"></span>ssia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>connesse <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prestazione <span class=\"_ _3\"></span>di attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>affidamento, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>122 <span class=\"_ _5\"></span>milioni. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rappresenta<span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>e essenzialmente da crediti in <span class=\"_ _0\"></span>bonis classificati i<span class=\"_ _0\"></span>n Stage 1 e rettificat<span class=\"_ _0\"></span>e sulla base del princip<span class=\"_ _0\"></span>io IFRS 9.<span class=\"_ _90\"> </span>4.4 Bis Crediti verso b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche: composizion<span class=\"_ _0\"></span>e merceologica  (milioni di euro)<span class=\"_ _3\"></span> Voci 31.12.2022 31.12.2021 Valore di  bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Crediti verso Ba<span class=\"_ _3\"></span>nche Centrali<span class=\"_ _3\"></span> - - - - - - - - 1. Depositi vincola<span class=\"_ _3\"></span>ti - - 2. Riserva obbli<span class=\"_ _3\"></span>gatoria - - 3. Pronti contro term<span class=\"_ _3\"></span>ine attivi - - 4. Altri - - B. Crediti verso ba<span class=\"_ _3\"></span>nche 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 1. Finanziamenti<span class=\"_ _3\"></span> - - - - - - - - 1.1 Conti correnti <span class=\"_ _3\"></span>e depositi libe<span class=\"_ _3\"></span>ri - - 1.2 Depositi vincol<span class=\"_ _3\"></span>ati - - 1.3 Altri finanziame<span class=\"_ _3\"></span>nti: - - - Pronti contro term<span class=\"_ _3\"></span>ine attivi - - - Leasing finanzia<span class=\"_ _3\"></span>rio - - - Altri - - 2. Titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 2.1 Titoli strutturati<span class=\"_ _3\"></span> - - 2.2 Altri titoli di debito<span class=\"_ _3\"></span> 40<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>Totale 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>- ",
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    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-993": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-292.26135px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">4.2 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rceologica dei cre<span class=\"_ _0\"></span>diti verso clientela<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w131 h92\" style=\"left:544.2636px; bottom:674.75665px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w24c h42\" style=\"left:-4.050377px; bottom:659.1567px;\"><div class=\"t m0 x41 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">Tipologia operazioni/Valori </div></div><div class=\"c w24f h42\" style=\"left:143.55162px; bottom:659.1567px;\"><div class=\"t m0 xf8 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w250 h42\" style=\"left:381.20462px; bottom:659.1567px;\"><div class=\"t m0 xf8 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w251 h42\" style=\"left:143.55162px; bottom:643.55664px;\"><div class=\"t m0 x96 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w252 h42\" style=\"left:266.3626px; bottom:643.55664px;\"><div class=\"t m0 x99 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w253 h42\" style=\"left:381.20462px; bottom:643.55664px;\"><div class=\"t m0 x96 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w254 h42\" style=\"left:504.79565px; bottom:643.55664px;\"><div class=\"t m0 x99 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w1af h25\" style=\"left:143.55162px; bottom:585.9927px;\"><div class=\"t m0 x45 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Primo e </div><div class=\"t m0 x41 h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x12 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w186 h25\" style=\"left:184.93063px; bottom:585.9927px;\"><div class=\"t m0 x87 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x1a h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w1ea h25\" style=\"left:222.3706px; bottom:585.9927px;\"><div class=\"t m0 xab h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x13 h8f y841 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x41 h8f y561 ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w186 h25\" style=\"left:266.3626px; bottom:585.9927px;\"><div class=\"t m0 x41 h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w24d h25\" style=\"left:304.27063px; bottom:585.9927px;\"><div class=\"t m0 x41 h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w1c8 h25\" style=\"left:344.07663px; bottom:585.9927px;\"><div class=\"t m0 xab h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w1a8 h25\" style=\"left:381.20462px; bottom:585.9927px;\"><div class=\"t m0 x45 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Primo e </div><div class=\"t m0 x41 h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x12 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w186 h25\" style=\"left:423.9486px; bottom:585.9927px;\"><div class=\"t m0 x87 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x1a h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w24e h25\" style=\"left:462.3246px; bottom:585.9927px;\"><div class=\"t m0 xab h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h8f y123d ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x13 h8f y841 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x41 h8f y561 ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w186 h25\" style=\"left:504.79565px; bottom:585.9927px;\"><div class=\"t m0 x41 h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w186 h25\" style=\"left:544.2636px; bottom:585.9927px;\"><div class=\"t m0 x41 h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w22d h25\" style=\"left:580.92365px; bottom:585.9927px;\"><div class=\"t m0 xab h2d y123c ff1 fsf fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w24c h42\" style=\"left:-4.050377px; bottom:570.39264px;\"><div class=\"t m0 x41 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">1. Finanziamenti </div></div><div class=\"c w1af h42\" style=\"left:143.55162px; bottom:570.39264px;\"><div class=\"t m0 x45 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">432.447 </div></div><div class=\"c w186 h42\" style=\"left:184.93063px; bottom:570.39264px;\"><div class=\"t m0 x12 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">5.255 </div></div><div class=\"c w1ea h42\" style=\"left:222.3706px; bottom:570.39264px;\"><div class=\"t m0 x94 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w186 h42\" style=\"left:266.3626px; bottom:570.39264px;\"><div class=\"t m0 x86 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h42\" style=\"left:304.27063px; bottom:570.39264px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">283.348 </div></div><div class=\"c w1c8 h42\" style=\"left:344.07663px; bottom:570.39264px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">140.877 </div></div><div class=\"c w1a8 h42\" style=\"left:381.20462px; bottom:570.39264px;\"><div class=\"t m0 x45 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">449.287 </div></div><div class=\"c w186 h42\" style=\"left:423.9486px; bottom:570.39264px;\"><div class=\"t m0 x12 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">6.682 </div></div><div class=\"c w24e h42\" style=\"left:462.3246px; bottom:570.39264px;\"><div class=\"t m0 x94 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">446<span class=\"ls0\"> </span></div></div><div class=\"c w186 h42\" style=\"left:504.79565px; bottom:570.39264px;\"><div class=\"t m0 x86 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:544.2636px; bottom:570.39264px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">317.673 </div></div><div class=\"c w22d h42\" style=\"left:580.92365px; bottom:570.39264px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">147.945 </div></div><div class=\"c w24c h12\" style=\"left:-4.050377px; bottom:557.75665px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">1.1. Conti correnti </div></div><div class=\"c w1af h12\" style=\"left:143.55162px; bottom:557.75665px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">22.967 </div></div><div class=\"c w186 h12\" style=\"left:184.93063px; bottom:557.75665px;\"><div class=\"t m0 x14 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">484<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h12\" style=\"left:222.3706px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:266.3626px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:304.27063px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:344.07663px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h12\" style=\"left:381.20462px; bottom:557.75665px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">21.724 </div></div><div class=\"c w186 h12\" style=\"left:423.9486px; bottom:557.75665px;\"><div class=\"t m0 x88 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">688<span class=\"ls0\"> </span></div></div><div class=\"c w24e h12\" style=\"left:462.3246px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h12\" style=\"left:580.92365px; bottom:557.75665px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h12\" style=\"left:-4.050377px; bottom:545.12067px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">1.2. Pronti contro termine attivi </div></div><div class=\"c w1af h12\" style=\"left:143.55162px; bottom:545.12067px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">15.366 </div></div><div class=\"c w186 h12\" style=\"left:184.93063px; bottom:545.12067px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h12\" style=\"left:222.3706px; bottom:545.12067px;\"><div class=\"t m0 xe h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:266.3626px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:304.27063px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:344.07663px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h12\" style=\"left:381.20462px; bottom:545.12067px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">17.620 </div></div><div class=\"c w186 h12\" style=\"left:423.9486px; bottom:545.12067px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24e h12\" style=\"left:462.3246px; bottom:545.12067px;\"><div class=\"t m0 xe h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h12\" style=\"left:580.92365px; bottom:545.12067px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h1c\" style=\"left:-4.050377px; bottom:532.3287px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">1.3. Mutui </div></div><div class=\"c w1af h1c\" style=\"left:143.55162px; bottom:532.3287px;\"><div class=\"t m0 x45 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">242.049 </div></div><div class=\"c w186 h1c\" style=\"left:184.93063px; bottom:532.3287px;\"><div class=\"t m0 x12 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">3.083 </div></div><div class=\"c w1ea h1c\" style=\"left:222.3706px; bottom:532.3287px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w186 h1c\" style=\"left:266.3626px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h1c\" style=\"left:304.27063px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h1c\" style=\"left:344.07663px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h1c\" style=\"left:381.20462px; bottom:532.3287px;\"><div class=\"t m0 x45 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">250.722 </div></div><div class=\"c w186 h1c\" style=\"left:423.9486px; bottom:532.3287px;\"><div class=\"t m0 x12 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">4.080 </div></div><div class=\"c w24e h1c\" style=\"left:462.3246px; bottom:532.3287px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">268<span class=\"ls0\"> </span></div></div><div class=\"c w186 h1c\" style=\"left:504.79565px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:544.2636px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h1c\" style=\"left:580.92365px; bottom:532.3287px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c hd3\" style=\"left:-4.050377px; bottom:510.95667px;\"><div class=\"t m0 x87 h2d y709 ff1 fsf fc2 sc0 ls0 ws0\">1.4. Carte di credito, prestiti personali </div><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">e cessioni del quinto </div></div><div class=\"c w1af hd3\" style=\"left:143.55162px; bottom:510.95667px;\"><div class=\"t m0 x87 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">19.435 </div></div><div class=\"c w186 hd3\" style=\"left:184.93063px; bottom:510.95667px;\"><div class=\"t m0 x14 h2d y32c ff1 fsf fc2 sc0 ls1c ws0\">339<span class=\"ls0\"> </span></div></div><div class=\"c w1ea hd3\" style=\"left:222.3706px; bottom:510.95667px;\"><div class=\"t m0 x13 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w186 hd3\" style=\"left:266.3626px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d hd3\" style=\"left:304.27063px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 hd3\" style=\"left:344.07663px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 hd3\" style=\"left:381.20462px; bottom:510.95667px;\"><div class=\"t m0 x87 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">18.626 </div></div><div class=\"c w186 hd3\" style=\"left:423.9486px; bottom:510.95667px;\"><div class=\"t m0 x88 h2d y32c ff1 fsf fc2 sc0 ls1c ws0\">364<span class=\"ls0\"> </span></div></div><div class=\"c w24e hd3\" style=\"left:462.3246px; bottom:510.95667px;\"><div class=\"t m0 x13 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w186 hd3\" style=\"left:504.79565px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 hd3\" style=\"left:544.2636px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d hd3\" style=\"left:580.92365px; bottom:510.95667px;\"><div class=\"t m0 x96 h2d y32c ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h12\" style=\"left:-4.050377px; bottom:498.32062px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">1.5 Finanziamenti per leasing </div></div><div class=\"c w1af h12\" style=\"left:143.55162px; bottom:498.32062px;\"><div class=\"t m0 x97 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">7.780 </div></div><div class=\"c w186 h12\" style=\"left:184.93063px; bottom:498.32062px;\"><div class=\"t m0 x14 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">328<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h12\" style=\"left:222.3706px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:266.3626px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:304.27063px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:344.07663px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h12\" style=\"left:381.20462px; bottom:498.32062px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">12.830 </div></div><div class=\"c w186 h12\" style=\"left:423.9486px; bottom:498.32062px;\"><div class=\"t m0 x88 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">347<span class=\"ls0\"> </span></div></div><div class=\"c w24e h12\" style=\"left:462.3246px; bottom:498.32062px;\"><div class=\"t m0 x94 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">108<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h12\" style=\"left:580.92365px; bottom:498.32062px;\"><div class=\"t m0 x96 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h1c\" style=\"left:-4.050377px; bottom:485.52863px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">1.6. Factoring </div></div><div class=\"c w1af h1c\" style=\"left:143.55162px; bottom:485.52863px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">10.869 </div></div><div class=\"c w186 h1c\" style=\"left:184.93063px; bottom:485.52863px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h1c\" style=\"left:222.3706px; bottom:485.52863px;\"><div class=\"t m0 xe h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:266.3626px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h1c\" style=\"left:304.27063px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h1c\" style=\"left:344.07663px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h1c\" style=\"left:381.20462px; bottom:485.52863px;\"><div class=\"t m0 x97 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">9.453 </div></div><div class=\"c w186 h1c\" style=\"left:423.9486px; bottom:485.52863px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w24e h1c\" style=\"left:462.3246px; bottom:485.52863px;\"><div class=\"t m0 xe h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:504.79565px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:544.2636px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h1c\" style=\"left:580.92365px; bottom:485.52863px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h12\" style=\"left:-4.050377px; bottom:472.89264px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">1.7. Altri finanziamenti </div></div><div class=\"c w1af h12\" style=\"left:143.55162px; bottom:472.89264px;\"><div class=\"t m0 x45 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">113.981 </div></div><div class=\"c w186 h12\" style=\"left:184.93063px; bottom:472.89264px;\"><div class=\"t m0 x14 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">969<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h12\" style=\"left:222.3706px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:266.3626px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:304.27063px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:344.07663px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1a8 h12\" style=\"left:381.20462px; bottom:472.89264px;\"><div class=\"t m0 x45 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">118.312 </div></div><div class=\"c w186 h12\" style=\"left:423.9486px; bottom:472.89264px;\"><div class=\"t m0 x12 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">1.138 </div></div><div class=\"c w24e h12\" style=\"left:462.3246px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h12\" style=\"left:580.92365px; bottom:472.89264px;\"><div class=\"t m0 x96 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24c h12\" style=\"left:-4.050377px; bottom:460.25665px;\"><div class=\"t m0 x41 h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">2. Titoli di debito </div></div><div class=\"c w1af h12\" style=\"left:143.55162px; bottom:460.25665px;\"><div class=\"t m0 x87 h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">57.188 </div></div><div class=\"c w186 h12\" style=\"left:184.93063px; bottom:460.25665px;\"><div class=\"t m0 x94 h8f y8c0 ff5 fsf fc2 sc0 ls1c ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h12\" style=\"left:222.3706px; bottom:460.25665px;\"><div class=\"t m0 xe h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:266.3626px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">27.693 </div></div><div class=\"c w24d h12\" style=\"left:304.27063px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">10.877 </div></div><div class=\"c w1c8 h12\" style=\"left:344.07663px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">14.938 </div></div><div class=\"c w1a8 h12\" style=\"left:381.20462px; bottom:460.25665px;\"><div class=\"t m0 x87 h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">48.473 </div></div><div class=\"c w186 h12\" style=\"left:423.9486px; bottom:460.25665px;\"><div class=\"t m0 x94 h8f y8c0 ff5 fsf fc2 sc0 ls1c ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w24e h12\" style=\"left:462.3246px; bottom:460.25665px;\"><div class=\"t m0 xe h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">25.659 </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">10.872 </div></div><div class=\"c w22d h12\" style=\"left:580.92365px; bottom:460.25665px;\"><div class=\"t m0 xdd h8f y8c0 ff5 fsf fc2 sc0 ls0 ws0\">11.536 </div></div><div class=\"c w24c h17\" style=\"left:-4.050377px; bottom:447.58167px;\"><div class=\"t m0 x87 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">2.1. Titoli strutturati </div></div><div class=\"c w1af h17\" style=\"left:143.55162px; bottom:447.58167px;\"><div class=\"t m0 x13 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:184.93063px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h17\" style=\"left:222.3706px; bottom:447.58167px;\"><div class=\"t m0 xe h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:266.3626px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h17\" style=\"left:304.27063px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c8 h17\" style=\"left:344.07663px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1a8 h17\" style=\"left:381.20462px; bottom:447.58167px;\"><div class=\"t m0 x13 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:423.9486px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24e h17\" style=\"left:462.3246px; bottom:447.58167px;\"><div class=\"t m0 xe h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:504.79565px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:544.2636px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h17\" style=\"left:580.92365px; bottom:447.58167px;\"><div class=\"t m0 x86 h2d y8c0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24c h1c\" style=\"left:-4.050377px; bottom:434.78967px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">2.2. Altri titoli di debito </div></div><div class=\"c w1af h1c\" style=\"left:143.55162px; bottom:434.78967px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">57.188 </div></div><div class=\"c w186 h1c\" style=\"left:184.93063px; bottom:434.78967px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h1c\" style=\"left:222.3706px; bottom:434.78967px;\"><div class=\"t m0 xe h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:266.3626px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">27.693 </div></div><div class=\"c w24d h1c\" style=\"left:304.27063px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">10.877 </div></div><div class=\"c w1c8 h1c\" style=\"left:344.07663px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">14.938 </div></div><div class=\"c w1a8 h1c\" style=\"left:381.20462px; bottom:434.78967px;\"><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">48.473 </div></div><div class=\"c w186 h1c\" style=\"left:423.9486px; bottom:434.78967px;\"><div class=\"t m0 x94 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w24e h1c\" style=\"left:462.3246px; bottom:434.78967px;\"><div class=\"t m0 xe h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:504.79565px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">25.659 </div></div><div class=\"c w186 h1c\" style=\"left:544.2636px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">10.872 </div></div><div class=\"c w22d h1c\" style=\"left:580.92365px; bottom:434.78967px;\"><div class=\"t m0 xdd h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">11.536 </div></div><div class=\"c w24c h42\" style=\"left:-4.050377px; bottom:419.18964px;\"><div class=\"t m0 x41 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1af h42\" style=\"left:143.55162px; bottom:419.18964px;\"><div class=\"t m0 x45 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">489.635 </div></div><div class=\"c w186 h42\" style=\"left:184.93063px; bottom:419.18964px;\"><div class=\"t m0 x12 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">5.288 </div></div><div class=\"c w1ea h42\" style=\"left:222.3706px; bottom:419.18964px;\"><div class=\"t m0 x94 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w186 h42\" style=\"left:266.3626px; bottom:419.18964px;\"><div class=\"t m0 xdd h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">27.693 </div></div><div class=\"c w24d h42\" style=\"left:304.27063px; bottom:419.18964px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">294.225 </div></div><div class=\"c w1c8 h42\" style=\"left:344.07663px; bottom:419.18964px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">155.815 </div></div><div class=\"c w1a8 h42\" style=\"left:381.20462px; bottom:419.18964px;\"><div class=\"t m0 x45 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">497.760 </div></div><div class=\"c w186 h42\" style=\"left:423.9486px; bottom:419.18964px;\"><div class=\"t m0 x12 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">6.723 </div></div><div class=\"c w24e h42\" style=\"left:462.3246px; bottom:419.18964px;\"><div class=\"t m0 x94 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">446<span class=\"ls0\"> </span></div></div><div class=\"c w186 h42\" style=\"left:504.79565px; bottom:419.18964px;\"><div class=\"t m0 xdd h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">25.659 </div></div><div class=\"c w186 h42\" style=\"left:544.2636px; bottom:419.18964px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">328.545 </div></div><div class=\"c w22d h42\" style=\"left:580.92365px; bottom:419.18964px;\"><div class=\"t m0 xab h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">159.481 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-292.26135px;\"><div class=\"t m0 x0 h61 y462 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yf85 ff4 fs0 fc0 sc0 ls0 ws0\">La sottovoce \u201cAltri f<span class=\"_ _3\"></span>inanziamenti<span class=\"_ _0\"></span>\u201d include crediti di <span class=\"_ _3\"></span>funzionamento, ossia per operazioni connesse con la prestazione di attivit\u00e0 </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">e  d<span class=\"_ _3\"></span>i  servizi <span class=\"_ _1d\"> </span>finanziari  privi  di  a<span class=\"_ _3\"></span>ffidamento,  per  un <span class=\"_ _1d\"> </span>ammontare  pari  a<span class=\"_ _3\"></span>  740 <span class=\"_ _1d\"> </span>milioni.  Tali <span class=\"_ _1d\"> </span>esposizioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>rappresentate<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h11 y766 ff1 fs0 fc0 sc0 ls0 ws0\">essenzialmente da cre<span class=\"_ _0\"></span>diti in bonis classificati in St<span class=\"_ _0\"></span>age 1 rettificate<span class=\"fs6\"> </span>sulla base del principio IFRS <span class=\"_ _35\"></span>9.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cTitoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>debito\u201d <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>inclusi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>connessi con <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>complessivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">circa 8.495 milioni di c<span class=\"_ _0\"></span>ui circa 8.475 mili<span class=\"_ _0\"></span>oni rigu<span class=\"_ _3\"></span>ardano titoli seni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>r e 20 milioni titoli<span class=\"_ _0\"></span> mezzanine. </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y7c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h11 y7d ff5 fs0 fc2 sc0 ls0 ws0\">4.3 Attivit\u00e0 finanziari<span class=\"_ _0\"></span>e valutate al costo ammorti<span class=\"_ _0\"></span>zzato: composizione pe<span class=\"_ _0\"></span>r debitori/emittenti dei <span class=\"_ _0\"></span>crediti verso clientel<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ff1 fs6 fc0\"> </span></div><div class=\"t m0 x0 h2 y1240 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w258 h6a\" style=\"left:485.10065px; bottom:285.65363px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w255 h14c\" style=\"left:-4.050377px; bottom:207.62766px;\"><div class=\"t m0 x41 ha y1242 ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia operazio<span class=\"_ _3\"></span>ni/Valori </div></div><div class=\"c w259 h47\" style=\"left:199.75061px; bottom:266.15363px;\"><div class=\"t m0 x40 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w25a h47\" style=\"left:407.25662px; bottom:266.15363px;\"><div class=\"t m0 x0 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w256 h14d\" style=\"left:199.75061px; bottom:207.62766px;\"><div class=\"t m0 x13 ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Primo e </div><div class=\"t m0 x96 ha y1244 ff5 fs4 fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x99 ha y1245 ff5 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wfb h14d\" style=\"left:271.0426px; bottom:207.62766px;\"><div class=\"t m0 xab ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Terzo stadio<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h14d\" style=\"left:334.7166px; bottom:207.62766px;\"><div class=\"t m0 x96 ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 xae ha y1244 ff5 fs4 fc2 sc0 ls0 ws0\">acquisite o </div><div class=\"t m0 x9a ha y1245 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w257 h14d\" style=\"left:407.25662px; bottom:207.62766px;\"><div class=\"t m0 x98 ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Primo e </div><div class=\"t m0 x8 ha y1244 ff5 fs4 fc2 sc0 ls0 ws0\">secondo stadio<span class=\"_ _3\"></span> </div></div><div class=\"c wfb h14d\" style=\"left:485.10065px; bottom:207.62766px;\"><div class=\"t m0 xab ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Terzo stadio<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h14d\" style=\"left:550.1916px; bottom:207.62766px;\"><div class=\"t m0 x96 ha y1243 ff5 fs4 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 xae ha y1244 ff5 fs4 fc2 sc0 ls0 ws0\">acquisite o </div><div class=\"t m0 x9a ha y1245 ff5 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w255 h47\" style=\"left:-4.050377px; bottom:188.12766px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h47\" style=\"left:199.75061px; bottom:188.12766px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">57.188 </div></div><div class=\"c wfb h47\" style=\"left:271.0426px; bottom:188.12766px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w256 h47\" style=\"left:334.7166px; bottom:188.12766px;\"><div class=\"t m0 x9f ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h47\" style=\"left:407.25662px; bottom:188.12766px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">48.473 </div></div><div class=\"c wfb h47\" style=\"left:485.10065px; bottom:188.12766px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w256 h47\" style=\"left:550.1916px; bottom:188.12766px;\"><div class=\"t m0 x9f ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:171.59164px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:171.59164px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">32.298 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:171.59164px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:171.59164px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:171.59164px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">27.851 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:171.59164px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:171.59164px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:155.05563px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">b) <span class=\"ls0\">Altre socie<span class=\"_ _3\"></span>t\u00e0 finanziarie<span class=\"_ _3\"></span> </span></div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:155.05563px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">21.418 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:155.05563px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:155.05563px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:155.05563px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.612 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:155.05563px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:155.05563px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:138.51965px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:138.51965px;\"><div class=\"t m0 x10a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:138.51965px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:138.51965px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:138.51965px;\"><div class=\"t m0 x122 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:138.51965px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:138.51965px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h6a\" style=\"left:-4.050377px; bottom:121.82764px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie </div></div><div class=\"c w256 h6a\" style=\"left:199.75061px; bottom:121.82764px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.472 </div></div><div class=\"c wfb h6a\" style=\"left:271.0426px; bottom:121.82764px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w256 h6a\" style=\"left:334.7166px; bottom:121.82764px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h6a\" style=\"left:407.25662px; bottom:121.82764px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4.010 </div></div><div class=\"c wfb h6a\" style=\"left:485.10065px; bottom:121.82764px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w256 h6a\" style=\"left:550.1916px; bottom:121.82764px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h47\" style=\"left:-4.050377px; bottom:102.32764px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Finanziamen<span class=\"_ _3\"></span>ti verso: </div></div><div class=\"c w256 h47\" style=\"left:199.75061px; bottom:102.32764px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">432.447 </div></div><div class=\"c wfb h47\" style=\"left:271.0426px; bottom:102.32764px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.255 </div></div><div class=\"c w256 h47\" style=\"left:334.7166px; bottom:102.32764px;\"><div class=\"t m0 xa5 ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w257 h47\" style=\"left:407.25662px; bottom:102.32764px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">449.287 </div></div><div class=\"c wfb h47\" style=\"left:485.10065px; bottom:102.32764px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.682 </div></div><div class=\"c w256 h47\" style=\"left:550.1916px; bottom:102.32764px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">446<span class=\"ls0\"> </span></div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:85.79166px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">a) Amministrazioni p<span class=\"_ _3\"></span>ubbliche<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:85.79166px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">15.566 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:85.79166px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">213<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:85.79166px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:85.79166px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.385 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:85.79166px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:85.79166px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:69.255646px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">b) Altre societ\u00e0 fina<span class=\"_ _3\"></span>nziarie </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:69.255646px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">44.781 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:69.255646px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">123<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:69.255646px;\"><div class=\"t m0 x10a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:69.255646px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">45.872 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:69.255646px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">262<span class=\"ls0\"> </span></div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:69.255646px;\"><div class=\"t m0 x10a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:52.719635px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui: imprese di a<span class=\"_ _3\"></span>ssicurazione<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:52.719635px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:52.719635px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:52.719635px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:52.719635px;\"><div class=\"t m0 x104 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">361<span class=\"ls0\"> </span></div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:52.719635px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:52.719635px;\"><div class=\"t m0 x9f h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w255 h6a\" style=\"left:-4.050377px; bottom:36.02765px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">c) Societ\u00e0 non fina<span class=\"_ _3\"></span>nziarie </div></div><div class=\"c w256 h6a\" style=\"left:199.75061px; bottom:36.02765px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">193.579 </div></div><div class=\"c wfb h6a\" style=\"left:271.0426px; bottom:36.02765px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.126 </div></div><div class=\"c w256 h6a\" style=\"left:334.7166px; bottom:36.02765px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">150<span class=\"ls0\"> </span></div></div><div class=\"c w257 h6a\" style=\"left:407.25662px; bottom:36.02765px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">212.387 </div></div><div class=\"c wfb h6a\" style=\"left:485.10065px; bottom:36.02765px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.555 </div></div><div class=\"c w256 h6a\" style=\"left:550.1916px; bottom:36.02765px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">246<span class=\"ls0\"> </span></div></div><div class=\"c w255 h41\" style=\"left:-4.050377px; bottom:19.491638px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">d) Famiglie<span class=\"_ _3\"></span> </div></div><div class=\"c w256 h41\" style=\"left:199.75061px; bottom:19.491638px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">178.521 </div></div><div class=\"c wfb h41\" style=\"left:271.0426px; bottom:19.491638px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.793 </div></div><div class=\"c w256 h41\" style=\"left:334.7166px; bottom:19.491638px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w257 h41\" style=\"left:407.25662px; bottom:19.491638px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">174.643 </div></div><div class=\"c wfb h41\" style=\"left:485.10065px; bottom:19.491638px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.509 </div></div><div class=\"c w256 h41\" style=\"left:550.1916px; bottom:19.491638px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w255 h47\" style=\"left:-4.050377px; bottom:-0.008361816px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w256 h47\" style=\"left:199.75061px; bottom:-0.008361816px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">489.635 </div></div><div class=\"c wfb h47\" style=\"left:271.0426px; bottom:-0.008361816px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.288 </div></div><div class=\"c w256 h47\" style=\"left:334.7166px; bottom:-0.008361816px;\"><div class=\"t m0 xa5 ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w257 h47\" style=\"left:407.25662px; bottom:-0.008361816px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">497.760 </div></div><div class=\"c wfb h47\" style=\"left:485.10065px; bottom:-0.008361816px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.723 </div></div><div class=\"c w256 h47\" style=\"left:550.1916px; bottom:-0.008361816px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">446<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-319.3797px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">4.6 Bis Crediti verso <span class=\"_ _0\"></span>clientela: composizione m<span class=\"_ _0\"></span>erceologica  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w118 h152\" style=\"left:544.2636px; bottom:654.5023px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w276 h138\" style=\"left:-4.050377px; bottom:576.5023px;\"><div class=\"t m0 x41 h8f y1268 ff5 fsf fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w262 h47\" style=\"left:139.22263px; bottom:635.0023px;\"><div class=\"t m0 x123 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w27c h47\" style=\"left:378.86462px; bottom:635.0023px;\"><div class=\"t m0 x123 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w27d h47\" style=\"left:139.22263px; bottom:615.5023px;\"><div class=\"t m0 x86 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w27e h47\" style=\"left:378.86462px; bottom:615.5023px;\"><div class=\"t m0 x86 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">Valore di bilancio </div></div><div class=\"c w277 h5f\" style=\"left:139.22263px; bottom:576.5023px;\"><div class=\"t m0 x96 h8f y938 ff5 fsf fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x41 h8f y126a ff5 fsf fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w12c h47\" style=\"left:186.6466px; bottom:596.0023px;\"><div class=\"t m0 xae h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w27f h47\" style=\"left:264.0226px; bottom:596.0023px;\"><div class=\"t m0 x99 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w27a h5f\" style=\"left:378.86462px; bottom:576.5023px;\"><div class=\"t m0 x96 h8f y938 ff5 fsf fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x41 h8f y126a ff5 fsf fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w280 h47\" style=\"left:428.31665px; bottom:596.0023px;\"><div class=\"t m0 xae h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w281 h47\" style=\"left:504.79565px; bottom:596.0023px;\"><div class=\"t m0 x99 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w278 h47\" style=\"left:186.6466px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Acquistati </div></div><div class=\"c w279 h47\" style=\"left:230.01462px; bottom:576.5023px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Altri </div></div><div class=\"c w186 h47\" style=\"left:264.0226px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w24d h47\" style=\"left:302.2426px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w186 h47\" style=\"left:340.3326px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w1ea h47\" style=\"left:428.31665px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Acquistati </div></div><div class=\"c w27b h47\" style=\"left:471.0606px; bottom:576.5023px;\"><div class=\"t m0 xa1 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Altri </div></div><div class=\"c w186 h47\" style=\"left:504.79565px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w186 h47\" style=\"left:544.2636px; bottom:576.5023px;\"><div class=\"t m0 x41 h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w1c8 h47\" style=\"left:582.9516px; bottom:576.5023px;\"><div class=\"t m0 xab h2d ye6d ff1 fsf fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w276 h42\" style=\"left:-4.050377px; bottom:560.9023px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Finanziamenti </div></div><div class=\"c w277 h42\" style=\"left:139.22263px; bottom:560.9023px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w278 h42\" style=\"left:186.6466px; bottom:560.9023px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h42\" style=\"left:230.01462px; bottom:560.9023px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:264.0226px; bottom:560.9023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h42\" style=\"left:302.2426px; bottom:560.9023px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w186 h42\" style=\"left:340.3326px; bottom:560.9023px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w27a h42\" style=\"left:378.86462px; bottom:560.9023px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1ea h42\" style=\"left:428.31665px; bottom:560.9023px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h42\" style=\"left:471.0606px; bottom:560.9023px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:504.79565px; bottom:560.9023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:544.2636px; bottom:560.9023px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1c8 h42\" style=\"left:582.9516px; bottom:560.9023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w276 h1c\" style=\"left:-4.050377px; bottom:548.1103px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1. Conti correnti </div></div><div class=\"c w277 h1c\" style=\"left:139.22263px; bottom:548.1103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h1c\" style=\"left:186.6466px; bottom:548.1103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h1c\" style=\"left:230.01462px; bottom:548.1103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:264.0226px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h1c\" style=\"left:302.2426px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:340.3326px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h1c\" style=\"left:378.86462px; bottom:548.1103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h1c\" style=\"left:428.31665px; bottom:548.1103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h1c\" style=\"left:471.0606px; bottom:548.1103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:504.79565px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:544.2636px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h1c\" style=\"left:582.9516px; bottom:548.1103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h12\" style=\"left:-4.050377px; bottom:535.4743px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2. Pronti contro termine attivi </div></div><div class=\"c w277 h12\" style=\"left:139.22263px; bottom:535.4743px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h12\" style=\"left:186.6466px; bottom:535.4743px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h12\" style=\"left:230.01462px; bottom:535.4743px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:264.0226px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:302.2426px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:340.3326px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h12\" style=\"left:378.86462px; bottom:535.4743px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h12\" style=\"left:428.31665px; bottom:535.4743px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h12\" style=\"left:471.0606px; bottom:535.4743px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:582.9516px; bottom:535.4743px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h12\" style=\"left:-4.050377px; bottom:522.8383px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3. Mutui </div></div><div class=\"c w277 h12\" style=\"left:139.22263px; bottom:522.8383px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h12\" style=\"left:186.6466px; bottom:522.8383px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h12\" style=\"left:230.01462px; bottom:522.8383px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:264.0226px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:302.2426px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:340.3326px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h12\" style=\"left:378.86462px; bottom:522.8383px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h12\" style=\"left:428.31665px; bottom:522.8383px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h12\" style=\"left:471.0606px; bottom:522.8383px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:582.9516px; bottom:522.8383px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h83\" style=\"left:-4.050377px; bottom:501.3103px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">4. Carte di credito, prestiti personali </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">e cessioni del quinto </div></div><div class=\"c w277 h83\" style=\"left:139.22263px; bottom:501.3103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h83\" style=\"left:186.6466px; bottom:501.3103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h83\" style=\"left:230.01462px; bottom:501.3103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h83\" style=\"left:264.0226px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h83\" style=\"left:302.2426px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h83\" style=\"left:340.3326px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h83\" style=\"left:378.86462px; bottom:501.3103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h83\" style=\"left:428.31665px; bottom:501.3103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h83\" style=\"left:471.0606px; bottom:501.3103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h83\" style=\"left:504.79565px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h83\" style=\"left:544.2636px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h83\" style=\"left:582.9516px; bottom:501.3103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h12\" style=\"left:-4.050377px; bottom:488.67432px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5. Leasing finanziario </div></div><div class=\"c w277 h12\" style=\"left:139.22263px; bottom:488.67432px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h12\" style=\"left:186.6466px; bottom:488.67432px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h12\" style=\"left:230.01462px; bottom:488.67432px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:264.0226px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:302.2426px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:340.3326px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h12\" style=\"left:378.86462px; bottom:488.67432px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h12\" style=\"left:428.31665px; bottom:488.67432px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h12\" style=\"left:471.0606px; bottom:488.67432px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:582.9516px; bottom:488.67432px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h12\" style=\"left:-4.050377px; bottom:476.03833px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6. Factoring </div></div><div class=\"c w277 h12\" style=\"left:139.22263px; bottom:476.03833px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h12\" style=\"left:186.6466px; bottom:476.03833px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h12\" style=\"left:230.01462px; bottom:476.03833px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:264.0226px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:302.2426px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:340.3326px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h12\" style=\"left:378.86462px; bottom:476.03833px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h12\" style=\"left:428.31665px; bottom:476.03833px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h12\" style=\"left:471.0606px; bottom:476.03833px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:582.9516px; bottom:476.03833px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h12\" style=\"left:-4.050377px; bottom:463.40228px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7. Altri finanziamenti </div></div><div class=\"c w277 h12\" style=\"left:139.22263px; bottom:463.40228px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w278 h12\" style=\"left:186.6466px; bottom:463.40228px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h12\" style=\"left:230.01462px; bottom:463.40228px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:264.0226px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h12\" style=\"left:302.2426px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:340.3326px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h12\" style=\"left:378.86462px; bottom:463.40228px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w1ea h12\" style=\"left:428.31665px; bottom:463.40228px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h12\" style=\"left:471.0606px; bottom:463.40228px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h12\" style=\"left:504.79565px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h12\" style=\"left:544.2636px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h12\" style=\"left:582.9516px; bottom:463.40228px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h42\" style=\"left:-4.050377px; bottom:447.8023px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Titoli di debito </div></div><div class=\"c w277 h42\" style=\"left:139.22263px; bottom:447.8023px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w278 h42\" style=\"left:186.6466px; bottom:447.8023px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h42\" style=\"left:230.01462px; bottom:447.8023px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:264.0226px; bottom:447.8023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h42\" style=\"left:302.2426px; bottom:447.8023px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w186 h42\" style=\"left:340.3326px; bottom:447.8023px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w27a h42\" style=\"left:378.86462px; bottom:447.8023px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h42\" style=\"left:428.31665px; bottom:447.8023px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h42\" style=\"left:471.0606px; bottom:447.8023px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:504.79565px; bottom:447.8023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h42\" style=\"left:544.2636px; bottom:447.8023px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w1c8 h42\" style=\"left:582.9516px; bottom:447.8023px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w276 h1c\" style=\"left:-4.050377px; bottom:435.0103px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8. Titoli strutturati </div></div><div class=\"c w277 h1c\" style=\"left:139.22263px; bottom:435.0103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w278 h1c\" style=\"left:186.6466px; bottom:435.0103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h1c\" style=\"left:230.01462px; bottom:435.0103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:264.0226px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h1c\" style=\"left:302.2426px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:340.3326px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h1c\" style=\"left:378.86462px; bottom:435.0103px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ea h1c\" style=\"left:428.31665px; bottom:435.0103px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h1c\" style=\"left:471.0606px; bottom:435.0103px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h1c\" style=\"left:504.79565px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h1c\" style=\"left:544.2636px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h1c\" style=\"left:582.9516px; bottom:435.0103px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 h17\" style=\"left:-4.050377px; bottom:422.33533px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9. Altri titoli di debito </div></div><div class=\"c w277 h17\" style=\"left:139.22263px; bottom:422.33533px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w278 h17\" style=\"left:186.6466px; bottom:422.33533px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 h17\" style=\"left:230.01462px; bottom:422.33533px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:264.0226px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w24d h17\" style=\"left:302.2426px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h17\" style=\"left:340.3326px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h17\" style=\"left:378.86462px; bottom:422.33533px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w1ea h17\" style=\"left:428.31665px; bottom:422.33533px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b h17\" style=\"left:471.0606px; bottom:422.33533px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h17\" style=\"left:504.79565px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w186 h17\" style=\"left:544.2636px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c8 h17\" style=\"left:582.9516px; bottom:422.33533px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w276 hd3\" style=\"left:-4.050377px; bottom:400.96332px;\"><div class=\"t m0 x41 h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w277 hd3\" style=\"left:139.22263px; bottom:400.96332px;\"><div class=\"t m0 xad h8f y32c ff5 fsf fc2 sc0 ls1c ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w278 hd3\" style=\"left:186.6466px; bottom:400.96332px;\"><div class=\"t m0 xe h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w279 hd3\" style=\"left:230.01462px; bottom:400.96332px;\"><div class=\"t m0 x9a h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 hd3\" style=\"left:264.0226px; bottom:400.96332px;\"><div class=\"t m0 x86 h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d hd3\" style=\"left:302.2426px; bottom:400.96332px;\"><div class=\"t m0 x94 h8f y32c ff5 fsf fc2 sc0 ls1c ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w186 hd3\" style=\"left:340.3326px; bottom:400.96332px;\"><div class=\"t m0 x96 h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w27a hd3\" style=\"left:378.86462px; bottom:400.96332px;\"><div class=\"t m0 xad h8f y32c ff5 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1ea hd3\" style=\"left:428.31665px; bottom:400.96332px;\"><div class=\"t m0 xe h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27b hd3\" style=\"left:471.0606px; bottom:400.96332px;\"><div class=\"t m0 x9a h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 hd3\" style=\"left:504.79565px; bottom:400.96332px;\"><div class=\"t m0 x86 h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 hd3\" style=\"left:544.2636px; bottom:400.96332px;\"><div class=\"t m0 x94 h8f y32c ff5 fsf fc2 sc0 ls1c ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w1c8 hd3\" style=\"left:582.9516px; bottom:400.96332px;\"><div class=\"t m0 x86 h8f y32c ff5 fsf fc2 sc0 ls0 ws0\">5<span class=\"_ _90\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-319.3797px;\"><div class=\"t m0 x0 h61 y34d ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1270 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yff ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1271 ff5 fs0 fc2 sc0 ls0 ws0\">4.7 Bis Crediti verso client<span class=\"_ _0\"></span>ela: composizione p<span class=\"_ _0\"></span>er debitori/emitt<span class=\"_ _0\"></span>enti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yb08 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w284 h41\" style=\"left:429.87665px; bottom:341.6833px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w282 h47\" style=\"left:-4.050377px; bottom:322.1833px;\"><div class=\"t m0 x41 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w283 h47\" style=\"left:245.61462px; bottom:322.1833px;\"><div class=\"t m0 xcc h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w284 h47\" style=\"left:429.87665px; bottom:322.1833px;\"><div class=\"t m0 xc9 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c wc9 h130\" style=\"left:245.61462px; bottom:288.0193px;\"><div class=\"t m0 xb8 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x8 h59 yea4 ff5 fs17 fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w251 h42\" style=\"left:307.70264px; bottom:306.5833px;\"><div class=\"t m0 xb8 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w22 h130\" style=\"left:429.87665px; bottom:288.0193px;\"><div class=\"t m0 xd h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x12 h59 yea4 ff5 fs17 fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w285 h42\" style=\"left:498.24365px; bottom:306.5833px;\"><div class=\"t m0 xb8 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Deteriorati </div></div><div class=\"c w286 h5a\" style=\"left:307.70264px; bottom:288.0193px;\"><div class=\"t m0 x12 h46 ye5b ff1 fs17 fc2 sc0 ls0 ws0\">Acquistati </div></div><div class=\"c wc5 h5a\" style=\"left:368.72464px; bottom:288.0193px;\"><div class=\"t m0 x99 h46 ye5b ff1 fs17 fc2 sc0 ls0 ws0\">Altri  </div></div><div class=\"c wc9 h5a\" style=\"left:498.24365px; bottom:288.0193px;\"><div class=\"t m0 x12 h46 ye5b ff1 fs17 fc2 sc0 ls0 ws0\">Acquistati<span class=\"_ _0\"></span> </div></div><div class=\"c wc9 h5a\" style=\"left:559.0836px; bottom:288.0193px;\"><div class=\"t m0 x99 h46 ye5b ff1 fs17 fc2 sc0 ls0 ws0\">Altri </div></div><div class=\"c w282 h47\" style=\"left:-4.050377px; bottom:268.5193px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Titoli <span class=\"_ _0\"></span>di Debit<span class=\"_ _0\"></span>o </div></div><div class=\"c wc9 h47\" style=\"left:245.61462px; bottom:268.5193px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w286 h47\" style=\"left:307.70264px; bottom:268.5193px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h47\" style=\"left:368.72464px; bottom:268.5193px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h47\" style=\"left:429.87665px; bottom:268.5193px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wc9 h47\" style=\"left:498.24365px; bottom:268.5193px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:268.5193px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:251.98328px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Governi </span></div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:251.98328px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:251.98328px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:251.98328px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:251.98328px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:251.98328px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:251.98328px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:235.44733px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri Enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:235.44733px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:235.44733px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:235.44733px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:235.44733px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:235.44733px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:235.44733px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:218.91132px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Altri e<span class=\"_ _0\"></span>mittenti  </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:218.91132px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:218.91132px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:218.91132px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:218.91132px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:218.91132px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:218.91132px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h6a\" style=\"left:-4.050377px; bottom:202.2193px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c wc9 h6a\" style=\"left:245.61462px; bottom:202.2193px;\"><div class=\"t m0 x48 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w286 h6a\" style=\"left:307.70264px; bottom:202.2193px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h6a\" style=\"left:368.72464px; bottom:202.2193px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h6a\" style=\"left:429.87665px; bottom:202.2193px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c wc9 h6a\" style=\"left:498.24365px; bottom:202.2193px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h6a\" style=\"left:559.0836px; bottom:202.2193px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h69\" style=\"left:-4.050377px; bottom:185.65729px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie </div></div><div class=\"c wc9 h69\" style=\"left:245.61462px; bottom:185.65729px;\"><div class=\"t m0 x48 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w286 h69\" style=\"left:307.70264px; bottom:185.65729px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h69\" style=\"left:368.72464px; bottom:185.65729px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h69\" style=\"left:429.87665px; bottom:185.65729px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c wc9 h69\" style=\"left:498.24365px; bottom:185.65729px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h69\" style=\"left:559.0836px; bottom:185.65729px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:169.1213px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- assicurazion<span class=\"_ _35\"></span>i </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:169.1213px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:169.1213px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:169.1213px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:169.1213px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:169.1213px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:169.1213px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:152.5853px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:152.5853px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:152.5853px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:152.5853px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:152.5853px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:152.5853px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:152.5853px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h47\" style=\"left:-4.050377px; bottom:133.0853px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Finan<span class=\"_ _0\"></span>ziamenti ve<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>so: </div></div><div class=\"c wc9 h47\" style=\"left:245.61462px; bottom:133.0853px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w286 h47\" style=\"left:307.70264px; bottom:133.0853px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h47\" style=\"left:368.72464px; bottom:133.0853px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h47\" style=\"left:429.87665px; bottom:133.0853px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c wc9 h47\" style=\"left:498.24365px; bottom:133.0853px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:133.0853px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h6a\" style=\"left:-4.050377px; bottom:116.39331px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Governi<span class=\"_ _0\"></span> </div></div><div class=\"c wc9 h6a\" style=\"left:245.61462px; bottom:116.39331px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h6a\" style=\"left:307.70264px; bottom:116.39331px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h6a\" style=\"left:368.72464px; bottom:116.39331px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h6a\" style=\"left:429.87665px; bottom:116.39331px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h6a\" style=\"left:498.24365px; bottom:116.39331px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h6a\" style=\"left:559.0836px; bottom:116.39331px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:99.8573px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Altri Enti<span class=\"_ _0\"></span> pubblici </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:99.8573px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:99.8573px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:99.8573px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:99.8573px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:99.8573px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:99.8573px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:83.32129px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Altri sogge<span class=\"_ _35\"></span>tti </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:83.32129px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:83.32129px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:83.32129px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:83.32129px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:83.32129px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:83.32129px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:66.78531px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese non <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:66.78531px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:66.78531px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:66.78531px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:66.78531px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:66.78531px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:66.78531px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h6a\" style=\"left:-4.050377px; bottom:50.093292px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- imprese fina<span class=\"_ _35\"></span>nz<span class=\"_ _3\"></span>iarie </div></div><div class=\"c wc9 h6a\" style=\"left:245.61462px; bottom:50.093292px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w286 h6a\" style=\"left:307.70264px; bottom:50.093292px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h6a\" style=\"left:368.72464px; bottom:50.093292px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h6a\" style=\"left:429.87665px; bottom:50.093292px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c wc9 h6a\" style=\"left:498.24365px; bottom:50.093292px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h6a\" style=\"left:559.0836px; bottom:50.093292px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:33.557312px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- assicurazion<span class=\"_ _35\"></span>i </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:33.557312px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:33.557312px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:33.557312px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:33.557312px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:33.557312px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:33.557312px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h41\" style=\"left:-4.050377px; bottom:17.021301px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altri </div></div><div class=\"c wc9 h41\" style=\"left:245.61462px; bottom:17.021301px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w286 h41\" style=\"left:307.70264px; bottom:17.021301px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h41\" style=\"left:368.72464px; bottom:17.021301px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:429.87665px; bottom:17.021301px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wc9 h41\" style=\"left:498.24365px; bottom:17.021301px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h41\" style=\"left:559.0836px; bottom:17.021301px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w282 h47\" style=\"left:-4.050377px; bottom:-2.4786987px;\"><div class=\"t m0 x41 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wc9 h47\" style=\"left:245.61462px; bottom:-2.4786987px;\"><div class=\"t m0 x48 h59 y569 ff5 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w286 h47\" style=\"left:307.70264px; bottom:-2.4786987px;\"><div class=\"t m0 xd5 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h47\" style=\"left:368.72464px; bottom:-2.4786987px;\"><div class=\"t m0 xd5 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h47\" style=\"left:429.87665px; bottom:-2.4786987px;\"><div class=\"t m0 xa5 h59 y569 ff5 fs17 fc2 sc0 ls25 ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c wc9 h47\" style=\"left:498.24365px; bottom:-2.4786987px;\"><div class=\"t m0 xd5 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:-2.4786987px;\"><div class=\"t m0 xd5 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1061": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-201.43323px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 7 <span class=\"ff6\">\u2013</span> LE PARTECIPAZIONI <span class=\"ff6\">\u2013</span> VOCE 70 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">7.1 Partecipazioni: inform<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zioni sui rapporti part<span class=\"_ _0\"></span>ecipativi </div><div class=\"t m0 x0 h24 y1290 ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w295 h42\" style=\"left:-4.050377px; bottom:732.51276px;\"><div class=\"t m0 x41 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">Denominazioni </div></div><div class=\"c w296 h25\" style=\"left:232.97864px; bottom:690.54877px;\"><div class=\"t m0 x41 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y1292 ff5 fsf fc2 sc0 ls0 ws0\">legale </div></div><div class=\"c w297 h25\" style=\"left:302.2426px; bottom:690.54877px;\"><div class=\"t m0 x41 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y1292 ff5 fsf fc2 sc0 ls0 ws0\">operativa </div></div><div class=\"c w1a8 h25\" style=\"left:371.84464px; bottom:690.54877px;\"><div class=\"t m0 x14 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x86 h8f y1292 ff5 fsf fc2 sc0 ls43 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x9a h8f yca6 ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w299 h42\" style=\"left:421.29663px; bottom:732.51276px;\"><div class=\"t m0 x96 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">RAPPORTO DI PARTECIPAZIONE </div></div><div class=\"c w29a h25\" style=\"left:580.92365px; bottom:690.54877px;\"><div class=\"t m0 x41 h8f y123c ff5 fsf fc2 sc0 ls0 ws0\">Disponi-           </div><div class=\"t m0 x97 h8f y1292 ff5 fsf fc2 sc0 ls0 ws0\">bilit\u00e0               </div><div class=\"t m0 x88 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">voti               </div><div class=\"t m0 x96 h8f yca6 ff5 fsf fc2 sc0 ls0 ws0\">% </div><div class=\"t m0 x94 h8f y75b ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w29d h14a\" style=\"left:421.29663px; bottom:690.54877px;\"><div class=\"t m0 xb h8f y1294 ff5 fsf fc2 sc0 ls0 ws0\">Impresa partecipante </div></div><div class=\"c w29e h14a\" style=\"left:548.7876px; bottom:690.54877px;\"><div class=\"t m0 x41 h8f y1294 ff5 fsf fc2 sc0 ls0 ws0\">Quota               </div><div class=\"t m0 x14 h8f y82a ff5 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1c h47\" style=\"left:-4.050377px; bottom:671.04877px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">A. IMPRESE CONTROLLATE IN MODO CONGIUNTO </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:658.4128px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:658.4128px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Apside S.p.A. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:658.4128px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:658.4128px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:658.4128px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:658.4128px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:658.4128px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:645.7768px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 50.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:633.14075px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:633.14075px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Augusto S.r.l. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:633.14075px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:633.14075px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:633.14075px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:633.14075px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:633.14075px;\"><div class=\"t m0 x1a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:620.34875px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:607.71277px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:607.71277px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Diocleziano S.r.l. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:607.71277px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:607.71277px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:607.71277px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:607.71277px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:607.71277px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:595.0768px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:582.4408px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:582.4408px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Immobiliare Novoli S.p.A. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:582.4408px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Firenze </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:582.4408px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Firenze </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:582.4408px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:582.4408px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:582.4408px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:569.64874px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 15.635.514 suddiviso in azioni da Euro 0,60 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:557.01276px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:557.01276px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mir Capital Management S.A. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:557.01276px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:557.01276px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:557.01276px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:557.01276px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Private Equity International S.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:557.01276px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h17\" style=\"left:13.577621px; bottom:544.33777px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 31.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.050377px; bottom:529.51776px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w29c h1d\" style=\"left:13.577621px; bottom:529.51776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mir Capital S.C.A. SICAR </div></div><div class=\"c w296 h1d\" style=\"left:232.97864px; bottom:529.51776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w297 h1d\" style=\"left:302.2426px; bottom:529.51776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h1d\" style=\"left:371.84464px; bottom:529.51776px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h1d\" style=\"left:421.29663px; bottom:529.51776px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Private Equity International S.A. </div></div><div class=\"c w29e h1d\" style=\"left:548.7876px; bottom:529.51776px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:516.8818px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 65.365.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:504.2458px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:504.2458px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Mooney Group S.p.A. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:504.2458px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano  </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:504.2458px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:504.2458px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:504.2458px;\"><div class=\"t m0 x122 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Banca 5 S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:504.2458px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:491.6098px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.050.000 suddiviso in azioni da Euro 0,20 </div></div><div class=\"c w29b haf\" style=\"left:-4.050377px; bottom:469.45776px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w29c haf\" style=\"left:13.577621px; bottom:469.45776px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">PBZ Croatia Osiguranje Public Limited Company  </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">for Compulsory Pension Fund Management </div></div><div class=\"c w296 haf\" style=\"left:232.97864px; bottom:469.45776px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w297 haf\" style=\"left:302.2426px; bottom:469.45776px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Zagabria </div></div><div class=\"c w1a8 haf\" style=\"left:371.84464px; bottom:469.45776px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d haf\" style=\"left:421.29663px; bottom:469.45776px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Privredna Banka Zagreb D.D. </div></div><div class=\"c w29e haf\" style=\"left:548.7876px; bottom:469.45776px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:456.82178px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale HRK 56.000.000 suddiviso in azioni da HRK 1.000 </div></div><div class=\"c w29b h5b\" style=\"left:-4.050377px; bottom:438.41376px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w29c h5b\" style=\"left:13.577621px; bottom:438.41376px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Responsability BOP S.A.R.L. </div></div><div class=\"c w296 h5b\" style=\"left:232.97864px; bottom:438.41376px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w297 h5b\" style=\"left:302.2426px; bottom:438.41376px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h5b\" style=\"left:371.84464px; bottom:438.41376px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29d h5b\" style=\"left:421.29663px; bottom:438.41376px;\"><div class=\"t m0 x14 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Asteria Investment Managers </div><div class=\"t m0 xc8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">S.A. </div></div><div class=\"c w29e h5b\" style=\"left:548.7876px; bottom:438.41376px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:425.77777px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale USD 20.000 suddiviso in azioni da USD 50 </div></div><div class=\"c w1c h6e\" style=\"left:-4.050377px; bottom:398.47778px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">B. IMPRESE SOTTOPOSTE A INFLUENZA NOTEVOLE </div></div><div class=\"c w29b h1c\" style=\"left:-4.050377px; bottom:385.6858px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:385.6858px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1875 Finance Holding AG </div></div><div class=\"c w296 h1c\" style=\"left:232.97864px; bottom:385.6858px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Sarnen </div></div><div class=\"c w297 h1c\" style=\"left:302.2426px; bottom:385.6858px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Sarnen </div></div><div class=\"c w1a8 h1c\" style=\"left:371.84464px; bottom:385.6858px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h1c\" style=\"left:421.29663px; bottom:385.6858px;\"><div class=\"t m0 x134 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Reyl&amp;Cie S.A. </div></div><div class=\"c w29e h1c\" style=\"left:548.7876px; bottom:385.6858px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">40,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:373.04974px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Chf 500.000 suddiviso in azioni da Chf 1 </div></div><div class=\"c w29b h5b\" style=\"left:-4.050377px; bottom:354.64178px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w29c h5b\" style=\"left:13.577621px; bottom:354.64178px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Adriano Lease Sec S.r.l. (c) </div></div><div class=\"c w296 h5b\" style=\"left:232.97864px; bottom:354.64178px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w297 h5b\" style=\"left:302.2426px; bottom:354.64178px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w1a8 h5b\" style=\"left:371.84464px; bottom:354.64178px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h5b\" style=\"left:421.29663px; bottom:354.64178px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h5b\" style=\"left:548.7876px; bottom:354.64178px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29a h5b\" style=\"left:580.92365px; bottom:354.64178px;\"><div class=\"t m0 x1a h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(**) </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:342.0058px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h5b\" style=\"left:-4.050377px; bottom:323.59778px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w29c h5b\" style=\"left:13.577621px; bottom:323.59778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Alpian S.A. </div></div><div class=\"c w296 h5b\" style=\"left:232.97864px; bottom:323.59778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w297 h5b\" style=\"left:302.2426px; bottom:323.59778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Ginevra </div></div><div class=\"c w1a8 h5b\" style=\"left:371.84464px; bottom:323.59778px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h5b\" style=\"left:421.29663px; bottom:323.59778px;\"><div class=\"t m0 x94 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Fideuram - Intesa Sanpaolo </div><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Private Banking S.p.A. </div></div><div class=\"c w29e h5b\" style=\"left:548.7876px; bottom:323.59778px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">14,91 </div></div><div class=\"c w29c h17\" style=\"left:13.577621px; bottom:310.9358px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Chf 21.672.678 suddiviso in azioni da Chf 0,01 </div></div><div class=\"c w29d h17\" style=\"left:421.29663px; bottom:310.9358px;\"><div class=\"t m0 x134 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Reyl&amp;Cie S.A. </div></div><div class=\"c w29e h17\" style=\"left:548.7876px; bottom:310.9358px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">12,93 </div></div><div class=\"c w29e h159\" style=\"left:548.7876px; bottom:298.14377px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">27,84 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:285.50778px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:285.50778px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Apulia Finance N. 4 S.r.l. in liquidazione (c) </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:285.50778px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:285.50778px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:285.50778px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:285.50778px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:285.50778px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">10,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:272.87177px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:260.23578px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:260.23578px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Back2Bonis  </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:260.23578px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:260.23578px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:260.23578px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:260.23578px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:260.23578px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">55,40 </div></div><div class=\"c w29a h12\" style=\"left:580.92365px; bottom:260.23578px;\"><div class=\"t m0 xab h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">35,00 (*) </div></div><div class=\"c w29c h5b\" style=\"left:13.577621px; bottom:241.82776px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 776.381.183 suddiviso in azioni da Euro </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">476.671 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:229.19177px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:229.19177px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Backtowork24 S.r.l. (d) </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:229.19177px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:229.19177px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:229.19177px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:229.19177px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:229.19177px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30,58 </div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:216.39978px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 2.892.691 suddiviso in azioni da Euro 0,01 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:203.76376px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:203.76376px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bancomat S.p.A. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:203.76376px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:203.76376px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:203.76376px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:203.76376px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:203.76376px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">31,55 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:191.12778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 21.095.726 suddiviso in azioni da Euro 5 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:191.12778px;\"><div class=\"t m0 x122 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Banca 5 S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:191.12778px;\"><div class=\"t m0 x1a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">0,01 </div></div><div class=\"c w29e h21\" style=\"left:548.7876px; bottom:178.49176px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">31,56 </div></div><div class=\"c w29b h1c\" style=\"left:-4.050377px; bottom:165.69977px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:165.69977px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Berica ABS 3 S.r.l. (c) </div></div><div class=\"c w296 h1c\" style=\"left:232.97864px; bottom:165.69977px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Vicenza </div></div><div class=\"c w297 h1c\" style=\"left:302.2426px; bottom:165.69977px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Vicenza </div></div><div class=\"c w1a8 h1c\" style=\"left:371.84464px; bottom:165.69977px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h1c\" style=\"left:421.29663px; bottom:165.69977px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h1c\" style=\"left:548.7876px; bottom:165.69977px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:153.06378px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:140.42776px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:140.42776px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Brera Sec S.r.l. (c) </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:140.42776px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:140.42776px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:140.42776px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:140.42776px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:140.42776px;\"><div class=\"t m0 x1a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:127.79178px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EUR 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1c\" style=\"left:-4.050377px; bottom:114.99979px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:114.99979px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Camfin S.p.A. (e) </div></div><div class=\"c w296 h1c\" style=\"left:232.97864px; bottom:114.99979px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w297 h1c\" style=\"left:302.2426px; bottom:114.99979px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1c\" style=\"left:371.84464px; bottom:114.99979px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h1c\" style=\"left:421.29663px; bottom:114.99979px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h1c\" style=\"left:548.7876px; bottom:114.99979px;\"><div class=\"t m0 x1a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4,60 </div></div><div class=\"c w29a h1c\" style=\"left:580.92365px; bottom:114.99979px;\"><div class=\"t m0 xdd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8,53 (*) </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:102.36377px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EUR 110.800.000 suddiviso in azioni da Euro 0,2 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:89.72778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:89.72778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Cassa di Risparmio di Fermo S.p.A.  </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:89.72778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Fermo </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:89.72778px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Fermo </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:89.72778px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:89.72778px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:89.72778px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">33,33 </div></div><div class=\"c w29c h17\" style=\"left:13.577621px; bottom:77.052765px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EUR 39.241.088 suddiviso in azioni da Euro 51,65 </div></div><div class=\"c w29b h1c\" style=\"left:-4.050377px; bottom:64.26077px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:64.26077px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Centai Institute S.p.A. </div></div><div class=\"c w296 h1c\" style=\"left:232.97864px; bottom:64.26077px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w297 h1c\" style=\"left:302.2426px; bottom:64.26077px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1c\" style=\"left:371.84464px; bottom:64.26077px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h1c\" style=\"left:421.29663px; bottom:64.26077px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h1c\" style=\"left:548.7876px; bottom:64.26077px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">49,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:51.62477px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EUR 50.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h12\" style=\"left:-4.050377px; bottom:38.98877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:38.98877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Clara Sec S.r.l. </div></div><div class=\"c w296 h12\" style=\"left:232.97864px; bottom:38.98877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano  </div></div><div class=\"c w297 h12\" style=\"left:302.2426px; bottom:38.98877px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w1a8 h12\" style=\"left:371.84464px; bottom:38.98877px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h12\" style=\"left:421.29663px; bottom:38.98877px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h12\" style=\"left:548.7876px; bottom:38.98877px;\"><div class=\"t m0 x1a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w29c h12\" style=\"left:13.577621px; bottom:26.352768px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1c\" style=\"left:-4.050377px; bottom:13.560776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w29c h1c\" style=\"left:13.577621px; bottom:13.560776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Compagnia Aerea Italiana S.p.A. </div></div><div class=\"c w296 h1c\" style=\"left:232.97864px; bottom:13.560776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w297 h1c\" style=\"left:302.2426px; bottom:13.560776px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Fiumicino </div></div><div class=\"c w1a8 h1c\" style=\"left:371.84464px; bottom:13.560776px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w29d h1c\" style=\"left:421.29663px; bottom:13.560776px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w29e h1c\" style=\"left:548.7876px; bottom:13.560776px;\"><div class=\"t m0 x8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">27,49 </div></div><div class=\"c w29c h18\" style=\"left:13.577621px; bottom:-0.011230469px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 3.526.846 suddiviso in azioni da Euro 0,00004<span class=\"_ _90\"> </span> </div></div><div class=\"c w29f h42\" style=\"left:-4.534752px; bottom:800.87787px;\"><div class=\"t m0 x41 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">Denominazioni </div></div><div class=\"c w2a0 h15a\" style=\"left:231.09024px; bottom:758.8879px;\"><div class=\"t m0 x41 h8f y129e ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y129f ff5 fsf fc2 sc0 ls0 ws0\">legale </div></div><div class=\"c w2a1 h15a\" style=\"left:301.75824px; bottom:758.8879px;\"><div class=\"t m0 x41 h8f y129e ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y129f ff5 fsf fc2 sc0 ls0 ws0\">operativa </div></div><div class=\"c w1a8 h15a\" style=\"left:369.64426px; bottom:758.8879px;\"><div class=\"t m0 x14 h8f y129e ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x86 h8f y129f ff5 fsf fc2 sc0 ls43 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x9a h8f y561 ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w2a2 h42\" style=\"left:420.81226px; bottom:800.87787px;\"><div class=\"t m0 x96 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">RAPPORTO DI PARTECIPAZIONE </div></div><div class=\"c w29a h15a\" style=\"left:580.4393px; bottom:758.8879px;\"><div class=\"t m0 x41 h8f y129e ff5 fsf fc2 sc0 ls0 ws0\">Disponi-           </div><div class=\"t m0 x97 h8f y129f ff5 fsf fc2 sc0 ls0 ws0\">bilit\u00e0             <span class=\"ls2d\">  </span></div><div class=\"t m0 x88 h8f y841 ff5 fsf fc2 sc0 ls0 ws0\">voti               </div><div class=\"t m0 x96 h8f y561 ff5 fsf fc2 sc0 ls0 ws0\">% </div><div class=\"t m0 x94 h8f y75b ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w2a4 h111\" style=\"left:420.81226px; bottom:758.8879px;\"><div class=\"t m0 xb h8f y1294 ff5 fsf fc2 sc0 ls0 ws0\">Impresa partecipante </div></div><div class=\"c w1c6 h111\" style=\"left:545.96326px; bottom:758.8879px;\"><div class=\"t m0 xab h8f y1294 ff5 fsf fc2 sc0 ls0 ws0\">Quota               </div><div class=\"t m0 x88 h8f y1260 ff5 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:744.0679px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:744.0679px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Destination Gusto S.r.l. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:744.0679px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:744.0679px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:744.0679px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:744.0679px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:744.0679px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">49,00 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:729.4039px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 20.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:714.5839px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:714.5839px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Digit'ed Holding S.p.A. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:714.5839px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano  </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:714.5839px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:714.5839px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:714.5839px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:714.5839px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">20,00 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:699.9199px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 1.173.822 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:685.0999px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:685.0999px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Equiter S.p.A. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:685.0999px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:685.0999px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:685.0999px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:685.0999px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:685.0999px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">32,88 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:670.4359px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 150.004.017 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:655.6159px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:655.6159px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Euromilano S.p.A. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:655.6159px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:655.6159px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:655.6159px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:655.6159px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:655.6159px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">43,43 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:640.7959px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 1.356.582 suddiviso in azioni da Euro 15,51 </div></div><div class=\"c w29b h7a\" style=\"left:-4.534752px; bottom:626.1319px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:626.1319px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Europrogetti &amp; Finanza S.r.l. in liquidazione </div></div><div class=\"c w2a0 h7a\" style=\"left:231.09024px; bottom:626.1319px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w2a1 h7a\" style=\"left:301.75824px; bottom:626.1319px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1a8 h7a\" style=\"left:369.64426px; bottom:626.1319px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h7a\" style=\"left:420.81226px; bottom:626.1319px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h7a\" style=\"left:545.96326px; bottom:626.1319px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">15,97 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:611.3119px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 5.636.400 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h7a\" style=\"left:-4.534752px; bottom:596.6479px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:596.6479px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Eusebi Holdings B.V. </div></div><div class=\"c w2a0 h7a\" style=\"left:231.09024px; bottom:596.6479px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Amsterdam </div></div><div class=\"c w2a1 h7a\" style=\"left:301.75824px; bottom:596.6479px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Amsterdam </div></div><div class=\"c w1a8 h7a\" style=\"left:369.64426px; bottom:596.6479px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h7a\" style=\"left:420.81226px; bottom:596.6479px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h7a\" style=\"left:545.96326px; bottom:596.6479px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">47,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:581.8279px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 100 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:567.0079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:567.0079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">FI.NAV. Comparto A - Crediti </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:567.0079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:567.0079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Roma </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:567.0079px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:567.0079px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:567.0079px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">50,54 </div></div><div class=\"c w2a3 h79\" style=\"left:13.093246px; bottom:552.3049px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale USD 405.821.168 suddiviso in azioni da USD 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:537.4849px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:537.4849px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Fondo di Rigenerazione Urbana Sicilia S.r.l. (f) </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:537.4849px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Palermo </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:537.4849px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:537.4849px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:537.4849px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:537.4849px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:522.8209px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 50.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:508.00092px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:508.00092px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Fondo per la ricerca e l'innovazione S.r.l. (f) </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:508.00092px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:508.00092px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:508.00092px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:508.00092px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:508.00092px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:493.3369px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 25.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:478.5169px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:478.5169px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Fondo Sardegna Energia S.r.l. (f) </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:478.5169px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Cagliari </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:478.5169px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:478.5169px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:478.5169px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:478.5169px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:463.6969px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 25.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h7a\" style=\"left:-4.534752px; bottom:449.0329px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:449.0329px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Giada Sec S.r.l. (c) </div></div><div class=\"c w2a0 h7a\" style=\"left:231.09024px; bottom:449.0329px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w2a1 h7a\" style=\"left:301.75824px; bottom:449.0329px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Conegliano </div></div><div class=\"c w1a8 h7a\" style=\"left:369.64426px; bottom:449.0329px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h7a\" style=\"left:420.81226px; bottom:449.0329px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h7a\" style=\"left:545.96326px; bottom:449.0329px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:434.2129px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b hcc\" style=\"left:-4.534752px; bottom:416.2729px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 hcc\" style=\"left:13.093246px; bottom:416.2729px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Gilda S.r.l. </div></div><div class=\"c w2a0 hcc\" style=\"left:231.09024px; bottom:416.2729px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Montesilvano </div></div><div class=\"c w2a1 hcc\" style=\"left:301.75824px; bottom:416.2729px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Montesilvano </div></div><div class=\"c w1a8 hcc\" style=\"left:369.64426px; bottom:416.2729px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 hcc\" style=\"left:420.81226px; bottom:416.2729px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 hcc\" style=\"left:545.96326px; bottom:416.2729px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">13,05 </div></div><div class=\"c w29a hcc\" style=\"left:580.4393px; bottom:416.2729px;\"><div class=\"t m0 xa1 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">15,00 </div><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(**) </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:401.6089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 213.402 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b haf\" style=\"left:-4.534752px; bottom:379.4569px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 haf\" style=\"left:13.093246px; bottom:379.4569px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Indaco Venture Partners SGR S.p.A. (gi\u00e0 Venture Capital </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Partners SGR) </div></div><div class=\"c w2a0 haf\" style=\"left:231.09024px; bottom:379.4569px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 haf\" style=\"left:301.75824px; bottom:379.4569px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 haf\" style=\"left:369.64426px; bottom:379.4569px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 haf\" style=\"left:420.81226px; bottom:379.4569px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 haf\" style=\"left:545.96326px; bottom:379.4569px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">24,50 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:364.6369px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 750.000 suddiviso in azioni da Euro 0,50 </div></div><div class=\"c w29b h7a\" style=\"left:-4.534752px; bottom:349.9729px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:349.9729px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Iniziative Immobiliari Industriali S.p.A. In liquidazione  </div></div><div class=\"c w2a0 h7a\" style=\"left:231.09024px; bottom:349.9729px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Arqu\u00e0 Polesine </div></div><div class=\"c w2a1 h7a\" style=\"left:301.75824px; bottom:349.9729px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Arqu\u00e0 Polesine </div></div><div class=\"c w1a8 h7a\" style=\"left:369.64426px; bottom:349.9729px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h7a\" style=\"left:420.81226px; bottom:349.9729px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h7a\" style=\"left:545.96326px; bottom:349.9729px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">20,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:335.1529px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 510.000 suddiviso in azioni da Euro 0,51 </div></div><div class=\"c w29b h79\" style=\"left:-4.534752px; bottom:320.4629px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h79\" style=\"left:13.093246px; bottom:320.4629px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intrum Italy S.p.A. </div></div><div class=\"c w2a0 h79\" style=\"left:231.09024px; bottom:320.4629px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h79\" style=\"left:301.75824px; bottom:320.4629px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h79\" style=\"left:369.64426px; bottom:320.4629px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h79\" style=\"left:420.81226px; bottom:320.4629px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h79\" style=\"left:545.96326px; bottom:320.4629px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">49,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:305.64288px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 600.000 suddiviso in azioni da Euro 0,02 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:290.8229px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:290.8229px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Ism Investimenti S.p.A.  </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:290.8229px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mantova </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:290.8229px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mantova </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:290.8229px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:290.8229px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:290.8229px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">27,36 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:276.1589px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 6.654.902 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:261.3389px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:261.3389px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Leonardo Technology S.r.l. in liquidazione </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:261.3389px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:261.3389px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:261.3389px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:261.3389px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:261.3389px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">26,60 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:246.6749px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 242.081 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:231.85489px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:231.85489px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Marketwall S.r.l. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:231.85489px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:231.85489px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:231.85489px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:231.85489px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:231.85489px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">33,00 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:217.19089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 2.380.409 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:202.37091px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:202.37091px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Materias S.r.l. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:202.37091px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Napoli </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:202.37091px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Napoli </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:202.37091px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:202.37091px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:202.37091px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">12,87 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:187.5509px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 29.191 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h70\" style=\"left:-4.534752px; bottom:165.5549px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h70\" style=\"left:13.093246px; bottom:165.5549px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Misr Alexandria for Financial Investments Mutual Fund Co. </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">in liquidazione </div></div><div class=\"c w2a0 h70\" style=\"left:231.09024px; bottom:165.5549px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w2a1 h70\" style=\"left:301.75824px; bottom:165.5549px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w1a8 h70\" style=\"left:369.64426px; bottom:165.5549px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h70\" style=\"left:420.81226px; bottom:165.5549px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Bank of Alexandria S.A.E. </div></div><div class=\"c w1c6 h70\" style=\"left:545.96326px; bottom:165.5549px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">25,00 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:150.7349px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EGP 30.708.000 suddiviso in azioni da EGP 1000 </div></div><div class=\"c w29b h7a\" style=\"left:-4.534752px; bottom:136.07089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:136.07089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Misr International Towers Co. </div></div><div class=\"c w2a0 h7a\" style=\"left:231.09024px; bottom:136.07089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w2a1 h7a\" style=\"left:301.75824px; bottom:136.07089px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Il Cairo </div></div><div class=\"c w1a8 h7a\" style=\"left:369.64426px; bottom:136.07089px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h7a\" style=\"left:420.81226px; bottom:136.07089px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Bank of Alexandria S.A.E. </div></div><div class=\"c w1c6 h7a\" style=\"left:545.96326px; bottom:136.07089px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">27,86 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:121.250885px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale EGP 50.000.000 suddiviso in azioni da EGP 10 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:106.43091px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:106.43091px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Monilogi SRO </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:106.43091px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:106.43091px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:106.43091px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:106.43091px;\"><div class=\"t m0 xdd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Vseobecna Uverova Banka A.S. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:106.43091px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">30,00 </div></div><div class=\"c w2a3 h79\" style=\"left:13.093246px; bottom:91.727905px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 250.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:76.9079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:76.9079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Montefeltro Sviluppo Soc.cons. A.r. </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:76.9079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Urbania </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:76.9079px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Urbania </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:76.9079px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:76.9079px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:76.9079px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">26,37 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:62.243896px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 73.000 suddiviso in azioni da Euro 10 </div></div><div class=\"c w29b h1d\" style=\"left:-4.534752px; bottom:47.423904px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:47.423904px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Network Impresa S.p.A. in concordato preventivo </div></div><div class=\"c w2a0 h1d\" style=\"left:231.09024px; bottom:47.423904px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Limena </div></div><div class=\"c w2a1 h1d\" style=\"left:301.75824px; bottom:47.423904px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Limena </div></div><div class=\"c w1a8 h1d\" style=\"left:369.64426px; bottom:47.423904px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 h1d\" style=\"left:420.81226px; bottom:47.423904px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1d\" style=\"left:545.96326px; bottom:47.423904px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">28,95 </div></div><div class=\"c w2a3 h1d\" style=\"left:13.093246px; bottom:32.603897px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 562.342 suddiviso in azioni da Euro 1 </div></div><div class=\"c w29b hcc\" style=\"left:-4.534752px; bottom:14.663895px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w2a3 hcc\" style=\"left:13.093246px; bottom:14.663895px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Neva First - FCC </div></div><div class=\"c w2a0 hcc\" style=\"left:231.09024px; bottom:14.663895px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 hcc\" style=\"left:301.75824px; bottom:14.663895px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 hcc\" style=\"left:369.64426px; bottom:14.663895px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a4 hcc\" style=\"left:420.81226px; bottom:14.663895px;\"><div class=\"t m0 x9a h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo Innovation </div><div class=\"t m0 xc7 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Center S.p.A. </div></div><div class=\"c w1c6 hcc\" style=\"left:545.96326px; bottom:14.663895px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">42,53 </div></div><div class=\"c w2a3 h7a\" style=\"left:13.093246px; bottom:-0.00010681152px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 237.323.232 suddiviso in azioni da Euro 99,80<span class=\"_ _90\"> </span></div></div><div class=\"c w2a5 h42\" style=\"left:-4.050377px; bottom:831.45636px;\"><div class=\"t m0 x41 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">Denominazioni </div></div><div class=\"c w2a0 h15b\" style=\"left:232.97864px; bottom:790.4024px;\"><div class=\"t m0 x41 h8f y12a8 ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y12a9 ff5 fsf fc2 sc0 ls0 ws0\">legale </div></div><div class=\"c w2a1 h15b\" style=\"left:302.2426px; bottom:790.4024px;\"><div class=\"t m0 x41 h8f y12a8 ff5 fsf fc2 sc0 ls0 ws0\">Sede </div><div class=\"t m0 x41 h8f y12a9 ff5 fsf fc2 sc0 ls0 ws0\">operativa </div></div><div class=\"c w1a8 h15b\" style=\"left:370.12863px; bottom:790.4024px;\"><div class=\"t m0 x14 h8f y12a8 ff5 fsf fc2 sc0 ls0 ws0\">Tipo </div><div class=\"t m0 x86 h8f y12a9 ff5 fsf fc2 sc0 ls43 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8f y10d8 ff5 fsf fc2 sc0 ls0 ws0\">rapporto </div><div class=\"t m0 x9a h8f y12aa ff5 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c we2 h42\" style=\"left:421.29663px; bottom:831.45636px;\"><div class=\"t m0 x96 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">RAPPORTO DI PARTECIPAZIONE </div></div><div class=\"c w29a h15b\" style=\"left:580.92365px; bottom:790.4024px;\"><div class=\"t m0 x41 h8f y12a8 ff5 fsf fc2 sc0 ls0 ws0\">Disponi-           </div><div class=\"t m0 x97 h8f y12a9 ff5 fsf fc2 sc0 ls0 ws0\">bilit\u00e0               </div><div class=\"t m0 x88 h8f y10d8 ff5 fsf fc2 sc0 ls0 ws0\">voti               </div><div class=\"t m0 x96 h8f y12aa ff5 fsf fc2 sc0 ls0 ws0\">% </div><div class=\"t m0 x94 h8f y80d ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w2a8 h119\" style=\"left:421.29663px; bottom:790.4024px;\"><div class=\"t m0 xb h8f yca7 ff5 fsf fc2 sc0 ls0 ws0\">Impresa partecipante </div></div><div class=\"c w1c6 h119\" style=\"left:546.44763px; bottom:790.4024px;\"><div class=\"t m0 xab h8f yca7 ff5 fsf fc2 sc0 ls0 ws0\">Quota               </div><div class=\"t m0 x88 h8f yf60 ff5 fsf fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w2a6 h47\" style=\"left:-4.050377px; bottom:770.9024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h47\" style=\"left:15.007622px; bottom:770.9024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">NEWCO - Fondo Tematico Piani Urbani Integrati S.r.l. (f) </div></div><div class=\"c w2a0 h47\" style=\"left:232.97864px; bottom:770.9024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 h47\" style=\"left:302.2426px; bottom:770.9024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h47\" style=\"left:370.12863px; bottom:770.9024px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h47\" style=\"left:421.29663px; bottom:770.9024px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h47\" style=\"left:546.44763px; bottom:770.9024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:758.2664px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 25.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h12\" style=\"left:-4.050377px; bottom:745.6304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:745.6304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">NEWCO - Fondo Tematico Turismo S.r.l. (f) </div></div><div class=\"c w2a0 h12\" style=\"left:232.97864px; bottom:745.6304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w2a1 h12\" style=\"left:302.2426px; bottom:745.6304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Torino </div></div><div class=\"c w1a8 h12\" style=\"left:370.12863px; bottom:745.6304px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h12\" style=\"left:421.29663px; bottom:745.6304px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h12\" style=\"left:546.44763px; bottom:745.6304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:732.9944px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 25.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h1c\" style=\"left:-4.050377px; bottom:720.2024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:720.2024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Penghua Fund Management Co. Ltd. </div></div><div class=\"c w2a0 h1c\" style=\"left:232.97864px; bottom:720.2024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Shenzhen </div></div><div class=\"c w2a1 h1c\" style=\"left:302.2426px; bottom:720.2024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Shenzhen </div></div><div class=\"c w1a8 h1c\" style=\"left:370.12863px; bottom:720.2024px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h1c\" style=\"left:421.29663px; bottom:720.2024px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Eurizon Capital SGR S.p.A. </div></div><div class=\"c w1c6 h1c\" style=\"left:546.44763px; bottom:720.2024px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">49,00 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:707.5664px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale CNY 150.000.000 suddiviso in azioni da CNY 1 </div></div><div class=\"c w2a6 h12\" style=\"left:-4.050377px; bottom:694.93036px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:694.93036px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Pietra S.r.l. In liquidazione </div></div><div class=\"c w2a0 h12\" style=\"left:232.97864px; bottom:694.93036px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h12\" style=\"left:302.2426px; bottom:694.93036px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:370.12863px; bottom:694.93036px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h12\" style=\"left:421.29663px; bottom:694.93036px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h12\" style=\"left:546.44763px; bottom:694.93036px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">22,22 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:682.2944px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 40.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h1c\" style=\"left:-4.050377px; bottom:669.5024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:669.5024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">R.C.N. Finanziaria S.p.A. </div></div><div class=\"c w2a0 h1c\" style=\"left:232.97864px; bottom:669.5024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mantova </div></div><div class=\"c w2a1 h1c\" style=\"left:302.2426px; bottom:669.5024px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Mantova </div></div><div class=\"c w1a8 h1c\" style=\"left:370.12863px; bottom:669.5024px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h1c\" style=\"left:421.29663px; bottom:669.5024px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1c\" style=\"left:546.44763px; bottom:669.5024px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">23,96 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:656.8664px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 1.000.000 suddiviso in azioni da Euro 0,50 </div></div><div class=\"c w2a6 h12\" style=\"left:-4.050377px; bottom:644.2304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:644.2304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">RSCT FUND - COMPARTO CREDITI </div></div><div class=\"c w2a0 h12\" style=\"left:232.97864px; bottom:644.2304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h12\" style=\"left:302.2426px; bottom:644.2304px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:370.12863px; bottom:644.2304px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h12\" style=\"left:421.29663px; bottom:644.2304px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h12\" style=\"left:546.44763px; bottom:644.2304px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">70,07 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:631.59436px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 383.363.831 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h1c\" style=\"left:-4.050377px; bottom:618.80237px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:618.80237px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">S.F. Consulting S.r.l. </div></div><div class=\"c w2a0 h1c\" style=\"left:232.97864px; bottom:618.80237px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w2a1 h1c\" style=\"left:302.2426px; bottom:618.80237px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bergamo </div></div><div class=\"c w1a8 h1c\" style=\"left:370.12863px; bottom:618.80237px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h1c\" style=\"left:421.29663px; bottom:618.80237px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1c\" style=\"left:546.44763px; bottom:618.80237px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">35,00 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:606.1664px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 93.600 suddiviso in azioni da Euro 0,52 </div></div><div class=\"c w2a6 h17\" style=\"left:-4.050377px; bottom:593.4914px;\"><div class=\"t m0 x41 h2d yf71 ff1 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h17\" style=\"left:15.007622px; bottom:593.4914px;\"><div class=\"t m0 x41 h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">Sicily Investments S.a.r.l. </div></div><div class=\"c w2a0 h17\" style=\"left:232.97864px; bottom:593.4914px;\"><div class=\"t m0 x41 h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w2a1 h17\" style=\"left:302.2426px; bottom:593.4914px;\"><div class=\"t m0 x41 h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h17\" style=\"left:370.12863px; bottom:593.4914px;\"><div class=\"t m0 xae h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h17\" style=\"left:421.29663px; bottom:593.4914px;\"><div class=\"t m0 x98 h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h17\" style=\"left:546.44763px; bottom:593.4914px;\"><div class=\"t m0 x45 h2d yf71 ff1 fsf fc2 sc0 ls0 ws0\">25,20 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:580.8554px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 12.500 suddiviso in azioni da Euro 25 </div></div><div class=\"c w2a6 h1c\" style=\"left:-4.050377px; bottom:568.0634px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:568.0634px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Slovak Banking Credit Bureau S.r.o.  </div></div><div class=\"c w2a0 h1c\" style=\"left:232.97864px; bottom:568.0634px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w2a1 h1c\" style=\"left:302.2426px; bottom:568.0634px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Bratislava </div></div><div class=\"c w1a8 h1c\" style=\"left:370.12863px; bottom:568.0634px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h1c\" style=\"left:421.29663px; bottom:568.0634px;\"><div class=\"t m0 xdd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Vseobecna Uverova Banka A.S. </div></div><div class=\"c w1c6 h1c\" style=\"left:546.44763px; bottom:568.0634px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">33,33 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:555.42737px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 9.958 suddiviso in azioni da Euro 3.319,39 </div></div><div class=\"c w2a6 haf\" style=\"left:-4.050377px; bottom:533.2754px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 haf\" style=\"left:15.007622px; bottom:533.2754px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Sviluppo Industriale S.p.A. in Liquidazione (gi\u00e0 Sviluppo </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Industriale S.p.A. in Concordato Preventivo) </div></div><div class=\"c w2a0 haf\" style=\"left:232.97864px; bottom:533.2754px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Pistoia </div></div><div class=\"c w2a1 haf\" style=\"left:302.2426px; bottom:533.2754px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Pistoia </div></div><div class=\"c w1a8 haf\" style=\"left:370.12863px; bottom:533.2754px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 haf\" style=\"left:421.29663px; bottom:533.2754px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 haf\" style=\"left:546.44763px; bottom:533.2754px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">28,27 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:520.6394px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 628.444 suddiviso in azioni da Eur 22,26 </div></div><div class=\"c w2a6 h10a\" style=\"left:-4.050377px; bottom:508.00342px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h10a\" style=\"left:15.007622px; bottom:508.00342px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Trinacria Capital S.a.r.l. </div></div><div class=\"c w2a0 h10a\" style=\"left:232.97864px; bottom:508.00342px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w2a1 h10a\" style=\"left:302.2426px; bottom:508.00342px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w1a8 h10a\" style=\"left:370.12863px; bottom:508.00342px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h10a\" style=\"left:421.29663px; bottom:508.00342px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h10a\" style=\"left:546.44763px; bottom:508.00342px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">25,20 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:495.36737px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 12.500 suddiviso in azioni da Euro 25 </div></div><div class=\"c w2a6 h5b\" style=\"left:-4.050377px; bottom:476.9594px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h5b\" style=\"left:15.007622px; bottom:476.9594px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">UBI SPV LEASE 2016 S.r.l. </div></div><div class=\"c w2a0 h5b\" style=\"left:232.97864px; bottom:476.9594px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h5b\" style=\"left:302.2426px; bottom:476.9594px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h5b\" style=\"left:370.12863px; bottom:476.9594px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h5b\" style=\"left:421.29663px; bottom:476.9594px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h5b\" style=\"left:546.44763px; bottom:476.9594px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">10,00 </div></div><div class=\"c w29a h5b\" style=\"left:580.92365px; bottom:476.9594px;\"><div class=\"t m0 x1a h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">100,00 </div><div class=\"t m0 x9b h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(**) </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:464.32336px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 10.000 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h1c\" style=\"left:-4.050377px; bottom:451.53137px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:451.53137px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Vesta OML Limited ( ex Oval Money LTD) </div></div><div class=\"c w2a0 h1c\" style=\"left:232.97864px; bottom:451.53137px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Londra  </div></div><div class=\"c w2a1 h1c\" style=\"left:302.2426px; bottom:451.53137px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Londra </div></div><div class=\"c w1a8 h1c\" style=\"left:370.12863px; bottom:451.53137px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h1c\" style=\"left:421.29663px; bottom:451.53137px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h1c\" style=\"left:546.44763px; bottom:451.53137px;\"><div class=\"t m0 x45 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">37,51 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:438.8954px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale GBP 16.692 suddiviso in azioni da GBP 0,0004 </div></div><div class=\"c w2a6 h7e\" style=\"left:-4.050377px; bottom:413.6234px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h7e\" style=\"left:15.007622px; bottom:413.6234px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Warrant Hub S.p.A. </div></div><div class=\"c w2a0 h7e\" style=\"left:232.97864px; bottom:413.6234px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Correggio </div></div><div class=\"c w2a1 h7e\" style=\"left:302.2426px; bottom:413.6234px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Correggio </div></div><div class=\"c w1a8 h7e\" style=\"left:370.12863px; bottom:413.6234px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h7e\" style=\"left:421.29663px; bottom:413.6234px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo S.p.A. </div></div><div class=\"c w1c6 h7e\" style=\"left:546.44763px; bottom:413.6234px;\"><div class=\"t m0 x45 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">12,00 </div></div><div class=\"c w2a7 h1c\" style=\"left:15.007622px; bottom:400.83136px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 113.637 suddiviso in azioni da Euro 1 </div></div><div class=\"c w2a6 h12\" style=\"left:-4.050377px; bottom:388.19537px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:388.19537px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Yolo Group S.p.A. </div></div><div class=\"c w2a0 h12\" style=\"left:232.97864px; bottom:388.19537px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w2a1 h12\" style=\"left:302.2426px; bottom:388.19537px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w1a8 h12\" style=\"left:370.12863px; bottom:388.19537px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2a8 h12\" style=\"left:421.29663px; bottom:388.19537px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo Vita S.p.A. </div></div><div class=\"c w1c6 h12\" style=\"left:546.44763px; bottom:388.19537px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1,43 </div></div><div class=\"c w2a7 h12\" style=\"left:15.007622px; bottom:375.5594px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Capitale Euro 87.493 suddiviso in azioni da Euro 0,01 </div></div><div class=\"c w2a6 h8c\" style=\"left:-4.050377px; bottom:290.6694px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(a) </div></div><div class=\"c w2a7 h8c\" style=\"left:15.007622px; bottom:290.6694px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Tipo di rapporto: </div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:278.0334px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">1 <span class=\"ls0\">- maggioranza dei diritti di voto nell'assemblea ordinaria; </span></div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:265.3974px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">2 <span class=\"ls0\">- influenza dominante nell'assemblea ordinaria; </span></div></div><div class=\"c w2a9 h1c\" style=\"left:15.007622px; bottom:252.60538px;\"><div class=\"t m0 x41 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">3 <span class=\"ls0\">- accordi con altri soci; </span></div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:239.96939px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">4 <span class=\"ls0\">- societ\u00e0 sottoposta a influenza notevole; </span></div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:227.33337px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">5 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 1, del \"decreto legislativo 87/92\"; </span></div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:214.69739px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">6 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 2, del \"decreto legislativo 87/92\"; </span></div></div><div class=\"c w2a9 h1c\" style=\"left:15.007622px; bottom:201.9054px;\"><div class=\"t m0 x41 h2d y7b7 ff1 fsf fc2 sc0 ls1c ws0\">7 <span class=\"ls0\">- controllo congiunto; </span></div></div><div class=\"c w2a9 h12\" style=\"left:15.007622px; bottom:189.26938px;\"><div class=\"t m0 x41 h2d y8c0 ff1 fsf fc2 sc0 ls1c ws0\">8 <span class=\"ls0\">- altro tipo di rapporto. </span></div></div><div class=\"c w2a6 h7e\" style=\"left:-4.050377px; bottom:163.99738px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w2aa h7e\" style=\"left:15.007622px; bottom:163.99738px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Ove differente dalla quota % viene indicata la disponibilit\u00e0 dei voti nell'assemblea ordinaria, distinguendo, ove applicabile, tra diritto di voto effettivi (*) e potenziali (**). </div></div><div class=\"c w2a6 h8c\" style=\"left:-4.050377px; bottom:138.5694px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(c) </div></div><div class=\"c w2aa h8c\" style=\"left:15.007622px; bottom:138.5694px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Si tratta di veicoli utilizzati per operazioni di cartolarizzazione nell'ambito del Gruppo. </div></div><div class=\"c w2a6 h15c\" style=\"left:-4.050377px; bottom:97.65839px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(d) </div></div><div class=\"c w2aa h15c\" style=\"left:15.007622px; bottom:97.65839px;\"><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">In qualsiasi <span class=\"_ _3\"></span>momento r<span class=\"_ _3\"></span>icompreso tra la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di sottoscrizione <span class=\"_ _3\"></span>del Secondo Aum<span class=\"_ _3\"></span>ento di Capitale <span class=\"_ _3\"></span>(24/11/2020) e <span class=\"_ _3\"></span>la scadenza <span class=\"_ _3\"></span>del 42\u00b0 mese <span class=\"_ _3\"></span>da tale <span class=\"_ _3\"></span>data, <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>il </div><div class=\"t m0 x41 h2d y745 ff1 fsf fc2 sc0 ls0 ws0\">diritto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incrementare, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>tranches, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>propria <span class=\"_ _3\"></span>parte<span class=\"_ _3\"></span>cipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>ott<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tecipazione <span class=\"_ _3\"></span>complessiva <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>51%. <span class=\"_ _2\"></span>Non </div><div class=\"t m0 x41 h2d y767 ff4 fsf fc2 sc0 ls0 ws0\">ricorrono, al momento, i presupposti ai sensi dell\u2019IFRS 10 per la classificazione dell'interessenza tra le Imprese Controllat<span class=\"ff1 ls1c\">e.<span class=\"ls0\"> </span></span></div></div><div class=\"c w2a6 haa\" style=\"left:-4.050377px; bottom:65.366394px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(e) </div></div><div class=\"c w2aa haa\" style=\"left:15.007622px; bottom:65.366394px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\"> Il differente valore <span class=\"_ _3\"></span>tra la quota effettiva e il <span class=\"_ _3\"></span>numero di voti <span class=\"_ _3\"></span>in assemblea <span class=\"_ _3\"></span>\u00e8 legato alla presenza <span class=\"_ _3\"></span>di varie categorie di <span class=\"_ _3\"></span>azioni (A e B). Solo le azion<span class=\"_ _3\"></span>i di cat. A (<span class=\"_ _3\"></span>detenute anche da </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo) attribuiscono diritto di voto in assemblea. </div></div><div class=\"c w2a6 h93\" style=\"left:-4.050377px; bottom:43.058395px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w2aa h93\" style=\"left:15.007622px; bottom:43.058395px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Gli effetti economici delle operazioni di investimento in equity e di <span class=\"ff4\">finanziamento sottostanti l\u2019attivit\u00e0 del fondo ricadono integralmente sulla BEI.</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-154.15161px;\"><div class=\"t m0 x0 h116 y12b2 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4e7 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019illustrazione dei crit<span class=\"_ _0\"></span>eri e dei metodi di determinazi<span class=\"_ _0\"></span>one dell\u2019area di consolidame<span class=\"_ _0\"></span>nto e delle motivazioni <span class=\"_ _0\"></span>per cui una partec<span class=\"_ _5\"></span><span class=\"ff1\">ipata </span></div><div class=\"t m0 x0 h2 yd93 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 sottoposta a controllo co<span class=\"_ _0\"></span>ngiunto o influenza n<span class=\"_ _0\"></span>otevole, \u00e8 conten<span class=\"_ _0\"></span>uta nella Parte A <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Politiche con<span class=\"_ _0\"></span>tabili, alla quale <span class=\"_ _0\"></span>si fa rinvio. </div><div class=\"t m0 x0 h24 y5a5 ff5 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-326.88635px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">7.2 Partecipazioni sign<span class=\"_ _0\"></span>ificative: valore di bi<span class=\"_ _0\"></span>lancio, fair value e di<span class=\"_ _0\"></span>videndi percepiti </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w217 h44\" style=\"left:428.31665px; bottom:645.9036px;\"><div class=\"t m0 x16e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2ae ha0\" style=\"left:-4.050377px; bottom:601.13165px;\"><div class=\"t m0 x41 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Denomi<span class=\"_ _0\"></span>nazioni </div></div><div class=\"c w2ad ha0\" style=\"left:331.12863px; bottom:601.13165px;\"><div class=\"t m0 x1a h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Valore di<span class=\"_ _0\"></span> bilancio </div></div><div class=\"c w2af ha0\" style=\"left:428.31665px; bottom:601.13165px;\"><div class=\"t m0 x94 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w20f ha0\" style=\"left:523.5156px; bottom:601.13165px;\"><div class=\"t m0 x41 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Dividend<span class=\"_ _0\"></span>i percepit<span class=\"_ _0\"></span>i </div><div class=\"t m0 x40 h59 y7b6 ff5 fs17 fc2 sc0 ls2c ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w2ae h47\" style=\"left:-4.050377px; bottom:581.63165px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. IMPRES<span class=\"_ _0\"></span>E CONTR<span class=\"_ _35\"></span>OLLATE IN MODO <span class=\"_ _35\"></span>CONGIUNTO </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:566.0317px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:566.0317px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Mooney Grou<span class=\"_ _35\"></span>p <span class=\"_ _3\"></span>S.p.A<span class=\"_ _0\"></span>. </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:566.0317px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">111<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:566.0317px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:566.0317px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ae h8c\" style=\"left:-4.050377px; bottom:540.60364px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. IMPRES<span class=\"_ _0\"></span>E SOTTOP<span class=\"_ _35\"></span>OSTE A INFLUE<span class=\"_ _35\"></span>NZA NOTEVOLE </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:525.00366px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:525.00366px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">BACK2BO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>IS </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:525.00366px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">387<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:525.00366px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:525.00366px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:509.40363px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:509.40363px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Penghua Fu<span class=\"_ _0\"></span>nd Manag<span class=\"_ _0\"></span>ement Co<span class=\"_ _0\"></span>. Ltd. </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:509.40363px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">332<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:509.40363px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:509.40363px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:493.80365px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:493.80365px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Intrum Ital<span class=\"_ _0\"></span>y S.p.A. </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:493.80365px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">307<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:493.80365px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:493.80365px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:478.20367px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:478.20367px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">RSCT FU<span class=\"_ _0\"></span>ND - Compar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o Crediti </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:478.20367px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">256<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:478.20367px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:478.20367px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:462.60364px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:462.60364px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">FI.NAV. <span class=\"_ _0\"></span>Comparto A<span class=\"_ _0\"></span> - Crediti </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:462.60364px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:462.60364px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:462.60364px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:447.00366px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:447.00366px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Equiter S<span class=\"_ _0\"></span>.p.A. </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:447.00366px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:447.00366px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:447.00366px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2ab h42\" style=\"left:-4.050377px; bottom:431.40363px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2ac h42\" style=\"left:46.83162px; bottom:431.40363px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">NEVA FI<span class=\"_ _0\"></span>RST - <span class=\"ls44\">FCC</span> </div></div><div class=\"c w2ad h42\" style=\"left:331.12863px; bottom:431.40363px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w2af h42\" style=\"left:428.31665px; bottom:431.40363px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h42\" style=\"left:523.5156px; bottom:431.40363px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ab hb1\" style=\"left:-4.050377px; bottom:404.06464px;\"><div class=\"t m0 x8 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w2ad hb1\" style=\"left:331.12863px; bottom:404.06464px;\"><div class=\"t m0 xcc h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">1.711 </div></div><div class=\"c w2af hb1\" style=\"left:428.31665px; bottom:404.06464px;\"><div class=\"t m0 xaa h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f hb1\" style=\"left:523.5156px; bottom:404.06464px;\"><div class=\"t m0 x4 h59 y705 ff5 fs17 fc2 sc0 ls25 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w1c ha0\" style=\"left:-4.050377px; bottom:359.29266px;\"><div class=\"t m0 x41 h2c y328 ff1 fse fc2 sc0 ls0 ws0\">a)  I <span class=\"_ _4\"> </span>dividendi  sono  pagati  da  societ\u00e0  del  Gruppo  valutate  con <span class=\"_ _4\"> </span>il  metodo  del  <span class=\"ff4\">patrimonio  netto,  e  bench\u00e9  non  rientrino  nella  voce  \u201c250 <span class=\"_ _4\"> </span>Utili  (Perdite)  delle </span></div><div class=\"t m0 x41 h2c y562 ff4 fse fc2 sc0 ls28 ws0\">partecipazioni\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>rap<span class=\"_ _3\"></span>presentano <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _5\"></span>negativa <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>voce<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201c70 <span class=\"_ _2\"></span>Partecipazi<span class=\"_ _3\"></span>oni\u201d <span class=\"_ _2\"></span>dell\u2019Attivo,<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>esposti <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1 ls0\">unque <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>evisto <span class=\"_ _2\"></span>dalla </span></div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">normativa di ri<span class=\"ls0\">ferimento.<span class=\"_ _3\"></span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-326.88635px;\"><div class=\"t m0 x0 h61 y1061 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y726 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y12b5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yfd9 ff5 fs0 fc2 sc0 ls0 ws0\">7.3 Partecipazioni sign<span class=\"_ _0\"></span>ificative: inform<span class=\"_ _0\"></span>azioni contabili </div><div class=\"t m0 x0 h2 y353 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w55 h41\" style=\"left:557.99164px; bottom:299.38867px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">(milioni di<span class=\"_ _0\"></span> euro) </div></div><div class=\"c w2b0 h15d\" style=\"left:-4.050377px; bottom:174.56265px;\"><div class=\"t m0 x41 h107 y12b6 ff5 fs7 fc2 sc0 ls0 ws0\">Denominazion<span class=\"_ _0\"></span>i </div></div><div class=\"c w2b1 h15d\" style=\"left:174.16663px; bottom:174.56265px;\"><div class=\"t mb x95 h107 y12b7 ff5 fs7 fc2 sc0 ls0 ws0\">Cassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquide</div><div class=\"t mb x95 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w190 h15d\" style=\"left:198.65863px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12b9 ff5 fs7 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b2 h15d\" style=\"left:228.29861px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12ba ff5 fs7 fc2 sc0 ls0 ws0\">Attivit\u00e0 non  fi<span class=\"_ _0\"></span>nanziarie</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w190 h15d\" style=\"left:256.84662px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12bb ff5 fs7 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b2 h15d\" style=\"left:286.33063px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12bc ff5 fs7 fc2 sc0 ls0 ws0\">Passivit\u00e0 non  </div><div class=\"t mb x9a h107 y12bd ff5 fs7 fc2 sc0 ls0 ws0\">finanziarie</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w17c h15d\" style=\"left:316.7506px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12be ff5 fs7 fc2 sc0 ls0 ws0\">Ricavi totali</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b2 h15d\" style=\"left:345.32462px; bottom:174.56265px;\"><div class=\"t mb x9a h107 y12bf ff5 fs7 fc2 sc0 ls0 ws0\">Margine di intere<span class=\"_ _0\"></span>sse</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b3 h15d\" style=\"left:375.58862px; bottom:174.56265px;\"><div class=\"t mb x96 h107 y568 ff5 fs7 fc2 sc0 ls0 ws0\">Rettifiche e ri<span class=\"_ _0\"></span>prese di valore s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> attivit\u00e0 </div><div class=\"t mb xb8 h107 y12c0 ff5 fs7 fc2 sc0 ls0 ws0\">materiali e imma<span class=\"_ _0\"></span>teriali</div><div class=\"t mb xb8 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b3 h15d\" style=\"left:413.4966px; bottom:174.56265px;\"><div class=\"t mb x96 h107 yfd ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente </div><div class=\"t mb xb8 h107 y12c1 ff5 fs7 fc2 sc0 ls0 ws0\">al lordo delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste</div><div class=\"t mb xb8 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b3 h15d\" style=\"left:450.93665px; bottom:174.56265px;\"><div class=\"t mb x96 h107 yfd ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente </div><div class=\"t mb xb8 h107 y12c2 ff5 fs7 fc2 sc0 ls0 ws0\">al netto delle im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>oste</div><div class=\"t mb xb8 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b4 h15d\" style=\"left:490.09265px; bottom:174.56265px;\"><div class=\"t mb x96 h107 y12c3 ff5 fs7 fc2 sc0 ls0 ws0\">Utile (Perdita) dei<span class=\"_ _0\"></span> gruppi di attiv<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>t\u00e0 in via </div><div class=\"t mb xb8 h107 y562 ff5 fs7 fc2 sc0 ls0 ws0\">di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposte</div><div class=\"t mb xb8 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b2 h15d\" style=\"left:528.0396px; bottom:174.56265px;\"><div class=\"t mb x14 h107 y12c4 ff5 fs7 fc2 sc0 ls0 ws0\">Utile (perdita) d<span class=\"_ _0\"></span>'esercizio</div><div class=\"t mb x14 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t mb x9a h107 y12c5 ff5 fs7 fc2 sc0 ls0 ws0\">(1) </div></div><div class=\"c w2b5 h15d\" style=\"left:557.99164px; bottom:174.56265px;\"><div class=\"t mb x97 h107 y12c6 ff5 fs7 fc2 sc0 ls0 ws0\">Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto </div><div class=\"t mb x94 h107 y12c7 ff5 fs7 fc2 sc0 ls0 ws0\">delle imposte</div><div class=\"t mb x94 h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t mb x13 h107 y12c5 ff5 fs7 fc2 sc0 ls0 ws0\">(2) </div></div><div class=\"c w2b6 h15d\" style=\"left:591.8436px; bottom:174.56265px;\"><div class=\"t mb xae h107 y12c8 ff5 fs7 fc2 sc0 ls0 ws0\">Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva</div><div class=\"t mb xae h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t mb x9a h107 y12c9 ff5 fs7 fc2 sc0 ls0 ws0\">(3) = (1) + (2)</div><div class=\"t mb x9a h107 y12b8 ff5 fs7 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:158.02664px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">A. IMPRESE CON<span class=\"_ _35\"></span>TROLLATE IN MODO CON<span class=\"_ _35\"></span>G<span class=\"_ _3\"></span>IUNTO<span class=\"_ _0\"></span> </div></div><div class=\"c w2b0 h6a\" style=\"left:-4.050377px; bottom:141.33466px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Mooney Group S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. </div></div><div class=\"c w2b1 h6a\" style=\"left:174.16663px; bottom:141.33466px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h6a\" style=\"left:198.65863px; bottom:141.33466px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">397<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:228.29861px; bottom:141.33466px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">930<span class=\"ls0\"> </span></div></div><div class=\"c w190 h6a\" style=\"left:256.84662px; bottom:141.33466px;\"><div class=\"t m0 x45 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">1.446 </div></div><div class=\"c w2b2 h6a\" style=\"left:286.33063px; bottom:141.33466px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w17c h6a\" style=\"left:316.7506px; bottom:141.33466px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">300<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:345.32462px; bottom:141.33466px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:375.58862px; bottom:141.33466px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:413.4966px; bottom:141.33466px;\"><div class=\"t m0 x9b hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">48</span> </div></div><div class=\"c w2b3 h6a\" style=\"left:450.93665px; bottom:141.33466px;\"><div class=\"t m0 x9b hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">37</span> </div></div><div class=\"c w2b4 h6a\" style=\"left:490.09265px; bottom:141.33466px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h6a\" style=\"left:528.0396px; bottom:141.33466px;\"><div class=\"t m0 x6 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">37</span> </div></div><div class=\"c w2b5 h6a\" style=\"left:557.99164px; bottom:141.33466px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h6a\" style=\"left:591.8436px; bottom:141.33466px;\"><div class=\"t m0 x6 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">37</span> </div></div><div class=\"c w2b0 h7e\" style=\"left:-4.050377px; bottom:116.06265px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">B. IMPRESE SO<span class=\"_ _0\"></span>TTOPOSTE A<span class=\"_ _0\"></span> INFLUENZA NO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>EVOLE </div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:99.52664px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">BACK2BONIS<span class=\"_ _0\"></span> </div></div><div class=\"c w2b1 h41\" style=\"left:174.16663px; bottom:99.52664px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h41\" style=\"left:198.65863px; bottom:99.52664px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">748<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:228.29861px; bottom:99.52664px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w190 h41\" style=\"left:256.84662px; bottom:99.52664px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:286.33063px; bottom:99.52664px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w17c h41\" style=\"left:316.7506px; bottom:99.52664px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:345.32462px; bottom:99.52664px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:375.58862px; bottom:99.52664px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:413.4966px; bottom:99.52664px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b3 h41\" style=\"left:450.93665px; bottom:99.52664px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b4 h41\" style=\"left:490.09265px; bottom:99.52664px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:528.0396px; bottom:99.52664px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b5 h41\" style=\"left:557.99164px; bottom:99.52664px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h41\" style=\"left:591.8436px; bottom:99.52664px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b0 h6a\" style=\"left:-4.050377px; bottom:82.834656px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Penghua Fun<span class=\"_ _0\"></span>d Managemen<span class=\"_ _0\"></span>t Co. Ltd. </div></div><div class=\"c w2b1 h6a\" style=\"left:174.16663px; bottom:82.834656px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h6a\" style=\"left:198.65863px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">826<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:228.29861px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w190 h6a\" style=\"left:256.84662px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">221<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:286.33063px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">249<span class=\"ls0\"> </span></div></div><div class=\"c w17c h6a\" style=\"left:316.7506px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">596<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:345.32462px; bottom:82.834656px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:375.58862px; bottom:82.834656px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:413.4966px; bottom:82.834656px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">181<span class=\"ls0\"> </span></div></div><div class=\"c w2b3 h6a\" style=\"left:450.93665px; bottom:82.834656px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w2b4 h6a\" style=\"left:490.09265px; bottom:82.834656px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h6a\" style=\"left:528.0396px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w2b5 h6a\" style=\"left:557.99164px; bottom:82.834656px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h6a\" style=\"left:591.8436px; bottom:82.834656px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:66.298645px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Intrum Italy S.p.A<span class=\"_ _0\"></span>. </div></div><div class=\"c w2b1 h41\" style=\"left:174.16663px; bottom:66.298645px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h41\" style=\"left:198.65863px; bottom:66.298645px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:228.29861px; bottom:66.298645px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">86<span class=\"ls0\"> </span></div></div><div class=\"c w190 h41\" style=\"left:256.84662px; bottom:66.298645px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2b2 h41\" style=\"left:286.33063px; bottom:66.298645px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w17c h41\" style=\"left:316.7506px; bottom:66.298645px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">163<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:345.32462px; bottom:66.298645px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:375.58862px; bottom:66.298645px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:413.4966px; bottom:66.298645px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w2b3 h41\" style=\"left:450.93665px; bottom:66.298645px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w2b4 h41\" style=\"left:490.09265px; bottom:66.298645px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:528.0396px; bottom:66.298645px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w2b5 h41\" style=\"left:557.99164px; bottom:66.298645px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h41\" style=\"left:591.8436px; bottom:66.298645px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:49.762634px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">RSCT FUND - Compa<span class=\"_ _0\"></span>rto Crediti </div></div><div class=\"c w2b1 h41\" style=\"left:174.16663px; bottom:49.762634px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h41\" style=\"left:198.65863px; bottom:49.762634px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">346<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:228.29861px; bottom:49.762634px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w190 h41\" style=\"left:256.84662px; bottom:49.762634px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:286.33063px; bottom:49.762634px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w17c h41\" style=\"left:316.7506px; bottom:49.762634px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:345.32462px; bottom:49.762634px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:375.58862px; bottom:49.762634px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:413.4966px; bottom:49.762634px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b3 h41\" style=\"left:450.93665px; bottom:49.762634px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b4 h41\" style=\"left:490.09265px; bottom:49.762634px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:528.0396px; bottom:49.762634px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b5 h41\" style=\"left:557.99164px; bottom:49.762634px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h41\" style=\"left:591.8436px; bottom:49.762634px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:33.226654px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">FI.NAV. Compa<span class=\"_ _0\"></span>rto A - Crediti<span class=\"_ _0\"></span> </div></div><div class=\"c w2b1 h41\" style=\"left:174.16663px; bottom:33.226654px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h41\" style=\"left:198.65863px; bottom:33.226654px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">268<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:228.29861px; bottom:33.226654px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w190 h41\" style=\"left:256.84662px; bottom:33.226654px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:286.33063px; bottom:33.226654px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w17c h41\" style=\"left:316.7506px; bottom:33.226654px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:345.32462px; bottom:33.226654px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:375.58862px; bottom:33.226654px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:413.4966px; bottom:33.226654px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b3 h41\" style=\"left:450.93665px; bottom:33.226654px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b4 h41\" style=\"left:490.09265px; bottom:33.226654px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:528.0396px; bottom:33.226654px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b5 h41\" style=\"left:557.99164px; bottom:33.226654px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h41\" style=\"left:591.8436px; bottom:33.226654px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b0 h6a\" style=\"left:-4.050377px; bottom:16.534637px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Equiter S.p.A.<span class=\"_ _0\"></span> </div></div><div class=\"c w2b1 h6a\" style=\"left:174.16663px; bottom:16.534637px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h6a\" style=\"left:198.65863px; bottom:16.534637px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">296<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:228.29861px; bottom:16.534637px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w190 h6a\" style=\"left:256.84662px; bottom:16.534637px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h6a\" style=\"left:286.33063px; bottom:16.534637px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w17c h6a\" style=\"left:316.7506px; bottom:16.534637px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h6a\" style=\"left:345.32462px; bottom:16.534637px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:375.58862px; bottom:16.534637px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h6a\" style=\"left:413.4966px; bottom:16.534637px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2b3 h6a\" style=\"left:450.93665px; bottom:16.534637px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w2b4 h6a\" style=\"left:490.09265px; bottom:16.534637px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h6a\" style=\"left:528.0396px; bottom:16.534637px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w2b5 h6a\" style=\"left:557.99164px; bottom:16.534637px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h6a\" style=\"left:591.8436px; bottom:16.534637px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w2b0 h41\" style=\"left:-4.050377px; bottom:-0.0013427734px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">NEVA FIRST - FCC<span class=\"_ _35\"></span> </div></div><div class=\"c w2b1 h41\" style=\"left:174.16663px; bottom:-0.0013427734px;\"><div class=\"t m0 xa1 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w190 h41\" style=\"left:198.65863px; bottom:-0.0013427734px;\"><div class=\"t m0 x12 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w2b2 h41\" style=\"left:228.29861px; bottom:-0.0013427734px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w190 h41\" style=\"left:256.84662px; bottom:-0.0013427734px;\"><div class=\"t m0 x95 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:286.33063px; bottom:-0.0013427734px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w17c h41\" style=\"left:316.7506px; bottom:-0.0013427734px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2b2 h41\" style=\"left:345.32462px; bottom:-0.0013427734px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:375.58862px; bottom:-0.0013427734px;\"><div class=\"t m0 x96 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2b3 h41\" style=\"left:413.4966px; bottom:-0.0013427734px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2b3 h41\" style=\"left:450.93665px; bottom:-0.0013427734px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2b4 h41\" style=\"left:490.09265px; bottom:-0.0013427734px;\"><div class=\"t m0 x86 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b2 h41\" style=\"left:528.0396px; bottom:-0.0013427734px;\"><div class=\"t m0 x88 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2b5 h41\" style=\"left:557.99164px; bottom:-0.0013427734px;\"><div class=\"t m0 x9a hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b6 h41\" style=\"left:591.8436px; bottom:-0.0013427734px;\"><div class=\"t m0 x14 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">7<span class=\"_ _90\"> </span></div></div>milioni di euro)<span class=\"_ _3\"></span> Denominazioni<span class=\"_ _3\"></span> Patrimonio netto complessivoPro quota patrimo<span class=\"_ _3\"></span>nioAvviamentoAltre variazioniValore di bilancio consolidatoA. IMPRESE CONTRO<span class=\"_ _3\"></span>LLATE IN M<span class=\"_ _3\"></span>ODO CONGIUNT<span class=\"_ _3\"></span>O Mooney Group S.<span class=\"_ _3\"></span>p.A. - - 111<span class=\"ls0\"> </span>- 111<span class=\"ls0\"> </span>B. IMPRESE SOT<span class=\"_ _3\"></span>TOPOSTE A IN<span class=\"_ _3\"></span>FLUENZA NOTEVOLE<span class=\"_ _3\"></span> BACK2BONIS<span class=\"_ _3\"></span> 725<span class=\"ls0\"> </span>402<span class=\"ls0\"> </span>- -<span class=\"ls1b\">15</span> 387<span class=\"ls0\"> </span>Penghua Fund <span class=\"_ _3\"></span>Management Co. Lt<span class=\"_ _3\"></span>d. 554<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 332<span class=\"ls0\"> </span>Intrum Italy S.p.A.<span class=\"_ _3\"></span> 82<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>267<span class=\"ls0\"> </span>- 307<span class=\"ls0\"> </span>RSCT FUND - Comp<span class=\"_ _3\"></span>arto Crediti<span class=\"_ _3\"></span> 375<span class=\"ls0\"> </span>263<span class=\"ls0\"> </span>- -7 256<span class=\"ls0\"> </span>FI.NAV Comparto<span class=\"_ _3\"></span> A - Crediti<span class=\"_ _3\"></span> 306<span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>- - 155<span class=\"ls0\"> </span>Equiter S.p.A.<span class=\"_ _3\"></span> 293<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>7 - 104<span class=\"ls0\"> </span>NEVA FIRST - FCC<span class=\"_ _3\"></span> 138<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>- - 59<span class=\"ls0\"> </span>2.473 1.288 445<span class=\"ls0\"> </span>-<span class=\"ls1b\">22</span> 1.711 I <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>aggiornati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>Intrum <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>Penghua; <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>30 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>RSCT <span class=\"_ _1d\"> </span>FUND, BACK2BONIS, <span class=\"_ _2\"></span>NEVA <span class=\"_ _5\"></span>FIRST <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Equiter. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>Mooney <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>esposti <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>bench\u00e9 <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>lizzati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicem<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>re 2022. Questi <span class=\"ff4\">ultimi infatti s<span class=\"_ _0\"></span>aranno resi pubbli<span class=\"_ _0\"></span>ci successivamente all'a<span class=\"_ _0\"></span>pprovazione dell\u2019Assem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>lea degli Azioni<span class=\"_ _0\"></span>sti della societ\u00e0.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span></span>7.4 Partecipazioni non<span class=\"_ _0\"></span> significative: informazioni <span class=\"_ _0\"></span>contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Valore di bilanci<span class=\"_ _0\"></span>o delle partecipazi<span class=\"_ _0\"></span>oniTotale attivoTotale passivit\u00e0Ricavi totaliUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> delle attivit\u00e0 <span class=\"_ _0\"></span>operative cessate al netto<span class=\"_ _0\"></span> delle imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)IMPRESE CON<span class=\"_ _0\"></span>TROLLATE IN <span class=\"_ _0\"></span>MODO CONGIUN<span class=\"_ _35\"></span>TO 23<span class=\"ls0\"> </span>210<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>-1 - -1 - -1 IMPRESE SOT<span class=\"_ _0\"></span>TOPOSTE A IN<span class=\"_ _0\"></span>FLUENZA N<span class=\"_ _0\"></span>OTEVOLE (a) 279<span class=\"ls0\"> </span>4.523 3.449 222<span class=\"ls0\"> </span>5 - 5 -<span class=\"ls3b\">46</span> -<span class=\"ls3b\">41</span> (a) In tale voce sono <span class=\"ff4\">incluse alcune controllate escluse dall\u2019area di consolidamento, in quanto di importo contenuto.</span> 7.5 Partecipazioni: v<span class=\"_ _0\"></span>ariazioni annue (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li 1.652 1.996 B. Aument<span class=\"_ _0\"></span>i 942<span class=\"ls0\"> </span>422<span class=\"ls0\"> </span>B.1 acquis<span class=\"_ _0\"></span>ti 528<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - 10<span class=\"ls0\"> </span>B.2 ripre<span class=\"_ _0\"></span>se di valore 13<span class=\"ls0\"> </span>- B.3 rivaluta<span class=\"_ _0\"></span>zioni 143<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>B.4 altre <span class=\"_ _0\"></span>variazioni  258<span class=\"ls0\"> </span>137<span class=\"ls0\"> </span>C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">581</span> -<span class=\"ls25\">766</span> C.1 vendi<span class=\"_ _0\"></span>te -<span class=\"ls25\">305</span> -<span class=\"ls25\">58</span> C.2 rettifi<span class=\"_ _0\"></span>che di valor<span class=\"_ _0\"></span>e  -<span class=\"ls25\">52</span> -<span class=\"ls25\">39</span> C.3 svaluta<span class=\"_ _0\"></span>zioni -<span class=\"ls25\">69</span> -<span class=\"ls25\">61</span> C.4 altre va<span class=\"_ _0\"></span>riazioni -<span class=\"ls25\">155</span> -<span class=\"ls25\">608</span> D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 2.013 1.652 E. Rivaluta<span class=\"_ _0\"></span>zioni tota<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i 3.620 3.477 F. Rettific<span class=\"_ _0\"></span>he total<span class=\"_ _0\"></span>i 2.111 2.059 La sottovoce B.1 <span class=\"_ _3\"></span>Acquisti comprende l\u2019acquisizione dell\u2019ulteriore<span class=\"_ _0\"></span> quota del 20% <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">Mooney Group, di Back2Bonis oltre ad a<span class=\"_ _3\"></span>ltri </span>acquisti tra cui Warr<span class=\"_ _0\"></span>ant Hub e Digit\u2019Ed Holding.<span class=\"ff1 fc5\"> </span>La <span class=\"_ _2\"></span>sottovoce <span class=\"_ _5\"></span>B.3 <span class=\"_ _2\"></span>Rivalutazioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>Penghua<span class=\"_ _2\"></span> Fund Management Co. L<span class=\"_ _0\"></span>td.).  La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>B.4 <span class=\"_ _5\"></span>Altre <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ositive, <span class=\"_ _5\"></span>comprende <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>cessione/riclassifica <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>197 <span class=\"_ _6\"></span>milioni, attribuibili all\u2019opera<span class=\"_ _0\"></span>zione di Isp Formazio<span class=\"_ _0\"></span>ne per 196 milioni e In<span class=\"_ _35\"></span>nol<span class=\"_ _3\"></span>va per 1 mili<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff2 fc5\"> </span>La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>C.1 <span class=\"_ _5\"></span>vendite, <span class=\"_ _5\"></span>comprende <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _5\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>Formazione <span class=\"_ _2\"></span>e Innolva)<span class=\"fc5\">.<span class=\"ff2\"> </span></span>La <span class=\"_ _4\"></span>sottovoce <span class=\"_ _4\"> </span>C.3 <span class=\"_ _4\"></span>Svalutazioni, <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprende <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"></span>(principalmente <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _4\"> </span>e Mooney Group).  La <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce <span class=\"_ _3\"></span>C.4 <span class=\"_ _2\"></span>Altre <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gative, <span class=\"_ _2\"></span>comprende <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>dividendi <span class=\"_ _2\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _2\"></span>Penghua <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Intrum), <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 la <span class=\"_ _2\"></span>riclassifica <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _3\"></span>Generali <span class=\"_ _2\"></span>entrata <span class=\"_ _2\"></span>nell\u2019area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>integrale <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _2\"></span>dell\u2019ulteriore <span class=\"_ _3\"></span>ac<span class=\"_ _6\"></span><span class=\"ff1\">quisto </span>del 5,26%<span class=\"ff5\">. </span>7.6 Valutazioni e assunzi<span class=\"ff6\">oni si<span class=\"_ _0\"></span>gnificative per stabilire l\u2019<span class=\"_ _0\"></span>esistenza di controllo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>congiunto o <span class=\"_ _0\"></span>influenza notevole<span class=\"ff5\"> </span></span>Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ongiunto <span class=\"_ _4\"> </span>(joint <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>entures), <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>quali, <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale, <span class=\"_ _4\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividon<span class=\"_ _0\"></span>o il controllo.  Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>possiede <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>20% dei diritti di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201cpotenziali\u201d<span class=\"_ _0\"></span>) o nelle quali <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> pur con una quota di diritti di voto inferiore<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> ha il potere di<span class=\"_ _0\"></span> </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giuridici quali <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>patti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sindacato. <span class=\"_ _4\"> </span>Non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nfluenza <span class=\"_ _4\"> </span>notevole <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>interessenze<span class=\"_ _0\"></span> superiori <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0%, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>esclusivamente <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>patrimo<span class=\"_ _2\"></span>niali <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>porzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>frutti <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>investimenti, non  ha  accesso  alle  po<span class=\"_ _3\"></span>litiche  di  gestione  e  pu\u00f2  esercitare  d<span class=\"_ _3\"></span>iritti  di  governance  limitati  alla  tutela  dei  propri  interessi patrimoniali. 7.7 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 controllate in modo congiunto Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _6\"></span>impegni <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>MIR <span class=\"_ _6\"></span>CAPITAL <span class=\"_ _6\"></span>S.C.A. <span class=\"_ _6\"></span>Sicar, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _6\"></span>35,6 <span class=\"_ _6\"></span>milioni; Mooney <span class=\"_ _16\"> </span>Group <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>complessivi <span class=\"_ _16\"> </span>8 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _7\"> </span>Apside <span class=\"_ _16\"> </span>S.p.A., <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>complessivi <span class=\"_ _7\"> </span>17 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>strumenti finanziari par<span class=\"_ _0\"></span>tecipativi emessi <span class=\"_ _0\"></span>dalla Societ\u00e0.<span class=\"ff9 fs19\"> </span>7.8 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 sottoposte ad influenza not<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vole Al <span class=\"_ _1d\"> </span>31 <span class=\"_ _1d\"> </span>dicembre  2022 <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>segnalano  i <span class=\"_ _1d\"> </span>seguenti <span class=\"_ _1d\"> </span>impegni:  ricapitalizzazione  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Bancomat  S.p.A. <span class=\"_ _1d\"> </span>per  c<span class=\"_ _3\"></span>irca <span class=\"_ _1d\"> </span>2,7  milioni;<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>il commitment <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>Innovation <span class=\"_ _2\"></span>Center <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Neva <span class=\"_ _2\"></span>SGR <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>versare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _2\"></span>corrispondenti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>richiami <span class=\"_ _3\"></span>del Fondo <span class=\"_ _3\"></span>NEVA <span class=\"_ _3\"></span>FIRST-FCC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idui 49,5 <span class=\"_ _2\"></span>milioni; u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impegno p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore di <span class=\"_ _2\"></span>Centai Inst<span class=\"_ _3\"></span>itute <span class=\"_ _3\"></span>S.P.A. <span class=\"_ _3\"></span>per<span class=\"_ _90\"> </span>0,7 <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ttoscrivere <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _2\"></span>partecipativi <span class=\"_ _3\"></span>emessi <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>Destination <span class=\"_ _2\"></span>Gusto <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er massimi 2,5 milioni; In<span class=\"_ _0\"></span>fine si segnala un im<span class=\"_ _0\"></span>pegno residuo su Le<span class=\"_ _0\"></span>onardo Technology S.<span class=\"_ _0\"></span>r.l. di modesta entit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> 7.9 Restrizioni significativ<span class=\"_ _0\"></span>e In termini di restrizioni <span class=\"_ _0\"></span>significative non ci s<span class=\"_ _0\"></span>ono segnalazioni. 7.10 Altre informazio<span class=\"_ _0\"></span>ni Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _6\"></span>congiunto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>tempistiche <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>del bilancio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>compatibili con <span class=\"_ _2\"></span>le tempistiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiusura <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bilancio consolidato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo; <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tal proposito <span class=\"_ _7\"> </span>per  l\u2019<span class=\"_ _0\"></span>applicazione <span class=\"_ _7\"> </span>del  me<span class=\"_ _0\"></span>todo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>all\u2019ultima <span class=\"_ _16\"> </span>reportistica <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>disponibile<span class=\"_ _0\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span>rappresentata, <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>casi, <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>9 <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>partecipate <span class=\"_ _4\"></span>quotate <span class=\"_ _5\"></span>o dall\u2019ultimo <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>emestrale <span class=\"_ _5\"></span>disponibili <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>partecipate. <span class=\"_ _6\"></span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _6\"></span>caso, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eportistica <span class=\"_ _5\"></span>contab<span class=\"_ _5\"></span><span class=\"ff1\">ile </span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>collegat<span class=\"ff4\">a <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>joint <span class=\"_ _5\"></span>venture <span class=\"_ _5\"></span>utilizzata <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>ll\u2019applic<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>data </span>diversa  dal  bilancio  di  Intesa  Sanpaolo,  vengono  effettuate  rettifiche  per  tener  conto  degli  effetti  di  operazioni  o <span class=\"_ _1d\"> </span>fatt<span class=\"_ _0\"></span>i significativi che sian<span class=\"_ _0\"></span>o intervenuti tra quella data e la d<span class=\"_ _0\"></span>ata di riferimen<span class=\"_ _0\"></span>to del bilancio di Inte<span class=\"_ _0\"></span>sa Sanpaolo.<span class=\"_ _3\"></span> I test di impairment sulle<span class=\"_ _0\"></span> partecipazioni Come <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dai <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _4\"></span>sottoposte <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>ritenere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>interamente <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>stesse. Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>collegamento <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>processo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"> </span>la verifica <span class=\"_ _3\"></span><span class=\"ff4\">della <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dell\u2019eventuale <span class=\"_ _3\"></span>svalutazione. Gli <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment </span>sono sostanzialmente <span class=\"_ _0\"></span>suddivisibili in due c<span class=\"_ _0\"></span>ategorie: indicatori q<span class=\"_ _35\"></span>ual<span class=\"_ _3\"></span>itativi, quali il<span class=\"_ _0\"></span> conseguimento d<span class=\"_ _0\"></span>i risultati economici ne<span class=\"_ _2\"></span>gativi o comunque <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>budget <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _5\"></span>pluriennali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omunicati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mercato, l\u2019annuncio/avvio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>concorsuali <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>piani <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ristrutturazione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ribasso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>\u201crating\u201d <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>due <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">lassi; </span>indicatori quantitativi rappresentati da una riduzione del fair value <span class=\"_ _3\"></span>al di sotto del <span class=\"_ _3\"></span>valore di bilancio di oltre i<span class=\"_ _3\"></span>l 30% ovve<span class=\"_ _5\"></span>ro p<span class=\"_ _3\"></span>er un periodo superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>mesi, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione di <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>inferiore al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile della <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di titoli <span class=\"_ _4\"></span>quotati <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>mercati <span class=\"_ _6\"></span>attivi, <span class=\"_ _6\"></span>ovvero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"></span>separato <span class=\"_ _4\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>valor<span class=\"_ _2\"></span><span class=\"lsc\">e </span>contabile  nel  bilancio  consolidato  dell\u2019attivo  netto  e  dell\u2019avviamento  della  partecipat<span class=\"_ _0\"></span>a  o  dalla  dis<span class=\"_ _3\"></span>tribuzione<span class=\"_ _0\"></span>  da  parte <span class=\"_ _1c\"> </span><span class=\"ff1\">di </span>quest\u2019ultima <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>dividendo <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>proprio <span class=\"_ _17\"> </span>reddito <span class=\"_ _17\"> </span>complessivo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>presenza <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>indicatori <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>impairme<span class=\"_ _0\"></span>nt <span class=\"_ _17\"> </span>viene determinato il <span class=\"_ _3\"></span>valore recuperabile, rappresentato dal <span class=\"_ _3\"></span>maggiore tra <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value al <span class=\"_ _3\"></span>netto dei <span class=\"_ _3\"></span>costi di <span class=\"_ _3\"></span>vendita <span class=\"_ _3\"></span>ed il <span class=\"_ _3\"></span>Valore d<span class=\"_ _5\"></span><span class=\"ff4\">\u2019uso, e </span>se <span class=\"ff4 ls0\">quest\u2019ultimo risulta inferiore al valore di iscrizione si procede alla <span class=\"_ _3\"></span>rilevazione dell\u2019im<span class=\"_ _0\"></span>pairment. Qualora il valore recuper<span class=\"_ _5\"></span><span class=\"ff1\">abile </span></span>dovesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _5\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>rimossi <span class=\"_ _5\"></span>a seguito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>verificatosi <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valore, <span class=\"_ _4\"></span>si <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di riprese di valore, con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione a cont<span class=\"_ _0\"></span>o economico, fino a con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orrenza della rettific<span class=\"_ _0\"></span>a precedentemente <span class=\"_ _0\"></span>registrata.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>congiunto, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>rilevati indicatori <span class=\"_ _3\"></span>di impairment,  sono  state  effettuate  valutazioni  basate  in  v<span class=\"_ _3\"></span>ia  prioritaria  su  metodologie  di  me<span class=\"_ _3\"></span>rcato  (transazioni  dirette  o comparabili e <span class=\"_ _2\"></span>multi<span class=\"ff4\">pli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato) o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>alternativa <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>\u201cfondamentali\u201d, basate <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di </span>cassa attesi attualizzat<span class=\"_ _0\"></span>i attraverso il met<span class=\"_ _0\"></span>odo \u201cdiscounted cas<span class=\"_ _0\"></span>h flow\u201d o sul patrim<span class=\"_ _0\"></span>onio netto rettificat<span class=\"_ _0\"></span>o (c.d. ANAV). <span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _17\"> </span>risultati <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>tali <span class=\"_ _17\"> </span>valut<span class=\"_ _3\"></span>azioni <span class=\"_ _17\"> </span>hanno <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>necessit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>operare <span class=\"_ _17\"> </span>rettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valore <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>riferite <span class=\"_ _17\"> </span>alle partecipazioni  in  Intrum  Ital<span class=\"_ _0\"></span>y  (34  milioni),  Mir  Capital  (<span class=\"_ _0\"></span>8  milioni),  RSCT  Fund  Compart<span class=\"_ _0\"></span>o  Crediti  (4  milioni),  Mark<span class=\"_ _0\"></span>etwall (3<span class=\"ls0\"> milioni) <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>investimenti <span class=\"_ _7\"> </span>min<span class=\"_ _3\"></span><span class=\"ff4\">ori <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sempre <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>partecipazioni <span class=\"_ _4\"> </span>di </span></span>collegamento <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>segnala <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>in FI.NAV. Comparto A - Crediti <span class=\"_ _0\"></span>per 13 milioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1043": {
   "value": "SEZIONE 7 <span class=\"ff6\">\u2013</span> LE PARTECIPAZIONI <span class=\"ff6\">\u2013</span> VOCE 70 7.1 Partecipazioni: inform<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zioni sui rapporti part<span class=\"_ _0\"></span>ecipativi Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % A. IMPRESE CONTROLLATE IN MODO CONGIUNTO 1 Apside S.p.A. Torino Torino 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 2 Augusto S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Diocleziano S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 4 Immobiliare Novoli S.p.A. Firenze Firenze 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 15.635.514 suddiviso in azioni da Euro 0,60 5 Mir Capital Management S.A. Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 31.000 suddiviso in azioni da Euro 1 6 Mir Capital S.C.A. SICAR Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 65.365.000 suddiviso in azioni da Euro 1 7 Mooney Group S.p.A. Milano  Milano 7 Banca 5 S.p.A. 50,00 Capitale Euro 10.050.000 suddiviso in azioni da Euro 0,20 8 PBZ Croatia Osiguranje Public Limited Company  for Compulsory Pension Fund Management Zagabria Zagabria 7 Privredna Banka Zagreb D.D. 50,00 Capitale HRK 56.000.000 suddiviso in azioni da HRK 1.000 9 Responsability BOP S.A.R.L. Lussemburgo Lussemburgo 7 Asteria Investment Managers S.A. 50,00 Capitale USD 20.000 suddiviso in azioni da USD 50 B. IMPRESE SOTTOPOSTE A INFLUENZA NOTEVOLE 1 1875 Finance Holding AG Sarnen Sarnen 4 Reyl&amp;Cie S.A. 40,00 Capitale Chf 500.000 suddiviso in azioni da Chf 1 2 Adriano Lease Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Alpian S.A. Ginevra Ginevra 4 Fideuram - Intesa Sanpaolo Private Banking S.p.A. 14,91 Capitale Chf 21.672.678 suddiviso in azioni da Chf 0,01 Reyl&amp;Cie S.A. 12,93 27,84 4 Apulia Finance N. 4 S.r.l. in liquidazione (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 10,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 5 Back2Bonis  Milano Milano 4 Intesa Sanpaolo S.p.A. 55,40 35,00 (*) Capitale Euro 776.381.183 suddiviso in azioni da Euro 476.671 6 Backtowork24 S.r.l. (d) Milano Milano 4 Intesa Sanpaolo S.p.A. 30,58 Capitale Euro 2.892.691 suddiviso in azioni da Euro 0,01 7 Bancomat S.p.A. Roma Roma 4 Intesa Sanpaolo S.p.A. 31,55 Capitale Euro 21.095.726 suddiviso in azioni da Euro 5 Banca 5 S.p.A. 0,01 31,56 8 Berica ABS 3 S.r.l. (c) Vicenza Vicenza 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 9 Brera Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale EUR 10.000 suddiviso in azioni da Euro 1 10<span class=\"ls0\"> </span>Camfin S.p.A. (e) Milano Milano 4 Intesa Sanpaolo S.p.A. 4,60 8,53 (*) Capitale EUR 110.800.000 suddiviso in azioni da Euro 0,2 11<span class=\"ls0\"> </span>Cassa di Risparmio di Fermo S.p.A.  Fermo Fermo 4 Intesa Sanpaolo S.p.A. 33,33 Capitale EUR 39.241.088 suddiviso in azioni da Euro 51,65 12<span class=\"ls0\"> </span>Centai Institute S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 49,00 Capitale EUR 50.000 suddiviso in azioni da Euro 1 13<span class=\"ls0\"> </span>Clara Sec S.r.l. Conegliano  Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 14<span class=\"ls0\"> </span>Compagnia Aerea Italiana S.p.A. Roma Fiumicino 4 Intesa Sanpaolo S.p.A. 27,49 Capitale Euro 3.526.846 suddiviso in azioni da Euro 0,00004<span class=\"_ _90\"> </span>Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0             <span class=\"ls2d\">  </span>voti               % (b) Impresa partecipante Quota               % 15<span class=\"ls0\"> </span>Destination Gusto S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 20.000 suddiviso in azioni da Euro 1 16<span class=\"ls0\"> </span>Digit'ed Holding S.p.A. Milano  Milano 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 1.173.822 suddiviso in azioni da Euro 1 17<span class=\"ls0\"> </span>Equiter S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 32,88 Capitale Euro 150.004.017 suddiviso in azioni da Euro 1 18<span class=\"ls0\"> </span>Euromilano S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 43,43 Capitale Euro 1.356.582 suddiviso in azioni da Euro 15,51 19<span class=\"ls0\"> </span>Europrogetti &amp; Finanza S.r.l. in liquidazione Roma Roma 4 Intesa Sanpaolo S.p.A. 15,97 Capitale Euro 5.636.400 suddiviso in azioni da Euro 1 20<span class=\"ls0\"> </span>Eusebi Holdings B.V. Amsterdam Amsterdam 4 Intesa Sanpaolo S.p.A. 47,00 Capitale Euro 100 suddiviso in azioni da Euro 1 21<span class=\"ls0\"> </span>FI.NAV. Comparto A - Crediti Roma Roma 4 Intesa Sanpaolo S.p.A. 50,54 Capitale USD 405.821.168 suddiviso in azioni da USD 1 22<span class=\"ls0\"> </span>Fondo di Rigenerazione Urbana Sicilia S.r.l. (f) Palermo Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 23<span class=\"ls0\"> </span>Fondo per la ricerca e l'innovazione S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 24<span class=\"ls0\"> </span>Fondo Sardegna Energia S.r.l. (f) Cagliari Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 25<span class=\"ls0\"> </span>Giada Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 26<span class=\"ls0\"> </span>Gilda S.r.l. Montesilvano Montesilvano 4 Intesa Sanpaolo S.p.A. 13,05 15,00 (**) Capitale Euro 213.402 suddiviso in azioni da Euro 1 27<span class=\"ls0\"> </span>Indaco Venture Partners SGR S.p.A. (gi\u00e0 Venture Capital Partners SGR) Milano Milano 4 Intesa Sanpaolo S.p.A. 24,50 Capitale Euro 750.000 suddiviso in azioni da Euro 0,50 28<span class=\"ls0\"> </span>Iniziative Immobiliari Industriali S.p.A. In liquidazione  Arqu\u00e0 Polesine Arqu\u00e0 Polesine 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 510.000 suddiviso in azioni da Euro 0,51 29<span class=\"ls0\"> </span>Intrum Italy S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 600.000 suddiviso in azioni da Euro 0,02 30<span class=\"ls0\"> </span>Ism Investimenti S.p.A.  Mantova Mantova 4 Intesa Sanpaolo S.p.A. 27,36 Capitale Euro 6.654.902 suddiviso in azioni da Euro 1 31<span class=\"ls0\"> </span>Leonardo Technology S.r.l. in liquidazione Torino Torino 4 Intesa Sanpaolo S.p.A. 26,60 Capitale Euro 242.081 suddiviso in azioni da Euro 1 32<span class=\"ls0\"> </span>Marketwall S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 33,00 Capitale Euro 2.380.409 suddiviso in azioni da Euro 1 33<span class=\"ls0\"> </span>Materias S.r.l. Napoli Napoli 4 Intesa Sanpaolo S.p.A. 12,87 Capitale Euro 29.191 suddiviso in azioni da Euro 1 34<span class=\"ls0\"> </span>Misr Alexandria for Financial Investments Mutual Fund Co. in liquidazione Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 25,00 Capitale EGP 30.708.000 suddiviso in azioni da EGP 1000 35<span class=\"ls0\"> </span>Misr International Towers Co. Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 27,86 Capitale EGP 50.000.000 suddiviso in azioni da EGP 10 36<span class=\"ls0\"> </span>Monilogi SRO Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 30,00 Capitale Euro 250.000 suddiviso in azioni da Euro 1 37<span class=\"ls0\"> </span>Montefeltro Sviluppo Soc.cons. A.r. Urbania Urbania 4 Intesa Sanpaolo S.p.A. 26,37 Capitale Euro 73.000 suddiviso in azioni da Euro 10 38<span class=\"ls0\"> </span>Network Impresa S.p.A. in concordato preventivo Limena Limena 4 Intesa Sanpaolo S.p.A. 28,95 Capitale Euro 562.342 suddiviso in azioni da Euro 1 39<span class=\"ls0\"> </span>Neva First - FCC Torino Torino 4 Intesa Sanpaolo Innovation Center S.p.A. 42,53 Capitale Euro 237.323.232 suddiviso in azioni da Euro 99,80<span class=\"_ _90\"> </span>Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % 40<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Piani Urbani Integrati S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 41<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Turismo S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 42<span class=\"ls0\"> </span>Penghua Fund Management Co. Ltd. Shenzhen Shenzhen 4 Eurizon Capital SGR S.p.A. 49,00 Capitale CNY 150.000.000 suddiviso in azioni da CNY 1 43<span class=\"ls0\"> </span>Pietra S.r.l. In liquidazione Milano Milano 4 Intesa Sanpaolo S.p.A. 22,22 Capitale Euro 40.000 suddiviso in azioni da Euro 1 44<span class=\"ls0\"> </span>R.C.N. Finanziaria S.p.A. Mantova Mantova 4 Intesa Sanpaolo S.p.A. 23,96 Capitale Euro 1.000.000 suddiviso in azioni da Euro 0,50 45<span class=\"ls0\"> </span>RSCT FUND - COMPARTO CREDITI Milano Milano 4 Intesa Sanpaolo S.p.A. 70,07 Capitale Euro 383.363.831 suddiviso in azioni da Euro 1 46<span class=\"ls0\"> </span>S.F. Consulting S.r.l. Bergamo Bergamo 4 Intesa Sanpaolo S.p.A. 35,00 Capitale Euro 93.600 suddiviso in azioni da Euro 0,52 47<span class=\"ls0\"> </span>Sicily Investments S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 48<span class=\"ls0\"> </span>Slovak Banking Credit Bureau S.r.o.  Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 33,33 Capitale Euro 9.958 suddiviso in azioni da Euro 3.319,39 49<span class=\"ls0\"> </span>Sviluppo Industriale S.p.A. in Liquidazione (gi\u00e0 Sviluppo Industriale S.p.A. in Concordato Preventivo) Pistoia Pistoia 4 Intesa Sanpaolo S.p.A. 28,27 Capitale Euro 628.444 suddiviso in azioni da Eur 22,26 50<span class=\"ls0\"> </span>Trinacria Capital S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 51<span class=\"ls0\"> </span>UBI SPV LEASE 2016 S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 10,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 52<span class=\"ls0\"> </span>Vesta OML Limited ( ex Oval Money LTD) Londra  Londra 4 Intesa Sanpaolo S.p.A. 37,51 Capitale GBP 16.692 suddiviso in azioni da GBP 0,0004 53<span class=\"ls0\"> </span>Warrant Hub S.p.A. Correggio Correggio 4 Intesa Sanpaolo S.p.A. 12,00 Capitale Euro 113.637 suddiviso in azioni da Euro 1 54<span class=\"ls0\"> </span>Yolo Group S.p.A. Milano Milano 4 Intesa Sanpaolo Vita S.p.A. 1,43 Capitale Euro 87.493 suddiviso in azioni da Euro 0,01 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza dei diritti di voto nell'assemblea ordinaria; </span>2 <span class=\"ls0\">- influenza dominante nell'assemblea ordinaria; </span>3 <span class=\"ls0\">- accordi con altri soci; </span>4 <span class=\"ls0\">- societ\u00e0 sottoposta a influenza notevole; </span>5 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 1, del \"decreto legislativo 87/92\"; </span>6 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 2, del \"decreto legislativo 87/92\"; </span>7 <span class=\"ls0\">- controllo congiunto; </span>8 <span class=\"ls0\">- altro tipo di rapporto. </span>(b) Ove differente dalla quota % viene indicata la disponibilit\u00e0 dei voti nell'assemblea ordinaria, distinguendo, ove applicabile, tra diritto di voto effettivi (*) e potenziali (**). (c) Si tratta di veicoli utilizzati per operazioni di cartolarizzazione nell'ambito del Gruppo. (d) In qualsiasi <span class=\"_ _3\"></span>momento r<span class=\"_ _3\"></span>icompreso tra la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di sottoscrizione <span class=\"_ _3\"></span>del Secondo Aum<span class=\"_ _3\"></span>ento di Capitale <span class=\"_ _3\"></span>(24/11/2020) e <span class=\"_ _3\"></span>la scadenza <span class=\"_ _3\"></span>del 42\u00b0 mese <span class=\"_ _3\"></span>da tale <span class=\"_ _3\"></span>data, <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>il diritto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incrementare, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>tranches, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>propria <span class=\"_ _3\"></span>parte<span class=\"_ _3\"></span>cipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>ott<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tecipazione <span class=\"_ _3\"></span>complessiva <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>51%. <span class=\"_ _2\"></span>Non ricorrono, al momento, i presupposti ai sensi dell\u2019IFRS 10 per la classificazione dell'interessenza tra le Imprese Controllat<span class=\"ff1 ls1c\">e.<span class=\"ls0\"> </span></span>(e)  Il differente valore <span class=\"_ _3\"></span>tra la quota effettiva e il <span class=\"_ _3\"></span>numero di voti <span class=\"_ _3\"></span>in assemblea <span class=\"_ _3\"></span>\u00e8 legato alla presenza <span class=\"_ _3\"></span>di varie categorie di <span class=\"_ _3\"></span>azioni (A e B). Solo le azion<span class=\"_ _3\"></span>i di cat. A (<span class=\"_ _3\"></span>detenute anche da Intesa Sanpaolo) attribuiscono diritto di voto in assemblea. (f) Gli effetti economici delle operazioni di investimento in equity e di <span class=\"ff4\">finanziamento sottostanti l\u2019attivit\u00e0 del fondo ricadono integralmente sulla BEI.</span> L\u2019illustrazione dei crit<span class=\"_ _0\"></span>eri e dei metodi di determinazi<span class=\"_ _0\"></span>one dell\u2019area di consolidame<span class=\"_ _0\"></span>nto e delle motivazioni <span class=\"_ _0\"></span>per cui una partec<span class=\"_ _5\"></span><span class=\"ff1\">ipata </span>\u00e8 sottoposta a controllo co<span class=\"_ _0\"></span>ngiunto o influenza n<span class=\"_ _0\"></span>otevole, \u00e8 conten<span class=\"_ _0\"></span>uta nella Parte A <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Politiche con<span class=\"_ _0\"></span>tabili, alla quale <span class=\"_ _0\"></span>si fa rinvio. 7.2 Partecipazioni sign<span class=\"_ _0\"></span>ificative: valore di bi<span class=\"_ _0\"></span>lancio, fair value e di<span class=\"_ _0\"></span>videndi percepiti (milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni Valore di<span class=\"_ _0\"></span> bilancio Fair value Dividend<span class=\"_ _0\"></span>i percepit<span class=\"_ _0\"></span>i (a)<span class=\"ls0\"> </span>A. IMPRES<span class=\"_ _0\"></span>E CONTR<span class=\"_ _35\"></span>OLLATE IN MODO <span class=\"_ _35\"></span>CONGIUNTO 1 Mooney Grou<span class=\"_ _35\"></span>p <span class=\"_ _3\"></span>S.p.A<span class=\"_ _0\"></span>. 111<span class=\"ls0\"> </span>- - B. IMPRES<span class=\"_ _0\"></span>E SOTTOP<span class=\"_ _35\"></span>OSTE A INFLUE<span class=\"_ _35\"></span>NZA NOTEVOLE 1 BACK2BO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>IS 387<span class=\"ls0\"> </span>- - 2 Penghua Fu<span class=\"_ _0\"></span>nd Manag<span class=\"_ _0\"></span>ement Co<span class=\"_ _0\"></span>. Ltd. 332<span class=\"ls0\"> </span>- 45<span class=\"ls0\"> </span>3 Intrum Ital<span class=\"_ _0\"></span>y S.p.A. 307<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>4 RSCT FU<span class=\"_ _0\"></span>ND - Compar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o Crediti 256<span class=\"ls0\"> </span>- - 5 FI.NAV. <span class=\"_ _0\"></span>Comparto A<span class=\"_ _0\"></span> - Crediti 155<span class=\"ls0\"> </span>- - 6 Equiter S<span class=\"_ _0\"></span>.p.A. 104<span class=\"ls0\"> </span>- 2 7 NEVA FI<span class=\"_ _0\"></span>RST - <span class=\"ls44\">FCC</span> 59<span class=\"ls0\"> </span>- - TOTALE 1.711 - 60<span class=\"ls0\"> </span>a)  I <span class=\"_ _4\"> </span>dividendi  sono  pagati  da  societ\u00e0  del  Gruppo  valutate  con <span class=\"_ _4\"> </span>il  metodo  del  <span class=\"ff4\">patrimonio  netto,  e  bench\u00e9  non  rientrino  nella  voce  \u201c250 <span class=\"_ _4\"> </span>Utili  (Perdite)  delle </span>partecipazioni\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>rap<span class=\"_ _3\"></span>presentano <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _5\"></span>negativa <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>voce<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201c70 <span class=\"_ _2\"></span>Partecipazi<span class=\"_ _3\"></span>oni\u201d <span class=\"_ _2\"></span>dell\u2019Attivo,<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>esposti <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1 ls0\">unque <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>evisto <span class=\"_ _2\"></span>dalla </span>normativa di ri<span class=\"ls0\">ferimento.<span class=\"_ _3\"></span> </span>7.3 Partecipazioni sign<span class=\"_ _0\"></span>ificative: inform<span class=\"_ _0\"></span>azioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Cassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 non  fi<span class=\"_ _0\"></span>nanziariePassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePassivit\u00e0 non  finanziarieRicavi totaliMargine di intere<span class=\"_ _0\"></span>sseRettifiche e ri<span class=\"_ _0\"></span>prese di valore s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> attivit\u00e0 materiali e imma<span class=\"_ _0\"></span>terialiUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osteUtile (Perdita) dei<span class=\"_ _0\"></span> gruppi di attiv<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>t\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte(2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)A. IMPRESE CON<span class=\"_ _35\"></span>TROLLATE IN MODO CON<span class=\"_ _35\"></span>G<span class=\"_ _3\"></span>IUNTO<span class=\"_ _0\"></span> Mooney Group S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. X 397<span class=\"ls0\"> </span>930<span class=\"ls0\"> </span>1.446 198<span class=\"ls0\"> </span>300<span class=\"ls0\"> </span>X X -<span class=\"ls3b\">48</span> -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> B. IMPRESE SO<span class=\"_ _0\"></span>TTOPOSTE A<span class=\"_ _0\"></span> INFLUENZA NO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>EVOLE BACK2BONIS<span class=\"_ _0\"></span> X 748<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>3 11<span class=\"ls0\"> </span>X X - - - - - - Penghua Fun<span class=\"_ _0\"></span>d Managemen<span class=\"_ _0\"></span>t Co. Ltd. X 826<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>596<span class=\"ls0\"> </span>X X 181<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>Intrum Italy S.p.A<span class=\"_ _0\"></span>. X 65<span class=\"ls0\"> </span>86<span class=\"ls0\"> </span>9 60<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>X X 46<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>RSCT FUND - Compa<span class=\"_ _0\"></span>rto Crediti X 346<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- 4 - X X - - - - - - FI.NAV. Compa<span class=\"_ _0\"></span>rto A - Crediti<span class=\"_ _0\"></span> X 268<span class=\"ls0\"> </span>- - - - X X - - - - - - Equiter S.p.A.<span class=\"_ _0\"></span> X 296<span class=\"ls0\"> </span>8 - 3 13<span class=\"ls0\"> </span>X X 10<span class=\"ls0\"> </span>8 - 8 - 8 NEVA FIRST - FCC<span class=\"_ _35\"></span> X 110<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1 7 X X 7 7 - 7 - 7<span class=\"_ _90\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Denominazioni<span class=\"_ _3\"></span> Patrimonio netto complessivoPro quota patrimo<span class=\"_ _3\"></span>nioAvviamentoAltre variazioniValore di bilancio consolidatoA. IMPRESE CONTRO<span class=\"_ _3\"></span>LLATE IN M<span class=\"_ _3\"></span>ODO CONGIUNT<span class=\"_ _3\"></span>O Mooney Group S.<span class=\"_ _3\"></span>p.A. - - 111<span class=\"ls0\"> </span>- 111<span class=\"ls0\"> </span>B. IMPRESE SOT<span class=\"_ _3\"></span>TOPOSTE A IN<span class=\"_ _3\"></span>FLUENZA NOTEVOLE<span class=\"_ _3\"></span> BACK2BONIS<span class=\"_ _3\"></span> 725<span class=\"ls0\"> </span>402<span class=\"ls0\"> </span>- -<span class=\"ls1b\">15</span> 387<span class=\"ls0\"> </span>Penghua Fund <span class=\"_ _3\"></span>Management Co. Lt<span class=\"_ _3\"></span>d. 554<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 332<span class=\"ls0\"> </span>Intrum Italy S.p.A.<span class=\"_ _3\"></span> 82<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>267<span class=\"ls0\"> </span>- 307<span class=\"ls0\"> </span>RSCT FUND - Comp<span class=\"_ _3\"></span>arto Crediti<span class=\"_ _3\"></span> 375<span class=\"ls0\"> </span>263<span class=\"ls0\"> </span>- -7 256<span class=\"ls0\"> </span>FI.NAV Comparto<span class=\"_ _3\"></span> A - Crediti<span class=\"_ _3\"></span> 306<span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>- - 155<span class=\"ls0\"> </span>Equiter S.p.A.<span class=\"_ _3\"></span> 293<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>7 - 104<span class=\"ls0\"> </span>NEVA FIRST - FCC<span class=\"_ _3\"></span> 138<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>- - 59<span class=\"ls0\"> </span>2.473 1.288 445<span class=\"ls0\"> </span>-<span class=\"ls1b\">22</span> 1.711 I <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>aggiornati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>Intrum <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>Penghua; <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>30 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>RSCT <span class=\"_ _1d\"> </span>FUND, BACK2BONIS, <span class=\"_ _2\"></span>NEVA <span class=\"_ _5\"></span>FIRST <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Equiter. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>Mooney <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>esposti <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>bench\u00e9 <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>lizzati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicem<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>re 2022. Questi <span class=\"ff4\">ultimi infatti s<span class=\"_ _0\"></span>aranno resi pubbli<span class=\"_ _0\"></span>ci successivamente all'a<span class=\"_ _0\"></span>pprovazione dell\u2019Assem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>lea degli Azioni<span class=\"_ _0\"></span>sti della societ\u00e0.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span></span>7.4 Partecipazioni non<span class=\"_ _0\"></span> significative: informazioni <span class=\"_ _0\"></span>contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Valore di bilanci<span class=\"_ _0\"></span>o delle partecipazi<span class=\"_ _0\"></span>oniTotale attivoTotale passivit\u00e0Ricavi totaliUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> delle attivit\u00e0 <span class=\"_ _0\"></span>operative cessate al netto<span class=\"_ _0\"></span> delle imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)IMPRESE CON<span class=\"_ _0\"></span>TROLLATE IN <span class=\"_ _0\"></span>MODO CONGIUN<span class=\"_ _35\"></span>TO 23<span class=\"ls0\"> </span>210<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>-1 - -1 - -1 IMPRESE SOT<span class=\"_ _0\"></span>TOPOSTE A IN<span class=\"_ _0\"></span>FLUENZA N<span class=\"_ _0\"></span>OTEVOLE (a) 279<span class=\"ls0\"> </span>4.523 3.449 222<span class=\"ls0\"> </span>5 - 5 -<span class=\"ls3b\">46</span> -<span class=\"ls3b\">41</span> (a) In tale voce sono <span class=\"ff4\">incluse alcune controllate escluse dall\u2019area di consolidamento, in quanto di importo contenuto.</span> 7.5 Partecipazioni: v<span class=\"_ _0\"></span>ariazioni annue (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li 1.652 1.996 B. Aument<span class=\"_ _0\"></span>i 942<span class=\"ls0\"> </span>422<span class=\"ls0\"> </span>B.1 acquis<span class=\"_ _0\"></span>ti 528<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - 10<span class=\"ls0\"> </span>B.2 ripre<span class=\"_ _0\"></span>se di valore 13<span class=\"ls0\"> </span>- B.3 rivaluta<span class=\"_ _0\"></span>zioni 143<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>B.4 altre <span class=\"_ _0\"></span>variazioni  258<span class=\"ls0\"> </span>137<span class=\"ls0\"> </span>C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">581</span> -<span class=\"ls25\">766</span> C.1 vendi<span class=\"_ _0\"></span>te -<span class=\"ls25\">305</span> -<span class=\"ls25\">58</span> C.2 rettifi<span class=\"_ _0\"></span>che di valor<span class=\"_ _0\"></span>e  -<span class=\"ls25\">52</span> -<span class=\"ls25\">39</span> C.3 svaluta<span class=\"_ _0\"></span>zioni -<span class=\"ls25\">69</span> -<span class=\"ls25\">61</span> C.4 altre va<span class=\"_ _0\"></span>riazioni -<span class=\"ls25\">155</span> -<span class=\"ls25\">608</span> D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 2.013 1.652 E. Rivaluta<span class=\"_ _0\"></span>zioni tota<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i 3.620 3.477 F. Rettific<span class=\"_ _0\"></span>he total<span class=\"_ _0\"></span>i 2.111 2.059 La sottovoce B.1 <span class=\"_ _3\"></span>Acquisti comprende l\u2019acquisizione dell\u2019ulteriore<span class=\"_ _0\"></span> quota del 20% <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">Mooney Group, di Back2Bonis oltre ad a<span class=\"_ _3\"></span>ltri </span>acquisti tra cui Warr<span class=\"_ _0\"></span>ant Hub e Digit\u2019Ed Holding.<span class=\"ff1 fc5\"> </span>La <span class=\"_ _2\"></span>sottovoce <span class=\"_ _5\"></span>B.3 <span class=\"_ _2\"></span>Rivalutazioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>Penghua<span class=\"_ _2\"></span> Fund Management Co. L<span class=\"_ _0\"></span>td.).  La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>B.4 <span class=\"_ _5\"></span>Altre <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ositive, <span class=\"_ _5\"></span>comprende <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>cessione/riclassifica <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>197 <span class=\"_ _6\"></span>milioni, attribuibili all\u2019opera<span class=\"_ _0\"></span>zione di Isp Formazio<span class=\"_ _0\"></span>ne per 196 milioni e In<span class=\"_ _35\"></span>nol<span class=\"_ _3\"></span>va per 1 mili<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff2 fc5\"> </span>La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>C.1 <span class=\"_ _5\"></span>vendite, <span class=\"_ _5\"></span>comprende <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _5\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>Formazione <span class=\"_ _2\"></span>e Innolva)<span class=\"fc5\">.<span class=\"ff2\"> </span></span>La <span class=\"_ _4\"></span>sottovoce <span class=\"_ _4\"> </span>C.3 <span class=\"_ _4\"></span>Svalutazioni, <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprende <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"></span>(principalmente <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _4\"> </span>e Mooney Group).  La <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce <span class=\"_ _3\"></span>C.4 <span class=\"_ _2\"></span>Altre <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gative, <span class=\"_ _2\"></span>comprende <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>dividendi <span class=\"_ _2\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _2\"></span>Penghua <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Intrum), <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 la <span class=\"_ _2\"></span>riclassifica <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _3\"></span>Generali <span class=\"_ _2\"></span>entrata <span class=\"_ _2\"></span>nell\u2019area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>integrale <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _2\"></span>dell\u2019ulteriore <span class=\"_ _3\"></span>ac<span class=\"_ _6\"></span><span class=\"ff1\">quisto </span>del 5,26%<span class=\"ff5\">. </span>7.6 Valutazioni e assunzi<span class=\"ff6\">oni si<span class=\"_ _0\"></span>gnificative per stabilire l\u2019<span class=\"_ _0\"></span>esistenza di controllo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>congiunto o <span class=\"_ _0\"></span>influenza notevole<span class=\"ff5\"> </span></span>Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ongiunto <span class=\"_ _4\"> </span>(joint <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>entures), <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>quali, <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale, <span class=\"_ _4\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividon<span class=\"_ _0\"></span>o il controllo.  Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>possiede <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>20% dei diritti di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201cpotenziali\u201d<span class=\"_ _0\"></span>) o nelle quali <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> pur con una quota di diritti di voto inferiore<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> ha il potere di<span class=\"_ _0\"></span> </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giuridici quali <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>patti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sindacato. <span class=\"_ _4\"> </span>Non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nfluenza <span class=\"_ _4\"> </span>notevole <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>interessenze<span class=\"_ _0\"></span> superiori <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0%, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>esclusivamente <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>patrimo<span class=\"_ _2\"></span>niali <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>porzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>frutti <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>investimenti, non  ha  accesso  alle  po<span class=\"_ _3\"></span>litiche  di  gestione  e  pu\u00f2  esercitare  d<span class=\"_ _3\"></span>iritti  di  governance  limitati  alla  tutela  dei  propri  interessi patrimoniali. 7.7 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 controllate in modo congiunto Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _6\"></span>impegni <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>MIR <span class=\"_ _6\"></span>CAPITAL <span class=\"_ _6\"></span>S.C.A. <span class=\"_ _6\"></span>Sicar, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _6\"></span>35,6 <span class=\"_ _6\"></span>milioni; Mooney <span class=\"_ _16\"> </span>Group <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>complessivi <span class=\"_ _16\"> </span>8 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _7\"> </span>Apside <span class=\"_ _16\"> </span>S.p.A., <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>complessivi <span class=\"_ _7\"> </span>17 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>strumenti finanziari par<span class=\"_ _0\"></span>tecipativi emessi <span class=\"_ _0\"></span>dalla Societ\u00e0.<span class=\"ff9 fs19\"> </span>7.8 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 sottoposte ad influenza not<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vole Al <span class=\"_ _1d\"> </span>31 <span class=\"_ _1d\"> </span>dicembre  2022 <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>segnalano  i <span class=\"_ _1d\"> </span>seguenti <span class=\"_ _1d\"> </span>impegni:  ricapitalizzazione  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Bancomat  S.p.A. <span class=\"_ _1d\"> </span>per  c<span class=\"_ _3\"></span>irca <span class=\"_ _1d\"> </span>2,7  milioni;<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>il commitment <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>Innovation <span class=\"_ _2\"></span>Center <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Neva <span class=\"_ _2\"></span>SGR <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>versare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _2\"></span>corrispondenti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>richiami <span class=\"_ _3\"></span>del Fondo <span class=\"_ _3\"></span>NEVA <span class=\"_ _3\"></span>FIRST-FCC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idui 49,5 <span class=\"_ _2\"></span>milioni; u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impegno p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore di <span class=\"_ _2\"></span>Centai Inst<span class=\"_ _3\"></span>itute <span class=\"_ _3\"></span>S.P.A. <span class=\"_ _3\"></span>per<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-406.4485px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">0,7 <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ttoscrivere <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _2\"></span>partecipativi <span class=\"_ _3\"></span>emessi <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>Destination <span class=\"_ _2\"></span>Gusto <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">massimi 2,5 milioni; In<span class=\"_ _0\"></span>fine si segnala un im<span class=\"_ _0\"></span>pegno residuo su Le<span class=\"_ _0\"></span>onardo Technology S.<span class=\"_ _0\"></span>r.l. di modesta entit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4f y12f0 ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y12f1 ff5 fs0 fc2 sc0 ls0 ws0\">7.9 Restrizioni significativ<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 ya0e ff1 fs0 fc0 sc0 ls0 ws0\">In termini di restrizioni <span class=\"_ _0\"></span>significative non ci s<span class=\"_ _0\"></span>ono segnalazioni. </div><div class=\"t m0 x0 h24 y12f2 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y602 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yaa ff5 fs0 fc2 sc0 ls0 ws0\">7.10 Altre informazio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x0 h2 y137 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _6\"></span>congiunto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>tempistiche <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y12f3 ff1 fs0 fc0 sc0 ls0 ws0\">bilancio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>compatibili con <span class=\"_ _2\"></span>le tempistiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiusura <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bilancio consolidato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo; <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tal </div><div class=\"t m0 x0 h2 y12f4 ff4 fs0 fc0 sc0 ls0 ws0\">proposito <span class=\"_ _7\"> </span>per  l\u2019<span class=\"_ _0\"></span>applicazione <span class=\"_ _7\"> </span>del  me<span class=\"_ _0\"></span>todo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>all\u2019ultima <span class=\"_ _16\"> </span>reportistica <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>disponibile<span class=\"_ _0\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1d8 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentata, <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>casi, <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>9 <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>partecipate <span class=\"_ _4\"></span>quotate <span class=\"_ _5\"></span>o </div><div class=\"t m0 x0 h2 y607 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019ultimo <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>emestrale <span class=\"_ _5\"></span>disponibili <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>partecipate. <span class=\"_ _6\"></span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _6\"></span>caso, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eportistica <span class=\"_ _5\"></span>contab<span class=\"_ _5\"></span><span class=\"ff1\">ile </span></div><div class=\"t m0 x0 h2 yd3a ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>collegat<span class=\"ff4\">a <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>joint <span class=\"_ _5\"></span>venture <span class=\"_ _5\"></span>utilizzata <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>ll\u2019applic<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>data </span></div><div class=\"t m0 x0 h2 y2ac ff1 fs0 fc0 sc0 ls0 ws0\">diversa  dal  bilancio  di  Intesa  Sanpaolo,  vengono  effettuate  rettifiche  per  tener  conto  degli  effetti  di  operazioni  o <span class=\"_ _1d\"> </span>fatt<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y8db ff1 fs0 fc0 sc0 ls0 ws0\">significativi che sian<span class=\"_ _0\"></span>o intervenuti tra quella data e la d<span class=\"_ _0\"></span>ata di riferimen<span class=\"_ _0\"></span>to del bilancio di Inte<span class=\"_ _0\"></span>sa Sanpaolo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y12f5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycb7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yfd6 ff5 fs0 fc2 sc0 ls0 ws0\">I test di impairment sulle<span class=\"_ _0\"></span> partecipazioni </div><div class=\"t m0 x0 h2 y10ef ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dai <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _4\"></span>sottoposte <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se </div><div class=\"t m0 x0 h2 y6f3 ff1 fs0 fc0 sc0 ls0 ws0\">esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>ritenere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>interamente <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>stesse. </div><div class=\"t m0 x0 h2 y825 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>collegamento <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>processo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 ya4a ff1 fs0 fc0 sc0 ls0 ws0\">verifica <span class=\"_ _3\"></span><span class=\"ff4\">della <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dell\u2019eventuale <span class=\"_ _3\"></span>svalutazione. Gli <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment </span></div><div class=\"t m0 x0 h2 ya1b ff1 fs0 fc0 sc0 ls0 ws0\">sono sostanzialmente <span class=\"_ _0\"></span>suddivisibili in due c<span class=\"_ _0\"></span>ategorie: indicatori q<span class=\"_ _35\"></span>ual<span class=\"_ _3\"></span>itativi, quali il<span class=\"_ _0\"></span> conseguimento d<span class=\"_ _0\"></span>i risultati economici ne<span class=\"_ _2\"></span>gativi o </div><div class=\"t m0 x0 h2 y1e3 ff1 fs0 fc0 sc0 ls0 ws0\">comunque <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>budget <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _5\"></span>pluriennali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omunicati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mercato, </div><div class=\"t m0 x0 h2 ya1c ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019annuncio/avvio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>concorsuali <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>piani <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ristrutturazione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ribasso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>\u201crating\u201d <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>due <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">lassi; </span></div><div class=\"t m0 x0 h2 ya1d ff1 fs0 fc0 sc0 ls0 ws0\">indicatori quantitativi rappresentati da una riduzione del fair value <span class=\"_ _3\"></span>al di sotto del <span class=\"_ _3\"></span>valore di bilancio di oltre i<span class=\"_ _3\"></span>l 30% ovve<span class=\"_ _5\"></span>ro p<span class=\"_ _3\"></span>er un </div><div class=\"t m0 x0 h2 ya1e ff1 fs0 fc0 sc0 ls0 ws0\">periodo superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>mesi, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione di <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>inferiore al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile della <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 ya4c ff1 fs0 fc0 sc0 ls0 ws0\">titoli <span class=\"_ _4\"></span>quotati <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>mercati <span class=\"_ _6\"></span>attivi, <span class=\"_ _6\"></span>ovvero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"></span>separato <span class=\"_ _4\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>valor<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 ya4d ff4 fs0 fc0 sc0 ls0 ws0\">contabile  nel  bilancio  consolidato  dell\u2019attivo  netto  e  dell\u2019avviamento  della  partecipat<span class=\"_ _0\"></span>a  o  dalla  dis<span class=\"_ _3\"></span>tribuzione<span class=\"_ _0\"></span>  da  parte <span class=\"_ _1c\"> </span><span class=\"ff1\">di </span></div><div class=\"t m0 x0 h32 y24c ff4 fs0 fc0 sc0 ls0 ws0\">quest\u2019ultima <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>dividendo <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>proprio <span class=\"_ _17\"> </span>reddito <span class=\"_ _17\"> </span>complessivo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>presenza <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>indicatori <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>impairme<span class=\"_ _0\"></span>nt <span class=\"_ _17\"> </span>viene </div><div class=\"t m0 x0 h2 ya4f ff1 fs0 fc0 sc0 ls0 ws0\">determinato il <span class=\"_ _3\"></span>valore recuperabile, rappresentato dal <span class=\"_ _3\"></span>maggiore tra <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value al <span class=\"_ _3\"></span>netto dei <span class=\"_ _3\"></span>costi di <span class=\"_ _3\"></span>vendita <span class=\"_ _3\"></span>ed il <span class=\"_ _3\"></span>Valore d<span class=\"_ _5\"></span><span class=\"ff4\">\u2019uso, e </span></div><div class=\"t m0 x0 h2 yd2c ff1 fs0 fc0 sc0 ls14 ws0\">se <span class=\"ff4 ls0\">quest\u2019ultimo risulta inferiore al valore di iscrizione si procede alla <span class=\"_ _3\"></span>rilevazione dell\u2019im<span class=\"_ _0\"></span>pairment. Qualora il valore recuper<span class=\"_ _5\"></span><span class=\"ff1\">abile </span></span></div><div class=\"t m0 x0 h2 ya51 ff1 fs0 fc0 sc0 ls0 ws0\">dovesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _5\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>rimossi <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h2 y12f6 ff1 fs0 fc0 sc0 ls0 ws0\">seguito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>verificatosi <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valore, <span class=\"_ _4\"></span>si <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 ya53 ff1 fs0 fc0 sc0 ls0 ws0\">riprese di valore, con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione a cont<span class=\"_ _0\"></span>o economico, fino a con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orrenza della rettific<span class=\"_ _0\"></span>a precedentemente <span class=\"_ _0\"></span>registrata.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yda8 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>congiunto, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>rilevati indicatori <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 ya55 ff1 fs0 fc0 sc0 ls0 ws0\">impairment,  sono  state  effettuate  valutazioni  basate  in  v<span class=\"_ _3\"></span>ia  prioritaria  su  metodologie  di  me<span class=\"_ _3\"></span>rcato  (transazioni  dirette  o </div><div class=\"t m0 x0 h2 y7ff ff1 fs0 fc0 sc0 ls0 ws0\">comparabili e <span class=\"_ _2\"></span>multi<span class=\"ff4\">pli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato) o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>alternativa <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>\u201cfondamentali\u201d, basate <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 ycd8 ff4 fs0 fc0 sc0 ls0 ws0\">cassa attesi attualizzat<span class=\"_ _0\"></span>i attraverso il met<span class=\"_ _0\"></span>odo \u201cdiscounted cas<span class=\"_ _0\"></span>h flow\u201d o sul patrim<span class=\"_ _0\"></span>onio netto rettificat<span class=\"_ _0\"></span>o (c.d. ANAV). <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ya57 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _17\"> </span>risultati <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>tali <span class=\"_ _17\"> </span>valut<span class=\"_ _3\"></span>azioni <span class=\"_ _17\"> </span>hanno <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>necessit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>operare <span class=\"_ _17\"> </span>rettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valore <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>riferite <span class=\"_ _17\"> </span>alle </div><div class=\"t m0 x0 h2 yb49 ff1 fs0 fc0 sc0 ls0 ws0\">partecipazioni  in  Intrum  Ital<span class=\"_ _0\"></span>y  (34  milioni),  Mir  Capital  (<span class=\"_ _0\"></span>8  milioni),  RSCT  Fund  Compart<span class=\"_ _0\"></span>o  Crediti  (4  milioni),  Mark<span class=\"_ _0\"></span>etwall </div><div class=\"t m0 x0 h2 ya58 ff1 fs0 fc0 sc0 ls24 ws0\">(3<span class=\"ls0\"> milioni) <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>investimenti <span class=\"_ _7\"> </span>min<span class=\"_ _3\"></span><span class=\"ff4\">ori <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sempre <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>partecipazioni <span class=\"_ _4\"> </span>di </span></span></div><div class=\"t m0 x0 h2 y8c2 ff1 fs0 fc0 sc0 ls0 ws0\">collegamento <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>segnala <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 ya5a ff1 fs0 fc0 sc0 ls0 ws0\">FI.NAV. Comparto A - Crediti <span class=\"_ _0\"></span>per 13 milioni.</div><div class=\"t m0 x0 h2 y12f7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y534 ff5 fs12 fc5 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1053": {
   "value": "SEZIONE 7 <span class=\"ff6\">\u2013</span> LE PARTECIPAZIONI <span class=\"ff6\">\u2013</span> VOCE 70 7.1 Partecipazioni: inform<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zioni sui rapporti part<span class=\"_ _0\"></span>ecipativi Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % A. IMPRESE CONTROLLATE IN MODO CONGIUNTO 1 Apside S.p.A. Torino Torino 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 2 Augusto S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Diocleziano S.r.l. Milano Milano 7 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 4 Immobiliare Novoli S.p.A. Firenze Firenze 7 Intesa Sanpaolo S.p.A. 50,00 Capitale Euro 15.635.514 suddiviso in azioni da Euro 0,60 5 Mir Capital Management S.A. Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 31.000 suddiviso in azioni da Euro 1 6 Mir Capital S.C.A. SICAR Lussemburgo Lussemburgo 7 Private Equity International S.A. 50,00 Capitale Euro 65.365.000 suddiviso in azioni da Euro 1 7 Mooney Group S.p.A. Milano  Milano 7 Banca 5 S.p.A. 50,00 Capitale Euro 10.050.000 suddiviso in azioni da Euro 0,20 8 PBZ Croatia Osiguranje Public Limited Company  for Compulsory Pension Fund Management Zagabria Zagabria 7 Privredna Banka Zagreb D.D. 50,00 Capitale HRK 56.000.000 suddiviso in azioni da HRK 1.000 9 Responsability BOP S.A.R.L. Lussemburgo Lussemburgo 7 Asteria Investment Managers S.A. 50,00 Capitale USD 20.000 suddiviso in azioni da USD 50 B. IMPRESE SOTTOPOSTE A INFLUENZA NOTEVOLE 1 1875 Finance Holding AG Sarnen Sarnen 4 Reyl&amp;Cie S.A. 40,00 Capitale Chf 500.000 suddiviso in azioni da Chf 1 2 Adriano Lease Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 3 Alpian S.A. Ginevra Ginevra 4 Fideuram - Intesa Sanpaolo Private Banking S.p.A. 14,91 Capitale Chf 21.672.678 suddiviso in azioni da Chf 0,01 Reyl&amp;Cie S.A. 12,93 27,84 4 Apulia Finance N. 4 S.r.l. in liquidazione (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 10,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 5 Back2Bonis  Milano Milano 4 Intesa Sanpaolo S.p.A. 55,40 35,00 (*) Capitale Euro 776.381.183 suddiviso in azioni da Euro 476.671 6 Backtowork24 S.r.l. (d) Milano Milano 4 Intesa Sanpaolo S.p.A. 30,58 Capitale Euro 2.892.691 suddiviso in azioni da Euro 0,01 7 Bancomat S.p.A. Roma Roma 4 Intesa Sanpaolo S.p.A. 31,55 Capitale Euro 21.095.726 suddiviso in azioni da Euro 5 Banca 5 S.p.A. 0,01 31,56 8 Berica ABS 3 S.r.l. (c) Vicenza Vicenza 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 9 Brera Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale EUR 10.000 suddiviso in azioni da Euro 1 10<span class=\"ls0\"> </span>Camfin S.p.A. (e) Milano Milano 4 Intesa Sanpaolo S.p.A. 4,60 8,53 (*) Capitale EUR 110.800.000 suddiviso in azioni da Euro 0,2 11<span class=\"ls0\"> </span>Cassa di Risparmio di Fermo S.p.A.  Fermo Fermo 4 Intesa Sanpaolo S.p.A. 33,33 Capitale EUR 39.241.088 suddiviso in azioni da Euro 51,65 12<span class=\"ls0\"> </span>Centai Institute S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 49,00 Capitale EUR 50.000 suddiviso in azioni da Euro 1 13<span class=\"ls0\"> </span>Clara Sec S.r.l. Conegliano  Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 14<span class=\"ls0\"> </span>Compagnia Aerea Italiana S.p.A. Roma Fiumicino 4 Intesa Sanpaolo S.p.A. 27,49 Capitale Euro 3.526.846 suddiviso in azioni da Euro 0,00004<span class=\"_ _90\"> </span> Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0             <span class=\"ls2d\">  </span>voti               % (b) Impresa partecipante Quota               % 15<span class=\"ls0\"> </span>Destination Gusto S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 20.000 suddiviso in azioni da Euro 1 16<span class=\"ls0\"> </span>Digit'ed Holding S.p.A. Milano  Milano 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 1.173.822 suddiviso in azioni da Euro 1 17<span class=\"ls0\"> </span>Equiter S.p.A. Torino Torino 4 Intesa Sanpaolo S.p.A. 32,88 Capitale Euro 150.004.017 suddiviso in azioni da Euro 1 18<span class=\"ls0\"> </span>Euromilano S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 43,43 Capitale Euro 1.356.582 suddiviso in azioni da Euro 15,51 19<span class=\"ls0\"> </span>Europrogetti &amp; Finanza S.r.l. in liquidazione Roma Roma 4 Intesa Sanpaolo S.p.A. 15,97 Capitale Euro 5.636.400 suddiviso in azioni da Euro 1 20<span class=\"ls0\"> </span>Eusebi Holdings B.V. Amsterdam Amsterdam 4 Intesa Sanpaolo S.p.A. 47,00 Capitale Euro 100 suddiviso in azioni da Euro 1 21<span class=\"ls0\"> </span>FI.NAV. Comparto A - Crediti Roma Roma 4 Intesa Sanpaolo S.p.A. 50,54 Capitale USD 405.821.168 suddiviso in azioni da USD 1 22<span class=\"ls0\"> </span>Fondo di Rigenerazione Urbana Sicilia S.r.l. (f) Palermo Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 50.000 suddiviso in azioni da Euro 1 23<span class=\"ls0\"> </span>Fondo per la ricerca e l'innovazione S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 24<span class=\"ls0\"> </span>Fondo Sardegna Energia S.r.l. (f) Cagliari Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 25<span class=\"ls0\"> </span>Giada Sec S.r.l. (c) Conegliano Conegliano 4 Intesa Sanpaolo S.p.A. 5,00 Capitale Euro 10.000 suddiviso in azioni da Euro 1 26<span class=\"ls0\"> </span>Gilda S.r.l. Montesilvano Montesilvano 4 Intesa Sanpaolo S.p.A. 13,05 15,00 (**) Capitale Euro 213.402 suddiviso in azioni da Euro 1 27<span class=\"ls0\"> </span>Indaco Venture Partners SGR S.p.A. (gi\u00e0 Venture Capital Partners SGR) Milano Milano 4 Intesa Sanpaolo S.p.A. 24,50 Capitale Euro 750.000 suddiviso in azioni da Euro 0,50 28<span class=\"ls0\"> </span>Iniziative Immobiliari Industriali S.p.A. In liquidazione  Arqu\u00e0 Polesine Arqu\u00e0 Polesine 4 Intesa Sanpaolo S.p.A. 20,00 Capitale Euro 510.000 suddiviso in azioni da Euro 0,51 29<span class=\"ls0\"> </span>Intrum Italy S.p.A. Milano Milano 4 Intesa Sanpaolo S.p.A. 49,00 Capitale Euro 600.000 suddiviso in azioni da Euro 0,02 30<span class=\"ls0\"> </span>Ism Investimenti S.p.A.  Mantova Mantova 4 Intesa Sanpaolo S.p.A. 27,36 Capitale Euro 6.654.902 suddiviso in azioni da Euro 1 31<span class=\"ls0\"> </span>Leonardo Technology S.r.l. in liquidazione Torino Torino 4 Intesa Sanpaolo S.p.A. 26,60 Capitale Euro 242.081 suddiviso in azioni da Euro 1 32<span class=\"ls0\"> </span>Marketwall S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 33,00 Capitale Euro 2.380.409 suddiviso in azioni da Euro 1 33<span class=\"ls0\"> </span>Materias S.r.l. Napoli Napoli 4 Intesa Sanpaolo S.p.A. 12,87 Capitale Euro 29.191 suddiviso in azioni da Euro 1 34<span class=\"ls0\"> </span>Misr Alexandria for Financial Investments Mutual Fund Co. in liquidazione Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 25,00 Capitale EGP 30.708.000 suddiviso in azioni da EGP 1000 35<span class=\"ls0\"> </span>Misr International Towers Co. Il Cairo Il Cairo 4 Bank of Alexandria S.A.E. 27,86 Capitale EGP 50.000.000 suddiviso in azioni da EGP 10 36<span class=\"ls0\"> </span>Monilogi SRO Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 30,00 Capitale Euro 250.000 suddiviso in azioni da Euro 1 37<span class=\"ls0\"> </span>Montefeltro Sviluppo Soc.cons. A.r. Urbania Urbania 4 Intesa Sanpaolo S.p.A. 26,37 Capitale Euro 73.000 suddiviso in azioni da Euro 10 38<span class=\"ls0\"> </span>Network Impresa S.p.A. in concordato preventivo Limena Limena 4 Intesa Sanpaolo S.p.A. 28,95 Capitale Euro 562.342 suddiviso in azioni da Euro 1 39<span class=\"ls0\"> </span>Neva First - FCC Torino Torino 4 Intesa Sanpaolo Innovation Center S.p.A. 42,53 Capitale Euro 237.323.232 suddiviso in azioni da Euro 99,80<span class=\"_ _90\"> </span>Denominazioni Sede legale Sede operativa Tipo di<span class=\"ls0\"> </span>rapporto (a) RAPPORTO DI PARTECIPAZIONE Disponi-           bilit\u00e0               voti               % (b) Impresa partecipante Quota               % 40<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Piani Urbani Integrati S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 41<span class=\"ls0\"> </span>NEWCO - Fondo Tematico Turismo S.r.l. (f) Torino Torino 4 Intesa Sanpaolo S.p.A. 100,00 Capitale Euro 25.000 suddiviso in azioni da Euro 1 42<span class=\"ls0\"> </span>Penghua Fund Management Co. Ltd. Shenzhen Shenzhen 4 Eurizon Capital SGR S.p.A. 49,00 Capitale CNY 150.000.000 suddiviso in azioni da CNY 1 43<span class=\"ls0\"> </span>Pietra S.r.l. In liquidazione Milano Milano 4 Intesa Sanpaolo S.p.A. 22,22 Capitale Euro 40.000 suddiviso in azioni da Euro 1 44<span class=\"ls0\"> </span>R.C.N. Finanziaria S.p.A. Mantova Mantova 4 Intesa Sanpaolo S.p.A. 23,96 Capitale Euro 1.000.000 suddiviso in azioni da Euro 0,50 45<span class=\"ls0\"> </span>RSCT FUND - COMPARTO CREDITI Milano Milano 4 Intesa Sanpaolo S.p.A. 70,07 Capitale Euro 383.363.831 suddiviso in azioni da Euro 1 46<span class=\"ls0\"> </span>S.F. Consulting S.r.l. Bergamo Bergamo 4 Intesa Sanpaolo S.p.A. 35,00 Capitale Euro 93.600 suddiviso in azioni da Euro 0,52 47<span class=\"ls0\"> </span>Sicily Investments S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 48<span class=\"ls0\"> </span>Slovak Banking Credit Bureau S.r.o.  Bratislava Bratislava 4 Vseobecna Uverova Banka A.S. 33,33 Capitale Euro 9.958 suddiviso in azioni da Euro 3.319,39 49<span class=\"ls0\"> </span>Sviluppo Industriale S.p.A. in Liquidazione (gi\u00e0 Sviluppo Industriale S.p.A. in Concordato Preventivo) Pistoia Pistoia 4 Intesa Sanpaolo S.p.A. 28,27 Capitale Euro 628.444 suddiviso in azioni da Eur 22,26 50<span class=\"ls0\"> </span>Trinacria Capital S.a.r.l. Lussemburgo Lussemburgo 4 Intesa Sanpaolo S.p.A. 25,20 Capitale Euro 12.500 suddiviso in azioni da Euro 25 51<span class=\"ls0\"> </span>UBI SPV LEASE 2016 S.r.l. Milano Milano 4 Intesa Sanpaolo S.p.A. 10,00 100,00 (**) Capitale Euro 10.000 suddiviso in azioni da Euro 1 52<span class=\"ls0\"> </span>Vesta OML Limited ( ex Oval Money LTD) Londra  Londra 4 Intesa Sanpaolo S.p.A. 37,51 Capitale GBP 16.692 suddiviso in azioni da GBP 0,0004 53<span class=\"ls0\"> </span>Warrant Hub S.p.A. Correggio Correggio 4 Intesa Sanpaolo S.p.A. 12,00 Capitale Euro 113.637 suddiviso in azioni da Euro 1 54<span class=\"ls0\"> </span>Yolo Group S.p.A. Milano Milano 4 Intesa Sanpaolo Vita S.p.A. 1,43 Capitale Euro 87.493 suddiviso in azioni da Euro 0,01 (a) Tipo di rapporto: 1 <span class=\"ls0\">- maggioranza dei diritti di voto nell'assemblea ordinaria; </span>2 <span class=\"ls0\">- influenza dominante nell'assemblea ordinaria; </span>3 <span class=\"ls0\">- accordi con altri soci; </span>4 <span class=\"ls0\">- societ\u00e0 sottoposta a influenza notevole; </span>5 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 1, del \"decreto legislativo 87/92\"; </span>6 <span class=\"ls0\">- direzione unitaria ex art. 26, comma 2, del \"decreto legislativo 87/92\"; </span>7 <span class=\"ls0\">- controllo congiunto; </span>8 <span class=\"ls0\">- altro tipo di rapporto. </span>(b) Ove differente dalla quota % viene indicata la disponibilit\u00e0 dei voti nell'assemblea ordinaria, distinguendo, ove applicabile, tra diritto di voto effettivi (*) e potenziali (**). (c) Si tratta di veicoli utilizzati per operazioni di cartolarizzazione nell'ambito del Gruppo. (d) In qualsiasi <span class=\"_ _3\"></span>momento r<span class=\"_ _3\"></span>icompreso tra la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di sottoscrizione <span class=\"_ _3\"></span>del Secondo Aum<span class=\"_ _3\"></span>ento di Capitale <span class=\"_ _3\"></span>(24/11/2020) e <span class=\"_ _3\"></span>la scadenza <span class=\"_ _3\"></span>del 42\u00b0 mese <span class=\"_ _3\"></span>da tale <span class=\"_ _3\"></span>data, <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>il diritto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incrementare, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>tranches, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>propria <span class=\"_ _3\"></span>parte<span class=\"_ _3\"></span>cipazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>ott<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>tecipazione <span class=\"_ _3\"></span>complessiva <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>51%. <span class=\"_ _2\"></span>Non ricorrono, al momento, i presupposti ai sensi dell\u2019IFRS 10 per la classificazione dell'interessenza tra le Imprese Controllat<span class=\"ff1 ls1c\">e.<span class=\"ls0\"> </span></span>(e)  Il differente valore <span class=\"_ _3\"></span>tra la quota effettiva e il <span class=\"_ _3\"></span>numero di voti <span class=\"_ _3\"></span>in assemblea <span class=\"_ _3\"></span>\u00e8 legato alla presenza <span class=\"_ _3\"></span>di varie categorie di <span class=\"_ _3\"></span>azioni (A e B). Solo le azion<span class=\"_ _3\"></span>i di cat. A (<span class=\"_ _3\"></span>detenute anche da Intesa Sanpaolo) attribuiscono diritto di voto in assemblea. (f) Gli effetti economici delle operazioni di investimento in equity e di <span class=\"ff4\">finanziamento sottostanti l\u2019attivit\u00e0 del fondo ricadono integralmente sulla BEI.</span> L\u2019illustrazione dei crit<span class=\"_ _0\"></span>eri e dei metodi di determinazi<span class=\"_ _0\"></span>one dell\u2019area di consolidame<span class=\"_ _0\"></span>nto e delle motivazioni <span class=\"_ _0\"></span>per cui una partec<span class=\"_ _5\"></span><span class=\"ff1\">ipata </span>\u00e8 sottoposta a controllo co<span class=\"_ _0\"></span>ngiunto o influenza n<span class=\"_ _0\"></span>otevole, \u00e8 conten<span class=\"_ _0\"></span>uta nella Parte A <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> Politiche con<span class=\"_ _0\"></span>tabili, alla quale <span class=\"_ _0\"></span>si fa rinvio. 7.2 Partecipazioni sign<span class=\"_ _0\"></span>ificative: valore di bi<span class=\"_ _0\"></span>lancio, fair value e di<span class=\"_ _0\"></span>videndi percepiti (milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni Valore di<span class=\"_ _0\"></span> bilancio Fair value Dividend<span class=\"_ _0\"></span>i percepit<span class=\"_ _0\"></span>i (a)<span class=\"ls0\"> </span>A. IMPRES<span class=\"_ _0\"></span>E CONTR<span class=\"_ _35\"></span>OLLATE IN MODO <span class=\"_ _35\"></span>CONGIUNTO 1 Mooney Grou<span class=\"_ _35\"></span>p <span class=\"_ _3\"></span>S.p.A<span class=\"_ _0\"></span>. 111<span class=\"ls0\"> </span>- - B. IMPRES<span class=\"_ _0\"></span>E SOTTOP<span class=\"_ _35\"></span>OSTE A INFLUE<span class=\"_ _35\"></span>NZA NOTEVOLE 1 BACK2BO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>IS 387<span class=\"ls0\"> </span>- - 2 Penghua Fu<span class=\"_ _0\"></span>nd Manag<span class=\"_ _0\"></span>ement Co<span class=\"_ _0\"></span>. Ltd. 332<span class=\"ls0\"> </span>- 45<span class=\"ls0\"> </span>3 Intrum Ital<span class=\"_ _0\"></span>y S.p.A. 307<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>4 RSCT FU<span class=\"_ _0\"></span>ND - Compar<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o Crediti 256<span class=\"ls0\"> </span>- - 5 FI.NAV. <span class=\"_ _0\"></span>Comparto A<span class=\"_ _0\"></span> - Crediti 155<span class=\"ls0\"> </span>- - 6 Equiter S<span class=\"_ _0\"></span>.p.A. 104<span class=\"ls0\"> </span>- 2 7 NEVA FI<span class=\"_ _0\"></span>RST - <span class=\"ls44\">FCC</span> 59<span class=\"ls0\"> </span>- - TOTALE 1.711 - 60<span class=\"ls0\"> </span>a)  I <span class=\"_ _4\"> </span>dividendi  sono  pagati  da  societ\u00e0  del  Gruppo  valutate  con <span class=\"_ _4\"> </span>il  metodo  del  <span class=\"ff4\">patrimonio  netto,  e  bench\u00e9  non  rientrino  nella  voce  \u201c250 <span class=\"_ _4\"> </span>Utili  (Perdite)  delle </span>partecipazioni\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>rap<span class=\"_ _3\"></span>presentano <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _5\"></span>negativa <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>voce<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201c70 <span class=\"_ _2\"></span>Partecipazi<span class=\"_ _3\"></span>oni\u201d <span class=\"_ _2\"></span>dell\u2019Attivo,<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>esposti <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1 ls0\">unque <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tabella <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>evisto <span class=\"_ _2\"></span>dalla </span>normativa di ri<span class=\"ls0\">ferimento.<span class=\"_ _3\"></span> </span>7.3 Partecipazioni sign<span class=\"_ _0\"></span>ificative: inform<span class=\"_ _0\"></span>azioni contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Cassa e dispon<span class=\"_ _0\"></span>ibilit\u00e0 liquideAttivit\u00e0 finanziarieAttivit\u00e0 non  fi<span class=\"_ _0\"></span>nanziariePassivit\u00e0 finanz<span class=\"_ _0\"></span>iariePassivit\u00e0 non  finanziarieRicavi totaliMargine di intere<span class=\"_ _0\"></span>sseRettifiche e ri<span class=\"_ _0\"></span>prese di valore s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> attivit\u00e0 materiali e imma<span class=\"_ _0\"></span>terialiUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al lordo delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osteUtile (Perdita) dei<span class=\"_ _0\"></span> gruppi di attiv<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>t\u00e0 in via di dismissione al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>netto delle<span class=\"_ _0\"></span> imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte(2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)A. IMPRESE CON<span class=\"_ _35\"></span>TROLLATE IN MODO CON<span class=\"_ _35\"></span>G<span class=\"_ _3\"></span>IUNTO<span class=\"_ _0\"></span> Mooney Group S.p<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span>A. X 397<span class=\"ls0\"> </span>930<span class=\"ls0\"> </span>1.446 198<span class=\"ls0\"> </span>300<span class=\"ls0\"> </span>X X -<span class=\"ls3b\">48</span> -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> - -<span class=\"ls3b\">37</span> B. IMPRESE SO<span class=\"_ _0\"></span>TTOPOSTE A<span class=\"_ _0\"></span> INFLUENZA NO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>EVOLE BACK2BONIS<span class=\"_ _0\"></span> X 748<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>3 11<span class=\"ls0\"> </span>X X - - - - - - Penghua Fun<span class=\"_ _0\"></span>d Managemen<span class=\"_ _0\"></span>t Co. Ltd. X 826<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>596<span class=\"ls0\"> </span>X X 181<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>- 136<span class=\"ls0\"> </span>Intrum Italy S.p.A<span class=\"_ _0\"></span>. X 65<span class=\"ls0\"> </span>86<span class=\"ls0\"> </span>9 60<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>X X 46<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>RSCT FUND - Compa<span class=\"_ _0\"></span>rto Crediti X 346<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- 4 - X X - - - - - - FI.NAV. Compa<span class=\"_ _0\"></span>rto A - Crediti<span class=\"_ _0\"></span> X 268<span class=\"ls0\"> </span>- - - - X X - - - - - - Equiter S.p.A.<span class=\"_ _0\"></span> X 296<span class=\"ls0\"> </span>8 - 3 13<span class=\"ls0\"> </span>X X 10<span class=\"ls0\"> </span>8 - 8 - 8 NEVA FIRST - FCC<span class=\"_ _35\"></span> X 110<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1 7 X X 7 7 - 7 - 7<span class=\"_ _90\"> </span>Denominazioni<span class=\"_ _3\"></span> Patrimonio netto complessivoPro quota patrimo<span class=\"_ _3\"></span>nioAvviamentoAltre variazioniValore di bilancio consolidatoA. IMPRESE CONTRO<span class=\"_ _3\"></span>LLATE IN M<span class=\"_ _3\"></span>ODO CONGIUNT<span class=\"_ _3\"></span>O Mooney Group S.<span class=\"_ _3\"></span>p.A. - - 111<span class=\"ls0\"> </span>- 111<span class=\"ls0\"> </span>B. IMPRESE SOT<span class=\"_ _3\"></span>TOPOSTE A IN<span class=\"_ _3\"></span>FLUENZA NOTEVOLE<span class=\"_ _3\"></span> BACK2BONIS<span class=\"_ _3\"></span> 725<span class=\"ls0\"> </span>402<span class=\"ls0\"> </span>- -<span class=\"ls1b\">15</span> 387<span class=\"ls0\"> </span>Penghua Fund <span class=\"_ _3\"></span>Management Co. Lt<span class=\"_ _3\"></span>d. 554<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 332<span class=\"ls0\"> </span>Intrum Italy S.p.A.<span class=\"_ _3\"></span> 82<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>267<span class=\"ls0\"> </span>- 307<span class=\"ls0\"> </span>RSCT FUND - Comp<span class=\"_ _3\"></span>arto Crediti<span class=\"_ _3\"></span> 375<span class=\"ls0\"> </span>263<span class=\"ls0\"> </span>- -7 256<span class=\"ls0\"> </span>FI.NAV Comparto<span class=\"_ _3\"></span> A - Crediti<span class=\"_ _3\"></span> 306<span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>- - 155<span class=\"ls0\"> </span>Equiter S.p.A.<span class=\"_ _3\"></span> 293<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>7 - 104<span class=\"ls0\"> </span>NEVA FIRST - FCC<span class=\"_ _3\"></span> 138<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>- - 59<span class=\"ls0\"> </span>2.473 1.288 445<span class=\"ls0\"> </span>-<span class=\"ls1b\">22</span> 1.711 I <span class=\"_ _1d\"> </span>dati <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>aggiornati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>Intrum <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>Penghua; <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>30 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022 <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>RSCT <span class=\"_ _1d\"> </span>FUND, BACK2BONIS, <span class=\"_ _2\"></span>NEVA <span class=\"_ _5\"></span>FIRST <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Equiter. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>Mooney <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>dati <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>esposti <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>30 <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>bench\u00e9 <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>uti<span class=\"_ _3\"></span>lizzati <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicem<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>re 2022. Questi <span class=\"ff4\">ultimi infatti s<span class=\"_ _0\"></span>aranno resi pubbli<span class=\"_ _0\"></span>ci successivamente all'a<span class=\"_ _0\"></span>pprovazione dell\u2019Assem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>lea degli Azioni<span class=\"_ _0\"></span>sti della societ\u00e0.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span></span>7.4 Partecipazioni non<span class=\"_ _0\"></span> significative: informazioni <span class=\"_ _0\"></span>contabili (milioni di<span class=\"_ _0\"></span> euro) Denominazion<span class=\"_ _0\"></span>i Valore di bilanci<span class=\"_ _0\"></span>o delle partecipazi<span class=\"_ _0\"></span>oniTotale attivoTotale passivit\u00e0Ricavi totaliUtile (Perdita)<span class=\"_ _0\"></span> della operativit\u00e0<span class=\"_ _0\"></span> corrente al netto delle imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>steUtile (Perdita)<span class=\"_ _0\"></span> delle attivit\u00e0 <span class=\"_ _0\"></span>operative cessate al netto<span class=\"_ _0\"></span> delle imposteUtile (perdita) d<span class=\"_ _0\"></span>'esercizio(1) Altre compone<span class=\"_ _0\"></span>nti reddituali<span class=\"_ _0\"></span> al netto delle imposte (2) Redditivit\u00e0 comp<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>essiva(3) = (1) + (2)IMPRESE CON<span class=\"_ _0\"></span>TROLLATE IN <span class=\"_ _0\"></span>MODO CONGIUN<span class=\"_ _35\"></span>TO 23<span class=\"ls0\"> </span>210<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>-1 - -1 - -1 IMPRESE SOT<span class=\"_ _0\"></span>TOPOSTE A IN<span class=\"_ _0\"></span>FLUENZA N<span class=\"_ _0\"></span>OTEVOLE (a) 279<span class=\"ls0\"> </span>4.523 3.449 222<span class=\"ls0\"> </span>5 - 5 -<span class=\"ls3b\">46</span> -<span class=\"ls3b\">41</span> (a) In tale voce sono <span class=\"ff4\">incluse alcune controllate escluse dall\u2019area di consolidamento, in quanto di importo contenuto.</span> 7.5 Partecipazioni: v<span class=\"_ _0\"></span>ariazioni annue (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li 1.652 1.996 B. Aument<span class=\"_ _0\"></span>i 942<span class=\"ls0\"> </span>422<span class=\"ls0\"> </span>B.1 acquis<span class=\"_ _0\"></span>ti 528<span class=\"ls0\"> </span>122<span class=\"ls0\"> </span>di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - 10<span class=\"ls0\"> </span>B.2 ripre<span class=\"_ _0\"></span>se di valore 13<span class=\"ls0\"> </span>- B.3 rivaluta<span class=\"_ _0\"></span>zioni 143<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>B.4 altre <span class=\"_ _0\"></span>variazioni  258<span class=\"ls0\"> </span>137<span class=\"ls0\"> </span>C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">581</span> -<span class=\"ls25\">766</span> C.1 vendi<span class=\"_ _0\"></span>te -<span class=\"ls25\">305</span> -<span class=\"ls25\">58</span> C.2 rettifi<span class=\"_ _0\"></span>che di valor<span class=\"_ _0\"></span>e  -<span class=\"ls25\">52</span> -<span class=\"ls25\">39</span> C.3 svaluta<span class=\"_ _0\"></span>zioni -<span class=\"ls25\">69</span> -<span class=\"ls25\">61</span> C.4 altre va<span class=\"_ _0\"></span>riazioni -<span class=\"ls25\">155</span> -<span class=\"ls25\">608</span> D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 2.013 1.652 E. Rivaluta<span class=\"_ _0\"></span>zioni tota<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i 3.620 3.477 F. Rettific<span class=\"_ _0\"></span>he total<span class=\"_ _0\"></span>i 2.111 2.059 La sottovoce B.1 <span class=\"_ _3\"></span>Acquisti comprende l\u2019acquisizione dell\u2019ulteriore<span class=\"_ _0\"></span> quota del 20% <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">Mooney Group, di Back2Bonis oltre ad a<span class=\"_ _3\"></span>ltri </span>acquisti tra cui Warr<span class=\"_ _0\"></span>ant Hub e Digit\u2019Ed Holding.<span class=\"ff1 fc5\"> </span>La <span class=\"_ _2\"></span>sottovoce <span class=\"_ _5\"></span>B.3 <span class=\"_ _2\"></span>Rivalutazioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>(tra <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>Penghua<span class=\"_ _2\"></span> Fund Management Co. L<span class=\"_ _0\"></span>td.).  La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>B.4 <span class=\"_ _5\"></span>Altre <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ositive, <span class=\"_ _5\"></span>comprende <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>cessione/riclassifica <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>197 <span class=\"_ _6\"></span>milioni, attribuibili all\u2019opera<span class=\"_ _0\"></span>zione di Isp Formazio<span class=\"_ _0\"></span>ne per 196 milioni e In<span class=\"_ _35\"></span>nol<span class=\"_ _3\"></span>va per 1 mili<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff2 fc5\"> </span>La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>C.1 <span class=\"_ _5\"></span>vendite, <span class=\"_ _5\"></span>comprende <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _5\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>Formazione <span class=\"_ _2\"></span>e Innolva)<span class=\"fc5\">.<span class=\"ff2\"> </span></span>La <span class=\"_ _4\"></span>sottovoce <span class=\"_ _4\"> </span>C.3 <span class=\"_ _4\"></span>Svalutazioni, <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mprende <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _4\"></span>(principalmente <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _4\"> </span>e Mooney Group).  La <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce <span class=\"_ _3\"></span>C.4 <span class=\"_ _2\"></span>Altre <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>gative, <span class=\"_ _2\"></span>comprende <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>pagamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>dividendi <span class=\"_ _2\"></span>(principalme<span class=\"_ _0\"></span>nte <span class=\"_ _2\"></span>Penghua <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Intrum), <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>onch\u00e9 la <span class=\"_ _2\"></span>riclassifica <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _3\"></span>Generali <span class=\"_ _2\"></span>entrata <span class=\"_ _2\"></span>nell\u2019area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>integrale <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>seguito <span class=\"_ _2\"></span>dell\u2019ulteriore <span class=\"_ _3\"></span>ac<span class=\"_ _6\"></span><span class=\"ff1\">quisto </span>del 5,26%<span class=\"ff5\">. </span>7.6 Valutazioni e assunzi<span class=\"ff6\">oni si<span class=\"_ _0\"></span>gnificative per stabilire l\u2019<span class=\"_ _0\"></span>esistenza di controllo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>congiunto o <span class=\"_ _0\"></span>influenza notevole<span class=\"ff5\"> </span></span>Sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ongiunto <span class=\"_ _4\"> </span>(joint <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>entures), <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>quali, <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale, <span class=\"_ _4\"> </span>il controllo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>condiviso <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>altri <span class=\"_ _5\"></span>soggetti, <span class=\"_ _2\"></span>ovvero <span class=\"_ _5\"></span>quando <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>decisioni <span class=\"_ _2\"></span>riguardanti <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>rilevanti <span class=\"_ _5\"></span>\u00e8 richiesto il consen<span class=\"_ _0\"></span>so unanime di tutte l<span class=\"_ _0\"></span>e parti che condividon<span class=\"_ _0\"></span>o il controllo.  Sono <span class=\"_ _3\"></span>considerate <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>evole <span class=\"_ _3\"></span>(collegate), <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>possiede <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>20% dei diritti di voto (ivi incl<span class=\"_ _0\"></span>usi i diritti di voto \u201cpotenziali\u201d<span class=\"_ _0\"></span>) o nelle quali <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> pur con una quota di diritti di voto inferiore<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> ha il potere di<span class=\"_ _0\"></span> </span>partecipare <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestionali <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ella <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>virt\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>legami <span class=\"_ _5\"></span>giuridici quali <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>patti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sindacato. <span class=\"_ _4\"> </span>Non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>considerate <span class=\"_ _7\"> </span>sottoposte <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>nfluenza <span class=\"_ _4\"> </span>notevole <span class=\"_ _7\"> </span>alcune <span class=\"_ _7\"> </span>interessenze<span class=\"_ _0\"></span> superiori <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>0%, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>detiene <span class=\"_ _2\"></span>esclusivamente <span class=\"_ _3\"></span>diritti <span class=\"_ _2\"></span>patrimo<span class=\"_ _2\"></span>niali <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>porzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>frutti <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>investimenti, non  ha  accesso  alle  po<span class=\"_ _3\"></span>litiche  di  gestione  e  pu\u00f2  esercitare  d<span class=\"_ _3\"></span>iritti  di  governance  limitati  alla  tutela  dei  propri  interessi patrimoniali. 7.7 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 controllate in modo congiunto Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _6\"></span>impegni <span class=\"_ _6\"></span>sul <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>riferiti <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>MIR <span class=\"_ _6\"></span>CAPITAL <span class=\"_ _6\"></span>S.C.A. <span class=\"_ _6\"></span>Sicar, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _6\"></span>35,6 <span class=\"_ _6\"></span>milioni; Mooney <span class=\"_ _16\"> </span>Group <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>complessivi <span class=\"_ _16\"> </span>8 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _7\"> </span>Apside <span class=\"_ _16\"> </span>S.p.A., <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>complessivi <span class=\"_ _7\"> </span>17 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>sottoscrizione <span class=\"_ _7\"> </span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>strumenti finanziari par<span class=\"_ _0\"></span>tecipativi emessi <span class=\"_ _0\"></span>dalla Societ\u00e0.<span class=\"ff9 fs19\"> </span>7.8 Impegni riferiti a pa<span class=\"_ _0\"></span>rtecipazioni in socie<span class=\"_ _0\"></span>t\u00e0 sottoposte ad influenza not<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vole Al <span class=\"_ _1d\"> </span>31 <span class=\"_ _1d\"> </span>dicembre  2022 <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>segnalano  i <span class=\"_ _1d\"> </span>seguenti <span class=\"_ _1d\"> </span>impegni:  ricapitalizzazione  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Bancomat  S.p.A. <span class=\"_ _1d\"> </span>per  c<span class=\"_ _3\"></span>irca <span class=\"_ _1d\"> </span>2,7  milioni;<span class=\"_ _5\"></span> <span class=\"_ _1d\"> </span>il commitment <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>Innovation <span class=\"_ _2\"></span>Center <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Neva <span class=\"_ _2\"></span>SGR <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>versare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _2\"></span>corrispondenti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>richiami <span class=\"_ _3\"></span>del Fondo <span class=\"_ _3\"></span>NEVA <span class=\"_ _3\"></span>FIRST-FCC <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idui 49,5 <span class=\"_ _2\"></span>milioni; u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impegno p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore di <span class=\"_ _2\"></span>Centai Inst<span class=\"_ _3\"></span>itute <span class=\"_ _3\"></span>S.P.A. <span class=\"_ _3\"></span>per<span class=\"_ _90\"> </span>0,7 <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>ttoscrivere <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari <span class=\"_ _2\"></span>partecipativi <span class=\"_ _3\"></span>emessi <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>Destination <span class=\"_ _2\"></span>Gusto <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er massimi 2,5 milioni; In<span class=\"_ _0\"></span>fine si segnala un im<span class=\"_ _0\"></span>pegno residuo su Le<span class=\"_ _0\"></span>onardo Technology S.<span class=\"_ _0\"></span>r.l. di modesta entit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> 7.9 Restrizioni significativ<span class=\"_ _0\"></span>e In termini di restrizioni <span class=\"_ _0\"></span>significative non ci s<span class=\"_ _0\"></span>ono segnalazioni. 7.10 Altre informazio<span class=\"_ _0\"></span>ni Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _6\"></span>congiunto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>influenza <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>tempistiche <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>del bilancio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>compatibili con <span class=\"_ _2\"></span>le tempistiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>chiusura <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>bilancio consolidato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo; <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tal proposito <span class=\"_ _7\"> </span>per  l\u2019<span class=\"_ _0\"></span>applicazione <span class=\"_ _7\"> </span>del  me<span class=\"_ _0\"></span>todo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>pat<span class=\"_ _3\"></span>rimonio <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>all\u2019ultima <span class=\"_ _16\"> </span>reportistica <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>disponibile<span class=\"_ _0\"></span>,<span class=\"_ _5\"></span><span class=\"ff1\"> </span>rappresentata, <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>casi, <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>9 <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>partecipate <span class=\"_ _4\"></span>quotate <span class=\"_ _5\"></span>o dall\u2019ultimo <span class=\"_ _5\"></span>bilancio <span class=\"_ _6\"></span>o <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>emestrale <span class=\"_ _5\"></span>disponibili <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>partecipate. <span class=\"_ _6\"></span>In <span class=\"_ _5\"></span>ogni <span class=\"_ _6\"></span>caso, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eportistica <span class=\"_ _5\"></span>contab<span class=\"_ _5\"></span><span class=\"ff1\">ile </span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>collegat<span class=\"ff4\">a <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>joint <span class=\"_ _5\"></span>venture <span class=\"_ _5\"></span>utilizzata <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>ll\u2019applic<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>metodo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>data </span>diversa  dal  bilancio  di  Intesa  Sanpaolo,  vengono  effettuate  rettifiche  per  tener  conto  degli  effetti  di  operazioni  o <span class=\"_ _1d\"> </span>fatt<span class=\"_ _0\"></span>i significativi che sian<span class=\"_ _0\"></span>o intervenuti tra quella data e la d<span class=\"_ _0\"></span>ata di riferimen<span class=\"_ _0\"></span>to del bilancio di Inte<span class=\"_ _0\"></span>sa Sanpaolo.<span class=\"_ _3\"></span> I test di impairment sulle<span class=\"_ _0\"></span> partecipazioni Come <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dai <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rincipi <span class=\"_ _4\"> </span>IAS/IFRS <span class=\"_ _4\"></span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _4\"></span>sottoposte <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>verificare <span class=\"_ _4\"> </span>se esistono <span class=\"_ _2\"></span>obiettive <span class=\"_ _3\"></span>evidenze <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _2\"></span>far <span class=\"_ _2\"></span>ritenere <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>interamente <span class=\"_ _3\"></span>recuperabile <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>stesse. Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>collegamento <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>processo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"> </span>la verifica <span class=\"_ _3\"></span><span class=\"ff4\">della <span class=\"_ _3\"></span>presenza d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>indicatori di <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>determinazione dell\u2019eventuale <span class=\"_ _3\"></span>svalutazione. Gli <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impairment </span>sono sostanzialmente <span class=\"_ _0\"></span>suddivisibili in due c<span class=\"_ _0\"></span>ategorie: indicatori q<span class=\"_ _35\"></span>ual<span class=\"_ _3\"></span>itativi, quali il<span class=\"_ _0\"></span> conseguimento d<span class=\"_ _0\"></span>i risultati economici ne<span class=\"_ _2\"></span>gativi o comunque <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>significativo <span class=\"_ _6\"></span>scostamento <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>budget <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>previsti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _5\"></span>pluriennali <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omunicati <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>mercato, l\u2019annuncio/avvio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>procedure <span class=\"_ _2\"></span>concorsuali <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>piani <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ristrutturazione, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ribasso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>\u201crating\u201d <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>due <span class=\"_ _5\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">lassi; </span>indicatori quantitativi rappresentati da una riduzione del fair value <span class=\"_ _3\"></span>al di sotto del <span class=\"_ _3\"></span>valore di bilancio di oltre i<span class=\"_ _3\"></span>l 30% ovve<span class=\"_ _5\"></span>ro p<span class=\"_ _3\"></span>er un periodo superiore <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>mesi, <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione di <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>inferiore al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>contabile della <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>nel<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di titoli <span class=\"_ _4\"></span>quotati <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>mercati <span class=\"_ _6\"></span>attivi, <span class=\"_ _6\"></span>ovvero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"></span>separato <span class=\"_ _4\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>valor<span class=\"_ _2\"></span><span class=\"lsc\">e </span>contabile  nel  bilancio  consolidato  dell\u2019attivo  netto  e  dell\u2019avviamento  della  partecipat<span class=\"_ _0\"></span>a  o  dalla  dis<span class=\"_ _3\"></span>tribuzione<span class=\"_ _0\"></span>  da  parte <span class=\"_ _1c\"> </span><span class=\"ff1\">di </span>quest\u2019ultima <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>dividendo <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>proprio <span class=\"_ _17\"> </span>reddito <span class=\"_ _17\"> </span>complessivo. <span class=\"_ _1d\"> </span>In <span class=\"_ _17\"> </span>presenza <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>indicatori <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>impairme<span class=\"_ _0\"></span>nt <span class=\"_ _17\"> </span>viene determinato il <span class=\"_ _3\"></span>valore recuperabile, rappresentato dal <span class=\"_ _3\"></span>maggiore tra <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value al <span class=\"_ _3\"></span>netto dei <span class=\"_ _3\"></span>costi di <span class=\"_ _3\"></span>vendita <span class=\"_ _3\"></span>ed il <span class=\"_ _3\"></span>Valore d<span class=\"_ _5\"></span><span class=\"ff4\">\u2019uso, e </span>se <span class=\"ff4 ls0\">quest\u2019ultimo risulta inferiore al valore di iscrizione si procede alla <span class=\"_ _3\"></span>rilevazione dell\u2019im<span class=\"_ _0\"></span>pairment. Qualora il valore recuper<span class=\"_ _5\"></span><span class=\"ff1\">abile </span></span>dovesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>nuovo <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _5\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>rimossi <span class=\"_ _5\"></span>a seguito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>evento <span class=\"_ _4\"> </span>verificatosi <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valore, <span class=\"_ _4\"></span>si <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>di riprese di valore, con im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>utazione a cont<span class=\"_ _0\"></span>o economico, fino a con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orrenza della rettific<span class=\"_ _0\"></span>a precedentemente <span class=\"_ _0\"></span>registrata.<span class=\"_ _2\"></span> Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>partecipazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>collegamento <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>sottoposte <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>congiunto, <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>siano <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>rilevati indicatori <span class=\"_ _3\"></span>di impairment,  sono  state  effettuate  valutazioni  basate  in  v<span class=\"_ _3\"></span>ia  prioritaria  su  metodologie  di  me<span class=\"_ _3\"></span>rcato  (transazioni  dirette  o comparabili e <span class=\"_ _2\"></span>multi<span class=\"ff4\">pli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato) o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>alternativa <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>\u201cfondamentali\u201d, basate <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di </span>cassa attesi attualizzat<span class=\"_ _0\"></span>i attraverso il met<span class=\"_ _0\"></span>odo \u201cdiscounted cas<span class=\"_ _0\"></span>h flow\u201d o sul patrim<span class=\"_ _0\"></span>onio netto rettificat<span class=\"_ _0\"></span>o (c.d. ANAV). <span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _17\"> </span>risultati <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>tali <span class=\"_ _17\"> </span>valut<span class=\"_ _3\"></span>azioni <span class=\"_ _17\"> </span>hanno <span class=\"_ _17\"> </span>comportato <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>necessit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>operare <span class=\"_ _17\"> </span>rettifiche <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>valore <span class=\"_ _17\"> </span>principalmente <span class=\"_ _17\"> </span>riferite <span class=\"_ _17\"> </span>alle partecipazioni  in  Intrum  Ital<span class=\"_ _0\"></span>y  (34  milioni),  Mir  Capital  (<span class=\"_ _0\"></span>8  milioni),  RSCT  Fund  Compart<span class=\"_ _0\"></span>o  Crediti  (4  milioni),  Mark<span class=\"_ _0\"></span>etwall (3<span class=\"ls0\"> milioni) <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altri <span class=\"_ _7\"> </span>investimenti <span class=\"_ _7\"> </span>min<span class=\"_ _3\"></span><span class=\"ff4\">ori <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sempre <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>valutazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>partecipazioni <span class=\"_ _4\"> </span>di </span></span>collegamento <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"></span>congiunto, <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>segnala <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>partecipazione <span class=\"_ _6\"></span>in FI.NAV. Comparto A - Crediti <span class=\"_ _0\"></span>per 13 milioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-957": {
   "value": "SEZIONE 8 \u2013 RISERVE TECNICHE A CARICO DEI RIASSICURATORI \u2013 VOCE 80 8.1 Riserve tecniche a carico dei riassicuratori: composizione (milioni di euro) Voci 31.12.2022 31.12.2021 A. Ramo danni 127 164 A1. Riserve premi 44 37 A2. Riserve sinistri 83 127 A3. Altre riserve - - B. Ramo vita 36 44 B1. Riserve matematiche 32 40 B2. Riserve per somme da pagare 4 4 B3. Altre riserve - - C. Riserve tecniche allorch\u00e8 il rischio dell'investimento \u00e8 sopportato dagli assicurati - - C1. Riserve relative a contratti le cui prestazioni sono connesse con fondi di investimento e indici di mercato - - C2. Riserve derivanti dalla gestione dei fondi pensione - - D. Totale riserve tecniche a carico dei riassicuratori 163 208 8.2 Variazione della voce 80 \u201cRiserve tecniche a carico dei riassicuratori\u201d Il saldo della voce risulta pari a 163 milioni (208 milioni al 31 dicembre 2021) con un decremento di 45 milioni rispetto al 31 dicembre 2021. La variazione \u00e8 sostanzialmente imputabile alla contrazione della voce \u201cA2. Riserve sinistri\u201d, grazie ad una nuova politica assuntiva, sia in fase di rinnovo sia per i nuovi clienti, che privilegia la redditivit\u00e0 consentendo di ridurre la sinistrosit\u00e0 del portafoglio. SEZIONE 11 \u2013 RISERVE TECNICHE \u2013 VOCE 110 11.1 Riserve tecniche: composizione Questa voce corrisponde alla voce C del passivo dello Stato patrimoniale di un\u2019impresa di assicurazione. (milioni di euro) Voci Lavoro diretto Lavoro indiretto 31.12.2022 31.12.2021 A. Ramo danni  1.654 - 1.654 1.756 A1. riserve premi  932 - 932 945 A2. riserve sinistri  708 - 708 797 A3. altre riserve  14 - 14 14 B. Ramo vita  89.874 - 89.874 107.324 B1. riserve matematiche  97.148 - 97.148 98.399 B2. riserve per somme da pagare  673 - 673 712 B3. altre riserve  -7.947 - -7.947 8.213 C. Riserve tecniche allorch\u00e9 il rischio dell'investimento \u00e8 sopportato dagli assicurati  8.589 - 8.589 9.216 C1. riserve relative a contratti le cui prestazioni sono connesse con fondi di investimento e indici di mercato  1.586 - 1.586 1.917 C2. riserve derivanti dalla gestione dei fondi pensione  7.003 - 7.003 7.299 D. Totale riserve tecniche  100.117 - 100.117 118.296 11.2 Riserve tecniche: variazioni annue (milioni di euro) Voci 31.12.2022 31.12.2021 A. Ramo danni  1.654 1.756 Esistenze iniziali 1.756 1.213 Operazioni di aggregazione aziendale - 396 Variazione della riserva (+/-) -102 147 B. Ramo vita e altre riserve tecniche 98.463 116.540 Esistenze iniziali 116.540 95.598 Operazioni di aggregazione aziendale - 20.530 Variazioni per premi 9.065 9.338 Variazione per pagamenti -9.668 -9.534 Variazione per redditi e altri bonus riconosciuti agli assicurati (+/-) 289 1.743 Variazione per differenza cambio (+/-) - - Variazione delle altre riserve tecniche (+/-) -17.763 -1.135 C. Totale riserve tecniche 100.117 118.296 SEZIONE 3 \u2013 RISCHI DELLE IMPRESE DI ASSICURAZIONE 3.1 RISCHI ASSICURATIVI      INFORMAZIONI DI NATURA QUALITATIVA E QUANTITATIVA Ramo Vita I rischi tipici del portafoglio assicurativo Vita (gestito attraverso Intesa Sanpaolo Vita, Intesa Sanpaolo Life e Fideuram Vita) possono essere riassunti in tre categorie: rischi di tariffazione, rischi demografico-attuariali e rischi di riservazione.  I rischi di tariffazione vengono presidiati dapprima in sede di definizione delle caratteristiche tecniche e di pricing di prodotto e nel  tempo  mediante  verifica  periodica  della  sostenibilit\u00e0  e  della  redditivit\u00e0  (sia  a  livello  di  prodotto  che  di  portafoglio complessivo delle passivit\u00e0). In sede di definizione di un prodotto viene utilizzato lo strumento di profit testing, con l\u2019obiettivo di misurarne la redditivit\u00e0 e di identificare in via preventiva eventuali elementi di debolezza attraverso specifiche analisi di sensitivity.  I rischi demografico-attuariali si manifestano qualora si misuri un andamento sfavorevole della sinistralit\u00e0 effettiva rispetto a quella stimata nella costruzione della tariffa e sono riflessi a livello di riservazione. Per sinistralit\u00e0 si intende non solo quella attuariale ma anche quella finanziaria (rischio di tasso di interesse garantito). La societ\u00e0 presidia tali rischi mediante una sistematica analisi statistica dell\u2019evoluzione delle passivit\u00e0 del proprio portafoglio contratti, suddivisa per tipologia di rischi e mediante simulazioni sulla redditivit\u00e0 attesa degli attivi posti a copertura delle riserve tecniche.  Il rischio di riservazione \u00e8 presidiato in sede di determinazione puntuale delle riserve matematiche, con una serie di controlli sia di dettaglio (per esempio un controllo preventivo sulla corretta  memorizzazione a sistema delle variabili necessarie al calcolo, quali rendimenti, quotazioni, basi tecniche, parametri per le riserve integrative, ricalcolo dei valori di singoli contratti) sia d\u2019insieme, mediante il raffronto dei risultati con le stime che vengono prodotte mensilmente. Particolare attenzione viene posta al controllo della corretta presa in carico dei contratti, attraverso la quadratura del relativo portafoglio con ricostruzione delle  movimentazioni  suddivise  per  causa  intervenute  nel  periodo  e  della  coerenza  degli  importi  liquidati,  rispetto  alla movimentazione delle riserve. Nelle tabelle che seguono viene data rappresentazione della struttura per scadenze delle riserve matematiche, escluse le riserve per somme da pagare e  al  lordo  delle  elisioni  intercompany, e  della  struttura  per  rendimento minimo  garantito al 31 dicembre 2022.  (milioni di euro) Dettaglio riserve matematiche pure del segmento vita: scadenza Riserva matematica % Fino ad 1 anno 1.778   1,68 Da 1 a 5 anni 4.826   4,57 Da 6 a 10 anni 1.934   1,83 Da 11 a 20 anni 3.294   3,12 Oltre 20 anni 93.787   88,80 TOTALE 105.619 100,00 (milioni di euro) Dettaglio della concentrazione dei rischi per tipologia di garanzia Totale riserve % Prodotti assicurativi e investimenti con garanzia rendimento annuo 0% - 1% 52.437   53,86 Da 1% a 3% 31.233   32,08 Da 3% a 5% 6.125   6,29 Prodotti assicurativi  15.824   16,25 Riserva Shadow -8.270 -8,48 TOTALE 97.349   100,00 Le riserve matematiche vengono calcolate sulla quasi totalit\u00e0 del portafoglio contratto per contratto e la metodologia utilizzata per la determinazione delle riserve tiene conto di tutti gli impegni futuri dell\u2019impresa. La  ripartizione  per  scadenza  delle  passivit\u00e0  finanziarie,  al  lordo  delle  elisioni  intercompany, rappresentate  dalle  attivit\u00e0  a copertura  degli  impegni  derivanti  dalle  unit  linked,  index  linked  e  da  altri  prodotti  assicurativi  (nello  specifico  al  prodotto Risparmio Insurance) e dalle passivit\u00e0 subordinate, \u00e8 rappresentata dalla tabella che segue. (milioni di euro) Dettaglio della ripartizione per scadenza delle passivit\u00e0 finanziarie Con scadenza nei 12 mesi Con scadenza oltre i 12 mesi Totale al 31.12.2022 Totale al 31.12.2021 Unit linked 66 70.517 70.583 84.883 Index linked - - - - Altre passivit\u00e0 verso assicurati 1.562 - 1.562 - Passivit\u00e0 subordinate - 2.222 2.222 2.220 Totale   1.628   72.739   74.367   87.103 Ramo Danni I rischi tipici del portafoglio assicurativo Danni (gestito attraverso Intesa Sanpaolo Assicura, Intesa Sanpaolo RBM Salute e Intesa Sanpaolo Vita) sono riconducibili principalmente a rischi di tariffazione e di riservazione.  I rischi di tariffazione vengono presidiati dapprima in sede di definizione delle caratteristiche tecniche e di pricing del prodotto e  nel  tempo  mediante  verifica  periodica  della  sostenibilit\u00e0  e  della  redditivit\u00e0  (sia  a  livello  di  prodotto  che  di  portafoglio complessivo delle passivit\u00e0).  Il rischio di riservazione \u00e8 presidiato in sede di determinazione puntuale delle riserve tecniche. In particolare, per le imprese che  esercitano  i  rami  danni,  le  riserve  tecniche  si  possono  distinguere  in:  riserve  premi,  riserve  sinistri,  riserve  per partecipazione agli utili e ristorni, altre riserve tecniche e riserva di perequazione.  Con  riferimento  all\u2019assunzione  del  rischio,  le  polizze  al  momento  dell\u2019acquisizione  vengono  controllate  con  un  sistema automatico di riscontro dei parametri assuntivi associati alla tariffa di riferimento. Il controllo, oltre che formale, \u00e8 quindi anche sostanziale  e  consente,  in  particolare,  di  accertare  esposizioni  a  livello  di  capitali  e  massimali,  al  fine  di  verificare  la corrispondenza del portafoglio con le impostazioni tecniche e tariffarie concordate con la rete di vendita.  In seconda battuta, vengono effettuati controlli statistici per verificare situazioni potenzialmente anomale (come, ad esempio, la  concentrazione  per  zona  o  tipologia  di  rischio)  e  per  tenere  sotto  controllo  i  cumuli  a  livello  di  singola  persona  (con particolare riferimento alle polizze che prevedono coperture nei rami infortuni e malattia). Ci\u00f2 anche allo scopo di fornire  le opportune indicazioni sui profili  di  portafoglio  alla  unit\u00e0  organizzativa Attuariato e  Riassicurazione, per  impostare  il  piano riassicurativo annuale. Nella tabella che segue si riporta, per i principali rami nei quali opera la societ\u00e0, lo sviluppo dei sinistri per generazione al 31 dicembre 2022. (milioni di euro) Sviluppo riserve sinistri ANNO DI GENERAZIONE/ACCADIMENTO TOTALE 2018 2019 2020 2021 2022 Importo riserva: al 31/12 dell'anno di generazione N 543 721 588 842 696 al 31/12 dell'anno N+1 383 396 417 510 al 31/12 dell'anno N+2 261 311 219 al 31/12 dell'anno N+3 251 201 al 31/12 dell'anno N+4 147 Importo complessivo sinistri pagati cumulati 521 623 524 862 429 2.959 Riserva sinistri in bilancio al 31.12.2022 25 37 48 123 403 636 Riserva finale per sinistri esercizi precedenti 72 Totale Riserva sinistri in bilancio al 31.12.2022 708 3.2 RISCHI FINANZIARI INFORMAZIONI DI NATURA QUALITATIVA E QUANTITATIVA Rischi Finanziari Tali rischi derivano dal livello o dalla volatilit\u00e0 dei prezzi di mercato di strumenti finanziari che impattano sul valore di bilancio sia delle attivit\u00e0 che della passivit\u00e0. I fattori di rischio individuati dalla Compagnia sono: \u2013  rischio tasso: impatta attivit\u00e0 e passivit\u00e0 per le quali il valore \u00e8 sensibile ai cambiamenti nella struttura a termine dei tassi di interesse o della volatilit\u00e0 dei tassi di interesse; \u2013  rischio azionario: deriva dal livello o dalla volatilit\u00e0 dei prezzi di mercato per i titoli azionari e impatta attivit\u00e0 e passivit\u00e0 il cui valore risulti sensibile alle variazioni dei prezzi azionari; \u2013  rischio immobiliare: deriva dal livello o dalla volatilit\u00e0 dei prezzi di mercato delle propriet\u00e0 immobiliari e impatta attivit\u00e0 e passivit\u00e0 sensibili a tali variazioni; \u2013  rischio cambio: deriva da variazioni del livello o della volatilit\u00e0 dei tassi di cambio di valuta; \u2013  rischio spread: impatta attivit\u00e0 e passivit\u00e0 per le quali il valore \u00e8 sensibile alle variazioni sfavorevoli dei credit spread; \u2013  rischio di concentrazione: riflette il rischio di detenere percentuali elevate in attivit\u00e0 finanziarie con la stessa controparte. Impatti derivanti dalla pandemia COVID-19 In  continuit\u00e0  con  il  2021,  l\u2019analisi  dell\u2019esposizione  al  rischio  del  Gruppo  Assicurativo  \u00e8  stata  condizionata  dallo  scenario economico/sociale/finanziario  dettato  dall\u2019emergenza  pandemica  COVID-19.  Sono  proseguiti  i  monitoraggi  settimanali  e mensili sulla situazione di solvibilit\u00e0 e di liquidit\u00e0 del Gruppo Assicurativo, inviati all\u2019Autorit\u00e0 di Vigilanza a partire dal mese di marzo 2020. Sono stati inoltre mantenuti i monitoraggi rafforzati relativamente ai rischi operativi, con particolare riferimento all\u2019insorgere di perdite derivanti dalla business continuity e/o dipendenti dai rischi cyber. Impatti derivanti dal conflitto russo-ucraino A  seguito  dell\u2019escalation  della  tensione  geopolitica  tra  Russia  e  Ucraina,  la  funzione  Risk  Management  effettua costantemente monitoraggi sull\u2019evoluzione dei rischi e dei loro effetti sul business del Gruppo Assicurativo, con particolare focus  sulle  esposizioni  ai  Paesi direttamente  coinvolti  nel  conflitto.  In  tale ambito si  segnala  che  l\u2019esposizione  \u00e8  residuale (inferiore allo 0,1% del totale degli attivi). Portafogli di investimento Gli investimenti delle societ\u00e0 del segmento assicurativo del Gruppo Intesa Sanpaolo (Intesa Sanpaolo Vita, Intesa Sanpaolo Assicura, Intesa  Sanpaolo Life,  Fideuram Vita e Intesa Sanpaolo RBM Salute) vengono realizzati a fronte del patrimonio libero  ed  a  copertura  delle  obbligazioni  contrattuali  assunte  nei  confronti  della  clientela.  Queste  ultime  sono  relative  alle polizze vita di tipo tradizionale rivalutabile, a quelle di tipo Index e Unit linked, ai fondi pensione e alle polizze danni. I  portafogli  di  investimento  ammontano  complessivamente,  a  valori  di  bilancio  e  alla  data  del  31  dicembre  2022,  a 174.035 milioni. Di  questi, una quota pari a 107.620 milioni \u00e8 relativa  alle polizze vita tradizionali rivalutabili, il cui rischio finanziario \u00e8 condiviso con gli assicurati in virt\u00f9 del meccanismo di determinazione dei rendimenti delle attivit\u00e0 in gestione separata, alle polizze danni ed agli investimenti a fronte del patrimonio libero; l\u2019altra componente, il cui rischio \u00e8 interamente sopportato dagli assicurati, \u00e8 costituita da investimenti a fronte di polizze Index  Linked, Unit Linked e Fondi Pensione ed \u00e8 pari a 100.834 milioni. In considerazione del diverso tipo di rischiosit\u00e0, l\u2019analisi dei portafogli investimenti, dettagliata nel seguito, \u00e8 incentrata sugli attivi detenuti a copertura delle polizze vita tradizionali rivalutabili, delle polizze danni e del patrimonio libero. Attivit\u00e0 finanziarie a fronte di gestioni separate e patrimonio libero In termini di composizione per asset class, al netto delle posizioni in strumenti finanziari derivati, l\u201983,06% delle attivit\u00e0, pari a 72.869 milioni, \u00e8 costituito da titoli obbligazionari mentre la quota relativa a titoli di capitale pesa per il 2,28% ed \u00e8 pari a 2.001 milioni. La  restante  parte, pari a 12.865 milioni, \u00e8  costituita da investimenti in  OICR, Private  Equity  e  Hedge  Fund (14,66%). Il  valore  di  bilancio  dei  derivati  ammonta  a  -73  milioni  circa,  di  questi  la  quasi  totalit\u00e0  \u00e8  riferita  a  derivati  classificati  di copertura, mentre la quota relativa a derivati di gestione efficace 114 apporta un contributo positivo di 84 milioni circa. Gli investimenti a fronte del patrimonio libero di Intesa Sanpaolo Vita e Fideuram Vita sono pari, alla fine del 2022 ed a valori di mercato, a 430 milioni circa e presentano una rischiosit\u00e0, in termini di VaR (intervallo di confidenza 99%, holding period 10 giorni), pari a 9 milioni circa.  114  Il  Regolamento  ISVAP  n.36  del  31  gennaio  2011  in  materia  di  investimenti  definisce  \u201cderivati  di  gestione  efficace\u201d  tutti  i  derivati  finalizzati  al raggiungimento di prefissati obiettivi di investimento in maniera pi\u00f9 veloce, agevole, economica o pi\u00f9 flessibile rispetto a quanto sia possibile operando sugli attivi sottostanti. Esposizione al rischio di tasso La  distribuzione  per  scadenze della  componente  obbligazionaria  evidenzia  un  10,76%  a  breve  (inferiore  a  un  anno),  un 27,63% a medio termine e un 44,67% a lungo termine (oltre i 5 anni). (milioni di euro) Attivit\u00e0 finanziarie Valore  di bilancio % Duration Titoli obbligazionari a tasso fisso 62.464   71,20 6,11 entro 1 anno 9.078   10,35 da 1 a 5 anni 21.656   24,68 oltre i 5 anni 31.730   36,17 Titoli obbligazionari a tasso variabile/indicizzati 10.405   11,86 6,24 entro 1 anno 362   0,41 da 1 a 5 anni 2.591   2,95 oltre i 5 anni 7.452   8,50 TOTALE 72.869 83,06    - Titoli di partecipazione al capitale  2.001   2,28 OICR, Private Equity, Hedge Fund 12.865   14,66 TOTALE AL 31.12.2022 87.735   100,00 La sensitivity del fair value del portafoglio di attivi finanziari rispetto ad un movimento dei tassi di interesse, sintetizzata nella tabella seguente, mette in evidenza l\u2019esposizione del portafoglio: a titolo di esempio, un movimento parallelo della curva di +100 punti base comporta una variazione negativa, nei portafogli obbligazionari, di 4.139 milioni. (milioni di euro) Valore  di Bilancio % Variazione di fair value a seguito di variazione dei tassi di interesse +100 bps -100 bps Titoli obbligazionari a tasso fisso 62.464   85,72 -3.553 4.034 Titoli obbligazionari a tasso variabile/indicizzato 10.405   14,28 -586 702 Effetto copertura al rischio tasso di interesse -    - - - TOTALE 72.869 100,00 -4.139 4.736 Esposizione al rischio di credito Nella tabella che segue \u00e8 riportata la distribuzione per fasce di rating del portafoglio obbligazionario: i titoli con rating AAA/AA pesano per il 6,30% del totale investimenti mentre il 7,68% circa si colloca nell\u2019area single A. I titoli dell\u2019area low investment grade (BBB) costituiscono il 65,89% del totale, mentre \u00e8 residuale (3,19%) la quota di titoli speculative grade o unrated. Si fa presente che, con riferimento all\u2019esposizione verso titoli con rating BBB, la parte prevalente dell\u2019esposizione \u00e8 relativa a titoli obbligazionari emessi dalla Repubblica Italiana. (milioni di euro) Dettaglio delle attivit\u00e0 finanziarie per rating dell'emittente Valori di bilancio % Titoli obbligazionari 72.869 83,06 AAA 2.343   2,67 AA 3.182   3,63 A 6.735   7,68 BBB 57.812   65,89 Speculative grade 2.526   2,88 Senza rating 271   0,31 Titoli di partecipazione al capitale  2.001   2,28 OICR, Private Equity, Hedge Fund 12.865   14,66 TOTALE 87.735 100,00 L\u2019analisi  dell\u2019esposizione  in  termini  di  emittenti/controparti  evidenzia  le  seguenti  componenti:  i  titoli  emessi  da  Governi, Banche  Centrali  e  altri  enti  pubblici  rappresentano  il  76,78%  dei  titoli  obbligazionari  mentre  i  titoli  di  emittenti  corporate contribuiscono per circa il 23,22%. A fine esercizio 2022, i valori di sensitivity del fair value dei titoli obbligazionari rispetto ad una variazione del merito creditizio degli emittenti, intesa come shock dei credit spread di mercato di \u00b1100 punti base, sono riportati nella tabella seguente. (milioni di euro) Valore  di Bilancio % Variazioni di fair value a seguito di variazioni degli spread di credito +100 bps -100 bps Titoli obbligazionari di emittenti governativi 55.952   76,78 -3.651 4.216 Titoli obbligazionari di emittenti corporate 16.917   23,22 -758 731 TOTALE 72.869 100,00 -4.409 4.947 Esposizione al rischio azionario La sensitivity del portafoglio azionario a fronte di un ipotetico deterioramento dei corsi azionari pari al 10% risulta quantificata in -200 milioni, come si evince dalla tabella seguente. (milioni di euro) Valore  di Bilancio % Variazioni di fair value a seguito di variazioni dei corsi azionari -10% Titoli azionari societ\u00e0 finanziarie 289   14,44 -29 Titoli azionari societ\u00e0 non finanziarie e altri soggetti 1.712   85,56 -171 TOTALE 2.001 100,00 -200 Esposizione al rischio di cambio Il  97,6%  circa degli  investimenti  \u00e8  rappresentato  da  attivit\u00e0  denominate  nella  divisa  comunitaria. A  fronte  della  residuale esposizione al rischio di cambio sono state contrapposte posizioni in  strumenti finanziari derivati, principalmente Domestic Currency Swap, nella stessa valuta. Strumenti finanziari derivati Gli strumenti finanziari derivati sono utilizzati a fini di copertura dei rischi finanziari presenti nel portafoglio investimenti oppure a fini di gestione efficace. Nella tabella sottostante si riportano i valori di bilancio degli strumenti finanziari derivati al 31 dicembre 2022. (milioni di euro) Tipologia sottostanti TITOLI DI DEBITO / TASSI DI INTERESSE TITOLI DI CAPITALE, INDICI AZIONARI, COMMODITY, CAMBI TOTALE Quotati Non Quotati Quotati Non Quotati Quotati Non Quotati Derivati di copertura - -157 - - - -157 Derivati di gestione efficace - - 49 35 49 35 TOTALE - -157 49 35 49 -122 ",
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   "value": "<div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-424.38245px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 9 - ATTIVIT\u00c0 MATERIALI <span class=\"ff6\">\u2013</span> VOCE 90<span class=\"ff1 fc5\"> </span></div></div><div class=\"c w220 h44\" style=\"left:546.557px; bottom:549.03156px;\"><div class=\"t m0 x41 h46 y1301 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2c4 haf\" style=\"left:-1.4449997px; bottom:526.8796px;\"><div class=\"t m0 x36 h59 y1303 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w2c5 haf\" style=\"left:473.82202px; bottom:526.8796px;\"><div class=\"t m0 x88 h59 y1303 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w220 haf\" style=\"left:546.557px; bottom:526.8796px;\"><div class=\"t m0 x88 h59 y1303 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:510.03156px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, val<span class=\"_ _0\"></span>utate al <span class=\"_ _0\"></span>costo </div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:510.03156px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.483 </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:510.03156px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.530 </div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:493.18353px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale - Dirit<span class=\"_ _3\"></span>ti d'uso acquisiti<span class=\"_ _3\"></span> con il leasing<span class=\"_ _3\"></span> </div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:493.18353px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.495 </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:493.18353px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.521 </div></div><div class=\"c w2c4 h141\" style=\"left:-1.4449997px; bottom:476.17957px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>costo </div></div><div class=\"c w2c5 h141\" style=\"left:473.82202px; bottom:476.17957px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h141\" style=\"left:546.557px; bottom:476.17957px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:459.33154px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, riv<span class=\"_ _0\"></span>alutate </div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:459.33154px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.381 </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:459.33154px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.574 </div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:442.48358px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale, rivaluta<span class=\"_ _3\"></span>te - Diritti d'<span class=\"_ _3\"></span>uso acquisiti co<span class=\"_ _3\"></span>n il leasing<span class=\"_ _3\"></span> </div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:442.48358px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:442.48358px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff2 fs4\"> </span></div></div><div class=\"c w2c4 h141\" style=\"left:-1.4449997px; bottom:425.47955px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _0\"></span>e </div></div><div class=\"c w2c5 h141\" style=\"left:473.82202px; bottom:425.47955px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">770<span class=\"ls0\"> </span></div></div><div class=\"c w220 h141\" style=\"left:546.557px; bottom:425.47955px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">798<span class=\"ls0\"> </span></div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:408.63153px;\"><div class=\"t m0 xa4 h46 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali a scopo di inv<span class=\"_ _3\"></span>estimento <span class=\"_ _3\"></span>- Diritti d'u<span class=\"_ _3\"></span>so acquisiti con il<span class=\"_ _3\"></span> leasing<span class=\"ff1 fs17\"> </span></div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:408.63153px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:408.63153px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c4 h13b\" style=\"left:-1.4449997px; bottom:391.78357px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Rimanen<span class=\"_ _0\"></span>ze di attivi<span class=\"_ _0\"></span>t\u00e0 materi<span class=\"_ _0\"></span>ali disciplinate <span class=\"_ _35\"></span>dallo IAS 2 </div></div><div class=\"c w2c5 h13b\" style=\"left:473.82202px; bottom:391.78357px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">871<span class=\"ls0\"> </span></div></div><div class=\"c w220 h13b\" style=\"left:546.557px; bottom:391.78357px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">890<span class=\"ls0\"> </span></div></div><div class=\"c w2c4 haf\" style=\"left:-1.4449997px; bottom:369.63153px;\"><div class=\"t m0 x36 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale Atti<span class=\"_ _0\"></span>vit\u00e0 mater<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ali voce 9<span class=\"_ _35\"></span>0 </div></div><div class=\"c w2c5 haf\" style=\"left:473.82202px; bottom:369.63153px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">10.505 </div></div><div class=\"c w220 haf\" style=\"left:546.557px; bottom:369.63153px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">10.792 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-424.38245px;\"><div class=\"t m0 x0 h2 ydc0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yd4b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yd4c ff5 fs0 fc2 sc0 ls0 ws0\">9.1 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al costo  </div><div class=\"t m0 x0 h2 y1309 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2c7 h69\" style=\"left:435.758px; bottom:313.58856px;\"><div class=\"t m0 x124 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2c6 h8c\" style=\"left:-3.941002px; bottom:288.16058px;\"><div class=\"t m0 x41 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w2c8 h8c\" style=\"left:435.758px; bottom:288.16058px;\"><div class=\"t m0 x99 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w156 h8c\" style=\"left:528.149px; bottom:288.16058px;\"><div class=\"t m0 xf h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2c6 h43\" style=\"left:-3.941002px; bottom:264.76056px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 <span class=\"_ _0\"></span>di propriet\u00e0<span class=\"_ _35\"></span>  </div></div><div class=\"c w2c8 h43\" style=\"left:435.758px; bottom:264.76056px;\"><div class=\"t m0 x4b h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">988<span class=\"ls0\"> </span></div></div><div class=\"c w156 h43\" style=\"left:528.149px; bottom:264.76056px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.009 </div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:251.18854px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:251.18854px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:251.18854px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 hc3\" style=\"left:-3.941002px; bottom:237.46057px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 hc3\" style=\"left:435.758px; bottom:237.46057px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 hc3\" style=\"left:528.149px; bottom:237.46057px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:223.88855px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) mobili </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:223.88855px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">194<span class=\"ls0\"> </span></div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:223.88855px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">207<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 hc3\" style=\"left:-3.941002px; bottom:210.16058px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci </div></div><div class=\"c w2c8 hc3\" style=\"left:435.758px; bottom:210.16058px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">748<span class=\"ls0\"> </span></div></div><div class=\"c w156 hc3\" style=\"left:528.149px; bottom:210.16058px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">758<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:196.58856px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) altre </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:196.58856px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:196.58856px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h83\" style=\"left:-3.941002px; bottom:175.06055px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> </div></div><div class=\"c w2c8 h83\" style=\"left:435.758px; bottom:175.06055px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.495 </div></div><div class=\"c w156 h83\" style=\"left:528.149px; bottom:175.06055px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.521 </div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:161.48853px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:161.48853px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:161.48853px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2c6 hc3\" style=\"left:-3.941002px; bottom:147.76056px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 hc3\" style=\"left:435.758px; bottom:147.76056px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.218 </div></div><div class=\"c w156 hc3\" style=\"left:528.149px; bottom:147.76056px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.331 </div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:134.18854px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) mobili </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:134.18854px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:134.18854px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 hc3\" style=\"left:-3.941002px; bottom:120.46057px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci </div></div><div class=\"c w2c8 hc3\" style=\"left:435.758px; bottom:120.46057px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w156 hc3\" style=\"left:528.149px; bottom:120.46057px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h18\" style=\"left:-3.941002px; bottom:106.88855px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) altre  </div></div><div class=\"c w2c8 h18\" style=\"left:435.758px; bottom:106.88855px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">240<span class=\"ls0\"> </span></div></div><div class=\"c w156 h18\" style=\"left:528.149px; bottom:106.88855px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">165<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h5e\" style=\"left:-3.941002px; bottom:81.43454px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2c8 h5e\" style=\"left:435.758px; bottom:81.43454px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.483 </div></div><div class=\"c w156 h5e\" style=\"left:528.149px; bottom:81.43454px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.530 </div></div><div class=\"c w2c6 h7e\" style=\"left:-3.941002px; bottom:56.162567px;\"><div class=\"t m0 x41 h104 y335 ff3 fs17 fc2 sc0 ls0 ws0\">di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span></div></div><div class=\"c w2c8 h7e\" style=\"left:435.758px; bottom:56.162567px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w156 h7e\" style=\"left:528.149px; bottom:56.162567px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-424.38245px;\"><div class=\"t m0 x0 h61 ybb3 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yc3b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y8bf ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yc3d ff5 fs0 fc2 sc0 ls0 ws0\">9.2 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al costo<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y72e ff1 fs0 fc0 sc0 ls0 ws0\">Non sono presenti Atti<span class=\"_ _0\"></span>vit\u00e0 materiali detenute <span class=\"_ _0\"></span>a scopo di investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto valutate al co<span class=\"_ _0\"></span>sto nel Gruppo Intesa S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 y2d2 ff5 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-440.29224px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">9.3 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 rivalutate <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2cd h17\" style=\"left:493.40765px; bottom:535.4618px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2c9 h64\" style=\"left:-4.050377px; bottom:517.98975px;\"><div class=\"t m0 x41 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w284 h64\" style=\"left:240.31064px; bottom:517.98975px;\"><div class=\"t m0 xc9 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w2ce h64\" style=\"left:429.87665px; bottom:517.98975px;\"><div class=\"t m0 xc9 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca h42\" style=\"left:240.31064px; bottom:502.38977px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w2cb h42\" style=\"left:304.27063px; bottom:502.38977px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:502.38977px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w2cc h42\" style=\"left:429.87665px; bottom:502.38977px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:502.38977px;\"><div class=\"t m0 x14 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w55 h42\" style=\"left:557.99164px; bottom:502.38977px;\"><div class=\"t m0 xae h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w2c9 h47\" style=\"left:-4.050377px; bottom:482.88977px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 </div></div><div class=\"c w2ca h47\" style=\"left:240.31064px; bottom:482.88977px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h47\" style=\"left:304.27063px; bottom:482.88977px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h47\" style=\"left:366.69662px; bottom:482.88977px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.381 </div></div><div class=\"c w2cc h47\" style=\"left:429.87665px; bottom:482.88977px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h47\" style=\"left:493.40765px; bottom:482.88977px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h47\" style=\"left:557.99164px; bottom:482.88977px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.574 </div></div><div class=\"c w2c9 hc3\" style=\"left:-4.050377px; bottom:469.16174px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca hc3\" style=\"left:240.31064px; bottom:469.16174px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb hc3\" style=\"left:304.27063px; bottom:469.16174px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:366.69662px; bottom:469.16174px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.641 </div></div><div class=\"c w2cc hc3\" style=\"left:429.87665px; bottom:469.16174px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:493.40765px; bottom:469.16174px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 hc3\" style=\"left:557.99164px; bottom:469.16174px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.656 </div></div><div class=\"c w2c9 h18\" style=\"left:-4.050377px; bottom:455.58978px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca h18\" style=\"left:240.31064px; bottom:455.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h18\" style=\"left:304.27063px; bottom:455.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:366.69662px; bottom:455.58978px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.429 </div></div><div class=\"c w2cc h18\" style=\"left:429.87665px; bottom:455.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:493.40765px; bottom:455.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h18\" style=\"left:557.99164px; bottom:455.58978px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.606 </div></div><div class=\"c w2c9 hc3\" style=\"left:-4.050377px; bottom:441.86176px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) patrimoni<span class=\"_ _0\"></span>o artisti<span class=\"_ _0\"></span>co di pregio<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca hc3\" style=\"left:240.31064px; bottom:441.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb hc3\" style=\"left:304.27063px; bottom:441.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:366.69662px; bottom:441.86176px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c w2cc hc3\" style=\"left:429.87665px; bottom:441.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:493.40765px; bottom:441.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 hc3\" style=\"left:557.99164px; bottom:441.86176px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">312<span class=\"ls0\"> </span></div></div><div class=\"c w2c9 h18\" style=\"left:-4.050377px; bottom:428.28973px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">d) <span class=\"ls0\">impianti <span class=\"_ _0\"></span>elettronici<span class=\"_ _0\"></span> </span></div></div><div class=\"c w2ca h18\" style=\"left:240.31064px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h18\" style=\"left:304.27063px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:366.69662px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h18\" style=\"left:429.87665px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:493.40765px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h18\" style=\"left:557.99164px; bottom:428.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 hc3\" style=\"left:-4.050377px; bottom:414.56177px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) altre </div></div><div class=\"c w2ca hc3\" style=\"left:240.31064px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb hc3\" style=\"left:304.27063px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:366.69662px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc hc3\" style=\"left:429.87665px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:493.40765px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 hc3\" style=\"left:557.99164px; bottom:414.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 h43\" style=\"left:-4.050377px; bottom:391.16174px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> </div></div><div class=\"c w2ca h43\" style=\"left:240.31064px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h43\" style=\"left:304.27063px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h43\" style=\"left:366.69662px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h43\" style=\"left:429.87665px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h43\" style=\"left:493.40765px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h43\" style=\"left:557.99164px; bottom:391.16174px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 h18\" style=\"left:-4.050377px; bottom:377.58978px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca h18\" style=\"left:240.31064px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h18\" style=\"left:304.27063px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:366.69662px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h18\" style=\"left:429.87665px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:493.40765px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h18\" style=\"left:557.99164px; bottom:377.58978px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 hc3\" style=\"left:-4.050377px; bottom:363.86176px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w2ca hc3\" style=\"left:240.31064px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb hc3\" style=\"left:304.27063px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:366.69662px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc hc3\" style=\"left:429.87665px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:493.40765px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 hc3\" style=\"left:557.99164px; bottom:363.86176px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 h18\" style=\"left:-4.050377px; bottom:350.28973px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) mobili </div></div><div class=\"c w2ca h18\" style=\"left:240.31064px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h18\" style=\"left:304.27063px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:366.69662px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h18\" style=\"left:429.87665px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:493.40765px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h18\" style=\"left:557.99164px; bottom:350.28973px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 hc3\" style=\"left:-4.050377px; bottom:336.56177px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci </div></div><div class=\"c w2ca hc3\" style=\"left:240.31064px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb hc3\" style=\"left:304.27063px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:366.69662px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc hc3\" style=\"left:429.87665px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca hc3\" style=\"left:493.40765px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 hc3\" style=\"left:557.99164px; bottom:336.56177px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 h18\" style=\"left:-4.050377px; bottom:322.98975px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) altre </div></div><div class=\"c w2ca h18\" style=\"left:240.31064px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h18\" style=\"left:304.27063px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:366.69662px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h18\" style=\"left:429.87665px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h18\" style=\"left:493.40765px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h18\" style=\"left:557.99164px; bottom:322.98975px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c9 h69\" style=\"left:-4.050377px; bottom:300.48676px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w2ca h69\" style=\"left:240.31064px; bottom:300.48676px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h69\" style=\"left:304.27063px; bottom:300.48676px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h69\" style=\"left:366.69662px; bottom:300.48676px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.381 </div></div><div class=\"c w2cc h69\" style=\"left:429.87665px; bottom:300.48676px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h69\" style=\"left:493.40765px; bottom:300.48676px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h69\" style=\"left:557.99164px; bottom:300.48676px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.574 </div></div><div class=\"c w2c9 h7d\" style=\"left:-4.050377px; bottom:268.03876px;\"><div class=\"t m0 x41 h161 y6e8 ff3 fs17 fc2 sc0 ls0 ws0\">di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie </div><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">ricevute </div></div><div class=\"c w2ca h7d\" style=\"left:240.31064px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cb h7d\" style=\"left:304.27063px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h7d\" style=\"left:366.69662px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cc h7d\" style=\"left:429.87665px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h7d\" style=\"left:493.40765px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w55 h7d\" style=\"left:557.99164px; bottom:268.03876px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-440.29224px;\"><div class=\"t m0 x0 h61 y1314 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y3c9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y3ca ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y3cb ff5 fs0 fc2 sc0 ls0 ws0\">9.4 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y12df ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w210 h12\" style=\"left:488.37665px; bottom:212.03479px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w206 h65\" style=\"left:-4.050377px; bottom:194.40674px;\"><div class=\"t m0 x41 h59 y1316 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w20b h65\" style=\"left:226.11462px; bottom:194.40674px;\"><div class=\"t m0 xc7 h59 y1316 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w20a h65\" style=\"left:423.9486px; bottom:194.40674px;\"><div class=\"t m0 xc7 h59 y1316 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w207 h42\" style=\"left:226.11462px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h42\" style=\"left:290.8546px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w209 h42\" style=\"left:357.4926px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h42\" style=\"left:423.9486px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 1<span class=\"_ _0\"></span> </div></div><div class=\"c w208 h42\" style=\"left:488.37665px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 2<span class=\"_ _0\"></span> </div></div><div class=\"c w209 h42\" style=\"left:554.2476px; bottom:178.80676px;\"><div class=\"t m0 x88 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">Livello 3<span class=\"_ _0\"></span> </div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:159.30676px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:159.30676px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:159.30676px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:159.30676px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">770<span class=\"ls0\"> </span></div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:159.30676px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:159.30676px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:159.30676px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">798<span class=\"ls0\"> </span></div></div><div class=\"c w206 h18\" style=\"left:-4.050377px; bottom:145.73474px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w207 h18\" style=\"left:226.11462px; bottom:145.73474px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h18\" style=\"left:290.8546px; bottom:145.73474px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h18\" style=\"left:357.4926px; bottom:145.73474px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w209 h18\" style=\"left:423.9486px; bottom:145.73474px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h18\" style=\"left:488.37665px; bottom:145.73474px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h18\" style=\"left:554.2476px; bottom:145.73474px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">281<span class=\"ls0\"> </span></div></div><div class=\"c w206 hc3\" style=\"left:-4.050377px; bottom:132.00677px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w207 hc3\" style=\"left:226.11462px; bottom:132.00677px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 hc3\" style=\"left:290.8546px; bottom:132.00677px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 hc3\" style=\"left:357.4926px; bottom:132.00677px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">499<span class=\"ls0\"> </span></div></div><div class=\"c w209 hc3\" style=\"left:423.9486px; bottom:132.00677px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 hc3\" style=\"left:488.37665px; bottom:132.00677px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 hc3\" style=\"left:554.2476px; bottom:132.00677px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">517<span class=\"ls0\"> </span></div></div><div class=\"c w206 h47\" style=\"left:-4.050377px; bottom:112.506775px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> </div></div><div class=\"c w207 h47\" style=\"left:226.11462px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:290.8546px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:357.4926px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:423.9486px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h47\" style=\"left:488.37665px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h47\" style=\"left:554.2476px; bottom:112.506775px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h18\" style=\"left:-4.050377px; bottom:98.93475px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w207 h18\" style=\"left:226.11462px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h18\" style=\"left:290.8546px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h18\" style=\"left:357.4926px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h18\" style=\"left:423.9486px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h18\" style=\"left:488.37665px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h18\" style=\"left:554.2476px; bottom:98.93475px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 hc3\" style=\"left:-4.050377px; bottom:85.20679px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w207 hc3\" style=\"left:226.11462px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 hc3\" style=\"left:290.8546px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 hc3\" style=\"left:357.4926px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 hc3\" style=\"left:423.9486px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 hc3\" style=\"left:488.37665px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 hc3\" style=\"left:554.2476px; bottom:85.20679px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w206 h82\" style=\"left:-4.050377px; bottom:62.716766px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w207 h82\" style=\"left:226.11462px; bottom:62.716766px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h82\" style=\"left:290.8546px; bottom:62.716766px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h82\" style=\"left:357.4926px; bottom:62.716766px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">770<span class=\"ls0\"> </span></div></div><div class=\"c w209 h82\" style=\"left:423.9486px; bottom:62.716766px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h82\" style=\"left:488.37665px; bottom:62.716766px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h82\" style=\"left:554.2476px; bottom:62.716766px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">798<span class=\"ls0\"> </span></div></div><div class=\"c w206 h7d\" style=\"left:-4.050377px; bottom:30.268768px;\"><div class=\"t m0 x41 h161 y85b ff3 fs17 fc2 sc0 ls0 ws0\">di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie </div><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">ricevute </div></div><div class=\"c w207 h7d\" style=\"left:226.11462px; bottom:30.268768px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7d\" style=\"left:290.8546px; bottom:30.268768px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7d\" style=\"left:357.4926px; bottom:30.268768px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">114<span class=\"ls0\"> </span></div></div><div class=\"c w209 h7d\" style=\"left:423.9486px; bottom:30.268768px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w208 h7d\" style=\"left:488.37665px; bottom:30.268768px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w209 h7d\" style=\"left:554.2476px; bottom:30.268768px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">138<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-440.29224px;\"><div class=\"t m0 x0 h61 ya3b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y66e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66f ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente alle p<span class=\"_ _0\"></span>revisioni di cui allo IAS<span class=\"_ _0\"></span> 40 paragrafo 75, <span class=\"_ _0\"></span>lettera c), g), h) <span class=\"_ _3\"></span>non si segnalano in<span class=\"_ _0\"></span>formazioni degne di <span class=\"_ _0\"></span>nota.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h24 y131a ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-134.18323px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">9.5 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: co<span class=\"_ _0\"></span>mposizione </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2d2 h17\" style=\"left:477.92462px; bottom:841.5708px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2cf h41\" style=\"left:-4.050377px; bottom:825.0348px;\"><div class=\"t m0 x41 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w1e7 h41\" style=\"left:256.84662px; bottom:825.0348px;\"><div class=\"t m0 x14 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w2d3 h41\" style=\"left:330.03662px; bottom:825.0348px;\"><div class=\"t m0 x2e h162 y747 ffa fs17 fc2 sc0 ls0 ws0\">Di cui: </div></div><div class=\"c w2d4 h41\" style=\"left:538.33563px; bottom:825.0348px;\"><div class=\"t m0 x96 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2d0 h96\" style=\"left:330.03662px; bottom:788.21875px;\"><div class=\"t m0 x13 h162 y131b ffa fs17 fc2 sc0 ls0 ws0\">Gruppo </div><div class=\"t m0 x96 h162 y7eb ffa fs17 fc2 sc0 ls0 ws0\">bancario </div></div><div class=\"c w2d1 h96\" style=\"left:404.13663px; bottom:788.21875px;\"><div class=\"t m0 xd1 h162 y131b ffa fs17 fc2 sc0 ls0 ws0\">Imprese </div><div class=\"t m0 x10a h162 y7eb ffa fs17 fc2 sc0 ls0 ws0\">di  </div><div class=\"t m0 x88 h162 y8e9 ffa fs17 fc2 sc0 ls0 ws0\">assicuraz<span class=\"_ _0\"></span>. </div></div><div class=\"c w2d5 h96\" style=\"left:477.92462px; bottom:788.21875px;\"><div class=\"t m0 x13 h162 y131b ffa fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 xae h162 y7eb ffa fs17 fc2 sc0 ls0 ws0\">imprese </div></div><div class=\"c w2cf haa\" style=\"left:-4.050377px; bottom:755.92676px;\"><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">1. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze di attivi<span class=\"_ _35\"></span>t\u00e0 materiali ottenut<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>tramite<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">l'escussio<span class=\"_ _0\"></span>ne delle <span class=\"_ _0\"></span>garanzie ri<span class=\"_ _0\"></span>cevute </div></div><div class=\"c w1e7 haa\" style=\"left:256.84662px; bottom:755.92676px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">192<span class=\"ls0\"> </span></div></div><div class=\"c w2d0 haa\" style=\"left:330.03662px; bottom:755.92676px;\"><div class=\"t m0 xd5 h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">181<span class=\"ls0\"> </span></div></div><div class=\"c w2d1 haa\" style=\"left:404.13663px; bottom:755.92676px;\"><div class=\"t m0 x4c h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 haa\" style=\"left:477.92462px; bottom:755.92676px;\"><div class=\"t m0 xd h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w2d4 haa\" style=\"left:538.33563px; bottom:755.92676px;\"><div class=\"t m0 x10a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">211<span class=\"ls0\"> </span></div></div><div class=\"c w2cf h42\" style=\"left:-4.050377px; bottom:740.3268px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) terreni<span class=\"_ _0\"></span> </div></div><div class=\"c w1e7 h42\" style=\"left:256.84662px; bottom:740.3268px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2d0 h42\" style=\"left:330.03662px; bottom:740.3268px;\"><div class=\"t m0 x9f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2d1 h42\" style=\"left:404.13663px; bottom:740.3268px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h42\" style=\"left:477.92462px; bottom:740.3268px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2d4 h42\" style=\"left:538.33563px; bottom:740.3268px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2cf h42\" style=\"left:-4.050377px; bottom:724.72675px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w1e7 h42\" style=\"left:256.84662px; bottom:724.72675px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">179<span class=\"ls0\"> </span></div></div><div class=\"c w2d0 h42\" style=\"left:330.03662px; bottom:724.72675px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">178<span class=\"ls0\"> </span></div></div><div class=\"c w2d1 h42\" style=\"left:404.13663px; bottom:724.72675px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h42\" style=\"left:477.92462px; bottom:724.72675px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2d4 h42\" style=\"left:538.33563px; bottom:724.72675px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">192<span class=\"ls0\"> </span></div></div><div class=\"c w2cf h42\" style=\"left:-4.050377px; bottom:709.1268px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) mobili </div></div><div class=\"c w1e7 h42\" style=\"left:256.84662px; bottom:709.1268px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d0 h42\" style=\"left:330.03662px; bottom:709.1268px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d1 h42\" style=\"left:404.13663px; bottom:709.1268px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h42\" style=\"left:477.92462px; bottom:709.1268px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d4 h42\" style=\"left:538.33563px; bottom:709.1268px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cf h42\" style=\"left:-4.050377px; bottom:693.5268px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci </div></div><div class=\"c w1e7 h42\" style=\"left:256.84662px; bottom:693.5268px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d0 h42\" style=\"left:330.03662px; bottom:693.5268px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d1 h42\" style=\"left:404.13663px; bottom:693.5268px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h42\" style=\"left:477.92462px; bottom:693.5268px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d4 h42\" style=\"left:538.33563px; bottom:693.5268px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2cf h42\" style=\"left:-4.050377px; bottom:677.92676px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">e) altre </div></div><div class=\"c w1e7 h42\" style=\"left:256.84662px; bottom:677.92676px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d0 h42\" style=\"left:330.03662px; bottom:677.92676px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d1 h42\" style=\"left:404.13663px; bottom:677.92676px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h42\" style=\"left:477.92462px; bottom:677.92676px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d4 h42\" style=\"left:538.33563px; bottom:677.92676px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2cf hd3\" style=\"left:-4.050377px; bottom:656.55475px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Altre rim<span class=\"_ _0\"></span>anenze d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> attivit\u00e0 mat<span class=\"_ _35\"></span>eriali </div></div><div class=\"c w1e7 hd3\" style=\"left:256.84662px; bottom:656.55475px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">679<span class=\"ls0\"> </span></div></div><div class=\"c w2d0 hd3\" style=\"left:330.03662px; bottom:656.55475px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2d1 hd3\" style=\"left:404.13663px; bottom:656.55475px;\"><div class=\"t m0 x4c h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 hd3\" style=\"left:477.92462px; bottom:656.55475px;\"><div class=\"t m0 x99 h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">655<span class=\"ls0\"> </span></div></div><div class=\"c w2d4 hd3\" style=\"left:538.33563px; bottom:656.55475px;\"><div class=\"t m0 x10a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">679<span class=\"ls0\"> </span></div></div><div class=\"c w2cf h47\" style=\"left:-4.050377px; bottom:631.1268px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1e7 h47\" style=\"left:256.84662px; bottom:631.1268px;\"><div class=\"t m0 xd5 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">871<span class=\"ls0\"> </span></div></div><div class=\"c w2d0 h47\" style=\"left:330.03662px; bottom:631.1268px;\"><div class=\"t m0 xd5 h162 y326 ffa fs17 fc2 sc0 ls25 ws0\">205<span class=\"ls0\"> </span></div></div><div class=\"c w2d1 h47\" style=\"left:404.13663px; bottom:631.1268px;\"><div class=\"t m0 x4c h162 y326 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h47\" style=\"left:477.92462px; bottom:631.1268px;\"><div class=\"t m0 x99 h162 y326 ffa fs17 fc2 sc0 ls25 ws0\">666<span class=\"ls0\"> </span></div></div><div class=\"c w2d4 h47\" style=\"left:538.33563px; bottom:631.1268px;\"><div class=\"t m0 x10a h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">890<span class=\"ls0\"> </span></div></div><div class=\"c w2cf h5c\" style=\"left:-4.050377px; bottom:612.67975px;\"><div class=\"t m0 x41 h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">di cui: valut<span class=\"_ _0\"></span>ate al fair<span class=\"_ _0\"></span> value al n<span class=\"_ _0\"></span>etto dei co<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ti di vendit<span class=\"_ _0\"></span>a </div></div><div class=\"c w1e7 h5c\" style=\"left:256.84662px; bottom:612.67975px;\"><div class=\"t m0 x9f h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2d0 h5c\" style=\"left:330.03662px; bottom:612.67975px;\"><div class=\"t m0 x9f h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2d1 h5c\" style=\"left:404.13663px; bottom:612.67975px;\"><div class=\"t m0 x4c h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d5 h5c\" style=\"left:477.92462px; bottom:612.67975px;\"><div class=\"t m0 xd5 h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d4 h5c\" style=\"left:538.33563px; bottom:612.67975px;\"><div class=\"t m0 x4b h104 yc5a ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-134.18323px;\"><div class=\"t m0 x0 h61 yeac ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1321 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1322 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yb80 ff5 fs0 fc2 sc0 ls0 ws0\">9.6 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: v<span class=\"_ _0\"></span>ariazioni annue </div><div class=\"t m0 x0 h2 yf84 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2d8 h1c\" style=\"left:537.0876px; bottom:554.8038px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c wc ha0\" style=\"left:237.50262px; bottom:510.0318px;\"><div class=\"t m0 x6 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Terreni </div></div><div class=\"c w2d7 ha0\" style=\"left:289.45062px; bottom:510.0318px;\"><div class=\"t m0 x12 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Fabbricati </div></div><div class=\"c w13e ha0\" style=\"left:350.6286px; bottom:510.0318px;\"><div class=\"t m0 x86 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Mobili </div></div><div class=\"c w13e ha0\" style=\"left:413.4966px; bottom:510.0318px;\"><div class=\"t m0 x95 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Impianti </div><div class=\"t m0 x12 ha y82a ff5 fs4 fc2 sc0 ls0 ws0\">elettronici </div></div><div class=\"c w2d7 ha0\" style=\"left:474.80463px; bottom:510.0318px;\"><div class=\"t m0 xdd ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Patrimonio<span class=\"_ _3\"></span> </div><div class=\"t m0 x88 ha y82a ff5 fs4 fc2 sc0 ls0 ws0\">artistico </div><div class=\"t m0 xae ha y82b ff5 fs4 fc2 sc0 ls0 ws0\">di pregio </div></div><div class=\"c w22d ha0\" style=\"left:537.0876px; bottom:510.0318px;\"><div class=\"t m0 x12 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Altre </div></div><div class=\"c w2d9 ha0\" style=\"left:574.8396px; bottom:510.0318px;\"><div class=\"t m0 x12 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:493.4958px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Esistenze iniziali <span class=\"_ _3\"></span>lorde </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:493.4958px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.665 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:493.4958px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.736 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:493.4958px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.088 </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:493.4958px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.657 </div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:493.4958px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">312<span class=\"ls0\"> </span></div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:493.4958px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">395<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:493.4958px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">17.853 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:479.76776px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:479.76776px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:479.76776px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-799 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:479.76776px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.881 </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:479.76776px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5.883 </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:479.76776px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:479.76776px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-186 </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:479.76776px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-8.749 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:463.23175px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A.2 Esistenze ini<span class=\"_ _3\"></span>ziali nette </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:463.23175px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.665 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:463.23175px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.937 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:463.23175px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">207<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:463.23175px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">774<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:463.23175px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">312<span class=\"ls0\"> </span></div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:463.23175px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">209<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:463.23175px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">9.104 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:446.6958px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Aumenti: </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:446.6958px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:446.6958px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">450<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:446.6958px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:446.6958px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">260<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:446.6958px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:446.6958px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:446.6958px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">987<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:431.09576px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 Acquisti </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:431.09576px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:431.09576px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:431.09576px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:431.09576px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">244<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:431.09576px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:431.09576px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:431.09576px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">529<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:417.3678px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:417.3678px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:417.3678px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:417.3678px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:417.3678px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:417.3678px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:417.3678px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:417.3678px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:401.76776px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:401.76776px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:401.76776px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:401.76776px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:401.76776px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:401.76776px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:401.76776px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:401.76776px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:386.1678px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _3\"></span>ore </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:386.1678px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:386.1678px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:386.1678px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:386.1678px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:386.1678px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:386.1678px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:386.1678px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h44\" style=\"left:-4.050377px; bottom:370.54178px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> </div></div><div class=\"c wc h44\" style=\"left:237.50262px; bottom:370.54178px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h44\" style=\"left:289.45062px; bottom:370.54178px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w13e h44\" style=\"left:350.6286px; bottom:370.54178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h44\" style=\"left:413.4966px; bottom:370.54178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h44\" style=\"left:474.80463px; bottom:370.54178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h44\" style=\"left:537.0876px; bottom:370.54178px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h44\" style=\"left:574.8396px; bottom:370.54178px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:356.9698px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:356.9698px;\"><div class=\"t m0 xe h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:356.9698px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:356.9698px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:356.9698px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:356.9698px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:356.9698px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:356.9698px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:343.24176px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:343.24176px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:343.24176px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:343.24176px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:343.24176px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:343.24176px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:343.24176px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:343.24176px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:327.64178px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:327.64178px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:327.64178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:327.64178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:327.64178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:327.64178px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:327.64178px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:327.64178px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:312.04178px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti  </div></div><div class=\"c w2d6 h102\" style=\"left:-4.050377px; bottom:300.34177px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls1 ws0\">   <span class=\"ls0\">a scopo di inv<span class=\"_ _3\"></span>estimento </span></div></div><div class=\"c wc h102\" style=\"left:237.50262px; bottom:300.34177px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h102\" style=\"left:289.45062px; bottom:300.34177px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w13e h102\" style=\"left:350.6286px; bottom:300.34177px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w13e h102\" style=\"left:413.4966px; bottom:300.34177px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d7 h102\" style=\"left:474.80463px; bottom:300.34177px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h102\" style=\"left:537.0876px; bottom:300.34177px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d9 h102\" style=\"left:574.8396px; bottom:300.34177px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:284.74176px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3\"></span>  </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:284.74176px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:284.74176px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">286<span class=\"ls0\"> </span></div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:284.74176px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:284.74176px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:284.74176px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:284.74176px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:284.74176px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">349<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:268.20578px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3\"></span> </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:268.20578px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">75</span> </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:268.20578px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-740 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:268.20578px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">49</span> </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:268.20578px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-250 </div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:268.20578px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:268.20578px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-111 </div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:268.20578px;\"><div class=\"t m0 x6 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.227 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:254.47778px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.1 Vendite </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:254.47778px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:254.47778px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:254.47778px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:254.47778px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:254.47778px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:254.47778px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:254.47778px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:240.90576px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:240.90576px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:240.90576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:240.90576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:240.90576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:240.90576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:240.90576px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:240.90576px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:225.30579px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3\"></span> </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:225.30579px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:225.30579px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-342 </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:225.30579px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">33</span> </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:225.30579px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-221 </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:225.30579px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:225.30579px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">79</span> </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:225.30579px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-675 </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:209.70578px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:209.70578px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:209.70578px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:209.70578px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:209.70578px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:209.70578px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:209.70578px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:209.70578px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">10</span> </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:195.97778px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:195.97778px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:195.97778px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:195.97778px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:195.97778px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:195.97778px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:195.97778px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:195.97778px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:182.40576px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:182.40576px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:182.40576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:182.40576px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:182.40576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:182.40576px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:182.40576px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:182.40576px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:166.80579px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:166.80579px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:166.80579px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">13</span> </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:166.80579px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:166.80579px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:166.80579px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:166.80579px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:166.80579px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">25</span> </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:153.07776px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:153.07776px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:153.07776px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:153.07776px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:153.07776px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:153.07776px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:153.07776px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:153.07776px;\"><div class=\"t m0 x9a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">15</span> </div></div><div class=\"c w2d6 h27\" style=\"left:-4.050377px; bottom:139.46677px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc h27\" style=\"left:237.50262px; bottom:139.46677px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2d7 h27\" style=\"left:289.45062px; bottom:139.46677px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w13e h27\" style=\"left:350.6286px; bottom:139.46677px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h27\" style=\"left:413.4966px; bottom:139.46677px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h27\" style=\"left:474.80463px; bottom:139.46677px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w22d h27\" style=\"left:537.0876px; bottom:139.46677px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d9 h27\" style=\"left:574.8396px; bottom:139.46677px;\"><div class=\"t m0 x9a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">10</span> </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:123.86676px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:123.86676px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">20</span> </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:123.86676px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">46</span> </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:123.86676px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:123.86676px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:123.86676px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:123.86676px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:123.86676px;\"><div class=\"t m0 x9a h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">76</span> </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:108.26677px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _3\"></span> a: </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:108.26677px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">38</span> </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:108.26677px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">77</span> </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:108.26677px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:108.26677px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:108.26677px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:108.26677px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:108.26677px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-115 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:94.53877px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls1 ws0\">  <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span></div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:94.53877px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">36</span> </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:94.53877px;\"><div class=\"t m0 xd h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">72</span> </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:94.53877px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:94.53877px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:94.53877px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:94.53877px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:94.53877px;\"><div class=\"t m0 x88 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-108 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:80.96677px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls1 ws0\">  <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span></div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:80.96677px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:80.96677px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:80.96677px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:80.96677px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:80.96677px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:80.96677px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:80.96677px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:65.366776px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.7 Altre variazio<span class=\"_ _3\"></span>ni  </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:65.366776px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:65.366776px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-253 </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:65.366776px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:65.366776px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">23</span> </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:65.366776px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:65.366776px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">25</span> </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:65.366776px;\"><div class=\"t m0 x88 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-317 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:48.83078px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Rimanenze finali <span class=\"_ _3\"></span>nette </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:48.83078px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.642 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:48.83078px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.647 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:48.83078px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">194<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:48.83078px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">784<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:48.83078px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:48.83078px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">286<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:48.83078px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8.864 </div></div><div class=\"c w2d6 h42\" style=\"left:-4.050377px; bottom:33.230774px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> </div></div><div class=\"c wc h42\" style=\"left:237.50262px; bottom:33.230774px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h42\" style=\"left:289.45062px; bottom:33.230774px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-967 </div></div><div class=\"c w13e h42\" style=\"left:350.6286px; bottom:33.230774px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.902 </div></div><div class=\"c w13e h42\" style=\"left:413.4966px; bottom:33.230774px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6.012 </div></div><div class=\"c w2d7 h42\" style=\"left:474.80463px; bottom:33.230774px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h42\" style=\"left:537.0876px; bottom:33.230774px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-173 </div></div><div class=\"c w2d9 h42\" style=\"left:574.8396px; bottom:33.230774px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-9.054 </div></div><div class=\"c w2d6 h6a\" style=\"left:-4.050377px; bottom:16.538773px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde </div></div><div class=\"c wc h6a\" style=\"left:237.50262px; bottom:16.538773px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.642 </div></div><div class=\"c w2d7 h6a\" style=\"left:289.45062px; bottom:16.538773px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.614 </div></div><div class=\"c w13e h6a\" style=\"left:350.6286px; bottom:16.538773px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.096 </div></div><div class=\"c w13e h6a\" style=\"left:413.4966px; bottom:16.538773px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.796 </div></div><div class=\"c w2d7 h6a\" style=\"left:474.80463px; bottom:16.538773px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c w22d h6a\" style=\"left:537.0876px; bottom:16.538773px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">459<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h6a\" style=\"left:574.8396px; bottom:16.538773px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">17.918 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:0.0027770996px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _3\"></span>osto </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:0.0027770996px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.852 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:0.0027770996px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.450 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:0.0027770996px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:0.0027770996px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:0.0027770996px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">112<span class=\"ls0\"> </span></div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:0.0027770996px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:0.0027770996px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.414<span class=\"_ _90\"> </span> </div></div>Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Come illustrato nella Part<span class=\"_ _0\"></span>e A -<span class=\"_ _3\"></span> Fair value del patrimo<span class=\"_ _0\"></span>nio immobiliare e del patrim<span class=\"_ _0\"></span>onio artistico di pregio, sull<span class=\"_ _3\"></span>a base delle regole<span class=\"_ _0\"></span> di periodicit\u00e0 di valut<span class=\"_ _0\"></span>azione, si segnala<span class=\"_ _0\"></span> che: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gli <span class=\"_ _6\"></span>immobili <span class=\"_ _4\"></span>classificati <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _6\"></span>funzionale <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>Trophy <span class=\"_ _6\"></span>Asset, <span class=\"_ _6\"></span>presenti <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di </span>integrale <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>rispettivamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>2021; <span class=\"_ _7\"> </span>perta<span class=\"_ _3\"></span><span class=\"ff4\">nto, <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>sottoposti <span class=\"_ _4\"> </span>ad </span>analisi di scenario; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>regio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019esercizio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>essendo <span class=\"_ _5\"></span>stato <span class=\"_ _6\"> </span>integralmente </span></span>valutato a fine 2020, <span class=\"_ _0\"></span>tramite il ricorso a peri<span class=\"_ _0\"></span>zie esterne, a<span class=\"_ _3\"></span>ffidate ad <span class=\"_ _0\"></span>esperti qualificati e indi<span class=\"_ _0\"></span>pendenti. Nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.4 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.4 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni, <span class=\"_ _5\"></span>rispettivamen<span class=\"_ _0\"></span>te, <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>negative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>immo<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ili (terreni e <span class=\"_ _2\"></span>fabbricati) ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>artistici d<span class=\"_ _3\"></span>i pregio, <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca a<span class=\"_ _3\"></span>pplica il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione<span class=\"_ _35\"></span> del valore.  Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>locazione <span class=\"_ _5\"></span>(IFRS <span class=\"_ _5\"></span>16) <span class=\"_ _6\"></span>e,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>sola <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>diminuzione, <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>ammortamenti </span>contabilizzati <span class=\"_ _2\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cespiti <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dall\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>rami <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ex <span class=\"_ _6\"></span>Banche<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Venete, <span class=\"_ _2\"></span>fronteggiati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>dal </span>fondo per rischi ed o<span class=\"_ _0\"></span>neri a suo tempo ap<span class=\"_ _0\"></span>positamente costituito.  La <span class=\"_ _1c\"> </span>sottovoce <span class=\"_ _1c\"> </span>E. <span class=\"_ _1c\"> </span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>costo <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>valorizzata <span class=\"_ _18\"> </span>per <span class=\"_ _20\"> </span>l<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>sole <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>materiali<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>valutate <span class=\"_ _1c\"> </span>secondo <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>criterio<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>della rideterminazione del v<span class=\"_ _0\"></span>alore, in conformit<span class=\"_ _0\"></span>\u00e0 con le istruzioni cont<span class=\"_ _0\"></span>enute nella Circol<span class=\"_ _0\"></span>are n. 262 della B<span class=\"_ _0\"></span>anca d\u2019Italia.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>9.6 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali ad uso funziona<span class=\"_ _0\"></span>le - <span class=\"_ _3\"></span>Diritti d'uso<span class=\"_ _35\"></span> acquisiti con il leasing: variazioni annu<span class=\"_ _0\"></span>e (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 9 1.968 - 36<span class=\"ls0\"> </span>- 193<span class=\"ls0\"> </span>2.206 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -637 - -<span class=\"ls1b\">20</span> - -<span class=\"ls1b\">28</span> -685 A.2 Esistenze inizial<span class=\"_ _3\"></span>i nette 9 1.331 - 16<span class=\"ls0\"> </span>- 165<span class=\"ls0\"> </span>1.521 B. Aumenti: - 356<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- 150<span class=\"ls0\"> </span>558<span class=\"ls0\"> </span>B.1 Acquisti - 78<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- 137<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate - - - - - - - B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - - -  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti   a scopo di investim<span class=\"_ _3\"></span>ento - - X X X X - B.7 Altre variazioni<span class=\"_ _3\"></span>  - 278<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>301<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -8 -469 - -<span class=\"ls1b\">32</span> - -<span class=\"ls1b\">75</span> -584 C.1 Vendite - -1 - -1 - - -2 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -214 - -<span class=\"ls1b\">24</span> - -<span class=\"ls1b\">69</span> -307 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -1 - - - - -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - -1 - - - - -1 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - -1 -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - -1 -1 C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  - -5 - - - -2 -7 C.6 Trasferimenti<span class=\"_ _3\"></span> a: - - - - - - -   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>- - X X X X -   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>- - - - - - - C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -248 - -7 - -3 -266 D. Rimanenze finali <span class=\"_ _3\"></span>nette 1 1.218 - 36<span class=\"ls0\"> </span>- 240<span class=\"ls0\"> </span>1.495 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -718 - -<span class=\"ls1b\">39</span> - -<span class=\"ls1b\">34</span> -791 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 1 1.936 - 75<span class=\"ls0\"> </span>- 274<span class=\"ls0\"> </span>2.286 E. Valutazione al c<span class=\"_ _3\"></span>osto - - - - - - - Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel corso dell\u2019anno s<span class=\"_ _0\"></span>ui contratti di lo<span class=\"_ _0\"></span>cazione (IFRS 16).<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-449.97034px;\"><div class=\"t m0 x0 h24 y10ab ff5 fs0 fc2 sc0 ls0 ws0\">9.7 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: variazioni <span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ls16\">nnue</span> </div><div class=\"t m0 x0 h2 y132f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2c7 h17\" style=\"left:435.64862px; bottom:523.9117px;\"><div class=\"t m0 x124 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2c7 h41\" style=\"left:435.64862px; bottom:507.37567px;\"><div class=\"t m0 x9c h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">              TO<span class=\"_ _35\"></span>TALE </div></div><div class=\"c w2c8 h47\" style=\"left:435.64862px; bottom:487.87567px;\"><div class=\"t m0 xa2 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Terreni </div></div><div class=\"c w156 h47\" style=\"left:528.0396px; bottom:487.87567px;\"><div class=\"t m0 x98 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Fabbricati </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:472.27563px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:472.27563px;\"><div class=\"t m0 x4b h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">281<span class=\"ls0\"> </span></div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:472.27563px;\"><div class=\"t m0 x4b h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">517<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:456.67566px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Aument<span class=\"_ _0\"></span>i </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:456.67566px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:456.67566px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:441.07568px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 Acquis<span class=\"_ _0\"></span>ti </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:441.07568px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:441.07568px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:425.47565px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:425.47565px;\"><div class=\"t m0 x0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:425.47565px;\"><div class=\"t m0 x0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:409.87567px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 Spese p<span class=\"_ _0\"></span>er miglior<span class=\"_ _0\"></span>ie capitali<span class=\"_ _0\"></span>zzate </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:409.87567px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:409.87567px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:394.27563px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 Varia<span class=\"_ _0\"></span>zioni positive<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di fair value<span class=\"_ _35\"></span> </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:394.27563px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:394.27563px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:378.67566px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:378.67566px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:378.67566px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:363.07568px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.5 Differen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>e di cam<span class=\"_ _0\"></span>bio positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:363.07568px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:363.07568px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:347.47565px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.6 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> immobili ad <span class=\"_ _35\"></span>uso funzionale </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:347.47565px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:347.47565px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:331.87567px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.7 Altre <span class=\"_ _0\"></span>variazioni </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:331.87567px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:331.87567px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:316.27563px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Dimi<span class=\"_ _0\"></span>nuzioni </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:316.27563px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">51</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:316.27563px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">105</span> </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:300.67566px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 Vendite<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:300.67566px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:300.67566px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w2c6 h44\" style=\"left:-4.050377px; bottom:285.03668px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di aggreg<span class=\"_ _35\"></span>azione aziendale </div></div><div class=\"c w2c8 h44\" style=\"left:435.64862px; bottom:285.03668px;\"><div class=\"t m0 x0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h44\" style=\"left:528.0396px; bottom:285.03668px;\"><div class=\"t m0 x0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:269.43665px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 Am<span class=\"_ _0\"></span>mortamenti </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:269.43665px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:269.43665px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:253.83667px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 Variazi<span class=\"_ _0\"></span>oni negati<span class=\"_ _0\"></span>ve di fair<span class=\"_ _0\"></span> value </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:253.83667px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">10</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:253.83667px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">32</span> </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:238.23663px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4 Rettific<span class=\"_ _0\"></span>he di valore<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>da deteriora<span class=\"_ _35\"></span>mento </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:238.23663px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:238.23663px;\"><div class=\"t m0 x3e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:222.63666px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.5 Differe<span class=\"_ _0\"></span>nze di ca<span class=\"_ _0\"></span>mbio nega<span class=\"_ _0\"></span>tive </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:222.63666px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:222.63666px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:207.03668px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.6 Trasfer<span class=\"_ _0\"></span>imenti a<span class=\"_ _0\"></span> </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:207.03668px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">24</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:207.03668px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">35</span> </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:191.43665px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> a) immobili a<span class=\"_ _35\"></span>d <span class=\"_ _3\"></span>uso fun<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:191.43665px;\"><div class=\"t m0 xc7 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">14</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:191.43665px;\"><div class=\"t m0 x134 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">19</span> </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:175.83667px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> b) attivit\u00e0<span class=\"_ _0\"></span> non corrent<span class=\"_ _0\"></span>i e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in <span class=\"_ _0\"></span>via di dismi<span class=\"_ _35\"></span>ssione  </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:175.83667px;\"><div class=\"t m0 xc7 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">10</span> </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:175.83667px;\"><div class=\"t m0 x134 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> </div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:160.23663px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.7 Altre va<span class=\"_ _0\"></span>riazioni </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:160.23663px;\"><div class=\"t m0 x3e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:160.23663px;\"><div class=\"t m0 x3e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2c6 h1c\" style=\"left:-4.050377px; bottom:147.44464px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i </div></div><div class=\"c w2c8 h1c\" style=\"left:435.64862px; bottom:147.44464px;\"><div class=\"t m0 x4b h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">271<span class=\"ls0\"> </span></div></div><div class=\"c w156 h1c\" style=\"left:528.0396px; bottom:147.44464px;\"><div class=\"t m0 x4b h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">499<span class=\"ls0\"> </span></div></div><div class=\"c w2c6 h42\" style=\"left:-4.050377px; bottom:131.84467px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">E. Valuta<span class=\"_ _0\"></span>zione al fai<span class=\"_ _0\"></span>r value </div></div><div class=\"c w2c8 h42\" style=\"left:435.64862px; bottom:131.84467px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w156 h42\" style=\"left:528.0396px; bottom:131.84467px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-449.97034px;\"><div class=\"t m0 x0 h61 y84e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5ec ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72b ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 x0 h2 ya7c ff1 fs0 fc0 sc0 ls0 ws0\">leasing.  </div><div class=\"t m0 x0 h2 y965 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd0b ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 materiali detenute a sco<span class=\"_ _0\"></span>po di investimento, costituite da terreni e f<span class=\"_ _0\"></span>abbricati, sono valutate al fai<span class=\"_ _2\"></span>r value, in conformit\u00e0 </div><div class=\"t m0 x0 h2 y187 ff1 fs0 fc0 sc0 ls0 ws0\">allo IAS 40.  </div><div class=\"t m0 x0 h2 yaeb ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _2\"></span>illustrato <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span>gio, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>sulla<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5f2 ff4 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>periodicit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>proceduto <span class=\"_ _2\"></span>all\u2019aggiorname<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>degli </span></div><div class=\"t m0 x0 h2 ybee ff1 fs0 fc0 sc0 ls0 ws0\">immobili <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>investimento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevabili <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.3<span class=\"_ _2\"></span> Variazioni <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.3 <span class=\"_ _5\"></span>Variazioni </div><div class=\"t m0 x0 h4f y323 ff1 fs0 fc0 sc0 ls0 ws0\">negative di fair val<span class=\"_ _0\"></span>ue.<span class=\"ff9 fs19\"> </span></div><div class=\"t m0 x0 h2 y966 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ydf2 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-320.636px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">9.7 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali detenute a s<span class=\"_ _0\"></span>copo di investimento - Diritti d'uso acquisiti con il l<span class=\"_ _0\"></span>easing: variazioni annue </div><div class=\"t m0 x0 h24 y5 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Diritti <span class=\"_ _5\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">importo non significativ<span class=\"_ _0\"></span>o. </div><div class=\"t m0 x0 h24 y62 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y63 ff5 fs0 fc2 sc0 ls0 ws0\">9.8 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: varia<span class=\"_ _0\"></span>zioni annue  <span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 y3b9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2db h12\" style=\"left:501.51965px; bottom:591.62604px;\"><div class=\"t m0 x4a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w2dc h8c\" style=\"left:217.06662px; bottom:566.198px;\"><div class=\"t m0 x14 h163 y8aa ff6 fsf fc2 sc0 ls0 ws0\">Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle </div><div class=\"t m0 xf4 h8f yc61 ff5 fsf fc2 sc0 ls0 ws0\">garanzie ricevute </div></div><div class=\"c w2dd h164\" style=\"left:501.51965px; bottom:537.96204px;\"><div class=\"t m0 x98 h8f y1161 ff5 fsf fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x1a h8f y133a ff5 fsf fc2 sc0 ls0 ws0\">rimanenze di </div><div class=\"t m0 x13 h8f yf1a ff5 fsf fc2 sc0 ls0 ws0\">attivit\u00e0 </div><div class=\"t m0 x9a h8f yece ff5 fsf fc2 sc0 ls0 ws0\">materiali </div></div><div class=\"c w6c h164\" style=\"left:563.4516px; bottom:537.96204px;\"><div class=\"t m0 x14 h8f y1161 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w6a h86\" style=\"left:217.06662px; bottom:537.96204px;\"><div class=\"t m0 x9a h2d y744 ff1 fsf fc2 sc0 ls0 ws0\">Terreni </div></div><div class=\"c w8e h86\" style=\"left:274.00662px; bottom:537.96204px;\"><div class=\"t m0 x97 h2d y744 ff1 fsf fc2 sc0 ls0 ws0\">Fabbricati </div></div><div class=\"c w10a h86\" style=\"left:331.12863px; bottom:537.96204px;\"><div class=\"t m0 x86 h2d y744 ff1 fsf fc2 sc0 ls0 ws0\">Mobili </div></div><div class=\"c w10a h86\" style=\"left:388.69263px; bottom:537.96204px;\"><div class=\"t m0 x9b h2d y744 ff1 fsf fc2 sc0 ls0 ws0\">Impianti </div><div class=\"t m0 xae h2d y566 ff1 fsf fc2 sc0 ls0 ws0\">elettronici </div></div><div class=\"c w8e h86\" style=\"left:444.38464px; bottom:537.96204px;\"><div class=\"t m0 xe h2d y744 ff1 fsf fc2 sc0 ls0 ws0\">Altre </div></div><div class=\"c w2da h47\" style=\"left:-4.050377px; bottom:518.46204px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">A. Esistenze iniziali </div></div><div class=\"c w6a h47\" style=\"left:217.06662px; bottom:518.46204px;\"><div class=\"t m0 xb h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w8e h47\" style=\"left:274.00662px; bottom:518.46204px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">191<span class=\"ls0\"> </span></div></div><div class=\"c w10a h47\" style=\"left:331.12863px; bottom:518.46204px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h47\" style=\"left:388.69263px; bottom:518.46204px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h47\" style=\"left:444.38464px; bottom:518.46204px;\"><div class=\"t m0 xa4 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2dd h47\" style=\"left:501.51965px; bottom:518.46204px;\"><div class=\"t m0 x48 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">680<span class=\"ls0\"> </span></div></div><div class=\"c w6c h47\" style=\"left:563.4516px; bottom:518.46204px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">890<span class=\"ls0\"> </span></div></div><div class=\"c w2da h18\" style=\"left:-4.050377px; bottom:504.89px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">B. Aumenti </div></div><div class=\"c w6a h18\" style=\"left:217.06662px; bottom:504.89px;\"><div class=\"t m0 xa4 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w8e h18\" style=\"left:274.00662px; bottom:504.89px;\"><div class=\"t m0 xb h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w10a h18\" style=\"left:331.12863px; bottom:504.89px;\"><div class=\"t m0 x43 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h18\" style=\"left:388.69263px; bottom:504.89px;\"><div class=\"t m0 x43 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:444.38464px; bottom:504.89px;\"><div class=\"t m0 xa4 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2dd h18\" style=\"left:501.51965px; bottom:504.89px;\"><div class=\"t m0 x9c h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w6c h18\" style=\"left:563.4516px; bottom:504.89px;\"><div class=\"t m0 xb h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w2da hc3\" style=\"left:-4.050377px; bottom:491.162px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.1 Acquisti </div></div><div class=\"c w6a hc3\" style=\"left:217.06662px; bottom:491.162px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:274.00662px; bottom:491.162px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hc3\" style=\"left:331.12863px; bottom:491.162px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hc3\" style=\"left:388.69263px; bottom:491.162px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:444.38464px; bottom:491.162px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2dd hc3\" style=\"left:501.51965px; bottom:491.162px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6c hc3\" style=\"left:563.4516px; bottom:491.162px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2da h18\" style=\"left:-4.050377px; bottom:477.59003px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.2 Riprese di valore </div></div><div class=\"c w6a h18\" style=\"left:217.06662px; bottom:477.59003px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:274.00662px; bottom:477.59003px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w10a h18\" style=\"left:331.12863px; bottom:477.59003px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h18\" style=\"left:388.69263px; bottom:477.59003px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:444.38464px; bottom:477.59003px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd h18\" style=\"left:501.51965px; bottom:477.59003px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6c h18\" style=\"left:563.4516px; bottom:477.59003px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2da hc3\" style=\"left:-4.050377px; bottom:463.862px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.3 Differenze di cambio positive </div></div><div class=\"c w6a hc3\" style=\"left:217.06662px; bottom:463.862px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w8e hc3\" style=\"left:274.00662px; bottom:463.862px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w10a hc3\" style=\"left:331.12863px; bottom:463.862px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hc3\" style=\"left:388.69263px; bottom:463.862px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:444.38464px; bottom:463.862px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd hc3\" style=\"left:501.51965px; bottom:463.862px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6c hc3\" style=\"left:563.4516px; bottom:463.862px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2da h18\" style=\"left:-4.050377px; bottom:450.29004px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.4 Altre variazioni </div></div><div class=\"c w6a h18\" style=\"left:217.06662px; bottom:450.29004px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:274.00662px; bottom:450.29004px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w10a h18\" style=\"left:331.12863px; bottom:450.29004px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h18\" style=\"left:388.69263px; bottom:450.29004px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:444.38464px; bottom:450.29004px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd h18\" style=\"left:501.51965px; bottom:450.29004px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w6c h18\" style=\"left:563.4516px; bottom:450.29004px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w2da hd0\" style=\"left:-4.050377px; bottom:429.698px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">C. Diminuzioni </div></div><div class=\"c w6a hd0\" style=\"left:217.06662px; bottom:429.698px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w8e hd0\" style=\"left:274.00662px; bottom:429.698px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">36</span> </div></div><div class=\"c w10a hd0\" style=\"left:331.12863px; bottom:429.698px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hd0\" style=\"left:388.69263px; bottom:429.698px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hd0\" style=\"left:444.38464px; bottom:429.698px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w2dd hd0\" style=\"left:501.51965px; bottom:429.698px;\"><div class=\"t m0 xa5 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w6c hd0\" style=\"left:563.4516px; bottom:429.698px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">53</span> </div></div><div class=\"c w2da h27\" style=\"left:-4.050377px; bottom:416.08704px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.1 Vendite </div></div><div class=\"c w6a h27\" style=\"left:217.06662px; bottom:416.08704px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w8e h27\" style=\"left:274.00662px; bottom:416.08704px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">14</span> </div></div><div class=\"c w10a h27\" style=\"left:331.12863px; bottom:416.08704px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h27\" style=\"left:388.69263px; bottom:416.08704px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h27\" style=\"left:444.38464px; bottom:416.08704px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2dd h27\" style=\"left:501.51965px; bottom:416.08704px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w6c h27\" style=\"left:563.4516px; bottom:416.08704px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">26</span> </div></div><div class=\"c w2da hc3\" style=\"left:-4.050377px; bottom:402.359px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.2 Rettifiche di valore da deterioramento  </div></div><div class=\"c w6a hc3\" style=\"left:217.06662px; bottom:402.359px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:274.00662px; bottom:402.359px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">17</span> </div></div><div class=\"c w10a hc3\" style=\"left:331.12863px; bottom:402.359px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hc3\" style=\"left:388.69263px; bottom:402.359px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:444.38464px; bottom:402.359px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd hc3\" style=\"left:501.51965px; bottom:402.359px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w6c hc3\" style=\"left:563.4516px; bottom:402.359px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">18</span> </div></div><div class=\"c w2da h18\" style=\"left:-4.050377px; bottom:388.787px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.3 Differenze di cambio negative </div></div><div class=\"c w6a h18\" style=\"left:217.06662px; bottom:388.787px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w8e h18\" style=\"left:274.00662px; bottom:388.787px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h18\" style=\"left:331.12863px; bottom:388.787px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h18\" style=\"left:388.69263px; bottom:388.787px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h18\" style=\"left:444.38464px; bottom:388.787px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd h18\" style=\"left:501.51965px; bottom:388.787px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w6c h18\" style=\"left:563.4516px; bottom:388.787px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2da hc3\" style=\"left:-4.050377px; bottom:375.05902px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.4 Altre variazioni </div></div><div class=\"c w6a hc3\" style=\"left:217.06662px; bottom:375.05902px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:274.00662px; bottom:375.05902px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w10a hc3\" style=\"left:331.12863px; bottom:375.05902px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hc3\" style=\"left:388.69263px; bottom:375.05902px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e hc3\" style=\"left:444.38464px; bottom:375.05902px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2dd hc3\" style=\"left:501.51965px; bottom:375.05902px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w6c hc3\" style=\"left:563.4516px; bottom:375.05902px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2da h81\" style=\"left:-4.050377px; bottom:354.623px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">D. Rimanenze finali  </div></div><div class=\"c w6a h81\" style=\"left:217.06662px; bottom:354.623px;\"><div class=\"t m0 xb h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w8e h81\" style=\"left:274.00662px; bottom:354.623px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">179<span class=\"ls0\"> </span></div></div><div class=\"c w10a h81\" style=\"left:331.12863px; bottom:354.623px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h81\" style=\"left:388.69263px; bottom:354.623px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8e h81\" style=\"left:444.38464px; bottom:354.623px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2dd h81\" style=\"left:501.51965px; bottom:354.623px;\"><div class=\"t m0 x48 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">679<span class=\"ls0\"> </span></div></div><div class=\"c w6c h81\" style=\"left:563.4516px; bottom:354.623px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">871<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-320.636px;\"><div class=\"t m0 x0 h61 y26c ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y2b5 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y818 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y8fc ffa fs0 fc2 sc0 ls0 ws0\">9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a del Gruppo<span class=\"_ _0\"></span> bancario </div><div class=\"t m0 x0 h2 y1a5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2e2 h12\" style=\"left:495.74762px; bottom:298.61902px;\"><div class=\"t m0 xcc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w2e3 h7e\" style=\"left:180.71863px; bottom:273.347px;\"><div class=\"t m0 xae h163 y9bd ff6 fsf fc2 sc0 ls0 ws0\">Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie </div><div class=\"t m0 x19c h8f yc61 ff5 fsf fc2 sc0 ls0 ws0\">ricevute </div></div><div class=\"c w2df h165\" style=\"left:495.74762px; bottom:247.919px;\"><div class=\"t m0 x98 h8f y133f ff5 fsf fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 xdd h8f y915 ff5 fsf fc2 sc0 ls0 ws0\">rimanenze di </div><div class=\"t m0 x13 h8f y7ca ff5 fsf fc2 sc0 ls0 ws0\">attivit\u00e0 </div><div class=\"t m0 x94 h8f y32a ff5 fsf fc2 sc0 ls0 ws0\">materiali </div></div><div class=\"c w2e4 h165\" style=\"left:557.99164px; bottom:247.919px;\"><div class=\"t m0 x9a h8f y133f ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w2df h8c\" style=\"left:180.71863px; bottom:247.919px;\"><div class=\"t m0 x13 h2d y8aa ff1 fsf fc2 sc0 ls0 ws0\">Terreni </div></div><div class=\"c w2df h8c\" style=\"left:242.96262px; bottom:247.919px;\"><div class=\"t m0 x9b h2d y8aa ff1 fsf fc2 sc0 ls0 ws0\">Fabbricati </div></div><div class=\"c w2e0 h8c\" style=\"left:306.14264px; bottom:247.919px;\"><div class=\"t m0 xf h2d y8aa ff1 fsf fc2 sc0 ls0 ws0\">Mobili </div></div><div class=\"c w2df h8c\" style=\"left:368.72464px; bottom:247.919px;\"><div class=\"t m0 x86 h2d y8aa ff1 fsf fc2 sc0 ls0 ws0\">Impianti </div><div class=\"t m0 x94 h2d yc61 ff1 fsf fc2 sc0 ls0 ws0\">elettronici </div></div><div class=\"c w2e1 h8c\" style=\"left:431.7486px; bottom:247.919px;\"><div class=\"t m0 xd9 h2d y8aa ff1 fsf fc2 sc0 ls0 ws0\">Altre </div></div><div class=\"c w2de h47\" style=\"left:-4.050377px; bottom:228.419px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">A. Esistenze iniziali </div></div><div class=\"c w2df h47\" style=\"left:180.71863px; bottom:228.419px;\"><div class=\"t m0 x9c h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2df h47\" style=\"left:242.96262px; bottom:228.419px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w2e0 h47\" style=\"left:306.14264px; bottom:228.419px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h47\" style=\"left:368.72464px; bottom:228.419px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h47\" style=\"left:431.7486px; bottom:228.419px;\"><div class=\"t m0 x9c h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2df h47\" style=\"left:495.74762px; bottom:228.419px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w2e4 h47\" style=\"left:557.99164px; bottom:228.419px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">224<span class=\"ls0\"> </span></div></div><div class=\"c w2de h18\" style=\"left:-4.050377px; bottom:214.84698px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">B. Aumenti </div></div><div class=\"c w2df h18\" style=\"left:180.71863px; bottom:214.84698px;\"><div class=\"t m0 x9c h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2df h18\" style=\"left:242.96262px; bottom:214.84698px;\"><div class=\"t m0 x43 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2e0 h18\" style=\"left:306.14264px; bottom:214.84698px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:368.72464px; bottom:214.84698px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h18\" style=\"left:431.7486px; bottom:214.84698px;\"><div class=\"t m0 x9c h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2df h18\" style=\"left:495.74762px; bottom:214.84698px;\"><div class=\"t m0 x9c h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2e4 h18\" style=\"left:557.99164px; bottom:214.84698px;\"><div class=\"t m0 x43 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w2de hc3\" style=\"left:-4.050377px; bottom:201.11902px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.1 Acquisti </div></div><div class=\"c w2df hc3\" style=\"left:180.71863px; bottom:201.11902px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:242.96262px; bottom:201.11902px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e0 hc3\" style=\"left:306.14264px; bottom:201.11902px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:368.72464px; bottom:201.11902px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 hc3\" style=\"left:431.7486px; bottom:201.11902px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2df hc3\" style=\"left:495.74762px; bottom:201.11902px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e4 hc3\" style=\"left:557.99164px; bottom:201.11902px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2de h27\" style=\"left:-4.050377px; bottom:187.52103px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.2 Riprese di valore </div></div><div class=\"c w2df h27\" style=\"left:180.71863px; bottom:187.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h27\" style=\"left:242.96262px; bottom:187.52103px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2e0 h27\" style=\"left:306.14264px; bottom:187.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h27\" style=\"left:368.72464px; bottom:187.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h27\" style=\"left:431.7486px; bottom:187.52103px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h27\" style=\"left:495.74762px; bottom:187.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e4 h27\" style=\"left:557.99164px; bottom:187.52103px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2de hc3\" style=\"left:-4.050377px; bottom:173.793px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.3 Differenze di cambio positive </div></div><div class=\"c w2df hc3\" style=\"left:180.71863px; bottom:173.793px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2df hc3\" style=\"left:242.96262px; bottom:173.793px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2e0 hc3\" style=\"left:306.14264px; bottom:173.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:368.72464px; bottom:173.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 hc3\" style=\"left:431.7486px; bottom:173.793px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:495.74762px; bottom:173.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e4 hc3\" style=\"left:557.99164px; bottom:173.793px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2de h18\" style=\"left:-4.050377px; bottom:160.22101px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.4 Altre variazioni </div></div><div class=\"c w2df h18\" style=\"left:180.71863px; bottom:160.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:242.96262px; bottom:160.22101px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w2e0 h18\" style=\"left:306.14264px; bottom:160.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:368.72464px; bottom:160.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h18\" style=\"left:431.7486px; bottom:160.22101px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:495.74762px; bottom:160.22101px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2e4 h18\" style=\"left:557.99164px; bottom:160.22101px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w2de h43\" style=\"left:-4.050377px; bottom:136.82101px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">C. Diminuzioni </div></div><div class=\"c w2df h43\" style=\"left:180.71863px; bottom:136.82101px;\"><div class=\"t m0 xa5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2df h43\" style=\"left:242.96262px; bottom:136.82101px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">36</span> </div></div><div class=\"c w2e0 h43\" style=\"left:306.14264px; bottom:136.82101px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h43\" style=\"left:368.72464px; bottom:136.82101px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h43\" style=\"left:431.7486px; bottom:136.82101px;\"><div class=\"t m0 xa5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w2df h43\" style=\"left:495.74762px; bottom:136.82101px;\"><div class=\"t m0 xa5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2e4 h43\" style=\"left:557.99164px; bottom:136.82101px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">52</span> </div></div><div class=\"c w2de hc3\" style=\"left:-4.050377px; bottom:123.09302px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.1 Vendite </div></div><div class=\"c w2df hc3\" style=\"left:180.71863px; bottom:123.09302px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2df hc3\" style=\"left:242.96262px; bottom:123.09302px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">14</span> </div></div><div class=\"c w2e0 hc3\" style=\"left:306.14264px; bottom:123.09302px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:368.72464px; bottom:123.09302px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 hc3\" style=\"left:431.7486px; bottom:123.09302px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2df hc3\" style=\"left:495.74762px; bottom:123.09302px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2e4 hc3\" style=\"left:557.99164px; bottom:123.09302px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">26</span> </div></div><div class=\"c w2de h18\" style=\"left:-4.050377px; bottom:109.52103px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.2 Rettifiche di valore da deterioramento  </div></div><div class=\"c w2df h18\" style=\"left:180.71863px; bottom:109.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:242.96262px; bottom:109.52103px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">17</span> </div></div><div class=\"c w2e0 h18\" style=\"left:306.14264px; bottom:109.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:368.72464px; bottom:109.52103px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h18\" style=\"left:431.7486px; bottom:109.52103px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:495.74762px; bottom:109.52103px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2e4 h18\" style=\"left:557.99164px; bottom:109.52103px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">18</span> </div></div><div class=\"c w2de hc3\" style=\"left:-4.050377px; bottom:95.793px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.3 Differenze di cambio negative </div></div><div class=\"c w2df hc3\" style=\"left:180.71863px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:242.96262px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e0 hc3\" style=\"left:306.14264px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:368.72464px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 hc3\" style=\"left:431.7486px; bottom:95.793px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:495.74762px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e4 hc3\" style=\"left:557.99164px; bottom:95.793px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h18\" style=\"left:-4.050377px; bottom:82.22101px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.4 Altre variazioni </div></div><div class=\"c w2df h18\" style=\"left:180.71863px; bottom:82.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:242.96262px; bottom:82.22101px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2e0 h18\" style=\"left:306.14264px; bottom:82.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h18\" style=\"left:368.72464px; bottom:82.22101px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 h18\" style=\"left:431.7486px; bottom:82.22101px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2df h18\" style=\"left:495.74762px; bottom:82.22101px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2e4 h18\" style=\"left:557.99164px; bottom:82.22101px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2de hc3\" style=\"left:-4.050377px; bottom:68.49301px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">D. Rimanenze finali  </div></div><div class=\"c w2df hc3\" style=\"left:180.71863px; bottom:68.49301px;\"><div class=\"t m0 x9c h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2df hc3\" style=\"left:242.96262px; bottom:68.49301px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">178<span class=\"ls0\"> </span></div></div><div class=\"c w2e0 hc3\" style=\"left:306.14264px; bottom:68.49301px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:368.72464px; bottom:68.49301px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e1 hc3\" style=\"left:431.7486px; bottom:68.49301px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df hc3\" style=\"left:495.74762px; bottom:68.49301px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2e4 hc3\" style=\"left:557.99164px; bottom:68.49301px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">205<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-320.636px;\"><div class=\"t m0 x0 h61 y12ea ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y715 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1342 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yb4b ffa fs0 fc2 sc0 ls0 ws0\">9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle imprese di assicu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>azione </div><div class=\"t m0 x0 h2 y1231 ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>Rimanenze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplinate <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 yb4c ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y821 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1343 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1344 ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle altre imp<span class=\"_ _0\"></span>rese (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 11<span class=\"ls0\"> </span>1 - - - 654<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>B. Aumenti - - - - - 1 1 B.1 Acquisti - - - - - - - B.2 Riprese di valore - - - - - - - B.3 Differenze di cambio positive - - - - - - - B.4 Altre variazioni - - - - - 1 1 C. Diminuzioni -1 - - - - - -1 C.1 Vendite - - - - - - - C.2 Rettifiche di valore da deterioramento  - - - - - - - C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - - - - - - - D. Rimanenze finali  10<span class=\"ls0\"> </span>1 - - - 655<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>9.9 Impegni per acquis<span class=\"_ _0\"></span>to di attivit\u00e0 mate<span class=\"_ _0\"></span>riali Gli <span class=\"_ _3\"></span>impegni per ac<span class=\"_ _3\"></span>quisto di at<span class=\"_ _3\"></span>tivit\u00e0 materiali <span class=\"_ _3\"></span>in essere a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>ammontano a <span class=\"_ _3\"></span>circa 9 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>riferiti principalm<span class=\"_ _5\"></span>ente a <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>efficientamento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"> </span>impiantistiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>palazzi <span class=\"_ _4\"> </span>direzionali <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>Eventuali <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"></span>relativi <span class=\"_ _6\"></span>a contratti di leasing s<span class=\"_ _0\"></span>ono illustrati nella Pa<span class=\"_ _0\"></span>rte M.<span class=\"_ _90\"> </span>SEZIONE 13 - ALTRE ATTIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 130 13.1 Altre attivit\u00e0: compo<span class=\"_ _0\"></span>sizione (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite ver<span class=\"_ _0\"></span>so l'Erario 16.503 Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 1.297 Assegni e al<span class=\"_ _0\"></span>tri valori i<span class=\"_ _0\"></span>n cassa 455<span class=\"ls0\"> </span>Migliorie e<span class=\"_ _0\"></span> spese incre<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>entative<span class=\"_ _35\"></span> sostenute su beni<span class=\"_ _0\"></span> di terzi 93<span class=\"ls0\"> </span>Partite viag<span class=\"_ _0\"></span>gianti 9 Partite vari<span class=\"_ _0\"></span>e 4.494 TOTALE 31.12.2022<span class=\"_ _0\"></span> 22.851 TOTALE 31.12.2021<span class=\"_ _0\"></span> 13.837 Nella <span class=\"_ _4\"> </span><span class=\"ff4\">sottovoce <span class=\"_ _4\"> </span>\u201cPartite <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erso <span class=\"_ _4\"> </span>l\u2019Erario\u201d <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>crediti <span class=\"_ _4\"> </span>fiscali <span class=\"_ _4\"> </span>connessi <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>Decreti <span class=\"_ _4\"> </span>Legge <span class=\"_ _4\"> </span>\u201cCura <span class=\"_ _4\"> </span>Italia\u201d <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>\u201cRilancio\u201d  </span>-<span class=\"_ _35\"></span> acquistati a seguit<span class=\"_ _0\"></span>o di cessione da parte <span class=\"_ _0\"></span>dei beneficiari diretti<span class=\"_ _0\"></span> o di precedenti a<span class=\"_ _0\"></span>cquirenti <span class=\"_ _3\"></span>-<span class=\"lsd\">  </span>per complessivi 11 miliardi<span class=\"_ _0\"></span> circa. La<span class=\"ls0\"> <span class=\"_ _2\"></span><span class=\"ff4\">sottovoce <span class=\"_ _2\"></span>\u201cPartite <span class=\"_ _2\"></span>varie\u201d <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>componenti: <span class=\"_ _2\"></span>(i) <span class=\"_ _2\"></span>ratei <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>risconti <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icondotti <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>367 <span class=\"_ _2\"></span>milioni; <span class=\"_ _4\"> </span></span>ii) <span class=\"_ _2\"></span>i </span>costi <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>l\u2019ottenimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019esecuzione <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>clientela <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>ammontare <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>524 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>riferit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>prevalentemente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>bonus <span class=\"_ _16\"> </span>capitalizzati <span class=\"_ _4\"> </span>da <span class=\"_ _16\"> </span>Fideuram  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(e <span class=\"_ _16\"> </span>pertanto <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>a ammortamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>68,7 <span class=\"_ _3\"></span>milioni) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>strettamente correlati <span class=\"_ _3\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>mantenimento della <span class=\"_ _3\"></span>raccolta; <span class=\"_ _3\"></span>(iii) <span class=\"_ _3\"></span>com<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>previsto <span class=\"ff4\">dal paragrafo 116<span class=\"_ _3\"></span> e successivi dell\u2019IFRS 15, <span class=\"_ _3\"></span>i  c<span class=\"_ _3\"></span>rediti di funzionamento, ossia i crediti per <span class=\"_ _3\"></span>operazioni connesse con la </span>prestazione di attivit<span class=\"_ _0\"></span>\u00e0 e servizi non finanzia<span class=\"_ _0\"></span>ri,  sono pari  a 15<span class=\"_ _0\"></span>0 milioni.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-925": {
   "value": "SEZIONE 9 - ATTIVIT\u00c0 MATERIALI <span class=\"ff6\">\u2013</span> VOCE 90<span class=\"ff1 fc5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, val<span class=\"_ _0\"></span>utate al <span class=\"_ _0\"></span>costo 2.483 2.530 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale - Dirit<span class=\"_ _3\"></span>ti d'uso acquisiti<span class=\"_ _3\"></span> con il leasing<span class=\"_ _3\"></span> 1.495 1.521 2. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>costo - - 3. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, riv<span class=\"_ _0\"></span>alutate 6.381 6.574 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale, rivaluta<span class=\"_ _3\"></span>te - Diritti d'<span class=\"_ _3\"></span>uso acquisiti co<span class=\"_ _3\"></span>n il leasing<span class=\"_ _3\"></span> - -<span class=\"ff2 fs4\"> </span>4. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _0\"></span>e 770<span class=\"ls0\"> </span>798<span class=\"ls0\"> </span>Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali a scopo di inv<span class=\"_ _3\"></span>estimento <span class=\"_ _3\"></span>- Diritti d'u<span class=\"_ _3\"></span>so acquisiti con il<span class=\"_ _3\"></span> leasing<span class=\"ff1 fs17\"> </span>- - 5. Rimanen<span class=\"_ _0\"></span>ze di attivi<span class=\"_ _0\"></span>t\u00e0 materi<span class=\"_ _0\"></span>ali disciplinate <span class=\"_ _35\"></span>dallo IAS 2 871<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>Totale Atti<span class=\"_ _0\"></span>vit\u00e0 mater<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ali voce 9<span class=\"_ _35\"></span>0 10.505 10.792 9.1 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al costo  (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0 <span class=\"_ _0\"></span>di propriet\u00e0<span class=\"_ _35\"></span>  988<span class=\"ls0\"> </span>1.009 a) terreni<span class=\"_ _0\"></span> - - b) fabbricati<span class=\"_ _0\"></span> - - c) mobili 194<span class=\"ls0\"> </span>207<span class=\"ls0\"> </span>d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 748<span class=\"ls0\"> </span>758<span class=\"ls0\"> </span>e) altre 46<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> 1.495 1.521 a) terreni<span class=\"_ _0\"></span> 1 9 b) fabbricati<span class=\"_ _0\"></span> 1.218 1.331 c) mobili - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 36<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>e) altre  240<span class=\"ls0\"> </span>165<span class=\"ls0\"> </span>Totale 2.483 2.530 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>1 2 9.2 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al costo<span class=\"_ _3\"></span> Non sono presenti Atti<span class=\"_ _0\"></span>vit\u00e0 materiali detenute <span class=\"_ _0\"></span>a scopo di investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto valutate al co<span class=\"_ _0\"></span>sto nel Gruppo Intesa S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo.<span class=\"_ _90\"> </span>9.3 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 rivalutate <span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 6.381 - - 6.574 a) terreni<span class=\"_ _0\"></span> - - 2.641 - - 2.656 b) fabbricati<span class=\"_ _0\"></span> - - 3.429 - - 3.606 c) patrimoni<span class=\"_ _0\"></span>o artisti<span class=\"_ _0\"></span>co di pregio<span class=\"_ _0\"></span> - - 311<span class=\"ls0\"> </span>- - 312<span class=\"ls0\"> </span>d) <span class=\"ls0\">impianti <span class=\"_ _0\"></span>elettronici<span class=\"_ _0\"></span> </span>- - - - - - e) altre - - - - - - 2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - c) mobili - - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - - e) altre - - - - - - TOTALE - - 6.381 - - 6.574 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - - - - - 9.4 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> - - 271<span class=\"ls0\"> </span>- - 281<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> - - 499<span class=\"ls0\"> </span>- - 517<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - TOTALE - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - 114<span class=\"ls0\"> </span>- - 138<span class=\"ls0\"> </span>Relativamente alle p<span class=\"_ _0\"></span>revisioni di cui allo IAS<span class=\"_ _0\"></span> 40 paragrafo 75, <span class=\"_ _0\"></span>lettera c), g), h) <span class=\"_ _3\"></span>non si segnalano in<span class=\"_ _0\"></span>formazioni degne di <span class=\"_ _0\"></span>nota.<span class=\"_ _90\"> </span>9.5 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: co<span class=\"_ _0\"></span>mposizione (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> Di cui: 31.12.2021<span class=\"_ _0\"></span> Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze di attivi<span class=\"_ _35\"></span>t\u00e0 materiali ottenut<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>tramite<span class=\"_ _35\"></span> l'escussio<span class=\"_ _0\"></span>ne delle <span class=\"_ _0\"></span>garanzie ri<span class=\"_ _0\"></span>cevute 192<span class=\"ls0\"> </span>181<span class=\"ls0\"> </span>- 11<span class=\"ls0\"> </span>211<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>3 - 10<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> 179<span class=\"ls0\"> </span>178<span class=\"ls0\"> </span>- 1 192<span class=\"ls0\"> </span>c) mobili - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - e) altre - - - - 1 2. Altre rim<span class=\"_ _0\"></span>anenze d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> attivit\u00e0 mat<span class=\"_ _35\"></span>eriali 679<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>- 655<span class=\"ls0\"> </span>679<span class=\"ls0\"> </span>Totale 871<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>- 666<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>di cui: valut<span class=\"_ _0\"></span>ate al fair<span class=\"_ _0\"></span> value al n<span class=\"_ _0\"></span>etto dei co<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ti di vendit<span class=\"_ _0\"></span>a 6 6 - - 1 9.6 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: v<span class=\"_ _0\"></span>ariazioni annue (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 2.665 5.736 2.088 6.657 312<span class=\"ls0\"> </span>395<span class=\"ls0\"> </span>17.853 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -799 -1.881 -5.883 - -186 -8.749 A.2 Esistenze ini<span class=\"_ _3\"></span>ziali nette 2.665 4.937 207<span class=\"ls0\"> </span>774<span class=\"ls0\"> </span>312<span class=\"ls0\"> </span>209<span class=\"ls0\"> </span>9.104 B. Aumenti: 52<span class=\"ls0\"> </span>450<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>260<span class=\"ls0\"> </span>1 188<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>B.1 Acquisti - 97<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>244<span class=\"ls0\"> </span>- 155<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate 12<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- - - - 49<span class=\"ls0\"> </span>B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> a) patrimonio nett<span class=\"_ _3\"></span>o 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti     <span class=\"ls0\">a scopo di inv<span class=\"_ _3\"></span>estimento </span>14<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>X X X X 33<span class=\"ls0\"> </span>B.7 Altre variazioni<span class=\"_ _3\"></span>  10<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>3 16<span class=\"ls0\"> </span>1 33<span class=\"ls0\"> </span>349<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -<span class=\"ls1b\">75</span> -740 -<span class=\"ls1b\">49</span> -250 -2 -111 -1.227 C.1 Vendite - -6 - -1 - -2 -9 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -342 -<span class=\"ls1b\">33</span> -221 - -<span class=\"ls1b\">79</span> -675 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -3 -5 - - -2 -<span class=\"ls1b\">10</span>  a) patrimonio nett<span class=\"_ _3\"></span>o - -3 - - - - -3  b) conto economico<span class=\"_ _3\"></span> - - -5 - - -2 -7 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> -9 -<span class=\"ls1b\">13</span> - - -2 -1 -<span class=\"ls1b\">25</span>  a) patrimonio nett<span class=\"_ _3\"></span>o -6 -9 - - - - -<span class=\"ls1b\">15</span>  b) conto economico<span class=\"_ _3\"></span> -3 -4 - - -2 -1 -<span class=\"ls1b\">10</span> C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  -<span class=\"ls1b\">20</span> -<span class=\"ls1b\">46</span> -3 -5 - -2 -<span class=\"ls1b\">76</span> C.6 Trasferimenti<span class=\"_ _3\"></span> a: -<span class=\"ls1b\">38</span> -<span class=\"ls1b\">77</span> - - - - -115   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>-<span class=\"ls1b\">36</span> -<span class=\"ls1b\">72</span> X X X X -108   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>-2 -5 - - - - -7 C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -253 -8 -<span class=\"ls1b\">23</span> - -<span class=\"ls1b\">25</span> -317 D. Rimanenze finali <span class=\"_ _3\"></span>nette 2.642 4.647 194<span class=\"ls0\"> </span>784<span class=\"ls0\"> </span>311<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>8.864 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -967 -1.902 -6.012 - -173 -9.054 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 2.642 5.614 2.096 6.796 311<span class=\"ls0\"> </span>459<span class=\"ls0\"> </span>17.918 E. Valutazione al c<span class=\"_ _3\"></span>osto 1.852 2.450 - - 112<span class=\"ls0\"> </span>- 4.414<span class=\"_ _90\"> </span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-107.97974px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">leasing.  </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Come illustrato nella Part<span class=\"_ _0\"></span>e A -<span class=\"_ _3\"></span> Fair value del patrimo<span class=\"_ _0\"></span>nio immobiliare e del patrim<span class=\"_ _0\"></span>onio artistico di pregio, sull<span class=\"_ _3\"></span>a base delle regole<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">di periodicit\u00e0 di valut<span class=\"_ _0\"></span>azione, si segnala<span class=\"_ _0\"></span> che: </div><div class=\"t m0 x0 h2 y63 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gli <span class=\"_ _6\"></span>immobili <span class=\"_ _4\"></span>classificati <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _6\"></span>funzionale <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>Trophy <span class=\"_ _6\"></span>Asset, <span class=\"_ _6\"></span>presenti <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">integrale <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>rispettivamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>2021; <span class=\"_ _7\"> </span>perta<span class=\"_ _3\"></span><span class=\"ff4\">nto, <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>sottoposti <span class=\"_ _4\"> </span>ad </span></div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">analisi di scenario; </div><div class=\"t m0 x0 h2 y66 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>regio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019esercizio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>essendo <span class=\"_ _5\"></span>stato <span class=\"_ _6\"> </span>integralmente </span></span></div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">valutato a fine 2020, <span class=\"_ _0\"></span>tramite il ricorso a peri<span class=\"_ _0\"></span>zie esterne, a<span class=\"_ _3\"></span>ffidate ad <span class=\"_ _0\"></span>esperti qualificati e indi<span class=\"_ _0\"></span>pendenti. </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.4 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.4 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni, <span class=\"_ _5\"></span>rispettivamen<span class=\"_ _0\"></span>te, <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>negative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>immo<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ili </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">(terreni e <span class=\"_ _2\"></span>fabbricati) ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>artistici d<span class=\"_ _3\"></span>i pregio, <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca a<span class=\"_ _3\"></span>pplica il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">del valore.  </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>locazione <span class=\"_ _5\"></span>(IFRS <span class=\"_ _5\"></span>16) <span class=\"_ _6\"></span>e,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>sola <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>diminuzione, <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>ammortamenti </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">contabilizzati <span class=\"_ _2\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cespiti <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dall\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>rami <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ex <span class=\"_ _6\"></span>Banche<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Venete, <span class=\"_ _2\"></span>fronteggiati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>dal </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">fondo per rischi ed o<span class=\"_ _0\"></span>neri a suo tempo ap<span class=\"_ _0\"></span>positamente costituito.  </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1c\"> </span>sottovoce <span class=\"_ _1c\"> </span>E. <span class=\"_ _1c\"> </span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>costo <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>valorizzata <span class=\"_ _18\"> </span>per <span class=\"_ _20\"> </span>l<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>sole <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>materiali<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>valutate <span class=\"_ _1c\"> </span>secondo <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>criterio<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>della </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">rideterminazione del v<span class=\"_ _0\"></span>alore, in conformit<span class=\"_ _0\"></span>\u00e0 con le istruzioni cont<span class=\"_ _0\"></span>enute nella Circol<span class=\"_ _0\"></span>are n. 262 della B<span class=\"_ _0\"></span>anca d\u2019Italia.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y73 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y74 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y75 ff5 fs0 fc2 sc0 ls0 ws0\">9.6 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali ad uso funziona<span class=\"_ _0\"></span>le - <span class=\"_ _3\"></span>Diritti d'uso<span class=\"_ _35\"></span> acquisiti con il leasing: variazioni annu<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y7d5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2d8 h12\" style=\"left:537.0876px; bottom:575.54724px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c wc h45\" style=\"left:237.50262px; bottom:530.61926px;\"><div class=\"t m0 x6 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Terreni </div></div><div class=\"c w2d7 h45\" style=\"left:289.45062px; bottom:530.61926px;\"><div class=\"t m0 x12 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Fabbricati </div></div><div class=\"c w13e h45\" style=\"left:350.6286px; bottom:530.61926px;\"><div class=\"t m0 x86 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Mobili </div></div><div class=\"c w13e h45\" style=\"left:413.4966px; bottom:530.61926px;\"><div class=\"t m0 x95 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Impianti </div><div class=\"t m0 x12 ha y1186 ff5 fs4 fc2 sc0 ls0 ws0\">elettronici </div></div><div class=\"c w2d7 h45\" style=\"left:474.80463px; bottom:530.61926px;\"><div class=\"t m0 xdd ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Patrimonio<span class=\"_ _3\"></span> </div><div class=\"t m0 x88 ha y1186 ff5 fs4 fc2 sc0 ls0 ws0\">artistico </div><div class=\"t m0 xae ha y1288 ff5 fs4 fc2 sc0 ls0 ws0\">di pregio </div></div><div class=\"c w22d h45\" style=\"left:537.0876px; bottom:530.61926px;\"><div class=\"t m0 x12 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Altre </div></div><div class=\"c w2d9 h45\" style=\"left:574.8396px; bottom:530.61926px;\"><div class=\"t m0 x12 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:514.08325px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Esistenze iniziali <span class=\"_ _3\"></span>lorde </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:514.08325px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:514.08325px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.968 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:514.08325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:514.08325px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:514.08325px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:514.08325px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">193<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:514.08325px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.206 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:500.5113px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:500.5113px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:500.5113px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-637 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:500.5113px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:500.5113px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">20</span> </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:500.5113px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:500.5113px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">28</span> </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:500.5113px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-685 </div></div><div class=\"c w2d6 h6a\" style=\"left:-4.050377px; bottom:483.81927px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A.2 Esistenze inizial<span class=\"_ _3\"></span>i nette </div></div><div class=\"c wc h6a\" style=\"left:237.50262px; bottom:483.81927px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2d7 h6a\" style=\"left:289.45062px; bottom:483.81927px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.331 </div></div><div class=\"c w13e h6a\" style=\"left:350.6286px; bottom:483.81927px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h6a\" style=\"left:413.4966px; bottom:483.81927px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h6a\" style=\"left:474.80463px; bottom:483.81927px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h6a\" style=\"left:537.0876px; bottom:483.81927px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">165<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h6a\" style=\"left:574.8396px; bottom:483.81927px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.521 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:467.28326px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Aumenti: </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:467.28326px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:467.28326px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:467.28326px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:467.28326px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:467.28326px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:467.28326px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">150<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:467.28326px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">558<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:453.71124px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 Acquisti </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:453.71124px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:453.71124px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">78<span class=\"ls0\"> </span></div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:453.71124px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:453.71124px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:453.71124px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:453.71124px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">137<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:453.71124px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">257<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:439.98328px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:439.98328px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:439.98328px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:439.98328px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:439.98328px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:439.98328px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:439.98328px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:439.98328px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:426.41125px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:426.41125px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:426.41125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:426.41125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:426.41125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:426.41125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:426.41125px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:426.41125px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:412.6833px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 Riprese di val<span class=\"_ _3\"></span>ore </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:412.6833px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:412.6833px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:412.6833px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:412.6833px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:412.6833px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:412.6833px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:412.6833px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h27\" style=\"left:-4.050377px; bottom:399.08527px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> </div></div><div class=\"c wc h27\" style=\"left:237.50262px; bottom:399.08527px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h27\" style=\"left:289.45062px; bottom:399.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h27\" style=\"left:350.6286px; bottom:399.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h27\" style=\"left:413.4966px; bottom:399.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h27\" style=\"left:474.80463px; bottom:399.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h27\" style=\"left:537.0876px; bottom:399.08527px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h27\" style=\"left:574.8396px; bottom:399.08527px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:385.35727px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:385.35727px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:385.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:385.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:385.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:385.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:385.35727px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:385.35727px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:371.78528px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:371.78528px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:371.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:371.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:371.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:371.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:371.78528px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:371.78528px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:358.05725px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:358.05725px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:358.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:358.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:358.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:358.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:358.05725px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:358.05725px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:344.48526px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti  </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:330.75726px;\"><div class=\"t m0 x95 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\"> a scopo di investim<span class=\"_ _3\"></span>ento </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:330.75726px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:330.75726px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:330.75726px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:330.75726px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:330.75726px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:330.75726px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:330.75726px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:314.22125px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3\"></span>  </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:314.22125px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:314.22125px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">278<span class=\"ls0\"> </span></div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:314.22125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:314.22125px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:314.22125px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:314.22125px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:314.22125px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">301<span class=\"ls0\"> </span></div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:297.68527px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3\"></span> </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:297.68527px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:297.68527px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-469 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:297.68527px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:297.68527px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">32</span> </div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:297.68527px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:297.68527px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">75</span> </div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:297.68527px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-584 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:283.95728px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.1 Vendite </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:283.95728px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:283.95728px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:283.95728px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:283.95728px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:283.95728px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:283.95728px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:283.95728px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:270.38525px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:270.38525px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:270.38525px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:270.38525px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:270.38525px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:270.38525px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:270.38525px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:270.38525px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:256.65726px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:256.65726px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:256.65726px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-214 </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:256.65726px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:256.65726px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">24</span> </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:256.65726px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:256.65726px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">69</span> </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:256.65726px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-307 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:243.08527px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:243.08527px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:243.08527px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:243.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:243.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:243.08527px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:243.08527px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:243.08527px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:229.35727px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:229.35727px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:229.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:229.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:229.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:229.35727px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:229.35727px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:229.35727px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:215.78528px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:215.78528px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:215.78528px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:215.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:215.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:215.78528px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:215.78528px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:215.78528px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:202.05725px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:202.05725px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:202.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:202.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:202.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:202.05725px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:202.05725px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:202.05725px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:188.48526px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> a) patrimonio nett<span class=\"_ _3\"></span>o </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:188.48526px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:188.48526px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:188.48526px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:188.48526px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:188.48526px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:188.48526px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:188.48526px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hdc\" style=\"left:-4.050377px; bottom:174.71826px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\"> b) conto economico<span class=\"_ _3\"></span> </div></div><div class=\"c wc hdc\" style=\"left:237.50262px; bottom:174.71826px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hdc\" style=\"left:289.45062px; bottom:174.71826px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hdc\" style=\"left:350.6286px; bottom:174.71826px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hdc\" style=\"left:413.4966px; bottom:174.71826px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hdc\" style=\"left:474.80463px; bottom:174.71826px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hdc\" style=\"left:537.0876px; bottom:174.71826px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d9 hdc\" style=\"left:574.8396px; bottom:174.71826px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:161.14627px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:161.14627px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:161.14627px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:161.14627px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:161.14627px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:161.14627px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:161.14627px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:161.14627px;\"><div class=\"t m0 xd1 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:147.41826px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.6 Trasferimenti<span class=\"_ _3\"></span> a: </div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:147.41826px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:147.41826px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:147.41826px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:147.41826px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:147.41826px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:147.41826px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:147.41826px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:133.84627px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls1 ws0\">  <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span></div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:133.84627px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:133.84627px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:133.84627px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:133.84627px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:133.84627px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:133.84627px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:133.84627px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 hc3\" style=\"left:-4.050377px; bottom:120.11827px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls1 ws0\">  <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span></div></div><div class=\"c wc hc3\" style=\"left:237.50262px; bottom:120.11827px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:289.45062px; bottom:120.11827px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:350.6286px; bottom:120.11827px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e hc3\" style=\"left:413.4966px; bottom:120.11827px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 hc3\" style=\"left:474.80463px; bottom:120.11827px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d hc3\" style=\"left:537.0876px; bottom:120.11827px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 hc3\" style=\"left:574.8396px; bottom:120.11827px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:106.546265px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.7 Altre variazio<span class=\"_ _3\"></span>ni  </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:106.546265px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:106.546265px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-248 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:106.546265px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:106.546265px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:106.546265px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:106.546265px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:106.546265px;\"><div class=\"t m0 x88 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-266 </div></div><div class=\"c w2d6 h6a\" style=\"left:-4.050377px; bottom:89.85426px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Rimanenze finali <span class=\"_ _3\"></span>nette </div></div><div class=\"c wc h6a\" style=\"left:237.50262px; bottom:89.85426px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2d7 h6a\" style=\"left:289.45062px; bottom:89.85426px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.218 </div></div><div class=\"c w13e h6a\" style=\"left:350.6286px; bottom:89.85426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h6a\" style=\"left:413.4966px; bottom:89.85426px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h6a\" style=\"left:474.80463px; bottom:89.85426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h6a\" style=\"left:537.0876px; bottom:89.85426px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">240<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h6a\" style=\"left:574.8396px; bottom:89.85426px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.495 </div></div><div class=\"c w2d6 h18\" style=\"left:-4.050377px; bottom:76.28226px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> </div></div><div class=\"c wc h18\" style=\"left:237.50262px; bottom:76.28226px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h18\" style=\"left:289.45062px; bottom:76.28226px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-718 </div></div><div class=\"c w13e h18\" style=\"left:350.6286px; bottom:76.28226px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h18\" style=\"left:413.4966px; bottom:76.28226px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">39</span> </div></div><div class=\"c w2d7 h18\" style=\"left:474.80463px; bottom:76.28226px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h18\" style=\"left:537.0876px; bottom:76.28226px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">34</span> </div></div><div class=\"c w2d9 h18\" style=\"left:574.8396px; bottom:76.28226px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-791 </div></div><div class=\"c w2d6 h41\" style=\"left:-4.050377px; bottom:59.74626px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde </div></div><div class=\"c wc h41\" style=\"left:237.50262px; bottom:59.74626px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2d7 h41\" style=\"left:289.45062px; bottom:59.74626px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.936 </div></div><div class=\"c w13e h41\" style=\"left:350.6286px; bottom:59.74626px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h41\" style=\"left:413.4966px; bottom:59.74626px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w2d7 h41\" style=\"left:474.80463px; bottom:59.74626px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h41\" style=\"left:537.0876px; bottom:59.74626px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">274<span class=\"ls0\"> </span></div></div><div class=\"c w2d9 h41\" style=\"left:574.8396px; bottom:59.74626px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.286 </div></div><div class=\"c w2d6 h6a\" style=\"left:-4.050377px; bottom:43.05426px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _3\"></span>osto </div></div><div class=\"c wc h6a\" style=\"left:237.50262px; bottom:43.05426px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h6a\" style=\"left:289.45062px; bottom:43.05426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h6a\" style=\"left:350.6286px; bottom:43.05426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w13e h6a\" style=\"left:413.4966px; bottom:43.05426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d7 h6a\" style=\"left:474.80463px; bottom:43.05426px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22d h6a\" style=\"left:537.0876px; bottom:43.05426px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d9 h6a\" style=\"left:574.8396px; bottom:43.05426px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-107.97974px;\"><div class=\"t m0 x0 h61 y132b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y132c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y132d ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yfb9 ff4 fs0 fc0 sc0 ls0 ws0\">nel corso dell\u2019anno s<span class=\"_ _0\"></span>ui contratti di lo<span class=\"_ _0\"></span>cazione (IFRS 16).<span class=\"_ _90\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y132e ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>9.7 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: variazioni <span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ls16\">nnue</span> (milioni di eur<span class=\"_ _35\"></span>o)               TO<span class=\"_ _35\"></span>TALE Terreni Fabbricati A Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i 281<span class=\"ls0\"> </span>517<span class=\"ls0\"> </span>B. Aument<span class=\"_ _0\"></span>i 41<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>B.1 Acquis<span class=\"_ _0\"></span>ti - - di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - - B.2 Spese p<span class=\"_ _0\"></span>er miglior<span class=\"_ _0\"></span>ie capitali<span class=\"_ _0\"></span>zzate - 7 B.3 Varia<span class=\"_ _0\"></span>zioni positive<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di fair value<span class=\"_ _35\"></span> 3 3 B.4 Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span> - - B.5 Differen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>e di cam<span class=\"_ _0\"></span>bio positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e - - B.6 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> immobili ad <span class=\"_ _35\"></span>uso funzionale 36<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>B.7 Altre <span class=\"_ _0\"></span>variazioni 2 5 C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">51</span> -<span class=\"ls25\">105</span> C.1 Vendite<span class=\"_ _0\"></span> -<span class=\"ls25\">13</span> -<span class=\"ls25\">30</span> di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - C.2 Am<span class=\"_ _0\"></span>mortamenti - - C.3 Variazi<span class=\"_ _0\"></span>oni negati<span class=\"_ _0\"></span>ve di fair<span class=\"_ _0\"></span> value -<span class=\"ls25\">10</span> -<span class=\"ls25\">32</span> C.4 Rettific<span class=\"_ _0\"></span>he di valore<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>da deteriora<span class=\"_ _35\"></span>mento - -1 C.5 Differe<span class=\"_ _0\"></span>nze di ca<span class=\"_ _0\"></span>mbio nega<span class=\"_ _0\"></span>tive - - C.6 Trasfer<span class=\"_ _0\"></span>imenti a<span class=\"_ _0\"></span> -<span class=\"ls25\">24</span> -<span class=\"ls25\">35</span>  a) immobili a<span class=\"_ _35\"></span>d <span class=\"_ _3\"></span>uso fun<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale -<span class=\"ls25\">14</span> -<span class=\"ls25\">19</span>  b) attivit\u00e0<span class=\"_ _0\"></span> non corrent<span class=\"_ _0\"></span>i e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in <span class=\"_ _0\"></span>via di dismi<span class=\"_ _35\"></span>ssione  -<span class=\"ls25\">10</span> -<span class=\"ls25\">16</span> C.7 Altre va<span class=\"_ _0\"></span>riazioni -4 -7 D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 271<span class=\"ls0\"> </span>499<span class=\"ls0\"> </span>E. Valuta<span class=\"_ _0\"></span>zione al fai<span class=\"_ _0\"></span>r value - - Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Le attivit\u00e0 materiali detenute a sco<span class=\"_ _0\"></span>po di investimento, costituite da terreni e f<span class=\"_ _0\"></span>abbricati, sono valutate al fai<span class=\"_ _2\"></span>r value, in conformit\u00e0 allo IAS 40.  Come <span class=\"_ _2\"></span>illustrato <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span>gio, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>sulla<span class=\"_ _0\"></span> base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>periodicit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>proceduto <span class=\"_ _2\"></span>all\u2019aggiorname<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>degli </span>immobili <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>investimento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevabili <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.3<span class=\"_ _2\"></span> Variazioni <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.3 <span class=\"_ _5\"></span>Variazioni negative di fair val<span class=\"_ _0\"></span>ue.<span class=\"ff9 fs19\"> </span>9.7 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali detenute a s<span class=\"_ _0\"></span>copo di investimento - Diritti d'uso acquisiti con il l<span class=\"_ _0\"></span>easing: variazioni annue Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Diritti <span class=\"_ _5\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>di </span>importo non significativ<span class=\"_ _0\"></span>o. 9.8 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: varia<span class=\"_ _0\"></span>zioni annue  <span class=\"fc5\"> </span>(milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 18<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>- - 1 680<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 4 34<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 4 26<span class=\"ls0\"> </span>C. Diminuzioni -6 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">53</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  13<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>- - - 679<span class=\"ls0\"> </span>871<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a del Gruppo<span class=\"_ _0\"></span> bancario (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 7 190<span class=\"ls0\"> </span>- - 1 26<span class=\"ls0\"> </span>224<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 3 33<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 3 25<span class=\"ls0\"> </span>C. Diminuzioni -5 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">52</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative - - - - - - - C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  3 178<span class=\"ls0\"> </span>- - - 24<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle imprese di assicu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>azione Non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>Rimanenze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplinate <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>del Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo.<span class=\"_ _90\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle altre imp<span class=\"_ _0\"></span>rese (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 11<span class=\"ls0\"> </span>1 - - - 654<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>B. Aumenti - - - - - 1 1 B.1 Acquisti - - - - - - - B.2 Riprese di valore - - - - - - - B.3 Differenze di cambio positive - - - - - - - B.4 Altre variazioni - - - - - 1 1 C. Diminuzioni -1 - - - - - -1 C.1 Vendite - - - - - - - C.2 Rettifiche di valore da deterioramento  - - - - - - - C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - - - - - - - D. Rimanenze finali  10<span class=\"ls0\"> </span>1 - - - 655<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>9.9 Impegni per acquis<span class=\"_ _0\"></span>to di attivit\u00e0 mate<span class=\"_ _0\"></span>riali Gli <span class=\"_ _3\"></span>impegni per ac<span class=\"_ _3\"></span>quisto di at<span class=\"_ _3\"></span>tivit\u00e0 materiali <span class=\"_ _3\"></span>in essere a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>ammontano a <span class=\"_ _3\"></span>circa 9 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>riferiti principalm<span class=\"_ _5\"></span>ente a <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>efficientamento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"> </span>impiantistiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>palazzi <span class=\"_ _4\"> </span>direzionali <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>Eventuali <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"></span>relativi <span class=\"_ _6\"></span>a contratti di leasing s<span class=\"_ _0\"></span>ono illustrati nella Pa<span class=\"_ _0\"></span>rte M.<span class=\"_ _90\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-958": {
   "value": "SEZIONE 9 - ATTIVIT\u00c0 MATERIALI \u2013 VOCE 90 (milioni di euro) Attivit\u00e0/Valori 31.12.2022 31.12.2021 1. Attivit\u00e0 materiali ad uso funzionale, valutate al costo 2.483 2.530 Di cui - Attivit\u00e0 materiali ad uso funzionale - Diritti d'uso acquisiti con il leasing 1.495 1.521 2. Attivit\u00e0 materiali detenute a scopo di investimento, valutate al costo - - 3. Attivit\u00e0 materiali ad uso funzionale, rivalutate 6.381 6.574 Di cui - Attivit\u00e0 materiali ad uso funzionale, rivalutate - Diritti d'uso acquisiti con il leasing - - 4. Attivit\u00e0 materiali detenute a scopo di investimento, valutate al fair value 770 798 Di cui - Attivit\u00e0 materiali a scopo di investimento - Diritti d'uso acquisiti con il leasing - - 5. Rimanenze di attivit\u00e0 materiali disciplinate dallo IAS 2 871 890 Totale Attivit\u00e0 materiali voce 90 10.505 10.792 9.1 Attivit\u00e0 materiali ad uso funzionale: composizione delle attivit\u00e0 valutate al costo  (milioni di euro) Attivit\u00e0/Valori 31.12.2022 31.12.2021 1. Attivit\u00e0 di propriet\u00e0  988 1.009 a) terreni - - b) fabbricati - - c) mobili 194 207 d) impianti elettronici 748 758 e) altre 46 44 2. Diritti d'uso acquisiti con il leasing 1.495 1.521 a) terreni 1 9 b) fabbricati 1.218 1.331 c) mobili - - d) impianti elettronici 36 16 e) altre  240 165 Totale 2.483 2.530 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute 1 2 9.2 Attivit\u00e0 materiali detenute a scopo di investimento: composizione delle attivit\u00e0 valutate al costo Non sono presenti Attivit\u00e0 materiali detenute a scopo di investimento valutate al costo nel Gruppo Intesa Sanpaolo. 9.3 Attivit\u00e0 materiali ad uso funzionale: composizione delle attivit\u00e0 rivalutate  (milioni di euro) Attivit\u00e0/Valori 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1.  Attivit\u00e0 di propriet\u00e0 - - 6.381 - - 6.574 a) terreni - - 2.641 - - 2.656 b) fabbricati - - 3.429 - - 3.606 c) patrimonio artistico di pregio - - 311 - - 312 d) impianti elettronici - - - - - - e) altre - - - - - - 2. Diritti d'uso acquisiti con il leasing - - - - - - a) terreni - - - - - - b) fabbricati - - - - - - c) mobili - - - - - - d) impianti elettronici - - - - - - e) altre - - - - - - TOTALE - - 6.381 - - 6.574 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute - - - - - - 9.4 Attivit\u00e0 materiali detenute a scopo di investimento: composizione delle attivit\u00e0 valutate al fair value (milioni di euro) Attivit\u00e0/Valori 31.12.2022 31.12.2021 Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1.  Attivit\u00e0 di propriet\u00e0 - - 770 - - 798 a) terreni - - 271 - - 281 b) fabbricati - - 499 - - 517 2. Diritti d'uso acquisiti con il leasing - - - - - - a) terreni - - - - - - b) fabbricati - - - - - - TOTALE - - 770 - - 798 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute - - 114 - - 138 Relativamente alle previsioni di cui allo IAS 40 paragrafo 75, lettera c), g), h) non si segnalano informazioni degne di nota. 9.5 Rimanenze di attivit\u00e0 materiali disciplinate dallo IAS 2: composizione (milioni di euro) Attivit\u00e0/Valori 31.12.2022 Di cui: 31.12.2021 Gruppo bancario Imprese di  assicuraz. Altre imprese 1. Rimanenze di attivit\u00e0 materiali ottenute tramite l'escussione delle garanzie ricevute 192 181 - 11 211 a) terreni 13 3 - 10 18 b) fabbricati 179 178 - 1 192 c) mobili - - - - - d) impianti elettronici - - - - - e) altre - - - - 1 2. Altre rimanenze di attivit\u00e0 materiali 679 24 - 655 679 Totale 871 205 - 666 890 di cui: valutate al fair value al netto dei costi di vendita 6 6 - - 1 9.6 Attivit\u00e0 materiali ad uso funzionale: variazioni annue (milioni di euro) Terreni Fabbricati Mobili Impianti elettronici Patrimonio artistico di pregio Altre Totale A. Esistenze iniziali lorde 2.665 5.736 2.088 6.657 312 395 17.853 A.1 Riduzioni di valore totali nette - -799 -1.881 -5.883 - -186 -8.749 A.2 Esistenze iniziali nette 2.665 4.937 207 774 312 209 9.104 B. Aumenti: 52 450 36 260 1 188 987 B.1 Acquisti - 97 33 244 - 155 529 di cui operazioni di aggregazione aziendale - - - - - - - B.2 Spese per migliorie capitalizzate 12 37 - - - - 49 B.3 Riprese di valore - - - - - - - B.4 Variazioni positive di fair value imputate a: 16 11 - - - - 27  a) patrimonio netto 16 11 - - - - 27  b) conto economico - - - - - - - B.5 Differenze positive di cambio - - - - - - - B.6 Trasferimenti da immobili detenuti     a scopo di investimento 14 19 X X X X 33 B.7 Altre variazioni  10 286 3 16 1 33 349 C. Diminuzioni: -75 -740 -49 -250 -2 -111 -1.227 C.1 Vendite - -6 - -1 - -2 -9 di cui operazioni di aggregazione aziendale - - - - - - - C.2 Ammortamenti - -342 -33 -221 - -79 -675 C.3 Rettifiche di valore da deterioramento imputate a: - -3 -5 - - -2 -10  a) patrimonio netto - -3 - - - - -3  b) conto economico - - -5 - - -2 -7 C.4 Variazioni negative di fair value imputate a: -9 -13 - - -2 -1 -25  a) patrimonio netto -6 -9 - - - - -15  b) conto economico -3 -4 - - -2 -1 -10 C.5 Differenze negative di cambio  -20 -46 -3 -5 - -2 -76 C.6 Trasferimenti a: -38 -77 - - - - -115   a) attivit\u00e0 materiali detenute a scopo di investimento -36 -72 X X X X -108   b) attivit\u00e0 in via di dismissione -2 -5 - - - - -7 C.7 Altre variazioni  -8 -253 -8 -23 - -25 -317 D. Rimanenze finali nette 2.642 4.647 194 784 311 286 8.864 D.1 Riduzioni di valore totali nette - -967 -1.902 -6.012 - -173 -9.054 D.2 Rimanenze finali lorde 2.642 5.614 2.096 6.796 311 459 17.918 E. Valutazione al costo 1.852 2.450 - - 112 - 4.414  Nella tabella sopra esposta sono rappresentati i valori della attivit\u00e0 di propriet\u00e0 nonch\u00e9 quelli dei diritti d\u2019uso acquisiti con il leasing.  Come illustrato nella Parte A - Fair value del patrimonio immobiliare e del patrimonio artistico di pregio, sulla base delle regole di periodicit\u00e0 di valutazione, si segnala che: \u2013  gli immobili classificati ad uso funzionale e  i Trophy Asset, presenti nel patrimonio immobiliare, sono stati oggetto di integrale  valutazione  rispettivamente  a  fine  2020  e  fine  2021;  pertanto,  per  l\u2019esercizio  2022  sono  stati  sottoposti  ad analisi di scenario; \u2013  il patrimonio artistico di pregio \u00e8  stato oggetto di analisi di scenario per l\u2019esercizio 2022, essendo stato  integralmente valutato a fine 2020, tramite il ricorso a perizie esterne, affidate ad esperti qualificati e indipendenti. Nelle sottovoci B.4 e C.4 sono riportate le variazioni, rispettivamente, positive e negative di fair value relative agli immobili (terreni e fabbricati) ad uso funzionale e ai beni artistici di pregio, per i quali la Banca applica il criterio della rideterminazione del valore.  Le Altre variazioni in aumento e in diminuzione si riferiscono principalmente a rinegoziazioni e chiusure anticipate avvenute nel corso dell\u2019anno sui contratti di  locazione (IFRS 16) e, per la sola parte di variazioni in diminuzione, agli ammortamenti contabilizzati nell\u2019esercizio su cespiti rivenienti dall\u2019acquisizione dei rami d\u2019azienda delle ex Banche Venete, fronteggiati dal fondo per rischi ed oneri a suo tempo appositamente costituito.  La  sottovoce  E.  Valutazione  al  costo  \u00e8  valorizzata  per  le  sole  attivit\u00e0  materiali  valutate  secondo  il  criterio  della rideterminazione del valore, in conformit\u00e0 con le istruzioni contenute nella Circolare n. 262 della Banca d\u2019Italia. 9.6 Di cui - Attivit\u00e0 materiali ad uso funzionale - Diritti d'uso acquisiti con il leasing: variazioni annue (milioni di euro) Terreni Fabbricati Mobili Impianti elettronici Patrimonio artistico di pregio Altre Totale A. Esistenze iniziali lorde 9 1.968 - 36 - 193 2.206 A.1 Riduzioni di valore totali nette - -637 - -20 - -28 -685 A.2 Esistenze iniziali nette 9 1.331 - 16 - 165 1.521 B. Aumenti: - 356 - 52 - 150 558 B.1 Acquisti - 78 - 42 - 137 257 di cui operazioni di aggregazione aziendale - - - - - - - B.2 Spese per migliorie capitalizzate - - - - - - - B.3 Riprese di valore - - - - - - - B.4 Variazioni positive di fair value imputate a: - - - - - - -  a) patrimonio netto - - - - - - -  b) conto economico - - - - - - - B.5 Differenze positive di cambio - - - - - - - B.6 Trasferimenti da immobili detenuti   a scopo di investimento - - X X X X - B.7 Altre variazioni  - 278 - 10 - 13 301 C. Diminuzioni: -8 -469 - -32 - -75 -584 C.1 Vendite - -1 - -1 - - -2 di cui operazioni di aggregazione aziendale - - - - - - - C.2 Ammortamenti - -214 - -24 - -69 -307 C.3 Rettifiche di valore da deterioramento imputate a: - -1 - - - - -1  a) patrimonio netto - - - - - - -  b) conto economico - -1 - - - - -1 C.4 Variazioni negative di fair value imputate a: - - - - - -1 -1  a) patrimonio netto - - - - - - -  b) conto economico - - - - - -1 -1 C.5 Differenze negative di cambio  - -5 - - - -2 -7 C.6 Trasferimenti a: - - - - - - -   a) attivit\u00e0 materiali detenute a scopo di investimento - - X X X X -   b) attivit\u00e0 in via di dismissione - - - - - - - C.7 Altre variazioni  -8 -248 - -7 - -3 -266 D. Rimanenze finali nette 1 1.218 - 36 - 240 1.495 D.1 Riduzioni di valore totali nette - -718 - -39 - -34 -791 D.2 Rimanenze finali lorde 1 1.936 - 75 - 274 2.286 E. Valutazione al costo - - - - - - - Le Altre variazioni in aumento e in diminuzione si riferiscono principalmente a rinegoziazioni e chiusure anticipate avvenute nel corso dell\u2019anno sui contratti di locazione (IFRS 16). 9.7 Attivit\u00e0 materiali detenute a scopo di investimento: variazioni annue (milioni di euro)               TOTALE Terreni Fabbricati A Esistenze iniziali 281 517 B. Aumenti 41 87 B.1 Acquisti - - di cui operazioni di aggregazione aziendale - - B.2 Spese per migliorie capitalizzate - 7 B.3 Variazioni positive di fair value 3 3 B.4 Riprese di valore - - B.5 Differenze di cambio positive - - B.6 Trasferimenti da immobili ad uso funzionale 36 72 B.7 Altre variazioni 2 5 C. Diminuzioni -51 -105 C.1 Vendite -13 -30 di cui operazioni di aggregazione aziendale - - C.2 Ammortamenti - - C.3 Variazioni negative di fair value -10 -32 C.4 Rettifiche di valore da deterioramento - -1 C.5 Differenze di cambio negative - - C.6 Trasferimenti a -24 -35  a) immobili ad uso funzionale -14 -19  b) attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione  -10 -16 C.7 Altre variazioni -4 -7 D. Rimanenze finali 271 499 E. Valutazione al fair value - - Nella tabella sopra esposta sono rappresentati i valori della attivit\u00e0 di propriet\u00e0 nonch\u00e9 quelli dei diritti d\u2019uso acquisiti con il leasing.  Le attivit\u00e0 materiali detenute a scopo di investimento, costituite da terreni e fabbricati, sono valutate al fair value, in conformit\u00e0 allo IAS 40.  Come illustrato nella Parte A - Fair value del patrimonio immobiliare e del patrimonio artistico di pregio, si segnala che sulla base delle regole di periodicit\u00e0 di valutazione, a fine 2022 si \u00e8 proceduto all\u2019aggiornamento delle perizie del patrimonio degli immobili ad uso investimento, i cui effetti sono rilevabili nelle sottovoci B.3 Variazioni positive di fair value e C.3 Variazioni negative di fair value. 9.7 Di cui - Attivit\u00e0 materiali detenute a scopo di investimento - Diritti d'uso acquisiti con il leasing: variazioni annue Al 31 dicembre 2022 le attivit\u00e0 materiali detenute a scopo di investimento \u2013 Diritti d\u2019uso acquisiti con il leasing risultano di importo non significativo. 9.8 Rimanenze di attivit\u00e0 materiali disciplinate dallo IAS 2: variazioni annue   (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 18 191 - - 1 680 890 B. Aumenti 1 24 - - 5 4 34 B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22 - - - 4 26 C. Diminuzioni -6 -36 - - -6 -5 -53 C.1 Vendite -5 -14 - - -5 -2 -26 C.2 Rettifiche di valore da deterioramento  - -17 - - - -1 -18 C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  13 179 - - - 679 871 9.8 di cui: di pertinenza del Gruppo bancario (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 7 190 - - 1 26 224 B. Aumenti 1 24 - - 5 3 33 B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22 - - - 3 25 C. Diminuzioni -5 -36 - - -6 -5 -52 C.1 Vendite -5 -14 - - -5 -2 -26 C.2 Rettifiche di valore da deterioramento  - -17 - - - -1 -18 C.3 Differenze di cambio negative - - - - - - - C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  3 178 - - - 24 205 9.8 di cui: di pertinenza delle imprese di assicurazione Non sono presenti Rimanenze di attivit\u00e0 materiali disciplinate dallo IAS 2 di pertinenza delle imprese di assicurazione del Gruppo Intesa Sanpaolo. 9.8 di cui: di pertinenza delle altre imprese (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 11 1 - - - 654 666 B. Aumenti - - - - - 1 1 B.1 Acquisti - - - - - - - B.2 Riprese di valore - - - - - - - B.3 Differenze di cambio positive - - - - - - - B.4 Altre variazioni - - - - - 1 1 C. Diminuzioni -1 - - - - - -1 C.1 Vendite - - - - - - - C.2 Rettifiche di valore da deterioramento  - - - - - - - C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - - - - - - - D. Rimanenze finali  10 1 - - - 655 666 9.9 Impegni per acquisto di attivit\u00e0 materiali Gli impegni per acquisto di attivit\u00e0 materiali in essere al 31 dicembre 2022 ammontano a circa 9 milioni, riferiti principalmente a  interventi di  efficientamento delle  strutture  impiantistiche dei  palazzi  direzionali del Gruppo. Eventuali  impegni relativi a contratti di leasing sono illustrati nella Parte M.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1054": {
   "value": "SEZIONE 9 - ATTIVIT\u00c0 MATERIALI <span class=\"ff6\">\u2013</span> VOCE 90<span class=\"ff1 fc5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, val<span class=\"_ _0\"></span>utate al <span class=\"_ _0\"></span>costo 2.483 2.530 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale - Dirit<span class=\"_ _3\"></span>ti d'uso acquisiti<span class=\"_ _3\"></span> con il leasing<span class=\"_ _3\"></span> 1.495 1.521 2. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>costo - - 3. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, riv<span class=\"_ _0\"></span>alutate 6.381 6.574 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale, rivaluta<span class=\"_ _3\"></span>te - Diritti d'<span class=\"_ _3\"></span>uso acquisiti co<span class=\"_ _3\"></span>n il leasing<span class=\"_ _3\"></span> - -<span class=\"ff2 fs4\"> </span>4. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _0\"></span>e 770<span class=\"ls0\"> </span>798<span class=\"ls0\"> </span>Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali a scopo di inv<span class=\"_ _3\"></span>estimento <span class=\"_ _3\"></span>- Diritti d'u<span class=\"_ _3\"></span>so acquisiti con il<span class=\"_ _3\"></span> leasing<span class=\"ff1 fs17\"> </span>- - 5. Rimanen<span class=\"_ _0\"></span>ze di attivi<span class=\"_ _0\"></span>t\u00e0 materi<span class=\"_ _0\"></span>ali disciplinate <span class=\"_ _35\"></span>dallo IAS 2 871<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>Totale Atti<span class=\"_ _0\"></span>vit\u00e0 mater<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ali voce 9<span class=\"_ _35\"></span>0 10.505 10.792 9.1 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al costo  (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0 <span class=\"_ _0\"></span>di propriet\u00e0<span class=\"_ _35\"></span>  988<span class=\"ls0\"> </span>1.009 a) terreni<span class=\"_ _0\"></span> - - b) fabbricati<span class=\"_ _0\"></span> - - c) mobili 194<span class=\"ls0\"> </span>207<span class=\"ls0\"> </span>d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 748<span class=\"ls0\"> </span>758<span class=\"ls0\"> </span>e) altre 46<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> 1.495 1.521 a) terreni<span class=\"_ _0\"></span> 1 9 b) fabbricati<span class=\"_ _0\"></span> 1.218 1.331 c) mobili - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 36<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>e) altre  240<span class=\"ls0\"> </span>165<span class=\"ls0\"> </span>Totale 2.483 2.530 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>1 2 9.2 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al costo<span class=\"_ _3\"></span> Non sono presenti Atti<span class=\"_ _0\"></span>vit\u00e0 materiali detenute <span class=\"_ _0\"></span>a scopo di investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto valutate al co<span class=\"_ _0\"></span>sto nel Gruppo Intesa S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span><span class=\"ff5\"> </span>9.3 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 rivalutate <span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 6.381 - - 6.574 a) terreni<span class=\"_ _0\"></span> - - 2.641 - - 2.656 b) fabbricati<span class=\"_ _0\"></span> - - 3.429 - - 3.606 c) patrimoni<span class=\"_ _0\"></span>o artisti<span class=\"_ _0\"></span>co di pregio<span class=\"_ _0\"></span> - - 311<span class=\"ls0\"> </span>- - 312<span class=\"ls0\"> </span>d) <span class=\"ls0\">impianti <span class=\"_ _0\"></span>elettronici<span class=\"_ _0\"></span> </span>- - - - - - e) altre - - - - - - 2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - c) mobili - - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - - e) altre - - - - - - TOTALE - - 6.381 - - 6.574 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - - - - - 9.4 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> - - 271<span class=\"ls0\"> </span>- - 281<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> - - 499<span class=\"ls0\"> </span>- - 517<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - TOTALE - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - 114<span class=\"ls0\"> </span>- - 138<span class=\"ls0\"> </span>Relativamente alle p<span class=\"_ _0\"></span>revisioni di cui allo IAS<span class=\"_ _0\"></span> 40 paragrafo 75, <span class=\"_ _0\"></span>lettera c), g), h) <span class=\"_ _3\"></span>non si segnalano in<span class=\"_ _0\"></span>formazioni degne di <span class=\"_ _0\"></span>nota.<span class=\"_ _90\"> </span>9.5 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: co<span class=\"_ _0\"></span>mposizione (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> Di cui: 31.12.2021<span class=\"_ _0\"></span> Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze di attivi<span class=\"_ _35\"></span>t\u00e0 materiali ottenut<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>tramite<span class=\"_ _35\"></span> l'escussio<span class=\"_ _0\"></span>ne delle <span class=\"_ _0\"></span>garanzie ri<span class=\"_ _0\"></span>cevute 192<span class=\"ls0\"> </span>181<span class=\"ls0\"> </span>- 11<span class=\"ls0\"> </span>211<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>3 - 10<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> 179<span class=\"ls0\"> </span>178<span class=\"ls0\"> </span>- 1 192<span class=\"ls0\"> </span>c) mobili - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - e) altre - - - - 1 2. Altre rim<span class=\"_ _0\"></span>anenze d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> attivit\u00e0 mat<span class=\"_ _35\"></span>eriali 679<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>- 655<span class=\"ls0\"> </span>679<span class=\"ls0\"> </span>Totale 871<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>- 666<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>di cui: valut<span class=\"_ _0\"></span>ate al fair<span class=\"_ _0\"></span> value al n<span class=\"_ _0\"></span>etto dei co<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ti di vendit<span class=\"_ _0\"></span>a 6 6 - - 1 9.6 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: v<span class=\"_ _0\"></span>ariazioni annue (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 2.665 5.736 2.088 6.657 312<span class=\"ls0\"> </span>395<span class=\"ls0\"> </span>17.853 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -799 -1.881 -5.883 - -186 -8.749 A.2 Esistenze ini<span class=\"_ _3\"></span>ziali nette 2.665 4.937 207<span class=\"ls0\"> </span>774<span class=\"ls0\"> </span>312<span class=\"ls0\"> </span>209<span class=\"ls0\"> </span>9.104 B. Aumenti: 52<span class=\"ls0\"> </span>450<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>260<span class=\"ls0\"> </span>1 188<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>B.1 Acquisti - 97<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>244<span class=\"ls0\"> </span>- 155<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate 12<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- - - - 49<span class=\"ls0\"> </span>B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> a) patrimonio nett<span class=\"_ _3\"></span>o 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti     <span class=\"ls0\">a scopo di inv<span class=\"_ _3\"></span>estimento </span>14<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>X X X X 33<span class=\"ls0\"> </span>B.7 Altre variazioni<span class=\"_ _3\"></span>  10<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>3 16<span class=\"ls0\"> </span>1 33<span class=\"ls0\"> </span>349<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -<span class=\"ls1b\">75</span> -740 -<span class=\"ls1b\">49</span> -250 -2 -111 -1.227 C.1 Vendite - -6 - -1 - -2 -9 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -342 -<span class=\"ls1b\">33</span> -221 - -<span class=\"ls1b\">79</span> -675 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -3 -5 - - -2 -<span class=\"ls1b\">10</span>  a) patrimonio nett<span class=\"_ _3\"></span>o - -3 - - - - -3  b) conto economico<span class=\"_ _3\"></span> - - -5 - - -2 -7 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> -9 -<span class=\"ls1b\">13</span> - - -2 -1 -<span class=\"ls1b\">25</span>  a) patrimonio nett<span class=\"_ _3\"></span>o -6 -9 - - - - -<span class=\"ls1b\">15</span>  b) conto economico<span class=\"_ _3\"></span> -3 -4 - - -2 -1 -<span class=\"ls1b\">10</span> C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  -<span class=\"ls1b\">20</span> -<span class=\"ls1b\">46</span> -3 -5 - -2 -<span class=\"ls1b\">76</span> C.6 Trasferimenti<span class=\"_ _3\"></span> a: -<span class=\"ls1b\">38</span> -<span class=\"ls1b\">77</span> - - - - -115   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>-<span class=\"ls1b\">36</span> -<span class=\"ls1b\">72</span> X X X X -108   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>-2 -5 - - - - -7 C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -253 -8 -<span class=\"ls1b\">23</span> - -<span class=\"ls1b\">25</span> -317 D. Rimanenze finali <span class=\"_ _3\"></span>nette 2.642 4.647 194<span class=\"ls0\"> </span>784<span class=\"ls0\"> </span>311<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>8.864 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -967 -1.902 -6.012 - -173 -9.054 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 2.642 5.614 2.096 6.796 311<span class=\"ls0\"> </span>459<span class=\"ls0\"> </span>17.918 E. Valutazione al c<span class=\"_ _3\"></span>osto 1.852 2.450 - - 112<span class=\"ls0\"> </span>- 4.414<span class=\"_ _90\"> </span> Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Come illustrato nella Part<span class=\"_ _0\"></span>e A -<span class=\"_ _3\"></span> Fair value del patrimo<span class=\"_ _0\"></span>nio immobiliare e del patrim<span class=\"_ _0\"></span>onio artistico di pregio, sull<span class=\"_ _3\"></span>a base delle regole<span class=\"_ _0\"></span> di periodicit\u00e0 di valut<span class=\"_ _0\"></span>azione, si segnala<span class=\"_ _0\"></span> che: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gli <span class=\"_ _6\"></span>immobili <span class=\"_ _4\"></span>classificati <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _6\"></span>funzionale <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>Trophy <span class=\"_ _6\"></span>Asset, <span class=\"_ _6\"></span>presenti <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di </span>integrale <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>rispettivamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>2021; <span class=\"_ _7\"> </span>perta<span class=\"_ _3\"></span><span class=\"ff4\">nto, <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>sottoposti <span class=\"_ _4\"> </span>ad </span>analisi di scenario; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>regio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019esercizio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>essendo <span class=\"_ _5\"></span>stato <span class=\"_ _6\"> </span>integralmente </span></span>valutato a fine 2020, <span class=\"_ _0\"></span>tramite il ricorso a peri<span class=\"_ _0\"></span>zie esterne, a<span class=\"_ _3\"></span>ffidate ad <span class=\"_ _0\"></span>esperti qualificati e indi<span class=\"_ _0\"></span>pendenti. Nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.4 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.4 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni, <span class=\"_ _5\"></span>rispettivamen<span class=\"_ _0\"></span>te, <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>negative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>immo<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ili (terreni e <span class=\"_ _2\"></span>fabbricati) ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>artistici d<span class=\"_ _3\"></span>i pregio, <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca a<span class=\"_ _3\"></span>pplica il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione<span class=\"_ _35\"></span> del valore.  Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>locazione <span class=\"_ _5\"></span>(IFRS <span class=\"_ _5\"></span>16) <span class=\"_ _6\"></span>e,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>sola <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>diminuzione, <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>ammortamenti </span>contabilizzati <span class=\"_ _2\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cespiti <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dall\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>rami <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ex <span class=\"_ _6\"></span>Banche<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Venete, <span class=\"_ _2\"></span>fronteggiati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>dal </span>fondo per rischi ed o<span class=\"_ _0\"></span>neri a suo tempo ap<span class=\"_ _0\"></span>positamente costituito.  La <span class=\"_ _1c\"> </span>sottovoce <span class=\"_ _1c\"> </span>E. <span class=\"_ _1c\"> </span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>costo <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>valorizzata <span class=\"_ _18\"> </span>per <span class=\"_ _20\"> </span>l<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>sole <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>materiali<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>valutate <span class=\"_ _1c\"> </span>secondo <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>criterio<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>della rideterminazione del v<span class=\"_ _0\"></span>alore, in conformit<span class=\"_ _0\"></span>\u00e0 con le istruzioni cont<span class=\"_ _0\"></span>enute nella Circol<span class=\"_ _0\"></span>are n. 262 della B<span class=\"_ _0\"></span>anca d\u2019Italia.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>9.6 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali ad uso funziona<span class=\"_ _0\"></span>le - <span class=\"_ _3\"></span>Diritti d'uso<span class=\"_ _35\"></span> acquisiti con il leasing: variazioni annu<span class=\"_ _0\"></span>e (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 9 1.968 - 36<span class=\"ls0\"> </span>- 193<span class=\"ls0\"> </span>2.206 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -637 - -<span class=\"ls1b\">20</span> - -<span class=\"ls1b\">28</span> -685 A.2 Esistenze inizial<span class=\"_ _3\"></span>i nette 9 1.331 - 16<span class=\"ls0\"> </span>- 165<span class=\"ls0\"> </span>1.521 B. Aumenti: - 356<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- 150<span class=\"ls0\"> </span>558<span class=\"ls0\"> </span>B.1 Acquisti - 78<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- 137<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate - - - - - - - B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - - -  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti   a scopo di investim<span class=\"_ _3\"></span>ento - - X X X X - B.7 Altre variazioni<span class=\"_ _3\"></span>  - 278<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>301<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -8 -469 - -<span class=\"ls1b\">32</span> - -<span class=\"ls1b\">75</span> -584 C.1 Vendite - -1 - -1 - - -2 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -214 - -<span class=\"ls1b\">24</span> - -<span class=\"ls1b\">69</span> -307 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -1 - - - - -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - -1 - - - - -1 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - -1 -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - -1 -1 C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  - -5 - - - -2 -7 C.6 Trasferimenti<span class=\"_ _3\"></span> a: - - - - - - -   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>- - X X X X -   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>- - - - - - - C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -248 - -7 - -3 -266 D. Rimanenze finali <span class=\"_ _3\"></span>nette 1 1.218 - 36<span class=\"ls0\"> </span>- 240<span class=\"ls0\"> </span>1.495 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -718 - -<span class=\"ls1b\">39</span> - -<span class=\"ls1b\">34</span> -791 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 1 1.936 - 75<span class=\"ls0\"> </span>- 274<span class=\"ls0\"> </span>2.286 E. Valutazione al c<span class=\"_ _3\"></span>osto - - - - - - - Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel corso dell\u2019anno s<span class=\"_ _0\"></span>ui contratti di lo<span class=\"_ _0\"></span>cazione (IFRS 16).<span class=\"_ _90\"> </span>9.7 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: variazioni <span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ls16\">nnue</span> (milioni di eur<span class=\"_ _35\"></span>o)               TO<span class=\"_ _35\"></span>TALE Terreni Fabbricati A Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i 281<span class=\"ls0\"> </span>517<span class=\"ls0\"> </span>B. Aument<span class=\"_ _0\"></span>i 41<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>B.1 Acquis<span class=\"_ _0\"></span>ti - - di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - - B.2 Spese p<span class=\"_ _0\"></span>er miglior<span class=\"_ _0\"></span>ie capitali<span class=\"_ _0\"></span>zzate - 7 B.3 Varia<span class=\"_ _0\"></span>zioni positive<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di fair value<span class=\"_ _35\"></span> 3 3 B.4 Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span> - - B.5 Differen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>e di cam<span class=\"_ _0\"></span>bio positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e - - B.6 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> immobili ad <span class=\"_ _35\"></span>uso funzionale 36<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>B.7 Altre <span class=\"_ _0\"></span>variazioni 2 5 C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">51</span> -<span class=\"ls25\">105</span> C.1 Vendite<span class=\"_ _0\"></span> -<span class=\"ls25\">13</span> -<span class=\"ls25\">30</span> di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - C.2 Am<span class=\"_ _0\"></span>mortamenti - - C.3 Variazi<span class=\"_ _0\"></span>oni negati<span class=\"_ _0\"></span>ve di fair<span class=\"_ _0\"></span> value -<span class=\"ls25\">10</span> -<span class=\"ls25\">32</span> C.4 Rettific<span class=\"_ _0\"></span>he di valore<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>da deteriora<span class=\"_ _35\"></span>mento - -1 C.5 Differe<span class=\"_ _0\"></span>nze di ca<span class=\"_ _0\"></span>mbio nega<span class=\"_ _0\"></span>tive - - C.6 Trasfer<span class=\"_ _0\"></span>imenti a<span class=\"_ _0\"></span> -<span class=\"ls25\">24</span> -<span class=\"ls25\">35</span>  a) immobili a<span class=\"_ _35\"></span>d <span class=\"_ _3\"></span>uso fun<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale -<span class=\"ls25\">14</span> -<span class=\"ls25\">19</span>  b) attivit\u00e0<span class=\"_ _0\"></span> non corrent<span class=\"_ _0\"></span>i e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in <span class=\"_ _0\"></span>via di dismi<span class=\"_ _35\"></span>ssione  -<span class=\"ls25\">10</span> -<span class=\"ls25\">16</span> C.7 Altre va<span class=\"_ _0\"></span>riazioni -4 -7 D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 271<span class=\"ls0\"> </span>499<span class=\"ls0\"> </span>E. Valuta<span class=\"_ _0\"></span>zione al fai<span class=\"_ _0\"></span>r value - - Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Le attivit\u00e0 materiali detenute a sco<span class=\"_ _0\"></span>po di investimento, costituite da terreni e f<span class=\"_ _0\"></span>abbricati, sono valutate al fai<span class=\"_ _2\"></span>r value, in conformit\u00e0 allo IAS 40.  Come <span class=\"_ _2\"></span>illustrato <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span>gio, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>sulla<span class=\"_ _0\"></span> base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>periodicit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>proceduto <span class=\"_ _2\"></span>all\u2019aggiorname<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>degli </span>immobili <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>investimento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevabili <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.3<span class=\"_ _2\"></span> Variazioni <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.3 <span class=\"_ _5\"></span>Variazioni negative di fair val<span class=\"_ _0\"></span>ue.<span class=\"ff9 fs19\"> </span>9.7 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali detenute a s<span class=\"_ _0\"></span>copo di investimento - Diritti d'uso acquisiti con il l<span class=\"_ _0\"></span>easing: variazioni annue Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Diritti <span class=\"_ _5\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>di </span>importo non significativ<span class=\"_ _0\"></span>o. 9.8 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: varia<span class=\"_ _0\"></span>zioni annue  <span class=\"fc5\"> </span>(milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 18<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>- - 1 680<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 4 34<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 4 26<span class=\"ls0\"> </span>C. Diminuzioni -6 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">53</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  13<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>- - - 679<span class=\"ls0\"> </span>871<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a del Gruppo<span class=\"_ _0\"></span> bancario (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 7 190<span class=\"ls0\"> </span>- - 1 26<span class=\"ls0\"> </span>224<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 3 33<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 3 25<span class=\"ls0\"> </span>C. Diminuzioni -5 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">52</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative - - - - - - - C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  3 178<span class=\"ls0\"> </span>- - - 24<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle imprese di assicu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>azione Non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>Rimanenze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplinate <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>del Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo.<span class=\"_ _90\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle altre imp<span class=\"_ _0\"></span>rese (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 11<span class=\"ls0\"> </span>1 - - - 654<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>B. Aumenti - - - - - 1 1 B.1 Acquisti - - - - - - - B.2 Riprese di valore - - - - - - - B.3 Differenze di cambio positive - - - - - - - B.4 Altre variazioni - - - - - 1 1 C. Diminuzioni -1 - - - - - -1 C.1 Vendite - - - - - - - C.2 Rettifiche di valore da deterioramento  - - - - - - - C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - - - - - - - D. Rimanenze finali  10<span class=\"ls0\"> </span>1 - - - 655<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>9.9 Impegni per acquis<span class=\"_ _0\"></span>to di attivit\u00e0 mate<span class=\"_ _0\"></span>riali Gli <span class=\"_ _3\"></span>impegni per ac<span class=\"_ _3\"></span>quisto di at<span class=\"_ _3\"></span>tivit\u00e0 materiali <span class=\"_ _3\"></span>in essere a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>ammontano a <span class=\"_ _3\"></span>circa 9 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>riferiti principalm<span class=\"_ _5\"></span>ente a <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>efficientamento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"> </span>impiantistiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>palazzi <span class=\"_ _4\"> </span>direzionali <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>Eventuali <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"></span>relativi <span class=\"_ _6\"></span>a contratti di leasing s<span class=\"_ _0\"></span>ono illustrati nella Pa<span class=\"_ _0\"></span>rte M.<span class=\"_ _90\"> </span> SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 </span>FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO - VOCE 10 1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.3 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei tito<span class=\"_ _0\"></span>li in circolazione<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia titoli / V<span class=\"_ _3\"></span>alori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Titoli 1. obbligazioni<span class=\"_ _3\"></span> 64.838 41.748 22.980 29<span class=\"ls0\"> </span>75.050 47.030 29.971 42<span class=\"ls0\"> </span>1.1 strutturate<span class=\"_ _3\"></span> 1.806 397<span class=\"ls0\"> </span>1.361 29<span class=\"ls0\"> </span>2.262 246<span class=\"ls0\"> </span>2.038 42<span class=\"ls0\"> </span>1.2 altre 63.032 41.351 21.619 - 72.788 46.784 27.933 - 2. altri titoli 11.241 - 9.280 1.961 11.508 - 8.837 2.671 2.1 strutturati - - - - - - - - 2.2 altri 11.241 - 9.280 1.961 11.508 - 8.837 2.671 Totale 76.079 41.748 32.260 1.990 86.558 47.030 38.808 2.713 1.4 Dettaglio dei debiti<span class=\"_ _0\"></span> / titoli sub<span class=\"_ _0\"></span>ordinati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti subordinati v<span class=\"_ _0\"></span>erso banche e clientela<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Alla data di riferim<span class=\"_ _0\"></span>ento si rilevano titoli <span class=\"_ _0\"></span>in circolazione su<span class=\"_ _0\"></span>bordinati per 12.474 <span class=\"_ _3\"></span>milioni, ascrivibili int<span class=\"_ _0\"></span>eramente alla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> 1.5 Dettaglio dei debiti<span class=\"_ _0\"></span> strutturati Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano in esser<span class=\"_ _0\"></span>e debiti struttur<span class=\"_ _0\"></span>ati.<span class=\"_ _3\"></span> 1.6 Debiti per leasing <span class=\"fff fs6 fc0\"> </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _3\"></span>mbre 2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano ha <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1.315 <span class=\"_ _5\"></span>milioni, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>238 <span class=\"_ _2\"></span>milioni in <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno, 622 milioni in scadenz<span class=\"_ _0\"></span>a tra 1 e 5 anni e 455<span class=\"_ _0\"></span> milioni in scadenza <span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltre i 5 anni<span class=\"_ _3\"></span>. I debiti per leasing si<span class=\"_ _0\"></span> riferiscono per 1.30<span class=\"_ _0\"></span>9 milioni a controparti <span class=\"_ _0\"></span>clientela e per 6 milioni<span class=\"_ _3\"></span><span class=\"fc5\"> </span>a controparti ban<span class=\"_ _0\"></span>che.  Gli <span class=\"ff4\">stessi derivano dall<span class=\"_ _0\"></span>\u2019applicazione, con d<span class=\"_ _0\"></span>ecorrenza 1\u00b0 gennaio<span class=\"_ _0\"></span> 2019, del principio c<span class=\"_ _0\"></span>ontabile IFRS 16 relativo <span class=\"_ _0\"></span>al Leasing<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>SEZIONE 1 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 - VOCE 15<span class=\"ff1 fs0 fc0\"> </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>15 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al<span class=\"_ _5\"></span>le imprese di assicurazio<span class=\"_ _0\"></span>ne. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>revisti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 stata <span class=\"_ _18\"> </span>infatti <span class=\"_ _17\"> </span>creata <span class=\"_ _1c\"> </span>la <span class=\"_ _17\"> </span>\u201cVoce <span class=\"_ _17\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _18\"> </span>Passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>pertinenza <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>assicurazione <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>costo ammortizzato ai sensi <span class=\"_ _0\"></span>dello IAS 39\u201d che accogl<span class=\"_ _0\"></span>ie componenti di <span class=\"_ _0\"></span>cui al seguente sc<span class=\"_ _0\"></span>hema:<span class=\"_ _3\"></span><span class=\"ff1\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fs0 fc0\"> </span></span>Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 15 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 10. Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>20. Debiti<span class=\"_ _0\"></span> verso la cli<span class=\"_ _0\"></span>entela 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>30. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 1.334 1.335 TOTALE<span class=\"_ _0\"></span>  Voce 15 2.550 2.146 1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>1.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso ban<span class=\"_ _0\"></span>che\u201d: debiti subo<span class=\"_ _0\"></span>rdinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al 31 dicembre 2022 si<span class=\"_ _0\"></span> rilevano debiti su<span class=\"_ _0\"></span>bordinati per 607 milio<span class=\"_ _0\"></span>ni, ascrivibili interam<span class=\"_ _0\"></span>ente ad Intesa Sanpa<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lo Vita.<span class=\"_ _2\"></span><span class=\"fs12\"> </span>1.3 Bis <span class=\"ff6\">Dettaglio della <span class=\"_ _0\"></span>voce \u201cDebiti verso banche<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span></span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti strutturati di per<span class=\"_ _0\"></span>tinenza delle Imp<span class=\"_ _0\"></span>rese di Assicurazione.<span class=\"_ _3\"></span> 1.4 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> oggetto di cop<span class=\"_ _0\"></span>ertura specifica Al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>segnalano <span class=\"_ _4\"></span>debiti <span class=\"_ _4\"></span>verso <span class=\"_ _6\"></span>banche <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>Imprese <span class=\"_ _4\"> </span>di Assicurazione. 1.5 Bis Debiti per lea<span class=\"_ _0\"></span>sing Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano debiti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r operazioni di le<span class=\"_ _0\"></span>asing verso banche.<span class=\"_ _90\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.7 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti <span class=\"ff5\">subordinati </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela <span class=\"_ _0\"></span>subordinati di pertin<span class=\"_ _0\"></span>enza delle Impres<span class=\"_ _0\"></span>e di Assicurazione<span class=\"_ _2\"></span><span class=\"ff15\">.<span class=\"_ _90\"> </span></span>1.8 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela strutturati di perti<span class=\"_ _0\"></span>nenza delle Imprese di<span class=\"_ _0\"></span> Assicurazione. 1.9 Bis Debiti verso cli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntela oggetto di copertur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> specifica Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _6\"></span>Debiti <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle  Im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i Assicurazione.<span class=\"fs12\"> </span>1.10 Bis Debiti per le<span class=\"_ _0\"></span>asing Al 31 dicembre 2022 risultano in essere debiti per leasing verso clientela<span class=\"_ _0\"></span> per 6 milioni quasi interamente in scadenza tra 1 <span class=\"_ _2\"></span>e 5 anni. Gli stessi derivano d<span class=\"_ _0\"></span>all\u2019applicazione, c<span class=\"_ _0\"></span>on decorrenza 1\u00b0 <span class=\"_ _3\"></span><span class=\"ff1\">gennaio 2<span class=\"_ _0\"></span>019, del principio conta<span class=\"_ _0\"></span>bile IFRS 16 relativo al<span class=\"_ _0\"></span> Leasing<span class=\"_ _3\"></span>. </span>1.11 Bis Titoli in circol<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione: composizione m<span class=\"_ _0\"></span>erceologica<span class=\"fs9\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> titoli / Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021 Valore di<span class=\"_ _0\"></span> bilancio Fair Value Valore di<span class=\"_ _0\"></span> bilancio Fair Value<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A.Titoli 1. Obbliga<span class=\"_ _0\"></span>zioni 1.334 - 1.171 - 1.335 - 1.338 - 1.1 struttura<span class=\"_ _0\"></span>te - - - - - - - - 1.2 altre 1.334 - 1.171 - 1.335 - 1.338 - 2. Altri titoli<span class=\"_ _0\"></span> - - - - - - - - 2.1 struttura<span class=\"_ _0\"></span>ti - - - - - - - - 2.2 altri - - - - - - - - Totale 1.334 - 1.171 - 1.335 - 1.338 - 1.12 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli su<span class=\"_ _35\"></span>bordinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"></span>risultano <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.334 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>completamente <span class=\"_ _5\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>altre obbligazioni- livello 2 (fair <span class=\"_ _0\"></span>value 1.171 milioni); <span class=\"_ _0\"></span>alla fine del 2021 <span class=\"_ _0\"></span>erano pari a 1.335 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _90\"> </span>1.13 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli og<span class=\"_ _35\"></span>ge<span class=\"_ _3\"></span>tto di copertura spe<span class=\"_ _0\"></span>cifica<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Non si segnalano Titoli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> circolazione ogg<span class=\"_ _0\"></span>etto di copertura spe<span class=\"_ _0\"></span>cifica riferibili a soci<span class=\"_ _0\"></span>et\u00e0 Assicurative<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ff15\">. </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-189.55786px;\"><div class=\"t m0 x0 h31 y6 ff1 fs5 fc2 sc0 ls0 ws0\">Parte M<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Info<span class=\"_ _3\"></span>rmativa sul lea<span class=\"_ _3\"></span>sing </div><div class=\"t m0 x0 h1b y1cf ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y1d0 ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya40 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1693 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybcf ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>fornite <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>ll\u2019IFRS<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>resenti <span class=\"_ _5\"></span>nelle <span class=\"_ _7\"> </span><span class=\"ff1\">altre <span class=\"_ _6\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio, </span></div><div class=\"t m0 x0 h2 y69c ff1 fs0 fc0 sc0 ls0 ws0\">distinte tra locatario <span class=\"_ _0\"></span>e locatore. </div><div class=\"t m0 x0 h2 y69d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19a y4b7 ff5 fs1e fc2 sc0 ls0 ws0\">SEZIONE 1 - LOCATARIO </div><div class=\"t m0 x0 h19 y2ab ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yac1 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y155f ff5 fs0 fc2 sc0 ls0 ws0\">INFORMAZIONI QUA<span class=\"_ _0\"></span>LITATIVE  </div><div class=\"t m0 x0 h24 y2ad ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y553 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>essenzialmente contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>immobiliare e <span class=\"_ _3\"></span>inerenti <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>automobili <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>veico<span class=\"_ _5\"></span><span class=\"ls13\">li. </span></div><div class=\"t m0 x0 h2 ya18 ff1 fs0 fc0 sc0 ls0 ws0\">Sono presenti inoltre, per v<span class=\"_ _0\"></span>alori residuali, altr<span class=\"_ _0\"></span>e tipologie di contra<span class=\"_ _0\"></span>tti di leasing aventi<span class=\"_ _0\"></span> ad oggetto prevalentem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte hardware.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y555 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti di <span class=\"_ _2\"></span>leasing sono <span class=\"_ _3\"></span>8.622 <span class=\"_ _3\"></span>(9.297 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021), <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>5.255 <span class=\"_ _3\"></span>(5.963 <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021) </div><div class=\"t m0 x0 h2 y19f ff1 fs0 fc0 sc0 ls0 ws0\">relativi a lea<span class=\"ff4\">sing immobilia<span class=\"_ _0\"></span>re, per un valore di diri<span class=\"_ _0\"></span>tti d\u2019uso complessiv<span class=\"_ _0\"></span>o pari a 1.495 milioni<span class=\"_ _0\"></span> (1.521 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021).<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y109d ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>immobili <span class=\"_ _6\"> </span>destinati <span class=\"_ _4\"> </span>all\u2019uso <span class=\"_ _6\"> </span>come <span class=\"_ _4\"> </span>uffici <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>filiali <span class=\"_ _6\"> </span>bancarie. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>contratti, <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>orma<span class=\"_ _2\"></span><span class=\"ff1\">,<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>nel </span></div><div class=\"t m0 x0 h2 y109e ff1 fs0 fc0 sc0 ls0 ws0\">perimetro <span class=\"_ _2\"></span>Italia <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urate <span class=\"_ _2\"></span>super<span class=\"_ _3\"></span>iori <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>12 <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>tipicamente <span class=\"_ _2\"></span>opzioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rinnovo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>estinzione <span class=\"_ _2\"></span>esercitabili <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y109f ff1 fs0 fc0 sc0 ls0 ws0\">locatore <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legge <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _2\"></span>specifiche <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _2\"></span>Solitamente <span class=\"_ _2\"></span>questi <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n </div><div class=\"t m0 x0 h2 ye47 ff1 fs0 fc0 sc0 ls0 ws0\">includon<span class=\"ff4\">o <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>acquisto <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>termine <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>costi <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>ripristino <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"> </span>societ\u00e0. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>base <span class=\"_ _4\"> </span>delle </span></div><div class=\"t m0 x0 h2 ye48 ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>italiani <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>previsto <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Legge <span class=\"_ _6\"></span>392/1978, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ottoscrizione <span class=\"_ _5\"></span>di <span class=\"_ _16\"> </span>un </div><div class=\"t m0 x0 h2 ye49 ff1 fs0 fc0 sc0 ls0 ws0\">nuovo <span class=\"_ _3\"></span>c<span class=\"ff4\">ontratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>affitto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>durata <span class=\"_ _3\"></span>contrattuale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sei <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019opzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rinnovare <span class=\"_ _3\"></span>tacitamente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sei <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _3\"></span>in </span></div><div class=\"t m0 x0 h2 y70e ff1 fs0 fc0 sc0 ls0 ws0\">sei anni, la durata complessiva del leasing viene posta pari a dodici anni. Tale indicazione<span class=\"_ _0\"></span> generale viene superata se vi so<span class=\"_ _5\"></span><span class=\"lsc\">no </span></div><div class=\"t m0 x0 h2 ye4a ff1 fs0 fc0 sc0 ls0 ws0\">ele<span class=\"ff4\">menti <span class=\"_ _2\"></span>nuovi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>specifiche <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>estero, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>durate <span class=\"_ _5\"></span>contrattuali <span class=\"_ _3\"></span>possono <span class=\"_ _5\"></span>variare <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span></span><span class=\"lsc\">n </span></div><div class=\"t m0 x0 h2 ye4b ff1 fs0 fc0 sc0 ls0 ws0\">funzione delle prassi locali, ma in <span class=\"_ _3\"></span>genere non eccedono la durata di 5 a<span class=\"_ _3\"></span>nni con possibilit\u00e0 di rinnovo. Anche per <span class=\"_ _3\"></span>le partecip<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y108 ff1 fs0 fc0 sc0 ls0 ws0\">estere, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>prevedono <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>opzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ripristino <span class=\"_ _2\"></span>signifi<span class=\"_ _5\"></span>cativi </div><div class=\"t m0 x0 h2 y10a0 ff1 fs0 fc0 sc0 ls0 ws0\">per le societ\u00e0. </div><div class=\"t m0 x0 h2 y8b8 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>aventi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>autovetture, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>noleggio <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>lungo <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine <span class=\"_ _2\"></span>riferiti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>flotta </div><div class=\"t m0 x0 h2 y7dc ff1 fs0 fc0 sc0 ls0 ws0\">aziendale <span class=\"_ _6\"></span>messa <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>disposizione <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dipendenti <span class=\"_ _6\"></span>(uso <span class=\"_ _4\"> </span>promiscuo) <span class=\"_ _6\"></span>oppure <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>strutture <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>rganizzative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _6\"></span>societ\u00e0.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yd55 ff1 fs0 fc0 sc0 ls0 ws0\">Generalmente <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>contratti <span class=\"_ _4\"></span>hanno <span class=\"_ _6\"></span>durata <span class=\"_ _4\"></span>quadrie<span class=\"_ _0\"></span>nnale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>mensili, <span class=\"_ _6\"></span>senza <span class=\"_ _6\"></span>opzione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinnovo <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>includono </div><div class=\"t m0 x0 h32 yc31 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019opzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>acquisto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bene. <span class=\"_ _16\"> </span>Il <span class=\"_ _7\"> </span>contratto <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>prorogato <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>parco <span class=\"_ _7\"> </span>auto; <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 yc32 ff1 fs0 fc0 sc0 ls0 ws0\">estinzione anticipata \u00e8 <span class=\"_ _0\"></span>possibile che si<span class=\"_ _0\"></span>a prevista una penale. </div><div class=\"t m0 x0 h2 yc33 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>leasing <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>que<span class=\"_ _3\"></span>lli <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>ad  immo<span class=\"_ _0\"></span>bil<span class=\"_ _3\"></span>iare  e <span class=\"_ _7\"> </span>ad  a<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>tomobili <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferibili <span class=\"_ _7\"> </span>ad  hardwa<span class=\"_ _0\"></span>re <span class=\"_ _16\"> </span>(54 <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yc34 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>022, 55 al 31 dicembre 2021<span class=\"_ _0\"></span>) e ad altri contratti residu<span class=\"_ _0\"></span>ali (229 al 31 dicembre 202<span class=\"_ _0\"></span>2, 123 al 31 dicembre 202<span class=\"_ _0\"></span>1) e </span></div><div class=\"t m0 x0 h2 yc35 ff1 fs0 fc0 sc0 ls0 ws0\">sono di importo non <span class=\"_ _0\"></span>significativo rispetto <span class=\"_ _0\"></span>al complesso delle attivit\u00e0 materiali oggetto di leasi<span class=\"_ _0\"></span>ng. </div><div class=\"t m0 x0 h2 yc36 ff1 fs0 fc0 sc0 ls0 ws0\">Nel 2022 sono state eff<span class=\"_ _0\"></span>ettuate operazion<span class=\"_ _0\"></span>i di vendita o retrolo<span class=\"_ _0\"></span>cazione di importo p<span class=\"_ _0\"></span>oco rilevante.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yc37 ff1 fs0 fc0 sc0 ls0 ws0\">Le operazioni di sub <span class=\"_ _0\"></span>leasing sono di imp<span class=\"_ _0\"></span>orto non significati<span class=\"_ _0\"></span>vo e riconducibili a rap<span class=\"_ _0\"></span>porti infragrupp<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y10a1 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>precisa <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>avvale <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>esenzioni <span class=\"_ _4\"> </span>consentite <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _4\"> </span>principio <span class=\"_ _7\"> </span>IFRS <span class=\"_ _4\"> </span>16 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"> </span>termine </div><div class=\"t m0 x0 h2 y10a2 ff1 fs0 fc0 sc0 ls0 ws0\">(i.e. durata inferiore o <span class=\"_ _0\"></span>uguale ai 12 mesi) o<span class=\"_ _0\"></span> i leasing di attivit\u00e0 d<span class=\"_ _0\"></span>i modesto valore (i.<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. valore inferiore <span class=\"_ _0\"></span>o uguale ai 5.000 euro<span class=\"_ _2\"></span><span class=\"ls20\">).</span> </div><div class=\"t m0 x0 h2 ycab ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y10a3 ff5 fs0 fc2 sc0 ls0 ws0\">INFORMAZIONI QUA<span class=\"_ _0\"></span>NTITATIVE  </div><div class=\"t m0 x0 h24 y10a4 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10a5 ff1 fs0 fc0 sc0 ls0 ws0\">Nella Parte B <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">Attivo della <span class=\"_ _3\"></span>Nota integrativa sono esposti rispettivamente le informazioni sui diritti d\u2019uso acquisiti con il leasing </span></div><div class=\"t m0 x0 h2 y10a6 ff1 fs0 fc0 sc0 ls0 ws0\">(Tabella 9.1 <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>Attivit\u00e0 materiali a<span class=\"_ _0\"></span>d uso funzionale: composizione delle attivit\u00e0 valutate al costo e Tab<span class=\"_ _3\"></span>ella 9.4 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Attivit\u00e0 materiali </div><div class=\"t m0 x0 h2 yb10 ff1 fs0 fc0 sc0 ls0 ws0\">detenute <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento: <span class=\"_ _2\"></span>composizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>Parte <span class=\"_ _3\"></span>B <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>Passivo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>esposti <span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y10a7 ff1 fs0 fc0 sc0 ls0 ws0\">debiti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>Tabella <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato: <span class=\"_ _2\"></span>composizion<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>merceologica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>debiti </div><div class=\"t m0 x0 h2 yc67 ff1 fs0 fc0 sc0 ls0 ws0\">verso <span class=\"_ _3\"></span>banche, <span class=\"_ _2\"></span>Tabella 1<span class=\"_ _3\"></span>.2 <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Passivit\u00e0 f<span class=\"_ _3\"></span>inanziarie v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortizzato: c<span class=\"_ _3\"></span>omposizione merceologica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>debiti <span class=\"_ _3\"></span>verso </div><div class=\"t m0 x0 h2 y10a8 ff1 fs0 fc0 sc0 ls0 ws0\">clientela e Tabella 1.<span class=\"_ _0\"></span>6 bis <span class=\"ff4\">\u2013</span> Debiti verso clientela: <span class=\"_ _0\"></span>composizione merceolog<span class=\"_ _0\"></span>ica).  </div><div class=\"t m0 x0 h2 yc68 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"></span>particolare <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>dirit<span class=\"_ _3\"></span><span class=\"ff4\">ti <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _6\"> </span>ac<span class=\"_ _3\"></span>quisiti <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mmontano <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>1.495 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(1.521 <span class=\"_ _4\"> </span>milioni <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>021), <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>cui </span></div><div class=\"t m0 x0 h2 yf56 ff1 fs0 fc0 sc0 ls0 ws0\">1.219 milioni relativi a le<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sing immobiliari (<span class=\"_ _0\"></span>1.340 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021). </div><div class=\"t m0 x0 h2 yc6a ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>debi<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>ammontano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>1.321 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(1.394 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>rimanda <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>sezioni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>maggiori </div><div class=\"t m0 x0 h2 yc6b ff1 fs0 fc0 sc0 ls0 ws0\">dettagli. </div><div class=\"t m0 x0 h2 yc6c ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>Parte <span class=\"_ _3\"></span>C della <span class=\"_ _3\"></span>Nota <span class=\"_ _3\"></span>integrativa sono <span class=\"_ _3\"></span>contenute <span class=\"_ _3\"></span>le i<span class=\"_ _3\"></span>nformazioni sugli <span class=\"_ _3\"></span>interessi passivi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>debiti per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli a<span class=\"_ _3\"></span>ltr<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>oneri </div><div class=\"t m0 x0 h2 yc6d ff4 fs0 fc0 sc0 ls0 ws0\">connessi con <span class=\"_ _3\"></span>i diritti <span class=\"_ _3\"></span>d\u2019uso ac<span class=\"_ _3\"></span>quisiti con il <span class=\"_ _3\"></span>leasing e <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span><span class=\"ff1\">proventi <span class=\"_ _3\"></span>derivanti da o<span class=\"_ _3\"></span>perazioni di sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>leasing. Si <span class=\"_ _3\"></span>rimanda alle specifiche </span></div><div class=\"t m0 x0 h2 yc6e ff1 fs0 fc0 sc0 ls0 ws0\">sezioni per maggiori d<span class=\"_ _0\"></span>ettagli. </div><div class=\"t m0 x0 h2 yc6f ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>segue <span class=\"_ _2\"></span>suddivide <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>consistenti <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>varie <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>gorie, <span class=\"_ _6\"> </span><span class=\"ff1\">i<span class=\"_ _3\"></span>n </span></div><div class=\"t m0 x0 h2 y10a9 ff4 fs0 fc0 sc0 ls0 ws0\">linea con l\u2019esposizio<span class=\"ff1\">ne delle <span class=\"_ _0\"></span>attivit\u00e0 materiali/imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali. </span></div><div class=\"t m0 x0 h2 yc71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10aa ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w636 h42\" style=\"left:512.43964px; bottom:226.69073px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w635 h269\" style=\"left:-4.050377px; bottom:192.5008px;\"><div class=\"t m0 x41 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w27f h269\" style=\"left:397.58463px; bottom:192.5008px;\"><div class=\"t m0 x4a h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w636 h269\" style=\"left:512.43964px; bottom:192.5008px;\"><div class=\"t m0 xa2 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:175.96478px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> ammortam<span class=\"_ _0\"></span>enti pe<span class=\"_ _0\"></span>r classe di atti<span class=\"_ _0\"></span>vit\u00e0 </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:175.96478px;\"><div class=\"t m0 xc8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:175.96478px;\"><div class=\"t m0 x123 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:159.42877px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 ma<span class=\"_ _0\"></span>teriali ad <span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>so funz<span class=\"_ _0\"></span>ionale   </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:159.42877px;\"><div class=\"t m0 xc2 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">307<span class=\"ls0\"> </span></div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:159.42877px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w635 h6a\" style=\"left:-4.050377px; bottom:142.73676px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w27f h6a\" style=\"left:397.58463px; bottom:142.73676px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">210<span class=\"ls0\"> </span></div></div><div class=\"c w636 h6a\" style=\"left:512.43964px; bottom:142.73676px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">236<span class=\"ls0\"> </span></div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:126.200745px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) mobili </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:126.200745px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:126.200745px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:109.664734px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) impianti<span class=\"_ _0\"></span> elettronici </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:109.664734px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:109.664734px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:93.128784px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) altre </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:93.128784px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:93.128784px;\"><div class=\"t m0 x120 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w635 h6a\" style=\"left:-4.050377px; bottom:76.43677px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 ma<span class=\"_ _0\"></span>teriali pe<span class=\"_ _0\"></span>r investime<span class=\"_ _0\"></span>nto  </div></div><div class=\"c w27f h6a\" style=\"left:397.58463px; bottom:76.43677px;\"><div class=\"t m0 xc8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w636 h6a\" style=\"left:512.43964px; bottom:76.43677px;\"><div class=\"t m0 x123 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w635 h41\" style=\"left:-4.050377px; bottom:59.900757px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) fabbricati<span class=\"_ _0\"></span> </div></div><div class=\"c w27f h41\" style=\"left:397.58463px; bottom:59.900757px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w636 h41\" style=\"left:512.43964px; bottom:59.900757px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w635 h47\" style=\"left:-4.050377px; bottom:40.400757px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w27f h47\" style=\"left:397.58463px; bottom:40.400757px;\"><div class=\"t m0 xc2 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">307<span class=\"ls0\"> </span></div></div><div class=\"c w636 h47\" style=\"left:512.43964px; bottom:40.400757px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-758.91724px;\"><div class=\"t m0 x0 h61 ybd1 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y106c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9b0 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si rilevano imp<span class=\"_ _0\"></span>orti materiali relativi <span class=\"_ _0\"></span>a impegni per leasing no<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> ancora stipulati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1118 ff1 fs0 fc0 sc0 ls0 ws0\">Non si segnalano ult<span class=\"_ _0\"></span>eriori informazioni degne di men<span class=\"_ _0\"></span>zione oltre a quelle g<span class=\"_ _0\"></span>i\u00e0 fornite nella pre<span class=\"_ _0\"></span>sente sezione.<span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h4c y1119 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h12b y192f ff2 fsa fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-245.7301px;\"><div class=\"t m0 x0 h19a y15a8 ff5 fs1e fc2 sc0 ls0 ws0\">SEZIONE 2 - LOCATORE </div><div class=\"t m0 x0 h24 y15a9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y3b ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1112 ff5 fs0 fc2 sc0 ls0 ws0\">INFORMAZIONI QUA<span class=\"_ _0\"></span>LITATIVE  </div><div class=\"t m0 x0 h24 y1113 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4bd ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>effettua <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>ruolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>locatore <span class=\"_ _3\"></span>principalmente attraverso <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Capogruppo In<span class=\"_ _5\"></span>tesa </div><div class=\"t m0 x0 h2 y1114 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo e alcune p<span class=\"_ _0\"></span>artecipate estere, in p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rticolare PBZ Leasi<span class=\"_ _0\"></span>ng, VUB Leasing, C<span class=\"_ _0\"></span>IB Leasing e Intesa <span class=\"_ _0\"></span>Leasing Beograd.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y887 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operativit\u00e0 riguarda p<span class=\"_ _3\"></span>rincipalmente il <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>finanziario su <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>immobiliari, industriali <span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ommerciali. Inoltre <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>ocie<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _3\"></span>sono </span></div><div class=\"t m0 x0 h2 y1115 ff1 fs0 fc0 sc0 ls0 ws0\">presenti <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>merc<span class=\"_ _0\"></span>ato <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>leasing <span class=\"_ _4\"></span>aventi <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>strumentali, <span class=\"_ _4\"></span>veicoli <span class=\"_ _6\"></span>industriali, <span class=\"_ _4\"></span>imbarcazi<span class=\"_ _0\"></span>oni <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>navi <span class=\"_ _4\"></span>da </div><div class=\"t m0 x0 h2 y342 ff1 fs0 fc0 sc0 ls0 ws0\">diporto.  I<span class=\"_ _0\"></span>  ri<span class=\"_ _0\"></span>schi  a<span class=\"_ _0\"></span>ssociati <span class=\"_ _16\"> </span>ai  dir<span class=\"_ _0\"></span>itti  di<span class=\"_ _0\"></span>  propr<span class=\"_ _0\"></span>iet\u00e0 <span class=\"_ _16\"> </span>sui  beni <span class=\"_ _16\"> </span>oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i  l<span class=\"_ _0\"></span>easing <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>perimetro  Itali<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>vengono  gestiti <span class=\"_ _16\"> </span>mediante<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yf0 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019obb<span class=\"ff1\">ligatoriet\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>all<span class=\"_ _3\"></span>-risk, <span class=\"_ _5\"></span>offerta <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>convenzione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sottoscritta <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>cliente </span></div><div class=\"t m0 x0 h2 y343 ff1 fs0 fc0 sc0 ls0 ws0\">con il proprio assicurat<span class=\"_ _0\"></span>ore. </div><div class=\"t m0 x0 h2 y344 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo riguard<span class=\"_ _0\"></span>a sia immobili che v<span class=\"_ _0\"></span>eicoli ed attrezzature.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y345 ff1 fs0 fc0 sc0 ls0 ws0\">Nella Nota integrativa sono<span class=\"_ _0\"></span> esposti: </div><div class=\"t m0 x0 h2 yfd3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i finanziamenti per leasing (Parte B, Attivo: Tabella 4.1 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _0\"></span>: composizione<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y11ad ff1 fs0 fc0 sc0 ls0 ws0\">merceologica <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Tabella <span class=\"_ _2\"></span>4.2 <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato: <span class=\"_ _2\"></span>composizione<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 yc59 ff1 fs0 fc0 sc0 ls0 ws0\">merceologica dei credi<span class=\"_ _0\"></span>ti verso clientela); </div><div class=\"t m0 x0 h2 y9db ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>concesse <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>leasing <span class=\"_ _7\"> </span>operativo <span class=\"_ _7\"> </span>contenute <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>voce <span class=\"_ _7\"> </span>9<span class=\"_ _3\"></span>0 <span class=\"_ _7\"> </span>Attivit\u00e0 <span class=\"_ _7\"> </span>materiali <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>illustrate <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>Parte <span class=\"_ _7\"> </span>B, <span class=\"_ _7\"> </span>Attivo </span></div><div class=\"t m0 x2a h2 yb05 ff1 fs0 fc0 sc0 ls0 ws0\">(Tabella <span class=\"_ _5\"></span>9.4 <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _6\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investiment<span class=\"_ _3\"></span>o: <span class=\"_ _6\"></span>composizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value); <span class=\"_ _6\"></span>si </div><div class=\"t m0 x2a h2 yeac ff1 fs0 fc0 sc0 ls0 ws0\">tratta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>produttivo, <span class=\"_ _5\"></span>locati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>soggetti <span class=\"_ _2\"></span>terzi <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detenuti </div><div class=\"t m0 x2a h2 y1520 ff1 fs0 fc0 sc0 ls0 ws0\">per il possibile appre<span class=\"_ _0\"></span>zzamento di valore. T<span class=\"_ _0\"></span>ale fattispecie non pr<span class=\"_ _0\"></span>esenta v<span class=\"_ _3\"></span>alori al 31 dicembre 20<span class=\"_ _0\"></span>22. </div><div class=\"t m0 x0 h2 y7c4 ff1 fs0 fc0 sc0 ls0 ws0\">Si rimanda a tali s<span class=\"_ _0\"></span>ezioni per magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ori dettagli. </div><div class=\"t m0 x0 h2 y1374 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>Parte <span class=\"_ _5\"></span>C <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integrativa <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>leasing <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>gli </div><div class=\"t m0 x0 h2 y77d ff1 fs0 fc0 sc0 ls0 ws0\">altri proventi dei le<span class=\"_ _0\"></span>asing finanziari e <span class=\"_ _0\"></span>operativi. <span class=\"_ _3\"></span>Si rimanda alle s<span class=\"_ _0\"></span>pecifiche sezioni <span class=\"_ _0\"></span>per maggiori dettagli. </div><div class=\"t m0 x0 h2 y7d6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd9e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y9fd ff5 fs9 fc2 sc0 ls0 ws0\">2. Leasing finanziario  </div><div class=\"t m0 x0 h95 yda0 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yf87 ff2 fs0 fc2 sc0 ls0 ws0\">2.1. <span class=\"_ _4\"></span>Classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fasce <span class=\"_ _6\"></span>temporali <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ricevere <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>riconciliazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>leasing <span class=\"_ _6\"></span>iscritti<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h4c yf1e ff3 fs0 fc2 sc0 ls0 ws0\">nell\u2019attivo<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h4c y6dd ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y729 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>abella <span class=\"_ _6\"></span>fornisce <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>fasce <span class=\"_ _6\"></span>temporali <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ricevere <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>riconciliazione <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i </div><div class=\"t m0 x0 h2 y17e3 ff4 fs0 fc0 sc0 ls0 ws0\">pagamenti da <span class=\"_ _3\"></span>ricevere <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>finanziamenti per <span class=\"_ _3\"></span>leasing, <span class=\"_ _3\"></span>in conformit\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>previsto dall\u2019IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>paragrafo 94.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>particola<span class=\"_ _5\"></span><span class=\"ff1\">re </span></div><div class=\"t m0 x0 h2 y783 ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>recisa <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pagamenti <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>ric<span class=\"_ _3\"></span>evere <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>leasing, <span class=\"_ _6\"></span>rappresentativi <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>sommatoria <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>pagamenti <span class=\"_ _6\"></span>minimi <span class=\"_ _4\"></span>dovuti <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea </div><div class=\"t m0 x0 h2 y13fe ff1 fs0 fc0 sc0 ls0 ws0\">capitale e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>linea <span class=\"_ _3\"></span>interessi, sono <span class=\"_ _3\"></span>esposti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>rettificativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>residuo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>garantito s<span class=\"_ _3\"></span>pettante al <span class=\"_ _4\"></span>locatore<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y1318 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"> </span>riconciliazione <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>finanzi<span class=\"ff4\">a<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing, <span class=\"_ _4\"> </span>esposti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo </span></div><div class=\"t m0 x0 h2 y11dd ff1 fs0 fc0 sc0 ls0 ws0\">ammortizzato, avviene s<span class=\"_ _0\"></span>ottraendo gli utili f<span class=\"_ _0\"></span>inanziari non m<span class=\"_ _0\"></span>aturati e aggiungend<span class=\"_ _0\"></span>o il valore residuo n<span class=\"_ _0\"></span>on garantito.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h22 y52b ff5 fsa fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w506 h114\" style=\"left:455.14862px; bottom:252.5989px;\"><div class=\"t m0 x8d h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w638 h7b\" style=\"left:-4.050377px; bottom:208.76291px;\"><div class=\"t m0 x41 h22 y1930 ff5 fsa fc2 sc0 ls0 ws0\">Fasce temporali<span class=\"_ _0\"></span> </div></div><div class=\"c w361 h42\" style=\"left:288.20264px; bottom:236.9989px;\"><div class=\"t m0 xf4 h22 y103c ff5 fsa fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w506 h42\" style=\"left:455.14862px; bottom:236.9989px;\"><div class=\"t m0 xf4 h22 y103c ff5 fsa fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w361 h86\" style=\"left:288.20264px; bottom:208.76291px;\"><div class=\"t m0 x95 h22 ye5 ff5 fsa fc2 sc0 ls0 ws0\">Pagamenti da r<span class=\"_ _0\"></span>icevere per il </div><div class=\"t m0 x64 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">leasing </div></div><div class=\"c w506 h86\" style=\"left:455.14862px; bottom:208.76291px;\"><div class=\"t m0 x95 h22 ye5 ff5 fsa fc2 sc0 ls0 ws0\">Pagamenti da r<span class=\"_ _0\"></span>icevere per il </div><div class=\"t m0 x64 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">leasing </div></div><div class=\"c w638 h65\" style=\"left:-4.050377px; bottom:191.13489px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Fino a 1 anno </div></div><div class=\"c w361 h65\" style=\"left:288.20264px; bottom:191.13489px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.738 </div></div><div class=\"c w506 h65\" style=\"left:455.14862px; bottom:191.13489px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">2.471 </div></div><div class=\"c w638 h64\" style=\"left:-4.050377px; bottom:173.6629px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Da oltre 1 anno<span class=\"_ _0\"></span> fino a 2 anni </div></div><div class=\"c w361 h64\" style=\"left:288.20264px; bottom:173.6629px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.423 </div></div><div class=\"c w506 h64\" style=\"left:455.14862px; bottom:173.6629px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">2.064 </div></div><div class=\"c w638 h65\" style=\"left:-4.050377px; bottom:156.03491px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Da oltre 2 anni f<span class=\"_ _0\"></span>ino a 3 anni </div></div><div class=\"c w361 h65\" style=\"left:288.20264px; bottom:156.03491px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.222 </div></div><div class=\"c w506 h65\" style=\"left:455.14862px; bottom:156.03491px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.802 </div></div><div class=\"c w638 h64\" style=\"left:-4.050377px; bottom:138.5629px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Da oltre 3 anni f<span class=\"_ _0\"></span>ino a 4 anni </div></div><div class=\"c w361 h64\" style=\"left:288.20264px; bottom:138.5629px;\"><div class=\"t m0 x66 h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">978<span class=\"ls0\"> </span></div></div><div class=\"c w506 h64\" style=\"left:455.14862px; bottom:138.5629px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.537 </div></div><div class=\"c w638 h65\" style=\"left:-4.050377px; bottom:120.934906px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Da oltre 4 anni f<span class=\"_ _0\"></span>ino a 5 anni </div></div><div class=\"c w361 h65\" style=\"left:288.20264px; bottom:120.934906px;\"><div class=\"t m0 x66 h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">794<span class=\"ls0\"> </span></div></div><div class=\"c w506 h65\" style=\"left:455.14862px; bottom:120.934906px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.259 </div></div><div class=\"c w638 h64\" style=\"left:-4.050377px; bottom:103.46289px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Da oltre 5 anni </div></div><div class=\"c w361 h64\" style=\"left:288.20264px; bottom:103.46289px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.984 </div></div><div class=\"c w506 h64\" style=\"left:455.14862px; bottom:103.46289px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">3.750 </div></div><div class=\"c w638 h8c\" style=\"left:-4.050377px; bottom:78.03491px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">Totale dei pagame<span class=\"_ _35\"></span>nti da ricevere per leasing </div></div><div class=\"c w361 h8c\" style=\"left:288.20264px; bottom:78.03491px;\"><div class=\"t m0 x65 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">8.139 </div></div><div class=\"c w506 h8c\" style=\"left:455.14862px; bottom:78.03491px;\"><div class=\"t m0 x82 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">12.883 </div></div><div class=\"c w638 h64\" style=\"left:-4.050377px; bottom:60.562897px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">Riconciliazione co<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>finan<span class=\"_ _0\"></span>ziamenti </div></div><div class=\"c w361 h64\" style=\"left:288.20264px; bottom:60.562897px;\"><div class=\"t m0 x151 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">-<span class=\"ls31\">59</span> </div></div><div class=\"c w506 h64\" style=\"left:455.14862px; bottom:60.562897px;\"><div class=\"t m0 x182 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">-<span class=\"ls31\">408</span> </div></div><div class=\"c w638 h65\" style=\"left:-4.050377px; bottom:42.934906px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Utili finanziari non <span class=\"_ _35\"></span>mat<span class=\"_ _3\"></span>urati (+)<span class=\"_ _0\"></span> </div></div><div class=\"c w361 h65\" style=\"left:288.20264px; bottom:42.934906px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">1.276 </div></div><div class=\"c w506 h65\" style=\"left:455.14862px; bottom:42.934906px;\"><div class=\"t m0 x65 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">2.024 </div></div><div class=\"c w638 h66\" style=\"left:-4.050377px; bottom:25.42389px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">Valore residuo<span class=\"_ _0\"></span> non garantito (-) </div></div><div class=\"c w361 h66\" style=\"left:288.20264px; bottom:25.42389px;\"><div class=\"t m0 x62 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">-1.335 </div></div><div class=\"c w506 h66\" style=\"left:455.14862px; bottom:25.42389px;\"><div class=\"t m0 x62 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">-2.432 </div></div><div class=\"c w638 h8c\" style=\"left:-4.050377px; bottom:-0.0041046143px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">Finanziamenti per<span class=\"_ _35\"></span> l<span class=\"_ _3\"></span>easing </div></div><div class=\"c w361 h8c\" style=\"left:288.20264px; bottom:-0.0041046143px;\"><div class=\"t m0 x65 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">8.198 </div></div><div class=\"c w506 h8c\" style=\"left:455.14862px; bottom:-0.0041046143px;\"><div class=\"t m0 x82 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">13.291 </div></div>2.2. Altre informazioni 2.2.1 Classificazione fi<span class=\"_ _0\"></span>nanziamenti per leas<span class=\"_ _0\"></span>ing per tipologia d<span class=\"_ _0\"></span>i bene locato<span class=\"_ _3\"></span> La <span class=\"_ _4\"></span>tabella <span class=\"_ _4\"></span>riporta <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>qualit\u00e0 <span class=\"_ _4\"></span>creditizia <span class=\"_ _6\"></span>(non <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>deteriorati) <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per tipologia di bene loca<span class=\"_ _0\"></span>to. I valori sono e<span class=\"_ _0\"></span>spressi al netto dell<span class=\"_ _0\"></span>e rettifiche.<span class=\"_ _3\"></span> (milioni di euro) Finanziamenti per<span class=\"_ _35\"></span> l<span class=\"_ _3\"></span>easing Esposizioni non deteriorate Esposizioni deteriorate A. Beni immobil<span class=\"_ _0\"></span>i 5.352 364<span class=\"ls0\"> </span>B. Beni stru<span class=\"_ _0\"></span>mentali 1.310 19<span class=\"ls0\"> </span>C. Beni mobili 1.113 30<span class=\"ls0\"> </span>- Autoveicoli 747<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- Aeronavale e ferr<span class=\"_ _0\"></span>oviario 235<span class=\"ls0\"> </span>3 - Altri 131<span class=\"ls0\"> </span>2 D. Beni immate<span class=\"_ _0\"></span>riali 10<span class=\"ls0\"> </span>- - Marchi 10<span class=\"ls0\"> </span>- - Software - - - Altri - - 2.2.2 Classificazione d<span class=\"_ _0\"></span>ei beni riferibili <span class=\"_ _0\"></span>al leasing finanziario  La <span class=\"_ _6\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>fornisce <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>scomposizione <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>bene <span class=\"_ _6\"></span>locato <span class=\"_ _5\"></span>(non <span class=\"_ _6\"></span>ancora <span class=\"_ _5\"></span>trasferito <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>materiali) relativo a crediti per l<span class=\"_ _0\"></span>easing, al netto delle r<span class=\"_ _0\"></span>ettifiche di valore. (milioni di eur<span class=\"_ _35\"></span>o) Beni inopt<span class=\"_ _0\"></span>ati Beni ritirat<span class=\"_ _0\"></span>i a seguito d<span class=\"_ _0\"></span>i risoluzio<span class=\"_ _0\"></span>ne Altri be<span class=\"_ _0\"></span>ni A. Beni im<span class=\"_ _0\"></span>mobili 14<span class=\"ls0\"> </span>4 5.698 B. Beni str<span class=\"_ _0\"></span>umentali - - 1.329 C. Beni m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili 76<span class=\"ls0\"> </span>- 1.067 - Autoveicol<span class=\"_ _0\"></span>i 55<span class=\"ls0\"> </span>- 717<span class=\"ls0\"> </span>- Aeronaval<span class=\"_ _0\"></span>e e ferrovi<span class=\"_ _0\"></span>ario 1 - 237<span class=\"ls0\"> </span>- Altri 20<span class=\"ls0\"> </span>- 113<span class=\"ls0\"> </span>D. Beni im<span class=\"_ _0\"></span>materiali - - 10<span class=\"ls0\"> </span>- Marchi - - 10<span class=\"ls0\"> </span>- Software<span class=\"_ _0\"></span> - - - - Altri - - - TOTALE 90<span class=\"ls0\"> </span>4 8.104 I beni <span class=\"_ _3\"></span>inoptati sono beni ancora presso i clienti, per i <span class=\"_ _3\"></span>quali non \u00e8 stata esercitata l\u2019opzione di riscatto, connessi a posiz<span class=\"_ _5\"></span><span class=\"ff1\">ioni che </span>non <span class=\"_ _3\"></span>presentano condizioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>deterioramento del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio. I <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>ritirati a<span class=\"_ _3\"></span> se<span class=\"_ _3\"></span>guito di <span class=\"_ _3\"></span>risoluzione sono <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a c<span class=\"_ _3\"></span>ontr<span class=\"_ _5\"></span>atti risolti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ove <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>liberato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>contrattuali, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>provveduto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span>oggetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>\u201caltri <span class=\"_ _3\"></span>ben<span class=\"_ _3\"></span>i\u201d <span class=\"_ _3\"></span>rientrano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sottostanti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>leasing<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>inclusi </span>nelle precedenti colo<span class=\"_ _0\"></span>nne.<span class=\"fs12\"> </span>3. Leasing operativo  3.1. Classificazione <span class=\"_ _0\"></span>per fasce temporali <span class=\"_ _0\"></span>dei pagamenti da ric<span class=\"_ _0\"></span>evere <span class=\"_ _3\"></span> L\u2019attivit\u00e0 si riferisc<span class=\"_ _0\"></span>e ai canoni di locazione d<span class=\"_ _0\"></span>a ricevere relativi <span class=\"_ _0\"></span>ad immobili di propriet<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Fasce tem<span class=\"_ _0\"></span>porali 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Pagament<span class=\"_ _0\"></span>i da ricevere <span class=\"_ _0\"></span>per il leasin<span class=\"_ _35\"></span>g Pagament<span class=\"_ _0\"></span>i da ricevere <span class=\"_ _0\"></span>per il leasi<span class=\"_ _0\"></span>ng Fino a 1 ann<span class=\"_ _0\"></span>o 29<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>Da oltre 1<span class=\"_ _0\"></span> anno fino a<span class=\"_ _0\"></span> 2 anni 13<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>Da oltre 2<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 3 anni 9 10<span class=\"ls0\"> </span>Da oltre 3<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 4 anni 9 9 Da oltre 4<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 5 anni 9 10<span class=\"ls0\"> </span>Da oltre 5<span class=\"_ _0\"></span> anni 20<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>Totale  89<span class=\"ls0\"> </span>74<span class=\"ls0\"> </span>3.2. Altre informazio<span class=\"_ _0\"></span>ni Non si segnalano ult<span class=\"_ _0\"></span>eriori informazioni deg<span class=\"_ _0\"></span>ne di menzione olt<span class=\"_ _0\"></span>re a quelle gi\u00e0 fornite n<span class=\"_ _0\"></span>ella presente s<span class=\"_ _0\"></span>ezione.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1044": {
   "value": "SEZIONE 9 - ATTIVIT\u00c0 MATERIALI <span class=\"ff6\">\u2013</span> VOCE 90<span class=\"ff1 fc5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, val<span class=\"_ _0\"></span>utate al <span class=\"_ _0\"></span>costo 2.483 2.530 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale - Dirit<span class=\"_ _3\"></span>ti d'uso acquisiti<span class=\"_ _3\"></span> con il leasing<span class=\"_ _3\"></span> 1.495 1.521 2. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>costo - - 3. Attivit\u00e0<span class=\"_ _0\"></span> materiali ad<span class=\"_ _0\"></span> uso fun<span class=\"_ _0\"></span>zionale, riv<span class=\"_ _0\"></span>alutate 6.381 6.574 Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali ad uso funzi<span class=\"_ _3\"></span>onale, rivaluta<span class=\"_ _3\"></span>te - Diritti d'<span class=\"_ _3\"></span>uso acquisiti co<span class=\"_ _3\"></span>n il leasing<span class=\"_ _3\"></span> - -<span class=\"ff2 fs4\"> </span>4. Attivit\u00e0<span class=\"_ _0\"></span> materiali de<span class=\"_ _0\"></span>tenute a <span class=\"_ _0\"></span>scopo di in<span class=\"_ _0\"></span>vestimento,<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair valu<span class=\"_ _0\"></span>e 770<span class=\"ls0\"> </span>798<span class=\"ls0\"> </span>Di cui - Attivit\u00e0 mat<span class=\"_ _3\"></span>eriali a scopo di inv<span class=\"_ _3\"></span>estimento <span class=\"_ _3\"></span>- Diritti d'u<span class=\"_ _3\"></span>so acquisiti con il<span class=\"_ _3\"></span> leasing<span class=\"ff1 fs17\"> </span>- - 5. Rimanen<span class=\"_ _0\"></span>ze di attivi<span class=\"_ _0\"></span>t\u00e0 materi<span class=\"_ _0\"></span>ali disciplinate <span class=\"_ _35\"></span>dallo IAS 2 871<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>Totale Atti<span class=\"_ _0\"></span>vit\u00e0 mater<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ali voce 9<span class=\"_ _35\"></span>0 10.505 10.792 9.1 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 valutate al costo  (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Attivit\u00e0 <span class=\"_ _0\"></span>di propriet\u00e0<span class=\"_ _35\"></span>  988<span class=\"ls0\"> </span>1.009 a) terreni<span class=\"_ _0\"></span> - - b) fabbricati<span class=\"_ _0\"></span> - - c) mobili 194<span class=\"ls0\"> </span>207<span class=\"ls0\"> </span>d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 748<span class=\"ls0\"> </span>758<span class=\"ls0\"> </span>e) altre 46<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> 1.495 1.521 a) terreni<span class=\"_ _0\"></span> 1 9 b) fabbricati<span class=\"_ _0\"></span> 1.218 1.331 c) mobili - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci 36<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>e) altre  240<span class=\"ls0\"> </span>165<span class=\"ls0\"> </span>Totale 2.483 2.530 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>1 2 9.2 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al costo<span class=\"_ _3\"></span> Non sono presenti Atti<span class=\"_ _0\"></span>vit\u00e0 materiali detenute <span class=\"_ _0\"></span>a scopo di investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto valutate al co<span class=\"_ _0\"></span>sto nel Gruppo Intesa S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo.<span class=\"_ _90\"> </span><span class=\"_ _2\"></span><span class=\"ff5\"> </span>9.3 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: comp<span class=\"_ _0\"></span>osizione delle attivit<span class=\"_ _0\"></span>\u00e0 rivalutate <span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 6.381 - - 6.574 a) terreni<span class=\"_ _0\"></span> - - 2.641 - - 2.656 b) fabbricati<span class=\"_ _0\"></span> - - 3.429 - - 3.606 c) patrimoni<span class=\"_ _0\"></span>o artisti<span class=\"_ _0\"></span>co di pregio<span class=\"_ _0\"></span> - - 311<span class=\"ls0\"> </span>- - 312<span class=\"ls0\"> </span>d) <span class=\"ls0\">impianti <span class=\"_ _0\"></span>elettronici<span class=\"_ _0\"></span> </span>- - - - - - e) altre - - - - - - 2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - c) mobili - - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - - e) altre - - - - - - TOTALE - - 6.381 - - 6.574 di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - - - - - 9.4 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: compo<span class=\"_ _0\"></span>sizione delle attivit\u00e0 valut<span class=\"_ _0\"></span>ate al fair value<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> 1.  Attivit\u00e0<span class=\"_ _0\"></span> di propri<span class=\"_ _0\"></span>et\u00e0 - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> - - 271<span class=\"ls0\"> </span>- - 281<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> - - 499<span class=\"ls0\"> </span>- - 517<span class=\"ls0\"> </span>2. Diritti <span class=\"_ _0\"></span>d'uso ac<span class=\"_ _0\"></span>quisiti c<span class=\"_ _0\"></span>on il leasin<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span> - - - - - - a) terreni<span class=\"_ _0\"></span> - - - - - - b) fabbricati<span class=\"_ _0\"></span> - - - - - - TOTALE - - 770<span class=\"ls0\"> </span>- - 798<span class=\"ls0\"> </span>di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ricevute - - 114<span class=\"ls0\"> </span>- - 138<span class=\"ls0\"> </span>Relativamente alle p<span class=\"_ _0\"></span>revisioni di cui allo IAS<span class=\"_ _0\"></span> 40 paragrafo 75, <span class=\"_ _0\"></span>lettera c), g), h) <span class=\"_ _3\"></span>non si segnalano in<span class=\"_ _0\"></span>formazioni degne di <span class=\"_ _0\"></span>nota.<span class=\"_ _90\"> </span>9.5 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: co<span class=\"_ _0\"></span>mposizione (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> Di cui: 31.12.2021<span class=\"_ _0\"></span> Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Rimane<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ze di attivi<span class=\"_ _35\"></span>t\u00e0 materiali ottenut<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>tramite<span class=\"_ _35\"></span> l'escussio<span class=\"_ _0\"></span>ne delle <span class=\"_ _0\"></span>garanzie ri<span class=\"_ _0\"></span>cevute 192<span class=\"ls0\"> </span>181<span class=\"ls0\"> </span>- 11<span class=\"ls0\"> </span>211<span class=\"ls0\"> </span>a) terreni<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>3 - 10<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>b) fabbricati<span class=\"_ _0\"></span> 179<span class=\"ls0\"> </span>178<span class=\"ls0\"> </span>- 1 192<span class=\"ls0\"> </span>c) mobili - - - - - d) impian<span class=\"_ _0\"></span>ti elettroni<span class=\"_ _0\"></span>ci - - - - - e) altre - - - - 1 2. Altre rim<span class=\"_ _0\"></span>anenze d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> attivit\u00e0 mat<span class=\"_ _35\"></span>eriali 679<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>- 655<span class=\"ls0\"> </span>679<span class=\"ls0\"> </span>Totale 871<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>- 666<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>di cui: valut<span class=\"_ _0\"></span>ate al fair<span class=\"_ _0\"></span> value al n<span class=\"_ _0\"></span>etto dei co<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ti di vendit<span class=\"_ _0\"></span>a 6 6 - - 1 9.6 Attivit\u00e0 materiali <span class=\"_ _0\"></span>ad uso funzionale: v<span class=\"_ _0\"></span>ariazioni annue (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 2.665 5.736 2.088 6.657 312<span class=\"ls0\"> </span>395<span class=\"ls0\"> </span>17.853 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -799 -1.881 -5.883 - -186 -8.749 A.2 Esistenze ini<span class=\"_ _3\"></span>ziali nette 2.665 4.937 207<span class=\"ls0\"> </span>774<span class=\"ls0\"> </span>312<span class=\"ls0\"> </span>209<span class=\"ls0\"> </span>9.104 B. Aumenti: 52<span class=\"ls0\"> </span>450<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>260<span class=\"ls0\"> </span>1 188<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>B.1 Acquisti - 97<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>244<span class=\"ls0\"> </span>- 155<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate 12<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- - - - 49<span class=\"ls0\"> </span>B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> a) patrimonio nett<span class=\"_ _3\"></span>o 16<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- - - - 27<span class=\"ls0\"> </span> b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti     <span class=\"ls0\">a scopo di inv<span class=\"_ _3\"></span>estimento </span>14<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>X X X X 33<span class=\"ls0\"> </span>B.7 Altre variazioni<span class=\"_ _3\"></span>  10<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>3 16<span class=\"ls0\"> </span>1 33<span class=\"ls0\"> </span>349<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -<span class=\"ls1b\">75</span> -740 -<span class=\"ls1b\">49</span> -250 -2 -111 -1.227 C.1 Vendite - -6 - -1 - -2 -9 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -342 -<span class=\"ls1b\">33</span> -221 - -<span class=\"ls1b\">79</span> -675 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -3 -5 - - -2 -<span class=\"ls1b\">10</span>  a) patrimonio nett<span class=\"_ _3\"></span>o - -3 - - - - -3  b) conto economico<span class=\"_ _3\"></span> - - -5 - - -2 -7 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> -9 -<span class=\"ls1b\">13</span> - - -2 -1 -<span class=\"ls1b\">25</span>  a) patrimonio nett<span class=\"_ _3\"></span>o -6 -9 - - - - -<span class=\"ls1b\">15</span>  b) conto economico<span class=\"_ _3\"></span> -3 -4 - - -2 -1 -<span class=\"ls1b\">10</span> C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  -<span class=\"ls1b\">20</span> -<span class=\"ls1b\">46</span> -3 -5 - -2 -<span class=\"ls1b\">76</span> C.6 Trasferimenti<span class=\"_ _3\"></span> a: -<span class=\"ls1b\">38</span> -<span class=\"ls1b\">77</span> - - - - -115   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>-<span class=\"ls1b\">36</span> -<span class=\"ls1b\">72</span> X X X X -108   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>-2 -5 - - - - -7 C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -253 -8 -<span class=\"ls1b\">23</span> - -<span class=\"ls1b\">25</span> -317 D. Rimanenze finali <span class=\"_ _3\"></span>nette 2.642 4.647 194<span class=\"ls0\"> </span>784<span class=\"ls0\"> </span>311<span class=\"ls0\"> </span>286<span class=\"ls0\"> </span>8.864 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -967 -1.902 -6.012 - -173 -9.054 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 2.642 5.614 2.096 6.796 311<span class=\"ls0\"> </span>459<span class=\"ls0\"> </span>17.918 E. Valutazione al c<span class=\"_ _3\"></span>osto 1.852 2.450 - - 112<span class=\"ls0\"> </span>- 4.414<span class=\"_ _90\"> </span>Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Come illustrato nella Part<span class=\"_ _0\"></span>e A -<span class=\"_ _3\"></span> Fair value del patrimo<span class=\"_ _0\"></span>nio immobiliare e del patrim<span class=\"_ _0\"></span>onio artistico di pregio, sull<span class=\"_ _3\"></span>a base delle regole<span class=\"_ _0\"></span> di periodicit\u00e0 di valut<span class=\"_ _0\"></span>azione, si segnala<span class=\"_ _0\"></span> che: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gli <span class=\"_ _6\"></span>immobili <span class=\"_ _4\"></span>classificati <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>so <span class=\"_ _6\"></span>funzionale <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>Trophy <span class=\"_ _6\"></span>Asset, <span class=\"_ _6\"></span>presenti <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"></span>di </span>integrale <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>rispettivamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>2021; <span class=\"_ _7\"> </span>perta<span class=\"_ _3\"></span><span class=\"ff4\">nto, <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>sottoposti <span class=\"_ _4\"> </span>ad </span>analisi di scenario; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>artistico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>regio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>analisi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>l\u2019esercizio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>essendo <span class=\"_ _5\"></span>stato <span class=\"_ _6\"> </span>integralmente </span></span>valutato a fine 2020, <span class=\"_ _0\"></span>tramite il ricorso a peri<span class=\"_ _0\"></span>zie esterne, a<span class=\"_ _3\"></span>ffidate ad <span class=\"_ _0\"></span>esperti qualificati e indi<span class=\"_ _0\"></span>pendenti. Nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.4 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.4 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iportate <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni, <span class=\"_ _5\"></span>rispettivamen<span class=\"_ _0\"></span>te, <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>negative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>immo<span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ili (terreni e <span class=\"_ _2\"></span>fabbricati) ad <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>funzionale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>artistici d<span class=\"_ _3\"></span>i pregio, <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca a<span class=\"_ _3\"></span>pplica il <span class=\"_ _3\"></span>criterio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>rideterminazione<span class=\"_ _35\"></span> del valore.  Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>locazione <span class=\"_ _5\"></span>(IFRS <span class=\"_ _5\"></span>16) <span class=\"_ _6\"></span>e,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>sola <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>diminuzione, <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>ammortamenti </span>contabilizzati <span class=\"_ _2\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cespiti <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dall\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>rami <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>ex <span class=\"_ _6\"></span>Banche<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Venete, <span class=\"_ _2\"></span>fronteggiati<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>dal </span>fondo per rischi ed o<span class=\"_ _0\"></span>neri a suo tempo ap<span class=\"_ _0\"></span>positamente costituito.  La <span class=\"_ _1c\"> </span>sottovoce <span class=\"_ _1c\"> </span>E. <span class=\"_ _1c\"> </span>Valutazione<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>costo <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>valorizzata <span class=\"_ _18\"> </span>per <span class=\"_ _20\"> </span>l<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>sole <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>materiali<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>valutate <span class=\"_ _1c\"> </span>secondo <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>criterio<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>della rideterminazione del v<span class=\"_ _0\"></span>alore, in conformit<span class=\"_ _0\"></span>\u00e0 con le istruzioni cont<span class=\"_ _0\"></span>enute nella Circol<span class=\"_ _0\"></span>are n. 262 della B<span class=\"_ _0\"></span>anca d\u2019Italia.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>9.6 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali ad uso funziona<span class=\"_ _0\"></span>le - <span class=\"_ _3\"></span>Diritti d'uso<span class=\"_ _35\"></span> acquisiti con il leasing: variazioni annu<span class=\"_ _0\"></span>e (milioni di euro)<span class=\"_ _3\"></span> Terreni Fabbricati Mobili Impianti elettronici Patrimonio<span class=\"_ _3\"></span> artistico di pregio Altre Totale A. Esistenze iniziali <span class=\"_ _3\"></span>lorde 9 1.968 - 36<span class=\"ls0\"> </span>- 193<span class=\"ls0\"> </span>2.206 A.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -637 - -<span class=\"ls1b\">20</span> - -<span class=\"ls1b\">28</span> -685 A.2 Esistenze inizial<span class=\"_ _3\"></span>i nette 9 1.331 - 16<span class=\"ls0\"> </span>- 165<span class=\"ls0\"> </span>1.521 B. Aumenti: - 356<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- 150<span class=\"ls0\"> </span>558<span class=\"ls0\"> </span>B.1 Acquisti - 78<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- 137<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - B.2 Spese per miglio<span class=\"_ _3\"></span>rie capitalizz<span class=\"_ _3\"></span>ate - - - - - - - B.3 Riprese di val<span class=\"_ _3\"></span>ore - - - - - - - B.4 Variazioni positi<span class=\"_ _3\"></span>ve di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - - -  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - - - B.5 Differenze positiv<span class=\"_ _3\"></span>e di cambi<span class=\"_ _3\"></span>o - - - - - - - B.6 Trasferimenti <span class=\"_ _3\"></span>da immobili dete<span class=\"_ _3\"></span>nuti   a scopo di investim<span class=\"_ _3\"></span>ento - - X X X X - B.7 Altre variazioni<span class=\"_ _3\"></span>  - 278<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>301<span class=\"ls0\"> </span>C. Diminuzioni:<span class=\"_ _3\"></span> -8 -469 - -<span class=\"ls1b\">32</span> - -<span class=\"ls1b\">75</span> -584 C.1 Vendite - -1 - -1 - - -2 di cui operazioni di <span class=\"_ _3\"></span>aggregazio<span class=\"_ _3\"></span>ne aziendale<span class=\"_ _3\"></span> - - - - - - - C.2 Ammortamenti<span class=\"_ _3\"></span> - -214 - -<span class=\"ls1b\">24</span> - -<span class=\"ls1b\">69</span> -307 C.3 Rettifiche di v<span class=\"_ _3\"></span>alore da deteri<span class=\"_ _3\"></span>oramento imputate <span class=\"_ _3\"></span>a: - -1 - - - - -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - -1 - - - - -1 C.4 Variazioni ne<span class=\"_ _3\"></span>gative di fair value<span class=\"_ _3\"></span> imputate a:<span class=\"_ _3\"></span> - - - - - -1 -1  a) patrimonio nett<span class=\"_ _3\"></span>o - - - - - - -  b) conto economico<span class=\"_ _3\"></span> - - - - - -1 -1 C.5 Differenze neg<span class=\"_ _3\"></span>ative di cambi<span class=\"_ _3\"></span>o  - -5 - - - -2 -7 C.6 Trasferimenti<span class=\"_ _3\"></span> a: - - - - - - -   <span class=\"ls0\">a) attivit\u00e0 materi<span class=\"_ _3\"></span>ali detenute a sc<span class=\"_ _3\"></span>opo di investim<span class=\"_ _3\"></span>ento </span>- - X X X X -   <span class=\"ls0\">b) attivit\u00e0 in via<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>- - - - - - - C.7 Altre variazio<span class=\"_ _3\"></span>ni  -8 -248 - -7 - -3 -266 D. Rimanenze finali <span class=\"_ _3\"></span>nette 1 1.218 - 36<span class=\"ls0\"> </span>- 240<span class=\"ls0\"> </span>1.495 D.1 Riduzioni di val<span class=\"_ _3\"></span>ore totali nette<span class=\"_ _3\"></span> - -718 - -<span class=\"ls1b\">39</span> - -<span class=\"ls1b\">34</span> -791 D.2 Rimanenze <span class=\"_ _3\"></span>finali lorde 1 1.936 - 75<span class=\"ls0\"> </span>- 274<span class=\"ls0\"> </span>2.286 E. Valutazione al c<span class=\"_ _3\"></span>osto - - - - - - - Le <span class=\"_ _2\"></span>Altre <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>diminuzione <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>chiusure <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>avvenute<span class=\"_ _2\"></span> nel corso dell\u2019anno s<span class=\"_ _0\"></span>ui contratti di lo<span class=\"_ _0\"></span>cazione (IFRS 16).<span class=\"_ _90\"> </span>9.7 Attivit\u00e0 materiali de<span class=\"_ _0\"></span>tenute a scopo di in<span class=\"_ _0\"></span>vestimento: variazioni <span class=\"_ _0\"></span>a<span class=\"_ _3\"></span><span class=\"ls16\">nnue</span> (milioni di eur<span class=\"_ _35\"></span>o)               TO<span class=\"_ _35\"></span>TALE Terreni Fabbricati A Esisten<span class=\"_ _0\"></span>ze inizial<span class=\"_ _0\"></span>i 281<span class=\"ls0\"> </span>517<span class=\"ls0\"> </span>B. Aument<span class=\"_ _0\"></span>i 41<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>B.1 Acquis<span class=\"_ _0\"></span>ti - - di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di ag<span class=\"_ _0\"></span>gregazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale - - B.2 Spese p<span class=\"_ _0\"></span>er miglior<span class=\"_ _0\"></span>ie capitali<span class=\"_ _0\"></span>zzate - 7 B.3 Varia<span class=\"_ _0\"></span>zioni positive<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di fair value<span class=\"_ _35\"></span> 3 3 B.4 Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span> - - B.5 Differen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>e di cam<span class=\"_ _0\"></span>bio positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>e - - B.6 Trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> immobili ad <span class=\"_ _35\"></span>uso funzionale 36<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>B.7 Altre <span class=\"_ _0\"></span>variazioni 2 5 C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">51</span> -<span class=\"ls25\">105</span> C.1 Vendite<span class=\"_ _0\"></span> -<span class=\"ls25\">13</span> -<span class=\"ls25\">30</span> di cui opera<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - C.2 Am<span class=\"_ _0\"></span>mortamenti - - C.3 Variazi<span class=\"_ _0\"></span>oni negati<span class=\"_ _0\"></span>ve di fair<span class=\"_ _0\"></span> value -<span class=\"ls25\">10</span> -<span class=\"ls25\">32</span> C.4 Rettific<span class=\"_ _0\"></span>he di valore<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>da deteriora<span class=\"_ _35\"></span>mento - -1 C.5 Differe<span class=\"_ _0\"></span>nze di ca<span class=\"_ _0\"></span>mbio nega<span class=\"_ _0\"></span>tive - - C.6 Trasfer<span class=\"_ _0\"></span>imenti a<span class=\"_ _0\"></span> -<span class=\"ls25\">24</span> -<span class=\"ls25\">35</span>  a) immobili a<span class=\"_ _35\"></span>d <span class=\"_ _3\"></span>uso fun<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale -<span class=\"ls25\">14</span> -<span class=\"ls25\">19</span>  b) attivit\u00e0<span class=\"_ _0\"></span> non corrent<span class=\"_ _0\"></span>i e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in <span class=\"_ _0\"></span>via di dismi<span class=\"_ _35\"></span>ssione  -<span class=\"ls25\">10</span> -<span class=\"ls25\">16</span> C.7 Altre va<span class=\"_ _0\"></span>riazioni -4 -7 D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 271<span class=\"ls0\"> </span>499<span class=\"ls0\"> </span>E. Valuta<span class=\"_ _0\"></span>zione al fai<span class=\"_ _0\"></span>r value - - Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>sopra <span class=\"_ _2\"></span>esposta <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valori <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ropriet\u00e0 <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>diritti <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il </span>leasing.  Le attivit\u00e0 materiali detenute a sco<span class=\"_ _0\"></span>po di investimento, costituite da terreni e f<span class=\"_ _0\"></span>abbricati, sono valutate al fai<span class=\"_ _2\"></span>r value, in conformit\u00e0 allo IAS 40.  Come <span class=\"_ _2\"></span>illustrato <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>immobiliare <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _2\"></span>artistico <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pre<span class=\"_ _3\"></span>gio, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>sulla<span class=\"_ _0\"></span> base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>regole <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>periodicit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione, <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>proceduto <span class=\"_ _2\"></span>all\u2019aggiorname<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>perizie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>degli </span>immobili <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>investimento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>effetti <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>rilevabili <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>sottovoci <span class=\"_ _5\"></span>B.3<span class=\"_ _2\"></span> Variazioni <span class=\"_ _5\"></span>positive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>C.3 <span class=\"_ _5\"></span>Variazioni negative di fair val<span class=\"_ _0\"></span>ue.<span class=\"ff9 fs19\"> </span>9.7 Di cui - Attivit\u00e0 mater<span class=\"_ _0\"></span>iali detenute a s<span class=\"_ _0\"></span>copo di investimento - Diritti d'uso acquisiti con il l<span class=\"_ _0\"></span>easing: variazioni annue Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>investimento <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Diritti <span class=\"_ _5\"></span>d\u2019uso <span class=\"_ _5\"></span>acquisiti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>di </span>importo non significativ<span class=\"_ _0\"></span>o. 9.8 Rimanenze di attivi<span class=\"_ _0\"></span>t\u00e0 materiali disciplin<span class=\"_ _0\"></span>ate dallo IAS 2: varia<span class=\"_ _0\"></span>zioni annue  <span class=\"fc5\"> </span>(milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 18<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>- - 1 680<span class=\"ls0\"> </span>890<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 4 34<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 4 26<span class=\"ls0\"> </span>C. Diminuzioni -6 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">53</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  13<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>- - - 679<span class=\"ls0\"> </span>871<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a del Gruppo<span class=\"_ _0\"></span> bancario (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 7 190<span class=\"ls0\"> </span>- - 1 26<span class=\"ls0\"> </span>224<span class=\"ls0\"> </span>B. Aumenti 1 24<span class=\"ls0\"> </span>- - 5 3 33<span class=\"ls0\"> </span>B.1 Acquisti - - - - 5 - 5 B.2 Riprese di valore - 1 - - - - 1 B.3 Differenze di cambio positive 1 1 - - - - 2 B.4 Altre variazioni - 22<span class=\"ls0\"> </span>- - - 3 25<span class=\"ls0\"> </span>C. Diminuzioni -5 -<span class=\"ls1c\">36</span> - - -6 -5 -<span class=\"ls1c\">52</span> C.1 Vendite -5 -<span class=\"ls1c\">14</span> - - -5 -2 -<span class=\"ls1c\">26</span> C.2 Rettifiche di valore da deterioramento  - -<span class=\"ls1c\">17</span> - - - -1 -<span class=\"ls1c\">18</span> C.3 Differenze di cambio negative - - - - - - - C.4 Altre variazioni - -5 - - -1 -2 -8 D. Rimanenze finali  3 178<span class=\"ls0\"> </span>- - - 24<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle imprese di assicu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>azione Non <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _6\"></span>Rimanenze <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>materiali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplinate <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ertinenza <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _6\"></span>del Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo.<span class=\"_ _90\"> </span>9.8 di cui: di pertinenz<span class=\"_ _0\"></span>a delle altre imp<span class=\"_ _0\"></span>rese (milioni di euro) Rimanenze di attivit\u00e0 materiali ottenute tramite l\u2019escussione delle garanzie ricevute Altre rimanenze di attivit\u00e0 materiali TOTALE Terreni Fabbricati Mobili Impianti elettronici Altre A. Esistenze iniziali 11<span class=\"ls0\"> </span>1 - - - 654<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>B. Aumenti - - - - - 1 1 B.1 Acquisti - - - - - - - B.2 Riprese di valore - - - - - - - B.3 Differenze di cambio positive - - - - - - - B.4 Altre variazioni - - - - - 1 1 C. Diminuzioni -1 - - - - - -1 C.1 Vendite - - - - - - - C.2 Rettifiche di valore da deterioramento  - - - - - - - C.3 Differenze di cambio negative -1 - - - - - -1 C.4 Altre variazioni - - - - - - - D. Rimanenze finali  10<span class=\"ls0\"> </span>1 - - - 655<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>9.9 Impegni per acquis<span class=\"_ _0\"></span>to di attivit\u00e0 mate<span class=\"_ _0\"></span>riali Gli <span class=\"_ _3\"></span>impegni per ac<span class=\"_ _3\"></span>quisto di at<span class=\"_ _3\"></span>tivit\u00e0 materiali <span class=\"_ _3\"></span>in essere a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>ammontano a <span class=\"_ _3\"></span>circa 9 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>riferiti principalm<span class=\"_ _5\"></span>ente a <span class=\"_ _4\"> </span>interventi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>efficientamento <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>strutture <span class=\"_ _4\"> </span>impiantistiche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>palazzi <span class=\"_ _4\"> </span>direzionali <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>Eventuali <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"></span>relativi <span class=\"_ _6\"></span>a contratti di leasing s<span class=\"_ _0\"></span>ono illustrati nella Pa<span class=\"_ _0\"></span>rte M.<span class=\"_ _90\"> </span> 1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.6 Debiti per leasing <span class=\"fff fs6 fc0\"> </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _3\"></span>mbre 2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano ha <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1.315 <span class=\"_ _5\"></span>milioni, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>238 <span class=\"_ _2\"></span>milioni in <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno, 622 milioni in scadenz<span class=\"_ _0\"></span>a tra 1 e 5 anni e 455<span class=\"_ _0\"></span> milioni in scadenza <span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltre i 5 anni<span class=\"_ _3\"></span>. I debiti per leasing si<span class=\"_ _0\"></span> riferiscono per 1.30<span class=\"_ _0\"></span>9 milioni a controparti <span class=\"_ _0\"></span>clientela e per 6 milioni<span class=\"_ _3\"></span><span class=\"fc5\"> </span>a controparti ban<span class=\"_ _0\"></span>che.  Gli <span class=\"ff4\">stessi derivano dall<span class=\"_ _0\"></span>\u2019applicazione, con d<span class=\"_ _0\"></span>ecorrenza 1\u00b0 gennaio<span class=\"_ _0\"></span> 2019, del principio c<span class=\"_ _0\"></span>ontabile IFRS 16 relativo <span class=\"_ _0\"></span>al Leasing<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span>1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>1.5 Bis Debiti per lea<span class=\"_ _0\"></span>sing Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano debiti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r operazioni di le<span class=\"_ _0\"></span>asing verso banche.<span class=\"_ _90\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.10 Bis Debiti per le<span class=\"_ _0\"></span>asing Al 31 dicembre 2022 risultano in essere debiti per leasing verso clientela<span class=\"_ _0\"></span> per 6 milioni quasi interamente in scadenza tra 1 <span class=\"_ _2\"></span>e 5 anni. Gli stessi derivano d<span class=\"_ _0\"></span>all\u2019applicazione, c<span class=\"_ _0\"></span>on decorrenza 1\u00b0 <span class=\"_ _3\"></span><span class=\"ff1\">gennaio 2<span class=\"_ _0\"></span>019, del principio conta<span class=\"_ _0\"></span>bile IFRS 16 relativo al<span class=\"_ _0\"></span> Leasing<span class=\"_ _3\"></span>. </span>Parte M<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Info<span class=\"_ _3\"></span>rmativa sul lea<span class=\"_ _3\"></span>sing Nella <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>fornite <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>informazioni <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>ll\u2019IFRS<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>resenti <span class=\"_ _5\"></span>nelle <span class=\"_ _7\"> </span><span class=\"ff1\">altre <span class=\"_ _6\"></span>parti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio, </span>distinte tra locatario <span class=\"_ _0\"></span>e locatore. SEZIONE 1 - LOCATARIO INFORMAZIONI QUA<span class=\"_ _0\"></span>LITATIVE  Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>essenzialmente contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>immobiliare e <span class=\"_ _3\"></span>inerenti <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>automobili <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>altri <span class=\"_ _3\"></span>veico<span class=\"_ _5\"></span><span class=\"ls13\">li. </span>Sono presenti inoltre, per v<span class=\"_ _0\"></span>alori residuali, altr<span class=\"_ _0\"></span>e tipologie di contra<span class=\"_ _0\"></span>tti di leasing aventi<span class=\"_ _0\"></span> ad oggetto prevalentem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte hardware.<span class=\"_ _3\"></span> Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti di <span class=\"_ _2\"></span>leasing sono <span class=\"_ _3\"></span>8.622 <span class=\"_ _3\"></span>(9.297 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021), <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>5.255 <span class=\"_ _3\"></span>(5.963 <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021) relativi a lea<span class=\"ff4\">sing immobilia<span class=\"_ _0\"></span>re, per un valore di diri<span class=\"_ _0\"></span>tti d\u2019uso complessiv<span class=\"_ _0\"></span>o pari a 1.495 milioni<span class=\"_ _0\"></span> (1.521 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021).<span class=\"_ _0\"></span> </span>I <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>immobili <span class=\"_ _6\"> </span>destinati <span class=\"_ _4\"> </span>all\u2019uso <span class=\"_ _6\"> </span>come <span class=\"_ _4\"> </span>uffici <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>filiali <span class=\"_ _6\"> </span>bancarie. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>contratti, <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>orma<span class=\"_ _2\"></span><span class=\"ff1\">,<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>nel </span>perimetro <span class=\"_ _2\"></span>Italia <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>urate <span class=\"_ _2\"></span>super<span class=\"_ _3\"></span>iori <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>12 <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>presentano <span class=\"_ _5\"></span>tipicamente <span class=\"_ _2\"></span>opzioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rinnovo <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>estinzione <span class=\"_ _2\"></span>esercitabili <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>l locatore <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>locatario <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egole <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legge <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ppure <span class=\"_ _2\"></span>specifiche <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>contrattuali. <span class=\"_ _2\"></span>Solitamente <span class=\"_ _2\"></span>questi <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n includon<span class=\"ff4\">o <span class=\"_ _6\"> </span>l\u2019opzione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>acquisto <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>termine <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"> </span>oppure <span class=\"_ _6\"> </span>costi <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>ripristino <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"> </span>societ\u00e0. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>base <span class=\"_ _4\"> </span>delle </span>caratteristiche <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>italiani <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>previsto <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Legge <span class=\"_ _6\"></span>392/1978, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ottoscrizione <span class=\"_ _5\"></span>di <span class=\"_ _16\"> </span>un nuovo <span class=\"_ _3\"></span>c<span class=\"ff4\">ontratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>affitto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>durata <span class=\"_ _3\"></span>contrattuale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sei <span class=\"_ _2\"></span>anni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019opzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rinnovare <span class=\"_ _3\"></span>tacitamente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sei <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _3\"></span>in </span>sei anni, la durata complessiva del leasing viene posta pari a dodici anni. Tale indicazione<span class=\"_ _0\"></span> generale viene superata se vi so<span class=\"_ _5\"></span><span class=\"lsc\">no </span>ele<span class=\"ff4\">menti <span class=\"_ _2\"></span>nuovi <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>specifiche <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>estero, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>durate <span class=\"_ _5\"></span>contrattuali <span class=\"_ _3\"></span>possono <span class=\"_ _5\"></span>variare <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span></span><span class=\"lsc\">n </span>funzione delle prassi locali, ma in <span class=\"_ _3\"></span>genere non eccedono la durata di 5 a<span class=\"_ _3\"></span>nni con possibilit\u00e0 di rinnovo. Anche per <span class=\"_ _3\"></span>le partecip<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> estere, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>prevedono <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>opzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>leasing <span class=\"_ _2\"></span>n\u00e9 <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ripristino <span class=\"_ _2\"></span>signifi<span class=\"_ _5\"></span>cativi per le societ\u00e0. Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>aventi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>autovetture, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>noleggio <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>lungo <span class=\"_ _2\"></span>te<span class=\"_ _5\"></span>rmine <span class=\"_ _2\"></span>riferiti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>flotta aziendale <span class=\"_ _6\"></span>messa <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>disposizione <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dipendenti <span class=\"_ _6\"></span>(uso <span class=\"_ _4\"> </span>promiscuo) <span class=\"_ _6\"></span>oppure <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>strutture <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>rganizzative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _6\"></span>societ\u00e0.<span class=\"_ _0\"></span> Generalmente <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>contratti <span class=\"_ _4\"></span>hanno <span class=\"_ _6\"></span>durata <span class=\"_ _4\"></span>quadrie<span class=\"_ _0\"></span>nnale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>mensili, <span class=\"_ _6\"></span>senza <span class=\"_ _6\"></span>opzione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinnovo <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>no<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>includono l\u2019opzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>acquisto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bene. <span class=\"_ _16\"> </span>Il <span class=\"_ _7\"> </span>contratto <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>prorogato <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>parco <span class=\"_ _7\"> </span>auto; <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _7\"> </span>di estinzione anticipata \u00e8 <span class=\"_ _0\"></span>possibile che si<span class=\"_ _0\"></span>a prevista una penale. I <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>leasing <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>que<span class=\"_ _3\"></span>lli <span class=\"_ _7\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>ad  immo<span class=\"_ _0\"></span>bil<span class=\"_ _3\"></span>iare  e <span class=\"_ _7\"> </span>ad  a<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>tomobili <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferibili <span class=\"_ _7\"> </span>ad  hardwa<span class=\"_ _0\"></span>re <span class=\"_ _16\"> </span>(54 <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>al<span class=\"_ _0\"></span> 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>022, 55 al 31 dicembre 2021<span class=\"_ _0\"></span>) e ad altri contratti residu<span class=\"_ _0\"></span>ali (229 al 31 dicembre 202<span class=\"_ _0\"></span>2, 123 al 31 dicembre 202<span class=\"_ _0\"></span>1) e </span>sono di importo non <span class=\"_ _0\"></span>significativo rispetto <span class=\"_ _0\"></span>al complesso delle attivit\u00e0 materiali oggetto di leasi<span class=\"_ _0\"></span>ng. Nel 2022 sono state eff<span class=\"_ _0\"></span>ettuate operazion<span class=\"_ _0\"></span>i di vendita o retrolo<span class=\"_ _0\"></span>cazione di importo p<span class=\"_ _0\"></span>oco rilevante.<span class=\"_ _3\"></span> Le operazioni di sub <span class=\"_ _0\"></span>leasing sono di imp<span class=\"_ _0\"></span>orto non significati<span class=\"_ _0\"></span>vo e riconducibili a rap<span class=\"_ _0\"></span>porti infragrupp<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> Infine, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>precisa <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>avvale <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>esenzioni <span class=\"_ _4\"> </span>consentite <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>al <span class=\"_ _4\"> </span>principio <span class=\"_ _7\"> </span>IFRS <span class=\"_ _4\"> </span>16 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>leasing <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>breve <span class=\"_ _4\"> </span>termine (i.e. durata inferiore o <span class=\"_ _0\"></span>uguale ai 12 mesi) o<span class=\"_ _0\"></span> i leasing di attivit\u00e0 d<span class=\"_ _0\"></span>i modesto valore (i.<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>. valore inferiore <span class=\"_ _0\"></span>o uguale ai 5.000 euro<span class=\"_ _2\"></span><span class=\"ls20\">).</span> INFORMAZIONI QUA<span class=\"_ _0\"></span>NTITATIVE  Nella Parte B <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"ff4\">Attivo della <span class=\"_ _3\"></span>Nota integrativa sono esposti rispettivamente le informazioni sui diritti d\u2019uso acquisiti con il leasing </span>(Tabella 9.1 <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>Attivit\u00e0 materiali a<span class=\"_ _0\"></span>d uso funzionale: composizione delle attivit\u00e0 valutate al costo e Tab<span class=\"_ _3\"></span>ella 9.4 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Attivit\u00e0 materiali detenute <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento: <span class=\"_ _2\"></span>composizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>Parte <span class=\"_ _3\"></span>B <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>Passivo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>esposti <span class=\"_ _3\"></span>i debiti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>Tabella <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.1 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>Passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>ammortizzato: <span class=\"_ _2\"></span>composizion<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>merceologica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>debiti verso <span class=\"_ _3\"></span>banche, <span class=\"_ _2\"></span>Tabella 1<span class=\"_ _3\"></span>.2 <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>Passivit\u00e0 f<span class=\"_ _3\"></span>inanziarie v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortizzato: c<span class=\"_ _3\"></span>omposizione merceologica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>debiti <span class=\"_ _3\"></span>verso clientela e Tabella 1.<span class=\"_ _0\"></span>6 bis <span class=\"ff4\">\u2013</span> Debiti verso clientela: <span class=\"_ _0\"></span>composizione merceolog<span class=\"_ _0\"></span>ica).  In <span class=\"_ _4\"></span>particolare <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>dirit<span class=\"_ _3\"></span><span class=\"ff4\">ti <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _6\"> </span>ac<span class=\"_ _3\"></span>quisiti <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mmontano <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>1.495 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(1.521 <span class=\"_ _4\"> </span>milioni <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>021), <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>cui </span>1.219 milioni relativi a le<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sing immobiliari (<span class=\"_ _0\"></span>1.340 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021). I <span class=\"_ _5\"></span>debi<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>leasing <span class=\"_ _5\"></span>ammontano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>1.321 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(1.394 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _6\"></span>Si <span class=\"_ _5\"></span>rimanda <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>sezioni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>maggiori dettagli. Nella <span class=\"_ _3\"></span>Parte <span class=\"_ _3\"></span>C della <span class=\"_ _3\"></span>Nota <span class=\"_ _3\"></span>integrativa sono <span class=\"_ _3\"></span>contenute <span class=\"_ _3\"></span>le i<span class=\"_ _3\"></span>nformazioni sugli <span class=\"_ _3\"></span>interessi passivi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>debiti per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli a<span class=\"_ _3\"></span>ltr<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>oneri connessi con <span class=\"_ _3\"></span>i diritti <span class=\"_ _3\"></span>d\u2019uso ac<span class=\"_ _3\"></span>quisiti con il <span class=\"_ _3\"></span>leasing e <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span><span class=\"ff1\">proventi <span class=\"_ _3\"></span>derivanti da o<span class=\"_ _3\"></span>perazioni di sub<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>leasing. Si <span class=\"_ _3\"></span>rimanda alle specifiche </span>sezioni per maggiori d<span class=\"_ _0\"></span>ettagli. La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>segue <span class=\"_ _2\"></span>suddivide <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>consistenti <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _3\"></span>d\u2019uso <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>varie <span class=\"_ _2\"></span>cate<span class=\"_ _3\"></span>gorie, <span class=\"_ _6\"> </span><span class=\"ff1\">i<span class=\"_ _3\"></span>n </span>linea con l\u2019esposizio<span class=\"ff1\">ne delle <span class=\"_ _0\"></span>attivit\u00e0 materiali/imm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriali. </span>(milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Spese per<span class=\"_ _0\"></span> ammortam<span class=\"_ _0\"></span>enti pe<span class=\"_ _0\"></span>r classe di atti<span class=\"_ _0\"></span>vit\u00e0 - - Attivit\u00e0 ma<span class=\"_ _0\"></span>teriali ad <span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>so funz<span class=\"_ _0\"></span>ionale   307<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>a) fabbricati<span class=\"_ _0\"></span> 210<span class=\"ls0\"> </span>236<span class=\"ls0\"> </span>b) mobili - - c) impianti<span class=\"_ _0\"></span> elettronici 22<span class=\"ls0\"> </span>7 d) altre 75<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>Attivit\u00e0 ma<span class=\"_ _0\"></span>teriali pe<span class=\"_ _0\"></span>r investime<span class=\"_ _0\"></span>nto  - - a) fabbricati<span class=\"_ _0\"></span> - - TOTALE 307<span class=\"ls0\"> </span>288<span class=\"ls0\"> </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si rilevano imp<span class=\"_ _0\"></span>orti materiali relativi <span class=\"_ _0\"></span>a impegni per leasing no<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> ancora stipulati.<span class=\"_ _3\"></span> Non si segnalano ult<span class=\"_ _0\"></span>eriori informazioni degne di men<span class=\"_ _0\"></span>zione oltre a quelle g<span class=\"_ _0\"></span>i\u00e0 fornite nella pre<span class=\"_ _0\"></span>sente sezione.<span class=\"_ _3\"></span><span class=\"ff2\"> </span>SEZIONE 2 - LOCATORE INFORMAZIONI QUA<span class=\"_ _0\"></span>LITATIVE  Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>effettua <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>ruolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>locatore <span class=\"_ _3\"></span>principalmente attraverso <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Capogruppo In<span class=\"_ _5\"></span>tesa Sanpaolo e alcune p<span class=\"_ _0\"></span>artecipate estere, in p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rticolare PBZ Leasi<span class=\"_ _0\"></span>ng, VUB Leasing, C<span class=\"_ _0\"></span>IB Leasing e Intesa <span class=\"_ _0\"></span>Leasing Beograd.<span class=\"_ _3\"></span> L\u2019operativit\u00e0 riguarda p<span class=\"_ _3\"></span>rincipalmente il <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>finanziario su <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>immobiliari, industriali <span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ommerciali. Inoltre <span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>ocie<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 <span class=\"_ _3\"></span>sono </span>presenti <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>merc<span class=\"_ _0\"></span>ato <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>leasing <span class=\"_ _4\"></span>aventi <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>beni <span class=\"_ _6\"></span>strumentali, <span class=\"_ _4\"></span>veicoli <span class=\"_ _6\"></span>industriali, <span class=\"_ _4\"></span>imbarcazi<span class=\"_ _0\"></span>oni <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>navi <span class=\"_ _4\"></span>da diporto.  I<span class=\"_ _0\"></span>  ri<span class=\"_ _0\"></span>schi  a<span class=\"_ _0\"></span>ssociati <span class=\"_ _16\"> </span>ai  dir<span class=\"_ _0\"></span>itti  di<span class=\"_ _0\"></span>  propr<span class=\"_ _0\"></span>iet\u00e0 <span class=\"_ _16\"> </span>sui  beni <span class=\"_ _16\"> </span>oggetto <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i  l<span class=\"_ _0\"></span>easing <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>perimetro  Itali<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>vengono  gestiti <span class=\"_ _16\"> </span>mediante<span class=\"_ _2\"></span> l\u2019obb<span class=\"ff1\">ligatoriet\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>all<span class=\"_ _3\"></span>-risk, <span class=\"_ _5\"></span>offerta <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>convenzione <span class=\"_ _2\"></span>oppure <span class=\"_ _5\"></span>sottoscritta <span class=\"_ _5\"></span>direttamente <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>cliente </span>con il proprio assicurat<span class=\"_ _0\"></span>ore. L\u2019attivit\u00e0 di leasing<span class=\"_ _0\"></span> operativo riguard<span class=\"_ _0\"></span>a sia immobili che v<span class=\"_ _0\"></span>eicoli ed attrezzature.<span class=\"ff1\"> </span>Nella Nota integrativa sono<span class=\"_ _0\"></span> esposti: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i finanziamenti per leasing (Parte B, Attivo: Tabella 4.1 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> Attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"_ _0\"></span>: composizione<span class=\"_ _35\"></span> </span>merceologica <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Tabella <span class=\"_ _2\"></span>4.2 <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmortizzato: <span class=\"_ _2\"></span>composizione<span class=\"_ _35\"></span> merceologica dei credi<span class=\"_ _0\"></span>ti verso clientela); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>concesse <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>leasing <span class=\"_ _7\"> </span>operativo <span class=\"_ _7\"> </span>contenute <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>voce <span class=\"_ _7\"> </span>9<span class=\"_ _3\"></span>0 <span class=\"_ _7\"> </span>Attivit\u00e0 <span class=\"_ _7\"> </span>materiali <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>illustrate <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>Parte <span class=\"_ _7\"> </span>B, <span class=\"_ _7\"> </span>Attivo </span>(Tabella <span class=\"_ _5\"></span>9.4 <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>materiali <span class=\"_ _6\"></span>detenute <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>scopo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investiment<span class=\"_ _3\"></span>o: <span class=\"_ _6\"></span>composizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>valutate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value); <span class=\"_ _6\"></span>si tratta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>produttivo, <span class=\"_ _5\"></span>locati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>soggetti <span class=\"_ _2\"></span>terzi <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>detenuti per il possibile appre<span class=\"_ _0\"></span>zzamento di valore. T<span class=\"_ _0\"></span>ale fattispecie non pr<span class=\"_ _0\"></span>esenta v<span class=\"_ _3\"></span>alori al 31 dicembre 20<span class=\"_ _0\"></span>22. Si rimanda a tali s<span class=\"_ _0\"></span>ezioni per magg<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ori dettagli. Nella <span class=\"_ _2\"></span>Parte <span class=\"_ _5\"></span>C <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Nota <span class=\"_ _2\"></span>integrativa <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>leasing <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>gli altri proventi dei le<span class=\"_ _0\"></span>asing finanziari e <span class=\"_ _0\"></span>operativi. <span class=\"_ _3\"></span>Si rimanda alle s<span class=\"_ _0\"></span>pecifiche sezioni <span class=\"_ _0\"></span>per maggiori dettagli. 2. Leasing finanziario  2.1. <span class=\"_ _4\"></span>Classificazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fasce <span class=\"_ _6\"></span>temporali <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>pagamenti <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ricevere <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>riconciliazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>leasing <span class=\"_ _6\"></span>iscritti<span class=\"_ _5\"></span> nell\u2019attivo<span class=\"ff2\"> </span>La <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>abella <span class=\"_ _6\"></span>fornisce <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>fasce <span class=\"_ _6\"></span>temporali <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ricevere <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>leasing <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>riconciliazione <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i pagamenti da <span class=\"_ _3\"></span>ricevere <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>finanziamenti per <span class=\"_ _3\"></span>leasing, <span class=\"_ _3\"></span>in conformit\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>previsto dall\u2019IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>paragrafo 94.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>particola<span class=\"_ _5\"></span><span class=\"ff1\">re </span>si <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>recisa <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>pagamenti <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>ric<span class=\"_ _3\"></span>evere <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>leasing, <span class=\"_ _6\"></span>rappresentativi <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>sommatoria <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>pagamenti <span class=\"_ _6\"></span>minimi <span class=\"_ _4\"></span>dovuti <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea capitale e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>linea <span class=\"_ _3\"></span>interessi, sono <span class=\"_ _3\"></span>esposti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>rettificativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>residuo <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>garantito s<span class=\"_ _3\"></span>pettante al <span class=\"_ _4\"></span>locatore<span class=\"_ _0\"></span>. La <span class=\"_ _4\"> </span>riconciliazione <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>finanzi<span class=\"ff4\">a<span class=\"_ _3\"></span>menti <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>leasing, <span class=\"_ _4\"> </span>esposti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo </span>ammortizzato, avviene s<span class=\"_ _0\"></span>ottraendo gli utili f<span class=\"_ _0\"></span>inanziari non m<span class=\"_ _0\"></span>aturati e aggiungend<span class=\"_ _0\"></span>o il valore residuo n<span class=\"_ _0\"></span>on garantito.<span class=\"_ _2\"></span> (milioni di euro) Fasce temporali<span class=\"_ _0\"></span> 31.12.2022 31.12.2021 Pagamenti da r<span class=\"_ _0\"></span>icevere per il leasing Pagamenti da r<span class=\"_ _0\"></span>icevere per il leasing Fino a 1 anno 1.738 2.471 Da oltre 1 anno<span class=\"_ _0\"></span> fino a 2 anni 1.423 2.064 Da oltre 2 anni f<span class=\"_ _0\"></span>ino a 3 anni 1.222 1.802 Da oltre 3 anni f<span class=\"_ _0\"></span>ino a 4 anni 978<span class=\"ls0\"> </span>1.537 Da oltre 4 anni f<span class=\"_ _0\"></span>ino a 5 anni 794<span class=\"ls0\"> </span>1.259 Da oltre 5 anni 1.984 3.750 Totale dei pagame<span class=\"_ _35\"></span>nti da ricevere per leasing 8.139 12.883 Riconciliazione co<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>finan<span class=\"_ _0\"></span>ziamenti -<span class=\"ls31\">59</span> -<span class=\"ls31\">408</span> Utili finanziari non <span class=\"_ _35\"></span>mat<span class=\"_ _3\"></span>urati (+)<span class=\"_ _0\"></span> 1.276 2.024 Valore residuo<span class=\"_ _0\"></span> non garantito (-) -1.335 -2.432 Finanziamenti per<span class=\"_ _35\"></span> l<span class=\"_ _3\"></span>easing 8.198 13.291<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-285.21216px;\"><div class=\"t m0 x0 h254 y207 ff2 fs9 fc2 sc0 ls0 ws0\">2.2. Altre informazioni </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y413 ff2 fs0 fc2 sc0 ls0 ws0\">2.2.1 Classificazione fi<span class=\"_ _0\"></span>nanziamenti per leas<span class=\"_ _0\"></span>ing per tipologia d<span class=\"_ _0\"></span>i bene locato<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y414 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"></span>tabella <span class=\"_ _4\"></span>riporta <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>leasing <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>qualit\u00e0 <span class=\"_ _4\"></span>creditizia <span class=\"_ _6\"></span>(non <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>deteriorati) <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per </div><div class=\"t m0 x0 h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\">tipologia di bene loca<span class=\"_ _0\"></span>to. I valori sono e<span class=\"_ _0\"></span>spressi al netto dell<span class=\"_ _0\"></span>e rettifiche.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h22 y1488 ff5 fsa fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w204 h47\" style=\"left:407.25662px; bottom:632.1978px;\"><div class=\"t m0 x147 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w203 h47\" style=\"left:-4.050377px; bottom:612.6978px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">Finanziamenti per<span class=\"_ _35\"></span> l<span class=\"_ _3\"></span>easing </div></div><div class=\"c w205 h5f\" style=\"left:407.25662px; bottom:593.1978px;\"><div class=\"t m0 x95 h22 y75c ff5 fsa fc2 sc0 ls0 ws0\">Esposizioni non </div><div class=\"t m0 x43 h22 y120a ff5 fsa fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c wbc h5f\" style=\"left:513.6876px; bottom:593.1978px;\"><div class=\"t m0 xd h22 y75c ff5 fsa fc2 sc0 ls0 ws0\">Esposizioni </div><div class=\"t m0 x43 h22 y120a ff5 fsa fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w203 h47\" style=\"left:-4.050377px; bottom:573.6978px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">A. Beni immobil<span class=\"_ _0\"></span>i </div></div><div class=\"c w205 h47\" style=\"left:407.25662px; bottom:573.6978px;\"><div class=\"t m0 x135 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">5.352 </div></div><div class=\"c wbc h47\" style=\"left:513.6876px; bottom:573.6978px;\"><div class=\"t m0 x0 h22 y130 ff5 fsa fc2 sc0 ls31 ws0\">364<span class=\"ls0\"> </span></div></div><div class=\"c w203 h47\" style=\"left:-4.050377px; bottom:554.1978px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">B. Beni stru<span class=\"_ _0\"></span>mentali </div></div><div class=\"c w205 h47\" style=\"left:407.25662px; bottom:554.1978px;\"><div class=\"t m0 x135 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">1.310 </div></div><div class=\"c wbc h47\" style=\"left:513.6876px; bottom:554.1978px;\"><div class=\"t m0 x8d h22 y130 ff5 fsa fc2 sc0 ls31 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w203 h47\" style=\"left:-4.050377px; bottom:534.6978px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">C. Beni mobili </div></div><div class=\"c w205 h47\" style=\"left:407.25662px; bottom:534.6978px;\"><div class=\"t m0 x135 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">1.113 </div></div><div class=\"c wbc h47\" style=\"left:513.6876px; bottom:534.6978px;\"><div class=\"t m0 x8d h22 y130 ff5 fsa fc2 sc0 ls31 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w203 h41\" style=\"left:-4.050377px; bottom:518.16187px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Autoveicoli </div></div><div class=\"c w205 h41\" style=\"left:407.25662px; bottom:518.16187px;\"><div class=\"t m0 x0 h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">747<span class=\"ls0\"> </span></div></div><div class=\"c wbc h41\" style=\"left:513.6876px; bottom:518.16187px;\"><div class=\"t m0 x8d h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w203 h6a\" style=\"left:-4.050377px; bottom:501.46985px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Aeronavale e ferr<span class=\"_ _0\"></span>oviario </div></div><div class=\"c w205 h6a\" style=\"left:407.25662px; bottom:501.46985px;\"><div class=\"t m0 x0 h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">235<span class=\"ls0\"> </span></div></div><div class=\"c wbc h6a\" style=\"left:513.6876px; bottom:501.46985px;\"><div class=\"t m0 x7a h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w203 h41\" style=\"left:-4.050377px; bottom:484.93384px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Altri </div></div><div class=\"c w205 h41\" style=\"left:407.25662px; bottom:484.93384px;\"><div class=\"t m0 x0 h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">131<span class=\"ls0\"> </span></div></div><div class=\"c wbc h41\" style=\"left:513.6876px; bottom:484.93384px;\"><div class=\"t m0 x7a h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w203 h47\" style=\"left:-4.050377px; bottom:465.43384px;\"><div class=\"t m0 x41 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">D. Beni immate<span class=\"_ _0\"></span>riali </div></div><div class=\"c w205 h47\" style=\"left:407.25662px; bottom:465.43384px;\"><div class=\"t m0 x8d h22 y130 ff5 fsa fc2 sc0 ls31 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c wbc h47\" style=\"left:513.6876px; bottom:465.43384px;\"><div class=\"t m0 xf8 h22 y130 ff5 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w203 h69\" style=\"left:-4.050377px; bottom:448.85883px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Marchi </div></div><div class=\"c w205 h69\" style=\"left:407.25662px; bottom:448.85883px;\"><div class=\"t m0 x8d h2e y130 ff1 fsa fc2 sc0 ls31 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c wbc h69\" style=\"left:513.6876px; bottom:448.85883px;\"><div class=\"t m0 xf8 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w203 h41\" style=\"left:-4.050377px; bottom:432.3228px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Software </div></div><div class=\"c w205 h41\" style=\"left:407.25662px; bottom:432.3228px;\"><div class=\"t m0 xf8 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbc h41\" style=\"left:513.6876px; bottom:432.3228px;\"><div class=\"t m0 xf8 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w203 h6a\" style=\"left:-4.050377px; bottom:415.63086px;\"><div class=\"t m0 x41 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- Altri </div></div><div class=\"c w205 h6a\" style=\"left:407.25662px; bottom:415.63086px;\"><div class=\"t m0 xf8 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbc h6a\" style=\"left:513.6876px; bottom:415.63086px;\"><div class=\"t m0 xf8 h2e y130 ff1 fsa fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-285.21216px;\"><div class=\"t m0 x0 h116 y8fa ff5 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y109e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y109f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c ye47 ff2 fs0 fc2 sc0 ls0 ws0\">2.2.2 Classificazione d<span class=\"_ _0\"></span>ei beni riferibili <span class=\"_ _0\"></span>al leasing finanziario  </div><div class=\"t m0 x0 h2 y1e4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye49 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>fornisce <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>scomposizione <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>categoria <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>bene <span class=\"_ _6\"></span>locato <span class=\"_ _5\"></span>(non <span class=\"_ _6\"></span>ancora <span class=\"_ _5\"></span>trasferito <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>materiali) </div><div class=\"t m0 x0 h2 y70e ff1 fs0 fc0 sc0 ls0 ws0\">relativo a crediti per l<span class=\"_ _0\"></span>easing, al netto delle r<span class=\"_ _0\"></span>ettifiche di valore. </div><div class=\"t m0 x0 h61 y468 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h61 yd1d ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w500 h47\" style=\"left:528.0396px; bottom:315.01086px;\"><div class=\"t m0 x88 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w500 h5f\" style=\"left:341.73663px; bottom:276.01086px;\"><div class=\"t m0 x96 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Beni inopt<span class=\"_ _0\"></span>ati </div></div><div class=\"c w4fc h5f\" style=\"left:434.55664px; bottom:276.01086px;\"><div class=\"t m0 x96 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Beni ritirat<span class=\"_ _0\"></span>i a </div><div class=\"t m0 xd9 h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">seguito d<span class=\"_ _0\"></span>i </div><div class=\"t m0 xb8 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">risoluzio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w500 h5f\" style=\"left:528.0396px; bottom:276.01086px;\"><div class=\"t m0 x48 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Altri be<span class=\"_ _0\"></span>ni </div></div><div class=\"c w639 h47\" style=\"left:-4.050377px; bottom:256.51086px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Beni im<span class=\"_ _0\"></span>mobili </div></div><div class=\"c w500 h47\" style=\"left:341.73663px; bottom:256.51086px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w4fc h47\" style=\"left:434.55664px; bottom:256.51086px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w500 h47\" style=\"left:528.0396px; bottom:256.51086px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.698 </div></div><div class=\"c w639 h47\" style=\"left:-4.050377px; bottom:237.01086px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Beni str<span class=\"_ _0\"></span>umentali </div></div><div class=\"c w500 h47\" style=\"left:341.73663px; bottom:237.01086px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4fc h47\" style=\"left:434.55664px; bottom:237.01086px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h47\" style=\"left:528.0396px; bottom:237.01086px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.329 </div></div><div class=\"c w639 h5e\" style=\"left:-4.050377px; bottom:217.48483px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Beni m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bili </div></div><div class=\"c w500 h5e\" style=\"left:341.73663px; bottom:217.48483px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w4fc h5e\" style=\"left:434.55664px; bottom:217.48483px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h5e\" style=\"left:528.0396px; bottom:217.48483px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.067 </div></div><div class=\"c w639 h41\" style=\"left:-4.050377px; bottom:200.94885px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Autoveicol<span class=\"_ _0\"></span>i </div></div><div class=\"c w500 h41\" style=\"left:341.73663px; bottom:200.94885px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w4fc h41\" style=\"left:434.55664px; bottom:200.94885px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h41\" style=\"left:528.0396px; bottom:200.94885px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">717<span class=\"ls0\"> </span></div></div><div class=\"c w639 h6a\" style=\"left:-4.050377px; bottom:184.25684px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Aeronaval<span class=\"_ _0\"></span>e e ferrovi<span class=\"_ _0\"></span>ario </div></div><div class=\"c w500 h6a\" style=\"left:341.73663px; bottom:184.25684px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4fc h6a\" style=\"left:434.55664px; bottom:184.25684px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h6a\" style=\"left:528.0396px; bottom:184.25684px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">237<span class=\"ls0\"> </span></div></div><div class=\"c w639 h41\" style=\"left:-4.050377px; bottom:167.72086px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Altri </div></div><div class=\"c w500 h41\" style=\"left:341.73663px; bottom:167.72086px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w4fc h41\" style=\"left:434.55664px; bottom:167.72086px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h41\" style=\"left:528.0396px; bottom:167.72086px;\"><div class=\"t m0 x4b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">113<span class=\"ls0\"> </span></div></div><div class=\"c w639 h47\" style=\"left:-4.050377px; bottom:148.22086px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Beni im<span class=\"_ _0\"></span>materiali </div></div><div class=\"c w500 h47\" style=\"left:341.73663px; bottom:148.22086px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4fc h47\" style=\"left:434.55664px; bottom:148.22086px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h47\" style=\"left:528.0396px; bottom:148.22086px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w639 h41\" style=\"left:-4.050377px; bottom:131.68484px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Marchi </div></div><div class=\"c w500 h41\" style=\"left:341.73663px; bottom:131.68484px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4fc h41\" style=\"left:434.55664px; bottom:131.68484px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h41\" style=\"left:528.0396px; bottom:131.68484px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w639 h41\" style=\"left:-4.050377px; bottom:115.148834px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Software<span class=\"_ _0\"></span> </div></div><div class=\"c w500 h41\" style=\"left:341.73663px; bottom:115.148834px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4fc h41\" style=\"left:434.55664px; bottom:115.148834px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h41\" style=\"left:528.0396px; bottom:115.148834px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w639 h6a\" style=\"left:-4.050377px; bottom:98.45685px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Altri </div></div><div class=\"c w500 h6a\" style=\"left:341.73663px; bottom:98.45685px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4fc h6a\" style=\"left:434.55664px; bottom:98.45685px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w500 h6a\" style=\"left:528.0396px; bottom:98.45685px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w639 h47\" style=\"left:-4.050377px; bottom:78.95685px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w500 h47\" style=\"left:341.73663px; bottom:78.95685px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w4fc h47\" style=\"left:434.55664px; bottom:78.95685px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w500 h47\" style=\"left:528.0396px; bottom:78.95685px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.104 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-285.21216px;\"><div class=\"t m0 x0 h61 y570 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y14ae ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13d6 ff4 fs0 fc0 sc0 ls0 ws0\">I beni <span class=\"_ _3\"></span>inoptati sono beni ancora presso i clienti, per i <span class=\"_ _3\"></span>quali non \u00e8 stata esercitata l\u2019opzione di riscatto, connessi a posiz<span class=\"_ _5\"></span><span class=\"ff1\">ioni che </span></div><div class=\"t m0 x0 h2 y11d ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _3\"></span>presentano condizioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>deterioramento del <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>creditizio. I <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>ritirati a<span class=\"_ _3\"></span> se<span class=\"_ _3\"></span>guito di <span class=\"_ _3\"></span>risoluzione sono <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a c<span class=\"_ _3\"></span>ontr<span class=\"_ _5\"></span>atti </div><div class=\"t m0 x0 h2 y1176 ff1 fs0 fc0 sc0 ls0 ws0\">risolti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ove <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>cliente <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>liberato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>contrattuali, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>provveduto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>n<span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y14f8 ff4 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>categoria <span class=\"_ _2\"></span>\u201caltri <span class=\"_ _3\"></span>ben<span class=\"_ _3\"></span>i\u201d <span class=\"_ _3\"></span>rientrano <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>sottostanti <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>altri <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>leasing<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>inclusi </span></div><div class=\"t m0 x0 h34 y739 ff1 fs0 fc0 sc0 ls0 ws0\">nelle precedenti colo<span class=\"_ _0\"></span>nne.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y1932 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y73b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y881 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-671.80585px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">3. Leasing operativo  </div><div class=\"t m0 x0 h95 y1013 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y413 ff2 fs0 fc2 sc0 ls0 ws0\">3.1. Classificazione <span class=\"_ _0\"></span>per fasce temporali <span class=\"_ _0\"></span>dei pagamenti da ric<span class=\"_ _0\"></span>evere <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4c y414 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydad ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 si riferisc<span class=\"_ _0\"></span>e ai canoni di locazione d<span class=\"_ _0\"></span>a ricevere relativi <span class=\"_ _0\"></span>ad immobili di propriet<span class=\"_ _0\"></span>\u00e0.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h22 y1488 ff5 fsa fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w411 h47\" style=\"left:511.3476px; bottom:245.60413px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w63a h42\" style=\"left:-4.050377px; bottom:230.00415px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Fasce tem<span class=\"_ _0\"></span>porali </div></div><div class=\"c w63b h42\" style=\"left:402.1086px; bottom:230.00415px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:230.00415px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w63b h45\" style=\"left:402.1086px; bottom:185.07617px;\"><div class=\"t m0 x98 h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">Pagament<span class=\"_ _0\"></span>i da </div><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">ricevere <span class=\"_ _0\"></span>per il leasin<span class=\"_ _35\"></span>g </div></div><div class=\"c w411 h45\" style=\"left:511.3476px; bottom:185.07617px;\"><div class=\"t m0 x98 h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">Pagament<span class=\"_ _0\"></span>i da </div><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">ricevere <span class=\"_ _0\"></span>per il leasi<span class=\"_ _0\"></span>ng </div></div><div class=\"c w63a h41\" style=\"left:-4.050377px; bottom:168.54016px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Fino a 1 ann<span class=\"_ _0\"></span>o </div></div><div class=\"c w63b h41\" style=\"left:402.1086px; bottom:168.54016px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w411 h41\" style=\"left:511.3476px; bottom:168.54016px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w63a h41\" style=\"left:-4.050377px; bottom:152.00415px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Da oltre 1<span class=\"_ _0\"></span> anno fino a<span class=\"_ _0\"></span> 2 anni </div></div><div class=\"c w63b h41\" style=\"left:402.1086px; bottom:152.00415px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w411 h41\" style=\"left:511.3476px; bottom:152.00415px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w63a h41\" style=\"left:-4.050377px; bottom:135.46814px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Da oltre 2<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 3 anni </div></div><div class=\"c w63b h41\" style=\"left:402.1086px; bottom:135.46814px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w411 h41\" style=\"left:511.3476px; bottom:135.46814px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w63a h6a\" style=\"left:-4.050377px; bottom:118.77612px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Da oltre 3<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 4 anni </div></div><div class=\"c w63b h6a\" style=\"left:402.1086px; bottom:118.77612px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w411 h6a\" style=\"left:511.3476px; bottom:118.77612px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w63a h41\" style=\"left:-4.050377px; bottom:102.24017px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Da oltre 4<span class=\"_ _0\"></span> anni fino a<span class=\"_ _0\"></span> 5 anni </div></div><div class=\"c w63b h41\" style=\"left:402.1086px; bottom:102.24017px;\"><div class=\"t m0 xf8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w411 h41\" style=\"left:511.3476px; bottom:102.24017px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w63a h41\" style=\"left:-4.050377px; bottom:85.70416px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Da oltre 5<span class=\"_ _0\"></span> anni </div></div><div class=\"c w63b h41\" style=\"left:402.1086px; bottom:85.70416px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w411 h41\" style=\"left:511.3476px; bottom:85.70416px;\"><div class=\"t m0 x47 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w63a h5e\" style=\"left:-4.050377px; bottom:66.16516px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w63b h5e\" style=\"left:402.1086px; bottom:66.16516px;\"><div class=\"t m0 x47 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w411 h5e\" style=\"left:511.3476px; bottom:66.16516px;\"><div class=\"t m0 x47 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-671.80585px;\"><div class=\"t m0 x0 h116 y111a ff5 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c ye1c ff2 fs0 fc2 sc0 ls0 ws0\">3.2. Altre informazio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x0 h4c y5b8 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 yeaf ff1 fs0 fc0 sc0 ls0 ws0\">Non si segnalano ult<span class=\"_ _0\"></span>eriori informazioni deg<span class=\"_ _0\"></span>ne di menzione olt<span class=\"_ _0\"></span>re a quelle gi\u00e0 fornite n<span class=\"_ _0\"></span>ella presente s<span class=\"_ _0\"></span>ezione.<span class=\"_ _2\"></span><span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y5ba ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y1934 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y523 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y524 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y525 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y526 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y527 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-926": {
   "value": "SEZIONE 10 - ATTIVIT\u00c0 IMMATERIALI - VOCE 100 10.1 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: composizione p<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>r tipologia di at<span class=\"_ _0\"></span>tivit\u00e0   (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Valori<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>Di cui:<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>   Gruppo<span class=\"ls0\"> </span>   <span class=\"ls2b\">bancario<span class=\"ls0\"> </span></span>   Imprese di    assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A.1 Avviamento<span class=\"ls0\"> </span>X 3.626<span class=\"ls0\"> </span>X 2.650<span class=\"ls0\"> </span>X 976<span class=\"ls0\"> </span>X - X 3.574<span class=\"ls0\"> </span>A.1.1 Di pertinenza del gru<span class=\"_ _3\"></span>ppo<span class=\"ls0\"> </span>x 3.626<span class=\"ls0\"> </span>x 2.650<span class=\"ls0\"> </span>x 976<span class=\"ls0\"> </span>x - x 3.574<span class=\"ls0\"> </span>A.1.2 Di pertinenza di terzi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>x - x - x - x - x - A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>di cui: software<span class=\"ls0\"> </span>3.013<span class=\"ls0\"> </span>- 2.961<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- - - 2.533<span class=\"ls0\"> </span>- A.2.1 Attivit\u00e0 valutate al cost<span class=\"_ _3\"></span>o:<span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>a) Attivit\u00e0 immateriali <span class=\"ls0\">generat<span class=\"_ _3\"></span>e </span>internamente<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 2.366<span class=\"ls0\"> </span>- 20<span class=\"ls0\"> </span>- - - 2.072<span class=\"ls0\"> </span>- b) Altre attivit\u00e0<span class=\"ls0\"> </span>1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>A.2.2 Attivit\u00e0 valutate al fair <span class=\"_ _3\"></span>value:<span class=\"ls0\"> </span>- - - - - - - - - - a) Attivit\u00e0 immateriali generat<span class=\"_ _3\"></span>e <span class=\"ls0\"> </span>internamente<span class=\"ls0\"> </span>- - - - - - - - - - b) Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - - - - - - Totale  4.322<span class=\"ls0\"> </span>5.508<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>4.532<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>5.456<span class=\"ls0\"> </span>Si s<span class=\"_ _3\"></span>egnala che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>l\u2019ammontare del <span class=\"_ _5\"></span><span class=\"ff1\">software, pari <span class=\"_ _3\"></span>a 3<span class=\"_ _3\"></span>.013 mil<span class=\"_ _3\"></span>ioni, \u00e8 <span class=\"_ _3\"></span>prodotto <span class=\"_ _3\"></span>internamente per 2<span class=\"_ _3\"></span>.386 milioni </span>e acquistato all\u2019ester<span class=\"_ _0\"></span>no per 627 milioni.<span class=\"_ _90\"> </span>Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> viene riport<span class=\"_ _0\"></span>ata l\u2019allocazione dell\u2019<span class=\"_ _0\"></span>avviamento tra le di<span class=\"_ _0\"></span>verse \u201cCash Gener<span class=\"_ _0\"></span>ating<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Unit\u201d. <span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) CGU/Avv<span class=\"_ _0\"></span>iamenti 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Banca dei<span class=\"_ _0\"></span> Territori  - - IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 56<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 976<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>Asset Manage<span class=\"_ _35\"></span>ment  1.059 1.060 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  1.535 1.482 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  - - Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - TOTALE<span class=\"_ _0\"></span> GRUPPO<span class=\"_ _0\"></span> 3.626 3.574 Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>composizione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>rinvia <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span><span class=\"ff4\">quanto <span class=\"_ _4\"> </span>esposto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>capitolo <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>\u201cInformazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulle </span>attivit\u00e0 intangibili e s<span class=\"_ _0\"></span>ull\u2019avviament<span class=\"_ _0\"></span>o\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>10.2 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: variazioni ann<span class=\"_ _0\"></span>ue  (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre <span class=\"ls28\">attivit\u00e0 immateriali:      <span class=\"_ _3\"></span>                               </span>altre<span class=\"ls0\"> </span>TOTALE Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>20.772<span class=\"ls0\"> </span>7.382<span class=\"ls0\"> </span>- 10.583<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>41.123<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">5.310</span> - -<span class=\"ls28\">8.769</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">31.781</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>3.574<span class=\"ls0\"> </span>2.072<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.342<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.041<span class=\"ls0\"> </span>- 422<span class=\"ls0\"> </span>- 1.515<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 304<span class=\"ls0\"> </span>- 397<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di <span class=\"ls28\">attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali intern<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></span>X 990<span class=\"ls0\"> </span>- - - 990<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 118<span class=\"ls0\"> </span>- 118<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">727</span> - -<span class=\"ls28\">300</span> - -<span class=\"ls28\">1.027</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">692</span> - -<span class=\"ls28\">292</span> - -<span class=\"ls28\">984</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">684</span> - -<span class=\"ls28\">280</span> - -<span class=\"ls28\">964</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">23</span> - -1 - -<span class=\"ls28\">24</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>3.626<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.830<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">6.002</span> - -<span class=\"ls28\">9.061</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">32.765</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>20.824<span class=\"ls0\"> </span>8.388<span class=\"ls0\"> </span>- 10.997<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>42.595<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>B.1 <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019Avviamento <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dall\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>quisizione <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _6\"></span>Banque Priv\u00e9e Quilvest S.A. (CB<span class=\"_ _0\"></span>PQ).<span class=\"ff5 fc2\"> </span><span class=\"ff5 fc2\"><span class=\"_ _9\"> </span></span>10.2 di cui: di pertinen<span class=\"_ _0\"></span>za del Gruppo bancario (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>19.042<span class=\"ls0\"> </span>7.322<span class=\"ls0\"> </span>- 8.952<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>37.702<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.276</span> - -<span class=\"ls28\">7.743</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">29.967</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>2.598<span class=\"ls0\"> </span>2.046<span class=\"ls0\"> </span>- 1.209<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>7.735<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.025<span class=\"ls0\"> </span>- 378<span class=\"ls0\"> </span>- 1.455<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 276<span class=\"ls0\"> </span>- 356<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 987<span class=\"ls0\"> </span>- - - 987<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 102<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">705</span> - -<span class=\"ls28\">198</span> - -<span class=\"ls28\">903</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">678</span> - -<span class=\"ls28\">190</span> - -<span class=\"ls28\">868</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">670</span> - -<span class=\"ls28\">178</span> - -<span class=\"ls28\">848</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">15</span> - -1 - -<span class=\"ls28\">16</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>2.650<span class=\"ls0\"> </span>2.366<span class=\"ls0\"> </span>- 1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>8.287<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.954</span> - -<span class=\"ls28\">7.933</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">30.835</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>19.094<span class=\"ls0\"> </span>8.320<span class=\"ls0\"> </span>- 9.322<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>39.122<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle imprese<span class=\"_ _0\"></span> di assicurazione (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 1.544<span class=\"ls0\"> </span>- 3.316<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">34</span> - -<span class=\"ls28\">939</span> - -<span class=\"ls28\">1.709</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- 605<span class=\"ls0\"> </span>- 1.607<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>- 21<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 6 - 19<span class=\"ls0\"> </span>di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 3 - - - 3 B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 15<span class=\"ls0\"> </span>- 15<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">22</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">119</span> C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair <span class=\"ls0\">value<span class=\"_ _3\"></span> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- -8 - - - -8 D. Rimanenze finali nette<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- 529<span class=\"ls0\"> </span>- 1.525<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">48</span> - -<span class=\"ls28\">1.036</span> - -<span class=\"ls28\">1.820</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>68<span class=\"ls0\"> </span>- 1.565<span class=\"ls0\"> </span>- 3.345<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle altre impr<span class=\"_ _0\"></span>ese (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 87<span class=\"ls0\"> </span>- 105<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">87</span> - -<span class=\"ls28\">105</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>- - - - - - B. Aumenti<span class=\"ls0\"> </span>- - - 23<span class=\"ls0\"> </span>- 23<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- - - 22<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 1 - 1 C. Diminuzioni<span class=\"ls0\"> </span>- - - -5 - -5 C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- - - - - - D. Rimanenze finali nette<span class=\"ls0\"> </span>- - - 18<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali <span class=\"ls28\">nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">92</span> - -<span class=\"ls28\">110</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 110<span class=\"ls0\"> </span>- 128<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.3 Altre informazio<span class=\"_ _0\"></span>ni Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali, <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _5\"></span>software, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a circa 25 milioni. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-531.261px;\"><div class=\"t m0 x0 h24 y4 ff6 fs0 fc2 sc0 ls0 ws0\">Informazioni sulle attivit<span class=\"_ _0\"></span>\u00e0 intangibili e sull\u2019<span class=\"_ _0\"></span>avviamento<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019applicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>principio <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _17\"> </span>3 <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>con<span class=\"_ _3\"></span>tabilizzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _17\"> </span>comportare<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019iscrizione di<span class=\"ff1\"> nuove attivit\u00e0 imm<span class=\"_ _35\"></span>ateriali e la rilevazione di avviamen<span class=\"_ _0\"></span>ti.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fusione <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>successive <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisizione </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">hanno comportato la ril<span class=\"_ _0\"></span>evazione di sig<span class=\"_ _0\"></span>nificativi importi per <span class=\"_ _0\"></span>attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali e per avviamento. </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Nel corso dell\u2019esercizio 2022 s<span class=\"_ _3\"></span>ono state perfezionate due<span class=\"_ _3\"></span> operazioni che hanno <span class=\"_ _3\"></span>comportato la rilevazione sia di <span class=\"_ _3\"></span>nuove attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">intangibili a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita definita <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avviamento. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>ichiamano brevemente <span class=\"_ _3\"></span>tali o<span class=\"_ _3\"></span>perazioni de<span class=\"_ _5\"></span>scrivendo gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">stesse hanno comport<span class=\"_ _0\"></span>ato sull\u2019ammontare e s<span class=\"_ _0\"></span>ulla composizione delle a<span class=\"_ _0\"></span>ttivit\u00e0 intangibili de<span class=\"_ _0\"></span>l Gruppo. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>30 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>perfezionata <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>uxembourg, <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"> </span>controllata <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Fideuram <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Banking, del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>00% d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>de <span class=\"_ _2\"></span>Banque <span class=\"_ _3\"></span>Priv\u00e9e <span class=\"_ _3\"></span>Quilvest, <span class=\"_ _3\"></span>banca </div><div class=\"t m0 x0 h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">private <span class=\"_ _16\"> </span>lussemburghe<span class=\"_ _0\"></span>se <span class=\"_ _16\"> </span>controllata <span class=\"_ _7\"> </span>interamente  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>holding <span class=\"_ _7\"> </span>Quilvest <span class=\"_ _16\"> </span>Wealth <span class=\"_ _16\"> </span>Management. <span class=\"_ _7\"> </span>Nell\u2019ambito <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Purchase <span class=\"_ _5\"></span>Price <span class=\"_ _2\"></span>Allocation <span class=\"_ _6\"></span>(PPA) <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>identificate <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _2\"></span>relative <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>legate </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">alla clientela (Customer Relation<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>hip Related), per un importo pari rispet<span class=\"_ _0\"></span>tivamente a 43 milioni per l\u2019attivit\u00e0 legata alla r<span class=\"_ _2\"></span><span class=\"ff1\">accolta </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">indiretta (Asse<span class=\"ff4\">t under Management) <span class=\"_ _0\"></span>e 30 milioni per l\u2019attivit\u00e0 legata alla ra<span class=\"_ _0\"></span>ccolta diretta a vista (Core De<span class=\"_ _0\"></span>posits). Inoltre, \u00e8 stata<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">rilevata <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>42 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>differenza <span class=\"_ _5\"></span>residuale <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisizione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span>nio </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">netto de<span class=\"ff4\">lla societ\u00e0 espresso al fair value alla data di acquisizione. Secondo<span class=\"_ _0\"></span> quanto previsto dallo IAS 36, sia l\u2019avviamento che </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">le attivit\u00e0 intangibili l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gate alle masse son<span class=\"_ _0\"></span>o stati allocati alla<span class=\"_ _0\"></span> CGU Private Banking.  </div><div class=\"t m0 x0 h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"> </span>Internation<span class=\"_ _0\"></span>al <span class=\"_ _4\"> </span>Subs<span class=\"_ _3\"></span>idiary <span class=\"_ _6\"> </span>Banks, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>4 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _6\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>perfezionata <span class=\"_ _4\"> </span>l\u2019acquisizione, <span class=\"_ _6\"> </span>da </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Holding <span class=\"_ _3\"></span>International, <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>,26% <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _2\"></span>quarto <span class=\"_ _5\"></span>operatore <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>slovacco <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>pensione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>deteneva, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">precedenza, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>5<span class=\"_ _3\"></span>0% <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>joint <span class=\"_ _4\"> </span>venture <span class=\"_ _7\"> </span>costituita <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2004 <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>Generali. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>presente </div><div class=\"t m0 x0 h32 y74 ff4 fs0 fc0 sc0 ls0 ws0\">operazione, avendo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mportato<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019acquisi<span class=\"_ _2\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019I<span class=\"_ _3\"></span>FRS 10, </div><div class=\"t m0 x0 h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">\u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _4\"> </span>considerata <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019aggregazione <span class=\"_ _6\"></span>aziendale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>contabilizzarsi <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>all\u2019IFRS <span class=\"_ _6\"> </span>3. <span class=\"_ _4\"> </span>Al <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Purchas<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">Price <span class=\"_ _5\"></span>Allocation <span class=\"_ _5\"></span>(PPA), <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>entificata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rilevata <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibil<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>precedentemente <span class=\"_ _5\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VUB </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">Generali <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _16\"> </span>alle  att<span class=\"_ _0\"></span>ivit\u00e0  leg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  a<span class=\"_ _0\"></span>lla  c<span class=\"_ _0\"></span>lientela <span class=\"_ _16\"> </span>(Customer  R<span class=\"_ _35\"></span>elationship  Relat<span class=\"_ _0\"></span>ed),  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>particolar  m<span class=\"_ _0\"></span>odo <span class=\"_ _16\"> </span>all\u2019attivit\u00e0 <span class=\"_ _16\"> </span>d<span class=\"_ _6\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">risparmio <span class=\"_ _4\"> </span>gestito, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>importo <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>80 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>allocata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>Interna<span class=\"_ _2\"></span><span class=\"ff4\">tional <span class=\"_ _4\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks. <span class=\"_ _4\"> </span>L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>intangibile </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">identificata, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>correlato <span class=\"_ _6\"></span>effetto <span class=\"_ _4\"></span>fiscale, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>assorbito <span class=\"_ _5\"></span>completamente <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>acquisizione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>le </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">consistenze patrimo<span class=\"_ _0\"></span>niali della societ\u00e0, senz<span class=\"_ _0\"></span>a che dall\u2019operazi<span class=\"_ _0\"></span>one scaturissero <span class=\"_ _3\"></span><span class=\"ff1\">importi a titolo di a<span class=\"_ _0\"></span>vviamento.  </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Per maggiori dettagli<span class=\"_ _0\"></span> sulle operazioni sopra<span class=\"_ _0\"></span> menzionate, si ved<span class=\"_ _0\"></span>a la Parte G della pr<span class=\"_ _0\"></span>esente Nota Integrativ<span class=\"_ _0\"></span>a.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019avviamento <span class=\"_ _2\"></span>iscritti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Bila<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>al </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> <span class=\"ff4\">dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>relativa <span class=\"_ _1d\"> </span>dinamica <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>corso <span class=\"_ _1d\"> </span>dell\u2019esercizio, <span class=\"_ _1d\"> </span>suddivisi <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>Cash <span class=\"_ _1d\"> </span>Ge<span class=\"_ _3\"></span>nerating <span class=\"_ _1d\"> </span>Unit <span class=\"_ _17\"> </span>(CGU), <span class=\"_ _17\"> </span>che </span></span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">rappresentano <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>aggregazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"></span>effettuati <span class=\"_ _4\"></span>gli <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>test <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">verifica del valore re<span class=\"_ _0\"></span>cuperabile. </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>(milioni di euro) CGU Bilancio 2021 Acquisizione CBPQ Acquisizione VUB Generali Ammortamento Altre variazioni (1) Bilancio 2022 DIVISIONE BANCA DEI <span class=\"_ _0\"></span>TERRITORI  1.833 - - -<span class=\"ls1a\">22</span> - 1.811 - Intangibile asset manage<span class=\"_ _0\"></span>ment - distribuzione 201 - - -<span class=\"ls1a\">14</span> - 187 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 110 - - -7 - 103 - Intangibile brand nam<span class=\"_ _0\"></span>e 1.507 - - - - 1.507 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 15<span class=\"ls0\"> </span>- - -1 - 14<span class=\"ls0\"> </span>- Intangibile acquiring - - - - - - - Avviamento - - - - - - DIVISIONE IMI CORPORA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>E &amp; INVESTMENT BANK<span class=\"_ _0\"></span>ING  56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>- Avviamento 56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>DIVISIONE ASSET MANAGEMEN<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span> 1.166 - - -6 -1 1.159 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 106 - - -6 - 100 - Avviamento 1.060 - - - -1 1.059 DIVISIONE PRIVATE BANKING<span class=\"_ _0\"></span> 2.106 115 - -<span class=\"ls1a\">19</span> 15<span class=\"ls0\"> </span>2.217 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 180 43<span class=\"ls0\"> </span>- -<span class=\"ls1a\">14</span> 4 213 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 47<span class=\"ls0\"> </span>- - -2 - 45<span class=\"ls0\"> </span>- Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangibile brand nam<span class=\"_ _0\"></span>e 375 - - - - 375 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 22<span class=\"ls0\"> </span>- - -2 - 20<span class=\"ls0\"> </span>- Avviamento 1.482 42<span class=\"ls0\"> </span>- - 11<span class=\"ls0\"> </span>1.535 DIVISIONE INSURANCE 1.567 - - -<span class=\"ls1a\">94</span> - 1.473 - Intangibile assicurativo - produzi<span class=\"_ _0\"></span>one  591 - - -<span class=\"ls1a\">94</span> - 497 - Avviamento 976 - - - - 976 DIVISIONE INTERNA<span class=\"_ _0\"></span>TIONAL SUBSIDIARY BA<span class=\"_ _0\"></span>NKS - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>- Intangible asset man<span class=\"_ _0\"></span>agement - produzione - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>BANK OF ALEXANDRIA (Eg<span class=\"_ _0\"></span>itto)  - - - - - - PRAVEX BANK (Ucraina)  - - - - - - - TOTALE CGU 6.728 115 80<span class=\"ls0\"> </span>-<span class=\"ls1a\">142</span> 14<span class=\"ls0\"> </span>6.795 - Intangibile asset manage<span class=\"_ _0\"></span>ment 487 43<span class=\"ls0\"> </span>80<span class=\"ls0\"> </span>-<span class=\"ls1a\">35</span> 4 579 - Intangibile assicurativo 748 - - -<span class=\"ls1a\">103</span> - 645 - Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangible asset under <span class=\"_ _0\"></span>administration 37<span class=\"ls0\"> </span>- - -3 - 34<span class=\"ls0\"> </span>- Intangibile Acquiring - - - - - - - Intangibile brand nam<span class=\"_ _0\"></span>e 1.882 - - - - 1.882 - Avviamento 3.574 42<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>3.626 (1) Differenze cambio su avvi<span class=\"_ _0\"></span>amento riferito a Eurizon Capital S<span class=\"_ _0\"></span>LJ e su avviamento e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di ammortamento su i<span class=\"_ _0\"></span>ntangibili riferiti a Reyl &amp;<span class=\"_ _0\"></span> Cie SA.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>rilevate f<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>clientela e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riferiscono <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>valoriz<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>azione del portafoglio assicurativo<span class=\"_ _0\"></span> (Value of Business Acquired), della raccolta amministrata (Asset Under Administration, AUA)<span class=\"_ _0\"></span> e gestit<span class=\"_ _2\"></span><span class=\"ls17\">a </span>(Asset  Under  Management,  AU<span class=\"_ _0\"></span>M)  e  dei <span class=\"_ _1d\"> </span>Cor<span class=\"_ _0\"></span>e  Deposits.  Tali  attivit\u00e0  immateriali  sono  state  originariam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte  valorizzat<span class=\"_ _0\"></span>e attraverso <span class=\"_ _4\"> </span>l\u2019<span class=\"ff1\">attualizzazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _4\"></span>rappresentativi <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>margini <span class=\"_ _4\"></span>reddituali <span class=\"_ _6\"></span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>esprimente <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>residua,<span class=\"_ _0\"></span> </span>contrattuale o stimat<span class=\"_ _0\"></span>a, dei rapporti in ess<span class=\"_ _0\"></span>ere alla data dell\u2019opera<span class=\"_ _0\"></span>zione di aggreg<span class=\"_ _0\"></span>azione<span class=\"_ _2\"></span><span class=\"ff1\">. </span>A <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _17\"> </span>utile <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nita, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>provveduto <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>imputare <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>conto <span class=\"_ _17\"> </span>economico <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>di ammortamento di <span class=\"_ _3\"></span>competenza dell<span class=\"_ _3\"></span>\u2019anno (inclusa <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce \u201c220. <span class=\"_ _3\"></span>Rettifiche/riprese di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali\u201d) p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un ammontare comple<span class=\"_ _0\"></span>ssivo pari a 142 mili<span class=\"_ _0\"></span>oni al lordo dell\u2019eff<span class=\"_ _0\"></span>ett<span class=\"_ _3\"></span><span class=\"ff1\">o fiscale. </span>\u00c8 <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>valorizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cbrand <span class=\"_ _7\"> </span>name\u201d, <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _4\"> </span>legata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>marketing, <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lorizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>del marchio; <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>indefinita <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontribuire <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>indefi<span class=\"_ _5\"></span>nito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla formazione dei flussi<span class=\"_ _0\"></span> reddituali.<span class=\"fs12\"> </span>In <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>36, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>evono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>annualmente <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>impairment <span class=\"_ _5\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>del valore <span class=\"_ _6\"></span>sia <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>vita <span class=\"_ _6\"> </span>utile <span class=\"_ _6\"> </span>indefinita <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>l\u2019avviamento. <span class=\"_ _6\"> </span>Inoltre, <span class=\"_ _6\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _6\"></span>definita </span>l\u2019impairment  test <span class=\"_ _1d\"> </span>deve  essere <span class=\"_ _1d\"> </span>svolto  quando <span class=\"_ _1d\"> </span>sia  rilevata <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>presenza  di <span class=\"_ _1d\"> </span>indicatori  di <span class=\"_ _1d\"> </span>perdita.  Il <span class=\"_ _1d\"> </span>valore  recuperabile  \u00e8 rappresentato dal m<span class=\"_ _0\"></span>aggiore tra il Valore d\u2019Us<span class=\"_ _0\"></span>o ed il Fair value, <span class=\"_ _0\"></span>al netto dei costi di v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">ndita.<span class=\"ff5 fs9 fc2\"> </span></span>Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>infine, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>tangibili<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>tes<span class=\"_ _6\"></span><span class=\"ff1 ls12\">t, </span>dispone <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>debba  fare <span class=\"_ _7\"> </span>riferimento  ai<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>flussi  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>cassa <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>all\u2019intangibile <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>sue  co<span class=\"_ _0\"></span>ndizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _16\"> </span>(alla <span class=\"_ _16\"> </span>dat<span class=\"_ _5\"></span><span class=\"ff1\">a  di<span class=\"_ _35\"></span> </span>impairment <span class=\"_ _16\"> </span>test),  senza <span class=\"_ _16\"> </span>distinzione <span class=\"_ _16\"> </span>tra  i  f<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>ussi <span class=\"_ _16\"> </span>di  cassa <span class=\"_ _16\"> </span>riferiti <span class=\"_ _16\"> </span>all\u2019asset  origi<span class=\"_ _0\"></span>nariamente  ril<span class=\"_ _0\"></span>evato <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  applica<span class=\"_ _0\"></span>zione<span class=\"_ _90\"> </span><span class=\"_ _5\"></span><span class=\"ff1\"> </span>dell\u2019IFRS 3<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>relativi a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>dell\u2019impairment test; <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>in quanto <span class=\"_ _2\"></span>risulterebbe difficile, <span class=\"_ _6\"> </span><span class=\"ff1\">specie </span>in caso di operazioni straordinarie tra business o modifiche dell\u2019asset a seguito di significativi turn<span class=\"_ _0\"></span>over delle masse, dei <span class=\"_ _5\"></span><span class=\"ff1\">clienti, </span>dei contratti, ecc., di<span class=\"_ _0\"></span>stinguere i flussi rifer<span class=\"_ _0\"></span>iti all\u2019asset origina<span class=\"_ _0\"></span>rio dagli altri.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tale <span class=\"_ _5\"></span>concetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>replicabile <span class=\"_ _5\"></span>an<span class=\"ff4\">che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle </span>CGU, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>utte <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>comprese <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span> solo per le attivit\u00e0 <span class=\"_ _0\"></span>e passivit\u00e0 <span class=\"ff4\">a fronte delle quali \u00e8 <span class=\"_ _0\"></span>stato rilevato un avv<span class=\"_ _0\"></span>iamento in sede di a<span class=\"_ _0\"></span>pplicazione dell\u2019IFR<span class=\"_ _0\"></span>S 3.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Anche <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impairment test <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>gi\u00e0 avvenuto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i precedenti <span class=\"_ _3\"></span>bilanci, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>della <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>mercati <span class=\"_ _3\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>ritraibili, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fatto riferimento <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>futuri <span class=\"_ _2\"></span>ricavabili <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _2\"></span>(o <span class=\"_ _7\"> </span><span class=\"ff1\">business)<span class=\"_ _0\"></span> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valutazione. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>partico<span class=\"_ _3\"></span>lare, <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _4\"></span>2022, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>quanto <span class=\"_ _4\"> </span>fatto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>precedenti bilanci, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recuperabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>svolta <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019applicazione del <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>DCF <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>Discounted </span>Cash <span class=\"_ _4\"></span>Flow <span class=\"_ _6\"></span>model <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>a <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiunge, <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>risultanze <span class=\"_ _6\"></span>emerse <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>metodo <span class=\"_ _6\"></span>DCF, l\u2019applicazione  del  metod<span class=\"_ _0\"></span>o  DDM  \u2013<span class=\"ff1\"> <span class=\"_ _1d\"> </span>Dividen<span class=\"_ _0\"></span>d  Discounted  Model; <span class=\"_ _16\"> </span>entrambi  i  metodi  si  sono  basati  sull<span class=\"_ _0\"></span>e  stime  analitiche </span>predisposte internamente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>eriodo 2023<span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span>2027 <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>fino al <span class=\"_ _2\"></span>2025, rappresentano <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>revisioni risultanti <span class=\"_ _3\"></span>dal Piano <span class=\"_ _3\"></span>d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"ff1\">-2025, <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>mutato <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>macroeconomico, mentre <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>di </span>proiezione <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tra<span class=\"_ _3\"></span>scinamento <span class=\"_ _7\"> </span>inerziale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2025, <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proiezioni interne  relative  al  citato  scenario  ma<span class=\"_ _0\"></span>croeconomico.  Si  segna<span class=\"_ _0\"></span>la  che  le  verifiche  menzionate  in  precede<span class=\"_ _0\"></span>nza  non  hanno riguardato <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>Bank <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione dell\u2019assenza, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>verifica, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>avviamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>tali <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"> </span>test. <span class=\"_ _4\"> </span>A <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>verifiche <span class=\"_ _6\"> </span>si<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"lsc\">\u00e8 </span></span>ulteriormente <span class=\"_ _3\"></span>aggiunta una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>autonoma, <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>indipendente, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _3\"></span>name<span class=\"_ _0\"></span> per la componente attri<span class=\"_ _0\"></span>buita alla Banca dei<span class=\"_ _0\"></span> Territori, CGU che <span class=\"_ _0\"></span>non presenta pi\u00f9 <span class=\"_ _0\"></span>avviamenti allocati. <span class=\"_ _3\"></span> Gli <span class=\"_ _4\"> </span>esiti <span class=\"_ _6\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>hanno <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>operare <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span><span class=\"ff1\">ttifiche <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valore </span>dell\u2019avviamento <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>(brand <span class=\"_ _2\"></span>name) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>essuna <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>appartenenti <span class=\"_ _4\"> </span><span class=\"ff1\">al </span>Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo. Si <span class=\"_ _7\"> </span>precisa, <span class=\"_ _7\"> </span>infine, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>metodologie, <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>assunti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>siti <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>procedura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span>mpairment <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _7\"> </span>e dell\u2019avviamento, <span class=\"_ _23\"> </span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>management, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>stati <span class=\"_ _29\"> </span>approvati <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>Consiglio <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>Amministrazione <span class=\"_ _29\"> </span>preliminarmente<span class=\"_ _0\"></span> all\u2019approvazione d<span class=\"_ _0\"></span>el progetto del Bilancio<span class=\"_ _0\"></span> 2022.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019impairment test dei valori intangibili<span class=\"ff5\"> </span>Il <span class=\"ls0\">portafoglio assicurativo </span>La <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"></span>assicurativo <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inea <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>utilizzati <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"></span>valutativa. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>c<span class=\"_ _5\"></span>os\u00ec determinato, <span class=\"_ _4\"> </span>essendo <span class=\"_ _7\"> </span>considerato <span class=\"_ _7\"> </span>\u201ca <span class=\"_ _7\"> </span>vita <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinita\u201d, <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>ammortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>variabili <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">iodo <span class=\"_ _7\"> </span>esprimente <span class=\"_ _4\"> </span>la </span>durata residua dei cont<span class=\"_ _0\"></span>ratti assicurativi.  Il <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio dell\u2019intangibile ass<span class=\"_ _3\"></span>icurativo comprende, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le altre <span class=\"_ _3\"></span>cose, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>assicurativo di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpa<span class=\"_ _5\"></span><span class=\"ff1\">olo <span class=\"_ _3\"></span>Vita </span>e <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Life <span class=\"_ _2\"></span>DAC <span class=\"_ _3\"></span>distribuito <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rete <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>Vita. <span class=\"_ _2\"></span>Nel <span class=\"_ _3\"></span>valore<span class=\"_ _0\"></span> complessivo <span class=\"_ _7\"> </span>di  bil<span class=\"_ _0\"></span>ancio <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompreso <span class=\"_ _7\"> </span>anche  l\u2019i<span class=\"_ _0\"></span>ntangibile <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>pertinenza <span class=\"_ _7\"> </span>di  Inte<span class=\"_ _0\"></span>sa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>RBM  S<span class=\"_ _0\"></span>alute <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>ete<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IW <span class=\"_ _2\"></span>Bank. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 aggiunto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Business <span class=\"_ _3\"></span>Acquired <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>VoBA), <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iveniente <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Assicuraz<span class=\"_ _0\"></span>ioni <span class=\"_ _2\"></span>Vita, <span class=\"_ _2\"></span>Lombarda <span class=\"_ _2\"></span>Vita <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cargeas Assicurazioni. Si ricorda che al 31 dicembre 2021 le compagnie Assicurazioni <span class=\"_ _3\"></span>Vita e <span class=\"_ _3\"></span>Lombarda Vita erano state incorporate in<span class=\"_ _35\"></span> Intesa Sanpaolo Vita<span class=\"_ _0\"></span>, mentre Cargeas As<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>icurazioni \u00e8 stata fu<span class=\"_ _0\"></span>sa in Intesa Sanp<span class=\"_ _0\"></span>aolo Assicura in d<span class=\"_ _0\"></span>ata 1\u00b0 ottobre 2022.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>assicurativo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>allocate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CG<span class=\"_ _2\"></span>U <span class=\"_ _6\"></span>Insurance, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private Banking <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Territori, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>econda c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriscano a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>delle polizze o alla distribu<span class=\"_ _0\"></span>zione delle stesse.  Come <span class=\"_ _3\"></span>detto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenza, si <span class=\"_ _2\"></span>tratta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span><span class=\"ff4\">intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>imputare <span class=\"_ _3\"></span>a </span>conto economico l\u2019ammo<span class=\"_ _0\"></span>rtamento di compet<span class=\"_ _0\"></span>enza, per un import<span class=\"_ _0\"></span>o complessivo pari a 1<span class=\"_ _0\"></span>03 milioni. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio sono state aggiorn<span class=\"_ _0\"></span>ate le analisi sui prin<span class=\"_ _0\"></span>cipali indic<span class=\"_ _3\"></span><span class=\"ff1\">atori di impairment.  </span>Nello specifico <span class=\"_ _3\"></span>la Divisione <span class=\"_ _3\"></span>Insurance nel 2022 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>conseguito un risultato d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0 assicurativa ampiamente positivo, pa<span class=\"_ _5\"></span><span class=\"ff1\">ri a </span>circa 1<span class=\"_ _3\"></span>,6 <span class=\"_ _3\"></span>miliardi, in <span class=\"_ _3\"></span>marginale <span class=\"_ _3\"></span>incremento rispetto <span class=\"_ _3\"></span>all\u2019anno <span class=\"_ _3\"></span>precedente (+1,9%). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>dinamica \u00e8 <span class=\"_ _3\"></span>ascriv<span class=\"_ _5\"></span>ibile a<span class=\"_ _3\"></span>ll\u2019incremento del margine <span class=\"_ _3\"></span>tecnico <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>vita s<span class=\"_ _3\"></span>ia n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>danni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>compensato l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>riduzione del <span class=\"_ _2\"></span>margine finanziario. <span class=\"_ _3\"></span>Inoltre,<span class=\"_ _2\"></span> nel 2022 la raccolta premi vita e previdenza della Divisi<span class=\"_ _0\"></span>one \u00e8 risultata pari a 16,2 miliardi, evid<span class=\"_ _0\"></span>enzian<span class=\"_ _2\"></span>do una flessione del 14% circa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>precedente <span class=\"_ _4\"></span>esercizio, <span class=\"_ _6\"></span>imputabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span>-<span class=\"ff4\">41%), <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>conseguenza <span class=\"_ _6\"> </span>dell\u2019incertezza <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>mercati<span class=\"_ _0\"></span> </span>finanziari. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>tradizionali <span class=\"_ _2\"></span>(+39%), <span class=\"_ _3\"></span>inclusivi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>componente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>polizze multiramo,  grazie <span class=\"_ _1d\"> </span>al  collocamento <span class=\"_ _1d\"> </span>nel  quarto <span class=\"_ _1d\"> </span>trimestre <span class=\"_ _1d\"> </span>del  plafond <span class=\"_ _1d\"> </span>di  ramo <span class=\"_ _1d\"> </span>I  dedicato <span class=\"_ _1d\"> </span>alla <span class=\"_ _1d\"> </span>clientela  senior.  I <span class=\"_ _1d\"> </span>prodotti previdenziali <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>progresso <span class=\"_ _4\"> </span>dell\u20191%. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _4\"> </span>diretta <span class=\"_ _4\"> </span>assicurativa, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>ha <span class=\"_ _1d\"> </span><span class=\"ff1\">superato <span class=\"_ _4\"></span>i </span>173 miliardi, in flessione <span class=\"_ _0\"></span>di circa il 15% rispetto <span class=\"_ _0\"></span>al precedente e<span class=\"_ _0\"></span>sercizio. <span class=\"_ _3\"></span> Si ricorda, come<span class=\"_ _3\"></span> detto in <span class=\"_ _3\"></span>precedenza, che lo <span class=\"_ _3\"></span>IAS 36 prevede <span class=\"_ _3\"></span>che gli intangibili vengano s<span class=\"_ _3\"></span>ottoposti ad impairment test facendo<span class=\"_ _5\"></span> riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tutta <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>res<span class=\"_ _3\"></span>idui <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>era stato  determinato  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>  valore  in<span class=\"_ _0\"></span>iziale  dell\u2019attivit<span class=\"_ _0\"></span>\u00e0  intangibile,  r<span class=\"_ _0\"></span>icomprendendo, <span class=\"_ _16\"> </span>pertanto,  in  un <span class=\"_ _16\"> </span>eventuale  calcolo <span class=\"_ _16\"> </span>del  valore recuperabile <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>produzione <span class=\"_ _7\"> </span>g<span class=\"ff4\">eneratasi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 </span>intangibile. Inoltre, s<span class=\"_ _3\"></span>i evidenzia c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i vo<span class=\"_ _3\"></span>lumi delle <span class=\"_ _3\"></span>polizze <span class=\"_ _3\"></span>sottostanti alla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilan<span class=\"_ _5\"></span>cio <span class=\"_ _3\"></span>risultano<span class=\"_ _35\"></span> assolutamente trasc<span class=\"_ _0\"></span>urabili se confrontati con le poli<span class=\"_ _0\"></span>zze complessive d<span class=\"_ _0\"></span>elle CGU di riferime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span> L\u2019analisi <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>presenti <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>non <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>evidenziato <span class=\"_ _5\"></span>alcuna <span class=\"_ _6\"> </span>indicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>possibi<span class=\"_ _6\"></span><span class=\"ff1\">le </span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntangibile <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">usiness <span class=\"_ _2\"></span>assicurativo, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dallo <span class=\"_ _3\"></span>IAS <span class=\"_ _2\"></span>36, </span>l\u2019attivit\u00e0 intangibile \u00e8 oggetto <span class=\"_ _3\"></span>di verifica a<span class=\"_ _3\"></span>i fini impairment <span class=\"_ _3\"></span>test a livello d<span class=\"_ _3\"></span>i CGU nel s<span class=\"_ _3\"></span>uo complesso e<span class=\"_ _3\"></span> non per<span class=\"_ _3\"></span> singolo pro<span class=\"_ _5\"></span><span class=\"ff1\">dotto o </span>ramo di attivit\u00e0. <span class=\"_ _30\"> </span> Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono <span class=\"ff4\">sintetizzati i valori dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0 intang<span class=\"_ _0\"></span>ibile assicurativa secondo<span class=\"_ _0\"></span> la CGU di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di euro)<span class=\"_ _3\"></span> CGU Bilancio 2021 Ammortamento<span class=\"_ _3\"></span> Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - distribuzi<span class=\"_ _3\"></span>one 110<span class=\"ls0\"> </span>-7 103<span class=\"ls0\"> </span>DIVISIONE INSURANCE<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produzi<span class=\"_ _3\"></span>one  591<span class=\"ls0\"> </span>-<span class=\"ls1b\">94</span> 497<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produz<span class=\"_ _3\"></span>. e distribuz.<span class=\"_ _3\"></span> 47<span class=\"ls0\"> </span>-2 45<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 748<span class=\"ls0\"> </span>-103 645<span class=\"ls0\"> </span>A <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>analisi <span class=\"_ _7\"> </span>svolte <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _16\"> </span>indicatori <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impairment <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>risultato <span class=\"_ _7\"> </span>necessario <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ricalcolo puntuale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibile <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>assicurativo <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022 non ha evidenziato p<span class=\"_ _0\"></span>articolari criticit\u00e0. Il portafoglio di asset under management e under administration L\u2019attivit\u00e0 immateriale iscritta nel Bilancio consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo \u00e8 considerata \u201ca vita definita\u201d. Pertanto, per il<span class=\"_ _5\"></span><span class=\"ff1\"> Bilancio </span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>state <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore, <span class=\"_ _5\"></span>comunque <span class=\"_ _5\"></span>monitorati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d\u2019esercizio <span class=\"_ _5\"></span>(tra <span class=\"_ _7\"> </span><span class=\"ff1\">di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i,<span class=\"_ _35\"></span> </span>l\u2019andamento delle <span class=\"_ _2\"></span>masse, dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iscatto, del <span class=\"_ _2\"></span>margine di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019effetto <span class=\"_ _3\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">scale). </span>Tali <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>dell\u2019intang<span class=\"_ _0\"></span>ibile <span class=\"_ _6\"> </span><span class=\"ff1\">legata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>amministrata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestita <span class=\"_ _5\"></span>(Asset <span class=\"_ _2\"></span>Under </span>Administration, <span class=\"_ _7\"> </span>AuA <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Asset <span class=\"_ _7\"> </span>Under <span class=\"_ _7\"> </span>Management, <span class=\"_ _7\"> </span>AuM) <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>esistenti <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di acquisizione di generar<span class=\"_ _0\"></span>e flussi reddituali lungo la <span class=\"_ _0\"></span>vita utile residua di tali rap<span class=\"_ _0\"></span>porti <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> iscritta in bilancio a segu<span class=\"_ _0\"></span>ito delle operazioni di acquisizione che s<span class=\"_ _0\"></span>i sono susseguite n<span class=\"_ _0\"></span>el tempo.  Pi\u00f9 <span class=\"_ _5\"></span>precisamente <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>managem<span class=\"_ _0\"></span>ent <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banche <span class=\"_ _2\"></span>Venete <span class=\"_ _5\"></span>acquisite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del Gruppo <span class=\"_ _1d\"> </span>Morval  acquisito  da<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span>- <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Private  Banking <span class=\"_ _1d\"> </span>n<span class=\"ff4\">el <span class=\"_ _1d\"> </span>corso  del <span class=\"_ _1d\"> </span>2018. <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>seguire,  nell\u2019ambito<span class=\"_ _0\"></span> </span>dell\u2019operazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>acquisizione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>UBI, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>valorizzate <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"> </span>intangibili <span class=\"_ _6\"></span>legate <span class=\"_ _6\"> </span>all<span class=\"_ _6\"></span><span class=\"ff1 ls17\">a </span>raccolta indiretta ed <span class=\"_ _3\"></span>in particolare l\u2019attivit\u00e0 immateriale inerente la <span class=\"_ _3\"></span>raccolta ammini<span class=\"_ _3\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trata e gestita <span class=\"_ _3\"></span>(Asset under Administration, </span>AuA e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Asset Under <span class=\"_ _3\"></span>Management, AuM)<span class=\"_ _3\"></span><span class=\"ff4\">, mentre <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del 2021 <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata rilevata <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale inerente la <span class=\"_ _3\"></span>raccolta </span>amministrata e gestita <span class=\"_ _0\"></span>di Reyl &amp; Cie SA, ban<span class=\"_ _0\"></span>ca private svizzera con p<span class=\"_ _0\"></span>resenza internaz<span class=\"_ _3\"></span>ionale. Nel corso del <span class=\"_ _3\"></span>2022, come indicato <span class=\"_ _3\"></span>in precedenza, sono state <span class=\"_ _3\"></span>rilevate nuove attivit\u00e0 intangibili legate alla c<span class=\"_ _3\"></span>lientela, ineren<span class=\"_ _5\"></span>ti alla raccolta <span class=\"_ _1d\"> </span>indiretta  di <span class=\"_ _1d\"> </span>Compagni<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>de <span class=\"_ _1d\"> </span>Banque  Priv\u00e9e  Qu<span class=\"_ _3\"></span>ilvest  (CBPQ) <span class=\"_ _1d\"> </span>e  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>VUB  Generali  p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>un  importo, <span class=\"_ _1d\"> </span>alla  data <span class=\"_ _1d\"> </span>di acq<span class=\"ls0\">uisizi<span class=\"_ _0\"></span>one, rispettivame<span class=\"_ _0\"></span>nte pari a 43 e 80 milioni. </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>frattempo a<span class=\"_ _3\"></span>mmortizzata, <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile AuM <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>allocata <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">lla </span>CGU <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _2\"></span>(187 <span class=\"_ _2\"></span>milioni), <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>(213 <span class=\"_ _5\"></span>milioni<span class=\"_ _3\"></span>), <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Ma<span class=\"_ _3\"></span>nagement <span class=\"_ _2\"></span>(100 <span class=\"_ _5\"></span>milioni) <span class=\"_ _3\"></span>e alla <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks (79 <span class=\"_ _2\"></span>milioni).<span class=\"fs6\"> <span class=\"_ _2\"></span></span><span class=\"ff4\">Analogamente, l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile Au<span class=\"_ _3\"></span>A, t<span class=\"_ _3\"></span>enuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>component<span class=\"_ _0\"></span>e </span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>registrata <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _3\"></span>allo<span class=\"_ _2\"></span><span class=\"ff1\">cata <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la </span>componente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>istribuita <span class=\"_ _7\"> </span>dalle  fili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _16\"> </span>rivenienti <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _35\"></span>anca  (<span class=\"_ _0\"></span>14 <span class=\"_ _16\"> </span>milioni) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>alla  C<span class=\"_ _0\"></span>GU <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>componente distribuita alla clie<span class=\"_ _0\"></span>ntela di IW Private Inv<span class=\"_ _0\"></span>estments SIM (20 mili<span class=\"_ _0\"></span>oni).<span class=\"_ _3\"></span> Come indicato in preceden<span class=\"ff4\">za, lo IAS <span class=\"_ _3\"></span>36 dispone che l\u2019impairment test non debba limitarsi ai soli flussi di c<span class=\"_ _3\"></span>assa rivenienti dalle<span class=\"_ _0\"></span> </span>masse <span class=\"_ _5\"></span>acquisite, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>tenere <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>legati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>masse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>comprendendo<span class=\"_ _0\"></span> anche <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>alle masse <span class=\"_ _3\"></span>generatesi successivamente a<span class=\"_ _3\"></span>lla valorizzazione iniziale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 intangibili; a <span class=\"_ _3\"></span>tale proposito <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>volu<span class=\"_ _3\"></span>mi <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>masse <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>valorizzazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _16\"> </span>iscritte <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>bilanc<span class=\"_ _5\"></span>io risultano assolutament<span class=\"_ _0\"></span>e trascurabili se confrontati <span class=\"_ _0\"></span>con le masse comple<span class=\"_ _0\"></span>ssive delle CGU di ri<span class=\"_ _0\"></span>ferimento.<span class=\"_ _3\"></span> Pertanto, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>riportato <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prescindere <span class=\"_ _7\"> </span>dall\u2019andamento <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>masse <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo<span class=\"_ _0\"></span> considerato, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>confermare <span class=\"_ _3\"></span>l\u2019assenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>ai </span>rapporti di Asset und<span class=\"_ _0\"></span>er Management e As<span class=\"_ _0\"></span>set under Administra<span class=\"_ _0\"></span>tion. Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>AuM <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>A, <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>Banc<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Territori, Private Banking, Asset<span class=\"_ _0\"></span> Management ed In<span class=\"_ _0\"></span>ternational Subsidiar<span class=\"_ _0\"></span>y Banks. CGU Bilancio 2021 Acquisizioni <span class=\"_ _3\"></span> Ammortamento<span class=\"_ _3\"></span> Altre  variazioni  (1)<span class=\"ls0\"> </span>Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>distribuzione 201<span class=\"ls0\"> </span>- -<span class=\"ls1b\">14</span> - 187<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 15<span class=\"ls0\"> </span>- -1 - 14<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 180<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>-<span class=\"ls1b\">14</span> 4 213<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 22<span class=\"ls0\"> </span>- -2 - 20<span class=\"ls0\"> </span>DIVISIONE ASSET <span class=\"_ _3\"></span>MANAGEMENT<span class=\"_ _3\"></span> - Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 106<span class=\"ls0\"> </span>- -6 - 100<span class=\"ls0\"> </span>DIVISIONE INTE<span class=\"_ _3\"></span>RNATIONAL SUBSI<span class=\"_ _3\"></span>DIARY BANKS<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement -<span class=\"ls1\">  <span class=\"_ _3\"></span></span>distribuzione<span class=\"_ _3\"></span> - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 524<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>-<span class=\"ls1b\">38</span> 4 613<span class=\"ls0\"> </span>(1)  Differenze cambio su attivit\u00e0 intangibili riferite a Reyl &amp; Cie SA. I Core Deposits I <span class=\"_ _4\"> </span>\u201ccore <span class=\"_ _6\"> </span>deposits\u201d <span class=\"_ _4\"> </span>rappresentan<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _6\"> </span>immateriale <span class=\"_ _6\"> </span>legata <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>clientela <span class=\"_ _4\"> </span>(\u201c<span class=\"_ _2\"></span><span class=\"ff2\">customer <span class=\"_ _6\"></span>related <span class=\"_ _4\"> </span>intangible</span>\u201d), generalmente rilevata in <span class=\"_ _2\"></span>aggregazioni in campo <span class=\"_ _3\"></span>bancario. Il <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>intangibile \u00e8 <span class=\"_ _3\"></span>di fatto <span class=\"_ _3\"></span>riconducibile ai <span class=\"_ _3\"></span>benefici futuri di cui <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>masse <span class=\"_ _4\"> </span>raccolte <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>beneficiare <span class=\"_ _4\"> </span>grazie <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>atto <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>tratta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che presenta costi inferio<span class=\"ff4\">ri a <span class=\"_ _3\"></span>quelli di mercato. In sostanza l\u2019acquirente pu\u00f2 disporre di una massa di raccolta per la propria attivit\u00e0 </span>creditizia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>investimenti<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>remunerazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>interbancario. <span class=\"_ _2\"></span>L\u2019attivit\u00e0 <span class=\"_ _2\"></span>immate<span class=\"_ _5\"></span><span class=\"ff1\">riale<span class=\"_ _0\"></span> </span>consiste nella <span class=\"ff4\">valorizzazione di questo margine futuro denominato<span class=\"_ _0\"></span> \u201cdeposit premium\u201d, che rappresenta un asset il cui valore \u00e8 </span>correlato all\u2019evoluzio<span class=\"_ _0\"></span>ne dei tassi di mercato<span class=\"_ _0\"></span> e alla dinamica d<span class=\"_ _0\"></span>elle masse raccolte.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _5\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>precedenza, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019acquisizione <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>Compagnie <span class=\"_ _6\"></span>de <span class=\"_ _5\"></span>Banque <span class=\"_ _5\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Fideuram </span>Bank Luxembourg, sono <span class=\"_ _0\"></span>stati rilevati \u201cco<span class=\"_ _0\"></span>re deposits\u201d per un im<span class=\"_ _0\"></span>porto complessiv<span class=\"_ _0\"></span>o pari a 30 milioni.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>erifica s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>tenuta d<span class=\"_ _3\"></span>el v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibile <span class=\"_ _3\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>considerati indicatori <span class=\"_ _3\"></span>di impairment, <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ristretto<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>intercorso <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>iscrizione <span class=\"_ _6\"></span>iniziale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>atteso <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> riferimento ai tassi d\u2019<span class=\"_ _0\"></span>interesse.<span class=\"ff1\"> </span>Il \u201cbrand name\u201d (o marchio) <span class=\"ffa\"> </span>Il <span class=\"_ _1d\"> </span>\u201cbrand <span class=\"_ _1d\"> </span>name\u201d <span class=\"_ _17\"> </span>rientra <span class=\"_ _1d\"> </span>tra <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>immateriali <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>marketing <span class=\"_ _1d\"> </span>identificate <span class=\"_ _1d\"> </span>dall\u2019IFRS <span class=\"_ _1d\"> </span>3 <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>otenziale <span class=\"_ _1d\"> </span>attivit\u00e0 immateriale rilevabil<span class=\"_ _0\"></span>e in sede di Purchase Pri<span class=\"_ _0\"></span>ce Allocation (PP<span class=\"_ _0\"></span>A).<span class=\"_ _3\"></span> Al <span class=\"_ _6\"> </span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>rileva <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>termi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>\"brand\u201d <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>usato <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>accezio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"></span>restrittiva <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>sinonimo <span class=\"_ _6\"></span>di </span>\u201clogo\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cnome\u201d, <span class=\"_ _4\"> </span>ma <span class=\"_ _6\"> </span>piuttosto <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>marketing <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>definisce <span class=\"_ _4\"> </span>quell\u2019insieme <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>intangibili <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>loro complementari (<span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>nome <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>logo, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>competenze, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>riposta <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>consumatore, <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>servizi, <span class=\"_ _3\"></span>ecc.) che concorrono a defin<span class=\"_ _0\"></span>ire il c.d. \u201cbrand equ<span class=\"_ _0\"></span>ity\u201d.<span class=\"ff1\"> </span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>opportuno <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>mitare <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>soli <span class=\"_ _5\"></span>brand: <span class=\"_ _5\"></span>quell<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>corporate <span class=\"_ _3\"></span>Sanpaolo IMI, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>brand \u201c<span class=\"_ _3\"></span>ombrello\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>altri d<span class=\"_ _3\"></span>elle b<span class=\"_ _3\"></span>anche rete, <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>della controllata <span class=\"_ _7\"> </span>Fideuram  - <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _7\"> </span>Banca  F<span class=\"_ _0\"></span>ideuram) <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>brand <span class=\"_ _16\"> </span>autonomo <span class=\"_ _7\"> </span>e  f<span class=\"_ _0\"></span>ortemente conosciuto <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collocame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rete <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>promotori. <span class=\"_ _6\"></span>Si </span>tratta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>imma<span class=\"_ _5\"></span><span class=\"ff1\">teriale<span class=\"_ _0\"></span> </span>possa contribuire per u<span class=\"_ _0\"></span>n periodo indetermi<span class=\"_ _0\"></span>nato alla formazione dei flussi reddituali. P<span class=\"_ _0\"></span>er la valorizzazione <span class=\"_ _0\"></span>dei due marchi eran<span class=\"_ _0\"></span>o stati <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>sull\u2019analisi <span class=\"_ _7\"> </span>fondamentale. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>era <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinato come me<span class=\"_ _0\"></span>dia dei valori ottenuti<span class=\"_ _0\"></span> attraverso i diversi metodi.  Il va<span class=\"_ _3\"></span>lore iscritto nel <span class=\"_ _3\"></span>Bilancio 2022 <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>pari a <span class=\"_ _3\"></span>1.882 <span class=\"_ _3\"></span>milioni ed <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>llocato per 1<span class=\"_ _3\"></span>.507 milioni a<span class=\"_ _3\"></span>lla CGU <span class=\"_ _3\"></span>Banca dei <span class=\"_ _3\"></span>Territor<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per<span class=\"_ _35\"></span> 375 milioni alla CGU P<span class=\"_ _0\"></span>rivate Banking. In <span class=\"_ _16\"> </span>genere <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>brand <span class=\"_ _7\"> </span>na<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>considerato <span class=\"_ _7\"> </span>un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  <span class=\"ff1\">presenta <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>reddituali <span class=\"_ _7\"> </span>autonomi <span class=\"_ _16\"> </span>e, <span class=\"_ _7\"> </span>quindi, <span class=\"_ _16\"> </span>da </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>volte <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>tenuta <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>degli <span class=\"_ _6\"></span>avviamenti <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>diver<span class=\"_ _5\"></span><span class=\"ff1\">se </span>CGU. <span class=\"_ _5\"></span>Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _5\"></span>alloc<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto conto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenta <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>alcun <span class=\"_ _4\"> </span>avviamento <span class=\"_ _7\"> </span>allocato <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>conseguentemente, <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"></span>possibile attrarre la veri<span class=\"_ _3\"></span>fica del valore recuperabile dell\u2019intangibile specifico nel <span class=\"_ _3\"></span>contesto dell\u2019im<span class=\"_ _2\"></span>pairment test <span class=\"_ _3\"></span>dell\u2019avviament<span class=\"_ _0\"></span>o basato <span class=\"_ _3\"></span>sui flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CGU. <span class=\"_ _6\"></span>Non <span class=\"_ _5\"></span>potendo <span class=\"_ _6\"></span>fare <span class=\"_ _6\"></span>riferimento, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>recuper<span class=\"_ _0\"></span>abile <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _6\"></span>della Banca <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>Territori, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>noz<span class=\"_ _3\"></span>ione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _6\"> </span>ossia <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>attuale <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>finan<span class=\"_ _2\"></span>ziari <span class=\"_ _6\"></span>netti <span class=\"_ _6\"> </span>futuri <span class=\"_ _6\"></span>ricavabili <span class=\"_ _6\"></span>dall\u2019attivit\u00e0<span class=\"_ _0\"></span> oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>ritenuto <span class=\"_ _2\"></span>oppor<span class=\"_ _3\"></span>tuno <span class=\"_ _2\"></span>procedere, <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Bilanci <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2021, <span class=\"_ _2\"></span>ad una  valutazione  autonoma  e<span class=\"_ _3\"></span>  specifica  dell\u2019intangibile  specifico  sulla  base  d<span class=\"_ _3\"></span>el  fair  v<span class=\"_ _3\"></span>alue<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>risultante  da  apposita  perizia </span>commissionata al Prof. Ma<span class=\"_ _0\"></span>uro Bini, Ordinario di<span class=\"_ _0\"></span> Finanza aziendale <span class=\"_ _0\"></span>dell\u2019Universit\u00e0 Bocconi<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _3\"></span>specifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>marchi <span class=\"_ _3\"></span>comparabili <span class=\"_ _3\"></span>bancar<span class=\"_ _3\"></span>i, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>name <span class=\"_ _3\"></span>allocato <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU<span class=\"_ _35\"></span> Banca dei Territori<span class=\"ff2\"> </span>\u00e8 stata effet<span class=\"_ _0\"></span>tuata mediante ri<span class=\"_ _0\"></span>corso ai seguenti me<span class=\"_ _0\"></span>todi: - <span class=\"_ _34\"> </span>Royalty Relief; - <span class=\"_ _34\"> </span>valore implicito in <span class=\"_ _0\"></span>stime di brand da PPA c<span class=\"_ _0\"></span>omparabili; - <span class=\"_ _34\"> </span>valore implicito nelle st<span class=\"_ _0\"></span>ime pubbliche dei br<span class=\"_ _0\"></span>and fornite da terze <span class=\"_ _0\"></span>parti indipendenti <span class=\"_ _0\"></span>(Brand Finance);<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Hirose. Criterio Royalty Reli<span class=\"_ _0\"></span>ef  Il <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Royalty <span class=\"_ _2\"></span>Relief <span class=\"_ _3\"></span>desume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edditi <span class=\"_ _3\"></span>rivenienti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>marchio, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>timati come <span class=\"_ _2\"></span>prodotto <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>royalty <span class=\"_ _2\"></span>ricostruito <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>PPA <span class=\"_ _2\"></span>comparabili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fatturato <span class=\"_ _2\"></span>netto (nel caso delle banc<span class=\"_ _0\"></span>he i proventi operativi). Il criterio del valor<span class=\"_ _0\"></span>e implicito in stime di bra<span class=\"_ _0\"></span>nd da PPA compara<span class=\"_ _0\"></span>bili<span class=\"_ _3\"></span><span class=\"fc0\">  </span>Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>implicito <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>PPA <span class=\"_ _6\"></span>comparabili <span class=\"_ _5\"></span>desume <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>rand <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>bas<span class=\"_ _5\"></span><span class=\"ff4\">e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>multipli <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Fair<span class=\"_ _0\"></span> </span>Value del Marchio / Pr<span class=\"_ _0\"></span>oventi operativi\u201d ri<span class=\"_ _0\"></span>levati in sede di PPA <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> delle loro determ<span class=\"_ _0\"></span>inanti fondame<span class=\"_ _0\"></span>ntali. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>multiplo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>netti, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _5\"></span>dai <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>PPA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _5\"></span>anche commerciali dalla ban<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a dati Markables. Criterio del valore impl<span class=\"_ _0\"></span>icito nelle stime pubb<span class=\"_ _0\"></span>liche dei brand forni<span class=\"_ _0\"></span>te da terze parti i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>dipendenti (Br<span class=\"_ _0\"></span>and Finance) <span class=\"_ _2\"></span><span class=\"fc0\"> </span>Brand <span class=\"_ _5\"></span>Finance <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _5\"></span>inglese <span class=\"_ _5\"></span>specializzata <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>marchi. <span class=\"_ _5\"></span>Brand <span class=\"_ _6\"></span>Finance <span class=\"_ _4\"> </span>pubblica <span class=\"_ _6\"></span>ogni <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>la stima aggiornata del v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lore dei marchi d<span class=\"_ _0\"></span>elle prime 500 ba<span class=\"_ _0\"></span>nche mondiali. La <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>marchi <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Brand <span class=\"_ _2\"></span>Finance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>criterio <span class=\"_ _6\"></span><span class=\"ff2\">Relief <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>Royalties</span>, <span class=\"_ _2\"></span>diffuso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi<span class=\"_ _0\"></span> valutativa per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi, secondo c<span class=\"_ _3\"></span>ui il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>marchio c<span class=\"_ _3\"></span>orrisponde al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>royalty risparmiate. <span class=\"_ _4\"> </span>I <span class=\"_ _7\"> </span>saggi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>royalty <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>ricavati <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>accordi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>licenza <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>marchi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>comparabili <span class=\"_ _4\"> </span>ed applicati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>brand <span class=\"_ _2\"></span>ban<span class=\"_ _3\"></span>cario <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>marchio <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attualizzati <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pportunit\u00e0 <span class=\"_ _2\"></span>del capitale coerente co<span class=\"_ _0\"></span>n il brand rating asseg<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato. Criterio Hirose  Il criterio si <span class=\"_ _3\"></span>fonda sul confronto tra la <span class=\"_ _3\"></span>marginalit\u00e0 dell\u2019imp<span class=\"_ _0\"></span>resa branded (in questo caso <span class=\"_ _3\"></span>la CG<span class=\"_ _2\"></span><span class=\"ff1\">U <span class=\"_ _3\"></span>Banca dei Territori) ed imprese </span>unbranded concorre<span class=\"_ _0\"></span>nti. La metodologi<span class=\"_ _0\"></span>a reddituale adottata \u00e8 <span class=\"_ _0\"></span>riconducibile al cr<span class=\"_ _0\"></span>iterio del profit<span class=\"_ _3\"></span>-split. Dalle <span class=\"_ _3\"></span>analisi effettuate, tutti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quattro i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>metodi utilizzati hanno <span class=\"_ _3\"></span>restituito un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>del brand <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo re<span class=\"_ _5\"></span>lativo <span class=\"_ _3\"></span>alla CGU Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territ<span class=\"_ _0\"></span>ori <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>intangibile<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>testimonianza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>el conseguente vantaggio<span class=\"_ _0\"></span> competitivo che lo <span class=\"_ _0\"></span>stesso permette di ma<span class=\"_ _0\"></span>ntenere rispetto ai con<span class=\"_ _0\"></span>correnti.<span class=\"_ _3\"></span><span class=\"fs9\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocato <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking, <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test nell\u2019ambito delle attiv<span class=\"_ _0\"></span>it\u00e0 finalizzate alla <span class=\"_ _0\"></span>verifica del valore rec<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>perabile dell\u2019avviam<span class=\"_ _0\"></span>ento allocato alla CGU<span class=\"_ _0\"></span> medesima.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019impairment test delle CGU e degli avviamenti <span class=\"ff5\"> </span>La definizione delle Cash Generating Unit (CGU) La <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019effettuazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _4\"> </span><span class=\"ff1\">a <span class=\"_ _5\"></span>vita </span>indefinita (inclusi <span class=\"_ _3\"></span>gli avviamenti) che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>generano flussi finanziari se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>concorso di a<span class=\"_ _3\"></span>ltre attivit\u00e0 <span class=\"_ _3\"></span>aziendali, richiede la preliminare <span class=\"_ _4\"> </span>attribuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>unit\u00e0 <span class=\"_ _7\"> </span>organizzative <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>autonome <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>profilo <span class=\"_ _7\"> </span>gestionale, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span><span class=\"lsc\">n </span>grado  di  generare  flussi  di  risorse  fi<span class=\"_ _0\"></span>nanziarie  largamente  in<span class=\"_ _0\"></span>dipendenti  da  quelle  pr<span class=\"_ _0\"></span>odotte  da  altre  aree  di <span class=\"_ _16\"> </span>attivit\u00e0,  ma interdipendenti all\u2019i<span class=\"_ _0\"></span>nterno dell\u2019unit\u00e0 o<span class=\"_ _0\"></span>rganizzativa che li g<span class=\"_ _0\"></span>enera.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>terminologia degli <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>unit\u00e0 <span class=\"_ _3\"></span>organizzative sono <span class=\"_ _3\"></span>denominate <span class=\"_ _3\"></span>Cash <span class=\"_ _3\"></span>Generati<span class=\"_ _3\"></span><span class=\"ff4\">ng <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>(CGU). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>l\u2019identificazion<span class=\"_ _35\"></span>e </span>delle CGU \u00e8 rilevant<span class=\"_ _0\"></span>e il significato dell\u2019im<span class=\"_ _0\"></span>pairment test.<span class=\"ff1\"> </span>Dal <span class=\"_ _6\"></span>testo <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>36 <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>deduce <span class=\"_ _6\"> </span>la <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correlare <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>testato <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>repor<span class=\"_ _5\"></span><span class=\"ff1\">ting </span>interno <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>irezione <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>accrescitive <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>riduttive <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale va<span class=\"_ _3\"></span>lore. <span class=\"_ _3\"></span>Sotto <span class=\"_ _3\"></span>questo p<span class=\"_ _3\"></span>rofilo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione di tale <span class=\"_ _1d\"> </span>livello  dipende  strettamente <span class=\"_ _1d\"> </span>dai  modelli <span class=\"_ _1d\"> </span>organizzativi  e <span class=\"_ _1d\"> </span>dall\u2019attribuzione  delle <span class=\"_ _1d\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>gestionali  ai <span class=\"_ _1d\"> </span>fini  della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>definizione degli indirizz<span class=\"ff4\">i de<span class=\"_ _3\"></span>ll\u2019attivit<span class=\"_ _0\"></span>\u00e0 operativa e <span class=\"_ _3\"></span>del conseguente monitoraggio. I modelli organizzativi possono prescindere (e </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>prescindono) <span class=\"_ _5\"></span>dall\u2019articolazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>giuridiche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sviluppata<span class=\"_ _35\"></span> l\u2019operativit\u00e0 <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>spe<span class=\"ff1\">sso, <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trettamente c<span class=\"_ _3\"></span>orrelati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>segmenti <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>alla </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>rendicontazione <span class=\"_ _18\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>setto<span class=\"_ _0\"></span>ri <span class=\"_ _1c\"> </span>prevista <span class=\"_ _18\"> </span>dall\u2019IFRS <span class=\"_ _18\"> </span>8<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>Queste <span class=\"_ _18\"> </span>considerazioni <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>riferimento <span class=\"_ _18\"> </span>ai <span class=\"_ _1c\"> </span>criteri <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>la determinazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>l\u2019impair<span class=\"_ _3\"></span>ment <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>dell\u2019avviamento <span class=\"_ _1d\"> </span>sono, <span class=\"_ _17\"> </span>peraltro, <span class=\"_ _17\"> </span>coerenti <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>la <span class=\"_ _1d\"> </span>definizione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore recuperabile di un\u2019attivit\u00e0 <span class=\"_ _3\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>la cui de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e \u00e8 <span class=\"_ _3\"></span>alla base de<span class=\"_ _3\"></span>gli impairment test <span class=\"_ _2\"></span>- <span class=\"ff4\">secondo <span class=\"_ _3\"></span>la quale \u00e8 <span class=\"_ _3\"></span>rilevante l\u2019importo che </span></span>l\u2019impresa si attende <span class=\"_ _0\"></span>di recuperare da quella<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0, consideran<span class=\"_ _0\"></span>do le sinergie c<span class=\"_ _0\"></span>on altre attivit\u00e0.  </span>Dunque, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>logiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>formazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>origine <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contabilizzazione <span class=\"_ _3\"></span>dell\u2019avviamento, <span class=\"_ _3\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>CGU, <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019avviame<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>allocato, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>includere <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>delle </span>sinergie non solo esterne (o universali) ma anche quelle interne, che lo specifico acquirente pu\u00f2 ritrarre dall\u2019integrazione <span class=\"_ _2\"></span><span class=\"ff1\">delle </span>attivit\u00e0 <span class=\"_ _4\"> </span>acquisite <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>proprie <span class=\"_ _4\"> </span>combinazioni <span class=\"_ _4\"> </span>economiche, <span class=\"_ _7\"> </span>evidentement<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>business definiti. <span class=\"_ _30\"> </span> Il modello organizzativ<span class=\"_ _0\"></span>o del Gruppo Inte<span class=\"_ _0\"></span>sa Sanpaolo prevede c<span class=\"_ _0\"></span>he:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le scelte gestionali ri<span class=\"_ _0\"></span>sultano fortement<span class=\"_ _0\"></span>e accentrate presso i r<span class=\"_ _0\"></span>esponsabili dei segme<span class=\"_ _0\"></span>nti operativi;<span class=\"_ _3\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">le  strategi<span class=\"_ _0\"></span>e,  l\u2019identific<span class=\"_ _0\"></span>azion<span class=\"ff1\">e  di  nuovi<span class=\"_ _0\"></span>  prodotti <span class=\"_ _16\"> </span>o  servizi,<span class=\"_ _0\"></span>  le  i<span class=\"_ _0\"></span>niziative  di <span class=\"_ _16\"> </span>penetrazione <span class=\"_ _16\"> </span>commerciale <span class=\"_ _16\"> </span>sono  delineate <span class=\"_ _7\"> </span>e </span></span></span>indirizzate centralment<span class=\"_ _0\"></span>e per ogni divisione <span class=\"_ _0\"></span>operativa; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">i processi di pianifica<span class=\"_ _0\"></span>zione ed i sistemi di<span class=\"_ _0\"></span> rendicontazione veng<span class=\"_ _0\"></span>ono svolti a livello<span class=\"_ _0\"></span> di segmento operati<span class=\"_ _0\"></span>vo;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0 ls11\">in<span class=\"ls0\"> conseguenza di tal<span class=\"_ _0\"></span>e accentramento i flussi d<span class=\"_ _0\"></span>ei ricavi risultano <span class=\"_ _0\"></span>fortemente dipendenti <span class=\"_ _0\"></span>dalle politiche formul<span class=\"_ _0\"></span>ate a livello di<span class=\"_ _35\"></span> </span></span></span>segmento <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _6\"> </span>equilibrato <span class=\"_ _6\"></span>dell\u2019intera <span class=\"_ _5\"></span>divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>non <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _6\"></span>aree <span class=\"_ _6\"></span>operative <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>entit\u00e0 giuridiche autonomamente <span class=\"_ _0\"></span>considerate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>definite <span class=\"_ _7\"> </span>aree <span class=\"_ _4\"> </span>specialistiche <span class=\"_ _4\"> </span>trasversali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"></span>supporto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>sviluppano <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>molt<span class=\"_ _0\"></span>e </span></span>partecipate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">la <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>anch\u2019essa <span class=\"_ _7\"> </span>fortemente <span class=\"_ _7\"> </span>accentrata <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>dover <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">antenere, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span></span>disposizioni di vigilanza regolamenta<span class=\"_ _0\"></span>re, un equilibrio tra le politiche di allocazione del capitale ed i rischi f<span class=\"_ _3\"></span>inanziari as<span class=\"_ _5\"></span>sunti<span class=\"_ _0\"></span> nello sviluppo dei div<span class=\"_ _0\"></span>ersi business; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le diverse divisioni o<span class=\"_ _0\"></span>perano in mercati o <span class=\"_ _0\"></span>settori omogenei in t<span class=\"_ _0\"></span>ermin<span class=\"_ _3\"></span>i di caratteristiche economiche<span class=\"_ _0\"></span> e di grado di svilu<span class=\"_ _0\"></span>ppo.<span class=\"_ _3\"></span> </span></span>In <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>accentramento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>fortemente <span class=\"_ _5\"></span>dipendenti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>formulate <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>livello<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di segmento <span class=\"_ _6\"> </span>operativo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _4\"> </span>equilibrato <span class=\"_ _6\"> </span>dell\u2019intera<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ivisione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"></span>operative <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> </span>entit\u00e0 giuridiche auto<span class=\"_ _0\"></span>nomamente consid<span class=\"_ _0\"></span>erate. Nel Gruppo Intesa San<span class=\"_ _0\"></span>paolo le divisio<span class=\"_ _0\"></span>ni operative individu<span class=\"_ _0\"></span>ate sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Banca dei Territori; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">IMI Corporate &amp; Investm<span class=\"_ _0\"></span>ent Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Insurance; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Asset Management; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Private Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">International Subsidi<span class=\"_ _0\"></span>ary Banks. </span></span>Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>motivi <span class=\"_ _17\"> </span>sopra <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>sposti, <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>divisioni <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>perative <span class=\"_ _1d\"> </span>ci<span class=\"_ _3\"></span>tate <span class=\"_ _17\"> </span>corrispondono, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _18\"> </span>generali, <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _17\"> </span>e, contemporaneamente, c<span class=\"_ _0\"></span>ostituiscono le are<span class=\"_ _0\"></span>e elementari di attivit\u00e0<span class=\"_ _0\"></span> che <span class=\"_ _3\"></span><span class=\"ff4\">alimentano l\u2019informativa di<span class=\"_ _0\"></span> settore (segment r<span class=\"_ _0\"></span>eporting).<span class=\"ff1\"> </span></span>Tali <span class=\"_ _6\"></span>divisioni, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>rappresentative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Cash <span class=\"_ _4\"></span>Generati<span class=\"_ _0\"></span>ng <span class=\"_ _6\"></span>Unit, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gnuna <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i esse <span class=\"_ _5\"></span>costituisce <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>piccolo <span class=\"_ _5\"></span>gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>indipendenti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>anche, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>detto, <span class=\"_ _5\"></span>il livello <span class=\"_ _4\"></span>minimo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>quale <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pian<span class=\"_ _3\"></span>ificazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rendicontazione <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>gestiti <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Capogruppo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Si <span class=\"_ _5\"></span>tratta, <span class=\"_ _2\"></span>quindi, <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>minimo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _3\"></span>pu<span class=\"_ _5\"></span><span class=\"ff1\">\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>locato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>criteri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>arbitrari <span class=\"_ _2\"></span>e </span>monitorato.<span class=\"fs12\"> </span>La <span class=\"_ _3\"></span>Divisione International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>merita alcune <span class=\"_ _3\"></span>specifiche considerazioni, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione alla <span class=\"_ _3\"></span>sua <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>strutt<span class=\"_ _2\"></span>ura ed alle condizioni i<span class=\"_ _0\"></span>n cui opera. Va <span class=\"_ _7\"> </span>anzitutto <span class=\"_ _7\"> </span>segnalato <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span>verse <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>formare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>anno <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>finanziari strettamente dipendent<span class=\"_ _0\"></span>i dalle politiche <span class=\"_ _0\"></span>formulate dalla Dire<span class=\"_ _0\"></span>zione della Divisione e <span class=\"_ _0\"></span>dalle Direzioni <span class=\"_ _0\"></span>Centrali della Capogru<span class=\"_ _0\"></span>ppo<span class=\"_ _5\"></span>. Tali <span class=\"_ _6\"></span>politiche <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>realizzate <span class=\"_ _4\"> </span><span class=\"ff4\">in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disegno <span class=\"_ _5\"></span>gestionale <span class=\"_ _6\"> </span>ispirato <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>organico <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>dell\u2019intera </span>Divisione <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>singole <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>vi <span class=\"_ _1d\"> </span>fanno <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>autonomamente <span class=\"_ _1d\"> </span>considerate. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>particolare, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>strategie <span class=\"_ _1d\"> </span>di espansione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>comparti <span class=\"_ _5\"></span>operativi, <span class=\"_ _5\"></span>l\u2019identifica<span class=\"ff1\">zione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuovi <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>risparmio <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>servizi, <span class=\"_ _5\"></span>i </span>limiti  n<span class=\"_ _0\"></span>ell\u2019assunzione <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>schi  f<span class=\"_ _35\"></span>in<span class=\"_ _3\"></span>anziari, <span class=\"_ _16\"> </span>le  ini<span class=\"_ _0\"></span>ziative <span class=\"_ _16\"> </span>di  penetr<span class=\"_ _0\"></span>azione  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mmerciale <span class=\"_ _16\"> </span>e  di <span class=\"_ _7\"> </span>specializzazione  op<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rativa, <span class=\"_ _16\"> </span>sono delineate ed indirizzate centralmente, secondo una st<span class=\"_ _3\"></span>rategia di portafoglio, e non sono d<span class=\"_ _3\"></span>emandate alle singole partecipate. Di qui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>orte <span class=\"_ _4\"></span>interazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>impone, <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>governo <span class=\"_ _4\"></span>unitario <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>integrato <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>della Divisione, sia il moni<span class=\"_ _0\"></span>toraggio ed il controllo <span class=\"_ _0\"></span>direzional<span class=\"ff4\">e<span class=\"_ _3\"></span> dell\u2019operativit\u00e0<span class=\"_ _0\"></span> dell\u2019insieme delle<span class=\"_ _0\"></span> attivit\u00e0 della st<span class=\"_ _0\"></span>essa Divisione.<span class=\"ff1\"> </span></span>Tuttavia, <span class=\"_ _3\"></span>occorre <span class=\"_ _3\"></span>considerare <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influiscono <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>complementarit\u00e0 d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>all\u2019<span class=\"_ _5\"></span><span class=\"ff1\">interno </span>della Divisione, e du<span class=\"_ _0\"></span>nque sull\u2019intensit\u00e0 de<span class=\"_ _0\"></span>lla loro <span class=\"_ _3\"></span><span class=\"ff1\">interdipendenza<span class=\"_ _0\"></span>, sono controllabili d<span class=\"_ _0\"></span>alle Direzioni della Di<span class=\"_ _0\"></span>visione.<span class=\"_ _3\"></span> </span>Vi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>infatti <span class=\"_ _6\"></span>circostanze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>variamente <span class=\"_ _6\"></span>influire <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>capacit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gestire <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo sistemico i flussi della CGU e di controllare la generazione dei <span class=\"_ _3\"></span>medesimi. Si tratta di circostanze che qualificano in prevalenza le condizioni dell\u2019am<span class=\"_ _0\"></span>biente in cui le div<span class=\"_ _0\"></span>erse entit\u00e0 sono ubicat<span class=\"_ _0\"></span>e, inteso in ampio<span class=\"_ _0\"></span> senso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infatti, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"></span>operanti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Paesi <span class=\"_ _4\"> </span>esteri, <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>specie <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>ef<span class=\"_ _3\"></span>fetti<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">del <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>\u201crischio </span>Paese\u201d: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio, <span class=\"_ _2\"></span>cio\u00e8, <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>eventi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span><span class=\"ff1\">-politico-istituzionali <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>estero <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrollata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le </span>relative attivit\u00e0 sono <span class=\"_ _0\"></span>collocate.  In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>qualora  i<span class=\"_ _35\"></span>  flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>pu\u00f2<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ritrarre <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>facenti <span class=\"_ _16\"> </span>giuridicamente<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>capo <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na controllata estera siano profondamente condizionati <span class=\"_ _3\"></span>- n<span class=\"_ _3\"></span>ella misura, nella qualit\u00e0 e <span class=\"_ _3\"></span>nella direzione <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>da circostanze istituzionali, economiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>politiche <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Paese <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>risiede, <span class=\"_ _7\"> </span>quest\u2019ultim<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>integrante <span class=\"_ _7\"> </span>del </span>modello di gestione unitari<span class=\"_ _0\"></span>a della CGU cui \u00e8 stata ass<span class=\"_ _0\"></span>ociata. La societ\u00e0 che si trova in <span class=\"_ _0\"></span>siffatta situazione <span class=\"_ _0\"></span>deve pertanto, a<span class=\"_ _2\"></span>nche se <span class=\"_ _2\"></span>talora <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>esclusa <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>indipendenteme<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lont\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>Direzio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>di mantenervela, a causa <span class=\"_ _3\"></span>dei citati <span class=\"_ _3\"></span>fattori sui <span class=\"_ _3\"></span>quali evidentemente la <span class=\"_ _3\"></span>Direzione della Banca <span class=\"_ _3\"></span>e del <span class=\"_ _3\"></span>Gruppo non <span class=\"_ _3\"></span>pu\u00f2 influire. <span class=\"_ _3\"></span>I fl<span class=\"_ _5\"></span>ussi di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>infatti, finiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>dipendere p<span class=\"_ _3\"></span>i\u00f9 d<span class=\"_ _3\"></span>alle c<span class=\"_ _3\"></span>ondizioni d\u2019ambie<span class=\"_ _2\"></span><span class=\"ff1\">nte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Paese <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>logiche di <span class=\"_ _2\"></span>gestione unitaria </span>e <span class=\"_ _2\"></span>accentrata <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>tanto <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>assoggettata <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>autonoma <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione,<span class=\"_ _35\"></span> fino <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quando <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attenuano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestire <span class=\"_ _4\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>sistemico <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on siano ripristinate. Con riferimento alla banca ucraina Prave<span class=\"_ _0\"></span>x, ai fini dell\u2019impairment test 2008 una prudente atten<span class=\"_ _0\"></span>zione ai fenomeni economici ed<span class=\"_ _3\"></span><span class=\"ff1\"> </span>istituzionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019Ucraina, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stava <span class=\"_ _5\"></span>attraversando <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>profo<span class=\"_ _3\"></span>nda <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>economica <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutaria, <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un\u2019accorta <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle conseguenze che essi producevano sulle varia<span class=\"_ _0\"></span>bili gestionali della societ\u00e0 controll<span class=\"_ _0\"></span>ata in oggetto, specie se osservate nella l<span class=\"_ _2\"></span>oro interdipendenza <span class=\"_ _6\"> </span>rispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>dell\u2019intera <span class=\"_ _4\"> </span>CGU, <span class=\"_ _6\"> </span>aveva<span class=\"_ _3\"></span><span class=\"ff1\">no <span class=\"_ _4\"> </span>indotto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>considerare <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>CGU <span class=\"_ _6\"></span>autonoma <span class=\"_ _6\"></span>e </span>distinta, e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>enucleata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisione <span class=\"_ _3\"></span>International Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo. Successivamente <span class=\"_ _3\"></span>Pravex Bank <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>allocata <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Capital <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ight <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>(ora <span class=\"_ _5\"></span>Direzi<span class=\"_ _2\"></span>one <span class=\"_ _5\"></span>Centrale <span class=\"_ _2\"></span>NPE), <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>rientrare <span class=\"_ _2\"></span>nuovamente nella Divisione Internat<span class=\"_ _0\"></span>ional Subsidiary Ba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ks nel corso del 20<span class=\"_ _0\"></span>18. <span class=\"_ _3\"></span> Relativamente, invece, alla <span class=\"_ _3\"></span>controllata Bank of <span class=\"_ _3\"></span>Alexandria, ai f<span class=\"_ _3\"></span>ini dell\u2019impairment test 2011, <span class=\"_ _3\"></span>la banca <span class=\"_ _3\"></span>era stata e<span class=\"_ _3\"></span>nucleata d<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>lla </span>CGU Intern<span class=\"ff4\">ational Subsi<span class=\"_ _0\"></span>diary Banks a caus<span class=\"_ _0\"></span>a di una profonda cr<span class=\"_ _0\"></span>isi politica dell\u2019Egitto.<span class=\"ff1\"> </span></span>Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo e<span class=\"_ _3\"></span>mersi <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilievo <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>mettere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>discussione <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>decisione <span class=\"_ _3\"></span>intrapr<span class=\"_ _5\"></span><span class=\"ff1\">esa </span>nei <span class=\"_ _7\"> </span>precedenti <span class=\"_ _4\"> </span>bilanci <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>tenuto <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dell\u2019a<span class=\"_ _3\"></span><span class=\"ff1\">vvio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>militare <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Ucraina, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _7\"> </span>opportuno </span>confermare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>scelte <span class=\"_ _6\"></span>operate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>bilanci <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>Alexandria<span class=\"_ _0\"></span>, nello <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>consolid<span class=\"_ _3\"></span><span class=\"ff1\">ato, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>autonome <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>distinte. <span class=\"_ _5\"></span>Si <span class=\"_ _6\"></span>ricorda, <span class=\"_ _5\"></span>tuttavia, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>gli </span>avviamenti <span class=\"_ _1c\"> </span>relativi <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Pravex <span class=\"_ _18\"> </span>Bank <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>Bank <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>Alexandria <span class=\"_ _18\"> </span>erano <span class=\"_ _1c\"> </span>stati <span class=\"_ _1c\"> </span>azzerati <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>impairment <span class=\"_ _1c\"> </span>test <span class=\"_ _18\"> </span>r<span class=\"_ _3\"></span>elativo, rispettivamente, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>Bilanci <span class=\"_ _5\"></span>2008 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>avv<span class=\"_ _3\"></span>iamenti <span class=\"_ _5\"></span>nemmeno<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>estere della Divisione. Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>concerne <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Bank <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Alexandria, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>separata <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span>incide <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olont\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenere <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>parteci<span class=\"_ _2\"></span>pate, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>nei limiti consentiti dal c<span class=\"_ _0\"></span>onflitto in corso.<span class=\"fs12\"> </span>Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>menzionato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>Banca <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>Territori, <span class=\"_ _7\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>Bank <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>Alexandria <span class=\"_ _4\"> </span>e Pravex Bank non pres<span class=\"_ _0\"></span>entano, alla data di verifica, attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita i<span class=\"_ _0\"></span>ndefinita (fatta eccezio<span class=\"_ _0\"></span>ne per il brand name al<span class=\"_ _0\"></span>locato alla  CGU  Banca  dei  Territori,  il  cu<span class=\"_ _3\"></span>i  valore  recuperabile,  inteso  come  fair  value,  \u00e8  stato  confermato  da  una  specifica valutazione redatta da <span class=\"_ _0\"></span>un esperto indipend<span class=\"_ _0\"></span>ente)<span class=\"_ _3\"></span> e, conseguentemen<span class=\"_ _0\"></span>te, non sono state s<span class=\"_ _0\"></span>ottoposte ad impairme<span class=\"_ _0\"></span>nt test. <span class=\"_ _3\"></span> Il valore contabile de<span class=\"_ _0\"></span>lle CGU Il <span class=\"_ _3\"></span>valore contabile delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>deve essere <span class=\"_ _3\"></span>determinato in <span class=\"_ _3\"></span>modo coerente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stimato il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span>le delle <span class=\"_ _2\"></span>stesse. <span class=\"_ _2\"></span>Nell\u2019ottica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>individuare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>generati <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>i flussi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>queste <span class=\"_ _4\"> </span>ultime <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>core <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _4\"> </span>aziendale. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltr<span class=\"_ _2\"></span><span class=\"ls19\">i </span>termini, il valore recupera<span class=\"_ _0\"></span>bile delle CGU \u00e8 influenzato dai suddetti flussi e perta<span class=\"_ _0\"></span>nto il valore contabile delle stes<span class=\"_ _0\"></span>se deve essere<span class=\"_ _35\"></span> determinato <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>deve, <span class=\"_ _2\"></span>quindi, <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0<span class=\"_ _2\"></span> finanziarie. A <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fine, <span class=\"_ _4\"> </span>queste <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>opportunamente <span class=\"_ _7\"> </span>allocate <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento. <span class=\"_ _4\"> </span>Seguendo <span class=\"_ _4\"> </span>questa impostazione <span class=\"_ _3\"></span>(cosiddetta <span class=\"_ _3\"></span>\u201cequity <span class=\"_ _3\"></span>side\u201d), <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpao<span class=\"_ _0\"></span>lo <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>in termini di contributo <span class=\"_ _0\"></span>al patrimonio netto consolidato incl<span class=\"_ _0\"></span>usa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mposte <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>appartengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>divisione <span class=\"_ _6\"></span>operativa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>stato determinato attraverso la<span class=\"_ _0\"></span> sommatoria dei sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li contributi patrimoniali. Dove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _5\"></span>gestionalmente <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ripartizione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>\u00e8 rappresentata nelle <span class=\"_ _2\"></span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>contabili, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>gestionali. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>gesti<span class=\"_ _5\"></span>onale <span class=\"_ _3\"></span><span class=\"lsc\">\u00e8 </span>stato <span class=\"_ _3\"></span>identificato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>\u201ccapitale <span class=\"_ _2\"></span>regolamentare\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>divisioni, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresenta <span class=\"_ _3\"></span>l\u2019assorbimento <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>necessar<span class=\"_ _6\"></span><span class=\"ff1\">io </span>per fronteggiare le fa<span class=\"_ _0\"></span>ttispecie di rischio p<span class=\"_ _0\"></span>reviste dalle vigen<span class=\"_ _0\"></span>ti disposizioni di vigil<span class=\"_ _0\"></span>anza regolamentare.<span class=\"_ _3\"></span> Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"ff4\">egue <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>riportati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>\u201cbrand <span class=\"_ _5\"></span>name\u201d <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llocate <span class=\"_ _5\"></span>ad<span class=\"_ _0\"></span> </span>ognuna di <span class=\"_ _3\"></span>esse; <span class=\"_ _3\"></span>i valori, <span class=\"_ _3\"></span>essendo finalizzati al<span class=\"_ _3\"></span>lo svolgimento dell\u2019impairment test, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comprensivi della quota <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>vviamen<span class=\"_ _5\"></span><span class=\"ff1\">to </span>attribuibile ai terzi <span class=\"_ _0\"></span>(<span class=\"ff4\">inclusa nell\u2019ultima colonna assiem<span class=\"_ _0\"></span>e al patrimonio netto<span class=\"_ _0\"></span> di pertinenza dell<span class=\"_ _0\"></span>e minoranze).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di eur<span class=\"_ _35\"></span>o)               <span class=\"_ _0\"></span> Valori Valori al 31<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dicem<span class=\"_ _0\"></span>bre 2022              CG<span class=\"_ _0\"></span>U Valore<span class=\"ls0\"> </span>contabile  di cui avviamento<span class=\"_ _0\"></span> quota Grupp<span class=\"_ _0\"></span>o di cui \"brand name\" di cui di pertinen<span class=\"_ _0\"></span>za di terzi Banca dei<span class=\"_ _0\"></span> Territori 18.858 - 1.507 14<span class=\"ls0\"> </span>IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 21.334 56<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 6.702 976<span class=\"ls0\"> </span>- 1 Asset Manage<span class=\"_ _35\"></span>ment  2.656 1.059 - 6 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  5.192 1.535 375<span class=\"ls0\"> </span>1 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> 6.461 - - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  628<span class=\"ls0\"> </span>- - 126<span class=\"ls0\"> </span>Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - - - TOTALE 61.831 3.626 1.882 166<span class=\"ls0\"> </span>Criteri per la stima d<span class=\"_ _0\"></span>el Valore d\u2019Uso delle CGU<span class=\"ffa\"> </span>Il <span class=\"_ _7\"> </span>Valore <span class=\"_ _7\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>determinato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _4\"> </span>dei  <span class=\"ff1\">flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede </span>possano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>CGU. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>norma <span class=\"_ _5\"></span>stimati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>l\u2019ultimo <span class=\"_ _2\"></span>piano <span class=\"_ _2\"></span>d\u2019i<span class=\"_ _3\"></span>mpresa <span class=\"_ _3\"></span>pubblico<span class=\"_ _5\"></span><span class=\"ff1\"> </span>disponibile, ovvero, i<span class=\"_ _0\"></span>n mancanza, attrav<span class=\"_ _0\"></span>erso la formulazio<span class=\"_ _0\"></span>ne di un piano previ<span class=\"_ _0\"></span>sionale inte<span class=\"_ _3\"></span>rno da parte del managem<span class=\"_ _0\"></span>ent. Normalmente <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>previsione <span class=\"_ _6\"></span>analitica <span class=\"_ _6\"> </span>comprende <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _6\"> </span>massimo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>cinque <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni. <span class=\"_ _6\"> </span>Il <span class=\"_ _4\"> </span>flusso <span class=\"_ _6\"> </span>dell\u2019ultimo esercizio <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>previsione <span class=\"_ _1c\"> </span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _1c\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _1c\"> </span>proiettato <span class=\"_ _20\"> </span>in <span class=\"_ _1c\"> </span>perpetuit\u00e0 <span class=\"_ _20\"> </span>(tramite <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>ricorso <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>formule <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>rendita <span class=\"_ _29\"> </span>perpetua <span class=\"_ _1c\"> </span>o alternativamente <span class=\"_ _3\"></span>temporanea <span class=\"_ _3\"></span>qualora non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>realistico <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>idonee <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>produrre <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>ssi finanziari <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>periodo), <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>cosiddetto </span>\u201cTerminal <span class=\"_ _2\"></span>Value\u201d. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>iluppo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Prodotto <span class=\"_ _3\"></span>Interno<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Lordo nei Paesi in cui i<span class=\"_ _0\"></span> flussi si g<span class=\"_ _0\"></span>enerano.  Alternativamente, il Te<span class=\"_ _0\"></span>rminal Value potrebbe <span class=\"_ _0\"></span>essere determinato<span class=\"_ _0\"></span> ricor<span class=\"_ _3\"></span>rendo ad un valore finale <span class=\"_ _0\"></span>di vendita o di liquid<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>denaro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>dell\u2019attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>utilizzare </span>devono <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span>lla componente <span class=\"_ _7\"> </span>azionaria <span class=\"_ _7\"> </span>osservati <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>arco <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>sufficientemen<span class=\"_ _3\"></span>te <span class=\"_ _16\"> </span>ampio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>riflettere <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>cicli economici differenzi<span class=\"_ _0\"></span>ati. Inoltre,  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ogni  CGU,<span class=\"_ _0\"></span>  i<span class=\"_ _0\"></span>n  co<span class=\"_ _0\"></span>nsiderazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>diversa  ri<span class=\"_ _0\"></span>schiosit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rispettivi  am<span class=\"_ _0\"></span>biti <span class=\"_ _16\"> </span>operativi, <span class=\"_ _16\"> </span>devono  e<span class=\"_ _0\"></span>ssere <span class=\"_ _16\"> </span>utilizzati coefficienti Beta diffe<span class=\"_ _0\"></span>renziati. Tutti i tassi <span class=\"ff4\">cos\u00ec determinati so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o corretti per tenere<span class=\"_ _0\"></span> conto del cosiddetto \u201c<span class=\"_ _0\"></span>rischio Paese\u201d.<span class=\"ff2 fc2\"> </span></span>La stima dei flussi fina<span class=\"_ _0\"></span>nziari Anche <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _6\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _6\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>dell\u2019impairme<span class=\"_ _0\"></span>nt <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>Bilancio <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>la volatilit\u00e0 <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>mercati <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>incertezze <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>caratterizzano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>futuro <span class=\"_ _1d\"> </span>scenario <span class=\"_ _1d\"> </span>macroeconomico <span class=\"_ _1d\"> </span>rendono particolarmente <span class=\"_ _5\"></span>complessa <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> crescita rilevanti per la<span class=\"_ _0\"></span> determinazione del valore termi<span class=\"_ _0\"></span>nale delle CGU. Lo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>previsionale <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>adottato <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>elaborato <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Direzione <span class=\"_ _4\"></span>Studi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Ricerche <span class=\"_ _6\"></span>di Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali o<span class=\"_ _3\"></span>rganismi ed <span class=\"_ _2\"></span>istituzioni naziona<span class=\"_ _2\"></span>li <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali, ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle base delle previsioni reddi<span class=\"_ _0\"></span>tuali lungo l\u2019arco tem<span class=\"_ _0\"></span>porale 2023<span class=\"ff1\">-<span class=\"_ _3\"></span>2027. </span>Tali  previ<span class=\"_ _0\"></span>sioni  si <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _16\"> </span>su  uno <span class=\"_ _16\"> </span>scenario  di <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>l\u2019economia  mondi<span class=\"_ _0\"></span>ale  caratter<span class=\"_ _0\"></span>izzato <span class=\"_ _16\"> </span>da  un <span class=\"_ _16\"> </span>graduale  rie<span class=\"_ _0\"></span>ntro dell\u2019inflazione <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span><span class=\"ff1\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>centrali, <span class=\"_ _3\"></span>associato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crescita </span>reale <span class=\"_ _6\"></span>inferiori <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>preceduto <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>pandemica <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livelli <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>nominali <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>reali<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in aumento. Lo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potizza <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>PIL <span class=\"_ _5\"></span>mondiale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2,7%, <span class=\"_ _5\"></span>dopo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>mbalzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>6% osservato n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2020; <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _3\"></span>dovrebbe <span class=\"_ _3\"></span>rallentare <span class=\"_ _3\"></span>ulteriormente al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2%, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova accelerazione <span class=\"_ _2\"></span>compresa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ange <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3,5%. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>commercio <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _5\"></span>risulti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9<span class=\"_ _0\"></span> stagnante nel 2023 (<span class=\"_ _0\"></span>+0,6%), riacceler<span class=\"_ _0\"></span>ando poi dal 2024 a tassi<span class=\"_ _0\"></span> di crescita sim<span class=\"_ _0\"></span>ili a quelli del PI<span class=\"_ _0\"></span>L mondiale.<span class=\"_ _2\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>l\u2019Eurozona <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>colpita <span class=\"_ _3\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _3\"></span>violento <span class=\"_ _3\"></span>rincaro <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>naturale, <span class=\"_ _3\"></span>riflesso <span class=\"_ _3\"></span>dell\u2019invasione <span class=\"_ _3\"></span>russa dell\u2019Ucraina <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>conseguente <span class=\"_ _6\"> </span>deterioramento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _6\"></span>fra <span class=\"_ _6\"> </span>Unione <span class=\"_ _4\"> </span>Europea <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Russia. <span class=\"_ _6\"></span>L\u2019interruzione <span class=\"_ _6\"> </span>quasi <span class=\"_ _6\"> </span>totale <span class=\"_ _4\"> </span>delle<span class=\"_ _0\"></span> importazioni di <span class=\"_ _3\"></span>gas dalla <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata affrontata <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>combinazione di <span class=\"_ _3\"></span>riduzione dei <span class=\"_ _3\"></span>consumi, <span class=\"_ _3\"></span>aumento della produzione da <span class=\"_ _2\"></span>fonti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fonti <span class=\"_ _5\"></span>fossili, <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importazioni <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fornitori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>transizione <span class=\"_ _7\"> </span>forzata <span class=\"_ _2\"></span>in poco <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>implica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"></span>resteranno <span class=\"_ _2\"></span>struttur<span class=\"_ _3\"></span>almente <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>alti <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>crisi. <span class=\"_ _5\"></span>Anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _2\"></span>\u00e8 iniziato  relati<span class=\"_ _0\"></span>vamente  bene<span class=\"_ _0\"></span>,  grazie <span class=\"_ _16\"> </span>a  temperature <span class=\"_ _16\"> </span>miti  rispetto <span class=\"_ _16\"> </span>alla  norma  s<span class=\"_ _0\"></span>tagionale <span class=\"_ _16\"> </span>e  alla  bassa <span class=\"_ _16\"> </span>domanda  cines<span class=\"_ _0\"></span>e,  la prospettiva che la domanda cinese di gas si r<span class=\"_ _3\"></span>iprenda dal secon<span class=\"_ _3\"></span>do trimestre potrebbe implicare nuove tensioni sui prezzi entro fine <span class=\"_ _5\"></span>anno. <span class=\"_ _6\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>sviluppi, <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>conservati<span class=\"_ _0\"></span>ve <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>gas <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> rischi prevalenti verso <span class=\"_ _0\"></span>il basso nel breve te<span class=\"_ _0\"></span>rmine.  Il <span class=\"_ _2\"></span>drastico <span class=\"_ _3\"></span>peggioramento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>ragioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>dovuto <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riflesso <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>calo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>punti <span class=\"_ _2\"></span>percentual<span class=\"_ _0\"></span>i del saldo commerciale. L\u2019impatto recessivo dello shock \u00e8 stato quasi del <span class=\"_ _3\"></span>tutto compensato dalle misure pubbliche di sostegno a  famiglie  ed  imprese  e  dal  calo  della  propensione  media <span class=\"_ _16\"> </span>al  risparmio  delle  famiglie  verso  i  livelli  pre<span class=\"_ _2\"></span>-pandemici.  Di<span class=\"_ _0\"></span> conseguenza, il PIL \u00e8 cresciuto del 3,3% nel 202<span class=\"_ _0\"></span>2, ben sopra le stime di crescita potenzi<span class=\"_ _0\"></span>ale. Nel 2023 si prevede una crescit<span class=\"_ _2\"></span><span class=\"lsc\">a </span>del <span class=\"_ _4\"> </span>PIL <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9 <span class=\"_ _6\"></span>nulla <span class=\"_ _7\"> </span>(0,1%), <span class=\"_ _4\"></span>associat<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>trimestri <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debole <span class=\"_ _4\"></span>contrazione. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>seguito, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>rimbalzo <span class=\"_ _4\"></span>della crescita <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>annua <span class=\"_ _2\"></span>stimata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>range <span class=\"_ _2\"></span>compreso <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1,5 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u20191,8%. <span class=\"_ _2\"></span>Sullo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>aleggia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che<span class=\"_ _5\"></span><span class=\"ff1\"> </span>prezzi dell\u2019energia st<span class=\"_ _0\"></span>rutturalmente pi\u00f9 alti possano ri<span class=\"_ _0\"></span>durre la crescita pot<span class=\"_ _0\"></span>enziale dell\u2019economi<span class=\"_ _0\"></span>a europea.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>l\u2019inflazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>salita <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>livelli <span class=\"_ _6\"></span>ampiamente <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>anno <span class=\"_ _6\"> </span>fa, <span class=\"_ _6\"></span>prima <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media<span class=\"_ _2\"></span><span class=\"ff1\"> </span>annua stimata a 8,5%. Gran par<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e del maggior incremento \u00e8 attribuibile agli effetti diret<span class=\"_ _0\"></span>ti e indiretti del rincaro del ga<span class=\"_ _0\"></span>s naturale, ma <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>analisi <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>tatistiche <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>gnalano <span class=\"_ _1d\"> </span>ormai <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>rilevante <span class=\"_ _17\"> </span>contributo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>fattori <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>domanda <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>dinamica <span class=\"_ _1d\"> </span>dell\u2019inflazione sottostante. <span class=\"_ _3\"></span>Il c<span class=\"_ _3\"></span>alo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gas <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>picchi <span class=\"_ _3\"></span>dell\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">state <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>fa p<span class=\"_ _3\"></span>revedere u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inflazione <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del </span>2023. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>media <span class=\"_ _5\"></span>annua <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stimata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>7,7%, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _5\"></span>conservative <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>prezzo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>gas<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>inizio anno. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>calo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>prezzi <span class=\"_ _6\"></span>energetici <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>bbatterebbe <span class=\"_ _6\"></span>ulterior<span class=\"_ _3\"></span><span class=\"ff4\">mente <span class=\"_ _4\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>negli <span class=\"_ _6\"> </span>anni <span class=\"_ _4\"> </span>seguenti, <span class=\"_ _6\"> </span>fino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>riportarla <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"> </span>con </span>l\u2019obiettivo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>BCE <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2025. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>discesa <span class=\"_ _6\"> </span>dell\u2019inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _4\"> </span>molto <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"> </span>lenta<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _4\"></span>in </span>quanto <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>retribuzioni <span class=\"_ _3\"></span>compati<span class=\"_ _3\"></span>bile <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>2% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>servizi, <span class=\"_ _2\"></span>considerando <span class=\"_ _3\"></span>che difficilmente nel 202<span class=\"_ _0\"></span>3-24 la crescita della prod<span class=\"_ _0\"></span>uttivit\u00e0 potr\u00e0 acceler<span class=\"_ _0\"></span>are abbastanza da comp<span class=\"_ _0\"></span>ensarne gli effetti.<span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>Italia, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3,8%, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>mezz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra. <span class=\"_ _3\"></span>La riduzione della crescita \u00e8<span class=\"_ _3\"></span> dovuta al <span class=\"_ _3\"></span>drastico peggioramento della bilancia commerciale <span class=\"_ _3\"></span>(pari a c<span class=\"_ _3\"></span>irca 4% del <span class=\"_ _3\"></span>PIL nel 2022), <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ls17\">e </span>all\u2019interno <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>riflette <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cal<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>reddito <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>eggioramento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>imprese. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019impatto finale <span class=\"_ _16\"> </span>\u00e8  stat<span class=\"_ _0\"></span>o  p<span class=\"_ _0\"></span>er\u00f2  mi<span class=\"_ _0\"></span>tigato <span class=\"_ _16\"> </span>da  mis<span class=\"_ _0\"></span>ure <span class=\"_ _16\"> </span>fiscali  (ri<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>uzione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>accise,  cr<span class=\"_ _0\"></span>editi  di<span class=\"_ _0\"></span>  im<span class=\"_ _0\"></span>posta <span class=\"_ _16\"> </span>alle  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese, <span class=\"_ _16\"> </span>sussidi  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>le  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>miglie, sospensione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>componenti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>sistema <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>riduzion<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ropensione <span class=\"_ _4\"></span>media <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>risparmio <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> famiglie. La <span class=\"_ _3\"></span>crescita del <span class=\"_ _3\"></span>PIL \u00e8 <span class=\"_ _3\"></span>gradualmente rallentata nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022, e <span class=\"_ _3\"></span>dovrebbe essere <span class=\"_ _3\"></span>negativa su base <span class=\"_ _3\"></span>congiunturale a <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>inizio <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>pari <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>0,<span class=\"_ _3\"></span>6% <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>annua. <span class=\"_ _7\"> </span>Ci <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttende <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>netta accelerazione <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>scia <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"></span>energetici, <span class=\"_ _5\"></span>nell\u2019ipotesi <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>aggregata <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>sostenuta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>spesa connessi al programma Next Generation EU (che po<span class=\"_ _3\"></span>trebbero aumentare<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>crescita di 0,5% all\u2019anno)<span class=\"_ _2\"></span><span class=\"ff1\">, dagli investimenti per la </span>transizione <span class=\"_ _2\"></span>energetica, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>andamento <span class=\"_ _5\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ccupazione <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>redditi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>eali. <span class=\"_ _5\"></span>Le<span class=\"_ _0\"></span> componenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>sensibili <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>registreranno <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebole, <span class=\"_ _5\"></span>tend<span class=\"_ _5\"></span>enza <span class=\"_ _6\"></span>accentuata nelle <span class=\"_ _7\"> </span>costruzioni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>idimensio<span class=\"_ _0\"></span>namento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>incentivi <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>ristrutturazioni, <span class=\"_ _4\"> </span>ma <span class=\"_ _7\"> </span>senza <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>tutto <span class=\"_ _7\"> </span>compensare <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>fattor<span class=\"_ _5\"></span><span class=\"ls19\">i </span>precedenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>complesso, <span class=\"_ _2\"></span>dunque, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crescita <span class=\"_ _5\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>negli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>2024<span class=\"_ _5\"></span>-27, <span class=\"_ _2\"></span>anche se vi sono maggiori ris<span class=\"_ _0\"></span>chi al ribasso legati <span class=\"_ _0\"></span>all\u2019aumento del co<span class=\"_ _0\"></span>sto dell\u2019energia.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>l\u2019inflazione <span class=\"_ _3\"></span>italiana <span class=\"_ _3\"></span>rallenta <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>6,8% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2,4% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2024. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">vuta </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>calo <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prezzi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019energia. <span class=\"_ _17\"> </span>I <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>2023 <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>ribasso, <span class=\"_ _1d\"> </span>considerando </span>l\u2019andamento recente d<span class=\"_ _0\"></span>el prezzo del gas.<span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Europea <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>alzato <span class=\"_ _5\"></span>rapidamente <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>avviando <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>restrizione<span class=\"_ _2\"></span> che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>estender\u00e0 <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2023. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>depositi <span class=\"_ _5\"></span>(DFR) <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2,00% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso sulle  operazioni <span class=\"_ _16\"> </span>principali  di <span class=\"_ _16\"> </span>rifinanziamento  (R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>fi)  al <span class=\"_ _16\"> </span>2,5%.  Alla <span class=\"_ _16\"> </span>riunione  di  fi<span class=\"_ _0\"></span>ne  2022  la <span class=\"_ _16\"> </span>BCE  ha <span class=\"_ _16\"> </span>avvisato  che  i  r<span class=\"_ _35\"></span>ia<span class=\"_ _3\"></span>lzi continueranno a <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>primi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ci\u00f2 <span class=\"_ _3\"></span>implichi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>minimo <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>del DFR <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>3,0%. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>date <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>prossimi <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _6\"></span>molto <span class=\"_ _5\"></span>modesto <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _2\"></span> domanda <span class=\"_ _2\"></span>finale <span class=\"_ _5\"></span>interna, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ausibile <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>alzato <span class=\"_ _2\"></span>ancora <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>mesi <span class=\"_ _5\"></span>seguenti, <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>portarlo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>3,50%. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _5\"></span>per tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019attuale con<span class=\"_ _3\"></span>testo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>incertezza, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>sentiero <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>raggi<span class=\"_ _2\"></span><span class=\"ff1\">unge <span class=\"_ _2\"></span>il </span>massimo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3,0% <span class=\"_ _2\"></span>(DFR) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>3,5% <span class=\"_ _2\"></span>(Refi) <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>seguito, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ipotizza <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>graduale <span class=\"_ _3\"></span>convergenza <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>ufficiali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli<span class=\"_ _0\"></span> neutrali.  La <span class=\"_ _7\"> </span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _7\"> </span>Centrale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>avviato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>progressiva <span class=\"_ _7\"> </span>rimozione <span class=\"_ _7\"> </span>delle  mi<span class=\"_ _35\"></span>sure <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>convenzionali. <span class=\"_ _16\"> </span>Attraverso <span class=\"_ _7\"> </span>una modifica <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span><span class=\"ff4\">h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favorito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>anticipato <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>acquisti <span class=\"_ _2\"></span>netti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fettuati <span class=\"_ _3\"></span>nell\u2019ambito </span>dei <span class=\"_ _4\"></span>programmi <span class=\"_ _6\"></span>APP <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>PEPP <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>interrotti <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022. <span class=\"_ _4\"> </span>Dalla <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>marzo <span class=\"_ _6\"></span>2023, inoltre, <span class=\"_ _3\"></span>inizier\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>riduzio<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>APP, <span class=\"_ _3\"></span>attuata <span class=\"_ _3\"></span>mediante <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>15 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>mensili <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>reinvestimenti <span class=\"_ _3\"></span>delle scadenze. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>andare, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>potrebbero <span class=\"_ _3\"></span>esercitare <span class=\"_ _3\"></span>pressioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rialzo <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pendenza <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>le curve  dei <span class=\"_ _1d\"> </span>tassi <span class=\"_ _1d\"> </span>governati<span class=\"ff4\">vi,  rafforzando  l\u2019impulso  di <span class=\"_ _1d\"> </span>politica  monetaria. <span class=\"_ _1d\"> </span>Si  prevede  c<span class=\"_ _3\"></span>he  l\u2019eccesso  di <span class=\"_ _1d\"> </span>liquidit\u00e0  si <span class=\"_ _1d\"> </span>riduca </span>drasticamente gi\u00e0 nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso del 2023.  Per effetto dell\u2019assunto<span class=\"_ _0\"></span> relativamente conservat<span class=\"_ _0\"></span>ivo adottato sull\u2019and<span class=\"_ _0\"></span>amento dei tassi uffi<span class=\"_ _0\"></span>ciali, le proiezio<span class=\"_ _0\"></span>ni sui tassi<span class=\"_ _2\"></span><span class=\"ff1\"> di interesse </span>a breve termine risultano inferiori ai <span class=\"_ _3\"></span>tassi impliciti di mercato fino a <span class=\"_ _3\"></span>tutto il 2027, con l\u2019unica <span class=\"_ _3\"></span>eccezione del 2024. L\u2019ecc<span class=\"_ _5\"></span><span class=\"ff1\">ezionale<span class=\"_ _0\"></span> </span>livello dell\u2019eccesso d<span class=\"_ _3\"></span>i riserve, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>riducendosi rapidamente nel <span class=\"_ _3\"></span>2023 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nel 2024, <span class=\"_ _3\"></span>rester\u00e0 <span class=\"_ _3\"></span>molto ampio <span class=\"_ _3\"></span>e tend<span class=\"_ _5\"></span><span class=\"ff1\">er\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mantenere i </span>tassi a brevissimo termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e vicino al tasso sui <span class=\"_ _0\"></span>depositi overnight p<span class=\"_ _0\"></span>resso la BCE per tutto <span class=\"_ _0\"></span>l\u2019orizzonte di pr<span class=\"_ _0\"></span>evisione. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>curva <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>riflettono <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>chiusura <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>programmi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>acquisto <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>titoli, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span>elocit<span class=\"_ _0\"></span>\u00e0 della <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>restrizione <span class=\"_ _5\"></span>monetaria <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>attuata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>modeste <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>spettative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rialzo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>ufficiali <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>resto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2023 <span class=\"_ _16\"> </span>e <span class=\"_ _6\"></span>la prospettiva <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>loro <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _4\"></span>anni <span class=\"_ _4\"></span>seguenti. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>assume <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>pendenza <span class=\"_ _4\"></span>negativa <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>2023, <span class=\"_ _4\"></span>ma <span class=\"_ _4\"></span>torna <span class=\"_ _6\"></span>a crescere <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>2024 <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>riduzione <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>breve <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>marginale <span class=\"_ _4\"></span>aumento <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>lunga <span class=\"_ _4\"></span>scadenza. <span class=\"_ _4\"></span>Il<span class=\"_ _35\"></span> ridimensionamento <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _6\"> </span>BCE <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"> </span>potrebbe <span class=\"_ _6\"> </span>dare<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>contributo <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _4\"> </span>all\u2019aument<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>lungo <span class=\"_ _6\"> </span>termine, anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>impulso <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>esercitato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>opposta <span class=\"_ _2\"></span>dall\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>itoli della Banca centrale n<span class=\"_ _0\"></span>egli anni scorsi. La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>fornito <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>l\u2019Eurosistem<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019aumento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>risk <span class=\"_ _3\"></span>free <span class=\"_ _3\"></span>potrebbe <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>rif<span class=\"_ _5\"></span><span class=\"ff1\">lettersi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>allargamento </span>dei premi per il rischio sovra<span class=\"_ _0\"></span>no. Tuttavia, questo fattor<span class=\"_ _0\"></span>e negativo pu\u00f2 essere alme<span class=\"_ _0\"></span>no in parte compensato dalla ri<span class=\"_ _0\"></span>duzione del<span class=\"_ _2\"></span>le emissioni nette <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Tesoro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>miglioramento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>conti <span class=\"_ _3\"></span>pubblici, <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>pi\u00f9 v<span class=\"_ _3\"></span>eloce <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>pubblic<span class=\"_ _0\"></span>o rispetto alle attese n<span class=\"_ _3\"></span>el periodo 2022<span class=\"_ _3\"></span>-24. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _3\"></span>di riferimento incorpora un <span class=\"_ _3\"></span>modesto allargamento del differenziale legato a <span class=\"_ _5\"></span>soli <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>fondamentali <span class=\"_ _2\"></span>(andamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>debito) <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>(tassi, <span class=\"_ _5\"></span>acquisti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>egativi). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>sovrano <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il livello <span class=\"_ _16\"> </span>dei  premi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o  sa<span class=\"_ _0\"></span>ranno <span class=\"_ _16\"> </span>per\u00f2  molto <span class=\"_ _16\"> </span>sensibili <span class=\"_ _16\"> </span>anche  al <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di  att<span class=\"_ _0\"></span>uazione <span class=\"_ _16\"> </span>del  PNRR<span class=\"_ _0\"></span>,  sia <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>parte  di<span class=\"_ _35\"></span> investimenti, <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riforme <span class=\"_ _5\"></span>strutturali. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guardo, <span class=\"_ _2\"></span>lo <span class=\"_ _6\"></span>scenario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ipoti<span class=\"_ _2\"></span><span class=\"ff4\">zza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>l\u2019implementa<span class=\"_ _0\"></span>zione <span class=\"_ _5\"></span>sia </span>relativamente puntuale<span class=\"_ _0\"></span>. Con  riferimento <span class=\"_ _16\"> </span>allo  scenario <span class=\"_ _16\"> </span>bancario,  il  m<span class=\"_ _0\"></span>ercato  del  cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito  nel <span class=\"_ _16\"> </span>corso  del  2022 <span class=\"_ _16\"> </span>\u00e8  stato  interess<span class=\"_ _0\"></span>ato  da  un  m<span class=\"_ _35\"></span>oderato irrigidimento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>offerta <span class=\"_ _6\"></span>coerente <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>svo<span class=\"_ _3\"></span>lta <span class=\"_ _6\"></span>restrittiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _5\"></span><span class=\"ff4\">olitica <span class=\"_ _6\"> </span>monetaria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rischi<span class=\"_ _0\"></span> </span>percepiti, <span class=\"_ _5\"></span>mentre <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>lato <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermata <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>buona <span class=\"_ _6\"></span>situazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>funding <span class=\"_ _6\"></span>e  l<span class=\"_ _35\"></span>a dotazione patrimoniale<span class=\"_ _0\"></span> \u00e8 rimasta solid<span class=\"_ _0\"></span>a. Inoltre, la qualit<span class=\"_ _0\"></span>\u00e0 del credito non ha m<span class=\"_ _0\"></span>os<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>rato particolari<span class=\"_ _0\"></span> segni di deteriorament<span class=\"_ _0\"></span>o. La <span class=\"_ _7\"> </span>domanda <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ravvivata <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>relazione <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>legate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione corrente, a fronte dell\u2019aumento dei<span class=\"_ _0\"></span> costi operativi per i r<span class=\"_ _3\"></span>incari energetici e degli altri input. La particolare natura<span class=\"_ _0\"></span> della<span class=\"_ _5\"></span><span class=\"ff1\"> domanda </span>h<span class=\"ff4\">a <span class=\"_ _2\"></span>spinto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>rimbalzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>per\u00f2 <span class=\"_ _2\"></span>nell\u2019ultima <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>cominciato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rallentar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>per <span class=\"_ _6\"> </span>l\u2019inasprirsi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>condizioni <span class=\"_ _6\"></span>creditizie. <span class=\"_ _6\"></span>Diversamente, <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>prestiti <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imasti <span class=\"_ _5\"></span>fermi, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>variazione </span>oscillanti <span class=\"_ _2\"></span>attorno <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>zero, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>scontano <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>forte <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gistrato<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _2\"></span>pandemico <span class=\"_ _2\"></span>graz<span class=\"_ _3\"></span>ie <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span>con garanzia pubblic<span class=\"_ _0\"></span>a.  Per <span class=\"_ _16\"> </span>il  20<span class=\"_ _0\"></span>23  si <span class=\"_ _7\"> </span>prospetta  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>normalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>dinamica  d<span class=\"_ _0\"></span>ei  p<span class=\"_ _0\"></span>restiti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>breve  ch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>potrebbero <span class=\"_ _16\"> </span>continuar<span class=\"_ _2\"></span>e  a <span class=\"_ _16\"> </span>segnar<span class=\"_ _0\"></span>e variazioni <span class=\"_ _3\"></span>moderatamente <span class=\"_ _3\"></span>positive <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _3\"></span>dell\u2019inflazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo, <span class=\"_ _2\"></span>dopo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>parte </span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>debolezza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ripresa <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>sostenere <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ritorno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>andamento <span class=\"_ _2\"></span>positivo.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Come gi\u00e0 <span class=\"_ _4\"> </span>emerso <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fabbisogno <span class=\"_ _4\"> </span>finanziario <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>colmato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>notevole <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>uffer <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 accumulato <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>imprese <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>biennio <span class=\"_ _7\"> </span>2020<span class=\"_ _3\"></span>-<span class=\"ff4\">21 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>depositato <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>banche, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>obbligazioni <span class=\"_ _7\"> </span>e </span>l\u2019autofi<span class=\"ff1\">nanziamento. In particolare, le <span class=\"_ _3\"></span>condizioni di <span class=\"_ _3\"></span>mercato dovrebbero essere <span class=\"_ _3\"></span>favorevoli per <span class=\"_ _3\"></span>le emissioni di <span class=\"_ _3\"></span>titoli, alla luce <span class=\"_ _3\"></span>del </span>ritrovato <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>obbligazionari, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>completata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>fase <span class=\"_ _2\"></span>rialzista <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ass<span class=\"ls13\">i </span>BCE.  I <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>amiglie <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mantenuto <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>itmo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>robusto. <span class=\"_ _5\"></span>Ancora <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta, <span class=\"_ _5\"></span>l\u2019andamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato sostenuto dai prestiti<span class=\"_ _0\"></span> per l\u2019acquisto del<span class=\"_ _0\"></span>la casa la cui crescita <span class=\"_ _0\"></span>ha raggiunto il 5%<span class=\"_ _0\"></span>, il massimo dell\u2019<span class=\"_ _0\"></span>ultimo decennio, avvia<span class=\"_ _0\"></span>nd<span class=\"_ _2\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>si su </span>un trend gradualmente<span class=\"_ _0\"></span> pi\u00f9 moderato nell\u2019ultim<span class=\"_ _0\"></span>o trimestre. <span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>atteso <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _5\"></span>il </span>calo <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>immobiliari, <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>dinamica <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>case <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _7\"> </span>pur <span class=\"_ _16\"> </span>restando <span class=\"_ _7\"> </span>lievemente positiva, perder\u00e0 lo sla<span class=\"_ _0\"></span>ncio ritrovato in pand<span class=\"_ _0\"></span>emia e culminato nel <span class=\"_ _0\"></span>2022 con una crescita <span class=\"_ _0\"></span>del 5,2% nel second<span class=\"_ _0\"></span>o trimestre. <span class=\"_ _2\"></span> Negli <span class=\"_ _5\"></span>anni <span class=\"_ _6\"></span>successivi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _5\"></span>crescere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rit<span class=\"_ _2\"></span>mo <span class=\"_ _6\"></span>moderato, <span class=\"_ _5\"></span>leggermente <span class=\"_ _5\"></span>migliore <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>025 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>traino della <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompravendite <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>case. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>continueranno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>svolgere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>pri<span class=\"_ _3\"></span>mario <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span>mercato <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _7\"> </span>residenziale, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _7\"> </span>restare <span class=\"_ _16\"> </span>sostenuto <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>nuove<span class=\"_ _3\"></span>  e<span class=\"_ _0\"></span>sigenze <span class=\"_ _7\"> </span>ab<span class=\"_ _3\"></span>itative <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>lavoro <span class=\"_ _7\"> </span>emerse <span class=\"_ _16\"> </span>a seguito  d<span class=\"_ _0\"></span>ella  pand<span class=\"_ _0\"></span>emia,  dalle <span class=\"_ _7\"> </span>ristrutturazioni  e <span class=\"_ _16\"> </span>riqualificazioni <span class=\"_ _16\"> </span>energetiche,  d<span class=\"_ _0\"></span>alla  m<span class=\"_ _0\"></span>obilizzazione <span class=\"_ _16\"> </span>di  parte <span class=\"_ _16\"> </span>dell\u2019eccesso <span class=\"_ _16\"> </span>di risparmio accumulato <span class=\"_ _0\"></span>da alcune fasce di famigli<span class=\"_ _0\"></span>e a partire dal 20<span class=\"_ _0\"></span>20. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>i pol<span class=\"_ _3\"></span>itica monetaria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapido <span class=\"_ _3\"></span>rialzo dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, nei <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>autunnali del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>lunga <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>forte c<span class=\"_ _3\"></span>rescita<span class=\"_ _0\"></span> dei <span class=\"_ _16\"> </span>depositi <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ancari, <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>urata <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>un  de<span class=\"_ _0\"></span>cennio, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>\u00e8  f<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmata. <span class=\"_ _7\"> </span>Dopo  i<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>picchi <span class=\"_ _16\"> </span>raggiunti <span class=\"_ _7\"> </span>nel  2021 <span class=\"_ _7\"> </span>e  il <span class=\"_ _7\"> </span>successivo <span class=\"_ _16\"> </span>graduale rallentamento, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>depositi <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>sceso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>zero <span class=\"_ _7\"> </span>seguendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>frenata <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>conti correnti che, verso la fi<span class=\"_ _0\"></span>ne del 2022, ha s<span class=\"_ _0\"></span>egnato una variazione <span class=\"_ _0\"></span>annua leggermente <span class=\"_ _0\"></span>negativa. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>decisamente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ti, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>oderata <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>attesa <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>nel corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>2023, <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ombinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>fattori, <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>imprese <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mpi<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>disponibilit\u00e0 <span class=\"_ _17\"> </span>li<span class=\"_ _3\"></span>quide <span class=\"_ _17\"> </span>depositate <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>ann<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>passati <span class=\"_ _18\"> </span>presso <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>banc<span class=\"_ _2\"></span>he <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>riallocazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>risparmi <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>forme <span class=\"_ _18\"> </span>pi\u00f9 remunerative. Proseguir\u00e0, in <span class=\"_ _3\"></span>particolare, lo <span class=\"_ _3\"></span>spostamento di <span class=\"_ _3\"></span>risorse dai c<span class=\"_ _3\"></span>onti correnti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>forme dei depositi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tempo, soste<span class=\"_ _5\"></span>nuti da <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>offerta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>attraenti, <span class=\"_ _2\"></span>tendenza <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>nell\u2019ul<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022. <span class=\"_ _5\"></span>Favorita <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rendimenti </span>positivi, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>2023 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>vedranno <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>ripresa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>diversificazione <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>investimen<span class=\"_ _0\"></span>ti <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>famig<span class=\"_ _5\"></span>lie verso <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>governati<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>corporate, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>depositi <span class=\"_ _2\"></span>bancari <span class=\"_ _2\"></span>rispetto alla fase eccezionale d<span class=\"_ _0\"></span>egli anni dei tas<span class=\"_ _0\"></span>si molto bassi e dell<span class=\"_ _0\"></span>a crisi pandemica. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _3\"></span>bancarie, <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>decennio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>2023 <span class=\"_ _3\"></span>vedr\u00e0 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>prosegu<span class=\"_ _5\"></span>ir\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli anni <span class=\"_ _1c\"> </span>successivi. <span class=\"_ _1c\"> </span>Col <span class=\"_ _1c\"> </span>progressivo <span class=\"_ _1c\"> </span>rimb<span class=\"_ _0\"></span>orso <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>TLTRO <span class=\"_ _1c\"> </span>III, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>parallelo <span class=\"_ _1c\"> </span>all\u2019utilizzo <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>pi\u00f9 <span class=\"_ _1c\"> </span>tradizionali <span class=\"_ _1c\"> </span>strumenti <span class=\"_ _1c\"> </span>di<span class=\"_ _0\"></span> rifinanziamento <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>BCE, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>tornano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rivolgersi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>istituzionale <span class=\"_ _5\"></span>all\u2019ingrosso, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>canali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>diversificati di funding <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> breve e medio-lungo termine.  Gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferiment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>iniziato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>trasmettersi <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>bancari. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>seconda <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0 del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>nuovi prestiti <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>societ\u00e0 non<span class=\"_ _2\"></span>-finanziarie sono <span class=\"_ _3\"></span>saliti <span class=\"_ _3\"></span>rapidamente: quello <span class=\"_ _3\"></span>sui prestiti <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>milione \u00e8<span class=\"_ _3\"></span> circa raddoppiato rispetto a <span class=\"_ _3\"></span>inizio <span class=\"_ _3\"></span>anno, il <span class=\"_ _3\"></span>tasso sui <span class=\"_ _3\"></span>prestiti di<span class=\"_ _3\"></span> importo maggiore <span class=\"_ _3\"></span>\u00e8 pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>triplicato. Anche <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sulle eroga<span class=\"_ _5\"></span>zioni <span class=\"_ _3\"></span>di mutui <span class=\"_ _6\"></span>alle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019acquist<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ab<span class=\"_ _3\"></span>itazioni <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>aum<span class=\"_ _2\"></span><span class=\"ff1\">entati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>misura <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>isso, <span class=\"_ _6\"></span>tornato <span class=\"_ _5\"></span>a </span>essere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>alto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>variabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>0,9 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>unti <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>met\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>dopo <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sostanzial<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>allineamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>due tassi. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>umenti <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>nuove <span class=\"_ _6\"></span>operazioni, <span class=\"_ _6\"></span>nell<span class=\"_ _3\"></span><span class=\"ff4\">\u2019ultima <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>anche <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>medio <span class=\"_ _6\"> </span>sulle <span class=\"_ _6\"> </span>consistenze <span class=\"_ _6\"></span>di </span>prestiti bancari \u00e8 sali<span class=\"_ _0\"></span>to pi\u00f9 rapidament<span class=\"_ _0\"></span>e, portandosi al 3,2% (+<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,1 punti percentu<span class=\"_ _0\"></span>ali rispetto a fin<span class=\"_ _0\"></span>e 2021). <span class=\"_ _2\"></span> Pi\u00f9  resist<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>sono  risultati <span class=\"_ _16\"> </span>i  tassi <span class=\"_ _16\"> </span>sui  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>nel  2022,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>particolare  quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>o  medio <span class=\"_ _16\"> </span>sui  con<span class=\"_ _0\"></span>ti  corrent<span class=\"_ _0\"></span>i,  aum<span class=\"_ _0\"></span>entato <span class=\"_ _16\"> </span>solo marginalmente <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>finire <span class=\"_ _4\"> </span>dell\u2019an<span class=\"_ _0\"></span>no. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>vischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>tasso <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>componente <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>vista <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>influenzato <span class=\"_ _4\"> </span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>tasso medio <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _4\"> </span>depositi <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>salito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>leggermente. <span class=\"_ _7\"> </span>Diversame<span class=\"_ _0\"></span>nte, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>deposit<span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>prestabilita <span class=\"_ _4\"> </span>hanno mostrato <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>reattivit\u00e0, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>notevoli <span class=\"_ _2\"></span>aumenti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>luglio. <span class=\"_ _3\"></span>Con <span class=\"_ _5\"></span>molta <span class=\"_ _3\"></span>gradualit\u00e0 <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>reso <span class=\"_ _3\"></span>avvio <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cost<span class=\"_ _0\"></span>o complessivo <span class=\"_ _7\"> </span>della  racc<span class=\"_ _0\"></span>olta <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>riflettendo <span class=\"_ _7\"> </span>i  mo<span class=\"_ _0\"></span>derati <span class=\"_ _16\"> </span>movimenti <span class=\"_ _7\"> </span>al  rialz<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>medio <span class=\"_ _1d\"> </span>sulle <span class=\"_ _7\"> </span>obbligazioni. <span class=\"_ _16\"> </span>Di conseguenza, la forbice tra tassi attivi <span class=\"_ _3\"></span>e passivi ha registrato un a<span class=\"_ _3\"></span>umento significativo, tornando su livelli che non si ved<span class=\"_ _5\"></span>evano dal 2009.  L\u2019aumento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>prestiti <span class=\"_ _5\"></span>continuer\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>seguendo <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>rialzi <span class=\"_ _5\"></span>attesi <span class=\"_ _4\"> </span><span class=\"ff1\">per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>politica </span>monetaria. Negli <span class=\"_ _3\"></span>anni successivi, <span class=\"_ _3\"></span>l\u2019evoluzione prevista <span class=\"_ _3\"></span>per i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>monetari <span class=\"_ _3\"></span>consentir\u00e0 un <span class=\"_ _3\"></span>moderato rientro <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>pre<span class=\"_ _5\"></span><span class=\"ff1\">stiti </span>rispetto ai livelli ch<span class=\"_ _0\"></span>e saranno raggiunti <span class=\"_ _0\"></span>nel 2023 e che rappres<span class=\"_ _0\"></span>enteranno i massim<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"ff4\">dell\u2019intero orizzo<span class=\"_ _0\"></span>nte di scenario. Dal lat<span class=\"_ _0\"></span>o dei </span>tassi passivi, nel 2023 e <span class=\"_ _3\"></span>negli anni successivi proseguir\u00e0 la vischiosit\u00e0 dei tassi su<span class=\"_ _3\"></span>i conti correnti, mentre le politiche d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>pricing<span class=\"_ _0\"></span> dovrebbero <span class=\"_ _16\"> </span>favorire  i<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>a  tempo. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>costo  c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _16\"> </span>della  r<span class=\"_ _0\"></span>acco<span class=\"_ _3\"></span>lta  aumenter<span class=\"_ _0\"></span>\u00e0  rise<span class=\"_ _0\"></span>ntendo <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>degli  effetti <span class=\"_ _16\"> </span>di ricomposizione vers<span class=\"_ _0\"></span>o le forme pi\u00f9 onerose, tr<span class=\"_ _0\"></span>a cui i depositi a t<span class=\"_ _0\"></span>empo e le obbliga<span class=\"_ _0\"></span>zioni. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>forbice <span class=\"_ _3\"></span>bancaria <span class=\"_ _3\"></span>continuer\u00e0 ad <span class=\"_ _3\"></span>ampliarsi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>grazie <span class=\"_ _3\"></span>alle diverse <span class=\"_ _3\"></span>velocit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span>sivi. <span class=\"_ _3\"></span>Una contenuta <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dovrebbe <span class=\"_ _2\"></span>verificarsi <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2024, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>unitaria <span class=\"_ _5\"></span>dell\u2019intermediazione <span class=\"_ _2\"></span>rester\u00e0 <span class=\"_ _5\"></span>elevata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confront<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>con l\u2019ultimo decen<span class=\"_ _0\"></span>nio. <span class=\"ff1\"> </span>Dopo <span class=\"_ _2\"></span>undici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>negativo, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>-down <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>depositi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>vista <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>tornato <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itivo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ulteriore aumento <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2% <span class=\"_ _4\"></span>circa, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>poi <span class=\"_ _4\"> </span>ridursi <span class=\"_ _4\"> </span>gradualmente <span class=\"_ _6\"></span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _4\"></span>successivi, <span class=\"_ _6\"></span>dato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>Euribor <span class=\"_ _4\"></span>in discesa.  All\u2019opposto, <span class=\"_ _7\"> </span>col  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>rialzo <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>euribor, <span class=\"_ _7\"> </span>il  ma<span class=\"_ _0\"></span>rk<span class=\"_ _3\"></span><span class=\"ff1\">-up <span class=\"_ _16\"> </span>sui <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>breve  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ridotto <span class=\"_ _16\"> </span>notevolmente <span class=\"_ _16\"> </span>sul <span class=\"_ _16\"> </span>finire <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2022. </span>Un\u2019ulteriore <span class=\"_ _2\"></span>moderata <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>met\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>tendenziale <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento si <span class=\"_ _3\"></span>tras<span class=\"_ _3\"></span>metteranno ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>prestiti. <span class=\"_ _3\"></span>Una <span class=\"_ _3\"></span>sostan<span class=\"_ _5\"></span>ziale <span class=\"_ _3\"></span>stabilizzazione del <span class=\"_ _2\"></span>mark-<span class=\"_ _90\"> </span>up \u00e8 attesa negli ultimi <span class=\"_ _0\"></span>due anni dell\u2019orizzo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te di scenario. <span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>risparmio <span class=\"_ _6\"></span>gestito <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _5\"></span>risultati <span class=\"_ _5\"></span>deboli. <span class=\"_ _6\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>comuni, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>afflussi <span class=\"_ _5\"></span>registrati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>d\u2019anno <span class=\"_ _5\"></span>si <span class=\"_ _16\"> </span><span class=\"ff1\">sono </span>indirizzati principalmente<span class=\"_ _0\"></span> verso i<span class=\"_ _3\"></span>l comparto azionario, bilanci<span class=\"_ _0\"></span>ato e monetario. Alla contenuta raccolta dei fondi ha contribuit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> la dinamica <span class=\"_ _3\"></span>negativa <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>borsa, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investitori. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>gestioni <span class=\"_ _3\"></span>patrimoniali<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sono state <span class=\"_ _2\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>netta <span class=\"_ _2\"></span>negativa. <span class=\"_ _2\"></span>Complessivamente, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>assicurazioni <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>segnato <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>in calo, in seguito alla c<span class=\"_ _0\"></span>ontrazione della nuo<span class=\"_ _0\"></span>va produzione sia d<span class=\"_ _0\"></span>elle polizze tradizi<span class=\"_ _0\"></span>onali, sia delle uni<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-linked.  Una  volta  completato  il <span class=\"_ _1d\"> </span>rialzo  dei  tassi <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span><span class=\"ff4\">2023,  si  ipotizza  una <span class=\"_ _1d\"> </span>ripresa  dei  volumi  di  attivit\u00e0  d<span class=\"_ _3\"></span>ell\u2019industria  dell\u2019asse<span class=\"_ _0\"></span>t </span>management <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>assicurazioni <span class=\"_ _3\"></span>vita. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>risparmio v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>comparti <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>alimentati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bac<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>disponibilit\u00e0 <span class=\"_ _5\"></span>liquide <span class=\"_ _6\"></span>confluite <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>passati<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _5\"></span>bancari, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>per\u00f2 <span class=\"_ _6\"></span>vedr\u00e0 <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>capacit\u00e0 attrattiva dell\u2019investime<span class=\"_ _0\"></span>nto diretto in tit<span class=\"_ _0\"></span>oli a reddito fisso. <span class=\"ff1\"> </span>In particolare, nel 2023 si att<span class=\"_ _0\"></span>endono flussi di raccolt<span class=\"_ _0\"></span>a moderatamente positivi per fon<span class=\"_ _0\"></span>di comuni e gestioni patrimon<span class=\"_ _2\"></span>iali, con una<span class=\"_ _35\"></span> possibile <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>sottoscrizioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>obbligazionari. <span class=\"_ _4\"> </span>Negli <span class=\"_ _4\"> </span>anni <span class=\"_ _7\"> </span>seguenti <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>gestita <span class=\"_ _4\"></span>dovrebbe <span class=\"_ _4\"></span>continuare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span> registrare risultati <span class=\"_ _0\"></span>positivi.  Per <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>assicurazioni <span class=\"_ _7\"> </span>vita, <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2023 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _16\"> </span>successivi <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>aumento <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>lla <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessiva. <span class=\"_ _7\"> </span>In particolare, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>live<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>raggiunto <span class=\"_ _6\"></span>dai <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>soddisfare <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>pregressa <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>polizze <span class=\"_ _4\"></span>tradizi<span class=\"_ _0\"></span>onali, <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>nuovo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>crescita. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>lato <span class=\"_ _4\"> </span>dell\u2019offerta,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>proseguir\u00e0 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>orientata <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>prodo<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _4\"> </span>ibridi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>ramo <span class=\"_ _6\"></span>III, <span class=\"_ _4\"> </span>in </span>ripresa <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rova <span class=\"_ _2\"></span>riscontro <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>domanda, <span class=\"_ _2\"></span>propensa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sottoscrivere <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cogliere <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> migliori <span class=\"_ _7\"> </span>opportunit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>investimento, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _7\"> </span>collegati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>azion<span class=\"_ _2\"></span>ari. <span class=\"_ _7\"> </span>In<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>senso, <span class=\"_ _7\"> </span>trainanti resteranno le polizze mu<span class=\"_ _0\"></span>ltiramo.  <span class=\"_ _9\"> </span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-95.33911px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nella tabella seguente sono illustrate le variabili macroeco<span class=\"_ _0\"></span>nomiche attese nel periodo 2023<span class=\"_ _2\"></span>-2027 per la sola Italia in quanto le </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">CGU operanti in Paesi<span class=\"_ _0\"></span> esteri non presenta<span class=\"_ _0\"></span>no avviamenti iscritti. </div><div class=\"t m0 x0 h2 y3b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w30e hc3\" style=\"left:450.93665px; bottom:866.6869px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(valori in per<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>entuale)<span class=\"_ _0\"></span> </div></div><div class=\"c w30b h47\" style=\"left:-4.050377px; bottom:847.1869px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w30c h47\" style=\"left:272.9146px; bottom:847.1869px;\"><div class=\"t m0 x94 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w4b h47\" style=\"left:334.7166px; bottom:847.1869px;\"><div class=\"t m0 xd1 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2023<span class=\"ls0\"> </span></div></div><div class=\"c we5 h47\" style=\"left:394.30862px; bottom:847.1869px;\"><div class=\"t m0 xd1 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2024<span class=\"ls0\"> </span></div></div><div class=\"c w4a h47\" style=\"left:450.93665px; bottom:847.1869px;\"><div class=\"t m0 xd1 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2025<span class=\"ls0\"> </span></div></div><div class=\"c we5 h47\" style=\"left:509.9436px; bottom:847.1869px;\"><div class=\"t m0 xd1 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2026<span class=\"ls0\"> </span></div></div><div class=\"c w30f h47\" style=\"left:568.13165px; bottom:847.1869px;\"><div class=\"t m0 x94 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">2027<span class=\"ls0\"> </span></div></div><div class=\"c w30b h41\" style=\"left:-4.050377px; bottom:811.1509px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">ECONOMIA<span class=\"_ _35\"></span> REALE </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:797.5789px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">PIL reale I<span class=\"_ _0\"></span>talia  </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:797.5789px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,8 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:797.5789px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,6 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:797.5789px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,8 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:797.5789px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,2 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:797.5789px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,0 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:797.5789px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,6 </div></div><div class=\"c w30b hc3\" style=\"left:-4.050377px; bottom:783.8509px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Prezzi al <span class=\"_ _0\"></span>consumo Ita<span class=\"_ _0\"></span>lia </div></div><div class=\"c w30c hc3\" style=\"left:272.9146px; bottom:783.8509px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8,2 </div></div><div class=\"c w4b hc3\" style=\"left:334.7166px; bottom:783.8509px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6,8 </div></div><div class=\"c we5 hc3\" style=\"left:394.30862px; bottom:783.8509px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,4 </div></div><div class=\"c w4a hc3\" style=\"left:450.93665px; bottom:783.8509px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,3 </div></div><div class=\"c we5 hc3\" style=\"left:509.9436px; bottom:783.8509px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,5 </div></div><div class=\"c w30f hc3\" style=\"left:568.13165px; bottom:783.8509px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,3 </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:770.2789px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Tasso di rif<span class=\"_ _0\"></span>erimento pu<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>uale (B<span class=\"_ _35\"></span>C<span class=\"_ _3\"></span>E) </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:770.2789px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,50 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:770.2789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,50 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:770.2789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,00 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:770.2789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,75 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:770.2789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,50 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:770.2789px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,50 </div></div><div class=\"c w30b hc3\" style=\"left:-4.050377px; bottom:756.5509px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Tasso Euri<span class=\"_ _0\"></span>bor 3m (valore<span class=\"_ _35\"></span> medio) </div></div><div class=\"c w30c hc3\" style=\"left:272.9146px; bottom:756.5509px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,34 </div></div><div class=\"c w4b hc3\" style=\"left:334.7166px; bottom:756.5509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,00 </div></div><div class=\"c we5 hc3\" style=\"left:394.30862px; bottom:756.5509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,99 </div></div><div class=\"c w4a hc3\" style=\"left:450.93665px; bottom:756.5509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,38 </div></div><div class=\"c we5 hc3\" style=\"left:509.9436px; bottom:756.5509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,10 </div></div><div class=\"c w30f hc3\" style=\"left:568.13165px; bottom:756.5509px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,06 </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:742.9789px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">IRS 10 anni<span class=\"_ _0\"></span> </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:742.9789px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,92 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:742.9789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,82 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:742.9789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,11 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:742.9789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,28 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:742.9789px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,27 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:742.9789px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,23 </div></div><div class=\"c w30b hc3\" style=\"left:-4.050377px; bottom:729.2509px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">BTP 10 anni<span class=\"_ _35\"></span> </div></div><div class=\"c w30c hc3\" style=\"left:272.9146px; bottom:729.2509px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,03 </div></div><div class=\"c w4b hc3\" style=\"left:334.7166px; bottom:729.2509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,05 </div></div><div class=\"c we5 hc3\" style=\"left:394.30862px; bottom:729.2509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,60 </div></div><div class=\"c w4a hc3\" style=\"left:450.93665px; bottom:729.2509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,90 </div></div><div class=\"c we5 hc3\" style=\"left:509.9436px; bottom:729.2509px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,85 </div></div><div class=\"c w30f hc3\" style=\"left:568.13165px; bottom:729.2509px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,76 </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:715.6789px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spread v<span class=\"_ _0\"></span>s. Bund (ba<span class=\"_ _0\"></span>sis points)<span class=\"_ _0\"></span> </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:715.6789px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:715.6789px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:715.6789px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:715.6789px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">179<span class=\"ls0\"> </span></div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:715.6789px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">174<span class=\"ls0\"> </span></div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:715.6789px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w30b h6a\" style=\"left:-4.050377px; bottom:698.9869px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">SETTORE B<span class=\"_ _35\"></span>ANCARIO </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:685.4149px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Impieghi<span class=\"_ _0\"></span> </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:685.4149px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,3 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:685.4149px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,5 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:685.4149px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,9 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:685.4149px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,2 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:685.4149px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,6 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:685.4149px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,7 </div></div><div class=\"c w30b hc3\" style=\"left:-4.050377px; bottom:671.6869px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Raccolta dire<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ta </div></div><div class=\"c w30c hc3\" style=\"left:272.9146px; bottom:671.6869px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,2 </div></div><div class=\"c w4b hc3\" style=\"left:334.7166px; bottom:671.6869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">0,6 </div></div><div class=\"c we5 hc3\" style=\"left:394.30862px; bottom:671.6869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,3 </div></div><div class=\"c w4a hc3\" style=\"left:450.93665px; bottom:671.6869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,1 </div></div><div class=\"c we5 hc3\" style=\"left:509.9436px; bottom:671.6869px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,3 </div></div><div class=\"c w30f hc3\" style=\"left:568.13165px; bottom:671.6869px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,3 </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:658.11487px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spread med<span class=\"_ _0\"></span>io clientela<span class=\"_ _0\"></span> </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:658.11487px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1,93 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:658.11487px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,87 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:658.11487px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,80 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:658.11487px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,60 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:658.11487px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,52 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:658.11487px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,49 </div></div><div class=\"c w30b hdc\" style=\"left:-4.050377px; bottom:644.3479px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Fondi comu<span class=\"_ _0\"></span>ni </div></div><div class=\"c w30c hdc\" style=\"left:272.9146px; bottom:644.3479px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-12,9 </div></div><div class=\"c w4b hdc\" style=\"left:334.7166px; bottom:644.3479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,7 </div></div><div class=\"c we5 hdc\" style=\"left:394.30862px; bottom:644.3479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,1 </div></div><div class=\"c w4a hdc\" style=\"left:450.93665px; bottom:644.3479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,1 </div></div><div class=\"c we5 hdc\" style=\"left:509.9436px; bottom:644.3479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,9 </div></div><div class=\"c w30f hdc\" style=\"left:568.13165px; bottom:644.3479px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3,6 </div></div><div class=\"c w30b h18\" style=\"left:-4.050377px; bottom:630.7759px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Gestioni pat<span class=\"_ _0\"></span>rimoniali<span class=\"_ _0\"></span> </div></div><div class=\"c w30c h18\" style=\"left:272.9146px; bottom:630.7759px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-15,1 </div></div><div class=\"c w4b h18\" style=\"left:334.7166px; bottom:630.7759px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,8 </div></div><div class=\"c we5 h18\" style=\"left:394.30862px; bottom:630.7759px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,9 </div></div><div class=\"c w4a h18\" style=\"left:450.93665px; bottom:630.7759px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,9 </div></div><div class=\"c we5 h18\" style=\"left:509.9436px; bottom:630.7759px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,8 </div></div><div class=\"c w30f h18\" style=\"left:568.13165px; bottom:630.7759px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2,5 </div></div><div class=\"c w30b hc3\" style=\"left:-4.050377px; bottom:617.0479px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Riserve tec<span class=\"_ _0\"></span>niche vita </div></div><div class=\"c w30c hc3\" style=\"left:272.9146px; bottom:617.0479px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1,9 </div></div><div class=\"c w4b hc3\" style=\"left:334.7166px; bottom:617.0479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,6 </div></div><div class=\"c we5 hc3\" style=\"left:394.30862px; bottom:617.0479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,4 </div></div><div class=\"c w4a hc3\" style=\"left:450.93665px; bottom:617.0479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,4 </div></div><div class=\"c we5 hc3\" style=\"left:509.9436px; bottom:617.0479px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,4 </div></div><div class=\"c w30f hc3\" style=\"left:568.13165px; bottom:617.0479px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4,3 </div></div><div class=\"c w1c h14\" style=\"left:-4.050377px; bottom:587.5639px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Scenario elaborat<span class=\"_ _3\"></span>o a dicembre 2<span class=\"_ _3\"></span>022 dalla Dir<span class=\"_ _3\"></span>ezione Studi e Ric<span class=\"_ _3\"></span>erche. Dati pre<span class=\"_ _3\"></span>visionali (per il 2<span class=\"_ _3\"></span>022 stime).<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-95.33911px;\"><div class=\"t m0 x0 h61 y350 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yefb ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _17\"> </span>sti<span class=\"_ _3\"></span>me <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _18\"> </span>finanziari <span class=\"_ _17\"> </span>attesi <span class=\"_ _17\"> </span>dalle <span class=\"_ _18\"> </span>diverse <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>impairment <span class=\"_ _18\"> </span>test <span class=\"_ _17\"> </span>tengono <span class=\"_ _17\"> </span>conto <span class=\"_ _18\"> </span>dello <span class=\"_ _17\"> </span>scenario </div><div class=\"t m0 x0 h2 yf4d ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomico descrit<span class=\"_ _0\"></span>to in precedenza <span class=\"_ _0\"></span>e sono state operate <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>eguendo due stad<span class=\"_ _0\"></span>i di valutazione<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yefc ff1 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _3\"></span>specifico, con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>iodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>scelte e<span class=\"_ _3\"></span>ffettuate per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenti Bilanci, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato </div><div class=\"t m0 x0 h2 yefd ff1 fs0 fc0 sc0 ls0 ws0\">considerato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>5 <span class=\"_ _7\"> </span>esercizi, <span class=\"_ _4\"> </span>vale <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>dire <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quinquennio <span class=\"_ _4\"> </span>2023<span class=\"_ _2\"></span>-2027; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>periodo, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>agli </div><div class=\"t m0 x0 h2 yf4e ff1 fs0 fc0 sc0 ls0 ws0\">esercizi <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2025 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>risultanti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Piano d<span class=\"_ _3\"></span>\u2019Impresa 2022<span class=\"_ _2\"></span></span>-2025 <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _2\"></span>tener <span class=\"_ _3\"></span>conto </div><div class=\"t m0 x0 h2 yeff ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>mutato <span class=\"_ _6\"></span>quadro <span class=\"_ _5\"></span>macroeconomico. <span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>proiezione <span class=\"_ _6\"></span>(2026 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>2027) <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yf4f ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>trascinamento <span class=\"_ _5\"></span>inerziale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2025, <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico </div><div class=\"t m0 x0 h2 yf50 ff4 fs0 fc0 sc0 ls0 ws0\">aggiornato, <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"> </span>considerare <span class=\"_ _4\"> </span>l\u2019effetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>leve <span class=\"_ _4\"> </span>manageriali <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>incorporato <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>proiezioni <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y1e9 ff1 fs0 fc0 sc0 ls0 ws0\">Piano. </div><div class=\"t m0 x0 h2 ye6b ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>previsti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>proiezione<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>rettificati, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x0 h2 y894 ff1 fs0 fc0 sc0 ls0 ws0\">componenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>monetarie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>terzi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>escludere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y563 ff1 fs0 fc0 sc0 ls0 ws0\">riorganizzazione <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di  ristruttura<span class=\"_ _0\"></span>zione  e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>p<span class=\"_ _3\"></span>lusvalenze  derivan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  da <span class=\"_ _16\"> </span>future <span class=\"_ _16\"> </span>dismissioni <span class=\"_ _16\"> </span>di  asset <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _16\"> </span>Inoltre,  i <span class=\"_ _16\"> </span>flussi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y896 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>comprensivi <span class=\"_ _2\"></span>dell'attribuzione <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>correlati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>corporate <span class=\"_ _3\"></span>assets <span class=\"_ _2\"></span>centrali. <span class=\"_ _2\"></span>Coerentemen<span class=\"_ _5\"></span>te<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y9c1 ff4 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>logica <span class=\"_ _2\"></span>\"equity <span class=\"_ _5\"></span>side\u201d, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>citata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>rela<span class=\"_ _3\"></span><span class=\"ff1\">zione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>CGU, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini </span></div><div class=\"t m0 x0 h2 ye83 ff1 fs0 fc0 sc0 ls0 ws0\">dell'impairment <span class=\"_ _1d\"> </span>test <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>comprensivi <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>correlati <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie, <span class=\"_ _1d\"> </span>posto <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>queste <span class=\"_ _1d\"> </span>ultime </div><div class=\"t m0 x0 h2 y898 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentano il cor<span class=\"_ _0\"></span>e business aziendal<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y702 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltr<span class=\"ff4\">e, <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>matrice <span class=\"_ _6\"></span>finanziaria, <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"> </span>quello <span class=\"_ _5\"></span>impiegato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _6\"></span>del </span></div><div class=\"t m0 x0 h32 y899 ff4 fs0 fc0 sc0 ls0 ws0\">Valore <span class=\"_ _3\"></span>d\u2019Uso, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>analitica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cTerminal <span class=\"_ _3\"></span>Valu<span class=\"_ _5\"></span>e\u201d) <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 x0 h2 yc93 ff1 fs0 fc0 sc0 ls0 ws0\">g<span class=\"ff4\">eneralmente <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _5\"></span>capitalizzand<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>all\u2019infinito, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>appropriato <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cg\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>flusso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>conseguibile <span class=\"_ _5\"></span>\u201ca <span class=\"_ _5\"></span>regime\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y89a ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>assunto, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>differenziata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _3\"></span>costante <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>decrescente <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>circostanze </div><div class=\"t m0 x0 h2 ycf7 ff1 fs0 fc0 sc0 ls0 ws0\">crescente). </div><div class=\"t m0 x0 h32 y89c ff4 fs0 fc0 sc0 ls0 ws0\">In  alternativa  alla <span class=\"_ _1d\"> </span>metod<span class=\"_ _0\"></span>ologia  di  stima <span class=\"_ _1d\"> </span>del  Terminal  Value  illustrata,  la  dottrina  prevede  anche  (i) <span class=\"_ _1d\"> </span>l\u2019approccio<span class=\"_ _0\"></span>  basato </div><div class=\"t m0 x0 h2 ya08 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019impiego di <span class=\"_ _3\"></span>multipli di <span class=\"_ _3\"></span>uscita (o <span class=\"_ _3\"></span>\u201cexit <span class=\"_ _3\"></span>multiple\u201d) e <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>l\u2019approccio basato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima del <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>liquidazione dell\u2019<span class=\"_ _6\"></span><span class=\"ff1\">impresa. In </span></div><div class=\"t m0 x0 h2 y32f ff4 fs0 fc0 sc0 ls0 ws0\">particolare, con riguardo all\u2019approcci<span class=\"_ _0\"></span>o sub (i) si segnala che la s<span class=\"_ _3\"></span>tima di un multiplo a termine presenta elementi di comples<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 </span></div><div class=\"t m0 x0 h2 y9c9 ff1 fs0 fc0 sc0 ls0 ws0\">(e, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otenzialmente, d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>soggettivi<span class=\"_ _0\"></span>t\u00e0) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>accentuati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>momenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>mer<span class=\"_ _5\"></span>cati <span class=\"_ _2\"></span>quale </div><div class=\"t m0 x0 h2 y48d ff4 fs0 fc0 sc0 ls0 ws0\">quello attuale. L\u2019approccio sub (ii) \u00e8 <span class=\"_ _3\"></span>valido unicamente per le imprese destinate a <span class=\"_ _3\"></span>cessare al termine del periodo d<span class=\"_ _3\"></span>i previsi<span class=\"_ _5\"></span><span class=\"ff1\">one </span></div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">analitica e, pertanto, <span class=\"_ _0\"></span>non \u00e8 utilmente imp<span class=\"_ _0\"></span>iegabile in presen<span class=\"_ _0\"></span>za di prospettive di <span class=\"_ _0\"></span>continuit\u00e0 azienda<span class=\"_ _0\"></span>le.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y48f ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _4\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>Terminal <span class=\"_ _4\"> </span>Value\u201d, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _4\"> </span>stadio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>flusso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>assa <span class=\"_ _4\"> </span>conseguibile <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>regime, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato </div><div class=\"t m0 x0 h2 y490 ff1 fs0 fc0 sc0 ls0 ws0\">considerato quello pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isto al 2027, ultim<span class=\"_ _0\"></span>o anno di proiezioni <span class=\"_ _0\"></span>analitiche. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf49 ff1 fs0 fc0 sc0 ls0 ws0\">Coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>effettuato <span class=\"_ _4\"></span>negli <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eserci<span class=\"_ _3\"></span>zi <span class=\"_ _4\"> </span>precedenti, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _6\"></span>come </div><div class=\"t m0 x0 h2 y8a1 ff4 fs0 fc0 sc0 ls0 ws0\">tasso <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>no<span class=\"_ _3\"></span>minale <span class=\"_ _2\"></span>dell\u2019Italia, <span class=\"_ _5\"></span>osservato <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>2008<span class=\"_ _5\"></span><span class=\"ff1\">-2027 <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>rammenta <span class=\"_ _2\"></span>infatti <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>in </span></div><div class=\"t m0 x0 h2 yf4a ff1 fs0 fc0 sc0 ls0 ws0\">considerazione delle svalutazioni operate n<span class=\"_ _3\"></span>ei bilanci precedenti, a<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>Banc<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Territori, International Subsidiary Banks, </div><div class=\"t m0 x0 h2 y8a3 ff1 fs0 fc0 sc0 ls0 ws0\">Bank <span class=\"_ _16\"> </span>of  Al<span class=\"_ _0\"></span>exandria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Pravex <span class=\"_ _7\"> </span>Bank  non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _16\"> </span>allocato <span class=\"_ _7\"> </span>alcun  avviamen<span class=\"_ _0\"></span>to <span class=\"_ _16\"> </span>e, <span class=\"_ _16\"> </span>conseguentemente, <span class=\"_ _7\"> </span>non  risulta <span class=\"_ _7\"> </span>necessario </div><div class=\"t m0 x0 h2 y1395 ff4 fs0 fc0 sc0 ls0 ws0\">determinare i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>\u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Paesi <span class=\"_ _3\"></span>esteri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>opera). In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>particolare, il <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nominale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y40e ff4 fs0 fc0 sc0 ls0 ws0\">risulta dalla <span class=\"_ _3\"></span>somma del tasso <span class=\"_ _3\"></span>di crescita <span class=\"_ _3\"></span>del PIL r<span class=\"_ _3\"></span>eale e de<span class=\"_ _3\"></span>l tasso d<span class=\"_ _3\"></span>\u2019inflazione. I dati <span class=\"_ _3\"></span>attesi di <span class=\"_ _3\"></span>PIL reale e<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>inflazione,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>utilizzati </span></div><div class=\"t m0 x0 h2 y8a6 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>g, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>desunti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>proiezioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Direzio<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ricerche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>escritte <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y1021 ff1 fs0 fc0 sc0 ls0 ws0\">precedenza. <span class=\"_ _3\"></span>Ciascuna <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>calcolata <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2008<span class=\"_ _2\"></span>-2027. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 ydbb ff4 fs0 fc0 sc0 ls0 ws0\">periodo  di <span class=\"_ _16\"> </span>osservazione  dei <span class=\"_ _16\"> </span>tassi  di  crescit<span class=\"_ _0\"></span>a,  considerato  l<span class=\"_ _35\"></span>\u2019attuale  particolare <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontesto  macroeconomi<span class=\"_ _0\"></span>co,  merita <span class=\"_ _16\"> </span>alcune </span></div><div class=\"t m0 x0 h2 y1059 ff1 fs0 fc0 sc0 ls0 ws0\">considerazioni. </div><div class=\"t m0 x0 h2 ydbd ff1 fs0 fc0 sc0 ls0 ws0\">Le  dinami<span class=\"_ _0\"></span>che  del <span class=\"_ _16\"> </span>PIL  r<span class=\"_ _0\"></span>eale  n<span class=\"_ _0\"></span>egli  ultimi <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>spesso  negat<span class=\"_ _0\"></span>ive,  pri<span class=\"_ _0\"></span>ncipalmente  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fluenzate <span class=\"_ _16\"> </span>dalle  divers<span class=\"_ _0\"></span>e  cris<span class=\"_ _35\"></span>i </div><div class=\"t m0 x0 h2 y105a ff1 fs0 fc0 sc0 ls0 ws0\">economiche <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>assoggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>economie <span class=\"_ _2\"></span>mondiali, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>2008 <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>finanziaria </div><div class=\"t m0 x0 h2 y105b ff4 fs0 fc0 sc0 ls0 ws0\">globale, <span class=\"_ _5\"></span>successivamente <span class=\"_ _5\"></span>seguita <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>crisi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>sovrani <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2011. <span class=\"_ _6\"></span>Gi\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2015 <span class=\"_ _6\"></span>c\u2019era <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>un\u2019inversione <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y132d ff1 fs0 fc0 sc0 ls0 ws0\">tendenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>percorso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>bruscamente  i<span class=\"_ _0\"></span>nterrotto <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>pandemia </div><div class=\"t m0 x0 h2 y1191 ff1 fs0 fc0 sc0 ls0 ws0\">COVID-<span class=\"ff4\">19, <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>permane <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>minacciato <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>crisi <span class=\"_ _6\"> </span>energetica <span class=\"_ _4\"> </span>emersa <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onseguenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>scoppio <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y132e ff1 fs0 fc0 sc0 ls0 ws0\">conflitto <span class=\"_ _3\"></span>militare <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ucraina. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ciclo <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima </div></div>del <span class=\"_ _1d\"> </span>valore  terminale <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato  determinato  c<span class=\"_ _3\"></span>ome <span class=\"_ _1d\"> </span>media  dei <span class=\"_ _1d\"> </span>tassi  del <span class=\"_ _1d\"> </span>PIL <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il  periodo <span class=\"_ _1d\"> </span>2008<span class=\"_ _2\"></span>-2027, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>ritenuto sufficientemente <span class=\"_ _3\"></span>ampio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>includere, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>mediare, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>forte <span class=\"_ _2\"></span>crisi, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prospettico <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un contesto di moderata c<span class=\"_ _0\"></span>rescita economica.<span class=\"fs1e\"> </span>Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019ottica <span class=\"_ _3\"></span>prudenziale, \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>g <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>risultasse <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span><span class=\"ff1\">minale<span class=\"_ _0\"></span> </span>dell\u2019Italia nel 2027 <span class=\"_ _0\"></span>o, per ciascuna CG<span class=\"_ _0\"></span>U, al tasso di crescita dell\u2019ultimo anno di p<span class=\"_ _0\"></span>revisioni analitiche.<span class=\"ff1\"> </span>I tassi di attualizzazi<span class=\"_ _0\"></span>one dei flussi Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti del mercato, d<span class=\"_ _0\"></span>el valore tempora<span class=\"ff4\">le del denaro e dei risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>i specifici dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0.<span class=\"ff1\"> </span></span>Nella <span class=\"_ _3\"></span>pratica, la <span class=\"_ _3\"></span>prima caratteristica <span class=\"_ _3\"></span>(condizioni correnti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato) si <span class=\"_ _3\"></span>traduce nella <span class=\"_ _3\"></span>determinazione di <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _6\"></span>in base alle <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiornate <span class=\"_ _2\"></span>disponibili <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _5\"></span>stima, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>meglio <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>valutazioni correnti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>mercato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>caratteristica <span class=\"_ _5\"></span>(coerenza <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>rischi/flussi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tassi) <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eclinata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span><span class=\"ls17\">e </span>specificit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU. <span class=\"_ _2\"></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>(nelle <span class=\"_ _2\"></span>sue <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>componenti) <span class=\"_ _2\"></span>deve, <span class=\"_ _5\"></span>dunque, <span class=\"_ _5\"></span>essere<span class=\"_ _0\"></span> </span>scelto <span class=\"_ _6\"></span>osservando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>specificit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ognuna <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>CGU, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>do <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>congruo <span class=\"_ _6\"></span>e consistente <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>flussi. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>assume <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff4\">mportanza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>all\u2019inflazione, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Paese <span class=\"_ _2\"></span>e </span>agli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>potrebbero <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>espressi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>36, <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>tasso. <span class=\"_ _3\"></span>Occorre <span class=\"_ _2\"></span>evidenziare <span class=\"_ _4\"></span>che<span class=\"_ _35\"></span> una <span class=\"_ _3\"></span>caratteristica <span class=\"_ _3\"></span>comune <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>contenenti <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>(e, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>generale, intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita i<span class=\"_ _3\"></span>ndefinita) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>di lungo periodo dei flussi utiliz<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ati nella stima del Valore <span class=\"_ _0\"></span>d\u2019Uso delle CGU medesim<span class=\"_ _0\"></span>e. Infatti, l\u2019avviamento ha per defi<span class=\"_ _0\"></span>nizione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>vita </span>utile indefinita e, d<span class=\"_ _0\"></span>unque, i flussi di c<span class=\"_ _0\"></span>assa attesi dal medesimo sono normalmente proi<span class=\"_ _0\"></span>ettati in perpetuit\u00e0.  Tale  prospettiva <span class=\"_ _16\"> </span>di  lungo <span class=\"_ _16\"> </span>periodo  dovrebbe <span class=\"_ _16\"> </span>essere  riflessa <span class=\"_ _16\"> </span>in  tutti  i<span class=\"_ _0\"></span>  parametri <span class=\"_ _16\"> </span>del  tasso  di<span class=\"_ _0\"></span>  attualizzazion<span class=\"_ _0\"></span>e  tramite  u<span class=\"_ _0\"></span>na opportuna scelta di cia<span class=\"_ _0\"></span>scuno dei medesimi<span class=\"_ _0\"></span>, in modo tale che e<span class=\"_ _0\"></span>ssi esprimano condizio<span class=\"_ _0\"></span>ni \u201cn<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rmali\u201d nel lungo t<span class=\"_ _0\"></span>ermine.<span class=\"ff1\"> </span>Normalmente il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione deve <span class=\"_ _3\"></span>comprendere il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziamento dell\u2019attivit\u00e0 da<span class=\"_ _3\"></span> valut<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>re<span class=\"_ _0\"></span> </span>e cio\u00e8 il costo dell\u2019<span class=\"_ _0\"></span>equity ed il costo del d<span class=\"_ _0\"></span>ebito (si tratta del <span class=\"_ _0\"></span>cosiddetto WACC, <span class=\"_ _0\"></span>cio\u00e8 il costo med<span class=\"_ _3\"></span><span class=\"ff1\">io ponderato del capitale). </span>Tuttavia, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un\u2019impresa <span class=\"_ _5\"></span>bancaria, <span class=\"_ _5\"></span>esso <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>mato <span class=\"_ _5\"></span>nell\u2019ottica <span class=\"_ _5\"></span>\u201cequity <span class=\"_ _6\"></span>side\u201d <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _6\"></span>considerando <span class=\"_ _5\"></span>solamente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>del capitale proprio (Ke), coerentemente con le modalit\u00e0 di determinazione dei flussi che, come gi\u00e0 rilevat<span class=\"_ _2\"></span>o, sono comprensivi dei flussi derivanti dalle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> finanziarie. Il costo del capitale \u00e8 s<span class=\"_ _0\"></span>tato determinato utili<span class=\"_ _0\"></span>zzando il \u201cCapital A<span class=\"_ _0\"></span>sset Pricing Model\u201d (CAP<span class=\"_ _0\"></span>M). Sulla base di tal<span class=\"_ _0\"></span>e modello, il<span class=\"_ _2\"></span><span class=\"ff1\"> costo </span>del <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>somma <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>investimenti <span class=\"_ _3\"></span>privi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sua volta <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>rischiosit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>(intendendo <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>rischiosit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>comparto <span class=\"_ _4\"> </span>operativo <span class=\"_ _6\"> </span>sia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>la </span>rischiosit\u00e0 geografic<span class=\"_ _0\"></span>a rappresentata dal <span class=\"_ _0\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">osiddetto \u201crischio P<span class=\"_ _0\"></span>aese\u201d).<span class=\"ff1\"> </span></span>Il costo del capital<span class=\"_ _0\"></span>e \u00e8 determinato al nett<span class=\"_ _0\"></span>o delle imposte, per <span class=\"_ _0\"></span>coerenza con i flussi fi<span class=\"_ _0\"></span>nanziari oggetto di a<span class=\"_ _0\"></span>ttualizzazione.<span class=\"_ _2\"></span> Poich\u00e9 <span class=\"_ _1d\"> </span>le  diverse <span class=\"_ _1d\"> </span>CGU  del <span class=\"_ _1d\"> </span>Gruppo  Intesa <span class=\"_ _1d\"> </span>Sanpaolo  operano <span class=\"_ _1d\"> </span>in  comparti  di<span class=\"_ _3\"></span>  business <span class=\"_ _1d\"> </span>diversi  e <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>attori  di <span class=\"_ _1d\"> </span>rischio differenziati, sono st<span class=\"_ _0\"></span>ati identificati costi<span class=\"_ _0\"></span> specifici del capital<span class=\"_ _0\"></span>e per ognuna delle C<span class=\"_ _0\"></span>GU.<span class=\"_ _2\"></span> Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>determinati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>nominali, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _2\"></span>sono <span class=\"_ _4\"> </span>stati determinati in termini nomin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li, ossia incorporand<span class=\"_ _0\"></span>o le attese di inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> Scendendo <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>dettaglio <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiscono <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>si segnala che: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _6\"></span>finanziari, <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _6\"></span>free <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>CRP, <span class=\"_ _6\"></span>in </span></span>considerazione della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d\u2019interesse n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>macroeconomico <span class=\"_ _3\"></span>attuale, che <span class=\"_ _2\"></span>prevede nel <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>periodo un ulteriore incremento, proseguendo nel percorso di aumenti iniziato a <span class=\"_ _3\"></span>partire dalla seconda met\u00e0 del 2022, si \u00e8 <span class=\"_ _3\"></span>ritenuto<span class=\"_ _35\"></span> di <span class=\"_ _3\"></span>mantenere, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>prudenziale, <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo di <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _3\"></span>differenziati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019attualizzazi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei </span>flussi finanziari previ<span class=\"_ _0\"></span>sto lungo l\u2019orizzonte <span class=\"_ _0\"></span>esplicito e per il fl<span class=\"_ _0\"></span>usso del Te<span class=\"_ _3\"></span><span class=\"ff1\">rminal Value:  </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>quanto concerne<span class=\"_ _0\"></span> il risk free <span class=\"_ _3\"></span>ricompreso nel tasso di attualizzazio<span class=\"_ _0\"></span>ne dei flussi finanziari dell\u2019orizzonte \u201cespli<span class=\"_ _0\"></span>cito\u201d di </span></span>previsione, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuto di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento medio mensile <span class=\"_ _3\"></span>(mese di <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022) dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato tede<span class=\"_ _5\"></span>schi (Bund) a 10 anni; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>concerne <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risk <span class=\"_ _4\"> </span>free <span class=\"_ _6\"></span>ricompreso <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>finanziario<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value </span>(flusso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>perpetuit\u00e0 <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisione <span class=\"_ _5\"></span>esplicita), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ritenuto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _5\"></span>me<span class=\"_ _5\"></span>dio annuo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>tedeschi <span class=\"_ _5\"></span>(Bund) <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>10 <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>027, <span class=\"_ _5\"></span>ultimo <span class=\"_ _6\"></span>anno <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previsione <span class=\"_ _5\"></span>analitica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi, stimato dalla Direzio<span class=\"_ _0\"></span>ne Studi e Ricerc<span class=\"_ _0\"></span>he di Intesa Sanpaolo. Coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>sopra, <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Country <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Premium<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRP) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>metodologia che prevede <span class=\"_ _3\"></span>l\u2019utilizzo d<span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>differenziati. Si <span class=\"_ _3\"></span>ricorda inoltre <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ussistendo avviamenti allocati a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CGU diverse <span class=\"_ _3\"></span>da </span>quelle <span class=\"_ _7\"> </span>operanti <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>prevalentemen<span class=\"_ _0\"></span>te) <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Italia <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _16\"> </span>\u201crischio <span class=\"_ _4\"> </span>Paese\u201d <span class=\"_ _7\"> </span>coincide <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>sostanza <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>\u201crischio <span class=\"_ _7\"> </span>Italia\u201d. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>CRP, </span>dunque, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>metodologiche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>come segue: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CRP <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>dell\u2019o<span class=\"_ _2\"></span>rizzonte <span class=\"_ _5\"></span>\u201cesplicito\u201d <span class=\"_ _5\"></span>di </span></span>previsione, \u00e8 stato c<span class=\"_ _0\"></span>onsiderato lo spread<span class=\"_ _0\"></span> BTP-Bund medio del mese di dicembre 202<span class=\"_ _0\"></span>2; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _3\"></span>quanto concerne il CRP ricompreso nel tasso di a<span class=\"_ _3\"></span>ttualizzazione del flusso finanziario del Terminal <span class=\"_ _3\"></span>Value, \u00e8 stato </span>considerato <span class=\"_ _4\"> </span>lo <span class=\"_ _7\"> </span>spread <span class=\"_ _7\"> </span>BTP-<span class=\"_ _3\"></span>Bund <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"> </span>annuo <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>027 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>previsionale <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio termine citato in prece<span class=\"_ _0\"></span>denza. -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">l\u02bcequity <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isk <span class=\"_ _7\"> </span>premium, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>premio <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _4\"> </span>aziendale  <span class=\"ff1\">- <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>differenza <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _7\"> </span>del </span></span></span>mercato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>arco temporale sufficientem<span class=\"_ _0\"></span>ente ampio - \u00e8 stato determinato facen<span class=\"_ _0\"></span>do riferimento a dati<span class=\"_ _0\"></span> storici, sia per la maggi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re affidabilit\u00e0 e<span class=\"_ _0\"></span> dimostrabilit\u00e0, <span class=\"_ _6\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>luce <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ell\u02bcattuale <span class=\"_ _6\"> </span>contesto <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>lato, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>borsa </span>significativamente <span class=\"_ _4\"> </span>volatili <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>espressivi <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>\u201cfondamentali\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>dall\u02bcaltro, <span class=\"_ _4\"> </span>configura <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di incertezza <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>arduo <span class=\"_ _7\"> </span>formulare <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>di  <span class=\"ff4\">risultati <span class=\"_ _4\"> </span>attendibili <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u02bcequity <span class=\"_ _7\"> </span>risk <span class=\"_ _7\"> </span>premium </span>implicito <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>borsa. <span class=\"_ _2\"></span>Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>geometrica <span class=\"_ _3\"></span>dell\u02bcequity <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _3\"></span>premium <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>levat<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sul <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>statunitense <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>1928<span class=\"_ _3\"></span>-2022 <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>differenziale <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>USA <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i inflazione tedesco (q<span class=\"_ _0\"></span>uale mercato di riferim<span class=\"_ _0\"></span>ento per la rilevazio<span class=\"_ _0\"></span>ne del risk free); -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">il <span class=\"_ _4\"> </span>coefficiente <span class=\"_ _4\"> </span>Beta, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>misura <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischiosit\u00e0 <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"> </span>operativo, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"></span>de<span class=\"_ _5\"></span>terminato<span class=\"_ _0\"></span> </span></span>identificando - per o<span class=\"_ _3\"></span>gni CGU - un ca<span class=\"_ _3\"></span>mpione di societ\u00e0 comparab<span class=\"_ _0\"></span>ili (in termini di business) e <span class=\"_ _3\"></span>rispetto a questo campione \u00e8 stato utilizzato il dato medio o mediano dei Beta rilevati<span class=\"_ _0\"></span> attraverso osservazioni con periodicit\u00e0 mensile<span class=\"_ _0\"></span> su un orizzonte d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>cinque anni. Riepilogo dei tassi di<span class=\"_ _0\"></span> crescita e dei tassi <span class=\"_ _0\"></span>di attualizzazione ut<span class=\"_ _0\"></span>ilizzati<span class=\"_ _3\"></span> Nella <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>segue  v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ngono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>intetizzati <span class=\"_ _7\"> </span>per  og<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>test  i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _16\"> </span>della determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _4\"> </span>d\u02bcUso: <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>tassi <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span><span class=\"ff1\">rescita <span class=\"_ _4\"></span>medi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ponderati <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2027 <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>comprensivi </span>dell\u02bcattribuzione dei <span class=\"_ _3\"></span>flussi correlati ai <span class=\"_ _3\"></span>corporate assets <span class=\"_ _3\"></span>centrali, i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>rescita \u201cg\u201d <span class=\"_ _3\"></span>ai fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Terminal Value, <span class=\"_ _3\"></span>i di<span class=\"_ _5\"></span><span class=\"ff1\">versi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di<span class=\"_ _0\"></span> </span>attualizzazione ed i t<span class=\"_ _0\"></span>assi di inflazion<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>.            TASSI/   <span class=\"ls0\">PARAMETRI<span class=\"_ _3\"></span> </span>Tassi di crescita<span class=\"_ _3\"></span> nominali per impairment test  (periodo 2023 - 2027) TASSI DI ATTUA<span class=\"_ _3\"></span>LIZZAZIONE NOMIN<span class=\"_ _3\"></span>ALI TASSI DI CRESCITA \"G\"<span class=\"_ _3\"></span>  NEL LUNGO PERIODO  TASSI DI INFLAZIONE              CGU 2022 flussi 2022 Terminal Value 2021 flussi 2021 Terminal Value 2022 2021 2022 CGU oggetto di im<span class=\"_ _3\"></span>pairment test<span class=\"_ _3\"></span> IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking 17,81% 10,57% 11,18% 7,61% 9,37% 2,06% 1,52% 1,96% Insurance 1,69% 10,27% 10,88% 7,12% 8,89% 2,06% 1,52% 1,96% Asset Managemen<span class=\"_ _3\"></span>t 1,96% 10,12% 10,73% 6,85% 8,61% 2,06% 1,52% 1,96% Private Banking<span class=\"_ _3\"></span> 2,59% 10,14% 10,75% 7,28% 9,05% 2,06% 1,52% 1,96% I risultati dell\u2019impairme<span class=\"_ _0\"></span>nt test<span class=\"ff2\"> </span>Gli <span class=\"_ _2\"></span>esiti <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>evidenziato <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Valori <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascuna <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocati <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a titolo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avviamento <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ossero <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>ai  rispettivi <span class=\"_ _7\"> </span>valori  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ntabili. <span class=\"_ _16\"> </span>Non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>dunque <span class=\"_ _16\"> </span>necessari<span class=\"_ _35\"></span>o procedere ad alcuna s<span class=\"_ _0\"></span>valutazione degli avv<span class=\"_ _0\"></span>iame<span class=\"_ _3\"></span>nti o del brand <span class=\"_ _0\"></span>name a queste allocat<span class=\"_ _0\"></span>i. Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnala <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>calcolare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> </span>confermato superior<span class=\"_ _0\"></span>e alla sommatoria dei val<span class=\"_ _0\"></span>ori contabili dell<span class=\"_ _0\"></span>e singole CGU.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto riguarda <span class=\"_ _3\"></span>i r<span class=\"_ _3\"></span>isvolti diretti <span class=\"_ _3\"></span>del conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-<span class=\"ff4\">ucraino sugli <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo si s<span class=\"_ _3\"></span>egnala, infine, <span class=\"_ _3\"></span>che l\u2019avviamento </span>relativo <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>Pravex <span class=\"_ _6\"></span>Bank, <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"></span>autonoma, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>stato, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>detto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedenza,<span class=\"_ _35\"></span> completamente <span class=\"_ _3\"></span>azzerato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>occasione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2008. <span class=\"_ _5\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tecipata <span class=\"_ _3\"></span>russa <span class=\"_ _2\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _2\"></span>Company <span class=\"_ _2\"></span>Banca Intesa <span class=\"_ _16\"> </span>(Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Russia), <span class=\"_ _7\"> </span>si  s<span class=\"_ _0\"></span>egnala <span class=\"_ _7\"> </span>che,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>presentare <span class=\"_ _7\"> </span>avviamenti <span class=\"_ _7\"> </span>allocati, <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>inclusa <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>CGU <span class=\"_ _7\"> </span>IMI Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Investment <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>king <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>peso <span class=\"_ _2\"></span>assolutamente <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>rginale <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento; <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU IMI Corporate &amp; Investment Banking come sopra indicato, in sede di impairment test al 31 d<span class=\"_ _3\"></span>icembre 2022 \u00e8 emerso un valore recuperabile superio<span class=\"_ _0\"></span>re rispetto al relativo valore contabile. Verifica dei risultati d<span class=\"_ _0\"></span>ell\u2019impairment test <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ttraverso una meto<span class=\"_ _0\"></span>dologia di calcolo alt<span class=\"_ _0\"></span>ernativa <span class=\"_ _3\"></span><span class=\"ff2\"> </span>Poich\u00e9 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>amo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>attraverso <span class=\"_ _5\"></span>l\u2019attualizzazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>flussi finanziari di<span class=\"ff4\">s<span class=\"_ _3\"></span>tribuibili, intendendo per <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>stima s<span class=\"_ _3\"></span>aranno generati <span class=\"_ _3\"></span>dall\u2019area <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness (le <span class=\"_ _3\"></span>singole </span>CGU) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>mantenuta <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>preservare <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>regolamentari <span class=\"_ _5\"></span>di vigilanza, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stata <span class=\"_ _1d\"> </span>verificata <span class=\"_ _1d\"> </span>la  recuperabilit\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>degli  avviamenti <span class=\"_ _1d\"> </span>allocati <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>anche  at<span class=\"_ _3\"></span>travers<span class=\"_ _0\"></span>o l\u2019attualizzazione dei <span class=\"_ _3\"></span>suddetti flussi <span class=\"_ _3\"></span>finanziari secondo <span class=\"_ _3\"></span>il modello <span class=\"_ _3\"></span>Dividend Discounted <span class=\"_ _3\"></span>Model (DDM) <span class=\"_ _3\"></span>nella versione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>excess<span class=\"_ _2\"></span><span class=\"ff1\"> </span>capital. Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>igilanza, \u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tato u<span class=\"_ _3\"></span>tilizzato un <span class=\"_ _2\"></span>Common <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Tier <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>ratio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>10,25% <span class=\"_ _3\"></span>cos\u00ec <span class=\"_ _3\"></span>come risultante <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _7\"> </span>Framework <span class=\"_ _7\"> </span>(RAF) <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>significativamente <span class=\"_ _4\"> </span>superiore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>(8,91%) comunicato dalla <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito d<span class=\"_ _3\"></span>egli esiti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Supervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Process <span class=\"_ _3\"></span>(SREP<span class=\"_ _0\"></span>). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>CGU Insurance <span class=\"_ _3\"></span>si \u00e8 inoltre tenuto conto d<span class=\"_ _0\"></span>i un Solvency Rat<span class=\"_ _0\"></span>io pari al 170%, c<span class=\"_ _0\"></span>os\u00ec come risultante dal R<span class=\"_ _0\"></span>AF menzionato in pre<span class=\"_ _0\"></span>cedenza.<span class=\"_ _3\"></span> Integrando, <span class=\"_ _4\"> </span>quindi, <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>ttesi <span class=\"_ _4\"></span>determinati <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>illustrato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>aumento <span class=\"_ _4\"></span>delle<span class=\"_ _35\"></span> eccedenze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>suddetti <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"> </span>minimi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale, <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>reddito <span class=\"_ _4\"> </span>necessarie <span class=\"_ _4\"></span>per coprire <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fabbisogni <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescente <span class=\"_ _4\"> </span>stimata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>ponderate <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>ottenuti <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>flussi finanziari distribuibili. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>flussi, <span class=\"_ _3\"></span>stimati <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>CGU, sono <span class=\"_ _2\"></span>stati a<span class=\"_ _3\"></span>ttualizzati applicando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medesimi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attuali<span class=\"_ _5\"></span>zzazion<span class=\"_ _0\"></span>e e tassi di crescita \u201cg\u201d u<span class=\"_ _0\"></span>tilizzati nell\u2019a<span class=\"ff1\">pplicazione del metodo Di<span class=\"_ _0\"></span>scounted Cash Flow (DCF<span class=\"_ _0\"></span>). </span>I risultati di questa m<span class=\"_ _0\"></span>etodologia hanno c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nfermato le risult<span class=\"_ _0\"></span>anze emerse in bas<span class=\"_ _0\"></span>e al calcolo effettuat<span class=\"_ _0\"></span>o con il metodo del DC<span class=\"_ _0\"></span>F.<span class=\"_ _2\"></span><span class=\"ff2 fc2\"> </span>Raccordo tra gli esiti<span class=\"_ _0\"></span> dell\u2019impairment t<span class=\"_ _0\"></span>est e le valutazioni esp<span class=\"_ _0\"></span>resse dal merca<span class=\"_ _3\"></span><span class=\"ff2 lsd\">to<span class=\"ls0\"> </span></span>La quotazione del titolo <span class=\"_ _3\"></span>Intesa Sanpaolo, nel corso 2022, ha <span class=\"_ _3\"></span>subito un decremento (<span class=\"_ _2\"></span>-8,6%) r<span class=\"_ _3\"></span>ispetto ai valori di ch<span class=\"_ _3\"></span>iusura di fine 2021, <span class=\"_ _7\"> </span>sottoperformando <span class=\"_ _4\"> </span>l\u2019andamento <span class=\"_ _7\"> </span>registrato <span class=\"_ _7\"> </span>dall\u2019indice <span class=\"_ _7\"> </span>settoriale <span class=\"_ _7\"> </span>italiano <span class=\"_ _4\"> </span>(FTSE <span class=\"_ _7\"> </span>It<span class=\"_ _3\"></span>alia <span class=\"_ _7\"> </span>All<span class=\"_ _2\"></span><span class=\"ff1\">-Share <span class=\"_ _7\"> </span>Banks, <span class=\"_ _7\"> </span>-4<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>circa) <span class=\"_ _7\"> </span>ma<span class=\"_ _0\"></span> </span>so<span class=\"ls0\">vraperforma<span class=\"_ _0\"></span>ndo il principale i<span class=\"_ _0\"></span>ndice di riferiment<span class=\"_ _0\"></span>o della Borsa Italiana (FT<span class=\"_ _0\"></span>SE MIB Index, <span class=\"_ _3\"></span>-13,4% circa). </span>In par<span class=\"_ _3\"></span>ticolare, dopo una p<span class=\"_ _3\"></span>rima fase dell<span class=\"_ _3\"></span>\u2019anno particolarmente difficile, a <span class=\"_ _3\"></span>seguito dell\u2019esplosione del conflitto <span class=\"_ _3\"></span>militare tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Russia </span>e <span class=\"_ _5\"></span>Ucraina<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>deterioramento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>macroeconomico, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corsi <span class=\"_ _5\"></span>azionari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>notevole<span class=\"_ _35\"></span> rallentamento, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019anno <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>assistito <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>qu<span class=\"_ _0\"></span>otazione, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>percorso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i crescita, <span class=\"_ _6\"></span>particolarmente <span class=\"_ _5\"></span>evident<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>nell\u2019ultimo <span class=\"_ _6\"> </span>trimestre <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>portato <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"></span>prossimo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>2,08 <span class=\"_ _4\"> </span>euro <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fine </span>dicembre  2<span class=\"_ _0\"></span>022.  Si <span class=\"_ _16\"> </span>segnala <span class=\"_ _16\"> </span>che,  nel  cors<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  della <span class=\"_ _16\"> </span>prima  parte<span class=\"_ _0\"></span>  del  2<span class=\"_ _0\"></span>023,  il <span class=\"_ _16\"> </span>titolo  In<span class=\"_ _0\"></span>tesa  Sanpa<span class=\"_ _0\"></span>olo  ha <span class=\"_ _16\"> </span>subito  un <span class=\"_ _16\"> </span>ulteriore<span class=\"_ _0\"></span> apprezzamento, con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>quotazione, a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>febbra<span class=\"_ _3\"></span>io, <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>2,5 <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>p.a. <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>47<span class=\"_ _2\"></span> miliardi<span class=\"_ _0\"></span> (con un multiplo P/BV <span class=\"_ _0\"></span>di circa 0,7x). Le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>analisti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ribas<span class=\"_ _2\"></span><span class=\"ls1f\">so </span>dei target price rispetto ai valori <span class=\"_ _0\"></span>del 2021, con un andamento s<span class=\"_ _35\"></span>ostanzialmente in linea con la discesa delle qu<span class=\"_ _0\"></span>otazioni del titolo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nella <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2023, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>comunicazione <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>targe<span class=\"_ _5\"></span><span class=\"ls12\">t </span>price sono stati tendenzi<span class=\"_ _0\"></span>almente rivisti a ri<span class=\"_ _0\"></span>alzo con un valore me<span class=\"_ _0\"></span>dio di 2,85 euro p.a. Gli <span class=\"_ _3\"></span>analisti <span class=\"_ _3\"></span>sottolineano, tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>punti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>solidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>management altamente <span class=\"_ _3\"></span>qualifica<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e apprezzato <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>mercato. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _7\"> </span>ritengono <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>po<span class=\"_ _3\"></span>tr\u00e0 <span class=\"_ _4\"></span>beneficiare <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>incrementi <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, considerando <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>mediamente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>italiane <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>sensitivity <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositiva <span class=\"_ _3\"></span>all\u2019incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>Euribor. <span class=\"_ _3\"></span>Intesa Sanpaolo  \u00e8  inoltre  in  grado  di  generare  una  redditivit\u00e0  tra  le  pi\u00f9  elevate  in  Italia <span class=\"_ _1d\"> </span>-  beneficiando  anche  di  un'elevat<span class=\"_ _35\"></span>a esposizione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risparmio <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>continua <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>forte <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>patrimoniale. Inoltre, <span class=\"_ _2\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotto <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>grande <span class=\"_ _2\"></span>successo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>affrontare, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>maggiore <span class=\"_ _5\"></span>tranquillit\u00e0, <span class=\"_ _2\"></span>un eventuale <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterioramento <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"> </span>macroeconomico. <span class=\"_ _6\"></span>Di <span class=\"_ _4\"></span>contro, <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>potrebbero<span class=\"_ _0\"></span> emergere <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>criticit\u00e0, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _6\"></span>ribadiscono <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">consueto <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>instabilit\u00e0 <span class=\"_ _5\"></span>politica <span class=\"_ _6\"></span>interna <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019Italia, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>possibili<span class=\"_ _0\"></span> </span>conseguenze <span class=\"_ _3\"></span>sullo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>BTP-Bund, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>dovessero <span class=\"_ _2\"></span>riemergere <span class=\"_ _3\"></span>tensioni <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui<span class=\"_ _0\"></span> mercati finanziari. In <span class=\"_ _1d\"> </span>ogni <span class=\"_ _1d\"> </span>caso, <span class=\"_ _1d\"> </span>occorre  r<span class=\"_ _3\"></span>imarcare  che <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>espresse  d<span class=\"_ _3\"></span>agli <span class=\"_ _1d\"> </span>analisti <span class=\"_ _1d\"> </span>finanziari<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>presentano <span class=\"_ _1d\"> </span>caratteristiche  che <span class=\"_ _1d\"> </span>le differenziano <span class=\"_ _16\"> </span>da  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>a  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _16\"> </span>\u201cfondamentale\u201d <span class=\"_ _16\"> </span>rappresenta<span class=\"_ _0\"></span>ta  d<span class=\"_ _0\"></span>al  V<span class=\"_ _0\"></span>alore <span class=\"_ _16\"> </span>d\u2019Uso.  Su<span class=\"_ _0\"></span>  tali <span class=\"_ _7\"> </span>valutazioni  si <span class=\"_ _7\"> </span>possono  fare <span class=\"_ _16\"> </span>le seguenti osservazio<span class=\"_ _0\"></span>ni: - <span class=\"_ _42\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>previsti <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>analisti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>estendono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _5\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2025, <span class=\"_ _4\"></span>risultand<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>sostanzialmente<span class=\"_ _0\"></span> allineati <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _7\"> </span>superiori <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>time <span class=\"_ _7\"> </span>interne <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>management, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>utilizzate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini dell\u2019impairment test <span class=\"_ _0\"></span>coprono un arco temp<span class=\"ff1\">orale quinquenn<span class=\"_ _0\"></span>ale che si estende fino <span class=\"_ _0\"></span>al 2027; </span>- <span class=\"_ _42\"> </span>il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>(nei <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>particolarmente <span class=\"_ _3\"></span>frequenti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>parametro <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>esplicitato <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte<span class=\"_ _2\"></span> degli <span class=\"_ _5\"></span>analisti) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>spesso <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo; <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, utilizzato <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attualizzazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>flusso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Ter<span class=\"_ _3\"></span>minal <span class=\"_ _7\"> </span>Value, <span class=\"_ _4\"> </span>risulta <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _4\"> </span>inferiore <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>medio risultante dai <span class=\"_ _3\"></span>report <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>analisti. <span class=\"_ _3\"></span>Questi ultimi <span class=\"_ _3\"></span>tendono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>sconto <span class=\"_ _3\"></span>impl<span class=\"_ _2\"></span>iciti <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>orsa che <span class=\"_ _2\"></span>quindi<span class=\"_ _0\"></span> risultano mediamente <span class=\"_ _0\"></span>pi\u00f9 alti in quanto i<span class=\"_ _0\"></span>nfluenzati dalle quota<span class=\"_ _0\"></span>zioni correnti;<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>imilmente a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>osservato per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2021, s<span class=\"_ _3\"></span>otto il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>sono spesso <span class=\"_ _3\"></span>utilizzati </span>multipli (in termini di <span class=\"_ _3\"></span>P/E o di ROE) applicati a quotazioni di mercato attuali o alla redditivit\u00e0 attesa per gli <span class=\"_ _3\"></span>prossimi 2023<span class=\"_ _0\"></span> o 2024; si tratta, quindi<span class=\"_ _0\"></span>, di metodologie c<span class=\"_ _0\"></span>he forniscono un Fair Va<span class=\"_ _0\"></span>lue, piuttosto c<span class=\"_ _0\"></span>he un Valore d\u2019Us<span class=\"_ _0\"></span>o di lungo periodo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con riferimento agli ob<span class=\"_ _3\"></span>iettivi di <span class=\"_ _3\"></span>tali valutazioni, occorre evidenziare che <span class=\"_ _3\"></span>esse sono <span class=\"_ _3\"></span>destinate agli investitori finanziari e <span class=\"_ _3\"></span>dunque<span class=\"_ _0\"></span> con una prospettiva di definizione di prezzi e di valori di breve periodo. Tali valutazioni rappresentano il valore potenzial<span class=\"_ _2\"></span>mente ottenibile <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Borsa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limitati <span class=\"_ _5\"></span>quantitativ<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>dismissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>minoranza <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>sono strettamente ancorate <span class=\"_ _0\"></span>ai prezzi ed alle c<span class=\"_ _0\"></span>ondizioni di mercato c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrenti.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>isultanti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>analisti, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riflette <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>metodologica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>Fair Value e Valore d\u2019Us<span class=\"_ _0\"></span>o, pu\u00f2 essere spiegata, c<span class=\"_ _0\"></span>on i seguenti fattori:<span class=\"ff1\"> </span>- <span class=\"_ _34\"> </span>differenza <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nit <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>valuations: <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>detto, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>singol<span class=\"_ _5\"></span><span class=\"lsc\">a </span>azione a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>differenza del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valorizza l\u2019intero <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca. Tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>incide <span class=\"_ _3\"></span>dunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio<span class=\"_ _0\"></span> per il controllo, asse<span class=\"_ _0\"></span>nte nel primo caso, <span class=\"_ _0\"></span>che la dottrina valori<span class=\"_ _0\"></span>zza generalmente in u<span class=\"_ _0\"></span>n range compreso<span class=\"_ _0\"></span> tra il 15% e il 25%.<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente <span class=\"_ _6\"></span>orizzonte <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>preso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>mercato:<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>estensione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>stime circa i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>flussi finanziari, c<span class=\"_ _3\"></span>ome detto, <span class=\"_ _3\"></span>impatta considerevolmente sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valorizzazione del <span class=\"_ _3\"></span>Gruppo; considerando l\u2019orizzonte temporale<span class=\"ff1\"> preso a riferimento dagli analisti, che in genere copre un periodo di 3 anni, e deducendo il premio di<span class=\"_ _0\"></span> </span>controllo, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>risulterebbe <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>azione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>quanto espresso dagli analisti <span class=\"_ _0\"></span>come target price; - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente valore del c<span class=\"_ _0\"></span>osto del capitale che, nelle stim<span class=\"_ _0\"></span>e degli analisti, esse<span class=\"_ _0\"></span>ndo derivato dalle quotazioni di b<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rsa, fattori<span class=\"_ _2\"></span><span class=\"ls1f\">zza </span>elementi esogeni alla<span class=\"_ _0\"></span> capacit\u00e0 del Gru<span class=\"_ _0\"></span>ppo di produrre utili <span class=\"_ _0\"></span>al fine di remunerare i <span class=\"_ _0\"></span>propri azionisti.<span class=\"_ _3\"></span> In <span class=\"_ _7\"> </span>conclusi<span class=\"ff4\">one, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>test<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mpairment <span class=\"_ _4\"> </span>debbano <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>svolti <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>consapevolezza <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>situazione </span>economica, <span class=\"_ _5\"></span>penalizzata <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>geopolitico, <span class=\"_ _5\"></span>incide <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>operative <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>io periodo, senza intaccare <span class=\"_ _3\"></span>in alcun modo le <span class=\"_ _3\"></span>primarie fonti di <span class=\"_ _3\"></span>generazione di reddito, peraltro positivamente influenzate dal trend crescente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>vantaggi <span class=\"_ _6\"></span>competitivi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>dispone, <span class=\"_ _4\"> </span>come <span class=\"_ _6\"></span>peraltro <span class=\"_ _4\"></span>hanno dimostrato sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>degli ultimi <span class=\"_ _3\"></span>anni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il costante <span class=\"_ _3\"></span>raggiungimento degli <span class=\"_ _3\"></span>obiettivi previsionali, che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>redditual<span class=\"_ _35\"></span>i dell\u2019esercizio 2022.<span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>proposito <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>ultimi <span class=\"_ _5\"></span>esercizi <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>posto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ami <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>partecipazioni <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _7\"> </span>fatto <span class=\"_ _7\"> </span>emergere <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _16\"> </span>proventi <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>realizzo <span class=\"_ _7\"> </span>(es. <span class=\"_ _7\"> </span>Setefi, <span class=\"_ _16\"> </span>Allfunds <span class=\"_ _4\"> </span>Bank, <span class=\"_ _16\"> </span>Intrum, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>business <span class=\"_ _7\"> </span>del merchant  a<span class=\"_ _0\"></span>cquiring,  l<span class=\"_ _0\"></span>e  attivit\u00e0 <span class=\"_ _16\"> </span>di  Fund <span class=\"_ _16\"> </span>Administration  in<span class=\"_ _0\"></span>  Lus<span class=\"_ _0\"></span>semburgo,  il <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>della  formazione), <span class=\"_ _16\"> </span>a  conferm<span class=\"_ _0\"></span>a  dell<span class=\"_ _35\"></span>a presenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>plusvalori <span class=\"_ _5\"></span>latenti <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>recepiti <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>riconosciuti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>transazioni <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzate <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>terzi. Inoltre, il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di business <span class=\"_ _3\"></span>resiliente e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>diversificato, con <span class=\"_ _3\"></span>focus sulle <span class=\"_ _3\"></span>fabbriche prodotto <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>concentra b<span class=\"_ _3\"></span>uona <span class=\"_ _5\"></span>parte del <span class=\"_ _6\"></span>differenziale <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili, <span class=\"_ _6\"></span>garantisce <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>primarie <span class=\"_ _6\"></span>fonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>avverse <span class=\"_ _6\"></span>con riferimento allo sc<span class=\"_ _0\"></span>enario prettamente bancari<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. Peraltro, nello svil<span class=\"_ _0\"></span>uppo del modello <span class=\"_ _0\"></span>valutativo utilizzati ai fi<span class=\"_ _0\"></span>ni dell\u2019impairment <span class=\"_ _0\"></span>test <span class=\"_ _2\"></span><span class=\"ff1\">sono state adottate l<span class=\"_ _0\"></span>e seguenti cautele:  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i flussi previsionali incl<span class=\"_ _0\"></span>udono gli effetti finan<span class=\"_ _0\"></span>ziari dei servizi resi dal Centro di G<span class=\"_ _0\"></span>overno; inoltre, i consuntivi d<span class=\"_ _0\"></span>egli ul<span class=\"_ _5\"></span>timi anni </span>sono stati sostanzialm<span class=\"_ _0\"></span>ente allineati ai dati p<span class=\"_ _0\"></span>revisionali; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>analitico, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>desunti <span class=\"_ _3\"></span>dai<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>in </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rispettivi <span class=\"_ _4\"> </span>business, <span class=\"_ _4\"> </span>considerando <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>anch\u2019esso <span class=\"_ _4\"> </span>analitico <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>diversi <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di rischio. Si <span class=\"_ _6\"></span>segnala, <span class=\"_ _4\"> </span>infine, <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>parametri <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>intangibili <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>vita indefinita  sono  s<span class=\"_ _3\"></span>ignificativame<span class=\"_ _0\"></span>nte  influenzati  dal <span class=\"_ _1d\"> </span>quadro  macroeconomico <span class=\"_ _1d\"> </span>e  dalle  dinamiche  d<span class=\"_ _3\"></span>ei  mercati <span class=\"_ _1d\"> </span>finanziari  che potrebbero <span class=\"_ _1c\"> </span>registrare <span class=\"_ _1c\"> </span>mutamenti <span class=\"_ _1c\"> </span>ad <span class=\"_ _1c\"> </span>oggi <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>prevedibili. <span class=\"_ _18\"> </span>Qua<span class=\"_ _3\"></span>lora <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>quadro <span class=\"_ _1c\"> </span>macroecon<span class=\"_ _0\"></span>omico <span class=\"_ _1c\"> </span>mostrasse <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>futuro peggioramenti <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>ipotizzato <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>i\u00f2 <span class=\"_ _7\"> </span>avrebbe <span class=\"_ _16\"> </span>effetti <span class=\"_ _7\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sulle principali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>potrebbero <span class=\"_ _3\"></span>ovv<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>mente c<span class=\"_ _3\"></span>ondurre <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prossimi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quelli prospettati ai fini <span class=\"_ _3\"></span>del Bilancio al 31<span class=\"_ _3\"></span> dicembre 2022. Va <span class=\"_ _3\"></span>tuttavia osservato che le d<span class=\"_ _3\"></span>ivisioni operative che presentano signifi<span class=\"_ _5\"></span>cativi valori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>avviamento <span class=\"_ _6\"></span>(Insurance, <span class=\"_ _6\"></span>Asset <span class=\"_ _6\"></span>Mana<span class=\"_ _3\"></span>gement <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Private <span class=\"_ _6\"></span>Banking) <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>sempre, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>aspetta <span class=\"_ _4\"></span>avranno <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in futuro, redditivit\u00e0 t<span class=\"_ _0\"></span>ali da giustificare <span class=\"_ _0\"></span>ampiamente i valori <span class=\"_ _0\"></span>di avviamento iscritti.  Le analisi di sensitivi<span class=\"_ _0\"></span>t\u00e0 Poich\u00e9 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">stime <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>assunzioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>presentare <span class=\"_ _4\"></span>elementi <span class=\"_ _6\"></span>di </span>incertezza, <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>svolte, <span class=\"_ _16\"> </span>come  r<span class=\"_ _0\"></span>ichiesto <span class=\"_ _16\"> </span>dai  principi <span class=\"_ _7\"> </span>IAS/IFRS,  delle <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>di  sensitivit\u00e0 <span class=\"_ _16\"> </span>finalizzate <span class=\"_ _16\"> </span>a  ver<span class=\"_ _0\"></span>ificare <span class=\"_ _16\"> </span>la<span class=\"_ _5\"></span> sensibilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>risultati <span class=\"_ _6\"></span>ottenuti <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>variare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>taluni <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ipotesi<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>fondo, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>metodo <span class=\"_ _4\"></span>DCF. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>analisi risultano  importanti  in  questo <span class=\"_ _16\"> </span>contesto  previsionale  caratterizzato  da  un  signific<span class=\"_ _0\"></span>ativo  grado  incertezza;  in  proposito,  la<span class=\"_ _35\"></span> considerazione di s<span class=\"_ _3\"></span>cenari alternativi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>stress nel<span class=\"_ _3\"></span>le principali<span class=\"_ _2\"></span> v<span class=\"_ _3\"></span>ariabili valutative e <span class=\"_ _3\"></span>macroeconomiche consente <span class=\"_ _3\"></span>di apprezzare gli impatti <span class=\"_ _0\"></span>sugli esiti dell\u2019impa<span class=\"_ _0\"></span>irment test legati <span class=\"_ _0\"></span>allo scenario prevision<span class=\"_ _0\"></span>ale di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>valori <span class=\"_ _2\"></span>residui <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019<span class=\"_ _2\"></span><span class=\"ff1\">Uso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>sino <span class=\"_ _2\"></span>a </span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>aumento per <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del Ter<span class=\"_ _3\"></span>minal <span class=\"_ _3\"></span>Value. Inoltre,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono state condotte <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>variazione del <span class=\"_ _3\"></span>Valore d\u2019<span class=\"_ _3\"></span>Uso conseguente ad <span class=\"_ _3\"></span>una variazione <span class=\"_ _3\"></span>in senso <span class=\"_ _3\"></span>peg<span class=\"_ _2\"></span><span class=\"ff1\">giorativo dei <span class=\"_ _3\"></span>flussi finanziari </span>utilizzati ai fini del Te<span class=\"_ _0\"></span>rminal Value. Per nes<span class=\"_ _0\"></span>suna delle CGU ogg<span class=\"_ _0\"></span>etto di verifica emergere<span class=\"_ _0\"></span>bbero casistiche di im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>airment nei c<span class=\"_ _2\"></span>asi analizzati a<span class=\"_ _3\"></span>nche in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ttualizzazione e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>diminuzione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pari e<span class=\"_ _3\"></span>ntit\u00e0 del tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value. <span class=\"_ _4\"> </span>Nella <span class=\"_ _6\"></span>tabella <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>segue <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riportata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sensitivity <span class=\"_ _6\"></span>(in termini <span class=\"_ _2\"></span>percentuali) <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>residuano <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>g\u201d <span class=\"_ _3\"></span>o del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _5\"></span>-/+ <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>bps, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari utilizzati ai fini d<span class=\"_ _0\"></span>el Terminal Value.<span class=\"ff2 fc2\"> </span>              <span class=\"_ _0\"></span>          Sensi<span class=\"_ _0\"></span>tivity VARIAZIO<span class=\"_ _0\"></span>NE VALOR<span class=\"_ _0\"></span>E D'USO<span class=\"_ _0\"></span>              CG<span class=\"_ _0\"></span>U tasso di  crescita \"<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>\"  - 10 bps  <span class=\"_ _0\"></span> tasso di  attualizzaz<span class=\"_ _0\"></span>ione + 10 bps   flusso del<span class=\"_ _0\"></span> Terminal v<span class=\"_ _0\"></span>alue - <span class=\"ls25\">10%</span> IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking -0,82% -1,09% -8,49% Insurance<span class=\"_ _35\"></span> -0,78% -1,05% -6,44% Asset Manage<span class=\"_ _35\"></span>ment -0,80% -1,07% -6,50% Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing -0,80% -1,07% -6,52% In <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>precedente, <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Ke <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>incremento) <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>riduzione) <span class=\"_ _2\"></span>contenute <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>1<span class=\"_ _5\"></span><span class=\"lsc\">0 </span>bps <span class=\"_ _5\"></span><span class=\"ff4\">comporterebbero <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>generale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Valori <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,78% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u20191,09%. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il </span>flusso <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>considerato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Terminal <span class=\"_ _6\"></span>Value, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>10% <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mportere<span class=\"_ _0\"></span>bbe <span class=\"_ _6\"></span>riduzioni <span class=\"_ _6\"></span>dei Valori d\u2019Uso r<span class=\"_ _3\"></span>icomp<span class=\"ff1\">rese tra il 6<span class=\"_ _3\"></span>,50% e 8,49%. I<span class=\"_ _3\"></span>n ogni caso, <span class=\"_ _3\"></span>per nessuna <span class=\"_ _3\"></span>CGU emergerebbero problematiche di impairment in </span>corrispondenza di tale <span class=\"_ _0\"></span>sensitivity. Sempre in <span class=\"_ _3\"></span>un\u2019ottica di <span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>test sono <span class=\"_ _3\"></span>state eseguite analisi <span class=\"_ _3\"></span>volte a<span class=\"_ _3\"></span>d evidenziare <span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>limite dei <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">put, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>i quali </span>l\u2019impairment tes<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>richiederebbe di <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>impairment; <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>proposito <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riportano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1\">ssi </span>di crescita \u201cg\u201d ed i tassi di attualizzazione per ciascu<span class=\"_ _0\"></span>na CGU che porterebbero, a parit\u00e0 di fl<span class=\"_ _0\"></span>ussi da attua<span class=\"_ _2\"></span>lizzare, a Valori d\u2019Uso allineati ai valori di<span class=\"_ _0\"></span> iscrizione in bilan<span class=\"_ _0\"></span>cio.<span class=\"_ _3\"></span>                         Sens<span class=\"_ _3\"></span>itivity Tasso di  crescita \"g\"<span class=\"_ _3\"></span> Differenza rispetto al tasso \"g\" utilizzato Tasso di attualizzazione <span class=\"_ _3\"></span>del TV Differenza rispet<span class=\"_ _3\"></span>to al tasso di attualizzazione <span class=\"_ _3\"></span> del TV utilizzato<span class=\"_ _3\"></span>              CGU IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking<span class=\"_ _3\"></span> 0,10% -198 bps 12,70% 152 bps Insurance -3,80% -583 bps 15,16% 428 bps Asset Managemen<span class=\"_ _3\"></span>t -17,80% -1.984 bps 23,62% 1.289 bps Private Banking<span class=\"_ _3\"></span> -54,50% -5.658 bps 45,27% 3.452 bps Come evidente dai dati cont<span class=\"_ _0\"></span>enuti nella tabella, i Valori d\u2019Us<span class=\"_ _0\"></span>o delle CGU si ridurreb<span class=\"_ _0\"></span>bero fino ai valori contabili, c<span class=\"_ _0\"></span>on conseg<span class=\"_ _2\"></span><span class=\"ff1\">uenti </span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment, <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corrispondenza <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ggioramenti dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>(Ke<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ta<span class=\"_ _5\"></span>ssi di crescita \u201cg\u201d. <span class=\"ff1\"> </span>Infine, nell\u2019ambito delle analis<span class=\"_ _0\"></span>i circa le possibili variazioni dei flussi finan<span class=\"_ _0\"></span>ziari delle CGU<span class=\"_ _2\"></span><span class=\"ff1\"> a fronte di scenari alternativi rispetto a </span>quello <span class=\"_ _4\"> </span>utilizzato <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"></span>impairment <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>considerato <span class=\"_ _16\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>flus</span>si <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>prospettici <span class=\"_ _4\"></span>derivante<span class=\"_ _0\"></span> dall\u2019applicazione <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>prospettivo <span class=\"_ _7\"> </span>alternativo, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>quello <span class=\"_ _7\"> </span>\u201csfavorevole\u201d <span class=\"_ _4\"> </span>incorporato <span class=\"_ _7\"> </span>nei modelli <span class=\"_ _16\"> </span>di  Ex<span class=\"_ _0\"></span>pected  C<span class=\"_ _0\"></span>redit <span class=\"_ _16\"> </span>Loss <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>dei  credit<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>ai  sensi <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.  Tale <span class=\"_ _1d\"> </span><span class=\"ff1\">scenario <span class=\"_ _16\"> </span>prevede <span class=\"_ _16\"> </span>un </span>generalizzato shock sull\u2019economia dell\u2019Eurozona, legato <span class=\"_ _3\"></span>principalmente ad un <span class=\"_ _3\"></span>aumento molto signif<span class=\"_ _3\"></span>icativo del prezzo d<span class=\"_ _3\"></span>el gas, con <span class=\"_ _2\"></span>l\u2019introduzi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>\u2019inflazione. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>rappresentato <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>traduce <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>beneficeranno degli  accantonam<span class=\"_ _0\"></span>enti  effettuati <span class=\"_ _16\"> </span>nel  Bilancio  2022  a <span class=\"_ _16\"> </span>fronte  dell\u2019incertezz<span class=\"_ _0\"></span>a  sullo  scenari<span class=\"_ _0\"></span>o  prospettico <span class=\"_ _16\"> </span>e  della  cons<span class=\"_ _2\"></span><span class=\"ff1\">istente </span>riduzione dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni verso <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>russe e <span class=\"_ _3\"></span>ucraine <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>di de<span class=\"_ _5\"></span>-risking <span class=\"_ _3\"></span>attivate <span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>gli accantonamenti effettu<span class=\"_ _0\"></span>ati <span class=\"ff4\">\u2013</span> <span class=\"ff4\">pari mediamente all\u201911% <span class=\"_ _0\"></span>lungo l\u2019orizzonte <span class=\"_ _0\"></span>previsionale, con im<span class=\"_ _0\"></span>patti distribuiti su t<span class=\"_ _0\"></span>utt<span class=\"_ _2\"></span><span class=\"ff1\">e le CGU.<span class=\"_ _90\"> </span></span></span>A <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alle <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>analisi <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>emerso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019orizzonte <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>2023<span class=\"_ _5\"></span><span class=\"ff1\">-2027, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timata <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione </span>dell\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>\u201csfavorevole\u201d, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>comporterebbe <span class=\"_ _2\"></span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>nessuna <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>del Gruppo.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-959": {
   "value": "SEZIONE 10 - ATTIVIT\u00c0 IMMATERIALI - VOCE 100 10.1 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: composizione p<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>r tipologia di at<span class=\"_ _0\"></span>tivit\u00e0   (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Valori<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>Di cui:<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>   Gruppo<span class=\"ls0\"> </span>   <span class=\"ls2b\">bancario<span class=\"ls0\"> </span></span>   Imprese di    assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A.1 Avviamento<span class=\"ls0\"> </span>X 3.626<span class=\"ls0\"> </span>X 2.650<span class=\"ls0\"> </span>X 976<span class=\"ls0\"> </span>X - X 3.574<span class=\"ls0\"> </span>A.1.1 Di pertinenza del gru<span class=\"_ _3\"></span>ppo<span class=\"ls0\"> </span>x 3.626<span class=\"ls0\"> </span>x 2.650<span class=\"ls0\"> </span>x 976<span class=\"ls0\"> </span>x - x 3.574<span class=\"ls0\"> </span>A.1.2 Di pertinenza di terzi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>x - x - x - x - x - A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>di cui: software<span class=\"ls0\"> </span>3.013<span class=\"ls0\"> </span>- 2.961<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- - - 2.533<span class=\"ls0\"> </span>- A.2.1 Attivit\u00e0 valutate al cost<span class=\"_ _3\"></span>o:<span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>a) Attivit\u00e0 immateriali <span class=\"ls0\">generat<span class=\"_ _3\"></span>e </span>internamente<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 2.366<span class=\"ls0\"> </span>- 20<span class=\"ls0\"> </span>- - - 2.072<span class=\"ls0\"> </span>- b) Altre attivit\u00e0<span class=\"ls0\"> </span>1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>A.2.2 Attivit\u00e0 valutate al fair <span class=\"_ _3\"></span>value:<span class=\"ls0\"> </span>- - - - - - - - - - a) Attivit\u00e0 immateriali generat<span class=\"_ _3\"></span>e <span class=\"ls0\"> </span>internamente<span class=\"ls0\"> </span>- - - - - - - - - - b) Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - - - - - - Totale  4.322<span class=\"ls0\"> </span>5.508<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>4.532<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>5.456<span class=\"ls0\"> </span>Si s<span class=\"_ _3\"></span>egnala che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>l\u2019ammontare del <span class=\"_ _5\"></span><span class=\"ff1\">software, pari <span class=\"_ _3\"></span>a 3<span class=\"_ _3\"></span>.013 mil<span class=\"_ _3\"></span>ioni, \u00e8 <span class=\"_ _3\"></span>prodotto <span class=\"_ _3\"></span>internamente per 2<span class=\"_ _3\"></span>.386 milioni </span>e acquistato all\u2019ester<span class=\"_ _0\"></span>no per 627 milioni.<span class=\"_ _90\"> </span>Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> viene riport<span class=\"_ _0\"></span>ata l\u2019allocazione dell\u2019<span class=\"_ _0\"></span>avviamento tra le di<span class=\"_ _0\"></span>verse \u201cCash Gener<span class=\"_ _0\"></span>ating<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Unit\u201d. <span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) CGU/Avv<span class=\"_ _0\"></span>iamenti 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Banca dei<span class=\"_ _0\"></span> Territori  - - IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 56<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 976<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>Asset Manage<span class=\"_ _35\"></span>ment  1.059 1.060 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  1.535 1.482 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  - - Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - TOTALE<span class=\"_ _0\"></span> GRUPPO<span class=\"_ _0\"></span> 3.626 3.574 Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>composizione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>rinvia <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span><span class=\"ff4\">quanto <span class=\"_ _4\"> </span>esposto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>capitolo <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>\u201cInformazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulle </span>attivit\u00e0 intangibili e s<span class=\"_ _0\"></span>ull\u2019avviament<span class=\"_ _0\"></span>o\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>10.2 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: variazioni ann<span class=\"_ _0\"></span>ue  (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre <span class=\"ls28\">attivit\u00e0 immateriali:      <span class=\"_ _3\"></span>                               </span>altre<span class=\"ls0\"> </span>TOTALE Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>20.772<span class=\"ls0\"> </span>7.382<span class=\"ls0\"> </span>- 10.583<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>41.123<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">5.310</span> - -<span class=\"ls28\">8.769</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">31.781</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>3.574<span class=\"ls0\"> </span>2.072<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.342<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.041<span class=\"ls0\"> </span>- 422<span class=\"ls0\"> </span>- 1.515<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 304<span class=\"ls0\"> </span>- 397<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di <span class=\"ls28\">attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali intern<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></span>X 990<span class=\"ls0\"> </span>- - - 990<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 118<span class=\"ls0\"> </span>- 118<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">727</span> - -<span class=\"ls28\">300</span> - -<span class=\"ls28\">1.027</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">692</span> - -<span class=\"ls28\">292</span> - -<span class=\"ls28\">984</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">684</span> - -<span class=\"ls28\">280</span> - -<span class=\"ls28\">964</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">23</span> - -1 - -<span class=\"ls28\">24</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>3.626<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.830<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">6.002</span> - -<span class=\"ls28\">9.061</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">32.765</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>20.824<span class=\"ls0\"> </span>8.388<span class=\"ls0\"> </span>- 10.997<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>42.595<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>B.1 <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019Avviamento <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dall\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>quisizione <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _6\"></span>Banque Priv\u00e9e Quilvest S.A. (CB<span class=\"_ _0\"></span>PQ).<span class=\"ff5 fc2\"> </span><span class=\"ff5 fc2\"><span class=\"_ _9\"> </span></span>10.2 di cui: di pertinen<span class=\"_ _0\"></span>za del Gruppo bancario (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>19.042<span class=\"ls0\"> </span>7.322<span class=\"ls0\"> </span>- 8.952<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>37.702<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.276</span> - -<span class=\"ls28\">7.743</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">29.967</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>2.598<span class=\"ls0\"> </span>2.046<span class=\"ls0\"> </span>- 1.209<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>7.735<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.025<span class=\"ls0\"> </span>- 378<span class=\"ls0\"> </span>- 1.455<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 276<span class=\"ls0\"> </span>- 356<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 987<span class=\"ls0\"> </span>- - - 987<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 102<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">705</span> - -<span class=\"ls28\">198</span> - -<span class=\"ls28\">903</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">678</span> - -<span class=\"ls28\">190</span> - -<span class=\"ls28\">868</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">670</span> - -<span class=\"ls28\">178</span> - -<span class=\"ls28\">848</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">15</span> - -1 - -<span class=\"ls28\">16</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>2.650<span class=\"ls0\"> </span>2.366<span class=\"ls0\"> </span>- 1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>8.287<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.954</span> - -<span class=\"ls28\">7.933</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">30.835</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>19.094<span class=\"ls0\"> </span>8.320<span class=\"ls0\"> </span>- 9.322<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>39.122<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle imprese<span class=\"_ _0\"></span> di assicurazione (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 1.544<span class=\"ls0\"> </span>- 3.316<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">34</span> - -<span class=\"ls28\">939</span> - -<span class=\"ls28\">1.709</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- 605<span class=\"ls0\"> </span>- 1.607<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>- 21<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 6 - 19<span class=\"ls0\"> </span>di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 3 - - - 3 B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 15<span class=\"ls0\"> </span>- 15<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">22</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">119</span> C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair <span class=\"ls0\">value<span class=\"_ _3\"></span> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- -8 - - - -8 D. Rimanenze finali nette<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- 529<span class=\"ls0\"> </span>- 1.525<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">48</span> - -<span class=\"ls28\">1.036</span> - -<span class=\"ls28\">1.820</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>68<span class=\"ls0\"> </span>- 1.565<span class=\"ls0\"> </span>- 3.345<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle altre impr<span class=\"_ _0\"></span>ese (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 87<span class=\"ls0\"> </span>- 105<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">87</span> - -<span class=\"ls28\">105</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>- - - - - - B. Aumenti<span class=\"ls0\"> </span>- - - 23<span class=\"ls0\"> </span>- 23<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- - - 22<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 1 - 1 C. Diminuzioni<span class=\"ls0\"> </span>- - - -5 - -5 C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- - - - - - D. Rimanenze finali nette<span class=\"ls0\"> </span>- - - 18<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali <span class=\"ls28\">nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">92</span> - -<span class=\"ls28\">110</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 110<span class=\"ls0\"> </span>- 128<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.3 Altre informazio<span class=\"_ _0\"></span>ni Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali, <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _5\"></span>software, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a circa 25 milioni. Informazioni sulle attivit<span class=\"_ _0\"></span>\u00e0 intangibili e sull\u2019<span class=\"_ _0\"></span>avviamento<span class=\"ff5\"> </span>L\u2019applicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>principio <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _17\"> </span>3 <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>con<span class=\"_ _3\"></span>tabilizzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _17\"> </span>comportare<span class=\"_ _35\"></span> l\u2019iscrizione di<span class=\"ff1\"> nuove attivit\u00e0 imm<span class=\"_ _35\"></span>ateriali e la rilevazione di avviamen<span class=\"_ _0\"></span>ti.<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fusione <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>successive <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisizione hanno comportato la ril<span class=\"_ _0\"></span>evazione di sig<span class=\"_ _0\"></span>nificativi importi per <span class=\"_ _0\"></span>attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali e per avviamento. Nel corso dell\u2019esercizio 2022 s<span class=\"_ _3\"></span>ono state perfezionate due<span class=\"_ _3\"></span> operazioni che hanno <span class=\"_ _3\"></span>comportato la rilevazione sia di <span class=\"_ _3\"></span>nuove attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span>intangibili a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita definita <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avviamento. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>ichiamano brevemente <span class=\"_ _3\"></span>tali o<span class=\"_ _3\"></span>perazioni de<span class=\"_ _5\"></span>scrivendo gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le stesse hanno comport<span class=\"_ _0\"></span>ato sull\u2019ammontare e s<span class=\"_ _0\"></span>ulla composizione delle a<span class=\"_ _0\"></span>ttivit\u00e0 intangibili de<span class=\"_ _0\"></span>l Gruppo. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>30 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>perfezionata <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>uxembourg, <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"> </span>controllata <span class=\"_ _6\"></span>da Fideuram <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Banking, del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>00% d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>de <span class=\"_ _2\"></span>Banque <span class=\"_ _3\"></span>Priv\u00e9e <span class=\"_ _3\"></span>Quilvest, <span class=\"_ _3\"></span>banca private <span class=\"_ _16\"> </span>lussemburghe<span class=\"_ _0\"></span>se <span class=\"_ _16\"> </span>controllata <span class=\"_ _7\"> </span>interamente  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>holding <span class=\"_ _7\"> </span>Quilvest <span class=\"_ _16\"> </span>Wealth <span class=\"_ _16\"> </span>Management. <span class=\"_ _7\"> </span>Nell\u2019ambito <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _7\"> </span>di Purchase <span class=\"_ _5\"></span>Price <span class=\"_ _2\"></span>Allocation <span class=\"_ _6\"></span>(PPA) <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>identificate <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _2\"></span>relative <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>legate alla clientela (Customer Relation<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>hip Related), per un importo pari rispet<span class=\"_ _0\"></span>tivamente a 43 milioni per l\u2019attivit\u00e0 legata alla r<span class=\"_ _2\"></span><span class=\"ff1\">accolta </span>indiretta (Asse<span class=\"ff4\">t under Management) <span class=\"_ _0\"></span>e 30 milioni per l\u2019attivit\u00e0 legata alla ra<span class=\"_ _0\"></span>ccolta diretta a vista (Core De<span class=\"_ _0\"></span>posits). Inoltre, \u00e8 stata<span class=\"_ _35\"></span> </span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>42 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>differenza <span class=\"_ _5\"></span>residuale <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisizione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span>nio netto de<span class=\"ff4\">lla societ\u00e0 espresso al fair value alla data di acquisizione. Secondo<span class=\"_ _0\"></span> quanto previsto dallo IAS 36, sia l\u2019avviamento che </span>le attivit\u00e0 intangibili l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gate alle masse son<span class=\"_ _0\"></span>o stati allocati alla<span class=\"_ _0\"></span> CGU Private Banking.  Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"> </span>Internation<span class=\"_ _0\"></span>al <span class=\"_ _4\"> </span>Subs<span class=\"_ _3\"></span>idiary <span class=\"_ _6\"> </span>Banks, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>4 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _6\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>perfezionata <span class=\"_ _4\"> </span>l\u2019acquisizione, <span class=\"_ _6\"> </span>da parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Holding <span class=\"_ _3\"></span>International, <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>,26% <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>di VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _2\"></span>quarto <span class=\"_ _5\"></span>operatore <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>slovacco <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>pensione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>deteneva, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in precedenza, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>5<span class=\"_ _3\"></span>0% <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>joint <span class=\"_ _4\"> </span>venture <span class=\"_ _7\"> </span>costituita <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2004 <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>Generali. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>presente operazione, avendo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mportato<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019acquisi<span class=\"_ _2\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019I<span class=\"_ _3\"></span>FRS 10, \u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _4\"> </span>considerata <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019aggregazione <span class=\"_ _6\"></span>aziendale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>contabilizzarsi <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>all\u2019IFRS <span class=\"_ _6\"> </span>3. <span class=\"_ _4\"> </span>Al <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Purchas<span class=\"_ _0\"></span>e Price <span class=\"_ _5\"></span>Allocation <span class=\"_ _5\"></span>(PPA), <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>entificata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rilevata <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibil<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>precedentemente <span class=\"_ _5\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VUB </span>Generali <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _16\"> </span>alle  att<span class=\"_ _0\"></span>ivit\u00e0  leg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  a<span class=\"_ _0\"></span>lla  c<span class=\"_ _0\"></span>lientela <span class=\"_ _16\"> </span>(Customer  R<span class=\"_ _35\"></span>elationship  Relat<span class=\"_ _0\"></span>ed),  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>particolar  m<span class=\"_ _0\"></span>odo <span class=\"_ _16\"> </span>all\u2019attivit\u00e0 <span class=\"_ _16\"> </span>d<span class=\"_ _6\"></span><span class=\"ff1 ls13\">i </span>risparmio <span class=\"_ _4\"> </span>gestito, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>importo <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>80 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>allocata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>Interna<span class=\"_ _2\"></span><span class=\"ff4\">tional <span class=\"_ _4\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks. <span class=\"_ _4\"> </span>L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>intangibile </span>identificata, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>correlato <span class=\"_ _6\"></span>effetto <span class=\"_ _4\"></span>fiscale, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>assorbito <span class=\"_ _5\"></span>completamente <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>acquisizione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>le consistenze patrimo<span class=\"_ _0\"></span>niali della societ\u00e0, senz<span class=\"_ _0\"></span>a che dall\u2019operazi<span class=\"_ _0\"></span>one scaturissero <span class=\"_ _3\"></span><span class=\"ff1\">importi a titolo di a<span class=\"_ _0\"></span>vviamento.  </span>Per maggiori dettagli<span class=\"_ _0\"></span> sulle operazioni sopra<span class=\"_ _0\"></span> menzionate, si ved<span class=\"_ _0\"></span>a la Parte G della pr<span class=\"_ _0\"></span>esente Nota Integrativ<span class=\"_ _0\"></span>a.<span class=\"_ _2\"></span> Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019avviamento <span class=\"_ _2\"></span>iscritti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Bila<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>al </span>31<span class=\"ls0\"> <span class=\"ff4\">dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>relativa <span class=\"_ _1d\"> </span>dinamica <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>corso <span class=\"_ _1d\"> </span>dell\u2019esercizio, <span class=\"_ _1d\"> </span>suddivisi <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>Cash <span class=\"_ _1d\"> </span>Ge<span class=\"_ _3\"></span>nerating <span class=\"_ _1d\"> </span>Unit <span class=\"_ _17\"> </span>(CGU), <span class=\"_ _17\"> </span>che </span></span>rappresentano <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>aggregazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"></span>effettuati <span class=\"_ _4\"></span>gli <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>test <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>la verifica del valore re<span class=\"_ _0\"></span>cuperabile. (milioni di euro) CGU Bilancio 2021 Acquisizione CBPQ Acquisizione VUB Generali Ammortamento Altre variazioni (1) Bilancio 2022 DIVISIONE BANCA DEI <span class=\"_ _0\"></span>TERRITORI  1.833 - - -<span class=\"ls1a\">22</span> - 1.811 - Intangibile asset manage<span class=\"_ _0\"></span>ment - distribuzione 201 - - -<span class=\"ls1a\">14</span> - 187 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 110 - - -7 - 103 - Intangibile brand nam<span class=\"_ _0\"></span>e 1.507 - - - - 1.507 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 15<span class=\"ls0\"> </span>- - -1 - 14<span class=\"ls0\"> </span>- Intangibile acquiring - - - - - - - Avviamento - - - - - - DIVISIONE IMI CORPORA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>E &amp; INVESTMENT BANK<span class=\"_ _0\"></span>ING  56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>- Avviamento 56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>DIVISIONE ASSET MANAGEMEN<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span> 1.166 - - -6 -1 1.159 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 106 - - -6 - 100 - Avviamento 1.060 - - - -1 1.059 DIVISIONE PRIVATE BANKING<span class=\"_ _0\"></span> 2.106 115 - -<span class=\"ls1a\">19</span> 15<span class=\"ls0\"> </span>2.217 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 180 43<span class=\"ls0\"> </span>- -<span class=\"ls1a\">14</span> 4 213 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 47<span class=\"ls0\"> </span>- - -2 - 45<span class=\"ls0\"> </span>- Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangibile brand nam<span class=\"_ _0\"></span>e 375 - - - - 375 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 22<span class=\"ls0\"> </span>- - -2 - 20<span class=\"ls0\"> </span>- Avviamento 1.482 42<span class=\"ls0\"> </span>- - 11<span class=\"ls0\"> </span>1.535 DIVISIONE INSURANCE 1.567 - - -<span class=\"ls1a\">94</span> - 1.473 - Intangibile assicurativo - produzi<span class=\"_ _0\"></span>one  591 - - -<span class=\"ls1a\">94</span> - 497 - Avviamento 976 - - - - 976 DIVISIONE INTERNA<span class=\"_ _0\"></span>TIONAL SUBSIDIARY BA<span class=\"_ _0\"></span>NKS - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>- Intangible asset man<span class=\"_ _0\"></span>agement - produzione - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>BANK OF ALEXANDRIA (Eg<span class=\"_ _0\"></span>itto)  - - - - - - PRAVEX BANK (Ucraina)  - - - - - - - TOTALE CGU 6.728 115 80<span class=\"ls0\"> </span>-<span class=\"ls1a\">142</span> 14<span class=\"ls0\"> </span>6.795 - Intangibile asset manage<span class=\"_ _0\"></span>ment 487 43<span class=\"ls0\"> </span>80<span class=\"ls0\"> </span>-<span class=\"ls1a\">35</span> 4 579 - Intangibile assicurativo 748 - - -<span class=\"ls1a\">103</span> - 645 - Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangible asset under <span class=\"_ _0\"></span>administration 37<span class=\"ls0\"> </span>- - -3 - 34<span class=\"ls0\"> </span>- Intangibile Acquiring - - - - - - - Intangibile brand nam<span class=\"_ _0\"></span>e 1.882 - - - - 1.882 - Avviamento 3.574 42<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>3.626 (1) Differenze cambio su avvi<span class=\"_ _0\"></span>amento riferito a Eurizon Capital S<span class=\"_ _0\"></span>LJ e su avviamento e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di ammortamento su i<span class=\"_ _0\"></span>ntangibili riferiti a Reyl &amp;<span class=\"_ _0\"></span> Cie SA.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>rilevate f<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>clientela e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riferiscono <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>valoriz<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>azione del portafoglio assicurativo<span class=\"_ _0\"></span> (Value of Business Acquired), della raccolta amministrata (Asset Under Administration, AUA)<span class=\"_ _0\"></span> e gestit<span class=\"_ _2\"></span><span class=\"ls17\">a </span>(Asset  Under  Management,  AU<span class=\"_ _0\"></span>M)  e  dei <span class=\"_ _1d\"> </span>Cor<span class=\"_ _0\"></span>e  Deposits.  Tali  attivit\u00e0  immateriali  sono  state  originariam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte  valorizzat<span class=\"_ _0\"></span>e attraverso <span class=\"_ _4\"> </span>l\u2019<span class=\"ff1\">attualizzazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _4\"></span>rappresentativi <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>margini <span class=\"_ _4\"></span>reddituali <span class=\"_ _6\"></span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>esprimente <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>residua,<span class=\"_ _0\"></span> </span>contrattuale o stimat<span class=\"_ _0\"></span>a, dei rapporti in ess<span class=\"_ _0\"></span>ere alla data dell\u2019opera<span class=\"_ _0\"></span>zione di aggreg<span class=\"_ _0\"></span>azione<span class=\"_ _2\"></span><span class=\"ff1\">. </span>A <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _17\"> </span>utile <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nita, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>provveduto <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>imputare <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>conto <span class=\"_ _17\"> </span>economico <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>di ammortamento di <span class=\"_ _3\"></span>competenza dell<span class=\"_ _3\"></span>\u2019anno (inclusa <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce \u201c220. <span class=\"_ _3\"></span>Rettifiche/riprese di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali\u201d) p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un ammontare comple<span class=\"_ _0\"></span>ssivo pari a 142 mili<span class=\"_ _0\"></span>oni al lordo dell\u2019eff<span class=\"_ _0\"></span>ett<span class=\"_ _3\"></span><span class=\"ff1\">o fiscale. </span>\u00c8 <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>valorizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cbrand <span class=\"_ _7\"> </span>name\u201d, <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _4\"> </span>legata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>marketing, <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lorizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>del marchio; <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>indefinita <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontribuire <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>indefi<span class=\"_ _5\"></span>nito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla formazione dei flussi<span class=\"_ _0\"></span> reddituali.<span class=\"fs12\"> </span>In <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>36, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>evono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>annualmente <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>impairment <span class=\"_ _5\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>del valore <span class=\"_ _6\"></span>sia <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>vita <span class=\"_ _6\"> </span>utile <span class=\"_ _6\"> </span>indefinita <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>l\u2019avviamento. <span class=\"_ _6\"> </span>Inoltre, <span class=\"_ _6\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _6\"></span>definita </span>l\u2019impairment  test <span class=\"_ _1d\"> </span>deve  essere <span class=\"_ _1d\"> </span>svolto  quando <span class=\"_ _1d\"> </span>sia  rilevata <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>presenza  di <span class=\"_ _1d\"> </span>indicatori  di <span class=\"_ _1d\"> </span>perdita.  Il <span class=\"_ _1d\"> </span>valore  recuperabile  \u00e8 rappresentato dal m<span class=\"_ _0\"></span>aggiore tra il Valore d\u2019Us<span class=\"_ _0\"></span>o ed il Fair value, <span class=\"_ _0\"></span>al netto dei costi di v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">ndita.<span class=\"ff5 fs9 fc2\"> </span></span>Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>infine, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>tangibili<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>tes<span class=\"_ _6\"></span><span class=\"ff1 ls12\">t, </span>dispone <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>debba  fare <span class=\"_ _7\"> </span>riferimento  ai<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>flussi  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>cassa <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>all\u2019intangibile <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>sue  co<span class=\"_ _0\"></span>ndizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _16\"> </span>(alla <span class=\"_ _16\"> </span>dat<span class=\"_ _5\"></span><span class=\"ff1\">a  di<span class=\"_ _35\"></span> </span>impairment <span class=\"_ _16\"> </span>test),  senza <span class=\"_ _16\"> </span>distinzione <span class=\"_ _16\"> </span>tra  i  f<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>ussi <span class=\"_ _16\"> </span>di  cassa <span class=\"_ _16\"> </span>riferiti <span class=\"_ _16\"> </span>all\u2019asset  origi<span class=\"_ _0\"></span>nariamente  ril<span class=\"_ _0\"></span>evato <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  applica<span class=\"_ _0\"></span>zione<span class=\"_ _90\"> </span><span class=\"_ _5\"></span><span class=\"ff1\"> </span>dell\u2019IFRS 3<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>relativi a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>dell\u2019impairment test; <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>in quanto <span class=\"_ _2\"></span>risulterebbe difficile, <span class=\"_ _6\"> </span><span class=\"ff1\">specie </span>in caso di operazioni straordinarie tra business o modifiche dell\u2019asset a seguito di significativi turn<span class=\"_ _0\"></span>over delle masse, dei <span class=\"_ _5\"></span><span class=\"ff1\">clienti, </span>dei contratti, ecc., di<span class=\"_ _0\"></span>stinguere i flussi rifer<span class=\"_ _0\"></span>iti all\u2019asset origina<span class=\"_ _0\"></span>rio dagli altri.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tale <span class=\"_ _5\"></span>concetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>replicabile <span class=\"_ _5\"></span>an<span class=\"ff4\">che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle </span>CGU, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>utte <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>comprese <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span> solo per le attivit\u00e0 <span class=\"_ _0\"></span>e passivit\u00e0 <span class=\"ff4\">a fronte delle quali \u00e8 <span class=\"_ _0\"></span>stato rilevato un avv<span class=\"_ _0\"></span>iamento in sede di a<span class=\"_ _0\"></span>pplicazione dell\u2019IFR<span class=\"_ _0\"></span>S 3.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Anche <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impairment test <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>gi\u00e0 avvenuto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i precedenti <span class=\"_ _3\"></span>bilanci, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>della <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>mercati <span class=\"_ _3\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>ritraibili, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fatto riferimento <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>futuri <span class=\"_ _2\"></span>ricavabili <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _2\"></span>(o <span class=\"_ _7\"> </span><span class=\"ff1\">business)<span class=\"_ _0\"></span> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valutazione. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>partico<span class=\"_ _3\"></span>lare, <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _4\"></span>2022, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>quanto <span class=\"_ _4\"> </span>fatto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>precedenti bilanci, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recuperabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>svolta <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019applicazione del <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>DCF <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>Discounted </span>Cash <span class=\"_ _4\"></span>Flow <span class=\"_ _6\"></span>model <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>a <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiunge, <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>risultanze <span class=\"_ _6\"></span>emerse <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>metodo <span class=\"_ _6\"></span>DCF, l\u2019applicazione  del  metod<span class=\"_ _0\"></span>o  DDM  \u2013<span class=\"ff1\"> <span class=\"_ _1d\"> </span>Dividen<span class=\"_ _0\"></span>d  Discounted  Model; <span class=\"_ _16\"> </span>entrambi  i  metodi  si  sono  basati  sull<span class=\"_ _0\"></span>e  stime  analitiche </span>predisposte internamente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>eriodo 2023<span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span>2027 <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>fino al <span class=\"_ _2\"></span>2025, rappresentano <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>revisioni risultanti <span class=\"_ _3\"></span>dal Piano <span class=\"_ _3\"></span>d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"ff1\">-2025, <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>mutato <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>macroeconomico, mentre <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>di </span>proiezione <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tra<span class=\"_ _3\"></span>scinamento <span class=\"_ _7\"> </span>inerziale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2025, <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proiezioni interne  relative  al  citato  scenario  ma<span class=\"_ _0\"></span>croeconomico.  Si  segna<span class=\"_ _0\"></span>la  che  le  verifiche  menzionate  in  precede<span class=\"_ _0\"></span>nza  non  hanno riguardato <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>Bank <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione dell\u2019assenza, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>verifica, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>avviamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>tali <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"> </span>test. <span class=\"_ _4\"> </span>A <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>verifiche <span class=\"_ _6\"> </span>si<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"lsc\">\u00e8 </span></span>ulteriormente <span class=\"_ _3\"></span>aggiunta una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>autonoma, <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>indipendente, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _3\"></span>name<span class=\"_ _0\"></span> per la componente attri<span class=\"_ _0\"></span>buita alla Banca dei<span class=\"_ _0\"></span> Territori, CGU che <span class=\"_ _0\"></span>non presenta pi\u00f9 <span class=\"_ _0\"></span>avviamenti allocati. <span class=\"_ _3\"></span> Gli <span class=\"_ _4\"> </span>esiti <span class=\"_ _6\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>hanno <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>operare <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span><span class=\"ff1\">ttifiche <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valore </span>dell\u2019avviamento <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>(brand <span class=\"_ _2\"></span>name) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>essuna <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>appartenenti <span class=\"_ _4\"> </span><span class=\"ff1\">al </span>Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo. Si <span class=\"_ _7\"> </span>precisa, <span class=\"_ _7\"> </span>infine, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>metodologie, <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>assunti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>siti <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>procedura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span>mpairment <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _7\"> </span>e dell\u2019avviamento, <span class=\"_ _23\"> </span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>management, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>stati <span class=\"_ _29\"> </span>approvati <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>Consiglio <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>Amministrazione <span class=\"_ _29\"> </span>preliminarmente<span class=\"_ _0\"></span> all\u2019approvazione d<span class=\"_ _0\"></span>el progetto del Bilancio<span class=\"_ _0\"></span> 2022.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019impairment test dei valori intangibili<span class=\"ff5\"> </span>Il <span class=\"ls0\">portafoglio assicurativo </span>La <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"></span>assicurativo <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inea <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>utilizzati <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"></span>valutativa. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>c<span class=\"_ _5\"></span>os\u00ec determinato, <span class=\"_ _4\"> </span>essendo <span class=\"_ _7\"> </span>considerato <span class=\"_ _7\"> </span>\u201ca <span class=\"_ _7\"> </span>vita <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinita\u201d, <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>ammortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>variabili <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">iodo <span class=\"_ _7\"> </span>esprimente <span class=\"_ _4\"> </span>la </span>durata residua dei cont<span class=\"_ _0\"></span>ratti assicurativi.  Il <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio dell\u2019intangibile ass<span class=\"_ _3\"></span>icurativo comprende, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le altre <span class=\"_ _3\"></span>cose, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>assicurativo di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpa<span class=\"_ _5\"></span><span class=\"ff1\">olo <span class=\"_ _3\"></span>Vita </span>e <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Life <span class=\"_ _2\"></span>DAC <span class=\"_ _3\"></span>distribuito <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rete <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>Vita. <span class=\"_ _2\"></span>Nel <span class=\"_ _3\"></span>valore<span class=\"_ _0\"></span> complessivo <span class=\"_ _7\"> </span>di  bil<span class=\"_ _0\"></span>ancio <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompreso <span class=\"_ _7\"> </span>anche  l\u2019i<span class=\"_ _0\"></span>ntangibile <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>pertinenza <span class=\"_ _7\"> </span>di  Inte<span class=\"_ _0\"></span>sa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>RBM  S<span class=\"_ _0\"></span>alute <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>ete<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IW <span class=\"_ _2\"></span>Bank. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 aggiunto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Business <span class=\"_ _3\"></span>Acquired <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>VoBA), <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iveniente <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Assicuraz<span class=\"_ _0\"></span>ioni <span class=\"_ _2\"></span>Vita, <span class=\"_ _2\"></span>Lombarda <span class=\"_ _2\"></span>Vita <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cargeas Assicurazioni. Si ricorda che al 31 dicembre 2021 le compagnie Assicurazioni <span class=\"_ _3\"></span>Vita e <span class=\"_ _3\"></span>Lombarda Vita erano state incorporate in<span class=\"_ _35\"></span> Intesa Sanpaolo Vita<span class=\"_ _0\"></span>, mentre Cargeas As<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>icurazioni \u00e8 stata fu<span class=\"_ _0\"></span>sa in Intesa Sanp<span class=\"_ _0\"></span>aolo Assicura in d<span class=\"_ _0\"></span>ata 1\u00b0 ottobre 2022.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>assicurativo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>allocate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CG<span class=\"_ _2\"></span>U <span class=\"_ _6\"></span>Insurance, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private Banking <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Territori, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>econda c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriscano a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>delle polizze o alla distribu<span class=\"_ _0\"></span>zione delle stesse.  Come <span class=\"_ _3\"></span>detto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenza, si <span class=\"_ _2\"></span>tratta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span><span class=\"ff4\">intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>imputare <span class=\"_ _3\"></span>a </span>conto economico l\u2019ammo<span class=\"_ _0\"></span>rtamento di compet<span class=\"_ _0\"></span>enza, per un import<span class=\"_ _0\"></span>o complessivo pari a 1<span class=\"_ _0\"></span>03 milioni. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio sono state aggiorn<span class=\"_ _0\"></span>ate le analisi sui prin<span class=\"_ _0\"></span>cipali indic<span class=\"_ _3\"></span><span class=\"ff1\">atori di impairment.  </span>Nello specifico <span class=\"_ _3\"></span>la Divisione <span class=\"_ _3\"></span>Insurance nel 2022 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>conseguito un risultato d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0 assicurativa ampiamente positivo, pa<span class=\"_ _5\"></span><span class=\"ff1\">ri a </span>circa 1<span class=\"_ _3\"></span>,6 <span class=\"_ _3\"></span>miliardi, in <span class=\"_ _3\"></span>marginale <span class=\"_ _3\"></span>incremento rispetto <span class=\"_ _3\"></span>all\u2019anno <span class=\"_ _3\"></span>precedente (+1,9%). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>dinamica \u00e8 <span class=\"_ _3\"></span>ascriv<span class=\"_ _5\"></span>ibile a<span class=\"_ _3\"></span>ll\u2019incremento del margine <span class=\"_ _3\"></span>tecnico <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>vita s<span class=\"_ _3\"></span>ia n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>danni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>compensato l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>riduzione del <span class=\"_ _2\"></span>margine finanziario. <span class=\"_ _3\"></span>Inoltre,<span class=\"_ _2\"></span> nel 2022 la raccolta premi vita e previdenza della Divisi<span class=\"_ _0\"></span>one \u00e8 risultata pari a 16,2 miliardi, evid<span class=\"_ _0\"></span>enzian<span class=\"_ _2\"></span>do una flessione del 14% circa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>precedente <span class=\"_ _4\"></span>esercizio, <span class=\"_ _6\"></span>imputabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span>-<span class=\"ff4\">41%), <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>conseguenza <span class=\"_ _6\"> </span>dell\u2019incertezza <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>mercati<span class=\"_ _0\"></span> </span>finanziari. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>tradizionali <span class=\"_ _2\"></span>(+39%), <span class=\"_ _3\"></span>inclusivi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>componente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>polizze multiramo,  grazie <span class=\"_ _1d\"> </span>al  collocamento <span class=\"_ _1d\"> </span>nel  quarto <span class=\"_ _1d\"> </span>trimestre <span class=\"_ _1d\"> </span>del  plafond <span class=\"_ _1d\"> </span>di  ramo <span class=\"_ _1d\"> </span>I  dedicato <span class=\"_ _1d\"> </span>alla <span class=\"_ _1d\"> </span>clientela  senior.  I <span class=\"_ _1d\"> </span>prodotti previdenziali <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>progresso <span class=\"_ _4\"> </span>dell\u20191%. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _4\"> </span>diretta <span class=\"_ _4\"> </span>assicurativa, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>ha <span class=\"_ _1d\"> </span><span class=\"ff1\">superato <span class=\"_ _4\"></span>i </span>173 miliardi, in flessione <span class=\"_ _0\"></span>di circa il 15% rispetto <span class=\"_ _0\"></span>al precedente e<span class=\"_ _0\"></span>sercizio. <span class=\"_ _3\"></span> Si ricorda, come<span class=\"_ _3\"></span> detto in <span class=\"_ _3\"></span>precedenza, che lo <span class=\"_ _3\"></span>IAS 36 prevede <span class=\"_ _3\"></span>che gli intangibili vengano s<span class=\"_ _3\"></span>ottoposti ad impairment test facendo<span class=\"_ _5\"></span> riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tutta <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>res<span class=\"_ _3\"></span>idui <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>era stato  determinato  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>  valore  in<span class=\"_ _0\"></span>iziale  dell\u2019attivit<span class=\"_ _0\"></span>\u00e0  intangibile,  r<span class=\"_ _0\"></span>icomprendendo, <span class=\"_ _16\"> </span>pertanto,  in  un <span class=\"_ _16\"> </span>eventuale  calcolo <span class=\"_ _16\"> </span>del  valore recuperabile <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>produzione <span class=\"_ _7\"> </span>g<span class=\"ff4\">eneratasi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 </span>intangibile. Inoltre, s<span class=\"_ _3\"></span>i evidenzia c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i vo<span class=\"_ _3\"></span>lumi delle <span class=\"_ _3\"></span>polizze <span class=\"_ _3\"></span>sottostanti alla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilan<span class=\"_ _5\"></span>cio <span class=\"_ _3\"></span>risultano<span class=\"_ _35\"></span> assolutamente trasc<span class=\"_ _0\"></span>urabili se confrontati con le poli<span class=\"_ _0\"></span>zze complessive d<span class=\"_ _0\"></span>elle CGU di riferime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span> L\u2019analisi <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>presenti <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>non <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>evidenziato <span class=\"_ _5\"></span>alcuna <span class=\"_ _6\"> </span>indicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>possibi<span class=\"_ _6\"></span><span class=\"ff1\">le </span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntangibile <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">usiness <span class=\"_ _2\"></span>assicurativo, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dallo <span class=\"_ _3\"></span>IAS <span class=\"_ _2\"></span>36, </span>l\u2019attivit\u00e0 intangibile \u00e8 oggetto <span class=\"_ _3\"></span>di verifica a<span class=\"_ _3\"></span>i fini impairment <span class=\"_ _3\"></span>test a livello d<span class=\"_ _3\"></span>i CGU nel s<span class=\"_ _3\"></span>uo complesso e<span class=\"_ _3\"></span> non per<span class=\"_ _3\"></span> singolo pro<span class=\"_ _5\"></span><span class=\"ff1\">dotto o </span>ramo di attivit\u00e0. <span class=\"_ _30\"> </span> Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono <span class=\"ff4\">sintetizzati i valori dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0 intang<span class=\"_ _0\"></span>ibile assicurativa secondo<span class=\"_ _0\"></span> la CGU di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di euro)<span class=\"_ _3\"></span> CGU Bilancio 2021 Ammortamento<span class=\"_ _3\"></span> Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - distribuzi<span class=\"_ _3\"></span>one 110<span class=\"ls0\"> </span>-7 103<span class=\"ls0\"> </span>DIVISIONE INSURANCE<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produzi<span class=\"_ _3\"></span>one  591<span class=\"ls0\"> </span>-<span class=\"ls1b\">94</span> 497<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produz<span class=\"_ _3\"></span>. e distribuz.<span class=\"_ _3\"></span> 47<span class=\"ls0\"> </span>-2 45<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 748<span class=\"ls0\"> </span>-103 645<span class=\"ls0\"> </span>A <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>analisi <span class=\"_ _7\"> </span>svolte <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _16\"> </span>indicatori <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impairment <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>risultato <span class=\"_ _7\"> </span>necessario <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ricalcolo puntuale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibile <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>assicurativo <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022 non ha evidenziato p<span class=\"_ _0\"></span>articolari criticit\u00e0. Il portafoglio di asset under management e under administration L\u2019attivit\u00e0 immateriale iscritta nel Bilancio consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo \u00e8 considerata \u201ca vita definita\u201d. Pertanto, per il<span class=\"_ _5\"></span><span class=\"ff1\"> Bilancio </span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>state <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore, <span class=\"_ _5\"></span>comunque <span class=\"_ _5\"></span>monitorati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d\u2019esercizio <span class=\"_ _5\"></span>(tra <span class=\"_ _7\"> </span><span class=\"ff1\">di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i,<span class=\"_ _35\"></span> </span>l\u2019andamento delle <span class=\"_ _2\"></span>masse, dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iscatto, del <span class=\"_ _2\"></span>margine di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019effetto <span class=\"_ _3\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">scale). </span>Tali <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>dell\u2019intang<span class=\"_ _0\"></span>ibile <span class=\"_ _6\"> </span><span class=\"ff1\">legata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>amministrata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestita <span class=\"_ _5\"></span>(Asset <span class=\"_ _2\"></span>Under </span>Administration, <span class=\"_ _7\"> </span>AuA <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Asset <span class=\"_ _7\"> </span>Under <span class=\"_ _7\"> </span>Management, <span class=\"_ _7\"> </span>AuM) <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>esistenti <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di acquisizione di generar<span class=\"_ _0\"></span>e flussi reddituali lungo la <span class=\"_ _0\"></span>vita utile residua di tali rap<span class=\"_ _0\"></span>porti <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> iscritta in bilancio a segu<span class=\"_ _0\"></span>ito delle operazioni di acquisizione che s<span class=\"_ _0\"></span>i sono susseguite n<span class=\"_ _0\"></span>el tempo.  Pi\u00f9 <span class=\"_ _5\"></span>precisamente <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>managem<span class=\"_ _0\"></span>ent <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banche <span class=\"_ _2\"></span>Venete <span class=\"_ _5\"></span>acquisite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del Gruppo <span class=\"_ _1d\"> </span>Morval  acquisito  da<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span>- <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Private  Banking <span class=\"_ _1d\"> </span>n<span class=\"ff4\">el <span class=\"_ _1d\"> </span>corso  del <span class=\"_ _1d\"> </span>2018. <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>seguire,  nell\u2019ambito<span class=\"_ _0\"></span> </span>dell\u2019operazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>acquisizione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>UBI, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>valorizzate <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"> </span>intangibili <span class=\"_ _6\"></span>legate <span class=\"_ _6\"> </span>all<span class=\"_ _6\"></span><span class=\"ff1 ls17\">a </span>raccolta indiretta ed <span class=\"_ _3\"></span>in particolare l\u2019attivit\u00e0 immateriale inerente la <span class=\"_ _3\"></span>raccolta ammini<span class=\"_ _3\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trata e gestita <span class=\"_ _3\"></span>(Asset under Administration, </span>AuA e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Asset Under <span class=\"_ _3\"></span>Management, AuM)<span class=\"_ _3\"></span><span class=\"ff4\">, mentre <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del 2021 <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata rilevata <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale inerente la <span class=\"_ _3\"></span>raccolta </span>amministrata e gestita <span class=\"_ _0\"></span>di Reyl &amp; Cie SA, ban<span class=\"_ _0\"></span>ca private svizzera con p<span class=\"_ _0\"></span>resenza internaz<span class=\"_ _3\"></span>ionale. Nel corso del <span class=\"_ _3\"></span>2022, come indicato <span class=\"_ _3\"></span>in precedenza, sono state <span class=\"_ _3\"></span>rilevate nuove attivit\u00e0 intangibili legate alla c<span class=\"_ _3\"></span>lientela, ineren<span class=\"_ _5\"></span>ti alla raccolta <span class=\"_ _1d\"> </span>indiretta  di <span class=\"_ _1d\"> </span>Compagni<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>de <span class=\"_ _1d\"> </span>Banque  Priv\u00e9e  Qu<span class=\"_ _3\"></span>ilvest  (CBPQ) <span class=\"_ _1d\"> </span>e  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>VUB  Generali  p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>un  importo, <span class=\"_ _1d\"> </span>alla  data <span class=\"_ _1d\"> </span>di acq<span class=\"ls0\">uisizi<span class=\"_ _0\"></span>one, rispettivame<span class=\"_ _0\"></span>nte pari a 43 e 80 milioni. </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>frattempo a<span class=\"_ _3\"></span>mmortizzata, <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile AuM <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>allocata <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">lla </span>CGU <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _2\"></span>(187 <span class=\"_ _2\"></span>milioni), <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>(213 <span class=\"_ _5\"></span>milioni<span class=\"_ _3\"></span>), <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Ma<span class=\"_ _3\"></span>nagement <span class=\"_ _2\"></span>(100 <span class=\"_ _5\"></span>milioni) <span class=\"_ _3\"></span>e alla <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks (79 <span class=\"_ _2\"></span>milioni).<span class=\"fs6\"> <span class=\"_ _2\"></span></span><span class=\"ff4\">Analogamente, l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile Au<span class=\"_ _3\"></span>A, t<span class=\"_ _3\"></span>enuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>component<span class=\"_ _0\"></span>e </span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>registrata <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _3\"></span>allo<span class=\"_ _2\"></span><span class=\"ff1\">cata <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la </span>componente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>istribuita <span class=\"_ _7\"> </span>dalle  fili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _16\"> </span>rivenienti <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _35\"></span>anca  (<span class=\"_ _0\"></span>14 <span class=\"_ _16\"> </span>milioni) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>alla  C<span class=\"_ _0\"></span>GU <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>componente distribuita alla clie<span class=\"_ _0\"></span>ntela di IW Private Inv<span class=\"_ _0\"></span>estments SIM (20 mili<span class=\"_ _0\"></span>oni).<span class=\"_ _3\"></span> Come indicato in preceden<span class=\"ff4\">za, lo IAS <span class=\"_ _3\"></span>36 dispone che l\u2019impairment test non debba limitarsi ai soli flussi di c<span class=\"_ _3\"></span>assa rivenienti dalle<span class=\"_ _0\"></span> </span>masse <span class=\"_ _5\"></span>acquisite, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>tenere <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>legati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>masse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>comprendendo<span class=\"_ _0\"></span> anche <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>alle masse <span class=\"_ _3\"></span>generatesi successivamente a<span class=\"_ _3\"></span>lla valorizzazione iniziale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 intangibili; a <span class=\"_ _3\"></span>tale proposito <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>volu<span class=\"_ _3\"></span>mi <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>masse <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>valorizzazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _16\"> </span>iscritte <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>bilanc<span class=\"_ _5\"></span>io risultano assolutament<span class=\"_ _0\"></span>e trascurabili se confrontati <span class=\"_ _0\"></span>con le masse comple<span class=\"_ _0\"></span>ssive delle CGU di ri<span class=\"_ _0\"></span>ferimento.<span class=\"_ _3\"></span> Pertanto, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>riportato <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prescindere <span class=\"_ _7\"> </span>dall\u2019andamento <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>masse <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo<span class=\"_ _0\"></span> considerato, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>confermare <span class=\"_ _3\"></span>l\u2019assenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>ai </span>rapporti di Asset und<span class=\"_ _0\"></span>er Management e As<span class=\"_ _0\"></span>set under Administra<span class=\"_ _0\"></span>tion. Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>AuM <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>A, <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>Banc<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Territori, Private Banking, Asset<span class=\"_ _0\"></span> Management ed In<span class=\"_ _0\"></span>ternational Subsidiar<span class=\"_ _0\"></span>y Banks. CGU Bilancio 2021 Acquisizioni <span class=\"_ _3\"></span> Ammortamento<span class=\"_ _3\"></span> Altre  variazioni  (1)<span class=\"ls0\"> </span>Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>distribuzione 201<span class=\"ls0\"> </span>- -<span class=\"ls1b\">14</span> - 187<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 15<span class=\"ls0\"> </span>- -1 - 14<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 180<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>-<span class=\"ls1b\">14</span> 4 213<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 22<span class=\"ls0\"> </span>- -2 - 20<span class=\"ls0\"> </span>DIVISIONE ASSET <span class=\"_ _3\"></span>MANAGEMENT<span class=\"_ _3\"></span> - Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 106<span class=\"ls0\"> </span>- -6 - 100<span class=\"ls0\"> </span>DIVISIONE INTE<span class=\"_ _3\"></span>RNATIONAL SUBSI<span class=\"_ _3\"></span>DIARY BANKS<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement -<span class=\"ls1\">  <span class=\"_ _3\"></span></span>distribuzione<span class=\"_ _3\"></span> - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 524<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>-<span class=\"ls1b\">38</span> 4 613<span class=\"ls0\"> </span>(1)  Differenze cambio su attivit\u00e0 intangibili riferite a Reyl &amp; Cie SA. I Core Deposits I <span class=\"_ _4\"> </span>\u201ccore <span class=\"_ _6\"> </span>deposits\u201d <span class=\"_ _4\"> </span>rappresentan<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _6\"> </span>immateriale <span class=\"_ _6\"> </span>legata <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>clientela <span class=\"_ _4\"> </span>(\u201c<span class=\"_ _2\"></span><span class=\"ff2\">customer <span class=\"_ _6\"></span>related <span class=\"_ _4\"> </span>intangible</span>\u201d), generalmente rilevata in <span class=\"_ _2\"></span>aggregazioni in campo <span class=\"_ _3\"></span>bancario. Il <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>intangibile \u00e8 <span class=\"_ _3\"></span>di fatto <span class=\"_ _3\"></span>riconducibile ai <span class=\"_ _3\"></span>benefici futuri di cui <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>masse <span class=\"_ _4\"> </span>raccolte <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>beneficiare <span class=\"_ _4\"> </span>grazie <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>atto <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>tratta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che presenta costi inferio<span class=\"ff4\">ri a <span class=\"_ _3\"></span>quelli di mercato. In sostanza l\u2019acquirente pu\u00f2 disporre di una massa di raccolta per la propria attivit\u00e0 </span>creditizia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>investimenti<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>remunerazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>interbancario. <span class=\"_ _2\"></span>L\u2019attivit\u00e0 <span class=\"_ _2\"></span>immate<span class=\"_ _5\"></span><span class=\"ff1\">riale<span class=\"_ _0\"></span> </span>consiste nella <span class=\"ff4\">valorizzazione di questo margine futuro denominato<span class=\"_ _0\"></span> \u201cdeposit premium\u201d, che rappresenta un asset il cui valore \u00e8 </span>correlato all\u2019evoluzio<span class=\"_ _0\"></span>ne dei tassi di mercato<span class=\"_ _0\"></span> e alla dinamica d<span class=\"_ _0\"></span>elle masse raccolte.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _5\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>precedenza, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019acquisizione <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>Compagnie <span class=\"_ _6\"></span>de <span class=\"_ _5\"></span>Banque <span class=\"_ _5\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Fideuram </span>Bank Luxembourg, sono <span class=\"_ _0\"></span>stati rilevati \u201cco<span class=\"_ _0\"></span>re deposits\u201d per un im<span class=\"_ _0\"></span>porto complessiv<span class=\"_ _0\"></span>o pari a 30 milioni.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>erifica s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>tenuta d<span class=\"_ _3\"></span>el v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibile <span class=\"_ _3\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>considerati indicatori <span class=\"_ _3\"></span>di impairment, <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ristretto<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>intercorso <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>iscrizione <span class=\"_ _6\"></span>iniziale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>atteso <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> riferimento ai tassi d\u2019<span class=\"_ _0\"></span>interesse.<span class=\"ff1\"> </span>Il \u201cbrand name\u201d (o marchio) <span class=\"ffa\"> </span>Il <span class=\"_ _1d\"> </span>\u201cbrand <span class=\"_ _1d\"> </span>name\u201d <span class=\"_ _17\"> </span>rientra <span class=\"_ _1d\"> </span>tra <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>immateriali <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>marketing <span class=\"_ _1d\"> </span>identificate <span class=\"_ _1d\"> </span>dall\u2019IFRS <span class=\"_ _1d\"> </span>3 <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>otenziale <span class=\"_ _1d\"> </span>attivit\u00e0 immateriale rilevabil<span class=\"_ _0\"></span>e in sede di Purchase Pri<span class=\"_ _0\"></span>ce Allocation (PP<span class=\"_ _0\"></span>A).<span class=\"_ _3\"></span> Al <span class=\"_ _6\"> </span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>rileva <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>termi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>\"brand\u201d <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>usato <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>accezio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"></span>restrittiva <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>sinonimo <span class=\"_ _6\"></span>di </span>\u201clogo\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cnome\u201d, <span class=\"_ _4\"> </span>ma <span class=\"_ _6\"> </span>piuttosto <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>marketing <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>definisce <span class=\"_ _4\"> </span>quell\u2019insieme <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>intangibili <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>loro complementari (<span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>nome <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>logo, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>competenze, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>riposta <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>consumatore, <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>servizi, <span class=\"_ _3\"></span>ecc.) che concorrono a defin<span class=\"_ _0\"></span>ire il c.d. \u201cbrand equ<span class=\"_ _0\"></span>ity\u201d.<span class=\"ff1\"> </span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>opportuno <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>mitare <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>soli <span class=\"_ _5\"></span>brand: <span class=\"_ _5\"></span>quell<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>corporate <span class=\"_ _3\"></span>Sanpaolo IMI, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>brand \u201c<span class=\"_ _3\"></span>ombrello\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>altri d<span class=\"_ _3\"></span>elle b<span class=\"_ _3\"></span>anche rete, <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>della controllata <span class=\"_ _7\"> </span>Fideuram  - <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _7\"> </span>Banca  F<span class=\"_ _0\"></span>ideuram) <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>brand <span class=\"_ _16\"> </span>autonomo <span class=\"_ _7\"> </span>e  f<span class=\"_ _0\"></span>ortemente conosciuto <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collocame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rete <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>promotori. <span class=\"_ _6\"></span>Si </span>tratta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>imma<span class=\"_ _5\"></span><span class=\"ff1\">teriale<span class=\"_ _0\"></span> </span>possa contribuire per u<span class=\"_ _0\"></span>n periodo indetermi<span class=\"_ _0\"></span>nato alla formazione dei flussi reddituali. P<span class=\"_ _0\"></span>er la valorizzazione <span class=\"_ _0\"></span>dei due marchi eran<span class=\"_ _0\"></span>o stati <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>sull\u2019analisi <span class=\"_ _7\"> </span>fondamentale. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>era <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinato come me<span class=\"_ _0\"></span>dia dei valori ottenuti<span class=\"_ _0\"></span> attraverso i diversi metodi.  Il va<span class=\"_ _3\"></span>lore iscritto nel <span class=\"_ _3\"></span>Bilancio 2022 <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>pari a <span class=\"_ _3\"></span>1.882 <span class=\"_ _3\"></span>milioni ed <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>llocato per 1<span class=\"_ _3\"></span>.507 milioni a<span class=\"_ _3\"></span>lla CGU <span class=\"_ _3\"></span>Banca dei <span class=\"_ _3\"></span>Territor<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per<span class=\"_ _35\"></span> 375 milioni alla CGU P<span class=\"_ _0\"></span>rivate Banking. In <span class=\"_ _16\"> </span>genere <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>brand <span class=\"_ _7\"> </span>na<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>considerato <span class=\"_ _7\"> </span>un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  <span class=\"ff1\">presenta <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>reddituali <span class=\"_ _7\"> </span>autonomi <span class=\"_ _16\"> </span>e, <span class=\"_ _7\"> </span>quindi, <span class=\"_ _16\"> </span>da </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>volte <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>tenuta <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>degli <span class=\"_ _6\"></span>avviamenti <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>diver<span class=\"_ _5\"></span><span class=\"ff1\">se </span>CGU. <span class=\"_ _5\"></span>Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _5\"></span>alloc<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto conto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenta <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>alcun <span class=\"_ _4\"> </span>avviamento <span class=\"_ _7\"> </span>allocato <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>conseguentemente, <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"></span>possibile attrarre la veri<span class=\"_ _3\"></span>fica del valore recuperabile dell\u2019intangibile specifico nel <span class=\"_ _3\"></span>contesto dell\u2019im<span class=\"_ _2\"></span>pairment test <span class=\"_ _3\"></span>dell\u2019avviament<span class=\"_ _0\"></span>o basato <span class=\"_ _3\"></span>sui flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CGU. <span class=\"_ _6\"></span>Non <span class=\"_ _5\"></span>potendo <span class=\"_ _6\"></span>fare <span class=\"_ _6\"></span>riferimento, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>recuper<span class=\"_ _0\"></span>abile <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _6\"></span>della Banca <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>Territori, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>noz<span class=\"_ _3\"></span>ione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _6\"> </span>ossia <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>attuale <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>finan<span class=\"_ _2\"></span>ziari <span class=\"_ _6\"></span>netti <span class=\"_ _6\"> </span>futuri <span class=\"_ _6\"></span>ricavabili <span class=\"_ _6\"></span>dall\u2019attivit\u00e0<span class=\"_ _0\"></span> oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>ritenuto <span class=\"_ _2\"></span>oppor<span class=\"_ _3\"></span>tuno <span class=\"_ _2\"></span>procedere, <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Bilanci <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2021, <span class=\"_ _2\"></span>ad una  valutazione  autonoma  e<span class=\"_ _3\"></span>  specifica  dell\u2019intangibile  specifico  sulla  base  d<span class=\"_ _3\"></span>el  fair  v<span class=\"_ _3\"></span>alue<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>risultante  da  apposita  perizia </span>commissionata al Prof. Ma<span class=\"_ _0\"></span>uro Bini, Ordinario di<span class=\"_ _0\"></span> Finanza aziendale <span class=\"_ _0\"></span>dell\u2019Universit\u00e0 Bocconi<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _3\"></span>specifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>marchi <span class=\"_ _3\"></span>comparabili <span class=\"_ _3\"></span>bancar<span class=\"_ _3\"></span>i, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>name <span class=\"_ _3\"></span>allocato <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU<span class=\"_ _35\"></span> Banca dei Territori<span class=\"ff2\"> </span>\u00e8 stata effet<span class=\"_ _0\"></span>tuata mediante ri<span class=\"_ _0\"></span>corso ai seguenti me<span class=\"_ _0\"></span>todi: - <span class=\"_ _34\"> </span>Royalty Relief; - <span class=\"_ _34\"> </span>valore implicito in <span class=\"_ _0\"></span>stime di brand da PPA c<span class=\"_ _0\"></span>omparabili; - <span class=\"_ _34\"> </span>valore implicito nelle st<span class=\"_ _0\"></span>ime pubbliche dei br<span class=\"_ _0\"></span>and fornite da terze <span class=\"_ _0\"></span>parti indipendenti <span class=\"_ _0\"></span>(Brand Finance);<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Hirose. Criterio Royalty Reli<span class=\"_ _0\"></span>ef  Il <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Royalty <span class=\"_ _2\"></span>Relief <span class=\"_ _3\"></span>desume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edditi <span class=\"_ _3\"></span>rivenienti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>marchio, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>timati come <span class=\"_ _2\"></span>prodotto <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>royalty <span class=\"_ _2\"></span>ricostruito <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>PPA <span class=\"_ _2\"></span>comparabili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fatturato <span class=\"_ _2\"></span>netto (nel caso delle banc<span class=\"_ _0\"></span>he i proventi operativi). Il criterio del valor<span class=\"_ _0\"></span>e implicito in stime di bra<span class=\"_ _0\"></span>nd da PPA compara<span class=\"_ _0\"></span>bili<span class=\"_ _3\"></span><span class=\"fc0\">  </span>Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>implicito <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>PPA <span class=\"_ _6\"></span>comparabili <span class=\"_ _5\"></span>desume <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>rand <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>bas<span class=\"_ _5\"></span><span class=\"ff4\">e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>multipli <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Fair<span class=\"_ _0\"></span> </span>Value del Marchio / Pr<span class=\"_ _0\"></span>oventi operativi\u201d ri<span class=\"_ _0\"></span>levati in sede di PPA <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> delle loro determ<span class=\"_ _0\"></span>inanti fondame<span class=\"_ _0\"></span>ntali. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>multiplo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>netti, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _5\"></span>dai <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>PPA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _5\"></span>anche commerciali dalla ban<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a dati Markables. Criterio del valore impl<span class=\"_ _0\"></span>icito nelle stime pubb<span class=\"_ _0\"></span>liche dei brand forni<span class=\"_ _0\"></span>te da terze parti i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>dipendenti (Br<span class=\"_ _0\"></span>and Finance) <span class=\"_ _2\"></span><span class=\"fc0\"> </span>Brand <span class=\"_ _5\"></span>Finance <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _5\"></span>inglese <span class=\"_ _5\"></span>specializzata <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>marchi. <span class=\"_ _5\"></span>Brand <span class=\"_ _6\"></span>Finance <span class=\"_ _4\"> </span>pubblica <span class=\"_ _6\"></span>ogni <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>la stima aggiornata del v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lore dei marchi d<span class=\"_ _0\"></span>elle prime 500 ba<span class=\"_ _0\"></span>nche mondiali. La <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>marchi <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Brand <span class=\"_ _2\"></span>Finance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>criterio <span class=\"_ _6\"></span><span class=\"ff2\">Relief <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>Royalties</span>, <span class=\"_ _2\"></span>diffuso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi<span class=\"_ _0\"></span> valutativa per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi, secondo c<span class=\"_ _3\"></span>ui il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>marchio c<span class=\"_ _3\"></span>orrisponde al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>royalty risparmiate. <span class=\"_ _4\"> </span>I <span class=\"_ _7\"> </span>saggi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>royalty <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>ricavati <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>accordi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>licenza <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>marchi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>comparabili <span class=\"_ _4\"> </span>ed applicati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>brand <span class=\"_ _2\"></span>ban<span class=\"_ _3\"></span>cario <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>marchio <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attualizzati <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pportunit\u00e0 <span class=\"_ _2\"></span>del capitale coerente co<span class=\"_ _0\"></span>n il brand rating asseg<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato. Criterio Hirose  Il criterio si <span class=\"_ _3\"></span>fonda sul confronto tra la <span class=\"_ _3\"></span>marginalit\u00e0 dell\u2019imp<span class=\"_ _0\"></span>resa branded (in questo caso <span class=\"_ _3\"></span>la CG<span class=\"_ _2\"></span><span class=\"ff1\">U <span class=\"_ _3\"></span>Banca dei Territori) ed imprese </span>unbranded concorre<span class=\"_ _0\"></span>nti. La metodologi<span class=\"_ _0\"></span>a reddituale adottata \u00e8 <span class=\"_ _0\"></span>riconducibile al cr<span class=\"_ _0\"></span>iterio del profit<span class=\"_ _3\"></span>-split. Dalle <span class=\"_ _3\"></span>analisi effettuate, tutti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quattro i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>metodi utilizzati hanno <span class=\"_ _3\"></span>restituito un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>del brand <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo re<span class=\"_ _5\"></span>lativo <span class=\"_ _3\"></span>alla CGU Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territ<span class=\"_ _0\"></span>ori <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>intangibile<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>testimonianza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>el conseguente vantaggio<span class=\"_ _0\"></span> competitivo che lo <span class=\"_ _0\"></span>stesso permette di ma<span class=\"_ _0\"></span>ntenere rispetto ai con<span class=\"_ _0\"></span>correnti.<span class=\"_ _3\"></span><span class=\"fs9\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocato <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking, <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test nell\u2019ambito delle attiv<span class=\"_ _0\"></span>it\u00e0 finalizzate alla <span class=\"_ _0\"></span>verifica del valore rec<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>perabile dell\u2019avviam<span class=\"_ _0\"></span>ento allocato alla CGU<span class=\"_ _0\"></span> medesima.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019impairment test delle CGU e degli avviamenti <span class=\"ff5\"> </span>La definizione delle Cash Generating Unit (CGU) La <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019effettuazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _4\"> </span><span class=\"ff1\">a <span class=\"_ _5\"></span>vita </span>indefinita (inclusi <span class=\"_ _3\"></span>gli avviamenti) che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>generano flussi finanziari se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>concorso di a<span class=\"_ _3\"></span>ltre attivit\u00e0 <span class=\"_ _3\"></span>aziendali, richiede la preliminare <span class=\"_ _4\"> </span>attribuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>unit\u00e0 <span class=\"_ _7\"> </span>organizzative <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>autonome <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>profilo <span class=\"_ _7\"> </span>gestionale, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span><span class=\"lsc\">n </span>grado  di  generare  flussi  di  risorse  fi<span class=\"_ _0\"></span>nanziarie  largamente  in<span class=\"_ _0\"></span>dipendenti  da  quelle  pr<span class=\"_ _0\"></span>odotte  da  altre  aree  di <span class=\"_ _16\"> </span>attivit\u00e0,  ma interdipendenti all\u2019i<span class=\"_ _0\"></span>nterno dell\u2019unit\u00e0 o<span class=\"_ _0\"></span>rganizzativa che li g<span class=\"_ _0\"></span>enera.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>terminologia degli <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>unit\u00e0 <span class=\"_ _3\"></span>organizzative sono <span class=\"_ _3\"></span>denominate <span class=\"_ _3\"></span>Cash <span class=\"_ _3\"></span>Generati<span class=\"_ _3\"></span><span class=\"ff4\">ng <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>(CGU). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>l\u2019identificazion<span class=\"_ _35\"></span>e </span>delle CGU \u00e8 rilevant<span class=\"_ _0\"></span>e il significato dell\u2019im<span class=\"_ _0\"></span>pairment test.<span class=\"ff1\"> </span>Dal <span class=\"_ _6\"></span>testo <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>36 <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>deduce <span class=\"_ _6\"> </span>la <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correlare <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>testato <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>repor<span class=\"_ _5\"></span><span class=\"ff1\">ting </span>interno <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>irezione <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>accrescitive <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>riduttive <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale va<span class=\"_ _3\"></span>lore. <span class=\"_ _3\"></span>Sotto <span class=\"_ _3\"></span>questo p<span class=\"_ _3\"></span>rofilo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione di tale <span class=\"_ _1d\"> </span>livello  dipende  strettamente <span class=\"_ _1d\"> </span>dai  modelli <span class=\"_ _1d\"> </span>organizzativi  e <span class=\"_ _1d\"> </span>dall\u2019attribuzione  delle <span class=\"_ _1d\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>gestionali  ai <span class=\"_ _1d\"> </span>fini  della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>definizione degli indirizz<span class=\"ff4\">i de<span class=\"_ _3\"></span>ll\u2019attivit<span class=\"_ _0\"></span>\u00e0 operativa e <span class=\"_ _3\"></span>del conseguente monitoraggio. I modelli organizzativi possono prescindere (e </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>prescindono) <span class=\"_ _5\"></span>dall\u2019articolazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>giuridiche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sviluppata<span class=\"_ _35\"></span> l\u2019operativit\u00e0 <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>spe<span class=\"ff1\">sso, <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trettamente c<span class=\"_ _3\"></span>orrelati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>segmenti <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>alla </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>rendicontazione <span class=\"_ _18\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>setto<span class=\"_ _0\"></span>ri <span class=\"_ _1c\"> </span>prevista <span class=\"_ _18\"> </span>dall\u2019IFRS <span class=\"_ _18\"> </span>8<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>Queste <span class=\"_ _18\"> </span>considerazioni <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>riferimento <span class=\"_ _18\"> </span>ai <span class=\"_ _1c\"> </span>criteri <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>la determinazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>l\u2019impair<span class=\"_ _3\"></span>ment <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>dell\u2019avviamento <span class=\"_ _1d\"> </span>sono, <span class=\"_ _17\"> </span>peraltro, <span class=\"_ _17\"> </span>coerenti <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>la <span class=\"_ _1d\"> </span>definizione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore recuperabile di un\u2019attivit\u00e0 <span class=\"_ _3\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>la cui de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e \u00e8 <span class=\"_ _3\"></span>alla base de<span class=\"_ _3\"></span>gli impairment test <span class=\"_ _2\"></span>- <span class=\"ff4\">secondo <span class=\"_ _3\"></span>la quale \u00e8 <span class=\"_ _3\"></span>rilevante l\u2019importo che </span></span>l\u2019impresa si attende <span class=\"_ _0\"></span>di recuperare da quella<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0, consideran<span class=\"_ _0\"></span>do le sinergie c<span class=\"_ _0\"></span>on altre attivit\u00e0.  </span>Dunque, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>logiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>formazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>origine <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contabilizzazione <span class=\"_ _3\"></span>dell\u2019avviamento, <span class=\"_ _3\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>CGU, <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019avviame<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>allocato, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>includere <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>delle </span>sinergie non solo esterne (o universali) ma anche quelle interne, che lo specifico acquirente pu\u00f2 ritrarre dall\u2019integrazione <span class=\"_ _2\"></span><span class=\"ff1\">delle </span>attivit\u00e0 <span class=\"_ _4\"> </span>acquisite <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>proprie <span class=\"_ _4\"> </span>combinazioni <span class=\"_ _4\"> </span>economiche, <span class=\"_ _7\"> </span>evidentement<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>business definiti. <span class=\"_ _30\"> </span> Il modello organizzativ<span class=\"_ _0\"></span>o del Gruppo Inte<span class=\"_ _0\"></span>sa Sanpaolo prevede c<span class=\"_ _0\"></span>he:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le scelte gestionali ri<span class=\"_ _0\"></span>sultano fortement<span class=\"_ _0\"></span>e accentrate presso i r<span class=\"_ _0\"></span>esponsabili dei segme<span class=\"_ _0\"></span>nti operativi;<span class=\"_ _3\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">le  strategi<span class=\"_ _0\"></span>e,  l\u2019identific<span class=\"_ _0\"></span>azion<span class=\"ff1\">e  di  nuovi<span class=\"_ _0\"></span>  prodotti <span class=\"_ _16\"> </span>o  servizi,<span class=\"_ _0\"></span>  le  i<span class=\"_ _0\"></span>niziative  di <span class=\"_ _16\"> </span>penetrazione <span class=\"_ _16\"> </span>commerciale <span class=\"_ _16\"> </span>sono  delineate <span class=\"_ _7\"> </span>e </span></span></span>indirizzate centralment<span class=\"_ _0\"></span>e per ogni divisione <span class=\"_ _0\"></span>operativa; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">i processi di pianifica<span class=\"_ _0\"></span>zione ed i sistemi di<span class=\"_ _0\"></span> rendicontazione veng<span class=\"_ _0\"></span>ono svolti a livello<span class=\"_ _0\"></span> di segmento operati<span class=\"_ _0\"></span>vo;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0 ls11\">in<span class=\"ls0\"> conseguenza di tal<span class=\"_ _0\"></span>e accentramento i flussi d<span class=\"_ _0\"></span>ei ricavi risultano <span class=\"_ _0\"></span>fortemente dipendenti <span class=\"_ _0\"></span>dalle politiche formul<span class=\"_ _0\"></span>ate a livello di<span class=\"_ _35\"></span> </span></span></span>segmento <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _6\"> </span>equilibrato <span class=\"_ _6\"></span>dell\u2019intera <span class=\"_ _5\"></span>divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>non <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _6\"></span>aree <span class=\"_ _6\"></span>operative <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>entit\u00e0 giuridiche autonomamente <span class=\"_ _0\"></span>considerate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>definite <span class=\"_ _7\"> </span>aree <span class=\"_ _4\"> </span>specialistiche <span class=\"_ _4\"> </span>trasversali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"></span>supporto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>sviluppano <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>molt<span class=\"_ _0\"></span>e </span></span>partecipate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">la <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>anch\u2019essa <span class=\"_ _7\"> </span>fortemente <span class=\"_ _7\"> </span>accentrata <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>dover <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">antenere, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span></span>disposizioni di vigilanza regolamenta<span class=\"_ _0\"></span>re, un equilibrio tra le politiche di allocazione del capitale ed i rischi f<span class=\"_ _3\"></span>inanziari as<span class=\"_ _5\"></span>sunti<span class=\"_ _0\"></span> nello sviluppo dei div<span class=\"_ _0\"></span>ersi business; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le diverse divisioni o<span class=\"_ _0\"></span>perano in mercati o <span class=\"_ _0\"></span>settori omogenei in t<span class=\"_ _0\"></span>ermin<span class=\"_ _3\"></span>i di caratteristiche economiche<span class=\"_ _0\"></span> e di grado di svilu<span class=\"_ _0\"></span>ppo.<span class=\"_ _3\"></span> </span></span>In <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>accentramento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>fortemente <span class=\"_ _5\"></span>dipendenti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>formulate <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>livello<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di segmento <span class=\"_ _6\"> </span>operativo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _4\"> </span>equilibrato <span class=\"_ _6\"> </span>dell\u2019intera<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ivisione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"></span>operative <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> </span>entit\u00e0 giuridiche auto<span class=\"_ _0\"></span>nomamente consid<span class=\"_ _0\"></span>erate. Nel Gruppo Intesa San<span class=\"_ _0\"></span>paolo le divisio<span class=\"_ _0\"></span>ni operative individu<span class=\"_ _0\"></span>ate sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Banca dei Territori; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">IMI Corporate &amp; Investm<span class=\"_ _0\"></span>ent Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Insurance; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Asset Management; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Private Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">International Subsidi<span class=\"_ _0\"></span>ary Banks. </span></span>Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>motivi <span class=\"_ _17\"> </span>sopra <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>sposti, <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>divisioni <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>perative <span class=\"_ _1d\"> </span>ci<span class=\"_ _3\"></span>tate <span class=\"_ _17\"> </span>corrispondono, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _18\"> </span>generali, <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _17\"> </span>e, contemporaneamente, c<span class=\"_ _0\"></span>ostituiscono le are<span class=\"_ _0\"></span>e elementari di attivit\u00e0<span class=\"_ _0\"></span> che <span class=\"_ _3\"></span><span class=\"ff4\">alimentano l\u2019informativa di<span class=\"_ _0\"></span> settore (segment r<span class=\"_ _0\"></span>eporting).<span class=\"ff1\"> </span></span>Tali <span class=\"_ _6\"></span>divisioni, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>rappresentative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Cash <span class=\"_ _4\"></span>Generati<span class=\"_ _0\"></span>ng <span class=\"_ _6\"></span>Unit, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gnuna <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i esse <span class=\"_ _5\"></span>costituisce <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>piccolo <span class=\"_ _5\"></span>gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>indipendenti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>anche, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>detto, <span class=\"_ _5\"></span>il livello <span class=\"_ _4\"></span>minimo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>quale <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pian<span class=\"_ _3\"></span>ificazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rendicontazione <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>gestiti <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Capogruppo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Si <span class=\"_ _5\"></span>tratta, <span class=\"_ _2\"></span>quindi, <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>minimo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _3\"></span>pu<span class=\"_ _5\"></span><span class=\"ff1\">\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>locato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>criteri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>arbitrari <span class=\"_ _2\"></span>e </span>monitorato.<span class=\"fs12\"> </span>La <span class=\"_ _3\"></span>Divisione International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>merita alcune <span class=\"_ _3\"></span>specifiche considerazioni, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione alla <span class=\"_ _3\"></span>sua <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>strutt<span class=\"_ _2\"></span>ura ed alle condizioni i<span class=\"_ _0\"></span>n cui opera. Va <span class=\"_ _7\"> </span>anzitutto <span class=\"_ _7\"> </span>segnalato <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span>verse <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>formare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>anno <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>finanziari strettamente dipendent<span class=\"_ _0\"></span>i dalle politiche <span class=\"_ _0\"></span>formulate dalla Dire<span class=\"_ _0\"></span>zione della Divisione e <span class=\"_ _0\"></span>dalle Direzioni <span class=\"_ _0\"></span>Centrali della Capogru<span class=\"_ _0\"></span>ppo<span class=\"_ _5\"></span>. Tali <span class=\"_ _6\"></span>politiche <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>realizzate <span class=\"_ _4\"> </span><span class=\"ff4\">in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disegno <span class=\"_ _5\"></span>gestionale <span class=\"_ _6\"> </span>ispirato <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>organico <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>dell\u2019intera </span>Divisione <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>singole <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>vi <span class=\"_ _1d\"> </span>fanno <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>autonomamente <span class=\"_ _1d\"> </span>considerate. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>particolare, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>strategie <span class=\"_ _1d\"> </span>di espansione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>comparti <span class=\"_ _5\"></span>operativi, <span class=\"_ _5\"></span>l\u2019identifica<span class=\"ff1\">zione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuovi <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>risparmio <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>servizi, <span class=\"_ _5\"></span>i </span>limiti  n<span class=\"_ _0\"></span>ell\u2019assunzione <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>schi  f<span class=\"_ _35\"></span>in<span class=\"_ _3\"></span>anziari, <span class=\"_ _16\"> </span>le  ini<span class=\"_ _0\"></span>ziative <span class=\"_ _16\"> </span>di  penetr<span class=\"_ _0\"></span>azione  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mmerciale <span class=\"_ _16\"> </span>e  di <span class=\"_ _7\"> </span>specializzazione  op<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rativa, <span class=\"_ _16\"> </span>sono delineate ed indirizzate centralmente, secondo una st<span class=\"_ _3\"></span>rategia di portafoglio, e non sono d<span class=\"_ _3\"></span>emandate alle singole partecipate. Di qui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>orte <span class=\"_ _4\"></span>interazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>impone, <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>governo <span class=\"_ _4\"></span>unitario <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>integrato <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>della Divisione, sia il moni<span class=\"_ _0\"></span>toraggio ed il controllo <span class=\"_ _0\"></span>direzional<span class=\"ff4\">e<span class=\"_ _3\"></span> dell\u2019operativit\u00e0<span class=\"_ _0\"></span> dell\u2019insieme delle<span class=\"_ _0\"></span> attivit\u00e0 della st<span class=\"_ _0\"></span>essa Divisione.<span class=\"ff1\"> </span></span>Tuttavia, <span class=\"_ _3\"></span>occorre <span class=\"_ _3\"></span>considerare <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influiscono <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>complementarit\u00e0 d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>all\u2019<span class=\"_ _5\"></span><span class=\"ff1\">interno </span>della Divisione, e du<span class=\"_ _0\"></span>nque sull\u2019intensit\u00e0 de<span class=\"_ _0\"></span>lla loro <span class=\"_ _3\"></span><span class=\"ff1\">interdipendenza<span class=\"_ _0\"></span>, sono controllabili d<span class=\"_ _0\"></span>alle Direzioni della Di<span class=\"_ _0\"></span>visione.<span class=\"_ _3\"></span> </span>Vi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>infatti <span class=\"_ _6\"></span>circostanze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>variamente <span class=\"_ _6\"></span>influire <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>capacit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gestire <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo sistemico i flussi della CGU e di controllare la generazione dei <span class=\"_ _3\"></span>medesimi. Si tratta di circostanze che qualificano in prevalenza le condizioni dell\u2019am<span class=\"_ _0\"></span>biente in cui le div<span class=\"_ _0\"></span>erse entit\u00e0 sono ubicat<span class=\"_ _0\"></span>e, inteso in ampio<span class=\"_ _0\"></span> senso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infatti, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"></span>operanti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Paesi <span class=\"_ _4\"> </span>esteri, <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>specie <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>ef<span class=\"_ _3\"></span>fetti<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">del <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>\u201crischio </span>Paese\u201d: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio, <span class=\"_ _2\"></span>cio\u00e8, <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>eventi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span><span class=\"ff1\">-politico-istituzionali <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>estero <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrollata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le </span>relative attivit\u00e0 sono <span class=\"_ _0\"></span>collocate.  In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>qualora  i<span class=\"_ _35\"></span>  flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>pu\u00f2<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ritrarre <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>facenti <span class=\"_ _16\"> </span>giuridicamente<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>capo <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na controllata estera siano profondamente condizionati <span class=\"_ _3\"></span>- n<span class=\"_ _3\"></span>ella misura, nella qualit\u00e0 e <span class=\"_ _3\"></span>nella direzione <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>da circostanze istituzionali, economiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>politiche <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Paese <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>risiede, <span class=\"_ _7\"> </span>quest\u2019ultim<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>integrante <span class=\"_ _7\"> </span>del </span>modello di gestione unitari<span class=\"_ _0\"></span>a della CGU cui \u00e8 stata ass<span class=\"_ _0\"></span>ociata. La societ\u00e0 che si trova in <span class=\"_ _0\"></span>siffatta situazione <span class=\"_ _0\"></span>deve pertanto, a<span class=\"_ _2\"></span>nche se <span class=\"_ _2\"></span>talora <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>esclusa <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>indipendenteme<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lont\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>Direzio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>di mantenervela, a causa <span class=\"_ _3\"></span>dei citati <span class=\"_ _3\"></span>fattori sui <span class=\"_ _3\"></span>quali evidentemente la <span class=\"_ _3\"></span>Direzione della Banca <span class=\"_ _3\"></span>e del <span class=\"_ _3\"></span>Gruppo non <span class=\"_ _3\"></span>pu\u00f2 influire. <span class=\"_ _3\"></span>I fl<span class=\"_ _5\"></span>ussi di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>infatti, finiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>dipendere p<span class=\"_ _3\"></span>i\u00f9 d<span class=\"_ _3\"></span>alle c<span class=\"_ _3\"></span>ondizioni d\u2019ambie<span class=\"_ _2\"></span><span class=\"ff1\">nte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Paese <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>logiche di <span class=\"_ _2\"></span>gestione unitaria </span>e <span class=\"_ _2\"></span>accentrata <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>tanto <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>assoggettata <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>autonoma <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione,<span class=\"_ _35\"></span> fino <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quando <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attenuano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestire <span class=\"_ _4\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>sistemico <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on siano ripristinate. Con riferimento alla banca ucraina Prave<span class=\"_ _0\"></span>x, ai fini dell\u2019impairment test 2008 una prudente atten<span class=\"_ _0\"></span>zione ai fenomeni economici ed<span class=\"_ _3\"></span><span class=\"ff1\"> </span>istituzionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019Ucraina, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stava <span class=\"_ _5\"></span>attraversando <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>profo<span class=\"_ _3\"></span>nda <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>economica <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutaria, <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un\u2019accorta <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle conseguenze che essi producevano sulle varia<span class=\"_ _0\"></span>bili gestionali della societ\u00e0 controll<span class=\"_ _0\"></span>ata in oggetto, specie se osservate nella l<span class=\"_ _2\"></span>oro interdipendenza <span class=\"_ _6\"> </span>rispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>dell\u2019intera <span class=\"_ _4\"> </span>CGU, <span class=\"_ _6\"> </span>aveva<span class=\"_ _3\"></span><span class=\"ff1\">no <span class=\"_ _4\"> </span>indotto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>considerare <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>CGU <span class=\"_ _6\"></span>autonoma <span class=\"_ _6\"></span>e </span>distinta, e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>enucleata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisione <span class=\"_ _3\"></span>International Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo. Successivamente <span class=\"_ _3\"></span>Pravex Bank <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>allocata <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Capital <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ight <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>(ora <span class=\"_ _5\"></span>Direzi<span class=\"_ _2\"></span>one <span class=\"_ _5\"></span>Centrale <span class=\"_ _2\"></span>NPE), <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>rientrare <span class=\"_ _2\"></span>nuovamente nella Divisione Internat<span class=\"_ _0\"></span>ional Subsidiary Ba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ks nel corso del 20<span class=\"_ _0\"></span>18. <span class=\"_ _3\"></span> Relativamente, invece, alla <span class=\"_ _3\"></span>controllata Bank of <span class=\"_ _3\"></span>Alexandria, ai f<span class=\"_ _3\"></span>ini dell\u2019impairment test 2011, <span class=\"_ _3\"></span>la banca <span class=\"_ _3\"></span>era stata e<span class=\"_ _3\"></span>nucleata d<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>lla </span>CGU Intern<span class=\"ff4\">ational Subsi<span class=\"_ _0\"></span>diary Banks a caus<span class=\"_ _0\"></span>a di una profonda cr<span class=\"_ _0\"></span>isi politica dell\u2019Egitto.<span class=\"ff1\"> </span></span>Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo e<span class=\"_ _3\"></span>mersi <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilievo <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>mettere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>discussione <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>decisione <span class=\"_ _3\"></span>intrapr<span class=\"_ _5\"></span><span class=\"ff1\">esa </span>nei <span class=\"_ _7\"> </span>precedenti <span class=\"_ _4\"> </span>bilanci <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>tenuto <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dell\u2019a<span class=\"_ _3\"></span><span class=\"ff1\">vvio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>militare <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Ucraina, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _7\"> </span>opportuno </span>confermare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>scelte <span class=\"_ _6\"></span>operate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>bilanci <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>Alexandria<span class=\"_ _0\"></span>, nello <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>consolid<span class=\"_ _3\"></span><span class=\"ff1\">ato, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>autonome <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>distinte. <span class=\"_ _5\"></span>Si <span class=\"_ _6\"></span>ricorda, <span class=\"_ _5\"></span>tuttavia, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>gli </span>avviamenti <span class=\"_ _1c\"> </span>relativi <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Pravex <span class=\"_ _18\"> </span>Bank <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>Bank <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>Alexandria <span class=\"_ _18\"> </span>erano <span class=\"_ _1c\"> </span>stati <span class=\"_ _1c\"> </span>azzerati <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>impairment <span class=\"_ _1c\"> </span>test <span class=\"_ _18\"> </span>r<span class=\"_ _3\"></span>elativo, rispettivamente, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>Bilanci <span class=\"_ _5\"></span>2008 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>avv<span class=\"_ _3\"></span>iamenti <span class=\"_ _5\"></span>nemmeno<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>estere della Divisione. Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>concerne <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Bank <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Alexandria, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>separata <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span>incide <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olont\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenere <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>parteci<span class=\"_ _2\"></span>pate, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>nei limiti consentiti dal c<span class=\"_ _0\"></span>onflitto in corso.<span class=\"fs12\"> </span>Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>menzionato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>Banca <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>Territori, <span class=\"_ _7\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>Bank <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>Alexandria <span class=\"_ _4\"> </span>e Pravex Bank non pres<span class=\"_ _0\"></span>entano, alla data di verifica, attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita i<span class=\"_ _0\"></span>ndefinita (fatta eccezio<span class=\"_ _0\"></span>ne per il brand name al<span class=\"_ _0\"></span>locato alla  CGU  Banca  dei  Territori,  il  cu<span class=\"_ _3\"></span>i  valore  recuperabile,  inteso  come  fair  value,  \u00e8  stato  confermato  da  una  specifica valutazione redatta da <span class=\"_ _0\"></span>un esperto indipend<span class=\"_ _0\"></span>ente)<span class=\"_ _3\"></span> e, conseguentemen<span class=\"_ _0\"></span>te, non sono state s<span class=\"_ _0\"></span>ottoposte ad impairme<span class=\"_ _0\"></span>nt test. <span class=\"_ _3\"></span> Il valore contabile de<span class=\"_ _0\"></span>lle CGU Il <span class=\"_ _3\"></span>valore contabile delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>deve essere <span class=\"_ _3\"></span>determinato in <span class=\"_ _3\"></span>modo coerente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stimato il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span>le delle <span class=\"_ _2\"></span>stesse. <span class=\"_ _2\"></span>Nell\u2019ottica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>individuare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>generati <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>i flussi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>queste <span class=\"_ _4\"> </span>ultime <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>core <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _4\"> </span>aziendale. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltr<span class=\"_ _2\"></span><span class=\"ls19\">i </span>termini, il valore recupera<span class=\"_ _0\"></span>bile delle CGU \u00e8 influenzato dai suddetti flussi e perta<span class=\"_ _0\"></span>nto il valore contabile delle stes<span class=\"_ _0\"></span>se deve essere<span class=\"_ _35\"></span> determinato <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>deve, <span class=\"_ _2\"></span>quindi, <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0<span class=\"_ _2\"></span> finanziarie. A <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fine, <span class=\"_ _4\"> </span>queste <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>opportunamente <span class=\"_ _7\"> </span>allocate <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento. <span class=\"_ _4\"> </span>Seguendo <span class=\"_ _4\"> </span>questa impostazione <span class=\"_ _3\"></span>(cosiddetta <span class=\"_ _3\"></span>\u201cequity <span class=\"_ _3\"></span>side\u201d), <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpao<span class=\"_ _0\"></span>lo <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>in termini di contributo <span class=\"_ _0\"></span>al patrimonio netto consolidato incl<span class=\"_ _0\"></span>usa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mposte <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>appartengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>divisione <span class=\"_ _6\"></span>operativa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>stato determinato attraverso la<span class=\"_ _0\"></span> sommatoria dei sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li contributi patrimoniali. Dove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _5\"></span>gestionalmente <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ripartizione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>\u00e8 rappresentata nelle <span class=\"_ _2\"></span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>contabili, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>gestionali. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>gesti<span class=\"_ _5\"></span>onale <span class=\"_ _3\"></span><span class=\"lsc\">\u00e8 </span>stato <span class=\"_ _3\"></span>identificato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>\u201ccapitale <span class=\"_ _2\"></span>regolamentare\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>divisioni, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresenta <span class=\"_ _3\"></span>l\u2019assorbimento <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>necessar<span class=\"_ _6\"></span><span class=\"ff1\">io </span>per fronteggiare le fa<span class=\"_ _0\"></span>ttispecie di rischio p<span class=\"_ _0\"></span>reviste dalle vigen<span class=\"_ _0\"></span>ti disposizioni di vigil<span class=\"_ _0\"></span>anza regolamentare.<span class=\"_ _3\"></span> Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"ff4\">egue <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>riportati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>\u201cbrand <span class=\"_ _5\"></span>name\u201d <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llocate <span class=\"_ _5\"></span>ad<span class=\"_ _0\"></span> </span>ognuna di <span class=\"_ _3\"></span>esse; <span class=\"_ _3\"></span>i valori, <span class=\"_ _3\"></span>essendo finalizzati al<span class=\"_ _3\"></span>lo svolgimento dell\u2019impairment test, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comprensivi della quota <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>vviamen<span class=\"_ _5\"></span><span class=\"ff1\">to </span>attribuibile ai terzi <span class=\"_ _0\"></span>(<span class=\"ff4\">inclusa nell\u2019ultima colonna assiem<span class=\"_ _0\"></span>e al patrimonio netto<span class=\"_ _0\"></span> di pertinenza dell<span class=\"_ _0\"></span>e minoranze).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di eur<span class=\"_ _35\"></span>o)               <span class=\"_ _0\"></span> Valori Valori al 31<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dicem<span class=\"_ _0\"></span>bre 2022              CG<span class=\"_ _0\"></span>U Valore<span class=\"ls0\"> </span>contabile  di cui avviamento<span class=\"_ _0\"></span> quota Grupp<span class=\"_ _0\"></span>o di cui \"brand name\" di cui di pertinen<span class=\"_ _0\"></span>za di terzi Banca dei<span class=\"_ _0\"></span> Territori 18.858 - 1.507 14<span class=\"ls0\"> </span>IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 21.334 56<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 6.702 976<span class=\"ls0\"> </span>- 1 Asset Manage<span class=\"_ _35\"></span>ment  2.656 1.059 - 6 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  5.192 1.535 375<span class=\"ls0\"> </span>1 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> 6.461 - - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  628<span class=\"ls0\"> </span>- - 126<span class=\"ls0\"> </span>Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - - - TOTALE 61.831 3.626 1.882 166<span class=\"ls0\"> </span>Criteri per la stima d<span class=\"_ _0\"></span>el Valore d\u2019Uso delle CGU<span class=\"ffa\"> </span>Il <span class=\"_ _7\"> </span>Valore <span class=\"_ _7\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>determinato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _4\"> </span>dei  <span class=\"ff1\">flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede </span>possano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>CGU. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>norma <span class=\"_ _5\"></span>stimati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>l\u2019ultimo <span class=\"_ _2\"></span>piano <span class=\"_ _2\"></span>d\u2019i<span class=\"_ _3\"></span>mpresa <span class=\"_ _3\"></span>pubblico<span class=\"_ _5\"></span><span class=\"ff1\"> </span>disponibile, ovvero, i<span class=\"_ _0\"></span>n mancanza, attrav<span class=\"_ _0\"></span>erso la formulazio<span class=\"_ _0\"></span>ne di un piano previ<span class=\"_ _0\"></span>sionale inte<span class=\"_ _3\"></span>rno da parte del managem<span class=\"_ _0\"></span>ent. Normalmente <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>previsione <span class=\"_ _6\"></span>analitica <span class=\"_ _6\"> </span>comprende <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _6\"> </span>massimo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>cinque <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni. <span class=\"_ _6\"> </span>Il <span class=\"_ _4\"> </span>flusso <span class=\"_ _6\"> </span>dell\u2019ultimo esercizio <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>previsione <span class=\"_ _1c\"> </span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _1c\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _1c\"> </span>proiettato <span class=\"_ _20\"> </span>in <span class=\"_ _1c\"> </span>perpetuit\u00e0 <span class=\"_ _20\"> </span>(tramite <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>ricorso <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>formule <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>rendita <span class=\"_ _29\"> </span>perpetua <span class=\"_ _1c\"> </span>o alternativamente <span class=\"_ _3\"></span>temporanea <span class=\"_ _3\"></span>qualora non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>realistico <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>idonee <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>produrre <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>ssi finanziari <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>periodo), <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>cosiddetto </span>\u201cTerminal <span class=\"_ _2\"></span>Value\u201d. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>iluppo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Prodotto <span class=\"_ _3\"></span>Interno<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Lordo nei Paesi in cui i<span class=\"_ _0\"></span> flussi si g<span class=\"_ _0\"></span>enerano.  Alternativamente, il Te<span class=\"_ _0\"></span>rminal Value potrebbe <span class=\"_ _0\"></span>essere determinato<span class=\"_ _0\"></span> ricor<span class=\"_ _3\"></span>rendo ad un valore finale <span class=\"_ _0\"></span>di vendita o di liquid<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>denaro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>dell\u2019attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>utilizzare </span>devono <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span>lla componente <span class=\"_ _7\"> </span>azionaria <span class=\"_ _7\"> </span>osservati <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>arco <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>sufficientemen<span class=\"_ _3\"></span>te <span class=\"_ _16\"> </span>ampio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>riflettere <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>cicli economici differenzi<span class=\"_ _0\"></span>ati. Inoltre,  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ogni  CGU,<span class=\"_ _0\"></span>  i<span class=\"_ _0\"></span>n  co<span class=\"_ _0\"></span>nsiderazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>diversa  ri<span class=\"_ _0\"></span>schiosit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rispettivi  am<span class=\"_ _0\"></span>biti <span class=\"_ _16\"> </span>operativi, <span class=\"_ _16\"> </span>devono  e<span class=\"_ _0\"></span>ssere <span class=\"_ _16\"> </span>utilizzati coefficienti Beta diffe<span class=\"_ _0\"></span>renziati. Tutti i tassi <span class=\"ff4\">cos\u00ec determinati so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o corretti per tenere<span class=\"_ _0\"></span> conto del cosiddetto \u201c<span class=\"_ _0\"></span>rischio Paese\u201d.<span class=\"ff2 fc2\"> </span></span>La stima dei flussi fina<span class=\"_ _0\"></span>nziari Anche <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _6\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _6\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>dell\u2019impairme<span class=\"_ _0\"></span>nt <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>Bilancio <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>la volatilit\u00e0 <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>mercati <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>incertezze <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>caratterizzano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>futuro <span class=\"_ _1d\"> </span>scenario <span class=\"_ _1d\"> </span>macroeconomico <span class=\"_ _1d\"> </span>rendono particolarmente <span class=\"_ _5\"></span>complessa <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> crescita rilevanti per la<span class=\"_ _0\"></span> determinazione del valore termi<span class=\"_ _0\"></span>nale delle CGU. Lo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>previsionale <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>adottato <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>elaborato <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Direzione <span class=\"_ _4\"></span>Studi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Ricerche <span class=\"_ _6\"></span>di Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali o<span class=\"_ _3\"></span>rganismi ed <span class=\"_ _2\"></span>istituzioni naziona<span class=\"_ _2\"></span>li <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali, ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle base delle previsioni reddi<span class=\"_ _0\"></span>tuali lungo l\u2019arco tem<span class=\"_ _0\"></span>porale 2023<span class=\"ff1\">-<span class=\"_ _3\"></span>2027. </span>Tali  previ<span class=\"_ _0\"></span>sioni  si <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _16\"> </span>su  uno <span class=\"_ _16\"> </span>scenario  di <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>l\u2019economia  mondi<span class=\"_ _0\"></span>ale  caratter<span class=\"_ _0\"></span>izzato <span class=\"_ _16\"> </span>da  un <span class=\"_ _16\"> </span>graduale  rie<span class=\"_ _0\"></span>ntro dell\u2019inflazione <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span><span class=\"ff1\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>centrali, <span class=\"_ _3\"></span>associato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crescita </span>reale <span class=\"_ _6\"></span>inferiori <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>preceduto <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>pandemica <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livelli <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>nominali <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>reali<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in aumento. Lo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potizza <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>PIL <span class=\"_ _5\"></span>mondiale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2,7%, <span class=\"_ _5\"></span>dopo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>mbalzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>6% osservato n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2020; <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _3\"></span>dovrebbe <span class=\"_ _3\"></span>rallentare <span class=\"_ _3\"></span>ulteriormente al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2%, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova accelerazione <span class=\"_ _2\"></span>compresa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ange <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3,5%. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>commercio <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _5\"></span>risulti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9<span class=\"_ _0\"></span> stagnante nel 2023 (<span class=\"_ _0\"></span>+0,6%), riacceler<span class=\"_ _0\"></span>ando poi dal 2024 a tassi<span class=\"_ _0\"></span> di crescita sim<span class=\"_ _0\"></span>ili a quelli del PI<span class=\"_ _0\"></span>L mondiale.<span class=\"_ _2\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>l\u2019Eurozona <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>colpita <span class=\"_ _3\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _3\"></span>violento <span class=\"_ _3\"></span>rincaro <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>naturale, <span class=\"_ _3\"></span>riflesso <span class=\"_ _3\"></span>dell\u2019invasione <span class=\"_ _3\"></span>russa dell\u2019Ucraina <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>conseguente <span class=\"_ _6\"> </span>deterioramento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _6\"></span>fra <span class=\"_ _6\"> </span>Unione <span class=\"_ _4\"> </span>Europea <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Russia. <span class=\"_ _6\"></span>L\u2019interruzione <span class=\"_ _6\"> </span>quasi <span class=\"_ _6\"> </span>totale <span class=\"_ _4\"> </span>delle<span class=\"_ _0\"></span> importazioni di <span class=\"_ _3\"></span>gas dalla <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata affrontata <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>combinazione di <span class=\"_ _3\"></span>riduzione dei <span class=\"_ _3\"></span>consumi, <span class=\"_ _3\"></span>aumento della produzione da <span class=\"_ _2\"></span>fonti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fonti <span class=\"_ _5\"></span>fossili, <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importazioni <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fornitori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>transizione <span class=\"_ _7\"> </span>forzata <span class=\"_ _2\"></span>in poco <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>implica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"></span>resteranno <span class=\"_ _2\"></span>struttur<span class=\"_ _3\"></span>almente <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>alti <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>crisi. <span class=\"_ _5\"></span>Anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _2\"></span>\u00e8 iniziato  relati<span class=\"_ _0\"></span>vamente  bene<span class=\"_ _0\"></span>,  grazie <span class=\"_ _16\"> </span>a  temperature <span class=\"_ _16\"> </span>miti  rispetto <span class=\"_ _16\"> </span>alla  norma  s<span class=\"_ _0\"></span>tagionale <span class=\"_ _16\"> </span>e  alla  bassa <span class=\"_ _16\"> </span>domanda  cines<span class=\"_ _0\"></span>e,  la prospettiva che la domanda cinese di gas si r<span class=\"_ _3\"></span>iprenda dal secon<span class=\"_ _3\"></span>do trimestre potrebbe implicare nuove tensioni sui prezzi entro fine <span class=\"_ _5\"></span>anno. <span class=\"_ _6\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>sviluppi, <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>conservati<span class=\"_ _0\"></span>ve <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>gas <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> rischi prevalenti verso <span class=\"_ _0\"></span>il basso nel breve te<span class=\"_ _0\"></span>rmine.  Il <span class=\"_ _2\"></span>drastico <span class=\"_ _3\"></span>peggioramento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>ragioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>dovuto <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riflesso <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>calo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>punti <span class=\"_ _2\"></span>percentual<span class=\"_ _0\"></span>i del saldo commerciale. L\u2019impatto recessivo dello shock \u00e8 stato quasi del <span class=\"_ _3\"></span>tutto compensato dalle misure pubbliche di sostegno a  famiglie  ed  imprese  e  dal  calo  della  propensione  media <span class=\"_ _16\"> </span>al  risparmio  delle  famiglie  verso  i  livelli  pre<span class=\"_ _2\"></span>-pandemici.  Di<span class=\"_ _0\"></span> conseguenza, il PIL \u00e8 cresciuto del 3,3% nel 202<span class=\"_ _0\"></span>2, ben sopra le stime di crescita potenzi<span class=\"_ _0\"></span>ale. Nel 2023 si prevede una crescit<span class=\"_ _2\"></span><span class=\"lsc\">a </span>del <span class=\"_ _4\"> </span>PIL <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9 <span class=\"_ _6\"></span>nulla <span class=\"_ _7\"> </span>(0,1%), <span class=\"_ _4\"></span>associat<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>trimestri <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debole <span class=\"_ _4\"></span>contrazione. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>seguito, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>rimbalzo <span class=\"_ _4\"></span>della crescita <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>annua <span class=\"_ _2\"></span>stimata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>range <span class=\"_ _2\"></span>compreso <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1,5 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u20191,8%. <span class=\"_ _2\"></span>Sullo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>aleggia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che<span class=\"_ _5\"></span><span class=\"ff1\"> </span>prezzi dell\u2019energia st<span class=\"_ _0\"></span>rutturalmente pi\u00f9 alti possano ri<span class=\"_ _0\"></span>durre la crescita pot<span class=\"_ _0\"></span>enziale dell\u2019economi<span class=\"_ _0\"></span>a europea.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>l\u2019inflazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>salita <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>livelli <span class=\"_ _6\"></span>ampiamente <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>anno <span class=\"_ _6\"> </span>fa, <span class=\"_ _6\"></span>prima <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media<span class=\"_ _2\"></span><span class=\"ff1\"> </span>annua stimata a 8,5%. Gran par<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e del maggior incremento \u00e8 attribuibile agli effetti diret<span class=\"_ _0\"></span>ti e indiretti del rincaro del ga<span class=\"_ _0\"></span>s naturale, ma <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>analisi <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>tatistiche <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>gnalano <span class=\"_ _1d\"> </span>ormai <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>rilevante <span class=\"_ _17\"> </span>contributo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>fattori <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>domanda <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>dinamica <span class=\"_ _1d\"> </span>dell\u2019inflazione sottostante. <span class=\"_ _3\"></span>Il c<span class=\"_ _3\"></span>alo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gas <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>picchi <span class=\"_ _3\"></span>dell\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">state <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>fa p<span class=\"_ _3\"></span>revedere u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inflazione <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del </span>2023. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>media <span class=\"_ _5\"></span>annua <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stimata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>7,7%, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _5\"></span>conservative <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>prezzo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>gas<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>inizio anno. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>calo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>prezzi <span class=\"_ _6\"></span>energetici <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>bbatterebbe <span class=\"_ _6\"></span>ulterior<span class=\"_ _3\"></span><span class=\"ff4\">mente <span class=\"_ _4\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>negli <span class=\"_ _6\"> </span>anni <span class=\"_ _4\"> </span>seguenti, <span class=\"_ _6\"> </span>fino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>riportarla <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"> </span>con </span>l\u2019obiettivo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>BCE <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2025. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>discesa <span class=\"_ _6\"> </span>dell\u2019inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _4\"> </span>molto <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"> </span>lenta<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _4\"></span>in </span>quanto <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>retribuzioni <span class=\"_ _3\"></span>compati<span class=\"_ _3\"></span>bile <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>2% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>servizi, <span class=\"_ _2\"></span>considerando <span class=\"_ _3\"></span>che difficilmente nel 202<span class=\"_ _0\"></span>3-24 la crescita della prod<span class=\"_ _0\"></span>uttivit\u00e0 potr\u00e0 acceler<span class=\"_ _0\"></span>are abbastanza da comp<span class=\"_ _0\"></span>ensarne gli effetti.<span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>Italia, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3,8%, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>mezz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra. <span class=\"_ _3\"></span>La riduzione della crescita \u00e8<span class=\"_ _3\"></span> dovuta al <span class=\"_ _3\"></span>drastico peggioramento della bilancia commerciale <span class=\"_ _3\"></span>(pari a c<span class=\"_ _3\"></span>irca 4% del <span class=\"_ _3\"></span>PIL nel 2022), <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ls17\">e </span>all\u2019interno <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>riflette <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cal<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>reddito <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>eggioramento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>imprese. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019impatto finale <span class=\"_ _16\"> </span>\u00e8  stat<span class=\"_ _0\"></span>o  p<span class=\"_ _0\"></span>er\u00f2  mi<span class=\"_ _0\"></span>tigato <span class=\"_ _16\"> </span>da  mis<span class=\"_ _0\"></span>ure <span class=\"_ _16\"> </span>fiscali  (ri<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>uzione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>accise,  cr<span class=\"_ _0\"></span>editi  di<span class=\"_ _0\"></span>  im<span class=\"_ _0\"></span>posta <span class=\"_ _16\"> </span>alle  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese, <span class=\"_ _16\"> </span>sussidi  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>le  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>miglie, sospensione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>componenti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>sistema <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>riduzion<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ropensione <span class=\"_ _4\"></span>media <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>risparmio <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> famiglie. La <span class=\"_ _3\"></span>crescita del <span class=\"_ _3\"></span>PIL \u00e8 <span class=\"_ _3\"></span>gradualmente rallentata nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022, e <span class=\"_ _3\"></span>dovrebbe essere <span class=\"_ _3\"></span>negativa su base <span class=\"_ _3\"></span>congiunturale a <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>inizio <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>pari <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>0,<span class=\"_ _3\"></span>6% <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>annua. <span class=\"_ _7\"> </span>Ci <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttende <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>netta accelerazione <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>scia <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"></span>energetici, <span class=\"_ _5\"></span>nell\u2019ipotesi <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>aggregata <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>sostenuta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>spesa connessi al programma Next Generation EU (che po<span class=\"_ _3\"></span>trebbero aumentare<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>crescita di 0,5% all\u2019anno)<span class=\"_ _2\"></span><span class=\"ff1\">, dagli investimenti per la </span>transizione <span class=\"_ _2\"></span>energetica, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>andamento <span class=\"_ _5\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ccupazione <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>redditi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>eali. <span class=\"_ _5\"></span>Le<span class=\"_ _0\"></span> componenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>sensibili <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>registreranno <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebole, <span class=\"_ _5\"></span>tend<span class=\"_ _5\"></span>enza <span class=\"_ _6\"></span>accentuata nelle <span class=\"_ _7\"> </span>costruzioni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>idimensio<span class=\"_ _0\"></span>namento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>incentivi <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>ristrutturazioni, <span class=\"_ _4\"> </span>ma <span class=\"_ _7\"> </span>senza <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>tutto <span class=\"_ _7\"> </span>compensare <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>fattor<span class=\"_ _5\"></span><span class=\"ls19\">i </span>precedenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>complesso, <span class=\"_ _2\"></span>dunque, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crescita <span class=\"_ _5\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>negli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>2024<span class=\"_ _5\"></span>-27, <span class=\"_ _2\"></span>anche se vi sono maggiori ris<span class=\"_ _0\"></span>chi al ribasso legati <span class=\"_ _0\"></span>all\u2019aumento del co<span class=\"_ _0\"></span>sto dell\u2019energia.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>l\u2019inflazione <span class=\"_ _3\"></span>italiana <span class=\"_ _3\"></span>rallenta <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>6,8% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2,4% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2024. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">vuta </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>calo <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prezzi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019energia. <span class=\"_ _17\"> </span>I <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>2023 <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>ribasso, <span class=\"_ _1d\"> </span>considerando </span>l\u2019andamento recente d<span class=\"_ _0\"></span>el prezzo del gas.<span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Europea <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>alzato <span class=\"_ _5\"></span>rapidamente <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>avviando <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>restrizione<span class=\"_ _2\"></span> che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>estender\u00e0 <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2023. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>depositi <span class=\"_ _5\"></span>(DFR) <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2,00% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso sulle  operazioni <span class=\"_ _16\"> </span>principali  di <span class=\"_ _16\"> </span>rifinanziamento  (R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>fi)  al <span class=\"_ _16\"> </span>2,5%.  Alla <span class=\"_ _16\"> </span>riunione  di  fi<span class=\"_ _0\"></span>ne  2022  la <span class=\"_ _16\"> </span>BCE  ha <span class=\"_ _16\"> </span>avvisato  che  i  r<span class=\"_ _35\"></span>ia<span class=\"_ _3\"></span>lzi continueranno a <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>primi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ci\u00f2 <span class=\"_ _3\"></span>implichi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>minimo <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>del DFR <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>3,0%. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>date <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>prossimi <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _6\"></span>molto <span class=\"_ _5\"></span>modesto <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _2\"></span> domanda <span class=\"_ _2\"></span>finale <span class=\"_ _5\"></span>interna, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ausibile <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>alzato <span class=\"_ _2\"></span>ancora <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>mesi <span class=\"_ _5\"></span>seguenti, <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>portarlo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>3,50%. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _5\"></span>per tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019attuale con<span class=\"_ _3\"></span>testo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>incertezza, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>sentiero <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>raggi<span class=\"_ _2\"></span><span class=\"ff1\">unge <span class=\"_ _2\"></span>il </span>massimo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3,0% <span class=\"_ _2\"></span>(DFR) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>3,5% <span class=\"_ _2\"></span>(Refi) <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>seguito, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ipotizza <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>graduale <span class=\"_ _3\"></span>convergenza <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>ufficiali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli<span class=\"_ _0\"></span> neutrali.  La <span class=\"_ _7\"> </span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _7\"> </span>Centrale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>avviato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>progressiva <span class=\"_ _7\"> </span>rimozione <span class=\"_ _7\"> </span>delle  mi<span class=\"_ _35\"></span>sure <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>convenzionali. <span class=\"_ _16\"> </span>Attraverso <span class=\"_ _7\"> </span>una modifica <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span><span class=\"ff4\">h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favorito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>anticipato <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>acquisti <span class=\"_ _2\"></span>netti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fettuati <span class=\"_ _3\"></span>nell\u2019ambito </span>dei <span class=\"_ _4\"></span>programmi <span class=\"_ _6\"></span>APP <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>PEPP <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>interrotti <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022. <span class=\"_ _4\"> </span>Dalla <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>marzo <span class=\"_ _6\"></span>2023, inoltre, <span class=\"_ _3\"></span>inizier\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>riduzio<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>APP, <span class=\"_ _3\"></span>attuata <span class=\"_ _3\"></span>mediante <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>15 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>mensili <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>reinvestimenti <span class=\"_ _3\"></span>delle scadenze. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>andare, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>potrebbero <span class=\"_ _3\"></span>esercitare <span class=\"_ _3\"></span>pressioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rialzo <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pendenza <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>le curve  dei <span class=\"_ _1d\"> </span>tassi <span class=\"_ _1d\"> </span>governati<span class=\"ff4\">vi,  rafforzando  l\u2019impulso  di <span class=\"_ _1d\"> </span>politica  monetaria. <span class=\"_ _1d\"> </span>Si  prevede  c<span class=\"_ _3\"></span>he  l\u2019eccesso  di <span class=\"_ _1d\"> </span>liquidit\u00e0  si <span class=\"_ _1d\"> </span>riduca </span>drasticamente gi\u00e0 nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso del 2023.  Per effetto dell\u2019assunto<span class=\"_ _0\"></span> relativamente conservat<span class=\"_ _0\"></span>ivo adottato sull\u2019and<span class=\"_ _0\"></span>amento dei tassi uffi<span class=\"_ _0\"></span>ciali, le proiezio<span class=\"_ _0\"></span>ni sui tassi<span class=\"_ _2\"></span><span class=\"ff1\"> di interesse </span>a breve termine risultano inferiori ai <span class=\"_ _3\"></span>tassi impliciti di mercato fino a <span class=\"_ _3\"></span>tutto il 2027, con l\u2019unica <span class=\"_ _3\"></span>eccezione del 2024. L\u2019ecc<span class=\"_ _5\"></span><span class=\"ff1\">ezionale<span class=\"_ _0\"></span> </span>livello dell\u2019eccesso d<span class=\"_ _3\"></span>i riserve, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>riducendosi rapidamente nel <span class=\"_ _3\"></span>2023 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nel 2024, <span class=\"_ _3\"></span>rester\u00e0 <span class=\"_ _3\"></span>molto ampio <span class=\"_ _3\"></span>e tend<span class=\"_ _5\"></span><span class=\"ff1\">er\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mantenere i </span>tassi a brevissimo termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e vicino al tasso sui <span class=\"_ _0\"></span>depositi overnight p<span class=\"_ _0\"></span>resso la BCE per tutto <span class=\"_ _0\"></span>l\u2019orizzonte di pr<span class=\"_ _0\"></span>evisione. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>curva <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>riflettono <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>chiusura <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>programmi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>acquisto <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>titoli, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span>elocit<span class=\"_ _0\"></span>\u00e0 della <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>restrizione <span class=\"_ _5\"></span>monetaria <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>attuata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>modeste <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>spettative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rialzo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>ufficiali <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>resto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2023 <span class=\"_ _16\"> </span>e <span class=\"_ _6\"></span>la prospettiva <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>loro <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _4\"></span>anni <span class=\"_ _4\"></span>seguenti. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>assume <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>pendenza <span class=\"_ _4\"></span>negativa <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>2023, <span class=\"_ _4\"></span>ma <span class=\"_ _4\"></span>torna <span class=\"_ _6\"></span>a crescere <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>2024 <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>riduzione <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>breve <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>marginale <span class=\"_ _4\"></span>aumento <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>lunga <span class=\"_ _4\"></span>scadenza. <span class=\"_ _4\"></span>Il<span class=\"_ _35\"></span> ridimensionamento <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _6\"> </span>BCE <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"> </span>potrebbe <span class=\"_ _6\"> </span>dare<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>contributo <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _4\"> </span>all\u2019aument<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>lungo <span class=\"_ _6\"> </span>termine, anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>impulso <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>esercitato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>opposta <span class=\"_ _2\"></span>dall\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>itoli della Banca centrale n<span class=\"_ _0\"></span>egli anni scorsi. La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>fornito <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>l\u2019Eurosistem<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019aumento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>risk <span class=\"_ _3\"></span>free <span class=\"_ _3\"></span>potrebbe <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>rif<span class=\"_ _5\"></span><span class=\"ff1\">lettersi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>allargamento </span>dei premi per il rischio sovra<span class=\"_ _0\"></span>no. Tuttavia, questo fattor<span class=\"_ _0\"></span>e negativo pu\u00f2 essere alme<span class=\"_ _0\"></span>no in parte compensato dalla ri<span class=\"_ _0\"></span>duzione del<span class=\"_ _2\"></span>le emissioni nette <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Tesoro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>miglioramento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>conti <span class=\"_ _3\"></span>pubblici, <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>pi\u00f9 v<span class=\"_ _3\"></span>eloce <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>pubblic<span class=\"_ _0\"></span>o rispetto alle attese n<span class=\"_ _3\"></span>el periodo 2022<span class=\"_ _3\"></span>-24. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _3\"></span>di riferimento incorpora un <span class=\"_ _3\"></span>modesto allargamento del differenziale legato a <span class=\"_ _5\"></span>soli <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>fondamentali <span class=\"_ _2\"></span>(andamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>debito) <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>(tassi, <span class=\"_ _5\"></span>acquisti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>egativi). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>sovrano <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il livello <span class=\"_ _16\"> </span>dei  premi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o  sa<span class=\"_ _0\"></span>ranno <span class=\"_ _16\"> </span>per\u00f2  molto <span class=\"_ _16\"> </span>sensibili <span class=\"_ _16\"> </span>anche  al <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di  att<span class=\"_ _0\"></span>uazione <span class=\"_ _16\"> </span>del  PNRR<span class=\"_ _0\"></span>,  sia <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>parte  di<span class=\"_ _35\"></span> investimenti, <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riforme <span class=\"_ _5\"></span>strutturali. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guardo, <span class=\"_ _2\"></span>lo <span class=\"_ _6\"></span>scenario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ipoti<span class=\"_ _2\"></span><span class=\"ff4\">zza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>l\u2019implementa<span class=\"_ _0\"></span>zione <span class=\"_ _5\"></span>sia </span>relativamente puntuale<span class=\"_ _0\"></span>. Con  riferimento <span class=\"_ _16\"> </span>allo  scenario <span class=\"_ _16\"> </span>bancario,  il  m<span class=\"_ _0\"></span>ercato  del  cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito  nel <span class=\"_ _16\"> </span>corso  del  2022 <span class=\"_ _16\"> </span>\u00e8  stato  interess<span class=\"_ _0\"></span>ato  da  un  m<span class=\"_ _35\"></span>oderato irrigidimento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>offerta <span class=\"_ _6\"></span>coerente <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>svo<span class=\"_ _3\"></span>lta <span class=\"_ _6\"></span>restrittiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _5\"></span><span class=\"ff4\">olitica <span class=\"_ _6\"> </span>monetaria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rischi<span class=\"_ _0\"></span> </span>percepiti, <span class=\"_ _5\"></span>mentre <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>lato <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermata <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>buona <span class=\"_ _6\"></span>situazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>funding <span class=\"_ _6\"></span>e  l<span class=\"_ _35\"></span>a dotazione patrimoniale<span class=\"_ _0\"></span> \u00e8 rimasta solid<span class=\"_ _0\"></span>a. Inoltre, la qualit<span class=\"_ _0\"></span>\u00e0 del credito non ha m<span class=\"_ _0\"></span>os<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>rato particolari<span class=\"_ _0\"></span> segni di deteriorament<span class=\"_ _0\"></span>o. La <span class=\"_ _7\"> </span>domanda <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ravvivata <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>relazione <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>legate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione corrente, a fronte dell\u2019aumento dei<span class=\"_ _0\"></span> costi operativi per i r<span class=\"_ _3\"></span>incari energetici e degli altri input. La particolare natura<span class=\"_ _0\"></span> della<span class=\"_ _5\"></span><span class=\"ff1\"> domanda </span>h<span class=\"ff4\">a <span class=\"_ _2\"></span>spinto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>rimbalzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>per\u00f2 <span class=\"_ _2\"></span>nell\u2019ultima <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>cominciato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rallentar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>per <span class=\"_ _6\"> </span>l\u2019inasprirsi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>condizioni <span class=\"_ _6\"></span>creditizie. <span class=\"_ _6\"></span>Diversamente, <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>prestiti <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imasti <span class=\"_ _5\"></span>fermi, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>variazione </span>oscillanti <span class=\"_ _2\"></span>attorno <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>zero, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>scontano <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>forte <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gistrato<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _2\"></span>pandemico <span class=\"_ _2\"></span>graz<span class=\"_ _3\"></span>ie <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span>con garanzia pubblic<span class=\"_ _0\"></span>a.  Per <span class=\"_ _16\"> </span>il  20<span class=\"_ _0\"></span>23  si <span class=\"_ _7\"> </span>prospetta  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>normalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>dinamica  d<span class=\"_ _0\"></span>ei  p<span class=\"_ _0\"></span>restiti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>breve  ch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>potrebbero <span class=\"_ _16\"> </span>continuar<span class=\"_ _2\"></span>e  a <span class=\"_ _16\"> </span>segnar<span class=\"_ _0\"></span>e variazioni <span class=\"_ _3\"></span>moderatamente <span class=\"_ _3\"></span>positive <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _3\"></span>dell\u2019inflazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo, <span class=\"_ _2\"></span>dopo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>parte </span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>debolezza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ripresa <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>sostenere <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ritorno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>andamento <span class=\"_ _2\"></span>positivo.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Come gi\u00e0 <span class=\"_ _4\"> </span>emerso <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fabbisogno <span class=\"_ _4\"> </span>finanziario <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>colmato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>notevole <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>uffer <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 accumulato <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>imprese <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>biennio <span class=\"_ _7\"> </span>2020<span class=\"_ _3\"></span>-<span class=\"ff4\">21 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>depositato <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>banche, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>obbligazioni <span class=\"_ _7\"> </span>e </span>l\u2019autofi<span class=\"ff1\">nanziamento. In particolare, le <span class=\"_ _3\"></span>condizioni di <span class=\"_ _3\"></span>mercato dovrebbero essere <span class=\"_ _3\"></span>favorevoli per <span class=\"_ _3\"></span>le emissioni di <span class=\"_ _3\"></span>titoli, alla luce <span class=\"_ _3\"></span>del </span>ritrovato <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>obbligazionari, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>completata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>fase <span class=\"_ _2\"></span>rialzista <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ass<span class=\"ls13\">i </span>BCE.  I <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>amiglie <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mantenuto <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>itmo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>robusto. <span class=\"_ _5\"></span>Ancora <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta, <span class=\"_ _5\"></span>l\u2019andamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato sostenuto dai prestiti<span class=\"_ _0\"></span> per l\u2019acquisto del<span class=\"_ _0\"></span>la casa la cui crescita <span class=\"_ _0\"></span>ha raggiunto il 5%<span class=\"_ _0\"></span>, il massimo dell\u2019<span class=\"_ _0\"></span>ultimo decennio, avvia<span class=\"_ _0\"></span>nd<span class=\"_ _2\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>si su </span>un trend gradualmente<span class=\"_ _0\"></span> pi\u00f9 moderato nell\u2019ultim<span class=\"_ _0\"></span>o trimestre. <span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>atteso <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _5\"></span>il </span>calo <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>immobiliari, <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>dinamica <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>case <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _7\"> </span>pur <span class=\"_ _16\"> </span>restando <span class=\"_ _7\"> </span>lievemente positiva, perder\u00e0 lo sla<span class=\"_ _0\"></span>ncio ritrovato in pand<span class=\"_ _0\"></span>emia e culminato nel <span class=\"_ _0\"></span>2022 con una crescita <span class=\"_ _0\"></span>del 5,2% nel second<span class=\"_ _0\"></span>o trimestre. <span class=\"_ _2\"></span> Negli <span class=\"_ _5\"></span>anni <span class=\"_ _6\"></span>successivi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _5\"></span>crescere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rit<span class=\"_ _2\"></span>mo <span class=\"_ _6\"></span>moderato, <span class=\"_ _5\"></span>leggermente <span class=\"_ _5\"></span>migliore <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>025 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>traino della <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompravendite <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>case. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>continueranno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>svolgere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>pri<span class=\"_ _3\"></span>mario <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span>mercato <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _7\"> </span>residenziale, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _7\"> </span>restare <span class=\"_ _16\"> </span>sostenuto <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>nuove<span class=\"_ _3\"></span>  e<span class=\"_ _0\"></span>sigenze <span class=\"_ _7\"> </span>ab<span class=\"_ _3\"></span>itative <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>lavoro <span class=\"_ _7\"> </span>emerse <span class=\"_ _16\"> </span>a seguito  d<span class=\"_ _0\"></span>ella  pand<span class=\"_ _0\"></span>emia,  dalle <span class=\"_ _7\"> </span>ristrutturazioni  e <span class=\"_ _16\"> </span>riqualificazioni <span class=\"_ _16\"> </span>energetiche,  d<span class=\"_ _0\"></span>alla  m<span class=\"_ _0\"></span>obilizzazione <span class=\"_ _16\"> </span>di  parte <span class=\"_ _16\"> </span>dell\u2019eccesso <span class=\"_ _16\"> </span>di risparmio accumulato <span class=\"_ _0\"></span>da alcune fasce di famigli<span class=\"_ _0\"></span>e a partire dal 20<span class=\"_ _0\"></span>20. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>i pol<span class=\"_ _3\"></span>itica monetaria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapido <span class=\"_ _3\"></span>rialzo dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, nei <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>autunnali del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>lunga <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>forte c<span class=\"_ _3\"></span>rescita<span class=\"_ _0\"></span> dei <span class=\"_ _16\"> </span>depositi <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ancari, <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>urata <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>un  de<span class=\"_ _0\"></span>cennio, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>\u00e8  f<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmata. <span class=\"_ _7\"> </span>Dopo  i<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>picchi <span class=\"_ _16\"> </span>raggiunti <span class=\"_ _7\"> </span>nel  2021 <span class=\"_ _7\"> </span>e  il <span class=\"_ _7\"> </span>successivo <span class=\"_ _16\"> </span>graduale rallentamento, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>depositi <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>sceso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>zero <span class=\"_ _7\"> </span>seguendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>frenata <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>conti correnti che, verso la fi<span class=\"_ _0\"></span>ne del 2022, ha s<span class=\"_ _0\"></span>egnato una variazione <span class=\"_ _0\"></span>annua leggermente <span class=\"_ _0\"></span>negativa. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>decisamente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ti, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>oderata <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>attesa <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>nel corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>2023, <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ombinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>fattori, <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>imprese <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mpi<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>disponibilit\u00e0 <span class=\"_ _17\"> </span>li<span class=\"_ _3\"></span>quide <span class=\"_ _17\"> </span>depositate <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>ann<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>passati <span class=\"_ _18\"> </span>presso <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>banc<span class=\"_ _2\"></span>he <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>riallocazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>risparmi <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>forme <span class=\"_ _18\"> </span>pi\u00f9 remunerative. Proseguir\u00e0, in <span class=\"_ _3\"></span>particolare, lo <span class=\"_ _3\"></span>spostamento di <span class=\"_ _3\"></span>risorse dai c<span class=\"_ _3\"></span>onti correnti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>forme dei depositi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tempo, soste<span class=\"_ _5\"></span>nuti da <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>offerta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>attraenti, <span class=\"_ _2\"></span>tendenza <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>nell\u2019ul<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022. <span class=\"_ _5\"></span>Favorita <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rendimenti </span>positivi, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>2023 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>vedranno <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>ripresa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>diversificazione <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>investimen<span class=\"_ _0\"></span>ti <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>famig<span class=\"_ _5\"></span>lie verso <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>governati<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>corporate, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>depositi <span class=\"_ _2\"></span>bancari <span class=\"_ _2\"></span>rispetto alla fase eccezionale d<span class=\"_ _0\"></span>egli anni dei tas<span class=\"_ _0\"></span>si molto bassi e dell<span class=\"_ _0\"></span>a crisi pandemica. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _3\"></span>bancarie, <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>decennio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>2023 <span class=\"_ _3\"></span>vedr\u00e0 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>prosegu<span class=\"_ _5\"></span>ir\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli anni <span class=\"_ _1c\"> </span>successivi. <span class=\"_ _1c\"> </span>Col <span class=\"_ _1c\"> </span>progressivo <span class=\"_ _1c\"> </span>rimb<span class=\"_ _0\"></span>orso <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>TLTRO <span class=\"_ _1c\"> </span>III, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>parallelo <span class=\"_ _1c\"> </span>all\u2019utilizzo <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>pi\u00f9 <span class=\"_ _1c\"> </span>tradizionali <span class=\"_ _1c\"> </span>strumenti <span class=\"_ _1c\"> </span>di<span class=\"_ _0\"></span> rifinanziamento <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>BCE, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>tornano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rivolgersi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>istituzionale <span class=\"_ _5\"></span>all\u2019ingrosso, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>canali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>diversificati di funding <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> breve e medio-lungo termine.  Gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferiment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>iniziato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>trasmettersi <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>bancari. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>seconda <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0 del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>nuovi prestiti <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>societ\u00e0 non<span class=\"_ _2\"></span>-finanziarie sono <span class=\"_ _3\"></span>saliti <span class=\"_ _3\"></span>rapidamente: quello <span class=\"_ _3\"></span>sui prestiti <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>milione \u00e8<span class=\"_ _3\"></span> circa raddoppiato rispetto a <span class=\"_ _3\"></span>inizio <span class=\"_ _3\"></span>anno, il <span class=\"_ _3\"></span>tasso sui <span class=\"_ _3\"></span>prestiti di<span class=\"_ _3\"></span> importo maggiore <span class=\"_ _3\"></span>\u00e8 pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>triplicato. Anche <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sulle eroga<span class=\"_ _5\"></span>zioni <span class=\"_ _3\"></span>di mutui <span class=\"_ _6\"></span>alle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019acquist<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ab<span class=\"_ _3\"></span>itazioni <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>aum<span class=\"_ _2\"></span><span class=\"ff1\">entati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>misura <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>isso, <span class=\"_ _6\"></span>tornato <span class=\"_ _5\"></span>a </span>essere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>alto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>variabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>0,9 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>unti <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>met\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>dopo <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sostanzial<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>allineamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>due tassi. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>umenti <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>nuove <span class=\"_ _6\"></span>operazioni, <span class=\"_ _6\"></span>nell<span class=\"_ _3\"></span><span class=\"ff4\">\u2019ultima <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>anche <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>medio <span class=\"_ _6\"> </span>sulle <span class=\"_ _6\"> </span>consistenze <span class=\"_ _6\"></span>di </span>prestiti bancari \u00e8 sali<span class=\"_ _0\"></span>to pi\u00f9 rapidament<span class=\"_ _0\"></span>e, portandosi al 3,2% (+<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,1 punti percentu<span class=\"_ _0\"></span>ali rispetto a fin<span class=\"_ _0\"></span>e 2021). <span class=\"_ _2\"></span> Pi\u00f9  resist<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>sono  risultati <span class=\"_ _16\"> </span>i  tassi <span class=\"_ _16\"> </span>sui  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>nel  2022,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>particolare  quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>o  medio <span class=\"_ _16\"> </span>sui  con<span class=\"_ _0\"></span>ti  corrent<span class=\"_ _0\"></span>i,  aum<span class=\"_ _0\"></span>entato <span class=\"_ _16\"> </span>solo marginalmente <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>finire <span class=\"_ _4\"> </span>dell\u2019an<span class=\"_ _0\"></span>no. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>vischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>tasso <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>componente <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>vista <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>influenzato <span class=\"_ _4\"> </span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>tasso medio <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _4\"> </span>depositi <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>salito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>leggermente. <span class=\"_ _7\"> </span>Diversame<span class=\"_ _0\"></span>nte, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>deposit<span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>prestabilita <span class=\"_ _4\"> </span>hanno mostrato <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>reattivit\u00e0, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>notevoli <span class=\"_ _2\"></span>aumenti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>luglio. <span class=\"_ _3\"></span>Con <span class=\"_ _5\"></span>molta <span class=\"_ _3\"></span>gradualit\u00e0 <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>reso <span class=\"_ _3\"></span>avvio <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cost<span class=\"_ _0\"></span>o complessivo <span class=\"_ _7\"> </span>della  racc<span class=\"_ _0\"></span>olta <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>riflettendo <span class=\"_ _7\"> </span>i  mo<span class=\"_ _0\"></span>derati <span class=\"_ _16\"> </span>movimenti <span class=\"_ _7\"> </span>al  rialz<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>medio <span class=\"_ _1d\"> </span>sulle <span class=\"_ _7\"> </span>obbligazioni. <span class=\"_ _16\"> </span>Di conseguenza, la forbice tra tassi attivi <span class=\"_ _3\"></span>e passivi ha registrato un a<span class=\"_ _3\"></span>umento significativo, tornando su livelli che non si ved<span class=\"_ _5\"></span>evano dal 2009.  L\u2019aumento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>prestiti <span class=\"_ _5\"></span>continuer\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>seguendo <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>rialzi <span class=\"_ _5\"></span>attesi <span class=\"_ _4\"> </span><span class=\"ff1\">per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>politica </span>monetaria. Negli <span class=\"_ _3\"></span>anni successivi, <span class=\"_ _3\"></span>l\u2019evoluzione prevista <span class=\"_ _3\"></span>per i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>monetari <span class=\"_ _3\"></span>consentir\u00e0 un <span class=\"_ _3\"></span>moderato rientro <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>pre<span class=\"_ _5\"></span><span class=\"ff1\">stiti </span>rispetto ai livelli ch<span class=\"_ _0\"></span>e saranno raggiunti <span class=\"_ _0\"></span>nel 2023 e che rappres<span class=\"_ _0\"></span>enteranno i massim<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"ff4\">dell\u2019intero orizzo<span class=\"_ _0\"></span>nte di scenario. Dal lat<span class=\"_ _0\"></span>o dei </span>tassi passivi, nel 2023 e <span class=\"_ _3\"></span>negli anni successivi proseguir\u00e0 la vischiosit\u00e0 dei tassi su<span class=\"_ _3\"></span>i conti correnti, mentre le politiche d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>pricing<span class=\"_ _0\"></span> dovrebbero <span class=\"_ _16\"> </span>favorire  i<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>a  tempo. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>costo  c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _16\"> </span>della  r<span class=\"_ _0\"></span>acco<span class=\"_ _3\"></span>lta  aumenter<span class=\"_ _0\"></span>\u00e0  rise<span class=\"_ _0\"></span>ntendo <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>degli  effetti <span class=\"_ _16\"> </span>di ricomposizione vers<span class=\"_ _0\"></span>o le forme pi\u00f9 onerose, tr<span class=\"_ _0\"></span>a cui i depositi a t<span class=\"_ _0\"></span>empo e le obbliga<span class=\"_ _0\"></span>zioni. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>forbice <span class=\"_ _3\"></span>bancaria <span class=\"_ _3\"></span>continuer\u00e0 ad <span class=\"_ _3\"></span>ampliarsi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>grazie <span class=\"_ _3\"></span>alle diverse <span class=\"_ _3\"></span>velocit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span>sivi. <span class=\"_ _3\"></span>Una contenuta <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dovrebbe <span class=\"_ _2\"></span>verificarsi <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2024, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>unitaria <span class=\"_ _5\"></span>dell\u2019intermediazione <span class=\"_ _2\"></span>rester\u00e0 <span class=\"_ _5\"></span>elevata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confront<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>con l\u2019ultimo decen<span class=\"_ _0\"></span>nio. <span class=\"ff1\"> </span>Dopo <span class=\"_ _2\"></span>undici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>negativo, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>-down <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>depositi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>vista <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>tornato <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itivo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ulteriore aumento <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2% <span class=\"_ _4\"></span>circa, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>poi <span class=\"_ _4\"> </span>ridursi <span class=\"_ _4\"> </span>gradualmente <span class=\"_ _6\"></span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _4\"></span>successivi, <span class=\"_ _6\"></span>dato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>Euribor <span class=\"_ _4\"></span>in discesa.  All\u2019opposto, <span class=\"_ _7\"> </span>col  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>rialzo <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>euribor, <span class=\"_ _7\"> </span>il  ma<span class=\"_ _0\"></span>rk<span class=\"_ _3\"></span><span class=\"ff1\">-up <span class=\"_ _16\"> </span>sui <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>breve  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ridotto <span class=\"_ _16\"> </span>notevolmente <span class=\"_ _16\"> </span>sul <span class=\"_ _16\"> </span>finire <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2022. </span>Un\u2019ulteriore <span class=\"_ _2\"></span>moderata <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>met\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>tendenziale <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento si <span class=\"_ _3\"></span>tras<span class=\"_ _3\"></span>metteranno ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>prestiti. <span class=\"_ _3\"></span>Una <span class=\"_ _3\"></span>sostan<span class=\"_ _5\"></span>ziale <span class=\"_ _3\"></span>stabilizzazione del <span class=\"_ _2\"></span>mark-<span class=\"_ _90\"> </span>up \u00e8 attesa negli ultimi <span class=\"_ _0\"></span>due anni dell\u2019orizzo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te di scenario. <span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>risparmio <span class=\"_ _6\"></span>gestito <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _5\"></span>risultati <span class=\"_ _5\"></span>deboli. <span class=\"_ _6\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>comuni, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>afflussi <span class=\"_ _5\"></span>registrati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>d\u2019anno <span class=\"_ _5\"></span>si <span class=\"_ _16\"> </span><span class=\"ff1\">sono </span>indirizzati principalmente<span class=\"_ _0\"></span> verso i<span class=\"_ _3\"></span>l comparto azionario, bilanci<span class=\"_ _0\"></span>ato e monetario. Alla contenuta raccolta dei fondi ha contribuit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> la dinamica <span class=\"_ _3\"></span>negativa <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>borsa, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investitori. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>gestioni <span class=\"_ _3\"></span>patrimoniali<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sono state <span class=\"_ _2\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>netta <span class=\"_ _2\"></span>negativa. <span class=\"_ _2\"></span>Complessivamente, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>assicurazioni <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>segnato <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>in calo, in seguito alla c<span class=\"_ _0\"></span>ontrazione della nuo<span class=\"_ _0\"></span>va produzione sia d<span class=\"_ _0\"></span>elle polizze tradizi<span class=\"_ _0\"></span>onali, sia delle uni<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-linked.  Una  volta  completato  il <span class=\"_ _1d\"> </span>rialzo  dei  tassi <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span><span class=\"ff4\">2023,  si  ipotizza  una <span class=\"_ _1d\"> </span>ripresa  dei  volumi  di  attivit\u00e0  d<span class=\"_ _3\"></span>ell\u2019industria  dell\u2019asse<span class=\"_ _0\"></span>t </span>management <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>assicurazioni <span class=\"_ _3\"></span>vita. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>risparmio v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>comparti <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>alimentati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bac<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>disponibilit\u00e0 <span class=\"_ _5\"></span>liquide <span class=\"_ _6\"></span>confluite <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>passati<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _5\"></span>bancari, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>per\u00f2 <span class=\"_ _6\"></span>vedr\u00e0 <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>capacit\u00e0 attrattiva dell\u2019investime<span class=\"_ _0\"></span>nto diretto in tit<span class=\"_ _0\"></span>oli a reddito fisso. <span class=\"ff1\"> </span>In particolare, nel 2023 si att<span class=\"_ _0\"></span>endono flussi di raccolt<span class=\"_ _0\"></span>a moderatamente positivi per fon<span class=\"_ _0\"></span>di comuni e gestioni patrimon<span class=\"_ _2\"></span>iali, con una<span class=\"_ _35\"></span> possibile <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>sottoscrizioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>obbligazionari. <span class=\"_ _4\"> </span>Negli <span class=\"_ _4\"> </span>anni <span class=\"_ _7\"> </span>seguenti <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>gestita <span class=\"_ _4\"></span>dovrebbe <span class=\"_ _4\"></span>continuare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span> registrare risultati <span class=\"_ _0\"></span>positivi.  Per <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>assicurazioni <span class=\"_ _7\"> </span>vita, <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2023 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _16\"> </span>successivi <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>aumento <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>lla <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessiva. <span class=\"_ _7\"> </span>In particolare, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>live<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>raggiunto <span class=\"_ _6\"></span>dai <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>soddisfare <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>pregressa <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>polizze <span class=\"_ _4\"></span>tradizi<span class=\"_ _0\"></span>onali, <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>nuovo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>crescita. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>lato <span class=\"_ _4\"> </span>dell\u2019offerta,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>proseguir\u00e0 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>orientata <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>prodo<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _4\"> </span>ibridi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>ramo <span class=\"_ _6\"></span>III, <span class=\"_ _4\"> </span>in </span>ripresa <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rova <span class=\"_ _2\"></span>riscontro <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>domanda, <span class=\"_ _2\"></span>propensa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sottoscrivere <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cogliere <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> migliori <span class=\"_ _7\"> </span>opportunit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>investimento, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _7\"> </span>collegati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>azion<span class=\"_ _2\"></span>ari. <span class=\"_ _7\"> </span>In<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>senso, <span class=\"_ _7\"> </span>trainanti resteranno le polizze mu<span class=\"_ _0\"></span>ltiramo.  <span class=\"_ _9\"> </span> Nella tabella seguente sono illustrate le variabili macroeco<span class=\"_ _0\"></span>nomiche attese nel periodo 2023<span class=\"_ _2\"></span>-2027 per la sola Italia in quanto le CGU operanti in Paesi<span class=\"_ _0\"></span> esteri non presenta<span class=\"_ _0\"></span>no avviamenti iscritti. (valori in per<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>entuale)<span class=\"_ _0\"></span> Italia 2022<span class=\"ls0\"> </span>2023<span class=\"ls0\"> </span>2024<span class=\"ls0\"> </span>2025<span class=\"ls0\"> </span>2026<span class=\"ls0\"> </span>2027<span class=\"ls0\"> </span>ECONOMIA<span class=\"_ _35\"></span> REALE PIL reale I<span class=\"_ _0\"></span>talia  3,8 0,6 1,8 1,2 1,0 0,6 Prezzi al <span class=\"_ _0\"></span>consumo Ita<span class=\"_ _0\"></span>lia 8,2 6,8 2,4 1,3 1,5 1,3 Tasso di rif<span class=\"_ _0\"></span>erimento pu<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>uale (B<span class=\"_ _35\"></span>C<span class=\"_ _3\"></span>E) 2,50 3,50 3,00 2,75 2,50 2,50 Tasso Euri<span class=\"_ _0\"></span>bor 3m (valore<span class=\"_ _35\"></span> medio) 0,34 3,00 2,99 2,38 2,10 2,06 IRS 10 anni<span class=\"_ _0\"></span> 1,92 2,82 3,11 3,28 3,27 3,23 BTP 10 anni<span class=\"_ _35\"></span> 3,03 4,05 4,60 4,90 4,85 4,76 Spread v<span class=\"_ _0\"></span>s. Bund (ba<span class=\"_ _0\"></span>sis points)<span class=\"_ _0\"></span> 187<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>170<span class=\"ls0\"> </span>SETTORE B<span class=\"_ _35\"></span>ANCARIO Impieghi<span class=\"_ _0\"></span> 2,3 1,5 1,9 2,2 2,6 2,7 Raccolta dire<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ta 2,2 0,6 1,3 2,1 2,3 2,3 Spread med<span class=\"_ _0\"></span>io clientela<span class=\"_ _0\"></span> 1,93 2,87 2,80 2,60 2,52 2,49 Fondi comu<span class=\"_ _0\"></span>ni -12,9 4,7 4,1 4,1 3,9 3,6 Gestioni pat<span class=\"_ _0\"></span>rimoniali<span class=\"_ _0\"></span> -15,1 2,8 2,9 2,9 2,8 2,5 Riserve tec<span class=\"_ _0\"></span>niche vita -1,9 4,6 4,4 4,4 4,4 4,3 Scenario elaborat<span class=\"_ _3\"></span>o a dicembre 2<span class=\"_ _3\"></span>022 dalla Dir<span class=\"_ _3\"></span>ezione Studi e Ric<span class=\"_ _3\"></span>erche. Dati pre<span class=\"_ _3\"></span>visionali (per il 2<span class=\"_ _3\"></span>022 stime).<span class=\"_ _3\"></span> Le <span class=\"_ _17\"> </span>sti<span class=\"_ _3\"></span>me <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _18\"> </span>finanziari <span class=\"_ _17\"> </span>attesi <span class=\"_ _17\"> </span>dalle <span class=\"_ _18\"> </span>diverse <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>impairment <span class=\"_ _18\"> </span>test <span class=\"_ _17\"> </span>tengono <span class=\"_ _17\"> </span>conto <span class=\"_ _18\"> </span>dello <span class=\"_ _17\"> </span>scenario macroeconomico descrit<span class=\"_ _0\"></span>to in precedenza <span class=\"_ _0\"></span>e sono state operate <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>eguendo due stad<span class=\"_ _0\"></span>i di valutazione<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Nello <span class=\"_ _3\"></span>specifico, con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>iodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>scelte e<span class=\"_ _3\"></span>ffettuate per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenti Bilanci, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato considerato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>5 <span class=\"_ _7\"> </span>esercizi, <span class=\"_ _4\"> </span>vale <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>dire <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quinquennio <span class=\"_ _4\"> </span>2023<span class=\"_ _2\"></span>-2027; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>periodo, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>agli esercizi <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2025 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>risultanti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Piano d<span class=\"_ _3\"></span>\u2019Impresa 2022<span class=\"_ _2\"></span></span>-2025 <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _2\"></span>tener <span class=\"_ _3\"></span>conto del <span class=\"_ _6\"></span>mutato <span class=\"_ _6\"></span>quadro <span class=\"_ _5\"></span>macroeconomico. <span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>proiezione <span class=\"_ _6\"></span>(2026 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>2027) <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati<span class=\"_ _35\"></span> attraverso <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>trascinamento <span class=\"_ _5\"></span>inerziale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2025, <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico aggiornato, <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"> </span>considerare <span class=\"_ _4\"> </span>l\u2019effetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>leve <span class=\"_ _4\"> </span>manageriali <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>incorporato <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>proiezioni <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>Piano. Gli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>previsti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>proiezione<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>rettificati, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle componenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>monetarie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>terzi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>escludere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _2\"></span> riorganizzazione <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di  ristruttura<span class=\"_ _0\"></span>zione  e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>p<span class=\"_ _3\"></span>lusvalenze  derivan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  da <span class=\"_ _16\"> </span>future <span class=\"_ _16\"> </span>dismissioni <span class=\"_ _16\"> </span>di  asset <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _16\"> </span>Inoltre,  i <span class=\"_ _16\"> </span>flussi<span class=\"_ _0\"></span> finanziari <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>comprensivi <span class=\"_ _2\"></span>dell'attribuzione <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>correlati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>corporate <span class=\"_ _3\"></span>assets <span class=\"_ _2\"></span>centrali. <span class=\"_ _2\"></span>Coerentemen<span class=\"_ _5\"></span>te<span class=\"_ _0\"></span> con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>logica <span class=\"_ _2\"></span>\"equity <span class=\"_ _5\"></span>side\u201d, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>citata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>rela<span class=\"_ _3\"></span><span class=\"ff1\">zione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>CGU, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini </span>dell'impairment <span class=\"_ _1d\"> </span>test <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>comprensivi <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>correlati <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie, <span class=\"_ _1d\"> </span>posto <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>queste <span class=\"_ _1d\"> </span>ultime rappresentano il cor<span class=\"_ _0\"></span>e business aziendal<span class=\"_ _0\"></span>e. Inoltr<span class=\"ff4\">e, <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>matrice <span class=\"_ _6\"></span>finanziaria, <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"> </span>quello <span class=\"_ _5\"></span>impiegato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _6\"></span>del </span>Valore <span class=\"_ _3\"></span>d\u2019Uso, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>analitica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cTerminal <span class=\"_ _3\"></span>Valu<span class=\"_ _5\"></span>e\u201d) <span class=\"_ _2\"></span>\u00e8 g<span class=\"ff4\">eneralmente <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _5\"></span>capitalizzand<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>all\u2019infinito, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>appropriato <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cg\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>flusso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>conseguibile <span class=\"_ _5\"></span>\u201ca <span class=\"_ _5\"></span>regime\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Tale <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>assunto, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>differenziata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _3\"></span>costante <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>decrescente <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>circostanze crescente). In  alternativa  alla <span class=\"_ _1d\"> </span>metod<span class=\"_ _0\"></span>ologia  di  stima <span class=\"_ _1d\"> </span>del  Terminal  Value  illustrata,  la  dottrina  prevede  anche  (i) <span class=\"_ _1d\"> </span>l\u2019approccio<span class=\"_ _0\"></span>  basato sull\u2019impiego di <span class=\"_ _3\"></span>multipli di <span class=\"_ _3\"></span>uscita (o <span class=\"_ _3\"></span>\u201cexit <span class=\"_ _3\"></span>multiple\u201d) e <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>l\u2019approccio basato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima del <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>liquidazione dell\u2019<span class=\"_ _6\"></span><span class=\"ff1\">impresa. In </span>particolare, con riguardo all\u2019approcci<span class=\"_ _0\"></span>o sub (i) si segnala che la s<span class=\"_ _3\"></span>tima di un multiplo a termine presenta elementi di comples<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 </span>(e, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otenzialmente, d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>soggettivi<span class=\"_ _0\"></span>t\u00e0) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>accentuati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>momenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>mer<span class=\"_ _5\"></span>cati <span class=\"_ _2\"></span>quale quello attuale. L\u2019approccio sub (ii) \u00e8 <span class=\"_ _3\"></span>valido unicamente per le imprese destinate a <span class=\"_ _3\"></span>cessare al termine del periodo d<span class=\"_ _3\"></span>i previsi<span class=\"_ _5\"></span><span class=\"ff1\">one </span>analitica e, pertanto, <span class=\"_ _0\"></span>non \u00e8 utilmente imp<span class=\"_ _0\"></span>iegabile in presen<span class=\"_ _0\"></span>za di prospettive di <span class=\"_ _0\"></span>continuit\u00e0 azienda<span class=\"_ _0\"></span>le.<span class=\"_ _2\"></span> Ai <span class=\"_ _4\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>Terminal <span class=\"_ _4\"> </span>Value\u201d, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _4\"> </span>stadio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>flusso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>assa <span class=\"_ _4\"> </span>conseguibile <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>regime, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato considerato quello pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isto al 2027, ultim<span class=\"_ _0\"></span>o anno di proiezioni <span class=\"_ _0\"></span>analitiche. <span class=\"_ _3\"></span> Coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>effettuato <span class=\"_ _4\"></span>negli <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eserci<span class=\"_ _3\"></span>zi <span class=\"_ _4\"> </span>precedenti, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _6\"></span>come tasso <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>no<span class=\"_ _3\"></span>minale <span class=\"_ _2\"></span>dell\u2019Italia, <span class=\"_ _5\"></span>osservato <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>2008<span class=\"_ _5\"></span><span class=\"ff1\">-2027 <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>rammenta <span class=\"_ _2\"></span>infatti <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>in </span>considerazione delle svalutazioni operate n<span class=\"_ _3\"></span>ei bilanci precedenti, a<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>Banc<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Territori, International Subsidiary Banks, Bank <span class=\"_ _16\"> </span>of  Al<span class=\"_ _0\"></span>exandria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Pravex <span class=\"_ _7\"> </span>Bank  non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _16\"> </span>allocato <span class=\"_ _7\"> </span>alcun  avviamen<span class=\"_ _0\"></span>to <span class=\"_ _16\"> </span>e, <span class=\"_ _16\"> </span>conseguentemente, <span class=\"_ _7\"> </span>non  risulta <span class=\"_ _7\"> </span>necessario determinare i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>\u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Paesi <span class=\"_ _3\"></span>esteri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>opera). In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>particolare, il <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nominale<span class=\"_ _0\"></span> </span>risulta dalla <span class=\"_ _3\"></span>somma del tasso <span class=\"_ _3\"></span>di crescita <span class=\"_ _3\"></span>del PIL r<span class=\"_ _3\"></span>eale e de<span class=\"_ _3\"></span>l tasso d<span class=\"_ _3\"></span>\u2019inflazione. I dati <span class=\"_ _3\"></span>attesi di <span class=\"_ _3\"></span>PIL reale e<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>inflazione,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>utilizzati </span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>g, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>desunti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>proiezioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Direzio<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ricerche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>escritte <span class=\"_ _2\"></span>in precedenza. <span class=\"_ _3\"></span>Ciascuna <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>calcolata <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2008<span class=\"_ _2\"></span>-2027. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>al periodo  di <span class=\"_ _16\"> </span>osservazione  dei <span class=\"_ _16\"> </span>tassi  di  crescit<span class=\"_ _0\"></span>a,  considerato  l<span class=\"_ _35\"></span>\u2019attuale  particolare <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontesto  macroeconomi<span class=\"_ _0\"></span>co,  merita <span class=\"_ _16\"> </span>alcune </span>considerazioni. Le  dinami<span class=\"_ _0\"></span>che  del <span class=\"_ _16\"> </span>PIL  r<span class=\"_ _0\"></span>eale  n<span class=\"_ _0\"></span>egli  ultimi <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>spesso  negat<span class=\"_ _0\"></span>ive,  pri<span class=\"_ _0\"></span>ncipalmente  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fluenzate <span class=\"_ _16\"> </span>dalle  divers<span class=\"_ _0\"></span>e  cris<span class=\"_ _35\"></span>i economiche <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>assoggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>economie <span class=\"_ _2\"></span>mondiali, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>2008 <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>finanziaria globale, <span class=\"_ _5\"></span>successivamente <span class=\"_ _5\"></span>seguita <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>crisi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>sovrani <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2011. <span class=\"_ _6\"></span>Gi\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2015 <span class=\"_ _6\"></span>c\u2019era <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>un\u2019inversione <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>tendenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>percorso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>bruscamente  i<span class=\"_ _0\"></span>nterrotto <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>pandemia COVID-<span class=\"ff4\">19, <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>permane <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>minacciato <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>crisi <span class=\"_ _6\"> </span>energetica <span class=\"_ _4\"> </span>emersa <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onseguenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>scoppio <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>conflitto <span class=\"_ _3\"></span>militare <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ucraina. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ciclo <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima del <span class=\"_ _1d\"> </span>valore  terminale <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato  determinato  c<span class=\"_ _3\"></span>ome <span class=\"_ _1d\"> </span>media  dei <span class=\"_ _1d\"> </span>tassi  del <span class=\"_ _1d\"> </span>PIL <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il  periodo <span class=\"_ _1d\"> </span>2008<span class=\"_ _2\"></span>-2027, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>ritenuto sufficientemente <span class=\"_ _3\"></span>ampio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>includere, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>mediare, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>forte <span class=\"_ _2\"></span>crisi, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prospettico <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un contesto di moderata c<span class=\"_ _0\"></span>rescita economica.<span class=\"fs1e\"> </span>Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019ottica <span class=\"_ _3\"></span>prudenziale, \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>g <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>risultasse <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span><span class=\"ff1\">minale<span class=\"_ _0\"></span> </span>dell\u2019Italia nel 2027 <span class=\"_ _0\"></span>o, per ciascuna CG<span class=\"_ _0\"></span>U, al tasso di crescita dell\u2019ultimo anno di p<span class=\"_ _0\"></span>revisioni analitiche.<span class=\"ff1\"> </span>I tassi di attualizzazi<span class=\"_ _0\"></span>one dei flussi Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti del mercato, d<span class=\"_ _0\"></span>el valore tempora<span class=\"ff4\">le del denaro e dei risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>i specifici dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0.<span class=\"ff1\"> </span></span>Nella <span class=\"_ _3\"></span>pratica, la <span class=\"_ _3\"></span>prima caratteristica <span class=\"_ _3\"></span>(condizioni correnti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato) si <span class=\"_ _3\"></span>traduce nella <span class=\"_ _3\"></span>determinazione di <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _6\"></span>in base alle <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiornate <span class=\"_ _2\"></span>disponibili <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _5\"></span>stima, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>meglio <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>valutazioni correnti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>mercato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>caratteristica <span class=\"_ _5\"></span>(coerenza <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>rischi/flussi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tassi) <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eclinata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span><span class=\"ls17\">e </span>specificit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU. <span class=\"_ _2\"></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>(nelle <span class=\"_ _2\"></span>sue <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>componenti) <span class=\"_ _2\"></span>deve, <span class=\"_ _5\"></span>dunque, <span class=\"_ _5\"></span>essere<span class=\"_ _0\"></span> </span>scelto <span class=\"_ _6\"></span>osservando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>specificit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ognuna <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>CGU, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>do <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>congruo <span class=\"_ _6\"></span>e consistente <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>flussi. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>assume <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff4\">mportanza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>all\u2019inflazione, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Paese <span class=\"_ _2\"></span>e </span>agli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>potrebbero <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>espressi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>36, <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>tasso. <span class=\"_ _3\"></span>Occorre <span class=\"_ _2\"></span>evidenziare <span class=\"_ _4\"></span>che<span class=\"_ _35\"></span> una <span class=\"_ _3\"></span>caratteristica <span class=\"_ _3\"></span>comune <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>contenenti <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>(e, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>generale, intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita i<span class=\"_ _3\"></span>ndefinita) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>di lungo periodo dei flussi utiliz<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ati nella stima del Valore <span class=\"_ _0\"></span>d\u2019Uso delle CGU medesim<span class=\"_ _0\"></span>e. Infatti, l\u2019avviamento ha per defi<span class=\"_ _0\"></span>nizione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>vita </span>utile indefinita e, d<span class=\"_ _0\"></span>unque, i flussi di c<span class=\"_ _0\"></span>assa attesi dal medesimo sono normalmente proi<span class=\"_ _0\"></span>ettati in perpetuit\u00e0.  Tale  prospettiva <span class=\"_ _16\"> </span>di  lungo <span class=\"_ _16\"> </span>periodo  dovrebbe <span class=\"_ _16\"> </span>essere  riflessa <span class=\"_ _16\"> </span>in  tutti  i<span class=\"_ _0\"></span>  parametri <span class=\"_ _16\"> </span>del  tasso  di<span class=\"_ _0\"></span>  attualizzazion<span class=\"_ _0\"></span>e  tramite  u<span class=\"_ _0\"></span>na opportuna scelta di cia<span class=\"_ _0\"></span>scuno dei medesimi<span class=\"_ _0\"></span>, in modo tale che e<span class=\"_ _0\"></span>ssi esprimano condizio<span class=\"_ _0\"></span>ni \u201cn<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rmali\u201d nel lungo t<span class=\"_ _0\"></span>ermine.<span class=\"ff1\"> </span>Normalmente il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione deve <span class=\"_ _3\"></span>comprendere il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziamento dell\u2019attivit\u00e0 da<span class=\"_ _3\"></span> valut<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>re<span class=\"_ _0\"></span> </span>e cio\u00e8 il costo dell\u2019<span class=\"_ _0\"></span>equity ed il costo del d<span class=\"_ _0\"></span>ebito (si tratta del <span class=\"_ _0\"></span>cosiddetto WACC, <span class=\"_ _0\"></span>cio\u00e8 il costo med<span class=\"_ _3\"></span><span class=\"ff1\">io ponderato del capitale). </span>Tuttavia, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un\u2019impresa <span class=\"_ _5\"></span>bancaria, <span class=\"_ _5\"></span>esso <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>mato <span class=\"_ _5\"></span>nell\u2019ottica <span class=\"_ _5\"></span>\u201cequity <span class=\"_ _6\"></span>side\u201d <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _6\"></span>considerando <span class=\"_ _5\"></span>solamente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>del capitale proprio (Ke), coerentemente con le modalit\u00e0 di determinazione dei flussi che, come gi\u00e0 rilevat<span class=\"_ _2\"></span>o, sono comprensivi dei flussi derivanti dalle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> finanziarie. Il costo del capitale \u00e8 s<span class=\"_ _0\"></span>tato determinato utili<span class=\"_ _0\"></span>zzando il \u201cCapital A<span class=\"_ _0\"></span>sset Pricing Model\u201d (CAP<span class=\"_ _0\"></span>M). Sulla base di tal<span class=\"_ _0\"></span>e modello, il<span class=\"_ _2\"></span><span class=\"ff1\"> costo </span>del <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>somma <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>investimenti <span class=\"_ _3\"></span>privi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sua volta <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>rischiosit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>(intendendo <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>rischiosit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>comparto <span class=\"_ _4\"> </span>operativo <span class=\"_ _6\"> </span>sia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>la </span>rischiosit\u00e0 geografic<span class=\"_ _0\"></span>a rappresentata dal <span class=\"_ _0\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">osiddetto \u201crischio P<span class=\"_ _0\"></span>aese\u201d).<span class=\"ff1\"> </span></span>Il costo del capital<span class=\"_ _0\"></span>e \u00e8 determinato al nett<span class=\"_ _0\"></span>o delle imposte, per <span class=\"_ _0\"></span>coerenza con i flussi fi<span class=\"_ _0\"></span>nanziari oggetto di a<span class=\"_ _0\"></span>ttualizzazione.<span class=\"_ _2\"></span> Poich\u00e9 <span class=\"_ _1d\"> </span>le  diverse <span class=\"_ _1d\"> </span>CGU  del <span class=\"_ _1d\"> </span>Gruppo  Intesa <span class=\"_ _1d\"> </span>Sanpaolo  operano <span class=\"_ _1d\"> </span>in  comparti  di<span class=\"_ _3\"></span>  business <span class=\"_ _1d\"> </span>diversi  e <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>attori  di <span class=\"_ _1d\"> </span>rischio differenziati, sono st<span class=\"_ _0\"></span>ati identificati costi<span class=\"_ _0\"></span> specifici del capital<span class=\"_ _0\"></span>e per ognuna delle C<span class=\"_ _0\"></span>GU.<span class=\"_ _2\"></span> Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>determinati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>nominali, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _2\"></span>sono <span class=\"_ _4\"> </span>stati determinati in termini nomin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li, ossia incorporand<span class=\"_ _0\"></span>o le attese di inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> Scendendo <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>dettaglio <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiscono <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>si segnala che: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _6\"></span>finanziari, <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _6\"></span>free <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>CRP, <span class=\"_ _6\"></span>in </span></span>considerazione della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d\u2019interesse n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>macroeconomico <span class=\"_ _3\"></span>attuale, che <span class=\"_ _2\"></span>prevede nel <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>periodo un ulteriore incremento, proseguendo nel percorso di aumenti iniziato a <span class=\"_ _3\"></span>partire dalla seconda met\u00e0 del 2022, si \u00e8 <span class=\"_ _3\"></span>ritenuto<span class=\"_ _35\"></span> di <span class=\"_ _3\"></span>mantenere, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>prudenziale, <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo di <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _3\"></span>differenziati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019attualizzazi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei </span>flussi finanziari previ<span class=\"_ _0\"></span>sto lungo l\u2019orizzonte <span class=\"_ _0\"></span>esplicito e per il fl<span class=\"_ _0\"></span>usso del Te<span class=\"_ _3\"></span><span class=\"ff1\">rminal Value:  </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>quanto concerne<span class=\"_ _0\"></span> il risk free <span class=\"_ _3\"></span>ricompreso nel tasso di attualizzazio<span class=\"_ _0\"></span>ne dei flussi finanziari dell\u2019orizzonte \u201cespli<span class=\"_ _0\"></span>cito\u201d di </span></span>previsione, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuto di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento medio mensile <span class=\"_ _3\"></span>(mese di <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022) dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato tede<span class=\"_ _5\"></span>schi (Bund) a 10 anni; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>concerne <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risk <span class=\"_ _4\"> </span>free <span class=\"_ _6\"></span>ricompreso <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>finanziario<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value </span>(flusso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>perpetuit\u00e0 <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisione <span class=\"_ _5\"></span>esplicita), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ritenuto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _5\"></span>me<span class=\"_ _5\"></span>dio annuo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>tedeschi <span class=\"_ _5\"></span>(Bund) <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>10 <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>027, <span class=\"_ _5\"></span>ultimo <span class=\"_ _6\"></span>anno <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previsione <span class=\"_ _5\"></span>analitica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi, stimato dalla Direzio<span class=\"_ _0\"></span>ne Studi e Ricerc<span class=\"_ _0\"></span>he di Intesa Sanpaolo. Coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>sopra, <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Country <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Premium<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRP) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>metodologia che prevede <span class=\"_ _3\"></span>l\u2019utilizzo d<span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>differenziati. Si <span class=\"_ _3\"></span>ricorda inoltre <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ussistendo avviamenti allocati a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CGU diverse <span class=\"_ _3\"></span>da </span>quelle <span class=\"_ _7\"> </span>operanti <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>prevalentemen<span class=\"_ _0\"></span>te) <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Italia <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _16\"> </span>\u201crischio <span class=\"_ _4\"> </span>Paese\u201d <span class=\"_ _7\"> </span>coincide <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>sostanza <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>\u201crischio <span class=\"_ _7\"> </span>Italia\u201d. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>CRP, </span>dunque, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>metodologiche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>come segue: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CRP <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>dell\u2019o<span class=\"_ _2\"></span>rizzonte <span class=\"_ _5\"></span>\u201cesplicito\u201d <span class=\"_ _5\"></span>di </span></span>previsione, \u00e8 stato c<span class=\"_ _0\"></span>onsiderato lo spread<span class=\"_ _0\"></span> BTP-Bund medio del mese di dicembre 202<span class=\"_ _0\"></span>2; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _3\"></span>quanto concerne il CRP ricompreso nel tasso di a<span class=\"_ _3\"></span>ttualizzazione del flusso finanziario del Terminal <span class=\"_ _3\"></span>Value, \u00e8 stato </span>considerato <span class=\"_ _4\"> </span>lo <span class=\"_ _7\"> </span>spread <span class=\"_ _7\"> </span>BTP-<span class=\"_ _3\"></span>Bund <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"> </span>annuo <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>027 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>previsionale <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio termine citato in prece<span class=\"_ _0\"></span>denza. -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">l\u02bcequity <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isk <span class=\"_ _7\"> </span>premium, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>premio <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _4\"> </span>aziendale  <span class=\"ff1\">- <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>differenza <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _7\"> </span>del </span></span></span>mercato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>arco temporale sufficientem<span class=\"_ _0\"></span>ente ampio - \u00e8 stato determinato facen<span class=\"_ _0\"></span>do riferimento a dati<span class=\"_ _0\"></span> storici, sia per la maggi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re affidabilit\u00e0 e<span class=\"_ _0\"></span> dimostrabilit\u00e0, <span class=\"_ _6\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>luce <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ell\u02bcattuale <span class=\"_ _6\"> </span>contesto <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>lato, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>borsa </span>significativamente <span class=\"_ _4\"> </span>volatili <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>espressivi <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>\u201cfondamentali\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>dall\u02bcaltro, <span class=\"_ _4\"> </span>configura <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di incertezza <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>arduo <span class=\"_ _7\"> </span>formulare <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>di  <span class=\"ff4\">risultati <span class=\"_ _4\"> </span>attendibili <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u02bcequity <span class=\"_ _7\"> </span>risk <span class=\"_ _7\"> </span>premium </span>implicito <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>borsa. <span class=\"_ _2\"></span>Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>geometrica <span class=\"_ _3\"></span>dell\u02bcequity <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _3\"></span>premium <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>levat<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sul <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>statunitense <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>1928<span class=\"_ _3\"></span>-2022 <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>differenziale <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>USA <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i inflazione tedesco (q<span class=\"_ _0\"></span>uale mercato di riferim<span class=\"_ _0\"></span>ento per la rilevazio<span class=\"_ _0\"></span>ne del risk free); -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">il <span class=\"_ _4\"> </span>coefficiente <span class=\"_ _4\"> </span>Beta, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>misura <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischiosit\u00e0 <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"> </span>operativo, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"></span>de<span class=\"_ _5\"></span>terminato<span class=\"_ _0\"></span> </span></span>identificando - per o<span class=\"_ _3\"></span>gni CGU - un ca<span class=\"_ _3\"></span>mpione di societ\u00e0 comparab<span class=\"_ _0\"></span>ili (in termini di business) e <span class=\"_ _3\"></span>rispetto a questo campione \u00e8 stato utilizzato il dato medio o mediano dei Beta rilevati<span class=\"_ _0\"></span> attraverso osservazioni con periodicit\u00e0 mensile<span class=\"_ _0\"></span> su un orizzonte d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>cinque anni. Riepilogo dei tassi di<span class=\"_ _0\"></span> crescita e dei tassi <span class=\"_ _0\"></span>di attualizzazione ut<span class=\"_ _0\"></span>ilizzati<span class=\"_ _3\"></span> Nella <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>segue  v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ngono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>intetizzati <span class=\"_ _7\"> </span>per  og<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>test  i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _16\"> </span>della determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _4\"> </span>d\u02bcUso: <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>tassi <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span><span class=\"ff1\">rescita <span class=\"_ _4\"></span>medi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ponderati <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2027 <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>comprensivi </span>dell\u02bcattribuzione dei <span class=\"_ _3\"></span>flussi correlati ai <span class=\"_ _3\"></span>corporate assets <span class=\"_ _3\"></span>centrali, i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>rescita \u201cg\u201d <span class=\"_ _3\"></span>ai fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Terminal Value, <span class=\"_ _3\"></span>i di<span class=\"_ _5\"></span><span class=\"ff1\">versi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di<span class=\"_ _0\"></span> </span>attualizzazione ed i t<span class=\"_ _0\"></span>assi di inflazion<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>.            TASSI/   <span class=\"ls0\">PARAMETRI<span class=\"_ _3\"></span> </span>Tassi di crescita<span class=\"_ _3\"></span> nominali per impairment test  (periodo 2023 - 2027) TASSI DI ATTUA<span class=\"_ _3\"></span>LIZZAZIONE NOMIN<span class=\"_ _3\"></span>ALI TASSI DI CRESCITA \"G\"<span class=\"_ _3\"></span>  NEL LUNGO PERIODO  TASSI DI INFLAZIONE              CGU 2022 flussi 2022 Terminal Value 2021 flussi 2021 Terminal Value 2022 2021 2022 CGU oggetto di im<span class=\"_ _3\"></span>pairment test<span class=\"_ _3\"></span> IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking 17,81% 10,57% 11,18% 7,61% 9,37% 2,06% 1,52% 1,96% Insurance 1,69% 10,27% 10,88% 7,12% 8,89% 2,06% 1,52% 1,96% Asset Managemen<span class=\"_ _3\"></span>t 1,96% 10,12% 10,73% 6,85% 8,61% 2,06% 1,52% 1,96% Private Banking<span class=\"_ _3\"></span> 2,59% 10,14% 10,75% 7,28% 9,05% 2,06% 1,52% 1,96% I risultati dell\u2019impairme<span class=\"_ _0\"></span>nt test<span class=\"ff2\"> </span>Gli <span class=\"_ _2\"></span>esiti <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>evidenziato <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Valori <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascuna <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocati <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a titolo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avviamento <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ossero <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>ai  rispettivi <span class=\"_ _7\"> </span>valori  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ntabili. <span class=\"_ _16\"> </span>Non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>dunque <span class=\"_ _16\"> </span>necessari<span class=\"_ _35\"></span>o procedere ad alcuna s<span class=\"_ _0\"></span>valutazione degli avv<span class=\"_ _0\"></span>iame<span class=\"_ _3\"></span>nti o del brand <span class=\"_ _0\"></span>name a queste allocat<span class=\"_ _0\"></span>i. Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnala <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>calcolare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> </span>confermato superior<span class=\"_ _0\"></span>e alla sommatoria dei val<span class=\"_ _0\"></span>ori contabili dell<span class=\"_ _0\"></span>e singole CGU.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto riguarda <span class=\"_ _3\"></span>i r<span class=\"_ _3\"></span>isvolti diretti <span class=\"_ _3\"></span>del conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-<span class=\"ff4\">ucraino sugli <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo si s<span class=\"_ _3\"></span>egnala, infine, <span class=\"_ _3\"></span>che l\u2019avviamento </span>relativo <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>Pravex <span class=\"_ _6\"></span>Bank, <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"></span>autonoma, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>stato, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>detto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedenza,<span class=\"_ _35\"></span> completamente <span class=\"_ _3\"></span>azzerato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>occasione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2008. <span class=\"_ _5\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tecipata <span class=\"_ _3\"></span>russa <span class=\"_ _2\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _2\"></span>Company <span class=\"_ _2\"></span>Banca Intesa <span class=\"_ _16\"> </span>(Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Russia), <span class=\"_ _7\"> </span>si  s<span class=\"_ _0\"></span>egnala <span class=\"_ _7\"> </span>che,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>presentare <span class=\"_ _7\"> </span>avviamenti <span class=\"_ _7\"> </span>allocati, <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>inclusa <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>CGU <span class=\"_ _7\"> </span>IMI Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Investment <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>king <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>peso <span class=\"_ _2\"></span>assolutamente <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>rginale <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento; <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU IMI Corporate &amp; Investment Banking come sopra indicato, in sede di impairment test al 31 d<span class=\"_ _3\"></span>icembre 2022 \u00e8 emerso un valore recuperabile superio<span class=\"_ _0\"></span>re rispetto al relativo valore contabile. Verifica dei risultati d<span class=\"_ _0\"></span>ell\u2019impairment test <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ttraverso una meto<span class=\"_ _0\"></span>dologia di calcolo alt<span class=\"_ _0\"></span>ernativa <span class=\"_ _3\"></span><span class=\"ff2\"> </span>Poich\u00e9 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>amo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>attraverso <span class=\"_ _5\"></span>l\u2019attualizzazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>flussi finanziari di<span class=\"ff4\">s<span class=\"_ _3\"></span>tribuibili, intendendo per <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>stima s<span class=\"_ _3\"></span>aranno generati <span class=\"_ _3\"></span>dall\u2019area <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness (le <span class=\"_ _3\"></span>singole </span>CGU) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>mantenuta <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>preservare <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>regolamentari <span class=\"_ _5\"></span>di vigilanza, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stata <span class=\"_ _1d\"> </span>verificata <span class=\"_ _1d\"> </span>la  recuperabilit\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>degli  avviamenti <span class=\"_ _1d\"> </span>allocati <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>anche  at<span class=\"_ _3\"></span>travers<span class=\"_ _0\"></span>o l\u2019attualizzazione dei <span class=\"_ _3\"></span>suddetti flussi <span class=\"_ _3\"></span>finanziari secondo <span class=\"_ _3\"></span>il modello <span class=\"_ _3\"></span>Dividend Discounted <span class=\"_ _3\"></span>Model (DDM) <span class=\"_ _3\"></span>nella versione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>excess<span class=\"_ _2\"></span><span class=\"ff1\"> </span>capital. Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>igilanza, \u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tato u<span class=\"_ _3\"></span>tilizzato un <span class=\"_ _2\"></span>Common <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Tier <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>ratio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>10,25% <span class=\"_ _3\"></span>cos\u00ec <span class=\"_ _3\"></span>come risultante <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _7\"> </span>Framework <span class=\"_ _7\"> </span>(RAF) <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>significativamente <span class=\"_ _4\"> </span>superiore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>(8,91%) comunicato dalla <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito d<span class=\"_ _3\"></span>egli esiti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Supervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Process <span class=\"_ _3\"></span>(SREP<span class=\"_ _0\"></span>). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>CGU Insurance <span class=\"_ _3\"></span>si \u00e8 inoltre tenuto conto d<span class=\"_ _0\"></span>i un Solvency Rat<span class=\"_ _0\"></span>io pari al 170%, c<span class=\"_ _0\"></span>os\u00ec come risultante dal R<span class=\"_ _0\"></span>AF menzionato in pre<span class=\"_ _0\"></span>cedenza.<span class=\"_ _3\"></span> Integrando, <span class=\"_ _4\"> </span>quindi, <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>ttesi <span class=\"_ _4\"></span>determinati <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>illustrato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>aumento <span class=\"_ _4\"></span>delle<span class=\"_ _35\"></span> eccedenze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>suddetti <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"> </span>minimi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale, <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>reddito <span class=\"_ _4\"> </span>necessarie <span class=\"_ _4\"></span>per coprire <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fabbisogni <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescente <span class=\"_ _4\"> </span>stimata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>ponderate <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>ottenuti <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>flussi finanziari distribuibili. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>flussi, <span class=\"_ _3\"></span>stimati <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>CGU, sono <span class=\"_ _2\"></span>stati a<span class=\"_ _3\"></span>ttualizzati applicando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medesimi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attuali<span class=\"_ _5\"></span>zzazion<span class=\"_ _0\"></span>e e tassi di crescita \u201cg\u201d u<span class=\"_ _0\"></span>tilizzati nell\u2019a<span class=\"ff1\">pplicazione del metodo Di<span class=\"_ _0\"></span>scounted Cash Flow (DCF<span class=\"_ _0\"></span>). </span>I risultati di questa m<span class=\"_ _0\"></span>etodologia hanno c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nfermato le risult<span class=\"_ _0\"></span>anze emerse in bas<span class=\"_ _0\"></span>e al calcolo effettuat<span class=\"_ _0\"></span>o con il metodo del DC<span class=\"_ _0\"></span>F.<span class=\"_ _2\"></span><span class=\"ff2 fc2\"> </span>Raccordo tra gli esiti<span class=\"_ _0\"></span> dell\u2019impairment t<span class=\"_ _0\"></span>est e le valutazioni esp<span class=\"_ _0\"></span>resse dal merca<span class=\"_ _3\"></span><span class=\"ff2 lsd\">to<span class=\"ls0\"> </span></span>La quotazione del titolo <span class=\"_ _3\"></span>Intesa Sanpaolo, nel corso 2022, ha <span class=\"_ _3\"></span>subito un decremento (<span class=\"_ _2\"></span>-8,6%) r<span class=\"_ _3\"></span>ispetto ai valori di ch<span class=\"_ _3\"></span>iusura di fine 2021, <span class=\"_ _7\"> </span>sottoperformando <span class=\"_ _4\"> </span>l\u2019andamento <span class=\"_ _7\"> </span>registrato <span class=\"_ _7\"> </span>dall\u2019indice <span class=\"_ _7\"> </span>settoriale <span class=\"_ _7\"> </span>italiano <span class=\"_ _4\"> </span>(FTSE <span class=\"_ _7\"> </span>It<span class=\"_ _3\"></span>alia <span class=\"_ _7\"> </span>All<span class=\"_ _2\"></span><span class=\"ff1\">-Share <span class=\"_ _7\"> </span>Banks, <span class=\"_ _7\"> </span>-4<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>circa) <span class=\"_ _7\"> </span>ma<span class=\"_ _0\"></span> </span>so<span class=\"ls0\">vraperforma<span class=\"_ _0\"></span>ndo il principale i<span class=\"_ _0\"></span>ndice di riferiment<span class=\"_ _0\"></span>o della Borsa Italiana (FT<span class=\"_ _0\"></span>SE MIB Index, <span class=\"_ _3\"></span>-13,4% circa). </span>In par<span class=\"_ _3\"></span>ticolare, dopo una p<span class=\"_ _3\"></span>rima fase dell<span class=\"_ _3\"></span>\u2019anno particolarmente difficile, a <span class=\"_ _3\"></span>seguito dell\u2019esplosione del conflitto <span class=\"_ _3\"></span>militare tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Russia </span>e <span class=\"_ _5\"></span>Ucraina<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>deterioramento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>macroeconomico, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corsi <span class=\"_ _5\"></span>azionari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>notevole<span class=\"_ _35\"></span> rallentamento, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019anno <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>assistito <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>qu<span class=\"_ _0\"></span>otazione, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>percorso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i crescita, <span class=\"_ _6\"></span>particolarmente <span class=\"_ _5\"></span>evident<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>nell\u2019ultimo <span class=\"_ _6\"> </span>trimestre <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>portato <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"></span>prossimo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>2,08 <span class=\"_ _4\"> </span>euro <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fine </span>dicembre  2<span class=\"_ _0\"></span>022.  Si <span class=\"_ _16\"> </span>segnala <span class=\"_ _16\"> </span>che,  nel  cors<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  della <span class=\"_ _16\"> </span>prima  parte<span class=\"_ _0\"></span>  del  2<span class=\"_ _0\"></span>023,  il <span class=\"_ _16\"> </span>titolo  In<span class=\"_ _0\"></span>tesa  Sanpa<span class=\"_ _0\"></span>olo  ha <span class=\"_ _16\"> </span>subito  un <span class=\"_ _16\"> </span>ulteriore<span class=\"_ _0\"></span> apprezzamento, con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>quotazione, a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>febbra<span class=\"_ _3\"></span>io, <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>2,5 <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>p.a. <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>47<span class=\"_ _2\"></span> miliardi<span class=\"_ _0\"></span> (con un multiplo P/BV <span class=\"_ _0\"></span>di circa 0,7x). Le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>analisti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ribas<span class=\"_ _2\"></span><span class=\"ls1f\">so </span>dei target price rispetto ai valori <span class=\"_ _0\"></span>del 2021, con un andamento s<span class=\"_ _35\"></span>ostanzialmente in linea con la discesa delle qu<span class=\"_ _0\"></span>otazioni del titolo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nella <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2023, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>comunicazione <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>targe<span class=\"_ _5\"></span><span class=\"ls12\">t </span>price sono stati tendenzi<span class=\"_ _0\"></span>almente rivisti a ri<span class=\"_ _0\"></span>alzo con un valore me<span class=\"_ _0\"></span>dio di 2,85 euro p.a. Gli <span class=\"_ _3\"></span>analisti <span class=\"_ _3\"></span>sottolineano, tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>punti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>solidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>management altamente <span class=\"_ _3\"></span>qualifica<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e apprezzato <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>mercato. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _7\"> </span>ritengono <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>po<span class=\"_ _3\"></span>tr\u00e0 <span class=\"_ _4\"></span>beneficiare <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>incrementi <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, considerando <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>mediamente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>italiane <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>sensitivity <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositiva <span class=\"_ _3\"></span>all\u2019incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>Euribor. <span class=\"_ _3\"></span>Intesa Sanpaolo  \u00e8  inoltre  in  grado  di  generare  una  redditivit\u00e0  tra  le  pi\u00f9  elevate  in  Italia <span class=\"_ _1d\"> </span>-  beneficiando  anche  di  un'elevat<span class=\"_ _35\"></span>a esposizione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risparmio <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>continua <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>forte <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>patrimoniale. Inoltre, <span class=\"_ _2\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotto <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>grande <span class=\"_ _2\"></span>successo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>affrontare, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>maggiore <span class=\"_ _5\"></span>tranquillit\u00e0, <span class=\"_ _2\"></span>un eventuale <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterioramento <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"> </span>macroeconomico. <span class=\"_ _6\"></span>Di <span class=\"_ _4\"></span>contro, <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>potrebbero<span class=\"_ _0\"></span> emergere <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>criticit\u00e0, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _6\"></span>ribadiscono <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">consueto <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>instabilit\u00e0 <span class=\"_ _5\"></span>politica <span class=\"_ _6\"></span>interna <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019Italia, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>possibili<span class=\"_ _0\"></span> </span>conseguenze <span class=\"_ _3\"></span>sullo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>BTP-Bund, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>dovessero <span class=\"_ _2\"></span>riemergere <span class=\"_ _3\"></span>tensioni <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui<span class=\"_ _0\"></span> mercati finanziari. In <span class=\"_ _1d\"> </span>ogni <span class=\"_ _1d\"> </span>caso, <span class=\"_ _1d\"> </span>occorre  r<span class=\"_ _3\"></span>imarcare  che <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>espresse  d<span class=\"_ _3\"></span>agli <span class=\"_ _1d\"> </span>analisti <span class=\"_ _1d\"> </span>finanziari<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>presentano <span class=\"_ _1d\"> </span>caratteristiche  che <span class=\"_ _1d\"> </span>le differenziano <span class=\"_ _16\"> </span>da  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>a  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _16\"> </span>\u201cfondamentale\u201d <span class=\"_ _16\"> </span>rappresenta<span class=\"_ _0\"></span>ta  d<span class=\"_ _0\"></span>al  V<span class=\"_ _0\"></span>alore <span class=\"_ _16\"> </span>d\u2019Uso.  Su<span class=\"_ _0\"></span>  tali <span class=\"_ _7\"> </span>valutazioni  si <span class=\"_ _7\"> </span>possono  fare <span class=\"_ _16\"> </span>le seguenti osservazio<span class=\"_ _0\"></span>ni: - <span class=\"_ _42\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>previsti <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>analisti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>estendono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _5\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2025, <span class=\"_ _4\"></span>risultand<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>sostanzialmente<span class=\"_ _0\"></span> allineati <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _7\"> </span>superiori <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>time <span class=\"_ _7\"> </span>interne <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>management, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>utilizzate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini dell\u2019impairment test <span class=\"_ _0\"></span>coprono un arco temp<span class=\"ff1\">orale quinquenn<span class=\"_ _0\"></span>ale che si estende fino <span class=\"_ _0\"></span>al 2027; </span>- <span class=\"_ _42\"> </span>il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>(nei <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>particolarmente <span class=\"_ _3\"></span>frequenti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>parametro <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>esplicitato <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte<span class=\"_ _2\"></span> degli <span class=\"_ _5\"></span>analisti) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>spesso <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo; <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, utilizzato <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attualizzazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>flusso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Ter<span class=\"_ _3\"></span>minal <span class=\"_ _7\"> </span>Value, <span class=\"_ _4\"> </span>risulta <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _4\"> </span>inferiore <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>medio risultante dai <span class=\"_ _3\"></span>report <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>analisti. <span class=\"_ _3\"></span>Questi ultimi <span class=\"_ _3\"></span>tendono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>sconto <span class=\"_ _3\"></span>impl<span class=\"_ _2\"></span>iciti <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>orsa che <span class=\"_ _2\"></span>quindi<span class=\"_ _0\"></span> risultano mediamente <span class=\"_ _0\"></span>pi\u00f9 alti in quanto i<span class=\"_ _0\"></span>nfluenzati dalle quota<span class=\"_ _0\"></span>zioni correnti;<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>imilmente a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>osservato per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2021, s<span class=\"_ _3\"></span>otto il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>sono spesso <span class=\"_ _3\"></span>utilizzati </span>multipli (in termini di <span class=\"_ _3\"></span>P/E o di ROE) applicati a quotazioni di mercato attuali o alla redditivit\u00e0 attesa per gli <span class=\"_ _3\"></span>prossimi 2023<span class=\"_ _0\"></span> o 2024; si tratta, quindi<span class=\"_ _0\"></span>, di metodologie c<span class=\"_ _0\"></span>he forniscono un Fair Va<span class=\"_ _0\"></span>lue, piuttosto c<span class=\"_ _0\"></span>he un Valore d\u2019Us<span class=\"_ _0\"></span>o di lungo periodo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con riferimento agli ob<span class=\"_ _3\"></span>iettivi di <span class=\"_ _3\"></span>tali valutazioni, occorre evidenziare che <span class=\"_ _3\"></span>esse sono <span class=\"_ _3\"></span>destinate agli investitori finanziari e <span class=\"_ _3\"></span>dunque<span class=\"_ _0\"></span> con una prospettiva di definizione di prezzi e di valori di breve periodo. Tali valutazioni rappresentano il valore potenzial<span class=\"_ _2\"></span>mente ottenibile <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Borsa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limitati <span class=\"_ _5\"></span>quantitativ<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>dismissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>minoranza <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>sono strettamente ancorate <span class=\"_ _0\"></span>ai prezzi ed alle c<span class=\"_ _0\"></span>ondizioni di mercato c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrenti.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>isultanti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>analisti, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riflette <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>metodologica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>Fair Value e Valore d\u2019Us<span class=\"_ _0\"></span>o, pu\u00f2 essere spiegata, c<span class=\"_ _0\"></span>on i seguenti fattori:<span class=\"ff1\"> </span>- <span class=\"_ _34\"> </span>differenza <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nit <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>valuations: <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>detto, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>singol<span class=\"_ _5\"></span><span class=\"lsc\">a </span>azione a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>differenza del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valorizza l\u2019intero <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca. Tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>incide <span class=\"_ _3\"></span>dunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio<span class=\"_ _0\"></span> per il controllo, asse<span class=\"_ _0\"></span>nte nel primo caso, <span class=\"_ _0\"></span>che la dottrina valori<span class=\"_ _0\"></span>zza generalmente in u<span class=\"_ _0\"></span>n range compreso<span class=\"_ _0\"></span> tra il 15% e il 25%.<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente <span class=\"_ _6\"></span>orizzonte <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>preso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>mercato:<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>estensione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>stime circa i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>flussi finanziari, c<span class=\"_ _3\"></span>ome detto, <span class=\"_ _3\"></span>impatta considerevolmente sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valorizzazione del <span class=\"_ _3\"></span>Gruppo; considerando l\u2019orizzonte temporale<span class=\"ff1\"> preso a riferimento dagli analisti, che in genere copre un periodo di 3 anni, e deducendo il premio di<span class=\"_ _0\"></span> </span>controllo, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>risulterebbe <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>azione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>quanto espresso dagli analisti <span class=\"_ _0\"></span>come target price; - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente valore del c<span class=\"_ _0\"></span>osto del capitale che, nelle stim<span class=\"_ _0\"></span>e degli analisti, esse<span class=\"_ _0\"></span>ndo derivato dalle quotazioni di b<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rsa, fattori<span class=\"_ _2\"></span><span class=\"ls1f\">zza </span>elementi esogeni alla<span class=\"_ _0\"></span> capacit\u00e0 del Gru<span class=\"_ _0\"></span>ppo di produrre utili <span class=\"_ _0\"></span>al fine di remunerare i <span class=\"_ _0\"></span>propri azionisti.<span class=\"_ _3\"></span> In <span class=\"_ _7\"> </span>conclusi<span class=\"ff4\">one, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>test<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mpairment <span class=\"_ _4\"> </span>debbano <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>svolti <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>consapevolezza <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>situazione </span>economica, <span class=\"_ _5\"></span>penalizzata <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>geopolitico, <span class=\"_ _5\"></span>incide <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>operative <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>io periodo, senza intaccare <span class=\"_ _3\"></span>in alcun modo le <span class=\"_ _3\"></span>primarie fonti di <span class=\"_ _3\"></span>generazione di reddito, peraltro positivamente influenzate dal trend crescente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>vantaggi <span class=\"_ _6\"></span>competitivi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>dispone, <span class=\"_ _4\"> </span>come <span class=\"_ _6\"></span>peraltro <span class=\"_ _4\"></span>hanno dimostrato sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>degli ultimi <span class=\"_ _3\"></span>anni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il costante <span class=\"_ _3\"></span>raggiungimento degli <span class=\"_ _3\"></span>obiettivi previsionali, che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>redditual<span class=\"_ _35\"></span>i dell\u2019esercizio 2022.<span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>proposito <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>ultimi <span class=\"_ _5\"></span>esercizi <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>posto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ami <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>partecipazioni <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _7\"> </span>fatto <span class=\"_ _7\"> </span>emergere <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _16\"> </span>proventi <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>realizzo <span class=\"_ _7\"> </span>(es. <span class=\"_ _7\"> </span>Setefi, <span class=\"_ _16\"> </span>Allfunds <span class=\"_ _4\"> </span>Bank, <span class=\"_ _16\"> </span>Intrum, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>business <span class=\"_ _7\"> </span>del merchant  a<span class=\"_ _0\"></span>cquiring,  l<span class=\"_ _0\"></span>e  attivit\u00e0 <span class=\"_ _16\"> </span>di  Fund <span class=\"_ _16\"> </span>Administration  in<span class=\"_ _0\"></span>  Lus<span class=\"_ _0\"></span>semburgo,  il <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>della  formazione), <span class=\"_ _16\"> </span>a  conferm<span class=\"_ _0\"></span>a  dell<span class=\"_ _35\"></span>a presenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>plusvalori <span class=\"_ _5\"></span>latenti <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>recepiti <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>riconosciuti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>transazioni <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzate <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>terzi. Inoltre, il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di business <span class=\"_ _3\"></span>resiliente e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>diversificato, con <span class=\"_ _3\"></span>focus sulle <span class=\"_ _3\"></span>fabbriche prodotto <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>concentra b<span class=\"_ _3\"></span>uona <span class=\"_ _5\"></span>parte del <span class=\"_ _6\"></span>differenziale <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili, <span class=\"_ _6\"></span>garantisce <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>primarie <span class=\"_ _6\"></span>fonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>avverse <span class=\"_ _6\"></span>con riferimento allo sc<span class=\"_ _0\"></span>enario prettamente bancari<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. Peraltro, nello svil<span class=\"_ _0\"></span>uppo del modello <span class=\"_ _0\"></span>valutativo utilizzati ai fi<span class=\"_ _0\"></span>ni dell\u2019impairment <span class=\"_ _0\"></span>test <span class=\"_ _2\"></span><span class=\"ff1\">sono state adottate l<span class=\"_ _0\"></span>e seguenti cautele:  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i flussi previsionali incl<span class=\"_ _0\"></span>udono gli effetti finan<span class=\"_ _0\"></span>ziari dei servizi resi dal Centro di G<span class=\"_ _0\"></span>overno; inoltre, i consuntivi d<span class=\"_ _0\"></span>egli ul<span class=\"_ _5\"></span>timi anni </span>sono stati sostanzialm<span class=\"_ _0\"></span>ente allineati ai dati p<span class=\"_ _0\"></span>revisionali; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>analitico, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>desunti <span class=\"_ _3\"></span>dai<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>in </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rispettivi <span class=\"_ _4\"> </span>business, <span class=\"_ _4\"> </span>considerando <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>anch\u2019esso <span class=\"_ _4\"> </span>analitico <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>diversi <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di rischio. Si <span class=\"_ _6\"></span>segnala, <span class=\"_ _4\"> </span>infine, <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>parametri <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>intangibili <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>vita indefinita  sono  s<span class=\"_ _3\"></span>ignificativame<span class=\"_ _0\"></span>nte  influenzati  dal <span class=\"_ _1d\"> </span>quadro  macroeconomico <span class=\"_ _1d\"> </span>e  dalle  dinamiche  d<span class=\"_ _3\"></span>ei  mercati <span class=\"_ _1d\"> </span>finanziari  che potrebbero <span class=\"_ _1c\"> </span>registrare <span class=\"_ _1c\"> </span>mutamenti <span class=\"_ _1c\"> </span>ad <span class=\"_ _1c\"> </span>oggi <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>prevedibili. <span class=\"_ _18\"> </span>Qua<span class=\"_ _3\"></span>lora <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>quadro <span class=\"_ _1c\"> </span>macroecon<span class=\"_ _0\"></span>omico <span class=\"_ _1c\"> </span>mostrasse <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>futuro peggioramenti <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>ipotizzato <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>i\u00f2 <span class=\"_ _7\"> </span>avrebbe <span class=\"_ _16\"> </span>effetti <span class=\"_ _7\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sulle principali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>potrebbero <span class=\"_ _3\"></span>ovv<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>mente c<span class=\"_ _3\"></span>ondurre <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prossimi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quelli prospettati ai fini <span class=\"_ _3\"></span>del Bilancio al 31<span class=\"_ _3\"></span> dicembre 2022. Va <span class=\"_ _3\"></span>tuttavia osservato che le d<span class=\"_ _3\"></span>ivisioni operative che presentano signifi<span class=\"_ _5\"></span>cativi valori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>avviamento <span class=\"_ _6\"></span>(Insurance, <span class=\"_ _6\"></span>Asset <span class=\"_ _6\"></span>Mana<span class=\"_ _3\"></span>gement <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Private <span class=\"_ _6\"></span>Banking) <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>sempre, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>aspetta <span class=\"_ _4\"></span>avranno <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in futuro, redditivit\u00e0 t<span class=\"_ _0\"></span>ali da giustificare <span class=\"_ _0\"></span>ampiamente i valori <span class=\"_ _0\"></span>di avviamento iscritti.  Le analisi di sensitivi<span class=\"_ _0\"></span>t\u00e0 Poich\u00e9 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">stime <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>assunzioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>presentare <span class=\"_ _4\"></span>elementi <span class=\"_ _6\"></span>di </span>incertezza, <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>svolte, <span class=\"_ _16\"> </span>come  r<span class=\"_ _0\"></span>ichiesto <span class=\"_ _16\"> </span>dai  principi <span class=\"_ _7\"> </span>IAS/IFRS,  delle <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>di  sensitivit\u00e0 <span class=\"_ _16\"> </span>finalizzate <span class=\"_ _16\"> </span>a  ver<span class=\"_ _0\"></span>ificare <span class=\"_ _16\"> </span>la<span class=\"_ _5\"></span> sensibilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>risultati <span class=\"_ _6\"></span>ottenuti <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>variare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>taluni <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ipotesi<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>fondo, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>metodo <span class=\"_ _4\"></span>DCF. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>analisi risultano  importanti  in  questo <span class=\"_ _16\"> </span>contesto  previsionale  caratterizzato  da  un  signific<span class=\"_ _0\"></span>ativo  grado  incertezza;  in  proposito,  la<span class=\"_ _35\"></span> considerazione di s<span class=\"_ _3\"></span>cenari alternativi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>stress nel<span class=\"_ _3\"></span>le principali<span class=\"_ _2\"></span> v<span class=\"_ _3\"></span>ariabili valutative e <span class=\"_ _3\"></span>macroeconomiche consente <span class=\"_ _3\"></span>di apprezzare gli impatti <span class=\"_ _0\"></span>sugli esiti dell\u2019impa<span class=\"_ _0\"></span>irment test legati <span class=\"_ _0\"></span>allo scenario prevision<span class=\"_ _0\"></span>ale di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>valori <span class=\"_ _2\"></span>residui <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019<span class=\"_ _2\"></span><span class=\"ff1\">Uso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>sino <span class=\"_ _2\"></span>a </span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>aumento per <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del Ter<span class=\"_ _3\"></span>minal <span class=\"_ _3\"></span>Value. Inoltre,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono state condotte <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>variazione del <span class=\"_ _3\"></span>Valore d\u2019<span class=\"_ _3\"></span>Uso conseguente ad <span class=\"_ _3\"></span>una variazione <span class=\"_ _3\"></span>in senso <span class=\"_ _3\"></span>peg<span class=\"_ _2\"></span><span class=\"ff1\">giorativo dei <span class=\"_ _3\"></span>flussi finanziari </span>utilizzati ai fini del Te<span class=\"_ _0\"></span>rminal Value. Per nes<span class=\"_ _0\"></span>suna delle CGU ogg<span class=\"_ _0\"></span>etto di verifica emergere<span class=\"_ _0\"></span>bbero casistiche di im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>airment nei c<span class=\"_ _2\"></span>asi analizzati a<span class=\"_ _3\"></span>nche in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ttualizzazione e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>diminuzione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pari e<span class=\"_ _3\"></span>ntit\u00e0 del tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value. <span class=\"_ _4\"> </span>Nella <span class=\"_ _6\"></span>tabella <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>segue <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riportata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sensitivity <span class=\"_ _6\"></span>(in termini <span class=\"_ _2\"></span>percentuali) <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>residuano <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>g\u201d <span class=\"_ _3\"></span>o del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _5\"></span>-/+ <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>bps, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari utilizzati ai fini d<span class=\"_ _0\"></span>el Terminal Value.<span class=\"ff2 fc2\"> </span>              <span class=\"_ _0\"></span>          Sensi<span class=\"_ _0\"></span>tivity VARIAZIO<span class=\"_ _0\"></span>NE VALOR<span class=\"_ _0\"></span>E D'USO<span class=\"_ _0\"></span>              CG<span class=\"_ _0\"></span>U tasso di  crescita \"<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>\"  - 10 bps  <span class=\"_ _0\"></span> tasso di  attualizzaz<span class=\"_ _0\"></span>ione + 10 bps   flusso del<span class=\"_ _0\"></span> Terminal v<span class=\"_ _0\"></span>alue - <span class=\"ls25\">10%</span> IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking -0,82% -1,09% -8,49% Insurance<span class=\"_ _35\"></span> -0,78% -1,05% -6,44% Asset Manage<span class=\"_ _35\"></span>ment -0,80% -1,07% -6,50% Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing -0,80% -1,07% -6,52% In <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>precedente, <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Ke <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>incremento) <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>riduzione) <span class=\"_ _2\"></span>contenute <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>1<span class=\"_ _5\"></span><span class=\"lsc\">0 </span>bps <span class=\"_ _5\"></span><span class=\"ff4\">comporterebbero <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>generale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Valori <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,78% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u20191,09%. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il </span>flusso <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>considerato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Terminal <span class=\"_ _6\"></span>Value, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>10% <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mportere<span class=\"_ _0\"></span>bbe <span class=\"_ _6\"></span>riduzioni <span class=\"_ _6\"></span>dei Valori d\u2019Uso r<span class=\"_ _3\"></span>icomp<span class=\"ff1\">rese tra il 6<span class=\"_ _3\"></span>,50% e 8,49%. I<span class=\"_ _3\"></span>n ogni caso, <span class=\"_ _3\"></span>per nessuna <span class=\"_ _3\"></span>CGU emergerebbero problematiche di impairment in </span>corrispondenza di tale <span class=\"_ _0\"></span>sensitivity. Sempre in <span class=\"_ _3\"></span>un\u2019ottica di <span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>test sono <span class=\"_ _3\"></span>state eseguite analisi <span class=\"_ _3\"></span>volte a<span class=\"_ _3\"></span>d evidenziare <span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>limite dei <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">put, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>i quali </span>l\u2019impairment tes<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>richiederebbe di <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>impairment; <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>proposito <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riportano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1\">ssi </span>di crescita \u201cg\u201d ed i tassi di attualizzazione per ciascu<span class=\"_ _0\"></span>na CGU che porterebbero, a parit\u00e0 di fl<span class=\"_ _0\"></span>ussi da attua<span class=\"_ _2\"></span>lizzare, a Valori d\u2019Uso allineati ai valori di<span class=\"_ _0\"></span> iscrizione in bilan<span class=\"_ _0\"></span>cio.<span class=\"_ _3\"></span>                         Sens<span class=\"_ _3\"></span>itivity Tasso di  crescita \"g\"<span class=\"_ _3\"></span> Differenza rispetto al tasso \"g\" utilizzato Tasso di attualizzazione <span class=\"_ _3\"></span>del TV Differenza rispet<span class=\"_ _3\"></span>to al tasso di attualizzazione <span class=\"_ _3\"></span> del TV utilizzato<span class=\"_ _3\"></span>              CGU IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking<span class=\"_ _3\"></span> 0,10% -198 bps 12,70% 152 bps Insurance -3,80% -583 bps 15,16% 428 bps Asset Managemen<span class=\"_ _3\"></span>t -17,80% -1.984 bps 23,62% 1.289 bps Private Banking<span class=\"_ _3\"></span> -54,50% -5.658 bps 45,27% 3.452 bps Come evidente dai dati cont<span class=\"_ _0\"></span>enuti nella tabella, i Valori d\u2019Us<span class=\"_ _0\"></span>o delle CGU si ridurreb<span class=\"_ _0\"></span>bero fino ai valori contabili, c<span class=\"_ _0\"></span>on conseg<span class=\"_ _2\"></span><span class=\"ff1\">uenti </span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment, <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corrispondenza <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ggioramenti dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>(Ke<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ta<span class=\"_ _5\"></span>ssi di crescita \u201cg\u201d. <span class=\"ff1\"> </span>Infine, nell\u2019ambito delle analis<span class=\"_ _0\"></span>i circa le possibili variazioni dei flussi finan<span class=\"_ _0\"></span>ziari delle CGU<span class=\"_ _2\"></span><span class=\"ff1\"> a fronte di scenari alternativi rispetto a </span>quello <span class=\"_ _4\"> </span>utilizzato <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"></span>impairment <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>considerato <span class=\"_ _16\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>flus</span>si <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>prospettici <span class=\"_ _4\"></span>derivante<span class=\"_ _0\"></span> dall\u2019applicazione <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>prospettivo <span class=\"_ _7\"> </span>alternativo, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>quello <span class=\"_ _7\"> </span>\u201csfavorevole\u201d <span class=\"_ _4\"> </span>incorporato <span class=\"_ _7\"> </span>nei modelli <span class=\"_ _16\"> </span>di  Ex<span class=\"_ _0\"></span>pected  C<span class=\"_ _0\"></span>redit <span class=\"_ _16\"> </span>Loss <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>dei  credit<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>ai  sensi <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.  Tale <span class=\"_ _1d\"> </span><span class=\"ff1\">scenario <span class=\"_ _16\"> </span>prevede <span class=\"_ _16\"> </span>un </span>generalizzato shock sull\u2019economia dell\u2019Eurozona, legato <span class=\"_ _3\"></span>principalmente ad un <span class=\"_ _3\"></span>aumento molto signif<span class=\"_ _3\"></span>icativo del prezzo d<span class=\"_ _3\"></span>el gas, con <span class=\"_ _2\"></span>l\u2019introduzi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>\u2019inflazione. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>rappresentato <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>traduce <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>beneficeranno degli  accantonam<span class=\"_ _0\"></span>enti  effettuati <span class=\"_ _16\"> </span>nel  Bilancio  2022  a <span class=\"_ _16\"> </span>fronte  dell\u2019incertezz<span class=\"_ _0\"></span>a  sullo  scenari<span class=\"_ _0\"></span>o  prospettico <span class=\"_ _16\"> </span>e  della  cons<span class=\"_ _2\"></span><span class=\"ff1\">istente </span>riduzione dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni verso <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>russe e <span class=\"_ _3\"></span>ucraine <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>di de<span class=\"_ _5\"></span>-risking <span class=\"_ _3\"></span>attivate <span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>gli accantonamenti effettu<span class=\"_ _0\"></span>ati <span class=\"ff4\">\u2013</span> <span class=\"ff4\">pari mediamente all\u201911% <span class=\"_ _0\"></span>lungo l\u2019orizzonte <span class=\"_ _0\"></span>previsionale, con im<span class=\"_ _0\"></span>patti distribuiti su t<span class=\"_ _0\"></span>utt<span class=\"_ _2\"></span><span class=\"ff1\">e le CGU.<span class=\"_ _90\"> </span></span></span>A <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alle <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>analisi <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>emerso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019orizzonte <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>2023<span class=\"_ _5\"></span><span class=\"ff1\">-2027, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timata <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione </span>dell\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>\u201csfavorevole\u201d, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>comporterebbe <span class=\"_ _2\"></span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>nessuna <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>del Gruppo.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-995": {
   "value": "SEZIONE 10 - ATTIVIT\u00c0 IMMATERIALI - VOCE 100 10.1 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: composizione p<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>r tipologia di at<span class=\"_ _0\"></span>tivit\u00e0   (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Valori<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>Di cui:<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>   Gruppo<span class=\"ls0\"> </span>   <span class=\"ls2b\">bancario<span class=\"ls0\"> </span></span>   Imprese di    assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A.1 Avviamento<span class=\"ls0\"> </span>X 3.626<span class=\"ls0\"> </span>X 2.650<span class=\"ls0\"> </span>X 976<span class=\"ls0\"> </span>X - X 3.574<span class=\"ls0\"> </span>A.1.1 Di pertinenza del gru<span class=\"_ _3\"></span>ppo<span class=\"ls0\"> </span>x 3.626<span class=\"ls0\"> </span>x 2.650<span class=\"ls0\"> </span>x 976<span class=\"ls0\"> </span>x - x 3.574<span class=\"ls0\"> </span>A.1.2 Di pertinenza di terzi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>x - x - x - x - x - A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>di cui: software<span class=\"ls0\"> </span>3.013<span class=\"ls0\"> </span>- 2.961<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- - - 2.533<span class=\"ls0\"> </span>- A.2.1 Attivit\u00e0 valutate al cost<span class=\"_ _3\"></span>o:<span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>a) Attivit\u00e0 immateriali <span class=\"ls0\">generat<span class=\"_ _3\"></span>e </span>internamente<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 2.366<span class=\"ls0\"> </span>- 20<span class=\"ls0\"> </span>- - - 2.072<span class=\"ls0\"> </span>- b) Altre attivit\u00e0<span class=\"ls0\"> </span>1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>A.2.2 Attivit\u00e0 valutate al fair <span class=\"_ _3\"></span>value:<span class=\"ls0\"> </span>- - - - - - - - - - a) Attivit\u00e0 immateriali generat<span class=\"_ _3\"></span>e <span class=\"ls0\"> </span>internamente<span class=\"ls0\"> </span>- - - - - - - - - - b) Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - - - - - - Totale  4.322<span class=\"ls0\"> </span>5.508<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>4.532<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>5.456<span class=\"ls0\"> </span>Si s<span class=\"_ _3\"></span>egnala che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>l\u2019ammontare del <span class=\"_ _5\"></span><span class=\"ff1\">software, pari <span class=\"_ _3\"></span>a 3<span class=\"_ _3\"></span>.013 mil<span class=\"_ _3\"></span>ioni, \u00e8 <span class=\"_ _3\"></span>prodotto <span class=\"_ _3\"></span>internamente per 2<span class=\"_ _3\"></span>.386 milioni </span>e acquistato all\u2019ester<span class=\"_ _0\"></span>no per 627 milioni.<span class=\"_ _90\"> </span>Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> viene riport<span class=\"_ _0\"></span>ata l\u2019allocazione dell\u2019<span class=\"_ _0\"></span>avviamento tra le di<span class=\"_ _0\"></span>verse \u201cCash Gener<span class=\"_ _0\"></span>ating<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Unit\u201d. <span class=\"ff1\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) CGU/Avv<span class=\"_ _0\"></span>iamenti 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Banca dei<span class=\"_ _0\"></span> Territori  - - IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 56<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 976<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>Asset Manage<span class=\"_ _35\"></span>ment  1.059 1.060 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  1.535 1.482 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  - - Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - TOTALE<span class=\"_ _0\"></span> GRUPPO<span class=\"_ _0\"></span> 3.626 3.574 Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>composizione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>rinvia <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span><span class=\"ff4\">quanto <span class=\"_ _4\"> </span>esposto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>capitolo <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>\u201cInformazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulle </span>attivit\u00e0 intangibili e s<span class=\"_ _0\"></span>ull\u2019avviament<span class=\"_ _0\"></span>o\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>10.2 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: variazioni ann<span class=\"_ _0\"></span>ue  (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre <span class=\"ls28\">attivit\u00e0 immateriali:      <span class=\"_ _3\"></span>                               </span>altre<span class=\"ls0\"> </span>TOTALE Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>20.772<span class=\"ls0\"> </span>7.382<span class=\"ls0\"> </span>- 10.583<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>41.123<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">5.310</span> - -<span class=\"ls28\">8.769</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">31.781</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>3.574<span class=\"ls0\"> </span>2.072<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.342<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.041<span class=\"ls0\"> </span>- 422<span class=\"ls0\"> </span>- 1.515<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>- 304<span class=\"ls0\"> </span>- 397<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di <span class=\"ls28\">attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali intern<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></span>X 990<span class=\"ls0\"> </span>- - - 990<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 118<span class=\"ls0\"> </span>- 118<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">727</span> - -<span class=\"ls28\">300</span> - -<span class=\"ls28\">1.027</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">692</span> - -<span class=\"ls28\">292</span> - -<span class=\"ls28\">984</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">684</span> - -<span class=\"ls28\">280</span> - -<span class=\"ls28\">964</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">23</span> - -1 - -<span class=\"ls28\">24</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>3.626<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>9.830<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">17.198</span> -<span class=\"ls28\">6.002</span> - -<span class=\"ls28\">9.061</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">32.765</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>20.824<span class=\"ls0\"> </span>8.388<span class=\"ls0\"> </span>- 10.997<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>42.595<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>B.1 <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019Avviamento <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dall\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>quisizione <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _6\"></span>Banque Priv\u00e9e Quilvest S.A. (CB<span class=\"_ _0\"></span>PQ).<span class=\"ff5 fc2\"> </span><span class=\"ff5 fc2\"><span class=\"_ _9\"> </span></span>10.2 di cui: di pertinen<span class=\"_ _0\"></span>za del Gruppo bancario (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>19.042<span class=\"ls0\"> </span>7.322<span class=\"ls0\"> </span>- 8.952<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>37.702<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.276</span> - -<span class=\"ls28\">7.743</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">29.967</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>2.598<span class=\"ls0\"> </span>2.046<span class=\"ls0\"> </span>- 1.209<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>7.735<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>1.025<span class=\"ls0\"> </span>- 378<span class=\"ls0\"> </span>- 1.455<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 276<span class=\"ls0\"> </span>- 356<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>- - 73<span class=\"ls0\"> </span>- 115<span class=\"ls0\"> </span>B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 987<span class=\"ls0\"> </span>- - - 987<span class=\"ls0\"> </span>B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - - 10<span class=\"ls0\"> </span>B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 102<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">705</span> - -<span class=\"ls28\">198</span> - -<span class=\"ls28\">903</span> C.1 Vendite<span class=\"ls0\"> </span>- - - -3 - -3 di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">678</span> - -<span class=\"ls28\">190</span> - -<span class=\"ls28\">868</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">670</span> - -<span class=\"ls28\">178</span> - -<span class=\"ls28\">848</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span>                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- -8 - -<span class=\"ls28\">12</span> - -<span class=\"ls28\">20</span> C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- -<span class=\"ls28\">12</span> - - - -<span class=\"ls28\">12</span> C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - -4 - -4 C.6 Altre variazioni <span class=\"ls0\"> </span>- -<span class=\"ls28\">15</span> - -1 - -<span class=\"ls28\">16</span> D. Rimanenze finali nette<span class=\"ls0\"> </span>2.650<span class=\"ls0\"> </span>2.366<span class=\"ls0\"> </span>- 1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>8.287<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">16.444</span> -<span class=\"ls28\">5.954</span> - -<span class=\"ls28\">7.933</span> -<span class=\"ls28\">504</span> -<span class=\"ls28\">30.835</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>19.094<span class=\"ls0\"> </span>8.320<span class=\"ls0\"> </span>- 9.322<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>39.122<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle imprese<span class=\"_ _0\"></span> di assicurazione (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>- 1.544<span class=\"ls0\"> </span>- 3.316<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">34</span> - -<span class=\"ls28\">939</span> - -<span class=\"ls28\">1.709</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- 605<span class=\"ls0\"> </span>- 1.607<span class=\"ls0\"> </span>B. Aumenti<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>- 21<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 6 - 19<span class=\"ls0\"> </span>di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X 3 - - - 3 B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 15<span class=\"ls0\"> </span>- 15<span class=\"ls0\"> </span>C. Diminuzioni<span class=\"ls0\"> </span>- -<span class=\"ls28\">22</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">119</span> C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X -<span class=\"ls28\">14</span> - -<span class=\"ls28\">97</span> - -<span class=\"ls28\">111</span>            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair <span class=\"ls0\">value<span class=\"_ _3\"></span> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- -8 - - - -8 D. Rimanenze finali nette<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- 529<span class=\"ls0\"> </span>- 1.525<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">736</span> -<span class=\"ls28\">48</span> - -<span class=\"ls28\">1.036</span> - -<span class=\"ls28\">1.820</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.712<span class=\"ls0\"> </span>68<span class=\"ls0\"> </span>- 1.565<span class=\"ls0\"> </span>- 3.345<span class=\"ls0\"> </span>F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - 10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle altre impr<span class=\"_ _0\"></span>ese (milioni di euro)<span class=\"ls0\"> </span>Avviamento<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali: generate internamente<span class=\"ls0\"> </span>Altre attivit\u00e0 immateriali:                                     altre<span class=\"ls0\"> </span>Totale Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A. Esistenze iniziali <span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 87<span class=\"ls0\"> </span>- 105<span class=\"ls0\"> </span>A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">87</span> - -<span class=\"ls28\">105</span> A.2 Esistenze iniziali nette <span class=\"ls0\"> </span>- - - - - - B. Aumenti<span class=\"ls0\"> </span>- - - 23<span class=\"ls0\"> </span>- 23<span class=\"ls0\"> </span>B.1 Acquisti<span class=\"ls0\"> </span>- - - 22<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X - - - - - B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span>- - - - - - B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 1 - 1 C. Diminuzioni<span class=\"ls0\"> </span>- - - -5 - -5 C.1 Vendite<span class=\"ls0\"> </span>- - - - - - di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span>- - - - - - C.2 Rettifiche di valore<span class=\"ls0\"> </span>- - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span>X - - -5 - -5            <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span>- - - - - -                 <span class=\"ls0\">patrimonio netto </span>X - - - - -                 <span class=\"ls0\">conto economico </span>- - - - - - C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span>X - - - - -            <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span>X - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span>       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span>- - - - - - C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - C.6 Altre variazioni <span class=\"ls0\"> </span>- - - - - - D. Rimanenze finali nette<span class=\"ls0\"> </span>- - - 18<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>D.1 Rettifiche di valore totali <span class=\"ls28\">nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>-<span class=\"ls28\">18</span> - - -<span class=\"ls28\">92</span> - -<span class=\"ls28\">110</span> E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 110<span class=\"ls0\"> </span>- 128<span class=\"ls0\"> </span>F. Valutazione al costo<span class=\"ls0\"> </span>- - - - - - 10.3 Altre informazio<span class=\"_ _0\"></span>ni Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali, <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _5\"></span>software, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a circa 25 milioni. Informazioni sulle attivit<span class=\"_ _0\"></span>\u00e0 intangibili e sull\u2019<span class=\"_ _0\"></span>avviamento<span class=\"ff5\"> </span>L\u2019applicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>principio <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _17\"> </span>3 <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>con<span class=\"_ _3\"></span>tabilizzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _17\"> </span>comportare<span class=\"_ _35\"></span> l\u2019iscrizione di<span class=\"ff1\"> nuove attivit\u00e0 imm<span class=\"_ _35\"></span>ateriali e la rilevazione di avviamen<span class=\"_ _0\"></span>ti.<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fusione <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>successive <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisizione hanno comportato la ril<span class=\"_ _0\"></span>evazione di sig<span class=\"_ _0\"></span>nificativi importi per <span class=\"_ _0\"></span>attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali e per avviamento. Nel corso dell\u2019esercizio 2022 s<span class=\"_ _3\"></span>ono state perfezionate due<span class=\"_ _3\"></span> operazioni che hanno <span class=\"_ _3\"></span>comportato la rilevazione sia di <span class=\"_ _3\"></span>nuove attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span>intangibili a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita definita <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avviamento. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>ichiamano brevemente <span class=\"_ _3\"></span>tali o<span class=\"_ _3\"></span>perazioni de<span class=\"_ _5\"></span>scrivendo gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le stesse hanno comport<span class=\"_ _0\"></span>ato sull\u2019ammontare e s<span class=\"_ _0\"></span>ulla composizione delle a<span class=\"_ _0\"></span>ttivit\u00e0 intangibili de<span class=\"_ _0\"></span>l Gruppo. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>30 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>perfezionata <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>uxembourg, <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"> </span>controllata <span class=\"_ _6\"></span>da Fideuram <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Banking, del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>00% d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>de <span class=\"_ _2\"></span>Banque <span class=\"_ _3\"></span>Priv\u00e9e <span class=\"_ _3\"></span>Quilvest, <span class=\"_ _3\"></span>banca private <span class=\"_ _16\"> </span>lussemburghe<span class=\"_ _0\"></span>se <span class=\"_ _16\"> </span>controllata <span class=\"_ _7\"> </span>interamente  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>holding <span class=\"_ _7\"> </span>Quilvest <span class=\"_ _16\"> </span>Wealth <span class=\"_ _16\"> </span>Management. <span class=\"_ _7\"> </span>Nell\u2019ambito <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _7\"> </span>di Purchase <span class=\"_ _5\"></span>Price <span class=\"_ _2\"></span>Allocation <span class=\"_ _6\"></span>(PPA) <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>identificate <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _2\"></span>relative <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>legate alla clientela (Customer Relation<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>hip Related), per un importo pari rispet<span class=\"_ _0\"></span>tivamente a 43 milioni per l\u2019attivit\u00e0 legata alla r<span class=\"_ _2\"></span><span class=\"ff1\">accolta </span>indiretta (Asse<span class=\"ff4\">t under Management) <span class=\"_ _0\"></span>e 30 milioni per l\u2019attivit\u00e0 legata alla ra<span class=\"_ _0\"></span>ccolta diretta a vista (Core De<span class=\"_ _0\"></span>posits). Inoltre, \u00e8 stata<span class=\"_ _35\"></span> </span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>42 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>differenza <span class=\"_ _5\"></span>residuale <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisizione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span>nio netto de<span class=\"ff4\">lla societ\u00e0 espresso al fair value alla data di acquisizione. Secondo<span class=\"_ _0\"></span> quanto previsto dallo IAS 36, sia l\u2019avviamento che </span>le attivit\u00e0 intangibili l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gate alle masse son<span class=\"_ _0\"></span>o stati allocati alla<span class=\"_ _0\"></span> CGU Private Banking.  Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"> </span>Internation<span class=\"_ _0\"></span>al <span class=\"_ _4\"> </span>Subs<span class=\"_ _3\"></span>idiary <span class=\"_ _6\"> </span>Banks, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>4 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _6\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>perfezionata <span class=\"_ _4\"> </span>l\u2019acquisizione, <span class=\"_ _6\"> </span>da parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Holding <span class=\"_ _3\"></span>International, <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>,26% <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>di VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _2\"></span>quarto <span class=\"_ _5\"></span>operatore <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>slovacco <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>pensione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>deteneva, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in precedenza, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>5<span class=\"_ _3\"></span>0% <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>joint <span class=\"_ _4\"> </span>venture <span class=\"_ _7\"> </span>costituita <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2004 <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>Generali. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>presente operazione, avendo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mportato<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019acquisi<span class=\"_ _2\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019I<span class=\"_ _3\"></span>FRS 10, \u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _4\"> </span>considerata <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019aggregazione <span class=\"_ _6\"></span>aziendale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>contabilizzarsi <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>all\u2019IFRS <span class=\"_ _6\"> </span>3. <span class=\"_ _4\"> </span>Al <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Purchas<span class=\"_ _0\"></span>e Price <span class=\"_ _5\"></span>Allocation <span class=\"_ _5\"></span>(PPA), <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>entificata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rilevata <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibil<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>precedentemente <span class=\"_ _5\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VUB </span>Generali <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _16\"> </span>alle  att<span class=\"_ _0\"></span>ivit\u00e0  leg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  a<span class=\"_ _0\"></span>lla  c<span class=\"_ _0\"></span>lientela <span class=\"_ _16\"> </span>(Customer  R<span class=\"_ _35\"></span>elationship  Relat<span class=\"_ _0\"></span>ed),  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>particolar  m<span class=\"_ _0\"></span>odo <span class=\"_ _16\"> </span>all\u2019attivit\u00e0 <span class=\"_ _16\"> </span>d<span class=\"_ _6\"></span><span class=\"ff1 ls13\">i </span>risparmio <span class=\"_ _4\"> </span>gestito, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>importo <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>80 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>allocata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>Interna<span class=\"_ _2\"></span><span class=\"ff4\">tional <span class=\"_ _4\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks. <span class=\"_ _4\"> </span>L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>intangibile </span>identificata, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>correlato <span class=\"_ _6\"></span>effetto <span class=\"_ _4\"></span>fiscale, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>assorbito <span class=\"_ _5\"></span>completamente <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>acquisizione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>le consistenze patrimo<span class=\"_ _0\"></span>niali della societ\u00e0, senz<span class=\"_ _0\"></span>a che dall\u2019operazi<span class=\"_ _0\"></span>one scaturissero <span class=\"_ _3\"></span><span class=\"ff1\">importi a titolo di a<span class=\"_ _0\"></span>vviamento.  </span>Per maggiori dettagli<span class=\"_ _0\"></span> sulle operazioni sopra<span class=\"_ _0\"></span> menzionate, si ved<span class=\"_ _0\"></span>a la Parte G della pr<span class=\"_ _0\"></span>esente Nota Integrativ<span class=\"_ _0\"></span>a.<span class=\"_ _2\"></span> Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019avviamento <span class=\"_ _2\"></span>iscritti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Bila<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>al </span>31<span class=\"ls0\"> <span class=\"ff4\">dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>relativa <span class=\"_ _1d\"> </span>dinamica <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>corso <span class=\"_ _1d\"> </span>dell\u2019esercizio, <span class=\"_ _1d\"> </span>suddivisi <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>Cash <span class=\"_ _1d\"> </span>Ge<span class=\"_ _3\"></span>nerating <span class=\"_ _1d\"> </span>Unit <span class=\"_ _17\"> </span>(CGU), <span class=\"_ _17\"> </span>che </span></span>rappresentano <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>aggregazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"></span>effettuati <span class=\"_ _4\"></span>gli <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>test <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>la verifica del valore re<span class=\"_ _0\"></span>cuperabile. (milioni di euro) CGU Bilancio 2021 Acquisizione CBPQ Acquisizione VUB Generali Ammortamento Altre variazioni (1) Bilancio 2022 DIVISIONE BANCA DEI <span class=\"_ _0\"></span>TERRITORI  1.833 - - -<span class=\"ls1a\">22</span> - 1.811 - Intangibile asset manage<span class=\"_ _0\"></span>ment - distribuzione 201 - - -<span class=\"ls1a\">14</span> - 187 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 110 - - -7 - 103 - Intangibile brand nam<span class=\"_ _0\"></span>e 1.507 - - - - 1.507 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 15<span class=\"ls0\"> </span>- - -1 - 14<span class=\"ls0\"> </span>- Intangibile acquiring - - - - - - - Avviamento - - - - - - DIVISIONE IMI CORPORA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>E &amp; INVESTMENT BANK<span class=\"_ _0\"></span>ING  56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>- Avviamento 56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>DIVISIONE ASSET MANAGEMEN<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span> 1.166 - - -6 -1 1.159 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 106 - - -6 - 100 - Avviamento 1.060 - - - -1 1.059 DIVISIONE PRIVATE BANKING<span class=\"_ _0\"></span> 2.106 115 - -<span class=\"ls1a\">19</span> 15<span class=\"ls0\"> </span>2.217 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 180 43<span class=\"ls0\"> </span>- -<span class=\"ls1a\">14</span> 4 213 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 47<span class=\"ls0\"> </span>- - -2 - 45<span class=\"ls0\"> </span>- Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangibile brand nam<span class=\"_ _0\"></span>e 375 - - - - 375 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 22<span class=\"ls0\"> </span>- - -2 - 20<span class=\"ls0\"> </span>- Avviamento 1.482 42<span class=\"ls0\"> </span>- - 11<span class=\"ls0\"> </span>1.535 DIVISIONE INSURANCE 1.567 - - -<span class=\"ls1a\">94</span> - 1.473 - Intangibile assicurativo - produzi<span class=\"_ _0\"></span>one  591 - - -<span class=\"ls1a\">94</span> - 497 - Avviamento 976 - - - - 976 DIVISIONE INTERNA<span class=\"_ _0\"></span>TIONAL SUBSIDIARY BA<span class=\"_ _0\"></span>NKS - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>- Intangible asset man<span class=\"_ _0\"></span>agement - produzione - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>BANK OF ALEXANDRIA (Eg<span class=\"_ _0\"></span>itto)  - - - - - - PRAVEX BANK (Ucraina)  - - - - - - - TOTALE CGU 6.728 115 80<span class=\"ls0\"> </span>-<span class=\"ls1a\">142</span> 14<span class=\"ls0\"> </span>6.795 - Intangibile asset manage<span class=\"_ _0\"></span>ment 487 43<span class=\"ls0\"> </span>80<span class=\"ls0\"> </span>-<span class=\"ls1a\">35</span> 4 579 - Intangibile assicurativo 748 - - -<span class=\"ls1a\">103</span> - 645 - Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangible asset under <span class=\"_ _0\"></span>administration 37<span class=\"ls0\"> </span>- - -3 - 34<span class=\"ls0\"> </span>- Intangibile Acquiring - - - - - - - Intangibile brand nam<span class=\"_ _0\"></span>e 1.882 - - - - 1.882 - Avviamento 3.574 42<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>3.626 (1) Differenze cambio su avvi<span class=\"_ _0\"></span>amento riferito a Eurizon Capital S<span class=\"_ _0\"></span>LJ e su avviamento e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di ammortamento su i<span class=\"_ _0\"></span>ntangibili riferiti a Reyl &amp;<span class=\"_ _0\"></span> Cie SA.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>rilevate f<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>clientela e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riferiscono <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>valoriz<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>azione del portafoglio assicurativo<span class=\"_ _0\"></span> (Value of Business Acquired), della raccolta amministrata (Asset Under Administration, AUA)<span class=\"_ _0\"></span> e gestit<span class=\"_ _2\"></span><span class=\"ls17\">a </span>(Asset  Under  Management,  AU<span class=\"_ _0\"></span>M)  e  dei <span class=\"_ _1d\"> </span>Cor<span class=\"_ _0\"></span>e  Deposits.  Tali  attivit\u00e0  immateriali  sono  state  originariam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte  valorizzat<span class=\"_ _0\"></span>e attraverso <span class=\"_ _4\"> </span>l\u2019<span class=\"ff1\">attualizzazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _4\"></span>rappresentativi <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>margini <span class=\"_ _4\"></span>reddituali <span class=\"_ _6\"></span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>esprimente <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>residua,<span class=\"_ _0\"></span> </span>contrattuale o stimat<span class=\"_ _0\"></span>a, dei rapporti in ess<span class=\"_ _0\"></span>ere alla data dell\u2019opera<span class=\"_ _0\"></span>zione di aggreg<span class=\"_ _0\"></span>azione<span class=\"_ _2\"></span><span class=\"ff1\">. </span>A <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _17\"> </span>utile <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nita, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>provveduto <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>imputare <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>conto <span class=\"_ _17\"> </span>economico <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>di ammortamento di <span class=\"_ _3\"></span>competenza dell<span class=\"_ _3\"></span>\u2019anno (inclusa <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce \u201c220. <span class=\"_ _3\"></span>Rettifiche/riprese di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali\u201d) p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un ammontare comple<span class=\"_ _0\"></span>ssivo pari a 142 mili<span class=\"_ _0\"></span>oni al lordo dell\u2019eff<span class=\"_ _0\"></span>ett<span class=\"_ _3\"></span><span class=\"ff1\">o fiscale. </span>\u00c8 <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>valorizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cbrand <span class=\"_ _7\"> </span>name\u201d, <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _4\"> </span>legata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>marketing, <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lorizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>del marchio; <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>indefinita <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontribuire <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>indefi<span class=\"_ _5\"></span>nito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla formazione dei flussi<span class=\"_ _0\"></span> reddituali.<span class=\"fs12\"> </span>In <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>36, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>evono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>annualmente <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>impairment <span class=\"_ _5\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>del valore <span class=\"_ _6\"></span>sia <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>vita <span class=\"_ _6\"> </span>utile <span class=\"_ _6\"> </span>indefinita <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>l\u2019avviamento. <span class=\"_ _6\"> </span>Inoltre, <span class=\"_ _6\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _6\"></span>definita </span>l\u2019impairment  test <span class=\"_ _1d\"> </span>deve  essere <span class=\"_ _1d\"> </span>svolto  quando <span class=\"_ _1d\"> </span>sia  rilevata <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>presenza  di <span class=\"_ _1d\"> </span>indicatori  di <span class=\"_ _1d\"> </span>perdita.  Il <span class=\"_ _1d\"> </span>valore  recuperabile  \u00e8 rappresentato dal m<span class=\"_ _0\"></span>aggiore tra il Valore d\u2019Us<span class=\"_ _0\"></span>o ed il Fair value, <span class=\"_ _0\"></span>al netto dei costi di v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">ndita.<span class=\"ff5 fs9 fc2\"> </span></span>Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>infine, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>tangibili<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>tes<span class=\"_ _6\"></span><span class=\"ff1 ls12\">t, </span>dispone <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>debba  fare <span class=\"_ _7\"> </span>riferimento  ai<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>flussi  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>cassa <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>all\u2019intangibile <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>sue  co<span class=\"_ _0\"></span>ndizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _16\"> </span>(alla <span class=\"_ _16\"> </span>dat<span class=\"_ _5\"></span><span class=\"ff1\">a  di<span class=\"_ _35\"></span> </span>impairment <span class=\"_ _16\"> </span>test),  senza <span class=\"_ _16\"> </span>distinzione <span class=\"_ _16\"> </span>tra  i  f<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>ussi <span class=\"_ _16\"> </span>di  cassa <span class=\"_ _16\"> </span>riferiti <span class=\"_ _16\"> </span>all\u2019asset  origi<span class=\"_ _0\"></span>nariamente  ril<span class=\"_ _0\"></span>evato <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  applica<span class=\"_ _0\"></span>zione<span class=\"_ _90\"> </span><span class=\"_ _5\"></span><span class=\"ff1\"> </span>dell\u2019IFRS 3<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>relativi a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>dell\u2019impairment test; <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>in quanto <span class=\"_ _2\"></span>risulterebbe difficile, <span class=\"_ _6\"> </span><span class=\"ff1\">specie </span>in caso di operazioni straordinarie tra business o modifiche dell\u2019asset a seguito di significativi turn<span class=\"_ _0\"></span>over delle masse, dei <span class=\"_ _5\"></span><span class=\"ff1\">clienti, </span>dei contratti, ecc., di<span class=\"_ _0\"></span>stinguere i flussi rifer<span class=\"_ _0\"></span>iti all\u2019asset origina<span class=\"_ _0\"></span>rio dagli altri.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tale <span class=\"_ _5\"></span>concetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>replicabile <span class=\"_ _5\"></span>an<span class=\"ff4\">che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle </span>CGU, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>utte <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>comprese <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span> solo per le attivit\u00e0 <span class=\"_ _0\"></span>e passivit\u00e0 <span class=\"ff4\">a fronte delle quali \u00e8 <span class=\"_ _0\"></span>stato rilevato un avv<span class=\"_ _0\"></span>iamento in sede di a<span class=\"_ _0\"></span>pplicazione dell\u2019IFR<span class=\"_ _0\"></span>S 3.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Anche <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impairment test <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>gi\u00e0 avvenuto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i precedenti <span class=\"_ _3\"></span>bilanci, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>della <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>mercati <span class=\"_ _3\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>ritraibili, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fatto riferimento <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>futuri <span class=\"_ _2\"></span>ricavabili <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _2\"></span>(o <span class=\"_ _7\"> </span><span class=\"ff1\">business)<span class=\"_ _0\"></span> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valutazione. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>partico<span class=\"_ _3\"></span>lare, <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _4\"></span>2022, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>quanto <span class=\"_ _4\"> </span>fatto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>precedenti bilanci, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recuperabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>svolta <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019applicazione del <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>DCF <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>Discounted </span>Cash <span class=\"_ _4\"></span>Flow <span class=\"_ _6\"></span>model <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>a <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiunge, <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>risultanze <span class=\"_ _6\"></span>emerse <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>metodo <span class=\"_ _6\"></span>DCF, l\u2019applicazione  del  metod<span class=\"_ _0\"></span>o  DDM  \u2013<span class=\"ff1\"> <span class=\"_ _1d\"> </span>Dividen<span class=\"_ _0\"></span>d  Discounted  Model; <span class=\"_ _16\"> </span>entrambi  i  metodi  si  sono  basati  sull<span class=\"_ _0\"></span>e  stime  analitiche </span>predisposte internamente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>eriodo 2023<span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span>2027 <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>fino al <span class=\"_ _2\"></span>2025, rappresentano <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>revisioni risultanti <span class=\"_ _3\"></span>dal Piano <span class=\"_ _3\"></span>d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"ff1\">-2025, <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>mutato <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>macroeconomico, mentre <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>di </span>proiezione <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tra<span class=\"_ _3\"></span>scinamento <span class=\"_ _7\"> </span>inerziale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2025, <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proiezioni interne  relative  al  citato  scenario  ma<span class=\"_ _0\"></span>croeconomico.  Si  segna<span class=\"_ _0\"></span>la  che  le  verifiche  menzionate  in  precede<span class=\"_ _0\"></span>nza  non  hanno riguardato <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>Bank <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione dell\u2019assenza, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>verifica, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>avviamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>tali <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"> </span>test. <span class=\"_ _4\"> </span>A <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>verifiche <span class=\"_ _6\"> </span>si<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"lsc\">\u00e8 </span></span>ulteriormente <span class=\"_ _3\"></span>aggiunta una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>autonoma, <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>indipendente, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _3\"></span>name<span class=\"_ _0\"></span> per la componente attri<span class=\"_ _0\"></span>buita alla Banca dei<span class=\"_ _0\"></span> Territori, CGU che <span class=\"_ _0\"></span>non presenta pi\u00f9 <span class=\"_ _0\"></span>avviamenti allocati. <span class=\"_ _3\"></span> Gli <span class=\"_ _4\"> </span>esiti <span class=\"_ _6\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>hanno <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>operare <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span><span class=\"ff1\">ttifiche <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valore </span>dell\u2019avviamento <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>(brand <span class=\"_ _2\"></span>name) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>essuna <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>appartenenti <span class=\"_ _4\"> </span><span class=\"ff1\">al </span>Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo. Si <span class=\"_ _7\"> </span>precisa, <span class=\"_ _7\"> </span>infine, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>metodologie, <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>assunti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>siti <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>procedura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span>mpairment <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _7\"> </span>e dell\u2019avviamento, <span class=\"_ _23\"> </span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>management, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>stati <span class=\"_ _29\"> </span>approvati <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>Consiglio <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>Amministrazione <span class=\"_ _29\"> </span>preliminarmente<span class=\"_ _0\"></span> all\u2019approvazione d<span class=\"_ _0\"></span>el progetto del Bilancio<span class=\"_ _0\"></span> 2022.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019impairment test dei valori intangibili<span class=\"ff5\"> </span>Il <span class=\"ls0\">portafoglio assicurativo </span>La <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"></span>assicurativo <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inea <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>utilizzati <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"></span>valutativa. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>c<span class=\"_ _5\"></span>os\u00ec determinato, <span class=\"_ _4\"> </span>essendo <span class=\"_ _7\"> </span>considerato <span class=\"_ _7\"> </span>\u201ca <span class=\"_ _7\"> </span>vita <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinita\u201d, <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>ammortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>variabili <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">iodo <span class=\"_ _7\"> </span>esprimente <span class=\"_ _4\"> </span>la </span>durata residua dei cont<span class=\"_ _0\"></span>ratti assicurativi.  Il <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio dell\u2019intangibile ass<span class=\"_ _3\"></span>icurativo comprende, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le altre <span class=\"_ _3\"></span>cose, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>assicurativo di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpa<span class=\"_ _5\"></span><span class=\"ff1\">olo <span class=\"_ _3\"></span>Vita </span>e <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Life <span class=\"_ _2\"></span>DAC <span class=\"_ _3\"></span>distribuito <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rete <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>Vita. <span class=\"_ _2\"></span>Nel <span class=\"_ _3\"></span>valore<span class=\"_ _0\"></span> complessivo <span class=\"_ _7\"> </span>di  bil<span class=\"_ _0\"></span>ancio <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompreso <span class=\"_ _7\"> </span>anche  l\u2019i<span class=\"_ _0\"></span>ntangibile <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>pertinenza <span class=\"_ _7\"> </span>di  Inte<span class=\"_ _0\"></span>sa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>RBM  S<span class=\"_ _0\"></span>alute <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>ete<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IW <span class=\"_ _2\"></span>Bank. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 aggiunto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Business <span class=\"_ _3\"></span>Acquired <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>VoBA), <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iveniente <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Assicuraz<span class=\"_ _0\"></span>ioni <span class=\"_ _2\"></span>Vita, <span class=\"_ _2\"></span>Lombarda <span class=\"_ _2\"></span>Vita <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cargeas Assicurazioni. Si ricorda che al 31 dicembre 2021 le compagnie Assicurazioni <span class=\"_ _3\"></span>Vita e <span class=\"_ _3\"></span>Lombarda Vita erano state incorporate in<span class=\"_ _35\"></span> Intesa Sanpaolo Vita<span class=\"_ _0\"></span>, mentre Cargeas As<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>icurazioni \u00e8 stata fu<span class=\"_ _0\"></span>sa in Intesa Sanp<span class=\"_ _0\"></span>aolo Assicura in d<span class=\"_ _0\"></span>ata 1\u00b0 ottobre 2022.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>assicurativo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>allocate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CG<span class=\"_ _2\"></span>U <span class=\"_ _6\"></span>Insurance, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private Banking <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Territori, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>econda c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriscano a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>delle polizze o alla distribu<span class=\"_ _0\"></span>zione delle stesse.  Come <span class=\"_ _3\"></span>detto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenza, si <span class=\"_ _2\"></span>tratta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span><span class=\"ff4\">intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>imputare <span class=\"_ _3\"></span>a </span>conto economico l\u2019ammo<span class=\"_ _0\"></span>rtamento di compet<span class=\"_ _0\"></span>enza, per un import<span class=\"_ _0\"></span>o complessivo pari a 1<span class=\"_ _0\"></span>03 milioni. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio sono state aggiorn<span class=\"_ _0\"></span>ate le analisi sui prin<span class=\"_ _0\"></span>cipali indic<span class=\"_ _3\"></span><span class=\"ff1\">atori di impairment.  </span>Nello specifico <span class=\"_ _3\"></span>la Divisione <span class=\"_ _3\"></span>Insurance nel 2022 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>conseguito un risultato d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0 assicurativa ampiamente positivo, pa<span class=\"_ _5\"></span><span class=\"ff1\">ri a </span>circa 1<span class=\"_ _3\"></span>,6 <span class=\"_ _3\"></span>miliardi, in <span class=\"_ _3\"></span>marginale <span class=\"_ _3\"></span>incremento rispetto <span class=\"_ _3\"></span>all\u2019anno <span class=\"_ _3\"></span>precedente (+1,9%). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>dinamica \u00e8 <span class=\"_ _3\"></span>ascriv<span class=\"_ _5\"></span>ibile a<span class=\"_ _3\"></span>ll\u2019incremento del margine <span class=\"_ _3\"></span>tecnico <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>vita s<span class=\"_ _3\"></span>ia n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>danni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>compensato l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>riduzione del <span class=\"_ _2\"></span>margine finanziario. <span class=\"_ _3\"></span>Inoltre,<span class=\"_ _2\"></span> nel 2022 la raccolta premi vita e previdenza della Divisi<span class=\"_ _0\"></span>one \u00e8 risultata pari a 16,2 miliardi, evid<span class=\"_ _0\"></span>enzian<span class=\"_ _2\"></span>do una flessione del 14% circa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>precedente <span class=\"_ _4\"></span>esercizio, <span class=\"_ _6\"></span>imputabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span>-<span class=\"ff4\">41%), <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>conseguenza <span class=\"_ _6\"> </span>dell\u2019incertezza <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>mercati<span class=\"_ _0\"></span> </span>finanziari. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>tradizionali <span class=\"_ _2\"></span>(+39%), <span class=\"_ _3\"></span>inclusivi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>componente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>polizze multiramo,  grazie <span class=\"_ _1d\"> </span>al  collocamento <span class=\"_ _1d\"> </span>nel  quarto <span class=\"_ _1d\"> </span>trimestre <span class=\"_ _1d\"> </span>del  plafond <span class=\"_ _1d\"> </span>di  ramo <span class=\"_ _1d\"> </span>I  dedicato <span class=\"_ _1d\"> </span>alla <span class=\"_ _1d\"> </span>clientela  senior.  I <span class=\"_ _1d\"> </span>prodotti previdenziali <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>progresso <span class=\"_ _4\"> </span>dell\u20191%. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _4\"> </span>diretta <span class=\"_ _4\"> </span>assicurativa, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>ha <span class=\"_ _1d\"> </span><span class=\"ff1\">superato <span class=\"_ _4\"></span>i </span>173 miliardi, in flessione <span class=\"_ _0\"></span>di circa il 15% rispetto <span class=\"_ _0\"></span>al precedente e<span class=\"_ _0\"></span>sercizio. <span class=\"_ _3\"></span> Si ricorda, come<span class=\"_ _3\"></span> detto in <span class=\"_ _3\"></span>precedenza, che lo <span class=\"_ _3\"></span>IAS 36 prevede <span class=\"_ _3\"></span>che gli intangibili vengano s<span class=\"_ _3\"></span>ottoposti ad impairment test facendo<span class=\"_ _5\"></span> riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tutta <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>res<span class=\"_ _3\"></span>idui <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>era stato  determinato  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>  valore  in<span class=\"_ _0\"></span>iziale  dell\u2019attivit<span class=\"_ _0\"></span>\u00e0  intangibile,  r<span class=\"_ _0\"></span>icomprendendo, <span class=\"_ _16\"> </span>pertanto,  in  un <span class=\"_ _16\"> </span>eventuale  calcolo <span class=\"_ _16\"> </span>del  valore recuperabile <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>produzione <span class=\"_ _7\"> </span>g<span class=\"ff4\">eneratasi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 </span>intangibile. Inoltre, s<span class=\"_ _3\"></span>i evidenzia c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i vo<span class=\"_ _3\"></span>lumi delle <span class=\"_ _3\"></span>polizze <span class=\"_ _3\"></span>sottostanti alla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilan<span class=\"_ _5\"></span>cio <span class=\"_ _3\"></span>risultano<span class=\"_ _35\"></span> assolutamente trasc<span class=\"_ _0\"></span>urabili se confrontati con le poli<span class=\"_ _0\"></span>zze complessive d<span class=\"_ _0\"></span>elle CGU di riferime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span> L\u2019analisi <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>presenti <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>non <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>evidenziato <span class=\"_ _5\"></span>alcuna <span class=\"_ _6\"> </span>indicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>possibi<span class=\"_ _6\"></span><span class=\"ff1\">le </span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntangibile <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">usiness <span class=\"_ _2\"></span>assicurativo, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dallo <span class=\"_ _3\"></span>IAS <span class=\"_ _2\"></span>36, </span>l\u2019attivit\u00e0 intangibile \u00e8 oggetto <span class=\"_ _3\"></span>di verifica a<span class=\"_ _3\"></span>i fini impairment <span class=\"_ _3\"></span>test a livello d<span class=\"_ _3\"></span>i CGU nel s<span class=\"_ _3\"></span>uo complesso e<span class=\"_ _3\"></span> non per<span class=\"_ _3\"></span> singolo pro<span class=\"_ _5\"></span><span class=\"ff1\">dotto o </span>ramo di attivit\u00e0. <span class=\"_ _30\"> </span> Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono <span class=\"ff4\">sintetizzati i valori dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0 intang<span class=\"_ _0\"></span>ibile assicurativa secondo<span class=\"_ _0\"></span> la CGU di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di euro)<span class=\"_ _3\"></span> CGU Bilancio 2021 Ammortamento<span class=\"_ _3\"></span> Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - distribuzi<span class=\"_ _3\"></span>one 110<span class=\"ls0\"> </span>-7 103<span class=\"ls0\"> </span>DIVISIONE INSURANCE<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produzi<span class=\"_ _3\"></span>one  591<span class=\"ls0\"> </span>-<span class=\"ls1b\">94</span> 497<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile assic<span class=\"_ _3\"></span>urativo - produz<span class=\"_ _3\"></span>. e distribuz.<span class=\"_ _3\"></span> 47<span class=\"ls0\"> </span>-2 45<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 748<span class=\"ls0\"> </span>-103 645<span class=\"ls0\"> </span>A <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>analisi <span class=\"_ _7\"> </span>svolte <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _16\"> </span>indicatori <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impairment <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>risultato <span class=\"_ _7\"> </span>necessario <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ricalcolo puntuale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibile <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>assicurativo <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022 non ha evidenziato p<span class=\"_ _0\"></span>articolari criticit\u00e0. Il portafoglio di asset under management e under administration L\u2019attivit\u00e0 immateriale iscritta nel Bilancio consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo \u00e8 considerata \u201ca vita definita\u201d. Pertanto, per il<span class=\"_ _5\"></span><span class=\"ff1\"> Bilancio </span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>state <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore, <span class=\"_ _5\"></span>comunque <span class=\"_ _5\"></span>monitorati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d\u2019esercizio <span class=\"_ _5\"></span>(tra <span class=\"_ _7\"> </span><span class=\"ff1\">di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i,<span class=\"_ _35\"></span> </span>l\u2019andamento delle <span class=\"_ _2\"></span>masse, dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iscatto, del <span class=\"_ _2\"></span>margine di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019effetto <span class=\"_ _3\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">scale). </span>Tali <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>dell\u2019intang<span class=\"_ _0\"></span>ibile <span class=\"_ _6\"> </span><span class=\"ff1\">legata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>amministrata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestita <span class=\"_ _5\"></span>(Asset <span class=\"_ _2\"></span>Under </span>Administration, <span class=\"_ _7\"> </span>AuA <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Asset <span class=\"_ _7\"> </span>Under <span class=\"_ _7\"> </span>Management, <span class=\"_ _7\"> </span>AuM) <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>esistenti <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di acquisizione di generar<span class=\"_ _0\"></span>e flussi reddituali lungo la <span class=\"_ _0\"></span>vita utile residua di tali rap<span class=\"_ _0\"></span>porti <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> iscritta in bilancio a segu<span class=\"_ _0\"></span>ito delle operazioni di acquisizione che s<span class=\"_ _0\"></span>i sono susseguite n<span class=\"_ _0\"></span>el tempo.  Pi\u00f9 <span class=\"_ _5\"></span>precisamente <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>managem<span class=\"_ _0\"></span>ent <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banche <span class=\"_ _2\"></span>Venete <span class=\"_ _5\"></span>acquisite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del Gruppo <span class=\"_ _1d\"> </span>Morval  acquisito  da<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span>- <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Private  Banking <span class=\"_ _1d\"> </span>n<span class=\"ff4\">el <span class=\"_ _1d\"> </span>corso  del <span class=\"_ _1d\"> </span>2018. <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>seguire,  nell\u2019ambito<span class=\"_ _0\"></span> </span>dell\u2019operazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>acquisizione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>UBI, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>valorizzate <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"> </span>intangibili <span class=\"_ _6\"></span>legate <span class=\"_ _6\"> </span>all<span class=\"_ _6\"></span><span class=\"ff1 ls17\">a </span>raccolta indiretta ed <span class=\"_ _3\"></span>in particolare l\u2019attivit\u00e0 immateriale inerente la <span class=\"_ _3\"></span>raccolta ammini<span class=\"_ _3\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trata e gestita <span class=\"_ _3\"></span>(Asset under Administration, </span>AuA e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Asset Under <span class=\"_ _3\"></span>Management, AuM)<span class=\"_ _3\"></span><span class=\"ff4\">, mentre <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del 2021 <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata rilevata <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale inerente la <span class=\"_ _3\"></span>raccolta </span>amministrata e gestita <span class=\"_ _0\"></span>di Reyl &amp; Cie SA, ban<span class=\"_ _0\"></span>ca private svizzera con p<span class=\"_ _0\"></span>resenza internaz<span class=\"_ _3\"></span>ionale. Nel corso del <span class=\"_ _3\"></span>2022, come indicato <span class=\"_ _3\"></span>in precedenza, sono state <span class=\"_ _3\"></span>rilevate nuove attivit\u00e0 intangibili legate alla c<span class=\"_ _3\"></span>lientela, ineren<span class=\"_ _5\"></span>ti alla raccolta <span class=\"_ _1d\"> </span>indiretta  di <span class=\"_ _1d\"> </span>Compagni<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>de <span class=\"_ _1d\"> </span>Banque  Priv\u00e9e  Qu<span class=\"_ _3\"></span>ilvest  (CBPQ) <span class=\"_ _1d\"> </span>e  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>VUB  Generali  p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>un  importo, <span class=\"_ _1d\"> </span>alla  data <span class=\"_ _1d\"> </span>di acq<span class=\"ls0\">uisizi<span class=\"_ _0\"></span>one, rispettivame<span class=\"_ _0\"></span>nte pari a 43 e 80 milioni. </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>frattempo a<span class=\"_ _3\"></span>mmortizzata, <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile AuM <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>allocata <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">lla </span>CGU <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _2\"></span>(187 <span class=\"_ _2\"></span>milioni), <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>(213 <span class=\"_ _5\"></span>milioni<span class=\"_ _3\"></span>), <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Ma<span class=\"_ _3\"></span>nagement <span class=\"_ _2\"></span>(100 <span class=\"_ _5\"></span>milioni) <span class=\"_ _3\"></span>e alla <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks (79 <span class=\"_ _2\"></span>milioni).<span class=\"fs6\"> <span class=\"_ _2\"></span></span><span class=\"ff4\">Analogamente, l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile Au<span class=\"_ _3\"></span>A, t<span class=\"_ _3\"></span>enuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>component<span class=\"_ _0\"></span>e </span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>registrata <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _3\"></span>allo<span class=\"_ _2\"></span><span class=\"ff1\">cata <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la </span>componente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>istribuita <span class=\"_ _7\"> </span>dalle  fili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _16\"> </span>rivenienti <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _35\"></span>anca  (<span class=\"_ _0\"></span>14 <span class=\"_ _16\"> </span>milioni) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>alla  C<span class=\"_ _0\"></span>GU <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>componente distribuita alla clie<span class=\"_ _0\"></span>ntela di IW Private Inv<span class=\"_ _0\"></span>estments SIM (20 mili<span class=\"_ _0\"></span>oni).<span class=\"_ _3\"></span> Come indicato in preceden<span class=\"ff4\">za, lo IAS <span class=\"_ _3\"></span>36 dispone che l\u2019impairment test non debba limitarsi ai soli flussi di c<span class=\"_ _3\"></span>assa rivenienti dalle<span class=\"_ _0\"></span> </span>masse <span class=\"_ _5\"></span>acquisite, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>tenere <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>legati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>masse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>comprendendo<span class=\"_ _0\"></span> anche <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>alle masse <span class=\"_ _3\"></span>generatesi successivamente a<span class=\"_ _3\"></span>lla valorizzazione iniziale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 intangibili; a <span class=\"_ _3\"></span>tale proposito <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>volu<span class=\"_ _3\"></span>mi <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>masse <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>valorizzazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _16\"> </span>iscritte <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>bilanc<span class=\"_ _5\"></span>io risultano assolutament<span class=\"_ _0\"></span>e trascurabili se confrontati <span class=\"_ _0\"></span>con le masse comple<span class=\"_ _0\"></span>ssive delle CGU di ri<span class=\"_ _0\"></span>ferimento.<span class=\"_ _3\"></span> Pertanto, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>riportato <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prescindere <span class=\"_ _7\"> </span>dall\u2019andamento <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>masse <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo<span class=\"_ _0\"></span> considerato, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>confermare <span class=\"_ _3\"></span>l\u2019assenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>ai </span>rapporti di Asset und<span class=\"_ _0\"></span>er Management e As<span class=\"_ _0\"></span>set under Administra<span class=\"_ _0\"></span>tion. Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>AuM <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>A, <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>Banc<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Territori, Private Banking, Asset<span class=\"_ _0\"></span> Management ed In<span class=\"_ _0\"></span>ternational Subsidiar<span class=\"_ _0\"></span>y Banks. CGU Bilancio 2021 Acquisizioni <span class=\"_ _3\"></span> Ammortamento<span class=\"_ _3\"></span> Altre  variazioni  (1)<span class=\"ls0\"> </span>Bilancio  2022 DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>distribuzione 201<span class=\"ls0\"> </span>- -<span class=\"ls1b\">14</span> - 187<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 15<span class=\"ls0\"> </span>- -1 - 14<span class=\"ls0\"> </span>DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 180<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>-<span class=\"ls1b\">14</span> 4 213<span class=\"ls0\"> </span>Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> 22<span class=\"ls0\"> </span>- -2 - 20<span class=\"ls0\"> </span>DIVISIONE ASSET <span class=\"_ _3\"></span>MANAGEMENT<span class=\"_ _3\"></span> - Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> 106<span class=\"ls0\"> </span>- -6 - 100<span class=\"ls0\"> </span>DIVISIONE INTE<span class=\"_ _3\"></span>RNATIONAL SUBSI<span class=\"_ _3\"></span>DIARY BANKS<span class=\"_ _3\"></span> Intangibile asset m<span class=\"_ _3\"></span>anagement -<span class=\"ls1\">  <span class=\"_ _3\"></span></span>distribuzione<span class=\"_ _3\"></span> - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>TOTALE GRUPPO<span class=\"_ _3\"></span> 524<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>-<span class=\"ls1b\">38</span> 4 613<span class=\"ls0\"> </span>(1)  Differenze cambio su attivit\u00e0 intangibili riferite a Reyl &amp; Cie SA. I Core Deposits I <span class=\"_ _4\"> </span>\u201ccore <span class=\"_ _6\"> </span>deposits\u201d <span class=\"_ _4\"> </span>rappresentan<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _6\"> </span>immateriale <span class=\"_ _6\"> </span>legata <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>clientela <span class=\"_ _4\"> </span>(\u201c<span class=\"_ _2\"></span><span class=\"ff2\">customer <span class=\"_ _6\"></span>related <span class=\"_ _4\"> </span>intangible</span>\u201d), generalmente rilevata in <span class=\"_ _2\"></span>aggregazioni in campo <span class=\"_ _3\"></span>bancario. Il <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>intangibile \u00e8 <span class=\"_ _3\"></span>di fatto <span class=\"_ _3\"></span>riconducibile ai <span class=\"_ _3\"></span>benefici futuri di cui <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>masse <span class=\"_ _4\"> </span>raccolte <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>beneficiare <span class=\"_ _4\"> </span>grazie <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>atto <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>tratta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che presenta costi inferio<span class=\"ff4\">ri a <span class=\"_ _3\"></span>quelli di mercato. In sostanza l\u2019acquirente pu\u00f2 disporre di una massa di raccolta per la propria attivit\u00e0 </span>creditizia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>investimenti<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>remunerazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>interbancario. <span class=\"_ _2\"></span>L\u2019attivit\u00e0 <span class=\"_ _2\"></span>immate<span class=\"_ _5\"></span><span class=\"ff1\">riale<span class=\"_ _0\"></span> </span>consiste nella <span class=\"ff4\">valorizzazione di questo margine futuro denominato<span class=\"_ _0\"></span> \u201cdeposit premium\u201d, che rappresenta un asset il cui valore \u00e8 </span>correlato all\u2019evoluzio<span class=\"_ _0\"></span>ne dei tassi di mercato<span class=\"_ _0\"></span> e alla dinamica d<span class=\"_ _0\"></span>elle masse raccolte.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _5\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>precedenza, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019acquisizione <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>Compagnie <span class=\"_ _6\"></span>de <span class=\"_ _5\"></span>Banque <span class=\"_ _5\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Fideuram </span>Bank Luxembourg, sono <span class=\"_ _0\"></span>stati rilevati \u201cco<span class=\"_ _0\"></span>re deposits\u201d per un im<span class=\"_ _0\"></span>porto complessiv<span class=\"_ _0\"></span>o pari a 30 milioni.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>erifica s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>tenuta d<span class=\"_ _3\"></span>el v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibile <span class=\"_ _3\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>considerati indicatori <span class=\"_ _3\"></span>di impairment, <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ristretto<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>intercorso <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>iscrizione <span class=\"_ _6\"></span>iniziale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>atteso <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> riferimento ai tassi d\u2019<span class=\"_ _0\"></span>interesse.<span class=\"ff1\"> </span>Il \u201cbrand name\u201d (o marchio) <span class=\"ffa\"> </span>Il <span class=\"_ _1d\"> </span>\u201cbrand <span class=\"_ _1d\"> </span>name\u201d <span class=\"_ _17\"> </span>rientra <span class=\"_ _1d\"> </span>tra <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>immateriali <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>marketing <span class=\"_ _1d\"> </span>identificate <span class=\"_ _1d\"> </span>dall\u2019IFRS <span class=\"_ _1d\"> </span>3 <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>otenziale <span class=\"_ _1d\"> </span>attivit\u00e0 immateriale rilevabil<span class=\"_ _0\"></span>e in sede di Purchase Pri<span class=\"_ _0\"></span>ce Allocation (PP<span class=\"_ _0\"></span>A).<span class=\"_ _3\"></span> Al <span class=\"_ _6\"> </span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>rileva <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>termi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>\"brand\u201d <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>usato <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>accezio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"></span>restrittiva <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>sinonimo <span class=\"_ _6\"></span>di </span>\u201clogo\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cnome\u201d, <span class=\"_ _4\"> </span>ma <span class=\"_ _6\"> </span>piuttosto <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>marketing <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>definisce <span class=\"_ _4\"> </span>quell\u2019insieme <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>intangibili <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>loro complementari (<span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>nome <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>logo, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>competenze, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>riposta <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>consumatore, <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>servizi, <span class=\"_ _3\"></span>ecc.) che concorrono a defin<span class=\"_ _0\"></span>ire il c.d. \u201cbrand equ<span class=\"_ _0\"></span>ity\u201d.<span class=\"ff1\"> </span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>opportuno <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>mitare <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>soli <span class=\"_ _5\"></span>brand: <span class=\"_ _5\"></span>quell<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>corporate <span class=\"_ _3\"></span>Sanpaolo IMI, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>brand \u201c<span class=\"_ _3\"></span>ombrello\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>altri d<span class=\"_ _3\"></span>elle b<span class=\"_ _3\"></span>anche rete, <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>della controllata <span class=\"_ _7\"> </span>Fideuram  - <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _7\"> </span>Banca  F<span class=\"_ _0\"></span>ideuram) <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>brand <span class=\"_ _16\"> </span>autonomo <span class=\"_ _7\"> </span>e  f<span class=\"_ _0\"></span>ortemente conosciuto <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collocame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rete <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>promotori. <span class=\"_ _6\"></span>Si </span>tratta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>imma<span class=\"_ _5\"></span><span class=\"ff1\">teriale<span class=\"_ _0\"></span> </span>possa contribuire per u<span class=\"_ _0\"></span>n periodo indetermi<span class=\"_ _0\"></span>nato alla formazione dei flussi reddituali. P<span class=\"_ _0\"></span>er la valorizzazione <span class=\"_ _0\"></span>dei due marchi eran<span class=\"_ _0\"></span>o stati <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>sull\u2019analisi <span class=\"_ _7\"> </span>fondamentale. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>era <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinato come me<span class=\"_ _0\"></span>dia dei valori ottenuti<span class=\"_ _0\"></span> attraverso i diversi metodi.  Il va<span class=\"_ _3\"></span>lore iscritto nel <span class=\"_ _3\"></span>Bilancio 2022 <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>pari a <span class=\"_ _3\"></span>1.882 <span class=\"_ _3\"></span>milioni ed <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>llocato per 1<span class=\"_ _3\"></span>.507 milioni a<span class=\"_ _3\"></span>lla CGU <span class=\"_ _3\"></span>Banca dei <span class=\"_ _3\"></span>Territor<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per<span class=\"_ _35\"></span> 375 milioni alla CGU P<span class=\"_ _0\"></span>rivate Banking. In <span class=\"_ _16\"> </span>genere <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>brand <span class=\"_ _7\"> </span>na<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>considerato <span class=\"_ _7\"> </span>un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  <span class=\"ff1\">presenta <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>reddituali <span class=\"_ _7\"> </span>autonomi <span class=\"_ _16\"> </span>e, <span class=\"_ _7\"> </span>quindi, <span class=\"_ _16\"> </span>da </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>volte <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>tenuta <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>degli <span class=\"_ _6\"></span>avviamenti <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>diver<span class=\"_ _5\"></span><span class=\"ff1\">se </span>CGU. <span class=\"_ _5\"></span>Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _5\"></span>alloc<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto conto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenta <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>alcun <span class=\"_ _4\"> </span>avviamento <span class=\"_ _7\"> </span>allocato <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>conseguentemente, <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"></span>possibile attrarre la veri<span class=\"_ _3\"></span>fica del valore recuperabile dell\u2019intangibile specifico nel <span class=\"_ _3\"></span>contesto dell\u2019im<span class=\"_ _2\"></span>pairment test <span class=\"_ _3\"></span>dell\u2019avviament<span class=\"_ _0\"></span>o basato <span class=\"_ _3\"></span>sui flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CGU. <span class=\"_ _6\"></span>Non <span class=\"_ _5\"></span>potendo <span class=\"_ _6\"></span>fare <span class=\"_ _6\"></span>riferimento, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>recuper<span class=\"_ _0\"></span>abile <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _6\"></span>della Banca <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>Territori, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>noz<span class=\"_ _3\"></span>ione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _6\"> </span>ossia <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>attuale <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>finan<span class=\"_ _2\"></span>ziari <span class=\"_ _6\"></span>netti <span class=\"_ _6\"> </span>futuri <span class=\"_ _6\"></span>ricavabili <span class=\"_ _6\"></span>dall\u2019attivit\u00e0<span class=\"_ _0\"></span> oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>ritenuto <span class=\"_ _2\"></span>oppor<span class=\"_ _3\"></span>tuno <span class=\"_ _2\"></span>procedere, <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Bilanci <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2021, <span class=\"_ _2\"></span>ad una  valutazione  autonoma  e<span class=\"_ _3\"></span>  specifica  dell\u2019intangibile  specifico  sulla  base  d<span class=\"_ _3\"></span>el  fair  v<span class=\"_ _3\"></span>alue<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>risultante  da  apposita  perizia </span>commissionata al Prof. Ma<span class=\"_ _0\"></span>uro Bini, Ordinario di<span class=\"_ _0\"></span> Finanza aziendale <span class=\"_ _0\"></span>dell\u2019Universit\u00e0 Bocconi<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span>In <span class=\"_ _2\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _3\"></span>specifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>marchi <span class=\"_ _3\"></span>comparabili <span class=\"_ _3\"></span>bancar<span class=\"_ _3\"></span>i, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>name <span class=\"_ _3\"></span>allocato <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU<span class=\"_ _35\"></span> Banca dei Territori<span class=\"ff2\"> </span>\u00e8 stata effet<span class=\"_ _0\"></span>tuata mediante ri<span class=\"_ _0\"></span>corso ai seguenti me<span class=\"_ _0\"></span>todi: - <span class=\"_ _34\"> </span>Royalty Relief; - <span class=\"_ _34\"> </span>valore implicito in <span class=\"_ _0\"></span>stime di brand da PPA c<span class=\"_ _0\"></span>omparabili; - <span class=\"_ _34\"> </span>valore implicito nelle st<span class=\"_ _0\"></span>ime pubbliche dei br<span class=\"_ _0\"></span>and fornite da terze <span class=\"_ _0\"></span>parti indipendenti <span class=\"_ _0\"></span>(Brand Finance);<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Hirose. Criterio Royalty Reli<span class=\"_ _0\"></span>ef  Il <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Royalty <span class=\"_ _2\"></span>Relief <span class=\"_ _3\"></span>desume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edditi <span class=\"_ _3\"></span>rivenienti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>marchio, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>timati come <span class=\"_ _2\"></span>prodotto <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>royalty <span class=\"_ _2\"></span>ricostruito <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>PPA <span class=\"_ _2\"></span>comparabili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fatturato <span class=\"_ _2\"></span>netto (nel caso delle banc<span class=\"_ _0\"></span>he i proventi operativi). Il criterio del valor<span class=\"_ _0\"></span>e implicito in stime di bra<span class=\"_ _0\"></span>nd da PPA compara<span class=\"_ _0\"></span>bili<span class=\"_ _3\"></span><span class=\"fc0\">  </span>Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>implicito <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>PPA <span class=\"_ _6\"></span>comparabili <span class=\"_ _5\"></span>desume <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>rand <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>bas<span class=\"_ _5\"></span><span class=\"ff4\">e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>multipli <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Fair<span class=\"_ _0\"></span> </span>Value del Marchio / Pr<span class=\"_ _0\"></span>oventi operativi\u201d ri<span class=\"_ _0\"></span>levati in sede di PPA <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> delle loro determ<span class=\"_ _0\"></span>inanti fondame<span class=\"_ _0\"></span>ntali. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>multiplo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>netti, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _5\"></span>dai <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>PPA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _5\"></span>anche commerciali dalla ban<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a dati Markables. Criterio del valore impl<span class=\"_ _0\"></span>icito nelle stime pubb<span class=\"_ _0\"></span>liche dei brand forni<span class=\"_ _0\"></span>te da terze parti i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>dipendenti (Br<span class=\"_ _0\"></span>and Finance) <span class=\"_ _2\"></span><span class=\"fc0\"> </span>Brand <span class=\"_ _5\"></span>Finance <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _5\"></span>inglese <span class=\"_ _5\"></span>specializzata <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>marchi. <span class=\"_ _5\"></span>Brand <span class=\"_ _6\"></span>Finance <span class=\"_ _4\"> </span>pubblica <span class=\"_ _6\"></span>ogni <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>la stima aggiornata del v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lore dei marchi d<span class=\"_ _0\"></span>elle prime 500 ba<span class=\"_ _0\"></span>nche mondiali. La <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>marchi <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Brand <span class=\"_ _2\"></span>Finance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>criterio <span class=\"_ _6\"></span><span class=\"ff2\">Relief <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>Royalties</span>, <span class=\"_ _2\"></span>diffuso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi<span class=\"_ _0\"></span> valutativa per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi, secondo c<span class=\"_ _3\"></span>ui il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>marchio c<span class=\"_ _3\"></span>orrisponde al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>royalty risparmiate. <span class=\"_ _4\"> </span>I <span class=\"_ _7\"> </span>saggi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>royalty <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>ricavati <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>accordi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>licenza <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>marchi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>comparabili <span class=\"_ _4\"> </span>ed applicati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>brand <span class=\"_ _2\"></span>ban<span class=\"_ _3\"></span>cario <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>marchio <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attualizzati <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pportunit\u00e0 <span class=\"_ _2\"></span>del capitale coerente co<span class=\"_ _0\"></span>n il brand rating asseg<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato. Criterio Hirose  Il criterio si <span class=\"_ _3\"></span>fonda sul confronto tra la <span class=\"_ _3\"></span>marginalit\u00e0 dell\u2019imp<span class=\"_ _0\"></span>resa branded (in questo caso <span class=\"_ _3\"></span>la CG<span class=\"_ _2\"></span><span class=\"ff1\">U <span class=\"_ _3\"></span>Banca dei Territori) ed imprese </span>unbranded concorre<span class=\"_ _0\"></span>nti. La metodologi<span class=\"_ _0\"></span>a reddituale adottata \u00e8 <span class=\"_ _0\"></span>riconducibile al cr<span class=\"_ _0\"></span>iterio del profit<span class=\"_ _3\"></span>-split. Dalle <span class=\"_ _3\"></span>analisi effettuate, tutti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quattro i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>metodi utilizzati hanno <span class=\"_ _3\"></span>restituito un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>del brand <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo re<span class=\"_ _5\"></span>lativo <span class=\"_ _3\"></span>alla CGU Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territ<span class=\"_ _0\"></span>ori <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>intangibile<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>testimonianza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>el conseguente vantaggio<span class=\"_ _0\"></span> competitivo che lo <span class=\"_ _0\"></span>stesso permette di ma<span class=\"_ _0\"></span>ntenere rispetto ai con<span class=\"_ _0\"></span>correnti.<span class=\"_ _3\"></span><span class=\"fs9\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocato <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking, <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test nell\u2019ambito delle attiv<span class=\"_ _0\"></span>it\u00e0 finalizzate alla <span class=\"_ _0\"></span>verifica del valore rec<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>perabile dell\u2019avviam<span class=\"_ _0\"></span>ento allocato alla CGU<span class=\"_ _0\"></span> medesima.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019impairment test delle CGU e degli avviamenti <span class=\"ff5\"> </span>La definizione delle Cash Generating Unit (CGU) La <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019effettuazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _4\"> </span><span class=\"ff1\">a <span class=\"_ _5\"></span>vita </span>indefinita (inclusi <span class=\"_ _3\"></span>gli avviamenti) che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>generano flussi finanziari se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>concorso di a<span class=\"_ _3\"></span>ltre attivit\u00e0 <span class=\"_ _3\"></span>aziendali, richiede la preliminare <span class=\"_ _4\"> </span>attribuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>unit\u00e0 <span class=\"_ _7\"> </span>organizzative <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>autonome <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>profilo <span class=\"_ _7\"> </span>gestionale, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span><span class=\"lsc\">n </span>grado  di  generare  flussi  di  risorse  fi<span class=\"_ _0\"></span>nanziarie  largamente  in<span class=\"_ _0\"></span>dipendenti  da  quelle  pr<span class=\"_ _0\"></span>odotte  da  altre  aree  di <span class=\"_ _16\"> </span>attivit\u00e0,  ma interdipendenti all\u2019i<span class=\"_ _0\"></span>nterno dell\u2019unit\u00e0 o<span class=\"_ _0\"></span>rganizzativa che li g<span class=\"_ _0\"></span>enera.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>terminologia degli <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>unit\u00e0 <span class=\"_ _3\"></span>organizzative sono <span class=\"_ _3\"></span>denominate <span class=\"_ _3\"></span>Cash <span class=\"_ _3\"></span>Generati<span class=\"_ _3\"></span><span class=\"ff4\">ng <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>(CGU). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>l\u2019identificazion<span class=\"_ _35\"></span>e </span>delle CGU \u00e8 rilevant<span class=\"_ _0\"></span>e il significato dell\u2019im<span class=\"_ _0\"></span>pairment test.<span class=\"ff1\"> </span>Dal <span class=\"_ _6\"></span>testo <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>36 <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>deduce <span class=\"_ _6\"> </span>la <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correlare <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>testato <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>repor<span class=\"_ _5\"></span><span class=\"ff1\">ting </span>interno <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>irezione <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>accrescitive <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>riduttive <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale va<span class=\"_ _3\"></span>lore. <span class=\"_ _3\"></span>Sotto <span class=\"_ _3\"></span>questo p<span class=\"_ _3\"></span>rofilo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione di tale <span class=\"_ _1d\"> </span>livello  dipende  strettamente <span class=\"_ _1d\"> </span>dai  modelli <span class=\"_ _1d\"> </span>organizzativi  e <span class=\"_ _1d\"> </span>dall\u2019attribuzione  delle <span class=\"_ _1d\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>gestionali  ai <span class=\"_ _1d\"> </span>fini  della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>definizione degli indirizz<span class=\"ff4\">i de<span class=\"_ _3\"></span>ll\u2019attivit<span class=\"_ _0\"></span>\u00e0 operativa e <span class=\"_ _3\"></span>del conseguente monitoraggio. I modelli organizzativi possono prescindere (e </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>prescindono) <span class=\"_ _5\"></span>dall\u2019articolazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>giuridiche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sviluppata<span class=\"_ _35\"></span> l\u2019operativit\u00e0 <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>spe<span class=\"ff1\">sso, <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trettamente c<span class=\"_ _3\"></span>orrelati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>segmenti <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>alla </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>rendicontazione <span class=\"_ _18\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>setto<span class=\"_ _0\"></span>ri <span class=\"_ _1c\"> </span>prevista <span class=\"_ _18\"> </span>dall\u2019IFRS <span class=\"_ _18\"> </span>8<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>Queste <span class=\"_ _18\"> </span>considerazioni <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>riferimento <span class=\"_ _18\"> </span>ai <span class=\"_ _1c\"> </span>criteri <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>la determinazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>l\u2019impair<span class=\"_ _3\"></span>ment <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>dell\u2019avviamento <span class=\"_ _1d\"> </span>sono, <span class=\"_ _17\"> </span>peraltro, <span class=\"_ _17\"> </span>coerenti <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>la <span class=\"_ _1d\"> </span>definizione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore recuperabile di un\u2019attivit\u00e0 <span class=\"_ _3\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>la cui de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e \u00e8 <span class=\"_ _3\"></span>alla base de<span class=\"_ _3\"></span>gli impairment test <span class=\"_ _2\"></span>- <span class=\"ff4\">secondo <span class=\"_ _3\"></span>la quale \u00e8 <span class=\"_ _3\"></span>rilevante l\u2019importo che </span></span>l\u2019impresa si attende <span class=\"_ _0\"></span>di recuperare da quella<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0, consideran<span class=\"_ _0\"></span>do le sinergie c<span class=\"_ _0\"></span>on altre attivit\u00e0.  </span>Dunque, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>logiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>formazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>origine <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contabilizzazione <span class=\"_ _3\"></span>dell\u2019avviamento, <span class=\"_ _3\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>CGU, <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019avviame<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>allocato, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>includere <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>delle </span>sinergie non solo esterne (o universali) ma anche quelle interne, che lo specifico acquirente pu\u00f2 ritrarre dall\u2019integrazione <span class=\"_ _2\"></span><span class=\"ff1\">delle </span>attivit\u00e0 <span class=\"_ _4\"> </span>acquisite <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>proprie <span class=\"_ _4\"> </span>combinazioni <span class=\"_ _4\"> </span>economiche, <span class=\"_ _7\"> </span>evidentement<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>business definiti. <span class=\"_ _30\"> </span> Il modello organizzativ<span class=\"_ _0\"></span>o del Gruppo Inte<span class=\"_ _0\"></span>sa Sanpaolo prevede c<span class=\"_ _0\"></span>he:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le scelte gestionali ri<span class=\"_ _0\"></span>sultano fortement<span class=\"_ _0\"></span>e accentrate presso i r<span class=\"_ _0\"></span>esponsabili dei segme<span class=\"_ _0\"></span>nti operativi;<span class=\"_ _3\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">le  strategi<span class=\"_ _0\"></span>e,  l\u2019identific<span class=\"_ _0\"></span>azion<span class=\"ff1\">e  di  nuovi<span class=\"_ _0\"></span>  prodotti <span class=\"_ _16\"> </span>o  servizi,<span class=\"_ _0\"></span>  le  i<span class=\"_ _0\"></span>niziative  di <span class=\"_ _16\"> </span>penetrazione <span class=\"_ _16\"> </span>commerciale <span class=\"_ _16\"> </span>sono  delineate <span class=\"_ _7\"> </span>e </span></span></span>indirizzate centralment<span class=\"_ _0\"></span>e per ogni divisione <span class=\"_ _0\"></span>operativa; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">i processi di pianifica<span class=\"_ _0\"></span>zione ed i sistemi di<span class=\"_ _0\"></span> rendicontazione veng<span class=\"_ _0\"></span>ono svolti a livello<span class=\"_ _0\"></span> di segmento operati<span class=\"_ _0\"></span>vo;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0 ls11\">in<span class=\"ls0\"> conseguenza di tal<span class=\"_ _0\"></span>e accentramento i flussi d<span class=\"_ _0\"></span>ei ricavi risultano <span class=\"_ _0\"></span>fortemente dipendenti <span class=\"_ _0\"></span>dalle politiche formul<span class=\"_ _0\"></span>ate a livello di<span class=\"_ _35\"></span> </span></span></span>segmento <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _6\"> </span>equilibrato <span class=\"_ _6\"></span>dell\u2019intera <span class=\"_ _5\"></span>divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>non <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _6\"></span>aree <span class=\"_ _6\"></span>operative <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>entit\u00e0 giuridiche autonomamente <span class=\"_ _0\"></span>considerate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>definite <span class=\"_ _7\"> </span>aree <span class=\"_ _4\"> </span>specialistiche <span class=\"_ _4\"> </span>trasversali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"></span>supporto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>sviluppano <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>molt<span class=\"_ _0\"></span>e </span></span>partecipate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">la <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>anch\u2019essa <span class=\"_ _7\"> </span>fortemente <span class=\"_ _7\"> </span>accentrata <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>dover <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">antenere, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span></span>disposizioni di vigilanza regolamenta<span class=\"_ _0\"></span>re, un equilibrio tra le politiche di allocazione del capitale ed i rischi f<span class=\"_ _3\"></span>inanziari as<span class=\"_ _5\"></span>sunti<span class=\"_ _0\"></span> nello sviluppo dei div<span class=\"_ _0\"></span>ersi business; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le diverse divisioni o<span class=\"_ _0\"></span>perano in mercati o <span class=\"_ _0\"></span>settori omogenei in t<span class=\"_ _0\"></span>ermin<span class=\"_ _3\"></span>i di caratteristiche economiche<span class=\"_ _0\"></span> e di grado di svilu<span class=\"_ _0\"></span>ppo.<span class=\"_ _3\"></span> </span></span>In <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>accentramento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>fortemente <span class=\"_ _5\"></span>dipendenti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>formulate <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>livello<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di segmento <span class=\"_ _6\"> </span>operativo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _4\"> </span>equilibrato <span class=\"_ _6\"> </span>dell\u2019intera<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ivisione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"></span>operative <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> </span>entit\u00e0 giuridiche auto<span class=\"_ _0\"></span>nomamente consid<span class=\"_ _0\"></span>erate. Nel Gruppo Intesa San<span class=\"_ _0\"></span>paolo le divisio<span class=\"_ _0\"></span>ni operative individu<span class=\"_ _0\"></span>ate sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Banca dei Territori; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">IMI Corporate &amp; Investm<span class=\"_ _0\"></span>ent Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Insurance; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Asset Management; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Private Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">International Subsidi<span class=\"_ _0\"></span>ary Banks. </span></span>Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>motivi <span class=\"_ _17\"> </span>sopra <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>sposti, <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>divisioni <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>perative <span class=\"_ _1d\"> </span>ci<span class=\"_ _3\"></span>tate <span class=\"_ _17\"> </span>corrispondono, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _18\"> </span>generali, <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _17\"> </span>e, contemporaneamente, c<span class=\"_ _0\"></span>ostituiscono le are<span class=\"_ _0\"></span>e elementari di attivit\u00e0<span class=\"_ _0\"></span> che <span class=\"_ _3\"></span><span class=\"ff4\">alimentano l\u2019informativa di<span class=\"_ _0\"></span> settore (segment r<span class=\"_ _0\"></span>eporting).<span class=\"ff1\"> </span></span>Tali <span class=\"_ _6\"></span>divisioni, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>rappresentative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Cash <span class=\"_ _4\"></span>Generati<span class=\"_ _0\"></span>ng <span class=\"_ _6\"></span>Unit, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gnuna <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i esse <span class=\"_ _5\"></span>costituisce <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>piccolo <span class=\"_ _5\"></span>gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>indipendenti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>anche, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>detto, <span class=\"_ _5\"></span>il livello <span class=\"_ _4\"></span>minimo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>quale <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pian<span class=\"_ _3\"></span>ificazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rendicontazione <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>gestiti <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Capogruppo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Si <span class=\"_ _5\"></span>tratta, <span class=\"_ _2\"></span>quindi, <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>minimo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _3\"></span>pu<span class=\"_ _5\"></span><span class=\"ff1\">\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>locato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>criteri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>arbitrari <span class=\"_ _2\"></span>e </span>monitorato.<span class=\"fs12\"> </span>La <span class=\"_ _3\"></span>Divisione International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>merita alcune <span class=\"_ _3\"></span>specifiche considerazioni, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione alla <span class=\"_ _3\"></span>sua <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>strutt<span class=\"_ _2\"></span>ura ed alle condizioni i<span class=\"_ _0\"></span>n cui opera. Va <span class=\"_ _7\"> </span>anzitutto <span class=\"_ _7\"> </span>segnalato <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span>verse <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>formare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>anno <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>finanziari strettamente dipendent<span class=\"_ _0\"></span>i dalle politiche <span class=\"_ _0\"></span>formulate dalla Dire<span class=\"_ _0\"></span>zione della Divisione e <span class=\"_ _0\"></span>dalle Direzioni <span class=\"_ _0\"></span>Centrali della Capogru<span class=\"_ _0\"></span>ppo<span class=\"_ _5\"></span>. Tali <span class=\"_ _6\"></span>politiche <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>realizzate <span class=\"_ _4\"> </span><span class=\"ff4\">in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disegno <span class=\"_ _5\"></span>gestionale <span class=\"_ _6\"> </span>ispirato <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>organico <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>dell\u2019intera </span>Divisione <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>singole <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>vi <span class=\"_ _1d\"> </span>fanno <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>autonomamente <span class=\"_ _1d\"> </span>considerate. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>particolare, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>strategie <span class=\"_ _1d\"> </span>di espansione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>comparti <span class=\"_ _5\"></span>operativi, <span class=\"_ _5\"></span>l\u2019identifica<span class=\"ff1\">zione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuovi <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>risparmio <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>servizi, <span class=\"_ _5\"></span>i </span>limiti  n<span class=\"_ _0\"></span>ell\u2019assunzione <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>schi  f<span class=\"_ _35\"></span>in<span class=\"_ _3\"></span>anziari, <span class=\"_ _16\"> </span>le  ini<span class=\"_ _0\"></span>ziative <span class=\"_ _16\"> </span>di  penetr<span class=\"_ _0\"></span>azione  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mmerciale <span class=\"_ _16\"> </span>e  di <span class=\"_ _7\"> </span>specializzazione  op<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rativa, <span class=\"_ _16\"> </span>sono delineate ed indirizzate centralmente, secondo una st<span class=\"_ _3\"></span>rategia di portafoglio, e non sono d<span class=\"_ _3\"></span>emandate alle singole partecipate. Di qui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>orte <span class=\"_ _4\"></span>interazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>impone, <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>governo <span class=\"_ _4\"></span>unitario <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>integrato <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>della Divisione, sia il moni<span class=\"_ _0\"></span>toraggio ed il controllo <span class=\"_ _0\"></span>direzional<span class=\"ff4\">e<span class=\"_ _3\"></span> dell\u2019operativit\u00e0<span class=\"_ _0\"></span> dell\u2019insieme delle<span class=\"_ _0\"></span> attivit\u00e0 della st<span class=\"_ _0\"></span>essa Divisione.<span class=\"ff1\"> </span></span>Tuttavia, <span class=\"_ _3\"></span>occorre <span class=\"_ _3\"></span>considerare <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influiscono <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>complementarit\u00e0 d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>all\u2019<span class=\"_ _5\"></span><span class=\"ff1\">interno </span>della Divisione, e du<span class=\"_ _0\"></span>nque sull\u2019intensit\u00e0 de<span class=\"_ _0\"></span>lla loro <span class=\"_ _3\"></span><span class=\"ff1\">interdipendenza<span class=\"_ _0\"></span>, sono controllabili d<span class=\"_ _0\"></span>alle Direzioni della Di<span class=\"_ _0\"></span>visione.<span class=\"_ _3\"></span> </span>Vi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>infatti <span class=\"_ _6\"></span>circostanze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>variamente <span class=\"_ _6\"></span>influire <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>capacit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gestire <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo sistemico i flussi della CGU e di controllare la generazione dei <span class=\"_ _3\"></span>medesimi. Si tratta di circostanze che qualificano in prevalenza le condizioni dell\u2019am<span class=\"_ _0\"></span>biente in cui le div<span class=\"_ _0\"></span>erse entit\u00e0 sono ubicat<span class=\"_ _0\"></span>e, inteso in ampio<span class=\"_ _0\"></span> senso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infatti, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"></span>operanti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Paesi <span class=\"_ _4\"> </span>esteri, <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>specie <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>ef<span class=\"_ _3\"></span>fetti<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">del <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>\u201crischio </span>Paese\u201d: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio, <span class=\"_ _2\"></span>cio\u00e8, <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>eventi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span><span class=\"ff1\">-politico-istituzionali <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>estero <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrollata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le </span>relative attivit\u00e0 sono <span class=\"_ _0\"></span>collocate.  In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>qualora  i<span class=\"_ _35\"></span>  flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>pu\u00f2<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ritrarre <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>facenti <span class=\"_ _16\"> </span>giuridicamente<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>capo <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na controllata estera siano profondamente condizionati <span class=\"_ _3\"></span>- n<span class=\"_ _3\"></span>ella misura, nella qualit\u00e0 e <span class=\"_ _3\"></span>nella direzione <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>da circostanze istituzionali, economiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>politiche <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Paese <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>risiede, <span class=\"_ _7\"> </span>quest\u2019ultim<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>integrante <span class=\"_ _7\"> </span>del </span>modello di gestione unitari<span class=\"_ _0\"></span>a della CGU cui \u00e8 stata ass<span class=\"_ _0\"></span>ociata. La societ\u00e0 che si trova in <span class=\"_ _0\"></span>siffatta situazione <span class=\"_ _0\"></span>deve pertanto, a<span class=\"_ _2\"></span>nche se <span class=\"_ _2\"></span>talora <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>esclusa <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>indipendenteme<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lont\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>Direzio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>di mantenervela, a causa <span class=\"_ _3\"></span>dei citati <span class=\"_ _3\"></span>fattori sui <span class=\"_ _3\"></span>quali evidentemente la <span class=\"_ _3\"></span>Direzione della Banca <span class=\"_ _3\"></span>e del <span class=\"_ _3\"></span>Gruppo non <span class=\"_ _3\"></span>pu\u00f2 influire. <span class=\"_ _3\"></span>I fl<span class=\"_ _5\"></span>ussi di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>infatti, finiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>dipendere p<span class=\"_ _3\"></span>i\u00f9 d<span class=\"_ _3\"></span>alle c<span class=\"_ _3\"></span>ondizioni d\u2019ambie<span class=\"_ _2\"></span><span class=\"ff1\">nte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Paese <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>logiche di <span class=\"_ _2\"></span>gestione unitaria </span>e <span class=\"_ _2\"></span>accentrata <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>tanto <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>assoggettata <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>autonoma <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione,<span class=\"_ _35\"></span> fino <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quando <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attenuano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestire <span class=\"_ _4\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>sistemico <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on siano ripristinate. Con riferimento alla banca ucraina Prave<span class=\"_ _0\"></span>x, ai fini dell\u2019impairment test 2008 una prudente atten<span class=\"_ _0\"></span>zione ai fenomeni economici ed<span class=\"_ _3\"></span><span class=\"ff1\"> </span>istituzionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019Ucraina, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stava <span class=\"_ _5\"></span>attraversando <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>profo<span class=\"_ _3\"></span>nda <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>economica <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutaria, <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un\u2019accorta <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle conseguenze che essi producevano sulle varia<span class=\"_ _0\"></span>bili gestionali della societ\u00e0 controll<span class=\"_ _0\"></span>ata in oggetto, specie se osservate nella l<span class=\"_ _2\"></span>oro interdipendenza <span class=\"_ _6\"> </span>rispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>dell\u2019intera <span class=\"_ _4\"> </span>CGU, <span class=\"_ _6\"> </span>aveva<span class=\"_ _3\"></span><span class=\"ff1\">no <span class=\"_ _4\"> </span>indotto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>considerare <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>CGU <span class=\"_ _6\"></span>autonoma <span class=\"_ _6\"></span>e </span>distinta, e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>enucleata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisione <span class=\"_ _3\"></span>International Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo. Successivamente <span class=\"_ _3\"></span>Pravex Bank <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>allocata <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Capital <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ight <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>(ora <span class=\"_ _5\"></span>Direzi<span class=\"_ _2\"></span>one <span class=\"_ _5\"></span>Centrale <span class=\"_ _2\"></span>NPE), <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>rientrare <span class=\"_ _2\"></span>nuovamente nella Divisione Internat<span class=\"_ _0\"></span>ional Subsidiary Ba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ks nel corso del 20<span class=\"_ _0\"></span>18. <span class=\"_ _3\"></span> Relativamente, invece, alla <span class=\"_ _3\"></span>controllata Bank of <span class=\"_ _3\"></span>Alexandria, ai f<span class=\"_ _3\"></span>ini dell\u2019impairment test 2011, <span class=\"_ _3\"></span>la banca <span class=\"_ _3\"></span>era stata e<span class=\"_ _3\"></span>nucleata d<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>lla </span>CGU Intern<span class=\"ff4\">ational Subsi<span class=\"_ _0\"></span>diary Banks a caus<span class=\"_ _0\"></span>a di una profonda cr<span class=\"_ _0\"></span>isi politica dell\u2019Egitto.<span class=\"ff1\"> </span></span>Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo e<span class=\"_ _3\"></span>mersi <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilievo <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>mettere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>discussione <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>decisione <span class=\"_ _3\"></span>intrapr<span class=\"_ _5\"></span><span class=\"ff1\">esa </span>nei <span class=\"_ _7\"> </span>precedenti <span class=\"_ _4\"> </span>bilanci <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>tenuto <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dell\u2019a<span class=\"_ _3\"></span><span class=\"ff1\">vvio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>militare <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Ucraina, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _7\"> </span>opportuno </span>confermare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>scelte <span class=\"_ _6\"></span>operate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>bilanci <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>Alexandria<span class=\"_ _0\"></span>, nello <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>consolid<span class=\"_ _3\"></span><span class=\"ff1\">ato, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>autonome <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>distinte. <span class=\"_ _5\"></span>Si <span class=\"_ _6\"></span>ricorda, <span class=\"_ _5\"></span>tuttavia, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>gli </span>avviamenti <span class=\"_ _1c\"> </span>relativi <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Pravex <span class=\"_ _18\"> </span>Bank <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>Bank <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>Alexandria <span class=\"_ _18\"> </span>erano <span class=\"_ _1c\"> </span>stati <span class=\"_ _1c\"> </span>azzerati <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>impairment <span class=\"_ _1c\"> </span>test <span class=\"_ _18\"> </span>r<span class=\"_ _3\"></span>elativo, rispettivamente, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>Bilanci <span class=\"_ _5\"></span>2008 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>avv<span class=\"_ _3\"></span>iamenti <span class=\"_ _5\"></span>nemmeno<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>estere della Divisione. Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>concerne <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Bank <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Alexandria, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>separata <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span>incide <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olont\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenere <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>parteci<span class=\"_ _2\"></span>pate, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>nei limiti consentiti dal c<span class=\"_ _0\"></span>onflitto in corso.<span class=\"fs12\"> </span>Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>menzionato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>Banca <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>Territori, <span class=\"_ _7\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>Bank <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>Alexandria <span class=\"_ _4\"> </span>e Pravex Bank non pres<span class=\"_ _0\"></span>entano, alla data di verifica, attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita i<span class=\"_ _0\"></span>ndefinita (fatta eccezio<span class=\"_ _0\"></span>ne per il brand name al<span class=\"_ _0\"></span>locato alla  CGU  Banca  dei  Territori,  il  cu<span class=\"_ _3\"></span>i  valore  recuperabile,  inteso  come  fair  value,  \u00e8  stato  confermato  da  una  specifica valutazione redatta da <span class=\"_ _0\"></span>un esperto indipend<span class=\"_ _0\"></span>ente)<span class=\"_ _3\"></span> e, conseguentemen<span class=\"_ _0\"></span>te, non sono state s<span class=\"_ _0\"></span>ottoposte ad impairme<span class=\"_ _0\"></span>nt test. <span class=\"_ _3\"></span> Il valore contabile de<span class=\"_ _0\"></span>lle CGU Il <span class=\"_ _3\"></span>valore contabile delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>deve essere <span class=\"_ _3\"></span>determinato in <span class=\"_ _3\"></span>modo coerente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stimato il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span>le delle <span class=\"_ _2\"></span>stesse. <span class=\"_ _2\"></span>Nell\u2019ottica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>individuare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>generati <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>i flussi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>queste <span class=\"_ _4\"> </span>ultime <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>core <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _4\"> </span>aziendale. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltr<span class=\"_ _2\"></span><span class=\"ls19\">i </span>termini, il valore recupera<span class=\"_ _0\"></span>bile delle CGU \u00e8 influenzato dai suddetti flussi e perta<span class=\"_ _0\"></span>nto il valore contabile delle stes<span class=\"_ _0\"></span>se deve essere<span class=\"_ _35\"></span> determinato <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>deve, <span class=\"_ _2\"></span>quindi, <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0<span class=\"_ _2\"></span> finanziarie. A <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fine, <span class=\"_ _4\"> </span>queste <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>opportunamente <span class=\"_ _7\"> </span>allocate <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento. <span class=\"_ _4\"> </span>Seguendo <span class=\"_ _4\"> </span>questa impostazione <span class=\"_ _3\"></span>(cosiddetta <span class=\"_ _3\"></span>\u201cequity <span class=\"_ _3\"></span>side\u201d), <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpao<span class=\"_ _0\"></span>lo <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>in termini di contributo <span class=\"_ _0\"></span>al patrimonio netto consolidato incl<span class=\"_ _0\"></span>usa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. Pertanto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mposte <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>appartengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>divisione <span class=\"_ _6\"></span>operativa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>stato determinato attraverso la<span class=\"_ _0\"></span> sommatoria dei sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li contributi patrimoniali. Dove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _5\"></span>gestionalmente <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ripartizione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>\u00e8 rappresentata nelle <span class=\"_ _2\"></span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>contabili, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>gestionali. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>gesti<span class=\"_ _5\"></span>onale <span class=\"_ _3\"></span><span class=\"lsc\">\u00e8 </span>stato <span class=\"_ _3\"></span>identificato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>\u201ccapitale <span class=\"_ _2\"></span>regolamentare\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>divisioni, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresenta <span class=\"_ _3\"></span>l\u2019assorbimento <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>necessar<span class=\"_ _6\"></span><span class=\"ff1\">io </span>per fronteggiare le fa<span class=\"_ _0\"></span>ttispecie di rischio p<span class=\"_ _0\"></span>reviste dalle vigen<span class=\"_ _0\"></span>ti disposizioni di vigil<span class=\"_ _0\"></span>anza regolamentare.<span class=\"_ _3\"></span> Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"ff4\">egue <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>riportati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>\u201cbrand <span class=\"_ _5\"></span>name\u201d <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llocate <span class=\"_ _5\"></span>ad<span class=\"_ _0\"></span> </span>ognuna di <span class=\"_ _3\"></span>esse; <span class=\"_ _3\"></span>i valori, <span class=\"_ _3\"></span>essendo finalizzati al<span class=\"_ _3\"></span>lo svolgimento dell\u2019impairment test, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comprensivi della quota <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>vviamen<span class=\"_ _5\"></span><span class=\"ff1\">to </span>attribuibile ai terzi <span class=\"_ _0\"></span>(<span class=\"ff4\">inclusa nell\u2019ultima colonna assiem<span class=\"_ _0\"></span>e al patrimonio netto<span class=\"_ _0\"></span> di pertinenza dell<span class=\"_ _0\"></span>e minoranze).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>(milioni di eur<span class=\"_ _35\"></span>o)               <span class=\"_ _0\"></span> Valori Valori al 31<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dicem<span class=\"_ _0\"></span>bre 2022              CG<span class=\"_ _0\"></span>U Valore<span class=\"ls0\"> </span>contabile  di cui avviamento<span class=\"_ _0\"></span> quota Grupp<span class=\"_ _0\"></span>o di cui \"brand name\" di cui di pertinen<span class=\"_ _0\"></span>za di terzi Banca dei<span class=\"_ _0\"></span> Territori 18.858 - 1.507 14<span class=\"ls0\"> </span>IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking 21.334 56<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>Insurance<span class=\"_ _35\"></span> 6.702 976<span class=\"ls0\"> </span>- 1 Asset Manage<span class=\"_ _35\"></span>ment  2.656 1.059 - 6 Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  5.192 1.535 375<span class=\"ls0\"> </span>1 International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> 6.461 - - - Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  628<span class=\"ls0\"> </span>- - 126<span class=\"ls0\"> </span>Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> - - - - TOTALE 61.831 3.626 1.882 166<span class=\"ls0\"> </span>Criteri per la stima d<span class=\"_ _0\"></span>el Valore d\u2019Uso delle CGU<span class=\"ffa\"> </span>Il <span class=\"_ _7\"> </span>Valore <span class=\"_ _7\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>determinato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _4\"> </span>dei  <span class=\"ff1\">flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede </span>possano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>CGU. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>norma <span class=\"_ _5\"></span>stimati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>l\u2019ultimo <span class=\"_ _2\"></span>piano <span class=\"_ _2\"></span>d\u2019i<span class=\"_ _3\"></span>mpresa <span class=\"_ _3\"></span>pubblico<span class=\"_ _5\"></span><span class=\"ff1\"> </span>disponibile, ovvero, i<span class=\"_ _0\"></span>n mancanza, attrav<span class=\"_ _0\"></span>erso la formulazio<span class=\"_ _0\"></span>ne di un piano previ<span class=\"_ _0\"></span>sionale inte<span class=\"_ _3\"></span>rno da parte del managem<span class=\"_ _0\"></span>ent. Normalmente <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>previsione <span class=\"_ _6\"></span>analitica <span class=\"_ _6\"> </span>comprende <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _6\"> </span>massimo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>cinque <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni. <span class=\"_ _6\"> </span>Il <span class=\"_ _4\"> </span>flusso <span class=\"_ _6\"> </span>dell\u2019ultimo esercizio <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>previsione <span class=\"_ _1c\"> </span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _1c\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _1c\"> </span>proiettato <span class=\"_ _20\"> </span>in <span class=\"_ _1c\"> </span>perpetuit\u00e0 <span class=\"_ _20\"> </span>(tramite <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>ricorso <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>formule <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>rendita <span class=\"_ _29\"> </span>perpetua <span class=\"_ _1c\"> </span>o alternativamente <span class=\"_ _3\"></span>temporanea <span class=\"_ _3\"></span>qualora non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>realistico <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>idonee <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>produrre <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>ssi finanziari <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>periodo), <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>cosiddetto </span>\u201cTerminal <span class=\"_ _2\"></span>Value\u201d. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>iluppo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Prodotto <span class=\"_ _3\"></span>Interno<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Lordo nei Paesi in cui i<span class=\"_ _0\"></span> flussi si g<span class=\"_ _0\"></span>enerano.  Alternativamente, il Te<span class=\"_ _0\"></span>rminal Value potrebbe <span class=\"_ _0\"></span>essere determinato<span class=\"_ _0\"></span> ricor<span class=\"_ _3\"></span>rendo ad un valore finale <span class=\"_ _0\"></span>di vendita o di liquid<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>denaro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>dell\u2019attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>utilizzare </span>devono <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span>lla componente <span class=\"_ _7\"> </span>azionaria <span class=\"_ _7\"> </span>osservati <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>arco <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>sufficientemen<span class=\"_ _3\"></span>te <span class=\"_ _16\"> </span>ampio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>riflettere <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>cicli economici differenzi<span class=\"_ _0\"></span>ati. Inoltre,  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ogni  CGU,<span class=\"_ _0\"></span>  i<span class=\"_ _0\"></span>n  co<span class=\"_ _0\"></span>nsiderazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>diversa  ri<span class=\"_ _0\"></span>schiosit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rispettivi  am<span class=\"_ _0\"></span>biti <span class=\"_ _16\"> </span>operativi, <span class=\"_ _16\"> </span>devono  e<span class=\"_ _0\"></span>ssere <span class=\"_ _16\"> </span>utilizzati coefficienti Beta diffe<span class=\"_ _0\"></span>renziati. Tutti i tassi <span class=\"ff4\">cos\u00ec determinati so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o corretti per tenere<span class=\"_ _0\"></span> conto del cosiddetto \u201c<span class=\"_ _0\"></span>rischio Paese\u201d.<span class=\"ff2 fc2\"> </span></span>La stima dei flussi fina<span class=\"_ _0\"></span>nziari Anche <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _6\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _6\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>dell\u2019impairme<span class=\"_ _0\"></span>nt <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>Bilancio <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>la volatilit\u00e0 <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>mercati <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>incertezze <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>caratterizzano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>futuro <span class=\"_ _1d\"> </span>scenario <span class=\"_ _1d\"> </span>macroeconomico <span class=\"_ _1d\"> </span>rendono particolarmente <span class=\"_ _5\"></span>complessa <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> crescita rilevanti per la<span class=\"_ _0\"></span> determinazione del valore termi<span class=\"_ _0\"></span>nale delle CGU. Lo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>previsionale <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>adottato <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>elaborato <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Direzione <span class=\"_ _4\"></span>Studi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Ricerche <span class=\"_ _6\"></span>di Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali o<span class=\"_ _3\"></span>rganismi ed <span class=\"_ _2\"></span>istituzioni naziona<span class=\"_ _2\"></span>li <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali, ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle base delle previsioni reddi<span class=\"_ _0\"></span>tuali lungo l\u2019arco tem<span class=\"_ _0\"></span>porale 2023<span class=\"ff1\">-<span class=\"_ _3\"></span>2027. </span>Tali  previ<span class=\"_ _0\"></span>sioni  si <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _16\"> </span>su  uno <span class=\"_ _16\"> </span>scenario  di <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>l\u2019economia  mondi<span class=\"_ _0\"></span>ale  caratter<span class=\"_ _0\"></span>izzato <span class=\"_ _16\"> </span>da  un <span class=\"_ _16\"> </span>graduale  rie<span class=\"_ _0\"></span>ntro dell\u2019inflazione <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span><span class=\"ff1\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>centrali, <span class=\"_ _3\"></span>associato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crescita </span>reale <span class=\"_ _6\"></span>inferiori <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>preceduto <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>pandemica <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livelli <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>nominali <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>reali<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in aumento. Lo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potizza <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>PIL <span class=\"_ _5\"></span>mondiale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2,7%, <span class=\"_ _5\"></span>dopo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>mbalzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>6% osservato n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2020; <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _3\"></span>dovrebbe <span class=\"_ _3\"></span>rallentare <span class=\"_ _3\"></span>ulteriormente al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2%, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova accelerazione <span class=\"_ _2\"></span>compresa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ange <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3,5%. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>commercio <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _5\"></span>risulti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9<span class=\"_ _0\"></span> stagnante nel 2023 (<span class=\"_ _0\"></span>+0,6%), riacceler<span class=\"_ _0\"></span>ando poi dal 2024 a tassi<span class=\"_ _0\"></span> di crescita sim<span class=\"_ _0\"></span>ili a quelli del PI<span class=\"_ _0\"></span>L mondiale.<span class=\"_ _2\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>l\u2019Eurozona <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>colpita <span class=\"_ _3\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _3\"></span>violento <span class=\"_ _3\"></span>rincaro <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>naturale, <span class=\"_ _3\"></span>riflesso <span class=\"_ _3\"></span>dell\u2019invasione <span class=\"_ _3\"></span>russa dell\u2019Ucraina <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>conseguente <span class=\"_ _6\"> </span>deterioramento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _6\"></span>fra <span class=\"_ _6\"> </span>Unione <span class=\"_ _4\"> </span>Europea <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Russia. <span class=\"_ _6\"></span>L\u2019interruzione <span class=\"_ _6\"> </span>quasi <span class=\"_ _6\"> </span>totale <span class=\"_ _4\"> </span>delle<span class=\"_ _0\"></span> importazioni di <span class=\"_ _3\"></span>gas dalla <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata affrontata <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>combinazione di <span class=\"_ _3\"></span>riduzione dei <span class=\"_ _3\"></span>consumi, <span class=\"_ _3\"></span>aumento della produzione da <span class=\"_ _2\"></span>fonti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fonti <span class=\"_ _5\"></span>fossili, <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importazioni <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fornitori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>transizione <span class=\"_ _7\"> </span>forzata <span class=\"_ _2\"></span>in poco <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>implica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"></span>resteranno <span class=\"_ _2\"></span>struttur<span class=\"_ _3\"></span>almente <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>alti <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>crisi. <span class=\"_ _5\"></span>Anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _2\"></span>\u00e8 iniziato  relati<span class=\"_ _0\"></span>vamente  bene<span class=\"_ _0\"></span>,  grazie <span class=\"_ _16\"> </span>a  temperature <span class=\"_ _16\"> </span>miti  rispetto <span class=\"_ _16\"> </span>alla  norma  s<span class=\"_ _0\"></span>tagionale <span class=\"_ _16\"> </span>e  alla  bassa <span class=\"_ _16\"> </span>domanda  cines<span class=\"_ _0\"></span>e,  la prospettiva che la domanda cinese di gas si r<span class=\"_ _3\"></span>iprenda dal secon<span class=\"_ _3\"></span>do trimestre potrebbe implicare nuove tensioni sui prezzi entro fine <span class=\"_ _5\"></span>anno. <span class=\"_ _6\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>sviluppi, <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>conservati<span class=\"_ _0\"></span>ve <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>gas <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> rischi prevalenti verso <span class=\"_ _0\"></span>il basso nel breve te<span class=\"_ _0\"></span>rmine.  Il <span class=\"_ _2\"></span>drastico <span class=\"_ _3\"></span>peggioramento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>ragioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>dovuto <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riflesso <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>calo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>punti <span class=\"_ _2\"></span>percentual<span class=\"_ _0\"></span>i del saldo commerciale. L\u2019impatto recessivo dello shock \u00e8 stato quasi del <span class=\"_ _3\"></span>tutto compensato dalle misure pubbliche di sostegno a  famiglie  ed  imprese  e  dal  calo  della  propensione  media <span class=\"_ _16\"> </span>al  risparmio  delle  famiglie  verso  i  livelli  pre<span class=\"_ _2\"></span>-pandemici.  Di<span class=\"_ _0\"></span> conseguenza, il PIL \u00e8 cresciuto del 3,3% nel 202<span class=\"_ _0\"></span>2, ben sopra le stime di crescita potenzi<span class=\"_ _0\"></span>ale. Nel 2023 si prevede una crescit<span class=\"_ _2\"></span><span class=\"lsc\">a </span>del <span class=\"_ _4\"> </span>PIL <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9 <span class=\"_ _6\"></span>nulla <span class=\"_ _7\"> </span>(0,1%), <span class=\"_ _4\"></span>associat<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>trimestri <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debole <span class=\"_ _4\"></span>contrazione. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>seguito, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>rimbalzo <span class=\"_ _4\"></span>della crescita <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>annua <span class=\"_ _2\"></span>stimata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>range <span class=\"_ _2\"></span>compreso <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1,5 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u20191,8%. <span class=\"_ _2\"></span>Sullo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>aleggia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che<span class=\"_ _5\"></span><span class=\"ff1\"> </span>prezzi dell\u2019energia st<span class=\"_ _0\"></span>rutturalmente pi\u00f9 alti possano ri<span class=\"_ _0\"></span>durre la crescita pot<span class=\"_ _0\"></span>enziale dell\u2019economi<span class=\"_ _0\"></span>a europea.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>l\u2019inflazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>salita <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>livelli <span class=\"_ _6\"></span>ampiamente <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>anno <span class=\"_ _6\"> </span>fa, <span class=\"_ _6\"></span>prima <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media<span class=\"_ _2\"></span><span class=\"ff1\"> </span>annua stimata a 8,5%. Gran par<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e del maggior incremento \u00e8 attribuibile agli effetti diret<span class=\"_ _0\"></span>ti e indiretti del rincaro del ga<span class=\"_ _0\"></span>s naturale, ma <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>analisi <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>tatistiche <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>gnalano <span class=\"_ _1d\"> </span>ormai <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>rilevante <span class=\"_ _17\"> </span>contributo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>fattori <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>domanda <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>dinamica <span class=\"_ _1d\"> </span>dell\u2019inflazione sottostante. <span class=\"_ _3\"></span>Il c<span class=\"_ _3\"></span>alo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gas <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>picchi <span class=\"_ _3\"></span>dell\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">state <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>fa p<span class=\"_ _3\"></span>revedere u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inflazione <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del </span>2023. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>media <span class=\"_ _5\"></span>annua <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stimata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>7,7%, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _5\"></span>conservative <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>prezzo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>gas<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>inizio anno. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>calo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>prezzi <span class=\"_ _6\"></span>energetici <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>bbatterebbe <span class=\"_ _6\"></span>ulterior<span class=\"_ _3\"></span><span class=\"ff4\">mente <span class=\"_ _4\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>negli <span class=\"_ _6\"> </span>anni <span class=\"_ _4\"> </span>seguenti, <span class=\"_ _6\"> </span>fino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>riportarla <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"> </span>con </span>l\u2019obiettivo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>BCE <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2025. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>discesa <span class=\"_ _6\"> </span>dell\u2019inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _4\"> </span>molto <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"> </span>lenta<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _4\"></span>in </span>quanto <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>retribuzioni <span class=\"_ _3\"></span>compati<span class=\"_ _3\"></span>bile <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>2% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>servizi, <span class=\"_ _2\"></span>considerando <span class=\"_ _3\"></span>che difficilmente nel 202<span class=\"_ _0\"></span>3-24 la crescita della prod<span class=\"_ _0\"></span>uttivit\u00e0 potr\u00e0 acceler<span class=\"_ _0\"></span>are abbastanza da comp<span class=\"_ _0\"></span>ensarne gli effetti.<span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>Italia, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3,8%, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>mezz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra. <span class=\"_ _3\"></span>La riduzione della crescita \u00e8<span class=\"_ _3\"></span> dovuta al <span class=\"_ _3\"></span>drastico peggioramento della bilancia commerciale <span class=\"_ _3\"></span>(pari a c<span class=\"_ _3\"></span>irca 4% del <span class=\"_ _3\"></span>PIL nel 2022), <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ls17\">e </span>all\u2019interno <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>riflette <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cal<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>reddito <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>eggioramento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>imprese. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019impatto finale <span class=\"_ _16\"> </span>\u00e8  stat<span class=\"_ _0\"></span>o  p<span class=\"_ _0\"></span>er\u00f2  mi<span class=\"_ _0\"></span>tigato <span class=\"_ _16\"> </span>da  mis<span class=\"_ _0\"></span>ure <span class=\"_ _16\"> </span>fiscali  (ri<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>uzione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>accise,  cr<span class=\"_ _0\"></span>editi  di<span class=\"_ _0\"></span>  im<span class=\"_ _0\"></span>posta <span class=\"_ _16\"> </span>alle  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese, <span class=\"_ _16\"> </span>sussidi  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>le  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>miglie, sospensione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>componenti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>sistema <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>riduzion<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ropensione <span class=\"_ _4\"></span>media <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>risparmio <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> famiglie. La <span class=\"_ _3\"></span>crescita del <span class=\"_ _3\"></span>PIL \u00e8 <span class=\"_ _3\"></span>gradualmente rallentata nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022, e <span class=\"_ _3\"></span>dovrebbe essere <span class=\"_ _3\"></span>negativa su base <span class=\"_ _3\"></span>congiunturale a <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>inizio <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>pari <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>0,<span class=\"_ _3\"></span>6% <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>annua. <span class=\"_ _7\"> </span>Ci <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttende <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>netta accelerazione <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>scia <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"></span>energetici, <span class=\"_ _5\"></span>nell\u2019ipotesi <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>aggregata <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>sostenuta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>spesa connessi al programma Next Generation EU (che po<span class=\"_ _3\"></span>trebbero aumentare<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>crescita di 0,5% all\u2019anno)<span class=\"_ _2\"></span><span class=\"ff1\">, dagli investimenti per la </span>transizione <span class=\"_ _2\"></span>energetica, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>andamento <span class=\"_ _5\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ccupazione <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>redditi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>eali. <span class=\"_ _5\"></span>Le<span class=\"_ _0\"></span> componenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>sensibili <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>registreranno <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebole, <span class=\"_ _5\"></span>tend<span class=\"_ _5\"></span>enza <span class=\"_ _6\"></span>accentuata nelle <span class=\"_ _7\"> </span>costruzioni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>idimensio<span class=\"_ _0\"></span>namento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>incentivi <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>ristrutturazioni, <span class=\"_ _4\"> </span>ma <span class=\"_ _7\"> </span>senza <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>tutto <span class=\"_ _7\"> </span>compensare <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>fattor<span class=\"_ _5\"></span><span class=\"ls19\">i </span>precedenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>complesso, <span class=\"_ _2\"></span>dunque, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crescita <span class=\"_ _5\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>negli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>2024<span class=\"_ _5\"></span>-27, <span class=\"_ _2\"></span>anche se vi sono maggiori ris<span class=\"_ _0\"></span>chi al ribasso legati <span class=\"_ _0\"></span>all\u2019aumento del co<span class=\"_ _0\"></span>sto dell\u2019energia.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>l\u2019inflazione <span class=\"_ _3\"></span>italiana <span class=\"_ _3\"></span>rallenta <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>6,8% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2,4% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2024. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">vuta </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>calo <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prezzi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019energia. <span class=\"_ _17\"> </span>I <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>2023 <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>ribasso, <span class=\"_ _1d\"> </span>considerando </span>l\u2019andamento recente d<span class=\"_ _0\"></span>el prezzo del gas.<span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Europea <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>alzato <span class=\"_ _5\"></span>rapidamente <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>avviando <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>restrizione<span class=\"_ _2\"></span> che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>estender\u00e0 <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2023. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>depositi <span class=\"_ _5\"></span>(DFR) <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2,00% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso sulle  operazioni <span class=\"_ _16\"> </span>principali  di <span class=\"_ _16\"> </span>rifinanziamento  (R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>fi)  al <span class=\"_ _16\"> </span>2,5%.  Alla <span class=\"_ _16\"> </span>riunione  di  fi<span class=\"_ _0\"></span>ne  2022  la <span class=\"_ _16\"> </span>BCE  ha <span class=\"_ _16\"> </span>avvisato  che  i  r<span class=\"_ _35\"></span>ia<span class=\"_ _3\"></span>lzi continueranno a <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>primi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ci\u00f2 <span class=\"_ _3\"></span>implichi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>minimo <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>del DFR <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>3,0%. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>date <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>prossimi <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _6\"></span>molto <span class=\"_ _5\"></span>modesto <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _2\"></span> domanda <span class=\"_ _2\"></span>finale <span class=\"_ _5\"></span>interna, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ausibile <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>alzato <span class=\"_ _2\"></span>ancora <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>mesi <span class=\"_ _5\"></span>seguenti, <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>portarlo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>3,50%. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _5\"></span>per tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019attuale con<span class=\"_ _3\"></span>testo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>incertezza, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>sentiero <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>raggi<span class=\"_ _2\"></span><span class=\"ff1\">unge <span class=\"_ _2\"></span>il </span>massimo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3,0% <span class=\"_ _2\"></span>(DFR) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>3,5% <span class=\"_ _2\"></span>(Refi) <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>seguito, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ipotizza <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>graduale <span class=\"_ _3\"></span>convergenza <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>ufficiali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli<span class=\"_ _0\"></span> neutrali.  La <span class=\"_ _7\"> </span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _7\"> </span>Centrale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>avviato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>progressiva <span class=\"_ _7\"> </span>rimozione <span class=\"_ _7\"> </span>delle  mi<span class=\"_ _35\"></span>sure <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>convenzionali. <span class=\"_ _16\"> </span>Attraverso <span class=\"_ _7\"> </span>una modifica <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span><span class=\"ff4\">h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favorito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>anticipato <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>acquisti <span class=\"_ _2\"></span>netti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fettuati <span class=\"_ _3\"></span>nell\u2019ambito </span>dei <span class=\"_ _4\"></span>programmi <span class=\"_ _6\"></span>APP <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>PEPP <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>interrotti <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022. <span class=\"_ _4\"> </span>Dalla <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>marzo <span class=\"_ _6\"></span>2023, inoltre, <span class=\"_ _3\"></span>inizier\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>riduzio<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>APP, <span class=\"_ _3\"></span>attuata <span class=\"_ _3\"></span>mediante <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>15 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>mensili <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>reinvestimenti <span class=\"_ _3\"></span>delle scadenze. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>andare, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>potrebbero <span class=\"_ _3\"></span>esercitare <span class=\"_ _3\"></span>pressioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rialzo <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pendenza <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>le curve  dei <span class=\"_ _1d\"> </span>tassi <span class=\"_ _1d\"> </span>governati<span class=\"ff4\">vi,  rafforzando  l\u2019impulso  di <span class=\"_ _1d\"> </span>politica  monetaria. <span class=\"_ _1d\"> </span>Si  prevede  c<span class=\"_ _3\"></span>he  l\u2019eccesso  di <span class=\"_ _1d\"> </span>liquidit\u00e0  si <span class=\"_ _1d\"> </span>riduca </span>drasticamente gi\u00e0 nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso del 2023.  Per effetto dell\u2019assunto<span class=\"_ _0\"></span> relativamente conservat<span class=\"_ _0\"></span>ivo adottato sull\u2019and<span class=\"_ _0\"></span>amento dei tassi uffi<span class=\"_ _0\"></span>ciali, le proiezio<span class=\"_ _0\"></span>ni sui tassi<span class=\"_ _2\"></span><span class=\"ff1\"> di interesse </span>a breve termine risultano inferiori ai <span class=\"_ _3\"></span>tassi impliciti di mercato fino a <span class=\"_ _3\"></span>tutto il 2027, con l\u2019unica <span class=\"_ _3\"></span>eccezione del 2024. L\u2019ecc<span class=\"_ _5\"></span><span class=\"ff1\">ezionale<span class=\"_ _0\"></span> </span>livello dell\u2019eccesso d<span class=\"_ _3\"></span>i riserve, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>riducendosi rapidamente nel <span class=\"_ _3\"></span>2023 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nel 2024, <span class=\"_ _3\"></span>rester\u00e0 <span class=\"_ _3\"></span>molto ampio <span class=\"_ _3\"></span>e tend<span class=\"_ _5\"></span><span class=\"ff1\">er\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mantenere i </span>tassi a brevissimo termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e vicino al tasso sui <span class=\"_ _0\"></span>depositi overnight p<span class=\"_ _0\"></span>resso la BCE per tutto <span class=\"_ _0\"></span>l\u2019orizzonte di pr<span class=\"_ _0\"></span>evisione. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>curva <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>riflettono <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>chiusura <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>programmi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>acquisto <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>titoli, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span>elocit<span class=\"_ _0\"></span>\u00e0 della <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>restrizione <span class=\"_ _5\"></span>monetaria <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>attuata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>modeste <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>spettative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rialzo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>ufficiali <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>resto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2023 <span class=\"_ _16\"> </span>e <span class=\"_ _6\"></span>la prospettiva <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>loro <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _4\"></span>anni <span class=\"_ _4\"></span>seguenti. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>assume <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>pendenza <span class=\"_ _4\"></span>negativa <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>2023, <span class=\"_ _4\"></span>ma <span class=\"_ _4\"></span>torna <span class=\"_ _6\"></span>a crescere <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>2024 <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>riduzione <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>breve <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>marginale <span class=\"_ _4\"></span>aumento <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>lunga <span class=\"_ _4\"></span>scadenza. <span class=\"_ _4\"></span>Il<span class=\"_ _35\"></span> ridimensionamento <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _6\"> </span>BCE <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"> </span>potrebbe <span class=\"_ _6\"> </span>dare<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>contributo <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _4\"> </span>all\u2019aument<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>lungo <span class=\"_ _6\"> </span>termine, anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>impulso <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>esercitato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>opposta <span class=\"_ _2\"></span>dall\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>itoli della Banca centrale n<span class=\"_ _0\"></span>egli anni scorsi. La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>fornito <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>l\u2019Eurosistem<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019aumento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>risk <span class=\"_ _3\"></span>free <span class=\"_ _3\"></span>potrebbe <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>rif<span class=\"_ _5\"></span><span class=\"ff1\">lettersi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>allargamento </span>dei premi per il rischio sovra<span class=\"_ _0\"></span>no. Tuttavia, questo fattor<span class=\"_ _0\"></span>e negativo pu\u00f2 essere alme<span class=\"_ _0\"></span>no in parte compensato dalla ri<span class=\"_ _0\"></span>duzione del<span class=\"_ _2\"></span>le emissioni nette <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Tesoro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>miglioramento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>conti <span class=\"_ _3\"></span>pubblici, <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>pi\u00f9 v<span class=\"_ _3\"></span>eloce <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>pubblic<span class=\"_ _0\"></span>o rispetto alle attese n<span class=\"_ _3\"></span>el periodo 2022<span class=\"_ _3\"></span>-24. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _3\"></span>di riferimento incorpora un <span class=\"_ _3\"></span>modesto allargamento del differenziale legato a <span class=\"_ _5\"></span>soli <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>fondamentali <span class=\"_ _2\"></span>(andamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>debito) <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>(tassi, <span class=\"_ _5\"></span>acquisti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>egativi). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>sovrano <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il livello <span class=\"_ _16\"> </span>dei  premi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o  sa<span class=\"_ _0\"></span>ranno <span class=\"_ _16\"> </span>per\u00f2  molto <span class=\"_ _16\"> </span>sensibili <span class=\"_ _16\"> </span>anche  al <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di  att<span class=\"_ _0\"></span>uazione <span class=\"_ _16\"> </span>del  PNRR<span class=\"_ _0\"></span>,  sia <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>parte  di<span class=\"_ _35\"></span> investimenti, <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riforme <span class=\"_ _5\"></span>strutturali. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guardo, <span class=\"_ _2\"></span>lo <span class=\"_ _6\"></span>scenario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ipoti<span class=\"_ _2\"></span><span class=\"ff4\">zza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>l\u2019implementa<span class=\"_ _0\"></span>zione <span class=\"_ _5\"></span>sia </span>relativamente puntuale<span class=\"_ _0\"></span>. Con  riferimento <span class=\"_ _16\"> </span>allo  scenario <span class=\"_ _16\"> </span>bancario,  il  m<span class=\"_ _0\"></span>ercato  del  cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito  nel <span class=\"_ _16\"> </span>corso  del  2022 <span class=\"_ _16\"> </span>\u00e8  stato  interess<span class=\"_ _0\"></span>ato  da  un  m<span class=\"_ _35\"></span>oderato irrigidimento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>offerta <span class=\"_ _6\"></span>coerente <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>svo<span class=\"_ _3\"></span>lta <span class=\"_ _6\"></span>restrittiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _5\"></span><span class=\"ff4\">olitica <span class=\"_ _6\"> </span>monetaria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rischi<span class=\"_ _0\"></span> </span>percepiti, <span class=\"_ _5\"></span>mentre <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>lato <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermata <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>buona <span class=\"_ _6\"></span>situazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>funding <span class=\"_ _6\"></span>e  l<span class=\"_ _35\"></span>a dotazione patrimoniale<span class=\"_ _0\"></span> \u00e8 rimasta solid<span class=\"_ _0\"></span>a. Inoltre, la qualit<span class=\"_ _0\"></span>\u00e0 del credito non ha m<span class=\"_ _0\"></span>os<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>rato particolari<span class=\"_ _0\"></span> segni di deteriorament<span class=\"_ _0\"></span>o. La <span class=\"_ _7\"> </span>domanda <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ravvivata <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>relazione <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>legate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione corrente, a fronte dell\u2019aumento dei<span class=\"_ _0\"></span> costi operativi per i r<span class=\"_ _3\"></span>incari energetici e degli altri input. La particolare natura<span class=\"_ _0\"></span> della<span class=\"_ _5\"></span><span class=\"ff1\"> domanda </span>h<span class=\"ff4\">a <span class=\"_ _2\"></span>spinto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>rimbalzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>per\u00f2 <span class=\"_ _2\"></span>nell\u2019ultima <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>cominciato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rallentar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>per <span class=\"_ _6\"> </span>l\u2019inasprirsi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>condizioni <span class=\"_ _6\"></span>creditizie. <span class=\"_ _6\"></span>Diversamente, <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>prestiti <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imasti <span class=\"_ _5\"></span>fermi, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>variazione </span>oscillanti <span class=\"_ _2\"></span>attorno <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>zero, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>scontano <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>forte <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gistrato<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _2\"></span>pandemico <span class=\"_ _2\"></span>graz<span class=\"_ _3\"></span>ie <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span>con garanzia pubblic<span class=\"_ _0\"></span>a.  Per <span class=\"_ _16\"> </span>il  20<span class=\"_ _0\"></span>23  si <span class=\"_ _7\"> </span>prospetta  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>normalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>dinamica  d<span class=\"_ _0\"></span>ei  p<span class=\"_ _0\"></span>restiti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>breve  ch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>potrebbero <span class=\"_ _16\"> </span>continuar<span class=\"_ _2\"></span>e  a <span class=\"_ _16\"> </span>segnar<span class=\"_ _0\"></span>e variazioni <span class=\"_ _3\"></span>moderatamente <span class=\"_ _3\"></span>positive <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _3\"></span>dell\u2019inflazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo, <span class=\"_ _2\"></span>dopo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>parte </span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>debolezza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ripresa <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>sostenere <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ritorno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>andamento <span class=\"_ _2\"></span>positivo.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Come gi\u00e0 <span class=\"_ _4\"> </span>emerso <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fabbisogno <span class=\"_ _4\"> </span>finanziario <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>colmato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>notevole <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>uffer <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 accumulato <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>imprese <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>biennio <span class=\"_ _7\"> </span>2020<span class=\"_ _3\"></span>-<span class=\"ff4\">21 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>depositato <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>banche, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>obbligazioni <span class=\"_ _7\"> </span>e </span>l\u2019autofi<span class=\"ff1\">nanziamento. In particolare, le <span class=\"_ _3\"></span>condizioni di <span class=\"_ _3\"></span>mercato dovrebbero essere <span class=\"_ _3\"></span>favorevoli per <span class=\"_ _3\"></span>le emissioni di <span class=\"_ _3\"></span>titoli, alla luce <span class=\"_ _3\"></span>del </span>ritrovato <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>obbligazionari, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>completata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>fase <span class=\"_ _2\"></span>rialzista <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ass<span class=\"ls13\">i </span>BCE.  I <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>amiglie <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mantenuto <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>itmo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>robusto. <span class=\"_ _5\"></span>Ancora <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta, <span class=\"_ _5\"></span>l\u2019andamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato sostenuto dai prestiti<span class=\"_ _0\"></span> per l\u2019acquisto del<span class=\"_ _0\"></span>la casa la cui crescita <span class=\"_ _0\"></span>ha raggiunto il 5%<span class=\"_ _0\"></span>, il massimo dell\u2019<span class=\"_ _0\"></span>ultimo decennio, avvia<span class=\"_ _0\"></span>nd<span class=\"_ _2\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>si su </span>un trend gradualmente<span class=\"_ _0\"></span> pi\u00f9 moderato nell\u2019ultim<span class=\"_ _0\"></span>o trimestre. <span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>atteso <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _5\"></span>il </span>calo <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>immobiliari, <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>dinamica <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>case <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _7\"> </span>pur <span class=\"_ _16\"> </span>restando <span class=\"_ _7\"> </span>lievemente positiva, perder\u00e0 lo sla<span class=\"_ _0\"></span>ncio ritrovato in pand<span class=\"_ _0\"></span>emia e culminato nel <span class=\"_ _0\"></span>2022 con una crescita <span class=\"_ _0\"></span>del 5,2% nel second<span class=\"_ _0\"></span>o trimestre. <span class=\"_ _2\"></span> Negli <span class=\"_ _5\"></span>anni <span class=\"_ _6\"></span>successivi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _5\"></span>crescere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rit<span class=\"_ _2\"></span>mo <span class=\"_ _6\"></span>moderato, <span class=\"_ _5\"></span>leggermente <span class=\"_ _5\"></span>migliore <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>025 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>traino della <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompravendite <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>case. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>continueranno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>svolgere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>pri<span class=\"_ _3\"></span>mario <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span>mercato <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _7\"> </span>residenziale, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _7\"> </span>restare <span class=\"_ _16\"> </span>sostenuto <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>nuove<span class=\"_ _3\"></span>  e<span class=\"_ _0\"></span>sigenze <span class=\"_ _7\"> </span>ab<span class=\"_ _3\"></span>itative <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>lavoro <span class=\"_ _7\"> </span>emerse <span class=\"_ _16\"> </span>a seguito  d<span class=\"_ _0\"></span>ella  pand<span class=\"_ _0\"></span>emia,  dalle <span class=\"_ _7\"> </span>ristrutturazioni  e <span class=\"_ _16\"> </span>riqualificazioni <span class=\"_ _16\"> </span>energetiche,  d<span class=\"_ _0\"></span>alla  m<span class=\"_ _0\"></span>obilizzazione <span class=\"_ _16\"> </span>di  parte <span class=\"_ _16\"> </span>dell\u2019eccesso <span class=\"_ _16\"> </span>di risparmio accumulato <span class=\"_ _0\"></span>da alcune fasce di famigli<span class=\"_ _0\"></span>e a partire dal 20<span class=\"_ _0\"></span>20. <span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>i pol<span class=\"_ _3\"></span>itica monetaria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapido <span class=\"_ _3\"></span>rialzo dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, nei <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>autunnali del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>lunga <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>forte c<span class=\"_ _3\"></span>rescita<span class=\"_ _0\"></span> dei <span class=\"_ _16\"> </span>depositi <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ancari, <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>urata <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>un  de<span class=\"_ _0\"></span>cennio, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>\u00e8  f<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmata. <span class=\"_ _7\"> </span>Dopo  i<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>picchi <span class=\"_ _16\"> </span>raggiunti <span class=\"_ _7\"> </span>nel  2021 <span class=\"_ _7\"> </span>e  il <span class=\"_ _7\"> </span>successivo <span class=\"_ _16\"> </span>graduale rallentamento, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>depositi <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>sceso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>zero <span class=\"_ _7\"> </span>seguendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>frenata <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>conti correnti che, verso la fi<span class=\"_ _0\"></span>ne del 2022, ha s<span class=\"_ _0\"></span>egnato una variazione <span class=\"_ _0\"></span>annua leggermente <span class=\"_ _0\"></span>negativa. <span class=\"_ _3\"></span> In <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>decisamente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ti, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>oderata <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>attesa <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>nel corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>2023, <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ombinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>fattori, <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>imprese <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mpi<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span>disponibilit\u00e0 <span class=\"_ _17\"> </span>li<span class=\"_ _3\"></span>quide <span class=\"_ _17\"> </span>depositate <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>ann<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>passati <span class=\"_ _18\"> </span>presso <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>banc<span class=\"_ _2\"></span>he <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>riallocazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>risparmi <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>forme <span class=\"_ _18\"> </span>pi\u00f9 remunerative. Proseguir\u00e0, in <span class=\"_ _3\"></span>particolare, lo <span class=\"_ _3\"></span>spostamento di <span class=\"_ _3\"></span>risorse dai c<span class=\"_ _3\"></span>onti correnti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>forme dei depositi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tempo, soste<span class=\"_ _5\"></span>nuti da <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>offerta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>attraenti, <span class=\"_ _2\"></span>tendenza <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>nell\u2019ul<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022. <span class=\"_ _5\"></span>Favorita <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rendimenti </span>positivi, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>2023 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>vedranno <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>ripresa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>diversificazione <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>investimen<span class=\"_ _0\"></span>ti <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>famig<span class=\"_ _5\"></span>lie verso <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>governati<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>corporate, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>depositi <span class=\"_ _2\"></span>bancari <span class=\"_ _2\"></span>rispetto alla fase eccezionale d<span class=\"_ _0\"></span>egli anni dei tas<span class=\"_ _0\"></span>si molto bassi e dell<span class=\"_ _0\"></span>a crisi pandemica. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _3\"></span>bancarie, <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>decennio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>2023 <span class=\"_ _3\"></span>vedr\u00e0 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>prosegu<span class=\"_ _5\"></span>ir\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli anni <span class=\"_ _1c\"> </span>successivi. <span class=\"_ _1c\"> </span>Col <span class=\"_ _1c\"> </span>progressivo <span class=\"_ _1c\"> </span>rimb<span class=\"_ _0\"></span>orso <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>TLTRO <span class=\"_ _1c\"> </span>III, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>parallelo <span class=\"_ _1c\"> </span>all\u2019utilizzo <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>pi\u00f9 <span class=\"_ _1c\"> </span>tradizionali <span class=\"_ _1c\"> </span>strumenti <span class=\"_ _1c\"> </span>di<span class=\"_ _0\"></span> rifinanziamento <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>BCE, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>tornano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rivolgersi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>istituzionale <span class=\"_ _5\"></span>all\u2019ingrosso, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>canali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>diversificati di funding <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> breve e medio-lungo termine.  Gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferiment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>iniziato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>trasmettersi <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>bancari. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>seconda <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0 del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>nuovi prestiti <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>societ\u00e0 non<span class=\"_ _2\"></span>-finanziarie sono <span class=\"_ _3\"></span>saliti <span class=\"_ _3\"></span>rapidamente: quello <span class=\"_ _3\"></span>sui prestiti <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>milione \u00e8<span class=\"_ _3\"></span> circa raddoppiato rispetto a <span class=\"_ _3\"></span>inizio <span class=\"_ _3\"></span>anno, il <span class=\"_ _3\"></span>tasso sui <span class=\"_ _3\"></span>prestiti di<span class=\"_ _3\"></span> importo maggiore <span class=\"_ _3\"></span>\u00e8 pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>triplicato. Anche <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sulle eroga<span class=\"_ _5\"></span>zioni <span class=\"_ _3\"></span>di mutui <span class=\"_ _6\"></span>alle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019acquist<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ab<span class=\"_ _3\"></span>itazioni <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>aum<span class=\"_ _2\"></span><span class=\"ff1\">entati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>misura <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>isso, <span class=\"_ _6\"></span>tornato <span class=\"_ _5\"></span>a </span>essere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>alto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>variabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>0,9 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>unti <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>met\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>dopo <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sostanzial<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>allineamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>due tassi. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>umenti <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>nuove <span class=\"_ _6\"></span>operazioni, <span class=\"_ _6\"></span>nell<span class=\"_ _3\"></span><span class=\"ff4\">\u2019ultima <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>anche <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>medio <span class=\"_ _6\"> </span>sulle <span class=\"_ _6\"> </span>consistenze <span class=\"_ _6\"></span>di </span>prestiti bancari \u00e8 sali<span class=\"_ _0\"></span>to pi\u00f9 rapidament<span class=\"_ _0\"></span>e, portandosi al 3,2% (+<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,1 punti percentu<span class=\"_ _0\"></span>ali rispetto a fin<span class=\"_ _0\"></span>e 2021). <span class=\"_ _2\"></span> Pi\u00f9  resist<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>sono  risultati <span class=\"_ _16\"> </span>i  tassi <span class=\"_ _16\"> </span>sui  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>nel  2022,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>particolare  quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>o  medio <span class=\"_ _16\"> </span>sui  con<span class=\"_ _0\"></span>ti  corrent<span class=\"_ _0\"></span>i,  aum<span class=\"_ _0\"></span>entato <span class=\"_ _16\"> </span>solo marginalmente <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>finire <span class=\"_ _4\"> </span>dell\u2019an<span class=\"_ _0\"></span>no. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>vischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>tasso <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>componente <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>vista <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>influenzato <span class=\"_ _4\"> </span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>tasso medio <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _4\"> </span>depositi <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>salito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>leggermente. <span class=\"_ _7\"> </span>Diversame<span class=\"_ _0\"></span>nte, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>deposit<span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>prestabilita <span class=\"_ _4\"> </span>hanno mostrato <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>reattivit\u00e0, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>notevoli <span class=\"_ _2\"></span>aumenti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>luglio. <span class=\"_ _3\"></span>Con <span class=\"_ _5\"></span>molta <span class=\"_ _3\"></span>gradualit\u00e0 <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>reso <span class=\"_ _3\"></span>avvio <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cost<span class=\"_ _0\"></span>o complessivo <span class=\"_ _7\"> </span>della  racc<span class=\"_ _0\"></span>olta <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>riflettendo <span class=\"_ _7\"> </span>i  mo<span class=\"_ _0\"></span>derati <span class=\"_ _16\"> </span>movimenti <span class=\"_ _7\"> </span>al  rialz<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>medio <span class=\"_ _1d\"> </span>sulle <span class=\"_ _7\"> </span>obbligazioni. <span class=\"_ _16\"> </span>Di conseguenza, la forbice tra tassi attivi <span class=\"_ _3\"></span>e passivi ha registrato un a<span class=\"_ _3\"></span>umento significativo, tornando su livelli che non si ved<span class=\"_ _5\"></span>evano dal 2009.  L\u2019aumento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>prestiti <span class=\"_ _5\"></span>continuer\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>seguendo <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>rialzi <span class=\"_ _5\"></span>attesi <span class=\"_ _4\"> </span><span class=\"ff1\">per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>politica </span>monetaria. Negli <span class=\"_ _3\"></span>anni successivi, <span class=\"_ _3\"></span>l\u2019evoluzione prevista <span class=\"_ _3\"></span>per i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>monetari <span class=\"_ _3\"></span>consentir\u00e0 un <span class=\"_ _3\"></span>moderato rientro <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>pre<span class=\"_ _5\"></span><span class=\"ff1\">stiti </span>rispetto ai livelli ch<span class=\"_ _0\"></span>e saranno raggiunti <span class=\"_ _0\"></span>nel 2023 e che rappres<span class=\"_ _0\"></span>enteranno i massim<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"ff4\">dell\u2019intero orizzo<span class=\"_ _0\"></span>nte di scenario. Dal lat<span class=\"_ _0\"></span>o dei </span>tassi passivi, nel 2023 e <span class=\"_ _3\"></span>negli anni successivi proseguir\u00e0 la vischiosit\u00e0 dei tassi su<span class=\"_ _3\"></span>i conti correnti, mentre le politiche d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>pricing<span class=\"_ _0\"></span> dovrebbero <span class=\"_ _16\"> </span>favorire  i<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>a  tempo. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>costo  c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _16\"> </span>della  r<span class=\"_ _0\"></span>acco<span class=\"_ _3\"></span>lta  aumenter<span class=\"_ _0\"></span>\u00e0  rise<span class=\"_ _0\"></span>ntendo <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>degli  effetti <span class=\"_ _16\"> </span>di ricomposizione vers<span class=\"_ _0\"></span>o le forme pi\u00f9 onerose, tr<span class=\"_ _0\"></span>a cui i depositi a t<span class=\"_ _0\"></span>empo e le obbliga<span class=\"_ _0\"></span>zioni. <span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>forbice <span class=\"_ _3\"></span>bancaria <span class=\"_ _3\"></span>continuer\u00e0 ad <span class=\"_ _3\"></span>ampliarsi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>grazie <span class=\"_ _3\"></span>alle diverse <span class=\"_ _3\"></span>velocit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span>sivi. <span class=\"_ _3\"></span>Una contenuta <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dovrebbe <span class=\"_ _2\"></span>verificarsi <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2024, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>unitaria <span class=\"_ _5\"></span>dell\u2019intermediazione <span class=\"_ _2\"></span>rester\u00e0 <span class=\"_ _5\"></span>elevata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confront<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>con l\u2019ultimo decen<span class=\"_ _0\"></span>nio. <span class=\"ff1\"> </span>Dopo <span class=\"_ _2\"></span>undici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>negativo, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>-down <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>depositi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>vista <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>tornato <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itivo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ulteriore aumento <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2% <span class=\"_ _4\"></span>circa, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>poi <span class=\"_ _4\"> </span>ridursi <span class=\"_ _4\"> </span>gradualmente <span class=\"_ _6\"></span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _4\"></span>successivi, <span class=\"_ _6\"></span>dato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>Euribor <span class=\"_ _4\"></span>in discesa.  All\u2019opposto, <span class=\"_ _7\"> </span>col  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>rialzo <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>euribor, <span class=\"_ _7\"> </span>il  ma<span class=\"_ _0\"></span>rk<span class=\"_ _3\"></span><span class=\"ff1\">-up <span class=\"_ _16\"> </span>sui <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>breve  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ridotto <span class=\"_ _16\"> </span>notevolmente <span class=\"_ _16\"> </span>sul <span class=\"_ _16\"> </span>finire <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2022. </span>Un\u2019ulteriore <span class=\"_ _2\"></span>moderata <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>met\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>tendenziale <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento si <span class=\"_ _3\"></span>tras<span class=\"_ _3\"></span>metteranno ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>prestiti. <span class=\"_ _3\"></span>Una <span class=\"_ _3\"></span>sostan<span class=\"_ _5\"></span>ziale <span class=\"_ _3\"></span>stabilizzazione del <span class=\"_ _2\"></span>mark-<span class=\"_ _90\"> </span>up \u00e8 attesa negli ultimi <span class=\"_ _0\"></span>due anni dell\u2019orizzo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te di scenario. <span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>risparmio <span class=\"_ _6\"></span>gestito <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _5\"></span>risultati <span class=\"_ _5\"></span>deboli. <span class=\"_ _6\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>comuni, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>afflussi <span class=\"_ _5\"></span>registrati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>d\u2019anno <span class=\"_ _5\"></span>si <span class=\"_ _16\"> </span><span class=\"ff1\">sono </span>indirizzati principalmente<span class=\"_ _0\"></span> verso i<span class=\"_ _3\"></span>l comparto azionario, bilanci<span class=\"_ _0\"></span>ato e monetario. Alla contenuta raccolta dei fondi ha contribuit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> la dinamica <span class=\"_ _3\"></span>negativa <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>borsa, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investitori. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>gestioni <span class=\"_ _3\"></span>patrimoniali<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sono state <span class=\"_ _2\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>netta <span class=\"_ _2\"></span>negativa. <span class=\"_ _2\"></span>Complessivamente, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>assicurazioni <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>segnato <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>in calo, in seguito alla c<span class=\"_ _0\"></span>ontrazione della nuo<span class=\"_ _0\"></span>va produzione sia d<span class=\"_ _0\"></span>elle polizze tradizi<span class=\"_ _0\"></span>onali, sia delle uni<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-linked.  Una  volta  completato  il <span class=\"_ _1d\"> </span>rialzo  dei  tassi <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span><span class=\"ff4\">2023,  si  ipotizza  una <span class=\"_ _1d\"> </span>ripresa  dei  volumi  di  attivit\u00e0  d<span class=\"_ _3\"></span>ell\u2019industria  dell\u2019asse<span class=\"_ _0\"></span>t </span>management <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>assicurazioni <span class=\"_ _3\"></span>vita. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>risparmio v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>comparti <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>alimentati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bac<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span>disponibilit\u00e0 <span class=\"_ _5\"></span>liquide <span class=\"_ _6\"></span>confluite <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>passati<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _5\"></span>bancari, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>per\u00f2 <span class=\"_ _6\"></span>vedr\u00e0 <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>capacit\u00e0 attrattiva dell\u2019investime<span class=\"_ _0\"></span>nto diretto in tit<span class=\"_ _0\"></span>oli a reddito fisso. <span class=\"ff1\"> </span>In particolare, nel 2023 si att<span class=\"_ _0\"></span>endono flussi di raccolt<span class=\"_ _0\"></span>a moderatamente positivi per fon<span class=\"_ _0\"></span>di comuni e gestioni patrimon<span class=\"_ _2\"></span>iali, con una<span class=\"_ _35\"></span> possibile <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>sottoscrizioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>obbligazionari. <span class=\"_ _4\"> </span>Negli <span class=\"_ _4\"> </span>anni <span class=\"_ _7\"> </span>seguenti <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>gestita <span class=\"_ _4\"></span>dovrebbe <span class=\"_ _4\"></span>continuare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span> registrare risultati <span class=\"_ _0\"></span>positivi.  Per <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>assicurazioni <span class=\"_ _7\"> </span>vita, <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2023 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _16\"> </span>successivi <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>aumento <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>lla <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessiva. <span class=\"_ _7\"> </span>In particolare, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>live<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>raggiunto <span class=\"_ _6\"></span>dai <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>soddisfare <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>pregressa <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>polizze <span class=\"_ _4\"></span>tradizi<span class=\"_ _0\"></span>onali, <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>nuovo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>crescita. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>lato <span class=\"_ _4\"> </span>dell\u2019offerta,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>proseguir\u00e0 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>orientata <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>prodo<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _4\"> </span>ibridi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>ramo <span class=\"_ _6\"></span>III, <span class=\"_ _4\"> </span>in </span>ripresa <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rova <span class=\"_ _2\"></span>riscontro <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>domanda, <span class=\"_ _2\"></span>propensa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sottoscrivere <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cogliere <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> migliori <span class=\"_ _7\"> </span>opportunit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>investimento, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _7\"> </span>collegati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>azion<span class=\"_ _2\"></span>ari. <span class=\"_ _7\"> </span>In<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>senso, <span class=\"_ _7\"> </span>trainanti resteranno le polizze mu<span class=\"_ _0\"></span>ltiramo.  <span class=\"_ _9\"> </span> Nella tabella seguente sono illustrate le variabili macroeco<span class=\"_ _0\"></span>nomiche attese nel periodo 2023<span class=\"_ _2\"></span>-2027 per la sola Italia in quanto le CGU operanti in Paesi<span class=\"_ _0\"></span> esteri non presenta<span class=\"_ _0\"></span>no avviamenti iscritti. (valori in per<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>entuale)<span class=\"_ _0\"></span> Italia 2022<span class=\"ls0\"> </span>2023<span class=\"ls0\"> </span>2024<span class=\"ls0\"> </span>2025<span class=\"ls0\"> </span>2026<span class=\"ls0\"> </span>2027<span class=\"ls0\"> </span>ECONOMIA<span class=\"_ _35\"></span> REALE PIL reale I<span class=\"_ _0\"></span>talia  3,8 0,6 1,8 1,2 1,0 0,6 Prezzi al <span class=\"_ _0\"></span>consumo Ita<span class=\"_ _0\"></span>lia 8,2 6,8 2,4 1,3 1,5 1,3 Tasso di rif<span class=\"_ _0\"></span>erimento pu<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>uale (B<span class=\"_ _35\"></span>C<span class=\"_ _3\"></span>E) 2,50 3,50 3,00 2,75 2,50 2,50 Tasso Euri<span class=\"_ _0\"></span>bor 3m (valore<span class=\"_ _35\"></span> medio) 0,34 3,00 2,99 2,38 2,10 2,06 IRS 10 anni<span class=\"_ _0\"></span> 1,92 2,82 3,11 3,28 3,27 3,23 BTP 10 anni<span class=\"_ _35\"></span> 3,03 4,05 4,60 4,90 4,85 4,76 Spread v<span class=\"_ _0\"></span>s. Bund (ba<span class=\"_ _0\"></span>sis points)<span class=\"_ _0\"></span> 187<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>170<span class=\"ls0\"> </span>SETTORE B<span class=\"_ _35\"></span>ANCARIO Impieghi<span class=\"_ _0\"></span> 2,3 1,5 1,9 2,2 2,6 2,7 Raccolta dire<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ta 2,2 0,6 1,3 2,1 2,3 2,3 Spread med<span class=\"_ _0\"></span>io clientela<span class=\"_ _0\"></span> 1,93 2,87 2,80 2,60 2,52 2,49 Fondi comu<span class=\"_ _0\"></span>ni -12,9 4,7 4,1 4,1 3,9 3,6 Gestioni pat<span class=\"_ _0\"></span>rimoniali<span class=\"_ _0\"></span> -15,1 2,8 2,9 2,9 2,8 2,5 Riserve tec<span class=\"_ _0\"></span>niche vita -1,9 4,6 4,4 4,4 4,4 4,3 Scenario elaborat<span class=\"_ _3\"></span>o a dicembre 2<span class=\"_ _3\"></span>022 dalla Dir<span class=\"_ _3\"></span>ezione Studi e Ric<span class=\"_ _3\"></span>erche. Dati pre<span class=\"_ _3\"></span>visionali (per il 2<span class=\"_ _3\"></span>022 stime).<span class=\"_ _3\"></span> Le <span class=\"_ _17\"> </span>sti<span class=\"_ _3\"></span>me <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _18\"> </span>finanziari <span class=\"_ _17\"> </span>attesi <span class=\"_ _17\"> </span>dalle <span class=\"_ _18\"> </span>diverse <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>impairment <span class=\"_ _18\"> </span>test <span class=\"_ _17\"> </span>tengono <span class=\"_ _17\"> </span>conto <span class=\"_ _18\"> </span>dello <span class=\"_ _17\"> </span>scenario macroeconomico descrit<span class=\"_ _0\"></span>to in precedenza <span class=\"_ _0\"></span>e sono state operate <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>eguendo due stad<span class=\"_ _0\"></span>i di valutazione<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Nello <span class=\"_ _3\"></span>specifico, con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>iodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>scelte e<span class=\"_ _3\"></span>ffettuate per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenti Bilanci, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato considerato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>5 <span class=\"_ _7\"> </span>esercizi, <span class=\"_ _4\"> </span>vale <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>dire <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quinquennio <span class=\"_ _4\"> </span>2023<span class=\"_ _2\"></span>-2027; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>periodo, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>agli esercizi <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2025 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>risultanti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Piano d<span class=\"_ _3\"></span>\u2019Impresa 2022<span class=\"_ _2\"></span></span>-2025 <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _2\"></span>tener <span class=\"_ _3\"></span>conto del <span class=\"_ _6\"></span>mutato <span class=\"_ _6\"></span>quadro <span class=\"_ _5\"></span>macroeconomico. <span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>proiezione <span class=\"_ _6\"></span>(2026 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>2027) <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati<span class=\"_ _35\"></span> attraverso <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>trascinamento <span class=\"_ _5\"></span>inerziale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2025, <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico aggiornato, <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"> </span>considerare <span class=\"_ _4\"> </span>l\u2019effetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>leve <span class=\"_ _4\"> </span>manageriali <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>incorporato <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>proiezioni <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>Piano. Gli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>previsti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>proiezione<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>rettificati, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle componenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>monetarie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>terzi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>escludere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _2\"></span> riorganizzazione <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di  ristruttura<span class=\"_ _0\"></span>zione  e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>p<span class=\"_ _3\"></span>lusvalenze  derivan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  da <span class=\"_ _16\"> </span>future <span class=\"_ _16\"> </span>dismissioni <span class=\"_ _16\"> </span>di  asset <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _16\"> </span>Inoltre,  i <span class=\"_ _16\"> </span>flussi<span class=\"_ _0\"></span> finanziari <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>comprensivi <span class=\"_ _2\"></span>dell'attribuzione <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>correlati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>corporate <span class=\"_ _3\"></span>assets <span class=\"_ _2\"></span>centrali. <span class=\"_ _2\"></span>Coerentemen<span class=\"_ _5\"></span>te<span class=\"_ _0\"></span> con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>logica <span class=\"_ _2\"></span>\"equity <span class=\"_ _5\"></span>side\u201d, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>citata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>rela<span class=\"_ _3\"></span><span class=\"ff1\">zione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>CGU, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini </span>dell'impairment <span class=\"_ _1d\"> </span>test <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>comprensivi <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>correlati <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie, <span class=\"_ _1d\"> </span>posto <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>queste <span class=\"_ _1d\"> </span>ultime rappresentano il cor<span class=\"_ _0\"></span>e business aziendal<span class=\"_ _0\"></span>e. Inoltr<span class=\"ff4\">e, <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>matrice <span class=\"_ _6\"></span>finanziaria, <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"> </span>quello <span class=\"_ _5\"></span>impiegato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _6\"></span>del </span>Valore <span class=\"_ _3\"></span>d\u2019Uso, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>analitica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cTerminal <span class=\"_ _3\"></span>Valu<span class=\"_ _5\"></span>e\u201d) <span class=\"_ _2\"></span>\u00e8 g<span class=\"ff4\">eneralmente <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _5\"></span>capitalizzand<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>all\u2019infinito, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>appropriato <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cg\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>flusso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>conseguibile <span class=\"_ _5\"></span>\u201ca <span class=\"_ _5\"></span>regime\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Tale <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>assunto, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>differenziata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _3\"></span>costante <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>decrescente <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>circostanze crescente). In  alternativa  alla <span class=\"_ _1d\"> </span>metod<span class=\"_ _0\"></span>ologia  di  stima <span class=\"_ _1d\"> </span>del  Terminal  Value  illustrata,  la  dottrina  prevede  anche  (i) <span class=\"_ _1d\"> </span>l\u2019approccio<span class=\"_ _0\"></span>  basato sull\u2019impiego di <span class=\"_ _3\"></span>multipli di <span class=\"_ _3\"></span>uscita (o <span class=\"_ _3\"></span>\u201cexit <span class=\"_ _3\"></span>multiple\u201d) e <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>l\u2019approccio basato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima del <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>liquidazione dell\u2019<span class=\"_ _6\"></span><span class=\"ff1\">impresa. In </span>particolare, con riguardo all\u2019approcci<span class=\"_ _0\"></span>o sub (i) si segnala che la s<span class=\"_ _3\"></span>tima di un multiplo a termine presenta elementi di comples<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 </span>(e, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otenzialmente, d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>soggettivi<span class=\"_ _0\"></span>t\u00e0) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>accentuati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>momenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>mer<span class=\"_ _5\"></span>cati <span class=\"_ _2\"></span>quale quello attuale. L\u2019approccio sub (ii) \u00e8 <span class=\"_ _3\"></span>valido unicamente per le imprese destinate a <span class=\"_ _3\"></span>cessare al termine del periodo d<span class=\"_ _3\"></span>i previsi<span class=\"_ _5\"></span><span class=\"ff1\">one </span>analitica e, pertanto, <span class=\"_ _0\"></span>non \u00e8 utilmente imp<span class=\"_ _0\"></span>iegabile in presen<span class=\"_ _0\"></span>za di prospettive di <span class=\"_ _0\"></span>continuit\u00e0 azienda<span class=\"_ _0\"></span>le.<span class=\"_ _2\"></span> Ai <span class=\"_ _4\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>Terminal <span class=\"_ _4\"> </span>Value\u201d, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _4\"> </span>stadio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>flusso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>assa <span class=\"_ _4\"> </span>conseguibile <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>regime, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato considerato quello pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isto al 2027, ultim<span class=\"_ _0\"></span>o anno di proiezioni <span class=\"_ _0\"></span>analitiche. <span class=\"_ _3\"></span> Coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>effettuato <span class=\"_ _4\"></span>negli <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eserci<span class=\"_ _3\"></span>zi <span class=\"_ _4\"> </span>precedenti, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _6\"></span>come tasso <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>no<span class=\"_ _3\"></span>minale <span class=\"_ _2\"></span>dell\u2019Italia, <span class=\"_ _5\"></span>osservato <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>2008<span class=\"_ _5\"></span><span class=\"ff1\">-2027 <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>rammenta <span class=\"_ _2\"></span>infatti <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>in </span>considerazione delle svalutazioni operate n<span class=\"_ _3\"></span>ei bilanci precedenti, a<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>Banc<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Territori, International Subsidiary Banks, Bank <span class=\"_ _16\"> </span>of  Al<span class=\"_ _0\"></span>exandria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Pravex <span class=\"_ _7\"> </span>Bank  non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _16\"> </span>allocato <span class=\"_ _7\"> </span>alcun  avviamen<span class=\"_ _0\"></span>to <span class=\"_ _16\"> </span>e, <span class=\"_ _16\"> </span>conseguentemente, <span class=\"_ _7\"> </span>non  risulta <span class=\"_ _7\"> </span>necessario determinare i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>\u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Paesi <span class=\"_ _3\"></span>esteri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>opera). In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>particolare, il <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nominale<span class=\"_ _0\"></span> </span>risulta dalla <span class=\"_ _3\"></span>somma del tasso <span class=\"_ _3\"></span>di crescita <span class=\"_ _3\"></span>del PIL r<span class=\"_ _3\"></span>eale e de<span class=\"_ _3\"></span>l tasso d<span class=\"_ _3\"></span>\u2019inflazione. I dati <span class=\"_ _3\"></span>attesi di <span class=\"_ _3\"></span>PIL reale e<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>inflazione,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>utilizzati </span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>g, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>desunti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>proiezioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Direzio<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ricerche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>escritte <span class=\"_ _2\"></span>in precedenza. <span class=\"_ _3\"></span>Ciascuna <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>calcolata <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2008<span class=\"_ _2\"></span>-2027. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>al periodo  di <span class=\"_ _16\"> </span>osservazione  dei <span class=\"_ _16\"> </span>tassi  di  crescit<span class=\"_ _0\"></span>a,  considerato  l<span class=\"_ _35\"></span>\u2019attuale  particolare <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontesto  macroeconomi<span class=\"_ _0\"></span>co,  merita <span class=\"_ _16\"> </span>alcune </span>considerazioni. Le  dinami<span class=\"_ _0\"></span>che  del <span class=\"_ _16\"> </span>PIL  r<span class=\"_ _0\"></span>eale  n<span class=\"_ _0\"></span>egli  ultimi <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>spesso  negat<span class=\"_ _0\"></span>ive,  pri<span class=\"_ _0\"></span>ncipalmente  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fluenzate <span class=\"_ _16\"> </span>dalle  divers<span class=\"_ _0\"></span>e  cris<span class=\"_ _35\"></span>i economiche <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>assoggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>economie <span class=\"_ _2\"></span>mondiali, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>2008 <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>finanziaria globale, <span class=\"_ _5\"></span>successivamente <span class=\"_ _5\"></span>seguita <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>crisi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>sovrani <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2011. <span class=\"_ _6\"></span>Gi\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2015 <span class=\"_ _6\"></span>c\u2019era <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>un\u2019inversione <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>tendenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>percorso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>bruscamente  i<span class=\"_ _0\"></span>nterrotto <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>pandemia COVID-<span class=\"ff4\">19, <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>permane <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>minacciato <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>crisi <span class=\"_ _6\"> </span>energetica <span class=\"_ _4\"> </span>emersa <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onseguenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>scoppio <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>conflitto <span class=\"_ _3\"></span>militare <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ucraina. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ciclo <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _1d\"> </span>valore  terminale <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato  determinato  c<span class=\"_ _3\"></span>ome <span class=\"_ _1d\"> </span>media  dei <span class=\"_ _1d\"> </span>tassi  del <span class=\"_ _1d\"> </span>PIL <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il  periodo <span class=\"_ _1d\"> </span>2008<span class=\"_ _2\"></span>-2027, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>ritenuto </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">sufficientemente <span class=\"_ _3\"></span>ampio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>includere, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>mediare, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>forte <span class=\"_ _2\"></span>crisi, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prospettico <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un </div><div class=\"t m0 x0 hde y6 ff1 fs0 fc0 sc0 ls0 ws0\">contesto di moderata c<span class=\"_ _0\"></span>rescita economica.<span class=\"fs1e\"> </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019ottica <span class=\"_ _3\"></span>prudenziale, \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>g <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>risultasse <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span><span class=\"ff1\">minale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Italia nel 2027 <span class=\"_ _0\"></span>o, per ciascuna CG<span class=\"_ _0\"></span>U, al tasso di crescita dell\u2019ultimo anno di p<span class=\"_ _0\"></span>revisioni analitiche.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y64 ff2 fs0 fc2 sc0 ls0 ws0\">I tassi di attualizzazi<span class=\"_ _0\"></span>one dei flussi </div><div class=\"t m0 x0 h32 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">correnti del mercato, d<span class=\"_ _0\"></span>el valore tempora<span class=\"ff4\">le del denaro e dei risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>i specifici dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>pratica, la <span class=\"_ _3\"></span>prima caratteristica <span class=\"_ _3\"></span>(condizioni correnti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato) si <span class=\"_ _3\"></span>traduce nella <span class=\"_ _3\"></span>determinazione di <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _6\"></span>in base </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiornate <span class=\"_ _2\"></span>disponibili <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _5\"></span>stima, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>meglio <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>valutazioni </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">correnti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>mercato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>caratteristica <span class=\"_ _5\"></span>(coerenza <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>rischi/flussi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tassi) <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eclinata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">specificit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU. <span class=\"_ _2\"></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>(nelle <span class=\"_ _2\"></span>sue <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>componenti) <span class=\"_ _2\"></span>deve, <span class=\"_ _5\"></span>dunque, <span class=\"_ _5\"></span>essere<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">scelto <span class=\"_ _6\"></span>osservando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>specificit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ognuna <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>CGU, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>do <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>congruo <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">consistente <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>flussi. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>assume <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff4\">mportanza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>all\u2019inflazione, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Paese <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">agli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>potrebbero <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>espressi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>36, <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>tasso. <span class=\"_ _3\"></span>Occorre <span class=\"_ _2\"></span>evidenziare <span class=\"_ _4\"></span>che<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">una <span class=\"_ _3\"></span>caratteristica <span class=\"_ _3\"></span>comune <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>contenenti <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>(e, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>generale, intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita i<span class=\"_ _3\"></span>ndefinita) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">lungo periodo dei flussi utiliz<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ati nella stima del Valore <span class=\"_ _0\"></span>d\u2019Uso delle CGU medesim<span class=\"_ _0\"></span>e. Infatti, l\u2019avviamento ha per defi<span class=\"_ _0\"></span>nizione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>vita </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">utile indefinita e, d<span class=\"_ _0\"></span>unque, i flussi di c<span class=\"_ _0\"></span>assa attesi dal medesimo sono normalmente proi<span class=\"_ _0\"></span>ettati in perpetuit\u00e0.  </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Tale  prospettiva <span class=\"_ _16\"> </span>di  lungo <span class=\"_ _16\"> </span>periodo  dovrebbe <span class=\"_ _16\"> </span>essere  riflessa <span class=\"_ _16\"> </span>in  tutti  i<span class=\"_ _0\"></span>  parametri <span class=\"_ _16\"> </span>del  tasso  di<span class=\"_ _0\"></span>  attualizzazion<span class=\"_ _0\"></span>e  tramite  u<span class=\"_ _0\"></span>na </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">opportuna scelta di cia<span class=\"_ _0\"></span>scuno dei medesimi<span class=\"_ _0\"></span>, in modo tale che e<span class=\"_ _0\"></span>ssi esprimano condizio<span class=\"_ _0\"></span>ni \u201cn<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rmali\u201d nel lungo t<span class=\"_ _0\"></span>ermine.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Normalmente il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione deve <span class=\"_ _3\"></span>comprendere il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziamento dell\u2019attivit\u00e0 da<span class=\"_ _3\"></span> valut<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>re<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">e cio\u00e8 il costo dell\u2019<span class=\"_ _0\"></span>equity ed il costo del d<span class=\"_ _0\"></span>ebito (si tratta del <span class=\"_ _0\"></span>cosiddetto WACC, <span class=\"_ _0\"></span>cio\u00e8 il costo med<span class=\"_ _3\"></span><span class=\"ff1\">io ponderato del capitale). </span></div><div class=\"t m0 x0 h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">Tuttavia, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un\u2019impresa <span class=\"_ _5\"></span>bancaria, <span class=\"_ _5\"></span>esso <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>mato <span class=\"_ _5\"></span>nell\u2019ottica <span class=\"_ _5\"></span>\u201cequity <span class=\"_ _6\"></span>side\u201d <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _6\"></span>considerando <span class=\"_ _5\"></span>solamente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">capitale proprio (Ke), coerentemente con le modalit\u00e0 di determinazione dei flussi che, come gi\u00e0 rilevat<span class=\"_ _2\"></span>o, sono comprensivi dei </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">flussi derivanti dalle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> finanziarie. </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">Il costo del capitale \u00e8 s<span class=\"_ _0\"></span>tato determinato utili<span class=\"_ _0\"></span>zzando il \u201cCapital A<span class=\"_ _0\"></span>sset Pricing Model\u201d (CAP<span class=\"_ _0\"></span>M). Sulla base di tal<span class=\"_ _0\"></span>e modello, il<span class=\"_ _2\"></span><span class=\"ff1\"> costo </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>somma <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>investimenti <span class=\"_ _3\"></span>privi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sua </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">volta <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>rischiosit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>(intendendo <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>rischiosit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>comparto <span class=\"_ _4\"> </span>operativo <span class=\"_ _6\"> </span>sia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>la </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">rischiosit\u00e0 geografic<span class=\"_ _0\"></span>a rappresentata dal <span class=\"_ _0\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">osiddetto \u201crischio P<span class=\"_ _0\"></span>aese\u201d).<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Il costo del capital<span class=\"_ _0\"></span>e \u00e8 determinato al nett<span class=\"_ _0\"></span>o delle imposte, per <span class=\"_ _0\"></span>coerenza con i flussi fi<span class=\"_ _0\"></span>nanziari oggetto di a<span class=\"_ _0\"></span>ttualizzazione.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Poich\u00e9 <span class=\"_ _1d\"> </span>le  diverse <span class=\"_ _1d\"> </span>CGU  del <span class=\"_ _1d\"> </span>Gruppo  Intesa <span class=\"_ _1d\"> </span>Sanpaolo  operano <span class=\"_ _1d\"> </span>in  comparti  di<span class=\"_ _3\"></span>  business <span class=\"_ _1d\"> </span>diversi  e <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>attori  di <span class=\"_ _1d\"> </span>rischio </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">differenziati, sono st<span class=\"_ _0\"></span>ati identificati costi<span class=\"_ _0\"></span> specifici del capital<span class=\"_ _0\"></span>e per ognuna delle C<span class=\"_ _0\"></span>GU.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>determinati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>nominali, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _2\"></span>sono <span class=\"_ _4\"> </span>stati </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">determinati in termini nomin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li, ossia incorporand<span class=\"_ _0\"></span>o le attese di inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Scendendo <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>dettaglio <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiscono <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>si </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">segnala che: </div><div class=\"t m0 x0 h2 y83 ffc fsa fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _6\"></span>finanziari, <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _6\"></span>free <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>CRP, <span class=\"_ _6\"></span>in </span></span></div><div class=\"t m0 x2a h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">considerazione della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d\u2019interesse n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>macroeconomico <span class=\"_ _3\"></span>attuale, che <span class=\"_ _2\"></span>prevede nel <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>periodo </div><div class=\"t m0 x2a h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">un ulteriore incremento, proseguendo nel percorso di aumenti iniziato a <span class=\"_ _3\"></span>partire dalla seconda met\u00e0 del 2022, si \u00e8 <span class=\"_ _3\"></span>ritenuto<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>mantenere, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>prudenziale, <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo di <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _3\"></span>differenziati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019attualizzazi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei </span></div><div class=\"t m0 x2a h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">flussi finanziari previ<span class=\"_ _0\"></span>sto lungo l\u2019orizzonte <span class=\"_ _0\"></span>esplicito e per il fl<span class=\"_ _0\"></span>usso del Te<span class=\"_ _3\"></span><span class=\"ff1\">rminal Value:  </span></div><div class=\"t m0 x2a h2 y88 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>quanto concerne<span class=\"_ _0\"></span> il risk free <span class=\"_ _3\"></span>ricompreso nel tasso di attualizzazio<span class=\"_ _0\"></span>ne dei flussi finanziari dell\u2019orizzonte \u201cespli<span class=\"_ _0\"></span>cito\u201d di </span></span></div><div class=\"t m0 x62 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">previsione, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuto di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento medio mensile <span class=\"_ _3\"></span>(mese di <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022) dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato tede<span class=\"_ _5\"></span>schi </div><div class=\"t m0 x62 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">(Bund) a 10 anni; </div><div class=\"t m0 x2a h2 y47 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>concerne <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risk <span class=\"_ _4\"> </span>free <span class=\"_ _6\"></span>ricompreso <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>finanziario<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value </span></div><div class=\"t m0 x62 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">(flusso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>perpetuit\u00e0 <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisione <span class=\"_ _5\"></span>esplicita), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ritenuto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _5\"></span>me<span class=\"_ _5\"></span>dio </div><div class=\"t m0 x62 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">annuo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>tedeschi <span class=\"_ _5\"></span>(Bund) <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>10 <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>027, <span class=\"_ _5\"></span>ultimo <span class=\"_ _6\"></span>anno <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previsione <span class=\"_ _5\"></span>analitica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi, </div><div class=\"t m0 x62 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">stimato dalla Direzio<span class=\"_ _0\"></span>ne Studi e Ricerc<span class=\"_ _0\"></span>he di Intesa Sanpaolo. </div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>sopra, <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Country <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Premium<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRP) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>metodologia </div><div class=\"t m0 x2a h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">che prevede <span class=\"_ _3\"></span>l\u2019utilizzo d<span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>differenziati. Si <span class=\"_ _3\"></span>ricorda inoltre <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ussistendo avviamenti allocati a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CGU diverse <span class=\"_ _3\"></span>da </span></div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">quelle <span class=\"_ _7\"> </span>operanti <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>prevalentemen<span class=\"_ _0\"></span>te) <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Italia <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _16\"> </span>\u201crischio <span class=\"_ _4\"> </span>Paese\u201d <span class=\"_ _7\"> </span>coincide <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>sostanza <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>\u201crischio <span class=\"_ _7\"> </span>Italia\u201d. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>CRP, </span></div><div class=\"t m0 x2a h32 y4e ff4 fs0 fc0 sc0 ls0 ws0\">dunque, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>metodologiche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>come </div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">segue: </div><div class=\"t m0 x2a h2 y50 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CRP <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>dell\u2019o<span class=\"_ _2\"></span>rizzonte <span class=\"_ _5\"></span>\u201cesplicito\u201d <span class=\"_ _5\"></span>di </span></span></div><div class=\"t m0 x62 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">previsione, \u00e8 stato c<span class=\"_ _0\"></span>onsiderato lo spread<span class=\"_ _0\"></span> BTP-Bund medio del mese di dicembre 202<span class=\"_ _0\"></span>2; </div><div class=\"t m0 x2a h2 y52 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _3\"></span>quanto concerne il CRP ricompreso nel tasso di a<span class=\"_ _3\"></span>ttualizzazione del flusso finanziario del Terminal <span class=\"_ _3\"></span>Value, \u00e8 stato </span></div><div class=\"t m0 x62 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">considerato <span class=\"_ _4\"> </span>lo <span class=\"_ _7\"> </span>spread <span class=\"_ _7\"> </span>BTP-<span class=\"_ _3\"></span>Bund <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"> </span>annuo <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>027 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>previsionale <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio </div><div class=\"t m0 x62 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">termine citato in prece<span class=\"_ _0\"></span>denza. </div><div class=\"t m0 x0 h2 y55 ffc fsa fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">l\u02bcequity <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isk <span class=\"_ _7\"> </span>premium, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>premio <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _4\"> </span>aziendale  <span class=\"ff1\">- <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>differenza <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _7\"> </span>del </span></span></span></div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>arco </div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">temporale sufficientem<span class=\"_ _0\"></span>ente ampio - \u00e8 stato determinato facen<span class=\"_ _0\"></span>do riferimento a dati<span class=\"_ _0\"></span> storici, sia per la maggi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re affidabilit\u00e0 e<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">dimostrabilit\u00e0, <span class=\"_ _6\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>luce <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ell\u02bcattuale <span class=\"_ _6\"> </span>contesto <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>lato, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>borsa </span></div><div class=\"t m0 x2a h32 y59 ff4 fs0 fc0 sc0 ls0 ws0\">significativamente <span class=\"_ _4\"> </span>volatili <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>espressivi <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>\u201cfondamentali\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>dall\u02bcaltro, <span class=\"_ _4\"> </span>configura <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">incertezza <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>arduo <span class=\"_ _7\"> </span>formulare <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>di  <span class=\"ff4\">risultati <span class=\"_ _4\"> </span>attendibili <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u02bcequity <span class=\"_ _7\"> </span>risk <span class=\"_ _7\"> </span>premium </span></div><div class=\"t m0 x2a h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">implicito <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>borsa. <span class=\"_ _2\"></span>Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>geometrica <span class=\"_ _3\"></span>dell\u02bcequity <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _3\"></span>premium <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>levat<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">sul <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>statunitense <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>1928<span class=\"_ _3\"></span>-2022 <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>differenziale <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>USA <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x2a h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">inflazione tedesco (q<span class=\"_ _0\"></span>uale mercato di riferim<span class=\"_ _0\"></span>ento per la rilevazio<span class=\"_ _0\"></span>ne del risk free); </div><div class=\"t m0 x0 h2 y5e ffc fsa fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">il <span class=\"_ _4\"> </span>coefficiente <span class=\"_ _4\"> </span>Beta, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>misura <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischiosit\u00e0 <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"> </span>operativo, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"></span>de<span class=\"_ _5\"></span>terminato<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">identificando - per o<span class=\"_ _3\"></span>gni CGU - un ca<span class=\"_ _3\"></span>mpione di societ\u00e0 comparab<span class=\"_ _0\"></span>ili (in termini di business) e <span class=\"_ _3\"></span>rispetto a questo campione \u00e8 </div></div>stato utilizzato il dato medio o mediano dei Beta rilevati<span class=\"_ _0\"></span> attraverso osservazioni con periodicit\u00e0 mensile<span class=\"_ _0\"></span> su un orizzonte d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>cinque anni. Riepilogo dei tassi di<span class=\"_ _0\"></span> crescita e dei tassi <span class=\"_ _0\"></span>di attualizzazione ut<span class=\"_ _0\"></span>ilizzati<span class=\"_ _3\"></span> Nella <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>segue  v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ngono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>intetizzati <span class=\"_ _7\"> </span>per  og<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>test  i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _16\"> </span>della determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _4\"> </span>d\u02bcUso: <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>tassi <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span><span class=\"ff1\">rescita <span class=\"_ _4\"></span>medi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ponderati <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2027 <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>comprensivi </span>dell\u02bcattribuzione dei <span class=\"_ _3\"></span>flussi correlati ai <span class=\"_ _3\"></span>corporate assets <span class=\"_ _3\"></span>centrali, i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>rescita \u201cg\u201d <span class=\"_ _3\"></span>ai fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Terminal Value, <span class=\"_ _3\"></span>i di<span class=\"_ _5\"></span><span class=\"ff1\">versi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di<span class=\"_ _0\"></span> </span>attualizzazione ed i t<span class=\"_ _0\"></span>assi di inflazion<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>.            TASSI/   <span class=\"ls0\">PARAMETRI<span class=\"_ _3\"></span> </span>Tassi di crescita<span class=\"_ _3\"></span> nominali per impairment test  (periodo 2023 - 2027) TASSI DI ATTUA<span class=\"_ _3\"></span>LIZZAZIONE NOMIN<span class=\"_ _3\"></span>ALI TASSI DI CRESCITA \"G\"<span class=\"_ _3\"></span>  NEL LUNGO PERIODO  TASSI DI INFLAZIONE              CGU 2022 flussi 2022 Terminal Value 2021 flussi 2021 Terminal Value 2022 2021 2022 CGU oggetto di im<span class=\"_ _3\"></span>pairment test<span class=\"_ _3\"></span> IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking 17,81% 10,57% 11,18% 7,61% 9,37% 2,06% 1,52% 1,96% Insurance 1,69% 10,27% 10,88% 7,12% 8,89% 2,06% 1,52% 1,96% Asset Managemen<span class=\"_ _3\"></span>t 1,96% 10,12% 10,73% 6,85% 8,61% 2,06% 1,52% 1,96% Private Banking<span class=\"_ _3\"></span> 2,59% 10,14% 10,75% 7,28% 9,05% 2,06% 1,52% 1,96% I risultati dell\u2019impairme<span class=\"_ _0\"></span>nt test<span class=\"ff2\"> </span>Gli <span class=\"_ _2\"></span>esiti <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>evidenziato <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Valori <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascuna <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocati <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a titolo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avviamento <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ossero <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>ai  rispettivi <span class=\"_ _7\"> </span>valori  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ntabili. <span class=\"_ _16\"> </span>Non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>dunque <span class=\"_ _16\"> </span>necessari<span class=\"_ _35\"></span>o procedere ad alcuna s<span class=\"_ _0\"></span>valutazione degli avv<span class=\"_ _0\"></span>iame<span class=\"_ _3\"></span>nti o del brand <span class=\"_ _0\"></span>name a queste allocat<span class=\"_ _0\"></span>i. Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnala <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>calcolare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> </span>confermato superior<span class=\"_ _0\"></span>e alla sommatoria dei val<span class=\"_ _0\"></span>ori contabili dell<span class=\"_ _0\"></span>e singole CGU.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto riguarda <span class=\"_ _3\"></span>i r<span class=\"_ _3\"></span>isvolti diretti <span class=\"_ _3\"></span>del conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-<span class=\"ff4\">ucraino sugli <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo si s<span class=\"_ _3\"></span>egnala, infine, <span class=\"_ _3\"></span>che l\u2019avviamento </span>relativo <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>Pravex <span class=\"_ _6\"></span>Bank, <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"></span>autonoma, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>stato, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>detto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedenza,<span class=\"_ _35\"></span> completamente <span class=\"_ _3\"></span>azzerato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>occasione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2008. <span class=\"_ _5\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tecipata <span class=\"_ _3\"></span>russa <span class=\"_ _2\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _2\"></span>Company <span class=\"_ _2\"></span>Banca Intesa <span class=\"_ _16\"> </span>(Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Russia), <span class=\"_ _7\"> </span>si  s<span class=\"_ _0\"></span>egnala <span class=\"_ _7\"> </span>che,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>presentare <span class=\"_ _7\"> </span>avviamenti <span class=\"_ _7\"> </span>allocati, <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>inclusa <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>CGU <span class=\"_ _7\"> </span>IMI Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Investment <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>king <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>peso <span class=\"_ _2\"></span>assolutamente <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>rginale <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento; <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU IMI Corporate &amp; Investment Banking come sopra indicato, in sede di impairment test al 31 d<span class=\"_ _3\"></span>icembre 2022 \u00e8 emerso un valore recuperabile superio<span class=\"_ _0\"></span>re rispetto al relativo valore contabile. Verifica dei risultati d<span class=\"_ _0\"></span>ell\u2019impairment test <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ttraverso una meto<span class=\"_ _0\"></span>dologia di calcolo alt<span class=\"_ _0\"></span>ernativa <span class=\"_ _3\"></span><span class=\"ff2\"> </span>Poich\u00e9 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>amo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>attraverso <span class=\"_ _5\"></span>l\u2019attualizzazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>flussi finanziari di<span class=\"ff4\">s<span class=\"_ _3\"></span>tribuibili, intendendo per <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>stima s<span class=\"_ _3\"></span>aranno generati <span class=\"_ _3\"></span>dall\u2019area <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness (le <span class=\"_ _3\"></span>singole </span>CGU) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>mantenuta <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>preservare <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>regolamentari <span class=\"_ _5\"></span>di vigilanza, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stata <span class=\"_ _1d\"> </span>verificata <span class=\"_ _1d\"> </span>la  recuperabilit\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>degli  avviamenti <span class=\"_ _1d\"> </span>allocati <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>anche  at<span class=\"_ _3\"></span>travers<span class=\"_ _0\"></span>o l\u2019attualizzazione dei <span class=\"_ _3\"></span>suddetti flussi <span class=\"_ _3\"></span>finanziari secondo <span class=\"_ _3\"></span>il modello <span class=\"_ _3\"></span>Dividend Discounted <span class=\"_ _3\"></span>Model (DDM) <span class=\"_ _3\"></span>nella versione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>excess<span class=\"_ _2\"></span><span class=\"ff1\"> </span>capital. Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>igilanza, \u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tato u<span class=\"_ _3\"></span>tilizzato un <span class=\"_ _2\"></span>Common <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Tier <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>ratio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>10,25% <span class=\"_ _3\"></span>cos\u00ec <span class=\"_ _3\"></span>come risultante <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _7\"> </span>Framework <span class=\"_ _7\"> </span>(RAF) <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>significativamente <span class=\"_ _4\"> </span>superiore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>(8,91%) comunicato dalla <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito d<span class=\"_ _3\"></span>egli esiti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Supervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Process <span class=\"_ _3\"></span>(SREP<span class=\"_ _0\"></span>). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>CGU Insurance <span class=\"_ _3\"></span>si \u00e8 inoltre tenuto conto d<span class=\"_ _0\"></span>i un Solvency Rat<span class=\"_ _0\"></span>io pari al 170%, c<span class=\"_ _0\"></span>os\u00ec come risultante dal R<span class=\"_ _0\"></span>AF menzionato in pre<span class=\"_ _0\"></span>cedenza.<span class=\"_ _3\"></span> Integrando, <span class=\"_ _4\"> </span>quindi, <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>ttesi <span class=\"_ _4\"></span>determinati <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>illustrato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>aumento <span class=\"_ _4\"></span>delle<span class=\"_ _35\"></span> eccedenze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>suddetti <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"> </span>minimi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale, <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>reddito <span class=\"_ _4\"> </span>necessarie <span class=\"_ _4\"></span>per coprire <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fabbisogni <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescente <span class=\"_ _4\"> </span>stimata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>ponderate <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>ottenuti <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>flussi finanziari distribuibili. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>flussi, <span class=\"_ _3\"></span>stimati <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>CGU, sono <span class=\"_ _2\"></span>stati a<span class=\"_ _3\"></span>ttualizzati applicando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medesimi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attuali<span class=\"_ _5\"></span>zzazion<span class=\"_ _0\"></span>e e tassi di crescita \u201cg\u201d u<span class=\"_ _0\"></span>tilizzati nell\u2019a<span class=\"ff1\">pplicazione del metodo Di<span class=\"_ _0\"></span>scounted Cash Flow (DCF<span class=\"_ _0\"></span>). </span>I risultati di questa m<span class=\"_ _0\"></span>etodologia hanno c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nfermato le risult<span class=\"_ _0\"></span>anze emerse in bas<span class=\"_ _0\"></span>e al calcolo effettuat<span class=\"_ _0\"></span>o con il metodo del DC<span class=\"_ _0\"></span>F.<span class=\"_ _2\"></span><span class=\"ff2 fc2\"> </span>Raccordo tra gli esiti<span class=\"_ _0\"></span> dell\u2019impairment t<span class=\"_ _0\"></span>est e le valutazioni esp<span class=\"_ _0\"></span>resse dal merca<span class=\"_ _3\"></span><span class=\"ff2 lsd\">to<span class=\"ls0\"> </span></span>La quotazione del titolo <span class=\"_ _3\"></span>Intesa Sanpaolo, nel corso 2022, ha <span class=\"_ _3\"></span>subito un decremento (<span class=\"_ _2\"></span>-8,6%) r<span class=\"_ _3\"></span>ispetto ai valori di ch<span class=\"_ _3\"></span>iusura di fine 2021, <span class=\"_ _7\"> </span>sottoperformando <span class=\"_ _4\"> </span>l\u2019andamento <span class=\"_ _7\"> </span>registrato <span class=\"_ _7\"> </span>dall\u2019indice <span class=\"_ _7\"> </span>settoriale <span class=\"_ _7\"> </span>italiano <span class=\"_ _4\"> </span>(FTSE <span class=\"_ _7\"> </span>It<span class=\"_ _3\"></span>alia <span class=\"_ _7\"> </span>All<span class=\"_ _2\"></span><span class=\"ff1\">-Share <span class=\"_ _7\"> </span>Banks, <span class=\"_ _7\"> </span>-4<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>circa) <span class=\"_ _7\"> </span>ma<span class=\"_ _0\"></span> </span>so<span class=\"ls0\">vraperforma<span class=\"_ _0\"></span>ndo il principale i<span class=\"_ _0\"></span>ndice di riferiment<span class=\"_ _0\"></span>o della Borsa Italiana (FT<span class=\"_ _0\"></span>SE MIB Index, <span class=\"_ _3\"></span>-13,4% circa). </span>In par<span class=\"_ _3\"></span>ticolare, dopo una p<span class=\"_ _3\"></span>rima fase dell<span class=\"_ _3\"></span>\u2019anno particolarmente difficile, a <span class=\"_ _3\"></span>seguito dell\u2019esplosione del conflitto <span class=\"_ _3\"></span>militare tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Russia </span>e <span class=\"_ _5\"></span>Ucraina<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>deterioramento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>macroeconomico, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corsi <span class=\"_ _5\"></span>azionari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>notevole<span class=\"_ _35\"></span> rallentamento, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019anno <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>assistito <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>qu<span class=\"_ _0\"></span>otazione, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>percorso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i crescita, <span class=\"_ _6\"></span>particolarmente <span class=\"_ _5\"></span>evident<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>nell\u2019ultimo <span class=\"_ _6\"> </span>trimestre <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>portato <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"></span>prossimo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>2,08 <span class=\"_ _4\"> </span>euro <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fine </span>dicembre  2<span class=\"_ _0\"></span>022.  Si <span class=\"_ _16\"> </span>segnala <span class=\"_ _16\"> </span>che,  nel  cors<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  della <span class=\"_ _16\"> </span>prima  parte<span class=\"_ _0\"></span>  del  2<span class=\"_ _0\"></span>023,  il <span class=\"_ _16\"> </span>titolo  In<span class=\"_ _0\"></span>tesa  Sanpa<span class=\"_ _0\"></span>olo  ha <span class=\"_ _16\"> </span>subito  un <span class=\"_ _16\"> </span>ulteriore<span class=\"_ _0\"></span> apprezzamento, con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>quotazione, a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>febbra<span class=\"_ _3\"></span>io, <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>2,5 <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>p.a. <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>47<span class=\"_ _2\"></span> miliardi<span class=\"_ _0\"></span> (con un multiplo P/BV <span class=\"_ _0\"></span>di circa 0,7x). Le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>analisti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ribas<span class=\"_ _2\"></span><span class=\"ls1f\">so </span>dei target price rispetto ai valori <span class=\"_ _0\"></span>del 2021, con un andamento s<span class=\"_ _35\"></span>ostanzialmente in linea con la discesa delle qu<span class=\"_ _0\"></span>otazioni del titolo <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-97.68286px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nella <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2023, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>comunicazione <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>targe<span class=\"_ _5\"></span><span class=\"ls12\">t </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">price sono stati tendenzi<span class=\"_ _0\"></span>almente rivisti a ri<span class=\"_ _0\"></span>alzo con un valore me<span class=\"_ _0\"></span>dio di 2,85 euro p.a. </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>analisti <span class=\"_ _3\"></span>sottolineano, tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>punti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>solidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>management altamente <span class=\"_ _3\"></span>qualifica<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">apprezzato <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>mercato. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _7\"> </span>ritengono <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>po<span class=\"_ _3\"></span>tr\u00e0 <span class=\"_ _4\"></span>beneficiare <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>incrementi <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, </div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">considerando <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>mediamente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>italiane <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>sensitivity <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositiva <span class=\"_ _3\"></span>all\u2019incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>Euribor. <span class=\"_ _3\"></span>Intesa </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo  \u00e8  inoltre  in  grado  di  generare  una  redditivit\u00e0  tra  le  pi\u00f9  elevate  in  Italia <span class=\"_ _1d\"> </span>-  beneficiando  anche  di  un'elevat<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">esposizione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risparmio <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>continua <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>forte <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>patrimoniale. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _2\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotto <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>grande <span class=\"_ _2\"></span>successo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>affrontare, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>maggiore <span class=\"_ _5\"></span>tranquillit\u00e0, <span class=\"_ _2\"></span>un </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">eventuale <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterioramento <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"> </span>macroeconomico. <span class=\"_ _6\"></span>Di <span class=\"_ _4\"></span>contro, <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>potrebbero<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">emergere <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>criticit\u00e0, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _6\"></span>ribadiscono <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">consueto <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>instabilit\u00e0 <span class=\"_ _5\"></span>politica <span class=\"_ _6\"></span>interna <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019Italia, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>possibili<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">conseguenze <span class=\"_ _3\"></span>sullo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>BTP-Bund, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>dovessero <span class=\"_ _2\"></span>riemergere <span class=\"_ _3\"></span>tensioni <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">mercati finanziari. </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _1d\"> </span>ogni <span class=\"_ _1d\"> </span>caso, <span class=\"_ _1d\"> </span>occorre  r<span class=\"_ _3\"></span>imarcare  che <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>espresse  d<span class=\"_ _3\"></span>agli <span class=\"_ _1d\"> </span>analisti <span class=\"_ _1d\"> </span>finanziari<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>presentano <span class=\"_ _1d\"> </span>caratteristiche  che <span class=\"_ _1d\"> </span>le </div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">differenziano <span class=\"_ _16\"> </span>da  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>a  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _16\"> </span>\u201cfondamentale\u201d <span class=\"_ _16\"> </span>rappresenta<span class=\"_ _0\"></span>ta  d<span class=\"_ _0\"></span>al  V<span class=\"_ _0\"></span>alore <span class=\"_ _16\"> </span>d\u2019Uso.  Su<span class=\"_ _0\"></span>  tali <span class=\"_ _7\"> </span>valutazioni  si <span class=\"_ _7\"> </span>possono  fare <span class=\"_ _16\"> </span>le </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">seguenti osservazio<span class=\"_ _0\"></span>ni: </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _42\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>previsti <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>analisti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>estendono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _5\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2025, <span class=\"_ _4\"></span>risultand<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>sostanzialmente<span class=\"_ _0\"></span> </div><div class=\"t m0 xc8 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">allineati <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _7\"> </span>superiori <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>time <span class=\"_ _7\"> </span>interne <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>management, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>utilizzate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini </div><div class=\"t m0 xc8 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019impairment test <span class=\"_ _0\"></span>coprono un arco temp<span class=\"ff1\">orale quinquenn<span class=\"_ _0\"></span>ale che si estende fino <span class=\"_ _0\"></span>al 2027; </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _42\"> </span>il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>(nei <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>particolarmente <span class=\"_ _3\"></span>frequenti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>parametro <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>esplicitato <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte<span class=\"_ _2\"></span> </div><div class=\"t m0 xc8 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _5\"></span>analisti) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>spesso <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo; <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, </div><div class=\"t m0 xc8 h32 y72 ff4 fs0 fc0 sc0 ls0 ws0\">utilizzato <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attualizzazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>flusso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Ter<span class=\"_ _3\"></span>minal <span class=\"_ _7\"> </span>Value, <span class=\"_ _4\"> </span>risulta <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _4\"> </span>inferiore <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>medio </div><div class=\"t m0 xc8 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">risultante dai <span class=\"_ _3\"></span>report <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>analisti. <span class=\"_ _3\"></span>Questi ultimi <span class=\"_ _3\"></span>tendono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>sconto <span class=\"_ _3\"></span>impl<span class=\"_ _2\"></span>iciti <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>orsa che <span class=\"_ _2\"></span>quindi<span class=\"_ _0\"></span> </div><div class=\"t m0 xc8 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">risultano mediamente <span class=\"_ _0\"></span>pi\u00f9 alti in quanto i<span class=\"_ _0\"></span>nfluenzati dalle quota<span class=\"_ _0\"></span>zioni correnti;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>imilmente a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>osservato per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2021, s<span class=\"_ _3\"></span>otto il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>sono spesso <span class=\"_ _3\"></span>utilizzati </span></div><div class=\"t m0 xc8 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">multipli (in termini di <span class=\"_ _3\"></span>P/E o di ROE) applicati a quotazioni di mercato attuali o alla redditivit\u00e0 attesa per gli <span class=\"_ _3\"></span>prossimi 2023<span class=\"_ _0\"></span> o </div><div class=\"t m0 xc8 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">2024; si tratta, quindi<span class=\"_ _0\"></span>, di metodologie c<span class=\"_ _0\"></span>he forniscono un Fair Va<span class=\"_ _0\"></span>lue, piuttosto c<span class=\"_ _0\"></span>he un Valore d\u2019Us<span class=\"_ _0\"></span>o di lungo periodo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x129 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento agli ob<span class=\"_ _3\"></span>iettivi di <span class=\"_ _3\"></span>tali valutazioni, occorre evidenziare che <span class=\"_ _3\"></span>esse sono <span class=\"_ _3\"></span>destinate agli investitori finanziari e <span class=\"_ _3\"></span>dunque<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">con una prospettiva di definizione di prezzi e di valori di breve periodo. Tali valutazioni rappresentano il valore potenzial<span class=\"_ _2\"></span>mente </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">ottenibile <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Borsa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limitati <span class=\"_ _5\"></span>quantitativ<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>dismissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>minoranza <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>sono </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">strettamente ancorate <span class=\"_ _0\"></span>ai prezzi ed alle c<span class=\"_ _0\"></span>ondizioni di mercato c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrenti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>isultanti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>analisti, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riflette <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>metodologica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>Fair </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">Value e Valore d\u2019Us<span class=\"_ _0\"></span>o, pu\u00f2 essere spiegata, c<span class=\"_ _0\"></span>on i seguenti fattori:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _34\"> </span>differenza <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nit <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>valuations: <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>detto, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>singol<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x2a h32 y80 ff4 fs0 fc0 sc0 ls0 ws0\">azione a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>differenza del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valorizza l\u2019intero <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca. Tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>incide <span class=\"_ _3\"></span>dunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">per il controllo, asse<span class=\"_ _0\"></span>nte nel primo caso, <span class=\"_ _0\"></span>che la dottrina valori<span class=\"_ _0\"></span>zza generalmente in u<span class=\"_ _0\"></span>n range compreso<span class=\"_ _0\"></span> tra il 15% e il 25%.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente <span class=\"_ _6\"></span>orizzonte <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>preso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>mercato:<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>estensione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>stime </div><div class=\"t m0 xc8 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">circa i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>flussi finanziari, c<span class=\"_ _3\"></span>ome detto, <span class=\"_ _3\"></span>impatta considerevolmente sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valorizzazione del <span class=\"_ _3\"></span>Gruppo; considerando </div><div class=\"t m0 xc8 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019orizzonte temporale<span class=\"ff1\"> preso a riferimento dagli analisti, che in genere copre un periodo di 3 anni, e deducendo il premio di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 xc8 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">controllo, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>risulterebbe <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>azione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>quanto </div><div class=\"t m0 xc8 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">espresso dagli analisti <span class=\"_ _0\"></span>come target price; </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente valore del c<span class=\"_ _0\"></span>osto del capitale che, nelle stim<span class=\"_ _0\"></span>e degli analisti, esse<span class=\"_ _0\"></span>ndo derivato dalle quotazioni di b<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rsa, fattori<span class=\"_ _2\"></span><span class=\"ls1f\">zza </span></div><div class=\"t m0 xc8 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">elementi esogeni alla<span class=\"_ _0\"></span> capacit\u00e0 del Gru<span class=\"_ _0\"></span>ppo di produrre utili <span class=\"_ _0\"></span>al fine di remunerare i <span class=\"_ _0\"></span>propri azionisti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _7\"> </span>conclusi<span class=\"ff4\">one, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>test<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mpairment <span class=\"_ _4\"> </span>debbano <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>svolti <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>consapevolezza <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>situazione </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">economica, <span class=\"_ _5\"></span>penalizzata <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>geopolitico, <span class=\"_ _5\"></span>incide <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>operative <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>io </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">periodo, senza intaccare <span class=\"_ _3\"></span>in alcun modo le <span class=\"_ _3\"></span>primarie fonti di <span class=\"_ _3\"></span>generazione di reddito, peraltro positivamente influenzate dal trend </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">crescente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>vantaggi <span class=\"_ _6\"></span>competitivi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>dispone, <span class=\"_ _4\"> </span>come <span class=\"_ _6\"></span>peraltro <span class=\"_ _4\"></span>hanno </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">dimostrato sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>degli ultimi <span class=\"_ _3\"></span>anni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il costante <span class=\"_ _3\"></span>raggiungimento degli <span class=\"_ _3\"></span>obiettivi previsionali, che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>redditual<span class=\"_ _35\"></span>i </div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio 2022.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>proposito <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>ultimi <span class=\"_ _5\"></span>esercizi <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>posto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ami <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">partecipazioni <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _7\"> </span>fatto <span class=\"_ _7\"> </span>emergere <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _16\"> </span>proventi <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>realizzo <span class=\"_ _7\"> </span>(es. <span class=\"_ _7\"> </span>Setefi, <span class=\"_ _16\"> </span>Allfunds <span class=\"_ _4\"> </span>Bank, <span class=\"_ _16\"> </span>Intrum, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>business <span class=\"_ _7\"> </span>del </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">merchant  a<span class=\"_ _0\"></span>cquiring,  l<span class=\"_ _0\"></span>e  attivit\u00e0 <span class=\"_ _16\"> </span>di  Fund <span class=\"_ _16\"> </span>Administration  in<span class=\"_ _0\"></span>  Lus<span class=\"_ _0\"></span>semburgo,  il <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>della  formazione), <span class=\"_ _16\"> </span>a  conferm<span class=\"_ _0\"></span>a  dell<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">presenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>plusvalori <span class=\"_ _5\"></span>latenti <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>recepiti <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>riconosciuti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>transazioni <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzate <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>terzi. </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di business <span class=\"_ _3\"></span>resiliente e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>diversificato, con <span class=\"_ _3\"></span>focus sulle <span class=\"_ _3\"></span>fabbriche prodotto <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>concentra b<span class=\"_ _3\"></span>uona <span class=\"_ _5\"></span>parte </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>differenziale <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili, <span class=\"_ _6\"></span>garantisce <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>primarie <span class=\"_ _6\"></span>fonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>avverse <span class=\"_ _6\"></span>con </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento allo sc<span class=\"_ _0\"></span>enario prettamente bancari<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">Peraltro, nello svil<span class=\"_ _0\"></span>uppo del modello <span class=\"_ _0\"></span>valutativo utilizzati ai fi<span class=\"_ _0\"></span>ni dell\u2019impairment <span class=\"_ _0\"></span>test <span class=\"_ _2\"></span><span class=\"ff1\">sono state adottate l<span class=\"_ _0\"></span>e seguenti cautele:  </span></div><div class=\"t m0 x0 h2 y1c4 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i flussi previsionali incl<span class=\"_ _0\"></span>udono gli effetti finan<span class=\"_ _0\"></span>ziari dei servizi resi dal Centro di G<span class=\"_ _0\"></span>overno; inoltre, i consuntivi d<span class=\"_ _0\"></span>egli ul<span class=\"_ _5\"></span>timi anni </span></div><div class=\"t m0 x2a h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">sono stati sostanzialm<span class=\"_ _0\"></span>ente allineati ai dati p<span class=\"_ _0\"></span>revisionali; </div><div class=\"t m0 x0 h2 yf59 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>analitico, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>desunti <span class=\"_ _3\"></span>dai<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 x2a h32 yf5a ff4 fs0 fc0 sc0 ls0 ws0\">funzione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rispettivi <span class=\"_ _4\"> </span>business, <span class=\"_ _4\"> </span>considerando <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>anch\u2019esso <span class=\"_ _4\"> </span>analitico <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>diversi <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x2a h2 yf5b ff1 fs0 fc0 sc0 ls0 ws0\">rischio. </div><div class=\"t m0 x0 h2 y201 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1038 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>segnala, <span class=\"_ _4\"> </span>infine, <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>parametri <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>intangibili <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>vita </div><div class=\"t m0 x0 h2 ycd4 ff1 fs0 fc0 sc0 ls0 ws0\">indefinita  sono  s<span class=\"_ _3\"></span>ignificativame<span class=\"_ _0\"></span>nte  influenzati  dal <span class=\"_ _1d\"> </span>quadro  macroeconomico <span class=\"_ _1d\"> </span>e  dalle  dinamiche  d<span class=\"_ _3\"></span>ei  mercati <span class=\"_ _1d\"> </span>finanziari  che </div><div class=\"t m0 x0 h2 yadc ff1 fs0 fc0 sc0 ls0 ws0\">potrebbero <span class=\"_ _1c\"> </span>registrare <span class=\"_ _1c\"> </span>mutamenti <span class=\"_ _1c\"> </span>ad <span class=\"_ _1c\"> </span>oggi <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>prevedibili. <span class=\"_ _18\"> </span>Qua<span class=\"_ _3\"></span>lora <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>quadro <span class=\"_ _1c\"> </span>macroecon<span class=\"_ _0\"></span>omico <span class=\"_ _1c\"> </span>mostrasse <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>futuro </div><div class=\"t m0 x0 h2 y10d0 ff1 fs0 fc0 sc0 ls0 ws0\">peggioramenti <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>ipotizzato <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>i\u00f2 <span class=\"_ _7\"> </span>avrebbe <span class=\"_ _16\"> </span>effetti <span class=\"_ _7\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sulle </div><div class=\"t m0 x0 h2 y10d1 ff1 fs0 fc0 sc0 ls0 ws0\">principali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>potrebbero <span class=\"_ _3\"></span>ovv<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>mente c<span class=\"_ _3\"></span>ondurre <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prossimi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quelli </div><div class=\"t m0 x0 h2 y10d2 ff1 fs0 fc0 sc0 ls0 ws0\">prospettati ai fini <span class=\"_ _3\"></span>del Bilancio al 31<span class=\"_ _3\"></span> dicembre 2022. Va <span class=\"_ _3\"></span>tuttavia osservato che le d<span class=\"_ _3\"></span>ivisioni operative che presentano signifi<span class=\"_ _5\"></span>cativi </div></div>valori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>avviamento <span class=\"_ _6\"></span>(Insurance, <span class=\"_ _6\"></span>Asset <span class=\"_ _6\"></span>Mana<span class=\"_ _3\"></span>gement <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Private <span class=\"_ _6\"></span>Banking) <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>sempre, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>aspetta <span class=\"_ _4\"></span>avranno <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in futuro, redditivit\u00e0 t<span class=\"_ _0\"></span>ali da giustificare <span class=\"_ _0\"></span>ampiamente i valori <span class=\"_ _0\"></span>di avviamento iscritti.  Le analisi di sensitivi<span class=\"_ _0\"></span>t\u00e0 Poich\u00e9 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">stime <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>assunzioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>presentare <span class=\"_ _4\"></span>elementi <span class=\"_ _6\"></span>di </span>incertezza, <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>svolte, <span class=\"_ _16\"> </span>come  r<span class=\"_ _0\"></span>ichiesto <span class=\"_ _16\"> </span>dai  principi <span class=\"_ _7\"> </span>IAS/IFRS,  delle <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>di  sensitivit\u00e0 <span class=\"_ _16\"> </span>finalizzate <span class=\"_ _16\"> </span>a  ver<span class=\"_ _0\"></span>ificare <span class=\"_ _16\"> </span>la<span class=\"_ _5\"></span> sensibilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>risultati <span class=\"_ _6\"></span>ottenuti <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>variare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>taluni <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ipotesi<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>fondo, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>metodo <span class=\"_ _4\"></span>DCF. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>analisi risultano  importanti  in  questo <span class=\"_ _16\"> </span>contesto  previsionale  caratterizzato  da  un  signific<span class=\"_ _0\"></span>ativo  grado  incertezza;  in  proposito,  la<span class=\"_ _35\"></span> considerazione di s<span class=\"_ _3\"></span>cenari alternativi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>stress nel<span class=\"_ _3\"></span>le principali<span class=\"_ _2\"></span> v<span class=\"_ _3\"></span>ariabili valutative e <span class=\"_ _3\"></span>macroeconomiche consente <span class=\"_ _3\"></span>di apprezzare gli impatti <span class=\"_ _0\"></span>sugli esiti dell\u2019impa<span class=\"_ _0\"></span>irment test legati <span class=\"_ _0\"></span>allo scenario prevision<span class=\"_ _0\"></span>ale di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>valori <span class=\"_ _2\"></span>residui <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019<span class=\"_ _2\"></span><span class=\"ff1\">Uso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>sino <span class=\"_ _2\"></span>a </span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>aumento per <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del Ter<span class=\"_ _3\"></span>minal <span class=\"_ _3\"></span>Value. Inoltre,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono state condotte <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>variazione del <span class=\"_ _3\"></span>Valore d\u2019<span class=\"_ _3\"></span>Uso conseguente ad <span class=\"_ _3\"></span>una variazione <span class=\"_ _3\"></span>in senso <span class=\"_ _3\"></span>peg<span class=\"_ _2\"></span><span class=\"ff1\">giorativo dei <span class=\"_ _3\"></span>flussi finanziari </span>utilizzati ai fini del Te<span class=\"_ _0\"></span>rminal Value. Per nes<span class=\"_ _0\"></span>suna delle CGU ogg<span class=\"_ _0\"></span>etto di verifica emergere<span class=\"_ _0\"></span>bbero casistiche di im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>airment nei c<span class=\"_ _2\"></span>asi analizzati a<span class=\"_ _3\"></span>nche in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ttualizzazione e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>diminuzione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pari e<span class=\"_ _3\"></span>ntit\u00e0 del tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value. <span class=\"_ _4\"> </span>Nella <span class=\"_ _6\"></span>tabella <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>segue <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riportata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sensitivity <span class=\"_ _6\"></span>(in termini <span class=\"_ _2\"></span>percentuali) <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>residuano <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>g\u201d <span class=\"_ _3\"></span>o del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _5\"></span>-/+ <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>bps, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari utilizzati ai fini d<span class=\"_ _0\"></span>el Terminal Value.<span class=\"ff2 fc2\"> </span>              <span class=\"_ _0\"></span>          Sensi<span class=\"_ _0\"></span>tivity VARIAZIO<span class=\"_ _0\"></span>NE VALOR<span class=\"_ _0\"></span>E D'USO<span class=\"_ _0\"></span>              CG<span class=\"_ _0\"></span>U tasso di  crescita \"<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>\"  - 10 bps  <span class=\"_ _0\"></span> tasso di  attualizzaz<span class=\"_ _0\"></span>ione + 10 bps   flusso del<span class=\"_ _0\"></span> Terminal v<span class=\"_ _0\"></span>alue - <span class=\"ls25\">10%</span> IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking -0,82% -1,09% -8,49% Insurance<span class=\"_ _35\"></span> -0,78% -1,05% -6,44% Asset Manage<span class=\"_ _35\"></span>ment -0,80% -1,07% -6,50% Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing -0,80% -1,07% -6,52% In <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>precedente, <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Ke <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>incremento) <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>riduzione) <span class=\"_ _2\"></span>contenute <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>1<span class=\"_ _5\"></span><span class=\"lsc\">0 </span>bps <span class=\"_ _5\"></span><span class=\"ff4\">comporterebbero <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>generale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Valori <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,78% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u20191,09%. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il </span>flusso <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>considerato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Terminal <span class=\"_ _6\"></span>Value, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>10% <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mportere<span class=\"_ _0\"></span>bbe <span class=\"_ _6\"></span>riduzioni <span class=\"_ _6\"></span>dei Valori d\u2019Uso r<span class=\"_ _3\"></span>icomp<span class=\"ff1\">rese tra il 6<span class=\"_ _3\"></span>,50% e 8,49%. I<span class=\"_ _3\"></span>n ogni caso, <span class=\"_ _3\"></span>per nessuna <span class=\"_ _3\"></span>CGU emergerebbero problematiche di impairment in </span>corrispondenza di tale <span class=\"_ _0\"></span>sensitivity. Sempre in <span class=\"_ _3\"></span>un\u2019ottica di <span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>test sono <span class=\"_ _3\"></span>state eseguite analisi <span class=\"_ _3\"></span>volte a<span class=\"_ _3\"></span>d evidenziare <span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>limite dei <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">put, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>i quali </span>l\u2019impairment tes<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>richiederebbe di <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>impairment; <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>proposito <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riportano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1\">ssi </span>di crescita \u201cg\u201d ed i tassi di attualizzazione per ciascu<span class=\"_ _0\"></span>na CGU che porterebbero, a parit\u00e0 di fl<span class=\"_ _0\"></span>ussi da attua<span class=\"_ _2\"></span>lizzare, a Valori d\u2019Uso allineati ai valori di<span class=\"_ _0\"></span> iscrizione in bilan<span class=\"_ _0\"></span>cio.<span class=\"_ _3\"></span>                         Sens<span class=\"_ _3\"></span>itivity Tasso di  crescita \"g\"<span class=\"_ _3\"></span> Differenza rispetto al tasso \"g\" utilizzato Tasso di attualizzazione <span class=\"_ _3\"></span>del TV Differenza rispet<span class=\"_ _3\"></span>to al tasso di attualizzazione <span class=\"_ _3\"></span> del TV utilizzato<span class=\"_ _3\"></span>              CGU IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking<span class=\"_ _3\"></span> 0,10% -198 bps 12,70% 152 bps Insurance -3,80% -583 bps 15,16% 428 bps Asset Managemen<span class=\"_ _3\"></span>t -17,80% -1.984 bps 23,62% 1.289 bps Private Banking<span class=\"_ _3\"></span> -54,50% -5.658 bps 45,27% 3.452 bps Come evidente dai dati cont<span class=\"_ _0\"></span>enuti nella tabella, i Valori d\u2019Us<span class=\"_ _0\"></span>o delle CGU si ridurreb<span class=\"_ _0\"></span>bero fino ai valori contabili, c<span class=\"_ _0\"></span>on conseg<span class=\"_ _2\"></span><span class=\"ff1\">uenti </span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment, <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corrispondenza <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ggioramenti dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>(Ke<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ta<span class=\"_ _5\"></span>ssi di crescita \u201cg\u201d. <span class=\"ff1\"> </span>Infine, nell\u2019ambito delle analis<span class=\"_ _0\"></span>i circa le possibili variazioni dei flussi finan<span class=\"_ _0\"></span>ziari delle CGU<span class=\"_ _2\"></span><span class=\"ff1\"> a fronte di scenari alternativi rispetto a </span>quello <span class=\"_ _4\"> </span>utilizzato <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"></span>impairment <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>considerato <span class=\"_ _16\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>flus</span>si <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>prospettici <span class=\"_ _4\"></span>derivante<span class=\"_ _0\"></span> dall\u2019applicazione <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>prospettivo <span class=\"_ _7\"> </span>alternativo, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>quello <span class=\"_ _7\"> </span>\u201csfavorevole\u201d <span class=\"_ _4\"> </span>incorporato <span class=\"_ _7\"> </span>nei modelli <span class=\"_ _16\"> </span>di  Ex<span class=\"_ _0\"></span>pected  C<span class=\"_ _0\"></span>redit <span class=\"_ _16\"> </span>Loss <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>dei  credit<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>ai  sensi <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.  Tale <span class=\"_ _1d\"> </span><span class=\"ff1\">scenario <span class=\"_ _16\"> </span>prevede <span class=\"_ _16\"> </span>un </span>generalizzato shock sull\u2019economia dell\u2019Eurozona, legato <span class=\"_ _3\"></span>principalmente ad un <span class=\"_ _3\"></span>aumento molto signif<span class=\"_ _3\"></span>icativo del prezzo d<span class=\"_ _3\"></span>el gas, con <span class=\"_ _2\"></span>l\u2019introduzi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>\u2019inflazione. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>rappresentato <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>traduce <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>beneficeranno degli  accantonam<span class=\"_ _0\"></span>enti  effettuati <span class=\"_ _16\"> </span>nel  Bilancio  2022  a <span class=\"_ _16\"> </span>fronte  dell\u2019incertezz<span class=\"_ _0\"></span>a  sullo  scenari<span class=\"_ _0\"></span>o  prospettico <span class=\"_ _16\"> </span>e  della  cons<span class=\"_ _2\"></span><span class=\"ff1\">istente </span>riduzione dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni verso <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>russe e <span class=\"_ _3\"></span>ucraine <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>di de<span class=\"_ _5\"></span>-risking <span class=\"_ _3\"></span>attivate <span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>gli accantonamenti effettu<span class=\"_ _0\"></span>ati <span class=\"ff4\">\u2013</span> <span class=\"ff4\">pari mediamente all\u201911% <span class=\"_ _0\"></span>lungo l\u2019orizzonte <span class=\"_ _0\"></span>previsionale, con im<span class=\"_ _0\"></span>patti distribuiti su t<span class=\"_ _0\"></span>utt<span class=\"_ _2\"></span><span class=\"ff1\">e le CGU.<span class=\"_ _90\"> </span></span></span>A <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alle <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>analisi <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>emerso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019orizzonte <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>2023<span class=\"_ _5\"></span><span class=\"ff1\">-2027, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timata <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione </span>dell\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>\u201csfavorevole\u201d, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>comporterebbe <span class=\"_ _2\"></span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>nessuna <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>del Gruppo.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1016": {
   "value": "SEZIONE 10 - ATTIVIT\u00c0 IMMATERIALI - VOCE 100 10.1 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: composizione p<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>r tipologia di at<span class=\"_ _0\"></span>tivit\u00e0   (milioni di euro)<span class=\"ls0\"> </span>Attivit\u00e0/Valori<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>Di cui:<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>   Gruppo<span class=\"ls0\"> </span>   <span class=\"ls2b\">bancario<span class=\"ls0\"> </span></span>   Imprese di    assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>definita<span class=\"ls0\"> </span>Durata<span class=\"ls0\"> </span>indefinita<span class=\"ls0\"> </span>A.1 Avviamento<span class=\"ls0\"> </span>X 3.626<span class=\"ls0\"> </span>X 2.650<span class=\"ls0\"> </span>X 976<span class=\"ls0\"> </span>X - X 3.574<span class=\"ls0\"> </span>A.1.1 Di pertinenza del gru<span class=\"_ _3\"></span>ppo<span class=\"ls0\"> </span>x 3.626<span class=\"ls0\"> </span>x 2.650<span class=\"ls0\"> </span>x 976<span class=\"ls0\"> </span>x - x 3.574<span class=\"ls0\"> </span>A.1.2 Di pertinenza di terzi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>x - x - x - x - x - A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>di cui: software<span class=\"ls0\"> </span>3.013<span class=\"ls0\"> </span>- 2.961<span class=\"ls0\"> </span>- 52<span class=\"ls0\"> </span>- - - 2.533<span class=\"ls0\"> </span>- A.2.1 Attivit\u00e0 valutate al cost<span class=\"_ _3\"></span>o:<span class=\"ls0\"> </span>4.322<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>a) Attivit\u00e0 immateriali <span class=\"ls0\">generat<span class=\"_ _3\"></span>e </span>internamente<span class=\"ls0\"> </span>2.386<span class=\"ls0\"> </span>- 2.366<span class=\"ls0\"> </span>- 20<span class=\"ls0\"> </span>- - - 2.072<span class=\"ls0\"> </span>- b) Altre attivit\u00e0<span class=\"ls0\"> </span>1.936<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>1.389<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>529<span class=\"ls0\"> </span>- 18<span class=\"ls0\"> </span>- 1.814<span class=\"ls0\"> </span>1.882<span class=\"ls0\"> </span>A.2.2 Attivit\u00e0 valutate al fair <span class=\"_ _3\"></span>value:<span class=\"ls0\"> </span>- - - - - - - - - - a) Attivit\u00e0 immateriali generat<span class=\"_ _3\"></span>e <span class=\"ls0\"> </span>internamente<span class=\"ls0\"> </span>- - - - - - - - - - b) Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - - - - - - Totale  4.322<span class=\"ls0\"> </span>5.508<span class=\"ls0\"> </span>3.755<span class=\"ls0\"> </span>4.532<span class=\"ls0\"> </span>549<span class=\"ls0\"> </span>976<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- 3.886<span class=\"ls0\"> </span>5.456<span class=\"ls0\"> </span>Si s<span class=\"_ _3\"></span>egnala che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>l\u2019ammontare del <span class=\"_ _5\"></span><span class=\"ff1\">software, pari <span class=\"_ _3\"></span>a 3<span class=\"_ _3\"></span>.013 mil<span class=\"_ _3\"></span>ioni, \u00e8 <span class=\"_ _3\"></span>prodotto <span class=\"_ _3\"></span>internamente per 2<span class=\"_ _3\"></span>.386 milioni </span>e acquistato all\u2019ester<span class=\"_ _0\"></span>no per 627 milioni.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-127.94495px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> viene riport<span class=\"_ _0\"></span>ata l\u2019allocazione dell\u2019<span class=\"_ _0\"></span>avviamento tra le di<span class=\"_ _0\"></span>verse \u201cCash Gener<span class=\"_ _0\"></span>ating<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Unit\u201d. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2f0 h27\" style=\"left:366.69662px; bottom:846.87305px;\"><div class=\"t m0 x137 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2ef h43\" style=\"left:-4.050377px; bottom:823.4731px;\"><div class=\"t m0 x41 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">CGU/Avv<span class=\"_ _0\"></span>iamenti </div></div><div class=\"c w2f1 h43\" style=\"left:366.69662px; bottom:823.4731px;\"><div class=\"t m0 x134 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w2f2 h43\" style=\"left:493.40765px; bottom:823.4731px;\"><div class=\"t m0 xc7 h59 y705 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2ef h81\" style=\"left:-4.050377px; bottom:803.03705px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Banca dei<span class=\"_ _0\"></span> Territori  </div></div><div class=\"c w2f1 h81\" style=\"left:366.69662px; bottom:803.03705px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f2 h81\" style=\"left:493.40765px; bottom:803.03705px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ef h42\" style=\"left:-4.050377px; bottom:787.4371px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking </div></div><div class=\"c w2f1 h42\" style=\"left:366.69662px; bottom:787.4371px;\"><div class=\"t m0 xea h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2f2 h42\" style=\"left:493.40765px; bottom:787.4371px;\"><div class=\"t m0 xea h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2ef h42\" style=\"left:-4.050377px; bottom:771.83704px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Insurance<span class=\"_ _35\"></span> </div></div><div class=\"c w2f1 h42\" style=\"left:366.69662px; bottom:771.83704px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w2f2 h42\" style=\"left:493.40765px; bottom:771.83704px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w2ef h65\" style=\"left:-4.050377px; bottom:754.20905px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Asset Manage<span class=\"_ _35\"></span>ment  </div></div><div class=\"c w2f1 h65\" style=\"left:366.69662px; bottom:754.20905px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.059 </div></div><div class=\"c w2f2 h65\" style=\"left:493.40765px; bottom:754.20905px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.060 </div></div><div class=\"c w2ef h47\" style=\"left:-4.050377px; bottom:734.70905px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  </div></div><div class=\"c w2f1 h47\" style=\"left:366.69662px; bottom:734.70905px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.535 </div></div><div class=\"c w2f2 h47\" style=\"left:493.40765px; bottom:734.70905px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.482 </div></div><div class=\"c w2ef h42\" style=\"left:-4.050377px; bottom:719.1091px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> </div></div><div class=\"c w2f1 h42\" style=\"left:366.69662px; bottom:719.1091px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f2 h42\" style=\"left:493.40765px; bottom:719.1091px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ef h42\" style=\"left:-4.050377px; bottom:703.50903px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  </div></div><div class=\"c w2f1 h42\" style=\"left:366.69662px; bottom:703.50903px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f2 h42\" style=\"left:493.40765px; bottom:703.50903px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ef h42\" style=\"left:-4.050377px; bottom:687.90906px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> </div></div><div class=\"c w2f1 h42\" style=\"left:366.69662px; bottom:687.90906px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f2 h42\" style=\"left:493.40765px; bottom:687.90906px;\"><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ef h47\" style=\"left:-4.050377px; bottom:662.637px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> GRUPPO<span class=\"_ _0\"></span> </div></div><div class=\"c w2f1 h47\" style=\"left:366.69662px; bottom:662.637px;\"><div class=\"t m0 x16d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.626 </div></div><div class=\"c w2f2 h47\" style=\"left:493.40765px; bottom:662.637px;\"><div class=\"t m0 x16d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.574 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-127.94495px;\"><div class=\"t m0 x0 h61 y12b4 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1353 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1336 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>composizione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>rinvia <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span><span class=\"ff4\">quanto <span class=\"_ _4\"> </span>esposto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>successivo <span class=\"_ _4\"> </span>capitolo <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>\u201cInformazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulle </span></div><div class=\"t m0 x0 h2 y763 ff4 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 intangibili e s<span class=\"_ _0\"></span>ull\u2019avviament<span class=\"_ _0\"></span>o\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y8b0 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybd3 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yc84 ff5 fs0 fc2 sc0 ls0 ws0\">10.2 Attivit\u00e0 immat<span class=\"_ _0\"></span>eriali: variazioni ann<span class=\"_ _0\"></span>ue  </div><div class=\"t m0 x0 h2 y88e ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w285 h12\" style=\"left:498.24365px; bottom:571.02606px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w10d hd6\" style=\"left:231.57462px; bottom:500.82605px;\"><div class=\"t m0 x45 h8d y1355 ff5 fse fc2 sc0 ls26 ws0\">Avviamento<span class=\"ls0\"> </span></div></div><div class=\"c w2f5 h5f\" style=\"left:296.4706px; bottom:532.02606px;\"><div class=\"t m0 x9a h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali: </div><div class=\"t m0 xad h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">generate internamente<span class=\"ls0\"> </span></div></div><div class=\"c w2f6 h5f\" style=\"left:425.97662px; bottom:532.02606px;\"><div class=\"t m0 xae h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre <span class=\"ls28\">attivit\u00e0 immateriali:      <span class=\"_ _3\"></span>                               </span></div><div class=\"t m0 x49 h8d ya25 ff5 fse fc2 sc0 ls28 ws0\">altre<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 hd6\" style=\"left:562.2036px; bottom:500.82605px;\"><div class=\"t m0 xae h8d y1355 ff5 fse fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w2f4 h7d\" style=\"left:296.4706px; bottom:500.82605px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x86 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:361.70462px; bottom:500.82605px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2c5 h7d\" style=\"left:425.97662px; bottom:500.82605px;\"><div class=\"t m0 x98 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 xb8 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:498.24365px; bottom:500.82605px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:484.29004px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Esistenze iniziali <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:484.29004px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">20.772<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:484.29004px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.382<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:484.29004px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:484.29004px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">10.583<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:484.29004px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.386<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:484.29004px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">41.123<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:470.56207px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:470.56207px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">17.198</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:470.56207px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">5.310</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:470.56207px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:470.56207px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">8.769</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:470.56207px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">504</span> </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:470.56207px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">31.781</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:454.02606px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A.2 Esistenze iniziali nette <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:454.02606px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.574<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:454.02606px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.072<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:454.02606px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:454.02606px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.814<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:454.02606px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.882<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:454.02606px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">9.342<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:437.49005px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">B. Aumenti<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:437.49005px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:437.49005px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.041<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:437.49005px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:437.49005px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">422<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:437.49005px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:437.49005px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.515<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:423.76202px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.1 Acquisti<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:423.76202px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:423.76202px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:423.76202px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:423.76202px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">304<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:423.76202px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:423.76202px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">397<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:410.19006px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:410.19006px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:410.19006px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:410.19006px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:410.19006px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:410.19006px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:410.19006px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:396.46204px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.2 Incrementi di <span class=\"ls28\">attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali intern<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:396.46204px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:396.46204px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">990<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:396.46204px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:396.46204px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:396.46204px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:396.46204px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">990<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h27\" style=\"left:-4.050377px; bottom:382.86404px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h27\" style=\"left:231.57462px; bottom:382.86404px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h27\" style=\"left:296.4706px; bottom:382.86404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h27\" style=\"left:361.70462px; bottom:382.86404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h27\" style=\"left:425.97662px; bottom:382.86404px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h27\" style=\"left:498.24365px; bottom:382.86404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h27\" style=\"left:562.2036px; bottom:382.86404px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:369.13605px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:369.13605px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:369.13605px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:369.13605px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:369.13605px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:369.13605px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:369.13605px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:355.56406px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:355.56406px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:355.56406px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:355.56406px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:355.56406px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:355.56406px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:355.56406px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:341.83606px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:341.83606px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:341.83606px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:341.83606px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:341.83606px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:341.83606px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:341.83606px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:328.26407px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:328.26407px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:328.26407px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:328.26407px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:328.26407px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:328.26407px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:328.26407px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:314.53604px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:314.53604px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:314.53604px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:314.53604px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:314.53604px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:314.53604px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:314.53604px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:298.00006px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">C. Diminuzioni<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:298.00006px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:298.00006px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">727</span> </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:298.00006px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:298.00006px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">300</span> </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:298.00006px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:298.00006px;\"><div class=\"t m0 x96 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.027</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:284.42804px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.1 Vendite<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:284.42804px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:284.42804px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:284.42804px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:284.42804px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:284.42804px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:284.42804px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:270.70004px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:270.70004px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:270.70004px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:270.70004px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:270.70004px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:270.70004px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:270.70004px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:257.12805px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.2 Rettifiche di valore<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:257.12805px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:257.12805px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">692</span> </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:257.12805px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:257.12805px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">292</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:257.12805px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:257.12805px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">984</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:243.40005px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:243.40005px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:243.40005px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">684</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:243.40005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:243.40005px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">280</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:243.40005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:243.40005px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">964</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:229.82806px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:229.82806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:229.82806px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:229.82806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:229.82806px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:229.82806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:229.82806px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">20</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:216.10007px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">patrimonio netto </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:216.10007px;\"><div class=\"t m0 x9c h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:216.10007px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:216.10007px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:216.10007px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:216.10007px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:216.10007px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:202.52805px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">conto economico </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:202.52805px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:202.52805px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:202.52805px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:202.52805px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:202.52805px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:202.52805px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">20</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:188.80005px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:188.80005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:188.80005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:188.80005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:188.80005px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:188.80005px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:188.80005px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:175.22806px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:175.22806px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:175.22806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:175.22806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:175.22806px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:175.22806px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:175.22806px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:161.50006px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:161.50006px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:161.50006px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:161.50006px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:161.50006px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:161.50006px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:161.50006px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h27\" style=\"left:-4.050377px; bottom:147.88907px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:134.16104px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:134.16104px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:134.16104px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:134.16104px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:134.16104px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:134.16104px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:134.16104px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:120.58905px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:120.58905px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:120.58905px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:120.58905px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:120.58905px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:120.58905px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:120.58905px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:106.86105px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.6 Altre variazioni <span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:106.86105px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:106.86105px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">23</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:106.86105px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:106.86105px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:106.86105px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:106.86105px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">24</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:90.32506px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">D. Rimanenze finali nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:90.32506px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.626<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:90.32506px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.386<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:90.32506px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:90.32506px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.936<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:90.32506px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.882<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:90.32506px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">9.830<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:76.59706px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:76.59706px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">17.198</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:76.59706px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">6.002</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:76.59706px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:76.59706px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">9.061</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:76.59706px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">504</span> </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:76.59706px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">32.765</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:60.06105px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:60.06105px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">20.824<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:60.06105px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">8.388<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:60.06105px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:60.06105px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">10.997<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:60.06105px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.386<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:60.06105px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">42.595<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:43.525055px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls2b ws0\">F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:43.525055px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:43.525055px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:43.525055px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:43.525055px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:43.525055px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:43.525055px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-127.94495px;\"><div class=\"t m0 x0 h61 yc72 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5a4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y135d ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>B.1 <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019Avviamento <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dall\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>quisizione <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _6\"></span>Banque </div><div class=\"t m0 x0 h24 y4b8 ff1 fs0 fc0 sc0 ls0 ws0\">Priv\u00e9e Quilvest S.A. (CB<span class=\"_ _0\"></span>PQ).<span class=\"ff5 fc2\"> </span><span class=\"ff5 fc2\"><span class=\"_ _9\"> </span></span><span class=\"ff5 fc2\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-448.26135px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">10.2 di cui: di pertinen<span class=\"_ _0\"></span>za del Gruppo bancario </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w285 h17\" style=\"left:498.24365px; bottom:527.4927px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w10d hd6\" style=\"left:231.57462px; bottom:457.29266px;\"><div class=\"t m0 x45 h8d y1355 ff5 fse fc2 sc0 ls26 ws0\">Avviamento<span class=\"ls0\"> </span></div></div><div class=\"c w2f5 h5f\" style=\"left:296.4706px; bottom:488.49268px;\"><div class=\"t m0 x9a h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali: </div><div class=\"t m0 xad h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">generate internamente<span class=\"ls0\"> </span></div></div><div class=\"c w2f6 h5f\" style=\"left:425.97662px; bottom:488.49268px;\"><div class=\"t m0 xae h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali:                                     </div><div class=\"t m0 x49 h8d ya25 ff5 fse fc2 sc0 ls28 ws0\">altre<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 hd6\" style=\"left:562.2036px; bottom:457.29266px;\"><div class=\"t m0 x96 h8d y1355 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2f4 h7d\" style=\"left:296.4706px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x86 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:361.70462px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2c5 h7d\" style=\"left:425.97662px; bottom:457.29266px;\"><div class=\"t m0 x98 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 xb8 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:498.24365px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:440.75665px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Esistenze iniziali <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:440.75665px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">19.042<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:440.75665px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.322<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:440.75665px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:440.75665px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">8.952<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:440.75665px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.386<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:440.75665px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">37.702<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:427.02863px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:427.02863px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">16.444</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:427.02863px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">5.276</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:427.02863px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:427.02863px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">7.743</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:427.02863px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">504</span> </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:427.02863px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">29.967</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:410.49268px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A.2 Esistenze iniziali nette <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:410.49268px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.598<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:410.49268px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.046<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:410.49268px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:410.49268px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.209<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:410.49268px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.882<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:410.49268px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.735<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:393.95667px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">B. Aumenti<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:393.95667px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:393.95667px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.025<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:393.95667px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">378<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:393.95667px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.455<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:380.22864px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.1 Acquisti<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:380.22864px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:380.22864px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:380.22864px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:380.22864px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">276<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:380.22864px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:380.22864px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">356<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:366.65668px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:366.65668px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:366.65668px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:366.65668px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:352.92865px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:352.92865px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:352.92865px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">987<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:352.92865px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:352.92865px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:352.92865px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:352.92865px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">987<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:339.35663px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:339.35663px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:339.35663px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:339.35663px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:325.62866px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:325.62866px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:325.62866px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:312.05664px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:312.05664px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:312.05664px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:312.05664px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:298.28967px;\"><div class=\"t m0 x41 h2c yf18 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:298.28967px;\"><div class=\"t m0 x9c h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:298.28967px;\"><div class=\"t m0 x139 h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:298.28967px;\"><div class=\"t m0 xa h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:284.71765px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:284.71765px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:284.71765px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:284.71765px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:270.98962px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:270.98962px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">102<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:270.98962px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">102<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:254.45367px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">C. Diminuzioni<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:254.45367px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">705</span> </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:254.45367px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">198</span> </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:254.45367px;\"><div class=\"t m0 xe h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">903</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:240.88165px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.1 Vendite<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:240.88165px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:240.88165px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:227.15363px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:227.15363px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:227.15363px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:213.58167px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.2 Rettifiche di valore<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:213.58167px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">678</span> </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:213.58167px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">190</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:213.58167px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">868</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:199.85364px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:199.85364px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:199.85364px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">670</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:199.85364px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:199.85364px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">178</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:199.85364px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:199.85364px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">848</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:186.28168px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:186.28168px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:186.28168px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:186.28168px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">20</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:172.55365px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">patrimonio netto </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:172.55365px;\"><div class=\"t m0 x9c h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:172.55365px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:172.55365px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:158.98163px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">conto economico </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:158.98163px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:158.98163px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:158.98163px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">20</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:145.25366px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:145.25366px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:145.25366px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:131.68164px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:131.68164px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:131.68164px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:131.68164px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:117.953674px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:117.953674px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:117.953674px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:117.953674px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:104.38165px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:90.653625px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:90.653625px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:90.653625px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:90.653625px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">12</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:77.081665px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:77.081665px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:77.081665px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:63.327637px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.6 Altre variazioni <span class=\"ls0\"> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:63.327637px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">15</span> </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:63.327637px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:63.327637px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">16</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:46.791656px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">D. Rimanenze finali nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:46.791656px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.650<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:46.791656px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.366<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:46.791656px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:46.791656px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.389<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:46.791656px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.882<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:46.791656px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">8.287<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:33.06366px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:33.06366px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">16.444</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:33.06366px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">5.954</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:33.06366px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:33.06366px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">7.933</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:33.06366px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">504</span> </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:33.06366px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">30.835</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:16.527649px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:16.527649px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">19.094<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:16.527649px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">8.320<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:16.527649px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:16.527649px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">9.322<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:16.527649px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.386<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:16.527649px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">39.122<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:-0.008361816px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls2b ws0\">F. Valutazione al costo<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:-0.008361816px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:-0.008361816px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-448.26135px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle imprese<span class=\"_ _0\"></span> di assicurazione </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w285 h17\" style=\"left:498.24365px; bottom:527.4927px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w10d hd6\" style=\"left:231.57462px; bottom:457.29266px;\"><div class=\"t m0 x45 h8d y1355 ff5 fse fc2 sc0 ls26 ws0\">Avviamento<span class=\"ls0\"> </span></div></div><div class=\"c w2f5 h5f\" style=\"left:296.4706px; bottom:488.49268px;\"><div class=\"t m0 x9a h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali: </div><div class=\"t m0 xad h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">generate internamente<span class=\"ls0\"> </span></div></div><div class=\"c w2f6 h5f\" style=\"left:425.97662px; bottom:488.49268px;\"><div class=\"t m0 xae h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali:                                     </div><div class=\"t m0 x49 h8d ya25 ff5 fse fc2 sc0 ls28 ws0\">altre<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 hd6\" style=\"left:562.2036px; bottom:457.29266px;\"><div class=\"t m0 x96 h8d y1355 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2f4 h7d\" style=\"left:296.4706px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x86 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:361.70462px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2c5 h7d\" style=\"left:425.97662px; bottom:457.29266px;\"><div class=\"t m0 x98 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 xb8 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:498.24365px; bottom:457.29266px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:440.75665px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Esistenze iniziali <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:440.75665px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.712<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:440.75665px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:440.75665px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:440.75665px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.544<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:440.75665px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:440.75665px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.316<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:427.02863px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:427.02863px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">736</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:427.02863px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">34</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:427.02863px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:427.02863px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">939</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:427.02863px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:427.02863px;\"><div class=\"t m0 x96 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.709</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:410.49268px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A.2 Esistenze iniziali nette <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:410.49268px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:410.49268px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:410.49268px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:410.49268px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">605<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:410.49268px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:410.49268px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.607<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:393.95667px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">B. Aumenti<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:393.95667px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:393.95667px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:393.95667px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:380.22864px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.1 Acquisti<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:380.22864px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:380.22864px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:380.22864px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:380.22864px;\"><div class=\"t m0 x4a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:380.22864px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:380.22864px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:366.65668px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:366.65668px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:366.65668px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:366.65668px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:366.65668px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:352.92865px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:352.92865px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:352.92865px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:352.92865px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:352.92865px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:352.92865px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:352.92865px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:339.35663px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:339.35663px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:339.35663px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:339.35663px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:339.35663px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:325.62866px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:325.62866px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:325.62866px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:325.62866px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:312.05664px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:312.05664px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:312.05664px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:312.05664px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:312.05664px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:298.28967px;\"><div class=\"t m0 x41 h2c yf18 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:298.28967px;\"><div class=\"t m0 x9c h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:298.28967px;\"><div class=\"t m0 x139 h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:298.28967px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:298.28967px;\"><div class=\"t m0 xa h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:284.71765px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:284.71765px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:284.71765px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:284.71765px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:270.98962px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:270.98962px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:270.98962px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:254.45367px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">C. Diminuzioni<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:254.45367px;\"><div class=\"t m0 xa4 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">22</span> </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:254.45367px;\"><div class=\"t m0 xa2 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">97</span> </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:254.45367px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:254.45367px;\"><div class=\"t m0 xe h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">119</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:240.88165px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.1 Vendite<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:240.88165px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:240.88165px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:240.88165px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:227.15363px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:227.15363px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:227.15363px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:227.15363px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:213.58167px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.2 Rettifiche di valore<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:213.58167px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">14</span> </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:213.58167px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">97</span> </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:213.58167px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:213.58167px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">111</span> </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:199.85364px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:199.85364px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:199.85364px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">14</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:199.85364px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:199.85364px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">97</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:199.85364px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:199.85364px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">111</span> </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:186.28168px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:186.28168px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:186.28168px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:186.28168px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:172.55365px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">patrimonio netto </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:172.55365px;\"><div class=\"t m0 x9c h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:172.55365px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:172.55365px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:172.55365px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:158.98163px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">conto economico </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:158.98163px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:158.98163px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:158.98163px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:145.25366px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.3 Variazioni negative di fair <span class=\"ls0\">value<span class=\"_ _3\"></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:145.25366px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:145.25366px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:145.25366px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:131.68164px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:131.68164px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:131.68164px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:131.68164px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:131.68164px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:117.953674px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:117.953674px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:117.953674px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:117.953674px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:117.953674px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:104.38165px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:90.653625px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:90.653625px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:90.653625px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:90.653625px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:77.081665px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:77.081665px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:77.081665px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:77.081665px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:63.327637px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.6 Altre variazioni <span class=\"ls0\"> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:63.327637px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:63.327637px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:63.327637px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:63.327637px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:46.791656px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">D. Rimanenze finali nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:46.791656px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:46.791656px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:46.791656px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:46.791656px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">529<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:46.791656px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:46.791656px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.525<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:33.06366px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">D.1 Rettifiche di valore totali nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:33.06366px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">736</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:33.06366px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">48</span> </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:33.06366px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:33.06366px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.036</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:33.06366px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:33.06366px;\"><div class=\"t m0 x96 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.820</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:16.527649px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:16.527649px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.712<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:16.527649px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:16.527649px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:16.527649px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.565<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:16.527649px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:16.527649px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.345<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:-0.008361816px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls2b ws0\">F. <span class=\"ls29\">Valutazione al costo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:-0.008361816px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:-0.008361816px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:-0.008361816px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-379.761px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">10.2 di cui: di pertinen<span class=\"_ _0\"></span>za delle altre impr<span class=\"_ _0\"></span>ese </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w285 h17\" style=\"left:498.24365px; bottom:595.99304px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w10d hd6\" style=\"left:231.57462px; bottom:525.793px;\"><div class=\"t m0 x45 h8d y1355 ff5 fse fc2 sc0 ls26 ws0\">Avviamento<span class=\"ls0\"> </span></div></div><div class=\"c w2f5 h5f\" style=\"left:296.4706px; bottom:556.99304px;\"><div class=\"t m0 x9a h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali: </div><div class=\"t m0 xad h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">generate internamente<span class=\"ls0\"> </span></div></div><div class=\"c w2f6 h5f\" style=\"left:425.97662px; bottom:556.99304px;\"><div class=\"t m0 xae h8d ya24 ff5 fse fc2 sc0 ls26 ws0\">Altre attivit\u00e0 immateriali:                                     </div><div class=\"t m0 x49 h8d ya25 ff5 fse fc2 sc0 ls28 ws0\">altre<span class=\"ls0\"> </span></div></div><div class=\"c w2f7 hd6\" style=\"left:562.2036px; bottom:525.793px;\"><div class=\"t m0 x96 h8d y1355 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2f4 h7d\" style=\"left:296.4706px; bottom:525.793px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x86 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:361.70462px; bottom:525.793px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2c5 h7d\" style=\"left:425.97662px; bottom:525.793px;\"><div class=\"t m0 x98 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 xb8 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">definita<span class=\"ls0\"> </span></div></div><div class=\"c w139 h7d\" style=\"left:498.24365px; bottom:525.793px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls26 ws0\">Durata<span class=\"ls0\"> </span></div><div class=\"t m0 x95 h8d yedc ff5 fse fc2 sc0 ls27 ws0\">indefinita<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:509.25702px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Esistenze iniziali <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:509.25702px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:509.25702px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:509.25702px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:509.25702px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:509.25702px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:509.25702px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">105<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:495.529px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">A.1 Riduzioni di valore totali<span class=\"_ _3\"></span> nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:495.529px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">18</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:495.529px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:495.529px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:495.529px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">87</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:495.529px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:495.529px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">105</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:478.99304px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A.2 Esistenze iniziali nette <span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:478.99304px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:478.99304px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:478.99304px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:478.99304px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:478.99304px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:478.99304px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:462.45703px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">B. Aumenti<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:462.45703px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:462.45703px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:462.45703px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:462.45703px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:462.45703px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:462.45703px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:448.729px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.1 Acquisti<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:448.729px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:448.729px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:448.729px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:448.729px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:448.729px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:448.729px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:435.15704px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di aggreg<span class=\"_ _3\"></span>azione aziendale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:435.15704px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:435.15704px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:435.15704px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:435.15704px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:435.15704px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:435.15704px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:421.42902px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.2 Incrementi di attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali interne<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:421.42902px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:421.42902px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:421.42902px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:421.42902px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:421.42902px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:421.42902px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:407.857px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.3 Riprese di valore<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:407.857px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:407.857px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:407.857px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:407.857px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:407.857px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:407.857px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:394.12903px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.4 Variazioni positive di fair<span class=\"_ _3\"></span> value<span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:394.12903px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:394.12903px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:394.12903px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:394.12903px;\"><div class=\"t m0 x139 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:394.12903px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:394.12903px;\"><div class=\"t m0 xa h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:380.557px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:380.557px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:380.557px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:380.557px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:380.557px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:380.557px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:380.557px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:366.79004px;\"><div class=\"t m0 x41 h2c yf18 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:366.79004px;\"><div class=\"t m0 x9c h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:366.79004px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:366.79004px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:366.79004px;\"><div class=\"t m0 x139 h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:366.79004px;\"><div class=\"t m0 xc h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:366.79004px;\"><div class=\"t m0 xa h2c yf18 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:353.21802px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">B.5 Differenze di cambio po<span class=\"_ _3\"></span>sitive <span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:353.21802px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:353.21802px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:353.21802px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:353.21802px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:353.21802px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:353.21802px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:339.49px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">B.6 Altre variazioni <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:339.49px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:339.49px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:339.49px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:339.49px;\"><div class=\"t m0 x4a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:339.49px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:339.49px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:322.95404px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">C. Diminuzioni<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:322.95404px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:322.95404px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:322.95404px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:322.95404px;\"><div class=\"t m0 x49 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:322.95404px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:322.95404px;\"><div class=\"t m0 x48 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:309.38202px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.1 Vendite<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:309.38202px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:309.38202px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:309.38202px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:309.38202px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:309.38202px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:309.38202px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:295.654px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui operazioni di <span class=\"ls0\">aggreg<span class=\"_ _3\"></span>azione aziendale </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:295.654px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:295.654px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:295.654px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:295.654px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:295.654px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:295.654px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:282.08203px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.2 Rettifiche di valore<span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:282.08203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:282.08203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:282.08203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:282.08203px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:282.08203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:282.08203px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:268.354px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Ammortamenti<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:268.354px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:268.354px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:268.354px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:268.354px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:268.354px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:268.354px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:254.78204px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls29\">Svalutazioni</span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:254.78204px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:254.78204px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:254.78204px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:254.78204px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:254.78204px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:254.78204px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:241.05402px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">patrimonio netto </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:241.05402px;\"><div class=\"t m0 x9c h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:241.05402px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:241.05402px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:241.05402px;\"><div class=\"t m0 x139 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:241.05402px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:241.05402px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:227.482px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">                <span class=\"ls0\">conto economico </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:227.482px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:227.482px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:227.482px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:227.482px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:227.482px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:227.482px;\"><div class=\"t m0 xa h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:213.75403px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.3 Variazioni negative di fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:213.75403px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:213.75403px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:213.75403px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:213.75403px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:213.75403px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:213.75403px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:200.182px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a patrimonio netto<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:200.182px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:200.182px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:200.182px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:200.182px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:200.182px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:200.182px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:186.45404px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">           <span class=\"ls0\">- <span class=\"ls28\">a conto economico<span class=\"_ _3\"></span></span> </span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:186.45404px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:186.45404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:186.45404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:186.45404px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:186.45404px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:186.45404px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:172.88202px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.4 Trasferimenti alle attivit\u00e0 non correnti <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:159.15399px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">       <span class=\"ls26\">in via di dismissione<span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:159.15399px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:159.15399px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:159.15399px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:159.15399px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:159.15399px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:159.15399px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h18\" style=\"left:-4.050377px; bottom:145.58203px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.5 Differenze di cambio negative <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h18\" style=\"left:231.57462px; bottom:145.58203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h18\" style=\"left:296.4706px; bottom:145.58203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:361.70462px; bottom:145.58203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h18\" style=\"left:425.97662px; bottom:145.58203px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:498.24365px; bottom:145.58203px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h18\" style=\"left:562.2036px; bottom:145.58203px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 hdc\" style=\"left:-4.050377px; bottom:131.828px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">C.6 Altre variazioni <span class=\"ls0\"> </span></div></div><div class=\"c w10d hdc\" style=\"left:231.57462px; bottom:131.828px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 hdc\" style=\"left:296.4706px; bottom:131.828px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:361.70462px; bottom:131.828px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hdc\" style=\"left:425.97662px; bottom:131.828px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hdc\" style=\"left:498.24365px; bottom:131.828px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hdc\" style=\"left:562.2036px; bottom:131.828px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:115.29202px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">D. Rimanenze finali nette<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:115.29202px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:115.29202px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:115.29202px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:115.29202px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:115.29202px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:115.29202px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 hc3\" style=\"left:-4.050377px; bottom:101.564026px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">D.1 Rettifiche di valore totali <span class=\"ls28\">nette<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w10d hc3\" style=\"left:231.57462px; bottom:101.564026px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">18</span> </div></div><div class=\"c w2f4 hc3\" style=\"left:296.4706px; bottom:101.564026px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:361.70462px; bottom:101.564026px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 hc3\" style=\"left:425.97662px; bottom:101.564026px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">92</span> </div></div><div class=\"c w139 hc3\" style=\"left:498.24365px; bottom:101.564026px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 hc3\" style=\"left:562.2036px; bottom:101.564026px;\"><div class=\"t m0 xe h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">110</span> </div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:85.028015px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">E. Rimanenze finali lorde<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:85.028015px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:85.028015px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:85.028015px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:85.028015px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:85.028015px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:85.028015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">128<span class=\"ls0\"> </span></div></div><div class=\"c w2f3 h41\" style=\"left:-4.050377px; bottom:68.492004px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls2b ws0\">F. Valutazione al costo<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:231.57462px; bottom:68.492004px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:296.4706px; bottom:68.492004px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:361.70462px; bottom:68.492004px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c5 h41\" style=\"left:425.97662px; bottom:68.492004px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:498.24365px; bottom:68.492004px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:68.492004px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-379.761px;\"><div class=\"t m0 x0 h2 y1363 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y531 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y4e0 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y532 ff5 fs0 fc2 sc0 ls0 ws0\">10.3 Altre informazio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x0 h2 ya5b ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _5\"></span>impegni <span class=\"_ _6\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali, <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _5\"></span>software, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 y534 ff1 fs0 fc0 sc0 ls0 ws0\">circa 25 milioni. </div><div class=\"t m0 x0 h24 ydb6 ff5 fs0 fc2 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y536 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y537 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y538 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y539 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1364 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53f ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Informazioni sulle attivit<span class=\"_ _0\"></span>\u00e0 intangibili e sull\u2019<span class=\"_ _0\"></span>avviamento<span class=\"ff5\"> </span>L\u2019applicazione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>principio <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _17\"> </span>3 <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>con<span class=\"_ _3\"></span>tabilizzazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>pu\u00f2 <span class=\"_ _17\"> </span>comportare<span class=\"_ _35\"></span> l\u2019iscrizione di<span class=\"ff1\"> nuove attivit\u00e0 imm<span class=\"_ _35\"></span>ateriali e la rilevazione di avviamen<span class=\"_ _0\"></span>ti.<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fusione <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>IMI <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>successive <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisizione hanno comportato la ril<span class=\"_ _0\"></span>evazione di sig<span class=\"_ _0\"></span>nificativi importi per <span class=\"_ _0\"></span>attivit\u00e0 imm<span class=\"_ _3\"></span>ateriali e per avviamento. Nel corso dell\u2019esercizio 2022 s<span class=\"_ _3\"></span>ono state perfezionate due<span class=\"_ _3\"></span> operazioni che hanno <span class=\"_ _3\"></span>comportato la rilevazione sia di <span class=\"_ _3\"></span>nuove attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span>intangibili a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita definita <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>avviamento. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>ichiamano brevemente <span class=\"_ _3\"></span>tali o<span class=\"_ _3\"></span>perazioni de<span class=\"_ _5\"></span>scrivendo gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le stesse hanno comport<span class=\"_ _0\"></span>ato sull\u2019ammontare e s<span class=\"_ _0\"></span>ulla composizione delle a<span class=\"_ _0\"></span>ttivit\u00e0 intangibili de<span class=\"_ _0\"></span>l Gruppo. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>30 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>perfezionata <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>uxembourg, <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"> </span>controllata <span class=\"_ _6\"></span>da Fideuram <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Banking, del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>00% d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Compagnie <span class=\"_ _3\"></span>de <span class=\"_ _2\"></span>Banque <span class=\"_ _3\"></span>Priv\u00e9e <span class=\"_ _3\"></span>Quilvest, <span class=\"_ _3\"></span>banca private <span class=\"_ _16\"> </span>lussemburghe<span class=\"_ _0\"></span>se <span class=\"_ _16\"> </span>controllata <span class=\"_ _7\"> </span>interamente  d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>holding <span class=\"_ _7\"> </span>Quilvest <span class=\"_ _16\"> </span>Wealth <span class=\"_ _16\"> </span>Management. <span class=\"_ _7\"> </span>Nell\u2019ambito <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _7\"> </span>di Purchase <span class=\"_ _5\"></span>Price <span class=\"_ _2\"></span>Allocation <span class=\"_ _6\"></span>(PPA) <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>identificate <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>specifiche <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _2\"></span>relative <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>legate alla clientela (Customer Relation<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>hip Related), per un importo pari rispet<span class=\"_ _0\"></span>tivamente a 43 milioni per l\u2019attivit\u00e0 legata alla r<span class=\"_ _2\"></span><span class=\"ff1\">accolta </span>indiretta (Asse<span class=\"ff4\">t under Management) <span class=\"_ _0\"></span>e 30 milioni per l\u2019attivit\u00e0 legata alla ra<span class=\"_ _0\"></span>ccolta diretta a vista (Core De<span class=\"_ _0\"></span>posits). Inoltre, \u00e8 stata<span class=\"_ _35\"></span> </span>rilevata <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>42 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>differenza <span class=\"_ _5\"></span>residuale <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisizione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span>nio netto de<span class=\"ff4\">lla societ\u00e0 espresso al fair value alla data di acquisizione. Secondo<span class=\"_ _0\"></span> quanto previsto dallo IAS 36, sia l\u2019avviamento che </span>le attivit\u00e0 intangibili l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gate alle masse son<span class=\"_ _0\"></span>o stati allocati alla<span class=\"_ _0\"></span> CGU Private Banking.  Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Divisione <span class=\"_ _4\"> </span>Internation<span class=\"_ _0\"></span>al <span class=\"_ _4\"> </span>Subs<span class=\"_ _3\"></span>idiary <span class=\"_ _6\"> </span>Banks, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>4 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ttobre <span class=\"_ _6\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>perfezionata <span class=\"_ _4\"> </span>l\u2019acquisizione, <span class=\"_ _6\"> </span>da parte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Holding <span class=\"_ _3\"></span>International, <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>,26% <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>di VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _2\"></span>quarto <span class=\"_ _5\"></span>operatore <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>slovacco <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>pensione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>deteneva, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in precedenza, <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>5<span class=\"_ _3\"></span>0% <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>joint <span class=\"_ _4\"> </span>venture <span class=\"_ _7\"> </span>costituita <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2004 <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>Generali. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>presente operazione, avendo <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mportato<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019acquisi<span class=\"_ _2\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>controllo della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019I<span class=\"_ _3\"></span>FRS 10, \u00e8 <span class=\"_ _6\"> </span>stata <span class=\"_ _4\"> </span>considerata <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n\u2019aggregazione <span class=\"_ _6\"></span>aziendale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>contabilizzarsi <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>all\u2019IFRS <span class=\"_ _6\"> </span>3. <span class=\"_ _4\"> </span>Al <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Purchas<span class=\"_ _0\"></span>e Price <span class=\"_ _5\"></span>Allocation <span class=\"_ _5\"></span>(PPA), <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>entificata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rilevata <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibil<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>precedentemente <span class=\"_ _5\"></span>iscritta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VUB </span>Generali <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _16\"> </span>alle  att<span class=\"_ _0\"></span>ivit\u00e0  leg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  a<span class=\"_ _0\"></span>lla  c<span class=\"_ _0\"></span>lientela <span class=\"_ _16\"> </span>(Customer  R<span class=\"_ _35\"></span>elationship  Relat<span class=\"_ _0\"></span>ed),  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>particolar  m<span class=\"_ _0\"></span>odo <span class=\"_ _16\"> </span>all\u2019attivit\u00e0 <span class=\"_ _16\"> </span>d<span class=\"_ _6\"></span><span class=\"ff1 ls13\">i </span>risparmio <span class=\"_ _4\"> </span>gestito, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>importo <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>80 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>allocata <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>Interna<span class=\"_ _2\"></span><span class=\"ff4\">tional <span class=\"_ _4\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks. <span class=\"_ _4\"> </span>L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>intangibile </span>identificata, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>netto <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>correlato <span class=\"_ _6\"></span>effetto <span class=\"_ _4\"></span>fiscale, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>assorbito <span class=\"_ _5\"></span>completamente <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>acquisizione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>le consistenze patrimo<span class=\"_ _0\"></span>niali della societ\u00e0, senz<span class=\"_ _0\"></span>a che dall\u2019operazi<span class=\"_ _0\"></span>one scaturissero <span class=\"_ _3\"></span><span class=\"ff1\">importi a titolo di a<span class=\"_ _0\"></span>vviamento.  </span>Per maggiori dettagli<span class=\"_ _0\"></span> sulle operazioni sopra<span class=\"_ _0\"></span> menzionate, si ved<span class=\"_ _0\"></span>a la Parte G della pr<span class=\"_ _0\"></span>esente Nota Integrativ<span class=\"_ _0\"></span>a.<span class=\"_ _2\"></span> Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019avviamento <span class=\"_ _2\"></span>iscritti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Bila<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>al </span>31<span class=\"ls0\"> <span class=\"ff4\">dicembre <span class=\"_ _1d\"> </span>2022 <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _17\"> </span>relativa <span class=\"_ _1d\"> </span>dinamica <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _17\"> </span>corso <span class=\"_ _1d\"> </span>dell\u2019esercizio, <span class=\"_ _1d\"> </span>suddivisi <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>Cash <span class=\"_ _1d\"> </span>Ge<span class=\"_ _3\"></span>nerating <span class=\"_ _1d\"> </span>Unit <span class=\"_ _17\"> </span>(CGU), <span class=\"_ _17\"> </span>che </span></span>rappresentano <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>aggregazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"></span>effettuati <span class=\"_ _4\"></span>gli <span class=\"_ _4\"> </span>impairment <span class=\"_ _4\"> </span>test <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>la verifica del valore re<span class=\"_ _0\"></span>cuperabile. Bilancio 2021 Acquisizione CBPQ Acquisizione VUB Generali Ammortamento Altre variazioni (1) Bilancio 2022 DIVISIONE BANCA DEI <span class=\"_ _0\"></span>TERRITORI  1.833 - - -<span class=\"ls1a\">22</span> - 1.811 - Intangibile asset manage<span class=\"_ _0\"></span>ment - distribuzione 201 - - -<span class=\"ls1a\">14</span> - 187 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 110 - - -7 - 103 - Intangibile brand nam<span class=\"_ _0\"></span>e 1.507 - - - - 1.507 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 15<span class=\"ls0\"> </span>- - -1 - 14<span class=\"ls0\"> </span>- Intangibile acquiring - - - - - - - Avviamento - - - - - - DIVISIONE IMI CORPORA<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>E &amp; INVESTMENT BANK<span class=\"_ _0\"></span>ING  56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>- Avviamento 56<span class=\"ls0\"> </span>- - - - 56<span class=\"ls0\"> </span>DIVISIONE ASSET MANAGEMEN<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span> 1.166 - - -6 -1 1.159 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 106 - - -6 - 100 - Avviamento 1.060 - - - -1 1.059 DIVISIONE PRIVATE BANKING<span class=\"_ _0\"></span> 2.106 115 - -<span class=\"ls1a\">19</span> 15<span class=\"ls0\"> </span>2.217 - Intangibile asset manage<span class=\"_ _0\"></span>ment - produz. e distribuz. 180 43<span class=\"ls0\"> </span>- -<span class=\"ls1a\">14</span> 4 213 - Intangibile assicurativo - distrib<span class=\"_ _0\"></span>uzione 47<span class=\"ls0\"> </span>- - -2 - 45<span class=\"ls0\"> </span>- Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangibile brand nam<span class=\"_ _0\"></span>e 375 - - - - 375 - Intangible under admi<span class=\"_ _0\"></span>nistration distribuzione 22<span class=\"ls0\"> </span>- - -2 - 20<span class=\"ls0\"> </span>- Avviamento 1.482 42<span class=\"ls0\"> </span>- - 11<span class=\"ls0\"> </span>1.535 DIVISIONE INSURANCE 1.567 - - -<span class=\"ls1a\">94</span> - 1.473 - Intangibile assicurativo - produzi<span class=\"_ _0\"></span>one  591 - - -<span class=\"ls1a\">94</span> - 497 - Avviamento 976 - - - - 976 DIVISIONE INTERNA<span class=\"_ _0\"></span>TIONAL SUBSIDIARY BA<span class=\"_ _0\"></span>NKS - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>- Intangible asset man<span class=\"_ _0\"></span>agement - produzione - - 80<span class=\"ls0\"> </span>-1 - 79<span class=\"ls0\"> </span>BANK OF ALEXANDRIA (Eg<span class=\"_ _0\"></span>itto)  - - - - - - PRAVEX BANK (Ucraina)  - - - - - - - TOTALE CGU 6.728 115 80<span class=\"ls0\"> </span>-<span class=\"ls1a\">142</span> 14<span class=\"ls0\"> </span>6.795 - Intangibile asset manage<span class=\"_ _0\"></span>ment 487 43<span class=\"ls0\"> </span>80<span class=\"ls0\"> </span>-<span class=\"ls1a\">35</span> 4 579 - Intangibile assicurativo 748 - - -<span class=\"ls1a\">103</span> - 645 - Intangibile Core Deposits - 30<span class=\"ls0\"> </span>- -1 - 29<span class=\"ls0\"> </span>- Intangible asset under <span class=\"_ _0\"></span>administration 37<span class=\"ls0\"> </span>- - -3 - 34<span class=\"ls0\"> </span>- Intangibile Acquiring - - - - - - - Intangibile brand nam<span class=\"_ _0\"></span>e 1.882 - - - - 1.882 - Avviamento 3.574 42<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>3.626 (1) Differenze cambio su avvi<span class=\"_ _0\"></span>amento riferito a Eurizon Capital S<span class=\"_ _0\"></span>LJ e su avviamento e q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ota di ammortamento su i<span class=\"_ _0\"></span>ntangibili riferiti a Reyl &amp;<span class=\"_ _0\"></span> Cie SA.<span class=\"_ _3\"></span> Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vita <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>rilevate f<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>clientela e <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riferiscono <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>valoriz<span class=\"_ _2\"></span>z<span class=\"_ _3\"></span>azione del portafoglio assicurativo<span class=\"_ _0\"></span> (Value of Business Acquired), della raccolta amministrata (Asset Under Administration, AUA)<span class=\"_ _0\"></span> e gestit<span class=\"_ _2\"></span><span class=\"ls17\">a </span>(Asset  Under  Management,  AU<span class=\"_ _0\"></span>M)  e  dei <span class=\"_ _1d\"> </span>Cor<span class=\"_ _0\"></span>e  Deposits.  Tali  attivit\u00e0  immateriali  sono  state  originariam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte  valorizzat<span class=\"_ _0\"></span>e attraverso <span class=\"_ _4\"> </span>l\u2019<span class=\"ff1\">attualizzazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _4\"></span>rappresentativi <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>margini <span class=\"_ _4\"></span>reddituali <span class=\"_ _6\"></span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>esprimente <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>durata <span class=\"_ _4\"></span>residua,<span class=\"_ _0\"></span> </span>contrattuale o stimat<span class=\"_ _0\"></span>a, dei rapporti in ess<span class=\"_ _0\"></span>ere alla data dell\u2019opera<span class=\"_ _0\"></span>zione di aggreg<span class=\"_ _0\"></span>azione<span class=\"_ _2\"></span><span class=\"ff1\">. </span>A <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>delle <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>immateriali <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _17\"> </span>utile <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nita, <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>provveduto <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>imputare <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>conto <span class=\"_ _17\"> </span>economico <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>di ammortamento di <span class=\"_ _3\"></span>competenza dell<span class=\"_ _3\"></span>\u2019anno (inclusa <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce \u201c220. <span class=\"_ _3\"></span>Rettifiche/riprese di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>nette <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>immateriali\u201d) p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un ammontare comple<span class=\"_ _0\"></span>ssivo pari a 142 mili<span class=\"_ _0\"></span>oni al lordo dell\u2019eff<span class=\"_ _0\"></span>ett<span class=\"_ _3\"></span><span class=\"ff1\">o fiscale. </span>\u00c8 <span class=\"_ _7\"> </span>inoltre <span class=\"_ _7\"> </span>valorizzato <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201cbrand <span class=\"_ _7\"> </span>name\u201d, <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>immateriale <span class=\"_ _4\"> </span>legata <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>marketing, <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>lorizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>del marchio; <span class=\"_ _6\"></span>tale <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>indefinita <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontribuire <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>indefi<span class=\"_ _5\"></span>nito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla formazione dei flussi<span class=\"_ _0\"></span> reddituali.<span class=\"fs12\"> </span>In <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>principio <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>36, <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>evono <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>annualmente <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>impairment <span class=\"_ _5\"></span>test<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>verificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>del valore <span class=\"_ _6\"></span>sia <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>vita <span class=\"_ _6\"> </span>utile <span class=\"_ _6\"> </span>indefinita <span class=\"_ _6\"> </span>sia <span class=\"_ _6\"> </span>l\u2019avviamento. <span class=\"_ _6\"> </span>Inoltre, <span class=\"_ _6\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>vita <span class=\"_ _6\"></span>utile <span class=\"_ _6\"></span>definita </span>l\u2019impairment  test <span class=\"_ _1d\"> </span>deve  essere <span class=\"_ _1d\"> </span>svolto  quando <span class=\"_ _1d\"> </span>sia  rilevata <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>presenza  di <span class=\"_ _1d\"> </span>indicatori  di <span class=\"_ _1d\"> </span>perdita.  Il <span class=\"_ _1d\"> </span>valore  recuperabile  \u00e8 rappresentato dal m<span class=\"_ _0\"></span>aggiore tra il Valore d\u2019Us<span class=\"_ _0\"></span>o ed il Fair value, <span class=\"_ _0\"></span>al netto dei costi di v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\">ndita.<span class=\"ff5 fs9 fc2\"> </span></span>Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>infine, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>tangibili<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>tes<span class=\"_ _6\"></span><span class=\"ff1 ls12\">t, </span>dispone <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>debba  fare <span class=\"_ _7\"> </span>riferimento  ai<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>flussi  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>cassa <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>all\u2019intangibile <span class=\"_ _16\"> </span>nelle <span class=\"_ _16\"> </span>sue  co<span class=\"_ _0\"></span>ndizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _16\"> </span>(alla <span class=\"_ _16\"> </span>dat<span class=\"_ _5\"></span><span class=\"ff1\">a  di<span class=\"_ _35\"></span> </span>impairment <span class=\"_ _16\"> </span>test),  senza <span class=\"_ _16\"> </span>distinzione <span class=\"_ _16\"> </span>tra  i  f<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>ussi <span class=\"_ _16\"> </span>di  cassa <span class=\"_ _16\"> </span>riferiti <span class=\"_ _16\"> </span>all\u2019asset  origi<span class=\"_ _0\"></span>nariamente  ril<span class=\"_ _0\"></span>evato <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  applica<span class=\"_ _0\"></span>zione<span class=\"_ _90\"> </span>dell\u2019IFRS 3<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>relativi a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>dell\u2019impairment test; <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>in quanto <span class=\"_ _2\"></span>risulterebbe difficile, <span class=\"_ _6\"> </span><span class=\"ff1\">specie </span>in caso di operazioni straordinarie tra business o modifiche dell\u2019asset a seguito di significativi turn<span class=\"_ _0\"></span>over delle masse, dei <span class=\"_ _5\"></span><span class=\"ff1\">clienti, </span>dei contratti, ecc., di<span class=\"_ _0\"></span>stinguere i flussi rifer<span class=\"_ _0\"></span>iti all\u2019asset origina<span class=\"_ _0\"></span>rio dagli altri.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tale <span class=\"_ _5\"></span>concetto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>replicabile <span class=\"_ _5\"></span>an<span class=\"ff4\">che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle </span>CGU, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>considerati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>utte <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>comprese <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span> solo per le attivit\u00e0 <span class=\"_ _0\"></span>e passivit\u00e0 <span class=\"ff4\">a fronte delle quali \u00e8 <span class=\"_ _0\"></span>stato rilevato un avv<span class=\"_ _0\"></span>iamento in sede di a<span class=\"_ _0\"></span>pplicazione dell\u2019IFR<span class=\"_ _0\"></span>S 3.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Anche <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impairment test <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>gi\u00e0 avvenuto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i precedenti <span class=\"_ _3\"></span>bilanci, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>considerazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>della <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>mercati <span class=\"_ _3\"></span>finanziari <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>essi <span class=\"_ _2\"></span>ritraibili, <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>fatto riferimento <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>futuri <span class=\"_ _2\"></span>ricavabili <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _2\"></span>(o <span class=\"_ _7\"> </span><span class=\"ff1\">business)<span class=\"_ _0\"></span> </span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>valutazione. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>partico<span class=\"_ _3\"></span>lare, <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _4\"></span>2022, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>quanto <span class=\"_ _4\"> </span>fatto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>precedenti bilanci, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recuperabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>svolta <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019applicazione del <span class=\"_ _2\"></span>metodo <span class=\"_ _2\"></span>DCF <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>Discounted </span>Cash <span class=\"_ _4\"></span>Flow <span class=\"_ _6\"></span>model <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>a <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>aggiunge, <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>risultanze <span class=\"_ _6\"></span>emerse <span class=\"_ _6\"></span>dal <span class=\"_ _4\"> </span>metodo <span class=\"_ _6\"></span>DCF, l\u2019applicazione  del  metod<span class=\"_ _0\"></span>o  DDM  \u2013<span class=\"ff1\"> <span class=\"_ _1d\"> </span>Dividen<span class=\"_ _0\"></span>d  Discounted  Model; <span class=\"_ _16\"> </span>entrambi  i  metodi  si  sono  basati  sull<span class=\"_ _0\"></span>e  stime  analitiche </span>predisposte internamente <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>eriodo 2023<span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span>2027 <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>fino al <span class=\"_ _2\"></span>2025, rappresentano <span class=\"_ _3\"></span>le p<span class=\"_ _3\"></span>revisioni risultanti <span class=\"_ _3\"></span>dal Piano <span class=\"_ _3\"></span>d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"ff1\">-2025, <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>mutato <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>macroeconomico, mentre <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>di </span>proiezione <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tra<span class=\"_ _3\"></span>scinamento <span class=\"_ _7\"> </span>inerziale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2025, <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proiezioni interne  relative  al  citato  scenario  ma<span class=\"_ _0\"></span>croeconomico.  Si  segna<span class=\"_ _0\"></span>la  che  le  verifiche  menzionate  in  precede<span class=\"_ _0\"></span>nza  non  hanno riguardato <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _2\"></span>International <span class=\"_ _2\"></span>Subsidiary <span class=\"_ _3\"></span>Banks<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>Bank <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione dell\u2019assenza, <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>data <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>verifica, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>avviamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>tali <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"> </span>test. <span class=\"_ _4\"> </span>A <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>verifiche <span class=\"_ _6\"> </span>si<span class=\"_ _6\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span><span class=\"lsc\">\u00e8 </span></span>ulteriormente <span class=\"_ _3\"></span>aggiunta una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>autonoma, <span class=\"_ _3\"></span>attraverso <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>indipendente, <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _3\"></span>name<span class=\"_ _0\"></span> per la componente attri<span class=\"_ _0\"></span>buita alla Banca dei<span class=\"_ _0\"></span> Territori, CGU che <span class=\"_ _0\"></span>non presenta pi\u00f9 <span class=\"_ _0\"></span>avviamenti allocati. <span class=\"_ _3\"></span> Gli <span class=\"_ _4\"> </span>esiti <span class=\"_ _6\"></span>dell\u2019impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>hanno <span class=\"_ _6\"> </span>determinato <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>necessit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>operare <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>re<span class=\"_ _2\"></span><span class=\"ff1\">ttifiche <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valore </span>dell\u2019avviamento <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>indefinita <span class=\"_ _3\"></span>(brand <span class=\"_ _2\"></span>name) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>essuna <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>appartenenti <span class=\"_ _4\"> </span><span class=\"ff1\">al </span>Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo. Si <span class=\"_ _7\"> </span>precisa, <span class=\"_ _7\"> </span>infine, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>metodologie, <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>assunti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>siti <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>procedura <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span>mpairment <span class=\"_ _4\"> </span>test <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _7\"> </span>e dell\u2019avviamento, <span class=\"_ _23\"> </span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>management, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>stati <span class=\"_ _29\"> </span>approvati <span class=\"_ _29\"> </span>dal <span class=\"_ _29\"> </span>Consiglio <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>Amministrazione <span class=\"_ _29\"> </span>preliminarmente<span class=\"_ _0\"></span> all\u2019approvazione d<span class=\"_ _0\"></span>el progetto del Bilancio<span class=\"_ _0\"></span> 2022.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019impairment test dei valori intangibili<span class=\"ff5\"> </span>Il <span class=\"ls0\">portafoglio assicurativo </span>La <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"></span>assicurativo <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inea <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>utilizzati <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>prassi <span class=\"_ _4\"></span>valutativa. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>c<span class=\"_ _5\"></span>os\u00ec determinato, <span class=\"_ _4\"> </span>essendo <span class=\"_ _7\"> </span>considerato <span class=\"_ _7\"> </span>\u201ca <span class=\"_ _7\"> </span>vita <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinita\u201d, <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>ammortizzato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quote <span class=\"_ _7\"> </span>variabili <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">iodo <span class=\"_ _7\"> </span>esprimente <span class=\"_ _4\"> </span>la </span>durata residua dei cont<span class=\"_ _0\"></span>ratti assicurativi.  Il <span class=\"_ _3\"></span>valore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio dell\u2019intangibile ass<span class=\"_ _3\"></span>icurativo comprende, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le altre <span class=\"_ _3\"></span>cose, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>assicurativo di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpa<span class=\"_ _5\"></span><span class=\"ff1\">olo <span class=\"_ _3\"></span>Vita </span>e <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Life <span class=\"_ _2\"></span>DAC <span class=\"_ _3\"></span>distribuito <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>rete <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>Vita. <span class=\"_ _2\"></span>Nel <span class=\"_ _3\"></span>valore<span class=\"_ _0\"></span> complessivo <span class=\"_ _7\"> </span>di  bil<span class=\"_ _0\"></span>ancio <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompreso <span class=\"_ _7\"> </span>anche  l\u2019i<span class=\"_ _0\"></span>ntangibile <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>pertinenza <span class=\"_ _7\"> </span>di  Inte<span class=\"_ _0\"></span>sa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>RBM  S<span class=\"_ _0\"></span>alute <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>distribuzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>assicurativi <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>ete<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IW <span class=\"_ _2\"></span>Bank. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 aggiunto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Value <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>Business <span class=\"_ _3\"></span>Acquired <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>VoBA), <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iveniente <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>acquisizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Assicuraz<span class=\"_ _0\"></span>ioni <span class=\"_ _2\"></span>Vita, <span class=\"_ _2\"></span>Lombarda <span class=\"_ _2\"></span>Vita <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cargeas Assicurazioni. Si ricorda che al 31 dicembre 2021 le compagnie Assicurazioni <span class=\"_ _3\"></span>Vita e <span class=\"_ _3\"></span>Lombarda Vita erano state incorporate in<span class=\"_ _35\"></span> Intesa Sanpaolo Vita<span class=\"_ _0\"></span>, mentre Cargeas As<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>icurazioni \u00e8 stata fu<span class=\"_ _0\"></span>sa in Intesa Sanp<span class=\"_ _0\"></span>aolo Assicura in d<span class=\"_ _0\"></span>ata 1\u00b0 ottobre 2022.<span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>assicurativo <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>allocate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CG<span class=\"_ _2\"></span>U <span class=\"_ _6\"></span>Insurance, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private Banking <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Territori, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>econda c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>feriscano a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>delle polizze o alla distribu<span class=\"_ _0\"></span>zione delle stesse.  Come <span class=\"_ _3\"></span>detto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenza, si <span class=\"_ _2\"></span>tratta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span><span class=\"ff4\">intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>imputare <span class=\"_ _3\"></span>a </span>conto economico l\u2019ammo<span class=\"_ _0\"></span>rtamento di compet<span class=\"_ _0\"></span>enza, per un import<span class=\"_ _0\"></span>o complessivo pari a 1<span class=\"_ _0\"></span>03 milioni. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio sono state aggiorn<span class=\"_ _0\"></span>ate le analisi sui prin<span class=\"_ _0\"></span>cipali indic<span class=\"_ _3\"></span><span class=\"ff1\">atori di impairment.  </span>Nello specifico <span class=\"_ _3\"></span>la Divisione <span class=\"_ _3\"></span>Insurance nel 2022 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>conseguito un risultato d<span class=\"_ _3\"></span>ell\u2019attivit\u00e0 assicurativa ampiamente positivo, pa<span class=\"_ _5\"></span><span class=\"ff1\">ri a </span>circa 1<span class=\"_ _3\"></span>,6 <span class=\"_ _3\"></span>miliardi, in <span class=\"_ _3\"></span>marginale <span class=\"_ _3\"></span>incremento rispetto <span class=\"_ _3\"></span>all\u2019anno <span class=\"_ _3\"></span>precedente (+1,9%). <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>dinamica \u00e8 <span class=\"_ _3\"></span>ascriv<span class=\"_ _5\"></span>ibile a<span class=\"_ _3\"></span>ll\u2019incremento del margine <span class=\"_ _3\"></span>tecnico <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>vita s<span class=\"_ _3\"></span>ia n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>danni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>compensato l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>riduzione del <span class=\"_ _2\"></span>margine finanziario. <span class=\"_ _3\"></span>Inoltre,<span class=\"_ _2\"></span> nel 2022 la raccolta premi vita e previdenza della Divisi<span class=\"_ _0\"></span>one \u00e8 risultata pari a 16,2 miliardi, evid<span class=\"_ _0\"></span>enzian<span class=\"_ _2\"></span>do una flessione del 14% circa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>precedente <span class=\"_ _4\"></span>esercizio, <span class=\"_ _6\"></span>imputabile <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>prodotti <span class=\"_ _4\"></span>unit <span class=\"_ _6\"></span>linked <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span>-<span class=\"ff4\">41%), <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>conseguenza <span class=\"_ _6\"> </span>dell\u2019incertezza <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>mercati<span class=\"_ _0\"></span> </span>finanziari. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prodotti <span class=\"_ _3\"></span>tradizionali <span class=\"_ _2\"></span>(+39%), <span class=\"_ _3\"></span>inclusivi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>componente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>polizze multiramo,  grazie <span class=\"_ _1d\"> </span>al  collocamento <span class=\"_ _1d\"> </span>nel  quarto <span class=\"_ _1d\"> </span>trimestre <span class=\"_ _1d\"> </span>del  plafond <span class=\"_ _1d\"> </span>di  ramo <span class=\"_ _1d\"> </span>I  dedicato <span class=\"_ _1d\"> </span>alla <span class=\"_ _1d\"> </span>clientela  senior.  I <span class=\"_ _1d\"> </span>prodotti previdenziali <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>progresso <span class=\"_ _4\"> </span>dell\u20191%. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>accolta <span class=\"_ _4\"> </span>diretta <span class=\"_ _4\"> </span>assicurativa, <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>ha <span class=\"_ _1d\"> </span><span class=\"ff1\">superato <span class=\"_ _4\"></span>i </span>173 miliardi, in flessione <span class=\"_ _0\"></span>di circa il 15% rispetto <span class=\"_ _0\"></span>al precedente e<span class=\"_ _0\"></span>sercizio. <span class=\"_ _3\"></span> Si ricorda, come<span class=\"_ _3\"></span> detto in <span class=\"_ _3\"></span>precedenza, che lo <span class=\"_ _3\"></span>IAS 36 prevede <span class=\"_ _3\"></span>che gli intangibili vengano s<span class=\"_ _3\"></span>ottoposti ad impairment test facendo<span class=\"_ _5\"></span> riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rapporti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tutta <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>res<span class=\"_ _3\"></span>idui <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>era stato  determinato  i<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>  valore  in<span class=\"_ _0\"></span>iziale  dell\u2019attivit<span class=\"_ _0\"></span>\u00e0  intangibile,  r<span class=\"_ _0\"></span>icomprendendo, <span class=\"_ _16\"> </span>pertanto,  in  un <span class=\"_ _16\"> </span>eventuale  calcolo <span class=\"_ _16\"> </span>del  valore recuperabile <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>produzione <span class=\"_ _7\"> </span>g<span class=\"ff4\">eneratasi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>CGU <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rilevazione <span class=\"_ _4\"> </span>dell\u2019attivit<span class=\"_ _0\"></span>\u00e0 </span>intangibile. Inoltre, s<span class=\"_ _3\"></span>i evidenzia c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>i vo<span class=\"_ _3\"></span>lumi delle <span class=\"_ _3\"></span>polizze <span class=\"_ _3\"></span>sottostanti alla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibili iscritte <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bilan<span class=\"_ _5\"></span>cio <span class=\"_ _3\"></span>risultano<span class=\"_ _35\"></span> assolutamente trasc<span class=\"_ _0\"></span>urabili se confrontati con le poli<span class=\"_ _0\"></span>zze complessive d<span class=\"_ _0\"></span>elle CGU di riferime<span class=\"_ _0\"></span>nto.<span class=\"_ _3\"></span> L\u2019analisi <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _6\"></span>complessiva <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>prodotti <span class=\"_ _5\"></span>presenti <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>non <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>evidenziato <span class=\"_ _5\"></span>alcuna <span class=\"_ _6\"> </span>indicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>possibi<span class=\"_ _6\"></span><span class=\"ff1\">le </span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntangibile <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span><span class=\"ff1\">usiness <span class=\"_ _2\"></span>assicurativo, <span class=\"_ _3\"></span>tenuto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>richiesto <span class=\"_ _2\"></span>dallo <span class=\"_ _3\"></span>IAS <span class=\"_ _2\"></span>36, </span>l\u2019attivit\u00e0 intangibile \u00e8 oggetto <span class=\"_ _3\"></span>di verifica a<span class=\"_ _3\"></span>i fini impairment <span class=\"_ _3\"></span>test a livello d<span class=\"_ _3\"></span>i CGU nel s<span class=\"_ _3\"></span>uo complesso e<span class=\"_ _3\"></span> non per<span class=\"_ _3\"></span> singolo pro<span class=\"_ _5\"></span><span class=\"ff1\">dotto o </span>ramo di attivit\u00e0. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-306.761px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono <span class=\"ff4\">sintetizzati i valori dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0 intang<span class=\"_ _0\"></span>ibile assicurativa secondo<span class=\"_ _0\"></span> la CGU di pertin<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 hda y73f ffa fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2fd h69\" style=\"left:375.58862px; bottom:665.093px;\"><div class=\"t m0 x176 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w2fb ha0\" style=\"left:-4.050377px; bottom:620.321px;\"><div class=\"t m0 x41 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">CGU </div></div><div class=\"c w2fc ha0\" style=\"left:297.56262px; bottom:620.321px;\"><div class=\"t m0 xf ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Bilancio </div><div class=\"t m0 xd5 ha y82a ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div></div><div class=\"c w2fe ha0\" style=\"left:375.58862px; bottom:620.321px;\"><div class=\"t m0 x135 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Ammortamento<span class=\"_ _3\"></span> </div></div><div class=\"c w2ff ha0\" style=\"left:524.7636px; bottom:620.321px;\"><div class=\"t m0 xc0 ha y829 ff5 fs4 fc2 sc0 ls0 ws0\">Bilancio  </div><div class=\"t m0 xc9 ha y82a ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w2fb h65\" style=\"left:-4.050377px; bottom:602.693px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> </div></div><div class=\"c w2fb h47\" style=\"left:-4.050377px; bottom:583.193px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile assic<span class=\"_ _3\"></span>urativo - distribuzi<span class=\"_ _3\"></span>one </div></div><div class=\"c w2fc h47\" style=\"left:297.56262px; bottom:583.193px;\"><div class=\"t m0 x104 hb y96e ff1 fs4 fc2 sc0 ls1b ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w2fe h47\" style=\"left:375.58862px; bottom:583.193px;\"><div class=\"t m0 x65 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w2ff h47\" style=\"left:524.7636px; bottom:583.193px;\"><div class=\"t m0 x135 hb y96e ff1 fs4 fc2 sc0 ls1b ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w2fb h47\" style=\"left:-4.050377px; bottom:563.693px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE INSURANCE<span class=\"_ _3\"></span> </div></div><div class=\"c w2fb h47\" style=\"left:-4.050377px; bottom:544.193px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile assic<span class=\"_ _3\"></span>urativo - produzi<span class=\"_ _3\"></span>one  </div></div><div class=\"c w2fc h47\" style=\"left:297.56262px; bottom:544.193px;\"><div class=\"t m0 x104 hb y96e ff1 fs4 fc2 sc0 ls1b ws0\">591<span class=\"ls0\"> </span></div></div><div class=\"c w2fe h47\" style=\"left:375.58862px; bottom:544.193px;\"><div class=\"t m0 x62 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">94</span> </div></div><div class=\"c w2ff h47\" style=\"left:524.7636px; bottom:544.193px;\"><div class=\"t m0 x135 hb y96e ff1 fs4 fc2 sc0 ls1b ws0\">497<span class=\"ls0\"> </span></div></div><div class=\"c w2fb h81\" style=\"left:-4.050377px; bottom:523.757px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> </div></div><div class=\"c w2fb h42\" style=\"left:-4.050377px; bottom:508.15704px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile assic<span class=\"_ _3\"></span>urativo - produz<span class=\"_ _3\"></span>. e distribuz.<span class=\"_ _3\"></span> </div></div><div class=\"c w2fc h42\" style=\"left:297.56262px; bottom:508.15704px;\"><div class=\"t m0 x9f hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w2fe h42\" style=\"left:375.58862px; bottom:508.15704px;\"><div class=\"t m0 x65 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w2ff h42\" style=\"left:524.7636px; bottom:508.15704px;\"><div class=\"t m0 x4 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w2fb hd3\" style=\"left:-4.050377px; bottom:480.857px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE GRUPPO<span class=\"_ _3\"></span> </div></div><div class=\"c w2fc hd3\" style=\"left:297.56262px; bottom:480.857px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">748<span class=\"ls0\"> </span></div></div><div class=\"c w2fe hd3\" style=\"left:375.58862px; bottom:480.857px;\"><div class=\"t m0 x17c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-103 </div></div><div class=\"c w2ff hd3\" style=\"left:524.7636px; bottom:480.857px;\"><div class=\"t m0 x135 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">645<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-306.761px;\"><div class=\"t m0 x0 h125 y11f1 ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11f2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11f3 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>analisi <span class=\"_ _7\"> </span>svolte <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _16\"> </span>indicatori <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impairment <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>risultato <span class=\"_ _7\"> </span>necessario <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ricalcolo </div><div class=\"t m0 x0 h32 y9b2 ff4 fs0 fc0 sc0 ls0 ws0\">puntuale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _5\"></span>intangibile <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>assicurativo <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022 </div><div class=\"t m0 x0 h2 y765 ff1 fs0 fc0 sc0 ls0 ws0\">non ha evidenziato p<span class=\"_ _0\"></span>articolari criticit\u00e0. </div><div class=\"t m0 x0 hda y1374 ffa fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y1375 ffa fs9 fc2 sc0 ls0 ws0\">Il portafoglio di asset under management e under administration </div><div class=\"t m0 x0 h2 y1376 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 immateriale iscritta nel Bilancio consolidato<span class=\"_ _0\"></span> di Intesa Sanpaolo \u00e8 considerata \u201ca vita definita\u201d. Pertanto, per il<span class=\"_ _5\"></span><span class=\"ff1\"> Bilancio </span></div><div class=\"t m0 x0 h2 y1145 ff4 fs0 fc0 sc0 ls0 ws0\">2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>state <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>analisi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore, <span class=\"_ _5\"></span>comunque <span class=\"_ _5\"></span>monitorati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>d\u2019esercizio <span class=\"_ _5\"></span>(tra <span class=\"_ _7\"> </span><span class=\"ff1\">di <span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span>i,<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y1377 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019andamento delle <span class=\"_ _2\"></span>masse, dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iscatto, del <span class=\"_ _2\"></span>margine di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dell\u2019effetto <span class=\"_ _3\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">scale). </span></div><div class=\"t m0 x0 h2 yb40 ff4 fs0 fc0 sc0 ls0 ws0\">Tali <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>avuto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>dell\u2019intang<span class=\"_ _0\"></span>ibile <span class=\"_ _6\"> </span><span class=\"ff1\">legata <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>amministrata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gestita <span class=\"_ _5\"></span>(Asset <span class=\"_ _2\"></span>Under </span></div><div class=\"t m0 x0 h2 y1378 ff1 fs0 fc0 sc0 ls0 ws0\">Administration, <span class=\"_ _7\"> </span>AuA <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Asset <span class=\"_ _7\"> </span>Under <span class=\"_ _7\"> </span>Management, <span class=\"_ _7\"> </span>AuM) <span class=\"_ _16\"> </span>- <span class=\"_ _7\"> </span>rappresentata <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>esistenti <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y1379 ff1 fs0 fc0 sc0 ls0 ws0\">acquisizione di generar<span class=\"_ _0\"></span>e flussi reddituali lungo la <span class=\"_ _0\"></span>vita utile residua di tali rap<span class=\"_ _0\"></span>porti <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> iscritta in bilancio a segu<span class=\"_ _0\"></span>ito delle operazioni </div><div class=\"t m0 x0 h2 y137a ff1 fs0 fc0 sc0 ls0 ws0\">di acquisizione che s<span class=\"_ _0\"></span>i sono susseguite n<span class=\"_ _0\"></span>el tempo.  </div><div class=\"t m0 x0 h2 y137b ff1 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9 <span class=\"_ _5\"></span>precisamente <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>tratta <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>managem<span class=\"_ _0\"></span>ent <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banche <span class=\"_ _2\"></span>Venete <span class=\"_ _5\"></span>acquisite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y137c ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _1d\"> </span>Morval  acquisito  da<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span>- <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Private  Banking <span class=\"_ _1d\"> </span>n<span class=\"ff4\">el <span class=\"_ _1d\"> </span>corso  del <span class=\"_ _1d\"> </span>2018. <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>seguire,  nell\u2019ambito<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yd53 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019operazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>acquisizione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>UBI, <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>valorizzate <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"> </span>intangibili <span class=\"_ _6\"></span>legate <span class=\"_ _6\"> </span>all<span class=\"_ _6\"></span><span class=\"ff1 ls17\">a </span></div><div class=\"t m0 x0 h2 y1357 ff4 fs0 fc0 sc0 ls0 ws0\">raccolta indiretta ed <span class=\"_ _3\"></span>in particolare l\u2019attivit\u00e0 immateriale inerente la <span class=\"_ _3\"></span>raccolta ammini<span class=\"_ _3\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trata e gestita <span class=\"_ _3\"></span>(Asset under Administration, </span></div><div class=\"t m0 x0 h2 y1361 ff1 fs0 fc0 sc0 ls0 ws0\">AuA e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Asset Under <span class=\"_ _3\"></span>Management, AuM)<span class=\"_ _3\"></span><span class=\"ff4\">, mentre <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del 2021 <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata rilevata <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>immateriale inerente la <span class=\"_ _3\"></span>raccolta </span></div><div class=\"t m0 x0 h2 ya39 ff1 fs0 fc0 sc0 ls0 ws0\">amministrata e gestita <span class=\"_ _0\"></span>di Reyl &amp; Cie SA, ban<span class=\"_ _0\"></span>ca private svizzera con p<span class=\"_ _0\"></span>resenza internaz<span class=\"_ _3\"></span>ionale. </div><div class=\"t m0 x0 h2 yc8f ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso del <span class=\"_ _3\"></span>2022, come indicato <span class=\"_ _3\"></span>in precedenza, sono state <span class=\"_ _3\"></span>rilevate nuove attivit\u00e0 intangibili legate alla c<span class=\"_ _3\"></span>lientela, ineren<span class=\"_ _5\"></span>ti alla </div><div class=\"t m0 x0 h2 y137d ff1 fs0 fc0 sc0 ls0 ws0\">raccolta <span class=\"_ _1d\"> </span>indiretta  di <span class=\"_ _1d\"> </span>Compagni<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>de <span class=\"_ _1d\"> </span>Banque  Priv\u00e9e  Qu<span class=\"_ _3\"></span>ilvest  (CBPQ) <span class=\"_ _1d\"> </span>e  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>VUB  Generali  p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>un  importo, <span class=\"_ _1d\"> </span>alla  data <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y137e ff1 fs0 fc0 sc0 ls10 ws0\">acq<span class=\"ls0\">uisizi<span class=\"_ _0\"></span>one, rispettivame<span class=\"_ _0\"></span>nte pari a 43 e 80 milioni. </span></div><div class=\"t m0 x0 h2 y854 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>frattempo a<span class=\"_ _3\"></span>mmortizzata, <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile AuM <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>allocata <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">lla </span></div><div class=\"t m0 x0 h2 y137f ff1 fs0 fc0 sc0 ls0 ws0\">CGU <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _2\"></span>(187 <span class=\"_ _2\"></span>milioni), <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>(213 <span class=\"_ _5\"></span>milioni<span class=\"_ _3\"></span>), <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Ma<span class=\"_ _3\"></span>nagement <span class=\"_ _2\"></span>(100 <span class=\"_ _5\"></span>milioni) <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h11 ycd9 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks (79 <span class=\"_ _2\"></span>milioni).<span class=\"fs6\"> <span class=\"_ _2\"></span></span><span class=\"ff4\">Analogamente, l\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile Au<span class=\"_ _3\"></span>A, t<span class=\"_ _3\"></span>enuto <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>component<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y1380 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>registrata <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _3\"></span>allo<span class=\"_ _2\"></span><span class=\"ff1\">cata <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h2 yd2f ff1 fs0 fc0 sc0 ls0 ws0\">componente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>istribuita <span class=\"_ _7\"> </span>dalle  fili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _16\"> </span>rivenienti <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _35\"></span>anca  (<span class=\"_ _0\"></span>14 <span class=\"_ _16\"> </span>milioni) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>alla  C<span class=\"_ _0\"></span>GU <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _16\"> </span>per  l<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>componente </div><div class=\"t m0 x0 h2 yd30 ff1 fs0 fc0 sc0 ls0 ws0\">distribuita alla clie<span class=\"_ _0\"></span>ntela di IW Private Inv<span class=\"_ _0\"></span>estments SIM (20 mili<span class=\"_ _0\"></span>oni).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yd31 ff1 fs0 fc0 sc0 ls0 ws0\">Come indicato in preceden<span class=\"ff4\">za, lo IAS <span class=\"_ _3\"></span>36 dispone che l\u2019impairment test non debba limitarsi ai soli flussi di c<span class=\"_ _3\"></span>assa rivenienti dalle<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5ca ff1 fs0 fc0 sc0 ls0 ws0\">masse <span class=\"_ _5\"></span>acquisite, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>tenere <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>legati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>masse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _5\"></span>comprendendo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yfa0 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa r<span class=\"_ _3\"></span>iferiti <span class=\"_ _3\"></span>alle masse <span class=\"_ _3\"></span>generatesi successivamente a<span class=\"_ _3\"></span>lla valorizzazione iniziale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 intangibili; a <span class=\"_ _3\"></span>tale </div><div class=\"t m0 x0 h2 yd33 ff1 fs0 fc0 sc0 ls0 ws0\">proposito <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>evidenzia <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>volu<span class=\"_ _3\"></span>mi <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>masse <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>valorizzazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _16\"> </span>iscritte <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>bilanc<span class=\"_ _5\"></span>io </div><div class=\"t m0 x0 h2 yd34 ff1 fs0 fc0 sc0 ls0 ws0\">risultano assolutament<span class=\"_ _0\"></span>e trascurabili se confrontati <span class=\"_ _0\"></span>con le masse comple<span class=\"_ _0\"></span>ssive delle CGU di ri<span class=\"_ _0\"></span>ferimento.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 ya0b ff4 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>luce <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>sopra <span class=\"_ _7\"> </span>riportato <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>prescindere <span class=\"_ _7\"> </span>dall\u2019andamento <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>masse <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y779 ff4 fs0 fc0 sc0 ls0 ws0\">considerato, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _5\"></span>confermare <span class=\"_ _3\"></span>l\u2019assenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span><span class=\"ff1\">dita <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>legate <span class=\"_ _2\"></span>ai </span></div><div class=\"t m0 x0 h2 y77a ff1 fs0 fc0 sc0 ls0 ws0\">rapporti di Asset und<span class=\"_ _0\"></span>er Management e As<span class=\"_ _0\"></span>set under Administra<span class=\"_ _0\"></span>tion. </div><div class=\"t m0 x0 h2 y85c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-162.57349px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>sintetizzati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tivit\u00e0 <span class=\"_ _5\"></span>intangibili <span class=\"_ _5\"></span>AuM <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>A, <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>Banc<span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Territori, </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Private Banking, Asset<span class=\"_ _0\"></span> Management ed In<span class=\"_ _0\"></span>ternational Subsidiar<span class=\"_ _0\"></span>y Banks. </div><div class=\"t m0 x0 hda y3b6 ffa fs9 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c wb7 hdd\" style=\"left:-4.050377px; bottom:756.08453px;\"><div class=\"t m0 x41 ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">CGU </div></div><div class=\"c w300 hdd\" style=\"left:247.64264px; bottom:756.08453px;\"><div class=\"t m0 x96 ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">Bilancio </div><div class=\"t m0 xb ha y10d6 ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div></div><div class=\"c w301 hdd\" style=\"left:316.7506px; bottom:756.08453px;\"><div class=\"t m0 x94 ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">Acquisizioni <span class=\"_ _3\"></span> </div></div><div class=\"c w302 hdd\" style=\"left:400.5486px; bottom:756.08453px;\"><div class=\"t m0 xae ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">Ammortamento<span class=\"_ _3\"></span> </div></div><div class=\"c w303 hdd\" style=\"left:491.18463px; bottom:756.08453px;\"><div class=\"t m0 xb8 ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">Altre  </div><div class=\"t m0 xa1 ha y10d6 ff5 fs4 fc2 sc0 ls0 ws0\">variazioni  </div><div class=\"t m0 xa4 ha y7b4 ff5 fs4 fc2 sc0 ls2a ws0\">(1)<span class=\"ls0\"> </span></div></div><div class=\"c w304 hdd\" style=\"left:554.2476px; bottom:756.08453px;\"><div class=\"t m0 x9a ha y1382 ff5 fs4 fc2 sc0 ls0 ws0\">Bilancio  </div><div class=\"t m0 xd9 ha y10d6 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c wb7 h65\" style=\"left:-4.050377px; bottom:738.45654px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE BANCA DE<span class=\"_ _3\"></span>I TERRITORI<span class=\"_ _3\"></span> </div></div><div class=\"c wb7 h18\" style=\"left:-4.050377px; bottom:724.8845px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>distribuzione </div></div><div class=\"c w300 h18\" style=\"left:247.64264px; bottom:724.8845px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w301 h18\" style=\"left:316.7506px; bottom:724.8845px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w302 h18\" style=\"left:400.5486px; bottom:724.8845px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">14</span> </div></div><div class=\"c w303 h18\" style=\"left:491.18463px; bottom:724.8845px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h18\" style=\"left:554.2476px; bottom:724.8845px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c wb7 hc3\" style=\"left:-4.050377px; bottom:711.1565px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w300 hc3\" style=\"left:247.64264px; bottom:711.1565px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w301 hc3\" style=\"left:316.7506px; bottom:711.1565px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w302 hc3\" style=\"left:400.5486px; bottom:711.1565px;\"><div class=\"t m0 x7 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w303 hc3\" style=\"left:491.18463px; bottom:711.1565px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 hc3\" style=\"left:554.2476px; bottom:711.1565px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c wb7 h43\" style=\"left:-4.050377px; bottom:687.75653px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE PRIVATE B<span class=\"_ _3\"></span>ANKING<span class=\"_ _3\"></span> </div></div><div class=\"c wb7 h18\" style=\"left:-4.050377px; bottom:674.1845px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> </div></div><div class=\"c w300 h18\" style=\"left:247.64264px; bottom:674.1845px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c w301 h18\" style=\"left:316.7506px; bottom:674.1845px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w302 h18\" style=\"left:400.5486px; bottom:674.1845px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">14</span> </div></div><div class=\"c w303 h18\" style=\"left:491.18463px; bottom:674.1845px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w304 h18\" style=\"left:554.2476px; bottom:674.1845px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">213<span class=\"ls0\"> </span></div></div><div class=\"c wb7 hc3\" style=\"left:-4.050377px; bottom:660.45654px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangible under a<span class=\"_ _3\"></span>dministration di<span class=\"_ _3\"></span>stribuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w300 hc3\" style=\"left:247.64264px; bottom:660.45654px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w301 hc3\" style=\"left:316.7506px; bottom:660.45654px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w302 hc3\" style=\"left:400.5486px; bottom:660.45654px;\"><div class=\"t m0 x7 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w303 hc3\" style=\"left:491.18463px; bottom:660.45654px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 hc3\" style=\"left:554.2476px; bottom:660.45654px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c wb7 h81\" style=\"left:-4.050377px; bottom:640.0205px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE ASSET <span class=\"_ _3\"></span>MANAGEMENT<span class=\"_ _3\"></span> </div></div><div class=\"c w303 h81\" style=\"left:491.18463px; bottom:640.0205px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb7 hc3\" style=\"left:-4.050377px; bottom:626.29254px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile asset m<span class=\"_ _3\"></span>anagement - <span class=\"_ _3\"></span>produz. e <span class=\"_ _3\"></span>distribuz.<span class=\"_ _3\"></span> </div></div><div class=\"c w300 hc3\" style=\"left:247.64264px; bottom:626.29254px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">106<span class=\"ls0\"> </span></div></div><div class=\"c w301 hc3\" style=\"left:316.7506px; bottom:626.29254px;\"><div class=\"t m0 x135 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w302 hc3\" style=\"left:400.5486px; bottom:626.29254px;\"><div class=\"t m0 x7 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w303 hc3\" style=\"left:491.18463px; bottom:626.29254px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 hc3\" style=\"left:554.2476px; bottom:626.29254px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c wb7 h81\" style=\"left:-4.050377px; bottom:605.8565px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">DIVISIONE INTE<span class=\"_ _3\"></span>RNATIONAL SUBSI<span class=\"_ _3\"></span>DIARY BANKS<span class=\"_ _3\"></span> </div></div><div class=\"c wb7 h18\" style=\"left:-4.050377px; bottom:592.2845px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Intangibile asset m<span class=\"_ _3\"></span>anagement -<span class=\"ls1\">  <span class=\"_ _3\"></span></span>distribuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w300 h18\" style=\"left:247.64264px; bottom:592.2845px;\"><div class=\"t m0 x10a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w301 h18\" style=\"left:316.7506px; bottom:592.2845px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w302 h18\" style=\"left:400.5486px; bottom:592.2845px;\"><div class=\"t m0 x7 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w303 h18\" style=\"left:491.18463px; bottom:592.2845px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h18\" style=\"left:554.2476px; bottom:592.2845px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">79<span class=\"ls0\"> </span></div></div><div class=\"c wb7 h11a\" style=\"left:-4.050377px; bottom:559.9535px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE GRUPPO<span class=\"_ _3\"></span> </div></div><div class=\"c w300 h11a\" style=\"left:247.64264px; bottom:559.9535px;\"><div class=\"t m0 x43 ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">524<span class=\"ls0\"> </span></div></div><div class=\"c w301 h11a\" style=\"left:316.7506px; bottom:559.9535px;\"><div class=\"t m0 x9f ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">123<span class=\"ls0\"> </span></div></div><div class=\"c w302 h11a\" style=\"left:400.5486px; bottom:559.9535px;\"><div class=\"t m0 x134 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">38</span> </div></div><div class=\"c w303 h11a\" style=\"left:491.18463px; bottom:559.9535px;\"><div class=\"t m0 xd5 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w304 h11a\" style=\"left:554.2476px; bottom:559.9535px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">613<span class=\"ls0\"> </span></div></div><div class=\"c w1c h115\" style=\"left:-4.050377px; bottom:541.70154px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(1)  Differenze cambio su attivit\u00e0 intangibili riferite a Reyl &amp; Cie SA. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-162.57349px;\"><div class=\"t m0 x0 h125 y308 ffa fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda ya4a ffa fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y109f ffa fs9 fc2 sc0 ls0 ws0\">I Core Deposits </div><div class=\"t m0 x0 h4c y1386 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>\u201ccore <span class=\"_ _6\"> </span>deposits\u201d <span class=\"_ _4\"> </span>rappresentan<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n\u2019attivit\u00e0 <span class=\"_ _6\"> </span>immateriale <span class=\"_ _6\"> </span>legata <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>clientela <span class=\"_ _4\"> </span>(\u201c<span class=\"_ _2\"></span><span class=\"ff2\">customer <span class=\"_ _6\"></span>related <span class=\"_ _4\"> </span>intangible</span>\u201d), </div><div class=\"t m0 x0 h2 y1e4 ff1 fs0 fc0 sc0 ls0 ws0\">generalmente rilevata in <span class=\"_ _2\"></span>aggregazioni in campo <span class=\"_ _3\"></span>bancario. Il <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>intangibile \u00e8 <span class=\"_ _3\"></span>di fatto <span class=\"_ _3\"></span>riconducibile ai <span class=\"_ _3\"></span>benefici futuri di </div><div class=\"t m0 x0 h32 yb83 ff4 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>masse <span class=\"_ _4\"> </span>raccolte <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _4\"> </span>beneficiare <span class=\"_ _4\"> </span>grazie <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>atto <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>tratta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che </div><div class=\"t m0 x0 h2 y8f3 ff1 fs0 fc0 sc0 ls0 ws0\">presenta costi inferio<span class=\"ff4\">ri a <span class=\"_ _3\"></span>quelli di mercato. In sostanza l\u2019acquirente pu\u00f2 disporre di una massa di raccolta per la propria attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y9b9 ff4 fs0 fc0 sc0 ls0 ws0\">creditizia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>investimenti<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>remunerazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>interbancario. <span class=\"_ _2\"></span>L\u2019attivit\u00e0 <span class=\"_ _2\"></span>immate<span class=\"_ _5\"></span><span class=\"ff1\">riale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1136 ff1 fs0 fc0 sc0 ls0 ws0\">consiste nella <span class=\"ff4\">valorizzazione di questo margine futuro denominato<span class=\"_ _0\"></span> \u201cdeposit premium\u201d, che rappresenta un asset il cui valore \u00e8 </span></div><div class=\"t m0 x0 h2 yb0b ff4 fs0 fc0 sc0 ls0 ws0\">correlato all\u2019evoluzio<span class=\"_ _0\"></span>ne dei tassi di mercato<span class=\"_ _0\"></span> e alla dinamica d<span class=\"_ _0\"></span>elle masse raccolte.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y109 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>indicato <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>precedenza, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019acquisizione <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>Compagnie <span class=\"_ _6\"></span>de <span class=\"_ _5\"></span>Banque <span class=\"_ _5\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Fideuram </span></div><div class=\"t m0 x0 h2 ya37 ff4 fs0 fc0 sc0 ls0 ws0\">Bank Luxembourg, sono <span class=\"_ _0\"></span>stati rilevati \u201cco<span class=\"_ _0\"></span>re deposits\u201d per un im<span class=\"_ _0\"></span>porto complessiv<span class=\"_ _0\"></span>o pari a 30 milioni.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y12d2 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>erifica s<span class=\"_ _3\"></span>ulla <span class=\"_ _3\"></span>tenuta d<span class=\"_ _3\"></span>el v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>intangibile <span class=\"_ _3\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>considerati indicatori <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 yd55 ff1 fs0 fc0 sc0 ls0 ws0\">impairment, <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ristretto<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>intercorso <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>loro <span class=\"_ _4\"> </span>iscrizione <span class=\"_ _6\"></span>iniziale <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>atteso <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5d9 ff4 fs0 fc0 sc0 ls0 ws0\">riferimento ai tassi d\u2019<span class=\"_ _0\"></span>interesse.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 hda y1387 ffa fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y9e4 ffb fs9 fc2 sc0 ls0 ws0\">Il \u201cbrand name\u201d (o marchio) <span class=\"ffa\"> </span></div><div class=\"t m0 x0 h32 y1388 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _1d\"> </span>\u201cbrand <span class=\"_ _1d\"> </span>name\u201d <span class=\"_ _17\"> </span>rientra <span class=\"_ _1d\"> </span>tra <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>immateriali <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>marketing <span class=\"_ _1d\"> </span>identificate <span class=\"_ _1d\"> </span>dall\u2019IFRS <span class=\"_ _1d\"> </span>3 <span class=\"_ _1d\"> </span>quale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>otenziale <span class=\"_ _1d\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y833 ff1 fs0 fc0 sc0 ls0 ws0\">immateriale rilevabil<span class=\"_ _0\"></span>e in sede di Purchase Pri<span class=\"_ _0\"></span>ce Allocation (PP<span class=\"_ _0\"></span>A).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y111 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"> </span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>rileva <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>termi<span class=\"_ _0\"></span>ne <span class=\"_ _6\"> </span>\"brand\u201d <span class=\"_ _6\"></span>non <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>usato <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>principi <span class=\"_ _6\"> </span>contabili <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>accezio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"></span>restrittiva <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>sinonimo <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h32 y1389 ff4 fs0 fc0 sc0 ls0 ws0\">\u201clogo\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>\u201cnome\u201d, <span class=\"_ _4\"> </span>ma <span class=\"_ _6\"> </span>piuttosto <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>marketing <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>definisce <span class=\"_ _4\"> </span>quell\u2019insieme <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>intangibili <span class=\"_ _4\"> </span>fra <span class=\"_ _4\"> </span>loro </div><div class=\"t m0 x0 h2 yfe1 ff1 fs0 fc0 sc0 ls0 ws0\">complementari (<span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>nome <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>logo, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>competenze, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>riposta <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>consumatore, <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>servizi, <span class=\"_ _3\"></span>ecc.) </div><div class=\"t m0 x0 h2 y1188 ff4 fs0 fc0 sc0 ls0 ws0\">che concorrono a defin<span class=\"_ _0\"></span>ire il c.d. \u201cbrand equ<span class=\"_ _0\"></span>ity\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y107a ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>ritenuto <span class=\"_ _5\"></span>opportuno <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>mitare <span class=\"_ _2\"></span>l\u2019analisi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>soli <span class=\"_ _5\"></span>brand: <span class=\"_ _5\"></span>quell<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h32 y138a ff4 fs0 fc0 sc0 ls0 ws0\">corporate <span class=\"_ _3\"></span>Sanpaolo IMI, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>brand \u201c<span class=\"_ _3\"></span>ombrello\u201d <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>legati <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>altri d<span class=\"_ _3\"></span>elle b<span class=\"_ _3\"></span>anche rete, <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>della </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">controllata <span class=\"_ _7\"> </span>Fideuram  - <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _7\"> </span>Banca  F<span class=\"_ _0\"></span>ideuram) <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>brand <span class=\"_ _16\"> </span>autonomo <span class=\"_ _7\"> </span>e  f<span class=\"_ _0\"></span>ortemente </div><div class=\"t m0 x0 h2 y134e ff4 fs0 fc0 sc0 ls0 ws0\">conosciuto <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>mercato <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _6\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>collocame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>prodotti <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>rete <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>promotori. <span class=\"_ _6\"></span>Si </span></div><div class=\"t m0 x0 h2 y4df ff4 fs0 fc0 sc0 ls0 ws0\">tratta, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>indefinita, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>ritiene <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>imma<span class=\"_ _5\"></span><span class=\"ff1\">teriale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yf6e ff1 fs0 fc0 sc0 ls0 ws0\">possa contribuire per u<span class=\"_ _0\"></span>n periodo indetermi<span class=\"_ _0\"></span>nato alla formazione dei flussi reddituali. P<span class=\"_ _0\"></span>er la valorizzazione <span class=\"_ _0\"></span>dei due marchi eran<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y138b ff4 fs0 fc0 sc0 ls0 ws0\">stati <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>metodi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>basati <span class=\"_ _7\"> </span>sui <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>sull\u2019analisi <span class=\"_ _7\"> </span>fondamentale. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _7\"> </span>era <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y233 ff1 fs0 fc0 sc0 ls0 ws0\">determinato come me<span class=\"_ _0\"></span>dia dei valori ottenuti<span class=\"_ _0\"></span> attraverso i diversi metodi.  </div><div class=\"t m0 x0 h2 y138c ff1 fs0 fc0 sc0 ls0 ws0\">Il va<span class=\"_ _3\"></span>lore iscritto nel <span class=\"_ _3\"></span>Bilancio 2022 <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>pari a <span class=\"_ _3\"></span>1.882 <span class=\"_ _3\"></span>milioni ed <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>llocato per 1<span class=\"_ _3\"></span>.507 milioni a<span class=\"_ _3\"></span>lla CGU <span class=\"_ _3\"></span>Banca dei <span class=\"_ _3\"></span>Territor<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y822 ff1 fs0 fc0 sc0 ls0 ws0\">375 milioni alla CGU P<span class=\"_ _0\"></span>rivate Banking. </div><div class=\"t m0 x0 h2 ycc2 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _16\"> </span>genere <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>brand <span class=\"_ _7\"> </span>na<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>considerato <span class=\"_ _7\"> </span>un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mmateriale <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>non  <span class=\"ff1\">presenta <span class=\"_ _7\"> </span>flussi <span class=\"_ _16\"> </span>reddituali <span class=\"_ _7\"> </span>autonomi <span class=\"_ _16\"> </span>e, <span class=\"_ _7\"> </span>quindi, <span class=\"_ _16\"> </span>da </span></div><div class=\"t m0 x0 h2 yab7 ff4 fs0 fc0 sc0 ls0 ws0\">sottoporre <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>impairment <span class=\"_ _6\"></span>test <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>volte <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>tenuta <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>valore <span class=\"_ _4\"> </span>degli <span class=\"_ _6\"></span>avviamenti <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>diver<span class=\"_ _5\"></span><span class=\"ff1\">se </span></div><div class=\"t m0 x0 h2 yb92 ff1 fs0 fc0 sc0 ls0 ws0\">CGU. <span class=\"_ _5\"></span>Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>presente <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _5\"></span>alloc<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territori, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>tenuto </div><div class=\"t m0 x0 h2 y138d ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>CGU <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenta <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>alcun <span class=\"_ _4\"> </span>avviamento <span class=\"_ _7\"> </span>allocato <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"> </span>conseguentemente, <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"></span>possibile </div><div class=\"t m0 x0 h32 yf42 ff4 fs0 fc0 sc0 ls0 ws0\">attrarre la veri<span class=\"_ _3\"></span>fica del valore recuperabile dell\u2019intangibile specifico nel <span class=\"_ _3\"></span>contesto dell\u2019im<span class=\"_ _2\"></span>pairment test <span class=\"_ _3\"></span>dell\u2019avviament<span class=\"_ _0\"></span>o basato <span class=\"_ _3\"></span>sui </div><div class=\"t m0 x0 h2 ycd3 ff1 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CGU. <span class=\"_ _6\"></span>Non <span class=\"_ _5\"></span>potendo <span class=\"_ _6\"></span>fare <span class=\"_ _6\"></span>riferimento, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>recuper<span class=\"_ _0\"></span>abile <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _6\"></span>della </div><div class=\"t m0 x0 h32 yf43 ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>Territori, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>noz<span class=\"_ _3\"></span>ione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _6\"> </span>ossia <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"> </span>attuale <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>flussi <span class=\"_ _6\"> </span>finan<span class=\"_ _2\"></span>ziari <span class=\"_ _6\"></span>netti <span class=\"_ _6\"> </span>futuri <span class=\"_ _6\"></span>ricavabili <span class=\"_ _6\"></span>dall\u2019attivit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y138e ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>ritenuto <span class=\"_ _2\"></span>oppor<span class=\"_ _3\"></span>tuno <span class=\"_ _2\"></span>procedere, <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Bilanci <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2021, <span class=\"_ _2\"></span>ad </div><div class=\"t m0 x0 h2 y1c9 ff4 fs0 fc0 sc0 ls0 ws0\">una  valutazione  autonoma  e<span class=\"_ _3\"></span>  specifica  dell\u2019intangibile  specifico  sulla  base  d<span class=\"_ _3\"></span>el  fair  v<span class=\"_ _3\"></span>alue<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>risultante  da  apposita  perizia </span></div><div class=\"t m0 x0 h2 yfa5 ff4 fs0 fc0 sc0 ls0 ws0\">commissionata al Prof. Ma<span class=\"_ _0\"></span>uro Bini, Ordinario di<span class=\"_ _0\"></span> Finanza aziendale <span class=\"_ _0\"></span>dell\u2019Universit\u00e0 Bocconi<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div>n <span class=\"_ _2\"></span>assenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _3\"></span>specifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>marchi <span class=\"_ _3\"></span>comparabili <span class=\"_ _3\"></span>bancar<span class=\"_ _3\"></span>i, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _6\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>name <span class=\"_ _3\"></span>allocato <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>CGU<span class=\"_ _35\"></span> Banca dei Territori<span class=\"ff2\"> </span>\u00e8 stata effet<span class=\"_ _0\"></span>tuata mediante ri<span class=\"_ _0\"></span>corso ai seguenti me<span class=\"_ _0\"></span>todi: - <span class=\"_ _34\"> </span>Royalty Relief; - <span class=\"_ _34\"> </span>valore implicito in <span class=\"_ _0\"></span>stime di brand da PPA c<span class=\"_ _0\"></span>omparabili; - <span class=\"_ _34\"> </span>valore implicito nelle st<span class=\"_ _0\"></span>ime pubbliche dei br<span class=\"_ _0\"></span>and fornite da terze <span class=\"_ _0\"></span>parti indipendenti <span class=\"_ _0\"></span>(Brand Finance);<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Hirose. Criterio Royalty Reli<span class=\"_ _0\"></span>ef  Il <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Royalty <span class=\"_ _2\"></span>Relief <span class=\"_ _3\"></span>desume <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>brand <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>attuale <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edditi <span class=\"_ _3\"></span>rivenienti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>marchio, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>timati come <span class=\"_ _2\"></span>prodotto <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>royalty <span class=\"_ _2\"></span>ricostruito <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>impliciti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>PPA <span class=\"_ _2\"></span>comparabili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fatturato <span class=\"_ _2\"></span>netto (nel caso delle banc<span class=\"_ _0\"></span>he i proventi operativi). Il criterio del valor<span class=\"_ _0\"></span>e implicito in stime di bra<span class=\"_ _0\"></span>nd da PPA compara<span class=\"_ _0\"></span>bili<span class=\"_ _3\"></span><span class=\"fc0\">  </span>Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>riterio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _5\"></span>implicito <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ime <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>PPA <span class=\"_ _6\"></span>comparabili <span class=\"_ _5\"></span>desume <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>rand <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>bas<span class=\"_ _5\"></span><span class=\"ff4\">e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>multipli <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Fair<span class=\"_ _0\"></span> </span>Value del Marchio / Pr<span class=\"_ _0\"></span>oventi operativi\u201d ri<span class=\"_ _0\"></span>levati in sede di PPA <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> delle loro determ<span class=\"_ _0\"></span>inanti fondame<span class=\"_ _0\"></span>ntali. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>multiplo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _5\"></span>proventi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>netti, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _5\"></span>dai <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>rilevati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>PPA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _5\"></span>anche commerciali dalla ban<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a dati Markables. Criterio del valore impl<span class=\"_ _0\"></span>icito nelle stime pubb<span class=\"_ _0\"></span>liche dei brand forni<span class=\"_ _0\"></span>te da terze parti i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>dipendenti (Br<span class=\"_ _0\"></span>and Finance) <span class=\"_ _2\"></span><span class=\"fc0\"> </span>Brand <span class=\"_ _5\"></span>Finance <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _5\"></span>inglese <span class=\"_ _5\"></span>specializzata <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>marchi. <span class=\"_ _5\"></span>Brand <span class=\"_ _6\"></span>Finance <span class=\"_ _4\"> </span>pubblica <span class=\"_ _6\"></span>ogni <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>la stima aggiornata del v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lore dei marchi d<span class=\"_ _0\"></span>elle prime 500 ba<span class=\"_ _0\"></span>nche mondiali. La <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>marchi <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Brand <span class=\"_ _2\"></span>Finance <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>coerente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>criterio <span class=\"_ _6\"></span><span class=\"ff2\">Relief <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>Royalties</span>, <span class=\"_ _2\"></span>diffuso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>prassi<span class=\"_ _0\"></span> valutativa per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi, secondo c<span class=\"_ _3\"></span>ui il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore del <span class=\"_ _3\"></span>marchio c<span class=\"_ _3\"></span>orrisponde al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>attuale dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>royalty risparmiate. <span class=\"_ _4\"> </span>I <span class=\"_ _7\"> </span>saggi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>royalty <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"> </span>ricavati <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>accordi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>licenza <span class=\"_ _4\"> </span>d\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>marchi <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>comparabili <span class=\"_ _4\"> </span>ed applicati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>brand <span class=\"_ _2\"></span>ban<span class=\"_ _3\"></span>cario <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>marchio <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attualizzati <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pportunit\u00e0 <span class=\"_ _2\"></span>del capitale coerente co<span class=\"_ _0\"></span>n il brand rating asseg<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ato. Criterio Hirose  Il criterio si <span class=\"_ _3\"></span>fonda sul confronto tra la <span class=\"_ _3\"></span>marginalit\u00e0 dell\u2019imp<span class=\"_ _0\"></span>resa branded (in questo caso <span class=\"_ _3\"></span>la CG<span class=\"_ _2\"></span><span class=\"ff1\">U <span class=\"_ _3\"></span>Banca dei Territori) ed imprese </span>unbranded concorre<span class=\"_ _0\"></span>nti. La metodologi<span class=\"_ _0\"></span>a reddituale adottata \u00e8 <span class=\"_ _0\"></span>riconducibile al cr<span class=\"_ _0\"></span>iterio del profit<span class=\"_ _3\"></span>-split. Dalle <span class=\"_ _3\"></span>analisi effettuate, tutti <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>quattro i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>metodi utilizzati hanno <span class=\"_ _3\"></span>restituito un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>del brand <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo re<span class=\"_ _5\"></span>lativo <span class=\"_ _3\"></span>alla CGU Banca <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Territ<span class=\"_ _0\"></span>ori <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>intangibile<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>testimonianza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>marchio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>el conseguente vantaggio<span class=\"_ _0\"></span> competitivo che lo <span class=\"_ _0\"></span>stesso permette di ma<span class=\"_ _0\"></span>ntenere rispetto ai con<span class=\"_ _0\"></span>correnti.<span class=\"_ _3\"></span><span class=\"fs9\"> </span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda, <span class=\"_ _2\"></span>invece, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>brand <span class=\"_ _5\"></span>name <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocato <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking, <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment <span class=\"_ _2\"></span>test nell\u2019ambito delle attiv<span class=\"_ _0\"></span>it\u00e0 finalizzate alla <span class=\"_ _0\"></span>verifica del valore rec<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>perabile dell\u2019avviam<span class=\"_ _0\"></span>ento allocato alla CGU<span class=\"_ _0\"></span> medesima.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019impairment test delle CGU e degli avviamenti <span class=\"ff5\"> </span>La definizione delle Cash Generating Unit (CGU) La <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Valore <span class=\"_ _5\"></span>d\u2019Uso, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019effettuazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>impairment, <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>36, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>immateriali <span class=\"_ _4\"> </span><span class=\"ff1\">a <span class=\"_ _5\"></span>vita </span>indefinita (inclusi <span class=\"_ _3\"></span>gli avviamenti) che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>generano flussi finanziari se <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>concorso di a<span class=\"_ _3\"></span>ltre attivit\u00e0 <span class=\"_ _3\"></span>aziendali, richiede la preliminare <span class=\"_ _4\"> </span>attribuzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>unit\u00e0 <span class=\"_ _7\"> </span>organizzative <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"></span>autonome <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>profilo <span class=\"_ _7\"> </span>gestionale, <span class=\"_ _4\"> </span>i<span class=\"_ _2\"></span><span class=\"lsc\">n </span>grado  di  generare  flussi  di  risorse  fi<span class=\"_ _0\"></span>nanziarie  largamente  in<span class=\"_ _0\"></span>dipendenti  da  quelle  pr<span class=\"_ _0\"></span>odotte  da  altre  aree  di <span class=\"_ _16\"> </span>attivit\u00e0,  ma interdipendenti all\u2019i<span class=\"_ _0\"></span>nterno dell\u2019unit\u00e0 o<span class=\"_ _0\"></span>rganizzativa che li g<span class=\"_ _0\"></span>enera.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>terminologia degli <span class=\"_ _3\"></span>IAS/IFRS <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>unit\u00e0 <span class=\"_ _3\"></span>organizzative sono <span class=\"_ _3\"></span>denominate <span class=\"_ _3\"></span>Cash <span class=\"_ _3\"></span>Generati<span class=\"_ _3\"></span><span class=\"ff4\">ng <span class=\"_ _3\"></span>Unit <span class=\"_ _3\"></span>(CGU). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>l\u2019identificazion<span class=\"_ _35\"></span>e </span>delle CGU \u00e8 rilevant<span class=\"_ _0\"></span>e il significato dell\u2019im<span class=\"_ _0\"></span>pairment test.<span class=\"ff1\"> </span>Dal <span class=\"_ _6\"></span>testo <span class=\"_ _5\"></span>dello <span class=\"_ _6\"></span>IAS <span class=\"_ _6\"></span>36 <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>deduce <span class=\"_ _6\"> </span>la <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ecessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correlare <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>livello <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>l\u2019avviamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>testato <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>repor<span class=\"_ _5\"></span><span class=\"ff1\">ting </span>interno <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>irezione <span class=\"_ _3\"></span>controlla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>accrescitive <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>riduttive <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale va<span class=\"_ _3\"></span>lore. <span class=\"_ _3\"></span>Sotto <span class=\"_ _3\"></span>questo p<span class=\"_ _3\"></span>rofilo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione di tale <span class=\"_ _1d\"> </span>livello  dipende  strettamente <span class=\"_ _1d\"> </span>dai  modelli <span class=\"_ _1d\"> </span>organizzativi  e <span class=\"_ _1d\"> </span>dall\u2019attribuzione  delle <span class=\"_ _1d\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>gestionali  ai <span class=\"_ _1d\"> </span>fini  della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>definizione degli indirizz<span class=\"ff4\">i de<span class=\"_ _3\"></span>ll\u2019attivit<span class=\"_ _0\"></span>\u00e0 operativa e <span class=\"_ _3\"></span>del conseguente monitoraggio. I modelli organizzativi possono prescindere (e </span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>prescindono) <span class=\"_ _5\"></span>dall\u2019articolazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>giuridiche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sviluppata<span class=\"_ _35\"></span> l\u2019operativit\u00e0 <span class=\"_ _3\"></span>e, <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>spe<span class=\"ff1\">sso, <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trettamente c<span class=\"_ _3\"></span>orrelati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>segmenti <span class=\"_ _3\"></span>operativi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>business <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>alla </span>base <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>rendicontazione <span class=\"_ _18\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>setto<span class=\"_ _0\"></span>ri <span class=\"_ _1c\"> </span>prevista <span class=\"_ _18\"> </span>dall\u2019IFRS <span class=\"_ _18\"> </span>8<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>Queste <span class=\"_ _18\"> </span>considerazioni <span class=\"_ _18\"> </span>con <span class=\"_ _1c\"> </span>riferimento <span class=\"_ _18\"> </span>ai <span class=\"_ _1c\"> </span>criteri <span class=\"_ _18\"> </span>per <span class=\"_ _1c\"> </span>la determinazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>l\u2019impair<span class=\"_ _3\"></span>ment <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>dell\u2019avviamento <span class=\"_ _1d\"> </span>sono, <span class=\"_ _17\"> </span>peraltro, <span class=\"_ _17\"> </span>coerenti <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>la <span class=\"_ _1d\"> </span>definizione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>valore recuperabile di un\u2019attivit\u00e0 <span class=\"_ _3\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>la cui de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e \u00e8 <span class=\"_ _3\"></span>alla base de<span class=\"_ _3\"></span>gli impairment test <span class=\"_ _2\"></span>- <span class=\"ff4\">secondo <span class=\"_ _3\"></span>la quale \u00e8 <span class=\"_ _3\"></span>rilevante l\u2019importo che </span></span>l\u2019impresa si attende <span class=\"_ _0\"></span>di recuperare da quella<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0, consideran<span class=\"_ _0\"></span>do le sinergie c<span class=\"_ _0\"></span>on altre attivit\u00e0.  </span>Dunque, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>logiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>formazione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>origine <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contabilizzazione <span class=\"_ _3\"></span>dell\u2019avviamento, <span class=\"_ _3\"></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valore <span class=\"_ _3\"></span>recuperabile <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>CGU, <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>l\u2019avviame<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>allocato, <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>includere <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>delle </span>sinergie non solo esterne (o universali) ma anche quelle interne, che lo specifico acquirente pu\u00f2 ritrarre dall\u2019integrazione <span class=\"_ _2\"></span><span class=\"ff1\">delle </span>attivit\u00e0 <span class=\"_ _4\"> </span>acquisite <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>proprie <span class=\"_ _4\"> </span>combinazioni <span class=\"_ _4\"> </span>economiche, <span class=\"_ _7\"> </span>evidentement<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>business definiti. <span class=\"_ _30\"> </span>l modello organizzativ<span class=\"_ _0\"></span>o del Gruppo Inte<span class=\"_ _0\"></span>sa Sanpaolo prevede c<span class=\"_ _0\"></span>he:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le scelte gestionali ri<span class=\"_ _0\"></span>sultano fortement<span class=\"_ _0\"></span>e accentrate presso i r<span class=\"_ _0\"></span>esponsabili dei segme<span class=\"_ _0\"></span>nti operativi;<span class=\"_ _3\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">le  strategi<span class=\"_ _0\"></span>e,  l\u2019identific<span class=\"_ _0\"></span>azion<span class=\"ff1\">e  di  nuovi<span class=\"_ _0\"></span>  prodotti <span class=\"_ _16\"> </span>o  servizi,<span class=\"_ _0\"></span>  le  i<span class=\"_ _0\"></span>niziative  di <span class=\"_ _16\"> </span>penetrazione <span class=\"_ _16\"> </span>commerciale <span class=\"_ _16\"> </span>sono  delineate <span class=\"_ _7\"> </span>e </span></span></span>indirizzate centralment<span class=\"_ _0\"></span>e per ogni divisione <span class=\"_ _0\"></span>operativa; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">i processi di pianifica<span class=\"_ _0\"></span>zione ed i sistemi di<span class=\"_ _0\"></span> rendicontazione veng<span class=\"_ _0\"></span>ono svolti a livello<span class=\"_ _0\"></span> di segmento operati<span class=\"_ _0\"></span>vo;<span class=\"_ _2\"></span> </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0 ls11\">in<span class=\"ls0\"> conseguenza di tal<span class=\"_ _0\"></span>e accentramento i flussi d<span class=\"_ _0\"></span>ei ricavi risultano <span class=\"_ _0\"></span>fortemente dipendenti <span class=\"_ _0\"></span>dalle politiche formul<span class=\"_ _0\"></span>ate a livello di<span class=\"_ _35\"></span> </span></span></span>segmento <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _6\"> </span>equilibrato <span class=\"_ _6\"></span>dell\u2019intera <span class=\"_ _5\"></span>divisione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>non <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _6\"></span>aree <span class=\"_ _6\"></span>operative <span class=\"_ _5\"></span>o <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>entit\u00e0 giuridiche autonomamente <span class=\"_ _0\"></span>considerate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>definite <span class=\"_ _7\"> </span>aree <span class=\"_ _4\"> </span>specialistiche <span class=\"_ _4\"> </span>trasversali <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>forniscono <span class=\"_ _4\"></span>supporto <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>sviluppano <span class=\"_ _4\"> </span>prodotti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>beneficio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>molt<span class=\"_ _0\"></span>e </span></span>partecipate; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">la <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>anch\u2019essa <span class=\"_ _7\"> </span>fortemente <span class=\"_ _7\"> </span>accentrata <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>dover <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">antenere, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span></span>disposizioni di vigilanza regolamenta<span class=\"_ _0\"></span>re, un equilibrio tra le politiche di allocazione del capitale ed i rischi f<span class=\"_ _3\"></span>inanziari as<span class=\"_ _5\"></span>sunti<span class=\"_ _0\"></span> nello sviluppo dei div<span class=\"_ _0\"></span>ersi business; -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">le diverse divisioni o<span class=\"_ _0\"></span>perano in mercati o <span class=\"_ _0\"></span>settori omogenei in t<span class=\"_ _0\"></span>ermin<span class=\"_ _3\"></span>i di caratteristiche economiche<span class=\"_ _0\"></span> e di grado di svilu<span class=\"_ _0\"></span>ppo.<span class=\"_ _3\"></span> </span></span>In <span class=\"_ _5\"></span>conseguenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>accentramento, <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>ricavi <span class=\"_ _5\"></span>risultano <span class=\"_ _2\"></span>fortemente <span class=\"_ _5\"></span>dipendenti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>formulate <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>livello<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di segmento <span class=\"_ _6\"> </span>operativo <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>sviluppo <span class=\"_ _4\"> </span>equilibrato <span class=\"_ _6\"> </span>dell\u2019intera<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ivisione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>singole <span class=\"_ _4\"> </span>aree <span class=\"_ _4\"></span>operative <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> </span>entit\u00e0 giuridiche auto<span class=\"_ _0\"></span>nomamente consid<span class=\"_ _0\"></span>erate. Nel Gruppo Intesa San<span class=\"_ _0\"></span>paolo le divisio<span class=\"_ _0\"></span>ni operative individu<span class=\"_ _0\"></span>ate sono le seguenti: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Banca dei Territori; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">IMI Corporate &amp; Investm<span class=\"_ _0\"></span>ent Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Insurance; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Asset Management; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">Private Banking; </span></span>-<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">International Subsidi<span class=\"_ _0\"></span>ary Banks. </span></span>Per <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>motivi <span class=\"_ _17\"> </span>sopra <span class=\"_ _17\"> </span>e<span class=\"_ _3\"></span>sposti, <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>divisioni <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>perative <span class=\"_ _1d\"> </span>ci<span class=\"_ _3\"></span>tate <span class=\"_ _17\"> </span>corrispondono, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>termini <span class=\"_ _18\"> </span>generali, <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _17\"> </span>e, contemporaneamente, c<span class=\"_ _0\"></span>ostituiscono le are<span class=\"_ _0\"></span>e elementari di attivit\u00e0<span class=\"_ _0\"></span> che <span class=\"_ _3\"></span><span class=\"ff4\">alimentano l\u2019informativa di<span class=\"_ _0\"></span> settore (segment r<span class=\"_ _0\"></span>eporting).<span class=\"ff1\"> </span></span>Tali <span class=\"_ _6\"></span>divisioni, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>rappresentative <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Cash <span class=\"_ _4\"></span>Generati<span class=\"_ _0\"></span>ng <span class=\"_ _6\"></span>Unit, <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gnuna <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i esse <span class=\"_ _5\"></span>costituisce <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>piccolo <span class=\"_ _5\"></span>gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>indipendenti <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>anche, <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>detto, <span class=\"_ _5\"></span>il livello <span class=\"_ _4\"></span>minimo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>quale <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>pian<span class=\"_ _3\"></span>ificazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rendicontazione <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>gestiti <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>Capogruppo Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Si <span class=\"_ _5\"></span>tratta, <span class=\"_ _2\"></span>quindi, <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>livello <span class=\"_ _3\"></span>minimo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>l\u2019avviamento <span class=\"_ _3\"></span>pu<span class=\"_ _5\"></span><span class=\"ff1\">\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>locato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>criteri <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>arbitrari <span class=\"_ _2\"></span>e </span>monitorato.<span class=\"fs12\"> </span>La <span class=\"_ _3\"></span>Divisione International <span class=\"_ _3\"></span>Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>merita alcune <span class=\"_ _3\"></span>specifiche considerazioni, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione alla <span class=\"_ _3\"></span>sua <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>strutt<span class=\"_ _2\"></span>ura ed alle condizioni i<span class=\"_ _0\"></span>n cui opera. Va <span class=\"_ _7\"> </span>anzitutto <span class=\"_ _7\"> </span>segnalato <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span>verse <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>formare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Divisione <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>anno <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>finanziari strettamente dipendent<span class=\"_ _0\"></span>i dalle politiche <span class=\"_ _0\"></span>formulate dalla Dire<span class=\"_ _0\"></span>zione della Divisione e <span class=\"_ _0\"></span>dalle Direzioni <span class=\"_ _0\"></span>Centrali della Capogru<span class=\"_ _0\"></span>ppo<span class=\"_ _5\"></span>. Tali <span class=\"_ _6\"></span>politiche <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>realizzate <span class=\"_ _4\"> </span><span class=\"ff4\">in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disegno <span class=\"_ _5\"></span>gestionale <span class=\"_ _6\"> </span>ispirato <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>organico <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>dell\u2019intera </span>Divisione <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>singole <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>vi <span class=\"_ _1d\"> </span>fanno <span class=\"_ _1d\"> </span>parte, <span class=\"_ _1d\"> </span>autonomamente <span class=\"_ _1d\"> </span>considerate. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>particolare, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>strategie <span class=\"_ _1d\"> </span>di espansione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>diversi <span class=\"_ _5\"></span>comparti <span class=\"_ _5\"></span>operativi, <span class=\"_ _5\"></span>l\u2019identifica<span class=\"ff1\">zione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>nuovi <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>risparmio <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>servizi, <span class=\"_ _5\"></span>i </span>limiti  n<span class=\"_ _0\"></span>ell\u2019assunzione <span class=\"_ _16\"> </span>di  ri<span class=\"_ _0\"></span>schi  f<span class=\"_ _35\"></span>in<span class=\"_ _3\"></span>anziari, <span class=\"_ _16\"> </span>le  ini<span class=\"_ _0\"></span>ziative <span class=\"_ _16\"> </span>di  penetr<span class=\"_ _0\"></span>azione  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mmerciale <span class=\"_ _16\"> </span>e  di <span class=\"_ _7\"> </span>specializzazione  op<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rativa, <span class=\"_ _16\"> </span>sono delineate ed indirizzate centralmente, secondo una st<span class=\"_ _3\"></span>rategia di portafoglio, e non sono d<span class=\"_ _3\"></span>emandate alle singole partecipate. Di qui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>orte <span class=\"_ _4\"></span>interazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>impone, <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>governo <span class=\"_ _4\"></span>unitario <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>integrato <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"> </span>della Divisione, sia il moni<span class=\"_ _0\"></span>toraggio ed il controllo <span class=\"_ _0\"></span>direzional<span class=\"ff4\">e<span class=\"_ _3\"></span> dell\u2019operativit\u00e0<span class=\"_ _0\"></span> dell\u2019insieme delle<span class=\"_ _0\"></span> attivit\u00e0 della st<span class=\"_ _0\"></span>essa Divisione.<span class=\"ff1\"> </span></span>Tuttavia, <span class=\"_ _3\"></span>occorre <span class=\"_ _3\"></span>considerare <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>influiscono <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>complementarit\u00e0 d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>all\u2019<span class=\"_ _5\"></span><span class=\"ff1\">interno </span>della Divisione, e du<span class=\"_ _0\"></span>nque sull\u2019intensit\u00e0 de<span class=\"_ _0\"></span>lla loro <span class=\"_ _3\"></span><span class=\"ff1\">interdipendenza<span class=\"_ _0\"></span>, sono controllabili d<span class=\"_ _0\"></span>alle Direzioni della Di<span class=\"_ _0\"></span>visione.<span class=\"_ _3\"></span> </span>Vi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>infatti <span class=\"_ _6\"></span>circostanze <span class=\"_ _6\"></span>esterne <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tempo <span class=\"_ _6\"></span>possono <span class=\"_ _6\"></span>variamente <span class=\"_ _6\"></span>influire <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>capacit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gestire <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo sistemico i flussi della CGU e di controllare la generazione dei <span class=\"_ _3\"></span>medesimi. Si tratta di circostanze che qualificano in prevalenza le condizioni dell\u2019am<span class=\"_ _0\"></span>biente in cui le div<span class=\"_ _0\"></span>erse entit\u00e0 sono ubicat<span class=\"_ _0\"></span>e, inteso in ampio<span class=\"_ _0\"></span> senso.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infatti, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Banche <span class=\"_ _4\"></span>operanti <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Paesi <span class=\"_ _4\"> </span>esteri, <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>specie <span class=\"_ _4\"> </span>considerati <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>ef<span class=\"_ _3\"></span>fetti<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">del <span class=\"_ _4\"> </span>cosiddetto <span class=\"_ _4\"> </span>\u201crischio </span>Paese\u201d: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio, <span class=\"_ _2\"></span>cio\u00e8, <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>eventi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>conomico<span class=\"_ _3\"></span><span class=\"ff1\">-politico-istituzionali <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>estero <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontrollata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le </span>relative attivit\u00e0 sono <span class=\"_ _0\"></span>collocate.  In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>qualora  i<span class=\"_ _35\"></span>  flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo <span class=\"_ _7\"> </span>pu\u00f2<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>ritrarre <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>facenti <span class=\"_ _16\"> </span>giuridicamente<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>capo <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na controllata estera siano profondamente condizionati <span class=\"_ _3\"></span>- n<span class=\"_ _3\"></span>ella misura, nella qualit\u00e0 e <span class=\"_ _3\"></span>nella direzione <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>da circostanze istituzionali, economiche <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>politiche <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Paese <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>risiede, <span class=\"_ _7\"> </span>quest\u2019ultim<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>considerata <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>integrante <span class=\"_ _7\"> </span>del </span>modello di gestione unitari<span class=\"_ _0\"></span>a della CGU cui \u00e8 stata ass<span class=\"_ _0\"></span>ociata. La societ\u00e0 che si trova in <span class=\"_ _0\"></span>siffatta situazione <span class=\"_ _0\"></span>deve pertanto, a<span class=\"_ _2\"></span>nche se <span class=\"_ _2\"></span>talora <span class=\"_ _2\"></span>solo <span class=\"_ _2\"></span>temporaneamente, <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>esclusa <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>indipendenteme<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lont\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>Direzio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>di mantenervela, a causa <span class=\"_ _3\"></span>dei citati <span class=\"_ _3\"></span>fattori sui <span class=\"_ _3\"></span>quali evidentemente la <span class=\"_ _3\"></span>Direzione della Banca <span class=\"_ _3\"></span>e del <span class=\"_ _3\"></span>Gruppo non <span class=\"_ _3\"></span>pu\u00f2 influire. <span class=\"_ _3\"></span>I fl<span class=\"_ _5\"></span>ussi di <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>infatti, finiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>dipendere p<span class=\"_ _3\"></span>i\u00f9 d<span class=\"_ _3\"></span>alle c<span class=\"_ _3\"></span>ondizioni d\u2019ambie<span class=\"_ _2\"></span><span class=\"ff1\">nte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Paese <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>logiche di <span class=\"_ _2\"></span>gestione unitaria </span>e <span class=\"_ _2\"></span>accentrata <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Divisione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>tanto <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>essa <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>assoggettata <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>autonoma <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutazione,<span class=\"_ _35\"></span> fino <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quando <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>attenuano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllare <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestire <span class=\"_ _4\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>sistemico <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on siano ripristinate. Con riferimento alla banca ucraina Prave<span class=\"_ _0\"></span>x, ai fini dell\u2019impairment test 2008 una prudente atten<span class=\"_ _0\"></span>zione ai fenomeni economici ed<span class=\"_ _3\"></span><span class=\"ff1\"> </span>istituzionali <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019Ucraina, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>stava <span class=\"_ _5\"></span>attraversando <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>profo<span class=\"_ _3\"></span>nda <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>economica <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valutaria, <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>un\u2019accorta <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>delle conseguenze che essi producevano sulle varia<span class=\"_ _0\"></span>bili gestionali della societ\u00e0 controll<span class=\"_ _0\"></span>ata in oggetto, specie se osservate nella l<span class=\"_ _2\"></span>oro interdipendenza <span class=\"_ _6\"> </span>rispetto <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>dell\u2019intera <span class=\"_ _4\"> </span>CGU, <span class=\"_ _6\"> </span>aveva<span class=\"_ _3\"></span><span class=\"ff1\">no <span class=\"_ _4\"> </span>indotto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>considerare <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _4\"></span>come <span class=\"_ _4\"></span>CGU <span class=\"_ _6\"></span>autonoma <span class=\"_ _6\"></span>e </span>distinta, e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>pertanto <span class=\"_ _3\"></span>enucleata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Divisione <span class=\"_ _3\"></span>International Subsidiary <span class=\"_ _3\"></span>Banks <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo. Successivamente <span class=\"_ _3\"></span>Pravex Bank <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>allocata <span class=\"_ _5\"></span>funzionalmente <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Capital <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ight <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>(ora <span class=\"_ _5\"></span>Direzi<span class=\"_ _2\"></span>one <span class=\"_ _5\"></span>Centrale <span class=\"_ _2\"></span>NPE), <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>rientrare <span class=\"_ _2\"></span>nuovamente nella Divisione Internat<span class=\"_ _0\"></span>ional Subsidiary Ba<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ks nel corso del 20<span class=\"_ _0\"></span>18. <span class=\"_ _3\"></span> Relativamente, invece, alla <span class=\"_ _3\"></span>controllata Bank of <span class=\"_ _3\"></span>Alexandria, ai f<span class=\"_ _3\"></span>ini dell\u2019impairment test 2011, <span class=\"_ _3\"></span>la banca <span class=\"_ _3\"></span>era stata e<span class=\"_ _3\"></span>nucleata d<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>lla </span>CGU Intern<span class=\"ff4\">ational Subsi<span class=\"_ _0\"></span>diary Banks a caus<span class=\"_ _0\"></span>a di una profonda cr<span class=\"_ _0\"></span>isi politica dell\u2019Egitto.<span class=\"ff1\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-337.02698px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo e<span class=\"_ _3\"></span>mersi <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rilievo <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>mettere <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>discussione <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>decisione <span class=\"_ _3\"></span>intrapr<span class=\"_ _5\"></span><span class=\"ff1\">esa </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">nei <span class=\"_ _7\"> </span>precedenti <span class=\"_ _4\"> </span>bilanci <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>tenuto <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>conto <span class=\"_ _7\"> </span>dell\u2019a<span class=\"_ _3\"></span><span class=\"ff1\">vvio <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>militare <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Ucraina, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _7\"> </span>opportuno </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">confermare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>scelte <span class=\"_ _6\"></span>operate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>bilanci <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>Pravex <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Bank <span class=\"_ _5\"></span>of <span class=\"_ _6\"></span>Alexandria<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">nello <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>test <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>consolid<span class=\"_ _3\"></span><span class=\"ff1\">ato, <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>CGU <span class=\"_ _5\"></span>autonome <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>distinte. <span class=\"_ _5\"></span>Si <span class=\"_ _6\"></span>ricorda, <span class=\"_ _5\"></span>tuttavia, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>gli </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">avviamenti <span class=\"_ _1c\"> </span>relativi <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Pravex <span class=\"_ _18\"> </span>Bank <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>Bank <span class=\"_ _1c\"> </span>of <span class=\"_ _1c\"> </span>Alexandria <span class=\"_ _18\"> </span>erano <span class=\"_ _1c\"> </span>stati <span class=\"_ _1c\"> </span>azzerati <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>impairment <span class=\"_ _1c\"> </span>test <span class=\"_ _18\"> </span>r<span class=\"_ _3\"></span>elativo, </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">rispettivamente, <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>Bilanci <span class=\"_ _5\"></span>2008 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>presenti <span class=\"_ _5\"></span>avv<span class=\"_ _3\"></span>iamenti <span class=\"_ _5\"></span>nemmeno<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>estere </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">della Divisione. </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>concerne <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Bank <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Alexandria, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>separata <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>non<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">incide <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olont\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenere <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>parteci<span class=\"_ _2\"></span>pate, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>nei </div><div class=\"t m0 x0 h34 y67 ff1 fs0 fc0 sc0 ls0 ws0\">limiti consentiti dal c<span class=\"_ _0\"></span>onflitto in corso.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h34 y8f5 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>menzionato <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>Banca <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>Territori, <span class=\"_ _7\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>Bank <span class=\"_ _7\"> </span>of <span class=\"_ _7\"> </span>Alexandria <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x0 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">Pravex Bank non pres<span class=\"_ _0\"></span>entano, alla data di verifica, attivit\u00e0 i<span class=\"_ _0\"></span>ntangibili a vita i<span class=\"_ _0\"></span>ndefinita (fatta eccezio<span class=\"_ _0\"></span>ne per il brand name al<span class=\"_ _0\"></span>locato </div><div class=\"t m0 x0 h2 y41e ff1 fs0 fc0 sc0 ls0 ws0\">alla  CGU  Banca  dei  Territori,  il  cu<span class=\"_ _3\"></span>i  valore  recuperabile,  inteso  come  fair  value,  \u00e8  stato  confermato  da  una  specifica </div><div class=\"t m0 x0 h2 y41f ff1 fs0 fc0 sc0 ls0 ws0\">valutazione redatta da <span class=\"_ _0\"></span>un esperto indipend<span class=\"_ _0\"></span>ente)<span class=\"_ _3\"></span> e, conseguentemen<span class=\"_ _0\"></span>te, non sono state s<span class=\"_ _0\"></span>ottoposte ad impairme<span class=\"_ _0\"></span>nt test. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h1b yf15 ff1 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y45d ffa fs0 fc2 sc0 ls0 ws0\">Il valore contabile de<span class=\"_ _0\"></span>lle CGU </div><div class=\"t m0 x0 h2 y142 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>valore contabile delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>deve essere <span class=\"_ _3\"></span>determinato in <span class=\"_ _3\"></span>modo coerente <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il criterio <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stimato il <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>recuperabi<span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h32 y45e ff4 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>stesse. <span class=\"_ _2\"></span>Nell\u2019ottica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _2\"></span>bancaria <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>individuare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>generati <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>i </div><div class=\"t m0 x0 h2 y45f ff1 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>attivit\u00e0/passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie, <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>queste <span class=\"_ _4\"> </span>ultime <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>core <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _4\"> </span>aziendale. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltr<span class=\"_ _2\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y460 ff1 fs0 fc0 sc0 ls0 ws0\">termini, il valore recupera<span class=\"_ _0\"></span>bile delle CGU \u00e8 influenzato dai suddetti flussi e perta<span class=\"_ _0\"></span>nto il valore contabile delle stes<span class=\"_ _0\"></span>se deve essere<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y461 ff1 fs0 fc0 sc0 ls0 ws0\">determinato <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>recuperabile <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>deve, <span class=\"_ _2\"></span>quindi, <span class=\"_ _5\"></span>includere <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>attivit\u00e0/passivit\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y462 ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie. </div><div class=\"t m0 x0 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>al <span class=\"_ _7\"> </span>fine, <span class=\"_ _4\"> </span>queste <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0 <span class=\"_ _4\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>opportunamente <span class=\"_ _7\"> </span>allocate <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento. <span class=\"_ _4\"> </span>Seguendo <span class=\"_ _4\"> </span>questa </div><div class=\"t m0 x0 h32 y2f5 ff4 fs0 fc0 sc0 ls0 ws0\">impostazione <span class=\"_ _3\"></span>(cosiddetta <span class=\"_ _3\"></span>\u201cequity <span class=\"_ _3\"></span>side\u201d), <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpao<span class=\"_ _0\"></span>lo <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">termini di contributo <span class=\"_ _0\"></span>al patrimonio netto consolidato incl<span class=\"_ _0\"></span>usa la parte di per<span class=\"_ _0\"></span>tinenza di terzi. </div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>arico <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mposte <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>appartengono <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>divisione <span class=\"_ _6\"></span>operativa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>stato </div><div class=\"t m0 x0 h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">determinato attraverso la<span class=\"_ _0\"></span> sommatoria dei sing<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li contributi patrimoniali. </div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">Dove <span class=\"_ _5\"></span>invece <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>contribuiscono <span class=\"_ _5\"></span>gestionalmente <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>CGU, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ripartizione <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentata nelle <span class=\"_ _2\"></span>informazioni<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>contabili, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>necessario <span class=\"_ _3\"></span>ricorrere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>gestionali. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>driver <span class=\"_ _3\"></span>gesti<span class=\"_ _5\"></span>onale <span class=\"_ _3\"></span><span class=\"lsc\">\u00e8 </span></div><div class=\"t m0 x0 h2 y182 ff4 fs0 fc0 sc0 ls0 ws0\">stato <span class=\"_ _3\"></span>identificato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>\u201ccapitale <span class=\"_ _2\"></span>regolamentare\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sin<span class=\"_ _3\"></span>gole <span class=\"_ _3\"></span>divisioni, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>rappresenta <span class=\"_ _3\"></span>l\u2019assorbimento <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>necessar<span class=\"_ _6\"></span><span class=\"ff1\">io </span></div><div class=\"t m0 x0 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\">per fronteggiare le fa<span class=\"_ _0\"></span>ttispecie di rischio p<span class=\"_ _0\"></span>reviste dalle vigen<span class=\"_ _0\"></span>ti disposizioni di vigil<span class=\"_ _0\"></span>anza regolamentare.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e8 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>s<span class=\"ff4\">egue <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _5\"></span>riportati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>contabili <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>quote <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>avviamento <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>\u201cbrand <span class=\"_ _5\"></span>name\u201d <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llocate <span class=\"_ _5\"></span>ad<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y469 ff4 fs0 fc0 sc0 ls0 ws0\">ognuna di <span class=\"_ _3\"></span>esse; <span class=\"_ _3\"></span>i valori, <span class=\"_ _3\"></span>essendo finalizzati al<span class=\"_ _3\"></span>lo svolgimento dell\u2019impairment test, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comprensivi della quota <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>vviamen<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\">attribuibile ai terzi <span class=\"_ _0\"></span>(<span class=\"ff4\">inclusa nell\u2019ultima colonna assiem<span class=\"_ _0\"></span>e al patrimonio netto<span class=\"_ _0\"></span> di pertinenza dell<span class=\"_ _0\"></span>e minoranze).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h95 y43 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w307 h1c\" style=\"left:425.97662px; bottom:204.38403px;\"><div class=\"t m0 x126 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w2a5 h5b\" style=\"left:-4.050377px; bottom:185.97601px;\"><div class=\"t m0 x0 h59 y7f0 ff5 fs17 fc2 sc0 ls0 ws0\">              <span class=\"_ _0\"></span> Valori </div></div><div class=\"c w308 h5b\" style=\"left:232.97864px; bottom:185.97601px;\"><div class=\"t m0 x83 h59 y7f0 ff5 fs17 fc2 sc0 ls0 ws0\">Valori al 31<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dicem<span class=\"_ _0\"></span>bre 2022 </div></div><div class=\"c w2a5 hd\" style=\"left:-4.050377px; bottom:149.13403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">             CG<span class=\"_ _0\"></span>U </div></div><div class=\"c w305 hd\" style=\"left:232.97864px; bottom:149.13403px;\"><div class=\"t m0 x9f h46 y138f ff1 fs17 fc2 sc0 ls38 ws0\">Valore<span class=\"ls0\"> </span></div><div class=\"t m0 xd5 h46 y32a ff1 fs17 fc2 sc0 ls0 ws0\">contabile  </div></div><div class=\"c w306 hd\" style=\"left:328.78864px; bottom:149.13403px;\"><div class=\"t m0 x122 h104 y138f ff2 fs17 fc2 sc0 ls0 ws0\">di cui </div><div class=\"t m0 xd9 h104 y32a ff2 fs17 fc2 sc0 ls0 ws0\">avviamento<span class=\"_ _0\"></span> </div><div class=\"t m0 xd1 h104 yb4a ff2 fs17 fc2 sc0 ls0 ws0\">quota Grupp<span class=\"_ _0\"></span>o </div></div><div class=\"c w309 hd\" style=\"left:425.97662px; bottom:149.13403px;\"><div class=\"t m0 x122 h104 y138f ff2 fs17 fc2 sc0 ls0 ws0\">di cui </div><div class=\"t m0 x9f h104 y32a ff2 fs17 fc2 sc0 ls0 ws0\">\"brand </div><div class=\"t m0 x9f h104 yb4a ff2 fs17 fc2 sc0 ls0 ws0\">name\" </div></div><div class=\"c w30a hd\" style=\"left:523.5156px; bottom:149.13403px;\"><div class=\"t m0 x122 h104 y138f ff2 fs17 fc2 sc0 ls0 ws0\">di cui </div><div class=\"t m0 xb8 h104 y32a ff2 fs17 fc2 sc0 ls0 ws0\">di pertinen<span class=\"_ _0\"></span>za </div><div class=\"t m0 x9f h104 yb4a ff2 fs17 fc2 sc0 ls0 ws0\">di terzi </div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:132.59802px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Banca dei<span class=\"_ _0\"></span> Territori </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:132.59802px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">18.858 </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:132.59802px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:132.59802px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.507 </div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:132.59802px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:116.06201px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:116.06201px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">21.334 </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:116.06201px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:116.06201px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:116.06201px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w2a5 h6a\" style=\"left:-4.050377px; bottom:99.370026px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Insurance<span class=\"_ _35\"></span> </div></div><div class=\"c w305 h6a\" style=\"left:232.97864px; bottom:99.370026px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.702 </div></div><div class=\"c w306 h6a\" style=\"left:328.78864px; bottom:99.370026px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w309 h6a\" style=\"left:425.97662px; bottom:99.370026px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h6a\" style=\"left:523.5156px; bottom:99.370026px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:82.834015px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Asset Manage<span class=\"_ _35\"></span>ment  </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:82.834015px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.656 </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:82.834015px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.059 </div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:82.834015px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:82.834015px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:66.298035px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:66.298035px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.192 </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:66.298035px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.535 </div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:66.298035px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:66.298035px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:49.762024px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:49.762024px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.461 </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:49.762024px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:49.762024px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:49.762024px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a5 h6a\" style=\"left:-4.050377px; bottom:33.070007px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  </div></div><div class=\"c w305 h6a\" style=\"left:232.97864px; bottom:33.070007px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">628<span class=\"ls0\"> </span></div></div><div class=\"c w306 h6a\" style=\"left:328.78864px; bottom:33.070007px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w309 h6a\" style=\"left:425.97662px; bottom:33.070007px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h6a\" style=\"left:523.5156px; bottom:33.070007px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w2a5 h41\" style=\"left:-4.050377px; bottom:16.534027px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> </div></div><div class=\"c w305 h41\" style=\"left:232.97864px; bottom:16.534027px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w306 h41\" style=\"left:328.78864px; bottom:16.534027px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w309 h41\" style=\"left:425.97662px; bottom:16.534027px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30a h41\" style=\"left:523.5156px; bottom:16.534027px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a5 h53\" style=\"left:-4.050377px; bottom:-0.0019836426px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w305 h53\" style=\"left:232.97864px; bottom:-0.0019836426px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">61.831 </div></div><div class=\"c w306 h53\" style=\"left:328.78864px; bottom:-0.0019836426px;\"><div class=\"t m0 xcc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">3.626 </div></div><div class=\"c w309 h53\" style=\"left:425.97662px; bottom:-0.0019836426px;\"><div class=\"t m0 xcc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1.882 </div></div><div class=\"c w30a h53\" style=\"left:523.5156px; bottom:-0.0019836426px;\"><div class=\"t m0 x135 h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h95 y4 ffb fs0 fc2 sc0 ls0 ws0\">Criteri per la stima d<span class=\"_ _0\"></span>el Valore d\u2019Uso delle CGU<span class=\"ffa\"> </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>Valore <span class=\"_ _7\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>CGU <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>determinato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>stima <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>valore <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttuale <span class=\"_ _4\"> </span>dei  <span class=\"ff1\">flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>futuri <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede </span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">possano <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>CGU. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>norma <span class=\"_ _5\"></span>stimati <span class=\"_ _2\"></span>utilizzando <span class=\"_ _2\"></span>l\u2019ultimo <span class=\"_ _2\"></span>piano <span class=\"_ _2\"></span>d\u2019i<span class=\"_ _3\"></span>mpresa <span class=\"_ _3\"></span>pubblico<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">disponibile, ovvero, i<span class=\"_ _0\"></span>n mancanza, attrav<span class=\"_ _0\"></span>erso la formulazio<span class=\"_ _0\"></span>ne di un piano previ<span class=\"_ _0\"></span>sionale inte<span class=\"_ _3\"></span>rno da parte del managem<span class=\"_ _0\"></span>ent. </div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">Normalmente <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>previsione <span class=\"_ _6\"></span>analitica <span class=\"_ _6\"> </span>comprende <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _6\"> </span>massimo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>cinque <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni. <span class=\"_ _6\"> </span>Il <span class=\"_ _4\"> </span>flusso <span class=\"_ _6\"> </span>dell\u2019ultimo </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">esercizio <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>previsione <span class=\"_ _1c\"> </span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _1c\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _1c\"> </span>proiettato <span class=\"_ _20\"> </span>in <span class=\"_ _1c\"> </span>perpetuit\u00e0 <span class=\"_ _20\"> </span>(tramite <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>ricorso <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>formule <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>rendita <span class=\"_ _29\"> </span>perpetua <span class=\"_ _1c\"> </span>o </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">alternativamente <span class=\"_ _3\"></span>temporanea <span class=\"_ _3\"></span>qualora non <span class=\"_ _2\"></span>risulti <span class=\"_ _3\"></span>realistico <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>idonee <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>produrre <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>ssi </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _2\"></span>positivi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>periodo), <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>appropriato <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _4\"> </span><span class=\"ff1\">del <span class=\"_ _2\"></span>cosiddetto </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cTerminal <span class=\"_ _2\"></span>Value\u201d. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>\u201cg\u201d <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sv<span class=\"_ _3\"></span>iluppo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Prodotto <span class=\"_ _3\"></span>Interno<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Lordo nei Paesi in cui i<span class=\"_ _0\"></span> flussi si g<span class=\"_ _0\"></span>enerano.  </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Alternativamente, il Te<span class=\"_ _0\"></span>rminal Value potrebbe <span class=\"_ _0\"></span>essere determinato<span class=\"_ _0\"></span> ricor<span class=\"_ _3\"></span>rendo ad un valore finale <span class=\"_ _0\"></span>di vendita o di liquid<span class=\"_ _0\"></span>azione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">correnti <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>temporale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>denaro <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>specifici <span class=\"_ _3\"></span>dell\u2019attivi<span class=\"_ _2\"></span><span class=\"ff1\">t\u00e0. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>utilizzare </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">devono <span class=\"_ _2\"></span>incorporare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>free <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>correlati <span class=\"_ _5\"></span>a<span class=\"_ _5\"></span>lla </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">componente <span class=\"_ _7\"> </span>azionaria <span class=\"_ _7\"> </span>osservati <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>arco <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>sufficientemen<span class=\"_ _3\"></span>te <span class=\"_ _16\"> </span>ampio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>riflettere <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>cicli </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">economici differenzi<span class=\"_ _0\"></span>ati. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre,  p<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ogni  CGU,<span class=\"_ _0\"></span>  i<span class=\"_ _0\"></span>n  co<span class=\"_ _0\"></span>nsiderazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>diversa  ri<span class=\"_ _0\"></span>schiosit\u00e0 <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>rispettivi  am<span class=\"_ _0\"></span>biti <span class=\"_ _16\"> </span>operativi, <span class=\"_ _16\"> </span>devono  e<span class=\"_ _0\"></span>ssere <span class=\"_ _16\"> </span>utilizzati </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">coefficienti Beta diffe<span class=\"_ _0\"></span>renziati. Tutti i tassi <span class=\"ff4\">cos\u00ec determinati so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o corretti per tenere<span class=\"_ _0\"></span> conto del cosiddetto \u201c<span class=\"_ _0\"></span>rischio Paese\u201d.<span class=\"ff2 fc2\"> </span></span></div><div class=\"t m0 x0 h4c y70 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y71 ff2 fs0 fc2 sc0 ls0 ws0\">La stima dei flussi fina<span class=\"_ _0\"></span>nziari </div><div class=\"t m0 x0 h32 y72 ff4 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>riferimento <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _6\"> </span>d\u2019Uso <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>CGU <span class=\"_ _6\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>dell\u2019impairme<span class=\"_ _0\"></span>nt <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>Bilancio <span class=\"_ _4\"> </span>2022, <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">volatilit\u00e0 <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>mercati <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>incertezze <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>caratterizzano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>futuro <span class=\"_ _1d\"> </span>scenario <span class=\"_ _1d\"> </span>macroeconomico <span class=\"_ _1d\"> </span>rendono </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">particolarmente <span class=\"_ _5\"></span>complessa <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>definizione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>futuri <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>reve <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">crescita rilevanti per la<span class=\"_ _0\"></span> determinazione del valore termi<span class=\"_ _0\"></span>nale delle CGU. </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Lo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>previsionale <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>medio <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>adottato <span class=\"_ _6\"></span>come <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>elaborato <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Direzione <span class=\"_ _4\"></span>Studi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Ricerche <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>principali o<span class=\"_ _3\"></span>rganismi ed <span class=\"_ _2\"></span>istituzioni naziona<span class=\"_ _2\"></span>li <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>internazionali, ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle base </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">delle previsioni reddi<span class=\"_ _0\"></span>tuali lungo l\u2019arco tem<span class=\"_ _0\"></span>porale 2023<span class=\"ff1\">-<span class=\"_ _3\"></span>2027. </span></div><div class=\"t m0 x0 h32 y79 ff4 fs0 fc0 sc0 ls0 ws0\">Tali  previ<span class=\"_ _0\"></span>sioni  si <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _16\"> </span>su  uno <span class=\"_ _16\"> </span>scenario  di <span class=\"_ _16\"> </span>riferimento <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>l\u2019economia  mondi<span class=\"_ _0\"></span>ale  caratter<span class=\"_ _0\"></span>izzato <span class=\"_ _16\"> </span>da  un <span class=\"_ _16\"> </span>graduale  rie<span class=\"_ _0\"></span>ntro </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019inflazione <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span><span class=\"ff1\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>centrali, <span class=\"_ _3\"></span>associato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crescita </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">reale <span class=\"_ _6\"></span>inferiori <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>preceduto <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>crisi <span class=\"_ _6\"></span>pandemica <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livelli <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>nominali <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>reali<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">aumento. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Lo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potizza <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>PIL <span class=\"_ _5\"></span>mondiale <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>stata <span class=\"_ _5\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>2,7%, <span class=\"_ _5\"></span>dopo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>mbalzo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>6% </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">osservato n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2020; <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _3\"></span>dovrebbe <span class=\"_ _3\"></span>rallentare <span class=\"_ _3\"></span>ulteriormente al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2%, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>attesa <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>nuova </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">accelerazione <span class=\"_ _2\"></span>compresa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ange <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>3,5%. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>prevede <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>commercio <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>beni <span class=\"_ _5\"></span>risulti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">stagnante nel 2023 (<span class=\"_ _0\"></span>+0,6%), riacceler<span class=\"_ _0\"></span>ando poi dal 2024 a tassi<span class=\"_ _0\"></span> di crescita sim<span class=\"_ _0\"></span>ili a quelli del PI<span class=\"_ _0\"></span>L mondiale.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>l\u2019Eurozona <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>colpita <span class=\"_ _3\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _3\"></span>violento <span class=\"_ _3\"></span>rincaro <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>naturale, <span class=\"_ _3\"></span>riflesso <span class=\"_ _3\"></span>dell\u2019invasione <span class=\"_ _3\"></span>russa </div><div class=\"t m0 x0 h32 y82 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Ucraina <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>conseguente <span class=\"_ _6\"> </span>deterioramento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rapporti <span class=\"_ _6\"></span>fra <span class=\"_ _6\"> </span>Unione <span class=\"_ _4\"> </span>Europea <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Russia. <span class=\"_ _6\"></span>L\u2019interruzione <span class=\"_ _6\"> </span>quasi <span class=\"_ _6\"> </span>totale <span class=\"_ _4\"> </span>delle<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">importazioni di <span class=\"_ _3\"></span>gas dalla <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata affrontata <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>combinazione di <span class=\"_ _3\"></span>riduzione dei <span class=\"_ _3\"></span>consumi, <span class=\"_ _3\"></span>aumento della produzione </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">da <span class=\"_ _2\"></span>fonti<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rinnovabili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fonti <span class=\"_ _5\"></span>fossili, <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importazioni <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>altri <span class=\"_ _2\"></span>fornitori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>realizzazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>transizione <span class=\"_ _7\"> </span>forzata <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">poco <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>implica <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"></span>resteranno <span class=\"_ _2\"></span>struttur<span class=\"_ _3\"></span>almente <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>alti <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>precedenti <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>crisi. <span class=\"_ _5\"></span>Anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">iniziato  relati<span class=\"_ _0\"></span>vamente  bene<span class=\"_ _0\"></span>,  grazie <span class=\"_ _16\"> </span>a  temperature <span class=\"_ _16\"> </span>miti  rispetto <span class=\"_ _16\"> </span>alla  norma  s<span class=\"_ _0\"></span>tagionale <span class=\"_ _16\"> </span>e  alla  bassa <span class=\"_ _16\"> </span>domanda  cines<span class=\"_ _0\"></span>e,  la </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">prospettiva che la domanda cinese di gas si r<span class=\"_ _3\"></span>iprenda dal secon<span class=\"_ _3\"></span>do trimestre potrebbe implicare nuove tensioni sui prezzi entro </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">fine <span class=\"_ _5\"></span>anno. <span class=\"_ _6\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>sviluppi, <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>include <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>conservati<span class=\"_ _0\"></span>ve <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>gas <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">rischi prevalenti verso <span class=\"_ _0\"></span>il basso nel breve te<span class=\"_ _0\"></span>rmine.  </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>drastico <span class=\"_ _3\"></span>peggioramento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>ragioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cambio <span class=\"_ _3\"></span>dovuto <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riflesso <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>calo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>punti <span class=\"_ _2\"></span>percentual<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h32 y47 ff4 fs0 fc0 sc0 ls0 ws0\">del saldo commerciale. L\u2019impatto recessivo dello shock \u00e8 stato quasi del <span class=\"_ _3\"></span>tutto compensato dalle misure pubbliche di sostegno </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">a  famiglie  ed  imprese  e  dal  calo  della  propensione  media <span class=\"_ _16\"> </span>al  risparmio  delle  famiglie  verso  i  livelli  pre<span class=\"_ _2\"></span>-pandemici.  Di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">conseguenza, il PIL \u00e8 cresciuto del 3,3% nel 202<span class=\"_ _0\"></span>2, ben sopra le stime di crescita potenzi<span class=\"_ _0\"></span>ale. Nel 2023 si prevede una crescit<span class=\"_ _2\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>PIL <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ressoch\u00e9 <span class=\"_ _6\"></span>nulla <span class=\"_ _7\"> </span>(0,1%), <span class=\"_ _4\"></span>associat<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>trimestri <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>debole <span class=\"_ _4\"></span>contrazione. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>seguito, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>rimbalzo <span class=\"_ _4\"></span>della </div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">crescita <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>annua <span class=\"_ _2\"></span>stimata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>range <span class=\"_ _2\"></span>compreso <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1,5 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u20191,8%. <span class=\"_ _2\"></span>Sullo <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>aleggia <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">prezzi dell\u2019energia st<span class=\"_ _0\"></span>rutturalmente pi\u00f9 alti possano ri<span class=\"_ _0\"></span>durre la crescita pot<span class=\"_ _0\"></span>enziale dell\u2019economi<span class=\"_ _0\"></span>a europea.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>l\u2019inflazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>salita <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>livelli <span class=\"_ _6\"></span>ampiamente <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>quelli <span class=\"_ _5\"></span>previsti <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>anno <span class=\"_ _6\"> </span>fa, <span class=\"_ _6\"></span>prima <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>guerra, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>media<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">annua stimata a 8,5%. Gran par<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e del maggior incremento \u00e8 attribuibile agli effetti diret<span class=\"_ _0\"></span>ti e indiretti del rincaro del ga<span class=\"_ _0\"></span>s naturale, </div><div class=\"t m0 x0 h32 y4f ff4 fs0 fc0 sc0 ls0 ws0\">ma <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>analisi <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>tatistiche <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>gnalano <span class=\"_ _1d\"> </span>ormai <span class=\"_ _17\"> </span>un <span class=\"_ _17\"> </span>rilevante <span class=\"_ _17\"> </span>contributo <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>fattori <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>domanda <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>dinamica <span class=\"_ _1d\"> </span>dell\u2019inflazione </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">sottostante. <span class=\"_ _3\"></span>Il c<span class=\"_ _3\"></span>alo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gas <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>picchi <span class=\"_ _3\"></span>dell\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">state <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>fa p<span class=\"_ _3\"></span>revedere u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>inflazione <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">2023. <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>media <span class=\"_ _5\"></span>annua <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stimata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>7,7%, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>riflette <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>proiezioni <span class=\"_ _5\"></span>molto <span class=\"_ _5\"></span>conservative <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>prezzo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>gas<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>inizio </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">anno. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>calo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>prezzi <span class=\"_ _6\"></span>energetici <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>bbatterebbe <span class=\"_ _6\"></span>ulterior<span class=\"_ _3\"></span><span class=\"ff4\">mente <span class=\"_ _4\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>negli <span class=\"_ _6\"> </span>anni <span class=\"_ _4\"> </span>seguenti, <span class=\"_ _6\"> </span>fino <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>riportarla <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"> </span>con </span></div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019obiettivo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>BCE <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2025. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>discesa <span class=\"_ _6\"> </span>dell\u2019inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _4\"> </span>molto <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"> </span>lenta<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _4\"></span>in </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">quanto <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>retribuzioni <span class=\"_ _3\"></span>compati<span class=\"_ _3\"></span>bile <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>2% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>servizi, <span class=\"_ _2\"></span>considerando <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">difficilmente nel 202<span class=\"_ _0\"></span>3-24 la crescita della prod<span class=\"_ _0\"></span>uttivit\u00e0 potr\u00e0 acceler<span class=\"_ _0\"></span>are abbastanza da comp<span class=\"_ _0\"></span>ensarne gli effetti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>Italia, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3,8%, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>mezz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>guerra. <span class=\"_ _3\"></span>La </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione della crescita \u00e8<span class=\"_ _3\"></span> dovuta al <span class=\"_ _3\"></span>drastico peggioramento della bilancia commerciale <span class=\"_ _3\"></span>(pari a c<span class=\"_ _3\"></span>irca 4% del <span class=\"_ _3\"></span>PIL nel 2022), <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h32 y58 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019interno <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>riflette <span class=\"_ _6\"> </span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>cal<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>reddito <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>eggioramento <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>redditivit\u00e0 <span class=\"_ _5\"></span>delle <span class=\"_ _6\"> </span>imprese. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>\u2019impatto </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">finale <span class=\"_ _16\"> </span>\u00e8  stat<span class=\"_ _0\"></span>o  p<span class=\"_ _0\"></span>er\u00f2  mi<span class=\"_ _0\"></span>tigato <span class=\"_ _16\"> </span>da  mis<span class=\"_ _0\"></span>ure <span class=\"_ _16\"> </span>fiscali  (ri<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>uzione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>accise,  cr<span class=\"_ _0\"></span>editi  di<span class=\"_ _0\"></span>  im<span class=\"_ _0\"></span>posta <span class=\"_ _16\"> </span>alle  im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese, <span class=\"_ _16\"> </span>sussidi  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>le  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>miglie, </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">sospensione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>componenti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>sistema <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>riduzion<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ropensione <span class=\"_ _4\"></span>media <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>risparmio <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">famiglie. La <span class=\"_ _3\"></span>crescita del <span class=\"_ _3\"></span>PIL \u00e8 <span class=\"_ _3\"></span>gradualmente rallentata nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022, e <span class=\"_ _3\"></span>dovrebbe essere <span class=\"_ _3\"></span>negativa su base <span class=\"_ _3\"></span>congiunturale </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>inizio <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>Si <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>pari <span class=\"_ _5\"></span>allo <span class=\"_ _6\"></span>0,<span class=\"_ _3\"></span>6% <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>media <span class=\"_ _6\"></span>annua. <span class=\"_ _7\"> </span>Ci <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttende <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>netta </div><div class=\"t m0 x0 h32 y5d ff4 fs0 fc0 sc0 ls0 ws0\">accelerazione <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>scia <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"></span>energetici, <span class=\"_ _5\"></span>nell\u2019ipotesi <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>aggregata <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>sostenuta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>spesa </div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">connessi al programma Next Generation EU (che po<span class=\"_ _3\"></span>trebbero aumentare<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>crescita di 0,5% all\u2019anno)<span class=\"_ _2\"></span><span class=\"ff1\">, dagli investimenti per la </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">transizione <span class=\"_ _2\"></span>energetica, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>ripresa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>andamento <span class=\"_ _5\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ccupazione <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>redditi <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>eali. <span class=\"_ _5\"></span>Le<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">componenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>sensibili <span class=\"_ _5\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _6\"></span>registreranno <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebole, <span class=\"_ _5\"></span>tend<span class=\"_ _5\"></span>enza <span class=\"_ _6\"></span>accentuata </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">nelle <span class=\"_ _7\"> </span>costruzioni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>idimensio<span class=\"_ _0\"></span>namento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>incentivi <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>ristrutturazioni, <span class=\"_ _4\"> </span>ma <span class=\"_ _7\"> </span>senza <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>tutto <span class=\"_ _7\"> </span>compensare <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>fattor<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">precedenti. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>complesso, <span class=\"_ _2\"></span>dunque, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinua <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crescita <span class=\"_ _5\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>negli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>2024<span class=\"_ _5\"></span>-27, <span class=\"_ _2\"></span>anche </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">se vi sono maggiori ris<span class=\"_ _0\"></span>chi al ribasso legati <span class=\"_ _0\"></span>all\u2019aumento del co<span class=\"_ _0\"></span>sto dell\u2019energia.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>riferimento, <span class=\"_ _3\"></span>l\u2019inflazione <span class=\"_ _3\"></span>italiana <span class=\"_ _3\"></span>rallenta <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>6,8% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2,4% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2024. <span class=\"_ _2\"></span>Tale <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">vuta </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>calo <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>prezzi <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span><span class=\"ff4\">ell\u2019energia. <span class=\"_ _17\"> </span>I <span class=\"_ _17\"> </span>rischi <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>2023 <span class=\"_ _17\"> </span>sono <span class=\"_ _17\"> </span>prevalentemente <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>ribasso, <span class=\"_ _1d\"> </span>considerando </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019andamento recente d<span class=\"_ _0\"></span>el prezzo del gas.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Europea <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>alzato <span class=\"_ _5\"></span>rapidamente <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>luglio <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>avviando <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>restrizione<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>estender\u00e0 <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2023. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>sui <span class=\"_ _2\"></span>depositi <span class=\"_ _5\"></span>(DFR) <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2,00% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>tasso </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">sulle  operazioni <span class=\"_ _16\"> </span>principali  di <span class=\"_ _16\"> </span>rifinanziamento  (R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>fi)  al <span class=\"_ _16\"> </span>2,5%.  Alla <span class=\"_ _16\"> </span>riunione  di  fi<span class=\"_ _0\"></span>ne  2022  la <span class=\"_ _16\"> </span>BCE  ha <span class=\"_ _16\"> </span>avvisato  che  i  r<span class=\"_ _35\"></span>ia<span class=\"_ _3\"></span>lzi </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">continueranno a <span class=\"_ _2\"></span>passo <span class=\"_ _2\"></span>sostenuto <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>primi <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ci\u00f2 <span class=\"_ _3\"></span>implichi <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>minimo <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">DFR <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>3,0%. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>date <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>sottostante <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>prossimi <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _6\"></span>molto <span class=\"_ _5\"></span>modesto <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">domanda <span class=\"_ _2\"></span>finale <span class=\"_ _5\"></span>interna, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ausibile <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>alzato <span class=\"_ _2\"></span>ancora <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>mesi <span class=\"_ _5\"></span>seguenti, <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>portarlo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>3,50%. <span class=\"_ _2\"></span>Tuttavia, <span class=\"_ _5\"></span>per </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">tener <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019attuale con<span class=\"_ _3\"></span>testo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>incertezza, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>sentiero <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>ufficiali <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>raggi<span class=\"_ _2\"></span><span class=\"ff1\">unge <span class=\"_ _2\"></span>il </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">massimo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3,0% <span class=\"_ _2\"></span>(DFR) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>3,5% <span class=\"_ _2\"></span>(Refi) <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>seguito, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ipotizza <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>graduale <span class=\"_ _3\"></span>convergenza <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>ufficiali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>livelli<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">neutrali.  </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _7\"> </span>Centrale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>avviato <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>progressiva <span class=\"_ _7\"> </span>rimozione <span class=\"_ _7\"> </span>delle  mi<span class=\"_ _35\"></span>sure <span class=\"_ _16\"> </span>non <span class=\"_ _7\"> </span>convenzionali. <span class=\"_ _16\"> </span>Attraverso <span class=\"_ _7\"> </span>una </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">modifica <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span><span class=\"ff4\">h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favorito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>anticipato <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III. <span class=\"_ _2\"></span>Gli <span class=\"_ _3\"></span>acquisti <span class=\"_ _2\"></span>netti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fettuati <span class=\"_ _3\"></span>nell\u2019ambito </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"></span>programmi <span class=\"_ _6\"></span>APP <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>PEPP <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>interrotti <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>giugno <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022. <span class=\"_ _4\"> </span>Dalla <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>marzo <span class=\"_ _6\"></span>2023, </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">inoltre, <span class=\"_ _3\"></span>inizier\u00e0 <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>riduzio<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>APP, <span class=\"_ _3\"></span>attuata <span class=\"_ _3\"></span>mediante <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>15 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>mensili <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>reinvestimenti <span class=\"_ _3\"></span>delle </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">scadenze. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>andare, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>misure <span class=\"_ _2\"></span>potrebbero <span class=\"_ _3\"></span>esercitare <span class=\"_ _3\"></span>pressioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rialzo <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>premi <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pendenza <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">curve  dei <span class=\"_ _1d\"> </span>tassi <span class=\"_ _1d\"> </span>governati<span class=\"ff4\">vi,  rafforzando  l\u2019impulso  di <span class=\"_ _1d\"> </span>politica  monetaria. <span class=\"_ _1d\"> </span>Si  prevede  c<span class=\"_ _3\"></span>he  l\u2019eccesso  di <span class=\"_ _1d\"> </span>liquidit\u00e0  si <span class=\"_ _1d\"> </span>riduca </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">drasticamente gi\u00e0 nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso del 2023.  </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">Per effetto dell\u2019assunto<span class=\"_ _0\"></span> relativamente conservat<span class=\"_ _0\"></span>ivo adottato sull\u2019and<span class=\"_ _0\"></span>amento dei tassi uffi<span class=\"_ _0\"></span>ciali, le proiezio<span class=\"_ _0\"></span>ni sui tassi<span class=\"_ _2\"></span><span class=\"ff1\"> di interesse </span></div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">a breve termine risultano inferiori ai <span class=\"_ _3\"></span>tassi impliciti di mercato fino a <span class=\"_ _3\"></span>tutto il 2027, con l\u2019unica <span class=\"_ _3\"></span>eccezione del 2024. L\u2019ecc<span class=\"_ _5\"></span><span class=\"ff1\">ezionale<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">livello dell\u2019eccesso d<span class=\"_ _3\"></span>i riserve, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>riducendosi rapidamente nel <span class=\"_ _3\"></span>2023 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nel 2024, <span class=\"_ _3\"></span>rester\u00e0 <span class=\"_ _3\"></span>molto ampio <span class=\"_ _3\"></span>e tend<span class=\"_ _5\"></span><span class=\"ff1\">er\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>mantenere i </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">tassi a brevissimo termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e vicino al tasso sui <span class=\"_ _0\"></span>depositi overnight p<span class=\"_ _0\"></span>resso la BCE per tutto <span class=\"_ _0\"></span>l\u2019orizzonte di pr<span class=\"_ _0\"></span>evisione. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>curva <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>riflettono <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>chiusura <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>programmi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>acquisto <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>titoli, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span>elocit<span class=\"_ _0\"></span>\u00e0 </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>restrizione <span class=\"_ _5\"></span>monetaria <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>attuata <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>modeste <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>spettative <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rialzo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>ufficiali <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>resto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2023 <span class=\"_ _16\"> </span>e <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">prospettiva <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>loro <span class=\"_ _4\"></span>calo <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _4\"></span>anni <span class=\"_ _4\"></span>seguenti. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>assume <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>pendenza <span class=\"_ _4\"></span>negativa <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>2023, <span class=\"_ _4\"></span>ma <span class=\"_ _4\"></span>torna <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">crescere <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>2024 <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>riduzione <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>breve <span class=\"_ _4\"></span>termine <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>marginale <span class=\"_ _4\"></span>aumento <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _4\"></span>lunga <span class=\"_ _4\"></span>scadenza. <span class=\"_ _4\"></span>Il<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 y7c ff4 fs0 fc0 sc0 ls0 ws0\">ridimensionamento <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _6\"> </span>BCE <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"> </span>potrebbe <span class=\"_ _6\"> </span>dare<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>contributo <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _4\"> </span>all\u2019aument<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>lungo <span class=\"_ _6\"> </span>termine, </div><div class=\"t m0 x0 h32 y7d ff4 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>impulso <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>inferiore <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>esercitato <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>direzione <span class=\"_ _2\"></span>opposta <span class=\"_ _2\"></span>dall\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>itoli </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">della Banca centrale n<span class=\"_ _0\"></span>egli anni scorsi. </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>fornito <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>l\u2019Eurosistem<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019aumento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>risk <span class=\"_ _3\"></span>free <span class=\"_ _3\"></span>potrebbe <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>rif<span class=\"_ _5\"></span><span class=\"ff1\">lettersi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>allargamento </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">dei premi per il rischio sovra<span class=\"_ _0\"></span>no. Tuttavia, questo fattor<span class=\"_ _0\"></span>e negativo pu\u00f2 essere alme<span class=\"_ _0\"></span>no in parte compensato dalla ri<span class=\"_ _0\"></span>duzione del<span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">emissioni nette <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Tesoro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>miglioramento <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>conti <span class=\"_ _3\"></span>pubblici, <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>pi\u00f9 v<span class=\"_ _3\"></span>eloce <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span>iduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>pubblic<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto alle attese n<span class=\"_ _3\"></span>el periodo 2022<span class=\"_ _3\"></span>-24. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _3\"></span>di riferimento incorpora un <span class=\"_ _3\"></span>modesto allargamento del differenziale legato </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _5\"></span>soli <span class=\"_ _5\"></span>fattori <span class=\"_ _5\"></span>fondamentali <span class=\"_ _2\"></span>(andamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>debito) <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>(tassi, <span class=\"_ _5\"></span>acquisti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>egativi). <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>sovrano <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">livello <span class=\"_ _16\"> </span>dei  premi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il  rischi<span class=\"_ _0\"></span>o  sa<span class=\"_ _0\"></span>ranno <span class=\"_ _16\"> </span>per\u00f2  molto <span class=\"_ _16\"> </span>sensibili <span class=\"_ _16\"> </span>anche  al <span class=\"_ _16\"> </span>livello <span class=\"_ _16\"> </span>di  att<span class=\"_ _0\"></span>uazione <span class=\"_ _16\"> </span>del  PNRR<span class=\"_ _0\"></span>,  sia <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span>la <span class=\"_ _16\"> </span>parte  di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">investimenti, <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riforme <span class=\"_ _5\"></span>strutturali. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>guardo, <span class=\"_ _2\"></span>lo <span class=\"_ _6\"></span>scenario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ipoti<span class=\"_ _2\"></span><span class=\"ff4\">zza <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>l\u2019implementa<span class=\"_ _0\"></span>zione <span class=\"_ _5\"></span>sia </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">relativamente puntuale<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Con  riferimento <span class=\"_ _16\"> </span>allo  scenario <span class=\"_ _16\"> </span>bancario,  il  m<span class=\"_ _0\"></span>ercato  del  cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito  nel <span class=\"_ _16\"> </span>corso  del  2022 <span class=\"_ _16\"> </span>\u00e8  stato  interess<span class=\"_ _0\"></span>ato  da  un  m<span class=\"_ _35\"></span>oderato </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">irrigidimento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>offerta <span class=\"_ _6\"></span>coerente <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>svo<span class=\"_ _3\"></span>lta <span class=\"_ _6\"></span>restrittiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>p<span class=\"_ _5\"></span><span class=\"ff4\">olitica <span class=\"_ _6\"> </span>monetaria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>rischi<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">percepiti, <span class=\"_ _5\"></span>mentre <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>lato <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>banche <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermata <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>buona <span class=\"_ _6\"></span>situazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>funding <span class=\"_ _6\"></span>e  l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">dotazione patrimoniale<span class=\"_ _0\"></span> \u00e8 rimasta solid<span class=\"_ _0\"></span>a. Inoltre, la qualit<span class=\"_ _0\"></span>\u00e0 del credito non ha m<span class=\"_ _0\"></span>os<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>rato particolari<span class=\"_ _0\"></span> segni di deteriorament<span class=\"_ _0\"></span>o. </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>domanda <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mprese <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ravvivata <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>relazione <span class=\"_ _16\"> </span>alle <span class=\"_ _7\"> </span>necessit\u00e0 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _7\"> </span>legate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">corrente, a fronte dell\u2019aumento dei<span class=\"_ _0\"></span> costi operativi per i r<span class=\"_ _3\"></span>incari energetici e degli altri input. La particolare natura<span class=\"_ _0\"></span> della<span class=\"_ _5\"></span><span class=\"ff1\"> domanda </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">h<span class=\"ff4\">a <span class=\"_ _2\"></span>spinto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>rimbalzo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>per\u00f2 <span class=\"_ _2\"></span>nell\u2019ultima <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>cominciato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rallentar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>parte<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _6\"> </span>l\u2019inasprirsi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>condizioni <span class=\"_ _6\"></span>creditizie. <span class=\"_ _6\"></span>Diversamente, <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>prestiti <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>imasti <span class=\"_ _5\"></span>fermi, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>variazione </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">oscillanti <span class=\"_ _2\"></span>attorno <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>zero, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>scontano <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>forte <span class=\"_ _5\"></span>incremento <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gistrato<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>contesto <span class=\"_ _2\"></span>pandemico <span class=\"_ _2\"></span>graz<span class=\"_ _3\"></span>ie <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>supporto <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">con garanzia pubblic<span class=\"_ _0\"></span>a.  </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>il  20<span class=\"_ _0\"></span>23  si <span class=\"_ _7\"> </span>prospetta  u<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>normalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>dinamica  d<span class=\"_ _0\"></span>ei  p<span class=\"_ _0\"></span>restiti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>breve  ch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>potrebbero <span class=\"_ _16\"> </span>continuar<span class=\"_ _2\"></span>e  a <span class=\"_ _16\"> </span>segnar<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">variazioni <span class=\"_ _3\"></span>moderatamente <span class=\"_ _3\"></span>positive <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _3\"></span>dell\u2019inflazione. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>prestiti <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>medio<span class=\"_ _2\"></span><span class=\"ff1\">-lungo, <span class=\"_ _2\"></span>dopo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _3\"></span>parte </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>debolezza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ripresa <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>PIL <span class=\"_ _2\"></span>dovrebbe <span class=\"_ _2\"></span>sostenere <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ritorno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>andamento <span class=\"_ _2\"></span>positivo.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Come </div><div class=\"t m0 x0 h32 y51 ff4 fs0 fc0 sc0 ls0 ws0\">gi\u00e0 <span class=\"_ _4\"> </span>emerso <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022, <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>fabbisogno <span class=\"_ _4\"> </span>finanziario <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>colmato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>notevole <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>uffer <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">accumulato <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>imprese <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>biennio <span class=\"_ _7\"> </span>2020<span class=\"_ _3\"></span>-<span class=\"ff4\">21 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>depositato <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>banche, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019emissione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>obbligazioni <span class=\"_ _7\"> </span>e </span></div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019autofi<span class=\"ff1\">nanziamento. In particolare, le <span class=\"_ _3\"></span>condizioni di <span class=\"_ _3\"></span>mercato dovrebbero essere <span class=\"_ _3\"></span>favorevoli per <span class=\"_ _3\"></span>le emissioni di <span class=\"_ _3\"></span>titoli, alla luce <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">ritrovato <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>obbligazionari, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>completata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>fase <span class=\"_ _2\"></span>rialzista <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ass<span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">BCE.  </div><div class=\"t m0 x0 h32 y56 ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>amiglie <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mantenuto <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>itmo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>robusto. <span class=\"_ _5\"></span>Ancora <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>volta, <span class=\"_ _5\"></span>l\u2019andamento <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">sostenuto dai prestiti<span class=\"_ _0\"></span> per l\u2019acquisto del<span class=\"_ _0\"></span>la casa la cui crescita <span class=\"_ _0\"></span>ha raggiunto il 5%<span class=\"_ _0\"></span>, il massimo dell\u2019<span class=\"_ _0\"></span>ultimo decennio, avvia<span class=\"_ _0\"></span>nd<span class=\"_ _2\"></span><span class=\"ff1\">o<span class=\"_ _3\"></span>si su </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">un trend gradualmente<span class=\"_ _0\"></span> pi\u00f9 moderato nell\u2019ultim<span class=\"_ _0\"></span>o trimestre. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>023, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rallentamento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>prestiti <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>atteso <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\">r <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">calo <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>immobiliari, <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>dinamica <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rezzi <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>case <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _7\"> </span>pur <span class=\"_ _16\"> </span>restando <span class=\"_ _7\"> </span>lievemente </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">positiva, perder\u00e0 lo sla<span class=\"_ _0\"></span>ncio ritrovato in pand<span class=\"_ _0\"></span>emia e culminato nel <span class=\"_ _0\"></span>2022 con una crescita <span class=\"_ _0\"></span>del 5,2% nel second<span class=\"_ _0\"></span>o trimestre. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Negli <span class=\"_ _5\"></span>anni <span class=\"_ _6\"></span>successivi, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>famiglie <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _5\"></span>crescere <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rit<span class=\"_ _2\"></span>mo <span class=\"_ _6\"></span>moderato, <span class=\"_ _5\"></span>leggermente <span class=\"_ _5\"></span>migliore <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>025 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>traino </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>possibile <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ompravendite <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>prezzi <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>case. <span class=\"_ _2\"></span>I <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>continueranno <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>svolgere <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>pri<span class=\"_ _3\"></span>mario <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ls13\">l </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">mercato <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _7\"> </span>residenziale, <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _7\"> </span>restare <span class=\"_ _16\"> </span>sostenuto <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>nuove<span class=\"_ _3\"></span>  e<span class=\"_ _0\"></span>sigenze <span class=\"_ _7\"> </span>ab<span class=\"_ _3\"></span>itative <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>lavoro <span class=\"_ _7\"> </span>emerse <span class=\"_ _16\"> </span>a </div><div class=\"t m0 x0 h32 y5f ff4 fs0 fc0 sc0 ls0 ws0\">seguito  d<span class=\"_ _0\"></span>ella  pand<span class=\"_ _0\"></span>emia,  dalle <span class=\"_ _7\"> </span>ristrutturazioni  e <span class=\"_ _16\"> </span>riqualificazioni <span class=\"_ _16\"> </span>energetiche,  d<span class=\"_ _0\"></span>alla  m<span class=\"_ _0\"></span>obilizzazione <span class=\"_ _16\"> </span>di  parte <span class=\"_ _16\"> </span>dell\u2019eccesso <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">risparmio accumulato <span class=\"_ _0\"></span>da alcune fasce di famigli<span class=\"_ _0\"></span>e a partire dal 20<span class=\"_ _0\"></span>20. <span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-188.16724px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>i pol<span class=\"_ _3\"></span>itica monetaria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapido <span class=\"_ _3\"></span>rialzo dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, nei <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>autunnali del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>lunga <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>forte c<span class=\"_ _3\"></span>rescita<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _16\"> </span>depositi <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ancari, <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>urata <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>un  de<span class=\"_ _0\"></span>cennio, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>\u00e8  f<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rmata. <span class=\"_ _7\"> </span>Dopo  i<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>picchi <span class=\"_ _16\"> </span>raggiunti <span class=\"_ _7\"> </span>nel  2021 <span class=\"_ _7\"> </span>e  il <span class=\"_ _7\"> </span>successivo <span class=\"_ _16\"> </span>graduale </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">rallentamento, <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>totale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>depositi <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>sceso <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>zero <span class=\"_ _7\"> </span>seguendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>frenata <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>conti </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">correnti che, verso la fi<span class=\"_ _0\"></span>ne del 2022, ha s<span class=\"_ _0\"></span>egnato una variazione <span class=\"_ _0\"></span>annua leggermente <span class=\"_ _0\"></span>negativa. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>decisamente <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>ti, <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>oderata <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontrazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>conti <span class=\"_ _2\"></span>correnti <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>attesa <span class=\"_ _2\"></span>proseguire <span class=\"_ _2\"></span>nel </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>2023, <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ombinazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _6\"></span>fattori, <span class=\"_ _6\"></span>tra <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>l\u2019utilizzo <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>imprese <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>mpi<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">disponibilit\u00e0 <span class=\"_ _17\"> </span>li<span class=\"_ _3\"></span>quide <span class=\"_ _17\"> </span>depositate <span class=\"_ _17\"> </span>n<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>ann<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>passati <span class=\"_ _18\"> </span>presso <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>banc<span class=\"_ _2\"></span>he <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>riallocazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>risparmi <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>forme <span class=\"_ _18\"> </span>pi\u00f9 </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">remunerative. Proseguir\u00e0, in <span class=\"_ _3\"></span>particolare, lo <span class=\"_ _3\"></span>spostamento di <span class=\"_ _3\"></span>risorse dai c<span class=\"_ _3\"></span>onti correnti a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>forme dei depositi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tempo, soste<span class=\"_ _5\"></span>nuti </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">da <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>offerta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>attraenti, <span class=\"_ _2\"></span>tendenza <span class=\"_ _5\"></span>avviata <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>nell\u2019ul<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022. <span class=\"_ _5\"></span>Favorita <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rendimenti </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">positivi, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>2023 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>vedranno <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>ripresa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>diversificazione <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>investimen<span class=\"_ _0\"></span>ti <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>famig<span class=\"_ _5\"></span>lie </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">verso <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>governati<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>corporate, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>minore <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>depositi <span class=\"_ _2\"></span>bancari <span class=\"_ _2\"></span>rispetto </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">alla fase eccezionale d<span class=\"_ _0\"></span>egli anni dei tas<span class=\"_ _0\"></span>si molto bassi e dell<span class=\"_ _0\"></span>a crisi pandemica. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>bbligazioni <span class=\"_ _3\"></span>bancarie, <span class=\"_ _3\"></span>dopo <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>decennio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>contrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>2023 <span class=\"_ _3\"></span>vedr\u00e0 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>prosegu<span class=\"_ _5\"></span>ir\u00e0 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egli </div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">anni <span class=\"_ _1c\"> </span>successivi. <span class=\"_ _1c\"> </span>Col <span class=\"_ _1c\"> </span>progressivo <span class=\"_ _1c\"> </span>rimb<span class=\"_ _0\"></span>orso <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>TLTRO <span class=\"_ _1c\"> </span>III, <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>parallelo <span class=\"_ _1c\"> </span>all\u2019utilizzo <span class=\"_ _1c\"> </span>dei <span class=\"_ _1c\"> </span>pi\u00f9 <span class=\"_ _1c\"> </span>tradizionali <span class=\"_ _1c\"> </span>strumenti <span class=\"_ _1c\"> </span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">rifinanziamento <span class=\"_ _2\"></span>delle <span class=\"_ _6\"></span>BCE, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>tornano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rivolgersi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>istituzionale <span class=\"_ _5\"></span>all\u2019ingrosso, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>canali <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strument<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">diversificati di funding <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> breve e medio-lungo termine.  </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferiment<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>politica <span class=\"_ _2\"></span>monetaria <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>iniziato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>trasmettersi <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>bancari. <span class=\"_ _2\"></span>Nella <span class=\"_ _3\"></span>seconda <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>nuovi prestiti <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>societ\u00e0 non<span class=\"_ _2\"></span>-finanziarie sono <span class=\"_ _3\"></span>saliti <span class=\"_ _3\"></span>rapidamente: quello <span class=\"_ _3\"></span>sui prestiti <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>milione \u00e8<span class=\"_ _3\"></span> circa </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">raddoppiato rispetto a <span class=\"_ _3\"></span>inizio <span class=\"_ _3\"></span>anno, il <span class=\"_ _3\"></span>tasso sui <span class=\"_ _3\"></span>prestiti di<span class=\"_ _3\"></span> importo maggiore <span class=\"_ _3\"></span>\u00e8 pi\u00f9 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>triplicato. Anche <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>sulle eroga<span class=\"_ _5\"></span>zioni <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">mutui <span class=\"_ _6\"></span>alle <span class=\"_ _6\"> </span>famiglie <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019acquist<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>ab<span class=\"_ _3\"></span>itazioni <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>aum<span class=\"_ _2\"></span><span class=\"ff1\">entati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>misura <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ignificati<span class=\"_ _0\"></span>va, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>isso, <span class=\"_ _6\"></span>tornato <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>alto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>variabile <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>0,9 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>unti <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>met\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>dopo <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sostanzial<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>allineamento <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>due </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">tassi. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>umenti <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>nuove <span class=\"_ _6\"></span>operazioni, <span class=\"_ _6\"></span>nell<span class=\"_ _3\"></span><span class=\"ff4\">\u2019ultima <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>anche <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>medio <span class=\"_ _6\"> </span>sulle <span class=\"_ _6\"> </span>consistenze <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">prestiti bancari \u00e8 sali<span class=\"_ _0\"></span>to pi\u00f9 rapidament<span class=\"_ _0\"></span>e, portandosi al 3,2% (+<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,1 punti percentu<span class=\"_ _0\"></span>ali rispetto a fin<span class=\"_ _0\"></span>e 2021). <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9  resist<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>sono  risultati <span class=\"_ _16\"> </span>i  tassi <span class=\"_ _16\"> </span>sui  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>nel  2022,  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>particolare  quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>o  medio <span class=\"_ _16\"> </span>sui  con<span class=\"_ _0\"></span>ti  corrent<span class=\"_ _0\"></span>i,  aum<span class=\"_ _0\"></span>entato <span class=\"_ _16\"> </span>solo </div><div class=\"t m0 x0 h32 y76 ff4 fs0 fc0 sc0 ls0 ws0\">marginalmente <span class=\"_ _6\"></span>sul <span class=\"_ _6\"> </span>finire <span class=\"_ _4\"> </span>dell\u2019an<span class=\"_ _0\"></span>no. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>vischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>tasso <span class=\"_ _4\"> </span>sulla <span class=\"_ _6\"> </span>componente <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>vista <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>influenzato <span class=\"_ _4\"> </span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>tasso </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">medio <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _4\"> </span>depositi <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>salito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>leggermente. <span class=\"_ _7\"> </span>Diversame<span class=\"_ _0\"></span>nte, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ui <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>deposit<span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>prestabilita <span class=\"_ _4\"> </span>hanno </div><div class=\"t m0 x0 h32 y78 ff4 fs0 fc0 sc0 ls0 ws0\">mostrato <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>reattivit\u00e0, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>notevoli <span class=\"_ _2\"></span>aumenti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>luglio. <span class=\"_ _3\"></span>Con <span class=\"_ _5\"></span>molta <span class=\"_ _3\"></span>gradualit\u00e0 <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>reso <span class=\"_ _3\"></span>avvio <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cost<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">complessivo <span class=\"_ _7\"> </span>della  racc<span class=\"_ _0\"></span>olta <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>clientela, <span class=\"_ _16\"> </span>riflettendo <span class=\"_ _7\"> </span>i  mo<span class=\"_ _0\"></span>derati <span class=\"_ _16\"> </span>movimenti <span class=\"_ _7\"> </span>al  rialz<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>tasso <span class=\"_ _16\"> </span>medio <span class=\"_ _1d\"> </span>sulle <span class=\"_ _7\"> </span>obbligazioni. <span class=\"_ _16\"> </span>Di </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">conseguenza, la forbice tra tassi attivi <span class=\"_ _3\"></span>e passivi ha registrato un a<span class=\"_ _3\"></span>umento significativo, tornando su livelli che non si ved<span class=\"_ _5\"></span>evano </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">dal 2009.  </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019aumento <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>prestiti <span class=\"_ _5\"></span>continuer\u00e0 <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>seguendo <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>rialzi <span class=\"_ _5\"></span>attesi <span class=\"_ _4\"> </span><span class=\"ff1\">per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>politica </span></div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">monetaria. Negli <span class=\"_ _3\"></span>anni successivi, <span class=\"_ _3\"></span>l\u2019evoluzione prevista <span class=\"_ _3\"></span>per i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>monetari <span class=\"_ _3\"></span>consentir\u00e0 un <span class=\"_ _3\"></span>moderato rientro <span class=\"_ _3\"></span>dei tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>pre<span class=\"_ _5\"></span><span class=\"ff1\">stiti </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">rispetto ai livelli ch<span class=\"_ _0\"></span>e saranno raggiunti <span class=\"_ _0\"></span>nel 2023 e che rappres<span class=\"_ _0\"></span>enteranno i massim<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"ff4\">dell\u2019intero orizzo<span class=\"_ _0\"></span>nte di scenario. Dal lat<span class=\"_ _0\"></span>o dei </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">tassi passivi, nel 2023 e <span class=\"_ _3\"></span>negli anni successivi proseguir\u00e0 la vischiosit\u00e0 dei tassi su<span class=\"_ _3\"></span>i conti correnti, mentre le politiche d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>pricing<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">dovrebbero <span class=\"_ _16\"> </span>favorire  i<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>epositi <span class=\"_ _16\"> </span>a  tempo. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>costo  c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _16\"> </span>della  r<span class=\"_ _0\"></span>acco<span class=\"_ _3\"></span>lta  aumenter<span class=\"_ _0\"></span>\u00e0  rise<span class=\"_ _0\"></span>ntendo <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>degli  effetti <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">ricomposizione vers<span class=\"_ _0\"></span>o le forme pi\u00f9 onerose, tr<span class=\"_ _0\"></span>a cui i depositi a t<span class=\"_ _0\"></span>empo e le obbliga<span class=\"_ _0\"></span>zioni. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>forbice <span class=\"_ _3\"></span>bancaria <span class=\"_ _3\"></span>continuer\u00e0 ad <span class=\"_ _3\"></span>ampliarsi <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>grazie <span class=\"_ _3\"></span>alle diverse <span class=\"_ _3\"></span>velocit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adeguamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pas<span class=\"_ _5\"></span>sivi. <span class=\"_ _3\"></span>Una </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">contenuta <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>dovrebbe <span class=\"_ _2\"></span>verificarsi <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2024, <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>unitaria <span class=\"_ _5\"></span>dell\u2019intermediazione <span class=\"_ _2\"></span>rester\u00e0 <span class=\"_ _5\"></span>elevata <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>confront<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">con l\u2019ultimo decen<span class=\"_ _0\"></span>nio. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Dopo <span class=\"_ _2\"></span>undici <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nni <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>negativo, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>settembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>mark<span class=\"_ _2\"></span>-down <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>depositi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>vista <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>tornato <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itivo <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ulteriore </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">aumento <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"> </span>fino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2% <span class=\"_ _4\"></span>circa, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>poi <span class=\"_ _4\"> </span>ridursi <span class=\"_ _4\"> </span>gradualmente <span class=\"_ _6\"></span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _4\"></span>successivi, <span class=\"_ _6\"></span>dato <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>tassi <span class=\"_ _4\"></span>Euribor <span class=\"_ _4\"></span>in </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">discesa.  </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">All\u2019opposto, <span class=\"_ _7\"> </span>col  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rte <span class=\"_ _16\"> </span>rialzo <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>euribor, <span class=\"_ _7\"> </span>il  ma<span class=\"_ _0\"></span>rk<span class=\"_ _3\"></span><span class=\"ff1\">-up <span class=\"_ _16\"> </span>sui <span class=\"_ _16\"> </span>tassi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>breve  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>ridotto <span class=\"_ _16\"> </span>notevolmente <span class=\"_ _16\"> </span>sul <span class=\"_ _16\"> </span>finire <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2022. </span></div><div class=\"t m0 x0 h32 y89 ff4 fs0 fc0 sc0 ls0 ws0\">Un\u2019ulteriore <span class=\"_ _2\"></span>moderata <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>met\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>seguita <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>tendenziale <span class=\"_ _2\"></span>ripresa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">via <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento si <span class=\"_ _3\"></span>tras<span class=\"_ _3\"></span>metteranno ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>prestiti. <span class=\"_ _3\"></span>Una <span class=\"_ _3\"></span>sostan<span class=\"_ _5\"></span>ziale <span class=\"_ _3\"></span>stabilizzazione del <span class=\"_ _2\"></span>mark-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">up \u00e8 attesa negli ultimi <span class=\"_ _0\"></span>due anni dell\u2019orizzo<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te di scenario. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>risparmio <span class=\"_ _6\"></span>gestito <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _5\"></span>risultati <span class=\"_ _5\"></span>deboli. <span class=\"_ _6\"></span>Per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _6\"></span>comuni, <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>afflussi <span class=\"_ _5\"></span>registrati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>d\u2019anno <span class=\"_ _5\"></span>si <span class=\"_ _16\"> </span><span class=\"ff1\">sono </span></div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">indirizzati principalmente<span class=\"_ _0\"></span> verso i<span class=\"_ _3\"></span>l comparto azionario, bilanci<span class=\"_ _0\"></span>ato e monetario. Alla contenuta raccolta dei fondi ha contribuit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> la </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">dinamica <span class=\"_ _3\"></span>negativa <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>indici <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>borsa, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>minor <span class=\"_ _3\"></span>fiducia <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investitori. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>gestioni <span class=\"_ _3\"></span>patrimoniali<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sono </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">state <span class=\"_ _2\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>netta <span class=\"_ _2\"></span>negativa. <span class=\"_ _2\"></span>Complessivamente, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>assicurazioni <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>segnato <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">calo, in seguito alla c<span class=\"_ _0\"></span>ontrazione della nuo<span class=\"_ _0\"></span>va produzione sia d<span class=\"_ _0\"></span>elle polizze tradizi<span class=\"_ _0\"></span>onali, sia delle uni<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-linked.  </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Una  volta  completato  il <span class=\"_ _1d\"> </span>rialzo  dei  tassi <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span><span class=\"ff4\">2023,  si  ipotizza  una <span class=\"_ _1d\"> </span>ripresa  dei  volumi  di  attivit\u00e0  d<span class=\"_ _3\"></span>ell\u2019industria  dell\u2019asse<span class=\"_ _0\"></span>t </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">management <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>assicurazioni <span class=\"_ _3\"></span>vita. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>risparmio v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>comparti <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>alimentati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bac<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>dell<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">disponibilit\u00e0 <span class=\"_ _5\"></span>liquide <span class=\"_ _6\"></span>confluite <span class=\"_ _6\"></span>negli <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>passati<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sui <span class=\"_ _4\"></span>depositi <span class=\"_ _5\"></span>bancari, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>per\u00f2 <span class=\"_ _6\"></span>vedr\u00e0 <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>capacit\u00e0 </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">attrattiva dell\u2019investime<span class=\"_ _0\"></span>nto diretto in tit<span class=\"_ _0\"></span>oli a reddito fisso. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, nel 2023 si att<span class=\"_ _0\"></span>endono flussi di raccolt<span class=\"_ _0\"></span>a moderatamente positivi per fon<span class=\"_ _0\"></span>di comuni e gestioni patrimon<span class=\"_ _2\"></span>iali, con una<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">possibile <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>sottoscrizioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _4\"> </span>obbligazionari. <span class=\"_ _4\"> </span>Negli <span class=\"_ _4\"> </span>anni <span class=\"_ _7\"> </span>seguenti <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>raccolta <span class=\"_ _4\"> </span>gestita <span class=\"_ _4\"></span>dovrebbe <span class=\"_ _4\"></span>continuare <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">registrare risultati <span class=\"_ _0\"></span>positivi.  </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>assicurazioni <span class=\"_ _7\"> </span>vita, <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2023 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>negli <span class=\"_ _7\"> </span>anni <span class=\"_ _16\"> </span>successivi <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>prevede <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>aumento <span class=\"_ _16\"> </span>de<span class=\"_ _2\"></span>lla <span class=\"_ _7\"> </span>raccolta <span class=\"_ _7\"> </span>premi <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omplessiva. <span class=\"_ _7\"> </span>In </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">particolare, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>live<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>raggiunto <span class=\"_ _6\"></span>dai <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>soddisfare <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>domanda <span class=\"_ _6\"></span>pregressa <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>polizze <span class=\"_ _4\"></span>tradizi<span class=\"_ _0\"></span>onali, <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">nuovo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>crescita. <span class=\"_ _6\"> </span>Tuttavia, <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>lato <span class=\"_ _4\"> </span>dell\u2019offerta,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>proseguir\u00e0 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>orientata <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>prodo<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _4\"> </span>ibridi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>polizze <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>ramo <span class=\"_ _6\"></span>III, <span class=\"_ _4\"> </span>in </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">ripresa <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rova <span class=\"_ _2\"></span>riscontro <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>domanda, <span class=\"_ _2\"></span>propensa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>sottoscrivere <span class=\"_ _2\"></span>prodotti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cogliere <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">migliori <span class=\"_ _7\"> </span>opportunit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>investimento, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ra <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>quelli <span class=\"_ _7\"> </span>maggiorme<span class=\"_ _0\"></span>nte <span class=\"_ _7\"> </span>collegati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>azion<span class=\"_ _2\"></span>ari. <span class=\"_ _7\"> </span>In<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>questo <span class=\"_ _4\"> </span>senso, <span class=\"_ _7\"> </span>trainanti </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">resteranno le polizze mu<span class=\"_ _0\"></span>ltiramo.  <span class=\"_ _9\"> </span> </div></div>Nella tabella seguente sono illustrate le variabili macroeco<span class=\"_ _0\"></span>nomiche attese nel periodo 2023<span class=\"_ _2\"></span>-2027 per la sola Italia in quanto le CGU operanti in Paesi<span class=\"_ _0\"></span> esteri non presenta<span class=\"_ _0\"></span>no avviamenti iscritti. (valori in per<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>entuale)<span class=\"_ _0\"></span> Italia 2022<span class=\"ls0\"> </span>2023<span class=\"ls0\"> </span>2024<span class=\"ls0\"> </span>2025<span class=\"ls0\"> </span>2026<span class=\"ls0\"> </span>2027<span class=\"ls0\"> </span>ECONOMIA<span class=\"_ _35\"></span> REALE PIL reale I<span class=\"_ _0\"></span>talia  3,8 0,6 1,8 1,2 1,0 0,6 Prezzi al <span class=\"_ _0\"></span>consumo Ita<span class=\"_ _0\"></span>lia 8,2 6,8 2,4 1,3 1,5 1,3 Tasso di rif<span class=\"_ _0\"></span>erimento pu<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>uale (B<span class=\"_ _35\"></span>C<span class=\"_ _3\"></span>E) 2,50 3,50 3,00 2,75 2,50 2,50 Tasso Euri<span class=\"_ _0\"></span>bor 3m (valore<span class=\"_ _35\"></span> medio) 0,34 3,00 2,99 2,38 2,10 2,06 IRS 10 anni<span class=\"_ _0\"></span> 1,92 2,82 3,11 3,28 3,27 3,23 BTP 10 anni<span class=\"_ _35\"></span> 3,03 4,05 4,60 4,90 4,85 4,76 Spread v<span class=\"_ _0\"></span>s. Bund (ba<span class=\"_ _0\"></span>sis points)<span class=\"_ _0\"></span> 187<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>170<span class=\"ls0\"> </span>SETTORE B<span class=\"_ _35\"></span>ANCARIO Impieghi<span class=\"_ _0\"></span> 2,3 1,5 1,9 2,2 2,6 2,7 Raccolta dire<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ta 2,2 0,6 1,3 2,1 2,3 2,3 Spread med<span class=\"_ _0\"></span>io clientela<span class=\"_ _0\"></span> 1,93 2,87 2,80 2,60 2,52 2,49 Fondi comu<span class=\"_ _0\"></span>ni -12,9 4,7 4,1 4,1 3,9 3,6 Gestioni pat<span class=\"_ _0\"></span>rimoniali<span class=\"_ _0\"></span> -15,1 2,8 2,9 2,9 2,8 2,5 Riserve tec<span class=\"_ _0\"></span>niche vita -1,9 4,6 4,4 4,4 4,4 4,3 Scenario elaborat<span class=\"_ _3\"></span>o a dicembre 2<span class=\"_ _3\"></span>022 dalla Dir<span class=\"_ _3\"></span>ezione Studi e Ric<span class=\"_ _3\"></span>erche. Dati pre<span class=\"_ _3\"></span>visionali (per il 2<span class=\"_ _3\"></span>022 stime).<span class=\"_ _3\"></span> Le <span class=\"_ _17\"> </span>sti<span class=\"_ _3\"></span>me <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>flussi <span class=\"_ _18\"> </span>finanziari <span class=\"_ _17\"> </span>attesi <span class=\"_ _17\"> </span>dalle <span class=\"_ _18\"> </span>diverse <span class=\"_ _17\"> </span>CGU <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>impairment <span class=\"_ _18\"> </span>test <span class=\"_ _17\"> </span>tengono <span class=\"_ _17\"> </span>conto <span class=\"_ _18\"> </span>dello <span class=\"_ _17\"> </span>scenario macroeconomico descrit<span class=\"_ _0\"></span>to in precedenza <span class=\"_ _0\"></span>e sono state operate <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>eguendo due stad<span class=\"_ _0\"></span>i di valutazione<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Nello <span class=\"_ _3\"></span>specifico, con <span class=\"_ _2\"></span>riferimento al <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>iodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>scelte e<span class=\"_ _3\"></span>ffettuate per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>recedenti Bilanci, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato considerato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>arco <span class=\"_ _4\"> </span>temporale <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>5 <span class=\"_ _7\"> </span>esercizi, <span class=\"_ _4\"> </span>vale <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>dire <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quinquennio <span class=\"_ _4\"> </span>2023<span class=\"_ _2\"></span>-2027; <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>periodo, <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>agli esercizi <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2025 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>risultanti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Piano d<span class=\"_ _3\"></span>\u2019Impresa 2022<span class=\"_ _2\"></span></span>-2025 <span class=\"_ _3\"></span>aggiornate per <span class=\"_ _2\"></span>tener <span class=\"_ _3\"></span>conto del <span class=\"_ _6\"></span>mutato <span class=\"_ _6\"></span>quadro <span class=\"_ _5\"></span>macroeconomico. <span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>esercizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>proiezione <span class=\"_ _6\"></span>(2026 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>2027) <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvece <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>timati<span class=\"_ _35\"></span> attraverso <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>trascinamento <span class=\"_ _5\"></span>inerziale <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2025, <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>allo <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico aggiornato, <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>quindi <span class=\"_ _6\"> </span>considerare <span class=\"_ _4\"> </span>l\u2019effetto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>leve <span class=\"_ _4\"> </span>manageriali <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>incorporato <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>proiezioni <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>Piano. Gli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>previsti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>proiezione<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>rettificati, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>richiesto <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>principio <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>6, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle componenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>monetarie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>terzi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>escludere <span class=\"_ _6\"></span>gli <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>eventuali <span class=\"_ _6\"></span>operazioni <span class=\"_ _4\"></span>di<span class=\"_ _2\"></span> riorganizzazione <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di  ristruttura<span class=\"_ _0\"></span>zione  e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>p<span class=\"_ _3\"></span>lusvalenze  derivan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  da <span class=\"_ _16\"> </span>future <span class=\"_ _16\"> </span>dismissioni <span class=\"_ _16\"> </span>di  asset <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _16\"> </span>Inoltre,  i <span class=\"_ _16\"> </span>flussi<span class=\"_ _0\"></span> finanziari <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>comprensivi <span class=\"_ _2\"></span>dell'attribuzione <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>correlati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>corporate <span class=\"_ _3\"></span>assets <span class=\"_ _2\"></span>centrali. <span class=\"_ _2\"></span>Coerentemen<span class=\"_ _5\"></span>te<span class=\"_ _0\"></span> con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>logica <span class=\"_ _2\"></span>\"equity <span class=\"_ _5\"></span>side\u201d, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>citata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>rela<span class=\"_ _3\"></span><span class=\"ff1\">zione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>CGU, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini </span>dell'impairment <span class=\"_ _1d\"> </span>test <span class=\"_ _1d\"> </span>sono <span class=\"_ _17\"> </span>comprensivi <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>flussi <span class=\"_ _1d\"> </span>correlati <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie, <span class=\"_ _1d\"> </span>posto <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>queste <span class=\"_ _1d\"> </span>ultime rappresentano il cor<span class=\"_ _0\"></span>e business aziendal<span class=\"_ _0\"></span>e. Inoltr<span class=\"ff4\">e, <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>criteri <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>matrice <span class=\"_ _6\"></span>finanziaria, <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"> </span>quello <span class=\"_ _5\"></span>impiegato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _6\"></span>del </span>Valore <span class=\"_ _3\"></span>d\u2019Uso, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019impresa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>analitica <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cTerminal <span class=\"_ _3\"></span>Valu<span class=\"_ _5\"></span>e\u201d) <span class=\"_ _2\"></span>\u00e8 g<span class=\"ff4\">eneralmente <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _5\"></span>capitalizzand<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>all\u2019infinito, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>appropriato <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>\u201cg\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>flusso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>conseguibile <span class=\"_ _5\"></span>\u201ca <span class=\"_ _5\"></span>regime\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Tale <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _3\"></span>assunto, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>differenziata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _3\"></span>costante <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>decrescente <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>circostanze crescente). In  alternativa  alla <span class=\"_ _1d\"> </span>metod<span class=\"_ _0\"></span>ologia  di  stima <span class=\"_ _1d\"> </span>del  Terminal  Value  illustrata,  la  dottrina  prevede  anche  (i) <span class=\"_ _1d\"> </span>l\u2019approccio<span class=\"_ _0\"></span>  basato sull\u2019impiego di <span class=\"_ _3\"></span>multipli di <span class=\"_ _3\"></span>uscita (o <span class=\"_ _3\"></span>\u201cexit <span class=\"_ _3\"></span>multiple\u201d) e <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>l\u2019approccio basato <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>stima del <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>liquidazione dell\u2019<span class=\"_ _6\"></span><span class=\"ff1\">impresa. In </span>particolare, con riguardo all\u2019approcci<span class=\"_ _0\"></span>o sub (i) si segnala che la s<span class=\"_ _3\"></span>tima di un multiplo a termine presenta elementi di comples<span class=\"_ _2\"></span><span class=\"ff1\">sit\u00e0 </span>(e, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otenzialmente, d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>soggettivi<span class=\"_ _0\"></span>t\u00e0) <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>ancora <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>accentuati <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>momenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>mer<span class=\"_ _5\"></span>cati <span class=\"_ _2\"></span>quale quello attuale. L\u2019approccio sub (ii) \u00e8 <span class=\"_ _3\"></span>valido unicamente per le imprese destinate a <span class=\"_ _3\"></span>cessare al termine del periodo d<span class=\"_ _3\"></span>i previsi<span class=\"_ _5\"></span><span class=\"ff1\">one </span>analitica e, pertanto, <span class=\"_ _0\"></span>non \u00e8 utilmente imp<span class=\"_ _0\"></span>iegabile in presen<span class=\"_ _0\"></span>za di prospettive di <span class=\"_ _0\"></span>continuit\u00e0 azienda<span class=\"_ _0\"></span>le.<span class=\"_ _2\"></span> Ai <span class=\"_ _4\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>Terminal <span class=\"_ _4\"> </span>Value\u201d, <span class=\"_ _4\"> </span>ossia <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _4\"> </span>stadio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>valutazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>flusso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>assa <span class=\"_ _4\"> </span>conseguibile <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>regime, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato considerato quello pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isto al 2027, ultim<span class=\"_ _0\"></span>o anno di proiezioni <span class=\"_ _0\"></span>analitiche. <span class=\"_ _3\"></span> Coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>effettuato <span class=\"_ _4\"></span>negli <span class=\"_ _6\"></span>impairment <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>eserci<span class=\"_ _3\"></span>zi <span class=\"_ _4\"> </span>precedenti, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _6\"></span>come tasso <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>no<span class=\"_ _3\"></span>minale <span class=\"_ _2\"></span>dell\u2019Italia, <span class=\"_ _5\"></span>osservato <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _2\"></span>2008<span class=\"_ _5\"></span><span class=\"ff1\">-2027 <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>rammenta <span class=\"_ _2\"></span>infatti <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>in </span>considerazione delle svalutazioni operate n<span class=\"_ _3\"></span>ei bilanci precedenti, a<span class=\"_ _3\"></span>lle CGU <span class=\"_ _3\"></span>Banc<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Territori, International Subsidiary Banks, Bank <span class=\"_ _16\"> </span>of  Al<span class=\"_ _0\"></span>exandria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>Pravex <span class=\"_ _7\"> </span>Bank  non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>isulta <span class=\"_ _16\"> </span>allocato <span class=\"_ _7\"> </span>alcun  avviamen<span class=\"_ _0\"></span>to <span class=\"_ _16\"> </span>e, <span class=\"_ _16\"> </span>conseguentemente, <span class=\"_ _7\"> </span>non  risulta <span class=\"_ _7\"> </span>necessario determinare i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>\u201cg\u201d <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Paesi <span class=\"_ _3\"></span>esteri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Grupp<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>opera). In<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>particolare, il <span class=\"_ _2\"></span>PIL <span class=\"_ _3\"></span>nominale<span class=\"_ _0\"></span> </span>risulta dalla <span class=\"_ _3\"></span>somma del tasso <span class=\"_ _3\"></span>di crescita <span class=\"_ _3\"></span>del PIL r<span class=\"_ _3\"></span>eale e de<span class=\"_ _3\"></span>l tasso d<span class=\"_ _3\"></span>\u2019inflazione. I dati <span class=\"_ _3\"></span>attesi di <span class=\"_ _3\"></span>PIL reale e<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>inflazione,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>utilizzati </span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>tasso <span class=\"_ _2\"></span>g, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>desunti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>proiezioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Direzio<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>Studi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ricerche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>escritte <span class=\"_ _2\"></span>in precedenza. <span class=\"_ _3\"></span>Ciascuna <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>calcolata <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2008<span class=\"_ _2\"></span>-2027. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>scelta <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>al periodo  di <span class=\"_ _16\"> </span>osservazione  dei <span class=\"_ _16\"> </span>tassi  di  crescit<span class=\"_ _0\"></span>a,  considerato  l<span class=\"_ _35\"></span>\u2019attuale  particolare <span class=\"_ _16\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">ontesto  macroeconomi<span class=\"_ _0\"></span>co,  merita <span class=\"_ _16\"> </span>alcune </span>considerazioni. Le  dinami<span class=\"_ _0\"></span>che  del <span class=\"_ _16\"> </span>PIL  r<span class=\"_ _0\"></span>eale  n<span class=\"_ _0\"></span>egli  ultimi <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>spesso  negat<span class=\"_ _0\"></span>ive,  pri<span class=\"_ _0\"></span>ncipalmente  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fluenzate <span class=\"_ _16\"> </span>dalle  divers<span class=\"_ _0\"></span>e  cris<span class=\"_ _35\"></span>i economiche <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>assoggetto <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>economie <span class=\"_ _2\"></span>mondiali, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>2008 <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>finanziaria globale, <span class=\"_ _5\"></span>successivamente <span class=\"_ _5\"></span>seguita <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>crisi<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>debiti <span class=\"_ _5\"></span>sovrani <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2011. <span class=\"_ _6\"></span>Gi\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>2015 <span class=\"_ _6\"></span>c\u2019era <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>un\u2019inversione <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>tendenza <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _4\"></span>percorso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>bruscamente  i<span class=\"_ _0\"></span>nterrotto <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>pandemia COVID-<span class=\"ff4\">19, <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>permane <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>minacciato <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>crisi <span class=\"_ _6\"> </span>energetica <span class=\"_ _4\"> </span>emersa <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onseguenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>allo <span class=\"_ _6\"> </span>scoppio <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span> </span>conflitto <span class=\"_ _3\"></span>militare <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Ucraina. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>considerare <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ciclo <span class=\"_ _3\"></span>economico, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stima del <span class=\"_ _1d\"> </span>valore  terminale <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stato  determinato  c<span class=\"_ _3\"></span>ome <span class=\"_ _1d\"> </span>media  dei <span class=\"_ _1d\"> </span>tassi  del <span class=\"_ _1d\"> </span>PIL <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>il  periodo <span class=\"_ _1d\"> </span>2008<span class=\"_ _2\"></span>-2027, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>ritenuto sufficientemente <span class=\"_ _3\"></span>ampio <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>includere, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dunque <span class=\"_ _3\"></span>mediare, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>forte <span class=\"_ _2\"></span>crisi, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>prospettico <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>ritorno <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un contesto di moderata c<span class=\"_ _0\"></span>rescita economica.<span class=\"fs1e\"> </span>Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un\u2019ottica <span class=\"_ _3\"></span>prudenziale, \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>g <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>risultasse <span class=\"_ _2\"></span>superiore a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>no<span class=\"_ _6\"></span><span class=\"ff1\">minale<span class=\"_ _0\"></span> </span>dell\u2019Italia nel 2027 <span class=\"_ _0\"></span>o, per ciascuna CG<span class=\"_ _0\"></span>U, al tasso di crescita dell\u2019ultimo anno di p<span class=\"_ _0\"></span>revisioni analitiche.<span class=\"ff1\"> </span>I tassi di attualizzazi<span class=\"_ _0\"></span>one dei flussi Nella <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _4\"> </span>devono <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttualizzati <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>rifletta <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>valutazion<span class=\"_ _0\"></span>i correnti del mercato, d<span class=\"_ _0\"></span>el valore tempora<span class=\"ff4\">le del denaro e dei risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>i specifici dell\u2019a<span class=\"_ _0\"></span>ttivit\u00e0.<span class=\"ff1\"> </span></span>Nella <span class=\"_ _3\"></span>pratica, la <span class=\"_ _3\"></span>prima caratteristica <span class=\"_ _3\"></span>(condizioni correnti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato) si <span class=\"_ _3\"></span>traduce nella <span class=\"_ _3\"></span>determinazione di <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _6\"></span>in base alle <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ggiornate <span class=\"_ _2\"></span>disponibili <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _5\"></span>stima, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>meglio <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>valutazioni correnti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>mercato. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>seconda <span class=\"_ _5\"></span>caratteristica <span class=\"_ _5\"></span>(coerenza <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>rischi/flussi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>tassi) <span class=\"_ _5\"></span>deve <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eclinata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l<span class=\"_ _5\"></span><span class=\"ls17\">e </span>specificit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>utilizzati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>CGU. <span class=\"_ _2\"></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>(nelle <span class=\"_ _2\"></span>sue <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>componenti) <span class=\"_ _2\"></span>deve, <span class=\"_ _5\"></span>dunque, <span class=\"_ _5\"></span>essere<span class=\"_ _0\"></span> </span>scelto <span class=\"_ _6\"></span>osservando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>specificit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>nella <span class=\"_ _6\"></span>valutazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ognuna <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>CGU, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>do <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>risultare <span class=\"_ _6\"></span>congruo <span class=\"_ _6\"></span>e consistente <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>flussi. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>assume <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff4\">mportanza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>all\u2019inflazione, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Paese <span class=\"_ _2\"></span>e </span>agli <span class=\"_ _2\"></span>altri <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>potrebbero <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>espressi, <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>36, <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>tasso. <span class=\"_ _3\"></span>Occorre <span class=\"_ _2\"></span>evidenziare <span class=\"_ _4\"></span>che<span class=\"_ _35\"></span> una <span class=\"_ _3\"></span>caratteristica <span class=\"_ _3\"></span>comune <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>contenenti <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>(e, <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>generale, intangibili <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ita i<span class=\"_ _3\"></span>ndefinita) <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>di lungo periodo dei flussi utiliz<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ati nella stima del Valore <span class=\"_ _0\"></span>d\u2019Uso delle CGU medesim<span class=\"_ _0\"></span>e. Infatti, l\u2019avviamento ha per defi<span class=\"_ _0\"></span>nizione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>vita </span>utile indefinita e, d<span class=\"_ _0\"></span>unque, i flussi di c<span class=\"_ _0\"></span>assa attesi dal medesimo sono normalmente proi<span class=\"_ _0\"></span>ettati in perpetuit\u00e0.  Tale  prospettiva <span class=\"_ _16\"> </span>di  lungo <span class=\"_ _16\"> </span>periodo  dovrebbe <span class=\"_ _16\"> </span>essere  riflessa <span class=\"_ _16\"> </span>in  tutti  i<span class=\"_ _0\"></span>  parametri <span class=\"_ _16\"> </span>del  tasso  di<span class=\"_ _0\"></span>  attualizzazion<span class=\"_ _0\"></span>e  tramite  u<span class=\"_ _0\"></span>na opportuna scelta di cia<span class=\"_ _0\"></span>scuno dei medesimi<span class=\"_ _0\"></span>, in modo tale che e<span class=\"_ _0\"></span>ssi esprimano condizio<span class=\"_ _0\"></span>ni \u201cn<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rmali\u201d nel lungo t<span class=\"_ _0\"></span>ermine.<span class=\"ff1\"> </span>Normalmente il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione deve <span class=\"_ _3\"></span>comprendere il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziamento dell\u2019attivit\u00e0 da<span class=\"_ _3\"></span> valut<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>re<span class=\"_ _0\"></span> </span>e cio\u00e8 il costo dell\u2019<span class=\"_ _0\"></span>equity ed il costo del d<span class=\"_ _0\"></span>ebito (si tratta del <span class=\"_ _0\"></span>cosiddetto WACC, <span class=\"_ _0\"></span>cio\u00e8 il costo med<span class=\"_ _3\"></span><span class=\"ff1\">io ponderato del capitale). </span>Tuttavia, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un\u2019impresa <span class=\"_ _5\"></span>bancaria, <span class=\"_ _5\"></span>esso <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>sti<span class=\"_ _3\"></span>mato <span class=\"_ _5\"></span>nell\u2019ottica <span class=\"_ _5\"></span>\u201cequity <span class=\"_ _6\"></span>side\u201d <span class=\"_ _5\"></span>cio\u00e8 <span class=\"_ _6\"></span>considerando <span class=\"_ _5\"></span>solamente <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>del capitale proprio (Ke), coerentemente con le modalit\u00e0 di determinazione dei flussi che, come gi\u00e0 rilevat<span class=\"_ _2\"></span>o, sono comprensivi dei flussi derivanti dalle <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0<span class=\"_ _0\"></span> finanziarie. Il costo del capitale \u00e8 s<span class=\"_ _0\"></span>tato determinato utili<span class=\"_ _0\"></span>zzando il \u201cCapital A<span class=\"_ _0\"></span>sset Pricing Model\u201d (CAP<span class=\"_ _0\"></span>M). Sulla base di tal<span class=\"_ _0\"></span>e modello, il<span class=\"_ _2\"></span><span class=\"ff1\"> costo </span>del <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>somma <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rendimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>investimenti <span class=\"_ _3\"></span>privi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sua volta <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>rischiosit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"></span>dell\u2019attivit\u00e0 <span class=\"_ _6\"> </span>(intendendo <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>rischiosit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>comparto <span class=\"_ _4\"> </span>operativo <span class=\"_ _6\"> </span>sia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>la </span>rischiosit\u00e0 geografic<span class=\"_ _0\"></span>a rappresentata dal <span class=\"_ _0\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">osiddetto \u201crischio P<span class=\"_ _0\"></span>aese\u201d).<span class=\"ff1\"> </span></span>Il costo del capital<span class=\"_ _0\"></span>e \u00e8 determinato al nett<span class=\"_ _0\"></span>o delle imposte, per <span class=\"_ _0\"></span>coerenza con i flussi fi<span class=\"_ _0\"></span>nanziari oggetto di a<span class=\"_ _0\"></span>ttualizzazione.<span class=\"_ _2\"></span> Poich\u00e9 <span class=\"_ _1d\"> </span>le  diverse <span class=\"_ _1d\"> </span>CGU  del <span class=\"_ _1d\"> </span>Gruppo  Intesa <span class=\"_ _1d\"> </span>Sanpaolo  operano <span class=\"_ _1d\"> </span>in  comparti  di<span class=\"_ _3\"></span>  business <span class=\"_ _1d\"> </span>diversi  e <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>f<span class=\"_ _3\"></span>attori  di <span class=\"_ _1d\"> </span>rischio differenziati, sono st<span class=\"_ _0\"></span>ati identificati costi<span class=\"_ _0\"></span> specifici del capital<span class=\"_ _0\"></span>e per ognuna delle C<span class=\"_ _0\"></span>GU.<span class=\"_ _2\"></span> Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che, <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>determinati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _2\"></span>nominali, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _2\"></span>sono <span class=\"_ _4\"> </span>stati determinati in termini nomin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li, ossia incorporand<span class=\"_ _0\"></span>o le attese di inflazio<span class=\"_ _0\"></span>ne.<span class=\"_ _3\"></span> Scendendo <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>dettaglio <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>componenti <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontribuiscono <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>determinazione <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>tassi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>si segnala che: -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>scelta <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _2\"></span>lussi <span class=\"_ _6\"></span>finanziari, <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _6\"></span>free <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>CRP, <span class=\"_ _6\"></span>in </span></span>considerazione della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d\u2019interesse n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>macroeconomico <span class=\"_ _3\"></span>attuale, che <span class=\"_ _2\"></span>prevede nel <span class=\"_ _2\"></span>lungo <span class=\"_ _3\"></span>periodo un ulteriore incremento, proseguendo nel percorso di aumenti iniziato a <span class=\"_ _3\"></span>partire dalla seconda met\u00e0 del 2022, si \u00e8 <span class=\"_ _3\"></span>ritenuto<span class=\"_ _35\"></span> di <span class=\"_ _3\"></span>mantenere, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>via <span class=\"_ _3\"></span>prudenziale, <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>prevede <span class=\"_ _2\"></span>l\u2019utilizzo di <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _3\"></span>differenziati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019attualizzazi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ei </span>flussi finanziari previ<span class=\"_ _0\"></span>sto lungo l\u2019orizzonte <span class=\"_ _0\"></span>esplicito e per il fl<span class=\"_ _0\"></span>usso del Te<span class=\"_ _3\"></span><span class=\"ff1\">rminal Value:  </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>quanto concerne<span class=\"_ _0\"></span> il risk free <span class=\"_ _3\"></span>ricompreso nel tasso di attualizzazio<span class=\"_ _0\"></span>ne dei flussi finanziari dell\u2019orizzonte \u201cespli<span class=\"_ _0\"></span>cito\u201d di </span></span>previsione, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>ritenuto di <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rendimento medio mensile <span class=\"_ _3\"></span>(mese di <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022) dei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stato tede<span class=\"_ _5\"></span>schi (Bund) a 10 anni; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _4\"></span>quanto <span class=\"_ _6\"></span>concerne <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risk <span class=\"_ _4\"> </span>free <span class=\"_ _6\"></span>ricompreso <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>tasso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>attualizzazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>finanziario<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value </span>(flusso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>assa <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>perpetuit\u00e0 <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisione <span class=\"_ _5\"></span>esplicita), <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ritenuto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>utilizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _5\"></span>me<span class=\"_ _5\"></span>dio annuo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>tedeschi <span class=\"_ _5\"></span>(Bund) <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>10 <span class=\"_ _6\"></span>anni <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>027, <span class=\"_ _5\"></span>ultimo <span class=\"_ _6\"></span>anno <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previsione <span class=\"_ _5\"></span>analitica <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi, stimato dalla Direzio<span class=\"_ _0\"></span>ne Studi e Ricerc<span class=\"_ _0\"></span>he di Intesa Sanpaolo. Coerentemente <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>sopra, <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Country <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Premium<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRP) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>metodologia che prevede <span class=\"_ _3\"></span>l\u2019utilizzo d<span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>differenziati. Si <span class=\"_ _3\"></span>ricorda inoltre <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>non s<span class=\"_ _3\"></span>ussistendo avviamenti allocati a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CGU diverse <span class=\"_ _3\"></span>da </span>quelle <span class=\"_ _7\"> </span>operanti <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>prevalentemen<span class=\"_ _0\"></span>te) <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Italia <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _16\"> </span>\u201crischio <span class=\"_ _4\"> </span>Paese\u201d <span class=\"_ _7\"> </span>coincide <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>sostanza <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>\u201crischio <span class=\"_ _7\"> </span>Italia\u201d. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>CRP, </span>dunque, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>metodologiche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>dell\u2019avviamento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>come segue: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CRP <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _5\"></span>dell\u2019o<span class=\"_ _2\"></span>rizzonte <span class=\"_ _5\"></span>\u201cesplicito\u201d <span class=\"_ _5\"></span>di </span></span>previsione, \u00e8 stato c<span class=\"_ _0\"></span>onsiderato lo spread<span class=\"_ _0\"></span> BTP-Bund medio del mese di dicembre 202<span class=\"_ _0\"></span>2; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>per <span class=\"_ _3\"></span>quanto concerne il CRP ricompreso nel tasso di a<span class=\"_ _3\"></span>ttualizzazione del flusso finanziario del Terminal <span class=\"_ _3\"></span>Value, \u00e8 stato </span>considerato <span class=\"_ _4\"> </span>lo <span class=\"_ _7\"> </span>spread <span class=\"_ _7\"> </span>BTP-<span class=\"_ _3\"></span>Bund <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"> </span>annuo <span class=\"_ _7\"> </span>stimato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>027 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _4\"> </span>base <span class=\"_ _7\"> </span>dello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>previsionale <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio termine citato in prece<span class=\"_ _0\"></span>denza. -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"ff4 fs0\">l\u02bcequity <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isk <span class=\"_ _7\"> </span>premium, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>vvero <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>premio <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _4\"> </span>aziendale  <span class=\"ff1\">- <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>differenza <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rendimento <span class=\"_ _7\"> </span>del </span></span></span>mercato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rendi<span class=\"_ _3\"></span>mento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>investimento <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>privi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>arco temporale sufficientem<span class=\"_ _0\"></span>ente ampio - \u00e8 stato determinato facen<span class=\"_ _0\"></span>do riferimento a dati<span class=\"_ _0\"></span> storici, sia per la maggi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re affidabilit\u00e0 e<span class=\"_ _0\"></span> dimostrabilit\u00e0, <span class=\"_ _6\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>anche <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>luce <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span><span class=\"ff4\">ell\u02bcattuale <span class=\"_ _6\"> </span>contesto <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>lato, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riflette <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>borsa </span>significativamente <span class=\"_ _4\"> </span>volatili <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sempre <span class=\"_ _7\"> </span>espressivi <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>\u201cfondamentali\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>dall\u02bcaltro, <span class=\"_ _4\"> </span>configura <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quadro <span class=\"_ _4\"> </span>di incertezza <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>arduo <span class=\"_ _7\"> </span>formulare <span class=\"_ _7\"> </span>previsioni <span class=\"_ _7\"> </span>di  <span class=\"ff4\">risultati <span class=\"_ _4\"> </span>attendibili <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ell\u02bcequity <span class=\"_ _7\"> </span>risk <span class=\"_ _7\"> </span>premium </span>implicito <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>borsa. <span class=\"_ _2\"></span>Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>media <span class=\"_ _2\"></span>geometrica <span class=\"_ _3\"></span>dell\u02bcequity <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _3\"></span>premium <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>levat<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sul <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>statunitense <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>1928<span class=\"_ _3\"></span>-2022 <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>differenziale <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inflazione <span class=\"_ _6\"></span>USA <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i inflazione tedesco (q<span class=\"_ _0\"></span>uale mercato di riferim<span class=\"_ _0\"></span>ento per la rilevazio<span class=\"_ _0\"></span>ne del risk free); -<span class=\"ff1\"> <span class=\"_ _37\"> </span><span class=\"fs0\">il <span class=\"_ _4\"> </span>coefficiente <span class=\"_ _4\"> </span>Beta, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>misura <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischiosit\u00e0 <span class=\"_ _4\"></span>specifica <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"> </span>azienda <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"> </span>operativo, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"></span>de<span class=\"_ _5\"></span>terminato<span class=\"_ _0\"></span> </span></span>identificando - per o<span class=\"_ _3\"></span>gni CGU - un ca<span class=\"_ _3\"></span>mpione di societ\u00e0 comparab<span class=\"_ _0\"></span>ili (in termini di business) e <span class=\"_ _3\"></span>rispetto a questo campione \u00e8 <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-106.72974px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">stato utilizzato il dato medio o mediano dei Beta rilevati<span class=\"_ _0\"></span> attraverso osservazioni con periodicit\u00e0 mensile<span class=\"_ _0\"></span> su un orizzonte d<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">cinque anni. </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y61 ff2 fs0 fc2 sc0 ls0 ws0\">Riepilogo dei tassi di<span class=\"_ _0\"></span> crescita e dei tassi <span class=\"_ _0\"></span>di attualizzazione ut<span class=\"_ _0\"></span>ilizzati<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _16\"> </span>tabella <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>segue  v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ngono <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>intetizzati <span class=\"_ _7\"> </span>per  og<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>CGU <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impairment <span class=\"_ _7\"> </span>test  i <span class=\"_ _7\"> </span>parametri <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _16\"> </span>della </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Valore <span class=\"_ _4\"> </span>d\u02bcUso: <span class=\"_ _6\"></span>i <span class=\"_ _6\"> </span>tassi <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span><span class=\"ff1\">rescita <span class=\"_ _4\"></span>medi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>ponderati <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>2027 <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>diverse <span class=\"_ _6\"></span>CGU <span class=\"_ _6\"></span>comprensivi </span></div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u02bcattribuzione dei <span class=\"_ _3\"></span>flussi correlati ai <span class=\"_ _3\"></span>corporate assets <span class=\"_ _3\"></span>centrali, i <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>rescita \u201cg\u201d <span class=\"_ _3\"></span>ai fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Terminal Value, <span class=\"_ _3\"></span>i di<span class=\"_ _5\"></span><span class=\"ff1\">versi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">attualizzazione ed i t<span class=\"_ _0\"></span>assi di inflazion<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 y9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w310 h98\" style=\"left:-4.050377px; bottom:723.47626px;\"><div class=\"t m0 x48 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">           TASSI/ </div><div class=\"t m0 xd ha y801 ff5 fs4 fc2 sc0 ls1 ws0\">  <span class=\"ls0\">PARAMETRI<span class=\"_ _3\"></span> </span></div></div><div class=\"c w311 h16b\" style=\"left:156.18762px; bottom:686.6603px;\"><div class=\"t m0 x6 ha y1397 ff5 fs4 fc2 sc0 ls0 ws0\">Tassi di crescita<span class=\"_ _3\"></span> </div><div class=\"t m0 x86 ha y1398 ff5 fs4 fc2 sc0 ls0 ws0\">nominali per </div><div class=\"t m0 x97 ha y1399 ff5 fs4 fc2 sc0 ls0 ws0\">impairment test  </div><div class=\"t m0 x14 ha y139a ff5 fs4 fc2 sc0 ls0 ws0\">(periodo 2023 - </div><div class=\"t m0 x4a ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">2027) </div></div><div class=\"c w314 h98\" style=\"left:256.84662px; bottom:723.47626px;\"><div class=\"t m0 x1a ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">TASSI DI ATTUA<span class=\"_ _3\"></span>LIZZAZIONE NOMIN<span class=\"_ _3\"></span>ALI </div></div><div class=\"c w315 h98\" style=\"left:462.3246px; bottom:723.47626px;\"><div class=\"t m0 x9b ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">TASSI DI </div><div class=\"t m0 xdd ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">CRESCITA \"G\"<span class=\"_ _3\"></span> </div><div class=\"t m0 x6 ha y1223 ff5 fs4 fc2 sc0 ls0 ws0\"> NEL LUNGO </div><div class=\"t m0 x88 ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">PERIODO  </div></div><div class=\"c w138 h98\" style=\"left:556.43164px; bottom:723.47626px;\"><div class=\"t m0 x14 ha y9d6 ff5 fs4 fc2 sc0 ls0 ws0\">TASSI DI </div><div class=\"t m0 x41 ha y801 ff5 fs4 fc2 sc0 ls0 ws0\">INFLAZIONE </div></div><div class=\"c w310 h96\" style=\"left:-4.050377px; bottom:686.6603px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">             CGU </div></div><div class=\"c wb2 h96\" style=\"left:256.84662px; bottom:686.6603px;\"><div class=\"t m0 x9a ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div><div class=\"t m0 x95 ha y139b ff5 fs4 fc2 sc0 ls0 ws0\">flussi </div></div><div class=\"c w93 h96\" style=\"left:307.70264px; bottom:686.6603px;\"><div class=\"t m0 x9a ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div><div class=\"t m0 x45 ha y139b ff5 fs4 fc2 sc0 ls0 ws0\">Terminal </div><div class=\"t m0 x95 ha y747 ff5 fs4 fc2 sc0 ls0 ws0\">Value </div></div><div class=\"c wdb h96\" style=\"left:359.98862px; bottom:686.6603px;\"><div class=\"t m0 x14 ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div><div class=\"t m0 x97 ha y139b ff5 fs4 fc2 sc0 ls0 ws0\">flussi </div></div><div class=\"c w5f h96\" style=\"left:405.22864px; bottom:686.6603px;\"><div class=\"t m0 x88 ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div><div class=\"t m0 x41 ha y139b ff5 fs4 fc2 sc0 ls0 ws0\">Terminal </div><div class=\"t m0 x97 ha y747 ff5 fs4 fc2 sc0 ls0 ws0\">Value </div></div><div class=\"c w313 h96\" style=\"left:462.3246px; bottom:686.6603px;\"><div class=\"t m0 x6 ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w219 h96\" style=\"left:501.51965px; bottom:686.6603px;\"><div class=\"t m0 x14 ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div></div><div class=\"c w138 h96\" style=\"left:556.43164px; bottom:686.6603px;\"><div class=\"t m0 xf ha ye4 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w310 h7e\" style=\"left:-4.050377px; bottom:661.38824px;\"><div class=\"t m0 x41 ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">CGU oggetto di im<span class=\"_ _3\"></span>pairment test<span class=\"_ _3\"></span> </div></div><div class=\"c w310 hb9\" style=\"left:-4.050377px; bottom:639.19727px;\"><div class=\"t m0 x41 hb y139c ff1 fs4 fc2 sc0 ls0 ws0\">IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment </div><div class=\"t m0 x41 hb y139d ff1 fs4 fc2 sc0 ls0 ws0\">Banking </div></div><div class=\"c w311 hb9\" style=\"left:156.18762px; bottom:639.19727px;\"><div class=\"t m0 x9c hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">17,81% </div></div><div class=\"c wb2 hb9\" style=\"left:256.84662px; bottom:639.19727px;\"><div class=\"t m0 xa1 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">10,57% </div></div><div class=\"c w93 hb9\" style=\"left:307.70264px; bottom:639.19727px;\"><div class=\"t m0 xa1 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">11,18% </div></div><div class=\"c wdb hb9\" style=\"left:359.98862px; bottom:639.19727px;\"><div class=\"t m0 x6 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">7,61% </div></div><div class=\"c w5f hb9\" style=\"left:405.22864px; bottom:639.19727px;\"><div class=\"t m0 xa1 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">9,37% </div></div><div class=\"c w313 hb9\" style=\"left:462.3246px; bottom:639.19727px;\"><div class=\"t m0 xdd hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">2,06% </div></div><div class=\"c w219 hb9\" style=\"left:501.51965px; bottom:639.19727px;\"><div class=\"t m0 x6 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">1,52% </div></div><div class=\"c w138 hb9\" style=\"left:556.43164px; bottom:639.19727px;\"><div class=\"t m0 x13 hb y139f ff1 fs4 fc2 sc0 ls0 ws0\">1,96% </div></div><div class=\"c w310 h41\" style=\"left:-4.050377px; bottom:622.66125px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">Insurance </div></div><div class=\"c w311 h41\" style=\"left:156.18762px; bottom:622.66125px;\"><div class=\"t m0 x49 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,69% </div></div><div class=\"c wb2 h41\" style=\"left:256.84662px; bottom:622.66125px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">10,27% </div></div><div class=\"c w93 h41\" style=\"left:307.70264px; bottom:622.66125px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">10,88% </div></div><div class=\"c wdb h41\" style=\"left:359.98862px; bottom:622.66125px;\"><div class=\"t m0 x6 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">7,12% </div></div><div class=\"c w5f h41\" style=\"left:405.22864px; bottom:622.66125px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">8,89% </div></div><div class=\"c w313 h41\" style=\"left:462.3246px; bottom:622.66125px;\"><div class=\"t m0 xdd hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">2,06% </div></div><div class=\"c w219 h41\" style=\"left:501.51965px; bottom:622.66125px;\"><div class=\"t m0 x6 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,52% </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:622.66125px;\"><div class=\"t m0 x13 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,96% </div></div><div class=\"c w310 h41\" style=\"left:-4.050377px; bottom:606.12524px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">Asset Managemen<span class=\"_ _3\"></span>t </div></div><div class=\"c w311 h41\" style=\"left:156.18762px; bottom:606.12524px;\"><div class=\"t m0 x49 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,96% </div></div><div class=\"c wb2 h41\" style=\"left:256.84662px; bottom:606.12524px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">10,12% </div></div><div class=\"c w93 h41\" style=\"left:307.70264px; bottom:606.12524px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">10,73% </div></div><div class=\"c wdb h41\" style=\"left:359.98862px; bottom:606.12524px;\"><div class=\"t m0 x6 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">6,85% </div></div><div class=\"c w5f h41\" style=\"left:405.22864px; bottom:606.12524px;\"><div class=\"t m0 xa1 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">8,61% </div></div><div class=\"c w313 h41\" style=\"left:462.3246px; bottom:606.12524px;\"><div class=\"t m0 xdd hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">2,06% </div></div><div class=\"c w219 h41\" style=\"left:501.51965px; bottom:606.12524px;\"><div class=\"t m0 x6 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,52% </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:606.12524px;\"><div class=\"t m0 x13 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1,96% </div></div><div class=\"c w310 h6a\" style=\"left:-4.050377px; bottom:589.4333px;\"><div class=\"t m0 x41 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Private Banking<span class=\"_ _3\"></span> </div></div><div class=\"c w311 h6a\" style=\"left:156.18762px; bottom:589.4333px;\"><div class=\"t m0 x49 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">2,59% </div></div><div class=\"c wb2 h6a\" style=\"left:256.84662px; bottom:589.4333px;\"><div class=\"t m0 xa1 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">10,14% </div></div><div class=\"c w93 h6a\" style=\"left:307.70264px; bottom:589.4333px;\"><div class=\"t m0 xa1 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">10,75% </div></div><div class=\"c wdb h6a\" style=\"left:359.98862px; bottom:589.4333px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">7,28% </div></div><div class=\"c w5f h6a\" style=\"left:405.22864px; bottom:589.4333px;\"><div class=\"t m0 xa1 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">9,05% </div></div><div class=\"c w313 h6a\" style=\"left:462.3246px; bottom:589.4333px;\"><div class=\"t m0 xdd hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">2,06% </div></div><div class=\"c w219 h6a\" style=\"left:501.51965px; bottom:589.4333px;\"><div class=\"t m0 x6 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">1,52% </div></div><div class=\"c w138 h6a\" style=\"left:556.43164px; bottom:589.4333px;\"><div class=\"t m0 x13 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">1,96% </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-106.72974px;\"><div class=\"t m0 x0 h61 y74e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y5e4 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y962 ff3 fs0 fc2 sc0 ls0 ws0\">I risultati dell\u2019impairme<span class=\"_ _0\"></span>nt test<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h32 y5e5 ff4 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _2\"></span>esiti <span class=\"_ _5\"></span>dell\u2019impairment <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>evidenziato <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Valori <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascuna <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>CGU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llocati <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y963 ff1 fs0 fc0 sc0 ls0 ws0\">titolo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>avviamento <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ossero <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>uperiori <span class=\"_ _7\"> </span>ai  rispettivi <span class=\"_ _7\"> </span>valori  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ntabili. <span class=\"_ _16\"> </span>Non <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>dunque <span class=\"_ _16\"> </span>necessari<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y5e7 ff1 fs0 fc0 sc0 ls0 ws0\">procedere ad alcuna s<span class=\"_ _0\"></span>valutazione degli avv<span class=\"_ _0\"></span>iame<span class=\"_ _3\"></span>nti o del brand <span class=\"_ _0\"></span>name a queste allocat<span class=\"_ _0\"></span>i. </div><div class=\"t m0 x0 h2 y5e8 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnala <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>completezza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>calcolare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y768 ff1 fs0 fc0 sc0 ls0 ws0\">confermato superior<span class=\"_ _0\"></span>e alla sommatoria dei val<span class=\"_ _0\"></span>ori contabili dell<span class=\"_ _0\"></span>e singole CGU.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5ea ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto riguarda <span class=\"_ _3\"></span>i r<span class=\"_ _3\"></span>isvolti diretti <span class=\"_ _3\"></span>del conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _3\"></span>-<span class=\"ff4\">ucraino sugli <span class=\"_ _3\"></span>avviamenti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo si s<span class=\"_ _3\"></span>egnala, infine, <span class=\"_ _3\"></span>che l\u2019avviamento </span></div><div class=\"t m0 x0 h2 y9e1 ff1 fs0 fc0 sc0 ls0 ws0\">relativo <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>partecipata <span class=\"_ _5\"></span>ucraina <span class=\"_ _5\"></span>Pravex <span class=\"_ _6\"></span>Bank, <span class=\"_ _5\"></span>considerata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>CGU <span class=\"_ _6\"></span>autonoma, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>stato, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>detto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedenza,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5ec ff1 fs0 fc0 sc0 ls0 ws0\">completamente <span class=\"_ _3\"></span>azzerato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>occasione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2008. <span class=\"_ _5\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tecipata <span class=\"_ _3\"></span>russa <span class=\"_ _2\"></span>Joint<span class=\"_ _2\"></span>-Stock <span class=\"_ _2\"></span>Company <span class=\"_ _2\"></span>Banca </div><div class=\"t m0 x0 h2 y72b ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _16\"> </span>(Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Russia), <span class=\"_ _7\"> </span>si  s<span class=\"_ _0\"></span>egnala <span class=\"_ _7\"> </span>che,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>presentare <span class=\"_ _7\"> </span>avviamenti <span class=\"_ _7\"> </span>allocati, <span class=\"_ _16\"> </span>risulta <span class=\"_ _16\"> </span>inclusa <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>CGU <span class=\"_ _7\"> </span>IMI </div><div class=\"t m0 x0 h2 y5ee ff1 fs0 fc0 sc0 ls0 ws0\">Corporate <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Investment <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>king <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>peso <span class=\"_ _2\"></span>assolutamente <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>rginale <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>CGU <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento; <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>CGU </div><div class=\"t m0 x0 h2 y965 ff1 fs0 fc0 sc0 ls0 ws0\">IMI Corporate &amp; Investment Banking come sopra indicato, in sede di impairment test al 31 d<span class=\"_ _3\"></span>icembre 2022 \u00e8 emerso un valore </div><div class=\"t m0 x0 h2 y5f0 ff1 fs0 fc0 sc0 ls0 ws0\">recuperabile superio<span class=\"_ _0\"></span>re rispetto al relativo valore contabile. </div><div class=\"t m0 x0 h4c y187 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yaeb ff3 fs0 fc2 sc0 ls0 ws0\">Verifica dei risultati d<span class=\"_ _0\"></span>ell\u2019impairment test <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ttraverso una meto<span class=\"_ _0\"></span>dologia di calcolo alt<span class=\"_ _0\"></span>ernativa <span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h32 y5f2 ff4 fs0 fc0 sc0 ls0 ws0\">Poich\u00e9 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>amo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>attraverso <span class=\"_ _5\"></span>l\u2019attualizzazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>flussi </div><div class=\"t m0 x0 h2 ybee ff1 fs0 fc0 sc0 ls0 ws0\">finanziari di<span class=\"ff4\">s<span class=\"_ _3\"></span>tribuibili, intendendo per <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>finanziari futuri <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>stima s<span class=\"_ _3\"></span>aranno generati <span class=\"_ _3\"></span>dall\u2019area <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness (le <span class=\"_ _3\"></span>singole </span></div><div class=\"t m0 x0 h2 y323 ff1 fs0 fc0 sc0 ls0 ws0\">CGU) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eve <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>mantenuta <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>preservare <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>requisiti <span class=\"_ _6\"></span>regolamentari <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y966 ff1 fs0 fc0 sc0 ls0 ws0\">vigilanza, <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>stata <span class=\"_ _1d\"> </span>verificata <span class=\"_ _1d\"> </span>la  recuperabilit\u00e0 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valore <span class=\"_ _1d\"> </span>contabile <span class=\"_ _1d\"> </span>degli  avviamenti <span class=\"_ _1d\"> </span>allocati <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>CGU <span class=\"_ _1d\"> </span>anche  at<span class=\"_ _3\"></span>travers<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y5f4 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019attualizzazione dei <span class=\"_ _3\"></span>suddetti flussi <span class=\"_ _3\"></span>finanziari secondo <span class=\"_ _3\"></span>il modello <span class=\"_ _3\"></span>Dividend Discounted <span class=\"_ _3\"></span>Model (DDM) <span class=\"_ _3\"></span>nella versione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>excess<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y775 ff1 fs0 fc0 sc0 ls0 ws0\">capital. </div><div class=\"t m0 x0 h2 y5f6 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>requisiti <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di v<span class=\"_ _3\"></span>igilanza, \u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tato u<span class=\"_ _3\"></span>tilizzato un <span class=\"_ _2\"></span>Common <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>Tier <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>ratio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>10,25% <span class=\"_ _3\"></span>cos\u00ec <span class=\"_ _3\"></span>come </div><div class=\"t m0 x0 h2 y967 ff1 fs0 fc0 sc0 ls0 ws0\">risultante <span class=\"_ _4\"> </span>dal <span class=\"_ _16\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _7\"> </span>Framework <span class=\"_ _7\"> </span>(RAF) <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>significativamente <span class=\"_ _4\"> </span>superiore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _7\"> </span>(8,91%) </div><div class=\"t m0 x0 h2 y5f7 ff1 fs0 fc0 sc0 ls0 ws0\">comunicato dalla <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito d<span class=\"_ _3\"></span>egli esiti <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Supervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluatio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>Process <span class=\"_ _3\"></span>(SREP<span class=\"_ _0\"></span>). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>CGU Insurance <span class=\"_ _3\"></span>si </div><div class=\"t m0 x0 h2 y5f8 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 inoltre tenuto conto d<span class=\"_ _0\"></span>i un Solvency Rat<span class=\"_ _0\"></span>io pari al 170%, c<span class=\"_ _0\"></span>os\u00ec come risultante dal R<span class=\"_ _0\"></span>AF menzionato in pre<span class=\"_ _0\"></span>cedenza.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yd12 ff1 fs0 fc0 sc0 ls0 ws0\">Integrando, <span class=\"_ _4\"> </span>quindi, <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>flussi <span class=\"_ _4\"> </span>finanziari <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>ttesi <span class=\"_ _4\"></span>determinati <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>illustrato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>precedenza <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _7\"> </span>conto <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>aumento <span class=\"_ _4\"></span>delle<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y968 ff1 fs0 fc0 sc0 ls0 ws0\">eccedenze <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>suddetti <span class=\"_ _4\"> </span>limiti <span class=\"_ _4\"> </span>minimi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>capitale, <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>reddito <span class=\"_ _4\"> </span>necessarie <span class=\"_ _4\"></span>per </div><div class=\"t m0 x0 h2 y87c ff1 fs0 fc0 sc0 ls0 ws0\">coprire <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fabbisogni <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>dinamica <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescente <span class=\"_ _4\"> </span>stimata <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>ponderate <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _4\"></span>ottenuti <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>flussi </div><div class=\"t m0 x0 h2 y8d0 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari distribuibili. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>flussi, <span class=\"_ _3\"></span>stimati <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ogni <span class=\"_ _3\"></span>CGU, sono <span class=\"_ _2\"></span>stati a<span class=\"_ _3\"></span>ttualizzati applicando <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>medesimi <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attuali<span class=\"_ _5\"></span>zzazion<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y87d ff4 fs0 fc0 sc0 ls0 ws0\">e tassi di crescita \u201cg\u201d u<span class=\"_ _0\"></span>tilizzati nell\u2019a<span class=\"ff1\">pplicazione del metodo Di<span class=\"_ _0\"></span>scounted Cash Flow (DCF<span class=\"_ _0\"></span>). </span></div><div class=\"t m0 x0 h2 y96a ff1 fs0 fc0 sc0 ls0 ws0\">I risultati di questa m<span class=\"_ _0\"></span>etodologia hanno c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nfermato le risult<span class=\"_ _0\"></span>anze emerse in bas<span class=\"_ _0\"></span>e al calcolo effettuat<span class=\"_ _0\"></span>o con il metodo del DC<span class=\"_ _0\"></span>F.<span class=\"_ _2\"></span><span class=\"ff2 fc2\"> </span></div><div class=\"t m0 x0 h4c y87f ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y96b ff3 fs0 fc2 sc0 ls0 ws0\">Raccordo tra gli esiti<span class=\"_ _0\"></span> dell\u2019impairment t<span class=\"_ _0\"></span>est e le valutazioni esp<span class=\"_ _0\"></span>resse dal merca<span class=\"_ _3\"></span><span class=\"ff2 lsd\">to<span class=\"ls0\"> </span></span></div><div class=\"t m0 x0 h2 y881 ff1 fs0 fc0 sc0 ls0 ws0\">La quotazione del titolo <span class=\"_ _3\"></span>Intesa Sanpaolo, nel corso 2022, ha <span class=\"_ _3\"></span>subito un decremento (<span class=\"_ _2\"></span>-8,6%) r<span class=\"_ _3\"></span>ispetto ai valori di ch<span class=\"_ _3\"></span>iusura di fine </div><div class=\"t m0 x0 h2 yd15 ff4 fs0 fc0 sc0 ls0 ws0\">2021, <span class=\"_ _7\"> </span>sottoperformando <span class=\"_ _4\"> </span>l\u2019andamento <span class=\"_ _7\"> </span>registrato <span class=\"_ _7\"> </span>dall\u2019indice <span class=\"_ _7\"> </span>settoriale <span class=\"_ _7\"> </span>italiano <span class=\"_ _4\"> </span>(FTSE <span class=\"_ _7\"> </span>It<span class=\"_ _3\"></span>alia <span class=\"_ _7\"> </span>All<span class=\"_ _2\"></span><span class=\"ff1\">-Share <span class=\"_ _7\"> </span>Banks, <span class=\"_ _7\"> </span>-4<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>circa) <span class=\"_ _7\"> </span>ma<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y9d1 ff1 fs0 fc0 sc0 ls14 ws0\">so<span class=\"ls0\">vraperforma<span class=\"_ _0\"></span>ndo il principale i<span class=\"_ _0\"></span>ndice di riferiment<span class=\"_ _0\"></span>o della Borsa Italiana (FT<span class=\"_ _0\"></span>SE MIB Index, <span class=\"_ _3\"></span>-13,4% circa). </span></div><div class=\"t m0 x0 h2 yd17 ff4 fs0 fc0 sc0 ls0 ws0\">In par<span class=\"_ _3\"></span>ticolare, dopo una p<span class=\"_ _3\"></span>rima fase dell<span class=\"_ _3\"></span>\u2019anno particolarmente difficile, a <span class=\"_ _3\"></span>seguito dell\u2019esplosione del conflitto <span class=\"_ _3\"></span>militare tra<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Russia </span></div><div class=\"t m0 x0 h2 ydac ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _5\"></span>Ucraina<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>seguente <span class=\"_ _2\"></span>deterioramento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>macroeconomico, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>corsi <span class=\"_ _5\"></span>azionari <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>subito <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>notevole<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 yd18 ff4 fs0 fc0 sc0 ls0 ws0\">rallentamento, <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>dell\u2019anno <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>assistito <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>recupero <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>qu<span class=\"_ _0\"></span>otazione, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>percorso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 ydfa ff1 fs0 fc0 sc0 ls0 ws0\">crescita, <span class=\"_ _6\"></span>particolarmente <span class=\"_ _5\"></span>evident<span class=\"_ _3\"></span><span class=\"ff4\">e <span class=\"_ _6\"></span>nell\u2019ultimo <span class=\"_ _6\"> </span>trimestre <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>ha <span class=\"_ _4\"> </span>portato <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>un <span class=\"_ _6\"> </span>valore <span class=\"_ _6\"></span>prossimo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>2,08 <span class=\"_ _4\"> </span>euro <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fine </span></div><div class=\"t m0 x0 h2 y13a0 ff1 fs0 fc0 sc0 ls0 ws0\">dicembre  2<span class=\"_ _0\"></span>022.  Si <span class=\"_ _16\"> </span>segnala <span class=\"_ _16\"> </span>che,  nel  cors<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  della <span class=\"_ _16\"> </span>prima  parte<span class=\"_ _0\"></span>  del  2<span class=\"_ _0\"></span>023,  il <span class=\"_ _16\"> </span>titolo  In<span class=\"_ _0\"></span>tesa  Sanpa<span class=\"_ _0\"></span>olo  ha <span class=\"_ _16\"> </span>subito  un <span class=\"_ _16\"> </span>ulteriore<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y302 ff1 fs0 fc0 sc0 ls0 ws0\">apprezzamento, con <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>quotazione, a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>febbra<span class=\"_ _3\"></span>io, <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>2,5 <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>p.a. <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>capitalizzazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>borsa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>47<span class=\"_ _2\"></span> miliardi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yb9b ff1 fs0 fc0 sc0 ls0 ws0\">(con un multiplo P/BV <span class=\"_ _0\"></span>di circa 0,7x). </div><div class=\"t m0 x0 h2 y13a1 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>analisti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>isto <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>ribas<span class=\"_ _2\"></span><span class=\"ls1f\">so </span></div><div class=\"t m0 x0 h2 yb9d ff1 fs0 fc0 sc0 ls0 ws0\">dei target price rispetto ai valori <span class=\"_ _0\"></span>del 2021, con un andamento s<span class=\"_ _35\"></span>ostanzialmente in linea con la discesa delle qu<span class=\"_ _0\"></span>otazioni del titolo </div></div>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nella <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2023, <span class=\"_ _2\"></span>soprattutto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>comunicazione <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>targe<span class=\"_ _5\"></span><span class=\"ls12\">t </span>price sono stati tendenzi<span class=\"_ _0\"></span>almente rivisti a ri<span class=\"_ _0\"></span>alzo con un valore me<span class=\"_ _0\"></span>dio di 2,85 euro p.a. Gli <span class=\"_ _3\"></span>analisti <span class=\"_ _3\"></span>sottolineano, tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>punti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>forza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>solidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>brand <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>management altamente <span class=\"_ _3\"></span>qualifica<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>e apprezzato <span class=\"_ _4\"></span>dal <span class=\"_ _4\"></span>mercato. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _7\"> </span>ritengono <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>po<span class=\"_ _3\"></span>tr\u00e0 <span class=\"_ _4\"></span>beneficiare <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>incrementi <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>margine <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, considerando <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>mediamente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>italiane <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>sensitivity <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ositiva <span class=\"_ _3\"></span>all\u2019incremento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>Euribor. <span class=\"_ _3\"></span>Intesa Sanpaolo  \u00e8  inoltre  in  grado  di  generare  una  redditivit\u00e0  tra  le  pi\u00f9  elevate  in  Italia <span class=\"_ _1d\"> </span>-  beneficiando  anche  di  un'elevat<span class=\"_ _35\"></span>a esposizione <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risparmio <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>continua <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>mantenere <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>forte <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>patrimoniale. Inoltre, <span class=\"_ _2\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotto <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>strategia <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>grande <span class=\"_ _2\"></span>successo <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>affrontare, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>maggiore <span class=\"_ _5\"></span>tranquillit\u00e0, <span class=\"_ _2\"></span>un eventuale <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>eterioramento <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"> </span>macroeconomico. <span class=\"_ _6\"></span>Di <span class=\"_ _4\"></span>contro, <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>potrebbero<span class=\"_ _0\"></span> emergere <span class=\"_ _5\"></span>particolari <span class=\"_ _6\"></span>criticit\u00e0, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>analisti <span class=\"_ _6\"></span>ribadiscono <span class=\"_ _5\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">consueto <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>instabilit\u00e0 <span class=\"_ _5\"></span>politica <span class=\"_ _6\"></span>interna <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>l\u2019Italia, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>possibili<span class=\"_ _0\"></span> </span>conseguenze <span class=\"_ _3\"></span>sullo <span class=\"_ _2\"></span>spread <span class=\"_ _2\"></span>BTP-Bund, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>eventuali <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>gestite <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>dovessero <span class=\"_ _2\"></span>riemergere <span class=\"_ _3\"></span>tensioni <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui<span class=\"_ _0\"></span> mercati finanziari. In <span class=\"_ _1d\"> </span>ogni <span class=\"_ _1d\"> </span>caso, <span class=\"_ _1d\"> </span>occorre  r<span class=\"_ _3\"></span>imarcare  che <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>espresse  d<span class=\"_ _3\"></span>agli <span class=\"_ _1d\"> </span>analisti <span class=\"_ _1d\"> </span>finanziari<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>presentano <span class=\"_ _1d\"> </span>caratteristiche  che <span class=\"_ _1d\"> </span>le differenziano <span class=\"_ _16\"> </span>da  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>a  v<span class=\"_ _0\"></span>alutazione <span class=\"_ _16\"> </span>\u201cfondamentale\u201d <span class=\"_ _16\"> </span>rappresenta<span class=\"_ _0\"></span>ta  d<span class=\"_ _0\"></span>al  V<span class=\"_ _0\"></span>alore <span class=\"_ _16\"> </span>d\u2019Uso.  Su<span class=\"_ _0\"></span>  tali <span class=\"_ _7\"> </span>valutazioni  si <span class=\"_ _7\"> </span>possono  fare <span class=\"_ _16\"> </span>le seguenti osservazio<span class=\"_ _0\"></span>ni: - <span class=\"_ _42\"> </span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>prospettici <span class=\"_ _6\"></span>previsti <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>analisti <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>estendono <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _5\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2025, <span class=\"_ _4\"></span>risultand<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>sostanzialmente<span class=\"_ _0\"></span> allineati <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _7\"> </span>superiori <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>time <span class=\"_ _7\"> </span>interne <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>management, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>utilizzate <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini dell\u2019impairment test <span class=\"_ _0\"></span>coprono un arco temp<span class=\"ff1\">orale quinquenn<span class=\"_ _0\"></span>ale che si estende fino <span class=\"_ _0\"></span>al 2027; </span>- <span class=\"_ _42\"> </span>il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>(nei <span class=\"_ _2\"></span>casi, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>particolarmente <span class=\"_ _3\"></span>frequenti, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>questo <span class=\"_ _2\"></span>parametro <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>esplicitato <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte<span class=\"_ _2\"></span> degli <span class=\"_ _5\"></span>analisti) <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>spesso <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo; <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, utilizzato <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019attualizzazione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>flusso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Ter<span class=\"_ _3\"></span>minal <span class=\"_ _7\"> </span>Value, <span class=\"_ _4\"> </span>risulta <span class=\"_ _16\"> </span>marginalmente <span class=\"_ _4\"> </span>inferiore <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>medio risultante dai <span class=\"_ _3\"></span>report <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>analisti. <span class=\"_ _3\"></span>Questi ultimi <span class=\"_ _3\"></span>tendono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>utilizzare <span class=\"_ _3\"></span>tassi di <span class=\"_ _3\"></span>sconto <span class=\"_ _3\"></span>impl<span class=\"_ _2\"></span>iciti <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>orsa che <span class=\"_ _2\"></span>quindi<span class=\"_ _0\"></span> risultano mediamente <span class=\"_ _0\"></span>pi\u00f9 alti in quanto i<span class=\"_ _0\"></span>nfluenzati dalle quota<span class=\"_ _0\"></span>zioni correnti;<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _3\"></span>imilmente a <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>osservato per <span class=\"_ _3\"></span>l\u2019impairment <span class=\"_ _3\"></span>test del <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2021, s<span class=\"_ _3\"></span>otto il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>metodologico <span class=\"_ _3\"></span>sono spesso <span class=\"_ _3\"></span>utilizzati </span>multipli (in termini di <span class=\"_ _3\"></span>P/E o di ROE) applicati a quotazioni di mercato attuali o alla redditivit\u00e0 attesa per gli <span class=\"_ _3\"></span>prossimi 2023<span class=\"_ _0\"></span> o 2024; si tratta, quindi<span class=\"_ _0\"></span>, di metodologie c<span class=\"_ _0\"></span>he forniscono un Fair Va<span class=\"_ _0\"></span>lue, piuttosto c<span class=\"_ _0\"></span>he un Valore d\u2019Us<span class=\"_ _0\"></span>o di lungo periodo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con riferimento agli ob<span class=\"_ _3\"></span>iettivi di <span class=\"_ _3\"></span>tali valutazioni, occorre evidenziare che <span class=\"_ _3\"></span>esse sono <span class=\"_ _3\"></span>destinate agli investitori finanziari e <span class=\"_ _3\"></span>dunque<span class=\"_ _0\"></span> con una prospettiva di definizione di prezzi e di valori di breve periodo. Tali valutazioni rappresentano il valore potenzial<span class=\"_ _2\"></span>mente ottenibile <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Borsa <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limitati <span class=\"_ _5\"></span>quantitativ<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>dismissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>minoranza <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>sono strettamente ancorate <span class=\"_ _0\"></span>ai prezzi ed alle c<span class=\"_ _0\"></span>ondizioni di mercato c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrenti.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>sintesi, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>isultanti <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>analisti, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riflette <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>differenza <span class=\"_ _6\"></span>metodologica <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>Fair Value e Valore d\u2019Us<span class=\"_ _0\"></span>o, pu\u00f2 essere spiegata, c<span class=\"_ _0\"></span>on i seguenti fattori:<span class=\"ff1\"> </span>- <span class=\"_ _34\"> </span>differenza <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>nit <span class=\"_ _2\"></span>of <span class=\"_ _5\"></span>valuations: <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>detto, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>dagli <span class=\"_ _5\"></span>analisti <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>singol<span class=\"_ _5\"></span><span class=\"lsc\">a </span>azione a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>differenza del <span class=\"_ _3\"></span>Valore <span class=\"_ _3\"></span>d\u2019Uso c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valorizza l\u2019intero <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca. Tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>incide <span class=\"_ _3\"></span>dunque <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>premio<span class=\"_ _0\"></span> per il controllo, asse<span class=\"_ _0\"></span>nte nel primo caso, <span class=\"_ _0\"></span>che la dottrina valori<span class=\"_ _0\"></span>zza generalmente in u<span class=\"_ _0\"></span>n range compreso<span class=\"_ _0\"></span> tra il 15% e il 25%.<span class=\"_ _3\"></span> - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente <span class=\"_ _6\"></span>orizzonte <span class=\"_ _6\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>preso <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>considerazione <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>mercato:<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>estensione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>stime circa i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>flussi finanziari, c<span class=\"_ _3\"></span>ome detto, <span class=\"_ _3\"></span>impatta considerevolmente sulla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>valorizzazione del <span class=\"_ _3\"></span>Gruppo; considerando l\u2019orizzonte temporale<span class=\"ff1\"> preso a riferimento dagli analisti, che in genere copre un periodo di 3 anni, e deducendo il premio di<span class=\"_ _0\"></span> </span>controllo, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>recuperabile <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>risulterebbe <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>azione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>quanto espresso dagli analisti <span class=\"_ _0\"></span>come target price; - <span class=\"_ _42\"> </span>d<span class=\"_ _3\"></span>ifferente valore del c<span class=\"_ _0\"></span>osto del capitale che, nelle stim<span class=\"_ _0\"></span>e degli analisti, esse<span class=\"_ _0\"></span>ndo derivato dalle quotazioni di b<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rsa, fattori<span class=\"_ _2\"></span><span class=\"ls1f\">zza </span>elementi esogeni alla<span class=\"_ _0\"></span> capacit\u00e0 del Gru<span class=\"_ _0\"></span>ppo di produrre utili <span class=\"_ _0\"></span>al fine di remunerare i <span class=\"_ _0\"></span>propri azionisti.<span class=\"_ _3\"></span> In <span class=\"_ _7\"> </span>conclusi<span class=\"ff4\">one, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>ritiene <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>test<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>mpairment <span class=\"_ _4\"> </span>debbano <span class=\"_ _7\"> </span>essere <span class=\"_ _16\"> </span>svolti <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>consapevolezza <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>situazione </span>economica, <span class=\"_ _5\"></span>penalizzata <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contesto <span class=\"_ _6\"></span>geopolitico, <span class=\"_ _5\"></span>incide <span class=\"_ _6\"></span>sui <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>operative <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>io periodo, senza intaccare <span class=\"_ _3\"></span>in alcun modo le <span class=\"_ _3\"></span>primarie fonti di <span class=\"_ _3\"></span>generazione di reddito, peraltro positivamente influenzate dal trend crescente <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>interesse, <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>vantaggi <span class=\"_ _6\"></span>competitivi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>dispone, <span class=\"_ _4\"> </span>come <span class=\"_ _6\"></span>peraltro <span class=\"_ _4\"></span>hanno dimostrato sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>degli ultimi <span class=\"_ _3\"></span>anni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il costante <span class=\"_ _3\"></span>raggiungimento degli <span class=\"_ _3\"></span>obiettivi previsionali, che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>dinamiche <span class=\"_ _3\"></span>redditual<span class=\"_ _35\"></span>i dell\u2019esercizio 2022.<span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>proposito <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>ultimi <span class=\"_ _5\"></span>esercizi <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>posto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ami <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _5\"></span><span class=\"ls19\">i </span>partecipazioni <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _7\"> </span>fatto <span class=\"_ _7\"> </span>emergere <span class=\"_ _7\"> </span>rilevanti <span class=\"_ _16\"> </span>proventi <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>realizzo <span class=\"_ _7\"> </span>(es. <span class=\"_ _7\"> </span>Setefi, <span class=\"_ _16\"> </span>Allfunds <span class=\"_ _4\"> </span>Bank, <span class=\"_ _16\"> </span>Intrum, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>business <span class=\"_ _7\"> </span>del merchant  a<span class=\"_ _0\"></span>cquiring,  l<span class=\"_ _0\"></span>e  attivit\u00e0 <span class=\"_ _16\"> </span>di  Fund <span class=\"_ _16\"> </span>Administration  in<span class=\"_ _0\"></span>  Lus<span class=\"_ _0\"></span>semburgo,  il <span class=\"_ _16\"> </span>business <span class=\"_ _16\"> </span>della  formazione), <span class=\"_ _16\"> </span>a  conferm<span class=\"_ _0\"></span>a  dell<span class=\"_ _35\"></span>a presenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>plusvalori <span class=\"_ _5\"></span>latenti <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>recepiti <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>ma <span class=\"_ _6\"></span>riconosciuti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>transazioni <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzate <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>terzi. Inoltre, il <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di business <span class=\"_ _3\"></span>resiliente e <span class=\"_ _3\"></span>ben <span class=\"_ _3\"></span>diversificato, con <span class=\"_ _3\"></span>focus sulle <span class=\"_ _3\"></span>fabbriche prodotto <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>cui si <span class=\"_ _3\"></span>concentra b<span class=\"_ _3\"></span>uona <span class=\"_ _5\"></span>parte del <span class=\"_ _6\"></span>differenziale <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>contabili, <span class=\"_ _6\"></span>garantisce <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>primarie <span class=\"_ _6\"></span>fonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>reddito <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>condizioni <span class=\"_ _6\"></span>avverse <span class=\"_ _6\"></span>con riferimento allo sc<span class=\"_ _0\"></span>enario prettamente bancari<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. Peraltro, nello svil<span class=\"_ _0\"></span>uppo del modello <span class=\"_ _0\"></span>valutativo utilizzati ai fi<span class=\"_ _0\"></span>ni dell\u2019impairment <span class=\"_ _0\"></span>test <span class=\"_ _2\"></span><span class=\"ff1\">sono state adottate l<span class=\"_ _0\"></span>e seguenti cautele:  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i flussi previsionali incl<span class=\"_ _0\"></span>udono gli effetti finan<span class=\"_ _0\"></span>ziari dei servizi resi dal Centro di G<span class=\"_ _0\"></span>overno; inoltre, i consuntivi d<span class=\"_ _0\"></span>egli ul<span class=\"_ _5\"></span>timi anni </span>sono stati sostanzialm<span class=\"_ _0\"></span>ente allineati ai dati p<span class=\"_ _0\"></span>revisionali; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>determinato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>analitico, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _2\"></span>desunti <span class=\"_ _3\"></span>dai<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>CGU, <span class=\"_ _2\"></span>in </span>funzione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>diversa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rispettivi <span class=\"_ _4\"> </span>business, <span class=\"_ _4\"> </span>considerando <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>anch\u2019esso <span class=\"_ _4\"> </span>analitico <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>diversi <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di rischio. Si <span class=\"_ _6\"></span>segnala, <span class=\"_ _4\"> </span>infine, <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>parametri <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>utilizzati <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>recuperabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>valori <span class=\"_ _6\"></span>intangibili <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>vita indefinita  sono  s<span class=\"_ _3\"></span>ignificativame<span class=\"_ _0\"></span>nte  influenzati  dal <span class=\"_ _1d\"> </span>quadro  macroeconomico <span class=\"_ _1d\"> </span>e  dalle  dinamiche  d<span class=\"_ _3\"></span>ei  mercati <span class=\"_ _1d\"> </span>finanziari  che potrebbero <span class=\"_ _1c\"> </span>registrare <span class=\"_ _1c\"> </span>mutamenti <span class=\"_ _1c\"> </span>ad <span class=\"_ _1c\"> </span>oggi <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>prevedibili. <span class=\"_ _18\"> </span>Qua<span class=\"_ _3\"></span>lora <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>quadro <span class=\"_ _1c\"> </span>macroecon<span class=\"_ _0\"></span>omico <span class=\"_ _1c\"> </span>mostrasse <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>futuro peggioramenti <span class=\"_ _7\"> </span>rispetto <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>ipotizzato <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>i\u00f2 <span class=\"_ _7\"> </span>avrebbe <span class=\"_ _16\"> </span>effetti <span class=\"_ _7\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>dei <span class=\"_ _16\"> </span>flussi <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _7\"> </span>CGU <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sulle principali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>potrebbero <span class=\"_ _3\"></span>ovv<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>mente c<span class=\"_ _3\"></span>ondurre <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prossimi <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quelli prospettati ai fini <span class=\"_ _3\"></span>del Bilancio al 31<span class=\"_ _3\"></span> dicembre 2022. Va <span class=\"_ _3\"></span>tuttavia osservato che le d<span class=\"_ _3\"></span>ivisioni operative che presentano signifi<span class=\"_ _5\"></span>cativi valori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>avviamento <span class=\"_ _6\"></span>(Insurance, <span class=\"_ _6\"></span>Asset <span class=\"_ _6\"></span>Mana<span class=\"_ _3\"></span>gement <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Private <span class=\"_ _6\"></span>Banking) <span class=\"_ _6\"></span>hanno <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>sempre, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>aspetta <span class=\"_ _4\"></span>avranno <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in futuro, redditivit\u00e0 t<span class=\"_ _0\"></span>ali da giustificare <span class=\"_ _0\"></span>ampiamente i valori <span class=\"_ _0\"></span>di avviamento iscritti.  Le analisi di sensitivi<span class=\"_ _0\"></span>t\u00e0 Poich\u00e9 <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Valore <span class=\"_ _4\"> </span>d\u2019Uso <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>iene <span class=\"_ _4\"> </span>determinato <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _6\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff1\">stime <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>assunzioni <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>possono <span class=\"_ _4\"> </span>presentare <span class=\"_ _4\"></span>elementi <span class=\"_ _6\"></span>di </span>incertezza, <span class=\"_ _16\"> </span>sono  state <span class=\"_ _16\"> </span>svolte, <span class=\"_ _16\"> </span>come  r<span class=\"_ _0\"></span>ichiesto <span class=\"_ _16\"> </span>dai  principi <span class=\"_ _7\"> </span>IAS/IFRS,  delle <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>di  sensitivit\u00e0 <span class=\"_ _16\"> </span>finalizzate <span class=\"_ _16\"> </span>a  ver<span class=\"_ _0\"></span>ificare <span class=\"_ _16\"> </span>la<span class=\"_ _5\"></span> sensibilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>risultati <span class=\"_ _6\"></span>ottenuti <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>variare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>taluni <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ipotesi<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>fondo, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>metodo <span class=\"_ _4\"></span>DCF. <span class=\"_ _6\"></span>Tali <span class=\"_ _6\"></span>analisi risultano  importanti  in  questo <span class=\"_ _16\"> </span>contesto  previsionale  caratterizzato  da  un  signific<span class=\"_ _0\"></span>ativo  grado  incertezza;  in  proposito,  la<span class=\"_ _35\"></span> considerazione di s<span class=\"_ _3\"></span>cenari alternativi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>stress nel<span class=\"_ _3\"></span>le principali<span class=\"_ _2\"></span> v<span class=\"_ _3\"></span>ariabili valutative e <span class=\"_ _3\"></span>macroeconomiche consente <span class=\"_ _3\"></span>di apprezzare gli impatti <span class=\"_ _0\"></span>sugli esiti dell\u2019impa<span class=\"_ _0\"></span>irment test legati <span class=\"_ _0\"></span>allo scenario prevision<span class=\"_ _0\"></span>ale di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>CGU <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>presentano <span class=\"_ _3\"></span>valori <span class=\"_ _2\"></span>residui <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>verificato <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>Valore <span class=\"_ _3\"></span>d\u2019<span class=\"_ _2\"></span><span class=\"ff1\">Uso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variazione <span class=\"_ _3\"></span>sino <span class=\"_ _2\"></span>a </span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>aumento per <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attualizzazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del Ter<span class=\"_ _3\"></span>minal <span class=\"_ _3\"></span>Value. Inoltre,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>sono state condotte <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>variazione del <span class=\"_ _3\"></span>Valore d\u2019<span class=\"_ _3\"></span>Uso conseguente ad <span class=\"_ _3\"></span>una variazione <span class=\"_ _3\"></span>in senso <span class=\"_ _3\"></span>peg<span class=\"_ _2\"></span><span class=\"ff1\">giorativo dei <span class=\"_ _3\"></span>flussi finanziari </span>utilizzati ai fini del Te<span class=\"_ _0\"></span>rminal Value. Per nes<span class=\"_ _0\"></span>suna delle CGU ogg<span class=\"_ _0\"></span>etto di verifica emergere<span class=\"_ _0\"></span>bbero casistiche di im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>airment nei c<span class=\"_ _2\"></span>asi analizzati a<span class=\"_ _3\"></span>nche in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>50 <span class=\"_ _3\"></span>bps <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tass<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>ttualizzazione e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>diminuzione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>pari e<span class=\"_ _3\"></span>ntit\u00e0 del tasso <span class=\"_ _4\"></span>g <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>flusso <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Terminal <span class=\"_ _6\"></span>Value. <span class=\"_ _4\"> </span>Nella <span class=\"_ _6\"></span>tabella <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>segue <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riportata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sensitivity <span class=\"_ _6\"></span>(in termini <span class=\"_ _2\"></span>percentuali) <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Valore <span class=\"_ _2\"></span>d\u2019Uso <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>residuano <span class=\"_ _2\"></span>avviamenti, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>g\u201d <span class=\"_ _3\"></span>o del <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>attualizzazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _5\"></span>-/+ <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>bps, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>diminuzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>10% <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanziari utilizzati ai fini d<span class=\"_ _0\"></span>el Terminal Value.<span class=\"ff2 fc2\"> </span>              <span class=\"_ _0\"></span>          Sensi<span class=\"_ _0\"></span>tivity VARIAZIO<span class=\"_ _0\"></span>NE VALOR<span class=\"_ _0\"></span>E D'USO<span class=\"_ _0\"></span>              CG<span class=\"_ _0\"></span>U tasso di  crescita \"<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>\"  - 10 bps  <span class=\"_ _0\"></span> tasso di  attualizzaz<span class=\"_ _0\"></span>ione + 10 bps   flusso del<span class=\"_ _0\"></span> Terminal v<span class=\"_ _0\"></span>alue - <span class=\"ls25\">10%</span> IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking -0,82% -1,09% -8,49% Insurance<span class=\"_ _35\"></span> -0,78% -1,05% -6,44% Asset Manage<span class=\"_ _35\"></span>ment -0,80% -1,07% -6,50% Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing -0,80% -1,07% -6,52% In <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riportato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>precedente, <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Ke <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>incremento) <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>(in <span class=\"_ _5\"></span>riduzione) <span class=\"_ _2\"></span>contenute <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>1<span class=\"_ _5\"></span><span class=\"lsc\">0 </span>bps <span class=\"_ _5\"></span><span class=\"ff4\">comporterebbero <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>generale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Valori <span class=\"_ _5\"></span>d\u2019Uso <span class=\"_ _5\"></span>ricompreso <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,78% <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u20191,09%. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>il </span>flusso <span class=\"_ _6\"></span>finanziario <span class=\"_ _6\"></span>considerato <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Terminal <span class=\"_ _6\"></span>Value, <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ecremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>10% <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mportere<span class=\"_ _0\"></span>bbe <span class=\"_ _6\"></span>riduzioni <span class=\"_ _6\"></span>dei Valori d\u2019Uso r<span class=\"_ _3\"></span>icomp<span class=\"ff1\">rese tra il 6<span class=\"_ _3\"></span>,50% e 8,49%. I<span class=\"_ _3\"></span>n ogni caso, <span class=\"_ _3\"></span>per nessuna <span class=\"_ _3\"></span>CGU emergerebbero problematiche di impairment in </span>corrispondenza di tale <span class=\"_ _0\"></span>sensitivity. Sempre in <span class=\"_ _3\"></span>un\u2019ottica di <span class=\"_ _3\"></span>stress <span class=\"_ _3\"></span>test sono <span class=\"_ _3\"></span>state eseguite analisi <span class=\"_ _3\"></span>volte a<span class=\"_ _3\"></span>d evidenziare <span class=\"_ _3\"></span>i valori <span class=\"_ _3\"></span>limite dei <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">put, <span class=\"_ _3\"></span>oltre <span class=\"_ _3\"></span>i quali </span>l\u2019impairment tes<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>richiederebbe di <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>impairment; <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>proposito <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>riportano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1\">ssi </span>di crescita \u201cg\u201d ed i tassi di attualizzazione per ciascu<span class=\"_ _0\"></span>na CGU che porterebbero, a parit\u00e0 di fl<span class=\"_ _0\"></span>ussi da attua<span class=\"_ _2\"></span>lizzare, a Valori d\u2019Uso allineati ai valori di<span class=\"_ _0\"></span> iscrizione in bilan<span class=\"_ _0\"></span>cio.<span class=\"_ _3\"></span>                         Sens<span class=\"_ _3\"></span>itivity Tasso di  crescita \"g\"<span class=\"_ _3\"></span> Differenza rispetto al tasso \"g\" utilizzato Tasso di attualizzazione <span class=\"_ _3\"></span>del TV Differenza rispet<span class=\"_ _3\"></span>to al tasso di attualizzazione <span class=\"_ _3\"></span> del TV utilizzato<span class=\"_ _3\"></span>              CGU IMI Corporate &amp; I<span class=\"_ _3\"></span>nvestment Banking<span class=\"_ _3\"></span> 0,10% -198 bps 12,70% 152 bps Insurance -3,80% -583 bps 15,16% 428 bps Asset Managemen<span class=\"_ _3\"></span>t -17,80% -1.984 bps 23,62% 1.289 bps Private Banking<span class=\"_ _3\"></span> -54,50% -5.658 bps 45,27% 3.452 bps Come evidente dai dati cont<span class=\"_ _0\"></span>enuti nella tabella, i Valori d\u2019Us<span class=\"_ _0\"></span>o delle CGU si ridurreb<span class=\"_ _0\"></span>bero fino ai valori contabili, c<span class=\"_ _0\"></span>on conseg<span class=\"_ _2\"></span><span class=\"ff1\">uenti </span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment, <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corrispondenza <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>significativi <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ggioramenti dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttualizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>(Ke<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ta<span class=\"_ _5\"></span>ssi di crescita \u201cg\u201d. <span class=\"ff1\"> </span>Infine, nell\u2019ambito delle analis<span class=\"_ _0\"></span>i circa le possibili variazioni dei flussi finan<span class=\"_ _0\"></span>ziari delle CGU<span class=\"_ _2\"></span><span class=\"ff1\"> a fronte di scenari alternativi rispetto a </span>quello <span class=\"_ _4\"> </span>utilizzato <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>presente <span class=\"_ _4\"></span>impairment <span class=\"_ _4\"></span>test, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>considerato <span class=\"_ _16\"> </span><span class=\"ff4\">l\u2019impatto <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>flus</span>si <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>prospettici <span class=\"_ _4\"></span>derivante<span class=\"_ _0\"></span> dall\u2019applicazione <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"> </span>macroeconomico <span class=\"_ _4\"> </span>prospettivo <span class=\"_ _7\"> </span>alternativo, <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>quello <span class=\"_ _7\"> </span>\u201csfavorevole\u201d <span class=\"_ _4\"> </span>incorporato <span class=\"_ _7\"> </span>nei modelli <span class=\"_ _16\"> </span>di  Ex<span class=\"_ _0\"></span>pected  C<span class=\"_ _0\"></span>redit <span class=\"_ _16\"> </span>Loss <span class=\"_ _16\"> </span>utilizzati <span class=\"_ _16\"> </span>per  la <span class=\"_ _7\"> </span>valutazione <span class=\"_ _16\"> </span>dei  credit<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>ai  sensi <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.  Tale <span class=\"_ _1d\"> </span><span class=\"ff1\">scenario <span class=\"_ _16\"> </span>prevede <span class=\"_ _16\"> </span>un </span>generalizzato shock sull\u2019economia dell\u2019Eurozona, legato <span class=\"_ _3\"></span>principalmente ad un <span class=\"_ _3\"></span>aumento molto signif<span class=\"_ _3\"></span>icativo del prezzo d<span class=\"_ _3\"></span>el gas, con <span class=\"_ _2\"></span>l\u2019introduzi<span class=\"_ _0\"></span>one <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>\u2019inflazione. <span class=\"_ _3\"></span>Lo scenario <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>rappresentato <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>traduce <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>beneficeranno degli  accantonam<span class=\"_ _0\"></span>enti  effettuati <span class=\"_ _16\"> </span>nel  Bilancio  2022  a <span class=\"_ _16\"> </span>fronte  dell\u2019incertezz<span class=\"_ _0\"></span>a  sullo  scenari<span class=\"_ _0\"></span>o  prospettico <span class=\"_ _16\"> </span>e  della  cons<span class=\"_ _2\"></span><span class=\"ff1\">istente </span>riduzione dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>correlati <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>esposizioni verso <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>russe e <span class=\"_ _3\"></span>ucraine <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>di de<span class=\"_ _5\"></span>-risking <span class=\"_ _3\"></span>attivate <span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>gli accantonamenti effettu<span class=\"_ _0\"></span>ati <span class=\"ff4\">\u2013</span> <span class=\"ff4\">pari mediamente all\u201911% <span class=\"_ _0\"></span>lungo l\u2019orizzonte <span class=\"_ _0\"></span>previsionale, con im<span class=\"_ _0\"></span>patti distribuiti su t<span class=\"_ _0\"></span>utt<span class=\"_ _2\"></span><span class=\"ff1\">e le CGU.<span class=\"_ _90\"> </span></span></span>A <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>alle <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>analisi <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _16\"> </span>emerso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>flussi <span class=\"_ _7\"> </span>lungo <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019orizzonte <span class=\"_ _4\"> </span>previsionale <span class=\"_ _4\"> </span>2023<span class=\"_ _5\"></span><span class=\"ff1\">-2027, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>timata <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>funzione </span>dell\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _3\"></span>\u201csfavorevole\u201d, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>comporterebbe <span class=\"_ _2\"></span>problematiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>nessuna <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3\"></span>del Gruppo.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1045": {
   "value": "SEZIONE 11 <span class=\"ff6\">\u2013</span> LE ATTIVIT\u00c0 FISCALI E LE PASSIVIT\u00c0 FISCALI <span class=\"ff6\">\u2013</span> <span class=\"ff6\">VOCE 110 DELL\u2019ATTIVO E </span> VOCE 60 DEL PASSIVO 11.1 Attivit\u00e0 per impos<span class=\"_ _0\"></span>te anticipate: composi<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate, <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _4\"> </span>deducibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>14.753 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>12.941 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita d<span class=\"_ _3\"></span>el c<span class=\"_ _3\"></span>onto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1.812 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>rileva<span class=\"_ _5\"></span>te in <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>prime <span class=\"_ _5\"></span>attengono <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>portate <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>nuovo, <span class=\"_ _4\"> </span>alla <span class=\"_ _5\"></span>quota <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>compensata <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>benefici connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>oneri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ben<span class=\"_ _5\"></span>eficio riveniente <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>riallineamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fiscale <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>avviamenti, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>art. <span class=\"_ _3\"></span>15, <span class=\"_ _2\"></span>comma<span class=\"_ _0\"></span> 10, 10-bis e 10-ter del D.L. n. 185/<span class=\"_ _0\"></span>2008. Le attivit\u00e0 per imposte a<span class=\"_ _0\"></span>nticipate in contropartita d<span class=\"_ _0\"></span>el patrimonio netto atteng<span class=\"_ _0\"></span>ono quasi esclusivamente alla fiscalit\u00e0 <span class=\"_ _3\"></span>su riserve <span class=\"_ _3\"></span>da valutazione n<span class=\"_ _3\"></span>egative relative <span class=\"_ _3\"></span>ad at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate al <span class=\"_ _3\"></span>fair v<span class=\"_ _3\"></span>alue con <span class=\"_ _3\"></span>impatto sulla redditivit\u00e0 com<span class=\"_ _0\"></span>plessiva, alle copert<span class=\"_ _0\"></span>ure dei flussi finan<span class=\"_ _0\"></span>ziari ed alla rilevazio<span class=\"_ _0\"></span>ne di perdite attua<span class=\"_ _0\"></span>riali su fondi del pe<span class=\"_ _2\"></span>rsonale. 11.2 Passivit\u00e0 per impo<span class=\"_ _0\"></span>ste differite: compo<span class=\"_ _0\"></span>sizione Le <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>differite <span class=\"_ _2\"></span>ammontano a <span class=\"_ _2\"></span>2.009 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>contropartita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>1.634 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ltre a 375 milioni rilevati in c<span class=\"_ _0\"></span>ontropartita del patrimo<span class=\"_ _0\"></span>nio netto. 11.3 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate (in <span class=\"_ _0\"></span>contropartita del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>conto economico)    (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 Di cui: 31.12.2021 Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Import<span class=\"_ _0\"></span>o iniziale 14.287 13.739 537<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>15.771 2. Aume<span class=\"_ _0\"></span>nti 1.426 1.266 160<span class=\"ls0\"> </span>- 2.254 2.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> rilevate <span class=\"ff4\">nell\u2019e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio<span class=\"ff1\"> </span></span>1.233 1.107 126<span class=\"ls0\"> </span>- 1.442  a)  relati<span class=\"_ _0\"></span>ve a precede<span class=\"_ _0\"></span>nti eserci<span class=\"_ _0\"></span>zi  326<span class=\"ls0\"> </span>326<span class=\"ls0\"> </span>- - 25<span class=\"ls0\"> </span> <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  riprese di val<span class=\"_ _0\"></span>ore - - - - -  <span class=\"ls25\">d)</span>  altre 907<span class=\"ls0\"> </span>781<span class=\"ls0\"> </span>126<span class=\"ls0\"> </span>- 1.417 2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali 2 2 - - - 2.3 Altri au<span class=\"_ _0\"></span>menti 190<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>- 741<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale 1 1 - - 71<span class=\"ls0\"> </span>3. Dimin<span class=\"_ _0\"></span>uzioni -2.772 -2.655 -<span class=\"ls25\">116</span> -1 -3.738 3.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019eser<span class=\"_ _0\"></span>cizio<span class=\"ff1\"> </span>-1.519 -1.405 -<span class=\"ls25\">113</span> -1 -2.331  <span class=\"ls25\">a)</span>  <span class=\"ls2c\">rigiri</span> -1.401 -1.396 -4 -1 -2.087  <span class=\"ls25\">b)</span>  svaluta<span class=\"_ _0\"></span>zioni per sopra<span class=\"_ _35\"></span>vvenuta irrecup<span class=\"_ _0\"></span>erabilit\u00e0 - - - - -1  <span class=\"ls1f\">c)</span>  mutamento<span class=\"_ _0\"></span> di criteri c<span class=\"_ _0\"></span>ontabili  - - - - -  <span class=\"ls25\">d)</span>  altre -<span class=\"ls25\">118</span> -9 -<span class=\"ls25\">109</span> - -<span class=\"ls25\">243</span> 3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali -1 -1 - - - 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -1.252 -1.249 -3 - -1.407  <span class=\"ls25\">a)</span>  trasforma<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni in cr<span class=\"_ _0\"></span>editi d'impo<span class=\"_ _35\"></span>sta       di cui all<span class=\"_ _0\"></span>a legge n<span class=\"_ _0\"></span>. 214/2011<span class=\"_ _0\"></span> -<span class=\"ls25\">851</span> -<span class=\"ls25\">851</span> - - -1.254  b) altre -<span class=\"ls25\">401</span> -<span class=\"ls25\">398</span> -3 - -<span class=\"ls25\">153</span> 3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - - 4. Import<span class=\"_ _0\"></span>o finale 12.941 12.350 581<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>14.287 Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>degli<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>Aum<span class=\"_ _35\"></span>enti,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>sot<span class=\"_ _35\"></span>tovoce<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a) <span class=\"_ _6\"></span>rel<span class=\"_ _35\"></span>ative<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>eser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _35\"></span>ceden<span class=\"_ _0\"></span>ti <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rifer<span class=\"_ _35\"></span>isce <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>320 <span class=\"_ _5\"></span>mili<span class=\"_ _35\"></span>oni <span class=\"_ _6\"> </span>all\u2019<span class=\"_ _35\"></span>iscri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>dell<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span><span class=\"ff1\">is<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _35\"></span> </span>anti<span class=\"_ _35\"></span>cipa<span class=\"_ _0\"></span>ta <span class=\"_ _35\"></span>su un<span class=\"_ _35\"></span>a quot<span class=\"_ _35\"></span>a pa<span class=\"_ _0\"></span>rte<span class=\"_ _35\"></span> dell<span class=\"_ _35\"></span>e per<span class=\"_ _35\"></span>dite <span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _35\"></span>li pr<span class=\"_ _0\"></span>egr<span class=\"_ _35\"></span>esse <span class=\"_ _35\"></span>della<span class=\"_ _0\"></span> e<span class=\"_ _35\"></span>x UB<span class=\"_ _0\"></span>I B<span class=\"_ _35\"></span>anca.<span class=\"_ _0\"></span> Sem<span class=\"_ _35\"></span>pre <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _35\"></span>ambit<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>degl<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>Aume<span class=\"_ _35\"></span>nti, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sotto<span class=\"_ _35\"></span>voce<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>d)<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>rifer<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>pri<span class=\"_ _0\"></span>nci<span class=\"_ _35\"></span>palme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>all\u2019i<span class=\"_ _35\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ne <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>atti<span class=\"_ _35\"></span>vit\u00e0 <span class=\"_ _2\"></span>per<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>imp<span class=\"_ _35\"></span>oste <span class=\"_ _2\"></span>an<span class=\"ff1\">ticip<span class=\"_ _35\"></span>ate<span class=\"_ _35\"></span> </span>con<span class=\"_ _0\"></span>ver<span class=\"_ _35\"></span>tibili<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>qu<span class=\"_ _0\"></span>ota<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>perdi<span class=\"_ _35\"></span>ta <span class=\"_ _6\"></span>fisca<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>ricon<span class=\"_ _35\"></span>ducib<span class=\"_ _0\"></span>il<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>rev<span class=\"_ _35\"></span>ersal<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>quot<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>ret<span class=\"_ _35\"></span>tific<span class=\"_ _0\"></span>he<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>su <span class=\"_ _6\"></span>credi<span class=\"_ _35\"></span>ti <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>av<span class=\"_ _35\"></span>viamenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>alle<span class=\"_ _35\"></span> diff<span class=\"_ _35\"></span>eren<span class=\"_ _0\"></span>ze <span class=\"_ _35\"></span>tempo<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span> d<span class=\"_ _0\"></span>edu<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>bili<span class=\"_ _35\"></span> sort<span class=\"_ _35\"></span>e nel<span class=\"_ _35\"></span>l\u2019ese<span class=\"_ _35\"></span>rcizi<span class=\"_ _35\"></span>o con<span class=\"_ _35\"></span>nesse<span class=\"_ _35\"></span> ad <span class=\"_ _0\"></span>acc<span class=\"_ _35\"></span>anton<span class=\"_ _35\"></span>ament<span class=\"_ _0\"></span>i a <span class=\"_ _35\"></span>fond<span class=\"_ _0\"></span>i p<span class=\"_ _35\"></span>er ri<span class=\"_ _35\"></span>schi<span class=\"_ _0\"></span> e o<span class=\"_ _35\"></span>neri<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Con<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>rife<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _35\"></span>o <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>Im<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assic<span class=\"_ _35\"></span>urazi<span class=\"_ _35\"></span>one, <span class=\"_ _4\"> </span>nel<span class=\"_ _35\"></span>l\u2019am<span class=\"_ _0\"></span>bit<span class=\"_ _35\"></span>o <span class=\"_ _7\"> </span>deg<span class=\"_ _35\"></span>li <span class=\"_ _4\"> </span>Aume<span class=\"_ _0\"></span>nti,<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>d) <span class=\"_ _6\"> </span>altre<span class=\"_ _0\"></span>, <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>rig<span class=\"_ _35\"></span>uard<span class=\"_ _0\"></span>ato<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>prin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>palm<span class=\"_ _35\"></span>ente<span class=\"ff1\"> </span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _35\"></span>zione<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span> im<span class=\"_ _35\"></span>poste <span class=\"_ _0\"></span>anti<span class=\"_ _35\"></span>cipa<span class=\"_ _0\"></span>te s<span class=\"_ _35\"></span>ull\u2019a<span class=\"_ _35\"></span>vviam<span class=\"_ _35\"></span>ento c<span class=\"_ _35\"></span>onseg<span class=\"_ _35\"></span>uente<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>all<span class=\"_ _35\"></span>a fusi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span> Ca<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span> Assi<span class=\"_ _35\"></span>cura<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ni S.<span class=\"_ _0\"></span>p.A<span class=\"_ _0\"></span>. av<span class=\"_ _35\"></span>venuto<span class=\"_ _35\"></span> nel c<span class=\"_ _0\"></span>ors<span class=\"_ _35\"></span>o del<span class=\"_ _35\"></span> 202<span class=\"_ _0\"></span>2. <span class=\"_ _35\"></span> La <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>Alt<span class=\"_ _35\"></span>ri <span class=\"_ _6\"></span>aumen<span class=\"_ _0\"></span>ti <span class=\"_ _5\"></span>compr<span class=\"_ _0\"></span>end<span class=\"_ _35\"></span>e <span class=\"_ _4\"></span>pri<span class=\"_ _35\"></span>ncipal<span class=\"_ _35\"></span>mente<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>storn<span class=\"_ _35\"></span>o <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _35\"></span>n <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>pass<span class=\"_ _0\"></span>ivi<span class=\"_ _35\"></span>t\u00e0 <span class=\"_ _6\"></span>fisca<span class=\"_ _0\"></span>li <span class=\"_ _6\"></span>dif<span class=\"_ _0\"></span>fer<span class=\"_ _35\"></span>ite, <span class=\"_ _6\"></span>effe<span class=\"_ _35\"></span>ttuat<span class=\"_ _35\"></span>a <span class=\"_ _4\"></span>a<span class=\"ls19\">l </span>31<span class=\"ls0\"> d<span class=\"_ _0\"></span>icem<span class=\"_ _35\"></span>bre <span class=\"_ _35\"></span>2021.<span class=\"_ _35\"></span> </span>La <span class=\"_ _5\"></span>voce <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregazione <span class=\"_ _2\"></span>aziendale\u201d <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>saldo <span class=\"_ _5\"></span>apportato <span class=\"_ _2\"></span>da <span class=\"_ _4\"> </span><span class=\"ff1\">Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>que <span class=\"_ _2\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _2\"></span>S.A. </span>(CBPQ) <span class=\"ff4\">entrata nell\u2019ar<span class=\"_ _0\"></span>ea di consolidamento nel<span class=\"_ _0\"></span> corso del 2022.<span class=\"_ _90\"> </span></span>Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dell<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>Dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _35\"></span>ioni,<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sott<span class=\"_ _35\"></span>ovoce<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>3.1<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>a) <span class=\"_ _3\"></span>rig<span class=\"_ _35\"></span>iri \u00e8 <span class=\"_ _3\"></span>prin<span class=\"_ _0\"></span>cip<span class=\"_ _35\"></span>almen<span class=\"_ _35\"></span>te <span class=\"_ _3\"></span>rif<span class=\"_ _0\"></span>erib<span class=\"_ _35\"></span>ile all\u2019<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>null<span class=\"_ _35\"></span>amen<span class=\"_ _0\"></span>to di <span class=\"_ _3\"></span>imp<span class=\"_ _35\"></span>oste anti<span class=\"_ _35\"></span>cipate<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>cui all<span class=\"_ _35\"></span>a Leg<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>214/<span class=\"_ _35\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>impo<span class=\"_ _35\"></span>ste <span class=\"_ _5\"></span>antici<span class=\"_ _35\"></span>pate, <span class=\"_ _5\"></span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ent<span class=\"_ _35\"></span>ement<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>iscri<span class=\"_ _0\"></span>tte<span class=\"_ _35\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>fro<span class=\"_ _0\"></span>nte<span class=\"_ _35\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _5\"></span>acca<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>onam<span class=\"_ _35\"></span>enti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>fondi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>per<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risc<span class=\"_ _0\"></span>hi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oner<span class=\"_ _0\"></span>i, <span class=\"_ _5\"></span>a seg<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>o d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> rel<span class=\"_ _35\"></span>ati<span class=\"_ _0\"></span>vo <span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _35\"></span>zo av<span class=\"_ _35\"></span>venu<span class=\"_ _0\"></span>to <span class=\"_ _35\"></span>nell\u2019<span class=\"_ _35\"></span>e<span class=\"ff1\">serci<span class=\"_ _35\"></span>zio. </span>Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> dell<span class=\"_ _35\"></span>e Altre<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dimi<span class=\"_ _35\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _35\"></span>, <span class=\"_ _3\"></span>per<span class=\"_ _0\"></span> la sot<span class=\"_ _35\"></span>tovo<span class=\"_ _0\"></span>ce a) t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>sfor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> in cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>i d\u2019i<span class=\"_ _35\"></span>mpost<span class=\"_ _35\"></span>a di cui a<span class=\"_ _0\"></span>lla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Legg<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>214<span class=\"_ _35\"></span>/201<span class=\"_ _0\"></span>1 si fa<span class=\"ff1\"> rinvi<span class=\"_ _35\"></span>o a </span>qua<span class=\"_ _0\"></span>nto <span class=\"_ _35\"></span>ripo<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ato <span class=\"_ _35\"></span>nell<span class=\"_ _0\"></span>a P<span class=\"_ _35\"></span>arte C<span class=\"_ _35\"></span>, ta<span class=\"_ _35\"></span>bell<span class=\"_ _0\"></span>a 2<span class=\"_ _35\"></span>1.1.  Sem<span class=\"_ _35\"></span>pre <span class=\"_ _5\"></span>nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _35\"></span>to <span class=\"_ _5\"></span>del<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Altre<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>dim<span class=\"_ _35\"></span>inuzi<span class=\"_ _35\"></span>oni, <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>sott<span class=\"_ _35\"></span>ovoce<span class=\"_ _35\"></span> <span class=\"_ _6\"> </span>b) <span class=\"_ _2\"></span>altr<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _0\"></span>fe<span class=\"ff1\">ris<span class=\"_ _0\"></span>ce <span class=\"_ _2\"></span>alla<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>pas<span class=\"_ _0\"></span>sivi<span class=\"_ _35\"></span>t\u00e0 <span class=\"_ _5\"></span>fisc<span class=\"_ _35\"></span>ali <span class=\"_ _2\"></span>diffe<span class=\"_ _0\"></span>rit<span class=\"_ _35\"></span>e </span>dell<span class=\"_ _35\"></span>\u2019ese<span class=\"_ _0\"></span>rci<span class=\"_ _35\"></span>zio. <span class=\"_ _0\"></span><span class=\"ff1 fc5\"> </span>11.4 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui alla L. <span class=\"ls16\">n.</span> 214/2011  (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Import<span class=\"_ _0\"></span>o iniziale 8.758 10.010 2. Aume<span class=\"_ _0\"></span>nti 470<span class=\"ls0\"> </span>954<span class=\"ls0\"> </span>3. Dimin<span class=\"_ _0\"></span>uzioni -1.740 -2.206 3.1 Rigiri -<span class=\"ls25\">865</span> -<span class=\"ls25\">925</span> 3.2 Trasfor<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>azione i<span class=\"_ _0\"></span>n crediti d'i<span class=\"_ _0\"></span>mposta -<span class=\"ls25\">851</span> -1.254 a) derivan<span class=\"_ _0\"></span>te da perdit<span class=\"_ _0\"></span>e di eserci<span class=\"_ _0\"></span>zio - -<span class=\"ls25\">537</span> b) derivan<span class=\"_ _0\"></span>te da perdit<span class=\"_ _0\"></span>e fiscali -<span class=\"ls25\">851</span> -<span class=\"ls25\">717</span> 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -<span class=\"ls25\">24</span> -<span class=\"ls25\">27</span> 4. Import<span class=\"_ _0\"></span>o finale 7.488 8.758 11.5 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e differite (in <span class=\"_ _0\"></span>contropartita del co<span class=\"_ _0\"></span>nto economico) (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 Di cui: 31.12.2021 Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1.  Impo<span class=\"_ _0\"></span>rto iniziale  1.337 652<span class=\"ls0\"> </span>660<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>1.253 2.  Aument<span class=\"_ _0\"></span>i 660<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>531<span class=\"ls0\"> </span>- 806<span class=\"ls0\"> </span>2.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> rilevate nel<span class=\"_ _0\"></span>l\u2019esercizio<span class=\"ff1\"> </span>521<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>506<span class=\"ls0\"> </span>- 124<span class=\"ls0\"> </span> a)  relati<span class=\"_ _0\"></span>ve a precede<span class=\"_ _0\"></span>nti eserci<span class=\"_ _0\"></span>zi  - - - - -  <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  altre 521<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>506<span class=\"ls0\"> </span>- 124<span class=\"ls0\"> </span>2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali - - - - - 2.3 Altri au<span class=\"_ _0\"></span>menti 121<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- 402<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale 18<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 280<span class=\"ls0\"> </span>3.  Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">363</span> -<span class=\"ls25\">275</span> -<span class=\"ls25\">88</span> - -<span class=\"ls25\">722</span> 3.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019esercizio<span class=\"ff1\"> </span>-<span class=\"ls25\">270</span> -<span class=\"ls25\">182</span> -<span class=\"ls25\">88</span> - -<span class=\"ls25\">629</span>  <span class=\"ls25\">a)</span>  <span class=\"ls2c\">rigiri</span> -<span class=\"ls25\">75</span> -<span class=\"ls25\">74</span> -1 - -<span class=\"ls25\">35</span>  <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  altre -<span class=\"ls25\">195</span> -<span class=\"ls25\">108</span> -<span class=\"ls25\">87</span> - -<span class=\"ls25\">594</span> 3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali - - - - - 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -<span class=\"ls25\">93</span> -<span class=\"ls25\">93</span> - - -<span class=\"ls25\">93</span> 3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - - 4. Import<span class=\"_ _0\"></span>o finale 1.634 506<span class=\"ls0\"> </span>1.103 25<span class=\"ls0\"> </span>1.337 Nell\u2019ambito degli Aumenti, la s<span class=\"_ _3\"></span>ottovoce c) altre \u00e8 <span class=\"_ _3\"></span>riferibile principalmente a differenze temporanee tassabili sorte nell\u2019ese<span class=\"_ _6\"></span><span class=\"ff1\">rcizio </span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>ammortam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"> </span>altre <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>\u201criallineate\u201d <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>precedente </span>esercizio ai sensi <span class=\"_ _0\"></span>dell\u2019art. 110, commi 8 <span class=\"_ _0\"></span>e 8<span class=\"_ _3\"></span><span class=\"ff1\">-bis, D.L. n. 104/20<span class=\"_ _0\"></span>20.<span class=\"_ _90\"> </span></span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>assicurazione, <span class=\"_ _6\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>Aumenti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>c) <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferibile <span class=\"_ _5\"></span>principalm<span class=\"_ _0\"></span>ente <span class=\"_ _5\"></span>all<span class=\"_ _2\"></span><span class=\"ff1 ls17\">a </span></span>fiscalit\u00e0 differita lega<span class=\"_ _0\"></span>ta alla valutazio<span class=\"_ _0\"></span>ne dei titoli con impatt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a conto economico<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> La voce Altri aumenti comprende principalmente lo storno della compensazi<span class=\"_ _0\"></span>one con le attivit\u00e0 fiscali anticipate in contropart<span class=\"_ _5\"></span>ita del conto economico, effettu<span class=\"_ _0\"></span>ata al 31 dicembre 2021. La <span class=\"_ _5\"></span>voce <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregazione <span class=\"_ _2\"></span>aziendale\u201d <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>saldo <span class=\"_ _5\"></span>apportato <span class=\"_ _2\"></span>da <span class=\"_ _4\"> </span><span class=\"ff1\">Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>que <span class=\"_ _2\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _2\"></span>S.A. </span>(CBPQ) <span class=\"ff4\">entrata nell\u2019ar<span class=\"_ _0\"></span>ea di consolidamento nel<span class=\"_ _0\"></span> corso del 2022.<span class=\"_ _90\"> </span></span>Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>Diminuzioni, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sottov<span class=\"_ _3\"></span><span class=\"ff1\">oce <span class=\"_ _2\"></span>c) <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riferibile <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rilascio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>iscritta <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>su </span>attivit\u00e0 intangibili ogg<span class=\"_ _0\"></span>etto di affrancament<span class=\"_ _0\"></span>o ai sensi dell\u2019art. 1<span class=\"_ _35\"></span>5<span class=\"_ _3\"></span>, comma 10, D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con riferimento alle Imprese di assi<span class=\"_ _0\"></span>curazione, <span class=\"ff4\">nell\u2019ambito del</span>le Diminuzioni, la sottovoce c) altre \u00e8 riferibil<span class=\"_ _0\"></span>e principalmente all<span class=\"_ _0\"></span>a fiscalit\u00e0 differita lega<span class=\"_ _0\"></span>ta alla valutazio<span class=\"_ _0\"></span>ne dei titoli ed alla ri<span class=\"_ _0\"></span>duzione delle Riserv<span class=\"_ _0\"></span>e Tecniche.<span class=\"_ _3\"></span> La <span class=\"_ _6\"></span>voce <span class=\"_ _5\"></span>Altre <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>minuzioni <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferisce <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>compensazione <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>fiscali <span class=\"_ _6\"></span>anticipate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>tropartita <span class=\"_ _5\"></span>del conto economico eff<span class=\"_ _0\"></span>ettuata nell\u2019eserci<span class=\"_ _0\"></span>zio.<span class=\"ff1\"> </span>11.6 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate (in <span class=\"_ _0\"></span>contropartita del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>patrimonio netto) (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022<span class=\"_ _0\"></span> Di cui: 31.12.2021<span class=\"_ _0\"></span> Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Import<span class=\"_ _0\"></span>o iniziale 966<span class=\"ls0\"> </span>826<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>4 1.406 2. Aume<span class=\"_ _0\"></span>nti 1.419 1.098 317<span class=\"ls0\"> </span>4 386<span class=\"ls0\"> </span>2.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> rilevate n<span class=\"_ _0\"></span>ell\u2019eserci<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>1.370 1.053 317<span class=\"ls0\"> </span>- 240<span class=\"ls0\"> </span> <span class=\"ls25\">a)</span> relative<span class=\"_ _0\"></span> a preceden<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i esercizi  - - - - -  <span class=\"ls25\">b)</span> dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o di criteri <span class=\"_ _0\"></span>contabili - - - - -  <span class=\"ls1f\">c)</span> altre 1.370 1.053 317<span class=\"ls0\"> </span>- 240<span class=\"ls0\"> </span>2.2 Nuove<span class=\"_ _0\"></span> imposte o i<span class=\"_ _0\"></span>ncremen<span class=\"_ _0\"></span>ti di aliquot<span class=\"_ _0\"></span>e fiscali 4 - - 4 5 2.3 Altri au<span class=\"_ _0\"></span>menti  45<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>- - 137<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - 4 3.  Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">573</span> -<span class=\"ls25\">573</span> - - -<span class=\"ls25\">826</span> 3.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019eser<span class=\"_ _0\"></span>cizio<span class=\"ff1\"> </span>-<span class=\"ls25\">467</span> -<span class=\"ls25\">467</span> - - -<span class=\"ls25\">258</span>  <span class=\"ls25\">a)</span> rigiri -<span class=\"ls25\">453</span> -<span class=\"ls25\">453</span> - - -<span class=\"ls25\">178</span>  <span class=\"ls25\">b)</span> svalutazioni<span class=\"_ _35\"></span> per sopravvenu<span class=\"_ _0\"></span>ta irrecuperabi<span class=\"_ _35\"></span>lit\u00e0 - - - - -  <span class=\"ls1f\">c)</span> dovute al mu<span class=\"_ _0\"></span>tamento di<span class=\"_ _0\"></span> criteri co<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>abili - - - - -  <span class=\"ls25\">d)</span> altre -<span class=\"ls25\">14</span> -<span class=\"ls25\">14</span> - - -<span class=\"ls25\">80</span> 3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali - - - - -6 3.3 Altre di<span class=\"_ _0\"></span>minuzioni <span class=\"_ _0\"></span> -<span class=\"ls25\">106</span> -<span class=\"ls25\">106</span> - - -<span class=\"ls25\">562</span> 3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - - 4.  Impo<span class=\"_ _0\"></span>rto finale 1.812 1.351 453<span class=\"ls0\"> </span>8 966<span class=\"ls0\"> </span>Nell\u2019ambito <span class=\"_ _18\"> </span>degli <span class=\"_ _1c\"> </span>Aumenti, <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _18\"> </span>sottovoce <span class=\"_ _1c\"> </span>c) <span class=\"_ _18\"> </span>altre <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _18\"> </span>riferibile <span class=\"_ _18\"> </span>principalmente <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>differenze <span class=\"_ _18\"> </span>temporanee <span class=\"_ _18\"> </span>deducibili <span class=\"_ _1c\"> </span>sort<span class=\"_ _0\"></span>e nell\u2019esercizio  connesse <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>risultati <span class=\"_ _1d\"> </span>valutativi <span class=\"_ _1d\"> </span>delle  attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value  con <span class=\"_ _1c\"> </span><span class=\"ff1\">impatto  sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 </span>complessiva e dei deri<span class=\"_ _0\"></span>vati di copertura di fl<span class=\"_ _0\"></span>ussi finanziari. Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>Imprese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>assicurazione, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>menti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>c) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>riferisce <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>s<span class=\"_ _6\"> </span><span class=\"ff1\">ulla </span>fiscalit\u00e0, della valuta<span class=\"_ _0\"></span>zione dei titoli di<span class=\"_ _0\"></span>sponibili per la ve<span class=\"_ _0\"></span>ndita, la cui valutazi<span class=\"_ _0\"></span>one ha effetti sulle Ri<span class=\"_ _0\"></span>serve da Valutazi<span class=\"_ _0\"></span>on<span class=\"_ _5\"></span>e<span class=\"lsd\">. </span> La <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>Altri <span class=\"_ _17\"> </span>aumenti <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>riferisce <span class=\"_ _17\"> </span>principalmente <span class=\"_ _1d\"> </span>allo <span class=\"_ _17\"> </span>storno <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>co<span class=\"_ _3\"></span>mpensazi<span class=\"_ _0\"></span>one <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>fiscali <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ifferite <span class=\"_ _1d\"> </span>in contropartita del p<span class=\"_ _0\"></span>atrimonio netto, effettu<span class=\"_ _0\"></span>ata al 31 dicembr<span class=\"_ _0\"></span>e 2021. Nell\u2019ambito  delle <span class=\"_ _1d\"> </span>Diminuzioni,  la <span class=\"_ _1d\"> </span>sottovoce  a) <span class=\"_ _1d\"> </span>rigiri <span class=\"_ _1d\"> </span>\u00e8  princi<span class=\"_ _3\"></span>palmente <span class=\"_ _1d\"> </span>riferibile  all\u2019annullamento  delle <span class=\"_ _1d\"> </span>imposte  anticipate precedentemente <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _4\"> </span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _4\"> </span>sulla<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">redditivit\u00e0 <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mplessiva <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>dell\u2019adeguamento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>effetti </span>valutativi ovvero del <span class=\"_ _0\"></span>relativo realizzo a<span class=\"_ _0\"></span>vvenuti nell\u2019esercizio.<span class=\"ff1\"> </span>La voce <span class=\"_ _3\"></span>3.3 Altre diminuzioni si riferisce principalmente alla compensazione con le passivit\u00e0 fiscali d<span class=\"_ _3\"></span>ifferite in contropar<span class=\"_ _5\"></span>tita del patrimonio netto.<span class=\"_ _90\"> </span>11.7 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e differite (in <span class=\"_ _0\"></span>contropartita del patrimon<span class=\"_ _0\"></span>io netto) (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022<span class=\"_ _0\"></span> Di cui: 31.12.2021<span class=\"_ _0\"></span> Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Import<span class=\"_ _0\"></span>o iniziale 585<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>363<span class=\"ls0\"> </span>1 1.492 2. Aume<span class=\"_ _0\"></span>nti 239<span class=\"ls0\"> </span>239<span class=\"ls0\"> </span>- - 370<span class=\"ls0\"> </span>2.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> rilevate nel<span class=\"_ _0\"></span>l\u2019esercizio<span class=\"ff1\"> </span>154<span class=\"ls0\"> </span>154<span class=\"ls0\"> </span>- - 182<span class=\"ls0\"> </span> a) relative<span class=\"_ _0\"></span> a preceden<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i esercizi<span class=\"_ _35\"></span> - - - - -  b) dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o dei cri<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eri contabili - - - - -  c) altre 154<span class=\"ls0\"> </span>154<span class=\"ls0\"> </span>- - 182<span class=\"ls0\"> </span>2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali - - - - - 2.3 Altri au<span class=\"_ _0\"></span>menti  85<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>- - 161<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - 27<span class=\"ls0\"> </span>3.  Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">449</span> -<span class=\"ls25\">255</span> -<span class=\"ls25\">194</span> - -1.277  <span class=\"ff4\">3.1 Impos<span class=\"_ _0\"></span>te differite <span class=\"_ _0\"></span>annullate nell\u2019e<span class=\"_ _35\"></span>sercizio<span class=\"ff1\"> </span></span>-<span class=\"ls25\">288</span> -<span class=\"ls25\">119</span> -<span class=\"ls25\">169</span> - -<span class=\"ls25\">498</span>  a) rigiri -<span class=\"ls25\">103</span> -<span class=\"ls25\">103</span> - - -<span class=\"ls25\">12</span>  b) dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o dei cri<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eri contabili - - - - -  c) altre -<span class=\"ls25\">185</span> -<span class=\"ls25\">16</span> -<span class=\"ls25\">169</span> - -<span class=\"ls25\">486</span>  3.2 Ridu<span class=\"_ _0\"></span>zioni di aliquo<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e fiscali - - - - -  3.3 Altre di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzioni  -<span class=\"ls25\">161</span> -<span class=\"ls25\">136</span> -<span class=\"ls25\">25</span> - -<span class=\"ls25\">779</span>  3.4 Operaz<span class=\"_ _0\"></span>ioni di agg<span class=\"_ _0\"></span>regazione<span class=\"_ _0\"></span> aziendale - - - - - 4.  Impo<span class=\"_ _0\"></span>rto finale 375<span class=\"ls0\"> </span>205<span class=\"ls0\"> </span>169<span class=\"ls0\"> </span>1 585<span class=\"ls0\"> </span>Nell\u2019ambito de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>Aumenti, la <span class=\"_ _2\"></span>sottovoce c) <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>riferibile <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>differenze <span class=\"_ _3\"></span>temporanee tassabili <span class=\"_ _3\"></span>sorte <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>connesse<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>alla </span>valutazione delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate al f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>impatto sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>e dei der<span class=\"_ _3\"></span>ivati di cop<span class=\"_ _5\"></span>ertura di flussi finanziari.  La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>aumenti <span class=\"_ _5\"></span>comprende <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>storno <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>compensazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>iscali <span class=\"_ _2\"></span>anticipate <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021. </span>Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Diminuzioni, la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce a)<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rigiri <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>riferibile <span class=\"_ _3\"></span>all\u2019annullame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>differite <span class=\"_ _3\"></span>precedentemente iscritte </span>a fronte della valutaz<span class=\"_ _0\"></span>ione delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie valutate al f<span class=\"_ _0\"></span>air value con imp<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tto sulla redditivit<span class=\"_ _0\"></span>\u00e0 complessiva.<span class=\"_ _2\"></span> Con riferimento alle <span class=\"_ _3\"></span>Imprese di a<span class=\"_ _3\"></span>ssicurazione nell\u2019ambito delle Diminuzioni la <span class=\"_ _3\"></span>sot<span class=\"_ _2\"></span><span class=\"ff1\">tovoce c) altre, <span class=\"_ _3\"></span>\u00e8 riferibile p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e a<span class=\"_ _3\"></span>lla </span>valutazione dei titoli <span class=\"_ _0\"></span>con impatto sulle Ri<span class=\"_ _0\"></span>serve da Valutazione. La voce <span class=\"_ _3\"></span>3.3 Altre diminuzioni si riferisce principalmente alla compensazione con le attivit\u00e0 <span class=\"_ _3\"></span>fiscali anticipate in <span class=\"_ _5\"></span>contropartita del patrimonio netto e all<span class=\"_ _0\"></span>a compensazione c<span class=\"_ _0\"></span>on le attivit\u00e0 fiscali a<span class=\"_ _0\"></span>nticipate in contro<span class=\"_ _0\"></span>partita del conto eco<span class=\"_ _0\"></span>nomico.<span class=\"_ _2\"></span> Come <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>tabili <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>corrente <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>differita, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span><span class=\"ff1 ls13\">ie<span class=\"lsc\">ne </span></span>iscritta <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>latente <span class=\"_ _5\"></span>riferita <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>poste <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sospensione <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _6\"></span>\u201ctassabili <span class=\"_ _6\"></span>soltanto <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ip<span class=\"_ _6\"></span><span class=\"ff1\">otesi <span class=\"_ _5\"></span>di </span>distribuzione\u201d, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>sponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _6\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>tassazione <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ritenere <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">he <span class=\"_ _5\"></span>non </span>saranno effettuate oper<span class=\"_ _0\"></span>azioni che comporti<span class=\"_ _0\"></span>no la tassazione dell<span class=\"_ _0\"></span>e citate riserve in so<span class=\"_ _0\"></span>spensione.<span class=\"_ _90\"> </span>Probability test sulla fi<span class=\"_ _0\"></span>scalit\u00e0 differita<span class=\"fc0\"> </span>Il <span class=\"_ _6\"></span>pr<span class=\"_ _3\"></span>incipio <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>internazionale <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>12 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _6\"></span>differite <span class=\"_ _6\"></span>deve <span class=\"_ _4\"></span>essere effettuata sulla base <span class=\"_ _0\"></span>dei seguenti criteri: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"></span>fiscale <span class=\"_ _6\"></span>differita <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _6\"></span>differita <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>DTL) <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>essere <span class=\"_ _4\"></span>rilevata, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>principio, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le </span>differenze temporan<span class=\"_ _0\"></span>ee imponibili; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">un\u2019attivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"></span>diff</span>erita <span class=\"_ _6\"></span>(o <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>impos<span class=\"_ _0\"></span>ta <span class=\"_ _6\"></span>anticipata <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>DTA) <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevata <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>temporanee<span class=\"_ _35\"></span> </span>deducibili, se <span class=\"_ _3\"></span>\u00e8 probabile il <span class=\"_ _3\"></span>realizzo di redditi <span class=\"_ _3\"></span>imponibili capienti rispetto a<span class=\"_ _3\"></span>lle differenze temporanee deducibili. <span class=\"_ _3\"></span>Le impo<span class=\"_ _5\"></span>ste anticipate <span class=\"_ _5\"></span>non <span class=\"_ _4\"></span>contabilizz<span class=\"_ _0\"></span>ate <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>passato <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sussistevano <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>presupposti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>riconoscimento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>sono iscritte nell'esercizio<span class=\"_ _0\"></span> in cui tali presupposti <span class=\"_ _0\"></span>si manifestano. Le imposte anticipat<span class=\"_ _0\"></span>e si distinguono poi i<span class=\"_ _0\"></span>n imposte anticipate \u201cq<span class=\"_ _0\"></span>ualificate\u201d e impo<span class=\"_ _0\"></span>ste anticipate \u201cnon q<span class=\"_ _3\"></span>ualificate\u201d.<span class=\"ff1\"> </span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prime, c<span class=\"_ _3\"></span>ome me<span class=\"_ _3\"></span>glio precisato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>prosieguo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>normativa prevede <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>meccani<span class=\"_ _0\"></span>smo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conversione in <span class=\"_ _3\"></span>crediti d\u2019imposta che legittima<span class=\"_ _0\"></span> di per s\u00e9 la loro i<span class=\"_ _0\"></span>scrizione in bilancio.<span class=\"ff1\"> </span>L\u2019ammontare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _2\"></span>qualificate<span class=\"_ _3\"></span>\u201d <span class=\"_ _2\"></span>iscritto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>sottoposto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>test, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>verificare se sussista la proba<span class=\"_ _0\"></span>bilit\u00e0 di conseguire in f<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>turo imponibili fis<span class=\"_ _0\"></span>cali che ne consenta<span class=\"_ _0\"></span>no il recupero (c.<span class=\"_ _0\"></span>d. \u201cprobability test\u201d)<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Le <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _4\"> </span>\u201cqualifica<span class=\"_ _0\"></span>te\u201d <span class=\"_ _4\"> </span>ammontano <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>7<span class=\"_ _3\"></span>.488<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span></span>milioni <span class=\"_ _6\"> </span>mentre <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l probability test amm<span class=\"_ _0\"></span>ontano a 7.265 mili<span class=\"_ _0\"></span>oni (a cui si affiancan<span class=\"_ _0\"></span>o 2.009 milioni di im<span class=\"_ _0\"></span>poste differite).<span class=\"_ _3\"></span> Il <span class=\"_ _6\"> </span>probability <span class=\"_ _6\"> </span>test <span class=\"_ _4\"> </span>relativ<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>imposte <span class=\"_ _4\"> </span>anticipat<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualific<span class=\"_ _0\"></span>ate\u201d <span class=\"_ _6\"> </span>iscritte <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>B<span class=\"_ _3\"></span><span class=\"ff1\">ilancio <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>svolto <span class=\"_ _6\"></span>avendo <span class=\"_ _6\"></span>separato </span>riguardo - in ragione dell<span class=\"_ _0\"></span>e diverse condizioni <span class=\"_ _0\"></span>di utilizzo delle sott<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stanti differenz<span class=\"_ _0\"></span>e temporanee <span class=\"_ _3\"></span>- alle seguenti fattispecie: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>imposte <span class=\"_ _4\"> </span>anticipate <span class=\"_ _7\"> </span>IRES <span class=\"_ _7\"> </span>iscritte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>perdite <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>pregresse. <span class=\"_ _7\"> </span>Trattasi, <span class=\"_ _7\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>imposte <span class=\"_ _4\"> </span>anticipate </span>relative <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>fiscali <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>incorporate <span class=\"_ _5\"></span>(realizzate <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>ex <span class=\"_ _5\"></span>Banche <span class=\"_ _6\"></span>Venete <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dalle societ\u00e0 dell\u2019ex Gruppo UBI<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>;<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>imposte  anticipate <span class=\"_ _1d\"> </span>iscritte <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>fronte  delle <span class=\"_ _1d\"> </span>perdite  fiscali <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rollata  lussemburghese <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Holding </span>International (ISPHI); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>altre <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>scaturenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>differenze <span class=\"_ _6\"></span>temporanee <span class=\"_ _5\"></span>deducibili <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>IRES <span class=\"_ _5\"></span>manifestatesi <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del </span>Gruppo incluse nel bila<span class=\"_ _0\"></span>ncio consolidato (\u201cal<span class=\"_ _0\"></span>tre imposte anticipate IRES\u201d);<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">imposte antici<span class=\"_ _0\"></span>pate scaturenti da diffe<span class=\"_ _0\"></span>renze temporanee deduc<span class=\"_ _0\"></span>ibili ai fini IRAP (\u201c<span class=\"_ _0\"></span>imposte anticipat<span class=\"_ _0\"></span>e IRAP\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Nel <span class=\"_ _5\"></span>Bilancio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _5\"></span>pregresse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controllante <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span><span class=\"ls20\">r </span>complessivi  2.2<span class=\"_ _0\"></span>77<span class=\"_ _90\"> </span>89  <span class=\"ff4\">milioni, <span class=\"_ _16\"> </span>di  cui <span class=\"_ _16\"> </span>1.755  corrispond<span class=\"_ _0\"></span>enti  all\u2019aliq<span class=\"_ _35\"></span>uota  IRES  base <span class=\"_ _16\"> </span>del  24%<span class=\"_ _0\"></span>  e <span class=\"_ _16\"> </span>522  milioni <span class=\"_ _16\"> </span>all\u2019aliquota  IRE<span class=\"_ _0\"></span>S </span>addizionale del 3<span class=\"_ _3\"></span>,5%. Di t<span class=\"_ _3\"></span>ale ammontare <span class=\"_ _3\"></span>di imposte <span class=\"_ _3\"></span>anticipate, 320 milioni <span class=\"_ _3\"></span>sono costituiti d<span class=\"_ _3\"></span>a imposte ant<span class=\"_ _3\"></span>icipate al 24% <span class=\"_ _3\"></span>iscri<span class=\"_ _5\"></span>tte per la <span class=\"_ _3\"></span>prima volta nel b<span class=\"_ _3\"></span>il<span class=\"ff4\">ancio al 3<span class=\"_ _3\"></span>1 dicembre 2022 a <span class=\"_ _3\"></span>fronte di perdite fi<span class=\"_ _3\"></span>scali pregresse della ex UBI Banca<span class=\"_ _3\"></span> (\u201cnuove DTA\u201d; vedi </span>infra). Il <span class=\"_ _3\"></span>probability <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _3\"></span>relative a<span class=\"_ _3\"></span>lle perdite <span class=\"_ _2\"></span>fiscali \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato e<span class=\"_ _3\"></span>ffettuato considerando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>posizione indiv<span class=\"_ _6\"></span>iduale di Intesa Sanpaolo. Per le perdite delle ex Banche V<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nete, la possibilit\u00e0 di <span class=\"_ _0\"></span>utilizzo su base esclusivam<span class=\"_ _0\"></span>ente individuale da part<span class=\"_ _0\"></span>e di Intesa Sanpa<span class=\"_ _2\"></span>olo scaturisce  dalle  norme  ch<span class=\"_ _0\"></span>e  ne  hanno  stabilito  il  trasf<span class=\"_ _0\"></span>erimento  (l\u2019art.  7,  comma <span class=\"_ _16\"> </span>3,  del  D.L.  n.  99/2017,  converti<span class=\"_ _0\"></span>to  con mo<span class=\"ff4 ls0\">dificazioni <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>L. <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>121/2017, <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>l\u2019art. <span class=\"_ _5\"></span>15 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>D.L. <span class=\"_ _6\"> </span>n. <span class=\"_ _6\"></span>18/2016) <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>concomitanza <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rami <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </span>Banca Popolare di <span class=\"_ _3\"></span>Vicenza e di Veneto<span class=\"_ _3\"></span> Banca (avvenuta nel 2017) <span class=\"_ _3\"></span>e dalla successiva <span class=\"_ _3\"></span>incorporazion<span class=\"_ _0\"></span>e delle <span class=\"_ _3\"></span>loro ex controllate Banca <span class=\"_ _3\"></span>Nuova <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Apulia <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>decorrenza, rispettivamente, d<span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio 2<span class=\"_ _3\"></span>018 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>1\u00b0gennaio 2019). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>di UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019ex <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>incorporate<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>scaturisce <span class=\"_ _5\"></span>dalla incorporazione di tali societ\u00e0 in<span class=\"_ _0\"></span> Intesa Sanpaolo <span class=\"_ _0\"></span>nel corso del 2021 e d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l 2022. <span class=\"_ _3\"></span> Ai  fini  del  probability  test,  le  prospetti<span class=\"_ _0\"></span>ve  reddituali  di  Intesa  Sanpaolo  sono  stat<span class=\"_ _0\"></span>e  stimate,  per  gli  esercizi  2023<span class=\"_ _2\"></span>-2027, utilizzando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>roiezioni <span class=\"_ _6\"></span>economico-<span class=\"_ _3\"></span>finanziarie <span class=\"_ _6\"></span>fornite <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Direzio<span class=\"ff4\">ne <span class=\"_ _4\"> </span>Pianificazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Controllo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gestione <span class=\"_ _6\"> </span>(\u201cProiezioni\u201d <span class=\"_ _6\"></span>o </span>\u201cStime\u201d); <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"></span>dettaglio: <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>esercizi <span class=\"_ _6\"> </span>2023<span class=\"_ _3\"></span><span class=\"ff1\">-2025, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>sti<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>pred<span class=\"_ _3\"></span>isposte <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Budget <span class=\"_ _6\"></span>2023, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>tiene </span>conto <span class=\"_ _2\"></span>dell\u2019aggiornamento <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>macroeconomico <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>illustr<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>precedente <span class=\"_ _2\"></span>capitolo <span class=\"_ _5\"></span>inerente <span class=\"_ _2\"></span>l\u2019impairment test  dei  valori <span class=\"_ _16\"> </span>intangibili,  e  rifl<span class=\"_ _0\"></span>ettono  le  dinami<span class=\"_ _0\"></span>che  sottostanti<span class=\"_ _0\"></span>  il  Piano <span class=\"_ _16\"> </span>di  impresa  2022<span class=\"_ _2\"></span>-<span class=\"ff4\">2025  (\u201cPiano\u201d), <span class=\"_ _16\"> </span>predisposto  dal<span class=\"_ _0\"></span> </span>management <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ottoposto <span class=\"_ _5\"></span>all\u2019approvazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Ammin<span class=\"_ _2\"></span><span class=\"ff1\">istrazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>4<span class=\"_ _3\"></span> febbraio <span class=\"_ _5\"></span>2022; <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il </span>2026 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2027, <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>trascinamento \u201c<span class=\"_ _3\"></span>inerziale\u201d del <span class=\"_ _3\"></span>nuovo <span class=\"_ _2\"></span>scenario senza <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>to d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>leve <span class=\"_ _3\"></span>manageriali<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(trattasi <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>intan<span class=\"_ _2\"></span><span class=\"ff1\">gibili <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2022); <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>esercizi<span class=\"_ _35\"></span> </span>successivi al 2027, si \u00e8 assunto in via prude<span class=\"_ _0\"></span>nziale che il risultato lordo si mantenga <span class=\"_ _0\"></span>costante, pari dunque a quello stimato<span class=\"_ _2\"></span> per l\u2019esercizio <span class=\"_ _4\"> </span>2027 <span class=\"_ _4\"> </span>(senza <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>considerare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>\u201cg\u201d). <span class=\"_ _4\"> </span>Le <span class=\"_ _7\"> </span>Proiezion<span class=\"_ _2\"></span><span class=\"ff1\">i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>beneficiano <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccantonament<span class=\"_ _35\"></span>i </span>effettuati nel <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte delle <span class=\"_ _3\"></span>incertezze sullo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>prospettico e d<span class=\"_ _3\"></span>ella c<span class=\"_ _3\"></span>onsistente riduzione d<span class=\"_ _3\"></span>ei rischi <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>rrelati alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>russe <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>ucraine <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>risking <span class=\"_ _6\"></span>attuate, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>state <span class=\"_ _6\"></span>cautelativamente elaborate <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff4\">al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raggiungere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sufficiente <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>confidenz<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>all\u2019iscrivibilit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u201cnuove <span class=\"_ _4\"> </span>DTA\u201d, <span class=\"_ _4\"> </span>relative <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span>perdite pregresse della ex UBI Banca <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">ipotizzando, oltre allo scenario \u201cbase\u201d, anche <span class=\"_ _3\"></span></span>uno scenario peggiorativo <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>rispetto allo<span class=\"_ _0\"></span> scenario <span class=\"_ _1d\"> </span>\u201cbase\u201d <span class=\"_ _1d\"> </span>\u2013<span class=\"ff1\">  </span>c<span class=\"_ _3\"></span>oerente  con <span class=\"_ _1d\"> </span>quello <span class=\"_ _1d\"> </span>\u201csfavorevole\u201d <span class=\"_ _1d\"> </span>incorp<span class=\"_ _0\"></span>orato <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>modelli  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Expected<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Credit <span class=\"_ _1d\"> </span>Loss <span class=\"_ _1d\"> </span>utilizzati  per <span class=\"_ _1d\"> </span>la valutazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>crediti <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _17\"> </span>dell\u2019IFRS <span class=\"_ _18\"> </span>9, <span class=\"_ _18\"> </span>che <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>revede, <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>estrema <span class=\"_ _18\"> </span>sintesi, <span class=\"_ _17\"> </span>un <span class=\"_ _18\"> </span>generalizzato <span class=\"_ _20\"> </span>shock <span class=\"_ _17\"> </span>sull\u2019economia dell\u2019Eurozona, <span class=\"_ _3\"></span>legato <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>gnific<span class=\"_ _0\"></span>ativo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>ntroduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span>recessione per <span class=\"_ _2\"></span>gli esercizi <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento dell\u2019inflazione <span class=\"_ _3\"></span>e u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impatto ne<span class=\"_ _3\"></span>gativo <span class=\"_ _5\"></span><span class=\"ff1\">sul <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>italiano </span>(\u201cScenario sfavorevole<span class=\"_ _0\"></span>\u201d).<span class=\"ff1\"> </span>Pur <span class=\"_ _3\"></span>considerando lo <span class=\"_ _3\"></span>Scenario sfavorevole, d<span class=\"_ _3\"></span>alle analisi <span class=\"_ _3\"></span>condotte \u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>merso che <span class=\"_ _3\"></span>il to<span class=\"_ _3\"></span>tale assorbimento delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate<span class=\"_ _2\"></span> in <span class=\"_ _7\"> </span>questione <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">anche <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cnuove <span class=\"_ _7\"> </span>DTA\u201d <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _7\"> </span>2022  \u2013</span> <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _16\"> </span>realizzarsi <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>orizzonte <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>ritenut<span class=\"_ _0\"></span>o compatibile con il requi<span class=\"_ _0\"></span>sito di \u201cprobabilit\u00e0<span class=\"_ _0\"></span>\u201d del recupero richie<span class=\"_ _0\"></span>sto dallo IAS 12.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con particolare <span class=\"_ _3\"></span>riguardo alle \u201cnuove DTA\u201d <span class=\"_ _3\"></span>iscritte nel <span class=\"_ _3\"></span>Bilancio 2022, si <span class=\"_ _3\"></span>segnala che a<span class=\"_ _3\"></span>lla data <span class=\"_ _3\"></span>dell\u2019incorp<span class=\"_ _0\"></span>orazione di <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Ban<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">ca </span>in Intesa <span class=\"_ _3\"></span>Sanpaolo sussistevano perdite fiscali pregresse di UBI Banca<span class=\"_ _3\"></span>, in gran parte <span class=\"_ _3\"></span>riferibili alle ex <span class=\"_ _3\"></span>Good Banks (a loro vol<span class=\"_ _3\"></span>ta<span class=\"_ _0\"></span> incorporate da <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>018) a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>iscritto <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>PP<span class=\"_ _5\"></span>A, nonch\u00e9 <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>Bilanci 2020 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>deciso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adottare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>continuit\u00e0 <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI 89 <span class=\"ff1 fs4\">Tale importo \u00e8 <span class=\"_ _3\"></span>gi\u00e0 al netto <span class=\"_ _3\"></span>del benefici<span class=\"_ _3\"></span>o derivante dalla<span class=\"_ _3\"></span> trasformazi<span class=\"_ _3\"></span>one in crediti di im<span class=\"_ _3\"></span>posta di com<span class=\"_ _3\"></span>plessivi 22<span class=\"_ _3\"></span>0 milioni (di<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui 110 milioni<span class=\"_ _3\"></span> relativi al 20<span class=\"_ _3\"></span>20 </span>e <span class=\"_ _2\"></span>110 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2021) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impost<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>relative<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>fiscali,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione, <span class=\"_ _2\"></span>risp<span class=\"_ _3\"></span>ettivamente <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>alizzata <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicem<span class=\"_ _3\"></span>bre <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>ed entro <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>dicem<span class=\"_ _3\"></span>bre <span class=\"_ _6\"> </span>20<span class=\"_ _3\"></span>21, <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>crediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>se<span class=\"_ _3\"></span>nsi <span class=\"_ _6\"> </span>dell\u2019<span class=\"_ _3\"></span>art. <span class=\"_ _6\"> </span>55, <span class=\"_ _4\"> </span>D.L. <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _6\"> </span>18/202<span class=\"_ _3\"></span>0 <span class=\"_ _6\"> </span>(Dec<span class=\"_ _3\"></span>reto <span class=\"_ _6\"> </span>\u201cCu<span class=\"_ _3\"></span>ra <span class=\"_ _6\"> </span>I<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>a\u201d) <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>dell\u2019art. <span class=\"_ _4\"> </span>19, <span class=\"_ _6\"> </span>D.L.<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>n. <span class=\"_ _4\"> </span>73/2021 <span class=\"_ _6\"> </span>(Dec<span class=\"_ _3\"></span>reto \u201cSostegni bis\u201d).<span class=\"ff9\"> </span>Banca,  scegliendo,  prudentemente,  di  non  iscrivere  le  sopra  citate  imposte  anticipate.  Ci  si  era  tuttavia  riservati  una riconsiderazione <span class=\"_ _3\"></span>del<span class=\"ff4\">la <span class=\"_ _2\"></span>questione <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uccessivi <span class=\"_ _3\"></span>esercizi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>performance <span class=\"_ _3\"></span>reddituali <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca </span>nel contesto dell\u2019evol<span class=\"_ _0\"></span>uzione della sit<span class=\"_ _0\"></span>uazione esterna.<span class=\"ff1\"> </span>Nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>2022: <span class=\"_ _2\"></span>i) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>pieno <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(sia <span class=\"_ _2\"></span>di </span>quelle <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fronte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isultavano <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"> </span>iscritte <span class=\"_ _4\"> </span>imposte <span class=\"_ _4\"> </span>anticipate, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>confermato <span class=\"_ _6\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span>Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>risposta <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>apposita <span class=\"_ _5\"></span>is<span class=\"_ _3\"></span>tanza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>interpello <span class=\"_ _5\"></span>presentata <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>(la <span class=\"_ _5\"></span>ris<span class=\"_ _2\"></span><span class=\"ff4\">posta <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>pervenuta <span class=\"_ _5\"></span>l\u201911 <span class=\"_ _5\"></span>luglio <span class=\"_ _5\"></span>2022); </span>ii)<span class=\"ls0\"> sono state avvia<span class=\"_ _0\"></span>te tra la Capog<span class=\"_ _0\"></span>ruppo e il Fondo Nazional<span class=\"_ _0\"></span>e di Risoluzione (che a<span class=\"_ _0\"></span>veva ceduto ad UB<span class=\"_ _0\"></span>I Banca le partecipa<span class=\"_ _0\"></span>zioni </span>nelle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"> </span>Good <span class=\"_ _6\"></span>Bank) <span class=\"_ _5\"></span>interlocuzioni <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>disciplinare <span class=\"_ _5\"></span>nell\u2019assetto <span class=\"_ _5\"></span>post <span class=\"_ _6\"></span>fusione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>diritto <span class=\"_ _4\"> </span><span class=\"ff1\">r<span class=\"_ _3\"></span>iconosciuto<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _6\"></span>Nazionale <span class=\"_ _5\"></span>di </span>Risoluzione, sulla base degli accordi iniziali, a vedersi retrocessa una quota del beneficio fiscal<span class=\"_ _0\"></span>e che sar\u00e0 conseguito in f<span class=\"_ _5\"></span>uturo al momento del concre<span class=\"_ _0\"></span>to utilizzo delle perdi<span class=\"_ _0\"></span>te fiscali delle ex G<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>od Banks.<span class=\"_ _3\"></span> L\u2019esito <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>suddetto <span class=\"_ _3\"></span>interpello, <span class=\"_ _3\"></span>abbinato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>aluni <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>oggettivi, <span class=\"_ _3\"></span>prevalentemente riconducibili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>dinamica<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>dei </span>tassi <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>interesse <span class=\"_ _17\"> </span>e <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>conseguente <span class=\"_ _18\"> </span>andamento <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>margine <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>interesse <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo, <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>incidono positivamente <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onsentito <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riconsider<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>redazione <span class=\"_ _6\"></span>del Bilancio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _2\"></span>l\u2019atteggiamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>assoluta <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rudenza <span class=\"_ _2\"></span>adottato <span class=\"_ _3\"></span>sinora <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>anticipate<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sulle perdite fisca<span class=\"ff4\">li dell\u2019ex UBI B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca. <span class=\"ff1\"> </span></span>Pur <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>miglioramento, <span class=\"_ _6\"></span>sussistono <span class=\"_ _6\"></span>tuttavia <span class=\"_ _6\"></span>ancora <span class=\"_ _4\"></span>talune <span class=\"_ _6\"></span>circostanze <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>quadro <span class=\"_ _6\"></span>macroeconomico comunque <span class=\"_ _5\"></span>ancora <span class=\"_ _6\"></span>incerto, <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>causa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>conflitto <span class=\"_ _6\"></span>Russia/<span class=\"_ _0\"></span>Ucraina, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>interloc<span class=\"_ _5\"></span>uzioni <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>il Fondo <span class=\"_ _6\"></span>Nazionale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Risoluzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">che <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>uggeriscono <span class=\"_ _6\"></span>cautela <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>procedere <span class=\"_ _6\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>toto <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>in </span>questione.   Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>qui <span class=\"_ _3\"></span>esposto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ritenuto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quantificare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>320 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>l\u2019ammontar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span><span class=\"ff1\">ste<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>iscrivere <span class=\"_ _3\"></span>nel </span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>iscrizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>tenuto <span class=\"_ _6\"></span>anche conto <span class=\"_ _2\"></span>dell\u2019esito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>citato <span class=\"_ _2\"></span>interpello <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>prudenziale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>potenziale <span class=\"_ _2\"></span>retrocessione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Fondo<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di </span>Risoluzione, <span class=\"_ _3\"></span>ammontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>320 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>verr\u00e0 <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>prossime <span class=\"_ _2\"></span>rendicontazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>dinamiche reddituali della Banc<span class=\"_ _0\"></span>a e delle interlocu<span class=\"_ _0\"></span>zioni gi\u00e0 citate con il F<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ndo Nazionale <span class=\"_ _0\"></span>di Risoluzione.<span class=\"_ _3\"></span> Nel <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _16\"> </span>2022 <span class=\"_ _16\"> </span>risultano  al<span class=\"_ _0\"></span>tres\u00ec <span class=\"_ _16\"> </span>iscritte, <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>44 <span class=\"_ _16\"> </span>milioni, <span class=\"_ _16\"> </span>imposte <span class=\"_ _7\"> </span>anticipate  d<span class=\"_ _0\"></span>erivanti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>perdite <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>pregresse <span class=\"_ _16\"> </span>della controllata  lussemb<span class=\"_ _0\"></span>urghese  Intesa  S<span class=\"_ _0\"></span>anpaolo  Holding <span class=\"_ _16\"> </span>International  (ISPH<span class=\"_ _0\"></span>I).  Le  analis<span class=\"_ _0\"></span>i  svolte  in  r<span class=\"_ _0\"></span>elazione  alle  p<span class=\"_ _0\"></span>revisioni<span class=\"_ _35\"></span> reddituali <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>ussemburghese <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfermano <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>utilizzare <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>quali sono appostate impost<span class=\"_ _0\"></span>e anticipate. Nello <span class=\"_ _7\"> </span>svolgimento <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>probability <span class=\"_ _16\"> </span>test <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>\u201caltre <span class=\"_ _7\"> </span>imposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _16\"> </span>IRES\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>sulle <span class=\"_ _7\"> </span>\u201cimposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>RAP\u201d, <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\">el </span>bilancio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>separatamente <span class=\"_ _5\"></span>dalle <span class=\"_ _2\"></span>altre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da differenze <span class=\"_ _1d\"> </span>temporanee <span class=\"_ _1d\"> </span>deducibili <span class=\"_ _1d\"> </span>relative <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>svalutazioni <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>su <span class=\"_ _1d\"> </span>crediti <span class=\"_ _1d\"> </span>(diverse <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>quelle <span class=\"_ _1d\"> </span>scaturenti <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rima<span class=\"_ _0\"></span> applicazio<span class=\"ff4\">ne <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>principio <span class=\"_ _6\"> </span>contabile <span class=\"_ _4\"> </span>internazional<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>IFRS <span class=\"_ _6\"></span>9; <span class=\"_ _4\"> </span>cfr. <span class=\"_ _6\"> </span>infra), <span class=\"_ _4\"> </span>nonch\u00e9, <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>iscritte <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>entro <span class=\"_ _6\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2014, </span>quelle <span class=\"_ _4\"> </span>relative <span class=\"_ _6\"></span>all\u2019avviamento <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _4\"> </span>indefinita<span class=\"_ _90\"> </span>90 <span class=\"_ _4\"> </span><span class=\"ff4\">(imposte <span class=\"_ _6\"> </span>anticipate <span class=\"_ _4\"> </span>\u201cqualificate\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenze<span class=\"_ _0\"></span> </span>tempo<span class=\"ff4\">ranee \u201cqualificate\u201d). Rileva al riguardo che, a decorrere dal<span class=\"_ _0\"></span> periodo di imposta chiuso al 31 dicembre 2011, \u00e8 consentita </span>la <span class=\"_ _5\"></span>conversione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imposta <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>is<span class=\"_ _3\"></span>critte <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>derivanti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>dalla de<span class=\"ff4 ls0\">duzione <span class=\"_ _6\"></span>differita <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>differenze <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _6\"> </span>\u201cqualificate\u201d <span class=\"_ _6\"> </span>(art. <span class=\"_ _4\"> </span>2, <span class=\"_ _4\"> </span>comma <span class=\"_ _6\"> </span>56<span class=\"_ _2\"></span><span class=\"ff1\">-bis, <span class=\"_ _4\"></span>D.L. <span class=\"_ _6\"></span>29 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2010 <span class=\"_ _4\"></span>n. <span class=\"_ _4\"></span>225, <span class=\"_ _4\"></span>introdott<span class=\"_ _35\"></span>o </span></span>dall\u2019art. <span class=\"_ _4\"> </span>9, <span class=\"_ _7\"> </span>D.L. <span class=\"_ _6\"> </span>6<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2011 <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>01). <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>decorrere <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>imposta <span class=\"_ _4\"> </span>2013, <span class=\"_ _4\"> </span>analoga <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>conversione <span class=\"_ _4\"> </span>\u00e8 prevista, <span class=\"_ _3\"></span>qualora dalla <span class=\"_ _3\"></span>dichiarazione IRAP <span class=\"_ _3\"></span>emerga <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>produzione netta <span class=\"_ _3\"></span>negativo, anche <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>e imposte <span class=\"_ _3\"></span>anticipate IRAP <span class=\"_ _5\"></span>afferenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>\u201cqualificate\u201d <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>abbiano <span class=\"_ _5\"></span>concorso <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>produzione netta <span class=\"_ _16\"> </span>negativo <span class=\"_ _16\"> </span>(art. <span class=\"_ _16\"> </span>2,<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>comma <span class=\"_ _16\"> </span>56-bis.1,  D<span class=\"_ _0\"></span>.L. <span class=\"_ _16\"> </span>29 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2010, <span class=\"_ _16\"> </span>n.  2<span class=\"_ _0\"></span>25, <span class=\"_ _16\"> </span>introdotto <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>L. <span class=\"_ _16\"> </span>n.  14<span class=\"_ _0\"></span>7/2013). <span class=\"_ _16\"> </span>Tali <span class=\"_ _16\"> </span>forme <span class=\"_ _16\"> </span>di convertibilit\u00e0 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>aggiungono a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>prevista p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>individuale risulti <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esercizio (art. <span class=\"_ _5\"></span>2, <span class=\"_ _6\"></span>commi <span class=\"_ _5\"></span>55 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>56, <span class=\"_ _6\"></span>D.L.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>n. <span class=\"_ _5\"></span>225/2010, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ltimo <span class=\"_ _5\"></span>modificato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _6\"></span>n. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>47/2013) <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>costituiscono <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di recupero <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntiva <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>integrativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>idonea <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>assicurare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>impos<span class=\"_ _0\"></span>te <span class=\"_ _6\"> </span>anticipate <span class=\"_ _6\"> </span>\u201cqualificate\u201d <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ogn<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>situazione, <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">la <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>futura <span class=\"_ _3\"></span>dell\u2019impresa. <span class=\"_ _3\"></span>Infatti, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>verificassero </span>eccedenze  del<span class=\"_ _0\"></span>le  differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _16\"> </span>\u201cqualificate\u201d  ris<span class=\"_ _0\"></span>petto  al  red<span class=\"_ _0\"></span>dito  imponibil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  o <span class=\"_ _16\"> </span>al  valore <span class=\"_ _16\"> </span>della  produzione <span class=\"_ _16\"> </span>netta,  il<span class=\"_ _0\"></span> recupero <span class=\"_ _16\"> </span>delle  relative <span class=\"_ _16\"> </span>imposte  anticipate  non <span class=\"_ _16\"> </span>si  manifester<span class=\"_ _0\"></span>ebbe  in <span class=\"_ _16\"> </span>una  riduzi<span class=\"_ _0\"></span>one  delle<span class=\"_ _0\"></span>  imposte <span class=\"_ _16\"> </span>correnti,  m<span class=\"_ _0\"></span>a  mediant<span class=\"_ _35\"></span>e l\u2019iscrizione <span class=\"_ _16\"> </span>di  im<span class=\"_ _0\"></span>poste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>sulla  perdita <span class=\"_ _7\"> </span>fi<span class=\"_ _3\"></span>scale <span class=\"_ _16\"> </span>o  sul<span class=\"_ _0\"></span>  valore <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>produzione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>negativo, <span class=\"_ _16\"> </span>convertibili <span class=\"_ _16\"> </span>in  cred<span class=\"_ _0\"></span>it<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>d\u2019imposta <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>commi <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span><span class=\"ff1\">-bis <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"lsc\">56<span class=\"_ _3\"></span></span>-bis.1, <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>225/2010. <span class=\"_ _2\"></span>La<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onvertibilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdite </span>fiscali <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>produzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>netta <span class=\"_ _4\"> </span>negativo <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>determinate <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>differenze <span class=\"_ _4\"> </span>temporanee <span class=\"_ _4\"> </span>\u201cqualifi<span class=\"_ _0\"></span>cate\u201d <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>configur<span class=\"_ _0\"></span>a pertanto <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>idoneo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>sufficiente <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _3\"></span>\u201cqualificate\u201d, <span class=\"_ _3\"></span>consentendo </span>di escluderle dall\u2019am<span class=\"_ _0\"></span>bito applicativo del p<span class=\"_ _0\"></span>robability test reddit<span class=\"_ _0\"></span>uale.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Un <span class=\"_ _4\"> </span>limite <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>convertibilit\u00e0 <span class=\"_ _6\"> </span>tout <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ourt <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _4\"> </span>anticipate <span class=\"_ _6\"></span>\u201cqualificate\u201d <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>stato <span class=\"_ _4\"> </span>introdotto <span class=\"_ _6\"> </span>dall\u2019art<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _6\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>D.L. <span class=\"_ _4\"></span>n. <span class=\"_ _6\"></span>59<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del </span>3 maggio <span class=\"_ _2\"></span>2016, <span class=\"_ _2\"></span>modificato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>D.L<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>237 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2016, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>subordinato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>trasformabilit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta delle imposte anticip<span class=\"_ _0\"></span>ate \u201cqualificate\u201d alle qu<span class=\"_ _0\"></span>ali non abbia co<span class=\"_ _0\"></span>rrisposto un effettivo pag<span class=\"_ _0\"></span>amento anticipato di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>imposte (\u201cDT<span class=\"_ _0\"></span>A di tipo 2\u201d) <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>corresponsione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>canone <span class=\"_ _6\"></span>annuo, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>all\u20191,5% <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>loro <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>complessivo, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _5\"></span>2016<span class=\"_ _5\"></span><span class=\"ff1\">-2030. <span class=\"_ _6\"></span>Nessun<span class=\"_ _0\"></span> </span>canone <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>dovuto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>trasformabilit\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>imposta<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>imposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _4\"> </span>\u201cqualificate\u201d <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>quali  <span class=\"ff1\">abbia <span class=\"_ _7\"> </span>invece </span>corrisposto <span class=\"_ _2\"></span>un <span class=\"_ _6\"></span>effettivo <span class=\"_ _2\"></span>pagamento <span class=\"_ _5\"></span>anticipato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggiori <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>(\u201cDTA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>1\u201d). <span class=\"_ _5\"></span>Tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate<span class=\"_ _0\"></span> \u201cqualificate\u201d, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>quelle <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>sia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>quelle </span>confluite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>dell\u2019acquisizi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rami <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banche <span class=\"_ _5\"></span>Venete <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ltimo quelle  dell\u2019ex  Gruppo  UBI,  s<span class=\"_ _3\"></span>ono  risultate  tutte <span class=\"_ _1d\"> </span>\u201cDTA  di  tipo  1\u201d, <span class=\"_ _1d\"> </span>il  Gruppo  non  \u00e8<span class=\"_ _3\"></span>  in  concreto <span class=\"_ _1d\"> </span>al  momento  tenuto  alla corresponsione del ca<span class=\"_ _0\"></span>none. La <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>(L. <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>018, <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>145), <span class=\"_ _3\"></span>all<span class=\"_ _3\"></span>\u2019art. 1,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>commi <span class=\"_ _3\"></span>1067 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>068, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>deducibilit\u00e0 <span class=\"_ _3\"></span>(sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">ini </span>IRES che IRAP) in dieci periodi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i imposta, a partire da qu<span class=\"_ _0\"></span>ello in corso al 31 dicembr<span class=\"_ _0\"></span>e 2018, delle rettific<span class=\"_ _2\"></span>he di valore sui cr<span class=\"_ _0\"></span>editi verso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>bilanci <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>degli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>nti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>occasione <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>pr<span class=\"_ _3\"></span>inci<span class=\"_ _5\"></span>pio contabile <span class=\"_ _1d\"> </span>internazional<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _1d\"> </span>9<span class=\"_ _90\"> </span>91<span class=\"_ _90\"> </span>. <span class=\"_ _1d\"> </span>Secondo <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>chiarito <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>Relazione <span class=\"_ _1d\"> </span>illustr<span class=\"_ _0\"></span>ativa <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Provvedime<span class=\"_ _3\"></span>nto, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>imposte 90 <span class=\"_ _3\"></span><span class=\"ff4\">Con <span class=\"_ _2\"></span>l\u2019art. <span class=\"_ _3\"></span>17,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>D.L. <span class=\"_ _2\"></span>27 <span class=\"_ _3\"></span>giu<span class=\"_ _3\"></span>gno <span class=\"_ _3\"></span>201<span class=\"_ _3\"></span>5, <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>83, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esclusa <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conver<span class=\"_ _3\"></span>tibilit\u00e0 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>(a <span class=\"_ _2\"></span>qualunque <span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>tolo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revist<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>D.L<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>29 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2010, </span></span>n.<span class=\"ls0\"> 225) d<span class=\"_ _3\"></span>elle attivit<span class=\"_ _3\"></span>\u00e0 per im<span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span><span class=\"ff4\">anticipate <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>\u201cal valo<span class=\"_ _3\"></span>re dell\u2019avviam<span class=\"_ _3\"></span>ento <span class=\"_ _3\"></span>e delle <span class=\"_ _3\"></span>altre a<span class=\"_ _3\"></span>ttivit\u00e0 immat<span class=\"_ _3\"></span>eriali iscrit<span class=\"_ _3\"></span>te per <span class=\"_ _3\"></span>la prima <span class=\"_ _3\"></span>volta <span class=\"_ _3\"></span>a partire <span class=\"_ _3\"></span>dai b<span class=\"_ _2\"></span></span>ilanci </span>relativi all\u2019esercizio<span class=\"_ _3\"></span> in corso alla d<span class=\"_ _3\"></span>ata di entrata in vigo<span class=\"_ _3\"></span>re\u201d della disposizi<span class=\"_ _3\"></span>one, cio\u00e8 a pa<span class=\"_ _3\"></span>rtire dal 2015.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>91 <span class=\"_ _6\"></span>Il <span class=\"_ _5\"></span>peri<span class=\"_ _3\"></span>odo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ateizzazion<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>cennale, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>avrebb<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ovuto <span class=\"_ _6\"></span>originariam<span class=\"_ _3\"></span>ente <span class=\"_ _6\"></span>concludersi <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>027, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ato <span class=\"_ _6\"></span>procrastinat<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>an<span class=\"_ _3\"></span>no <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Le<span class=\"_ _3\"></span>gg<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>di bilancio 2020 (L. <span class=\"_ _3\"></span>27 dicembre 2019<span class=\"_ _3\"></span>, n. 160).<span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-255.40161px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">anticipate <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>differimento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itata <span class=\"_ _3\"></span>deduzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>convertibili <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>base </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">alle citate disposizio<span class=\"_ _0\"></span>ni del D.L. n. 225/20<span class=\"_ _0\"></span>10. Tali imposte, per<span class=\"_ _0\"></span>tanto, debbono essere a<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>soggettate al p<span class=\"_ _0\"></span>roba<span class=\"_ _2\"></span>bility test. </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Su tali basi, l\u2019effett<span class=\"_ _0\"></span>uazione del probability <span class=\"_ _0\"></span>test sulle altre im<span class=\"_ _0\"></span>poste anticipate IRES <span class=\"_ _0\"></span>si \u00e8 articolata come segu<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y414 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">individuazione delle \u201caltre imposte anticipate IRES\u201d, ossia di <span class=\"_ _3\"></span>quelle non relative alle perdite fiscali di <span class=\"_ _3\"></span>Intesa Sanpaolo e <span class=\"_ _5\"></span></span>di </span></div><div class=\"t m0 x2a h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\">ISPHI, la cui iscrivibilit<span class=\"_ _0\"></span>\u00e0 in bilancio \u00e8 stat<span class=\"_ _0\"></span>a oggetto di una verific<span class=\"_ _0\"></span>a a s\u00e9 stante (cfr. so<span class=\"_ _0\"></span>pra);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y416 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">individuazione, nell\u2019<span class=\"_ _0\"></span>ambito delle altre imposte anticipate, di quelle \u201cnon qualificate\u201d,<span class=\"_ _0\"></span> poich\u00e9 non convertibili in crediti v<span class=\"_ _5\"></span><span class=\"ff1\">erso<span class=\"_ _0\"></span> </span></span></span></div><div class=\"t m0 x2a h2 y417 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019Erario (cfr. sopra);<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ydbe ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>anali<span class=\"ff4\">si  di  tali<span class=\"_ _0\"></span>  imposte  anticip<span class=\"_ _0\"></span>ate  \u201cnon  qualifi<span class=\"_ _0\"></span>cate\u201d  e  delle <span class=\"_ _16\"> </span>imposte  differite  passi<span class=\"_ _0\"></span>ve  iscritte  n<span class=\"_ _0\"></span>el  bilancio  consolid<span class=\"_ _0\"></span>ato, </span></span></div><div class=\"t m0 x2a h2 y49f ff1 fs0 fc0 sc0 ls0 ws0\">distinguendole per c<span class=\"_ _0\"></span>ausale e per prev<span class=\"_ _0\"></span>edibile timing di riassor<span class=\"_ _0\"></span>bimento;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y25b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quantificazione <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revisionale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>imponibili <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>tes<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>assorbimento <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>\u201caltre<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y6d2 ff4 fs0 fc0 sc0 ls0 ws0\">imposte <span class=\"_ _4\"> </span>anticipat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>IRES\u201d <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>degli <span class=\"_ _4\"> </span>imponibili <span class=\"_ _6\"> </span>futuri <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>operata <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>gli <span class=\"_ _4\"> </span>esercizi <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>023<span class=\"_ _2\"></span><span class=\"ff1\">-2027, </span></div><div class=\"t m0 x2a h2 y25d ff4 fs0 fc0 sc0 ls0 ws0\">utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>assunta <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ini <span class=\"_ _3\"></span>dell\u2019i<span class=\"_ _3\"></span>mpairme<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lo<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>Bila<span class=\"_ _3\"></span>ncio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>sopra); </span></div><div class=\"t m0 x2a h2 y25e ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>successivi \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>ipotizzato <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>autela un <span class=\"_ _3\"></span>trascinamento <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>roiezioni, senza <span class=\"_ _3\"></span>considerare u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y25f ff4 fs0 fc0 sc0 ls0 ws0\">crescita \u201cg\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y260 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019elaborazione <span class=\"_ _6\"> </span>svolta <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>evidenziato <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>imponibile <span class=\"_ _6\"> </span>IRES <span class=\"_ _4\"> </span>capiente,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>assorbire <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _4\"></span>differita <span class=\"_ _4\"> </span>iscritta </span></div><div class=\"t m0 x0 h2 y261 ff4 fs0 fc0 sc0 ls0 ws0\">relativamente all\u2019IRES<span class=\"_ _0\"></span> nel bilancio al 31 dic<span class=\"_ _0\"></span>embre 2022.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y262 ff4 fs0 fc0 sc0 ls0 ws0\">Anche per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cimposte anticipate I<span class=\"_ _3\"></span>RAP\u201d, il <span class=\"_ _3\"></span>probability <span class=\"_ _3\"></span>test \u00e8 <span class=\"_ _3\"></span>stato e<span class=\"_ _3\"></span>ffettuato in <span class=\"_ _3\"></span>forma a<span class=\"_ _3\"></span>nalitica con <span class=\"_ _3\"></span>riferimento alle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">mposte<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y263 ff4 fs0 fc0 sc0 ls0 ws0\">anticipate \u201cnon qualificate\u201d (per quelle convertibili in crediti verso l\u2019Erario, come detto, le p<span class=\"_ _3\"></span>rospetti<span class=\"_ _0\"></span>ve certe di <span class=\"_ _3\"></span>utilizzo sulla base </div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>ipotesi di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta p<span class=\"_ _3\"></span>reviste dai <span class=\"_ _3\"></span>commi <span class=\"_ _3\"></span>56<span class=\"_ _2\"></span>-bis <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>56-bis.1, <span class=\"_ _3\"></span>art. <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>225/2010, si <span class=\"_ _3\"></span>configurano, </div><div class=\"t m0 x0 h2 y266 ff4 fs0 fc0 sc0 ls0 ws0\">infatti, <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>sufficiente <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>rendendo <span class=\"_ _5\"></span>implicitamente <span class=\"_ _2\"></span>superato <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>probability <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>ad <span class=\"_ _7\"> </span><span class=\"ff1\">esse </span></div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\">relativo). <span class=\"_ _7\"> </span>Il <span class=\"_ _16\"> </span>test <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>effettuato <span class=\"_ _7\"> </span>confrontando <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>imponibili <span class=\"_ _7\"> </span>prospettici <span class=\"_ _7\"> </span>IRAP <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>stimati <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>dei<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">medesimi <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>assunti <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>probability <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>fiscali, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rientri <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>tempora<span class=\"_ _5\"></span>nee <span class=\"_ _2\"></span>non </div><div class=\"t m0 x0 h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\">qualificate riscontrat<span class=\"_ _0\"></span>e al 31 dicembre <span class=\"_ _0\"></span>2022 e determinando, <span class=\"_ _0\"></span>per ciascun esercizi<span class=\"_ _0\"></span>o, la base imponibile IRA<span class=\"_ _0\"></span>P residua.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\">Tenuto <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>fini <span class=\"_ _6\"></span>IRAP, <span class=\"_ _6\"></span>diversamente <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _4\"></span>IRES, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>opera <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>regime <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>carry </div><div class=\"t m0 x0 h2 y26b ff4 fs0 fc0 sc0 ls0 ws0\">forward <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>mponibili <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>egativi <span class=\"_ _6\"></span>n\u00e9 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>compensarli <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>consolidato <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00f9 </span></div><div class=\"t m0 x0 h2 y26c ff1 fs0 fc0 sc0 ls0 ws0\">esercizi <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>imponibile <span class=\"_ _6\"></span>residua <span class=\"_ _4\"></span>fosse <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>ipotesi <span class=\"_ _6\"></span>negativa, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>IRAP <span class=\"_ _4\"></span>iscrivibili <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>dovrebbero </div><div class=\"t m0 x0 h2 y26d ff1 fs0 fc0 sc0 ls0 ws0\">essere limitate alle s<span class=\"_ _0\"></span>ole corrispondenti alle <span class=\"_ _0\"></span>differenze temporan<span class=\"_ _0\"></span>ee assorbibili in cias<span class=\"_ _0\"></span>cun esercizio consi<span class=\"_ _0\"></span>derato.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\">Dalle elaborazioni svolte <span class=\"_ _3\"></span>emerg<span class=\"ff4\">e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>imponibile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>residua IRAP p<span class=\"_ _3\"></span>ositiva in <span class=\"_ _3\"></span>ciascuno degli esercizi <span class=\"_ _3\"></span>compresi nell\u2019orizzonte </span></div><div class=\"t m0 x0 h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">temporale di riferiment<span class=\"_ _0\"></span>o del test. </div><div class=\"t m0 x0 h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">A supporto dei positi<span class=\"_ _0\"></span>vi esiti del probabilit<span class=\"_ _0\"></span>y test si rileva che: </div><div class=\"t m0 x0 h2 yf4e ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la situazione sanitaria \u00e8 in via di <span class=\"_ _3\"></span>miglioramento, il che ha<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>ortato alla graduale attenuazione delle misure di contenimento<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 yeff ff1 fs0 fc0 sc0 ls0 ws0\">adottate nella fase pi<span class=\"_ _0\"></span>\u00f9 critica della pan<span class=\"_ _0\"></span>demia, con conseguenti i<span class=\"_ _0\"></span>mpatti favorevoli sugli i<span class=\"_ _0\"></span>ndicatori economici <span class=\"_ _0\"></span>di riferimento;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6ad ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i r<span class=\"_ _3\"></span>isultati 2022 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo sono <span class=\"_ _3\"></span>migliori <span class=\"_ _3\"></span>rispetto a <span class=\"_ _3\"></span>quel<span class=\"_ _2\"></span><span class=\"ff4\">li d<span class=\"_ _3\"></span>ell\u2019anno precedente, c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un incremento <span class=\"_ _3\"></span>pi\u00f9 s<span class=\"_ _3\"></span>ignificativ<span class=\"_ _35\"></span>o </span></span></div><div class=\"t m0 x2a h2 y6ae ff4 fs0 fc0 sc0 ls0 ws0\">nelle componenti di ric<span class=\"_ _0\"></span>avo pi\u00f9 \u201cstabili\u201d, a <span class=\"_ _0\"></span>conferma del solido tr<span class=\"_ _0\"></span>ack record di redditiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5ed ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i  d<span class=\"_ _0\"></span>ati  pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isionali <span class=\"_ _16\"> </span>sui  quali <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>basa  la <span class=\"_ _16\"> </span>stima  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  im<span class=\"_ _0\"></span>ponibili <span class=\"_ _16\"> </span>prospettici <span class=\"_ _16\"> </span>cautelativamente <span class=\"_ _16\"> </span>incorpora<span class=\"_ _2\"></span>no  uno  S<span class=\"_ _0\"></span>cenario<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y5ee ff4 fs0 fc0 sc0 ls0 ws0\">macroeconomico <span class=\"_ _7\"> </span>sfavorevole <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>allo <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>\u201cbase\u201d, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>tuttavia <span class=\"_ _7\"> </span>mostra <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>miglioramento <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>variabili </div><div class=\"t m0 x2a h2 y965 ff1 fs0 fc0 sc0 ls0 ws0\">fiscalmente rilevanti <span class=\"_ _0\"></span>nel periodo 2023-2027;    </div><div class=\"t m0 x0 h2 y35d ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ulteriore <span class=\"_ _2\"></span>prudenza, <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019effettuazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>pr<span class=\"_ _2\"></span></span>obability <span class=\"_ _5\"></span>test, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>risultato <span class=\"_ _2\"></span>imponibile <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>esercizi </span></div><div class=\"t m0 x2a h2 y35e ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>dispone <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>prospettici, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>trend <span class=\"_ _6\"></span>crescente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utili, </div><div class=\"t m0 x2a h2 y35f ff4 fs0 fc0 sc0 ls0 ws0\">viene comunque assun<span class=\"_ _0\"></span>to pari (i.e. non cre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>cente rispetto) a qu<span class=\"_ _0\"></span>ello dell\u2019ulti<span class=\"_ _3\"></span><span class=\"ff1\">mo anno coperto dalle <span class=\"_ _0\"></span>Proiezioni; </span></div><div class=\"t m0 x0 h2 y102b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in ogni <span class=\"_ _3\"></span>caso, le <span class=\"_ _3\"></span>stime reddituali prospettiche utilizzate ai <span class=\"_ _3\"></span>fini de<span class=\"_ _3\"></span>l probability test <span class=\"_ _3\"></span>vengono aggiornate almeno annualmente </span></div><div class=\"t m0 x2a h2 y102c ff1 fs0 fc0 sc0 ls0 ws0\">per tener conto dei mu<span class=\"_ _0\"></span>tamenti intervenuti me<span class=\"_ _0\"></span>dio tempore negli <span class=\"_ _0\"></span>scenari di mercato; </div><div class=\"t m0 x0 h2 y13d8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>secondo la vigente norm<span class=\"_ _0\"></span>ativa italiana, le perd<span class=\"_ _0\"></span>ite fiscali sono rip<span class=\"_ _0\"></span>ortabili senza limiti t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>mporali (art. 84, TUIR<span class=\"_ _0\"></span>);<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y13d9 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>gli <span class=\"_ _3\"></span>imponibili negativi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>derivano <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>\"incapacit\u00e0\" fisiologica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>generare <span class=\"_ _3\"></span>utili f<span class=\"_ _3\"></span>iscali ma <span class=\"_ _3\"></span>piuttosto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>alcune <span class=\"_ _3\"></span>peculia<span class=\"_ _5\"></span>ri </span></div><div class=\"t m0 x2a h2 yeb0 ff1 fs0 fc0 sc0 ls0 ws0\">norme  del  sist<span class=\"_ _0\"></span>ema  fiscale  it<span class=\"ff4\">aliano,  che  h<span class=\"_ _0\"></span>anno  determinato  l<span class=\"_ _35\"></span>\u2019insorgenza  di  imposte  a<span class=\"_ _0\"></span>nticipate  i  c<span class=\"_ _0\"></span>ui  reversal <span class=\"_ _16\"> </span>hanno </span></div><div class=\"t m0 x2a h2 y13da ff1 fs0 fc0 sc0 ls0 ws0\">penalizzato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>continuerann<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>penalizzare <span class=\"_ _6\"></span>(ma <span class=\"_ _6\"></span>solo <span class=\"_ _6\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2029) <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>imponibili <span class=\"_ _6\"></span>fiscali <span class=\"_ _6\"></span>(rateizzazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche <span class=\"_ _6\"></span>su </div><div class=\"t m0 x2a h2 y13db ff1 fs0 fc0 sc0 ls0 ws0\">crediti <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>dedotte <span class=\"_ _5\"></span>sino <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>2014; <span class=\"_ _6\"></span>rateizzazione <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>rilevate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>FTA </div><div class=\"t m0 x2a h2 yab2 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS <span class=\"_ _5\"></span>9; <span class=\"_ _5\"></span>reiterato <span class=\"_ _5\"></span>differimento <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>dell\u2019inizio <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>riallineati <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 yb1f ff1 fs0 fc0 sc0 ls0 ws0\">pagamento);  </div><div class=\"t m0 x0 h2 y599 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _3\"></span>quasi totalit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>perdite fiscali <span class=\"_ _3\"></span>pregresse \u00e8 <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>entit\u00e0 ac<span class=\"_ _3\"></span>quisite da In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si </span></div><div class=\"t m0 x2a h2 y13dc ff4 fs0 fc0 sc0 ls0 ws0\">\u00e8 manifestata prima <span class=\"_ _0\"></span>dell\u2019acquisizion<span class=\"_ _0\"></span>e da parte di Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y59b ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>prospettive <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ecupero <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>emergono <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>ritenere <span class=\"_ _5\"></span>compatibili <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">il <span class=\"_ _5\"></span>requisito <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u201cprobabilit\u00e0 <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h32 y116d ff4 fs0 fc0 sc0 ls0 ws0\">recupero\u201d  richiesto <span class=\"_ _16\"> </span>dallo  IAS  12  e,  conseg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>entemente,  le  c<span class=\"_ _0\"></span>itate  imposte  anti<span class=\"_ _0\"></span>cipate  possono  es<span class=\"_ _0\"></span>sere  iscritte  nello  sta<span class=\"_ _0\"></span>to </div><div class=\"t m0 x0 h2 y12ca ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale al 31 di<span class=\"_ _0\"></span>cembre 2022 per il l<span class=\"_ _0\"></span>oro intero ammontar<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y59d ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y13dd ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y4e2 ff5 fs0 fc2 sc0 ls0 ws0\">11.8 Altre informazio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x0 h2 y1031 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre a quanto sopra indi<span class=\"_ _0\"></span>cato, non risult<span class=\"_ _0\"></span>ano altre informazioni <span class=\"_ _0\"></span>da segnalare. </div><div class=\"t m0 x0 h24 y59e ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1055": {
   "value": "SEZIONE 11 <span class=\"ff6\">\u2013</span> LE ATTIVIT\u00c0 FISCALI E LE PASSIVIT\u00c0 FISCALI <span class=\"ff6\">\u2013</span> <span class=\"ff6\">VOCE 110 DELL\u2019ATTIVO E </span> VOCE 60 DEL PASSIVO 11.1 Attivit\u00e0 per impos<span class=\"_ _0\"></span>te anticipate: composi<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate, <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>differenze <span class=\"_ _2\"></span>temporanee <span class=\"_ _4\"> </span>deducibili <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>14.753 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>12.941 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>contropartita d<span class=\"_ _3\"></span>el c<span class=\"_ _3\"></span>onto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1.812 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>rileva<span class=\"_ _5\"></span>te in <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>prime <span class=\"_ _5\"></span>attengono <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>perdite <span class=\"_ _2\"></span>portate <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>nuovo, <span class=\"_ _4\"> </span>alla <span class=\"_ _5\"></span>quota <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>compensata <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>benefici connessi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>deducibilit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>esercizi <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rettifiche <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>oneri, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>ben<span class=\"_ _5\"></span>eficio riveniente <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>riallineamento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>fiscale <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>avviamenti, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>marchi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immateriali e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>art. <span class=\"_ _3\"></span>15, <span class=\"_ _2\"></span>comma<span class=\"_ _0\"></span> 10, 10-bis e 10-ter del D.L. n. 185/<span class=\"_ _0\"></span>2008. Le attivit\u00e0 per imposte a<span class=\"_ _0\"></span>nticipate in contropartita d<span class=\"_ _0\"></span>el patrimonio netto atteng<span class=\"_ _0\"></span>ono quasi esclusivamente alla fiscalit\u00e0 <span class=\"_ _3\"></span>su riserve <span class=\"_ _3\"></span>da valutazione n<span class=\"_ _3\"></span>egative relative <span class=\"_ _3\"></span>ad at<span class=\"_ _2\"></span>tivit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate al <span class=\"_ _3\"></span>fair v<span class=\"_ _3\"></span>alue con <span class=\"_ _3\"></span>impatto sulla redditivit\u00e0 com<span class=\"_ _0\"></span>plessiva, alle copert<span class=\"_ _0\"></span>ure dei flussi finan<span class=\"_ _0\"></span>ziari ed alla rilevazio<span class=\"_ _0\"></span>ne di perdite attua<span class=\"_ _0\"></span>riali su fondi del pe<span class=\"_ _2\"></span>rsonale. 11.2 Passivit\u00e0 per impo<span class=\"_ _0\"></span>ste differite: compo<span class=\"_ _0\"></span>sizione Le <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>differite <span class=\"_ _2\"></span>ammontano a <span class=\"_ _2\"></span>2.009 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>rilevate <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>contropartita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>1.634 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ltre a 375 milioni rilevati in c<span class=\"_ _0\"></span>ontropartita del patrimo<span class=\"_ _0\"></span>nio netto. 11.3 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate (in <span class=\"_ _0\"></span>contropartita del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>conto economico)    (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 Di cui: 31.12.2021 Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1. Import<span class=\"_ _0\"></span>o iniziale 14.287 13.739 537<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>15.771 2. Aume<span class=\"_ _0\"></span>nti 1.426 1.266 160<span class=\"ls0\"> </span>- 2.254 2.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> rilevate <span class=\"ff4\">nell\u2019e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio<span class=\"ff1\"> </span></span>1.233 1.107 126<span class=\"ls0\"> </span>- 1.442  a)  relati<span class=\"_ _0\"></span>ve a precede<span class=\"_ _0\"></span>nti eserci<span class=\"_ _0\"></span>zi  326<span class=\"ls0\"> </span>326<span class=\"ls0\"> </span>- - 25<span class=\"ls0\"> </span> <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  riprese di val<span class=\"_ _0\"></span>ore - - - - -  <span class=\"ls25\">d)</span>  altre 907<span class=\"ls0\"> </span>781<span class=\"ls0\"> </span>126<span class=\"ls0\"> </span>- 1.417 2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali 2 2 - - - 2.3 Altri au<span class=\"_ _0\"></span>menti 190<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>- 741<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale 1 1 - - 71<span class=\"ls0\"> </span>3. Dimin<span class=\"_ _0\"></span>uzioni -2.772 -2.655 -<span class=\"ls25\">116</span> -1 -3.738 3.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019eser<span class=\"_ _0\"></span>cizio<span class=\"ff1\"> </span>-1.519 -1.405 -<span class=\"ls25\">113</span> -1 -2.331  <span class=\"ls25\">a)</span>  <span class=\"ls2c\">rigiri</span> -1.401 -1.396 -4 -1 -2.087  <span class=\"ls25\">b)</span>  svaluta<span class=\"_ _0\"></span>zioni per sopra<span class=\"_ _35\"></span>vvenuta irrecup<span class=\"_ _0\"></span>erabilit\u00e0 - - - - -1  <span class=\"ls1f\">c)</span>  mutamento<span class=\"_ _0\"></span> di criteri c<span class=\"_ _0\"></span>ontabili  - - - - -  <span class=\"ls25\">d)</span>  altre -<span class=\"ls25\">118</span> -9 -<span class=\"ls25\">109</span> - -<span class=\"ls25\">243</span> 3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali -1 -1 - - - 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -1.252 -1.249 -3 - -1.407  <span class=\"ls25\">a)</span>  trasforma<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni in cr<span class=\"_ _0\"></span>editi d'impo<span class=\"_ _35\"></span>sta       di cui all<span class=\"_ _0\"></span>a legge n<span class=\"_ _0\"></span>. 214/2011<span class=\"_ _0\"></span> -<span class=\"ls25\">851</span> -<span class=\"ls25\">851</span> - - -1.254  b) altre -<span class=\"ls25\">401</span> -<span class=\"ls25\">398</span> -3 - -<span class=\"ls25\">153</span> 3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - - 4. Import<span class=\"_ _0\"></span>o finale 12.941 12.350 581<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>14.287 Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>degli<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>Aum<span class=\"_ _35\"></span>enti,<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>sot<span class=\"_ _35\"></span>tovoce<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a) <span class=\"_ _6\"></span>rel<span class=\"_ _35\"></span>ative<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>eser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _35\"></span>ceden<span class=\"_ _0\"></span>ti <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>rifer<span class=\"_ _35\"></span>isce <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>320 <span class=\"_ _5\"></span>mili<span class=\"_ _35\"></span>oni <span class=\"_ _6\"> </span>all\u2019<span class=\"_ _35\"></span>iscri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>dell<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span><span class=\"ff1\">is<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _35\"></span> </span>anti<span class=\"_ _35\"></span>cipa<span class=\"_ _0\"></span>ta <span class=\"_ _35\"></span>su un<span class=\"_ _35\"></span>a quot<span class=\"_ _35\"></span>a pa<span class=\"_ _0\"></span>rte<span class=\"_ _35\"></span> dell<span class=\"_ _35\"></span>e per<span class=\"_ _35\"></span>dite <span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _35\"></span>li pr<span class=\"_ _0\"></span>egr<span class=\"_ _35\"></span>esse <span class=\"_ _35\"></span>della<span class=\"_ _0\"></span> e<span class=\"_ _35\"></span>x UB<span class=\"_ _0\"></span>I B<span class=\"_ _35\"></span>anca.<span class=\"_ _0\"></span> Sem<span class=\"_ _35\"></span>pre <span class=\"_ _2\"></span>nell\u2019<span class=\"_ _35\"></span>ambit<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>degl<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>Aume<span class=\"_ _35\"></span>nti, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sotto<span class=\"_ _35\"></span>voce<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>d)<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>rifer<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>pri<span class=\"_ _0\"></span>nci<span class=\"_ _35\"></span>palme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>all\u2019i<span class=\"_ _35\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ne <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>atti<span class=\"_ _35\"></span>vit\u00e0 <span class=\"_ _2\"></span>per<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>imp<span class=\"_ _35\"></span>oste <span class=\"_ _2\"></span>an<span class=\"ff1\">ticip<span class=\"_ _35\"></span>ate<span class=\"_ _35\"></span> </span>con<span class=\"_ _0\"></span>ver<span class=\"_ _35\"></span>tibili<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>qu<span class=\"_ _0\"></span>ota<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>perdi<span class=\"_ _35\"></span>ta <span class=\"_ _6\"></span>fisca<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>ricon<span class=\"_ _35\"></span>ducib<span class=\"_ _0\"></span>il<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>al <span class=\"_ _6\"></span>rev<span class=\"_ _35\"></span>ersal<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>quot<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>ret<span class=\"_ _35\"></span>tific<span class=\"_ _0\"></span>he<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>su <span class=\"_ _6\"></span>credi<span class=\"_ _35\"></span>ti <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>av<span class=\"_ _35\"></span>viamenti<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>alle<span class=\"_ _35\"></span> diff<span class=\"_ _35\"></span>eren<span class=\"_ _0\"></span>ze <span class=\"_ _35\"></span>tempo<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span> d<span class=\"_ _0\"></span>edu<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>bili<span class=\"_ _35\"></span> sort<span class=\"_ _35\"></span>e nel<span class=\"_ _35\"></span>l\u2019ese<span class=\"_ _35\"></span>rcizi<span class=\"_ _35\"></span>o con<span class=\"_ _35\"></span>nesse<span class=\"_ _35\"></span> ad <span class=\"_ _0\"></span>acc<span class=\"_ _35\"></span>anton<span class=\"_ _35\"></span>ament<span class=\"_ _0\"></span>i a <span class=\"_ _35\"></span>fond<span class=\"_ _0\"></span>i p<span class=\"_ _35\"></span>er ri<span class=\"_ _35\"></span>schi<span class=\"_ _0\"></span> e o<span class=\"_ _35\"></span>neri<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Con<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>rife<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _35\"></span>o <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>Im<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assic<span class=\"_ _35\"></span>urazi<span class=\"_ _35\"></span>one, <span class=\"_ _4\"> </span>nel<span class=\"_ _35\"></span>l\u2019am<span class=\"_ _0\"></span>bit<span class=\"_ _35\"></span>o <span class=\"_ _7\"> </span>deg<span class=\"_ _35\"></span>li <span class=\"_ _4\"> </span>Aume<span class=\"_ _0\"></span>nti,<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>d) <span class=\"_ _6\"> </span>altre<span class=\"_ _0\"></span>, <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>rig<span class=\"_ _35\"></span>uard<span class=\"_ _0\"></span>ato<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>prin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>palm<span class=\"_ _35\"></span>ente<span class=\"ff1\"> </span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _35\"></span>zione<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span> im<span class=\"_ _35\"></span>poste <span class=\"_ _0\"></span>anti<span class=\"_ _35\"></span>cipa<span class=\"_ _0\"></span>te s<span class=\"_ _35\"></span>ull\u2019a<span class=\"_ _35\"></span>vviam<span class=\"_ _35\"></span>ento c<span class=\"_ _35\"></span>onseg<span class=\"_ _35\"></span>uente<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>all<span class=\"_ _35\"></span>a fusi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span> Ca<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span> Assi<span class=\"_ _35\"></span>cura<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ni S.<span class=\"_ _0\"></span>p.A<span class=\"_ _0\"></span>. av<span class=\"_ _35\"></span>venuto<span class=\"_ _35\"></span> nel c<span class=\"_ _0\"></span>ors<span class=\"_ _35\"></span>o del<span class=\"_ _35\"></span> 202<span class=\"_ _0\"></span>2. <span class=\"_ _35\"></span> La <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>Alt<span class=\"_ _35\"></span>ri <span class=\"_ _6\"></span>aumen<span class=\"_ _0\"></span>ti <span class=\"_ _5\"></span>compr<span class=\"_ _0\"></span>end<span class=\"_ _35\"></span>e <span class=\"_ _4\"></span>pri<span class=\"_ _35\"></span>ncipal<span class=\"_ _35\"></span>mente<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>storn<span class=\"_ _35\"></span>o <span class=\"_ _4\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _35\"></span>n <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>pass<span class=\"_ _0\"></span>ivi<span class=\"_ _35\"></span>t\u00e0 <span class=\"_ _6\"></span>fisca<span class=\"_ _0\"></span>li <span class=\"_ _6\"></span>dif<span class=\"_ _0\"></span>fer<span class=\"_ _35\"></span>ite, <span class=\"_ _6\"></span>effe<span class=\"_ _35\"></span>ttuat<span class=\"_ _35\"></span>a <span class=\"_ _4\"></span>a<span class=\"ls19\">l </span>31<span class=\"ls0\"> d<span class=\"_ _0\"></span>icem<span class=\"_ _35\"></span>bre <span class=\"_ _35\"></span>2021.<span class=\"_ _35\"></span> </span>La <span class=\"_ _5\"></span>voce <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregazione <span class=\"_ _2\"></span>aziendale\u201d <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>saldo <span class=\"_ _5\"></span>apportato <span class=\"_ _2\"></span>da <span class=\"_ _4\"> </span><span class=\"ff1\">Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>que <span class=\"_ _2\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _2\"></span>S.A. </span>(CBPQ) <span class=\"ff4\">entrata nell\u2019ar<span class=\"_ _0\"></span>ea di consolidamento nel<span class=\"_ _0\"></span> corso del 2022.<span class=\"_ _90\"> </span></span>Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dell<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>Dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _35\"></span>ioni,<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sott<span class=\"_ _35\"></span>ovoce<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>3.1<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>a) <span class=\"_ _3\"></span>rig<span class=\"_ _35\"></span>iri \u00e8 <span class=\"_ _3\"></span>prin<span class=\"_ _0\"></span>cip<span class=\"_ _35\"></span>almen<span class=\"_ _35\"></span>te <span class=\"_ _3\"></span>rif<span class=\"_ _0\"></span>erib<span class=\"_ _35\"></span>ile all\u2019<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>null<span class=\"_ _35\"></span>amen<span class=\"_ _0\"></span>to di <span class=\"_ _3\"></span>imp<span class=\"_ _35\"></span>oste anti<span class=\"_ _35\"></span>cipate<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>cui all<span class=\"_ _35\"></span>a Leg<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>214/<span class=\"_ _35\"></span>2011 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>impo<span class=\"_ _35\"></span>ste <span class=\"_ _5\"></span>antici<span class=\"_ _35\"></span>pate, <span class=\"_ _5\"></span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ent<span class=\"_ _35\"></span>ement<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>iscri<span class=\"_ _0\"></span>tte<span class=\"_ _35\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>fro<span class=\"_ _0\"></span>nte<span class=\"_ _35\"></span> <span class=\"_ _4\"></span>di <span class=\"_ _5\"></span>acca<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>onam<span class=\"_ _35\"></span>enti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>fondi<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>per<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>risc<span class=\"_ _0\"></span>hi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oner<span class=\"_ _0\"></span>i, <span class=\"_ _5\"></span>a seg<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>o d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> rel<span class=\"_ _35\"></span>ati<span class=\"_ _0\"></span>vo <span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _35\"></span>zo av<span class=\"_ _35\"></span>venu<span class=\"_ _0\"></span>to <span class=\"_ _35\"></span>nell\u2019<span class=\"_ _35\"></span>e<span class=\"ff1\">serci<span class=\"_ _35\"></span>zio. </span>Nel<span class=\"_ _35\"></span>l\u2019ambi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> dell<span class=\"_ _35\"></span>e Altre<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dimi<span class=\"_ _35\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _35\"></span>, <span class=\"_ _3\"></span>per<span class=\"_ _0\"></span> la sot<span class=\"_ _35\"></span>tovo<span class=\"_ _0\"></span>ce a) t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>sfor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> in cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>i d\u2019i<span class=\"_ _35\"></span>mpost<span class=\"_ _35\"></span>a di cui a<span class=\"_ _0\"></span>lla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Legg<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>214<span class=\"_ _35\"></span>/201<span class=\"_ _0\"></span>1 si fa<span class=\"ff1\"> rinvi<span class=\"_ _35\"></span>o a </span>qua<span class=\"_ _0\"></span>nto <span class=\"_ _35\"></span>ripo<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ato <span class=\"_ _35\"></span>nell<span class=\"_ _0\"></span>a P<span class=\"_ _35\"></span>arte C<span class=\"_ _35\"></span>, ta<span class=\"_ _35\"></span>bell<span class=\"_ _0\"></span>a 2<span class=\"_ _35\"></span>1.1.  Sem<span class=\"_ _35\"></span>pre <span class=\"_ _5\"></span>nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _35\"></span>to <span class=\"_ _5\"></span>del<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>Altre<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>dim<span class=\"_ _35\"></span>inuzi<span class=\"_ _35\"></span>oni, <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>sott<span class=\"_ _35\"></span>ovoce<span class=\"_ _35\"></span> <span class=\"_ _6\"> </span>b) <span class=\"_ _2\"></span>altr<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>ri<span class=\"_ _0\"></span>fe<span class=\"ff1\">ris<span class=\"_ _0\"></span>ce <span class=\"_ _2\"></span>alla<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>pas<span class=\"_ _0\"></span>sivi<span class=\"_ _35\"></span>t\u00e0 <span class=\"_ _5\"></span>fisc<span class=\"_ _35\"></span>ali <span class=\"_ _2\"></span>diffe<span class=\"_ _0\"></span>rit<span class=\"_ _35\"></span>e </span>dell<span class=\"_ _35\"></span>\u2019ese<span class=\"_ _0\"></span>rci<span class=\"_ _35\"></span>zio. <span class=\"_ _0\"></span><span class=\"ff1 fc5\"> </span>11.4 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui alla L. <span class=\"ls16\">n.</span> 214/2011  (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Import<span class=\"_ _0\"></span>o iniziale 8.758 10.010 2. Aume<span class=\"_ _0\"></span>nti 470<span class=\"ls0\"> </span>954<span class=\"ls0\"> </span>3. Dimin<span class=\"_ _0\"></span>uzioni -1.740 -2.206 3.1 Rigiri -<span class=\"ls25\">865</span> -<span class=\"ls25\">925</span> 3.2 Trasfor<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>azione i<span class=\"_ _0\"></span>n crediti d'i<span class=\"_ _0\"></span>mposta -<span class=\"ls25\">851</span> -1.254 a) derivan<span class=\"_ _0\"></span>te da perdit<span class=\"_ _0\"></span>e di eserci<span class=\"_ _0\"></span>zio - -<span class=\"ls25\">537</span> b) derivan<span class=\"_ _0\"></span>te da perdit<span class=\"_ _0\"></span>e fiscali -<span class=\"ls25\">851</span> -<span class=\"ls25\">717</span> 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -<span class=\"ls25\">24</span> -<span class=\"ls25\">27</span> 4. Import<span class=\"_ _0\"></span>o finale 7.488 8.758 11.5 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e differite (in <span class=\"_ _0\"></span>contropartita del co<span class=\"_ _0\"></span>nto economico) (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 Di cui: 31.12.2021 Gruppo bancario Imprese di  assicuraz<span class=\"_ _0\"></span>. Altre imprese 1.  Impo<span class=\"_ _0\"></span>rto iniziale  1.337 652<span class=\"ls0\"> </span>660<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>1.253 2.  Aument<span class=\"_ _0\"></span>i 660<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>531<span class=\"ls0\"> </span>- 806<span class=\"ls0\"> </span>2.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> rilevate nel<span class=\"_ _0\"></span>l\u2019esercizio<span class=\"ff1\"> </span>521<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>506<span class=\"ls0\"> </span>- 124<span class=\"ls0\"> </span> a)  relati<span class=\"_ _0\"></span>ve a precede<span class=\"_ _0\"></span>nti eserci<span class=\"_ _0\"></span>zi  - - - - -  <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  altre 521<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>506<span class=\"ls0\"> </span>- 124<span class=\"ls0\"> </span>2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali - - - - - 2.3 Altri au<span class=\"_ _0\"></span>menti 121<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- 402<span class=\"ls0\"> </span>2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale 18<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- - 280<span class=\"ls0\"> </span>3.  Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">363</span> -<span class=\"ls25\">275</span> -<span class=\"ls25\">88</span> - -<span class=\"ls25\">722</span> 3.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019esercizio<span class=\"ff1\"> </span>-<span class=\"ls25\">270</span> -<span class=\"ls25\">182</span> -<span class=\"ls25\">88</span> - -<span class=\"ls25\">629</span>  <span class=\"ls25\">a)</span>  <span class=\"ls2c\">rigiri</span> -<span class=\"ls25\">75</span> -<span class=\"ls25\">74</span> -1 - -<span class=\"ls25\">35</span>  <span class=\"ls25\">b)</span>  dovute <span class=\"_ _0\"></span>al mutame<span class=\"_ _0\"></span>nto di criteri<span class=\"_ _35\"></span> contabili  - - - - -  <span class=\"ls1f\">c)</span>  altre -<span class=\"ls25\">195</span> -<span class=\"ls25\">108</span> -<span class=\"ls25\">87</span> - -<span class=\"ls25\">594</span> 3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali - - - - - 3.3 Altre di<span class=\"_ _0\"></span>minuzioni -<span class=\"ls25\">93</span> -<span class=\"ls25\">93</span> - - -<span class=\"ls25\">93</span> 3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale - - - - - 4. Import<span class=\"_ _0\"></span>o finale 1.634 506<span class=\"ls0\"> </span>1.103 25<span class=\"ls0\"> </span>1.337 Nell\u2019ambito degli Aumenti, la s<span class=\"_ _3\"></span>ottovoce c) altre \u00e8 <span class=\"_ _3\"></span>riferibile principalmente a differenze temporanee tassabili sorte nell\u2019ese<span class=\"_ _6\"></span><span class=\"ff1\">rcizio </span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>ammortam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>brand <span class=\"_ _6\"></span>name <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"> </span>altre <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"> </span>immateriali <span class=\"_ _5\"></span>\u201criallineate\u201d <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>precedente </span>esercizio ai sensi <span class=\"_ _0\"></span>dell\u2019art. 110, commi 8 <span class=\"_ _0\"></span>e 8<span class=\"_ _3\"></span><span class=\"ff1\">-bis, D.L. n. 104/20<span class=\"_ _0\"></span>20.<span class=\"_ _90\"> </span></span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>Imprese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>assicurazione, <span class=\"_ _6\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>Aumenti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>c) <span class=\"_ _5\"></span>altre <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>riferibile <span class=\"_ _5\"></span>principalm<span class=\"_ _0\"></span>ente <span class=\"_ _5\"></span>all<span class=\"_ _2\"></span><span class=\"ff1 ls17\">a </span></span>fiscalit\u00e0 differita lega<span class=\"_ _0\"></span>ta alla valutazio<span class=\"_ _0\"></span>ne dei titoli con impatt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a conto economico<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> La voce Altri aumenti comprende principalmente lo storno della compensazi<span class=\"_ _0\"></span>one con le attivit\u00e0 fiscali anticipate in contropart<span class=\"_ _5\"></span>ita del conto economico, effettu<span class=\"_ _0\"></span>ata al 31 dicembre 2021. La <span class=\"_ _5\"></span>voce <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggregazione <span class=\"_ _2\"></span>aziendale\u201d <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>saldo <span class=\"_ _5\"></span>apportato <span class=\"_ _2\"></span>da <span class=\"_ _4\"> </span><span class=\"ff1\">Compagnie <span class=\"_ _5\"></span>de <span class=\"_ _2\"></span>Ban<span class=\"_ _3\"></span>que <span class=\"_ _2\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _2\"></span>S.A. </span>(CBPQ) <span class=\"ff4\">entrata nell\u2019ar<span class=\"_ _0\"></span>ea di consolidamento nel<span class=\"_ _0\"></span> corso del 2022.<span class=\"_ _90\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-271.7766px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>Diminuzioni, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>sottov<span class=\"_ _3\"></span><span class=\"ff1\">oce <span class=\"_ _2\"></span>c) <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riferibile <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rilascio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>differita <span class=\"_ _3\"></span>iscritta <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>su </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 intangibili ogg<span class=\"_ _0\"></span>etto di affrancament<span class=\"_ _0\"></span>o ai sensi dell\u2019art. 1<span class=\"_ _35\"></span>5<span class=\"_ _3\"></span>, comma 10, D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento alle Imprese di assi<span class=\"_ _0\"></span>curazione, <span class=\"ff4\">nell\u2019ambito del</span>le Diminuzioni, la sottovoce c) altre \u00e8 riferibil<span class=\"_ _0\"></span>e principalmente all<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">fiscalit\u00e0 differita lega<span class=\"_ _0\"></span>ta alla valutazio<span class=\"_ _0\"></span>ne dei titoli ed alla ri<span class=\"_ _0\"></span>duzione delle Riserv<span class=\"_ _0\"></span>e Tecniche.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc5 sc0 ls0 ws0\"> <span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>voce <span class=\"_ _5\"></span>Altre <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>minuzioni <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferisce <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>compensazione <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>fiscali <span class=\"_ _6\"></span>anticipate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>tropartita <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">conto economico eff<span class=\"_ _0\"></span>ettuata nell\u2019eserci<span class=\"_ _0\"></span>zio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y67 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y68 ff5 fs0 fc2 sc0 ls0 ws0\">11.6 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e anticipate (in <span class=\"_ _0\"></span>contropartita del<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>patrimonio netto) </div><div class=\"t m0 x0 h2 y9f6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w327 h41\" style=\"left:483.8526px; bottom:573.0934px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w326 h8c\" style=\"left:245.61462px; bottom:547.6654px;\"><div class=\"t m0 xe h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w328 h8c\" style=\"left:334.7166px; bottom:547.6654px;\"><div class=\"t m0 x47 h162 y1002 ffa fs17 fc2 sc0 ls0 ws0\">Di cui: </div></div><div class=\"c wd7 h8c\" style=\"left:552.2196px; bottom:547.6654px;\"><div class=\"t m0 x6 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c wa8 h6b\" style=\"left:334.7166px; bottom:504.76538px;\"><div class=\"t m0 xad h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Gruppo </div><div class=\"t m0 x96 h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">bancario </div></div><div class=\"c wa8 h6b\" style=\"left:410.0646px; bottom:504.76538px;\"><div class=\"t m0 xd1 h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Imprese </div><div class=\"t m0 x10a h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">di  </div><div class=\"t m0 x95 h162 y562 ffa fs17 fc2 sc0 ls0 ws0\">assicuraz<span class=\"_ _0\"></span>. </div></div><div class=\"c w22 h6b\" style=\"left:483.8526px; bottom:504.76538px;\"><div class=\"t m0 x98 h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x94 h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">imprese </div></div><div class=\"c w325 h41\" style=\"left:-4.050377px; bottom:488.22937px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Import<span class=\"_ _0\"></span>o iniziale </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:488.22937px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">966<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:334.7166px; bottom:488.22937px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">826<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:410.0646px; bottom:488.22937px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w22 h41\" style=\"left:483.8526px; bottom:488.22937px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:488.22937px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.406 </div></div><div class=\"c w325 h69\" style=\"left:-4.050377px; bottom:471.65442px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Aume<span class=\"_ _0\"></span>nti </div></div><div class=\"c w326 h69\" style=\"left:245.61462px; bottom:471.65442px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.419 </div></div><div class=\"c wa8 h69\" style=\"left:334.7166px; bottom:471.65442px;\"><div class=\"t m0 x48 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1.098 </div></div><div class=\"c wa8 h69\" style=\"left:410.0646px; bottom:471.65442px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">317<span class=\"ls0\"> </span></div></div><div class=\"c w22 h69\" style=\"left:483.8526px; bottom:471.65442px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wd7 h69\" style=\"left:552.2196px; bottom:471.65442px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">386<span class=\"ls0\"> </span></div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:457.9264px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">2.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> rilevate n<span class=\"_ _0\"></span>ell\u2019eserci<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span></div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:457.9264px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.370 </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:457.9264px;\"><div class=\"t m0 x48 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.053 </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:457.9264px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">317<span class=\"ls0\"> </span></div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:457.9264px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:457.9264px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">240<span class=\"ls0\"> </span></div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:444.35437px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls25\">a)</span> relative<span class=\"_ _0\"></span> a preceden<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i esercizi  </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:444.35437px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:444.35437px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:444.35437px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:444.35437px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:444.35437px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:430.6264px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls25\">b)</span> dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o di criteri <span class=\"_ _0\"></span>contabili </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:430.6264px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:430.6264px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:430.6264px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:430.6264px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:430.6264px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:417.05438px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls1f\">c)</span> altre </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:417.05438px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.370 </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:417.05438px;\"><div class=\"t m0 x48 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.053 </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:417.05438px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">317<span class=\"ls0\"> </span></div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:417.05438px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:417.05438px;\"><div class=\"t m0 xa4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">240<span class=\"ls0\"> </span></div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:403.32642px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Nuove<span class=\"_ _0\"></span> imposte o i<span class=\"_ _0\"></span>ncremen<span class=\"_ _0\"></span>ti di aliquot<span class=\"_ _0\"></span>e fiscali </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:403.32642px;\"><div class=\"t m0 x3e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:403.32642px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:403.32642px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:403.32642px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:403.32642px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:389.7544px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Altri au<span class=\"_ _0\"></span>menti  </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:389.7544px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:389.7544px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:389.7544px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:389.7544px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:389.7544px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">137<span class=\"ls0\"> </span></div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:376.02637px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:376.02637px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:376.02637px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:376.02637px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:376.02637px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:376.02637px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w325 h41\" style=\"left:-4.050377px; bottom:359.49042px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.  Dimi<span class=\"_ _0\"></span>nuzioni </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:359.49042px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">573</span> </div></div><div class=\"c wa8 h41\" style=\"left:334.7166px; bottom:359.49042px;\"><div class=\"t m0 xa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">573</span> </div></div><div class=\"c wa8 h41\" style=\"left:410.0646px; bottom:359.49042px;\"><div class=\"t m0 x4c h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h41\" style=\"left:483.8526px; bottom:359.49042px;\"><div class=\"t m0 x49 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:359.49042px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">826</span> </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:345.7624px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">3.1 Impo<span class=\"_ _0\"></span>ste anticipate<span class=\"_ _0\"></span> annullate<span class=\"_ _0\"></span> nell\u2019eser<span class=\"_ _0\"></span>cizio<span class=\"ff1\"> </span></div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:345.7624px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">467</span> </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:345.7624px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">467</span> </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:345.7624px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:345.7624px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:345.7624px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">258</span> </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:332.19037px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls25\">a)</span> rigiri </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:332.19037px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">453</span> </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:332.19037px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">453</span> </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:332.19037px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:332.19037px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:332.19037px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">178</span> </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:318.4624px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls25\">b)</span> svalutazioni<span class=\"_ _35\"></span> per sopravvenu<span class=\"_ _0\"></span>ta irrecuperabi<span class=\"_ _35\"></span>lit\u00e0 </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:318.4624px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:318.4624px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:318.4624px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:318.4624px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:318.4624px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:304.89038px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls1f\">c)</span> dovute al mu<span class=\"_ _0\"></span>tamento di<span class=\"_ _0\"></span> criteri co<span class=\"_ _35\"></span>nt<span class=\"_ _3\"></span>abili </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:304.89038px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:304.89038px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:304.89038px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:304.89038px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:304.89038px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:291.1624px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ls25\">d)</span> altre </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:291.1624px;\"><div class=\"t m0 xc9 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">14</span> </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:291.1624px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">14</span> </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:291.1624px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:291.1624px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:291.1624px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">80</span> </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:277.5904px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.2 Riduzio<span class=\"_ _0\"></span>ni di aliquote<span class=\"_ _35\"></span> fiscali </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:277.5904px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:277.5904px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:277.5904px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:277.5904px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:277.5904px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:263.86237px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.3 Altre di<span class=\"_ _0\"></span>minuzioni <span class=\"_ _0\"></span> </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:263.86237px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">106</span> </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:263.86237px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">106</span> </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:263.86237px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:263.86237px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:263.86237px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">562</span> </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:250.2904px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:250.2904px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:250.2904px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:250.2904px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:250.2904px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:250.2904px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h69\" style=\"left:-4.050377px; bottom:233.7284px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.  Impo<span class=\"_ _0\"></span>rto finale </div></div><div class=\"c w326 h69\" style=\"left:245.61462px; bottom:233.7284px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.812 </div></div><div class=\"c wa8 h69\" style=\"left:334.7166px; bottom:233.7284px;\"><div class=\"t m0 x48 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1.351 </div></div><div class=\"c wa8 h69\" style=\"left:410.0646px; bottom:233.7284px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">453<span class=\"ls0\"> </span></div></div><div class=\"c w22 h69\" style=\"left:483.8526px; bottom:233.7284px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c wd7 h69\" style=\"left:552.2196px; bottom:233.7284px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">966<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-271.7766px;\"><div class=\"t m0 x0 h61 yace ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5f1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y2c0 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _18\"> </span>degli <span class=\"_ _1c\"> </span>Aumenti, <span class=\"_ _17\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _18\"> </span>sottovoce <span class=\"_ _1c\"> </span>c) <span class=\"_ _18\"> </span>altre <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _18\"> </span>riferibile <span class=\"_ _18\"> </span>principalmente <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>differenze <span class=\"_ _18\"> </span>temporanee <span class=\"_ _18\"> </span>deducibili <span class=\"_ _1c\"> </span>sort<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y322 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019esercizio  connesse <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>risultati <span class=\"_ _1d\"> </span>valutativi <span class=\"_ _1d\"> </span>delle  attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _1d\"> </span>valutate  a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _1d\"> </span>value  con <span class=\"_ _1c\"> </span><span class=\"ff1\">impatto  sulla <span class=\"_ _1d\"> </span>redditivit\u00e0 </span></div><div class=\"t m0 x0 h2 y2c2 ff1 fs0 fc0 sc0 ls0 ws0\">complessiva e dei deri<span class=\"_ _0\"></span>vati di copertura di fl<span class=\"_ _0\"></span>ussi finanziari. </div><div class=\"t m0 x0 h2 y5f3 ff1 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydf2 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>Imprese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>assicurazione, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>menti, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>c) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltre, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>riferisce <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>s<span class=\"_ _6\"> </span><span class=\"ff1\">ulla </span></div><div class=\"t m0 x0 h2 y5f5 ff1 fs0 fc0 sc0 ls0 ws0\">fiscalit\u00e0, della valuta<span class=\"_ _0\"></span>zione dei titoli di<span class=\"_ _0\"></span>sponibili per la ve<span class=\"_ _0\"></span>ndita, la cui valutazi<span class=\"_ _0\"></span>one ha effetti sulle Ri<span class=\"_ _0\"></span>serve da Valutazi<span class=\"_ _0\"></span>on<span class=\"_ _5\"></span>e<span class=\"lsd\">. </span> </div><div class=\"t m0 x0 h2 ydf3 ff1 fs0 fc5 sc0 ls0 ws0\"> <span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 y22e ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _17\"> </span>voce <span class=\"_ _17\"> </span>Altri <span class=\"_ _17\"> </span>aumenti <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>riferisce <span class=\"_ _17\"> </span>principalmente <span class=\"_ _1d\"> </span>allo <span class=\"_ _17\"> </span>storno <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>co<span class=\"_ _3\"></span>mpensazi<span class=\"_ _0\"></span>one <span class=\"_ _17\"> </span>con <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>fiscali <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ifferite <span class=\"_ _1d\"> </span>in </div><div class=\"t m0 x0 h2 y5f7 ff1 fs0 fc0 sc0 ls0 ws0\">contropartita del p<span class=\"_ _0\"></span>atrimonio netto, effettu<span class=\"_ _0\"></span>ata al 31 dicembr<span class=\"_ _0\"></span>e 2021. </div><div class=\"t m0 x0 h2 ya09 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y92b ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito  delle <span class=\"_ _1d\"> </span>Diminuzioni,  la <span class=\"_ _1d\"> </span>sottovoce  a) <span class=\"_ _1d\"> </span>rigiri <span class=\"_ _1d\"> </span>\u00e8  princi<span class=\"_ _3\"></span>palmente <span class=\"_ _1d\"> </span>riferibile  all\u2019annullamento  delle <span class=\"_ _1d\"> </span>imposte  anticipate </div><div class=\"t m0 x0 h2 ydf5 ff1 fs0 fc0 sc0 ls0 ws0\">precedentemente <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>fl<span class=\"_ _3\"></span>ussi <span class=\"_ _3\"></span>finanziari <span class=\"_ _4\"> </span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle </div><div class=\"t m0 x0 h2 y969 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _4\"> </span>valutate <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpatto <span class=\"_ _4\"> </span>sulla<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">redditivit\u00e0 <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mplessiva <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>dell\u2019adeguamento <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>effetti </span></div><div class=\"t m0 x0 h2 y8e ff4 fs0 fc0 sc0 ls0 ws0\">valutativi ovvero del <span class=\"_ _0\"></span>relativo realizzo a<span class=\"_ _0\"></span>vvenuti nell\u2019esercizio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y2f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2f9 ff1 fs0 fc0 sc0 ls0 ws0\">La voce <span class=\"_ _3\"></span>3.3 Altre diminuzioni si riferisce principalmente alla compensazione con le passivit\u00e0 fiscali d<span class=\"_ _3\"></span>ifferite in contropar<span class=\"_ _5\"></span>tita del </div><div class=\"t m0 x0 h2 y2fa ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio netto.<span class=\"_ _90\"> </span> </div><div class=\"t m0 x0 h24 y2fb ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-399.0797px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">11.7 Variazioni delle impos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e differite (in <span class=\"_ _0\"></span>contropartita del patrimon<span class=\"_ _0\"></span>io netto) </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w327 h17\" style=\"left:483.8526px; bottom:576.6743px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:560.1383px;\"><div class=\"t m0 xe h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w328 h41\" style=\"left:334.7166px; bottom:560.1383px;\"><div class=\"t m0 x47 h162 y747 ffa fs17 fc2 sc0 ls0 ws0\">Di cui: </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:560.1383px;\"><div class=\"t m0 x6 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c wa8 h6b\" style=\"left:334.7166px; bottom:517.2383px;\"><div class=\"t m0 xad h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Gruppo </div><div class=\"t m0 x96 h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">bancario </div></div><div class=\"c wa8 h6b\" style=\"left:410.0646px; bottom:517.2383px;\"><div class=\"t m0 xd1 h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Imprese </div><div class=\"t m0 x10a h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">di  </div><div class=\"t m0 x95 h162 y75d ffa fs17 fc2 sc0 ls0 ws0\">assicuraz<span class=\"_ _0\"></span>. </div></div><div class=\"c w22 h6b\" style=\"left:483.8526px; bottom:517.2383px;\"><div class=\"t m0 x98 h162 yca7 ffa fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x94 h162 ye3 ffa fs17 fc2 sc0 ls0 ws0\">imprese </div></div><div class=\"c w325 h41\" style=\"left:-4.050377px; bottom:500.70227px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Import<span class=\"_ _0\"></span>o iniziale </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:500.70227px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">585<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:334.7166px; bottom:500.70227px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">221<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:410.0646px; bottom:500.70227px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">363<span class=\"ls0\"> </span></div></div><div class=\"c w22 h41\" style=\"left:483.8526px; bottom:500.70227px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:500.70227px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.492 </div></div><div class=\"c w325 h6a\" style=\"left:-4.050377px; bottom:484.0103px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Aume<span class=\"_ _0\"></span>nti </div></div><div class=\"c w326 h6a\" style=\"left:245.61462px; bottom:484.0103px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">239<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h6a\" style=\"left:334.7166px; bottom:484.0103px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">239<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h6a\" style=\"left:410.0646px; bottom:484.0103px;\"><div class=\"t m0 x4c h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h6a\" style=\"left:483.8526px; bottom:484.0103px;\"><div class=\"t m0 x49 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h6a\" style=\"left:552.2196px; bottom:484.0103px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">370<span class=\"ls0\"> </span></div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:470.4383px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">2.1 Impo<span class=\"_ _0\"></span>ste differite<span class=\"_ _0\"></span> rilevate nel<span class=\"_ _0\"></span>l\u2019esercizio<span class=\"ff1\"> </span></div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:470.4383px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:470.4383px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:470.4383px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:470.4383px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:470.4383px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">182<span class=\"ls0\"> </span></div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:456.71027px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> a) relative<span class=\"_ _0\"></span> a preceden<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i esercizi<span class=\"_ _35\"></span> </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:456.71027px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:456.71027px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:456.71027px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:456.71027px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:456.71027px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:443.1383px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> b) dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o dei cri<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eri contabili </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:443.1383px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:443.1383px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:443.1383px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:443.1383px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:443.1383px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:429.41028px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> c) altre </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:429.41028px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:429.41028px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:429.41028px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:429.41028px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:429.41028px;\"><div class=\"t m0 xa4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">182<span class=\"ls0\"> </span></div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:415.83832px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Nuove<span class=\"_ _0\"></span> imposte o inc<span class=\"_ _0\"></span>rementi<span class=\"_ _0\"></span> di aliquote <span class=\"_ _0\"></span>fiscali </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:415.83832px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:415.83832px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:415.83832px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:415.83832px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:415.83832px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:402.1103px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Altri au<span class=\"_ _0\"></span>menti  </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:402.1103px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:402.1103px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:402.1103px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:402.1103px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:402.1103px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">161<span class=\"ls0\"> </span></div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:388.53827px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.4 Opera<span class=\"_ _0\"></span>zioni di aggreg<span class=\"_ _35\"></span>azione aziendale </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:388.53827px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:388.53827px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:388.53827px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:388.53827px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:388.53827px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w325 h41\" style=\"left:-4.050377px; bottom:372.00226px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.  Dimi<span class=\"_ _0\"></span>nuzioni </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:372.00226px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">449</span> </div></div><div class=\"c wa8 h41\" style=\"left:334.7166px; bottom:372.00226px;\"><div class=\"t m0 xa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">255</span> </div></div><div class=\"c wa8 h41\" style=\"left:410.0646px; bottom:372.00226px;\"><div class=\"t m0 xa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">194</span> </div></div><div class=\"c w22 h41\" style=\"left:483.8526px; bottom:372.00226px;\"><div class=\"t m0 x49 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:372.00226px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1.277 </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:358.2743px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"ff4\">3.1 Impos<span class=\"_ _0\"></span>te differite <span class=\"_ _0\"></span>annullate nell\u2019e<span class=\"_ _35\"></span>sercizio<span class=\"ff1\"> </span></span></div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:358.2743px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">288</span> </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:358.2743px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">119</span> </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:358.2743px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">169</span> </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:358.2743px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:358.2743px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">498</span> </div></div><div class=\"c w325 h27\" style=\"left:-4.050377px; bottom:344.66327px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> a) rigiri </div></div><div class=\"c w326 h27\" style=\"left:245.61462px; bottom:344.66327px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">103</span> </div></div><div class=\"c wa8 h27\" style=\"left:334.7166px; bottom:344.66327px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">103</span> </div></div><div class=\"c wa8 h27\" style=\"left:410.0646px; bottom:344.66327px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 h27\" style=\"left:483.8526px; bottom:344.66327px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h27\" style=\"left:552.2196px; bottom:344.66327px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">12</span> </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:330.9353px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> b) dovute<span class=\"_ _0\"></span> al mutamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o dei cri<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eri contabili </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:330.9353px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:330.9353px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:330.9353px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:330.9353px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:330.9353px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:317.36328px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\"> c) altre </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:317.36328px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">185</span> </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:317.36328px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:317.36328px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">169</span> </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:317.36328px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:317.36328px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">486</span> </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:303.6353px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> 3.2 Ridu<span class=\"_ _0\"></span>zioni di aliquo<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e fiscali </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:303.6353px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:303.6353px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:303.6353px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:303.6353px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:303.6353px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h18\" style=\"left:-4.050377px; bottom:290.0633px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> 3.3 Altre di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzioni  </div></div><div class=\"c w326 h18\" style=\"left:245.61462px; bottom:290.0633px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">161</span> </div></div><div class=\"c wa8 h18\" style=\"left:334.7166px; bottom:290.0633px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">136</span> </div></div><div class=\"c wa8 h18\" style=\"left:410.0646px; bottom:290.0633px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">25</span> </div></div><div class=\"c w22 h18\" style=\"left:483.8526px; bottom:290.0633px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 h18\" style=\"left:552.2196px; bottom:290.0633px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">779</span> </div></div><div class=\"c w325 hc3\" style=\"left:-4.050377px; bottom:276.33527px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> 3.4 Operaz<span class=\"_ _0\"></span>ioni di agg<span class=\"_ _0\"></span>regazione<span class=\"_ _0\"></span> aziendale </div></div><div class=\"c w326 hc3\" style=\"left:245.61462px; bottom:276.33527px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:334.7166px; bottom:276.33527px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa8 hc3\" style=\"left:410.0646px; bottom:276.33527px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22 hc3\" style=\"left:483.8526px; bottom:276.33527px;\"><div class=\"t m0 x49 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd7 hc3\" style=\"left:552.2196px; bottom:276.33527px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w325 h41\" style=\"left:-4.050377px; bottom:259.79932px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.  Impo<span class=\"_ _0\"></span>rto finale </div></div><div class=\"c w326 h41\" style=\"left:245.61462px; bottom:259.79932px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:334.7166px; bottom:259.79932px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">205<span class=\"ls0\"> </span></div></div><div class=\"c wa8 h41\" style=\"left:410.0646px; bottom:259.79932px;\"><div class=\"t m0 x9c h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">169<span class=\"ls0\"> </span></div></div><div class=\"c w22 h41\" style=\"left:483.8526px; bottom:259.79932px;\"><div class=\"t m0 xc h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:259.79932px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">585<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-399.0797px;\"><div class=\"t m0 x0 h61 y13d2 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a9 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>Aumenti, la <span class=\"_ _2\"></span>sottovoce c) <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>riferibile <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>differenze <span class=\"_ _3\"></span>temporanee tassabili <span class=\"_ _3\"></span>sorte <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>connesse<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>alla </span></div><div class=\"t m0 x0 h2 y121a ff1 fs0 fc0 sc0 ls0 ws0\">valutazione delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie valutate al f<span class=\"_ _3\"></span>air value con <span class=\"_ _3\"></span>impatto sulla <span class=\"_ _3\"></span>redditivit\u00e0 complessiva<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>e dei der<span class=\"_ _3\"></span>ivati di cop<span class=\"_ _5\"></span>ertura di </div><div class=\"t m0 x0 h2 y891 ff1 fs0 fc0 sc0 ls0 ws0\">flussi finanziari.  </div><div class=\"t m0 x0 h2 y121b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4c4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>Altri <span class=\"_ _2\"></span>aumenti <span class=\"_ _5\"></span>comprende <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>storno <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>compensazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>iscali <span class=\"_ _2\"></span>anticipate <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y6ae ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021. </span></div><div class=\"t m0 x0 h2 yfaf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4b2 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Diminuzioni, la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ottovoce a)<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rigiri <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>riferibile <span class=\"_ _3\"></span>all\u2019annullame<span class=\"_ _3\"></span><span class=\"ff1\">nto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>differite <span class=\"_ _3\"></span>precedentemente iscritte </span></div><div class=\"t m0 x0 h2 y81d ff1 fs0 fc0 sc0 ls0 ws0\">a fronte della valutaz<span class=\"_ _0\"></span>ione delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie valutate al f<span class=\"_ _0\"></span>air value con imp<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tto sulla redditivit<span class=\"_ _0\"></span>\u00e0 complessiva.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6b1 ff1 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2bf ff4 fs0 fc0 sc0 ls0 ws0\">Con riferimento alle <span class=\"_ _3\"></span>Imprese di a<span class=\"_ _3\"></span>ssicurazione nell\u2019ambito delle Diminuzioni la <span class=\"_ _3\"></span>sot<span class=\"_ _2\"></span><span class=\"ff1\">tovoce c) altre, <span class=\"_ _3\"></span>\u00e8 riferibile p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e a<span class=\"_ _3\"></span>lla </span></div><div class=\"t m0 x0 h2 y6b3 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione dei titoli <span class=\"_ _0\"></span>con impatto sulle Ri<span class=\"_ _0\"></span>serve da Valutazione. </div><div class=\"t m0 x0 h2 y13d3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya3b ff1 fs0 fc0 sc0 ls0 ws0\">La voce <span class=\"_ _3\"></span>3.3 Altre diminuzioni si riferisce principalmente alla compensazione con le attivit\u00e0 <span class=\"_ _3\"></span>fiscali anticipate in <span class=\"_ _5\"></span>contropartita del </div><div class=\"t m0 x0 h2 ybef ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio netto e all<span class=\"_ _0\"></span>a compensazione c<span class=\"_ _0\"></span>on le attivit\u00e0 fiscali a<span class=\"_ _0\"></span>nticipate in contro<span class=\"_ _0\"></span>partita del conto eco<span class=\"_ _0\"></span>nomico.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y13d4 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>tabili <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>fiscalit\u00e0 <span class=\"_ _2\"></span>corrente <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>differita, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>v<span class=\"_ _6\"></span><span class=\"ff1 ls13\">ie<span class=\"lsc\">ne </span></span></div><div class=\"t m0 x0 h2 y6b8 ff4 fs0 fc0 sc0 ls0 ws0\">iscritta <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>fiscalit\u00e0 <span class=\"_ _6\"></span>latente <span class=\"_ _5\"></span>riferita <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>poste <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sospensione <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _6\"></span>\u201ctassabili <span class=\"_ _6\"></span>soltanto <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ip<span class=\"_ _6\"></span><span class=\"ff1\">otesi <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y13d5 ff4 fs0 fc0 sc0 ls0 ws0\">distribuzione\u201d, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>sponibili <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _6\"></span>assoggettate <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>tassazione <span class=\"_ _2\"></span>consente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ritenere <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span><span class=\"ff1\">he <span class=\"_ _5\"></span>non </span></div><div class=\"t m0 x0 h2 y6ba ff1 fs0 fc0 sc0 ls0 ws0\">saranno effettuate oper<span class=\"_ _0\"></span>azioni che comporti<span class=\"_ _0\"></span>no la tassazione dell<span class=\"_ _0\"></span>e citate riserve in so<span class=\"_ _0\"></span>spensione.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span><span class=\"ffa fc2\"> </span></div><div class=\"t m0 x0 h2 yb8b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6bc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y30a ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-92.22229px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Probability test sulla fi<span class=\"_ _0\"></span>scalit\u00e0 differita<span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>pr<span class=\"_ _3\"></span>incipio <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>internazionale <span class=\"_ _6\"></span>IAS <span class=\"_ _4\"></span>12 <span class=\"_ _6\"></span>prevede <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>rilevazione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _16\"> </span>fiscali <span class=\"_ _6\"></span>differite <span class=\"_ _6\"></span>deve <span class=\"_ _4\"></span>essere </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">effettuata sulla base <span class=\"_ _0\"></span>dei seguenti criteri: </div><div class=\"t m0 x0 h2 y414 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"></span>fiscale <span class=\"_ _6\"></span>differita <span class=\"_ _6\"></span>(o <span class=\"_ _4\"> </span>anche <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _6\"></span>differita <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>DTL) <span class=\"_ _4\"></span>deve <span class=\"_ _6\"></span>essere <span class=\"_ _4\"></span>rilevata, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>principio, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x2a h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\">differenze temporan<span class=\"_ _0\"></span>ee imponibili; </div><div class=\"t m0 x0 h2 y416 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">un\u2019attivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"></span>diff</span>erita <span class=\"_ _6\"></span>(o <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>impos<span class=\"_ _0\"></span>ta <span class=\"_ _6\"></span>anticipata <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>DTA) <span class=\"_ _6\"></span>deve <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>rilevata <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>differenze <span class=\"_ _6\"></span>temporanee<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y417 ff1 fs0 fc0 sc0 ls0 ws0\">deducibili, se <span class=\"_ _3\"></span>\u00e8 probabile il <span class=\"_ _3\"></span>realizzo di redditi <span class=\"_ _3\"></span>imponibili capienti rispetto a<span class=\"_ _3\"></span>lle differenze temporanee deducibili. <span class=\"_ _3\"></span>Le impo<span class=\"_ _5\"></span>ste </div><div class=\"t m0 x2a h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\">anticipate <span class=\"_ _5\"></span>non <span class=\"_ _4\"></span>contabilizz<span class=\"_ _0\"></span>ate <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>passato <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>sussistevano <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>presupposti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>loro <span class=\"_ _6\"></span>riconoscimento <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x2a h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">iscritte nell'esercizio<span class=\"_ _0\"></span> in cui tali presupposti <span class=\"_ _0\"></span>si manifestano. </div><div class=\"t m0 x0 h2 y41a ff4 fs0 fc0 sc0 ls0 ws0\">Le imposte anticipat<span class=\"_ _0\"></span>e si distinguono poi i<span class=\"_ _0\"></span>n imposte anticipate \u201cq<span class=\"_ _0\"></span>ualificate\u201d e impo<span class=\"_ _0\"></span>ste anticipate \u201cnon q<span class=\"_ _3\"></span>ualificate\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prime, c<span class=\"_ _3\"></span>ome me<span class=\"_ _3\"></span>glio precisato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>prosieguo, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>normativa prevede <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>meccani<span class=\"_ _0\"></span>smo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conversione in <span class=\"_ _3\"></span>crediti </div><div class=\"t m0 x0 h2 y41c ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019imposta che legittima<span class=\"_ _0\"></span> di per s\u00e9 la loro i<span class=\"_ _0\"></span>scrizione in bilancio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y41d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019ammontare <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _2\"></span>qualificate<span class=\"_ _3\"></span>\u201d <span class=\"_ _2\"></span>iscritto <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>invece <span class=\"_ _3\"></span>sottoposto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>test, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>verificare </div><div class=\"t m0 x0 h2 y41e ff4 fs0 fc0 sc0 ls0 ws0\">se sussista la proba<span class=\"_ _0\"></span>bilit\u00e0 di conseguire in f<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>turo imponibili fis<span class=\"_ _0\"></span>cali che ne consenta<span class=\"_ _0\"></span>no il recupero (c.<span class=\"_ _0\"></span>d. \u201cprobability test\u201d)<span class=\"_ _2\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x0 h2 y41f ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _4\"> </span>\u201cqualifica<span class=\"_ _0\"></span>te\u201d <span class=\"_ _4\"> </span>ammontano <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>7<span class=\"_ _3\"></span>.488<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span></span>milioni <span class=\"_ _6\"> </span>mentre <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y140 ff1 fs0 fc0 sc0 ls0 ws0\">probability test amm<span class=\"_ _0\"></span>ontano a 7.265 mili<span class=\"_ _0\"></span>oni (a cui si affiancan<span class=\"_ _0\"></span>o 2.009 milioni di im<span class=\"_ _0\"></span>poste differite).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y141 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"> </span>probability <span class=\"_ _6\"> </span>test <span class=\"_ _4\"> </span>relativ<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>imposte <span class=\"_ _4\"> </span>anticipat<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualific<span class=\"_ _0\"></span>ate\u201d <span class=\"_ _6\"> </span>iscritte <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>B<span class=\"_ _3\"></span><span class=\"ff1\">ilancio <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>svolto <span class=\"_ _6\"></span>avendo <span class=\"_ _6\"></span>separato </span></div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc0 sc0 ls0 ws0\">riguardo - in ragione dell<span class=\"_ _0\"></span>e diverse condizioni <span class=\"_ _0\"></span>di utilizzo delle sott<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stanti differenz<span class=\"_ _0\"></span>e temporanee <span class=\"_ _3\"></span>- alle seguenti fattispecie: </div><div class=\"t m0 x0 h2 yf83 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>imposte <span class=\"_ _4\"> </span>anticipate <span class=\"_ _7\"> </span>IRES <span class=\"_ _7\"> </span>iscritte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>perdite <span class=\"_ _7\"> </span>fiscali <span class=\"_ _4\"> </span>pregresse. <span class=\"_ _7\"> </span>Trattasi, <span class=\"_ _7\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>imposte <span class=\"_ _4\"> </span>anticipate </span></div><div class=\"t m0 x2a h2 y45f ff1 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"></span>fiscali <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>incorporate <span class=\"_ _5\"></span>(realizzate <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>ex <span class=\"_ _5\"></span>Banche <span class=\"_ _6\"></span>Venete <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dalle </div><div class=\"t m0 x2a h2 y460 ff4 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 dell\u2019ex Gruppo UBI<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yd26 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>imposte  anticipate <span class=\"_ _1d\"> </span>iscritte <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>fronte  delle <span class=\"_ _1d\"> </span>perdite  fiscali <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rollata  lussemburghese <span class=\"_ _1d\"> </span>Intesa  Sanpaolo <span class=\"_ _1d\"> </span>Holding </span></div><div class=\"t m0 x2a h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\">International (ISPHI); </div><div class=\"t m0 x0 h2 y7f9 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>altre <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>scaturenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>differenze <span class=\"_ _6\"></span>temporanee <span class=\"_ _5\"></span>deducibili <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>IRES <span class=\"_ _5\"></span>manifestatesi <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del </span></div><div class=\"t m0 x2a h2 yefa ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo incluse nel bila<span class=\"_ _0\"></span>ncio consolidato (\u201cal<span class=\"_ _0\"></span>tre imposte anticipate IRES\u201d);<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6a7 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">imposte antici<span class=\"_ _0\"></span>pate scaturenti da diffe<span class=\"_ _0\"></span>renze temporanee deduc<span class=\"_ _0\"></span>ibili ai fini IRAP (\u201c<span class=\"_ _0\"></span>imposte anticipat<span class=\"_ _0\"></span>e IRAP\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y6a8 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>Bilancio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>iscritte <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>relative <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _5\"></span>pregresse <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>controllante <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>pe<span class=\"_ _2\"></span><span class=\"ls20\">r </span></div><div class=\"t m0 x0 h2 y694 ff1 fs0 fc0 sc0 ls0 ws0\">complessivi  2.2<span class=\"_ _0\"></span>77<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-92.22229px;\"><div class=\"t m0 x17e h33 y818 ff1 fs11 fc0 sc0 ls1a ws0\">89</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-92.22229px;\"><div class=\"t m0 x137 h2 y694 ff1 fs0 fc0 sc0 ls0 ws0\">  <span class=\"ff4\">milioni, <span class=\"_ _16\"> </span>di  cui <span class=\"_ _16\"> </span>1.755  corrispond<span class=\"_ _0\"></span>enti  all\u2019aliq<span class=\"_ _35\"></span>uota  IRES  base <span class=\"_ _16\"> </span>del  24%<span class=\"_ _0\"></span>  e <span class=\"_ _16\"> </span>522  milioni <span class=\"_ _16\"> </span>all\u2019aliquota  IRE<span class=\"_ _0\"></span>S </span></div><div class=\"t m0 x0 h2 y6a9 ff1 fs0 fc0 sc0 ls0 ws0\">addizionale del 3<span class=\"_ _3\"></span>,5%. Di t<span class=\"_ _3\"></span>ale ammontare <span class=\"_ _3\"></span>di imposte <span class=\"_ _3\"></span>anticipate, 320 milioni <span class=\"_ _3\"></span>sono costituiti d<span class=\"_ _3\"></span>a imposte ant<span class=\"_ _3\"></span>icipate al 24% <span class=\"_ _3\"></span>iscri<span class=\"_ _5\"></span>tte </div><div class=\"t m0 x0 h2 y6aa ff1 fs0 fc0 sc0 ls0 ws0\">per la <span class=\"_ _3\"></span>prima volta nel b<span class=\"_ _3\"></span>il<span class=\"ff4\">ancio al 3<span class=\"_ _3\"></span>1 dicembre 2022 a <span class=\"_ _3\"></span>fronte di perdite fi<span class=\"_ _3\"></span>scali pregresse della ex UBI Banca<span class=\"_ _3\"></span> (\u201cnuove DTA\u201d; vedi </span></div><div class=\"t m0 x0 h2 y6ab ff1 fs0 fc0 sc0 ls0 ws0\">infra). </div><div class=\"t m0 x0 h2 y121b ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>probability <span class=\"_ _3\"></span>test <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _3\"></span>relative a<span class=\"_ _3\"></span>lle perdite <span class=\"_ _2\"></span>fiscali \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato e<span class=\"_ _3\"></span>ffettuato considerando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>posizione indiv<span class=\"_ _6\"></span>iduale di </div><div class=\"t m0 x0 h2 y6ad ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo. </div><div class=\"t m0 x0 h2 y6ae ff1 fs0 fc0 sc0 ls0 ws0\">Per le perdite delle ex Banche V<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nete, la possibilit\u00e0 di <span class=\"_ _0\"></span>utilizzo su base esclusivam<span class=\"_ _0\"></span>ente individuale da part<span class=\"_ _0\"></span>e di Intesa Sanpa<span class=\"_ _2\"></span>olo </div><div class=\"t m0 x0 h32 y6af ff4 fs0 fc0 sc0 ls0 ws0\">scaturisce  dalle  norme  ch<span class=\"_ _0\"></span>e  ne  hanno  stabilito  il  trasf<span class=\"_ _0\"></span>erimento  (l\u2019art.  7,  comma <span class=\"_ _16\"> </span>3,  del  D.L.  n.  99/2017,  converti<span class=\"_ _0\"></span>to  con </div><div class=\"t m0 x0 h2 y4b2 ff1 fs0 fc0 sc0 ls3d ws0\">mo<span class=\"ff4 ls0\">dificazioni <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>L. <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>121/2017, <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>l\u2019art. <span class=\"_ _5\"></span>15 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>D.L. <span class=\"_ _6\"> </span>n. <span class=\"_ _6\"></span>18/2016) <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>concomitanza <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>l\u2019acquisizione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rami <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y6b0 ff1 fs0 fc0 sc0 ls0 ws0\">Banca Popolare di <span class=\"_ _3\"></span>Vicenza e di Veneto<span class=\"_ _3\"></span> Banca (avvenuta nel 2017) <span class=\"_ _3\"></span>e dalla successiva <span class=\"_ _3\"></span>incorporazion<span class=\"_ _0\"></span>e delle <span class=\"_ _3\"></span>loro ex controllate </div><div class=\"t m0 x0 h2 y6b1 ff1 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _3\"></span>Nuova <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Apulia <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>decorrenza, rispettivamente, d<span class=\"_ _3\"></span>al 1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio 2<span class=\"_ _3\"></span>018 e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>1\u00b0gennaio 2019). <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h32 y6b2 ff4 fs0 fc0 sc0 ls0 ws0\">UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019ex <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>incorporate<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _2\"></span>scaturisce <span class=\"_ _5\"></span>dalla </div><div class=\"t m0 x0 h2 y6b3 ff1 fs0 fc0 sc0 ls0 ws0\">incorporazione di tali societ\u00e0 in<span class=\"_ _0\"></span> Intesa Sanpaolo <span class=\"_ _0\"></span>nel corso del 2021 e d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l 2022. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6b4 ff1 fs0 fc0 sc0 ls0 ws0\">Ai  fini  del  probability  test,  le  prospetti<span class=\"_ _0\"></span>ve  reddituali  di  Intesa  Sanpaolo  sono  stat<span class=\"_ _0\"></span>e  stimate,  per  gli  esercizi  2023<span class=\"_ _2\"></span>-2027, </div><div class=\"t m0 x0 h2 y6b5 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzando <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>roiezioni <span class=\"_ _6\"></span>economico-<span class=\"_ _3\"></span>finanziarie <span class=\"_ _6\"></span>fornite <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Direzio<span class=\"ff4\">ne <span class=\"_ _4\"> </span>Pianificazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Controllo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gestione <span class=\"_ _6\"> </span>(\u201cProiezioni\u201d <span class=\"_ _6\"></span>o </span></div><div class=\"t m0 x0 h2 ybef ff4 fs0 fc0 sc0 ls0 ws0\">\u201cStime\u201d); <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"> </span>in <span class=\"_ _6\"></span>dettaglio: <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>esercizi <span class=\"_ _6\"> </span>2023<span class=\"_ _3\"></span><span class=\"ff1\">-2025, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>sti<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _6\"></span>pred<span class=\"_ _3\"></span>isposte <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Budget <span class=\"_ _6\"></span>2023, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>tiene </span></div><div class=\"t m0 x0 h32 y6b7 ff4 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _2\"></span>dell\u2019aggiornamento <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>macroeconomico <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>illustr<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>precedente <span class=\"_ _2\"></span>capitolo <span class=\"_ _5\"></span>inerente <span class=\"_ _2\"></span>l\u2019impairment </div><div class=\"t m0 x0 h2 y6b8 ff1 fs0 fc0 sc0 ls0 ws0\">test  dei  valori <span class=\"_ _16\"> </span>intangibili,  e  rifl<span class=\"_ _0\"></span>ettono  le  dinami<span class=\"_ _0\"></span>che  sottostanti<span class=\"_ _0\"></span>  il  Piano <span class=\"_ _16\"> </span>di  impresa  2022<span class=\"_ _2\"></span>-<span class=\"ff4\">2025  (\u201cPiano\u201d), <span class=\"_ _16\"> </span>predisposto  dal<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6b9 ff4 fs0 fc0 sc0 ls0 ws0\">management <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ottoposto <span class=\"_ _5\"></span>all\u2019approvazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Ammin<span class=\"_ _2\"></span><span class=\"ff1\">istrazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>4<span class=\"_ _3\"></span> febbraio <span class=\"_ _5\"></span>2022; <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il </span></div><div class=\"t m0 x0 h2 y6ba ff4 fs0 fc0 sc0 ls0 ws0\">2026 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2027, <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>trascinamento \u201c<span class=\"_ _3\"></span>inerziale\u201d del <span class=\"_ _3\"></span>nuovo <span class=\"_ _2\"></span>scenario senza <span class=\"_ _3\"></span>tener <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>to d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>leve <span class=\"_ _3\"></span>manageriali<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6bb ff4 fs0 fc0 sc0 ls0 ws0\">(trattasi <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>utilizzata <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>dell\u2019impairment <span class=\"_ _3\"></span>test <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>intan<span class=\"_ _2\"></span><span class=\"ff1\">gibili <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2022); <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>esercizi<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6bc ff1 fs0 fc0 sc0 ls0 ws0\">successivi al 2027, si \u00e8 assunto in via prude<span class=\"_ _0\"></span>nziale che il risultato lordo si mantenga <span class=\"_ _0\"></span>costante, pari dunque a quello stimato<span class=\"_ _2\"></span> per </div><div class=\"t m0 x0 h2 y6bd ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esercizio <span class=\"_ _4\"> </span>2027 <span class=\"_ _4\"> </span>(senza <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>considerare <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>tasso <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>\u201cg\u201d). <span class=\"_ _4\"> </span>Le <span class=\"_ _7\"> </span>Proiezion<span class=\"_ _2\"></span><span class=\"ff1\">i, <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>beneficiano <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccantonament<span class=\"_ _35\"></span>i </span></div><div class=\"t m0 x0 h2 y6be ff1 fs0 fc0 sc0 ls0 ws0\">effettuati nel <span class=\"_ _3\"></span>Bilancio <span class=\"_ _3\"></span>2022 a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte delle <span class=\"_ _3\"></span>incertezze sullo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>prospettico e d<span class=\"_ _3\"></span>ella c<span class=\"_ _3\"></span>onsistente riduzione d<span class=\"_ _3\"></span>ei rischi <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>rrelati </div><div class=\"t m0 x0 h2 y13d6 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>russe <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>ucraine <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>risking <span class=\"_ _6\"></span>attuate, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>state <span class=\"_ _6\"></span>cautelativamente </div><div class=\"t m0 x0 h2 y6c0 ff1 fs0 fc0 sc0 ls0 ws0\">elaborate <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span><span class=\"ff4\">al <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>raggiungere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>sufficiente <span class=\"_ _4\"> </span>grado <span class=\"_ _6\"> </span>di <span class=\"_ _7\"> </span>confidenz<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>all\u2019iscrivibilit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u201cnuove <span class=\"_ _4\"> </span>DTA\u201d, <span class=\"_ _4\"> </span>relative <span class=\"_ _6\"> </span>al<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1176 ff1 fs0 fc0 sc0 ls0 ws0\">perdite pregresse della ex UBI Banca <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">ipotizzando, oltre allo scenario \u201cbase\u201d, anche <span class=\"_ _3\"></span></span>uno scenario peggiorativo <span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>rispetto allo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c2 ff4 fs0 fc0 sc0 ls0 ws0\">scenario <span class=\"_ _1d\"> </span>\u201cbase\u201d <span class=\"_ _1d\"> </span>\u2013<span class=\"ff1\">  </span>c<span class=\"_ _3\"></span>oerente  con <span class=\"_ _1d\"> </span>quello <span class=\"_ _1d\"> </span>\u201csfavorevole\u201d <span class=\"_ _1d\"> </span>incorp<span class=\"_ _0\"></span>orato <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>modelli  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Expected<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Credit <span class=\"_ _1d\"> </span>Loss <span class=\"_ _1d\"> </span>utilizzati  per <span class=\"_ _1d\"> </span>la </div><div class=\"t m0 x0 h32 y6c3 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>crediti <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _17\"> </span>dell\u2019IFRS <span class=\"_ _18\"> </span>9, <span class=\"_ _18\"> </span>che <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>revede, <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>estrema <span class=\"_ _18\"> </span>sintesi, <span class=\"_ _17\"> </span>un <span class=\"_ _18\"> </span>generalizzato <span class=\"_ _20\"> </span>shock <span class=\"_ _17\"> </span>sull\u2019economia </div><div class=\"t m0 x0 h2 y492 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Eurozona, <span class=\"_ _3\"></span>legato <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>molto <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>gnific<span class=\"_ _0\"></span>ativo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019i<span class=\"_ _3\"></span>ntroduzione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un\u2019ipotesi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y493 ff4 fs0 fc0 sc0 ls0 ws0\">recessione per <span class=\"_ _2\"></span>gli esercizi <span class=\"_ _3\"></span>2023 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2024, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>incremento dell\u2019inflazione <span class=\"_ _3\"></span>e u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>impatto ne<span class=\"_ _3\"></span>gativo <span class=\"_ _5\"></span><span class=\"ff1\">sul <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>italiano </span></div><div class=\"t m0 x0 h2 y6c4 ff4 fs0 fc0 sc0 ls0 ws0\">(\u201cScenario sfavorevole<span class=\"_ _0\"></span>\u201d).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c5 ff1 fs0 fc0 sc0 ls0 ws0\">Pur <span class=\"_ _3\"></span>considerando lo <span class=\"_ _3\"></span>Scenario sfavorevole, d<span class=\"_ _3\"></span>alle analisi <span class=\"_ _3\"></span>condotte \u00e8 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>merso che <span class=\"_ _3\"></span>il to<span class=\"_ _3\"></span>tale assorbimento delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6c6 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _7\"> </span>questione <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span><span class=\"ff4\">anche <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _7\"> </span>\u201cnuove <span class=\"_ _7\"> </span>DTA\u201d <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _7\"> </span>2022  \u2013</span> <span class=\"_ _4\"> </span>potr\u00e0 <span class=\"_ _16\"> </span>realizzarsi <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>orizzonte <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>ritenut<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y90e ff4 fs0 fc0 sc0 ls0 ws0\">compatibile con il requi<span class=\"_ _0\"></span>sito di \u201cprobabilit\u00e0<span class=\"_ _0\"></span>\u201d del recupero richie<span class=\"_ _0\"></span>sto dallo IAS 12.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13d7 ff4 fs0 fc0 sc0 ls0 ws0\">Con particolare <span class=\"_ _3\"></span>riguardo alle \u201cnuove DTA\u201d <span class=\"_ _3\"></span>iscritte nel <span class=\"_ _3\"></span>Bilancio 2022, si <span class=\"_ _3\"></span>segnala che a<span class=\"_ _3\"></span>lla data <span class=\"_ _3\"></span>dell\u2019incorp<span class=\"_ _0\"></span>orazione di <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Ban<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">ca </span></div><div class=\"t m0 x0 h2 y910 ff1 fs0 fc0 sc0 ls0 ws0\">in Intesa <span class=\"_ _3\"></span>Sanpaolo sussistevano perdite fiscali pregresse di UBI Banca<span class=\"_ _3\"></span>, in gran parte <span class=\"_ _3\"></span>riferibili alle ex <span class=\"_ _3\"></span>Good Banks (a loro vol<span class=\"_ _3\"></span>ta<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y101d ff1 fs0 fc0 sc0 ls0 ws0\">incorporate da <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>018) a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>iscritto <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>PP<span class=\"_ _5\"></span>A, </div><div class=\"t m0 x0 h2 y101e ff1 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9 <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>Bilanci 2020 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>aveva <span class=\"_ _3\"></span>deciso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>adottare <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>approccio <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>continuit\u00e0 <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI </div><div class=\"t m0 x2d h2 y4f9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-92.22229px;\"><div class=\"t m0 x0 h2d y4fa ff1 fsf fc0 sc0 ls1c ws0\">89</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-92.22229px;\"><div class=\"t m0 x47 h16e y4fb ff15 fs9 fc0 sc0 ls0 ws0\"> <span class=\"ff1 fs4\">Tale importo \u00e8 <span class=\"_ _3\"></span>gi\u00e0 al netto <span class=\"_ _3\"></span>del benefici<span class=\"_ _3\"></span>o derivante dalla<span class=\"_ _3\"></span> trasformazi<span class=\"_ _3\"></span>one in crediti di im<span class=\"_ _3\"></span>posta di com<span class=\"_ _3\"></span>plessivi 22<span class=\"_ _3\"></span>0 milioni (di<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ui 110 milioni<span class=\"_ _3\"></span> relativi al 20<span class=\"_ _3\"></span>20 </span></div><div class=\"t m0 x0 hb y4b1 ff1 fs4 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>110 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>2021) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>impost<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>relative<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>perdite <span class=\"_ _2\"></span>fiscali,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>effetto <span class=\"_ _2\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione, <span class=\"_ _2\"></span>risp<span class=\"_ _3\"></span>ettivamente <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>alizzata <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicem<span class=\"_ _3\"></span>bre <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>ed </div><div class=\"t m0 x0 h4d y411 ff4 fs4 fc0 sc0 ls0 ws0\">entro <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>31 <span class=\"_ _6\"> </span>dicem<span class=\"_ _3\"></span>bre <span class=\"_ _6\"> </span>20<span class=\"_ _3\"></span>21, <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>crediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>se<span class=\"_ _3\"></span>nsi <span class=\"_ _6\"> </span>dell\u2019<span class=\"_ _3\"></span>art. <span class=\"_ _6\"> </span>55, <span class=\"_ _4\"> </span>D.L. <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _6\"> </span>18/202<span class=\"_ _3\"></span>0 <span class=\"_ _6\"> </span>(Dec<span class=\"_ _3\"></span>reto <span class=\"_ _6\"> </span>\u201cCu<span class=\"_ _3\"></span>ra <span class=\"_ _6\"> </span>I<span class=\"_ _3\"></span>tali<span class=\"_ _3\"></span>a\u201d) <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>dell\u2019art. <span class=\"_ _4\"> </span>19, <span class=\"_ _6\"> </span>D.L.<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>n. <span class=\"_ _4\"> </span>73/2021 <span class=\"_ _6\"> </span>(Dec<span class=\"_ _3\"></span>reto </div><div class=\"t m0 x0 h16f y27a ff4 fs4 fc0 sc0 ls0 ws0\">\u201cSostegni bis\u201d).<span class=\"ff9\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Banca,  scegliendo,  prudentemente,  di  non  iscrivere  le  sopra  citate  imposte  anticipate.  Ci  si  era  tuttavia  riservati  una </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">riconsiderazione <span class=\"_ _3\"></span>del<span class=\"ff4\">la <span class=\"_ _2\"></span>questione <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uccessivi <span class=\"_ _3\"></span>esercizi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>performance <span class=\"_ _3\"></span>reddituali <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca </span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">nel contesto dell\u2019evol<span class=\"_ _0\"></span>uzione della sit<span class=\"_ _0\"></span>uazione esterna.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>2022: <span class=\"_ _2\"></span>i) <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>pieno <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>dell<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(sia <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">quelle <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>fronte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>isultavano <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"> </span>iscritte <span class=\"_ _4\"> </span>imposte <span class=\"_ _4\"> </span>anticipate, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>confermato <span class=\"_ _6\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>del<span class=\"_ _5\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>risposta <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>apposita <span class=\"_ _5\"></span>is<span class=\"_ _3\"></span>tanza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>interpello <span class=\"_ _5\"></span>presentata <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _5\"></span>(la <span class=\"_ _5\"></span>ris<span class=\"_ _2\"></span><span class=\"ff4\">posta <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>pervenuta <span class=\"_ _5\"></span>l\u201911 <span class=\"_ _5\"></span>luglio <span class=\"_ _5\"></span>2022); </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls11 ws0\">ii)<span class=\"ls0\"> sono state avvia<span class=\"_ _0\"></span>te tra la Capog<span class=\"_ _0\"></span>ruppo e il Fondo Nazional<span class=\"_ _0\"></span>e di Risoluzione (che a<span class=\"_ _0\"></span>veva ceduto ad UB<span class=\"_ _0\"></span>I Banca le partecipa<span class=\"_ _0\"></span>zioni </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">nelle <span class=\"_ _5\"></span>ex <span class=\"_ _6\"> </span>Good <span class=\"_ _6\"></span>Bank) <span class=\"_ _5\"></span>interlocuzioni <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>disciplinare <span class=\"_ _5\"></span>nell\u2019assetto <span class=\"_ _5\"></span>post <span class=\"_ _6\"></span>fusione <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>diritto <span class=\"_ _4\"> </span><span class=\"ff1\">r<span class=\"_ _3\"></span>iconosciuto<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _6\"></span>Nazionale <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Risoluzione, sulla base degli accordi iniziali, a vedersi retrocessa una quota del beneficio fiscal<span class=\"_ _0\"></span>e che sar\u00e0 conseguito in f<span class=\"_ _5\"></span>uturo </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">al momento del concre<span class=\"_ _0\"></span>to utilizzo delle perdi<span class=\"_ _0\"></span>te fiscali delle ex G<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>od Banks.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019esito <span class=\"_ _3\"></span>favorevole <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>suddetto <span class=\"_ _3\"></span>interpello, <span class=\"_ _3\"></span>abbinato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>aluni <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>oggettivi, <span class=\"_ _3\"></span>prevalentemente riconducibili <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>dinamica<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>dei </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">tassi <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>interesse <span class=\"_ _17\"> </span>e <span class=\"_ _1c\"> </span>al <span class=\"_ _18\"> </span>conseguente <span class=\"_ _18\"> </span>andamento <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>tteso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>margine <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>interesse <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo, <span class=\"_ _18\"> </span>che <span class=\"_ _18\"> </span>incidono </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">positivamente <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _6\"></span>reddituali <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onsentito <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riconsider<span class=\"_ _0\"></span>are, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>fini <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>redazione <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Bilancio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _2\"></span>l\u2019atteggiamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>assoluta <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rudenza <span class=\"_ _2\"></span>adottato <span class=\"_ _3\"></span>sinora <span class=\"_ _5\"></span>relativament<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>iscrizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>anticipate<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">sulle perdite fisca<span class=\"ff4\">li dell\u2019ex UBI B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca. <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Pur <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>scenario <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>miglioramento, <span class=\"_ _6\"></span>sussistono <span class=\"_ _6\"></span>tuttavia <span class=\"_ _6\"></span>ancora <span class=\"_ _4\"></span>talune <span class=\"_ _6\"></span>circostanze <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>quadro <span class=\"_ _6\"></span>macroeconomico </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">comunque <span class=\"_ _5\"></span>ancora <span class=\"_ _6\"></span>incerto, <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>causa <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>conflitto <span class=\"_ _6\"></span>Russia/<span class=\"_ _0\"></span>Ucraina, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>fase <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tutto <span class=\"_ _6\"></span>iniziale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>interloc<span class=\"_ _5\"></span>uzioni <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _6\"></span>Nazionale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Risoluzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span><span class=\"ff4\">che <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>uggeriscono <span class=\"_ _6\"></span>cautela <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>procedere <span class=\"_ _6\"> </span>all\u2019iscrizione <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>toto <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>in </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">questione.   </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>sin <span class=\"_ _2\"></span>qui <span class=\"_ _3\"></span>esposto <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>ritenuto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quantificare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>320 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>l\u2019ammontar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span><span class=\"ff1\">ste<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>iscrivere <span class=\"_ _3\"></span>nel </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>iscrizione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>residue <span class=\"_ _6\"></span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>tenuto <span class=\"_ _6\"></span>anche </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _2\"></span>dell\u2019esito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>citato <span class=\"_ _2\"></span>interpello <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>prudenziale <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>potenziale <span class=\"_ _2\"></span>retrocessione <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Fondo<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Risoluzione, <span class=\"_ _3\"></span>ammontano <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>320 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>verr\u00e0 <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutata <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>prossime <span class=\"_ _2\"></span>rendicontazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>dinamiche </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">reddituali della Banc<span class=\"_ _0\"></span>a e delle interlocu<span class=\"_ _0\"></span>zioni gi\u00e0 citate con il F<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ndo Nazionale <span class=\"_ _0\"></span>di Risoluzione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _16\"> </span>Bilancio <span class=\"_ _16\"> </span>2022 <span class=\"_ _16\"> </span>risultano  al<span class=\"_ _0\"></span>tres\u00ec <span class=\"_ _16\"> </span>iscritte, <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>44 <span class=\"_ _16\"> </span>milioni, <span class=\"_ _16\"> </span>imposte <span class=\"_ _7\"> </span>anticipate  d<span class=\"_ _0\"></span>erivanti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>perdite <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>pregresse <span class=\"_ _16\"> </span>della </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">controllata  lussemb<span class=\"_ _0\"></span>urghese  Intesa  S<span class=\"_ _0\"></span>anpaolo  Holding <span class=\"_ _16\"> </span>International  (ISPH<span class=\"_ _0\"></span>I).  Le  analis<span class=\"_ _0\"></span>i  svolte  in  r<span class=\"_ _0\"></span>elazione  alle  p<span class=\"_ _0\"></span>revisioni<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">reddituali <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>controllata <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>ussemburghese <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfermano <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>utilizzare <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>quali </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">sono appostate impost<span class=\"_ _0\"></span>e anticipate. </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _7\"> </span>svolgimento <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>probability <span class=\"_ _16\"> </span>test <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>\u201caltre <span class=\"_ _7\"> </span>imposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _16\"> </span>IRES\u201d <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>sulle <span class=\"_ _7\"> </span>\u201cimposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>RAP\u201d, <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\">el </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _5\"></span>considerate <span class=\"_ _2\"></span>separatamente <span class=\"_ _5\"></span>dalle <span class=\"_ _2\"></span>altre <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>imposte <span class=\"_ _5\"></span>anticipate <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">differenze <span class=\"_ _1d\"> </span>temporanee <span class=\"_ _1d\"> </span>deducibili <span class=\"_ _1d\"> </span>relative <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>svalutazioni <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>perdite <span class=\"_ _17\"> </span>su <span class=\"_ _1d\"> </span>crediti <span class=\"_ _1d\"> </span>(diverse <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>quelle <span class=\"_ _1d\"> </span>scaturenti <span class=\"_ _1d\"> </span>dalla <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rima<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">applicazio<span class=\"ff4\">ne <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>principio <span class=\"_ _6\"> </span>contabile <span class=\"_ _4\"> </span>internazional<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>IFRS <span class=\"_ _6\"></span>9; <span class=\"_ _4\"> </span>cfr. <span class=\"_ _6\"> </span>infra), <span class=\"_ _4\"> </span>nonch\u00e9, <span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>iscritte <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>entro <span class=\"_ _6\"> </span>l\u2019esercizio <span class=\"_ _4\"> </span>2014, </span></div><div class=\"t m0 x0 h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">quelle <span class=\"_ _4\"> </span>relative <span class=\"_ _6\"></span>all\u2019avviamento <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>immateriali <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>ita <span class=\"_ _4\"> </span>indefinita<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x117 h33 y4fc ff1 fs11 fc0 sc0 ls1a ws0\">90</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 xcf h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _4\"> </span><span class=\"ff4\">(imposte <span class=\"_ _6\"> </span>anticipate <span class=\"_ _4\"> </span>\u201cqualificate\u201d <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenze<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">tempo<span class=\"ff4\">ranee \u201cqualificate\u201d). Rileva al riguardo che, a decorrere dal<span class=\"_ _0\"></span> periodo di imposta chiuso al 31 dicembre 2011, \u00e8 consentita </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _5\"></span>conversione <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imposta <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>mposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>is<span class=\"_ _3\"></span>critte <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>derivanti<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>dalla </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls10 ws0\">de<span class=\"ff4 ls0\">duzione <span class=\"_ _6\"></span>differita <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>differenze <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>emporanee <span class=\"_ _6\"> </span>\u201cqualificate\u201d <span class=\"_ _6\"> </span>(art. <span class=\"_ _4\"> </span>2, <span class=\"_ _4\"> </span>comma <span class=\"_ _6\"> </span>56<span class=\"_ _2\"></span><span class=\"ff1\">-bis, <span class=\"_ _4\"></span>D.L. <span class=\"_ _6\"></span>29 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2010 <span class=\"_ _4\"></span>n. <span class=\"_ _4\"></span>225, <span class=\"_ _4\"></span>introdott<span class=\"_ _35\"></span>o </span></span></div><div class=\"t m0 x0 h32 y82 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019art. <span class=\"_ _4\"> </span>9, <span class=\"_ _7\"> </span>D.L. <span class=\"_ _6\"> </span>6<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2011 <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>01). <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>decorrere <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>imposta <span class=\"_ _4\"> </span>2013, <span class=\"_ _4\"> </span>analoga <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>conversione <span class=\"_ _4\"> </span>\u00e8 </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">prevista, <span class=\"_ _3\"></span>qualora dalla <span class=\"_ _3\"></span>dichiarazione IRAP <span class=\"_ _3\"></span>emerga <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valore della <span class=\"_ _3\"></span>produzione netta <span class=\"_ _3\"></span>negativo, anche <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>e imposte <span class=\"_ _3\"></span>anticipate </div><div class=\"t m0 x0 h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">IRAP <span class=\"_ _5\"></span>afferenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>temporanee <span class=\"_ _5\"></span>\u201cqualificate\u201d <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>abbiano <span class=\"_ _5\"></span>concorso <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>produzione </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">netta <span class=\"_ _16\"> </span>negativo <span class=\"_ _16\"> </span>(art. <span class=\"_ _16\"> </span>2,<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>comma <span class=\"_ _16\"> </span>56-bis.1,  D<span class=\"_ _0\"></span>.L. <span class=\"_ _16\"> </span>29 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _16\"> </span>2010, <span class=\"_ _16\"> </span>n.  2<span class=\"_ _0\"></span>25, <span class=\"_ _16\"> </span>introdotto <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>L. <span class=\"_ _16\"> </span>n.  14<span class=\"_ _0\"></span>7/2013). <span class=\"_ _16\"> </span>Tali <span class=\"_ _16\"> </span>forme <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">convertibilit\u00e0 <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>aggiungono a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quella <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>prevista p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>individuale risulti <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esercizio </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">(art. <span class=\"_ _5\"></span>2, <span class=\"_ _6\"></span>commi <span class=\"_ _5\"></span>55 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>56, <span class=\"_ _6\"></span>D.L.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>n. <span class=\"_ _5\"></span>225/2010, <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ltimo <span class=\"_ _5\"></span>modificato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _6\"></span>n. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>47/2013) <span class=\"_ _6\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _5\"></span>costituiscono <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">recupero <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ggiuntiva <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>integrativ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>idonea <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>assicurare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>impos<span class=\"_ _0\"></span>te <span class=\"_ _6\"> </span>anticipate <span class=\"_ _6\"> </span>\u201cqualificate\u201d <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>ogn<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">situazione, <span class=\"_ _3\"></span>indipendentemente <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span><span class=\"ff4\">la <span class=\"_ _3\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>futura <span class=\"_ _3\"></span>dell\u2019impresa. <span class=\"_ _3\"></span>Infatti, <span class=\"_ _2\"></span>qualora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>verificassero </span></div><div class=\"t m0 x0 h32 y46 ff4 fs0 fc0 sc0 ls0 ws0\">eccedenze  del<span class=\"_ _0\"></span>le  differenze <span class=\"_ _16\"> </span>temporanee <span class=\"_ _16\"> </span>\u201cqualificate\u201d  ris<span class=\"_ _0\"></span>petto  al  red<span class=\"_ _0\"></span>dito  imponibil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  o <span class=\"_ _16\"> </span>al  valore <span class=\"_ _16\"> </span>della  produzione <span class=\"_ _16\"> </span>netta,  il<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">recupero <span class=\"_ _16\"> </span>delle  relative <span class=\"_ _16\"> </span>imposte  anticipate  non <span class=\"_ _16\"> </span>si  manifester<span class=\"_ _0\"></span>ebbe  in <span class=\"_ _16\"> </span>una  riduzi<span class=\"_ _0\"></span>one  delle<span class=\"_ _0\"></span>  imposte <span class=\"_ _16\"> </span>correnti,  m<span class=\"_ _0\"></span>a  mediant<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y48 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019iscrizione <span class=\"_ _16\"> </span>di  im<span class=\"_ _0\"></span>poste <span class=\"_ _16\"> </span>anticipate <span class=\"_ _16\"> </span>sulla  perdita <span class=\"_ _7\"> </span>fi<span class=\"_ _3\"></span>scale <span class=\"_ _16\"> </span>o  sul<span class=\"_ _0\"></span>  valore <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>produzione <span class=\"_ _16\"> </span>netta <span class=\"_ _16\"> </span>negativo, <span class=\"_ _16\"> </span>convertibili <span class=\"_ _16\"> </span>in  cred<span class=\"_ _0\"></span>it<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019imposta <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>2, <span class=\"_ _2\"></span>commi <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>6<span class=\"_ _3\"></span><span class=\"ff1\">-bis <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span><span class=\"lsc\">56<span class=\"_ _3\"></span></span>-bis.1, <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>225/2010. <span class=\"_ _2\"></span>La<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onvertibilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdite </span></div><div class=\"t m0 x0 h32 y4a ff4 fs0 fc0 sc0 ls0 ws0\">fiscali <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>produzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>netta <span class=\"_ _4\"> </span>negativo <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>determinate <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>differenze <span class=\"_ _4\"> </span>temporanee <span class=\"_ _4\"> </span>\u201cqualifi<span class=\"_ _0\"></span>cate\u201d <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>configur<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">pertanto <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>idoneo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>sufficiente <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019iscrizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bi<span class=\"_ _3\"></span>lancio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _2\"></span>anticipate <span class=\"_ _3\"></span>\u201cqualificate\u201d, <span class=\"_ _3\"></span>consentendo </span></div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">di escluderle dall\u2019am<span class=\"_ _0\"></span>bito applicativo del p<span class=\"_ _0\"></span>robability test reddit<span class=\"_ _0\"></span>uale.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">Un <span class=\"_ _4\"> </span>limite <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>convertibilit\u00e0 <span class=\"_ _6\"> </span>tout <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ourt <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>imposte <span class=\"_ _4\"> </span>anticipate <span class=\"_ _6\"></span>\u201cqualificate\u201d <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>stato <span class=\"_ _4\"> </span>introdotto <span class=\"_ _6\"> </span>dall\u2019art<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _6\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>D.L. <span class=\"_ _4\"></span>n. <span class=\"_ _6\"></span>59<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">3 maggio <span class=\"_ _2\"></span>2016, <span class=\"_ _2\"></span>modificato <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>D.L<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>237 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2016, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>subordinato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>trasformabilit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta </div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">delle imposte anticip<span class=\"_ _0\"></span>ate \u201cqualificate\u201d alle qu<span class=\"_ _0\"></span>ali non abbia co<span class=\"_ _0\"></span>rrisposto un effettivo pag<span class=\"_ _0\"></span>amento anticipato di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>imposte (\u201cDT<span class=\"_ _0\"></span>A di tipo </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">2\u201d) <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>corresponsione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>canone <span class=\"_ _6\"></span>annuo, <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>all\u20191,5% <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>loro <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>complessivo, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sercizi <span class=\"_ _5\"></span>2016<span class=\"_ _5\"></span><span class=\"ff1\">-2030. <span class=\"_ _6\"></span>Nessun<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">canone <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>dovuto <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>trasformabilit\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>imposta<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>imposte <span class=\"_ _7\"> </span>anticipate <span class=\"_ _4\"> </span>\u201cqualificate\u201d <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>quali  <span class=\"ff1\">abbia <span class=\"_ _7\"> </span>invece </span></div><div class=\"t m0 x0 h32 y52 ff4 fs0 fc0 sc0 ls0 ws0\">corrisposto <span class=\"_ _2\"></span>un <span class=\"_ _6\"></span>effettivo <span class=\"_ _2\"></span>pagamento <span class=\"_ _5\"></span>anticipato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggiori <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>(\u201cDTA <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>1\u201d). <span class=\"_ _5\"></span>Tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>anticipate<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cqualificate\u201d, <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>quelle <span class=\"_ _4\"> </span>iscritte <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>facenti <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>consolidato <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>sia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>quelle </span></div><div class=\"t m0 x0 h32 y54 ff4 fs0 fc0 sc0 ls0 ws0\">confluite <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>dell\u2019acquisizi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rami <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banche <span class=\"_ _5\"></span>Venete <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ltimo </div><div class=\"t m0 x0 h32 y55 ff4 fs0 fc0 sc0 ls0 ws0\">quelle  dell\u2019ex  Gruppo  UBI,  s<span class=\"_ _3\"></span>ono  risultate  tutte <span class=\"_ _1d\"> </span>\u201cDTA  di  tipo  1\u201d, <span class=\"_ _1d\"> </span>il  Gruppo  non  \u00e8<span class=\"_ _3\"></span>  in  concreto <span class=\"_ _1d\"> </span>al  momento  tenuto  alla </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">corresponsione del ca<span class=\"_ _0\"></span>none. </div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>(L. <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>018, <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>145), <span class=\"_ _3\"></span>all<span class=\"_ _3\"></span>\u2019art. 1,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>commi <span class=\"_ _3\"></span>1067 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>068, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>deducibilit\u00e0 <span class=\"_ _3\"></span>(sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">ini </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">IRES che IRAP) in dieci periodi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i imposta, a partire da qu<span class=\"_ _0\"></span>ello in corso al 31 dicembr<span class=\"_ _0\"></span>e 2018, delle rettific<span class=\"_ _2\"></span>he di valore sui cr<span class=\"_ _0\"></span>editi </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">verso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>iscritte <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>bilanci <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>degli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>nti <span class=\"_ _6\"></span>finanziari <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>occasione <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rima <span class=\"_ _6\"></span>applicazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>pr<span class=\"_ _3\"></span>inci<span class=\"_ _5\"></span>pio </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">contabile <span class=\"_ _1d\"> </span>internazional<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>IFRS <span class=\"_ _1d\"> </span>9<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x13b h33 y5a3 ff1 fs11 fc0 sc0 ls1a ws0\">91<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x1a2 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">. <span class=\"_ _1d\"> </span>Secondo <span class=\"_ _1d\"> </span>quanto <span class=\"_ _1d\"> </span>chiarito <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>Relazione <span class=\"_ _1d\"> </span>illustr<span class=\"_ _0\"></span>ativa <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>Provvedime<span class=\"_ _3\"></span>nto, <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>imposte </div><div class=\"t m0 x2d h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y3b0 ff1 fsf fc0 sc0 ls1c ws0\">90</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 hb ydd ff15 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _3\"></span><span class=\"ff4\">Con <span class=\"_ _2\"></span>l\u2019art. <span class=\"_ _3\"></span>17,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>D.L. <span class=\"_ _2\"></span>27 <span class=\"_ _3\"></span>giu<span class=\"_ _3\"></span>gno <span class=\"_ _3\"></span>201<span class=\"_ _3\"></span>5, <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>83, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>esclusa <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conver<span class=\"_ _3\"></span>tibilit\u00e0 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>(a <span class=\"_ _2\"></span>qualunque <span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>tolo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revist<span class=\"_ _3\"></span><span class=\"ff1\">a <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>D.L<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>29 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2010, </span></span></div><div class=\"t m0 x0 hb y911 ff1 fs4 fc0 sc0 ls1b ws0\">n.<span class=\"ls0\"> 225) d<span class=\"_ _3\"></span>elle attivit<span class=\"_ _3\"></span>\u00e0 per im<span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span><span class=\"ff4\">anticipate <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>\u201cal valo<span class=\"_ _3\"></span>re dell\u2019avviam<span class=\"_ _3\"></span>ento <span class=\"_ _3\"></span>e delle <span class=\"_ _3\"></span>altre a<span class=\"_ _3\"></span>ttivit\u00e0 immat<span class=\"_ _3\"></span>eriali iscrit<span class=\"_ _3\"></span>te per <span class=\"_ _3\"></span>la prima <span class=\"_ _3\"></span>volta <span class=\"_ _3\"></span>a partire <span class=\"_ _3\"></span>dai b<span class=\"_ _2\"></span></span>ilanci </span></div><div class=\"t m0 x0 hb y3b2 ff4 fs4 fc0 sc0 ls0 ws0\">relativi all\u2019esercizio<span class=\"_ _3\"></span> in corso alla d<span class=\"_ _3\"></span>ata di entrata in vigo<span class=\"_ _3\"></span>re\u201d della disposizi<span class=\"_ _3\"></span>one, cio\u00e8 a pa<span class=\"_ _3\"></span>rtire dal 2015.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y278 ff1 fsf fc0 sc0 ls1c ws0\">91</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x47 hb y279 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _6\"></span>Il <span class=\"_ _5\"></span>peri<span class=\"_ _3\"></span>odo <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ateizzazion<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>cennale, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>avrebb<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ovuto <span class=\"_ _6\"></span>originariam<span class=\"_ _3\"></span>ente <span class=\"_ _6\"></span>concludersi <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>027, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ato <span class=\"_ _6\"></span>procrastinat<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>an<span class=\"_ _3\"></span>no <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Le<span class=\"_ _3\"></span>gg<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 hb y27a ff1 fs4 fc0 sc0 ls0 ws0\">bilancio 2020 (L. <span class=\"_ _3\"></span>27 dicembre 2019<span class=\"_ _3\"></span>, n. 160).<span class=\"_ _3\"></span> </div></div>anticipate <span class=\"_ _3\"></span>iscritte <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>differimento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itata <span class=\"_ _3\"></span>deduzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>convertibili <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _4\"></span>in <span class=\"_ _3\"></span>base alle citate disposizio<span class=\"_ _0\"></span>ni del D.L. n. 225/20<span class=\"_ _0\"></span>10. Tali imposte, per<span class=\"_ _0\"></span>tanto, debbono essere a<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>soggettate al p<span class=\"_ _0\"></span>roba<span class=\"_ _2\"></span>bility test. Su tali basi, l\u2019effett<span class=\"_ _0\"></span>uazione del probability <span class=\"_ _0\"></span>test sulle altre im<span class=\"_ _0\"></span>poste anticipate IRES <span class=\"_ _0\"></span>si \u00e8 articolata come segu<span class=\"_ _0\"></span>e:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">individuazione delle \u201caltre imposte anticipate IRES\u201d, ossia di <span class=\"_ _3\"></span>quelle non relative alle perdite fiscali di <span class=\"_ _3\"></span>Intesa Sanpaolo e <span class=\"_ _5\"></span></span>di </span>ISPHI, la cui iscrivibilit<span class=\"_ _0\"></span>\u00e0 in bilancio \u00e8 stat<span class=\"_ _0\"></span>a oggetto di una verific<span class=\"_ _0\"></span>a a s\u00e9 stante (cfr. so<span class=\"_ _0\"></span>pra);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">individuazione, nell\u2019<span class=\"_ _0\"></span>ambito delle altre imposte anticipate, di quelle \u201cnon qualificate\u201d,<span class=\"_ _0\"></span> poich\u00e9 non convertibili in crediti v<span class=\"_ _5\"></span><span class=\"ff1\">erso<span class=\"_ _0\"></span> </span></span></span>l\u2019Erario (cfr. sopra);<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>anali<span class=\"ff4\">si  di  tali<span class=\"_ _0\"></span>  imposte  anticip<span class=\"_ _0\"></span>ate  \u201cnon  qualifi<span class=\"_ _0\"></span>cate\u201d  e  delle <span class=\"_ _16\"> </span>imposte  differite  passi<span class=\"_ _0\"></span>ve  iscritte  n<span class=\"_ _0\"></span>el  bilancio  consolid<span class=\"_ _0\"></span>ato, </span></span>distinguendole per c<span class=\"_ _0\"></span>ausale e per prev<span class=\"_ _0\"></span>edibile timing di riassor<span class=\"_ _0\"></span>bimento;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quantificazione <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revisionale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>imponibili <span class=\"_ _5\"></span>futuri <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>tes<span class=\"_ _2\"></span><span class=\"ff4\">a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>assorbimento <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>\u201caltre<span class=\"_ _0\"></span> </span></span>imposte <span class=\"_ _4\"> </span>anticipat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>IRES\u201d <span class=\"_ _6\"> </span>\u201cnon <span class=\"_ _4\"> </span>qualificate\u201d. <span class=\"_ _6\"> </span>La <span class=\"_ _4\"> </span>stima <span class=\"_ _6\"> </span>degli <span class=\"_ _4\"> </span>imponibili <span class=\"_ _6\"> </span>futuri <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>operata <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>gli <span class=\"_ _4\"> </span>esercizi <span class=\"_ _6\"> </span>2<span class=\"_ _3\"></span>023<span class=\"_ _2\"></span><span class=\"ff1\">-2027, </span>utilizzando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>medesima <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>assunta <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ini <span class=\"_ _3\"></span>dell\u2019i<span class=\"_ _3\"></span>mpairme<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lo<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>Bila<span class=\"_ _3\"></span>ncio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>(cfr. <span class=\"_ _2\"></span>sopra); </span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>successivi \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>ipotizzato <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>autela un <span class=\"_ _3\"></span>trascinamento <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>roiezioni, senza <span class=\"_ _3\"></span>considerare u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di crescita \u201cg\u201d.<span class=\"ff1\"> </span>L\u2019elaborazione <span class=\"_ _6\"> </span>svolta <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>evidenziato <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _4\"> </span>imponibile <span class=\"_ _6\"> </span>IRES <span class=\"_ _4\"> </span>capiente,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>assorbire <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>fiscalit\u00e0 <span class=\"_ _4\"></span>differita <span class=\"_ _4\"> </span>iscritta </span>relativamente all\u2019IRES<span class=\"_ _0\"></span> nel bilancio al 31 dic<span class=\"_ _0\"></span>embre 2022.<span class=\"ff1\"> </span>Anche per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cimposte anticipate I<span class=\"_ _3\"></span>RAP\u201d, il <span class=\"_ _3\"></span>probability <span class=\"_ _3\"></span>test \u00e8 <span class=\"_ _3\"></span>stato e<span class=\"_ _3\"></span>ffettuato in <span class=\"_ _3\"></span>forma a<span class=\"_ _3\"></span>nalitica con <span class=\"_ _3\"></span>riferimento alle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ff1\">mposte<span class=\"_ _0\"></span> </span>anticipate \u201cnon qualificate\u201d (per quelle convertibili in crediti verso l\u2019Erario, come detto, le p<span class=\"_ _3\"></span>rospetti<span class=\"_ _0\"></span>ve certe di <span class=\"_ _3\"></span>utilizzo sulla base delle <span class=\"_ _3\"></span>ipotesi di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta p<span class=\"_ _3\"></span>reviste dai <span class=\"_ _3\"></span>commi <span class=\"_ _3\"></span>56<span class=\"_ _2\"></span>-bis <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>56-bis.1, <span class=\"_ _3\"></span>art. <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>225/2010, si <span class=\"_ _3\"></span>configurano, infatti, <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>sufficiente <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _2\"></span>rendendo <span class=\"_ _5\"></span>implicitamente <span class=\"_ _2\"></span>superato <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>probability <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>ad <span class=\"_ _7\"> </span><span class=\"ff1\">esse </span>relativo). <span class=\"_ _7\"> </span>Il <span class=\"_ _16\"> </span>test <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>effettuato <span class=\"_ _7\"> </span>confrontando <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>imponibili <span class=\"_ _7\"> </span>prospettici <span class=\"_ _7\"> </span>IRAP <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>stimati <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _7\"> </span>dei<span class=\"_ _5\"></span> medesimi <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revisionali <span class=\"_ _3\"></span>assunti <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>probability <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _2\"></span>fiscali, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rientri <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>variazioni <span class=\"_ _2\"></span>tempora<span class=\"_ _5\"></span>nee <span class=\"_ _2\"></span>non qualificate riscontrat<span class=\"_ _0\"></span>e al 31 dicembre <span class=\"_ _0\"></span>2022 e determinando, <span class=\"_ _0\"></span>per ciascun esercizi<span class=\"_ _0\"></span>o, la base imponibile IRA<span class=\"_ _0\"></span>P residua.<span class=\"_ _2\"></span> Tenuto <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>fini <span class=\"_ _6\"></span>IRAP, <span class=\"_ _6\"></span>diversamente <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>perdite <span class=\"_ _5\"></span>fiscali <span class=\"_ _4\"></span>IRES, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>opera <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>regime <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>carry forward <span class=\"_ _6\"> </span>degli <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>mponibili <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>egativi <span class=\"_ _6\"></span>n\u00e9 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>possibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>compensarli <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>consolidato <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"> </span>qualora <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>uno <span class=\"_ _6\"> </span>o <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span><span class=\"ff1 lsc\">\u00f9 </span>esercizi <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>imponibile <span class=\"_ _6\"></span>residua <span class=\"_ _4\"></span>fosse <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>ipotesi <span class=\"_ _6\"></span>negativa, <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>imposte <span class=\"_ _6\"></span>anticipate <span class=\"_ _6\"></span>IRAP <span class=\"_ _4\"></span>iscrivibili <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>dovrebbero essere limitate alle s<span class=\"_ _0\"></span>ole corrispondenti alle <span class=\"_ _0\"></span>differenze temporan<span class=\"_ _0\"></span>ee assorbibili in cias<span class=\"_ _0\"></span>cun esercizio consi<span class=\"_ _0\"></span>derato.<span class=\"_ _2\"></span> Dalle elaborazioni svolte <span class=\"_ _3\"></span>emerg<span class=\"ff4\">e <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>imponibile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>residua IRAP p<span class=\"_ _3\"></span>ositiva in <span class=\"_ _3\"></span>ciascuno degli esercizi <span class=\"_ _3\"></span>compresi nell\u2019orizzonte </span>temporale di riferiment<span class=\"_ _0\"></span>o del test. A supporto dei positi<span class=\"_ _0\"></span>vi esiti del probabilit<span class=\"_ _0\"></span>y test si rileva che: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la situazione sanitaria \u00e8 in via di <span class=\"_ _3\"></span>miglioramento, il che ha<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>ortato alla graduale attenuazione delle misure di contenimento<span class=\"_ _0\"></span> </span>adottate nella fase pi<span class=\"_ _0\"></span>\u00f9 critica della pan<span class=\"_ _0\"></span>demia, con conseguenti i<span class=\"_ _0\"></span>mpatti favorevoli sugli i<span class=\"_ _0\"></span>ndicatori economici <span class=\"_ _0\"></span>di riferimento;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i r<span class=\"_ _3\"></span>isultati 2022 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo sono <span class=\"_ _3\"></span>migliori <span class=\"_ _3\"></span>rispetto a <span class=\"_ _3\"></span>quel<span class=\"_ _2\"></span><span class=\"ff4\">li d<span class=\"_ _3\"></span>ell\u2019anno precedente, c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un incremento <span class=\"_ _3\"></span>pi\u00f9 s<span class=\"_ _3\"></span>ignificativ<span class=\"_ _35\"></span>o </span></span>nelle componenti di ric<span class=\"_ _0\"></span>avo pi\u00f9 \u201cstabili\u201d, a <span class=\"_ _0\"></span>conferma del solido tr<span class=\"_ _0\"></span>ack record di redditiv<span class=\"_ _0\"></span>it\u00e0;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i  d<span class=\"_ _0\"></span>ati  pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isionali <span class=\"_ _16\"> </span>sui  quali <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>basa  la <span class=\"_ _16\"> </span>stima  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gli  im<span class=\"_ _0\"></span>ponibili <span class=\"_ _16\"> </span>prospettici <span class=\"_ _16\"> </span>cautelativamente <span class=\"_ _16\"> </span>incorpora<span class=\"_ _2\"></span>no  uno  S<span class=\"_ _0\"></span>cenario<span class=\"_ _0\"></span> </span>macroeconomico <span class=\"_ _7\"> </span>sfavorevole <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>allo <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>\u201cbase\u201d, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>tuttavia <span class=\"_ _7\"> </span>mostra <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>miglioramento <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tutte <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>variabili fiscalmente rilevanti <span class=\"_ _0\"></span>nel periodo 2023-2027;    \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">in <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ulteriore <span class=\"_ _2\"></span>prudenza, <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>dell\u2019effettuazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>pr<span class=\"_ _2\"></span></span>obability <span class=\"_ _5\"></span>test, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>risultato <span class=\"_ _2\"></span>imponibile <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>esercizi </span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>dispone <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>ana<span class=\"_ _3\"></span>litica <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>prospettici, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>trend <span class=\"_ _6\"></span>crescente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>utili, viene comunque assun<span class=\"_ _0\"></span>to pari (i.e. non cre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>cente rispetto) a qu<span class=\"_ _0\"></span>ello dell\u2019ulti<span class=\"_ _3\"></span><span class=\"ff1\">mo anno coperto dalle <span class=\"_ _0\"></span>Proiezioni; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in ogni <span class=\"_ _3\"></span>caso, le <span class=\"_ _3\"></span>stime reddituali prospettiche utilizzate ai <span class=\"_ _3\"></span>fini de<span class=\"_ _3\"></span>l probability test <span class=\"_ _3\"></span>vengono aggiornate almeno annualmente </span>per tener conto dei mu<span class=\"_ _0\"></span>tamenti intervenuti me<span class=\"_ _0\"></span>dio tempore negli <span class=\"_ _0\"></span>scenari di mercato; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>secondo la vigente norm<span class=\"_ _0\"></span>ativa italiana, le perd<span class=\"_ _0\"></span>ite fiscali sono rip<span class=\"_ _0\"></span>ortabili senza limiti t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>mporali (art. 84, TUIR<span class=\"_ _0\"></span>);<span class=\"_ _2\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>gli <span class=\"_ _3\"></span>imponibili negativi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>derivano <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>\"incapacit\u00e0\" fisiologica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>generare <span class=\"_ _3\"></span>utili f<span class=\"_ _3\"></span>iscali ma <span class=\"_ _3\"></span>piuttosto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>alcune <span class=\"_ _3\"></span>peculia<span class=\"_ _5\"></span>ri </span>norme  del  sist<span class=\"_ _0\"></span>ema  fiscale  it<span class=\"ff4\">aliano,  che  h<span class=\"_ _0\"></span>anno  determinato  l<span class=\"_ _35\"></span>\u2019insorgenza  di  imposte  a<span class=\"_ _0\"></span>nticipate  i  c<span class=\"_ _0\"></span>ui  reversal <span class=\"_ _16\"> </span>hanno </span>penalizzato <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>continuerann<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>penalizzare <span class=\"_ _6\"></span>(ma <span class=\"_ _6\"></span>solo <span class=\"_ _6\"></span>fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>2029) <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>imponibili <span class=\"_ _6\"></span>fiscali <span class=\"_ _6\"></span>(rateizzazione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche <span class=\"_ _6\"></span>su crediti <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>dedotte <span class=\"_ _5\"></span>sino <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>2014; <span class=\"_ _6\"></span>rateizzazione <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _6\"></span>attese <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>rilevate <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>FTA dell\u2019IFRS <span class=\"_ _5\"></span>9; <span class=\"_ _5\"></span>reiterato <span class=\"_ _5\"></span>differimento <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>dell\u2019inizio <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>recupero <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>avviamenti <span class=\"_ _5\"></span>riallineati <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\"> </span>pagamento);  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _3\"></span>quasi totalit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imposte <span class=\"_ _3\"></span>anticipate <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>perdite fiscali <span class=\"_ _3\"></span>pregresse \u00e8 <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>entit\u00e0 ac<span class=\"_ _3\"></span>quisite da In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>si </span>\u00e8 manifestata prima <span class=\"_ _0\"></span>dell\u2019acquisizion<span class=\"_ _0\"></span>e da parte di Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Pertanto, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>prospettive <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ecupero <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>emergono <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>ritenere <span class=\"_ _5\"></span>compatibili <span class=\"_ _5\"></span>con<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">il <span class=\"_ _5\"></span>requisito <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u201cprobabilit\u00e0 <span class=\"_ _2\"></span>di </span>recupero\u201d  richiesto <span class=\"_ _16\"> </span>dallo  IAS  12  e,  conseg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>entemente,  le  c<span class=\"_ _0\"></span>itate  imposte  anti<span class=\"_ _0\"></span>cipate  possono  es<span class=\"_ _0\"></span>sere  iscritte  nello  sta<span class=\"_ _0\"></span>to patrimoniale al 31 di<span class=\"_ _0\"></span>cembre 2022 per il l<span class=\"_ _0\"></span>oro intero ammontar<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> 11.8 Altre informazio<span class=\"_ _0\"></span>ni Oltre a quanto sopra indi<span class=\"_ _0\"></span>cato, non risult<span class=\"_ _0\"></span>ano altre informazioni <span class=\"_ _0\"></span>da segnalare. SEZIONE 13 - ALTRE ATTIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 130 13.1 Altre attivit\u00e0: compo<span class=\"_ _0\"></span>sizione (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite ver<span class=\"_ _0\"></span>so l'Erario 16.503 Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 1.297 Assegni e al<span class=\"_ _0\"></span>tri valori i<span class=\"_ _0\"></span>n cassa 455<span class=\"ls0\"> </span>Migliorie e<span class=\"_ _0\"></span> spese incre<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>entative<span class=\"_ _35\"></span> sostenute su beni<span class=\"_ _0\"></span> di terzi 93<span class=\"ls0\"> </span>Partite viag<span class=\"_ _0\"></span>gianti 9 Partite vari<span class=\"_ _0\"></span>e 4.494 TOTALE 31.12.2022<span class=\"_ _0\"></span> 22.851 TOTALE 31.12.2021<span class=\"_ _0\"></span> 13.837 Nella <span class=\"_ _4\"> </span><span class=\"ff4\">sottovoce <span class=\"_ _4\"> </span>\u201cPartite <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erso <span class=\"_ _4\"> </span>l\u2019Erario\u201d <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>crediti <span class=\"_ _4\"> </span>fiscali <span class=\"_ _4\"> </span>connessi <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>Decreti <span class=\"_ _4\"> </span>Legge <span class=\"_ _4\"> </span>\u201cCura <span class=\"_ _4\"> </span>Italia\u201d <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>\u201cRilancio\u201d  </span>-<span class=\"_ _35\"></span> acquistati a seguit<span class=\"_ _0\"></span>o di cessione da parte <span class=\"_ _0\"></span>dei beneficiari diretti<span class=\"_ _0\"></span> o di precedenti a<span class=\"_ _0\"></span>cquirenti <span class=\"_ _3\"></span>-<span class=\"lsd\">  </span>per complessivi 11 miliardi<span class=\"_ _0\"></span> circa. La<span class=\"ls0\"> <span class=\"_ _2\"></span><span class=\"ff4\">sottovoce <span class=\"_ _2\"></span>\u201cPartite <span class=\"_ _2\"></span>varie\u201d <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>componenti: <span class=\"_ _2\"></span>(i) <span class=\"_ _2\"></span>ratei <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>risconti <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icondotti <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>367 <span class=\"_ _2\"></span>milioni; <span class=\"_ _4\"> </span></span>ii) <span class=\"_ _2\"></span>i </span>costi <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>l\u2019ottenimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019esecuzione <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>clientela <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>ammontare <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>524 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>riferit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>prevalentemente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>bonus <span class=\"_ _16\"> </span>capitalizzati <span class=\"_ _4\"> </span>da <span class=\"_ _16\"> </span>Fideuram  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(e <span class=\"_ _16\"> </span>pertanto <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>a ammortamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>68,7 <span class=\"_ _3\"></span>milioni) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>strettamente correlati <span class=\"_ _3\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>mantenimento della <span class=\"_ _3\"></span>raccolta; <span class=\"_ _3\"></span>(iii) <span class=\"_ _3\"></span>com<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>previsto <span class=\"ff4\">dal paragrafo 116<span class=\"_ _3\"></span> e successivi dell\u2019IFRS 15, <span class=\"_ _3\"></span>i  c<span class=\"_ _3\"></span>rediti di funzionamento, ossia i crediti per <span class=\"_ _3\"></span>operazioni connesse con la </span>prestazione di attivit<span class=\"_ _0\"></span>\u00e0 e servizi non finanzia<span class=\"_ _0\"></span>ri,  sono pari  a 15<span class=\"_ _0\"></span>0 milioni.<span class=\"_ _3\"></span> SEZIONE 8 <span class=\"ff6\">\u2013</span> ALTRE PASSIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 80 8.1 Altre passivit\u00e0: comp<span class=\"_ _0\"></span>osizione   (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 3.256 Debiti ver<span class=\"_ _0\"></span>so fornitori 1.884 Partite ver<span class=\"_ _0\"></span>so l'Erario 1.340 Somme a d<span class=\"_ _0\"></span>isposizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di terzi 333<span class=\"ls0\"> </span>Somme da <span class=\"_ _0\"></span>erogare al<span class=\"_ _0\"></span> personale<span class=\"_ _0\"></span> 294<span class=\"ls0\"> </span>Debiti ver<span class=\"_ _0\"></span>so enti pre<span class=\"_ _0\"></span>videnziali 223<span class=\"ls0\"> </span>Partite vari<span class=\"_ _0\"></span>e 3.730 TOTALE 31.12.2022<span class=\"_ _0\"></span> 11.060 TOTALE 31.12.2021<span class=\"_ _0\"></span> 15.639 La  sottovoce <span class=\"_ _1d\"> </span>\"Partite  varie\"  include  le<span class=\"_ _3\"></span>  seguenti  principali  componenti:  (i) <span class=\"_ _1d\"> </span>ratei  e <span class=\"_ _1d\"> </span>risconti  passivi  non  ricondotti  pari <span class=\"_ _1d\"> </span>a 755 milioni; (ii) debiti v<span class=\"_ _0\"></span>erso Private Banker pari <span class=\"_ _0\"></span>a 660 milioni. La sottovoce include <span class=\"_ _3\"></span>inoltre, come previsto <span class=\"_ _3\"></span>dal paragrafo 116 a) <span class=\"_ _3\"></span>dell'IFRS 15, l<span class=\"_ _3\"></span>e passivit\u00e0 derivanti da <span class=\"_ _3\"></span>contratti con clienti pari a 112 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-996": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-129.3551px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 12 - <span class=\"ff6\">ATTIVIT\u00c0 NON CORRENTI E GRUPPI DI ATTIVITA\u2019 IN VIA DI DISMISSIONE </span> </div><div class=\"t m0 x70 h19 y208 ff6 fs9 fc2 sc0 ls0 ws0\">E PASSIVITA\u2019 ASSOCIATE <span class=\"ff5\">- </span>VOCE 120 DELL\u2019ATTIVO E VOCE 70 DEL PASSIVO<span class=\"ff5\"> </span></div><div class=\"t m0 x70 ha y756 ff5 fs4 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x70 ha y13de ff5 fs4 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybe2 ff5 fs0 fc2 sc0 ls0 ws0\">12.1 Attivit\u00e0 non correnti<span class=\"_ _0\"></span> e gruppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissio<span class=\"_ _0\"></span>ne: composizione per tipo<span class=\"_ _0\"></span>logia di attivit\u00e0 </div><div class=\"t m0 x0 h2 y13df ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w32a h6a\" style=\"left:459.5556px; bottom:794.6069px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w329 ha1\" style=\"left:-4.050377px; bottom:764.4989px;\"><div class=\"t m0 x41 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w2c2 ha1\" style=\"left:459.5556px; bottom:764.4989px;\"><div class=\"t m0 xb h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w32b ha1\" style=\"left:556.43164px; bottom:764.4989px;\"><div class=\"t m0 x1a h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:748.8989px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:733.2989px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:733.2989px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">368<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:733.2989px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.206 </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:717.6989px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.2 Parteci<span class=\"_ _0\"></span>pazioni </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:717.6989px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:717.6989px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:702.0989px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.3 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:702.0989px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:702.0989px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:686.4989px;\"><div class=\"t m0 x12 h104 y335 ff3 fs17 fc2 sc0 ls0 ws0\">di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span></div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:686.4989px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:686.4989px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:670.8989px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.4 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:670.8989px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:670.8989px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:655.2989px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 non <span class=\"_ _0\"></span>correnti </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:655.2989px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:655.2989px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:639.6989px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:639.6989px;\"><div class=\"t m0 x4d h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">638<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:639.6989px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.422 </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:624.0989px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:624.0989px;\"><div class=\"t m0 x4d h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">557<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:624.0989px;\"><div class=\"t m0 xe h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">1.364 </div></div><div class=\"c w329 h44\" style=\"left:-4.050377px; bottom:608.4599px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 </div></div><div class=\"c w2c2 h44\" style=\"left:459.5556px; bottom:608.4599px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h44\" style=\"left:556.43164px; bottom:608.4599px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:592.8599px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:592.8599px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:592.8599px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:577.2599px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:577.2599px;\"><div class=\"t m0 x40 h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:577.2599px;\"><div class=\"t m0 x43 h162 y335 ffa fs17 fc2 sc0 ls25 ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:561.6599px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Attivit\u00e0<span class=\"_ _0\"></span> operative<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>cessate </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:546.0599px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>a conto economico </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:546.0599px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:546.0599px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:530.4599px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute pe<span class=\"_ _0\"></span>r la negoziazione<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:530.4599px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:530.4599px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:514.8599px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ignate a<span class=\"_ _0\"></span>l fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:514.8599px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:514.8599px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:499.2599px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Altre attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie obbliga<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>oriamente <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:499.2599px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:499.2599px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:483.6599px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulla reddi<span class=\"_ _0\"></span>tivit\u00e0 co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>plessiva </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:483.6599px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:483.6599px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:468.05988px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al costo a<span class=\"_ _0\"></span>mmortizzato </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:468.05988px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:468.05988px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:452.4599px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 Parteci<span class=\"_ _0\"></span>pazioni </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:452.4599px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:452.4599px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:436.85992px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.5 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:436.85992px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:436.85992px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:421.2599px;\"><div class=\"t m0 x12 h104 y335 ff3 fs17 fc2 sc0 ls0 ws0\">di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span></div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:421.2599px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:421.2599px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:405.6599px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.6 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:405.6599px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:405.6599px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:390.05988px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.7 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:390.05988px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:390.05988px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h44\" style=\"left:-4.050377px; bottom:374.4339px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w2c2 h44\" style=\"left:459.5556px; bottom:374.4339px;\"><div class=\"t m0 xaa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h44\" style=\"left:556.43164px; bottom:374.4339px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:358.8339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:358.8339px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:358.8339px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:343.2339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:343.2339px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:343.2339px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:327.6339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:327.6339px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:327.6339px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:312.0339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:312.0339px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:312.0339px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:296.4339px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _35\"></span>\u00e0 possedute per<span class=\"_ _0\"></span> la vendita </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:280.8339px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 Debiti<span class=\"_ _35\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:280.8339px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:280.8339px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:265.2339px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 Titoli </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:265.2339px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:265.2339px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:249.63391px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:249.63391px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">15</span> </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:249.63391px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:234.0339px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale C </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:234.0339px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">15</span> </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:234.0339px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:218.4339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:218.4339px;\"><div class=\"t m0 x7 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">15</span> </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:218.4339px;\"><div class=\"t m0 x48 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:202.8339px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:202.8339px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:202.8339px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:187.23389px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:187.23389px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:187.23389px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:171.63391px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:171.63391px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:171.63391px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:156.0339px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _0\"></span>\u00e0 operat<span class=\"_ _0\"></span>ive cessat<span class=\"_ _0\"></span>e </div></div><div class=\"c w329 h44\" style=\"left:-4.050377px; bottom:140.3949px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.1 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie valutat<span class=\"_ _0\"></span>e al costo a<span class=\"_ _35\"></span>mmortizzato </div></div><div class=\"c w2c2 h44\" style=\"left:459.5556px; bottom:140.3949px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h44\" style=\"left:556.43164px; bottom:140.3949px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:124.79489px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.2 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie di neg<span class=\"_ _0\"></span>oziazione  </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:124.79489px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:124.79489px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:109.1949px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.3 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie design<span class=\"_ _0\"></span>ate al f<span class=\"_ _0\"></span>air value </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:109.1949px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:109.1949px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:93.594894px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.4 Fondi<span class=\"_ _0\"></span> </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:93.594894px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:93.594894px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:77.9949px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.5 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:77.9949px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:77.9949px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:62.394897px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale D </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:62.394897px;\"><div class=\"t m0 xaa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:62.394897px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:46.79489px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:46.79489px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:46.79489px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:31.1949px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:31.1949px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:31.1949px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:15.594894px;\"><div class=\"t m0 x41 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:15.594894px;\"><div class=\"t m0 xaa h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:15.594894px;\"><div class=\"t m0 xc0 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w329 h42\" style=\"left:-4.050377px; bottom:9.1552734E-05px;\"><div class=\"t m0 x41 h162 y13e8 ffa fs17 fc2 sc0 ls0 ws0\">di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 </div></div><div class=\"c w2c2 h42\" style=\"left:459.5556px; bottom:9.1552734E-05px;\"><div class=\"t m0 xaa h162 y13e8 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h42\" style=\"left:556.43164px; bottom:9.1552734E-05px;\"><div class=\"t m0 xc0 h162 y13e8 ffa fs17 fc2 sc0 ls0 ws0\">- </div></div>Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>vendita <span class=\"_ _6\"></span>ammontano <span class=\"_ _7\"> </span>a <span class=\"_ _6\"></span>638 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _6\"></span>principalmente: <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafogli classificati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>UTP <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>residuale <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>crediti <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bonis <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>saranno <span class=\"_ _1d\"> </span>oggetto <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>cessione <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>2023, <span class=\"_ _1d\"> </span>la partecipazione <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>Zho<span class=\"ff4\">ng <span class=\"_ _4\"> </span>Ou <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Management <span class=\"_ _4\"> </span>Co. <span class=\"_ _6\"> </span>Ltd. <span class=\"_ _4\"> </span>(ZOAM) <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>closing <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>dopo <span class=\"_ _6\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ompletamento <span class=\"_ _6\"> </span>dell\u2019iter </span>autorizzativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>afferenti <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d\u2019azienda <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PBZ <span class=\"_ _2\"></span>Card<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>edicato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>merchant <span class=\"_ _3\"></span>acqui<span class=\"_ _5\"></span><span class=\"ff1\">ring </span>che saranno oggetto di<span class=\"_ _0\"></span> trasferimento al Gruppo Nexi nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso dei prossimi me<span class=\"_ _0\"></span>si. Tale importo si confronta con l\u2019importo di 1.422 milioni rilevato al 31 dicembre 2021 che includeva prevalentemente portafogl<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i, </span>o singole posizioni, c<span class=\"_ _0\"></span>lassificati a sofferen<span class=\"_ _0\"></span>za o UTP, che sono st<span class=\"_ _0\"></span>ati oggetto<span class=\"_ _3\"></span> di cessione nel corso d<span class=\"_ _0\"></span>el 2022. 12.2 Altre informazio<span class=\"_ _0\"></span>ni Al  31  dicembre  20<span class=\"_ _0\"></span>22  non  si  segnal<span class=\"_ _0\"></span>ano  ulteriori  inform<span class=\"_ _0\"></span>azioni  rilevanti.  Si <span class=\"_ _16\"> </span>evidenzia  la  partecipazio<span class=\"_ _0\"></span>ne  Zhong  Ou  Asset<span class=\"_ _35\"></span> Management <span class=\"_ _3\"></span>Co. <span class=\"_ _2\"></span>Ltd. <span class=\"_ _3\"></span>(ZOAM) <span class=\"_ _2\"></span>dedicata <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _3\"></span>comuni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimen<span class=\"_ _3\"></span>to, <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>notevole <span class=\"_ _2\"></span>non valutata al patrimoni<span class=\"_ _0\"></span>o netto e classificata c<span class=\"_ _0\"></span>ome posseduta per l<span class=\"_ _0\"></span>a vendita.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-927": {
   "value": "SEZIONE 12 - <span class=\"ff6\">ATTIVIT\u00c0 NON CORRENTI E GRUPPI DI ATTIVITA\u2019 IN VIA DI DISMISSIONE </span> E PASSIVITA\u2019 ASSOCIATE <span class=\"ff5\">- </span>VOCE 120 DELL\u2019ATTIVO E VOCE 70 DEL PASSIVO<span class=\"ff5\"> </span>12.1 Attivit\u00e0 non correnti<span class=\"_ _0\"></span> e gruppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissio<span class=\"_ _0\"></span>ne: composizione per tipo<span class=\"_ _0\"></span>logia di attivit\u00e0 (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita A.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span> 368<span class=\"ls0\"> </span>1.206 A.2 Parteci<span class=\"_ _0\"></span>pazioni 145<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>A.3 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> 87<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>5 4 A.4 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li - 8 A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 non <span class=\"_ _0\"></span>correnti 38<span class=\"ls0\"> </span>3 Totale A 638<span class=\"ls0\"> </span>1.422 di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto 557<span class=\"ls0\"> </span>1.364 di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 81<span class=\"ls0\"> </span>58<span class=\"ls0\"> </span>B. Attivit\u00e0<span class=\"_ _0\"></span> operative<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>cessate B.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>a conto economico - - - Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute pe<span class=\"_ _0\"></span>r la negoziazione<span class=\"_ _0\"></span> - - - Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ignate a<span class=\"_ _0\"></span>l fair value<span class=\"_ _0\"></span> - - - Altre attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie obbliga<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>oriamente <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value - - B.2 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulla reddi<span class=\"_ _0\"></span>tivit\u00e0 co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>plessiva - - B.3 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al costo a<span class=\"_ _0\"></span>mmortizzato - - B.4 Parteci<span class=\"_ _0\"></span>pazioni - - B.5 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> - - di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>- - B.6 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li - - B.7 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 - - Totale B - - di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - C. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _35\"></span>\u00e0 possedute per<span class=\"_ _0\"></span> la vendita C.1 Debiti<span class=\"_ _35\"></span> - - C.2 Titoli - - C.3 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> Totale C -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - D. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _0\"></span>\u00e0 operat<span class=\"_ _0\"></span>ive cessat<span class=\"_ _0\"></span>e D.1 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie valutat<span class=\"_ _0\"></span>e al costo a<span class=\"_ _35\"></span>mmortizzato - - D.2 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie di neg<span class=\"_ _0\"></span>oziazione  - - D.3 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie design<span class=\"_ _0\"></span>ate al f<span class=\"_ _0\"></span>air value - - D.4 Fondi<span class=\"_ _0\"></span> - - D.5 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 - - Totale D - - di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>vendita <span class=\"_ _6\"></span>ammontano <span class=\"_ _7\"> </span>a <span class=\"_ _6\"></span>638 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _6\"></span>principalmente: <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafogli classificati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>UTP <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>residuale <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>crediti <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bonis <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>saranno <span class=\"_ _1d\"> </span>oggetto <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>cessione <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>2023, <span class=\"_ _1d\"> </span>la partecipazione <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>Zho<span class=\"ff4\">ng <span class=\"_ _4\"> </span>Ou <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Management <span class=\"_ _4\"> </span>Co. <span class=\"_ _6\"> </span>Ltd. <span class=\"_ _4\"> </span>(ZOAM) <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>closing <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>dopo <span class=\"_ _6\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ompletamento <span class=\"_ _6\"> </span>dell\u2019iter </span>autorizzativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>afferenti <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d\u2019azienda <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PBZ <span class=\"_ _2\"></span>Card<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>edicato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>merchant <span class=\"_ _3\"></span>acqui<span class=\"_ _5\"></span><span class=\"ff1\">ring </span>che saranno oggetto di<span class=\"_ _0\"></span> trasferimento al Gruppo Nexi nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso dei prossimi me<span class=\"_ _0\"></span>si. Tale importo si confronta con l\u2019importo di 1.422 milioni rilevato al 31 dicembre 2021 che includeva prevalentemente portafogl<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i, </span>o singole posizioni, c<span class=\"_ _0\"></span>lassificati a sofferen<span class=\"_ _0\"></span>za o UTP, che sono st<span class=\"_ _0\"></span>ati oggetto<span class=\"_ _3\"></span> di cessione nel corso d<span class=\"_ _0\"></span>el 2022. 12.2 Altre informazio<span class=\"_ _0\"></span>ni Al  31  dicembre  20<span class=\"_ _0\"></span>22  non  si  segnal<span class=\"_ _0\"></span>ano  ulteriori  inform<span class=\"_ _0\"></span>azioni  rilevanti.  Si <span class=\"_ _16\"> </span>evidenzia  la  partecipazio<span class=\"_ _0\"></span>ne  Zhong  Ou  Asset<span class=\"_ _35\"></span> Management <span class=\"_ _3\"></span>Co. <span class=\"_ _2\"></span>Ltd. <span class=\"_ _3\"></span>(ZOAM) <span class=\"_ _2\"></span>dedicata <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _3\"></span>comuni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimen<span class=\"_ _3\"></span>to, <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>notevole <span class=\"_ _2\"></span>non valutata al patrimoni<span class=\"_ _0\"></span>o netto e classificata c<span class=\"_ _0\"></span>ome posseduta per l<span class=\"_ _0\"></span>a vendita.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-960": {
   "value": "SEZIONE 12 - <span class=\"ff6\">ATTIVIT\u00c0 NON CORRENTI E GRUPPI DI ATTIVITA\u2019 IN VIA DI DISMISSIONE </span> E PASSIVITA\u2019 ASSOCIATE <span class=\"ff5\">- </span>VOCE 120 DELL\u2019ATTIVO E VOCE 70 DEL PASSIVO<span class=\"ff5\"> </span>12.1 Attivit\u00e0 non correnti<span class=\"_ _0\"></span> e gruppi di attivit\u00e0 in via<span class=\"_ _0\"></span> di dismissio<span class=\"_ _0\"></span>ne: composizione per tipo<span class=\"_ _0\"></span>logia di attivit\u00e0 (milioni di eur<span class=\"_ _35\"></span>o) Voci 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita A.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span> 368<span class=\"ls0\"> </span>1.206 A.2 Parteci<span class=\"_ _0\"></span>pazioni 145<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>A.3 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> 87<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>5 4 A.4 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li - 8 A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 non <span class=\"_ _0\"></span>correnti 38<span class=\"ls0\"> </span>3 Totale A 638<span class=\"ls0\"> </span>1.422 di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto 557<span class=\"ls0\"> </span>1.364 di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 81<span class=\"ls0\"> </span>58<span class=\"ls0\"> </span>B. Attivit\u00e0<span class=\"_ _0\"></span> operative<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>cessate B.1 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>a conto economico - - - Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>enute pe<span class=\"_ _0\"></span>r la negoziazione<span class=\"_ _0\"></span> - - - Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie de<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ignate a<span class=\"_ _0\"></span>l fair value<span class=\"_ _0\"></span> - - - Altre attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie obbliga<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>oriamente <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value - - B.2 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impatto <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulla reddi<span class=\"_ _0\"></span>tivit\u00e0 co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>plessiva - - B.3 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valutate <span class=\"_ _0\"></span>al costo a<span class=\"_ _0\"></span>mmortizzato - - B.4 Parteci<span class=\"_ _0\"></span>pazioni - - B.5 Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> - - di cui: otten<span class=\"_ _0\"></span>ute trami<span class=\"_ _0\"></span>te l\u2019escussi<span class=\"_ _0\"></span>one delle<span class=\"_ _0\"></span> garanzie ric<span class=\"_ _0\"></span>evute<span class=\"ff2\"> </span>- - B.6 Attivit\u00e0<span class=\"_ _0\"></span> immateria<span class=\"_ _0\"></span>li - - B.7 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 - - Totale B - - di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - C. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _35\"></span>\u00e0 possedute per<span class=\"_ _0\"></span> la vendita C.1 Debiti<span class=\"_ _35\"></span> - - C.2 Titoli - - C.3 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> Totale C -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> di cui va<span class=\"_ _0\"></span>lutate al co<span class=\"_ _0\"></span>sto -<span class=\"ls25\">15</span> -<span class=\"ls25\">30</span> di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - D. Passiv<span class=\"_ _0\"></span>it\u00e0 associa<span class=\"_ _0\"></span>te ad attivit<span class=\"_ _0\"></span>\u00e0 operat<span class=\"_ _0\"></span>ive cessat<span class=\"_ _0\"></span>e D.1 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie valutat<span class=\"_ _0\"></span>e al costo a<span class=\"_ _35\"></span>mmortizzato - - D.2 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie di neg<span class=\"_ _0\"></span>oziazione  - - D.3 Passivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie design<span class=\"_ _0\"></span>ate al f<span class=\"_ _0\"></span>air value - - D.4 Fondi<span class=\"_ _0\"></span> - - D.5 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 - - Totale D - - di cui va<span class=\"_ _0\"></span>lutate al cost<span class=\"_ _35\"></span>o - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 1 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 2 - - di cui va<span class=\"_ _0\"></span>lutate al fai<span class=\"_ _0\"></span>r value live<span class=\"_ _35\"></span>llo 3 - - Al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>vendita <span class=\"_ _6\"></span>ammontano <span class=\"_ _7\"> </span>a <span class=\"_ _6\"></span>638 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccolgono <span class=\"_ _6\"></span>principalmente: <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafogli classificati <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>UTP <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>residuale <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>crediti <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>bonis <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>saranno <span class=\"_ _1d\"> </span>oggetto <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>cessione <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>corso <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>2023, <span class=\"_ _1d\"> </span>la partecipazione <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>Zho<span class=\"ff4\">ng <span class=\"_ _4\"> </span>Ou <span class=\"_ _4\"> </span>Asset <span class=\"_ _4\"> </span>Management <span class=\"_ _4\"> </span>Co. <span class=\"_ _6\"> </span>Ltd. <span class=\"_ _4\"> </span>(ZOAM) <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>closing <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>previsto <span class=\"_ _4\"> </span>dopo <span class=\"_ _6\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ompletamento <span class=\"_ _6\"> </span>dell\u2019iter </span>autorizzativo, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>afferenti <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d\u2019azienda <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PBZ <span class=\"_ _2\"></span>Card<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>edicato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>merchant <span class=\"_ _3\"></span>acqui<span class=\"_ _5\"></span><span class=\"ff1\">ring </span>che saranno oggetto di<span class=\"_ _0\"></span> trasferimento al Gruppo Nexi nel <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>orso dei prossimi me<span class=\"_ _0\"></span>si. Tale importo si confronta con l\u2019importo di 1.422 milioni rilevato al 31 dicembre 2021 che includeva prevalentemente portafogl<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i, </span>o singole posizioni, c<span class=\"_ _0\"></span>lassificati a sofferen<span class=\"_ _0\"></span>za o UTP, che sono st<span class=\"_ _0\"></span>ati oggetto<span class=\"_ _3\"></span> di cessione nel corso d<span class=\"_ _0\"></span>el 2022. 12.2 Altre informazio<span class=\"_ _0\"></span>ni Al  31  dicembre  20<span class=\"_ _0\"></span>22  non  si  segnal<span class=\"_ _0\"></span>ano  ulteriori  inform<span class=\"_ _0\"></span>azioni  rilevanti.  Si <span class=\"_ _16\"> </span>evidenzia  la  partecipazio<span class=\"_ _0\"></span>ne  Zhong  Ou  Asset<span class=\"_ _35\"></span> Management <span class=\"_ _3\"></span>Co. <span class=\"_ _2\"></span>Ltd. <span class=\"_ _3\"></span>(ZOAM) <span class=\"_ _2\"></span>dedicata <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _3\"></span>comuni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimen<span class=\"_ _3\"></span>to, <span class=\"_ _2\"></span>sottoposta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>influenza <span class=\"_ _3\"></span>notevole <span class=\"_ _2\"></span>non valutata al patrimoni<span class=\"_ _0\"></span>o netto e classificata c<span class=\"_ _0\"></span>ome posseduta per l<span class=\"_ _0\"></span>a vendita.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1046": {
   "value": "SEZIONE 13 - ALTRE ATTIVIT\u00c0 \u2013 VOCE 130 13.1 Altre attivit\u00e0: composizione (milioni di euro) Voci Partite verso l'Erario 16.503 Partite in corso di lavorazione 1.297 Assegni e altri valori in cassa 455 Migliorie e spese incrementative sostenute su beni di terzi 93 Partite viaggianti 9 Partite varie 4.494 TOTALE 31.12.2022 22.851 TOTALE 31.12.2021 13.837 Nella  sottovoce  \u201cPartite  verso  l\u2019Erario\u201d  sono  inclusi  crediti  fiscali  connessi  con  i  Decreti  Legge  \u201cCura  Italia\u201d  e  \u201cRilancio\u201d  - acquistati a seguito di cessione da parte dei beneficiari diretti o di precedenti acquirenti -  per complessivi 11 miliardi circa. La sottovoce \u201cPartite varie\u201d include le seguenti principali componenti: (i) ratei e risconti non ricondotti pari a 367 milioni;  ii) i costi  sostenuti  per  l\u2019ottenimento  e  l\u2019esecuzione  dei  contratti  con  la  clientela  per  un  ammontare  pari  a  524  milioni,  riferito prevalentemente  ai  costi  per  bonus  capitalizzati  da  Fideuram  \u2013  Intesa  Sanpaolo  Private  Banking  (e  pertanto  soggetti  a ammortamento per 68,7 milioni) in quanto strettamente correlati all\u2019acquisizione ed al mantenimento della raccolta; (iii) come previsto dal paragrafo 116 e successivi dell\u2019IFRS 15, i  crediti di funzionamento, ossia i crediti per operazioni connesse con la prestazione di attivit\u00e0 e servizi non finanziari,  sono pari  a 150 milioni. SEZIONE 8 \u2013 ALTRE PASSIVIT\u00c0 \u2013 VOCE 80 8.1 Altre passivit\u00e0: composizione   (milioni di euro) Voci Partite in corso di lavorazione 3.256 Debiti verso fornitori 1.884 Partite verso l'Erario 1.340 Somme a disposizione di terzi 333 Somme da erogare al personale 294 Debiti verso enti previdenziali 223 Partite varie 3.730 TOTALE 31.12.2022 11.060 TOTALE 31.12.2021 15.639 La  sottovoce  \"Partite  varie\"  include  le  seguenti  principali  componenti:  (i)  ratei  e  risconti  passivi  non  ricondotti  pari  a 755 milioni; (ii) debiti verso Private Banker pari a 660 milioni. La sottovoce include inoltre, come previsto dal paragrafo 116 a) dell'IFRS 15, le passivit\u00e0 derivanti da contratti con clienti pari a 112 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1033": {
   "value": "SEZIONE 13 - ALTRE ATTIVIT\u00c0 \u2013 VOCE 130 13.1 Altre attivit\u00e0: composizione (milioni di euro) Voci Partite verso l'Erario 16.503 Partite in corso di lavorazione 1.297 Assegni e altri valori in cassa 455 Migliorie e spese incrementative sostenute su beni di terzi 93 Partite viaggianti 9 Partite varie 4.494 TOTALE 31.12.2022 22.851 TOTALE 31.12.2021 13.837 Nella  sottovoce  \u201cPartite  verso  l\u2019Erario\u201d  sono  inclusi  crediti  fiscali  connessi  con  i  Decreti  Legge  \u201cCura  Italia\u201d  e  \u201cRilancio\u201d  - acquistati a seguito di cessione da parte dei beneficiari diretti o di precedenti acquirenti -  per complessivi 11 miliardi circa. La sottovoce \u201cPartite varie\u201d include le seguenti principali componenti: (i) ratei e risconti non ricondotti pari a 367 milioni;  ii) i costi  sostenuti  per  l\u2019ottenimento  e  l\u2019esecuzione  dei  contratti  con  la  clientela  per  un  ammontare  pari  a  524  milioni,  riferito prevalentemente  ai  costi  per  bonus  capitalizzati  da  Fideuram  \u2013  Intesa  Sanpaolo  Private  Banking  (e  pertanto  soggetti  a ammortamento per 68,7 milioni) in quanto strettamente correlati all\u2019acquisizione ed al mantenimento della raccolta; (iii) come previsto dal paragrafo 116 e successivi dell\u2019IFRS 15, i  crediti di funzionamento, ossia i crediti per operazioni connesse con la prestazione di attivit\u00e0 e servizi non finanziari,  sono pari  a 150 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-961": {
   "value": "SEZIONE 13 - ALTRE ATTIVIT\u00c0 \u2013 VOCE 130 13.1 Altre attivit\u00e0: composizione (milioni di euro) Voci Partite verso l'Erario 16.503 Partite in corso di lavorazione 1.297 Assegni e altri valori in cassa 455 Migliorie e spese incrementative sostenute su beni di terzi 93 Partite viaggianti 9 Partite varie 4.494 TOTALE 31.12.2022 22.851 TOTALE 31.12.2021 13.837 Nella  sottovoce  \u201cPartite  verso  l\u2019Erario\u201d  sono  inclusi  crediti  fiscali  connessi  con  i  Decreti  Legge  \u201cCura  Italia\u201d  e  \u201cRilancio\u201d  - acquistati a seguito di cessione da parte dei beneficiari diretti o di precedenti acquirenti -  per complessivi 11 miliardi circa. La sottovoce \u201cPartite varie\u201d include le seguenti principali componenti: (i) ratei e risconti non ricondotti pari a 367 milioni;  ii) i costi  sostenuti  per  l\u2019ottenimento  e  l\u2019esecuzione  dei  contratti  con  la  clientela  per  un  ammontare  pari  a  524  milioni,  riferito prevalentemente  ai  costi  per  bonus  capitalizzati  da  Fideuram  \u2013  Intesa  Sanpaolo  Private  Banking  (e  pertanto  soggetti  a ammortamento per 68,7 milioni) in quanto strettamente correlati all\u2019acquisizione ed al mantenimento della raccolta; (iii) come previsto dal paragrafo 116 e successivi dell\u2019IFRS 15, i  crediti di funzionamento, ossia i crediti per operazioni connesse con la prestazione di attivit\u00e0 e servizi non finanziari,  sono pari  a 150 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1017": {
   "value": "SEZIONE 13 - ALTRE ATTIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 130 13.1 Altre attivit\u00e0: compo<span class=\"_ _0\"></span>sizione (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite ver<span class=\"_ _0\"></span>so l'Erario 16.503 Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 1.297 Assegni e al<span class=\"_ _0\"></span>tri valori i<span class=\"_ _0\"></span>n cassa 455<span class=\"ls0\"> </span>Migliorie e<span class=\"_ _0\"></span> spese incre<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>entative<span class=\"_ _35\"></span> sostenute su beni<span class=\"_ _0\"></span> di terzi 93<span class=\"ls0\"> </span>Partite viag<span class=\"_ _0\"></span>gianti 9 Partite vari<span class=\"_ _0\"></span>e 4.494 TOTALE 31.12.2022<span class=\"_ _0\"></span> 22.851 TOTALE 31.12.2021<span class=\"_ _0\"></span> 13.837 Nella <span class=\"_ _4\"> </span><span class=\"ff4\">sottovoce <span class=\"_ _4\"> </span>\u201cPartite <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>erso <span class=\"_ _4\"> </span>l\u2019Erario\u201d <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>crediti <span class=\"_ _4\"> </span>fiscali <span class=\"_ _4\"> </span>connessi <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>Decreti <span class=\"_ _4\"> </span>Legge <span class=\"_ _4\"> </span>\u201cCura <span class=\"_ _4\"> </span>Italia\u201d <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>\u201cRilancio\u201d  </span>-<span class=\"_ _35\"></span> acquistati a seguit<span class=\"_ _0\"></span>o di cessione da parte <span class=\"_ _0\"></span>dei beneficiari diretti<span class=\"_ _0\"></span> o di precedenti a<span class=\"_ _0\"></span>cquirenti <span class=\"_ _3\"></span>-<span class=\"lsd\">  </span>per complessivi 11 miliardi<span class=\"_ _0\"></span> circa. La<span class=\"ls0\"> <span class=\"_ _2\"></span><span class=\"ff4\">sottovoce <span class=\"_ _2\"></span>\u201cPartite <span class=\"_ _2\"></span>varie\u201d <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>seguenti <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>componenti: <span class=\"_ _2\"></span>(i) <span class=\"_ _2\"></span>ratei <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>risconti <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icondotti <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>367 <span class=\"_ _2\"></span>milioni; <span class=\"_ _4\"> </span></span>ii) <span class=\"_ _2\"></span>i </span>costi <span class=\"_ _4\"> </span>sostenuti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>l\u2019ottenimento <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019esecuzione <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>clientela <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>ammontare <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>524 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _4\"> </span>riferit<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>prevalentemente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>bonus <span class=\"_ _16\"> </span>capitalizzati <span class=\"_ _4\"> </span>da <span class=\"_ _16\"> </span>Fideuram  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>Private <span class=\"_ _7\"> </span>Banking <span class=\"_ _7\"> </span>(e <span class=\"_ _16\"> </span>pertanto <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>a ammortamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>68,7 <span class=\"_ _3\"></span>milioni) <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>strettamente correlati <span class=\"_ _3\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>mantenimento della <span class=\"_ _3\"></span>raccolta; <span class=\"_ _3\"></span>(iii) <span class=\"_ _3\"></span>com<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>previsto <span class=\"ff4\">dal paragrafo 116<span class=\"_ _3\"></span> e successivi dell\u2019IFRS 15, <span class=\"_ _3\"></span>i  c<span class=\"_ _3\"></span>rediti di funzionamento, ossia i crediti per <span class=\"_ _3\"></span>operazioni connesse con la </span>prestazione di attivit<span class=\"_ _0\"></span>\u00e0 e servizi non finanzia<span class=\"_ _0\"></span>ri,  sono pari  a 15<span class=\"_ _0\"></span>0 milioni.<span class=\"_ _3\"></span> SEZIONE 2 <span class=\"ff6\">\u2013</span> COMMISSIONI - VOCI 40 E 50 2.1 Commissioni attive: <span class=\"_ _0\"></span>composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/Valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>a) <span class=\"ls0\">Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _0\"></span>ri </span>1.584 1.968 1. Colloca<span class=\"_ _0\"></span>mento titoli<span class=\"_ _0\"></span> 511<span class=\"ls0\"> </span>886<span class=\"ls0\"> </span>1.1 Con a<span class=\"_ _0\"></span>ssunzione a<span class=\"_ _0\"></span> fermo e<span class=\"_ _0\"></span>/o sulla ba<span class=\"_ _0\"></span>se di un i<span class=\"_ _0\"></span>mpegno irrev<span class=\"_ _35\"></span>ocabile 29<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>1.2 Senza i<span class=\"_ _0\"></span>mpegno ir<span class=\"_ _0\"></span>revocabile 482<span class=\"ls0\"> </span>867<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> di ricezione<span class=\"_ _0\"></span> e trasmi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sione di ordi<span class=\"_ _35\"></span>ni e esecuzione di<span class=\"_ _0\"></span> ordini per conto de<span class=\"_ _0\"></span>i clienti 214<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>2.1 Ricezione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>e tras<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>issione di<span class=\"_ _0\"></span> ordini di<span class=\"_ _0\"></span> uno o pi\u00f9 <span class=\"_ _0\"></span>strumenti<span class=\"_ _0\"></span> finanziari 107<span class=\"ls0\"> </span>119<span class=\"ls0\"> </span>2.2 Esecu<span class=\"_ _0\"></span>zione di ordini<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per con<span class=\"_ _0\"></span>to dei clienti 107<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _35\"></span>nnesse con attivi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>\u00e0 legate a<span class=\"_ _35\"></span> strumenti finanziari 859<span class=\"ls0\"> </span>855<span class=\"ls0\"> </span>di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> per conto pro<span class=\"_ _35\"></span>prio 2 3 di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali 857<span class=\"ls0\"> </span>852<span class=\"ls0\"> </span>b) Corp<span class=\"_ _0\"></span>orate Finance<span class=\"_ _0\"></span> 9 22<span class=\"ls0\"> </span>1. Consulen<span class=\"_ _0\"></span>za in ma<span class=\"_ _0\"></span>teria di fu<span class=\"_ _0\"></span>sioni e acqui<span class=\"_ _0\"></span>sizioni 9 22<span class=\"ls0\"> </span>2. Servizi<span class=\"_ _0\"></span> di tesoreria - - 3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _0\"></span>nnesse co<span class=\"_ _0\"></span>n servizi<span class=\"_ _0\"></span> di corporat<span class=\"_ _0\"></span>e finance - - c) Attivit\u00e0<span class=\"_ _0\"></span> di consu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>enza in mate<span class=\"_ _35\"></span>ria di investim<span class=\"_ _0\"></span>enti 238<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>d) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto - - e) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive 2.180 2.608 f) Custodia e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>ammi<span class=\"_ _0\"></span>nistrazio<span class=\"_ _0\"></span>ne 80<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>1. Banca de<span class=\"_ _0\"></span>positaria 4 15<span class=\"ls0\"> </span>2. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> custodia e <span class=\"_ _0\"></span>amministr<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>76<span class=\"ls0\"> </span>101<span class=\"ls0\"> </span>g) Servizi<span class=\"_ _0\"></span> amminist<span class=\"_ _0\"></span>rativi cent<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ali per<span class=\"_ _0\"></span> gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collett<span class=\"_ _0\"></span>ive - - h) Attivit\u00e0 <span class=\"_ _0\"></span>fiduciaria<span class=\"_ _35\"></span> 13<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>i) Servizi<span class=\"_ _0\"></span> di pagame<span class=\"_ _0\"></span>nto 3.071 2.999 1. Conti cor<span class=\"_ _0\"></span>renti 1.410 1.471 2. Carte di <span class=\"_ _0\"></span>credito 611<span class=\"ls0\"> </span>559<span class=\"ls0\"> </span>3. Carte di <span class=\"_ _0\"></span>debito ed<span class=\"_ _0\"></span> altre carte <span class=\"_ _0\"></span>di pagamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o 284<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>4. Bonifici<span class=\"_ _0\"></span> e altri ordin<span class=\"_ _0\"></span>i di paga<span class=\"_ _0\"></span>mento 389<span class=\"ls0\"> </span>314<span class=\"ls0\"> </span>5. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te ai servizi di<span class=\"_ _0\"></span> pagamen<span class=\"_ _0\"></span>to 377<span class=\"ls0\"> </span>406<span class=\"ls0\"> </span>j) Distri<span class=\"_ _0\"></span>buzione di ser<span class=\"_ _0\"></span>vizi di te<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>zi 711<span class=\"ls0\"> </span>662<span class=\"ls0\"> </span>1. Gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collettive<span class=\"_ _0\"></span> 510<span class=\"ls0\"> </span>508<span class=\"ls0\"> </span>2. Prodotti<span class=\"_ _0\"></span> assicura<span class=\"_ _0\"></span>tivi 109<span class=\"ls0\"> </span>78<span class=\"ls0\"> </span>3. Altri prod<span class=\"_ _0\"></span>otti 92<span class=\"ls0\"> </span>76<span class=\"ls0\"> </span>di cui: ge<span class=\"_ _0\"></span>stioni di por<span class=\"_ _0\"></span>tafogli individual<span class=\"_ _35\"></span>i 27<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>k) Finanza<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> 24<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>l) Attivit\u00e0 <span class=\"_ _0\"></span>di servici<span class=\"_ _0\"></span>ng per o<span class=\"_ _0\"></span>perazioni d<span class=\"_ _0\"></span>i cartolar<span class=\"_ _0\"></span>izzazione 1 - m) Impeg<span class=\"_ _0\"></span>ni a eroga<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e fondi 15<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>n) Garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate 473<span class=\"ls0\"> </span>403<span class=\"ls0\"> </span>di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> 2 2 o) Opera<span class=\"_ _0\"></span>zioni di fi<span class=\"_ _0\"></span>nanziament<span class=\"_ _35\"></span>o 922<span class=\"ls0\"> </span>878<span class=\"ls0\"> </span>di cui: per<span class=\"_ _0\"></span> operazioni di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>factoring<span class=\"_ _0\"></span> 84<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>p) Negoz<span class=\"_ _0\"></span>iazione di va<span class=\"_ _35\"></span>lute 16<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>q) Merci - - r) Altre c<span class=\"_ _0\"></span>ommissio<span class=\"_ _0\"></span>ni attive 1.948 2.137 di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi mul<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ilaterali di <span class=\"_ _0\"></span>scambio - - di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi org<span class=\"_ _0\"></span>anizzati di<span class=\"_ _0\"></span> negoziazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> - - Totale 11.285 12.087 La sottovoce \u201cAltre commi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni attive\u201d accogli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> le commissioni i<span class=\"_ _0\"></span>ncassate dalle Impres<span class=\"_ _0\"></span>e di Assicurazione pari<span class=\"_ _0\"></span> a 1.590 milioni<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Come richiesto <span class=\"_ _3\"></span>dall\u2019IFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>corso dell\u2019esercizio inclusi nel <span class=\"_ _3\"></span>saldo d<span class=\"_ _3\"></span>i apertura delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>derivanti da c<span class=\"_ _3\"></span>ontratti con clienti. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>linea con <span class=\"_ _3\"></span>il paragrafo <span class=\"_ _3\"></span>116 c) <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _6\"></span><span class=\"ff1\">15, sono </span>inclusi ricavi deriv<span class=\"_ _0\"></span>anti da \u201c<span class=\"ff1\">performance obligation</span>\u201d adempiute ne<span class=\"_ _35\"></span>gli anni precedenti per un ammontare<span class=\"ff1\"> pari a <span class=\"ls10\">22</span> milioni. </span>2.2 Commissioni passi<span class=\"_ _0\"></span>ve: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>a) Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _35\"></span>ri 306<span class=\"ls0\"> </span>278<span class=\"ls0\"> </span>di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> di strumenti <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari 50<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>di cui: collo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>strumen<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _35\"></span> 244<span class=\"ls0\"> </span>219<span class=\"ls0\"> </span>di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali 12<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- Proprie 12<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>- Delegate a<span class=\"_ _0\"></span> terzi - 1 b) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto 31<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>c) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive 46<span class=\"ls0\"> </span>54<span class=\"ls0\"> </span>- Proprie 11<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>- Delegate a<span class=\"_ _0\"></span> terzi 35<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>d) Cust<span class=\"_ _0\"></span>odia e ammin<span class=\"_ _0\"></span>istrazion<span class=\"_ _0\"></span>e 75<span class=\"ls0\"> </span>86<span class=\"ls0\"> </span>e) Serviz<span class=\"_ _0\"></span>i di incasso e<span class=\"_ _35\"></span> pagamento 601<span class=\"ls0\"> </span>576<span class=\"ls0\"> </span>di cui: carte<span class=\"_ _0\"></span> di credito<span class=\"_ _0\"></span>, carte di debi<span class=\"_ _35\"></span>to e altre carte di p<span class=\"_ _0\"></span>agamento 457<span class=\"ls0\"> </span>417<span class=\"ls0\"> </span>f) Attivit\u00e0 <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i servici<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g per ope<span class=\"_ _0\"></span>razio<span class=\"_ _0\"></span>ni di carto<span class=\"_ _0\"></span>larizzazione - - g) Impe<span class=\"_ _0\"></span>gni a ricever<span class=\"_ _0\"></span>e fondi<span class=\"_ _0\"></span> 1 1 h) Garan<span class=\"_ _0\"></span>zie finanzi<span class=\"_ _0\"></span>arie ricev<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>te 255<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> 27<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>i) Offerta f<span class=\"_ _0\"></span>uori sede<span class=\"_ _0\"></span> di strume<span class=\"_ _35\"></span>nti finanziari, p<span class=\"_ _0\"></span>rodotti e<span class=\"_ _0\"></span> servizi 925<span class=\"ls0\"> </span>919<span class=\"ls0\"> </span>j) Negozia<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione di va<span class=\"_ _35\"></span>lute 7 4 k) Altre co<span class=\"_ _0\"></span>mmissio<span class=\"_ _0\"></span>ni passive 461<span class=\"ls0\"> </span>566<span class=\"ls0\"> </span>Totale 2.708 2.723 Nella <span class=\"_ _6\"></span><span class=\"ff4\">sottovoce <span class=\"_ _6\"></span>\u201cAltre <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ommissioni <span class=\"_ _5\"></span>passive\u201d <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _6\"></span>228 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ollocamento<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>prodotti <span class=\"_ _6\"></span>assicurativi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>investiment<span class=\"_ _0\"></span>o, </span>140 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>italiane, <span class=\"_ _5\"></span>60 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>33 <span class=\"_ _6\"></span>mi<span class=\"_ _5\"></span>lioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>altri servizi residuali. Come richiesto <span class=\"_ _3\"></span>dall\u02bcIFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel corso d<span class=\"_ _3\"></span>ell\u2019eserc<span class=\"_ _2\"></span><span class=\"ff1\">izio </span>inclusi nel saldo di a<span class=\"_ _0\"></span>pertura delle pa<span class=\"_ _0\"></span>ssivit\u00e0 derivanti da co<span class=\"_ _0\"></span>ntratti con clienti.<span class=\"_ _3\"></span> In <span class=\"_ _5\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>para<span class=\"_ _3\"></span><span class=\"ff4\">grafo <span class=\"_ _5\"></span>116 <span class=\"_ _5\"></span>c) <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>15, <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>ricavi <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>\u201c<span class=\"_ _2\"></span></span>performance <span class=\"_ _5\"></span>obligation<span class=\"ff4\">\u201d <span class=\"_ _5\"></span>adempiute <span class=\"_ _5\"></span>negli <span class=\"_ _6\"></span>anni </span>precedenti per un ammo<span class=\"_ _0\"></span>ntare pari a 6 mili<span class=\"_ _0\"></span>oni. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-213.58948px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h31 y6 ff1 fs5 fc2 sc0 ls0 ws0\">Parte L<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Informativa di se<span class=\"_ _3\"></span>ttore<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y18f ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y256 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y257 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y258 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y259 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1339 ff5 fs9 fc2 sc0 ls0 ws0\">Distribuzione per settori di attivit\u00e0: dati economici </div><div class=\"t m0 x167 h2d yb55 ff1 fsf fc2 sc0 ls0 ws0\">(a) </div><div class=\"t m0 x0 h1b y1918 ff1 fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w138 h12\" style=\"left:556.43164px; bottom:656.8645px;\"><div class=\"t m0 xab h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w62b h13f\" style=\"left:-4.050377px; bottom:572.9365px;\"><div class=\"t m0 x41 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w62c h13f\" style=\"left:162.4276px; bottom:572.9365px;\"><div class=\"t m0 x95 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Banca </div><div class=\"t m0 xad h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">dei </div><div class=\"t m0 xa1 h8f y1923 ff5 fsf fc2 sc0 ls0 ws0\">Territori </div></div><div class=\"c w162 h13f\" style=\"left:213.32263px; bottom:572.9365px;\"><div class=\"t m0 x45 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">IMI Corporate </div><div class=\"t m0 xdd h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">&amp; Investment </div><div class=\"t m0 x96 h8f y1923 ff5 fsf fc2 sc0 ls0 ws0\">Banking </div></div><div class=\"c w518 h13f\" style=\"left:277.28262px; bottom:572.9365px;\"><div class=\"t m0 x87 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">International </div><div class=\"t m0 xae h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Subsidiary </div><div class=\"t m0 xe h8f y1923 ff5 fsf fc2 sc0 ls0 ws0\">Banks </div></div><div class=\"c w400 h13f\" style=\"left:341.73663px; bottom:572.9365px;\"><div class=\"t m0 x14 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Private </div><div class=\"t m0 x6 h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Banking </div></div><div class=\"c w162 h13f\" style=\"left:391.96863px; bottom:572.9365px;\"><div class=\"t m0 xf h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Asset </div><div class=\"t m0 x1a h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Management </div></div><div class=\"c w62d h13f\" style=\"left:456.2406px; bottom:572.9365px;\"><div class=\"t m0 x45 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Insurance </div></div><div class=\"c w62c h13f\" style=\"left:505.88763px; bottom:572.9365px;\"><div class=\"t m0 x14 h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Centro </div><div class=\"t m0 x99 h8f y8cb ff5 fsf fc2 sc0 ls43 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x12 h8f y1923 ff5 fsf fc2 sc0 ls0 ws0\">Governo </div><div class=\"t m0 xe h8f y958 ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w138 h13f\" style=\"left:556.43164px; bottom:572.9365px;\"><div class=\"t m0 xe h8f y1922 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div><div class=\"t m0 x104 h8f y151f ff5 fsf fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:556.4005px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Interessi netti </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:556.4005px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.957 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:556.4005px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.132 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:556.4005px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.592 </div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:556.4005px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">419<span class=\"ls0\"> </span></div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:556.4005px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:556.4005px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:556.4005px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.400 </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:556.4005px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.500 </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:539.8645px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Commissioni nette </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:539.8645px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4.744 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:539.8645px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.156 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:539.8645px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">574<span class=\"ls0\"> </span></div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:539.8645px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.980 </div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:539.8645px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">913<span class=\"ls0\"> </span></div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:539.8645px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:539.8645px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">451</span> </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:539.8645px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.919 </div></div><div class=\"c w62b h82\" style=\"left:-4.050377px; bottom:523.13354px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Risultato dell'attivit\u00e0 assicurativa </div></div><div class=\"c w62c h82\" style=\"left:162.4276px; bottom:523.13354px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h82\" style=\"left:213.32263px; bottom:523.13354px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h82\" style=\"left:277.28262px; bottom:523.13354px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w400 h82\" style=\"left:341.73663px; bottom:523.13354px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h82\" style=\"left:391.96863px; bottom:523.13354px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h82\" style=\"left:456.2406px; bottom:523.13354px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.616 </div></div><div class=\"c w62c h82\" style=\"left:505.88763px; bottom:523.13354px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w138 h82\" style=\"left:556.43164px; bottom:523.13354px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.705 </div></div><div class=\"c w62b h86\" style=\"left:-4.050377px; bottom:494.89752px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Risultato netto delle attivit\u00e0 e passivit\u00e0 </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">finanziarie al fair value  </div></div><div class=\"c w62c h86\" style=\"left:162.4276px; bottom:494.89752px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w162 h86\" style=\"left:213.32263px; bottom:494.89752px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.047 </div></div><div class=\"c w518 h86\" style=\"left:277.28262px; bottom:494.89752px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w400 h86\" style=\"left:341.73663px; bottom:494.89752px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">60<span class=\"ls0\"> </span></div></div><div class=\"c w162 h86\" style=\"left:391.96863px; bottom:494.89752px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">21</span> </div></div><div class=\"c w62d h86\" style=\"left:456.2406px; bottom:494.89752px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h86\" style=\"left:505.88763px; bottom:494.89752px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w138 h86\" style=\"left:556.43164px; bottom:494.89752px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.378 </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:478.3615px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Altri proventi (oneri) operativi netti </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:478.3615px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:478.3615px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:478.3615px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">68</span> </div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:478.3615px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:478.3615px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:478.3615px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:478.3615px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">28</span> </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:478.3615px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">32</span> </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:461.8255px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Proventi operativi netti </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:461.8255px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">8.813 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:461.8255px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.333 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:461.8255px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.227 </div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:461.8255px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.475 </div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:461.8255px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">962<span class=\"ls0\"> </span></div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:461.8255px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.607 </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:461.8255px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.053 </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:461.8255px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">21.470 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:442.3255px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Spese del personale </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:442.3255px;\"><div class=\"t m0 x9b h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-3.430 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:442.3255px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">528</span> </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:442.3255px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">573</span> </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:442.3255px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">486</span> </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:442.3255px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">110</span> </div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:442.3255px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">148</span> </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:442.3255px;\"><div class=\"t m0 x9b h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1.467 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:442.3255px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-6.742 </div></div><div class=\"c w62b h6a\" style=\"left:-4.050377px; bottom:425.63354px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Spese amministrative </div></div><div class=\"c w62c h6a\" style=\"left:162.4276px; bottom:425.63354px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2.964 </div></div><div class=\"c w162 h6a\" style=\"left:213.32263px; bottom:425.63354px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">870</span> </div></div><div class=\"c w518 h6a\" style=\"left:277.28262px; bottom:425.63354px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">431</span> </div></div><div class=\"c w400 h6a\" style=\"left:341.73663px; bottom:425.63354px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">354</span> </div></div><div class=\"c w162 h6a\" style=\"left:391.96863px; bottom:425.63354px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">106</span> </div></div><div class=\"c w62d h6a\" style=\"left:456.2406px; bottom:425.63354px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">217</span> </div></div><div class=\"c w62c h6a\" style=\"left:505.88763px; bottom:425.63354px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.030 </div></div><div class=\"c w138 h6a\" style=\"left:556.43164px; bottom:425.63354px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2.912 </div></div><div class=\"c w62b h86\" style=\"left:-4.050377px; bottom:397.39752px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Ammortamento immobilizzazioni immateriali </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">e materiali </div></div><div class=\"c w62c h86\" style=\"left:162.4276px; bottom:397.39752px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w162 h86\" style=\"left:213.32263px; bottom:397.39752px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">20</span> </div></div><div class=\"c w518 h86\" style=\"left:277.28262px; bottom:397.39752px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">114</span> </div></div><div class=\"c w400 h86\" style=\"left:341.73663px; bottom:397.39752px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">81</span> </div></div><div class=\"c w162 h86\" style=\"left:391.96863px; bottom:397.39752px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w62d h86\" style=\"left:456.2406px; bottom:397.39752px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">20</span> </div></div><div class=\"c w62c h86\" style=\"left:505.88763px; bottom:397.39752px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1.036 </div></div><div class=\"c w138 h86\" style=\"left:556.43164px; bottom:397.39752px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1.280 </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:380.8615px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Costi operativi </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:380.8615px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-6.397 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:380.8615px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-1.418 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:380.8615px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-1.118 </div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:380.8615px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">921</span> </div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:380.8615px;\"><div class=\"t m0 xb h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">222</span> </div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:380.8615px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">385</span> </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:380.8615px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">473</span> </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:380.8615px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-10.934 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:361.3615px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Risultato della gestione operativa </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:361.3615px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.416 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:361.3615px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.915 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:361.3615px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.109 </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:361.3615px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.554 </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:361.3615px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">740<span class=\"ls0\"> </span></div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:361.3615px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.222 </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:361.3615px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">580<span class=\"ls0\"> </span></div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:361.3615px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">10.536 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:341.8615px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore nette su crediti </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:341.8615px;\"><div class=\"t m0 x9b h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1.238 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:341.8615px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1.564 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:341.8615px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">345</span> </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:341.8615px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:341.8615px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:341.8615px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:341.8615px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:341.8615px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-3.113 </div></div><div class=\"c w62b h74\" style=\"left:-4.050377px; bottom:312.5335px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Altri accantonamenti netti e rettifiche di valore </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">nette su altre attivit\u00e0    </div></div><div class=\"c w62c h74\" style=\"left:162.4276px; bottom:312.5335px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">68</span> </div></div><div class=\"c w162 h74\" style=\"left:213.32263px; bottom:312.5335px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">131</span> </div></div><div class=\"c w518 h74\" style=\"left:277.28262px; bottom:312.5335px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">20</span> </div></div><div class=\"c w400 h74\" style=\"left:341.73663px; bottom:312.5335px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w162 h74\" style=\"left:391.96863px; bottom:312.5335px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h74\" style=\"left:456.2406px; bottom:312.5335px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w62c h74\" style=\"left:505.88763px; bottom:312.5335px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">165</span> </div></div><div class=\"c w138 h74\" style=\"left:556.43164px; bottom:312.5335px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">281</span> </div></div><div class=\"c w62b h69\" style=\"left:-4.050377px; bottom:295.97153px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Altri proventi (oneri) netti </div></div><div class=\"c w62c h69\" style=\"left:162.4276px; bottom:295.97153px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w162 h69\" style=\"left:213.32263px; bottom:295.97153px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h69\" style=\"left:277.28262px; bottom:295.97153px;\"><div class=\"t m0 xa h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w400 h69\" style=\"left:341.73663px; bottom:295.97153px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h69\" style=\"left:391.96863px; bottom:295.97153px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h69\" style=\"left:456.2406px; bottom:295.97153px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w62c h69\" style=\"left:505.88763px; bottom:295.97153px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">148<span class=\"ls0\"> </span></div></div><div class=\"c w138 h69\" style=\"left:556.43164px; bottom:295.97153px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">202<span class=\"ls0\"> </span></div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:279.43552px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Utile (Perdita) delle attivit\u00e0 operative cessate </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:279.43552px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:279.43552px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:279.43552px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:279.43552px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:279.43552px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:279.43552px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:279.43552px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:279.43552px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62b h41\" style=\"left:-4.050377px; bottom:262.89954px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Risultato corrente lordo </div></div><div class=\"c w62c h41\" style=\"left:162.4276px; bottom:262.89954px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.121 </div></div><div class=\"c w162 h41\" style=\"left:213.32263px; bottom:262.89954px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.220 </div></div><div class=\"c w518 h41\" style=\"left:277.28262px; bottom:262.89954px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">779<span class=\"ls0\"> </span></div></div><div class=\"c w400 h41\" style=\"left:341.73663px; bottom:262.89954px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.555 </div></div><div class=\"c w162 h41\" style=\"left:391.96863px; bottom:262.89954px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">740<span class=\"ls0\"> </span></div></div><div class=\"c w62d h41\" style=\"left:456.2406px; bottom:262.89954px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.320 </div></div><div class=\"c w62c h41\" style=\"left:505.88763px; bottom:262.89954px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">609<span class=\"ls0\"> </span></div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:262.89954px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">7.344 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:243.39954px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Imposte sul reddito </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:243.39954px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">375</span> </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:243.39954px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">519</span> </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:243.39954px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">191</span> </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:243.39954px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">444</span> </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:243.39954px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">184</span> </div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:243.39954px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">347</span> </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:243.39954px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:243.39954px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-2.059 </div></div><div class=\"c w62b haa\" style=\"left:-4.050377px; bottom:211.10751px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Oneri di integrazione e incentivazione </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">all'esodo (al netto delle imposte) </div></div><div class=\"c w62c haa\" style=\"left:162.4276px; bottom:211.10751px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">42</span> </div></div><div class=\"c w162 haa\" style=\"left:213.32263px; bottom:211.10751px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">21</span> </div></div><div class=\"c w518 haa\" style=\"left:277.28262px; bottom:211.10751px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">44</span> </div></div><div class=\"c w400 haa\" style=\"left:341.73663px; bottom:211.10751px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">37</span> </div></div><div class=\"c w162 haa\" style=\"left:391.96863px; bottom:211.10751px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w62d haa\" style=\"left:456.2406px; bottom:211.10751px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">14</span> </div></div><div class=\"c w62c haa\" style=\"left:505.88763px; bottom:211.10751px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w138 haa\" style=\"left:556.43164px; bottom:211.10751px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">140</span> </div></div><div class=\"c w62b h40\" style=\"left:-4.050377px; bottom:178.97153px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Effetti economici dell'allocazione dei costi di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">acquisizione (al netto delle imposte) </div></div><div class=\"c w62c h40\" style=\"left:162.4276px; bottom:178.97153px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">32</span> </div></div><div class=\"c w162 h40\" style=\"left:213.32263px; bottom:178.97153px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h40\" style=\"left:277.28262px; bottom:178.97153px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w400 h40\" style=\"left:341.73663px; bottom:178.97153px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">21</span> </div></div><div class=\"c w162 h40\" style=\"left:391.96863px; bottom:178.97153px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w62d h40\" style=\"left:456.2406px; bottom:178.97153px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">65</span> </div></div><div class=\"c w62c h40\" style=\"left:505.88763px; bottom:178.97153px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">89</span> </div></div><div class=\"c w138 h40\" style=\"left:556.43164px; bottom:178.97153px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">211</span> </div></div><div class=\"c w62b h40\" style=\"left:-4.050377px; bottom:146.83551px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Tributi ed altri oneri riguardanti il sistema </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">bancario (al netto delle imposte) </div></div><div class=\"c w62c h40\" style=\"left:162.4276px; bottom:146.83551px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">214</span> </div></div><div class=\"c w162 h40\" style=\"left:213.32263px; bottom:146.83551px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h40\" style=\"left:277.28262px; bottom:146.83551px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">40</span> </div></div><div class=\"c w400 h40\" style=\"left:341.73663px; bottom:146.83551px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">21</span> </div></div><div class=\"c w162 h40\" style=\"left:391.96863px; bottom:146.83551px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h40\" style=\"left:456.2406px; bottom:146.83551px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h40\" style=\"left:505.88763px; bottom:146.83551px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">301</span> </div></div><div class=\"c w138 h40\" style=\"left:556.43164px; bottom:146.83551px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">576</span> </div></div><div class=\"c w62b h40\" style=\"left:-4.050377px; bottom:114.699524px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore <span class=\"ff4\">dell\u2019avviamento e delle </span></div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">altre attivit\u00e0 intangibili (al netto delle imposte) </div></div><div class=\"c w62c h40\" style=\"left:162.4276px; bottom:114.699524px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h40\" style=\"left:213.32263px; bottom:114.699524px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h40\" style=\"left:277.28262px; bottom:114.699524px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w400 h40\" style=\"left:341.73663px; bottom:114.699524px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h40\" style=\"left:391.96863px; bottom:114.699524px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62d h40\" style=\"left:456.2406px; bottom:114.699524px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h40\" style=\"left:505.88763px; bottom:114.699524px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h40\" style=\"left:556.43164px; bottom:114.699524px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62b h6d\" style=\"left:-4.050377px; bottom:88.80353px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Utile (Perdita) del periodo di pertinenza di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">terzi </div></div><div class=\"c w62c h6d\" style=\"left:162.4276px; bottom:88.80353px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w162 h6d\" style=\"left:213.32263px; bottom:88.80353px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w518 h6d\" style=\"left:277.28262px; bottom:88.80353px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w400 h6d\" style=\"left:341.73663px; bottom:88.80353px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w162 h6d\" style=\"left:391.96863px; bottom:88.80353px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w62d h6d\" style=\"left:456.2406px; bottom:88.80353px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">24</span> </div></div><div class=\"c w62c h6d\" style=\"left:505.88763px; bottom:88.80353px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w138 h6d\" style=\"left:556.43164px; bottom:88.80353px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w62b h8a\" style=\"left:-4.050377px; bottom:63.492523px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Risultato netto 2022 </div></div><div class=\"c w62c h8a\" style=\"left:162.4276px; bottom:63.492523px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">471<span class=\"ls0\"> </span></div></div><div class=\"c w162 h8a\" style=\"left:213.32263px; bottom:63.492523px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">681<span class=\"ls0\"> </span></div></div><div class=\"c w518 h8a\" style=\"left:277.28262px; bottom:63.492523px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">504<span class=\"ls0\"> </span></div></div><div class=\"c w400 h8a\" style=\"left:341.73663px; bottom:63.492523px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.034 </div></div><div class=\"c w162 h8a\" style=\"left:391.96863px; bottom:63.492523px;\"><div class=\"t m0 x48 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">550<span class=\"ls0\"> </span></div></div><div class=\"c w62d h8a\" style=\"left:456.2406px; bottom:63.492523px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">870<span class=\"ls0\"> </span></div></div><div class=\"c w62c h8a\" style=\"left:505.88763px; bottom:63.492523px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">244<span class=\"ls0\"> </span></div></div><div class=\"c w138 h8a\" style=\"left:556.43164px; bottom:63.492523px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.354 </div></div><div class=\"c w62b h51\" style=\"left:-4.050377px; bottom:42.900513px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Risultato netto 2021 </div></div><div class=\"c w62c h51\" style=\"left:162.4276px; bottom:42.900513px;\"><div class=\"t m0 x13 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w162 h51\" style=\"left:213.32263px; bottom:42.900513px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.247 </div></div><div class=\"c w518 h51\" style=\"left:277.28262px; bottom:42.900513px;\"><div class=\"t m0 x48 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">463<span class=\"ls0\"> </span></div></div><div class=\"c w400 h51\" style=\"left:341.73663px; bottom:42.900513px;\"><div class=\"t m0 x9a h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.076 </div></div><div class=\"c w162 h51\" style=\"left:391.96863px; bottom:42.900513px;\"><div class=\"t m0 x48 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">787<span class=\"ls0\"> </span></div></div><div class=\"c w62d h51\" style=\"left:456.2406px; bottom:42.900513px;\"><div class=\"t m0 x13 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">712<span class=\"ls0\"> </span></div></div><div class=\"c w62c h51\" style=\"left:505.88763px; bottom:42.900513px;\"><div class=\"t m0 x9b h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-1.416 </div></div><div class=\"c w138 h51\" style=\"left:556.43164px; bottom:42.900513px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4.185 </div></div><div class=\"c w1c h7e\" style=\"left:-4.050377px; bottom:17.628525px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div><div class=\"c w1c h65\" style=\"left:-4.050377px; bottom:0.0005187988px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(b) Al Centro di Governo sono ricondotte le elisioni infrasettoriali. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-178.49573px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">In  applicazione  del <span class=\"_ _1d\"> </span>principio  contabile  IFRS  15,  in<span class=\"_ _3\"></span>  particolare  dei  paragrafi <span class=\"_ _1d\"> </span>114  e  115  c<span class=\"_ _3\"></span>he  richiedono  di <span class=\"_ _1d\"> </span>illustrare  la </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>cavi <span class=\"_ _2\"></span>provenienti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>clienti, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _5\"></span>esposte <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>commissioni <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passiv<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">per settore di attivit\u00e0. </div><div class=\"t m0 x0 h1b y3b7 ff1 fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w498 h41\" style=\"left:501.51965px; bottom:767.9303px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w62f h7f\" style=\"left:-4.050377px; bottom:709.4303px;\"><div class=\"t m0 x41 h8d ya6b ff5 fse fc2 sc0 ls29 ws0\">Voci (a)<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h7f\" style=\"left:159.65863px; bottom:709.4303px;\"><div class=\"t m0 xae h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Banca<span class=\"ls0\"> </span></div><div class=\"t m0 xd1 h8d y840 ff5 fse fc2 sc0 ls2b ws0\">dei<span class=\"ls0\"> </span></div><div class=\"t m0 x87 h8d yac6 ff5 fse fc2 sc0 ls0 ws0\">Territori </div></div><div class=\"c w375 h7f\" style=\"left:208.95459px; bottom:709.4303px;\"><div class=\"t m0 x48 h8d ya6b ff5 fse fc2 sc0 ls27 ws0\">IMI </div><div class=\"t m0 xdd h8d y840 ff5 fse fc2 sc0 ls26 ws0\">Corporate &amp; </div><div class=\"t m0 x12 h8d yac6 ff5 fse fc2 sc0 ls27 ws0\">Investment </div><div class=\"t m0 x9b h8d ya25 ff5 fse fc2 sc0 ls26 ws0\">Banking<span class=\"ls0\"> </span></div></div><div class=\"c w303 h7f\" style=\"left:271.0426px; bottom:709.4303px;\"><div class=\"t m0 x8 h8d ya6b ff5 fse fc2 sc0 ls27 ws0\">International<span class=\"ls0\"> </span></div><div class=\"t m0 x6 h8d y840 ff5 fse fc2 sc0 ls29 ws0\">Subsidiary<span class=\"ls0\"> </span></div><div class=\"t m0 xd1 h8d yac6 ff5 fse fc2 sc0 ls26 ws0\">Banks<span class=\"ls0\"> </span></div></div><div class=\"c w21 h7f\" style=\"left:333.62463px; bottom:709.4303px;\"><div class=\"t m0 xa1 h8d ya6b ff5 fse fc2 sc0 ls29 ws0\">Private<span class=\"ls0\"> </span></div><div class=\"t m0 x1a h8d y840 ff5 fse fc2 sc0 ls26 ws0\">Banking<span class=\"ls0\"> </span></div></div><div class=\"c w383 h7f\" style=\"left:382.92062px; bottom:709.4303px;\"><div class=\"t m0 x98 h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Asset<span class=\"ls0\"> </span></div><div class=\"t m0 x87 h8d y840 ff5 fse fc2 sc0 ls9 ws0\">Management<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h7f\" style=\"left:452.23175px; bottom:709.4303px;\"><div class=\"t m0 x41 h8d ya6b ff5 fse fc2 sc0 ls27 ws0\">Insurance<span class=\"ls0\"> </span></div></div><div class=\"c w10a h7f\" style=\"left:501.51965px; bottom:709.4303px;\"><div class=\"t m0 x9b h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Centro<span class=\"ls0\"> </span></div><div class=\"t m0 xd h8d y840 ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h8d yac6 ff5 fse fc2 sc0 ls27 ws0\">Governo<span class=\"ls0\"> </span></div><div class=\"t m0 x98 h8d ya25 ff5 fse fc2 sc0 ls9 ws0\">(b)<span class=\"ls0\"> </span></div></div><div class=\"c w375 h7f\" style=\"left:557.99164px; bottom:709.4303px;\"><div class=\"t m0 x13 h8d ya6b ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w62f h41\" style=\"left:-4.050377px; bottom:692.8943px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">Garanzie rilasciate<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h41\" style=\"left:159.65863px; bottom:692.8943px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:208.95459px; bottom:692.8943px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">326<span class=\"ls0\"> </span></div></div><div class=\"c w303 h41\" style=\"left:271.0426px; bottom:692.8943px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w21 h41\" style=\"left:333.62463px; bottom:692.8943px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w383 h41\" style=\"left:382.92062px; bottom:692.8943px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h41\" style=\"left:452.23175px; bottom:692.8943px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h41\" style=\"left:501.51965px; bottom:692.8943px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:692.8943px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">472<span class=\"ls0\"> </span></div></div><div class=\"c w62f h43\" style=\"left:-4.050377px; bottom:669.49426px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Servizi di incasso e pagame<span class=\"_ _3\"></span>nto<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h43\" style=\"left:159.65863px; bottom:669.49426px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">438<span class=\"ls0\"> </span></div></div><div class=\"c w375 h43\" style=\"left:208.95459px; bottom:669.49426px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">125<span class=\"ls0\"> </span></div></div><div class=\"c w303 h43\" style=\"left:271.0426px; bottom:669.49426px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">197<span class=\"ls0\"> </span></div></div><div class=\"c w21 h43\" style=\"left:333.62463px; bottom:669.49426px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w383 h43\" style=\"left:382.92062px; bottom:669.49426px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h43\" style=\"left:452.23175px; bottom:669.49426px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h43\" style=\"left:501.51965px; bottom:669.49426px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w375 h43\" style=\"left:557.99164px; bottom:669.49426px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">767<span class=\"ls0\"> </span></div></div><div class=\"c w62f h41\" style=\"left:-4.050377px; bottom:652.95825px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Conti correnti<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h41\" style=\"left:159.65863px; bottom:652.95825px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.198<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:208.95459px; bottom:652.95825px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w303 h41\" style=\"left:271.0426px; bottom:652.95825px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w21 h41\" style=\"left:333.62463px; bottom:652.95825px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w383 h41\" style=\"left:382.92062px; bottom:652.95825px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h41\" style=\"left:452.23175px; bottom:652.95825px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h41\" style=\"left:501.51965px; bottom:652.95825px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:652.95825px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.386<span class=\"ls0\"> </span></div></div><div class=\"c w62f h43\" style=\"left:-4.050377px; bottom:629.5583px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Servizio Bancomat e carte di<span class=\"_ _3\"></span> credito<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h43\" style=\"left:159.65863px; bottom:629.5583px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w375 h43\" style=\"left:208.95459px; bottom:629.5583px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w303 h43\" style=\"left:271.0426px; bottom:629.5583px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">263<span class=\"ls0\"> </span></div></div><div class=\"c w21 h43\" style=\"left:333.62463px; bottom:629.5583px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w383 h43\" style=\"left:382.92062px; bottom:629.5583px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h43\" style=\"left:452.23175px; bottom:629.5583px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h43\" style=\"left:501.51965px; bottom:629.5583px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w375 h43\" style=\"left:557.99164px; bottom:629.5583px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">871<span class=\"ls0\"> </span></div></div><div class=\"c w62f h43\" style=\"left:-4.050377px; bottom:606.15826px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0 bancaria commerciale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h43\" style=\"left:159.65863px; bottom:606.15826px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.320<span class=\"ls0\"> </span></div></div><div class=\"c w375 h43\" style=\"left:208.95459px; bottom:606.15826px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">488<span class=\"ls0\"> </span></div></div><div class=\"c w303 h43\" style=\"left:271.0426px; bottom:606.15826px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">650<span class=\"ls0\"> </span></div></div><div class=\"c w21 h43\" style=\"left:333.62463px; bottom:606.15826px;\"><div class=\"t m0 xe h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w383 h43\" style=\"left:382.92062px; bottom:606.15826px;\"><div class=\"t m0 x10a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h43\" style=\"left:452.23175px; bottom:606.15826px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h43\" style=\"left:501.51965px; bottom:606.15826px;\"><div class=\"t m0 xa4 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w375 h43\" style=\"left:557.99164px; bottom:606.15826px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.496<span class=\"ls0\"> </span></div></div><div class=\"c w62f hb5\" style=\"left:-4.050377px; bottom:577.7663px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">Intermediazione e <span class=\"ls0\">collocamento titoli<span class=\"_ _3\"></span> </span></div></div><div class=\"c w4d7 hb5\" style=\"left:159.65863px; bottom:577.7663px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.233<span class=\"ls0\"> </span></div></div><div class=\"c w375 hb5\" style=\"left:208.95459px; bottom:577.7663px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">220<span class=\"ls0\"> </span></div></div><div class=\"c w303 hb5\" style=\"left:271.0426px; bottom:577.7663px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w21 hb5\" style=\"left:333.62463px; bottom:577.7663px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">275<span class=\"ls0\"> </span></div></div><div class=\"c w383 hb5\" style=\"left:382.92062px; bottom:577.7663px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">337<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 hb5\" style=\"left:452.23175px; bottom:577.7663px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a hb5\" style=\"left:501.51965px; bottom:577.7663px;\"><div class=\"t m0 x9a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.083</span> </div></div><div class=\"c w375 hb5\" style=\"left:557.99164px; bottom:577.7663px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.000<span class=\"ls0\"> </span></div></div><div class=\"c w62f h5e\" style=\"left:-4.050377px; bottom:558.2273px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">Intermediazione valute<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h5e\" style=\"left:159.65863px; bottom:558.2273px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w375 h5e\" style=\"left:208.95459px; bottom:558.2273px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w303 h5e\" style=\"left:271.0426px; bottom:558.2273px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w21 h5e\" style=\"left:333.62463px; bottom:558.2273px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w383 h5e\" style=\"left:382.92062px; bottom:558.2273px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h5e\" style=\"left:452.23175px; bottom:558.2273px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h5e\" style=\"left:501.51965px; bottom:558.2273px;\"><div class=\"t m0 xa4 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w375 h5e\" style=\"left:557.99164px; bottom:558.2273px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w62f h41\" style=\"left:-4.050377px; bottom:541.6913px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">Gestioni patrimoniali<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h41\" style=\"left:159.65863px; bottom:541.6913px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:208.95459px; bottom:541.6913px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w303 h41\" style=\"left:271.0426px; bottom:541.6913px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w21 h41\" style=\"left:333.62463px; bottom:541.6913px;\"><div class=\"t m0 x9b h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.883<span class=\"ls0\"> </span></div></div><div class=\"c w383 h41\" style=\"left:382.92062px; bottom:541.6913px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.914<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h41\" style=\"left:452.23175px; bottom:541.6913px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h41\" style=\"left:501.51965px; bottom:541.6913px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">271</span> </div></div><div class=\"c w375 h41\" style=\"left:557.99164px; bottom:541.6913px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">3.655<span class=\"ls0\"> </span></div></div><div class=\"c w62f h43\" style=\"left:-4.050377px; bottom:518.29126px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Distribuzione prodotti assicurativi<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h43\" style=\"left:159.65863px; bottom:518.29126px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">877<span class=\"ls0\"> </span></div></div><div class=\"c w375 h43\" style=\"left:208.95459px; bottom:518.29126px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w303 h43\" style=\"left:271.0426px; bottom:518.29126px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w21 h43\" style=\"left:333.62463px; bottom:518.29126px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">678<span class=\"ls0\"> </span></div></div><div class=\"c w383 h43\" style=\"left:382.92062px; bottom:518.29126px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h43\" style=\"left:452.23175px; bottom:518.29126px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w10a h43\" style=\"left:501.51965px; bottom:518.29126px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w375 h43\" style=\"left:557.99164px; bottom:518.29126px;\"><div class=\"t m0 xb8 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.587<span class=\"ls0\"> </span></div></div><div class=\"c w62f h86\" style=\"left:-4.050377px; bottom:490.0553px;\"><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls29 ws0\">Altre commissioni <span class=\"ls26\">intermediazione / </span></div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">gestione<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h86\" style=\"left:159.65863px; bottom:490.0553px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w375 h86\" style=\"left:208.95459px; bottom:490.0553px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w303 h86\" style=\"left:271.0426px; bottom:490.0553px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w21 h86\" style=\"left:333.62463px; bottom:490.0553px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w383 h86\" style=\"left:382.92062px; bottom:490.0553px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h86\" style=\"left:452.23175px; bottom:490.0553px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h86\" style=\"left:501.51965px; bottom:490.0553px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">13</span> </div></div><div class=\"c w375 h86\" style=\"left:557.99164px; bottom:490.0553px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">435<span class=\"ls0\"> </span></div></div><div class=\"c w62f hc4\" style=\"left:-4.050377px; bottom:454.0193px;\"><div class=\"t m0 x41 h8d y562 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0 di gestione, intermediazione e </div><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">consulenza<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 hc4\" style=\"left:159.65863px; bottom:454.0193px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.433<span class=\"ls0\"> </span></div></div><div class=\"c w375 hc4\" style=\"left:208.95459px; bottom:454.0193px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">255<span class=\"ls0\"> </span></div></div><div class=\"c w303 hc4\" style=\"left:271.0426px; bottom:454.0193px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w21 hc4\" style=\"left:333.62463px; bottom:454.0193px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.027<span class=\"ls0\"> </span></div></div><div class=\"c w383 hc4\" style=\"left:382.92062px; bottom:454.0193px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.251<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 hc4\" style=\"left:452.23175px; bottom:454.0193px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w10a hc4\" style=\"left:501.51965px; bottom:454.0193px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.368</span> </div></div><div class=\"c w375 hc4\" style=\"left:557.99164px; bottom:454.0193px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">6.693<span class=\"ls0\"> </span></div></div><div class=\"c w62f h47\" style=\"left:-4.050377px; bottom:434.5193px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">Altre commissioni nette<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:159.65863px; bottom:434.5193px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">328<span class=\"ls0\"> </span></div></div><div class=\"c w375 h47\" style=\"left:208.95459px; bottom:434.5193px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">597<span class=\"ls0\"> </span></div></div><div class=\"c w303 h47\" style=\"left:271.0426px; bottom:434.5193px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w21 h47\" style=\"left:333.62463px; bottom:434.5193px;\"><div class=\"t m0 xe h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w383 h47\" style=\"left:382.92062px; bottom:434.5193px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">181<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:452.23175px; bottom:434.5193px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h47\" style=\"left:501.51965px; bottom:434.5193px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w375 h47\" style=\"left:557.99164px; bottom:434.5193px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.265<span class=\"ls0\"> </span></div></div><div class=\"c w62f h47\" style=\"left:-4.050377px; bottom:415.0193px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">Commissione attive<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:159.65863px; bottom:415.0193px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">5.081<span class=\"ls0\"> </span></div></div><div class=\"c w375 h47\" style=\"left:208.95459px; bottom:415.0193px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.340<span class=\"ls0\"> </span></div></div><div class=\"c w303 h47\" style=\"left:271.0426px; bottom:415.0193px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">834<span class=\"ls0\"> </span></div></div><div class=\"c w21 h47\" style=\"left:333.62463px; bottom:415.0193px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.087<span class=\"ls0\"> </span></div></div><div class=\"c w383 h47\" style=\"left:382.92062px; bottom:415.0193px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.432<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:452.23175px; bottom:415.0193px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w10a h47\" style=\"left:501.51965px; bottom:415.0193px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.323</span> </div></div><div class=\"c w375 h47\" style=\"left:557.99164px; bottom:415.0193px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">11.454<span class=\"ls0\"> </span></div></div><div class=\"c w62f h47\" style=\"left:-4.050377px; bottom:394.89526px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">Commissioni passive<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:159.65863px; bottom:394.89526px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">337</span> </div></div><div class=\"c w375 h47\" style=\"left:208.95459px; bottom:394.89526px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">184</span> </div></div><div class=\"c w303 h47\" style=\"left:271.0426px; bottom:394.89526px;\"><div class=\"t m0 x98 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">260</span> </div></div><div class=\"c w21 h47\" style=\"left:333.62463px; bottom:394.89526px;\"><div class=\"t m0 x14 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.107</span> </div></div><div class=\"c w383 h47\" style=\"left:382.92062px; bottom:394.89526px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.519</span> </div></div><div class=\"c w4d7 h47\" style=\"left:452.23175px; bottom:394.89526px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h47\" style=\"left:501.51965px; bottom:394.89526px;\"><div class=\"t m0 xf h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">872<span class=\"ls0\"> </span></div></div><div class=\"c w375 h47\" style=\"left:557.99164px; bottom:394.89526px;\"><div class=\"t m0 x13 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">2.535</span> </div></div><div class=\"c w62f h47\" style=\"left:-4.050377px; bottom:374.6153px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls26 ws0\">Commissioni nette 2022<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:159.65863px; bottom:374.6153px;\"><div class=\"t m0 x9b h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">4.744<span class=\"ls0\"> </span></div></div><div class=\"c w375 h47\" style=\"left:208.95459px; bottom:374.6153px;\"><div class=\"t m0 xb8 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">1.156<span class=\"ls0\"> </span></div></div><div class=\"c w303 h47\" style=\"left:271.0426px; bottom:374.6153px;\"><div class=\"t m0 xd h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">574<span class=\"ls0\"> </span></div></div><div class=\"c w21 h47\" style=\"left:333.62463px; bottom:374.6153px;\"><div class=\"t m0 x9b h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">1.980<span class=\"ls0\"> </span></div></div><div class=\"c w383 h47\" style=\"left:382.92062px; bottom:374.6153px;\"><div class=\"t m0 x43 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">913<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h47\" style=\"left:452.23175px; bottom:374.6153px;\"><div class=\"t m0 x99 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w10a h47\" style=\"left:501.51965px; bottom:374.6153px;\"><div class=\"t m0 xad h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">451</span> </div></div><div class=\"c w375 h47\" style=\"left:557.99164px; bottom:374.6153px;\"><div class=\"t m0 xb8 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">8.919<span class=\"ls0\"> </span></div></div><div class=\"c w62f h18c\" style=\"left:-4.050377px; bottom:346.37927px;\"><div class=\"t m0 x41 h8d y6fe ff5 fse fc2 sc0 ls26 ws0\">Commissioni nette 2021<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls9 ws0\">(dati rideterminati)<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h18c\" style=\"left:159.65863px; bottom:346.37927px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">4.809<span class=\"ls0\"> </span></div></div><div class=\"c w375 h18c\" style=\"left:208.95459px; bottom:346.37927px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.135<span class=\"ls0\"> </span></div></div><div class=\"c w303 h18c\" style=\"left:271.0426px; bottom:346.37927px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">546<span class=\"ls0\"> </span></div></div><div class=\"c w21 h18c\" style=\"left:333.62463px; bottom:346.37927px;\"><div class=\"t m0 x9b h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2.096<span class=\"ls0\"> </span></div></div><div class=\"c w383 h18c\" style=\"left:382.92062px; bottom:346.37927px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.282<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h18c\" style=\"left:452.23175px; bottom:346.37927px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w10a h18c\" style=\"left:501.51965px; bottom:346.37927px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">343</span> </div></div><div class=\"c w375 h18c\" style=\"left:557.99164px; bottom:346.37927px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">9.527<span class=\"ls0\"> </span></div></div><div class=\"c w1c h69\" style=\"left:-4.050377px; bottom:329.81726px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\"> (a)  Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div><div class=\"c w1c h41\" style=\"left:-4.050377px; bottom:313.28128px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\"> (b)  Al Centro di Governo sono ricondotte le elisioni infrasettoriali. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-178.49573px;\"><div class=\"t m0 x0 h61 ybed ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13d3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1924 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 ycd9 ff5 fs9 fc2 sc0 ls0 ws0\">Distribuzione per settore di attivit\u00e0: dati patrimoniali </div><div class=\"t m0 x185 h2d y6b6 ff1 fsf fc2 sc0 ls0 ws0\">(a) </div><div class=\"t m0 x0 h19 ye10 ff5 fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5ff hc3\" style=\"left:505.88763px; bottom:251.50528px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w62b h247\" style=\"left:-4.050377px; bottom:167.73328px;\"><div class=\"t m0 x41 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w62c h247\" style=\"left:162.4276px; bottom:167.73328px;\"><div class=\"t m0 x95 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Banca </div><div class=\"t m0 xad h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">dei </div><div class=\"t m0 xa1 h8f ya6e ff5 fsf fc2 sc0 ls0 ws0\">Territori </div></div><div class=\"c w162 h247\" style=\"left:213.32263px; bottom:167.73328px;\"><div class=\"t m0 x45 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">IMI Corporate </div><div class=\"t m0 xdd h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">&amp; Investment </div><div class=\"t m0 x96 h8f ya6e ff5 fsf fc2 sc0 ls0 ws0\">Banking </div></div><div class=\"c w518 h247\" style=\"left:277.28262px; bottom:167.73328px;\"><div class=\"t m0 x87 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">International </div><div class=\"t m0 xae h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Subsidiary </div><div class=\"t m0 xe h8f ya6e ff5 fsf fc2 sc0 ls0 ws0\">Banks </div></div><div class=\"c w400 h247\" style=\"left:341.73663px; bottom:167.73328px;\"><div class=\"t m0 x14 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Private </div><div class=\"t m0 x6 h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Banking </div></div><div class=\"c w162 h247\" style=\"left:391.96863px; bottom:167.73328px;\"><div class=\"t m0 xf h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Asset </div><div class=\"t m0 x1a h8f y8cb ff5 fsf fc2 sc0 ls0 ws0\">Management </div></div><div class=\"c w62d h247\" style=\"left:456.2406px; bottom:167.73328px;\"><div class=\"t m0 x45 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Insurance </div></div><div class=\"c w62c h247\" style=\"left:505.88763px; bottom:167.73328px;\"><div class=\"t m0 x14 h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Centro </div><div class=\"t m0 x99 h8f y8cb ff5 fsf fc2 sc0 ls43 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x12 h8f ya6e ff5 fsf fc2 sc0 ls0 ws0\">Governo </div><div class=\"t m0 xe h8f y958 ff5 fsf fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w138 h247\" style=\"left:556.43164px; bottom:167.73328px;\"><div class=\"t m0 xe h8f y1925 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div><div class=\"t m0 x104 h8f y151f ff5 fsf fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w62b h83\" style=\"left:-4.050377px; bottom:146.20526px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Finanziamenti verso clientela </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:126.70526px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:126.70526px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">247.522 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:126.70526px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">132.927 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:126.70526px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">40.212 </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:126.70526px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">15.104 </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:126.70526px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">282<span class=\"ls0\"> </span></div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:126.70526px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:126.70526px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">10.807 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:126.70526px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">446.854 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:107.20526px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:107.20526px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">250.592 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:107.20526px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">152.543 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:107.20526px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">38.970 </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:107.20526px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">14.450 </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:107.20526px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">783<span class=\"ls0\"> </span></div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:107.20526px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:107.20526px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8.533 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:107.20526px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">465.871 </div></div><div class=\"c w62b h92\" style=\"left:-4.050377px; bottom:85.79428px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Raccolta diretta bancaria </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:66.294266px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:66.294266px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">291.089 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:66.294266px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">94.785 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:66.294266px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">54.364 </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:66.294266px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50.447 </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:66.294266px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:66.294266px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:66.294266px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">54.675 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:66.294266px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">545.386 </div></div><div class=\"c w62b h47\" style=\"left:-4.050377px; bottom:46.794266px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w62c h47\" style=\"left:162.4276px; bottom:46.794266px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">291.697 </div></div><div class=\"c w162 h47\" style=\"left:213.32263px; bottom:46.794266px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">94.844 </div></div><div class=\"c w518 h47\" style=\"left:277.28262px; bottom:46.794266px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">51.504 </div></div><div class=\"c w400 h47\" style=\"left:341.73663px; bottom:46.794266px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">55.895 </div></div><div class=\"c w162 h47\" style=\"left:391.96863px; bottom:46.794266px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w62d h47\" style=\"left:456.2406px; bottom:46.794266px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w62c h47\" style=\"left:505.88763px; bottom:46.794266px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">63.287 </div></div><div class=\"c w138 h47\" style=\"left:556.43164px; bottom:46.794266px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">557.248 </div></div><div class=\"c w1c h8c\" style=\"left:-4.050377px; bottom:21.366272px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div><div class=\"c w1c hd3\" style=\"left:-4.050377px; bottom:-0.005722046px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(b) Al Centro di Governo sono ricondotte le elisioni infrasettoriali. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-174.90198px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">Distribuzione per aree geografiche: dati economici </div><div class=\"t m0 x3a h2d y1926 ff1 fsf fc2 sc0 ls0 ws0\">(a) </div><div class=\"t m0 x0 h2 y1927 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w632 hdc\" style=\"left:441.10864px; bottom:799.13605px;\"><div class=\"t m0 x124 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w630 h86\" style=\"left:-4.050377px; bottom:770.9px;\"><div class=\"t m0 x41 ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w631 h86\" style=\"left:268.70264px; bottom:770.9px;\"><div class=\"t m0 x10a ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w49d h86\" style=\"left:355.93262px; bottom:770.9px;\"><div class=\"t m0 xa ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Europa </div></div><div class=\"c w633 h86\" style=\"left:441.10864px; bottom:770.9px;\"><div class=\"t m0 xc0 ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Resto </div><div class=\"t m0 xe ha y7c9 ff5 fs4 fc2 sc0 ls0 ws0\">del Mondo<span class=\"_ _3\"></span> </div></div><div class=\"c w52 h86\" style=\"left:528.0396px; bottom:770.9px;\"><div class=\"t m0 x10a ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:754.364px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Interessi netti </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:754.364px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7.013 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:754.364px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.806 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:754.364px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">681<span class=\"ls0\"> </span></div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:754.364px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9.500 </div></div><div class=\"c w630 h6a\" style=\"left:-4.050377px; bottom:737.672px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Commissioni nette<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h6a\" style=\"left:268.70264px; bottom:737.672px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7.154 </div></div><div class=\"c w49d h6a\" style=\"left:355.93262px; bottom:737.672px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.576 </div></div><div class=\"c w633 h6a\" style=\"left:441.10864px; bottom:737.672px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">189<span class=\"ls0\"> </span></div></div><div class=\"c w52 h6a\" style=\"left:528.0396px; bottom:737.672px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8.919 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:721.13605px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Risultato dell'attivit<span class=\"_ _3\"></span>\u00e0 assicurativa<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:721.13605px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.408 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:721.13605px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">297<span class=\"ls0\"> </span></div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:721.13605px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:721.13605px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.705 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:704.60004px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Risultato netto delle<span class=\"_ _3\"></span> attivit\u00e0 e passivi<span class=\"_ _3\"></span>t\u00e0 finanziarie al<span class=\"_ _3\"></span> fair value <span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:704.60004px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.233 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:704.60004px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">139<span class=\"ls0\"> </span></div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:704.60004px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:704.60004px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.378 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:688.064px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Altri proventi (one<span class=\"_ _3\"></span>ri) operativi netti<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:688.064px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">92</span> </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:688.064px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:688.064px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:688.064px;\"><div class=\"t m0 x4d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">32</span> </div></div><div class=\"c w630 h6a\" style=\"left:-4.050377px; bottom:671.372px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Proventi operativi <span class=\"_ _3\"></span>netti </div></div><div class=\"c w631 h6a\" style=\"left:268.70264px; bottom:671.372px;\"><div class=\"t m0 x9c ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">16.716 </div></div><div class=\"c w49d h6a\" style=\"left:355.93262px; bottom:671.372px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.819 </div></div><div class=\"c w633 h6a\" style=\"left:441.10864px; bottom:671.372px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">935<span class=\"ls0\"> </span></div></div><div class=\"c w52 h6a\" style=\"left:528.0396px; bottom:671.372px;\"><div class=\"t m0 x49 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">21.470 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:654.836px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Spese del person<span class=\"_ _3\"></span>ale </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:654.836px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5.848 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:654.836px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-720 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:654.836px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-174 </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:654.836px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6.742 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:638.30005px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Spese amministrativ<span class=\"_ _3\"></span>e </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:638.30005px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.347 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:638.30005px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-466 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:638.30005px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">99</span> </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:638.30005px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.912 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:621.76404px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Ammortamento imm<span class=\"_ _3\"></span>obilizzazioni im<span class=\"_ _3\"></span>materiali e mat<span class=\"_ _3\"></span>eriali<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:621.76404px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.111 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:621.76404px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-138 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:621.76404px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">31</span> </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:621.76404px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.280 </div></div><div class=\"c w630 h6a\" style=\"left:-4.050377px; bottom:605.072px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Costi operativi<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h6a\" style=\"left:268.70264px; bottom:605.072px;\"><div class=\"t m0 xc0 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-9.306 </div></div><div class=\"c w49d h6a\" style=\"left:355.93262px; bottom:605.072px;\"><div class=\"t m0 xc0 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.324 </div></div><div class=\"c w633 h6a\" style=\"left:441.10864px; bottom:605.072px;\"><div class=\"t m0 x9f ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-304 </div></div><div class=\"c w52 h6a\" style=\"left:528.0396px; bottom:605.072px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-10.934 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:588.536px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Risultato della <span class=\"_ _3\"></span>gestione operativa<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:588.536px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.410 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:588.536px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.495 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:588.536px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">631<span class=\"ls0\"> </span></div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:588.536px;\"><div class=\"t m0 x49 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.536 </div></div><div class=\"c w630 h69\" style=\"left:-4.050377px; bottom:571.961px;\"><div class=\"t m0 x41 hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche di valore <span class=\"_ _3\"></span>nette su credi<span class=\"_ _3\"></span>ti </div></div><div class=\"c w631 h69\" style=\"left:268.70264px; bottom:571.961px;\"><div class=\"t m0 xc0 hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">-1.936 </div></div><div class=\"c w49d h69\" style=\"left:355.93262px; bottom:571.961px;\"><div class=\"t m0 xc0 hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">-1.097 </div></div><div class=\"c w633 h69\" style=\"left:441.10864px; bottom:571.961px;\"><div class=\"t m0 xcc hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">80</span> </div></div><div class=\"c w52 h69\" style=\"left:528.0396px; bottom:571.961px;\"><div class=\"t m0 x4a hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">-3.113 </div></div><div class=\"c w630 h14\" style=\"left:-4.050377px; bottom:542.47705px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Altri accantonamen<span class=\"_ _3\"></span>ti netti e rettifiche<span class=\"_ _3\"></span> di valore nette s<span class=\"_ _3\"></span>u altre </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">attivit\u00e0    </div></div><div class=\"c w631 h14\" style=\"left:268.70264px; bottom:542.47705px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-170 </div></div><div class=\"c w49d h14\" style=\"left:355.93262px; bottom:542.47705px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-118 </div></div><div class=\"c w633 h14\" style=\"left:441.10864px; bottom:542.47705px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w52 h14\" style=\"left:528.0396px; bottom:542.47705px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-281 </div></div><div class=\"c w630 h6a\" style=\"left:-4.050377px; bottom:525.78503px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Altri proventi (one<span class=\"_ _3\"></span>ri) netti </div></div><div class=\"c w631 h6a\" style=\"left:268.70264px; bottom:525.78503px;\"><div class=\"t m0 x4c hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">173<span class=\"ls0\"> </span></div></div><div class=\"c w49d h6a\" style=\"left:355.93262px; bottom:525.78503px;\"><div class=\"t m0 x4b hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w633 h6a\" style=\"left:441.10864px; bottom:525.78503px;\"><div class=\"t m0 xc7 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w52 h6a\" style=\"left:528.0396px; bottom:525.78503px;\"><div class=\"t m0 x134 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">202<span class=\"ls0\"> </span></div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:509.24902px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Utile (Perdita) delle <span class=\"_ _3\"></span>attivit\u00e0 opera<span class=\"_ _3\"></span>tive cessate<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:509.24902px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:509.24902px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:509.24902px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:509.24902px;\"><div class=\"t m0 x0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:492.713px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Risultato corrente <span class=\"_ _3\"></span>lordo </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:492.713px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.477 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:492.713px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.310 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:492.713px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">557<span class=\"ls0\"> </span></div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:492.713px;\"><div class=\"t m0 x139 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.344 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:476.177px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Imposte sul reddito<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:476.177px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.599 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:476.177px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-338 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:476.177px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-122 </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:476.177px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.059 </div></div><div class=\"c w630 h7d\" style=\"left:-4.050377px; bottom:444.97705px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Oneri di integrazio<span class=\"_ _3\"></span>ne e incentivazion<span class=\"_ _3\"></span>e all'eso<span class=\"_ _3\"></span>do (al netto delle </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">imposte) </div></div><div class=\"c w631 h7d\" style=\"left:268.70264px; bottom:444.97705px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">88</span> </div></div><div class=\"c w49d h7d\" style=\"left:355.93262px; bottom:444.97705px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">52</span> </div></div><div class=\"c w633 h7d\" style=\"left:441.10864px; bottom:444.97705px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h7d\" style=\"left:528.0396px; bottom:444.97705px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-140 </div></div><div class=\"c w630 h7d\" style=\"left:-4.050377px; bottom:413.77704px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Effetti economici <span class=\"_ _3\"></span>dell'allocazione <span class=\"_ _3\"></span>dei costi di acq<span class=\"_ _3\"></span>uisizione (al </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">netto delle impost<span class=\"_ _3\"></span>e) </div></div><div class=\"c w631 h7d\" style=\"left:268.70264px; bottom:413.77704px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-213 </div></div><div class=\"c w49d h7d\" style=\"left:355.93262px; bottom:413.77704px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w633 h7d\" style=\"left:441.10864px; bottom:413.77704px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h7d\" style=\"left:528.0396px; bottom:413.77704px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-211 </div></div><div class=\"c w630 h7d\" style=\"left:-4.050377px; bottom:382.57703px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Tributi ed altri oneri<span class=\"_ _3\"></span> riguardanti il sistem<span class=\"_ _3\"></span>a bancario<span class=\"_ _3\"></span> (al netto delle </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">imposte) </div></div><div class=\"c w631 h7d\" style=\"left:268.70264px; bottom:382.57703px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-508 </div></div><div class=\"c w49d h7d\" style=\"left:355.93262px; bottom:382.57703px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">68</span> </div></div><div class=\"c w633 h7d\" style=\"left:441.10864px; bottom:382.57703px;\"><div class=\"t m0 x3e hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h7d\" style=\"left:528.0396px; bottom:382.57703px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-576 </div></div><div class=\"c w630 h7d\" style=\"left:-4.050377px; bottom:351.377px;\"><div class=\"t m0 x41 hb y709 ff4 fs4 fc2 sc0 ls0 ws0\">Rettifiche di valore <span class=\"_ _3\"></span>dell\u2019avviame<span class=\"_ _3\"></span>nto e delle altr<span class=\"_ _3\"></span>e attivit\u00e0 intangibili <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(al<span class=\"ls0\"> netto delle im<span class=\"_ _3\"></span>poste) </span></div></div><div class=\"c w631 h7d\" style=\"left:268.70264px; bottom:351.377px;\"><div class=\"t m0 x3e ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w49d h7d\" style=\"left:355.93262px; bottom:351.377px;\"><div class=\"t m0 x3e ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w633 h7d\" style=\"left:441.10864px; bottom:351.377px;\"><div class=\"t m0 x3e ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52 h7d\" style=\"left:528.0396px; bottom:351.377px;\"><div class=\"t m0 x0 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w630 h44\" style=\"left:-4.050377px; bottom:335.75104px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Utile (Perdita) del p<span class=\"_ _3\"></span>eriodo di pertin<span class=\"_ _3\"></span>enza di terzi<span class=\"_ _3\"></span> </div></div><div class=\"c w631 h44\" style=\"left:268.70264px; bottom:335.75104px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w49d h44\" style=\"left:355.93262px; bottom:335.75104px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w633 h44\" style=\"left:441.10864px; bottom:335.75104px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">26</span> </div></div><div class=\"c w52 h44\" style=\"left:528.0396px; bottom:335.75104px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w630 h65\" style=\"left:-4.050377px; bottom:318.12302px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Risultato netto 20<span class=\"_ _3\"></span>22 </div></div><div class=\"c w631 h65\" style=\"left:268.70264px; bottom:318.12302px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.092 </div></div><div class=\"c w49d h65\" style=\"left:355.93262px; bottom:318.12302px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">853<span class=\"ls0\"> </span></div></div><div class=\"c w633 h65\" style=\"left:441.10864px; bottom:318.12302px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">409<span class=\"ls0\"> </span></div></div><div class=\"c w52 h65\" style=\"left:528.0396px; bottom:318.12302px;\"><div class=\"t m0 x139 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.354 </div></div><div class=\"c w630 h64\" style=\"left:-4.050377px; bottom:300.65103px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Risultato netto 20<span class=\"_ _3\"></span>21 </div></div><div class=\"c w631 h64\" style=\"left:268.70264px; bottom:300.65103px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.023 </div></div><div class=\"c w49d h64\" style=\"left:355.93262px; bottom:300.65103px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.714 </div></div><div class=\"c w633 h64\" style=\"left:441.10864px; bottom:300.65103px;\"><div class=\"t m0 x4c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">448<span class=\"ls0\"> </span></div></div><div class=\"c w52 h64\" style=\"left:528.0396px; bottom:300.65103px;\"><div class=\"t m0 x139 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.185 </div></div><div class=\"c w1c h6e\" style=\"left:-4.050377px; bottom:273.351px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\"> (a)  Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-174.90198px;\"><div class=\"t m0 x0 h2 y871 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17be ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>raggruppamenti per aree <span class=\"_ _3\"></span>geografiche sono <span class=\"_ _3\"></span>effettuati facendo riferimento alla <span class=\"_ _3\"></span>localizzazione delle entit\u00e0 <span class=\"_ _3\"></span>costituenti il <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo. </div><div class=\"t m0 x0 h2 y17bf ff1 fs0 fc0 sc0 ls10 ws0\">Le <span class=\"ls0\">Filiali <span class=\"_ _3\"></span>estere sono<span class=\"_ _3\"></span> indicate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>Paese d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>localizzazione delle fi<span class=\"_ _3\"></span>liali stesse. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda le <span class=\"_ _3\"></span>imposte <span class=\"_ _6\"></span>sul </span></div><div class=\"t m0 x0 h2 y1745 ff4 fs0 fc0 sc0 ls0 ws0\">reddito, dal <span class=\"_ _3\"></span>momento che Intesa <span class=\"_ _3\"></span>Sanpaolo non <span class=\"_ _3\"></span>ha esercitato <span class=\"_ _3\"></span>l\u2019opzione per il <span class=\"_ _3\"></span>regime di <span class=\"_ _3\"></span>esenzione del <span class=\"_ _3\"></span>reddito delle <span class=\"_ _3\"></span>filiali est<span class=\"_ _5\"></span><span class=\"ff1 ls10\">er<span class=\"lsc\">e </span></span></div><div class=\"t m0 x0 h2 y135a ff1 fs0 fc0 sc0 ls0 ws0\">(c.d. Branch exemptio<span class=\"_ _0\"></span>n), i redditi di tali entit<span class=\"_ _0\"></span>\u00e0 vengono tassati a<span class=\"_ _0\"></span>nche in Italia. </div><div class=\"t m0 x0 h2 y1747 ff1 fs0 fc0 sc0 ls0 ws0\">In  applicazione  del  principio<span class=\"_ _0\"></span>  contabile  IFRS  15,  in  particolare  dei  parag<span class=\"_ _0\"></span>rafi  114  e  115,  che  richiedono  di  illustrare  l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y1929 ff1 fs0 fc0 sc0 ls0 ws0\">disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>cavi <span class=\"_ _2\"></span>provenienti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>contrat<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>clienti, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>esposte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>commissioni <span class=\"_ _2\"></span>attive <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>passive </div><div class=\"t m0 x0 h1b yaf1 ff1 fs0 fc0 sc0 ls0 ws0\">per area geografica <span class=\"_ _0\"></span>di attivit\u00e0.<span class=\"fs9\"> </span></div></div><div class=\"c w632 h1c\" style=\"left:441.10864px; bottom:156.97504px;\"><div class=\"t m0 x124 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w630 h86\" style=\"left:-4.050377px; bottom:128.73901px;\"><div class=\"t m0 x41 ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w631 h86\" style=\"left:268.70264px; bottom:128.73901px;\"><div class=\"t m0 x10a ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w49d h86\" style=\"left:355.93262px; bottom:128.73901px;\"><div class=\"t m0 xa ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Europa </div></div><div class=\"c w633 h86\" style=\"left:441.10864px; bottom:128.73901px;\"><div class=\"t m0 xc0 ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Resto </div><div class=\"t m0 xe ha y7c9 ff5 fs4 fc2 sc0 ls0 ws0\">del Mondo<span class=\"_ _3\"></span> </div></div><div class=\"c w52 h86\" style=\"left:528.0396px; bottom:128.73901px;\"><div class=\"t m0 x10a ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w630 h8a\" style=\"left:-4.050377px; bottom:108.26401px;\"><div class=\"t m0 x41 hb yf18 ff1 fs4 fc2 sc0 ls0 ws0\">Commissioni attiv<span class=\"_ _3\"></span>e </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:91.72803px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:91.72803px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">11.329 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:91.72803px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.088 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:91.72803px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">237<span class=\"ls0\"> </span></div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:91.72803px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">14.654 </div></div><div class=\"c w630 h6a\" style=\"left:-4.050377px; bottom:75.036026px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2021 (Dati ridete<span class=\"_ _3\"></span>rminati) </div></div><div class=\"c w631 h6a\" style=\"left:268.70264px; bottom:75.036026px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">12.154 </div></div><div class=\"c w49d h6a\" style=\"left:355.93262px; bottom:75.036026px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.422 </div></div><div class=\"c w633 h6a\" style=\"left:441.10864px; bottom:75.036026px;\"><div class=\"t m0 x4c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">222<span class=\"ls0\"> </span></div></div><div class=\"c w52 h6a\" style=\"left:528.0396px; bottom:75.036026px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">15.798 </div></div><div class=\"c w630 h81\" style=\"left:-4.050377px; bottom:54.60002px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Commissioni passiv<span class=\"_ _3\"></span>e </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:38.064026px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:38.064026px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4.175 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:38.064026px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.512 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:38.064026px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">48</span> </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:38.064026px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5.735 </div></div><div class=\"c w630 h41\" style=\"left:-4.050377px; bottom:21.528015px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2021 (Dati ridete<span class=\"_ _3\"></span>rminati) </div></div><div class=\"c w631 h41\" style=\"left:268.70264px; bottom:21.528015px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4.410 </div></div><div class=\"c w49d h41\" style=\"left:355.93262px; bottom:21.528015px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.817 </div></div><div class=\"c w633 h41\" style=\"left:441.10864px; bottom:21.528015px;\"><div class=\"t m0 xcc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">44</span> </div></div><div class=\"c w52 h41\" style=\"left:528.0396px; bottom:21.528015px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6.271 </div></div><div class=\"c w1c h83\" style=\"left:-4.050377px; bottom:1.5258789E-05px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-804.777px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">Distribuzione per aree geografiche: dati patrimoniali </div><div class=\"t m0 x185 h2d y1926 ff1 fsf fc2 sc0 ls0 ws0\">(a)<span class=\"_ _90\"> </span></div><div class=\"t m0 xc4 h1b y207 ff1 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y192d ff1 fs9 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w632 h17\" style=\"left:441.10864px; bottom:167.70105px;\"><div class=\"t m0 x124 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w630 hb5\" style=\"left:-4.050377px; bottom:139.30902px;\"><div class=\"t m0 x41 ha y14ce ff5 fs4 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w631 hb5\" style=\"left:268.70264px; bottom:139.30902px;\"><div class=\"t m0 x10a ha y14ce ff5 fs4 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w49d hb5\" style=\"left:355.93262px; bottom:139.30902px;\"><div class=\"t m0 xa ha y14ce ff5 fs4 fc2 sc0 ls0 ws0\">Europa </div></div><div class=\"c w633 hb5\" style=\"left:441.10864px; bottom:139.30902px;\"><div class=\"t m0 xc0 ha y14ce ff5 fs4 fc2 sc0 ls0 ws0\">Resto </div><div class=\"t m0 xe ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">del Mondo<span class=\"_ _3\"></span> </div></div><div class=\"c w52 hb5\" style=\"left:528.0396px; bottom:139.30902px;\"><div class=\"t m0 x10a ha y14ce ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:123.709045px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Finanziamenti ver<span class=\"_ _3\"></span>so clientela </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:108.10901px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w631 h42\" style=\"left:268.70264px; bottom:108.10901px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">365.428 </div></div><div class=\"c w49d h42\" style=\"left:355.93262px; bottom:108.10901px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">63.173 </div></div><div class=\"c w633 h42\" style=\"left:441.10864px; bottom:108.10901px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">18.253 </div></div><div class=\"c w52 h42\" style=\"left:528.0396px; bottom:108.10901px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">446.854 </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:92.50903px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w631 h42\" style=\"left:268.70264px; bottom:92.50903px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">383.765 </div></div><div class=\"c w49d h42\" style=\"left:355.93262px; bottom:92.50903px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">62.328 </div></div><div class=\"c w633 h42\" style=\"left:441.10864px; bottom:92.50903px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">19.778 </div></div><div class=\"c w52 h42\" style=\"left:528.0396px; bottom:92.50903px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">465.871 </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:76.909px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Raccolta diretta ba<span class=\"_ _3\"></span>ncaria </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:61.30902px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w631 h42\" style=\"left:268.70264px; bottom:61.30902px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">466.841 </div></div><div class=\"c w49d h42\" style=\"left:355.93262px; bottom:61.30902px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">71.010 </div></div><div class=\"c w633 h42\" style=\"left:441.10864px; bottom:61.30902px;\"><div class=\"t m0 x104 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">7.535 </div></div><div class=\"c w52 h42\" style=\"left:528.0396px; bottom:61.30902px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">545.386 </div></div><div class=\"c w630 h42\" style=\"left:-4.050377px; bottom:45.709045px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w631 h42\" style=\"left:268.70264px; bottom:45.709045px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">480.993 </div></div><div class=\"c w49d h42\" style=\"left:355.93262px; bottom:45.709045px;\"><div class=\"t m0 x9c hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">68.136 </div></div><div class=\"c w633 h42\" style=\"left:441.10864px; bottom:45.709045px;\"><div class=\"t m0 x104 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">8.119 </div></div><div class=\"c w52 h42\" style=\"left:528.0396px; bottom:45.709045px;\"><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">557.248 </div></div><div class=\"c w1c h86\" style=\"left:-4.050377px; bottom:17.473022px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">I raggruppamenti per aree geografiche sono effettuati facendo riferimento alla localizzazione<span class=\"_ _0\"></span> delle entit\u00e0 costituenti il <span class=\"_ _3\"></span>Gruppo. </div></div><div class=\"c w1c h64\" style=\"left:-4.050377px; bottom:0.0010375977px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1066": {
   "value": "SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 </span>FINANZIARIE VALUTATE AL COSTO AMMORTIZZATO - VOCE 10 1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-278.636px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w338 h66\" style=\"left:522.42365px; bottom:692.28204px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w29f ha9\" style=\"left:-4.050377px; bottom:627.854px;\"><div class=\"t m0 x41 ha y11ca ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia operazio<span class=\"_ _3\"></span>ni/Valori </div></div><div class=\"c w339 h47\" style=\"left:231.57462px; bottom:672.78204px;\"><div class=\"t m0 x134 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w1f6 h47\" style=\"left:423.9486px; bottom:672.78204px;\"><div class=\"t m0 x4d ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w268 h45\" style=\"left:231.57462px; bottom:627.854px;\"><div class=\"t m0 x87 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x13 ha y1186 ff5 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 xab ha y1288 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c wc0 h65\" style=\"left:277.28262px; bottom:655.154px;\"><div class=\"t m0 xa5 ha yc61 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c wc h45\" style=\"left:423.9486px; bottom:627.854px;\"><div class=\"t m0 x8 ha y1264 ff5 fs4 fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 x1a ha y1186 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w33a h65\" style=\"left:473.71265px; bottom:655.154px;\"><div class=\"t m0 xa5 ha yc61 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c wbf h6e\" style=\"left:277.28262px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c wc2 h6e\" style=\"left:326.42264px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w30 h6e\" style=\"left:375.58862px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c wc2 h6e\" style=\"left:473.71265px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c wbf h6e\" style=\"left:522.42365px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w39 h6e\" style=\"left:571.8756px; bottom:627.854px;\"><div class=\"t m0 x1a hb y6cc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:612.254px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:612.254px;\"><div class=\"t m0 x8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">412.667 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:612.254px;\"><div class=\"t m0 x12 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">423.335 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:612.254px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:596.654px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Depositi a sca<span class=\"_ _3\"></span>denza  </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:596.654px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">20.309 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:596.654px;\"><div class=\"t m0 xae ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">19.184 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:596.654px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:581.054px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3. Finanziamen<span class=\"_ _3\"></span>ti </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:581.054px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.200 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:581.054px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5.716 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:581.054px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:565.45404px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:565.45404px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.284 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:565.45404px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.691 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:565.45404px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:549.854px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.2 Altri </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:549.854px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.916 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:549.854px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.025 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:549.854px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h7e\" style=\"left:-4.050377px; bottom:524.58203px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">strumenti patrim<span class=\"_ _3\"></span>oniali </div></div><div class=\"c w268 h7e\" style=\"left:231.57462px; bottom:524.58203px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">181<span class=\"ls0\"> </span></div></div><div class=\"c wbf h7e\" style=\"left:277.28262px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h7e\" style=\"left:326.42264px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h7e\" style=\"left:375.58862px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h7e\" style=\"left:423.9486px; bottom:524.58203px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c wc2 h7e\" style=\"left:473.71265px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h7e\" style=\"left:522.42365px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h7e\" style=\"left:571.8756px; bottom:524.58203px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:508.982px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5. Debiti per leasin<span class=\"_ _3\"></span>g </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:508.982px;\"><div class=\"t m0 x97 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.309 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:508.982px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.379 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:508.982px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h42\" style=\"left:-4.050377px; bottom:493.38202px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6. Altri debiti </div></div><div class=\"c w268 h42\" style=\"left:231.57462px; bottom:493.38202px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">14.359 </div></div><div class=\"c wbf h42\" style=\"left:277.28262px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc2 h42\" style=\"left:326.42264px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30 h42\" style=\"left:375.58862px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wc h42\" style=\"left:423.9486px; bottom:493.38202px;\"><div class=\"t m0 x9b ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8.602 </div></div><div class=\"c wc2 h42\" style=\"left:473.71265px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbf h42\" style=\"left:522.42365px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39 h42\" style=\"left:571.8756px; bottom:493.38202px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w29f h47\" style=\"left:-4.050377px; bottom:473.88202px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w268 h47\" style=\"left:231.57462px; bottom:473.88202px;\"><div class=\"t m0 x8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">454.025 </div></div><div class=\"c wbf h47\" style=\"left:277.28262px; bottom:473.88202px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc2 h47\" style=\"left:326.42264px; bottom:473.88202px;\"><div class=\"t m0 x1a ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">435.464 </div></div><div class=\"c w30 h47\" style=\"left:375.58862px; bottom:473.88202px;\"><div class=\"t m0 xa1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">18.132 </div></div><div class=\"c wc h47\" style=\"left:423.9486px; bottom:473.88202px;\"><div class=\"t m0 x12 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">458.239 </div></div><div class=\"c wc2 h47\" style=\"left:473.71265px; bottom:473.88202px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbf h47\" style=\"left:522.42365px; bottom:473.88202px;\"><div class=\"t m0 x1a ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">433.309 </div></div><div class=\"c w39 h47\" style=\"left:571.8756px; bottom:473.88202px;\"><div class=\"t m0 xa1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">25.130<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-278.636px;\"><div class=\"t m0 x0 h61 ye41 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y13fb ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ye43 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y127c ff5 fs0 fc2 sc0 ls0 ws0\">1.3 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei tito<span class=\"_ _0\"></span>li in circolazione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y88e ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w33e h5a\" style=\"left:504.79565px; bottom:414.563px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w33b h7f\" style=\"left:-4.050377px; bottom:356.063px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia titoli / V<span class=\"_ _3\"></span>alori </div></div><div class=\"c w33f h41\" style=\"left:159.65863px; bottom:398.02704px;\"><div class=\"t m0 x8d ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w340 h41\" style=\"left:388.69263px; bottom:398.02704px;\"><div class=\"t m0 x47 ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w33c hd7\" style=\"left:159.65863px; bottom:356.063px;\"><div class=\"t m0 x12 ha y10d8 ff5 fs4 fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 xae ha y744 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w13a h47\" style=\"left:217.06662px; bottom:376.49902px;\"><div class=\"t m0 x9f ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:376.49902px;\"><div class=\"t m0 xdd ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 x1a ha y12c3 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w341 h47\" style=\"left:445.63263px; bottom:376.49902px;\"><div class=\"t m0 x4c ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w26f h81\" style=\"left:217.06662px; bottom:356.063px;\"><div class=\"t m0 xae hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w33c h81\" style=\"left:274.00662px; bottom:356.063px;\"><div class=\"t m0 xae hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w26f h81\" style=\"left:331.12863px; bottom:356.063px;\"><div class=\"t m0 xae hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w33d h81\" style=\"left:445.63263px; bottom:356.063px;\"><div class=\"t m0 x14 hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w1de h81\" style=\"left:504.79565px; bottom:356.063px;\"><div class=\"t m0 x14 hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w1de h81\" style=\"left:562.2036px; bottom:356.063px;\"><div class=\"t m0 x14 hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w33b h41\" style=\"left:-4.050377px; bottom:339.52704px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Titoli </div></div><div class=\"c w33b h41\" style=\"left:-4.050377px; bottom:322.99103px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. obbligazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w33c h41\" style=\"left:159.65863px; bottom:322.99103px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">64.838 </div></div><div class=\"c w26f h41\" style=\"left:217.06662px; bottom:322.99103px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">41.748 </div></div><div class=\"c w33c h41\" style=\"left:274.00662px; bottom:322.99103px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">22.980 </div></div><div class=\"c w26f h41\" style=\"left:331.12863px; bottom:322.99103px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w1de h41\" style=\"left:388.69263px; bottom:322.99103px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">75.050 </div></div><div class=\"c w33d h41\" style=\"left:445.63263px; bottom:322.99103px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">47.030 </div></div><div class=\"c w1de h41\" style=\"left:504.79565px; bottom:322.99103px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">29.971 </div></div><div class=\"c w1de h41\" style=\"left:562.2036px; bottom:322.99103px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w33b h6a\" style=\"left:-4.050377px; bottom:306.299px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.1 strutturate<span class=\"_ _3\"></span> </div></div><div class=\"c w33c h6a\" style=\"left:159.65863px; bottom:306.299px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.806 </div></div><div class=\"c w26f h6a\" style=\"left:217.06662px; bottom:306.299px;\"><div class=\"t m0 xb8 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">397<span class=\"ls0\"> </span></div></div><div class=\"c w33c h6a\" style=\"left:274.00662px; bottom:306.299px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.361 </div></div><div class=\"c w26f h6a\" style=\"left:331.12863px; bottom:306.299px;\"><div class=\"t m0 xd9 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w1de h6a\" style=\"left:388.69263px; bottom:306.299px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.262 </div></div><div class=\"c w33d h6a\" style=\"left:445.63263px; bottom:306.299px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">246<span class=\"ls0\"> </span></div></div><div class=\"c w1de h6a\" style=\"left:504.79565px; bottom:306.299px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.038 </div></div><div class=\"c w1de h6a\" style=\"left:562.2036px; bottom:306.299px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w33b h41\" style=\"left:-4.050377px; bottom:289.763px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.2 altre </div></div><div class=\"c w33c h41\" style=\"left:159.65863px; bottom:289.763px;\"><div class=\"t m0 x9b h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">63.032 </div></div><div class=\"c w26f h41\" style=\"left:217.06662px; bottom:289.763px;\"><div class=\"t m0 x9b h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">41.351 </div></div><div class=\"c w33c h41\" style=\"left:274.00662px; bottom:289.763px;\"><div class=\"t m0 x9b h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">21.619 </div></div><div class=\"c w26f h41\" style=\"left:331.12863px; bottom:289.763px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h41\" style=\"left:388.69263px; bottom:289.763px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">72.788 </div></div><div class=\"c w33d h41\" style=\"left:445.63263px; bottom:289.763px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">46.784 </div></div><div class=\"c w1de h41\" style=\"left:504.79565px; bottom:289.763px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">27.933 </div></div><div class=\"c w1de h41\" style=\"left:562.2036px; bottom:289.763px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33b h41\" style=\"left:-4.050377px; bottom:273.227px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. altri titoli </div></div><div class=\"c w33c h41\" style=\"left:159.65863px; bottom:273.227px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">11.241 </div></div><div class=\"c w26f h41\" style=\"left:217.06662px; bottom:273.227px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33c h41\" style=\"left:274.00662px; bottom:273.227px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9.280 </div></div><div class=\"c w26f h41\" style=\"left:331.12863px; bottom:273.227px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.961 </div></div><div class=\"c w1de h41\" style=\"left:388.69263px; bottom:273.227px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">11.508 </div></div><div class=\"c w33d h41\" style=\"left:445.63263px; bottom:273.227px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h41\" style=\"left:504.79565px; bottom:273.227px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8.837 </div></div><div class=\"c w1de h41\" style=\"left:562.2036px; bottom:273.227px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.671 </div></div><div class=\"c w33b h41\" style=\"left:-4.050377px; bottom:256.69104px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.1 strutturati </div></div><div class=\"c w33c h41\" style=\"left:159.65863px; bottom:256.69104px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h41\" style=\"left:217.06662px; bottom:256.69104px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33c h41\" style=\"left:274.00662px; bottom:256.69104px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h41\" style=\"left:331.12863px; bottom:256.69104px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h41\" style=\"left:388.69263px; bottom:256.69104px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33d h41\" style=\"left:445.63263px; bottom:256.69104px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h41\" style=\"left:504.79565px; bottom:256.69104px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h41\" style=\"left:562.2036px; bottom:256.69104px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33b h6a\" style=\"left:-4.050377px; bottom:239.99902px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.2 altri </div></div><div class=\"c w33c h6a\" style=\"left:159.65863px; bottom:239.99902px;\"><div class=\"t m0 x9b h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">11.241 </div></div><div class=\"c w26f h6a\" style=\"left:217.06662px; bottom:239.99902px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33c h6a\" style=\"left:274.00662px; bottom:239.99902px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">9.280 </div></div><div class=\"c w26f h6a\" style=\"left:331.12863px; bottom:239.99902px;\"><div class=\"t m0 x96 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">1.961 </div></div><div class=\"c w1de h6a\" style=\"left:388.69263px; bottom:239.99902px;\"><div class=\"t m0 x94 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">11.508 </div></div><div class=\"c w33d h6a\" style=\"left:445.63263px; bottom:239.99902px;\"><div class=\"t m0 xa h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h6a\" style=\"left:504.79565px; bottom:239.99902px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">8.837 </div></div><div class=\"c w1de h6a\" style=\"left:562.2036px; bottom:239.99902px;\"><div class=\"t m0 x86 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">2.671 </div></div><div class=\"c w33b h170\" style=\"left:-4.050377px; bottom:217.66501px;\"><div class=\"t m0 x41 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w33c h170\" style=\"left:159.65863px; bottom:217.66501px;\"><div class=\"t m0 x9b ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">76.079 </div></div><div class=\"c w26f h170\" style=\"left:217.06662px; bottom:217.66501px;\"><div class=\"t m0 x9b ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">41.748 </div></div><div class=\"c w33c h170\" style=\"left:274.00662px; bottom:217.66501px;\"><div class=\"t m0 x9b ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">32.260 </div></div><div class=\"c w26f h170\" style=\"left:331.12863px; bottom:217.66501px;\"><div class=\"t m0 x96 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">1.990 </div></div><div class=\"c w1de h170\" style=\"left:388.69263px; bottom:217.66501px;\"><div class=\"t m0 x94 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">86.558 </div></div><div class=\"c w33d h170\" style=\"left:445.63263px; bottom:217.66501px;\"><div class=\"t m0 x94 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">47.030 </div></div><div class=\"c w1de h170\" style=\"left:504.79565px; bottom:217.66501px;\"><div class=\"t m0 x94 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">38.808 </div></div><div class=\"c w1de h170\" style=\"left:562.2036px; bottom:217.66501px;\"><div class=\"t m0 x86 ha y32c ff5 fs4 fc2 sc0 ls0 ws0\">2.713 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-278.636px;\"><div class=\"t m0 x0 h61 yaea ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y13ff ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y121e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybdb ff5 fs0 fc2 sc0 ls0 ws0\">1.4 Dettaglio dei debiti<span class=\"_ _0\"></span> / titoli sub<span class=\"_ _0\"></span>ordinati </div><div class=\"t m0 x0 h2 y871 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti subordinati v<span class=\"_ _0\"></span>erso banche e clientela<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ycc0 ff1 fs0 fc0 sc0 ls0 ws0\">Alla data di riferim<span class=\"_ _0\"></span>ento si rilevano titoli <span class=\"_ _0\"></span>in circolazione su<span class=\"_ _0\"></span>bordinati per 12.474 <span class=\"_ _3\"></span>milioni, ascrivibili int<span class=\"_ _0\"></span>eramente alla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1400 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y116 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y776 ff5 fs0 fc2 sc0 ls0 ws0\">1.5 Dettaglio dei debiti<span class=\"_ _0\"></span> strutturati </div><div class=\"t m0 x0 h2 y134d ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano in esser<span class=\"_ _0\"></span>e debiti struttur<span class=\"_ _0\"></span>ati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y94b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h22 y733 ff5 fsa fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb yb10 ff5 fs0 fc2 sc0 ls0 ws0\">1.6 Debiti per leasing <span class=\"fff fs6 fc0\"> </span></div><div class=\"t m0 x0 h2 y7ad ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _3\"></span>mbre 2022 <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano ha <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>debiti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1.315 <span class=\"_ _5\"></span>milioni, d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>238 <span class=\"_ _2\"></span>milioni in <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>cadenza en<span class=\"_ _3\"></span>tro <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>anno, </div><div class=\"t m0 x0 h2 yc67 ff1 fs0 fc0 sc0 ls0 ws0\">622 milioni in scadenz<span class=\"_ _0\"></span>a tra 1 e 5 anni e 455<span class=\"_ _0\"></span> milioni in scadenza <span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltre i 5 anni<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 y7af ff1 fs0 fc0 sc0 ls0 ws0\">I debiti per leasing si<span class=\"_ _0\"></span> riferiscono per 1.30<span class=\"_ _0\"></span>9 milioni a controparti <span class=\"_ _0\"></span>clientela e per 6 milioni<span class=\"_ _3\"></span><span class=\"fc5\"> </span>a controparti ban<span class=\"_ _0\"></span>che.  </div><div class=\"t m0 x0 h2 yc68 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"ff4\">stessi derivano dall<span class=\"_ _0\"></span>\u2019applicazione, con d<span class=\"_ _0\"></span>ecorrenza 1\u00b0 gennaio<span class=\"_ _0\"></span> 2019, del principio c<span class=\"_ _0\"></span>ontabile IFRS 16 relativo <span class=\"_ _0\"></span>al Leasing<span class=\"_ _2\"></span><span class=\"ff1\">. </span></span></div><div class=\"t m0 x0 h2 yc69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc6a ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-205.94849px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 1 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> </div><div class=\"t m0 x184 h19 y208 ff5 fs9 fc2 sc0 ls0 ws0\">VALUTATE AL COSTO AMMORTIZZATO AI SENSI DELLO IAS 39 - VOCE 15<span class=\"ff1 fs0 fc0\"> </span></div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>15 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al<span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">imprese di assicurazio<span class=\"_ _0\"></span>ne. </div><div class=\"t m0 x0 h32 y415 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>p<span class=\"_ _2\"></span>revisti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Italia, <span class=\"_ _3\"></span>\u00e8 </div><div class=\"t m0 x0 h32 y416 ff4 fs0 fc0 sc0 ls0 ws0\">stata <span class=\"_ _18\"> </span>infatti <span class=\"_ _17\"> </span>creata <span class=\"_ _1c\"> </span>la <span class=\"_ _17\"> </span>\u201cVoce <span class=\"_ _17\"> </span>1<span class=\"_ _3\"></span>5 <span class=\"_ _18\"> </span>Passivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>pertinenza <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>imprese <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>assicurazione <span class=\"_ _18\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>costo </div><div class=\"t m0 x0 h2 y417 ff4 fs0 fc0 sc0 ls0 ws0\">ammortizzato ai sensi <span class=\"_ _0\"></span>dello IAS 39\u201d che accogl<span class=\"_ _0\"></span>ie componenti di <span class=\"_ _0\"></span>cui al seguente sc<span class=\"_ _0\"></span>hema:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y131c ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fs0 fc0\"> </span></span></div></div><div class=\"c w21f h171\" style=\"left:-1.4449997px; bottom:644.69354px;\"><div class=\"t m0 x36 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x36 h59 y1401 ff5 fs17 fc2 sc0 ls0 ws0\">di assicura<span class=\"_ _0\"></span>zione val<span class=\"_ _0\"></span>utate al co<span class=\"_ _35\"></span>sto ammortizzato<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS <span class=\"_ _0\"></span>39 - Voce 15 </div></div><div class=\"c w109 h171\" style=\"left:473.82202px; bottom:644.69354px;\"><div class=\"t m0 x88 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w220 h171\" style=\"left:546.557px; bottom:644.69354px;\"><div class=\"t m0 x88 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:629.0935px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10. Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:629.0935px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">629<span class=\"ls0\"> </span></div></div><div class=\"c w220 h42\" style=\"left:546.557px; bottom:629.0935px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:613.4935px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20. Debiti<span class=\"_ _0\"></span> verso la cli<span class=\"_ _0\"></span>entela </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:613.4935px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">587<span class=\"ls0\"> </span></div></div><div class=\"c w220 h42\" style=\"left:546.557px; bottom:613.4935px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:597.8935px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">30. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:597.8935px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.334 </div></div><div class=\"c w220 h42\" style=\"left:546.557px; bottom:597.8935px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.335 </div></div><div class=\"c w21f haf\" style=\"left:-1.4449997px; bottom:575.7415px;\"><div class=\"t m0 x36 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span>  Voce 15 </div></div><div class=\"c w109 haf\" style=\"left:473.82202px; bottom:575.7415px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.550 </div></div><div class=\"c w220 haf\" style=\"left:546.557px; bottom:575.7415px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.146 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-205.94849px;\"><div class=\"t m0 x0 h19 ye8f ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y8af ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1403 ff5 fs0 fc2 sc0 ls0 ws0\">1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica </div><div class=\"t m0 x0 h2 y95f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w20f h64\" style=\"left:523.625px; bottom:517.3585px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h43\" style=\"left:-3.941002px; bottom:493.9585px;\"><div class=\"t m0 x41 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori </div></div><div class=\"c w20e h43\" style=\"left:426.086px; bottom:493.9585px;\"><div class=\"t m0 x9b h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w20f h43\" style=\"left:523.625px; bottom:493.9585px;\"><div class=\"t m0 x9b h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w20d h6a\" style=\"left:-3.941002px; bottom:477.26654px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i </div></div><div class=\"c w20e h6a\" style=\"left:426.086px; bottom:477.26654px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.625px; bottom:477.26654px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-3.941002px; bottom:457.76654px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he </div></div><div class=\"c w20e h47\" style=\"left:426.086px; bottom:457.76654px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">629<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.625px; bottom:457.76654px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:441.23053px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:441.23053px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:441.23053px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:424.69452px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:424.69452px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:424.69452px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:408.1585px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:408.1585px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">607<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:408.1585px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">607<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-3.941002px; bottom:391.4665px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi </div></div><div class=\"c w20e h6a\" style=\"left:426.086px; bottom:391.4665px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.625px; bottom:391.4665px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:374.93054px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:374.93054px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:358.39453px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2.3.3 Altri<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:358.39453px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">607<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:358.39453px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">607<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:341.85852px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:341.85852px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:341.85852px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-3.941002px; bottom:325.1665px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:426.086px; bottom:325.1665px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h69\" style=\"left:-3.941002px; bottom:308.6045px;\"><div class=\"t m0 x12 h46 yacd ff1 fs17 fc2 sc0 ls0 ws0\">2.6 Altri deb<span class=\"_ _0\"></span>iti </div></div><div class=\"c w20e h69\" style=\"left:426.086px; bottom:308.6045px;\"><div class=\"t m0 x4 h46 yacd ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w20f h69\" style=\"left:523.625px; bottom:308.6045px;\"><div class=\"t m0 x4 h46 yacd ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-3.941002px; bottom:289.10452px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) </div></div><div class=\"c w20e h47\" style=\"left:426.086px; bottom:289.10452px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">629<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.625px; bottom:289.10452px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:272.5685px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> - livello 1 </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:272.5685px;\"><div class=\"t m0 x2e h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:272.5685px;\"><div class=\"t m0 x2e h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-3.941002px; bottom:256.0325px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> - livello 2 </div></div><div class=\"c w20e h41\" style=\"left:426.086px; bottom:256.0325px;\"><div class=\"t m0 x4 h59 y32d ff5 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.625px; bottom:256.0325px;\"><div class=\"t m0 x2e h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-3.941002px; bottom:239.34052px;\"><div class=\"t m0 x41 h59 y118b ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> - livello 3 </div></div><div class=\"c w20e h6a\" style=\"left:426.086px; bottom:239.34052px;\"><div class=\"t m0 x135 h59 y118b ff5 fs17 fc2 sc0 ls25 ws0\">556<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.625px; bottom:239.34052px;\"><div class=\"t m0 x135 h59 y118b ff5 fs17 fc2 sc0 ls25 ws0\">650<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-3.941002px; bottom:219.84052px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale Fai<span class=\"_ _0\"></span>r value </div></div><div class=\"c w20e h47\" style=\"left:426.086px; bottom:219.84052px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">573<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.625px; bottom:219.84052px;\"><div class=\"t m0 x135 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">650<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-205.94849px;\"><div class=\"t m0 x0 h61 y1405 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y13ee ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y39f ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf53 ff6 fs0 fc2 sc0 ls0 ws0\">1.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso ban<span class=\"_ _0\"></span>che\u201d: debiti subo<span class=\"_ _0\"></span>rdinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h34 y1091 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 si<span class=\"_ _0\"></span> rilevano debiti su<span class=\"_ _0\"></span>bordinati per 607 milio<span class=\"_ _0\"></span>ni, ascrivibili interam<span class=\"_ _0\"></span>ente ad Intesa Sanpa<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lo Vita.<span class=\"_ _2\"></span><span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 yf8b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yfb4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yc08 ff5 fs0 fc2 sc0 ls0 ws0\">1.3 Bis <span class=\"ff6\">Dettaglio della <span class=\"_ _0\"></span>voce \u201cDebiti verso banche<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span></span></div><div class=\"t m0 x0 h2 y1327 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano d<span class=\"_ _0\"></span>ebiti strutturati di per<span class=\"_ _0\"></span>tinenza delle Imp<span class=\"_ _0\"></span>rese di Assicurazione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1406 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1407 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1408 ff5 fs0 fc2 sc0 ls0 ws0\">1.4 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> oggetto di cop<span class=\"_ _0\"></span>ertura specifica </div><div class=\"t m0 x0 h2 y1150 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>segnalano <span class=\"_ _4\"></span>debiti <span class=\"_ _4\"></span>verso <span class=\"_ _6\"></span>banche <span class=\"_ _4\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>Imprese <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y1289 ff1 fs0 fc0 sc0 ls0 ws0\">Assicurazione. </div><div class=\"t m0 x0 h2 y13c4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y135b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y13c6 ff5 fs0 fc2 sc0 ls0 ws0\">1.5 Bis Debiti per lea<span class=\"_ _0\"></span>sing </div><div class=\"t m0 x0 h2 y1409 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano debiti p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r operazioni di le<span class=\"_ _0\"></span>asing verso banche.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h24 y99 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y650 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.7 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti <span class=\"ff5\">subordinati </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela <span class=\"_ _0\"></span>subordinati di pertin<span class=\"_ _0\"></span>enza delle Impres<span class=\"_ _0\"></span>e di Assicurazione<span class=\"_ _2\"></span><span class=\"ff15\">.<span class=\"_ _90\"> </span></span>1.8 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cDebiti verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la\u201d: debiti strutturati<span class=\"ff5 fs9\"> </span>Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on si segnalano De<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>iti verso clientela strutturati di perti<span class=\"_ _0\"></span>nenza delle Imprese di<span class=\"_ _0\"></span> Assicurazione. 1.9 Bis Debiti verso cli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntela oggetto di copertur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> specifica Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>segnalano <span class=\"_ _6\"></span>Debiti <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>specifica <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pertinenza <span class=\"_ _6\"></span>delle  Im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rese <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i Assicurazione.<span class=\"fs12\"> </span>1.10 Bis Debiti per le<span class=\"_ _0\"></span>asing Al 31 dicembre 2022 risultano in essere debiti per leasing verso clientela<span class=\"_ _0\"></span> per 6 milioni quasi interamente in scadenza tra 1 <span class=\"_ _2\"></span>e 5 anni. Gli stessi derivano d<span class=\"_ _0\"></span>all\u2019applicazione, c<span class=\"_ _0\"></span>on decorrenza 1\u00b0 <span class=\"_ _3\"></span><span class=\"ff1\">gennaio 2<span class=\"_ _0\"></span>019, del principio conta<span class=\"_ _0\"></span>bile IFRS 16 relativo al<span class=\"_ _0\"></span> Leasing<span class=\"_ _3\"></span>. </span>1.11 Bis Titoli in circol<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione: composizione m<span class=\"_ _0\"></span>erceologica<span class=\"fs9\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> titoli / Va<span class=\"_ _0\"></span>lori 31.12.2022<span class=\"_ _0\"></span> 31.12.2021 Valore di<span class=\"_ _0\"></span> bilancio Fair Value Valore di<span class=\"_ _0\"></span> bilancio Fair Value<span class=\"_ _0\"></span> Livello 1<span class=\"_ _0\"></span> Livello 2 Livello 3<span class=\"_ _0\"></span> Livello 1 Livello 2<span class=\"_ _0\"></span> Livello 3<span class=\"_ _0\"></span> A.Titoli 1. Obbliga<span class=\"_ _0\"></span>zioni 1.334 - 1.171 - 1.335 - 1.338 - 1.1 struttura<span class=\"_ _0\"></span>te - - - - - - - - 1.2 altre 1.334 - 1.171 - 1.335 - 1.338 - 2. Altri titoli<span class=\"_ _0\"></span> - - - - - - - - 2.1 struttura<span class=\"_ _0\"></span>ti - - - - - - - - 2.2 altri - - - - - - - - Totale 1.334 - 1.171 - 1.335 - 1.338 - 1.12 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli su<span class=\"_ _35\"></span>bordinati<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Al <span class=\"_ _6\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"></span>risultano <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>.334 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>competenza <span class=\"_ _5\"></span>delle <span class=\"_ _4\"> </span>imprese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assicurazione <span class=\"_ _5\"></span>completamente <span class=\"_ _5\"></span>riferibili <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>altre obbligazioni- livello 2 (fair <span class=\"_ _0\"></span>value 1.171 milioni); <span class=\"_ _0\"></span>alla fine del 2021 <span class=\"_ _0\"></span>erano pari a 1.335 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _90\"> </span>1.13 Bis Dettaglio della<span class=\"_ _0\"></span> voce \u201cTitoli in circo<span class=\"_ _0\"></span>lazione\u201d: titoli og<span class=\"_ _35\"></span>ge<span class=\"_ _3\"></span>tto di copertura spe<span class=\"_ _0\"></span>cifica<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Non si segnalano Titoli i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> circolazione ogg<span class=\"_ _0\"></span>etto di copertura spe<span class=\"_ _0\"></span>cifica riferibili a soci<span class=\"_ _0\"></span>et\u00e0 Assicurative<span class=\"_ _90\"> </span>SEZIONE 3 <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DESIGNATE AL FAIR VALUE</span>- VOCE 30 3.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie designate al fair <span class=\"_ _0\"></span>value: composizio<span class=\"_ _0\"></span>ne merceologica (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 Valore nominale Fair value Fair value (*) Valore nominale Fair value Fair value (*) Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>Livello1<span class=\"ls0\"> </span>Livello 2<span class=\"ls0\"> </span>Livello 3<span class=\"ls0\"> </span>1. Debiti verso <span class=\"_ _3\"></span>banche - - - - - - - - - - 1.1 Strutturati - - - - X - - - - X 1.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 2. Debiti verso clie<span class=\"_ _3\"></span>ntela 5 - 4 - 4 5 - 4 - 4 2.1 Strutturati 5 - 4 - X 5 - 4 - X 2.2 Altri - - - - X - - - - X di cui: - impegni a erogar<span class=\"_ _3\"></span>e fondi - X X X X - X X X X - garanzie finanzi<span class=\"_ _3\"></span>arie rilasciate<span class=\"_ _3\"></span> - X X X X - X X X X 3. Titoli di debito<span class=\"_ _3\"></span> 9.875 - 8.761 30<span class=\"ls0\"> </span>8.719 3.634 6 3.638 26<span class=\"ls0\"> </span>3.566 3.1 Strutturati 9.875 - 8.761 30<span class=\"ls0\"> </span>X 3.634 6 3.638 26<span class=\"ls0\"> </span>X 3.2 Altri - - - - X - - - - X Totale 9.880 - 8.765 30<span class=\"ls0\"> </span>8.723 3.639 6 3.642 26<span class=\"ls0\"> </span>3.570 (*) Fair value calcol<span class=\"_ _3\"></span>ato escluden<span class=\"_ _3\"></span>do le variazioni di v<span class=\"_ _3\"></span>alore dovute<span class=\"_ _3\"></span> al cambiamento <span class=\"_ _3\"></span>del merito creditizi<span class=\"_ _3\"></span>o dell'em<span class=\"_ _3\"></span>ittente ri<span class=\"_ _3\"></span>spetto alla data di<span class=\"_ _3\"></span> emissione.<span class=\"_ _3\"></span> Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>classificato <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>Debiti <span class=\"_ _7\"> </span>verso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Co<span class=\"_ _3\"></span>-Investimenti <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>3.0 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>lavoro <span class=\"_ _7\"> </span>cessati anzitempo di dipendenti di <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo<span class=\"_ _3\"></span> e l<span class=\"_ _3\"></span>e polizze vita collegate <span class=\"_ _3\"></span>ad iniziative sociali<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>Banca gestisce sulla base del fair value. La <span class=\"_ _6\"></span>sottovoce <span class=\"_ _6\"></span>3.1 <span class=\"_ _6\"></span>Titoli <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>debito <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>Strutturati <span class=\"_ _5\"></span>accoglie <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>certificates <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>prevedono <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>restituzione <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>o integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>versati<span class=\"ff4\">, <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>Comunicazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>(certificates <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>capitale </span>garantito <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>protetto). <span class=\"_ _4\"></span>Quest<span class=\"_ _0\"></span>i, <span class=\"_ _4\"></span>se <span class=\"_ _4\"> </span>emessi <span class=\"_ _4\"></span>successivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>1\u00b0 <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Passivit\u00e0 <span class=\"_ _6\"></span>finanziarie designate a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(cd. <span class=\"_ _3\"></span>Fair V<span class=\"_ _3\"></span><span class=\"ff4\">alue <span class=\"_ _2\"></span>Option), a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dell\u2019impleme<span class=\"_ _0\"></span>ntazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>improntato </span>a logiche di banking <span class=\"_ _0\"></span>book con l\u2019obiettivo di g<span class=\"_ _0\"></span>enerare una raccolt<span class=\"_ _0\"></span>a stabile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _3\"></span>certificates rappresentativi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Passivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>rilevano <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>variazioni di <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>attribuibili alle <span class=\"_ _17\"> </span>variazioni <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>proprio <span class=\"_ _17\"> </span>merito <span class=\"_ _17\"> </span>creditizio <span class=\"_ _18\"> </span>nell\u2019ambito <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Prospetto <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span><span class=\"ff1\">redditivit\u00e0 <span class=\"_ _18\"> </span>complessiva <span class=\"_ _17\"> </span>(Patrimonio <span class=\"_ _17\"> </span>netto). </span>Nell\u2019esercizio le vari<span class=\"_ _0\"></span>azioni <span class=\"ff1\">del proprio merito creditizi<span class=\"_ _0\"></span>o sono risultate negative per 47 milioni. <span class=\"ff5 fc5\"> </span></span>3.2 Dettaglio \u201cPassiv<span class=\"_ _0\"></span>it\u00e0 finanziarie designate <span class=\"_ _0\"></span>al fair value\u201d: p<span class=\"_ _0\"></span>assivit\u00e0 subordinate<span class=\"ff5\"> </span>Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subord<span class=\"_ _0\"></span>inate classificate nella voce Passivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> finanziarie designate <span class=\"_ _2\"></span>al fair value.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-137.93286px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 3 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE </span> </div><div class=\"t m0 x6e h19 y208 ff5 fs9 fc2 sc0 ls0 ws0\">DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 </div><div class=\"t m0 x0 h19 y209 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycb0 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>dettagli <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>voci <span class=\"_ _5\"></span>IAS39 <span class=\"_ _6\"></span>incluse <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>voce <span class=\"_ _6\"></span>35 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>schema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assivo <span class=\"_ _7\"> </span>riferita <span class=\"_ _5\"></span>alle </div><div class=\"t m0 x0 h2 yd36 ff1 fs0 fc0 sc0 ls0 ws0\">imprese di assicurazio<span class=\"_ _0\"></span>ne.  </div><div class=\"t m0 x0 h2 yd37 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span></div><div class=\"t m0 x0 h2 y49d ff4 fs0 fc0 sc0 ls0 ws0\">stata infatti creata la <span class=\"_ _0\"></span>\u201cVoce 35 Passivit\u00e0 fin<span class=\"_ _0\"></span>anziarie di pertine<span class=\"_ _0\"></span>nza delle imprese d<span class=\"_ _3\"></span><span class=\"ff1\">i assicurazione <span class=\"_ _0\"></span>designate al fair valu<span class=\"_ _0\"></span>e ai sensi </span></div><div class=\"t m0 x0 h34 y9 ff4 fs0 fc0 sc0 ls0 ws0\">dello IAS 39\u201d che ac<span class=\"_ _0\"></span>coglie componenti di c<span class=\"_ _0\"></span>ui al seguente schem<span class=\"_ _35\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fs12\">. </span></div><div class=\"t m0 x0 h2 y1429 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>             <span class=\"fs17 fc2\">(milioni di eur<span class=\"_ _0\"></span>o)<span class=\"fc0\"> </span></span></div></div><div class=\"c w2c4 h171\" style=\"left:-1.4449997px; bottom:710.52515px;\"><div class=\"t m0 x36 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Pass<span class=\"_ _35\"></span>ivit\u00e0 finanziarie <span class=\"_ _35\"></span>di pertinenza del<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>e imprese<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x36 h59 y1401 ff5 fs17 fc2 sc0 ls0 ws0\">di assicura<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>signate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> ai sensi <span class=\"_ _0\"></span>dello IAS 39 - <span class=\"_ _0\"></span>Voce 35 </div></div><div class=\"c w358 h171\" style=\"left:473.82202px; bottom:710.52515px;\"><div class=\"t m0 x88 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w220 h171\" style=\"left:546.557px; bottom:710.52515px;\"><div class=\"t m0 x88 h59 ye4 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w2c4 h42\" style=\"left:-1.4449997px; bottom:694.9251px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">40. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w358 h42\" style=\"left:473.82202px; bottom:694.9251px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w220 h42\" style=\"left:546.557px; bottom:694.9251px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w2c4 h173\" style=\"left:-1.4449997px; bottom:670.7451px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">50. Passi<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> valutate al fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w358 h173\" style=\"left:473.82202px; bottom:670.7451px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w220 h173\" style=\"left:546.557px; bottom:670.7451px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w2c4 h42\" style=\"left:-1.4449997px; bottom:655.14514px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">60. Deriva<span class=\"_ _0\"></span>ti di Copertur<span class=\"_ _35\"></span>a  </div></div><div class=\"c w358 h42\" style=\"left:473.82202px; bottom:655.14514px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w220 h42\" style=\"left:546.557px; bottom:655.14514px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c4 haf\" style=\"left:-1.4449997px; bottom:632.99316px;\"><div class=\"t m0 x36 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span>  Voce 35 </div></div><div class=\"c w358 haf\" style=\"left:473.82202px; bottom:632.99316px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">71.744 </div></div><div class=\"c w220 haf\" style=\"left:546.557px; bottom:632.99316px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">84.770 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-137.93286px;\"><div class=\"t m0 x0 h24 ya31 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1385 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y9dd ff5 fs0 fc2 sc0 ls0 ws0\">3.1 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie di negoziazion<span class=\"_ _0\"></span>e: composizione merceologi<span class=\"_ _0\"></span>ca<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61f ff1 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w35b h5a\" style=\"left:538.445px; bottom:575.0781px;\"><div class=\"t m0 xae h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w359 h174\" style=\"left:-3.941002px; bottom:508.77814px;\"><div class=\"t m0 x41 h8d y142d ff5 fse fc2 sc0 ls0 ws0\">Tipologia operazioni/Valori </div></div><div class=\"c w5a h42\" style=\"left:170.68799px; bottom:559.47815px;\"><div class=\"t m0 x47 h8d y7b9 ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w35c h42\" style=\"left:400.658px; bottom:559.47815px;\"><div class=\"t m0 xaa h8d y7b9 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c w35a h165\" style=\"left:170.68799px; bottom:508.77814px;\"><div class=\"t m0 xae h8d y142e ff5 fse fc2 sc0 ls29 ws0\">Valore </div><div class=\"t m0 x45 h8d yf5f ff5 fse fc2 sc0 ls2b ws0\">nominale </div><div class=\"t m0 x99 h8d y561 ff5 fse fc2 sc0 ls2b ws0\">o </div><div class=\"t m0 xab h8d yedc ff5 fse fc2 sc0 ls2b ws0\">nozionale<span class=\"ls0\"> </span></div></div><div class=\"c w35d h7e\" style=\"left:220.14001px; bottom:534.2061px;\"><div class=\"t m0 xa5 h8d ya90 ff5 fse fc2 sc0 ls2b ws0\">Fair value<span class=\"ls0\"> </span></div></div><div class=\"c w18a h165\" style=\"left:362.906px; bottom:508.77814px;\"><div class=\"t m0 x97 h8d y142e ff5 fse fc2 sc0 ls2b ws0\">Fair </div><div class=\"t m0 x1a h8d yf5f ff5 fse fc2 sc0 ls28 ws0\">value </div><div class=\"t m0 x9b h8d y561 ff5 fse fc2 sc0 ls9 ws0\">(*)<span class=\"ls0\"> </span></div></div><div class=\"c w35a h165\" style=\"left:400.658px; bottom:508.77814px;\"><div class=\"t m0 x14 h8d y142e ff5 fse fc2 sc0 ls28 ws0\">valore </div><div class=\"t m0 x45 h8d yf5f ff5 fse fc2 sc0 ls2b ws0\">nominale </div><div class=\"t m0 x99 h8d y561 ff5 fse fc2 sc0 ls2b ws0\">o </div><div class=\"t m0 xab h8d yedc ff5 fse fc2 sc0 ls2b ws0\">nozionale<span class=\"ls0\"> </span></div></div><div class=\"c w35e h7e\" style=\"left:449.48602px; bottom:534.2061px;\"><div class=\"t m0 x48 h8d ya90 ff5 fse fc2 sc0 ls2b ws0\">Fair value<span class=\"ls0\"> </span></div></div><div class=\"c w35f h165\" style=\"left:583.061px; bottom:508.77814px;\"><div class=\"t m0 x97 h8d y142e ff5 fse fc2 sc0 ls2b ws0\">Fair </div><div class=\"t m0 x1a h8d yf5f ff5 fse fc2 sc0 ls28 ws0\">value </div><div class=\"t m0 x9b h8d y561 ff5 fse fc2 sc0 ls9 ws0\">(*)<span class=\"ls0\"> </span></div></div><div class=\"c w107 h8c\" style=\"left:220.14001px; bottom:508.77814px;\"><div class=\"t m0 x1a h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w107 h8c\" style=\"left:267.72px; bottom:508.77814px;\"><div class=\"t m0 x1a h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w360 h8c\" style=\"left:315.144px; bottom:508.77814px;\"><div class=\"t m0 x1a h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w200 h8c\" style=\"left:449.48602px; bottom:508.77814px;\"><div class=\"t m0 x45 h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h8c\" style=\"left:494.765px; bottom:508.77814px;\"><div class=\"t m0 x45 h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h8c\" style=\"left:538.445px; bottom:508.77814px;\"><div class=\"t m0 x45 h2c y959 ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:493.17816px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Passivit\u00e0 per cassa<span class=\"ls0\"> </span></div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:477.57812px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1. Debiti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h42\" style=\"left:170.68799px; bottom:477.57812px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:220.14001px; bottom:477.57812px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:267.72px; bottom:477.57812px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h42\" style=\"left:315.144px; bottom:477.57812px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h42\" style=\"left:362.906px; bottom:477.57812px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35a h42\" style=\"left:400.658px; bottom:477.57812px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:449.48602px; bottom:477.57812px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:494.765px; bottom:477.57812px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:538.445px; bottom:477.57812px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h42\" style=\"left:583.061px; bottom:477.57812px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:461.97815px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2. Debiti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h42\" style=\"left:170.68799px; bottom:461.97815px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:220.14001px; bottom:461.97815px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:267.72px; bottom:461.97815px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h42\" style=\"left:315.144px; bottom:461.97815px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h42\" style=\"left:362.906px; bottom:461.97815px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35a h42\" style=\"left:400.658px; bottom:461.97815px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:449.48602px; bottom:461.97815px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:494.765px; bottom:461.97815px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:538.445px; bottom:461.97815px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h42\" style=\"left:583.061px; bottom:461.97815px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:446.3781px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">3. Titoli di debito </div></div><div class=\"c w35a h42\" style=\"left:170.68799px; bottom:446.3781px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:220.14001px; bottom:446.3781px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:267.72px; bottom:446.3781px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h42\" style=\"left:315.144px; bottom:446.3781px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h42\" style=\"left:362.906px; bottom:446.3781px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h42\" style=\"left:400.658px; bottom:446.3781px;\"><div class=\"t m0 xd9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h42\" style=\"left:449.48602px; bottom:446.3781px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:494.765px; bottom:446.3781px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:538.445px; bottom:446.3781px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h42\" style=\"left:583.061px; bottom:446.3781px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h18\" style=\"left:-3.941002px; bottom:432.80615px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.1 <span class=\"ls27\">Obbligazioni<span class=\"ls0\"> </span></span></div></div><div class=\"c w35a h18\" style=\"left:170.68799px; bottom:432.80615px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:220.14001px; bottom:432.80615px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:267.72px; bottom:432.80615px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h18\" style=\"left:315.144px; bottom:432.80615px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h18\" style=\"left:362.906px; bottom:432.80615px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h18\" style=\"left:400.658px; bottom:432.80615px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h18\" style=\"left:449.48602px; bottom:432.80615px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:494.765px; bottom:432.80615px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:538.445px; bottom:432.80615px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h18\" style=\"left:583.061px; bottom:432.80615px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:419.07812px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">3.1.1 Strutturate<span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:419.07812px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:419.07812px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:419.07812px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:419.07812px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:419.07812px;\"><div class=\"t m0 x9a h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:419.07812px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:419.07812px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:419.07812px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:419.07812px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:419.07812px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 h18\" style=\"left:-3.941002px; bottom:405.50616px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">3.1.2 Altre obbligazioni<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h18\" style=\"left:170.68799px; bottom:405.50616px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:220.14001px; bottom:405.50616px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:267.72px; bottom:405.50616px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h18\" style=\"left:315.144px; bottom:405.50616px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h18\" style=\"left:362.906px; bottom:405.50616px;\"><div class=\"t m0 x9a h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h18\" style=\"left:400.658px; bottom:405.50616px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h18\" style=\"left:449.48602px; bottom:405.50616px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:494.765px; bottom:405.50616px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:538.445px; bottom:405.50616px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h18\" style=\"left:583.061px; bottom:405.50616px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:391.77814px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.2 Altri titoli<span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:391.77814px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:391.77814px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:391.77814px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:391.77814px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:391.77814px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:391.77814px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:391.77814px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:391.77814px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:391.77814px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:391.77814px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h27\" style=\"left:-3.941002px; bottom:378.1801px;\"><div class=\"t m0 x86 h97 y1431 ff2 fse fc2 sc0 ls28 ws0\">3.2.1 Strutturati<span class=\"ls0\"> </span></div></div><div class=\"c w35a h27\" style=\"left:170.68799px; bottom:378.1801px;\"><div class=\"t m0 xd9 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h27\" style=\"left:220.14001px; bottom:378.1801px;\"><div class=\"t m0 x99 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h27\" style=\"left:267.72px; bottom:378.1801px;\"><div class=\"t m0 x99 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h27\" style=\"left:315.144px; bottom:378.1801px;\"><div class=\"t m0 x99 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h27\" style=\"left:362.906px; bottom:378.1801px;\"><div class=\"t m0 x9a h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h27\" style=\"left:400.658px; bottom:378.1801px;\"><div class=\"t m0 xd9 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h27\" style=\"left:449.48602px; bottom:378.1801px;\"><div class=\"t m0 xb8 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h27\" style=\"left:494.765px; bottom:378.1801px;\"><div class=\"t m0 xb8 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h27\" style=\"left:538.445px; bottom:378.1801px;\"><div class=\"t m0 xb8 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h27\" style=\"left:583.061px; bottom:378.1801px;\"><div class=\"t m0 x86 h97 y1431 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:364.45215px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">3.2.2 Altri<span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:364.45215px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:364.45215px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:364.45215px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:364.45215px;\"><div class=\"t m0 x99 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:364.45215px;\"><div class=\"t m0 x9a h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:364.45215px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:364.45215px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:364.45215px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:364.45215px;\"><div class=\"t m0 xb8 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:364.45215px;\"><div class=\"t m0 x86 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 h47\" style=\"left:-3.941002px; bottom:344.95215px;\"><div class=\"t m0 x41 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w35a h47\" style=\"left:170.68799px; bottom:344.95215px;\"><div class=\"t m0 xd9 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h47\" style=\"left:220.14001px; bottom:344.95215px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h47\" style=\"left:267.72px; bottom:344.95215px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h47\" style=\"left:315.144px; bottom:344.95215px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h47\" style=\"left:362.906px; bottom:344.95215px;\"><div class=\"t m0 x86 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35a h47\" style=\"left:400.658px; bottom:344.95215px;\"><div class=\"t m0 xd9 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w200 h47\" style=\"left:449.48602px; bottom:344.95215px;\"><div class=\"t m0 xb8 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h47\" style=\"left:494.765px; bottom:344.95215px;\"><div class=\"t m0 xb8 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h47\" style=\"left:538.445px; bottom:344.95215px;\"><div class=\"t m0 xb8 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h47\" style=\"left:583.061px; bottom:344.95215px;\"><div class=\"t m0 x86 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:329.35214px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">B. Strumenti derivati<span class=\"ls0\"> </span></div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:313.75214px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1. Derivati finanziari<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h42\" style=\"left:170.68799px; bottom:313.75214px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h42\" style=\"left:220.14001px; bottom:313.75214px;\"><div class=\"t m0 xf h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w107 h42\" style=\"left:267.72px; bottom:313.75214px;\"><div class=\"t m0 xf h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w360 h42\" style=\"left:315.144px; bottom:313.75214px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h42\" style=\"left:362.906px; bottom:313.75214px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h42\" style=\"left:400.658px; bottom:313.75214px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h42\" style=\"left:449.48602px; bottom:313.75214px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:494.765px; bottom:313.75214px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h42\" style=\"left:538.445px; bottom:313.75214px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w35f h42\" style=\"left:583.061px; bottom:313.75214px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h18\" style=\"left:-3.941002px; bottom:300.18015px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h18\" style=\"left:170.68799px; bottom:300.18015px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h18\" style=\"left:220.14001px; bottom:300.18015px;\"><div class=\"t m0 xf h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w107 h18\" style=\"left:267.72px; bottom:300.18015px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h18\" style=\"left:315.144px; bottom:300.18015px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h18\" style=\"left:362.906px; bottom:300.18015px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h18\" style=\"left:400.658px; bottom:300.18015px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h18\" style=\"left:449.48602px; bottom:300.18015px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:494.765px; bottom:300.18015px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">38<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h18\" style=\"left:538.445px; bottom:300.18015px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w35f h18\" style=\"left:583.061px; bottom:300.18015px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:286.45215px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:286.45215px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:286.45215px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:286.45215px;\"><div class=\"t m0 xf h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:286.45215px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:286.45215px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:286.45215px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:286.45215px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:286.45215px;\"><div class=\"t m0 xad h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:286.45215px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:286.45215px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h18\" style=\"left:-3.941002px; bottom:272.88013px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.3 Altri<span class=\"ls0\"> </span></div></div><div class=\"c w35a h18\" style=\"left:170.68799px; bottom:272.88013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h18\" style=\"left:220.14001px; bottom:272.88013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:267.72px; bottom:272.88013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h18\" style=\"left:315.144px; bottom:272.88013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h18\" style=\"left:362.906px; bottom:272.88013px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h18\" style=\"left:400.658px; bottom:272.88013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h18\" style=\"left:449.48602px; bottom:272.88013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:494.765px; bottom:272.88013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:538.445px; bottom:272.88013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h18\" style=\"left:583.061px; bottom:272.88013px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h42\" style=\"left:-3.941002px; bottom:257.28015px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">2. Derivati creditizi<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a h42\" style=\"left:170.68799px; bottom:257.28015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h42\" style=\"left:220.14001px; bottom:257.28015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h42\" style=\"left:267.72px; bottom:257.28015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h42\" style=\"left:315.144px; bottom:257.28015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h42\" style=\"left:362.906px; bottom:257.28015px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h42\" style=\"left:400.658px; bottom:257.28015px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h42\" style=\"left:449.48602px; bottom:257.28015px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:494.765px; bottom:257.28015px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h42\" style=\"left:538.445px; bottom:257.28015px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h42\" style=\"left:583.061px; bottom:257.28015px;\"><div class=\"t m0 x9a h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:243.55212px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.1 Di negoziazione<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:243.55212px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:243.55212px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:243.55212px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:243.55212px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:243.55212px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:243.55212px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:243.55212px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:243.55212px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:243.55212px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:243.55212px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h18\" style=\"left:-3.941002px; bottom:229.98013px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.2 Connessi con la fair val<span class=\"_ _3\"></span>ue option<span class=\"ls0\"> </span></div></div><div class=\"c w35a h18\" style=\"left:170.68799px; bottom:229.98013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h18\" style=\"left:220.14001px; bottom:229.98013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 h18\" style=\"left:267.72px; bottom:229.98013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h18\" style=\"left:315.144px; bottom:229.98013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h18\" style=\"left:362.906px; bottom:229.98013px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h18\" style=\"left:400.658px; bottom:229.98013px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h18\" style=\"left:449.48602px; bottom:229.98013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:494.765px; bottom:229.98013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h18\" style=\"left:538.445px; bottom:229.98013px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h18\" style=\"left:583.061px; bottom:229.98013px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 hc3\" style=\"left:-3.941002px; bottom:216.25214px;\"><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.3 Altri<span class=\"ls0\"> </span></div></div><div class=\"c w35a hc3\" style=\"left:170.68799px; bottom:216.25214px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 hc3\" style=\"left:220.14001px; bottom:216.25214px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w107 hc3\" style=\"left:267.72px; bottom:216.25214px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hc3\" style=\"left:315.144px; bottom:216.25214px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a hc3\" style=\"left:362.906px; bottom:216.25214px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a hc3\" style=\"left:400.658px; bottom:216.25214px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 hc3\" style=\"left:449.48602px; bottom:216.25214px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:494.765px; bottom:216.25214px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hc3\" style=\"left:538.445px; bottom:216.25214px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f hc3\" style=\"left:583.061px; bottom:216.25214px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h47\" style=\"left:-3.941002px; bottom:196.75214px;\"><div class=\"t m0 x41 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w35a h47\" style=\"left:170.68799px; bottom:196.75214px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h47\" style=\"left:220.14001px; bottom:196.75214px;\"><div class=\"t m0 xf h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w107 h47\" style=\"left:267.72px; bottom:196.75214px;\"><div class=\"t m0 xf h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w360 h47\" style=\"left:315.144px; bottom:196.75214px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h47\" style=\"left:362.906px; bottom:196.75214px;\"><div class=\"t m0 x9a h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h47\" style=\"left:400.658px; bottom:196.75214px;\"><div class=\"t m0 x99 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h47\" style=\"left:449.48602px; bottom:196.75214px;\"><div class=\"t m0 xb8 h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h47\" style=\"left:494.765px; bottom:196.75214px;\"><div class=\"t m0 x86 h8d y1433 ff5 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:538.445px; bottom:196.75214px;\"><div class=\"t m0 x86 h8d y1433 ff5 fse fc2 sc0 ls28 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w35f h47\" style=\"left:583.061px; bottom:196.75214px;\"><div class=\"t m0 x9a h8d y1433 ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w359 h47\" style=\"left:-3.941002px; bottom:175.38013px;\"><div class=\"t m0 x41 h8d yeca ff5 fse fc2 sc0 ls0 ws0\">Totale (A+B) </div></div><div class=\"c w35a h47\" style=\"left:170.68799px; bottom:175.38013px;\"><div class=\"t m0 x99 h8d yeca ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w107 h47\" style=\"left:220.14001px; bottom:175.38013px;\"><div class=\"t m0 xf h8d yeca ff5 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w107 h47\" style=\"left:267.72px; bottom:175.38013px;\"><div class=\"t m0 xf h8d yeca ff5 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w360 h47\" style=\"left:315.144px; bottom:175.38013px;\"><div class=\"t m0 x99 h8d yeca ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h47\" style=\"left:362.906px; bottom:175.38013px;\"><div class=\"t m0 x9a h8d yeca ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w35a h47\" style=\"left:400.658px; bottom:175.38013px;\"><div class=\"t m0 x99 h8d yeca ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w200 h47\" style=\"left:449.48602px; bottom:175.38013px;\"><div class=\"t m0 xb8 h8d yeca ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h47\" style=\"left:494.765px; bottom:175.38013px;\"><div class=\"t m0 x86 h8d yeca ff5 fse fc2 sc0 ls28 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h47\" style=\"left:538.445px; bottom:175.38013px;\"><div class=\"t m0 x86 h8d yeca ff5 fse fc2 sc0 ls28 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w35f h47\" style=\"left:583.061px; bottom:175.38013px;\"><div class=\"t m0 x9a h8d yeca ff5 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1c h5b\" style=\"left:-3.941002px; bottom:156.97214px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(*) Fair value calcolato <span class=\"ls0\">escludendo le v<span class=\"_ _3\"></span>ariazioni di valore dovute al ca<span class=\"_ _3\"></span>mbiamento del merito creditizio d<span class=\"_ _3\"></span>ell'emittente rispetto alla <span class=\"_ _3\"></span>data di emissione<span class=\"_ _3\"></span>. </span></div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-137.93286px;\"><div class=\"t m0 x0 h61 y822 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yf56 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yf57 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yb28 ff6 fs0 fc2 sc0 ls0 ws0\">3.2 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: passivit\u00e0 subordinat<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h24 yb29 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb2a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>le <span class=\"_ _6\"></span>Passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione: <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>subordinate, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Imprese <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y97 ff1 fs0 fc0 sc0 ls0 ws0\">Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022. </div><div class=\"t m0 xc8 h2 yb2b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xc8 h2 y1435 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yb2d ff6 fs0 fc2 sc0 ls0 ws0\">3.3 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie di negoziazione<span class=\"_ _0\"></span>\u201d: debiti strutturati<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y1ca ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y23f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _16\"> </span>riguarda <span class=\"_ _7\"> </span>le  Passivit\u00e0 <span class=\"_ _7\"> </span>finanziarie <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>negoziazione: <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ebiti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturati, <span class=\"_ _7\"> </span>non  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rilevano <span class=\"_ _16\"> </span>importi <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>Imprese <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 yb2f ff1 fs0 fc0 sc0 ls0 ws0\">Assicurazione al 31 <span class=\"_ _0\"></span>dicembre 2022.<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h34 y303 ff1 fs12 fc0 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-387.39886px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.4 Bis Passivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valutate <span class=\"_ _0\"></span>al fair value: compo<span class=\"_ _0\"></span>sizione merceologica  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w364 h8a\" style=\"left:533.1876px; bottom:580.5551px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w361 h7f\" style=\"left:-4.050377px; bottom:522.0551px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia operazio<span class=\"_ _3\"></span>ne/Valori<span class=\"_ _3\"></span> </div></div><div class=\"c w32 h47\" style=\"left:161.02362px; bottom:561.0551px;\"><div class=\"t m0 x47 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w3e h47\" style=\"left:394.30862px; bottom:561.0551px;\"><div class=\"t m0 x8d ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w1fb h5f\" style=\"left:161.02362px; bottom:522.0551px;\"><div class=\"t m0 xa1 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x41 ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">nominale </div></div><div class=\"c w365 h47\" style=\"left:210.9826px; bottom:541.5551px;\"><div class=\"t m0 x43 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w28f h5f\" style=\"left:352.18863px; bottom:522.0551px;\"><div class=\"t m0 x14 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Fair </div><div class=\"t m0 x12 ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">value </div><div class=\"t m0 x9a ha y6ea ff5 fs4 fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w34 h5f\" style=\"left:394.30862px; bottom:522.0551px;\"><div class=\"t m0 xa1 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x41 ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">nominale </div></div><div class=\"c w258 h47\" style=\"left:443.2926px; bottom:541.5551px;\"><div class=\"t m0 x48 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w366 h5f\" style=\"left:577.9596px; bottom:522.0551px;\"><div class=\"t m0 x14 ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">Fair </div><div class=\"t m0 x12 ha y886 ff5 fs4 fc2 sc0 ls0 ws0\">value </div><div class=\"t m0 x9a ha y6ea ff5 fs4 fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w5f h47\" style=\"left:210.9826px; bottom:522.0551px;\"><div class=\"t m0 x1a h2c y1433 ff1 fse fc2 sc0 ls28 ws0\">Livello 1<span class=\"ls0\"> </span></div></div><div class=\"c w4f h47\" style=\"left:258.09464px; bottom:522.0551px;\"><div class=\"t m0 x1a h2c y1433 ff1 fse fc2 sc0 ls28 ws0\">Livello 2<span class=\"ls0\"> </span></div></div><div class=\"c w367 h47\" style=\"left:304.27063px; bottom:522.0551px;\"><div class=\"t m0 x1a h2c y1433 ff1 fse fc2 sc0 ls28 ws0\">Livello 3<span class=\"ls0\"> </span></div></div><div class=\"c w362 h47\" style=\"left:443.2926px; bottom:522.0551px;\"><div class=\"t m0 x8 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w363 h47\" style=\"left:488.37665px; bottom:522.0551px;\"><div class=\"t m0 x8 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w362 h47\" style=\"left:533.1876px; bottom:522.0551px;\"><div class=\"t m0 x8 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w361 h47\" style=\"left:-4.050377px; bottom:502.5551px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1. Debiti verso <span class=\"_ _3\"></span>banche </div></div><div class=\"c w1fb h47\" style=\"left:161.02362px; bottom:502.5551px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h47\" style=\"left:210.9826px; bottom:502.5551px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h47\" style=\"left:258.09464px; bottom:502.5551px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h47\" style=\"left:304.27063px; bottom:502.5551px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:352.18863px; bottom:502.5551px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h47\" style=\"left:394.30862px; bottom:502.5551px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h47\" style=\"left:443.2926px; bottom:502.5551px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h47\" style=\"left:488.37665px; bottom:502.5551px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h47\" style=\"left:533.1876px; bottom:502.5551px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h47\" style=\"left:577.9596px; bottom:502.5551px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w361 h41\" style=\"left:-4.050377px; bottom:486.01917px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Strutturati </div></div><div class=\"c w1fb h41\" style=\"left:161.02362px; bottom:486.01917px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h41\" style=\"left:210.9826px; bottom:486.01917px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h41\" style=\"left:258.09464px; bottom:486.01917px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h41\" style=\"left:304.27063px; bottom:486.01917px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:352.18863px; bottom:486.01917px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h41\" style=\"left:394.30862px; bottom:486.01917px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:443.2926px; bottom:486.01917px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h41\" style=\"left:488.37665px; bottom:486.01917px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:533.1876px; bottom:486.01917px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h41\" style=\"left:577.9596px; bottom:486.01917px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h41\" style=\"left:-4.050377px; bottom:469.48315px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Altri </div></div><div class=\"c w1fb h41\" style=\"left:161.02362px; bottom:469.48315px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h41\" style=\"left:210.9826px; bottom:469.48315px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h41\" style=\"left:258.09464px; bottom:469.48315px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h41\" style=\"left:304.27063px; bottom:469.48315px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:352.18863px; bottom:469.48315px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h41\" style=\"left:394.30862px; bottom:469.48315px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:443.2926px; bottom:469.48315px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h41\" style=\"left:488.37665px; bottom:469.48315px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:533.1876px; bottom:469.48315px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h41\" style=\"left:577.9596px; bottom:469.48315px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h47\" style=\"left:-4.050377px; bottom:449.98315px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2. Debiti verso clie<span class=\"_ _3\"></span>ntela </div></div><div class=\"c w1fb h47\" style=\"left:161.02362px; bottom:449.98315px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w5f h47\" style=\"left:210.9826px; bottom:449.98315px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h47\" style=\"left:258.09464px; bottom:449.98315px;\"><div class=\"t m0 x6 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w367 h47\" style=\"left:304.27063px; bottom:449.98315px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:352.18863px; bottom:449.98315px;\"><div class=\"t m0 xdd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">79.141 </div></div><div class=\"c w34 h47\" style=\"left:394.30862px; bottom:449.98315px;\"><div class=\"t m0 xa1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h47\" style=\"left:443.2926px; bottom:449.98315px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h47\" style=\"left:488.37665px; bottom:449.98315px;\"><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h47\" style=\"left:533.1876px; bottom:449.98315px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h47\" style=\"left:577.9596px; bottom:449.98315px;\"><div class=\"t m0 xdd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">85.269 </div></div><div class=\"c w361 h6a\" style=\"left:-4.050377px; bottom:433.29114px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.1 Strutturati </div></div><div class=\"c w1fb h6a\" style=\"left:161.02362px; bottom:433.29114px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h6a\" style=\"left:210.9826px; bottom:433.29114px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h6a\" style=\"left:258.09464px; bottom:433.29114px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h6a\" style=\"left:304.27063px; bottom:433.29114px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h6a\" style=\"left:352.18863px; bottom:433.29114px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h6a\" style=\"left:394.30862px; bottom:433.29114px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h6a\" style=\"left:443.2926px; bottom:433.29114px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h6a\" style=\"left:488.37665px; bottom:433.29114px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h6a\" style=\"left:533.1876px; bottom:433.29114px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h6a\" style=\"left:577.9596px; bottom:433.29114px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h41\" style=\"left:-4.050377px; bottom:416.75513px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.2 Altri </div></div><div class=\"c w1fb h41\" style=\"left:161.02362px; bottom:416.75513px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w5f h41\" style=\"left:210.9826px; bottom:416.75513px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h41\" style=\"left:258.09464px; bottom:416.75513px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w367 h41\" style=\"left:304.27063px; bottom:416.75513px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:352.18863px; bottom:416.75513px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h41\" style=\"left:394.30862px; bottom:416.75513px;\"><div class=\"t m0 xa1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h41\" style=\"left:443.2926px; bottom:416.75513px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h41\" style=\"left:488.37665px; bottom:416.75513px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h41\" style=\"left:533.1876px; bottom:416.75513px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h41\" style=\"left:577.9596px; bottom:416.75513px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h47\" style=\"left:-4.050377px; bottom:397.25513px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w1fb h47\" style=\"left:161.02362px; bottom:397.25513px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h47\" style=\"left:210.9826px; bottom:397.25513px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h47\" style=\"left:258.09464px; bottom:397.25513px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h47\" style=\"left:304.27063px; bottom:397.25513px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h47\" style=\"left:352.18863px; bottom:397.25513px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h47\" style=\"left:394.30862px; bottom:397.25513px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h47\" style=\"left:443.2926px; bottom:397.25513px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h47\" style=\"left:488.37665px; bottom:397.25513px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h47\" style=\"left:533.1876px; bottom:397.25513px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h47\" style=\"left:577.9596px; bottom:397.25513px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w361 h41\" style=\"left:-4.050377px; bottom:380.71912px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.1 Strutturati </div></div><div class=\"c w1fb h41\" style=\"left:161.02362px; bottom:380.71912px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h41\" style=\"left:210.9826px; bottom:380.71912px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h41\" style=\"left:258.09464px; bottom:380.71912px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h41\" style=\"left:304.27063px; bottom:380.71912px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:352.18863px; bottom:380.71912px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h41\" style=\"left:394.30862px; bottom:380.71912px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:443.2926px; bottom:380.71912px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h41\" style=\"left:488.37665px; bottom:380.71912px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:533.1876px; bottom:380.71912px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h41\" style=\"left:577.9596px; bottom:380.71912px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h41\" style=\"left:-4.050377px; bottom:364.1831px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.2 Altri </div></div><div class=\"c w1fb h41\" style=\"left:161.02362px; bottom:364.1831px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f h41\" style=\"left:210.9826px; bottom:364.1831px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h41\" style=\"left:258.09464px; bottom:364.1831px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w367 h41\" style=\"left:304.27063px; bottom:364.1831px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h41\" style=\"left:352.18863px; bottom:364.1831px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w34 h41\" style=\"left:394.30862px; bottom:364.1831px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:443.2926px; bottom:364.1831px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h41\" style=\"left:488.37665px; bottom:364.1831px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w362 h41\" style=\"left:533.1876px; bottom:364.1831px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h41\" style=\"left:577.9596px; bottom:364.1831px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w361 h5e\" style=\"left:-4.050377px; bottom:344.64417px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1fb h5e\" style=\"left:161.02362px; bottom:344.64417px;\"><div class=\"t m0 xa1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w5f h5e\" style=\"left:210.9826px; bottom:344.64417px;\"><div class=\"t m0 x99 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f h5e\" style=\"left:258.09464px; bottom:344.64417px;\"><div class=\"t m0 x6 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">71.565 </div></div><div class=\"c w367 h5e\" style=\"left:304.27063px; bottom:344.64417px;\"><div class=\"t m0 x99 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28f h5e\" style=\"left:352.18863px; bottom:344.64417px;\"><div class=\"t m0 xdd ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">79.141 </div></div><div class=\"c w34 h5e\" style=\"left:394.30862px; bottom:344.64417px;\"><div class=\"t m0 xa1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h5e\" style=\"left:443.2926px; bottom:344.64417px;\"><div class=\"t m0 xb8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w363 h5e\" style=\"left:488.37665px; bottom:344.64417px;\"><div class=\"t m0 x87 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">84.667 </div></div><div class=\"c w362 h5e\" style=\"left:533.1876px; bottom:344.64417px;\"><div class=\"t m0 xb8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w366 h5e\" style=\"left:577.9596px; bottom:344.64417px;\"><div class=\"t m0 xdd ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">85.269 </div></div><div class=\"c w1c hb5\" style=\"left:-4.050377px; bottom:316.25214px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-387.39886px;\"><div class=\"t m0 x0 h61 yf84 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1e2 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yb5 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y994 ff6 fs0 fc2 sc0 ls0 ws0\">3.5 Bis Dettaglio d<span class=\"_ _0\"></span>ella voce \u201cPassivit\u00e0 finan<span class=\"_ _0\"></span>ziarie valutate al fair <span class=\"_ _0\"></span>value\u201d: <span class=\"_ _3\"></span><span class=\"ff5\">passivit\u00e0 subordinate<span class=\"fs9\"> </span></span></div><div class=\"t m0 x0 h2 yb09 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y143a ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnalano <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>subordinate <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>voce <span class=\"_ _7\"> </span>\u201cPassivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _7\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair </div><div class=\"t m0 x0 h34 ye9d ff4 fs0 fc0 sc0 ls0 ws0\">value\u201d.<span class=\"_ _90\"> </span><span class=\"ff1 fs12\"> </span></div><div class=\"t m0 x0 h19 ya4c ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1136 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yb0b ff5 fs0 fc2 sc0 ls0 ws0\">3.6 Bis Derivati di cope<span class=\"_ _0\"></span>rtura: composizione p<span class=\"_ _0\"></span>er tipologia di co<span class=\"_ _0\"></span>pertura e per livelli gerar<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>hici<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1371 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1e8 h64\" style=\"left:499.80365px; bottom:178.19214px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w33d h8c\" style=\"left:132.78761px; bottom:152.76416px;\"><div class=\"t m0 x1a ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w36a h8c\" style=\"left:192.2626px; bottom:152.76416px;\"><div class=\"t m0 xe ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w369 h8c\" style=\"left:307.70264px; bottom:152.76416px;\"><div class=\"t m0 xb8 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x95 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w89 h8c\" style=\"left:377.46063px; bottom:152.76416px;\"><div class=\"t m0 x12 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Fair value </div></div><div class=\"c w36b h8c\" style=\"left:438.4566px; bottom:152.76416px;\"><div class=\"t m0 xf ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w47 h8c\" style=\"left:560.1756px; bottom:152.76416px;\"><div class=\"t m0 x96 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x12 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">nozionale </div></div><div class=\"c w33d h47\" style=\"left:132.78761px; bottom:133.26416px;\"><div class=\"t m0 x14 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c we5 h47\" style=\"left:192.2626px; bottom:133.26416px;\"><div class=\"t m0 x14 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w1df h47\" style=\"left:251.23062px; bottom:133.26416px;\"><div class=\"t m0 x14 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w369 h47\" style=\"left:307.70264px; bottom:133.26416px;\"><div class=\"t m0 xae ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w89 h47\" style=\"left:377.46063px; bottom:133.26416px;\"><div class=\"t m0 x95 hb y76b ff1 fs4 fc2 sc0 ls0 ws0\">Livello 1 </div></div><div class=\"c w8a h47\" style=\"left:438.4566px; bottom:133.26416px;\"><div class=\"t m0 x95 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 2 </div></div><div class=\"c w89 h47\" style=\"left:499.80365px; bottom:133.26416px;\"><div class=\"t m0 x95 hb y96e ff1 fs4 fc2 sc0 ls0 ws0\">Livello 3 </div></div><div class=\"c w47 h47\" style=\"left:560.1756px; bottom:133.26416px;\"><div class=\"t m0 xdd ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w368 h69\" style=\"left:-4.050377px; bottom:116.70215px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A) Derivati finan<span class=\"_ _3\"></span>ziari </div></div><div class=\"c w33d h69\" style=\"left:132.78761px; bottom:116.70215px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h69\" style=\"left:192.2626px; bottom:116.70215px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w1df h69\" style=\"left:251.23062px; bottom:116.70215px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h69\" style=\"left:307.70264px; bottom:116.70215px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.241 </div></div><div class=\"c w89 h69\" style=\"left:377.46063px; bottom:116.70215px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h69\" style=\"left:438.4566px; bottom:116.70215px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h69\" style=\"left:499.80365px; bottom:116.70215px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h69\" style=\"left:560.1756px; bottom:116.70215px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h41\" style=\"left:-4.050377px; bottom:100.16614px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) fair value </div></div><div class=\"c w33d h41\" style=\"left:132.78761px; bottom:100.16614px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h41\" style=\"left:192.2626px; bottom:100.16614px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1df h41\" style=\"left:251.23062px; bottom:100.16614px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h41\" style=\"left:307.70264px; bottom:100.16614px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:377.46063px; bottom:100.16614px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h41\" style=\"left:438.4566px; bottom:100.16614px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:100.16614px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:100.16614px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h41\" style=\"left:-4.050377px; bottom:83.63013px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c w33d h41\" style=\"left:132.78761px; bottom:83.63013px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h41\" style=\"left:192.2626px; bottom:83.63013px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w1df h41\" style=\"left:251.23062px; bottom:83.63013px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h41\" style=\"left:307.70264px; bottom:83.63013px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.241 </div></div><div class=\"c w89 h41\" style=\"left:377.46063px; bottom:83.63013px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h41\" style=\"left:438.4566px; bottom:83.63013px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:83.63013px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:83.63013px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h6a\" style=\"left:-4.050377px; bottom:66.93814px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3) investimenti est<span class=\"_ _3\"></span>eri </div></div><div class=\"c w33d h6a\" style=\"left:132.78761px; bottom:66.93814px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h6a\" style=\"left:192.2626px; bottom:66.93814px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1df h6a\" style=\"left:251.23062px; bottom:66.93814px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h6a\" style=\"left:307.70264px; bottom:66.93814px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h6a\" style=\"left:377.46063px; bottom:66.93814px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h6a\" style=\"left:438.4566px; bottom:66.93814px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h6a\" style=\"left:499.80365px; bottom:66.93814px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h6a\" style=\"left:560.1756px; bottom:66.93814px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h47\" style=\"left:-4.050377px; bottom:47.43814px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B) Derivati creditizi<span class=\"_ _3\"></span> </div></div><div class=\"c w33d h47\" style=\"left:132.78761px; bottom:47.43814px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h47\" style=\"left:192.2626px; bottom:47.43814px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1df h47\" style=\"left:251.23062px; bottom:47.43814px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h47\" style=\"left:307.70264px; bottom:47.43814px;\"><div class=\"t m0 x4a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h47\" style=\"left:377.46063px; bottom:47.43814px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h47\" style=\"left:438.4566px; bottom:47.43814px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h47\" style=\"left:499.80365px; bottom:47.43814px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h47\" style=\"left:560.1756px; bottom:47.43814px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h41\" style=\"left:-4.050377px; bottom:30.90213px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1) fair value </div></div><div class=\"c w33d h41\" style=\"left:132.78761px; bottom:30.90213px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h41\" style=\"left:192.2626px; bottom:30.90213px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1df h41\" style=\"left:251.23062px; bottom:30.90213px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h41\" style=\"left:307.70264px; bottom:30.90213px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:377.46063px; bottom:30.90213px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h41\" style=\"left:438.4566px; bottom:30.90213px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:30.90213px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:30.90213px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h41\" style=\"left:-4.050377px; bottom:14.36615px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2) flussi finanziari<span class=\"_ _3\"></span> </div></div><div class=\"c w33d h41\" style=\"left:132.78761px; bottom:14.36615px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h41\" style=\"left:192.2626px; bottom:14.36615px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1df h41\" style=\"left:251.23062px; bottom:14.36615px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h41\" style=\"left:307.70264px; bottom:14.36615px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:377.46063px; bottom:14.36615px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h41\" style=\"left:438.4566px; bottom:14.36615px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h41\" style=\"left:499.80365px; bottom:14.36615px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h41\" style=\"left:560.1756px; bottom:14.36615px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w368 h42\" style=\"left:-4.050377px; bottom:-1.2338562px;\"><div class=\"t m0 x41 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w33d h42\" style=\"left:132.78761px; bottom:-1.2338562px;\"><div class=\"t m0 xa ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c we5 h42\" style=\"left:192.2626px; bottom:-1.2338562px;\"><div class=\"t m0 xf ha y9f7 ff5 fs4 fc2 sc0 ls1b ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w1df h42\" style=\"left:251.23062px; bottom:-1.2338562px;\"><div class=\"t m0 xa ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w369 h42\" style=\"left:307.70264px; bottom:-1.2338562px;\"><div class=\"t m0 xd9 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">1.241 </div></div><div class=\"c w89 h42\" style=\"left:377.46063px; bottom:-1.2338562px;\"><div class=\"t m0 xd5 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w8a h42\" style=\"left:438.4566px; bottom:-1.2338562px;\"><div class=\"t m0 xd5 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w89 h42\" style=\"left:499.80365px; bottom:-1.2338562px;\"><div class=\"t m0 xd5 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:560.1756px; bottom:-1.2338562px;\"><div class=\"t m0 xd5 ha y9f7 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-691.01135px;\"><div class=\"t m0 x0 h19 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3.7 Bis Derivati di copertur<span class=\"_ _0\"></span>a: composizione per por<span class=\"_ _0\"></span>tafogli coperti e p<span class=\"_ _0\"></span>er tipologie di copertu<span class=\"_ _35\"></span>ra<span class=\"_ _3\"></span><span class=\"fs9\"> </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w36f h5c\" style=\"left:516.9636px; bottom:278.97064px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w36c h8c\" style=\"left:-4.050377px; bottom:253.54266px;\"><div class=\"t m0 x41 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">Operazioni/Tipo <span class=\"_ _3\"></span>di copertura<span class=\"_ _3\"></span> </div></div><div class=\"c w370 h8c\" style=\"left:203.4946px; bottom:253.54266px;\"><div class=\"t m0 x13f ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">FAIR VALUE<span class=\"_ _3\"></span> </div></div><div class=\"c w305 h8c\" style=\"left:468.25262px; bottom:253.54266px;\"><div class=\"t m0 x41 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">FLUSSI FINANZIARI<span class=\"_ _3\"></span> </div></div><div class=\"c w9f h8c\" style=\"left:565.3236px; bottom:253.54266px;\"><div class=\"t m0 x41 ha y1265 ff5 fs4 fc2 sc0 ls0 ws0\">INVESTIM. </div><div class=\"t m0 x97 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">ESTERI </div></div><div class=\"c w371 h47\" style=\"left:203.4946px; bottom:234.04266px;\"><div class=\"t m0 xaa ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Specifica </div></div><div class=\"c w27a h47\" style=\"left:419.73663px; bottom:234.04266px;\"><div class=\"t m0 x41 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Generica </div></div><div class=\"c w1fb h47\" style=\"left:468.25262px; bottom:234.04266px;\"><div class=\"t m0 x41 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Specifica </div></div><div class=\"c w71 h47\" style=\"left:516.9636px; bottom:234.04266px;\"><div class=\"t m0 x41 ha y76b ff5 fs4 fc2 sc0 ls0 ws0\">Generica </div></div><div class=\"c w36d h5f\" style=\"left:203.4946px; bottom:195.04266px;\"><div class=\"t m0 x45 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio </div><div class=\"t m0 x8 hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">di tasso </div></div><div class=\"c w36d h5f\" style=\"left:245.61462px; bottom:195.04266px;\"><div class=\"t m0 x45 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio </div><div class=\"t m0 xd1 hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 xdd hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">cambio </div></div><div class=\"c w36e h5f\" style=\"left:289.45062px; bottom:195.04266px;\"><div class=\"t m0 x45 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio </div><div class=\"t m0 xd1 hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x1a hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c wa4 h5f\" style=\"left:333.62463px; bottom:195.04266px;\"><div class=\"t m0 x45 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio </div><div class=\"t m0 xd1 hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x1a hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">prezzo </div></div><div class=\"c wa5 h5f\" style=\"left:377.46063px; bottom:195.04266px;\"><div class=\"t m0 x94 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Pi\u00f9 </div><div class=\"t m0 x97 hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">rischi </div></div><div class=\"c w36c h41\" style=\"left:-4.050377px; bottom:178.50665px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie disponibili p<span class=\"_ _3\"></span>er la vendita<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h41\" style=\"left:203.4946px; bottom:178.50665px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h41\" style=\"left:245.61462px; bottom:178.50665px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h41\" style=\"left:289.45062px; bottom:178.50665px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h41\" style=\"left:333.62463px; bottom:178.50665px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa5 h41\" style=\"left:377.46063px; bottom:178.50665px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h41\" style=\"left:419.73663px; bottom:178.50665px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h41\" style=\"left:468.25262px; bottom:178.50665px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h41\" style=\"left:516.9636px; bottom:178.50665px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:178.50665px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h41\" style=\"left:-4.050377px; bottom:161.97064px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Crediti </div></div><div class=\"c w36d h41\" style=\"left:203.4946px; bottom:161.97064px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h41\" style=\"left:245.61462px; bottom:161.97064px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h41\" style=\"left:289.45062px; bottom:161.97064px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h41\" style=\"left:333.62463px; bottom:161.97064px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h41\" style=\"left:377.46063px; bottom:161.97064px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h41\" style=\"left:419.73663px; bottom:161.97064px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h41\" style=\"left:468.25262px; bottom:161.97064px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h41\" style=\"left:516.9636px; bottom:161.97064px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:161.97064px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h43\" style=\"left:-4.050377px; bottom:138.57062px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute sin<span class=\"_ _3\"></span>o alla scadenz<span class=\"_ _3\"></span>a </div></div><div class=\"c w36d h43\" style=\"left:203.4946px; bottom:138.57062px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36d h43\" style=\"left:245.61462px; bottom:138.57062px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h43\" style=\"left:289.45062px; bottom:138.57062px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h43\" style=\"left:333.62463px; bottom:138.57062px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h43\" style=\"left:377.46063px; bottom:138.57062px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h43\" style=\"left:419.73663px; bottom:138.57062px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h43\" style=\"left:468.25262px; bottom:138.57062px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h43\" style=\"left:516.9636px; bottom:138.57062px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h43\" style=\"left:565.3236px; bottom:138.57062px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h6a\" style=\"left:-4.050377px; bottom:121.87866px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h6a\" style=\"left:203.4946px; bottom:121.87866px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36d h6a\" style=\"left:245.61462px; bottom:121.87866px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36e h6a\" style=\"left:289.45062px; bottom:121.87866px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa4 h6a\" style=\"left:333.62463px; bottom:121.87866px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h6a\" style=\"left:377.46063px; bottom:121.87866px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h6a\" style=\"left:419.73663px; bottom:121.87866px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h6a\" style=\"left:468.25262px; bottom:121.87866px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h6a\" style=\"left:516.9636px; bottom:121.87866px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h6a\" style=\"left:565.3236px; bottom:121.87866px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h41\" style=\"left:-4.050377px; bottom:105.34265px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5. Altre operazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h41\" style=\"left:203.4946px; bottom:105.34265px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h41\" style=\"left:245.61462px; bottom:105.34265px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h41\" style=\"left:289.45062px; bottom:105.34265px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h41\" style=\"left:333.62463px; bottom:105.34265px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa5 h41\" style=\"left:377.46063px; bottom:105.34265px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h41\" style=\"left:419.73663px; bottom:105.34265px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h41\" style=\"left:468.25262px; bottom:105.34265px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h41\" style=\"left:516.9636px; bottom:105.34265px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:105.34265px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36c h47\" style=\"left:-4.050377px; bottom:85.84265px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h47\" style=\"left:203.4946px; bottom:85.84265px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h47\" style=\"left:245.61462px; bottom:85.84265px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h47\" style=\"left:289.45062px; bottom:85.84265px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h47\" style=\"left:333.62463px; bottom:85.84265px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa5 h47\" style=\"left:377.46063px; bottom:85.84265px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h47\" style=\"left:419.73663px; bottom:85.84265px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h47\" style=\"left:468.25262px; bottom:85.84265px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h47\" style=\"left:516.9636px; bottom:85.84265px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:85.84265px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36c h41\" style=\"left:-4.050377px; bottom:69.30664px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Passivit\u00e0 finanzi<span class=\"_ _3\"></span>arie </div></div><div class=\"c w36d h41\" style=\"left:203.4946px; bottom:69.30664px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h41\" style=\"left:245.61462px; bottom:69.30664px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h41\" style=\"left:289.45062px; bottom:69.30664px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h41\" style=\"left:333.62463px; bottom:69.30664px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h41\" style=\"left:377.46063px; bottom:69.30664px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h41\" style=\"left:419.73663px; bottom:69.30664px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h41\" style=\"left:468.25262px; bottom:69.30664px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w71 h41\" style=\"left:516.9636px; bottom:69.30664px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:69.30664px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h69\" style=\"left:-4.050377px; bottom:52.73163px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h69\" style=\"left:203.4946px; bottom:52.73163px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36d h69\" style=\"left:245.61462px; bottom:52.73163px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36e h69\" style=\"left:289.45062px; bottom:52.73163px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa4 h69\" style=\"left:333.62463px; bottom:52.73163px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h69\" style=\"left:377.46063px; bottom:52.73163px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h69\" style=\"left:419.73663px; bottom:52.73163px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h69\" style=\"left:468.25262px; bottom:52.73163px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h69\" style=\"left:516.9636px; bottom:52.73163px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h69\" style=\"left:565.3236px; bottom:52.73163px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h47\" style=\"left:-4.050377px; bottom:33.23163px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h47\" style=\"left:203.4946px; bottom:33.23163px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36d h47\" style=\"left:245.61462px; bottom:33.23163px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36e h47\" style=\"left:289.45062px; bottom:33.23163px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa4 h47\" style=\"left:333.62463px; bottom:33.23163px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa5 h47\" style=\"left:377.46063px; bottom:33.23163px;\"><div class=\"t m0 xe ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h47\" style=\"left:419.73663px; bottom:33.23163px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h47\" style=\"left:468.25262px; bottom:33.23163px;\"><div class=\"t m0 x96 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">170<span class=\"ls0\"> </span></div></div><div class=\"c w71 h47\" style=\"left:516.9636px; bottom:33.23163px;\"><div class=\"t m0 x98 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h47\" style=\"left:565.3236px; bottom:33.23163px;\"><div class=\"t m0 xa4 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w36c h6a\" style=\"left:-4.050377px; bottom:16.539673px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Transazioni attes<span class=\"_ _3\"></span>e </div></div><div class=\"c w36d h6a\" style=\"left:203.4946px; bottom:16.539673px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36d h6a\" style=\"left:245.61462px; bottom:16.539673px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36e h6a\" style=\"left:289.45062px; bottom:16.539673px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa4 h6a\" style=\"left:333.62463px; bottom:16.539673px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h6a\" style=\"left:377.46063px; bottom:16.539673px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h6a\" style=\"left:419.73663px; bottom:16.539673px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w1fb h6a\" style=\"left:468.25262px; bottom:16.539673px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h6a\" style=\"left:516.9636px; bottom:16.539673px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w9f h6a\" style=\"left:565.3236px; bottom:16.539673px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36c h41\" style=\"left:-4.050377px; bottom:0.0036621094px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2. Portafoglio di atti<span class=\"_ _3\"></span>vit\u00e0 e passivit\u00e0 fi<span class=\"_ _3\"></span>nanziarie<span class=\"_ _3\"></span> </div></div><div class=\"c w36d h41\" style=\"left:203.4946px; bottom:0.0036621094px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36d h41\" style=\"left:245.61462px; bottom:0.0036621094px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w36e h41\" style=\"left:289.45062px; bottom:0.0036621094px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa4 h41\" style=\"left:333.62463px; bottom:0.0036621094px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wa5 h41\" style=\"left:377.46063px; bottom:0.0036621094px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w27a h41\" style=\"left:419.73663px; bottom:0.0036621094px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fb h41\" style=\"left:468.25262px; bottom:0.0036621094px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w71 h41\" style=\"left:516.9636px; bottom:0.0036621094px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:565.3236px; bottom:0.0036621094px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-928": {
   "value": "1.1 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso banche<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Debiti verso <span class=\"_ _3\"></span>banche centrali<span class=\"_ _3\"></span> 98.444 X X X 134.790 X X X 2. Debiti verso <span class=\"_ _3\"></span>banche  39.038 X X X 30.468 X X X 2.1 Conti correnti <span class=\"_ _3\"></span>e depositi a vis<span class=\"_ _3\"></span>ta 3.234 X X X 3.197 X X X 2.2 Depositi a sc<span class=\"_ _3\"></span>adenza 3.807 X X X 4.394 X X X 2.3 Finanziamenti<span class=\"_ _3\"></span> 18.610 X X X 18.574 X X X 2.3.1 Pronti contr<span class=\"_ _3\"></span>o termine passivi<span class=\"_ _3\"></span> 12.753 X X X 12.160 X X X 2.3.2 Altri 5.857 X X X 6.414 X X X 2.4 Debiti per imp<span class=\"_ _3\"></span>egni di riacquis<span class=\"_ _3\"></span>to di propri strume<span class=\"_ _3\"></span>nti patrimoniali - X X X 138<span class=\"ls0\"> </span>X X X 2.5 Debiti per leasi<span class=\"_ _3\"></span>ng 6 X X X 8 X X X 2.6 Altri debiti 13.381 X X X 4.157 X X X Totale 137.482 - 125.164 12.148 165.258 - 153.297 11.916 L\u2019illustrazione dei <span class=\"_ _0\"></span>criteri di determinazio<span class=\"_ _0\"></span>ne del fair value \u00e8 rip<span class=\"_ _0\"></span>ortata nella Par<span class=\"_ _0\"></span>te A <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> Politiche con<span class=\"_ _0\"></span>tabili. </span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>passivi <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>edute <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>cancellate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>dettagliate <span class=\"_ _5\"></span>nel<span class=\"_ _6\"></span>la Parte E -Sezione Operazioni<span class=\"_ _0\"></span> di cessione della N<span class=\"_ _0\"></span>ota Integrativa. All\u2019interno <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cDebiti <span class=\"_ _4\"> </span>verso <span class=\"_ _16\"> </span>Banche <span class=\"_ _4\"> </span>Centrali\u201d <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>ricompr<span class=\"_ _0\"></span>eso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>saldo <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _7\"> </span>TLTRO <span class=\"_ _7\"> </span>per complessivi 96.060 milio<span class=\"_ _0\"></span>ni, interamente as<span class=\"_ _0\"></span>crivibili all\u2019operazi<span class=\"_ _0\"></span>one TLTRO III.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>pronti <span class=\"_ _6\"></span>contro <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>passivi <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Gruppo, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposti <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>tabella <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>long <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>erm <span class=\"_ _6\"></span>repo <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>bilancio complessivo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>238<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni, <span class=\"_ _5\"></span>riconducib<span class=\"_ _0\"></span>ili <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Fideuram <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>derisking <span class=\"_ _2\"></span>perfezionate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>esercizi <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>al<span class=\"_ _5\"></span> duplice <span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziare, <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>lato, <span class=\"_ _5\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>(con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>idurre, <span class=\"_ _3\"></span>dall\u2019altro, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span></span><span class=\"ls19\">i </span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _2\"></span>titoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>(prevedendo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>finanziarie). <span class=\"_ _2\"></span>Le <span class=\"_ _6\"></span>operazioni <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>come sottostante <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>sostituibile <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Stato <span class=\"_ _5\"></span>italiani <span class=\"_ _5\"></span>(con <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>compresa <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>2033) <span class=\"_ _6\"></span>coperti <span class=\"_ _5\"></span>dal<span class=\"_ _2\"></span> rischio tasso mediante contratti interest rate<span class=\"_ _0\"></span> swap e dal rischio di <span class=\"_ _3\"></span>credito mediante contratti<span class=\"_ _0\"></span> credit default swap, gi\u00e0 pres<span class=\"_ _5\"></span>enti in bilancio <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipula d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>repo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>ammortiz<span class=\"_ _5\"></span>zato. <span class=\"_ _3\"></span>Il valore nominale dei re<span class=\"_ _0\"></span>po coincide con quello <span class=\"_ _0\"></span>dei titoli ed anche <span class=\"_ _0\"></span>la data di scad<span class=\"_ _0\"></span>enza.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>rilevazione <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>effettuata <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>finalit\u00e0 <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>complesso <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>accordi contrattuali, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>indicazioni <span class=\"_ _2\"></span>fornite <span class=\"_ _2\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>Documento <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia <span class=\"_ _2\"></span>/ <span class=\"_ _5\"></span>Consob <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>IVAS<span class=\"_ _5\"></span><span class=\"ff1 ls22\">S </span>n.6 dell\u20198 marzo 201<span class=\"_ _0\"></span>3 \u2013<span class=\"ff1\"> Trattamento </span>contabile di operazi<span class=\"_ _0\"></span>oni di \u201crepo struttura<span class=\"_ _0\"></span>ti a lungo termine\u201d.<span class=\"ff1\"> </span>L\u2019analisi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>riguardato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>struttura, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fa<span class=\"_ _6\"></span><span class=\"ff1\">ttispeci<span class=\"_ _0\"></span>e </span>descritta <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>precedenza <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>assimilabile <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tructured <span class=\"_ _3\"></span>repo <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>Documento <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>se, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini del <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>principio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>prevalenza <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>sostanza <span class=\"_ _7\"> </span>sulla <span class=\"_ _4\"> </span>forma, <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>indicatori<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _4\"> </span>B.6 <span class=\"_ _4\"> </span>dell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>Guidance <span class=\"_ _7\"> </span>on <span class=\"_ _7\"> </span>Implementing <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span>, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>quali <span class=\"_ _4\"> </span>l\u2019o<span class=\"_ _2\"></span><span class=\"ff1\">perazione <span class=\"_ _7\"> </span>posta <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _4\"> </span>potrebbe <span class=\"_ _7\"> </span>risultare <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ostanzialment<span class=\"_ _0\"></span>e </span>assimilabile a quella <span class=\"_ _0\"></span>di un contratto de<span class=\"_ _0\"></span>rivato e, in particola<span class=\"_ _0\"></span>re, ad un credit defa<span class=\"_ _0\"></span>ult swap.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>fattispecie <span class=\"_ _4\"> </span>descritta <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>rticola <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ronti <span class=\"_ _4\"> </span>contro <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>assivi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>risultano  essere <span class=\"_ _4\"> </span>contestuali <span class=\"_ _7\"> </span>alle operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessi <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>portafoglio. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>stipula <span class=\"_ _3\"></span>dei </span>relativi <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>avvenuti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>conclusi <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>epo.<span class=\"_ _0\"></span> Peraltro, anche il ris<span class=\"_ _0\"></span>chio di credito \u00e8 stat<span class=\"_ _0\"></span>o chiuso con garanzie f<span class=\"_ _0\"></span>inanziarie. Dall\u2019analisi <span class=\"_ _2\"></span>svolta <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>pertanto <span class=\"_ _2\"></span>emersi <span class=\"_ _2\"></span>elementi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>differenziazione <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>term <span class=\"_ _2\"></span>structured <span class=\"_ _2\"></span>repo <span class=\"_ _5\"></span>descri<span class=\"_ _5\"></span><span class=\"ff1\">tte </span>nel <span class=\"_ _18\"> </span>citato <span class=\"_ _18\"> </span>Doc<span class=\"ff4\">u<span class=\"_ _3\"></span>mento, <span class=\"_ _17\"> </span>a <span class=\"_ _1c\"> </span>support<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>dell\u2019inapplicabilit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>linee <span class=\"_ _18\"> </span>guida <span class=\"_ _18\"> </span>previste <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>paragrafo <span class=\"_ _18\"> </span>B.6 <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Guidance <span class=\"_ _17\"> </span>on </span>Implementing <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9, <span class=\"_ _2\"></span>conseguendo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>considerando <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>le singole componenti <span class=\"_ _0\"></span>contrattuali. 1.1 Bis Debiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>: compo<span class=\"_ _0\"></span>sizione merceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Debiti<span class=\"_ _0\"></span> verso banch<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>central<span class=\"_ _0\"></span>i - - 2. Debiti<span class=\"_ _0\"></span> verso banc<span class=\"_ _0\"></span>he 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>2.1 Conti co<span class=\"_ _0\"></span>rrenti e<span class=\"_ _0\"></span> depositi libe<span class=\"_ _0\"></span>ri 6 - 2.2 Deposi<span class=\"_ _0\"></span>ti vincola<span class=\"_ _0\"></span>ti - - 2.3 Finanzia<span class=\"_ _0\"></span>menti 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.3.1 Pronti<span class=\"_ _0\"></span> contro <span class=\"_ _0\"></span>termine pas<span class=\"_ _0\"></span>sivi - - 2.3.2 Finan<span class=\"_ _0\"></span>ziamenti p<span class=\"_ _0\"></span>er locazione<span class=\"_ _35\"></span> finanziaria - 2.3.3 Altri<span class=\"_ _0\"></span> 607<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2.4 Debiti<span class=\"_ _0\"></span> per impegni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di riacqui<span class=\"_ _0\"></span>sto di propri<span class=\"_ _35\"></span> strumenti patri<span class=\"_ _0\"></span>moniali - - 2.5 Debiti<span class=\"_ _0\"></span> per leasing<span class=\"_ _0\"></span> - 2.6 Altri deb<span class=\"_ _0\"></span>iti 16<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>TOTALE<span class=\"_ _0\"></span> (Valore di b<span class=\"_ _35\"></span>ilancio) 629<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 17<span class=\"ls0\"> </span>- Fair value<span class=\"_ _0\"></span> - livello 3 556<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r value 573<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-962": {
   "value": "1.2 Passivit\u00e0 finanzia<span class=\"_ _0\"></span>rie valutate al costo <span class=\"_ _0\"></span>ammortizzato: compo<span class=\"_ _0\"></span>sizione merceologica dei d<span class=\"_ _0\"></span>ebiti verso clientela<span class=\"_ _3\"></span> (milioni di euro)<span class=\"_ _3\"></span> Tipologia operazio<span class=\"_ _3\"></span>ni/Valori 31.12.2022 31.12.2021 Valore di bilancio Fair value Valore di bilancio Fair value Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 1. Conti correnti e <span class=\"_ _3\"></span>depositi a vist<span class=\"_ _3\"></span>a 412.667 X X X 423.335 X X X 2. Depositi a sca<span class=\"_ _3\"></span>denza  20.309 X X X 19.184 X X X 3. Finanziamen<span class=\"_ _3\"></span>ti 5.200 X X X 5.716 X X X 3.1 Pronti contro t<span class=\"_ _3\"></span>ermine passivi<span class=\"_ _3\"></span> 1.284 X X X 2.691 X X X 3.2 Altri 3.916 X X X 3.025 X X X 4. Debiti per impe<span class=\"_ _3\"></span>gni di riacquist<span class=\"_ _3\"></span>o di propri strumenti patrim<span class=\"_ _3\"></span>oniali 181<span class=\"ls0\"> </span>X X X 23<span class=\"ls0\"> </span>X X X 5. Debiti per leasin<span class=\"_ _3\"></span>g 1.309 X X X 1.379 X X X 6. Altri debiti 14.359 X X X 8.602 X X X Totale 454.025 - 435.464 18.132 458.239 - 433.309 25.130<span class=\"_ _90\"> </span>1.6 Bis Debiti verso clientela<span class=\"_ _0\"></span>: composizione mer<span class=\"_ _0\"></span>ceologica (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> operazio<span class=\"_ _0\"></span>ni/Valori 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Conti cor<span class=\"_ _0\"></span>renti e depo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti liberi<span class=\"_ _35\"></span> - - 2. Deposi<span class=\"_ _0\"></span>ti vincolati  - - 3. Finanzia<span class=\"_ _0\"></span>menti - - 3.1 Pronti <span class=\"_ _0\"></span>contro termin<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>passivi<span class=\"_ _0\"></span> - - 3.2 Finanziam<span class=\"_ _35\"></span>enti per locazione<span class=\"_ _0\"></span> finanziaria - - 3.3 Altri - - 4. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impegni <span class=\"_ _0\"></span>di riacquis<span class=\"_ _0\"></span>to di propri <span class=\"_ _0\"></span>strumenti pa<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>rimoniali 360<span class=\"ls0\"> </span>87<span class=\"ls0\"> </span>5. Debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing<span class=\"_ _0\"></span> 6 7 6. Altri debi<span class=\"_ _0\"></span>ti 221<span class=\"ls0\"> </span>94<span class=\"ls0\"> </span>Totale (va<span class=\"_ _0\"></span>lore di bil<span class=\"_ _0\"></span>ancio) 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 1 - - Fair value<span class=\"_ _0\"></span> - livello 2 452<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Fair value<span class=\"_ _0\"></span> - livello 3 135<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>Totale Fai<span class=\"_ _0\"></span>r Value 587<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>L\u2019ammontare <span class=\"_ _6\"> </span>relativo <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>voce <span class=\"_ _4\"> </span>\u201cDebiti <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>impegni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riacquisto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>propri <span class=\"_ _6\"> </span>strumenti <span class=\"_ _4\"> </span>patrimoniali\u201d <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>riferibile <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>opzioni <span class=\"_ _6\"> </span>pu<span class=\"_ _5\"></span><span class=\"ff1 ls12\">t </span>vendute, <span class=\"_ _4\"></span>aventi <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>sottostante <span class=\"_ _4\"> </span>quote <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>partecipazioni <span class=\"_ _4\"></span>consolidate <span class=\"_ _4\"></span>integralmente, <span class=\"_ _6\"></span>ascrivibili <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Put <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"> </span>Call Agreement per l\u2019acq<span class=\"_ _0\"></span>uisto del 26% di Inte<span class=\"_ _0\"></span>sa Sanpaolo RBM Salu<span class=\"_ _0\"></span>te S.p.A.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-997": {
   "value": "1.4 Dettaglio dei debiti / titoli subordinati Al 31 dicembre 2022 non si segnalano debiti subordinati verso banche e clientela. Alla data di riferimento si rilevano titoli in circolazione subordinati per 12.474 milioni, ascrivibili interamente alla Capogruppo. 1.2 Bis Dettaglio della voce \u201cDebiti verso banche\u201d: debiti subordinati Al 31 dicembre 2022 si rilevano debiti subordinati per 607 milioni, ascrivibili interamente ad Intesa Sanpaolo Vita. 1.7 Bis Dettaglio della voce \u201cDebiti verso clientela\u201d: debiti subordinati Al 31 dicembre 2022 non si segnalano Debiti verso clientela subordinati di pertinenza delle Imprese di Assicurazione.    1.12 Bis Dettaglio della voce \u201cTitoli in circolazione\u201d: titoli subordinati Al 31 dicembre 2022 risultano 1.334 milioni di competenza delle  imprese di assicurazione completamente riferibili ad altre obbligazioni- livello 2 (fair value 1.171 milioni); alla fine del 2021 erano pari a 1.335 milioni.    2.2 Dettaglio delle \"Passivit\u00e0 finanziarie di negoziazione\": passivit\u00e0 subordinate  L\u2019aggregato Passivit\u00e0 finanziarie di negoziazione include passivit\u00e0 subordinate rappresentate da Debiti verso banche per 214 milioni e Debiti verso clientela per 36 milioni. 3.2 Dettaglio \u201cPassivit\u00e0 finanziarie designate al fair value\u201d: passivit\u00e0 subordinate Al 31 dicembre 2022 il Gruppo non ha in essere passivit\u00e0 subordinate classificate nella voce Passivit\u00e0 finanziarie designate al fair value. 3.2 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate Per quanto riguarda le Passivit\u00e0 finanziarie di negoziazione: passivit\u00e0 subordinate, non si rilevano importi per le Imprese di Assicurazione al 31 dicembre 2022. 3.5 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie valutate al fair value\u201d: passivit\u00e0 subordinate Al  31  dicembre  2022  non  si  segnalano  passivit\u00e0  subordinate  classificate  nella  voce  \u201cPassivit\u00e0  finanziarie  valutate  al  fair value\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1062": {
   "value": "SEZIONE 2 \u2013 PASSIVITA\u2019 FINANZIARIE DI NEGOZIAZIONE\u2013 VOCE 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) Valore nominale o nozionale Fair value Fair value (*) Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per cassa 1. Debiti verso banche 4.729 4.240 - - 4.239 19.827 22.222 40 - 22.262 2. Debiti verso clientela  3.121 3.001 - - 3.001 - - - - - 3. Titoli di debito 3.000 - 2.779 - X 3.324 - 3.459 - X 3.1 Obbligazioni  - - - - X - - - - X 3.1.1 Strutturate  - - - - X - - - - X 3.1.2 Altre obbligazioni  - - - - X - - - - X 3.2 Altri titoli 3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.1 Strutturati  3.000 - 2.779 - X 3.324 - 3.459 - X 3.2.2 Altri - - - - X - - - - X Totale A 10.850 7.241 2.779 - 7.240 23.151 22.222 3.499 - 22.262  B. Strumenti derivati 1. Derivati finanziari X 44 35.363 142 X X 19 28.107 118 X 1.1 Di negoziazione X 44 35.343 142 X X 19 28.072 118 X 1.2 Connessi con la fair value option X - - - X X - - - X 1.3 Altri X - 20 - X X - 35 - X 2. Derivati creditizi X - 943 - X X - 2.340 1 X 2.1 Di negoziazione X - 943 - X X - 2.340 1 X 2.2 Connessi con la fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 44 36.306 142 X X 19 30.447 119 X Totale (A+B) 10.850 7.285 39.085 142 X 23.151 22.241 33.946 119 X (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. I Debiti verso banche e clientela rappresentano, per l\u2019intero ammontare, le posizioni in \u201cscoperti tecnici\u201d sui titoli. L\u2019aggregato 3.2.1 Altri Titoli \u2013 strutturati include i derivati cartolarizzati che alla scadenza prevedono la restituzione parziale o integrale dei premi versati, ai sensi della Comunicazione di Banca d\u2019Italia del 21 ottobre 2014, emessi dal Gruppo fino a tutto il 2019.  Gli strumenti derivati includono per 5.017 milioni i certificates aventi caratteristiche assimilabili a derivati finanziari in ragione della prevalenza dei rischi di mercato rispetto alla restituzione dei premi versati. Le variazioni di fair value rilevate nell\u2019esercizio per il cambiamento del proprio merito di credito sono risultate positive per 229 milioni e si riferiscono a Strumenti derivati ed a Titoli di debito - Altri titoli. I valori al 31 dicembre 2022 degli Strumenti derivati includono i risultati della compensazione contabile tra saldi lordi positivi e negativi dei derivati di copertura posti in essere con il compensatore legale LCH Ltd. in quanto soddisfano i requisiti previsti dallo IAS 32 paragrafo 42. 2.2 Dettaglio delle \"Passivit\u00e0 finanziarie di negoziazione\": passivit\u00e0 subordinate  L\u2019aggregato Passivit\u00e0 finanziarie di negoziazione include passivit\u00e0 subordinate rappresentate da Debiti verso banche per 214 milioni e Debiti verso clientela per 36 milioni. 2.3 Dettaglio delle \"Passivit\u00e0 finanziarie di negoziazione\": debiti strutturati Al 31 dicembre 2022 i debiti strutturati classificati nella voce Passivit\u00e0 finanziarie di negoziazione ammontano a 300 milioni verso clientela e 57 milioni verso banche, da riferire a debiti da scoperti tecnici su titoli obbligazionari a tasso fisso indicizzati, quale componente aggiuntiva, all\u2019inflazione. SEZIONE 3 BIS \u2013 PASSIVITA\u2019 FINANZIARIE DI PERTINENZA DELLE IMPRESE DI ASSICURAZIONE  DESIGNATE AL FAIR VALUE AI SENSI DELLO IAS 39 - VOCE 35 Si riportano di seguito i dettagli delle voci IAS39 incluse nella voce 35 di schema di Stato patrimoniale passivo  riferita alle imprese di assicurazione.  In relazione all\u2019applicazione del Deferral Approach, negli schemi consolidati previsti dalla circolare 262 della Banca d\u2019Italia, \u00e8 stata infatti creata la \u201cVoce 35 Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione designate al fair value ai sensi dello IAS 39\u201d che accoglie componenti di cui al seguente schema.                                    (milioni di euro) Composizione della voce Passivit\u00e0 finanziarie di pertinenza delle imprese  di assicurazione designate al fair value ai sensi dello IAS 39 - Voce 35 31.12.2022 31.12.2021 40. Passivit\u00e0 finanziarie di negoziazione 9 103 50. Passivit\u00e0 finanziarie valutate al fair value 71.565 84.667 60. Derivati di Copertura  170 - TOTALE  Voce 35 71.744 84.770 3.1 Bis Passivit\u00e0 finanziarie di negoziazione: composizione merceologica (milioni di euro) Tipologia operazioni/Valori 31.12.2022 31.12.2021 Valore nominale o nozionale Fair value Fair value (*) valore nominale o nozionale Fair value Fair value (*) Livello 1 Livello 2 Livello 3 Livello 1 Livello 2 Livello 3 A. Passivit\u00e0 per cassa 1. Debiti verso banche - - - - - - - - - - 2. Debiti verso clientela - - - - - - - - - - 3. Titoli di debito - - - - X - - - - X 3.1 Obbligazioni - - - - X - - - - X 3.1.1 Strutturate - - - - X - - - - - 3.1.2 Altre obbligazioni - - - - X - - - - - 3.2 Altri titoli - - - - X - - - - X 3.2.1 Strutturati - - - - X - - - - - 3.2.2 Altri - - - - X - - - - - Totale A - - - - - - - - - - B. Strumenti derivati 1. Derivati finanziari X 1 8 - X X - 42 61 X 1.1 Di negoziazione X 1 - - X X - 38 61 X 1.2 Connessi con la fair value option X - 8 - X X - 4 - X 1.3 Altri X - - - X X - - - X 2. Derivati creditizi X - - - X X - - - X 2.1 Di negoziazione X - - - X X - - - X 2.2 Connessi con la fair value option X - - - X X - - - X 2.3 Altri X - - - X X - - - X Totale B X 1 8 - X X - 42 61 X Totale (A+B) X 1 8 - X X - 42 61 X (*) Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. 3.2 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate Per quanto riguarda le Passivit\u00e0 finanziarie di negoziazione: passivit\u00e0 subordinate, non si rilevano importi per le Imprese di Assicurazione al 31 dicembre 2022. 3.3 Bis Dettaglio della voce \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: debiti strutturati Per  quanto  riguarda  le  Passivit\u00e0  finanziarie  di  negoziazione:  debiti  strutturati,  non  si  rilevano  importi  per  le  Imprese  di Assicurazione al 31 dicembre 2022. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-998": {
   "value": "SEZIONE 8 <span class=\"ff6\">\u2013</span> ALTRE PASSIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 80 8.1 Altre passivit\u00e0: comp<span class=\"_ _0\"></span>osizione   (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 3.256 Debiti ver<span class=\"_ _0\"></span>so fornitori 1.884 Partite ver<span class=\"_ _0\"></span>so l'Erario 1.340 Somme a d<span class=\"_ _0\"></span>isposizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di terzi 333<span class=\"ls0\"> </span>Somme da <span class=\"_ _0\"></span>erogare al<span class=\"_ _0\"></span> personale<span class=\"_ _0\"></span> 294<span class=\"ls0\"> </span>Debiti ver<span class=\"_ _0\"></span>so enti pre<span class=\"_ _0\"></span>videnziali 223<span class=\"ls0\"> </span>Partite vari<span class=\"_ _0\"></span>e 3.730 TOTALE 31.12.2022<span class=\"_ _0\"></span> 11.060 TOTALE 31.12.2021<span class=\"_ _0\"></span> 15.639 La  sottovoce <span class=\"_ _1d\"> </span>\"Partite  varie\"  include  le<span class=\"_ _3\"></span>  seguenti  principali  componenti:  (i) <span class=\"_ _1d\"> </span>ratei  e <span class=\"_ _1d\"> </span>risconti  passivi  non  ricondotti  pari <span class=\"_ _1d\"> </span>a 755 milioni; (ii) debiti v<span class=\"_ _0\"></span>erso Private Banker pari <span class=\"_ _0\"></span>a 660 milioni. La sottovoce include <span class=\"_ _3\"></span>inoltre, come previsto <span class=\"_ _3\"></span>dal paragrafo 116 a) <span class=\"_ _3\"></span>dell'IFRS 15, l<span class=\"_ _3\"></span>e passivit\u00e0 derivanti da <span class=\"_ _3\"></span>contratti con clienti pari a 112 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1018": {
   "value": "SEZIONE 8 <span class=\"ff6\">\u2013</span> ALTRE PASSIVIT\u00c0 <span class=\"ff6\">\u2013</span> VOCE 80 8.1 Altre passivit\u00e0: comp<span class=\"_ _0\"></span>osizione   (milioni di eur<span class=\"_ _35\"></span>o) Voci Partite in <span class=\"_ _0\"></span>corso di la<span class=\"_ _0\"></span>vorazione 3.256 Debiti ver<span class=\"_ _0\"></span>so fornitori 1.884 Partite ver<span class=\"_ _0\"></span>so l'Erario 1.340 Somme a d<span class=\"_ _0\"></span>isposizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di terzi 333<span class=\"ls0\"> </span>Somme da <span class=\"_ _0\"></span>erogare al<span class=\"_ _0\"></span> personale<span class=\"_ _0\"></span> 294<span class=\"ls0\"> </span>Debiti ver<span class=\"_ _0\"></span>so enti pre<span class=\"_ _0\"></span>videnziali 223<span class=\"ls0\"> </span>Partite vari<span class=\"_ _0\"></span>e 3.730 TOTALE 31.12.2022<span class=\"_ _0\"></span> 11.060 TOTALE 31.12.2021<span class=\"_ _0\"></span> 15.639 La  sottovoce <span class=\"_ _1d\"> </span>\"Partite  varie\"  include  le<span class=\"_ _3\"></span>  seguenti  principali  componenti:  (i) <span class=\"_ _1d\"> </span>ratei  e <span class=\"_ _1d\"> </span>risconti  passivi  non  ricondotti  pari <span class=\"_ _1d\"> </span>a 755 milioni; (ii) debiti v<span class=\"_ _0\"></span>erso Private Banker pari <span class=\"_ _0\"></span>a 660 milioni. La sottovoce include <span class=\"_ _3\"></span>inoltre, come previsto <span class=\"_ _3\"></span>dal paragrafo 116 a) <span class=\"_ _3\"></span>dell'IFRS 15, l<span class=\"_ _3\"></span>e passivit\u00e0 derivanti da <span class=\"_ _3\"></span>contratti con clienti pari a 112 milioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-999": {
   "value": "SEZIONE 9 <span class=\"ff6\">\u2013</span> TRATTAMENTO DI FINE RAPPORTO DEL PERSONALE <span class=\"ff6\">\u2013</span> VOCE 90 9.1 Trattamento di fine<span class=\"_ _0\"></span> rapporto del persona<span class=\"_ _0\"></span>le: variazioni annue (milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li 1.099 1.200 B. Aument<span class=\"_ _0\"></span>i 117<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>B.1 Accan<span class=\"_ _0\"></span>tonamenti d<span class=\"_ _0\"></span>ell'eserci<span class=\"_ _0\"></span>zio 18<span class=\"ls0\"> </span>7 B.2 Altre <span class=\"_ _0\"></span>variazioni 99<span class=\"ls0\"> </span>284<span class=\"ls0\"> </span>- di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _35\"></span>regazione aziendale<span class=\"_ _0\"></span> - 6 C. Dimi<span class=\"_ _0\"></span>nuzioni -<span class=\"ls25\">364</span> -<span class=\"ls25\">392</span> C.1 Liquida<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni effet<span class=\"_ _0\"></span>tuate -<span class=\"ls25\">101</span> -<span class=\"ls25\">150</span> C.2 Altre va<span class=\"_ _0\"></span>riazioni -<span class=\"ls25\">263</span> -<span class=\"ls25\">242</span> - di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _35\"></span>regazione aziendale<span class=\"_ _0\"></span> -2 -5 D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i 852<span class=\"ls0\"> </span>1.099 Totale 852<span class=\"ls0\"> </span>1.099 La sottovoce C.1. si rif<span class=\"_ _0\"></span>erisce agli utilizzi del<span class=\"_ _0\"></span> fondo al 31 dicembr<span class=\"_ _0\"></span>e 2022. <span class=\"_ _3\"></span> Per <span class=\"_ _1d\"> </span>maggiori <span class=\"_ _1d\"> </span>informazioni <span class=\"_ _1d\"> </span>sulle <span class=\"_ _1d\"> </span>risultanze  d<span class=\"_ _3\"></span>ei <span class=\"_ _1d\"> </span>conteggi <span class=\"_ _1d\"> </span>attuariali  s<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>rimanda <span class=\"_ _1d\"> </span>alla <span class=\"_ _1d\"> </span>successiva <span class=\"_ _1d\"> </span>Sezione <span class=\"_ _1d\"> </span>10.5 <span class=\"_ _1c\"> </span>- <span class=\"_ _1d\"> </span>Fondi <span class=\"_ _1d\"> </span>di quiescenza aziendali a<span class=\"_ _0\"></span> prestazione defi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ita.<span class=\"fs12\"> </span>9.2 Altre informazioni Il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>at<span class=\"_ _3\"></span>tuale <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>trattamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>rapporto, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>inquadrabile <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>i <span class=\"_ _4\"> </span>piani <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>benefici <span class=\"_ _4\"> </span>definiti <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>finanziati, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ari<span class=\"_ _5\"></span>, <span class=\"_ _4\"> </span>a dicembre 2022, a 85<span class=\"_ _0\"></span>2 milioni, mentre a fin<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> 2021 ammontav<span class=\"_ _0\"></span>a a 1.099 milioni. 10.5 Fondi di quiesc<span class=\"_ _0\"></span>enza aziendali a benefici<span class=\"_ _0\"></span> definiti  1. Illustrazione delle <span class=\"_ _0\"></span>caratteristiche dei fond<span class=\"_ _0\"></span>i e dei relativi rischi Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previdenza <span class=\"_ _5\"></span>complementare <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prestazione <span class=\"_ _5\"></span>definita, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>attuariali <span class=\"_ _5\"></span>richiesti dall\u2019applicazione <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>19 <span class=\"_ _2\"></span>\u201cBenefici <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dipendenti\u201d <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Attuario <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndipendente, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201cmet<span class=\"_ _5\"></span><span class=\"ff1\">odo </span>della <span class=\"_ _1c\"> </span>proiezione <span class=\"_ _1c\"> </span>unitaria <span class=\"_ _1c\"> </span>de<span class=\"ff4\">l <span class=\"_ _1c\"> </span>cred<span class=\"_ _3\"></span>ito\u201d <span class=\"_ _1c\"> </span>(Project <span class=\"_ _1c\"> </span>Unit <span class=\"_ _1c\"> </span>Credit <span class=\"_ _1c\"> </span>Method), <span class=\"_ _1c\"> </span>come <span class=\"_ _1c\"> </span>evidenziato <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>dettaglio <span class=\"_ _1c\"> </span>nella <span class=\"_ _1c\"> </span>parte <span class=\"_ _1c\"> </span>A <span class=\"_ _23\"> </span>\u2013</span> Politiche contabili. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perdi<span class=\"_ _5\"></span>te attuariali <span class=\"_ _2\"></span>calcolati <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>quindi, <span class=\"_ _2\"></span>nel patrimonio netto. I fondi a prestazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>finita, nei quali le <span class=\"_ _0\"></span>societ\u00e0 del Grupp<span class=\"_ _0\"></span>o Intesa Sanpaolo ri<span class=\"_ _0\"></span>sultano coobbliga<span class=\"_ _0\"></span>te, si possono <span class=\"_ _2\"></span>distinguere in: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>f<span class=\"_ _3\"></span>ondi interni di previd<span class=\"_ _0\"></span>enza complementar<span class=\"_ _0\"></span>e; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>f<span class=\"_ _3\"></span>ondi esterni di pre<span class=\"_ _0\"></span>videnza complementare. </span>I fondi interni inclu<span class=\"_ _0\"></span>dono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>re <span class=\"_ _4\"> </span>piani <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>benefici <span class=\"_ _4\"> </span>definiti <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>filiale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Londra, <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cariplo, <span class=\"_ _4\"></span>ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Commerciale<span class=\"_ _35\"></span> </span>It<span class=\"ls0\">aliana <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banco <span class=\"_ _5\"></span>Ambrosiano <span class=\"_ _5\"></span>Veneto: <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>pensione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rivati <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>costituiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>datori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _5\"></span>britannici <span class=\"_ _5\"></span>per </span>integrare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>pensione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tatale, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricamente <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>bassa. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>filiali <span class=\"_ _5\"></span>londinesi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Cariplo, <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>Commerciale Italiana <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Banco <span class=\"_ _6\"></span>Ambrosia<span class=\"_ _0\"></span>no <span class=\"_ _6\"></span>Veneto <span class=\"_ _5\"></span>costituirono <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>propri <span class=\"_ _5\"></span>dipendenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>loro apertura, <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>orma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Trusts <span class=\"_ _2\"></span>retti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>egislazione <span class=\"_ _2\"></span>inglese <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mministrati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Board <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Trustees, <span class=\"_ _3\"></span>nominati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>parte dal <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>atore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>iscritti. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1999 <span class=\"_ _2\"></span>per Banco <span class=\"_ _2\"></span>Ambrosiano <span class=\"_ _2\"></span>Veneto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cariplo <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2000, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _2\"></span>Commerciale <span class=\"_ _2\"></span>Italiana. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>generale <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i fondi <span class=\"_ _6\"></span>garantiscono<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>pensione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>compimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>65<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>et\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>eneficio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>determinato, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>regole distinte per i diversi f<span class=\"_ _0\"></span>ondi, sulla base d<span class=\"_ _0\"></span>ello stipendio lord<span class=\"_ _0\"></span>o annuale percepito <span class=\"_ _0\"></span>durante l\u2019ultimo ann<span class=\"_ _0\"></span>o di servizio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _6\"></span>medico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ost-pensionistico <span class=\"_ _6\"></span>(medical <span class=\"_ _6\"></span>plan) <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>altri <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>efici <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>dipendenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bank <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>Alexand<span class=\"_ _0\"></span>ria <span class=\"_ _4\"></span>(Egitto):<span class=\"_ _0\"></span> </span>trattasi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>piani <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>benefici <span class=\"_ _16\"> </span>definiti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>prevedono <span class=\"_ _16\"> </span>l\u2019assistenza <span class=\"_ _7\"> </span>sanitaria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>benefici <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>dipendenti, <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>dopo <span class=\"_ _16\"> </span>il pensionamento. La ba<span class=\"_ _0\"></span>nca \u00e8 responsa<span class=\"_ _0\"></span>bile dei costi e dei risc<span class=\"_ _0\"></span>hi collegati a<span class=\"_ _3\"></span><span class=\"ff4\">ll\u2019erogazione di tal<span class=\"_ _0\"></span>i benefici;<span class=\"ff1\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>iani <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Beograd: <span class=\"_ _3\"></span>trattasi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tabiliti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Contratto<span class=\"_ _2\"></span> </span>Collettivo <span class=\"_ _2\"></span>(che <span class=\"_ _2\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>legislative <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Repubblica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Serbia), <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>servizio <span class=\"_ _2\"></span>da corrispondere nel m<span class=\"_ _0\"></span>omento in cui verr\u00e0 m<span class=\"_ _0\"></span>eno il rapporto di l<span class=\"_ _0\"></span>avoro.<span class=\"_ _3\"></span> I fondi esterni includ<span class=\"_ _0\"></span>ono: -<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Fondo <span class=\"_ _7\"> </span>Pensione <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>uova <span class=\"_ _4\"> </span>denominazione <span class=\"_ _4\"> </span>assunta <span class=\"_ _4\"> </span>dall\u2019ex  </span>Fondo<span class=\"_ _0\"></span> </span>Pensione <span class=\"_ _3\"></span>Complementare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Personale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Banco <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Napoli <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>Sezione <span class=\"_ _3\"></span>A, <span class=\"_ _3\"></span>individuato <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me co<span class=\"_ _3\"></span>llettore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>altre <span class=\"_ _2\"></span>forme <span class=\"_ _3\"></span>a \u201cprestazione definita\u201d nell\u2019ambito del processo di riordino e razionalizzazione dei regimi previdenziali esistenti nel Gruppo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Intesa Sanpaolo, con <span class=\"_ _3\"></span>salvaguardia d<span class=\"ff4\">ei<span class=\"_ _3\"></span> diritti degli <span class=\"_ _3\"></span>iscritti (attivi e p<span class=\"_ _3\"></span>ensionati). A tal <span class=\"_ _3\"></span>fine sono state <span class=\"_ _3\"></span>conferite al \u201cFondo\u201d <span class=\"_ _5\"></span></span>- <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> sezioni <span class=\"_ _3\"></span>virtualmente separate <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>appostazioni <span class=\"_ _3\"></span>patrimoniali presenti <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>forme <span class=\"_ _3\"></span>previdenziali p<span class=\"_ _3\"></span>reesistenti, per assicurare <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>piena <span class=\"_ _18\"> </span>copertura <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span>le <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>restazioni <span class=\"_ _18\"> </span>integrative. <span class=\"_ _18\"> </span>Il <span class=\"_ _1c\"> </span>Fondo, <span class=\"_ _18\"> </span>ente <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>personalit\u00e0 <span class=\"_ _18\"> </span>giuridica <span class=\"_ _1c\"> </span>e <span class=\"_ _18\"> </span>gestione<span class=\"_ _0\"></span> patrimoniale <span class=\"_ _4\"> </span>autonoma, <span class=\"_ _7\"> </span>include <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>gestioni: <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _4\"> </span>iscritti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>altri <span class=\"_ _4\"> </span>beneficiari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>provenienza <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Banco <span class=\"_ _7\"> </span>di Napoli; <span class=\"_ _2\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>eneficiario <span class=\"_ _3\"></span>dell\u2019Assegn<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _2\"></span>Integrativo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Quiescenza, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _2\"></span>IMI; </span>personale <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quiescenz<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Nazionale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>Comunicazioni; <span class=\"_ _2\"></span>personale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _6\"></span>provenient<span class=\"_ _35\"></span>e dalla <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>Bologna, <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Previdenza <span class=\"_ _6\"></span>Comple<span class=\"_ _2\"></span>mentare <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Personale <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>citata Cassa, confluito ne<span class=\"_ _3\"></span>l Fondo <span class=\"_ _3\"></span>Pensione Complementare per il <span class=\"_ _3\"></span>Personale del <span class=\"_ _3\"></span>Banco di <span class=\"_ _3\"></span>Napoli nel corso <span class=\"_ _3\"></span>del 2004; <span class=\"_ _3\"></span>personale in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _6\"></span>proveniente <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Previdenza <span class=\"_ _6\"></span>Complementare <span class=\"_ _5\"></span>ex <span class=\"_ _4\"></span>Fin.Opi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>rgomento <span class=\"_ _6\"></span>il 1\u00b0<span class=\"ls0\"> <span class=\"ff4\">giugno 2<span class=\"_ _3\"></span>005; <span class=\"_ _3\"></span>personale <span class=\"_ _2\"></span>dipendente <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _2\"></span>proveniente <span class=\"_ _3\"></span>dall\u2019ex <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Adriatico, <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>al </span></span>Fondo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Previdenza <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Personale <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Popolare <span class=\"_ _5\"></span>dell\u2019Adriatico, <span class=\"_ _2\"></span>confluito <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>argomento <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>30 <span class=\"_ _6\"></span>giugno 2006; <span class=\"_ _4\"></span>personale <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>quiescenz<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>roveniente <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Udine <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Pordenone <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _6\"></span>di Previdenza <span class=\"_ _2\"></span>Complementare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>personale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>predetta <span class=\"_ _5\"></span>Cassa, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>006; <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ersonale <span class=\"_ _3\"></span>in quiescenza <span class=\"_ _6\"></span>proveniente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Forl\u00ec <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Previdenza <span class=\"_ _4\"></span>Complementa<span class=\"_ _0\"></span>re <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il<span class=\"_ _0\"></span> personale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Cassa, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2007; <span class=\"_ _2\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _3\"></span>proveniente<span class=\"_ _35\"></span> dal <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>interno <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>Carive, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>rgomento <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>008; <span class=\"_ _3\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _2\"></span>proveniente dal <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Interno <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>FIP <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CR <span class=\"_ _2\"></span>Firenze, <span class=\"_ _2\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2010; <span class=\"_ _2\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quiescenza proveniente <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Interno <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Cassa d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Terni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Narni, <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>onfluito <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>argomento <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennai<span class=\"_ _35\"></span>o 2010 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>vi <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>beneficiari; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _5\"></span>proveniente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Fondo<span class=\"_ _0\"></span> Interno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Cassa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Pistoia <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Pescia, <span class=\"_ _2\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>tte<span class=\"_ _3\"></span>mbre <span class=\"_ _2\"></span>2012; <span class=\"_ _2\"></span>personale esattoriale in quiescen<span class=\"_ _0\"></span>za proveniente dal F<span class=\"_ _0\"></span>ondo Oneri Integrativi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Previdenziali per il<span class=\"_ _0\"></span> Personale Esattori<span class=\"_ _0\"></span>ale gi\u00e0 dipendente<span class=\"_ _0\"></span> Cariplo, confluito nel <span class=\"_ _3\"></span>Fondo in <span class=\"_ _3\"></span>argomento il <span class=\"_ _3\"></span>1\u00b0 gennaio 2015; p<span class=\"_ _3\"></span>ersonale in <span class=\"_ _3\"></span>quiescenza<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>gi\u00e0 iscritto <span class=\"_ _3\"></span>al Fondo <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>Previdenza<span class=\"_ _35\"></span> Complementare per il Personale del Mediocredito Lombardo S.p.A., confluito<span class=\"_ _0\"></span> nel Fondo in argomento il <span class=\"_ _3\"></span>1\u00b0 gennaio 2015;<span class=\"_ _0\"></span> personale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>iscritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>Dirigenti, <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Dirigenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>aventi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Comit, <span class=\"_ _5\"></span>confluito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nel Fondo in argomento il 1\u00b0 gennaio 2015; personale in quiescenza gi\u00e0 iscritto presso i Fondi Pensione delle \u201cCasse<span class=\"_ _0\"></span> del Centro\u201d, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>gli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>scritti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>integrazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>prestazioni <span class=\"_ _7\"> </span>dell\u2019INPS <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>l\u2019assicurazione <span class=\"_ _7\"> </span>obbligatoria <span class=\"_ _4\"> </span>di invalidit\u00e0, <span class=\"_ _2\"></span>vecchiaia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>superstiti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>personale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Ris<span class=\"_ _3\"></span>parmio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Citt\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Castello, <span class=\"_ _2\"></span>Fondo <span class=\"_ _5\"></span>integrazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>delle prestazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019INPS <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019assicurazione <span class=\"_ _2\"></span>obbligatoria <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>invalidit\u00e0, <span class=\"_ _5\"></span>vecchiaia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>superstiti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>di Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Folig<span class=\"ff4\">no, <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>complementare <span class=\"_ _3\"></span>dell\u2019AGO <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Personale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _2\"></span>di </span>Spoleto, <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ensione <span class=\"_ _7\"> </span>integrativo/compleme<span class=\"_ _0\"></span>ntare <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>trattamento <span class=\"_ _7\"> </span>pensionistico <span class=\"_ _7\"> </span>obbligatorio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>della Cassa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Rieti, <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Previ<span class=\"_ _3\"></span>denza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Personale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Viterbo <span class=\"_ _3\"></span>e Fondo <span class=\"_ _3\"></span>Pensionistico Integrativo <span class=\"_ _3\"></span>aziendale p<span class=\"_ _3\"></span>er i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ipendenti della <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ascoli <span class=\"_ _3\"></span>Piceno, <span class=\"_ _3\"></span>confluiti nel <span class=\"_ _2\"></span>Fondo in <span class=\"_ _3\"></span>argomento <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2015; <span class=\"_ _3\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Previdenza <span class=\"_ _3\"></span>Aziendale Complementare delle <span class=\"_ _3\"></span>prestazioni I<span class=\"_ _3\"></span>NPS <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Personale <span class=\"_ _3\"></span>dipendente <span class=\"_ _3\"></span>della Ca<span class=\"_ _3\"></span>ssa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Civitavecchia, <span class=\"_ _3\"></span>confluito nel <span class=\"_ _2\"></span>Fondo<span class=\"_ _0\"></span> in <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2015;<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>personale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Fon<span class=\"_ _2\"></span>do <span class=\"_ _6\"></span>Integrativo <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>SIL <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _5\"></span>Italiana Leasing <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _4\"> </span>confluito <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>argomento <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2015; <span class=\"_ _7\"> </span>personale <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quiescen<span class=\"_ _0\"></span>za <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>iscritto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fondo Pensione <span class=\"_ _20\"> </span>Co<span class=\"_ _3\"></span>mplement<span class=\"_ _0\"></span>are <span class=\"_ _23\"> </span>per <span class=\"_ _20\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _23\"> </span>Personale <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>Banca <span class=\"_ _20\"> </span>Mo<span class=\"_ _3\"></span>nte <span class=\"_ _23\"> </span>Parma, <span class=\"_ _20\"> </span>confluito <span class=\"_ _23\"> </span>nel <span class=\"_ _20\"> </span>Fo<span class=\"_ _3\"></span>ndo <span class=\"_ _23\"> </span>in <span class=\"_ _20\"> </span>argomento<span class=\"_ _5\"></span> <span class=\"_ _23\"> </span>il<span class=\"_ _0\"></span> 1\u00b0<span class=\"ls0\"> gennaio 2016<span class=\"_ _0\"></span>; <span class=\"_ _4\"> </span>personale <span class=\"_ _4\"></span>dipendente <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>quiescenza <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>Pensione <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Pe<span class=\"_ _3\"></span>rsonale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _4\"> </span>Crediop </span>assunto <span class=\"_ _5\"></span>sino <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>30 <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>1989, <span class=\"_ _5\"></span>confluito <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _5\"></span>2016; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _5\"></span>gi\u00e0 iscritto <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"></span>Integrativo <span class=\"_ _6\"></span>Pensionistico <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Mirandola, <span class=\"_ _6\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _3\"></span>gomento <span class=\"_ _6\"></span>il 1\u00b0<span class=\"ls0\"> <span class=\"ff4\">aprile 2016; personale i<span class=\"_ _3\"></span>n quiescenza <span class=\"_ _3\"></span>gi\u00e0 iscritto <span class=\"_ _3\"></span>al Fondo <span class=\"_ _3\"></span>di Previdenza p<span class=\"_ _3\"></span>er il <span class=\"_ _3\"></span>Personale dell\u2019ex Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio di </span></span>Prato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>argomen<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _5\"></span>maggio <span class=\"_ _2\"></span>2018; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>iscritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prestazione definita <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _6\"> </span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Fabriano <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>Cupramontana <span class=\"_ _5\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>argomento <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _6\"> </span>maggio <span class=\"_ _6\"></span>2018; personale <span class=\"_ _5\"></span>dipendente <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _5\"></span>proveniente <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Cas<span class=\"_ _3\"></span><span class=\"ff4\">sa<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Previdenza <span class=\"_ _5\"></span>Integrativa <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Personale <span class=\"_ _5\"></span>dell\u2019Istituto </span>Bancario <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Torino, <span class=\"_ _3\"></span>confluito <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>gomento il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _3\"></span>proveniente dalla Cassa di Previdenza del <span class=\"_ _3\"></span>Personale della Cassa di Risparmio di Padova e R<span class=\"_ _2\"></span>ovigo, confluito nel Fondo in <span class=\"_ _3\"></span>argomento<span class=\"_ _35\"></span> il <span class=\"_ _4\"></span>1\u00b0 luglio <span class=\"_ _4\"></span>2019; <span class=\"_ _6\"></span>personale <span class=\"_ _4\"> </span>dipendente <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>quiescenza <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Fondi <span class=\"_ _6\"></span>interni <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _16\"> </span>- <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>si distinguono <span class=\"_ _16\"> </span>i  Fondi <span class=\"_ _16\"> </span>relativi  ad <span class=\"_ _16\"> </span>ex  Centroban<span class=\"_ _0\"></span>ca  (gi\u00e0<span class=\"_ _0\"></span>  Fondo <span class=\"_ _16\"> </span>di  previ<span class=\"_ _0\"></span>denza  int<span class=\"_ _0\"></span>egrativo  pe<span class=\"_ _0\"></span>r  il <span class=\"_ _16\"> </span>person<span class=\"_ _2\"></span>ale  della<span class=\"_ _0\"></span>  societ\u00e0<span class=\"_ _35\"></span> Centrobanca <span class=\"_ _16\"> </span>- <span class=\"_ _16\"> </span>ex  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca <span class=\"_ _16\"> </span>Centrale <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Credito <span class=\"_ _16\"> </span>Popolare <span class=\"_ _16\"> </span>S.p.A.), <span class=\"_ _7\"> </span>ad  ex <span class=\"_ _7\"> </span>Banca  R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gionale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _16\"> </span>Fondo <span class=\"_ _7\"> </span>per  il<span class=\"_ _0\"></span> personale <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"></span>Regionale <span class=\"_ _4\"></span>europea <span class=\"_ _4\"> </span>proveniente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Monte <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Lombardia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"></span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di Risparmio di Cuneo),<span class=\"_ _3\"></span> ad ex <span class=\"_ _3\"></span>Carime (gi\u00e0 Fondo della e<span class=\"_ _3\"></span>x Cassa di Risparmio di <span class=\"_ _3\"></span>Calabria e Lucania, <span class=\"_ _3\"></span>Fondo della ex Cassa di  Risparmio  di  Puglia,  Fondo  della  ex <span class=\"_ _1d\"> </span>Cassa  di  Risparmio  Salernitana)  e  ad  ex  Banca  Adriatica  (gi\u00e0  Fondo  di quiescenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Cassa <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Risparmio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Macerata <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>personale della <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Ca.Ri.Ma. <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Se.Ri.Ma <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>ora <span class=\"_ _5\"></span>Equitalia <span class=\"_ _5\"></span>Servizi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Riscossione <span class=\"_ _5\"></span>S.p.A., <span class=\"_ _2\"></span>Fo<span class=\"_ _3\"></span>ndo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> personale <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>Mediocredito <span class=\"_ _3\"></span>Fondiario <span class=\"_ _3\"></span>Centro <span class=\"_ _3\"></span>Italia <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quiesc<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ersonale <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>esattoriale <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>Cassa di Risparmio di Pesaro, <span class=\"_ _3\"></span>Fondo di quiescenza del personale della ex <span class=\"_ _3\"></span>Cassa di Risparmio di Jesi, Fondo<span class=\"_ _3\"></span> di quiescenza del personale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>ramo <span class=\"_ _6\"></span>esattoriale <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Pesaro<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>passati <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>ex <span class=\"_ _6\"></span>SE.RI.<span class=\"_ _2\"></span>T. <span class=\"_ _6\"></span>S.p.A.) <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>confluiti <span class=\"_ _6\"></span>nel Fondo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2022; <span class=\"_ _2\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>iscritto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Pensione dell<span class=\"_ _3\"></span>\u2019ex <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca della <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Berg<span class=\"_ _0\"></span>amo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllate, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>settembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2022; personale <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>quiescenza <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _7\"> </span>Fondo <span class=\"_ _6\"></span>Pensione <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Personale <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Ancona <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> societ\u00e0 controllate, c<span class=\"_ _0\"></span>onfluito nel Fondo in<span class=\"_ _0\"></span> argomento il 1\u00b0 settem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2022.<span class=\"_ _3\"></span> \u00c8 <span class=\"_ _4\"></span>necessario <span class=\"_ _4\"></span>precisare <span class=\"_ _6\"></span>che <span class=\"_ _7\"> </span>qualora<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>sezioni <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Fondo, <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _4\"> </span>l\u2019approvazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bilancio, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>resentino <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disavanzo </span>tecnico <span class=\"_ _16\"> </span>secondo  la<span class=\"_ _0\"></span>  me<span class=\"_ _0\"></span>todologia <span class=\"_ _16\"> </span>civilistica, <span class=\"_ _16\"> </span>lo  statut<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>ne  prevede <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ripianamento <span class=\"_ _16\"> </span>immediato <span class=\"_ _16\"> </span>da  part<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>delle  Banch<span class=\"_ _0\"></span>e coobbligate. -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Fondo pensione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>personale Cariplo, fondo c<span class=\"_ _3\"></span>on personalit\u00e0 giurid<span class=\"_ _2\"></span>ica e <span class=\"_ _3\"></span>piena <span class=\"_ _3\"></span>autonomia patrimoniale, il cui <span class=\"_ _3\"></span>scopo \u00e8 </span>quello  di <span class=\"_ _16\"> </span>garantire  un  t<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>attamento  p<span class=\"_ _0\"></span>ensionistico  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tegrativo <span class=\"_ _16\"> </span>degli  assegni <span class=\"_ _16\"> </span>dell\u2019AGO  ai <span class=\"_ _16\"> </span>pensionati  Cariplo <span class=\"_ _16\"> </span>gi\u00e0  tali <span class=\"_ _16\"> </span>al 30<span class=\"ls0\"> giugno 199<span class=\"_ _35\"></span>8<span class=\"_ _3\"></span>; </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _6\"></span>definiti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>presso <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>New <span class=\"_ _5\"></span>York: <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span>l <span class=\"_ _5\"></span>fondo <span class=\"_ _6\"></span>fu <span class=\"_ _5\"></span>creato <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>1977 <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca<span class=\"_ _0\"></span> </span>Commerciale <span class=\"_ _3\"></span>Italiana <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garantisce <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>trattamento <span class=\"_ _3\"></span>pensionistico <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>Stati <span class=\"_ _3\"></span>Uniti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>abbiano avuto <span class=\"_ _5\"></span>almeno <span class=\"_ _5\"></span>5 <span class=\"_ _6\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>servizio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca. <span class=\"_ _5\"></span>Il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>beneficio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntende <span class=\"_ _5\"></span>matura<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _5\"></span>cessa anticipatamente. Il <span class=\"_ _3\"></span>beneficio \u00e8 <span class=\"_ _3\"></span>calcolato sulla base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>media della retribuzione di <span class=\"_ _3\"></span>lavoro p<span class=\"_ _3\"></span>i\u00f9 elevata ricevuta <span class=\"_ _3\"></span>in tre <span class=\"_ _3\"></span>ann<span class=\"_ _5\"></span><span class=\"ls19\">i </span>consecutivi durante <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>10 <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>cessazione d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio, <span class=\"_ _3\"></span>opp<span class=\"_ _2\"></span>ure, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _3\"></span>cessa prima, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>retribuzione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>ultimi <span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>lavoro. <span class=\"_ _3\"></span>Attualmente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _2\"></span>gestito <span class=\"_ _2\"></span>nei libri contabili della Fili<span class=\"_ _0\"></span>ale di New York, m<span class=\"_ _0\"></span>a \u00e8 stato interamente tr<span class=\"_ _0\"></span>asferito al Fondo Pr<span class=\"_ _0\"></span>udentia<span class=\"_ _2\"></span>l (Fondo a prestazione d<span class=\"_ _0\"></span>efinita che gestisce le posizio<span class=\"_ _0\"></span>ni degli iscritti); -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>Fondo  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Previde<span class=\"_ _0\"></span>nza <span class=\"_ _1d\"> </span>della  Cassa <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Risparmio <span class=\"_ _1d\"> </span>di  Firenze: <span class=\"_ _1d\"> </span>fondo <span class=\"_ _1d\"> </span>con  personalit\u00e0 <span class=\"_ _1d\"> </span>giuridica  e <span class=\"_ _1d\"> </span>piena <span class=\"_ _1d\"> </span>autonomia </span>patrimoniale <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>scopo <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>quello <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>trattamento <span class=\"_ _7\"> </span>pensioni<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tico <span class=\"_ _7\"> </span>integrativo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>personale <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Cassa, <span class=\"_ _16\"> </span>in<span class=\"_ _0\"></span> servizio al 31 dicem<span class=\"_ _0\"></span>bre 1990 e gi\u00e0 iscritt<span class=\"_ _0\"></span>o al preesistente \u201cfond<span class=\"_ _0\"></span>o ex esonerato\u201d;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>previdenza <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _2\"></span>S.A. <span class=\"_ _3\"></span>/ <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _3\"></span>Mana<span class=\"_ _3\"></span>gers <span class=\"_ _3\"></span>S.A. <span class=\"_ _2\"></span>/ <span class=\"_ _4\"></span>Obviam<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>AG: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>piano<span class=\"_ _0\"></span> </span>garantisce <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>trattamento <span class=\"_ _6\"></span>integrativo <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>maturazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>requisiti <span class=\"_ _4\"></span>pensioni<span class=\"_ _0\"></span>stici <span class=\"_ _6\"></span>oppure <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>evento <span class=\"_ _6\"></span>sfavorevole (invalidit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>decesso)in <span class=\"_ _1d\"> </span>base <span class=\"_ _17\"> </span>alla <span class=\"_ _18\"> </span>locale <span class=\"_ _1d\"> </span>normativa <span class=\"_ _1d\"> </span>previdenziale <span class=\"_ _17\"> </span>(LPP); <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>obbligazioni <span class=\"_ _17\"> </span>sono <span class=\"_ _1d\"> </span>fronteggiate <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>un patrimonio dedicato, gestito med<span class=\"_ _3\"></span>iante un <span class=\"_ _3\"></span>rapporto contrattualizzato stipulato tra la <span class=\"_ _3\"></span>societ\u00e0 e La Collective <span class=\"_ _3\"></span>de Pr\u00e9voyance - Copr\u00e9, Ginevra. In  data  5  dicembre  2017  I<span class=\"_ _0\"></span>ntesa  Sanpaolo  S.p.A<span class=\"_ _0\"></span>.,  anche  in  qualit\u00e0 <span class=\"_ _16\"> </span>di  Capogruppo,  ha  sottoscritto  un <span class=\"_ _16\"> </span>accordo  con  le Organizzazioni <span class=\"ff4\">Sindacali, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>qualit\u00e0 di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Fonti Istitutive, per <span class=\"_ _3\"></span>l\u2019integrazione della <span class=\"_ _3\"></span>Cassa di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Previdenza Integrativa per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Personale </span>dell\u2019Istituto <span class=\"_ _5\"></span>Bancario <span class=\"_ _6\"> </span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Torino <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>Fondo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Previdenza <span class=\"_ _6\"> </span>Complementare <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Personale <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Banco <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Napoli <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> </span>Sezione A (che dal <span class=\"ff4\">1\u00b0 gennaio 2019 ha cambiato denomi<span class=\"_ _0\"></span>nazione in \u201cFondo pensione a prestazi<span class=\"_ _0\"></span>one definita del Gruppo Intesa<span class=\"_ _35\"></span> </span>Sanpaolo\u201d). <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>accordo <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>formulazione <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un\u2019offerta <span class=\"_ _7\"> </span>individuale <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>apitalizzazione <span class=\"_ _4\"> </span>della prestazione <span class=\"_ _16\"> </span>integrativa, <span class=\"_ _7\"> </span>che  si <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>concretizzata <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>semestre <span class=\"_ _7\"> </span>del  2018.<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Le <span class=\"_ _16\"> </span>adesioni <span class=\"_ _16\"> </span>pervenute <span class=\"_ _7\"> </span>h<span class=\"_ _3\"></span>anno determinato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>flessione <span class=\"_ _3\"></span>dell'obbligazione, <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>esercizio, <span class=\"_ _2\"></span>ammonta <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>6 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>fronteggiata <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ls17\">n </span>parte <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>(circa <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span> milioni), <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l'utilizzo <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Fondi <span class=\"_ _7\"> </span>appositamente <span class=\"_ _4\"> </span>costituiti <span class=\"_ _7\"> </span>presso <span class=\"_ _7\"> </span>la Banca, in forza della g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzia prestata (cir<span class=\"_ _0\"></span>ca 3<span class=\"_ _3\"></span> milioni). In <span class=\"_ _1d\"> </span>data <span class=\"_ _1d\"> </span>7 <span class=\"_ _17\"> </span>ottobre <span class=\"_ _1d\"> </span>2021 <span class=\"_ _17\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>S.p.A., <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Capogruppo,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>sottoscritto <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ccordo <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>le<span class=\"_ _2\"></span> Organizzazioni <span class=\"_ _1d\"> </span>Sindacali, <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Fonti <span class=\"_ _1d\"> </span>Istitutive, <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>l\u2019integrazione, <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>partire <span class=\"_ _1d\"> </span>dal <span class=\"_ _17\"> </span>1\u00b0 <span class=\"_ _1d\"> </span>luglio <span class=\"_ _1d\"> </span>2<span class=\"_ _3\"></span>022, <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>rattament<span class=\"_ _0\"></span>i pensionistici <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Fondi <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Pensione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>prestazione <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quale provvede, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>data, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>assicurare <span class=\"_ _4\"> </span>agli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>trattamento <span class=\"_ _4\"></span>previdenziale <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>previsto <span class=\"_ _4\"> </span>dai Regolamenti <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>tessi. <span class=\"_ _20\"> </span>Tale <span class=\"_ _1c\"> </span>accordo <span class=\"_ _20\"> </span>ha <span class=\"_ _20\"> </span>previst<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>anche <span class=\"_ _1c\"> </span>la <span class=\"_ _20\"> </span>formulazione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _20\"> </span>iscritti <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>un\u2019offerta <span class=\"_ _1c\"> </span>individuale <span class=\"_ _20\"> </span>di capitalizzazione della prestazio<span class=\"_ _0\"></span>ne integrativa, che si \u00e8 concret<span class=\"_ _0\"></span>izzata nel corso del primo s<span class=\"_ _0\"></span>emestre 2022: le adesi<span class=\"_ _0\"></span>oni pervenute hanno <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lessione <span class=\"_ _3\"></span>dell'obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>34 <span class=\"_ _3\"></span>milioni. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>uglio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>trasferito<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>al Fondo <span class=\"_ _7\"> </span>Pensione <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Prestazione <span class=\"_ _7\"> </span>definita <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>38 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _7\"> </span>residuata <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>utilizzi determinati dalla citata<span class=\"_ _0\"></span> adesione alle offert<span class=\"_ _0\"></span>e. Il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>razionalizzazione <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>coinvolto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Fondi <span class=\"_ _2\"></span>esterni <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>7 <span class=\"_ _5\"></span>ottobre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>Intesa Sanpaolo <span class=\"_ _5\"></span>S.p<span class=\"_ _3\"></span>.A., <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrit<span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Organizzazioni <span class=\"_ _5\"></span>Sindacali, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>di Fonti Ist<span class=\"ff4\">itutive, per l\u2019integrazio<span class=\"_ _0\"></span>ne, a partire dal 1\u00b0 s<span class=\"_ _0\"></span>ettembre 2022, dei trattame<span class=\"_ _0\"></span>nti pensionistici del Fondo P<span class=\"_ _0\"></span>ensione del Gruppo<span class=\"_ _0\"></span> </span>UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Bergamo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Personale <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ex Banca Popolare d<span class=\"_ _3\"></span>i Ancona e <span class=\"_ _3\"></span>delle societ\u00e0 controllate nel <span class=\"_ _3\"></span>Fondo Pensione a prestazione definita d<span class=\"_ _3\"></span>el Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo,<span class=\"_ _35\"></span> il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>provvede, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data, <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>assicurare <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattament<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>previdenziale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>definita <span class=\"_ _2\"></span>pr<span class=\"_ _5\"></span>evisto dai <span class=\"_ _1d\"> </span>Regolamenti <span class=\"_ _17\"> </span><span class=\"ff4\">degli <span class=\"_ _1d\"> </span>stessi. <span class=\"_ _1d\"> </span>Tale<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>accordo <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>previsto <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>formulazione <span class=\"_ _1d\"> </span>agli <span class=\"_ _17\"> </span>iscritti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019offerta <span class=\"_ _17\"> </span>individuale <span class=\"_ _1d\"> </span>di </span>capitalizzazione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>prestazione <span class=\"_ _4\"></span>integrativa, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>concretizzata <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>mesi <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>luglio <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>agosto <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a determinato una flessi<span class=\"_ _0\"></span>one dell'obbligazione di circ<span class=\"_ _0\"></span>a 5 milioni. In <span class=\"_ _1d\"> </span>data <span class=\"_ _1d\"> </span>9 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>S.p.A., <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Capogruppo,  ha<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>sottoscritto  un <span class=\"_ _1d\"> </span>accordo <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e Organizzazioni  S<span class=\"_ _0\"></span>indacali, <span class=\"_ _16\"> </span>in  qualit\u00e0 <span class=\"_ _16\"> </span>di  Fonti <span class=\"_ _16\"> </span>Istitutive, <span class=\"_ _16\"> </span>per  l\u2019integrazione,<span class=\"_ _0\"></span>  a <span class=\"_ _16\"> </span>partire  dal <span class=\"_ _16\"> </span>1\u00b0  gennaio<span class=\"_ _0\"></span>  2023<span class=\"_ _2\"></span><span class=\"ff1\">,  dei <span class=\"_ _16\"> </span>trattamenti </span>pensionistici <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Fondo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Previdenza <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Firenze <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>Fond<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>Pensione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>prestazione <span class=\"_ _6\"></span>definita <span class=\"_ _6\"></span>del Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _4\"></span>provvede, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>tale <span class=\"_ _4\"></span>data, <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ssicurare <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>iscritti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>trattamento <span class=\"_ _6\"></span>previden<span class=\"_ _2\"></span>ziale <span class=\"_ _6\"></span>a prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _4\"> </span>Regolamenti <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tessi. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>accordo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>formulazione <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _4\"> </span>di un\u2019offerta individuale di ca<span class=\"_ _0\"></span>pitalizzazione della presta<span class=\"_ _0\"></span>zione integrativa, che si \u00e8 conc<span class=\"_ _0\"></span>retizzata nel corso dell\u2019ultim<span class=\"_ _0\"></span>o quadr<span class=\"_ _5\"></span><span class=\"ff1\">imestre </span>2022: le adesioni per<span class=\"_ _0\"></span>venute hanno det<span class=\"_ _0\"></span>erminato una flessione d<span class=\"_ _0\"></span>ell'obbligazione<span class=\"_ _0\"></span> di circa 370 milioni.<span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>decorrenza <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fusione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _3\"></span>(Suisse) <span class=\"_ _3\"></span>Morval <span class=\"_ _3\"></span>S.A. <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Reyl <span class=\"_ _3\"></span>&amp; Cie S.A., si \u00e8 perfezion<span class=\"_ _0\"></span>at<span class=\"ff4\">a l\u2019integrazione anch<span class=\"_ _0\"></span>e del relativo pian<span class=\"_ _0\"></span>o previdenziale.<span class=\"ff1\"> </span></span>Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>po<span class=\"_ _3\"></span>litiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi, <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Fondi <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>verificato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gra<span class=\"_ _6\"></span>do <span class=\"_ _2\"></span>di copertura e <span class=\"_ _3\"></span>le possibili evoluzioni in <span class=\"_ _3\"></span>diversi scenari. Allo scopo <span class=\"_ _2\"></span>vengono s<span class=\"_ _3\"></span>tudiate diverse configurazioni di <span class=\"_ _3\"></span>universi investibili e di mix e allocazione <span class=\"_ _0\"></span>di portafoglio, al fi<span class=\"_ _0\"></span>ne di rispondere nel m<span class=\"_ _0\"></span>odo pi\u00f9 adeguato <span class=\"_ _0\"></span>possibile agli obie<span class=\"_ _0\"></span>ttivi previdenziali e r<span class=\"_ _0\"></span>ed<span class=\"_ _5\"></span>dituali. 2. Variazioni nell\u2019eserci<span class=\"_ _0\"></span>zio delle passivit\u00e0 (at<span class=\"_ _0\"></span>tivit\u00e0)<span class=\"ffa\"> <span class=\"_ _3\"></span>nette a ben<span class=\"_ _0\"></span>efici definiti e dei diritti<span class=\"_ _0\"></span> di rimborso </span>(milioni di euro)<span class=\"_ _3\"></span> Passivit\u00e0 del pia<span class=\"_ _3\"></span>no pensionistico <span class=\"_ _3\"></span> obbligazioni a bene<span class=\"_ _3\"></span>fici definiti<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 TFR Piani interni Piani esterni TFR Piani interni Piani esterni Esistenze iniziali <span class=\"_ _3\"></span> 1.099 359<span class=\"ls0\"> </span>1.763 1.200 345<span class=\"ls0\"> </span>1.692 Costo previdenziale<span class=\"_ _3\"></span> relativo alle p<span class=\"_ _3\"></span>restazioni di lav<span class=\"_ _3\"></span>oro 14<span class=\"ls0\"> </span>3 10<span class=\"ls0\"> </span>7 4 12<span class=\"ls0\"> </span>Costo previdenziale<span class=\"_ _3\"></span> per prestazioni <span class=\"_ _3\"></span>di lavoro pass<span class=\"_ _3\"></span>ate <span class=\"_ _3\"></span> - - 1 - - -4 Interessi passivi<span class=\"_ _3\"></span> 4 13<span class=\"ls0\"> </span>17<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>3 Perdite attuariali ril<span class=\"_ _3\"></span>evate per va<span class=\"_ _3\"></span>riazioni ipotesi finan<span class=\"_ _3\"></span>ziarie<span class=\"_ _3\"></span> - 5 - 33<span class=\"ls0\"> </span>3 73<span class=\"ls0\"> </span>Perdite attuariali ril<span class=\"_ _3\"></span>evate per variazi<span class=\"_ _3\"></span>oni ipotesi dem<span class=\"_ _3\"></span>ografiche<span class=\"_ _3\"></span> 1 - 16<span class=\"ls0\"> </span>5 - 9 Perdite attuariali b<span class=\"_ _3\"></span>asate sull'esperie<span class=\"_ _3\"></span>nza passata<span class=\"_ _3\"></span> 70<span class=\"ls0\"> </span>5 50<span class=\"ls0\"> </span>2 15<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>Differenze positive <span class=\"_ _3\"></span>di cambio<span class=\"_ _3\"></span> - - 10<span class=\"ls0\"> </span>- 19<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>Aumenti - operazi<span class=\"_ _3\"></span>oni di aggregazi<span class=\"_ _3\"></span>oni aziendali<span class=\"_ _3\"></span> - - 5 6 - 87<span class=\"ls0\"> </span>Contributi dei part<span class=\"_ _3\"></span>ecipanti al pia<span class=\"_ _3\"></span>no X - 13<span class=\"ls0\"> </span>X - 7 Utili attuariali rilev<span class=\"_ _3\"></span>ati per variazioni ip<span class=\"_ _3\"></span>otesi finanziari<span class=\"_ _3\"></span>e -207 -<span class=\"ls1b\">72</span> -251 - -<span class=\"ls1b\">24</span> -5 Utili attuariali rilev<span class=\"_ _3\"></span>ati per variazioni ip<span class=\"_ _3\"></span>otesi dem<span class=\"_ _3\"></span>ografiche - -1 - - - -<span class=\"ls1b\">12</span> Utili attuariali bas<span class=\"_ _3\"></span>ati sull'esperienza <span class=\"_ _3\"></span>passata -1 -6 - - - -1 Differenze negativ<span class=\"_ _3\"></span>e di cambio<span class=\"_ _3\"></span> - -<span class=\"ls1b\">42</span> - - - - Indennit\u00e0 pagate<span class=\"_ _3\"></span> -101 -<span class=\"ls1b\">15</span> -136 -150 -<span class=\"ls1b\">19</span> -131 Diminuzioni - op<span class=\"_ _3\"></span>erazioni di aggr<span class=\"_ _3\"></span>egazioni aziendali<span class=\"_ _3\"></span> -2 - - -5 - - Effetto riduzione d<span class=\"_ _3\"></span>el fondo X - - X - -6 Effetto estinzion<span class=\"_ _3\"></span>e del fondo<span class=\"_ _3\"></span> X -<span class=\"ls1b\">34</span> -375 X - - Altre variazioni in <span class=\"_ _3\"></span>aumento 28<span class=\"ls0\"> </span>- 41<span class=\"ls0\"> </span>238<span class=\"ls0\"> </span>1 1 Altre variazioni in <span class=\"_ _3\"></span>diminuzione<span class=\"_ _3\"></span> -<span class=\"ls1b\">52</span> -<span class=\"ls1b\">39</span> -<span class=\"ls1b\">12</span> -237 -1 - Rimanenze finali<span class=\"_ _3\"></span> 853<span class=\"ls0\"> </span>176<span class=\"ls0\"> </span>1.152 1.099 359<span class=\"ls0\"> </span>1.763 Passivit\u00e0 del pia<span class=\"_ _3\"></span>no pensionistico <span class=\"_ _3\"></span> obbligazioni a bene<span class=\"_ _3\"></span>fici definiti<span class=\"_ _3\"></span> 31.12.2022 31.12.2021 TFR Piani interni Piani esterni TFR Piani interni Piani esterni Piani non finanzi<span class=\"_ _3\"></span>ati 853<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>- 1.099 177<span class=\"ls0\"> </span>- Piani finanziati pa<span class=\"_ _3\"></span>rzialmente - - - - - - Piani finanziati pie<span class=\"_ _3\"></span>namente - 103<span class=\"ls0\"> </span>1.152 - 182<span class=\"ls0\"> </span>1.763 Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>attuariali <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>variazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>dovuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _7\"> </span>alla <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>sconto <span class=\"_ _6\"></span>super<span class=\"_ _3\"></span>iore all\u2019incremento del ta<span class=\"_ _0\"></span>sso di inflazione. 3. Informativa sul fair v<span class=\"_ _0\"></span>alue delle attivit\u00e0 a s<span class=\"_ _0\"></span>ervizio del piano  Nelle tabelle successive sono riportate la movimentazi<span class=\"_ _0\"></span>one delle attivit\u00e0 a servizio del piano <span class=\"_ _2\"></span>presenti per <span class=\"_ _3\"></span>alcuni fondi a benefici<span class=\"_ _35\"></span> definiti e la composizio<span class=\"_ _0\"></span>ne delle stesse. (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0 a<span class=\"_ _0\"></span> servizio<span class=\"_ _0\"></span> del piano                  31.12<span class=\"_ _0\"></span>.2022                  31.12<span class=\"_ _0\"></span>.2021 Piani interni Piani esterni Piani interni Piani esterni Esistenze <span class=\"_ _0\"></span>iniziali  168<span class=\"ls0\"> </span>1.602 131<span class=\"ls0\"> </span>1.536 Rendimen<span class=\"_ _0\"></span>to delle at<span class=\"_ _0\"></span>tivit\u00e0 al net<span class=\"_ _0\"></span>to degli inte<span class=\"_ _0\"></span>ressi  -<span class=\"ls25\">28</span> -<span class=\"ls25\">109</span> 19<span class=\"ls0\"> </span>114<span class=\"ls0\"> </span>Interessi at<span class=\"_ _0\"></span>tivi 3 14<span class=\"ls0\"> </span>2 3 Differenze<span class=\"_ _0\"></span> positive di <span class=\"_ _0\"></span>cambio - 7 10<span class=\"ls0\"> </span>7 Aumenti- oper<span class=\"_ _35\"></span>azioni di aggregazio<span class=\"_ _0\"></span>ne aziend<span class=\"_ _0\"></span>ale - 5 - 61<span class=\"ls0\"> </span>Contributi <span class=\"_ _0\"></span>versati dal<span class=\"_ _0\"></span> datore di l<span class=\"_ _0\"></span>avoro 9 15<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>8 Contributi <span class=\"_ _0\"></span>versati dai<span class=\"_ _0\"></span> partecipan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i al piano - 13<span class=\"ls0\"> </span>- 7 Differenze<span class=\"_ _0\"></span> negative di<span class=\"_ _0\"></span> cambio<span class=\"_ _0\"></span> -9 - - - Diminuzioni-<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>operazioni<span class=\"_ _0\"></span> di aggreg<span class=\"_ _0\"></span>azione azienda<span class=\"_ _35\"></span>le - - - - Indennit\u00e0 paga<span class=\"_ _35\"></span>te -6 -<span class=\"ls25\">136</span> -4 -<span class=\"ls25\">131</span> Effetto riduz<span class=\"_ _0\"></span>ione del fon<span class=\"_ _35\"></span>do - - - -6 Effetto es<span class=\"_ _0\"></span>tinzione del <span class=\"_ _0\"></span>fondo - -<span class=\"ls25\">375</span> - - Altre variazi<span class=\"_ _0\"></span>oni - 30<span class=\"ls0\"> </span>- 3 Rimanen<span class=\"_ _0\"></span>ze finali 137<span class=\"ls0\"> </span>1.066 168<span class=\"ls0\"> </span>1.602 (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0 a servizi<span class=\"_ _3\"></span>o del piano: inf<span class=\"_ _3\"></span>ormazioni integrative 31.12.2022 31.12.2021 Piani interni % Piani esterni % Piani interni % Piani esterni % Strumenti <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i capitale<span class=\"_ _35\"></span>  - - 314<span class=\"ls0\"> </span>29,5 89<span class=\"ls0\"> </span>53,0 456<span class=\"ls0\"> </span>28,5 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - 300<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>437<span class=\"ls0\"> </span>Fondi c<span class=\"_ _0\"></span>omuni di invest<span class=\"_ _35\"></span>imento - - 80<span class=\"ls0\"> </span>7,5 - - 137<span class=\"ls0\"> </span>8,6 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - 21<span class=\"ls0\"> </span>- 82<span class=\"ls0\"> </span>Titoli di d<span class=\"_ _0\"></span>ebito  126<span class=\"ls0\"> </span>92,0 300<span class=\"ls0\"> </span>28,1 59<span class=\"ls0\"> </span>35,0 460<span class=\"ls0\"> </span>28,7 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value 126<span class=\"ls0\"> </span>300<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>460<span class=\"ls0\"> </span>Immobili<span class=\"_ _0\"></span> e partec<span class=\"_ _0\"></span>ipazioni in s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ciet\u00e0 immobilia<span class=\"_ _0\"></span>ri 8 5,8 319<span class=\"ls0\"> </span>29,9 10<span class=\"ls0\"> </span>6,0 377<span class=\"ls0\"> </span>23,5 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - Gestioni<span class=\"_ _0\"></span> assicurative<span class=\"_ _0\"></span> - - - - - - - - - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - Altre attivi<span class=\"_ _0\"></span>t\u00e0 3 2,2 53<span class=\"ls0\"> </span>5,0 10<span class=\"ls0\"> </span>6,0 172<span class=\"ls0\"> </span>10,7 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - TOTALE<span class=\"_ _0\"></span> ATTIVITA'<span class=\"_ _35\"></span> 137<span class=\"ls0\"> </span>100,0 1.066 100,0 168<span class=\"ls0\"> </span>100,0 1.602 100,0<div class=\"c w396 h41\" style=\"left:477.92462px; bottom:891.036px;\"><div class=\"t m0 x135 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w1d5 h17c\" style=\"left:-4.050377px; bottom:842.182px;\"><div class=\"t m0 x41 ha y146e ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 a servizi<span class=\"_ _3\"></span>o del piano: inf<span class=\"_ _3\"></span>ormazioni </div><div class=\"t m0 x41 ha y859 ff5 fs4 fc2 sc0 ls0 ws0\">integrative </div></div><div class=\"c w397 h82\" style=\"left:223.61862px; bottom:874.318px;\"><div class=\"t m0 x134 ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c wd4 h82\" style=\"left:415.52463px; bottom:874.318px;\"><div class=\"t m0 x40 ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w394 h40\" style=\"left:223.61862px; bottom:842.182px;\"><div class=\"t m0 x88 ha y9bd ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x6 ha yf1b ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w70 h40\" style=\"left:271.0426px; bottom:842.182px;\"><div class=\"t m0 xad ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w360 h40\" style=\"left:319.55862px; bottom:842.182px;\"><div class=\"t m0 x88 ha y9bd ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x12 ha yf1b ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w394 h40\" style=\"left:366.69662px; bottom:842.182px;\"><div class=\"t m0 xad ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w395 h40\" style=\"left:415.52463px; bottom:842.182px;\"><div class=\"t m0 xe ha y9bd ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x86 ha yf1b ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w18d h40\" style=\"left:477.92462px; bottom:842.182px;\"><div class=\"t m0 xad ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w394 h40\" style=\"left:524.7636px; bottom:842.182px;\"><div class=\"t m0 x88 ha y9bd ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x12 ha yf1b ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w394 h40\" style=\"left:573.7476px; bottom:842.182px;\"><div class=\"t m0 xad ha y7cb ff5 fs4 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:827.518px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Strumenti di capital<span class=\"_ _3\"></span>e  </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:827.518px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w70 h7a\" style=\"left:271.0426px; bottom:827.518px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:827.518px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">314<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:366.69662px; bottom:827.518px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">29,5 </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:827.518px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w18d h7a\" style=\"left:477.92462px; bottom:827.518px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">53,0 </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:827.518px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">456<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:573.7476px; bottom:827.518px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">28,5 </div></div><div class=\"c w1d5 hbb\" style=\"left:-4.050377px; bottom:813.01px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- di cui societ\u00e0 fi<span class=\"_ _3\"></span>nanziarie </div></div><div class=\"c w394 hbb\" style=\"left:223.61862px; bottom:813.01px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hbb\" style=\"left:319.55862px; bottom:813.01px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w395 hbb\" style=\"left:415.52463px; bottom:813.01px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w394 hbb\" style=\"left:524.7636px; bottom:813.01px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h42\" style=\"left:-4.050377px; bottom:797.41003px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- di cui societ\u00e0 non<span class=\"_ _3\"></span> finanziarie<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h42\" style=\"left:223.61862px; bottom:797.41003px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h42\" style=\"left:319.55862px; bottom:797.41003px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">258<span class=\"ls0\"> </span></div></div><div class=\"c w395 h42\" style=\"left:415.52463px; bottom:797.41003px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h42\" style=\"left:524.7636px; bottom:797.41003px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">386<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:782.74603px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Fondi comuni di inve<span class=\"_ _3\"></span>stimento </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:782.74603px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w70 h7a\" style=\"left:271.0426px; bottom:782.74603px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:782.74603px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:366.69662px; bottom:782.74603px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7,5 </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:782.74603px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18d h7a\" style=\"left:477.92462px; bottom:782.74603px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:782.74603px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">137<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:573.7476px; bottom:782.74603px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8,6 </div></div><div class=\"c w1d5 h42\" style=\"left:-4.050377px; bottom:767.146px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h42\" style=\"left:223.61862px; bottom:767.146px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w70 h42\" style=\"left:271.0426px; bottom:767.146px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">92,0 </div></div><div class=\"c w360 h42\" style=\"left:319.55862px; bottom:767.146px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">300<span class=\"ls0\"> </span></div></div><div class=\"c w394 h42\" style=\"left:366.69662px; bottom:767.146px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">28,1 </div></div><div class=\"c w395 h42\" style=\"left:415.52463px; bottom:767.146px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w18d h42\" style=\"left:477.92462px; bottom:767.146px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">35,1 </div></div><div class=\"c w394 h42\" style=\"left:524.7636px; bottom:767.146px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">460<span class=\"ls0\"> </span></div></div><div class=\"c w394 h42\" style=\"left:573.7476px; bottom:767.146px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">28,7 </div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:752.482px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Titoli di stato </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:752.482px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:752.482px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:752.482px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:752.482px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">282<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h42\" style=\"left:-4.050377px; bottom:736.882px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h42\" style=\"left:223.61862px; bottom:736.882px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w360 h42\" style=\"left:319.55862px; bottom:736.882px;\"><div class=\"t m0 x9a h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w395 h42\" style=\"left:415.52463px; bottom:736.882px;\"><div class=\"t m0 xa4 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w394 h42\" style=\"left:524.7636px; bottom:736.882px;\"><div class=\"t m0 x9a h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">282<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:722.218px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:722.218px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:722.218px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:722.218px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:722.218px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1d5 h42\" style=\"left:-4.050377px; bottom:706.61804px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Societ\u00e0 finanziari<span class=\"_ _3\"></span>e </div></div><div class=\"c w394 h42\" style=\"left:223.61862px; bottom:706.61804px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w360 h42\" style=\"left:319.55862px; bottom:706.61804px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w395 h42\" style=\"left:415.52463px; bottom:706.61804px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h42\" style=\"left:524.7636px; bottom:706.61804px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 hbb\" style=\"left:-4.050377px; bottom:692.11px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 hbb\" style=\"left:223.61862px; bottom:692.11px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w360 hbb\" style=\"left:319.55862px; bottom:692.11px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w395 hbb\" style=\"left:415.52463px; bottom:692.11px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hbb\" style=\"left:524.7636px; bottom:692.11px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:677.446px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:677.446px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:677.446px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:677.446px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:677.446px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:662.78204px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Societ\u00e0 non finanzia<span class=\"_ _3\"></span>rie </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:662.78204px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:662.78204px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:662.78204px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:662.78204px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">102<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h79\" style=\"left:-4.050377px; bottom:648.07904px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h79\" style=\"left:223.61862px; bottom:648.07904px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h79\" style=\"left:319.55862px; bottom:648.07904px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w395 h79\" style=\"left:415.52463px; bottom:648.07904px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h79\" style=\"left:524.7636px; bottom:648.07904px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">84<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 hbb\" style=\"left:-4.050377px; bottom:633.571px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> </div></div><div class=\"c w394 hbb\" style=\"left:223.61862px; bottom:633.571px;\"><div class=\"t m0 x99 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 hbb\" style=\"left:319.55862px; bottom:633.571px;\"><div class=\"t m0 xf h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w395 hbb\" style=\"left:415.52463px; bottom:633.571px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hbb\" style=\"left:524.7636px; bottom:633.571px;\"><div class=\"t m0 x13 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:618.90704px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Immobili e parteci<span class=\"_ _3\"></span>pazioni in societ\u00e0 <span class=\"_ _3\"></span>immobiliari<span class=\"_ _3\"></span> </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:618.90704px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w70 h7a\" style=\"left:271.0426px; bottom:618.90704px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5,8 </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:618.90704px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">319<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:366.69662px; bottom:618.90704px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">29,9 </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:618.90704px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w18d h7a\" style=\"left:477.92462px; bottom:618.90704px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6,0 </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:618.90704px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">377<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:573.7476px; bottom:618.90704px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">23,5 </div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:604.24304px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Gestioni assicura<span class=\"_ _3\"></span>tive </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w70 h7a\" style=\"left:271.0426px; bottom:604.24304px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:366.69662px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:604.24304px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18d h7a\" style=\"left:477.92462px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7a\" style=\"left:573.7476px; bottom:604.24304px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1d5 h7a\" style=\"left:-4.050377px; bottom:589.57904px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Altre attivit\u00e0 </div></div><div class=\"c w394 h7a\" style=\"left:223.61862px; bottom:589.57904px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w70 h7a\" style=\"left:271.0426px; bottom:589.57904px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2,2 </div></div><div class=\"c w360 h7a\" style=\"left:319.55862px; bottom:589.57904px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:366.69662px; bottom:589.57904px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5,0 </div></div><div class=\"c w395 h7a\" style=\"left:415.52463px; bottom:589.57904px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w18d h7a\" style=\"left:477.92462px; bottom:589.57904px;\"><div class=\"t m0 x86 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5,9 </div></div><div class=\"c w394 h7a\" style=\"left:524.7636px; bottom:589.57904px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">172<span class=\"ls0\"> </span></div></div><div class=\"c w394 h7a\" style=\"left:573.7476px; bottom:589.57904px;\"><div class=\"t m0 x94 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10,7 </div></div><div class=\"c w360 hd2\" style=\"left:319.55862px; bottom:584.74304px;\"><div class=\"t m0 x99 hb y146f ff1 fs4 fc0 sc0 ls0 ws0\">- </div></div><div class=\"c w1d5 h64\" style=\"left:-4.050377px; bottom:567.271px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE ATTIVIT<span class=\"_ _3\"></span>A' </div></div><div class=\"c w394 h64\" style=\"left:223.61862px; bottom:567.271px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">137<span class=\"ls0\"> </span></div></div><div class=\"c w70 h64\" style=\"left:271.0426px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">100,0 </div></div><div class=\"c w360 h64\" style=\"left:319.55862px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.066 </div></div><div class=\"c w394 h64\" style=\"left:366.69662px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">100,0 </div></div><div class=\"c w395 h64\" style=\"left:415.52463px; bottom:567.271px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">168<span class=\"ls0\"> </span></div></div><div class=\"c w18d h64\" style=\"left:477.92462px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">100,0 </div></div><div class=\"c w394 h64\" style=\"left:524.7636px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.602 </div></div><div class=\"c w394 h64\" style=\"left:573.7476px; bottom:567.271px;\"><div class=\"t m0 x14 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">100,0 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-93.63599px;\"><div class=\"t m0 x0 h61 y662 ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yde4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y97a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>differenza tra le <span class=\"_ _3\"></span>passivit\u00e0 nette <span class=\"_ _3\"></span>a benefici <span class=\"_ _3\"></span>definiti (cfr <span class=\"_ _3\"></span>precedente informativa 10.5, punto <span class=\"_ _3\"></span>2) <span class=\"_ _3\"></span>e le <span class=\"_ _3\"></span>attivit\u00e0 a <span class=\"_ _3\"></span>servizio <span class=\"_ _5\"></span>del p<span class=\"_ _3\"></span>iano<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ya34 ff1 fs0 fc0 sc0 ls0 ws0\">(cfr.  pr<span class=\"_ _0\"></span>ecedente  inf<span class=\"_ _0\"></span>ormativa  1<span class=\"_ _35\"></span>0.5<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>punto  3) <span class=\"_ _16\"> </span>trova <span class=\"_ _1d\"> </span>rilevazio<span class=\"_ _0\"></span>ne  cont<span class=\"_ _0\"></span>abile  n<span class=\"_ _0\"></span>ei  fondi <span class=\"_ _16\"> </span>di  qui<span class=\"_ _0\"></span>escenza <span class=\"_ _16\"> </span>aziendale  e, <span class=\"_ _16\"> </span>per  alcu<span class=\"_ _0\"></span>ne </div><div class=\"t m0 x0 h2 y97c ff1 fs0 fc0 sc0 ls0 ws0\">fattispecie, negli altri<span class=\"_ _0\"></span> fondi per rischi e<span class=\"_ _0\"></span>d oneri.<span class=\"ffa fc2\"> </span></div><div class=\"t m0 x0 h95 y7d ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yc2e ffa fs0 fc2 sc0 ls0 ws0\">4. Descrizione delle prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipali ipotesi attuar<span class=\"_ _0\"></span>iali  </div><div class=\"t m0 x0 h2 ye0c ff1 fs0 fc0 sc0 ls0 ws0\">Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono riportate le <span class=\"_ _0\"></span>ipotesi attuariali e<span class=\"_ _0\"></span>d i tassi di <span class=\"_ _3\"></span>riferimento utilizzati dai <span class=\"_ _0\"></span>diversi fondi. </div><div class=\"t m0 x0 h2 y5ec ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w398 hcc\" style=\"left:-4.050377px; bottom:438.727px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls27 ws0\">Ipotesi attuariali<span class=\"ls0\"> </span></div></div><div class=\"c w39c hcc\" style=\"left:72.11662px; bottom:438.727px;\"><div class=\"t m0 x125 h8d ye5b ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w39d hcc\" style=\"left:344.07663px; bottom:438.727px;\"><div class=\"t m0 x63 h8d ye5b ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c wd7 h17e\" style=\"left:72.11662px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 xc0 h8d y8ca ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 xe h8d yb33 ff5 fse fc2 sc0 ls28 ws0\">sconto<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17e\" style=\"left:139.22263px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 xc0 h8d y8ca ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h8d yb33 ff5 fse fc2 sc0 ls2f ws0\">rendimento<span class=\"ls0\"> </span></div><div class=\"t m0 xf h8d ya6d ff5 fse fc2 sc0 ls28 ws0\">atteso<span class=\"ls0\"> </span></div></div><div class=\"c w300 h17e\" style=\"left:208.95459px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 x96 h8d y8ca ff5 fse fc2 sc0 ls28 ws0\">atteso di<span class=\"ls0\"> </span></div><div class=\"t m0 x14 h8d yb33 ff5 fse fc2 sc0 ls27 ws0\">incrementi<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h8d ya6d ff5 fse fc2 sc0 ls2f ws0\">retributivi<span class=\"ls0\"> </span></div><div class=\"t m0 xd5 h8d y1474 ff5 fse fc2 sc0 ls9 ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17e\" style=\"left:276.1906px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 x96 h8d y8ca ff5 fse fc2 sc0 ls28 ws0\">annuo di<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h8d yb33 ff5 fse fc2 sc0 ls27 ws0\">inflazione<span class=\"ls0\"> </span></div></div><div class=\"c w39a h17e\" style=\"left:344.07663px; bottom:377.86102px;\"><div class=\"t m0 xb h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 x49 h8d y8ca ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x99 h8d yb33 ff5 fse fc2 sc0 ls28 ws0\">sconto<span class=\"ls0\"> </span></div></div><div class=\"c w300 h17e\" style=\"left:417.08463px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 xc0 h8d y8ca ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h8d yb33 ff5 fse fc2 sc0 ls2f ws0\">rendimento<span class=\"ls0\"> </span></div><div class=\"t m0 xf h8d ya6d ff5 fse fc2 sc0 ls28 ws0\">atteso<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17e\" style=\"left:483.8526px; bottom:377.86102px;\"><div class=\"t m0 x99 h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 x96 h8d y8ca ff5 fse fc2 sc0 ls28 ws0\">atteso di<span class=\"ls0\"> </span></div><div class=\"t m0 x14 h8d yb33 ff5 fse fc2 sc0 ls27 ws0\">incrementi<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h8d ya6d ff5 fse fc2 sc0 ls2f ws0\">retributivi<span class=\"ls0\"> </span></div><div class=\"t m0 xd5 h8d y1474 ff5 fse fc2 sc0 ls9 ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w39b h17e\" style=\"left:552.2196px; bottom:377.86102px;\"><div class=\"t m0 xf h8d y1473 ff5 fse fc2 sc0 ls0 ws0\">Tasso </div><div class=\"t m0 x9a h8d y8ca ff5 fse fc2 sc0 ls28 ws0\">annuo di<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h8d yb33 ff5 fse fc2 sc0 ls27 ws0\">inflazione<span class=\"ls0\"> </span></div></div><div class=\"c w398 h17f\" style=\"left:-4.050377px; bottom:349.781px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">TFR </div></div><div class=\"c wd7 h17f\" style=\"left:72.11662px; bottom:349.781px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 3,2% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,6%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17f\" style=\"left:139.22263px; bottom:349.781px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w300 h17f\" style=\"left:208.95459px; bottom:349.781px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 3,3% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,4%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17f\" style=\"left:276.1906px; bottom:349.781px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,7%<span class=\"ls0\"> </span></div></div><div class=\"c w39a h17f\" style=\"left:344.07663px; bottom:349.781px;\"><div class=\"t m0 xab h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">da 0,2 % a 1,4%<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w300 h17f\" style=\"left:417.08463px; bottom:349.781px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h17f\" style=\"left:483.8526px; bottom:349.781px;\"><div class=\"t m0 x1a h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">da 2,8% a 3%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h17f\" style=\"left:552.2196px; bottom:349.781px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,2%<span class=\"ls0\"> </span></div></div><div class=\"c w398 h43\" style=\"left:-4.050377px; bottom:326.381px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">PIANI INTERNI<span class=\"ls0\"> </span></div></div><div class=\"c w398 h17f\" style=\"left:-4.050377px; bottom:298.30103px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Italia</span> </div></div><div class=\"c wd7 h17f\" style=\"left:72.11662px; bottom:298.30103px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h17f\" style=\"left:139.22263px; bottom:298.30103px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h17f\" style=\"left:208.95459px; bottom:298.30103px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h17f\" style=\"left:276.1906px; bottom:298.30103px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39a h17f\" style=\"left:344.07663px; bottom:298.30103px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">0,4%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h17f\" style=\"left:417.08463px; bottom:298.30103px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h17f\" style=\"left:483.8526px; bottom:298.30103px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,9%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h17f\" style=\"left:552.2196px; bottom:298.30103px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,2%<span class=\"ls0\"> </span></div></div><div class=\"c w398 h1d\" style=\"left:-4.050377px; bottom:283.48102px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Egitto</span> </div></div><div class=\"c wd7 h1d\" style=\"left:72.11662px; bottom:283.48102px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">14,7%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:139.22263px; bottom:283.48102px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h1d\" style=\"left:208.95459px; bottom:283.48102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">6,4%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:276.1906px; bottom:283.48102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">6,4%<span class=\"ls0\"> </span></div></div><div class=\"c w39a h1d\" style=\"left:344.07663px; bottom:283.48102px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">14,6%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h1d\" style=\"left:417.08463px; bottom:283.48102px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h1d\" style=\"left:483.8526px; bottom:283.48102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,3%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h1d\" style=\"left:552.2196px; bottom:283.48102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,3%<span class=\"ls0\"> </span></div></div><div class=\"c w398 h1d\" style=\"left:-4.050377px; bottom:268.661px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Inghilterra</span> </div></div><div class=\"c wd7 h1d\" style=\"left:72.11662px; bottom:268.661px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">4,4%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:139.22263px; bottom:268.661px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h1d\" style=\"left:208.95459px; bottom:268.661px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,9%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:276.1906px; bottom:268.661px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,9%<span class=\"ls0\"> </span></div></div><div class=\"c w39a h1d\" style=\"left:344.07663px; bottom:268.661px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1,9%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h1d\" style=\"left:417.08463px; bottom:268.661px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h1d\" style=\"left:483.8526px; bottom:268.661px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,0%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h1d\" style=\"left:552.2196px; bottom:268.661px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,0%<span class=\"ls0\"> </span></div></div><div class=\"c w398 h1d\" style=\"left:-4.050377px; bottom:253.841px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Serbia</span> </div></div><div class=\"c wd7 h1d\" style=\"left:72.11662px; bottom:253.841px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">6,8%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:139.22263px; bottom:253.841px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w300 h1d\" style=\"left:208.95459px; bottom:253.841px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">8,0%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:276.1906px; bottom:253.841px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39a h1d\" style=\"left:344.07663px; bottom:253.841px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,3%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h1d\" style=\"left:417.08463px; bottom:253.841px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h1d\" style=\"left:483.8526px; bottom:253.841px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,0%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h1d\" style=\"left:552.2196px; bottom:253.841px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w398 h43\" style=\"left:-4.050377px; bottom:230.44101px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls29 ws0\">PIANI ESTERNI<span class=\"ls0\"> </span></div></div><div class=\"c w398 h17f\" style=\"left:-4.050377px; bottom:202.36102px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Italia</span> </div></div><div class=\"c wd7 h17f\" style=\"left:72.11662px; bottom:202.36102px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 3,3% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,4%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17f\" style=\"left:139.22263px; bottom:202.36102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,0%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h17f\" style=\"left:208.95459px; bottom:202.36102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,5%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17f\" style=\"left:276.1906px; bottom:202.36102px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 2,7% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,3%<span class=\"ls0\"> </span></div></div><div class=\"c w39a h17f\" style=\"left:344.07663px; bottom:202.36102px;\"><div class=\"t m0 x45 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">da 0,1% a 0,7%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h17f\" style=\"left:417.08463px; bottom:202.36102px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3,0%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h17f\" style=\"left:483.8526px; bottom:202.36102px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 2,7% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,8%<span class=\"ls0\"> </span></div></div><div class=\"c w39b h17f\" style=\"left:552.2196px; bottom:202.36102px;\"><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">da 1,7% a </div><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,2%<span class=\"ls0\"> </span></div></div><div class=\"c w398 h103\" style=\"left:-4.050377px; bottom:187.50201px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di </span>cui Stati Uniti </div></div><div class=\"c wd7 h103\" style=\"left:72.11662px; bottom:187.50201px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">4,8%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h103\" style=\"left:139.22263px; bottom:187.50201px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">4,8%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h103\" style=\"left:208.95459px; bottom:187.50201px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h103\" style=\"left:276.1906px; bottom:187.50201px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39a h103\" style=\"left:344.07663px; bottom:187.50201px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,8%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h103\" style=\"left:417.08463px; bottom:187.50201px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,8%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h103\" style=\"left:483.8526px; bottom:187.50201px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39b h103\" style=\"left:552.2196px; bottom:187.50201px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w398 h1d\" style=\"left:-4.050377px; bottom:172.682px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">di cui Svizzera</span> </div></div><div class=\"c wd7 h1d\" style=\"left:72.11662px; bottom:172.682px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1,9%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:139.22263px; bottom:172.682px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1,0%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h1d\" style=\"left:208.95459px; bottom:172.682px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h1d\" style=\"left:276.1906px; bottom:172.682px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1,3%<span class=\"ls0\"> </span></div></div><div class=\"c w39a h1d\" style=\"left:344.07663px; bottom:172.682px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">0,4%<span class=\"ls0\"> </span></div></div><div class=\"c w300 h1d\" style=\"left:417.08463px; bottom:172.682px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1,0%<span class=\"ls0\"> </span></div></div><div class=\"c w399 h1d\" style=\"left:483.8526px; bottom:172.682px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39b h1d\" style=\"left:552.2196px; bottom:172.682px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">0,5%<span class=\"ls0\"> </span></div></div><div class=\"c w6d h17d\" style=\"left:-4.050377px; bottom:155.52202px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(a) Al netto degli sviluppi di carriera<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-93.63599px;\"><div class=\"t m0 x0 h61 y678 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybf6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1476 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ut<span class=\"_ _3\"></span>ilizza <span class=\"_ _7\"> </span>prevalentemen<span class=\"_ _0\"></span>te <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>curva <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>Eur <span class=\"_ _1d\"> </span>Composite <span class=\"_ _7\"> </span>AA<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yfa2 ff4 fs0 fc0 sc0 ls0 ws0\">ponderata in <span class=\"_ _3\"></span>base al<span class=\"_ _3\"></span> rapporto <span class=\"_ _3\"></span>tra i <span class=\"_ _3\"></span>pagamenti e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>anticipi riferiti <span class=\"_ _3\"></span>a c<span class=\"_ _3\"></span>iascuna scadenza da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019ammontare complessi<span class=\"_ _5\"></span><span class=\"ff1\">vo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 yfe8 ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>anticipi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>sostenuti <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ino <span class=\"_ _7\"> </span>all\u2019estinzione <span class=\"_ _4\"> </span>finale <span class=\"_ _7\"> </span>dell\u2019intera <span class=\"_ _7\"> </span>obbligazione, <span class=\"_ _4\"> </span>dal<span class=\"_ _6\"></span>l\u2019altro. <span class=\"_ _4\"> </span>In </div><div class=\"t m0 x0 h2 y9a ff1 fs0 fc0 sc0 ls0 ws0\">particolare, nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>piani a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>benefici definiti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato corrisponde <span class=\"_ _3\"></span>al tasso <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>iflette <span class=\"_ _3\"></span>i parametri <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>mercato </div><div class=\"t m0 x0 h2 y4f1 ff4 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>iano. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>curva <span class=\"_ _2\"></span>Eur <span class=\"_ _5\"></span>Composite <span class=\"_ _2\"></span>AA <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>ricavata <span class=\"_ _2\"></span>giornalmente <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>informatio<span class=\"_ _0\"></span>n <span class=\"_ _5\"></span>provider <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>Bloomberg <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>fa </span></div><div class=\"t m0 x0 h32 yef0 ff4 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>paniere <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>messi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>emittenti <span class=\"_ _7\"> </span>corporate <span class=\"_ _7\"> </span>\u201cinvestment <span class=\"_ _7\"> </span>grade\u201d <span class=\"_ _4\"> </span>compresi <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>classe <span class=\"_ _7\"> </span>\u201cAA\u201d <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating </div><div class=\"t m0 x0 h2 ya8b ff4 fs0 fc0 sc0 ls0 ws0\">residenti nell\u2019area <span class=\"_ _0\"></span>euro e appartenenti <span class=\"_ _0\"></span>a diversi settori.<span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 yeb7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y457 ff1 fs0 fc0 sc0 ls0 ws0\">Analogamente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>utilizza <span class=\"_ _2\"></span>prevalen<span class=\"_ _3\"></span>temente <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>europea <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>Zero<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 yb9f ff1 fs0 fc0 sc0 ls0 ws0\">Coupon Inflation-<span class=\"ff4\">Indexed Swap ponder<span class=\"_ _0\"></span>ata in base al rapporto tra l\u2019imp<span class=\"_ _0\"></span>orto pagato per ciascuna <span class=\"_ _0\"></span>scadenza e l\u2019importo total<span class=\"_ _0\"></span>e da </span></div><div class=\"t m0 x0 h2 y1477 ff4 fs0 fc0 sc0 ls0 ws0\">pagare fino all\u2019esti<span class=\"_ _0\"></span>nzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazione.<span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div>5. Informazioni su importo, <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>empistica e incert<span class=\"_ _0\"></span>ezza sui flussi finanziar<span class=\"_ _0\"></span>i (milioni di eur<span class=\"_ _35\"></span>o) Analisi <span class=\"_ _0\"></span>di sensitiv<span class=\"_ _0\"></span>ity 31.12.2022<span class=\"_ _0\"></span>          TFR<span class=\"_ _0\"></span>               <span class=\"_ _0\"></span> PIANI INTE<span class=\"_ _35\"></span>RNI               <span class=\"_ _0\"></span> PIANI ESTE<span class=\"_ _0\"></span>RNI +100 bps<span class=\"_ _0\"></span> -100 bps +100 bps<span class=\"_ _0\"></span> -100 bps +100 bps<span class=\"_ _0\"></span> -100 bps Tasso di at<span class=\"_ _0\"></span>tualizzazio<span class=\"_ _0\"></span>ne 792<span class=\"ls0\"> </span>921<span class=\"ls0\"> </span>153<span class=\"ls0\"> </span>204<span class=\"ls0\"> </span>1.057 1.266 Tasso di in<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>rementi<span class=\"_ _0\"></span> retributivi 853<span class=\"ls0\"> </span>853<span class=\"ls0\"> </span>189<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>1.164 1.141 Tasso di inf<span class=\"_ _0\"></span>lazione 895<span class=\"ls0\"> </span>813<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>163<span class=\"ls0\"> </span>1.223 1.089 L'analisi di sensitivity sul tasso di ren<span class=\"_ _3\"></span>dimento atteso non viene effett<span class=\"_ _3\"></span>uata in quanto n<span class=\"_ _3\"></span>on ha effetti sul calcolo della passivit\u00e0<span class=\"_ _3\"></span> L\u2019analisi di sensitivity<span class=\"_ _0\"></span> \u00e8 stata effettuata<span class=\"_ _0\"></span> sulle passivit\u00e0 nette a<span class=\"_ _0\"></span> benefici definiti (d<span class=\"_ _0\"></span>i cui alla precede<span class=\"_ _0\"></span>nte informativa 10.<span class=\"_ _2\"></span><span class=\"ff1\">5, punto 2). </span>I <span class=\"_ _5\"></span>dati <span class=\"_ _5\"></span>esposti, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>assoluto, <span class=\"_ _5\"></span>indicano <span class=\"_ _2\"></span>quale <span class=\"_ _6\"></span><span class=\"ff4\">sarebbe <span class=\"_ _5\"></span>l\u2019ammontare <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>nette <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>di </span>una variazione di +/- 100 bps d<span class=\"_ _0\"></span>i tasso. La duration media dell\u2019<span class=\"_ _0\"></span>obbligazione a <span class=\"_ _0\"></span>benefici definiti \u00e8 par<span class=\"_ _0\"></span>i a 10,98 anni per i f<span class=\"_ _0\"></span>ondi pensione e 7<span class=\"_ _0\"></span>,91 anni per il TFR.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gli <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>esborsi <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>effettuarsi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>prossimo <span class=\"_ _5\"></span>esercizio <span class=\"_ _5\"></span>(ripianamento <span class=\"_ _5\"></span>disavanzo <span class=\"_ _5\"></span>tecnico <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>statuto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Fondo Pensione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _3\"></span>Definita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo)<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>saranno <span class=\"_ _2\"></span>determinati <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio<span class=\"_ _0\"></span> del Fondo stesso, che <span class=\"_ _0\"></span>avverr\u00e0 nei prossimi mesi di magg<span class=\"_ _0\"></span>io/giugno. 6. Piani relativi a pi\u00f9 d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tori di lavoro Nel gruppo sono pre<span class=\"_ _0\"></span>senti i seguenti pi<span class=\"_ _0\"></span>ani a benefici definiti re<span class=\"_ _0\"></span>lativi a pi\u00f9 datori <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i lavoro:<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>Fondo Pensione per i<span class=\"_ _3\"></span>l Personale ex Crediop assunto sino al 30 <span class=\"_ _2\"></span>settembre 1989 che, in data 1\u00b0 gennaio 2016, \u00e8 <span class=\"_ _3\"></span>confluit<span class=\"_ _0\"></span>o all\u2019interno del Fondo Pensione Complementare per il personale del <span class=\"_ _3\"></span>Banco di Napoli (oggi Fondo <span class=\"_ _3\"></span>Pensione a Prestazione Definita <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo). <span class=\"_ _3\"></span>Gli <span class=\"_ _2\"></span>impegni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Crediop <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(ora <span class=\"_ _2\"></span>Dexia<span class=\"_ _2\"></span>-Crediop) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>IMI <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>Intesa Sanpaolo S.p.A.) nei <span class=\"_ _3\"></span>confronti del <span class=\"_ _3\"></span>Fondo, sono <span class=\"_ _3\"></span>regolati dall\u2019accordo del <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>maggio 1999 stipulato t<span class=\"_ _3\"></span>ra le <span class=\"_ _3\"></span>due parti e<span class=\"_ _3\"></span> il <span class=\"_ _3\"></span>suo trasferimento <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>Pensione <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Prestazione <span class=\"_ _6\"></span>Definita <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _4\"> </span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _7\"> </span><span class=\"ff1\">non <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>modificato <span class=\"_ _6\"></span>le </span>garanzie e gli impeg<span class=\"_ _0\"></span>ni a suo tempo sotto<span class=\"_ _0\"></span>scritti tra le due entit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Fondo<span class=\"_ _3\"></span> di quiescenza ex dipend<span class=\"_ _0\"></span>enti Banca Ca.Ri.Ma. p<span class=\"_ _0\"></span>assati alla Se.Ri.Ma. (ora Equi<span class=\"_ _0\"></span>talia Servizi di Riscossione S.<span class=\"_ _0\"></span>p.A.), i </span>cui <span class=\"_ _6\"></span>servizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>riscossione <span class=\"_ _6\"></span>furono <span class=\"_ _6\"></span>trasferiti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">l <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"> </span>gennaio <span class=\"_ _6\"> </span>1990 <span class=\"_ _6\"> </span>all\u2019ex <span class=\"_ _6\"> </span>Equitalia <span class=\"_ _6\"> </span>Marche <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _6\"> </span>(attualmente <span class=\"_ _6\"> </span>Agenzia <span class=\"_ _6\"></span>delle </span>Entrate <span class=\"_ _2\"></span>- <span class=\"_ _5\"></span><span class=\"ff4\">Riscossione) <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>confluito <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _2\"></span>Definita <span class=\"_ _2\"></span>del </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _4\"> </span>L\u2019accordo <span class=\"_ _7\"> </span>sindacale <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ntese <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>tercorse <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>sottoscrittori <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _4\"> </span>sancirono <span class=\"_ _4\"> </span>che l\u2019allora <span class=\"_ _2\"></span>controllante <span class=\"_ _2\"></span>Ca.Ri.Ma. <span class=\"_ _2\"></span>(poi <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Marche <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>poi <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Nuova <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Marche <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>successivamente <span class=\"_ _3\"></span>ex Banca <span class=\"_ _2\"></span>Adriatica <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _3\"></span>incorporata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lta <span class=\"_ _2\"></span>incorporat<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A.) <span class=\"_ _3\"></span>continuasse ad <span class=\"_ _1c\"> </span>accantonare <span class=\"_ _1c\"> </span>nel <span class=\"_ _20\"> </span>proprio <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>riserve <span class=\"_ _20\"> </span>matem<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiche <span class=\"_ _1c\"> </span>inerenti <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>personal<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>assunto <span class=\"_ _20\"> </span>precede<span class=\"_ _0\"></span>ntemente <span class=\"_ _1c\"> </span>al perfezionarsi dell\u2019op<span class=\"_ _0\"></span>erazione;<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _44\"> </span><span class=\"fs0\">Fondo <span class=\"_ _16\"> </span>Pensione <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>il  P<span class=\"_ _35\"></span>ersonale  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>ex  B<span class=\"_ _35\"></span>anca  Po<span class=\"_ _0\"></span>polare <span class=\"_ _16\"> </span>di  A<span class=\"_ _0\"></span>ncona <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _16\"> </span>controllate, <span class=\"_ _16\"> </span>confluito <span class=\"_ _7\"> </span>in  data<span class=\"_ _35\"></span> </span></span>1\u00b0<span class=\"ls0\"> <span class=\"ff4\">settembr<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _5\"></span>Definita<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>una </span></span>garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipianamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>rispettive <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>aderenti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Ban<span class=\"_ _2\"></span>ca) <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Credito Valtellinese.<span class=\"fs6\"> </span>7. Piani a benefici de<span class=\"_ _0\"></span>finiti che condividono i ris<span class=\"_ _0\"></span>chi tra entit\u00e0 sotto con<span class=\"_ _0\"></span>trollo comune  Il <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Prestazione <span class=\"_ _3\"></span>Definita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Previdenza<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Cassa <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i Firenze, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>piani <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>benefici <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>condividono <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _6\"></span>rilasciano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i propri dipendenti e p<span class=\"_ _0\"></span>ensionati iscritti, g<span class=\"_ _0\"></span>aranzia solidale n<span class=\"_ _0\"></span>ei confronti degli ent<span class=\"_ _0\"></span>i previdenziali in a<span class=\"_ _0\"></span>rgomento.<span class=\"_ _3\"></span> La <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apo <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>ogni <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _6\"></span>coobbligata <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>determinata <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>Attuario <span class=\"_ _5\"></span>Indipendente <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>della \"proiezione <span class=\"_ _5\"></span>unitaria <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>credito\" <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>iscritta <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>servizio <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano. <span class=\"_ _6\"></span>Analogamente, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>cu<span class=\"_ _5\"></span>rrent service <span class=\"_ _5\"></span>cost, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ore <span class=\"_ _6\"></span>attuale <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>prestazioni <span class=\"_ _6\"></span>maturate <span class=\"_ _5\"></span>dai <span class=\"_ _6\"></span>lavoratori <span class=\"_ _5\"></span>in servizio nel corso dell'<span class=\"_ _0\"></span>esercizio, viene calc<span class=\"_ _0\"></span>olato per ogni Societ\u00e0 <span class=\"_ _0\"></span>dal medesimo Attuario<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1034": {
   "value": "SEZIONE 10 <span class=\"ff6\">\u2013</span> FONDI PER RISCHI E ONERI <span class=\"ff6\">\u2013</span> VOCE 100 10.1 Fondi per rischi e one<span class=\"_ _0\"></span>ri: composizion<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Fondi <span class=\"_ _0\"></span>per risch<span class=\"_ _0\"></span>io di credit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> relativo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>a impegn<span class=\"_ _0\"></span>i e garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate 711<span class=\"ls0\"> </span>508<span class=\"ls0\"> </span>2. Fondi s<span class=\"_ _0\"></span>u altri im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>egni e a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tre garanzie <span class=\"_ _0\"></span>rilasciate - - 3. Fondi <span class=\"_ _0\"></span>di quiesce<span class=\"_ _0\"></span>nza aziend<span class=\"_ _0\"></span>ali 139<span class=\"ls0\"> </span>290<span class=\"ls0\"> </span>4. Altri fo<span class=\"_ _0\"></span>ndi per r<span class=\"_ _0\"></span>ischi ed o<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>eri 4.160 4.918 4.1 contro<span class=\"_ _0\"></span>versie legali<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>e fiscali 969<span class=\"ls0\"> </span>1.066 4.2 oneri per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>il person<span class=\"_ _0\"></span>ale 2.230 2.611 4.3 altri 961<span class=\"ls0\"> </span>1.241 Totale 5.010 5.716 Non vi sono fattispecie<span class=\"_ _0\"></span> riconducibili alla vo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>e \u201c2 <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> </span>Fondi su altri i<span class=\"_ _0\"></span>mpegni e altre garan<span class=\"_ _0\"></span>zie rilasciate\u201d. <span class=\"ff1\"> </span>Il contenuto della voce <span class=\"_ _0\"></span>\u201c4 <span class=\"ff1\">- </span>Altri fondi rischi ed oneri\u201d <span class=\"_ _0\"></span>\u00e8 illustrato al succ<span class=\"_ _0\"></span>essivo punto 10.6.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-342.47974px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">10.2 Fondi per rischi e one<span class=\"_ _0\"></span>ri: variazioni annu<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w381 h5e\" style=\"left:483.8526px; bottom:626.4103px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w37e h7f\" style=\"left:-4.050377px; bottom:567.9103px;\"><div class=\"t m0 x41 h59 y1453 ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w37f h7f\" style=\"left:340.3326px; bottom:567.9103px;\"><div class=\"t m0 x8 h59 y1453 ff5 fs17 fc2 sc0 ls0 ws0\">Fondi s<span class=\"_ _0\"></span>u altri </div><div class=\"t m0 x95 h59 y1454 ff5 fs17 fc2 sc0 ls0 ws0\">impegni e<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h59 y1455 ff5 fs17 fc2 sc0 ls0 ws0\">altre garan<span class=\"_ _0\"></span>zie </div><div class=\"t m0 x94 h59 y77e ff5 fs17 fc2 sc0 ls0 ws0\">rilasciate<span class=\"_ _0\"></span> </div></div><div class=\"c w380 h7f\" style=\"left:413.4966px; bottom:567.9103px;\"><div class=\"t m0 x9a h59 y1453 ff5 fs17 fc2 sc0 ls0 ws0\">Fondi di<span class=\"_ _0\"></span> </div><div class=\"t m0 x87 h59 y1454 ff5 fs17 fc2 sc0 ls0 ws0\">quiescen<span class=\"_ _0\"></span>za </div></div><div class=\"c w382 h7f\" style=\"left:483.8526px; bottom:567.9103px;\"><div class=\"t m0 x97 h59 y1453 ff5 fs17 fc2 sc0 ls0 ws0\">Altri fond<span class=\"_ _0\"></span>i </div><div class=\"t m0 xab h59 y1454 ff5 fs17 fc2 sc0 ls0 ws0\">per risch<span class=\"_ _0\"></span>i ed </div><div class=\"t m0 x99 h59 y1455 ff5 fs17 fc2 sc0 ls0 ws0\">oneri </div></div><div class=\"c w383 h7f\" style=\"left:552.2196px; bottom:567.9103px;\"><div class=\"t m0 xe h59 y1453 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:551.37427px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li  </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:551.37427px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:551.37427px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">290<span class=\"ls0\"> </span></div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:551.37427px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.918 </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:551.37427px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.208 </div></div><div class=\"c w37e h47\" style=\"left:-4.050377px; bottom:531.87427px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Aument<span class=\"_ _0\"></span>i  </div></div><div class=\"c w37f h47\" style=\"left:340.3326px; bottom:531.87427px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h47\" style=\"left:413.4966px; bottom:531.87427px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w382 h47\" style=\"left:483.8526px; bottom:531.87427px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.098 </div></div><div class=\"c w383 h47\" style=\"left:552.2196px; bottom:531.87427px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.116 </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:515.33826px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 Accan<span class=\"_ _0\"></span>tonamento <span class=\"_ _0\"></span>dell'eserci<span class=\"_ _0\"></span>zio  </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:515.33826px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:515.33826px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:515.33826px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.063 </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:515.33826px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.076 </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:498.80225px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 Varia<span class=\"_ _0\"></span>zioni dovute<span class=\"_ _0\"></span> al passar<span class=\"_ _0\"></span>e del tempo<span class=\"_ _0\"></span>  </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:498.80225px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:498.80225px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:498.80225px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:498.80225px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w37e h6a\" style=\"left:-4.050377px; bottom:482.1103px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 Varia<span class=\"_ _0\"></span>zioni dovute<span class=\"_ _0\"></span> a modifi<span class=\"_ _0\"></span>che del tasso<span class=\"_ _0\"></span> di scon<span class=\"_ _0\"></span>to  </div></div><div class=\"c w37f h6a\" style=\"left:340.3326px; bottom:482.1103px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h6a\" style=\"left:413.4966px; bottom:482.1103px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w382 h6a\" style=\"left:483.8526px; bottom:482.1103px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w383 h6a\" style=\"left:552.2196px; bottom:482.1103px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:465.57428px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 Altre <span class=\"_ _0\"></span>variazioni<span class=\"_ _0\"></span>   </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:465.57428px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:465.57428px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:465.57428px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:465.57428px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:449.03827px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _35\"></span>regazione aziendale<span class=\"_ _0\"></span> </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:449.03827px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:449.03827px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:449.03827px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:449.03827px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w37e h47\" style=\"left:-4.050377px; bottom:429.53827px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Dimi<span class=\"_ _0\"></span>nuzioni  </div></div><div class=\"c w37f h47\" style=\"left:340.3326px; bottom:429.53827px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h47\" style=\"left:413.4966px; bottom:429.53827px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">169</span> </div></div><div class=\"c w382 h47\" style=\"left:483.8526px; bottom:429.53827px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1.856 </div></div><div class=\"c w383 h47\" style=\"left:552.2196px; bottom:429.53827px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-2.025 </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:413.00226px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 Utiliz<span class=\"_ _0\"></span>zo nell'esercizi<span class=\"_ _35\"></span>o  </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:413.00226px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:413.00226px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">100</span> </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:413.00226px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.549 </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:413.00226px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.649 </div></div><div class=\"c w37e h82\" style=\"left:-4.050377px; bottom:396.27124px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 Variazi<span class=\"_ _0\"></span>oni dovu<span class=\"_ _0\"></span>te a modi<span class=\"_ _0\"></span>fiche del tas<span class=\"_ _0\"></span>so di scon<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o  </div></div><div class=\"c w37f h82\" style=\"left:340.3326px; bottom:396.27124px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h82\" style=\"left:413.4966px; bottom:396.27124px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w382 h82\" style=\"left:483.8526px; bottom:396.27124px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">129</span> </div></div><div class=\"c w383 h82\" style=\"left:552.2196px; bottom:396.27124px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">129</span> </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:379.7353px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 Altre va<span class=\"_ _0\"></span>riazioni  </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:379.7353px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:379.7353px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">69</span> </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:379.7353px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">178</span> </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:379.7353px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">247</span> </div></div><div class=\"c w37e h41\" style=\"left:-4.050377px; bottom:363.19928px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _0\"></span>regazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale<span class=\"_ _0\"></span> </div></div><div class=\"c w37f h41\" style=\"left:340.3326px; bottom:363.19928px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h41\" style=\"left:413.4966px; bottom:363.19928px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w382 h41\" style=\"left:483.8526px; bottom:363.19928px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w383 h41\" style=\"left:552.2196px; bottom:363.19928px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w37e h47\" style=\"left:-4.050377px; bottom:343.69928px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i  </div></div><div class=\"c w37f h47\" style=\"left:340.3326px; bottom:343.69928px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w380 h47\" style=\"left:413.4966px; bottom:343.69928px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">139<span class=\"ls0\"> </span></div></div><div class=\"c w382 h47\" style=\"left:483.8526px; bottom:343.69928px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.160 </div></div><div class=\"c w383 h47\" style=\"left:552.2196px; bottom:343.69928px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.299 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-342.47974px;\"><div class=\"t m0 x0 h61 y1456 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 yc87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y112c ff4 fs0 fc0 sc0 ls0 ws0\">Come specificato nel c<span class=\"_ _0\"></span>ommento alla precedent<span class=\"_ _0\"></span>e tabella, non vi s<span class=\"_ _0\"></span>ono fattispecie ricon<span class=\"_ _0\"></span>ducibili alla voce \u201cFo<span class=\"_ _0\"></span>ndi su altri impegn<span class=\"_ _2\"></span><span class=\"ff1\">i e </span></div><div class=\"t m0 x0 h2 y1085 ff4 fs0 fc0 sc0 ls0 ws0\">altre garanzie rilasci<span class=\"_ _0\"></span>ate\u201d. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1054 ff4 fs0 fc0 sc0 ls0 ws0\">Negli \u201cAltri fondi per <span class=\"_ _0\"></span>rischi ed oneri\u201d sono i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>clusi accantonamen<span class=\"_ _0\"></span>ti netti a voce 200 le<span class=\"_ _0\"></span>ttera b) di<span class=\"_ _2\"></span><span class=\"ff1\"> conto economico p<span class=\"_ _0\"></span>er 140 milioni </span></div><div class=\"t m0 x0 h2 y1087 ff1 fs0 fc0 sc0 ls0 ws0\">e, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>residuo, <span class=\"_ _3\"></span>accantonamenti netti <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>voci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico. Gli <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>controversi<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y84c ff1 fs0 fc0 sc0 ls0 ws0\">legali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>(180 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qu<span class=\"_ _0\"></span>elli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>(325 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span>ti <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>resenti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h2 y1089 ff1 fs0 fc0 sc0 ls0 ws0\">spese del personale. Gli <span class=\"_ _0\"></span>utilizzi si riferis<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ono quasi integralm<span class=\"_ _0\"></span>ente a pagamenti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1457 ff1 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y108b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y1458 ff5 fs0 fc2 sc0 ls0 ws0\">10.3 Fondi per rischio di <span class=\"_ _0\"></span>credito relativo a impegni <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> garanzie finanzia<span class=\"_ _0\"></span>rie rilasciate<span class=\"ff1 fs12 fc0\"> </span></div><div class=\"t m0 x0 h2 y7dc ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w385 h8c\" style=\"left:446.7246px; bottom:180.83527px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w386 h87\" style=\"left:330.03662px; bottom:148.67328px;\"><div class=\"t m0 x12 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Fondi per<span class=\"_ _0\"></span> rischio di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>credito <span class=\"_ _0\"></span>relativo a <span class=\"_ _0\"></span>impegni e <span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>aranzie </div><div class=\"t m0 x16d h59 y82d ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie rilasciate </div></div><div class=\"c w1de h6b\" style=\"left:330.03662px; bottom:105.773254px;\"><div class=\"t m0 x9a h46 yca7 ff1 fs17 fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x9a h46 ye3 ff1 fs17 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w1de h6b\" style=\"left:388.69263px; bottom:105.773254px;\"><div class=\"t m0 x6 h46 yca7 ff1 fs17 fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x9a h46 ye3 ff1 fs17 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w238 h6b\" style=\"left:446.7246px; bottom:105.773254px;\"><div class=\"t m0 x96 h46 yca7 ff1 fs17 fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x9a h46 ye3 ff1 fs17 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w1de h6b\" style=\"left:504.79565px; bottom:105.773254px;\"><div class=\"t m0 x6 h46 yca7 ff1 fs17 fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x8 h46 ye3 ff1 fs17 fc2 sc0 ls0 ws0\">acquisite o<span class=\"_ _0\"></span> </div><div class=\"t m0 xa1 h46 y75d ff1 fs17 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w2f7 h6b\" style=\"left:562.2036px; bottom:105.773254px;\"><div class=\"t m0 x9b h59 yca7 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w384 h41\" style=\"left:-4.050377px; bottom:89.237274px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Impegni<span class=\"_ _0\"></span> a erogare<span class=\"_ _0\"></span> fondi  </div></div><div class=\"c w1de h41\" style=\"left:330.03662px; bottom:89.237274px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w1de h41\" style=\"left:388.69263px; bottom:89.237274px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w238 h41\" style=\"left:446.7246px; bottom:89.237274px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w1de h41\" style=\"left:504.79565px; bottom:89.237274px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h41\" style=\"left:562.2036px; bottom:89.237274px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">196<span class=\"ls0\"> </span></div></div><div class=\"c w384 h6a\" style=\"left:-4.050377px; bottom:72.54526px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Garan<span class=\"_ _0\"></span>zie finanziari<span class=\"_ _0\"></span>e rilasciate <span class=\"_ _0\"></span> </div></div><div class=\"c w1de h6a\" style=\"left:330.03662px; bottom:72.54526px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w1de h6a\" style=\"left:388.69263px; bottom:72.54526px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w238 h6a\" style=\"left:446.7246px; bottom:72.54526px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">351<span class=\"ls0\"> </span></div></div><div class=\"c w1de h6a\" style=\"left:504.79565px; bottom:72.54526px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h6a\" style=\"left:562.2036px; bottom:72.54526px;\"><div class=\"t m0 xb8 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">515<span class=\"ls0\"> </span></div></div><div class=\"c w384 h47\" style=\"left:-4.050377px; bottom:53.045258px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1de h47\" style=\"left:330.03662px; bottom:53.045258px;\"><div class=\"t m0 xb8 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">152<span class=\"ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:53.045258px;\"><div class=\"t m0 xb8 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w238 h47\" style=\"left:446.7246px; bottom:53.045258px;\"><div class=\"t m0 xb8 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">404<span class=\"ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:53.045258px;\"><div class=\"t m0 xa h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h47\" style=\"left:562.2036px; bottom:53.045258px;\"><div class=\"t m0 xb8 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">711<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-342.47974px;\"><div class=\"t m0 x0 h61 y145a ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y94a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y717 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y8a ff5 fs0 fc2 sc0 ls0 ws0\">10.4 Fondi su altri imp<span class=\"_ _0\"></span>egni e altre garanzie ril<span class=\"_ _0\"></span>asciate </div><div class=\"t m0 x0 h2 y116c ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 n<span class=\"_ _0\"></span>on risultano fondi <span class=\"_ _0\"></span>su altri impegni e ga<span class=\"_ _0\"></span>ranzie rilasciate.  </div><div class=\"t m0 x0 h2 y13aa ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1392 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y163 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y145b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y145c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y145d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y145e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y145f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1460 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1461 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">10.5 Fondi di quiesc<span class=\"_ _0\"></span>enza aziendali a benefici<span class=\"_ _0\"></span> definiti  </div><div class=\"t m0 x125 h95 y5 ffa fs0 fc7 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">1. Illustrazione delle <span class=\"_ _0\"></span>caratteristiche dei fond<span class=\"_ _0\"></span>i e dei relativi rischi </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>previdenza <span class=\"_ _5\"></span>complementare <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prestazione <span class=\"_ _5\"></span>definita, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>valori <span class=\"_ _5\"></span>attuariali <span class=\"_ _5\"></span>richiesti </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019applicazione <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>19 <span class=\"_ _2\"></span>\u201cBenefici <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dipendenti\u201d <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Attuario <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndipendente, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201cmet<span class=\"_ _5\"></span><span class=\"ff1\">odo </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _1c\"> </span>proiezione <span class=\"_ _1c\"> </span>unitaria <span class=\"_ _1c\"> </span>de<span class=\"ff4\">l <span class=\"_ _1c\"> </span>cred<span class=\"_ _3\"></span>ito\u201d <span class=\"_ _1c\"> </span>(Project <span class=\"_ _1c\"> </span>Unit <span class=\"_ _1c\"> </span>Credit <span class=\"_ _1c\"> </span>Method), <span class=\"_ _1c\"> </span>come <span class=\"_ _1c\"> </span>evidenziato <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>dettaglio <span class=\"_ _1c\"> </span>nella <span class=\"_ _1c\"> </span>parte <span class=\"_ _1c\"> </span>A <span class=\"_ _23\"> </span>\u2013</span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Politiche contabili. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>iscritta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _2\"></span>e, <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>utili <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>perdi<span class=\"_ _5\"></span>te </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">attuariali <span class=\"_ _2\"></span>calcolati <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>iani <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rospetto <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>quindi, <span class=\"_ _2\"></span>nel </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio netto. </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">I fondi a prestazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>finita, nei quali le <span class=\"_ _0\"></span>societ\u00e0 del Grupp<span class=\"_ _0\"></span>o Intesa Sanpaolo ri<span class=\"_ _0\"></span>sultano coobbliga<span class=\"_ _0\"></span>te, si possono <span class=\"_ _2\"></span>distinguere in: </div><div class=\"t m0 x0 h2 y69 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>f<span class=\"_ _3\"></span>ondi interni di previd<span class=\"_ _0\"></span>enza complementar<span class=\"_ _0\"></span>e; </span></div><div class=\"t m0 x0 h2 y6a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>f<span class=\"_ _3\"></span>ondi esterni di pre<span class=\"_ _0\"></span>videnza complementare. </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">I fondi interni inclu<span class=\"_ _0\"></span>dono: </div><div class=\"t m0 x0 h2 y6d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>t<span class=\"_ _3\"></span>re <span class=\"_ _4\"> </span>piani <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>benefici <span class=\"_ _4\"> </span>definiti <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>presso <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>filiale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Londra, <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cariplo, <span class=\"_ _4\"></span>ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Commerciale<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 lsd ws0\">It<span class=\"ls0\">aliana <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banco <span class=\"_ _5\"></span>Ambrosiano <span class=\"_ _5\"></span>Veneto: <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>pensione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rivati <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>costituiti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>datori <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _5\"></span>britannici <span class=\"_ _5\"></span>per </span></div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">integrare <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>livello <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>pensione <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tatale, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>toricamente <span class=\"_ _5\"></span>molto <span class=\"_ _6\"></span>bassa. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>filiali <span class=\"_ _5\"></span>londinesi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Cariplo, <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>Commerciale </div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Italiana <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Banco <span class=\"_ _6\"></span>Ambrosia<span class=\"_ _0\"></span>no <span class=\"_ _6\"></span>Veneto <span class=\"_ _5\"></span>costituirono <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>propri <span class=\"_ _5\"></span>dipendenti <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>momento <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>loro </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">apertura, <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>orma <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Trusts <span class=\"_ _2\"></span>retti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>egislazione <span class=\"_ _2\"></span>inglese <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mministrati <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Board <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Trustees, <span class=\"_ _3\"></span>nominati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>parte </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>atore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>lavoro <span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>iscritti. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1999 <span class=\"_ _2\"></span>per </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Banco <span class=\"_ _2\"></span>Ambrosiano <span class=\"_ _2\"></span>Veneto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cariplo <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2000, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nca <span class=\"_ _2\"></span>Commerciale <span class=\"_ _2\"></span>Italiana. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>generale <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i </div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">fondi <span class=\"_ _6\"></span>garantiscono<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>pensione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>gabile <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>compimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>65<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _5\"></span>anno <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>et\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>eneficio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>determinato, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>regole </div><div class=\"t m0 x2a h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">distinte per i diversi f<span class=\"_ _0\"></span>ondi, sulla base d<span class=\"_ _0\"></span>ello stipendio lord<span class=\"_ _0\"></span>o annuale percepito <span class=\"_ _0\"></span>durante l\u2019ultimo ann<span class=\"_ _0\"></span>o di servizio;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y76 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>iano <span class=\"_ _6\"></span>medico <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ost-pensionistico <span class=\"_ _6\"></span>(medical <span class=\"_ _6\"></span>plan) <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>altri <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>efici <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>dipendenti <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bank <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>Alexand<span class=\"_ _0\"></span>ria <span class=\"_ _4\"></span>(Egitto):<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y77 ff4 fs0 fc0 sc0 ls0 ws0\">trattasi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>piani <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>benefici <span class=\"_ _16\"> </span>definiti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>prevedono <span class=\"_ _16\"> </span>l\u2019assistenza <span class=\"_ _7\"> </span>sanitaria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>altri <span class=\"_ _16\"> </span>benefici <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>dipendenti, <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>dopo <span class=\"_ _16\"> </span>il </div><div class=\"t m0 x2a h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">pensionamento. La ba<span class=\"_ _0\"></span>nca \u00e8 responsa<span class=\"_ _0\"></span>bile dei costi e dei risc<span class=\"_ _0\"></span>hi collegati a<span class=\"_ _3\"></span><span class=\"ff4\">ll\u2019erogazione di tal<span class=\"_ _0\"></span>i benefici;<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y79 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>p<span class=\"_ _3\"></span>iani <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Beograd: <span class=\"_ _3\"></span>trattasi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tabiliti <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Contratto<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Collettivo <span class=\"_ _2\"></span>(che <span class=\"_ _2\"></span>fa <span class=\"_ _5\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>disposizioni <span class=\"_ _2\"></span>legislative <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Repubblica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Serbia), <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>servizio <span class=\"_ _2\"></span>da </div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">corrispondere nel m<span class=\"_ _0\"></span>omento in cui verr\u00e0 m<span class=\"_ _0\"></span>eno il rapporto di l<span class=\"_ _0\"></span>avoro.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">I fondi esterni includ<span class=\"_ _0\"></span>ono: </div><div class=\"t m0 x0 h2 y7e ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Fondo <span class=\"_ _7\"> </span>Pensione <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>uova <span class=\"_ _4\"> </span>denominazione <span class=\"_ _4\"> </span>assunta <span class=\"_ _4\"> </span>dall\u2019ex  </span>Fondo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Pensione <span class=\"_ _3\"></span>Complementare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Personale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Banco <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Napoli <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>Sezione <span class=\"_ _3\"></span>A, <span class=\"_ _3\"></span>individuato <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me co<span class=\"_ _3\"></span>llettore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>altre <span class=\"_ _2\"></span>forme <span class=\"_ _3\"></span>a </div><div class=\"t m0 x2a h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cprestazione definita\u201d nell\u2019ambito del processo di riordino e razionalizzazione dei regimi previdenziali esistenti nel Gruppo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo, con <span class=\"_ _3\"></span>salvaguardia d<span class=\"ff4\">ei<span class=\"_ _3\"></span> diritti degli <span class=\"_ _3\"></span>iscritti (attivi e p<span class=\"_ _3\"></span>ensionati). A tal <span class=\"_ _3\"></span>fine sono state <span class=\"_ _3\"></span>conferite al \u201cFondo\u201d <span class=\"_ _5\"></span></span>- <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">sezioni <span class=\"_ _3\"></span>virtualmente separate <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>appostazioni <span class=\"_ _3\"></span>patrimoniali presenti <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilanci <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>forme <span class=\"_ _3\"></span>previdenziali p<span class=\"_ _3\"></span>reesistenti, per </div><div class=\"t m0 x2a h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">assicurare <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>piena <span class=\"_ _18\"> </span>copertura <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span>le <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>restazioni <span class=\"_ _18\"> </span>integrative. <span class=\"_ _18\"> </span>Il <span class=\"_ _1c\"> </span>Fondo, <span class=\"_ _18\"> </span>ente <span class=\"_ _1c\"> </span>con <span class=\"_ _18\"> </span>personalit\u00e0 <span class=\"_ _18\"> </span>giuridica <span class=\"_ _1c\"> </span>e <span class=\"_ _18\"> </span>gestione<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale <span class=\"_ _4\"> </span>autonoma, <span class=\"_ _7\"> </span>include <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>seguenti <span class=\"_ _7\"> </span>gestioni: <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _4\"> </span>iscritti <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>altri <span class=\"_ _4\"> </span>beneficiari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>provenienza <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Banco <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x2a h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">Napoli; <span class=\"_ _2\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>eneficiario <span class=\"_ _3\"></span>dell\u2019Assegn<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _2\"></span>Integrativo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Quiescenza, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _2\"></span>IMI; </span></div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quiescenz<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Nazionale <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>Comunicazioni; <span class=\"_ _2\"></span>personale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _6\"></span>provenient<span class=\"_ _35\"></span>e </div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>Bologna, <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Previdenza <span class=\"_ _6\"></span>Comple<span class=\"_ _2\"></span>mentare <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Personale <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>citata </div><div class=\"t m0 x2a h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Cassa, confluito ne<span class=\"_ _3\"></span>l Fondo <span class=\"_ _3\"></span>Pensione Complementare per il <span class=\"_ _3\"></span>Personale del <span class=\"_ _3\"></span>Banco di <span class=\"_ _3\"></span>Napoli nel corso <span class=\"_ _3\"></span>del 2004; <span class=\"_ _3\"></span>personale </div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _6\"></span>proveniente <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Previdenza <span class=\"_ _6\"></span>Complementare <span class=\"_ _5\"></span>ex <span class=\"_ _4\"></span>Fin.Opi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>rgomento <span class=\"_ _6\"></span>il </div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> <span class=\"ff4\">giugno 2<span class=\"_ _3\"></span>005; <span class=\"_ _3\"></span>personale <span class=\"_ _2\"></span>dipendente <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _2\"></span>proveniente <span class=\"_ _3\"></span>dall\u2019ex <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Adriatico, <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>iscritto <span class=\"_ _2\"></span>al </span></span></div><div class=\"t m0 x2a h32 y47 ff4 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Previdenza <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Personale <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Popolare <span class=\"_ _5\"></span>dell\u2019Adriatico, <span class=\"_ _2\"></span>confluito <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>argomento <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>30 <span class=\"_ _6\"></span>giugno </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">2006; <span class=\"_ _4\"></span>personale <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>quiescenz<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>roveniente <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Udine <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Pordenone <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Previdenza <span class=\"_ _2\"></span>Complementare <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>personale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>predetta <span class=\"_ _5\"></span>Cassa, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>006; <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ersonale <span class=\"_ _3\"></span>in </div><div class=\"t m0 x2a h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">quiescenza <span class=\"_ _6\"></span>proveniente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"></span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Forl\u00ec <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Previdenza <span class=\"_ _4\"></span>Complementa<span class=\"_ _0\"></span>re <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Cassa, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2007; <span class=\"_ _2\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _3\"></span>proveniente<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>interno <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>Carive, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>rgomento <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>008; <span class=\"_ _3\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _2\"></span>proveniente </div><div class=\"t m0 x2a h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Interno <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>FIP <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>CR <span class=\"_ _2\"></span>Firenze, <span class=\"_ _2\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2010; <span class=\"_ _2\"></span>personale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quiescenza </div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">proveniente <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Interno <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Cassa d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Terni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Narni, <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>onfluito <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>argomento <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennai<span class=\"_ _35\"></span>o </div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">2010 <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>vi <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>beneficiari; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _5\"></span>proveniente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Fondo<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Interno <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Cassa <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Pistoia <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Pescia, <span class=\"_ _2\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>tte<span class=\"_ _3\"></span>mbre <span class=\"_ _2\"></span>2012; <span class=\"_ _2\"></span>personale </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">esattoriale in quiescen<span class=\"_ _0\"></span>za proveniente dal F<span class=\"_ _0\"></span>ondo Oneri Integrativi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Previdenziali per il<span class=\"_ _0\"></span> Personale Esattori<span class=\"_ _0\"></span>ale gi\u00e0 dipendente<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">Cariplo, confluito nel <span class=\"_ _3\"></span>Fondo in <span class=\"_ _3\"></span>argomento il <span class=\"_ _3\"></span>1\u00b0 gennaio 2015; p<span class=\"_ _3\"></span>ersonale in <span class=\"_ _3\"></span>quiescenza<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>gi\u00e0 iscritto <span class=\"_ _3\"></span>al Fondo <span class=\"_ _5\"></span>di <span class=\"_ _3\"></span>Previdenza<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">Complementare per il Personale del Mediocredito Lombardo S.p.A., confluito<span class=\"_ _0\"></span> nel Fondo in argomento il <span class=\"_ _3\"></span>1\u00b0 gennaio 2015;<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>iscritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>Dirigenti, <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Dirigenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>aventi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Comit, <span class=\"_ _5\"></span>confluito<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h32 y55 ff4 fs0 fc0 sc0 ls0 ws0\">nel Fondo in argomento il 1\u00b0 gennaio 2015; personale in quiescenza gi\u00e0 iscritto presso i Fondi Pensione delle \u201cCasse<span class=\"_ _0\"></span> del </div><div class=\"t m0 x2a h32 y56 ff4 fs0 fc0 sc0 ls0 ws0\">Centro\u201d, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>gli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>scritti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>integrazione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>prestazioni <span class=\"_ _7\"> </span>dell\u2019INPS <span class=\"_ _4\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>l\u2019assicurazione <span class=\"_ _7\"> </span>obbligatoria <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x2a h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">invalidit\u00e0, <span class=\"_ _2\"></span>vecchiaia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>superstiti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>personale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Ris<span class=\"_ _3\"></span>parmio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Citt\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Castello, <span class=\"_ _2\"></span>Fondo <span class=\"_ _5\"></span>integrazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x2a h32 y58 ff4 fs0 fc0 sc0 ls0 ws0\">prestazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019INPS <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>l\u2019assicurazione <span class=\"_ _2\"></span>obbligatoria <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>invalidit\u00e0, <span class=\"_ _5\"></span>vecchiaia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>superstiti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>di </div><div class=\"t m0 x2a h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Folig<span class=\"ff4\">no, <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>pensione <span class=\"_ _2\"></span>complementare <span class=\"_ _3\"></span>dell\u2019AGO <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Personale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Spoleto, <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ensione <span class=\"_ _7\"> </span>integrativo/compleme<span class=\"_ _0\"></span>ntare <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>trattamento <span class=\"_ _7\"> </span>pensionistico <span class=\"_ _7\"> </span>obbligatorio <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>dipendenti <span class=\"_ _7\"> </span>della </div><div class=\"t m0 x2a h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Cassa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Rieti, <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Previ<span class=\"_ _3\"></span>denza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Personale <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Cassa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Viterbo <span class=\"_ _3\"></span>e </div><div class=\"t m0 x2a h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _3\"></span>Pensionistico Integrativo <span class=\"_ _3\"></span>aziendale p<span class=\"_ _3\"></span>er i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ipendenti della <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ascoli <span class=\"_ _3\"></span>Piceno, <span class=\"_ _3\"></span>confluiti nel <span class=\"_ _2\"></span>Fondo </div><div class=\"t m0 x2a h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _3\"></span>argomento <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2015; <span class=\"_ _3\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>iscr<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Previdenza <span class=\"_ _3\"></span>Aziendale Complementare </div><div class=\"t m0 x2a h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>prestazioni I<span class=\"_ _3\"></span>NPS <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Personale <span class=\"_ _3\"></span>dipendente <span class=\"_ _3\"></span>della Ca<span class=\"_ _3\"></span>ssa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Civitavecchia, <span class=\"_ _3\"></span>confluito nel <span class=\"_ _2\"></span>Fondo<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2015;<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>personale <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quiescenza <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Fon<span class=\"_ _2\"></span>do <span class=\"_ _6\"></span>Integrativo <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>SIL <span class=\"_ _6\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _5\"></span>Italiana </div><div class=\"t m0 x2a h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">Leasing <span class=\"_ _7\"> </span>S.p.A., <span class=\"_ _4\"> </span>confluito <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>argomento <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2015; <span class=\"_ _7\"> </span>personale <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>quiescen<span class=\"_ _0\"></span>za <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>iscritto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Fondo </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x2a h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Pensione <span class=\"_ _20\"> </span>Co<span class=\"_ _3\"></span>mplement<span class=\"_ _0\"></span>are <span class=\"_ _23\"> </span>per <span class=\"_ _20\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _23\"> </span>Personale <span class=\"_ _20\"> </span>della <span class=\"_ _23\"> </span>Banca <span class=\"_ _20\"> </span>Mo<span class=\"_ _3\"></span>nte <span class=\"_ _23\"> </span>Parma, <span class=\"_ _20\"> </span>confluito <span class=\"_ _23\"> </span>nel <span class=\"_ _20\"> </span>Fo<span class=\"_ _3\"></span>ndo <span class=\"_ _23\"> </span>in <span class=\"_ _20\"> </span>argomento<span class=\"_ _5\"></span> <span class=\"_ _23\"> </span>il<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> gennaio 2016<span class=\"_ _0\"></span>; <span class=\"_ _4\"> </span>personale <span class=\"_ _4\"></span>dipendente <span class=\"_ _6\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>quiescenza <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>Pensione <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Pe<span class=\"_ _3\"></span>rsonale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _4\"> </span>Crediop </span></div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">assunto <span class=\"_ _5\"></span>sino <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>30 <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>1989, <span class=\"_ _5\"></span>confluito <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>rgomento <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _5\"></span>gennaio <span class=\"_ _5\"></span>2016; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _5\"></span>gi\u00e0 </div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">iscritto <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"></span>Integrativo <span class=\"_ _6\"></span>Pensionistico <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Mirandola, <span class=\"_ _6\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>Fondo <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _3\"></span>gomento <span class=\"_ _6\"></span>il </div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> <span class=\"ff4\">aprile 2016; personale i<span class=\"_ _3\"></span>n quiescenza <span class=\"_ _3\"></span>gi\u00e0 iscritto <span class=\"_ _3\"></span>al Fondo <span class=\"_ _3\"></span>di Previdenza p<span class=\"_ _3\"></span>er il <span class=\"_ _3\"></span>Personale dell\u2019ex Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio di </span></span></div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Prato <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfluito <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>argomen<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _5\"></span>maggio <span class=\"_ _2\"></span>2018; <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>iscritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>prestazione </div><div class=\"t m0 x2a h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">definita <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _6\"> </span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Fabriano <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>Cupramontana <span class=\"_ _5\"></span>confluito <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>argomento <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _6\"> </span>maggio <span class=\"_ _6\"></span>2018; </div><div class=\"t m0 x2a h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _5\"></span>dipendente <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quiescenza <span class=\"_ _5\"></span>proveniente <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Cas<span class=\"_ _3\"></span><span class=\"ff4\">sa<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Previdenza <span class=\"_ _5\"></span>Integrativa <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Personale <span class=\"_ _5\"></span>dell\u2019Istituto </span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Bancario <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Torino, <span class=\"_ _3\"></span>confluito <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>gomento il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _3\"></span>gennaio <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quiescenza <span class=\"_ _3\"></span>proveniente </div><div class=\"t m0 x2a h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">dalla Cassa di Previdenza del <span class=\"_ _3\"></span>Personale della Cassa di Risparmio di Padova e R<span class=\"_ _2\"></span>ovigo, confluito nel Fondo in <span class=\"_ _3\"></span>argomento<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _4\"></span>1\u00b0 luglio <span class=\"_ _4\"></span>2019; <span class=\"_ _6\"></span>personale <span class=\"_ _4\"> </span>dipendente <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>quiescenza <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _4\"> </span>iscritto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Fondi <span class=\"_ _6\"></span>interni <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _16\"> </span>- <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>cui <span class=\"_ _4\"> </span>ambito <span class=\"_ _4\"> </span>si </div><div class=\"t m0 x2a h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">distinguono <span class=\"_ _16\"> </span>i  Fondi <span class=\"_ _16\"> </span>relativi  ad <span class=\"_ _16\"> </span>ex  Centroban<span class=\"_ _0\"></span>ca  (gi\u00e0<span class=\"_ _0\"></span>  Fondo <span class=\"_ _16\"> </span>di  previ<span class=\"_ _0\"></span>denza  int<span class=\"_ _0\"></span>egrativo  pe<span class=\"_ _0\"></span>r  il <span class=\"_ _16\"> </span>person<span class=\"_ _2\"></span>ale  della<span class=\"_ _0\"></span>  societ\u00e0<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Centrobanca <span class=\"_ _16\"> </span>- <span class=\"_ _16\"> </span>ex  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca <span class=\"_ _16\"> </span>Centrale <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Credito <span class=\"_ _16\"> </span>Popolare <span class=\"_ _16\"> </span>S.p.A.), <span class=\"_ _7\"> </span>ad  ex <span class=\"_ _7\"> </span>Banca  R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gionale <span class=\"_ _16\"> </span>Europea <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _16\"> </span>Fondo <span class=\"_ _7\"> </span>per  il<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _4\"></span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"></span>Regionale <span class=\"_ _4\"></span>europea <span class=\"_ _4\"> </span>proveniente <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Monte <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Lombardia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"></span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Risparmio di Cuneo),<span class=\"_ _3\"></span> ad ex <span class=\"_ _3\"></span>Carime (gi\u00e0 Fondo della e<span class=\"_ _3\"></span>x Cassa di Risparmio di <span class=\"_ _3\"></span>Calabria e Lucania, <span class=\"_ _3\"></span>Fondo della ex Cassa </div><div class=\"t m0 x2a h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">di  Risparmio  di  Puglia,  Fondo  della  ex <span class=\"_ _1d\"> </span>Cassa  di  Risparmio  Salernitana)  e  ad  ex  Banca  Adriatica  (gi\u00e0  Fondo  di </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">quiescenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>personale <span class=\"_ _5\"></span>ramo <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Cassa <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Risparmio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Macerata <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>Fondo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>personale </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Ca.Ri.Ma. <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>assati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>Se.Ri.Ma <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>ora <span class=\"_ _5\"></span>Equitalia <span class=\"_ _5\"></span>Servizi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Riscossione <span class=\"_ _5\"></span>S.p.A., <span class=\"_ _2\"></span>Fo<span class=\"_ _3\"></span>ndo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quiescenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>Mediocredito <span class=\"_ _3\"></span>Fondiario <span class=\"_ _3\"></span>Centro <span class=\"_ _3\"></span>Italia <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>quiesc<span class=\"_ _3\"></span>enza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ersonale <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>esattoriale <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>Cassa </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">di Risparmio di Pesaro, <span class=\"_ _3\"></span>Fondo di quiescenza del personale della ex <span class=\"_ _3\"></span>Cassa di Risparmio di Jesi, Fondo<span class=\"_ _3\"></span> di quiescenza del </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>ramo <span class=\"_ _6\"></span>esattoriale <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Pesaro<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>passati <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>ex <span class=\"_ _6\"></span>SE.RI.<span class=\"_ _2\"></span>T. <span class=\"_ _6\"></span>S.p.A.) <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>confluiti <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x2a h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2022; <span class=\"_ _2\"></span>personale <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quiescenza <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>iscritto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Pensione dell<span class=\"_ _3\"></span>\u2019ex <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca </div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Berg<span class=\"_ _0\"></span>amo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>controllate, <span class=\"_ _3\"></span>confluito <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>argomento <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>settembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2022; </div><div class=\"t m0 x2a h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">personale <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>quiescenza <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _4\"></span>iscritto <span class=\"_ _6\"></span>al <span class=\"_ _7\"> </span>Fondo <span class=\"_ _6\"></span>Pensione <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Personale <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Ancona <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 controllate, c<span class=\"_ _0\"></span>onfluito nel Fondo in<span class=\"_ _0\"></span> argomento il 1\u00b0 settem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2022.<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 <span class=\"_ _4\"></span>necessario <span class=\"_ _4\"></span>precisare <span class=\"_ _6\"></span>che <span class=\"_ _7\"> </span>qualora<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>sezioni <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Fondo, <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">opo <span class=\"_ _4\"> </span>l\u2019approvazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bilancio, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>resentino <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>disavanzo </span></div><div class=\"t m0 x2a h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">tecnico <span class=\"_ _16\"> </span>secondo  la<span class=\"_ _0\"></span>  me<span class=\"_ _0\"></span>todologia <span class=\"_ _16\"> </span>civilistica, <span class=\"_ _16\"> </span>lo  statut<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>ne  prevede <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ripianamento <span class=\"_ _16\"> </span>immediato <span class=\"_ _16\"> </span>da  part<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>delle  Banch<span class=\"_ _0\"></span>e </div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">coobbligate. </div><div class=\"t m0 x0 h2 y7a ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Fondo pensione per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>personale Cariplo, fondo c<span class=\"_ _3\"></span>on personalit\u00e0 giurid<span class=\"_ _2\"></span>ica e <span class=\"_ _3\"></span>piena <span class=\"_ _3\"></span>autonomia patrimoniale, il cui <span class=\"_ _3\"></span>scopo \u00e8 </span></div><div class=\"t m0 x2a h32 y7b ff4 fs0 fc0 sc0 ls0 ws0\">quello  di <span class=\"_ _16\"> </span>garantire  un  t<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>attamento  p<span class=\"_ _0\"></span>ensionistico  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tegrativo <span class=\"_ _16\"> </span>degli  assegni <span class=\"_ _16\"> </span>dell\u2019AGO  ai <span class=\"_ _16\"> </span>pensionati  Cariplo <span class=\"_ _16\"> </span>gi\u00e0  tali <span class=\"_ _16\"> </span>al </div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls10 ws0\">30<span class=\"ls0\"> giugno 199<span class=\"_ _35\"></span>8<span class=\"_ _3\"></span>; </span></div><div class=\"t m0 x0 h2 y7d ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _6\"></span>definiti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>presso <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>New <span class=\"_ _5\"></span>York: <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span>l <span class=\"_ _5\"></span>fondo <span class=\"_ _6\"></span>fu <span class=\"_ _5\"></span>creato <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>1977 <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Commerciale <span class=\"_ _3\"></span>Italiana <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garantisce <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>trattamento <span class=\"_ _3\"></span>pensionistico <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>negli <span class=\"_ _2\"></span>Stati <span class=\"_ _3\"></span>Uniti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>abbiano </div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">avuto <span class=\"_ _5\"></span>almeno <span class=\"_ _5\"></span>5 <span class=\"_ _6\"></span>anni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>servizio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca. <span class=\"_ _5\"></span>Il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>beneficio <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>ntende <span class=\"_ _5\"></span>matura<span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>se <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>lavoro <span class=\"_ _5\"></span>cessa </div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">anticipatamente. Il <span class=\"_ _3\"></span>beneficio \u00e8 <span class=\"_ _3\"></span>calcolato sulla base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>media della retribuzione di <span class=\"_ _3\"></span>lavoro p<span class=\"_ _3\"></span>i\u00f9 elevata ricevuta <span class=\"_ _3\"></span>in tre <span class=\"_ _3\"></span>ann<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">consecutivi durante <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>10 <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>cessazione d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>servizio, <span class=\"_ _3\"></span>opp<span class=\"_ _2\"></span>ure, <span class=\"_ _3\"></span>se <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _3\"></span>cessa </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">prima, <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>retribuzione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>ultimi <span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>lavoro. <span class=\"_ _3\"></span>Attualmente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _2\"></span>gestito <span class=\"_ _2\"></span>nei </div><div class=\"t m0 x2a h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">libri contabili della Fili<span class=\"_ _0\"></span>ale di New York, m<span class=\"_ _0\"></span>a \u00e8 stato interamente tr<span class=\"_ _0\"></span>asferito al Fondo Pr<span class=\"_ _0\"></span>udentia<span class=\"_ _2\"></span>l (Fondo a prestazione d<span class=\"_ _0\"></span>efinita </div><div class=\"t m0 x2a h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">che gestisce le posizio<span class=\"_ _0\"></span>ni degli iscritti); </div><div class=\"t m0 x0 h2 y85 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>Fondo  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>Previde<span class=\"_ _0\"></span>nza <span class=\"_ _1d\"> </span>della  Cassa <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Risparmio <span class=\"_ _1d\"> </span>di  Firenze: <span class=\"_ _1d\"> </span>fondo <span class=\"_ _1d\"> </span>con  personalit\u00e0 <span class=\"_ _1d\"> </span>giuridica  e <span class=\"_ _1d\"> </span>piena <span class=\"_ _1d\"> </span>autonomia </span></div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>scopo <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>quello <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>garantire <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>trattamento <span class=\"_ _7\"> </span>pensioni<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tico <span class=\"_ _7\"> </span>integrativo <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>personale <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Cassa, <span class=\"_ _16\"> </span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">servizio al 31 dicem<span class=\"_ _0\"></span>bre 1990 e gi\u00e0 iscritt<span class=\"_ _0\"></span>o al preesistente \u201cfond<span class=\"_ _0\"></span>o ex esonerato\u201d;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y88 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>previdenza <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _2\"></span>Cie <span class=\"_ _2\"></span>S.A. <span class=\"_ _3\"></span>/ <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>Investment <span class=\"_ _3\"></span>Mana<span class=\"_ _3\"></span>gers <span class=\"_ _3\"></span>S.A. <span class=\"_ _2\"></span>/ <span class=\"_ _4\"></span>Obviam<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>AG: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>piano<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">garantisce <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>trattamento <span class=\"_ _6\"></span>integrativo <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>maturazione <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>requisiti <span class=\"_ _4\"></span>pensioni<span class=\"_ _0\"></span>stici <span class=\"_ _6\"></span>oppure <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>evento <span class=\"_ _6\"></span>sfavorevole </div><div class=\"t m0 x2a h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">(invalidit\u00e0 <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>decesso)in <span class=\"_ _1d\"> </span>base <span class=\"_ _17\"> </span>alla <span class=\"_ _18\"> </span>locale <span class=\"_ _1d\"> </span>normativa <span class=\"_ _1d\"> </span>previdenziale <span class=\"_ _17\"> </span>(LPP); <span class=\"_ _17\"> </span>le <span class=\"_ _1d\"> </span>obbligazioni <span class=\"_ _17\"> </span>sono <span class=\"_ _1d\"> </span>fronteggiate <span class=\"_ _17\"> </span>da <span class=\"_ _17\"> </span>un </div><div class=\"t m0 x2a h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio dedicato, gestito med<span class=\"_ _3\"></span>iante un <span class=\"_ _3\"></span>rapporto contrattualizzato stipulato tra la <span class=\"_ _3\"></span>societ\u00e0 e La Collective <span class=\"_ _3\"></span>de Pr\u00e9voyance </div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">- Copr\u00e9, Ginevra. </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">In  data  5  dicembre  2017  I<span class=\"_ _0\"></span>ntesa  Sanpaolo  S.p.A<span class=\"_ _0\"></span>.,  anche  in  qualit\u00e0 <span class=\"_ _16\"> </span>di  Capogruppo,  ha  sottoscritto  un <span class=\"_ _16\"> </span>accordo  con  le </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Organizzazioni <span class=\"ff4\">Sindacali, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>qualit\u00e0 di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Fonti Istitutive, per <span class=\"_ _3\"></span>l\u2019integrazione della <span class=\"_ _3\"></span>Cassa di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Previdenza Integrativa per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Personale </span></div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Istituto <span class=\"_ _5\"></span>Bancario <span class=\"_ _6\"> </span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Torino <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>Fondo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Previdenza <span class=\"_ _6\"> </span>Complementare <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Personale <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Banco <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Napoli <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Sezione A (che dal <span class=\"ff4\">1\u00b0 gennaio 2019 ha cambiato denomi<span class=\"_ _0\"></span>nazione in \u201cFondo pensione a prestazi<span class=\"_ _0\"></span>one definita del Gruppo Intesa<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h32 y4e ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo\u201d). <span class=\"_ _7\"> </span>Tale <span class=\"_ _7\"> </span>accordo <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>formulazione <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un\u2019offerta <span class=\"_ _7\"> </span>individuale <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>apitalizzazione <span class=\"_ _4\"> </span>della </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">prestazione <span class=\"_ _16\"> </span>integrativa, <span class=\"_ _7\"> </span>che  si <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>concretizzata <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>partire <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>secondo <span class=\"_ _16\"> </span>semestre <span class=\"_ _7\"> </span>del  2018.<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Le <span class=\"_ _16\"> </span>adesioni <span class=\"_ _16\"> </span>pervenute <span class=\"_ _7\"> </span>h<span class=\"_ _3\"></span>anno </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">determinato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>flessione <span class=\"_ _3\"></span>dell'obbligazione, <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>corrente <span class=\"_ _3\"></span>esercizio, <span class=\"_ _2\"></span>ammonta <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>6 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>fronteggiata <span class=\"_ _3\"></span>i<span class=\"_ _5\"></span><span class=\"ls17\">n </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">parte <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>(circa <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span> milioni), <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>l'utilizzo <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Fondi <span class=\"_ _7\"> </span>appositamente <span class=\"_ _4\"> </span>costituiti <span class=\"_ _7\"> </span>presso <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">Banca, in forza della g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzia prestata (cir<span class=\"_ _0\"></span>ca 3<span class=\"_ _3\"></span> milioni). </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _1d\"> </span>data <span class=\"_ _1d\"> </span>7 <span class=\"_ _17\"> </span>ottobre <span class=\"_ _1d\"> </span>2021 <span class=\"_ _17\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>S.p.A., <span class=\"_ _1d\"> </span>anche <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Capogruppo,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>sottoscritto <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ccordo <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>le<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h32 y54 ff4 fs0 fc0 sc0 ls0 ws0\">Organizzazioni <span class=\"_ _1d\"> </span>Sindacali, <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Fonti <span class=\"_ _1d\"> </span>Istitutive, <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>l\u2019integrazione, <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>partire <span class=\"_ _1d\"> </span>dal <span class=\"_ _17\"> </span>1\u00b0 <span class=\"_ _1d\"> </span>luglio <span class=\"_ _1d\"> </span>2<span class=\"_ _3\"></span>022, <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>t<span class=\"_ _3\"></span>rattament<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">pensionistici <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Fondi <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Pensione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>prestazione <span class=\"_ _3\"></span>definita <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>quale </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">provvede, <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>data, <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>assicurare <span class=\"_ _4\"> </span>agli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>trattamento <span class=\"_ _4\"></span>previdenziale <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>previsto <span class=\"_ _4\"> </span>dai </div><div class=\"t m0 x0 h32 y57 ff4 fs0 fc0 sc0 ls0 ws0\">Regolamenti <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>tessi. <span class=\"_ _20\"> </span>Tale <span class=\"_ _1c\"> </span>accordo <span class=\"_ _20\"> </span>ha <span class=\"_ _20\"> </span>previst<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>anche <span class=\"_ _1c\"> </span>la <span class=\"_ _20\"> </span>formulazione <span class=\"_ _1c\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _20\"> </span>iscritti <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>un\u2019offerta <span class=\"_ _1c\"> </span>individuale <span class=\"_ _20\"> </span>di </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">capitalizzazione della prestazio<span class=\"_ _0\"></span>ne integrativa, che si \u00e8 concret<span class=\"_ _0\"></span>izzata nel corso del primo s<span class=\"_ _0\"></span>emestre 2022: le adesi<span class=\"_ _0\"></span>oni pervenute </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">hanno <span class=\"_ _2\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>lessione <span class=\"_ _3\"></span>dell'obbligazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>34 <span class=\"_ _3\"></span>milioni. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>uglio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>trasferito<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>al </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _7\"> </span>Pensione <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Prestazione <span class=\"_ _7\"> </span>definita <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>38 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _7\"> </span>residuata <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>gli <span class=\"_ _7\"> </span>utilizzi </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">determinati dalla citata<span class=\"_ _0\"></span> adesione alle offert<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>razionalizzazione <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>coinvolto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>Fondi <span class=\"_ _2\"></span>esterni <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pertanto, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>7 <span class=\"_ _5\"></span>ottobre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>Intesa </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _5\"></span>S.p<span class=\"_ _3\"></span>.A., <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Capogruppo, <span class=\"_ _5\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrit<span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>Organizzazioni <span class=\"_ _5\"></span>Sindacali, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">Fonti Ist<span class=\"ff4\">itutive, per l\u2019integrazio<span class=\"_ _0\"></span>ne, a partire dal 1\u00b0 s<span class=\"_ _0\"></span>ettembre 2022, dei trattame<span class=\"_ _0\"></span>nti pensionistici del Fondo P<span class=\"_ _0\"></span>ensione del Gruppo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Bergamo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>controllate <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Personale <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>ex </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">Banca Popolare d<span class=\"_ _3\"></span>i Ancona e <span class=\"_ _3\"></span>delle societ\u00e0 controllate nel <span class=\"_ _3\"></span>Fondo Pensione a prestazione definita d<span class=\"_ _3\"></span>el Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo,<span class=\"_ _35\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-239.79224px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>provvede, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>data, <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>assicurare <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>iscritti <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trattament<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>previdenziale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>definita <span class=\"_ _2\"></span>pr<span class=\"_ _5\"></span>evisto </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">dai <span class=\"_ _1d\"> </span>Regolamenti <span class=\"_ _17\"> </span><span class=\"ff4\">degli <span class=\"_ _1d\"> </span>stessi. <span class=\"_ _1d\"> </span>Tale<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>accordo <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>previsto <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>formulazione <span class=\"_ _1d\"> </span>agli <span class=\"_ _17\"> </span>iscritti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>un\u2019offerta <span class=\"_ _17\"> </span>individuale <span class=\"_ _1d\"> </span>di </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">capitalizzazione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>prestazione <span class=\"_ _4\"></span>integrativa, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>concretizzata <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>mesi <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>luglio <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>agosto <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>che <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">determinato una flessi<span class=\"_ _0\"></span>one dell'obbligazione di circ<span class=\"_ _0\"></span>a 5 milioni. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _1d\"> </span>data <span class=\"_ _1d\"> </span>9 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>S.p.A., <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>qualit\u00e0 <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Capogruppo,  ha<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>sottoscritto  un <span class=\"_ _1d\"> </span>accordo <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>l<span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Organizzazioni  S<span class=\"_ _0\"></span>indacali, <span class=\"_ _16\"> </span>in  qualit\u00e0 <span class=\"_ _16\"> </span>di  Fonti <span class=\"_ _16\"> </span>Istitutive, <span class=\"_ _16\"> </span>per  l\u2019integrazione,<span class=\"_ _0\"></span>  a <span class=\"_ _16\"> </span>partire  dal <span class=\"_ _16\"> </span>1\u00b0  gennaio<span class=\"_ _0\"></span>  2023<span class=\"_ _2\"></span><span class=\"ff1\">,  dei <span class=\"_ _16\"> </span>trattamenti </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">pensionistici <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>Fondo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Previdenza <span class=\"_ _5\"></span>della <span class=\"_ _4\"> </span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Firenze <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>Fond<span class=\"_ _0\"></span>o <span class=\"_ _4\"></span>Pensione <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>prestazione <span class=\"_ _6\"></span>definita <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>quale <span class=\"_ _4\"></span>provvede, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>tale <span class=\"_ _4\"></span>data, <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ssicurare <span class=\"_ _6\"></span>agli <span class=\"_ _6\"></span>iscritti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>trattamento <span class=\"_ _6\"></span>previden<span class=\"_ _2\"></span>ziale <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">prestazione <span class=\"_ _4\"> </span>definita <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>dai <span class=\"_ _4\"> </span>Regolamenti <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tessi. <span class=\"_ _7\"> </span>Tale <span class=\"_ _4\"> </span>accordo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>previsto <span class=\"_ _7\"> </span>anche <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>formulazione <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>gli <span class=\"_ _7\"> </span>iscritti <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019offerta individuale di ca<span class=\"_ _0\"></span>pitalizzazione della presta<span class=\"_ _0\"></span>zione integrativa, che si \u00e8 conc<span class=\"_ _0\"></span>retizzata nel corso dell\u2019ultim<span class=\"_ _0\"></span>o quadr<span class=\"_ _5\"></span><span class=\"ff1\">imestre </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">2022: le adesioni per<span class=\"_ _0\"></span>venute hanno det<span class=\"_ _0\"></span>erminato una flessione d<span class=\"_ _0\"></span>ell'obbligazione<span class=\"_ _0\"></span> di circa 370 milioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>decorrenza <span class=\"_ _3\"></span>1\u00b0 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>fusione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _3\"></span>(Suisse) <span class=\"_ _3\"></span>Morval <span class=\"_ _3\"></span>S.A. <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Reyl <span class=\"_ _3\"></span>&amp; </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Cie S.A., si \u00e8 perfezion<span class=\"_ _0\"></span>at<span class=\"ff4\">a l\u2019integrazione anch<span class=\"_ _0\"></span>e del relativo pian<span class=\"_ _0\"></span>o previdenziale.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>po<span class=\"_ _3\"></span>litiche <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>integrata <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi, <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>Fondi <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _2\"></span>verificato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gra<span class=\"_ _6\"></span>do <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">copertura e <span class=\"_ _3\"></span>le possibili evoluzioni in <span class=\"_ _3\"></span>diversi scenari. Allo scopo <span class=\"_ _2\"></span>vengono s<span class=\"_ _3\"></span>tudiate diverse configurazioni di <span class=\"_ _3\"></span>universi investibili e </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">di mix e allocazione <span class=\"_ _0\"></span>di portafoglio, al fi<span class=\"_ _0\"></span>ne di rispondere nel m<span class=\"_ _0\"></span>odo pi\u00f9 adeguato <span class=\"_ _0\"></span>possibile agli obie<span class=\"_ _0\"></span>ttivi previdenziali e r<span class=\"_ _0\"></span>ed<span class=\"_ _5\"></span>dituali. </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y976 ffb fs0 fc2 sc0 ls0 ws0\">2. Variazioni nell\u2019eserci<span class=\"_ _0\"></span>zio delle passivit\u00e0 (at<span class=\"_ _0\"></span>tivit\u00e0)<span class=\"ffa\"> <span class=\"_ _3\"></span>nette a ben<span class=\"_ _0\"></span>efici definiti e dei diritti<span class=\"_ _0\"></span> di rimborso </span></div></div><div class=\"c wc8 h69\" style=\"left:509.9436px; bottom:502.70276px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w152 h8e\" style=\"left:-4.050377px; bottom:454.96674px;\"><div class=\"t m0 x41 ha y9d7 ff5 fs4 fc2 sc0 ls0 ws0\">Passivit\u00e0 del pia<span class=\"_ _3\"></span>no pensionistico <span class=\"_ _3\"></span> </div><div class=\"t m0 x41 ha y1462 ff5 fs4 fc2 sc0 ls0 ws0\">obbligazioni a bene<span class=\"_ _3\"></span>fici definiti<span class=\"_ _3\"></span> </div></div><div class=\"c w389 h41\" style=\"left:269.79462px; bottom:486.16675px;\"><div class=\"t m0 x139 ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w38a h41\" style=\"left:446.7246px; bottom:486.16675px;\"><div class=\"t m0 x9f ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w387 h7d\" style=\"left:269.79462px; bottom:454.96674px;\"><div class=\"t m0 xd ha y126a ff5 fs4 fc2 sc0 ls0 ws0\">TFR </div></div><div class=\"c w388 h7d\" style=\"left:336.12064px; bottom:454.96674px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x95 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w2bf h7d\" style=\"left:391.96863px; bottom:454.96674px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x88 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w143 h7d\" style=\"left:446.7246px; bottom:454.96674px;\"><div class=\"t m0 x99 ha y126a ff5 fs4 fc2 sc0 ls0 ws0\">TFR </div></div><div class=\"c w2bf h7d\" style=\"left:509.9436px; bottom:454.96674px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x95 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w2bf h7d\" style=\"left:565.3236px; bottom:454.96674px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x14 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w152 h41\" style=\"left:-4.050377px; bottom:438.4308px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Esistenze iniziali <span class=\"_ _3\"></span> </div></div><div class=\"c w387 h41\" style=\"left:269.79462px; bottom:438.4308px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.099 </div></div><div class=\"c w388 h41\" style=\"left:336.12064px; bottom:438.4308px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">359<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h41\" style=\"left:391.96863px; bottom:438.4308px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.763 </div></div><div class=\"c w143 h41\" style=\"left:446.7246px; bottom:438.4308px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.200 </div></div><div class=\"c w2bf h41\" style=\"left:509.9436px; bottom:438.4308px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">345<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h41\" style=\"left:565.3236px; bottom:438.4308px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.692 </div></div><div class=\"c w152 h47\" style=\"left:-4.050377px; bottom:418.9308px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Costo previdenziale<span class=\"_ _3\"></span> relativo alle p<span class=\"_ _3\"></span>restazioni di lav<span class=\"_ _3\"></span>oro </div></div><div class=\"c w387 h47\" style=\"left:269.79462px; bottom:418.9308px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w388 h47\" style=\"left:336.12064px; bottom:418.9308px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2bf h47\" style=\"left:391.96863px; bottom:418.9308px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w143 h47\" style=\"left:446.7246px; bottom:418.9308px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2bf h47\" style=\"left:509.9436px; bottom:418.9308px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2bf h47\" style=\"left:565.3236px; bottom:418.9308px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:405.20276px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Costo previdenziale<span class=\"_ _3\"></span> per prestazioni <span class=\"_ _3\"></span>di lavoro pass<span class=\"_ _3\"></span>ate <span class=\"_ _3\"></span> </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:405.20276px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:405.20276px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:405.20276px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:405.20276px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:405.20276px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:405.20276px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:391.63074px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Interessi passivi<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:391.63074px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:391.63074px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:391.63074px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:391.63074px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:391.63074px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:391.63074px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:377.90277px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Perdite attuariali ril<span class=\"_ _3\"></span>evate per va<span class=\"_ _3\"></span>riazioni ipotesi finan<span class=\"_ _3\"></span>ziarie<span class=\"_ _3\"></span> </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:377.90277px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:377.90277px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:377.90277px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:377.90277px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:377.90277px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:377.90277px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:364.33075px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Perdite attuariali ril<span class=\"_ _3\"></span>evate per variazi<span class=\"_ _3\"></span>oni ipotesi dem<span class=\"_ _3\"></span>ografiche<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:364.33075px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:364.33075px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:364.33075px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:364.33075px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:364.33075px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:364.33075px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:350.60278px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Perdite attuariali b<span class=\"_ _3\"></span>asate sull'esperie<span class=\"_ _3\"></span>nza passata<span class=\"_ _3\"></span> </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:350.60278px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:350.60278px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:350.60278px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:350.60278px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:350.60278px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:350.60278px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:337.03076px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Differenze positive <span class=\"_ _3\"></span>di cambio<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:337.03076px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:337.03076px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:337.03076px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:337.03076px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:337.03076px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:337.03076px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:323.30273px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Aumenti - operazi<span class=\"_ _3\"></span>oni di aggregazi<span class=\"_ _3\"></span>oni aziendali<span class=\"_ _3\"></span> </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:323.30273px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:323.30273px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:323.30273px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:323.30273px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:323.30273px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:323.30273px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:309.73077px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Contributi dei part<span class=\"_ _3\"></span>ecipanti al pia<span class=\"_ _3\"></span>no </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:309.73077px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:309.73077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:309.73077px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:309.73077px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:309.73077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:309.73077px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:296.00275px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Utili attuariali rilev<span class=\"_ _3\"></span>ati per variazioni ip<span class=\"_ _3\"></span>otesi finanziari<span class=\"_ _3\"></span>e </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:296.00275px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-207 </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:296.00275px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">72</span> </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:296.00275px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-251 </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:296.00275px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:296.00275px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">24</span> </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:296.00275px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:282.4308px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Utili attuariali rilev<span class=\"_ _3\"></span>ati per variazioni ip<span class=\"_ _3\"></span>otesi dem<span class=\"_ _3\"></span>ografiche </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:282.4308px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:282.4308px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:282.4308px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:282.4308px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:282.4308px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:282.4308px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">12</span> </div></div><div class=\"c w152 hdc\" style=\"left:-4.050377px; bottom:268.67676px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Utili attuariali bas<span class=\"_ _3\"></span>ati sull'esperienza <span class=\"_ _3\"></span>passata </div></div><div class=\"c w387 hdc\" style=\"left:269.79462px; bottom:268.67676px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w388 hdc\" style=\"left:336.12064px; bottom:268.67676px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w2bf hdc\" style=\"left:391.96863px; bottom:268.67676px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 hdc\" style=\"left:446.7246px; bottom:268.67676px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hdc\" style=\"left:509.9436px; bottom:268.67676px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hdc\" style=\"left:565.3236px; bottom:268.67676px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:255.10477px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Differenze negativ<span class=\"_ _3\"></span>e di cambio<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:255.10477px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:255.10477px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">42</span> </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:255.10477px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:255.10477px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:255.10477px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:255.10477px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:241.37677px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Indennit\u00e0 pagate<span class=\"_ _3\"></span> </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:241.37677px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-101 </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:241.37677px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">15</span> </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:241.37677px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-136 </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:241.37677px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-150 </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:241.37677px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">19</span> </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:241.37677px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-131 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:227.80475px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Diminuzioni - op<span class=\"_ _3\"></span>erazioni di aggr<span class=\"_ _3\"></span>egazioni aziendali<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:227.80475px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:227.80475px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:227.80475px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:227.80475px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:227.80475px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:227.80475px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:214.07675px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Effetto riduzione d<span class=\"_ _3\"></span>el fondo </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:214.07675px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:214.07675px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:214.07675px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:214.07675px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:214.07675px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:214.07675px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:200.50476px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Effetto estinzion<span class=\"_ _3\"></span>e del fondo<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:200.50476px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:200.50476px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">34</span> </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:200.50476px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-375 </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:200.50476px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:200.50476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:200.50476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:186.77676px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Altre variazioni in <span class=\"_ _3\"></span>aumento </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:186.77676px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:186.77676px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:186.77676px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:186.77676px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">238<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:186.77676px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:186.77676px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:173.20477px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Altre variazioni in <span class=\"_ _3\"></span>diminuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:173.20477px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">52</span> </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:173.20477px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">39</span> </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:173.20477px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">12</span> </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:173.20477px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-237 </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:173.20477px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:173.20477px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 h47\" style=\"left:-4.050377px; bottom:153.70477px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Rimanenze finali<span class=\"_ _3\"></span> </div></div><div class=\"c w387 h47\" style=\"left:269.79462px; bottom:153.70477px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">853<span class=\"ls0\"> </span></div></div><div class=\"c w388 h47\" style=\"left:336.12064px; bottom:153.70477px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">176<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h47\" style=\"left:391.96863px; bottom:153.70477px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.152 </div></div><div class=\"c w143 h47\" style=\"left:446.7246px; bottom:153.70477px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.099 </div></div><div class=\"c w2bf h47\" style=\"left:509.9436px; bottom:153.70477px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">359<span class=\"ls0\"> </span></div></div><div class=\"c w2bf h47\" style=\"left:565.3236px; bottom:153.70477px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.763 </div></div><div class=\"c w152 h17a\" style=\"left:-4.050377px; bottom:84.12875px;\"><div class=\"t m0 x41 ha y1466 ff5 fs4 fc2 sc0 ls0 ws0\">Passivit\u00e0 del pia<span class=\"_ _3\"></span>no pensionistico <span class=\"_ _3\"></span> </div><div class=\"t m0 x41 ha ya2c ff5 fs4 fc2 sc0 ls0 ws0\">obbligazioni a bene<span class=\"_ _3\"></span>fici definiti<span class=\"_ _3\"></span> </div></div><div class=\"c w389 h7e\" style=\"left:269.79462px; bottom:115.328766px;\"><div class=\"t m0 x139 ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w38a h7e\" style=\"left:446.7246px; bottom:115.328766px;\"><div class=\"t m0 x9f ha y7f0 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w387 h7d\" style=\"left:269.79462px; bottom:84.12875px;\"><div class=\"t m0 xd ha y126a ff5 fs4 fc2 sc0 ls0 ws0\">TFR </div></div><div class=\"c w388 h7d\" style=\"left:336.12064px; bottom:84.12875px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x95 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w2bf h7d\" style=\"left:391.96863px; bottom:84.12875px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x88 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w143 h7d\" style=\"left:446.7246px; bottom:84.12875px;\"><div class=\"t m0 x99 ha y126a ff5 fs4 fc2 sc0 ls0 ws0\">TFR </div></div><div class=\"c w2bf h7d\" style=\"left:509.9436px; bottom:84.12875px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x95 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w2bf h7d\" style=\"left:565.3236px; bottom:84.12875px;\"><div class=\"t m0 x96 ha y959 ff5 fs4 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x14 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w152 hc3\" style=\"left:-4.050377px; bottom:70.40076px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Piani non finanzi<span class=\"_ _3\"></span>ati </div></div><div class=\"c w387 hc3\" style=\"left:269.79462px; bottom:70.40076px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">853<span class=\"ls0\"> </span></div></div><div class=\"c w388 hc3\" style=\"left:336.12064px; bottom:70.40076px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hc3\" style=\"left:391.96863px; bottom:70.40076px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 hc3\" style=\"left:446.7246px; bottom:70.40076px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.099 </div></div><div class=\"c w2bf hc3\" style=\"left:509.9436px; bottom:70.40076px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">177<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hc3\" style=\"left:565.3236px; bottom:70.40076px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 h18\" style=\"left:-4.050377px; bottom:56.828766px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Piani finanziati pa<span class=\"_ _3\"></span>rzialmente </div></div><div class=\"c w387 h18\" style=\"left:269.79462px; bottom:56.828766px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 h18\" style=\"left:336.12064px; bottom:56.828766px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:391.96863px; bottom:56.828766px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w143 h18\" style=\"left:446.7246px; bottom:56.828766px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:509.9436px; bottom:56.828766px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf h18\" style=\"left:565.3236px; bottom:56.828766px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w152 hdc\" style=\"left:-4.050377px; bottom:43.061768px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Piani finanziati pie<span class=\"_ _3\"></span>namente </div></div><div class=\"c w387 hdc\" style=\"left:269.79462px; bottom:43.061768px;\"><div class=\"t m0 x104 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w388 hdc\" style=\"left:336.12064px; bottom:43.061768px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hdc\" style=\"left:391.96863px; bottom:43.061768px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.152 </div></div><div class=\"c w143 hdc\" style=\"left:446.7246px; bottom:43.061768px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2bf hdc\" style=\"left:509.9436px; bottom:43.061768px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">182<span class=\"ls0\"> </span></div></div><div class=\"c w2bf hdc\" style=\"left:565.3236px; bottom:43.061768px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.763 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-239.79224px;\"><div class=\"t m0 x0 h61 yb4e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y92e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y53d ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _4\"></span>utili <span class=\"_ _6\"></span>attuariali <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>variazioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ipotesi <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>dovuti <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _7\"> </span>alla <span class=\"_ _6\"></span>crescita <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>sconto <span class=\"_ _6\"></span>super<span class=\"_ _3\"></span>iore </div><div class=\"t m0 x0 h2 y238 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019incremento del ta<span class=\"_ _0\"></span>sso di inflazione. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1467 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>3. Informativa sul fair v<span class=\"_ _0\"></span>alue delle attivit\u00e0 a s<span class=\"_ _0\"></span>ervizio del piano  Nelle tabelle successive sono riportate la movimentazi<span class=\"_ _0\"></span>one delle attivit\u00e0 a servizio del piano <span class=\"_ _2\"></span>presenti per <span class=\"_ _3\"></span>alcuni fondi a benefici<span class=\"_ _35\"></span> definiti e la composizio<span class=\"_ _0\"></span>ne delle stesse. (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0 a<span class=\"_ _0\"></span> servizio<span class=\"_ _0\"></span> del piano                  31.12<span class=\"_ _0\"></span>.2022                  31.12<span class=\"_ _0\"></span>.2021 Piani interni Piani esterni Piani interni Piani esterni Esistenze <span class=\"_ _0\"></span>iniziali  168<span class=\"ls0\"> </span>1.602 131<span class=\"ls0\"> </span>1.536 Rendimen<span class=\"_ _0\"></span>to delle at<span class=\"_ _0\"></span>tivit\u00e0 al net<span class=\"_ _0\"></span>to degli inte<span class=\"_ _0\"></span>ressi  -<span class=\"ls25\">28</span> -<span class=\"ls25\">109</span> 19<span class=\"ls0\"> </span>114<span class=\"ls0\"> </span>Interessi at<span class=\"_ _0\"></span>tivi 3 14<span class=\"ls0\"> </span>2 3 Differenze<span class=\"_ _0\"></span> positive di <span class=\"_ _0\"></span>cambio - 7 10<span class=\"ls0\"> </span>7 Aumenti- oper<span class=\"_ _35\"></span>azioni di aggregazio<span class=\"_ _0\"></span>ne aziend<span class=\"_ _0\"></span>ale - 5 - 61<span class=\"ls0\"> </span>Contributi <span class=\"_ _0\"></span>versati dal<span class=\"_ _0\"></span> datore di l<span class=\"_ _0\"></span>avoro 9 15<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>8 Contributi <span class=\"_ _0\"></span>versati dai<span class=\"_ _0\"></span> partecipan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i al piano - 13<span class=\"ls0\"> </span>- 7 Differenze<span class=\"_ _0\"></span> negative di<span class=\"_ _0\"></span> cambio<span class=\"_ _0\"></span> -9 - - - Diminuzioni-<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>operazioni<span class=\"_ _0\"></span> di aggreg<span class=\"_ _0\"></span>azione azienda<span class=\"_ _35\"></span>le - - - - Indennit\u00e0 paga<span class=\"_ _35\"></span>te -6 -<span class=\"ls25\">136</span> -4 -<span class=\"ls25\">131</span> Effetto riduz<span class=\"_ _0\"></span>ione del fon<span class=\"_ _35\"></span>do - - - -6 Effetto es<span class=\"_ _0\"></span>tinzione del <span class=\"_ _0\"></span>fondo - -<span class=\"ls25\">375</span> - - Altre variazi<span class=\"_ _0\"></span>oni - 30<span class=\"ls0\"> </span>- 3 Rimanen<span class=\"_ _0\"></span>ze finali 137<span class=\"ls0\"> </span>1.066 168<span class=\"ls0\"> </span>1.602 (milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0 a servizi<span class=\"_ _3\"></span>o del piano: inf<span class=\"_ _3\"></span>ormazioni integrative 31.12.2022 31.12.2021 Piani interni % Piani esterni % Piani interni % Piani esterni % Strumenti <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i capitale<span class=\"_ _35\"></span>  - - 314<span class=\"ls0\"> </span>29,5 89<span class=\"ls0\"> </span>53,0 456<span class=\"ls0\"> </span>28,5 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - 300<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>437<span class=\"ls0\"> </span>Fondi c<span class=\"_ _0\"></span>omuni di invest<span class=\"_ _35\"></span>imento - - 80<span class=\"ls0\"> </span>7,5 - - 137<span class=\"ls0\"> </span>8,6 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - 21<span class=\"ls0\"> </span>- 82<span class=\"ls0\"> </span>Titoli di d<span class=\"_ _0\"></span>ebito  126<span class=\"ls0\"> </span>92,0 300<span class=\"ls0\"> </span>28,1 59<span class=\"ls0\"> </span>35,0 460<span class=\"ls0\"> </span>28,7 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value 126<span class=\"ls0\"> </span>300<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>460<span class=\"ls0\"> </span>Immobili<span class=\"_ _0\"></span> e partec<span class=\"_ _0\"></span>ipazioni in s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ciet\u00e0 immobilia<span class=\"_ _0\"></span>ri 8 5,8 319<span class=\"ls0\"> </span>29,9 10<span class=\"ls0\"> </span>6,0 377<span class=\"ls0\"> </span>23,5 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - Gestioni<span class=\"_ _0\"></span> assicurative<span class=\"_ _0\"></span> - - - - - - - - - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - Altre attivi<span class=\"_ _0\"></span>t\u00e0 3 2,2 53<span class=\"ls0\"> </span>5,0 10<span class=\"ls0\"> </span>6,0 172<span class=\"ls0\"> </span>10,7 - di cui livello<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>1 di fair<span class=\"_ _0\"></span> value - - - - TOTALE<span class=\"_ _0\"></span> ATTIVITA'<span class=\"_ _35\"></span> 137<span class=\"ls0\"> </span>100,0 1.066 100,0 168<span class=\"ls0\"> </span>100,0 1.602 100,0 (milioni di euro)<span class=\"_ _3\"></span> Attivit\u00e0 a servizi<span class=\"_ _3\"></span>o del piano: inf<span class=\"_ _3\"></span>ormazioni integrative 31.12.2022 31.12.2021 Piani interni % Piani esterni % Piani interni % Piani esterni % Strumenti di capital<span class=\"_ _3\"></span>e  - - 314<span class=\"ls0\"> </span>29,5 89<span class=\"ls0\"> </span>53,0 456<span class=\"ls0\"> </span>28,5 - di cui societ\u00e0 fi<span class=\"_ _3\"></span>nanziarie - 56<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>70<span class=\"ls0\"> </span>- di cui societ\u00e0 non<span class=\"_ _3\"></span> finanziarie<span class=\"_ _3\"></span> - 258<span class=\"ls0\"> </span>- 386<span class=\"ls0\"> </span>Fondi comuni di inve<span class=\"_ _3\"></span>stimento - - 80<span class=\"ls0\"> </span>7,5 - - 137<span class=\"ls0\"> </span>8,6 Titoli di debito<span class=\"_ _3\"></span> 126<span class=\"ls0\"> </span>92,0 300<span class=\"ls0\"> </span>28,1 59<span class=\"ls0\"> </span>35,1 460<span class=\"ls0\"> </span>28,7 Titoli di stato 89<span class=\"ls0\"> </span>208<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>282<span class=\"ls0\"> </span>- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> 89<span class=\"ls0\"> </span>208<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>282<span class=\"ls0\"> </span>- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> - - - - Societ\u00e0 finanziari<span class=\"_ _3\"></span>e 37<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>- 76<span class=\"ls0\"> </span>- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> 37<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>- 70<span class=\"ls0\"> </span>- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> - 4 - 6 Societ\u00e0 non finanzia<span class=\"_ _3\"></span>rie - 58<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>- di cui rating inves<span class=\"_ _3\"></span>tment grade<span class=\"_ _3\"></span> - 52<span class=\"ls0\"> </span>- 84<span class=\"ls0\"> </span>- di cui rating spec<span class=\"_ _3\"></span>ulative grade<span class=\"_ _3\"></span> - 6 - 18<span class=\"ls0\"> </span>Immobili e parteci<span class=\"_ _3\"></span>pazioni in societ\u00e0 <span class=\"_ _3\"></span>immobiliari<span class=\"_ _3\"></span> 8 5,8 319<span class=\"ls0\"> </span>29,9 10<span class=\"ls0\"> </span>6,0 377<span class=\"ls0\"> </span>23,5 Gestioni assicura<span class=\"_ _3\"></span>tive - - - - - - - - Altre attivit\u00e0 3 2,2 53<span class=\"ls0\"> </span>5,0 10<span class=\"ls0\"> </span>5,9 172<span class=\"ls0\"> </span>10,7 - TOTALE ATTIVIT<span class=\"_ _3\"></span>A' 137<span class=\"ls0\"> </span>100,0 1.066 100,0 168<span class=\"ls0\"> </span>100,0 1.602 100,0 La <span class=\"_ _3\"></span>differenza tra le <span class=\"_ _3\"></span>passivit\u00e0 nette <span class=\"_ _3\"></span>a benefici <span class=\"_ _3\"></span>definiti (cfr <span class=\"_ _3\"></span>precedente informativa 10.5, punto <span class=\"_ _3\"></span>2) <span class=\"_ _3\"></span>e le <span class=\"_ _3\"></span>attivit\u00e0 a <span class=\"_ _3\"></span>servizio <span class=\"_ _5\"></span>del p<span class=\"_ _3\"></span>iano<span class=\"_ _0\"></span> (cfr.  pr<span class=\"_ _0\"></span>ecedente  inf<span class=\"_ _0\"></span>ormativa  1<span class=\"_ _35\"></span>0.5<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>punto  3) <span class=\"_ _16\"> </span>trova <span class=\"_ _1d\"> </span>rilevazio<span class=\"_ _0\"></span>ne  cont<span class=\"_ _0\"></span>abile  n<span class=\"_ _0\"></span>ei  fondi <span class=\"_ _16\"> </span>di  qui<span class=\"_ _0\"></span>escenza <span class=\"_ _16\"> </span>aziendale  e, <span class=\"_ _16\"> </span>per  alcu<span class=\"_ _0\"></span>ne fattispecie, negli altri<span class=\"_ _0\"></span> fondi per rischi e<span class=\"_ _0\"></span>d oneri.<span class=\"ffa fc2\"> </span>4. Descrizione delle prin<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipali ipotesi attuar<span class=\"_ _0\"></span>iali  Nella tabella che segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> sono riportate le <span class=\"_ _0\"></span>ipotesi attuariali e<span class=\"_ _0\"></span>d i tassi di <span class=\"_ _3\"></span>riferimento utilizzati dai <span class=\"_ _0\"></span>diversi fondi. Ipotesi attuariali<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>Tasso di<span class=\"ls0\"> </span>sconto<span class=\"ls0\"> </span>Tasso di<span class=\"ls0\"> </span>rendimento<span class=\"ls0\"> </span>atteso<span class=\"ls0\"> </span>Tasso atteso di<span class=\"ls0\"> </span>incrementi<span class=\"ls0\"> </span>retributivi<span class=\"ls0\"> </span>(a)<span class=\"ls0\"> </span>Tasso annuo di<span class=\"ls0\"> </span>inflazione<span class=\"ls0\"> </span>Tasso di<span class=\"ls0\"> </span>sconto<span class=\"ls0\"> </span>Tasso di<span class=\"ls0\"> </span>rendimento<span class=\"ls0\"> </span>atteso<span class=\"ls0\"> </span>Tasso atteso di<span class=\"ls0\"> </span>incrementi<span class=\"ls0\"> </span>retributivi<span class=\"ls0\"> </span>(a)<span class=\"ls0\"> </span>Tasso annuo di<span class=\"ls0\"> </span>inflazione<span class=\"ls0\"> </span>TFR da 3,2% a 3,6%<span class=\"ls0\"> </span>X da 3,3% a 3,4%<span class=\"ls0\"> </span>2,7%<span class=\"ls0\"> </span>da 0,2 % a 1,4%<span class=\"_ _3\"></span><span class=\"ls0\"> </span>X da 2,8% a 3%<span class=\"ls0\"> </span>2,2%<span class=\"ls0\"> </span>PIANI INTERNI<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui Italia</span> - - - - 0,4%<span class=\"ls0\"> </span>- 2,9%<span class=\"ls0\"> </span>2,2%<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui Egitto</span> 14,7%<span class=\"ls0\"> </span>- 6,4%<span class=\"ls0\"> </span>6,4%<span class=\"ls0\"> </span>14,6%<span class=\"ls0\"> </span>- 5,3%<span class=\"ls0\"> </span>5,3%<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui Inghilterra</span> 4,4%<span class=\"ls0\"> </span>- 2,9%<span class=\"ls0\"> </span>2,9%<span class=\"ls0\"> </span>1,9%<span class=\"ls0\"> </span>- 3,0%<span class=\"ls0\"> </span>3,0%<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui Serbia</span> 6,8%<span class=\"ls0\"> </span>- 8,0%<span class=\"ls0\"> </span>- 3,3%<span class=\"ls0\"> </span>- 5,0%<span class=\"ls0\"> </span>- PIANI ESTERNI<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui Italia</span> da 3,3% a 3,4%<span class=\"ls0\"> </span>5,0%<span class=\"ls0\"> </span>3,5%<span class=\"ls0\"> </span>da 2,7% a 3,3%<span class=\"ls0\"> </span>da 0,1% a 0,7%<span class=\"ls0\"> </span>3,0%<span class=\"ls0\"> </span>da 2,7% a 2,8%<span class=\"ls0\"> </span>da 1,7% a 2,2%<span class=\"ls0\"> </span>- <span class=\"ls28\">di </span>cui Stati Uniti 4,8%<span class=\"ls0\"> </span>4,8%<span class=\"ls0\"> </span>- - 2,8%<span class=\"ls0\"> </span>2,8%<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui Svizzera</span> 1,9%<span class=\"ls0\"> </span>1,0%<span class=\"ls0\"> </span>- 1,3%<span class=\"ls0\"> </span>0,4%<span class=\"ls0\"> </span>1,0%<span class=\"ls0\"> </span>- 0,5%<span class=\"ls0\"> </span>(a) Al netto degli sviluppi di carriera<span class=\"ls0\"> </span>Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ut<span class=\"_ _3\"></span>ilizza <span class=\"_ _7\"> </span>prevalentemen<span class=\"_ _0\"></span>te <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>tasso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>attualizzazione <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>curva <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>Eur <span class=\"_ _1d\"> </span>Composite <span class=\"_ _7\"> </span>AA<span class=\"_ _0\"></span> ponderata in <span class=\"_ _3\"></span>base al<span class=\"_ _3\"></span> rapporto <span class=\"_ _3\"></span>tra i <span class=\"_ _3\"></span>pagamenti e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>anticipi riferiti <span class=\"_ _3\"></span>a c<span class=\"_ _3\"></span>iascuna scadenza da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>lato, e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019ammontare complessi<span class=\"_ _5\"></span><span class=\"ff1\">vo<span class=\"_ _0\"></span> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>anticipi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>devono <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>sostenuti <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ino <span class=\"_ _7\"> </span>all\u2019estinzione <span class=\"_ _4\"> </span>finale <span class=\"_ _7\"> </span>dell\u2019intera <span class=\"_ _7\"> </span>obbligazione, <span class=\"_ _4\"> </span>dal<span class=\"_ _6\"></span>l\u2019altro. <span class=\"_ _4\"> </span>In particolare, nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>piani a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>benefici definiti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>utilizzato corrisponde <span class=\"_ _3\"></span>al tasso <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>che r<span class=\"_ _3\"></span>iflette <span class=\"_ _3\"></span>i parametri <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>mercato cui <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>iano. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>curva <span class=\"_ _2\"></span>Eur <span class=\"_ _5\"></span>Composite <span class=\"_ _2\"></span>AA <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>ricavata <span class=\"_ _2\"></span>giornalmente <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>informatio<span class=\"_ _0\"></span>n <span class=\"_ _5\"></span>provider <span class=\"_ _3\"></span>d<span class=\"_ _6\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>Bloomberg <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>fa </span>riferimento <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>paniere <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>titoli <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>messi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>emittenti <span class=\"_ _7\"> </span>corporate <span class=\"_ _7\"> </span>\u201cinvestment <span class=\"_ _7\"> </span>grade\u201d <span class=\"_ _4\"> </span>compresi <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>classe <span class=\"_ _7\"> </span>\u201cAA\u201d <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>rating residenti nell\u2019area <span class=\"_ _0\"></span>euro e appartenenti <span class=\"_ _0\"></span>a diversi settori.<span class=\"ff1\">  </span>Analogamente <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>utilizza <span class=\"_ _2\"></span>prevalen<span class=\"_ _3\"></span>temente <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>inflazione <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>curva <span class=\"_ _2\"></span>europea <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>Zero<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span>Coupon Inflation-<span class=\"ff4\">Indexed Swap ponder<span class=\"_ _0\"></span>ata in base al rapporto tra l\u2019imp<span class=\"_ _0\"></span>orto pagato per ciascuna <span class=\"_ _0\"></span>scadenza e l\u2019importo total<span class=\"_ _0\"></span>e da </span>pagare fino all\u2019esti<span class=\"_ _0\"></span>nzione finale dell\u2019i<span class=\"_ _0\"></span>ntera obbligazione.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-317.8391px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">5. Informazioni su importo, <span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>empistica e incert<span class=\"_ _0\"></span>ezza sui flussi finanziar<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h95 y73f ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w17b h17\" style=\"left:472.15265px; bottom:657.9149px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w39e h47\" style=\"left:-4.050377px; bottom:638.4149px;\"><div class=\"t m0 x41 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Analisi <span class=\"_ _0\"></span>di sensitiv<span class=\"_ _0\"></span>ity </div></div><div class=\"c w3a0 h47\" style=\"left:174.16663px; bottom:638.4149px;\"><div class=\"t m0 xb9 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w174 h64\" style=\"left:174.16663px; bottom:620.9429px;\"><div class=\"t m0 xd5 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">         TFR<span class=\"_ _0\"></span> </div></div><div class=\"c w17b h64\" style=\"left:323.14664px; bottom:620.9429px;\"><div class=\"t m0 x14 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">              <span class=\"_ _0\"></span> PIANI INTE<span class=\"_ _35\"></span>RNI </div></div><div class=\"c w17b h64\" style=\"left:472.15265px; bottom:620.9429px;\"><div class=\"t m0 xae h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">              <span class=\"_ _0\"></span> PIANI ESTE<span class=\"_ _0\"></span>RNI </div></div><div class=\"c wac h65\" style=\"left:174.16663px; bottom:603.3149px;\"><div class=\"t m0 x9a h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">+100 bps<span class=\"_ _0\"></span> </div></div><div class=\"c wac h65\" style=\"left:248.73462px; bottom:603.3149px;\"><div class=\"t m0 x86 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">-100 bps </div></div><div class=\"c w39f h65\" style=\"left:323.14664px; bottom:603.3149px;\"><div class=\"t m0 x9a h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">+100 bps<span class=\"_ _0\"></span> </div></div><div class=\"c wac h65\" style=\"left:397.58463px; bottom:603.3149px;\"><div class=\"t m0 x86 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">-100 bps </div></div><div class=\"c w39f h65\" style=\"left:472.15265px; bottom:603.3149px;\"><div class=\"t m0 x9a h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">+100 bps<span class=\"_ _0\"></span> </div></div><div class=\"c wac h65\" style=\"left:546.44763px; bottom:603.3149px;\"><div class=\"t m0 x86 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">-100 bps </div></div><div class=\"c w39e hd3\" style=\"left:-4.050377px; bottom:581.9429px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Tasso di at<span class=\"_ _0\"></span>tualizzazio<span class=\"_ _0\"></span>ne </div></div><div class=\"c wac hd3\" style=\"left:174.16663px; bottom:581.9429px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">792<span class=\"ls0\"> </span></div></div><div class=\"c wac hd3\" style=\"left:248.73462px; bottom:581.9429px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">921<span class=\"ls0\"> </span></div></div><div class=\"c w39f hd3\" style=\"left:323.14664px; bottom:581.9429px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">153<span class=\"ls0\"> </span></div></div><div class=\"c wac hd3\" style=\"left:397.58463px; bottom:581.9429px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">204<span class=\"ls0\"> </span></div></div><div class=\"c w39f hd3\" style=\"left:472.15265px; bottom:581.9429px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.057 </div></div><div class=\"c wac hd3\" style=\"left:546.44763px; bottom:581.9429px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.266 </div></div><div class=\"c w39e h6a\" style=\"left:-4.050377px; bottom:565.2509px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Tasso di in<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>rementi<span class=\"_ _0\"></span> retributivi </div></div><div class=\"c wac h6a\" style=\"left:174.16663px; bottom:565.2509px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">853<span class=\"ls0\"> </span></div></div><div class=\"c wac h6a\" style=\"left:248.73462px; bottom:565.2509px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">853<span class=\"ls0\"> </span></div></div><div class=\"c w39f h6a\" style=\"left:323.14664px; bottom:565.2509px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">189<span class=\"ls0\"> </span></div></div><div class=\"c wac h6a\" style=\"left:397.58463px; bottom:565.2509px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w39f h6a\" style=\"left:472.15265px; bottom:565.2509px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.164 </div></div><div class=\"c wac h6a\" style=\"left:546.44763px; bottom:565.2509px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.141 </div></div><div class=\"c w39e h64\" style=\"left:-4.050377px; bottom:547.7789px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Tasso di inf<span class=\"_ _0\"></span>lazione </div></div><div class=\"c wac h64\" style=\"left:174.16663px; bottom:547.7789px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">895<span class=\"ls0\"> </span></div></div><div class=\"c wac h64\" style=\"left:248.73462px; bottom:547.7789px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">813<span class=\"ls0\"> </span></div></div><div class=\"c w39f h64\" style=\"left:323.14664px; bottom:547.7789px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c wac h64\" style=\"left:397.58463px; bottom:547.7789px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">163<span class=\"ls0\"> </span></div></div><div class=\"c w39f h64\" style=\"left:472.15265px; bottom:547.7789px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.223 </div></div><div class=\"c wac h64\" style=\"left:546.44763px; bottom:547.7789px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.089 </div></div><div class=\"c w1c h130\" style=\"left:-4.050377px; bottom:513.61487px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">L'analisi di sensitivity sul tasso di ren<span class=\"_ _3\"></span>dimento atteso non viene effett<span class=\"_ _3\"></span>uata in quanto n<span class=\"_ _3\"></span>on ha effetti sul calcolo della passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-317.8391px;\"><div class=\"t m0 x0 h125 y131f ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yc58 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1479 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019analisi di sensitivity<span class=\"_ _0\"></span> \u00e8 stata effettuata<span class=\"_ _0\"></span> sulle passivit\u00e0 nette a<span class=\"_ _0\"></span> benefici definiti (d<span class=\"_ _0\"></span>i cui alla precede<span class=\"_ _0\"></span>nte informativa 10.<span class=\"_ _2\"></span><span class=\"ff1\">5, punto 2). </span></div><div class=\"t m0 x0 h2 ycb6 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>dati <span class=\"_ _5\"></span>esposti, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>assoluto, <span class=\"_ _5\"></span>indicano <span class=\"_ _2\"></span>quale <span class=\"_ _6\"></span><span class=\"ff4\">sarebbe <span class=\"_ _5\"></span>l\u2019ammontare <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>nette <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>benefici <span class=\"_ _2\"></span>definiti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y147a ff1 fs0 fc0 sc0 ls0 ws0\">una variazione di +/- 100 bps d<span class=\"_ _0\"></span>i tasso. </div><div class=\"t m0 x0 h2 y147b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y147c ff4 fs0 fc0 sc0 ls0 ws0\">La duration media dell\u2019<span class=\"_ _0\"></span>obbligazione a <span class=\"_ _0\"></span>benefici definiti \u00e8 par<span class=\"_ _0\"></span>i a 10,98 anni per i f<span class=\"_ _0\"></span>ondi pensione e 7<span class=\"_ _0\"></span>,91 anni per il TFR.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13fb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y248 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _5\"></span>eventuali <span class=\"_ _5\"></span>esborsi <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>effettuarsi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>prossimo <span class=\"_ _5\"></span>esercizio <span class=\"_ _5\"></span>(ripianamento <span class=\"_ _5\"></span>disavanzo <span class=\"_ _5\"></span>tecnico <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>statuto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Fondo </div><div class=\"t m0 x0 h2 y147d ff1 fs0 fc0 sc0 ls0 ws0\">Pensione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _3\"></span>Definita <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo)<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>saranno <span class=\"_ _2\"></span>determinati <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>bilancio<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y8dd ff1 fs0 fc0 sc0 ls0 ws0\">del Fondo stesso, che <span class=\"_ _0\"></span>avverr\u00e0 nei prossimi mesi di magg<span class=\"_ _0\"></span>io/giugno. </div><div class=\"t m0 x0 h95 yeae ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yb5 ffa fs0 fc2 sc0 ls0 ws0\">6. Piani relativi a pi\u00f9 d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tori di lavoro </div><div class=\"t m0 x0 h2 yb6 ff1 fs0 fc0 sc0 ls0 ws0\">Nel gruppo sono pre<span class=\"_ _0\"></span>senti i seguenti pi<span class=\"_ _0\"></span>ani a benefici definiti re<span class=\"_ _0\"></span>lativi a pi\u00f9 datori <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i lavoro:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yb7 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _34\"> </span>Fondo Pensione per i<span class=\"_ _3\"></span>l Personale ex Crediop assunto sino al 30 <span class=\"_ _2\"></span>settembre 1989 che, in data 1\u00b0 gennaio 2016, \u00e8 <span class=\"_ _3\"></span>confluit<span class=\"_ _0\"></span>o </div><div class=\"t m0 x2a h32 yb8 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019interno del Fondo Pensione Complementare per il personale del <span class=\"_ _3\"></span>Banco di Napoli (oggi Fondo <span class=\"_ _3\"></span>Pensione a Prestazione </div><div class=\"t m0 x2a h2 yb9 ff1 fs0 fc0 sc0 ls0 ws0\">Definita <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo). <span class=\"_ _3\"></span>Gli <span class=\"_ _2\"></span>impegni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Crediop <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(ora <span class=\"_ _2\"></span>Dexia<span class=\"_ _2\"></span>-Crediop) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>IMI <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>Intesa </div><div class=\"t m0 x2a h32 yba ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo S.p.A.) nei <span class=\"_ _3\"></span>confronti del <span class=\"_ _3\"></span>Fondo, sono <span class=\"_ _3\"></span>regolati dall\u2019accordo del <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>maggio 1999 stipulato t<span class=\"_ _3\"></span>ra le <span class=\"_ _3\"></span>due parti e<span class=\"_ _3\"></span> il <span class=\"_ _3\"></span>suo </div><div class=\"t m0 x2a h2 y147e ff4 fs0 fc0 sc0 ls0 ws0\">trasferimento <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Fondo <span class=\"_ _6\"></span>Pensione <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Prestazione <span class=\"_ _6\"></span>Definita <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _4\"> </span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _7\"> </span><span class=\"ff1\">non <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>modificato <span class=\"_ _6\"></span>le </span></div><div class=\"t m0 x2a h2 yda3 ff1 fs0 fc0 sc0 ls0 ws0\">garanzie e gli impeg<span class=\"_ _0\"></span>ni a suo tempo sotto<span class=\"_ _0\"></span>scritti tra le due entit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yda4 ffd fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _3c\"> </span>Fondo<span class=\"_ _3\"></span> di quiescenza ex dipend<span class=\"_ _0\"></span>enti Banca Ca.Ri.Ma. p<span class=\"_ _0\"></span>assati alla Se.Ri.Ma. (ora Equi<span class=\"_ _0\"></span>talia Servizi di Riscossione S.<span class=\"_ _0\"></span>p.A.), i </span></div><div class=\"t m0 x2a h2 yda5 ff1 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _6\"></span>servizi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>riscossione <span class=\"_ _6\"></span>furono <span class=\"_ _6\"></span>trasferiti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">l <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"> </span>gennaio <span class=\"_ _6\"> </span>1990 <span class=\"_ _6\"> </span>all\u2019ex <span class=\"_ _6\"> </span>Equitalia <span class=\"_ _6\"> </span>Marche <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _6\"> </span>(attualmente <span class=\"_ _6\"> </span>Agenzia <span class=\"_ _6\"></span>delle </span></div><div class=\"t m0 x2a h2 yda6 ff1 fs0 fc0 sc0 ls0 ws0\">Entrate <span class=\"_ _2\"></span>- <span class=\"_ _5\"></span><span class=\"ff4\">Riscossione) <span class=\"_ _3\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>\u00b0 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>confluito <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _2\"></span>Definita <span class=\"_ _2\"></span>del </span></div><div class=\"t m0 x2a h32 y2eb ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _4\"> </span>L\u2019accordo <span class=\"_ _7\"> </span>sindacale <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ntese <span class=\"_ _4\"> </span>in<span class=\"_ _2\"></span>tercorse <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>sottoscrittori <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _4\"> </span>sancirono <span class=\"_ _4\"> </span>che </div><div class=\"t m0 x2a h32 yda7 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019allora <span class=\"_ _2\"></span>controllante <span class=\"_ _2\"></span>Ca.Ri.Ma. <span class=\"_ _2\"></span>(poi <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Marche <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>poi <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>Nuova <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Marche <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>successivamente <span class=\"_ _3\"></span>ex </div><div class=\"t m0 x2a h2 ya02 ff1 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _2\"></span>Adriatica <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _3\"></span>incorporata <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sua <span class=\"_ _3\"></span>vo<span class=\"_ _3\"></span>lta <span class=\"_ _2\"></span>incorporat<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A.) <span class=\"_ _3\"></span>continuasse </div><div class=\"t m0 x2a h2 y11eb ff1 fs0 fc0 sc0 ls0 ws0\">ad <span class=\"_ _1c\"> </span>accantonare <span class=\"_ _1c\"> </span>nel <span class=\"_ _20\"> </span>proprio <span class=\"_ _1c\"> </span>bilancio <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>riserve <span class=\"_ _20\"> </span>matem<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiche <span class=\"_ _1c\"> </span>inerenti <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>personal<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>assunto <span class=\"_ _20\"> </span>precede<span class=\"_ _0\"></span>ntemente <span class=\"_ _1c\"> </span>al </div><div class=\"t m0 x2a h2 y147f ff4 fs0 fc0 sc0 ls0 ws0\">perfezionarsi dell\u2019op<span class=\"_ _0\"></span>erazione;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h11 y134b ffd fs6 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _44\"> </span><span class=\"fs0\">Fondo <span class=\"_ _16\"> </span>Pensione <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>il  P<span class=\"_ _35\"></span>ersonale  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>ex  B<span class=\"_ _35\"></span>anca  Po<span class=\"_ _0\"></span>polare <span class=\"_ _16\"> </span>di  A<span class=\"_ _0\"></span>ncona <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _16\"> </span>controllate, <span class=\"_ _16\"> </span>confluito <span class=\"_ _7\"> </span>in  data<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 ye7d ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> <span class=\"ff4\">settembr<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Prestazione <span class=\"_ _5\"></span>Definita<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>una </span></span></div><div class=\"t m0 x2a h2 ydca ff1 fs0 fc0 sc0 ls0 ws0\">garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipianamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>rispettive <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>aderenti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>(ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Ban<span class=\"_ _2\"></span>ca) <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Credito </div><div class=\"t m0 x2a h11 y949 ff1 fs0 fc0 sc0 ls0 ws0\">Valtellinese.<span class=\"fs6\"> </span></div><div class=\"t m0 x0 h95 ydcb ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ye7f ffa fs0 fc2 sc0 ls0 ws0\">7. Piani a benefici de<span class=\"_ _0\"></span>finiti che condividono i ris<span class=\"_ _0\"></span>chi tra entit\u00e0 sotto con<span class=\"_ _0\"></span>trollo comune  </div><div class=\"t m0 x0 h2 ydcc ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Pensione <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Prestazione <span class=\"_ _3\"></span>Definita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Previdenza<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Cassa <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Risparmio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y3a0 ff1 fs0 fc0 sc0 ls0 ws0\">Firenze, <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>piani <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>benefici <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>condividono <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo. <span class=\"_ _6\"></span>Tali <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _6\"></span>rilasciano, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i </div><div class=\"t m0 x0 h2 ydce ff1 fs0 fc0 sc0 ls0 ws0\">propri dipendenti e p<span class=\"_ _0\"></span>ensionati iscritti, g<span class=\"_ _0\"></span>aranzia solidale n<span class=\"_ _0\"></span>ei confronti degli ent<span class=\"_ _0\"></span>i previdenziali in a<span class=\"_ _0\"></span>rgomento.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3a2 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apo <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>ogni <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _6\"></span>coobbligata <span class=\"_ _5\"></span>viene <span class=\"_ _6\"></span>determinata <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>Attuario <span class=\"_ _5\"></span>Indipendente <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _5\"></span>della </div><div class=\"t m0 x0 h2 ydd0 ff1 fs0 fc0 sc0 ls0 ws0\">\"proiezione <span class=\"_ _5\"></span>unitaria <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>credito\" <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>iscritta <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>servizio <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>piano. <span class=\"_ _6\"></span>Analogamente, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>cu<span class=\"_ _5\"></span>rrent </div><div class=\"t m0 x0 h2 y8ec ff1 fs0 fc0 sc0 ls0 ws0\">service <span class=\"_ _5\"></span>cost, <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ore <span class=\"_ _6\"></span>attuale <span class=\"_ _5\"></span>medio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>prestazioni <span class=\"_ _6\"></span>maturate <span class=\"_ _5\"></span>dai <span class=\"_ _6\"></span>lavoratori <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h2 y162 ff1 fs0 fc0 sc0 ls0 ws0\">servizio nel corso dell'<span class=\"_ _0\"></span>esercizio, viene calc<span class=\"_ _0\"></span>olato per ogni Societ\u00e0 <span class=\"_ _0\"></span>dal medesimo Attuario<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ydd3 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y3a5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydd5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3a7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydd7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3a9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y124 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-623.77655px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">10.6 Fondi per rischi ed on<span class=\"_ _0\"></span>eri - altri fondi </div><div class=\"t m0 xf4 h61 y1480 ff1 fs1c fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w3a3 h180\" style=\"left:486.19263px; bottom:352.75745px;\"><div class=\"t m0 x10a h181 y335 ff17 fs17 fc2 sc0 ls0 ws0\">(milioni<span class=\"_ _0\"></span> di euro) </div></div><div class=\"c w3a1 h43\" style=\"left:-4.050377px; bottom:329.35742px;\"><div class=\"t m0 x41 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti </div></div><div class=\"c w3a2 h43\" style=\"left:352.18863px; bottom:329.35742px;\"><div class=\"t m0 x40 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w3a3 h43\" style=\"left:486.19263px; bottom:329.35742px;\"><div class=\"t m0 x40 h59 ye5 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w3a1 h47\" style=\"left:-4.050377px; bottom:309.85742px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Altri fond<span class=\"_ _0\"></span>i </div></div><div class=\"c w3a1 h6a\" style=\"left:-4.050377px; bottom:293.16547px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. contro<span class=\"_ _0\"></span>versie legali <span class=\"_ _0\"></span>e fiscali </div></div><div class=\"c w3a2 h6a\" style=\"left:352.18863px; bottom:293.16547px;\"><div class=\"t m0 x124 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">969<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h6a\" style=\"left:486.19263px; bottom:293.16547px;\"><div class=\"t m0 x13f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.066 </div></div><div class=\"c w3a1 h41\" style=\"left:-4.050377px; bottom:276.62946px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. oneri per <span class=\"_ _0\"></span>il personale<span class=\"_ _35\"></span> </div></div><div class=\"c w3a2 h41\" style=\"left:352.18863px; bottom:276.62946px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.230 </div></div><div class=\"c w3a3 h41\" style=\"left:486.19263px; bottom:276.62946px;\"><div class=\"t m0 x13f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.611 </div></div><div class=\"c w3a1 h41\" style=\"left:-4.050377px; bottom:260.09344px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">oneri per ini<span class=\"_ _0\"></span>ziative di<span class=\"_ _0\"></span> incentiva<span class=\"_ _0\"></span>zione all'esodo </div></div><div class=\"c w3a2 h41\" style=\"left:352.18863px; bottom:260.09344px;\"><div class=\"t m0 x101 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.306 </div></div><div class=\"c w3a3 h41\" style=\"left:486.19263px; bottom:260.09344px;\"><div class=\"t m0 x13f h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.771 </div></div><div class=\"c w3a1 h41\" style=\"left:-4.050377px; bottom:243.55743px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">premi per an<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ianit\u00e0 ai di<span class=\"_ _35\"></span>pendenti </div></div><div class=\"c w3a2 h41\" style=\"left:352.18863px; bottom:243.55743px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">177<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h41\" style=\"left:486.19263px; bottom:243.55743px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">229<span class=\"ls0\"> </span></div></div><div class=\"c w3a1 h6a\" style=\"left:-4.050377px; bottom:226.86548px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">altri oneri<span class=\"_ _0\"></span> diversi del<span class=\"_ _0\"></span> personale </div></div><div class=\"c w3a2 h6a\" style=\"left:352.18863px; bottom:226.86548px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">747<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h6a\" style=\"left:486.19263px; bottom:226.86548px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">611<span class=\"ls0\"> </span></div></div><div class=\"c w3a1 h47\" style=\"left:-4.050377px; bottom:207.36548px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. altri risch<span class=\"_ _0\"></span>i e oneri </div></div><div class=\"c w3a2 h47\" style=\"left:352.18863px; bottom:207.36548px;\"><div class=\"t m0 x124 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">961<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h47\" style=\"left:486.19263px; bottom:207.36548px;\"><div class=\"t m0 x13f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.241 </div></div><div class=\"c w3a1 h41\" style=\"left:-4.050377px; bottom:190.82947px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">indennit\u00e0 di<span class=\"_ _0\"></span>verse agli <span class=\"_ _0\"></span>agenti della r<span class=\"_ _35\"></span>ete distributiva </div></div><div class=\"c w3a2 h41\" style=\"left:352.18863px; bottom:190.82947px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">300<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h41\" style=\"left:486.19263px; bottom:190.82947px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">367<span class=\"ls0\"> </span></div></div><div class=\"c w3a1 h41\" style=\"left:-4.050377px; bottom:174.29346px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">altri  </div></div><div class=\"c w3a2 h41\" style=\"left:352.18863px; bottom:174.29346px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">661<span class=\"ls0\"> </span></div></div><div class=\"c w3a3 h41\" style=\"left:486.19263px; bottom:174.29346px;\"><div class=\"t m0 x124 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">874<span class=\"ls0\"> </span></div></div><div class=\"c w3a1 h47\" style=\"left:-4.050377px; bottom:154.79346px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w3a2 h47\" style=\"left:352.18863px; bottom:154.79346px;\"><div class=\"t m0 x101 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">4.160 </div></div><div class=\"c w3a3 h47\" style=\"left:486.19263px; bottom:154.79346px;\"><div class=\"t m0 x13f h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">4.918 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-623.77655px;\"><div class=\"t m0 x0 h61 y609 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11f1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y1485 ff4 fs0 fc0 sc0 ls0 ws0\">Gli  accanto<span class=\"_ _0\"></span>namenti  v<span class=\"_ _0\"></span>engono  attu<span class=\"_ _0\"></span>alizzati  utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zando  i <span class=\"_ _16\"> </span>tassi  correnti <span class=\"_ _16\"> </span>di  mercat<span class=\"_ _0\"></span>o  nei <span class=\"_ _16\"> </span>casi  in <span class=\"_ _16\"> </span>cui  l\u2019element<span class=\"_ _0\"></span>o  temporale <span class=\"_ _16\"> </span>sia </div><div class=\"t m0 x0 h2 y104f ff1 fs0 fc0 sc0 ls0 ws0\">significativo.  </div><div class=\"t m0 x0 h2 y9fb ff1 fs0 fc0 sc0 ls0 ws0\">Gli Altri fondi sono di<span class=\"_ _0\"></span>stinti in: </div><div class=\"t m0 x0 h2 y992 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Controversie <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>fiscali: <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>costituito <span class=\"_ _4\"></span>essenzialment<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>fronteggiare <span class=\"_ _16\"> </span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>esborso <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ause </span></div><div class=\"t m0 x2a h2 yc85 ff1 fs0 fc0 sc0 ls0 ws0\">passive, sulle revocato<span class=\"_ _0\"></span>rie fallimentari e con<span class=\"_ _0\"></span>tenziosi fiscali; </div><div class=\"t m0 x0 h2 yff5 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Oneri <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>personale: <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>include <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>all\u2019esodo <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>anzianit\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>personale </span></span></div><div class=\"t m0 x2a h2 yb08 ff1 fs0 fc0 sc0 ls0 ws0\">dipendente <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>determinati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tuariali), <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _6\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>bonus <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>esborsi <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ai </div><div class=\"t m0 x2a h2 y1486 ff1 fs0 fc0 sc0 ls0 ws0\">dipendenti; </div><div class=\"t m0 x0 h2 y1207 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Altri <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>oneri: <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riferiscono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>indennit\u00e0 <span class=\"_ _6\"></span>private <span class=\"_ _4\"></span>bankers, <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Compagnie <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Assic<span class=\"_ _0\"></span>urazione,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y6db ff1 fs0 fc0 sc0 ls0 ws0\">stanziamenti <span class=\"_ _3\"></span>destinati a <span class=\"_ _2\"></span>frontegg<span class=\"_ _0\"></span>i<span class=\"ff4\">a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>all\u2019integrazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Venete, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri </span></div><div class=\"t m0 x2a h2 y6f8 ff1 fs0 fc0 sc0 ls0 ws0\">connessi alla cessio<span class=\"_ _0\"></span>ne di portafogli <span class=\"_ _0\"></span>di crediti NPL e altri co<span class=\"_ _0\"></span>ntenziosi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1487 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1a8 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>1. Impegni e garanzi<span class=\"_ _0\"></span>e finanziarie rilasciate <span class=\"ff3\">\u2013<span class=\"ff2\"> Escluse compag<span class=\"_ _0\"></span>nie assicurative </span></span>(milioni di eur<span class=\"_ _35\"></span>o) Valore no<span class=\"_ _0\"></span>minale su <span class=\"_ _0\"></span>impegni<span class=\"_ _0\"></span> e garanzie f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie rilasciate<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Primo stadio Secondo stadio Terzo stadio Impaired acquisiti/e<span class=\"_ _0\"></span> o originati/e<span class=\"_ _0\"></span> 1. Impegn<span class=\"_ _0\"></span>i a erogare<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fondi  216.615 22.288 908<span class=\"ls0\"> </span>4 239.815 234.827 a) Banche<span class=\"_ _0\"></span> Centrali  1.146 48<span class=\"ls0\"> </span>- - 1.194 1.617 b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche  9.371 2.374 100<span class=\"ls0\"> </span>- 11.845 11.485 c) Banche <span class=\"_ _0\"></span> 31.750 497<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 32.258 35.157 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie  14.447 5.798 12<span class=\"ls0\"> </span>- 20.257 22.012 e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie  144.200 12.882 728<span class=\"ls0\"> </span>4 157.814 148.920 f) Famiglie <span class=\"_ _35\"></span> 15.701 689<span class=\"ls0\"> </span>57<span class=\"ls0\"> </span>- 16.447 15.636 2. Garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate  42.580 4.727 854<span class=\"ls0\"> </span>- 48.161 46.458 a) Banche<span class=\"_ _0\"></span> Centrali  - - - - - 1 b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche  438<span class=\"ls0\"> </span>6 - - 444<span class=\"ls0\"> </span>493<span class=\"ls0\"> </span>c) Banche <span class=\"_ _0\"></span> 3.434 124<span class=\"ls0\"> </span>- - 3.558 3.124 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie  948<span class=\"ls0\"> </span>399<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>- 1.359 783<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie  37.264 4.171 835<span class=\"ls0\"> </span>- 42.270 41.509 f) Famiglie <span class=\"_ _35\"></span> 496<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>7 - 530<span class=\"ls0\"> </span>548<span class=\"ls0\"> </span>Nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Circolare <span class=\"_ _3\"></span>262 <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>Impegni <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>erogare <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>igurano <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he possono <span class=\"_ _4\"></span>dar <span class=\"_ _4\"></span>luogo <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>soggetti <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>determinazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"></span>attesa <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"></span>previsto<span class=\"_ _0\"></span> dall\u2019IF<span class=\"ff1\">RS <span class=\"_ _6\"></span>9, <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>margini <span class=\"_ _6\"></span>revocabili <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>linee <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>credito <span class=\"_ _5\"></span>concesse <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>(per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>importo </span>complessivo pari a 152.332 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni nel 2022).<span class=\"ff5 fc2\"> <span class=\"_ _30\"> </span></span>1.Bis Garanzie rilasci<span class=\"_ _0\"></span>ate e impegni <span class=\"ff6\">\u2013</span> <span class=\"ff2\">Compagnie<span class=\"ffa\"> </span>assicurative<span class=\"ffa\"> </span></span>Al 31 dicembre 2022 tale fattis<span class=\"_ _0\"></span>pecie non \u00e8 present<span class=\"_ _0\"></span>e.<span class=\"fs12\"> </span>2. Altri impegni e altr<span class=\"_ _0\"></span>e garanzie rilasciate <span class=\"ff4\">\u2013<span class=\"ff1\"> <span class=\"ff2\">Escluse compagni<span class=\"_ _0\"></span>e assicurative<span class=\"ff5\"> </span></span></span></span>Al 31 dicembre 2022 tale<span class=\"_ _0\"></span> fattispecie n<span class=\"_ _0\"></span>on \u00e8 presente. 1.5. RISCHI OPERATIVI INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di <span class=\"_ _3\"></span>gestione e metodi di m<span class=\"_ _3\"></span>isurazione d<span class=\"_ _3\"></span>el rischio operativo<span class=\"_ _2\"></span> </span>Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>subire <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>inadeguatezza <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disfunzione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>proced<span class=\"_ _5\"></span>ure, risorse umane e sist<span class=\"_ _0\"></span>emi interni, oppure da <span class=\"_ _0\"></span>eventi esogeni<span class=\"_ _90\"> </span>106<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _6\"></span>orientata <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prudente gestione  e  finalizzata  a  garantire  solidit\u00e0  e  continuit\u00e0  aziend<span class=\"_ _0\"></span>ale  nel  lungo  periodo.  Inoltre,  il  Gruppo  pone  particolar<span class=\"_ _0\"></span>e attenzione al conseguimento di<span class=\"_ _0\"></span> un equilibrio ot<span class=\"_ _0\"></span>timale tra obiettivi<span class=\"_ _0\"></span> di crescita e di reddi<span class=\"_ _0\"></span>tivit\u00e0 e rischi con<span class=\"_ _0\"></span>seguenti.<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>finalit\u00e0, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>framework <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perativ<span class=\"_ _5\"></span><span class=\"ls13\">i, </span>stabilendo normativa e<span class=\"_ _0\"></span> processi organizzativi per la mi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>urazione, la gestion<span class=\"_ _0\"></span>e e il controllo deg<span class=\"_ _0\"></span>li stessi.<span class=\"_ _3\"></span> Ai f<span class=\"_ _3\"></span>ini di <span class=\"_ _3\"></span>Vigilanza, il <span class=\"_ _3\"></span>Gruppo adotta, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>requisito patrimoniale, <span class=\"_ _3\"></span>il Metodo Avanzato <span class=\"_ _3\"></span>(AMA) <span class=\"_ _3\"></span>in partial<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>use con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>standardizzato (<span class=\"_ _3\"></span>TSA) e <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>BIA). <span class=\"_ _2\"></span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato <span class=\"_ _3\"></span>\u00e8 cost<span class=\"_ _3\"></span>ituito da Intesa Sanpaolo (incluse le ex Banche e Soc<span class=\"_ _0\"></span>iet\u00e0 in essa incorporate) e dalle princip<span class=\"_ _0\"></span>ali banche e societ\u00e0 delle Divisioni Priv<span class=\"_ _2\"></span>ate Banking e Asset Ma<span class=\"_ _0\"></span>nagement, da VUB<span class=\"_ _0\"></span> Banka e PBZ Banka. Modello di Governo Un <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>efficace <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>efficiente <span class=\"_ _5\"></span>presuppone <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>strettamente <span class=\"_ _2\"></span>integrato <span class=\"_ _5\"></span>nei processi <span class=\"_ _7\"> </span>decisionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>aziendale. <span class=\"_ _7\"> </span>Per <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>ragione, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>scelto <span class=\"_ _16\"> </span>di </span>coinvolgere <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>responsabilit\u00e0 <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"></span>operativi <span class=\"_ _4\"></span>(c.d. <span class=\"_ _6\"></span>Operational <span class=\"_ _4\"></span>Risk <span class=\"_ _6\"></span>Management) <span class=\"_ _4\"></span>le Unit\u00e0 Organizzative (b<span class=\"_ _0\"></span>usiness unit, struttur<span class=\"_ _0\"></span>e centrali/di support<span class=\"_ _0\"></span>o) della Capogruppo, d<span class=\"_ _0\"></span>elle Banche e delle Soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo. Il modello di governo<span class=\"_ _0\"></span> del rischio operativ<span class=\"_ _0\"></span>o \u00e8 sviluppato in ottica <span class=\"_ _0\"></span>di:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>ottimizzazione e valorizzazio<span class=\"_ _0\"></span>ne dei presidi org<span class=\"_ _0\"></span>anizzativi, delle int<span class=\"_ _0\"></span>errelazioni e dei flus<span class=\"_ _0\"></span>si informativi intercorre<span class=\"_ _0\"></span>nti fra le<span class=\"_ _2\"></span> Unit\u00e0 </span>Organizzative <span class=\"_ _16\"> </span>esistenti <span class=\"_ _16\"> </span>e  integr<span class=\"_ _0\"></span>azio<span class=\"ff4\">n<span class=\"_ _3\"></span>e  d<span class=\"_ _0\"></span>ell\u2019approccio <span class=\"_ _16\"> </span>di  g<span class=\"_ _0\"></span>estione <span class=\"_ _16\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _16\"> </span>operativo  co<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>  a<span class=\"_ _0\"></span>ltri  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>delli <span class=\"_ _16\"> </span>aziendali </span>sviluppati a fronte di <span class=\"_ _0\"></span>specifici rischi (es. Co<span class=\"_ _0\"></span>ntinuit\u00e0 Operati<span class=\"_ _0\"></span>va, Sicurezza Informatic<span class=\"_ _0\"></span>a, ecc.);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>trasparenza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>diffusione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>criteri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>alisi, <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>misurazione <span class=\"_ _3\"></span>utilizzati, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine </span>di facilitare il proces<span class=\"_ _0\"></span>so di diffusione cultur<span class=\"_ _0\"></span>ale e la comprensio<span class=\"_ _0\"></span>ne delle logiche s<span class=\"_ _0\"></span>ottostanti le scelte<span class=\"_ _0\"></span> adottate.<span class=\"_ _2\"></span> Il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>una  Fun<span class=\"_ _0\"></span>zione <span class=\"_ _16\"> </span>centralizzata <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>operativo, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Direzione  E<span class=\"_ _35\"></span>nterprise  Ris<span class=\"_ _35\"></span>k Management. <span class=\"_ _3\"></span>L\u2019Unit\u00e0 <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabile <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>progettazione, <span class=\"_ _2\"></span>dell\u2019implementazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>presidio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>metodologico <span class=\"_ _3\"></span>e organizzativo, <span class=\"_ _4\"> </span>n<span class=\"ff4\">onch\u00e9 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>profili <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>\u2019efficaci<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>del </span>reporting <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vertici <span class=\"_ _5\"></span>aziendali. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>requisiti <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _5\"></span>Organizzative <span class=\"_ _5\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la responsabilit\u00e0 della <span class=\"_ _3\"></span>rilevazione, della <span class=\"_ _3\"></span>valutazione, della gestione <span class=\"_ _3\"></span>e della <span class=\"_ _3\"></span>mitigazione dei <span class=\"_ _3\"></span>rischi: a<span class=\"_ _3\"></span>l loro <span class=\"_ _3\"></span>interno sono <span class=\"_ _3\"></span>individuate 106 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compo<span class=\"_ _3\"></span>nente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"> </span>econom<span class=\"_ _3\"></span>iche, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>presi <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>i <span class=\"_ _6\"> </span>rischi: <span class=\"_ _6\"></span>legale, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>dotta, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>conf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>it\u00e0, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>financial crime, <span class=\"_ _3\"></span>fiscale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>IT <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cybe<span class=\"_ _3\"></span>r, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sicu<span class=\"_ _3\"></span>rezza <span class=\"_ _3\"></span>fisica, <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>operativa, <span class=\"_ _2\"></span>terze <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arti, <span class=\"_ _3\"></span>q<span class=\"_ _3\"></span><span class=\"ff4\">ualit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati, <span class=\"_ _3\"></span>frod<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019employer <span class=\"_ _2\"></span>risk. <span class=\"_ _2\"></span>Sono <span class=\"_ _3\"></span>esclu<span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rischi<span class=\"_ _3\"></span> </span>strategici e di rep<span class=\"_ _3\"></span>utazione.<span class=\"fs0\"> </span>CdA, CEO, Comitati<span class=\"_ _3\"></span> direzionali (Comitato Rischi<span class=\"_ _3\"></span> e Sostenibilit\u00e0), Comitati manageriali (Comitato Coordinamento Controlli e Ri<span class=\"_ _3\"></span>schi Non Finanziari<span class=\"_ _3\"></span>)<span class=\"_ _90\"> </span>Definizion<span class=\"_ _3\"></span>e obiettivi e politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Supervisione e Indirizzo Strategico<span class=\"_ _90\"> </span>Area di Governo Chi<span class=\"_ _3\"></span>ef Risk Officer, Funzione Centralizza<span class=\"_ _3\"></span>ta di gestione del rischio operati<span class=\"_ _3\"></span>vo (Operational, Technology <span class=\"_ _3\"></span>&amp; Information Risk Management)<span class=\"_ _90\"> </span>Coordinamento dell\u2019attuazione degli indirizzi<span class=\"_ _3\"></span> e delle politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Definizione, sviluppo, mantenimento del Framework di gestione dei rischi operativi<span class=\"_ _90\"> </span>Unit\u00e0 Organizzative di<span class=\"_ _3\"></span> Capogruppo/Societ\u00e0 del Gruppo (funzioni di Operati<span class=\"_ _3\"></span>onal<span class=\"_ _90\"> </span>Risk Management Decentrato e Referenti, funzioni<span class=\"_ _3\"></span> di risk management locali<span class=\"_ _3\"></span>)  Presidio dei rischi<span class=\"_ _3\"></span> operativi nelle singol<span class=\"_ _3\"></span>e Unit\u00e0 Organizzative/Societ\u00e0 del Gruppo<span class=\"_ _90\"> </span>Alimentazi<span class=\"_ _3\"></span>one del sistema di gestione dei<span class=\"_ _3\"></span> Rischi Operativi (eventi operativi, critici<span class=\"_ _3\"></span>t\u00e0, azioni di mitigazione, autodiagnosi)<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-102.52661px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>responsabili <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Operational<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>appartenenza <span class=\"_ _4\"> </span>(raccolta <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ensiment<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">strutturato <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>operativi, <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>correlate <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>mitigazione, </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">esecuzione <span class=\"_ _5\"></span>dell\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>associata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>operativo). <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">continuit\u00e0 <span class=\"_ _16\"> </span>il  proces<span class=\"_ _0\"></span>so <span class=\"_ _16\"> </span>di  gover<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>del  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>operativo <span class=\"_ _16\"> </span>\u00e8  attivo <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturato <span class=\"_ _7\"> </span>di  formazione <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ersone </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">attivamente coinvolt<span class=\"_ _0\"></span>e nel processo stesso. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y65 ff5 fs0 fc2 sc0 ls0 ws0\">Rischio ICT </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>formativo <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimaria <span class=\"_ _5\"></span>importanza<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>conseguimento <span class=\"_ _5\"></span>dei<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">propri <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trategici, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 s<span class=\"_ _3\"></span>ociale, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>criticit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>processi <span class=\"_ _2\"></span>az<span class=\"_ _5\"></span>iendali </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>esso <span class=\"_ _17\"> </span>dipendono. <span class=\"_ _1d\"> </span>Conseguent<span class=\"_ _0\"></span>emente <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpegna <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>creare <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mbiente <span class=\"_ _1d\"> </span>resilient<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>ad <span class=\"_ _1d\"> </span>investire<span class=\"_ _2\"></span> <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>e </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">infrastrutture <span class=\"_ _3\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>minimizzar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>ICT <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>proteggere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _2\"></span>immagine<span class=\"_ _2\"></span><span class=\"ff1\">, <span class=\"_ _5\"></span>i </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">propri clienti e i pr<span class=\"_ _0\"></span>opri dipendenti. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>dotato, <span class=\"_ _6\"></span>quindi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>regole <span class=\"_ _5\"></span>finalizz<span class=\"_ _2\"></span>ati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>misurare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>ICT <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">esposti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>valutare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presidi <span class=\"_ _2\"></span>esistenti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>adeguate <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>rischi, <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>oerente </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">con il processo di ge<span class=\"_ _0\"></span>stione dei rischi o<span class=\"_ _0\"></span>perativi. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">In linea con il quadro metodologico definito per il govern<span class=\"_ _0\"></span>o dei rischi operativi, il modello di gover<span class=\"_ _0\"></span>no del rischio ICT \u00e8 sviluppato<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">in ottica di integrazio<span class=\"_ _0\"></span>ne e coordinamento<span class=\"_ _0\"></span> delle competenze s<span class=\"_ _0\"></span>pecifiche delle str<span class=\"_ _0\"></span>utture coinvolte.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>Rischio <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>CT <span class=\"_ _4\"> </span>(Information <span class=\"_ _4\"> </span>and <span class=\"_ _7\"> </span>Communication <span class=\"_ _7\"> </span>Technology<span class=\"_ _0\"></span>) <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>intende <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incorrere <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomiche, <span class=\"_ _4\"></span>di </div><div class=\"t m0 x0 h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">reputazione <span class=\"_ _16\"> </span>e  di  quot<span class=\"_ _0\"></span>e  di  m<span class=\"_ _35\"></span>ercato,  in  rel<span class=\"_ _0\"></span>azione  all\u2019utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zo  di <span class=\"_ _16\"> </span>tecnologia  d<span class=\"_ _0\"></span>ell\u2019informazione <span class=\"_ _16\"> </span>e  della <span class=\"_ _16\"> </span>comunicazione.  N<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione <span class=\"_ _5\"></span>integrata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>denziali <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>considerata, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>specifici </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">aspetti, tra i rischi op<span class=\"_ _0\"></span>erativi, reputazionali e <span class=\"_ _0\"></span>strategici.  </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Il rischio ICT compr<span class=\"_ _0\"></span>ende:  </div><div class=\"t m0 x0 h2 y8fa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _1d\"> </span>rischio  cyber <span class=\"_ _1d\"> </span>(ivi  compreso  il <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>di  sicurezza  informatica):<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>incorrere  in<span class=\"_ _3\"></span>  perdite <span class=\"_ _1d\"> </span>economiche,  di </span></div><div class=\"t m0 x2a h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\">reputazione e di quote <span class=\"_ _0\"></span>di mercato dovuto a: </div><div class=\"t m0 x2a h2 y17d ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque  a<span class=\"_ _0\"></span>ccesso <span class=\"_ _16\"> </span>o  t<span class=\"_ _0\"></span>entativo <span class=\"_ _16\"> </span>di  ac<span class=\"_ _0\"></span>cesso  n<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>autorizzato <span class=\"_ _16\"> </span>al  sist<span class=\"_ _0\"></span>ema  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formativo <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>  G<span class=\"_ _35\"></span>ruppo  o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>dati  e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le </span></div><div class=\"t m0 x62 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">informazioni digitali i<span class=\"_ _0\"></span>vi contenuti; </div><div class=\"t m0 x2a h2 y8fb ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>vento <span class=\"_ _2\"></span>(doloso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>involontario) <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span><span class=\"ff4\">avorito <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>causato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019uso <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>tecnologia <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essa <span class=\"_ _3\"></span>connesso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>o </span></span></div><div class=\"t m0 x62 h32 y8fc ff4 fs0 fc0 sc0 ls0 ws0\">potrebbe <span class=\"_ _4\"> </span>avere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>negativo <span class=\"_ _4\"> </span>sull\u2019integrit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riservatezza <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>l\u2019autenticit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>dati <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle </div><div class=\"t m0 x62 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">informazioni azienda<span class=\"_ _0\"></span>li, ovvero sulla co<span class=\"_ _0\"></span>ntinuit\u00e0 dei processi a<span class=\"_ _0\"></span>zi<span class=\"_ _3\"></span>endali; </div><div class=\"t m0 x2a h2 y1e6 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>uso e/o diffusione impropri di<span class=\"_ _0\"></span> dati e informazio<span class=\"_ _0\"></span>ni digitali, anche n<span class=\"_ _0\"></span>on direttamente prodotti <span class=\"_ _0\"></span>e gestiti dal Gruppo ISP;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1e7 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>tecnologico: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>economiche, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>reputazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione </span></div><div class=\"t m0 x2a h2 y432 ff1 fs0 fc0 sc0 ls0 ws0\">all<span class=\"ff4\">\u2019utilizzo del sistema i<span class=\"_ _0\"></span>nformativo aziendal<span class=\"_ _0\"></span>e e connesso a malfu<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>zionamento di hardw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re, software e reti<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y433 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y434 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y435 ff5 fs0 fc2 sc0 ls0 ws0\">Processo di Gestione de<span class=\"_ _0\"></span>i Rischi Operativi di Grupp<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y436 ff1 fs0 fc0 sc0 ls0 ws0\">Il processo di gestio<span class=\"_ _0\"></span>ne dei rischi operativ<span class=\"_ _0\"></span>i del Gruppo Intesa Sa<span class=\"_ _0\"></span>npaolo si articola <span class=\"_ _0\"></span>nelle <span class=\"_ _2\"></span>seguenti fasi:<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y437 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h13e ye0e ff9 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h13e y15e5 ff9 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xbe h13e y92f ff9 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y16b3 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y18bf ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y13d7 ff2 fs0 fc2 sc0 ls0 ws0\">Identificazione </div><div class=\"t m0 x0 h2 y18c0 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _17\"> </span>fase <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>identificazione <span class=\"_ _17\"> </span>comprende <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>raccolta <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>classificazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>informazioni <span class=\"_ _17\"> </span>quali<span class=\"_ _5\"></span>-quantitative<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>che </div><div class=\"t m0 x0 h2 y101d ff1 fs0 fc0 sc0 ls0 ws0\">consentono di indi<span class=\"_ _0\"></span>viduare e descrivere l<span class=\"_ _0\"></span>e potenziali aree di ri<span class=\"_ _0\"></span>schio operativo del Gr<span class=\"_ _0\"></span>uppo. In <span class=\"_ _3\"></span>particolare, prevede: </div><div class=\"t m0 x0 h2 yef0 ff1f fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"ff4\">raccolta e l\u2019agg<span class=\"_ _0\"></span>iornamento dei dati sugli <span class=\"_ _0\"></span>eventi operativi (L<span class=\"_ _0\"></span>oss Data Collection), d<span class=\"_ _0\"></span>ecentrata sulle Unit<span class=\"_ _0\"></span>\u00e0 Organizzative;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y170c ff1f fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione dei p<span class=\"_ _0\"></span>rocessi aziendali <span class=\"_ _0\"></span>e delle componenti <span class=\"_ _0\"></span>del sistema informa<span class=\"_ _0\"></span>tivo a maggior ris<span class=\"_ _0\"></span>chio potenzial<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e;<span class=\"ls0\"> </span></span></span></span></div><div class=\"t m0 x0 h2 y1681 ff1f fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">la determinazione dell\u2019<span class=\"_ _0\"></span>applicabilit\u00e0 e della<span class=\"_ _0\"></span> rilevanza dei fatt<span class=\"_ _0\"></span>ori di rischio operativo <span class=\"_ _0\"></span>definiti;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y12ef ff1f fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019identificazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  p<span class=\"_ _0\"></span>rogetti <span class=\"_ _16\"> </span>che  im<span class=\"_ _0\"></span>plicheranno <span class=\"_ _16\"> </span>modifiche <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>al  sistem<span class=\"_ _0\"></span>a  inf<span class=\"_ _0\"></span>ormativo <span class=\"_ _16\"> </span>o  modifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>a  compon<span class=\"_ _0\"></span>enti </span></span></div><div class=\"t m0 x2a h2 y18c1 ff1 fs0 fc0 sc0 ls0 ws0\">rilevanti del sistema <span class=\"_ _0\"></span>informativo;<span class=\"_ _90\"> </span> </div></div>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4 ls11\">l\u2019i</span>ndividuazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>rilevanti, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>esterno <span class=\"_ _16\"> </span>(es. <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>esterni <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>perdita, </span>evoluzione regolament<span class=\"_ _0\"></span>are, trend emergenti<span class=\"_ _0\"></span>, strategic e threat i<span class=\"_ _0\"></span>ntelligence);<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione e l\u2019a<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>alisi di criticit\u00e0 <span class=\"_ _0\"></span>che interessano le<span class=\"_ _3\"></span><span class=\"ff1\"> aree di o<span class=\"_ _0\"></span>perativit\u00e0 del Gruppo. </span></span></span>Valutazione e misurazi<span class=\"_ _0\"></span>one  La <span class=\"_ _7\"> </span>fase <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>comprende <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>determinazione <span class=\"_ _4\"> </span>quali<span class=\"_ _2\"></span>-<span class=\"ff4\">quantitativa <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>rischi </span>operativi del Gruppo. Essa prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _20\"> </span>svolgimento <span class=\"_ _23\"> </span>almeno <span class=\"_ _20\"> </span>annuale <span class=\"_ _20\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>auto-<span class=\"ff4\">valutazione <span class=\"_ _20\"> </span>dell\u2019esposizione <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>rischio <span class=\"_ _20\"> </span>operativo <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>ICT </span></span>(Autodiagnosi); \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019esecuzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>preventive <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>ICT <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>accordi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>terze <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>(es.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>di </span></span>attivit\u00e0), <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>iniziative <span class=\"_ _2\"></span>progettuali, introduzione <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>revisione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>prodotti e <span class=\"_ _2\"></span>servizi, avvio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove<span class=\"_ _0\"></span> attivit\u00e0 e ingresso in <span class=\"_ _0\"></span>nuovi mercati; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la definizione della ril<span class=\"_ _0\"></span>evanza delle criticit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> individuate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _5\"></span>raccolte <span class=\"_ _3\"></span>(es<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>interni <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ster<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>operativa, <span class=\"_ _5\"></span>livelli <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rischio, probabilit\u00e0 e <span class=\"_ _0\"></span>impatto in caso di reali<span class=\"_ _0\"></span>zzazione degli sc<span class=\"_ _0\"></span>enari di rischio) in m<span class=\"_ _0\"></span>isure sintetiche di risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>io;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la determinazione del capital<span class=\"_ _0\"></span>e economico e regolamentare medi<span class=\"_ _0\"></span>ante il modello inte<span class=\"_ _3\"></span>rno e i metodi semplificati definiti dalla<span class=\"_ _35\"></span> </span>normativa vigente. Monitoraggio e controll<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span>La fase di monitor<span class=\"_ _0\"></span>aggio ha l\u2019obiettivo di a<span class=\"_ _0\"></span>nalizzare e controlla<span class=\"_ _0\"></span>re nel continuo: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>basandosi <span class=\"_ _2\"></span>sull\u2019organizzazione <span class=\"_ _3\"></span>strutturata dei <span class=\"_ _2\"></span>risultati ottenuti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 </span></span>di <span class=\"_ _4\"> </span>identificazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>sull\u2019osservazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>rappresentino <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>buona <span class=\"_ _6\"> </span>proxy dell\u2019esposizione ai ri<span class=\"_ _0\"></span>schi operativi (es. limit<span class=\"_ _0\"></span>i, early warning e <span class=\"_ _0\"></span>in<span class=\"_ _3\"></span><span class=\"ff1\">dicatori definiti in ambito RA<span class=\"_ _0\"></span>F); </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>insito <span class=\"_ _3\"></span>nell\u2019adozione di <span class=\"_ _3\"></span>nuove <span class=\"_ _2\"></span>tecnologie o <span class=\"_ _3\"></span>nell\u2019implementazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modifiche rilevanti <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span></span>sistemi preesistenti.  Mitigazione La <span class=\"_ _3\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mitigazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">contenimento <span class=\"_ _3\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base </span>di quanto emerso in <span class=\"_ _0\"></span>sede di identificazione, mis<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>razione, valuta<span class=\"_ _0\"></span>zione e monitoraggio. Es<span class=\"_ _0\"></span>sa prevede:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019individuazion<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>definizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>attuazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>correttive <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>c.d. <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">itigazione) <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ecessarie <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>colmare <span class=\"_ _16\"> </span>le </span></span></span>carenze di presidio rile<span class=\"_ _0\"></span>vate o a ricondurre l<span class=\"_ _0\"></span>a rilevanza delle criti<span class=\"_ _0\"></span>cit\u00e0 individuate entro<span class=\"_ _0\"></span> la tolleranza definit<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la promozione di<span class=\"_ _0\"></span> iniziative finalizzate al<span class=\"_ _0\"></span>la diffusione della <span class=\"_ _0\"></span>cultura del rischio o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>erativo all\u2019interno <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">el Gruppo; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la definizione delle strategie di trasferimento dei rischi operativi, in <span class=\"_ _3\"></span>termini di ottimizzazione delle coperture assicurati<span class=\"_ _2\"></span>ve e </span>delle altre eventuali f<span class=\"_ _0\"></span>orme di trasferim<span class=\"_ _0\"></span>ento del rischio tem<span class=\"_ _0\"></span>po per tempo adottat<span class=\"_ _0\"></span>e dal Gruppo.<span class=\"_ _3\"></span> A tale <span class=\"_ _3\"></span>riguardo, oltr<span class=\"ff4\">e ad<span class=\"_ _3\"></span> usufruire di un <span class=\"_ _3\"></span>programma assicurativo tradizionale (a tutela <span class=\"_ _3\"></span>da illeciti come <span class=\"_ _3\"></span>l\u2019infedelt\u00e0 dei dipendenti,<span class=\"_ _0\"></span> </span>furto <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>danneggiamenti, <span class=\"_ _20\"> </span>trasporto <span class=\"_ _20\"> </span>valori, <span class=\"_ _20\"> </span>frode <span class=\"_ _20\"> </span>informatica, <span class=\"_ _20\"> </span>falsificazione, <span class=\"_ _20\"> </span>cyber, <span class=\"_ _20\"> </span>incendio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>terremoto <span class=\"_ _20\"> </span>nonch\u00e9 <span class=\"_ _23\"> </span>da<span class=\"_ _0\"></span> responsabilit\u00e0 civile verso terzi), il Gruppo ha stipulato, nel rispetto dei requisiti stabiliti dalla normativa e per fruire dei benefici<span class=\"_ _0\"></span> patrimoniali <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>previsti, <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>polizza <span class=\"_ _2\"></span>assicurativa <span class=\"_ _2\"></span>denominata <span class=\"_ _3\"></span>Operational <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>Programme <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una copertura <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>hoc <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>AMA, <span class=\"_ _3\"></span>elevando <span class=\"_ _3\"></span>sensibilmente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>massimali <span class=\"_ _3\"></span>coperti, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>al mercato assicurativo d<span class=\"_ _0\"></span>el rischio derivante <span class=\"_ _0\"></span>da perdite operative ril<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vanti. <span class=\"_ _3\"></span> Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>infrastrutture <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contenere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fenomeni <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>eventi<span class=\"_ _0\"></span> ambientali <span class=\"_ _6\"></span>catastrofici, <span class=\"_ _6\"></span>situazioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crisi <span class=\"_ _6\"></span>internazionali, <span class=\"_ _6\"></span>manifestazio<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>protesta <span class=\"_ _6\"></span>sociale, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>attivare <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie soluzioni di continuit<span class=\"_ _0\"></span>\u00e0 operativa.  Comunicazione La <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>comunicazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redisposizio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>idonei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>informativi <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, volti a fornire inform<span class=\"_ _0\"></span>azioni utili, ad esempio,<span class=\"_ _0\"></span> per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019analisi e la com<span class=\"_ _0\"></span>prensione delle eventu<span class=\"_ _0\"></span>ali dinamiche sott<span class=\"_ _0\"></span>ostanti l\u2019evoluzione del <span class=\"_ _3\"></span><span class=\"ff1\">livello di esposi<span class=\"_ _0\"></span>zione ai rischi operativ<span class=\"_ _0\"></span>i; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4 fs0\">l\u2019analisi e l<span class=\"_ _0\"></span>a comprensione dell<span class=\"_ _0\"></span>e principali criticit\u00e0 ri<span class=\"_ _0\"></span>levate; <span class=\"_ _3\"></span><span class=\"ff1 fs12\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fc0\">la definizione del<span class=\"_ _0\"></span>le azioni di miti<span class=\"_ _0\"></span>gazione e delle priorit\u00e0<span class=\"_ _0\"></span> di intervento.<span class=\"_ _3\"></span><span class=\"fs12\"> </span><span class=\"ff5 fc2\"> </span></span></span>Autodiagnosi L\u2019autodiagnosi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>qual<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _2\"></span>Organizzative <span class=\"_ _2\"></span>identificano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione <span class=\"_ _2\"></span>al </span>rischio operativo e ICT<span class=\"_ _0\"></span>. Essa comprende <span class=\"ff4\">l\u2019Operational Ris<span class=\"_ _0\"></span>k Assessment e l\u2019ICT Ri<span class=\"_ _0\"></span>sk Assessment, a loro v<span class=\"_ _0\"></span>olta costituiti da:<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Contesto <span class=\"_ _6\"></span>Operativo <span class=\"_ _4\"></span>(VCO): <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>tramite<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"></span>identificati <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>Fattori <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Rischio <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ilevanti <span class=\"_ _5\"></span>e </span>viene valutato il relati<span class=\"_ _0\"></span>vo livello di pre<span class=\"_ _0\"></span>sidio<span class=\"_ _90\"> </span>107<span class=\"_ _90\"> </span>. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>Scenario <span class=\"_ _17\"> </span>(AS): <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>prospettica <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>trova <span class=\"_ _17\"> </span>declinazione <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>un <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>istematico,<span class=\"_ _35\"></span> </span>tipicamente <span class=\"_ _5\"></span>ripetuto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span><span class=\"ff4\">cadenza <span class=\"_ _5\"></span>predefinita <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _2\"></span>condotto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>hoc, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>consiste <span class=\"_ _5\"></span>nell\u2019ipotizzare <span class=\"_ _5\"></span>il </span>verificarsi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scenari) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>prevederne <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>conseguenze. <span class=\"_ _2\"></span>Una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>identificati <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>opportunamente caratterizzati, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>debbono <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>valutati: <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>isogna <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _4\"></span>determinare <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento <span class=\"_ _6\"></span>(frequenza) <span class=\"_ _6\"></span>e impatto <span class=\"_ _6\"></span>potenziale <span class=\"_ _6\"></span>(impatto <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>peggiore), <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>descritta <span class=\"_ _6\"></span>dallo <span class=\"_ _6\"></span>scenario medesimo.  107<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>valutazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicabilit<span class=\"_ _3\"></span>\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rileva<span class=\"_ _3\"></span>nza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>vien<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuata, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>erne <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>ICT <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>tecnich<span class=\"_ _3\"></span>e, delle  fu<span class=\"_ _0\"></span>nzioni  di <span class=\"_ _4\"> </span>cybe<span class=\"_ _3\"></span>rsecurity  e <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>e  funzioni <span class=\"_ _4\"> </span>di  continuit\u00e0  operativa, <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er  quanto <span class=\"_ _4\"> </span>conce<span class=\"_ _3\"></span>rne <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rischio  operativo  d<span class=\"_ _0\"></span>alle  funzioni<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>O<span class=\"_ _3\"></span>perational  Risk Management Dec<span class=\"_ _3\"></span>entrato.<span class=\"fs0\"> </span>Modello interno per la m<span class=\"_ _0\"></span>isurazione del ris<span class=\"_ _0\"></span>chio operativo Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019assorbimento <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>concepito <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>combinare tutte le principali fonti <span class=\"_ _3\"></span>informative sia di tipo <span class=\"_ _3\"></span>quantitativo (perdite operative: eventi interni ed esterni, stime deriv<span class=\"_ _5\"></span><span class=\"ff4\">anti da<span class=\"_ _3\"></span>ll\u2019Analisi<span class=\"_ _35\"></span> </span>di Scenario) che q<span class=\"_ _0\"></span>ualitativo (Valutazio<span class=\"_ _0\"></span>ne del Contesto O<span class=\"_ _0\"></span>perativo).<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>quindi <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>minima, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>necessaria <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massima<span class=\"_ _2\"></span> perdita <span class=\"_ _3\"></span>potenziale; \u00e8 <span class=\"_ _2\"></span>stimato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _5\"></span>modello di <span class=\"_ _3\"></span>Loss <span class=\"_ _2\"></span>Distribution <span class=\"_ _3\"></span>Approach (modello <span class=\"_ _3\"></span>statistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>derivazione a<span class=\"_ _3\"></span>ttuarial<span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>operative), <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _3\"></span>dell\u2019analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sce<span class=\"_ _5\"></span><span class=\"ff1\">nario <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un </span>orizzonte <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>anno, <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">un <span class=\"_ _2\"></span>intervallo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>99,90%. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>inoltre <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di </span>un <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>correzione, <span class=\"_ _4\"></span>derivant<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>analisi <span class=\"_ _4\"></span>qualitative<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>(VCO), <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tenere <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span><span class=\"lsc\">o </span>dell\u2019efficacia dei cont<span class=\"_ _0\"></span>rolli interni ne<span class=\"ff1\">lle varie Unit\u00e0 Organiz<span class=\"_ _0\"></span>zative. </span>La <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mitigazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>interno <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>autorizzata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2013 e ha esplicato i su<span class=\"_ _0\"></span>oi benefici gestionali e <span class=\"_ _0\"></span>sul requisito patrimo<span class=\"_ _0\"></span>niale con pari decorre<span class=\"_ _0\"></span>nza.<span class=\"_ _2\"></span>  Impatti derivanti dalla pandem<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>a COVID-<span class=\"lsc\">19</span> Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2022, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gole <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>adottate <span class=\"_ _4\"> </span>sin <span class=\"_ _4\"> </span>dall\u2019inizio <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a, <span class=\"_ _7\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>salvaguardia <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>salute <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>clienti, <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>fornitori, <span class=\"_ _3\"></span>so<span class=\"_ _5\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostantemente <span class=\"_ _3\"></span>rivalutate <span class=\"_ _3\"></span>e </span>aggiornate in base al<span class=\"_ _0\"></span>l\u2019evoluzione della<span class=\"_ _0\"></span> situazione sanitaria <span class=\"_ _0\"></span>e alle prescrizi<span class=\"_ _0\"></span>oni normative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Dal punto di vista <span class=\"_ _0\"></span>dei rischi operativi, non s<span class=\"_ _0\"></span>i segnalano ulterio<span class=\"_ _0\"></span>ri impatti specific<span class=\"_ _0\"></span>atamente dovuti alla p<span class=\"_ _0\"></span>andemia. <span class=\"_ _2\"></span> Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino<span class=\"ff2\"> </span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _2\"></span>-ucraino <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>taluni <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>messi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>al fine di <span class=\"_ _3\"></span>garantire la <span class=\"_ _3\"></span>continuit\u00e0 operativa del <span class=\"_ _3\"></span>Gruppo, in <span class=\"_ _3\"></span>particolare gli <span class=\"_ _3\"></span>ext<span class=\"_ _3\"></span><span class=\"ls24\">ra</span>-<span class=\"ff4\">costi sostenuti <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>\u2019ambito Business Continuity e <span class=\"_ _3\"></span>le </span>perdite <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>danni <span class=\"_ _4\"></span>fisici <span class=\"_ _6\"></span>direttamente <span class=\"_ _4\"></span>cagionati <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>sedi/filiali <span class=\"_ _6\"></span>situati <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"></span>zona <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>conflitto. <span class=\"_ _4\"></span>Tali <span class=\"_ _6\"></span>informazion<span class=\"_ _5\"></span>i <span class=\"_ _4\"></span>sono utilizzate ai fini del m<span class=\"_ _0\"></span>onitoraggio dell\u2019esp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>sizione al rischio <span class=\"_ _0\"></span>ope<span class=\"_ _3\"></span><span class=\"ff1\">rativo, incluso quello riferit<span class=\"_ _0\"></span>o al Risk Appetite Fram<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>work.<span class=\"_ _3\"></span> </span>INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dotta <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>combinazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Metodi <span class=\"_ _5\"></span>(AMA, <span class=\"_ _5\"></span>TSA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>BIA) <span class=\"_ _5\"></span>previsti dalla normativa. L\u2019assorbimento  pat<span class=\"ff1\">rimoniale  cos\u00ec  ottenuto  \u00e8<span class=\"_ _3\"></span>  di <span class=\"_ _1d\"> </span>2.039  milioni<span class=\"ff5\"> <span class=\"_ _1d\"> </span></span>al  31<span class=\"_ _3\"></span>  dicembre  2022,  sostanzialmente  stabile  rispetto <span class=\"_ _1d\"> </span>ai </span>2.024 milioni del 31 dicembr<span class=\"_ _0\"></span>e 2021. Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>illustra <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>ripartizione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Metodo <span class=\"_ _4\"> </span>Avanzato <span class=\"_ _4\"> </span>ripartito <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>d<span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>evento operativo. Ripartizione del Requi<span class=\"_ _0\"></span>sito Patrimoniale (Metod<span class=\"_ _0\"></span>o Avanzato <span class=\"ff6\">\u2013</span> AMA) per tipologia di evento o<span class=\"_ _35\"></span>perativo<span class=\"_ _3\"></span> Con riferimento alle <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>manifestazione del rischio operativo, viene d<span class=\"_ _3\"></span>i seguito fornita una<span class=\"_ _3\"></span> rappresentazione grafica rel<span class=\"_ _5\"></span>ativa all\u2019impatto delle perd<span class=\"_ _0\"></span>ite contabilizzate <span class=\"_ _0\"></span>nel corso dell\u2019esercizio<span class=\"_ _0\"></span> in base alla tip<span class=\"_ _0\"></span>ologia di evento. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tipo<span class=\"_ _3\"></span>logia <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>evento <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significativa <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _4\"> </span><span class=\"ff2\">Clienti, <span class=\"_ _5\"></span>Prodotti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Prassi <span class=\"_ _5\"></span>Operative <span class=\"_ _6\"></span></span>che <span class=\"_ _6\"></span>include <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite connesse <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>obblighi <span class=\"_ _4\"> </span>professionali <span class=\"_ _4\"> </span>verso <span class=\"_ _4\"> </span>clienti, <span class=\"_ _4\"> </span>fornitori <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>outsourcer <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e fornitura di prodotti a<span class=\"_ _0\"></span>lla clientela eseguite in modo im<span class=\"_ _0\"></span>proprio o neglig<span class=\"_ _0\"></span>ente.<span class=\"_ _3\"></span> Ripartizione delle perd<span class=\"_ _0\"></span>ite operative contabilizzate<span class=\"_ _0\"></span> nel 2022, sudd<span class=\"_ _0\"></span>ivise per tipologia di eve<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span> RISCHI LEGALI<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>risultavano <span class=\"_ _7\"> </span>pendenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di  G<span class=\"_ _35\"></span>ruppo <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>con  e<span class=\"_ _0\"></span>sclusione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risanamento  S<span class=\"_ _0\"></span>.p.A. <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>soggetta <span class=\"_ _7\"> </span>a direzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>coordinamento <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>37.400 <span class=\"_ _4\"></span>vertenze, <span class=\"_ _6\"></span>diverse <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tipo <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un petitum<span class=\"_ _90\"> </span>108 <span class=\"ff4\">co<span class=\"_ _3\"></span>mplessivo di circa 3.850 milioni. Tale importo compre<span class=\"_ _0\"></span>nde l\u2019insieme delle vertenze per le quali il<span class=\"_ _5\"></span><span class=\"ff1\"> rischio di esborso </span></span>di <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>economiche derivante <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>potenziale soccombenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>valutato <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>quindi, n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>include le<span class=\"_ _5\"></span> vertenze <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"> </span>valutato <span class=\"_ _6\"> </span>remoto. <span class=\"_ _4\"> </span>Nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>suddette <span class=\"_ _6\"> </span>vertenze <span class=\"_ _6\"> </span>rilevano <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>umeric<span class=\"_ _2\"></span><span class=\"ff1\">amente <span class=\"_ _6\"></span>alcuni </span>contenziosi <span class=\"_ _4\"> </span>seriali <span class=\"_ _4\"> </span>presenti <span class=\"_ _6\"> </span>presso <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>25.600 <span class=\"_ _4\"> </span>controversie) <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>nel<span class=\"_ _3\"></span>l\u2019insieme <span class=\"_ _6\"> </span>rappresentano <span class=\"_ _4\"> </span>un petitum molto contenut<span class=\"_ _0\"></span>o. I <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>suddette <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>attenta <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"></span>sussista <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>esborso <span class=\"_ _4\"> </span>superiore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>50% <span class=\"_ _6\"></span>e qualora <span class=\"_ _16\"> </span>sia  po<span class=\"_ _0\"></span>ssibile <span class=\"_ _16\"> </span>effettuare <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>stima  at<span class=\"_ _0\"></span>tendibile <span class=\"_ _16\"> </span>del  r<span class=\"_ _0\"></span>elativo <span class=\"_ _16\"> </span>ammontare <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>vertenze <span class=\"_ _16\"> </span>con  ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span>  probabile), <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 provveduto a disporre <span class=\"_ _0\"></span>specifici e congrui acc<span class=\"_ _0\"></span>antonamenti al Fo<span class=\"_ _0\"></span>ndo per Rischi e On<span class=\"_ _0\"></span>eri. Ferma restando l\u2019<span class=\"_ _0\"></span>alea di incertezza <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span><span class=\"ff1\"> </span>caratterizza <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"></span>contenzioso, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>obbligazioni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>potrebbero <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>mergere <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>controversie <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>pertan<span class=\"ff4\">to <span class=\"_ _4\"> </span>l\u2019entit\u00e0<span class=\"_ _0\"></span> </span>degli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>eventualmente <span class=\"_ _2\"></span>costituiti <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">deriva <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>previsionali <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>valutazioni </span>previsionali vengo<span class=\"_ _0\"></span>no in ogni caso effettu<span class=\"_ _0\"></span>ate sulla base di tutt<span class=\"_ _0\"></span>e le informazioni disp<span class=\"_ _0\"></span>onibili al moment<span class=\"_ _0\"></span>o della sti<span class=\"_ _2\"></span>ma.  Le sole vertenze con <span class=\"_ _3\"></span>rischio probabile sono circa 28.300 con <span class=\"_ _3\"></span>un petitum di 1.<span class=\"_ _3\"></span>788 milioni e accantonamenti per 744 <span class=\"_ _3\"></span>milioni. La<span class=\"_ _2\"></span> componente r<span class=\"_ _3\"></span>iferita <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>5.280 <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>petitum <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1.433 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span> accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>550 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ambito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>2.860 <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo,<span class=\"_ _5\"></span> maggiormente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ettagliate <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>seguito. <span class=\"_ _4\"></span>Rispetto <span class=\"_ _4\"></span>ai <span class=\"_ _4\"></span>valori <span class=\"_ _4\"></span>dello <span class=\"_ _4\"> </span>scorso <span class=\"_ _4\"> </span>anno <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del petitum. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>riguardato <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo, <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>ultra <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>altre condizioni e le conte<span class=\"_ _0\"></span>stazioni su prodotti <span class=\"_ _0\"></span>bancari.  Le controversie riferite alle altre controllate italiane risultano circa 700 con un <span class=\"_ _2\"></span>petitum di <span class=\"_ _3\"></span>246 milioni ed accantonamenti per 91 milioni. Quelle riferite alle controllate estere sono circa 22.300 con un petitum di <span class=\"_ _3\"></span>109 milioni e accantonamenti per 103 mil<span class=\"_ _5\"></span>ioni<span class=\"ls12\">, </span>sulle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>incide <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>citato <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eriale<span class=\"_ _90\"> </span>109<span class=\"_ _90\"> </span>: <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>19.000 <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>riferite <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>controllat<span class=\"_ _0\"></span>a Banca Intesa Beograd <span class=\"_ _0\"></span>in relazione a due fil<span class=\"_ _0\"></span>oni di con<span class=\"_ _3\"></span>tenzioso di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui si d\u00e0 evidenza <span class=\"_ _0\"></span>nello specifico <span class=\"_ _0\"></span>paragrafo. <span class=\"_ _3\"></span> L\u2019articolazione per p<span class=\"_ _3\"></span>rincipali categorie d<span class=\"_ _3\"></span>elle vertenze <span class=\"_ _3\"></span>con ris<span class=\"_ _2\"></span><span class=\"ff1\">chio <span class=\"_ _3\"></span>probabile evidenzia l<span class=\"_ _3\"></span>a prevalenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fattispecie correlate alla </span>ordinaria attivit\u00e0 bancaria e creditizia de<span class=\"_ _0\"></span>l Gruppo: le vertenze riguardanti co<span class=\"_ _0\"></span>ntestazioni relative ai<span class=\"_ _0\"></span> prodotti e servizi ban<span class=\"_ _5\"></span>cari e di investimento  o  su  posizioni  crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  e  revocatorie<span class=\"_ _3\"></span>  fallimentari  rappresentan<span class=\"_ _0\"></span>o  circa  il  74%  del  petitum  e  il  75%  degli<span class=\"_ _0\"></span> accantonamenti. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>restanti <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"></span>prevalentemente <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>altri <span class=\"_ _4\"> </span>procedimenti <span class=\"_ _4\"></span>civili <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>amministrativi, <span class=\"_ _4\"></span>da cause giuslavoristiche <span class=\"_ _0\"></span>o procedimenti di tip<span class=\"_ _0\"></span>o penale o connessi<span class=\"_ _0\"></span> a <span class=\"_ _3\"></span>irregolarit\u00e0 operative. Nei para<span class=\"_ _3\"></span>grafi che <span class=\"_ _3\"></span>seguono sono <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>sintetiche informazioni sulle <span class=\"_ _3\"></span>vertenze considerate <span class=\"_ _3\"></span>rilevanti <span class=\"_ _5\"></span>- p<span class=\"_ _3\"></span>rincipalmente quelle con petitum <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sborso <span class=\"_ _3\"></span>ritenuto <span class=\"_ _2\"></span>\u2018probabile\u2019 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>\u2018possibile\u2019 <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>asistiche <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rilievo. Contenzioso in materia d<span class=\"_ _0\"></span>i anatocismo e <span class=\"_ _0\"></span>altre condizioni di cont<span class=\"_ _0\"></span>o/affidamento, no<span class=\"_ _0\"></span>nch\u00e9 in materia di usur<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fc0\">  </span>Nel <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>questo <span class=\"_ _2\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>anni <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>rilevante <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contenzioso civile <span class=\"_ _5\"></span>promosso <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confronti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>it<span class=\"_ _3\"></span>aliano, <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mostrato <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>umero <span class=\"_ _5\"></span>assoluto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>nel valore <span class=\"_ _16\"> </span>co<span class=\"ff4\">mplessivo <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>domande <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _7\"> </span>all\u2019anno <span class=\"_ _16\"> </span>precedente. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>complesso <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>numero <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>vertenze <span class=\"_ _7\"> </span>inclusivo <span class=\"_ _16\"> </span>delle </span>mediazioni, con <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>2.860. I<span class=\"_ _3\"></span>l pe<span class=\"_ _3\"></span>titum risulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>491 <span class=\"_ _3\"></span>milioni con <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>180 <span class=\"_ _3\"></span>mili<span class=\"_ _2\"></span>oni. Come <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>altre <span class=\"_ _17\"> </span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _17\"> </span>civili, <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>rischio <span class=\"_ _17\"> </span>relativo <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>questo <span class=\"_ _17\"> </span>filone <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>contenzioso <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>effettuata analiticamente tenendo conto, per ogni vertenza, <span class=\"_ _3\"></span>delle domande avanzate, delle difese che s<span class=\"_ _3\"></span>ono state svolte, <span class=\"_ _3\"></span>dell\u2019andamento<span class=\"_ _35\"></span> del giudizio e degli or<span class=\"_ _0\"></span>ientamenti della giurisprudenza.<span class=\"_ _0\"></span>  Si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>poi <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2016 <span class=\"_ _6\"></span>l\u2019art. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>20 <span class=\"_ _6\"></span>TUB, <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>regolamenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>interessi <span class=\"_ _6\"></span>nelle <span class=\"_ _5\"></span>operazioni bancarie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>modificato <span class=\"_ _2\"></span>stabilendo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>divieto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anatocismo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delegando <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>regolare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>materi<span class=\"_ _5\"></span>a. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>febbraio <span class=\"_ _5\"></span>2017 l\u2019Autorit\u00e0 Garante della <span class=\"_ _3\"></span>Concorrenza e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Mercato ha <span class=\"_ _3\"></span>avviato nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>Intesa Sanpaolo un <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>presunte pratiche <span class=\"_ _3\"></span>commerciali scorrette aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto, t<span class=\"_ _3\"></span>ra l\u2019altro, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>le quali <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>chiesta a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>clie<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti l\u2018autorizzazione all\u2019addebito de<span class=\"_ _3\"></span>gli interessi <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>normativa in<span class=\"_ _3\"></span>trodotta nel <span class=\"_ _3\"></span>2016. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>concl<span class=\"_ _5\"></span><span class=\"ff1\">uso </span>il <span class=\"_ _1c\"> </span>procedim<span class=\"_ _0\"></span>ento <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>avrebbe <span class=\"_ _18\"> </span>attuato <span class=\"_ _1c\"> </span>una <span class=\"_ _18\"> </span>politica <span class=\"_ _1c\"> </span>\u201caggressiva<span class=\"_ _0\"></span>\u201d <span class=\"_ _1c\"> </span>finalizzata <span class=\"_ _18\"> </span>all\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione </span>dell\u2019autorizzazione, <span class=\"_ _4\"> </span>sollecitando <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>concederla <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>mezzi <span class=\"_ _4\"> </span>comunicativi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>metterli <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di considerare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onseguenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conteggio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitalizzati. <span class=\"_ _2\"></span>Al<span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>luce <span class=\"_ _5\"></span>di ci\u00f2, l\u2019Autorit\u00e0 ha <span class=\"_ _3\"></span>stabilito una <span class=\"_ _3\"></span>sanzione a <span class=\"_ _3\"></span>carico di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo di 2 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>Intesa Sanpaolo ha <span class=\"_ _3\"></span>presentato ricorso d<span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">anzi </span>al  T.A.R.  del <span class=\"_ _16\"> </span>Lazio,  ritenendo <span class=\"_ _16\"> </span>il  provvedimento  infond<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span>  Con  sentenza  d<span class=\"_ _0\"></span>el  2  gennaio  202<span class=\"_ _0\"></span>3  il  TAR  ha <span class=\"_ _16\"> </span>confermato  il provvedimento sanzio<span class=\"_ _0\"></span>natorio e la banca presenter\u00e0 ap<span class=\"_ _0\"></span>pello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  Contenzioso in materia d<span class=\"_ _0\"></span>i servizi di investime<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span><span class=\"ff1 fc0\">  </span>Anche  in <span class=\"_ _1d\"> </span>questo  ambito <span class=\"_ _1d\"> </span>le  vertenze <span class=\"_ _1d\"> </span>hanno  mostrato  un <span class=\"_ _1d\"> </span>andamento  in <span class=\"_ _1d\"> </span>numero  assoluto  in <span class=\"_ _1d\"> </span>flessione  rispetto  all\u2019anno pr<span class=\"ls0\">ecedent<span class=\"_ _0\"></span>e; <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sottogruppo pi\u00f9 <span class=\"_ _3\"></span>significativo \u00e8 <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>vertenze in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>erivati. Il <span class=\"_ _3\"></span>numero <span class=\"_ _3\"></span>complessivo delle <span class=\"_ _3\"></span>verten<span class=\"_ _5\"></span>ze </span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>probabile <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>circa <span class=\"_ _4\"></span>350. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>petitum <span class=\"_ _6\"></span>ammonta <span class=\"_ _6\"></span>complessivamente <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>circa 242 milioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>144 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>civili, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questo filone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>analiticamente t<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>conto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>vertenza, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>avanzate, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>difese che <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span><span class=\"ff4\">state <span class=\"_ _5\"></span>svolte, <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>orientamenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>giurispr<span class=\"_ _0\"></span>udenza. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rileva <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di </span>circa <span class=\"_ _6\"></span>154 <span class=\"_ _6\"></span>controversie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>142 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _6\"></span>avviate <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>azionisti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazionisti <span class=\"_ _5\"></span>subordinat<span class=\"_ _5\"></span><span class=\"ls13\">i </span>\u201cazzerati\u201d<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>delle <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Marche, <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"> </span>dell\u2019Etruria <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Lazio <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>della Provincia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Chieti, <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>possibile. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>assistiti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>garanzie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manleva <span class=\"_ _3\"></span>ass<span class=\"_ _5\"></span>unti 108 <span class=\"_ _6\"></span><span class=\"fs4\">I <span class=\"_ _6\"> </span>dati <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>petitum <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>comprendono <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>pretes<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valor<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>indeter<span class=\"_ _3\"></span><span class=\"ff4\">minato, <span class=\"_ _4\"> </span>vale <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>quelle <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>all\u2019instau<span class=\"_ _3\"></span>rarsi <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>vertenza <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontengono <span class=\"_ _4\"> </span>una </span></span>specifica <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>econom<span class=\"_ _3\"></span>ica; il <span class=\"_ _3\"></span>valor<span class=\"_ _3\"></span>e di <span class=\"_ _3\"></span>queste <span class=\"_ _3\"></span>vertenz<span class=\"_ _3\"></span>e vie<span class=\"_ _3\"></span>ne d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>procedim<span class=\"_ _3\"></span>ento allo<span class=\"_ _3\"></span>rch\u00e9 <span class=\"_ _3\"></span>emergon<span class=\"_ _3\"></span>o gl<span class=\"_ _2\"></span>i elem<span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la valutazione.<span class=\"fs0\"> </span>109 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>t<span class=\"ff4\">ali <span class=\"_ _5\"></span>fattispecie <span class=\"_ _6\"> </span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"> </span>evid<span class=\"_ _3\"></span>enziano <span class=\"_ _5\"></span>un\u2019incid<span class=\"_ _3\"></span>enza <span class=\"_ _5\"></span>relativame<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>p<span class=\"_ _3\"></span>etitum <span class=\"_ _5\"></span>(determ<span class=\"_ _3\"></span>inato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ba<span class=\"_ _3\"></span></span>se <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>richiesta originaria <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>client<span class=\"_ _3\"></span>e) <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>degli <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>spese <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>riconosc<span class=\"_ _3\"></span>ere <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>controp<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>potenziali <span class=\"_ _6\"> </span>ampli<span class=\"_ _3\"></span>amenti <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>ric<span class=\"_ _3\"></span>hiesta originaria avanzati<span class=\"_ _3\"></span> in sede di giudizio<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _5\"></span>Venditore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Fo<span class=\"ff4\">ndo <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Risoluzione) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ora <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>coprono, <span class=\"_ _5\"></span>pertanto,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>eventuali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>originate <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d) <span class=\"_ _6\"> </span>prima <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _6\"> </span>alla </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">procedura <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>risoluzione, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"></span>relazione, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>l\u2019altro, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>legale, <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>genere <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>o </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">minacciato, ovvero alle v<span class=\"_ _0\"></span>iolazioni di legg<span class=\"_ _0\"></span>e e alle eventuali passi<span class=\"_ _0\"></span>vit\u00e0 potenziali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y63 ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in materia d<span class=\"_ _0\"></span>i strumenti finanzi<span class=\"_ _0\"></span>ari derivati<span class=\"ff1 fc0\">  </span></div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019operativit\u00e0 <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>derivati, <span class=\"_ _6\"> </span>continuano <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>un\u2019attenta <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>i <span class=\"_ _4\"> </span>rischi </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">legali connessi ai proc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dimenti g<span class=\"_ _0\"></span>iudiziali con Enti locali, lor<span class=\"_ _0\"></span>o societ\u00e0 controllate<span class=\"_ _0\"></span> e controparti priv<span class=\"_ _0\"></span>ate. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, sono <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>corso contenziosi <span class=\"_ _3\"></span>con 20 <span class=\"_ _3\"></span>Enti territoriali, con <span class=\"_ _3\"></span>rischio possibile o <span class=\"_ _3\"></span>probabile, per p<span class=\"_ _3\"></span>retese complessive pari </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _3\"></span>142 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contenziosi con <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>Societ\u00e0 controllate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Enti pubblici, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>complessive pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>66 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>contenzi<span class=\"_ _2\"></span>osi </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>Privati, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>probabile, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>197 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questi <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>43 <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>anche </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">richieste  di  restituzion<span class=\"_ _0\"></span>e  di  somme  su  altri  rapporti  int<span class=\"_ _0\"></span>rattenuti  con  la  Banca.  Al  nett<span class=\"_ _0\"></span>o  di  tali  ultime  posizioni, <span class=\"_ _16\"> </span>il  valore </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">complessivo delle dom<span class=\"_ _0\"></span>ande formulate nei giudizi aventi ad ogg<span class=\"_ _35\"></span>et<span class=\"_ _3\"></span>to i soli deriv<span class=\"_ _0\"></span>ati ammonta a circa<span class=\"_ _0\"></span> 84 milioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _2\"></span>stipulati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Enti <span class=\"_ _2\"></span>locali, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>avviate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>nuo<span class=\"_ _5\"></span>ve </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">vertenze <span class=\"_ _3\"></span>(Provincia <span class=\"_ _3\"></span>Catanzaro, Provincia <span class=\"_ _3\"></span>Varese, <span class=\"_ _3\"></span>Provincia <span class=\"_ _3\"></span>di Rov<span class=\"_ _3\"></span>igo, <span class=\"_ _3\"></span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Marsciano, Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Soriano del <span class=\"_ _2\"></span>Cimino </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">e Comune di Servigliano<span class=\"_ _0\"></span>) con pretese comples<span class=\"_ _0\"></span>sive per 27 milioni.   </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Nel medesimo esercizio <span class=\"_ _0\"></span>sono pervenute 4<span class=\"_ _0\"></span> sentenze relative ai<span class=\"_ _0\"></span> seguenti procedimenti<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yee2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Comune <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Faenza: <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>decisione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _16\"> </span>d\u2019appello <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Bologna <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>confermato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>nullit\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y8f8 ff1 fs0 fc0 sc0 ls0 ws0\">contratto. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>secuzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>primo <span class=\"_ _6\"></span>grado, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>provveduto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>,8 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>\u00c8 <span class=\"_ _4\"></span>stato<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6f2 ff1 fs0 fc0 sc0 ls0 ws0\">proposto ricorso per C<span class=\"_ _0\"></span>assazione. </div><div class=\"t m0 x0 h2 y15b2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di <span class=\"_ _3\"></span>Santa <span class=\"_ _3\"></span>Maria Capua Vetere: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma, con <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>del 2 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022, ha <span class=\"_ _3\"></span>rigettato la <span class=\"_ _3\"></span>dom<span class=\"_ _2\"></span>anda <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h32 y424 ff4 fs0 fc0 sc0 ls0 ws0\">nullit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ormulata <span class=\"_ _5\"></span>dall\u2019Ente <span class=\"_ _2\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ha, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accertamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei </div><div class=\"t m0 x2a h2 y425 ff1 fs0 fc0 sc0 ls0 ws0\">costi <span class=\"_ _7\"> </span>impliciti <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>comunicati <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>stipula <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>condannato <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>1,1 <span class=\"_ _4\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _4\"> </span>interessi <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x2a h2 y426 ff1 fs0 fc0 sc0 ls0 ws0\">rivalutazione. </div><div class=\"t m0 x0 h2 y2f5 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di Vittorio Veneto<span class=\"_ _0\"></span>: il Tribunale di Venezia<span class=\"_ _0\"></span>, con sentenza non definitiva del 29 marz<span class=\"_ _0\"></span>o 2022, ha dichiarato la nullit<span class=\"_ _35\"></span>\u00e0 </span></div><div class=\"t m0 x2a h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>imettendo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>decisione <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>restitutori <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span><span class=\"ls24\">ri</span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span></div><div class=\"t m0 x2a h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">5,8 milioni.  </div><div class=\"t m0 x0 h2 y26e ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pavia: <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>decisione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _2\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>confermato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto.<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>primo <span class=\"_ _4\"> </span>grado, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>10,1<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _7\"> </span>stato </div><div class=\"t m0 x2a h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">proposto ricorso per C<span class=\"_ _0\"></span>assazione. </div><div class=\"t m0 x2a h2 y5c7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y272 ff1 fs0 fc0 sc0 ls0 ws0\">Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei conte<span class=\"_ _0\"></span>nziosi pi\u00f9 rilevanti co<span class=\"_ _0\"></span>n Enti locali:  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf4f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Venezia: <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vertenza <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>regolato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ISDA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>71 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>euro. <span class=\"_ _4\"></span>Con<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 yf50 ff1 fs0 fc0 sc0 ls0 ws0\">sentenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>14 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>202<span class=\"ff4\">2, <span class=\"_ _7\"> </span>l\u2019High <span class=\"_ _7\"> </span>Court <span class=\"_ _4\"> </span>of <span class=\"_ _7\"> </span>Justice <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>Londra <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Comune <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>avesse <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>potere <span class=\"_ _7\"> </span>di </span></div><div class=\"t m0 x2a h32 y1e9 ff4 fs0 fc0 sc0 ls0 ws0\">sottoscrivere (\u201ccapacity\u201d) contratti <span class=\"_ _3\"></span>derivati speculativi <span class=\"_ _3\"></span>che co<span class=\"_ _3\"></span>mportav<span class=\"_ _0\"></span>ano <span class=\"_ _3\"></span>indebitamento. Di <span class=\"_ _3\"></span>conseguenz<span class=\"_ _0\"></span>a, h<span class=\"_ _3\"></span>a stabilito <span class=\"_ _3\"></span>che </div><div class=\"t m0 x2a h2 y893 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2018Ente <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>differ<span class=\"ff1\">enz<span class=\"_ _3\"></span>iali <span class=\"_ _3\"></span>versati <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>sola <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>eccedano <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>esborsi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>carico </span></div><div class=\"t m0 x2a h2 y894 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tessa, <span class=\"_ _6\"></span>affrontati <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _4\"> </span>\"back<span class=\"_ _3\"></span>-<span class=\"ls12\">to</span>-<span class=\"ff4\">back\" <span class=\"_ _4\"> </span>(almeno <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ino <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>l\u2019Ente <span class=\"_ _6\"> </span>ha </span></div><div class=\"t m0 x2a h32 y895 ff4 fs0 fc0 sc0 ls0 ws0\">contestato <span class=\"_ _1d\"> </span>formalmente <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>validit\u00e0 <span class=\"_ _1d\"> </span>dell\u2019operazione). <span class=\"_ _1d\"> </span>N<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>specie, <span class=\"_ _1d\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _1d\"> </span>ridurrebb<span class=\"_ _0\"></span>e </div><div class=\"t m0 x2a h2 y896 ff4 fs0 fc0 sc0 ls0 ws0\">significativamente l\u2019ob<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ligo restitutorio nei c<span class=\"_ _0\"></span>onfronti del Comun<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y897 ff1 fs0 fc0 sc0 ls0 ws0\">Le parti hanno formaliz<span class=\"_ _0\"></span>zato i motivi di <span class=\"_ _0\"></span>appello entro la scadenz<span class=\"_ _0\"></span>a prevista del 3 fe<span class=\"_ _0\"></span>bbraio 2023. <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 ye83 ff4 fs0 fc0 sc0 ls0 ws0\">In una successiva udie<span class=\"_ _0\"></span>nza del 6 febbraio 2<span class=\"_ _0\"></span>023 \u00e8 stata accolt<span class=\"_ _0\"></span>a la richiesta di rinvi<span class=\"_ _0\"></span>are all\u2019esito dell\u2019ap<span class=\"_ _0\"></span>pello il momento dell<span class=\"_ _2\"></span><span class=\"ff1 ls10\">a </span></div><div class=\"t m0 x2a h2 y898 ff4 fs0 fc0 sc0 ls0 ws0\">definizione dei rap<span class=\"_ _0\"></span>porti di dare/avere tra l<span class=\"_ _0\"></span>e parti (\u201cconsequent<span class=\"_ _0\"></span>ial hearing\u201d) per eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto della sente<span class=\"_ _0\"></span>nza della High Court. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y702 ff1 fs0 fc0 sc0 ls0 ws0\">La Banca \u00e8 stata, inoltre,<span class=\"_ _0\"></span> condannata al pag<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento delle sp<span class=\"_ _0\"></span>ese legali richieste dal<span class=\"_ _0\"></span> Comune nella mi<span class=\"_ _0\"></span>sura del 70% di cui il </div><div class=\"t m0 x2a h2 y899 ff1 fs0 fc0 sc0 ls0 ws0\">35%, pari a circa 2 mili<span class=\"_ _0\"></span>oni di sterline da ver<span class=\"_ _0\"></span>sarsi entro il 20 febbr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>io. <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h2 yc93 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Venezia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dinanzi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>giudice <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>presunti<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y89a ff1 fs0 fc0 sc0 ls0 ws0\">inadempimenti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>mandato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>issato <span class=\"_ _2\"></span>una<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y89b ff1 fs0 fc0 sc0 ls0 ws0\">nuova <span class=\"_ _3\"></span>udienza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>giorno <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2023, <span class=\"_ _5\"></span><span class=\"ff3\">\u201crilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>appare <span class=\"_ _3\"></span>opportuno <span class=\"_ _2\"></span>sen<span class=\"ff2\">tire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>la </span></span></div><div class=\"t m0 x2a h2 y89c ff3 fs0 fc0 sc0 ls0 ws0\">probabile definizio<span class=\"_ _0\"></span>ne del giudizio svoltosi in U.K.<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 y6bc ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Perugia: <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2020 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Perugia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>citazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quattro <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tratti <span class=\"_ _3\"></span>derivati </span></div><div class=\"t m0 x2a h2 y6bd ff1 fs0 fc0 sc0 ls0 ws0\">stipulati <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2006, <span class=\"_ _7\"> </span>chiedendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>res<span class=\"_ _3\"></span>tituzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>somme <span class=\"_ _4\"> </span>versate, <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quantificare <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>causa. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>ha </div><div class=\"t m0 x2a h2 y6be ff4 fs0 fc0 sc0 ls0 ws0\">ammesso una consulenz<span class=\"_ _0\"></span>a tecnica, rinvi<span class=\"_ _0\"></span>ando all\u2019udienza del <span class=\"_ _0\"></span>9 marzo 2023 per l\u2019esam<span class=\"_ _0\"></span>e dell\u2019elaborato perit<span class=\"_ _0\"></span>ale. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13d6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c0 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _7\"> </span>riguardo <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>stipulati <span class=\"_ _4\"> </span>con <span class=\"_ _16\"> </span>Contr<span class=\"_ _0\"></span>ollate <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Enti <span class=\"_ _7\"> </span>loca<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>promossi <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontenziosi, <span class=\"_ _4\"> </span>mentre <span class=\"_ _7\"> </span>sono </div><div class=\"t m0 x0 h2 y1176 ff1 fs0 fc0 sc0 ls0 ws0\">intervenute n.2 senten<span class=\"_ _0\"></span>ze relative ai segu<span class=\"_ _0\"></span>enti procedimenti: </div><div class=\"t m0 x0 h2 y2f8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Azienda <span class=\"_ _5\"></span>Socio <span class=\"_ _5\"></span>Sanitaria <span class=\"_ _5\"></span>territoriale <span class=\"_ _2\"></span>Valle <span class=\"_ _6\"></span>Olona: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Busto <span class=\"_ _5\"></span>Arsizio, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>ha </span></div><div class=\"t m0 x2a h2 y96a ff1 fs0 fc0 sc0 ls0 ws0\">dichiarato la nullit\u00e0 del contratto. In esecu<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione della sentenza, la Banca ha <span class=\"_ _0\"></span>provveduto al pagamento di 1,<span class=\"_ _0\"></span>8 milioni ed ha<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y2fa ff1 fs0 fc0 sc0 ls0 ws0\">presentato appello. </div><div class=\"t m0 x0 h2 yf36 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Aler <span class=\"_ _3\"></span>S.p.A.: con <span class=\"_ _3\"></span>sentenza del <span class=\"_ _3\"></span>1\u00b0 agosto <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>la Corte <span class=\"_ _3\"></span>d\u2019Appello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Milano ha <span class=\"_ _3\"></span>confermato la <span class=\"_ _3\"></span>nullit\u00e0 del <span class=\"_ _3\"></span>contratto s<span class=\"_ _3\"></span>tipulat<span class=\"_ _0\"></span>o </span></span></div><div class=\"t m0 x2a h2 y5ac ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>l<span class=\"ff4\">\u2019allora <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>OPI. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>effetto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>condanna <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>grado, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>provveduto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x2a h2 y8c4 ff1 fs0 fc0 sc0 ls0 ws0\">4,6 <span class=\"ff4\">milioni. Sono in cors<span class=\"_ _0\"></span>o le valutazioni sull\u2019o<span class=\"_ _0\"></span>pportunit\u00e0 di propor<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e ricorso per Cas<span class=\"_ _0\"></span>sazione.            <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y495 ff1 fs0 fc0 sc0 ls0 ws0\">Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei contenziosi pi\u00f9 rilevan<span class=\"_ _0\"></span>ti con Controllate da<span class=\"_ _0\"></span> Enti locali: </div><div class=\"t m0 x0 h2 yc10 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Terni <span class=\"_ _6\"></span>Reti <span class=\"_ _6\"></span>Sud <span class=\"_ _4\"></span>S.r.l.<span class=\"ff2 lsd\">: <span class=\"_ _6\"></span></span>il <span class=\"_ _6\"></span>contenzioso <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>contratto <span class=\"_ _5\"></span>der<span class=\"_ _3\"></span>ivato, <span class=\"_ _6\"></span>stipulato <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>agosto <span class=\"_ _6\"></span>2007 <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 yc11 ff1 fs0 fc0 sc0 ls0 ws0\">Marche<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x1d9 h33 y104c ff1 fs11 fc0 sc0 ls1a ws0\">110</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 xfd h2 yc11 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Terni <span class=\"_ _6\"></span>Re<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>Sud <span class=\"_ _6\"></span>S.r.l., <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>capitale <span class=\"_ _5\"></span>sociale <span class=\"_ _6\"></span>detenuto <span class=\"_ _6\"></span>integralment<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Terni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>controparte </div><div class=\"t m0 x2a h2 yf90 ff1 fs0 fc0 sc0 ls0 ws0\">contesta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>nullit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>derivato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mancata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omunicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>MTM <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>probabilistici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>violazione <span class=\"_ _5\"></span>degli </div><div class=\"t m0 x2d h2 y4b5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y4ae ff1 fsf fc0 sc0 ls1c ws0\">110</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d hb y4af ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _3\"></span>Si <span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>orda <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sistiti <span class=\"_ _3\"></span>dalle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>obblighi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>manleva <span class=\"_ _2\"></span>assunti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Ven<span class=\"_ _3\"></span>ditore <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Na<span class=\"_ _3\"></span>zionale <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>Ri<span class=\"_ _3\"></span>soluzione) <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>avore <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 hb y4b0 ff1 fs4 fc0 sc0 ls0 ws0\">UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>relazi<span class=\"ff4\">one <span class=\"_ _3\"></span>all\u2019<span class=\"_ _3\"></span>acquisizione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Nuove <span class=\"_ _3\"></span>B<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marc<span class=\"_ _3\"></span>he, <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Etr<span class=\"_ _3\"></span>uria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span></span>Lazio <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hb y4b1 ff1 fs4 fc0 sc0 ls0 ws0\">Cassa <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Ri<span class=\"_ _3\"></span>sparmio <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>Provinci<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Chieti <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>prono, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ertanto, <span class=\"_ _6\"> </span>anc<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventuali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _6\"> </span>dall<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>svo<span class=\"_ _3\"></span><span class=\"ff4\">lte <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Ban<span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Old </span></div><div class=\"t m0 x0 hb y411 ff4 fs4 fc0 sc0 ls0 ws0\">Banks\u201d) <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>re s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>procedur<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risoluzione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazio<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u2019altro, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>legale, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>genere <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>enzioso <span class=\"_ _3\"></span>in </span></div><div class=\"t m0 x0 hb y27a ff1 fs4 fc0 sc0 ls0 ws0\">essere o minacciat<span class=\"_ _3\"></span>o, ovvero alle viol<span class=\"_ _3\"></span>azioni di le<span class=\"_ _3\"></span>gge e alle eventu<span class=\"_ _3\"></span>ali passivi<span class=\"_ _3\"></span>t\u00e0 potenziali.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div></div>obblighi <span class=\"_ _7\"> </span>informativi, <span class=\"_ _4\"> </span>formulando <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>richiesta <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>22 <span class=\"_ _16\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>CTU <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>r<span class=\"_ _2\"></span>inviato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>causa <span class=\"_ _7\"> </span>al 13<span class=\"ls0\"> giugno 202<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>.  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>EUR <span class=\"_ _3\"></span>S.p.A.<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>citazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>S.p.<span class=\"_ _3\"></span>A., <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>dal </span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Finanze <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Roma <span class=\"_ _5\"></span>Capitale. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio, <span class=\"_ _2\"></span>ol<span class=\"_ _5\"></span><span class=\"ff1\">tre <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>ISP, <span class=\"_ _5\"></span>anche<span class=\"_ _0\"></span> </span>altri <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>regolati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>ISDA <span class=\"_ _6\"></span>stipulati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>finanziamento <span class=\"_ _5\"></span>concesso <span class=\"_ _4\"> </span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ool. <span class=\"_ _6\"></span>All\u2019udienza<span class=\"_ _0\"></span> dell\u20198 <span class=\"_ _2\"></span>novembre <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ritenuto <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>matura <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _2\"></span>sull'eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>giurisd<span class=\"_ _2\"></span><span class=\"ff1\">izione </span>del <span class=\"_ _2\"></span>Giudice <span class=\"_ _5\"></span>italiano <span class=\"_ _2\"></span>sollevata <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>convenute <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>assegnato <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>deposito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>memorie <span class=\"_ _2\"></span>conclusionali. <span class=\"_ _2\"></span>La quota di rischio in <span class=\"_ _0\"></span>capo ad Intesa Sanpa<span class=\"_ _0\"></span>olo \u00e8 pari a 22 mili<span class=\"_ _0\"></span>oni.  <span class=\"_ _3\"></span> Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>privati <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"></span>lo <span class=\"_ _4\"> </span>stock <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>quanto riguarda il flusso.<span class=\"fc5\"> </span>Contenzioso relativo ai<span class=\"_ _0\"></span> finanziamenti in CHF <span class=\"_ _0\"></span>nei confronti della cont<span class=\"_ _0\"></span>rollata croata Privre<span class=\"_ _0\"></span>dna Banka Zagreb Dd<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>precedenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>bilanci, <span class=\"_ _16\"> </span><span class=\"ff4\">Potro\u0161a\u010d <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _16\"> </span>Croatian <span class=\"_ _7\"> </span>Union <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>Consumer <span class=\"_ _4\"> </span>Pro<span class=\"_ _3\"></span>tection <span class=\"_ _7\"> </span>Association <span class=\"_ _7\"> </span>aveva avviato <span class=\"_ _7\"> </span>un\u2019azione <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>controllata <span class=\"_ _16\"> </span>Privred<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>Banka <span class=\"_ _7\"> </span>Zagreb <span class=\"_ _16\"> </span>(\u201cPBZ\u201d) <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>sette <span class=\"_ _7\"> </span>banche <span class=\"_ _16\"> </span>croate <span class=\"_ _1d\"> </span><span class=\"ff1\">Secondo<span class=\"_ _0\"></span> </span>l\u2019attrice <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>convenute <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>posto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>condotte s<span class=\"_ _3\"></span>corrette <span class=\"_ _3\"></span>attraverso l\u2019asserito <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>illegittime in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>poteva <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>unilateralmente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>denominando <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>franchi <span class=\"_ _3\"></span>svizzeri (o <span class=\"_ _5\"></span>indicizzando <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valuta) <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>asseritamente <span class=\"_ _5\"></span>informare <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>consu<span class=\"_ _3\"></span>matori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi prima <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sottoscrizione <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>relativi <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>finanziament<span class=\"_ _0\"></span>o. <span class=\"_ _4\"> </span>Nel <span class=\"_ _6\"> </span>settembre <span class=\"_ _4\"> </span>2019 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Corte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Suprema <span class=\"_ _6\"> </span>croata, <span class=\"_ _4\"> </span>nell\u2019ambito dell\u2019azione <span class=\"_ _3\"></span>collettiva <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>Potro\u0161a\u010d, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019impugnazione <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>convenute <span class=\"_ _2\"></span>avverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>decisione<span class=\"_ _0\"></span> della <span class=\"_ _3\"></span>High <span class=\"_ _2\"></span>Commercial <span class=\"_ _3\"></span>Court <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2018 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>confermato <span class=\"_ _3\"></span>l\u2019orientamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>corti <span class=\"_ _2\"></span>inferiori <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>banche, <span class=\"_ _3\"></span>inserendo nei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _4\"> </span>clauso<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>enominazione <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>svizzera <span class=\"_ _7\"> </span>(o <span class=\"_ _4\"> </span>indicizzazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>medesima) illegittime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>nulle, <span class=\"_ _5\"></span>avrebbero <span class=\"_ _5\"></span>leso <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>collettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>consumatori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecisione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _7\"> </span>stata impugnata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>PBZ <span class=\"_ _4\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Cor<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>Cos<span class=\"_ _3\"></span><span class=\"ff4\">tituzionale, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>all\u2019inizio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2021 <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>respinto <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>ricorso. <span class=\"_ _6\"> </span>La<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>controllata <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>quindi </span>presentato <span class=\"_ _6\"></span>ricorso <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Diritti <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019Uomo, <span class=\"_ _5\"></span>respinto <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>finale <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>scorta <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>cennata<span class=\"_ _2\"></span><span class=\"ff1\"> </span>azione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>tutela <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>collett<span class=\"_ _3\"></span>ivi <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>consumatori, <span class=\"_ _5\"></span>svariati <span class=\"_ _6\"></span>clienti <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>avviato <span class=\"_ _6\"></span>cause <span class=\"_ _6\"></span>individuali <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _6\"></span>di PBZ, <span class=\"_ _2\"></span>nonostante <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ggior <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>essi <span class=\"_ _2\"></span>avesse<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>liberamente <span class=\"_ _2\"></span>accettato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>convertire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>originariamente<span class=\"_ _0\"></span> denominati <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span>CHF <span class=\"_ _4\"> </span>(o <span class=\"_ _16\"> </span>indicizzati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>valut<span class=\"_ _3\"></span><span class=\"ff4\">a), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>effetto <span class=\"_ _7\"> </span>retroattivo, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019Act <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>Amendments<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>to <span class=\"_ _7\"> </span>the </span>Consumer Credit <span class=\"_ _3\"></span>Act (Croatian Official <span class=\"_ _3\"></span>Gazette 102/2015 \u201cLe<span class=\"_ _3\"></span>gge di <span class=\"_ _3\"></span>Conversione\u201d). Nel marzo <span class=\"_ _3\"></span>2020 la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>Suprema croata, nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _3\"></span>denominato <span class=\"_ _3\"></span>\u201cmodel <span class=\"_ _2\"></span>case\u201d <span class=\"_ _2\"></span>(un <span class=\"_ _5\"></span><span class=\"ff1\">procedimento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>vincolanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli </span>organi giurisdizionali di rango inferiore, avente l'obiettivo di uniformare l\u2019indirizzo giurisprudenzi<span class=\"_ _0\"></span>ale), ha stabilito che <span class=\"_ _6\"></span><span class=\"ff1\">gli accordi </span>di <span class=\"_ _6\"></span>conversione <span class=\"_ _6\"></span>conclusi <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _4\"> </span>finanziati, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Legge <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Conversione <span class=\"_ _6\"></span>croata <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2015,<span class=\"_ _0\"></span> producono <span class=\"_ _6\"></span>effetti <span class=\"_ _4\"></span>giuridici<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>validi <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>clausole <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>valu<span class=\"_ _5\"></span>ta svizzera  o  al <span class=\"_ _1d\"> </span>tasso  di  interesse  variabile <span class=\"_ _1d\"> </span>fosser<span class=\"_ _0\"></span>o  nulle. <span class=\"_ _1d\"> </span>Nel <span class=\"_ _1d\"> </span><span class=\"ff4\">maggio  2022  la <span class=\"_ _1d\"> </span>Corte  di  Giustizia  UE,  nell\u2019ambito  di <span class=\"_ _1d\"> </span>u<span class=\"_ _0\"></span>n </span>procedimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio <span class=\"_ _3\"></span>pregiudiziale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oinvolgeva <span class=\"_ _3\"></span>altro <span class=\"_ _3\"></span>intermediario, <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Giustizia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>giurisdiz<span class=\"_ _5\"></span>ione in <span class=\"_ _6\"></span>relazione <span class=\"_ _4\"></span>agli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onversione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusi <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Le<span class=\"_ _2\"></span><span class=\"ff4\">gge <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Conversione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>successivi <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019adesione<span class=\"_ _35\"></span> </span>della <span class=\"_ _5\"></span>Croazia <span class=\"_ _5\"></span>all\u2019Unione <span class=\"_ _6\"></span>Europea, <span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Direttiva <span class=\"_ _5\"></span>concernente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>clausole <span class=\"_ _5\"></span>abusive <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si applica ai menzionati a<span class=\"_ _0\"></span>ccordi di conversi<span class=\"_ _0\"></span>one, il cui contenuto ri<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roduce dispo<span class=\"_ _3\"></span>sizioni del diritto n<span class=\"_ _0\"></span>azionale.  Il <span class=\"_ _3\"></span>20 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Dipartimento <span class=\"_ _3\"></span>Civile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uprema <span class=\"_ _3\"></span>croata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>l'interpretazione <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>giuridic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>degli accordi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conversione <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>contratti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>finanziamento <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>CHF <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>EUR <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>sui <span class=\"_ _1d\"> </span>diritti <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>consu<span class=\"_ _5\"></span>matori. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>forza <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale interpretazione, un <span class=\"_ _3\"></span>consumatore <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulato un <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2015, ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span><span class=\"ls13\">l </span>pagamento <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>interessi <span class=\"_ _7\"> </span>legali <span class=\"_ _4\"> </span>sugli <span class=\"_ _7\"> </span>importi <span class=\"_ _4\"> </span>pagati <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>banca <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>conteggiato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _4\"> </span>di  conversione <span class=\"_ _4\"> </span>del finanziamento, <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _2\"></span>versamento <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>stessa. <span class=\"_ _5\"></span>Una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019interpretazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>giuridica sar\u00e0 registr<span class=\"_ _0\"></span>ata dal Court Practi<span class=\"_ _0\"></span>ce Records Departme<span class=\"_ _0\"></span>nt, sar\u00e0 definitiva e vin<span class=\"_ _0\"></span>colante per i tribun<span class=\"_ _0\"></span>ali di g<span class=\"_ _2\"></span>rado inferiore. Il <span class=\"_ _2\"></span>numero <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>individuali <span class=\"_ _3\"></span>avviate <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>PBZ <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>risultato <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>relativo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2021; <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>cause <span class=\"_ _6\"></span>pendenti <span class=\"_ _2\"></span>erano <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>migliaia. <span class=\"_ _5\"></span>Non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>escludere <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>possano <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>avvia<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>ulteriori cause nei confronti di PB<span class=\"_ _0\"></span>Z in relazione a q<span class=\"_ _0\"></span>uesto tipo di finanzia<span class=\"_ _0\"></span>menti. <span class=\"_ _3\"></span><span class=\"ff2 fc2\"> </span>Contenzioso nei confro<span class=\"_ _0\"></span>nti della controlla<span class=\"_ _0\"></span>ta estera Banca Inte<span class=\"_ _0\"></span>sa Beograd (Serbia<span class=\"_ _0\"></span>)<span class=\"_ _3\"></span> Si segnalano i segue<span class=\"_ _0\"></span>nti filoni di cont<span class=\"_ _0\"></span>enzioso seriale che <span class=\"_ _0\"></span>hanno investito <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019intero sistema <span class=\"_ _0\"></span>bancario serbo.<span class=\"ff1\"> </span></span>1) Processing fees Contenzioso <span class=\"_ _20\"> </span>giudiziale <span class=\"_ _23\"> </span>riguardante <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>spese <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>istruttoria <span class=\"_ _20\"> </span>(\u201cprocessing <span class=\"_ _20\"> </span>fees\u201d) <span class=\"_ _23\"> </span>applicate <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>banche <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>momento<span class=\"_ _35\"></span> dell\u2019erogazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>ricorrenti, <span class=\"_ _2\"></span>persone <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>isiche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>giuridiche, <span class=\"_ _2\"></span>chiedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">estituzion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>ritenendoli <span class=\"_ _3\"></span>non </span>dovuti.  Le<span class=\"_ _0\"></span>  prime<span class=\"_ _0\"></span>  contestazioni<span class=\"_ _0\"></span>  sono <span class=\"_ _16\"> </span>sorte  nel<span class=\"_ _0\"></span>  2017 <span class=\"_ _16\"> </span>e  hann<span class=\"_ _0\"></span>o  registrato<span class=\"_ _0\"></span>  un <span class=\"_ _16\"> </span>significativo  in<span class=\"_ _0\"></span>cremento <span class=\"_ _16\"> </span>di  cause <span class=\"_ _16\"> </span>negli  anni<span class=\"_ _35\"></span> successivi, <span class=\"_ _3\"></span>seppure <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>modesti. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Beograd <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>onvenuta <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>18.600<span class=\"_ _0\"></span> cause <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>possibile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>probabile <span class=\"_ _5\"></span>(a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>erano <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>24.500); <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>somme <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>capitale complessivamente <span class=\"_ _5\"></span>richieste <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>restituzione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontavano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1,3 <span class=\"_ _4\"></span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>dei<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>Tribunali <span class=\"_ _5\"></span>ha accolto le richieste della clientela sulla base di un\u2019interpretazion<span class=\"_ _0\"></span>e della normativa avversata dalle banche. Nel settembre 2<span class=\"_ _2\"></span><span class=\"ff1\">0<span class=\"_ _3\"></span>21 </span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _2\"></span>serba <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconosciuto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _2\"></span>applicati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>moment<span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>loro erogazione, <span class=\"_ _16\"> </span>purch\u00e9 <span class=\"_ _16\"> </span>indicati <span class=\"_ _16\"> </span>nell\u2019offerta <span class=\"_ _16\"> </span>contrattuale. <span class=\"_ _16\"> </span>Nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _0\"></span>el  2<span class=\"_ _0\"></span>022 <span class=\"_ _16\"> </span>il  flu<span class=\"_ _0\"></span>sso <span class=\"_ _16\"> </span>di  nuove <span class=\"_ _7\"> </span>vertenze  ha <span class=\"_ _7\"> </span>evidenziato  u<span class=\"_ _0\"></span>na significativa riduzion<span class=\"_ _0\"></span>e rispetto al 2021 ed al<span class=\"_ _0\"></span>cuni clienti hanno rin<span class=\"_ _0\"></span>unciato a quelle gi<span class=\"_ _0\"></span>\u00e0 pendenti. <span class=\"_ _3\"></span> 2) NKOSK Contenzioso <span class=\"_ _18\"> </span>giudiziale <span class=\"_ _18\"> </span>relativo <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>anziamenti <span class=\"_ _18\"> </span>immobiliari <span class=\"_ _18\"> </span>assicurati <span class=\"_ _18\"> </span>attraverso <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>Nati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nal <span class=\"_ _18\"> </span>Housing <span class=\"_ _18\"> </span>Loan <span class=\"_ _1c\"> </span>Insur<span class=\"_ _0\"></span>ance Corporation (NKOSK), il cui p<span class=\"_ _3\"></span>remio \u00e8 posto a<span class=\"_ _3\"></span> carico dei f<span class=\"_ _3\"></span>inanziati. Questi ultimi ritengono che essendo <span class=\"_ _3\"></span>la Banca a <span class=\"_ _3\"></span>beneficiar<span class=\"_ _2\"></span><span class=\"ls17\">e </span>dell\u2019assicurazione, il re<span class=\"_ _3\"></span><span class=\"ff1\">lativo p<span class=\"_ _3\"></span>remio dovrebbe rimanere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico della <span class=\"_ _3\"></span>medesima. A <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa Beograd r<span class=\"_ _3\"></span>isultava </span>convenuta <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>1.100 <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>robabile <span class=\"_ _3\"></span>(a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>1.000); <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>omme <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea<span class=\"_ _2\"></span> capitale  c<span class=\"_ _0\"></span>omplessivamente <span class=\"_ _16\"> </span>richie<span class=\"_ _3\"></span>ste  i<span class=\"_ _0\"></span>n  restituzio<span class=\"_ _0\"></span>ne  alla  B<span class=\"_ _35\"></span>anca  ammontavano <span class=\"_ _16\"> </span>a  circa <span class=\"_ _16\"> </span>1,1  milio<span class=\"_ _0\"></span>ni.  La <span class=\"_ _16\"> </span>maggior  parte<span class=\"_ _0\"></span>  dei<span class=\"_ _0\"></span> Tribunali <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019interpretazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>nor<span class=\"_ _3\"></span>mativa<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>avversata <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>banche. <span class=\"_ _5\"></span>Ne<span class=\"_ _6\"></span><span class=\"ff1 ls13\">l </span>settembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _6\"></span>Serba <span class=\"_ _5\"></span>ha r<span class=\"_ _3\"></span><span class=\"ff4\">iconosciuto <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>legittimit\u00e0 <span class=\"_ _5\"></span>dell\u2019attribuzione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>dei </span>mutuatari, a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l'obbligazione s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>chiaramente d<span class=\"_ _3\"></span>escritta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>precontrattuale<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>sso di nuove cause \u00e8 cresciu<span class=\"_ _0\"></span>to in misura limita<span class=\"_ _0\"></span>ta<span class=\"_ _3\"></span> rispetto al 2021 e<span class=\"_ _0\"></span>d alcuni clienti hanno<span class=\"_ _0\"></span> rinunciato a q<span class=\"_ _0\"></span>uelle gi\u00e0 pendenti.<span class=\"_ _90\"> </span>Sentenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Giustizia <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>dell\u201911 <span class=\"_ _2\"></span>settembre <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"ff2\"> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _2\"></span>sentenza </span></span>Lexitor<span class=\"ffa fc0\"> </span>L\u2019articolo <span class=\"_ _3\"></span>16, <span class=\"_ _2\"></span>par. <span class=\"_ _2\"></span>1, <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>direttiva <span class=\"_ _3\"></span>2008/4<span class=\"_ _3\"></span><span class=\"ff1\">8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _3\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso </span>anticipato <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziamento <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>consumatore <span class=\"_ _7\"> </span>\u201cha <span class=\"_ _16\"> </span>diritto <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _7\"> </span>totale <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>gli interessi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>costi <span class=\"_ _7\"> </span>dovuti <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>estante <span class=\"_ _7\"> </span>durat<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contratto\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>sentenza <span class=\"_ _7\"> </span>Lexitor, <span class=\"_ _7\"> </span>questa <span class=\"_ _7\"> </span>nor<span class=\"_ _3\"></span>ma <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere </span>interpretata nel senso che <span class=\"_ _3\"></span>il diritto alla <span class=\"_ _3\"></span>riduzione del costo tota<span class=\"_ _3\"></span>le del credito include tutti <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>posti a carico <span class=\"_ _3\"></span>del co<span class=\"_ _5\"></span>nsumatore; quindi, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>prel<span class=\"_ _3\"></span>iminari <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contestuali <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stipula <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>upfront <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _3\"></span>gli oneri di istruttoria <span class=\"_ _0\"></span>o le commissioni ag<span class=\"_ _0\"></span>enziali). L\u2019art. 16, par. 1, della direttiva 2008/48 \u00e8 stato <span class=\"_ _3\"></span>recepito in Italia con l\u2019art. 125 sexies del Testo Unico Bancario (TU<span class=\"_ _5\"></span><span class=\"ff1\">B), secondo </span>cui <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ticipato <span class=\"_ _3\"></span>\u201cil <span class=\"_ _5\"></span>consumatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>all\u2019importo <span class=\"_ _7\"> </span><span class=\"ff1\">degli<span class=\"_ _0\"></span> </span>interessi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _4\"> </span>dovuti <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>contratto\u201d. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>norma <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia, <span class=\"_ _4\"> </span>l\u2019Arbi<span class=\"_ _5\"></span><span class=\"ff1\">tro <span class=\"_ _4\"></span>Bancario </span>Finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>giurisprudenza h<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>restituzione <span class=\"_ _3\"></span>riguardasse <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>maturano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>cors<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>recurring) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>corrisposti <span class=\"_ _2\"></span>anticipatamente <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>cliente <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>finanziatore: <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>ca<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso anticipato, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>appunto essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>estituiti p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>maturata; <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rest<span class=\"_ _3\"></span>ituzione non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>inv<span class=\"_ _5\"></span><span class=\"ff1\">ece <span class=\"_ _2\"></span>i </span>costi upfront. A <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>exitor <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>sorta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>questione <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>l\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sexies <span class=\"_ _5\"></span>TUB <span class=\"_ _2\"></span>debba <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rpretato <span class=\"_ _2\"></span>conformemente <span class=\"_ _2\"></span>al </span>principio da essa sta<span class=\"_ _0\"></span>bilito o se il nuovo prin<span class=\"_ _0\"></span>cipio richieda una m<span class=\"_ _0\"></span>odifica legislativ<span class=\"_ _0\"></span>a. <span class=\"_ _3\"></span> Secondo <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>principio <span class=\"_ _6\"></span>comunitario <span class=\"_ _5\"></span>dell\u2019\u201dinterpretazione <span class=\"_ _5\"></span>conforme\u201d, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>giudici <span class=\"_ _5\"></span>nazionali <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>enuti <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>interpretare <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>orme <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>proprio ordinamento in modo da renderle coerenti con il dettato delle disposizio<span class=\"_ _0\"></span>ni europee. Tuttavia, se la norma nazionale h<span class=\"_ _5\"></span><span class=\"ls17\">a </span>un<span class=\"ff4 ls0\">\u2019interpreta<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>univoca, <span class=\"_ _16\"> </span>essa <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _7\"> </span>(re)interpretata <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>allinearla <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una </span>direttiva europea: i principi riconosci<span class=\"_ _0\"></span>uti dallo stesso ordinamento dell\u2019Unione escl<span class=\"_ _0\"></span>udono che al giudice nazionale possa esse<span class=\"_ _2\"></span><span class=\"ff1\">re </span>richies<span class=\"ff4\">to <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>procedere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>lettura <span class=\"_ _2\"></span>contra <span class=\"_ _5\"></span>legem <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>norme <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019ordinamen<span class=\"_ _0\"></span>to <span class=\"_ _5\"></span>interno. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>proposito <span class=\"_ _2\"></span>va <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>che </span>l\u2019art. <span class=\"_ _6\"></span>125 <span class=\"_ _6\"> </span>sexies <span class=\"_ _6\"> </span>TUB <span class=\"_ _6\"> </span>era <span class=\"_ _6\"> </span>sempre <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>interpretato <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>senso <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _6\"> </span>l\u2019obbligo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>restituzione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riguardasse solo i costi rec<span class=\"_ _0\"></span>urring, con esclusione q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi dei costi upfr<span class=\"_ _0\"></span>ont. <span class=\"_ _3\"></span> La <span class=\"_ _6\"> </span>Banca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>\u2019Italia <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>Lexitor <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2019 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>emanato <span class=\"_ _6\"></span>\u201clinee <span class=\"_ _5\"></span>orientative\u201d <span class=\"_ _6\"> </span>attuative <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio<span class=\"_ _0\"></span> della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>UE, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>senso <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>(compresi <span class=\"_ _2\"></span>quindi <span class=\"_ _5\"></span>quelli<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>upfront) <span class=\"_ _2\"></span>vadano <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di rimborso anticipato, <span class=\"_ _0\"></span>sia per i nuovi rapp<span class=\"_ _0\"></span>orti sia per i rapporti <span class=\"_ _0\"></span>in essere.<span class=\"_ _3\"></span> Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _18\"> </span>ha <span class=\"_ _18\"> </span>deciso <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>seguire <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>\u201c<span class=\"_ _3\"></span>linee <span class=\"_ _18\"> </span>orientative\u201d <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>Banca <span class=\"_ _18\"> </span>d\u2019Italia, <span class=\"_ _18\"> </span>pur <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>fondate <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>suddette argomentazioni legali s<span class=\"_ _0\"></span>ulla non interpretabilit\u00e0 del<span class=\"_ _0\"></span>l\u2019art. 125 sexies TUB in senso co<span class=\"_ _0\"></span>nforme alla sentenza Lexito<span class=\"_ _0\"></span>r. \u00c8 stato qu<span class=\"_ _2\"></span><span class=\"ff1\">indi </span>disposto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>accantonament<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Fondo <span class=\"_ _4\"></span>Rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Oneri <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>maggiori <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _6\"></span>stimati <span class=\"_ _4\"></span>derivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i segui<span class=\"ff4\">re le \u201clinee orient<span class=\"_ _0\"></span>ative\u201d della Banca d\u2019<span class=\"_ _0\"></span>Italia. <span class=\"ff1\"> </span></span>Dal <span class=\"_ _2\"></span>25 <span class=\"_ _3\"></span>luglio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vigore <span class=\"_ _2\"></span>l\u2019art.11<span class=\"_ _3\"></span><span class=\"ff1\">-</span>octies, <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>106/2021 <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>legislatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u2019art.125 sexies TUB con l\u2019int<span class=\"_ _0\"></span>ento di risolvere la situazi<span class=\"_ _0\"></span>one di incertezza <span class=\"_ _0\"></span>determinata<span class=\"_ _3\"></span><span class=\"ff1\"> dalla sentenza Lexito<span class=\"_ _0\"></span>r, con le seguenti previ<span class=\"_ _0\"></span>sioni: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>consumatori, <span class=\"_ _3\"></span>l\u2019eliminazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio all\u2019art. <span class=\"_ _3\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _3\"></span>TUB <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019inserimento d<span class=\"_ _6\"></span></span><span class=\"ls13\">i </span></span>una previsione specifica per l\u2019estinzi<span class=\"_ _0\"></span>one anticipata di tale tipologia di fi<span class=\"_ _3\"></span><span class=\"ff1\">nanziamenti, limitando il rimborso ai soli interessi <span class=\"_ _35\"></span>e </span>costi dovuti per la vit<span class=\"_ _0\"></span>a residua del contra<span class=\"_ _0\"></span>tto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>consumo, <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>testo <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _2\"></span>TUB, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>recepire <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>principi </span></span>della  sentenza  Lexitor, <span class=\"_ _1d\"> </span>indicando  per\u00f2 <span class=\"_ _1d\"> </span>come  criterio  preferenziale  per  il <span class=\"_ _1d\"> </span>calcolo  del  rimborso  il  criterio  de<span class=\"_ _3\"></span>l  costo ammortizzato; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019efficacia  di <span class=\"_ _1d\"> </span>tali <span class=\"_ _1d\"> </span>disposizioni  \u00e8 <span class=\"_ _1d\"> </span>limitata  a<span class=\"_ _3\"></span>i  contratti <span class=\"_ _1d\"> </span>sottoscritti  successivamente  all\u2019entrata  in <span class=\"_ _1d\"> </span>vigore <span class=\"_ _1d\"> </span>della  legge <span class=\"_ _1d\"> </span>di </span></span>conversione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>decreto. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>espressamente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>continuino <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>essere applicati la norma di <span class=\"_ _0\"></span>legge e le disposizio<span class=\"_ _0\"></span>ni di Vigilanza pre<span class=\"_ _0\"></span>vigenti.<span class=\"_ _3\"></span> La nuova norma <span class=\"_ _3\"></span>non ha determinato significativi impatti per quanto r<span class=\"_ _3\"></span>iguarda i contratti di nuova <span class=\"_ _5\"></span>stipula: per <span class=\"_ _3\"></span>i prestiti personali, infatti, le <span class=\"_ _3\"></span>clausole contrattuali sono gi\u00e0 conformi alla <span class=\"_ _3\"></span>stessa e per i <span class=\"_ _3\"></span>prodotti di c<span class=\"_ _3\"></span>essione del quinto le soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo<span class=\"_ _5\"></span> In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>adottato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>model<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>\u201ctutto <span class=\"_ _5\"></span>TAN\u201d, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>prevede, <span class=\"_ _2\"></span>oltre <span class=\"_ _6\"> </span>agli <span class=\"_ _5\"></span>interessi, <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi accessori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>cliente. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>consumo <span class=\"_ _6\"></span>stipulati <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entrata <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>vigore della nuova nor<span class=\"_ _3\"></span>ma, anche se estinti successivamente a tale data, <span class=\"_ _3\"></span>il rimborso dei <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>osti up f<span class=\"_ _3\"></span>ront potrebbe essere limitato a quanto contrattualme<span class=\"_ _0\"></span>nte pattuito.  Il Collegio di <span class=\"_ _3\"></span>Coordinamento ABF a cui \u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>rimessa la questione del rimborso <span class=\"_ _3\"></span>dei costi up <span class=\"_ _3\"></span>front dopo l\u2019entrata in v<span class=\"_ _3\"></span>igore <span class=\"_ _5\"></span><span class=\"ff1\">del </span>c.d. <span class=\"_ _3\"></span>\u201cemendamento Lexitor\u201d si<span class=\"_ _3\"></span> \u00e8 <span class=\"_ _3\"></span>pronunciato <span class=\"_ _3\"></span>il 15 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">ttobre <span class=\"_ _3\"></span>2021 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>la decisione <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>21676 enunciando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>seguente principio: <span class=\"_ _3\"></span>in </span>applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Novella <span class=\"_ _3\"></span>legislativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>all\u2019art.11 <span class=\"_ _3\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>2\u00b0, <span class=\"_ _3\"></span>ultimo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>73, <span class=\"_ _3\"></span>converti<span class=\"_ _5\"></span><span class=\"ff1\">to </span>in <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>106 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>estinz<span class=\"_ _2\"></span>ione <span class=\"_ _3\"></span>anticipata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>stipulato <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>entrata <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itato <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>normativo, <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>distinguersi <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggette <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>maturazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019in<span class=\"_ _5\"></span><span class=\"ff1\">tero </span>svolgimento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>negoziale <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>rec<span class=\"_ _3\"></span>urring) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>costi <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>adempimenti <span class=\"_ _4\"> </span>preliminari <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>concessione <span class=\"_ _4\"> </span>del prestito (c.d. costi up <span class=\"_ _3\"></span>front). Da ci\u00f2 consegue la<span class=\"_ _3\"></span> retrocedibilit\u00e0 dei primi e non <span class=\"_ _3\"></span>anche dei secondi, limitatamente alla quot<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>non maturata in ragione <span class=\"_ _0\"></span>dell\u2019anticipata estinzi<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019in<span class=\"ff1\">dirizzo <span class=\"_ _2\"></span>espresso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Collegio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Coordinamento <span class=\"_ _2\"></span>ABF <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>collegi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _2\"></span>di </span>restituzione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>up <span class=\"_ _16\"> </span>front. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>decisioni <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>sospese <span class=\"_ _7\"> </span>nemmeno <span class=\"_ _7\"> </span>dopo <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>remissione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>Corte costituzionale <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>questione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>legittimit\u00e0 <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>novella <span class=\"_ _4\"></span>legisla<span class=\"_ _0\"></span>tiva <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dir\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>seguito. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Banca d\u2019Italia <span class=\"_ _5\"></span>ha, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _5\"></span>comunicato <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>intermediari <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>apportate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _5\"></span>106/2021 <span class=\"_ _5\"></span>all\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sex<span class=\"_ _6\"></span><span class=\"ff1\">ies </span>TUB <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>rite<span class=\"ff4\">nersi <span class=\"_ _3\"></span>superate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>proprie \u201c<span class=\"_ _3\"></span>linee o<span class=\"_ _3\"></span>rientative\u201d del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata d<span class=\"_ _3\"></span>ei </span>finanziamenti di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>consumo, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>chiedeva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>includendo <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>costi a carico del consumator<span class=\"_ _0\"></span>e (recurring ed up front) ad <span class=\"_ _0\"></span>esclusione dell<span class=\"_ _0\"></span>e imposte.<span class=\"_ _3\"></span> La <span class=\"_ _1d\"> </span>giurisprudenz<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>ordinaria  si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>divisa <span class=\"_ _1d\"> </span>sull\u2019applica<span class=\"_ _0\"></span>zione <span class=\"_ _1d\"> </span>della  nuova <span class=\"_ _1d\"> </span>norma. <span class=\"_ _1d\"> </span>Diversi  giudici <span class=\"_ _1d\"> </span>hanno  applicato <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>nuova disposizione <span class=\"_ _6\"> </span>respingendo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>richiesta <span class=\"_ _6\"></span>dell\u2019attore <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>imborso <span class=\"_ _6\"></span>pro <span class=\"_ _4\"> </span>quota <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>up <span class=\"_ _4\"> </span>front <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _6\"></span>dell\u2019estinzion<span class=\"_ _35\"></span>e anticipata. <span class=\"_ _4\"></span>In <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>irrilevante<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _6\"></span>in <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>davanti <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>Giudici <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Pace, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stat<span class=\"_ _5\"></span><span class=\"lsc\">o </span>riconosciuto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>liente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>pro <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>up <span class=\"_ _5\"></span>front<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>ritenendo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>motivazioni <span class=\"_ _2\"></span>diverse <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>discutibili, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he<span class=\"_ _90\"> </span>cessione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span><span class=\"ff4\">stituzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>front, <span class=\"_ _3\"></span>dichiarando <span class=\"_ _2\"></span>l\u2019illegittimit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituzionale <span class=\"_ _3\"></span>dell\u2019art. <span class=\"_ _2\"></span>11 <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>2,<span class=\"_ _0\"></span> </span>del <span class=\"_ _2\"></span>decreto <span class=\"_ _2\"></span>legge <span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>73, <span class=\"_ _2\"></span>convertito <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>modificazioni, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>alle<span class=\"_ _5\"></span> parole \u201c<span class=\"ff2\">e le norme second<span class=\"_ _0\"></span>a<span class=\"ff3\">rie contenute nelle disp<span class=\"_ _0\"></span>osizioni di trasparenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> e di vigilanza dell<span class=\"_ _0\"></span>a Banca d\u2019Italia<span class=\"_ _3\"></span><span class=\"ff4\">\u201d. <span class=\"ff1\"> </span></span></span></span>Alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pronunciamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>potenziale onere <span class=\"_ _2\"></span>connesso <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parziale <span class=\"_ _2\"></span>dic<span class=\"_ _3\"></span><span class=\"ff4\">hiarazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>illegittimit\u00e0 <span class=\"_ _2\"></span>costituzionale <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _5\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>decreto </span>legge 25 maggio 2021,<span class=\"_ _0\"></span> n. 73, effettuando u<span class=\"_ _0\"></span>n specifico accanton<span class=\"_ _0\"></span>amento a fondo rischi <span class=\"_ _0\"></span>ed oneri.<span class=\"_ _3\"></span> Il 9 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2023 a <span class=\"_ _3\"></span>Corte di <span class=\"_ _3\"></span>Giustizia Europea, nell\u2019ambito di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>procedimen<span class=\"_ _3\"></span><span class=\"ff1\">to or<span class=\"_ _3\"></span>iginato da un <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>pregiudiziale rinveniente </span>dalla  C<span class=\"_ _0\"></span>orte  S<span class=\"_ _0\"></span>uprema <span class=\"_ _16\"> </span>austriaca,  si<span class=\"_ _0\"></span>  \u00e8 <span class=\"_ _16\"> </span>pronunciat<span class=\"_ _0\"></span>a  in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019applicabilit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>Lexitor  al <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>ai consumatori. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>austriaca <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>chiesto <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Giustizia <span class=\"_ _7\"> </span>Europea <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>irettiva <span class=\"_ _4\"> </span>2014/17 <span class=\"_ _7\"> </span>relativa <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>credito immobiliare <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>consumatori <span class=\"_ _6\"></span>ostasse <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>meno <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>una <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>nazionale <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>prevedesse <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consumatore <span class=\"_ _6\"></span>alla riduzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>ant<span class=\"_ _3\"></span>icipato <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>medesimo, <span class=\"_ _2\"></span>includesse<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>soltanto <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>costi che dipendono dalla <span class=\"_ _0\"></span>durata del credito. La Cor<span class=\"_ _0\"></span>te ha dichiarato c<span class=\"_ _0\"></span>he la direttiva 2014/17 <span class=\"_ _0\"></span>non osta a una simile <span class=\"_ _0\"></span>normativa.  <span class=\"_ _2\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>alla ri<span class=\"_ _3\"></span>duzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>indipendentemente dalla <span class=\"_ _3\"></span>durata <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>si<span class=\"_ _6\"></span>ano posti  a <span class=\"_ _1d\"> </span>carico  del  consumatore  a<span class=\"_ _3\"></span>  favore  sia <span class=\"_ _1d\"> </span>del  creditore  che <span class=\"_ _1d\"> </span>dei  terzi  per<span class=\"_ _3\"></span>  prestazioni  che  s<span class=\"_ _3\"></span>iano  gi\u00e0  state <span class=\"_ _1d\"> </span>eseguit<span class=\"_ _0\"></span>e integralmente al momento <span class=\"_ _0\"></span>del rimborso anticip<span class=\"_ _0\"></span>ato (quali le spes<span class=\"_ _0\"></span>e di istruttoria e di <span class=\"_ _0\"></span>perizia). <span class=\"_ _3\"></span> Inoltre, nel <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Commissione Eu<span class=\"_ _3\"></span>ropea ha <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>della direttiva <span class=\"_ _3\"></span>comunitaria sul <span class=\"_ _3\"></span>credito <span class=\"_ _6\"></span>al consumo <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>2008/48, <span class=\"_ _7\"> </span>a  valere<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>quale <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>stata <span class=\"_ _16\"> </span>pronunciata <span class=\"_ _7\"> </span>la  sen<span class=\"_ _0\"></span>tenza <span class=\"_ _16\"> </span>Lexitor. <span class=\"_ _7\"> </span>A  seguito <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>proposta <span class=\"_ _16\"> </span>legislativ<span class=\"_ _0\"></span>a inizialmente <span class=\"_ _7\"> </span>formulata <span class=\"_ _16\"> </span>dalla  C<span class=\"_ _0\"></span>ommissione, <span class=\"_ _7\"> </span>\u00e8  iniziata <span class=\"_ _7\"> </span>la  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>se <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>coinvolgimento <span class=\"_ _7\"> </span>del  Parlam<span class=\"_ _35\"></span>ento  Europeo <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>siglio Europeo che nei me<span class=\"_ _0\"></span>si scorsi hanno defi<span class=\"_ _0\"></span>nito le proprie posi<span class=\"_ _0\"></span>zio<span class=\"_ _3\"></span>ni con la pubblicazione d<span class=\"_ _0\"></span>elle rispettive pr<span class=\"_ _0\"></span>oposte.  Contenzioso tra Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita S.<span class=\"_ _0\"></span>p.A. e RB Holding S<span class=\"_ _0\"></span>.p.A. e la famiglia Favare<span class=\"_ _0\"></span>tto<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _3\"></span>maggio 2020 <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>Vita <span class=\"_ _3\"></span>S.p.A. ha <span class=\"_ _3\"></span>perfezionato un\u2019operazione d<span class=\"_ _3\"></span>i investimento n<span class=\"_ _3\"></span>ella societ\u00e0 <span class=\"_ _3\"></span>RBM Assicur<span class=\"_ _5\"></span><span class=\"ff1\">azioni </span>Salute <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>la principale <span class=\"_ _3\"></span>compagnia assicurativa <span class=\"_ _3\"></span>italiana nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>salute <span class=\"_ _3\"></span>detenuta dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>RB Ho<span class=\"_ _3\"></span>lding S.p.A. <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ile alla <span class=\"_ _6\"> </span>famiglia <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Dott. <span class=\"_ _6\"></span>Roberto <span class=\"_ _5\"></span>Favaretto, <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>portato <span class=\"_ _6\"></span>all\u2019attuale <span class=\"_ _6\"> </span>controllo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Intesa <span class=\"_ _4\"> </span>Vita <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ociet\u00e0 </span>assicurativa, ora denomi<span class=\"_ _0\"></span>nata Intesa Sanpa<span class=\"_ _0\"></span>olo RBM Salute S.p.A. Nello <span class=\"_ _3\"></span>scorso maggio <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo Vita<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span> inviato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>socia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza RB <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>S.p.A. u<span class=\"_ _3\"></span>na r<span class=\"_ _3\"></span>ichiesta di <span class=\"_ _3\"></span>indennizzo <span class=\"_ _3\"></span>ai sensi <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>rela<span class=\"_ _3\"></span><span class=\"ff4\">zione <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>mergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>situazioni <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>luogo <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>potrebbero </span>dar luogo) a passivit<span class=\"_ _0\"></span>\u00e0 quantificabili allo<span class=\"_ _0\"></span> stato in oltre 129 m<span class=\"_ _0\"></span>ilioni di euro e sos<span class=\"_ _0\"></span>tanzialmente rigu<span class=\"_ _0\"></span>ardanti:<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l'incremento <span class=\"_ _17\"> </span>dell\u2019onere <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>sinistri <span class=\"_ _18\"> </span>concernenti <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>Polizza <span class=\"_ _1c\"> </span></span>M\u00e8taSalute <span class=\"_ _18\"> </span><span class=\"ff4\">conseguente <span class=\"_ _17\"> </span>all\u2019eliminazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>ratich<span class=\"_ _35\"></span>e </span></span>commerciali scorrette <span class=\"_ _0\"></span>oggetto di un proced<span class=\"_ _0\"></span>imento avviato dall\u2019A<span class=\"_ _35\"></span>GCM,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">posizioni <span class=\"_ _7\"> </span>creditorie <span class=\"_ _4\"> </span>(per <span class=\"_ _16\"> </span>\u2018regolazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>premio\u2019) <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>all\u2019attivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>mento <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>closing <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>interamente<span class=\"_ _35\"></span> </span></span>svalutate successivamente al <span class=\"_ _0\"></span>closing a seguito del<span class=\"_ _0\"></span>la verificata i<span class=\"_ _0\"></span>nesigibilit\u00e0 dei cre<span class=\"_ _0\"></span>diti stessi,<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>penali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>ritardi <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>pagamenti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sinistri <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Polizza <span class=\"_ _16\"> </span>ASDEP  <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>Assistenza <span class=\"_ _16\"> </span>Sanitaria <span class=\"_ _16\"> </span>Dipendenti <span class=\"_ _7\"> </span>Enti </span>Pubblici. RB <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>ogni <span class=\"_ _5\"></span>addebito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>decade <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>luglio, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>famiglia <span class=\"_ _2\"></span>Favaretto, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>presentato <span class=\"_ _2\"></span>una domanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Camera <span class=\"_ _5\"></span>Arbitrale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>deducendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019invalidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>clausole <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>patto parasociale del 2020 (tra cui <span class=\"_ _3\"></span>quelle relative alle opzioni <span class=\"_ _2\"></span>di acquisto e <span class=\"_ _3\"></span>di vendita della partecipazione di <span class=\"_ _3\"></span>minoranza e al patto di non concorrenza), inadempimenti di Intesa <span class=\"_ _3\"></span>Sanpaolo Vita a <span class=\"_ _3\"></span>impegni contrattuali (quale il <span class=\"_ _3\"></span>patto di consultazione in <span class=\"_ _3\"></span>relazione <span class=\"_ _5\"></span>al rinnovo del contratto M\u00e8taSalut<span class=\"_ _0\"></span>e e alla cessazione del <span class=\"_ _3\"></span><span class=\"ff4\">rapporto con il precedente AD), la <span class=\"_ _0\"></span>violazione da parte di quest\u2019ultima di<span class=\"_ _0\"></span> </span>regole di buona fede e <span class=\"_ _0\"></span>correttezza, co<span class=\"_ _0\"></span>n una richiesta di ris<span class=\"_ _0\"></span>arcimento di danni per<span class=\"_ _0\"></span> complessivi 423,<span class=\"_ _0\"></span>5 milioni di euro.<span class=\"_ _2\"></span> Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>Vita <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>assegnato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>5 <span class=\"_ _6\"></span>settembr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>depositato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>risposta <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>Came<span class=\"_ _0\"></span>ra <span class=\"_ _4\"></span>Arbitrale, contestando <span class=\"_ _5\"></span>integralmente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _5\"></span>avversarie <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>anzi <span class=\"_ _6\"></span>formulando <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un importo complessivo pari a 129,4 <span class=\"_ _3\"></span>milioni di euro, per <span class=\"_ _3\"></span>violazione, da parte di <span class=\"_ _3\"></span>RB Ho<span class=\"_ _2\"></span>ld, di <span class=\"_ _3\"></span>dichiarazioni e garanzie rilasciate e di impegni <span class=\"_ _5\"></span>assunti <span class=\"_ _6\"> </span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>dell\u2019obbligo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>comportamento <span class=\"_ _5\"></span>secondo <span class=\"_ _6\"> </span>correttezza <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>buona <span class=\"_ _5\"></span>fede, integralmente richiama<span class=\"_ _0\"></span>ndo le contestazioni<span class=\"_ _0\"></span> illustrate nella ric<span class=\"_ _0\"></span>hiesta di indennizzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> maggio scorso.  Le <span class=\"_ _4\"> </span>parti <span class=\"_ _7\"> </span>costituite, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>raggiunto <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019accordo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>nomina <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>presidente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>Arbitrale, <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>avanzato richiesta congiunta a<span class=\"_ _0\"></span>l Consiglio Arbitrale<span class=\"_ _0\"></span> affinch\u00e9 la nomin<span class=\"_ _0\"></span>a venga differita. Ove <span class=\"_ _3\"></span>consultazioni t<span class=\"_ _3\"></span>ra le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>portasse<span class=\"ff4\">ro <span class=\"_ _3\"></span>all\u2019individuazione dell\u2019interesse <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>composizione <span class=\"_ _3\"></span>transattiva, <span class=\"_ _3\"></span>la pendenza <span class=\"_ _3\"></span>del </span>contenzioso non impedis<span class=\"_ _0\"></span>ce la verifica d<span class=\"_ _0\"></span>ella percorribilit\u00e0 di<span class=\"_ _0\"></span> tale ipotesi.<span class=\"_ _3\"></span> Contenzioso <span class=\"_ _4\"> </span>derivante <span class=\"_ _7\"> </span>dall\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>acquisizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>certe <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>rappo<span class=\"_ _2\"></span><span class=\"ff2\">rti <span class=\"_ _7\"> </span>giuridici <span class=\"_ _4\"> </span>facenti <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Banca<span class=\"_ _35\"></span> </span>Popolare di Vicenza S.<span class=\"_ _0\"></span>p.A. in LCA e a Veneto B<span class=\"_ _0\"></span>anca S.p.A. in LCA In via preliminare <span class=\"_ _0\"></span>si ricorda quanto segu<span class=\"_ _0\"></span>e: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>accordi <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>(Contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cessione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>26 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Seco<span class=\"_ _5\"></span>ndo </span>Accordo <span class=\"_ _4\"> </span>Ricognitivo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>17 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2018) <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndividuate <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>distinte <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>contenziosi <span class=\"_ _4\"> </span>(r<span class=\"_ _3\"></span>iferibili <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>alle partecipate delle ex Ba<span class=\"_ _0\"></span>nche Venete incluse<span class=\"_ _0\"></span> nella cessione): a1 <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _4\"> </span>Pregresso, <span class=\"_ _7\"> </span>incluso <span class=\"_ _4\"> </span>fra <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>dell\u2019Insieme<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>Aggregato <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>che ricomprende, <span class=\"_ _2\"></span>salvo <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>importanti <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>(cfr. <span class=\"_ _6\"></span><span class=\"ff2\">infra</span> <span class=\"_ _2\"></span><span class=\"ff2\">sub</span> <span class=\"_ _2\"></span>a2)<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>civili <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>pendenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>26 giugno 2017 e comu<span class=\"_ _0\"></span>nque diversi da quelli r<span class=\"_ _0\"></span>ientranti nel c.d. Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenzioso Escluso (c<span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>r. punto successivo<span class=\"_ _0\"></span>); a2 <span class=\"ls0\">- <span class=\"_ _3\"></span><span class=\"ff4\">il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Contenzioso Escluso, che <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico delle <span class=\"_ _3\"></span>Banche in<span class=\"_ _3\"></span> LCA <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>riguarda, tra <span class=\"_ _3\"></span>l\u2019altro, le <span class=\"_ _3\"></span>vertenze <span class=\"_ _3\"></span>(anche se </span></span>gi\u00e0 <span class=\"_ _6\"></span>pendenti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _4\"> </span>giugno <span class=\"_ _6\"></span>2017) <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>romosse <span class=\"_ _6\"></span> <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>azionisti/obbligazionisti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>convertibili <span class=\"_ _4\"></span>e/o <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"></span>ex Banche <span class=\"_ _7\"> </span>Venete <span class=\"_ _7\"> </span>(tra <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>quelle <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201coperazioni <span class=\"_ _7\"> </span>baciate\u201d), <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>connesse <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eteriorati, <span class=\"_ _7\"> </span>quelle relative <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>estinti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>cessione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>controversie <span class=\"_ _7\"> </span>(quale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>ne <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>l\u2019oggetto) <span class=\"_ _7\"> </span>sorte <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>la cessione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>occorsi <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>stessa. <span class=\"_ _7\"> </span>Rientrano <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _7\"> </span>Escluso <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>vertenze riconducibili a tutte le categorie qui elencate (<span class=\"_ _2\"></span><span class=\"ff2 ls1f\">sub</span> <span class=\"_ _3\"></span>a2) promosse nei confronti di Banca <span class=\"_ _3\"></span>Nuova e Banca Apulia (o di Intesa Sanpaolo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse); <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Contenzioso <span class=\"_ _3\"></span>Pregresso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativi<span class=\"_ _35\"></span> accantonamenti; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso, <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rivelassero <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsufficienti, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>diritto di essere indennizza<span class=\"_ _0\"></span>ta dalle Banche in LCA, ai termini prev<span class=\"_ _0\"></span>isti nel Contratto di Ce<span class=\"_ _0\"></span>ssione del 26 giugno<span class=\"_ _0\"></span> 2017;<span class=\"_ _3\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>successivamente <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>26 <span class=\"_ _16\"> </span>giugno <span class=\"_ _7\"> </span>2017, <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>avviate <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>riassunte <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _16\"> </span>alcune <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ause </span>rientranti nel Conten<span class=\"_ _0\"></span>zioso Escluso. Con <span class=\"_ _0\"></span>riguardo a queste cause: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>far\u00e0) <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>giudizio <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>straneit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>carenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>legittimazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>passiva; <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Decreto <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span>gge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _3\"></span>(art. <span class=\"_ _2\"></span>3) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>LCA, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>in conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>prescrizioni <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Commissione <span class=\"_ _2\"></span>europea <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aiuti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>(Decisione <span class=\"_ _2\"></span>C(2017) <span class=\"_ _2\"></span>4501 <span class=\"_ _2\"></span>final <span class=\"_ _3\"></span>e Allegato <span class=\"_ _6\"></span>B <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>26.6.2017), <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>vietano <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>farsi <span class=\"_ _6\"></span>carico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>qualunque<span class=\"_ _0\"></span> \u201cclaim\u201d relativo a pre<span class=\"_ _0\"></span>tese d<span class=\"ff1\">i azionisti e obbligazionisti<span class=\"_ _0\"></span> subordinati delle <span class=\"_ _0\"></span>ex Banche Venete; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>(e <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>qualsiasi titolo <span class=\"_ _3\"></span>sostenuti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in </span>relazione al suo coinvolgime<span class=\"_ _0\"></span>nto in ogni Contenzioso E<span class=\"_ _0\"></span>scluso), quest\u2019ultima<span class=\"_ _3\"></span><span class=\"ff1\"> ha diritto di essere rist<span class=\"_ _0\"></span>orata dalle Banche </span>in <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>CA <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dai <span class=\"_ _6\"></span>successivi <span class=\"_ _4\"></span>accordi. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>stesse <span class=\"_ _4\"> </span>Banche <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>LCA hanno <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>riconosciuto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _3\"></span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Contenzioso <span class=\"_ _3\"></span>Escluso,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">tant\u2019\u00e8 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>si </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>giudizi <span class=\"_ _4\"> </span>avv<span class=\"_ _3\"></span>iati <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>riassunti) <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>azionisti <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>obbligazionisti<span class=\"_ _0\"></span> convertibili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>subordinati <span class=\"_ _6\"></span>(o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>comunque <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Contenzioso <span class=\"_ _4\"> </span>Escluso), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>hiedendo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>veder dichiarata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>propria <span class=\"_ _6\"></span>esclusiva <span class=\"_ _4\"> </span>legittimazione <span class=\"_ _4\"></span>passiva <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _6\"></span>estromissione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>tali giudizi. Tutti <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obblighi e <span class=\"_ _2\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>indennizzo assunti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>coperti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _2\"></span> garanzia <span class=\"_ _2\"></span>pubblica <span class=\"_ _5\"></span><span class=\"ff4\">(\u201c<span class=\"_ _3\"></span>Garanzia <span class=\"_ _2\"></span>Indennizzi\u201d), <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>costituiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resupposto <span class=\"_ _2\"></span>essenziale <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Contratto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Cessione;<span class=\"_ _0\"></span> </span>garanzia che \u00e8 stata fo<span class=\"_ _0\"></span>rmalizzata in data 1<span class=\"_ _0\"></span>5 novembre 2022.  Intesa Sanpaolo ha inviato, nel temp<span class=\"_ _0\"></span>o, alle due Banche Venete in LCA, in forza degli o<span class=\"_ _0\"></span>bbl<span class=\"_ _2\"></span>ighi contrattuali assunti dalle stesse,<span class=\"_ _35\"></span> alcune <span class=\"_ _5\"></span>comunicazioni <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>\u201c<span class=\"ff2\">claim</span>\u201d) <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontenenti <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>(o <span class=\"_ _6\"> </span>riserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>richiesta) <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rimborso/indennizzo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _0\"></span> sub\u00ecti <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>otenziali <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>Contenzios<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>Pregresso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso, <span class=\"_ _6\"></span>nonch\u00e9<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>violazione <span class=\"_ _6\"></span>di dichiarazioni e gar<span class=\"_ _0\"></span>anzie relative a talune <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 tr<span class=\"_ _0\"></span>asferite a Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span> Nelle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>\u201cGaranzia <span class=\"_ _16\"> </span>Indennizzi\u201d, <span class=\"_ _16\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>e  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>due  Ba<span class=\"_ _0\"></span>nche  Ve<span class=\"_ _0\"></span>nete  i<span class=\"_ _35\"></span>n  LCA <span class=\"_ _16\"> </span>hanno negoziato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sot<span class=\"ff4\">t<span class=\"_ _3\"></span>oscritto, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cTerzo <span class=\"_ _3\"></span>Accordo\u201d <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>disciplinare <span class=\"_ _3\"></span>taluni <span class=\"_ _3\"></span>aspetti <span class=\"_ _3\"></span>esecutivi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Contratto<span class=\"_ _0\"></span> </span>di <span class=\"_ _6\"></span>Cessione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>26 <span class=\"_ _4\"></span>giugno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>017 <span class=\"_ _6\"></span>(cos\u00ec <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>precedentemente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>avvenuto <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>occasione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"></span>precedenti <span class=\"_ _6\"></span>accordi <span class=\"_ _4\"></span>ricognitivi<span class=\"_ _35\"></span> sottoscritti nel corso del 201<span class=\"_ _0\"></span>7 e del 2018) e, in ta<span class=\"_ _0\"></span>le occasione, Intesa Sanpaolo e le due B<span class=\"_ _0\"></span>anche Venete in <span class=\"_ _0\"></span>LCA:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno previsto il prolu<span class=\"_ _0\"></span>ngamento della durata dei cont<span class=\"_ _0\"></span>ratti di finanziamento sull<span class=\"_ _0\"></span>o sbilancio di cessione e s<span class=\"_ _0\"></span>ulla cessione dei </span>crediti High Risk e le<span class=\"_ _0\"></span> relative condizio<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span>i con allineament<span class=\"_ _0\"></span>o delle garanzie; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno precisato, sia <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>ai claim gi\u00e0 <span class=\"_ _3\"></span>inviati da <span class=\"_ _3\"></span>Intesa Sanpaolo che <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>futuro, a<span class=\"_ _3\"></span>lcuni aspetti relativi a <span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>pi </span>e <span class=\"_ _6\"></span>modi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ristoro, <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>garanzia <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _2\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>forza <span class=\"_ _5\"></span>della Garanzia Indennizzi; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno concordato <span class=\"_ _0\"></span>alcune modalit\u00e0 di e<span class=\"_ _0\"></span>fficace gestione d<span class=\"_ _0\"></span>ei contenziosi in c<span class=\"_ _0\"></span>ui Intesa Sanpaolo ve<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ga coinvolta.<span class=\"_ _3\"></span> </span>Con <span class=\"_ _16\"> </span>ordinanza <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>20 <span class=\"_ _16\"> </span>luglio  2<span class=\"_ _0\"></span>021,  i<span class=\"_ _35\"></span>l  Tribunale <span class=\"_ _7\"> </span>di  Fire<span class=\"_ _0\"></span>nze, <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>giudizio <span class=\"_ _16\"> </span>ascrivibil<span class=\"_ _2\"></span><span class=\"ff1\">e  al <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _16\"> </span>Escluso </span>promosso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span><span class=\"ff2\">misselling</span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>BPVi, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(che <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>eccepito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>difetto <span class=\"_ _5\"></span>di legittimazione <span class=\"_ _7\"> </span>passiva <span class=\"_ _16\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>D.L. <span class=\"_ _7\"> </span>99/2017 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cessione), <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>messo <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Corte <span class=\"_ _16\"> </span>cost<span class=\"_ _2\"></span>ituzionale <span class=\"_ _16\"> </span>l<span class=\"_ _0\"></span>a questione di legittimit\u00e0 <span class=\"_ _0\"></span>costituzionale del D.<span class=\"_ _0\"></span>L. 99/2017. Si t<span class=\"_ _3\"></span>ratta del pri<span class=\"_ _3\"></span>mo caso di <span class=\"_ _3\"></span>rimessione alla <span class=\"_ _3\"></span>Corte costituzionale di <span class=\"_ _3\"></span>questioni relative al <span class=\"_ _3\"></span>D.L. 9<span class=\"_ _3\"></span>9/2017;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>finora, infatti, <span class=\"_ _3\"></span>le n<span class=\"_ _5\"></span>umerose istanze <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rimession<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>costituzionale <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>mulate <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>nei <span class=\"_ _4\"></span>giudizi <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>rano sempre state respinte <span class=\"_ _0\"></span>dai giudici, perch\u00e9 gi<span class=\"_ _0\"></span>udicate irrilevanti <span class=\"_ _0\"></span>o manifestatamente inf<span class=\"_ _0\"></span>ondate.<span class=\"_ _3\"></span> Nel <span class=\"_ _1c\"> </span>costituirsi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>Banca <span class=\"_ _1c\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>contestato <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>provvedimento <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>rimessione <span class=\"_ _1c\"> </span>censu<span class=\"_ _3\"></span><span class=\"ff4\">randone <span class=\"_ _1c\"> </span>l<span class=\"_ _3\"></span>\u2019inammissibilit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>e </span>l\u2019infondatezza; <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _6\"></span>UE <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nazionale <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>aiuti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Stato <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sulle <span class=\"_ _6\"> </span>Banche <span class=\"_ _6\"> </span>Venete, <span class=\"_ _6\"></span>correttamente <span class=\"_ _5\"></span>applicata <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>le<span class=\"_ _3\"></span>gislator<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nazionale, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>effetti <span class=\"_ _6\"></span>disc<span class=\"_ _2\"></span><span class=\"ff1\">riminatori <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>confronti </span>degli azionisti <span class=\"_ _3\"></span>e obbl<span class=\"_ _3\"></span>igazionisti subordinati delle banche <span class=\"_ _3\"></span>venete. Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Presidenza del <span class=\"_ _3\"></span>Consiglio dei <span class=\"_ _3\"></span>Ministri e <span class=\"_ _3\"></span>BPVi <span class=\"_ _3\"></span>in L<span class=\"_ _6\"></span>CA (nonch\u00e9 <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>Banca <span class=\"_ _1c\"> </span>d\u2019Italia, <span class=\"_ _1c\"> </span>qu<span class=\"_ _0\"></span>ale <span class=\"_ _1c\"> </span><span class=\"ff2\">amicus <span class=\"_ _1c\"> </span>curiae<span class=\"ff1\">)</span> <span class=\"_ _1c\"> </span></span>si <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>costituite <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _18\"> </span>concludendo <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019inamm<span class=\"ff1\">issibilit\u00e0 <span class=\"_ _18\"> </span>e </span>l\u2019infondatezza delle q<span class=\"_ _0\"></span>uestioni di legittimit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> costituzionale <span class=\"_ _0\"></span>sollevate.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _1d\"> </span>Corte, <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>sentenza <span class=\"_ _1d\"> </span>n. <span class=\"_ _1d\"> </span>225 <span class=\"_ _1d\"> </span>depositata <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>7 <span class=\"_ _1d\"> </span>novembre <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>accoglimento <span class=\"_ _1d\"> </span>delle  d<span class=\"_ _3\"></span>ifese <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo,<span class=\"_ _0\"></span> dell\u2019Avvocatura <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vicenza<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>dichiarato <span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>mmissibili tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>questioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimit\u00e0 </span>costituzionale,  prendendo<span class=\"_ _0\"></span>  anche  posizione  sulla  infondatez<span class=\"_ _0\"></span>za  delle  stesse  in  aderenza  con  le  difese  svolte  da  Intes<span class=\"_ _35\"></span>a Sanpaolo. Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>penale <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019ipotesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aggiotaggio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ostacolo <span class=\"_ _2\"></span>all\u2019esercizio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> funzioni <span class=\"_ _7\"> </span>delle  A<span class=\"_ _35\"></span>utorit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Vigilanza <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>esponenti <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Veneto <span class=\"_ _7\"> </span>Banca, <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>GUP <span class=\"_ _16\"> </span>ha autorizzato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>citazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>quale <span class=\"_ _6\"></span>responsabile <span class=\"_ _6\"></span>civi<span class=\"_ _2\"></span><span class=\"ff4\">le, <span class=\"_ _6\"> </span>assumendo <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>l\u2019esclusione <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>cessione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>Intes<span class=\"_ _0\"></span>a </span>Sanpaolo  d<span class=\"_ _0\"></span>ei  debiti, <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>responsabilit\u00e0 <span class=\"_ _16\"> </span>e  delle  pas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ivit\u00e0  d<span class=\"_ _0\"></span>erivanti  d<span class=\"_ _0\"></span>alle  operazi<span class=\"_ _0\"></span>oni  di <span class=\"_ _16\"> </span>commercializzazione <span class=\"_ _16\"> </span>di  azion<span class=\"_ _0\"></span>i  e obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sarebbe <span class=\"_ _2\"></span>inopponibile <span class=\"_ _2\"></span>ai <span class=\"_ _6\"></span>terzi, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicherebbe <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fattispecie l\u2019art. 2560 C.C. e, pe<span class=\"_ _0\"></span>rtanto, Intesa Sanp<span class=\"_ _0\"></span>aolo sarebbe subentrat<span class=\"_ _0\"></span>a in tali passivit\u00e0.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>3.800 <span class=\"_ _7\"> </span>parti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivili <span class=\"_ _7\"> </span>titolari <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>obbligazi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni subordinate di <span class=\"_ _2\"></span>Veneto Banca. <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>costituita chiedendo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>esclusione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>procedimento. A <span class=\"_ _3\"></span>sua volta, Veneto Banca in L<span class=\"_ _3\"></span>CA \u00e8 <span class=\"_ _3\"></span>intervenut<span class=\"_ _0\"></span>a volontariamente affermando la propria le<span class=\"_ _3\"></span>gittimazio<span class=\"_ _0\"></span>ne passiva esclusiva, sostanziale e processuale.  Nel <span class=\"_ _2\"></span>marzo 2<span class=\"_ _3\"></span>018 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>GUP <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ichiarato <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _2\"></span>incompetenza <span class=\"_ _3\"></span>territoriale, <span class=\"_ _3\"></span>trasferendo <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Procura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Repubblica <span class=\"_ _6\"></span>di Treviso. Sono pertanto<span class=\"_ _0\"></span> venute meno la citazi<span class=\"_ _0\"></span>one del responsabile ci<span class=\"_ _0\"></span>vile e le costituzio<span class=\"_ _0\"></span>ni delle parti civili.<span class=\"_ _3\"></span> A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eg<span class=\"ff4\">uito <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>rasferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Procura <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Treviso, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rinvio <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>giudizio <span class=\"_ _7\"> </span>dell\u2019ex <span class=\"_ _16\"> </span>Amministrator<span class=\"_ _0\"></span>e </span>Delegato di Veneto Ba<span class=\"_ _0\"></span>nca, Vincenzo Co<span class=\"_ _0\"></span>nsoli, per i reati di agg<span class=\"_ _0\"></span>iotaggio, ostacolo <span class=\"_ _0\"></span>alla vigilanza bancaria <span class=\"_ _0\"></span>e falso in prosp<span class=\"_ _0\"></span>etto<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il GUP ha respinto la ric<span class=\"_ _0\"></span>hiesta di autorizzazio<span class=\"_ _0\"></span>ne alla citazione di I<span class=\"_ _0\"></span>ntesa Sanpaolo qual<span class=\"_ _0\"></span>e responsabile civil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span> Analoga <span class=\"_ _16\"> </span>richiesta <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stata  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>spinta <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>del  <span class=\"ff1\">procedimento <span class=\"_ _7\"> </span>penale  da<span class=\"_ _0\"></span>vanti <span class=\"_ _16\"> </span>al  Tri<span class=\"_ _0\"></span>bunale <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>Vicenza <span class=\"_ _16\"> </span>nei  c<span class=\"_ _0\"></span>onfronti <span class=\"_ _16\"> </span>di </span>esponenti e dirigenti <span class=\"_ _0\"></span>della Banca Popolare di Vicenza. Contenzioso in materia d<span class=\"_ _0\"></span>i fideiussioni <span class=\"_ _0\"></span>bancarie<span class=\"fs9\">  </span>Questo <span class=\"_ _5\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso <span class=\"_ _5\"></span>deriva <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>provvedimento <span class=\"_ _2\"></span>del 2005 della Banca <span class=\"_ _3\"></span>d\u2019Italia relativo a <span class=\"_ _3\"></span>uno schema di <span class=\"_ _3\"></span>fideiussione sottopostole dall\u2019ABI (concordato con le <span class=\"_ _3\"></span>principali associazi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span>dei <span class=\"_ _4\"></span>con<span class=\"ff4\">sumatori). <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>d\u2019Italia <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tre <span class=\"_ _6\"> </span>clausole <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>questo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>chema <span class=\"_ _6\"> </span>avrebbero <span class=\"_ _6\"> </span>potuto <span class=\"_ _4\"> </span>comportare <span class=\"_ _6\"></span>effetti </span>anticoncorrenziali se<span class=\"_ _0\"></span> applicate in m<span class=\"_ _0\"></span>odo uniforme dalle ban<span class=\"_ _0\"></span>che.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>Cassazione, <span class=\"_ _16\"> </span>richiamando <span class=\"_ _4\"> </span>tale<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>formulato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>seguente  nu<span class=\"_ _0\"></span>ovo <span class=\"_ _7\"> </span>principio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>diritto: <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>volta <span class=\"_ _16\"> </span>accertata<span class=\"_ _0\"></span> l\u2019esistenza  di  un\u2019intesa  a<span class=\"_ _0\"></span>nticoncorrenziale  illecita <span class=\"_ _16\"> </span>e  quindi  nulla,  l\u2019illiceit\u00e0  invest<span class=\"_ _0\"></span>e  anche  le  fideiussioni  se  costit<span class=\"_ _0\"></span>uisco<span class=\"_ _5\"></span><span class=\"ff1\">no </span>applicazione dell\u2019inte<span class=\"_ _0\"></span>sa illecita, pure<span class=\"_ _0\"></span> se rilasciate prima <span class=\"_ _0\"></span>dell\u2019accertamento d<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>ll\u2019intesa stessa.<span class=\"ff1\"> </span>Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>recuperatorio <span class=\"_ _3\"></span>gestito <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Italfondiario <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>questione <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>conseguen<span class=\"_ _2\"></span><span class=\"ff1\">ze </span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>enunciato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>singole <span class=\"_ _3\"></span>fideiussioni <span class=\"_ _2\"></span>rilasciate <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>schema <span class=\"_ _2\"></span>ABI<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>rimessa alle Sezioni Unite (SS.UU.<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>. In particolare, \u00e8 st<span class=\"_ _0\"></span>ato chiesto di valutare: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>presenza <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>clausole <span class=\"_ _18\"> </span>illecite <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>contratto <span class=\"_ _18\"> </span>giustifichi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>dichiarazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>nullit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>stesse <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>legittimi<span class=\"_ _35\"></span> </span>esclusivamente l\u2019eserc<span class=\"_ _0\"></span>izio dell\u2019azione ris<span class=\"_ _0\"></span>ar<span class=\"_ _3\"></span><span class=\"ff1\">citoria; </span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in caso di nullit\u00e0, q<span class=\"_ _0\"></span>uale sia la tipologi<span class=\"_ _0\"></span>a del vizio che la <span class=\"_ _0\"></span>determini e a chi spetti<span class=\"_ _0\"></span> la legittimazion<span class=\"_ _0\"></span>e a farlo valere;<span class=\"_ _2\"></span> </span>c.<span class=\"ls0\"> <span class=\"_ _33\"> </span>se sia ammissibile la nullit<span class=\"_ _0\"></span>\u00e0 parziale della fideius<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ione;<span class=\"_ _3\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>coincidenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>clausole <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>que<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>ritenute <span class=\"_ _2\"></span>illecite, <span class=\"_ _2\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>indagata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>volont\u00e0 </span>delle parti riguardo al<span class=\"_ _0\"></span>l\u2019operazione e cio<span class=\"_ _0\"></span>\u00e8 se esse vi avrebb<span class=\"_ _0\"></span>ero comunque dato cors<span class=\"_ _0\"></span>o conoscendo l\u2019illicei<span class=\"_ _0\"></span>t\u00e0 delle stesse.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>SS.UU. <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>pronunciate <span class=\"_ _3\"></span>dichiarando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parziale <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fideiussioni <span class=\"_ _3\"></span>redatte <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>ABI <span class=\"_ _2\"></span>in relazione alle clau<span class=\"_ _0\"></span>sole 2, 6 e 8. Le <span class=\"_ _6\"></span>SS.UU. <span class=\"_ _5\"></span>hanno <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>soluzione <span class=\"_ _5\"></span>intermedia <span class=\"_ _6\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>ipotizzabili: <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>escluso <span class=\"_ _6\"></span>la piena <span class=\"_ _7\"> </span>validit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>fideiussione, <span class=\"_ _7\"> </span>soluzione <span class=\"_ _4\"> </span>ch<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>avrebbe <span class=\"_ _4\"> </span>consentito <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>risarcimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>danno <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>unico rimedio utilizzabile dal <span class=\"_ _3\"></span>fideiussore (come suggerito nelle conclusioni del <span class=\"_ _3\"></span>Procuratore Generale prima dell\u2019udienza dello scor<span class=\"_ _6\"></span><span class=\"ff1\">so </span>23 novembre); dall'altr<span class=\"_ _0\"></span>a hanno escluso che p<span class=\"_ _0\"></span>ossa esser<span class=\"ff4\">e ritenuto nullo l\u2019intero contratt<span class=\"_ _0\"></span>o fideiussorio.<span class=\"ff1\"> </span></span>A circa un anno dalla sentenza delle SS.UU. non si \u00e8 registr<span class=\"_ _0\"></span>ato un aumento del contenzi<span class=\"_ _0\"></span>oso, che nel complesso risulta tuttora<span class=\"_ _3\"></span> di dimensioni modeste. Abba' Andrea + 207 Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controversia<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>pendente <span class=\"_ _2\"></span>ava<span class=\"_ _3\"></span>nti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Milano, <span class=\"_ _2\"></span>sez. <span class=\"_ _5\"></span>Imprese, <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Signor <span class=\"_ _2\"></span>Abb\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>207 obbligazionisti <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Marche<span class=\"_ _90\"> </span>111<span class=\"_ _90\"> </span>. <span class=\"_ _4\"></span>Gli <span class=\"_ _6\"></span>attori <span class=\"_ _6\"></span>domandano <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dichiarazione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>nullit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>obbligazioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il risarcimento del d<span class=\"_ _0\"></span>anno subito. La domand<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> \u00e8<span class=\"_ _3\"></span> quantificata in <span class=\"_ _0\"></span>31 milioni circa.  La  Banca  si  \u00e8  costituita  in  giudizio  eccependo  la  propria  carenza  di  legittimazione  passiva,  in  particolare  d<span class=\"_ _0\"></span>educendo<span class=\"_ _0\"></span> l\u2019esclusione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questione <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>perimetro <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>dall\u2019Ente <span class=\"_ _2\"></span>Ponte <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Ba<span class=\"_ _5\"></span><span class=\"ff1\">nca. <span class=\"_ _2\"></span>Ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>ha </span>altres\u00ec eccepito la prescrizione delle doman<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>e attoree e il difetto di legittimazione delle contr<span class=\"_ _0\"></span>oparti, le quali non essendo<span class=\"_ _2\"></span> <span class=\"ff4\">\u201cprimi </span>prenditori\u201d <span class=\"_ _2\"></span>non <span class=\"_ _6\"></span>sono, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _5\"></span>lege, <span class=\"_ _5\"></span>legittimati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>far <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>vizio <span class=\"_ _5\"></span>genetico <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>originari<span class=\"_ _5\"></span><span class=\"ff1\">e. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>infine <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>videnziata </span>l\u2019assenza dei motivi <span class=\"_ _0\"></span>di nullit\u00e0 delle obblig<span class=\"_ _0\"></span>azioni, nonch\u00e9 del n<span class=\"_ _0\"></span>esso causale tra l<span class=\"_ _0\"></span>e condotte contestat<span class=\"_ _0\"></span>e alla Banca e il dan<span class=\"_ _0\"></span>no<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Nazionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risoluzione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intervenuta <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedi<span class=\"_ _2\"></span><span class=\"ff1\">mento <span class=\"_ _2\"></span>aderendo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>e </span>conclusioni <span class=\"_ _2\"></span>formulate <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>Banca.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>all\u2019interruzione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>decesso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttori <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata<span class=\"_ _0\"></span> riassunta; il Tribunal<span class=\"_ _0\"></span>e di Milano ha conces<span class=\"_ _0\"></span>so i termini per il d<span class=\"_ _0\"></span>eposito delle memorie<span class=\"_ _0\"></span> istruttorie e fissa<span class=\"_ _3\"></span>to udienza al 28/3/2023.  AC Costruzioni S.r.<span class=\"fc0 ls11\">l.<span class=\"fs9 ls0\"> </span></span>Giudizio <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>AC <span class=\"_ _3\"></span>Costruzioni <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>(successivamente <span class=\"_ _3\"></span>fallita) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cava <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>relio <span class=\"_ _3\"></span>(deceduto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>causa) <span class=\"_ _2\"></span>volto <span class=\"_ _3\"></span>ad ottenere <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>declaratoria <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>contrattuale <span class=\"_ _4\"></span>e/o <span class=\"_ _7\"> </span>extracontrattuale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>revoca <span class=\"_ _4\"></span>degli <span class=\"_ _4\"> </span>affidamenti effettuata <span class=\"_ _7\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>1998 <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>condanna <span class=\"_ _7\"> </span>della  s<span class=\"_ _0\"></span>tessa <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>risarcimento <span class=\"_ _7\"> </span>dei  da<span class=\"_ _0\"></span>nni <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019intimata <span class=\"_ _7\"> </span>revoca, <span class=\"_ _16\"> </span>quantificati <span class=\"_ _16\"> </span>in complessivi 33 milioni <span class=\"_ _0\"></span>circa. Le  do<span class=\"_ _3\"></span>mande  avversarie  sono  state  i<span class=\"_ _3\"></span>ntegralm<span class=\"ff4\">ente <span class=\"_ _1d\"> </span>respinte  sia  dal <span class=\"_ _1d\"> </span>Tribunale  di <span class=\"_ _1d\"> </span>Cosenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>dalla  Corte  d\u2019Appello <span class=\"_ _1d\"> </span>di </span>Catanzaro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accoglimento <span class=\"_ _2\"></span>delle r<span class=\"_ _3\"></span>agioni <span class=\"_ _3\"></span>formulate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>impugnata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>eredi del Cava e dal fallim<span class=\"_ _0\"></span>ento della AC Costr<span class=\"_ _0\"></span>uzioni, con controricorso e ricorso incidentale.  Con <span class=\"_ _7\"> </span>ordinanza <span class=\"_ _7\"> </span>depositata <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Cassazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>rigettato <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>ricorsi <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle controparti con cons<span class=\"_ _0\"></span>eguente condann<span class=\"_ _0\"></span>a alle spese in favor<span class=\"_ _0\"></span>e della Banca.<span class=\"_ _3\"></span> Il contenzioso risulta<span class=\"_ _0\"></span> quindi definitivamente concluso<span class=\"_ _0\"></span> senza esborsi. Citt\u00e0 Metropolitana di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Capitale (gi<span class=\"_ _0\"></span>\u00e0 Provincia di Roma) Davanti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Procura <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>pende <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _3\"></span>penale <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>carico <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>manager <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Imi <span class=\"_ _2\"></span>per concorso in truffa ag<span class=\"_ _0\"></span>gravata ai <span class=\"ff4\">danni dell\u2019ente pubblic<span class=\"_ _0\"></span>o Citt\u00e0 Metropolit<span class=\"_ _0\"></span>ana di Roma Capitale, gi<span class=\"_ _0\"></span>\u00e0 Provincia di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>complessa <span class=\"_ _2\"></span>operazione <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>dell\u2019ente <span class=\"_ _2\"></span>territoriale, <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Immobili<span class=\"_ _5\"></span><span class=\"ff1\">are </span>Provincia di Roma (i<span class=\"_ _0\"></span>nteramente partecipat<span class=\"ff4\">o dalla Provincia me<span class=\"_ _0\"></span>desima), della nu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>va sede dell\u2019EUR.<span class=\"ff1\"> </span></span>L\u2019operazione immobilia<span class=\"_ _0\"></span>re \u00e8 stata finanziata <span class=\"_ _0\"></span>per 232 milioni da U<span class=\"_ _0\"></span>nicredit, BNL e Ban<span class=\"_ _0\"></span>ca IMI (ciascuna per la q<span class=\"_ _0\"></span>uota di 1/3).<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dell\u2019ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>IMI <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>contestato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>aver <span class=\"_ _6\"> </span>indotto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>errore <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>concorso <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>manager <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>due </span>banche finanziatrici, sette manag<span class=\"_ _0\"></span>er della SGR gestore del Fondo della Provincia e due pubblici ufficiali <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>gli organi di controllo interni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rappresentativi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Provincia, <span class=\"_ _3\"></span>facendo <span class=\"_ _2\"></span>ottenere <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>inanziatrici <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ingiusto <span class=\"_ _3\"></span>profitto <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cagionando di <span class=\"_ _3\"></span>conseguenza <span class=\"_ _3\"></span>all\u2019ente <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>rilevante. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Procura <span class=\"_ _3\"></span>sostiene <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>finanziatrici avrebber<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sottoscritto con il Fondo Immobiliare un prestito a condizioni diverse e pi\u00f9 onero<span class=\"_ _2\"></span>se rispetto a <span class=\"_ _3\"></span>quelle previste nel bando di gara indetto dall\u2019ente pubbli<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>o per l\u2019opera<span class=\"_ _0\"></span>zione.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _2\"></span>penale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndagata <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>Lgs. <span class=\"_ _5\"></span>231/01 <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>IMI), insieme alle altre du<span class=\"_ _0\"></span>e banche finanziatrici e alla societ\u00e0 di ge<span class=\"_ _0\"></span>stione del fondo immo<span class=\"_ _0\"></span>biliare. Con <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>23 <span class=\"_ _6\"></span>maggio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>4 <span class=\"_ _6\"></span>giugno <span class=\"_ _2\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>stralcio delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>dell\u2019ex <span class=\"_ _5\"></span>manager <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>chiederne <span class=\"_ _5\"></span>l\u2019archiviazio<span class=\"_ _2\"></span><span class=\"ff1\">ne. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecreto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2022, </span>divenuto <span class=\"_ _5\"></span>definitivo <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>dicembre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>Procura <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>disposto <span class=\"_ _5\"></span>l\u2019archiviazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>procedimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>carico <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Banca. <span class=\"_ _6\"> </span>Ci <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>attende inoltre che venga form<span class=\"_ _0\"></span>alizzata la richiest<span class=\"_ _0\"></span>a di archiviazione an<span class=\"_ _0\"></span>che nei confronti dell\u2019e<span class=\"_ _0\"></span>x manager<span class=\"_ _3\"></span><span class=\"ff1\"> di Banca IMI.<span class=\"_ _90\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-148.54224px;\"><div class=\"t m0 x0 h1b y4 ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso societ\u00e0 e<span class=\"_ _0\"></span>sattoriali<span class=\"ff1 fs9 fc0\">  </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Nel contesto della reinternalizzazione della riscossione dei tributi da parte dello Stato, Intesa Sanpaolo ha c<span class=\"_ _3\"></span>eduto ad Equit<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lia </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">S.p.A. <span class=\"_ _6\"></span>oggi <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _6\"></span>Riscossione, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>totalit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gest <span class=\"_ _6\"></span>Line <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ETR/ESATRI, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>che </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">gest<span class=\"ff4\">ivano <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>esattoriale, <span class=\"_ _2\"></span>impegnandosi <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>indennizzare <span class=\"_ _2\"></span>l\u2019acquirente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>sopportati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conseguenza </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0 di risco<span class=\"_ _0\"></span>ssione svolta sino alla <span class=\"_ _0\"></span>data dell\u2019acquisto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle partecipazioni.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>ontenzioso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>impositori, <span class=\"_ _2\"></span>contribuenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opravvenienze </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">passive e minusvalenz<span class=\"_ _0\"></span>e rispetto alla situ<span class=\"_ _0\"></span>azione patrimoniale di <span class=\"_ _0\"></span>cessione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>avanzate <span class=\"_ _3\"></span>risultano <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>74,9 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Concluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tav<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>tecnico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confronto <span class=\"_ _3\"></span>con </div><div class=\"t m0 x0 h32 y66 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>Entrate <span class=\"_ _6\"> </span>Riscossione <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"> </span>reciproche <span class=\"_ _6\"></span>pretese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ora <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>vanzate <span class=\"_ _6\"></span>trattative <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>definizione <span class=\"_ _6\"></span>delle </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">stesse.  </div><div class=\"t m0 x0 h4c y68 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y69 ff2 fs0 fc2 sc0 ls0 ws0\">Energy S.r.l. </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>Energy <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>quale <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>C.I.S.I. <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>ceduto <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>terz<span class=\"_ _3\"></span>i, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proposto </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">dinnanzi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>domanda <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vanificazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>finanziament<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">agevolato di circa 22 <span class=\"_ _3\"></span>milioni concesso alla C.I.S.I. S.r.l. nel 1997 ai sensi <span class=\"_ _5\"></span>della L. 488/92 e l<span class=\"_ _3\"></span>a condanna in solido del <span class=\"_ _3\"></span>Ministero </div><div class=\"t m0 x0 h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dello <span class=\"_ _20\"> </span>Svilupp<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>Economico, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>(quale <span class=\"_ _20\"> </span>concessionaria <span class=\"_ _1c\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>l\u2019<span class=\"_ _3\"></span>istruttoria <span class=\"_ _1c\"> </span>procedimentale) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>Vittoria </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Assicurazioni <span class=\"_ _7\"> </span>(garante <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>tranche <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziam<span class=\"_ _0\"></span>ento) <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>risarci<span class=\"_ _2\"></span>re <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>anni <span class=\"_ _7\"> </span>asseritamente <span class=\"_ _7\"> </span>subiti, </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">quantificati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omplessivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>53 <span class=\"_ _5\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fondamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>l'esito <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">procedimento <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>enale <span class=\"_ _6\"></span>originato <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>esposto <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>C.I.S.I. <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>suo <span class=\"_ _6\"></span>amministratore <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>rregolarit\u00e0 <span class=\"_ _6\"></span>ed </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">inadempienze <span class=\"_ _6\"></span>nell'esecuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"></span>industriale <span class=\"_ _6\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>finanziamento, <span class=\"_ _6\"></span>procedimento <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>aveva <span class=\"_ _4\"></span>indotto <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>revoca </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">della concessione di fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anza agevolata. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>si  \u00e8 <span class=\"_ _1d\"> </span>cost<span class=\"_ _3\"></span>ituita  ne<span class=\"_ _3\"></span>gando  la <span class=\"_ _1d\"> </span>fondatezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>pretese  a<span class=\"_ _3\"></span>vve<span class=\"_ _3\"></span>rsarie, <span class=\"_ _1d\"> </span>eccependo  la <span class=\"_ _1d\"> </span>nullit\u00e0 <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>citazione, </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019intervenuta <span class=\"_ _2\"></span>prescrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>qualsiasi <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>risarcitoria <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca, <span class=\"_ _5\"></span>l\u2019infondatezza <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>pretese <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019inid<span class=\"_ _5\"></span><span class=\"ff1\">onea </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione di <span class=\"_ _0\"></span>un danno.  </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">Avviato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>processuale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>scambiate <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>memorie<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rito <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>istruttoria.  In <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>0 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _16\"> </span>il </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>depositato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>respinto <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>domande <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Energy, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>10 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">appello. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y7a ff2 fs0 fc2 sc0 ls0 ws0\">Engineering Service S.<span class=\"_ _0\"></span>r.l. </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>2015 <span class=\"_ _4\"> </span>Engineering <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>S.r.<span class=\"_ _3\"></span>l. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>promosso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>giu<span class=\"_ _0\"></span>dizio <span class=\"_ _6\"></span>civile <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>confronti <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>MISE, <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>BPER <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">relazione <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>agevolazioni <span class=\"_ _3\"></span>pubbliche <span class=\"_ _3\"></span>all\u2019imprenditoria. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>attrice <span class=\"_ _2\"></span>imputa <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>nostra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(ed <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>BPER)<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y7d ff4 fs0 fc0 sc0 ls0 ws0\">ritardi <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>erogazioni, <span class=\"_ _3\"></span>ritardi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>avrebbero <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>dell\u2019impresa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">conseguente perdita d<span class=\"_ _0\"></span>el contributo pu<span class=\"_ _0\"></span>bblico. </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Nei confronti del nos<span class=\"_ _0\"></span>tro Istituto \u00e8 stata form<span class=\"_ _0\"></span>ulata domanda di risa<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>cimento danni per 2<span class=\"_ _0\"></span>8 milioni circa.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span><span class=\"ff4\">difese <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tempi <span class=\"_ _2\"></span>dell\u2019istruttori<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ipesi <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>BPER, <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y901 ff1 fs0 fc0 sc0 ls0 ws0\">domanda di manleva. </div><div class=\"t m0 x0 h2 y436 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _7\"> </span>dell\u2019ordi<span class=\"_ _0\"></span>nanza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>sposta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>CTU, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Roma, <span class=\"_ _7\"> </span>con  <span class=\"ff1\">sentenza <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>9 </span></div><div class=\"t m0 x0 h32 y437 ff4 fs0 fc0 sc0 ls0 ws0\">novembre  2<span class=\"_ _0\"></span>021,  ha <span class=\"_ _16\"> </span>rigettato  integralm<span class=\"_ _0\"></span>ente  la <span class=\"_ _16\"> </span>domanda  dell\u2019attrice,<span class=\"_ _0\"></span>  condann<span class=\"_ _0\"></span>andola  alla <span class=\"_ _16\"> </span>rifusione <span class=\"_ _16\"> </span>delle  spese <span class=\"_ _16\"> </span>legali  nei<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ya97 ff1 fs0 fc0 sc0 ls0 ws0\">confronti di tutte le p<span class=\"_ _0\"></span>arti convenute. </div><div class=\"t m0 x0 h2 y29c ff1 fs0 fc0 sc0 ls0 ws0\">La sentenza \u00e8 passata in<span class=\"_ _0\"></span> giudicato per ma<span class=\"_ _0\"></span>ncata impugnazio<span class=\"_ _0\"></span>ne nei termini di l<span class=\"_ _0\"></span>egge.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y43a ff2 fs0 fc2 sc0 ls0 ws0\">Fallimento G.I.&amp; E. </div><div class=\"t m0 x0 h32 y43b ff4 fs0 fc0 sc0 ls0 ws0\">Nel  novem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  20<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>1,  il <span class=\"_ _16\"> </span>Fallimento <span class=\"_ _16\"> </span>G.I.&amp;  E. <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _16\"> </span>ha  prom<span class=\"_ _0\"></span>osso  u<span class=\"_ _0\"></span>n\u2019azione <span class=\"_ _16\"> </span>di  risarcim<span class=\"_ _0\"></span>ento <span class=\"_ _16\"> </span>danni  nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _16\"> </span>di  Intesa </div><div class=\"t m0 x0 h32 y43d ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo  (quale  incorporante  B<span class=\"_ _0\"></span>anca  dell\u2019Adriatico)  ed  UBI  (q<span class=\"_ _0\"></span>uale  incorporante  Banca  Marche  e  Popolare  di  Ancor<span class=\"_ _0\"></span>a), </div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc0 sc0 ls0 ws0\">invocandone la responsabilit\u00e0 per aver contribuit<span class=\"_ _0\"></span>o, in concorso <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>ltri istituti bancari e con la condotta degli a<span class=\"_ _3\"></span>mministratori<span class=\"_ _0\"></span> e </div><div class=\"t m0 x0 h2 y43f ff4 fs0 fc0 sc0 ls0 ws0\">degli organi di contro<span class=\"_ _0\"></span>llo, all\u2019artificiale<span class=\"_ _0\"></span> mantenimento in vita <span class=\"_ _0\"></span>della societ\u00e0 ed al<span class=\"_ _0\"></span>l\u2019aggravamento del <span class=\"_ _0\"></span>suo dissesto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc0 sc0 ls0 ws0\">Il danno asseritamente lame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tato \u00e8 stato quantifi<span class=\"_ _0\"></span>cato da controp<span class=\"_ _0\"></span>arte in 22,5 milioni circa.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y441 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>scioglimento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _5\"></span>assunta <span class=\"_ _3\"></span>all\u2019udienza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>16.12.2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>svolgimento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>CTU <span class=\"_ _2\"></span>richiesta <span class=\"_ _2\"></span>dal<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y442 ff1 fs0 fc0 sc0 ls0 ws0\">Fallimento.  </div><div class=\"t m0 x0 h4c y443 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y444 ff2 fs0 fc2 sc0 ls0 ws0\">Fallimento Isoldi Hol<span class=\"_ _0\"></span>ding<span class=\"ff1 fs9 fc0\">  </span></div><div class=\"t m0 x0 h2 y445 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>Fallimento <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio, <span class=\"_ _4\"></span>avanti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Bologna, <span class=\"_ _6\"></span>ex <span class=\"_ _7\"> </span>UBI <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>(<span class=\"_ _3\"></span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Nuova <span class=\"_ _4\"> </span>Banca </div><div class=\"t m0 x0 h2 y446 ff1 fs0 fc0 sc0 ls0 ws0\">Etruria  e <span class=\"_ _16\"> </span>di  C<span class=\"_ _0\"></span>entrobanca), <span class=\"_ _16\"> </span>Intesa  Sanpaol<span class=\"_ _0\"></span>o  e <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>5  banche <span class=\"_ _16\"> </span>con  atto <span class=\"_ _16\"> </span>di  citazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>el  giug<span class=\"_ _0\"></span>no  2020 <span class=\"_ _16\"> </span>invocando  l<span class=\"_ _0\"></span>a  lor<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y447 ff1 fs0 fc0 sc0 ls0 ws0\">responsabilit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _6\"></span>solid<span class=\"ff4\">ale <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019organo <span class=\"_ _6\"></span>amministrativo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Isol<span class=\"_ _3\"></span>di <span class=\"_ _6\"></span>Holding, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>serie <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>atti <span class=\"_ _6\"></span>dissipativi <span class=\"_ _6\"></span>che </span></div><div class=\"t m0 x0 h2 y448 ff1 fs0 fc0 sc0 ls0 ws0\">avrebbero <span class=\"_ _5\"></span>contribuito <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>artificiale <span class=\"_ _5\"></span>sopravvivenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2011 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2013, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>una </div><div class=\"t m0 x0 h2 y1035 ff1 fs0 fc0 sc0 ls0 ws0\">condotta <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>sarebbe <span class=\"_ _6\"></span>realizzata <span class=\"_ _6\"></span>mediante <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risanamento <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>art. <span class=\"_ _5\"></span>67,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co. <span class=\"_ _6\"></span>3, <span class=\"_ _6\"></span>lett. <span class=\"_ _6\"></span>d) <span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>fall. </div><div class=\"t m0 x0 h32 y1036 ff4 fs0 fc0 sc0 ls0 ws0\">fondato  su <span class=\"_ _16\"> </span>atti  illegittimi<span class=\"_ _0\"></span>  e  d<span class=\"_ _0\"></span>i  un  a<span class=\"_ _0\"></span>ccordo  ad <span class=\"_ _16\"> </span>esso  strume<span class=\"_ _0\"></span>ntale,  che <span class=\"_ _16\"> </span>prevedeva  l\u2019erog<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione <span class=\"_ _16\"> </span>di  nuova  f<span class=\"_ _0\"></span>inanza,  atti <span class=\"_ _16\"> </span>che </div><div class=\"t m0 x0 h2 y1037 ff1 fs0 fc0 sc0 ls0 ws0\">avrebbero artificialm<span class=\"_ _0\"></span>ente procrastinato <span class=\"ff4\">la crisi della societ\u00e0<span class=\"_ _0\"></span> ed occultato l\u2019irre<span class=\"_ _0\"></span>versibilit\u00e0 del disse<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 ydb8 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Fallimento Isoldi ha <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>formulato domanda, <span class=\"_ _3\"></span>in via <span class=\"_ _3\"></span>solidale, solo verso <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>(ante incorporazione <span class=\"_ _3\"></span>UBI Banca<span class=\"_ _2\"></span><span class=\"ls20\">) </span></div><div class=\"t m0 x0 h2 ydb9 ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>MPS in<span class=\"_ _3\"></span>vocando la<span class=\"_ _3\"></span> loro <span class=\"_ _3\"></span>responsabilit\u00e0, <span class=\"_ _3\"></span>in concorso <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019Am<span class=\"_ _3\"></span><span class=\"ff1\">ministratore <span class=\"_ _3\"></span>Unico d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Isoldi Holding, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>condotte asseritamente </span></div><div class=\"t m0 x0 h32 yeec ff4 fs0 fc0 sc0 ls0 ws0\">illecite <span class=\"_ _6\"> </span>connesse <span class=\"_ _4\"> </span>all\u2019opera<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>salvataggio <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>Aedes <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _6\"> </span>Holding <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>rilevare <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 yf59 ff1 fs0 fc0 sc0 ls0 ws0\">partecipazione di maggio<span class=\"_ _0\"></span>ranza. </div><div class=\"t m0 x0 h2 yf5a ff4 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>l\u2019ex <span class=\"_ _6\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>si<span class=\"ff1\"> <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>ritualmente <span class=\"_ _6\"></span>costituite <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Tribunale<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>adito, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>ordinanza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"></span>luglio <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>021, <span class=\"_ _6\"></span>ha </span></div><div class=\"t m0 x0 h2 yf5b ff1 fs0 fc0 sc0 ls0 ws0\">dichiarato <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"> </span>incompetenza. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>riassunto <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>giudizio <span class=\"_ _4\"></span>riproponendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>medesime <span class=\"_ _4\"></span>domande <span class=\"_ _4\"></span>avanti <span class=\"_ _4\"></span>al </div><div class=\"t m0 x0 h2 y201 ff1 fs0 fc0 sc0 ls0 ws0\">Tribunale di Torino; la <span class=\"_ _3\"></span>Banca si \u00e8 <span class=\"_ _3\"></span>costituita per<span class=\"_ _3\"></span> <span class=\"ff4\">l\u2019udienza fissata al 3 <span class=\"_ _3\"></span>marzo 2022. All\u2019udienza del 16 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span></span>2023 <span class=\"_ _3\"></span><span class=\"ls11\">il </span>giudice si </div><div class=\"t m0 x0 h2 y1038 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 <span class=\"_ _6\"></span>riservato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>decidere <span class=\"_ _6\"></span>sulle <span class=\"_ _5\"></span>eccezioni <span class=\"_ _6\"></span>preliminari. <span class=\"_ _4\"></span>Il <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anno <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>amentato <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>controparte <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>appare <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo </div><div class=\"t m0 x0 h2 ycd4 ff1 fs0 fc0 sc0 ls0 ws0\">stato precisamente qu<span class=\"_ _0\"></span>antificabile tenuto <span class=\"_ _0\"></span>conto anche delle differenti condotte cen<span class=\"_ _0\"></span>surate alle divers<span class=\"_ _0\"></span>e banche.  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yadc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y10d0 ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.52661px;\"><div class=\"t m0 x0 h2 y4 ff3 fs0 fc2 sc0 ls0 ws0\">Societ\u00e0 Italiana per l<span class=\"_ _0\"></span>e Condotte d\u2019Acqua S.<span class=\"_ _0\"></span>p.A. in Amministrazio<span class=\"_ _0\"></span>ne Straordinaria<span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>tto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>citazione <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>23 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Italian<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>Condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>\u2019Acqua <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _4\"> </span>(ammessa <span class=\"_ _16\"> </span><span class=\"ff1\">alla <span class=\"_ _4\"></span>Proce<span class=\"_ _0\"></span>dura </span></div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cMarzano\u201d con <span class=\"_ _3\"></span>D.M. <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>agosto <span class=\"_ _3\"></span>2018) <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>chiesto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>a ti<span class=\"_ _3\"></span>tolo di <span class=\"_ _3\"></span>risarcimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno per <span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">somma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>389,3 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>diversa <span class=\"_ _16\"> </span>somma <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>risulter\u00e0 <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>giudizio), <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ivalutazione <span class=\"_ _7\"> </span>monetari<span class=\"_ _5\"></span>a, </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">interessi di legge e s<span class=\"_ _0\"></span>pese. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>solidale, <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(anche <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Medio <span class=\"_ _4\"></span>Credito <span class=\"_ _6\"></span>Italiano,<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Banca  IMI, <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _0\"></span>anca <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>\u201cquale  acquirente <span class=\"_ _7\"> </span>dell\u2019azienda\u201d  di  V<span class=\"_ _35\"></span>eneto  Banca <span class=\"_ _16\"> </span>e  di <span class=\"_ _16\"> </span>Banca  P<span class=\"_ _0\"></span>opolare <span class=\"_ _16\"> </span>di  Vi<span class=\"_ _2\"></span><span class=\"ff1\">cenza),  dei<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">componenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gestion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Sorveglianza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Condotte <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>numerose <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">factor. </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>fonda <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>asseriti <span class=\"_ _7\"> </span>comportamenti <span class=\"_ _7\"> </span>posti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vario <span class=\"_ _7\"> </span>titolo <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>convenuti <span class=\"_ _7\"> </span>ritenuti <span class=\"_ _7\"> </span>fonte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>pregiu<span class=\"_ _2\"></span>dizio <span class=\"_ _7\"> </span>al </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>massa <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>creditori; <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>actor, <span class=\"_ _4\"> </span>viene </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">ipotizzata u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>responsabilit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>mantenuto <span class=\"_ _3\"></span>abusivamente <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Condotte contribuendo<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">cos\u00ec alla prosecuzione <span class=\"_ _0\"></span>in perdita della <span class=\"_ _0\"></span>sua attivit\u00e0, con agg<span class=\"_ _0\"></span>ravamento del dissesto. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">La prima udienza \u00e8 fis<span class=\"_ _0\"></span>sata a settembre 2023. </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Allo <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>imputabile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>anche<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>differenti </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">condotte imputate ai n<span class=\"_ _0\"></span>umerosi convenuti.  </div><div class=\"t m0 x0 h32 y6e ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019Amministrazione <span class=\"_ _5\"></span>Straordinaria <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>inoltre <span class=\"_ _6\"></span>promosso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>fronti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>tre <span class=\"_ _6\"> </span>giudizi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>revocatoria <span class=\"_ _6\"></span>fallimentare<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">dinanzi al Tribunale <span class=\"_ _0\"></span>di Roma, con richiesta <span class=\"_ _0\"></span>di restituzione di som<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span> per circa 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _2\"></span>i.  </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y71 ff2 fs0 fc2 sc0 ls0 ws0\">Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Pesaro </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">La Fondazione Cassa di Risparmio di Pesaro <span class=\"_ _0\"></span>2018 ha promosso azione risarcitori<span class=\"_ _0\"></span>a nei confronti di ex UBI Banca (in qualit\u00e0 di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">ente <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ucceduto <span class=\"_ _6\"> </span>all\u2019emittente <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>Marche <span class=\"_ _4\"> </span>S.p.A.<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-136.52661px;\"><div class=\"t m0 xba h33 y3f3 ff1 fs11 fc0 sc0 ls1a ws0\">112<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.52661px;\"><div class=\"t m0 x53 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">)<span class=\"_ _90\"> </span></div><div class=\"t m0 x14c h33 y3f3 ff1 fs11 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x15d h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>PwC <span class=\"_ _6\"></span>(la <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>certificato <span class=\"_ _4\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>bilanci <span class=\"_ _6\"></span>ed </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">attestato <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>indicati <span class=\"_ _4\"> </span>nel <span class=\"_ _16\"> </span>Prospetto <span class=\"_ _7\"> </span>Informativo) <span class=\"_ _7\"> </span>sostenendo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>convenute <span class=\"_ _4\"> </span>avrebbero <span class=\"_ _7\"> </span>diffuso <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pubblico <span class=\"_ _7\"> </span>dei </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">risparmiatori <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>economica <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>no<span class=\"_ _2\"></span>nch\u00e9 <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _7\"> </span>reddituali <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Marche <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _6\"></span>sarebbero <span class=\"_ _2\"></span>rivelati <span class=\"_ _5\"></span>totalmente <span class=\"_ _5\"></span>errati <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fuorvianti. <span class=\"_ _5\"></span>Tali <span class=\"_ _5\"></span>informazioni, <span class=\"_ _2\"></span>contenute <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>bilanci <span class=\"_ _7\"> </span>al </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2010 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2011 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Prospetto Informativo, <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>indotto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Fo<span class=\"_ _2\"></span>ndazione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sottoscrivere <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>azioni </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>emesse <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2012. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>registrato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>una </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">marcata riduzione dell<span class=\"_ _0\"></span>a loro quotazione di m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato, determinan<span class=\"_ _0\"></span>do una perdita qu<span class=\"_ _0\"></span>antificata in 52 mili<span class=\"_ _2\"></span>oni circa. </div><div class=\"t m0 x0 h32 y7a ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>desivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">legittimazione passiva <span class=\"_ _3\"></span>sollevata da <span class=\"_ _3\"></span>UBI, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione delle <span class=\"_ _3\"></span>previsioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>180/2015 che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato la<span class=\"_ _3\"></span> proced<span class=\"_ _6\"></span>ura<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>risoluzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Marche. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Tribunale, <span class=\"_ _5\"></span>rigettate <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>istanze <span class=\"_ _5\"></span>istruttorie <span class=\"_ _6\"></span>formulate, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>inviato <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>per<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>la </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">precisazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>conclusioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>13 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021. <span class=\"_ _2\"></span>Precisate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>conclusioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>parti <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>depositato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>memorie <span class=\"_ _3\"></span>conclusional<span class=\"_ _5\"></span><span class=\"ls13\">i:</span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">causa in attesa di se<span class=\"_ _0\"></span>ntenza.  </div><div class=\"t m0 x0 h254 ycbc ff2 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y900 ff2 fs0 fc2 sc0 ls0 ws0\">Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Jesi </div><div class=\"t m0 x0 h2 y901 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>gen<span class=\"_ _3\"></span>naio <span class=\"_ _7\"> </span>2016 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Fondazione <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Jesi <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>promosso <span class=\"_ _7\"> </span>azione <span class=\"_ _7\"> </span>risarcitoria <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _16\"> </span>Banca </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">(in <span class=\"ff4\">qualit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>ente <span class=\"_ _6\"></span>asseritamente <span class=\"_ _5\"></span>succeduto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019emittente <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Marche <span class=\"_ _4\"> </span></span>S.p.A.<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-136.52661px;\"><div class=\"t m0 x1b h33 y636 ff1 fs11 fc0 sc0 ls1a ws0\">113<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.52661px;\"><div class=\"t m0 x92 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>PwC <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ha </div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\">certificato <span class=\"_ _2\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>bilanci <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attestato <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _2\"></span>indicati <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Prospetto <span class=\"_ _2\"></span>Informativo) <span class=\"_ _5\"></span>sostenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>convenute <span class=\"_ _5\"></span>avrebbero <span class=\"_ _2\"></span>dif<span class=\"_ _5\"></span>fuso </div><div class=\"t m0 x0 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\">presso il pubblico dei risparmiatori dati e informazioni relativi alla situ<span class=\"_ _3\"></span>azione economica e patrimoniale nonch\u00e9 alle prospettive </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">reddituali <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marche <span class=\"_ _2\"></span>S.p.A. c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbero <span class=\"_ _3\"></span>rivelati <span class=\"_ _3\"></span>totalmente <span class=\"_ _3\"></span>errati <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fuorvianti. <span class=\"_ _3\"></span>Tali <span class=\"_ _2\"></span>informazioni, c<span class=\"_ _3\"></span>onte<span class=\"_ _5\"></span>nute<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y906 ff1 fs0 fc0 sc0 ls0 ws0\">nei  bila<span class=\"_ _0\"></span>nci  al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre  20<span class=\"_ _0\"></span>10  e <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>30  giugno <span class=\"_ _16\"> </span>2011 <span class=\"_ _16\"> </span>e  nel <span class=\"_ _16\"> </span>Prospetto  I<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>formativo, <span class=\"_ _16\"> </span>avrebbero  indotto <span class=\"_ _16\"> </span>la  F<span class=\"_ _0\"></span>ondazione <span class=\"_ _7\"> </span>a </div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscrivere  l<span class=\"_ _0\"></span>e  azioni <span class=\"_ _16\"> </span>della  B<span class=\"_ _0\"></span>anca  emesse <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  aumento <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>nel  marzo <span class=\"_ _16\"> </span>2012.  Il <span class=\"_ _16\"> </span>valore  di <span class=\"_ _16\"> </span>tali  titoli  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 </div><div class=\"t m0 x0 h2 y908 ff1 fs0 fc0 sc0 ls0 ws0\">successivamente azzera<span class=\"_ _0\"></span>to determinando una per<span class=\"_ _0\"></span>dita quantificat<span class=\"_ _0\"></span>a in 25 milioni circ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y909 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _17\"> </span>cor<span class=\"ff4\">so <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _17\"> </span>adesivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di </span></div><div class=\"t m0 x0 h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>sollevata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _3\"></span>180/2015 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato <span class=\"_ _4\"></span>la </div><div class=\"t m0 x0 h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">procedura di risoluzione di B<span class=\"_ _0\"></span>anca delle Marche. </div><div class=\"t m0 x0 h32 y1b7 ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>sentenza <span class=\"_ _2\"></span>resa <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Ancona <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>accolto <span class=\"_ _3\"></span>l\u2019eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimazione <span class=\"_ _3\"></span>passiva </div><div class=\"t m0 x0 h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">sollevata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>rigettando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>formulate. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impugnazione <span class=\"_ _3\"></span>proposto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Fonda<span class=\"_ _5\"></span>zione <span class=\"_ _3\"></span>dinanzi a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h11 y1b9 ff4 fs0 fc0 sc0 ls0 ws0\">Corte d\u2019Appello di A<span class=\"_ _0\"></span>ncona<span class=\"ff1 fs6\"> </span>l\u2019udienza di precisazione delle<span class=\"_ _0\"></span> conclusioni \u00e8 stat<span class=\"_ _0\"></span>a rinviata al 9 magg<span class=\"_ _0\"></span>io 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y90a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y1bb ff2 fs0 fc2 sc0 ls0 ws0\">Gruppo Alitalia: Azio<span class=\"_ _0\"></span>ni revocatorie </div><div class=\"t m0 x0 h2 y3df ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019agosto <span class=\"_ _3\"></span>2011, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>Straordinaria <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">e <span class=\"_ _2\"></span></span>precisamente <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>Linee <span class=\"_ _2\"></span>Aeree, <span class=\"_ _2\"></span>Alitalia </span></div><div class=\"t m0 x0 h2 y1bd ff1 fs0 fc0 sc0 ls0 ws0\">Servizi, <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Airport <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Alitalia <span class=\"_ _2\"></span>Express <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>promosso <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribuna<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma, <span class=\"_ _2\"></span>cinque </div><div class=\"t m0 x0 h2 y3e1 ff1 fs0 fc0 sc0 ls0 ws0\">giudizi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>revocatoria <span class=\"_ _4\"> </span>fallimentare <span class=\"_ _4\"> </span>(di <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>contro <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Fir<span class=\"_ _2\"></span>enze) <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>richiesta <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">complessivi 44,6 milio<span class=\"_ _0\"></span>ni. </div><div class=\"t m0 x0 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">Con  la<span class=\"_ _0\"></span>  co<span class=\"_ _0\"></span>stituzione <span class=\"_ _16\"> </span>in  g<span class=\"_ _0\"></span>iudizio,  \u00e8<span class=\"_ _0\"></span>  s<span class=\"_ _0\"></span>tata  o<span class=\"_ _0\"></span>pposta <span class=\"_ _16\"> </span>una  li<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ea <span class=\"_ _16\"> </span>difensiva <span class=\"_ _16\"> </span>basata  pri<span class=\"_ _0\"></span>ncipalmente <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _16\"> </span>nullit\u00e0 <span class=\"_ _16\"> </span>delle  azio<span class=\"_ _0\"></span>ni  p<span class=\"_ _35\"></span>er </div><div class=\"t m0 x0 h2 y1c1 ff1 fs0 fc0 sc0 ls0 ws0\">indeterminatezza <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>domande, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>esclusione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>sogg<span class=\"_ _2\"></span>ettivo <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>conoscenza <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y1c2 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _5\"></span>Alitalia <span class=\"_ _5\"></span>(oggetto <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _5\"></span>Air <span class=\"_ _5\"></span>France <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>poi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>successivo <span class=\"_ _5\"></span>salvataggio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ilotato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>italiano), <span class=\"_ _2\"></span>nonch\u00e9 </div><div class=\"t m0 x0 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">sulla non revocabilit\u00e0 d<span class=\"_ _0\"></span>elle partite in accr<span class=\"_ _0\"></span>edito, considerata la<span class=\"_ _0\"></span> peculiarit\u00e0 <span class=\"_ _3\"></span>delle movimentazioni <span class=\"_ _0\"></span>di conto. </div><div class=\"t m0 x0 h2 y1c4 ff1 fs0 fc0 sc0 ls0 ws0\">Falliti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>primi <span class=\"_ _6\"></span>tentativi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ggiung<span class=\"_ _0\"></span>ere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>transattivo, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>accolto <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">Alitalia Servizi, co<span class=\"_ _0\"></span>ndannando la Banca al<span class=\"_ _0\"></span>la restituzione di cir<span class=\"_ _0\"></span>ca 17 milioni, oltre a<span class=\"_ _0\"></span>ccessori.  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>censurabile <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>merito, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>pronuncia <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>emessa <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>deposito <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x0 h2 y3ea ff4 fs0 fc0 sc0 ls0 ws0\">comparse conclusio<span class=\"_ _0\"></span>nali, per cui, nell\u2019atto di<span class=\"_ _0\"></span> appello successivam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte proposto, \u00e8 st<span class=\"_ _0\"></span>ata sollevata in via pregi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziale eccezi<span class=\"_ _2\"></span><span class=\"ff1\">one </span></div><div class=\"t m0 x0 h2 y1c8 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _7\"> </span>null<span class=\"ff4\">it\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>sentenza, <span class=\"_ _7\"> </span>unitamente <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>sospensione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>provvisoria <span class=\"_ _7\"> </span>esecutivit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>stessa, <span class=\"_ _16\"> </span>quest\u2019ultima </span></div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">accolta <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>provvedimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Appello. <span class=\"_ _6\"></span>Le <span class=\"_ _2\"></span>cause <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Aeree <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>Alitalia <span class=\"_ _3\"></span>Express <span class=\"_ _2\"></span>sono </div><div class=\"t m0 x0 h2 yf38 ff1 fs0 fc0 sc0 ls0 ws0\">invece <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>vinte <span class=\"_ _16\"> </span>in  p<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ima <span class=\"_ _16\"> </span>istanza. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>procedure <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>promosso <span class=\"_ _16\"> </span>appello, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Alitalia <span class=\"_ _16\"> </span>Express <span class=\"_ _7\"> </span>si<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>concluso </div><div class=\"t m0 x0 h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">favorevolmente, con s<span class=\"_ _0\"></span>uccessiva impugnativa<span class=\"_ _0\"></span> in Cassazione da <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte della Proced<span class=\"_ _0\"></span>ura. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">Per Alitalia Airport, p<span class=\"_ _0\"></span>ure vinta in prima ista<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za, la sentenza favor<span class=\"_ _35\"></span>e<span class=\"_ _2\"></span>vole \u00e8 passata in giudicat<span class=\"_ _0\"></span>o.<span class=\"_ _90\"> </span> </div><div class=\"t m0 x2d h2 ye81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.51099px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>promossa <span class=\"_ _5\"></span>contro <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Firenze <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _6\"></span>favorevolmen<span class=\"_ _0\"></span>te <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>primi <span class=\"_ _5\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gradi <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">giudizio, con impugn<span class=\"_ _0\"></span>ativa in Cassazione ad o<span class=\"_ _0\"></span>pera della controp<span class=\"_ _0\"></span>arte.  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Tutto <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>predetto <span class=\"_ _17\"> </span>con<span class=\"_ _3\"></span>tenzioso,<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>dopo <span class=\"_ _17\"> </span>lu<span class=\"_ _3\"></span>nghe <span class=\"_ _18\"> </span>trattative <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>frattempo <span class=\"_ _18\"> </span>riprese, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stato <span class=\"_ _18\"> </span>definito <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>novembre <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>2022 </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">riconoscendo alla co<span class=\"_ _0\"></span>ntroparte la somma di<span class=\"_ _0\"></span> 12,8 milioni. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y63 ff2 fs0 fc2 sc0 ls0 ws0\">Gruppo Elifani </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2009 <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Edilizia <span class=\"_ _3\"></span>Immobiliare <span class=\"_ _3\"></span>San <span class=\"_ _2\"></span>Giorgio 89 <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Enselfin, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sua </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">sostituzione), <span class=\"_ _2\"></span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _5\"></span>Edilizia <span class=\"_ _5\"></span>S.r.l., <span class=\"_ _5\"></span>Hotel <span class=\"_ _2\"></span>Cristallo <span class=\"_ _5\"></span>S.r.l. <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>socio <span class=\"_ _5\"></span>garante <span class=\"_ _2\"></span>Mario <span class=\"_ _5\"></span>Elifani <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>risarcimen<span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>dei </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">danni <span class=\"_ _6\"></span>subiti <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>asserita <span class=\"_ _4\"></span>condo<span class=\"_ _0\"></span>tta <span class=\"_ _4\"></span>illegittima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>richiesto <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>spro<span class=\"_ _5\"></span>porzionate <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">credito <span class=\"_ _6\"></span>concesso, <span class=\"_ _6\"></span>escusso <span class=\"_ _6\"></span>garanzie <span class=\"_ _6\"></span>pignoratizie, <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>interessi <span class=\"_ _6\"></span>usurari <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ef<span class=\"_ _3\"></span>fettuato <span class=\"_ _6\"></span>erronee <span class=\"_ _6\"></span>segnalazioni <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Centrale Rischi. </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019importo <span class=\"_ _1d\"> </span>inizialmente <span class=\"_ _1d\"> </span>preteso <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mmontava <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>circa <span class=\"_ _1d\"> </span>116 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>controversia <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>presu<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>posto <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>medesime </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">circostanze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>lamentate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>anatocismo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>ultralegali <span class=\"_ _2\"></span>promosse <span class=\"_ _2\"></span>dalle <span class=\"_ _3\"></span>suddette </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 nel 2004 e definite transattivamente<span class=\"_ _0\"></span> a inizio 2014. Il giudizio ha avuto esito favorevole per la Banca s<span class=\"_ _2\"></span>ia <span class=\"_ _3\"></span>in primo che in </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">secondo grado. </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Con ordinanza del 27 dicembre 2019 la <span class=\"_ _3\"></span>Corte di Cassazione ha parzialmente accolto il ricorso delle controparti, con rinvio. L<span class=\"_ _5\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>riassunto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>avanti <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>quantificando <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>oman<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>100 <span class=\"_ _2\"></span>milioni </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">circa.  </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>giugno <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Corte <span class=\"_ _6\"></span>d'Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Milano, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinvio, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>rigettato <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>domande <span class=\"_ _6\"></span>svolte <span class=\"_ _4\"></span>dagli <span class=\"_ _6\"></span>attori, </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">condannandoli <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>questa <span class=\"_ _4\"> </span>sentenza <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>nuova<span class=\"_ _3\"></span>mente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpugnata<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Cass<span class=\"_ _0\"></span>azione <span class=\"_ _7\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>con </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">ricorso notificato il 3<span class=\"_ _0\"></span>0 novembre 2022. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y74 ff3 fs0 fc2 sc0 ls0 ws0\">Mariella Burani Fashio<span class=\"_ _0\"></span>n Group S.p.A. in<span class=\"_ _0\"></span> liquidazione e fallim<span class=\"_ _0\"></span>ento (\u201cMBFG\u201d)<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"></span>Fallimento <span class=\"_ _6\"></span>Mariella <span class=\"_ _4\"></span>Burani <span class=\"_ _6\"></span>Fashion <span class=\"_ _4\"></span>Group <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2018 <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>ex<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>amministratori <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">sindaci, le societ\u00e0 di revisione e ex <span class=\"_ _3\"></span>UBI Banca (quale incorporante di Centrobanca), chiedendo la condanna al risarcimento di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">pretesi danni subiti p<span class=\"_ _0\"></span>er effetto di plurimi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tti di mala gestio <span class=\"_ _0\"></span>della societ\u00e0 in <span class=\"_ _0\"></span>bonis.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>prospettazione <span class=\"_ _2\"></span>attorea, <span class=\"_ _3\"></span>Centrobanca, <span class=\"_ _3\"></span>confluita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>avrebbe <span class=\"_ _3\"></span>sostenuto <span class=\"_ _3\"></span>finanziariamente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2008 <span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">controllante <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>fallita <span class=\"_ _5\"></span>(Mariella <span class=\"_ _5\"></span>Burani <span class=\"_ _6\"></span>Holding <span class=\"_ _5\"></span>S.p.A.) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>controllata, <span class=\"_ _5\"></span>nonostante <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>segnali<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">insolvenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quest\u2019ultima <span class=\"_ _5\"></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>nifestatisi <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>decorrere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>2007, <span class=\"_ _5\"></span>cagionando <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>danno <span class=\"_ _6\"></span>quantificato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>92 <span class=\"_ _6\"></span>milioni </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">circa. </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>eccepito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>preliminar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>difetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legittimazione <span class=\"_ _2\"></span>attiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fallimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>oggetto<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">contestazione era s<span class=\"_ _3\"></span>tato ero<span class=\"_ _3\"></span><span class=\"ff4\">gato a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>della controllante di <span class=\"_ _3\"></span>Mariella Burani <span class=\"_ _3\"></span>Fashion Group <span class=\"_ _3\"></span>S.p.A.; inoltre l\u2019asserito danno <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">cui il Fallimento chie<span class=\"_ _0\"></span>de il risarcimento s<span class=\"_ _0\"></span>arebbe stato in realt\u00e0<span class=\"_ _0\"></span> subito dai creditori <span class=\"_ _0\"></span>della societ\u00e0 (e non <span class=\"_ _0\"></span>dalla procedura).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda il merito <span class=\"ff4\">delle contesta<span class=\"_ _0\"></span>zioni, la Banca ha evidenzia<span class=\"_ _0\"></span>to la correttezza del propr<span class=\"_ _0\"></span>io operato nonch\u00e9 l\u2019esclusiv<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">responsabilit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bon<span class=\"_ _3\"></span>is, <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>esclusiva <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>falsi, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diffusione <span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>false </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">informazioni e la con<span class=\"_ _0\"></span>t<span class=\"ff4\">inuazione dell\u2019attivit\u00e0 social<span class=\"_ _0\"></span>e in una asserita <span class=\"_ _0\"></span>situazione di insolve<span class=\"_ _0\"></span>nza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Il giudizio si trova in f<span class=\"_ _0\"></span>ase istruttoria.  </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y84 ff2 fs0 fc2 sc0 ls0 ws0\">Fallimento Sim <span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>citazione <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>SIM <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio <span class=\"_ _2\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">(unitamente ad altri <span class=\"_ _0\"></span>7 istituti di credito) ava<span class=\"_ _0\"></span>nti il Tribunale di C<span class=\"_ _0\"></span>atania, con prima u<span class=\"_ _0\"></span>dienza in data 31 m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rzo 2023.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Trattasi di azione risarcitoria promossa per danni <span class=\"_ _0\"></span>asseritamente sub\u00ecti dalla societ\u00e0 e dai credito<span class=\"_ _0\"></span>ri in ragione di comportam<span class=\"_ _2\"></span>enti </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">delle banche qualific<span class=\"_ _0\"></span>ati dalla controparte <span class=\"_ _0\"></span>come \u201cantigiuridici\u201d, <span class=\"_ _0\"></span>che avrebbero determin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to un\u2019abusiva conce<span class=\"_ _0\"></span>ssione di credito.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">La pretesa risarcitori<span class=\"_ _0\"></span>a \u00e8 stata quantificata i<span class=\"_ _0\"></span>n 47 milioni circa, <span class=\"_ _0\"></span>con richiesta di condan<span class=\"_ _0\"></span>na in solido tra le <span class=\"_ _0\"></span>banche convenute<span class=\"_ _2\"></span><span class=\"ls12\">. </span> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y47 ff2 fs0 fc2 sc0 ls0 ws0\">Offerta di diamanti </div><div class=\"t m0 x0 h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ottobre <span class=\"_ _3\"></span>2015, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tipulato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>collaborazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>Diamond <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>(DPI) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>disciplinare </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>segnalazione <span class=\"_ _7\"> </span>dell\u2019offerta <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>diamanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>DPI <span class=\"_ _7\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>in<span class=\"_ _5\"></span><span class=\"ff1\">iziativa, <span class=\"_ _7\"> </span>si </span></div><div class=\"t m0 x0 h32 y4a ff4 fs0 fc0 sc0 ls0 ws0\">intendeva <span class=\"_ _3\"></span>rendere <span class=\"_ _2\"></span>disponibile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>soluzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cbene <span class=\"_ _3\"></span>rifugi<span class=\"_ _6\"></span>o\u201d <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _6\"></span>allocare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>quota <span class=\"_ _4\"></span>margina<span class=\"_ _0\"></span>le <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>lungo <span class=\"_ _5\"></span>periodo. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>diamanti <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _6\"></span>og<span class=\"_ _5\"></span>getto <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">vendita da diversi an<span class=\"_ _0\"></span>ni presso altre prim<span class=\"_ _0\"></span>arie reti bancarie nazio<span class=\"_ _0\"></span>nali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y4d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>segnalazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revalentement<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>2016, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>significativo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>medesimo<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">anno. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Complessivamente  i  clienti  che  hanno  acqui<span class=\"_ _0\"></span>sta<span class=\"_ _3\"></span>to  diamanti  sono  circa  8.000,  per  un  importo  complessivo  pari  a  oltre </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">130 milioni. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>commercializzazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>improntato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trasparenza, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>presidi <span class=\"_ _4\"> </span>progressivamente </div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">rafforzati nel tempo, <span class=\"_ _0\"></span>inclusi, tra l\u2019altro, co<span class=\"_ _0\"></span>ntrolli di qualit\u00e0<span class=\"ff1\"> <span class=\"_ _3\"></span>sui diamanti <span class=\"_ _0\"></span>e di congruit\u00e0 dei <span class=\"_ _0\"></span>prezzi praticati da DPI. </span></div><div class=\"t m0 x0 h32 y52 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>017, <span class=\"_ _7\"> </span>l\u2019AGCM <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>avviato, <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>commercializzano <span class=\"_ _7\"> </span>diamanti, <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>DPI <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>tra <span class=\"_ _7\"> </span>societ\u00e0) </div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">procedimenti per l\u2019acc<span class=\"_ _0\"></span>ertamento di comportam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti in violazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elle disposizio<span class=\"_ _3\"></span><span class=\"ff1\">ni in materia di p<span class=\"_ _0\"></span>ratiche commerciali scor<span class=\"_ _0\"></span>rette. </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">In aprile tali procedime<span class=\"_ _0\"></span>nti sono stati este<span class=\"_ _0\"></span>si alle banche che han<span class=\"_ _0\"></span>no svolto attivit\u00e0 d<span class=\"_ _0\"></span>i segnalazione <span class=\"_ _0\"></span>dei servizi di dette s<span class=\"_ _0\"></span>oci<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0. </div><div class=\"t m0 x0 h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nclusione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>procedimenti, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>30 <span class=\"_ _3\"></span>ottobre <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>l\u2019AGCM <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimenti <span class=\"_ _3\"></span>sanzionatori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>aver <span class=\"_ _2\"></span>accertato <span class=\"_ _3\"></span>la </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">presunta contrariet\u00e0 al Codi<span class=\"_ _0\"></span>ce del Consumo delle con<span class=\"_ _0\"></span>dotte di DPI nonch\u00e9 delle b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche a cui il procedim<span class=\"_ _0\"></span>ento era stato esteso, </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">consistenti  <span class=\"ff4\">\u2013</span>  in  sintesi  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">nell\u2019aver  fornito  una  rappresentazione  parzi<span class=\"_ _0\"></span>ale,  ingan<span class=\"_ _3\"></span><span class=\"ff1\">nevole  e  fuorviante  delle  caratteristich<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019acquisto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>diamanti, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>prospettato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>quotazione <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h32 y59 ff4 fs0 fc0 sc0 ls0 ws0\">mercato. <span class=\"_ _4\"> </span>L\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>irrogato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>ridotta <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ispe<span class=\"_ _2\"></span>tto <span class=\"_ _4\"> </span>all\u2019iniziale <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">3,5 <span class=\"ff4\">milioni, avendo l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>riconosciuto<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il pregio <span class=\"_ _3\"></span>delle iniziative poste in <span class=\"_ _3\"></span>essere dalla <span class=\"_ _3\"></span>Banca a p<span class=\"_ _3\"></span>artire dal 2016 <span class=\"_ _3\"></span>per rafforz<span class=\"_ _5\"></span><span class=\"ff1\">are </span></span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">i presidi del process<span class=\"_ _0\"></span>o di offerta volti a gara<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tire, in particolare, l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> corretta informa<span class=\"_ _3\"></span>tiva alla clientela. </div><div class=\"t m0 x0 h32 y5c ff4 fs0 fc0 sc0 ls0 ws0\">A seguito del provvedimento d<span class=\"_ _0\"></span>ell\u2019AGCM, la Banca ha corri<span class=\"_ _0\"></span>sposto l\u2019importo ogg<span class=\"_ _0\"></span>etto di sanzione e depositato ri<span class=\"_ _0\"></span>corso al TAR del </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">Lazio <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>l\u2019impugnazio<span class=\"_ _0\"></span>ne. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>uddetto <span class=\"_ _17\"> </span>ricorso, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>data <span class=\"_ _18\"> </span>16 <span class=\"_ _17\"> </span>novembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>TAR <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>confermato <span class=\"_ _18\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">provvedimento sanzio<span class=\"_ _0\"></span>natorio e la Banca presenter\u00e0 <span class=\"_ _0\"></span>appello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>A partire da novembre 2<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span>17, la Banca h<span class=\"_ _0\"></span>a: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rescisso <span class=\"_ _1d\"> </span>l\u2019accordo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>collaborazione <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>Diamond <span class=\"_ _17\"> </span>Private <span class=\"_ _1d\"> </span>Investment <span class=\"_ _17\"> </span>(DPI) <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>cessato <span class=\"_ _17\"> </span>l\u2019attivit\u00e0, <span class=\"_ _1d\"> </span>gi\u00e0 <span class=\"_ _1d\"> </span>sospesa <span class=\"_ _17\"> </span>nel </span></span>precedente mese di otto<span class=\"_ _0\"></span>bre; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">attivato un <span class=\"_ _3\"></span>processo che <span class=\"_ _3\"></span>prevede il <span class=\"_ _3\"></span>riconoscimento alla c<span class=\"_ _3\"></span>lientela dell\u2019originario costo <span class=\"_ _3\"></span>sostenuto per <span class=\"_ _3\"></span>l\u2019acquisto dei <span class=\"_ _3\"></span>preziosi<span class=\"_ _2\"></span></span> </span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ritiro <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>pietre, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>soddisfare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esigenze <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rivendita <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>clientela <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>causa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>ill<span class=\"_ _5\"></span>iquidit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 creata sul mercato, <span class=\"_ _0\"></span>non sono soddisfatte d<span class=\"_ _0\"></span>a DPI; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inviato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"></span>clienti <span class=\"_ _6\"></span>possessori <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>diamanti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ribadire <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bene </span>durevole delle pietre, confermando, tra <span class=\"_ _3\"></span>l\u2019altro, la <span class=\"_ _2\"></span><span class=\"ff1\">disponibilit\u00e0 della Banca ad <span class=\"_ _3\"></span>intervenire direttamente a fronte di <span class=\"_ _3\"></span>eventual<span class=\"_ _0\"></span>i </span>esigenze di realizzo m<span class=\"_ _0\"></span>anifestate dalla <span class=\"_ _0\"></span>clientela e non soddi<span class=\"_ _0\"></span>sfatte da DPI.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>pervenute 34 <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>0,5 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iacquisto comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _3\"></span>pervenute dalla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>soddisfatte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>6.854 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>controvalore <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>116,3 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>dei diamanti <span class=\"_ _18\"> </span>riacquistati <span class=\"_ _17\"> </span>viene <span class=\"_ _18\"> </span>effettuata <span class=\"_ _18\"> </span>prendendo <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>considerazione <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lori <span class=\"_ _17\"> </span>espressi <span class=\"_ _18\"> </span>dall\u2019indice <span class=\"_ _18\"> </span>IDEX <span class=\"_ _18\"> </span>Diamond <span class=\"_ _18\"> </span>Ret<span class=\"_ _2\"></span><span class=\"ff1\">ail </span>Benchmark, una delle <span class=\"_ _0\"></span>principali piattaf<span class=\"_ _0\"></span>orme di trading on li<span class=\"_ _0\"></span>ne utilizzato nelle pri<span class=\"_ _0\"></span>ncipali piazze da pi\u00f9 di <span class=\"_ _0\"></span>7.000 operatori.<span class=\"_ _2\"></span> Nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>febbraio <span class=\"_ _4\"></span>2019 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>notificato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>sequestro <span class=\"_ _6\"></span>preventivo <span class=\"_ _6\"></span>penale <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>11,1 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>somma <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>alle commissioni riconosciut<span class=\"_ _0\"></span>e da DPI alla Banca. Le indagini preliminari a<span class=\"_ _0\"></span>vviate dalla Procura della R<span class=\"_ _0\"></span>epubblica di Milano riguar<span class=\"_ _0\"></span>dano anche altre quattro Ba<span class=\"_ _0\"></span>nche (maggiormente coinvolte) e due soci<span class=\"_ _0\"></span>et\u00e0 che commercializzano <span class=\"_ _0\"></span>diamanti. Nell\u2019ottobre 2019 <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato notificato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019avviso di <span class=\"_ _3\"></span>conclusione de<span class=\"_ _3\"></span>lle indagini <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>quale emerge che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>indagati due <span class=\"_ _3\"></span>gestori <span class=\"_ _3\"></span>della Banca <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa <span class=\"_ _6\"></span>aggravata <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>concorso <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>soggetti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>individuare) <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _4\"> </span>l\u2019identific<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>al<span class=\"_ _6\"></span><span class=\"ff1\">tri </span>esponenti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autoricic<span class=\"_ _3\"></span>laggio, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contestato <span class=\"_ _4\"> </span>l\u2019illecito <span class=\"_ _7\"> </span>amministrativo <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>D. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _4\"> </span>231<span class=\"_ _3\"></span>/2001 <span class=\"_ _4\"> </span>in relazione a quest\u2019ultim<span class=\"_ _0\"></span>o reato presupposto.<span class=\"ff1\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quest\u2019ultima <span class=\"_ _6\"> </span>contestazione, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>GIP <span class=\"_ _4\"> </span>ha a<span class=\"ff4\">ccolto  l\u2019istanz<span class=\"_ _0\"></span>a  di  p<span class=\"_ _0\"></span>atteggiamento  \u2013<span class=\"ff1\">  presentat<span class=\"_ _0\"></span>a  da  Inte<span class=\"_ _0\"></span>sa  Sanpa<span class=\"_ _0\"></span>olo  al <span class=\"_ _16\"> </span>solo  fine  di <span class=\"_ _16\"> </span>evitare  il <span class=\"_ _16\"> </span>protrarsi  della <span class=\"_ _16\"> </span>pendenza </span></span>giudiziaria  e  s<span class=\"_ _0\"></span>ulla  quale  la  P<span class=\"_ _0\"></span>rocura  avev<span class=\"_ _0\"></span>a  espresso  pare<span class=\"_ _0\"></span>re  favorevole <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  pronuncian<span class=\"_ _0\"></span>do  una  sentenza  c<span class=\"_ _0\"></span>he  ha  dis<span class=\"_ _0\"></span>posto l\u2019applicazione della <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span><span class=\"ff1\">la <span class=\"_ _3\"></span>sanzione pecuniaria <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>100 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>confisca <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>somme <span class=\"_ _3\"></span>costituenti <span class=\"_ _3\"></span>il </span>profitto del reato di a<span class=\"_ _0\"></span>utoriciclaggio, quanti<span class=\"_ _0\"></span>ficate in 61 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>compete<span class=\"_ _0\"></span>nza <span class=\"_ _6\"></span>te<span class=\"_ _2\"></span>rritoriale, <span class=\"_ _5\"></span>davanti <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Tribunale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Roma, nell\u2019agosto <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>ificata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revoca <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>questro<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>disposto <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>febbraio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>profit<span class=\"_ _5\"></span><span class=\"ff1\">to </span>del <span class=\"_ _4\"> </span>presunto <span class=\"_ _4\"></span>reato <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>integrale <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>somma <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>11,<span class=\"_ _2\"></span>1 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>Definita <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>posizione <span class=\"_ _4\"></span>della<span class=\"_ _0\"></span> Banca, ci si attende <span class=\"_ _0\"></span>che la Procura di Mi<span class=\"_ _0\"></span>lano richieda l\u2019arc<span class=\"_ _0\"></span>hiviazione nei confronti<span class=\"_ _0\"></span> dei due gestori in<span class=\"_ _0\"></span>dagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Private banker (San<span class=\"_ _0\"></span>paolo Invest SIM, incorp<span class=\"_ _0\"></span>orata nella controll<span class=\"_ _0\"></span>ante Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo <span class=\"_ _0\"></span>Private Banking) Una <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>ispettiva <span class=\"_ _5\"></span>effettuata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Audit <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>emergere <span class=\"_ _2\"></span>gravi <span class=\"_ _5\"></span>irregolarit\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Sanpa<span class=\"_ _6\"></span><span class=\"ff1\">olo </span>Invest  SIM.  L<span class=\"_ _0\"></span>e  verifiche <span class=\"_ _16\"> </span>svolte  hanno  accert<span class=\"_ _0\"></span>ato  gravi <span class=\"_ _16\"> </span>irregolarit\u00e0  ai  dan<span class=\"_ _0\"></span>ni  di  diversi <span class=\"_ _16\"> </span>clienti,  quali  di<span class=\"_ _0\"></span>strazioni  di <span class=\"_ _16\"> </span>fo<span class=\"_ _5\"></span>ndi  e rendicontazioni riporta<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti importi increment<span class=\"_ _0\"></span>ali non veritieri.  In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Societ\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>risolto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>giusta <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>private <span class=\"_ _3\"></span>banker <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>provveduto <span class=\"_ _4\"></span><span class=\"lsc\">a </span>comunicare <span class=\"_ _7\"> </span>i  f<span class=\"_ _0\"></span>atti <span class=\"_ _16\"> </span>emersi <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019Aut<span class=\"_ _0\"></span>orit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>all\u2019O<span class=\"_ _3\"></span><span class=\"ff1\">rganismo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>vigilanza <span class=\"_ _7\"> </span>dei  c<span class=\"_ _0\"></span>onsulenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>dapprima </span>sospeso e poi radiat<span class=\"_ _0\"></span>o a dicembre 2019 il p<span class=\"_ _0\"></span>rivate banker dall\u2019Al<span class=\"_ _35\"></span>bo un<span class=\"_ _3\"></span>ico dei cons<span class=\"_ _0\"></span>ulenti finanziari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019illecito, <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ricevuto <span class=\"_ _3\"></span>complessivamente <span class=\"_ _2\"></span>278 <span class=\"_ _2\"></span>richieste <span class=\"_ _6\"></span><span class=\"ff1\">risarcitorie <span class=\"_ _2\"></span>(comprendent<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>reclami, <span class=\"_ _2\"></span>mediazioni <span class=\"_ _2\"></span>e </span>cause), per un <span class=\"_ _3\"></span>importo di circa 62,9 <span class=\"_ _3\"></span>milioni, per lo pi\u00f9 <span class=\"_ _3\"></span>fondate su asserite distrazioni di denaro, perdite derivanti da <span class=\"_ _3\"></span>oper<span class=\"_ _5\"></span>ativit\u00e0 disconosciuta in strum<span class=\"_ _0\"></span>enti finanziari, f<span class=\"_ _0\"></span>alse rendicontazioni <span class=\"_ _0\"></span>e addebito di<span class=\"_ _3\"></span> commissioni relative al<span class=\"_ _0\"></span> servizio di consulenza. Ad oggi pendono 55 <span class=\"_ _0\"></span>richieste, per un val<span class=\"_ _0\"></span>ore attuale di circa 2<span class=\"_ _0\"></span>5,5 milioni, a seg<span class=\"_ _0\"></span>uito della definizio<span class=\"_ _0\"></span>ne di 223 posizioni.<span class=\"_ _3\"></span> Dai clienti indebitamente accreditati \u00e8 <span class=\"_ _3\"></span>stato recuperato l\u2019importo complessivo di 6,4 <span class=\"_ _5\"></span><span class=\"ff1\">milioni (gi\u00e0 restituito ai <span class=\"_ _3\"></span>clienti danneggiati)<span class=\"_ _0\"></span> </span>e ad oggi pendono s<span class=\"_ _0\"></span>equestri per 42 milioni. A <span class=\"_ _5\"></span>carico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>private <span class=\"_ _5\"></span>banker, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>sequestro <span class=\"_ _5\"></span>conservativo, <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>rinvenuto <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>conti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>depositi <span class=\"_ _5\"></span>accesi presso <span class=\"_ _5\"></span>istituti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>posiz<span class=\"_ _3\"></span><span class=\"ff4\">ione <span class=\"_ _6\"></span>previdenziale <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>sultante <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>Enasarco. <span class=\"_ _5\"></span>Nella <span class=\"_ _5\"></span>conseguente <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>l\u2019ex </span>private <span class=\"_ _5\"></span>banker <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>formulato <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>0,6 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mancata <span class=\"_ _6\"></span>corresponsione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle indennit\u00e0 di risoluzio<span class=\"_ _0\"></span>ne del rapporto.  \u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span><span class=\"ff4\">inoltre <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>dell\u2019ex <span class=\"_ _3\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>recesso </span>dal contratto di agenzia, per complessivi 1,6 milioni, oltre interessi a titolo di indennit\u00e0 di mancato<span class=\"_ _0\"></span> preavviso, di penale <span class=\"_ _5\"></span>relati<span class=\"ls1f\">va </span>ad un contratto di fin<span class=\"_ _0\"></span>anziamento e di restit<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione di anticipi di<span class=\"_ _0\"></span> bonus.<span class=\"_ _3\"></span> A <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>connessi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>predetto <span class=\"_ _6\"></span>illecito, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuati <span class=\"_ _5\"></span>accantonamenti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>fronte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccert<span class=\"_ _5\"></span>ati relativamente alle richi<span class=\"_ _0\"></span>este risarcitorie e <span class=\"_ _0\"></span>alle ca<span class=\"_ _3\"></span>use pendenti<span class=\"ff5\">. </span>I <span class=\"_ _3\"></span>predetti <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019apposita polizza <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _6\"> </span><span class=\"ff1\">la </span>Compagnia ha gi\u00e0 ri<span class=\"_ _0\"></span>conosciuto un primo a<span class=\"_ _0\"></span>nticipo di 744 mila e<span class=\"_ _0\"></span>uro<span class=\"_ _3\"></span><span class=\"ff5\">. </span>Reyl &amp; Cie (Svizzera) - Procedi<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span>nto ex D. Lgs. 231/2001 dell<span class=\"_ _0\"></span>a Procura della Rep<span class=\"_ _0\"></span>ubblica presso il Tri<span class=\"_ _0\"></span>bunale di Milano La <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Repubblic<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>procedimento <span class=\"_ _5\"></span>penale <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _2\"></span>231/2001 <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Cie (societ\u00e0  svizzera <span class=\"_ _1d\"> </span>controllata  da <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>Private <span class=\"_ _1d\"> </span>Banking)  per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>reato  presupposto  di <span class=\"_ _1d\"> </span>riciclaggio, asseritamente commesso da un suo <span class=\"_ _3\"></span>ex d<span class=\"_ _3\"></span>ipendente (licenziato nel 2020) ed <span class=\"_ _3\"></span>ha ord<span class=\"_ _3\"></span>inato il sequestro di <span class=\"_ _3\"></span>valori di <span class=\"_ _3\"></span>propriet\u00e0 della<span class=\"_ _2\"></span> stessa Reyl <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>irca 1,1 <span class=\"_ _3\"></span>milioni d<span class=\"_ _3\"></span>i euro. <span class=\"_ _3\"></span>Il p<span class=\"_ _3\"></span>rocedimento vede coinvolta a<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>res\u00ec <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca sv<span class=\"_ _3\"></span>izzera Cramer &amp; <span class=\"_ _3\"></span>Cie. <span class=\"_ _3\"></span>N\u00e9 <span class=\"_ _3\"></span>Fideuram ISPPB <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>coinvolte <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>fatti <span class=\"_ _2\"></span>contestati <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _3\"></span>intervenuti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>8, prima dell\u2019ingresso di Reyl &amp; Cie nel <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo, avvenuto nel mag<span class=\"_ _2\"></span>gio 2021. In base all\u2019accusa, l\u2019ex dipendente, insieme <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fratello <span class=\"_ _6\"></span>dipendente <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>Cramer <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>CIE <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>consulente <span class=\"_ _6\"></span>esterno, <span class=\"_ _6\"></span>avrebbe <span class=\"_ _6\"></span>messo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>atto <span class=\"_ _6\"></span>pratiche <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a favorire <span class=\"_ _6\"> </span>l\u2019evasione <span class=\"_ _6\"> </span>fiscale <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lienti <span class=\"_ _6\"> </span>italiani <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>co<span class=\"_ _2\"></span><span class=\"ff1\">nti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>Svizzera <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>filiali <span class=\"_ _6\"></span>site <span class=\"_ _6\"></span>presso <span class=\"_ _4\"></span>le </span>Bahamas  a<span class=\"_ _0\"></span>l  fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>consentire  ai <span class=\"_ _16\"> </span>clienti  me<span class=\"_ _0\"></span>desimi  di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>relevare <span class=\"_ _16\"> </span>disponibilit\u00e0 <span class=\"_ _16\"> </span>di  denaro <span class=\"_ _16\"> </span>da  t<span class=\"_ _0\"></span>ali  conti <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>possibilit\u00e0 <span class=\"_ _16\"> </span>di tracciamento <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>Autorit\u00e0 <span class=\"_ _7\"> </span>italiane. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>al  pro<span class=\"_ _0\"></span>vvedimento <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff4\">ll\u2019Autorit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>svizzera <span class=\"_ _7\"> </span>\u00e8 </span>attualmente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>l\u2019atto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impugnazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _6\"> </span>tuttavia <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>separata <span class=\"_ _6\"></span>valutazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ua <span class=\"_ _3\"></span>formalizzazione.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>procedimento penale <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. 231/2<span class=\"_ _5\"></span>001 <span class=\"_ _3\"></span>pendente <span class=\"_ _3\"></span>in I<span class=\"_ _3\"></span>talia si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sta valutando  la<span class=\"_ _0\"></span>  possibilit<span class=\"_ _0\"></span>\u00e0  di  fo<span class=\"_ _0\"></span>rmulare <span class=\"_ _16\"> </span>un\u2019istanza  di  r<span class=\"_ _0\"></span>iduzione  dell<span class=\"_ _0\"></span>\u2019importo  del<span class=\"_ _0\"></span>lo  stesso. <span class=\"_ _16\"> </span>Dall\u2019esame <span class=\"_ _16\"> </span>della  document<span class=\"_ _0\"></span>azione processuale <span class=\"_ _4\"> </span>emergono <span class=\"_ _4\"> </span>infatti <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>fanno <span class=\"_ _7\"> </span>ritenere <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _4\"> </span>l\u2019accoglimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>istanza.  <span class=\"ff1\">Nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di<span class=\"_ _90\"> </span></span>Reyl <span class=\"ff4\">&amp; <span class=\"_ _6\"></span>Cie <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>formulata <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>richiesta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>interdizione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>indagini<span class=\"_ _35\"></span> </span>sono tuttora pendenti e<span class=\"_ _0\"></span> non \u00e8 ancora possi<span class=\"_ _0\"></span>bile accedere ai relat<span class=\"_ _0\"></span>ivi atti.<span class=\"_ _3\"></span> Tirrenia di Navigazio<span class=\"_ _0\"></span>ne in A.S.: Az<span class=\"_ _0\"></span>io<span class=\"_ _3\"></span>ni revocatorie A <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>Tirrenia <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Naviga<span class=\"_ _0\"></span>zione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>A.S. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>avanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _3\"></span>due <span class=\"_ _5\"></span>revocatori<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>fallimentari <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>la ex Cassa di Risparmio d<span class=\"_ _0\"></span>i Venezia per 2,7 milio<span class=\"_ _0\"></span>ni e contro l\u2019ex Banco <span class=\"_ _0\"></span>di Napoli per 33,8 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>cont<span class=\"_ _3\"></span>ro <span class=\"_ _6\"></span>l\u2019ex <span class=\"_ _5\"></span>CR <span class=\"_ _6\"> </span>Venezia <span class=\"_ _4\"> </span><span class=\"ff1\">pende <span class=\"_ _6\"></span>ora <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>appello, <span class=\"_ _6\"></span>proposto <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>2016 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>condanna <span class=\"_ _6\"></span>al </span>pagamento di 2,8 milio<span class=\"_ _0\"></span>ni.  Anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>l\u2019ex <span class=\"_ _2\"></span>Banco d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Napoli <span class=\"_ _3\"></span>pende <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>14,5 <span class=\"_ _4\"> </span><span class=\"ff1\">mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>oltre </span>accessori,  pro<span class=\"_ _0\"></span>nunciata <span class=\"_ _16\"> </span>dal  Tribunale <span class=\"_ _16\"> </span>nel  2021. <span class=\"_ _16\"> </span>Tale  condann<span class=\"_ _0\"></span>a  non <span class=\"_ _16\"> </span>\u00e8  stata  s<span class=\"_ _0\"></span>ospesa  e<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>Banca,  nell\u2019ottobre <span class=\"_ _16\"> </span>2022,  h<span class=\"_ _0\"></span>a provveduto al pagame<span class=\"_ _0\"></span>nto di 15,2 milioni, c<span class=\"_ _0\"></span>on riserva di ripeti<span class=\"_ _0\"></span>zione all\u2019esito del gr<span class=\"_ _0\"></span>avame.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>dell\u2019appello <span class=\"_ _3\"></span>proposto<span class=\"ff1\"> <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>avanzando <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>incidentale <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pretesa di </span>restituzione <span class=\"_ _5\"></span>dell\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>28 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aluta, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>igettata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>gra<span class=\"_ _5\"></span><span class=\"ff1\">do <span class=\"_ _6\"></span>e </span>che si reputa sar\u00e0 resp<span class=\"_ _0\"></span>inta anche in appello. Vertenza Selarl Bruno R<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ulet (gi\u00e0 Dargent Ti<span class=\"_ _0\"></span>rmant Raulet) Si <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>causa <span class=\"_ _4\"> </span>promossa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Francia <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2001 <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>fallimento <span class=\"_ _6\"> </span>dell\u2019imprenditore <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>Philippe <span class=\"_ _6\"> </span>Vincent, <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>ha chiesto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>risarcimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>56,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span><span class=\"ff4\">l\u2019asserito <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>sostegno <span class=\"_ _5\"></span>finanziario <span class=\"_ _5\"></span>abusivo\u201d <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sarebbe <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>concesso<span class=\"_ _0\"></span> </span>all\u2019imprenditore. La pretesa del <span class=\"_ _3\"></span>fallimento \u00e8 sempre <span class=\"_ _3\"></span>stata rigettata nei <span class=\"_ _3\"></span>vari gradi <span class=\"_ _3\"></span>di giudizio intercorsi durante 17 <span class=\"_ _3\"></span>anni, f<span class=\"_ _6\"></span><span class=\"ff1\">ino alla </span>sentenza della <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Colmar del <span class=\"_ _3\"></span>maggio 2018 <span class=\"_ _3\"></span>che h<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condannato la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>risarcimento di c<span class=\"_ _3\"></span>irca 23 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La s<span class=\"_ _3\"></span>entenza di <span class=\"_ _5\"></span>Colmar <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>impugnata <span class=\"_ _5\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Cassazione <span class=\"_ _5\"></span>francese, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>annullato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>cassato <span class=\"_ _5\"></span>con rinvio alla Corte di A<span class=\"_ _0\"></span>ppello di Metz la d<span class=\"_ _0\"></span>ecisione della Corte di A<span class=\"_ _35\"></span>p<span class=\"_ _2\"></span>pello di Colmar. In conseg<span class=\"_ _0\"></span>uenza di ci\u00f2, nel primo <span class=\"_ _0\"></span>trimestre del 2020 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ottenuto <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>pagati a <span class=\"_ _2\"></span>seguito della <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appello di <span class=\"_ _2\"></span>Colm<span class=\"_ _2\"></span>ar del <span class=\"_ _3\"></span>2018. Alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di lu<span class=\"_ _3\"></span>glio 2020 il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>curatore fallimentare ha <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span><span class=\"ff4\">iassunto la <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>davanti alla <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>\u2019Appello di <span class=\"_ _3\"></span>Metz, <span class=\"_ _3\"></span>chiedendo </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>55,6 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>all\u2019intero <span class=\"_ _4\"> </span>passivo <span class=\"_ _7\"> </span>fallimentare, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>edotto <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>l\u2019immobile<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>cu<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>acquisto <span class=\"_ _3\"></span>venne <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca); <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituit<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>contestato <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vversarie. <span class=\"_ _3\"></span>Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _3\"></span>resa <span class=\"_ _2\"></span>il 27 <span class=\"_ _7\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>d\u2019Appello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Metz <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>accolto <span class=\"_ _4\"> </span>parzialmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>omanda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curatela, <span class=\"_ _4\"> </span>condannando <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>al pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>20 <span class=\"_ _4\"></span>milion<span class=\"_ _0\"></span>i, <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>spese <span class=\"_ _6\"></span>legali <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diversi <span class=\"_ _6\"></span>gradi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>giu<span class=\"_ _2\"></span>dizio <span class=\"_ _6\"></span>(e <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>amente <span class=\"_ _6\"></span>20,6 <span class=\"_ _6\"></span>milioni). <span class=\"_ _6\"></span>La Corte <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>patito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>massa <span class=\"_ _3\"></span>fallimentare <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>accordato <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>dedotto<span class=\"_ _5\"></span> quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>vendita <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bene <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>garanzia. <span class=\"_ _4\"> </span>A <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Banca<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>presentato <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>di Cassazione <span class=\"_ _5\"></span>francese. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>parallelo, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>curatela <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>impugnato <span class=\"_ _2\"></span>autonomamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Appello, <span class=\"_ _2\"></span>insistendo per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>dell\u2019intero <span class=\"_ _3\"></span>passivo falli<span class=\"_ _3\"></span>mentar<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>a </span>favore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>uratela <span class=\"_ _3\"></span>dell\u2019importo <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>condanna; <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporaneam<span class=\"_ _0\"></span>ente <span class=\"_ _3\"></span>depositate <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>CARPA<span class=\"_ _0\"></span> (Cassa <span class=\"_ _6\"></span>dell\u2019Ordine <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Avvocati), <span class=\"_ _5\"></span>indisponibili <span class=\"_ _6\"> </span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>pronuncia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Cassazione. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>4 <span class=\"_ _6\"> </span>ottobr<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 </span>tenuta <span class=\"_ _3\"></span>udienza di <span class=\"_ _3\"></span>discussione. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>fine del<span class=\"_ _3\"></span>lo scorso <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cassazione ha <span class=\"_ _3\"></span>respinto <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorsi <span class=\"_ _3\"></span>presentat<span class=\"_ _2\"></span><span class=\"ls13\">i </span>dalla Banca e <span class=\"_ _3\"></span>dalla curatela. La sentenza del<span class=\"_ _3\"></span>la Corte di <span class=\"_ _3\"></span>Appello di Metz \u00e8<span class=\"_ _3\"></span> diventata pertanto definitiva. Le s<span class=\"_ _3\"></span>omme gi<span class=\"_ _5\"></span>\u00e0 v<span class=\"_ _3\"></span>ersate dalla Banca a seguit<span class=\"_ _0\"></span>o di tale decisione son<span class=\"_ _0\"></span>o state pertanto re<span class=\"_ _0\"></span>se disponibili alla <span class=\"_ _0\"></span>curatela.<span class=\"_ _3\"></span> Causa promossa nei c<span class=\"_ _0\"></span>onfronti di due societ\u00e0 <span class=\"_ _0\"></span>controllate unghere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di Intesa Sanpaolo La <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>connessa <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>risolto <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>010. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>il conduttore <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>promosso <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>civile <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>integrato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>iniziale, <span class=\"_ _7\"> </span>formulando <span class=\"_ _7\"> </span>nuove domande ed elevando <span class=\"ff4\">\u2013</span> con<span class=\"_ _0\"></span>seguentemente <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare c<span class=\"_ _0\"></span>omplessivo delle <span class=\"_ _0\"></span>pretese a ci<span class=\"ff1\">rca 31 milioni di euro. </span></span>A <span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>rigettato <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>pretese <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>attrice, <span class=\"_ _3\"></span>ritenendo <span class=\"_ _2\"></span>quest\u2019ultima <span class=\"_ _3\"></span>carente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legittim<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>ad agire. Contro tale d<span class=\"_ _0\"></span>ecisione la contro<span class=\"_ _0\"></span>parte ha presentato <span class=\"_ _0\"></span>appello.<span class=\"_ _90\"> </span>Nel <span class=\"_ _6\"></span>mese <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>C<span class=\"_ _3\"></span><span class=\"ff4\">orte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>Appello <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>parzialmente <span class=\"_ _6\"> </span>accolto <span class=\"_ _6\"> </span>l\u2019impugnazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contro<span class=\"_ _0\"></span>parte, <span class=\"_ _6\"> </span>condannando <span class=\"_ _6\"> </span>una </span>delle <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>convenute <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>9,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>euro. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>presentato <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>davanti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Cort<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Suprema <span class=\"ff4\">che ha sospes<span class=\"_ _0\"></span>o l\u2019esecuzione della <span class=\"ff1\">sentenza impug<span class=\"_ _0\"></span>nata. </span></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>erano <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>2012 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>riconoscimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>vantati <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _4\"> </span>del conduttore in virt\u00f9 di c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>noni di locazione <span class=\"_ _0\"></span>non saldati. Tale proce<span class=\"_ _0\"></span>dimento \u00e8 tuttora in <span class=\"_ _0\"></span>corso.<span class=\"_ _3\"></span> Contenzioso del lavoro<span class=\"ffa\"> <span class=\"ff1 fc0\"> </span></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>contenzioso del <span class=\"_ _3\"></span>lavoro, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>non r<span class=\"_ _3\"></span>isultavano in <span class=\"_ _3\"></span>essere controversie <span class=\"_ _6\"> </span>rilevanti <span class=\"_ _6\"> </span>sotto <span class=\"_ _4\"> </span>l\u2019aspetto <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>qualitativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>quantitativo. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>cause <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"> </span>assi<span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>tite <span class=\"_ _6\"></span>da </span>accantonamenti spe<span class=\"_ _0\"></span>cifici, adeguati a frontegg<span class=\"_ _0\"></span>iare eventuali e<span class=\"_ _0\"></span>sborsi.<span class=\"_ _3\"></span> Attivit\u00e0 potenziali<span class=\"ff5 fc5\"> <span class=\"ff1 fc0\"> </span></span>Quanto <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"></span>IMI/SIR <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ricorda <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"> </span>passata <span class=\"_ _4\"> </span>in giudicato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>accertata <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>penale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>giudice <span class=\"_ _7\"> </span>Metta <span class=\"_ _4\"> </span>corrotto <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>correi <span class=\"_ _4\"> </span>Rovelli, <span class=\"_ _7\"> </span>Acampora,<span class=\"_ _35\"></span> Pacifico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Previti), <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>responsabili <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>condannati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>risarcimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>danni, <span class=\"_ _5\"></span>rimettendone <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relativa <span class=\"_ _5\"></span>quantificazion<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>al giudice <span class=\"_ _2\"></span>civile. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>dei suddetti responsabili<span class=\"_ _0\"></span> al risarcimento d<span class=\"_ _0\"></span>el danno. Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>015, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>provveduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quantificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>danni <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>patrimonia<span class=\"_ _5\"></span>li <span class=\"_ _5\"></span>in favore di Intesa Sanpaolo e<span class=\"_ _3\"></span> a condannare Acampora e <span class=\"_ _3\"></span>Metta <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nonch\u00e9 in solido con <span class=\"_ _3\"></span>quest\u2019ultimo (ai sensi della Legge n<span class=\"_ _3\"></span>. 117<span class=\"_ _0\"></span> </span>del <span class=\"_ _7\"> </span>1988 <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>magistrati) <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Presidenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Ministri  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>favore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa<span class=\"_ _0\"></span> Sanpaolo di 1<span class=\"_ _3\"></span>73 milioni <span class=\"_ _3\"></span>al netto d<span class=\"_ _3\"></span>el prelievo <span class=\"_ _3\"></span>fiscale, oltre interessi <span class=\"_ _3\"></span>legali a d<span class=\"_ _3\"></span>ecorrere dal 1\u00b0 <span class=\"_ _3\"></span>febbraio 2015 sino a<span class=\"_ _3\"></span>l soddisfo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>al ristoro <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>teneva <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>ricevuto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>nel<span class=\"_ _5\"></span><span class=\"ff1\"> </span>fr<span class=\"ls0\">attempo interven<span class=\"_ _0\"></span>ute con la famiglia R<span class=\"_ _0\"></span>ovelli e con le contro<span class=\"_ _0\"></span>parti Previti e Pacifi<span class=\"_ _0\"></span>co.<span class=\"_ _3\"></span> </span>La <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>d\u2019Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _5\"></span>nel <span class=\"_ _4\"> </span>luglio <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>sospeso <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _6\"> </span>esecutiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>sentenza <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _6\"> </span>grado <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>somm<span class=\"_ _35\"></span>a eccedente <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>accessori <span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>spese, <span class=\"_ _2\"></span>rinviando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>precisazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>conclusioni <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno </span>2018. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>decisione, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>016 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Presidenza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Ministri <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Intesa Sanpaolo <span class=\"_ _3\"></span>la somma <span class=\"_ _3\"></span>di 131.173.551,58 euro <span class=\"_ _3\"></span>(corrisp<span class=\"_ _3\"></span><span class=\"ff4\">ondenti ai <span class=\"_ _3\"></span>130 milioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui all\u2019ordinanza, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>interessi legali e<span class=\"_ _90\"> </span></span>spese <span class=\"_ _2\"></span>liquidate). <span class=\"_ _5\"></span>Onde <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>contestazioni, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>richiedere <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incassare <span class=\"_ _2\"></span>solo <span class=\"_ _5\"></span>l\u2019importo <span class=\"_ _2\"></span>esatto <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>dispositiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>stesso, senza operare il <span class=\"_ _3\"></span>c.d. \u201cgross<span class=\"_ _3\"></span><span class=\"ff1\">-</span>up\u201d. Il <span class=\"_ _3\"></span>16 aprile 2<span class=\"_ _3\"></span>020 \u00e8 <span class=\"_ _3\"></span>stata depositata la sentenza della <span class=\"_ _3\"></span>Corte d\u2019Appello di <span class=\"_ _3\"></span>Roma che ha sostanzialmente confermato la pronuncia resa dal Tribunale, pur riducendo l\u2019importo del danno non patrimoniale all\u2019importo di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>8 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>77 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>erano <span class=\"_ _7\"> </span>stati  qua<span class=\"_ _0\"></span>ntifi<span class=\"_ _3\"></span>cati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>primo <span class=\"_ _16\"> </span>grado), <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>ha  st<span class=\"_ _0\"></span>abilito <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>condanna <span class=\"_ _16\"> </span>di 108 milioni, da ritenersi s<span class=\"_ _0\"></span>empre al netto del p<span class=\"_ _0\"></span>relievo fiscale, oltr<span class=\"_ _0\"></span>e ad interessi legali <span class=\"_ _0\"></span>e spese.<span class=\"_ _3\"></span> Nel <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>depositato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>correzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>er<span class=\"_ _2\"></span>rore <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>nella pronuncia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno <span class=\"_ _2\"></span>liquidato; <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d\u2019Appello <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimento depositato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>ha rigettato <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>presentato <span class=\"_ _7\"> </span>dalla  Ba<span class=\"_ _0\"></span>nca. <span class=\"_ _16\"> </span>La <span class=\"_ _16\"> </span>Banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>maggio <span class=\"_ _16\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>notificato <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Cass<span class=\"_ _2\"></span>azione <span class=\"_ _16\"> </span>avverso  l<span class=\"_ _35\"></span>a sentenza resa dalla Co<span class=\"_ _0\"></span>rte d\u2019Appello di R<span class=\"_ _0\"></span>oma il 16 aprile 2020. I<span class=\"_ _0\"></span>l ricorso contiene <span class=\"_ _0\"></span>due motivi principali:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>la riduzione <span class=\"_ _3\"></span>a 8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>del danno n<span class=\"_ _3\"></span>on patrimoniale operata <span class=\"_ _3\"></span>dalla Corte <span class=\"_ _3\"></span>d'Appello, a f<span class=\"_ _3\"></span>ronte dei <span class=\"_ _3\"></span>77 milioni <span class=\"_ _3\"></span>riconosciuti dalla<span class=\"_ _2\"></span> </span>sentenza di primo grado,<span class=\"_ _0\"></span> risulta arbitraria e n<span class=\"_ _0\"></span>on supportata da <span class=\"_ _0\"></span>un solido ragioname<span class=\"_ _0\"></span>nto logico<span class=\"_ _3\"></span>-giuridico;  b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">anche accettando la riduzion<span class=\"_ _0\"></span>e sub a), la Corte nel rideterminare l\u2019importo d<span class=\"_ _0\"></span>el danno complessivo ha comme<span class=\"_ _0\"></span>sso un error<span class=\"_ _0\"></span>e </span></span>di <span class=\"_ _5\"></span>calcolo. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>dell'istanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correzione <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>depositata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2020, <span class=\"_ _5\"></span>rigettata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>in quanto ritenuto da que<span class=\"_ _0\"></span>st\u2019ultima un tema <span class=\"_ _0\"></span>rimediabile media<span class=\"_ _0\"></span>nte impugnazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"> </span>2023 <span class=\"_ _4\"> </span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>discussione <span class=\"_ _6\"> </span>avanti <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Cassazione. <span class=\"_ _5\"></span>L<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>Corte, <span class=\"_ _4\"></span>dopo <span class=\"_ _6\"></span>aver <span class=\"_ _6\"></span>ascoltato <span class=\"_ _4\"></span>le </span>conclusioni delle parti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> la relazione del Pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>curatore General<span class=\"_ _0\"></span>e, ha trattenuto la ca<span class=\"_ _0\"></span>usa a decisione.<span class=\"_ _3\"></span> CONTENZIOSO FISCAL<span class=\"_ _3\"></span>E       <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>fiscali <span class=\"_ _6\"></span>(imposta, <span class=\"_ _3\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>interessi) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>di 219 milioni, in lieve aum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto rispetto ai <span class=\"_ _0\"></span>215 milioni del 31 <span class=\"_ _0\"></span>dicembre 2021. <span class=\"_ _3\"></span> I <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presidiati <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>adeguati <span class=\"_ _6\"></span>accantonamenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oneri (70 milioni nel 2022 rispett<span class=\"_ _0\"></span>o ai 76 milioni del 202<span class=\"_ _0\"></span>1). Per la <span class=\"_ _3\"></span>Capogruppo sono pendenti 473 pratiche di <span class=\"_ _3\"></span>contenzioso (628 pratiche al <span class=\"_ _3\"></span>31 dicembre 2021), <span class=\"_ _3\"></span>per un valore c<span class=\"_ _3\"></span>omplessiv<span class=\"_ _35\"></span>o della <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>(imposta, <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>teressi) <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>(135 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021), <span class=\"_ _6\"></span>conteggiato <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>amministrativa sia <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>giurisdizionale ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi gra<span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legitti<span class=\"_ _5\"></span>mit\u00e0. Relativamente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>contesti, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>effettivi <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _6\"></span>quantificati <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>57 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>(57 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span>Rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _5\"></span>luogo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>movimentazioni<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _3\"></span>delle pretese sono rappre<span class=\"_ _0\"></span>sentati: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>13,5 mil<span class=\"_ _3\"></span>ioni), da: <span class=\"_ _2\"></span>i) nuove <span class=\"_ _3\"></span>contes<span class=\"_ _3\"></span>tazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,4 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>reimpossessat<span class=\"_ _35\"></span>i </span>da <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"></span>risolti <span class=\"_ _5\"></span>(1 <span class=\"_ _6\"></span>milione) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>reddito <span class=\"_ _6\"></span>(0,4 <span class=\"_ _6\"></span>milioni), <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>sorte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>definite <span class=\"_ _5\"></span>nell\u2019anno <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un\u2019analisi dettagliata dei contenziosi <span class=\"_ _3\"></span>in argomento si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span><span class=\"ff1\">nvia al <span class=\"_ _3\"></span>Bilancio consolidato al <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e 2021); <span class=\"_ _3\"></span>ii) accertamento </span>per <span class=\"_ _16\"> </span>imposta <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>cessione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>(1,8 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _16\"> </span>iii) <span class=\"_ _7\"> </span>avviso <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>sentenza accertativa <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>fallimentare <span class=\"_ _6\"></span>(0,6 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _6\"></span>iv) <span class=\"_ _4\"> </span>avviso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acc<span class=\"_ _2\"></span>ertamento <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>IVA <span class=\"_ _4\"></span>leasing <span class=\"_ _4\"></span>nautico <span class=\"_ _4\"></span>anno d\u2019imposta <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _6\"> </span>(per <span class=\"_ _6\"></span>1,5 <span class=\"_ _6\"> </span>milioni); <span class=\"_ _6\"></span>v) <span class=\"_ _6\"> </span>adeguamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestazione <span class=\"_ _5\"></span>ex <span class=\"_ _4\"> </span>Sudameri<span class=\"_ _0\"></span>s <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>6,3 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>dovuto all\u2019apprezzamento <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>aluta <span class=\"_ _6\"> </span>brasiliana <span class=\"_ _4\"> </span>sull\u2019euro; <span class=\"_ _6\"></span>vi) <span class=\"_ _4\"> </span>avvisi <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>registro <span class=\"_ _4\"> </span>su <span class=\"_ _16\"> </span><span class=\"ff1\">causali <span class=\"_ _6\"></span>varie <span class=\"_ _4\"> </span>(0,6 <span class=\"_ _4\"></span>milioni); <span class=\"_ _6\"></span>vii) </span>interessi maturati sul c<span class=\"_ _0\"></span>ontenzioso in essere p<span class=\"_ _0\"></span>er circa 1 milione; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>22,8 <span class=\"_ _2\"></span>milioni) <span class=\"_ _3\"></span>da: <span class=\"_ _5\"></span>i) <span class=\"_ _3\"></span>chiusure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenziosi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>registro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>11,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ili </span>principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>operazion<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scorporo <span class=\"_ _3\"></span>d\u2019azienda <span class=\"_ _2\"></span>(tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali: <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>Manzoni/Melville <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>8,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>per </span>riqualifica <span class=\"_ _6\"> </span>cessione <span class=\"_ _4\"> </span>ramo <span class=\"_ _4\"> </span>d\u2019azienda <span class=\"_ _6\"> </span>Banca <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Trento <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Bolzano/Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>1,2 <span class=\"_ _4\"> </span>milioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pratica <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>rettifica valore <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>Piemontese/Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>1,6 <span class=\"_ _5\"></span>milioni); <span class=\"_ _5\"></span>ii) <span class=\"_ _5\"></span>chiusure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenziosi <span class=\"_ _5\"></span>per </span>IMU <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>easing <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>definizione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>annullamento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Comuni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>4,4 milioni; iii) 6,6 milioni per conte<span class=\"_ _0\"></span>nziosi di diversa natura,<span class=\"_ _3\"></span> <span class=\"ff4\">tra i quali l\u2019annullam<span class=\"_ _0\"></span>ento parziale in autot<span class=\"_ _0\"></span>utela della contestazione<span class=\"_ _0\"></span> </span>IVA <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,6 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019anno d\u2019imposta <span class=\"_ _3\"></span>2014, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contestazioni <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materi<span class=\"_ _0\"></span>a di IRES e IRAP per 2 milio<span class=\"_ _0\"></span>ni. Sempre <span class=\"_ _23\"> </span>rispetto <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>31<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>dicembre <span class=\"_ _29\"> </span>2021, <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _23\"> </span>la <span class=\"_ _29\"> </span>Capogr<span class=\"_ _0\"></span>uppo <span class=\"_ _23\"> </span>le <span class=\"_ _23\"> </span>principali <span class=\"_ _23\"> </span>variazioni <span class=\"_ _23\"> </span>degli <span class=\"_ _23\"> </span>accantonamenti <span class=\"_ _23\"> </span>(rimasti sostanzialmente invari<span class=\"_ _0\"></span>ati) sono colleg<span class=\"_ _0\"></span>ate: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>milioni): <span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>all\u2019adeguamento di <span class=\"_ _3\"></span>1,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contestazione ex <span class=\"_ _3\"></span>Sudameris <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>componenti<span class=\"_ _0\"></span> capitale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">sanzioni <span class=\"_ _4\"> </span>(valutate <span class=\"_ _6\"> </span>maggiormente <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio), <span class=\"_ _6\"></span>dovuto <span class=\"_ _6\"> </span>all<span class=\"_ _3\"></span>\u2019apprezzam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"> </span>della<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>valuta <span class=\"_ _4\"> </span>brasiliana <span class=\"_ _6\"> </span>sull\u2019euro; <span class=\"_ _4\"> </span>ii) <span class=\"_ _6\"></span>a </span>contestazioni <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>IMU <span class=\"_ _1d\"> </span>(1 <span class=\"_ _17\"> </span>milione), <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>pendenti <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>fine <span class=\"_ _17\"> </span>anno; <span class=\"_ _1d\"> </span>iii) <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>maggior <span class=\"_ _1d\"> </span>accantonamento <span class=\"_ _1d\"> </span>sulla contestazione <span class=\"_ _5\"></span>IVA <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>nautico <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>1,5 <span class=\"_ _5\"></span>milioni; <span class=\"_ _5\"></span>iv) <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sanzione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>aggi <span class=\"_ _5\"></span>(2 <span class=\"_ _5\"></span>milioni) <span class=\"_ _5\"></span>compresi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una cartella <span class=\"_ _16\"> </span>di  pag<span class=\"_ _0\"></span>amento <span class=\"_ _16\"> </span>di  complessi<span class=\"_ _0\"></span>vi  1<span class=\"_ _0\"></span>0  mi<span class=\"_ _0\"></span>lioni  p<span class=\"_ _0\"></span>er  sfavorevole  s<span class=\"_ _0\"></span>entenza <span class=\"_ _16\"> </span>della  C<span class=\"_ _0\"></span>orte  d<span class=\"_ _0\"></span>i  C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssazione <span class=\"_ _16\"> </span>collegata <span class=\"_ _16\"> </span>alla controversia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019operazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scorporo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ISP <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>State <span class=\"_ _2\"></span>Street <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _2\"></span>(il giudizio sull\u2019avviso di l<span class=\"_ _3\"></span>iquidazion<span class=\"_ _0\"></span>e per <span class=\"_ _3\"></span>l\u2019imposta di re<span class=\"_ _3\"></span>gistro connesso a tale operazione \u00e8<span class=\"_ _3\"></span> tuttora in <span class=\"_ _3\"></span>corso); v) per <span class=\"_ _3\"></span>maggior<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>accantonamenti <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>nuove <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>(di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>0,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>contenziosi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di imposta di registro); \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>6,8 <span class=\"_ _2\"></span>milioni): <span class=\"_ _2\"></span>i) <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>favorevole <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hiusura <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>registro <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferibile <span class=\"_ _4\"></span>al<span class=\"_ _35\"></span> </span>conferimento <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>successiva <span class=\"_ _5\"></span>cessione <span class=\"_ _6\"> </span><span class=\"ff1\">della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Trento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>1,1 <span class=\"_ _5\"></span>milioni); </span>ii)<span class=\"ls0\"> <span class=\"ff4\">al rilascio, <span class=\"_ _3\"></span>relativo alla <span class=\"_ _3\"></span>chiusura del <span class=\"_ _3\"></span>Processo Verbale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Constatazione per l\u2019anno <span class=\"_ _3\"></span>2016 p<span class=\"_ _3\"></span>er 1,3 <span class=\"_ _3\"></span>milioni, a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della </span></span>contestuale <span class=\"_ _3\"></span>notifica <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>vviso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>IVA <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico. <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>movimentazioni in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento e <span class=\"_ _5\"></span>diminuzione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>questa <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>derivano <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>puntuale <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>inizialmente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle risultanze  della <span class=\"_ _16\"> </span>verifica  su  20<span class=\"_ _0\"></span>14  e  2015;  iii<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>  alle  c<span class=\"_ _0\"></span>ontestazioni  IMU<span class=\"_ _0\"></span>  per<span class=\"_ _2\"></span>  3,3  mil<span class=\"_ _0\"></span>ioni  per  e<span class=\"_ _0\"></span>ffetto  dell<span class=\"_ _0\"></span>a  definizione  d<span class=\"_ _0\"></span>i controversie <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eimpossessati d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>risolti, <span class=\"_ _3\"></span>sor<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>anni <span class=\"_ _2\"></span>precedenti; <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>milione <span class=\"_ _2\"></span>per contenziosi di divers<span class=\"_ _0\"></span>a natura, principalm<span class=\"_ _0\"></span>ente in materia di IRES <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d IRAP. Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>d<span class=\"ff4\">ell\u2019anno <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>definite <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>rilievi <span class=\"_ _3\"></span>chiusi) <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>24,7 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>i </span>rilievi sorti e definiti <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ell\u2019anno, con un e<span class=\"_ _0\"></span>sborso di 3,6 milioni rif<span class=\"_ _0\"></span>eribile principalment<span class=\"_ _0\"></span>e alle contestazioni IMU <span class=\"_ _0\"></span>(2,5 milio<span class=\"_ _2\"></span><span class=\"ff1\">ni). </span>Per <span class=\"_ _16\"> </span>le  parteci<span class=\"_ _0\"></span>pate  it<span class=\"_ _0\"></span>aliane <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _16\"> </span>fiscale  a<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>31  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>2022  ammo<span class=\"_ _0\"></span>nta <span class=\"_ _16\"> </span>a  comple<span class=\"_ _0\"></span>ssivi <span class=\"_ _16\"> </span>85  mi<span class=\"_ _0\"></span>lioni  (<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>1  mi<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>oni <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021), fronteggiati <span class=\"_ _0\"></span>da accantonamenti sp<span class=\"_ _0\"></span>ecifici per 9 milioni (11 m<span class=\"_ _0\"></span>ilioni nel bilan<span class=\"_ _0\"></span>cio 2021). <span class=\"_ _2\"></span> </span>Rispetto  al  31  dicembre  202<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,  i<span class=\"_ _3\"></span>  <span class=\"ff4\">principali  eventi  che <span class=\"_ _16\"> </span>hanno  dato  luogo  a  movimentazioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>significative  dell<span class=\"_ _0\"></span>\u2019ammontare<span class=\"_ _0\"></span> </span>complessivo delle pr<span class=\"_ _0\"></span>etese (+14 milioni) <span class=\"_ _0\"></span>sono i seguenti: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>16 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>riferibili <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _4\"></span>a: <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>Private <span class=\"_ _7\"> </span>Bankin<span class=\"_ _0\"></span>g <span class=\"_ _4\"> </span>(10,4 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _4\"> </span>Ca<span class=\"_ _2\"></span>rgeas </span>Assicurazioni (4,6 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni); Provis e altre c<span class=\"_ _0\"></span>ontroversie minori (1<span class=\"_ _0\"></span> milione);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>2 milioni di contro<span class=\"_ _0\"></span>versie chiuse riferite<span class=\"_ _0\"></span> a Fideuram Vita, Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita, Fide<span class=\"_ _0\"></span>uram ISPPB, Siref e UB<span class=\"_ _0\"></span>I Leasing.<span class=\"_ _3\"></span> </span>La diminuzione dell\u2019a<span class=\"_ _0\"></span>ccantonamento risp<span class=\"_ _0\"></span>etto al 31 <span class=\"ff1\">dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _0\"></span>1, pari a 2 milioni, <span class=\"_ _0\"></span>\u00e8 principalmente riferit<span class=\"_ _0\"></span>a a:<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>1,2 milioni di acc<span class=\"_ _0\"></span>antonamento sulle n<span class=\"_ _0\"></span>uove controversie s<span class=\"_ _0\"></span>orte;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span></span>1,5 milioni per eff<span class=\"_ _0\"></span>etto dell\u2019incorporazio<span class=\"_ _0\"></span>ne di UBI Leasing;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>1 milione con riferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to alle pratiche chiu<span class=\"_ _0\"></span>se precedenteme<span class=\"_ _0\"></span>nte cautel<span class=\"_ _3\"></span>ate. </span>Le <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(9 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>2021) <span class=\"_ _5\"></span>fronteggiate <span class=\"_ _7\"> </span><span class=\"lsc\">da </span>accantonamenti per <span class=\"_ _0\"></span>4 milioni (8 milioni nel <span class=\"_ _0\"></span>2021). Le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dovu<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>definizio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>lune <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroversie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa Sanpaolo Bank Alba<span class=\"_ _0\"></span>nia e di Bank of Alexa<span class=\"_ _0\"></span>ndria e, con riferime<span class=\"_ _0\"></span>nto al solo contest<span class=\"_ _0\"></span>ato, dalle sanzioni ir<span class=\"_ _0\"></span>rogate ad UBI Trust<span class=\"_ _0\"></span>ee.<span class=\"_ _2\"></span><span class=\"ff5\"> </span>Nei <span class=\"_ _2\"></span>paragrafi <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>seguono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tualm<span class=\"_ _3\"></span>ente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>taluni <span class=\"_ _5\"></span>inviti <span class=\"_ _2\"></span>a comparire relativi <span class=\"_ _0\"></span>a controllate italiane no<span class=\"_ _0\"></span>tificati a dicembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span> Capogruppo<span class=\"ff1 fc0\"> </span>Contenziosi <span class=\"_ _5\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposta <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>registro, <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _5\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>38 <span class=\"_ _6\"></span>mil<span class=\"_ _3\"></span>ioni, <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iqualificazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>di conferimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azienda <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>conseguente <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>valore<span class=\"_ _0\"></span> dell\u2019azienda<span class=\"ff2\"> </span>Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contenziosi aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>recuperi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conferimento aziendale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span>ccessiva vendita delle partecipazioni, riqualificati dal Fisco <span class=\"_ _3\"></span>come cessioni di rami a<span class=\"_ _3\"></span>ziendali e sul conseguente accertamento di <span class=\"_ _3\"></span>maggi<span class=\"_ _2\"></span>or valore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>definiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ace <span class=\"_ _3\"></span>fiscale, <span class=\"_ _5\"></span><span class=\"ff2 lsc\">ex</span> <span class=\"_ _3\"></span>articolo <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el decreto <span class=\"_ _3\"></span>fiscale <span class=\"_ _2\"></span>collegato <span class=\"_ _3\"></span>alla Legge <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>2019 <span class=\"_ _7\"> </span>(D.L. <span class=\"_ _4\"> </span>n. <span class=\"_ _7\"> </span>119<span class=\"_ _3\"></span>/2018), <span class=\"_ _4\"> </span>perch\u00e9 <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ersamento <span class=\"_ _4\"> </span>dell\u2019intero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmontare accertato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>avrebbe <span class=\"_ _5\"></span>avuto <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>restituzione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>somme <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ccedenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quanto<span class=\"_ _2\"></span> dovuto per la definizi<span class=\"_ _0\"></span>one, oppure perc<span class=\"_ _0\"></span>h\u00e9 vi erano fondate <span class=\"_ _0\"></span>prospettive di esit<span class=\"_ _0\"></span>o favorevole dei giu<span class=\"_ _0\"></span>dizi pendenti in Ca<span class=\"_ _0\"></span>ssazione.<span class=\"_ _2\"></span> Contenzioso in tema di<span class=\"_ _0\"></span> IMU su immobili non <span class=\"_ _0\"></span>reimpossessati a s<span class=\"_ _0\"></span>eguito della risoluzio<span class=\"_ _0\"></span>ne dei relativi cont<span class=\"_ _0\"></span>ratti di leasing <span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>conte<span class=\"ff4\">nzioso <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>l\u2019individuazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>dell\u2019IMU <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle </span>societ\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>risolto <span class=\"_ _2\"></span>anticipata<span class=\"_ _5\"></span>mente per <span class=\"_ _3\"></span>inadempimento del <span class=\"_ _3\"></span>locatario ovvero <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>sciolto per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rocedure concorsuali <span class=\"_ _3\"></span>coinvolgenti il <span class=\"_ _3\"></span>locatario stesso, <span class=\"_ _3\"></span>senza che  qu<span class=\"_ _0\"></span>est\u2019ultimo  a<span class=\"_ _0\"></span>bbia  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u00f2  pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>vveduto <span class=\"_ _16\"> </span>alla  rico<span class=\"_ _0\"></span>nsegna  del <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>al  locatore. <span class=\"_ _16\"> </span>Su  t<span class=\"_ _0\"></span>ale  questi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _16\"> </span>sorto <span class=\"_ _16\"> </span>negli  anni <span class=\"_ _16\"> </span>un contenzioso <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>riguardato <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>ex <span class=\"_ _16\"> </span>Mediocr<span class=\"_ _0\"></span>edito <span class=\"_ _7\"> </span>Italiano <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Provis) <span class=\"_ _7\"> </span>riguardante <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>riconducibilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella soggettivit\u00e0 <span class=\"_ _16\"> </span>passiva <span class=\"_ _16\"> </span>IMU  (a<span class=\"_ _0\"></span>ncora) <span class=\"_ _16\"> </span>in  cap<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>all\u2019utilizzatore <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>(gi\u00e0)  alla <span class=\"_ _7\"> </span>societ\u00e0  di <span class=\"_ _16\"> </span>leasing/banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>lasso  t<span class=\"_ _0\"></span>emporale intercorrente <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risoluzione <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scioglimento) <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>materiale <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>al locatore. <span class=\"_ _7\"> </span>Nel <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>affermata <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tesi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>soggettivit\u00e0 <span class=\"_ _7\"> </span>IMU <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>leasing/ba<span class=\"_ _0\"></span>nche <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>risoluzione giuridica <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>reimpossessamento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Legge <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto l\u2019abolizione <span class=\"_ _7\"> </span>dell'Imposta <span class=\"_ _4\"> </span>unica <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>munale <span class=\"_ _7\"> </span>(IUC), <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>sue <span class=\"_ _7\"> </span>componenti <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>all\u2019Imposta <span class=\"_ _7\"> </span>municipale <span class=\"_ _7\"> </span>propria <span class=\"_ _7\"> </span>(IMU) <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>al Tributo <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>servizi <span class=\"_ _3\"></span>indivisibili (<span class=\"_ _3\"></span>TASI), e<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019unificazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>imposte n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>18 <span class=\"_ _2\"></span>marzo 2020, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Ministero<span class=\"_ _0\"></span> </span>dell\u2019Economia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Finanze <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Dipartimento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Finanze <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Legislazione <span class=\"_ _4\"> </span>Tributaria <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Federalismo <span class=\"_ _4\"> </span>Fiscale, <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>la </span>circolare <span class=\"_ _3\"></span>nr. <span class=\"_ _2\"></span>1/DF, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>commento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _2\"></span>precise <span class=\"_ _3\"></span>indicazioni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>IMU <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>giurisprudenza <span class=\"_ _3\"></span>prevalente. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>considerazion<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di ci\u00f2, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>procedere, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>dell\u2019IMU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>contratti<span class=\"_ _0\"></span> </span>risolti, <span class=\"_ _4\"> </span>indipend<span class=\"_ _0\"></span>entemente <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span>ll\u2019avvenut<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>riconsegna <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _6\"> </span>promuovendo <span class=\"_ _4\"> </span>ove <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>rivalsa <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti degli <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>utilizzatori. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>progr<span class=\"_ _2\"></span>essivo <span class=\"_ _3\"></span>abbandono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endenti <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccertamenti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alle annualit\u00e0  fino <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>2019, <span class=\"_ _1d\"> </span>previo  esperimento  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tentati<span class=\"_ _0\"></span>vo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conciliazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>giudiziale  presso <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>Comuni <span class=\"_ _1d\"> </span>interess<span class=\"_ _0\"></span>ati <span class=\"_ _1d\"> </span>per l\u2019annullamento delle <span class=\"_ _0\"></span>sanzioni e la com<span class=\"_ _0\"></span>pensazione delle spe<span class=\"ff1\">se di giudizio. </span>Il <span class=\"ff2 ls0\">petitum<span class=\"ff1\"> compl<span class=\"_ _0\"></span>essivo \u00e8 di 7 milioni. </span></span>Contenzioso in tema di<span class=\"_ _0\"></span> IVA su operazioni di l<span class=\"_ _0\"></span>easing nautico  Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ex <span class=\"_ _5\"></span>Mediocredito <span class=\"_ _3\"></span>Italiano, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _2\"></span>fiscale <span class=\"_ _3\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"lsc\">a </span>parte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span><span class=\"ff4\">Guardia di <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Milano in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2019 che <span class=\"_ _3\"></span>riguardava gli <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>d\u2019imposta 2014 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>ai f<span class=\"_ _3\"></span>ini I<span class=\"_ _3\"></span>VA e <span class=\"_ _3\"></span>gli </span>anni <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2015 <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>2017 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>ottobre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>contestando: <span class=\"_ _5\"></span>i) <span class=\"_ _2\"></span>i<span class=\"_ _6\"> </span><span class=\"ff1 ls19\">l </span>regime IVA di <span class=\"ff4\">non imponibilit\u00e0, ai sensi dell\u2019articolo 8</span>-<span class=\"_ _3\"></span>bis del D.P.R. n. 633/72, applicato dalla societ\u00e0 al leasing nautico<span class=\"_ _0\"></span> e ii) la non imponibilit\u00e0 dell\u2019<span class=\"_ _0\"></span>art. 7<span class=\"ff1\">-</span>bis del D.P.R. n. 633/72 per <span class=\"_ _0\"></span>una operazione di ris<span class=\"_ _0\"></span>catto di imbarcazione<span class=\"_ _0\"></span> riferita all\u2019anno <span class=\"_ _0\"></span>2014.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u00c8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>c<span class=\"ff4\">o<span class=\"_ _3\"></span>nseguentemente <span class=\"_ _4\"> </span>notificato <span class=\"_ _4\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Regionale <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia </span>(maggiorato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>interessi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sanzioni), avverso <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata depositata la <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, <span class=\"_ _5\"></span>parzialmente <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>giudici, preso <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>riduzione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>autotutela <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell\u2019Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Entrate <span class=\"_ _2\"></span>dell\u2019IVA <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span><span class=\"ff1\">certata, <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riconosciute <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ovute </span>le sanzioni irrogate per 2 milioni (valore d<span class=\"_ _0\"></span>el petitum 4 milioni). <span class=\"_ _3\"></span>Sulla posizione la Banca ha effettuat<span class=\"_ _0\"></span>o accantonamenti in merito alla pr<span class=\"_ _3\"></span>ima contestazione, solo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio per <span class=\"_ _3\"></span>imposta e<span class=\"_ _3\"></span> interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non anche <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>sanzioni, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>la seconda <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene<span class=\"_ _35\"></span> che <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _5\"></span>ricada <span class=\"_ _6\"></span>contrattualmente <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>cliente, <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rudenzialment<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>controversia <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>cautelata <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le </span>componenti sanzioni<span class=\"_ _0\"></span> e interessi. La contro<span class=\"_ _0\"></span>versia pende in Cort<span class=\"_ _0\"></span>e di Giustizia di secon<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>grado. Per <span class=\"_ _3\"></span>l\u2019anno d\u2019imposta 2015, <span class=\"_ _3\"></span>l\u2019avviso di a<span class=\"_ _3\"></span>ccertamento afferente a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>unico rilievo d<span class=\"_ _3\"></span>i non <span class=\"_ _3\"></span>imponibilit\u00e0 ex <span class=\"_ _3\"></span>articolo 8<span class=\"_ _5\"></span><span class=\"ff1\">-bis <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>D.P.R.<span class=\"_ _0\"></span> </span>n. <span class=\"_ _5\"></span>633/72, <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>nautico <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>esborso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>2 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fondo<span class=\"_ _0\"></span> rischi contenzioso fisc<span class=\"_ _0\"></span>ale gi\u00e0 costituito n<span class=\"_ _0\"></span>el 2019 per 2,9 milio<span class=\"_ _0\"></span>ni.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019anno <span class=\"_ _5\"></span>2016, <span class=\"_ _5\"></span>l\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>avviso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accertamento <span class=\"_ _5\"></span>(valore <span class=\"_ _2\"></span>del petitum 1,5 milioni). Il gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizio pende dinanzi la Corte di Gi<span class=\"_ _0\"></span>ustizia Tributaria <span class=\"_ _0\"></span>di primo grado. Relativamente agli anni d\u2019imposta 2015 e 2017 a<span class=\"_ _3\"></span>i fini delle imposte dirette la <span class=\"_ _3\"></span>verifica si \u00e8 conclusa invece senza la <span class=\"_ _3\"></span>rilevaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>di irregolarit\u00e0. *  *  * Con riguardo invece all<span class=\"_ _0\"></span>e controversie definite nel periodo, si <span class=\"_ _0\"></span>segnala:  i)<span class=\"ls0\"> <span class=\"_ _1e\"> </span> il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _4\"> </span>relativo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _4\"> </span>Manzoni <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Melville<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>scissione <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>non </span>proporzionale  di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>ra<span class=\"_ _3\"></span>mo  d<span class=\"_ _3\"></span>\u2019azienda  \u201cprivate <span class=\"_ _1d\"> </span>equity\u201d <span class=\"_ _1d\"> </span>riqualificata  dall\u2019Agenzia <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>Entrate  come <span class=\"_ _1d\"> </span>cessio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _1d\"> </span>diretta </span>d\u2019azienda a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019art. 2<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>D.P.R. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>131/1986 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>6,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>oltre i<span class=\"_ _3\"></span>nteressi. <span class=\"_ _5\"></span><span class=\"ff1\">L<span class=\"_ _3\"></span>a </span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>vinto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>Cassazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>nell\u2019anno; p<span class=\"ff4\">er l\u2019effetto \u00e8 venuta meno tale contestazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quantificata in complessivi 8,3 milioni (di cui interessi per 1,6 milioni). Nel<span class=\"_ _2\"></span><span class=\"ff1\">le </span></span>precedenti <span class=\"_ _3\"></span>informative <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>proporzionale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>a riqu<span class=\"ff4\">alificazione <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iorganiz<span class=\"_ _0\"></span>zazione, <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>20 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>131/1986, <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conferimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>zienda <span class=\"_ _4\"> </span>e </span>cessione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cessione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>\u2019azienda, <span class=\"_ _17\"> </span>si <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _17\"> </span>evidenziata <span class=\"_ _18\"> </span>la <span class=\"_ _17\"> </span>pubblicazione <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>sentenza <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Corte<span class=\"_ _0\"></span> Costituzionale <span class=\"_ _5\"></span>n. 39/2021 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>marzo <span class=\"_ _5\"></span>2021, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusioni <span class=\"_ _5\"></span>confermavano <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>precedente <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della stessa Corte n. 158 <span class=\"_ _0\"></span>del 21 luglio 2020. Alla  luce  di  questa  second<span class=\"_ _0\"></span>a  pronuncia  della  Corte  Costituzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nale  si  riteneva  concl<span class=\"_ _0\"></span>usa  l\u2019annosa  querelle  con  esit<span class=\"_ _35\"></span>i favorevoli <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>numerosi <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>pendenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Cassazione; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguardo v<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tuttavia <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gnalato c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i Cassazione, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Ordinanza <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>10283/2022 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> marzo <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>alternativit\u00e0 IVA/registro <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>fondamentale <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ddivenire <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>unitaria <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>nozione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>azienda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>entrambe <span class=\"_ _7\"> </span>le imposte,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>rimesso  alla <span class=\"_ _1d\"> </span>Corte <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Giustizia <span class=\"_ _1d\"> </span>UE <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>giudizi<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compatibilit\u00e0  dell\u2019articolo <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>TUR  (secondo <span class=\"_ _1d\"> </span>cui l\u2019applicazione <span class=\"_ _3\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _3\"></span>dell\u2019atto <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>registrazione, s<span class=\"_ _3\"></span>enza tener  conto  degli<span class=\"_ _0\"></span>  elementi  ext<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>a  testuali  non<span class=\"_ _0\"></span>  direttamente  desumi<span class=\"_ _0\"></span>bili),  rispetto  al<span class=\"_ _0\"></span>la  normativa  IVA<span class=\"_ _35\"></span>  che  disciplina  il trattamento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>cessioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>azienda <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>soggette <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>ibut<span class=\"_ _3\"></span>o) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>imponibili). <span class=\"_ _6\"></span>La Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Giustizia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019Unione <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>ordinanza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>21<span class=\"_ _3\"></span><span class=\"ff1\"> dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Causa <span class=\"_ _4\"></span>C-</span>250/22 <span class=\"_ _5\"></span>ha <span class=\"_ _6\"> </span>dichiarato <span class=\"_ _6\"> </span>che: <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span><span class=\"ff2\">La </span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pronuncia <span class=\"_ _5\"></span>pregiudiziale <span class=\"_ _5\"></span>proposta <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>suprema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>(Italia), <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>ordinanza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>marzo 2022, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>manifestamente <span class=\"_ _4\"> </span>irricevibile\u201d <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>giudice <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rinvio <span class=\"_ _4\"> </span>esposto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>sufficiente <span class=\"_ _4\"> </span>sotto <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>profilo l\u2019interpretazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>5, <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>8, <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>sesta <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>IVA <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>r<span class=\"_ _6\"></span><span class=\"ff2\">ilevante <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini </span>dell\u2019applicazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>TUR <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span><span class=\"ff4\">Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _5\"></span>dell\u2019Imposta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Registro, <span class=\"_ _5\"></span><span class=\"ff2\">n<span class=\"_ _3\"></span>.d.r.)</span>\u201d. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>precisa <span class=\"_ _5\"></span>altres\u00ec <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span><span class=\"ff2 ls13\">il </span></span>giudice del <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>conserva <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>diritto di <span class=\"_ _3\"></span>presentare una<span class=\"_ _3\"></span> nuova <span class=\"_ _3\"></span>domanda <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>ronuncia pregiudiziale fornendo <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Co<span class=\"_ _5\"></span>rte <span class=\"_ _3\"></span>tutti gli elementi che le con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>entano di pronun<span class=\"_ _0\"></span>ciarsi\u201d<span class=\"_ _3\"></span><span class=\"ff1\">; la tematica \u00e8 og<span class=\"_ _35\"></span>get<span class=\"_ _3\"></span>to di attento mo<span class=\"_ _0\"></span>nitoraggio; </span>ii)<span class=\"ls0\">  <span class=\"_ _1f\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>al  <span class=\"ff4\">conf<span class=\"_ _0\"></span>erimento <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>e  su<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>cessiva <span class=\"_ _7\"> </span>cessione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>partecipazione <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Trento <span class=\"_ _7\"> </span>e </span></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>riqua<span class=\"ff4\">li<span class=\"_ _3\"></span>ficato <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>diretta <span class=\"_ _5\"></span>dell\u2019azienda <span class=\"_ _5\"></span>(sempre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del </span>citato <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>rt. <span class=\"_ _1d\"> </span>20 <span class=\"_ _17\"> </span>D.P.R. <span class=\"_ _17\"> </span>n. <span class=\"_ _1d\"> </span>131/1986) <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ichiesta <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>imposta <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>registro <span class=\"_ _17\"> </span>proporzionale <span class=\"_ _1d\"> </span>(0,8 <span class=\"_ _17\"> </span>milioni) <span class=\"_ _1d\"> </span>oltre <span class=\"_ _17\"> </span>interessi (0,3 milioni), <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>accantonati. <span class=\"_ _2\"></span>Da<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">ultimo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cassazione, <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>epositata <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ll\u2019anno, <span class=\"_ _3\"></span>ha </span>rilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riqualificazione del<span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conferimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ramo <span class=\"_ _3\"></span>d\u2019azienda, <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>partecipazioni nella <span class=\"_ _3\"></span>conferitaria, <span class=\"_ _3\"></span>non \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>consentita <span class=\"_ _3\"></span>dalla l<span class=\"_ _3\"></span>egge (<span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sens<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>dell\u2019art. 20 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>D.P.R. n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>131/1986) e <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>natura d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>imposta </span>d\u2019atto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riveste <span class=\"_ _2\"></span>l\u2019imposta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistro, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>osservato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>citata <span class=\"_ _2\"></span>pronuncia <span class=\"_ _2\"></span>n. 158/2020; per l\u2019effett<span class=\"_ _0\"></span>o, \u00e8 stato rilasciat<span class=\"_ _0\"></span>o quanto a suo tempo <span class=\"_ _0\"></span>accant<span class=\"_ _3\"></span><span class=\"ff1\">onato. </span>Per quanto concerne le filiali di Intesa <span class=\"_ _3\"></span>Sanpaolo localizz<span class=\"_ _0\"></span>ate all\u2019estero<span class=\"_ _3\"></span><span class=\"ff5\"> <span class=\"ff1\">s<span class=\"_ _3\"></span>i evidenzia che: a) \u00e8 in c<span class=\"_ _3\"></span>orso una verifica fiscale in </span></span>materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IVA <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Londra <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _3\"></span>2016, <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2018; <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>segnalan<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilievi; b) <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>in corso <span class=\"_ _3\"></span>due verifiche <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>in materia d<span class=\"_ _3\"></span>i imposte <span class=\"_ _3\"></span>dirette <span class=\"_ _3\"></span>sulla filiale d<span class=\"_ _3\"></span>i New <span class=\"_ _3\"></span>York: la<span class=\"_ _3\"></span> prima <span class=\"_ _3\"></span>verifica, i<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>ziata<span class=\"_ _35\"></span> a <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2021, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>dall\u2019<span class=\"ff1\">Internal <span class=\"_ _5\"></span>Revenue <span class=\"_ _3\"></span>Service <span class=\"_ _5\"></span>(IRS) <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>dichiarazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>presentat<span class=\"_ _0\"></span>a </span>per <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>d\u2019imposta 2018; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>non si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>contestazioni; la seconda <span class=\"_ _3\"></span>verifica, notificata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>luglio 2021, <span class=\"_ _3\"></span>\u00e8 condotta <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>York <span class=\"_ _3\"></span>(NYC), <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2018 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>momento n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano<span class=\"_ _0\"></span> contestazioni. <span class=\"ff4\">Le <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>verifiche condotte dallo <span class=\"_ _3\"></span>Stato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>New York <span class=\"_ _3\"></span>relativamente ai <span class=\"_ _3\"></span>periodi d\u2019imposta 2<span class=\"_ _3\"></span>015 e <span class=\"_ _3\"></span>2016 <span class=\"_ _3\"></span>e </span>dall\u2019IRS <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>iuse <span class=\"_ _2\"></span>senza <span class=\"_ _6\"></span>contestazioni; <span class=\"_ _5\"></span>c) <span class=\"_ _4\"> </span><span class=\"ff1\">si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>chiusa <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>la </span>verifica <span class=\"_ _5\"></span>iniziata <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>aprile <span class=\"_ _5\"></span>202<span class=\"ff4\">1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dall\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Madrid <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019anno <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>redditi <span class=\"_ _6\"></span>con<span class=\"_ _0\"></span> </span>riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Madrid <span class=\"_ _2\"></span>dell\u2019incorporata <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _5\"></span>chiusa <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2018. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>dettaglio, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _2\"></span>fiscale dichiarata dalla <span class=\"_ _3\"></span>filiale per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span><span class=\"ff1\">16 <span class=\"_ _3\"></span>in 724<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mila euro \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata rettificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>complessivi 722 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, di </span>cui <span class=\"_ _7\"> </span>150  m<span class=\"_ _35\"></span>ila <span class=\"_ _16\"> </span>euro <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>interessi <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibili <span class=\"_ _7\"> </span>siccome <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>indebitamento <span class=\"_ _7\"> </span>eccedente <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza richiesto ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del<span class=\"_ _3\"></span>la normativa <span class=\"_ _3\"></span>regolamentare sp<span class=\"_ _2\"></span><span class=\"ff4\">agnola (applicazione della <span class=\"_ _3\"></span>c <span class=\"_ _2\"></span>d. \u201c<span class=\"_ _3\"></span><span class=\"ff2\">thin <span class=\"_ _3\"></span>capitalization <span class=\"_ _3\"></span>rule</span>\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>572 <span class=\"_ _3\"></span>mila euro </span>per  spese <span class=\"_ _1d\"> </span>non  deducibili,  ri<span class=\"_ _3\"></span>ferite  a <span class=\"_ _1d\"> </span>servizi  prestati  a<span class=\"_ _3\"></span>lla  filiale  dall\u2019allora <span class=\"_ _1d\"> </span>casa  madre <span class=\"_ _1d\"> </span>lussemburghes<span class=\"_ _0\"></span>e  (UBI <span class=\"_ _1d\"> </span>Banca<span class=\"_ _0\"></span> International S.A.), <span class=\"_ _2\"></span>in forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>spagnola <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span><span class=\"ff2\">transfer <span class=\"_ _3\"></span>pricing</span> <span class=\"_ _3\"></span>internazionale. La <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>fiscale non <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ato <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>dovuta; <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>) <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>chiusa <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _6\"></span>fiscale <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>mate<span class=\"_ _0\"></span>ria <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>IVA <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"></span>filiale <span class=\"_ _6\"></span>di Varsavia per i<span class=\"_ _3\"></span> periodi d\u2019imposta 2016<span class=\"_ _3\"></span><span class=\"ff1\">-2020 sui <span class=\"_ _3\"></span>servizi finanziari (SWIFT). <span class=\"_ _3\"></span>La filiale ha<span class=\"_ _3\"></span> provveduto al pagamento integrale </span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>contestato <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>13 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>(inclusi <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sanzioni); <span class=\"_ _5\"></span>f) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Monaco <span class=\"_ _2\"></span>di Baviera <span class=\"_ _4\"> </span>dell\u2019incorporata <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>2015 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>2018, <span class=\"_ _7\"> </span>avviata <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span><span class=\"ff1\">2<span class=\"_ _3\"></span>1. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>verificatori <span class=\"_ _4\"> </span>stanno <span class=\"_ _4\"> </span>acquisendo </span>documentazione contabile e fiscale;<span class=\"_ _3\"></span> g) <span class=\"_ _3\"></span>la verifica <span class=\"_ _3\"></span>fiscale sulla filiale di <span class=\"_ _3\"></span>Madrid di ISP con <span class=\"_ _3\"></span>riferimento alla deducibilit\u00e0 delle spese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regia <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2015, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conclusa <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span><span class=\"ff1\">ripresa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tassazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>93 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, </span>pi\u00f9  i<span class=\"_ _0\"></span>nteressi <span class=\"_ _16\"> </span>(17  mila <span class=\"_ _16\"> </span>euro) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sanzione  (<span class=\"_ _0\"></span>20  mil<span class=\"_ _0\"></span>a  euro<span class=\"_ _0\"></span>).  L<span class=\"_ _0\"></span>a  fil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ale <span class=\"_ _16\"> </span>ha  provve<span class=\"_ _0\"></span>duto  al<span class=\"_ _0\"></span>  pagam<span class=\"_ _35\"></span>ento  integrale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>quanto contestato.<span class=\"_ _90\"> </span>Societ\u00e0 del Grupp<span class=\"_ _0\"></span>o Per  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca  F<span class=\"_ _0\"></span>ideuram <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>pendenti <span class=\"_ _16\"> </span>in  Ca<span class=\"_ _0\"></span>ssazione, <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>ricorso  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>Ban<span class=\"_ _2\"></span>ca, <span class=\"_ _16\"> </span>tre  c<span class=\"_ _0\"></span>ause <span class=\"_ _16\"> </span>riguardanti  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>presunta  m<span class=\"_ _35\"></span>ancata effettuazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>ritenuta <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>27% <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"></span>interessi <span class=\"_ _6\"></span>maturati <span class=\"_ _4\"></span>negli <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>2009, <span class=\"_ _4\"></span>2010 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"></span>conti <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _6\"></span>bancari <span class=\"_ _4\"> </span>esteri intrattenuti <span class=\"_ _5\"></span>presso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>(Luxembourg) <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>comuni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"></span>diritto <span class=\"_ _6\"></span>lussemburghese <span class=\"_ _5\"></span>\u201cstorici\u201d </span>(Fonditalia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Interfund <span class=\"_ _5\"></span>SICAV), <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>accertati <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>unicamente <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>collocatrice <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>banca<span class=\"_ _0\"></span> corrispondente <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessivo d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>9,3 <span class=\"_ _2\"></span>milio<span class=\"_ _0\"></span>ni). <span class=\"_ _2\"></span>Essendo <span class=\"_ _3\"></span>risultata <span class=\"_ _3\"></span>soccombente <span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i giudizi, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>ritenuto <span class=\"_ _6\"></span>opportuno <span class=\"_ _4\"></span>predisporre <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">sentito <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consulente<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>incaricato <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019assistenza<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>giudizi <span class=\"_ _6\"> </span>pendenti <span class=\"_ _4\"> </span>dinanzi <span class=\"_ _4\"> </span>al </span>giudice di legittimit\u00e0 - un accant<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>namento a fondo <span class=\"_ _0\"></span>rischi a copertura del r<span class=\"_ _0\"></span>ischio comprensivo di<span class=\"_ _0\"></span> san<span class=\"_ _3\"></span>zioni e interessi.  Intesa <span class=\"_ _3\"></span>Sanpaolo Private Banking, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>tempo pendenti <span class=\"_ _3\"></span>contenziosi IRES <span class=\"_ _3\"></span>e IRAP <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alla deduzione <span class=\"_ _3\"></span>(avvenuta negli <span class=\"_ _3\"></span>anni 2011 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>seguenti) d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ammortamento <span class=\"_ _3\"></span>dell\u2019avviamento, scaturita <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conferimenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rami <span class=\"_ _3\"></span>aziendali <span class=\"_ _3\"></span>priva<span class=\"_ _5\"></span><span class=\"ff1\">te <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa </span>Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Cassa dei <span class=\"_ _2\"></span>Risparmi di <span class=\"_ _3\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Romagna n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2009, <span class=\"_ _3\"></span>Banca d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Trento e <span class=\"_ _2\"></span>Bolzano e <span class=\"_ _2\"></span>Cassa di <span class=\"_ _2\"></span>Risparmio di Firenze <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>2010, <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Ri<span class=\"_ _0\"></span>sparmio <span class=\"_ _16\"> </span>Pistoi<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>ucchesia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Risparmio <span class=\"_ _16\"> </span>dell\u2019Umbria <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2013, <span class=\"_ _7\"> </span>affrancati <span class=\"_ _16\"> </span>dalla confe<span class=\"ff4\">ritaria ai sensi dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rt. 15, comma 10<span class=\"_ _0\"></span>, del D.L. 29 novem<span class=\"_ _0\"></span>bre 2008, n. 185. <span class=\"ff1\"> </span></span>Lo stato dei contenzi<span class=\"_ _0\"></span>osi \u00e8 il seguent<span class=\"_ _0\"></span>e: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>011: <span class=\"_ _6\"></span>favorevole <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>2763/2019, <span class=\"_ _6\"></span>depositata <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2019, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Regionale </span>della <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span><span class=\"ff4\">respinto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>merito <span class=\"_ _7\"> </span>l\u2019appello <span class=\"_ _4\"> </span>principale <span class=\"_ _7\"> </span>dell\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate <span class=\"_ _7\"> </span>avverso <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>della </span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _3\"></span>Provinciale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>7028/2017 <span class=\"_ _2\"></span>(ammontare <span class=\"_ _3\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessiva <span class=\"_ _3\"></span>pretesa <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>,9 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di cui <span class=\"_ _2\"></span>3,8 <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>3,5 <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>sanzioni). <span class=\"_ _2\"></span>Il <span class=\"_ _6\"></span><span class=\"ff4\">giudice <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>accolto <span class=\"_ _2\"></span>l\u2019appello <span class=\"_ _2\"></span>incidentale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 </span>sulla <span class=\"_ _17\"> </span>questione <span class=\"_ _1d\"> </span>pregiudiziale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>decadenza <span class=\"_ _1d\"> </span>dell\u2019Amministrazione <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>potere <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>accertamento; <span class=\"_ _17\"> </span>infatti,<span class=\"_ _0\"></span> l\u2019affrancamento <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>chiarazione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>avvisi sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>notificati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2017, <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>ol<span class=\"_ _3\"></span>tre <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ecadenziali <span class=\"_ _4\"> </span>individuati <span class=\"_ _4\"> </span>dall\u2019art. <span class=\"_ _4\"> </span>43 <span class=\"_ _16\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>600/73. <span class=\"_ _7\"> </span>Il giudizio pende in Ca<span class=\"_ _0\"></span>ssazione su ricorso <span class=\"_ _0\"></span>dell\u2019Avvocatura Gener<span class=\"_ _0\"></span>ale dello <span class=\"_ _3\"></span><span class=\"ff1\">Stato e la Banca ha pred<span class=\"_ _0\"></span>isposto controricorso; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2012: <span class=\"_ _5\"></span>sfavorevoli <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Regionale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Lombardia <span class=\"_ _5\"></span>nn. <span class=\"_ _2\"></span>5172/2019 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>5173/2019 </span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>appelli <span class=\"_ _5\"></span>dell\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>(ammontare <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>complessiva <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _5\"></span>pa<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>8,4 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cui </span>3,9 per imposte e 3,<span class=\"_ _0\"></span>9 per sanzioni). \u00c8 stato p<span class=\"_ _0\"></span>resentato ricorso in <span class=\"_ _0\"></span>Cassazione;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2013: favorevoli sentenze sia della <span class=\"_ _3\"></span>Commissione Tributari<span class=\"_ _0\"></span>a Provinciale sia della <span class=\"_ _3\"></span>Commissione Tributaria Regionale<span class=\"_ _35\"></span> </span>(ammontare <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>complessiva <span class=\"_ _7\"> </span>prete<span class=\"_ _3\"></span><span class=\"ff4\">sa <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>10,6 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>4,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>sanzioni). <span class=\"_ _4\"> </span>L\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _4\"> </span>ha </span>proposto ricorso per C<span class=\"_ _0\"></span>assazione e la Banc<span class=\"_ _0\"></span>a si \u00e8 costituita con co<span class=\"_ _0\"></span>ntroricorso;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>2014 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>2015: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Sez. <span class=\"_ _16\"> </span>2^ <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Commissione <span class=\"_ _7\"> </span>Tributaria <span class=\"_ _16\"> </span>Provinciale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Milano <span class=\"_ _7\"> </span>con  se<span class=\"_ _0\"></span>ntenza <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>50<span class=\"_ _2\"></span>4/2/2020 <span class=\"_ _7\"> </span>del </span>7 febbraio 2020, deposita<span class=\"_ _0\"></span>ta il 13 febbraio<span class=\"_ _0\"></span> 2020, ha accolto i ri<span class=\"_ _0\"></span>corsi IRES e IRAP per e<span class=\"_ _0\"></span>ntrambe le annualit\u00e0 (gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizi riuniti). L\u2019ammontare della pretesa <span class=\"_ _3\"></span>tributaria ammonta a <span class=\"_ _3\"></span>16,7 mil<span class=\"_ _3\"></span>ioni (di c<span class=\"_ _3\"></span>ui 7,9 <span class=\"_ _3\"></span>per imposte e<span class=\"_ _3\"></span> 7,9 <span class=\"_ _3\"></span>per sanzioni), o<span class=\"_ _3\"></span>ltre inter<span class=\"_ _5\"></span><span class=\"ff1\">essi. In </span>data 18 <span class=\"_ _3\"></span>marzo 2022 \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>depositata la sentenza favorevole di <span class=\"_ _3\"></span>secondo grado n<span class=\"_ _3\"></span>. 1044 in <span class=\"_ _3\"></span>merito agli anni <span class=\"_ _3\"></span>2014 e <span class=\"_ _3\"></span>2015. La <span class=\"_ _1d\"> </span>Commi<span class=\"_ _0\"></span>ssione  Tributaria  Regionale <span class=\"_ _1d\"> </span>della  Lombardia  ha  respinto  l\u2019appello  dell\u2019Agenzia  delle <span class=\"_ _1d\"> </span>Entrate  avverso  la sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prim<span class=\"ff4\">o <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>ricorsi <span class=\"_ _5\"></span>(riuniti) <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>IRAP <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta. <span class=\"_ _5\"></span>L\u2019Agenzia <span class=\"_ _2\"></span>ha </span>proposto ricorso per c<span class=\"_ _0\"></span>assazione;   \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2016</span>: <span class=\"_ _3\"></span>in data 29 <span class=\"_ _3\"></span>aprile 2021 sono <span class=\"_ _3\"></span>stati notificati gli <span class=\"_ _3\"></span>avvisi di accertamento IRES e <span class=\"_ _3\"></span>IRAP per <span class=\"_ _3\"></span>l\u2018anno di impost<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> 2016. </span>L\u2019importo d<span class=\"_ _3\"></span>edotto dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ora <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>DRE <span class=\"_ _3\"></span>Lombardia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>annualit\u00e0 <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>medesimo <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>gi\u00e0<span class=\"_ _0\"></span> rettificato  per <span class=\"_ _16\"> </span>l\u2019anno  2015,  p<span class=\"_ _0\"></span>ari  a  1<span class=\"_ _0\"></span>2,1  milioni, <span class=\"_ _16\"> </span>cui  corrispondono <span class=\"_ _16\"> </span>una  maggiore <span class=\"_ _16\"> </span>IRES  per  3,3 <span class=\"_ _16\"> </span>milioni  e <span class=\"_ _16\"> </span>IRAP  per 0,7 milioni, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>interessi, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _6\"></span>complessivo <span class=\"_ _5\"></span>8,2 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>ioni). <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>Commissione <span class=\"_ _6\"></span>tributaria <span class=\"_ _5\"></span>provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sentenza <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>1962 <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>6 <span class=\"_ _5\"></span>luglio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricorsi <span class=\"_ _2\"></span>riuniti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Private Banking,  compensando  le <span class=\"_ _1d\"> </span>spese <span class=\"_ _1d\"> </span>tra  le  parti. <span class=\"_ _1d\"> </span>La  sentenza  oltre <span class=\"_ _1d\"> </span>ad  aver <span class=\"_ _1d\"> </span>respinto  la <span class=\"_ _1d\"> </span>que<span class=\"_ _0\"></span>stione  pregiudiziale  sulla decadenza <span class=\"_ _3\"></span>dell\u2019Ufficio <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8500/2021 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>SS.UU. <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>rte <span class=\"_ _3\"></span>di Cassazione, ha respint<span class=\"_ _0\"></span>o i ricorsi anche nel m<span class=\"_ _0\"></span>erito<span class=\"_ _3\"></span><span class=\"ff4\">. Il termine per <span class=\"_ _0\"></span>la proposizione dell\u2019ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ello scade il 5 feb<span class=\"_ _0\"></span>braio 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2<span class=\"_ _3\"></span>017</span>: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>instaurato il <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>avverso <span class=\"_ _3\"></span>l\u2019avviso di <span class=\"_ _3\"></span>accertamento. <span class=\"_ _3\"></span>L\u2019importo d<span class=\"_ _3\"></span>edotto e <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 riguarda <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>medesimo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>rett<span class=\"_ _3\"></span>ificato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019anno <span class=\"_ _4\"> </span>2016 <span class=\"_ _7\"> </span>(1<span class=\"_ _3\"></span><span class=\"ff1\">2,1 <span class=\"_ _7\"> </span>milioni), <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>corrispondono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>IRES <span class=\"_ _7\"> </span>per </span>3,3 <span class=\"ff4\">milioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>IRAP <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>0,7 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>8,6 <span class=\"_ _5\"></span>milioni). <span class=\"_ _2\"></span>L\u2019avviso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>\u00e8 </span>stato <span class=\"_ _16\"> </span>impugnato <span class=\"_ _7\"> </span>con  r<span class=\"_ _0\"></span>icorso <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>DRE <span class=\"_ _16\"> </span>Lombardia <span class=\"_ _7\"> </span>il  3 <span class=\"_ _7\"> </span>giugno <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>e  depositato <span class=\"_ _16\"> </span>presso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Commissione<span class=\"_ _35\"></span> Tributaria <span class=\"_ _1d\"> </span>Provin<span class=\"_ _0\"></span>ciale <span class=\"_ _1d\"> </span>di  Milano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>giugno  2022 <span class=\"_ _1d\"> </span>(RGR.  n. <span class=\"_ _1d\"> </span>2683/2022). <span class=\"_ _1d\"> </span>Si  attende <span class=\"_ _1d\"> </span>la  fissazione <span class=\"_ _1d\"> </span>dell\u2019udienza  di trattazione. Il <span class=\"_ _6\"></span>totale <span class=\"_ _6\"></span>contestato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>dun<span class=\"_ _3\"></span>que, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>imposte, <span class=\"_ _6\"></span>sanzioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>interessi, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>61 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>Sulla <span class=\"_ _6\"></span>base<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>rilasciato <span class=\"_ _6\"></span>dallo studio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>assiste <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>banca <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gittimit\u00e0 <span class=\"_ _2\"></span>dell\u2019affrancamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>degli </span>avviamenti che si generano ex novo in capo alla conferitaria <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>posto a suo tempo in essere anche<span class=\"_ _3\"></span> da a<span class=\"_ _3\"></span>ltre societ\u00e0 del Gruppo<span class=\"_ _35\"></span> e <span class=\"_ _3\"></span>contestato a <span class=\"_ _3\"></span>nessuna <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">\u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>esplicitamente <span class=\"_ _3\"></span>ammessa dall\u2019Agenzia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>8/E <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 c<span class=\"_ _3\"></span>oerente con <span class=\"_ _3\"></span>le </span>previsioni dell\u2019art. <span class=\"_ _0\"></span>15, comma 10, del D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"ff1\"> </span>Cargeas <span class=\"_ _16\"> </span>Assicurazioni, <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _16\"> </span>di  assi<span class=\"_ _0\"></span>curazione<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>acquisita <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Vita <span class=\"_ _7\"> </span>il  27 <span class=\"_ _16\"> </span>maggio <span class=\"_ _7\"> </span>2021, <span class=\"_ _16\"> </span>\u00e8  sta<span class=\"_ _0\"></span>ta interessata da una v<span class=\"_ _0\"></span>erifica dell\u2019Agenzia d<span class=\"_ _0\"></span>elle Entrate, Direzio<span class=\"_ _0\"></span>ne Regionale dell<span class=\"_ _0\"></span>a Lombardia <span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Ufficio Gra<span class=\"_ _0\"></span>ndi Contribuenti, v<span class=\"_ _0\"></span>olta </span>a <span class=\"_ _3\"></span>riscontrare la <span class=\"_ _3\"></span>corretta applicazione, <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>annualit\u00e0 dal <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2018, delle <span class=\"_ _3\"></span>disposizioni t<span class=\"_ _3\"></span>ributarie in <span class=\"_ _3\"></span>materia di assicurazioni private<span class=\"_ _0\"></span> e di contratti vitalizi <span class=\"_ _0\"></span>di cui alla legge 2<span class=\"_ _0\"></span>9 ottobre 1961, n. 121<span class=\"_ _35\"></span>6<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span> In <span class=\"_ _4\"> </span>esito <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>contestata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>assicurative <span class=\"_ _16\"> </span><span class=\"ff4\">aventi <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>\u201cperdita </span>d\u2019impiego\u201d <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>obbligatori<span class=\"_ _0\"></span>amente <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>garantiti <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>dello <span class=\"_ _5\"></span>stipendio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>facoltativament<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>ad <span class=\"_ _3\"></span>altri mutui, <span class=\"_ _3\"></span>finanziamenti e c<span class=\"_ _3\"></span>rediti al <span class=\"_ _3\"></span>consumo), soggette <span class=\"_ _3\"></span>all\u2019imposta sui <span class=\"_ _3\"></span>premi assi<span class=\"_ _2\"></span><span class=\"ff1\">curativi <span class=\"_ _3\"></span>con al<span class=\"_ _3\"></span>iquota del 2<span class=\"_ _3\"></span>,5%, in <span class=\"_ _3\"></span>polizze </span>per assicurazione del rischio di \u201ccredito<span class=\"_ _0\"></span>\u201d, soggette ad aliquota del 12,5%. L\u2019Agenzia <span class=\"_ _0\"></span>sostiene che sebbene il rischio assicur<span class=\"_ _2\"></span><span class=\"ff1\">ato </span>(sulla <span class=\"_ _17\"> </span>cui <span class=\"_ _18\"> </span>base <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>premio <span class=\"_ _18\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>criteri <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>natura <span class=\"_ _17\"> </span>statistico/attuari<span class=\"_ _2\"></span>ale) <span class=\"_ _17\"> </span>sia <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>perdita dell\u2019impiego, <span class=\"_ _5\"></span>sarebbe <span class=\"_ _6\"></span>applicabile <span class=\"_ _5\"></span>l\u2019aliquota <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>12,5 <span class=\"_ _6\"> </span>per <span class=\"_ _6\"></span>cento <span class=\"_ _5\"></span>prevista <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>assicurazioni <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>n<span class=\"_ _6\"></span><span class=\"ff1\">ella </span>considerazione che l<span class=\"_ _0\"></span>a polizza - in ultima istanza - <span class=\"ff4\">tutelerebbe l\u2019in<span class=\"_ _0\"></span>teresse patrimoniale dell\u2019ente finanzi<span class=\"_ _0\"></span>atore alla riscossion<span class=\"_ _0\"></span>e del </span>proprio credito. La <span class=\"_ _4\"> </span>contestazione <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>ritengono <span class=\"_ _6\"></span>apodittiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumentali <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e motivazioni dell\u2019Agenzi<span class=\"_ _0\"></span>a. Anche l\u2019ANIA \u00e8 intervenuta r<span class=\"_ _0\"></span>ecentemente sul tem<span class=\"_ _3\"></span><span class=\"ff1\">a con la circolare prot. 0082 del 5 marz<span class=\"_ _0\"></span>o 2021 (che<span class=\"_ _0\"></span> </span>richiama <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ircolare <span class=\"_ _3\"></span>prot. <span class=\"_ _3\"></span>127 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>prile <span class=\"_ _3\"></span>2005) <span class=\"_ _3\"></span>segnalando <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>dell\u2019Agenzia <span class=\"_ _3\"></span>crei <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conseguenze asistematiche <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>abnormi <span class=\"_ _6\"></span>sicuramente <span class=\"_ _6\"></span>estranee <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>volont\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>legislatore <span class=\"_ _5\"></span>della <span class=\"_ _16\"> </span><span class=\"ff4\">legge <span class=\"_ _6\"></span>n. <span class=\"_ _6\"> </span>1216, <span class=\"_ _6\"> </span>ma <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>all\u2019orient<span class=\"_ _0\"></span>amento </span>della <span class=\"_ _3\"></span>stessa <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>espressa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>dell\u2019aliquota <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2,5<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>circolare <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>29/<span class=\"_ _5\"></span><span class=\"ff1 ls3e\">E </span>del 2001. Nel <span class=\"_ _4\"> </span>merito, <span class=\"_ _6\"></span>precisa <span class=\"_ _4\"> </span>l\u2019ANIA, <span class=\"_ _6\"></span>nelle <span class=\"_ _4\"> </span>polizze <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>qualifica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assicurato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>individ<span class=\"_ _2\"></span><span class=\"ff1\">uata <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>persona <span class=\"_ _4\"></span>fisica <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>aderisce <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iena<span class=\"_ _0\"></span> </span>autonomia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>collettiva <span class=\"_ _2\"></span>proposta <span class=\"_ _5\"></span>dall\u2019istituto <span class=\"_ _2\"></span>finanziatore <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>assetto <span class=\"_ _5\"></span>contrattuale <span class=\"_ _5\"></span>vale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>riconoscere <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>debi<span class=\"_ _6\"></span><span class=\"ff1\">tore<span class=\"_ _35\"></span> </span>persona fisica <span class=\"_ _3\"></span>il soggetto nell\u2019interesse del <span class=\"_ _3\"></span>quale la polizza <span class=\"_ _3\"></span>viene stipulata<span class=\"_ _2\"></span><span class=\"ff1\">, in <span class=\"_ _3\"></span>quanto il <span class=\"_ _3\"></span>rischio oggetto della c<span class=\"_ _3\"></span>opertura (perdita </span>dell\u2019occupazione che d<span class=\"_ _0\"></span>etermina l\u2019impossibi<span class=\"_ _0\"></span>lit\u00e0 di onorare il debi<span class=\"_ _0\"></span>to) non pu\u00f2 che prod<span class=\"_ _0\"></span>ursi in capo a quest\u2019<span class=\"_ _0\"></span>ultimo. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Inoltre, <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>negoziale <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>evince <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>finanziatore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>contraente <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>olizza <span class=\"_ _5\"></span>esclusivamente <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>formale,<span class=\"_ _0\"></span> mentre, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>virt\u00f9 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>manifestazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"></span>volont\u00e0 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aderire <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contratto <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>addebitatogli <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riferisc<span class=\"_ _2\"></span><span class=\"ls17\">e </span>esclusivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>pagato, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>lavoratore <span class=\"_ _2\"></span>finanziato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rivestire, <span class=\"_ _2\"></span>ef<span class=\"_ _5\"></span>fettivame<span class=\"_ _0\"></span>nte, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>qualifica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contraente, oltre che quella di <span class=\"_ _0\"></span>assicurato. Infine, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>comunicazione dei <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>notizie <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>contrae<span class=\"_ _5\"></span>nti annualmente <span class=\"_ _6\"> </span>trasmessa <span class=\"_ _6\"> </span>all\u2019Anagrafe <span class=\"_ _4\"> </span>tributaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contempla <span class=\"_ _4\"> </span>l\u2019indicazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"> </span>singoli <span class=\"_ _4\"> </span>aderenti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _6\"> </span>collettiva, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto soggetti che sopport<span class=\"_ _0\"></span>ano l\u2019onere del premio<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>A <span class=\"_ _1f\"> </span>seguito <span class=\"_ _28\"> </span>della <span class=\"_ _1f\"> </span>verifica, <span class=\"_ _1f\"> </span>Cargeas <span class=\"_ _1f\"> </span>Assicurazioni <span class=\"_ _1f\"> </span>ha <span class=\"_ _28\"> </span>ricevuto <span class=\"_ _1f\"> </span>il <span class=\"_ _28\"> </span>25 <span class=\"_ _1f\"> </span>maggio <span class=\"_ _1f\"> </span>2021 <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>\u2019avviso <span class=\"_ _1f\"> </span>di <span class=\"_ _1f\"> </span>accertamento n.<span class=\"ls0\"> <span class=\"ff4\">TMB032S000<span class=\"_ _0\"></span>39/2021 per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>2010<span class=\"_ _3\"></span><span class=\"ff1\"> dove <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>accertata una <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>1,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>interessi per <span class=\"_ _3\"></span>0,7 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e </span></span></span>sanzioni di 3,4 milion<span class=\"_ _0\"></span>i pari al 200% <span class=\"_ _0\"></span>dell\u2019imposta accertata <span class=\"_ _0\"></span>(sanzione minima ex l<span class=\"_ _0\"></span>ege), per un totale com<span class=\"_ _0\"></span>plessivo di 5,7 milio<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i. </span>In <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021 <span class=\"_ _5\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>impugnato <span class=\"_ _3\"></span>avanti <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>Commissio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>entenza n.<span class=\"ls0\"> <span class=\"ff4\">2396 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>accolto <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>annullato <span class=\"_ _7\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento. <span class=\"_ _7\"> </span>Pende <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019appello </span></span>dell\u2019Ufficio.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span><span class=\"ff1\">bblicate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Milano <span class=\"_ _5\"></span>(la <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>343 </span>del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>n. <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>214 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>2022) <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riguardato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tematica <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201criclassificazione\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>polizze<span class=\"_ _0\"></span> contro  il  rischio  di  p<span class=\"_ _3\"></span>erdita  d\u2019impiego  (soggett<span class=\"ff1\">e <span class=\"_ _1d\"> </span>ad  imposta  con  aliquota  del  2,5%)  in  luogo <span class=\"_ _1d\"> </span>di  quelle  contro  il  rischio </span>d\u2019insolvenza <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>debitore, <span class=\"_ _7\"> </span>ossia <span class=\"_ _16\"> </span>quelle <span class=\"_ _7\"> </span>cosiddette <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>copertura <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>(so<span class=\"_ _3\"></span>ggette <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>imposta <span class=\"_ _16\"> </span>con aliquota del <span class=\"_ _3\"></span>12,5%). Gli <span class=\"_ _3\"></span>esiti sono <span class=\"_ _3\"></span>risultati sfavorevoli alle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ricorrenti esterne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo (pur <span class=\"_ _3\"></span>avendo la sentenza n. 343 rico<span class=\"_ _0\"></span>nosciuto l\u2019inapplic<span class=\"_ _0\"></span>abilit\u00e0 delle sanzioni <span class=\"_ _0\"></span>per manifesta obiettiva<span class=\"_ _0\"></span> incertezza nell\u2019appli<span class=\"_ _0\"></span>cabilit\u00e0 della nor<span class=\"_ _2\"></span><span class=\"ff1\">ma). </span>Ci\u00f2 <span class=\"_ _5\"></span>nonostante, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _5\"></span>ben <span class=\"_ _5\"></span>espresse <span class=\"_ _5\"></span>dall\u2019A<span class=\"_ _3\"></span><span class=\"ff1\">NIA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>formalizzate <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>difensori <span class=\"_ _2\"></span>patrocinanti, <span class=\"_ _5\"></span>il </span>rischio di soccombe<span class=\"_ _0\"></span>nza \u00e8 stato ritenuto possi<span class=\"_ _0\"></span>bile.  Sempre <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>citata, <span class=\"_ _5\"></span>Cargeas <span class=\"_ _5\"></span>Assicurazioni <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>ricevuto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>l\u2019avviso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>n.<span class=\"ls0\"> TMB03<span class=\"ff4\">2S002<span class=\"_ _0\"></span>16/2022 <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>l\u2019anno <span class=\"_ _3\"></span>2011 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>accertata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>0,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span>interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>sanzioni, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>200<span class=\"_ _3\"></span>% del<span class=\"_ _3\"></span>l\u2019impost<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>accertata <span class=\"_ _3\"></span>(sanzione <span class=\"_ _3\"></span>minima <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>complessiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>di 4,6 milioni.  Le <span class=\"_ _5\"></span>motivazioni <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span>l\u2019atto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>impositivo <span class=\"_ _2\"></span>sopra <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>riferito <span class=\"_ _5\"></span>all\u2019anno <span class=\"_ _2\"></span>2011 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identiche <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>indicate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019an<span class=\"_ _5\"></span><span class=\"ff1\">no </span>2010. La <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>soccombenza <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>all\u2019annualit\u00e0 <span class=\"_ _5\"></span>2011, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>que<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>2010, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>da </span>ritenere <span class=\"_ _5\"></span>possibile, <span class=\"_ _5\"></span>pertanto <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proceder\u00e0, <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>legge, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019impugnazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>predetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviso <span class=\"_ _5\"></span>avanti <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>competente<span class=\"_ _0\"></span> Corte di Giustizia. Provis ha <span class=\"_ _3\"></span>pratiche di <span class=\"_ _3\"></span>contenzioso IMU e <span class=\"_ _3\"></span>TASI <span class=\"_ _3\"></span>pendenti o <span class=\"_ _3\"></span>comunque prossime all\u2019avvio del <span class=\"_ _3\"></span>valore complessiv<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>di 3,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>a </span>fronte delle quali l\u2019<span class=\"_ _0\"></span>accantonamento al f<span class=\"_ _0\"></span>ondo rischi \u00e8 pari a <span class=\"_ _0\"></span>4,2 milioni compren<span class=\"_ _0\"></span>sivo di spese legali.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _4\"> </span>28 <span class=\"_ _6\"> </span>ottobre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _4\"> </span>SGR <span class=\"_ _6\"> </span>(c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"> </span>pure <span class=\"_ _4\"> </span>ISP <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>consolidante) <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>ricevuto <span class=\"_ _4\"> </span>dall\u2019Agenzia <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>Entrate <span class=\"_ _7\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>Direzion<span class=\"_ _35\"></span>e </span>Regionale <span class=\"_ _1d\"> </span>della  L<span class=\"_ _3\"></span><span class=\"ff4\">ombardia  un <span class=\"_ _1d\"> </span>invito <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>comparire <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>relazione  all\u2019annualit\u00e0 <span class=\"_ _1d\"> </span>2016  per <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>RES <span class=\"_ _1d\"> </span>ed  I<span class=\"_ _3\"></span>RAP, <span class=\"_ _1d\"> </span>a  s<span class=\"_ _3\"></span>eguito  d<span class=\"_ _3\"></span>ella </span>documentazione consegn<span class=\"_ _0\"></span>ata in risposta a questionario notificato<span class=\"_ _0\"></span> il 21 aprile 2021, e ci\u00f2 al fine di instaurare il contradditt<span class=\"_ _2\"></span>orio in ordine <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presunte <span class=\"_ _4\"> </span>criticit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>transfer <span class=\"_ _7\"> </span>pricing <span class=\"_ _7\"> </span>emerse <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>corrispettivi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>commission<span class=\"_ _0\"></span>i percepite <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>Fideuram <span class=\"_ _6\"> </span>SGR <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestore <span class=\"_ _6\"></span>delegato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"> </span>effettuata <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>favore <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>consociata irlandese Fideuram <span class=\"_ _3\"></span>Asset Manage<span class=\"ff4\">me<span class=\"_ _3\"></span>nt Ireland <span class=\"_ _3\"></span>(delegante). Con <span class=\"_ _3\"></span>particolare riguardo a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>commissioni di <span class=\"_ _3\"></span>gestione, l\u2019Agenzia </span>riprende <span class=\"_ _4\"> </span>analoghe <span class=\"_ _7\"> </span>rettifiche <span class=\"_ _4\"> </span>effettuate <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>annualit\u00e0 <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>2011 <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>2013 <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _4\"> </span>diedero <span class=\"_ _7\"> </span>luogo <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>accertamento <span class=\"_ _4\"> </span>con adesione <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>annualit\u00e0) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>l\u2019imponibile <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Fideuram <span class=\"_ _2\"></span>SGR <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>560 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro. <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>ha aderito <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>sottoscrivendo <span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>15 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>provvedendo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento dell\u2019importo dovuto (220 <span class=\"_ _3\"></span>mila euro) <span class=\"_ _3\"></span>il 20 <span class=\"_ _3\"></span>dicembre<span class=\"ff1\"> <span class=\"_ _3\"></span>2022. In <span class=\"_ _3\"></span>relazione a possibili <span class=\"_ _3\"></span>analoghe contestazioni per gli a<span class=\"_ _3\"></span>nni successivi </span>fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>2019, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>500 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>onere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposte <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>interessi, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuando <span class=\"_ _5\"></span>un<span class=\"_ _5\"></span> accantonamento al conto e<span class=\"_ _3\"></span>conomico 2022. D\u2019intesa co<span class=\"_ _2\"></span><span class=\"ff1\">n il <span class=\"_ _3\"></span>consulente che segue <span class=\"_ _3\"></span>la contestazione, nessun <span class=\"_ _3\"></span>accantonamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>\u00e8 </span>stato <span class=\"_ _6\"></span>operato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>successivi, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>prossima <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>bilaterali <span class=\"_ _6\"></span>presentati <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _5\"></span><span class=\"ls17\">0 </span>(quindi, applicabili <span class=\"_ _0\"></span>da tale periodo per 5 a<span class=\"_ _0\"></span>nni) alle autorit<span class=\"ff4\">\u00e0 irlandesi e italiane sull\u2019attivi<span class=\"_ _0\"></span>t\u00e0 contestata.<span class=\"ff1\"> </span></span>Eurizon <span class=\"_ _4\"> </span>Capital <span class=\"_ _7\"> </span>SGR <span class=\"_ _7\"> </span><span class=\"ff4\">(di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>EC <span class=\"_ _4\"> </span>ITA\u201d) <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>22 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _7\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate<span class=\"_ _0\"></span>  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Direzione </span></span>Regionale  della <span class=\"_ _1d\"> </span>Lombardia  (di  seguito <span class=\"_ _1d\"> </span>l\u2019\u201dAdE\u201d  o <span class=\"_ _1d\"> </span>l\u2019\u201dUfficio\u201d)  un <span class=\"_ _1d\"> </span>invito  a  comparire <span class=\"_ _1d\"> </span>ai  fin<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _1d\"> </span>IRAP<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>e, <span class=\"_ _1d\"> </span>congiu<span class=\"_ _0\"></span>ntamente  alla </span>consolidante fiscale Int<span class=\"_ _0\"></span>esa Sanpaolo (di <span class=\"_ _0\"></span>seguito \u201cCapogruppo\u201d),<span class=\"_ _0\"></span> un invito a comp<span class=\"_ _0\"></span>arire ai fini IRE<span class=\"_ _0\"></span>S per l\u2019annualit\u00e0 201<span class=\"_ _0\"></span>6.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>presentate <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019incontro <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>attivando, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>modo,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di </span>contraddittorio della <span class=\"_ _0\"></span>durata di circa quattr<span class=\"_ _0\"></span>o mesi. L\u2019AdE, <span class=\"_ _1c\"> </span>dopo <span class=\"_ _1c\"> </span>aver <span class=\"_ _1c\"> </span>esamin<span class=\"_ _0\"></span>ato <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>infragruppo<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>poste <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>da <span class=\"_ _1c\"> </span>EC <span class=\"_ _1c\"> </span>ITA <span class=\"_ _18\"> </span>nei <span class=\"_ _1c\"> </span>confronti <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>controllata<span class=\"_ _0\"></span> lussemburghese <span class=\"_ _4\"> </span>Eurizon <span class=\"_ _7\"> </span>Capital <span class=\"_ _7\"> </span>S.A. <span class=\"_ _4\"> </span>(di <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>\u201cEC <span class=\"_ _7\"> </span>LUX\u201d), <span class=\"_ _7\"> </span>contesta <span class=\"_ _4\"> </span>l\u2019analisi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>nella </span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _5\"></span>EC <span class=\"_ _2\"></span>ITA, <span class=\"_ _2\"></span>ritenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rispecchierebbe <span class=\"_ _2\"></span>l\u2019effettiva <span class=\"_ _2\"></span>ripartizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>funzioni, </span>rischi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>esistente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>precisamente <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizi svol<span class=\"_ _3\"></span>te da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _3\"></span>sebbene <span class=\"_ _3\"></span>formalmente scomp<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>pluralit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>separate, dal <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>sostanziale <span class=\"_ _3\"></span>sarebbero \u201c<span class=\"ff2\">riconducibili ad <span class=\"_ _3\"></span>una pi\u00f9 <span class=\"_ _3\"></span>ampia attivit\u00e0 <span class=\"_ _3\"></span>imprenditoriale<span class=\"ff3\">\u201d<span class=\"ff1\"> <span class=\"_ _3\"></span>svolta <span class=\"_ _3\"></span>da EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>a favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>EC LUX. <span class=\"_ _3\"></span>Pertanto, applicando un <span class=\"_ _3\"></span>metodo </span></span></span>di <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>libera <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>orrenza <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>ado<span class=\"_ _3\"></span>ttato da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA, <span class=\"_ _3\"></span>determina <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>imponibile a fini IRES ed IRAP di 151,1 milioni, cui corrispondono imposte IRES ed IRAP per 50 milioni (41,6 milioni per IRES e 8,4 milion<span class=\"_ _2\"></span><span class=\"ls19\">i </span>per IRAP), interessi pe<span class=\"_ _0\"></span>r complessivi 9,6 milioni e sanzioni per co<span class=\"_ _0\"></span>mplessivi 15 milioni. In <span class=\"_ _6\"></span>specie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>trasferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>EC <span class=\"_ _6\"></span>ITA <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>corretto adottare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Comparable <span class=\"_ _6\"></span>Uncontrolled <span class=\"_ _4\"></span>Price <span class=\"_ _6\"></span>(o <span class=\"_ _4\"></span>CUP) <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>prezzare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>servizi, <span class=\"_ _16\"> </span>in <span class=\"_ _6\"></span>primis <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>servizio <span class=\"_ _6\"></span>di delega di <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>resi ad <span class=\"_ _3\"></span>EC LUX, <span class=\"_ _3\"></span>allineando il <span class=\"_ _3\"></span>prezzo addebitato a<span class=\"_ _3\"></span>d EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>ai prezzi <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>EC ITA <span class=\"_ _3\"></span>addebita/paga a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>deleghe <span class=\"_ _3\"></span>attive/passive <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>terze, <span class=\"_ _2\"></span>l\u2019AdE <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>appropriato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Transacti<span class=\"_ _2\"></span><span class=\"ff1\">onal </span>Net Margin Me<span class=\"ff4\">thod (TNMM), che prevede in sostanza l\u2019allocazione di una percentuale di margine netto rispetto al valore della</span><span class=\"ff4\"><span class=\"_ _0\"></span> </span>produzione <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>analisi, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>specie <span class=\"_ _6\"> </span>EC <span class=\"_ _6\"> </span>LUX. <span class=\"_ _6\"> </span>Nel <span class=\"_ _6\"> </span>dettaglio, <span class=\"_ _6\"> </span>l\u2019AdE <span class=\"_ _6\"> </span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>utili <span class=\"_ _6\"> </span>lord<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>imposte/commissio<span class=\"ff4\">ni <span class=\"_ _5\"></span>attive <span class=\"_ _6\"> </span>rilevato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>UX <span class=\"_ _5\"></span>(3<span class=\"_ _3\"></span>8,5%) <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>eccessivo. <span class=\"_ _6\"> </span>Conseguentemente <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _6\"> </span>approccio, <span class=\"_ _6\"> </span>l\u2019utile </span>ante <span class=\"_ _7\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>EC <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _7\"> </span>(208,6 <span class=\"_ _16\"> </span>milioni)<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>attribuito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>circa <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>quarto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Lussemburgo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>circa <span class=\"_ _16\"> </span>tre <span class=\"_ _7\"> </span>quarti (151,1 milioni) <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>impor<span class=\"_ _3\"></span>tante <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>conseguenti r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>allocazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _2\"></span>tra Lussemburgo ed Italia m<span class=\"_ _0\"></span>uove <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nella tesi dell\u2019AdE \u2013</span> dalla convin<span class=\"_ _0\"></span>zione che EC LUX ri<span class=\"_ _0\"></span>ceva da EC ITA un co<span class=\"_ _0\"></span>ntributo intangibile. Come confermato anche dal parere ril<span class=\"_ _3\"></span><span class=\"ff4\">asciato dal consulente che a<span class=\"_ _3\"></span>ssiste EC ITA, la contestazione mossa dall\u2019Ufficio presenta </span>diversi <span class=\"_ _4\"> </span>profili <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>infondatezza: <span class=\"_ _4\"> </span>a) <span class=\"_ _7\"> </span>l\u2019intangibile<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>influenza <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rasferimento <span class=\"_ _4\"> </span>infragruppo<span class=\"_ _3\"></span></span>; <span class=\"_ _7\"> </span>b) <span class=\"_ _7\"> </span>l\u2019Ufficio, <span class=\"_ _4\"> </span>poi, <span class=\"_ _7\"> </span>ha completamente <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>gnorato <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>risultanze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>scorsi <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di imposta <span class=\"_ _3\"></span>2011-2015, che <span class=\"_ _3\"></span>avevano <span class=\"_ _3\"></span>condotto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>conclusione di <span class=\"_ _3\"></span>atti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>desione aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rettifica dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>praticati <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>tra <span class=\"_ _4\"></span>EC <span class=\"_ _4\"></span>ITA <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EC <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>basi <span class=\"_ _4\"> </span>completamente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _6\"></span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _6\"></span>che emergono ora <span class=\"_ _3\"></span>relativamente al 2016. <span class=\"_ _3\"></span>In tale <span class=\"_ _3\"></span>contesto, tra <span class=\"_ _3\"></span>l\u2019altro, EC LUX <span class=\"_ _3\"></span>aveva fornito a<span class=\"_ _3\"></span>ll\u2019Ufficio informazioni circa l\u2019inta<span class=\"_ _5\"></span><span class=\"ff1\">ngible </span>e <span class=\"_ _3\"></span>il suo <span class=\"_ _3\"></span>ammortamento fiscale <span class=\"_ _3\"></span>extra-contabile. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>degli atti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>desione relativi a<span class=\"_ _3\"></span>i periodi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta 2011<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>2015, <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Ufficio <span class=\"_ _2\"></span>aveva <span class=\"_ _2\"></span>acquisito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>suddetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortamento <span class=\"_ _2\"></span>extra<span class=\"_ _2\"></span><span class=\"ff1\">-contabile, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _2\"></span>tuttavia </span>ritenere che dovessero avere un impatto ai fi<span class=\"ff4\">ni <span class=\"_ _3\"></span>della determinazi<span class=\"_ _0\"></span>one dei prezzi di trasferimento tra EC ITA e EC LUX. L\u2019Ufficio </span>aveva <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>idonea <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>redisposta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>suo <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>EC <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>TA <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>metodo CUP, <span class=\"_ _3\"></span>riconoscendo a <span class=\"_ _2\"></span>quest\u2019ulti<span class=\"_ _35\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>enalty protectio<span class=\"_ _3\"></span>n; <span class=\"_ _3\"></span>c) <span class=\"_ _3\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>omesso <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>ompiere un\u2019apposita <span class=\"_ _3\"></span>analisi volta <span class=\"_ _3\"></span>ad indentificare le <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>svolte, i<span class=\"_ _3\"></span> rischi <span class=\"_ _3\"></span>assunti e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i beni<span class=\"_ _3\"></span> utilizzati <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oncreto da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>EC LUX <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>20<span class=\"_ _5\"></span>16, <span class=\"_ _3\"></span>ma si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>limitato <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>qualificare <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>LUX <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mplessa\u201d <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>erronea <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onvinzione <span class=\"_ _5\"></span>che l\u2019ammortamento fiscale <span class=\"_ _3\"></span>extra<span class=\"_ _3\"></span><span class=\"ff1\">-</span>contabile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>capo <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riconducibile ad <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cbene intangibile\u201d <span class=\"_ _3\"></span>contribuito d<span class=\"_ _3\"></span>a EC <span class=\"_ _2\"></span>ITA <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conseguenza, <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">tale <span class=\"_ _2\"></span>contributo <span class=\"_ _2\"></span>\u201cunico\u201d <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>fiscale, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a </span>ritenuto <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>specie <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>metodi <span class=\"_ _5\"></span>\u201ctradizionali\u201d<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>libera <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncorrenza <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>CUP; <span class=\"_ _3\"></span>d) <span class=\"_ _2\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ignorato <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>stesso <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>nel<span class=\"_ _2\"></span>l\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>procedimento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione concluso <span class=\"_ _16\"> </span>nel  2022  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  la <span class=\"_ _16\"> </span>societ\u00e0  Fi<span class=\"_ _0\"></span>deuram  SG<span class=\"_ _0\"></span>R,  sopra<span class=\"_ _0\"></span>  commentato,<span class=\"_ _0\"></span>  avente <span class=\"_ _16\"> </span>ad  ogg<span class=\"_ _0\"></span>etto <span class=\"_ _16\"> </span>i  rapporti  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fragruppo <span class=\"_ _16\"> </span>con  la consociata <span class=\"_ _4\"> </span>irlandese <span class=\"_ _4\"> </span>FAMI. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>ultimo <span class=\"_ _4\"> </span>contesto, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>l\u2019Uffici<span class=\"_ _0\"></span>o, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\">perazioni <span class=\"_ _6\"></span>infragruppo <span class=\"_ _4\"> </span>similari <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>quelle </span>concluse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>maggiormente <span class=\"_ _3\"></span>appropriato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>circostanze <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso fosse proprio il CUP; e) da ultimo, l\u2019Ufficio, pur avendo dato atto che sulle medesime operazion<span class=\"_ _2\"></span>i infragruppo oggetto dell\u2019invit<span class=\"_ _0\"></span>o \u00e8 <span class=\"_ _2\"></span>tuttora <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>procedura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accordo <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>bilaterale <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>trasferimento  t<span class=\"_ _0\"></span>ra  le  Au<span class=\"_ _0\"></span>torit\u00e0  Comp<span class=\"_ _0\"></span>etenti  itali<span class=\"_ _0\"></span>ane  e  lu<span class=\"_ _0\"></span>ssemburghesi,  n<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  ha <span class=\"_ _16\"> </span>valorizzato  in <span class=\"_ _16\"> </span>alcun<span class=\"_ _2\"></span>  modo  tale  c<span class=\"_ _0\"></span>ircostanza,<span class=\"_ _35\"></span> nonostante <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accordo <span class=\"_ _5\"></span>preventivo <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>ta <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>conclusione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>uddetti <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>di adesione relativi ai p<span class=\"_ _0\"></span>eriodi di impost<span class=\"_ _0\"></span>a 2011<span class=\"_ _3\"></span>-2015 e dunque c<span class=\"_ _0\"></span>omprenda anche il 2<span class=\"_ _0\"></span>016. Tali <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _2\"></span>sar<span class=\"ff4\">anno <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>rappresentate <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumentate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contraddittorio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dovr\u00e0 <span class=\"_ _5\"></span>concludersi <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il </span>30<span class=\"ls0\"> aprile 2023. </span>Con riguardo alle so<span class=\"_ _0\"></span>ciet\u00e0 controllate estere<span class=\"_ _0\"></span> si segnalano le seg<span class=\"_ _0\"></span>uenti evoluzioni d<span class=\"_ _0\"></span>el contenzioso i<span class=\"_ _0\"></span>ntervenute nell\u2019anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>Albania <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>interessata <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>i) <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>pendente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>ricorso <span class=\"_ _5\"></span>della Banca, <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>esigibili <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>l\u2019amministra<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>avrebbero portato <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>le<span class=\"_ _2\"></span>gittima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>imponibile <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>annualit\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>2003 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2007 (petitum <span class=\"_ _7\"> </span>1,3 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _7\"> </span>ii) <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>contenzioso <span class=\"_ _7\"> </span>ex <span class=\"_ _16\"> </span>Veneto <span class=\"_ _4\"> </span>Banka <span class=\"_ _7\"> </span>pendente <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>errori <span class=\"_ _7\"> </span>commessi <span class=\"_ _7\"> </span>nella dichiarazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>redditi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>d\u2019im<span class=\"_ _3\"></span><span class=\"ff1\">posta <span class=\"_ _7\"> </span>2013 <span class=\"_ _7\"> </span>(petitum <span class=\"_ _16\"> </span>33 <span class=\"_ _7\"> </span>mila <span class=\"_ _16\"> </span>euro); <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>definito <span class=\"_ _7\"> </span>invece <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>di </span>1 milione,  con  utilizzo  del  fo<span class=\"_ _35\"></span>ndo, <span class=\"_ _1d\"> </span>il  conten<span class=\"_ _0\"></span>zioso  relativo  ad  errori <span class=\"_ _16\"> </span>commessi  nella  dichiarazione <span class=\"_ _16\"> </span>dei  redditi  del  periodo d\u2019imposta 2011.<span class=\"ff1\"> </span>Bank <span class=\"_ _16\"> </span>of <span class=\"_ _16\"> </span>Alexandria <span class=\"_ _7\"> </span>ha  i<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>corso <span class=\"_ _7\"> </span>due  v<span class=\"_ _0\"></span>erific<span class=\"_ _3\"></span><span class=\"ff4\">he <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>corporate <span class=\"_ _16\"> </span>income <span class=\"_ _7\"> </span>tax  per <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _7\"> </span>2018  e<span class=\"_ _0\"></span> </span>all\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ollo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2019. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>formulate <span class=\"_ _2\"></span>contestazioni. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endente <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contenzioso a<span class=\"_ _3\"></span>vente<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ad oggetto i<span class=\"_ _3\"></span>l mancato versamento dell\u2019imposta di <span class=\"_ _3\"></span>bol<span class=\"_ _3\"></span><span class=\"ff1\">lo da <span class=\"_ _3\"></span>parte delle fi<span class=\"_ _3\"></span>liali della banca del v<span class=\"_ _3\"></span>alore complessivo di 2,1<span class=\"_ _3\"></span> milioni di </span>euro <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>1984 <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>2008 <span class=\"_ _5\"></span>(era <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>5,8 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo </span>rischi <span class=\"_ _2\"></span>(-3,7 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>deriva <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>rischi. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _2\"></span>fiscale sull\u2019imposta di boll<span class=\"_ _0\"></span>o relativa al periodo <span class=\"_ _0\"></span>d\u2019imposta 2019 si \u00e8 c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>iusa senza rilievi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>controversia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>annualit\u00e0 <span class=\"_ _2\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2015 <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata <span class=\"_ _5\"></span>estera<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"_ _5\"></span></span>UBI <span class=\"_ _5\"></span>Trustee <span class=\"_ _5\"></span>S.A. <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>trust <span class=\"_ _5\"></span>company <span class=\"_ _2\"></span>residente <span class=\"_ _5\"></span>in Lussemburgo), <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>chiusa <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l\u2019Amministrazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>trust <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dei titolari effettivi dei m<span class=\"_ _0\"></span>edesimi.  Infine, si <span class=\"_ _3\"></span>segnala che p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>IMI SEC \u00e8<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>corso un <span class=\"_ _3\"></span>audit condotto da<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">lo <span class=\"_ _3\"></span>Stato di <span class=\"_ _3\"></span>New <span class=\"_ _3\"></span>York in <span class=\"_ _3\"></span>relazione al reddito <span class=\"_ _3\"></span>d\u2019impresa delle </span>annualit\u00e0 2015, 2016<span class=\"_ _0\"></span> e 2017. Al momento <span class=\"_ _0\"></span>non si segnalano riliev<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> Altra <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>fiscale <span class=\"_ _5\"></span>avviata <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>riguarda <span class=\"_ _4\"></span>EXELIA<span class=\"_ _0\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2017<span class=\"_ _3\"></span></span><span class=\"ls12\">. <span class=\"_ _6\"></span></span>Al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si segnalano rilievi. Si  me<span class=\"_ _0\"></span>nziona <span class=\"_ _16\"> </span>infine <span class=\"_ _16\"> </span>un  cont<span class=\"_ _0\"></span>enzioso <span class=\"_ _16\"> </span>pendente <span class=\"_ _16\"> </span>in  Bra<span class=\"_ _0\"></span>sile <span class=\"_ _16\"> </span>relativo  a<span class=\"_ _0\"></span>lla <span class=\"_ _16\"> </span>ex  co<span class=\"_ _0\"></span>ntrollata <span class=\"_ _16\"> </span>Banco  S<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dameris <span class=\"_ _16\"> </span>Brasil <span class=\"_ _16\"> </span>(ora  B<span class=\"_ _0\"></span>anco Santander <span class=\"_ _5\"></span>Brasil), <span class=\"_ _2\"></span>ceduta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2003 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>ABN <span class=\"_ _2\"></span>AMRO <span class=\"_ _5\"></span>Brasil <span class=\"_ _5\"></span>(ora <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"></span>Santander), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>onere <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>ricade <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>Intesa Sanpaolo, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessionaria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Settlement <span class=\"_ _3\"></span>Agreement del <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Banco <span class=\"_ _3\"></span>Santander <span class=\"_ _2\"></span>Brasil. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201cCausa <span class=\"_ _2\"></span>PDD1\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>verte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>e contribuzione sociale per il 1<span class=\"_ _0\"></span>995.<span class=\"ff2\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>depositata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudice <span class=\"_ _2\"></span>civile <span class=\"_ _5\"></span>ordinario <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arzialmente<span class=\"_ _35\"></span> accolto <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>eccezioni <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>banca, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dimostrata <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>complesso <span class=\"_ _4\"> </span>favorevole <span class=\"_ _4\"> </span>all\u2019Amministrazione <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>brasiliana.  <span class=\"ff1\">La<span class=\"_ _0\"></span> </span>sentenza \u00e8 stata impugnata e il giud<span class=\"_ _3\"></span>izio pende in secondo grado. Il petitum \u00e8 di <span class=\"_ _3\"></span>euro 41,6 milioni, al cambio di dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _2\"></span><span class=\"lsc\">2 </span>(35 milioni al 3<span class=\"_ _3\"></span>1.12.2021), valorizzato in misura corrispondente al deposito cauzionale versato dalla <span class=\"_ _3\"></span>Banca per adire il <span class=\"_ _3\"></span>giud<span class=\"_ _5\"></span>ice civile (216 milioni <span class=\"_ _0\"></span>di reals brasiliani) e i<span class=\"_ _0\"></span>scritto nell\u2019attivo pat<span class=\"_ _0\"></span>rimoniale, <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>novit\u00e0 <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>due. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilascio, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>parere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Prof. <span class=\"_ _6\"></span>Terci<span class=\"_ _0\"></span>o Sampaio <span class=\"_ _3\"></span>Ferraz <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>quale, <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019altro, <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>confe<span class=\"_ _3\"></span><span class=\"ff1\">r<span class=\"_ _3\"></span>mata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>sostenuta <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>transattiva </span>per <span class=\"_ _3\"></span>il 1<span class=\"_ _3\"></span>995 con <span class=\"_ _3\"></span>l\u2019Amministrazione brasiliana in<span class=\"_ _3\"></span> base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>apposita n<span class=\"_ _3\"></span>orma <span class=\"_ _3\"></span>locale (art. <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>della Legge <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>9799/1999) <span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>ggetto di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>contenzioso <span class=\"_ _5\"></span>amministrativo <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span>tribuente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>decisioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>Amministrativo <span class=\"_ _5\"></span>(CARF), <span class=\"_ _5\"></span>non pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>messa <span class=\"_ _4\"> </span>nuovamente <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>discussione, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>fatto <span class=\"_ _7\"> </span>dall\u2019Erario <span class=\"_ _4\"> </span>brasiliano <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _7\"> </span>giurisdizio<span class=\"_ _0\"></span>nale attualmente pendent<span class=\"_ _0\"></span>e in secondo grado. In <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>pareri <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>consulent<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>locali, <span class=\"_ _4\"></span>tali <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _4\"></span>conse<span class=\"_ _0\"></span>ntono <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>confermare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>soccombenza <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>giudizio come <span class=\"_ _5\"></span>remoto <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>25,6 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>iscritto <span class=\"_ _5\"></span>nell\u2019attivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>patrimoniale). <span class=\"_ _7\"> </span><span class=\"ff1\">Su<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span>imposte <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sanzioni <span class=\"_ _5\"></span>(corrisponden<span class=\"ff4\">ti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>16 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito) <span class=\"_ _5\"></span>prudenzialmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>l\u2019accantonamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l </span>50% <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>ammontare, <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complessivi,8 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(+ <span class=\"_ _7\"> </span>1,2 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dice<span class=\"_ _3\"></span>mbre <span class=\"_ _4\"> </span>2021). <span class=\"_ _4\"> </span>L\u2019incremento <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>dovuto all\u2019apprezzamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valuta <span class=\"_ _5\"></span>brasiliana <span class=\"_ _6\"></span>sull\u2019<span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>cambio <span class=\"_ _6\"></span>rilevato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>della controversia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>connesso <span class=\"_ _4\"> </span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"></span>riguarda <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>notificazione, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ottobre, <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Fisco brasiliano d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un\u2019intimazione di <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>asseri<span class=\"_ _3\"></span><span class=\"ff1\">ta <span class=\"_ _3\"></span>carenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>deposito giudiziario <span class=\"_ _3\"></span>costituito d<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>ontribuente a <span class=\"_ _2\"></span>copertura<span class=\"_ _0\"></span> </span>del <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>contestazione. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>riguardo, <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"></span>presentata <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>memoria <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>opposizione <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>intimazione<span class=\"_ _0\"></span> evidenziando che il <span class=\"_ _3\"></span>Fisco brasiliano ha <span class=\"_ _3\"></span>erroneamente con<span class=\"_ _3\"></span>teggiato il v<span class=\"_ _3\"></span>alore degli <span class=\"_ _3\"></span>interessi maturati sul deposito giudiziario che invece <span class=\"_ _3\"></span>coprirebbero <span class=\"_ _3\"></span>ampiamente <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>pretesa <span class=\"_ _3\"></span>dell\u2019Amministrazione <span class=\"_ _3\"></span>finanziaria. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>consulenti <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>confermano <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>non modifica le stime di ris<span class=\"_ _0\"></span>chio ad ogg<span class=\"_ _0\"></span>i espresse in riferimento al contenzioso in essere. * * * A fr<span class=\"_ _3\"></span>onte della <span class=\"_ _3\"></span>totalit\u00e0 <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>ratiche di <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>fiscale in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2022, <span class=\"_ _3\"></span>per un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>complessivo, come <span class=\"_ _4\"></span>in precedenza <span class=\"_ _3\"></span>indicato, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>219 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>nell\u2019at<span class=\"_ _2\"></span><span class=\"ff1\">tivo <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo </span>sono iscritti 44 milioni <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i crediti per importi <span class=\"_ _0\"></span>pagati a titolo prov<span class=\"_ _0\"></span>visorio in presenza di ac<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ertamenti, 21 mili<span class=\"_ _0\"></span>oni dei quali<span class=\"_ _2\"></span> riferiti alla Capogruppo. La <span class=\"_ _3\"></span>quota del fondo <span class=\"_ _3\"></span>rischi che <span class=\"_ _3\"></span>fronteggia le <span class=\"_ _3\"></span>relative controversi<span class=\"_ _3\"></span>e con <span class=\"_ _3\"></span>iscrizione a <span class=\"_ _3\"></span>ruolo provvisoria ammonta a <span class=\"_ _3\"></span>32 <span class=\"_ _3\"></span>milioni, di cui 26 milioni relativi a I<span class=\"_ _0\"></span>ntesa Sanpaolo.  Detti <span class=\"_ _1d\"> </span>versamenti  a <span class=\"_ _1d\"> </span>titolo <span class=\"_ _1d\"> </span>provvisorio  sono <span class=\"_ _1d\"> </span>stati <span class=\"_ _1d\"> </span>effettuati <span class=\"_ _1d\"> </span>in  ot<span class=\"_ _3\"></span>temperanza<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>specifiche <span class=\"_ _1d\"> </span>disposizioni  legislative,  c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>ne prevedono <span class=\"_ _5\"></span>l\u2019obbligatoriet\u00e0 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>utomatico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tutto <span class=\"_ _5\"></span>indipendente <span class=\"_ _2\"></span>dall\u2019effettiva <span class=\"_ _5\"></span>fondatezza <span class=\"_ _2\"></span>delle connesse pretese fiscali, <span class=\"_ _0\"></span>e quindi dal maggiore o minore<span class=\"_ _0\"></span> rischio di soccombenza <span class=\"_ _0\"></span>nei relativi giudizi. Si tr<span class=\"_ _0\"></span>atta cio\u00e8 di pagam<span class=\"_ _2\"></span>enti eseguiti <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragion<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell'esecutoriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>dotati <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>amministrativi <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>contengono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>di riferimento, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>neppure <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impugnazione, che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>efficacia <span class=\"_ _3\"></span>sospensiva, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nulla <span class=\"_ _3\"></span>toglie o aggiunge <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>sull\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">ffettivo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soccombenza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>operata <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dallo </span>IAS 37 per le passivit\u00e0.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-963": {
   "value": "10.1 Fondi per rischi e one<span class=\"_ _0\"></span>ri: composizion<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti 31.12.2022 31.12.2021<span class=\"_ _0\"></span> 1. Fondi <span class=\"_ _0\"></span>per risch<span class=\"_ _0\"></span>io di credit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> relativo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>a impegn<span class=\"_ _0\"></span>i e garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate 711<span class=\"ls0\"> </span>508<span class=\"ls0\"> </span>2. Fondi s<span class=\"_ _0\"></span>u altri im<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>egni e a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tre garanzie <span class=\"_ _0\"></span>rilasciate - - 3. Fondi <span class=\"_ _0\"></span>di quiesce<span class=\"_ _0\"></span>nza aziend<span class=\"_ _0\"></span>ali 139<span class=\"ls0\"> </span>290<span class=\"ls0\"> </span>4. Altri fo<span class=\"_ _0\"></span>ndi per r<span class=\"_ _0\"></span>ischi ed o<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>eri 4.160 4.918 4.1 contro<span class=\"_ _0\"></span>versie legali<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>e fiscali 969<span class=\"ls0\"> </span>1.066 4.2 oneri per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>il person<span class=\"_ _0\"></span>ale 2.230 2.611 4.3 altri 961<span class=\"ls0\"> </span>1.241 Totale 5.010 5.716 Non vi sono fattispecie<span class=\"_ _0\"></span> riconducibili alla vo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>e \u201c2 <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> </span>Fondi su altri i<span class=\"_ _0\"></span>mpegni e altre garan<span class=\"_ _0\"></span>zie rilasciate\u201d. <span class=\"ff1\"> </span>Il contenuto della voce <span class=\"_ _0\"></span>\u201c4 <span class=\"ff1\">- </span>Altri fondi rischi ed oneri\u201d <span class=\"_ _0\"></span>\u00e8 illustrato al succ<span class=\"_ _0\"></span>essivo punto 10.6.<span class=\"ff1\"> </span>10.2 Fondi per rischi e one<span class=\"_ _0\"></span>ri: variazioni annu<span class=\"_ _0\"></span>e (milioni di eur<span class=\"_ _35\"></span>o) Voci Fondi s<span class=\"_ _0\"></span>u altri impegni e<span class=\"_ _0\"></span> altre garan<span class=\"_ _0\"></span>zie rilasciate<span class=\"_ _0\"></span> Fondi di<span class=\"_ _0\"></span> quiescen<span class=\"_ _0\"></span>za Altri fond<span class=\"_ _0\"></span>i per risch<span class=\"_ _0\"></span>i ed oneri Totale A. Esiste<span class=\"_ _0\"></span>nze inizia<span class=\"_ _0\"></span>li  - 290<span class=\"ls0\"> </span>4.918 5.208 B. Aument<span class=\"_ _0\"></span>i  - 18<span class=\"ls0\"> </span>1.098 1.116 B.1 Accan<span class=\"_ _0\"></span>tonamento <span class=\"_ _0\"></span>dell'eserci<span class=\"_ _0\"></span>zio  - 13<span class=\"ls0\"> </span>1.063 1.076 B.2 Varia<span class=\"_ _0\"></span>zioni dovute<span class=\"_ _0\"></span> al passar<span class=\"_ _0\"></span>e del tempo<span class=\"_ _0\"></span>  - 3 1 4 B.3 Varia<span class=\"_ _0\"></span>zioni dovute<span class=\"_ _0\"></span> a modifi<span class=\"_ _0\"></span>che del tasso<span class=\"_ _0\"></span> di scon<span class=\"_ _0\"></span>to  - - - - B.4 Altre <span class=\"_ _0\"></span>variazioni<span class=\"_ _0\"></span>   - 2 34<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _35\"></span>regazione aziendale<span class=\"_ _0\"></span> - - - - C. Dimi<span class=\"_ _0\"></span>nuzioni  - -<span class=\"ls25\">169</span> -1.856 -2.025 C.1 Utiliz<span class=\"_ _0\"></span>zo nell'esercizi<span class=\"_ _35\"></span>o  - -<span class=\"ls25\">100</span> -1.549 -1.649 C.2 Variazi<span class=\"_ _0\"></span>oni dovu<span class=\"_ _0\"></span>te a modi<span class=\"_ _0\"></span>fiche del tas<span class=\"_ _0\"></span>so di scon<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o  - - -<span class=\"ls25\">129</span> -<span class=\"ls25\">129</span> C.3 Altre va<span class=\"_ _0\"></span>riazioni  - -<span class=\"ls25\">69</span> -<span class=\"ls25\">178</span> -<span class=\"ls25\">247</span> - di cui oper<span class=\"_ _0\"></span>azioni di agg<span class=\"_ _0\"></span>regazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>aziendale<span class=\"_ _0\"></span> - - - - D. Rimane<span class=\"_ _0\"></span>nze final<span class=\"_ _0\"></span>i  - 139<span class=\"ls0\"> </span>4.160 4.299 Come specificato nel c<span class=\"_ _0\"></span>ommento alla precedent<span class=\"_ _0\"></span>e tabella, non vi s<span class=\"_ _0\"></span>ono fattispecie ricon<span class=\"_ _0\"></span>ducibili alla voce \u201cFo<span class=\"_ _0\"></span>ndi su altri impegn<span class=\"_ _2\"></span><span class=\"ff1\">i e </span>altre garanzie rilasci<span class=\"_ _0\"></span>ate\u201d. <span class=\"ff1\"> </span>Negli \u201cAltri fondi per <span class=\"_ _0\"></span>rischi ed oneri\u201d sono i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>clusi accantonamen<span class=\"_ _0\"></span>ti netti a voce 200 le<span class=\"_ _0\"></span>ttera b) di<span class=\"_ _2\"></span><span class=\"ff1\"> conto economico p<span class=\"_ _0\"></span>er 140 milioni </span>e, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>residuo, <span class=\"_ _3\"></span>accantonamenti netti <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>voci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>economico. Gli <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>includono <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>controversi<span class=\"_ _5\"></span><span class=\"lsc\">e </span>legali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>(180 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>qu<span class=\"_ _0\"></span>elli <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>(325 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>cos<span class=\"_ _3\"></span>ti <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>resenti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>economico <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>le spese del personale. Gli <span class=\"_ _0\"></span>utilizzi si riferis<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ono quasi integralm<span class=\"_ _0\"></span>ente a pagamenti.<span class=\"_ _3\"></span> 1.5. RISCHI OPERATIVI INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di <span class=\"_ _3\"></span>gestione e metodi di m<span class=\"_ _3\"></span>isurazione d<span class=\"_ _3\"></span>el rischio operativo<span class=\"_ _2\"></span> </span>Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>subire <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>inadeguatezza <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disfunzione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>proced<span class=\"_ _5\"></span>ure, risorse umane e sist<span class=\"_ _0\"></span>emi interni, oppure da <span class=\"_ _0\"></span>eventi esogeni<span class=\"_ _90\"> </span>106<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _6\"></span>orientata <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prudente gestione  e  finalizzata  a  garantire  solidit\u00e0  e  continuit\u00e0  aziend<span class=\"_ _0\"></span>ale  nel  lungo  periodo.  Inoltre,  il  Gruppo  pone  particolar<span class=\"_ _0\"></span>e attenzione al conseguimento di<span class=\"_ _0\"></span> un equilibrio ot<span class=\"_ _0\"></span>timale tra obiettivi<span class=\"_ _0\"></span> di crescita e di reddi<span class=\"_ _0\"></span>tivit\u00e0 e rischi con<span class=\"_ _0\"></span>seguenti.<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>finalit\u00e0, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>framework <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perativ<span class=\"_ _5\"></span><span class=\"ls13\">i, </span>stabilendo normativa e<span class=\"_ _0\"></span> processi organizzativi per la mi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>urazione, la gestion<span class=\"_ _0\"></span>e e il controllo deg<span class=\"_ _0\"></span>li stessi.<span class=\"_ _3\"></span> Ai f<span class=\"_ _3\"></span>ini di <span class=\"_ _3\"></span>Vigilanza, il <span class=\"_ _3\"></span>Gruppo adotta, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>requisito patrimoniale, <span class=\"_ _3\"></span>il Metodo Avanzato <span class=\"_ _3\"></span>(AMA) <span class=\"_ _3\"></span>in partial<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>use con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>standardizzato (<span class=\"_ _3\"></span>TSA) e <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>BIA). <span class=\"_ _2\"></span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato <span class=\"_ _3\"></span>\u00e8 cost<span class=\"_ _3\"></span>ituito da Intesa Sanpaolo (incluse le ex Banche e Soc<span class=\"_ _0\"></span>iet\u00e0 in essa incorporate) e dalle princip<span class=\"_ _0\"></span>ali banche e societ\u00e0 delle Divisioni Priv<span class=\"_ _2\"></span>ate Banking e Asset Ma<span class=\"_ _0\"></span>nagement, da VUB<span class=\"_ _0\"></span> Banka e PBZ Banka. Modello di Governo Un <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>efficace <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>efficiente <span class=\"_ _5\"></span>presuppone <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>strettamente <span class=\"_ _2\"></span>integrato <span class=\"_ _5\"></span>nei processi <span class=\"_ _7\"> </span>decisionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>aziendale. <span class=\"_ _7\"> </span>Per <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>ragione, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>scelto <span class=\"_ _16\"> </span>di </span>coinvolgere <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>responsabilit\u00e0 <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"></span>operativi <span class=\"_ _4\"></span>(c.d. <span class=\"_ _6\"></span>Operational <span class=\"_ _4\"></span>Risk <span class=\"_ _6\"></span>Management) <span class=\"_ _4\"></span>le Unit\u00e0 Organizzative (b<span class=\"_ _0\"></span>usiness unit, struttur<span class=\"_ _0\"></span>e centrali/di support<span class=\"_ _0\"></span>o) della Capogruppo, d<span class=\"_ _0\"></span>elle Banche e delle Soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo. Il modello di governo<span class=\"_ _0\"></span> del rischio operativ<span class=\"_ _0\"></span>o \u00e8 sviluppato in ottica <span class=\"_ _0\"></span>di:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>ottimizzazione e valorizzazio<span class=\"_ _0\"></span>ne dei presidi org<span class=\"_ _0\"></span>anizzativi, delle int<span class=\"_ _0\"></span>errelazioni e dei flus<span class=\"_ _0\"></span>si informativi intercorre<span class=\"_ _0\"></span>nti fra le<span class=\"_ _2\"></span> Unit\u00e0 </span>Organizzative <span class=\"_ _16\"> </span>esistenti <span class=\"_ _16\"> </span>e  integr<span class=\"_ _0\"></span>azio<span class=\"ff4\">n<span class=\"_ _3\"></span>e  d<span class=\"_ _0\"></span>ell\u2019approccio <span class=\"_ _16\"> </span>di  g<span class=\"_ _0\"></span>estione <span class=\"_ _16\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _16\"> </span>operativo  co<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>  a<span class=\"_ _0\"></span>ltri  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>delli <span class=\"_ _16\"> </span>aziendali </span>sviluppati a fronte di <span class=\"_ _0\"></span>specifici rischi (es. Co<span class=\"_ _0\"></span>ntinuit\u00e0 Operati<span class=\"_ _0\"></span>va, Sicurezza Informatic<span class=\"_ _0\"></span>a, ecc.);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>trasparenza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>diffusione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>criteri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>alisi, <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>misurazione <span class=\"_ _3\"></span>utilizzati, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine </span>di facilitare il proces<span class=\"_ _0\"></span>so di diffusione cultur<span class=\"_ _0\"></span>ale e la comprensio<span class=\"_ _0\"></span>ne delle logiche s<span class=\"_ _0\"></span>ottostanti le scelte<span class=\"_ _0\"></span> adottate.<span class=\"_ _2\"></span> Il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>una  Fun<span class=\"_ _0\"></span>zione <span class=\"_ _16\"> </span>centralizzata <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>operativo, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Direzione  E<span class=\"_ _35\"></span>nterprise  Ris<span class=\"_ _35\"></span>k Management. <span class=\"_ _3\"></span>L\u2019Unit\u00e0 <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabile <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>progettazione, <span class=\"_ _2\"></span>dell\u2019implementazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>presidio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>metodologico <span class=\"_ _3\"></span>e organizzativo, <span class=\"_ _4\"> </span>n<span class=\"ff4\">onch\u00e9 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>profili <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>\u2019efficaci<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>del </span>reporting <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vertici <span class=\"_ _5\"></span>aziendali. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>requisiti <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _5\"></span>Organizzative <span class=\"_ _5\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la responsabilit\u00e0 della <span class=\"_ _3\"></span>rilevazione, della <span class=\"_ _3\"></span>valutazione, della gestione <span class=\"_ _3\"></span>e della <span class=\"_ _3\"></span>mitigazione dei <span class=\"_ _3\"></span>rischi: a<span class=\"_ _3\"></span>l loro <span class=\"_ _3\"></span>interno sono <span class=\"_ _3\"></span>individuate 106 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compo<span class=\"_ _3\"></span>nente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"> </span>econom<span class=\"_ _3\"></span>iche, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>presi <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>i <span class=\"_ _6\"> </span>rischi: <span class=\"_ _6\"></span>legale, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>dotta, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>conf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>it\u00e0, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>financial crime, <span class=\"_ _3\"></span>fiscale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>IT <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cybe<span class=\"_ _3\"></span>r, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sicu<span class=\"_ _3\"></span>rezza <span class=\"_ _3\"></span>fisica, <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>operativa, <span class=\"_ _2\"></span>terze <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arti, <span class=\"_ _3\"></span>q<span class=\"_ _3\"></span><span class=\"ff4\">ualit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati, <span class=\"_ _3\"></span>frod<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019employer <span class=\"_ _2\"></span>risk. <span class=\"_ _2\"></span>Sono <span class=\"_ _3\"></span>esclu<span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rischi<span class=\"_ _3\"></span> </span>strategici e di rep<span class=\"_ _3\"></span>utazione.<span class=\"fs0\"> </span>CdA, CEO, Comitati<span class=\"_ _3\"></span> direzionali (Comitato Rischi<span class=\"_ _3\"></span> e Sostenibilit\u00e0), Comitati manageriali (Comitato Coordinamento Controlli e Ri<span class=\"_ _3\"></span>schi Non Finanziari<span class=\"_ _3\"></span>)<span class=\"_ _90\"> </span>Definizion<span class=\"_ _3\"></span>e obiettivi e politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Supervisione e Indirizzo Strategico<span class=\"_ _90\"> </span>Area di Governo Chi<span class=\"_ _3\"></span>ef Risk Officer, Funzione Centralizza<span class=\"_ _3\"></span>ta di gestione del rischio operati<span class=\"_ _3\"></span>vo (Operational, Technology <span class=\"_ _3\"></span>&amp; Information Risk Management)<span class=\"_ _90\"> </span>Coordinamento dell\u2019attuazione degli indirizzi<span class=\"_ _3\"></span> e delle politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Definizione, sviluppo, mantenimento del Framework di gestione dei rischi operativi<span class=\"_ _90\"> </span>Unit\u00e0 Organizzative di<span class=\"_ _3\"></span> Capogruppo/Societ\u00e0 del Gruppo (funzioni di Operati<span class=\"_ _3\"></span>onal<span class=\"_ _90\"> </span>Risk Management Decentrato e Referenti, funzioni<span class=\"_ _3\"></span> di risk management locali<span class=\"_ _3\"></span>)  Presidio dei rischi<span class=\"_ _3\"></span> operativi nelle singol<span class=\"_ _3\"></span>e Unit\u00e0 Organizzative/Societ\u00e0 del Gruppo<span class=\"_ _90\"> </span>Alimentazi<span class=\"_ _3\"></span>one del sistema di gestione dei<span class=\"_ _3\"></span> Rischi Operativi (eventi operativi, critici<span class=\"_ _3\"></span>t\u00e0, azioni di mitigazione, autodiagnosi)<span class=\"_ _90\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>responsabili <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Operational<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>appartenenza <span class=\"_ _4\"> </span>(raccolta <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ensiment<span class=\"_ _0\"></span>o strutturato <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>operativi, <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>correlate <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>mitigazione, esecuzione <span class=\"_ _5\"></span>dell\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>associata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>operativo). <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span>continuit\u00e0 <span class=\"_ _16\"> </span>il  proces<span class=\"_ _0\"></span>so <span class=\"_ _16\"> </span>di  gover<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>del  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>operativo <span class=\"_ _16\"> </span>\u00e8  attivo <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturato <span class=\"_ _7\"> </span>di  formazione <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ersone attivamente coinvolt<span class=\"_ _0\"></span>e nel processo stesso. Rischio ICT Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>formativo <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimaria <span class=\"_ _5\"></span>importanza<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>conseguimento <span class=\"_ _5\"></span>dei<span class=\"_ _0\"></span> propri <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trategici, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 s<span class=\"_ _3\"></span>ociale, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>criticit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>processi <span class=\"_ _2\"></span>az<span class=\"_ _5\"></span>iendali che <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>esso <span class=\"_ _17\"> </span>dipendono. <span class=\"_ _1d\"> </span>Conseguent<span class=\"_ _0\"></span>emente <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpegna <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>creare <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mbiente <span class=\"_ _1d\"> </span>resilient<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>ad <span class=\"_ _1d\"> </span>investire<span class=\"_ _2\"></span> <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>e infrastrutture <span class=\"_ _3\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>minimizzar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>ICT <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>proteggere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _2\"></span>immagine<span class=\"_ _2\"></span><span class=\"ff1\">, <span class=\"_ _5\"></span>i </span>propri clienti e i pr<span class=\"_ _0\"></span>opri dipendenti. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>dotato, <span class=\"_ _6\"></span>quindi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>regole <span class=\"_ _5\"></span>finalizz<span class=\"_ _2\"></span>ati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>misurare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>ICT <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono esposti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>valutare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presidi <span class=\"_ _2\"></span>esistenti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>adeguate <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>rischi, <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>oerente con il processo di ge<span class=\"_ _0\"></span>stione dei rischi o<span class=\"_ _0\"></span>perativi. In linea con il quadro metodologico definito per il govern<span class=\"_ _0\"></span>o dei rischi operativi, il modello di gover<span class=\"_ _0\"></span>no del rischio ICT \u00e8 sviluppato<span class=\"_ _0\"></span> in ottica di integrazio<span class=\"_ _0\"></span>ne e coordinamento<span class=\"_ _0\"></span> delle competenze s<span class=\"_ _0\"></span>pecifiche delle str<span class=\"_ _0\"></span>utture coinvolte.<span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>Rischio <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>CT <span class=\"_ _4\"> </span>(Information <span class=\"_ _4\"> </span>and <span class=\"_ _7\"> </span>Communication <span class=\"_ _7\"> </span>Technology<span class=\"_ _0\"></span>) <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>intende <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incorrere <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomiche, <span class=\"_ _4\"></span>di reputazione <span class=\"_ _16\"> </span>e  di  quot<span class=\"_ _0\"></span>e  di  m<span class=\"_ _35\"></span>ercato,  in  rel<span class=\"_ _0\"></span>azione  all\u2019utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zo  di <span class=\"_ _16\"> </span>tecnologia  d<span class=\"_ _0\"></span>ell\u2019informazione <span class=\"_ _16\"> </span>e  della <span class=\"_ _16\"> </span>comunicazione.  N<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla rappresentazione <span class=\"_ _5\"></span>integrata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>denziali <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>considerata, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>specifici aspetti, tra i rischi op<span class=\"_ _0\"></span>erativi, reputazionali e <span class=\"_ _0\"></span>strategici.  Il rischio ICT compr<span class=\"_ _0\"></span>ende:  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _1d\"> </span>rischio  cyber <span class=\"_ _1d\"> </span>(ivi  compreso  il <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>di  sicurezza  informatica):<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>incorrere  in<span class=\"_ _3\"></span>  perdite <span class=\"_ _1d\"> </span>economiche,  di </span>reputazione e di quote <span class=\"_ _0\"></span>di mercato dovuto a: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque  a<span class=\"_ _0\"></span>ccesso <span class=\"_ _16\"> </span>o  t<span class=\"_ _0\"></span>entativo <span class=\"_ _16\"> </span>di  ac<span class=\"_ _0\"></span>cesso  n<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>autorizzato <span class=\"_ _16\"> </span>al  sist<span class=\"_ _0\"></span>ema  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formativo <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>  G<span class=\"_ _35\"></span>ruppo  o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>dati  e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le </span>informazioni digitali i<span class=\"_ _0\"></span>vi contenuti; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>vento <span class=\"_ _2\"></span>(doloso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>involontario) <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span><span class=\"ff4\">avorito <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>causato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019uso <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>tecnologia <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essa <span class=\"_ _3\"></span>connesso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>o </span></span>potrebbe <span class=\"_ _4\"> </span>avere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>negativo <span class=\"_ _4\"> </span>sull\u2019integrit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riservatezza <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>l\u2019autenticit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>dati <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle informazioni azienda<span class=\"_ _0\"></span>li, ovvero sulla co<span class=\"_ _0\"></span>ntinuit\u00e0 dei processi a<span class=\"_ _0\"></span>zi<span class=\"_ _3\"></span>endali; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>uso e/o diffusione impropri di<span class=\"_ _0\"></span> dati e informazio<span class=\"_ _0\"></span>ni digitali, anche n<span class=\"_ _0\"></span>on direttamente prodotti <span class=\"_ _0\"></span>e gestiti dal Gruppo ISP;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>tecnologico: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>economiche, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>reputazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione </span>all<span class=\"ff4\">\u2019utilizzo del sistema i<span class=\"_ _0\"></span>nformativo aziendal<span class=\"_ _0\"></span>e e connesso a malfu<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>zionamento di hardw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re, software e reti<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Processo di Gestione de<span class=\"_ _0\"></span>i Rischi Operativi di Grupp<span class=\"_ _0\"></span>o Il processo di gestio<span class=\"_ _0\"></span>ne dei rischi operativ<span class=\"_ _0\"></span>i del Gruppo Intesa Sa<span class=\"_ _0\"></span>npaolo si articola <span class=\"_ _0\"></span>nelle <span class=\"_ _2\"></span>seguenti fasi:<span class=\"_ _0\"></span> Identificazione La <span class=\"_ _17\"> </span>fase <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>identificazione <span class=\"_ _17\"> </span>comprende <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>raccolta <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>classificazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>informazioni <span class=\"_ _17\"> </span>quali<span class=\"_ _5\"></span>-quantitative<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>che consentono di indi<span class=\"_ _0\"></span>viduare e descrivere l<span class=\"_ _0\"></span>e potenziali aree di ri<span class=\"_ _0\"></span>schio operativo del Gr<span class=\"_ _0\"></span>uppo. In <span class=\"_ _3\"></span>particolare, prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"ff4\">raccolta e l\u2019agg<span class=\"_ _0\"></span>iornamento dei dati sugli <span class=\"_ _0\"></span>eventi operativi (L<span class=\"_ _0\"></span>oss Data Collection), d<span class=\"_ _0\"></span>ecentrata sulle Unit<span class=\"_ _0\"></span>\u00e0 Organizzative;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione dei p<span class=\"_ _0\"></span>rocessi aziendali <span class=\"_ _0\"></span>e delle componenti <span class=\"_ _0\"></span>del sistema informa<span class=\"_ _0\"></span>tivo a maggior ris<span class=\"_ _0\"></span>chio potenzial<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e;<span class=\"ls0\"> </span></span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">la determinazione dell\u2019<span class=\"_ _0\"></span>applicabilit\u00e0 e della<span class=\"_ _0\"></span> rilevanza dei fatt<span class=\"_ _0\"></span>ori di rischio operativo <span class=\"_ _0\"></span>definiti;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019identificazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  p<span class=\"_ _0\"></span>rogetti <span class=\"_ _16\"> </span>che  im<span class=\"_ _0\"></span>plicheranno <span class=\"_ _16\"> </span>modifiche <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>al  sistem<span class=\"_ _0\"></span>a  inf<span class=\"_ _0\"></span>ormativo <span class=\"_ _16\"> </span>o  modifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>a  compon<span class=\"_ _0\"></span>enti </span></span>rilevanti del sistema <span class=\"_ _0\"></span>informativo;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4 ls11\">l\u2019i</span>ndividuazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>rilevanti, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>esterno <span class=\"_ _16\"> </span>(es. <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>esterni <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>perdita, </span>evoluzione regolament<span class=\"_ _0\"></span>are, trend emergenti<span class=\"_ _0\"></span>, strategic e threat i<span class=\"_ _0\"></span>ntelligence);<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione e l\u2019a<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>alisi di criticit\u00e0 <span class=\"_ _0\"></span>che interessano le<span class=\"_ _3\"></span><span class=\"ff1\"> aree di o<span class=\"_ _0\"></span>perativit\u00e0 del Gruppo. </span></span></span>Valutazione e misurazi<span class=\"_ _0\"></span>one  La <span class=\"_ _7\"> </span>fase <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>comprende <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>determinazione <span class=\"_ _4\"> </span>quali<span class=\"_ _2\"></span>-<span class=\"ff4\">quantitativa <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>rischi </span>operativi del Gruppo. Essa prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _20\"> </span>svolgimento <span class=\"_ _23\"> </span>almeno <span class=\"_ _20\"> </span>annuale <span class=\"_ _20\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>auto-<span class=\"ff4\">valutazione <span class=\"_ _20\"> </span>dell\u2019esposizione <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>rischio <span class=\"_ _20\"> </span>operativo <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>ICT </span></span>(Autodiagnosi); \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019esecuzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>preventive <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>ICT <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>accordi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>terze <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>(es.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>di </span></span>attivit\u00e0), <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>iniziative <span class=\"_ _2\"></span>progettuali, introduzione <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>revisione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>prodotti e <span class=\"_ _2\"></span>servizi, avvio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove<span class=\"_ _0\"></span> attivit\u00e0 e ingresso in <span class=\"_ _0\"></span>nuovi mercati; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la definizione della ril<span class=\"_ _0\"></span>evanza delle criticit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> individuate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _5\"></span>raccolte <span class=\"_ _3\"></span>(es<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>interni <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ster<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>operativa, <span class=\"_ _5\"></span>livelli <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rischio, probabilit\u00e0 e <span class=\"_ _0\"></span>impatto in caso di reali<span class=\"_ _0\"></span>zzazione degli sc<span class=\"_ _0\"></span>enari di rischio) in m<span class=\"_ _0\"></span>isure sintetiche di risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>io;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la determinazione del capital<span class=\"_ _0\"></span>e economico e regolamentare medi<span class=\"_ _0\"></span>ante il modello inte<span class=\"_ _3\"></span>rno e i metodi semplificati definiti dalla<span class=\"_ _35\"></span> </span>normativa vigente. Monitoraggio e controll<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span>La fase di monitor<span class=\"_ _0\"></span>aggio ha l\u2019obiettivo di a<span class=\"_ _0\"></span>nalizzare e controlla<span class=\"_ _0\"></span>re nel continuo: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>basandosi <span class=\"_ _2\"></span>sull\u2019organizzazione <span class=\"_ _3\"></span>strutturata dei <span class=\"_ _2\"></span>risultati ottenuti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 </span></span>di <span class=\"_ _4\"> </span>identificazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>sull\u2019osservazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>rappresentino <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>buona <span class=\"_ _6\"> </span>proxy dell\u2019esposizione ai ri<span class=\"_ _0\"></span>schi operativi (es. limit<span class=\"_ _0\"></span>i, early warning e <span class=\"_ _0\"></span>in<span class=\"_ _3\"></span><span class=\"ff1\">dicatori definiti in ambito RA<span class=\"_ _0\"></span>F); </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>insito <span class=\"_ _3\"></span>nell\u2019adozione di <span class=\"_ _3\"></span>nuove <span class=\"_ _2\"></span>tecnologie o <span class=\"_ _3\"></span>nell\u2019implementazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modifiche rilevanti <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span></span>sistemi preesistenti.  Mitigazione La <span class=\"_ _3\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mitigazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">contenimento <span class=\"_ _3\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base </span>di quanto emerso in <span class=\"_ _0\"></span>sede di identificazione, mis<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>razione, valuta<span class=\"_ _0\"></span>zione e monitoraggio. Es<span class=\"_ _0\"></span>sa prevede:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019individuazion<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>definizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>attuazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>correttive <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>c.d. <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">itigazione) <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ecessarie <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>colmare <span class=\"_ _16\"> </span>le </span></span></span>carenze di presidio rile<span class=\"_ _0\"></span>vate o a ricondurre l<span class=\"_ _0\"></span>a rilevanza delle criti<span class=\"_ _0\"></span>cit\u00e0 individuate entro<span class=\"_ _0\"></span> la tolleranza definit<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la promozione di<span class=\"_ _0\"></span> iniziative finalizzate al<span class=\"_ _0\"></span>la diffusione della <span class=\"_ _0\"></span>cultura del rischio o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>erativo all\u2019interno <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">el Gruppo; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la definizione delle strategie di trasferimento dei rischi operativi, in <span class=\"_ _3\"></span>termini di ottimizzazione delle coperture assicurati<span class=\"_ _2\"></span>ve e </span>delle altre eventuali f<span class=\"_ _0\"></span>orme di trasferim<span class=\"_ _0\"></span>ento del rischio tem<span class=\"_ _0\"></span>po per tempo adottat<span class=\"_ _0\"></span>e dal Gruppo.<span class=\"_ _3\"></span> A tale <span class=\"_ _3\"></span>riguardo, oltr<span class=\"ff4\">e ad<span class=\"_ _3\"></span> usufruire di un <span class=\"_ _3\"></span>programma assicurativo tradizionale (a tutela <span class=\"_ _3\"></span>da illeciti come <span class=\"_ _3\"></span>l\u2019infedelt\u00e0 dei dipendenti,<span class=\"_ _0\"></span> </span>furto <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>danneggiamenti, <span class=\"_ _20\"> </span>trasporto <span class=\"_ _20\"> </span>valori, <span class=\"_ _20\"> </span>frode <span class=\"_ _20\"> </span>informatica, <span class=\"_ _20\"> </span>falsificazione, <span class=\"_ _20\"> </span>cyber, <span class=\"_ _20\"> </span>incendio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>terremoto <span class=\"_ _20\"> </span>nonch\u00e9 <span class=\"_ _23\"> </span>da<span class=\"_ _0\"></span> responsabilit\u00e0 civile verso terzi), il Gruppo ha stipulato, nel rispetto dei requisiti stabiliti dalla normativa e per fruire dei benefici<span class=\"_ _0\"></span> patrimoniali <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>previsti, <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>polizza <span class=\"_ _2\"></span>assicurativa <span class=\"_ _2\"></span>denominata <span class=\"_ _3\"></span>Operational <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>Programme <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una copertura <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>hoc <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>AMA, <span class=\"_ _3\"></span>elevando <span class=\"_ _3\"></span>sensibilmente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>massimali <span class=\"_ _3\"></span>coperti, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>al mercato assicurativo d<span class=\"_ _0\"></span>el rischio derivante <span class=\"_ _0\"></span>da perdite operative ril<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vanti. <span class=\"_ _3\"></span> Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>infrastrutture <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contenere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fenomeni <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>eventi<span class=\"_ _0\"></span> ambientali <span class=\"_ _6\"></span>catastrofici, <span class=\"_ _6\"></span>situazioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crisi <span class=\"_ _6\"></span>internazionali, <span class=\"_ _6\"></span>manifestazio<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>protesta <span class=\"_ _6\"></span>sociale, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>attivare <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie soluzioni di continuit<span class=\"_ _0\"></span>\u00e0 operativa.  Comunicazione La <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>comunicazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redisposizio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>idonei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>informativi <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, volti a fornire inform<span class=\"_ _0\"></span>azioni utili, ad esempio,<span class=\"_ _0\"></span> per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019analisi e la com<span class=\"_ _0\"></span>prensione delle eventu<span class=\"_ _0\"></span>ali dinamiche sott<span class=\"_ _0\"></span>ostanti l\u2019evoluzione del <span class=\"_ _3\"></span><span class=\"ff1\">livello di esposi<span class=\"_ _0\"></span>zione ai rischi operativ<span class=\"_ _0\"></span>i; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4 fs0\">l\u2019analisi e l<span class=\"_ _0\"></span>a comprensione dell<span class=\"_ _0\"></span>e principali criticit\u00e0 ri<span class=\"_ _0\"></span>levate; <span class=\"_ _3\"></span><span class=\"ff1 fs12\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fc0\">la definizione del<span class=\"_ _0\"></span>le azioni di miti<span class=\"_ _0\"></span>gazione e delle priorit\u00e0<span class=\"_ _0\"></span> di intervento.<span class=\"_ _3\"></span><span class=\"fs12\"> </span><span class=\"ff5 fc2\"> </span></span></span>Autodiagnosi L\u2019autodiagnosi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>qual<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _2\"></span>Organizzative <span class=\"_ _2\"></span>identificano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione <span class=\"_ _2\"></span>al </span>rischio operativo e ICT<span class=\"_ _0\"></span>. Essa comprende <span class=\"ff4\">l\u2019Operational Ris<span class=\"_ _0\"></span>k Assessment e l\u2019ICT Ri<span class=\"_ _0\"></span>sk Assessment, a loro v<span class=\"_ _0\"></span>olta costituiti da:<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Contesto <span class=\"_ _6\"></span>Operativo <span class=\"_ _4\"></span>(VCO): <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>tramite<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"></span>identificati <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>Fattori <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Rischio <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ilevanti <span class=\"_ _5\"></span>e </span>viene valutato il relati<span class=\"_ _0\"></span>vo livello di pre<span class=\"_ _0\"></span>sidio<span class=\"_ _90\"> </span>107<span class=\"_ _90\"> </span>. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>Scenario <span class=\"_ _17\"> </span>(AS): <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>prospettica <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>trova <span class=\"_ _17\"> </span>declinazione <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>un <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>istematico,<span class=\"_ _35\"></span> </span>tipicamente <span class=\"_ _5\"></span>ripetuto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span><span class=\"ff4\">cadenza <span class=\"_ _5\"></span>predefinita <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _2\"></span>condotto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>hoc, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>consiste <span class=\"_ _5\"></span>nell\u2019ipotizzare <span class=\"_ _5\"></span>il </span>verificarsi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scenari) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>prevederne <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>conseguenze. <span class=\"_ _2\"></span>Una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>identificati <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>opportunamente caratterizzati, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>debbono <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>valutati: <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>isogna <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _4\"></span>determinare <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento <span class=\"_ _6\"></span>(frequenza) <span class=\"_ _6\"></span>e impatto <span class=\"_ _6\"></span>potenziale <span class=\"_ _6\"></span>(impatto <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>peggiore), <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>descritta <span class=\"_ _6\"></span>dallo <span class=\"_ _6\"></span>scenario medesimo.  107<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>valutazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicabilit<span class=\"_ _3\"></span>\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rileva<span class=\"_ _3\"></span>nza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>vien<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuata, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>erne <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>ICT <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>tecnich<span class=\"_ _3\"></span>e, delle  fu<span class=\"_ _0\"></span>nzioni  di <span class=\"_ _4\"> </span>cybe<span class=\"_ _3\"></span>rsecurity  e <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>e  funzioni <span class=\"_ _4\"> </span>di  continuit\u00e0  operativa, <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er  quanto <span class=\"_ _4\"> </span>conce<span class=\"_ _3\"></span>rne <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rischio  operativo  d<span class=\"_ _0\"></span>alle  funzioni<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>O<span class=\"_ _3\"></span>perational  Risk Management Dec<span class=\"_ _3\"></span>entrato.<span class=\"fs0\"> </span>Modello interno per la m<span class=\"_ _0\"></span>isurazione del ris<span class=\"_ _0\"></span>chio operativo Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019assorbimento <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>concepito <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>combinare tutte le principali fonti <span class=\"_ _3\"></span>informative sia di tipo <span class=\"_ _3\"></span>quantitativo (perdite operative: eventi interni ed esterni, stime deriv<span class=\"_ _5\"></span><span class=\"ff4\">anti da<span class=\"_ _3\"></span>ll\u2019Analisi<span class=\"_ _35\"></span> </span>di Scenario) che q<span class=\"_ _0\"></span>ualitativo (Valutazio<span class=\"_ _0\"></span>ne del Contesto O<span class=\"_ _0\"></span>perativo).<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>quindi <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>minima, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>necessaria <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massima<span class=\"_ _2\"></span> perdita <span class=\"_ _3\"></span>potenziale; \u00e8 <span class=\"_ _2\"></span>stimato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _5\"></span>modello di <span class=\"_ _3\"></span>Loss <span class=\"_ _2\"></span>Distribution <span class=\"_ _3\"></span>Approach (modello <span class=\"_ _3\"></span>statistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>derivazione a<span class=\"_ _3\"></span>ttuarial<span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>operative), <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _3\"></span>dell\u2019analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sce<span class=\"_ _5\"></span><span class=\"ff1\">nario <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un </span>orizzonte <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>anno, <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">un <span class=\"_ _2\"></span>intervallo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>99,90%. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>inoltre <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di </span>un <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>correzione, <span class=\"_ _4\"></span>derivant<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>analisi <span class=\"_ _4\"></span>qualitative<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>(VCO), <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tenere <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span><span class=\"lsc\">o </span>dell\u2019efficacia dei cont<span class=\"_ _0\"></span>rolli interni ne<span class=\"ff1\">lle varie Unit\u00e0 Organiz<span class=\"_ _0\"></span>zative. </span>La <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mitigazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>interno <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>autorizzata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2013 e ha esplicato i su<span class=\"_ _0\"></span>oi benefici gestionali e <span class=\"_ _0\"></span>sul requisito patrimo<span class=\"_ _0\"></span>niale con pari decorre<span class=\"_ _0\"></span>nza.<span class=\"_ _2\"></span>  Impatti derivanti dalla pandem<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>a COVID-<span class=\"lsc\">19</span> Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2022, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gole <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>adottate <span class=\"_ _4\"> </span>sin <span class=\"_ _4\"> </span>dall\u2019inizio <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a, <span class=\"_ _7\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>salvaguardia <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>salute <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>clienti, <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>fornitori, <span class=\"_ _3\"></span>so<span class=\"_ _5\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostantemente <span class=\"_ _3\"></span>rivalutate <span class=\"_ _3\"></span>e </span>aggiornate in base al<span class=\"_ _0\"></span>l\u2019evoluzione della<span class=\"_ _0\"></span> situazione sanitaria <span class=\"_ _0\"></span>e alle prescrizi<span class=\"_ _0\"></span>oni normative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Dal punto di vista <span class=\"_ _0\"></span>dei rischi operativi, non s<span class=\"_ _0\"></span>i segnalano ulterio<span class=\"_ _0\"></span>ri impatti specific<span class=\"_ _0\"></span>atamente dovuti alla p<span class=\"_ _0\"></span>andemia. <span class=\"_ _2\"></span> Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino<span class=\"ff2\"> </span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _2\"></span>-ucraino <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>taluni <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>messi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>al fine di <span class=\"_ _3\"></span>garantire la <span class=\"_ _3\"></span>continuit\u00e0 operativa del <span class=\"_ _3\"></span>Gruppo, in <span class=\"_ _3\"></span>particolare gli <span class=\"_ _3\"></span>ext<span class=\"_ _3\"></span><span class=\"ls24\">ra</span>-<span class=\"ff4\">costi sostenuti <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>\u2019ambito Business Continuity e <span class=\"_ _3\"></span>le </span>perdite <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>danni <span class=\"_ _4\"></span>fisici <span class=\"_ _6\"></span>direttamente <span class=\"_ _4\"></span>cagionati <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>sedi/filiali <span class=\"_ _6\"></span>situati <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"></span>zona <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>conflitto. <span class=\"_ _4\"></span>Tali <span class=\"_ _6\"></span>informazion<span class=\"_ _5\"></span>i <span class=\"_ _4\"></span>sono utilizzate ai fini del m<span class=\"_ _0\"></span>onitoraggio dell\u2019esp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>sizione al rischio <span class=\"_ _0\"></span>ope<span class=\"_ _3\"></span><span class=\"ff1\">rativo, incluso quello riferit<span class=\"_ _0\"></span>o al Risk Appetite Fram<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>work.<span class=\"_ _3\"></span> </span>INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dotta <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>combinazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Metodi <span class=\"_ _5\"></span>(AMA, <span class=\"_ _5\"></span>TSA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>BIA) <span class=\"_ _5\"></span>previsti dalla normativa. L\u2019assorbimento  pat<span class=\"ff1\">rimoniale  cos\u00ec  ottenuto  \u00e8<span class=\"_ _3\"></span>  di <span class=\"_ _1d\"> </span>2.039  milioni<span class=\"ff5\"> <span class=\"_ _1d\"> </span></span>al  31<span class=\"_ _3\"></span>  dicembre  2022,  sostanzialmente  stabile  rispetto <span class=\"_ _1d\"> </span>ai </span>2.024 milioni del 31 dicembr<span class=\"_ _0\"></span>e 2021. Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>illustra <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>ripartizione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Metodo <span class=\"_ _4\"> </span>Avanzato <span class=\"_ _4\"> </span>ripartito <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>d<span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>evento operativo. Ripartizione del Requi<span class=\"_ _0\"></span>sito Patrimoniale (Metod<span class=\"_ _0\"></span>o Avanzato <span class=\"ff6\">\u2013</span> AMA) per tipologia di evento o<span class=\"_ _35\"></span>perativo<span class=\"_ _3\"></span> Con riferimento alle <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>manifestazione del rischio operativo, viene d<span class=\"_ _3\"></span>i seguito fornita una<span class=\"_ _3\"></span> rappresentazione grafica rel<span class=\"_ _5\"></span>ativa all\u2019impatto delle perd<span class=\"_ _0\"></span>ite contabilizzate <span class=\"_ _0\"></span>nel corso dell\u2019esercizio<span class=\"_ _0\"></span> in base alla tip<span class=\"_ _0\"></span>ologia di evento. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tipo<span class=\"_ _3\"></span>logia <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>evento <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significativa <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _4\"> </span><span class=\"ff2\">Clienti, <span class=\"_ _5\"></span>Prodotti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Prassi <span class=\"_ _5\"></span>Operative <span class=\"_ _6\"></span></span>che <span class=\"_ _6\"></span>include <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite connesse <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>obblighi <span class=\"_ _4\"> </span>professionali <span class=\"_ _4\"> </span>verso <span class=\"_ _4\"> </span>clienti, <span class=\"_ _4\"> </span>fornitori <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>outsourcer <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e fornitura di prodotti a<span class=\"_ _0\"></span>lla clientela eseguite in modo im<span class=\"_ _0\"></span>proprio o neglig<span class=\"_ _0\"></span>ente.<span class=\"_ _3\"></span> Ripartizione delle perd<span class=\"_ _0\"></span>ite operative contabilizzate<span class=\"_ _0\"></span> nel 2022, sudd<span class=\"_ _0\"></span>ivise per tipologia di eve<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span> RISCHI LEGALI<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>risultavano <span class=\"_ _7\"> </span>pendenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di  G<span class=\"_ _35\"></span>ruppo <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>con  e<span class=\"_ _0\"></span>sclusione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risanamento  S<span class=\"_ _0\"></span>.p.A. <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>soggetta <span class=\"_ _7\"> </span>a direzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>coordinamento <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>37.400 <span class=\"_ _4\"></span>vertenze, <span class=\"_ _6\"></span>diverse <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tipo <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un petitum<span class=\"_ _90\"> </span>108 <span class=\"ff4\">co<span class=\"_ _3\"></span>mplessivo di circa 3.850 milioni. Tale importo compre<span class=\"_ _0\"></span>nde l\u2019insieme delle vertenze per le quali il<span class=\"_ _5\"></span><span class=\"ff1\"> rischio di esborso </span></span>di <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>economiche derivante <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>potenziale soccombenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>valutato <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>quindi, n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>include le<span class=\"_ _5\"></span> vertenze <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"> </span>valutato <span class=\"_ _6\"> </span>remoto. <span class=\"_ _4\"> </span>Nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>suddette <span class=\"_ _6\"> </span>vertenze <span class=\"_ _6\"> </span>rilevano <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>umeric<span class=\"_ _2\"></span><span class=\"ff1\">amente <span class=\"_ _6\"></span>alcuni </span>contenziosi <span class=\"_ _4\"> </span>seriali <span class=\"_ _4\"> </span>presenti <span class=\"_ _6\"> </span>presso <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>25.600 <span class=\"_ _4\"> </span>controversie) <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>nel<span class=\"_ _3\"></span>l\u2019insieme <span class=\"_ _6\"> </span>rappresentano <span class=\"_ _4\"> </span>un petitum molto contenut<span class=\"_ _0\"></span>o. I <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>suddette <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>attenta <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"></span>sussista <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>esborso <span class=\"_ _4\"> </span>superiore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>50% <span class=\"_ _6\"></span>e qualora <span class=\"_ _16\"> </span>sia  po<span class=\"_ _0\"></span>ssibile <span class=\"_ _16\"> </span>effettuare <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>stima  at<span class=\"_ _0\"></span>tendibile <span class=\"_ _16\"> </span>del  r<span class=\"_ _0\"></span>elativo <span class=\"_ _16\"> </span>ammontare <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>vertenze <span class=\"_ _16\"> </span>con  ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span>  probabile), <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 provveduto a disporre <span class=\"_ _0\"></span>specifici e congrui acc<span class=\"_ _0\"></span>antonamenti al Fo<span class=\"_ _0\"></span>ndo per Rischi e On<span class=\"_ _0\"></span>eri. Ferma restando l\u2019<span class=\"_ _0\"></span>alea di incertezza <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span><span class=\"ff1\"> </span>caratterizza <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"></span>contenzioso, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>obbligazioni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>potrebbero <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>mergere <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>controversie <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>pertan<span class=\"ff4\">to <span class=\"_ _4\"> </span>l\u2019entit\u00e0<span class=\"_ _0\"></span> </span>degli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>eventualmente <span class=\"_ _2\"></span>costituiti <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">deriva <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>previsionali <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>valutazioni </span>previsionali vengo<span class=\"_ _0\"></span>no in ogni caso effettu<span class=\"_ _0\"></span>ate sulla base di tutt<span class=\"_ _0\"></span>e le informazioni disp<span class=\"_ _0\"></span>onibili al moment<span class=\"_ _0\"></span>o della sti<span class=\"_ _2\"></span>ma.  Le sole vertenze con <span class=\"_ _3\"></span>rischio probabile sono circa 28.300 con <span class=\"_ _3\"></span>un petitum di 1.<span class=\"_ _3\"></span>788 milioni e accantonamenti per 744 <span class=\"_ _3\"></span>milioni. La<span class=\"_ _2\"></span> componente r<span class=\"_ _3\"></span>iferita <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>5.280 <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>petitum <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1.433 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span> accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>550 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ambito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>2.860 <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo,<span class=\"_ _5\"></span> maggiormente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ettagliate <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>seguito. <span class=\"_ _4\"></span>Rispetto <span class=\"_ _4\"></span>ai <span class=\"_ _4\"></span>valori <span class=\"_ _4\"></span>dello <span class=\"_ _4\"> </span>scorso <span class=\"_ _4\"> </span>anno <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del petitum. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>riguardato <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo, <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>ultra <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>altre condizioni e le conte<span class=\"_ _0\"></span>stazioni su prodotti <span class=\"_ _0\"></span>bancari.  Le controversie riferite alle altre controllate italiane risultano circa 700 con un <span class=\"_ _2\"></span>petitum di <span class=\"_ _3\"></span>246 milioni ed accantonamenti per 91 milioni. Quelle riferite alle controllate estere sono circa 22.300 con un petitum di <span class=\"_ _3\"></span>109 milioni e accantonamenti per 103 mil<span class=\"_ _5\"></span>ioni<span class=\"ls12\">, </span>sulle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>incide <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>citato <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eriale<span class=\"_ _90\"> </span>109<span class=\"_ _90\"> </span>: <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>19.000 <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>riferite <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>controllat<span class=\"_ _0\"></span>a Banca Intesa Beograd <span class=\"_ _0\"></span>in relazione a due fil<span class=\"_ _0\"></span>oni di con<span class=\"_ _3\"></span>tenzioso di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui si d\u00e0 evidenza <span class=\"_ _0\"></span>nello specifico <span class=\"_ _0\"></span>paragrafo. <span class=\"_ _3\"></span> L\u2019articolazione per p<span class=\"_ _3\"></span>rincipali categorie d<span class=\"_ _3\"></span>elle vertenze <span class=\"_ _3\"></span>con ris<span class=\"_ _2\"></span><span class=\"ff1\">chio <span class=\"_ _3\"></span>probabile evidenzia l<span class=\"_ _3\"></span>a prevalenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fattispecie correlate alla </span>ordinaria attivit\u00e0 bancaria e creditizia de<span class=\"_ _0\"></span>l Gruppo: le vertenze riguardanti co<span class=\"_ _0\"></span>ntestazioni relative ai<span class=\"_ _0\"></span> prodotti e servizi ban<span class=\"_ _5\"></span>cari e di investimento  o  su  posizioni  crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  e  revocatorie<span class=\"_ _3\"></span>  fallimentari  rappresentan<span class=\"_ _0\"></span>o  circa  il  74%  del  petitum  e  il  75%  degli<span class=\"_ _0\"></span> accantonamenti. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>restanti <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"></span>prevalentemente <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>altri <span class=\"_ _4\"> </span>procedimenti <span class=\"_ _4\"></span>civili <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>amministrativi, <span class=\"_ _4\"></span>da cause giuslavoristiche <span class=\"_ _0\"></span>o procedimenti di tip<span class=\"_ _0\"></span>o penale o connessi<span class=\"_ _0\"></span> a <span class=\"_ _3\"></span>irregolarit\u00e0 operative. Nei para<span class=\"_ _3\"></span>grafi che <span class=\"_ _3\"></span>seguono sono <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>sintetiche informazioni sulle <span class=\"_ _3\"></span>vertenze considerate <span class=\"_ _3\"></span>rilevanti <span class=\"_ _5\"></span>- p<span class=\"_ _3\"></span>rincipalmente quelle con petitum <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sborso <span class=\"_ _3\"></span>ritenuto <span class=\"_ _2\"></span>\u2018probabile\u2019 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>\u2018possibile\u2019 <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>asistiche <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rilievo. Contenzioso in materia d<span class=\"_ _0\"></span>i anatocismo e <span class=\"_ _0\"></span>altre condizioni di cont<span class=\"_ _0\"></span>o/affidamento, no<span class=\"_ _0\"></span>nch\u00e9 in materia di usur<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fc0\">  </span>Nel <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>questo <span class=\"_ _2\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>anni <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>rilevante <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contenzioso civile <span class=\"_ _5\"></span>promosso <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confronti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>it<span class=\"_ _3\"></span>aliano, <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mostrato <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>umero <span class=\"_ _5\"></span>assoluto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>nel valore <span class=\"_ _16\"> </span>co<span class=\"ff4\">mplessivo <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>domande <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _7\"> </span>all\u2019anno <span class=\"_ _16\"> </span>precedente. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>complesso <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>numero <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>vertenze <span class=\"_ _7\"> </span>inclusivo <span class=\"_ _16\"> </span>delle </span>mediazioni, con <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>2.860. I<span class=\"_ _3\"></span>l pe<span class=\"_ _3\"></span>titum risulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>491 <span class=\"_ _3\"></span>milioni con <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>180 <span class=\"_ _3\"></span>mili<span class=\"_ _2\"></span>oni. Come <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>altre <span class=\"_ _17\"> </span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _17\"> </span>civili, <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>rischio <span class=\"_ _17\"> </span>relativo <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>questo <span class=\"_ _17\"> </span>filone <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>contenzioso <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>effettuata analiticamente tenendo conto, per ogni vertenza, <span class=\"_ _3\"></span>delle domande avanzate, delle difese che s<span class=\"_ _3\"></span>ono state svolte, <span class=\"_ _3\"></span>dell\u2019andamento<span class=\"_ _35\"></span> del giudizio e degli or<span class=\"_ _0\"></span>ientamenti della giurisprudenza.<span class=\"_ _0\"></span>  Si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>poi <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2016 <span class=\"_ _6\"></span>l\u2019art. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>20 <span class=\"_ _6\"></span>TUB, <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>regolamenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>interessi <span class=\"_ _6\"></span>nelle <span class=\"_ _5\"></span>operazioni bancarie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>modificato <span class=\"_ _2\"></span>stabilendo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>divieto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anatocismo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delegando <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>regolare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>materi<span class=\"_ _5\"></span>a. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>febbraio <span class=\"_ _5\"></span>2017 l\u2019Autorit\u00e0 Garante della <span class=\"_ _3\"></span>Concorrenza e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Mercato ha <span class=\"_ _3\"></span>avviato nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>Intesa Sanpaolo un <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>presunte pratiche <span class=\"_ _3\"></span>commerciali scorrette aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto, t<span class=\"_ _3\"></span>ra l\u2019altro, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>le quali <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>chiesta a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>clie<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti l\u2018autorizzazione all\u2019addebito de<span class=\"_ _3\"></span>gli interessi <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>normativa in<span class=\"_ _3\"></span>trodotta nel <span class=\"_ _3\"></span>2016. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>concl<span class=\"_ _5\"></span><span class=\"ff1\">uso </span>il <span class=\"_ _1c\"> </span>procedim<span class=\"_ _0\"></span>ento <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>avrebbe <span class=\"_ _18\"> </span>attuato <span class=\"_ _1c\"> </span>una <span class=\"_ _18\"> </span>politica <span class=\"_ _1c\"> </span>\u201caggressiva<span class=\"_ _0\"></span>\u201d <span class=\"_ _1c\"> </span>finalizzata <span class=\"_ _18\"> </span>all\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione </span>dell\u2019autorizzazione, <span class=\"_ _4\"> </span>sollecitando <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>concederla <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>mezzi <span class=\"_ _4\"> </span>comunicativi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>metterli <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di considerare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onseguenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conteggio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitalizzati. <span class=\"_ _2\"></span>Al<span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>luce <span class=\"_ _5\"></span>di ci\u00f2, l\u2019Autorit\u00e0 ha <span class=\"_ _3\"></span>stabilito una <span class=\"_ _3\"></span>sanzione a <span class=\"_ _3\"></span>carico di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo di 2 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>Intesa Sanpaolo ha <span class=\"_ _3\"></span>presentato ricorso d<span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">anzi </span>al  T.A.R.  del <span class=\"_ _16\"> </span>Lazio,  ritenendo <span class=\"_ _16\"> </span>il  provvedimento  infond<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span>  Con  sentenza  d<span class=\"_ _0\"></span>el  2  gennaio  202<span class=\"_ _0\"></span>3  il  TAR  ha <span class=\"_ _16\"> </span>confermato  il provvedimento sanzio<span class=\"_ _0\"></span>natorio e la banca presenter\u00e0 ap<span class=\"_ _0\"></span>pello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  Contenzioso in materia d<span class=\"_ _0\"></span>i servizi di investime<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span><span class=\"ff1 fc0\">  </span>Anche  in <span class=\"_ _1d\"> </span>questo  ambito <span class=\"_ _1d\"> </span>le  vertenze <span class=\"_ _1d\"> </span>hanno  mostrato  un <span class=\"_ _1d\"> </span>andamento  in <span class=\"_ _1d\"> </span>numero  assoluto  in <span class=\"_ _1d\"> </span>flessione  rispetto  all\u2019anno pr<span class=\"ls0\">ecedent<span class=\"_ _0\"></span>e; <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sottogruppo pi\u00f9 <span class=\"_ _3\"></span>significativo \u00e8 <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>vertenze in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>erivati. Il <span class=\"_ _3\"></span>numero <span class=\"_ _3\"></span>complessivo delle <span class=\"_ _3\"></span>verten<span class=\"_ _5\"></span>ze </span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>probabile <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>circa <span class=\"_ _4\"></span>350. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>petitum <span class=\"_ _6\"></span>ammonta <span class=\"_ _6\"></span>complessivamente <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>circa 242 milioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>144 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>civili, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questo filone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>analiticamente t<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>conto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>vertenza, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>avanzate, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>difese che <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span><span class=\"ff4\">state <span class=\"_ _5\"></span>svolte, <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>orientamenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>giurispr<span class=\"_ _0\"></span>udenza. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rileva <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di </span>circa <span class=\"_ _6\"></span>154 <span class=\"_ _6\"></span>controversie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>142 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _6\"></span>avviate <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>azionisti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazionisti <span class=\"_ _5\"></span>subordinat<span class=\"_ _5\"></span><span class=\"ls13\">i </span>\u201cazzerati\u201d<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>delle <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Marche, <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"> </span>dell\u2019Etruria <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Lazio <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>della Provincia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Chieti, <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>possibile. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>assistiti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>garanzie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manleva <span class=\"_ _3\"></span>ass<span class=\"_ _5\"></span>unti 108 <span class=\"_ _6\"></span><span class=\"fs4\">I <span class=\"_ _6\"> </span>dati <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>petitum <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>comprendono <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>pretes<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valor<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>indeter<span class=\"_ _3\"></span><span class=\"ff4\">minato, <span class=\"_ _4\"> </span>vale <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>quelle <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>all\u2019instau<span class=\"_ _3\"></span>rarsi <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>vertenza <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontengono <span class=\"_ _4\"> </span>una </span></span>specifica <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>econom<span class=\"_ _3\"></span>ica; il <span class=\"_ _3\"></span>valor<span class=\"_ _3\"></span>e di <span class=\"_ _3\"></span>queste <span class=\"_ _3\"></span>vertenz<span class=\"_ _3\"></span>e vie<span class=\"_ _3\"></span>ne d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>procedim<span class=\"_ _3\"></span>ento allo<span class=\"_ _3\"></span>rch\u00e9 <span class=\"_ _3\"></span>emergon<span class=\"_ _3\"></span>o gl<span class=\"_ _2\"></span>i elem<span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la valutazione.<span class=\"fs0\"> </span>109 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>t<span class=\"ff4\">ali <span class=\"_ _5\"></span>fattispecie <span class=\"_ _6\"> </span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"> </span>evid<span class=\"_ _3\"></span>enziano <span class=\"_ _5\"></span>un\u2019incid<span class=\"_ _3\"></span>enza <span class=\"_ _5\"></span>relativame<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>p<span class=\"_ _3\"></span>etitum <span class=\"_ _5\"></span>(determ<span class=\"_ _3\"></span>inato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ba<span class=\"_ _3\"></span></span>se <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>richiesta originaria <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>client<span class=\"_ _3\"></span>e) <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>degli <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>spese <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>riconosc<span class=\"_ _3\"></span>ere <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>controp<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>potenziali <span class=\"_ _6\"> </span>ampli<span class=\"_ _3\"></span>amenti <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>ric<span class=\"_ _3\"></span>hiesta originaria avanzati<span class=\"_ _3\"></span> in sede di giudizio<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span>dal <span class=\"_ _5\"></span>Venditore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Fo<span class=\"ff4\">ndo <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Risoluzione) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ora <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>coprono, <span class=\"_ _5\"></span>pertanto,<span class=\"_ _0\"></span> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>eventuali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>originate <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d) <span class=\"_ _6\"> </span>prima <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _6\"> </span>alla procedura <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>risoluzione, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"></span>relazione, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>l\u2019altro, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>legale, <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>genere <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>o </span>minacciato, ovvero alle v<span class=\"_ _0\"></span>iolazioni di legg<span class=\"_ _0\"></span>e e alle eventuali passi<span class=\"_ _0\"></span>vit\u00e0 potenziali.<span class=\"_ _3\"></span> Contenzioso in materia d<span class=\"_ _0\"></span>i strumenti finanzi<span class=\"_ _0\"></span>ari derivati<span class=\"ff1 fc0\">  </span>Nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019operativit\u00e0 <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>derivati, <span class=\"_ _6\"> </span>continuano <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>un\u2019attenta <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>i <span class=\"_ _4\"> </span>rischi legali connessi ai proc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dimenti g<span class=\"_ _0\"></span>iudiziali con Enti locali, lor<span class=\"_ _0\"></span>o societ\u00e0 controllate<span class=\"_ _0\"></span> e controparti priv<span class=\"_ _0\"></span>ate. <span class=\"_ _2\"></span> In particolare, sono <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>corso contenziosi <span class=\"_ _3\"></span>con 20 <span class=\"_ _3\"></span>Enti territoriali, con <span class=\"_ _3\"></span>rischio possibile o <span class=\"_ _3\"></span>probabile, per p<span class=\"_ _3\"></span>retese complessive pari a <span class=\"_ _3\"></span>142 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contenziosi con <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>Societ\u00e0 controllate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Enti pubblici, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>complessive pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>66 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>contenzi<span class=\"_ _2\"></span>osi con <span class=\"_ _5\"></span>Privati, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>probabile, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>197 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questi <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>43 <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>anche richieste  di  restituzion<span class=\"_ _0\"></span>e  di  somme  su  altri  rapporti  int<span class=\"_ _0\"></span>rattenuti  con  la  Banca.  Al  nett<span class=\"_ _0\"></span>o  di  tali  ultime  posizioni, <span class=\"_ _16\"> </span>il  valore complessivo delle dom<span class=\"_ _0\"></span>ande formulate nei giudizi aventi ad ogg<span class=\"_ _35\"></span>et<span class=\"_ _3\"></span>to i soli deriv<span class=\"_ _0\"></span>ati ammonta a circa<span class=\"_ _0\"></span> 84 milioni.<span class=\"_ _3\"></span> Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _2\"></span>stipulati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Enti <span class=\"_ _2\"></span>locali, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>avviate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>nuo<span class=\"_ _5\"></span>ve vertenze <span class=\"_ _3\"></span>(Provincia <span class=\"_ _3\"></span>Catanzaro, Provincia <span class=\"_ _3\"></span>Varese, <span class=\"_ _3\"></span>Provincia <span class=\"_ _3\"></span>di Rov<span class=\"_ _3\"></span>igo, <span class=\"_ _3\"></span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Marsciano, Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Soriano del <span class=\"_ _2\"></span>Cimino e Comune di Servigliano<span class=\"_ _0\"></span>) con pretese comples<span class=\"_ _0\"></span>sive per 27 milioni.   Nel medesimo esercizio <span class=\"_ _0\"></span>sono pervenute 4<span class=\"_ _0\"></span> sentenze relative ai<span class=\"_ _0\"></span> seguenti procedimenti<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Comune <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Faenza: <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>decisione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _16\"> </span>d\u2019appello <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Bologna <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>confermato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>nullit\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span></span>contratto. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>secuzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>primo <span class=\"_ _6\"></span>grado, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>provveduto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>,8 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>\u00c8 <span class=\"_ _4\"></span>stato<span class=\"_ _0\"></span> proposto ricorso per C<span class=\"_ _0\"></span>assazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di <span class=\"_ _3\"></span>Santa <span class=\"_ _3\"></span>Maria Capua Vetere: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma, con <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>del 2 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022, ha <span class=\"_ _3\"></span>rigettato la <span class=\"_ _3\"></span>dom<span class=\"_ _2\"></span>anda <span class=\"_ _3\"></span>di </span>nullit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ormulata <span class=\"_ _5\"></span>dall\u2019Ente <span class=\"_ _2\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ha, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accertamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei costi <span class=\"_ _7\"> </span>impliciti <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>comunicati <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>stipula <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>condannato <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>1,1 <span class=\"_ _4\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _4\"> </span>interessi <span class=\"_ _4\"> </span>e rivalutazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di Vittorio Veneto<span class=\"_ _0\"></span>: il Tribunale di Venezia<span class=\"_ _0\"></span>, con sentenza non definitiva del 29 marz<span class=\"_ _0\"></span>o 2022, ha dichiarato la nullit<span class=\"_ _35\"></span>\u00e0 </span>di <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>imettendo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>decisione <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>restitutori <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span><span class=\"ls24\">ri</span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>5,8 milioni.  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pavia: <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>decisione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _2\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>confermato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto.<span class=\"_ _0\"></span> </span>In <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>primo <span class=\"_ _4\"> </span>grado, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>10,1<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _7\"> </span>stato proposto ricorso per C<span class=\"_ _0\"></span>assazione. Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei conte<span class=\"_ _0\"></span>nziosi pi\u00f9 rilevanti co<span class=\"_ _0\"></span>n Enti locali:  <span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Venezia: <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vertenza <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>regolato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ISDA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>71 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>euro. <span class=\"_ _4\"></span>Con<span class=\"_ _35\"></span> </span>sentenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>14 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>202<span class=\"ff4\">2, <span class=\"_ _7\"> </span>l\u2019High <span class=\"_ _7\"> </span>Court <span class=\"_ _4\"> </span>of <span class=\"_ _7\"> </span>Justice <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>Londra <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Comune <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>avesse <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>potere <span class=\"_ _7\"> </span>di </span>sottoscrivere (\u201ccapacity\u201d) contratti <span class=\"_ _3\"></span>derivati speculativi <span class=\"_ _3\"></span>che co<span class=\"_ _3\"></span>mportav<span class=\"_ _0\"></span>ano <span class=\"_ _3\"></span>indebitamento. Di <span class=\"_ _3\"></span>conseguenz<span class=\"_ _0\"></span>a, h<span class=\"_ _3\"></span>a stabilito <span class=\"_ _3\"></span>che l\u2018Ente <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>differ<span class=\"ff1\">enz<span class=\"_ _3\"></span>iali <span class=\"_ _3\"></span>versati <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>sola <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>eccedano <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>esborsi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>carico </span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tessa, <span class=\"_ _6\"></span>affrontati <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _4\"> </span>\"back<span class=\"_ _3\"></span>-<span class=\"ls12\">to</span>-<span class=\"ff4\">back\" <span class=\"_ _4\"> </span>(almeno <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ino <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>l\u2019Ente <span class=\"_ _6\"> </span>ha </span>contestato <span class=\"_ _1d\"> </span>formalmente <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>validit\u00e0 <span class=\"_ _1d\"> </span>dell\u2019operazione). <span class=\"_ _1d\"> </span>N<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>specie, <span class=\"_ _1d\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _1d\"> </span>ridurrebb<span class=\"_ _0\"></span>e significativamente l\u2019ob<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ligo restitutorio nei c<span class=\"_ _0\"></span>onfronti del Comun<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le parti hanno formaliz<span class=\"_ _0\"></span>zato i motivi di <span class=\"_ _0\"></span>appello entro la scadenz<span class=\"_ _0\"></span>a prevista del 3 fe<span class=\"_ _0\"></span>bbraio 2023. <span class=\"_ _3\"></span> In una successiva udie<span class=\"_ _0\"></span>nza del 6 febbraio 2<span class=\"_ _0\"></span>023 \u00e8 stata accolt<span class=\"_ _0\"></span>a la richiesta di rinvi<span class=\"_ _0\"></span>are all\u2019esito dell\u2019ap<span class=\"_ _0\"></span>pello il momento dell<span class=\"_ _2\"></span><span class=\"ff1 ls10\">a </span>definizione dei rap<span class=\"_ _0\"></span>porti di dare/avere tra l<span class=\"_ _0\"></span>e parti (\u201cconsequent<span class=\"_ _0\"></span>ial hearing\u201d) per eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto della sente<span class=\"_ _0\"></span>nza della High Court. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La Banca \u00e8 stata, inoltre,<span class=\"_ _0\"></span> condannata al pag<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento delle sp<span class=\"_ _0\"></span>ese legali richieste dal<span class=\"_ _0\"></span> Comune nella mi<span class=\"_ _0\"></span>sura del 70% di cui il 35%, pari a circa 2 mili<span class=\"_ _0\"></span>oni di sterline da ver<span class=\"_ _0\"></span>sarsi entro il 20 febbr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>io. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Venezia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dinanzi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>giudice <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>presunti<span class=\"_ _35\"></span> inadempimenti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>mandato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>issato <span class=\"_ _2\"></span>una<span class=\"_ _0\"></span> nuova <span class=\"_ _3\"></span>udienza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>giorno <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2023, <span class=\"_ _5\"></span><span class=\"ff3\">\u201crilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>appare <span class=\"_ _3\"></span>opportuno <span class=\"_ _2\"></span>sen<span class=\"ff2\">tire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>la </span></span>probabile definizio<span class=\"_ _0\"></span>ne del giudizio svoltosi in U.K.<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff1\">  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Perugia: <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2020 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Perugia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>citazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quattro <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tratti <span class=\"_ _3\"></span>derivati </span>stipulati <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2006, <span class=\"_ _7\"> </span>chiedendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>res<span class=\"_ _3\"></span>tituzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>somme <span class=\"_ _4\"> </span>versate, <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quantificare <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>causa. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>ha ammesso una consulenz<span class=\"_ _0\"></span>a tecnica, rinvi<span class=\"_ _0\"></span>ando all\u2019udienza del <span class=\"_ _0\"></span>9 marzo 2023 per l\u2019esam<span class=\"_ _0\"></span>e dell\u2019elaborato perit<span class=\"_ _0\"></span>ale. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _7\"> </span>riguardo <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>stipulati <span class=\"_ _4\"> </span>con <span class=\"_ _16\"> </span>Contr<span class=\"_ _0\"></span>ollate <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Enti <span class=\"_ _7\"> </span>loca<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>promossi <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontenziosi, <span class=\"_ _4\"> </span>mentre <span class=\"_ _7\"> </span>sono intervenute n.2 senten<span class=\"_ _0\"></span>ze relative ai segu<span class=\"_ _0\"></span>enti procedimenti: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Azienda <span class=\"_ _5\"></span>Socio <span class=\"_ _5\"></span>Sanitaria <span class=\"_ _5\"></span>territoriale <span class=\"_ _2\"></span>Valle <span class=\"_ _6\"></span>Olona: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Busto <span class=\"_ _5\"></span>Arsizio, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>ha </span>dichiarato la nullit\u00e0 del contratto. In esecu<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione della sentenza, la Banca ha <span class=\"_ _0\"></span>provveduto al pagamento di 1,<span class=\"_ _0\"></span>8 milioni ed ha<span class=\"_ _0\"></span> presentato appello. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Aler <span class=\"_ _3\"></span>S.p.A.: con <span class=\"_ _3\"></span>sentenza del <span class=\"_ _3\"></span>1\u00b0 agosto <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>la Corte <span class=\"_ _3\"></span>d\u2019Appello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Milano ha <span class=\"_ _3\"></span>confermato la <span class=\"_ _3\"></span>nullit\u00e0 del <span class=\"_ _3\"></span>contratto s<span class=\"_ _3\"></span>tipulat<span class=\"_ _0\"></span>o </span></span>con <span class=\"_ _5\"></span>l<span class=\"ff4\">\u2019allora <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>OPI. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>effetto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>condanna <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>grado, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>provveduto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>4,6 <span class=\"ff4\">milioni. Sono in cors<span class=\"_ _0\"></span>o le valutazioni sull\u2019o<span class=\"_ _0\"></span>pportunit\u00e0 di propor<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e ricorso per Cas<span class=\"_ _0\"></span>sazione.            <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei contenziosi pi\u00f9 rilevan<span class=\"_ _0\"></span>ti con Controllate da<span class=\"_ _0\"></span> Enti locali: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Terni <span class=\"_ _6\"></span>Reti <span class=\"_ _6\"></span>Sud <span class=\"_ _4\"></span>S.r.l.<span class=\"ff2 lsd\">: <span class=\"_ _6\"></span></span>il <span class=\"_ _6\"></span>contenzioso <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>contratto <span class=\"_ _5\"></span>der<span class=\"_ _3\"></span>ivato, <span class=\"_ _6\"></span>stipulato <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>agosto <span class=\"_ _6\"></span>2007 <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span>Marche<span class=\"_ _90\"> </span>110 <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Terni <span class=\"_ _6\"></span>Re<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>Sud <span class=\"_ _6\"></span>S.r.l., <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>capitale <span class=\"_ _5\"></span>sociale <span class=\"_ _6\"></span>detenuto <span class=\"_ _6\"></span>integralment<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Terni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>controparte contesta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>nullit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>derivato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mancata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omunicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>MTM <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>probabilistici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>violazione <span class=\"_ _5\"></span>degli 110 <span class=\"_ _3\"></span>Si <span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>orda <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sistiti <span class=\"_ _3\"></span>dalle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>obblighi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>manleva <span class=\"_ _2\"></span>assunti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Ven<span class=\"_ _3\"></span>ditore <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Na<span class=\"_ _3\"></span>zionale <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>Ri<span class=\"_ _3\"></span>soluzione) <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>avore <span class=\"_ _3\"></span>di UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>relazi<span class=\"ff4\">one <span class=\"_ _3\"></span>all\u2019<span class=\"_ _3\"></span>acquisizione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Nuove <span class=\"_ _3\"></span>B<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marc<span class=\"_ _3\"></span>he, <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Etr<span class=\"_ _3\"></span>uria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span></span>Lazio <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> Cassa <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Ri<span class=\"_ _3\"></span>sparmio <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>Provinci<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Chieti <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>prono, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ertanto, <span class=\"_ _6\"> </span>anc<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventuali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _6\"> </span>dall<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>svo<span class=\"_ _3\"></span><span class=\"ff4\">lte <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Ban<span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Old </span>Banks\u201d) <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>re s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>procedur<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risoluzione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazio<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u2019altro, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>legale, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>genere <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>enzioso <span class=\"_ _3\"></span>in </span>essere o minacciat<span class=\"_ _3\"></span>o, ovvero alle viol<span class=\"_ _3\"></span>azioni di le<span class=\"_ _3\"></span>gge e alle eventu<span class=\"_ _3\"></span>ali passivi<span class=\"_ _3\"></span>t\u00e0 potenziali.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> obblighi <span class=\"_ _7\"> </span>informativi, <span class=\"_ _4\"> </span>formulando <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>richiesta <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>22 <span class=\"_ _16\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>CTU <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>r<span class=\"_ _2\"></span>inviato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>causa <span class=\"_ _7\"> </span>al 13<span class=\"ls0\"> giugno 202<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>.  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>EUR <span class=\"_ _3\"></span>S.p.A.<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>citazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>S.p.<span class=\"_ _3\"></span>A., <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>dal </span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Finanze <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Roma <span class=\"_ _5\"></span>Capitale. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio, <span class=\"_ _2\"></span>ol<span class=\"_ _5\"></span><span class=\"ff1\">tre <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>ISP, <span class=\"_ _5\"></span>anche<span class=\"_ _0\"></span> </span>altri <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>regolati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>ISDA <span class=\"_ _6\"></span>stipulati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>finanziamento <span class=\"_ _5\"></span>concesso <span class=\"_ _4\"> </span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ool. <span class=\"_ _6\"></span>All\u2019udienza<span class=\"_ _0\"></span> dell\u20198 <span class=\"_ _2\"></span>novembre <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ritenuto <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>matura <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _2\"></span>sull'eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>giurisd<span class=\"_ _2\"></span><span class=\"ff1\">izione </span>del <span class=\"_ _2\"></span>Giudice <span class=\"_ _5\"></span>italiano <span class=\"_ _2\"></span>sollevata <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>convenute <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>assegnato <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>deposito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>memorie <span class=\"_ _2\"></span>conclusionali. <span class=\"_ _2\"></span>La quota di rischio in <span class=\"_ _0\"></span>capo ad Intesa Sanpa<span class=\"_ _0\"></span>olo \u00e8 pari a 22 mili<span class=\"_ _0\"></span>oni.  <span class=\"_ _3\"></span> Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>privati <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"></span>lo <span class=\"_ _4\"> </span>stock <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>quanto riguarda il flusso.<span class=\"fc5\"> </span>Contenzioso relativo ai<span class=\"_ _0\"></span> finanziamenti in CHF <span class=\"_ _0\"></span>nei confronti della cont<span class=\"_ _0\"></span>rollata croata Privre<span class=\"_ _0\"></span>dna Banka Zagreb Dd<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>precedenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>bilanci, <span class=\"_ _16\"> </span><span class=\"ff4\">Potro\u0161a\u010d <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _16\"> </span>Croatian <span class=\"_ _7\"> </span>Union <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>Consumer <span class=\"_ _4\"> </span>Pro<span class=\"_ _3\"></span>tection <span class=\"_ _7\"> </span>Association <span class=\"_ _7\"> </span>aveva avviato <span class=\"_ _7\"> </span>un\u2019azione <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>controllata <span class=\"_ _16\"> </span>Privred<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>Banka <span class=\"_ _7\"> </span>Zagreb <span class=\"_ _16\"> </span>(\u201cPBZ\u201d) <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>sette <span class=\"_ _7\"> </span>banche <span class=\"_ _16\"> </span>croate <span class=\"_ _1d\"> </span><span class=\"ff1\">Secondo<span class=\"_ _0\"></span> </span>l\u2019attrice <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>convenute <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>posto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>condotte s<span class=\"_ _3\"></span>corrette <span class=\"_ _3\"></span>attraverso l\u2019asserito <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>illegittime in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>poteva <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>unilateralmente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>denominando <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>franchi <span class=\"_ _3\"></span>svizzeri (o <span class=\"_ _5\"></span>indicizzando <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valuta) <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>asseritamente <span class=\"_ _5\"></span>informare <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>consu<span class=\"_ _3\"></span>matori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi prima <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sottoscrizione <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>relativi <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>finanziament<span class=\"_ _0\"></span>o. <span class=\"_ _4\"> </span>Nel <span class=\"_ _6\"> </span>settembre <span class=\"_ _4\"> </span>2019 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Corte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Suprema <span class=\"_ _6\"> </span>croata, <span class=\"_ _4\"> </span>nell\u2019ambito dell\u2019azione <span class=\"_ _3\"></span>collettiva <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>Potro\u0161a\u010d, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019impugnazione <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>convenute <span class=\"_ _2\"></span>avverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>decisione<span class=\"_ _0\"></span> della <span class=\"_ _3\"></span>High <span class=\"_ _2\"></span>Commercial <span class=\"_ _3\"></span>Court <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2018 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>confermato <span class=\"_ _3\"></span>l\u2019orientamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>corti <span class=\"_ _2\"></span>inferiori <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>banche, <span class=\"_ _3\"></span>inserendo nei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _4\"> </span>clauso<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>enominazione <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>svizzera <span class=\"_ _7\"> </span>(o <span class=\"_ _4\"> </span>indicizzazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>medesima) illegittime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>nulle, <span class=\"_ _5\"></span>avrebbero <span class=\"_ _5\"></span>leso <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>collettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>consumatori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecisione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _7\"> </span>stata impugnata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>PBZ <span class=\"_ _4\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Cor<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>Cos<span class=\"_ _3\"></span><span class=\"ff4\">tituzionale, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>all\u2019inizio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2021 <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>respinto <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>ricorso. <span class=\"_ _6\"> </span>La<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>controllata <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>quindi </span>presentato <span class=\"_ _6\"></span>ricorso <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Diritti <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019Uomo, <span class=\"_ _5\"></span>respinto <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>finale <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>scorta <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>cennata<span class=\"_ _2\"></span><span class=\"ff1\"> </span>azione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>tutela <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>collett<span class=\"_ _3\"></span>ivi <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>consumatori, <span class=\"_ _5\"></span>svariati <span class=\"_ _6\"></span>clienti <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>avviato <span class=\"_ _6\"></span>cause <span class=\"_ _6\"></span>individuali <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _6\"></span>di PBZ, <span class=\"_ _2\"></span>nonostante <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ggior <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>essi <span class=\"_ _2\"></span>avesse<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>liberamente <span class=\"_ _2\"></span>accettato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>convertire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>originariamente<span class=\"_ _0\"></span> denominati <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span>CHF <span class=\"_ _4\"> </span>(o <span class=\"_ _16\"> </span>indicizzati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>valut<span class=\"_ _3\"></span><span class=\"ff4\">a), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>effetto <span class=\"_ _7\"> </span>retroattivo, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019Act <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>Amendments<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>to <span class=\"_ _7\"> </span>the </span>Consumer Credit <span class=\"_ _3\"></span>Act (Croatian Official <span class=\"_ _3\"></span>Gazette 102/2015 \u201cLe<span class=\"_ _3\"></span>gge di <span class=\"_ _3\"></span>Conversione\u201d). Nel marzo <span class=\"_ _3\"></span>2020 la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>Suprema croata, nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _3\"></span>denominato <span class=\"_ _3\"></span>\u201cmodel <span class=\"_ _2\"></span>case\u201d <span class=\"_ _2\"></span>(un <span class=\"_ _5\"></span><span class=\"ff1\">procedimento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>vincolanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli </span>organi giurisdizionali di rango inferiore, avente l'obiettivo di uniformare l\u2019indirizzo giurisprudenzi<span class=\"_ _0\"></span>ale), ha stabilito che <span class=\"_ _6\"></span><span class=\"ff1\">gli accordi </span>di <span class=\"_ _6\"></span>conversione <span class=\"_ _6\"></span>conclusi <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _4\"> </span>finanziati, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Legge <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Conversione <span class=\"_ _6\"></span>croata <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2015,<span class=\"_ _0\"></span> producono <span class=\"_ _6\"></span>effetti <span class=\"_ _4\"></span>giuridici<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>validi <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>clausole <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>valu<span class=\"_ _5\"></span>ta svizzera  o  al <span class=\"_ _1d\"> </span>tasso  di  interesse  variabile <span class=\"_ _1d\"> </span>fosser<span class=\"_ _0\"></span>o  nulle. <span class=\"_ _1d\"> </span>Nel <span class=\"_ _1d\"> </span><span class=\"ff4\">maggio  2022  la <span class=\"_ _1d\"> </span>Corte  di  Giustizia  UE,  nell\u2019ambito  di <span class=\"_ _1d\"> </span>u<span class=\"_ _0\"></span>n </span>procedimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio <span class=\"_ _3\"></span>pregiudiziale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oinvolgeva <span class=\"_ _3\"></span>altro <span class=\"_ _3\"></span>intermediario, <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Giustizia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>giurisdiz<span class=\"_ _5\"></span>ione in <span class=\"_ _6\"></span>relazione <span class=\"_ _4\"></span>agli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onversione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusi <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Le<span class=\"_ _2\"></span><span class=\"ff4\">gge <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Conversione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>successivi <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019adesione<span class=\"_ _35\"></span> </span>della <span class=\"_ _5\"></span>Croazia <span class=\"_ _5\"></span>all\u2019Unione <span class=\"_ _6\"></span>Europea, <span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Direttiva <span class=\"_ _5\"></span>concernente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>clausole <span class=\"_ _5\"></span>abusive <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si applica ai menzionati a<span class=\"_ _0\"></span>ccordi di conversi<span class=\"_ _0\"></span>one, il cui contenuto ri<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roduce dispo<span class=\"_ _3\"></span>sizioni del diritto n<span class=\"_ _0\"></span>azionale.  Il <span class=\"_ _3\"></span>20 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Dipartimento <span class=\"_ _3\"></span>Civile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uprema <span class=\"_ _3\"></span>croata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>l'interpretazione <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>giuridic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>degli accordi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conversione <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>contratti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>finanziamento <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>CHF <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>EUR <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>sui <span class=\"_ _1d\"> </span>diritti <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>consu<span class=\"_ _5\"></span>matori. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>forza <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale interpretazione, un <span class=\"_ _3\"></span>consumatore <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulato un <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2015, ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span><span class=\"ls13\">l </span>pagamento <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>interessi <span class=\"_ _7\"> </span>legali <span class=\"_ _4\"> </span>sugli <span class=\"_ _7\"> </span>importi <span class=\"_ _4\"> </span>pagati <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>banca <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>conteggiato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _4\"> </span>di  conversione <span class=\"_ _4\"> </span>del finanziamento, <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _2\"></span>versamento <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>stessa. <span class=\"_ _5\"></span>Una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019interpretazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>giuridica sar\u00e0 registr<span class=\"_ _0\"></span>ata dal Court Practi<span class=\"_ _0\"></span>ce Records Departme<span class=\"_ _0\"></span>nt, sar\u00e0 definitiva e vin<span class=\"_ _0\"></span>colante per i tribun<span class=\"_ _0\"></span>ali di g<span class=\"_ _2\"></span>rado inferiore. Il <span class=\"_ _2\"></span>numero <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>individuali <span class=\"_ _3\"></span>avviate <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>PBZ <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>risultato <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>relativo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2021; <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>cause <span class=\"_ _6\"></span>pendenti <span class=\"_ _2\"></span>erano <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>migliaia. <span class=\"_ _5\"></span>Non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>escludere <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>possano <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>avvia<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>ulteriori cause nei confronti di PB<span class=\"_ _0\"></span>Z in relazione a q<span class=\"_ _0\"></span>uesto tipo di finanzia<span class=\"_ _0\"></span>menti. <span class=\"_ _3\"></span><span class=\"ff2 fc2\"> </span>Contenzioso nei confro<span class=\"_ _0\"></span>nti della controlla<span class=\"_ _0\"></span>ta estera Banca Inte<span class=\"_ _0\"></span>sa Beograd (Serbia<span class=\"_ _0\"></span>)<span class=\"_ _3\"></span> Si segnalano i segue<span class=\"_ _0\"></span>nti filoni di cont<span class=\"_ _0\"></span>enzioso seriale che <span class=\"_ _0\"></span>hanno investito <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019intero sistema <span class=\"_ _0\"></span>bancario serbo.<span class=\"ff1\"> </span></span>1) Processing fees Contenzioso <span class=\"_ _20\"> </span>giudiziale <span class=\"_ _23\"> </span>riguardante <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>spese <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>istruttoria <span class=\"_ _20\"> </span>(\u201cprocessing <span class=\"_ _20\"> </span>fees\u201d) <span class=\"_ _23\"> </span>applicate <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>banche <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>momento<span class=\"_ _35\"></span> dell\u2019erogazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>ricorrenti, <span class=\"_ _2\"></span>persone <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>isiche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>giuridiche, <span class=\"_ _2\"></span>chiedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">estituzion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>ritenendoli <span class=\"_ _3\"></span>non </span>dovuti.  Le<span class=\"_ _0\"></span>  prime<span class=\"_ _0\"></span>  contestazioni<span class=\"_ _0\"></span>  sono <span class=\"_ _16\"> </span>sorte  nel<span class=\"_ _0\"></span>  2017 <span class=\"_ _16\"> </span>e  hann<span class=\"_ _0\"></span>o  registrato<span class=\"_ _0\"></span>  un <span class=\"_ _16\"> </span>significativo  in<span class=\"_ _0\"></span>cremento <span class=\"_ _16\"> </span>di  cause <span class=\"_ _16\"> </span>negli  anni<span class=\"_ _35\"></span> successivi, <span class=\"_ _3\"></span>seppure <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>modesti. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Beograd <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>onvenuta <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>18.600<span class=\"_ _0\"></span> cause <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>possibile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>probabile <span class=\"_ _5\"></span>(a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>erano <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>24.500); <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>somme <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>capitale complessivamente <span class=\"_ _5\"></span>richieste <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>restituzione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontavano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1,3 <span class=\"_ _4\"></span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>dei<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>Tribunali <span class=\"_ _5\"></span>ha accolto le richieste della clientela sulla base di un\u2019interpretazion<span class=\"_ _0\"></span>e della normativa avversata dalle banche. Nel settembre 2<span class=\"_ _2\"></span><span class=\"ff1\">0<span class=\"_ _3\"></span>21 </span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _2\"></span>serba <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconosciuto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _2\"></span>applicati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>moment<span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>loro erogazione, <span class=\"_ _16\"> </span>purch\u00e9 <span class=\"_ _16\"> </span>indicati <span class=\"_ _16\"> </span>nell\u2019offerta <span class=\"_ _16\"> </span>contrattuale. <span class=\"_ _16\"> </span>Nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _0\"></span>el  2<span class=\"_ _0\"></span>022 <span class=\"_ _16\"> </span>il  flu<span class=\"_ _0\"></span>sso <span class=\"_ _16\"> </span>di  nuove <span class=\"_ _7\"> </span>vertenze  ha <span class=\"_ _7\"> </span>evidenziato  u<span class=\"_ _0\"></span>na significativa riduzion<span class=\"_ _0\"></span>e rispetto al 2021 ed al<span class=\"_ _0\"></span>cuni clienti hanno rin<span class=\"_ _0\"></span>unciato a quelle gi<span class=\"_ _0\"></span>\u00e0 pendenti. <span class=\"_ _3\"></span> 2) NKOSK Contenzioso <span class=\"_ _18\"> </span>giudiziale <span class=\"_ _18\"> </span>relativo <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>anziamenti <span class=\"_ _18\"> </span>immobiliari <span class=\"_ _18\"> </span>assicurati <span class=\"_ _18\"> </span>attraverso <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>Nati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nal <span class=\"_ _18\"> </span>Housing <span class=\"_ _18\"> </span>Loan <span class=\"_ _1c\"> </span>Insur<span class=\"_ _0\"></span>ance Corporation (NKOSK), il cui p<span class=\"_ _3\"></span>remio \u00e8 posto a<span class=\"_ _3\"></span> carico dei f<span class=\"_ _3\"></span>inanziati. Questi ultimi ritengono che essendo <span class=\"_ _3\"></span>la Banca a <span class=\"_ _3\"></span>beneficiar<span class=\"_ _2\"></span><span class=\"ls17\">e </span>dell\u2019assicurazione, il re<span class=\"_ _3\"></span><span class=\"ff1\">lativo p<span class=\"_ _3\"></span>remio dovrebbe rimanere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico della <span class=\"_ _3\"></span>medesima. A <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa Beograd r<span class=\"_ _3\"></span>isultava </span>convenuta <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>1.100 <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>robabile <span class=\"_ _3\"></span>(a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>1.000); <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>omme <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea<span class=\"_ _2\"></span> capitale  c<span class=\"_ _0\"></span>omplessivamente <span class=\"_ _16\"> </span>richie<span class=\"_ _3\"></span>ste  i<span class=\"_ _0\"></span>n  restituzio<span class=\"_ _0\"></span>ne  alla  B<span class=\"_ _35\"></span>anca  ammontavano <span class=\"_ _16\"> </span>a  circa <span class=\"_ _16\"> </span>1,1  milio<span class=\"_ _0\"></span>ni.  La <span class=\"_ _16\"> </span>maggior  parte<span class=\"_ _0\"></span>  dei<span class=\"_ _0\"></span> Tribunali <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019interpretazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>nor<span class=\"_ _3\"></span>mativa<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>avversata <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>banche. <span class=\"_ _5\"></span>Ne<span class=\"_ _6\"></span><span class=\"ff1 ls13\">l </span>settembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _6\"></span>Serba <span class=\"_ _5\"></span>ha r<span class=\"_ _3\"></span><span class=\"ff4\">iconosciuto <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>legittimit\u00e0 <span class=\"_ _5\"></span>dell\u2019attribuzione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>dei </span>mutuatari, a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l'obbligazione s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>chiaramente d<span class=\"_ _3\"></span>escritta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>precontrattuale<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>sso di nuove cause \u00e8 cresciu<span class=\"_ _0\"></span>to in misura limita<span class=\"_ _0\"></span>ta<span class=\"_ _3\"></span> rispetto al 2021 e<span class=\"_ _0\"></span>d alcuni clienti hanno<span class=\"_ _0\"></span> rinunciato a q<span class=\"_ _0\"></span>uelle gi\u00e0 pendenti.<span class=\"_ _90\"> </span>Sentenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Giustizia <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>dell\u201911 <span class=\"_ _2\"></span>settembre <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"ff2\"> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _2\"></span>sentenza </span></span>Lexitor<span class=\"ffa fc0\"> </span>L\u2019articolo <span class=\"_ _3\"></span>16, <span class=\"_ _2\"></span>par. <span class=\"_ _2\"></span>1, <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>direttiva <span class=\"_ _3\"></span>2008/4<span class=\"_ _3\"></span><span class=\"ff1\">8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _3\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso </span>anticipato <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziamento <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>consumatore <span class=\"_ _7\"> </span>\u201cha <span class=\"_ _16\"> </span>diritto <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _7\"> </span>totale <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>gli interessi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>costi <span class=\"_ _7\"> </span>dovuti <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>estante <span class=\"_ _7\"> </span>durat<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contratto\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>sentenza <span class=\"_ _7\"> </span>Lexitor, <span class=\"_ _7\"> </span>questa <span class=\"_ _7\"> </span>nor<span class=\"_ _3\"></span>ma <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere </span>interpretata nel senso che <span class=\"_ _3\"></span>il diritto alla <span class=\"_ _3\"></span>riduzione del costo tota<span class=\"_ _3\"></span>le del credito include tutti <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>posti a carico <span class=\"_ _3\"></span>del co<span class=\"_ _5\"></span>nsumatore; quindi, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>prel<span class=\"_ _3\"></span>iminari <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contestuali <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stipula <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>upfront <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _3\"></span>gli oneri di istruttoria <span class=\"_ _0\"></span>o le commissioni ag<span class=\"_ _0\"></span>enziali). L\u2019art. 16, par. 1, della direttiva 2008/48 \u00e8 stato <span class=\"_ _3\"></span>recepito in Italia con l\u2019art. 125 sexies del Testo Unico Bancario (TU<span class=\"_ _5\"></span><span class=\"ff1\">B), secondo </span>cui <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ticipato <span class=\"_ _3\"></span>\u201cil <span class=\"_ _5\"></span>consumatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>all\u2019importo <span class=\"_ _7\"> </span><span class=\"ff1\">degli<span class=\"_ _0\"></span> </span>interessi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _4\"> </span>dovuti <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>contratto\u201d. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>norma <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia, <span class=\"_ _4\"> </span>l\u2019Arbi<span class=\"_ _5\"></span><span class=\"ff1\">tro <span class=\"_ _4\"></span>Bancario </span>Finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>giurisprudenza h<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>restituzione <span class=\"_ _3\"></span>riguardasse <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>maturano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>cors<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>recurring) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>corrisposti <span class=\"_ _2\"></span>anticipatamente <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>cliente <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>finanziatore: <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>ca<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso anticipato, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>appunto essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>estituiti p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>maturata; <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rest<span class=\"_ _3\"></span>ituzione non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>inv<span class=\"_ _5\"></span><span class=\"ff1\">ece <span class=\"_ _2\"></span>i </span>costi upfront. A <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>exitor <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>sorta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>questione <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>l\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sexies <span class=\"_ _5\"></span>TUB <span class=\"_ _2\"></span>debba <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rpretato <span class=\"_ _2\"></span>conformemente <span class=\"_ _2\"></span>al </span>principio da essa sta<span class=\"_ _0\"></span>bilito o se il nuovo prin<span class=\"_ _0\"></span>cipio richieda una m<span class=\"_ _0\"></span>odifica legislativ<span class=\"_ _0\"></span>a. <span class=\"_ _3\"></span> Secondo <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>principio <span class=\"_ _6\"></span>comunitario <span class=\"_ _5\"></span>dell\u2019\u201dinterpretazione <span class=\"_ _5\"></span>conforme\u201d, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>giudici <span class=\"_ _5\"></span>nazionali <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>enuti <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>interpretare <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>orme <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>proprio ordinamento in modo da renderle coerenti con il dettato delle disposizio<span class=\"_ _0\"></span>ni europee. Tuttavia, se la norma nazionale h<span class=\"_ _5\"></span><span class=\"ls17\">a </span>un<span class=\"ff4 ls0\">\u2019interpreta<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>univoca, <span class=\"_ _16\"> </span>essa <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _7\"> </span>(re)interpretata <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>allinearla <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una </span>direttiva europea: i principi riconosci<span class=\"_ _0\"></span>uti dallo stesso ordinamento dell\u2019Unione escl<span class=\"_ _0\"></span>udono che al giudice nazionale possa esse<span class=\"_ _2\"></span><span class=\"ff1\">re </span>richies<span class=\"ff4\">to <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>procedere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>lettura <span class=\"_ _2\"></span>contra <span class=\"_ _5\"></span>legem <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>norme <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019ordinamen<span class=\"_ _0\"></span>to <span class=\"_ _5\"></span>interno. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>proposito <span class=\"_ _2\"></span>va <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>che </span>l\u2019art. <span class=\"_ _6\"></span>125 <span class=\"_ _6\"> </span>sexies <span class=\"_ _6\"> </span>TUB <span class=\"_ _6\"> </span>era <span class=\"_ _6\"> </span>sempre <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>interpretato <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>senso <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _6\"> </span>l\u2019obbligo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>restituzione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riguardasse solo i costi rec<span class=\"_ _0\"></span>urring, con esclusione q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi dei costi upfr<span class=\"_ _0\"></span>ont. <span class=\"_ _3\"></span> La <span class=\"_ _6\"> </span>Banca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>\u2019Italia <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>Lexitor <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2019 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>emanato <span class=\"_ _6\"></span>\u201clinee <span class=\"_ _5\"></span>orientative\u201d <span class=\"_ _6\"> </span>attuative <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio<span class=\"_ _0\"></span> della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>UE, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>senso <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>(compresi <span class=\"_ _2\"></span>quindi <span class=\"_ _5\"></span>quelli<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>upfront) <span class=\"_ _2\"></span>vadano <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di rimborso anticipato, <span class=\"_ _0\"></span>sia per i nuovi rapp<span class=\"_ _0\"></span>orti sia per i rapporti <span class=\"_ _0\"></span>in essere.<span class=\"_ _3\"></span> Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _18\"> </span>ha <span class=\"_ _18\"> </span>deciso <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>seguire <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>\u201c<span class=\"_ _3\"></span>linee <span class=\"_ _18\"> </span>orientative\u201d <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>Banca <span class=\"_ _18\"> </span>d\u2019Italia, <span class=\"_ _18\"> </span>pur <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>fondate <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>suddette argomentazioni legali s<span class=\"_ _0\"></span>ulla non interpretabilit\u00e0 del<span class=\"_ _0\"></span>l\u2019art. 125 sexies TUB in senso co<span class=\"_ _0\"></span>nforme alla sentenza Lexito<span class=\"_ _0\"></span>r. \u00c8 stato qu<span class=\"_ _2\"></span><span class=\"ff1\">indi </span>disposto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>accantonament<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Fondo <span class=\"_ _4\"></span>Rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Oneri <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>maggiori <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _6\"></span>stimati <span class=\"_ _4\"></span>derivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i segui<span class=\"ff4\">re le \u201clinee orient<span class=\"_ _0\"></span>ative\u201d della Banca d\u2019<span class=\"_ _0\"></span>Italia. <span class=\"ff1\"> </span></span>Dal <span class=\"_ _2\"></span>25 <span class=\"_ _3\"></span>luglio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vigore <span class=\"_ _2\"></span>l\u2019art.11<span class=\"_ _3\"></span><span class=\"ff1\">-</span>octies, <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>106/2021 <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>legislatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u2019art.125 sexies TUB con l\u2019int<span class=\"_ _0\"></span>ento di risolvere la situazi<span class=\"_ _0\"></span>one di incertezza <span class=\"_ _0\"></span>determinata<span class=\"_ _3\"></span><span class=\"ff1\"> dalla sentenza Lexito<span class=\"_ _0\"></span>r, con le seguenti previ<span class=\"_ _0\"></span>sioni: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>consumatori, <span class=\"_ _3\"></span>l\u2019eliminazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio all\u2019art. <span class=\"_ _3\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _3\"></span>TUB <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019inserimento d<span class=\"_ _6\"></span></span><span class=\"ls13\">i </span></span>una previsione specifica per l\u2019estinzi<span class=\"_ _0\"></span>one anticipata di tale tipologia di fi<span class=\"_ _3\"></span><span class=\"ff1\">nanziamenti, limitando il rimborso ai soli interessi <span class=\"_ _35\"></span>e </span>costi dovuti per la vit<span class=\"_ _0\"></span>a residua del contra<span class=\"_ _0\"></span>tto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>consumo, <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>testo <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _2\"></span>TUB, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>recepire <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>principi </span></span>della  sentenza  Lexitor, <span class=\"_ _1d\"> </span>indicando  per\u00f2 <span class=\"_ _1d\"> </span>come  criterio  preferenziale  per  il <span class=\"_ _1d\"> </span>calcolo  del  rimborso  il  criterio  de<span class=\"_ _3\"></span>l  costo ammortizzato; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019efficacia  di <span class=\"_ _1d\"> </span>tali <span class=\"_ _1d\"> </span>disposizioni  \u00e8 <span class=\"_ _1d\"> </span>limitata  a<span class=\"_ _3\"></span>i  contratti <span class=\"_ _1d\"> </span>sottoscritti  successivamente  all\u2019entrata  in <span class=\"_ _1d\"> </span>vigore <span class=\"_ _1d\"> </span>della  legge <span class=\"_ _1d\"> </span>di </span></span>conversione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>decreto. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>espressamente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>continuino <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>essere applicati la norma di <span class=\"_ _0\"></span>legge e le disposizio<span class=\"_ _0\"></span>ni di Vigilanza pre<span class=\"_ _0\"></span>vigenti.<span class=\"_ _3\"></span> La nuova norma <span class=\"_ _3\"></span>non ha determinato significativi impatti per quanto r<span class=\"_ _3\"></span>iguarda i contratti di nuova <span class=\"_ _5\"></span>stipula: per <span class=\"_ _3\"></span>i prestiti personali, infatti, le <span class=\"_ _3\"></span>clausole contrattuali sono gi\u00e0 conformi alla <span class=\"_ _3\"></span>stessa e per i <span class=\"_ _3\"></span>prodotti di c<span class=\"_ _3\"></span>essione del quinto le soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo<span class=\"_ _5\"></span> In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>adottato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>model<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>\u201ctutto <span class=\"_ _5\"></span>TAN\u201d, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>prevede, <span class=\"_ _2\"></span>oltre <span class=\"_ _6\"> </span>agli <span class=\"_ _5\"></span>interessi, <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi accessori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>cliente. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>consumo <span class=\"_ _6\"></span>stipulati <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entrata <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>vigore della nuova nor<span class=\"_ _3\"></span>ma, anche se estinti successivamente a tale data, <span class=\"_ _3\"></span>il rimborso dei <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>osti up f<span class=\"_ _3\"></span>ront potrebbe essere limitato a quanto contrattualme<span class=\"_ _0\"></span>nte pattuito.  Il Collegio di <span class=\"_ _3\"></span>Coordinamento ABF a cui \u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>rimessa la questione del rimborso <span class=\"_ _3\"></span>dei costi up <span class=\"_ _3\"></span>front dopo l\u2019entrata in v<span class=\"_ _3\"></span>igore <span class=\"_ _5\"></span><span class=\"ff1\">del </span>c.d. <span class=\"_ _3\"></span>\u201cemendamento Lexitor\u201d si<span class=\"_ _3\"></span> \u00e8 <span class=\"_ _3\"></span>pronunciato <span class=\"_ _3\"></span>il 15 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">ttobre <span class=\"_ _3\"></span>2021 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>la decisione <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>21676 enunciando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>seguente principio: <span class=\"_ _3\"></span>in </span>applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Novella <span class=\"_ _3\"></span>legislativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>all\u2019art.11 <span class=\"_ _3\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>2\u00b0, <span class=\"_ _3\"></span>ultimo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>73, <span class=\"_ _3\"></span>converti<span class=\"_ _5\"></span><span class=\"ff1\">to </span>in <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>106 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>estinz<span class=\"_ _2\"></span>ione <span class=\"_ _3\"></span>anticipata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>stipulato <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>entrata <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itato <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>normativo, <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>distinguersi <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggette <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>maturazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019in<span class=\"_ _5\"></span><span class=\"ff1\">tero </span>svolgimento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>negoziale <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>rec<span class=\"_ _3\"></span>urring) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>costi <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>adempimenti <span class=\"_ _4\"> </span>preliminari <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>concessione <span class=\"_ _4\"> </span>del prestito (c.d. costi up <span class=\"_ _3\"></span>front). Da ci\u00f2 consegue la<span class=\"_ _3\"></span> retrocedibilit\u00e0 dei primi e non <span class=\"_ _3\"></span>anche dei secondi, limitatamente alla quot<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>non maturata in ragione <span class=\"_ _0\"></span>dell\u2019anticipata estinzi<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019in<span class=\"ff1\">dirizzo <span class=\"_ _2\"></span>espresso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Collegio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Coordinamento <span class=\"_ _2\"></span>ABF <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>collegi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _2\"></span>di </span>restituzione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>up <span class=\"_ _16\"> </span>front. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>decisioni <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>sospese <span class=\"_ _7\"> </span>nemmeno <span class=\"_ _7\"> </span>dopo <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>remissione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>Corte costituzionale <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>questione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>legittimit\u00e0 <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>novella <span class=\"_ _4\"></span>legisla<span class=\"_ _0\"></span>tiva <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dir\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>seguito. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Banca d\u2019Italia <span class=\"_ _5\"></span>ha, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _5\"></span>comunicato <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>intermediari <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>apportate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _5\"></span>106/2021 <span class=\"_ _5\"></span>all\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sex<span class=\"_ _6\"></span><span class=\"ff1\">ies </span>TUB <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>rite<span class=\"ff4\">nersi <span class=\"_ _3\"></span>superate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>proprie \u201c<span class=\"_ _3\"></span>linee o<span class=\"_ _3\"></span>rientative\u201d del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata d<span class=\"_ _3\"></span>ei </span>finanziamenti di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>consumo, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>chiedeva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>includendo <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>costi a carico del consumator<span class=\"_ _0\"></span>e (recurring ed up front) ad <span class=\"_ _0\"></span>esclusione dell<span class=\"_ _0\"></span>e imposte.<span class=\"_ _3\"></span> La <span class=\"_ _1d\"> </span>giurisprudenz<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>ordinaria  si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>divisa <span class=\"_ _1d\"> </span>sull\u2019applica<span class=\"_ _0\"></span>zione <span class=\"_ _1d\"> </span>della  nuova <span class=\"_ _1d\"> </span>norma. <span class=\"_ _1d\"> </span>Diversi  giudici <span class=\"_ _1d\"> </span>hanno  applicato <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>nuova disposizione <span class=\"_ _6\"> </span>respingendo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>richiesta <span class=\"_ _6\"></span>dell\u2019attore <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>imborso <span class=\"_ _6\"></span>pro <span class=\"_ _4\"> </span>quota <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>up <span class=\"_ _4\"> </span>front <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _6\"></span>dell\u2019estinzion<span class=\"_ _35\"></span>e anticipata. <span class=\"_ _4\"></span>In <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>irrilevante<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _6\"></span>in <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>davanti <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>Giudici <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Pace, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stat<span class=\"_ _5\"></span><span class=\"lsc\">o </span>riconosciuto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>liente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>pro <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>up <span class=\"_ _5\"></span>front<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>ritenendo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>motivazioni <span class=\"_ _2\"></span>diverse <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>discutibili, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he<span class=\"_ _90\"> </span> debbano comunque app<span class=\"_ _3\"></span>licarsi i p<span class=\"_ _3\"></span>rincipi Lexitor <span class=\"_ _3\"></span>anche dopo <span class=\"_ _3\"></span>l\u2019entrata in <span class=\"_ _3\"></span>vigore della n<span class=\"_ _3\"></span>ovella legislativa. Tali <span class=\"_ _3\"></span>pronunce di <span class=\"_ _3\"></span>nor<span class=\"_ _5\"></span><span class=\"ff1\">ma </span>sono oggetto di impug<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione da parte d<span class=\"_ _0\"></span>ella Banca. Con <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>nr. <span class=\"_ _5\"></span>263 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>22 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Costituzionale <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>questione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>ituzionale<span class=\"_ _0\"></span> sollevata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Torino <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>termediario specializzato <span class=\"_ _3\"></span>in<span class=\"_ _90\"> </span>cessione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span><span class=\"ff4\">stituzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>front, <span class=\"_ _3\"></span>dichiarando <span class=\"_ _2\"></span>l\u2019illegittimit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituzionale <span class=\"_ _3\"></span>dell\u2019art. <span class=\"_ _2\"></span>11 <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>2,<span class=\"_ _0\"></span> </span>del <span class=\"_ _2\"></span>decreto <span class=\"_ _2\"></span>legge <span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>73, <span class=\"_ _2\"></span>convertito <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>modificazioni, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>alle<span class=\"_ _5\"></span> parole \u201c<span class=\"ff2\">e le norme second<span class=\"_ _0\"></span>a<span class=\"ff3\">rie contenute nelle disp<span class=\"_ _0\"></span>osizioni di trasparenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> e di vigilanza dell<span class=\"_ _0\"></span>a Banca d\u2019Italia<span class=\"_ _3\"></span><span class=\"ff4\">\u201d. <span class=\"ff1\"> </span></span></span></span>Alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pronunciamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>potenziale onere <span class=\"_ _2\"></span>connesso <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parziale <span class=\"_ _2\"></span>dic<span class=\"_ _3\"></span><span class=\"ff4\">hiarazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>illegittimit\u00e0 <span class=\"_ _2\"></span>costituzionale <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _5\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>decreto </span>legge 25 maggio 2021,<span class=\"_ _0\"></span> n. 73, effettuando u<span class=\"_ _0\"></span>n specifico accanton<span class=\"_ _0\"></span>amento a fondo rischi <span class=\"_ _0\"></span>ed oneri.<span class=\"_ _3\"></span> Il 9 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2023 a <span class=\"_ _3\"></span>Corte di <span class=\"_ _3\"></span>Giustizia Europea, nell\u2019ambito di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>procedimen<span class=\"_ _3\"></span><span class=\"ff1\">to or<span class=\"_ _3\"></span>iginato da un <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>pregiudiziale rinveniente </span>dalla  C<span class=\"_ _0\"></span>orte  S<span class=\"_ _0\"></span>uprema <span class=\"_ _16\"> </span>austriaca,  si<span class=\"_ _0\"></span>  \u00e8 <span class=\"_ _16\"> </span>pronunciat<span class=\"_ _0\"></span>a  in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019applicabilit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>Lexitor  al <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>ai consumatori. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>austriaca <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>chiesto <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Giustizia <span class=\"_ _7\"> </span>Europea <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>irettiva <span class=\"_ _4\"> </span>2014/17 <span class=\"_ _7\"> </span>relativa <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>credito immobiliare <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>consumatori <span class=\"_ _6\"></span>ostasse <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>meno <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>una <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>nazionale <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>prevedesse <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consumatore <span class=\"_ _6\"></span>alla riduzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>ant<span class=\"_ _3\"></span>icipato <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>medesimo, <span class=\"_ _2\"></span>includesse<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>soltanto <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>costi che dipendono dalla <span class=\"_ _0\"></span>durata del credito. La Cor<span class=\"_ _0\"></span>te ha dichiarato c<span class=\"_ _0\"></span>he la direttiva 2014/17 <span class=\"_ _0\"></span>non osta a una simile <span class=\"_ _0\"></span>normativa.  <span class=\"_ _2\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>alla ri<span class=\"_ _3\"></span>duzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>indipendentemente dalla <span class=\"_ _3\"></span>durata <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>si<span class=\"_ _6\"></span>ano posti  a <span class=\"_ _1d\"> </span>carico  del  consumatore  a<span class=\"_ _3\"></span>  favore  sia <span class=\"_ _1d\"> </span>del  creditore  che <span class=\"_ _1d\"> </span>dei  terzi  per<span class=\"_ _3\"></span>  prestazioni  che  s<span class=\"_ _3\"></span>iano  gi\u00e0  state <span class=\"_ _1d\"> </span>eseguit<span class=\"_ _0\"></span>e integralmente al momento <span class=\"_ _0\"></span>del rimborso anticip<span class=\"_ _0\"></span>ato (quali le spes<span class=\"_ _0\"></span>e di istruttoria e di <span class=\"_ _0\"></span>perizia). <span class=\"_ _3\"></span> Inoltre, nel <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Commissione Eu<span class=\"_ _3\"></span>ropea ha <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>della direttiva <span class=\"_ _3\"></span>comunitaria sul <span class=\"_ _3\"></span>credito <span class=\"_ _6\"></span>al consumo <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>2008/48, <span class=\"_ _7\"> </span>a  valere<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>quale <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>stata <span class=\"_ _16\"> </span>pronunciata <span class=\"_ _7\"> </span>la  sen<span class=\"_ _0\"></span>tenza <span class=\"_ _16\"> </span>Lexitor. <span class=\"_ _7\"> </span>A  seguito <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>proposta <span class=\"_ _16\"> </span>legislativ<span class=\"_ _0\"></span>a inizialmente <span class=\"_ _7\"> </span>formulata <span class=\"_ _16\"> </span>dalla  C<span class=\"_ _0\"></span>ommissione, <span class=\"_ _7\"> </span>\u00e8  iniziata <span class=\"_ _7\"> </span>la  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>se <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>coinvolgimento <span class=\"_ _7\"> </span>del  Parlam<span class=\"_ _35\"></span>ento  Europeo <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>siglio Europeo che nei me<span class=\"_ _0\"></span>si scorsi hanno defi<span class=\"_ _0\"></span>nito le proprie posi<span class=\"_ _0\"></span>zio<span class=\"_ _3\"></span>ni con la pubblicazione d<span class=\"_ _0\"></span>elle rispettive pr<span class=\"_ _0\"></span>oposte.  Contenzioso tra Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita S.<span class=\"_ _0\"></span>p.A. e RB Holding S<span class=\"_ _0\"></span>.p.A. e la famiglia Favare<span class=\"_ _0\"></span>tto<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _3\"></span>maggio 2020 <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>Vita <span class=\"_ _3\"></span>S.p.A. ha <span class=\"_ _3\"></span>perfezionato un\u2019operazione d<span class=\"_ _3\"></span>i investimento n<span class=\"_ _3\"></span>ella societ\u00e0 <span class=\"_ _3\"></span>RBM Assicur<span class=\"_ _5\"></span><span class=\"ff1\">azioni </span>Salute <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>la principale <span class=\"_ _3\"></span>compagnia assicurativa <span class=\"_ _3\"></span>italiana nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>salute <span class=\"_ _3\"></span>detenuta dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>RB Ho<span class=\"_ _3\"></span>lding S.p.A. <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ile alla <span class=\"_ _6\"> </span>famiglia <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Dott. <span class=\"_ _6\"></span>Roberto <span class=\"_ _5\"></span>Favaretto, <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>portato <span class=\"_ _6\"></span>all\u2019attuale <span class=\"_ _6\"> </span>controllo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Intesa <span class=\"_ _4\"> </span>Vita <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ociet\u00e0 </span>assicurativa, ora denomi<span class=\"_ _0\"></span>nata Intesa Sanpa<span class=\"_ _0\"></span>olo RBM Salute S.p.A. Nello <span class=\"_ _3\"></span>scorso maggio <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo Vita<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span> inviato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>socia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza RB <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>S.p.A. u<span class=\"_ _3\"></span>na r<span class=\"_ _3\"></span>ichiesta di <span class=\"_ _3\"></span>indennizzo <span class=\"_ _3\"></span>ai sensi <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>rela<span class=\"_ _3\"></span><span class=\"ff4\">zione <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>mergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>situazioni <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>luogo <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>potrebbero </span>dar luogo) a passivit<span class=\"_ _0\"></span>\u00e0 quantificabili allo<span class=\"_ _0\"></span> stato in oltre 129 m<span class=\"_ _0\"></span>ilioni di euro e sos<span class=\"_ _0\"></span>tanzialmente rigu<span class=\"_ _0\"></span>ardanti:<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l'incremento <span class=\"_ _17\"> </span>dell\u2019onere <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>sinistri <span class=\"_ _18\"> </span>concernenti <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>Polizza <span class=\"_ _1c\"> </span></span>M\u00e8taSalute <span class=\"_ _18\"> </span><span class=\"ff4\">conseguente <span class=\"_ _17\"> </span>all\u2019eliminazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>ratich<span class=\"_ _35\"></span>e </span></span>commerciali scorrette <span class=\"_ _0\"></span>oggetto di un proced<span class=\"_ _0\"></span>imento avviato dall\u2019A<span class=\"_ _35\"></span>GCM,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">posizioni <span class=\"_ _7\"> </span>creditorie <span class=\"_ _4\"> </span>(per <span class=\"_ _16\"> </span>\u2018regolazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>premio\u2019) <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>all\u2019attivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>mento <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>closing <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>interamente<span class=\"_ _35\"></span> </span></span>svalutate successivamente al <span class=\"_ _0\"></span>closing a seguito del<span class=\"_ _0\"></span>la verificata i<span class=\"_ _0\"></span>nesigibilit\u00e0 dei cre<span class=\"_ _0\"></span>diti stessi,<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>penali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>ritardi <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>pagamenti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sinistri <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Polizza <span class=\"_ _16\"> </span>ASDEP  <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>Assistenza <span class=\"_ _16\"> </span>Sanitaria <span class=\"_ _16\"> </span>Dipendenti <span class=\"_ _7\"> </span>Enti </span>Pubblici. RB <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>ogni <span class=\"_ _5\"></span>addebito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>decade <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>luglio, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>famiglia <span class=\"_ _2\"></span>Favaretto, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>presentato <span class=\"_ _2\"></span>una domanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Camera <span class=\"_ _5\"></span>Arbitrale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>deducendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019invalidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>clausole <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>patto parasociale del 2020 (tra cui <span class=\"_ _3\"></span>quelle relative alle opzioni <span class=\"_ _2\"></span>di acquisto e <span class=\"_ _3\"></span>di vendita della partecipazione di <span class=\"_ _3\"></span>minoranza e al patto di non concorrenza), inadempimenti di Intesa <span class=\"_ _3\"></span>Sanpaolo Vita a <span class=\"_ _3\"></span>impegni contrattuali (quale il <span class=\"_ _3\"></span>patto di consultazione in <span class=\"_ _3\"></span>relazione <span class=\"_ _5\"></span>al rinnovo del contratto M\u00e8taSalut<span class=\"_ _0\"></span>e e alla cessazione del <span class=\"_ _3\"></span><span class=\"ff4\">rapporto con il precedente AD), la <span class=\"_ _0\"></span>violazione da parte di quest\u2019ultima di<span class=\"_ _0\"></span> </span>regole di buona fede e <span class=\"_ _0\"></span>correttezza, co<span class=\"_ _0\"></span>n una richiesta di ris<span class=\"_ _0\"></span>arcimento di danni per<span class=\"_ _0\"></span> complessivi 423,<span class=\"_ _0\"></span>5 milioni di euro.<span class=\"_ _2\"></span> Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>Vita <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>assegnato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>5 <span class=\"_ _6\"></span>settembr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>depositato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>risposta <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>Came<span class=\"_ _0\"></span>ra <span class=\"_ _4\"></span>Arbitrale, contestando <span class=\"_ _5\"></span>integralmente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _5\"></span>avversarie <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>anzi <span class=\"_ _6\"></span>formulando <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un importo complessivo pari a 129,4 <span class=\"_ _3\"></span>milioni di euro, per <span class=\"_ _3\"></span>violazione, da parte di <span class=\"_ _3\"></span>RB Ho<span class=\"_ _2\"></span>ld, di <span class=\"_ _3\"></span>dichiarazioni e garanzie rilasciate e di impegni <span class=\"_ _5\"></span>assunti <span class=\"_ _6\"> </span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>dell\u2019obbligo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>comportamento <span class=\"_ _5\"></span>secondo <span class=\"_ _6\"> </span>correttezza <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>buona <span class=\"_ _5\"></span>fede, integralmente richiama<span class=\"_ _0\"></span>ndo le contestazioni<span class=\"_ _0\"></span> illustrate nella ric<span class=\"_ _0\"></span>hiesta di indennizzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> maggio scorso.  Le <span class=\"_ _4\"> </span>parti <span class=\"_ _7\"> </span>costituite, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>raggiunto <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019accordo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>nomina <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>presidente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>Arbitrale, <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>avanzato richiesta congiunta a<span class=\"_ _0\"></span>l Consiglio Arbitrale<span class=\"_ _0\"></span> affinch\u00e9 la nomin<span class=\"_ _0\"></span>a venga differita. Ove <span class=\"_ _3\"></span>consultazioni t<span class=\"_ _3\"></span>ra le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>portasse<span class=\"ff4\">ro <span class=\"_ _3\"></span>all\u2019individuazione dell\u2019interesse <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>composizione <span class=\"_ _3\"></span>transattiva, <span class=\"_ _3\"></span>la pendenza <span class=\"_ _3\"></span>del </span>contenzioso non impedis<span class=\"_ _0\"></span>ce la verifica d<span class=\"_ _0\"></span>ella percorribilit\u00e0 di<span class=\"_ _0\"></span> tale ipotesi.<span class=\"_ _3\"></span> Contenzioso <span class=\"_ _4\"> </span>derivante <span class=\"_ _7\"> </span>dall\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>acquisizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>certe <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>rappo<span class=\"_ _2\"></span><span class=\"ff2\">rti <span class=\"_ _7\"> </span>giuridici <span class=\"_ _4\"> </span>facenti <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Banca<span class=\"_ _35\"></span> </span>Popolare di Vicenza S.<span class=\"_ _0\"></span>p.A. in LCA e a Veneto B<span class=\"_ _0\"></span>anca S.p.A. in LCA In via preliminare <span class=\"_ _0\"></span>si ricorda quanto segu<span class=\"_ _0\"></span>e: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>accordi <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>(Contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cessione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>26 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Seco<span class=\"_ _5\"></span>ndo </span>Accordo <span class=\"_ _4\"> </span>Ricognitivo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>17 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2018) <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndividuate <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>distinte <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>contenziosi <span class=\"_ _4\"> </span>(r<span class=\"_ _3\"></span>iferibili <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>alle partecipate delle ex Ba<span class=\"_ _0\"></span>nche Venete incluse<span class=\"_ _0\"></span> nella cessione): a1 <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _4\"> </span>Pregresso, <span class=\"_ _7\"> </span>incluso <span class=\"_ _4\"> </span>fra <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>dell\u2019Insieme<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>Aggregato <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>che ricomprende, <span class=\"_ _2\"></span>salvo <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>importanti <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>(cfr. <span class=\"_ _6\"></span><span class=\"ff2\">infra</span> <span class=\"_ _2\"></span><span class=\"ff2\">sub</span> <span class=\"_ _2\"></span>a2)<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>civili <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>pendenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>26 giugno 2017 e comu<span class=\"_ _0\"></span>nque diversi da quelli r<span class=\"_ _0\"></span>ientranti nel c.d. Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenzioso Escluso (c<span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>r. punto successivo<span class=\"_ _0\"></span>); a2 <span class=\"ls0\">- <span class=\"_ _3\"></span><span class=\"ff4\">il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Contenzioso Escluso, che <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico delle <span class=\"_ _3\"></span>Banche in<span class=\"_ _3\"></span> LCA <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>riguarda, tra <span class=\"_ _3\"></span>l\u2019altro, le <span class=\"_ _3\"></span>vertenze <span class=\"_ _3\"></span>(anche se </span></span>gi\u00e0 <span class=\"_ _6\"></span>pendenti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _4\"> </span>giugno <span class=\"_ _6\"></span>2017) <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>romosse <span class=\"_ _6\"></span> <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>azionisti/obbligazionisti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>convertibili <span class=\"_ _4\"></span>e/o <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"></span>ex Banche <span class=\"_ _7\"> </span>Venete <span class=\"_ _7\"> </span>(tra <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>quelle <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201coperazioni <span class=\"_ _7\"> </span>baciate\u201d), <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>connesse <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eteriorati, <span class=\"_ _7\"> </span>quelle relative <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>estinti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>cessione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>controversie <span class=\"_ _7\"> </span>(quale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>ne <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>l\u2019oggetto) <span class=\"_ _7\"> </span>sorte <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>la cessione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>occorsi <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>stessa. <span class=\"_ _7\"> </span>Rientrano <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _7\"> </span>Escluso <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>vertenze riconducibili a tutte le categorie qui elencate (<span class=\"_ _2\"></span><span class=\"ff2 ls1f\">sub</span> <span class=\"_ _3\"></span>a2) promosse nei confronti di Banca <span class=\"_ _3\"></span>Nuova e Banca Apulia (o di Intesa Sanpaolo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse); <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Contenzioso <span class=\"_ _3\"></span>Pregresso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativi<span class=\"_ _35\"></span> accantonamenti; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso, <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rivelassero <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsufficienti, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>diritto di essere indennizza<span class=\"_ _0\"></span>ta dalle Banche in LCA, ai termini prev<span class=\"_ _0\"></span>isti nel Contratto di Ce<span class=\"_ _0\"></span>ssione del 26 giugno<span class=\"_ _0\"></span> 2017;<span class=\"_ _3\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>successivamente <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>26 <span class=\"_ _16\"> </span>giugno <span class=\"_ _7\"> </span>2017, <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>avviate <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>riassunte <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _16\"> </span>alcune <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ause </span>rientranti nel Conten<span class=\"_ _0\"></span>zioso Escluso. Con <span class=\"_ _0\"></span>riguardo a queste cause: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>far\u00e0) <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>giudizio <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>straneit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>carenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>legittimazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>passiva; <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Decreto <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span>gge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _3\"></span>(art. <span class=\"_ _2\"></span>3) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>LCA, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>in conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>prescrizioni <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Commissione <span class=\"_ _2\"></span>europea <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aiuti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>(Decisione <span class=\"_ _2\"></span>C(2017) <span class=\"_ _2\"></span>4501 <span class=\"_ _2\"></span>final <span class=\"_ _3\"></span>e Allegato <span class=\"_ _6\"></span>B <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>26.6.2017), <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>vietano <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>farsi <span class=\"_ _6\"></span>carico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>qualunque<span class=\"_ _0\"></span> \u201cclaim\u201d relativo a pre<span class=\"_ _0\"></span>tese d<span class=\"ff1\">i azionisti e obbligazionisti<span class=\"_ _0\"></span> subordinati delle <span class=\"_ _0\"></span>ex Banche Venete; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>(e <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>qualsiasi titolo <span class=\"_ _3\"></span>sostenuti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in </span>relazione al suo coinvolgime<span class=\"_ _0\"></span>nto in ogni Contenzioso E<span class=\"_ _0\"></span>scluso), quest\u2019ultima<span class=\"_ _3\"></span><span class=\"ff1\"> ha diritto di essere rist<span class=\"_ _0\"></span>orata dalle Banche </span>in <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>CA <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dai <span class=\"_ _6\"></span>successivi <span class=\"_ _4\"></span>accordi. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>stesse <span class=\"_ _4\"> </span>Banche <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>LCA hanno <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>riconosciuto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _3\"></span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Contenzioso <span class=\"_ _3\"></span>Escluso,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">tant\u2019\u00e8 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>si </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>giudizi <span class=\"_ _4\"> </span>avv<span class=\"_ _3\"></span>iati <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>riassunti) <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>azionisti <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>obbligazionisti<span class=\"_ _0\"></span> convertibili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>subordinati <span class=\"_ _6\"></span>(o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>comunque <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Contenzioso <span class=\"_ _4\"> </span>Escluso), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>hiedendo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>veder dichiarata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>propria <span class=\"_ _6\"></span>esclusiva <span class=\"_ _4\"> </span>legittimazione <span class=\"_ _4\"></span>passiva <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _6\"></span>estromissione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>tali giudizi. Tutti <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obblighi e <span class=\"_ _2\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>indennizzo assunti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>coperti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _2\"></span> garanzia <span class=\"_ _2\"></span>pubblica <span class=\"_ _5\"></span><span class=\"ff4\">(\u201c<span class=\"_ _3\"></span>Garanzia <span class=\"_ _2\"></span>Indennizzi\u201d), <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>costituiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resupposto <span class=\"_ _2\"></span>essenziale <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Contratto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Cessione;<span class=\"_ _0\"></span> </span>garanzia che \u00e8 stata fo<span class=\"_ _0\"></span>rmalizzata in data 1<span class=\"_ _0\"></span>5 novembre 2022.  Intesa Sanpaolo ha inviato, nel temp<span class=\"_ _0\"></span>o, alle due Banche Venete in LCA, in forza degli o<span class=\"_ _0\"></span>bbl<span class=\"_ _2\"></span>ighi contrattuali assunti dalle stesse,<span class=\"_ _35\"></span> alcune <span class=\"_ _5\"></span>comunicazioni <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>\u201c<span class=\"ff2\">claim</span>\u201d) <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontenenti <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>(o <span class=\"_ _6\"> </span>riserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>richiesta) <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rimborso/indennizzo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _0\"></span> sub\u00ecti <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>otenziali <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>Contenzios<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>Pregresso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso, <span class=\"_ _6\"></span>nonch\u00e9<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>violazione <span class=\"_ _6\"></span>di dichiarazioni e gar<span class=\"_ _0\"></span>anzie relative a talune <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 tr<span class=\"_ _0\"></span>asferite a Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span> Nelle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>\u201cGaranzia <span class=\"_ _16\"> </span>Indennizzi\u201d, <span class=\"_ _16\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>e  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>due  Ba<span class=\"_ _0\"></span>nche  Ve<span class=\"_ _0\"></span>nete  i<span class=\"_ _35\"></span>n  LCA <span class=\"_ _16\"> </span>hanno negoziato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sot<span class=\"ff4\">t<span class=\"_ _3\"></span>oscritto, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cTerzo <span class=\"_ _3\"></span>Accordo\u201d <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>disciplinare <span class=\"_ _3\"></span>taluni <span class=\"_ _3\"></span>aspetti <span class=\"_ _3\"></span>esecutivi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Contratto<span class=\"_ _0\"></span> </span>di <span class=\"_ _6\"></span>Cessione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>26 <span class=\"_ _4\"></span>giugno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>017 <span class=\"_ _6\"></span>(cos\u00ec <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>precedentemente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>avvenuto <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>occasione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"></span>precedenti <span class=\"_ _6\"></span>accordi <span class=\"_ _4\"></span>ricognitivi<span class=\"_ _35\"></span> sottoscritti nel corso del 201<span class=\"_ _0\"></span>7 e del 2018) e, in ta<span class=\"_ _0\"></span>le occasione, Intesa Sanpaolo e le due B<span class=\"_ _0\"></span>anche Venete in <span class=\"_ _0\"></span>LCA:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno previsto il prolu<span class=\"_ _0\"></span>ngamento della durata dei cont<span class=\"_ _0\"></span>ratti di finanziamento sull<span class=\"_ _0\"></span>o sbilancio di cessione e s<span class=\"_ _0\"></span>ulla cessione dei </span>crediti High Risk e le<span class=\"_ _0\"></span> relative condizio<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span>i con allineament<span class=\"_ _0\"></span>o delle garanzie; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno precisato, sia <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>ai claim gi\u00e0 <span class=\"_ _3\"></span>inviati da <span class=\"_ _3\"></span>Intesa Sanpaolo che <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>futuro, a<span class=\"_ _3\"></span>lcuni aspetti relativi a <span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>pi </span>e <span class=\"_ _6\"></span>modi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ristoro, <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>garanzia <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _2\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>forza <span class=\"_ _5\"></span>della Garanzia Indennizzi; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno concordato <span class=\"_ _0\"></span>alcune modalit\u00e0 di e<span class=\"_ _0\"></span>fficace gestione d<span class=\"_ _0\"></span>ei contenziosi in c<span class=\"_ _0\"></span>ui Intesa Sanpaolo ve<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ga coinvolta.<span class=\"_ _3\"></span> </span>Con <span class=\"_ _16\"> </span>ordinanza <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>20 <span class=\"_ _16\"> </span>luglio  2<span class=\"_ _0\"></span>021,  i<span class=\"_ _35\"></span>l  Tribunale <span class=\"_ _7\"> </span>di  Fire<span class=\"_ _0\"></span>nze, <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>giudizio <span class=\"_ _16\"> </span>ascrivibil<span class=\"_ _2\"></span><span class=\"ff1\">e  al <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _16\"> </span>Escluso </span>promosso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span><span class=\"ff2\">misselling</span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>BPVi, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(che <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>eccepito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>difetto <span class=\"_ _5\"></span>di legittimazione <span class=\"_ _7\"> </span>passiva <span class=\"_ _16\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>D.L. <span class=\"_ _7\"> </span>99/2017 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cessione), <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>messo <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Corte <span class=\"_ _16\"> </span>cost<span class=\"_ _2\"></span>ituzionale <span class=\"_ _16\"> </span>l<span class=\"_ _0\"></span>a questione di legittimit\u00e0 <span class=\"_ _0\"></span>costituzionale del D.<span class=\"_ _0\"></span>L. 99/2017. Si t<span class=\"_ _3\"></span>ratta del pri<span class=\"_ _3\"></span>mo caso di <span class=\"_ _3\"></span>rimessione alla <span class=\"_ _3\"></span>Corte costituzionale di <span class=\"_ _3\"></span>questioni relative al <span class=\"_ _3\"></span>D.L. 9<span class=\"_ _3\"></span>9/2017;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>finora, infatti, <span class=\"_ _3\"></span>le n<span class=\"_ _5\"></span>umerose istanze <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rimession<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>costituzionale <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>mulate <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>nei <span class=\"_ _4\"></span>giudizi <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>rano sempre state respinte <span class=\"_ _0\"></span>dai giudici, perch\u00e9 gi<span class=\"_ _0\"></span>udicate irrilevanti <span class=\"_ _0\"></span>o manifestatamente inf<span class=\"_ _0\"></span>ondate.<span class=\"_ _3\"></span> Nel <span class=\"_ _1c\"> </span>costituirsi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>Banca <span class=\"_ _1c\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>contestato <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>provvedimento <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>rimessione <span class=\"_ _1c\"> </span>censu<span class=\"_ _3\"></span><span class=\"ff4\">randone <span class=\"_ _1c\"> </span>l<span class=\"_ _3\"></span>\u2019inammissibilit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>e </span>l\u2019infondatezza; <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _6\"></span>UE <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nazionale <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>aiuti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Stato <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sulle <span class=\"_ _6\"> </span>Banche <span class=\"_ _6\"> </span>Venete, <span class=\"_ _6\"></span>correttamente <span class=\"_ _5\"></span>applicata <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>le<span class=\"_ _3\"></span>gislator<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nazionale, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>effetti <span class=\"_ _6\"></span>disc<span class=\"_ _2\"></span><span class=\"ff1\">riminatori <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>confronti </span>degli azionisti <span class=\"_ _3\"></span>e obbl<span class=\"_ _3\"></span>igazionisti subordinati delle banche <span class=\"_ _3\"></span>venete. Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Presidenza del <span class=\"_ _3\"></span>Consiglio dei <span class=\"_ _3\"></span>Ministri e <span class=\"_ _3\"></span>BPVi <span class=\"_ _3\"></span>in L<span class=\"_ _6\"></span>CA (nonch\u00e9 <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>Banca <span class=\"_ _1c\"> </span>d\u2019Italia, <span class=\"_ _1c\"> </span>qu<span class=\"_ _0\"></span>ale <span class=\"_ _1c\"> </span><span class=\"ff2\">amicus <span class=\"_ _1c\"> </span>curiae<span class=\"ff1\">)</span> <span class=\"_ _1c\"> </span></span>si <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>costituite <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _18\"> </span>concludendo <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019inamm<span class=\"ff1\">issibilit\u00e0 <span class=\"_ _18\"> </span>e </span>l\u2019infondatezza delle q<span class=\"_ _0\"></span>uestioni di legittimit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> costituzionale <span class=\"_ _0\"></span>sollevate.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _1d\"> </span>Corte, <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>sentenza <span class=\"_ _1d\"> </span>n. <span class=\"_ _1d\"> </span>225 <span class=\"_ _1d\"> </span>depositata <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>7 <span class=\"_ _1d\"> </span>novembre <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>accoglimento <span class=\"_ _1d\"> </span>delle  d<span class=\"_ _3\"></span>ifese <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo,<span class=\"_ _0\"></span> dell\u2019Avvocatura <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vicenza<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>dichiarato <span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>mmissibili tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>questioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimit\u00e0 </span>costituzionale,  prendendo<span class=\"_ _0\"></span>  anche  posizione  sulla  infondatez<span class=\"_ _0\"></span>za  delle  stesse  in  aderenza  con  le  difese  svolte  da  Intes<span class=\"_ _35\"></span>a Sanpaolo. Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>penale <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019ipotesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aggiotaggio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ostacolo <span class=\"_ _2\"></span>all\u2019esercizio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> funzioni <span class=\"_ _7\"> </span>delle  A<span class=\"_ _35\"></span>utorit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Vigilanza <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>esponenti <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Veneto <span class=\"_ _7\"> </span>Banca, <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>GUP <span class=\"_ _16\"> </span>ha autorizzato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>citazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>quale <span class=\"_ _6\"></span>responsabile <span class=\"_ _6\"></span>civi<span class=\"_ _2\"></span><span class=\"ff4\">le, <span class=\"_ _6\"> </span>assumendo <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>l\u2019esclusione <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>cessione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>Intes<span class=\"_ _0\"></span>a </span>Sanpaolo  d<span class=\"_ _0\"></span>ei  debiti, <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>responsabilit\u00e0 <span class=\"_ _16\"> </span>e  delle  pas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ivit\u00e0  d<span class=\"_ _0\"></span>erivanti  d<span class=\"_ _0\"></span>alle  operazi<span class=\"_ _0\"></span>oni  di <span class=\"_ _16\"> </span>commercializzazione <span class=\"_ _16\"> </span>di  azion<span class=\"_ _0\"></span>i  e obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sarebbe <span class=\"_ _2\"></span>inopponibile <span class=\"_ _2\"></span>ai <span class=\"_ _6\"></span>terzi, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicherebbe <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fattispecie l\u2019art. 2560 C.C. e, pe<span class=\"_ _0\"></span>rtanto, Intesa Sanp<span class=\"_ _0\"></span>aolo sarebbe subentrat<span class=\"_ _0\"></span>a in tali passivit\u00e0.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>3.800 <span class=\"_ _7\"> </span>parti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivili <span class=\"_ _7\"> </span>titolari <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>obbligazi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni subordinate di <span class=\"_ _2\"></span>Veneto Banca. <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>costituita chiedendo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>esclusione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>procedimento. A <span class=\"_ _3\"></span>sua volta, Veneto Banca in L<span class=\"_ _3\"></span>CA \u00e8 <span class=\"_ _3\"></span>intervenut<span class=\"_ _0\"></span>a volontariamente affermando la propria le<span class=\"_ _3\"></span>gittimazio<span class=\"_ _0\"></span>ne passiva esclusiva, sostanziale e processuale.  Nel <span class=\"_ _2\"></span>marzo 2<span class=\"_ _3\"></span>018 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>GUP <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ichiarato <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _2\"></span>incompetenza <span class=\"_ _3\"></span>territoriale, <span class=\"_ _3\"></span>trasferendo <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Procura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Repubblica <span class=\"_ _6\"></span>di Treviso. Sono pertanto<span class=\"_ _0\"></span> venute meno la citazi<span class=\"_ _0\"></span>one del responsabile ci<span class=\"_ _0\"></span>vile e le costituzio<span class=\"_ _0\"></span>ni delle parti civili.<span class=\"_ _3\"></span> A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eg<span class=\"ff4\">uito <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>rasferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Procura <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Treviso, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rinvio <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>giudizio <span class=\"_ _7\"> </span>dell\u2019ex <span class=\"_ _16\"> </span>Amministrator<span class=\"_ _0\"></span>e </span>Delegato di Veneto Ba<span class=\"_ _0\"></span>nca, Vincenzo Co<span class=\"_ _0\"></span>nsoli, per i reati di agg<span class=\"_ _0\"></span>iotaggio, ostacolo <span class=\"_ _0\"></span>alla vigilanza bancaria <span class=\"_ _0\"></span>e falso in prosp<span class=\"_ _0\"></span>etto<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il GUP ha respinto la ric<span class=\"_ _0\"></span>hiesta di autorizzazio<span class=\"_ _0\"></span>ne alla citazione di I<span class=\"_ _0\"></span>ntesa Sanpaolo qual<span class=\"_ _0\"></span>e responsabile civil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span> Analoga <span class=\"_ _16\"> </span>richiesta <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stata  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>spinta <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>del  <span class=\"ff1\">procedimento <span class=\"_ _7\"> </span>penale  da<span class=\"_ _0\"></span>vanti <span class=\"_ _16\"> </span>al  Tri<span class=\"_ _0\"></span>bunale <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>Vicenza <span class=\"_ _16\"> </span>nei  c<span class=\"_ _0\"></span>onfronti <span class=\"_ _16\"> </span>di </span>esponenti e dirigenti <span class=\"_ _0\"></span>della Banca Popolare di Vicenza. Contenzioso in materia d<span class=\"_ _0\"></span>i fideiussioni <span class=\"_ _0\"></span>bancarie<span class=\"fs9\">  </span>Questo <span class=\"_ _5\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso <span class=\"_ _5\"></span>deriva <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>provvedimento <span class=\"_ _2\"></span>del 2005 della Banca <span class=\"_ _3\"></span>d\u2019Italia relativo a <span class=\"_ _3\"></span>uno schema di <span class=\"_ _3\"></span>fideiussione sottopostole dall\u2019ABI (concordato con le <span class=\"_ _3\"></span>principali associazi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span>dei <span class=\"_ _4\"></span>con<span class=\"ff4\">sumatori). <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>d\u2019Italia <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tre <span class=\"_ _6\"> </span>clausole <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>questo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>chema <span class=\"_ _6\"> </span>avrebbero <span class=\"_ _6\"> </span>potuto <span class=\"_ _4\"> </span>comportare <span class=\"_ _6\"></span>effetti </span>anticoncorrenziali se<span class=\"_ _0\"></span> applicate in m<span class=\"_ _0\"></span>odo uniforme dalle ban<span class=\"_ _0\"></span>che.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>Cassazione, <span class=\"_ _16\"> </span>richiamando <span class=\"_ _4\"> </span>tale<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>formulato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>seguente  nu<span class=\"_ _0\"></span>ovo <span class=\"_ _7\"> </span>principio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>diritto: <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>volta <span class=\"_ _16\"> </span>accertata<span class=\"_ _0\"></span> l\u2019esistenza  di  un\u2019intesa  a<span class=\"_ _0\"></span>nticoncorrenziale  illecita <span class=\"_ _16\"> </span>e  quindi  nulla,  l\u2019illiceit\u00e0  invest<span class=\"_ _0\"></span>e  anche  le  fideiussioni  se  costit<span class=\"_ _0\"></span>uisco<span class=\"_ _5\"></span><span class=\"ff1\">no </span>applicazione dell\u2019inte<span class=\"_ _0\"></span>sa illecita, pure<span class=\"_ _0\"></span> se rilasciate prima <span class=\"_ _0\"></span>dell\u2019accertamento d<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>ll\u2019intesa stessa.<span class=\"ff1\"> </span>Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>recuperatorio <span class=\"_ _3\"></span>gestito <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Italfondiario <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>questione <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>conseguen<span class=\"_ _2\"></span><span class=\"ff1\">ze </span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>enunciato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>singole <span class=\"_ _3\"></span>fideiussioni <span class=\"_ _2\"></span>rilasciate <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>schema <span class=\"_ _2\"></span>ABI<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>rimessa alle Sezioni Unite (SS.UU.<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>. In particolare, \u00e8 st<span class=\"_ _0\"></span>ato chiesto di valutare: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>presenza <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>clausole <span class=\"_ _18\"> </span>illecite <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>contratto <span class=\"_ _18\"> </span>giustifichi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>dichiarazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>nullit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>stesse <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>legittimi<span class=\"_ _35\"></span> </span>esclusivamente l\u2019eserc<span class=\"_ _0\"></span>izio dell\u2019azione ris<span class=\"_ _0\"></span>ar<span class=\"_ _3\"></span><span class=\"ff1\">citoria; </span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in caso di nullit\u00e0, q<span class=\"_ _0\"></span>uale sia la tipologi<span class=\"_ _0\"></span>a del vizio che la <span class=\"_ _0\"></span>determini e a chi spetti<span class=\"_ _0\"></span> la legittimazion<span class=\"_ _0\"></span>e a farlo valere;<span class=\"_ _2\"></span> </span>c.<span class=\"ls0\"> <span class=\"_ _33\"> </span>se sia ammissibile la nullit<span class=\"_ _0\"></span>\u00e0 parziale della fideius<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ione;<span class=\"_ _3\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>coincidenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>clausole <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>que<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>ritenute <span class=\"_ _2\"></span>illecite, <span class=\"_ _2\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>indagata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>volont\u00e0 </span>delle parti riguardo al<span class=\"_ _0\"></span>l\u2019operazione e cio<span class=\"_ _0\"></span>\u00e8 se esse vi avrebb<span class=\"_ _0\"></span>ero comunque dato cors<span class=\"_ _0\"></span>o conoscendo l\u2019illicei<span class=\"_ _0\"></span>t\u00e0 delle stesse.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>SS.UU. <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>pronunciate <span class=\"_ _3\"></span>dichiarando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parziale <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fideiussioni <span class=\"_ _3\"></span>redatte <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>ABI <span class=\"_ _2\"></span>in relazione alle clau<span class=\"_ _0\"></span>sole 2, 6 e 8. Le <span class=\"_ _6\"></span>SS.UU. <span class=\"_ _5\"></span>hanno <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>soluzione <span class=\"_ _5\"></span>intermedia <span class=\"_ _6\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>ipotizzabili: <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>escluso <span class=\"_ _6\"></span>la piena <span class=\"_ _7\"> </span>validit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>fideiussione, <span class=\"_ _7\"> </span>soluzione <span class=\"_ _4\"> </span>ch<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>avrebbe <span class=\"_ _4\"> </span>consentito <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>risarcimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>danno <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>unico rimedio utilizzabile dal <span class=\"_ _3\"></span>fideiussore (come suggerito nelle conclusioni del <span class=\"_ _3\"></span>Procuratore Generale prima dell\u2019udienza dello scor<span class=\"_ _6\"></span><span class=\"ff1\">so </span>23 novembre); dall'altr<span class=\"_ _0\"></span>a hanno escluso che p<span class=\"_ _0\"></span>ossa esser<span class=\"ff4\">e ritenuto nullo l\u2019intero contratt<span class=\"_ _0\"></span>o fideiussorio.<span class=\"ff1\"> </span></span>A circa un anno dalla sentenza delle SS.UU. non si \u00e8 registr<span class=\"_ _0\"></span>ato un aumento del contenzi<span class=\"_ _0\"></span>oso, che nel complesso risulta tuttora<span class=\"_ _3\"></span> di dimensioni modeste. Abba' Andrea + 207 Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controversia<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>pendente <span class=\"_ _2\"></span>ava<span class=\"_ _3\"></span>nti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Milano, <span class=\"_ _2\"></span>sez. <span class=\"_ _5\"></span>Imprese, <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Signor <span class=\"_ _2\"></span>Abb\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>207 obbligazionisti <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Marche<span class=\"_ _90\"> </span>111<span class=\"_ _90\"> </span>. <span class=\"_ _4\"></span>Gli <span class=\"_ _6\"></span>attori <span class=\"_ _6\"></span>domandano <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dichiarazione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>nullit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>obbligazioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il risarcimento del d<span class=\"_ _0\"></span>anno subito. La domand<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> \u00e8<span class=\"_ _3\"></span> quantificata in <span class=\"_ _0\"></span>31 milioni circa.  La  Banca  si  \u00e8  costituita  in  giudizio  eccependo  la  propria  carenza  di  legittimazione  passiva,  in  particolare  d<span class=\"_ _0\"></span>educendo<span class=\"_ _0\"></span> l\u2019esclusione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questione <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>perimetro <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>dall\u2019Ente <span class=\"_ _2\"></span>Ponte <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Ba<span class=\"_ _5\"></span><span class=\"ff1\">nca. <span class=\"_ _2\"></span>Ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>ha </span>altres\u00ec eccepito la prescrizione delle doman<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>e attoree e il difetto di legittimazione delle contr<span class=\"_ _0\"></span>oparti, le quali non essendo<span class=\"_ _2\"></span> <span class=\"ff4\">\u201cprimi </span>prenditori\u201d <span class=\"_ _2\"></span>non <span class=\"_ _6\"></span>sono, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _5\"></span>lege, <span class=\"_ _5\"></span>legittimati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>far <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>vizio <span class=\"_ _5\"></span>genetico <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>originari<span class=\"_ _5\"></span><span class=\"ff1\">e. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>infine <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>videnziata </span>l\u2019assenza dei motivi <span class=\"_ _0\"></span>di nullit\u00e0 delle obblig<span class=\"_ _0\"></span>azioni, nonch\u00e9 del n<span class=\"_ _0\"></span>esso causale tra l<span class=\"_ _0\"></span>e condotte contestat<span class=\"_ _0\"></span>e alla Banca e il dan<span class=\"_ _0\"></span>no<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Nazionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risoluzione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intervenuta <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedi<span class=\"_ _2\"></span><span class=\"ff1\">mento <span class=\"_ _2\"></span>aderendo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>e </span>conclusioni <span class=\"_ _2\"></span>formulate <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>Banca.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>all\u2019interruzione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>decesso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttori <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata<span class=\"_ _0\"></span> riassunta; il Tribunal<span class=\"_ _0\"></span>e di Milano ha conces<span class=\"_ _0\"></span>so i termini per il d<span class=\"_ _0\"></span>eposito delle memorie<span class=\"_ _0\"></span> istruttorie e fissa<span class=\"_ _3\"></span>to udienza al 28/3/2023.  AC Costruzioni S.r.<span class=\"fc0 ls11\">l.<span class=\"fs9 ls0\"> </span></span>Giudizio <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>AC <span class=\"_ _3\"></span>Costruzioni <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>(successivamente <span class=\"_ _3\"></span>fallita) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cava <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>relio <span class=\"_ _3\"></span>(deceduto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>causa) <span class=\"_ _2\"></span>volto <span class=\"_ _3\"></span>ad ottenere <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>declaratoria <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>contrattuale <span class=\"_ _4\"></span>e/o <span class=\"_ _7\"> </span>extracontrattuale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>revoca <span class=\"_ _4\"></span>degli <span class=\"_ _4\"> </span>affidamenti effettuata <span class=\"_ _7\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>1998 <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>condanna <span class=\"_ _7\"> </span>della  s<span class=\"_ _0\"></span>tessa <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>risarcimento <span class=\"_ _7\"> </span>dei  da<span class=\"_ _0\"></span>nni <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019intimata <span class=\"_ _7\"> </span>revoca, <span class=\"_ _16\"> </span>quantificati <span class=\"_ _16\"> </span>in complessivi 33 milioni <span class=\"_ _0\"></span>circa. Le  do<span class=\"_ _3\"></span>mande  avversarie  sono  state  i<span class=\"_ _3\"></span>ntegralm<span class=\"ff4\">ente <span class=\"_ _1d\"> </span>respinte  sia  dal <span class=\"_ _1d\"> </span>Tribunale  di <span class=\"_ _1d\"> </span>Cosenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>dalla  Corte  d\u2019Appello <span class=\"_ _1d\"> </span>di </span>Catanzaro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accoglimento <span class=\"_ _2\"></span>delle r<span class=\"_ _3\"></span>agioni <span class=\"_ _3\"></span>formulate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>impugnata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>eredi del Cava e dal fallim<span class=\"_ _0\"></span>ento della AC Costr<span class=\"_ _0\"></span>uzioni, con controricorso e ricorso incidentale.  Con <span class=\"_ _7\"> </span>ordinanza <span class=\"_ _7\"> </span>depositata <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Cassazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>rigettato <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>ricorsi <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle controparti con cons<span class=\"_ _0\"></span>eguente condann<span class=\"_ _0\"></span>a alle spese in favor<span class=\"_ _0\"></span>e della Banca.<span class=\"_ _3\"></span> Il contenzioso risulta<span class=\"_ _0\"></span> quindi definitivamente concluso<span class=\"_ _0\"></span> senza esborsi. Citt\u00e0 Metropolitana di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Capitale (gi<span class=\"_ _0\"></span>\u00e0 Provincia di Roma) Davanti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Procura <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>pende <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _3\"></span>penale <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>carico <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>manager <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Imi <span class=\"_ _2\"></span>per concorso in truffa ag<span class=\"_ _0\"></span>gravata ai <span class=\"ff4\">danni dell\u2019ente pubblic<span class=\"_ _0\"></span>o Citt\u00e0 Metropolit<span class=\"_ _0\"></span>ana di Roma Capitale, gi<span class=\"_ _0\"></span>\u00e0 Provincia di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>complessa <span class=\"_ _2\"></span>operazione <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>dell\u2019ente <span class=\"_ _2\"></span>territoriale, <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Immobili<span class=\"_ _5\"></span><span class=\"ff1\">are </span>Provincia di Roma (i<span class=\"_ _0\"></span>nteramente partecipat<span class=\"ff4\">o dalla Provincia me<span class=\"_ _0\"></span>desima), della nu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>va sede dell\u2019EUR.<span class=\"ff1\"> </span></span>L\u2019operazione immobilia<span class=\"_ _0\"></span>re \u00e8 stata finanziata <span class=\"_ _0\"></span>per 232 milioni da U<span class=\"_ _0\"></span>nicredit, BNL e Ban<span class=\"_ _0\"></span>ca IMI (ciascuna per la q<span class=\"_ _0\"></span>uota di 1/3).<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dell\u2019ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>IMI <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>contestato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>aver <span class=\"_ _6\"> </span>indotto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>errore <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>concorso <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>manager <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>due </span>banche finanziatrici, sette manag<span class=\"_ _0\"></span>er della SGR gestore del Fondo della Provincia e due pubblici ufficiali <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>gli organi di controllo interni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rappresentativi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Provincia, <span class=\"_ _3\"></span>facendo <span class=\"_ _2\"></span>ottenere <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>inanziatrici <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ingiusto <span class=\"_ _3\"></span>profitto <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cagionando di <span class=\"_ _3\"></span>conseguenza <span class=\"_ _3\"></span>all\u2019ente <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>rilevante. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Procura <span class=\"_ _3\"></span>sostiene <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>finanziatrici avrebber<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sottoscritto con il Fondo Immobiliare un prestito a condizioni diverse e pi\u00f9 onero<span class=\"_ _2\"></span>se rispetto a <span class=\"_ _3\"></span>quelle previste nel bando di gara indetto dall\u2019ente pubbli<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>o per l\u2019opera<span class=\"_ _0\"></span>zione.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _2\"></span>penale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndagata <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>Lgs. <span class=\"_ _5\"></span>231/01 <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>IMI), insieme alle altre du<span class=\"_ _0\"></span>e banche finanziatrici e alla societ\u00e0 di ge<span class=\"_ _0\"></span>stione del fondo immo<span class=\"_ _0\"></span>biliare. Con <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>23 <span class=\"_ _6\"></span>maggio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>4 <span class=\"_ _6\"></span>giugno <span class=\"_ _2\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>stralcio delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>dell\u2019ex <span class=\"_ _5\"></span>manager <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>chiederne <span class=\"_ _5\"></span>l\u2019archiviazio<span class=\"_ _2\"></span><span class=\"ff1\">ne. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecreto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2022, </span>divenuto <span class=\"_ _5\"></span>definitivo <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>dicembre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>Procura <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>disposto <span class=\"_ _5\"></span>l\u2019archiviazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>procedimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>carico <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Banca. <span class=\"_ _6\"> </span>Ci <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>attende inoltre che venga form<span class=\"_ _0\"></span>alizzata la richiest<span class=\"_ _0\"></span>a di archiviazione an<span class=\"_ _0\"></span>che nei confronti dell\u2019e<span class=\"_ _0\"></span>x manager<span class=\"_ _3\"></span><span class=\"ff1\"> di Banca IMI.<span class=\"_ _90\"> </span></span>Contenzioso societ\u00e0 e<span class=\"_ _0\"></span>sattoriali<span class=\"ff1 fs9 fc0\">  </span>Nel contesto della reinternalizzazione della riscossione dei tributi da parte dello Stato, Intesa Sanpaolo ha c<span class=\"_ _3\"></span>eduto ad Equit<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lia S.p.A. <span class=\"_ _6\"></span>oggi <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _6\"></span>Riscossione, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>totalit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gest <span class=\"_ _6\"></span>Line <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ETR/ESATRI, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>che gest<span class=\"ff4\">ivano <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>esattoriale, <span class=\"_ _2\"></span>impegnandosi <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>indennizzare <span class=\"_ _2\"></span>l\u2019acquirente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>sopportati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conseguenza </span>dell\u2019attivit\u00e0 di risco<span class=\"_ _0\"></span>ssione svolta sino alla <span class=\"_ _0\"></span>data dell\u2019acquisto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle partecipazioni.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>ontenzioso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>impositori, <span class=\"_ _2\"></span>contribuenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opravvenienze passive e minusvalenz<span class=\"_ _0\"></span>e rispetto alla situ<span class=\"_ _0\"></span>azione patrimoniale di <span class=\"_ _0\"></span>cessione.<span class=\"_ _3\"></span> Nel <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>avanzate <span class=\"_ _3\"></span>risultano <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>74,9 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Concluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tav<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>tecnico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confronto <span class=\"_ _3\"></span>con l\u2019Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>Entrate <span class=\"_ _6\"> </span>Riscossione <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"> </span>reciproche <span class=\"_ _6\"></span>pretese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ora <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>vanzate <span class=\"_ _6\"></span>trattative <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>definizione <span class=\"_ _6\"></span>delle stesse.  Energy S.r.l. La <span class=\"_ _2\"></span>Energy <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>quale <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>C.I.S.I. <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>ceduto <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>terz<span class=\"_ _3\"></span>i, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proposto dinnanzi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>domanda <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vanificazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>finanziament<span class=\"_ _35\"></span>o agevolato di circa 22 <span class=\"_ _3\"></span>milioni concesso alla C.I.S.I. S.r.l. nel 1997 ai sensi <span class=\"_ _5\"></span>della L. 488/92 e l<span class=\"_ _3\"></span>a condanna in solido del <span class=\"_ _3\"></span>Ministero dello <span class=\"_ _20\"> </span>Svilupp<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>Economico, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>(quale <span class=\"_ _20\"> </span>concessionaria <span class=\"_ _1c\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>l\u2019<span class=\"_ _3\"></span>istruttoria <span class=\"_ _1c\"> </span>procedimentale) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>Vittoria Assicurazioni <span class=\"_ _7\"> </span>(garante <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>tranche <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziam<span class=\"_ _0\"></span>ento) <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>risarci<span class=\"_ _2\"></span>re <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>anni <span class=\"_ _7\"> </span>asseritamente <span class=\"_ _7\"> </span>subiti, quantificati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omplessivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>53 <span class=\"_ _5\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fondamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>l'esito <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un procedimento <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>enale <span class=\"_ _6\"></span>originato <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>esposto <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>C.I.S.I. <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>suo <span class=\"_ _6\"></span>amministratore <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>rregolarit\u00e0 <span class=\"_ _6\"></span>ed inadempienze <span class=\"_ _6\"></span>nell'esecuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"></span>industriale <span class=\"_ _6\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>finanziamento, <span class=\"_ _6\"></span>procedimento <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>aveva <span class=\"_ _4\"></span>indotto <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>revoca della concessione di fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anza agevolata. Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>si  \u00e8 <span class=\"_ _1d\"> </span>cost<span class=\"_ _3\"></span>ituita  ne<span class=\"_ _3\"></span>gando  la <span class=\"_ _1d\"> </span>fondatezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>pretese  a<span class=\"_ _3\"></span>vve<span class=\"_ _3\"></span>rsarie, <span class=\"_ _1d\"> </span>eccependo  la <span class=\"_ _1d\"> </span>nullit\u00e0 <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>citazione, l\u2019intervenuta <span class=\"_ _2\"></span>prescrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>qualsiasi <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>risarcitoria <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca, <span class=\"_ _5\"></span>l\u2019infondatezza <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>pretese <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019inid<span class=\"_ _5\"></span><span class=\"ff1\">onea </span>rappresentazione di <span class=\"_ _0\"></span>un danno.  Avviato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>processuale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>scambiate <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>memorie<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rito <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>istruttoria.  In <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>0 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _16\"> </span>il </span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>depositato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>respinto <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>domande <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Energy, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>10 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di appello. Engineering Service S.<span class=\"_ _0\"></span>r.l. Nel <span class=\"_ _6\"></span>2015 <span class=\"_ _4\"> </span>Engineering <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>S.r.<span class=\"_ _3\"></span>l. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>promosso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>giu<span class=\"_ _0\"></span>dizio <span class=\"_ _6\"></span>civile <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>confronti <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>MISE, <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>BPER <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>in<span class=\"_ _0\"></span> relazione <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>agevolazioni <span class=\"_ _3\"></span>pubbliche <span class=\"_ _3\"></span>all\u2019imprenditoria. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>attrice <span class=\"_ _2\"></span>imputa <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>nostra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(ed <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>BPER)<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ritardi <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>erogazioni, <span class=\"_ _3\"></span>ritardi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>avrebbero <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>dell\u2019impresa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la conseguente perdita d<span class=\"_ _0\"></span>el contributo pu<span class=\"_ _0\"></span>bblico. Nei confronti del nos<span class=\"_ _0\"></span>tro Istituto \u00e8 stata form<span class=\"_ _0\"></span>ulata domanda di risa<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>cimento danni per 2<span class=\"_ _0\"></span>8 milioni circa.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span><span class=\"ff4\">difese <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tempi <span class=\"_ _2\"></span>dell\u2019istruttori<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ipesi <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>BPER, <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta<span class=\"_ _0\"></span> </span>domanda di manleva. A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _7\"> </span>dell\u2019ordi<span class=\"_ _0\"></span>nanza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>sposta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>CTU, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Roma, <span class=\"_ _7\"> </span>con  <span class=\"ff1\">sentenza <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>9 </span>novembre  2<span class=\"_ _0\"></span>021,  ha <span class=\"_ _16\"> </span>rigettato  integralm<span class=\"_ _0\"></span>ente  la <span class=\"_ _16\"> </span>domanda  dell\u2019attrice,<span class=\"_ _0\"></span>  condann<span class=\"_ _0\"></span>andola  alla <span class=\"_ _16\"> </span>rifusione <span class=\"_ _16\"> </span>delle  spese <span class=\"_ _16\"> </span>legali  nei<span class=\"_ _0\"></span> confronti di tutte le p<span class=\"_ _0\"></span>arti convenute. La sentenza \u00e8 passata in<span class=\"_ _0\"></span> giudicato per ma<span class=\"_ _0\"></span>ncata impugnazio<span class=\"_ _0\"></span>ne nei termini di l<span class=\"_ _0\"></span>egge.<span class=\"_ _3\"></span> Fallimento G.I.&amp; E. Nel  novem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  20<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>1,  il <span class=\"_ _16\"> </span>Fallimento <span class=\"_ _16\"> </span>G.I.&amp;  E. <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _16\"> </span>ha  prom<span class=\"_ _0\"></span>osso  u<span class=\"_ _0\"></span>n\u2019azione <span class=\"_ _16\"> </span>di  risarcim<span class=\"_ _0\"></span>ento <span class=\"_ _16\"> </span>danni  nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _16\"> </span>di  Intesa Sanpaolo  (quale  incorporante  B<span class=\"_ _0\"></span>anca  dell\u2019Adriatico)  ed  UBI  (q<span class=\"_ _0\"></span>uale  incorporante  Banca  Marche  e  Popolare  di  Ancor<span class=\"_ _0\"></span>a), invocandone la responsabilit\u00e0 per aver contribuit<span class=\"_ _0\"></span>o, in concorso <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>ltri istituti bancari e con la condotta degli a<span class=\"_ _3\"></span>mministratori<span class=\"_ _0\"></span> e degli organi di contro<span class=\"_ _0\"></span>llo, all\u2019artificiale<span class=\"_ _0\"></span> mantenimento in vita <span class=\"_ _0\"></span>della societ\u00e0 ed al<span class=\"_ _0\"></span>l\u2019aggravamento del <span class=\"_ _0\"></span>suo dissesto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il danno asseritamente lame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tato \u00e8 stato quantifi<span class=\"_ _0\"></span>cato da controp<span class=\"_ _0\"></span>arte in 22,5 milioni circa.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>scioglimento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _5\"></span>assunta <span class=\"_ _3\"></span>all\u2019udienza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>16.12.2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>svolgimento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>CTU <span class=\"_ _2\"></span>richiesta <span class=\"_ _2\"></span>dal<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Fallimento.  Fallimento Isoldi Hol<span class=\"_ _0\"></span>ding<span class=\"ff1 fs9 fc0\">  </span>Il <span class=\"_ _4\"> </span>Fallimento <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio, <span class=\"_ _4\"></span>avanti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Bologna, <span class=\"_ _6\"></span>ex <span class=\"_ _7\"> </span>UBI <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>(<span class=\"_ _3\"></span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Nuova <span class=\"_ _4\"> </span>Banca Etruria  e <span class=\"_ _16\"> </span>di  C<span class=\"_ _0\"></span>entrobanca), <span class=\"_ _16\"> </span>Intesa  Sanpaol<span class=\"_ _0\"></span>o  e <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>5  banche <span class=\"_ _16\"> </span>con  atto <span class=\"_ _16\"> </span>di  citazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>el  giug<span class=\"_ _0\"></span>no  2020 <span class=\"_ _16\"> </span>invocando  l<span class=\"_ _0\"></span>a  lor<span class=\"_ _35\"></span>o responsabilit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _6\"></span>solid<span class=\"ff4\">ale <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019organo <span class=\"_ _6\"></span>amministrativo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Isol<span class=\"_ _3\"></span>di <span class=\"_ _6\"></span>Holding, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>serie <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>atti <span class=\"_ _6\"></span>dissipativi <span class=\"_ _6\"></span>che </span>avrebbero <span class=\"_ _5\"></span>contribuito <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>artificiale <span class=\"_ _5\"></span>sopravvivenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2011 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2013, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>una condotta <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>sarebbe <span class=\"_ _6\"></span>realizzata <span class=\"_ _6\"></span>mediante <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risanamento <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>art. <span class=\"_ _5\"></span>67,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co. <span class=\"_ _6\"></span>3, <span class=\"_ _6\"></span>lett. <span class=\"_ _6\"></span>d) <span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>fall. fondato  su <span class=\"_ _16\"> </span>atti  illegittimi<span class=\"_ _0\"></span>  e  d<span class=\"_ _0\"></span>i  un  a<span class=\"_ _0\"></span>ccordo  ad <span class=\"_ _16\"> </span>esso  strume<span class=\"_ _0\"></span>ntale,  che <span class=\"_ _16\"> </span>prevedeva  l\u2019erog<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione <span class=\"_ _16\"> </span>di  nuova  f<span class=\"_ _0\"></span>inanza,  atti <span class=\"_ _16\"> </span>che avrebbero artificialm<span class=\"_ _0\"></span>ente procrastinato <span class=\"ff4\">la crisi della societ\u00e0<span class=\"_ _0\"></span> ed occultato l\u2019irre<span class=\"_ _0\"></span>versibilit\u00e0 del disse<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _3\"></span>Fallimento Isoldi ha <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>formulato domanda, <span class=\"_ _3\"></span>in via <span class=\"_ _3\"></span>solidale, solo verso <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>(ante incorporazione <span class=\"_ _3\"></span>UBI Banca<span class=\"_ _2\"></span><span class=\"ls20\">) </span>e <span class=\"_ _3\"></span>MPS in<span class=\"_ _3\"></span>vocando la<span class=\"_ _3\"></span> loro <span class=\"_ _3\"></span>responsabilit\u00e0, <span class=\"_ _3\"></span>in concorso <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019Am<span class=\"_ _3\"></span><span class=\"ff1\">ministratore <span class=\"_ _3\"></span>Unico d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Isoldi Holding, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>condotte asseritamente </span>illecite <span class=\"_ _6\"> </span>connesse <span class=\"_ _4\"> </span>all\u2019opera<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>salvataggio <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>Aedes <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _6\"> </span>Holding <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>rilevare <span class=\"_ _4\"> </span>la partecipazione di maggio<span class=\"_ _0\"></span>ranza. Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>l\u2019ex <span class=\"_ _6\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>si<span class=\"ff1\"> <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>ritualmente <span class=\"_ _6\"></span>costituite <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Tribunale<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>adito, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>ordinanza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"></span>luglio <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>021, <span class=\"_ _6\"></span>ha </span>dichiarato <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"> </span>incompetenza. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>riassunto <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>giudizio <span class=\"_ _4\"></span>riproponendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>medesime <span class=\"_ _4\"></span>domande <span class=\"_ _4\"></span>avanti <span class=\"_ _4\"></span>al Tribunale di Torino; la <span class=\"_ _3\"></span>Banca si \u00e8 <span class=\"_ _3\"></span>costituita per<span class=\"_ _3\"></span> <span class=\"ff4\">l\u2019udienza fissata al 3 <span class=\"_ _3\"></span>marzo 2022. All\u2019udienza del 16 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span></span>2023 <span class=\"_ _3\"></span><span class=\"ls11\">il </span>giudice si \u00e8 <span class=\"_ _6\"></span>riservato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>decidere <span class=\"_ _6\"></span>sulle <span class=\"_ _5\"></span>eccezioni <span class=\"_ _6\"></span>preliminari. <span class=\"_ _4\"></span>Il <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anno <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>amentato <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>controparte <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>appare <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo stato precisamente qu<span class=\"_ _0\"></span>antificabile tenuto <span class=\"_ _0\"></span>conto anche delle differenti condotte cen<span class=\"_ _0\"></span>surate alle divers<span class=\"_ _0\"></span>e banche.  Societ\u00e0 Italiana per l<span class=\"_ _0\"></span>e Condotte d\u2019Acqua S.<span class=\"_ _0\"></span>p.A. in Amministrazio<span class=\"_ _0\"></span>ne Straordinaria<span class=\"ff1 fc0\"> </span>Con <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>tto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>citazione <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>23 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Italian<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>Condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>\u2019Acqua <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _4\"> </span>(ammessa <span class=\"_ _16\"> </span><span class=\"ff1\">alla <span class=\"_ _4\"></span>Proce<span class=\"_ _0\"></span>dura </span>\u201cMarzano\u201d con <span class=\"_ _3\"></span>D.M. <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>agosto <span class=\"_ _3\"></span>2018) <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>chiesto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>a ti<span class=\"_ _3\"></span>tolo di <span class=\"_ _3\"></span>risarcimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno per <span class=\"_ _3\"></span>la somma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>389,3 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>diversa <span class=\"_ _16\"> </span>somma <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>risulter\u00e0 <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>giudizio), <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ivalutazione <span class=\"_ _7\"> </span>monetari<span class=\"_ _5\"></span>a, interessi di legge e s<span class=\"_ _0\"></span>pese. La <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>solidale, <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(anche <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Medio <span class=\"_ _4\"></span>Credito <span class=\"_ _6\"></span>Italiano,<span class=\"_ _0\"></span> Banca  IMI, <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _0\"></span>anca <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>\u201cquale  acquirente <span class=\"_ _7\"> </span>dell\u2019azienda\u201d  di  V<span class=\"_ _35\"></span>eneto  Banca <span class=\"_ _16\"> </span>e  di <span class=\"_ _16\"> </span>Banca  P<span class=\"_ _0\"></span>opolare <span class=\"_ _16\"> </span>di  Vi<span class=\"_ _2\"></span><span class=\"ff1\">cenza),  dei<span class=\"_ _35\"></span> </span>componenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gestion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Sorveglianza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Condotte <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>numerose <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di factor. La <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>fonda <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>asseriti <span class=\"_ _7\"> </span>comportamenti <span class=\"_ _7\"> </span>posti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vario <span class=\"_ _7\"> </span>titolo <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>convenuti <span class=\"_ _7\"> </span>ritenuti <span class=\"_ _7\"> </span>fonte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>pregiu<span class=\"_ _2\"></span>dizio <span class=\"_ _7\"> </span>al patrimonio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>massa <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>creditori; <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>actor, <span class=\"_ _4\"> </span>viene ipotizzata u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>responsabilit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>mantenuto <span class=\"_ _3\"></span>abusivamente <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Condotte contribuendo<span class=\"_ _2\"></span> cos\u00ec alla prosecuzione <span class=\"_ _0\"></span>in perdita della <span class=\"_ _0\"></span>sua attivit\u00e0, con agg<span class=\"_ _0\"></span>ravamento del dissesto. La prima udienza \u00e8 fis<span class=\"_ _0\"></span>sata a settembre 2023. Allo <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>imputabile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>anche<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>differenti condotte imputate ai n<span class=\"_ _0\"></span>umerosi convenuti.  L\u2019Amministrazione <span class=\"_ _5\"></span>Straordinaria <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>inoltre <span class=\"_ _6\"></span>promosso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>fronti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>tre <span class=\"_ _6\"> </span>giudizi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>revocatoria <span class=\"_ _6\"></span>fallimentare<span class=\"_ _35\"></span> dinanzi al Tribunale <span class=\"_ _0\"></span>di Roma, con richiesta <span class=\"_ _0\"></span>di restituzione di som<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span> per circa 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _2\"></span>i.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Pesaro La Fondazione Cassa di Risparmio di Pesaro <span class=\"_ _0\"></span>2018 ha promosso azione risarcitori<span class=\"_ _0\"></span>a nei confronti di ex UBI Banca (in qualit\u00e0 di<span class=\"_ _0\"></span> ente <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ucceduto <span class=\"_ _6\"> </span>all\u2019emittente <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>Marche <span class=\"_ _4\"> </span>S.p.A.<span class=\"_ _90\"> </span>112<span class=\"_ _90\"> </span>)<span class=\"_ _90\"> </span>e <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>PwC <span class=\"_ _6\"></span>(la <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>certificato <span class=\"_ _4\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>bilanci <span class=\"_ _6\"></span>ed attestato <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>indicati <span class=\"_ _4\"> </span>nel <span class=\"_ _16\"> </span>Prospetto <span class=\"_ _7\"> </span>Informativo) <span class=\"_ _7\"> </span>sostenendo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>convenute <span class=\"_ _4\"> </span>avrebbero <span class=\"_ _7\"> </span>diffuso <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pubblico <span class=\"_ _7\"> </span>dei risparmiatori <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>economica <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>no<span class=\"_ _2\"></span>nch\u00e9 <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _7\"> </span>reddituali <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella Banca <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Marche <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _6\"></span>sarebbero <span class=\"_ _2\"></span>rivelati <span class=\"_ _5\"></span>totalmente <span class=\"_ _5\"></span>errati <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fuorvianti. <span class=\"_ _5\"></span>Tali <span class=\"_ _5\"></span>informazioni, <span class=\"_ _2\"></span>contenute <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>bilanci <span class=\"_ _7\"> </span>al 31<span class=\"ls0\"> dicembre 2010 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2011 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Prospetto Informativo, <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>indotto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Fo<span class=\"_ _2\"></span>ndazione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sottoscrivere <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>azioni </span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>emesse <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2012. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>registrato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>una marcata riduzione dell<span class=\"_ _0\"></span>a loro quotazione di m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato, determinan<span class=\"_ _0\"></span>do una perdita qu<span class=\"_ _0\"></span>antificata in 52 mili<span class=\"_ _2\"></span>oni circa. Nel <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>desivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di legittimazione passiva <span class=\"_ _3\"></span>sollevata da <span class=\"_ _3\"></span>UBI, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione delle <span class=\"_ _3\"></span>previsioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>180/2015 che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato la<span class=\"_ _3\"></span> proced<span class=\"_ _6\"></span>ura<span class=\"_ _35\"></span> di <span class=\"_ _6\"></span>risoluzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Marche. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Tribunale, <span class=\"_ _5\"></span>rigettate <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>istanze <span class=\"_ _5\"></span>istruttorie <span class=\"_ _6\"></span>formulate, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>inviato <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>per<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>la precisazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>conclusioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>13 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021. <span class=\"_ _2\"></span>Precisate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>conclusioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>parti <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>depositato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>memorie <span class=\"_ _3\"></span>conclusional<span class=\"_ _5\"></span><span class=\"ls13\">i:</span> causa in attesa di se<span class=\"_ _0\"></span>ntenza.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Jesi A <span class=\"_ _7\"> </span>gen<span class=\"_ _3\"></span>naio <span class=\"_ _7\"> </span>2016 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Fondazione <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Jesi <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>promosso <span class=\"_ _7\"> </span>azione <span class=\"_ _7\"> </span>risarcitoria <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _16\"> </span>Banca (in <span class=\"ff4\">qualit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>ente <span class=\"_ _6\"></span>asseritamente <span class=\"_ _5\"></span>succeduto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019emittente <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Marche <span class=\"_ _4\"> </span></span>S.p.A.<span class=\"_ _90\"> </span>113<span class=\"_ _90\"> </span>) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>PwC <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ha certificato <span class=\"_ _2\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>bilanci <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attestato <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _2\"></span>indicati <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Prospetto <span class=\"_ _2\"></span>Informativo) <span class=\"_ _5\"></span>sostenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>convenute <span class=\"_ _5\"></span>avrebbero <span class=\"_ _2\"></span>dif<span class=\"_ _5\"></span>fuso presso il pubblico dei risparmiatori dati e informazioni relativi alla situ<span class=\"_ _3\"></span>azione economica e patrimoniale nonch\u00e9 alle prospettive reddituali <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marche <span class=\"_ _2\"></span>S.p.A. c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbero <span class=\"_ _3\"></span>rivelati <span class=\"_ _3\"></span>totalmente <span class=\"_ _3\"></span>errati <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fuorvianti. <span class=\"_ _3\"></span>Tali <span class=\"_ _2\"></span>informazioni, c<span class=\"_ _3\"></span>onte<span class=\"_ _5\"></span>nute<span class=\"_ _0\"></span> nei  bila<span class=\"_ _0\"></span>nci  al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre  20<span class=\"_ _0\"></span>10  e <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>30  giugno <span class=\"_ _16\"> </span>2011 <span class=\"_ _16\"> </span>e  nel <span class=\"_ _16\"> </span>Prospetto  I<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>formativo, <span class=\"_ _16\"> </span>avrebbero  indotto <span class=\"_ _16\"> </span>la  F<span class=\"_ _0\"></span>ondazione <span class=\"_ _7\"> </span>a sottoscrivere  l<span class=\"_ _0\"></span>e  azioni <span class=\"_ _16\"> </span>della  B<span class=\"_ _0\"></span>anca  emesse <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  aumento <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>nel  marzo <span class=\"_ _16\"> </span>2012.  Il <span class=\"_ _16\"> </span>valore  di <span class=\"_ _16\"> </span>tali  titoli  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 successivamente azzera<span class=\"_ _0\"></span>to determinando una per<span class=\"_ _0\"></span>dita quantificat<span class=\"_ _0\"></span>a in 25 milioni circ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _17\"> </span>cor<span class=\"ff4\">so <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _17\"> </span>adesivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di </span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>sollevata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _3\"></span>180/2015 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato <span class=\"_ _4\"></span>la procedura di risoluzione di B<span class=\"_ _0\"></span>anca delle Marche. Con <span class=\"_ _3\"></span>sentenza <span class=\"_ _2\"></span>resa <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Ancona <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>accolto <span class=\"_ _3\"></span>l\u2019eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimazione <span class=\"_ _3\"></span>passiva sollevata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>rigettando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>formulate. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impugnazione <span class=\"_ _3\"></span>proposto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Fonda<span class=\"_ _5\"></span>zione <span class=\"_ _3\"></span>dinanzi a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> Corte d\u2019Appello di A<span class=\"_ _0\"></span>ncona<span class=\"ff1 fs6\"> </span>l\u2019udienza di precisazione delle<span class=\"_ _0\"></span> conclusioni \u00e8 stat<span class=\"_ _0\"></span>a rinviata al 9 magg<span class=\"_ _0\"></span>io 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gruppo Alitalia: Azio<span class=\"_ _0\"></span>ni revocatorie Nell\u2019agosto <span class=\"_ _3\"></span>2011, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>Straordinaria <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">e <span class=\"_ _2\"></span></span>precisamente <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>Linee <span class=\"_ _2\"></span>Aeree, <span class=\"_ _2\"></span>Alitalia </span>Servizi, <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Airport <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Alitalia <span class=\"_ _2\"></span>Express <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>promosso <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribuna<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma, <span class=\"_ _2\"></span>cinque giudizi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>revocatoria <span class=\"_ _4\"> </span>fallimentare <span class=\"_ _4\"> </span>(di <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>contro <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Fir<span class=\"_ _2\"></span>enze) <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>richiesta <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>di complessivi 44,6 milio<span class=\"_ _0\"></span>ni. Con  la<span class=\"_ _0\"></span>  co<span class=\"_ _0\"></span>stituzione <span class=\"_ _16\"> </span>in  g<span class=\"_ _0\"></span>iudizio,  \u00e8<span class=\"_ _0\"></span>  s<span class=\"_ _0\"></span>tata  o<span class=\"_ _0\"></span>pposta <span class=\"_ _16\"> </span>una  li<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ea <span class=\"_ _16\"> </span>difensiva <span class=\"_ _16\"> </span>basata  pri<span class=\"_ _0\"></span>ncipalmente <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _16\"> </span>nullit\u00e0 <span class=\"_ _16\"> </span>delle  azio<span class=\"_ _0\"></span>ni  p<span class=\"_ _35\"></span>er indeterminatezza <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>domande, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>esclusione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>sogg<span class=\"_ _2\"></span>ettivo <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>conoscenza <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _5\"></span>Alitalia <span class=\"_ _5\"></span>(oggetto <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _5\"></span>Air <span class=\"_ _5\"></span>France <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>poi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>successivo <span class=\"_ _5\"></span>salvataggio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ilotato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>italiano), <span class=\"_ _2\"></span>nonch\u00e9 sulla non revocabilit\u00e0 d<span class=\"_ _0\"></span>elle partite in accr<span class=\"_ _0\"></span>edito, considerata la<span class=\"_ _0\"></span> peculiarit\u00e0 <span class=\"_ _3\"></span>delle movimentazioni <span class=\"_ _0\"></span>di conto. Falliti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>primi <span class=\"_ _6\"></span>tentativi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ggiung<span class=\"_ _0\"></span>ere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>transattivo, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>accolto <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _5\"></span>di Alitalia Servizi, co<span class=\"_ _0\"></span>ndannando la Banca al<span class=\"_ _0\"></span>la restituzione di cir<span class=\"_ _0\"></span>ca 17 milioni, oltre a<span class=\"_ _0\"></span>ccessori.  <span class=\"_ _3\"></span> Oltre <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>censurabile <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>merito, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>pronuncia <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>emessa <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>deposito <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle comparse conclusio<span class=\"_ _0\"></span>nali, per cui, nell\u2019atto di<span class=\"_ _0\"></span> appello successivam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte proposto, \u00e8 st<span class=\"_ _0\"></span>ata sollevata in via pregi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziale eccezi<span class=\"_ _2\"></span><span class=\"ff1\">one </span>di <span class=\"_ _7\"> </span>null<span class=\"ff4\">it\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>sentenza, <span class=\"_ _7\"> </span>unitamente <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>sospensione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>provvisoria <span class=\"_ _7\"> </span>esecutivit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>stessa, <span class=\"_ _16\"> </span>quest\u2019ultima </span>accolta <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>provvedimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Appello. <span class=\"_ _6\"></span>Le <span class=\"_ _2\"></span>cause <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Aeree <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>Alitalia <span class=\"_ _3\"></span>Express <span class=\"_ _2\"></span>sono invece <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>vinte <span class=\"_ _16\"> </span>in  p<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ima <span class=\"_ _16\"> </span>istanza. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>procedure <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>promosso <span class=\"_ _16\"> </span>appello, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Alitalia <span class=\"_ _16\"> </span>Express <span class=\"_ _7\"> </span>si<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>concluso favorevolmente, con s<span class=\"_ _0\"></span>uccessiva impugnativa<span class=\"_ _0\"></span> in Cassazione da <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte della Proced<span class=\"_ _0\"></span>ura. <span class=\"_ _3\"></span> Per Alitalia Airport, p<span class=\"_ _0\"></span>ure vinta in prima ista<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za, la sentenza favor<span class=\"_ _35\"></span>e<span class=\"_ _2\"></span>vole \u00e8 passata in giudicat<span class=\"_ _0\"></span>o.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>promossa <span class=\"_ _5\"></span>contro <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Firenze <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _6\"></span>favorevolmen<span class=\"_ _0\"></span>te <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>primi <span class=\"_ _5\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gradi <span class=\"_ _5\"></span>di giudizio, con impugn<span class=\"_ _0\"></span>ativa in Cassazione ad o<span class=\"_ _0\"></span>pera della controp<span class=\"_ _0\"></span>arte.  <span class=\"_ _3\"></span> Tutto <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>predetto <span class=\"_ _17\"> </span>con<span class=\"_ _3\"></span>tenzioso,<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>dopo <span class=\"_ _17\"> </span>lu<span class=\"_ _3\"></span>nghe <span class=\"_ _18\"> </span>trattative <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>frattempo <span class=\"_ _18\"> </span>riprese, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stato <span class=\"_ _18\"> </span>definito <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>novembre <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>2022 riconoscendo alla co<span class=\"_ _0\"></span>ntroparte la somma di<span class=\"_ _0\"></span> 12,8 milioni. Gruppo Elifani Causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2009 <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Edilizia <span class=\"_ _3\"></span>Immobiliare <span class=\"_ _3\"></span>San <span class=\"_ _2\"></span>Giorgio 89 <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Enselfin, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sua sostituzione), <span class=\"_ _2\"></span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _5\"></span>Edilizia <span class=\"_ _5\"></span>S.r.l., <span class=\"_ _5\"></span>Hotel <span class=\"_ _2\"></span>Cristallo <span class=\"_ _5\"></span>S.r.l. <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>socio <span class=\"_ _5\"></span>garante <span class=\"_ _2\"></span>Mario <span class=\"_ _5\"></span>Elifani <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>risarcimen<span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>dei danni <span class=\"_ _6\"></span>subiti <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>asserita <span class=\"_ _4\"></span>condo<span class=\"_ _0\"></span>tta <span class=\"_ _4\"></span>illegittima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>richiesto <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>spro<span class=\"_ _5\"></span>porzionate <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>al credito <span class=\"_ _6\"></span>concesso, <span class=\"_ _6\"></span>escusso <span class=\"_ _6\"></span>garanzie <span class=\"_ _6\"></span>pignoratizie, <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>interessi <span class=\"_ _6\"></span>usurari <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ef<span class=\"_ _3\"></span>fettuato <span class=\"_ _6\"></span>erronee <span class=\"_ _6\"></span>segnalazioni <span class=\"_ _6\"></span>in Centrale Rischi. L\u2019importo <span class=\"_ _1d\"> </span>inizialmente <span class=\"_ _1d\"> </span>preteso <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mmontava <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>circa <span class=\"_ _1d\"> </span>116 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>controversia <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>presu<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>posto <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>medesime </span>circostanze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>lamentate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>anatocismo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>ultralegali <span class=\"_ _2\"></span>promosse <span class=\"_ _2\"></span>dalle <span class=\"_ _3\"></span>suddette societ\u00e0 nel 2004 e definite transattivamente<span class=\"_ _0\"></span> a inizio 2014. Il giudizio ha avuto esito favorevole per la Banca s<span class=\"_ _2\"></span>ia <span class=\"_ _3\"></span>in primo che in secondo grado. Con ordinanza del 27 dicembre 2019 la <span class=\"_ _3\"></span>Corte di Cassazione ha parzialmente accolto il ricorso delle controparti, con rinvio. L<span class=\"_ _5\"></span><span class=\"ls17\">e </span>controparti <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>riassunto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>avanti <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>quantificando <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>oman<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>100 <span class=\"_ _2\"></span>milioni circa.  Con <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>giugno <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Corte <span class=\"_ _6\"></span>d'Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Milano, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinvio, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>rigettato <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>domande <span class=\"_ _6\"></span>svolte <span class=\"_ _4\"></span>dagli <span class=\"_ _6\"></span>attori, condannandoli <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>questa <span class=\"_ _4\"> </span>sentenza <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>nuova<span class=\"_ _3\"></span>mente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpugnata<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Cass<span class=\"_ _0\"></span>azione <span class=\"_ _7\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>con ricorso notificato il 3<span class=\"_ _0\"></span>0 novembre 2022. Mariella Burani Fashio<span class=\"_ _0\"></span>n Group S.p.A. in<span class=\"_ _0\"></span> liquidazione e fallim<span class=\"_ _0\"></span>ento (\u201cMBFG\u201d)<span class=\"ff2\"> </span>Il <span class=\"_ _4\"></span>Fallimento <span class=\"_ _6\"></span>Mariella <span class=\"_ _4\"></span>Burani <span class=\"_ _6\"></span>Fashion <span class=\"_ _4\"></span>Group <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2018 <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>ex<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>amministratori <span class=\"_ _5\"></span>e sindaci, le societ\u00e0 di revisione e ex <span class=\"_ _3\"></span>UBI Banca (quale incorporante di Centrobanca), chiedendo la condanna al risarcimento di<span class=\"_ _2\"></span> pretesi danni subiti p<span class=\"_ _0\"></span>er effetto di plurimi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tti di mala gestio <span class=\"_ _0\"></span>della societ\u00e0 in <span class=\"_ _0\"></span>bonis.<span class=\"_ _3\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>prospettazione <span class=\"_ _2\"></span>attorea, <span class=\"_ _3\"></span>Centrobanca, <span class=\"_ _3\"></span>confluita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>avrebbe <span class=\"_ _3\"></span>sostenuto <span class=\"_ _3\"></span>finanziariamente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2008 <span class=\"_ _3\"></span>la controllante <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>fallita <span class=\"_ _5\"></span>(Mariella <span class=\"_ _5\"></span>Burani <span class=\"_ _6\"></span>Holding <span class=\"_ _5\"></span>S.p.A.) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>controllata, <span class=\"_ _5\"></span>nonostante <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>segnali<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>di insolvenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quest\u2019ultima <span class=\"_ _5\"></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>nifestatisi <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>decorrere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>2007, <span class=\"_ _5\"></span>cagionando <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>danno <span class=\"_ _6\"></span>quantificato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>92 <span class=\"_ _6\"></span>milioni </span>circa. La <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>eccepito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>preliminar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>difetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legittimazione <span class=\"_ _2\"></span>attiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fallimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>oggetto<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di contestazione era s<span class=\"_ _3\"></span>tato ero<span class=\"_ _3\"></span><span class=\"ff4\">gato a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>della controllante di <span class=\"_ _3\"></span>Mariella Burani <span class=\"_ _3\"></span>Fashion Group <span class=\"_ _3\"></span>S.p.A.; inoltre l\u2019asserito danno <span class=\"_ _3\"></span>di </span>cui il Fallimento chie<span class=\"_ _0\"></span>de il risarcimento s<span class=\"_ _0\"></span>arebbe stato in realt\u00e0<span class=\"_ _0\"></span> subito dai creditori <span class=\"_ _0\"></span>della societ\u00e0 (e non <span class=\"_ _0\"></span>dalla procedura).<span class=\"_ _3\"></span> Per quanto riguarda il merito <span class=\"ff4\">delle contesta<span class=\"_ _0\"></span>zioni, la Banca ha evidenzia<span class=\"_ _0\"></span>to la correttezza del propr<span class=\"_ _0\"></span>io operato nonch\u00e9 l\u2019esclusiv<span class=\"_ _0\"></span>a </span>responsabilit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bon<span class=\"_ _3\"></span>is, <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>esclusiva <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>falsi, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diffusione <span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>false informazioni e la con<span class=\"_ _0\"></span>t<span class=\"ff4\">inuazione dell\u2019attivit\u00e0 social<span class=\"_ _0\"></span>e in una asserita <span class=\"_ _0\"></span>situazione di insolve<span class=\"_ _0\"></span>nza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il giudizio si trova in f<span class=\"_ _0\"></span>ase istruttoria.  Fallimento Sim <span class=\"ff1 fc0\"> </span>Con <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>citazione <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>SIM <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio <span class=\"_ _2\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> (unitamente ad altri <span class=\"_ _0\"></span>7 istituti di credito) ava<span class=\"_ _0\"></span>nti il Tribunale di C<span class=\"_ _0\"></span>atania, con prima u<span class=\"_ _0\"></span>dienza in data 31 m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rzo 2023.<span class=\"_ _2\"></span> Trattasi di azione risarcitoria promossa per danni <span class=\"_ _0\"></span>asseritamente sub\u00ecti dalla societ\u00e0 e dai credito<span class=\"_ _0\"></span>ri in ragione di comportam<span class=\"_ _2\"></span>enti delle banche qualific<span class=\"_ _0\"></span>ati dalla controparte <span class=\"_ _0\"></span>come \u201cantigiuridici\u201d, <span class=\"_ _0\"></span>che avrebbero determin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to un\u2019abusiva conce<span class=\"_ _0\"></span>ssione di credito.<span class=\"_ _2\"></span><span class=\"ff1\">  </span>La pretesa risarcitori<span class=\"_ _0\"></span>a \u00e8 stata quantificata i<span class=\"_ _0\"></span>n 47 milioni circa, <span class=\"_ _0\"></span>con richiesta di condan<span class=\"_ _0\"></span>na in solido tra le <span class=\"_ _0\"></span>banche convenute<span class=\"_ _2\"></span><span class=\"ls12\">. </span> Offerta di diamanti Nell\u2019ottobre <span class=\"_ _3\"></span>2015, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tipulato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>collaborazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>Diamond <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>(DPI) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>disciplinare le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>segnalazione <span class=\"_ _7\"> </span>dell\u2019offerta <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>diamanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>DPI <span class=\"_ _7\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>in<span class=\"_ _5\"></span><span class=\"ff1\">iziativa, <span class=\"_ _7\"> </span>si </span>intendeva <span class=\"_ _3\"></span>rendere <span class=\"_ _2\"></span>disponibile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>soluzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cbene <span class=\"_ _3\"></span>rifugi<span class=\"_ _6\"></span>o\u201d <span class=\"_ _3\"></span>in cui <span class=\"_ _6\"></span>allocare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>quota <span class=\"_ _4\"></span>margina<span class=\"_ _0\"></span>le <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>lungo <span class=\"_ _5\"></span>periodo. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>diamanti <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _6\"></span>og<span class=\"_ _5\"></span>getto <span class=\"_ _6\"></span>di vendita da diversi an<span class=\"_ _0\"></span>ni presso altre prim<span class=\"_ _0\"></span>arie reti bancarie nazio<span class=\"_ _0\"></span>nali.<span class=\"_ _3\"></span> L\u2019attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>segnalazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revalentement<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>2016, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>significativo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>medesimo<span class=\"_ _35\"></span> anno. Complessivamente  i  clienti  che  hanno  acqui<span class=\"_ _0\"></span>sta<span class=\"_ _3\"></span>to  diamanti  sono  circa  8.000,  per  un  importo  complessivo  pari  a  oltre 130 milioni. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>commercializzazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>improntato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trasparenza, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>presidi <span class=\"_ _4\"> </span>progressivamente rafforzati nel tempo, <span class=\"_ _0\"></span>inclusi, tra l\u2019altro, co<span class=\"_ _0\"></span>ntrolli di qualit\u00e0<span class=\"ff1\"> <span class=\"_ _3\"></span>sui diamanti <span class=\"_ _0\"></span>e di congruit\u00e0 dei <span class=\"_ _0\"></span>prezzi praticati da DPI. </span>Nel <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>017, <span class=\"_ _7\"> </span>l\u2019AGCM <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>avviato, <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>commercializzano <span class=\"_ _7\"> </span>diamanti, <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>DPI <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>tra <span class=\"_ _7\"> </span>societ\u00e0) procedimenti per l\u2019acc<span class=\"_ _0\"></span>ertamento di comportam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti in violazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elle disposizio<span class=\"_ _3\"></span><span class=\"ff1\">ni in materia di p<span class=\"_ _0\"></span>ratiche commerciali scor<span class=\"_ _0\"></span>rette. </span>In aprile tali procedime<span class=\"_ _0\"></span>nti sono stati este<span class=\"_ _0\"></span>si alle banche che han<span class=\"_ _0\"></span>no svolto attivit\u00e0 d<span class=\"_ _0\"></span>i segnalazione <span class=\"_ _0\"></span>dei servizi di dette s<span class=\"_ _0\"></span>oci<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0. A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nclusione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>procedimenti, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>30 <span class=\"_ _3\"></span>ottobre <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>l\u2019AGCM <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimenti <span class=\"_ _3\"></span>sanzionatori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>aver <span class=\"_ _2\"></span>accertato <span class=\"_ _3\"></span>la </span>presunta contrariet\u00e0 al Codi<span class=\"_ _0\"></span>ce del Consumo delle con<span class=\"_ _0\"></span>dotte di DPI nonch\u00e9 delle b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche a cui il procedim<span class=\"_ _0\"></span>ento era stato esteso, consistenti  <span class=\"ff4\">\u2013</span>  in  sintesi  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">nell\u2019aver  fornito  una  rappresentazione  parzi<span class=\"_ _0\"></span>ale,  ingan<span class=\"_ _3\"></span><span class=\"ff1\">nevole  e  fuorviante  delle  caratteristich<span class=\"_ _0\"></span>e </span></span>dell\u2019acquisto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>diamanti, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>prospettato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>quotazione <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>del mercato. <span class=\"_ _4\"> </span>L\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>irrogato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>ridotta <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ispe<span class=\"_ _2\"></span>tto <span class=\"_ _4\"> </span>all\u2019iniziale <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>di 3,5 <span class=\"ff4\">milioni, avendo l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>riconosciuto<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il pregio <span class=\"_ _3\"></span>delle iniziative poste in <span class=\"_ _3\"></span>essere dalla <span class=\"_ _3\"></span>Banca a p<span class=\"_ _3\"></span>artire dal 2016 <span class=\"_ _3\"></span>per rafforz<span class=\"_ _5\"></span><span class=\"ff1\">are </span></span>i presidi del process<span class=\"_ _0\"></span>o di offerta volti a gara<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tire, in particolare, l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> corretta informa<span class=\"_ _3\"></span>tiva alla clientela. A seguito del provvedimento d<span class=\"_ _0\"></span>ell\u2019AGCM, la Banca ha corri<span class=\"_ _0\"></span>sposto l\u2019importo ogg<span class=\"_ _0\"></span>etto di sanzione e depositato ri<span class=\"_ _0\"></span>corso al TAR del Lazio <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>l\u2019impugnazio<span class=\"_ _0\"></span>ne. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>uddetto <span class=\"_ _17\"> </span>ricorso, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>data <span class=\"_ _18\"> </span>16 <span class=\"_ _17\"> </span>novembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>TAR <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>confermato <span class=\"_ _18\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>provvedimento sanzio<span class=\"_ _0\"></span>natorio e la Banca presenter\u00e0 <span class=\"_ _0\"></span>appello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.90161px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">A partire da novembre 2<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span>17, la Banca h<span class=\"_ _0\"></span>a: </div><div class=\"t m0 x0 h2 y1013 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rescisso <span class=\"_ _1d\"> </span>l\u2019accordo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>collaborazione <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>Diamond <span class=\"_ _17\"> </span>Private <span class=\"_ _1d\"> </span>Investment <span class=\"_ _17\"> </span>(DPI) <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>cessato <span class=\"_ _17\"> </span>l\u2019attivit\u00e0, <span class=\"_ _1d\"> </span>gi\u00e0 <span class=\"_ _1d\"> </span>sospesa <span class=\"_ _17\"> </span>nel </span></span></div><div class=\"t m0 x2a h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\">precedente mese di otto<span class=\"_ _0\"></span>bre; </div><div class=\"t m0 x0 h2 yaaa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">attivato un <span class=\"_ _3\"></span>processo che <span class=\"_ _3\"></span>prevede il <span class=\"_ _3\"></span>riconoscimento alla c<span class=\"_ _3\"></span>lientela dell\u2019originario costo <span class=\"_ _3\"></span>sostenuto per <span class=\"_ _3\"></span>l\u2019acquisto dei <span class=\"_ _3\"></span>preziosi<span class=\"_ _2\"></span></span> </span></div><div class=\"t m0 x2a h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ritiro <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>pietre, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>soddisfare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esigenze <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rivendita <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>clientela <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>causa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>ill<span class=\"_ _5\"></span>iquidit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 </div><div class=\"t m0 x2a h2 y416 ff1 fs0 fc0 sc0 ls0 ws0\">creata sul mercato, <span class=\"_ _0\"></span>non sono soddisfatte d<span class=\"_ _0\"></span>a DPI; </div><div class=\"t m0 x0 h2 y49d ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inviato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"></span>clienti <span class=\"_ _6\"></span>possessori <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>diamanti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ribadire <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bene </span></div><div class=\"t m0 x2a h2 y49e ff4 fs0 fc0 sc0 ls0 ws0\">durevole delle pietre, confermando, tra <span class=\"_ _3\"></span>l\u2019altro, la <span class=\"_ _2\"></span><span class=\"ff1\">disponibilit\u00e0 della Banca ad <span class=\"_ _3\"></span>intervenire direttamente a fronte di <span class=\"_ _3\"></span>eventual<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x2a h2 y49f ff1 fs0 fc0 sc0 ls0 ws0\">esigenze di realizzo m<span class=\"_ _0\"></span>anifestate dalla <span class=\"_ _0\"></span>clientela e non soddi<span class=\"_ _0\"></span>sfatte da DPI.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4a0 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>pervenute 34 <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>0,5 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iacquisto comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _3\"></span>pervenute </div><div class=\"t m0 x0 h2 y4a1 ff1 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>soddisfatte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>6.854 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>controvalore <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>116,3 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>dei </div><div class=\"t m0 x0 h2 y4a2 ff4 fs0 fc0 sc0 ls0 ws0\">diamanti <span class=\"_ _18\"> </span>riacquistati <span class=\"_ _17\"> </span>viene <span class=\"_ _18\"> </span>effettuata <span class=\"_ _18\"> </span>prendendo <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>considerazione <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lori <span class=\"_ _17\"> </span>espressi <span class=\"_ _18\"> </span>dall\u2019indice <span class=\"_ _18\"> </span>IDEX <span class=\"_ _18\"> </span>Diamond <span class=\"_ _18\"> </span>Ret<span class=\"_ _2\"></span><span class=\"ff1\">ail </span></div><div class=\"t m0 x0 h2 y4a3 ff1 fs0 fc0 sc0 ls0 ws0\">Benchmark, una delle <span class=\"_ _0\"></span>principali piattaf<span class=\"_ _0\"></span>orme di trading on li<span class=\"_ _0\"></span>ne utilizzato nelle pri<span class=\"_ _0\"></span>ncipali piazze da pi\u00f9 di <span class=\"_ _0\"></span>7.000 operatori.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y4a4 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>febbraio <span class=\"_ _4\"></span>2019 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>notificato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>sequestro <span class=\"_ _6\"></span>preventivo <span class=\"_ _6\"></span>penale <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>11,1 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>somma <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>alle </div><div class=\"t m0 x0 h2 y4a5 ff1 fs0 fc0 sc0 ls0 ws0\">commissioni riconosciut<span class=\"_ _0\"></span>e da DPI alla Banca. </div><div class=\"t m0 x0 h2 y45c ff1 fs0 fc0 sc0 ls0 ws0\">Le indagini preliminari a<span class=\"_ _0\"></span>vviate dalla Procura della R<span class=\"_ _0\"></span>epubblica di Milano riguar<span class=\"_ _0\"></span>dano anche altre quattro Ba<span class=\"_ _0\"></span>nche (maggiormente </div><div class=\"t m0 x0 h2 y45d ff1 fs0 fc0 sc0 ls0 ws0\">coinvolte) e due soci<span class=\"_ _0\"></span>et\u00e0 che commercializzano <span class=\"_ _0\"></span>diamanti. </div><div class=\"t m0 x0 h32 y142 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ottobre 2019 <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato notificato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019avviso di <span class=\"_ _3\"></span>conclusione de<span class=\"_ _3\"></span>lle indagini <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>quale emerge che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>indagati due <span class=\"_ _3\"></span>gestori <span class=\"_ _3\"></span>della </div><div class=\"t m0 x0 h2 y45e ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa <span class=\"_ _6\"></span>aggravata <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>concorso <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>soggetti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>individuare) <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _4\"> </span>l\u2019identific<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>al<span class=\"_ _6\"></span><span class=\"ff1\">tri </span></div><div class=\"t m0 x0 h32 y45f ff4 fs0 fc0 sc0 ls0 ws0\">esponenti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autoricic<span class=\"_ _3\"></span>laggio, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contestato <span class=\"_ _4\"> </span>l\u2019illecito <span class=\"_ _7\"> </span>amministrativo <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>D. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _4\"> </span>231<span class=\"_ _3\"></span>/2001 <span class=\"_ _4\"> </span>in </div><div class=\"t m0 x0 h2 y460 ff4 fs0 fc0 sc0 ls0 ws0\">relazione a quest\u2019ultim<span class=\"_ _0\"></span>o reato presupposto.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y461 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quest\u2019ultima <span class=\"_ _6\"> </span>contestazione, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>GIP <span class=\"_ _4\"> </span>ha </div><div class=\"t m0 x0 h2 y462 ff1 fs0 fc0 sc0 ls0 ws0\">a<span class=\"ff4\">ccolto  l\u2019istanz<span class=\"_ _0\"></span>a  di  p<span class=\"_ _0\"></span>atteggiamento  \u2013<span class=\"ff1\">  presentat<span class=\"_ _0\"></span>a  da  Inte<span class=\"_ _0\"></span>sa  Sanpa<span class=\"_ _0\"></span>olo  al <span class=\"_ _16\"> </span>solo  fine  di <span class=\"_ _16\"> </span>evitare  il <span class=\"_ _16\"> </span>protrarsi  della <span class=\"_ _16\"> </span>pendenza </span></span></div><div class=\"t m0 x0 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">giudiziaria  e  s<span class=\"_ _0\"></span>ulla  quale  la  P<span class=\"_ _0\"></span>rocura  avev<span class=\"_ _0\"></span>a  espresso  pare<span class=\"_ _0\"></span>re  favorevole <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  pronuncian<span class=\"_ _0\"></span>do  una  sentenza  c<span class=\"_ _0\"></span>he  ha  dis<span class=\"_ _0\"></span>posto </div><div class=\"t m0 x0 h2 y2f5 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019applicazione della <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span><span class=\"ff1\">la <span class=\"_ _3\"></span>sanzione pecuniaria <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>100 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>confisca <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>somme <span class=\"_ _3\"></span>costituenti <span class=\"_ _3\"></span>il </span></div><div class=\"t m0 x0 h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">profitto del reato di a<span class=\"_ _0\"></span>utoriciclaggio, quanti<span class=\"_ _0\"></span>ficate in 61 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>compete<span class=\"_ _0\"></span>nza <span class=\"_ _6\"></span>te<span class=\"_ _2\"></span>rritoriale, <span class=\"_ _5\"></span>davanti <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Tribunale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Roma, </div><div class=\"t m0 x0 h2 y466 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019agosto <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>ificata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revoca <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>questro<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>disposto <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>febbraio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>profit<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>presunto <span class=\"_ _4\"></span>reato <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>integrale <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>somma <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>11,<span class=\"_ _2\"></span>1 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>Definita <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>posizione <span class=\"_ _4\"></span>della<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y468 ff4 fs0 fc0 sc0 ls0 ws0\">Banca, ci si attende <span class=\"_ _0\"></span>che la Procura di Mi<span class=\"_ _0\"></span>lano richieda l\u2019arc<span class=\"_ _0\"></span>hiviazione nei confronti<span class=\"_ _0\"></span> dei due gestori in<span class=\"_ _0\"></span>dagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y182 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h4c y2ba ff2 fs0 fc2 sc0 ls0 ws0\">Private banker (San<span class=\"_ _0\"></span>paolo Invest SIM, incorp<span class=\"_ _0\"></span>orata nella controll<span class=\"_ _0\"></span>ante Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo <span class=\"_ _0\"></span>Private Banking) </div><div class=\"t m0 x0 h2 y1e8 ff4 fs0 fc0 sc0 ls0 ws0\">Una <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>ispettiva <span class=\"_ _5\"></span>effettuata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Audit <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>emergere <span class=\"_ _2\"></span>gravi <span class=\"_ _5\"></span>irregolarit\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Sanpa<span class=\"_ _6\"></span><span class=\"ff1\">olo </span></div><div class=\"t m0 x0 h2 y469 ff1 fs0 fc0 sc0 ls0 ws0\">Invest  SIM.  L<span class=\"_ _0\"></span>e  verifiche <span class=\"_ _16\"> </span>svolte  hanno  accert<span class=\"_ _0\"></span>ato  gravi <span class=\"_ _16\"> </span>irregolarit\u00e0  ai  dan<span class=\"_ _0\"></span>ni  di  diversi <span class=\"_ _16\"> </span>clienti,  quali  di<span class=\"_ _0\"></span>strazioni  di <span class=\"_ _16\"> </span>fo<span class=\"_ _5\"></span>ndi  e </div><div class=\"t m0 x0 h2 y35b ff1 fs0 fc0 sc0 ls0 ws0\">rendicontazioni riporta<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti importi increment<span class=\"_ _0\"></span>ali non veritieri.  </div><div class=\"t m0 x0 h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Societ\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>risolto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>giusta <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>private <span class=\"_ _3\"></span>banker <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>provveduto <span class=\"_ _4\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y46b ff4 fs0 fc0 sc0 ls0 ws0\">comunicare <span class=\"_ _7\"> </span>i  f<span class=\"_ _0\"></span>atti <span class=\"_ _16\"> </span>emersi <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019Aut<span class=\"_ _0\"></span>orit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>all\u2019O<span class=\"_ _3\"></span><span class=\"ff1\">rganismo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>vigilanza <span class=\"_ _7\"> </span>dei  c<span class=\"_ _0\"></span>onsulenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>dapprima </span></div><div class=\"t m0 x0 h2 y46c ff4 fs0 fc0 sc0 ls0 ws0\">sospeso e poi radiat<span class=\"_ _0\"></span>o a dicembre 2019 il p<span class=\"_ _0\"></span>rivate banker dall\u2019Al<span class=\"_ _35\"></span>bo un<span class=\"_ _3\"></span>ico dei cons<span class=\"_ _0\"></span>ulenti finanziari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46d ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019illecito, <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ricevuto <span class=\"_ _3\"></span>complessivamente <span class=\"_ _2\"></span>278 <span class=\"_ _2\"></span>richieste <span class=\"_ _6\"></span><span class=\"ff1\">risarcitorie <span class=\"_ _2\"></span>(comprendent<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>reclami, <span class=\"_ _2\"></span>mediazioni <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">cause), per un <span class=\"_ _3\"></span>importo di circa 62,9 <span class=\"_ _3\"></span>milioni, per lo pi\u00f9 <span class=\"_ _3\"></span>fondate su asserite distrazioni di denaro, perdite derivanti da <span class=\"_ _3\"></span>oper<span class=\"_ _5\"></span>ativit\u00e0 </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">disconosciuta in strum<span class=\"_ _0\"></span>enti finanziari, f<span class=\"_ _0\"></span>alse rendicontazioni <span class=\"_ _0\"></span>e addebito di<span class=\"_ _3\"></span> commissioni relative al<span class=\"_ _0\"></span> servizio di consulenza. </div><div class=\"t m0 x0 h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">Ad oggi pendono 55 <span class=\"_ _0\"></span>richieste, per un val<span class=\"_ _0\"></span>ore attuale di circa 2<span class=\"_ _0\"></span>5,5 milioni, a seg<span class=\"_ _0\"></span>uito della definizio<span class=\"_ _0\"></span>ne di 223 posizioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y471 ff4 fs0 fc0 sc0 ls0 ws0\">Dai clienti indebitamente accreditati \u00e8 <span class=\"_ _3\"></span>stato recuperato l\u2019importo complessivo di 6,4 <span class=\"_ _5\"></span><span class=\"ff1\">milioni (gi\u00e0 restituito ai <span class=\"_ _3\"></span>clienti danneggiati)<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\">e ad oggi pendono s<span class=\"_ _0\"></span>equestri per 42 milioni. </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>carico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>private <span class=\"_ _5\"></span>banker, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>sequestro <span class=\"_ _5\"></span>conservativo, <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>rinvenuto <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>conti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>depositi <span class=\"_ _5\"></span>accesi </div><div class=\"t m0 x0 h2 y473 ff1 fs0 fc0 sc0 ls0 ws0\">presso <span class=\"_ _5\"></span>istituti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>posiz<span class=\"_ _3\"></span><span class=\"ff4\">ione <span class=\"_ _6\"></span>previdenziale <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>sultante <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>Enasarco. <span class=\"_ _5\"></span>Nella <span class=\"_ _5\"></span>conseguente <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>l\u2019ex </span></div><div class=\"t m0 x0 h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">private <span class=\"_ _5\"></span>banker <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>formulato <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>0,6 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mancata <span class=\"_ _6\"></span>corresponsione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle </div><div class=\"t m0 x0 h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\">indennit\u00e0 di risoluzio<span class=\"_ _0\"></span>ne del rapporto.  </div><div class=\"t m0 x0 h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span><span class=\"ff4\">inoltre <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>dell\u2019ex <span class=\"_ _3\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>recesso </span></div><div class=\"t m0 x0 h2 y477 ff1 fs0 fc0 sc0 ls0 ws0\">dal contratto di agenzia, per complessivi 1,6 milioni, oltre interessi a titolo di indennit\u00e0 di mancato<span class=\"_ _0\"></span> preavviso, di penale <span class=\"_ _5\"></span>relati<span class=\"ls1f\">va </span></div><div class=\"t m0 x0 h2 y478 ff1 fs0 fc0 sc0 ls0 ws0\">ad un contratto di fin<span class=\"_ _0\"></span>anziamento e di restit<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione di anticipi di<span class=\"_ _0\"></span> bonus.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>connessi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>predetto <span class=\"_ _6\"></span>illecito, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuati <span class=\"_ _5\"></span>accantonamenti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>fronte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccert<span class=\"_ _5\"></span>ati </div><div class=\"t m0 x0 h24 y47a ff1 fs0 fc0 sc0 ls0 ws0\">relativamente alle richi<span class=\"_ _0\"></span>este risarcitorie e <span class=\"_ _0\"></span>alle ca<span class=\"_ _3\"></span>use pendenti<span class=\"ff5\">. </span></div><div class=\"t m0 x0 h2 y47b ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>predetti <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019apposita polizza <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _6\"> </span><span class=\"ff1\">la </span></div><div class=\"t m0 x0 h24 y47c ff1 fs0 fc0 sc0 ls0 ws0\">Compagnia ha gi\u00e0 ri<span class=\"_ _0\"></span>conosciuto un primo a<span class=\"_ _0\"></span>nticipo di 744 mila e<span class=\"_ _0\"></span>uro<span class=\"_ _3\"></span><span class=\"ff5\">. </span></div><div class=\"t m0 x0 h24 y47d ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y47e ff2 fs0 fc2 sc0 ls0 ws0\">Reyl &amp; Cie (Svizzera) - Procedi<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span>nto ex D. Lgs. 231/2001 dell<span class=\"_ _0\"></span>a Procura della Rep<span class=\"_ _0\"></span>ubblica presso il Tri<span class=\"_ _0\"></span>bunale di Milano </div><div class=\"t m0 x0 h2 y47f ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Repubblic<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>procedimento <span class=\"_ _5\"></span>penale <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _2\"></span>231/2001 <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Cie </div><div class=\"t m0 x0 h2 y480 ff1 fs0 fc0 sc0 ls0 ws0\">(societ\u00e0  svizzera <span class=\"_ _1d\"> </span>controllata  da <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>Private <span class=\"_ _1d\"> </span>Banking)  per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>reato  presupposto  di <span class=\"_ _1d\"> </span>riciclaggio, </div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls0 ws0\">asseritamente commesso da un suo <span class=\"_ _3\"></span>ex d<span class=\"_ _3\"></span>ipendente (licenziato nel 2020) ed <span class=\"_ _3\"></span>ha ord<span class=\"_ _3\"></span>inato il sequestro di <span class=\"_ _3\"></span>valori di <span class=\"_ _3\"></span>propriet\u00e0 della<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y482 ff1 fs0 fc0 sc0 ls0 ws0\">stessa Reyl <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>irca 1,1 <span class=\"_ _3\"></span>milioni d<span class=\"_ _3\"></span>i euro. <span class=\"_ _3\"></span>Il p<span class=\"_ _3\"></span>rocedimento vede coinvolta a<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>res\u00ec <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca sv<span class=\"_ _3\"></span>izzera Cramer &amp; <span class=\"_ _3\"></span>Cie. <span class=\"_ _3\"></span>N\u00e9 <span class=\"_ _3\"></span>Fideuram </div><div class=\"t m0 x0 h2 y483 ff1 fs0 fc0 sc0 ls0 ws0\">ISPPB <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>coinvolte <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>fatti <span class=\"_ _2\"></span>contestati <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _3\"></span>intervenuti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>8, </div><div class=\"t m0 x0 h32 y484 ff4 fs0 fc0 sc0 ls0 ws0\">prima dell\u2019ingresso di Reyl &amp; Cie nel <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo, avvenuto nel mag<span class=\"_ _2\"></span>gio 2021. In base all\u2019accusa, l\u2019ex dipendente, </div><div class=\"t m0 x0 h2 y485 ff1 fs0 fc0 sc0 ls0 ws0\">insieme <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fratello <span class=\"_ _6\"></span>dipendente <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>Cramer <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>CIE <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>consulente <span class=\"_ _6\"></span>esterno, <span class=\"_ _6\"></span>avrebbe <span class=\"_ _6\"></span>messo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>atto <span class=\"_ _6\"></span>pratiche <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 y486 ff4 fs0 fc0 sc0 ls0 ws0\">favorire <span class=\"_ _6\"> </span>l\u2019evasione <span class=\"_ _6\"> </span>fiscale <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lienti <span class=\"_ _6\"> </span>italiani <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>co<span class=\"_ _2\"></span><span class=\"ff1\">nti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>Svizzera <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>filiali <span class=\"_ _6\"></span>site <span class=\"_ _6\"></span>presso <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x0 h2 y487 ff1 fs0 fc0 sc0 ls0 ws0\">Bahamas  a<span class=\"_ _0\"></span>l  fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>consentire  ai <span class=\"_ _16\"> </span>clienti  me<span class=\"_ _0\"></span>desimi  di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>relevare <span class=\"_ _16\"> </span>disponibilit\u00e0 <span class=\"_ _16\"> </span>di  denaro <span class=\"_ _16\"> </span>da  t<span class=\"_ _0\"></span>ali  conti <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>possibilit\u00e0 <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y488 ff1 fs0 fc0 sc0 ls0 ws0\">tracciamento <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>Autorit\u00e0 <span class=\"_ _7\"> </span>italiane. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>al  pro<span class=\"_ _0\"></span>vvedimento <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff4\">ll\u2019Autorit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>svizzera <span class=\"_ _7\"> </span>\u00e8 </span></div><div class=\"t m0 x0 h2 y489 ff4 fs0 fc0 sc0 ls0 ws0\">attualmente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>l\u2019atto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impugnazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _6\"> </span>tuttavia <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>separata <span class=\"_ _6\"></span>valutazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48a ff1 fs0 fc0 sc0 ls0 ws0\">prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ua <span class=\"_ _3\"></span>formalizzazione.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>procedimento penale <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. 231/2<span class=\"_ _5\"></span>001 <span class=\"_ _3\"></span>pendente <span class=\"_ _3\"></span>in I<span class=\"_ _3\"></span>talia si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sta </div><div class=\"t m0 x0 h32 y48b ff4 fs0 fc0 sc0 ls0 ws0\">valutando  la<span class=\"_ _0\"></span>  possibilit<span class=\"_ _0\"></span>\u00e0  di  fo<span class=\"_ _0\"></span>rmulare <span class=\"_ _16\"> </span>un\u2019istanza  di  r<span class=\"_ _0\"></span>iduzione  dell<span class=\"_ _0\"></span>\u2019importo  del<span class=\"_ _0\"></span>lo  stesso. <span class=\"_ _16\"> </span>Dall\u2019esame <span class=\"_ _16\"> </span>della  document<span class=\"_ _0\"></span>azione </div><div class=\"t m0 x0 h2 y18c ff4 fs0 fc0 sc0 ls0 ws0\">processuale <span class=\"_ _4\"> </span>emergono <span class=\"_ _4\"> </span>infatti <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>fanno <span class=\"_ _7\"> </span>ritenere <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _4\"> </span>l\u2019accoglimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>istanza.  <span class=\"ff1\">Nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div></div>Reyl <span class=\"ff4\">&amp; <span class=\"_ _6\"></span>Cie <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>formulata <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>richiesta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>interdizione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>indagini<span class=\"_ _35\"></span> </span>sono tuttora pendenti e<span class=\"_ _0\"></span> non \u00e8 ancora possi<span class=\"_ _0\"></span>bile accedere ai relat<span class=\"_ _0\"></span>ivi atti.<span class=\"_ _3\"></span> Tirrenia di Navigazio<span class=\"_ _0\"></span>ne in A.S.: Az<span class=\"_ _0\"></span>io<span class=\"_ _3\"></span>ni revocatorie A <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>Tirrenia <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Naviga<span class=\"_ _0\"></span>zione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>A.S. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>avanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _3\"></span>due <span class=\"_ _5\"></span>revocatori<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>fallimentari <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>la ex Cassa di Risparmio d<span class=\"_ _0\"></span>i Venezia per 2,7 milio<span class=\"_ _0\"></span>ni e contro l\u2019ex Banco <span class=\"_ _0\"></span>di Napoli per 33,8 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>cont<span class=\"_ _3\"></span>ro <span class=\"_ _6\"></span>l\u2019ex <span class=\"_ _5\"></span>CR <span class=\"_ _6\"> </span>Venezia <span class=\"_ _4\"> </span><span class=\"ff1\">pende <span class=\"_ _6\"></span>ora <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>appello, <span class=\"_ _6\"></span>proposto <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>2016 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>condanna <span class=\"_ _6\"></span>al </span>pagamento di 2,8 milio<span class=\"_ _0\"></span>ni.  Anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>l\u2019ex <span class=\"_ _2\"></span>Banco d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Napoli <span class=\"_ _3\"></span>pende <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>14,5 <span class=\"_ _4\"> </span><span class=\"ff1\">mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>oltre </span>accessori,  pro<span class=\"_ _0\"></span>nunciata <span class=\"_ _16\"> </span>dal  Tribunale <span class=\"_ _16\"> </span>nel  2021. <span class=\"_ _16\"> </span>Tale  condann<span class=\"_ _0\"></span>a  non <span class=\"_ _16\"> </span>\u00e8  stata  s<span class=\"_ _0\"></span>ospesa  e<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>Banca,  nell\u2019ottobre <span class=\"_ _16\"> </span>2022,  h<span class=\"_ _0\"></span>a provveduto al pagame<span class=\"_ _0\"></span>nto di 15,2 milioni, c<span class=\"_ _0\"></span>on riserva di ripeti<span class=\"_ _0\"></span>zione all\u2019esito del gr<span class=\"_ _0\"></span>avame.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>dell\u2019appello <span class=\"_ _3\"></span>proposto<span class=\"ff1\"> <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>avanzando <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>incidentale <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pretesa di </span>restituzione <span class=\"_ _5\"></span>dell\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>28 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aluta, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>igettata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>gra<span class=\"_ _5\"></span><span class=\"ff1\">do <span class=\"_ _6\"></span>e </span>che si reputa sar\u00e0 resp<span class=\"_ _0\"></span>inta anche in appello. Vertenza Selarl Bruno R<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ulet (gi\u00e0 Dargent Ti<span class=\"_ _0\"></span>rmant Raulet) Si <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>causa <span class=\"_ _4\"> </span>promossa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Francia <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2001 <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>fallimento <span class=\"_ _6\"> </span>dell\u2019imprenditore <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>Philippe <span class=\"_ _6\"> </span>Vincent, <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>ha chiesto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>risarcimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>56,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span><span class=\"ff4\">l\u2019asserito <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>sostegno <span class=\"_ _5\"></span>finanziario <span class=\"_ _5\"></span>abusivo\u201d <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sarebbe <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>concesso<span class=\"_ _0\"></span> </span>all\u2019imprenditore. La pretesa del <span class=\"_ _3\"></span>fallimento \u00e8 sempre <span class=\"_ _3\"></span>stata rigettata nei <span class=\"_ _3\"></span>vari gradi <span class=\"_ _3\"></span>di giudizio intercorsi durante 17 <span class=\"_ _3\"></span>anni, f<span class=\"_ _6\"></span><span class=\"ff1\">ino alla </span>sentenza della <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Colmar del <span class=\"_ _3\"></span>maggio 2018 <span class=\"_ _3\"></span>che h<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condannato la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>risarcimento di c<span class=\"_ _3\"></span>irca 23 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La s<span class=\"_ _3\"></span>entenza di <span class=\"_ _5\"></span>Colmar <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>impugnata <span class=\"_ _5\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Cassazione <span class=\"_ _5\"></span>francese, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>annullato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>cassato <span class=\"_ _5\"></span>con rinvio alla Corte di A<span class=\"_ _0\"></span>ppello di Metz la d<span class=\"_ _0\"></span>ecisione della Corte di A<span class=\"_ _35\"></span>p<span class=\"_ _2\"></span>pello di Colmar. In conseg<span class=\"_ _0\"></span>uenza di ci\u00f2, nel primo <span class=\"_ _0\"></span>trimestre del 2020 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ottenuto <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>pagati a <span class=\"_ _2\"></span>seguito della <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appello di <span class=\"_ _2\"></span>Colm<span class=\"_ _2\"></span>ar del <span class=\"_ _3\"></span>2018. Alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di lu<span class=\"_ _3\"></span>glio 2020 il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>curatore fallimentare ha <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span><span class=\"ff4\">iassunto la <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>davanti alla <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>\u2019Appello di <span class=\"_ _3\"></span>Metz, <span class=\"_ _3\"></span>chiedendo </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>55,6 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>all\u2019intero <span class=\"_ _4\"> </span>passivo <span class=\"_ _7\"> </span>fallimentare, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>edotto <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>l\u2019immobile<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>cu<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>acquisto <span class=\"_ _3\"></span>venne <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca); <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituit<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>contestato <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vversarie. <span class=\"_ _3\"></span>Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _3\"></span>resa <span class=\"_ _2\"></span>il 27 <span class=\"_ _7\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>d\u2019Appello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Metz <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>accolto <span class=\"_ _4\"> </span>parzialmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>omanda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curatela, <span class=\"_ _4\"> </span>condannando <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>al pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>20 <span class=\"_ _4\"></span>milion<span class=\"_ _0\"></span>i, <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>spese <span class=\"_ _6\"></span>legali <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diversi <span class=\"_ _6\"></span>gradi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>giu<span class=\"_ _2\"></span>dizio <span class=\"_ _6\"></span>(e <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>amente <span class=\"_ _6\"></span>20,6 <span class=\"_ _6\"></span>milioni). <span class=\"_ _6\"></span>La Corte <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>patito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>massa <span class=\"_ _3\"></span>fallimentare <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>accordato <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>dedotto<span class=\"_ _5\"></span> quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>vendita <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bene <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>garanzia. <span class=\"_ _4\"> </span>A <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Banca<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>presentato <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>di Cassazione <span class=\"_ _5\"></span>francese. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>parallelo, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>curatela <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>impugnato <span class=\"_ _2\"></span>autonomamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Appello, <span class=\"_ _2\"></span>insistendo per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>dell\u2019intero <span class=\"_ _3\"></span>passivo falli<span class=\"_ _3\"></span>mentar<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>a </span>favore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>uratela <span class=\"_ _3\"></span>dell\u2019importo <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>condanna; <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporaneam<span class=\"_ _0\"></span>ente <span class=\"_ _3\"></span>depositate <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>CARPA<span class=\"_ _0\"></span> (Cassa <span class=\"_ _6\"></span>dell\u2019Ordine <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Avvocati), <span class=\"_ _5\"></span>indisponibili <span class=\"_ _6\"> </span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>pronuncia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Cassazione. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>4 <span class=\"_ _6\"> </span>ottobr<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 </span>tenuta <span class=\"_ _3\"></span>udienza di <span class=\"_ _3\"></span>discussione. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>fine del<span class=\"_ _3\"></span>lo scorso <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cassazione ha <span class=\"_ _3\"></span>respinto <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorsi <span class=\"_ _3\"></span>presentat<span class=\"_ _2\"></span><span class=\"ls13\">i </span>dalla Banca e <span class=\"_ _3\"></span>dalla curatela. La sentenza del<span class=\"_ _3\"></span>la Corte di <span class=\"_ _3\"></span>Appello di Metz \u00e8<span class=\"_ _3\"></span> diventata pertanto definitiva. Le s<span class=\"_ _3\"></span>omme gi<span class=\"_ _5\"></span>\u00e0 v<span class=\"_ _3\"></span>ersate dalla Banca a seguit<span class=\"_ _0\"></span>o di tale decisione son<span class=\"_ _0\"></span>o state pertanto re<span class=\"_ _0\"></span>se disponibili alla <span class=\"_ _0\"></span>curatela.<span class=\"_ _3\"></span> Causa promossa nei c<span class=\"_ _0\"></span>onfronti di due societ\u00e0 <span class=\"_ _0\"></span>controllate unghere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di Intesa Sanpaolo La <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>connessa <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>risolto <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>010. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>il conduttore <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>promosso <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>civile <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>integrato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>iniziale, <span class=\"_ _7\"> </span>formulando <span class=\"_ _7\"> </span>nuove domande ed elevando <span class=\"ff4\">\u2013</span> con<span class=\"_ _0\"></span>seguentemente <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare c<span class=\"_ _0\"></span>omplessivo delle <span class=\"_ _0\"></span>pretese a ci<span class=\"ff1\">rca 31 milioni di euro. </span></span>A <span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>rigettato <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>pretese <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>attrice, <span class=\"_ _3\"></span>ritenendo <span class=\"_ _2\"></span>quest\u2019ultima <span class=\"_ _3\"></span>carente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legittim<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>ad agire. Contro tale d<span class=\"_ _0\"></span>ecisione la contro<span class=\"_ _0\"></span>parte ha presentato <span class=\"_ _0\"></span>appello.<span class=\"_ _90\"> </span>Nel <span class=\"_ _6\"></span>mese <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>C<span class=\"_ _3\"></span><span class=\"ff4\">orte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>Appello <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>parzialmente <span class=\"_ _6\"> </span>accolto <span class=\"_ _6\"> </span>l\u2019impugnazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contro<span class=\"_ _0\"></span>parte, <span class=\"_ _6\"> </span>condannando <span class=\"_ _6\"> </span>una </span>delle <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>convenute <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>9,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>euro. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>presentato <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>davanti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Cort<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Suprema <span class=\"ff4\">che ha sospes<span class=\"_ _0\"></span>o l\u2019esecuzione della <span class=\"ff1\">sentenza impug<span class=\"_ _0\"></span>nata. </span></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>erano <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>2012 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>riconoscimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>vantati <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _4\"> </span>del conduttore in virt\u00f9 di c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>noni di locazione <span class=\"_ _0\"></span>non saldati. Tale proce<span class=\"_ _0\"></span>dimento \u00e8 tuttora in <span class=\"_ _0\"></span>corso.<span class=\"_ _3\"></span> Contenzioso del lavoro<span class=\"ffa\"> <span class=\"ff1 fc0\"> </span></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>contenzioso del <span class=\"_ _3\"></span>lavoro, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>non r<span class=\"_ _3\"></span>isultavano in <span class=\"_ _3\"></span>essere controversie <span class=\"_ _6\"> </span>rilevanti <span class=\"_ _6\"> </span>sotto <span class=\"_ _4\"> </span>l\u2019aspetto <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>qualitativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>quantitativo. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>cause <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"> </span>assi<span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>tite <span class=\"_ _6\"></span>da </span>accantonamenti spe<span class=\"_ _0\"></span>cifici, adeguati a frontegg<span class=\"_ _0\"></span>iare eventuali e<span class=\"_ _0\"></span>sborsi.<span class=\"_ _3\"></span> Attivit\u00e0 potenziali<span class=\"ff5 fc5\"> <span class=\"ff1 fc0\"> </span></span>Quanto <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"></span>IMI/SIR <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ricorda <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"> </span>passata <span class=\"_ _4\"> </span>in giudicato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>accertata <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>penale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>giudice <span class=\"_ _7\"> </span>Metta <span class=\"_ _4\"> </span>corrotto <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>correi <span class=\"_ _4\"> </span>Rovelli, <span class=\"_ _7\"> </span>Acampora,<span class=\"_ _35\"></span> Pacifico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Previti), <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>responsabili <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>condannati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>risarcimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>danni, <span class=\"_ _5\"></span>rimettendone <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relativa <span class=\"_ _5\"></span>quantificazion<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>al giudice <span class=\"_ _2\"></span>civile. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>dei suddetti responsabili<span class=\"_ _0\"></span> al risarcimento d<span class=\"_ _0\"></span>el danno. Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>015, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>provveduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quantificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>danni <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>patrimonia<span class=\"_ _5\"></span>li <span class=\"_ _5\"></span>in favore di Intesa Sanpaolo e<span class=\"_ _3\"></span> a condannare Acampora e <span class=\"_ _3\"></span>Metta <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nonch\u00e9 in solido con <span class=\"_ _3\"></span>quest\u2019ultimo (ai sensi della Legge n<span class=\"_ _3\"></span>. 117<span class=\"_ _0\"></span> </span>del <span class=\"_ _7\"> </span>1988 <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>magistrati) <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Presidenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Ministri  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>favore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa<span class=\"_ _0\"></span> Sanpaolo di 1<span class=\"_ _3\"></span>73 milioni <span class=\"_ _3\"></span>al netto d<span class=\"_ _3\"></span>el prelievo <span class=\"_ _3\"></span>fiscale, oltre interessi <span class=\"_ _3\"></span>legali a d<span class=\"_ _3\"></span>ecorrere dal 1\u00b0 <span class=\"_ _3\"></span>febbraio 2015 sino a<span class=\"_ _3\"></span>l soddisfo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>al ristoro <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>teneva <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>ricevuto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>nel<span class=\"_ _5\"></span><span class=\"ff1\"> </span>fr<span class=\"ls0\">attempo interven<span class=\"_ _0\"></span>ute con la famiglia R<span class=\"_ _0\"></span>ovelli e con le contro<span class=\"_ _0\"></span>parti Previti e Pacifi<span class=\"_ _0\"></span>co.<span class=\"_ _3\"></span> </span>La <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>d\u2019Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _5\"></span>nel <span class=\"_ _4\"> </span>luglio <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>sospeso <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _6\"> </span>esecutiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>sentenza <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _6\"> </span>grado <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>somm<span class=\"_ _35\"></span>a eccedente <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>accessori <span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>spese, <span class=\"_ _2\"></span>rinviando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>precisazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>conclusioni <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno </span>2018. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>decisione, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>016 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Presidenza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Ministri <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Intesa Sanpaolo <span class=\"_ _3\"></span>la somma <span class=\"_ _3\"></span>di 131.173.551,58 euro <span class=\"_ _3\"></span>(corrisp<span class=\"_ _3\"></span><span class=\"ff4\">ondenti ai <span class=\"_ _3\"></span>130 milioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui all\u2019ordinanza, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>interessi legali e<span class=\"_ _90\"> </span></span>spese <span class=\"_ _2\"></span>liquidate). <span class=\"_ _5\"></span>Onde <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>contestazioni, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>richiedere <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incassare <span class=\"_ _2\"></span>solo <span class=\"_ _5\"></span>l\u2019importo <span class=\"_ _2\"></span>esatto <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>dispositiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>stesso, senza operare il <span class=\"_ _3\"></span>c.d. \u201cgross<span class=\"_ _3\"></span><span class=\"ff1\">-</span>up\u201d. Il <span class=\"_ _3\"></span>16 aprile 2<span class=\"_ _3\"></span>020 \u00e8 <span class=\"_ _3\"></span>stata depositata la sentenza della <span class=\"_ _3\"></span>Corte d\u2019Appello di <span class=\"_ _3\"></span>Roma che ha sostanzialmente confermato la pronuncia resa dal Tribunale, pur riducendo l\u2019importo del danno non patrimoniale all\u2019importo di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>8 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>77 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>erano <span class=\"_ _7\"> </span>stati  qua<span class=\"_ _0\"></span>ntifi<span class=\"_ _3\"></span>cati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>primo <span class=\"_ _16\"> </span>grado), <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>ha  st<span class=\"_ _0\"></span>abilito <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>condanna <span class=\"_ _16\"> </span>di 108 milioni, da ritenersi s<span class=\"_ _0\"></span>empre al netto del p<span class=\"_ _0\"></span>relievo fiscale, oltr<span class=\"_ _0\"></span>e ad interessi legali <span class=\"_ _0\"></span>e spese.<span class=\"_ _3\"></span> Nel <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>depositato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>correzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>er<span class=\"_ _2\"></span>rore <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>nella pronuncia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno <span class=\"_ _2\"></span>liquidato; <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d\u2019Appello <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimento depositato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>ha rigettato <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>presentato <span class=\"_ _7\"> </span>dalla  Ba<span class=\"_ _0\"></span>nca. <span class=\"_ _16\"> </span>La <span class=\"_ _16\"> </span>Banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>maggio <span class=\"_ _16\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>notificato <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Cass<span class=\"_ _2\"></span>azione <span class=\"_ _16\"> </span>avverso  l<span class=\"_ _35\"></span>a sentenza resa dalla Co<span class=\"_ _0\"></span>rte d\u2019Appello di R<span class=\"_ _0\"></span>oma il 16 aprile 2020. I<span class=\"_ _0\"></span>l ricorso contiene <span class=\"_ _0\"></span>due motivi principali:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>la riduzione <span class=\"_ _3\"></span>a 8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>del danno n<span class=\"_ _3\"></span>on patrimoniale operata <span class=\"_ _3\"></span>dalla Corte <span class=\"_ _3\"></span>d'Appello, a f<span class=\"_ _3\"></span>ronte dei <span class=\"_ _3\"></span>77 milioni <span class=\"_ _3\"></span>riconosciuti dalla<span class=\"_ _2\"></span> </span>sentenza di primo grado,<span class=\"_ _0\"></span> risulta arbitraria e n<span class=\"_ _0\"></span>on supportata da <span class=\"_ _0\"></span>un solido ragioname<span class=\"_ _0\"></span>nto logico<span class=\"_ _3\"></span>-giuridico;  b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">anche accettando la riduzion<span class=\"_ _0\"></span>e sub a), la Corte nel rideterminare l\u2019importo d<span class=\"_ _0\"></span>el danno complessivo ha comme<span class=\"_ _0\"></span>sso un error<span class=\"_ _0\"></span>e </span></span>di <span class=\"_ _5\"></span>calcolo. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>dell'istanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correzione <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>depositata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2020, <span class=\"_ _5\"></span>rigettata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>in quanto ritenuto da que<span class=\"_ _0\"></span>st\u2019ultima un tema <span class=\"_ _0\"></span>rimediabile media<span class=\"_ _0\"></span>nte impugnazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"> </span>2023 <span class=\"_ _4\"> </span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>discussione <span class=\"_ _6\"> </span>avanti <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Cassazione. <span class=\"_ _5\"></span>L<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>Corte, <span class=\"_ _4\"></span>dopo <span class=\"_ _6\"></span>aver <span class=\"_ _6\"></span>ascoltato <span class=\"_ _4\"></span>le </span>conclusioni delle parti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> la relazione del Pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>curatore General<span class=\"_ _0\"></span>e, ha trattenuto la ca<span class=\"_ _0\"></span>usa a decisione.<span class=\"_ _3\"></span> CONTENZIOSO FISCAL<span class=\"_ _3\"></span>E       <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>fiscali <span class=\"_ _6\"></span>(imposta, <span class=\"_ _3\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>interessi) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>di 219 milioni, in lieve aum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto rispetto ai <span class=\"_ _0\"></span>215 milioni del 31 <span class=\"_ _0\"></span>dicembre 2021. <span class=\"_ _3\"></span> I <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presidiati <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>adeguati <span class=\"_ _6\"></span>accantonamenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oneri (70 milioni nel 2022 rispett<span class=\"_ _0\"></span>o ai 76 milioni del 202<span class=\"_ _0\"></span>1). Per la <span class=\"_ _3\"></span>Capogruppo sono pendenti 473 pratiche di <span class=\"_ _3\"></span>contenzioso (628 pratiche al <span class=\"_ _3\"></span>31 dicembre 2021), <span class=\"_ _3\"></span>per un valore c<span class=\"_ _3\"></span>omplessiv<span class=\"_ _35\"></span>o della <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>(imposta, <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>teressi) <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>(135 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021), <span class=\"_ _6\"></span>conteggiato <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>amministrativa sia <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>giurisdizionale ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi gra<span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legitti<span class=\"_ _5\"></span>mit\u00e0. Relativamente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>contesti, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>effettivi <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _6\"></span>quantificati <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>57 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>(57 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span>Rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _5\"></span>luogo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>movimentazioni<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _3\"></span>delle pretese sono rappre<span class=\"_ _0\"></span>sentati: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>13,5 mil<span class=\"_ _3\"></span>ioni), da: <span class=\"_ _2\"></span>i) nuove <span class=\"_ _3\"></span>contes<span class=\"_ _3\"></span>tazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,4 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>reimpossessat<span class=\"_ _35\"></span>i </span>da <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"></span>risolti <span class=\"_ _5\"></span>(1 <span class=\"_ _6\"></span>milione) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>reddito <span class=\"_ _6\"></span>(0,4 <span class=\"_ _6\"></span>milioni), <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>sorte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>definite <span class=\"_ _5\"></span>nell\u2019anno <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un\u2019analisi dettagliata dei contenziosi <span class=\"_ _3\"></span>in argomento si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span><span class=\"ff1\">nvia al <span class=\"_ _3\"></span>Bilancio consolidato al <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e 2021); <span class=\"_ _3\"></span>ii) accertamento </span>per <span class=\"_ _16\"> </span>imposta <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>cessione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>(1,8 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _16\"> </span>iii) <span class=\"_ _7\"> </span>avviso <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>sentenza accertativa <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>fallimentare <span class=\"_ _6\"></span>(0,6 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _6\"></span>iv) <span class=\"_ _4\"> </span>avviso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acc<span class=\"_ _2\"></span>ertamento <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>IVA <span class=\"_ _4\"></span>leasing <span class=\"_ _4\"></span>nautico <span class=\"_ _4\"></span>anno d\u2019imposta <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _6\"> </span>(per <span class=\"_ _6\"></span>1,5 <span class=\"_ _6\"> </span>milioni); <span class=\"_ _6\"></span>v) <span class=\"_ _6\"> </span>adeguamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestazione <span class=\"_ _5\"></span>ex <span class=\"_ _4\"> </span>Sudameri<span class=\"_ _0\"></span>s <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>6,3 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>dovuto all\u2019apprezzamento <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>aluta <span class=\"_ _6\"> </span>brasiliana <span class=\"_ _4\"> </span>sull\u2019euro; <span class=\"_ _6\"></span>vi) <span class=\"_ _4\"> </span>avvisi <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>registro <span class=\"_ _4\"> </span>su <span class=\"_ _16\"> </span><span class=\"ff1\">causali <span class=\"_ _6\"></span>varie <span class=\"_ _4\"> </span>(0,6 <span class=\"_ _4\"></span>milioni); <span class=\"_ _6\"></span>vii) </span>interessi maturati sul c<span class=\"_ _0\"></span>ontenzioso in essere p<span class=\"_ _0\"></span>er circa 1 milione; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>22,8 <span class=\"_ _2\"></span>milioni) <span class=\"_ _3\"></span>da: <span class=\"_ _5\"></span>i) <span class=\"_ _3\"></span>chiusure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenziosi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>registro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>11,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ili </span>principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>operazion<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scorporo <span class=\"_ _3\"></span>d\u2019azienda <span class=\"_ _2\"></span>(tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali: <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>Manzoni/Melville <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>8,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>per </span>riqualifica <span class=\"_ _6\"> </span>cessione <span class=\"_ _4\"> </span>ramo <span class=\"_ _4\"> </span>d\u2019azienda <span class=\"_ _6\"> </span>Banca <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Trento <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Bolzano/Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>1,2 <span class=\"_ _4\"> </span>milioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pratica <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>rettifica valore <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>Piemontese/Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>1,6 <span class=\"_ _5\"></span>milioni); <span class=\"_ _5\"></span>ii) <span class=\"_ _5\"></span>chiusure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenziosi <span class=\"_ _5\"></span>per </span>IMU <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>easing <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>definizione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>annullamento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Comuni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>4,4 milioni; iii) 6,6 milioni per conte<span class=\"_ _0\"></span>nziosi di diversa natura,<span class=\"_ _3\"></span> <span class=\"ff4\">tra i quali l\u2019annullam<span class=\"_ _0\"></span>ento parziale in autot<span class=\"_ _0\"></span>utela della contestazione<span class=\"_ _0\"></span> </span>IVA <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,6 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019anno d\u2019imposta <span class=\"_ _3\"></span>2014, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contestazioni <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materi<span class=\"_ _0\"></span>a di IRES e IRAP per 2 milio<span class=\"_ _0\"></span>ni. Sempre <span class=\"_ _23\"> </span>rispetto <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>31<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>dicembre <span class=\"_ _29\"> </span>2021, <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _23\"> </span>la <span class=\"_ _29\"> </span>Capogr<span class=\"_ _0\"></span>uppo <span class=\"_ _23\"> </span>le <span class=\"_ _23\"> </span>principali <span class=\"_ _23\"> </span>variazioni <span class=\"_ _23\"> </span>degli <span class=\"_ _23\"> </span>accantonamenti <span class=\"_ _23\"> </span>(rimasti sostanzialmente invari<span class=\"_ _0\"></span>ati) sono colleg<span class=\"_ _0\"></span>ate: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>milioni): <span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>all\u2019adeguamento di <span class=\"_ _3\"></span>1,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contestazione ex <span class=\"_ _3\"></span>Sudameris <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>componenti<span class=\"_ _0\"></span> capitale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">sanzioni <span class=\"_ _4\"> </span>(valutate <span class=\"_ _6\"> </span>maggiormente <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio), <span class=\"_ _6\"></span>dovuto <span class=\"_ _6\"> </span>all<span class=\"_ _3\"></span>\u2019apprezzam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"> </span>della<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>valuta <span class=\"_ _4\"> </span>brasiliana <span class=\"_ _6\"> </span>sull\u2019euro; <span class=\"_ _4\"> </span>ii) <span class=\"_ _6\"></span>a </span>contestazioni <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>IMU <span class=\"_ _1d\"> </span>(1 <span class=\"_ _17\"> </span>milione), <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>pendenti <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>fine <span class=\"_ _17\"> </span>anno; <span class=\"_ _1d\"> </span>iii) <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>maggior <span class=\"_ _1d\"> </span>accantonamento <span class=\"_ _1d\"> </span>sulla contestazione <span class=\"_ _5\"></span>IVA <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>nautico <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>1,5 <span class=\"_ _5\"></span>milioni; <span class=\"_ _5\"></span>iv) <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sanzione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>aggi <span class=\"_ _5\"></span>(2 <span class=\"_ _5\"></span>milioni) <span class=\"_ _5\"></span>compresi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una cartella <span class=\"_ _16\"> </span>di  pag<span class=\"_ _0\"></span>amento <span class=\"_ _16\"> </span>di  complessi<span class=\"_ _0\"></span>vi  1<span class=\"_ _0\"></span>0  mi<span class=\"_ _0\"></span>lioni  p<span class=\"_ _0\"></span>er  sfavorevole  s<span class=\"_ _0\"></span>entenza <span class=\"_ _16\"> </span>della  C<span class=\"_ _0\"></span>orte  d<span class=\"_ _0\"></span>i  C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssazione <span class=\"_ _16\"> </span>collegata <span class=\"_ _16\"> </span>alla controversia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019operazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scorporo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ISP <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>State <span class=\"_ _2\"></span>Street <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _2\"></span>(il giudizio sull\u2019avviso di l<span class=\"_ _3\"></span>iquidazion<span class=\"_ _0\"></span>e per <span class=\"_ _3\"></span>l\u2019imposta di re<span class=\"_ _3\"></span>gistro connesso a tale operazione \u00e8<span class=\"_ _3\"></span> tuttora in <span class=\"_ _3\"></span>corso); v) per <span class=\"_ _3\"></span>maggior<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>accantonamenti <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>nuove <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>(di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>0,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>contenziosi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di imposta di registro); \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>6,8 <span class=\"_ _2\"></span>milioni): <span class=\"_ _2\"></span>i) <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>favorevole <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hiusura <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>registro <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferibile <span class=\"_ _4\"></span>al<span class=\"_ _35\"></span> </span>conferimento <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>successiva <span class=\"_ _5\"></span>cessione <span class=\"_ _6\"> </span><span class=\"ff1\">della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Trento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>1,1 <span class=\"_ _5\"></span>milioni); </span>ii)<span class=\"ls0\"> <span class=\"ff4\">al rilascio, <span class=\"_ _3\"></span>relativo alla <span class=\"_ _3\"></span>chiusura del <span class=\"_ _3\"></span>Processo Verbale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Constatazione per l\u2019anno <span class=\"_ _3\"></span>2016 p<span class=\"_ _3\"></span>er 1,3 <span class=\"_ _3\"></span>milioni, a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della </span></span>contestuale <span class=\"_ _3\"></span>notifica <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>vviso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>IVA <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico. <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>movimentazioni in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento e <span class=\"_ _5\"></span>diminuzione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>questa <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>derivano <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>puntuale <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>inizialmente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle risultanze  della <span class=\"_ _16\"> </span>verifica  su  20<span class=\"_ _0\"></span>14  e  2015;  iii<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>  alle  c<span class=\"_ _0\"></span>ontestazioni  IMU<span class=\"_ _0\"></span>  per<span class=\"_ _2\"></span>  3,3  mil<span class=\"_ _0\"></span>ioni  per  e<span class=\"_ _0\"></span>ffetto  dell<span class=\"_ _0\"></span>a  definizione  d<span class=\"_ _0\"></span>i controversie <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eimpossessati d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>risolti, <span class=\"_ _3\"></span>sor<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>anni <span class=\"_ _2\"></span>precedenti; <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>milione <span class=\"_ _2\"></span>per contenziosi di divers<span class=\"_ _0\"></span>a natura, principalm<span class=\"_ _0\"></span>ente in materia di IRES <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d IRAP. Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>d<span class=\"ff4\">ell\u2019anno <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>definite <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>rilievi <span class=\"_ _3\"></span>chiusi) <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>24,7 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>i </span>rilievi sorti e definiti <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ell\u2019anno, con un e<span class=\"_ _0\"></span>sborso di 3,6 milioni rif<span class=\"_ _0\"></span>eribile principalment<span class=\"_ _0\"></span>e alle contestazioni IMU <span class=\"_ _0\"></span>(2,5 milio<span class=\"_ _2\"></span><span class=\"ff1\">ni). </span>Per <span class=\"_ _16\"> </span>le  parteci<span class=\"_ _0\"></span>pate  it<span class=\"_ _0\"></span>aliane <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _16\"> </span>fiscale  a<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>31  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>2022  ammo<span class=\"_ _0\"></span>nta <span class=\"_ _16\"> </span>a  comple<span class=\"_ _0\"></span>ssivi <span class=\"_ _16\"> </span>85  mi<span class=\"_ _0\"></span>lioni  (<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>1  mi<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>oni <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021), fronteggiati <span class=\"_ _0\"></span>da accantonamenti sp<span class=\"_ _0\"></span>ecifici per 9 milioni (11 m<span class=\"_ _0\"></span>ilioni nel bilan<span class=\"_ _0\"></span>cio 2021). <span class=\"_ _2\"></span> </span>Rispetto  al  31  dicembre  202<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,  i<span class=\"_ _3\"></span>  <span class=\"ff4\">principali  eventi  che <span class=\"_ _16\"> </span>hanno  dato  luogo  a  movimentazioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>significative  dell<span class=\"_ _0\"></span>\u2019ammontare<span class=\"_ _0\"></span> </span>complessivo delle pr<span class=\"_ _0\"></span>etese (+14 milioni) <span class=\"_ _0\"></span>sono i seguenti: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>16 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>riferibili <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _4\"></span>a: <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>Private <span class=\"_ _7\"> </span>Bankin<span class=\"_ _0\"></span>g <span class=\"_ _4\"> </span>(10,4 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _4\"> </span>Ca<span class=\"_ _2\"></span>rgeas </span>Assicurazioni (4,6 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni); Provis e altre c<span class=\"_ _0\"></span>ontroversie minori (1<span class=\"_ _0\"></span> milione);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>2 milioni di contro<span class=\"_ _0\"></span>versie chiuse riferite<span class=\"_ _0\"></span> a Fideuram Vita, Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita, Fide<span class=\"_ _0\"></span>uram ISPPB, Siref e UB<span class=\"_ _0\"></span>I Leasing.<span class=\"_ _3\"></span> </span>La diminuzione dell\u2019a<span class=\"_ _0\"></span>ccantonamento risp<span class=\"_ _0\"></span>etto al 31 <span class=\"ff1\">dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _0\"></span>1, pari a 2 milioni, <span class=\"_ _0\"></span>\u00e8 principalmente riferit<span class=\"_ _0\"></span>a a:<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>1,2 milioni di acc<span class=\"_ _0\"></span>antonamento sulle n<span class=\"_ _0\"></span>uove controversie s<span class=\"_ _0\"></span>orte;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span></span>1,5 milioni per eff<span class=\"_ _0\"></span>etto dell\u2019incorporazio<span class=\"_ _0\"></span>ne di UBI Leasing;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>1 milione con riferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to alle pratiche chiu<span class=\"_ _0\"></span>se precedenteme<span class=\"_ _0\"></span>nte cautel<span class=\"_ _3\"></span>ate. </span>Le <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(9 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>2021) <span class=\"_ _5\"></span>fronteggiate <span class=\"_ _7\"> </span><span class=\"lsc\">da </span>accantonamenti per <span class=\"_ _0\"></span>4 milioni (8 milioni nel <span class=\"_ _0\"></span>2021). Le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dovu<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>definizio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>lune <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroversie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa Sanpaolo Bank Alba<span class=\"_ _0\"></span>nia e di Bank of Alexa<span class=\"_ _0\"></span>ndria e, con riferime<span class=\"_ _0\"></span>nto al solo contest<span class=\"_ _0\"></span>ato, dalle sanzioni ir<span class=\"_ _0\"></span>rogate ad UBI Trust<span class=\"_ _0\"></span>ee.<span class=\"_ _2\"></span><span class=\"ff5\"> </span>Nei <span class=\"_ _2\"></span>paragrafi <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>seguono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tualm<span class=\"_ _3\"></span>ente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>taluni <span class=\"_ _5\"></span>inviti <span class=\"_ _2\"></span>a comparire relativi <span class=\"_ _0\"></span>a controllate italiane no<span class=\"_ _0\"></span>tificati a dicembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span> Capogruppo<span class=\"ff1 fc0\"> </span>Contenziosi <span class=\"_ _5\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposta <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>registro, <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _5\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>38 <span class=\"_ _6\"></span>mil<span class=\"_ _3\"></span>ioni, <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iqualificazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>di conferimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azienda <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>conseguente <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>valore<span class=\"_ _0\"></span> dell\u2019azienda<span class=\"ff2\"> </span>Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contenziosi aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>recuperi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conferimento aziendale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span>ccessiva vendita delle partecipazioni, riqualificati dal Fisco <span class=\"_ _3\"></span>come cessioni di rami a<span class=\"_ _3\"></span>ziendali e sul conseguente accertamento di <span class=\"_ _3\"></span>maggi<span class=\"_ _2\"></span>or valore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>definiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ace <span class=\"_ _3\"></span>fiscale, <span class=\"_ _5\"></span><span class=\"ff2 lsc\">ex</span> <span class=\"_ _3\"></span>articolo <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el decreto <span class=\"_ _3\"></span>fiscale <span class=\"_ _2\"></span>collegato <span class=\"_ _3\"></span>alla Legge <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>2019 <span class=\"_ _7\"> </span>(D.L. <span class=\"_ _4\"> </span>n. <span class=\"_ _7\"> </span>119<span class=\"_ _3\"></span>/2018), <span class=\"_ _4\"> </span>perch\u00e9 <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ersamento <span class=\"_ _4\"> </span>dell\u2019intero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmontare accertato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>avrebbe <span class=\"_ _5\"></span>avuto <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>restituzione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>somme <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ccedenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quanto<span class=\"_ _2\"></span> dovuto per la definizi<span class=\"_ _0\"></span>one, oppure perc<span class=\"_ _0\"></span>h\u00e9 vi erano fondate <span class=\"_ _0\"></span>prospettive di esit<span class=\"_ _0\"></span>o favorevole dei giu<span class=\"_ _0\"></span>dizi pendenti in Ca<span class=\"_ _0\"></span>ssazione.<span class=\"_ _2\"></span> Contenzioso in tema di<span class=\"_ _0\"></span> IMU su immobili non <span class=\"_ _0\"></span>reimpossessati a s<span class=\"_ _0\"></span>eguito della risoluzio<span class=\"_ _0\"></span>ne dei relativi cont<span class=\"_ _0\"></span>ratti di leasing <span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>conte<span class=\"ff4\">nzioso <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>l\u2019individuazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>dell\u2019IMU <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle </span>societ\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>risolto <span class=\"_ _2\"></span>anticipata<span class=\"_ _5\"></span>mente per <span class=\"_ _3\"></span>inadempimento del <span class=\"_ _3\"></span>locatario ovvero <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>sciolto per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rocedure concorsuali <span class=\"_ _3\"></span>coinvolgenti il <span class=\"_ _3\"></span>locatario stesso, <span class=\"_ _3\"></span>senza che  qu<span class=\"_ _0\"></span>est\u2019ultimo  a<span class=\"_ _0\"></span>bbia  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u00f2  pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>vveduto <span class=\"_ _16\"> </span>alla  rico<span class=\"_ _0\"></span>nsegna  del <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>al  locatore. <span class=\"_ _16\"> </span>Su  t<span class=\"_ _0\"></span>ale  questi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _16\"> </span>sorto <span class=\"_ _16\"> </span>negli  anni <span class=\"_ _16\"> </span>un contenzioso <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>riguardato <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>ex <span class=\"_ _16\"> </span>Mediocr<span class=\"_ _0\"></span>edito <span class=\"_ _7\"> </span>Italiano <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Provis) <span class=\"_ _7\"> </span>riguardante <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>riconducibilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella soggettivit\u00e0 <span class=\"_ _16\"> </span>passiva <span class=\"_ _16\"> </span>IMU  (a<span class=\"_ _0\"></span>ncora) <span class=\"_ _16\"> </span>in  cap<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>all\u2019utilizzatore <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>(gi\u00e0)  alla <span class=\"_ _7\"> </span>societ\u00e0  di <span class=\"_ _16\"> </span>leasing/banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>lasso  t<span class=\"_ _0\"></span>emporale intercorrente <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risoluzione <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scioglimento) <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>materiale <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>al locatore. <span class=\"_ _7\"> </span>Nel <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>affermata <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tesi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>soggettivit\u00e0 <span class=\"_ _7\"> </span>IMU <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>leasing/ba<span class=\"_ _0\"></span>nche <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>risoluzione giuridica <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>reimpossessamento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Legge <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto l\u2019abolizione <span class=\"_ _7\"> </span>dell'Imposta <span class=\"_ _4\"> </span>unica <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>munale <span class=\"_ _7\"> </span>(IUC), <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>sue <span class=\"_ _7\"> </span>componenti <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>all\u2019Imposta <span class=\"_ _7\"> </span>municipale <span class=\"_ _7\"> </span>propria <span class=\"_ _7\"> </span>(IMU) <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>al Tributo <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>servizi <span class=\"_ _3\"></span>indivisibili (<span class=\"_ _3\"></span>TASI), e<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019unificazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>imposte n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>18 <span class=\"_ _2\"></span>marzo 2020, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Ministero<span class=\"_ _0\"></span> </span>dell\u2019Economia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Finanze <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Dipartimento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Finanze <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Legislazione <span class=\"_ _4\"> </span>Tributaria <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Federalismo <span class=\"_ _4\"> </span>Fiscale, <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>la </span>circolare <span class=\"_ _3\"></span>nr. <span class=\"_ _2\"></span>1/DF, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>commento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _2\"></span>precise <span class=\"_ _3\"></span>indicazioni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>IMU <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>giurisprudenza <span class=\"_ _3\"></span>prevalente. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>considerazion<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di ci\u00f2, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>procedere, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>dell\u2019IMU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>contratti<span class=\"_ _0\"></span> </span>risolti, <span class=\"_ _4\"> </span>indipend<span class=\"_ _0\"></span>entemente <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span>ll\u2019avvenut<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>riconsegna <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _6\"> </span>promuovendo <span class=\"_ _4\"> </span>ove <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>rivalsa <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti degli <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>utilizzatori. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>progr<span class=\"_ _2\"></span>essivo <span class=\"_ _3\"></span>abbandono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endenti <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccertamenti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alle annualit\u00e0  fino <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>2019, <span class=\"_ _1d\"> </span>previo  esperimento  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tentati<span class=\"_ _0\"></span>vo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conciliazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>giudiziale  presso <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>Comuni <span class=\"_ _1d\"> </span>interess<span class=\"_ _0\"></span>ati <span class=\"_ _1d\"> </span>per l\u2019annullamento delle <span class=\"_ _0\"></span>sanzioni e la com<span class=\"_ _0\"></span>pensazione delle spe<span class=\"ff1\">se di giudizio. </span>Il <span class=\"ff2 ls0\">petitum<span class=\"ff1\"> compl<span class=\"_ _0\"></span>essivo \u00e8 di 7 milioni. </span></span>Contenzioso in tema di<span class=\"_ _0\"></span> IVA su operazioni di l<span class=\"_ _0\"></span>easing nautico  Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ex <span class=\"_ _5\"></span>Mediocredito <span class=\"_ _3\"></span>Italiano, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _2\"></span>fiscale <span class=\"_ _3\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"lsc\">a </span>parte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span><span class=\"ff4\">Guardia di <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Milano in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2019 che <span class=\"_ _3\"></span>riguardava gli <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>d\u2019imposta 2014 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>ai f<span class=\"_ _3\"></span>ini I<span class=\"_ _3\"></span>VA e <span class=\"_ _3\"></span>gli </span>anni <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2015 <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>2017 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>ottobre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>contestando: <span class=\"_ _5\"></span>i) <span class=\"_ _2\"></span>i<span class=\"_ _6\"> </span><span class=\"ff1 ls19\">l </span>regime IVA di <span class=\"ff4\">non imponibilit\u00e0, ai sensi dell\u2019articolo 8</span>-<span class=\"_ _3\"></span>bis del D.P.R. n. 633/72, applicato dalla societ\u00e0 al leasing nautico<span class=\"_ _0\"></span> e ii) la non imponibilit\u00e0 dell\u2019<span class=\"_ _0\"></span>art. 7<span class=\"ff1\">-</span>bis del D.P.R. n. 633/72 per <span class=\"_ _0\"></span>una operazione di ris<span class=\"_ _0\"></span>catto di imbarcazione<span class=\"_ _0\"></span> riferita all\u2019anno <span class=\"_ _0\"></span>2014.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u00c8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>c<span class=\"ff4\">o<span class=\"_ _3\"></span>nseguentemente <span class=\"_ _4\"> </span>notificato <span class=\"_ _4\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Regionale <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia </span>(maggiorato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>interessi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sanzioni), avverso <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata depositata la <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, <span class=\"_ _5\"></span>parzialmente <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>giudici, preso <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>riduzione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>autotutela <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell\u2019Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Entrate <span class=\"_ _2\"></span>dell\u2019IVA <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span><span class=\"ff1\">certata, <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riconosciute <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ovute </span>le sanzioni irrogate per 2 milioni (valore d<span class=\"_ _0\"></span>el petitum 4 milioni). <span class=\"_ _3\"></span>Sulla posizione la Banca ha effettuat<span class=\"_ _0\"></span>o accantonamenti in merito alla pr<span class=\"_ _3\"></span>ima contestazione, solo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio per <span class=\"_ _3\"></span>imposta e<span class=\"_ _3\"></span> interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non anche <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>sanzioni, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>la seconda <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene<span class=\"_ _35\"></span> che <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _5\"></span>ricada <span class=\"_ _6\"></span>contrattualmente <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>cliente, <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rudenzialment<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>controversia <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>cautelata <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le </span>componenti sanzioni<span class=\"_ _0\"></span> e interessi. La contro<span class=\"_ _0\"></span>versia pende in Cort<span class=\"_ _0\"></span>e di Giustizia di secon<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>grado. Per <span class=\"_ _3\"></span>l\u2019anno d\u2019imposta 2015, <span class=\"_ _3\"></span>l\u2019avviso di a<span class=\"_ _3\"></span>ccertamento afferente a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>unico rilievo d<span class=\"_ _3\"></span>i non <span class=\"_ _3\"></span>imponibilit\u00e0 ex <span class=\"_ _3\"></span>articolo 8<span class=\"_ _5\"></span><span class=\"ff1\">-bis <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>D.P.R.<span class=\"_ _0\"></span> </span>n. <span class=\"_ _5\"></span>633/72, <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>nautico <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>esborso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>2 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fondo<span class=\"_ _0\"></span> rischi contenzioso fisc<span class=\"_ _0\"></span>ale gi\u00e0 costituito n<span class=\"_ _0\"></span>el 2019 per 2,9 milio<span class=\"_ _0\"></span>ni.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019anno <span class=\"_ _5\"></span>2016, <span class=\"_ _5\"></span>l\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>avviso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accertamento <span class=\"_ _5\"></span>(valore <span class=\"_ _2\"></span>del petitum 1,5 milioni). Il gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizio pende dinanzi la Corte di Gi<span class=\"_ _0\"></span>ustizia Tributaria <span class=\"_ _0\"></span>di primo grado. Relativamente agli anni d\u2019imposta 2015 e 2017 a<span class=\"_ _3\"></span>i fini delle imposte dirette la <span class=\"_ _3\"></span>verifica si \u00e8 conclusa invece senza la <span class=\"_ _3\"></span>rilevaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>di irregolarit\u00e0. *  *  * Con riguardo invece all<span class=\"_ _0\"></span>e controversie definite nel periodo, si <span class=\"_ _0\"></span>segnala:  i)<span class=\"ls0\"> <span class=\"_ _1e\"> </span> il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _4\"> </span>relativo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _4\"> </span>Manzoni <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Melville<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>scissione <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>non </span>proporzionale  di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>ra<span class=\"_ _3\"></span>mo  d<span class=\"_ _3\"></span>\u2019azienda  \u201cprivate <span class=\"_ _1d\"> </span>equity\u201d <span class=\"_ _1d\"> </span>riqualificata  dall\u2019Agenzia <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>Entrate  come <span class=\"_ _1d\"> </span>cessio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _1d\"> </span>diretta </span>d\u2019azienda a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019art. 2<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>D.P.R. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>131/1986 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>6,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>oltre i<span class=\"_ _3\"></span>nteressi. <span class=\"_ _5\"></span><span class=\"ff1\">L<span class=\"_ _3\"></span>a </span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>vinto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>Cassazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>nell\u2019anno; p<span class=\"ff4\">er l\u2019effetto \u00e8 venuta meno tale contestazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quantificata in complessivi 8,3 milioni (di cui interessi per 1,6 milioni). Nel<span class=\"_ _2\"></span><span class=\"ff1\">le </span></span>precedenti <span class=\"_ _3\"></span>informative <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>proporzionale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>a riqu<span class=\"ff4\">alificazione <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iorganiz<span class=\"_ _0\"></span>zazione, <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>20 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>131/1986, <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conferimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>zienda <span class=\"_ _4\"> </span>e </span>cessione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cessione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>\u2019azienda, <span class=\"_ _17\"> </span>si <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _17\"> </span>evidenziata <span class=\"_ _18\"> </span>la <span class=\"_ _17\"> </span>pubblicazione <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>sentenza <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Corte<span class=\"_ _0\"></span> Costituzionale <span class=\"_ _5\"></span>n. 39/2021 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>marzo <span class=\"_ _5\"></span>2021, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusioni <span class=\"_ _5\"></span>confermavano <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>precedente <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della stessa Corte n. 158 <span class=\"_ _0\"></span>del 21 luglio 2020. Alla  luce  di  questa  second<span class=\"_ _0\"></span>a  pronuncia  della  Corte  Costituzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nale  si  riteneva  concl<span class=\"_ _0\"></span>usa  l\u2019annosa  querelle  con  esit<span class=\"_ _35\"></span>i favorevoli <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>numerosi <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>pendenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Cassazione; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguardo v<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tuttavia <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gnalato c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i Cassazione, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Ordinanza <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>10283/2022 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> marzo <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>alternativit\u00e0 IVA/registro <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>fondamentale <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ddivenire <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>unitaria <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>nozione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>azienda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>entrambe <span class=\"_ _7\"> </span>le imposte,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>rimesso  alla <span class=\"_ _1d\"> </span>Corte <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Giustizia <span class=\"_ _1d\"> </span>UE <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>giudizi<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compatibilit\u00e0  dell\u2019articolo <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>TUR  (secondo <span class=\"_ _1d\"> </span>cui l\u2019applicazione <span class=\"_ _3\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _3\"></span>dell\u2019atto <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>registrazione, s<span class=\"_ _3\"></span>enza tener  conto  degli<span class=\"_ _0\"></span>  elementi  ext<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>a  testuali  non<span class=\"_ _0\"></span>  direttamente  desumi<span class=\"_ _0\"></span>bili),  rispetto  al<span class=\"_ _0\"></span>la  normativa  IVA<span class=\"_ _35\"></span>  che  disciplina  il trattamento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>cessioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>azienda <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>soggette <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>ibut<span class=\"_ _3\"></span>o) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>imponibili). <span class=\"_ _6\"></span>La Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Giustizia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019Unione <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>ordinanza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>21<span class=\"_ _3\"></span><span class=\"ff1\"> dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Causa <span class=\"_ _4\"></span>C-</span>250/22 <span class=\"_ _5\"></span>ha <span class=\"_ _6\"> </span>dichiarato <span class=\"_ _6\"> </span>che: <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span><span class=\"ff2\">La </span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pronuncia <span class=\"_ _5\"></span>pregiudiziale <span class=\"_ _5\"></span>proposta <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>suprema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>(Italia), <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>ordinanza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>marzo 2022, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>manifestamente <span class=\"_ _4\"> </span>irricevibile\u201d <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>giudice <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rinvio <span class=\"_ _4\"> </span>esposto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>sufficiente <span class=\"_ _4\"> </span>sotto <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>profilo l\u2019interpretazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>5, <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>8, <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>sesta <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>IVA <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>r<span class=\"_ _6\"></span><span class=\"ff2\">ilevante <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini </span>dell\u2019applicazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>TUR <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span><span class=\"ff4\">Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _5\"></span>dell\u2019Imposta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Registro, <span class=\"_ _5\"></span><span class=\"ff2\">n<span class=\"_ _3\"></span>.d.r.)</span>\u201d. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>precisa <span class=\"_ _5\"></span>altres\u00ec <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span><span class=\"ff2 ls13\">il </span></span>giudice del <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>conserva <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>diritto di <span class=\"_ _3\"></span>presentare una<span class=\"_ _3\"></span> nuova <span class=\"_ _3\"></span>domanda <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>ronuncia pregiudiziale fornendo <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Co<span class=\"_ _5\"></span>rte <span class=\"_ _3\"></span>tutti gli elementi che le con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>entano di pronun<span class=\"_ _0\"></span>ciarsi\u201d<span class=\"_ _3\"></span><span class=\"ff1\">; la tematica \u00e8 og<span class=\"_ _35\"></span>get<span class=\"_ _3\"></span>to di attento mo<span class=\"_ _0\"></span>nitoraggio; </span>ii)<span class=\"ls0\">  <span class=\"_ _1f\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>al  <span class=\"ff4\">conf<span class=\"_ _0\"></span>erimento <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>e  su<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>cessiva <span class=\"_ _7\"> </span>cessione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>partecipazione <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Trento <span class=\"_ _7\"> </span>e </span></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>riqua<span class=\"ff4\">li<span class=\"_ _3\"></span>ficato <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>diretta <span class=\"_ _5\"></span>dell\u2019azienda <span class=\"_ _5\"></span>(sempre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del </span>citato <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>rt. <span class=\"_ _1d\"> </span>20 <span class=\"_ _17\"> </span>D.P.R. <span class=\"_ _17\"> </span>n. <span class=\"_ _1d\"> </span>131/1986) <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ichiesta <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>imposta <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>registro <span class=\"_ _17\"> </span>proporzionale <span class=\"_ _1d\"> </span>(0,8 <span class=\"_ _17\"> </span>milioni) <span class=\"_ _1d\"> </span>oltre <span class=\"_ _17\"> </span>interessi (0,3 milioni), <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>accantonati. <span class=\"_ _2\"></span>Da<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">ultimo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cassazione, <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>epositata <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ll\u2019anno, <span class=\"_ _3\"></span>ha </span>rilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riqualificazione del<span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conferimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ramo <span class=\"_ _3\"></span>d\u2019azienda, <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>partecipazioni nella <span class=\"_ _3\"></span>conferitaria, <span class=\"_ _3\"></span>non \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>consentita <span class=\"_ _3\"></span>dalla l<span class=\"_ _3\"></span>egge (<span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sens<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>dell\u2019art. 20 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>D.P.R. n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>131/1986) e <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>natura d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>imposta </span>d\u2019atto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riveste <span class=\"_ _2\"></span>l\u2019imposta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistro, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>osservato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>citata <span class=\"_ _2\"></span>pronuncia <span class=\"_ _2\"></span>n. 158/2020; per l\u2019effett<span class=\"_ _0\"></span>o, \u00e8 stato rilasciat<span class=\"_ _0\"></span>o quanto a suo tempo <span class=\"_ _0\"></span>accant<span class=\"_ _3\"></span><span class=\"ff1\">onato. </span>Per quanto concerne le filiali di Intesa <span class=\"_ _3\"></span>Sanpaolo localizz<span class=\"_ _0\"></span>ate all\u2019estero<span class=\"_ _3\"></span><span class=\"ff5\"> <span class=\"ff1\">s<span class=\"_ _3\"></span>i evidenzia che: a) \u00e8 in c<span class=\"_ _3\"></span>orso una verifica fiscale in </span></span>materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IVA <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Londra <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _3\"></span>2016, <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2018; <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>segnalan<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilievi; b) <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>in corso <span class=\"_ _3\"></span>due verifiche <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>in materia d<span class=\"_ _3\"></span>i imposte <span class=\"_ _3\"></span>dirette <span class=\"_ _3\"></span>sulla filiale d<span class=\"_ _3\"></span>i New <span class=\"_ _3\"></span>York: la<span class=\"_ _3\"></span> prima <span class=\"_ _3\"></span>verifica, i<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>ziata<span class=\"_ _35\"></span> a <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2021, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>dall\u2019<span class=\"ff1\">Internal <span class=\"_ _5\"></span>Revenue <span class=\"_ _3\"></span>Service <span class=\"_ _5\"></span>(IRS) <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>dichiarazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>presentat<span class=\"_ _0\"></span>a </span>per <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>d\u2019imposta 2018; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>non si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>contestazioni; la seconda <span class=\"_ _3\"></span>verifica, notificata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>luglio 2021, <span class=\"_ _3\"></span>\u00e8 condotta <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>York <span class=\"_ _3\"></span>(NYC), <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2018 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>momento n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano<span class=\"_ _0\"></span> contestazioni. <span class=\"ff4\">Le <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>verifiche condotte dallo <span class=\"_ _3\"></span>Stato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>New York <span class=\"_ _3\"></span>relativamente ai <span class=\"_ _3\"></span>periodi d\u2019imposta 2<span class=\"_ _3\"></span>015 e <span class=\"_ _3\"></span>2016 <span class=\"_ _3\"></span>e </span>dall\u2019IRS <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>iuse <span class=\"_ _2\"></span>senza <span class=\"_ _6\"></span>contestazioni; <span class=\"_ _5\"></span>c) <span class=\"_ _4\"> </span><span class=\"ff1\">si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>chiusa <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>la </span>verifica <span class=\"_ _5\"></span>iniziata <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>aprile <span class=\"_ _5\"></span>202<span class=\"ff4\">1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dall\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Madrid <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019anno <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>redditi <span class=\"_ _6\"></span>con<span class=\"_ _0\"></span> </span>riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Madrid <span class=\"_ _2\"></span>dell\u2019incorporata <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _5\"></span>chiusa <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2018. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>dettaglio, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _2\"></span>fiscale dichiarata dalla <span class=\"_ _3\"></span>filiale per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span><span class=\"ff1\">16 <span class=\"_ _3\"></span>in 724<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mila euro \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata rettificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>complessivi 722 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, di </span>cui <span class=\"_ _7\"> </span>150  m<span class=\"_ _35\"></span>ila <span class=\"_ _16\"> </span>euro <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>interessi <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibili <span class=\"_ _7\"> </span>siccome <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>indebitamento <span class=\"_ _7\"> </span>eccedente <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza richiesto ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del<span class=\"_ _3\"></span>la normativa <span class=\"_ _3\"></span>regolamentare sp<span class=\"_ _2\"></span><span class=\"ff4\">agnola (applicazione della <span class=\"_ _3\"></span>c <span class=\"_ _2\"></span>d. \u201c<span class=\"_ _3\"></span><span class=\"ff2\">thin <span class=\"_ _3\"></span>capitalization <span class=\"_ _3\"></span>rule</span>\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>572 <span class=\"_ _3\"></span>mila euro </span>per  spese <span class=\"_ _1d\"> </span>non  deducibili,  ri<span class=\"_ _3\"></span>ferite  a <span class=\"_ _1d\"> </span>servizi  prestati  a<span class=\"_ _3\"></span>lla  filiale  dall\u2019allora <span class=\"_ _1d\"> </span>casa  madre <span class=\"_ _1d\"> </span>lussemburghes<span class=\"_ _0\"></span>e  (UBI <span class=\"_ _1d\"> </span>Banca<span class=\"_ _0\"></span> International S.A.), <span class=\"_ _2\"></span>in forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>spagnola <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span><span class=\"ff2\">transfer <span class=\"_ _3\"></span>pricing</span> <span class=\"_ _3\"></span>internazionale. La <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>fiscale non <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ato <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>dovuta; <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>) <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>chiusa <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _6\"></span>fiscale <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>mate<span class=\"_ _0\"></span>ria <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>IVA <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"></span>filiale <span class=\"_ _6\"></span>di Varsavia per i<span class=\"_ _3\"></span> periodi d\u2019imposta 2016<span class=\"_ _3\"></span><span class=\"ff1\">-2020 sui <span class=\"_ _3\"></span>servizi finanziari (SWIFT). <span class=\"_ _3\"></span>La filiale ha<span class=\"_ _3\"></span> provveduto al pagamento integrale </span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>contestato <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>13 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>(inclusi <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sanzioni); <span class=\"_ _5\"></span>f) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Monaco <span class=\"_ _2\"></span>di Baviera <span class=\"_ _4\"> </span>dell\u2019incorporata <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>2015 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>2018, <span class=\"_ _7\"> </span>avviata <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span><span class=\"ff1\">2<span class=\"_ _3\"></span>1. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>verificatori <span class=\"_ _4\"> </span>stanno <span class=\"_ _4\"> </span>acquisendo </span>documentazione contabile e fiscale;<span class=\"_ _3\"></span> g) <span class=\"_ _3\"></span>la verifica <span class=\"_ _3\"></span>fiscale sulla filiale di <span class=\"_ _3\"></span>Madrid di ISP con <span class=\"_ _3\"></span>riferimento alla deducibilit\u00e0 delle spese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regia <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2015, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conclusa <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span><span class=\"ff1\">ripresa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tassazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>93 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, </span>pi\u00f9  i<span class=\"_ _0\"></span>nteressi <span class=\"_ _16\"> </span>(17  mila <span class=\"_ _16\"> </span>euro) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sanzione  (<span class=\"_ _0\"></span>20  mil<span class=\"_ _0\"></span>a  euro<span class=\"_ _0\"></span>).  L<span class=\"_ _0\"></span>a  fil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ale <span class=\"_ _16\"> </span>ha  provve<span class=\"_ _0\"></span>duto  al<span class=\"_ _0\"></span>  pagam<span class=\"_ _35\"></span>ento  integrale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>quanto contestato.<span class=\"_ _90\"> </span> Societ\u00e0 del Grupp<span class=\"_ _0\"></span>o Per  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca  F<span class=\"_ _0\"></span>ideuram <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>pendenti <span class=\"_ _16\"> </span>in  Ca<span class=\"_ _0\"></span>ssazione, <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>ricorso  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>Ban<span class=\"_ _2\"></span>ca, <span class=\"_ _16\"> </span>tre  c<span class=\"_ _0\"></span>ause <span class=\"_ _16\"> </span>riguardanti  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>presunta  m<span class=\"_ _35\"></span>ancata effettuazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>ritenuta <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>27% <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"></span>interessi <span class=\"_ _6\"></span>maturati <span class=\"_ _4\"></span>negli <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>2009, <span class=\"_ _4\"></span>2010 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"></span>conti <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _6\"></span>bancari <span class=\"_ _4\"> </span>esteri intrattenuti <span class=\"_ _5\"></span>presso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>(Luxembourg) <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>comuni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"></span>diritto <span class=\"_ _6\"></span>lussemburghese <span class=\"_ _5\"></span>\u201cstorici\u201d </span>(Fonditalia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Interfund <span class=\"_ _5\"></span>SICAV), <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>accertati <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>unicamente <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>collocatrice <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>banca<span class=\"_ _0\"></span> corrispondente <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessivo d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>9,3 <span class=\"_ _2\"></span>milio<span class=\"_ _0\"></span>ni). <span class=\"_ _2\"></span>Essendo <span class=\"_ _3\"></span>risultata <span class=\"_ _3\"></span>soccombente <span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i giudizi, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>ritenuto <span class=\"_ _6\"></span>opportuno <span class=\"_ _4\"></span>predisporre <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">sentito <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consulente<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>incaricato <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019assistenza<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>giudizi <span class=\"_ _6\"> </span>pendenti <span class=\"_ _4\"> </span>dinanzi <span class=\"_ _4\"> </span>al </span>giudice di legittimit\u00e0 - un accant<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>namento a fondo <span class=\"_ _0\"></span>rischi a copertura del r<span class=\"_ _0\"></span>ischio comprensivo di<span class=\"_ _0\"></span> san<span class=\"_ _3\"></span>zioni e interessi.  Intesa <span class=\"_ _3\"></span>Sanpaolo Private Banking, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>tempo pendenti <span class=\"_ _3\"></span>contenziosi IRES <span class=\"_ _3\"></span>e IRAP <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alla deduzione <span class=\"_ _3\"></span>(avvenuta negli <span class=\"_ _3\"></span>anni 2011 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>seguenti) d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ammortamento <span class=\"_ _3\"></span>dell\u2019avviamento, scaturita <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conferimenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rami <span class=\"_ _3\"></span>aziendali <span class=\"_ _3\"></span>priva<span class=\"_ _5\"></span><span class=\"ff1\">te <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa </span>Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Cassa dei <span class=\"_ _2\"></span>Risparmi di <span class=\"_ _3\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Romagna n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2009, <span class=\"_ _3\"></span>Banca d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Trento e <span class=\"_ _2\"></span>Bolzano e <span class=\"_ _2\"></span>Cassa di <span class=\"_ _2\"></span>Risparmio di Firenze <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>2010, <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Ri<span class=\"_ _0\"></span>sparmio <span class=\"_ _16\"> </span>Pistoi<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>ucchesia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Risparmio <span class=\"_ _16\"> </span>dell\u2019Umbria <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2013, <span class=\"_ _7\"> </span>affrancati <span class=\"_ _16\"> </span>dalla confe<span class=\"ff4\">ritaria ai sensi dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rt. 15, comma 10<span class=\"_ _0\"></span>, del D.L. 29 novem<span class=\"_ _0\"></span>bre 2008, n. 185. <span class=\"ff1\"> </span></span>Lo stato dei contenzi<span class=\"_ _0\"></span>osi \u00e8 il seguent<span class=\"_ _0\"></span>e: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>011: <span class=\"_ _6\"></span>favorevole <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>2763/2019, <span class=\"_ _6\"></span>depositata <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2019, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Regionale </span>della <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span><span class=\"ff4\">respinto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>merito <span class=\"_ _7\"> </span>l\u2019appello <span class=\"_ _4\"> </span>principale <span class=\"_ _7\"> </span>dell\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate <span class=\"_ _7\"> </span>avverso <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>della </span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _3\"></span>Provinciale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>7028/2017 <span class=\"_ _2\"></span>(ammontare <span class=\"_ _3\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessiva <span class=\"_ _3\"></span>pretesa <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>,9 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di cui <span class=\"_ _2\"></span>3,8 <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>3,5 <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>sanzioni). <span class=\"_ _2\"></span>Il <span class=\"_ _6\"></span><span class=\"ff4\">giudice <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>accolto <span class=\"_ _2\"></span>l\u2019appello <span class=\"_ _2\"></span>incidentale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 </span>sulla <span class=\"_ _17\"> </span>questione <span class=\"_ _1d\"> </span>pregiudiziale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>decadenza <span class=\"_ _1d\"> </span>dell\u2019Amministrazione <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>potere <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>accertamento; <span class=\"_ _17\"> </span>infatti,<span class=\"_ _0\"></span> l\u2019affrancamento <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>chiarazione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>avvisi sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>notificati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2017, <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>ol<span class=\"_ _3\"></span>tre <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ecadenziali <span class=\"_ _4\"> </span>individuati <span class=\"_ _4\"> </span>dall\u2019art. <span class=\"_ _4\"> </span>43 <span class=\"_ _16\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>600/73. <span class=\"_ _7\"> </span>Il giudizio pende in Ca<span class=\"_ _0\"></span>ssazione su ricorso <span class=\"_ _0\"></span>dell\u2019Avvocatura Gener<span class=\"_ _0\"></span>ale dello <span class=\"_ _3\"></span><span class=\"ff1\">Stato e la Banca ha pred<span class=\"_ _0\"></span>isposto controricorso; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2012: <span class=\"_ _5\"></span>sfavorevoli <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Regionale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Lombardia <span class=\"_ _5\"></span>nn. <span class=\"_ _2\"></span>5172/2019 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>5173/2019 </span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>appelli <span class=\"_ _5\"></span>dell\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>(ammontare <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>complessiva <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _5\"></span>pa<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>8,4 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cui </span>3,9 per imposte e 3,<span class=\"_ _0\"></span>9 per sanzioni). \u00c8 stato p<span class=\"_ _0\"></span>resentato ricorso in <span class=\"_ _0\"></span>Cassazione;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2013: favorevoli sentenze sia della <span class=\"_ _3\"></span>Commissione Tributari<span class=\"_ _0\"></span>a Provinciale sia della <span class=\"_ _3\"></span>Commissione Tributaria Regionale<span class=\"_ _35\"></span> </span>(ammontare <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>complessiva <span class=\"_ _7\"> </span>prete<span class=\"_ _3\"></span><span class=\"ff4\">sa <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>10,6 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>4,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>sanzioni). <span class=\"_ _4\"> </span>L\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _4\"> </span>ha </span>proposto ricorso per C<span class=\"_ _0\"></span>assazione e la Banc<span class=\"_ _0\"></span>a si \u00e8 costituita con co<span class=\"_ _0\"></span>ntroricorso;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>2014 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>2015: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Sez. <span class=\"_ _16\"> </span>2^ <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Commissione <span class=\"_ _7\"> </span>Tributaria <span class=\"_ _16\"> </span>Provinciale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Milano <span class=\"_ _7\"> </span>con  se<span class=\"_ _0\"></span>ntenza <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>50<span class=\"_ _2\"></span>4/2/2020 <span class=\"_ _7\"> </span>del </span>7 febbraio 2020, deposita<span class=\"_ _0\"></span>ta il 13 febbraio<span class=\"_ _0\"></span> 2020, ha accolto i ri<span class=\"_ _0\"></span>corsi IRES e IRAP per e<span class=\"_ _0\"></span>ntrambe le annualit\u00e0 (gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizi riuniti). L\u2019ammontare della pretesa <span class=\"_ _3\"></span>tributaria ammonta a <span class=\"_ _3\"></span>16,7 mil<span class=\"_ _3\"></span>ioni (di c<span class=\"_ _3\"></span>ui 7,9 <span class=\"_ _3\"></span>per imposte e<span class=\"_ _3\"></span> 7,9 <span class=\"_ _3\"></span>per sanzioni), o<span class=\"_ _3\"></span>ltre inter<span class=\"_ _5\"></span><span class=\"ff1\">essi. In </span>data 18 <span class=\"_ _3\"></span>marzo 2022 \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>depositata la sentenza favorevole di <span class=\"_ _3\"></span>secondo grado n<span class=\"_ _3\"></span>. 1044 in <span class=\"_ _3\"></span>merito agli anni <span class=\"_ _3\"></span>2014 e <span class=\"_ _3\"></span>2015. La <span class=\"_ _1d\"> </span>Commi<span class=\"_ _0\"></span>ssione  Tributaria  Regionale <span class=\"_ _1d\"> </span>della  Lombardia  ha  respinto  l\u2019appello  dell\u2019Agenzia  delle <span class=\"_ _1d\"> </span>Entrate  avverso  la sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prim<span class=\"ff4\">o <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>ricorsi <span class=\"_ _5\"></span>(riuniti) <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>IRAP <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta. <span class=\"_ _5\"></span>L\u2019Agenzia <span class=\"_ _2\"></span>ha </span>proposto ricorso per c<span class=\"_ _0\"></span>assazione;   \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2016</span>: <span class=\"_ _3\"></span>in data 29 <span class=\"_ _3\"></span>aprile 2021 sono <span class=\"_ _3\"></span>stati notificati gli <span class=\"_ _3\"></span>avvisi di accertamento IRES e <span class=\"_ _3\"></span>IRAP per <span class=\"_ _3\"></span>l\u2018anno di impost<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> 2016. </span>L\u2019importo d<span class=\"_ _3\"></span>edotto dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ora <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>DRE <span class=\"_ _3\"></span>Lombardia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>annualit\u00e0 <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>medesimo <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>gi\u00e0<span class=\"_ _0\"></span> rettificato  per <span class=\"_ _16\"> </span>l\u2019anno  2015,  p<span class=\"_ _0\"></span>ari  a  1<span class=\"_ _0\"></span>2,1  milioni, <span class=\"_ _16\"> </span>cui  corrispondono <span class=\"_ _16\"> </span>una  maggiore <span class=\"_ _16\"> </span>IRES  per  3,3 <span class=\"_ _16\"> </span>milioni  e <span class=\"_ _16\"> </span>IRAP  per 0,7 milioni, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>interessi, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _6\"></span>complessivo <span class=\"_ _5\"></span>8,2 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>ioni). <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>Commissione <span class=\"_ _6\"></span>tributaria <span class=\"_ _5\"></span>provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sentenza <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>1962 <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>6 <span class=\"_ _5\"></span>luglio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricorsi <span class=\"_ _2\"></span>riuniti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Private Banking,  compensando  le <span class=\"_ _1d\"> </span>spese <span class=\"_ _1d\"> </span>tra  le  parti. <span class=\"_ _1d\"> </span>La  sentenza  oltre <span class=\"_ _1d\"> </span>ad  aver <span class=\"_ _1d\"> </span>respinto  la <span class=\"_ _1d\"> </span>que<span class=\"_ _0\"></span>stione  pregiudiziale  sulla decadenza <span class=\"_ _3\"></span>dell\u2019Ufficio <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8500/2021 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>SS.UU. <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>rte <span class=\"_ _3\"></span>di Cassazione, ha respint<span class=\"_ _0\"></span>o i ricorsi anche nel m<span class=\"_ _0\"></span>erito<span class=\"_ _3\"></span><span class=\"ff4\">. Il termine per <span class=\"_ _0\"></span>la proposizione dell\u2019ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ello scade il 5 feb<span class=\"_ _0\"></span>braio 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2<span class=\"_ _3\"></span>017</span>: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>instaurato il <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>avverso <span class=\"_ _3\"></span>l\u2019avviso di <span class=\"_ _3\"></span>accertamento. <span class=\"_ _3\"></span>L\u2019importo d<span class=\"_ _3\"></span>edotto e <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 riguarda <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>medesimo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>rett<span class=\"_ _3\"></span>ificato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019anno <span class=\"_ _4\"> </span>2016 <span class=\"_ _7\"> </span>(1<span class=\"_ _3\"></span><span class=\"ff1\">2,1 <span class=\"_ _7\"> </span>milioni), <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>corrispondono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>IRES <span class=\"_ _7\"> </span>per </span>3,3 <span class=\"ff4\">milioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>IRAP <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>0,7 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>8,6 <span class=\"_ _5\"></span>milioni). <span class=\"_ _2\"></span>L\u2019avviso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>\u00e8 </span>stato <span class=\"_ _16\"> </span>impugnato <span class=\"_ _7\"> </span>con  r<span class=\"_ _0\"></span>icorso <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>DRE <span class=\"_ _16\"> </span>Lombardia <span class=\"_ _7\"> </span>il  3 <span class=\"_ _7\"> </span>giugno <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>e  depositato <span class=\"_ _16\"> </span>presso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Commissione<span class=\"_ _35\"></span> Tributaria <span class=\"_ _1d\"> </span>Provin<span class=\"_ _0\"></span>ciale <span class=\"_ _1d\"> </span>di  Milano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>giugno  2022 <span class=\"_ _1d\"> </span>(RGR.  n. <span class=\"_ _1d\"> </span>2683/2022). <span class=\"_ _1d\"> </span>Si  attende <span class=\"_ _1d\"> </span>la  fissazione <span class=\"_ _1d\"> </span>dell\u2019udienza  di trattazione. Il <span class=\"_ _6\"></span>totale <span class=\"_ _6\"></span>contestato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>dun<span class=\"_ _3\"></span>que, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>imposte, <span class=\"_ _6\"></span>sanzioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>interessi, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>61 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>Sulla <span class=\"_ _6\"></span>base<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>rilasciato <span class=\"_ _6\"></span>dallo studio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>assiste <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>banca <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gittimit\u00e0 <span class=\"_ _2\"></span>dell\u2019affrancamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>degli </span>avviamenti che si generano ex novo in capo alla conferitaria <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>posto a suo tempo in essere anche<span class=\"_ _3\"></span> da a<span class=\"_ _3\"></span>ltre societ\u00e0 del Gruppo<span class=\"_ _35\"></span> e <span class=\"_ _3\"></span>contestato a <span class=\"_ _3\"></span>nessuna <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">\u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>esplicitamente <span class=\"_ _3\"></span>ammessa dall\u2019Agenzia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>8/E <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 c<span class=\"_ _3\"></span>oerente con <span class=\"_ _3\"></span>le </span>previsioni dell\u2019art. <span class=\"_ _0\"></span>15, comma 10, del D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"ff1\"> </span>Cargeas <span class=\"_ _16\"> </span>Assicurazioni, <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _16\"> </span>di  assi<span class=\"_ _0\"></span>curazione<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>acquisita <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Vita <span class=\"_ _7\"> </span>il  27 <span class=\"_ _16\"> </span>maggio <span class=\"_ _7\"> </span>2021, <span class=\"_ _16\"> </span>\u00e8  sta<span class=\"_ _0\"></span>ta interessata da una v<span class=\"_ _0\"></span>erifica dell\u2019Agenzia d<span class=\"_ _0\"></span>elle Entrate, Direzio<span class=\"_ _0\"></span>ne Regionale dell<span class=\"_ _0\"></span>a Lombardia <span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Ufficio Gra<span class=\"_ _0\"></span>ndi Contribuenti, v<span class=\"_ _0\"></span>olta </span>a <span class=\"_ _3\"></span>riscontrare la <span class=\"_ _3\"></span>corretta applicazione, <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>annualit\u00e0 dal <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2018, delle <span class=\"_ _3\"></span>disposizioni t<span class=\"_ _3\"></span>ributarie in <span class=\"_ _3\"></span>materia di assicurazioni private<span class=\"_ _0\"></span> e di contratti vitalizi <span class=\"_ _0\"></span>di cui alla legge 2<span class=\"_ _0\"></span>9 ottobre 1961, n. 121<span class=\"_ _35\"></span>6<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span> In <span class=\"_ _4\"> </span>esito <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>contestata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>assicurative <span class=\"_ _16\"> </span><span class=\"ff4\">aventi <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>\u201cperdita </span>d\u2019impiego\u201d <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>obbligatori<span class=\"_ _0\"></span>amente <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>garantiti <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>dello <span class=\"_ _5\"></span>stipendio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>facoltativament<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>ad <span class=\"_ _3\"></span>altri mutui, <span class=\"_ _3\"></span>finanziamenti e c<span class=\"_ _3\"></span>rediti al <span class=\"_ _3\"></span>consumo), soggette <span class=\"_ _3\"></span>all\u2019imposta sui <span class=\"_ _3\"></span>premi assi<span class=\"_ _2\"></span><span class=\"ff1\">curativi <span class=\"_ _3\"></span>con al<span class=\"_ _3\"></span>iquota del 2<span class=\"_ _3\"></span>,5%, in <span class=\"_ _3\"></span>polizze </span>per assicurazione del rischio di \u201ccredito<span class=\"_ _0\"></span>\u201d, soggette ad aliquota del 12,5%. L\u2019Agenzia <span class=\"_ _0\"></span>sostiene che sebbene il rischio assicur<span class=\"_ _2\"></span><span class=\"ff1\">ato </span>(sulla <span class=\"_ _17\"> </span>cui <span class=\"_ _18\"> </span>base <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>premio <span class=\"_ _18\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>criteri <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>natura <span class=\"_ _17\"> </span>statistico/attuari<span class=\"_ _2\"></span>ale) <span class=\"_ _17\"> </span>sia <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>perdita dell\u2019impiego, <span class=\"_ _5\"></span>sarebbe <span class=\"_ _6\"></span>applicabile <span class=\"_ _5\"></span>l\u2019aliquota <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>12,5 <span class=\"_ _6\"> </span>per <span class=\"_ _6\"></span>cento <span class=\"_ _5\"></span>prevista <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>assicurazioni <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>n<span class=\"_ _6\"></span><span class=\"ff1\">ella </span>considerazione che l<span class=\"_ _0\"></span>a polizza - in ultima istanza - <span class=\"ff4\">tutelerebbe l\u2019in<span class=\"_ _0\"></span>teresse patrimoniale dell\u2019ente finanzi<span class=\"_ _0\"></span>atore alla riscossion<span class=\"_ _0\"></span>e del </span>proprio credito. La <span class=\"_ _4\"> </span>contestazione <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>ritengono <span class=\"_ _6\"></span>apodittiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumentali <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e motivazioni dell\u2019Agenzi<span class=\"_ _0\"></span>a. Anche l\u2019ANIA \u00e8 intervenuta r<span class=\"_ _0\"></span>ecentemente sul tem<span class=\"_ _3\"></span><span class=\"ff1\">a con la circolare prot. 0082 del 5 marz<span class=\"_ _0\"></span>o 2021 (che<span class=\"_ _0\"></span> </span>richiama <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ircolare <span class=\"_ _3\"></span>prot. <span class=\"_ _3\"></span>127 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>prile <span class=\"_ _3\"></span>2005) <span class=\"_ _3\"></span>segnalando <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>dell\u2019Agenzia <span class=\"_ _3\"></span>crei <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conseguenze asistematiche <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>abnormi <span class=\"_ _6\"></span>sicuramente <span class=\"_ _6\"></span>estranee <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>volont\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>legislatore <span class=\"_ _5\"></span>della <span class=\"_ _16\"> </span><span class=\"ff4\">legge <span class=\"_ _6\"></span>n. <span class=\"_ _6\"> </span>1216, <span class=\"_ _6\"> </span>ma <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>all\u2019orient<span class=\"_ _0\"></span>amento </span>della <span class=\"_ _3\"></span>stessa <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>espressa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>dell\u2019aliquota <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2,5<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>circolare <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>29/<span class=\"_ _5\"></span><span class=\"ff1 ls3e\">E </span>del 2001. Nel <span class=\"_ _4\"> </span>merito, <span class=\"_ _6\"></span>precisa <span class=\"_ _4\"> </span>l\u2019ANIA, <span class=\"_ _6\"></span>nelle <span class=\"_ _4\"> </span>polizze <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>qualifica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assicurato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>individ<span class=\"_ _2\"></span><span class=\"ff1\">uata <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>persona <span class=\"_ _4\"></span>fisica <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>aderisce <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iena<span class=\"_ _0\"></span> </span>autonomia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>collettiva <span class=\"_ _2\"></span>proposta <span class=\"_ _5\"></span>dall\u2019istituto <span class=\"_ _2\"></span>finanziatore <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>assetto <span class=\"_ _5\"></span>contrattuale <span class=\"_ _5\"></span>vale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>riconoscere <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>debi<span class=\"_ _6\"></span><span class=\"ff1\">tore<span class=\"_ _35\"></span> </span>persona fisica <span class=\"_ _3\"></span>il soggetto nell\u2019interesse del <span class=\"_ _3\"></span>quale la polizza <span class=\"_ _3\"></span>viene stipulata<span class=\"_ _2\"></span><span class=\"ff1\">, in <span class=\"_ _3\"></span>quanto il <span class=\"_ _3\"></span>rischio oggetto della c<span class=\"_ _3\"></span>opertura (perdita </span>dell\u2019occupazione che d<span class=\"_ _0\"></span>etermina l\u2019impossibi<span class=\"_ _0\"></span>lit\u00e0 di onorare il debi<span class=\"_ _0\"></span>to) non pu\u00f2 che prod<span class=\"_ _0\"></span>ursi in capo a quest\u2019<span class=\"_ _0\"></span>ultimo. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Inoltre, <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>negoziale <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>evince <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>finanziatore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>contraente <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>olizza <span class=\"_ _5\"></span>esclusivamente <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>formale,<span class=\"_ _0\"></span> mentre, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>virt\u00f9 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>manifestazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"></span>volont\u00e0 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aderire <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contratto <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>addebitatogli <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riferisc<span class=\"_ _2\"></span><span class=\"ls17\">e </span>esclusivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>pagato, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>lavoratore <span class=\"_ _2\"></span>finanziato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rivestire, <span class=\"_ _2\"></span>ef<span class=\"_ _5\"></span>fettivame<span class=\"_ _0\"></span>nte, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>qualifica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contraente, oltre che quella di <span class=\"_ _0\"></span>assicurato. Infine, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>comunicazione dei <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>notizie <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>contrae<span class=\"_ _5\"></span>nti annualmente <span class=\"_ _6\"> </span>trasmessa <span class=\"_ _6\"> </span>all\u2019Anagrafe <span class=\"_ _4\"> </span>tributaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contempla <span class=\"_ _4\"> </span>l\u2019indicazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"> </span>singoli <span class=\"_ _4\"> </span>aderenti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _6\"> </span>collettiva, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto soggetti che sopport<span class=\"_ _0\"></span>ano l\u2019onere del premio<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>A <span class=\"_ _1f\"> </span>seguito <span class=\"_ _28\"> </span>della <span class=\"_ _1f\"> </span>verifica, <span class=\"_ _1f\"> </span>Cargeas <span class=\"_ _1f\"> </span>Assicurazioni <span class=\"_ _1f\"> </span>ha <span class=\"_ _28\"> </span>ricevuto <span class=\"_ _1f\"> </span>il <span class=\"_ _28\"> </span>25 <span class=\"_ _1f\"> </span>maggio <span class=\"_ _1f\"> </span>2021 <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>\u2019avviso <span class=\"_ _1f\"> </span>di <span class=\"_ _1f\"> </span>accertamento n.<span class=\"ls0\"> <span class=\"ff4\">TMB032S000<span class=\"_ _0\"></span>39/2021 per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>2010<span class=\"_ _3\"></span><span class=\"ff1\"> dove <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>accertata una <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>1,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>interessi per <span class=\"_ _3\"></span>0,7 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e </span></span></span>sanzioni di 3,4 milion<span class=\"_ _0\"></span>i pari al 200% <span class=\"_ _0\"></span>dell\u2019imposta accertata <span class=\"_ _0\"></span>(sanzione minima ex l<span class=\"_ _0\"></span>ege), per un totale com<span class=\"_ _0\"></span>plessivo di 5,7 milio<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i. </span>In <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021 <span class=\"_ _5\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>impugnato <span class=\"_ _3\"></span>avanti <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>Commissio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>entenza n.<span class=\"ls0\"> <span class=\"ff4\">2396 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>accolto <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>annullato <span class=\"_ _7\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento. <span class=\"_ _7\"> </span>Pende <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019appello </span></span>dell\u2019Ufficio.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span><span class=\"ff1\">bblicate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Milano <span class=\"_ _5\"></span>(la <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>343 </span>del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>n. <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>214 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>2022) <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riguardato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tematica <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201criclassificazione\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>polizze<span class=\"_ _0\"></span> contro  il  rischio  di  p<span class=\"_ _3\"></span>erdita  d\u2019impiego  (soggett<span class=\"ff1\">e <span class=\"_ _1d\"> </span>ad  imposta  con  aliquota  del  2,5%)  in  luogo <span class=\"_ _1d\"> </span>di  quelle  contro  il  rischio </span>d\u2019insolvenza <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>debitore, <span class=\"_ _7\"> </span>ossia <span class=\"_ _16\"> </span>quelle <span class=\"_ _7\"> </span>cosiddette <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>copertura <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>(so<span class=\"_ _3\"></span>ggette <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>imposta <span class=\"_ _16\"> </span>con aliquota del <span class=\"_ _3\"></span>12,5%). Gli <span class=\"_ _3\"></span>esiti sono <span class=\"_ _3\"></span>risultati sfavorevoli alle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ricorrenti esterne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo (pur <span class=\"_ _3\"></span>avendo la sentenza n. 343 rico<span class=\"_ _0\"></span>nosciuto l\u2019inapplic<span class=\"_ _0\"></span>abilit\u00e0 delle sanzioni <span class=\"_ _0\"></span>per manifesta obiettiva<span class=\"_ _0\"></span> incertezza nell\u2019appli<span class=\"_ _0\"></span>cabilit\u00e0 della nor<span class=\"_ _2\"></span><span class=\"ff1\">ma). </span>Ci\u00f2 <span class=\"_ _5\"></span>nonostante, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _5\"></span>ben <span class=\"_ _5\"></span>espresse <span class=\"_ _5\"></span>dall\u2019A<span class=\"_ _3\"></span><span class=\"ff1\">NIA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>formalizzate <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>difensori <span class=\"_ _2\"></span>patrocinanti, <span class=\"_ _5\"></span>il </span>rischio di soccombe<span class=\"_ _0\"></span>nza \u00e8 stato ritenuto possi<span class=\"_ _0\"></span>bile.  Sempre <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>citata, <span class=\"_ _5\"></span>Cargeas <span class=\"_ _5\"></span>Assicurazioni <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>ricevuto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>l\u2019avviso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>n.<span class=\"ls0\"> TMB03<span class=\"ff4\">2S002<span class=\"_ _0\"></span>16/2022 <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>l\u2019anno <span class=\"_ _3\"></span>2011 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>accertata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>0,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span>interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>sanzioni, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>200<span class=\"_ _3\"></span>% del<span class=\"_ _3\"></span>l\u2019impost<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>accertata <span class=\"_ _3\"></span>(sanzione <span class=\"_ _3\"></span>minima <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>complessiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>di 4,6 milioni.  Le <span class=\"_ _5\"></span>motivazioni <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span>l\u2019atto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>impositivo <span class=\"_ _2\"></span>sopra <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>riferito <span class=\"_ _5\"></span>all\u2019anno <span class=\"_ _2\"></span>2011 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identiche <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>indicate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019an<span class=\"_ _5\"></span><span class=\"ff1\">no </span>2010. La <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>soccombenza <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>all\u2019annualit\u00e0 <span class=\"_ _5\"></span>2011, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>que<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>2010, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>da </span>ritenere <span class=\"_ _5\"></span>possibile, <span class=\"_ _5\"></span>pertanto <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proceder\u00e0, <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>legge, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019impugnazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>predetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviso <span class=\"_ _5\"></span>avanti <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>competente<span class=\"_ _0\"></span> Corte di Giustizia. Provis ha <span class=\"_ _3\"></span>pratiche di <span class=\"_ _3\"></span>contenzioso IMU e <span class=\"_ _3\"></span>TASI <span class=\"_ _3\"></span>pendenti o <span class=\"_ _3\"></span>comunque prossime all\u2019avvio del <span class=\"_ _3\"></span>valore complessiv<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>di 3,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>a </span>fronte delle quali l\u2019<span class=\"_ _0\"></span>accantonamento al f<span class=\"_ _0\"></span>ondo rischi \u00e8 pari a <span class=\"_ _0\"></span>4,2 milioni compren<span class=\"_ _0\"></span>sivo di spese legali.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _4\"> </span>28 <span class=\"_ _6\"> </span>ottobre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _4\"> </span>SGR <span class=\"_ _6\"> </span>(c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"> </span>pure <span class=\"_ _4\"> </span>ISP <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>consolidante) <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>ricevuto <span class=\"_ _4\"> </span>dall\u2019Agenzia <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>Entrate <span class=\"_ _7\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>Direzion<span class=\"_ _35\"></span>e </span>Regionale <span class=\"_ _1d\"> </span>della  L<span class=\"_ _3\"></span><span class=\"ff4\">ombardia  un <span class=\"_ _1d\"> </span>invito <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>comparire <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>relazione  all\u2019annualit\u00e0 <span class=\"_ _1d\"> </span>2016  per <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>RES <span class=\"_ _1d\"> </span>ed  I<span class=\"_ _3\"></span>RAP, <span class=\"_ _1d\"> </span>a  s<span class=\"_ _3\"></span>eguito  d<span class=\"_ _3\"></span>ella </span>documentazione consegn<span class=\"_ _0\"></span>ata in risposta a questionario notificato<span class=\"_ _0\"></span> il 21 aprile 2021, e ci\u00f2 al fine di instaurare il contradditt<span class=\"_ _2\"></span>orio in ordine <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presunte <span class=\"_ _4\"> </span>criticit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>transfer <span class=\"_ _7\"> </span>pricing <span class=\"_ _7\"> </span>emerse <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>corrispettivi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>commission<span class=\"_ _0\"></span>i percepite <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>Fideuram <span class=\"_ _6\"> </span>SGR <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestore <span class=\"_ _6\"></span>delegato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"> </span>effettuata <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>favore <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>consociata irlandese Fideuram <span class=\"_ _3\"></span>Asset Manage<span class=\"ff4\">me<span class=\"_ _3\"></span>nt Ireland <span class=\"_ _3\"></span>(delegante). Con <span class=\"_ _3\"></span>particolare riguardo a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>commissioni di <span class=\"_ _3\"></span>gestione, l\u2019Agenzia </span>riprende <span class=\"_ _4\"> </span>analoghe <span class=\"_ _7\"> </span>rettifiche <span class=\"_ _4\"> </span>effettuate <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>annualit\u00e0 <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>2011 <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>2013 <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _4\"> </span>diedero <span class=\"_ _7\"> </span>luogo <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>accertamento <span class=\"_ _4\"> </span>con adesione <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>annualit\u00e0) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>l\u2019imponibile <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Fideuram <span class=\"_ _2\"></span>SGR <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>560 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro. <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>ha aderito <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>sottoscrivendo <span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>15 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>provvedendo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento dell\u2019importo dovuto (220 <span class=\"_ _3\"></span>mila euro) <span class=\"_ _3\"></span>il 20 <span class=\"_ _3\"></span>dicembre<span class=\"ff1\"> <span class=\"_ _3\"></span>2022. In <span class=\"_ _3\"></span>relazione a possibili <span class=\"_ _3\"></span>analoghe contestazioni per gli a<span class=\"_ _3\"></span>nni successivi </span>fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>2019, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>500 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>onere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposte <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>interessi, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuando <span class=\"_ _5\"></span>un<span class=\"_ _5\"></span> accantonamento al conto e<span class=\"_ _3\"></span>conomico 2022. D\u2019intesa co<span class=\"_ _2\"></span><span class=\"ff1\">n il <span class=\"_ _3\"></span>consulente che segue <span class=\"_ _3\"></span>la contestazione, nessun <span class=\"_ _3\"></span>accantonamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>\u00e8 </span>stato <span class=\"_ _6\"></span>operato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>successivi, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>prossima <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>bilaterali <span class=\"_ _6\"></span>presentati <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _5\"></span><span class=\"ls17\">0 </span>(quindi, applicabili <span class=\"_ _0\"></span>da tale periodo per 5 a<span class=\"_ _0\"></span>nni) alle autorit<span class=\"ff4\">\u00e0 irlandesi e italiane sull\u2019attivi<span class=\"_ _0\"></span>t\u00e0 contestata.<span class=\"ff1\"> </span></span>Eurizon <span class=\"_ _4\"> </span>Capital <span class=\"_ _7\"> </span>SGR <span class=\"_ _7\"> </span><span class=\"ff4\">(di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>EC <span class=\"_ _4\"> </span>ITA\u201d) <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>22 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _7\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate<span class=\"_ _0\"></span>  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Direzione </span></span>Regionale  della <span class=\"_ _1d\"> </span>Lombardia  (di  seguito <span class=\"_ _1d\"> </span>l\u2019\u201dAdE\u201d  o <span class=\"_ _1d\"> </span>l\u2019\u201dUfficio\u201d)  un <span class=\"_ _1d\"> </span>invito  a  comparire <span class=\"_ _1d\"> </span>ai  fin<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _1d\"> </span>IRAP<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>e, <span class=\"_ _1d\"> </span>congiu<span class=\"_ _0\"></span>ntamente  alla </span>consolidante fiscale Int<span class=\"_ _0\"></span>esa Sanpaolo (di <span class=\"_ _0\"></span>seguito \u201cCapogruppo\u201d),<span class=\"_ _0\"></span> un invito a comp<span class=\"_ _0\"></span>arire ai fini IRE<span class=\"_ _0\"></span>S per l\u2019annualit\u00e0 201<span class=\"_ _0\"></span>6.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>presentate <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019incontro <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>attivando, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>modo,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di </span>contraddittorio della <span class=\"_ _0\"></span>durata di circa quattr<span class=\"_ _0\"></span>o mesi. L\u2019AdE, <span class=\"_ _1c\"> </span>dopo <span class=\"_ _1c\"> </span>aver <span class=\"_ _1c\"> </span>esamin<span class=\"_ _0\"></span>ato <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>infragruppo<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>poste <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>da <span class=\"_ _1c\"> </span>EC <span class=\"_ _1c\"> </span>ITA <span class=\"_ _18\"> </span>nei <span class=\"_ _1c\"> </span>confronti <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>controllata<span class=\"_ _0\"></span> lussemburghese <span class=\"_ _4\"> </span>Eurizon <span class=\"_ _7\"> </span>Capital <span class=\"_ _7\"> </span>S.A. <span class=\"_ _4\"> </span>(di <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>\u201cEC <span class=\"_ _7\"> </span>LUX\u201d), <span class=\"_ _7\"> </span>contesta <span class=\"_ _4\"> </span>l\u2019analisi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>nella </span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _5\"></span>EC <span class=\"_ _2\"></span>ITA, <span class=\"_ _2\"></span>ritenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rispecchierebbe <span class=\"_ _2\"></span>l\u2019effettiva <span class=\"_ _2\"></span>ripartizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>funzioni, </span>rischi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>esistente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>precisamente <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizi svol<span class=\"_ _3\"></span>te da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _3\"></span>sebbene <span class=\"_ _3\"></span>formalmente scomp<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>pluralit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>separate, dal <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>sostanziale <span class=\"_ _3\"></span>sarebbero \u201c<span class=\"ff2\">riconducibili ad <span class=\"_ _3\"></span>una pi\u00f9 <span class=\"_ _3\"></span>ampia attivit\u00e0 <span class=\"_ _3\"></span>imprenditoriale<span class=\"ff3\">\u201d<span class=\"ff1\"> <span class=\"_ _3\"></span>svolta <span class=\"_ _3\"></span>da EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>a favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>EC LUX. <span class=\"_ _3\"></span>Pertanto, applicando un <span class=\"_ _3\"></span>metodo </span></span></span>di <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>libera <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>orrenza <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>ado<span class=\"_ _3\"></span>ttato da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA, <span class=\"_ _3\"></span>determina <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>imponibile a fini IRES ed IRAP di 151,1 milioni, cui corrispondono imposte IRES ed IRAP per 50 milioni (41,6 milioni per IRES e 8,4 milion<span class=\"_ _2\"></span><span class=\"ls19\">i </span>per IRAP), interessi pe<span class=\"_ _0\"></span>r complessivi 9,6 milioni e sanzioni per co<span class=\"_ _0\"></span>mplessivi 15 milioni. In <span class=\"_ _6\"></span>specie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>trasferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>EC <span class=\"_ _6\"></span>ITA <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>corretto adottare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Comparable <span class=\"_ _6\"></span>Uncontrolled <span class=\"_ _4\"></span>Price <span class=\"_ _6\"></span>(o <span class=\"_ _4\"></span>CUP) <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>prezzare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>servizi, <span class=\"_ _16\"> </span>in <span class=\"_ _6\"></span>primis <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>servizio <span class=\"_ _6\"></span>di delega di <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>resi ad <span class=\"_ _3\"></span>EC LUX, <span class=\"_ _3\"></span>allineando il <span class=\"_ _3\"></span>prezzo addebitato a<span class=\"_ _3\"></span>d EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>ai prezzi <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>EC ITA <span class=\"_ _3\"></span>addebita/paga a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>deleghe <span class=\"_ _3\"></span>attive/passive <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>terze, <span class=\"_ _2\"></span>l\u2019AdE <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>appropriato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Transacti<span class=\"_ _2\"></span><span class=\"ff1\">onal </span>Net Margin Me<span class=\"ff4\">thod (TNMM), che prevede in sostanza l\u2019allocazione di una percentuale di margine netto rispetto al valore della</span><span class=\"ff4\"><span class=\"_ _0\"></span> </span>produzione <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>analisi, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>specie <span class=\"_ _6\"> </span>EC <span class=\"_ _6\"> </span>LUX. <span class=\"_ _6\"> </span>Nel <span class=\"_ _6\"> </span>dettaglio, <span class=\"_ _6\"> </span>l\u2019AdE <span class=\"_ _6\"> </span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>utili <span class=\"_ _6\"> </span>lord<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>imposte/commissio<span class=\"ff4\">ni <span class=\"_ _5\"></span>attive <span class=\"_ _6\"> </span>rilevato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>UX <span class=\"_ _5\"></span>(3<span class=\"_ _3\"></span>8,5%) <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>eccessivo. <span class=\"_ _6\"> </span>Conseguentemente <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _6\"> </span>approccio, <span class=\"_ _6\"> </span>l\u2019utile </span>ante <span class=\"_ _7\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>EC <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _7\"> </span>(208,6 <span class=\"_ _16\"> </span>milioni)<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>attribuito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>circa <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>quarto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Lussemburgo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>circa <span class=\"_ _16\"> </span>tre <span class=\"_ _7\"> </span>quarti (151,1 milioni) <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>impor<span class=\"_ _3\"></span>tante <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>conseguenti r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>allocazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _2\"></span>tra Lussemburgo ed Italia m<span class=\"_ _0\"></span>uove <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nella tesi dell\u2019AdE \u2013</span> dalla convin<span class=\"_ _0\"></span>zione che EC LUX ri<span class=\"_ _0\"></span>ceva da EC ITA un co<span class=\"_ _0\"></span>ntributo intangibile. Come confermato anche dal parere ril<span class=\"_ _3\"></span><span class=\"ff4\">asciato dal consulente che a<span class=\"_ _3\"></span>ssiste EC ITA, la contestazione mossa dall\u2019Ufficio presenta </span>diversi <span class=\"_ _4\"> </span>profili <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>infondatezza: <span class=\"_ _4\"> </span>a) <span class=\"_ _7\"> </span>l\u2019intangibile<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>influenza <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rasferimento <span class=\"_ _4\"> </span>infragruppo<span class=\"_ _3\"></span></span>; <span class=\"_ _7\"> </span>b) <span class=\"_ _7\"> </span>l\u2019Ufficio, <span class=\"_ _4\"> </span>poi, <span class=\"_ _7\"> </span>ha completamente <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>gnorato <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>risultanze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>scorsi <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di imposta <span class=\"_ _3\"></span>2011-2015, che <span class=\"_ _3\"></span>avevano <span class=\"_ _3\"></span>condotto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>conclusione di <span class=\"_ _3\"></span>atti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>desione aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rettifica dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>praticati <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>tra <span class=\"_ _4\"></span>EC <span class=\"_ _4\"></span>ITA <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EC <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>basi <span class=\"_ _4\"> </span>completamente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _6\"></span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _6\"></span>che emergono ora <span class=\"_ _3\"></span>relativamente al 2016. <span class=\"_ _3\"></span>In tale <span class=\"_ _3\"></span>contesto, tra <span class=\"_ _3\"></span>l\u2019altro, EC LUX <span class=\"_ _3\"></span>aveva fornito a<span class=\"_ _3\"></span>ll\u2019Ufficio informazioni circa l\u2019inta<span class=\"_ _5\"></span><span class=\"ff1\">ngible </span>e <span class=\"_ _3\"></span>il suo <span class=\"_ _3\"></span>ammortamento fiscale <span class=\"_ _3\"></span>extra-contabile. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>degli atti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>desione relativi a<span class=\"_ _3\"></span>i periodi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta 2011<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>2015, <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Ufficio <span class=\"_ _2\"></span>aveva <span class=\"_ _2\"></span>acquisito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>suddetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortamento <span class=\"_ _2\"></span>extra<span class=\"_ _2\"></span><span class=\"ff1\">-contabile, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _2\"></span>tuttavia </span>ritenere che dovessero avere un impatto ai fi<span class=\"ff4\">ni <span class=\"_ _3\"></span>della determinazi<span class=\"_ _0\"></span>one dei prezzi di trasferimento tra EC ITA e EC LUX. L\u2019Ufficio </span>aveva <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>idonea <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>redisposta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>suo <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>EC <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>TA <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>metodo CUP, <span class=\"_ _3\"></span>riconoscendo a <span class=\"_ _2\"></span>quest\u2019ulti<span class=\"_ _35\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>enalty protectio<span class=\"_ _3\"></span>n; <span class=\"_ _3\"></span>c) <span class=\"_ _3\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>omesso <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>ompiere un\u2019apposita <span class=\"_ _3\"></span>analisi volta <span class=\"_ _3\"></span>ad indentificare le <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>svolte, i<span class=\"_ _3\"></span> rischi <span class=\"_ _3\"></span>assunti e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i beni<span class=\"_ _3\"></span> utilizzati <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oncreto da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>EC LUX <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>20<span class=\"_ _5\"></span>16, <span class=\"_ _3\"></span>ma si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>limitato <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>qualificare <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>LUX <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mplessa\u201d <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>erronea <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onvinzione <span class=\"_ _5\"></span>che l\u2019ammortamento fiscale <span class=\"_ _3\"></span>extra<span class=\"_ _3\"></span><span class=\"ff1\">-</span>contabile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>capo <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riconducibile ad <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cbene intangibile\u201d <span class=\"_ _3\"></span>contribuito d<span class=\"_ _3\"></span>a EC <span class=\"_ _2\"></span>ITA <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conseguenza, <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">tale <span class=\"_ _2\"></span>contributo <span class=\"_ _2\"></span>\u201cunico\u201d <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>fiscale, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a </span>ritenuto <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>specie <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>metodi <span class=\"_ _5\"></span>\u201ctradizionali\u201d<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>libera <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncorrenza <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>CUP; <span class=\"_ _3\"></span>d) <span class=\"_ _2\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ignorato <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>stesso <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>nel<span class=\"_ _2\"></span>l\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>procedimento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione concluso <span class=\"_ _16\"> </span>nel  2022  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  la <span class=\"_ _16\"> </span>societ\u00e0  Fi<span class=\"_ _0\"></span>deuram  SG<span class=\"_ _0\"></span>R,  sopra<span class=\"_ _0\"></span>  commentato,<span class=\"_ _0\"></span>  avente <span class=\"_ _16\"> </span>ad  ogg<span class=\"_ _0\"></span>etto <span class=\"_ _16\"> </span>i  rapporti  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fragruppo <span class=\"_ _16\"> </span>con  la consociata <span class=\"_ _4\"> </span>irlandese <span class=\"_ _4\"> </span>FAMI. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>ultimo <span class=\"_ _4\"> </span>contesto, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>l\u2019Uffici<span class=\"_ _0\"></span>o, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\">perazioni <span class=\"_ _6\"></span>infragruppo <span class=\"_ _4\"> </span>similari <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>quelle </span>concluse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>maggiormente <span class=\"_ _3\"></span>appropriato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>circostanze <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso fosse proprio il CUP; e) da ultimo, l\u2019Ufficio, pur avendo dato atto che sulle medesime operazion<span class=\"_ _2\"></span>i infragruppo oggetto dell\u2019invit<span class=\"_ _0\"></span>o \u00e8 <span class=\"_ _2\"></span>tuttora <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>procedura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accordo <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>bilaterale <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>trasferimento  t<span class=\"_ _0\"></span>ra  le  Au<span class=\"_ _0\"></span>torit\u00e0  Comp<span class=\"_ _0\"></span>etenti  itali<span class=\"_ _0\"></span>ane  e  lu<span class=\"_ _0\"></span>ssemburghesi,  n<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  ha <span class=\"_ _16\"> </span>valorizzato  in <span class=\"_ _16\"> </span>alcun<span class=\"_ _2\"></span>  modo  tale  c<span class=\"_ _0\"></span>ircostanza,<span class=\"_ _35\"></span> nonostante <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accordo <span class=\"_ _5\"></span>preventivo <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>ta <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>conclusione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>uddetti <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>di adesione relativi ai p<span class=\"_ _0\"></span>eriodi di impost<span class=\"_ _0\"></span>a 2011<span class=\"_ _3\"></span>-2015 e dunque c<span class=\"_ _0\"></span>omprenda anche il 2<span class=\"_ _0\"></span>016. Tali <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _2\"></span>sar<span class=\"ff4\">anno <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>rappresentate <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumentate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contraddittorio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dovr\u00e0 <span class=\"_ _5\"></span>concludersi <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il </span>30<span class=\"ls0\"> aprile 2023. </span>Con riguardo alle so<span class=\"_ _0\"></span>ciet\u00e0 controllate estere<span class=\"_ _0\"></span> si segnalano le seg<span class=\"_ _0\"></span>uenti evoluzioni d<span class=\"_ _0\"></span>el contenzioso i<span class=\"_ _0\"></span>ntervenute nell\u2019anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>Albania <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>interessata <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>i) <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>pendente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>ricorso <span class=\"_ _5\"></span>della Banca, <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>esigibili <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>l\u2019amministra<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>avrebbero portato <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>le<span class=\"_ _2\"></span>gittima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>imponibile <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>annualit\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>2003 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2007 (petitum <span class=\"_ _7\"> </span>1,3 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _7\"> </span>ii) <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>contenzioso <span class=\"_ _7\"> </span>ex <span class=\"_ _16\"> </span>Veneto <span class=\"_ _4\"> </span>Banka <span class=\"_ _7\"> </span>pendente <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>errori <span class=\"_ _7\"> </span>commessi <span class=\"_ _7\"> </span>nella dichiarazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>redditi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>d\u2019im<span class=\"_ _3\"></span><span class=\"ff1\">posta <span class=\"_ _7\"> </span>2013 <span class=\"_ _7\"> </span>(petitum <span class=\"_ _16\"> </span>33 <span class=\"_ _7\"> </span>mila <span class=\"_ _16\"> </span>euro); <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>definito <span class=\"_ _7\"> </span>invece <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>di </span>1 milione,  con  utilizzo  del  fo<span class=\"_ _35\"></span>ndo, <span class=\"_ _1d\"> </span>il  conten<span class=\"_ _0\"></span>zioso  relativo  ad  errori <span class=\"_ _16\"> </span>commessi  nella  dichiarazione <span class=\"_ _16\"> </span>dei  redditi  del  periodo d\u2019imposta 2011.<span class=\"ff1\"> </span>Bank <span class=\"_ _16\"> </span>of <span class=\"_ _16\"> </span>Alexandria <span class=\"_ _7\"> </span>ha  i<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>corso <span class=\"_ _7\"> </span>due  v<span class=\"_ _0\"></span>erific<span class=\"_ _3\"></span><span class=\"ff4\">he <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>corporate <span class=\"_ _16\"> </span>income <span class=\"_ _7\"> </span>tax  per <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _7\"> </span>2018  e<span class=\"_ _0\"></span> </span>all\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ollo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2019. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>formulate <span class=\"_ _2\"></span>contestazioni. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endente <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contenzioso a<span class=\"_ _3\"></span>vente<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ad oggetto i<span class=\"_ _3\"></span>l mancato versamento dell\u2019imposta di <span class=\"_ _3\"></span>bol<span class=\"_ _3\"></span><span class=\"ff1\">lo da <span class=\"_ _3\"></span>parte delle fi<span class=\"_ _3\"></span>liali della banca del v<span class=\"_ _3\"></span>alore complessivo di 2,1<span class=\"_ _3\"></span> milioni di </span>euro <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>1984 <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>2008 <span class=\"_ _5\"></span>(era <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>5,8 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo </span>rischi <span class=\"_ _2\"></span>(-3,7 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>deriva <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>rischi. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _2\"></span>fiscale sull\u2019imposta di boll<span class=\"_ _0\"></span>o relativa al periodo <span class=\"_ _0\"></span>d\u2019imposta 2019 si \u00e8 c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>iusa senza rilievi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>controversia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>annualit\u00e0 <span class=\"_ _2\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2015 <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata <span class=\"_ _5\"></span>estera<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"_ _5\"></span></span>UBI <span class=\"_ _5\"></span>Trustee <span class=\"_ _5\"></span>S.A. <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>trust <span class=\"_ _5\"></span>company <span class=\"_ _2\"></span>residente <span class=\"_ _5\"></span>in Lussemburgo), <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>chiusa <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l\u2019Amministrazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>trust <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dei titolari effettivi dei m<span class=\"_ _0\"></span>edesimi.  Infine, si <span class=\"_ _3\"></span>segnala che p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>IMI SEC \u00e8<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>corso un <span class=\"_ _3\"></span>audit condotto da<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">lo <span class=\"_ _3\"></span>Stato di <span class=\"_ _3\"></span>New <span class=\"_ _3\"></span>York in <span class=\"_ _3\"></span>relazione al reddito <span class=\"_ _3\"></span>d\u2019impresa delle </span>annualit\u00e0 2015, 2016<span class=\"_ _0\"></span> e 2017. Al momento <span class=\"_ _0\"></span>non si segnalano riliev<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> Altra <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>fiscale <span class=\"_ _5\"></span>avviata <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>riguarda <span class=\"_ _4\"></span>EXELIA<span class=\"_ _0\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2017<span class=\"_ _3\"></span></span><span class=\"ls12\">. <span class=\"_ _6\"></span></span>Al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si segnalano rilievi. Si  me<span class=\"_ _0\"></span>nziona <span class=\"_ _16\"> </span>infine <span class=\"_ _16\"> </span>un  cont<span class=\"_ _0\"></span>enzioso <span class=\"_ _16\"> </span>pendente <span class=\"_ _16\"> </span>in  Bra<span class=\"_ _0\"></span>sile <span class=\"_ _16\"> </span>relativo  a<span class=\"_ _0\"></span>lla <span class=\"_ _16\"> </span>ex  co<span class=\"_ _0\"></span>ntrollata <span class=\"_ _16\"> </span>Banco  S<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dameris <span class=\"_ _16\"> </span>Brasil <span class=\"_ _16\"> </span>(ora  B<span class=\"_ _0\"></span>anco Santander <span class=\"_ _5\"></span>Brasil), <span class=\"_ _2\"></span>ceduta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2003 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>ABN <span class=\"_ _2\"></span>AMRO <span class=\"_ _5\"></span>Brasil <span class=\"_ _5\"></span>(ora <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"></span>Santander), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>onere <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>ricade <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>Intesa Sanpaolo, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessionaria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Settlement <span class=\"_ _3\"></span>Agreement del <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Banco <span class=\"_ _3\"></span>Santander <span class=\"_ _2\"></span>Brasil. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201cCausa <span class=\"_ _2\"></span>PDD1\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>verte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>e contribuzione sociale per il 1<span class=\"_ _0\"></span>995.<span class=\"ff2\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>depositata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudice <span class=\"_ _2\"></span>civile <span class=\"_ _5\"></span>ordinario <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arzialmente<span class=\"_ _35\"></span> accolto <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>eccezioni <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>banca, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dimostrata <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>complesso <span class=\"_ _4\"> </span>favorevole <span class=\"_ _4\"> </span>all\u2019Amministrazione <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>brasiliana.  <span class=\"ff1\">La<span class=\"_ _0\"></span> </span>sentenza \u00e8 stata impugnata e il giud<span class=\"_ _3\"></span>izio pende in secondo grado. Il petitum \u00e8 di <span class=\"_ _3\"></span>euro 41,6 milioni, al cambio di dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _2\"></span><span class=\"lsc\">2 </span>(35 milioni al 3<span class=\"_ _3\"></span>1.12.2021), valorizzato in misura corrispondente al deposito cauzionale versato dalla <span class=\"_ _3\"></span>Banca per adire il <span class=\"_ _3\"></span>giud<span class=\"_ _5\"></span>ice civile (216 milioni <span class=\"_ _0\"></span>di reals brasiliani) e i<span class=\"_ _0\"></span>scritto nell\u2019attivo pat<span class=\"_ _0\"></span>rimoniale, <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>novit\u00e0 <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>due. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilascio, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>parere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Prof. <span class=\"_ _6\"></span>Terci<span class=\"_ _0\"></span>o Sampaio <span class=\"_ _3\"></span>Ferraz <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>quale, <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019altro, <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>confe<span class=\"_ _3\"></span><span class=\"ff1\">r<span class=\"_ _3\"></span>mata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>sostenuta <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>transattiva </span>per <span class=\"_ _3\"></span>il 1<span class=\"_ _3\"></span>995 con <span class=\"_ _3\"></span>l\u2019Amministrazione brasiliana in<span class=\"_ _3\"></span> base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>apposita n<span class=\"_ _3\"></span>orma <span class=\"_ _3\"></span>locale (art. <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>della Legge <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>9799/1999) <span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>ggetto di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>contenzioso <span class=\"_ _5\"></span>amministrativo <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span>tribuente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>decisioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>Amministrativo <span class=\"_ _5\"></span>(CARF), <span class=\"_ _5\"></span>non pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>messa <span class=\"_ _4\"> </span>nuovamente <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>discussione, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>fatto <span class=\"_ _7\"> </span>dall\u2019Erario <span class=\"_ _4\"> </span>brasiliano <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _7\"> </span>giurisdizio<span class=\"_ _0\"></span>nale attualmente pendent<span class=\"_ _0\"></span>e in secondo grado. In <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>pareri <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>consulent<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>locali, <span class=\"_ _4\"></span>tali <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _4\"></span>conse<span class=\"_ _0\"></span>ntono <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>confermare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>soccombenza <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>giudizio come <span class=\"_ _5\"></span>remoto <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>25,6 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>iscritto <span class=\"_ _5\"></span>nell\u2019attivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>patrimoniale). <span class=\"_ _7\"> </span><span class=\"ff1\">Su<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-671.04224px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">imposte <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sanzioni <span class=\"_ _5\"></span>(corrisponden<span class=\"ff4\">ti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>16 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito) <span class=\"_ _5\"></span>prudenzialmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>l\u2019accantonamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l </span></div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">50% <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>ammontare, <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complessivi,8 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(+ <span class=\"_ _7\"> </span>1,2 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dice<span class=\"_ _3\"></span>mbre <span class=\"_ _4\"> </span>2021). <span class=\"_ _4\"> </span>L\u2019incremento <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>dovuto </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019apprezzamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valuta <span class=\"_ _5\"></span>brasiliana <span class=\"_ _6\"></span>sull\u2019<span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>cambio <span class=\"_ _6\"></span>rilevato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>della </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">controversia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>connesso <span class=\"_ _4\"> </span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"></span>riguarda <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>notificazione, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ottobre, <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Fisco </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">brasiliano d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un\u2019intimazione di <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>asseri<span class=\"_ _3\"></span><span class=\"ff1\">ta <span class=\"_ _3\"></span>carenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>deposito giudiziario <span class=\"_ _3\"></span>costituito d<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>ontribuente a <span class=\"_ _2\"></span>copertura<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>contestazione. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>riguardo, <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"></span>presentata <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>memoria <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>opposizione <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>intimazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">evidenziando che il <span class=\"_ _3\"></span>Fisco brasiliano ha <span class=\"_ _3\"></span>erroneamente con<span class=\"_ _3\"></span>teggiato il v<span class=\"_ _3\"></span>alore degli <span class=\"_ _3\"></span>interessi maturati sul deposito giudiziario che </div><div class=\"t m0 x0 h32 y65 ff4 fs0 fc0 sc0 ls0 ws0\">invece <span class=\"_ _3\"></span>coprirebbero <span class=\"_ _3\"></span>ampiamente <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>pretesa <span class=\"_ _3\"></span>dell\u2019Amministrazione <span class=\"_ _3\"></span>finanziaria. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>consulenti <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>confermano <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>non </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">modifica le stime di ris<span class=\"_ _0\"></span>chio ad ogg<span class=\"_ _0\"></span>i espresse in riferimento al contenzioso in essere. </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x17b h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">* * * </div><div class=\"t m0 xcd h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">A fr<span class=\"_ _3\"></span>onte della <span class=\"_ _3\"></span>totalit\u00e0 <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>ratiche di <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>fiscale in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2022, <span class=\"_ _3\"></span>per un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>complessivo, come <span class=\"_ _4\"></span>in </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">precedenza <span class=\"_ _3\"></span>indicato, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>219 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>nell\u2019at<span class=\"_ _2\"></span><span class=\"ff1\">tivo <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">sono iscritti 44 milioni <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i crediti per importi <span class=\"_ _0\"></span>pagati a titolo prov<span class=\"_ _0\"></span>visorio in presenza di ac<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ertamenti, 21 mili<span class=\"_ _0\"></span>oni dei quali<span class=\"_ _2\"></span> riferiti alla </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>quota del fondo <span class=\"_ _3\"></span>rischi che <span class=\"_ _3\"></span>fronteggia le <span class=\"_ _3\"></span>relative controversi<span class=\"_ _3\"></span>e con <span class=\"_ _3\"></span>iscrizione a <span class=\"_ _3\"></span>ruolo provvisoria ammonta a <span class=\"_ _3\"></span>32 <span class=\"_ _3\"></span>milioni, di cui </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">26 milioni relativi a I<span class=\"_ _0\"></span>ntesa Sanpaolo.  </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Detti <span class=\"_ _1d\"> </span>versamenti  a <span class=\"_ _1d\"> </span>titolo <span class=\"_ _1d\"> </span>provvisorio  sono <span class=\"_ _1d\"> </span>stati <span class=\"_ _1d\"> </span>effettuati <span class=\"_ _1d\"> </span>in  ot<span class=\"_ _3\"></span>temperanza<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>specifiche <span class=\"_ _1d\"> </span>disposizioni  legislative,  c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>ne </div><div class=\"t m0 x0 h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">prevedono <span class=\"_ _5\"></span>l\u2019obbligatoriet\u00e0 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>utomatico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tutto <span class=\"_ _5\"></span>indipendente <span class=\"_ _2\"></span>dall\u2019effettiva <span class=\"_ _5\"></span>fondatezza <span class=\"_ _2\"></span>delle </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">connesse pretese fiscali, <span class=\"_ _0\"></span>e quindi dal maggiore o minore<span class=\"_ _0\"></span> rischio di soccombenza <span class=\"_ _0\"></span>nei relativi giudizi. Si tr<span class=\"_ _0\"></span>atta cio\u00e8 di pagam<span class=\"_ _2\"></span>enti </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">eseguiti <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragion<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell'esecutoriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>dotati <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>amministrativi <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>contengono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>neppure <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impugnazione, che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>efficacia <span class=\"_ _3\"></span>sospensiva, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nulla <span class=\"_ _3\"></span>toglie o </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">aggiunge <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>sull\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">ffettivo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soccombenza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>operata <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dallo </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">IAS 37 per le passivit\u00e0.  </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1019": {
   "value": "10.6 Fondi per rischi ed on<span class=\"_ _0\"></span>eri - altri fondi (milioni<span class=\"_ _0\"></span> di euro) Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Altri fond<span class=\"_ _0\"></span>i 1. contro<span class=\"_ _0\"></span>versie legali <span class=\"_ _0\"></span>e fiscali 969<span class=\"ls0\"> </span>1.066 2. oneri per <span class=\"_ _0\"></span>il personale<span class=\"_ _35\"></span> 2.230 2.611 oneri per ini<span class=\"_ _0\"></span>ziative di<span class=\"_ _0\"></span> incentiva<span class=\"_ _0\"></span>zione all'esodo 1.306 1.771 premi per an<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ianit\u00e0 ai di<span class=\"_ _35\"></span>pendenti 177<span class=\"ls0\"> </span>229<span class=\"ls0\"> </span>altri oneri<span class=\"_ _0\"></span> diversi del<span class=\"_ _0\"></span> personale 747<span class=\"ls0\"> </span>611<span class=\"ls0\"> </span>3. altri risch<span class=\"_ _0\"></span>i e oneri 961<span class=\"ls0\"> </span>1.241 indennit\u00e0 di<span class=\"_ _0\"></span>verse agli <span class=\"_ _0\"></span>agenti della r<span class=\"_ _35\"></span>ete distributiva 300<span class=\"ls0\"> </span>367<span class=\"ls0\"> </span>altri  661<span class=\"ls0\"> </span>874<span class=\"ls0\"> </span>Totale 4.160 4.918 Gli  accanto<span class=\"_ _0\"></span>namenti  v<span class=\"_ _0\"></span>engono  attu<span class=\"_ _0\"></span>alizzati  utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zando  i <span class=\"_ _16\"> </span>tassi  correnti <span class=\"_ _16\"> </span>di  mercat<span class=\"_ _0\"></span>o  nei <span class=\"_ _16\"> </span>casi  in <span class=\"_ _16\"> </span>cui  l\u2019element<span class=\"_ _0\"></span>o  temporale <span class=\"_ _16\"> </span>sia significativo.  Gli Altri fondi sono di<span class=\"_ _0\"></span>stinti in: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Controversie <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>fiscali: <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>costituito <span class=\"_ _4\"></span>essenzialment<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>fronteggiare <span class=\"_ _16\"> </span>le <span class=\"_ _6\"></span>previsioni <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>esborso <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ause </span>passive, sulle revocato<span class=\"_ _0\"></span>rie fallimentari e con<span class=\"_ _0\"></span>tenziosi fiscali; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">Oneri <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>personale: <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>fondo <span class=\"_ _6\"> </span>include <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>oneri <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>all\u2019esodo <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>remi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>anzianit\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>personale </span></span>dipendente <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>determinati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tuariali), <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _6\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>bonus <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>esborsi <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ai dipendenti; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Altri <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>oneri: <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>riferiscono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>indennit\u00e0 <span class=\"_ _6\"></span>private <span class=\"_ _4\"></span>bankers, <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Compagnie <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Assic<span class=\"_ _0\"></span>urazione,<span class=\"_ _0\"></span> </span>stanziamenti <span class=\"_ _3\"></span>destinati a <span class=\"_ _2\"></span>frontegg<span class=\"_ _0\"></span>i<span class=\"ff4\">a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>all\u2019integrazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Venete, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri </span>connessi alla cessio<span class=\"_ _0\"></span>ne di portafogli <span class=\"_ _0\"></span>di crediti NPL e altri co<span class=\"_ _0\"></span>ntenziosi.<span class=\"_ _3\"></span> 1.5. RISCHI OPERATIVI INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di <span class=\"_ _3\"></span>gestione e metodi di m<span class=\"_ _3\"></span>isurazione d<span class=\"_ _3\"></span>el rischio operativo<span class=\"_ _2\"></span> </span>Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>subire <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>inadeguatezza <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disfunzione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>proced<span class=\"_ _5\"></span>ure, risorse umane e sist<span class=\"_ _0\"></span>emi interni, oppure da <span class=\"_ _0\"></span>eventi esogeni<span class=\"_ _90\"> </span>106<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _6\"></span>orientata <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prudente gestione  e  finalizzata  a  garantire  solidit\u00e0  e  continuit\u00e0  aziend<span class=\"_ _0\"></span>ale  nel  lungo  periodo.  Inoltre,  il  Gruppo  pone  particolar<span class=\"_ _0\"></span>e attenzione al conseguimento di<span class=\"_ _0\"></span> un equilibrio ot<span class=\"_ _0\"></span>timale tra obiettivi<span class=\"_ _0\"></span> di crescita e di reddi<span class=\"_ _0\"></span>tivit\u00e0 e rischi con<span class=\"_ _0\"></span>seguenti.<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>finalit\u00e0, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>framework <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perativ<span class=\"_ _5\"></span><span class=\"ls13\">i, </span>stabilendo normativa e<span class=\"_ _0\"></span> processi organizzativi per la mi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>urazione, la gestion<span class=\"_ _0\"></span>e e il controllo deg<span class=\"_ _0\"></span>li stessi.<span class=\"_ _3\"></span> Ai f<span class=\"_ _3\"></span>ini di <span class=\"_ _3\"></span>Vigilanza, il <span class=\"_ _3\"></span>Gruppo adotta, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>requisito patrimoniale, <span class=\"_ _3\"></span>il Metodo Avanzato <span class=\"_ _3\"></span>(AMA) <span class=\"_ _3\"></span>in partial<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>use con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>standardizzato (<span class=\"_ _3\"></span>TSA) e <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>BIA). <span class=\"_ _2\"></span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato <span class=\"_ _3\"></span>\u00e8 cost<span class=\"_ _3\"></span>ituito da Intesa Sanpaolo (incluse le ex Banche e Soc<span class=\"_ _0\"></span>iet\u00e0 in essa incorporate) e dalle princip<span class=\"_ _0\"></span>ali banche e societ\u00e0 delle Divisioni Priv<span class=\"_ _2\"></span>ate Banking e Asset Ma<span class=\"_ _0\"></span>nagement, da VUB<span class=\"_ _0\"></span> Banka e PBZ Banka. Modello di Governo Un <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>efficace <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>efficiente <span class=\"_ _5\"></span>presuppone <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>strettamente <span class=\"_ _2\"></span>integrato <span class=\"_ _5\"></span>nei processi <span class=\"_ _7\"> </span>decisionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>aziendale. <span class=\"_ _7\"> </span>Per <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>ragione, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>scelto <span class=\"_ _16\"> </span>di </span>coinvolgere <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>responsabilit\u00e0 <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"></span>operativi <span class=\"_ _4\"></span>(c.d. <span class=\"_ _6\"></span>Operational <span class=\"_ _4\"></span>Risk <span class=\"_ _6\"></span>Management) <span class=\"_ _4\"></span>le Unit\u00e0 Organizzative (b<span class=\"_ _0\"></span>usiness unit, struttur<span class=\"_ _0\"></span>e centrali/di support<span class=\"_ _0\"></span>o) della Capogruppo, d<span class=\"_ _0\"></span>elle Banche e delle Soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo. Il modello di governo<span class=\"_ _0\"></span> del rischio operativ<span class=\"_ _0\"></span>o \u00e8 sviluppato in ottica <span class=\"_ _0\"></span>di:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>ottimizzazione e valorizzazio<span class=\"_ _0\"></span>ne dei presidi org<span class=\"_ _0\"></span>anizzativi, delle int<span class=\"_ _0\"></span>errelazioni e dei flus<span class=\"_ _0\"></span>si informativi intercorre<span class=\"_ _0\"></span>nti fra le<span class=\"_ _2\"></span> Unit\u00e0 </span>Organizzative <span class=\"_ _16\"> </span>esistenti <span class=\"_ _16\"> </span>e  integr<span class=\"_ _0\"></span>azio<span class=\"ff4\">n<span class=\"_ _3\"></span>e  d<span class=\"_ _0\"></span>ell\u2019approccio <span class=\"_ _16\"> </span>di  g<span class=\"_ _0\"></span>estione <span class=\"_ _16\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _16\"> </span>operativo  co<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>  a<span class=\"_ _0\"></span>ltri  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>delli <span class=\"_ _16\"> </span>aziendali </span>sviluppati a fronte di <span class=\"_ _0\"></span>specifici rischi (es. Co<span class=\"_ _0\"></span>ntinuit\u00e0 Operati<span class=\"_ _0\"></span>va, Sicurezza Informatic<span class=\"_ _0\"></span>a, ecc.);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>trasparenza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>diffusione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>criteri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>alisi, <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>misurazione <span class=\"_ _3\"></span>utilizzati, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine </span>di facilitare il proces<span class=\"_ _0\"></span>so di diffusione cultur<span class=\"_ _0\"></span>ale e la comprensio<span class=\"_ _0\"></span>ne delle logiche s<span class=\"_ _0\"></span>ottostanti le scelte<span class=\"_ _0\"></span> adottate.<span class=\"_ _2\"></span> Il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>una  Fun<span class=\"_ _0\"></span>zione <span class=\"_ _16\"> </span>centralizzata <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>operativo, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Direzione  E<span class=\"_ _35\"></span>nterprise  Ris<span class=\"_ _35\"></span>k Management. <span class=\"_ _3\"></span>L\u2019Unit\u00e0 <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabile <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>progettazione, <span class=\"_ _2\"></span>dell\u2019implementazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>presidio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>metodologico <span class=\"_ _3\"></span>e organizzativo, <span class=\"_ _4\"> </span>n<span class=\"ff4\">onch\u00e9 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>profili <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>\u2019efficaci<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>del </span>reporting <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vertici <span class=\"_ _5\"></span>aziendali. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>requisiti <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _5\"></span>Organizzative <span class=\"_ _5\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la responsabilit\u00e0 della <span class=\"_ _3\"></span>rilevazione, della <span class=\"_ _3\"></span>valutazione, della gestione <span class=\"_ _3\"></span>e della <span class=\"_ _3\"></span>mitigazione dei <span class=\"_ _3\"></span>rischi: a<span class=\"_ _3\"></span>l loro <span class=\"_ _3\"></span>interno sono <span class=\"_ _3\"></span>individuate 106 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compo<span class=\"_ _3\"></span>nente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"> </span>econom<span class=\"_ _3\"></span>iche, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>presi <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>i <span class=\"_ _6\"> </span>rischi: <span class=\"_ _6\"></span>legale, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>dotta, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>conf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>it\u00e0, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>financial crime, <span class=\"_ _3\"></span>fiscale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>IT <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cybe<span class=\"_ _3\"></span>r, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sicu<span class=\"_ _3\"></span>rezza <span class=\"_ _3\"></span>fisica, <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>operativa, <span class=\"_ _2\"></span>terze <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arti, <span class=\"_ _3\"></span>q<span class=\"_ _3\"></span><span class=\"ff4\">ualit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati, <span class=\"_ _3\"></span>frod<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019employer <span class=\"_ _2\"></span>risk. <span class=\"_ _2\"></span>Sono <span class=\"_ _3\"></span>esclu<span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rischi<span class=\"_ _3\"></span> </span>strategici e di rep<span class=\"_ _3\"></span>utazione.<span class=\"fs0\"> </span>CdA, CEO, Comitati<span class=\"_ _3\"></span> direzionali (Comitato Rischi<span class=\"_ _3\"></span> e Sostenibilit\u00e0), Comitati manageriali (Comitato Coordinamento Controlli e Ri<span class=\"_ _3\"></span>schi Non Finanziari<span class=\"_ _3\"></span>)<span class=\"_ _90\"> </span>Definizion<span class=\"_ _3\"></span>e obiettivi e politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Supervisione e Indirizzo Strategico<span class=\"_ _90\"> </span>Area di Governo Chi<span class=\"_ _3\"></span>ef Risk Officer, Funzione Centralizza<span class=\"_ _3\"></span>ta di gestione del rischio operati<span class=\"_ _3\"></span>vo (Operational, Technology <span class=\"_ _3\"></span>&amp; Information Risk Management)<span class=\"_ _90\"> </span>Coordinamento dell\u2019attuazione degli indirizzi<span class=\"_ _3\"></span> e delle politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Definizione, sviluppo, mantenimento del Framework di gestione dei rischi operativi<span class=\"_ _90\"> </span>Unit\u00e0 Organizzative di<span class=\"_ _3\"></span> Capogruppo/Societ\u00e0 del Gruppo (funzioni di Operati<span class=\"_ _3\"></span>onal<span class=\"_ _90\"> </span>Risk Management Decentrato e Referenti, funzioni<span class=\"_ _3\"></span> di risk management locali<span class=\"_ _3\"></span>)  Presidio dei rischi<span class=\"_ _3\"></span> operativi nelle singol<span class=\"_ _3\"></span>e Unit\u00e0 Organizzative/Societ\u00e0 del Gruppo<span class=\"_ _90\"> </span>Alimentazi<span class=\"_ _3\"></span>one del sistema di gestione dei<span class=\"_ _3\"></span> Rischi Operativi (eventi operativi, critici<span class=\"_ _3\"></span>t\u00e0, azioni di mitigazione, autodiagnosi)<span class=\"_ _90\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>responsabili <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Operational<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>appartenenza <span class=\"_ _4\"> </span>(raccolta <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ensiment<span class=\"_ _0\"></span>o strutturato <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>operativi, <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>correlate <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>mitigazione, esecuzione <span class=\"_ _5\"></span>dell\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>associata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>operativo). <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span>continuit\u00e0 <span class=\"_ _16\"> </span>il  proces<span class=\"_ _0\"></span>so <span class=\"_ _16\"> </span>di  gover<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>del  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>operativo <span class=\"_ _16\"> </span>\u00e8  attivo <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturato <span class=\"_ _7\"> </span>di  formazione <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ersone attivamente coinvolt<span class=\"_ _0\"></span>e nel processo stesso. Rischio ICT Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>formativo <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimaria <span class=\"_ _5\"></span>importanza<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>conseguimento <span class=\"_ _5\"></span>dei<span class=\"_ _0\"></span> propri <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trategici, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 s<span class=\"_ _3\"></span>ociale, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>criticit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>processi <span class=\"_ _2\"></span>az<span class=\"_ _5\"></span>iendali che <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>esso <span class=\"_ _17\"> </span>dipendono. <span class=\"_ _1d\"> </span>Conseguent<span class=\"_ _0\"></span>emente <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpegna <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>creare <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mbiente <span class=\"_ _1d\"> </span>resilient<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>ad <span class=\"_ _1d\"> </span>investire<span class=\"_ _2\"></span> <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>e infrastrutture <span class=\"_ _3\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>minimizzar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>ICT <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>proteggere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _2\"></span>immagine<span class=\"_ _2\"></span><span class=\"ff1\">, <span class=\"_ _5\"></span>i </span>propri clienti e i pr<span class=\"_ _0\"></span>opri dipendenti. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>dotato, <span class=\"_ _6\"></span>quindi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>regole <span class=\"_ _5\"></span>finalizz<span class=\"_ _2\"></span>ati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>misurare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>ICT <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono esposti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>valutare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presidi <span class=\"_ _2\"></span>esistenti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>adeguate <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>rischi, <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>oerente con il processo di ge<span class=\"_ _0\"></span>stione dei rischi o<span class=\"_ _0\"></span>perativi. In linea con il quadro metodologico definito per il govern<span class=\"_ _0\"></span>o dei rischi operativi, il modello di gover<span class=\"_ _0\"></span>no del rischio ICT \u00e8 sviluppato<span class=\"_ _0\"></span> in ottica di integrazio<span class=\"_ _0\"></span>ne e coordinamento<span class=\"_ _0\"></span> delle competenze s<span class=\"_ _0\"></span>pecifiche delle str<span class=\"_ _0\"></span>utture coinvolte.<span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>Rischio <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>CT <span class=\"_ _4\"> </span>(Information <span class=\"_ _4\"> </span>and <span class=\"_ _7\"> </span>Communication <span class=\"_ _7\"> </span>Technology<span class=\"_ _0\"></span>) <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>intende <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incorrere <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomiche, <span class=\"_ _4\"></span>di reputazione <span class=\"_ _16\"> </span>e  di  quot<span class=\"_ _0\"></span>e  di  m<span class=\"_ _35\"></span>ercato,  in  rel<span class=\"_ _0\"></span>azione  all\u2019utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zo  di <span class=\"_ _16\"> </span>tecnologia  d<span class=\"_ _0\"></span>ell\u2019informazione <span class=\"_ _16\"> </span>e  della <span class=\"_ _16\"> </span>comunicazione.  N<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla rappresentazione <span class=\"_ _5\"></span>integrata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>denziali <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>considerata, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>specifici aspetti, tra i rischi op<span class=\"_ _0\"></span>erativi, reputazionali e <span class=\"_ _0\"></span>strategici.  Il rischio ICT compr<span class=\"_ _0\"></span>ende:  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _1d\"> </span>rischio  cyber <span class=\"_ _1d\"> </span>(ivi  compreso  il <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>di  sicurezza  informatica):<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>incorrere  in<span class=\"_ _3\"></span>  perdite <span class=\"_ _1d\"> </span>economiche,  di </span>reputazione e di quote <span class=\"_ _0\"></span>di mercato dovuto a: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque  a<span class=\"_ _0\"></span>ccesso <span class=\"_ _16\"> </span>o  t<span class=\"_ _0\"></span>entativo <span class=\"_ _16\"> </span>di  ac<span class=\"_ _0\"></span>cesso  n<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>autorizzato <span class=\"_ _16\"> </span>al  sist<span class=\"_ _0\"></span>ema  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formativo <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>  G<span class=\"_ _35\"></span>ruppo  o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>dati  e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le </span>informazioni digitali i<span class=\"_ _0\"></span>vi contenuti; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>vento <span class=\"_ _2\"></span>(doloso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>involontario) <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span><span class=\"ff4\">avorito <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>causato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019uso <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>tecnologia <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essa <span class=\"_ _3\"></span>connesso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>o </span></span>potrebbe <span class=\"_ _4\"> </span>avere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>negativo <span class=\"_ _4\"> </span>sull\u2019integrit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riservatezza <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>l\u2019autenticit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>dati <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle informazioni azienda<span class=\"_ _0\"></span>li, ovvero sulla co<span class=\"_ _0\"></span>ntinuit\u00e0 dei processi a<span class=\"_ _0\"></span>zi<span class=\"_ _3\"></span>endali; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>uso e/o diffusione impropri di<span class=\"_ _0\"></span> dati e informazio<span class=\"_ _0\"></span>ni digitali, anche n<span class=\"_ _0\"></span>on direttamente prodotti <span class=\"_ _0\"></span>e gestiti dal Gruppo ISP;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>tecnologico: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>economiche, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>reputazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione </span>all<span class=\"ff4\">\u2019utilizzo del sistema i<span class=\"_ _0\"></span>nformativo aziendal<span class=\"_ _0\"></span>e e connesso a malfu<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>zionamento di hardw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re, software e reti<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Processo di Gestione de<span class=\"_ _0\"></span>i Rischi Operativi di Grupp<span class=\"_ _0\"></span>o Il processo di gestio<span class=\"_ _0\"></span>ne dei rischi operativ<span class=\"_ _0\"></span>i del Gruppo Intesa Sa<span class=\"_ _0\"></span>npaolo si articola <span class=\"_ _0\"></span>nelle <span class=\"_ _2\"></span>seguenti fasi:<span class=\"_ _0\"></span> Identificazione La <span class=\"_ _17\"> </span>fase <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>identificazione <span class=\"_ _17\"> </span>comprende <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>raccolta <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>classificazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>informazioni <span class=\"_ _17\"> </span>quali<span class=\"_ _5\"></span>-quantitative<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>che consentono di indi<span class=\"_ _0\"></span>viduare e descrivere l<span class=\"_ _0\"></span>e potenziali aree di ri<span class=\"_ _0\"></span>schio operativo del Gr<span class=\"_ _0\"></span>uppo. In <span class=\"_ _3\"></span>particolare, prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"ff4\">raccolta e l\u2019agg<span class=\"_ _0\"></span>iornamento dei dati sugli <span class=\"_ _0\"></span>eventi operativi (L<span class=\"_ _0\"></span>oss Data Collection), d<span class=\"_ _0\"></span>ecentrata sulle Unit<span class=\"_ _0\"></span>\u00e0 Organizzative;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione dei p<span class=\"_ _0\"></span>rocessi aziendali <span class=\"_ _0\"></span>e delle componenti <span class=\"_ _0\"></span>del sistema informa<span class=\"_ _0\"></span>tivo a maggior ris<span class=\"_ _0\"></span>chio potenzial<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e;<span class=\"ls0\"> </span></span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">la determinazione dell\u2019<span class=\"_ _0\"></span>applicabilit\u00e0 e della<span class=\"_ _0\"></span> rilevanza dei fatt<span class=\"_ _0\"></span>ori di rischio operativo <span class=\"_ _0\"></span>definiti;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019identificazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  p<span class=\"_ _0\"></span>rogetti <span class=\"_ _16\"> </span>che  im<span class=\"_ _0\"></span>plicheranno <span class=\"_ _16\"> </span>modifiche <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>al  sistem<span class=\"_ _0\"></span>a  inf<span class=\"_ _0\"></span>ormativo <span class=\"_ _16\"> </span>o  modifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>a  compon<span class=\"_ _0\"></span>enti </span></span>rilevanti del sistema <span class=\"_ _0\"></span>informativo;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4 ls11\">l\u2019i</span>ndividuazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>rilevanti, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>esterno <span class=\"_ _16\"> </span>(es. <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>esterni <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>perdita, </span>evoluzione regolament<span class=\"_ _0\"></span>are, trend emergenti<span class=\"_ _0\"></span>, strategic e threat i<span class=\"_ _0\"></span>ntelligence);<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione e l\u2019a<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>alisi di criticit\u00e0 <span class=\"_ _0\"></span>che interessano le<span class=\"_ _3\"></span><span class=\"ff1\"> aree di o<span class=\"_ _0\"></span>perativit\u00e0 del Gruppo. </span></span></span>Valutazione e misurazi<span class=\"_ _0\"></span>one  La <span class=\"_ _7\"> </span>fase <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>comprende <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>determinazione <span class=\"_ _4\"> </span>quali<span class=\"_ _2\"></span>-<span class=\"ff4\">quantitativa <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>rischi </span>operativi del Gruppo. Essa prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _20\"> </span>svolgimento <span class=\"_ _23\"> </span>almeno <span class=\"_ _20\"> </span>annuale <span class=\"_ _20\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>auto-<span class=\"ff4\">valutazione <span class=\"_ _20\"> </span>dell\u2019esposizione <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>rischio <span class=\"_ _20\"> </span>operativo <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>ICT </span></span>(Autodiagnosi); \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019esecuzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>preventive <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>ICT <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>accordi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>terze <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>(es.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>di </span></span>attivit\u00e0), <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>iniziative <span class=\"_ _2\"></span>progettuali, introduzione <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>revisione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>prodotti e <span class=\"_ _2\"></span>servizi, avvio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove<span class=\"_ _0\"></span> attivit\u00e0 e ingresso in <span class=\"_ _0\"></span>nuovi mercati; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la definizione della ril<span class=\"_ _0\"></span>evanza delle criticit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> individuate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _5\"></span>raccolte <span class=\"_ _3\"></span>(es<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>interni <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ster<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>operativa, <span class=\"_ _5\"></span>livelli <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rischio, probabilit\u00e0 e <span class=\"_ _0\"></span>impatto in caso di reali<span class=\"_ _0\"></span>zzazione degli sc<span class=\"_ _0\"></span>enari di rischio) in m<span class=\"_ _0\"></span>isure sintetiche di risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>io;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la determinazione del capital<span class=\"_ _0\"></span>e economico e regolamentare medi<span class=\"_ _0\"></span>ante il modello inte<span class=\"_ _3\"></span>rno e i metodi semplificati definiti dalla<span class=\"_ _35\"></span> </span>normativa vigente. Monitoraggio e controll<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span>La fase di monitor<span class=\"_ _0\"></span>aggio ha l\u2019obiettivo di a<span class=\"_ _0\"></span>nalizzare e controlla<span class=\"_ _0\"></span>re nel continuo: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>basandosi <span class=\"_ _2\"></span>sull\u2019organizzazione <span class=\"_ _3\"></span>strutturata dei <span class=\"_ _2\"></span>risultati ottenuti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 </span></span>di <span class=\"_ _4\"> </span>identificazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>sull\u2019osservazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>rappresentino <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>buona <span class=\"_ _6\"> </span>proxy dell\u2019esposizione ai ri<span class=\"_ _0\"></span>schi operativi (es. limit<span class=\"_ _0\"></span>i, early warning e <span class=\"_ _0\"></span>in<span class=\"_ _3\"></span><span class=\"ff1\">dicatori definiti in ambito RA<span class=\"_ _0\"></span>F); </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>insito <span class=\"_ _3\"></span>nell\u2019adozione di <span class=\"_ _3\"></span>nuove <span class=\"_ _2\"></span>tecnologie o <span class=\"_ _3\"></span>nell\u2019implementazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modifiche rilevanti <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span></span>sistemi preesistenti.  Mitigazione La <span class=\"_ _3\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mitigazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">contenimento <span class=\"_ _3\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base </span>di quanto emerso in <span class=\"_ _0\"></span>sede di identificazione, mis<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>razione, valuta<span class=\"_ _0\"></span>zione e monitoraggio. Es<span class=\"_ _0\"></span>sa prevede:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019individuazion<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>definizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>attuazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>correttive <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>c.d. <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">itigazione) <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ecessarie <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>colmare <span class=\"_ _16\"> </span>le </span></span></span>carenze di presidio rile<span class=\"_ _0\"></span>vate o a ricondurre l<span class=\"_ _0\"></span>a rilevanza delle criti<span class=\"_ _0\"></span>cit\u00e0 individuate entro<span class=\"_ _0\"></span> la tolleranza definit<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la promozione di<span class=\"_ _0\"></span> iniziative finalizzate al<span class=\"_ _0\"></span>la diffusione della <span class=\"_ _0\"></span>cultura del rischio o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>erativo all\u2019interno <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">el Gruppo; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la definizione delle strategie di trasferimento dei rischi operativi, in <span class=\"_ _3\"></span>termini di ottimizzazione delle coperture assicurati<span class=\"_ _2\"></span>ve e </span>delle altre eventuali f<span class=\"_ _0\"></span>orme di trasferim<span class=\"_ _0\"></span>ento del rischio tem<span class=\"_ _0\"></span>po per tempo adottat<span class=\"_ _0\"></span>e dal Gruppo.<span class=\"_ _3\"></span> A tale <span class=\"_ _3\"></span>riguardo, oltr<span class=\"ff4\">e ad<span class=\"_ _3\"></span> usufruire di un <span class=\"_ _3\"></span>programma assicurativo tradizionale (a tutela <span class=\"_ _3\"></span>da illeciti come <span class=\"_ _3\"></span>l\u2019infedelt\u00e0 dei dipendenti,<span class=\"_ _0\"></span> </span>furto <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>danneggiamenti, <span class=\"_ _20\"> </span>trasporto <span class=\"_ _20\"> </span>valori, <span class=\"_ _20\"> </span>frode <span class=\"_ _20\"> </span>informatica, <span class=\"_ _20\"> </span>falsificazione, <span class=\"_ _20\"> </span>cyber, <span class=\"_ _20\"> </span>incendio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>terremoto <span class=\"_ _20\"> </span>nonch\u00e9 <span class=\"_ _23\"> </span>da<span class=\"_ _0\"></span> responsabilit\u00e0 civile verso terzi), il Gruppo ha stipulato, nel rispetto dei requisiti stabiliti dalla normativa e per fruire dei benefici<span class=\"_ _0\"></span> patrimoniali <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>previsti, <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>polizza <span class=\"_ _2\"></span>assicurativa <span class=\"_ _2\"></span>denominata <span class=\"_ _3\"></span>Operational <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>Programme <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una copertura <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>hoc <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>AMA, <span class=\"_ _3\"></span>elevando <span class=\"_ _3\"></span>sensibilmente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>massimali <span class=\"_ _3\"></span>coperti, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>al mercato assicurativo d<span class=\"_ _0\"></span>el rischio derivante <span class=\"_ _0\"></span>da perdite operative ril<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vanti. <span class=\"_ _3\"></span> Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>infrastrutture <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contenere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fenomeni <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>eventi<span class=\"_ _0\"></span> ambientali <span class=\"_ _6\"></span>catastrofici, <span class=\"_ _6\"></span>situazioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crisi <span class=\"_ _6\"></span>internazionali, <span class=\"_ _6\"></span>manifestazio<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>protesta <span class=\"_ _6\"></span>sociale, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>attivare <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie soluzioni di continuit<span class=\"_ _0\"></span>\u00e0 operativa.  Comunicazione La <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>comunicazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redisposizio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>idonei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>informativi <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, volti a fornire inform<span class=\"_ _0\"></span>azioni utili, ad esempio,<span class=\"_ _0\"></span> per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019analisi e la com<span class=\"_ _0\"></span>prensione delle eventu<span class=\"_ _0\"></span>ali dinamiche sott<span class=\"_ _0\"></span>ostanti l\u2019evoluzione del <span class=\"_ _3\"></span><span class=\"ff1\">livello di esposi<span class=\"_ _0\"></span>zione ai rischi operativ<span class=\"_ _0\"></span>i; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4 fs0\">l\u2019analisi e l<span class=\"_ _0\"></span>a comprensione dell<span class=\"_ _0\"></span>e principali criticit\u00e0 ri<span class=\"_ _0\"></span>levate; <span class=\"_ _3\"></span><span class=\"ff1 fs12\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fc0\">la definizione del<span class=\"_ _0\"></span>le azioni di miti<span class=\"_ _0\"></span>gazione e delle priorit\u00e0<span class=\"_ _0\"></span> di intervento.<span class=\"_ _3\"></span><span class=\"fs12\"> </span><span class=\"ff5 fc2\"> </span></span></span>Autodiagnosi L\u2019autodiagnosi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>qual<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _2\"></span>Organizzative <span class=\"_ _2\"></span>identificano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione <span class=\"_ _2\"></span>al </span>rischio operativo e ICT<span class=\"_ _0\"></span>. Essa comprende <span class=\"ff4\">l\u2019Operational Ris<span class=\"_ _0\"></span>k Assessment e l\u2019ICT Ri<span class=\"_ _0\"></span>sk Assessment, a loro v<span class=\"_ _0\"></span>olta costituiti da:<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Contesto <span class=\"_ _6\"></span>Operativo <span class=\"_ _4\"></span>(VCO): <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>tramite<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"></span>identificati <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>Fattori <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Rischio <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ilevanti <span class=\"_ _5\"></span>e </span>viene valutato il relati<span class=\"_ _0\"></span>vo livello di pre<span class=\"_ _0\"></span>sidio<span class=\"_ _90\"> </span>107<span class=\"_ _90\"> </span>. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>Scenario <span class=\"_ _17\"> </span>(AS): <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>prospettica <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>trova <span class=\"_ _17\"> </span>declinazione <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>un <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>istematico,<span class=\"_ _35\"></span> </span>tipicamente <span class=\"_ _5\"></span>ripetuto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span><span class=\"ff4\">cadenza <span class=\"_ _5\"></span>predefinita <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _2\"></span>condotto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>hoc, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>consiste <span class=\"_ _5\"></span>nell\u2019ipotizzare <span class=\"_ _5\"></span>il </span>verificarsi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scenari) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>prevederne <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>conseguenze. <span class=\"_ _2\"></span>Una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>identificati <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>opportunamente caratterizzati, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>debbono <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>valutati: <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>isogna <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _4\"></span>determinare <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento <span class=\"_ _6\"></span>(frequenza) <span class=\"_ _6\"></span>e impatto <span class=\"_ _6\"></span>potenziale <span class=\"_ _6\"></span>(impatto <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>peggiore), <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>descritta <span class=\"_ _6\"></span>dallo <span class=\"_ _6\"></span>scenario medesimo.  107<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>valutazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicabilit<span class=\"_ _3\"></span>\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rileva<span class=\"_ _3\"></span>nza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>vien<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuata, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>erne <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>ICT <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>tecnich<span class=\"_ _3\"></span>e, delle  fu<span class=\"_ _0\"></span>nzioni  di <span class=\"_ _4\"> </span>cybe<span class=\"_ _3\"></span>rsecurity  e <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>e  funzioni <span class=\"_ _4\"> </span>di  continuit\u00e0  operativa, <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er  quanto <span class=\"_ _4\"> </span>conce<span class=\"_ _3\"></span>rne <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rischio  operativo  d<span class=\"_ _0\"></span>alle  funzioni<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>O<span class=\"_ _3\"></span>perational  Risk Management Dec<span class=\"_ _3\"></span>entrato.<span class=\"fs0\"> </span>Modello interno per la m<span class=\"_ _0\"></span>isurazione del ris<span class=\"_ _0\"></span>chio operativo Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019assorbimento <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>concepito <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>combinare tutte le principali fonti <span class=\"_ _3\"></span>informative sia di tipo <span class=\"_ _3\"></span>quantitativo (perdite operative: eventi interni ed esterni, stime deriv<span class=\"_ _5\"></span><span class=\"ff4\">anti da<span class=\"_ _3\"></span>ll\u2019Analisi<span class=\"_ _35\"></span> </span>di Scenario) che q<span class=\"_ _0\"></span>ualitativo (Valutazio<span class=\"_ _0\"></span>ne del Contesto O<span class=\"_ _0\"></span>perativo).<span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>quindi <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>minima, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>necessaria <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massima<span class=\"_ _2\"></span> perdita <span class=\"_ _3\"></span>potenziale; \u00e8 <span class=\"_ _2\"></span>stimato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _5\"></span>modello di <span class=\"_ _3\"></span>Loss <span class=\"_ _2\"></span>Distribution <span class=\"_ _3\"></span>Approach (modello <span class=\"_ _3\"></span>statistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>derivazione a<span class=\"_ _3\"></span>ttuarial<span class=\"_ _0\"></span>e per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>operative), <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _3\"></span>dell\u2019analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sce<span class=\"_ _5\"></span><span class=\"ff1\">nario <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un </span>orizzonte <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>anno, <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">un <span class=\"_ _2\"></span>intervallo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>99,90%. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>inoltre <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di </span>un <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>correzione, <span class=\"_ _4\"></span>derivant<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>analisi <span class=\"_ _4\"></span>qualitative<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>(VCO), <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tenere <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span><span class=\"lsc\">o </span>dell\u2019efficacia dei cont<span class=\"_ _0\"></span>rolli interni ne<span class=\"ff1\">lle varie Unit\u00e0 Organiz<span class=\"_ _0\"></span>zative. </span>La <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mitigazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>interno <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>autorizzata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2013 e ha esplicato i su<span class=\"_ _0\"></span>oi benefici gestionali e <span class=\"_ _0\"></span>sul requisito patrimo<span class=\"_ _0\"></span>niale con pari decorre<span class=\"_ _0\"></span>nza.<span class=\"_ _2\"></span>  Impatti derivanti dalla pandem<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>a COVID-<span class=\"lsc\">19</span> Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2022, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gole <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>adottate <span class=\"_ _4\"> </span>sin <span class=\"_ _4\"> </span>dall\u2019inizio <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a, <span class=\"_ _7\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>salvaguardia <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>salute <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>clienti, <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>fornitori, <span class=\"_ _3\"></span>so<span class=\"_ _5\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostantemente <span class=\"_ _3\"></span>rivalutate <span class=\"_ _3\"></span>e </span>aggiornate in base al<span class=\"_ _0\"></span>l\u2019evoluzione della<span class=\"_ _0\"></span> situazione sanitaria <span class=\"_ _0\"></span>e alle prescrizi<span class=\"_ _0\"></span>oni normative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Dal punto di vista <span class=\"_ _0\"></span>dei rischi operativi, non s<span class=\"_ _0\"></span>i segnalano ulterio<span class=\"_ _0\"></span>ri impatti specific<span class=\"_ _0\"></span>atamente dovuti alla p<span class=\"_ _0\"></span>andemia. <span class=\"_ _2\"></span> Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino<span class=\"ff2\"> </span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _2\"></span>-ucraino <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>taluni <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>messi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>al fine di <span class=\"_ _3\"></span>garantire la <span class=\"_ _3\"></span>continuit\u00e0 operativa del <span class=\"_ _3\"></span>Gruppo, in <span class=\"_ _3\"></span>particolare gli <span class=\"_ _3\"></span>ext<span class=\"_ _3\"></span><span class=\"ls24\">ra</span>-<span class=\"ff4\">costi sostenuti <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>\u2019ambito Business Continuity e <span class=\"_ _3\"></span>le </span>perdite <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>danni <span class=\"_ _4\"></span>fisici <span class=\"_ _6\"></span>direttamente <span class=\"_ _4\"></span>cagionati <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>sedi/filiali <span class=\"_ _6\"></span>situati <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"></span>zona <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>conflitto. <span class=\"_ _4\"></span>Tali <span class=\"_ _6\"></span>informazion<span class=\"_ _5\"></span>i <span class=\"_ _4\"></span>sono utilizzate ai fini del m<span class=\"_ _0\"></span>onitoraggio dell\u2019esp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>sizione al rischio <span class=\"_ _0\"></span>ope<span class=\"_ _3\"></span><span class=\"ff1\">rativo, incluso quello riferit<span class=\"_ _0\"></span>o al Risk Appetite Fram<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>work.<span class=\"_ _3\"></span> </span>INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dotta <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>combinazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Metodi <span class=\"_ _5\"></span>(AMA, <span class=\"_ _5\"></span>TSA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>BIA) <span class=\"_ _5\"></span>previsti dalla normativa. L\u2019assorbimento  pat<span class=\"ff1\">rimoniale  cos\u00ec  ottenuto  \u00e8<span class=\"_ _3\"></span>  di <span class=\"_ _1d\"> </span>2.039  milioni<span class=\"ff5\"> <span class=\"_ _1d\"> </span></span>al  31<span class=\"_ _3\"></span>  dicembre  2022,  sostanzialmente  stabile  rispetto <span class=\"_ _1d\"> </span>ai </span>2.024 milioni del 31 dicembr<span class=\"_ _0\"></span>e 2021. Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>illustra <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>ripartizione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Metodo <span class=\"_ _4\"> </span>Avanzato <span class=\"_ _4\"> </span>ripartito <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>d<span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>evento operativo. Ripartizione del Requi<span class=\"_ _0\"></span>sito Patrimoniale (Metod<span class=\"_ _0\"></span>o Avanzato <span class=\"ff6\">\u2013</span> AMA) per tipologia di evento o<span class=\"_ _35\"></span>perativo<span class=\"_ _3\"></span> Con riferimento alle <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>manifestazione del rischio operativo, viene d<span class=\"_ _3\"></span>i seguito fornita una<span class=\"_ _3\"></span> rappresentazione grafica rel<span class=\"_ _5\"></span>ativa all\u2019impatto delle perd<span class=\"_ _0\"></span>ite contabilizzate <span class=\"_ _0\"></span>nel corso dell\u2019esercizio<span class=\"_ _0\"></span> in base alla tip<span class=\"_ _0\"></span>ologia di evento. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tipo<span class=\"_ _3\"></span>logia <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>evento <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significativa <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _4\"> </span><span class=\"ff2\">Clienti, <span class=\"_ _5\"></span>Prodotti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Prassi <span class=\"_ _5\"></span>Operative <span class=\"_ _6\"></span></span>che <span class=\"_ _6\"></span>include <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite connesse <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>obblighi <span class=\"_ _4\"> </span>professionali <span class=\"_ _4\"> </span>verso <span class=\"_ _4\"> </span>clienti, <span class=\"_ _4\"> </span>fornitori <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>outsourcer <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e fornitura di prodotti a<span class=\"_ _0\"></span>lla clientela eseguite in modo im<span class=\"_ _0\"></span>proprio o neglig<span class=\"_ _0\"></span>ente.<span class=\"_ _3\"></span> Ripartizione delle perd<span class=\"_ _0\"></span>ite operative contabilizzate<span class=\"_ _0\"></span> nel 2022, sudd<span class=\"_ _0\"></span>ivise per tipologia di eve<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span> RISCHI LEGALI<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>risultavano <span class=\"_ _7\"> </span>pendenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di  G<span class=\"_ _35\"></span>ruppo <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>con  e<span class=\"_ _0\"></span>sclusione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risanamento  S<span class=\"_ _0\"></span>.p.A. <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>soggetta <span class=\"_ _7\"> </span>a direzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>coordinamento <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>37.400 <span class=\"_ _4\"></span>vertenze, <span class=\"_ _6\"></span>diverse <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tipo <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un petitum<span class=\"_ _90\"> </span>108 <span class=\"ff4\">co<span class=\"_ _3\"></span>mplessivo di circa 3.850 milioni. Tale importo compre<span class=\"_ _0\"></span>nde l\u2019insieme delle vertenze per le quali il<span class=\"_ _5\"></span><span class=\"ff1\"> rischio di esborso </span></span>di <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>economiche derivante <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>potenziale soccombenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>valutato <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>quindi, n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>include le<span class=\"_ _5\"></span> vertenze <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"> </span>valutato <span class=\"_ _6\"> </span>remoto. <span class=\"_ _4\"> </span>Nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>suddette <span class=\"_ _6\"> </span>vertenze <span class=\"_ _6\"> </span>rilevano <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>umeric<span class=\"_ _2\"></span><span class=\"ff1\">amente <span class=\"_ _6\"></span>alcuni </span>contenziosi <span class=\"_ _4\"> </span>seriali <span class=\"_ _4\"> </span>presenti <span class=\"_ _6\"> </span>presso <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>25.600 <span class=\"_ _4\"> </span>controversie) <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>nel<span class=\"_ _3\"></span>l\u2019insieme <span class=\"_ _6\"> </span>rappresentano <span class=\"_ _4\"> </span>un petitum molto contenut<span class=\"_ _0\"></span>o. I <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>suddette <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>attenta <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"></span>sussista <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>esborso <span class=\"_ _4\"> </span>superiore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>50% <span class=\"_ _6\"></span>e qualora <span class=\"_ _16\"> </span>sia  po<span class=\"_ _0\"></span>ssibile <span class=\"_ _16\"> </span>effettuare <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>stima  at<span class=\"_ _0\"></span>tendibile <span class=\"_ _16\"> </span>del  r<span class=\"_ _0\"></span>elativo <span class=\"_ _16\"> </span>ammontare <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>vertenze <span class=\"_ _16\"> </span>con  ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span>  probabile), <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 provveduto a disporre <span class=\"_ _0\"></span>specifici e congrui acc<span class=\"_ _0\"></span>antonamenti al Fo<span class=\"_ _0\"></span>ndo per Rischi e On<span class=\"_ _0\"></span>eri. Ferma restando l\u2019<span class=\"_ _0\"></span>alea di incertezza <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span><span class=\"ff1\"> </span>caratterizza <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"></span>contenzioso, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>obbligazioni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>potrebbero <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>mergere <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>controversie <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>pertan<span class=\"ff4\">to <span class=\"_ _4\"> </span>l\u2019entit\u00e0<span class=\"_ _0\"></span> </span>degli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>eventualmente <span class=\"_ _2\"></span>costituiti <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">deriva <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>previsionali <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>valutazioni </span>previsionali vengo<span class=\"_ _0\"></span>no in ogni caso effettu<span class=\"_ _0\"></span>ate sulla base di tutt<span class=\"_ _0\"></span>e le informazioni disp<span class=\"_ _0\"></span>onibili al moment<span class=\"_ _0\"></span>o della sti<span class=\"_ _2\"></span>ma.  Le sole vertenze con <span class=\"_ _3\"></span>rischio probabile sono circa 28.300 con <span class=\"_ _3\"></span>un petitum di 1.<span class=\"_ _3\"></span>788 milioni e accantonamenti per 744 <span class=\"_ _3\"></span>milioni. La<span class=\"_ _2\"></span> componente r<span class=\"_ _3\"></span>iferita <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>5.280 <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>petitum <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1.433 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span> accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>550 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ambito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>2.860 <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo,<span class=\"_ _5\"></span> maggiormente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ettagliate <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>seguito. <span class=\"_ _4\"></span>Rispetto <span class=\"_ _4\"></span>ai <span class=\"_ _4\"></span>valori <span class=\"_ _4\"></span>dello <span class=\"_ _4\"> </span>scorso <span class=\"_ _4\"> </span>anno <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del petitum. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>riguardato <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo, <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>ultra <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>altre condizioni e le conte<span class=\"_ _0\"></span>stazioni su prodotti <span class=\"_ _0\"></span>bancari.  Le controversie riferite alle altre controllate italiane risultano circa 700 con un <span class=\"_ _2\"></span>petitum di <span class=\"_ _3\"></span>246 milioni ed accantonamenti per 91 milioni. Quelle riferite alle controllate estere sono circa 22.300 con un petitum di <span class=\"_ _3\"></span>109 milioni e accantonamenti per 103 mil<span class=\"_ _5\"></span>ioni<span class=\"ls12\">, </span>sulle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>incide <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>citato <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eriale<span class=\"_ _90\"> </span>109<span class=\"_ _90\"> </span>: <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>19.000 <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>riferite <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>controllat<span class=\"_ _0\"></span>a Banca Intesa Beograd <span class=\"_ _0\"></span>in relazione a due fil<span class=\"_ _0\"></span>oni di con<span class=\"_ _3\"></span>tenzioso di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui si d\u00e0 evidenza <span class=\"_ _0\"></span>nello specifico <span class=\"_ _0\"></span>paragrafo. <span class=\"_ _3\"></span> L\u2019articolazione per p<span class=\"_ _3\"></span>rincipali categorie d<span class=\"_ _3\"></span>elle vertenze <span class=\"_ _3\"></span>con ris<span class=\"_ _2\"></span><span class=\"ff1\">chio <span class=\"_ _3\"></span>probabile evidenzia l<span class=\"_ _3\"></span>a prevalenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fattispecie correlate alla </span>ordinaria attivit\u00e0 bancaria e creditizia de<span class=\"_ _0\"></span>l Gruppo: le vertenze riguardanti co<span class=\"_ _0\"></span>ntestazioni relative ai<span class=\"_ _0\"></span> prodotti e servizi ban<span class=\"_ _5\"></span>cari e di investimento  o  su  posizioni  crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  e  revocatorie<span class=\"_ _3\"></span>  fallimentari  rappresentan<span class=\"_ _0\"></span>o  circa  il  74%  del  petitum  e  il  75%  degli<span class=\"_ _0\"></span> accantonamenti. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>restanti <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"></span>prevalentemente <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>altri <span class=\"_ _4\"> </span>procedimenti <span class=\"_ _4\"></span>civili <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>amministrativi, <span class=\"_ _4\"></span>da cause giuslavoristiche <span class=\"_ _0\"></span>o procedimenti di tip<span class=\"_ _0\"></span>o penale o connessi<span class=\"_ _0\"></span> a <span class=\"_ _3\"></span>irregolarit\u00e0 operative. Nei para<span class=\"_ _3\"></span>grafi che <span class=\"_ _3\"></span>seguono sono <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>sintetiche informazioni sulle <span class=\"_ _3\"></span>vertenze considerate <span class=\"_ _3\"></span>rilevanti <span class=\"_ _5\"></span>- p<span class=\"_ _3\"></span>rincipalmente quelle con petitum <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sborso <span class=\"_ _3\"></span>ritenuto <span class=\"_ _2\"></span>\u2018probabile\u2019 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>\u2018possibile\u2019 <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>asistiche <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rilievo. Contenzioso in materia d<span class=\"_ _0\"></span>i anatocismo e <span class=\"_ _0\"></span>altre condizioni di cont<span class=\"_ _0\"></span>o/affidamento, no<span class=\"_ _0\"></span>nch\u00e9 in materia di usur<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fc0\">  </span>Nel <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>questo <span class=\"_ _2\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>anni <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>rilevante <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contenzioso civile <span class=\"_ _5\"></span>promosso <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confronti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>it<span class=\"_ _3\"></span>aliano, <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mostrato <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>umero <span class=\"_ _5\"></span>assoluto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>nel valore <span class=\"_ _16\"> </span>co<span class=\"ff4\">mplessivo <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>domande <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _7\"> </span>all\u2019anno <span class=\"_ _16\"> </span>precedente. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>complesso <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>numero <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>vertenze <span class=\"_ _7\"> </span>inclusivo <span class=\"_ _16\"> </span>delle </span>mediazioni, con <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>2.860. I<span class=\"_ _3\"></span>l pe<span class=\"_ _3\"></span>titum risulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>491 <span class=\"_ _3\"></span>milioni con <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>180 <span class=\"_ _3\"></span>mili<span class=\"_ _2\"></span>oni. Come <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>altre <span class=\"_ _17\"> </span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _17\"> </span>civili, <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>rischio <span class=\"_ _17\"> </span>relativo <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>questo <span class=\"_ _17\"> </span>filone <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>contenzioso <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>effettuata analiticamente tenendo conto, per ogni vertenza, <span class=\"_ _3\"></span>delle domande avanzate, delle difese che s<span class=\"_ _3\"></span>ono state svolte, <span class=\"_ _3\"></span>dell\u2019andamento<span class=\"_ _35\"></span> del giudizio e degli or<span class=\"_ _0\"></span>ientamenti della giurisprudenza.<span class=\"_ _0\"></span>  Si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>poi <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2016 <span class=\"_ _6\"></span>l\u2019art. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>20 <span class=\"_ _6\"></span>TUB, <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>regolamenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>interessi <span class=\"_ _6\"></span>nelle <span class=\"_ _5\"></span>operazioni bancarie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>modificato <span class=\"_ _2\"></span>stabilendo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>divieto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anatocismo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delegando <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>regolare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>materi<span class=\"_ _5\"></span>a. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>febbraio <span class=\"_ _5\"></span>2017 l\u2019Autorit\u00e0 Garante della <span class=\"_ _3\"></span>Concorrenza e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Mercato ha <span class=\"_ _3\"></span>avviato nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>Intesa Sanpaolo un <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>presunte pratiche <span class=\"_ _3\"></span>commerciali scorrette aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto, t<span class=\"_ _3\"></span>ra l\u2019altro, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>le quali <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>chiesta a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>clie<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti l\u2018autorizzazione all\u2019addebito de<span class=\"_ _3\"></span>gli interessi <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>normativa in<span class=\"_ _3\"></span>trodotta nel <span class=\"_ _3\"></span>2016. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>concl<span class=\"_ _5\"></span><span class=\"ff1\">uso </span>il <span class=\"_ _1c\"> </span>procedim<span class=\"_ _0\"></span>ento <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>avrebbe <span class=\"_ _18\"> </span>attuato <span class=\"_ _1c\"> </span>una <span class=\"_ _18\"> </span>politica <span class=\"_ _1c\"> </span>\u201caggressiva<span class=\"_ _0\"></span>\u201d <span class=\"_ _1c\"> </span>finalizzata <span class=\"_ _18\"> </span>all\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione </span>dell\u2019autorizzazione, <span class=\"_ _4\"> </span>sollecitando <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>concederla <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>mezzi <span class=\"_ _4\"> </span>comunicativi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>metterli <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di considerare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onseguenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conteggio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitalizzati. <span class=\"_ _2\"></span>Al<span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>luce <span class=\"_ _5\"></span>di ci\u00f2, l\u2019Autorit\u00e0 ha <span class=\"_ _3\"></span>stabilito una <span class=\"_ _3\"></span>sanzione a <span class=\"_ _3\"></span>carico di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo di 2 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>Intesa Sanpaolo ha <span class=\"_ _3\"></span>presentato ricorso d<span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">anzi </span>al  T.A.R.  del <span class=\"_ _16\"> </span>Lazio,  ritenendo <span class=\"_ _16\"> </span>il  provvedimento  infond<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span>  Con  sentenza  d<span class=\"_ _0\"></span>el  2  gennaio  202<span class=\"_ _0\"></span>3  il  TAR  ha <span class=\"_ _16\"> </span>confermato  il provvedimento sanzio<span class=\"_ _0\"></span>natorio e la banca presenter\u00e0 ap<span class=\"_ _0\"></span>pello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  Contenzioso in materia d<span class=\"_ _0\"></span>i servizi di investime<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span><span class=\"ff1 fc0\">  </span>Anche  in <span class=\"_ _1d\"> </span>questo  ambito <span class=\"_ _1d\"> </span>le  vertenze <span class=\"_ _1d\"> </span>hanno  mostrato  un <span class=\"_ _1d\"> </span>andamento  in <span class=\"_ _1d\"> </span>numero  assoluto  in <span class=\"_ _1d\"> </span>flessione  rispetto  all\u2019anno pr<span class=\"ls0\">ecedent<span class=\"_ _0\"></span>e; <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sottogruppo pi\u00f9 <span class=\"_ _3\"></span>significativo \u00e8 <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>vertenze in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>erivati. Il <span class=\"_ _3\"></span>numero <span class=\"_ _3\"></span>complessivo delle <span class=\"_ _3\"></span>verten<span class=\"_ _5\"></span>ze </span>con <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>probabile <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>circa <span class=\"_ _4\"></span>350. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>petitum <span class=\"_ _6\"></span>ammonta <span class=\"_ _6\"></span>complessivamente <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>circa 242 milioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>144 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>civili, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questo filone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>analiticamente t<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>conto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>vertenza, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>avanzate, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>difese che <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span><span class=\"ff4\">state <span class=\"_ _5\"></span>svolte, <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>orientamenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>giurispr<span class=\"_ _0\"></span>udenza. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rileva <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di </span>circa <span class=\"_ _6\"></span>154 <span class=\"_ _6\"></span>controversie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>142 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _6\"></span>avviate <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>azionisti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazionisti <span class=\"_ _5\"></span>subordinat<span class=\"_ _5\"></span><span class=\"ls13\">i </span>\u201cazzerati\u201d<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>delle <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Marche, <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"> </span>dell\u2019Etruria <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Lazio <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>della Provincia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Chieti, <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>possibile. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>assistiti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>garanzie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manleva <span class=\"_ _3\"></span>ass<span class=\"_ _5\"></span>unti 108 <span class=\"_ _6\"></span><span class=\"fs4\">I <span class=\"_ _6\"> </span>dati <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>petitum <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>comprendono <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>pretes<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valor<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>indeter<span class=\"_ _3\"></span><span class=\"ff4\">minato, <span class=\"_ _4\"> </span>vale <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>quelle <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>all\u2019instau<span class=\"_ _3\"></span>rarsi <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>vertenza <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontengono <span class=\"_ _4\"> </span>una </span></span>specifica <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>econom<span class=\"_ _3\"></span>ica; il <span class=\"_ _3\"></span>valor<span class=\"_ _3\"></span>e di <span class=\"_ _3\"></span>queste <span class=\"_ _3\"></span>vertenz<span class=\"_ _3\"></span>e vie<span class=\"_ _3\"></span>ne d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>procedim<span class=\"_ _3\"></span>ento allo<span class=\"_ _3\"></span>rch\u00e9 <span class=\"_ _3\"></span>emergon<span class=\"_ _3\"></span>o gl<span class=\"_ _2\"></span>i elem<span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la valutazione.<span class=\"fs0\"> </span>109 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>t<span class=\"ff4\">ali <span class=\"_ _5\"></span>fattispecie <span class=\"_ _6\"> </span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"> </span>evid<span class=\"_ _3\"></span>enziano <span class=\"_ _5\"></span>un\u2019incid<span class=\"_ _3\"></span>enza <span class=\"_ _5\"></span>relativame<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>p<span class=\"_ _3\"></span>etitum <span class=\"_ _5\"></span>(determ<span class=\"_ _3\"></span>inato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ba<span class=\"_ _3\"></span></span>se <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>richiesta originaria <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>client<span class=\"_ _3\"></span>e) <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>degli <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>spese <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>riconosc<span class=\"_ _3\"></span>ere <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>controp<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>potenziali <span class=\"_ _6\"> </span>ampli<span class=\"_ _3\"></span>amenti <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>ric<span class=\"_ _3\"></span>hiesta originaria avanzati<span class=\"_ _3\"></span> in sede di giudizio<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span>dal <span class=\"_ _5\"></span>Venditore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Fo<span class=\"ff4\">ndo <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Risoluzione) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ora <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>coprono, <span class=\"_ _5\"></span>pertanto,<span class=\"_ _0\"></span> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>eventuali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>originate <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d) <span class=\"_ _6\"> </span>prima <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _6\"> </span>alla procedura <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>risoluzione, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"></span>relazione, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>l\u2019altro, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>legale, <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>genere <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>o </span>minacciato, ovvero alle v<span class=\"_ _0\"></span>iolazioni di legg<span class=\"_ _0\"></span>e e alle eventuali passi<span class=\"_ _0\"></span>vit\u00e0 potenziali.<span class=\"_ _3\"></span> Contenzioso in materia d<span class=\"_ _0\"></span>i strumenti finanzi<span class=\"_ _0\"></span>ari derivati<span class=\"ff1 fc0\">  </span>Nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019operativit\u00e0 <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>derivati, <span class=\"_ _6\"> </span>continuano <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>un\u2019attenta <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>i <span class=\"_ _4\"> </span>rischi legali connessi ai proc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dimenti g<span class=\"_ _0\"></span>iudiziali con Enti locali, lor<span class=\"_ _0\"></span>o societ\u00e0 controllate<span class=\"_ _0\"></span> e controparti priv<span class=\"_ _0\"></span>ate. <span class=\"_ _2\"></span> In particolare, sono <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>corso contenziosi <span class=\"_ _3\"></span>con 20 <span class=\"_ _3\"></span>Enti territoriali, con <span class=\"_ _3\"></span>rischio possibile o <span class=\"_ _3\"></span>probabile, per p<span class=\"_ _3\"></span>retese complessive pari a <span class=\"_ _3\"></span>142 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contenziosi con <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>Societ\u00e0 controllate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Enti pubblici, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>complessive pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>66 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>contenzi<span class=\"_ _2\"></span>osi con <span class=\"_ _5\"></span>Privati, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>probabile, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>197 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questi <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>43 <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>anche richieste  di  restituzion<span class=\"_ _0\"></span>e  di  somme  su  altri  rapporti  int<span class=\"_ _0\"></span>rattenuti  con  la  Banca.  Al  nett<span class=\"_ _0\"></span>o  di  tali  ultime  posizioni, <span class=\"_ _16\"> </span>il  valore complessivo delle dom<span class=\"_ _0\"></span>ande formulate nei giudizi aventi ad ogg<span class=\"_ _35\"></span>et<span class=\"_ _3\"></span>to i soli deriv<span class=\"_ _0\"></span>ati ammonta a circa<span class=\"_ _0\"></span> 84 milioni.<span class=\"_ _3\"></span> Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _2\"></span>stipulati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Enti <span class=\"_ _2\"></span>locali, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>avviate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>nuo<span class=\"_ _5\"></span>ve vertenze <span class=\"_ _3\"></span>(Provincia <span class=\"_ _3\"></span>Catanzaro, Provincia <span class=\"_ _3\"></span>Varese, <span class=\"_ _3\"></span>Provincia <span class=\"_ _3\"></span>di Rov<span class=\"_ _3\"></span>igo, <span class=\"_ _3\"></span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Marsciano, Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Soriano del <span class=\"_ _2\"></span>Cimino e Comune di Servigliano<span class=\"_ _0\"></span>) con pretese comples<span class=\"_ _0\"></span>sive per 27 milioni.   Nel medesimo esercizio <span class=\"_ _0\"></span>sono pervenute 4<span class=\"_ _0\"></span> sentenze relative ai<span class=\"_ _0\"></span> seguenti procedimenti<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Comune <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Faenza: <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>decisione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _16\"> </span>d\u2019appello <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Bologna <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>confermato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>nullit\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span></span>contratto. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>secuzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>primo <span class=\"_ _6\"></span>grado, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>provveduto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>,8 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>\u00c8 <span class=\"_ _4\"></span>stato<span class=\"_ _0\"></span> proposto ricorso per C<span class=\"_ _0\"></span>assazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di <span class=\"_ _3\"></span>Santa <span class=\"_ _3\"></span>Maria Capua Vetere: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma, con <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>del 2 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022, ha <span class=\"_ _3\"></span>rigettato la <span class=\"_ _3\"></span>dom<span class=\"_ _2\"></span>anda <span class=\"_ _3\"></span>di </span>nullit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ormulata <span class=\"_ _5\"></span>dall\u2019Ente <span class=\"_ _2\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ha, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accertamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei costi <span class=\"_ _7\"> </span>impliciti <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>comunicati <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>stipula <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>condannato <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>1,1 <span class=\"_ _4\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _4\"> </span>interessi <span class=\"_ _4\"> </span>e rivalutazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di Vittorio Veneto<span class=\"_ _0\"></span>: il Tribunale di Venezia<span class=\"_ _0\"></span>, con sentenza non definitiva del 29 marz<span class=\"_ _0\"></span>o 2022, ha dichiarato la nullit<span class=\"_ _35\"></span>\u00e0 </span>di <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>imettendo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>decisione <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>restitutori <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span><span class=\"ls24\">ri</span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>5,8 milioni.  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pavia: <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>decisione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _2\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>confermato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto.<span class=\"_ _0\"></span> </span>In <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>primo <span class=\"_ _4\"> </span>grado, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>10,1<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _7\"> </span>stato proposto ricorso per C<span class=\"_ _0\"></span>assazione. Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei conte<span class=\"_ _0\"></span>nziosi pi\u00f9 rilevanti co<span class=\"_ _0\"></span>n Enti locali:  <span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Venezia: <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vertenza <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>regolato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ISDA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>71 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>euro. <span class=\"_ _4\"></span>Con<span class=\"_ _35\"></span> </span>sentenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>14 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>202<span class=\"ff4\">2, <span class=\"_ _7\"> </span>l\u2019High <span class=\"_ _7\"> </span>Court <span class=\"_ _4\"> </span>of <span class=\"_ _7\"> </span>Justice <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>Londra <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Comune <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>avesse <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>potere <span class=\"_ _7\"> </span>di </span>sottoscrivere (\u201ccapacity\u201d) contratti <span class=\"_ _3\"></span>derivati speculativi <span class=\"_ _3\"></span>che co<span class=\"_ _3\"></span>mportav<span class=\"_ _0\"></span>ano <span class=\"_ _3\"></span>indebitamento. Di <span class=\"_ _3\"></span>conseguenz<span class=\"_ _0\"></span>a, h<span class=\"_ _3\"></span>a stabilito <span class=\"_ _3\"></span>che l\u2018Ente <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>differ<span class=\"ff1\">enz<span class=\"_ _3\"></span>iali <span class=\"_ _3\"></span>versati <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>sola <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>eccedano <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>esborsi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>carico </span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tessa, <span class=\"_ _6\"></span>affrontati <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _4\"> </span>\"back<span class=\"_ _3\"></span>-<span class=\"ls12\">to</span>-<span class=\"ff4\">back\" <span class=\"_ _4\"> </span>(almeno <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ino <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>l\u2019Ente <span class=\"_ _6\"> </span>ha </span>contestato <span class=\"_ _1d\"> </span>formalmente <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>validit\u00e0 <span class=\"_ _1d\"> </span>dell\u2019operazione). <span class=\"_ _1d\"> </span>N<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>specie, <span class=\"_ _1d\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _1d\"> </span>ridurrebb<span class=\"_ _0\"></span>e significativamente l\u2019ob<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ligo restitutorio nei c<span class=\"_ _0\"></span>onfronti del Comun<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le parti hanno formaliz<span class=\"_ _0\"></span>zato i motivi di <span class=\"_ _0\"></span>appello entro la scadenz<span class=\"_ _0\"></span>a prevista del 3 fe<span class=\"_ _0\"></span>bbraio 2023. <span class=\"_ _3\"></span> In una successiva udie<span class=\"_ _0\"></span>nza del 6 febbraio 2<span class=\"_ _0\"></span>023 \u00e8 stata accolt<span class=\"_ _0\"></span>a la richiesta di rinvi<span class=\"_ _0\"></span>are all\u2019esito dell\u2019ap<span class=\"_ _0\"></span>pello il momento dell<span class=\"_ _2\"></span><span class=\"ff1 ls10\">a </span>definizione dei rap<span class=\"_ _0\"></span>porti di dare/avere tra l<span class=\"_ _0\"></span>e parti (\u201cconsequent<span class=\"_ _0\"></span>ial hearing\u201d) per eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto della sente<span class=\"_ _0\"></span>nza della High Court. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La Banca \u00e8 stata, inoltre,<span class=\"_ _0\"></span> condannata al pag<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento delle sp<span class=\"_ _0\"></span>ese legali richieste dal<span class=\"_ _0\"></span> Comune nella mi<span class=\"_ _0\"></span>sura del 70% di cui il 35%, pari a circa 2 mili<span class=\"_ _0\"></span>oni di sterline da ver<span class=\"_ _0\"></span>sarsi entro il 20 febbr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>io. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Venezia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dinanzi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>giudice <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>presunti<span class=\"_ _35\"></span> inadempimenti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>mandato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>issato <span class=\"_ _2\"></span>una<span class=\"_ _0\"></span> nuova <span class=\"_ _3\"></span>udienza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>giorno <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2023, <span class=\"_ _5\"></span><span class=\"ff3\">\u201crilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>appare <span class=\"_ _3\"></span>opportuno <span class=\"_ _2\"></span>sen<span class=\"ff2\">tire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>la </span></span>probabile definizio<span class=\"_ _0\"></span>ne del giudizio svoltosi in U.K.<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff1\">  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Perugia: <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2020 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Perugia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>citazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quattro <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tratti <span class=\"_ _3\"></span>derivati </span>stipulati <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2006, <span class=\"_ _7\"> </span>chiedendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>res<span class=\"_ _3\"></span>tituzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>somme <span class=\"_ _4\"> </span>versate, <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quantificare <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>causa. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>ha ammesso una consulenz<span class=\"_ _0\"></span>a tecnica, rinvi<span class=\"_ _0\"></span>ando all\u2019udienza del <span class=\"_ _0\"></span>9 marzo 2023 per l\u2019esam<span class=\"_ _0\"></span>e dell\u2019elaborato perit<span class=\"_ _0\"></span>ale. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _7\"> </span>riguardo <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>stipulati <span class=\"_ _4\"> </span>con <span class=\"_ _16\"> </span>Contr<span class=\"_ _0\"></span>ollate <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Enti <span class=\"_ _7\"> </span>loca<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>promossi <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontenziosi, <span class=\"_ _4\"> </span>mentre <span class=\"_ _7\"> </span>sono intervenute n.2 senten<span class=\"_ _0\"></span>ze relative ai segu<span class=\"_ _0\"></span>enti procedimenti: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Azienda <span class=\"_ _5\"></span>Socio <span class=\"_ _5\"></span>Sanitaria <span class=\"_ _5\"></span>territoriale <span class=\"_ _2\"></span>Valle <span class=\"_ _6\"></span>Olona: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Busto <span class=\"_ _5\"></span>Arsizio, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>ha </span>dichiarato la nullit\u00e0 del contratto. In esecu<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione della sentenza, la Banca ha <span class=\"_ _0\"></span>provveduto al pagamento di 1,<span class=\"_ _0\"></span>8 milioni ed ha<span class=\"_ _0\"></span> presentato appello. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Aler <span class=\"_ _3\"></span>S.p.A.: con <span class=\"_ _3\"></span>sentenza del <span class=\"_ _3\"></span>1\u00b0 agosto <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>la Corte <span class=\"_ _3\"></span>d\u2019Appello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Milano ha <span class=\"_ _3\"></span>confermato la <span class=\"_ _3\"></span>nullit\u00e0 del <span class=\"_ _3\"></span>contratto s<span class=\"_ _3\"></span>tipulat<span class=\"_ _0\"></span>o </span></span>con <span class=\"_ _5\"></span>l<span class=\"ff4\">\u2019allora <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>OPI. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>effetto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>condanna <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>grado, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>provveduto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>4,6 <span class=\"ff4\">milioni. Sono in cors<span class=\"_ _0\"></span>o le valutazioni sull\u2019o<span class=\"_ _0\"></span>pportunit\u00e0 di propor<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e ricorso per Cas<span class=\"_ _0\"></span>sazione.            <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei contenziosi pi\u00f9 rilevan<span class=\"_ _0\"></span>ti con Controllate da<span class=\"_ _0\"></span> Enti locali: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Terni <span class=\"_ _6\"></span>Reti <span class=\"_ _6\"></span>Sud <span class=\"_ _4\"></span>S.r.l.<span class=\"ff2 lsd\">: <span class=\"_ _6\"></span></span>il <span class=\"_ _6\"></span>contenzioso <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>contratto <span class=\"_ _5\"></span>der<span class=\"_ _3\"></span>ivato, <span class=\"_ _6\"></span>stipulato <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>agosto <span class=\"_ _6\"></span>2007 <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span>Marche<span class=\"_ _90\"> </span>110 <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Terni <span class=\"_ _6\"></span>Re<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>Sud <span class=\"_ _6\"></span>S.r.l., <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>capitale <span class=\"_ _5\"></span>sociale <span class=\"_ _6\"></span>detenuto <span class=\"_ _6\"></span>integralment<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Terni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>controparte contesta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>nullit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>derivato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mancata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omunicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>MTM <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>probabilistici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>violazione <span class=\"_ _5\"></span>degli 110 <span class=\"_ _3\"></span>Si <span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>orda <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sistiti <span class=\"_ _3\"></span>dalle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>obblighi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>manleva <span class=\"_ _2\"></span>assunti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Ven<span class=\"_ _3\"></span>ditore <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Na<span class=\"_ _3\"></span>zionale <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>Ri<span class=\"_ _3\"></span>soluzione) <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>avore <span class=\"_ _3\"></span>di UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>relazi<span class=\"ff4\">one <span class=\"_ _3\"></span>all\u2019<span class=\"_ _3\"></span>acquisizione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Nuove <span class=\"_ _3\"></span>B<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marc<span class=\"_ _3\"></span>he, <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Etr<span class=\"_ _3\"></span>uria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span></span>Lazio <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> Cassa <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Ri<span class=\"_ _3\"></span>sparmio <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>Provinci<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Chieti <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>prono, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ertanto, <span class=\"_ _6\"> </span>anc<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventuali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _6\"> </span>dall<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>svo<span class=\"_ _3\"></span><span class=\"ff4\">lte <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Ban<span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Old </span>Banks\u201d) <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>re s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>procedur<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risoluzione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazio<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u2019altro, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>legale, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>genere <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>enzioso <span class=\"_ _3\"></span>in </span>essere o minacciat<span class=\"_ _3\"></span>o, ovvero alle viol<span class=\"_ _3\"></span>azioni di le<span class=\"_ _3\"></span>gge e alle eventu<span class=\"_ _3\"></span>ali passivi<span class=\"_ _3\"></span>t\u00e0 potenziali.<span class=\"_ _90\"> </span>obblighi <span class=\"_ _7\"> </span>informativi, <span class=\"_ _4\"> </span>formulando <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>richiesta <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>22 <span class=\"_ _16\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>CTU <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>r<span class=\"_ _2\"></span>inviato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>causa <span class=\"_ _7\"> </span>al 13<span class=\"ls0\"> giugno 202<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>.  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>EUR <span class=\"_ _3\"></span>S.p.A.<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>citazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>S.p.<span class=\"_ _3\"></span>A., <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>dal </span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Finanze <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Roma <span class=\"_ _5\"></span>Capitale. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio, <span class=\"_ _2\"></span>ol<span class=\"_ _5\"></span><span class=\"ff1\">tre <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>ISP, <span class=\"_ _5\"></span>anche<span class=\"_ _0\"></span> </span>altri <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>regolati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>ISDA <span class=\"_ _6\"></span>stipulati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>finanziamento <span class=\"_ _5\"></span>concesso <span class=\"_ _4\"> </span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ool. <span class=\"_ _6\"></span>All\u2019udienza<span class=\"_ _0\"></span> dell\u20198 <span class=\"_ _2\"></span>novembre <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ritenuto <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>matura <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _2\"></span>sull'eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>giurisd<span class=\"_ _2\"></span><span class=\"ff1\">izione </span>del <span class=\"_ _2\"></span>Giudice <span class=\"_ _5\"></span>italiano <span class=\"_ _2\"></span>sollevata <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>convenute <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>assegnato <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>deposito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>memorie <span class=\"_ _2\"></span>conclusionali. <span class=\"_ _2\"></span>La quota di rischio in <span class=\"_ _0\"></span>capo ad Intesa Sanpa<span class=\"_ _0\"></span>olo \u00e8 pari a 22 mili<span class=\"_ _0\"></span>oni.  <span class=\"_ _3\"></span> Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>privati <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"></span>lo <span class=\"_ _4\"> </span>stock <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>quanto riguarda il flusso.<span class=\"fc5\"> </span>Contenzioso relativo ai<span class=\"_ _0\"></span> finanziamenti in CHF <span class=\"_ _0\"></span>nei confronti della cont<span class=\"_ _0\"></span>rollata croata Privre<span class=\"_ _0\"></span>dna Banka Zagreb Dd<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>precedenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>bilanci, <span class=\"_ _16\"> </span><span class=\"ff4\">Potro\u0161a\u010d <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _16\"> </span>Croatian <span class=\"_ _7\"> </span>Union <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>Consumer <span class=\"_ _4\"> </span>Pro<span class=\"_ _3\"></span>tection <span class=\"_ _7\"> </span>Association <span class=\"_ _7\"> </span>aveva avviato <span class=\"_ _7\"> </span>un\u2019azione <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>controllata <span class=\"_ _16\"> </span>Privred<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>Banka <span class=\"_ _7\"> </span>Zagreb <span class=\"_ _16\"> </span>(\u201cPBZ\u201d) <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>sette <span class=\"_ _7\"> </span>banche <span class=\"_ _16\"> </span>croate <span class=\"_ _1d\"> </span><span class=\"ff1\">Secondo<span class=\"_ _0\"></span> </span>l\u2019attrice <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>convenute <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>posto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>condotte s<span class=\"_ _3\"></span>corrette <span class=\"_ _3\"></span>attraverso l\u2019asserito <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>illegittime in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>poteva <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>unilateralmente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>denominando <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>franchi <span class=\"_ _3\"></span>svizzeri (o <span class=\"_ _5\"></span>indicizzando <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valuta) <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>asseritamente <span class=\"_ _5\"></span>informare <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>consu<span class=\"_ _3\"></span>matori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi prima <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sottoscrizione <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>relativi <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>finanziament<span class=\"_ _0\"></span>o. <span class=\"_ _4\"> </span>Nel <span class=\"_ _6\"> </span>settembre <span class=\"_ _4\"> </span>2019 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Corte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Suprema <span class=\"_ _6\"> </span>croata, <span class=\"_ _4\"> </span>nell\u2019ambito dell\u2019azione <span class=\"_ _3\"></span>collettiva <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>Potro\u0161a\u010d, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019impugnazione <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>convenute <span class=\"_ _2\"></span>avverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>decisione<span class=\"_ _0\"></span> della <span class=\"_ _3\"></span>High <span class=\"_ _2\"></span>Commercial <span class=\"_ _3\"></span>Court <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2018 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>confermato <span class=\"_ _3\"></span>l\u2019orientamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>corti <span class=\"_ _2\"></span>inferiori <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>banche, <span class=\"_ _3\"></span>inserendo nei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _4\"> </span>clauso<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>enominazione <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>svizzera <span class=\"_ _7\"> </span>(o <span class=\"_ _4\"> </span>indicizzazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>medesima) illegittime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>nulle, <span class=\"_ _5\"></span>avrebbero <span class=\"_ _5\"></span>leso <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>collettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>consumatori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecisione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _7\"> </span>stata impugnata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>PBZ <span class=\"_ _4\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Cor<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>Cos<span class=\"_ _3\"></span><span class=\"ff4\">tituzionale, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>all\u2019inizio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2021 <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>respinto <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>ricorso. <span class=\"_ _6\"> </span>La<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>controllata <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>quindi </span>presentato <span class=\"_ _6\"></span>ricorso <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Diritti <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019Uomo, <span class=\"_ _5\"></span>respinto <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>finale <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>scorta <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>cennata<span class=\"_ _2\"></span><span class=\"ff1\"> </span>azione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>tutela <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>collett<span class=\"_ _3\"></span>ivi <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>consumatori, <span class=\"_ _5\"></span>svariati <span class=\"_ _6\"></span>clienti <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>avviato <span class=\"_ _6\"></span>cause <span class=\"_ _6\"></span>individuali <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _6\"></span>di PBZ, <span class=\"_ _2\"></span>nonostante <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ggior <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>essi <span class=\"_ _2\"></span>avesse<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>liberamente <span class=\"_ _2\"></span>accettato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>convertire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>originariamente<span class=\"_ _0\"></span> denominati <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span>CHF <span class=\"_ _4\"> </span>(o <span class=\"_ _16\"> </span>indicizzati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>valut<span class=\"_ _3\"></span><span class=\"ff4\">a), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>effetto <span class=\"_ _7\"> </span>retroattivo, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019Act <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>Amendments<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>to <span class=\"_ _7\"> </span>the </span>Consumer Credit <span class=\"_ _3\"></span>Act (Croatian Official <span class=\"_ _3\"></span>Gazette 102/2015 \u201cLe<span class=\"_ _3\"></span>gge di <span class=\"_ _3\"></span>Conversione\u201d). Nel marzo <span class=\"_ _3\"></span>2020 la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>Suprema croata, nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _3\"></span>denominato <span class=\"_ _3\"></span>\u201cmodel <span class=\"_ _2\"></span>case\u201d <span class=\"_ _2\"></span>(un <span class=\"_ _5\"></span><span class=\"ff1\">procedimento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>vincolanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli </span>organi giurisdizionali di rango inferiore, avente l'obiettivo di uniformare l\u2019indirizzo giurisprudenzi<span class=\"_ _0\"></span>ale), ha stabilito che <span class=\"_ _6\"></span><span class=\"ff1\">gli accordi </span>di <span class=\"_ _6\"></span>conversione <span class=\"_ _6\"></span>conclusi <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _4\"> </span>finanziati, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Legge <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Conversione <span class=\"_ _6\"></span>croata <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2015,<span class=\"_ _0\"></span> producono <span class=\"_ _6\"></span>effetti <span class=\"_ _4\"></span>giuridici<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>validi <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>clausole <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>valu<span class=\"_ _5\"></span>ta svizzera  o  al <span class=\"_ _1d\"> </span>tasso  di  interesse  variabile <span class=\"_ _1d\"> </span>fosser<span class=\"_ _0\"></span>o  nulle. <span class=\"_ _1d\"> </span>Nel <span class=\"_ _1d\"> </span><span class=\"ff4\">maggio  2022  la <span class=\"_ _1d\"> </span>Corte  di  Giustizia  UE,  nell\u2019ambito  di <span class=\"_ _1d\"> </span>u<span class=\"_ _0\"></span>n </span>procedimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio <span class=\"_ _3\"></span>pregiudiziale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oinvolgeva <span class=\"_ _3\"></span>altro <span class=\"_ _3\"></span>intermediario, <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Giustizia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>giurisdiz<span class=\"_ _5\"></span>ione in <span class=\"_ _6\"></span>relazione <span class=\"_ _4\"></span>agli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onversione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusi <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Le<span class=\"_ _2\"></span><span class=\"ff4\">gge <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Conversione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>successivi <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019adesione<span class=\"_ _35\"></span> </span>della <span class=\"_ _5\"></span>Croazia <span class=\"_ _5\"></span>all\u2019Unione <span class=\"_ _6\"></span>Europea, <span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Direttiva <span class=\"_ _5\"></span>concernente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>clausole <span class=\"_ _5\"></span>abusive <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si applica ai menzionati a<span class=\"_ _0\"></span>ccordi di conversi<span class=\"_ _0\"></span>one, il cui contenuto ri<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roduce dispo<span class=\"_ _3\"></span>sizioni del diritto n<span class=\"_ _0\"></span>azionale.  Il <span class=\"_ _3\"></span>20 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Dipartimento <span class=\"_ _3\"></span>Civile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uprema <span class=\"_ _3\"></span>croata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>l'interpretazione <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>giuridic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>degli accordi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conversione <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>contratti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>finanziamento <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>CHF <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>EUR <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>sui <span class=\"_ _1d\"> </span>diritti <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>consu<span class=\"_ _5\"></span>matori. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>forza <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale interpretazione, un <span class=\"_ _3\"></span>consumatore <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulato un <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2015, ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span><span class=\"ls13\">l </span>pagamento <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>interessi <span class=\"_ _7\"> </span>legali <span class=\"_ _4\"> </span>sugli <span class=\"_ _7\"> </span>importi <span class=\"_ _4\"> </span>pagati <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>banca <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>conteggiato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _4\"> </span>di  conversione <span class=\"_ _4\"> </span>del finanziamento, <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _2\"></span>versamento <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>stessa. <span class=\"_ _5\"></span>Una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019interpretazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>giuridica sar\u00e0 registr<span class=\"_ _0\"></span>ata dal Court Practi<span class=\"_ _0\"></span>ce Records Departme<span class=\"_ _0\"></span>nt, sar\u00e0 definitiva e vin<span class=\"_ _0\"></span>colante per i tribun<span class=\"_ _0\"></span>ali di g<span class=\"_ _2\"></span>rado inferiore. Il <span class=\"_ _2\"></span>numero <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>individuali <span class=\"_ _3\"></span>avviate <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>PBZ <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>risultato <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>relativo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2021; <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>cause <span class=\"_ _6\"></span>pendenti <span class=\"_ _2\"></span>erano <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>migliaia. <span class=\"_ _5\"></span>Non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>escludere <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>possano <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>avvia<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>ulteriori cause nei confronti di PB<span class=\"_ _0\"></span>Z in relazione a q<span class=\"_ _0\"></span>uesto tipo di finanzia<span class=\"_ _0\"></span>menti. <span class=\"_ _3\"></span><span class=\"ff2 fc2\"> </span>Contenzioso nei confro<span class=\"_ _0\"></span>nti della controlla<span class=\"_ _0\"></span>ta estera Banca Inte<span class=\"_ _0\"></span>sa Beograd (Serbia<span class=\"_ _0\"></span>)<span class=\"_ _3\"></span> Si segnalano i segue<span class=\"_ _0\"></span>nti filoni di cont<span class=\"_ _0\"></span>enzioso seriale che <span class=\"_ _0\"></span>hanno investito <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019intero sistema <span class=\"_ _0\"></span>bancario serbo.<span class=\"ff1\"> </span></span>1) Processing fees Contenzioso <span class=\"_ _20\"> </span>giudiziale <span class=\"_ _23\"> </span>riguardante <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>spese <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>istruttoria <span class=\"_ _20\"> </span>(\u201cprocessing <span class=\"_ _20\"> </span>fees\u201d) <span class=\"_ _23\"> </span>applicate <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>banche <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>momento<span class=\"_ _35\"></span> dell\u2019erogazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>ricorrenti, <span class=\"_ _2\"></span>persone <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>isiche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>giuridiche, <span class=\"_ _2\"></span>chiedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">estituzion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>ritenendoli <span class=\"_ _3\"></span>non </span>dovuti.  Le<span class=\"_ _0\"></span>  prime<span class=\"_ _0\"></span>  contestazioni<span class=\"_ _0\"></span>  sono <span class=\"_ _16\"> </span>sorte  nel<span class=\"_ _0\"></span>  2017 <span class=\"_ _16\"> </span>e  hann<span class=\"_ _0\"></span>o  registrato<span class=\"_ _0\"></span>  un <span class=\"_ _16\"> </span>significativo  in<span class=\"_ _0\"></span>cremento <span class=\"_ _16\"> </span>di  cause <span class=\"_ _16\"> </span>negli  anni<span class=\"_ _35\"></span> successivi, <span class=\"_ _3\"></span>seppure <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>modesti. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Beograd <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>onvenuta <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>18.600<span class=\"_ _0\"></span> cause <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>possibile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>probabile <span class=\"_ _5\"></span>(a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>erano <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>24.500); <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>somme <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>capitale complessivamente <span class=\"_ _5\"></span>richieste <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>restituzione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontavano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1,3 <span class=\"_ _4\"></span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>dei<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>Tribunali <span class=\"_ _5\"></span>ha accolto le richieste della clientela sulla base di un\u2019interpretazion<span class=\"_ _0\"></span>e della normativa avversata dalle banche. Nel settembre 2<span class=\"_ _2\"></span><span class=\"ff1\">0<span class=\"_ _3\"></span>21 </span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _2\"></span>serba <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconosciuto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _2\"></span>applicati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>moment<span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>loro erogazione, <span class=\"_ _16\"> </span>purch\u00e9 <span class=\"_ _16\"> </span>indicati <span class=\"_ _16\"> </span>nell\u2019offerta <span class=\"_ _16\"> </span>contrattuale. <span class=\"_ _16\"> </span>Nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _0\"></span>el  2<span class=\"_ _0\"></span>022 <span class=\"_ _16\"> </span>il  flu<span class=\"_ _0\"></span>sso <span class=\"_ _16\"> </span>di  nuove <span class=\"_ _7\"> </span>vertenze  ha <span class=\"_ _7\"> </span>evidenziato  u<span class=\"_ _0\"></span>na significativa riduzion<span class=\"_ _0\"></span>e rispetto al 2021 ed al<span class=\"_ _0\"></span>cuni clienti hanno rin<span class=\"_ _0\"></span>unciato a quelle gi<span class=\"_ _0\"></span>\u00e0 pendenti. <span class=\"_ _3\"></span> 2) NKOSK Contenzioso <span class=\"_ _18\"> </span>giudiziale <span class=\"_ _18\"> </span>relativo <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>anziamenti <span class=\"_ _18\"> </span>immobiliari <span class=\"_ _18\"> </span>assicurati <span class=\"_ _18\"> </span>attraverso <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>Nati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nal <span class=\"_ _18\"> </span>Housing <span class=\"_ _18\"> </span>Loan <span class=\"_ _1c\"> </span>Insur<span class=\"_ _0\"></span>ance Corporation (NKOSK), il cui p<span class=\"_ _3\"></span>remio \u00e8 posto a<span class=\"_ _3\"></span> carico dei f<span class=\"_ _3\"></span>inanziati. Questi ultimi ritengono che essendo <span class=\"_ _3\"></span>la Banca a <span class=\"_ _3\"></span>beneficiar<span class=\"_ _2\"></span><span class=\"ls17\">e </span>dell\u2019assicurazione, il re<span class=\"_ _3\"></span><span class=\"ff1\">lativo p<span class=\"_ _3\"></span>remio dovrebbe rimanere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico della <span class=\"_ _3\"></span>medesima. A <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa Beograd r<span class=\"_ _3\"></span>isultava </span>convenuta <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>1.100 <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>robabile <span class=\"_ _3\"></span>(a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>1.000); <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>omme <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea<span class=\"_ _2\"></span> capitale  c<span class=\"_ _0\"></span>omplessivamente <span class=\"_ _16\"> </span>richie<span class=\"_ _3\"></span>ste  i<span class=\"_ _0\"></span>n  restituzio<span class=\"_ _0\"></span>ne  alla  B<span class=\"_ _35\"></span>anca  ammontavano <span class=\"_ _16\"> </span>a  circa <span class=\"_ _16\"> </span>1,1  milio<span class=\"_ _0\"></span>ni.  La <span class=\"_ _16\"> </span>maggior  parte<span class=\"_ _0\"></span>  dei<span class=\"_ _0\"></span> Tribunali <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019interpretazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>nor<span class=\"_ _3\"></span>mativa<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>avversata <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>banche. <span class=\"_ _5\"></span>Ne<span class=\"_ _6\"></span><span class=\"ff1 ls13\">l </span>settembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _6\"></span>Serba <span class=\"_ _5\"></span>ha r<span class=\"_ _3\"></span><span class=\"ff4\">iconosciuto <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>legittimit\u00e0 <span class=\"_ _5\"></span>dell\u2019attribuzione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>dei </span>mutuatari, a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l'obbligazione s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>chiaramente d<span class=\"_ _3\"></span>escritta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>precontrattuale<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>sso di nuove cause \u00e8 cresciu<span class=\"_ _0\"></span>to in misura limita<span class=\"_ _0\"></span>ta<span class=\"_ _3\"></span> rispetto al 2021 e<span class=\"_ _0\"></span>d alcuni clienti hanno<span class=\"_ _0\"></span> rinunciato a q<span class=\"_ _0\"></span>uelle gi\u00e0 pendenti.<span class=\"_ _90\"> </span>Sentenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Giustizia <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>dell\u201911 <span class=\"_ _2\"></span>settembre <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"ff2\"> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _2\"></span>sentenza </span></span>Lexitor<span class=\"ffa fc0\"> </span>L\u2019articolo <span class=\"_ _3\"></span>16, <span class=\"_ _2\"></span>par. <span class=\"_ _2\"></span>1, <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>direttiva <span class=\"_ _3\"></span>2008/4<span class=\"_ _3\"></span><span class=\"ff1\">8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _3\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso </span>anticipato <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziamento <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>consumatore <span class=\"_ _7\"> </span>\u201cha <span class=\"_ _16\"> </span>diritto <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _7\"> </span>totale <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>gli interessi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>costi <span class=\"_ _7\"> </span>dovuti <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>estante <span class=\"_ _7\"> </span>durat<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contratto\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>sentenza <span class=\"_ _7\"> </span>Lexitor, <span class=\"_ _7\"> </span>questa <span class=\"_ _7\"> </span>nor<span class=\"_ _3\"></span>ma <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere </span>interpretata nel senso che <span class=\"_ _3\"></span>il diritto alla <span class=\"_ _3\"></span>riduzione del costo tota<span class=\"_ _3\"></span>le del credito include tutti <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>posti a carico <span class=\"_ _3\"></span>del co<span class=\"_ _5\"></span>nsumatore; quindi, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>prel<span class=\"_ _3\"></span>iminari <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contestuali <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stipula <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>upfront <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _3\"></span>gli oneri di istruttoria <span class=\"_ _0\"></span>o le commissioni ag<span class=\"_ _0\"></span>enziali). L\u2019art. 16, par. 1, della direttiva 2008/48 \u00e8 stato <span class=\"_ _3\"></span>recepito in Italia con l\u2019art. 125 sexies del Testo Unico Bancario (TU<span class=\"_ _5\"></span><span class=\"ff1\">B), secondo </span>cui <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ticipato <span class=\"_ _3\"></span>\u201cil <span class=\"_ _5\"></span>consumatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>all\u2019importo <span class=\"_ _7\"> </span><span class=\"ff1\">degli<span class=\"_ _0\"></span> </span>interessi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _4\"> </span>dovuti <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>contratto\u201d. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>norma <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia, <span class=\"_ _4\"> </span>l\u2019Arbi<span class=\"_ _5\"></span><span class=\"ff1\">tro <span class=\"_ _4\"></span>Bancario </span>Finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>giurisprudenza h<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>restituzione <span class=\"_ _3\"></span>riguardasse <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>maturano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>cors<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>recurring) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>corrisposti <span class=\"_ _2\"></span>anticipatamente <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>cliente <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>finanziatore: <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>ca<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso anticipato, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>appunto essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>estituiti p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>maturata; <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rest<span class=\"_ _3\"></span>ituzione non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>inv<span class=\"_ _5\"></span><span class=\"ff1\">ece <span class=\"_ _2\"></span>i </span>costi upfront. A <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>exitor <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>sorta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>questione <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>l\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sexies <span class=\"_ _5\"></span>TUB <span class=\"_ _2\"></span>debba <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rpretato <span class=\"_ _2\"></span>conformemente <span class=\"_ _2\"></span>al </span>principio da essa sta<span class=\"_ _0\"></span>bilito o se il nuovo prin<span class=\"_ _0\"></span>cipio richieda una m<span class=\"_ _0\"></span>odifica legislativ<span class=\"_ _0\"></span>a. <span class=\"_ _3\"></span> Secondo <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>principio <span class=\"_ _6\"></span>comunitario <span class=\"_ _5\"></span>dell\u2019\u201dinterpretazione <span class=\"_ _5\"></span>conforme\u201d, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>giudici <span class=\"_ _5\"></span>nazionali <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>enuti <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>interpretare <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>orme <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>proprio ordinamento in modo da renderle coerenti con il dettato delle disposizio<span class=\"_ _0\"></span>ni europee. Tuttavia, se la norma nazionale h<span class=\"_ _5\"></span><span class=\"ls17\">a </span>un<span class=\"ff4 ls0\">\u2019interpreta<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>univoca, <span class=\"_ _16\"> </span>essa <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _7\"> </span>(re)interpretata <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>allinearla <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una </span>direttiva europea: i principi riconosci<span class=\"_ _0\"></span>uti dallo stesso ordinamento dell\u2019Unione escl<span class=\"_ _0\"></span>udono che al giudice nazionale possa esse<span class=\"_ _2\"></span><span class=\"ff1\">re </span>richies<span class=\"ff4\">to <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>procedere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>lettura <span class=\"_ _2\"></span>contra <span class=\"_ _5\"></span>legem <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>norme <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019ordinamen<span class=\"_ _0\"></span>to <span class=\"_ _5\"></span>interno. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>proposito <span class=\"_ _2\"></span>va <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>che </span>l\u2019art. <span class=\"_ _6\"></span>125 <span class=\"_ _6\"> </span>sexies <span class=\"_ _6\"> </span>TUB <span class=\"_ _6\"> </span>era <span class=\"_ _6\"> </span>sempre <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>interpretato <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>senso <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _6\"> </span>l\u2019obbligo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>restituzione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riguardasse solo i costi rec<span class=\"_ _0\"></span>urring, con esclusione q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi dei costi upfr<span class=\"_ _0\"></span>ont. <span class=\"_ _3\"></span> La <span class=\"_ _6\"> </span>Banca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>\u2019Italia <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>Lexitor <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2019 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>emanato <span class=\"_ _6\"></span>\u201clinee <span class=\"_ _5\"></span>orientative\u201d <span class=\"_ _6\"> </span>attuative <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio<span class=\"_ _0\"></span> della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>UE, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>senso <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>(compresi <span class=\"_ _2\"></span>quindi <span class=\"_ _5\"></span>quelli<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>upfront) <span class=\"_ _2\"></span>vadano <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di rimborso anticipato, <span class=\"_ _0\"></span>sia per i nuovi rapp<span class=\"_ _0\"></span>orti sia per i rapporti <span class=\"_ _0\"></span>in essere.<span class=\"_ _3\"></span> Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _18\"> </span>ha <span class=\"_ _18\"> </span>deciso <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>seguire <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>\u201c<span class=\"_ _3\"></span>linee <span class=\"_ _18\"> </span>orientative\u201d <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>Banca <span class=\"_ _18\"> </span>d\u2019Italia, <span class=\"_ _18\"> </span>pur <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>fondate <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>suddette argomentazioni legali s<span class=\"_ _0\"></span>ulla non interpretabilit\u00e0 del<span class=\"_ _0\"></span>l\u2019art. 125 sexies TUB in senso co<span class=\"_ _0\"></span>nforme alla sentenza Lexito<span class=\"_ _0\"></span>r. \u00c8 stato qu<span class=\"_ _2\"></span><span class=\"ff1\">indi </span>disposto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>accantonament<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Fondo <span class=\"_ _4\"></span>Rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Oneri <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>maggiori <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _6\"></span>stimati <span class=\"_ _4\"></span>derivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i segui<span class=\"ff4\">re le \u201clinee orient<span class=\"_ _0\"></span>ative\u201d della Banca d\u2019<span class=\"_ _0\"></span>Italia. <span class=\"ff1\"> </span></span>Dal <span class=\"_ _2\"></span>25 <span class=\"_ _3\"></span>luglio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vigore <span class=\"_ _2\"></span>l\u2019art.11<span class=\"_ _3\"></span><span class=\"ff1\">-</span>octies, <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>106/2021 <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>legislatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u2019art.125 sexies TUB con l\u2019int<span class=\"_ _0\"></span>ento di risolvere la situazi<span class=\"_ _0\"></span>one di incertezza <span class=\"_ _0\"></span>determinata<span class=\"_ _3\"></span><span class=\"ff1\"> dalla sentenza Lexito<span class=\"_ _0\"></span>r, con le seguenti previ<span class=\"_ _0\"></span>sioni: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>consumatori, <span class=\"_ _3\"></span>l\u2019eliminazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio all\u2019art. <span class=\"_ _3\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _3\"></span>TUB <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019inserimento d<span class=\"_ _6\"></span></span><span class=\"ls13\">i </span></span>una previsione specifica per l\u2019estinzi<span class=\"_ _0\"></span>one anticipata di tale tipologia di fi<span class=\"_ _3\"></span><span class=\"ff1\">nanziamenti, limitando il rimborso ai soli interessi <span class=\"_ _35\"></span>e </span>costi dovuti per la vit<span class=\"_ _0\"></span>a residua del contra<span class=\"_ _0\"></span>tto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>consumo, <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>testo <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _2\"></span>TUB, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>recepire <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>principi </span></span>della  sentenza  Lexitor, <span class=\"_ _1d\"> </span>indicando  per\u00f2 <span class=\"_ _1d\"> </span>come  criterio  preferenziale  per  il <span class=\"_ _1d\"> </span>calcolo  del  rimborso  il  criterio  de<span class=\"_ _3\"></span>l  costo ammortizzato; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019efficacia  di <span class=\"_ _1d\"> </span>tali <span class=\"_ _1d\"> </span>disposizioni  \u00e8 <span class=\"_ _1d\"> </span>limitata  a<span class=\"_ _3\"></span>i  contratti <span class=\"_ _1d\"> </span>sottoscritti  successivamente  all\u2019entrata  in <span class=\"_ _1d\"> </span>vigore <span class=\"_ _1d\"> </span>della  legge <span class=\"_ _1d\"> </span>di </span></span>conversione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>decreto. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>espressamente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>continuino <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>essere applicati la norma di <span class=\"_ _0\"></span>legge e le disposizio<span class=\"_ _0\"></span>ni di Vigilanza pre<span class=\"_ _0\"></span>vigenti.<span class=\"_ _3\"></span> La nuova norma <span class=\"_ _3\"></span>non ha determinato significativi impatti per quanto r<span class=\"_ _3\"></span>iguarda i contratti di nuova <span class=\"_ _5\"></span>stipula: per <span class=\"_ _3\"></span>i prestiti personali, infatti, le <span class=\"_ _3\"></span>clausole contrattuali sono gi\u00e0 conformi alla <span class=\"_ _3\"></span>stessa e per i <span class=\"_ _3\"></span>prodotti di c<span class=\"_ _3\"></span>essione del quinto le soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo<span class=\"_ _5\"></span> In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>adottato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>model<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>\u201ctutto <span class=\"_ _5\"></span>TAN\u201d, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>prevede, <span class=\"_ _2\"></span>oltre <span class=\"_ _6\"> </span>agli <span class=\"_ _5\"></span>interessi, <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi accessori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>cliente. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>consumo <span class=\"_ _6\"></span>stipulati <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entrata <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>vigore della nuova nor<span class=\"_ _3\"></span>ma, anche se estinti successivamente a tale data, <span class=\"_ _3\"></span>il rimborso dei <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>osti up f<span class=\"_ _3\"></span>ront potrebbe essere limitato a quanto contrattualme<span class=\"_ _0\"></span>nte pattuito.  Il Collegio di <span class=\"_ _3\"></span>Coordinamento ABF a cui \u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>rimessa la questione del rimborso <span class=\"_ _3\"></span>dei costi up <span class=\"_ _3\"></span>front dopo l\u2019entrata in v<span class=\"_ _3\"></span>igore <span class=\"_ _5\"></span><span class=\"ff1\">del </span>c.d. <span class=\"_ _3\"></span>\u201cemendamento Lexitor\u201d si<span class=\"_ _3\"></span> \u00e8 <span class=\"_ _3\"></span>pronunciato <span class=\"_ _3\"></span>il 15 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">ttobre <span class=\"_ _3\"></span>2021 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>la decisione <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>21676 enunciando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>seguente principio: <span class=\"_ _3\"></span>in </span>applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Novella <span class=\"_ _3\"></span>legislativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>all\u2019art.11 <span class=\"_ _3\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>2\u00b0, <span class=\"_ _3\"></span>ultimo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>73, <span class=\"_ _3\"></span>converti<span class=\"_ _5\"></span><span class=\"ff1\">to </span>in <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>106 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>estinz<span class=\"_ _2\"></span>ione <span class=\"_ _3\"></span>anticipata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>stipulato <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>entrata <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itato <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>normativo, <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>distinguersi <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggette <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>maturazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019in<span class=\"_ _5\"></span><span class=\"ff1\">tero </span>svolgimento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>negoziale <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>rec<span class=\"_ _3\"></span>urring) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>costi <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>adempimenti <span class=\"_ _4\"> </span>preliminari <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>concessione <span class=\"_ _4\"> </span>del prestito (c.d. costi up <span class=\"_ _3\"></span>front). Da ci\u00f2 consegue la<span class=\"_ _3\"></span> retrocedibilit\u00e0 dei primi e non <span class=\"_ _3\"></span>anche dei secondi, limitatamente alla quot<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>non maturata in ragione <span class=\"_ _0\"></span>dell\u2019anticipata estinzi<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019in<span class=\"ff1\">dirizzo <span class=\"_ _2\"></span>espresso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Collegio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Coordinamento <span class=\"_ _2\"></span>ABF <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>collegi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _2\"></span>di </span>restituzione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>up <span class=\"_ _16\"> </span>front. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>decisioni <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>sospese <span class=\"_ _7\"> </span>nemmeno <span class=\"_ _7\"> </span>dopo <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>remissione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>Corte costituzionale <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>questione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>legittimit\u00e0 <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>novella <span class=\"_ _4\"></span>legisla<span class=\"_ _0\"></span>tiva <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dir\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>seguito. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Banca d\u2019Italia <span class=\"_ _5\"></span>ha, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _5\"></span>comunicato <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>intermediari <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>apportate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _5\"></span>106/2021 <span class=\"_ _5\"></span>all\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sex<span class=\"_ _6\"></span><span class=\"ff1\">ies </span>TUB <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>rite<span class=\"ff4\">nersi <span class=\"_ _3\"></span>superate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>proprie \u201c<span class=\"_ _3\"></span>linee o<span class=\"_ _3\"></span>rientative\u201d del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata d<span class=\"_ _3\"></span>ei </span>finanziamenti di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>consumo, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>chiedeva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>includendo <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>costi a carico del consumator<span class=\"_ _0\"></span>e (recurring ed up front) ad <span class=\"_ _0\"></span>esclusione dell<span class=\"_ _0\"></span>e imposte.<span class=\"_ _3\"></span> La <span class=\"_ _1d\"> </span>giurisprudenz<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>ordinaria  si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>divisa <span class=\"_ _1d\"> </span>sull\u2019applica<span class=\"_ _0\"></span>zione <span class=\"_ _1d\"> </span>della  nuova <span class=\"_ _1d\"> </span>norma. <span class=\"_ _1d\"> </span>Diversi  giudici <span class=\"_ _1d\"> </span>hanno  applicato <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>nuova disposizione <span class=\"_ _6\"> </span>respingendo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>richiesta <span class=\"_ _6\"></span>dell\u2019attore <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>imborso <span class=\"_ _6\"></span>pro <span class=\"_ _4\"> </span>quota <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>up <span class=\"_ _4\"> </span>front <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _6\"></span>dell\u2019estinzion<span class=\"_ _35\"></span>e anticipata. <span class=\"_ _4\"></span>In <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>irrilevante<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _6\"></span>in <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>davanti <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>Giudici <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Pace, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stat<span class=\"_ _5\"></span><span class=\"lsc\">o </span>riconosciuto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>liente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>pro <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>up <span class=\"_ _5\"></span>front<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>ritenendo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>motivazioni <span class=\"_ _2\"></span>diverse <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>discutibili, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he<span class=\"_ _90\"> </span> debbano comunque app<span class=\"_ _3\"></span>licarsi i p<span class=\"_ _3\"></span>rincipi Lexitor <span class=\"_ _3\"></span>anche dopo <span class=\"_ _3\"></span>l\u2019entrata in <span class=\"_ _3\"></span>vigore della n<span class=\"_ _3\"></span>ovella legislativa. Tali <span class=\"_ _3\"></span>pronunce di <span class=\"_ _3\"></span>nor<span class=\"_ _5\"></span><span class=\"ff1\">ma </span>sono oggetto di impug<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione da parte d<span class=\"_ _0\"></span>ella Banca. Con <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>nr. <span class=\"_ _5\"></span>263 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>22 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Costituzionale <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>questione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>ituzionale<span class=\"_ _0\"></span> sollevata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Torino <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>termediario specializzato <span class=\"_ _3\"></span>in<span class=\"_ _90\"> </span>cessione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span><span class=\"ff4\">stituzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>front, <span class=\"_ _3\"></span>dichiarando <span class=\"_ _2\"></span>l\u2019illegittimit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituzionale <span class=\"_ _3\"></span>dell\u2019art. <span class=\"_ _2\"></span>11 <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>2,<span class=\"_ _0\"></span> </span>del <span class=\"_ _2\"></span>decreto <span class=\"_ _2\"></span>legge <span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>73, <span class=\"_ _2\"></span>convertito <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>modificazioni, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>alle<span class=\"_ _5\"></span> parole \u201c<span class=\"ff2\">e le norme second<span class=\"_ _0\"></span>a<span class=\"ff3\">rie contenute nelle disp<span class=\"_ _0\"></span>osizioni di trasparenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> e di vigilanza dell<span class=\"_ _0\"></span>a Banca d\u2019Italia<span class=\"_ _3\"></span><span class=\"ff4\">\u201d. <span class=\"ff1\"> </span></span></span></span>Alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pronunciamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>potenziale onere <span class=\"_ _2\"></span>connesso <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parziale <span class=\"_ _2\"></span>dic<span class=\"_ _3\"></span><span class=\"ff4\">hiarazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>illegittimit\u00e0 <span class=\"_ _2\"></span>costituzionale <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _5\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>decreto </span>legge 25 maggio 2021,<span class=\"_ _0\"></span> n. 73, effettuando u<span class=\"_ _0\"></span>n specifico accanton<span class=\"_ _0\"></span>amento a fondo rischi <span class=\"_ _0\"></span>ed oneri.<span class=\"_ _3\"></span> Il 9 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2023 a <span class=\"_ _3\"></span>Corte di <span class=\"_ _3\"></span>Giustizia Europea, nell\u2019ambito di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>procedimen<span class=\"_ _3\"></span><span class=\"ff1\">to or<span class=\"_ _3\"></span>iginato da un <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>pregiudiziale rinveniente </span>dalla  C<span class=\"_ _0\"></span>orte  S<span class=\"_ _0\"></span>uprema <span class=\"_ _16\"> </span>austriaca,  si<span class=\"_ _0\"></span>  \u00e8 <span class=\"_ _16\"> </span>pronunciat<span class=\"_ _0\"></span>a  in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019applicabilit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>Lexitor  al <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>ai consumatori. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>austriaca <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>chiesto <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Giustizia <span class=\"_ _7\"> </span>Europea <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>irettiva <span class=\"_ _4\"> </span>2014/17 <span class=\"_ _7\"> </span>relativa <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>credito immobiliare <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>consumatori <span class=\"_ _6\"></span>ostasse <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>meno <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>una <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>nazionale <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>prevedesse <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consumatore <span class=\"_ _6\"></span>alla riduzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>ant<span class=\"_ _3\"></span>icipato <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>medesimo, <span class=\"_ _2\"></span>includesse<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>soltanto <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>costi che dipendono dalla <span class=\"_ _0\"></span>durata del credito. La Cor<span class=\"_ _0\"></span>te ha dichiarato c<span class=\"_ _0\"></span>he la direttiva 2014/17 <span class=\"_ _0\"></span>non osta a una simile <span class=\"_ _0\"></span>normativa.  <span class=\"_ _2\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>alla ri<span class=\"_ _3\"></span>duzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>indipendentemente dalla <span class=\"_ _3\"></span>durata <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>si<span class=\"_ _6\"></span>ano posti  a <span class=\"_ _1d\"> </span>carico  del  consumatore  a<span class=\"_ _3\"></span>  favore  sia <span class=\"_ _1d\"> </span>del  creditore  che <span class=\"_ _1d\"> </span>dei  terzi  per<span class=\"_ _3\"></span>  prestazioni  che  s<span class=\"_ _3\"></span>iano  gi\u00e0  state <span class=\"_ _1d\"> </span>eseguit<span class=\"_ _0\"></span>e integralmente al momento <span class=\"_ _0\"></span>del rimborso anticip<span class=\"_ _0\"></span>ato (quali le spes<span class=\"_ _0\"></span>e di istruttoria e di <span class=\"_ _0\"></span>perizia). <span class=\"_ _3\"></span> Inoltre, nel <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Commissione Eu<span class=\"_ _3\"></span>ropea ha <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>della direttiva <span class=\"_ _3\"></span>comunitaria sul <span class=\"_ _3\"></span>credito <span class=\"_ _6\"></span>al consumo <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>2008/48, <span class=\"_ _7\"> </span>a  valere<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>quale <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>stata <span class=\"_ _16\"> </span>pronunciata <span class=\"_ _7\"> </span>la  sen<span class=\"_ _0\"></span>tenza <span class=\"_ _16\"> </span>Lexitor. <span class=\"_ _7\"> </span>A  seguito <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>proposta <span class=\"_ _16\"> </span>legislativ<span class=\"_ _0\"></span>a inizialmente <span class=\"_ _7\"> </span>formulata <span class=\"_ _16\"> </span>dalla  C<span class=\"_ _0\"></span>ommissione, <span class=\"_ _7\"> </span>\u00e8  iniziata <span class=\"_ _7\"> </span>la  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>se <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>coinvolgimento <span class=\"_ _7\"> </span>del  Parlam<span class=\"_ _35\"></span>ento  Europeo <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>siglio Europeo che nei me<span class=\"_ _0\"></span>si scorsi hanno defi<span class=\"_ _0\"></span>nito le proprie posi<span class=\"_ _0\"></span>zio<span class=\"_ _3\"></span>ni con la pubblicazione d<span class=\"_ _0\"></span>elle rispettive pr<span class=\"_ _0\"></span>oposte.  Contenzioso tra Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita S.<span class=\"_ _0\"></span>p.A. e RB Holding S<span class=\"_ _0\"></span>.p.A. e la famiglia Favare<span class=\"_ _0\"></span>tto<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _3\"></span>maggio 2020 <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>Vita <span class=\"_ _3\"></span>S.p.A. ha <span class=\"_ _3\"></span>perfezionato un\u2019operazione d<span class=\"_ _3\"></span>i investimento n<span class=\"_ _3\"></span>ella societ\u00e0 <span class=\"_ _3\"></span>RBM Assicur<span class=\"_ _5\"></span><span class=\"ff1\">azioni </span>Salute <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>la principale <span class=\"_ _3\"></span>compagnia assicurativa <span class=\"_ _3\"></span>italiana nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>salute <span class=\"_ _3\"></span>detenuta dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>RB Ho<span class=\"_ _3\"></span>lding S.p.A. <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ile alla <span class=\"_ _6\"> </span>famiglia <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Dott. <span class=\"_ _6\"></span>Roberto <span class=\"_ _5\"></span>Favaretto, <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>portato <span class=\"_ _6\"></span>all\u2019attuale <span class=\"_ _6\"> </span>controllo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Intesa <span class=\"_ _4\"> </span>Vita <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ociet\u00e0 </span>assicurativa, ora denomi<span class=\"_ _0\"></span>nata Intesa Sanpa<span class=\"_ _0\"></span>olo RBM Salute S.p.A. Nello <span class=\"_ _3\"></span>scorso maggio <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo Vita<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span> inviato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>socia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza RB <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>S.p.A. u<span class=\"_ _3\"></span>na r<span class=\"_ _3\"></span>ichiesta di <span class=\"_ _3\"></span>indennizzo <span class=\"_ _3\"></span>ai sensi <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>rela<span class=\"_ _3\"></span><span class=\"ff4\">zione <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>mergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>situazioni <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>luogo <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>potrebbero </span>dar luogo) a passivit<span class=\"_ _0\"></span>\u00e0 quantificabili allo<span class=\"_ _0\"></span> stato in oltre 129 m<span class=\"_ _0\"></span>ilioni di euro e sos<span class=\"_ _0\"></span>tanzialmente rigu<span class=\"_ _0\"></span>ardanti:<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l'incremento <span class=\"_ _17\"> </span>dell\u2019onere <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>sinistri <span class=\"_ _18\"> </span>concernenti <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>Polizza <span class=\"_ _1c\"> </span></span>M\u00e8taSalute <span class=\"_ _18\"> </span><span class=\"ff4\">conseguente <span class=\"_ _17\"> </span>all\u2019eliminazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>ratich<span class=\"_ _35\"></span>e </span></span>commerciali scorrette <span class=\"_ _0\"></span>oggetto di un proced<span class=\"_ _0\"></span>imento avviato dall\u2019A<span class=\"_ _35\"></span>GCM,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">posizioni <span class=\"_ _7\"> </span>creditorie <span class=\"_ _4\"> </span>(per <span class=\"_ _16\"> </span>\u2018regolazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>premio\u2019) <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>all\u2019attivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>mento <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>closing <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>interamente<span class=\"_ _35\"></span> </span></span>svalutate successivamente al <span class=\"_ _0\"></span>closing a seguito del<span class=\"_ _0\"></span>la verificata i<span class=\"_ _0\"></span>nesigibilit\u00e0 dei cre<span class=\"_ _0\"></span>diti stessi,<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>penali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>ritardi <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>pagamenti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sinistri <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Polizza <span class=\"_ _16\"> </span>ASDEP  <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>Assistenza <span class=\"_ _16\"> </span>Sanitaria <span class=\"_ _16\"> </span>Dipendenti <span class=\"_ _7\"> </span>Enti </span>Pubblici. RB <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>ogni <span class=\"_ _5\"></span>addebito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>decade <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>luglio, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>famiglia <span class=\"_ _2\"></span>Favaretto, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>presentato <span class=\"_ _2\"></span>una domanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Camera <span class=\"_ _5\"></span>Arbitrale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>deducendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019invalidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>clausole <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>patto parasociale del 2020 (tra cui <span class=\"_ _3\"></span>quelle relative alle opzioni <span class=\"_ _2\"></span>di acquisto e <span class=\"_ _3\"></span>di vendita della partecipazione di <span class=\"_ _3\"></span>minoranza e al patto di non concorrenza), inadempimenti di Intesa <span class=\"_ _3\"></span>Sanpaolo Vita a <span class=\"_ _3\"></span>impegni contrattuali (quale il <span class=\"_ _3\"></span>patto di consultazione in <span class=\"_ _3\"></span>relazione <span class=\"_ _5\"></span>al rinnovo del contratto M\u00e8taSalut<span class=\"_ _0\"></span>e e alla cessazione del <span class=\"_ _3\"></span><span class=\"ff4\">rapporto con il precedente AD), la <span class=\"_ _0\"></span>violazione da parte di quest\u2019ultima di<span class=\"_ _0\"></span> </span>regole di buona fede e <span class=\"_ _0\"></span>correttezza, co<span class=\"_ _0\"></span>n una richiesta di ris<span class=\"_ _0\"></span>arcimento di danni per<span class=\"_ _0\"></span> complessivi 423,<span class=\"_ _0\"></span>5 milioni di euro.<span class=\"_ _2\"></span> Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>Vita <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>assegnato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>5 <span class=\"_ _6\"></span>settembr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>depositato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>risposta <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>Came<span class=\"_ _0\"></span>ra <span class=\"_ _4\"></span>Arbitrale, contestando <span class=\"_ _5\"></span>integralmente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _5\"></span>avversarie <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>anzi <span class=\"_ _6\"></span>formulando <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un importo complessivo pari a 129,4 <span class=\"_ _3\"></span>milioni di euro, per <span class=\"_ _3\"></span>violazione, da parte di <span class=\"_ _3\"></span>RB Ho<span class=\"_ _2\"></span>ld, di <span class=\"_ _3\"></span>dichiarazioni e garanzie rilasciate e di impegni <span class=\"_ _5\"></span>assunti <span class=\"_ _6\"> </span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>dell\u2019obbligo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>comportamento <span class=\"_ _5\"></span>secondo <span class=\"_ _6\"> </span>correttezza <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>buona <span class=\"_ _5\"></span>fede, integralmente richiama<span class=\"_ _0\"></span>ndo le contestazioni<span class=\"_ _0\"></span> illustrate nella ric<span class=\"_ _0\"></span>hiesta di indennizzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> maggio scorso.  Le <span class=\"_ _4\"> </span>parti <span class=\"_ _7\"> </span>costituite, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>raggiunto <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019accordo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>nomina <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>presidente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>Arbitrale, <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>avanzato richiesta congiunta a<span class=\"_ _0\"></span>l Consiglio Arbitrale<span class=\"_ _0\"></span> affinch\u00e9 la nomin<span class=\"_ _0\"></span>a venga differita. Ove <span class=\"_ _3\"></span>consultazioni t<span class=\"_ _3\"></span>ra le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>portasse<span class=\"ff4\">ro <span class=\"_ _3\"></span>all\u2019individuazione dell\u2019interesse <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>composizione <span class=\"_ _3\"></span>transattiva, <span class=\"_ _3\"></span>la pendenza <span class=\"_ _3\"></span>del </span>contenzioso non impedis<span class=\"_ _0\"></span>ce la verifica d<span class=\"_ _0\"></span>ella percorribilit\u00e0 di<span class=\"_ _0\"></span> tale ipotesi.<span class=\"_ _3\"></span> Contenzioso <span class=\"_ _4\"> </span>derivante <span class=\"_ _7\"> </span>dall\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>acquisizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>certe <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>rappo<span class=\"_ _2\"></span><span class=\"ff2\">rti <span class=\"_ _7\"> </span>giuridici <span class=\"_ _4\"> </span>facenti <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Banca<span class=\"_ _35\"></span> </span>Popolare di Vicenza S.<span class=\"_ _0\"></span>p.A. in LCA e a Veneto B<span class=\"_ _0\"></span>anca S.p.A. in LCA In via preliminare <span class=\"_ _0\"></span>si ricorda quanto segu<span class=\"_ _0\"></span>e: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>accordi <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>(Contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cessione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>26 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Seco<span class=\"_ _5\"></span>ndo </span>Accordo <span class=\"_ _4\"> </span>Ricognitivo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>17 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2018) <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndividuate <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>distinte <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>contenziosi <span class=\"_ _4\"> </span>(r<span class=\"_ _3\"></span>iferibili <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>alle partecipate delle ex Ba<span class=\"_ _0\"></span>nche Venete incluse<span class=\"_ _0\"></span> nella cessione): a1 <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _4\"> </span>Pregresso, <span class=\"_ _7\"> </span>incluso <span class=\"_ _4\"> </span>fra <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>dell\u2019Insieme<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>Aggregato <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>che ricomprende, <span class=\"_ _2\"></span>salvo <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>importanti <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>(cfr. <span class=\"_ _6\"></span><span class=\"ff2\">infra</span> <span class=\"_ _2\"></span><span class=\"ff2\">sub</span> <span class=\"_ _2\"></span>a2)<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>civili <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>pendenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>26 giugno 2017 e comu<span class=\"_ _0\"></span>nque diversi da quelli r<span class=\"_ _0\"></span>ientranti nel c.d. Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenzioso Escluso (c<span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>r. punto successivo<span class=\"_ _0\"></span>); a2 <span class=\"ls0\">- <span class=\"_ _3\"></span><span class=\"ff4\">il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Contenzioso Escluso, che <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico delle <span class=\"_ _3\"></span>Banche in<span class=\"_ _3\"></span> LCA <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>riguarda, tra <span class=\"_ _3\"></span>l\u2019altro, le <span class=\"_ _3\"></span>vertenze <span class=\"_ _3\"></span>(anche se </span></span>gi\u00e0 <span class=\"_ _6\"></span>pendenti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _4\"> </span>giugno <span class=\"_ _6\"></span>2017) <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>romosse <span class=\"_ _6\"></span> <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>azionisti/obbligazionisti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>convertibili <span class=\"_ _4\"></span>e/o <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"></span>ex Banche <span class=\"_ _7\"> </span>Venete <span class=\"_ _7\"> </span>(tra <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>quelle <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201coperazioni <span class=\"_ _7\"> </span>baciate\u201d), <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>connesse <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eteriorati, <span class=\"_ _7\"> </span>quelle relative <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>estinti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>cessione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>controversie <span class=\"_ _7\"> </span>(quale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>ne <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>l\u2019oggetto) <span class=\"_ _7\"> </span>sorte <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>la cessione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>occorsi <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>stessa. <span class=\"_ _7\"> </span>Rientrano <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _7\"> </span>Escluso <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>vertenze riconducibili a tutte le categorie qui elencate (<span class=\"_ _2\"></span><span class=\"ff2 ls1f\">sub</span> <span class=\"_ _3\"></span>a2) promosse nei confronti di Banca <span class=\"_ _3\"></span>Nuova e Banca Apulia (o di Intesa Sanpaolo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse); <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Contenzioso <span class=\"_ _3\"></span>Pregresso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativi<span class=\"_ _35\"></span> accantonamenti; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso, <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rivelassero <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsufficienti, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>diritto di essere indennizza<span class=\"_ _0\"></span>ta dalle Banche in LCA, ai termini prev<span class=\"_ _0\"></span>isti nel Contratto di Ce<span class=\"_ _0\"></span>ssione del 26 giugno<span class=\"_ _0\"></span> 2017;<span class=\"_ _3\"></span> b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>successivamente <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>26 <span class=\"_ _16\"> </span>giugno <span class=\"_ _7\"> </span>2017, <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>avviate <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>riassunte <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _16\"> </span>alcune <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ause </span>rientranti nel Conten<span class=\"_ _0\"></span>zioso Escluso. Con <span class=\"_ _0\"></span>riguardo a queste cause: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>far\u00e0) <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>giudizio <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>straneit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>carenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>legittimazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>passiva; <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla </span>base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Decreto <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span>gge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _3\"></span>(art. <span class=\"_ _2\"></span>3) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>LCA, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>in conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>prescrizioni <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Commissione <span class=\"_ _2\"></span>europea <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aiuti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>(Decisione <span class=\"_ _2\"></span>C(2017) <span class=\"_ _2\"></span>4501 <span class=\"_ _2\"></span>final <span class=\"_ _3\"></span>e Allegato <span class=\"_ _6\"></span>B <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>26.6.2017), <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>vietano <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>farsi <span class=\"_ _6\"></span>carico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>qualunque<span class=\"_ _0\"></span> \u201cclaim\u201d relativo a pre<span class=\"_ _0\"></span>tese d<span class=\"ff1\">i azionisti e obbligazionisti<span class=\"_ _0\"></span> subordinati delle <span class=\"_ _0\"></span>ex Banche Venete; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>(e <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>qualsiasi titolo <span class=\"_ _3\"></span>sostenuti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in </span>relazione al suo coinvolgime<span class=\"_ _0\"></span>nto in ogni Contenzioso E<span class=\"_ _0\"></span>scluso), quest\u2019ultima<span class=\"_ _3\"></span><span class=\"ff1\"> ha diritto di essere rist<span class=\"_ _0\"></span>orata dalle Banche </span>in <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>CA <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dai <span class=\"_ _6\"></span>successivi <span class=\"_ _4\"></span>accordi. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>stesse <span class=\"_ _4\"> </span>Banche <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>LCA hanno <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>riconosciuto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _3\"></span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Contenzioso <span class=\"_ _3\"></span>Escluso,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">tant\u2019\u00e8 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>si </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>giudizi <span class=\"_ _4\"> </span>avv<span class=\"_ _3\"></span>iati <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>riassunti) <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>azionisti <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>obbligazionisti<span class=\"_ _0\"></span> convertibili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>subordinati <span class=\"_ _6\"></span>(o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>comunque <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Contenzioso <span class=\"_ _4\"> </span>Escluso), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>hiedendo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>veder dichiarata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>propria <span class=\"_ _6\"></span>esclusiva <span class=\"_ _4\"> </span>legittimazione <span class=\"_ _4\"></span>passiva <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _6\"></span>estromissione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>tali giudizi. Tutti <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obblighi e <span class=\"_ _2\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>indennizzo assunti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>coperti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _2\"></span> garanzia <span class=\"_ _2\"></span>pubblica <span class=\"_ _5\"></span><span class=\"ff4\">(\u201c<span class=\"_ _3\"></span>Garanzia <span class=\"_ _2\"></span>Indennizzi\u201d), <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>costituiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resupposto <span class=\"_ _2\"></span>essenziale <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Contratto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Cessione;<span class=\"_ _0\"></span> </span>garanzia che \u00e8 stata fo<span class=\"_ _0\"></span>rmalizzata in data 1<span class=\"_ _0\"></span>5 novembre 2022.  Intesa Sanpaolo ha inviato, nel temp<span class=\"_ _0\"></span>o, alle due Banche Venete in LCA, in forza degli o<span class=\"_ _0\"></span>bbl<span class=\"_ _2\"></span>ighi contrattuali assunti dalle stesse,<span class=\"_ _35\"></span> alcune <span class=\"_ _5\"></span>comunicazioni <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>\u201c<span class=\"ff2\">claim</span>\u201d) <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontenenti <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>(o <span class=\"_ _6\"> </span>riserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>richiesta) <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rimborso/indennizzo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _0\"></span> sub\u00ecti <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>otenziali <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>Contenzios<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>Pregresso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso, <span class=\"_ _6\"></span>nonch\u00e9<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>violazione <span class=\"_ _6\"></span>di dichiarazioni e gar<span class=\"_ _0\"></span>anzie relative a talune <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 tr<span class=\"_ _0\"></span>asferite a Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span> Nelle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>\u201cGaranzia <span class=\"_ _16\"> </span>Indennizzi\u201d, <span class=\"_ _16\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>e  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>due  Ba<span class=\"_ _0\"></span>nche  Ve<span class=\"_ _0\"></span>nete  i<span class=\"_ _35\"></span>n  LCA <span class=\"_ _16\"> </span>hanno negoziato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sot<span class=\"ff4\">t<span class=\"_ _3\"></span>oscritto, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cTerzo <span class=\"_ _3\"></span>Accordo\u201d <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>disciplinare <span class=\"_ _3\"></span>taluni <span class=\"_ _3\"></span>aspetti <span class=\"_ _3\"></span>esecutivi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Contratto<span class=\"_ _0\"></span> </span>di <span class=\"_ _6\"></span>Cessione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>26 <span class=\"_ _4\"></span>giugno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>017 <span class=\"_ _6\"></span>(cos\u00ec <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>precedentemente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>avvenuto <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>occasione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"></span>precedenti <span class=\"_ _6\"></span>accordi <span class=\"_ _4\"></span>ricognitivi<span class=\"_ _35\"></span> sottoscritti nel corso del 201<span class=\"_ _0\"></span>7 e del 2018) e, in ta<span class=\"_ _0\"></span>le occasione, Intesa Sanpaolo e le due B<span class=\"_ _0\"></span>anche Venete in <span class=\"_ _0\"></span>LCA:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno previsto il prolu<span class=\"_ _0\"></span>ngamento della durata dei cont<span class=\"_ _0\"></span>ratti di finanziamento sull<span class=\"_ _0\"></span>o sbilancio di cessione e s<span class=\"_ _0\"></span>ulla cessione dei </span>crediti High Risk e le<span class=\"_ _0\"></span> relative condizio<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span>i con allineament<span class=\"_ _0\"></span>o delle garanzie; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno precisato, sia <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>ai claim gi\u00e0 <span class=\"_ _3\"></span>inviati da <span class=\"_ _3\"></span>Intesa Sanpaolo che <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>futuro, a<span class=\"_ _3\"></span>lcuni aspetti relativi a <span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>pi </span>e <span class=\"_ _6\"></span>modi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ristoro, <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>garanzia <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _2\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>forza <span class=\"_ _5\"></span>della Garanzia Indennizzi; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno concordato <span class=\"_ _0\"></span>alcune modalit\u00e0 di e<span class=\"_ _0\"></span>fficace gestione d<span class=\"_ _0\"></span>ei contenziosi in c<span class=\"_ _0\"></span>ui Intesa Sanpaolo ve<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ga coinvolta.<span class=\"_ _3\"></span> </span>Con <span class=\"_ _16\"> </span>ordinanza <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>20 <span class=\"_ _16\"> </span>luglio  2<span class=\"_ _0\"></span>021,  i<span class=\"_ _35\"></span>l  Tribunale <span class=\"_ _7\"> </span>di  Fire<span class=\"_ _0\"></span>nze, <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>giudizio <span class=\"_ _16\"> </span>ascrivibil<span class=\"_ _2\"></span><span class=\"ff1\">e  al <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _16\"> </span>Escluso </span>promosso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span><span class=\"ff2\">misselling</span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>BPVi, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(che <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>eccepito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>difetto <span class=\"_ _5\"></span>di legittimazione <span class=\"_ _7\"> </span>passiva <span class=\"_ _16\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>D.L. <span class=\"_ _7\"> </span>99/2017 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cessione), <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>messo <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Corte <span class=\"_ _16\"> </span>cost<span class=\"_ _2\"></span>ituzionale <span class=\"_ _16\"> </span>l<span class=\"_ _0\"></span>a questione di legittimit\u00e0 <span class=\"_ _0\"></span>costituzionale del D.<span class=\"_ _0\"></span>L. 99/2017. Si t<span class=\"_ _3\"></span>ratta del pri<span class=\"_ _3\"></span>mo caso di <span class=\"_ _3\"></span>rimessione alla <span class=\"_ _3\"></span>Corte costituzionale di <span class=\"_ _3\"></span>questioni relative al <span class=\"_ _3\"></span>D.L. 9<span class=\"_ _3\"></span>9/2017;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>finora, infatti, <span class=\"_ _3\"></span>le n<span class=\"_ _5\"></span>umerose istanze <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rimession<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>costituzionale <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>mulate <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>nei <span class=\"_ _4\"></span>giudizi <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>rano sempre state respinte <span class=\"_ _0\"></span>dai giudici, perch\u00e9 gi<span class=\"_ _0\"></span>udicate irrilevanti <span class=\"_ _0\"></span>o manifestatamente inf<span class=\"_ _0\"></span>ondate.<span class=\"_ _3\"></span> Nel <span class=\"_ _1c\"> </span>costituirsi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>Banca <span class=\"_ _1c\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>contestato <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>provvedimento <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>rimessione <span class=\"_ _1c\"> </span>censu<span class=\"_ _3\"></span><span class=\"ff4\">randone <span class=\"_ _1c\"> </span>l<span class=\"_ _3\"></span>\u2019inammissibilit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>e </span>l\u2019infondatezza; <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _6\"></span>UE <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nazionale <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>aiuti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Stato <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione<span class=\"_ _5\"></span><span class=\"ff1\"> </span>sulle <span class=\"_ _6\"> </span>Banche <span class=\"_ _6\"> </span>Venete, <span class=\"_ _6\"></span>correttamente <span class=\"_ _5\"></span>applicata <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>le<span class=\"_ _3\"></span>gislator<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nazionale, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>effetti <span class=\"_ _6\"></span>disc<span class=\"_ _2\"></span><span class=\"ff1\">riminatori <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>confronti </span>degli azionisti <span class=\"_ _3\"></span>e obbl<span class=\"_ _3\"></span>igazionisti subordinati delle banche <span class=\"_ _3\"></span>venete. Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Presidenza del <span class=\"_ _3\"></span>Consiglio dei <span class=\"_ _3\"></span>Ministri e <span class=\"_ _3\"></span>BPVi <span class=\"_ _3\"></span>in L<span class=\"_ _6\"></span>CA (nonch\u00e9 <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>Banca <span class=\"_ _1c\"> </span>d\u2019Italia, <span class=\"_ _1c\"> </span>qu<span class=\"_ _0\"></span>ale <span class=\"_ _1c\"> </span><span class=\"ff2\">amicus <span class=\"_ _1c\"> </span>curiae<span class=\"ff1\">)</span> <span class=\"_ _1c\"> </span></span>si <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>costituite <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _18\"> </span>concludendo <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019inamm<span class=\"ff1\">issibilit\u00e0 <span class=\"_ _18\"> </span>e </span>l\u2019infondatezza delle q<span class=\"_ _0\"></span>uestioni di legittimit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> costituzionale <span class=\"_ _0\"></span>sollevate.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _1d\"> </span>Corte, <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>sentenza <span class=\"_ _1d\"> </span>n. <span class=\"_ _1d\"> </span>225 <span class=\"_ _1d\"> </span>depositata <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>7 <span class=\"_ _1d\"> </span>novembre <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>accoglimento <span class=\"_ _1d\"> </span>delle  d<span class=\"_ _3\"></span>ifese <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo,<span class=\"_ _0\"></span> dell\u2019Avvocatura <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vicenza<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>dichiarato <span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>mmissibili tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>questioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimit\u00e0 </span>costituzionale,  prendendo<span class=\"_ _0\"></span>  anche  posizione  sulla  infondatez<span class=\"_ _0\"></span>za  delle  stesse  in  aderenza  con  le  difese  svolte  da  Intes<span class=\"_ _35\"></span>a Sanpaolo. Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>penale <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019ipotesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aggiotaggio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ostacolo <span class=\"_ _2\"></span>all\u2019esercizio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> funzioni <span class=\"_ _7\"> </span>delle  A<span class=\"_ _35\"></span>utorit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Vigilanza <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>esponenti <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Veneto <span class=\"_ _7\"> </span>Banca, <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>GUP <span class=\"_ _16\"> </span>ha autorizzato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>citazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>quale <span class=\"_ _6\"></span>responsabile <span class=\"_ _6\"></span>civi<span class=\"_ _2\"></span><span class=\"ff4\">le, <span class=\"_ _6\"> </span>assumendo <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>l\u2019esclusione <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>cessione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>Intes<span class=\"_ _0\"></span>a </span>Sanpaolo  d<span class=\"_ _0\"></span>ei  debiti, <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>responsabilit\u00e0 <span class=\"_ _16\"> </span>e  delle  pas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ivit\u00e0  d<span class=\"_ _0\"></span>erivanti  d<span class=\"_ _0\"></span>alle  operazi<span class=\"_ _0\"></span>oni  di <span class=\"_ _16\"> </span>commercializzazione <span class=\"_ _16\"> </span>di  azion<span class=\"_ _0\"></span>i  e obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sarebbe <span class=\"_ _2\"></span>inopponibile <span class=\"_ _2\"></span>ai <span class=\"_ _6\"></span>terzi, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicherebbe <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fattispecie l\u2019art. 2560 C.C. e, pe<span class=\"_ _0\"></span>rtanto, Intesa Sanp<span class=\"_ _0\"></span>aolo sarebbe subentrat<span class=\"_ _0\"></span>a in tali passivit\u00e0.<span class=\"ff1\"> </span>A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>3.800 <span class=\"_ _7\"> </span>parti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivili <span class=\"_ _7\"> </span>titolari <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>obbligazi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni subordinate di <span class=\"_ _2\"></span>Veneto Banca. <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>costituita chiedendo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>esclusione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>procedimento. A <span class=\"_ _3\"></span>sua volta, Veneto Banca in L<span class=\"_ _3\"></span>CA \u00e8 <span class=\"_ _3\"></span>intervenut<span class=\"_ _0\"></span>a volontariamente affermando la propria le<span class=\"_ _3\"></span>gittimazio<span class=\"_ _0\"></span>ne passiva esclusiva, sostanziale e processuale.  Nel <span class=\"_ _2\"></span>marzo 2<span class=\"_ _3\"></span>018 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>GUP <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ichiarato <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _2\"></span>incompetenza <span class=\"_ _3\"></span>territoriale, <span class=\"_ _3\"></span>trasferendo <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Procura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Repubblica <span class=\"_ _6\"></span>di Treviso. Sono pertanto<span class=\"_ _0\"></span> venute meno la citazi<span class=\"_ _0\"></span>one del responsabile ci<span class=\"_ _0\"></span>vile e le costituzio<span class=\"_ _0\"></span>ni delle parti civili.<span class=\"_ _3\"></span> A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eg<span class=\"ff4\">uito <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>rasferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Procura <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Treviso, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rinvio <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>giudizio <span class=\"_ _7\"> </span>dell\u2019ex <span class=\"_ _16\"> </span>Amministrator<span class=\"_ _0\"></span>e </span>Delegato di Veneto Ba<span class=\"_ _0\"></span>nca, Vincenzo Co<span class=\"_ _0\"></span>nsoli, per i reati di agg<span class=\"_ _0\"></span>iotaggio, ostacolo <span class=\"_ _0\"></span>alla vigilanza bancaria <span class=\"_ _0\"></span>e falso in prosp<span class=\"_ _0\"></span>etto<span class=\"_ _5\"></span><span class=\"lsd\">. </span> Il GUP ha respinto la ric<span class=\"_ _0\"></span>hiesta di autorizzazio<span class=\"_ _0\"></span>ne alla citazione di I<span class=\"_ _0\"></span>ntesa Sanpaolo qual<span class=\"_ _0\"></span>e responsabile civil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span> Analoga <span class=\"_ _16\"> </span>richiesta <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stata  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>spinta <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>del  <span class=\"ff1\">procedimento <span class=\"_ _7\"> </span>penale  da<span class=\"_ _0\"></span>vanti <span class=\"_ _16\"> </span>al  Tri<span class=\"_ _0\"></span>bunale <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>Vicenza <span class=\"_ _16\"> </span>nei  c<span class=\"_ _0\"></span>onfronti <span class=\"_ _16\"> </span>di </span>esponenti e dirigenti <span class=\"_ _0\"></span>della Banca Popolare di Vicenza. Contenzioso in materia d<span class=\"_ _0\"></span>i fideiussioni <span class=\"_ _0\"></span>bancarie<span class=\"fs9\">  </span>Questo <span class=\"_ _5\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso <span class=\"_ _5\"></span>deriva <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>provvedimento <span class=\"_ _2\"></span>del 2005 della Banca <span class=\"_ _3\"></span>d\u2019Italia relativo a <span class=\"_ _3\"></span>uno schema di <span class=\"_ _3\"></span>fideiussione sottopostole dall\u2019ABI (concordato con le <span class=\"_ _3\"></span>principali associazi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span>dei <span class=\"_ _4\"></span>con<span class=\"ff4\">sumatori). <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>d\u2019Italia <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tre <span class=\"_ _6\"> </span>clausole <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>questo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>chema <span class=\"_ _6\"> </span>avrebbero <span class=\"_ _6\"> </span>potuto <span class=\"_ _4\"> </span>comportare <span class=\"_ _6\"></span>effetti </span>anticoncorrenziali se<span class=\"_ _0\"></span> applicate in m<span class=\"_ _0\"></span>odo uniforme dalle ban<span class=\"_ _0\"></span>che.<span class=\"_ _3\"></span> La <span class=\"_ _7\"> </span>Cassazione, <span class=\"_ _16\"> </span>richiamando <span class=\"_ _4\"> </span>tale<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>formulato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>seguente  nu<span class=\"_ _0\"></span>ovo <span class=\"_ _7\"> </span>principio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>diritto: <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>volta <span class=\"_ _16\"> </span>accertata<span class=\"_ _0\"></span> l\u2019esistenza  di  un\u2019intesa  a<span class=\"_ _0\"></span>nticoncorrenziale  illecita <span class=\"_ _16\"> </span>e  quindi  nulla,  l\u2019illiceit\u00e0  invest<span class=\"_ _0\"></span>e  anche  le  fideiussioni  se  costit<span class=\"_ _0\"></span>uisco<span class=\"_ _5\"></span><span class=\"ff1\">no </span>applicazione dell\u2019inte<span class=\"_ _0\"></span>sa illecita, pure<span class=\"_ _0\"></span> se rilasciate prima <span class=\"_ _0\"></span>dell\u2019accertamento d<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>ll\u2019intesa stessa.<span class=\"ff1\"> </span>Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>recuperatorio <span class=\"_ _3\"></span>gestito <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Italfondiario <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>questione <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>conseguen<span class=\"_ _2\"></span><span class=\"ff1\">ze </span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>enunciato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>singole <span class=\"_ _3\"></span>fideiussioni <span class=\"_ _2\"></span>rilasciate <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>schema <span class=\"_ _2\"></span>ABI<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>rimessa alle Sezioni Unite (SS.UU.<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>. In particolare, \u00e8 st<span class=\"_ _0\"></span>ato chiesto di valutare: a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>presenza <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>clausole <span class=\"_ _18\"> </span>illecite <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>contratto <span class=\"_ _18\"> </span>giustifichi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>dichiarazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>nullit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>stesse <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>legittimi<span class=\"_ _35\"></span> </span>esclusivamente l\u2019eserc<span class=\"_ _0\"></span>izio dell\u2019azione ris<span class=\"_ _0\"></span>ar<span class=\"_ _3\"></span><span class=\"ff1\">citoria; </span>b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in caso di nullit\u00e0, q<span class=\"_ _0\"></span>uale sia la tipologi<span class=\"_ _0\"></span>a del vizio che la <span class=\"_ _0\"></span>determini e a chi spetti<span class=\"_ _0\"></span> la legittimazion<span class=\"_ _0\"></span>e a farlo valere;<span class=\"_ _2\"></span> </span>c.<span class=\"ls0\"> <span class=\"_ _33\"> </span>se sia ammissibile la nullit<span class=\"_ _0\"></span>\u00e0 parziale della fideius<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ione;<span class=\"_ _3\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>coincidenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>clausole <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>que<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>ritenute <span class=\"_ _2\"></span>illecite, <span class=\"_ _2\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>indagata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>volont\u00e0 </span>delle parti riguardo al<span class=\"_ _0\"></span>l\u2019operazione e cio<span class=\"_ _0\"></span>\u00e8 se esse vi avrebb<span class=\"_ _0\"></span>ero comunque dato cors<span class=\"_ _0\"></span>o conoscendo l\u2019illicei<span class=\"_ _0\"></span>t\u00e0 delle stesse.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>SS.UU. <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>pronunciate <span class=\"_ _3\"></span>dichiarando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parziale <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fideiussioni <span class=\"_ _3\"></span>redatte <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>ABI <span class=\"_ _2\"></span>in relazione alle clau<span class=\"_ _0\"></span>sole 2, 6 e 8. Le <span class=\"_ _6\"></span>SS.UU. <span class=\"_ _5\"></span>hanno <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>soluzione <span class=\"_ _5\"></span>intermedia <span class=\"_ _6\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>ipotizzabili: <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>escluso <span class=\"_ _6\"></span>la piena <span class=\"_ _7\"> </span>validit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>fideiussione, <span class=\"_ _7\"> </span>soluzione <span class=\"_ _4\"> </span>ch<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>avrebbe <span class=\"_ _4\"> </span>consentito <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>risarcimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>danno <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>unico rimedio utilizzabile dal <span class=\"_ _3\"></span>fideiussore (come suggerito nelle conclusioni del <span class=\"_ _3\"></span>Procuratore Generale prima dell\u2019udienza dello scor<span class=\"_ _6\"></span><span class=\"ff1\">so </span>23 novembre); dall'altr<span class=\"_ _0\"></span>a hanno escluso che p<span class=\"_ _0\"></span>ossa esser<span class=\"ff4\">e ritenuto nullo l\u2019intero contratt<span class=\"_ _0\"></span>o fideiussorio.<span class=\"ff1\"> </span></span>A circa un anno dalla sentenza delle SS.UU. non si \u00e8 registr<span class=\"_ _0\"></span>ato un aumento del contenzi<span class=\"_ _0\"></span>oso, che nel complesso risulta tuttora<span class=\"_ _3\"></span> di dimensioni modeste. Abba' Andrea + 207 Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controversia<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>pendente <span class=\"_ _2\"></span>ava<span class=\"_ _3\"></span>nti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Milano, <span class=\"_ _2\"></span>sez. <span class=\"_ _5\"></span>Imprese, <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Signor <span class=\"_ _2\"></span>Abb\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>207 obbligazionisti <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Marche<span class=\"_ _90\"> </span>111<span class=\"_ _90\"> </span>. <span class=\"_ _4\"></span>Gli <span class=\"_ _6\"></span>attori <span class=\"_ _6\"></span>domandano <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dichiarazione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>nullit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>obbligazioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il risarcimento del d<span class=\"_ _0\"></span>anno subito. La domand<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> \u00e8<span class=\"_ _3\"></span> quantificata in <span class=\"_ _0\"></span>31 milioni circa.  La  Banca  si  \u00e8  costituita  in  giudizio  eccependo  la  propria  carenza  di  legittimazione  passiva,  in  particolare  d<span class=\"_ _0\"></span>educendo<span class=\"_ _0\"></span> l\u2019esclusione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questione <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>perimetro <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>dall\u2019Ente <span class=\"_ _2\"></span>Ponte <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Ba<span class=\"_ _5\"></span><span class=\"ff1\">nca. <span class=\"_ _2\"></span>Ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>ha </span>altres\u00ec eccepito la prescrizione delle doman<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>e attoree e il difetto di legittimazione delle contr<span class=\"_ _0\"></span>oparti, le quali non essendo<span class=\"_ _2\"></span> <span class=\"ff4\">\u201cprimi </span>prenditori\u201d <span class=\"_ _2\"></span>non <span class=\"_ _6\"></span>sono, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _5\"></span>lege, <span class=\"_ _5\"></span>legittimati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>far <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>vizio <span class=\"_ _5\"></span>genetico <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>originari<span class=\"_ _5\"></span><span class=\"ff1\">e. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>infine <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>videnziata </span>l\u2019assenza dei motivi <span class=\"_ _0\"></span>di nullit\u00e0 delle obblig<span class=\"_ _0\"></span>azioni, nonch\u00e9 del n<span class=\"_ _0\"></span>esso causale tra l<span class=\"_ _0\"></span>e condotte contestat<span class=\"_ _0\"></span>e alla Banca e il dan<span class=\"_ _0\"></span>no<span class=\"_ _5\"></span><span class=\"ff1\">. </span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Nazionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risoluzione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intervenuta <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedi<span class=\"_ _2\"></span><span class=\"ff1\">mento <span class=\"_ _2\"></span>aderendo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>e </span>conclusioni <span class=\"_ _2\"></span>formulate <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>Banca.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>all\u2019interruzione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>decesso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttori <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata<span class=\"_ _0\"></span> riassunta; il Tribunal<span class=\"_ _0\"></span>e di Milano ha conces<span class=\"_ _0\"></span>so i termini per il d<span class=\"_ _0\"></span>eposito delle memorie<span class=\"_ _0\"></span> istruttorie e fissa<span class=\"_ _3\"></span>to udienza al 28/3/2023.  AC Costruzioni S.r.<span class=\"fc0 ls11\">l.<span class=\"fs9 ls0\"> </span></span>Giudizio <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>AC <span class=\"_ _3\"></span>Costruzioni <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>(successivamente <span class=\"_ _3\"></span>fallita) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cava <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>relio <span class=\"_ _3\"></span>(deceduto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>causa) <span class=\"_ _2\"></span>volto <span class=\"_ _3\"></span>ad ottenere <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>declaratoria <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>contrattuale <span class=\"_ _4\"></span>e/o <span class=\"_ _7\"> </span>extracontrattuale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>revoca <span class=\"_ _4\"></span>degli <span class=\"_ _4\"> </span>affidamenti effettuata <span class=\"_ _7\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>1998 <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>condanna <span class=\"_ _7\"> </span>della  s<span class=\"_ _0\"></span>tessa <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>risarcimento <span class=\"_ _7\"> </span>dei  da<span class=\"_ _0\"></span>nni <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019intimata <span class=\"_ _7\"> </span>revoca, <span class=\"_ _16\"> </span>quantificati <span class=\"_ _16\"> </span>in complessivi 33 milioni <span class=\"_ _0\"></span>circa. Le  do<span class=\"_ _3\"></span>mande  avversarie  sono  state  i<span class=\"_ _3\"></span>ntegralm<span class=\"ff4\">ente <span class=\"_ _1d\"> </span>respinte  sia  dal <span class=\"_ _1d\"> </span>Tribunale  di <span class=\"_ _1d\"> </span>Cosenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>dalla  Corte  d\u2019Appello <span class=\"_ _1d\"> </span>di </span>Catanzaro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accoglimento <span class=\"_ _2\"></span>delle r<span class=\"_ _3\"></span>agioni <span class=\"_ _3\"></span>formulate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>impugnata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>eredi del Cava e dal fallim<span class=\"_ _0\"></span>ento della AC Costr<span class=\"_ _0\"></span>uzioni, con controricorso e ricorso incidentale.  Con <span class=\"_ _7\"> </span>ordinanza <span class=\"_ _7\"> </span>depositata <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Cassazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>rigettato <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>ricorsi <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle controparti con cons<span class=\"_ _0\"></span>eguente condann<span class=\"_ _0\"></span>a alle spese in favor<span class=\"_ _0\"></span>e della Banca.<span class=\"_ _3\"></span> Il contenzioso risulta<span class=\"_ _0\"></span> quindi definitivamente concluso<span class=\"_ _0\"></span> senza esborsi. Citt\u00e0 Metropolitana di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Capitale (gi<span class=\"_ _0\"></span>\u00e0 Provincia di Roma) Davanti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Procura <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>pende <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _3\"></span>penale <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>carico <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>manager <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Imi <span class=\"_ _2\"></span>per concorso in truffa ag<span class=\"_ _0\"></span>gravata ai <span class=\"ff4\">danni dell\u2019ente pubblic<span class=\"_ _0\"></span>o Citt\u00e0 Metropolit<span class=\"_ _0\"></span>ana di Roma Capitale, gi<span class=\"_ _0\"></span>\u00e0 Provincia di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>complessa <span class=\"_ _2\"></span>operazione <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>dell\u2019ente <span class=\"_ _2\"></span>territoriale, <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Immobili<span class=\"_ _5\"></span><span class=\"ff1\">are </span>Provincia di Roma (i<span class=\"_ _0\"></span>nteramente partecipat<span class=\"ff4\">o dalla Provincia me<span class=\"_ _0\"></span>desima), della nu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>va sede dell\u2019EUR.<span class=\"ff1\"> </span></span>L\u2019operazione immobilia<span class=\"_ _0\"></span>re \u00e8 stata finanziata <span class=\"_ _0\"></span>per 232 milioni da U<span class=\"_ _0\"></span>nicredit, BNL e Ban<span class=\"_ _0\"></span>ca IMI (ciascuna per la q<span class=\"_ _0\"></span>uota di 1/3).<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dell\u2019ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>IMI <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>contestato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>aver <span class=\"_ _6\"> </span>indotto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>errore <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>concorso <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>manager <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>due </span>banche finanziatrici, sette manag<span class=\"_ _0\"></span>er della SGR gestore del Fondo della Provincia e due pubblici ufficiali <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>gli organi di controllo interni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rappresentativi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Provincia, <span class=\"_ _3\"></span>facendo <span class=\"_ _2\"></span>ottenere <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>inanziatrici <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ingiusto <span class=\"_ _3\"></span>profitto <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cagionando di <span class=\"_ _3\"></span>conseguenza <span class=\"_ _3\"></span>all\u2019ente <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>rilevante. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Procura <span class=\"_ _3\"></span>sostiene <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>finanziatrici avrebber<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>sottoscritto con il Fondo Immobiliare un prestito a condizioni diverse e pi\u00f9 onero<span class=\"_ _2\"></span>se rispetto a <span class=\"_ _3\"></span>quelle previste nel bando di gara indetto dall\u2019ente pubbli<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>o per l\u2019opera<span class=\"_ _0\"></span>zione.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _2\"></span>penale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndagata <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>Lgs. <span class=\"_ _5\"></span>231/01 <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>IMI), insieme alle altre du<span class=\"_ _0\"></span>e banche finanziatrici e alla societ\u00e0 di ge<span class=\"_ _0\"></span>stione del fondo immo<span class=\"_ _0\"></span>biliare. Con <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>23 <span class=\"_ _6\"></span>maggio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>4 <span class=\"_ _6\"></span>giugno <span class=\"_ _2\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>stralcio delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>dell\u2019ex <span class=\"_ _5\"></span>manager <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>chiederne <span class=\"_ _5\"></span>l\u2019archiviazio<span class=\"_ _2\"></span><span class=\"ff1\">ne. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecreto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2022, </span>divenuto <span class=\"_ _5\"></span>definitivo <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>dicembre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>Procura <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>disposto <span class=\"_ _5\"></span>l\u2019archiviazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>procedimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>carico <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Banca. <span class=\"_ _6\"> </span>Ci <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>attende inoltre che venga form<span class=\"_ _0\"></span>alizzata la richiest<span class=\"_ _0\"></span>a di archiviazione an<span class=\"_ _0\"></span>che nei confronti dell\u2019e<span class=\"_ _0\"></span>x manager<span class=\"_ _3\"></span><span class=\"ff1\"> di Banca IMI.<span class=\"_ _90\"> </span></span>Contenzioso societ\u00e0 e<span class=\"_ _0\"></span>sattoriali<span class=\"ff1 fs9 fc0\">  </span>Nel contesto della reinternalizzazione della riscossione dei tributi da parte dello Stato, Intesa Sanpaolo ha c<span class=\"_ _3\"></span>eduto ad Equit<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lia S.p.A. <span class=\"_ _6\"></span>oggi <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _6\"></span>Riscossione, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>totalit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gest <span class=\"_ _6\"></span>Line <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ETR/ESATRI, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>che gest<span class=\"ff4\">ivano <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>esattoriale, <span class=\"_ _2\"></span>impegnandosi <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>indennizzare <span class=\"_ _2\"></span>l\u2019acquirente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>sopportati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conseguenza </span>dell\u2019attivit\u00e0 di risco<span class=\"_ _0\"></span>ssione svolta sino alla <span class=\"_ _0\"></span>data dell\u2019acquisto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle partecipazioni.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>ontenzioso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>impositori, <span class=\"_ _2\"></span>contribuenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opravvenienze passive e minusvalenz<span class=\"_ _0\"></span>e rispetto alla situ<span class=\"_ _0\"></span>azione patrimoniale di <span class=\"_ _0\"></span>cessione.<span class=\"_ _3\"></span> Nel <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>avanzate <span class=\"_ _3\"></span>risultano <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>74,9 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Concluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tav<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>tecnico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confronto <span class=\"_ _3\"></span>con l\u2019Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>Entrate <span class=\"_ _6\"> </span>Riscossione <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"> </span>reciproche <span class=\"_ _6\"></span>pretese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ora <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>vanzate <span class=\"_ _6\"></span>trattative <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>definizione <span class=\"_ _6\"></span>delle stesse.  Energy S.r.l. La <span class=\"_ _2\"></span>Energy <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>quale <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>C.I.S.I. <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>ceduto <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>terz<span class=\"_ _3\"></span>i, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proposto dinnanzi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>domanda <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vanificazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>finanziament<span class=\"_ _35\"></span>o agevolato di circa 22 <span class=\"_ _3\"></span>milioni concesso alla C.I.S.I. S.r.l. nel 1997 ai sensi <span class=\"_ _5\"></span>della L. 488/92 e l<span class=\"_ _3\"></span>a condanna in solido del <span class=\"_ _3\"></span>Ministero dello <span class=\"_ _20\"> </span>Svilupp<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>Economico, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>(quale <span class=\"_ _20\"> </span>concessionaria <span class=\"_ _1c\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>l\u2019<span class=\"_ _3\"></span>istruttoria <span class=\"_ _1c\"> </span>procedimentale) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>Vittoria Assicurazioni <span class=\"_ _7\"> </span>(garante <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>tranche <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziam<span class=\"_ _0\"></span>ento) <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>risarci<span class=\"_ _2\"></span>re <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>anni <span class=\"_ _7\"> </span>asseritamente <span class=\"_ _7\"> </span>subiti, quantificati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omplessivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>53 <span class=\"_ _5\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fondamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>l'esito <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un procedimento <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>enale <span class=\"_ _6\"></span>originato <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>esposto <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>C.I.S.I. <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>suo <span class=\"_ _6\"></span>amministratore <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>rregolarit\u00e0 <span class=\"_ _6\"></span>ed inadempienze <span class=\"_ _6\"></span>nell'esecuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"></span>industriale <span class=\"_ _6\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>finanziamento, <span class=\"_ _6\"></span>procedimento <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>aveva <span class=\"_ _4\"></span>indotto <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>revoca della concessione di fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anza agevolata. Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>si  \u00e8 <span class=\"_ _1d\"> </span>cost<span class=\"_ _3\"></span>ituita  ne<span class=\"_ _3\"></span>gando  la <span class=\"_ _1d\"> </span>fondatezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>pretese  a<span class=\"_ _3\"></span>vve<span class=\"_ _3\"></span>rsarie, <span class=\"_ _1d\"> </span>eccependo  la <span class=\"_ _1d\"> </span>nullit\u00e0 <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>citazione, l\u2019intervenuta <span class=\"_ _2\"></span>prescrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>qualsiasi <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>risarcitoria <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca, <span class=\"_ _5\"></span>l\u2019infondatezza <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>pretese <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019inid<span class=\"_ _5\"></span><span class=\"ff1\">onea </span>rappresentazione di <span class=\"_ _0\"></span>un danno.  Avviato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>processuale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>scambiate <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>memorie<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rito <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>istruttoria.  In <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>0 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _16\"> </span>il </span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>depositato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>respinto <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>domande <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Energy, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>10 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di appello. Engineering Service S.<span class=\"_ _0\"></span>r.l. Nel <span class=\"_ _6\"></span>2015 <span class=\"_ _4\"> </span>Engineering <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>S.r.<span class=\"_ _3\"></span>l. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>promosso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>giu<span class=\"_ _0\"></span>dizio <span class=\"_ _6\"></span>civile <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>confronti <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>MISE, <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>BPER <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>in<span class=\"_ _0\"></span> relazione <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>agevolazioni <span class=\"_ _3\"></span>pubbliche <span class=\"_ _3\"></span>all\u2019imprenditoria. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>attrice <span class=\"_ _2\"></span>imputa <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>nostra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(ed <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>BPER)<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ritardi <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>erogazioni, <span class=\"_ _3\"></span>ritardi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>avrebbero <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>dell\u2019impresa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la conseguente perdita d<span class=\"_ _0\"></span>el contributo pu<span class=\"_ _0\"></span>bblico. Nei confronti del nos<span class=\"_ _0\"></span>tro Istituto \u00e8 stata form<span class=\"_ _0\"></span>ulata domanda di risa<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>cimento danni per 2<span class=\"_ _0\"></span>8 milioni circa.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span><span class=\"ff4\">difese <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tempi <span class=\"_ _2\"></span>dell\u2019istruttori<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ipesi <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>BPER, <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta<span class=\"_ _0\"></span> </span>domanda di manleva. A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _7\"> </span>dell\u2019ordi<span class=\"_ _0\"></span>nanza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>sposta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>CTU, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Roma, <span class=\"_ _7\"> </span>con  <span class=\"ff1\">sentenza <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>9 </span>novembre  2<span class=\"_ _0\"></span>021,  ha <span class=\"_ _16\"> </span>rigettato  integralm<span class=\"_ _0\"></span>ente  la <span class=\"_ _16\"> </span>domanda  dell\u2019attrice,<span class=\"_ _0\"></span>  condann<span class=\"_ _0\"></span>andola  alla <span class=\"_ _16\"> </span>rifusione <span class=\"_ _16\"> </span>delle  spese <span class=\"_ _16\"> </span>legali  nei<span class=\"_ _0\"></span> confronti di tutte le p<span class=\"_ _0\"></span>arti convenute. La sentenza \u00e8 passata in<span class=\"_ _0\"></span> giudicato per ma<span class=\"_ _0\"></span>ncata impugnazio<span class=\"_ _0\"></span>ne nei termini di l<span class=\"_ _0\"></span>egge.<span class=\"_ _3\"></span> Fallimento G.I.&amp; E. Nel  novem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  20<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>1,  il <span class=\"_ _16\"> </span>Fallimento <span class=\"_ _16\"> </span>G.I.&amp;  E. <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _16\"> </span>ha  prom<span class=\"_ _0\"></span>osso  u<span class=\"_ _0\"></span>n\u2019azione <span class=\"_ _16\"> </span>di  risarcim<span class=\"_ _0\"></span>ento <span class=\"_ _16\"> </span>danni  nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _16\"> </span>di  Intesa Sanpaolo  (quale  incorporante  B<span class=\"_ _0\"></span>anca  dell\u2019Adriatico)  ed  UBI  (q<span class=\"_ _0\"></span>uale  incorporante  Banca  Marche  e  Popolare  di  Ancor<span class=\"_ _0\"></span>a), invocandone la responsabilit\u00e0 per aver contribuit<span class=\"_ _0\"></span>o, in concorso <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>ltri istituti bancari e con la condotta degli a<span class=\"_ _3\"></span>mministratori<span class=\"_ _0\"></span> e degli organi di contro<span class=\"_ _0\"></span>llo, all\u2019artificiale<span class=\"_ _0\"></span> mantenimento in vita <span class=\"_ _0\"></span>della societ\u00e0 ed al<span class=\"_ _0\"></span>l\u2019aggravamento del <span class=\"_ _0\"></span>suo dissesto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il danno asseritamente lame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tato \u00e8 stato quantifi<span class=\"_ _0\"></span>cato da controp<span class=\"_ _0\"></span>arte in 22,5 milioni circa.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>scioglimento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _5\"></span>assunta <span class=\"_ _3\"></span>all\u2019udienza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>16.12.2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>svolgimento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>CTU <span class=\"_ _2\"></span>richiesta <span class=\"_ _2\"></span>dal<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Fallimento.  Fallimento Isoldi Hol<span class=\"_ _0\"></span>ding<span class=\"ff1 fs9 fc0\">  </span>Il <span class=\"_ _4\"> </span>Fallimento <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio, <span class=\"_ _4\"></span>avanti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Bologna, <span class=\"_ _6\"></span>ex <span class=\"_ _7\"> </span>UBI <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>(<span class=\"_ _3\"></span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Nuova <span class=\"_ _4\"> </span>Banca Etruria  e <span class=\"_ _16\"> </span>di  C<span class=\"_ _0\"></span>entrobanca), <span class=\"_ _16\"> </span>Intesa  Sanpaol<span class=\"_ _0\"></span>o  e <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>5  banche <span class=\"_ _16\"> </span>con  atto <span class=\"_ _16\"> </span>di  citazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>el  giug<span class=\"_ _0\"></span>no  2020 <span class=\"_ _16\"> </span>invocando  l<span class=\"_ _0\"></span>a  lor<span class=\"_ _35\"></span>o responsabilit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _6\"></span>solid<span class=\"ff4\">ale <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019organo <span class=\"_ _6\"></span>amministrativo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Isol<span class=\"_ _3\"></span>di <span class=\"_ _6\"></span>Holding, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>serie <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>atti <span class=\"_ _6\"></span>dissipativi <span class=\"_ _6\"></span>che </span>avrebbero <span class=\"_ _5\"></span>contribuito <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>artificiale <span class=\"_ _5\"></span>sopravvivenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2011 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2013, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>una condotta <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>sarebbe <span class=\"_ _6\"></span>realizzata <span class=\"_ _6\"></span>mediante <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risanamento <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>art. <span class=\"_ _5\"></span>67,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co. <span class=\"_ _6\"></span>3, <span class=\"_ _6\"></span>lett. <span class=\"_ _6\"></span>d) <span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>fall. fondato  su <span class=\"_ _16\"> </span>atti  illegittimi<span class=\"_ _0\"></span>  e  d<span class=\"_ _0\"></span>i  un  a<span class=\"_ _0\"></span>ccordo  ad <span class=\"_ _16\"> </span>esso  strume<span class=\"_ _0\"></span>ntale,  che <span class=\"_ _16\"> </span>prevedeva  l\u2019erog<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione <span class=\"_ _16\"> </span>di  nuova  f<span class=\"_ _0\"></span>inanza,  atti <span class=\"_ _16\"> </span>che avrebbero artificialm<span class=\"_ _0\"></span>ente procrastinato <span class=\"ff4\">la crisi della societ\u00e0<span class=\"_ _0\"></span> ed occultato l\u2019irre<span class=\"_ _0\"></span>versibilit\u00e0 del disse<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _3\"></span>Fallimento Isoldi ha <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>formulato domanda, <span class=\"_ _3\"></span>in via <span class=\"_ _3\"></span>solidale, solo verso <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>(ante incorporazione <span class=\"_ _3\"></span>UBI Banca<span class=\"_ _2\"></span><span class=\"ls20\">) </span>e <span class=\"_ _3\"></span>MPS in<span class=\"_ _3\"></span>vocando la<span class=\"_ _3\"></span> loro <span class=\"_ _3\"></span>responsabilit\u00e0, <span class=\"_ _3\"></span>in concorso <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019Am<span class=\"_ _3\"></span><span class=\"ff1\">ministratore <span class=\"_ _3\"></span>Unico d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Isoldi Holding, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>condotte asseritamente </span>illecite <span class=\"_ _6\"> </span>connesse <span class=\"_ _4\"> </span>all\u2019opera<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>salvataggio <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>Aedes <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _6\"> </span>Holding <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>rilevare <span class=\"_ _4\"> </span>la partecipazione di maggio<span class=\"_ _0\"></span>ranza. Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>l\u2019ex <span class=\"_ _6\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>si<span class=\"ff1\"> <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>ritualmente <span class=\"_ _6\"></span>costituite <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Tribunale<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>adito, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>ordinanza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"></span>luglio <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>021, <span class=\"_ _6\"></span>ha </span>dichiarato <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"> </span>incompetenza. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>riassunto <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>giudizio <span class=\"_ _4\"></span>riproponendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>medesime <span class=\"_ _4\"></span>domande <span class=\"_ _4\"></span>avanti <span class=\"_ _4\"></span>al Tribunale di Torino; la <span class=\"_ _3\"></span>Banca si \u00e8 <span class=\"_ _3\"></span>costituita per<span class=\"_ _3\"></span> <span class=\"ff4\">l\u2019udienza fissata al 3 <span class=\"_ _3\"></span>marzo 2022. All\u2019udienza del 16 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span></span>2023 <span class=\"_ _3\"></span><span class=\"ls11\">il </span>giudice si \u00e8 <span class=\"_ _6\"></span>riservato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>decidere <span class=\"_ _6\"></span>sulle <span class=\"_ _5\"></span>eccezioni <span class=\"_ _6\"></span>preliminari. <span class=\"_ _4\"></span>Il <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anno <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>amentato <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>controparte <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>appare <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo stato precisamente qu<span class=\"_ _0\"></span>antificabile tenuto <span class=\"_ _0\"></span>conto anche delle differenti condotte cen<span class=\"_ _0\"></span>surate alle divers<span class=\"_ _0\"></span>e banche.  Societ\u00e0 Italiana per l<span class=\"_ _0\"></span>e Condotte d\u2019Acqua S.<span class=\"_ _0\"></span>p.A. in Amministrazio<span class=\"_ _0\"></span>ne Straordinaria<span class=\"ff1 fc0\"> </span>Con <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>tto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>citazione <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>23 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Italian<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>Condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>\u2019Acqua <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _4\"> </span>(ammessa <span class=\"_ _16\"> </span><span class=\"ff1\">alla <span class=\"_ _4\"></span>Proce<span class=\"_ _0\"></span>dura </span>\u201cMarzano\u201d con <span class=\"_ _3\"></span>D.M. <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>agosto <span class=\"_ _3\"></span>2018) <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>chiesto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>a ti<span class=\"_ _3\"></span>tolo di <span class=\"_ _3\"></span>risarcimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno per <span class=\"_ _3\"></span>la somma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>389,3 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>diversa <span class=\"_ _16\"> </span>somma <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>risulter\u00e0 <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>giudizio), <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ivalutazione <span class=\"_ _7\"> </span>monetari<span class=\"_ _5\"></span>a, interessi di legge e s<span class=\"_ _0\"></span>pese. La <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>solidale, <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(anche <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Medio <span class=\"_ _4\"></span>Credito <span class=\"_ _6\"></span>Italiano,<span class=\"_ _0\"></span> Banca  IMI, <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _0\"></span>anca <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>\u201cquale  acquirente <span class=\"_ _7\"> </span>dell\u2019azienda\u201d  di  V<span class=\"_ _35\"></span>eneto  Banca <span class=\"_ _16\"> </span>e  di <span class=\"_ _16\"> </span>Banca  P<span class=\"_ _0\"></span>opolare <span class=\"_ _16\"> </span>di  Vi<span class=\"_ _2\"></span><span class=\"ff1\">cenza),  dei<span class=\"_ _35\"></span> </span>componenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gestion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Sorveglianza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Condotte <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>numerose <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di factor. La <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>fonda <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>asseriti <span class=\"_ _7\"> </span>comportamenti <span class=\"_ _7\"> </span>posti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vario <span class=\"_ _7\"> </span>titolo <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>convenuti <span class=\"_ _7\"> </span>ritenuti <span class=\"_ _7\"> </span>fonte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>pregiu<span class=\"_ _2\"></span>dizio <span class=\"_ _7\"> </span>al patrimonio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>massa <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>creditori; <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>actor, <span class=\"_ _4\"> </span>viene ipotizzata u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>responsabilit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>mantenuto <span class=\"_ _3\"></span>abusivamente <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Condotte contribuendo<span class=\"_ _2\"></span> cos\u00ec alla prosecuzione <span class=\"_ _0\"></span>in perdita della <span class=\"_ _0\"></span>sua attivit\u00e0, con agg<span class=\"_ _0\"></span>ravamento del dissesto. La prima udienza \u00e8 fis<span class=\"_ _0\"></span>sata a settembre 2023. Allo <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>imputabile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>anche<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>differenti condotte imputate ai n<span class=\"_ _0\"></span>umerosi convenuti.  L\u2019Amministrazione <span class=\"_ _5\"></span>Straordinaria <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>inoltre <span class=\"_ _6\"></span>promosso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>fronti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>tre <span class=\"_ _6\"> </span>giudizi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>revocatoria <span class=\"_ _6\"></span>fallimentare<span class=\"_ _35\"></span> dinanzi al Tribunale <span class=\"_ _0\"></span>di Roma, con richiesta <span class=\"_ _0\"></span>di restituzione di som<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span> per circa 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _2\"></span>i.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Pesaro La Fondazione Cassa di Risparmio di Pesaro <span class=\"_ _0\"></span>2018 ha promosso azione risarcitori<span class=\"_ _0\"></span>a nei confronti di ex UBI Banca (in qualit\u00e0 di<span class=\"_ _0\"></span> ente <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ucceduto <span class=\"_ _6\"> </span>all\u2019emittente <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>Marche <span class=\"_ _4\"> </span>S.p.A.<span class=\"_ _90\"> </span>112<span class=\"_ _90\"> </span>)<span class=\"_ _90\"> </span>e <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>PwC <span class=\"_ _6\"></span>(la <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>certificato <span class=\"_ _4\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>bilanci <span class=\"_ _6\"></span>ed attestato <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>indicati <span class=\"_ _4\"> </span>nel <span class=\"_ _16\"> </span>Prospetto <span class=\"_ _7\"> </span>Informativo) <span class=\"_ _7\"> </span>sostenendo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>convenute <span class=\"_ _4\"> </span>avrebbero <span class=\"_ _7\"> </span>diffuso <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pubblico <span class=\"_ _7\"> </span>dei risparmiatori <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>economica <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>no<span class=\"_ _2\"></span>nch\u00e9 <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _7\"> </span>reddituali <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella Banca <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Marche <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _6\"></span>sarebbero <span class=\"_ _2\"></span>rivelati <span class=\"_ _5\"></span>totalmente <span class=\"_ _5\"></span>errati <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fuorvianti. <span class=\"_ _5\"></span>Tali <span class=\"_ _5\"></span>informazioni, <span class=\"_ _2\"></span>contenute <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>bilanci <span class=\"_ _7\"> </span>al 31<span class=\"ls0\"> dicembre 2010 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2011 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Prospetto Informativo, <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>indotto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Fo<span class=\"_ _2\"></span>ndazione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sottoscrivere <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>azioni </span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>emesse <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2012. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>registrato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>una marcata riduzione dell<span class=\"_ _0\"></span>a loro quotazione di m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato, determinan<span class=\"_ _0\"></span>do una perdita qu<span class=\"_ _0\"></span>antificata in 52 mili<span class=\"_ _2\"></span>oni circa. Nel <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>desivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di legittimazione passiva <span class=\"_ _3\"></span>sollevata da <span class=\"_ _3\"></span>UBI, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione delle <span class=\"_ _3\"></span>previsioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>180/2015 che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato la<span class=\"_ _3\"></span> proced<span class=\"_ _6\"></span>ura<span class=\"_ _35\"></span> di <span class=\"_ _6\"></span>risoluzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Marche. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Tribunale, <span class=\"_ _5\"></span>rigettate <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>istanze <span class=\"_ _5\"></span>istruttorie <span class=\"_ _6\"></span>formulate, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>inviato <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>per<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>la precisazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>conclusioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>13 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021. <span class=\"_ _2\"></span>Precisate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>conclusioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>parti <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>depositato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>memorie <span class=\"_ _3\"></span>conclusional<span class=\"_ _5\"></span><span class=\"ls13\">i:</span> causa in attesa di se<span class=\"_ _0\"></span>ntenza.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Jesi A <span class=\"_ _7\"> </span>gen<span class=\"_ _3\"></span>naio <span class=\"_ _7\"> </span>2016 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Fondazione <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Jesi <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>promosso <span class=\"_ _7\"> </span>azione <span class=\"_ _7\"> </span>risarcitoria <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _16\"> </span>Banca (in <span class=\"ff4\">qualit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>ente <span class=\"_ _6\"></span>asseritamente <span class=\"_ _5\"></span>succeduto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019emittente <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Marche <span class=\"_ _4\"> </span></span>S.p.A.<span class=\"_ _90\"> </span>113<span class=\"_ _90\"> </span>) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>PwC <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ha certificato <span class=\"_ _2\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>bilanci <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attestato <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _2\"></span>indicati <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Prospetto <span class=\"_ _2\"></span>Informativo) <span class=\"_ _5\"></span>sostenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>convenute <span class=\"_ _5\"></span>avrebbero <span class=\"_ _2\"></span>dif<span class=\"_ _5\"></span>fuso presso il pubblico dei risparmiatori dati e informazioni relativi alla situ<span class=\"_ _3\"></span>azione economica e patrimoniale nonch\u00e9 alle prospettive reddituali <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marche <span class=\"_ _2\"></span>S.p.A. c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbero <span class=\"_ _3\"></span>rivelati <span class=\"_ _3\"></span>totalmente <span class=\"_ _3\"></span>errati <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fuorvianti. <span class=\"_ _3\"></span>Tali <span class=\"_ _2\"></span>informazioni, c<span class=\"_ _3\"></span>onte<span class=\"_ _5\"></span>nute<span class=\"_ _0\"></span> nei  bila<span class=\"_ _0\"></span>nci  al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre  20<span class=\"_ _0\"></span>10  e <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>30  giugno <span class=\"_ _16\"> </span>2011 <span class=\"_ _16\"> </span>e  nel <span class=\"_ _16\"> </span>Prospetto  I<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>formativo, <span class=\"_ _16\"> </span>avrebbero  indotto <span class=\"_ _16\"> </span>la  F<span class=\"_ _0\"></span>ondazione <span class=\"_ _7\"> </span>a sottoscrivere  l<span class=\"_ _0\"></span>e  azioni <span class=\"_ _16\"> </span>della  B<span class=\"_ _0\"></span>anca  emesse <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  aumento <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>nel  marzo <span class=\"_ _16\"> </span>2012.  Il <span class=\"_ _16\"> </span>valore  di <span class=\"_ _16\"> </span>tali  titoli  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 successivamente azzera<span class=\"_ _0\"></span>to determinando una per<span class=\"_ _0\"></span>dita quantificat<span class=\"_ _0\"></span>a in 25 milioni circ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _17\"> </span>cor<span class=\"ff4\">so <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _17\"> </span>adesivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di </span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>sollevata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _3\"></span>180/2015 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato <span class=\"_ _4\"></span>la procedura di risoluzione di B<span class=\"_ _0\"></span>anca delle Marche. Con <span class=\"_ _3\"></span>sentenza <span class=\"_ _2\"></span>resa <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Ancona <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>accolto <span class=\"_ _3\"></span>l\u2019eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimazione <span class=\"_ _3\"></span>passiva sollevata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>rigettando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>formulate. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impugnazione <span class=\"_ _3\"></span>proposto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Fonda<span class=\"_ _5\"></span>zione <span class=\"_ _3\"></span>dinanzi a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> Corte d\u2019Appello di A<span class=\"_ _0\"></span>ncona<span class=\"ff1 fs6\"> </span>l\u2019udienza di precisazione delle<span class=\"_ _0\"></span> conclusioni \u00e8 stat<span class=\"_ _0\"></span>a rinviata al 9 magg<span class=\"_ _0\"></span>io 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gruppo Alitalia: Azio<span class=\"_ _0\"></span>ni revocatorie Nell\u2019agosto <span class=\"_ _3\"></span>2011, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>Straordinaria <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">e <span class=\"_ _2\"></span></span>precisamente <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>Linee <span class=\"_ _2\"></span>Aeree, <span class=\"_ _2\"></span>Alitalia </span>Servizi, <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Airport <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Alitalia <span class=\"_ _2\"></span>Express <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>promosso <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribuna<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma, <span class=\"_ _2\"></span>cinque giudizi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>revocatoria <span class=\"_ _4\"> </span>fallimentare <span class=\"_ _4\"> </span>(di <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>contro <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Fir<span class=\"_ _2\"></span>enze) <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>richiesta <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>di complessivi 44,6 milio<span class=\"_ _0\"></span>ni. Con  la<span class=\"_ _0\"></span>  co<span class=\"_ _0\"></span>stituzione <span class=\"_ _16\"> </span>in  g<span class=\"_ _0\"></span>iudizio,  \u00e8<span class=\"_ _0\"></span>  s<span class=\"_ _0\"></span>tata  o<span class=\"_ _0\"></span>pposta <span class=\"_ _16\"> </span>una  li<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ea <span class=\"_ _16\"> </span>difensiva <span class=\"_ _16\"> </span>basata  pri<span class=\"_ _0\"></span>ncipalmente <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _16\"> </span>nullit\u00e0 <span class=\"_ _16\"> </span>delle  azio<span class=\"_ _0\"></span>ni  p<span class=\"_ _35\"></span>er indeterminatezza <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>domande, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>esclusione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>sogg<span class=\"_ _2\"></span>ettivo <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>conoscenza <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _5\"></span>Alitalia <span class=\"_ _5\"></span>(oggetto <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _5\"></span>Air <span class=\"_ _5\"></span>France <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>poi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>successivo <span class=\"_ _5\"></span>salvataggio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ilotato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>italiano), <span class=\"_ _2\"></span>nonch\u00e9 sulla non revocabilit\u00e0 d<span class=\"_ _0\"></span>elle partite in accr<span class=\"_ _0\"></span>edito, considerata la<span class=\"_ _0\"></span> peculiarit\u00e0 <span class=\"_ _3\"></span>delle movimentazioni <span class=\"_ _0\"></span>di conto. Falliti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>primi <span class=\"_ _6\"></span>tentativi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ggiung<span class=\"_ _0\"></span>ere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>transattivo, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>accolto <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _5\"></span>di Alitalia Servizi, co<span class=\"_ _0\"></span>ndannando la Banca al<span class=\"_ _0\"></span>la restituzione di cir<span class=\"_ _0\"></span>ca 17 milioni, oltre a<span class=\"_ _0\"></span>ccessori.  <span class=\"_ _3\"></span> Oltre <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>censurabile <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>merito, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>pronuncia <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>emessa <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>deposito <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle comparse conclusio<span class=\"_ _0\"></span>nali, per cui, nell\u2019atto di<span class=\"_ _0\"></span> appello successivam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte proposto, \u00e8 st<span class=\"_ _0\"></span>ata sollevata in via pregi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziale eccezi<span class=\"_ _2\"></span><span class=\"ff1\">one </span>di <span class=\"_ _7\"> </span>null<span class=\"ff4\">it\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>sentenza, <span class=\"_ _7\"> </span>unitamente <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>sospensione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>provvisoria <span class=\"_ _7\"> </span>esecutivit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>stessa, <span class=\"_ _16\"> </span>quest\u2019ultima </span>accolta <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>provvedimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Appello. <span class=\"_ _6\"></span>Le <span class=\"_ _2\"></span>cause <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Aeree <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>Alitalia <span class=\"_ _3\"></span>Express <span class=\"_ _2\"></span>sono invece <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>vinte <span class=\"_ _16\"> </span>in  p<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ima <span class=\"_ _16\"> </span>istanza. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>procedure <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>promosso <span class=\"_ _16\"> </span>appello, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Alitalia <span class=\"_ _16\"> </span>Express <span class=\"_ _7\"> </span>si<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>concluso favorevolmente, con s<span class=\"_ _0\"></span>uccessiva impugnativa<span class=\"_ _0\"></span> in Cassazione da <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte della Proced<span class=\"_ _0\"></span>ura. <span class=\"_ _3\"></span> Per Alitalia Airport, p<span class=\"_ _0\"></span>ure vinta in prima ista<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za, la sentenza favor<span class=\"_ _35\"></span>e<span class=\"_ _2\"></span>vole \u00e8 passata in giudicat<span class=\"_ _0\"></span>o.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>promossa <span class=\"_ _5\"></span>contro <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Firenze <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _6\"></span>favorevolmen<span class=\"_ _0\"></span>te <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>primi <span class=\"_ _5\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gradi <span class=\"_ _5\"></span>di giudizio, con impugn<span class=\"_ _0\"></span>ativa in Cassazione ad o<span class=\"_ _0\"></span>pera della controp<span class=\"_ _0\"></span>arte.  <span class=\"_ _3\"></span> Tutto <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>predetto <span class=\"_ _17\"> </span>con<span class=\"_ _3\"></span>tenzioso,<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>dopo <span class=\"_ _17\"> </span>lu<span class=\"_ _3\"></span>nghe <span class=\"_ _18\"> </span>trattative <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>frattempo <span class=\"_ _18\"> </span>riprese, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stato <span class=\"_ _18\"> </span>definito <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>novembre <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>2022 riconoscendo alla co<span class=\"_ _0\"></span>ntroparte la somma di<span class=\"_ _0\"></span> 12,8 milioni. Gruppo Elifani Causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2009 <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Edilizia <span class=\"_ _3\"></span>Immobiliare <span class=\"_ _3\"></span>San <span class=\"_ _2\"></span>Giorgio 89 <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Enselfin, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sua sostituzione), <span class=\"_ _2\"></span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _5\"></span>Edilizia <span class=\"_ _5\"></span>S.r.l., <span class=\"_ _5\"></span>Hotel <span class=\"_ _2\"></span>Cristallo <span class=\"_ _5\"></span>S.r.l. <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>socio <span class=\"_ _5\"></span>garante <span class=\"_ _2\"></span>Mario <span class=\"_ _5\"></span>Elifani <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>risarcimen<span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>dei danni <span class=\"_ _6\"></span>subiti <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>asserita <span class=\"_ _4\"></span>condo<span class=\"_ _0\"></span>tta <span class=\"_ _4\"></span>illegittima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>richiesto <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>spro<span class=\"_ _5\"></span>porzionate <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>al credito <span class=\"_ _6\"></span>concesso, <span class=\"_ _6\"></span>escusso <span class=\"_ _6\"></span>garanzie <span class=\"_ _6\"></span>pignoratizie, <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>interessi <span class=\"_ _6\"></span>usurari <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ef<span class=\"_ _3\"></span>fettuato <span class=\"_ _6\"></span>erronee <span class=\"_ _6\"></span>segnalazioni <span class=\"_ _6\"></span>in Centrale Rischi. L\u2019importo <span class=\"_ _1d\"> </span>inizialmente <span class=\"_ _1d\"> </span>preteso <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mmontava <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>circa <span class=\"_ _1d\"> </span>116 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>controversia <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>presu<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>posto <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>medesime </span>circostanze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>lamentate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>anatocismo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>ultralegali <span class=\"_ _2\"></span>promosse <span class=\"_ _2\"></span>dalle <span class=\"_ _3\"></span>suddette societ\u00e0 nel 2004 e definite transattivamente<span class=\"_ _0\"></span> a inizio 2014. Il giudizio ha avuto esito favorevole per la Banca s<span class=\"_ _2\"></span>ia <span class=\"_ _3\"></span>in primo che in secondo grado. Con ordinanza del 27 dicembre 2019 la <span class=\"_ _3\"></span>Corte di Cassazione ha parzialmente accolto il ricorso delle controparti, con rinvio. L<span class=\"_ _5\"></span><span class=\"ls17\">e </span>controparti <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>riassunto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>avanti <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>quantificando <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>oman<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>100 <span class=\"_ _2\"></span>milioni circa.  Con <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>giugno <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Corte <span class=\"_ _6\"></span>d'Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Milano, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinvio, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>rigettato <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>domande <span class=\"_ _6\"></span>svolte <span class=\"_ _4\"></span>dagli <span class=\"_ _6\"></span>attori, condannandoli <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>questa <span class=\"_ _4\"> </span>sentenza <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>nuova<span class=\"_ _3\"></span>mente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpugnata<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Cass<span class=\"_ _0\"></span>azione <span class=\"_ _7\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>con ricorso notificato il 3<span class=\"_ _0\"></span>0 novembre 2022. Mariella Burani Fashio<span class=\"_ _0\"></span>n Group S.p.A. in<span class=\"_ _0\"></span> liquidazione e fallim<span class=\"_ _0\"></span>ento (\u201cMBFG\u201d)<span class=\"ff2\"> </span>Il <span class=\"_ _4\"></span>Fallimento <span class=\"_ _6\"></span>Mariella <span class=\"_ _4\"></span>Burani <span class=\"_ _6\"></span>Fashion <span class=\"_ _4\"></span>Group <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2018 <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>ex<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>amministratori <span class=\"_ _5\"></span>e sindaci, le societ\u00e0 di revisione e ex <span class=\"_ _3\"></span>UBI Banca (quale incorporante di Centrobanca), chiedendo la condanna al risarcimento di<span class=\"_ _2\"></span> pretesi danni subiti p<span class=\"_ _0\"></span>er effetto di plurimi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tti di mala gestio <span class=\"_ _0\"></span>della societ\u00e0 in <span class=\"_ _0\"></span>bonis.<span class=\"_ _3\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>prospettazione <span class=\"_ _2\"></span>attorea, <span class=\"_ _3\"></span>Centrobanca, <span class=\"_ _3\"></span>confluita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>avrebbe <span class=\"_ _3\"></span>sostenuto <span class=\"_ _3\"></span>finanziariamente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2008 <span class=\"_ _3\"></span>la controllante <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>fallita <span class=\"_ _5\"></span>(Mariella <span class=\"_ _5\"></span>Burani <span class=\"_ _6\"></span>Holding <span class=\"_ _5\"></span>S.p.A.) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>controllata, <span class=\"_ _5\"></span>nonostante <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>segnali<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>di insolvenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quest\u2019ultima <span class=\"_ _5\"></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>nifestatisi <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>decorrere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>2007, <span class=\"_ _5\"></span>cagionando <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>danno <span class=\"_ _6\"></span>quantificato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>92 <span class=\"_ _6\"></span>milioni </span>circa. La <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>eccepito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>preliminar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>difetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legittimazione <span class=\"_ _2\"></span>attiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fallimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>oggetto<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di contestazione era s<span class=\"_ _3\"></span>tato ero<span class=\"_ _3\"></span><span class=\"ff4\">gato a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>della controllante di <span class=\"_ _3\"></span>Mariella Burani <span class=\"_ _3\"></span>Fashion Group <span class=\"_ _3\"></span>S.p.A.; inoltre l\u2019asserito danno <span class=\"_ _3\"></span>di </span>cui il Fallimento chie<span class=\"_ _0\"></span>de il risarcimento s<span class=\"_ _0\"></span>arebbe stato in realt\u00e0<span class=\"_ _0\"></span> subito dai creditori <span class=\"_ _0\"></span>della societ\u00e0 (e non <span class=\"_ _0\"></span>dalla procedura).<span class=\"_ _3\"></span> Per quanto riguarda il merito <span class=\"ff4\">delle contesta<span class=\"_ _0\"></span>zioni, la Banca ha evidenzia<span class=\"_ _0\"></span>to la correttezza del propr<span class=\"_ _0\"></span>io operato nonch\u00e9 l\u2019esclusiv<span class=\"_ _0\"></span>a </span>responsabilit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bon<span class=\"_ _3\"></span>is, <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>esclusiva <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>falsi, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diffusione <span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>false informazioni e la con<span class=\"_ _0\"></span>t<span class=\"ff4\">inuazione dell\u2019attivit\u00e0 social<span class=\"_ _0\"></span>e in una asserita <span class=\"_ _0\"></span>situazione di insolve<span class=\"_ _0\"></span>nza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il giudizio si trova in f<span class=\"_ _0\"></span>ase istruttoria.  Fallimento Sim <span class=\"ff1 fc0\"> </span>Con <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>citazione <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>SIM <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio <span class=\"_ _2\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> (unitamente ad altri <span class=\"_ _0\"></span>7 istituti di credito) ava<span class=\"_ _0\"></span>nti il Tribunale di C<span class=\"_ _0\"></span>atania, con prima u<span class=\"_ _0\"></span>dienza in data 31 m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rzo 2023.<span class=\"_ _2\"></span> Trattasi di azione risarcitoria promossa per danni <span class=\"_ _0\"></span>asseritamente sub\u00ecti dalla societ\u00e0 e dai credito<span class=\"_ _0\"></span>ri in ragione di comportam<span class=\"_ _2\"></span>enti delle banche qualific<span class=\"_ _0\"></span>ati dalla controparte <span class=\"_ _0\"></span>come \u201cantigiuridici\u201d, <span class=\"_ _0\"></span>che avrebbero determin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to un\u2019abusiva conce<span class=\"_ _0\"></span>ssione di credito.<span class=\"_ _2\"></span><span class=\"ff1\">  </span>La pretesa risarcitori<span class=\"_ _0\"></span>a \u00e8 stata quantificata i<span class=\"_ _0\"></span>n 47 milioni circa, <span class=\"_ _0\"></span>con richiesta di condan<span class=\"_ _0\"></span>na in solido tra le <span class=\"_ _0\"></span>banche convenute<span class=\"_ _2\"></span><span class=\"ls12\">. </span> Offerta di diamanti Nell\u2019ottobre <span class=\"_ _3\"></span>2015, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tipulato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>collaborazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>Diamond <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>(DPI) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>disciplinare le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>segnalazione <span class=\"_ _7\"> </span>dell\u2019offerta <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>diamanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>DPI <span class=\"_ _7\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>in<span class=\"_ _5\"></span><span class=\"ff1\">iziativa, <span class=\"_ _7\"> </span>si </span>intendeva <span class=\"_ _3\"></span>rendere <span class=\"_ _2\"></span>disponibile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>soluzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cbene <span class=\"_ _3\"></span>rifugi<span class=\"_ _6\"></span>o\u201d <span class=\"_ _3\"></span>in cui <span class=\"_ _6\"></span>allocare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>quota <span class=\"_ _4\"></span>margina<span class=\"_ _0\"></span>le <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>lungo <span class=\"_ _5\"></span>periodo. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>diamanti <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _6\"></span>og<span class=\"_ _5\"></span>getto <span class=\"_ _6\"></span>di vendita da diversi an<span class=\"_ _0\"></span>ni presso altre prim<span class=\"_ _0\"></span>arie reti bancarie nazio<span class=\"_ _0\"></span>nali.<span class=\"_ _3\"></span> L\u2019attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>segnalazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revalentement<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>2016, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>significativo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>medesimo<span class=\"_ _35\"></span> anno. Complessivamente  i  clienti  che  hanno  acqui<span class=\"_ _0\"></span>sta<span class=\"_ _3\"></span>to  diamanti  sono  circa  8.000,  per  un  importo  complessivo  pari  a  oltre 130 milioni. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>commercializzazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>improntato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trasparenza, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>presidi <span class=\"_ _4\"> </span>progressivamente rafforzati nel tempo, <span class=\"_ _0\"></span>inclusi, tra l\u2019altro, co<span class=\"_ _0\"></span>ntrolli di qualit\u00e0<span class=\"ff1\"> <span class=\"_ _3\"></span>sui diamanti <span class=\"_ _0\"></span>e di congruit\u00e0 dei <span class=\"_ _0\"></span>prezzi praticati da DPI. </span>Nel <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>017, <span class=\"_ _7\"> </span>l\u2019AGCM <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>avviato, <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>commercializzano <span class=\"_ _7\"> </span>diamanti, <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>DPI <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>tra <span class=\"_ _7\"> </span>societ\u00e0) procedimenti per l\u2019acc<span class=\"_ _0\"></span>ertamento di comportam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti in violazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elle disposizio<span class=\"_ _3\"></span><span class=\"ff1\">ni in materia di p<span class=\"_ _0\"></span>ratiche commerciali scor<span class=\"_ _0\"></span>rette. </span>In aprile tali procedime<span class=\"_ _0\"></span>nti sono stati este<span class=\"_ _0\"></span>si alle banche che han<span class=\"_ _0\"></span>no svolto attivit\u00e0 d<span class=\"_ _0\"></span>i segnalazione <span class=\"_ _0\"></span>dei servizi di dette s<span class=\"_ _0\"></span>oci<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0. A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nclusione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>procedimenti, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>30 <span class=\"_ _3\"></span>ottobre <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>l\u2019AGCM <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimenti <span class=\"_ _3\"></span>sanzionatori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>aver <span class=\"_ _2\"></span>accertato <span class=\"_ _3\"></span>la </span>presunta contrariet\u00e0 al Codi<span class=\"_ _0\"></span>ce del Consumo delle con<span class=\"_ _0\"></span>dotte di DPI nonch\u00e9 delle b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche a cui il procedim<span class=\"_ _0\"></span>ento era stato esteso, consistenti  <span class=\"ff4\">\u2013</span>  in  sintesi  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">nell\u2019aver  fornito  una  rappresentazione  parzi<span class=\"_ _0\"></span>ale,  ingan<span class=\"_ _3\"></span><span class=\"ff1\">nevole  e  fuorviante  delle  caratteristich<span class=\"_ _0\"></span>e </span></span>dell\u2019acquisto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>diamanti, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>prospettato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>quotazione <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>del mercato. <span class=\"_ _4\"> </span>L\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>irrogato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>ridotta <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ispe<span class=\"_ _2\"></span>tto <span class=\"_ _4\"> </span>all\u2019iniziale <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>di 3,5 <span class=\"ff4\">milioni, avendo l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>riconosciuto<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il pregio <span class=\"_ _3\"></span>delle iniziative poste in <span class=\"_ _3\"></span>essere dalla <span class=\"_ _3\"></span>Banca a p<span class=\"_ _3\"></span>artire dal 2016 <span class=\"_ _3\"></span>per rafforz<span class=\"_ _5\"></span><span class=\"ff1\">are </span></span>i presidi del process<span class=\"_ _0\"></span>o di offerta volti a gara<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tire, in particolare, l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> corretta informa<span class=\"_ _3\"></span>tiva alla clientela. A seguito del provvedimento d<span class=\"_ _0\"></span>ell\u2019AGCM, la Banca ha corri<span class=\"_ _0\"></span>sposto l\u2019importo ogg<span class=\"_ _0\"></span>etto di sanzione e depositato ri<span class=\"_ _0\"></span>corso al TAR del Lazio <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>l\u2019impugnazio<span class=\"_ _0\"></span>ne. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>uddetto <span class=\"_ _17\"> </span>ricorso, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>data <span class=\"_ _18\"> </span>16 <span class=\"_ _17\"> </span>novembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>TAR <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>confermato <span class=\"_ _18\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>provvedimento sanzio<span class=\"_ _0\"></span>natorio e la Banca presenter\u00e0 <span class=\"_ _0\"></span>appello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  A partire da novembre 2<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span>17, la Banca h<span class=\"_ _0\"></span>a: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rescisso <span class=\"_ _1d\"> </span>l\u2019accordo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>collaborazione <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>Diamond <span class=\"_ _17\"> </span>Private <span class=\"_ _1d\"> </span>Investment <span class=\"_ _17\"> </span>(DPI) <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>cessato <span class=\"_ _17\"> </span>l\u2019attivit\u00e0, <span class=\"_ _1d\"> </span>gi\u00e0 <span class=\"_ _1d\"> </span>sospesa <span class=\"_ _17\"> </span>nel </span></span>precedente mese di otto<span class=\"_ _0\"></span>bre; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">attivato un <span class=\"_ _3\"></span>processo che <span class=\"_ _3\"></span>prevede il <span class=\"_ _3\"></span>riconoscimento alla c<span class=\"_ _3\"></span>lientela dell\u2019originario costo <span class=\"_ _3\"></span>sostenuto per <span class=\"_ _3\"></span>l\u2019acquisto dei <span class=\"_ _3\"></span>preziosi<span class=\"_ _2\"></span></span> </span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ritiro <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>pietre, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>soddisfare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esigenze <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rivendita <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>clientela <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>causa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>ill<span class=\"_ _5\"></span>iquidit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 creata sul mercato, <span class=\"_ _0\"></span>non sono soddisfatte d<span class=\"_ _0\"></span>a DPI; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inviato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"></span>clienti <span class=\"_ _6\"></span>possessori <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>diamanti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ribadire <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bene </span>durevole delle pietre, confermando, tra <span class=\"_ _3\"></span>l\u2019altro, la <span class=\"_ _2\"></span><span class=\"ff1\">disponibilit\u00e0 della Banca ad <span class=\"_ _3\"></span>intervenire direttamente a fronte di <span class=\"_ _3\"></span>eventual<span class=\"_ _0\"></span>i </span>esigenze di realizzo m<span class=\"_ _0\"></span>anifestate dalla <span class=\"_ _0\"></span>clientela e non soddi<span class=\"_ _0\"></span>sfatte da DPI.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>pervenute 34 <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>0,5 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iacquisto comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _3\"></span>pervenute dalla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>soddisfatte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>6.854 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>controvalore <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>116,3 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>dei diamanti <span class=\"_ _18\"> </span>riacquistati <span class=\"_ _17\"> </span>viene <span class=\"_ _18\"> </span>effettuata <span class=\"_ _18\"> </span>prendendo <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>considerazione <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lori <span class=\"_ _17\"> </span>espressi <span class=\"_ _18\"> </span>dall\u2019indice <span class=\"_ _18\"> </span>IDEX <span class=\"_ _18\"> </span>Diamond <span class=\"_ _18\"> </span>Ret<span class=\"_ _2\"></span><span class=\"ff1\">ail </span>Benchmark, una delle <span class=\"_ _0\"></span>principali piattaf<span class=\"_ _0\"></span>orme di trading on li<span class=\"_ _0\"></span>ne utilizzato nelle pri<span class=\"_ _0\"></span>ncipali piazze da pi\u00f9 di <span class=\"_ _0\"></span>7.000 operatori.<span class=\"_ _2\"></span> Nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>febbraio <span class=\"_ _4\"></span>2019 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>notificato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>sequestro <span class=\"_ _6\"></span>preventivo <span class=\"_ _6\"></span>penale <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>11,1 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>somma <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>alle commissioni riconosciut<span class=\"_ _0\"></span>e da DPI alla Banca. Le indagini preliminari a<span class=\"_ _0\"></span>vviate dalla Procura della R<span class=\"_ _0\"></span>epubblica di Milano riguar<span class=\"_ _0\"></span>dano anche altre quattro Ba<span class=\"_ _0\"></span>nche (maggiormente coinvolte) e due soci<span class=\"_ _0\"></span>et\u00e0 che commercializzano <span class=\"_ _0\"></span>diamanti. Nell\u2019ottobre 2019 <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato notificato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019avviso di <span class=\"_ _3\"></span>conclusione de<span class=\"_ _3\"></span>lle indagini <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>quale emerge che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>indagati due <span class=\"_ _3\"></span>gestori <span class=\"_ _3\"></span>della Banca <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa <span class=\"_ _6\"></span>aggravata <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>concorso <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>soggetti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>individuare) <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _4\"> </span>l\u2019identific<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>al<span class=\"_ _6\"></span><span class=\"ff1\">tri </span>esponenti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autoricic<span class=\"_ _3\"></span>laggio, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contestato <span class=\"_ _4\"> </span>l\u2019illecito <span class=\"_ _7\"> </span>amministrativo <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>D. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _4\"> </span>231<span class=\"_ _3\"></span>/2001 <span class=\"_ _4\"> </span>in relazione a quest\u2019ultim<span class=\"_ _0\"></span>o reato presupposto.<span class=\"ff1\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quest\u2019ultima <span class=\"_ _6\"> </span>contestazione, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>GIP <span class=\"_ _4\"> </span>ha a<span class=\"ff4\">ccolto  l\u2019istanz<span class=\"_ _0\"></span>a  di  p<span class=\"_ _0\"></span>atteggiamento  \u2013<span class=\"ff1\">  presentat<span class=\"_ _0\"></span>a  da  Inte<span class=\"_ _0\"></span>sa  Sanpa<span class=\"_ _0\"></span>olo  al <span class=\"_ _16\"> </span>solo  fine  di <span class=\"_ _16\"> </span>evitare  il <span class=\"_ _16\"> </span>protrarsi  della <span class=\"_ _16\"> </span>pendenza </span></span>giudiziaria  e  s<span class=\"_ _0\"></span>ulla  quale  la  P<span class=\"_ _0\"></span>rocura  avev<span class=\"_ _0\"></span>a  espresso  pare<span class=\"_ _0\"></span>re  favorevole <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  pronuncian<span class=\"_ _0\"></span>do  una  sentenza  c<span class=\"_ _0\"></span>he  ha  dis<span class=\"_ _0\"></span>posto l\u2019applicazione della <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span><span class=\"ff1\">la <span class=\"_ _3\"></span>sanzione pecuniaria <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>100 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>confisca <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>somme <span class=\"_ _3\"></span>costituenti <span class=\"_ _3\"></span>il </span>profitto del reato di a<span class=\"_ _0\"></span>utoriciclaggio, quanti<span class=\"_ _0\"></span>ficate in 61 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>compete<span class=\"_ _0\"></span>nza <span class=\"_ _6\"></span>te<span class=\"_ _2\"></span>rritoriale, <span class=\"_ _5\"></span>davanti <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Tribunale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Roma, nell\u2019agosto <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>ificata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revoca <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>questro<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>disposto <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>febbraio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>profit<span class=\"_ _5\"></span><span class=\"ff1\">to </span>del <span class=\"_ _4\"> </span>presunto <span class=\"_ _4\"></span>reato <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>integrale <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>somma <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>11,<span class=\"_ _2\"></span>1 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>Definita <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>posizione <span class=\"_ _4\"></span>della<span class=\"_ _0\"></span> Banca, ci si attende <span class=\"_ _0\"></span>che la Procura di Mi<span class=\"_ _0\"></span>lano richieda l\u2019arc<span class=\"_ _0\"></span>hiviazione nei confronti<span class=\"_ _0\"></span> dei due gestori in<span class=\"_ _0\"></span>dagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Private banker (San<span class=\"_ _0\"></span>paolo Invest SIM, incorp<span class=\"_ _0\"></span>orata nella controll<span class=\"_ _0\"></span>ante Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo <span class=\"_ _0\"></span>Private Banking) Una <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>ispettiva <span class=\"_ _5\"></span>effettuata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Audit <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>emergere <span class=\"_ _2\"></span>gravi <span class=\"_ _5\"></span>irregolarit\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Sanpa<span class=\"_ _6\"></span><span class=\"ff1\">olo </span>Invest  SIM.  L<span class=\"_ _0\"></span>e  verifiche <span class=\"_ _16\"> </span>svolte  hanno  accert<span class=\"_ _0\"></span>ato  gravi <span class=\"_ _16\"> </span>irregolarit\u00e0  ai  dan<span class=\"_ _0\"></span>ni  di  diversi <span class=\"_ _16\"> </span>clienti,  quali  di<span class=\"_ _0\"></span>strazioni  di <span class=\"_ _16\"> </span>fo<span class=\"_ _5\"></span>ndi  e rendicontazioni riporta<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti importi increment<span class=\"_ _0\"></span>ali non veritieri.  In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Societ\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>risolto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>giusta <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>private <span class=\"_ _3\"></span>banker <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>provveduto <span class=\"_ _4\"></span><span class=\"lsc\">a </span>comunicare <span class=\"_ _7\"> </span>i  f<span class=\"_ _0\"></span>atti <span class=\"_ _16\"> </span>emersi <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019Aut<span class=\"_ _0\"></span>orit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>all\u2019O<span class=\"_ _3\"></span><span class=\"ff1\">rganismo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>vigilanza <span class=\"_ _7\"> </span>dei  c<span class=\"_ _0\"></span>onsulenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>dapprima </span>sospeso e poi radiat<span class=\"_ _0\"></span>o a dicembre 2019 il p<span class=\"_ _0\"></span>rivate banker dall\u2019Al<span class=\"_ _35\"></span>bo un<span class=\"_ _3\"></span>ico dei cons<span class=\"_ _0\"></span>ulenti finanziari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019illecito, <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ricevuto <span class=\"_ _3\"></span>complessivamente <span class=\"_ _2\"></span>278 <span class=\"_ _2\"></span>richieste <span class=\"_ _6\"></span><span class=\"ff1\">risarcitorie <span class=\"_ _2\"></span>(comprendent<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>reclami, <span class=\"_ _2\"></span>mediazioni <span class=\"_ _2\"></span>e </span>cause), per un <span class=\"_ _3\"></span>importo di circa 62,9 <span class=\"_ _3\"></span>milioni, per lo pi\u00f9 <span class=\"_ _3\"></span>fondate su asserite distrazioni di denaro, perdite derivanti da <span class=\"_ _3\"></span>oper<span class=\"_ _5\"></span>ativit\u00e0 disconosciuta in strum<span class=\"_ _0\"></span>enti finanziari, f<span class=\"_ _0\"></span>alse rendicontazioni <span class=\"_ _0\"></span>e addebito di<span class=\"_ _3\"></span> commissioni relative al<span class=\"_ _0\"></span> servizio di consulenza. Ad oggi pendono 55 <span class=\"_ _0\"></span>richieste, per un val<span class=\"_ _0\"></span>ore attuale di circa 2<span class=\"_ _0\"></span>5,5 milioni, a seg<span class=\"_ _0\"></span>uito della definizio<span class=\"_ _0\"></span>ne di 223 posizioni.<span class=\"_ _3\"></span> Dai clienti indebitamente accreditati \u00e8 <span class=\"_ _3\"></span>stato recuperato l\u2019importo complessivo di 6,4 <span class=\"_ _5\"></span><span class=\"ff1\">milioni (gi\u00e0 restituito ai <span class=\"_ _3\"></span>clienti danneggiati)<span class=\"_ _0\"></span> </span>e ad oggi pendono s<span class=\"_ _0\"></span>equestri per 42 milioni. A <span class=\"_ _5\"></span>carico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>private <span class=\"_ _5\"></span>banker, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>sequestro <span class=\"_ _5\"></span>conservativo, <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>rinvenuto <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>conti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>depositi <span class=\"_ _5\"></span>accesi presso <span class=\"_ _5\"></span>istituti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>posiz<span class=\"_ _3\"></span><span class=\"ff4\">ione <span class=\"_ _6\"></span>previdenziale <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>sultante <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>Enasarco. <span class=\"_ _5\"></span>Nella <span class=\"_ _5\"></span>conseguente <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>l\u2019ex </span>private <span class=\"_ _5\"></span>banker <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>formulato <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>0,6 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mancata <span class=\"_ _6\"></span>corresponsione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle indennit\u00e0 di risoluzio<span class=\"_ _0\"></span>ne del rapporto.  \u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span><span class=\"ff4\">inoltre <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>dell\u2019ex <span class=\"_ _3\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>recesso </span>dal contratto di agenzia, per complessivi 1,6 milioni, oltre interessi a titolo di indennit\u00e0 di mancato<span class=\"_ _0\"></span> preavviso, di penale <span class=\"_ _5\"></span>relati<span class=\"ls1f\">va </span>ad un contratto di fin<span class=\"_ _0\"></span>anziamento e di restit<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione di anticipi di<span class=\"_ _0\"></span> bonus.<span class=\"_ _3\"></span> A <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>connessi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>predetto <span class=\"_ _6\"></span>illecito, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuati <span class=\"_ _5\"></span>accantonamenti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>fronte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccert<span class=\"_ _5\"></span>ati relativamente alle richi<span class=\"_ _0\"></span>este risarcitorie e <span class=\"_ _0\"></span>alle ca<span class=\"_ _3\"></span>use pendenti<span class=\"ff5\">. </span>I <span class=\"_ _3\"></span>predetti <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019apposita polizza <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _6\"> </span><span class=\"ff1\">la </span>Compagnia ha gi\u00e0 ri<span class=\"_ _0\"></span>conosciuto un primo a<span class=\"_ _0\"></span>nticipo di 744 mila e<span class=\"_ _0\"></span>uro<span class=\"_ _3\"></span><span class=\"ff5\">. </span>Reyl &amp; Cie (Svizzera) - Procedi<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span>nto ex D. Lgs. 231/2001 dell<span class=\"_ _0\"></span>a Procura della Rep<span class=\"_ _0\"></span>ubblica presso il Tri<span class=\"_ _0\"></span>bunale di Milano La <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Repubblic<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>procedimento <span class=\"_ _5\"></span>penale <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _2\"></span>231/2001 <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Cie (societ\u00e0  svizzera <span class=\"_ _1d\"> </span>controllata  da <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>Private <span class=\"_ _1d\"> </span>Banking)  per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>reato  presupposto  di <span class=\"_ _1d\"> </span>riciclaggio, asseritamente commesso da un suo <span class=\"_ _3\"></span>ex d<span class=\"_ _3\"></span>ipendente (licenziato nel 2020) ed <span class=\"_ _3\"></span>ha ord<span class=\"_ _3\"></span>inato il sequestro di <span class=\"_ _3\"></span>valori di <span class=\"_ _3\"></span>propriet\u00e0 della<span class=\"_ _2\"></span> stessa Reyl <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>irca 1,1 <span class=\"_ _3\"></span>milioni d<span class=\"_ _3\"></span>i euro. <span class=\"_ _3\"></span>Il p<span class=\"_ _3\"></span>rocedimento vede coinvolta a<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>res\u00ec <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca sv<span class=\"_ _3\"></span>izzera Cramer &amp; <span class=\"_ _3\"></span>Cie. <span class=\"_ _3\"></span>N\u00e9 <span class=\"_ _3\"></span>Fideuram ISPPB <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>coinvolte <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>fatti <span class=\"_ _2\"></span>contestati <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _3\"></span>intervenuti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>8, prima dell\u2019ingresso di Reyl &amp; Cie nel <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo, avvenuto nel mag<span class=\"_ _2\"></span>gio 2021. In base all\u2019accusa, l\u2019ex dipendente, insieme <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fratello <span class=\"_ _6\"></span>dipendente <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>Cramer <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>CIE <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>consulente <span class=\"_ _6\"></span>esterno, <span class=\"_ _6\"></span>avrebbe <span class=\"_ _6\"></span>messo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>atto <span class=\"_ _6\"></span>pratiche <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a favorire <span class=\"_ _6\"> </span>l\u2019evasione <span class=\"_ _6\"> </span>fiscale <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lienti <span class=\"_ _6\"> </span>italiani <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>co<span class=\"_ _2\"></span><span class=\"ff1\">nti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>Svizzera <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>filiali <span class=\"_ _6\"></span>site <span class=\"_ _6\"></span>presso <span class=\"_ _4\"></span>le </span>Bahamas  a<span class=\"_ _0\"></span>l  fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>consentire  ai <span class=\"_ _16\"> </span>clienti  me<span class=\"_ _0\"></span>desimi  di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>relevare <span class=\"_ _16\"> </span>disponibilit\u00e0 <span class=\"_ _16\"> </span>di  denaro <span class=\"_ _16\"> </span>da  t<span class=\"_ _0\"></span>ali  conti <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>possibilit\u00e0 <span class=\"_ _16\"> </span>di tracciamento <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>Autorit\u00e0 <span class=\"_ _7\"> </span>italiane. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>al  pro<span class=\"_ _0\"></span>vvedimento <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff4\">ll\u2019Autorit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>svizzera <span class=\"_ _7\"> </span>\u00e8 </span>attualmente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>l\u2019atto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impugnazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _6\"> </span>tuttavia <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>separata <span class=\"_ _6\"></span>valutazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ua <span class=\"_ _3\"></span>formalizzazione.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>procedimento penale <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. 231/2<span class=\"_ _5\"></span>001 <span class=\"_ _3\"></span>pendente <span class=\"_ _3\"></span>in I<span class=\"_ _3\"></span>talia si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sta valutando  la<span class=\"_ _0\"></span>  possibilit<span class=\"_ _0\"></span>\u00e0  di  fo<span class=\"_ _0\"></span>rmulare <span class=\"_ _16\"> </span>un\u2019istanza  di  r<span class=\"_ _0\"></span>iduzione  dell<span class=\"_ _0\"></span>\u2019importo  del<span class=\"_ _0\"></span>lo  stesso. <span class=\"_ _16\"> </span>Dall\u2019esame <span class=\"_ _16\"> </span>della  document<span class=\"_ _0\"></span>azione processuale <span class=\"_ _4\"> </span>emergono <span class=\"_ _4\"> </span>infatti <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>fanno <span class=\"_ _7\"> </span>ritenere <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _4\"> </span>l\u2019accoglimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>istanza.  <span class=\"ff1\">Nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di<span class=\"_ _90\"> </span></span>Reyl <span class=\"ff4\">&amp; <span class=\"_ _6\"></span>Cie <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>formulata <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>richiesta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>interdizione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>indagini<span class=\"_ _35\"></span> </span>sono tuttora pendenti e<span class=\"_ _0\"></span> non \u00e8 ancora possi<span class=\"_ _0\"></span>bile accedere ai relat<span class=\"_ _0\"></span>ivi atti.<span class=\"_ _3\"></span> Tirrenia di Navigazio<span class=\"_ _0\"></span>ne in A.S.: Az<span class=\"_ _0\"></span>io<span class=\"_ _3\"></span>ni revocatorie A <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>Tirrenia <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Naviga<span class=\"_ _0\"></span>zione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>A.S. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>avanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _3\"></span>due <span class=\"_ _5\"></span>revocatori<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>fallimentari <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>la ex Cassa di Risparmio d<span class=\"_ _0\"></span>i Venezia per 2,7 milio<span class=\"_ _0\"></span>ni e contro l\u2019ex Banco <span class=\"_ _0\"></span>di Napoli per 33,8 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>cont<span class=\"_ _3\"></span>ro <span class=\"_ _6\"></span>l\u2019ex <span class=\"_ _5\"></span>CR <span class=\"_ _6\"> </span>Venezia <span class=\"_ _4\"> </span><span class=\"ff1\">pende <span class=\"_ _6\"></span>ora <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>appello, <span class=\"_ _6\"></span>proposto <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>2016 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>condanna <span class=\"_ _6\"></span>al </span>pagamento di 2,8 milio<span class=\"_ _0\"></span>ni.  Anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>l\u2019ex <span class=\"_ _2\"></span>Banco d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Napoli <span class=\"_ _3\"></span>pende <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>14,5 <span class=\"_ _4\"> </span><span class=\"ff1\">mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>oltre </span>accessori,  pro<span class=\"_ _0\"></span>nunciata <span class=\"_ _16\"> </span>dal  Tribunale <span class=\"_ _16\"> </span>nel  2021. <span class=\"_ _16\"> </span>Tale  condann<span class=\"_ _0\"></span>a  non <span class=\"_ _16\"> </span>\u00e8  stata  s<span class=\"_ _0\"></span>ospesa  e<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>Banca,  nell\u2019ottobre <span class=\"_ _16\"> </span>2022,  h<span class=\"_ _0\"></span>a provveduto al pagame<span class=\"_ _0\"></span>nto di 15,2 milioni, c<span class=\"_ _0\"></span>on riserva di ripeti<span class=\"_ _0\"></span>zione all\u2019esito del gr<span class=\"_ _0\"></span>avame.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>dell\u2019appello <span class=\"_ _3\"></span>proposto<span class=\"ff1\"> <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>avanzando <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>incidentale <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pretesa di </span>restituzione <span class=\"_ _5\"></span>dell\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>28 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aluta, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>igettata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>gra<span class=\"_ _5\"></span><span class=\"ff1\">do <span class=\"_ _6\"></span>e </span>che si reputa sar\u00e0 resp<span class=\"_ _0\"></span>inta anche in appello. Vertenza Selarl Bruno R<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ulet (gi\u00e0 Dargent Ti<span class=\"_ _0\"></span>rmant Raulet) Si <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>causa <span class=\"_ _4\"> </span>promossa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Francia <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2001 <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>fallimento <span class=\"_ _6\"> </span>dell\u2019imprenditore <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>Philippe <span class=\"_ _6\"> </span>Vincent, <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>ha chiesto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>risarcimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>56,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span><span class=\"ff4\">l\u2019asserito <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>sostegno <span class=\"_ _5\"></span>finanziario <span class=\"_ _5\"></span>abusivo\u201d <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sarebbe <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>concesso<span class=\"_ _0\"></span> </span>all\u2019imprenditore. La pretesa del <span class=\"_ _3\"></span>fallimento \u00e8 sempre <span class=\"_ _3\"></span>stata rigettata nei <span class=\"_ _3\"></span>vari gradi <span class=\"_ _3\"></span>di giudizio intercorsi durante 17 <span class=\"_ _3\"></span>anni, f<span class=\"_ _6\"></span><span class=\"ff1\">ino alla </span>sentenza della <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Colmar del <span class=\"_ _3\"></span>maggio 2018 <span class=\"_ _3\"></span>che h<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condannato la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>risarcimento di c<span class=\"_ _3\"></span>irca 23 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La s<span class=\"_ _3\"></span>entenza di <span class=\"_ _5\"></span>Colmar <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>impugnata <span class=\"_ _5\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Cassazione <span class=\"_ _5\"></span>francese, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>annullato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>cassato <span class=\"_ _5\"></span>con rinvio alla Corte di A<span class=\"_ _0\"></span>ppello di Metz la d<span class=\"_ _0\"></span>ecisione della Corte di A<span class=\"_ _35\"></span>p<span class=\"_ _2\"></span>pello di Colmar. In conseg<span class=\"_ _0\"></span>uenza di ci\u00f2, nel primo <span class=\"_ _0\"></span>trimestre del 2020 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ottenuto <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>pagati a <span class=\"_ _2\"></span>seguito della <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appello di <span class=\"_ _2\"></span>Colm<span class=\"_ _2\"></span>ar del <span class=\"_ _3\"></span>2018. Alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di lu<span class=\"_ _3\"></span>glio 2020 il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>curatore fallimentare ha <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span><span class=\"ff4\">iassunto la <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>davanti alla <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>\u2019Appello di <span class=\"_ _3\"></span>Metz, <span class=\"_ _3\"></span>chiedendo </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>55,6 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>all\u2019intero <span class=\"_ _4\"> </span>passivo <span class=\"_ _7\"> </span>fallimentare, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>edotto <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>l\u2019immobile<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>cu<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>acquisto <span class=\"_ _3\"></span>venne <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca); <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituit<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>contestato <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vversarie. <span class=\"_ _3\"></span>Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _3\"></span>resa <span class=\"_ _2\"></span>il 27 <span class=\"_ _7\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>d\u2019Appello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Metz <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>accolto <span class=\"_ _4\"> </span>parzialmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>omanda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curatela, <span class=\"_ _4\"> </span>condannando <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>al pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>20 <span class=\"_ _4\"></span>milion<span class=\"_ _0\"></span>i, <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>spese <span class=\"_ _6\"></span>legali <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diversi <span class=\"_ _6\"></span>gradi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>giu<span class=\"_ _2\"></span>dizio <span class=\"_ _6\"></span>(e <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>amente <span class=\"_ _6\"></span>20,6 <span class=\"_ _6\"></span>milioni). <span class=\"_ _6\"></span>La Corte <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>patito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>massa <span class=\"_ _3\"></span>fallimentare <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>accordato <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>dedotto<span class=\"_ _5\"></span> quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>vendita <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bene <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>garanzia. <span class=\"_ _4\"> </span>A <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Banca<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>presentato <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>di Cassazione <span class=\"_ _5\"></span>francese. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>parallelo, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>curatela <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>impugnato <span class=\"_ _2\"></span>autonomamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Appello, <span class=\"_ _2\"></span>insistendo per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>dell\u2019intero <span class=\"_ _3\"></span>passivo falli<span class=\"_ _3\"></span>mentar<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>a </span>favore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>uratela <span class=\"_ _3\"></span>dell\u2019importo <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>condanna; <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporaneam<span class=\"_ _0\"></span>ente <span class=\"_ _3\"></span>depositate <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>CARPA<span class=\"_ _0\"></span> (Cassa <span class=\"_ _6\"></span>dell\u2019Ordine <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Avvocati), <span class=\"_ _5\"></span>indisponibili <span class=\"_ _6\"> </span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>pronuncia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Cassazione. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>4 <span class=\"_ _6\"> </span>ottobr<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 </span>tenuta <span class=\"_ _3\"></span>udienza di <span class=\"_ _3\"></span>discussione. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>fine del<span class=\"_ _3\"></span>lo scorso <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cassazione ha <span class=\"_ _3\"></span>respinto <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorsi <span class=\"_ _3\"></span>presentat<span class=\"_ _2\"></span><span class=\"ls13\">i </span>dalla Banca e <span class=\"_ _3\"></span>dalla curatela. La sentenza del<span class=\"_ _3\"></span>la Corte di <span class=\"_ _3\"></span>Appello di Metz \u00e8<span class=\"_ _3\"></span> diventata pertanto definitiva. Le s<span class=\"_ _3\"></span>omme gi<span class=\"_ _5\"></span>\u00e0 v<span class=\"_ _3\"></span>ersate dalla Banca a seguit<span class=\"_ _0\"></span>o di tale decisione son<span class=\"_ _0\"></span>o state pertanto re<span class=\"_ _0\"></span>se disponibili alla <span class=\"_ _0\"></span>curatela.<span class=\"_ _3\"></span> Causa promossa nei c<span class=\"_ _0\"></span>onfronti di due societ\u00e0 <span class=\"_ _0\"></span>controllate unghere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di Intesa Sanpaolo La <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>connessa <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>risolto <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>010. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>il conduttore <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>promosso <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>civile <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>integrato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>iniziale, <span class=\"_ _7\"> </span>formulando <span class=\"_ _7\"> </span>nuove domande ed elevando <span class=\"ff4\">\u2013</span> con<span class=\"_ _0\"></span>seguentemente <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare c<span class=\"_ _0\"></span>omplessivo delle <span class=\"_ _0\"></span>pretese a ci<span class=\"ff1\">rca 31 milioni di euro. </span></span>A <span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>rigettato <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>pretese <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>attrice, <span class=\"_ _3\"></span>ritenendo <span class=\"_ _2\"></span>quest\u2019ultima <span class=\"_ _3\"></span>carente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legittim<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>ad agire. Contro tale d<span class=\"_ _0\"></span>ecisione la contro<span class=\"_ _0\"></span>parte ha presentato <span class=\"_ _0\"></span>appello.<span class=\"_ _90\"> </span>Nel <span class=\"_ _6\"></span>mese <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>C<span class=\"_ _3\"></span><span class=\"ff4\">orte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>Appello <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>parzialmente <span class=\"_ _6\"> </span>accolto <span class=\"_ _6\"> </span>l\u2019impugnazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contro<span class=\"_ _0\"></span>parte, <span class=\"_ _6\"> </span>condannando <span class=\"_ _6\"> </span>una </span>delle <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>convenute <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>9,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>euro. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>presentato <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>davanti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Cort<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Suprema <span class=\"ff4\">che ha sospes<span class=\"_ _0\"></span>o l\u2019esecuzione della <span class=\"ff1\">sentenza impug<span class=\"_ _0\"></span>nata. </span></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>erano <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>2012 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>riconoscimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>vantati <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _4\"> </span>del conduttore in virt\u00f9 di c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>noni di locazione <span class=\"_ _0\"></span>non saldati. Tale proce<span class=\"_ _0\"></span>dimento \u00e8 tuttora in <span class=\"_ _0\"></span>corso.<span class=\"_ _3\"></span> Contenzioso del lavoro<span class=\"ffa\"> <span class=\"ff1 fc0\"> </span></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>contenzioso del <span class=\"_ _3\"></span>lavoro, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>non r<span class=\"_ _3\"></span>isultavano in <span class=\"_ _3\"></span>essere controversie <span class=\"_ _6\"> </span>rilevanti <span class=\"_ _6\"> </span>sotto <span class=\"_ _4\"> </span>l\u2019aspetto <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>qualitativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>quantitativo. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>cause <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"> </span>assi<span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>tite <span class=\"_ _6\"></span>da </span>accantonamenti spe<span class=\"_ _0\"></span>cifici, adeguati a frontegg<span class=\"_ _0\"></span>iare eventuali e<span class=\"_ _0\"></span>sborsi.<span class=\"_ _3\"></span> Attivit\u00e0 potenziali<span class=\"ff5 fc5\"> <span class=\"ff1 fc0\"> </span></span>Quanto <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"></span>IMI/SIR <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ricorda <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"> </span>passata <span class=\"_ _4\"> </span>in giudicato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>accertata <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>penale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>giudice <span class=\"_ _7\"> </span>Metta <span class=\"_ _4\"> </span>corrotto <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>correi <span class=\"_ _4\"> </span>Rovelli, <span class=\"_ _7\"> </span>Acampora,<span class=\"_ _35\"></span> Pacifico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Previti), <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>responsabili <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>condannati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>risarcimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>danni, <span class=\"_ _5\"></span>rimettendone <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relativa <span class=\"_ _5\"></span>quantificazion<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>al giudice <span class=\"_ _2\"></span>civile. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>dei suddetti responsabili<span class=\"_ _0\"></span> al risarcimento d<span class=\"_ _0\"></span>el danno. Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>015, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>provveduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quantificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>danni <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>patrimonia<span class=\"_ _5\"></span>li <span class=\"_ _5\"></span>in favore di Intesa Sanpaolo e<span class=\"_ _3\"></span> a condannare Acampora e <span class=\"_ _3\"></span>Metta <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nonch\u00e9 in solido con <span class=\"_ _3\"></span>quest\u2019ultimo (ai sensi della Legge n<span class=\"_ _3\"></span>. 117<span class=\"_ _0\"></span> </span>del <span class=\"_ _7\"> </span>1988 <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>magistrati) <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Presidenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Ministri  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>favore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa<span class=\"_ _0\"></span> Sanpaolo di 1<span class=\"_ _3\"></span>73 milioni <span class=\"_ _3\"></span>al netto d<span class=\"_ _3\"></span>el prelievo <span class=\"_ _3\"></span>fiscale, oltre interessi <span class=\"_ _3\"></span>legali a d<span class=\"_ _3\"></span>ecorrere dal 1\u00b0 <span class=\"_ _3\"></span>febbraio 2015 sino a<span class=\"_ _3\"></span>l soddisfo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>al ristoro <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>teneva <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>ricevuto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>nel<span class=\"_ _5\"></span><span class=\"ff1\"> </span>fr<span class=\"ls0\">attempo interven<span class=\"_ _0\"></span>ute con la famiglia R<span class=\"_ _0\"></span>ovelli e con le contro<span class=\"_ _0\"></span>parti Previti e Pacifi<span class=\"_ _0\"></span>co.<span class=\"_ _3\"></span> </span>La <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>d\u2019Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _5\"></span>nel <span class=\"_ _4\"> </span>luglio <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>sospeso <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _6\"> </span>esecutiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>sentenza <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _6\"> </span>grado <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>somm<span class=\"_ _35\"></span>a eccedente <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>accessori <span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>spese, <span class=\"_ _2\"></span>rinviando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>precisazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>conclusioni <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno </span>2018. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>decisione, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>016 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Presidenza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Ministri <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Intesa Sanpaolo <span class=\"_ _3\"></span>la somma <span class=\"_ _3\"></span>di 131.173.551,58 euro <span class=\"_ _3\"></span>(corrisp<span class=\"_ _3\"></span><span class=\"ff4\">ondenti ai <span class=\"_ _3\"></span>130 milioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui all\u2019ordinanza, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>interessi legali e<span class=\"_ _90\"> </span></span>spese <span class=\"_ _2\"></span>liquidate). <span class=\"_ _5\"></span>Onde <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>contestazioni, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>richiedere <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incassare <span class=\"_ _2\"></span>solo <span class=\"_ _5\"></span>l\u2019importo <span class=\"_ _2\"></span>esatto <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>dispositiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>stesso, senza operare il <span class=\"_ _3\"></span>c.d. \u201cgross<span class=\"_ _3\"></span><span class=\"ff1\">-</span>up\u201d. Il <span class=\"_ _3\"></span>16 aprile 2<span class=\"_ _3\"></span>020 \u00e8 <span class=\"_ _3\"></span>stata depositata la sentenza della <span class=\"_ _3\"></span>Corte d\u2019Appello di <span class=\"_ _3\"></span>Roma che ha sostanzialmente confermato la pronuncia resa dal Tribunale, pur riducendo l\u2019importo del danno non patrimoniale all\u2019importo di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>8 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>77 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>erano <span class=\"_ _7\"> </span>stati  qua<span class=\"_ _0\"></span>ntifi<span class=\"_ _3\"></span>cati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>primo <span class=\"_ _16\"> </span>grado), <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>ha  st<span class=\"_ _0\"></span>abilito <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>condanna <span class=\"_ _16\"> </span>di 108 milioni, da ritenersi s<span class=\"_ _0\"></span>empre al netto del p<span class=\"_ _0\"></span>relievo fiscale, oltr<span class=\"_ _0\"></span>e ad interessi legali <span class=\"_ _0\"></span>e spese.<span class=\"_ _3\"></span> Nel <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>depositato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>correzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>er<span class=\"_ _2\"></span>rore <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>nella pronuncia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno <span class=\"_ _2\"></span>liquidato; <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d\u2019Appello <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimento depositato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>ha rigettato <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>presentato <span class=\"_ _7\"> </span>dalla  Ba<span class=\"_ _0\"></span>nca. <span class=\"_ _16\"> </span>La <span class=\"_ _16\"> </span>Banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>maggio <span class=\"_ _16\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>notificato <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Cass<span class=\"_ _2\"></span>azione <span class=\"_ _16\"> </span>avverso  l<span class=\"_ _35\"></span>a sentenza resa dalla Co<span class=\"_ _0\"></span>rte d\u2019Appello di R<span class=\"_ _0\"></span>oma il 16 aprile 2020. I<span class=\"_ _0\"></span>l ricorso contiene <span class=\"_ _0\"></span>due motivi principali:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>la riduzione <span class=\"_ _3\"></span>a 8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>del danno n<span class=\"_ _3\"></span>on patrimoniale operata <span class=\"_ _3\"></span>dalla Corte <span class=\"_ _3\"></span>d'Appello, a f<span class=\"_ _3\"></span>ronte dei <span class=\"_ _3\"></span>77 milioni <span class=\"_ _3\"></span>riconosciuti dalla<span class=\"_ _2\"></span> </span>sentenza di primo grado,<span class=\"_ _0\"></span> risulta arbitraria e n<span class=\"_ _0\"></span>on supportata da <span class=\"_ _0\"></span>un solido ragioname<span class=\"_ _0\"></span>nto logico<span class=\"_ _3\"></span>-giuridico;  b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">anche accettando la riduzion<span class=\"_ _0\"></span>e sub a), la Corte nel rideterminare l\u2019importo d<span class=\"_ _0\"></span>el danno complessivo ha comme<span class=\"_ _0\"></span>sso un error<span class=\"_ _0\"></span>e </span></span>di <span class=\"_ _5\"></span>calcolo. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>dell'istanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correzione <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>depositata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2020, <span class=\"_ _5\"></span>rigettata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>in quanto ritenuto da que<span class=\"_ _0\"></span>st\u2019ultima un tema <span class=\"_ _0\"></span>rimediabile media<span class=\"_ _0\"></span>nte impugnazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"> </span>2023 <span class=\"_ _4\"> </span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>discussione <span class=\"_ _6\"> </span>avanti <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Cassazione. <span class=\"_ _5\"></span>L<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>Corte, <span class=\"_ _4\"></span>dopo <span class=\"_ _6\"></span>aver <span class=\"_ _6\"></span>ascoltato <span class=\"_ _4\"></span>le </span>conclusioni delle parti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> la relazione del Pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>curatore General<span class=\"_ _0\"></span>e, ha trattenuto la ca<span class=\"_ _0\"></span>usa a decisione.<span class=\"_ _3\"></span> CONTENZIOSO FISCAL<span class=\"_ _3\"></span>E       <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>fiscali <span class=\"_ _6\"></span>(imposta, <span class=\"_ _3\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>interessi) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>di 219 milioni, in lieve aum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto rispetto ai <span class=\"_ _0\"></span>215 milioni del 31 <span class=\"_ _0\"></span>dicembre 2021. <span class=\"_ _3\"></span> I <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presidiati <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>adeguati <span class=\"_ _6\"></span>accantonamenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oneri (70 milioni nel 2022 rispett<span class=\"_ _0\"></span>o ai 76 milioni del 202<span class=\"_ _0\"></span>1). Per la <span class=\"_ _3\"></span>Capogruppo sono pendenti 473 pratiche di <span class=\"_ _3\"></span>contenzioso (628 pratiche al <span class=\"_ _3\"></span>31 dicembre 2021), <span class=\"_ _3\"></span>per un valore c<span class=\"_ _3\"></span>omplessiv<span class=\"_ _35\"></span>o della <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>(imposta, <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>teressi) <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>(135 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021), <span class=\"_ _6\"></span>conteggiato <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>amministrativa sia <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>giurisdizionale ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi gra<span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legitti<span class=\"_ _5\"></span>mit\u00e0. Relativamente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>contesti, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>effettivi <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _6\"></span>quantificati <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>57 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>(57 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span>Rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _5\"></span>luogo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>movimentazioni<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _3\"></span>delle pretese sono rappre<span class=\"_ _0\"></span>sentati: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>13,5 mil<span class=\"_ _3\"></span>ioni), da: <span class=\"_ _2\"></span>i) nuove <span class=\"_ _3\"></span>contes<span class=\"_ _3\"></span>tazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,4 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>reimpossessat<span class=\"_ _35\"></span>i </span>da <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"></span>risolti <span class=\"_ _5\"></span>(1 <span class=\"_ _6\"></span>milione) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>reddito <span class=\"_ _6\"></span>(0,4 <span class=\"_ _6\"></span>milioni), <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>sorte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>definite <span class=\"_ _5\"></span>nell\u2019anno <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">er </span>un\u2019analisi dettagliata dei contenziosi <span class=\"_ _3\"></span>in argomento si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span><span class=\"ff1\">nvia al <span class=\"_ _3\"></span>Bilancio consolidato al <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e 2021); <span class=\"_ _3\"></span>ii) accertamento </span>per <span class=\"_ _16\"> </span>imposta <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>cessione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>(1,8 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _16\"> </span>iii) <span class=\"_ _7\"> </span>avviso <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>sentenza accertativa <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>fallimentare <span class=\"_ _6\"></span>(0,6 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _6\"></span>iv) <span class=\"_ _4\"> </span>avviso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acc<span class=\"_ _2\"></span>ertamento <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>IVA <span class=\"_ _4\"></span>leasing <span class=\"_ _4\"></span>nautico <span class=\"_ _4\"></span>anno d\u2019imposta <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _6\"> </span>(per <span class=\"_ _6\"></span>1,5 <span class=\"_ _6\"> </span>milioni); <span class=\"_ _6\"></span>v) <span class=\"_ _6\"> </span>adeguamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestazione <span class=\"_ _5\"></span>ex <span class=\"_ _4\"> </span>Sudameri<span class=\"_ _0\"></span>s <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>6,3 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>dovuto all\u2019apprezzamento <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>aluta <span class=\"_ _6\"> </span>brasiliana <span class=\"_ _4\"> </span>sull\u2019euro; <span class=\"_ _6\"></span>vi) <span class=\"_ _4\"> </span>avvisi <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>registro <span class=\"_ _4\"> </span>su <span class=\"_ _16\"> </span><span class=\"ff1\">causali <span class=\"_ _6\"></span>varie <span class=\"_ _4\"> </span>(0,6 <span class=\"_ _4\"></span>milioni); <span class=\"_ _6\"></span>vii) </span>interessi maturati sul c<span class=\"_ _0\"></span>ontenzioso in essere p<span class=\"_ _0\"></span>er circa 1 milione; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>22,8 <span class=\"_ _2\"></span>milioni) <span class=\"_ _3\"></span>da: <span class=\"_ _5\"></span>i) <span class=\"_ _3\"></span>chiusure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenziosi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>registro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>11,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ili </span>principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>operazion<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scorporo <span class=\"_ _3\"></span>d\u2019azienda <span class=\"_ _2\"></span>(tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali: <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>Manzoni/Melville <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>8,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>per </span>riqualifica <span class=\"_ _6\"> </span>cessione <span class=\"_ _4\"> </span>ramo <span class=\"_ _4\"> </span>d\u2019azienda <span class=\"_ _6\"> </span>Banca <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Trento <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Bolzano/Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>1,2 <span class=\"_ _4\"> </span>milioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pratica <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>rettifica valore <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>Piemontese/Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>1,6 <span class=\"_ _5\"></span>milioni); <span class=\"_ _5\"></span>ii) <span class=\"_ _5\"></span>chiusure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenziosi <span class=\"_ _5\"></span>per </span>IMU <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>easing <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>definizione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>annullamento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Comuni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>4,4 milioni; iii) 6,6 milioni per conte<span class=\"_ _0\"></span>nziosi di diversa natura,<span class=\"_ _3\"></span> <span class=\"ff4\">tra i quali l\u2019annullam<span class=\"_ _0\"></span>ento parziale in autot<span class=\"_ _0\"></span>utela della contestazione<span class=\"_ _0\"></span> </span>IVA <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,6 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019anno d\u2019imposta <span class=\"_ _3\"></span>2014, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contestazioni <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materi<span class=\"_ _0\"></span>a di IRES e IRAP per 2 milio<span class=\"_ _0\"></span>ni. Sempre <span class=\"_ _23\"> </span>rispetto <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>31<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>dicembre <span class=\"_ _29\"> </span>2021, <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _23\"> </span>la <span class=\"_ _29\"> </span>Capogr<span class=\"_ _0\"></span>uppo <span class=\"_ _23\"> </span>le <span class=\"_ _23\"> </span>principali <span class=\"_ _23\"> </span>variazioni <span class=\"_ _23\"> </span>degli <span class=\"_ _23\"> </span>accantonamenti <span class=\"_ _23\"> </span>(rimasti sostanzialmente invari<span class=\"_ _0\"></span>ati) sono colleg<span class=\"_ _0\"></span>ate: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>milioni): <span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>all\u2019adeguamento di <span class=\"_ _3\"></span>1,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contestazione ex <span class=\"_ _3\"></span>Sudameris <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>componenti<span class=\"_ _0\"></span> capitale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">sanzioni <span class=\"_ _4\"> </span>(valutate <span class=\"_ _6\"> </span>maggiormente <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio), <span class=\"_ _6\"></span>dovuto <span class=\"_ _6\"> </span>all<span class=\"_ _3\"></span>\u2019apprezzam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"> </span>della<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>valuta <span class=\"_ _4\"> </span>brasiliana <span class=\"_ _6\"> </span>sull\u2019euro; <span class=\"_ _4\"> </span>ii) <span class=\"_ _6\"></span>a </span>contestazioni <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>IMU <span class=\"_ _1d\"> </span>(1 <span class=\"_ _17\"> </span>milione), <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>pendenti <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>fine <span class=\"_ _17\"> </span>anno; <span class=\"_ _1d\"> </span>iii) <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>maggior <span class=\"_ _1d\"> </span>accantonamento <span class=\"_ _1d\"> </span>sulla contestazione <span class=\"_ _5\"></span>IVA <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>nautico <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>1,5 <span class=\"_ _5\"></span>milioni; <span class=\"_ _5\"></span>iv) <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sanzione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>aggi <span class=\"_ _5\"></span>(2 <span class=\"_ _5\"></span>milioni) <span class=\"_ _5\"></span>compresi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una cartella <span class=\"_ _16\"> </span>di  pag<span class=\"_ _0\"></span>amento <span class=\"_ _16\"> </span>di  complessi<span class=\"_ _0\"></span>vi  1<span class=\"_ _0\"></span>0  mi<span class=\"_ _0\"></span>lioni  p<span class=\"_ _0\"></span>er  sfavorevole  s<span class=\"_ _0\"></span>entenza <span class=\"_ _16\"> </span>della  C<span class=\"_ _0\"></span>orte  d<span class=\"_ _0\"></span>i  C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssazione <span class=\"_ _16\"> </span>collegata <span class=\"_ _16\"> </span>alla controversia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019operazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scorporo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ISP <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>State <span class=\"_ _2\"></span>Street <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _2\"></span>(il giudizio sull\u2019avviso di l<span class=\"_ _3\"></span>iquidazion<span class=\"_ _0\"></span>e per <span class=\"_ _3\"></span>l\u2019imposta di re<span class=\"_ _3\"></span>gistro connesso a tale operazione \u00e8<span class=\"_ _3\"></span> tuttora in <span class=\"_ _3\"></span>corso); v) per <span class=\"_ _3\"></span>maggior<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>accantonamenti <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>nuove <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>(di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>0,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>contenziosi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di imposta di registro); \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>6,8 <span class=\"_ _2\"></span>milioni): <span class=\"_ _2\"></span>i) <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>favorevole <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hiusura <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>registro <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferibile <span class=\"_ _4\"></span>al<span class=\"_ _35\"></span> </span>conferimento <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>successiva <span class=\"_ _5\"></span>cessione <span class=\"_ _6\"> </span><span class=\"ff1\">della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Trento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>1,1 <span class=\"_ _5\"></span>milioni); </span>ii)<span class=\"ls0\"> <span class=\"ff4\">al rilascio, <span class=\"_ _3\"></span>relativo alla <span class=\"_ _3\"></span>chiusura del <span class=\"_ _3\"></span>Processo Verbale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Constatazione per l\u2019anno <span class=\"_ _3\"></span>2016 p<span class=\"_ _3\"></span>er 1,3 <span class=\"_ _3\"></span>milioni, a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della </span></span>contestuale <span class=\"_ _3\"></span>notifica <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>vviso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>IVA <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico. <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>movimentazioni in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento e <span class=\"_ _5\"></span>diminuzione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>questa <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>derivano <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>puntuale <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>inizialmente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle risultanze  della <span class=\"_ _16\"> </span>verifica  su  20<span class=\"_ _0\"></span>14  e  2015;  iii<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>  alle  c<span class=\"_ _0\"></span>ontestazioni  IMU<span class=\"_ _0\"></span>  per<span class=\"_ _2\"></span>  3,3  mil<span class=\"_ _0\"></span>ioni  per  e<span class=\"_ _0\"></span>ffetto  dell<span class=\"_ _0\"></span>a  definizione  d<span class=\"_ _0\"></span>i controversie <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eimpossessati d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>risolti, <span class=\"_ _3\"></span>sor<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>anni <span class=\"_ _2\"></span>precedenti; <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>milione <span class=\"_ _2\"></span>per contenziosi di divers<span class=\"_ _0\"></span>a natura, principalm<span class=\"_ _0\"></span>ente in materia di IRES <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d IRAP. Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>d<span class=\"ff4\">ell\u2019anno <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>definite <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>rilievi <span class=\"_ _3\"></span>chiusi) <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>24,7 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>i </span>rilievi sorti e definiti <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ell\u2019anno, con un e<span class=\"_ _0\"></span>sborso di 3,6 milioni rif<span class=\"_ _0\"></span>eribile principalment<span class=\"_ _0\"></span>e alle contestazioni IMU <span class=\"_ _0\"></span>(2,5 milio<span class=\"_ _2\"></span><span class=\"ff1\">ni). </span>Per <span class=\"_ _16\"> </span>le  parteci<span class=\"_ _0\"></span>pate  it<span class=\"_ _0\"></span>aliane <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _16\"> </span>fiscale  a<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>31  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>2022  ammo<span class=\"_ _0\"></span>nta <span class=\"_ _16\"> </span>a  comple<span class=\"_ _0\"></span>ssivi <span class=\"_ _16\"> </span>85  mi<span class=\"_ _0\"></span>lioni  (<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>1  mi<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>oni <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021), fronteggiati <span class=\"_ _0\"></span>da accantonamenti sp<span class=\"_ _0\"></span>ecifici per 9 milioni (11 m<span class=\"_ _0\"></span>ilioni nel bilan<span class=\"_ _0\"></span>cio 2021). <span class=\"_ _2\"></span> </span>Rispetto  al  31  dicembre  202<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,  i<span class=\"_ _3\"></span>  <span class=\"ff4\">principali  eventi  che <span class=\"_ _16\"> </span>hanno  dato  luogo  a  movimentazioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>significative  dell<span class=\"_ _0\"></span>\u2019ammontare<span class=\"_ _0\"></span> </span>complessivo delle pr<span class=\"_ _0\"></span>etese (+14 milioni) <span class=\"_ _0\"></span>sono i seguenti: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>16 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>riferibili <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _4\"></span>a: <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>Private <span class=\"_ _7\"> </span>Bankin<span class=\"_ _0\"></span>g <span class=\"_ _4\"> </span>(10,4 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _4\"> </span>Ca<span class=\"_ _2\"></span>rgeas </span>Assicurazioni (4,6 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni); Provis e altre c<span class=\"_ _0\"></span>ontroversie minori (1<span class=\"_ _0\"></span> milione);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>2 milioni di contro<span class=\"_ _0\"></span>versie chiuse riferite<span class=\"_ _0\"></span> a Fideuram Vita, Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita, Fide<span class=\"_ _0\"></span>uram ISPPB, Siref e UB<span class=\"_ _0\"></span>I Leasing.<span class=\"_ _3\"></span> </span>La diminuzione dell\u2019a<span class=\"_ _0\"></span>ccantonamento risp<span class=\"_ _0\"></span>etto al 31 <span class=\"ff1\">dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _0\"></span>1, pari a 2 milioni, <span class=\"_ _0\"></span>\u00e8 principalmente riferit<span class=\"_ _0\"></span>a a:<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>1,2 milioni di acc<span class=\"_ _0\"></span>antonamento sulle n<span class=\"_ _0\"></span>uove controversie s<span class=\"_ _0\"></span>orte;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span></span>1,5 milioni per eff<span class=\"_ _0\"></span>etto dell\u2019incorporazio<span class=\"_ _0\"></span>ne di UBI Leasing;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>1 milione con riferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to alle pratiche chiu<span class=\"_ _0\"></span>se precedenteme<span class=\"_ _0\"></span>nte cautel<span class=\"_ _3\"></span>ate. </span>Le <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(9 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>2021) <span class=\"_ _5\"></span>fronteggiate <span class=\"_ _7\"> </span><span class=\"lsc\">da </span>accantonamenti per <span class=\"_ _0\"></span>4 milioni (8 milioni nel <span class=\"_ _0\"></span>2021). Le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dovu<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>definizio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>lune <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroversie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa Sanpaolo Bank Alba<span class=\"_ _0\"></span>nia e di Bank of Alexa<span class=\"_ _0\"></span>ndria e, con riferime<span class=\"_ _0\"></span>nto al solo contest<span class=\"_ _0\"></span>ato, dalle sanzioni ir<span class=\"_ _0\"></span>rogate ad UBI Trust<span class=\"_ _0\"></span>ee.<span class=\"_ _2\"></span><span class=\"ff5\"> </span>Nei <span class=\"_ _2\"></span>paragrafi <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>seguono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tualm<span class=\"_ _3\"></span>ente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>taluni <span class=\"_ _5\"></span>inviti <span class=\"_ _2\"></span>a comparire relativi <span class=\"_ _0\"></span>a controllate italiane no<span class=\"_ _0\"></span>tificati a dicembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span> Capogruppo<span class=\"ff1 fc0\"> </span>Contenziosi <span class=\"_ _5\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposta <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>registro, <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _5\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>38 <span class=\"_ _6\"></span>mil<span class=\"_ _3\"></span>ioni, <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iqualificazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>di conferimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azienda <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>conseguente <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>valore<span class=\"_ _0\"></span> dell\u2019azienda<span class=\"ff2\"> </span>Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contenziosi aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>recuperi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conferimento aziendale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span>ccessiva vendita delle partecipazioni, riqualificati dal Fisco <span class=\"_ _3\"></span>come cessioni di rami a<span class=\"_ _3\"></span>ziendali e sul conseguente accertamento di <span class=\"_ _3\"></span>maggi<span class=\"_ _2\"></span>or valore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>definiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ace <span class=\"_ _3\"></span>fiscale, <span class=\"_ _5\"></span><span class=\"ff2 lsc\">ex</span> <span class=\"_ _3\"></span>articolo <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el decreto <span class=\"_ _3\"></span>fiscale <span class=\"_ _2\"></span>collegato <span class=\"_ _3\"></span>alla Legge <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>2019 <span class=\"_ _7\"> </span>(D.L. <span class=\"_ _4\"> </span>n. <span class=\"_ _7\"> </span>119<span class=\"_ _3\"></span>/2018), <span class=\"_ _4\"> </span>perch\u00e9 <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ersamento <span class=\"_ _4\"> </span>dell\u2019intero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmontare accertato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>avrebbe <span class=\"_ _5\"></span>avuto <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>restituzione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>somme <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ccedenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quanto<span class=\"_ _2\"></span> dovuto per la definizi<span class=\"_ _0\"></span>one, oppure perc<span class=\"_ _0\"></span>h\u00e9 vi erano fondate <span class=\"_ _0\"></span>prospettive di esit<span class=\"_ _0\"></span>o favorevole dei giu<span class=\"_ _0\"></span>dizi pendenti in Ca<span class=\"_ _0\"></span>ssazione.<span class=\"_ _2\"></span> Contenzioso in tema di<span class=\"_ _0\"></span> IMU su immobili non <span class=\"_ _0\"></span>reimpossessati a s<span class=\"_ _0\"></span>eguito della risoluzio<span class=\"_ _0\"></span>ne dei relativi cont<span class=\"_ _0\"></span>ratti di leasing <span class=\"_ _3\"></span> Il <span class=\"_ _2\"></span>conte<span class=\"ff4\">nzioso <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>l\u2019individuazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>dell\u2019IMU <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle </span>societ\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>risolto <span class=\"_ _2\"></span>anticipata<span class=\"_ _5\"></span>mente per <span class=\"_ _3\"></span>inadempimento del <span class=\"_ _3\"></span>locatario ovvero <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>sciolto per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rocedure concorsuali <span class=\"_ _3\"></span>coinvolgenti il <span class=\"_ _3\"></span>locatario stesso, <span class=\"_ _3\"></span>senza che  qu<span class=\"_ _0\"></span>est\u2019ultimo  a<span class=\"_ _0\"></span>bbia  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u00f2  pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>vveduto <span class=\"_ _16\"> </span>alla  rico<span class=\"_ _0\"></span>nsegna  del <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>al  locatore. <span class=\"_ _16\"> </span>Su  t<span class=\"_ _0\"></span>ale  questi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _16\"> </span>sorto <span class=\"_ _16\"> </span>negli  anni <span class=\"_ _16\"> </span>un contenzioso <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>riguardato <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>ex <span class=\"_ _16\"> </span>Mediocr<span class=\"_ _0\"></span>edito <span class=\"_ _7\"> </span>Italiano <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Provis) <span class=\"_ _7\"> </span>riguardante <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>riconducibilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella soggettivit\u00e0 <span class=\"_ _16\"> </span>passiva <span class=\"_ _16\"> </span>IMU  (a<span class=\"_ _0\"></span>ncora) <span class=\"_ _16\"> </span>in  cap<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>all\u2019utilizzatore <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>(gi\u00e0)  alla <span class=\"_ _7\"> </span>societ\u00e0  di <span class=\"_ _16\"> </span>leasing/banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>lasso  t<span class=\"_ _0\"></span>emporale intercorrente <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risoluzione <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scioglimento) <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>materiale <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>al locatore. <span class=\"_ _7\"> </span>Nel <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>affermata <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tesi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>soggettivit\u00e0 <span class=\"_ _7\"> </span>IMU <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>leasing/ba<span class=\"_ _0\"></span>nche <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>risoluzione giuridica <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>reimpossessamento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Legge <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto l\u2019abolizione <span class=\"_ _7\"> </span>dell'Imposta <span class=\"_ _4\"> </span>unica <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>munale <span class=\"_ _7\"> </span>(IUC), <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>sue <span class=\"_ _7\"> </span>componenti <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>all\u2019Imposta <span class=\"_ _7\"> </span>municipale <span class=\"_ _7\"> </span>propria <span class=\"_ _7\"> </span>(IMU) <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>al Tributo <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>servizi <span class=\"_ _3\"></span>indivisibili (<span class=\"_ _3\"></span>TASI), e<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019unificazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>imposte n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>18 <span class=\"_ _2\"></span>marzo 2020, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Ministero<span class=\"_ _0\"></span> </span>dell\u2019Economia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Finanze <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Dipartimento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Finanze <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Legislazione <span class=\"_ _4\"> </span>Tributaria <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Federalismo <span class=\"_ _4\"> </span>Fiscale, <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>la </span>circolare <span class=\"_ _3\"></span>nr. <span class=\"_ _2\"></span>1/DF, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>commento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _2\"></span>precise <span class=\"_ _3\"></span>indicazioni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>IMU <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>giurisprudenza <span class=\"_ _3\"></span>prevalente. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>considerazion<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di ci\u00f2, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>procedere, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>dell\u2019IMU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>contratti<span class=\"_ _0\"></span> </span>risolti, <span class=\"_ _4\"> </span>indipend<span class=\"_ _0\"></span>entemente <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span>ll\u2019avvenut<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>riconsegna <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _6\"> </span>promuovendo <span class=\"_ _4\"> </span>ove <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>rivalsa <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti degli <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>utilizzatori. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>progr<span class=\"_ _2\"></span>essivo <span class=\"_ _3\"></span>abbandono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endenti <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccertamenti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alle annualit\u00e0  fino <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>2019, <span class=\"_ _1d\"> </span>previo  esperimento  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tentati<span class=\"_ _0\"></span>vo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conciliazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>giudiziale  presso <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>Comuni <span class=\"_ _1d\"> </span>interess<span class=\"_ _0\"></span>ati <span class=\"_ _1d\"> </span>per l\u2019annullamento delle <span class=\"_ _0\"></span>sanzioni e la com<span class=\"_ _0\"></span>pensazione delle spe<span class=\"ff1\">se di giudizio. </span>Il <span class=\"ff2 ls0\">petitum<span class=\"ff1\"> compl<span class=\"_ _0\"></span>essivo \u00e8 di 7 milioni. </span></span>Contenzioso in tema di<span class=\"_ _0\"></span> IVA su operazioni di l<span class=\"_ _0\"></span>easing nautico  Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ex <span class=\"_ _5\"></span>Mediocredito <span class=\"_ _3\"></span>Italiano, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _2\"></span>fiscale <span class=\"_ _3\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"lsc\">a </span>parte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span><span class=\"ff4\">Guardia di <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Milano in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2019 che <span class=\"_ _3\"></span>riguardava gli <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>d\u2019imposta 2014 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>ai f<span class=\"_ _3\"></span>ini I<span class=\"_ _3\"></span>VA e <span class=\"_ _3\"></span>gli </span>anni <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2015 <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>2017 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>ottobre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>contestando: <span class=\"_ _5\"></span>i) <span class=\"_ _2\"></span>i<span class=\"_ _6\"> </span><span class=\"ff1 ls19\">l </span>regime IVA di <span class=\"ff4\">non imponibilit\u00e0, ai sensi dell\u2019articolo 8</span>-<span class=\"_ _3\"></span>bis del D.P.R. n. 633/72, applicato dalla societ\u00e0 al leasing nautico<span class=\"_ _0\"></span> e ii) la non imponibilit\u00e0 dell\u2019<span class=\"_ _0\"></span>art. 7<span class=\"ff1\">-</span>bis del D.P.R. n. 633/72 per <span class=\"_ _0\"></span>una operazione di ris<span class=\"_ _0\"></span>catto di imbarcazione<span class=\"_ _0\"></span> riferita all\u2019anno <span class=\"_ _0\"></span>2014.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u00c8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>c<span class=\"ff4\">o<span class=\"_ _3\"></span>nseguentemente <span class=\"_ _4\"> </span>notificato <span class=\"_ _4\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Regionale <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia </span>(maggiorato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>interessi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sanzioni), avverso <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata depositata la <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, <span class=\"_ _5\"></span>parzialmente <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>giudici, preso <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>riduzione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>autotutela <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell\u2019Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Entrate <span class=\"_ _2\"></span>dell\u2019IVA <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span><span class=\"ff1\">certata, <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riconosciute <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ovute </span>le sanzioni irrogate per 2 milioni (valore d<span class=\"_ _0\"></span>el petitum 4 milioni). <span class=\"_ _3\"></span>Sulla posizione la Banca ha effettuat<span class=\"_ _0\"></span>o accantonamenti in merito alla pr<span class=\"_ _3\"></span>ima contestazione, solo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio per <span class=\"_ _3\"></span>imposta e<span class=\"_ _3\"></span> interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non anche <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>sanzioni, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>la seconda <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene<span class=\"_ _35\"></span> che <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _5\"></span>ricada <span class=\"_ _6\"></span>contrattualmente <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>cliente, <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rudenzialment<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>controversia <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>cautelata <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le </span>componenti sanzioni<span class=\"_ _0\"></span> e interessi. La contro<span class=\"_ _0\"></span>versia pende in Cort<span class=\"_ _0\"></span>e di Giustizia di secon<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>grado. Per <span class=\"_ _3\"></span>l\u2019anno d\u2019imposta 2015, <span class=\"_ _3\"></span>l\u2019avviso di a<span class=\"_ _3\"></span>ccertamento afferente a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>unico rilievo d<span class=\"_ _3\"></span>i non <span class=\"_ _3\"></span>imponibilit\u00e0 ex <span class=\"_ _3\"></span>articolo 8<span class=\"_ _5\"></span><span class=\"ff1\">-bis <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>D.P.R.<span class=\"_ _0\"></span> </span>n. <span class=\"_ _5\"></span>633/72, <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>nautico <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>esborso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>2 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fondo<span class=\"_ _0\"></span> rischi contenzioso fisc<span class=\"_ _0\"></span>ale gi\u00e0 costituito n<span class=\"_ _0\"></span>el 2019 per 2,9 milio<span class=\"_ _0\"></span>ni.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019anno <span class=\"_ _5\"></span>2016, <span class=\"_ _5\"></span>l\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>avviso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accertamento <span class=\"_ _5\"></span>(valore <span class=\"_ _2\"></span>del petitum 1,5 milioni). Il gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizio pende dinanzi la Corte di Gi<span class=\"_ _0\"></span>ustizia Tributaria <span class=\"_ _0\"></span>di primo grado. Relativamente agli anni d\u2019imposta 2015 e 2017 a<span class=\"_ _3\"></span>i fini delle imposte dirette la <span class=\"_ _3\"></span>verifica si \u00e8 conclusa invece senza la <span class=\"_ _3\"></span>rilevaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span>di irregolarit\u00e0. *  *  * Con riguardo invece all<span class=\"_ _0\"></span>e controversie definite nel periodo, si <span class=\"_ _0\"></span>segnala:  i)<span class=\"ls0\"> <span class=\"_ _1e\"> </span> il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _4\"> </span>relativo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _4\"> </span>Manzoni <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Melville<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>scissione <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>non </span>proporzionale  di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>ra<span class=\"_ _3\"></span>mo  d<span class=\"_ _3\"></span>\u2019azienda  \u201cprivate <span class=\"_ _1d\"> </span>equity\u201d <span class=\"_ _1d\"> </span>riqualificata  dall\u2019Agenzia <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>Entrate  come <span class=\"_ _1d\"> </span>cessio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _1d\"> </span>diretta </span>d\u2019azienda a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019art. 2<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>D.P.R. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>131/1986 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>6,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>oltre i<span class=\"_ _3\"></span>nteressi. <span class=\"_ _5\"></span><span class=\"ff1\">L<span class=\"_ _3\"></span>a </span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>vinto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>Cassazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>nell\u2019anno; p<span class=\"ff4\">er l\u2019effetto \u00e8 venuta meno tale contestazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quantificata in complessivi 8,3 milioni (di cui interessi per 1,6 milioni). Nel<span class=\"_ _2\"></span><span class=\"ff1\">le </span></span>precedenti <span class=\"_ _3\"></span>informative <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>proporzionale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>a riqu<span class=\"ff4\">alificazione <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iorganiz<span class=\"_ _0\"></span>zazione, <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>20 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>131/1986, <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conferimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>zienda <span class=\"_ _4\"> </span>e </span>cessione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cessione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>\u2019azienda, <span class=\"_ _17\"> </span>si <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _17\"> </span>evidenziata <span class=\"_ _18\"> </span>la <span class=\"_ _17\"> </span>pubblicazione <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>sentenza <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Corte<span class=\"_ _0\"></span> Costituzionale <span class=\"_ _5\"></span>n. 39/2021 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>marzo <span class=\"_ _5\"></span>2021, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusioni <span class=\"_ _5\"></span>confermavano <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>precedente <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della stessa Corte n. 158 <span class=\"_ _0\"></span>del 21 luglio 2020. Alla  luce  di  questa  second<span class=\"_ _0\"></span>a  pronuncia  della  Corte  Costituzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nale  si  riteneva  concl<span class=\"_ _0\"></span>usa  l\u2019annosa  querelle  con  esit<span class=\"_ _35\"></span>i favorevoli <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>numerosi <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>pendenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Cassazione; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguardo v<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tuttavia <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gnalato c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i Cassazione, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Ordinanza <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>10283/2022 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> marzo <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>alternativit\u00e0 IVA/registro <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>fondamentale <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ddivenire <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>unitaria <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>nozione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>azienda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>entrambe <span class=\"_ _7\"> </span>le imposte,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>rimesso  alla <span class=\"_ _1d\"> </span>Corte <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Giustizia <span class=\"_ _1d\"> </span>UE <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>giudizi<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compatibilit\u00e0  dell\u2019articolo <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>TUR  (secondo <span class=\"_ _1d\"> </span>cui l\u2019applicazione <span class=\"_ _3\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _3\"></span>dell\u2019atto <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>registrazione, s<span class=\"_ _3\"></span>enza tener  conto  degli<span class=\"_ _0\"></span>  elementi  ext<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>a  testuali  non<span class=\"_ _0\"></span>  direttamente  desumi<span class=\"_ _0\"></span>bili),  rispetto  al<span class=\"_ _0\"></span>la  normativa  IVA<span class=\"_ _35\"></span>  che  disciplina  il trattamento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>cessioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>azienda <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>soggette <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>ibut<span class=\"_ _3\"></span>o) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>imponibili). <span class=\"_ _6\"></span>La Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Giustizia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019Unione <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>ordinanza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>21<span class=\"_ _3\"></span><span class=\"ff1\"> dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Causa <span class=\"_ _4\"></span>C-</span>250/22 <span class=\"_ _5\"></span>ha <span class=\"_ _6\"> </span>dichiarato <span class=\"_ _6\"> </span>che: <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span><span class=\"ff2\">La </span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pronuncia <span class=\"_ _5\"></span>pregiudiziale <span class=\"_ _5\"></span>proposta <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>suprema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>(Italia), <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>ordinanza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>marzo 2022, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>manifestamente <span class=\"_ _4\"> </span>irricevibile\u201d <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>giudice <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rinvio <span class=\"_ _4\"> </span>esposto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>sufficiente <span class=\"_ _4\"> </span>sotto <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>profilo l\u2019interpretazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>5, <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>8, <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>sesta <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>IVA <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>r<span class=\"_ _6\"></span><span class=\"ff2\">ilevante <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini </span>dell\u2019applicazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>TUR <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span><span class=\"ff4\">Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _5\"></span>dell\u2019Imposta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Registro, <span class=\"_ _5\"></span><span class=\"ff2\">n<span class=\"_ _3\"></span>.d.r.)</span>\u201d. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>precisa <span class=\"_ _5\"></span>altres\u00ec <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span><span class=\"ff2 ls13\">il </span></span>giudice del <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>conserva <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>diritto di <span class=\"_ _3\"></span>presentare una<span class=\"_ _3\"></span> nuova <span class=\"_ _3\"></span>domanda <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>ronuncia pregiudiziale fornendo <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Co<span class=\"_ _5\"></span>rte <span class=\"_ _3\"></span>tutti gli elementi che le con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>entano di pronun<span class=\"_ _0\"></span>ciarsi\u201d<span class=\"_ _3\"></span><span class=\"ff1\">; la tematica \u00e8 og<span class=\"_ _35\"></span>get<span class=\"_ _3\"></span>to di attento mo<span class=\"_ _0\"></span>nitoraggio; </span>ii)<span class=\"ls0\">  <span class=\"_ _1f\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>al  <span class=\"ff4\">conf<span class=\"_ _0\"></span>erimento <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>e  su<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>cessiva <span class=\"_ _7\"> </span>cessione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>partecipazione <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Trento <span class=\"_ _7\"> </span>e </span></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>riqua<span class=\"ff4\">li<span class=\"_ _3\"></span>ficato <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>diretta <span class=\"_ _5\"></span>dell\u2019azienda <span class=\"_ _5\"></span>(sempre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del </span>citato <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>rt. <span class=\"_ _1d\"> </span>20 <span class=\"_ _17\"> </span>D.P.R. <span class=\"_ _17\"> </span>n. <span class=\"_ _1d\"> </span>131/1986) <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ichiesta <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>imposta <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>registro <span class=\"_ _17\"> </span>proporzionale <span class=\"_ _1d\"> </span>(0,8 <span class=\"_ _17\"> </span>milioni) <span class=\"_ _1d\"> </span>oltre <span class=\"_ _17\"> </span>interessi (0,3 milioni), <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>accantonati. <span class=\"_ _2\"></span>Da<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">ultimo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cassazione, <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>epositata <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ll\u2019anno, <span class=\"_ _3\"></span>ha </span>rilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riqualificazione del<span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conferimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ramo <span class=\"_ _3\"></span>d\u2019azienda, <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>partecipazioni nella <span class=\"_ _3\"></span>conferitaria, <span class=\"_ _3\"></span>non \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>consentita <span class=\"_ _3\"></span>dalla l<span class=\"_ _3\"></span>egge (<span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sens<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>dell\u2019art. 20 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>D.P.R. n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>131/1986) e <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>natura d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>imposta </span>d\u2019atto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riveste <span class=\"_ _2\"></span>l\u2019imposta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistro, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>osservato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>citata <span class=\"_ _2\"></span>pronuncia <span class=\"_ _2\"></span>n. 158/2020; per l\u2019effett<span class=\"_ _0\"></span>o, \u00e8 stato rilasciat<span class=\"_ _0\"></span>o quanto a suo tempo <span class=\"_ _0\"></span>accant<span class=\"_ _3\"></span><span class=\"ff1\">onato. </span>Per quanto concerne le filiali di Intesa <span class=\"_ _3\"></span>Sanpaolo localizz<span class=\"_ _0\"></span>ate all\u2019estero<span class=\"_ _3\"></span><span class=\"ff5\"> <span class=\"ff1\">s<span class=\"_ _3\"></span>i evidenzia che: a) \u00e8 in c<span class=\"_ _3\"></span>orso una verifica fiscale in </span></span>materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IVA <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Londra <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _3\"></span>2016, <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2018; <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>segnalan<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>rilievi; b) <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>in corso <span class=\"_ _3\"></span>due verifiche <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>in materia d<span class=\"_ _3\"></span>i imposte <span class=\"_ _3\"></span>dirette <span class=\"_ _3\"></span>sulla filiale d<span class=\"_ _3\"></span>i New <span class=\"_ _3\"></span>York: la<span class=\"_ _3\"></span> prima <span class=\"_ _3\"></span>verifica, i<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>ziata<span class=\"_ _35\"></span> a <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2021, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>dall\u2019<span class=\"ff1\">Internal <span class=\"_ _5\"></span>Revenue <span class=\"_ _3\"></span>Service <span class=\"_ _5\"></span>(IRS) <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>dichiarazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>presentat<span class=\"_ _0\"></span>a </span>per <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>d\u2019imposta 2018; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>non si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>contestazioni; la seconda <span class=\"_ _3\"></span>verifica, notificata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>luglio 2021, <span class=\"_ _3\"></span>\u00e8 condotta <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>York <span class=\"_ _3\"></span>(NYC), <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2018 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>momento n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano<span class=\"_ _0\"></span> contestazioni. <span class=\"ff4\">Le <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>verifiche condotte dallo <span class=\"_ _3\"></span>Stato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>New York <span class=\"_ _3\"></span>relativamente ai <span class=\"_ _3\"></span>periodi d\u2019imposta 2<span class=\"_ _3\"></span>015 e <span class=\"_ _3\"></span>2016 <span class=\"_ _3\"></span>e </span>dall\u2019IRS <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>iuse <span class=\"_ _2\"></span>senza <span class=\"_ _6\"></span>contestazioni; <span class=\"_ _5\"></span>c) <span class=\"_ _4\"> </span><span class=\"ff1\">si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>chiusa <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>la </span>verifica <span class=\"_ _5\"></span>iniziata <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>aprile <span class=\"_ _5\"></span>202<span class=\"ff4\">1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dall\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Madrid <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019anno <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>redditi <span class=\"_ _6\"></span>con<span class=\"_ _0\"></span> </span>riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Madrid <span class=\"_ _2\"></span>dell\u2019incorporata <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _5\"></span>chiusa <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2018. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>dettaglio, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _2\"></span>fiscale dichiarata dalla <span class=\"_ _3\"></span>filiale per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span><span class=\"ff1\">16 <span class=\"_ _3\"></span>in 724<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mila euro \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata rettificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>complessivi 722 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, di </span>cui <span class=\"_ _7\"> </span>150  m<span class=\"_ _35\"></span>ila <span class=\"_ _16\"> </span>euro <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>interessi <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibili <span class=\"_ _7\"> </span>siccome <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>indebitamento <span class=\"_ _7\"> </span>eccedente <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza richiesto ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del<span class=\"_ _3\"></span>la normativa <span class=\"_ _3\"></span>regolamentare sp<span class=\"_ _2\"></span><span class=\"ff4\">agnola (applicazione della <span class=\"_ _3\"></span>c <span class=\"_ _2\"></span>d. \u201c<span class=\"_ _3\"></span><span class=\"ff2\">thin <span class=\"_ _3\"></span>capitalization <span class=\"_ _3\"></span>rule</span>\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>572 <span class=\"_ _3\"></span>mila euro </span>per  spese <span class=\"_ _1d\"> </span>non  deducibili,  ri<span class=\"_ _3\"></span>ferite  a <span class=\"_ _1d\"> </span>servizi  prestati  a<span class=\"_ _3\"></span>lla  filiale  dall\u2019allora <span class=\"_ _1d\"> </span>casa  madre <span class=\"_ _1d\"> </span>lussemburghes<span class=\"_ _0\"></span>e  (UBI <span class=\"_ _1d\"> </span>Banca<span class=\"_ _0\"></span> International S.A.), <span class=\"_ _2\"></span>in forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>spagnola <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span><span class=\"ff2\">transfer <span class=\"_ _3\"></span>pricing</span> <span class=\"_ _3\"></span>internazionale. La <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>fiscale non <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ato <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>dovuta; <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>) <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>chiusa <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _6\"></span>fiscale <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>mate<span class=\"_ _0\"></span>ria <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>IVA <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"></span>filiale <span class=\"_ _6\"></span>di Varsavia per i<span class=\"_ _3\"></span> periodi d\u2019imposta 2016<span class=\"_ _3\"></span><span class=\"ff1\">-2020 sui <span class=\"_ _3\"></span>servizi finanziari (SWIFT). <span class=\"_ _3\"></span>La filiale ha<span class=\"_ _3\"></span> provveduto al pagamento integrale </span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>contestato <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>13 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>(inclusi <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sanzioni); <span class=\"_ _5\"></span>f) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Monaco <span class=\"_ _2\"></span>di Baviera <span class=\"_ _4\"> </span>dell\u2019incorporata <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>2015 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>2018, <span class=\"_ _7\"> </span>avviata <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span><span class=\"ff1\">2<span class=\"_ _3\"></span>1. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>verificatori <span class=\"_ _4\"> </span>stanno <span class=\"_ _4\"> </span>acquisendo </span>documentazione contabile e fiscale;<span class=\"_ _3\"></span> g) <span class=\"_ _3\"></span>la verifica <span class=\"_ _3\"></span>fiscale sulla filiale di <span class=\"_ _3\"></span>Madrid di ISP con <span class=\"_ _3\"></span>riferimento alla deducibilit\u00e0 delle spese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regia <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2015, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conclusa <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span><span class=\"ff1\">ripresa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tassazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>93 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, </span>pi\u00f9  i<span class=\"_ _0\"></span>nteressi <span class=\"_ _16\"> </span>(17  mila <span class=\"_ _16\"> </span>euro) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sanzione  (<span class=\"_ _0\"></span>20  mil<span class=\"_ _0\"></span>a  euro<span class=\"_ _0\"></span>).  L<span class=\"_ _0\"></span>a  fil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ale <span class=\"_ _16\"> </span>ha  provve<span class=\"_ _0\"></span>duto  al<span class=\"_ _0\"></span>  pagam<span class=\"_ _35\"></span>ento  integrale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>quanto contestato.<span class=\"_ _90\"> </span> Societ\u00e0 del Grupp<span class=\"_ _0\"></span>o Per  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca  F<span class=\"_ _0\"></span>ideuram <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>pendenti <span class=\"_ _16\"> </span>in  Ca<span class=\"_ _0\"></span>ssazione, <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>ricorso  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>Ban<span class=\"_ _2\"></span>ca, <span class=\"_ _16\"> </span>tre  c<span class=\"_ _0\"></span>ause <span class=\"_ _16\"> </span>riguardanti  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>presunta  m<span class=\"_ _35\"></span>ancata effettuazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>ritenuta <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>27% <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"></span>interessi <span class=\"_ _6\"></span>maturati <span class=\"_ _4\"></span>negli <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>2009, <span class=\"_ _4\"></span>2010 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"></span>conti <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _6\"></span>bancari <span class=\"_ _4\"> </span>esteri intrattenuti <span class=\"_ _5\"></span>presso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>(Luxembourg) <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>comuni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"></span>diritto <span class=\"_ _6\"></span>lussemburghese <span class=\"_ _5\"></span>\u201cstorici\u201d </span>(Fonditalia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Interfund <span class=\"_ _5\"></span>SICAV), <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>accertati <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>unicamente <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>collocatrice <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>banca<span class=\"_ _0\"></span> corrispondente <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessivo d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>9,3 <span class=\"_ _2\"></span>milio<span class=\"_ _0\"></span>ni). <span class=\"_ _2\"></span>Essendo <span class=\"_ _3\"></span>risultata <span class=\"_ _3\"></span>soccombente <span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i giudizi, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>ritenuto <span class=\"_ _6\"></span>opportuno <span class=\"_ _4\"></span>predisporre <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">sentito <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consulente<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>incaricato <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019assistenza<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>giudizi <span class=\"_ _6\"> </span>pendenti <span class=\"_ _4\"> </span>dinanzi <span class=\"_ _4\"> </span>al </span>giudice di legittimit\u00e0 - un accant<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>namento a fondo <span class=\"_ _0\"></span>rischi a copertura del r<span class=\"_ _0\"></span>ischio comprensivo di<span class=\"_ _0\"></span> san<span class=\"_ _3\"></span>zioni e interessi.  Intesa <span class=\"_ _3\"></span>Sanpaolo Private Banking, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>tempo pendenti <span class=\"_ _3\"></span>contenziosi IRES <span class=\"_ _3\"></span>e IRAP <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alla deduzione <span class=\"_ _3\"></span>(avvenuta negli <span class=\"_ _3\"></span>anni 2011 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>seguenti) d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ammortamento <span class=\"_ _3\"></span>dell\u2019avviamento, scaturita <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conferimenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rami <span class=\"_ _3\"></span>aziendali <span class=\"_ _3\"></span>priva<span class=\"_ _5\"></span><span class=\"ff1\">te <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa </span>Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Cassa dei <span class=\"_ _2\"></span>Risparmi di <span class=\"_ _3\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Romagna n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2009, <span class=\"_ _3\"></span>Banca d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Trento e <span class=\"_ _2\"></span>Bolzano e <span class=\"_ _2\"></span>Cassa di <span class=\"_ _2\"></span>Risparmio di Firenze <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>2010, <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Ri<span class=\"_ _0\"></span>sparmio <span class=\"_ _16\"> </span>Pistoi<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>ucchesia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Risparmio <span class=\"_ _16\"> </span>dell\u2019Umbria <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2013, <span class=\"_ _7\"> </span>affrancati <span class=\"_ _16\"> </span>dalla confe<span class=\"ff4\">ritaria ai sensi dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rt. 15, comma 10<span class=\"_ _0\"></span>, del D.L. 29 novem<span class=\"_ _0\"></span>bre 2008, n. 185. <span class=\"ff1\"> </span></span>Lo stato dei contenzi<span class=\"_ _0\"></span>osi \u00e8 il seguent<span class=\"_ _0\"></span>e: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>011: <span class=\"_ _6\"></span>favorevole <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>2763/2019, <span class=\"_ _6\"></span>depositata <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2019, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Regionale </span>della <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span><span class=\"ff4\">respinto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>merito <span class=\"_ _7\"> </span>l\u2019appello <span class=\"_ _4\"> </span>principale <span class=\"_ _7\"> </span>dell\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate <span class=\"_ _7\"> </span>avverso <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>della </span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _3\"></span>Provinciale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>7028/2017 <span class=\"_ _2\"></span>(ammontare <span class=\"_ _3\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessiva <span class=\"_ _3\"></span>pretesa <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>,9 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di cui <span class=\"_ _2\"></span>3,8 <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>3,5 <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>sanzioni). <span class=\"_ _2\"></span>Il <span class=\"_ _6\"></span><span class=\"ff4\">giudice <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>accolto <span class=\"_ _2\"></span>l\u2019appello <span class=\"_ _2\"></span>incidentale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 </span>sulla <span class=\"_ _17\"> </span>questione <span class=\"_ _1d\"> </span>pregiudiziale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>decadenza <span class=\"_ _1d\"> </span>dell\u2019Amministrazione <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>potere <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>accertamento; <span class=\"_ _17\"> </span>infatti,<span class=\"_ _0\"></span> l\u2019affrancamento <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>chiarazione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>avvisi sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>notificati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2017, <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>ol<span class=\"_ _3\"></span>tre <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ecadenziali <span class=\"_ _4\"> </span>individuati <span class=\"_ _4\"> </span>dall\u2019art. <span class=\"_ _4\"> </span>43 <span class=\"_ _16\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>600/73. <span class=\"_ _7\"> </span>Il giudizio pende in Ca<span class=\"_ _0\"></span>ssazione su ricorso <span class=\"_ _0\"></span>dell\u2019Avvocatura Gener<span class=\"_ _0\"></span>ale dello <span class=\"_ _3\"></span><span class=\"ff1\">Stato e la Banca ha pred<span class=\"_ _0\"></span>isposto controricorso; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2012: <span class=\"_ _5\"></span>sfavorevoli <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Regionale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Lombardia <span class=\"_ _5\"></span>nn. <span class=\"_ _2\"></span>5172/2019 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>5173/2019 </span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>appelli <span class=\"_ _5\"></span>dell\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>(ammontare <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>complessiva <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _5\"></span>pa<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>8,4 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cui </span>3,9 per imposte e 3,<span class=\"_ _0\"></span>9 per sanzioni). \u00c8 stato p<span class=\"_ _0\"></span>resentato ricorso in <span class=\"_ _0\"></span>Cassazione;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2013: favorevoli sentenze sia della <span class=\"_ _3\"></span>Commissione Tributari<span class=\"_ _0\"></span>a Provinciale sia della <span class=\"_ _3\"></span>Commissione Tributaria Regionale<span class=\"_ _35\"></span> </span>(ammontare <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>complessiva <span class=\"_ _7\"> </span>prete<span class=\"_ _3\"></span><span class=\"ff4\">sa <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>10,6 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>4,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>sanzioni). <span class=\"_ _4\"> </span>L\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _4\"> </span>ha </span>proposto ricorso per C<span class=\"_ _0\"></span>assazione e la Banc<span class=\"_ _0\"></span>a si \u00e8 costituita con co<span class=\"_ _0\"></span>ntroricorso;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>2014 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>2015: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Sez. <span class=\"_ _16\"> </span>2^ <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Commissione <span class=\"_ _7\"> </span>Tributaria <span class=\"_ _16\"> </span>Provinciale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Milano <span class=\"_ _7\"> </span>con  se<span class=\"_ _0\"></span>ntenza <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>50<span class=\"_ _2\"></span>4/2/2020 <span class=\"_ _7\"> </span>del </span>7 febbraio 2020, deposita<span class=\"_ _0\"></span>ta il 13 febbraio<span class=\"_ _0\"></span> 2020, ha accolto i ri<span class=\"_ _0\"></span>corsi IRES e IRAP per e<span class=\"_ _0\"></span>ntrambe le annualit\u00e0 (gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizi riuniti). L\u2019ammontare della pretesa <span class=\"_ _3\"></span>tributaria ammonta a <span class=\"_ _3\"></span>16,7 mil<span class=\"_ _3\"></span>ioni (di c<span class=\"_ _3\"></span>ui 7,9 <span class=\"_ _3\"></span>per imposte e<span class=\"_ _3\"></span> 7,9 <span class=\"_ _3\"></span>per sanzioni), o<span class=\"_ _3\"></span>ltre inter<span class=\"_ _5\"></span><span class=\"ff1\">essi. In </span>data 18 <span class=\"_ _3\"></span>marzo 2022 \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>depositata la sentenza favorevole di <span class=\"_ _3\"></span>secondo grado n<span class=\"_ _3\"></span>. 1044 in <span class=\"_ _3\"></span>merito agli anni <span class=\"_ _3\"></span>2014 e <span class=\"_ _3\"></span>2015. La <span class=\"_ _1d\"> </span>Commi<span class=\"_ _0\"></span>ssione  Tributaria  Regionale <span class=\"_ _1d\"> </span>della  Lombardia  ha  respinto  l\u2019appello  dell\u2019Agenzia  delle <span class=\"_ _1d\"> </span>Entrate  avverso  la sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prim<span class=\"ff4\">o <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>ricorsi <span class=\"_ _5\"></span>(riuniti) <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>IRAP <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta. <span class=\"_ _5\"></span>L\u2019Agenzia <span class=\"_ _2\"></span>ha </span>proposto ricorso per c<span class=\"_ _0\"></span>assazione;   \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2016</span>: <span class=\"_ _3\"></span>in data 29 <span class=\"_ _3\"></span>aprile 2021 sono <span class=\"_ _3\"></span>stati notificati gli <span class=\"_ _3\"></span>avvisi di accertamento IRES e <span class=\"_ _3\"></span>IRAP per <span class=\"_ _3\"></span>l\u2018anno di impost<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> 2016. </span>L\u2019importo d<span class=\"_ _3\"></span>edotto dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ora <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>DRE <span class=\"_ _3\"></span>Lombardia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>annualit\u00e0 <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>medesimo <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>gi\u00e0<span class=\"_ _0\"></span> rettificato  per <span class=\"_ _16\"> </span>l\u2019anno  2015,  p<span class=\"_ _0\"></span>ari  a  1<span class=\"_ _0\"></span>2,1  milioni, <span class=\"_ _16\"> </span>cui  corrispondono <span class=\"_ _16\"> </span>una  maggiore <span class=\"_ _16\"> </span>IRES  per  3,3 <span class=\"_ _16\"> </span>milioni  e <span class=\"_ _16\"> </span>IRAP  per 0,7 milioni, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>interessi, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _6\"></span>complessivo <span class=\"_ _5\"></span>8,2 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>ioni). <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>Commissione <span class=\"_ _6\"></span>tributaria <span class=\"_ _5\"></span>provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sentenza <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>1962 <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>6 <span class=\"_ _5\"></span>luglio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricorsi <span class=\"_ _2\"></span>riuniti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Private Banking,  compensando  le <span class=\"_ _1d\"> </span>spese <span class=\"_ _1d\"> </span>tra  le  parti. <span class=\"_ _1d\"> </span>La  sentenza  oltre <span class=\"_ _1d\"> </span>ad  aver <span class=\"_ _1d\"> </span>respinto  la <span class=\"_ _1d\"> </span>que<span class=\"_ _0\"></span>stione  pregiudiziale  sulla decadenza <span class=\"_ _3\"></span>dell\u2019Ufficio <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8500/2021 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>SS.UU. <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>rte <span class=\"_ _3\"></span>di Cassazione, ha respint<span class=\"_ _0\"></span>o i ricorsi anche nel m<span class=\"_ _0\"></span>erito<span class=\"_ _3\"></span><span class=\"ff4\">. Il termine per <span class=\"_ _0\"></span>la proposizione dell\u2019ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ello scade il 5 feb<span class=\"_ _0\"></span>braio 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2<span class=\"_ _3\"></span>017</span>: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>instaurato il <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>avverso <span class=\"_ _3\"></span>l\u2019avviso di <span class=\"_ _3\"></span>accertamento. <span class=\"_ _3\"></span>L\u2019importo d<span class=\"_ _3\"></span>edotto e <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 riguarda <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>medesimo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>rett<span class=\"_ _3\"></span>ificato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019anno <span class=\"_ _4\"> </span>2016 <span class=\"_ _7\"> </span>(1<span class=\"_ _3\"></span><span class=\"ff1\">2,1 <span class=\"_ _7\"> </span>milioni), <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>corrispondono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>IRES <span class=\"_ _7\"> </span>per </span>3,3 <span class=\"ff4\">milioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>IRAP <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>0,7 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>8,6 <span class=\"_ _5\"></span>milioni). <span class=\"_ _2\"></span>L\u2019avviso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>\u00e8 </span>stato <span class=\"_ _16\"> </span>impugnato <span class=\"_ _7\"> </span>con  r<span class=\"_ _0\"></span>icorso <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>DRE <span class=\"_ _16\"> </span>Lombardia <span class=\"_ _7\"> </span>il  3 <span class=\"_ _7\"> </span>giugno <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>e  depositato <span class=\"_ _16\"> </span>presso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Commissione<span class=\"_ _35\"></span> Tributaria <span class=\"_ _1d\"> </span>Provin<span class=\"_ _0\"></span>ciale <span class=\"_ _1d\"> </span>di  Milano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>giugno  2022 <span class=\"_ _1d\"> </span>(RGR.  n. <span class=\"_ _1d\"> </span>2683/2022). <span class=\"_ _1d\"> </span>Si  attende <span class=\"_ _1d\"> </span>la  fissazione <span class=\"_ _1d\"> </span>dell\u2019udienza  di trattazione. Il <span class=\"_ _6\"></span>totale <span class=\"_ _6\"></span>contestato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>dun<span class=\"_ _3\"></span>que, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>imposte, <span class=\"_ _6\"></span>sanzioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>interessi, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>61 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>Sulla <span class=\"_ _6\"></span>base<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>rilasciato <span class=\"_ _6\"></span>dallo studio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>assiste <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>banca <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gittimit\u00e0 <span class=\"_ _2\"></span>dell\u2019affrancamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>degli </span>avviamenti che si generano ex novo in capo alla conferitaria <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>posto a suo tempo in essere anche<span class=\"_ _3\"></span> da a<span class=\"_ _3\"></span>ltre societ\u00e0 del Gruppo<span class=\"_ _35\"></span> e <span class=\"_ _3\"></span>contestato a <span class=\"_ _3\"></span>nessuna <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">\u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>esplicitamente <span class=\"_ _3\"></span>ammessa dall\u2019Agenzia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>8/E <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 c<span class=\"_ _3\"></span>oerente con <span class=\"_ _3\"></span>le </span>previsioni dell\u2019art. <span class=\"_ _0\"></span>15, comma 10, del D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"ff1\"> </span>Cargeas <span class=\"_ _16\"> </span>Assicurazioni, <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _16\"> </span>di  assi<span class=\"_ _0\"></span>curazione<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>acquisita <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Vita <span class=\"_ _7\"> </span>il  27 <span class=\"_ _16\"> </span>maggio <span class=\"_ _7\"> </span>2021, <span class=\"_ _16\"> </span>\u00e8  sta<span class=\"_ _0\"></span>ta interessata da una v<span class=\"_ _0\"></span>erifica dell\u2019Agenzia d<span class=\"_ _0\"></span>elle Entrate, Direzio<span class=\"_ _0\"></span>ne Regionale dell<span class=\"_ _0\"></span>a Lombardia <span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Ufficio Gra<span class=\"_ _0\"></span>ndi Contribuenti, v<span class=\"_ _0\"></span>olta </span>a <span class=\"_ _3\"></span>riscontrare la <span class=\"_ _3\"></span>corretta applicazione, <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>annualit\u00e0 dal <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2018, delle <span class=\"_ _3\"></span>disposizioni t<span class=\"_ _3\"></span>ributarie in <span class=\"_ _3\"></span>materia di assicurazioni private<span class=\"_ _0\"></span> e di contratti vitalizi <span class=\"_ _0\"></span>di cui alla legge 2<span class=\"_ _0\"></span>9 ottobre 1961, n. 121<span class=\"_ _35\"></span>6<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span> In <span class=\"_ _4\"> </span>esito <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>contestata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>assicurative <span class=\"_ _16\"> </span><span class=\"ff4\">aventi <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>\u201cperdita </span>d\u2019impiego\u201d <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>obbligatori<span class=\"_ _0\"></span>amente <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>garantiti <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>dello <span class=\"_ _5\"></span>stipendio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>facoltativament<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span>ad <span class=\"_ _3\"></span>altri mutui, <span class=\"_ _3\"></span>finanziamenti e c<span class=\"_ _3\"></span>rediti al <span class=\"_ _3\"></span>consumo), soggette <span class=\"_ _3\"></span>all\u2019imposta sui <span class=\"_ _3\"></span>premi assi<span class=\"_ _2\"></span><span class=\"ff1\">curativi <span class=\"_ _3\"></span>con al<span class=\"_ _3\"></span>iquota del 2<span class=\"_ _3\"></span>,5%, in <span class=\"_ _3\"></span>polizze </span>per assicurazione del rischio di \u201ccredito<span class=\"_ _0\"></span>\u201d, soggette ad aliquota del 12,5%. L\u2019Agenzia <span class=\"_ _0\"></span>sostiene che sebbene il rischio assicur<span class=\"_ _2\"></span><span class=\"ff1\">ato </span>(sulla <span class=\"_ _17\"> </span>cui <span class=\"_ _18\"> </span>base <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>premio <span class=\"_ _18\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>criteri <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>natura <span class=\"_ _17\"> </span>statistico/attuari<span class=\"_ _2\"></span>ale) <span class=\"_ _17\"> </span>sia <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>perdita dell\u2019impiego, <span class=\"_ _5\"></span>sarebbe <span class=\"_ _6\"></span>applicabile <span class=\"_ _5\"></span>l\u2019aliquota <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>12,5 <span class=\"_ _6\"> </span>per <span class=\"_ _6\"></span>cento <span class=\"_ _5\"></span>prevista <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>assicurazioni <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>n<span class=\"_ _6\"></span><span class=\"ff1\">ella </span>considerazione che l<span class=\"_ _0\"></span>a polizza - in ultima istanza - <span class=\"ff4\">tutelerebbe l\u2019in<span class=\"_ _0\"></span>teresse patrimoniale dell\u2019ente finanzi<span class=\"_ _0\"></span>atore alla riscossion<span class=\"_ _0\"></span>e del </span>proprio credito. La <span class=\"_ _4\"> </span>contestazione <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>ritengono <span class=\"_ _6\"></span>apodittiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumentali <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e motivazioni dell\u2019Agenzi<span class=\"_ _0\"></span>a. Anche l\u2019ANIA \u00e8 intervenuta r<span class=\"_ _0\"></span>ecentemente sul tem<span class=\"_ _3\"></span><span class=\"ff1\">a con la circolare prot. 0082 del 5 marz<span class=\"_ _0\"></span>o 2021 (che<span class=\"_ _0\"></span> </span>richiama <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ircolare <span class=\"_ _3\"></span>prot. <span class=\"_ _3\"></span>127 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>prile <span class=\"_ _3\"></span>2005) <span class=\"_ _3\"></span>segnalando <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>dell\u2019Agenzia <span class=\"_ _3\"></span>crei <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conseguenze asistematiche <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>abnormi <span class=\"_ _6\"></span>sicuramente <span class=\"_ _6\"></span>estranee <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>volont\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>legislatore <span class=\"_ _5\"></span>della <span class=\"_ _16\"> </span><span class=\"ff4\">legge <span class=\"_ _6\"></span>n. <span class=\"_ _6\"> </span>1216, <span class=\"_ _6\"> </span>ma <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>all\u2019orient<span class=\"_ _0\"></span>amento </span>della <span class=\"_ _3\"></span>stessa <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>espressa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>dell\u2019aliquota <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2,5<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>circolare <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>29/<span class=\"_ _5\"></span><span class=\"ff1 ls3e\">E </span>del 2001. Nel <span class=\"_ _4\"> </span>merito, <span class=\"_ _6\"></span>precisa <span class=\"_ _4\"> </span>l\u2019ANIA, <span class=\"_ _6\"></span>nelle <span class=\"_ _4\"> </span>polizze <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>qualifica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assicurato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>individ<span class=\"_ _2\"></span><span class=\"ff1\">uata <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>persona <span class=\"_ _4\"></span>fisica <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>aderisce <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iena<span class=\"_ _0\"></span> </span>autonomia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>collettiva <span class=\"_ _2\"></span>proposta <span class=\"_ _5\"></span>dall\u2019istituto <span class=\"_ _2\"></span>finanziatore <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>assetto <span class=\"_ _5\"></span>contrattuale <span class=\"_ _5\"></span>vale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>riconoscere <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>debi<span class=\"_ _6\"></span><span class=\"ff1\">tore<span class=\"_ _35\"></span> </span>persona fisica <span class=\"_ _3\"></span>il soggetto nell\u2019interesse del <span class=\"_ _3\"></span>quale la polizza <span class=\"_ _3\"></span>viene stipulata<span class=\"_ _2\"></span><span class=\"ff1\">, in <span class=\"_ _3\"></span>quanto il <span class=\"_ _3\"></span>rischio oggetto della c<span class=\"_ _3\"></span>opertura (perdita </span>dell\u2019occupazione che d<span class=\"_ _0\"></span>etermina l\u2019impossibi<span class=\"_ _0\"></span>lit\u00e0 di onorare il debi<span class=\"_ _0\"></span>to) non pu\u00f2 che prod<span class=\"_ _0\"></span>ursi in capo a quest\u2019<span class=\"_ _0\"></span>ultimo. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Inoltre, <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>negoziale <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>evince <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>finanziatore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>contraente <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>olizza <span class=\"_ _5\"></span>esclusivamente <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>formale,<span class=\"_ _0\"></span> mentre, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>virt\u00f9 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>manifestazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"></span>volont\u00e0 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aderire <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contratto <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>addebitatogli <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riferisc<span class=\"_ _2\"></span><span class=\"ls17\">e </span>esclusivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>pagato, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>lavoratore <span class=\"_ _2\"></span>finanziato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rivestire, <span class=\"_ _2\"></span>ef<span class=\"_ _5\"></span>fettivame<span class=\"_ _0\"></span>nte, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>qualifica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contraente, oltre che quella di <span class=\"_ _0\"></span>assicurato. Infine, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>comunicazione dei <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>notizie <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>contrae<span class=\"_ _5\"></span>nti annualmente <span class=\"_ _6\"> </span>trasmessa <span class=\"_ _6\"> </span>all\u2019Anagrafe <span class=\"_ _4\"> </span>tributaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contempla <span class=\"_ _4\"> </span>l\u2019indicazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"> </span>singoli <span class=\"_ _4\"> </span>aderenti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _6\"> </span>collettiva, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto soggetti che sopport<span class=\"_ _0\"></span>ano l\u2019onere del premio<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>A <span class=\"_ _1f\"> </span>seguito <span class=\"_ _28\"> </span>della <span class=\"_ _1f\"> </span>verifica, <span class=\"_ _1f\"> </span>Cargeas <span class=\"_ _1f\"> </span>Assicurazioni <span class=\"_ _1f\"> </span>ha <span class=\"_ _28\"> </span>ricevuto <span class=\"_ _1f\"> </span>il <span class=\"_ _28\"> </span>25 <span class=\"_ _1f\"> </span>maggio <span class=\"_ _1f\"> </span>2021 <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>\u2019avviso <span class=\"_ _1f\"> </span>di <span class=\"_ _1f\"> </span>accertamento n.<span class=\"ls0\"> <span class=\"ff4\">TMB032S000<span class=\"_ _0\"></span>39/2021 per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>2010<span class=\"_ _3\"></span><span class=\"ff1\"> dove <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>accertata una <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>1,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>interessi per <span class=\"_ _3\"></span>0,7 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e </span></span></span>sanzioni di 3,4 milion<span class=\"_ _0\"></span>i pari al 200% <span class=\"_ _0\"></span>dell\u2019imposta accertata <span class=\"_ _0\"></span>(sanzione minima ex l<span class=\"_ _0\"></span>ege), per un totale com<span class=\"_ _0\"></span>plessivo di 5,7 milio<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i. </span>In <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021 <span class=\"_ _5\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>impugnato <span class=\"_ _3\"></span>avanti <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>Commissio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>entenza n.<span class=\"ls0\"> <span class=\"ff4\">2396 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>accolto <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>annullato <span class=\"_ _7\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento. <span class=\"_ _7\"> </span>Pende <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019appello </span></span>dell\u2019Ufficio.<span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span><span class=\"ff1\">bblicate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Milano <span class=\"_ _5\"></span>(la <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>343 </span>del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>n. <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>214 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>2022) <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riguardato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tematica <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201criclassificazione\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>polizze<span class=\"_ _0\"></span> contro  il  rischio  di  p<span class=\"_ _3\"></span>erdita  d\u2019impiego  (soggett<span class=\"ff1\">e <span class=\"_ _1d\"> </span>ad  imposta  con  aliquota  del  2,5%)  in  luogo <span class=\"_ _1d\"> </span>di  quelle  contro  il  rischio </span>d\u2019insolvenza <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>debitore, <span class=\"_ _7\"> </span>ossia <span class=\"_ _16\"> </span>quelle <span class=\"_ _7\"> </span>cosiddette <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>copertura <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>(so<span class=\"_ _3\"></span>ggette <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>imposta <span class=\"_ _16\"> </span>con aliquota del <span class=\"_ _3\"></span>12,5%). Gli <span class=\"_ _3\"></span>esiti sono <span class=\"_ _3\"></span>risultati sfavorevoli alle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ricorrenti esterne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo (pur <span class=\"_ _3\"></span>avendo la sentenza n. 343 rico<span class=\"_ _0\"></span>nosciuto l\u2019inapplic<span class=\"_ _0\"></span>abilit\u00e0 delle sanzioni <span class=\"_ _0\"></span>per manifesta obiettiva<span class=\"_ _0\"></span> incertezza nell\u2019appli<span class=\"_ _0\"></span>cabilit\u00e0 della nor<span class=\"_ _2\"></span><span class=\"ff1\">ma). </span>Ci\u00f2 <span class=\"_ _5\"></span>nonostante, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _5\"></span>ben <span class=\"_ _5\"></span>espresse <span class=\"_ _5\"></span>dall\u2019A<span class=\"_ _3\"></span><span class=\"ff1\">NIA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>formalizzate <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>difensori <span class=\"_ _2\"></span>patrocinanti, <span class=\"_ _5\"></span>il </span>rischio di soccombe<span class=\"_ _0\"></span>nza \u00e8 stato ritenuto possi<span class=\"_ _0\"></span>bile.  Sempre <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>citata, <span class=\"_ _5\"></span>Cargeas <span class=\"_ _5\"></span>Assicurazioni <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>ricevuto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>l\u2019avviso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>n.<span class=\"ls0\"> TMB03<span class=\"ff4\">2S002<span class=\"_ _0\"></span>16/2022 <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>l\u2019anno <span class=\"_ _3\"></span>2011 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>accertata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>0,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span>interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>sanzioni, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>200<span class=\"_ _3\"></span>% del<span class=\"_ _3\"></span>l\u2019impost<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>accertata <span class=\"_ _3\"></span>(sanzione <span class=\"_ _3\"></span>minima <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>complessiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>di 4,6 milioni.  Le <span class=\"_ _5\"></span>motivazioni <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span>l\u2019atto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>impositivo <span class=\"_ _2\"></span>sopra <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>riferito <span class=\"_ _5\"></span>all\u2019anno <span class=\"_ _2\"></span>2011 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identiche <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>indicate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019an<span class=\"_ _5\"></span><span class=\"ff1\">no </span>2010. La <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>soccombenza <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>all\u2019annualit\u00e0 <span class=\"_ _5\"></span>2011, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>que<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>2010, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>da </span>ritenere <span class=\"_ _5\"></span>possibile, <span class=\"_ _5\"></span>pertanto <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proceder\u00e0, <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>legge, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019impugnazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>predetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviso <span class=\"_ _5\"></span>avanti <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>competente<span class=\"_ _0\"></span> Corte di Giustizia. Provis ha <span class=\"_ _3\"></span>pratiche di <span class=\"_ _3\"></span>contenzioso IMU e <span class=\"_ _3\"></span>TASI <span class=\"_ _3\"></span>pendenti o <span class=\"_ _3\"></span>comunque prossime all\u2019avvio del <span class=\"_ _3\"></span>valore complessiv<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>di 3,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>a </span>fronte delle quali l\u2019<span class=\"_ _0\"></span>accantonamento al f<span class=\"_ _0\"></span>ondo rischi \u00e8 pari a <span class=\"_ _0\"></span>4,2 milioni compren<span class=\"_ _0\"></span>sivo di spese legali.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _4\"> </span>28 <span class=\"_ _6\"> </span>ottobre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _4\"> </span>SGR <span class=\"_ _6\"> </span>(c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"> </span>pure <span class=\"_ _4\"> </span>ISP <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>consolidante) <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>ricevuto <span class=\"_ _4\"> </span>dall\u2019Agenzia <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>Entrate <span class=\"_ _7\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>Direzion<span class=\"_ _35\"></span>e </span>Regionale <span class=\"_ _1d\"> </span>della  L<span class=\"_ _3\"></span><span class=\"ff4\">ombardia  un <span class=\"_ _1d\"> </span>invito <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>comparire <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>relazione  all\u2019annualit\u00e0 <span class=\"_ _1d\"> </span>2016  per <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>RES <span class=\"_ _1d\"> </span>ed  I<span class=\"_ _3\"></span>RAP, <span class=\"_ _1d\"> </span>a  s<span class=\"_ _3\"></span>eguito  d<span class=\"_ _3\"></span>ella </span>documentazione consegn<span class=\"_ _0\"></span>ata in risposta a questionario notificato<span class=\"_ _0\"></span> il 21 aprile 2021, e ci\u00f2 al fine di instaurare il contradditt<span class=\"_ _2\"></span>orio in ordine <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presunte <span class=\"_ _4\"> </span>criticit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>transfer <span class=\"_ _7\"> </span>pricing <span class=\"_ _7\"> </span>emerse <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>corrispettivi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>commission<span class=\"_ _0\"></span>i percepite <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>Fideuram <span class=\"_ _6\"> </span>SGR <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestore <span class=\"_ _6\"></span>delegato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"> </span>effettuata <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>favore <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>consociata irlandese Fideuram <span class=\"_ _3\"></span>Asset Manage<span class=\"ff4\">me<span class=\"_ _3\"></span>nt Ireland <span class=\"_ _3\"></span>(delegante). Con <span class=\"_ _3\"></span>particolare riguardo a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>commissioni di <span class=\"_ _3\"></span>gestione, l\u2019Agenzia </span>riprende <span class=\"_ _4\"> </span>analoghe <span class=\"_ _7\"> </span>rettifiche <span class=\"_ _4\"> </span>effettuate <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>annualit\u00e0 <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>2011 <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>2013 <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _4\"> </span>diedero <span class=\"_ _7\"> </span>luogo <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>accertamento <span class=\"_ _4\"> </span>con adesione <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>annualit\u00e0) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>l\u2019imponibile <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Fideuram <span class=\"_ _2\"></span>SGR <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>560 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro. <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>ha aderito <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>sottoscrivendo <span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>15 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>provvedendo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento dell\u2019importo dovuto (220 <span class=\"_ _3\"></span>mila euro) <span class=\"_ _3\"></span>il 20 <span class=\"_ _3\"></span>dicembre<span class=\"ff1\"> <span class=\"_ _3\"></span>2022. In <span class=\"_ _3\"></span>relazione a possibili <span class=\"_ _3\"></span>analoghe contestazioni per gli a<span class=\"_ _3\"></span>nni successivi </span>fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>2019, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>500 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>onere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposte <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>interessi, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuando <span class=\"_ _5\"></span>un<span class=\"_ _5\"></span> accantonamento al conto e<span class=\"_ _3\"></span>conomico 2022. D\u2019intesa co<span class=\"_ _2\"></span><span class=\"ff1\">n il <span class=\"_ _3\"></span>consulente che segue <span class=\"_ _3\"></span>la contestazione, nessun <span class=\"_ _3\"></span>accantonamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>\u00e8 </span>stato <span class=\"_ _6\"></span>operato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>successivi, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>prossima <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>bilaterali <span class=\"_ _6\"></span>presentati <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _5\"></span><span class=\"ls17\">0 </span>(quindi, applicabili <span class=\"_ _0\"></span>da tale periodo per 5 a<span class=\"_ _0\"></span>nni) alle autorit<span class=\"ff4\">\u00e0 irlandesi e italiane sull\u2019attivi<span class=\"_ _0\"></span>t\u00e0 contestata.<span class=\"ff1\"> </span></span>Eurizon <span class=\"_ _4\"> </span>Capital <span class=\"_ _7\"> </span>SGR <span class=\"_ _7\"> </span><span class=\"ff4\">(di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>EC <span class=\"_ _4\"> </span>ITA\u201d) <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>22 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _7\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate<span class=\"_ _0\"></span>  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Direzione </span></span>Regionale  della <span class=\"_ _1d\"> </span>Lombardia  (di  seguito <span class=\"_ _1d\"> </span>l\u2019\u201dAdE\u201d  o <span class=\"_ _1d\"> </span>l\u2019\u201dUfficio\u201d)  un <span class=\"_ _1d\"> </span>invito  a  comparire <span class=\"_ _1d\"> </span>ai  fin<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _1d\"> </span>IRAP<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>e, <span class=\"_ _1d\"> </span>congiu<span class=\"_ _0\"></span>ntamente  alla </span>consolidante fiscale Int<span class=\"_ _0\"></span>esa Sanpaolo (di <span class=\"_ _0\"></span>seguito \u201cCapogruppo\u201d),<span class=\"_ _0\"></span> un invito a comp<span class=\"_ _0\"></span>arire ai fini IRE<span class=\"_ _0\"></span>S per l\u2019annualit\u00e0 201<span class=\"_ _0\"></span>6.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>presentate <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019incontro <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>attivando, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>modo,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di </span>contraddittorio della <span class=\"_ _0\"></span>durata di circa quattr<span class=\"_ _0\"></span>o mesi. L\u2019AdE, <span class=\"_ _1c\"> </span>dopo <span class=\"_ _1c\"> </span>aver <span class=\"_ _1c\"> </span>esamin<span class=\"_ _0\"></span>ato <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>infragruppo<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>poste <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>da <span class=\"_ _1c\"> </span>EC <span class=\"_ _1c\"> </span>ITA <span class=\"_ _18\"> </span>nei <span class=\"_ _1c\"> </span>confronti <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>controllata<span class=\"_ _0\"></span> lussemburghese <span class=\"_ _4\"> </span>Eurizon <span class=\"_ _7\"> </span>Capital <span class=\"_ _7\"> </span>S.A. <span class=\"_ _4\"> </span>(di <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>\u201cEC <span class=\"_ _7\"> </span>LUX\u201d), <span class=\"_ _7\"> </span>contesta <span class=\"_ _4\"> </span>l\u2019analisi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>nella </span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _5\"></span>EC <span class=\"_ _2\"></span>ITA, <span class=\"_ _2\"></span>ritenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rispecchierebbe <span class=\"_ _2\"></span>l\u2019effettiva <span class=\"_ _2\"></span>ripartizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>funzioni, </span>rischi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>esistente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>precisamente <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizi svol<span class=\"_ _3\"></span>te da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _3\"></span>sebbene <span class=\"_ _3\"></span>formalmente scomp<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>pluralit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>separate, dal <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>sostanziale <span class=\"_ _3\"></span>sarebbero \u201c<span class=\"ff2\">riconducibili ad <span class=\"_ _3\"></span>una pi\u00f9 <span class=\"_ _3\"></span>ampia attivit\u00e0 <span class=\"_ _3\"></span>imprenditoriale<span class=\"ff3\">\u201d<span class=\"ff1\"> <span class=\"_ _3\"></span>svolta <span class=\"_ _3\"></span>da EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>a favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>EC LUX. <span class=\"_ _3\"></span>Pertanto, applicando un <span class=\"_ _3\"></span>metodo </span></span></span>di <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>libera <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>orrenza <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>ado<span class=\"_ _3\"></span>ttato da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA, <span class=\"_ _3\"></span>determina <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>imponibile a fini IRES ed IRAP di 151,1 milioni, cui corrispondono imposte IRES ed IRAP per 50 milioni (41,6 milioni per IRES e 8,4 milion<span class=\"_ _2\"></span><span class=\"ls19\">i </span>per IRAP), interessi pe<span class=\"_ _0\"></span>r complessivi 9,6 milioni e sanzioni per co<span class=\"_ _0\"></span>mplessivi 15 milioni. In <span class=\"_ _6\"></span>specie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>trasferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>EC <span class=\"_ _6\"></span>ITA <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>corretto adottare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Comparable <span class=\"_ _6\"></span>Uncontrolled <span class=\"_ _4\"></span>Price <span class=\"_ _6\"></span>(o <span class=\"_ _4\"></span>CUP) <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>prezzare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>servizi, <span class=\"_ _16\"> </span>in <span class=\"_ _6\"></span>primis <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>servizio <span class=\"_ _6\"></span>di delega di <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>resi ad <span class=\"_ _3\"></span>EC LUX, <span class=\"_ _3\"></span>allineando il <span class=\"_ _3\"></span>prezzo addebitato a<span class=\"_ _3\"></span>d EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>ai prezzi <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>EC ITA <span class=\"_ _3\"></span>addebita/paga a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>deleghe <span class=\"_ _3\"></span>attive/passive <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>terze, <span class=\"_ _2\"></span>l\u2019AdE <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>appropriato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Transacti<span class=\"_ _2\"></span><span class=\"ff1\">onal </span>Net Margin Me<span class=\"ff4\">thod (TNMM), che prevede in sostanza l\u2019allocazione di una percentuale di margine netto rispetto al valore della</span><span class=\"ff4\"><span class=\"_ _0\"></span> </span>produzione <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>analisi, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>specie <span class=\"_ _6\"> </span>EC <span class=\"_ _6\"> </span>LUX. <span class=\"_ _6\"> </span>Nel <span class=\"_ _6\"> </span>dettaglio, <span class=\"_ _6\"> </span>l\u2019AdE <span class=\"_ _6\"> </span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>utili <span class=\"_ _6\"> </span>lord<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>imposte/commissio<span class=\"ff4\">ni <span class=\"_ _5\"></span>attive <span class=\"_ _6\"> </span>rilevato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>UX <span class=\"_ _5\"></span>(3<span class=\"_ _3\"></span>8,5%) <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>eccessivo. <span class=\"_ _6\"> </span>Conseguentemente <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _6\"> </span>approccio, <span class=\"_ _6\"> </span>l\u2019utile </span>ante <span class=\"_ _7\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>EC <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _7\"> </span>(208,6 <span class=\"_ _16\"> </span>milioni)<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>attribuito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>circa <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>quarto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Lussemburgo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>circa <span class=\"_ _16\"> </span>tre <span class=\"_ _7\"> </span>quarti (151,1 milioni) <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>impor<span class=\"_ _3\"></span>tante <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>conseguenti r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>allocazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _2\"></span>tra Lussemburgo ed Italia m<span class=\"_ _0\"></span>uove <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nella tesi dell\u2019AdE \u2013</span> dalla convin<span class=\"_ _0\"></span>zione che EC LUX ri<span class=\"_ _0\"></span>ceva da EC ITA un co<span class=\"_ _0\"></span>ntributo intangibile. Come confermato anche dal parere ril<span class=\"_ _3\"></span><span class=\"ff4\">asciato dal consulente che a<span class=\"_ _3\"></span>ssiste EC ITA, la contestazione mossa dall\u2019Ufficio presenta </span>diversi <span class=\"_ _4\"> </span>profili <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>infondatezza: <span class=\"_ _4\"> </span>a) <span class=\"_ _7\"> </span>l\u2019intangibile<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>influenza <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rasferimento <span class=\"_ _4\"> </span>infragruppo<span class=\"_ _3\"></span></span>; <span class=\"_ _7\"> </span>b) <span class=\"_ _7\"> </span>l\u2019Ufficio, <span class=\"_ _4\"> </span>poi, <span class=\"_ _7\"> </span>ha completamente <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>gnorato <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>risultanze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>scorsi <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di imposta <span class=\"_ _3\"></span>2011-2015, che <span class=\"_ _3\"></span>avevano <span class=\"_ _3\"></span>condotto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>conclusione di <span class=\"_ _3\"></span>atti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>desione aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rettifica dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>praticati <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>tra <span class=\"_ _4\"></span>EC <span class=\"_ _4\"></span>ITA <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EC <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>basi <span class=\"_ _4\"> </span>completamente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _6\"></span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _6\"></span>che emergono ora <span class=\"_ _3\"></span>relativamente al 2016. <span class=\"_ _3\"></span>In tale <span class=\"_ _3\"></span>contesto, tra <span class=\"_ _3\"></span>l\u2019altro, EC LUX <span class=\"_ _3\"></span>aveva fornito a<span class=\"_ _3\"></span>ll\u2019Ufficio informazioni circa l\u2019inta<span class=\"_ _5\"></span><span class=\"ff1\">ngible </span>e <span class=\"_ _3\"></span>il suo <span class=\"_ _3\"></span>ammortamento fiscale <span class=\"_ _3\"></span>extra-contabile. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>degli atti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>desione relativi a<span class=\"_ _3\"></span>i periodi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta 2011<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>2015, <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Ufficio <span class=\"_ _2\"></span>aveva <span class=\"_ _2\"></span>acquisito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>suddetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortamento <span class=\"_ _2\"></span>extra<span class=\"_ _2\"></span><span class=\"ff1\">-contabile, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _2\"></span>tuttavia </span>ritenere che dovessero avere un impatto ai fi<span class=\"ff4\">ni <span class=\"_ _3\"></span>della determinazi<span class=\"_ _0\"></span>one dei prezzi di trasferimento tra EC ITA e EC LUX. L\u2019Ufficio </span>aveva <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>idonea <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>redisposta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>suo <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>EC <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>TA <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>metodo CUP, <span class=\"_ _3\"></span>riconoscendo a <span class=\"_ _2\"></span>quest\u2019ulti<span class=\"_ _35\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>enalty protectio<span class=\"_ _3\"></span>n; <span class=\"_ _3\"></span>c) <span class=\"_ _3\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>omesso <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>ompiere un\u2019apposita <span class=\"_ _3\"></span>analisi volta <span class=\"_ _3\"></span>ad indentificare le <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>svolte, i<span class=\"_ _3\"></span> rischi <span class=\"_ _3\"></span>assunti e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i beni<span class=\"_ _3\"></span> utilizzati <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oncreto da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>EC LUX <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>20<span class=\"_ _5\"></span>16, <span class=\"_ _3\"></span>ma si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>limitato <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>qualificare <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>LUX <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mplessa\u201d <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>erronea <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onvinzione <span class=\"_ _5\"></span>che l\u2019ammortamento fiscale <span class=\"_ _3\"></span>extra<span class=\"_ _3\"></span><span class=\"ff1\">-</span>contabile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>capo <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riconducibile ad <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cbene intangibile\u201d <span class=\"_ _3\"></span>contribuito d<span class=\"_ _3\"></span>a EC <span class=\"_ _2\"></span>ITA <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conseguenza, <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">tale <span class=\"_ _2\"></span>contributo <span class=\"_ _2\"></span>\u201cunico\u201d <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>fiscale, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a </span>ritenuto <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>specie <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>metodi <span class=\"_ _5\"></span>\u201ctradizionali\u201d<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>libera <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncorrenza <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>CUP; <span class=\"_ _3\"></span>d) <span class=\"_ _2\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ignorato <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>stesso <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>nel<span class=\"_ _2\"></span>l\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>procedimento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione concluso <span class=\"_ _16\"> </span>nel  2022  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  la <span class=\"_ _16\"> </span>societ\u00e0  Fi<span class=\"_ _0\"></span>deuram  SG<span class=\"_ _0\"></span>R,  sopra<span class=\"_ _0\"></span>  commentato,<span class=\"_ _0\"></span>  avente <span class=\"_ _16\"> </span>ad  ogg<span class=\"_ _0\"></span>etto <span class=\"_ _16\"> </span>i  rapporti  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fragruppo <span class=\"_ _16\"> </span>con  la consociata <span class=\"_ _4\"> </span>irlandese <span class=\"_ _4\"> </span>FAMI. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>ultimo <span class=\"_ _4\"> </span>contesto, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>l\u2019Uffici<span class=\"_ _0\"></span>o, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\">perazioni <span class=\"_ _6\"></span>infragruppo <span class=\"_ _4\"> </span>similari <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>quelle </span>concluse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>maggiormente <span class=\"_ _3\"></span>appropriato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>circostanze <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso fosse proprio il CUP; e) da ultimo, l\u2019Ufficio, pur avendo dato atto che sulle medesime operazion<span class=\"_ _2\"></span>i infragruppo oggetto dell\u2019invit<span class=\"_ _0\"></span>o \u00e8 <span class=\"_ _2\"></span>tuttora <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>procedura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accordo <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>bilaterale <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span>trasferimento  t<span class=\"_ _0\"></span>ra  le  Au<span class=\"_ _0\"></span>torit\u00e0  Comp<span class=\"_ _0\"></span>etenti  itali<span class=\"_ _0\"></span>ane  e  lu<span class=\"_ _0\"></span>ssemburghesi,  n<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  ha <span class=\"_ _16\"> </span>valorizzato  in <span class=\"_ _16\"> </span>alcun<span class=\"_ _2\"></span>  modo  tale  c<span class=\"_ _0\"></span>ircostanza,<span class=\"_ _35\"></span> nonostante <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accordo <span class=\"_ _5\"></span>preventivo <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>ta <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>conclusione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>uddetti <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>di adesione relativi ai p<span class=\"_ _0\"></span>eriodi di impost<span class=\"_ _0\"></span>a 2011<span class=\"_ _3\"></span>-2015 e dunque c<span class=\"_ _0\"></span>omprenda anche il 2<span class=\"_ _0\"></span>016. Tali <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _2\"></span>sar<span class=\"ff4\">anno <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>rappresentate <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumentate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contraddittorio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dovr\u00e0 <span class=\"_ _5\"></span>concludersi <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il </span>30<span class=\"ls0\"> aprile 2023. </span>Con riguardo alle so<span class=\"_ _0\"></span>ciet\u00e0 controllate estere<span class=\"_ _0\"></span> si segnalano le seg<span class=\"_ _0\"></span>uenti evoluzioni d<span class=\"_ _0\"></span>el contenzioso i<span class=\"_ _0\"></span>ntervenute nell\u2019anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>Albania <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>interessata <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>i) <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>pendente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>ricorso <span class=\"_ _5\"></span>della Banca, <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>esigibili <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>l\u2019amministra<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>avrebbero portato <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>le<span class=\"_ _2\"></span>gittima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>imponibile <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>annualit\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>2003 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2007 (petitum <span class=\"_ _7\"> </span>1,3 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _7\"> </span>ii) <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>contenzioso <span class=\"_ _7\"> </span>ex <span class=\"_ _16\"> </span>Veneto <span class=\"_ _4\"> </span>Banka <span class=\"_ _7\"> </span>pendente <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>errori <span class=\"_ _7\"> </span>commessi <span class=\"_ _7\"> </span>nella dichiarazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>redditi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>d\u2019im<span class=\"_ _3\"></span><span class=\"ff1\">posta <span class=\"_ _7\"> </span>2013 <span class=\"_ _7\"> </span>(petitum <span class=\"_ _16\"> </span>33 <span class=\"_ _7\"> </span>mila <span class=\"_ _16\"> </span>euro); <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>definito <span class=\"_ _7\"> </span>invece <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>di </span>1 milione,  con  utilizzo  del  fo<span class=\"_ _35\"></span>ndo, <span class=\"_ _1d\"> </span>il  conten<span class=\"_ _0\"></span>zioso  relativo  ad  errori <span class=\"_ _16\"> </span>commessi  nella  dichiarazione <span class=\"_ _16\"> </span>dei  redditi  del  periodo d\u2019imposta 2011.<span class=\"ff1\"> </span>Bank <span class=\"_ _16\"> </span>of <span class=\"_ _16\"> </span>Alexandria <span class=\"_ _7\"> </span>ha  i<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>corso <span class=\"_ _7\"> </span>due  v<span class=\"_ _0\"></span>erific<span class=\"_ _3\"></span><span class=\"ff4\">he <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>corporate <span class=\"_ _16\"> </span>income <span class=\"_ _7\"> </span>tax  per <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _7\"> </span>2018  e<span class=\"_ _0\"></span> </span>all\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ollo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2019. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>formulate <span class=\"_ _2\"></span>contestazioni. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endente <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contenzioso a<span class=\"_ _3\"></span>vente<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ad oggetto i<span class=\"_ _3\"></span>l mancato versamento dell\u2019imposta di <span class=\"_ _3\"></span>bol<span class=\"_ _3\"></span><span class=\"ff1\">lo da <span class=\"_ _3\"></span>parte delle fi<span class=\"_ _3\"></span>liali della banca del v<span class=\"_ _3\"></span>alore complessivo di 2,1<span class=\"_ _3\"></span> milioni di </span>euro <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>1984 <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>2008 <span class=\"_ _5\"></span>(era <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>5,8 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo </span>rischi <span class=\"_ _2\"></span>(-3,7 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>deriva <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>rischi. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _2\"></span>fiscale sull\u2019imposta di boll<span class=\"_ _0\"></span>o relativa al periodo <span class=\"_ _0\"></span>d\u2019imposta 2019 si \u00e8 c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>iusa senza rilievi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>controversia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>annualit\u00e0 <span class=\"_ _2\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2015 <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata <span class=\"_ _5\"></span>estera<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"_ _5\"></span></span>UBI <span class=\"_ _5\"></span>Trustee <span class=\"_ _5\"></span>S.A. <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>trust <span class=\"_ _5\"></span>company <span class=\"_ _2\"></span>residente <span class=\"_ _5\"></span>in Lussemburgo), <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>chiusa <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l\u2019Amministrazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>trust <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dei titolari effettivi dei m<span class=\"_ _0\"></span>edesimi.  Infine, si <span class=\"_ _3\"></span>segnala che p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>IMI SEC \u00e8<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>corso un <span class=\"_ _3\"></span>audit condotto da<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">lo <span class=\"_ _3\"></span>Stato di <span class=\"_ _3\"></span>New <span class=\"_ _3\"></span>York in <span class=\"_ _3\"></span>relazione al reddito <span class=\"_ _3\"></span>d\u2019impresa delle </span>annualit\u00e0 2015, 2016<span class=\"_ _0\"></span> e 2017. Al momento <span class=\"_ _0\"></span>non si segnalano riliev<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> Altra <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>fiscale <span class=\"_ _5\"></span>avviata <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>riguarda <span class=\"_ _4\"></span>EXELIA<span class=\"_ _0\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2017<span class=\"_ _3\"></span></span><span class=\"ls12\">. <span class=\"_ _6\"></span></span>Al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si segnalano rilievi. Si  me<span class=\"_ _0\"></span>nziona <span class=\"_ _16\"> </span>infine <span class=\"_ _16\"> </span>un  cont<span class=\"_ _0\"></span>enzioso <span class=\"_ _16\"> </span>pendente <span class=\"_ _16\"> </span>in  Bra<span class=\"_ _0\"></span>sile <span class=\"_ _16\"> </span>relativo  a<span class=\"_ _0\"></span>lla <span class=\"_ _16\"> </span>ex  co<span class=\"_ _0\"></span>ntrollata <span class=\"_ _16\"> </span>Banco  S<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dameris <span class=\"_ _16\"> </span>Brasil <span class=\"_ _16\"> </span>(ora  B<span class=\"_ _0\"></span>anco Santander <span class=\"_ _5\"></span>Brasil), <span class=\"_ _2\"></span>ceduta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2003 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>ABN <span class=\"_ _2\"></span>AMRO <span class=\"_ _5\"></span>Brasil <span class=\"_ _5\"></span>(ora <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"></span>Santander), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>onere <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>ricade <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>Intesa Sanpaolo, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessionaria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Settlement <span class=\"_ _3\"></span>Agreement del <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Banco <span class=\"_ _3\"></span>Santander <span class=\"_ _2\"></span>Brasil. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201cCausa <span class=\"_ _2\"></span>PDD1\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>verte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>e contribuzione sociale per il 1<span class=\"_ _0\"></span>995.<span class=\"ff2\"> </span>Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>depositata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudice <span class=\"_ _2\"></span>civile <span class=\"_ _5\"></span>ordinario <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arzialmente<span class=\"_ _35\"></span> accolto <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>eccezioni <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>banca, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dimostrata <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>complesso <span class=\"_ _4\"> </span>favorevole <span class=\"_ _4\"> </span>all\u2019Amministrazione <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>brasiliana.  <span class=\"ff1\">La<span class=\"_ _0\"></span> </span>sentenza \u00e8 stata impugnata e il giud<span class=\"_ _3\"></span>izio pende in secondo grado. Il petitum \u00e8 di <span class=\"_ _3\"></span>euro 41,6 milioni, al cambio di dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _2\"></span><span class=\"lsc\">2 </span>(35 milioni al 3<span class=\"_ _3\"></span>1.12.2021), valorizzato in misura corrispondente al deposito cauzionale versato dalla <span class=\"_ _3\"></span>Banca per adire il <span class=\"_ _3\"></span>giud<span class=\"_ _5\"></span>ice civile (216 milioni <span class=\"_ _0\"></span>di reals brasiliani) e i<span class=\"_ _0\"></span>scritto nell\u2019attivo pat<span class=\"_ _0\"></span>rimoniale, <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _5\"></span>novit\u00e0 <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>due. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilascio, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>parere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Prof. <span class=\"_ _6\"></span>Terci<span class=\"_ _0\"></span>o Sampaio <span class=\"_ _3\"></span>Ferraz <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>quale, <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019altro, <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>confe<span class=\"_ _3\"></span><span class=\"ff1\">r<span class=\"_ _3\"></span>mata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>sostenuta <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>transattiva </span>per <span class=\"_ _3\"></span>il 1<span class=\"_ _3\"></span>995 con <span class=\"_ _3\"></span>l\u2019Amministrazione brasiliana in<span class=\"_ _3\"></span> base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>apposita n<span class=\"_ _3\"></span>orma <span class=\"_ _3\"></span>locale (art. <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>della Legge <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>9799/1999) <span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>ggetto di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>contenzioso <span class=\"_ _5\"></span>amministrativo <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span>tribuente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>decisioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>Amministrativo <span class=\"_ _5\"></span>(CARF), <span class=\"_ _5\"></span>non pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>messa <span class=\"_ _4\"> </span>nuovamente <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>discussione, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>fatto <span class=\"_ _7\"> </span>dall\u2019Erario <span class=\"_ _4\"> </span>brasiliano <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _7\"> </span>giurisdizio<span class=\"_ _0\"></span>nale attualmente pendent<span class=\"_ _0\"></span>e in secondo grado. In <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>pareri <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>consulent<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>locali, <span class=\"_ _4\"></span>tali <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _4\"></span>conse<span class=\"_ _0\"></span>ntono <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>confermare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>soccombenza <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>giudizio come <span class=\"_ _5\"></span>remoto <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>25,6 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>iscritto <span class=\"_ _5\"></span>nell\u2019attivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>patrimoniale). <span class=\"_ _7\"> </span><span class=\"ff1\">Su<span class=\"_ _90\"> </span></span>imposte <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sanzioni <span class=\"_ _5\"></span>(corrisponden<span class=\"ff4\">ti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>16 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito) <span class=\"_ _5\"></span>prudenzialmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>l\u2019accantonamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l </span>50% <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>ammontare, <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complessivi,8 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(+ <span class=\"_ _7\"> </span>1,2 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dice<span class=\"_ _3\"></span>mbre <span class=\"_ _4\"> </span>2021). <span class=\"_ _4\"> </span>L\u2019incremento <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>dovuto all\u2019apprezzamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valuta <span class=\"_ _5\"></span>brasiliana <span class=\"_ _6\"></span>sull\u2019<span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>cambio <span class=\"_ _6\"></span>rilevato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>della controversia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>connesso <span class=\"_ _4\"> </span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"></span>riguarda <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>notificazione, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ottobre, <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Fisco brasiliano d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un\u2019intimazione di <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>asseri<span class=\"_ _3\"></span><span class=\"ff1\">ta <span class=\"_ _3\"></span>carenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>deposito giudiziario <span class=\"_ _3\"></span>costituito d<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>ontribuente a <span class=\"_ _2\"></span>copertura<span class=\"_ _0\"></span> </span>del <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>contestazione. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>riguardo, <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"></span>presentata <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>memoria <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>opposizione <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>intimazione<span class=\"_ _0\"></span> evidenziando che il <span class=\"_ _3\"></span>Fisco brasiliano ha <span class=\"_ _3\"></span>erroneamente con<span class=\"_ _3\"></span>teggiato il v<span class=\"_ _3\"></span>alore degli <span class=\"_ _3\"></span>interessi maturati sul deposito giudiziario che invece <span class=\"_ _3\"></span>coprirebbero <span class=\"_ _3\"></span>ampiamente <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>pretesa <span class=\"_ _3\"></span>dell\u2019Amministrazione <span class=\"_ _3\"></span>finanziaria. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>consulenti <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>confermano <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>non modifica le stime di ris<span class=\"_ _0\"></span>chio ad ogg<span class=\"_ _0\"></span>i espresse in riferimento al contenzioso in essere. * * * A fr<span class=\"_ _3\"></span>onte della <span class=\"_ _3\"></span>totalit\u00e0 <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>ratiche di <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>fiscale in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2022, <span class=\"_ _3\"></span>per un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>complessivo, come <span class=\"_ _4\"></span>in precedenza <span class=\"_ _3\"></span>indicato, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>219 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>nell\u2019at<span class=\"_ _2\"></span><span class=\"ff1\">tivo <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo </span>sono iscritti 44 milioni <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i crediti per importi <span class=\"_ _0\"></span>pagati a titolo prov<span class=\"_ _0\"></span>visorio in presenza di ac<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ertamenti, 21 mili<span class=\"_ _0\"></span>oni dei quali<span class=\"_ _2\"></span> riferiti alla Capogruppo. La <span class=\"_ _3\"></span>quota del fondo <span class=\"_ _3\"></span>rischi che <span class=\"_ _3\"></span>fronteggia le <span class=\"_ _3\"></span>relative controversi<span class=\"_ _3\"></span>e con <span class=\"_ _3\"></span>iscrizione a <span class=\"_ _3\"></span>ruolo provvisoria ammonta a <span class=\"_ _3\"></span>32 <span class=\"_ _3\"></span>milioni, di cui 26 milioni relativi a I<span class=\"_ _0\"></span>ntesa Sanpaolo.  Detti <span class=\"_ _1d\"> </span>versamenti  a <span class=\"_ _1d\"> </span>titolo <span class=\"_ _1d\"> </span>provvisorio  sono <span class=\"_ _1d\"> </span>stati <span class=\"_ _1d\"> </span>effettuati <span class=\"_ _1d\"> </span>in  ot<span class=\"_ _3\"></span>temperanza<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>specifiche <span class=\"_ _1d\"> </span>disposizioni  legislative,  c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>ne prevedono <span class=\"_ _5\"></span>l\u2019obbligatoriet\u00e0 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>utomatico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tutto <span class=\"_ _5\"></span>indipendente <span class=\"_ _2\"></span>dall\u2019effettiva <span class=\"_ _5\"></span>fondatezza <span class=\"_ _2\"></span>delle connesse pretese fiscali, <span class=\"_ _0\"></span>e quindi dal maggiore o minore<span class=\"_ _0\"></span> rischio di soccombenza <span class=\"_ _0\"></span>nei relativi giudizi. Si tr<span class=\"_ _0\"></span>atta cio\u00e8 di pagam<span class=\"_ _2\"></span>enti eseguiti <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragion<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell'esecutoriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>dotati <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>amministrativi <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>contengono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>di riferimento, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>neppure <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impugnazione, che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>efficacia <span class=\"_ _3\"></span>sospensiva, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nulla <span class=\"_ _3\"></span>toglie o aggiunge <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>sull\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">ffettivo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soccombenza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>operata <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dallo </span>IAS 37 per le passivit\u00e0.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1035": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-398.96448px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 13 <span class=\"ff6\">\u2013</span> PATRIMONIO DEL GRUPPO <span class=\"ff6\">\u2013</span> VOCI 120, 130, 140, 150, 160, 170 E 180 </div><div class=\"t m0 x0 h2e y148a ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e yc17 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yfc9 ff5 fs0 fc2 sc0 ls0 ws0\">13.1 \"Capitale\" e \"Azion<span class=\"_ _0\"></span>i proprie\": composi<span class=\"_ _0\"></span>zione </div><div class=\"t m0 x0 h2 yade ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda le <span class=\"_ _0\"></span>informazioni di qu<span class=\"_ _0\"></span>esta sezione si rimand<span class=\"_ _0\"></span>a al successivo pun<span class=\"_ _0\"></span>to 13.3.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2e y11e5 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y148b ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya8 ff5 fs0 fc2 sc0 ls0 ws0\">13.2 Capitale - Numero azioni <span class=\"_ _0\"></span>della capogruppo<span class=\"_ _0\"></span>: variazioni annu<span class=\"_ _0\"></span>e </div></div><div class=\"c w3a6 h8c\" style=\"left:-4.050377px; bottom:478.66553px;\"><div class=\"t m0 x41 h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Tip<span class=\"_ _0\"></span>ologie </div></div><div class=\"c w3a7 h8c\" style=\"left:504.79565px; bottom:478.66553px;\"><div class=\"t m0 xe h59 y1002 ff5 fs17 fc2 sc0 ls0 ws0\">Ordinarie<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:459.16553px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Azion<span class=\"_ _0\"></span>i esistenti al<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>'inizio <span class=\"_ _0\"></span>dell'eserc<span class=\"_ _35\"></span>izio </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:459.16553px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">19.430.463<span class=\"_ _0\"></span>.305 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:442.62952px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:442.62952px;\"><div class=\"t m0 xb h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">19.430.463<span class=\"_ _0\"></span>.305 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:426.0935px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:426.0935px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:409.5575px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.1  Azioni<span class=\"_ _0\"></span> proprie (-) </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:409.5575px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-30.629.777<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:390.0575px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A.2 Azion<span class=\"_ _0\"></span>i in circo<span class=\"_ _0\"></span>lazione: esi<span class=\"_ _35\"></span>stenze iniziali </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:390.0575px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">19.399.833<span class=\"_ _0\"></span>.528 </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:370.5575px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Aument<span class=\"_ _0\"></span>i </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:370.5575px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">566.771.008<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:353.86554px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 Nuove<span class=\"_ _0\"></span> emissioni </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:353.86554px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">546.972.658<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h69\" style=\"left:-4.050377px; bottom:337.29053px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- a paga<span class=\"_ _0\"></span>mento: </div></div><div class=\"c w3a7 h69\" style=\"left:504.79565px; bottom:337.29053px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">386.972.658<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:320.75452px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- operazioni<span class=\"_ _0\"></span> di aggregazi<span class=\"_ _35\"></span>oni di imprese </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:320.75452px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:304.2185px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- conversio<span class=\"_ _0\"></span>ne di obbliga<span class=\"_ _35\"></span>zioni </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:304.2185px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:287.52655px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- esercizio<span class=\"_ _0\"></span> di warrant </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:287.52655px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:270.99054px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altre </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:270.99054px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">386.972.658<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:254.45453px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- a titolo gra<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uito: </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:254.45453px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">160.000.000<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:237.91852px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- a favore dei<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dipendenti<span class=\"_ _0\"></span> </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:237.91852px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">160.000.000<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:221.2265px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- a favore degl<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>amminis<span class=\"_ _0\"></span>tratori </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:221.2265px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:204.69055px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- altre </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:204.69055px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:188.15454px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 Vendi<span class=\"_ _0\"></span>ta di azioni<span class=\"_ _0\"></span> proprie </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:188.15454px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">19.798.350<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:171.61853px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 Altre <span class=\"_ _0\"></span>variazioni </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:171.61853px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:152.11853px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Dimi<span class=\"_ _0\"></span>nuzioni </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:152.11853px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1.001.693<span class=\"_ _0\"></span>.612 </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:135.42651px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 Annulla<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:135.42651px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-988.632.80<span class=\"_ _0\"></span>3 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:118.8905px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 Acqui<span class=\"_ _0\"></span>sto di azioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>proprie </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:118.8905px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-13.060.809<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h69\" style=\"left:-4.050377px; bottom:102.32852px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 Operaz<span class=\"_ _0\"></span>ioni di cessi<span class=\"_ _35\"></span>one di imprese </div></div><div class=\"c w3a7 h69\" style=\"left:504.79565px; bottom:102.32852px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:85.79251px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4  Altre <span class=\"_ _0\"></span>variazioni </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:85.79251px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3a6 h47\" style=\"left:-4.050377px; bottom:66.29251px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Azion<span class=\"_ _0\"></span>i in circola<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione: rima<span class=\"_ _35\"></span>nenze finali </div></div><div class=\"c w3a7 h47\" style=\"left:504.79565px; bottom:66.29251px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">18.964.910<span class=\"_ _0\"></span>.924 </div></div><div class=\"c w3a6 h6a\" style=\"left:-4.050377px; bottom:49.600525px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.1 Azioni<span class=\"_ _0\"></span> proprie (+)<span class=\"_ _35\"></span> </div></div><div class=\"c w3a7 h6a\" style=\"left:504.79565px; bottom:49.600525px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">23.892.236<span class=\"_ _0\"></span> </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:33.064514px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D.2 Azioni<span class=\"_ _0\"></span> esistenti al<span class=\"_ _0\"></span>la fine dell'e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:33.064514px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">18.988.803<span class=\"_ _0\"></span>.160 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:16.528534px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:16.528534px;\"><div class=\"t m0 xb h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">18.988.803<span class=\"_ _0\"></span>.160 </div></div><div class=\"c w3a6 h41\" style=\"left:-4.050377px; bottom:-0.0074768066px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate </div></div><div class=\"c w3a7 h41\" style=\"left:504.79565px; bottom:-0.0074768066px;\"><div class=\"t m0 xc8 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div>13.3 Capitale: altre in<span class=\"_ _0\"></span>formazioni  Al 31 dicembre 2022, il capitale sociale di Intesa <span class=\"_ _3\"></span>Sanpaolo \u00e8 pari a 10.369 milioni, suddiviso in numero 18.988.803.160 azion<span class=\"_ _2\"></span><span class=\"ls13\">i </span>ordinarie, prive di valore nominale. Ogni azione ordinaria attribuisce il diritto ad un voto nell\u2019Assemblea. Alla<span class=\"_ _0\"></span> data del pr<span class=\"_ _5\"></span><span class=\"ff1\">esente </span>documento il capital<span class=\"_ _0\"></span>e risulta interamente v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rsato e liberato.  Al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo detiene azioni <span class=\"_ _3\"></span>proprie Intesa <span class=\"_ _3\"></span>Sanpaolo per un <span class=\"_ _3\"></span>ammontare pari <span class=\"_ _3\"></span>a 124<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>milioni, dei <span class=\"_ _3\"></span>quali circa <span class=\"_ _3\"></span>50 milioni riferibili alla C<span class=\"_ _0\"></span>apogruppo ed i rest<span class=\"_ _0\"></span>anti 74 milioni alle altre societ\u00e0 del Gruppo.  13.4 Riserve di utili: <span class=\"_ _0\"></span>altre informazioni  Le <span class=\"_ _16\"> </span>riserve <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ammontano <span class=\"_ _16\"> </span>a  1<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>.427 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>includono: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>legale, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>straordinaria, <span class=\"_ _7\"> </span>le  ris<span class=\"_ _0\"></span>erve <span class=\"_ _16\"> </span>da concentrazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>L. <span class=\"_ _2\"></span>30/7/1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>218 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>L. <span class=\"_ _2\"></span>30/7/<span class=\"_ _3\"></span>1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>218) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>riserve, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da consolidamento. La <span class=\"_ _7\"> </span>riserva <span class=\"_ _7\"> </span>legale, <span class=\"_ _7\"> </span>costituita <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>norma <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>legge, <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>almeno <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quinto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>capitale <span class=\"_ _7\"> </span>sociale; <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata costituita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>passato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>annuali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>entesimo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>la riserva dovesse dimin<span class=\"_ _0\"></span>uire, occorre reintegrarl<span class=\"_ _0\"></span>a tramite l\u2019obbligo d<span class=\"_ _0\"></span>i destinarvi un vente<span class=\"_ _0\"></span>simo dell\u2019utile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>riserve da concentrazione <span class=\"_ _3\"></span>ex L. <span class=\"_ _3\"></span>30 luglio <span class=\"_ _3\"></span>1990 n. <span class=\"_ _2\"></span>218 <span class=\"_ _3\"></span>sono state c<span class=\"_ _3\"></span>ostituite in <span class=\"_ _3\"></span>occasione di operazioni d<span class=\"_ _3\"></span>i riorganizzazione o concentrazione effettu<span class=\"_ _0\"></span>ate ai sensi della c<span class=\"_ _0\"></span>itata legge. Le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>riserve <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>costituite <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>passato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>i specifiche disposizio<span class=\"_ _0\"></span>ni normative. Le  riserve  da  consolidame<span class=\"_ _0\"></span>nto  si  sono  generate <span class=\"_ _16\"> </span>a  seguito  dell\u2019eliminazione  del  v<span class=\"_ _0\"></span>alore  contabile  delle  p<span class=\"_ _0\"></span>artecipazioni  in contropartita alla cor<span class=\"_ _0\"></span>rispondente frazione d<span class=\"_ _0\"></span>el patrimonio netto d<span class=\"_ _0\"></span>i ciascuna parteci<span class=\"_ _0\"></span>pata.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>negative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>2.635 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>includono<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>-2.032 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imprese <span class=\"_ _3\"></span>di assicurazione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>-696 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>-466 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>da valutazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambi <span class=\"_ _3\"></span>(relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>investimenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>consolidate <span class=\"_ _3\"></span>integralmente) <span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>-1.247 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _2\"></span>relative alla copertura di investimenti esteri per -10 milioni, le riserve da rivalutazioni di attivit\u00e0 material<span class=\"_ _0\"></span>i e leggi speciali di rivalutazion<span class=\"_ _35\"></span>e per  2.0<span class=\"_ _0\"></span>60  milioni, <span class=\"_ _16\"> </span>le  ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>erve  da <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>relative  a <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>designate  a<span class=\"_ _0\"></span>l  f<span class=\"_ _0\"></span>air  value <span class=\"_ _16\"> </span>con  imp<span class=\"_ _0\"></span>atto  a <span class=\"_ _16\"> </span>cont<span class=\"_ _2\"></span><span class=\"lsc\">o </span>economico <span class=\"_ _5\"></span>(variazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>proprio <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio) <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>-45 <span class=\"_ _5\"></span>milioni, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>riserva <span class=\"_ _6\"></span>negativa <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>(perdite) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _5\"></span>su piani previdenziali a benefici definiti p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>-238 milioni, oltre a circa 39 mil<span class=\"_ _3\"></span>ioni di riserve da valutazio<span class=\"_ _0\"></span>ne connesse ad inve<span class=\"_ _3\"></span>stimenti<span class=\"_ _35\"></span> partecipativi di minora<span class=\"_ _0\"></span>nza.<span class=\"ff5 fc2\"> </span>13.5 Strumenti di capit<span class=\"_ _0\"></span>ale: composizioni e <span class=\"_ _0\"></span>variazioni annue  Emittente Concedente Tasso di interes<span class=\"_ _3\"></span>se Step-<span class=\"_ _90\"> </span>up<span class=\"ls0\"> </span>Data                        di              emissione Data                   di            scadenza Rimborso              anticipato                   <span class=\"_ _3\"></span>  a partire dal Val. Importo originario                <span class=\"_ _3\"></span>     in unit\u00e0 di valuta<span class=\"_ _3\"></span> Valore di bilancio  (milioni di euro) Intesa Sanpaolo 7,70% fisso no<span class=\"ls0\"> </span>17<span class=\"ls0\">-set-</span>2015<span class=\"ls0\"> </span>perpetuo 17<span class=\"ls0\">-set-</span>2025<span class=\"ls0\"> </span>USD 1.000.000.000 873<span class=\"ls0\"> </span>Intesa Sanpaolo 7,75% fisso no<span class=\"ls0\"> </span>11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2017<span class=\"ls0\"> </span>perpetuo 11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2027<span class=\"ls0\"> </span>Eur 1.250.000.000 1.251 Intesa Sanpaolo 6,25% fisso no<span class=\"ls0\"> </span>16<span class=\"ls0\">-mag-2017 </span>perpetuo 16<span class=\"ls0\">-mag-2024 </span>Eur 750.000.000 750<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2020<span class=\"ls0\"> </span>perpetuo 20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2025<span class=\"ls0\"> </span>Eur 400.000.000 382<span class=\"ls0\"> </span>Intesa Sanpaolo 3,75% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2025<span class=\"ls0\"> </span>Eur 750.000.000 731<span class=\"ls0\"> </span>Intesa Sanpaolo 4,125% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2030<span class=\"ls0\"> </span>Eur 750.000.000 732<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-set-</span>2031<span class=\"ls0\"> </span>Eur 750.000.000 743<span class=\"ls0\"> </span>Intesa Sanpaolo 5,5% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-mar-2028 </span>Eur 750.000.000 746<span class=\"ls0\"> </span>Intesa Sanpaolo 6,375% fisso pagabile semestralmente no<span class=\"ls0\"> </span>30<span class=\"ls0\">-mar-2022 </span>perpetuo 30<span class=\"ls0\">-set-</span>2028<span class=\"ls0\"> </span>Eur 1.000.000.000 980<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2018<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2023<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>12.000.000 10<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2019<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2024<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>15.000.000 13<span class=\"ls0\"> </span>Totale 7.211 13.6 Altre informazio<span class=\"_ _0\"></span>ni  Ai <span class=\"_ _3\"></span>sensi d<span class=\"_ _3\"></span>ell\u2019art. 2433<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis, <span class=\"_ _3\"></span>comma 4 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Codice Civile, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>istribuito un <span class=\"_ _3\"></span>acconto <span class=\"_ _3\"></span>dividendi sull\u2019esercizio <span class=\"_ _3\"></span>2022 per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>1.399.608.167,99 <span class=\"_ _2\"></span>euro<span class=\"_ _90\"> </span>92<span class=\"_ _90\"> </span>, <span class=\"_ _2\"></span><span class=\"ls0\">corrispondente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>unitario <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>7,38 <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span>ntesimi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per </span>ciascuna azione <span class=\"_ _3\"></span>ordinaria. Il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativo pagamento \u00e8 <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>novembre 2022 <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>stacco cedola <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>novembre e<span class=\"_ _3\"></span> record date il 22 novembre).<span class=\"ff5 fs9 fc2\"> <span class=\"_ _2f\"> </span> </span>92 <span class=\"ff4 fs4\">Non ricomprende l\u2019<span class=\"_ _3\"></span>acconto divide<span class=\"_ _3\"></span>ndo sulle n. 23.<span class=\"_ _3\"></span>922.835 azioni p<span class=\"_ _3\"></span>roprie deten<span class=\"_ _3\"></span>u<span class=\"ff1\">te i<span class=\"_ _3\"></span>n portafoglio alla re<span class=\"_ _3\"></span>cord date, pari<span class=\"_ _3\"></span> ad euro 1.7<span class=\"_ _3\"></span>65.505,22. <span class=\"_ _3\"></span> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1020": {
   "value": "SEZIONE 13 <span class=\"ff6\">\u2013</span> PATRIMONIO DEL GRUPPO <span class=\"ff6\">\u2013</span> VOCI 120, 130, 140, 150, 160, 170 E 180 13.1 \"Capitale\" e \"Azion<span class=\"_ _0\"></span>i proprie\": composi<span class=\"_ _0\"></span>zione Per quanto riguarda le <span class=\"_ _0\"></span>informazioni di qu<span class=\"_ _0\"></span>esta sezione si rimand<span class=\"_ _0\"></span>a al successivo pun<span class=\"_ _0\"></span>to 13.3.<span class=\"_ _3\"></span> 13.2 Capitale - Numero azioni <span class=\"_ _0\"></span>della capogruppo<span class=\"_ _0\"></span>: variazioni annu<span class=\"_ _0\"></span>e Voci/Tip<span class=\"_ _0\"></span>ologie Ordinarie<span class=\"_ _0\"></span> A. Azion<span class=\"_ _0\"></span>i esistenti al<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>'inizio <span class=\"_ _0\"></span>dell'eserc<span class=\"_ _35\"></span>izio 19.430.463<span class=\"_ _0\"></span>.305 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 19.430.463<span class=\"_ _0\"></span>.305 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate - A.1  Azioni<span class=\"_ _0\"></span> proprie (-) -30.629.777<span class=\"_ _0\"></span> A.2 Azion<span class=\"_ _0\"></span>i in circo<span class=\"_ _0\"></span>lazione: esi<span class=\"_ _35\"></span>stenze iniziali 19.399.833<span class=\"_ _0\"></span>.528 B. Aument<span class=\"_ _0\"></span>i 566.771.008<span class=\"_ _0\"></span> B.1 Nuove<span class=\"_ _0\"></span> emissioni 546.972.658<span class=\"_ _0\"></span> - a paga<span class=\"_ _0\"></span>mento: 386.972.658<span class=\"_ _0\"></span> - operazioni<span class=\"_ _0\"></span> di aggregazi<span class=\"_ _35\"></span>oni di imprese - - conversio<span class=\"_ _0\"></span>ne di obbliga<span class=\"_ _35\"></span>zioni - - esercizio<span class=\"_ _0\"></span> di warrant - - altre 386.972.658<span class=\"_ _0\"></span> - a titolo gra<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uito: 160.000.000<span class=\"_ _0\"></span> - a favore dei<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dipendenti<span class=\"_ _0\"></span> 160.000.000<span class=\"_ _0\"></span> - a favore degl<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>amminis<span class=\"_ _0\"></span>tratori - - altre - B.2 Vendi<span class=\"_ _0\"></span>ta di azioni<span class=\"_ _0\"></span> proprie 19.798.350<span class=\"_ _0\"></span> B.3 Altre <span class=\"_ _0\"></span>variazioni - C. Dimi<span class=\"_ _0\"></span>nuzioni -1.001.693<span class=\"_ _0\"></span>.612 C.1 Annulla<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento -988.632.80<span class=\"_ _0\"></span>3 C.2 Acqui<span class=\"_ _0\"></span>sto di azioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>proprie -13.060.809<span class=\"_ _0\"></span> C.3 Operaz<span class=\"_ _0\"></span>ioni di cessi<span class=\"_ _35\"></span>one di imprese - C.4  Altre <span class=\"_ _0\"></span>variazioni - D. Azion<span class=\"_ _0\"></span>i in circola<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione: rima<span class=\"_ _35\"></span>nenze finali 18.964.910<span class=\"_ _0\"></span>.924 D.1 Azioni<span class=\"_ _0\"></span> proprie (+)<span class=\"_ _35\"></span> 23.892.236<span class=\"_ _0\"></span> D.2 Azioni<span class=\"_ _0\"></span> esistenti al<span class=\"_ _0\"></span>la fine dell'e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio 18.988.803<span class=\"_ _0\"></span>.160 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 18.988.803<span class=\"_ _0\"></span>.160 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate -<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">13.3 Capitale: altre in<span class=\"_ _0\"></span>formazioni  </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022, il capitale sociale di Intesa <span class=\"_ _3\"></span>Sanpaolo \u00e8 pari a 10.369 milioni, suddiviso in numero 18.988.803.160 azion<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">ordinarie, prive di valore nominale. Ogni azione ordinaria attribuisce il diritto ad un voto nell\u2019Assemblea. Alla<span class=\"_ _0\"></span> data del pr<span class=\"_ _5\"></span><span class=\"ff1\">esente </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">documento il capital<span class=\"_ _0\"></span>e risulta interamente v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rsato e liberato.  </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo detiene azioni <span class=\"_ _3\"></span>proprie Intesa <span class=\"_ _3\"></span>Sanpaolo per un <span class=\"_ _3\"></span>ammontare pari <span class=\"_ _3\"></span>a 124<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>milioni, dei <span class=\"_ _3\"></span>quali circa <span class=\"_ _3\"></span>50 </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">milioni riferibili alla C<span class=\"_ _0\"></span>apogruppo ed i rest<span class=\"_ _0\"></span>anti 74 milioni alle altre societ\u00e0 del Gruppo.  </div><div class=\"t m0 x0 h34 y1494 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y1483 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y25a ff5 fs0 fc2 sc0 ls0 ws0\">13.4 Riserve di utili: <span class=\"_ _0\"></span>altre informazioni  </div><div class=\"t m0 x0 h2 y25b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _16\"> </span>riserve <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ammontano <span class=\"_ _16\"> </span>a  1<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>.427 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>includono: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>legale, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>straordinaria, <span class=\"_ _7\"> </span>le  ris<span class=\"_ _0\"></span>erve <span class=\"_ _16\"> </span>da </div><div class=\"t m0 x0 h2 y25c ff1 fs0 fc0 sc0 ls0 ws0\">concentrazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>L. <span class=\"_ _2\"></span>30/7/1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>218 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>L. <span class=\"_ _2\"></span>30/7/<span class=\"_ _3\"></span>1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>218) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>riserve, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da </div><div class=\"t m0 x0 h2 y25d ff1 fs0 fc0 sc0 ls0 ws0\">consolidamento. </div><div class=\"t m0 x0 h2 y25e ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>riserva <span class=\"_ _7\"> </span>legale, <span class=\"_ _7\"> </span>costituita <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>norma <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>legge, <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>almeno <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quinto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>capitale <span class=\"_ _7\"> </span>sociale; <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata </div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">costituita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>passato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>annuali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>entesimo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y260 ff4 fs0 fc0 sc0 ls0 ws0\">riserva dovesse dimin<span class=\"_ _0\"></span>uire, occorre reintegrarl<span class=\"_ _0\"></span>a tramite l\u2019obbligo d<span class=\"_ _0\"></span>i destinarvi un vente<span class=\"_ _0\"></span>simo dell\u2019utile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y261 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>riserve da concentrazione <span class=\"_ _3\"></span>ex L. <span class=\"_ _3\"></span>30 luglio <span class=\"_ _3\"></span>1990 n. <span class=\"_ _2\"></span>218 <span class=\"_ _3\"></span>sono state c<span class=\"_ _3\"></span>ostituite in <span class=\"_ _3\"></span>occasione di operazioni d<span class=\"_ _3\"></span>i riorganizzazione o </div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\">concentrazione effettu<span class=\"_ _0\"></span>ate ai sensi della c<span class=\"_ _0\"></span>itata legge. </div><div class=\"t m0 x0 h2 y263 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>riserve <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>costituite <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>passato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>i </div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\">specifiche disposizio<span class=\"_ _0\"></span>ni normative. </div><div class=\"t m0 x0 h32 y266 ff4 fs0 fc0 sc0 ls0 ws0\">Le  riserve  da  consolidame<span class=\"_ _0\"></span>nto  si  sono  generate <span class=\"_ _16\"> </span>a  seguito  dell\u2019eliminazione  del  v<span class=\"_ _0\"></span>alore  contabile  delle  p<span class=\"_ _0\"></span>artecipazioni  in </div><div class=\"t m0 x0 h2 y267 ff1 fs0 fc0 sc0 ls0 ws0\">contropartita alla cor<span class=\"_ _0\"></span>rispondente frazione d<span class=\"_ _0\"></span>el patrimonio netto d<span class=\"_ _0\"></span>i ciascuna parteci<span class=\"_ _0\"></span>pata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>negative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>2.635 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>includono<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al </div><div class=\"t m0 x0 h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\">fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>-2.032 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imprese <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\">assicurazione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>-696 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>-466 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambi <span class=\"_ _3\"></span>(relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>investimenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>consolidate <span class=\"_ _3\"></span>integralmente) <span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>-1.247 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _2\"></span>relative </div><div class=\"t m0 x0 h2 y26c ff1 fs0 fc0 sc0 ls0 ws0\">alla copertura di investimenti esteri per -10 milioni, le riserve da rivalutazioni di attivit\u00e0 material<span class=\"_ _0\"></span>i e leggi speciali di rivalutazion<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y26d ff1 fs0 fc0 sc0 ls0 ws0\">per  2.0<span class=\"_ _0\"></span>60  milioni, <span class=\"_ _16\"> </span>le  ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>erve  da <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>relative  a <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>designate  a<span class=\"_ _0\"></span>l  f<span class=\"_ _0\"></span>air  value <span class=\"_ _16\"> </span>con  imp<span class=\"_ _0\"></span>atto  a <span class=\"_ _16\"> </span>cont<span class=\"_ _2\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\">economico <span class=\"_ _5\"></span>(variazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>proprio <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio) <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>-45 <span class=\"_ _5\"></span>milioni, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>riserva <span class=\"_ _6\"></span>negativa <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>(perdite) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _5\"></span>su </div><div class=\"t m0 x0 h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">piani previdenziali a benefici definiti p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>-238 milioni, oltre a circa 39 mil<span class=\"_ _3\"></span>ioni di riserve da valutazio<span class=\"_ _0\"></span>ne connesse ad inve<span class=\"_ _3\"></span>stimenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h24 y270 ff1 fs0 fc0 sc0 ls0 ws0\">partecipativi di minora<span class=\"_ _0\"></span>nza.<span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h2e y612 ff1 fsa fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e ye0b ff1 fsa fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yc2e ff5 fs0 fc2 sc0 ls0 ws0\">13.5 Strumenti di capit<span class=\"_ _0\"></span>ale: composizioni e <span class=\"_ _0\"></span>variazioni annue  </div><div class=\"t m0 x0 h24 ya00 ff5 fs0 fcc sc0 ls0 ws0\"> </div></div><div class=\"c w19 h88\" style=\"left:-4.050377px; bottom:435.61102px;\"><div class=\"t m0 x41 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Emittente </div><div class=\"t m0 x41 ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">Concedente </div></div><div class=\"c w253 h88\" style=\"left:93.94362px; bottom:435.61102px;\"><div class=\"t m0 xf ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Tasso di interes<span class=\"_ _3\"></span>se </div></div><div class=\"c w3a8 h88\" style=\"left:217.06662px; bottom:435.61102px;\"><div class=\"t m0 x8 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Step-<span class=\"_ _90\"> </span></div><div class=\"t m0 xae ha y8cc ff5 fs4 fc2 sc0 ls32 ws0\">up<span class=\"ls0\"> </span></div></div><div class=\"c w61 h88\" style=\"left:251.23062px; bottom:435.61102px;\"><div class=\"t m0 x43 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Data                        </div><div class=\"t m0 x49 ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">di              </div><div class=\"t m0 x9b ha y8cd ff5 fs4 fc2 sc0 ls0 ws0\">emissione </div></div><div class=\"c w3a9 h88\" style=\"left:324.55063px; bottom:435.61102px;\"><div class=\"t m0 x96 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Data                   </div><div class=\"t m0 x98 ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">di            </div><div class=\"t m0 x8 ha y8cd ff5 fs4 fc2 sc0 ls0 ws0\">scadenza </div></div><div class=\"c wb9 h88\" style=\"left:377.46063px; bottom:435.61102px;\"><div class=\"t m0 xae ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Rimborso              </div><div class=\"t m0 xae ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">anticipato                   <span class=\"_ _3\"></span>  </div><div class=\"t m0 x94 ha y8cd ff5 fs4 fc2 sc0 ls0 ws0\">a partire </div><div class=\"t m0 xa4 ha y82d ff5 fs4 fc2 sc0 ls0 ws0\">dal </div></div><div class=\"c w3aa h88\" style=\"left:443.2926px; bottom:435.61102px;\"><div class=\"t m0 x41 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Val. </div></div><div class=\"c w3ab h88\" style=\"left:469.65662px; bottom:435.61102px;\"><div class=\"t m0 x48 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 xf ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">originario                <span class=\"_ _3\"></span>     </div><div class=\"t m0 x45 ha y8cd ff5 fs4 fc2 sc0 ls0 ws0\">in unit\u00e0 di valuta<span class=\"_ _3\"></span> </div></div><div class=\"c wb9 h88\" style=\"left:554.2476px; bottom:435.61102px;\"><div class=\"t m0 x95 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 x9a ha y8cc ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div><div class=\"t m0 xa1 ha y8cd ff5 fs4 fc2 sc0 ls0 ws0\"> (milioni di </div><div class=\"t m0 xf ha y82d ff5 fs4 fc2 sc0 ls0 ws0\">euro) </div></div><div class=\"c w19 h6f\" style=\"left:-4.050377px; bottom:408.285px;\"><div class=\"t m0 x41 h2d y1239 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 h6f\" style=\"left:93.94362px; bottom:408.285px;\"><div class=\"t m0 x7 h2d y1239 ff1 fsf fc2 sc0 ls0 ws0\">7,70% fisso </div></div><div class=\"c w3a8 h6f\" style=\"left:217.06662px; bottom:408.285px;\"><div class=\"t m0 x12 h2d y1239 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 h6f\" style=\"left:251.23062px; bottom:408.285px;\"><div class=\"t m0 x9a h2d y1239 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\">-set-</span>2015<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 h6f\" style=\"left:324.55063px; bottom:408.285px;\"><div class=\"t m0 x97 h2d y1239 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 h6f\" style=\"left:377.46063px; bottom:408.285px;\"><div class=\"t m0 x14 h2d y1239 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\">-set-</span>2025<span class=\"ls0\"> </span></div></div><div class=\"c w3aa h6f\" style=\"left:443.2926px; bottom:408.285px;\"><div class=\"t m0 x41 h2d y1239 ff1 fsf fc2 sc0 ls0 ws0\">USD </div></div><div class=\"c w3ab h6f\" style=\"left:469.65662px; bottom:408.285px;\"><div class=\"t m0 x86 h2d y1239 ff1 fsf fc2 sc0 ls0 ws0\">1.000.000.000 </div></div><div class=\"c wb9 h6f\" style=\"left:554.2476px; bottom:408.285px;\"><div class=\"t m0 x43 h2d y1239 ff1 fsf fc2 sc0 ls1c ws0\">873<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:386.13303px;\"><div class=\"t m0 x41 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:386.13303px;\"><div class=\"t m0 x7 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">7,75% fisso </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:386.13303px;\"><div class=\"t m0 x12 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:386.13303px;\"><div class=\"t m0 x9b h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2017<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:386.13303px;\"><div class=\"t m0 x97 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:386.13303px;\"><div class=\"t m0 x97 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2027<span class=\"ls0\"> </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:386.13303px;\"><div class=\"t m0 x45 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:386.13303px;\"><div class=\"t m0 x86 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">1.250.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:386.13303px;\"><div class=\"t m0 xd9 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">1.251 </div></div><div class=\"c w19 h70\" style=\"left:-4.050377px; bottom:364.13702px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 h70\" style=\"left:93.94362px; bottom:364.13702px;\"><div class=\"t m0 x7 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">6,25% fisso </div></div><div class=\"c w3a8 h70\" style=\"left:217.06662px; bottom:364.13702px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 h70\" style=\"left:251.23062px; bottom:364.13702px;\"><div class=\"t m0 x88 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\">-mag-2017 </span></div></div><div class=\"c w3a9 h70\" style=\"left:324.55063px; bottom:364.13702px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 h70\" style=\"left:377.46063px; bottom:364.13702px;\"><div class=\"t m0 x6 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\">-mag-2024 </span></div></div><div class=\"c w3aa h70\" style=\"left:443.2926px; bottom:364.13702px;\"><div class=\"t m0 x45 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab h70\" style=\"left:469.65662px; bottom:364.13702px;\"><div class=\"t m0 xb8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">750.000.000 </div></div><div class=\"c wb9 h70\" style=\"left:554.2476px; bottom:364.13702px;\"><div class=\"t m0 x43 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">750<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:341.98502px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:341.98502px;\"><div class=\"t m0 xd9 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">5,875% fisso pagabile </div><div class=\"t m0 x4a h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">semestralmente </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:341.98502px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:341.98502px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2020<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:341.98502px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:341.98502px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2025<span class=\"ls0\"> </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:341.98502px;\"><div class=\"t m0 x45 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:341.98502px;\"><div class=\"t m0 xb8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">400.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:341.98502px;\"><div class=\"t m0 x43 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">382<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:319.833px;\"><div class=\"t m0 x41 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:319.833px;\"><div class=\"t m0 x7 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">3,75% fisso </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:319.833px;\"><div class=\"t m0 x12 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:319.833px;\"><div class=\"t m0 x94 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:319.833px;\"><div class=\"t m0 x97 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:319.833px;\"><div class=\"t m0 xae h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\">-feb-</span>2025<span class=\"ls0\"> </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:319.833px;\"><div class=\"t m0 x45 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:319.833px;\"><div class=\"t m0 xb8 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">750.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:319.833px;\"><div class=\"t m0 x43 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">731<span class=\"ls0\"> </span></div></div><div class=\"c w19 h70\" style=\"left:-4.050377px; bottom:297.837px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 h70\" style=\"left:93.94362px; bottom:297.837px;\"><div class=\"t m0 x134 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">4,125% fisso </div></div><div class=\"c w3a8 h70\" style=\"left:217.06662px; bottom:297.837px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 h70\" style=\"left:251.23062px; bottom:297.837px;\"><div class=\"t m0 x94 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 h70\" style=\"left:324.55063px; bottom:297.837px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 h70\" style=\"left:377.46063px; bottom:297.837px;\"><div class=\"t m0 xae h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\">-feb-</span>2030<span class=\"ls0\"> </span></div></div><div class=\"c w3aa h70\" style=\"left:443.2926px; bottom:297.837px;\"><div class=\"t m0 x45 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab h70\" style=\"left:469.65662px; bottom:297.837px;\"><div class=\"t m0 xb8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">750.000.000 </div></div><div class=\"c wb9 h70\" style=\"left:554.2476px; bottom:297.837px;\"><div class=\"t m0 x43 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">732<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:275.68503px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:275.68503px;\"><div class=\"t m0 xd9 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">5,875% fisso pagabile </div><div class=\"t m0 x4a h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">semestralmente </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:275.68503px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:275.68503px;\"><div class=\"t m0 x9a h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:275.68503px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:275.68503px;\"><div class=\"t m0 x14 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">01<span class=\"ls0\">-set-</span>2031<span class=\"ls0\"> </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:275.68503px;\"><div class=\"t m0 x45 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:275.68503px;\"><div class=\"t m0 xb8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">750.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:275.68503px;\"><div class=\"t m0 x43 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">743<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:253.53302px;\"><div class=\"t m0 x41 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:253.53302px;\"><div class=\"t m0 xa h2d y7cb ff1 fsf fc2 sc0 ls0 ws0\">5,5% fisso pagabile </div><div class=\"t m0 x4a h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">semestralmente </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:253.53302px;\"><div class=\"t m0 x12 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:253.53302px;\"><div class=\"t m0 x9a h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:253.53302px;\"><div class=\"t m0 x97 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:253.53302px;\"><div class=\"t m0 xa1 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">01<span class=\"ls0\">-mar-2028 </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:253.53302px;\"><div class=\"t m0 x45 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:253.53302px;\"><div class=\"t m0 xb8 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">750.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:253.53302px;\"><div class=\"t m0 x43 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">746<span class=\"ls0\"> </span></div></div><div class=\"c w19 h70\" style=\"left:-4.050377px; bottom:231.53702px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Intesa Sanpaolo </div></div><div class=\"c w253 h70\" style=\"left:93.94362px; bottom:231.53702px;\"><div class=\"t m0 xd9 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">6,375% fisso pagabile </div><div class=\"t m0 x4a h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">semestralmente </div></div><div class=\"c w3a8 h70\" style=\"left:217.06662px; bottom:231.53702px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 h70\" style=\"left:251.23062px; bottom:231.53702px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-mar-2022 </span></div></div><div class=\"c w3a9 h70\" style=\"left:324.55063px; bottom:231.53702px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 h70\" style=\"left:377.46063px; bottom:231.53702px;\"><div class=\"t m0 x14 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-set-</span>2028<span class=\"ls0\"> </span></div></div><div class=\"c w3aa h70\" style=\"left:443.2926px; bottom:231.53702px;\"><div class=\"t m0 x45 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">Eur </div></div><div class=\"c w3ab h70\" style=\"left:469.65662px; bottom:231.53702px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">1.000.000.000 </div></div><div class=\"c wb9 h70\" style=\"left:554.2476px; bottom:231.53702px;\"><div class=\"t m0 x43 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">980<span class=\"ls0\"> </span></div></div><div class=\"c w19 haf\" style=\"left:-4.050377px; bottom:209.38501px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">REYL &amp; Cie SA </div></div><div class=\"c w253 haf\" style=\"left:93.94362px; bottom:209.38501px;\"><div class=\"t m0 xc2 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">4,75% </div></div><div class=\"c w3a8 haf\" style=\"left:217.06662px; bottom:209.38501px;\"><div class=\"t m0 x12 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 haf\" style=\"left:251.23062px; bottom:209.38501px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2018<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 haf\" style=\"left:324.55063px; bottom:209.38501px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 haf\" style=\"left:377.46063px; bottom:209.38501px;\"><div class=\"t m0 x97 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2023<span class=\"ls0\"> </span></div></div><div class=\"c w3aa haf\" style=\"left:443.2926px; bottom:209.38501px;\"><div class=\"t m0 x41 h2d y705 ff1 fsf fc2 sc0 ls36 ws0\">CHF<span class=\"ls0\"> </span></div></div><div class=\"c w3ab haf\" style=\"left:469.65662px; bottom:209.38501px;\"><div class=\"t m0 x98 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">12.000.000 </div></div><div class=\"c wb9 haf\" style=\"left:554.2476px; bottom:209.38501px;\"><div class=\"t m0 xd5 h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w19 hb9\" style=\"left:-4.050377px; bottom:187.194px;\"><div class=\"t m0 x41 h2d y1495 ff1 fsf fc2 sc0 ls0 ws0\">REYL &amp; Cie SA </div></div><div class=\"c w253 hb9\" style=\"left:93.94362px; bottom:187.194px;\"><div class=\"t m0 xc2 h2d y1495 ff1 fsf fc2 sc0 ls0 ws0\">4,75% </div></div><div class=\"c w3a8 hb9\" style=\"left:217.06662px; bottom:187.194px;\"><div class=\"t m0 x12 h2d y1495 ff1 fsf fc2 sc0 ls1c ws0\">no<span class=\"ls0\"> </span></div></div><div class=\"c w61 hb9\" style=\"left:251.23062px; bottom:187.194px;\"><div class=\"t m0 x9b h2d y1495 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2019<span class=\"ls0\"> </span></div></div><div class=\"c w3a9 hb9\" style=\"left:324.55063px; bottom:187.194px;\"><div class=\"t m0 x97 h2d y1495 ff1 fsf fc2 sc0 ls0 ws0\">perpetuo </div></div><div class=\"c wb9 hb9\" style=\"left:377.46063px; bottom:187.194px;\"><div class=\"t m0 x97 h2d y1495 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2024<span class=\"ls0\"> </span></div></div><div class=\"c w3aa hb9\" style=\"left:443.2926px; bottom:187.194px;\"><div class=\"t m0 x41 h2d y1495 ff1 fsf fc2 sc0 ls36 ws0\">CHF<span class=\"ls0\"> </span></div></div><div class=\"c w3ab hb9\" style=\"left:469.65662px; bottom:187.194px;\"><div class=\"t m0 x98 h2d y1495 ff1 fsf fc2 sc0 ls0 ws0\">15.000.000 </div></div><div class=\"c wb9 hb9\" style=\"left:554.2476px; bottom:187.194px;\"><div class=\"t m0 xd5 h2d y1495 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w3ac h47\" style=\"left:-4.050377px; bottom:167.694px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wb9 h47\" style=\"left:554.2476px; bottom:167.694px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">7.211 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x0 h116 y3a8 ff5 fs1c fcc sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y1496 ff1 fsa fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2e y579 ff1 fsa fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y519 ff5 fs0 fc2 sc0 ls0 ws0\">13.6 Altre informazio<span class=\"_ _0\"></span>ni  </div><div class=\"t m0 x0 h2 y57b ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _3\"></span>sensi d<span class=\"_ _3\"></span>ell\u2019art. 2433<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis, <span class=\"_ _3\"></span>comma 4 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Codice Civile, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>istribuito un <span class=\"_ _3\"></span>acconto <span class=\"_ _3\"></span>dividendi sull\u2019esercizio <span class=\"_ _3\"></span>2022 </div><div class=\"t m0 x0 h2 y118d ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>1.399.608.167,99 <span class=\"_ _2\"></span>euro<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x53 h33 y4fd ff1 fs11 fc0 sc0 ls1a ws0\">92<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 xde h2 y118d ff1 fs0 fc0 sc0 lsd ws0\">, <span class=\"_ _2\"></span><span class=\"ls0\">corrispondente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>unitario <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>7,38 <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span>ntesimi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per </span></div><div class=\"t m0 x0 h2 y57d ff1 fs0 fc0 sc0 ls0 ws0\">ciascuna azione <span class=\"_ _3\"></span>ordinaria. Il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativo pagamento \u00e8 <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>novembre 2022 <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>stacco cedola <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>novembre e<span class=\"_ _3\"></span> record </div><div class=\"t m0 x0 h19 y83b ff1 fs0 fc0 sc0 ls0 ws0\">date il 22 novembre).<span class=\"ff5 fs9 fc2\"> <span class=\"_ _2f\"> </span> </span></div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x0 h2d y373 ff1 fsf fc0 sc0 ls1c ws0\">92</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.13599px;\"><div class=\"t m0 x47 h2 y18d ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"ff4 fs4\">Non ricomprende l\u2019<span class=\"_ _3\"></span>acconto divide<span class=\"_ _3\"></span>ndo sulle n. 23.<span class=\"_ _3\"></span>922.835 azioni p<span class=\"_ _3\"></span>roprie deten<span class=\"_ _3\"></span>u<span class=\"ff1\">te i<span class=\"_ _3\"></span>n portafoglio alla re<span class=\"_ _3\"></span>cord date, pari<span class=\"_ _3\"></span> ad euro 1.7<span class=\"_ _3\"></span>65.505,22. <span class=\"_ _3\"></span> </span></span></div></div>SEZIONE 1 <span class=\"ff6\">\u2013</span> IL PATRIMONIO CONSOLID<span class=\"_ _3\"></span>ATO A. Informazioni di natur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> qualitativa    <span class=\"ff1\"> </span>Il <span class=\"_ _16\"> </span>presidio <span class=\"_ _16\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>a  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>consolidato <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>singola <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>\u00e8  ass<span class=\"_ _0\"></span>icurato <span class=\"_ _7\"> </span>dal<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>di  c<span class=\"_ _35\"></span>api<span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>management <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _6\"> </span>definite, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>vincoli <span class=\"_ _6\"> </span>regolamentari <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>profilo <span class=\"_ _6\"></span>di rischio assunto dal Gr<span class=\"_ _0\"></span>uppo, la dimensione e l<span class=\"_ _0\"></span>a combinazione otti<span class=\"_ _0\"></span>male tra i diversi str<span class=\"_ _0\"></span>umenti di patrimonializza<span class=\"_ _0\"></span>zione. <span class=\"_ _2\"></span> Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>assegna u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>ruolo <span class=\"_ _3\"></span>prioritario a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>gestione e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019allocazione delle <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>patrimoniali, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span><span class=\"ff1\">eva </span>strategica che come strum<span class=\"_ _0\"></span>ento per assicurare la<span class=\"_ _0\"></span> coerenza dei p<span class=\"_ _0\"></span>iani operativi delle unit<span class=\"_ _0\"></span>\u00e0 di business. <span class=\"_ _3\"></span> Una <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _6\"></span>strategici <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>redditivit\u00e0, <span class=\"_ _5\"></span>solidit\u00e0 <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>intende <span class=\"_ _6\"></span>perseg<span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>le risorse <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>finanziar<span class=\"_ _3\"></span>ie <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocate <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>unit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>ne <span class=\"_ _6\"></span>valuta <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>potenziale <span class=\"_ _5\"></span>di crescita, la capacit\u00e0 <span class=\"_ _0\"></span>di creazione di valo<span class=\"_ _0\"></span>re e l\u2019autonomia fi<span class=\"_ _0\"></span>nanziaria. <span class=\"ff1\"> </span>Il capitale a rischio c<span class=\"_ _0\"></span>onsiderato \u00e8 dupli<span class=\"_ _0\"></span>ce:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>apitale regolamenta<span class=\"_ _0\"></span>re a fronte dei ris<span class=\"_ _0\"></span>chi <span class=\"_ _3\"></span>di Pillar 1; </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>capitale interno com<span class=\"_ _0\"></span>plessivo a fronte dei ris<span class=\"_ _0\"></span>chi di Pillar 2, ai fi<span class=\"_ _0\"></span>ni del processo ICAAP. </span>Il <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>regolamentare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>differiscono <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>categ<span class=\"_ _5\"></span>orie di rischio. Il primo discende <span class=\"_ _0\"></span>da schemi definiti nella<span class=\"_ _0\"></span> normativa di vigil<span class=\"_ _0\"></span>anza, il secondo dall<span class=\"_ _0\"></span>e misurazioni gestiona<span class=\"_ _0\"></span>li.<span class=\"_ _2\"></span> L\u2019attivit\u00e0 <span class=\"_ _16\"> </span>di  capital <span class=\"_ _16\"> </span>management  s<span class=\"_ _0\"></span>i  sostanz<span class=\"_ _0\"></span>ia,  pertanto<span class=\"_ _0\"></span>,  nel <span class=\"_ _7\"> </span>gov<span class=\"_ _3\"></span>erno  d<span class=\"_ _0\"></span>ell\u2019adeguatezza <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>atrimoniale  a<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tuale <span class=\"_ _16\"> </span>e  prospettic<span class=\"_ _35\"></span>a attraverso un attento p<span class=\"_ _3\"></span>residio sia dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli regolamentari di <span class=\"_ _3\"></span>Pillar 1 (dal 1\u00b0 <span class=\"_ _3\"></span>gennaio 2014 secondo <span class=\"_ _3\"></span>le regole <span class=\"_ _3\"></span>di Basilea 3), s<span class=\"_ _3\"></span>ia dei <span class=\"_ _5\"></span>vincoli <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Pillar <span class=\"_ _2\"></span>2. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>prodotte <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stress <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>assicurare <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>ri<span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>orse disponibili <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>adeguate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cop<span class=\"_ _3\"></span>rire <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>congiunturali <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vverse. <span class=\"_ _3\"></span>Dal <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>redige un <span class=\"_ _4\"> </span>Recovery <span class=\"_ _6\"> </span>Plan, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>previsioni <span class=\"_ _6\"></span>regolamentari <span class=\"_ _6\"> </span>(direttive <span class=\"_ _4\"> </span>\u201cBank <span class=\"_ _6\"> </span>Recovery <span class=\"_ _4\"> </span>and <span class=\"_ _6\"> </span>Resolution <span class=\"_ _4\"> </span>Directive <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"></span></span>BRRD\u201d <span class=\"_ _6\"></span><span class=\"ff1\">- </span>2014/59/UE, <span class=\"_ _3\"></span>recepita <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Italia <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>16 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span><span class=\"ff4\">ove<span class=\"_ _3\"></span>mbre <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>180 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>n.181, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>Bank <span class=\"_ _3\"></span>Recovery <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Resolutio<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>Directive<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> </span></span>BRRD <span class=\"_ _2\"></span>II\u201d<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>Direttiva <span class=\"_ _5\"></span>(UE) <span class=\"_ _2\"></span>2019/879, <span class=\"_ _5\"></span>recepita <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>l\u20198 <span class=\"_ _5\"></span>novembre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>D. <span class=\"_ _5\"></span>Lgs. <span class=\"_ _5\"></span>n.193, <span class=\"_ _2\"></span>entrato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>vigore <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _5\"></span>dicembre 2021), le prassi internazionali e<span class=\"_ _0\"></span>d in coerenza<span class=\"_ _3\"></span> sia con il Risk Appetite Framewor<span class=\"_ _0\"></span>k di Gruppo sia con il modello di gestione delle<span class=\"_ _0\"></span> crisi adottato dalla B<span class=\"_ _0\"></span>anca. Annualmente, nell\u2019ambito del processo d<span class=\"_ _3\"></span>i assegnazione degli obiettivi di <span class=\"_ _3\"></span>budget viene svolta una <span class=\"_ _3\"></span>verifica di <span class=\"_ _3\"></span>compatibilit\u00e0 de<span class=\"_ _5\"></span><span class=\"ff1\">lle </span>proiezioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>consolidato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"></span>partecipata. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>dinamiche <span class=\"_ _4\"></span>attese <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>aggregati <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _4\"></span>ed economici, se<span class=\"_ _3\"></span> necessario, <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>in questa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fase vengono <span class=\"_ _3\"></span>identificate le <span class=\"_ _3\"></span>opportune a<span class=\"_ _3\"></span>zioni di <span class=\"_ _3\"></span>\u201ccapital <span class=\"_ _3\"></span>management\u201d per<span class=\"_ _3\"></span> assicurare alle singole unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span><span class=\"ff4\">business le risorse finanziarie necessarie. Trimestralmente, viene effettuata un\u2019attivit\u00e0 di <span class=\"_ _3\"></span>monitoraggio del </span>rispetto dei livelli di p<span class=\"_ _0\"></span>atrimonializzazione, <span class=\"_ _0\"></span>intervenendo, quan<span class=\"_ _0\"></span>do necessario, con appro<span class=\"_ _0\"></span>priate azioni.<span class=\"_ _3\"></span> Il rispetto dell\u2019adegu<span class=\"_ _0\"></span>atezza patrimoniale <span class=\"ff1\">viene perseguito a<span class=\"_ _0\"></span>ttraverso varie le<span class=\"_ _0\"></span>ve, quali la politica <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i distribuzione dei<span class=\"_ _0\"></span> dividendi, la </span>definizione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>finanza <span class=\"_ _1d\"> </span>strategica <span class=\"_ _1d\"> </span>(aumenti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>capitale, <span class=\"_ _1d\"> </span>emissione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>prestiti <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>onvertibili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>o<span class=\"_ _3\"></span>bbligazion<span class=\"_ _0\"></span>i subordinate, <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>strategiche, <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>cc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>ges<span class=\"_ _3\"></span>tione <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>investime<span class=\"_ _0\"></span>nti, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>particolare <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>impieghi, <span class=\"_ _4\"> </span>in funzione della risc<span class=\"_ _0\"></span>hiosit\u00e0 delle contr<span class=\"_ _0\"></span>oparti. <span class=\"_ _3\"></span> Ulteriori <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>preventivo <span class=\"_ _4\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _6\"> </span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>occasione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _4\"> </span>di </span>carattere straordinario <span class=\"_ _0\"></span>(fusioni, acquisizioni<span class=\"_ _0\"></span>, cessioni, ecc.) sia i<span class=\"_ _0\"></span>nterne al gruppo che mo<span class=\"_ _0\"></span>dificative del perime<span class=\"_ _0\"></span>tro dello st<span class=\"_ _2\"></span>esso.  A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Supervisory <span class=\"_ _4\"> </span>Review <span class=\"_ _4\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Evaluation <span class=\"_ _4\"> </span>Process <span class=\"_ _4\"> </span>(SREP), <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>BCE <span class=\"_ _4\"> </span>fornisce <span class=\"_ _7\"> </span>annualmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>del re<span class=\"ls0\">quisito patrimo<span class=\"_ _0\"></span>niale che Intesa Sanpaol<span class=\"_ _0\"></span>o deve rispettare <span class=\"_ _0\"></span>a livello consolidat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </span>Il <span class=\"_ _16\"> </span>3 <span class=\"_ _16\"> </span>febbraio <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _7\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>reso <span class=\"_ _16\"> </span>noto <span class=\"_ _7\"> </span>di  av<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ricevuto <span class=\"_ _7\"> </span>la  decis<span class=\"_ _0\"></span>ione <span class=\"_ _16\"> </span>finale <span class=\"_ _7\"> </span>della  BCE<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>riguardante <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>requisit<span class=\"_ _0\"></span>o patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 ma<span class=\"_ _0\"></span>rzo 2022.  Il requisito patrimoni<span class=\"_ _0\"></span>ale da rispettare compl<span class=\"_ _0\"></span>essivamente in termin<span class=\"_ _0\"></span>i di Common Equity Ti<span class=\"_ _0\"></span>er 1 ratio risulta pari a <span class=\"_ _0\"></span>8,95%. <span class=\"_ _2\"></span> A determinare tale r<span class=\"_ _0\"></span>equisito concorrono:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>9,79%, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _6\"></span></span>minimo <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u20198% <span class=\"_ _2\"></span>nel cui <span class=\"_ _3\"></span>ambito <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>4,5% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>CET1, <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>requisito <span class=\"_ _3\"></span>aggiuntivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u20191,79%, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>ambito <span class=\"_ _3\"></span>l\u20191,01% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E a decorrere dal 12 marzo 202<span class=\"_ _0\"></span>0<span class=\"_ _90\"> </span>115<span class=\"_ _90\"> </span>; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ls11\">i r</span>equisiti aggiunt<span class=\"_ _0\"></span>ivi, interamente in<span class=\"_ _0\"></span> termini di Common Equ<span class=\"_ _0\"></span>ity Tier 1 ratio, rel<span class=\"_ _0\"></span>ativi a:<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>riserva di capitale <span class=\"_ _0\"></span>anticiclica (Countercyc<span class=\"_ _0\"></span>l<span class=\"_ _3\"></span>ical Capital Buffer), p<span class=\"_ _0\"></span>ari allo 0,19%<span class=\"_ _90\"> </span></span>116<span class=\"_ _90\"> </span>. A  partire  dal  30  settembre<span class=\"_ _0\"></span>  2019,  il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo,  a  seguito  dell\u2019aut<span class=\"_ _0\"></span>orizzazione  ricevuta  d<span class=\"_ _0\"></span>a  BCE,  calcola  i coefficienti <span class=\"_ _20\"> </span>patrimoniali <span class=\"_ _23\"> </span>applicando <span class=\"_ _20\"> </span>il <span class=\"_ _23\"> </span>cosiddetto <span class=\"_ _20\"> </span>Danish <span class=\"_ _23\"> </span>Compromise <span class=\"_ _20\"> </span>per <span class=\"_ _23\"> </span>cui <span class=\"_ _23\"> </span>gli <span class=\"_ _23\"> </span>investimenti <span class=\"_ _20\"> </span>ass<span class=\"_ _2\"></span>icurativi, <span class=\"_ _23\"> </span>detenuti<span class=\"_ _0\"></span> indirettamente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>Vita, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>trattati <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>ponderati <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nzich\u00e9 <span class=\"_ _2\"></span>dedotti <span class=\"_ _7\"> </span>dal capitale. 115 La modifica prev<span class=\"_ _3\"></span>ede che il requisit<span class=\"_ _3\"></span>o di Pillar 2 venga ris<span class=\"_ _3\"></span>pettato utilizza<span class=\"_ _3\"></span>ndo parzia<span class=\"_ _3\"></span>lmente st<span class=\"_ _3\"></span>rumenti di capital<span class=\"_ _3\"></span>e diversi dal Comm<span class=\"_ _3\"></span>on Equity Tier <span class=\"_ _3\"></span>1. 116 <span class=\"_ _6\"></span><span class=\"ff4 fs4\">Countercyclical <span class=\"_ _6\"> </span>Capi<span class=\"_ _3\"></span>tal <span class=\"_ _5\"> </span>B<span class=\"_ _3\"></span>uffer <span class=\"_ _6\"> </span>calcol<span class=\"_ _3\"></span>ato <span class=\"_ _6\"> </span>consideran<span class=\"_ _3\"></span>do <span class=\"_ _5\"> </span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"> </span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>ri <span class=\"_ _6\"> </span>Paesi <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>presente <span class=\"_ _5\"> </span>il <span class=\"_ _4\"> </span>G<span class=\"_ _3\"></span><span class=\"ff1\">ruppo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>i <span class=\"_ _6\"> </span>rispet<span class=\"_ _3\"></span>tivi </span></span>requisiti stabiliti <span class=\"_ _3\"></span>dalle com<span class=\"_ _3\"></span>petenti aut<span class=\"_ _3\"></span>orit\u00e0 <span class=\"_ _3\"></span>nazionali rel<span class=\"_ _3\"></span>ativi al 2<span class=\"_ _3\"></span>024 se dis<span class=\"_ _3\"></span>ponibili <span class=\"_ _3\"></span>o al pi\u00f9 <span class=\"_ _3\"></span>recente aggi<span class=\"_ _3\"></span>ornamento d<span class=\"_ _3\"></span>el pe<span class=\"_ _3\"></span>riodo di rif<span class=\"_ _3\"></span>erimento (re<span class=\"_ _3\"></span>quisito pari <span class=\"_ _3\"></span>a zero per l\u2019Italia per il <span class=\"_ _3\"></span>2022 e per il<span class=\"_ _3\"></span> primo trimestre 20<span class=\"_ _3\"></span>23).<span class=\"_ _90\"> </span>Come gi\u00e0 r<span class=\"_ _3\"></span>iportato nella Parte E, rispetto al <span class=\"_ _3\"></span>31 dicembre 2021, <span class=\"_ _3\"></span>per quanto riguarda l\u2019ambito d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span><span class=\"ff1\">applicazione dei modelli <span class=\"_ _3\"></span>interni<span class=\"_ _0\"></span> </span>relativi <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>recepimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>autorizzativo <span class=\"_ _5\"></span>BCE <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo, <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>regolamentar<span class=\"_ _5\"></span><span class=\"ff1\">i, <span class=\"_ _5\"></span>dei </span>nuovi modelli Retail a <span class=\"_ _0\"></span>partire da settembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span>modelli Institutio<span class=\"_ _0\"></span>ns e SME Retail, a par<span class=\"_ _0\"></span>ti<span class=\"_ _3\"></span>re da giugno 202<span class=\"_ _0\"></span>1. Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controparte, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>bancario <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>migliorato <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>misurazione <span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio<span class=\"_ _5\"></span><span class=\"ls12\">, </span>affinando <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>st<span class=\"_ _3\"></span>rumenti <span class=\"_ _6\"></span>richiesti <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>\u201cBasilea <span class=\"_ _6\"> </span>3\u201d. <span class=\"_ _4\"> </span>Ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"> </span>segnaletici <span class=\"_ _4\"> </span>Capogrup<span class=\"_ _0\"></span>po <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>autorizzata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla </span>segnalazione del <span class=\"_ _3\"></span>requisito a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>controparte sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>derivati che <span class=\"_ _3\"></span>SFT (Securities Fin<span class=\"_ _3\"></span>ancing Transactions, os<span class=\"_ _5\"></span>sia repo, <span class=\"_ _3\"></span>pronti <span class=\"_ _2\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>security <span class=\"_ _3\"></span>lending) <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>interni. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>autorizzazio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>ottenuta per i derivati a partir<span class=\"_ _0\"></span>e dal primo trimestre d<span class=\"_ _0\"></span>el 2014, per gli SFT<span class=\"_ _0\"></span> a partire dalla segnala<span class=\"_ _0\"></span>zione del 31 dicembr<span class=\"_ _0\"></span>e 2016. <span class=\"_ _2\"></span> Ai <span class=\"_ _2\"></span>fin<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>gestionali <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>avanzate <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>implementate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>OTC <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogru<span class=\"_ _2\"></span>ppo <span class=\"_ _2\"></span>a partire dal 2010 e <span class=\"_ _0\"></span>successivamente estese n<span class=\"_ _0\"></span>el corso del 2015 all<span class=\"_ _0\"></span>e Securities Financing T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansactions.<span class=\"_ _3\"></span> Rispetto al 31 dicembre 2021 si se<span class=\"_ _3\"></span>gnala che, a partire dal secondo trimestre 2022, sono state riviste le regole di ammissibil<span class=\"_ _5\"></span>it\u00e0 per <span class=\"_ _3\"></span>i titoli <span class=\"_ _3\"></span>presi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">garanzia nell\u2019ambito di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>SFT, alla <span class=\"_ _3\"></span>luce di <span class=\"_ _3\"></span>quanto previsto dall\u2019art. <span class=\"_ _3\"></span>271.2 <span class=\"_ _3\"></span>CRR. Al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>mantenere </span>un ade<span class=\"_ _3\"></span>guato livello d<span class=\"_ _3\"></span>i controllo <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>materialit\u00e0 di <span class=\"_ _3\"></span>operazioni precedentemente considerate a <span class=\"_ _3\"></span>rischio p<span class=\"_ _3\"></span>ieno, \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>istitui<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>un limite di concentrazione su garanzie che p<span class=\"_ _3\"></span>resentino ridotti livelli di liquidit\u00e0 o merito di <span class=\"_ _3\"></span>credito. \u00c8 stato inoltre definito un nuovo processo  di  valutazio<span class=\"_ _0\"></span>ne  per  garanzi<span class=\"_ _0\"></span>e  costituite  da  tran<span class=\"_ _0\"></span>che  senior  di  cartol<span class=\"_ _0\"></span>arizzazioni,  al  fi<span class=\"_ _0\"></span>ne  di  renderle <span class=\"_ _16\"> </span>ammissibili  a mitigazione di esposizioni <span class=\"_ _0\"></span>derivanti da SFT. A <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>quarto <span class=\"_ _6\"></span>trimestre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>risposta <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>richiesta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>BCE, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivato <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esc<span class=\"_ _3\"></span>lusione <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>modello interno <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettino, in <span class=\"_ _2\"></span>termini d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valutazione, <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi<span class=\"_ _0\"></span> di rischio e quelli di f<span class=\"_ _0\"></span>ront office. Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>rischi <span class=\"_ _5\"></span>operativi, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>ottenuto <span class=\"_ _6\"></span>l\u2019autorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Metodo <span class=\"_ _5\"></span>Avanzato <span class=\"_ _5\"></span>AMA <span class=\"_ _6\"></span>(modello interno)  per  la<span class=\"_ _3\"></span>  determinazione  del <span class=\"_ _1d\"> </span>relativo <span class=\"_ _1d\"> </span>requisito  patrimoniale  a  partire  dalla  s<span class=\"_ _3\"></span>egnalazione  al  31<span class=\"_ _2\"></span> dicembre 2009.  Al 31<span class=\"ls0\"> dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>perimetro relativo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato \u00e8 <span class=\"_ _3\"></span>costituito da <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa Sanpaolo (<span class=\"_ _3\"></span>incluse le <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Societ\u00e0 in </span>essa <span class=\"_ _2\"></span>incorporate) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Divisioni <span class=\"_ _3\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka <span class=\"_ _2\"></span>e Privredna Banka Zagr<span class=\"_ _0\"></span>eb. Il <span class=\"_ _4\"> </span>15 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>reso <span class=\"_ _4\"> </span>noto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ver <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>BCE <span class=\"_ _4\"></span>riguardante <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>requisito patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 gennaio 2023.  Il <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>rispettare <span class=\"_ _6\"></span>complessivamente <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Common <span class=\"_ _4\"></span>Equity <span class=\"_ _4\"></span>Tier <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>ratio <span class=\"_ _4\"></span>risulta <span class=\"_ _16\"> </span>attualmente <span class=\"_ _4\"></span>pari all\u20198,91%.<span class=\"ff1\"> </span>A determinare tale r<span class=\"_ _0\"></span>equisito concorrono: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _6\"></span></span>a <span class=\"_ _2\"></span>9,72%, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u20198% <span class=\"_ _3\"></span>nel cui ambito <span class=\"_ _3\"></span>il 4,5% <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>CET1, e <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>requisito aggiuntivo di <span class=\"_ _3\"></span>Pillar 2 <span class=\"_ _3\"></span>dell\u20191,72%, nel <span class=\"_ _3\"></span>cui a<span class=\"_ _3\"></span>mbito lo <span class=\"_ _3\"></span>0,97% in <span class=\"_ _3\"></span>termini d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E<span class=\"_ _2\"></span> a decorrere dal 12 marz<span class=\"_ _0\"></span>o 2020; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> requisiti aggiuntiv<span class=\"_ _0\"></span>i, interamente in termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i di Common Equit<span class=\"_ _0\"></span>y Tier 1 ratio, relat<span class=\"_ _0\"></span>ivi a:<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>riserva di capitale anticiclica (Co<span class=\"_ _0\"></span>untercyclical Capital B<span class=\"_ _0\"></span>uffer), pari allo 0,19%<span class=\"_ _90\"> </span></span>117<span class=\"_ _90\"> </span>. A <span class=\"_ _7\"> </span>partire <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>preso <span class=\"_ _7\"> </span>avvio <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>transitorio, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>oncluder\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019ultima <span class=\"_ _7\"> </span>reporting <span class=\"_ _7\"> </span>date <span class=\"_ _7\"> </span>al 31<span class=\"ls0\"> dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>mitigar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimoni<span class=\"_ _3\"></span><span class=\"ff4\">ali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019introduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9. <span class=\"_ _2\"></span>Intesa </span></span>Sanpaolo, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>avvalendosi <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>facolt\u00e0 <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>2395/2017, <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>optato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019adozione <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019approccio \u201cstatico\u201d <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>terilizzare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>CET1 <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span></span>quota <span class=\"_ _3\"></span>progressivamente <span class=\"_ _3\"></span>decrescente <span class=\"_ _2\"></span>dell\u2019impatto <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>relativo alla sola componente di FTA rel<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiva all\u2019impairm<span class=\"_ _0\"></span>ent. In particolare, la risult<span class=\"_ _0\"></span>ante dal confronto tra l<span class=\"_ _0\"></span>e rettifiche di valore <span class=\"_ _2\"></span><span class=\"ff1\">IAS 39 al </span>31 dicembre 2017 e<span class=\"_ _3\"></span> quelle IFRS 9 <span class=\"_ _3\"></span>all\u20191 gennaio 2018 <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"ls24\">re</span>lativo ai crediti e<span class=\"_ _3\"></span> titoli in bonis <span class=\"_ _3\"></span>(stage 1 e<span class=\"_ _3\"></span> 2) ed<span class=\"_ _3\"></span> alle rettifiche su <span class=\"_ _3\"></span>NPL </span>(stage 3) <span class=\"_ _3\"></span>al netto <span class=\"_ _3\"></span>della fiscalit\u00e0 e <span class=\"_ _3\"></span>azzerata l\u2019eventuale shortfall in <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>viene re-inclusa <span class=\"_ _3\"></span>nel patrimonio secondo percentuali </span>di <span class=\"_ _7\"> </span>phase-in <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>70% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2020, <span class=\"_ _7\"> </span>50<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">infine <span class=\"_ _7\"> </span>25% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022. <span class=\"_ _16\"> </span>Nell\u2019ambit<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>legato <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>pandemia <span class=\"ff1\"> </span></span>COVID-<span class=\"ff4\">19, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _3\"></span>pubblicato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>iter <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pprovativo <span class=\"_ _3\"></span>accelerato <span class=\"_ _2\"></span>(c.d. <span class=\"_ _3\"></span>\u201cquick <span class=\"_ _2\"></span>fix\u201d), <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>(UE) <span class=\"_ _2\"></span>2020/873 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>24 <span class=\"_ _5\"></span>giugno<span class=\"_ _0\"></span> </span>2020, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>modifica <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>regolamenti <span class=\"_ _2\"></span>(UE) <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(CRR) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>(UE)<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>2019/876 <span class=\"_ _2\"></span>(CRR <span class=\"_ _2\"></span>2), <span class=\"_ _2\"></span>contenente <span class=\"_ _3\"></span>disposizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _3\"></span>di sostegno in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>apitale e <span class=\"_ _3\"></span>liquidit\u00e0. <span class=\"_ _3\"></span>Tra le <span class=\"_ _3\"></span>disposizioni contenute n<span class=\"_ _3\"></span>el Regolamento <span class=\"_ _3\"></span>(UE) 2020/873 <span class=\"_ _3\"></span>inerenti al <span class=\"_ _3\"></span>calcolo <span class=\"_ _6\"></span>dei fondi <span class=\"_ _6\"></span>propri, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>avvalersi, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>30<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2020, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>modifiche <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>regime transitorio per <span class=\"_ _3\"></span>l\u2019applicazione dell\u2019IFRS 9 <span class=\"_ _3\"></span>(art. <span class=\"_ _3\"></span>473 b<span class=\"_ _3\"></span>is CRR), <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>reintroduzione temporanea del <span class=\"_ _3\"></span>filtro prudenziale v<span class=\"_ _3\"></span>olt<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>ad </span>escludere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>realizzati <span class=\"_ _5\"></span>misurati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _3\"></span>equo <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _2\"></span>(FVOCI) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le esposizioni verso le <span class=\"_ _0\"></span>amministrazioni centrali <span class=\"_ _0\"></span>e organismi del sett<span class=\"_ _0\"></span>ore pubblico (art.4<span class=\"_ _0\"></span>68 CRR). <span class=\"_ _3\"></span> Infine, <span class=\"_ _4\"></span>sin <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>applica <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"></span>Delegato <span class=\"_ _6\"></span>(UE)  2020/21<span class=\"_ _0\"></span>76, <span class=\"_ _4\"> </span>entrato <span class=\"_ _4\"></span>in vigore <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>23 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>020, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Regolamento <span class=\"_ _4\"></span>deleg<span class=\"_ _0\"></span>ato <span class=\"_ _4\"></span>(UE) <span class=\"_ _6\"></span>241/2014 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>deduzione <span class=\"_ _6\"></span>delle attivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>software <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>elementi <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>primario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classe <span class=\"_ _6\"></span>1. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>Regolame<span class=\"_ _0\"></span>nto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>scopo <span class=\"_ _6\"></span>\u00e8, <span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>ra <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>altri, anche <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>sostenere <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>transizione <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>settore <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span>gitalizzato<span class=\"_ _0\"></span>, <span class=\"_ _4\"> </span>introduce <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>criterio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ammortamento prudenziale <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>oftware <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>3 <span class=\"_ _6\"></span>anni, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>vit<span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tile stimata <span class=\"_ _20\"> </span>a <span class=\"_ _23\"> </span>fini <span class=\"_ _23\"> </span>contabili. <span class=\"_ _20\"> </span>Nello <span class=\"_ _20\"> </span>specifico, <span class=\"_ _23\"> </span>la <span class=\"_ _20\"> </span>differenza, <span class=\"_ _20\"> </span>se <span class=\"_ _23\"> </span>positiva, <span class=\"_ _20\"> </span>tra <span class=\"_ _23\"> </span>l'ammortamento <span class=\"_ _20\"> </span>accumulato <span class=\"_ _20\"> </span>prudenziale <span class=\"_ _20\"> </span>e l'ammortamento accum<span class=\"_ _0\"></span>ulato contabil<span class=\"_ _0\"></span>e (incluse le perdite <span class=\"_ _0\"></span>di valore durevoli) vi<span class=\"_ _0\"></span>ene completament<span class=\"_ _0\"></span>e dedotta dal capit<span class=\"_ _0\"></span>ale CET1.<span class=\"_ _2\"></span><span class=\"fc5\"> <span class=\"_ _9\"> </span> </span>117 Cfr. nota preceden<span class=\"_ _3\"></span>te.<span class=\"_ _90\"> </span>B. Informazioni di natur<span class=\"_ _0\"></span>a quantitativa B.1. Patrimonio contabil<span class=\"_ _0\"></span>e consolidato: ripartizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per tipologia di imp<span class=\"_ _0\"></span>resa<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Voci del patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Consolidato prudenziale<span class=\"ls0\"> </span>Imprese<span class=\"ls0\"> </span>di<span class=\"ls0\"> </span>assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Elisioni e <span class=\"ls0\"> </span>aggiustamenti<span class=\"ls0\"> </span>da<span class=\"ls0\"> </span>consolidamento<span class=\"ls0\"> </span>     <span class=\"ls0\">TOTALE </span>di cui<span class=\"ls0\"> </span>Terzi<span class=\"ls0\"> </span>1. Capitale sociale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>10.435<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>- 10.537<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>2. Sovrapprezzi di emission<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span>28.067<span class=\"ls0\"> </span>- 1 - 28.068<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>3. Riserve<span class=\"ls0\"> </span>15.982<span class=\"ls0\"> </span>-2 -<span class=\"ls28\">784</span> 715<span class=\"ls0\"> </span>15.911<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>3.5 (Acconti su dividendi)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">1.400</span> - - - -<span class=\"ls28\">1.400</span> - 4. Strumenti di capitale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>7.211<span class=\"ls0\"> </span>- - - 7.211<span class=\"ls0\"> </span>- 5. (Azioni proprie)<span class=\"ls0\"> </span>-<span class=\"ls28\">124</span> -4 - 4 -<span class=\"ls28\">124</span> - 6. Riserve da valutazione:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">2.761</span> -<span class=\"ls28\">696</span> 140<span class=\"ls0\"> </span>558<span class=\"ls0\"> </span>-<span class=\"ls28\">2.759</span> -<span class=\"ls28\">124</span> - <span class=\"ls2b\">Titoli di capitale designati al fair value <span class=\"_ _3\"></span>con impatto sulla </span>redditivit\u00e0 complessiva<span class=\"ls0\"> </span>-<span class=\"ls28\">258</span> - - - -<span class=\"ls28\">258</span> - - <span class=\"ls26\">Coperture su titoli di capitale designati al <span class=\"_ _3\"></span>fair value con </span>impatto sulla redditivit\u00e0 complessiva<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - <span class=\"ls29\">Attivit\u00e0 finanziarie (diverse <span class=\"_ _3\"></span>dai titoli di capitale) valutate <span class=\"_ _3\"></span>al fair </span>value con impatto sulla redditivit\u00e0 compl<span class=\"_ _3\"></span>essiva  -<span class=\"ls28\">1.774</span> - - - -<span class=\"ls28\">1.774</span> - - <span class=\"ls29\">Attivit\u00e0 materiali</span> 1.738<span class=\"ls0\"> </span>- 31<span class=\"ls0\"> </span>- 1.769<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- <span class=\"ls29\">Attivit\u00e0 immateriali<span class=\"_ _3\"></span></span> - - - - - - - <span class=\"ls26\">Copertura di </span>investimenti esteri<span class=\"_ _3\"></span> -<span class=\"ls28\">10</span> - - - -<span class=\"ls28\">10</span> - - <span class=\"ls26\">Copertura dei flussi finanziari<span class=\"_ _3\"></span></span> -<span class=\"ls28\">466</span> - - - -<span class=\"ls28\">466</span> - - <span class=\"ls29\">Strumenti di copertura (ele<span class=\"_ _3\"></span>menti non designati)<span class=\"_ _3\"></span></span> - - - - - - - <span class=\"ls26\">Differenze di cambio</span> -<span class=\"ls28\">1.463</span> - 68<span class=\"ls0\"> </span>8 -<span class=\"ls28\">1.387</span> -<span class=\"ls28\">140</span> - <span class=\"ls29\">Attivit\u00e0 non correnti e grup<span class=\"_ _3\"></span>pi di attivit\u00e0 in <span class=\"_ _3\"></span></span>via di dismissione<span class=\"_ _3\"></span> - - - - - - - <span class=\"ls29\">Passivit\u00e0 finanziarie design<span class=\"_ _3\"></span>ate al fair value con impatto <span class=\"_ _3\"></span>a </span>conto economico (variazioni del proprio<span class=\"_ _3\"></span> merito creditizio) <span class=\"_ _3\"></span> -<span class=\"ls28\">45</span> - - - -<span class=\"ls28\">45</span> - - <span class=\"ls26\">Utili (perdite) attuariali relativi a piani pre<span class=\"_ _3\"></span>videnziali a benefici </span>definiti<span class=\"ls0\"> </span>-<span class=\"ls28\">242</span> - - - -<span class=\"ls28\">242</span> -4 - <span class=\"ls27\">Quote <span class=\"ls28\">delle riserve da valu<span class=\"_ _3\"></span>tazione delle partecipazi<span class=\"_ _3\"></span>oni </span></span>valutate a patrimonio netto -<span class=\"ls28\">552</span> - 41<span class=\"ls0\"> </span>550<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>- - <span class=\"ls28\">Leggi speciali di rivalutazio<span class=\"_ _3\"></span>ne</span> 311<span class=\"ls0\"> </span>- - - 311<span class=\"ls0\"> </span>- - <span class=\"ls27\">Quota delle riserve da valutazione di <span class=\"_ _3\"></span>pertinenza delle </span>imprese di assicurazione<span class=\"ls0\"> </span>- -<span class=\"ls28\">696</span> - - -<span class=\"ls28\">696</span> - 7. <span class=\"ls26\">Utile (perdita) d'esercizio (+/<span class=\"ls0\">-) del gru<span class=\"_ _3\"></span>ppo e di terzi </span></span>4.380<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>-<span class=\"ls28\">53</span> -<span class=\"ls28\">937</span> 4.377<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>Patrimonio netto<span class=\"ls0\"> </span>61.790<span class=\"ls0\"> </span>285<span class=\"ls0\"> </span>-<span class=\"ls28\">594</span> 340<span class=\"ls0\"> </span>61.821<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>Nella <span class=\"_ _6\"></span>tavola <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _6\"></span>riportata <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>indicate <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _6\"></span>sommando <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>con quelle <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>terzi, <span class=\"_ _6\"></span>ripartite <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ettaglio, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>colonna <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Gr<span class=\"_ _5\"></span>uppo bancar<span class=\"ff4\">io <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>indicato <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>bancario, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>degli </span>effetti <span class=\"_ _4\"></span>economici <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>transazioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>incluse <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>consolida<span class=\"_ _0\"></span>mento; <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate<span class=\"_ _5\"></span><span class=\"ls12\">, </span>diverse <span class=\"_ _16\"> </span>da  quelle <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l  G<span class=\"_ _0\"></span>ruppo <span class=\"_ _16\"> </span>bancario <span class=\"_ _16\"> </span>e  consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ate <span class=\"_ _16\"> </span>integralmente <span class=\"_ _16\"> </span>sono  q<span class=\"_ _0\"></span>ui  v<span class=\"_ _0\"></span>alorizzate <span class=\"_ _16\"> </span>con  il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>del patrimonio  netto.  Nelle <span class=\"_ _1d\"> </span>colonne  Imprese  di <span class=\"_ _1d\"> </span>assicurazione  ed  Altre  imprese <span class=\"_ _1d\"> </span>sono  riportati  gli  importi<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>risulta<span class=\"_ _0\"></span>no  da<span class=\"_ _3\"></span>l consolidamento, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>lordo <span class=\"_ _7\"> </span>deg<span class=\"_ _3\"></span>li <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _7\"> </span>economici <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>transazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>appartenenti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Gruppo bancario. <span class=\"_ _3\"></span>Nelle colonne <span class=\"_ _3\"></span>Elisioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>aggiustamenti da <span class=\"_ _2\"></span>consolidam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>indicate le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>necessarie per <span class=\"_ _3\"></span>ottenere<span class=\"_ _5\"></span> il dato rappresentato in<span class=\"_ _0\"></span> bilancio.  B.2. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: composizione<span class=\"ff2\"> <span class=\"fc5\"> </span></span>(milioni di euro) Attivit\u00e0/valori Consolidato prudenziale        <span class=\"ls0\">Imprese di </span>        <span class=\"ls0\">assicurazione </span>      <span class=\"ls0\">Altre </span>      <span class=\"ls0\">imprese </span>Elisioni e aggiustamenti  da consolidamento    <span class=\"ls0\">TOTALE </span>Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa 1. Titoli di debito 72<span class=\"ls0\"> </span>-2.612 4 -<span class=\"ls1c\">803</span> - - -4 803<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>-2.612 - di cui valutati ai sensi dello IAS 39 4 -<span class=\"ls1c\">803</span> 4 -<span class=\"ls1c\">803</span> - - -4 803<span class=\"ls0\"> </span>4 -<span class=\"ls1c\">803</span> 2. Titoli di capitale 159<span class=\"ls0\"> </span>-<span class=\"ls1c\">375</span> 44<span class=\"ls0\"> </span>-2 - - -<span class=\"ls1c\">44</span> 2 159<span class=\"ls0\"> </span>-<span class=\"ls1c\">375</span> - di cui valutati ai sensi dello IAS 39 44<span class=\"ls0\"> </span>-2 44<span class=\"ls0\"> </span>-2 - - -<span class=\"ls1c\">44</span> 2 44<span class=\"ls0\"> </span>-2 2bis. Quote di O.I.C.R. (ai sensi IAS 39) 55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> 55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> - - -<span class=\"ls1c\">55</span> 96<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> 3. Finanziamenti 10<span class=\"ls0\"> </span>-<span class=\"ls1c\">52</span> - - - - - - 10<span class=\"ls0\"> </span>-<span class=\"ls1c\">52</span> Totale al 31.12.2022 296<span class=\"ls0\"> </span>-3.135 103<span class=\"ls0\"> </span>-<span class=\"ls1c\">901</span> - - -<span class=\"ls1c\">103</span> 901<span class=\"ls0\"> </span>296<span class=\"ls0\"> </span>-3.135 Totale al 31.12.2021 1.012 -1.008 508<span class=\"ls0\"> </span>-<span class=\"ls1c\">39</span> - - -<span class=\"ls1c\">508</span> 39<span class=\"ls0\"> </span>1.012 -1.008 La riserva sui titoli di<span class=\"_ _0\"></span> capitale classificati <span class=\"_ _0\"></span>a livello 1 risulta n<span class=\"_ _0\"></span>egativa per circa 338 mil<span class=\"_ _0\"></span>ioni. <span class=\"_ _3\"></span> B.3. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: variazioni annue<span class=\"ff2 fc5\"> </span>(milioni di euro) Attivit\u00e0/valori Titoli di debito Titoli di debito: di cui valutati ai sensi dello IAS39 Titoli di capitale Titoli di capitale: di cui valutati ai sensi dello IAS39 Quote di OICR (ai sensi IAS39) Finanziamenti 1. Esistenze iniziali 51<span class=\"ls0\"> </span>377<span class=\"ls0\"> </span>-<span class=\"ls1c\">100</span> 44<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>5 2. Variazioni positive 7.299 6.746 875<span class=\"ls0\"> </span>372<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>2.1. Incrementi di fair value 6.956 6.739 375<span class=\"ls0\"> </span>351<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>5 2.2. Rettifiche di valore per rischio di credito 17<span class=\"ls0\"> </span>- X - - 13<span class=\"ls0\"> </span>2.3. Rigiro a conto economico di riserve negative da realizzo 312<span class=\"ls0\"> </span>4 4 4 - 9 2.3bis Rigiro a conto economico di riserve negative da deterioramento (ai sensi IAS39) - - - - 2 - 2.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di capitale) - - 439<span class=\"ls0\"> </span>- - - 2.5. Altre variazioni 14<span class=\"ls0\"> </span>3 57<span class=\"ls0\"> </span>17<span class=\"ls0\"> </span>1 - 3. Variazioni negative -9.890 -7.922 -<span class=\"ls1c\">991</span> -<span class=\"ls1c\">374</span> -<span class=\"ls1c\">755</span> -<span class=\"ls1c\">74</span> 3.1. Riduzioni di fair value -9.699 -7.895 -<span class=\"ls1c\">906</span> -<span class=\"ls1c\">372</span> -<span class=\"ls1c\">751</span> -<span class=\"ls1c\">74</span> 3.2. Riprese di valore per rischio di credito -2 - - - - - 3.2bis Rettifiche da deterioramento (ai sensi IAS39) -1 -1 - - - - 3.3. Rigiro a conto economico da riserve positive: da realizzo -<span class=\"ls1c\">171</span> -<span class=\"ls1c\">23</span> - - -2 - 3.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di capitale) - - -<span class=\"ls1c\">39</span> - - - 3.5. Altre variazioni -<span class=\"ls1c\">17</span> -3 -<span class=\"ls1c\">46</span> -2 -2 - 4. Rimanenze finali -2.540 -<span class=\"ls1c\">799</span> -<span class=\"ls1c\">216</span> 42<span class=\"ls0\"> </span>-<span class=\"ls1c\">41</span> -<span class=\"ls1c\">42</span> La negoziazione di azioni pro<span class=\"_ _35\"></span>prie<span class=\"_ _3\"></span>  Nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio, <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>apposite <span class=\"_ _2\"></span>autorizzazioni <span class=\"_ _2\"></span>assembleari <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>hanno </span>effettuato le seguenti<span class=\"_ _0\"></span> transazioni su azioni proprie della Ca<span class=\"_ _0\"></span>pogruppo Intesa S<span class=\"_ _0\"></span>anpaolo: Azioni ordinarie: Rimanenze iniziali  <span class=\"_ _6c\"> </span> <span class=\"_ _74\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>     40.481.556 Acquisti  <span class=\"_ _5\"></span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>1.035.246.253  di cui destinati all\u2019an<span class=\"_ _0\"></span>nullamento (buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>)<span class=\"ff2\"> <span class=\"_ _13\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _5c\"> </span><span class=\"lsd\">   </span>988.632.803 </span>Vendite  <span class=\"_ _7\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>-1<span class=\"_ _3\"></span>.019.021.022 di cui annullamento <span class=\"_ _0\"></span>azioni oggetto di buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _75\"> </span><span class=\"lsd\">  </span>-988.632.803 Rimanenze finali  <span class=\"_ _17\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>  <span class=\"_ _3\"></span>   56.706.787<span class=\"_ _90\"> </span>B.4. Riserve da valut<span class=\"_ _0\"></span>azione relative a piani a b<span class=\"_ _0\"></span>enefici definiti: varia<span class=\"_ _0\"></span>zioni annue Nell\u2019esercizio le riserv<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in argomento hanno r<span class=\"_ _0\"></span>egistrato una variaz<span class=\"_ _0\"></span>ione<span class=\"_ _3\"></span><span class=\"ff1\"> positiva di 182 milioni, pert<span class=\"_ _0\"></span>anto al 31 dicembre <span class=\"_ _0\"></span>2022 per </span>piani a benefici defini<span class=\"_ _0\"></span>ti \u00e8 presente una ris<span class=\"_ _0\"></span>erva negativa compl<span class=\"_ _0\"></span>essiva pari a circa 242<span class=\"_ _0\"></span> milioni.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1000": {
   "value": "SEZIONE 13 <span class=\"ff6\">\u2013</span> PATRIMONIO DEL GRUPPO <span class=\"ff6\">\u2013</span> VOCI 120, 130, 140, 150, 160, 170 E 180 13.1 \"Capitale\" e \"Azion<span class=\"_ _0\"></span>i proprie\": composi<span class=\"_ _0\"></span>zione Per quanto riguarda le <span class=\"_ _0\"></span>informazioni di qu<span class=\"_ _0\"></span>esta sezione si rimand<span class=\"_ _0\"></span>a al successivo pun<span class=\"_ _0\"></span>to 13.3.<span class=\"_ _3\"></span> 13.2 Capitale - Numero azioni <span class=\"_ _0\"></span>della capogruppo<span class=\"_ _0\"></span>: variazioni annu<span class=\"_ _0\"></span>e Voci/Tip<span class=\"_ _0\"></span>ologie Ordinarie<span class=\"_ _0\"></span> A. Azion<span class=\"_ _0\"></span>i esistenti al<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>'inizio <span class=\"_ _0\"></span>dell'eserc<span class=\"_ _35\"></span>izio 19.430.463<span class=\"_ _0\"></span>.305 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 19.430.463<span class=\"_ _0\"></span>.305 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate - A.1  Azioni<span class=\"_ _0\"></span> proprie (-) -30.629.777<span class=\"_ _0\"></span> A.2 Azion<span class=\"_ _0\"></span>i in circo<span class=\"_ _0\"></span>lazione: esi<span class=\"_ _35\"></span>stenze iniziali 19.399.833<span class=\"_ _0\"></span>.528 B. Aument<span class=\"_ _0\"></span>i 566.771.008<span class=\"_ _0\"></span> B.1 Nuove<span class=\"_ _0\"></span> emissioni 546.972.658<span class=\"_ _0\"></span> - a paga<span class=\"_ _0\"></span>mento: 386.972.658<span class=\"_ _0\"></span> - operazioni<span class=\"_ _0\"></span> di aggregazi<span class=\"_ _35\"></span>oni di imprese - - conversio<span class=\"_ _0\"></span>ne di obbliga<span class=\"_ _35\"></span>zioni - - esercizio<span class=\"_ _0\"></span> di warrant - - altre 386.972.658<span class=\"_ _0\"></span> - a titolo gra<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uito: 160.000.000<span class=\"_ _0\"></span> - a favore dei<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dipendenti<span class=\"_ _0\"></span> 160.000.000<span class=\"_ _0\"></span> - a favore degl<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>amminis<span class=\"_ _0\"></span>tratori - - altre - B.2 Vendi<span class=\"_ _0\"></span>ta di azioni<span class=\"_ _0\"></span> proprie 19.798.350<span class=\"_ _0\"></span> B.3 Altre <span class=\"_ _0\"></span>variazioni - C. Dimi<span class=\"_ _0\"></span>nuzioni -1.001.693<span class=\"_ _0\"></span>.612 C.1 Annulla<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento -988.632.80<span class=\"_ _0\"></span>3 C.2 Acqui<span class=\"_ _0\"></span>sto di azioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>proprie -13.060.809<span class=\"_ _0\"></span> C.3 Operaz<span class=\"_ _0\"></span>ioni di cessi<span class=\"_ _35\"></span>one di imprese - C.4  Altre <span class=\"_ _0\"></span>variazioni - D. Azion<span class=\"_ _0\"></span>i in circola<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione: rima<span class=\"_ _35\"></span>nenze finali 18.964.910<span class=\"_ _0\"></span>.924 D.1 Azioni<span class=\"_ _0\"></span> proprie (+)<span class=\"_ _35\"></span> 23.892.236<span class=\"_ _0\"></span> D.2 Azioni<span class=\"_ _0\"></span> esistenti al<span class=\"_ _0\"></span>la fine dell'e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio 18.988.803<span class=\"_ _0\"></span>.160 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 18.988.803<span class=\"_ _0\"></span>.160 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate - 13.3 Capitale: altre in<span class=\"_ _0\"></span>formazioni  Al 31 dicembre 2022, il capitale sociale di Intesa <span class=\"_ _3\"></span>Sanpaolo \u00e8 pari a 10.369 milioni, suddiviso in numero 18.988.803.160 azion<span class=\"_ _2\"></span><span class=\"ls13\">i </span>ordinarie, prive di valore nominale. Ogni azione ordinaria attribuisce il diritto ad un voto nell\u2019Assemblea. Alla<span class=\"_ _0\"></span> data del pr<span class=\"_ _5\"></span><span class=\"ff1\">esente </span>documento il capital<span class=\"_ _0\"></span>e risulta interamente v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rsato e liberato.  Al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo detiene azioni <span class=\"_ _3\"></span>proprie Intesa <span class=\"_ _3\"></span>Sanpaolo per un <span class=\"_ _3\"></span>ammontare pari <span class=\"_ _3\"></span>a 124<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>milioni, dei <span class=\"_ _3\"></span>quali circa <span class=\"_ _3\"></span>50 milioni riferibili alla C<span class=\"_ _0\"></span>apogruppo ed i rest<span class=\"_ _0\"></span>anti 74 milioni alle altre societ\u00e0 del Gruppo.  13.4 Riserve di utili: <span class=\"_ _0\"></span>altre informazioni  Le <span class=\"_ _16\"> </span>riserve <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ammontano <span class=\"_ _16\"> </span>a  1<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>.427 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>includono: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>legale, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>straordinaria, <span class=\"_ _7\"> </span>le  ris<span class=\"_ _0\"></span>erve <span class=\"_ _16\"> </span>da concentrazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>L. <span class=\"_ _2\"></span>30/7/1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>218 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>L. <span class=\"_ _2\"></span>30/7/<span class=\"_ _3\"></span>1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>218) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>riserve, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da consolidamento. La <span class=\"_ _7\"> </span>riserva <span class=\"_ _7\"> </span>legale, <span class=\"_ _7\"> </span>costituita <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>norma <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>legge, <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>almeno <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quinto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>capitale <span class=\"_ _7\"> </span>sociale; <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata costituita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>passato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>annuali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>entesimo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>la riserva dovesse dimin<span class=\"_ _0\"></span>uire, occorre reintegrarl<span class=\"_ _0\"></span>a tramite l\u2019obbligo d<span class=\"_ _0\"></span>i destinarvi un vente<span class=\"_ _0\"></span>simo dell\u2019utile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>riserve da concentrazione <span class=\"_ _3\"></span>ex L. <span class=\"_ _3\"></span>30 luglio <span class=\"_ _3\"></span>1990 n. <span class=\"_ _2\"></span>218 <span class=\"_ _3\"></span>sono state c<span class=\"_ _3\"></span>ostituite in <span class=\"_ _3\"></span>occasione di operazioni d<span class=\"_ _3\"></span>i riorganizzazione o concentrazione effettu<span class=\"_ _0\"></span>ate ai sensi della c<span class=\"_ _0\"></span>itata legge. Le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>riserve <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>costituite <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>passato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>i specifiche disposizio<span class=\"_ _0\"></span>ni normative. Le  riserve  da  consolidame<span class=\"_ _0\"></span>nto  si  sono  generate <span class=\"_ _16\"> </span>a  seguito  dell\u2019eliminazione  del  v<span class=\"_ _0\"></span>alore  contabile  delle  p<span class=\"_ _0\"></span>artecipazioni  in contropartita alla cor<span class=\"_ _0\"></span>rispondente frazione d<span class=\"_ _0\"></span>el patrimonio netto d<span class=\"_ _0\"></span>i ciascuna parteci<span class=\"_ _0\"></span>pata.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>negative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>2.635 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>includono<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>-2.032 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imprese <span class=\"_ _3\"></span>di assicurazione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>-696 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>-466 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>da valutazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambi <span class=\"_ _3\"></span>(relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>investimenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>consolidate <span class=\"_ _3\"></span>integralmente) <span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>-1.247 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _2\"></span>relative alla copertura di investimenti esteri per -10 milioni, le riserve da rivalutazioni di attivit\u00e0 material<span class=\"_ _0\"></span>i e leggi speciali di rivalutazion<span class=\"_ _35\"></span>e per  2.0<span class=\"_ _0\"></span>60  milioni, <span class=\"_ _16\"> </span>le  ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>erve  da <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>relative  a <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>designate  a<span class=\"_ _0\"></span>l  f<span class=\"_ _0\"></span>air  value <span class=\"_ _16\"> </span>con  imp<span class=\"_ _0\"></span>atto  a <span class=\"_ _16\"> </span>cont<span class=\"_ _2\"></span><span class=\"lsc\">o </span>economico <span class=\"_ _5\"></span>(variazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>proprio <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio) <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>-45 <span class=\"_ _5\"></span>milioni, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>riserva <span class=\"_ _6\"></span>negativa <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>(perdite) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _5\"></span>su piani previdenziali a benefici definiti p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>-238 milioni, oltre a circa 39 mil<span class=\"_ _3\"></span>ioni di riserve da valutazio<span class=\"_ _0\"></span>ne connesse ad inve<span class=\"_ _3\"></span>stimenti<span class=\"_ _35\"></span> partecipativi di minora<span class=\"_ _0\"></span>nza.<span class=\"ff5 fc2\"> </span>13.5 Strumenti di capit<span class=\"_ _0\"></span>ale: composizioni e <span class=\"_ _0\"></span>variazioni annue  Emittente Concedente Tasso di interes<span class=\"_ _3\"></span>se Step-<span class=\"_ _90\"> </span>up<span class=\"ls0\"> </span>Data                        di              emissione Data                   di            scadenza Rimborso              anticipato                   <span class=\"_ _3\"></span>  a partire dal Val. Importo originario                <span class=\"_ _3\"></span>     in unit\u00e0 di valuta<span class=\"_ _3\"></span> Valore di bilancio  (milioni di euro) Intesa Sanpaolo 7,70% fisso no<span class=\"ls0\"> </span>17<span class=\"ls0\">-set-</span>2015<span class=\"ls0\"> </span>perpetuo 17<span class=\"ls0\">-set-</span>2025<span class=\"ls0\"> </span>USD 1.000.000.000 873<span class=\"ls0\"> </span>Intesa Sanpaolo 7,75% fisso no<span class=\"ls0\"> </span>11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2017<span class=\"ls0\"> </span>perpetuo 11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2027<span class=\"ls0\"> </span>Eur 1.250.000.000 1.251 Intesa Sanpaolo 6,25% fisso no<span class=\"ls0\"> </span>16<span class=\"ls0\">-mag-2017 </span>perpetuo 16<span class=\"ls0\">-mag-2024 </span>Eur 750.000.000 750<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2020<span class=\"ls0\"> </span>perpetuo 20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2025<span class=\"ls0\"> </span>Eur 400.000.000 382<span class=\"ls0\"> </span>Intesa Sanpaolo 3,75% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2025<span class=\"ls0\"> </span>Eur 750.000.000 731<span class=\"ls0\"> </span>Intesa Sanpaolo 4,125% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2030<span class=\"ls0\"> </span>Eur 750.000.000 732<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-set-</span>2031<span class=\"ls0\"> </span>Eur 750.000.000 743<span class=\"ls0\"> </span>Intesa Sanpaolo 5,5% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-mar-2028 </span>Eur 750.000.000 746<span class=\"ls0\"> </span>Intesa Sanpaolo 6,375% fisso pagabile semestralmente no<span class=\"ls0\"> </span>30<span class=\"ls0\">-mar-2022 </span>perpetuo 30<span class=\"ls0\">-set-</span>2028<span class=\"ls0\"> </span>Eur 1.000.000.000 980<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2018<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2023<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>12.000.000 10<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2019<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2024<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>15.000.000 13<span class=\"ls0\"> </span>Totale 7.211 13.6 Altre informazio<span class=\"_ _0\"></span>ni  Ai <span class=\"_ _3\"></span>sensi d<span class=\"_ _3\"></span>ell\u2019art. 2433<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis, <span class=\"_ _3\"></span>comma 4 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Codice Civile, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>istribuito un <span class=\"_ _3\"></span>acconto <span class=\"_ _3\"></span>dividendi sull\u2019esercizio <span class=\"_ _3\"></span>2022 per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>1.399.608.167,99 <span class=\"_ _2\"></span>euro<span class=\"_ _90\"> </span>92<span class=\"_ _90\"> </span>, <span class=\"_ _2\"></span><span class=\"ls0\">corrispondente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>unitario <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>7,38 <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span>ntesimi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per </span>ciascuna azione <span class=\"_ _3\"></span>ordinaria. Il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativo pagamento \u00e8 <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>novembre 2022 <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>stacco cedola <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>novembre e<span class=\"_ _3\"></span> record date il 22 novembre).<span class=\"ff5 fs9 fc2\"> <span class=\"_ _2f\"> </span> </span>92 <span class=\"ff4 fs4\">Non ricomprende l\u2019<span class=\"_ _3\"></span>acconto divide<span class=\"_ _3\"></span>ndo sulle n. 23.<span class=\"_ _3\"></span>922.835 azioni p<span class=\"_ _3\"></span>roprie deten<span class=\"_ _3\"></span>u<span class=\"ff1\">te i<span class=\"_ _3\"></span>n portafoglio alla re<span class=\"_ _3\"></span>cord date, pari<span class=\"_ _3\"></span> ad euro 1.7<span class=\"_ _3\"></span>65.505,22. <span class=\"_ _3\"></span> </span></span>SEZIONE 14 - PATRIMONIO DI PERTINENZA DI TERZI <span class=\"ff6\">\u2013</span> VOCE 190 Per i <span class=\"_ _3\"></span>dettagli relativi alla co<span class=\"_ _2\"></span><span class=\"ff4\">mposizione del patrimonio di pertinenza di <span class=\"_ _3\"></span>terzi si <span class=\"_ _3\"></span>fa rimando alla sezione <span class=\"_ _3\"></span>F \u201cParte <span class=\"_ _3\"></span>B.1. Patrimonio<span class=\"_ _0\"></span> </span>consolidato: ripartizi<span class=\"_ _0\"></span>one per tipologia di imp<span class=\"_ _0\"></span>resa\u201d.<span class=\"ff1\"> </span>14.1 Dettaglio della vo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>e 190 \u201cpatrimonio d<span class=\"_ _0\"></span>i pertinenza di ter<span class=\"_ _0\"></span>zi\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni imprese 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Partecipaz<span class=\"_ _0\"></span>ioni in s<span class=\"_ _0\"></span>ociet\u00e0 cons<span class=\"_ _35\"></span>olidate con interesse<span class=\"_ _35\"></span>nze di terzi si<span class=\"_ _0\"></span>gnificative 158<span class=\"ls0\"> </span>276<span class=\"ls0\"> </span>1 Bank of Ale<span class=\"_ _0\"></span>xandria 126<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>2 Risanament<span class=\"_ _0\"></span>o S.p.A. 26<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>3 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 3 - 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset S.p.A<span class=\"_ _0\"></span>. 3 - 5 Private Equi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>y Interna<span class=\"_ _0\"></span>tional S.A<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span> - 32<span class=\"ls0\"> </span>6 Privredna B<span class=\"_ _0\"></span>anka Zagreb<span class=\"_ _35\"></span> DD - 17<span class=\"ls0\"> </span>Altre parte<span class=\"_ _0\"></span>cipazion<span class=\"_ _0\"></span>i 8 15<span class=\"ls0\"> </span>TOTALE 166<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>14.2 Strumenti di capit<span class=\"_ _0\"></span>ale: composizione e<span class=\"_ _0\"></span> variazioni annue Non si segnalano strume<span class=\"_ _0\"></span>nti di capitale di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>pertinenza di terzi. SEZIONE 1 <span class=\"ff6\">\u2013</span> IL PATRIMONIO CONSOLID<span class=\"_ _3\"></span>ATO A. Informazioni di natur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> qualitativa    <span class=\"ff1\"> </span>Il <span class=\"_ _16\"> </span>presidio <span class=\"_ _16\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>a  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>consolidato <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>singola <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>\u00e8  ass<span class=\"_ _0\"></span>icurato <span class=\"_ _7\"> </span>dal<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>di  c<span class=\"_ _35\"></span>api<span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>management <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _6\"> </span>definite, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>vincoli <span class=\"_ _6\"> </span>regolamentari <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>profilo <span class=\"_ _6\"></span>di rischio assunto dal Gr<span class=\"_ _0\"></span>uppo, la dimensione e l<span class=\"_ _0\"></span>a combinazione otti<span class=\"_ _0\"></span>male tra i diversi str<span class=\"_ _0\"></span>umenti di patrimonializza<span class=\"_ _0\"></span>zione. <span class=\"_ _2\"></span> Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>assegna u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>ruolo <span class=\"_ _3\"></span>prioritario a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>gestione e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019allocazione delle <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>patrimoniali, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span><span class=\"ff1\">eva </span>strategica che come strum<span class=\"_ _0\"></span>ento per assicurare la<span class=\"_ _0\"></span> coerenza dei p<span class=\"_ _0\"></span>iani operativi delle unit<span class=\"_ _0\"></span>\u00e0 di business. <span class=\"_ _3\"></span> Una <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _6\"></span>strategici <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>redditivit\u00e0, <span class=\"_ _5\"></span>solidit\u00e0 <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>intende <span class=\"_ _6\"></span>perseg<span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>le risorse <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>finanziar<span class=\"_ _3\"></span>ie <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocate <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>unit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>ne <span class=\"_ _6\"></span>valuta <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>potenziale <span class=\"_ _5\"></span>di crescita, la capacit\u00e0 <span class=\"_ _0\"></span>di creazione di valo<span class=\"_ _0\"></span>re e l\u2019autonomia fi<span class=\"_ _0\"></span>nanziaria. <span class=\"ff1\"> </span>Il capitale a rischio c<span class=\"_ _0\"></span>onsiderato \u00e8 dupli<span class=\"_ _0\"></span>ce:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>apitale regolamenta<span class=\"_ _0\"></span>re a fronte dei ris<span class=\"_ _0\"></span>chi <span class=\"_ _3\"></span>di Pillar 1; </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>capitale interno com<span class=\"_ _0\"></span>plessivo a fronte dei ris<span class=\"_ _0\"></span>chi di Pillar 2, ai fi<span class=\"_ _0\"></span>ni del processo ICAAP. </span>Il <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>regolamentare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>differiscono <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>categ<span class=\"_ _5\"></span>orie di rischio. Il primo discende <span class=\"_ _0\"></span>da schemi definiti nella<span class=\"_ _0\"></span> normativa di vigil<span class=\"_ _0\"></span>anza, il secondo dall<span class=\"_ _0\"></span>e misurazioni gestiona<span class=\"_ _0\"></span>li.<span class=\"_ _2\"></span> L\u2019attivit\u00e0 <span class=\"_ _16\"> </span>di  capital <span class=\"_ _16\"> </span>management  s<span class=\"_ _0\"></span>i  sostanz<span class=\"_ _0\"></span>ia,  pertanto<span class=\"_ _0\"></span>,  nel <span class=\"_ _7\"> </span>gov<span class=\"_ _3\"></span>erno  d<span class=\"_ _0\"></span>ell\u2019adeguatezza <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>atrimoniale  a<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tuale <span class=\"_ _16\"> </span>e  prospettic<span class=\"_ _35\"></span>a attraverso un attento p<span class=\"_ _3\"></span>residio sia dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli regolamentari di <span class=\"_ _3\"></span>Pillar 1 (dal 1\u00b0 <span class=\"_ _3\"></span>gennaio 2014 secondo <span class=\"_ _3\"></span>le regole <span class=\"_ _3\"></span>di Basilea 3), s<span class=\"_ _3\"></span>ia dei <span class=\"_ _5\"></span>vincoli <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Pillar <span class=\"_ _2\"></span>2. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>prodotte <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stress <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>assicurare <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>ri<span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>orse disponibili <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>adeguate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cop<span class=\"_ _3\"></span>rire <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>congiunturali <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vverse. <span class=\"_ _3\"></span>Dal <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>redige un <span class=\"_ _4\"> </span>Recovery <span class=\"_ _6\"> </span>Plan, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>previsioni <span class=\"_ _6\"></span>regolamentari <span class=\"_ _6\"> </span>(direttive <span class=\"_ _4\"> </span>\u201cBank <span class=\"_ _6\"> </span>Recovery <span class=\"_ _4\"> </span>and <span class=\"_ _6\"> </span>Resolution <span class=\"_ _4\"> </span>Directive <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"></span></span>BRRD\u201d <span class=\"_ _6\"></span><span class=\"ff1\">- </span>2014/59/UE, <span class=\"_ _3\"></span>recepita <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Italia <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>16 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span><span class=\"ff4\">ove<span class=\"_ _3\"></span>mbre <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>180 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>n.181, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>Bank <span class=\"_ _3\"></span>Recovery <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Resolutio<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>Directive<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> </span></span>BRRD <span class=\"_ _2\"></span>II\u201d<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>Direttiva <span class=\"_ _5\"></span>(UE) <span class=\"_ _2\"></span>2019/879, <span class=\"_ _5\"></span>recepita <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>l\u20198 <span class=\"_ _5\"></span>novembre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>D. <span class=\"_ _5\"></span>Lgs. <span class=\"_ _5\"></span>n.193, <span class=\"_ _2\"></span>entrato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>vigore <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _5\"></span>dicembre 2021), le prassi internazionali e<span class=\"_ _0\"></span>d in coerenza<span class=\"_ _3\"></span> sia con il Risk Appetite Framewor<span class=\"_ _0\"></span>k di Gruppo sia con il modello di gestione delle<span class=\"_ _0\"></span> crisi adottato dalla B<span class=\"_ _0\"></span>anca. Annualmente, nell\u2019ambito del processo d<span class=\"_ _3\"></span>i assegnazione degli obiettivi di <span class=\"_ _3\"></span>budget viene svolta una <span class=\"_ _3\"></span>verifica di <span class=\"_ _3\"></span>compatibilit\u00e0 de<span class=\"_ _5\"></span><span class=\"ff1\">lle </span>proiezioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>consolidato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"></span>partecipata. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>dinamiche <span class=\"_ _4\"></span>attese <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>aggregati <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _4\"></span>ed economici, se<span class=\"_ _3\"></span> necessario, <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>in questa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fase vengono <span class=\"_ _3\"></span>identificate le <span class=\"_ _3\"></span>opportune a<span class=\"_ _3\"></span>zioni di <span class=\"_ _3\"></span>\u201ccapital <span class=\"_ _3\"></span>management\u201d per<span class=\"_ _3\"></span> assicurare alle singole unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span><span class=\"ff4\">business le risorse finanziarie necessarie. Trimestralmente, viene effettuata un\u2019attivit\u00e0 di <span class=\"_ _3\"></span>monitoraggio del </span>rispetto dei livelli di p<span class=\"_ _0\"></span>atrimonializzazione, <span class=\"_ _0\"></span>intervenendo, quan<span class=\"_ _0\"></span>do necessario, con appro<span class=\"_ _0\"></span>priate azioni.<span class=\"_ _3\"></span> Il rispetto dell\u2019adegu<span class=\"_ _0\"></span>atezza patrimoniale <span class=\"ff1\">viene perseguito a<span class=\"_ _0\"></span>ttraverso varie le<span class=\"_ _0\"></span>ve, quali la politica <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i distribuzione dei<span class=\"_ _0\"></span> dividendi, la </span>definizione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>finanza <span class=\"_ _1d\"> </span>strategica <span class=\"_ _1d\"> </span>(aumenti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>capitale, <span class=\"_ _1d\"> </span>emissione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>prestiti <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>onvertibili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>o<span class=\"_ _3\"></span>bbligazion<span class=\"_ _0\"></span>i subordinate, <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>strategiche, <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>cc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>ges<span class=\"_ _3\"></span>tione <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>investime<span class=\"_ _0\"></span>nti, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>particolare <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>impieghi, <span class=\"_ _4\"> </span>in funzione della risc<span class=\"_ _0\"></span>hiosit\u00e0 delle contr<span class=\"_ _0\"></span>oparti. <span class=\"_ _3\"></span> Ulteriori <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>preventivo <span class=\"_ _4\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _6\"> </span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>occasione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _4\"> </span>di </span>carattere straordinario <span class=\"_ _0\"></span>(fusioni, acquisizioni<span class=\"_ _0\"></span>, cessioni, ecc.) sia i<span class=\"_ _0\"></span>nterne al gruppo che mo<span class=\"_ _0\"></span>dificative del perime<span class=\"_ _0\"></span>tro dello st<span class=\"_ _2\"></span>esso.  A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Supervisory <span class=\"_ _4\"> </span>Review <span class=\"_ _4\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Evaluation <span class=\"_ _4\"> </span>Process <span class=\"_ _4\"> </span>(SREP), <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>BCE <span class=\"_ _4\"> </span>fornisce <span class=\"_ _7\"> </span>annualmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>del re<span class=\"ls0\">quisito patrimo<span class=\"_ _0\"></span>niale che Intesa Sanpaol<span class=\"_ _0\"></span>o deve rispettare <span class=\"_ _0\"></span>a livello consolidat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </span>Il <span class=\"_ _16\"> </span>3 <span class=\"_ _16\"> </span>febbraio <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _7\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>reso <span class=\"_ _16\"> </span>noto <span class=\"_ _7\"> </span>di  av<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ricevuto <span class=\"_ _7\"> </span>la  decis<span class=\"_ _0\"></span>ione <span class=\"_ _16\"> </span>finale <span class=\"_ _7\"> </span>della  BCE<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>riguardante <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>requisit<span class=\"_ _0\"></span>o patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 ma<span class=\"_ _0\"></span>rzo 2022.  Il requisito patrimoni<span class=\"_ _0\"></span>ale da rispettare compl<span class=\"_ _0\"></span>essivamente in termin<span class=\"_ _0\"></span>i di Common Equity Ti<span class=\"_ _0\"></span>er 1 ratio risulta pari a <span class=\"_ _0\"></span>8,95%. <span class=\"_ _2\"></span> A determinare tale r<span class=\"_ _0\"></span>equisito concorrono:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>9,79%, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _6\"></span></span>minimo <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u20198% <span class=\"_ _2\"></span>nel cui <span class=\"_ _3\"></span>ambito <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>4,5% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>CET1, <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>requisito <span class=\"_ _3\"></span>aggiuntivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u20191,79%, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>ambito <span class=\"_ _3\"></span>l\u20191,01% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E a decorrere dal 12 marzo 202<span class=\"_ _0\"></span>0<span class=\"_ _90\"> </span>115<span class=\"_ _90\"> </span>; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ls11\">i r</span>equisiti aggiunt<span class=\"_ _0\"></span>ivi, interamente in<span class=\"_ _0\"></span> termini di Common Equ<span class=\"_ _0\"></span>ity Tier 1 ratio, rel<span class=\"_ _0\"></span>ativi a:<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>riserva di capitale <span class=\"_ _0\"></span>anticiclica (Countercyc<span class=\"_ _0\"></span>l<span class=\"_ _3\"></span>ical Capital Buffer), p<span class=\"_ _0\"></span>ari allo 0,19%<span class=\"_ _90\"> </span></span>116<span class=\"_ _90\"> </span>. A  partire  dal  30  settembre<span class=\"_ _0\"></span>  2019,  il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo,  a  seguito  dell\u2019aut<span class=\"_ _0\"></span>orizzazione  ricevuta  d<span class=\"_ _0\"></span>a  BCE,  calcola  i coefficienti <span class=\"_ _20\"> </span>patrimoniali <span class=\"_ _23\"> </span>applicando <span class=\"_ _20\"> </span>il <span class=\"_ _23\"> </span>cosiddetto <span class=\"_ _20\"> </span>Danish <span class=\"_ _23\"> </span>Compromise <span class=\"_ _20\"> </span>per <span class=\"_ _23\"> </span>cui <span class=\"_ _23\"> </span>gli <span class=\"_ _23\"> </span>investimenti <span class=\"_ _20\"> </span>ass<span class=\"_ _2\"></span>icurativi, <span class=\"_ _23\"> </span>detenuti<span class=\"_ _0\"></span> indirettamente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>Vita, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>trattati <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>ponderati <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nzich\u00e9 <span class=\"_ _2\"></span>dedotti <span class=\"_ _7\"> </span>dal capitale. 115 La modifica prev<span class=\"_ _3\"></span>ede che il requisit<span class=\"_ _3\"></span>o di Pillar 2 venga ris<span class=\"_ _3\"></span>pettato utilizza<span class=\"_ _3\"></span>ndo parzia<span class=\"_ _3\"></span>lmente st<span class=\"_ _3\"></span>rumenti di capital<span class=\"_ _3\"></span>e diversi dal Comm<span class=\"_ _3\"></span>on Equity Tier <span class=\"_ _3\"></span>1. 116 <span class=\"_ _6\"></span><span class=\"ff4 fs4\">Countercyclical <span class=\"_ _6\"> </span>Capi<span class=\"_ _3\"></span>tal <span class=\"_ _5\"> </span>B<span class=\"_ _3\"></span>uffer <span class=\"_ _6\"> </span>calcol<span class=\"_ _3\"></span>ato <span class=\"_ _6\"> </span>consideran<span class=\"_ _3\"></span>do <span class=\"_ _5\"> </span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"> </span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>ri <span class=\"_ _6\"> </span>Paesi <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>presente <span class=\"_ _5\"> </span>il <span class=\"_ _4\"> </span>G<span class=\"_ _3\"></span><span class=\"ff1\">ruppo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>i <span class=\"_ _6\"> </span>rispet<span class=\"_ _3\"></span>tivi </span></span>requisiti stabiliti <span class=\"_ _3\"></span>dalle com<span class=\"_ _3\"></span>petenti aut<span class=\"_ _3\"></span>orit\u00e0 <span class=\"_ _3\"></span>nazionali rel<span class=\"_ _3\"></span>ativi al 2<span class=\"_ _3\"></span>024 se dis<span class=\"_ _3\"></span>ponibili <span class=\"_ _3\"></span>o al pi\u00f9 <span class=\"_ _3\"></span>recente aggi<span class=\"_ _3\"></span>ornamento d<span class=\"_ _3\"></span>el pe<span class=\"_ _3\"></span>riodo di rif<span class=\"_ _3\"></span>erimento (re<span class=\"_ _3\"></span>quisito pari <span class=\"_ _3\"></span>a zero per l\u2019Italia per il <span class=\"_ _3\"></span>2022 e per il<span class=\"_ _3\"></span> primo trimestre 20<span class=\"_ _3\"></span>23).<span class=\"_ _90\"> </span>Come gi\u00e0 r<span class=\"_ _3\"></span>iportato nella Parte E, rispetto al <span class=\"_ _3\"></span>31 dicembre 2021, <span class=\"_ _3\"></span>per quanto riguarda l\u2019ambito d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span><span class=\"ff1\">applicazione dei modelli <span class=\"_ _3\"></span>interni<span class=\"_ _0\"></span> </span>relativi <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>recepimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>autorizzativo <span class=\"_ _5\"></span>BCE <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo, <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>regolamentar<span class=\"_ _5\"></span><span class=\"ff1\">i, <span class=\"_ _5\"></span>dei </span>nuovi modelli Retail a <span class=\"_ _0\"></span>partire da settembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span>modelli Institutio<span class=\"_ _0\"></span>ns e SME Retail, a par<span class=\"_ _0\"></span>ti<span class=\"_ _3\"></span>re da giugno 202<span class=\"_ _0\"></span>1. Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controparte, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>bancario <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>migliorato <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>misurazione <span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio<span class=\"_ _5\"></span><span class=\"ls12\">, </span>affinando <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>st<span class=\"_ _3\"></span>rumenti <span class=\"_ _6\"></span>richiesti <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>\u201cBasilea <span class=\"_ _6\"> </span>3\u201d. <span class=\"_ _4\"> </span>Ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"> </span>segnaletici <span class=\"_ _4\"> </span>Capogrup<span class=\"_ _0\"></span>po <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>autorizzata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla </span>segnalazione del <span class=\"_ _3\"></span>requisito a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>controparte sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>derivati che <span class=\"_ _3\"></span>SFT (Securities Fin<span class=\"_ _3\"></span>ancing Transactions, os<span class=\"_ _5\"></span>sia repo, <span class=\"_ _3\"></span>pronti <span class=\"_ _2\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>security <span class=\"_ _3\"></span>lending) <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>interni. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>autorizzazio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>ottenuta per i derivati a partir<span class=\"_ _0\"></span>e dal primo trimestre d<span class=\"_ _0\"></span>el 2014, per gli SFT<span class=\"_ _0\"></span> a partire dalla segnala<span class=\"_ _0\"></span>zione del 31 dicembr<span class=\"_ _0\"></span>e 2016. <span class=\"_ _2\"></span> Ai <span class=\"_ _2\"></span>fin<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>gestionali <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>avanzate <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>implementate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>OTC <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogru<span class=\"_ _2\"></span>ppo <span class=\"_ _2\"></span>a partire dal 2010 e <span class=\"_ _0\"></span>successivamente estese n<span class=\"_ _0\"></span>el corso del 2015 all<span class=\"_ _0\"></span>e Securities Financing T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansactions.<span class=\"_ _3\"></span> Rispetto al 31 dicembre 2021 si se<span class=\"_ _3\"></span>gnala che, a partire dal secondo trimestre 2022, sono state riviste le regole di ammissibil<span class=\"_ _5\"></span>it\u00e0 per <span class=\"_ _3\"></span>i titoli <span class=\"_ _3\"></span>presi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">garanzia nell\u2019ambito di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>SFT, alla <span class=\"_ _3\"></span>luce di <span class=\"_ _3\"></span>quanto previsto dall\u2019art. <span class=\"_ _3\"></span>271.2 <span class=\"_ _3\"></span>CRR. Al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>mantenere </span>un ade<span class=\"_ _3\"></span>guato livello d<span class=\"_ _3\"></span>i controllo <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>materialit\u00e0 di <span class=\"_ _3\"></span>operazioni precedentemente considerate a <span class=\"_ _3\"></span>rischio p<span class=\"_ _3\"></span>ieno, \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>istitui<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>un limite di concentrazione su garanzie che p<span class=\"_ _3\"></span>resentino ridotti livelli di liquidit\u00e0 o merito di <span class=\"_ _3\"></span>credito. \u00c8 stato inoltre definito un nuovo processo  di  valutazio<span class=\"_ _0\"></span>ne  per  garanzi<span class=\"_ _0\"></span>e  costituite  da  tran<span class=\"_ _0\"></span>che  senior  di  cartol<span class=\"_ _0\"></span>arizzazioni,  al  fi<span class=\"_ _0\"></span>ne  di  renderle <span class=\"_ _16\"> </span>ammissibili  a mitigazione di esposizioni <span class=\"_ _0\"></span>derivanti da SFT. A <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>quarto <span class=\"_ _6\"></span>trimestre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>risposta <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>richiesta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>BCE, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivato <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esc<span class=\"_ _3\"></span>lusione <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>modello interno <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettino, in <span class=\"_ _2\"></span>termini d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valutazione, <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi<span class=\"_ _0\"></span> di rischio e quelli di f<span class=\"_ _0\"></span>ront office. Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>rischi <span class=\"_ _5\"></span>operativi, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>ottenuto <span class=\"_ _6\"></span>l\u2019autorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Metodo <span class=\"_ _5\"></span>Avanzato <span class=\"_ _5\"></span>AMA <span class=\"_ _6\"></span>(modello interno)  per  la<span class=\"_ _3\"></span>  determinazione  del <span class=\"_ _1d\"> </span>relativo <span class=\"_ _1d\"> </span>requisito  patrimoniale  a  partire  dalla  s<span class=\"_ _3\"></span>egnalazione  al  31<span class=\"_ _2\"></span> dicembre 2009.  Al 31<span class=\"ls0\"> dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>perimetro relativo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato \u00e8 <span class=\"_ _3\"></span>costituito da <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa Sanpaolo (<span class=\"_ _3\"></span>incluse le <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Societ\u00e0 in </span>essa <span class=\"_ _2\"></span>incorporate) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Divisioni <span class=\"_ _3\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka <span class=\"_ _2\"></span>e Privredna Banka Zagr<span class=\"_ _0\"></span>eb. Il <span class=\"_ _4\"> </span>15 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>reso <span class=\"_ _4\"> </span>noto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ver <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>BCE <span class=\"_ _4\"></span>riguardante <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>requisito patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 gennaio 2023.  Il <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>rispettare <span class=\"_ _6\"></span>complessivamente <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Common <span class=\"_ _4\"></span>Equity <span class=\"_ _4\"></span>Tier <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>ratio <span class=\"_ _4\"></span>risulta <span class=\"_ _16\"> </span>attualmente <span class=\"_ _4\"></span>pari all\u20198,91%.<span class=\"ff1\"> </span>A determinare tale r<span class=\"_ _0\"></span>equisito concorrono: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _6\"></span></span>a <span class=\"_ _2\"></span>9,72%, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u20198% <span class=\"_ _3\"></span>nel cui ambito <span class=\"_ _3\"></span>il 4,5% <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>CET1, e <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>requisito aggiuntivo di <span class=\"_ _3\"></span>Pillar 2 <span class=\"_ _3\"></span>dell\u20191,72%, nel <span class=\"_ _3\"></span>cui a<span class=\"_ _3\"></span>mbito lo <span class=\"_ _3\"></span>0,97% in <span class=\"_ _3\"></span>termini d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E<span class=\"_ _2\"></span> a decorrere dal 12 marz<span class=\"_ _0\"></span>o 2020; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> requisiti aggiuntiv<span class=\"_ _0\"></span>i, interamente in termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i di Common Equit<span class=\"_ _0\"></span>y Tier 1 ratio, relat<span class=\"_ _0\"></span>ivi a:<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>riserva di capitale anticiclica (Co<span class=\"_ _0\"></span>untercyclical Capital B<span class=\"_ _0\"></span>uffer), pari allo 0,19%<span class=\"_ _90\"> </span></span>117<span class=\"_ _90\"> </span>. A <span class=\"_ _7\"> </span>partire <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>preso <span class=\"_ _7\"> </span>avvio <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>transitorio, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>oncluder\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019ultima <span class=\"_ _7\"> </span>reporting <span class=\"_ _7\"> </span>date <span class=\"_ _7\"> </span>al 31<span class=\"ls0\"> dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>mitigar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimoni<span class=\"_ _3\"></span><span class=\"ff4\">ali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019introduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9. <span class=\"_ _2\"></span>Intesa </span></span>Sanpaolo, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>avvalendosi <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>facolt\u00e0 <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>2395/2017, <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>optato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019adozione <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019approccio \u201cstatico\u201d <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>terilizzare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>CET1 <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span></span>quota <span class=\"_ _3\"></span>progressivamente <span class=\"_ _3\"></span>decrescente <span class=\"_ _2\"></span>dell\u2019impatto <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>relativo alla sola componente di FTA rel<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiva all\u2019impairm<span class=\"_ _0\"></span>ent. In particolare, la risult<span class=\"_ _0\"></span>ante dal confronto tra l<span class=\"_ _0\"></span>e rettifiche di valore <span class=\"_ _2\"></span><span class=\"ff1\">IAS 39 al </span>31 dicembre 2017 e<span class=\"_ _3\"></span> quelle IFRS 9 <span class=\"_ _3\"></span>all\u20191 gennaio 2018 <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"ls24\">re</span>lativo ai crediti e<span class=\"_ _3\"></span> titoli in bonis <span class=\"_ _3\"></span>(stage 1 e<span class=\"_ _3\"></span> 2) ed<span class=\"_ _3\"></span> alle rettifiche su <span class=\"_ _3\"></span>NPL </span>(stage 3) <span class=\"_ _3\"></span>al netto <span class=\"_ _3\"></span>della fiscalit\u00e0 e <span class=\"_ _3\"></span>azzerata l\u2019eventuale shortfall in <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>viene re-inclusa <span class=\"_ _3\"></span>nel patrimonio secondo percentuali </span>di <span class=\"_ _7\"> </span>phase-in <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>70% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2020, <span class=\"_ _7\"> </span>50<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">infine <span class=\"_ _7\"> </span>25% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022. <span class=\"_ _16\"> </span>Nell\u2019ambit<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>legato <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>pandemia <span class=\"ff1\"> </span></span>COVID-<span class=\"ff4\">19, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _3\"></span>pubblicato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>iter <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pprovativo <span class=\"_ _3\"></span>accelerato <span class=\"_ _2\"></span>(c.d. <span class=\"_ _3\"></span>\u201cquick <span class=\"_ _2\"></span>fix\u201d), <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>(UE) <span class=\"_ _2\"></span>2020/873 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>24 <span class=\"_ _5\"></span>giugno<span class=\"_ _0\"></span> </span>2020, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>modifica <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>regolamenti <span class=\"_ _2\"></span>(UE) <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(CRR) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>(UE)<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>2019/876 <span class=\"_ _2\"></span>(CRR <span class=\"_ _2\"></span>2), <span class=\"_ _2\"></span>contenente <span class=\"_ _3\"></span>disposizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _3\"></span>di sostegno in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>apitale e <span class=\"_ _3\"></span>liquidit\u00e0. <span class=\"_ _3\"></span>Tra le <span class=\"_ _3\"></span>disposizioni contenute n<span class=\"_ _3\"></span>el Regolamento <span class=\"_ _3\"></span>(UE) 2020/873 <span class=\"_ _3\"></span>inerenti al <span class=\"_ _3\"></span>calcolo <span class=\"_ _6\"></span>dei fondi <span class=\"_ _6\"></span>propri, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>avvalersi, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>30<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2020, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>modifiche <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>regime transitorio per <span class=\"_ _3\"></span>l\u2019applicazione dell\u2019IFRS 9 <span class=\"_ _3\"></span>(art. <span class=\"_ _3\"></span>473 b<span class=\"_ _3\"></span>is CRR), <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>reintroduzione temporanea del <span class=\"_ _3\"></span>filtro prudenziale v<span class=\"_ _3\"></span>olt<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>ad </span>escludere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>realizzati <span class=\"_ _5\"></span>misurati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _3\"></span>equo <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _2\"></span>(FVOCI) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le esposizioni verso le <span class=\"_ _0\"></span>amministrazioni centrali <span class=\"_ _0\"></span>e organismi del sett<span class=\"_ _0\"></span>ore pubblico (art.4<span class=\"_ _0\"></span>68 CRR). <span class=\"_ _3\"></span> Infine, <span class=\"_ _4\"></span>sin <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>applica <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"></span>Delegato <span class=\"_ _6\"></span>(UE)  2020/21<span class=\"_ _0\"></span>76, <span class=\"_ _4\"> </span>entrato <span class=\"_ _4\"></span>in vigore <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>23 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>020, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Regolamento <span class=\"_ _4\"></span>deleg<span class=\"_ _0\"></span>ato <span class=\"_ _4\"></span>(UE) <span class=\"_ _6\"></span>241/2014 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>deduzione <span class=\"_ _6\"></span>delle attivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>software <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>elementi <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>primario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classe <span class=\"_ _6\"></span>1. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>Regolame<span class=\"_ _0\"></span>nto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>scopo <span class=\"_ _6\"></span>\u00e8, <span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>ra <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>altri, anche <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>sostenere <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>transizione <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>settore <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span>gitalizzato<span class=\"_ _0\"></span>, <span class=\"_ _4\"> </span>introduce <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>criterio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ammortamento prudenziale <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>oftware <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>3 <span class=\"_ _6\"></span>anni, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>vit<span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tile stimata <span class=\"_ _20\"> </span>a <span class=\"_ _23\"> </span>fini <span class=\"_ _23\"> </span>contabili. <span class=\"_ _20\"> </span>Nello <span class=\"_ _20\"> </span>specifico, <span class=\"_ _23\"> </span>la <span class=\"_ _20\"> </span>differenza, <span class=\"_ _20\"> </span>se <span class=\"_ _23\"> </span>positiva, <span class=\"_ _20\"> </span>tra <span class=\"_ _23\"> </span>l'ammortamento <span class=\"_ _20\"> </span>accumulato <span class=\"_ _20\"> </span>prudenziale <span class=\"_ _20\"> </span>e l'ammortamento accum<span class=\"_ _0\"></span>ulato contabil<span class=\"_ _0\"></span>e (incluse le perdite <span class=\"_ _0\"></span>di valore durevoli) vi<span class=\"_ _0\"></span>ene completament<span class=\"_ _0\"></span>e dedotta dal capit<span class=\"_ _0\"></span>ale CET1.<span class=\"_ _2\"></span><span class=\"fc5\"> <span class=\"_ _9\"> </span> </span>117 Cfr. nota preceden<span class=\"_ _3\"></span>te.<span class=\"_ _90\"> </span>B. Informazioni di natur<span class=\"_ _0\"></span>a quantitativa B.1. Patrimonio contabil<span class=\"_ _0\"></span>e consolidato: ripartizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per tipologia di imp<span class=\"_ _0\"></span>resa<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Voci del patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Consolidato prudenziale<span class=\"ls0\"> </span>Imprese<span class=\"ls0\"> </span>di<span class=\"ls0\"> </span>assicurazione<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>imprese<span class=\"ls0\"> </span>Elisioni e <span class=\"ls0\"> </span>aggiustamenti<span class=\"ls0\"> </span>da<span class=\"ls0\"> </span>consolidamento<span class=\"ls0\"> </span>     <span class=\"ls0\">TOTALE </span>di cui<span class=\"ls0\"> </span>Terzi<span class=\"ls0\"> </span>1. Capitale sociale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>10.435<span class=\"ls0\"> </span>- 102<span class=\"ls0\"> </span>- 10.537<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>2. Sovrapprezzi di emission<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span>28.067<span class=\"ls0\"> </span>- 1 - 28.068<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>3. Riserve<span class=\"ls0\"> </span>15.982<span class=\"ls0\"> </span>-2 -<span class=\"ls28\">784</span> 715<span class=\"ls0\"> </span>15.911<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>3.5 (Acconti su dividendi)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">1.400</span> - - - -<span class=\"ls28\">1.400</span> - 4. Strumenti di capitale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>7.211<span class=\"ls0\"> </span>- - - 7.211<span class=\"ls0\"> </span>- 5. (Azioni proprie)<span class=\"ls0\"> </span>-<span class=\"ls28\">124</span> -4 - 4 -<span class=\"ls28\">124</span> - 6. Riserve da valutazione:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>-<span class=\"ls28\">2.761</span> -<span class=\"ls28\">696</span> 140<span class=\"ls0\"> </span>558<span class=\"ls0\"> </span>-<span class=\"ls28\">2.759</span> -<span class=\"ls28\">124</span> - <span class=\"ls2b\">Titoli di capitale designati al fair value <span class=\"_ _3\"></span>con impatto sulla </span>redditivit\u00e0 complessiva<span class=\"ls0\"> </span>-<span class=\"ls28\">258</span> - - - -<span class=\"ls28\">258</span> - - <span class=\"ls26\">Coperture su titoli di capitale designati al <span class=\"_ _3\"></span>fair value con </span>impatto sulla redditivit\u00e0 complessiva<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - - <span class=\"ls29\">Attivit\u00e0 finanziarie (diverse <span class=\"_ _3\"></span>dai titoli di capitale) valutate <span class=\"_ _3\"></span>al fair </span>value con impatto sulla redditivit\u00e0 compl<span class=\"_ _3\"></span>essiva  -<span class=\"ls28\">1.774</span> - - - -<span class=\"ls28\">1.774</span> - - <span class=\"ls29\">Attivit\u00e0 materiali</span> 1.738<span class=\"ls0\"> </span>- 31<span class=\"ls0\"> </span>- 1.769<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- <span class=\"ls29\">Attivit\u00e0 immateriali<span class=\"_ _3\"></span></span> - - - - - - - <span class=\"ls26\">Copertura di </span>investimenti esteri<span class=\"_ _3\"></span> -<span class=\"ls28\">10</span> - - - -<span class=\"ls28\">10</span> - - <span class=\"ls26\">Copertura dei flussi finanziari<span class=\"_ _3\"></span></span> -<span class=\"ls28\">466</span> - - - -<span class=\"ls28\">466</span> - - <span class=\"ls29\">Strumenti di copertura (ele<span class=\"_ _3\"></span>menti non designati)<span class=\"_ _3\"></span></span> - - - - - - - <span class=\"ls26\">Differenze di cambio</span> -<span class=\"ls28\">1.463</span> - 68<span class=\"ls0\"> </span>8 -<span class=\"ls28\">1.387</span> -<span class=\"ls28\">140</span> - <span class=\"ls29\">Attivit\u00e0 non correnti e grup<span class=\"_ _3\"></span>pi di attivit\u00e0 in <span class=\"_ _3\"></span></span>via di dismissione<span class=\"_ _3\"></span> - - - - - - - <span class=\"ls29\">Passivit\u00e0 finanziarie design<span class=\"_ _3\"></span>ate al fair value con impatto <span class=\"_ _3\"></span>a </span>conto economico (variazioni del proprio<span class=\"_ _3\"></span> merito creditizio) <span class=\"_ _3\"></span> -<span class=\"ls28\">45</span> - - - -<span class=\"ls28\">45</span> - - <span class=\"ls26\">Utili (perdite) attuariali relativi a piani pre<span class=\"_ _3\"></span>videnziali a benefici </span>definiti<span class=\"ls0\"> </span>-<span class=\"ls28\">242</span> - - - -<span class=\"ls28\">242</span> -4 - <span class=\"ls27\">Quote <span class=\"ls28\">delle riserve da valu<span class=\"_ _3\"></span>tazione delle partecipazi<span class=\"_ _3\"></span>oni </span></span>valutate a patrimonio netto -<span class=\"ls28\">552</span> - 41<span class=\"ls0\"> </span>550<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>- - <span class=\"ls28\">Leggi speciali di rivalutazio<span class=\"_ _3\"></span>ne</span> 311<span class=\"ls0\"> </span>- - - 311<span class=\"ls0\"> </span>- - <span class=\"ls27\">Quota delle riserve da valutazione di <span class=\"_ _3\"></span>pertinenza delle </span>imprese di assicurazione<span class=\"ls0\"> </span>- -<span class=\"ls28\">696</span> - - -<span class=\"ls28\">696</span> - 7. <span class=\"ls26\">Utile (perdita) d'esercizio (+/<span class=\"ls0\">-) del gru<span class=\"_ _3\"></span>ppo e di terzi </span></span>4.380<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>-<span class=\"ls28\">53</span> -<span class=\"ls28\">937</span> 4.377<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>Patrimonio netto<span class=\"ls0\"> </span>61.790<span class=\"ls0\"> </span>285<span class=\"ls0\"> </span>-<span class=\"ls28\">594</span> 340<span class=\"ls0\"> </span>61.821<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>Nella <span class=\"_ _6\"></span>tavola <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _6\"></span>riportata <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>indicate <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _6\"></span>sommando <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>con quelle <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>terzi, <span class=\"_ _6\"></span>ripartite <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ettaglio, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>colonna <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Gr<span class=\"_ _5\"></span>uppo bancar<span class=\"ff4\">io <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>indicato <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>bancario, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>degli </span>effetti <span class=\"_ _4\"></span>economici <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>transazioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>incluse <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>consolida<span class=\"_ _0\"></span>mento; <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate<span class=\"_ _5\"></span><span class=\"ls12\">, </span>diverse <span class=\"_ _16\"> </span>da  quelle <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l  G<span class=\"_ _0\"></span>ruppo <span class=\"_ _16\"> </span>bancario <span class=\"_ _16\"> </span>e  consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ate <span class=\"_ _16\"> </span>integralmente <span class=\"_ _16\"> </span>sono  q<span class=\"_ _0\"></span>ui  v<span class=\"_ _0\"></span>alorizzate <span class=\"_ _16\"> </span>con  il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>del patrimonio  netto.  Nelle <span class=\"_ _1d\"> </span>colonne  Imprese  di <span class=\"_ _1d\"> </span>assicurazione  ed  Altre  imprese <span class=\"_ _1d\"> </span>sono  riportati  gli  importi<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>risulta<span class=\"_ _0\"></span>no  da<span class=\"_ _3\"></span>l consolidamento, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>lordo <span class=\"_ _7\"> </span>deg<span class=\"_ _3\"></span>li <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _7\"> </span>economici <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>transazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>appartenenti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Gruppo bancario. <span class=\"_ _3\"></span>Nelle colonne <span class=\"_ _3\"></span>Elisioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>aggiustamenti da <span class=\"_ _2\"></span>consolidam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>indicate le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>necessarie per <span class=\"_ _3\"></span>ottenere<span class=\"_ _5\"></span> il dato rappresentato in<span class=\"_ _0\"></span> bilancio.  B.2. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: composizione<span class=\"ff2\"> <span class=\"fc5\"> </span></span>(milioni di euro) Attivit\u00e0/valori Consolidato prudenziale        <span class=\"ls0\">Imprese di </span>        <span class=\"ls0\">assicurazione </span>      <span class=\"ls0\">Altre </span>      <span class=\"ls0\">imprese </span>Elisioni e aggiustamenti  da consolidamento    <span class=\"ls0\">TOTALE </span>Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa Riserva  positiva Riserva  negativa 1. Titoli di debito 72<span class=\"ls0\"> </span>-2.612 4 -<span class=\"ls1c\">803</span> - - -4 803<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>-2.612 - di cui valutati ai sensi dello IAS 39 4 -<span class=\"ls1c\">803</span> 4 -<span class=\"ls1c\">803</span> - - -4 803<span class=\"ls0\"> </span>4 -<span class=\"ls1c\">803</span> 2. Titoli di capitale 159<span class=\"ls0\"> </span>-<span class=\"ls1c\">375</span> 44<span class=\"ls0\"> </span>-2 - - -<span class=\"ls1c\">44</span> 2 159<span class=\"ls0\"> </span>-<span class=\"ls1c\">375</span> - di cui valutati ai sensi dello IAS 39 44<span class=\"ls0\"> </span>-2 44<span class=\"ls0\"> </span>-2 - - -<span class=\"ls1c\">44</span> 2 44<span class=\"ls0\"> </span>-2 2bis. Quote di O.I.C.R. (ai sensi IAS 39) 55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> 55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> - - -<span class=\"ls1c\">55</span> 96<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>-<span class=\"ls1c\">96</span> 3. Finanziamenti 10<span class=\"ls0\"> </span>-<span class=\"ls1c\">52</span> - - - - - - 10<span class=\"ls0\"> </span>-<span class=\"ls1c\">52</span> Totale al 31.12.2022 296<span class=\"ls0\"> </span>-3.135 103<span class=\"ls0\"> </span>-<span class=\"ls1c\">901</span> - - -<span class=\"ls1c\">103</span> 901<span class=\"ls0\"> </span>296<span class=\"ls0\"> </span>-3.135 Totale al 31.12.2021 1.012 -1.008 508<span class=\"ls0\"> </span>-<span class=\"ls1c\">39</span> - - -<span class=\"ls1c\">508</span> 39<span class=\"ls0\"> </span>1.012 -1.008 La riserva sui titoli di<span class=\"_ _0\"></span> capitale classificati <span class=\"_ _0\"></span>a livello 1 risulta n<span class=\"_ _0\"></span>egativa per circa 338 mil<span class=\"_ _0\"></span>ioni. <span class=\"_ _3\"></span> B.3. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: variazioni annue<span class=\"ff2 fc5\"> </span>(milioni di euro) Attivit\u00e0/valori Titoli di debito Titoli di debito: di cui valutati ai sensi dello IAS39 Titoli di capitale Titoli di capitale: di cui valutati ai sensi dello IAS39 Quote di OICR (ai sensi IAS39) Finanziamenti 1. Esistenze iniziali 51<span class=\"ls0\"> </span>377<span class=\"ls0\"> </span>-<span class=\"ls1c\">100</span> 44<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>5 2. Variazioni positive 7.299 6.746 875<span class=\"ls0\"> </span>372<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>2.1. Incrementi di fair value 6.956 6.739 375<span class=\"ls0\"> </span>351<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>5 2.2. Rettifiche di valore per rischio di credito 17<span class=\"ls0\"> </span>- X - - 13<span class=\"ls0\"> </span>2.3. Rigiro a conto economico di riserve negative da realizzo 312<span class=\"ls0\"> </span>4 4 4 - 9 2.3bis Rigiro a conto economico di riserve negative da deterioramento (ai sensi IAS39) - - - - 2 - 2.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di capitale) - - 439<span class=\"ls0\"> </span>- - - 2.5. Altre variazioni 14<span class=\"ls0\"> </span>3 57<span class=\"ls0\"> </span>17<span class=\"ls0\"> </span>1 - 3. Variazioni negative -9.890 -7.922 -<span class=\"ls1c\">991</span> -<span class=\"ls1c\">374</span> -<span class=\"ls1c\">755</span> -<span class=\"ls1c\">74</span> 3.1. Riduzioni di fair value -9.699 -7.895 -<span class=\"ls1c\">906</span> -<span class=\"ls1c\">372</span> -<span class=\"ls1c\">751</span> -<span class=\"ls1c\">74</span> 3.2. Riprese di valore per rischio di credito -2 - - - - - 3.2bis Rettifiche da deterioramento (ai sensi IAS39) -1 -1 - - - - 3.3. Rigiro a conto economico da riserve positive: da realizzo -<span class=\"ls1c\">171</span> -<span class=\"ls1c\">23</span> - - -2 - 3.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di capitale) - - -<span class=\"ls1c\">39</span> - - - 3.5. Altre variazioni -<span class=\"ls1c\">17</span> -3 -<span class=\"ls1c\">46</span> -2 -2 - 4. Rimanenze finali -2.540 -<span class=\"ls1c\">799</span> -<span class=\"ls1c\">216</span> 42<span class=\"ls0\"> </span>-<span class=\"ls1c\">41</span> -<span class=\"ls1c\">42</span> La negoziazione di azioni pro<span class=\"_ _35\"></span>prie<span class=\"_ _3\"></span>  Nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio, <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>apposite <span class=\"_ _2\"></span>autorizzazioni <span class=\"_ _2\"></span>assembleari <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>hanno </span>effettuato le seguenti<span class=\"_ _0\"></span> transazioni su azioni proprie della Ca<span class=\"_ _0\"></span>pogruppo Intesa S<span class=\"_ _0\"></span>anpaolo: Azioni ordinarie: Rimanenze iniziali  <span class=\"_ _6c\"> </span> <span class=\"_ _74\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>     40.481.556 Acquisti  <span class=\"_ _5\"></span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>1.035.246.253  di cui destinati all\u2019an<span class=\"_ _0\"></span>nullamento (buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>)<span class=\"ff2\"> <span class=\"_ _13\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _5c\"> </span><span class=\"lsd\">   </span>988.632.803 </span>Vendite  <span class=\"_ _7\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>-1<span class=\"_ _3\"></span>.019.021.022 di cui annullamento <span class=\"_ _0\"></span>azioni oggetto di buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _75\"> </span><span class=\"lsd\">  </span>-988.632.803 Rimanenze finali  <span class=\"_ _17\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>  <span class=\"_ _3\"></span>   56.706.787<span class=\"_ _90\"> </span>B.4. Riserve da valut<span class=\"_ _0\"></span>azione relative a piani a b<span class=\"_ _0\"></span>enefici definiti: varia<span class=\"_ _0\"></span>zioni annue Nell\u2019esercizio le riserv<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in argomento hanno r<span class=\"_ _0\"></span>egistrato una variaz<span class=\"_ _0\"></span>ione<span class=\"_ _3\"></span><span class=\"ff1\"> positiva di 182 milioni, pert<span class=\"_ _0\"></span>anto al 31 dicembre <span class=\"_ _0\"></span>2022 per </span>piani a benefici defini<span class=\"_ _0\"></span>ti \u00e8 presente una ris<span class=\"_ _0\"></span>erva negativa compl<span class=\"_ _0\"></span>essiva pari a circa 242<span class=\"_ _0\"></span> milioni.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-964": {
   "value": "SEZIONE 13 <span class=\"ff6\">\u2013</span> PATRIMONIO DEL GRUPPO <span class=\"ff6\">\u2013</span> VOCI 120, 130, 140, 150, 160, 170 E 180 13.1 \"Capitale\" e \"Azion<span class=\"_ _0\"></span>i proprie\": composi<span class=\"_ _0\"></span>zione Per quanto riguarda le <span class=\"_ _0\"></span>informazioni di qu<span class=\"_ _0\"></span>esta sezione si rimand<span class=\"_ _0\"></span>a al successivo pun<span class=\"_ _0\"></span>to 13.3.<span class=\"_ _3\"></span> 13.2 Capitale - Numero azioni <span class=\"_ _0\"></span>della capogruppo<span class=\"_ _0\"></span>: variazioni annu<span class=\"_ _0\"></span>e Voci/Tip<span class=\"_ _0\"></span>ologie Ordinarie<span class=\"_ _0\"></span> A. Azion<span class=\"_ _0\"></span>i esistenti al<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>'inizio <span class=\"_ _0\"></span>dell'eserc<span class=\"_ _35\"></span>izio 19.430.463<span class=\"_ _0\"></span>.305 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 19.430.463<span class=\"_ _0\"></span>.305 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate - A.1  Azioni<span class=\"_ _0\"></span> proprie (-) -30.629.777<span class=\"_ _0\"></span> A.2 Azion<span class=\"_ _0\"></span>i in circo<span class=\"_ _0\"></span>lazione: esi<span class=\"_ _35\"></span>stenze iniziali 19.399.833<span class=\"_ _0\"></span>.528 B. Aument<span class=\"_ _0\"></span>i 566.771.008<span class=\"_ _0\"></span> B.1 Nuove<span class=\"_ _0\"></span> emissioni 546.972.658<span class=\"_ _0\"></span> - a paga<span class=\"_ _0\"></span>mento: 386.972.658<span class=\"_ _0\"></span> - operazioni<span class=\"_ _0\"></span> di aggregazi<span class=\"_ _35\"></span>oni di imprese - - conversio<span class=\"_ _0\"></span>ne di obbliga<span class=\"_ _35\"></span>zioni - - esercizio<span class=\"_ _0\"></span> di warrant - - altre 386.972.658<span class=\"_ _0\"></span> - a titolo gra<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>uito: 160.000.000<span class=\"_ _0\"></span> - a favore dei<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dipendenti<span class=\"_ _0\"></span> 160.000.000<span class=\"_ _0\"></span> - a favore degl<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>amminis<span class=\"_ _0\"></span>tratori - - altre - B.2 Vendi<span class=\"_ _0\"></span>ta di azioni<span class=\"_ _0\"></span> proprie 19.798.350<span class=\"_ _0\"></span> B.3 Altre <span class=\"_ _0\"></span>variazioni - C. Dimi<span class=\"_ _0\"></span>nuzioni -1.001.693<span class=\"_ _0\"></span>.612 C.1 Annulla<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento -988.632.80<span class=\"_ _0\"></span>3 C.2 Acqui<span class=\"_ _0\"></span>sto di azioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>proprie -13.060.809<span class=\"_ _0\"></span> C.3 Operaz<span class=\"_ _0\"></span>ioni di cessi<span class=\"_ _35\"></span>one di imprese - C.4  Altre <span class=\"_ _0\"></span>variazioni - D. Azion<span class=\"_ _0\"></span>i in circola<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione: rima<span class=\"_ _35\"></span>nenze finali 18.964.910<span class=\"_ _0\"></span>.924 D.1 Azioni<span class=\"_ _0\"></span> proprie (+)<span class=\"_ _35\"></span> 23.892.236<span class=\"_ _0\"></span> D.2 Azioni<span class=\"_ _0\"></span> esistenti al<span class=\"_ _0\"></span>la fine dell'e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio 18.988.803<span class=\"_ _0\"></span>.160 - interamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e liberate 18.988.803<span class=\"_ _0\"></span>.160 - non interam<span class=\"_ _0\"></span>ente libe<span class=\"_ _0\"></span>rate - 13.3 Capitale: altre in<span class=\"_ _0\"></span>formazioni  Al 31 dicembre 2022, il capitale sociale di Intesa <span class=\"_ _3\"></span>Sanpaolo \u00e8 pari a 10.369 milioni, suddiviso in numero 18.988.803.160 azion<span class=\"_ _2\"></span><span class=\"ls13\">i </span>ordinarie, prive di valore nominale. Ogni azione ordinaria attribuisce il diritto ad un voto nell\u2019Assemblea. Alla<span class=\"_ _0\"></span> data del pr<span class=\"_ _5\"></span><span class=\"ff1\">esente </span>documento il capital<span class=\"_ _0\"></span>e risulta interamente v<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rsato e liberato.  Al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo detiene azioni <span class=\"_ _3\"></span>proprie Intesa <span class=\"_ _3\"></span>Sanpaolo per un <span class=\"_ _3\"></span>ammontare pari <span class=\"_ _3\"></span>a 124<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>milioni, dei <span class=\"_ _3\"></span>quali circa <span class=\"_ _3\"></span>50 milioni riferibili alla C<span class=\"_ _0\"></span>apogruppo ed i rest<span class=\"_ _0\"></span>anti 74 milioni alle altre societ\u00e0 del Gruppo.  13.4 Riserve di utili: <span class=\"_ _0\"></span>altre informazioni  Le <span class=\"_ _16\"> </span>riserve <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ammontano <span class=\"_ _16\"> </span>a  1<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>.427 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>includono: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>legale, <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>riserva <span class=\"_ _16\"> </span>straordinaria, <span class=\"_ _7\"> </span>le  ris<span class=\"_ _0\"></span>erve <span class=\"_ _16\"> </span>da concentrazione <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>L. <span class=\"_ _2\"></span>30/7/1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>3,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>218 <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>L. <span class=\"_ _2\"></span>30/7/<span class=\"_ _3\"></span>1990, <span class=\"_ _2\"></span>art. <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>218) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>riserve, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>riserva <span class=\"_ _2\"></span>da consolidamento. La <span class=\"_ _7\"> </span>riserva <span class=\"_ _7\"> </span>legale, <span class=\"_ _7\"> </span>costituita <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>norma <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>legge, <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>almeno <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>quinto <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>capitale <span class=\"_ _7\"> </span>sociale; <span class=\"_ _7\"> </span>essa <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata costituita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>passato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>utili <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>annuali <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>almeno <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>entesimo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>la riserva dovesse dimin<span class=\"_ _0\"></span>uire, occorre reintegrarl<span class=\"_ _0\"></span>a tramite l\u2019obbligo d<span class=\"_ _0\"></span>i destinarvi un vente<span class=\"_ _0\"></span>simo dell\u2019utile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _3\"></span>riserve da concentrazione <span class=\"_ _3\"></span>ex L. <span class=\"_ _3\"></span>30 luglio <span class=\"_ _3\"></span>1990 n. <span class=\"_ _2\"></span>218 <span class=\"_ _3\"></span>sono state c<span class=\"_ _3\"></span>ostituite in <span class=\"_ _3\"></span>occasione di operazioni d<span class=\"_ _3\"></span>i riorganizzazione o concentrazione effettu<span class=\"_ _0\"></span>ate ai sensi della c<span class=\"_ _0\"></span>itata legge. Le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mprendono <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>riserve <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>pertinenza <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>filiali <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>altre <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"> </span>costituite <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>passato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>i specifiche disposizio<span class=\"_ _0\"></span>ni normative. Le  riserve  da  consolidame<span class=\"_ _0\"></span>nto  si  sono  generate <span class=\"_ _16\"> </span>a  seguito  dell\u2019eliminazione  del  v<span class=\"_ _0\"></span>alore  contabile  delle  p<span class=\"_ _0\"></span>artecipazioni  in contropartita alla cor<span class=\"_ _0\"></span>rispondente frazione d<span class=\"_ _0\"></span>el patrimonio netto d<span class=\"_ _0\"></span>i ciascuna parteci<span class=\"_ _0\"></span>pata.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>negative <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>2.635 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>includono<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>riserve <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>-2.032 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pertinenza <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imprese <span class=\"_ _3\"></span>di assicurazione <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>-696 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>finanziari <span class=\"_ _6\"></span>per <span class=\"_ _7\"> </span>-466 <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>riserve <span class=\"_ _6\"></span>da valutazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ambi <span class=\"_ _3\"></span>(relative <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>investimenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3\"></span>consolidate <span class=\"_ _3\"></span>integralmente) <span class=\"_ _3\"></span>per <span class=\"_ _6\"></span>-1.247 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>riserve <span class=\"_ _2\"></span>relative alla copertura di investimenti esteri per -10 milioni, le riserve da rivalutazioni di attivit\u00e0 material<span class=\"_ _0\"></span>i e leggi speciali di rivalutazion<span class=\"_ _35\"></span>e per  2.0<span class=\"_ _0\"></span>60  milioni, <span class=\"_ _16\"> </span>le  ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>erve  da <span class=\"_ _16\"> </span>valutazione <span class=\"_ _16\"> </span>relative  a <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>assivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>designate  a<span class=\"_ _0\"></span>l  f<span class=\"_ _0\"></span>air  value <span class=\"_ _16\"> </span>con  imp<span class=\"_ _0\"></span>atto  a <span class=\"_ _16\"> </span>cont<span class=\"_ _2\"></span><span class=\"lsc\">o </span>economico <span class=\"_ _5\"></span>(variazioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>proprio <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio) <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>-45 <span class=\"_ _5\"></span>milioni, <span class=\"_ _6\"></span>nonch\u00e9 <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>riserva <span class=\"_ _6\"></span>negativa <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _5\"></span>(perdite) <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttuariali <span class=\"_ _5\"></span>su piani previdenziali a benefici definiti p<span class=\"_ _0\"></span>er <span class=\"_ _3\"></span>-238 milioni, oltre a circa 39 mil<span class=\"_ _3\"></span>ioni di riserve da valutazio<span class=\"_ _0\"></span>ne connesse ad inve<span class=\"_ _3\"></span>stimenti<span class=\"_ _35\"></span> partecipativi di minora<span class=\"_ _0\"></span>nza.<span class=\"ff5 fc2\"> </span>13.5 Strumenti di capit<span class=\"_ _0\"></span>ale: composizioni e <span class=\"_ _0\"></span>variazioni annue  Emittente Concedente Tasso di interes<span class=\"_ _3\"></span>se Step-<span class=\"_ _90\"> </span>up<span class=\"ls0\"> </span>Data                        di              emissione Data                   di            scadenza Rimborso              anticipato                   <span class=\"_ _3\"></span>  a partire dal Val. Importo originario                <span class=\"_ _3\"></span>     in unit\u00e0 di valuta<span class=\"_ _3\"></span> Valore di bilancio  (milioni di euro) Intesa Sanpaolo 7,70% fisso no<span class=\"ls0\"> </span>17<span class=\"ls0\">-set-</span>2015<span class=\"ls0\"> </span>perpetuo 17<span class=\"ls0\">-set-</span>2025<span class=\"ls0\"> </span>USD 1.000.000.000 873<span class=\"ls0\"> </span>Intesa Sanpaolo 7,75% fisso no<span class=\"ls0\"> </span>11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2017<span class=\"ls0\"> </span>perpetuo 11<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2027<span class=\"ls0\"> </span>Eur 1.250.000.000 1.251 Intesa Sanpaolo 6,25% fisso no<span class=\"ls0\"> </span>16<span class=\"ls0\">-mag-2017 </span>perpetuo 16<span class=\"ls0\">-mag-2024 </span>Eur 750.000.000 750<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2020<span class=\"ls0\"> </span>perpetuo 20<span class=\"ls0\">-</span>gen<span class=\"ls0\">-</span>2025<span class=\"ls0\"> </span>Eur 400.000.000 382<span class=\"ls0\"> </span>Intesa Sanpaolo 3,75% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2025<span class=\"ls0\"> </span>Eur 750.000.000 731<span class=\"ls0\"> </span>Intesa Sanpaolo 4,125% fisso no<span class=\"ls0\"> </span>27<span class=\"ls0\">-feb-</span>2020<span class=\"ls0\"> </span>perpetuo 27<span class=\"ls0\">-feb-</span>2030<span class=\"ls0\"> </span>Eur 750.000.000 732<span class=\"ls0\"> </span>Intesa Sanpaolo 5,875% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-set-</span>2031<span class=\"ls0\"> </span>Eur 750.000.000 743<span class=\"ls0\"> </span>Intesa Sanpaolo 5,5% fisso pagabile semestralmente no<span class=\"ls0\"> </span>01<span class=\"ls0\">-set-</span>2020<span class=\"ls0\"> </span>perpetuo 01<span class=\"ls0\">-mar-2028 </span>Eur 750.000.000 746<span class=\"ls0\"> </span>Intesa Sanpaolo 6,375% fisso pagabile semestralmente no<span class=\"ls0\"> </span>30<span class=\"ls0\">-mar-2022 </span>perpetuo 30<span class=\"ls0\">-set-</span>2028<span class=\"ls0\"> </span>Eur 1.000.000.000 980<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2018<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2023<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>12.000.000 10<span class=\"ls0\"> </span>REYL &amp; Cie SA 4,75% no<span class=\"ls0\"> </span>30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2019<span class=\"ls0\"> </span>perpetuo 30<span class=\"ls0\">-</span>nov<span class=\"ls0\">-</span>2024<span class=\"ls0\"> </span>CHF<span class=\"ls0\"> </span>15.000.000 13<span class=\"ls0\"> </span>Totale 7.211 13.6 Altre informazio<span class=\"_ _0\"></span>ni  Ai <span class=\"_ _3\"></span>sensi d<span class=\"_ _3\"></span>ell\u2019art. 2433<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis, <span class=\"_ _3\"></span>comma 4 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Codice Civile, <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>istribuito un <span class=\"_ _3\"></span>acconto <span class=\"_ _3\"></span>dividendi sull\u2019esercizio <span class=\"_ _3\"></span>2022 per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>complessivo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>1.399.608.167,99 <span class=\"_ _2\"></span>euro<span class=\"_ _90\"> </span>92<span class=\"_ _90\"> </span>, <span class=\"_ _2\"></span><span class=\"ls0\">corrispondente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>importo <span class=\"_ _2\"></span>unitario <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>7,38 <span class=\"_ _2\"></span>ce<span class=\"_ _3\"></span>ntesimi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per </span>ciascuna azione <span class=\"_ _3\"></span>ordinaria. Il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>relativo pagamento \u00e8 <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>novembre 2022 <span class=\"_ _3\"></span>(con <span class=\"_ _3\"></span>stacco cedola <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>novembre e<span class=\"_ _3\"></span> record date il 22 novembre).<span class=\"ff5 fs9 fc2\"> <span class=\"_ _2f\"> </span> </span>92 <span class=\"ff4 fs4\">Non ricomprende l\u2019<span class=\"_ _3\"></span>acconto divide<span class=\"_ _3\"></span>ndo sulle n. 23.<span class=\"_ _3\"></span>922.835 azioni p<span class=\"_ _3\"></span>roprie deten<span class=\"_ _3\"></span>u<span class=\"ff1\">te i<span class=\"_ _3\"></span>n portafoglio alla re<span class=\"_ _3\"></span>cord date, pari<span class=\"_ _3\"></span> ad euro 1.7<span class=\"_ _3\"></span>65.505,22. <span class=\"_ _3\"></span> </span></span>SEZIONE 14 - PATRIMONIO DI PERTINENZA DI TERZI <span class=\"ff6\">\u2013</span> VOCE 190 Per i <span class=\"_ _3\"></span>dettagli relativi alla co<span class=\"_ _2\"></span><span class=\"ff4\">mposizione del patrimonio di pertinenza di <span class=\"_ _3\"></span>terzi si <span class=\"_ _3\"></span>fa rimando alla sezione <span class=\"_ _3\"></span>F \u201cParte <span class=\"_ _3\"></span>B.1. Patrimonio<span class=\"_ _0\"></span> </span>consolidato: ripartizi<span class=\"_ _0\"></span>one per tipologia di imp<span class=\"_ _0\"></span>resa\u201d.<span class=\"ff1\"> </span>14.1 Dettaglio della vo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>e 190 \u201cpatrimonio d<span class=\"_ _0\"></span>i pertinenza di ter<span class=\"_ _0\"></span>zi\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni imprese 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Partecipaz<span class=\"_ _0\"></span>ioni in s<span class=\"_ _0\"></span>ociet\u00e0 cons<span class=\"_ _35\"></span>olidate con interesse<span class=\"_ _35\"></span>nze di terzi si<span class=\"_ _0\"></span>gnificative 158<span class=\"ls0\"> </span>276<span class=\"ls0\"> </span>1 Bank of Ale<span class=\"_ _0\"></span>xandria 126<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>2 Risanament<span class=\"_ _0\"></span>o S.p.A. 26<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>3 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 3 - 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset S.p.A<span class=\"_ _0\"></span>. 3 - 5 Private Equi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>y Interna<span class=\"_ _0\"></span>tional S.A<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span> - 32<span class=\"ls0\"> </span>6 Privredna B<span class=\"_ _0\"></span>anka Zagreb<span class=\"_ _35\"></span> DD - 17<span class=\"ls0\"> </span>Altre parte<span class=\"_ _0\"></span>cipazion<span class=\"_ _0\"></span>i 8 15<span class=\"ls0\"> </span>TOTALE 166<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>14.2 Strumenti di capit<span class=\"_ _0\"></span>ale: composizione e<span class=\"_ _0\"></span> variazioni annue Non si segnalano strume<span class=\"_ _0\"></span>nti di capitale di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>pertinenza di terzi. SEZIONE 1 <span class=\"ff6\">\u2013</span> IL PATRIMONIO CONSOLID<span class=\"_ _3\"></span>ATO A. Informazioni di natur<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> qualitativa    <span class=\"ff1\"> </span>Il <span class=\"_ _16\"> </span>presidio <span class=\"_ _16\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>a  liv<span class=\"_ _0\"></span>ello <span class=\"_ _16\"> </span>consolidato <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>singola <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>\u00e8  ass<span class=\"_ _0\"></span>icurato <span class=\"_ _7\"> </span>dal<span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _7\"> </span>di  c<span class=\"_ _35\"></span>api<span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>management <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _6\"> </span>definite, <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>vincoli <span class=\"_ _6\"> </span>regolamentari <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>coerenza <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>profilo <span class=\"_ _6\"></span>di rischio assunto dal Gr<span class=\"_ _0\"></span>uppo, la dimensione e l<span class=\"_ _0\"></span>a combinazione otti<span class=\"_ _0\"></span>male tra i diversi str<span class=\"_ _0\"></span>umenti di patrimonializza<span class=\"_ _0\"></span>zione. <span class=\"_ _2\"></span> Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>assegna u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>ruolo <span class=\"_ _3\"></span>prioritario a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>gestione e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019allocazione delle <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>patrimoniali, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>l<span class=\"_ _5\"></span><span class=\"ff1\">eva </span>strategica che come strum<span class=\"_ _0\"></span>ento per assicurare la<span class=\"_ _0\"></span> coerenza dei p<span class=\"_ _0\"></span>iani operativi delle unit<span class=\"_ _0\"></span>\u00e0 di business. <span class=\"_ _3\"></span> Una <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efiniti <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>obiettivi <span class=\"_ _6\"></span>strategici <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>redditivit\u00e0, <span class=\"_ _5\"></span>solidit\u00e0 <span class=\"_ _6\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>intende <span class=\"_ _6\"></span>perseg<span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>ire, <span class=\"_ _5\"></span>le risorse <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>finanziar<span class=\"_ _3\"></span>ie <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocate <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>unit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>ne <span class=\"_ _6\"></span>valuta <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>potenziale <span class=\"_ _5\"></span>di crescita, la capacit\u00e0 <span class=\"_ _0\"></span>di creazione di valo<span class=\"_ _0\"></span>re e l\u2019autonomia fi<span class=\"_ _0\"></span>nanziaria. <span class=\"ff1\"> </span>Il capitale a rischio c<span class=\"_ _0\"></span>onsiderato \u00e8 dupli<span class=\"_ _0\"></span>ce:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>apitale regolamenta<span class=\"_ _0\"></span>re a fronte dei ris<span class=\"_ _0\"></span>chi <span class=\"_ _3\"></span>di Pillar 1; </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>capitale interno com<span class=\"_ _0\"></span>plessivo a fronte dei ris<span class=\"_ _0\"></span>chi di Pillar 2, ai fi<span class=\"_ _0\"></span>ni del processo ICAAP. </span>Il <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>regolamentare <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>capitale <span class=\"_ _2\"></span>interno <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>differiscono <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>categ<span class=\"_ _5\"></span>orie di rischio. Il primo discende <span class=\"_ _0\"></span>da schemi definiti nella<span class=\"_ _0\"></span> normativa di vigil<span class=\"_ _0\"></span>anza, il secondo dall<span class=\"_ _0\"></span>e misurazioni gestiona<span class=\"_ _0\"></span>li.<span class=\"_ _2\"></span> L\u2019attivit\u00e0 <span class=\"_ _16\"> </span>di  capital <span class=\"_ _16\"> </span>management  s<span class=\"_ _0\"></span>i  sostanz<span class=\"_ _0\"></span>ia,  pertanto<span class=\"_ _0\"></span>,  nel <span class=\"_ _7\"> </span>gov<span class=\"_ _3\"></span>erno  d<span class=\"_ _0\"></span>ell\u2019adeguatezza <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>atrimoniale  a<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tuale <span class=\"_ _16\"> </span>e  prospettic<span class=\"_ _35\"></span>a attraverso un attento p<span class=\"_ _3\"></span>residio sia dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vincoli regolamentari di <span class=\"_ _3\"></span>Pillar 1 (dal 1\u00b0 <span class=\"_ _3\"></span>gennaio 2014 secondo <span class=\"_ _3\"></span>le regole <span class=\"_ _3\"></span>di Basilea 3), s<span class=\"_ _3\"></span>ia dei <span class=\"_ _5\"></span>vincoli <span class=\"_ _5\"></span>gestionali <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Pillar <span class=\"_ _2\"></span>2. <span class=\"_ _5\"></span>Le <span class=\"_ _5\"></span>proiezioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>prodotte <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stress <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>assicurare <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>ri<span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>orse disponibili <span class=\"_ _3\"></span>siano <span class=\"_ _2\"></span>adeguate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cop<span class=\"_ _3\"></span>rire <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>congiunturali <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vverse. <span class=\"_ _3\"></span>Dal <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>redige un <span class=\"_ _4\"> </span>Recovery <span class=\"_ _6\"> </span>Plan, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>linea <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"> </span>previsioni <span class=\"_ _6\"></span>regolamentari <span class=\"_ _6\"> </span>(direttive <span class=\"_ _4\"> </span>\u201cBank <span class=\"_ _6\"> </span>Recovery <span class=\"_ _4\"> </span>and <span class=\"_ _6\"> </span>Resolution <span class=\"_ _4\"> </span>Directive <span class=\"_ _16\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"></span></span>BRRD\u201d <span class=\"_ _6\"></span><span class=\"ff1\">- </span>2014/59/UE, <span class=\"_ _3\"></span>recepita <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Italia <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>16 <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span><span class=\"ff4\">ove<span class=\"_ _3\"></span>mbre <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>180 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>n.181, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>Bank <span class=\"_ _3\"></span>Recovery <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Resolutio<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>Directive<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> </span></span>BRRD <span class=\"_ _2\"></span>II\u201d<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>Direttiva <span class=\"_ _5\"></span>(UE) <span class=\"_ _2\"></span>2019/879, <span class=\"_ _5\"></span>recepita <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>l\u20198 <span class=\"_ _5\"></span>novembre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>D. <span class=\"_ _5\"></span>Lgs. <span class=\"_ _5\"></span>n.193, <span class=\"_ _2\"></span>entrato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>vigore <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>1\u00b0 <span class=\"_ _5\"></span>dicembre 2021), le prassi internazionali e<span class=\"_ _0\"></span>d in coerenza<span class=\"_ _3\"></span> sia con il Risk Appetite Framewor<span class=\"_ _0\"></span>k di Gruppo sia con il modello di gestione delle<span class=\"_ _0\"></span> crisi adottato dalla B<span class=\"_ _0\"></span>anca. Annualmente, nell\u2019ambito del processo d<span class=\"_ _3\"></span>i assegnazione degli obiettivi di <span class=\"_ _3\"></span>budget viene svolta una <span class=\"_ _3\"></span>verifica di <span class=\"_ _3\"></span>compatibilit\u00e0 de<span class=\"_ _5\"></span><span class=\"ff1\">lle </span>proiezioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>consolidato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>singola <span class=\"_ _4\"></span>partecipata. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>dinamiche <span class=\"_ _4\"></span>attese <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>aggregati <span class=\"_ _6\"></span>patrimoniali <span class=\"_ _4\"></span>ed economici, se<span class=\"_ _3\"></span> necessario, <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>in questa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fase vengono <span class=\"_ _3\"></span>identificate le <span class=\"_ _3\"></span>opportune a<span class=\"_ _3\"></span>zioni di <span class=\"_ _3\"></span>\u201ccapital <span class=\"_ _3\"></span>management\u201d per<span class=\"_ _3\"></span> assicurare alle singole unit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span><span class=\"ff4\">business le risorse finanziarie necessarie. Trimestralmente, viene effettuata un\u2019attivit\u00e0 di <span class=\"_ _3\"></span>monitoraggio del </span>rispetto dei livelli di p<span class=\"_ _0\"></span>atrimonializzazione, <span class=\"_ _0\"></span>intervenendo, quan<span class=\"_ _0\"></span>do necessario, con appro<span class=\"_ _0\"></span>priate azioni.<span class=\"_ _3\"></span> Il rispetto dell\u2019adegu<span class=\"_ _0\"></span>atezza patrimoniale <span class=\"ff1\">viene perseguito a<span class=\"_ _0\"></span>ttraverso varie le<span class=\"_ _0\"></span>ve, quali la politica <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i distribuzione dei<span class=\"_ _0\"></span> dividendi, la </span>definizione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>operazioni <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>finanza <span class=\"_ _1d\"> </span>strategica <span class=\"_ _1d\"> </span>(aumenti <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>capitale, <span class=\"_ _1d\"> </span>emissione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>prestiti <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>onvertibili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>o<span class=\"_ _3\"></span>bbligazion<span class=\"_ _0\"></span>i subordinate, <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ismissione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>non<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>strategiche, <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>cc.) <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>ges<span class=\"_ _3\"></span>tione <span class=\"_ _6\"></span>degli <span class=\"_ _7\"> </span>investime<span class=\"_ _0\"></span>nti, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>particolare <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>impieghi, <span class=\"_ _4\"> </span>in funzione della risc<span class=\"_ _0\"></span>hiosit\u00e0 delle contr<span class=\"_ _0\"></span>oparti. <span class=\"_ _3\"></span> Ulteriori <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>preventivo <span class=\"_ _4\"> </span>dell\u2019adeguate<span class=\"_ _0\"></span>zza <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _6\"> </span>ven<span class=\"_ _3\"></span>gono <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>occasione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>operazion<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _4\"> </span>di </span>carattere straordinario <span class=\"_ _0\"></span>(fusioni, acquisizioni<span class=\"_ _0\"></span>, cessioni, ecc.) sia i<span class=\"_ _0\"></span>nterne al gruppo che mo<span class=\"_ _0\"></span>dificative del perime<span class=\"_ _0\"></span>tro dello st<span class=\"_ _2\"></span>esso.  A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Supervisory <span class=\"_ _4\"> </span>Review <span class=\"_ _4\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Evaluation <span class=\"_ _4\"> </span>Process <span class=\"_ _4\"> </span>(SREP), <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>BCE <span class=\"_ _4\"> </span>fornisce <span class=\"_ _7\"> </span>annualmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>del re<span class=\"ls0\">quisito patrimo<span class=\"_ _0\"></span>niale che Intesa Sanpaol<span class=\"_ _0\"></span>o deve rispettare <span class=\"_ _0\"></span>a livello consolidat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </span>Il <span class=\"_ _16\"> </span>3 <span class=\"_ _16\"> </span>febbraio <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _7\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>reso <span class=\"_ _16\"> </span>noto <span class=\"_ _7\"> </span>di  av<span class=\"_ _0\"></span>er <span class=\"_ _16\"> </span>ricevuto <span class=\"_ _7\"> </span>la  decis<span class=\"_ _0\"></span>ione <span class=\"_ _16\"> </span>finale <span class=\"_ _7\"> </span>della  BCE<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>riguardante <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>requisit<span class=\"_ _0\"></span>o patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 ma<span class=\"_ _0\"></span>rzo 2022.  Il requisito patrimoni<span class=\"_ _0\"></span>ale da rispettare compl<span class=\"_ _0\"></span>essivamente in termin<span class=\"_ _0\"></span>i di Common Equity Ti<span class=\"_ _0\"></span>er 1 ratio risulta pari a <span class=\"_ _0\"></span>8,95%. <span class=\"_ _2\"></span> A determinare tale r<span class=\"_ _0\"></span>equisito concorrono:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>9,79%, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _6\"></span></span>minimo <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u20198% <span class=\"_ _2\"></span>nel cui <span class=\"_ _3\"></span>ambito <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>4,5% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>CET1, <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>requisito <span class=\"_ _3\"></span>aggiuntivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u20191,79%, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>ambito <span class=\"_ _3\"></span>l\u20191,01% <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E a decorrere dal 12 marzo 202<span class=\"_ _0\"></span>0<span class=\"_ _90\"> </span>115<span class=\"_ _90\"> </span>; \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ls11\">i r</span>equisiti aggiunt<span class=\"_ _0\"></span>ivi, interamente in<span class=\"_ _0\"></span> termini di Common Equ<span class=\"_ _0\"></span>ity Tier 1 ratio, rel<span class=\"_ _0\"></span>ativi a:<span class=\"_ _3\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>riserva di capitale <span class=\"_ _0\"></span>anticiclica (Countercyc<span class=\"_ _0\"></span>l<span class=\"_ _3\"></span>ical Capital Buffer), p<span class=\"_ _0\"></span>ari allo 0,19%<span class=\"_ _90\"> </span></span>116<span class=\"_ _90\"> </span>. A  partire  dal  30  settembre<span class=\"_ _0\"></span>  2019,  il  Gruppo  Intesa  S<span class=\"_ _0\"></span>anpaolo,  a  seguito  dell\u2019aut<span class=\"_ _0\"></span>orizzazione  ricevuta  d<span class=\"_ _0\"></span>a  BCE,  calcola  i coefficienti <span class=\"_ _20\"> </span>patrimoniali <span class=\"_ _23\"> </span>applicando <span class=\"_ _20\"> </span>il <span class=\"_ _23\"> </span>cosiddetto <span class=\"_ _20\"> </span>Danish <span class=\"_ _23\"> </span>Compromise <span class=\"_ _20\"> </span>per <span class=\"_ _23\"> </span>cui <span class=\"_ _23\"> </span>gli <span class=\"_ _23\"> </span>investimenti <span class=\"_ _20\"> </span>ass<span class=\"_ _2\"></span>icurativi, <span class=\"_ _23\"> </span>detenuti<span class=\"_ _0\"></span> indirettamente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>Vita, <span class=\"_ _5\"></span>vengono <span class=\"_ _5\"></span>trattati <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>attivi <span class=\"_ _5\"></span>ponderati <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nzich\u00e9 <span class=\"_ _2\"></span>dedotti <span class=\"_ _7\"> </span>dal capitale. 115 La modifica prev<span class=\"_ _3\"></span>ede che il requisit<span class=\"_ _3\"></span>o di Pillar 2 venga ris<span class=\"_ _3\"></span>pettato utilizza<span class=\"_ _3\"></span>ndo parzia<span class=\"_ _3\"></span>lmente st<span class=\"_ _3\"></span>rumenti di capital<span class=\"_ _3\"></span>e diversi dal Comm<span class=\"_ _3\"></span>on Equity Tier <span class=\"_ _3\"></span>1. 116 <span class=\"_ _6\"></span><span class=\"ff4 fs4\">Countercyclical <span class=\"_ _6\"> </span>Capi<span class=\"_ _3\"></span>tal <span class=\"_ _5\"> </span>B<span class=\"_ _3\"></span>uffer <span class=\"_ _6\"> </span>calcol<span class=\"_ _3\"></span>ato <span class=\"_ _6\"> </span>consideran<span class=\"_ _3\"></span>do <span class=\"_ _5\"> </span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"> </span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>nei <span class=\"_ _6\"> </span>va<span class=\"_ _3\"></span>ri <span class=\"_ _6\"> </span>Paesi <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>presente <span class=\"_ _5\"> </span>il <span class=\"_ _4\"> </span>G<span class=\"_ _3\"></span><span class=\"ff1\">ruppo <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>i <span class=\"_ _6\"> </span>rispet<span class=\"_ _3\"></span>tivi </span></span>requisiti stabiliti <span class=\"_ _3\"></span>dalle com<span class=\"_ _3\"></span>petenti aut<span class=\"_ _3\"></span>orit\u00e0 <span class=\"_ _3\"></span>nazionali rel<span class=\"_ _3\"></span>ativi al 2<span class=\"_ _3\"></span>024 se dis<span class=\"_ _3\"></span>ponibili <span class=\"_ _3\"></span>o al pi\u00f9 <span class=\"_ _3\"></span>recente aggi<span class=\"_ _3\"></span>ornamento d<span class=\"_ _3\"></span>el pe<span class=\"_ _3\"></span>riodo di rif<span class=\"_ _3\"></span>erimento (re<span class=\"_ _3\"></span>quisito pari <span class=\"_ _3\"></span>a zero per l\u2019Italia per il <span class=\"_ _3\"></span>2022 e per il<span class=\"_ _3\"></span> primo trimestre 20<span class=\"_ _3\"></span>23).<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Come gi\u00e0 r<span class=\"_ _3\"></span>iportato nella Parte E, rispetto al <span class=\"_ _3\"></span>31 dicembre 2021, <span class=\"_ _3\"></span>per quanto riguarda l\u2019ambito d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span><span class=\"ff1\">applicazione dei modelli <span class=\"_ _3\"></span>interni<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">relativi <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>creditizi, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>segnala <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>recepimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>autorizzativo <span class=\"_ _5\"></span>BCE <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo, <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>regolamentar<span class=\"_ _5\"></span><span class=\"ff1\">i, <span class=\"_ _5\"></span>dei </span></div><div class=\"t m0 x0 h2 y15ef ff1 fs0 fc0 sc0 ls0 ws0\">nuovi modelli Retail a <span class=\"_ _0\"></span>partire da settembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span>modelli Institutio<span class=\"_ _0\"></span>ns e SME Retail, a par<span class=\"_ _0\"></span>ti<span class=\"_ _3\"></span>re da giugno 202<span class=\"_ _0\"></span>1. </div><div class=\"t m0 x0 h2 y18e7 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>riguarda <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controparte, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>bancario <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>migliorato <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>misurazione <span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>il <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y18e8 ff4 fs0 fc0 sc0 ls0 ws0\">affinando <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>st<span class=\"_ _3\"></span>rumenti <span class=\"_ _6\"></span>richiesti <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>\u201cBasilea <span class=\"_ _6\"> </span>3\u201d. <span class=\"_ _4\"> </span>Ai <span class=\"_ _6\"> </span>fini <span class=\"_ _6\"> </span>segnaletici <span class=\"_ _4\"> </span>Capogrup<span class=\"_ _0\"></span>po <span class=\"_ _6\"> </span>\u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>autorizzata <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla </span></div><div class=\"t m0 x0 h2 yb35 ff1 fs0 fc0 sc0 ls0 ws0\">segnalazione del <span class=\"_ _3\"></span>requisito a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>controparte sia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>derivati che <span class=\"_ _3\"></span>SFT (Securities Fin<span class=\"_ _3\"></span>ancing Transactions, os<span class=\"_ _5\"></span>sia </div><div class=\"t m0 x0 h2 y125f ff1 fs0 fc0 sc0 ls0 ws0\">repo, <span class=\"_ _3\"></span>pronti <span class=\"_ _2\"></span>contro <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>security <span class=\"_ _3\"></span>lending) <span class=\"_ _2\"></span>tramite <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>interni. <span class=\"_ _3\"></span>Ta<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>autorizzazio<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>ottenuta </div><div class=\"t m0 x0 h2 y155c ff1 fs0 fc0 sc0 ls0 ws0\">per i derivati a partir<span class=\"_ _0\"></span>e dal primo trimestre d<span class=\"_ _0\"></span>el 2014, per gli SFT<span class=\"_ _0\"></span> a partire dalla segnala<span class=\"_ _0\"></span>zione del 31 dicembr<span class=\"_ _0\"></span>e 2016. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y18e9 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _2\"></span>fin<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>gestionali <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>metodologie <span class=\"_ _2\"></span>avanzate <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>misurazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>implementate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _2\"></span>OTC <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Capogru<span class=\"_ _2\"></span>ppo <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y18ea ff1 fs0 fc0 sc0 ls0 ws0\">partire dal 2010 e <span class=\"_ _0\"></span>successivamente estese n<span class=\"_ _0\"></span>el corso del 2015 all<span class=\"_ _0\"></span>e Securities Financing T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansactions.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ye3e ff1 fs0 fc0 sc0 ls0 ws0\">Rispetto al 31 dicembre 2021 si se<span class=\"_ _3\"></span>gnala che, a partire dal secondo trimestre 2022, sono state riviste le regole di ammissibil<span class=\"_ _5\"></span>it\u00e0 </div><div class=\"t m0 x0 h2 y1516 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>i titoli <span class=\"_ _3\"></span>presi a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">garanzia nell\u2019ambito di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>SFT, alla <span class=\"_ _3\"></span>luce di <span class=\"_ _3\"></span>quanto previsto dall\u2019art. <span class=\"_ _3\"></span>271.2 <span class=\"_ _3\"></span>CRR. Al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>mantenere </span></div><div class=\"t m0 x0 h2 y68a ff1 fs0 fc0 sc0 ls0 ws0\">un ade<span class=\"_ _3\"></span>guato livello d<span class=\"_ _3\"></span>i controllo <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>materialit\u00e0 di <span class=\"_ _3\"></span>operazioni precedentemente considerate a <span class=\"_ _3\"></span>rischio p<span class=\"_ _3\"></span>ieno, \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>istitui<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>un </div><div class=\"t m0 x0 h2 y1216 ff1 fs0 fc0 sc0 ls0 ws0\">limite di concentrazione su garanzie che p<span class=\"_ _3\"></span>resentino ridotti livelli di liquidit\u00e0 o merito di <span class=\"_ _3\"></span>credito. \u00c8 stato inoltre definito un nuovo </div><div class=\"t m0 x0 h2 y18eb ff1 fs0 fc0 sc0 ls0 ws0\">processo  di  valutazio<span class=\"_ _0\"></span>ne  per  garanzi<span class=\"_ _0\"></span>e  costituite  da  tran<span class=\"_ _0\"></span>che  senior  di  cartol<span class=\"_ _0\"></span>arizzazioni,  al  fi<span class=\"_ _0\"></span>ne  di  renderle <span class=\"_ _16\"> </span>ammissibili  a </div><div class=\"t m0 x0 h2 y28c ff1 fs0 fc0 sc0 ls0 ws0\">mitigazione di esposizioni <span class=\"_ _0\"></span>derivanti da SFT. </div><div class=\"t m0 x0 h2 y19a ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _6\"></span>partire <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>quarto <span class=\"_ _6\"></span>trimestre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>risposta <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>richiesta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>BCE, <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivato <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>processo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>esc<span class=\"_ _3\"></span>lusione <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>modello </div><div class=\"t m0 x0 h2 ybd2 ff1 fs0 fc0 sc0 ls0 ws0\">interno <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>transazioni <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispettino, in <span class=\"_ _2\"></span>termini d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>valutazione, <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>fra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y722 ff1 fs0 fc0 sc0 ls0 ws0\">di rischio e quelli di f<span class=\"_ _0\"></span>ront office. </div><div class=\"t m0 x0 h2 y218 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 ye63 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>rischi <span class=\"_ _5\"></span>operativi, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>ottenuto <span class=\"_ _6\"></span>l\u2019autorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019utilizzo <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Metodo <span class=\"_ _5\"></span>Avanzato <span class=\"_ _5\"></span>AMA <span class=\"_ _6\"></span>(modello </div><div class=\"t m0 x0 h2 y9fc ff1 fs0 fc0 sc0 ls0 ws0\">interno)  per  la<span class=\"_ _3\"></span>  determinazione  del <span class=\"_ _1d\"> </span>relativo <span class=\"_ _1d\"> </span>requisito  patrimoniale  a  partire  dalla  s<span class=\"_ _3\"></span>egnalazione  al  31<span class=\"_ _2\"></span> dicembre 2009.  Al </div><div class=\"t m0 x0 h2 ye65 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>perimetro relativo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato \u00e8 <span class=\"_ _3\"></span>costituito da <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa Sanpaolo (<span class=\"_ _3\"></span>incluse le <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Societ\u00e0 in </span></div><div class=\"t m0 x0 h2 yd3e ff1 fs0 fc0 sc0 ls0 ws0\">essa <span class=\"_ _2\"></span>incorporate) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Divisioni <span class=\"_ _3\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Asset <span class=\"_ _2\"></span>Management, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Banka <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 ye66 ff1 fs0 fc0 sc0 ls0 ws0\">Privredna Banka Zagr<span class=\"_ _0\"></span>eb. </div><div class=\"t m0 x0 h2 ye67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye68 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>15 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>reso <span class=\"_ _4\"> </span>noto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ver <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>decisione <span class=\"_ _4\"> </span>finale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>BCE <span class=\"_ _4\"></span>riguardante <span class=\"_ _4\"></span>il <span class=\"_ _4\"> </span>requisito </div><div class=\"t m0 x0 h2 y1a6 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale da rispett<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re a partire dal 1\u00b0 gennaio 2023.  </div><div class=\"t m0 x0 h2 y8c7 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>rispettare <span class=\"_ _6\"></span>complessivamente <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>termini <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Common <span class=\"_ _4\"></span>Equity <span class=\"_ _4\"></span>Tier <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>ratio <span class=\"_ _4\"></span>risulta <span class=\"_ _16\"> </span>attualmente <span class=\"_ _4\"></span>pari </div><div class=\"t m0 x0 h2 ye6a ff4 fs0 fc0 sc0 ls0 ws0\">all\u20198,91%.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1688 ff1 fs0 fc0 sc0 ls0 ws0\">A determinare tale r<span class=\"_ _0\"></span>equisito concorrono: </div><div class=\"t m0 x0 h2 ycf1 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>SREP <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Total <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>pari <span class=\"_ _6\"></span></span>a <span class=\"_ _2\"></span>9,72%, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>requisito <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u20198% <span class=\"_ _3\"></span>nel </div><div class=\"t m0 x2a h2 yee6 ff4 fs0 fc0 sc0 ls0 ws0\">cui ambito <span class=\"_ _3\"></span>il 4,5% <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>CET1, e <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>requisito aggiuntivo di <span class=\"_ _3\"></span>Pillar 2 <span class=\"_ _3\"></span>dell\u20191,72%, nel <span class=\"_ _3\"></span>cui a<span class=\"_ _3\"></span>mbito lo <span class=\"_ _3\"></span>0,97% in <span class=\"_ _3\"></span>termini d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x2a h2 yc2f ff1 fs0 fc0 sc0 ls0 ws0\">CET1 applicando la m<span class=\"_ _0\"></span>odifica regolam<span class=\"_ _0\"></span>entare introdotta dalla BC<span class=\"_ _35\"></span>E<span class=\"_ _2\"></span> a decorrere dal 12 marz<span class=\"_ _0\"></span>o 2020; </div><div class=\"t m0 x0 h2 y1183 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span> requisiti aggiuntiv<span class=\"_ _0\"></span>i, interamente in termi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i di Common Equit<span class=\"_ _0\"></span>y Tier 1 ratio, relat<span class=\"_ _0\"></span>ivi a:<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x2a h2 y29b ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Capital Conservation<span class=\"_ _0\"></span> Buffer, pari al 2,5%<span class=\"_ _0\"></span>; </span></div><div class=\"t m0 x2a h2 y831 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>O-SII Buffer (Other Sy<span class=\"_ _0\"></span>stemically Important Insti<span class=\"_ _0\"></span>tutions Buffer), p<span class=\"_ _0\"></span>ari allo 0,75%; </span></div><div class=\"t m0 x2a h2 ya26 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>riserva di capitale anticiclica (Co<span class=\"_ _0\"></span>untercyclical Capital B<span class=\"_ _0\"></span>uffer), pari allo 0,19%<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x7b h33 y18ec ff1 fs11 fc0 sc0 ls1a ws0\">117<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x18e h2 ya26 ff1 fs0 fc0 sc0 ls0 ws0\">. </div><div class=\"t m0 x0 h2 y565 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y1358 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>partire <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>preso <span class=\"_ _7\"> </span>avvio <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _7\"> </span>transitorio, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>oncluder\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019ultima <span class=\"_ _7\"> </span>reporting <span class=\"_ _7\"> </span>date <span class=\"_ _7\"> </span>al </div><div class=\"t m0 x0 h2 y18ed ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>mitigar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>atrimoni<span class=\"_ _3\"></span><span class=\"ff4\">ali <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>all\u2019introduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9. <span class=\"_ _2\"></span>Intesa </span></span></div><div class=\"t m0 x0 h32 y18ee ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, <span class=\"_ _2\"></span>infatti, <span class=\"_ _2\"></span>avvalendosi <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>facolt\u00e0 <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _2\"></span>UE <span class=\"_ _5\"></span>2395/2017, <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>optato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019adozione <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019approccio </div><div class=\"t m0 x0 h2 y2c5 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cstatico\u201d <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>consente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>terilizzare <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>CET1 <span class=\"_ _2\"></span>una<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span></span>quota <span class=\"_ _3\"></span>progressivamente <span class=\"_ _3\"></span>decrescente <span class=\"_ _2\"></span>dell\u2019impatto <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>relativo </div><div class=\"t m0 x0 h2 y18ef ff4 fs0 fc0 sc0 ls0 ws0\">alla sola componente di FTA rel<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiva all\u2019impairm<span class=\"_ _0\"></span>ent. In particolare, la risult<span class=\"_ _0\"></span>ante dal confronto tra l<span class=\"_ _0\"></span>e rettifiche di valore <span class=\"_ _2\"></span><span class=\"ff1\">IAS 39 al </span></div><div class=\"t m0 x0 h2 y114 ff4 fs0 fc0 sc0 ls0 ws0\">31 dicembre 2017 e<span class=\"_ _3\"></span> quelle IFRS 9 <span class=\"_ _3\"></span>all\u20191 gennaio 2018 <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"ls24\">re</span>lativo ai crediti e<span class=\"_ _3\"></span> titoli in bonis <span class=\"_ _3\"></span>(stage 1 e<span class=\"_ _3\"></span> 2) ed<span class=\"_ _3\"></span> alle rettifiche su <span class=\"_ _3\"></span>NPL </span></div><div class=\"t m0 x0 h2 y107a ff4 fs0 fc0 sc0 ls0 ws0\">(stage 3) <span class=\"_ _3\"></span>al netto <span class=\"_ _3\"></span>della fiscalit\u00e0 e <span class=\"_ _3\"></span>azzerata l\u2019eventuale shortfall in <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>viene re-inclusa <span class=\"_ _3\"></span>nel patrimonio secondo percentuali </span></div><div class=\"t m0 x0 h2 y107b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _7\"> </span>phase-in <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>70% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2020, <span class=\"_ _7\"> </span>50<span class=\"_ _3\"></span>% <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">infine <span class=\"_ _7\"> </span>25% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2022. <span class=\"_ _16\"> </span>Nell\u2019ambit<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>legato <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>pandemia <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y107c ff1 fs0 fc0 sc0 ls0 ws0\">COVID-<span class=\"ff4\">19, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _3\"></span>pubblicato, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>iter <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pprovativo <span class=\"_ _3\"></span>accelerato <span class=\"_ _2\"></span>(c.d. <span class=\"_ _3\"></span>\u201cquick <span class=\"_ _2\"></span>fix\u201d), <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>(UE) <span class=\"_ _2\"></span>2020/873 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>24 <span class=\"_ _5\"></span>giugno<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y107d ff1 fs0 fc0 sc0 ls0 ws0\">2020, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>modifica <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>regolamenti <span class=\"_ _2\"></span>(UE) <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>575/2013 <span class=\"_ _2\"></span>(CRR) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>(UE)<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>2019/876 <span class=\"_ _2\"></span>(CRR <span class=\"_ _2\"></span>2), <span class=\"_ _2\"></span>contenente <span class=\"_ _3\"></span>disposizioni <span class=\"_ _2\"></span>temporanee <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 yc96 ff1 fs0 fc0 sc0 ls0 ws0\">sostegno in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>apitale e <span class=\"_ _3\"></span>liquidit\u00e0. <span class=\"_ _3\"></span>Tra le <span class=\"_ _3\"></span>disposizioni contenute n<span class=\"_ _3\"></span>el Regolamento <span class=\"_ _3\"></span>(UE) 2020/873 <span class=\"_ _3\"></span>inerenti al <span class=\"_ _3\"></span>calcolo <span class=\"_ _6\"></span>dei </div><div class=\"t m0 x0 h2 yab3 ff1 fs0 fc0 sc0 ls0 ws0\">fondi <span class=\"_ _6\"></span>propri, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>avvalersi, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>30<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2020, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>modifiche <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>regime </div><div class=\"t m0 x0 h2 yab4 ff4 fs0 fc0 sc0 ls0 ws0\">transitorio per <span class=\"_ _3\"></span>l\u2019applicazione dell\u2019IFRS 9 <span class=\"_ _3\"></span>(art. <span class=\"_ _3\"></span>473 b<span class=\"_ _3\"></span>is CRR), <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>reintroduzione temporanea del <span class=\"_ _3\"></span>filtro prudenziale v<span class=\"_ _3\"></span>olt<span class=\"_ _5\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>ad </span></div><div class=\"t m0 x0 h2 yab5 ff1 fs0 fc0 sc0 ls0 ws0\">escludere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>tili <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>realizzati <span class=\"_ _5\"></span>misurati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>valore <span class=\"_ _3\"></span>equo <span class=\"_ _5\"></span>co<span class=\"_ _2\"></span>n <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessiva <span class=\"_ _2\"></span>(FVOCI) <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le </div><div class=\"t m0 x0 h2 y8c3 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni verso le <span class=\"_ _0\"></span>amministrazioni centrali <span class=\"_ _0\"></span>e organismi del sett<span class=\"_ _0\"></span>ore pubblico (art.4<span class=\"_ _0\"></span>68 CRR). <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y449 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _4\"></span>sin <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2020, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>applica <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"></span>Delegato <span class=\"_ _6\"></span>(UE)  2020/21<span class=\"_ _0\"></span>76, <span class=\"_ _4\"> </span>entrato <span class=\"_ _4\"></span>in </div><div class=\"t m0 x0 h2 y15f7 ff1 fs0 fc0 sc0 ls0 ws0\">vigore <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>23 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>020, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>modifica <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Regolamento <span class=\"_ _4\"></span>deleg<span class=\"_ _0\"></span>ato <span class=\"_ _4\"></span>(UE) <span class=\"_ _6\"></span>241/2014 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>riguarda <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>deduzione <span class=\"_ _6\"></span>delle </div><div class=\"t m0 x0 h2 y15f8 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>software <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>elementi <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>primario <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>classe <span class=\"_ _6\"></span>1. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>Regolame<span class=\"_ _0\"></span>nto, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>scopo <span class=\"_ _6\"></span>\u00e8, <span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>ra <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>altri, </div><div class=\"t m0 x0 h2 y837 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>sostenere <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>transizione <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>settore <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span>gitalizzato<span class=\"_ _0\"></span>, <span class=\"_ _4\"> </span>introduce <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>criterio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ammortamento </div><div class=\"t m0 x0 h2 y1c5 ff1 fs0 fc0 sc0 ls0 ws0\">prudenziale <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>oftware <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>3 <span class=\"_ _6\"></span>anni, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>vit<span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>tile </div><div class=\"t m0 x0 h2 y23a ff1 fs0 fc0 sc0 ls0 ws0\">stimata <span class=\"_ _20\"> </span>a <span class=\"_ _23\"> </span>fini <span class=\"_ _23\"> </span>contabili. <span class=\"_ _20\"> </span>Nello <span class=\"_ _20\"> </span>specifico, <span class=\"_ _23\"> </span>la <span class=\"_ _20\"> </span>differenza, <span class=\"_ _20\"> </span>se <span class=\"_ _23\"> </span>positiva, <span class=\"_ _20\"> </span>tra <span class=\"_ _23\"> </span>l'ammortamento <span class=\"_ _20\"> </span>accumulato <span class=\"_ _20\"> </span>prudenziale <span class=\"_ _20\"> </span>e </div><div class=\"t m0 x0 h2 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">l'ammortamento accum<span class=\"_ _0\"></span>ulato contabil<span class=\"_ _0\"></span>e (incluse le perdite <span class=\"_ _0\"></span>di valore durevoli) vi<span class=\"_ _0\"></span>ene completament<span class=\"_ _0\"></span>e dedotta dal capit<span class=\"_ _0\"></span>ale CET1.<span class=\"_ _2\"></span><span class=\"fc5\"> <span class=\"_ _9\"> </span> </span></div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x0 h2d y373 ff1 fsf fc0 sc0 ls1c ws0\">117</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.62854px;\"><div class=\"t m0 x16d hb y18d ff1 fs4 fc0 sc0 ls0 ws0\"> Cfr. nota preceden<span class=\"_ _3\"></span>te.<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-275.8391px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">B. Informazioni di natur<span class=\"_ _0\"></span>a quantitativa </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">B.1. Patrimonio contabil<span class=\"_ _0\"></span>e consolidato: ripartizione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per tipologia di imp<span class=\"_ _0\"></span>resa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3b7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w5f5 h42\" style=\"left:505.88763px; bottom:671.5229px;\"><div class=\"t m0 xa5 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:655.9229px;\"><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls29 ws0\">Voci del patrimonio netto<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h7f\" style=\"left:248.73462px; bottom:613.0229px;\"><div class=\"t m0 xab h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Consolidato </div><div class=\"t m0 x8 h8d y840 ff5 fse fc2 sc0 ls2b ws0\">prudenziale<span class=\"ls0\"> </span></div></div><div class=\"c w25b h7f\" style=\"left:307.70264px; bottom:613.0229px;\"><div class=\"t m0 x96 h8d ya6b ff5 fse fc2 sc0 ls27 ws0\">Imprese<span class=\"ls0\"> </span></div><div class=\"t m0 x9c h8d y840 ff5 fse fc2 sc0 ls2b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 xab h8d yac6 ff5 fse fc2 sc0 ls28 ws0\">assicurazione<span class=\"ls0\"> </span></div></div><div class=\"c w9b h7f\" style=\"left:374.4966px; bottom:613.0229px;\"><div class=\"t m0 x86 h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Altre<span class=\"ls0\"> </span></div><div class=\"t m0 xa1 h8d y840 ff5 fse fc2 sc0 ls27 ws0\">imprese<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 h7f\" style=\"left:428.31665px; bottom:613.0229px;\"><div class=\"t m0 xb8 h8d ya6b ff5 fse fc2 sc0 ls29 ws0\">Elisioni e <span class=\"ls0\"> </span></div><div class=\"t m0 xa1 h8d y840 ff5 fse fc2 sc0 ls28 ws0\">aggiustamenti<span class=\"ls0\"> </span></div><div class=\"t m0 x9f h8d yac6 ff5 fse fc2 sc0 ls2b ws0\">da<span class=\"ls0\"> </span></div><div class=\"t m0 xdd h8d y10d6 ff5 fse fc2 sc0 ls28 ws0\">consolidamento<span class=\"ls0\"> </span></div></div><div class=\"c w5f5 h42\" style=\"left:505.88763px; bottom:655.9229px;\"><div class=\"t m0 x13 h8d y118b ff5 fse fc2 sc0 ls27 ws0\">     <span class=\"ls0\">TOTALE </span></div></div><div class=\"c wbd h6b\" style=\"left:566.8836px; bottom:613.0229px;\"><div class=\"t m0 x9a hce y8e8 ffa fse fc2 sc0 ls2b ws0\">di cui<span class=\"ls0\"> </span></div><div class=\"t m0 x96 hce y76c ffa fse fc2 sc0 ls2b ws0\">Terzi<span class=\"ls0\"> </span></div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:597.4229px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">1. Capitale sociale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:597.4229px;\"><div class=\"t m0 x96 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">10.435<span class=\"ls0\"> </span></div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:597.4229px;\"><div class=\"t m0 x104 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:597.4229px;\"><div class=\"t m0 xad h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">102<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:597.4229px;\"><div class=\"t m0 xc9 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:597.4229px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">10.537<span class=\"ls0\"> </span></div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:597.4229px;\"><div class=\"t m0 xad hce y6ff ffa fse fc2 sc0 ls28 ws0\">168<span class=\"ls0\"> </span></div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:581.8229px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">2. Sovrapprezzi di emission<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:581.8229px;\"><div class=\"t m0 x96 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">28.067<span class=\"ls0\"> </span></div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:581.8229px;\"><div class=\"t m0 x104 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:581.8229px;\"><div class=\"t m0 xd h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:581.8229px;\"><div class=\"t m0 xc9 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:581.8229px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">28.068<span class=\"ls0\"> </span></div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:581.8229px;\"><div class=\"t m0 x99 hce y6ff ffa fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:566.2229px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">3. Riserve<span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:566.2229px;\"><div class=\"t m0 x96 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">15.982<span class=\"ls0\"> </span></div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:566.2229px;\"><div class=\"t m0 x9c h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:566.2229px;\"><div class=\"t m0 xd1 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">784</span> </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:566.2229px;\"><div class=\"t m0 x49 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">715<span class=\"ls0\"> </span></div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:566.2229px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">15.911<span class=\"ls0\"> </span></div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:566.2229px;\"><div class=\"t m0 x99 hce y6ff ffa fse fc2 sc0 ls28 ws0\">84<span class=\"ls0\"> </span></div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:550.62286px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">3.5 (Acconti su dividendi)<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:550.62286px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.400</span> </div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:550.62286px;\"><div class=\"t m0 x104 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:550.62286px;\"><div class=\"t m0 x48 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:550.62286px;\"><div class=\"t m0 xc9 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:550.62286px;\"><div class=\"t m0 xd1 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.400</span> </div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:550.62286px;\"><div class=\"t m0 x48 hce y6ff ffa fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:535.0229px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">4. Strumenti di capitale<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:535.0229px;\"><div class=\"t m0 x13 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">7.211<span class=\"ls0\"> </span></div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:535.0229px;\"><div class=\"t m0 x104 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:535.0229px;\"><div class=\"t m0 x48 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:535.0229px;\"><div class=\"t m0 xc9 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:535.0229px;\"><div class=\"t m0 xad h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">7.211<span class=\"ls0\"> </span></div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:535.0229px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:519.4229px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">5. (Azioni proprie)<span class=\"ls0\"> </span></div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:519.4229px;\"><div class=\"t m0 xf h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">124</span> </div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:519.4229px;\"><div class=\"t m0 x9c h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:519.4229px;\"><div class=\"t m0 x48 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:519.4229px;\"><div class=\"t m0 x122 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:519.4229px;\"><div class=\"t m0 x99 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">124</span> </div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:519.4229px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h64\" style=\"left:-4.050377px; bottom:501.95087px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">6. Riserve da valutazione:<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h64\" style=\"left:248.73462px; bottom:501.95087px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">2.761</span> </div></div><div class=\"c w25b h64\" style=\"left:307.70264px; bottom:501.95087px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">696</span> </div></div><div class=\"c w9b h64\" style=\"left:374.4966px; bottom:501.95087px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">140<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 h64\" style=\"left:428.31665px; bottom:501.95087px;\"><div class=\"t m0 x49 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">558<span class=\"ls0\"> </span></div></div><div class=\"c w47 h64\" style=\"left:505.88763px; bottom:501.95087px;\"><div class=\"t m0 xd1 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">2.759</span> </div></div><div class=\"c wbd h64\" style=\"left:566.8836px; bottom:501.95087px;\"><div class=\"t m0 xd1 hce y6e4 ffa fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">124</span> </div></div><div class=\"c w114 h9a\" style=\"left:-4.050377px; bottom:470.7119px;\"><div class=\"t m0 x87 h2c y1786 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls2b\">Titoli di capitale designati al fair value <span class=\"_ _3\"></span>con impatto sulla </span></div><div class=\"t m0 x87 h2c y95e ff1 fse fc2 sc0 ls9 ws0\">redditivit\u00e0 complessiva<span class=\"ls0\"> </span></div></div><div class=\"c w185 h9a\" style=\"left:248.73462px; bottom:470.7119px;\"><div class=\"t m0 xf h2c y95e ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">258</span> </div></div><div class=\"c w25b h9a\" style=\"left:307.70264px; bottom:470.7119px;\"><div class=\"t m0 x104 h2c y95e ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h9a\" style=\"left:374.4966px; bottom:470.7119px;\"><div class=\"t m0 x48 h2c y95e ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h9a\" style=\"left:428.31665px; bottom:470.7119px;\"><div class=\"t m0 xc9 h2c y95e ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h9a\" style=\"left:505.88763px; bottom:470.7119px;\"><div class=\"t m0 x99 h2c y95e ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">258</span> </div></div><div class=\"c wbd h9a\" style=\"left:566.8836px; bottom:470.7119px;\"><div class=\"t m0 x48 h97 y95e ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h7d\" style=\"left:-4.050377px; bottom:439.5119px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls26\">Coperture su titoli di capitale designati al <span class=\"_ _3\"></span>fair value con </span></div><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">impatto sulla redditivit\u00e0 complessiva<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w185 h7d\" style=\"left:248.73462px; bottom:439.5119px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b h7d\" style=\"left:307.70264px; bottom:439.5119px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h7d\" style=\"left:374.4966px; bottom:439.5119px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h7d\" style=\"left:428.31665px; bottom:439.5119px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h7d\" style=\"left:505.88763px; bottom:439.5119px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h7d\" style=\"left:566.8836px; bottom:439.5119px;\"><div class=\"t m0 x48 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h7d\" style=\"left:-4.050377px; bottom:408.3119px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Attivit\u00e0 finanziarie (diverse <span class=\"_ _3\"></span>dai titoli di capitale) valutate <span class=\"_ _3\"></span>al fair </span></div><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">value con impatto sulla redditivit\u00e0 compl<span class=\"_ _3\"></span>essiva  </div></div><div class=\"c w185 h7d\" style=\"left:248.73462px; bottom:408.3119px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.774</span> </div></div><div class=\"c w25b h7d\" style=\"left:307.70264px; bottom:408.3119px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h7d\" style=\"left:374.4966px; bottom:408.3119px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h7d\" style=\"left:428.31665px; bottom:408.3119px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h7d\" style=\"left:505.88763px; bottom:408.3119px;\"><div class=\"t m0 xd1 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.774</span> </div></div><div class=\"c wbd h7d\" style=\"left:566.8836px; bottom:408.3119px;\"><div class=\"t m0 x48 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 hc3\" style=\"left:-4.050377px; bottom:394.58386px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Attivit\u00e0 materiali</span> </div></div><div class=\"c w185 hc3\" style=\"left:248.73462px; bottom:394.58386px;\"><div class=\"t m0 x13 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.738<span class=\"ls0\"> </span></div></div><div class=\"c w25b hc3\" style=\"left:307.70264px; bottom:394.58386px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b hc3\" style=\"left:374.4966px; bottom:394.58386px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 hc3\" style=\"left:428.31665px; bottom:394.58386px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 hc3\" style=\"left:505.88763px; bottom:394.58386px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.769<span class=\"ls0\"> </span></div></div><div class=\"c wbd hc3\" style=\"left:566.8836px; bottom:394.58386px;\"><div class=\"t m0 x99 h97 y6ff ff2 fse fc2 sc0 ls28 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w114 h18\" style=\"left:-4.050377px; bottom:381.0119px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Attivit\u00e0 immateriali<span class=\"_ _3\"></span></span> </div></div><div class=\"c w185 h18\" style=\"left:248.73462px; bottom:381.0119px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b h18\" style=\"left:307.70264px; bottom:381.0119px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h18\" style=\"left:374.4966px; bottom:381.0119px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h18\" style=\"left:428.31665px; bottom:381.0119px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h18\" style=\"left:505.88763px; bottom:381.0119px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd h18\" style=\"left:566.8836px; bottom:381.0119px;\"><div class=\"t m0 x48 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 hc3\" style=\"left:-4.050377px; bottom:367.28387px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls26\">Copertura di </span>investimenti esteri<span class=\"_ _3\"></span> </div></div><div class=\"c w185 hc3\" style=\"left:248.73462px; bottom:367.28387px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">10</span> </div></div><div class=\"c w25b hc3\" style=\"left:307.70264px; bottom:367.28387px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b hc3\" style=\"left:374.4966px; bottom:367.28387px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 hc3\" style=\"left:428.31665px; bottom:367.28387px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 hc3\" style=\"left:505.88763px; bottom:367.28387px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">10</span> </div></div><div class=\"c wbd hc3\" style=\"left:566.8836px; bottom:367.28387px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h18\" style=\"left:-4.050377px; bottom:353.7119px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls26\">Copertura dei flussi finanziari<span class=\"_ _3\"></span></span> </div></div><div class=\"c w185 h18\" style=\"left:248.73462px; bottom:353.7119px;\"><div class=\"t m0 xf h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">466</span> </div></div><div class=\"c w25b h18\" style=\"left:307.70264px; bottom:353.7119px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h18\" style=\"left:374.4966px; bottom:353.7119px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h18\" style=\"left:428.31665px; bottom:353.7119px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h18\" style=\"left:505.88763px; bottom:353.7119px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">466</span> </div></div><div class=\"c wbd h18\" style=\"left:566.8836px; bottom:353.7119px;\"><div class=\"t m0 x48 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 hc3\" style=\"left:-4.050377px; bottom:339.9839px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Strumenti di copertura (ele<span class=\"_ _3\"></span>menti non designati)<span class=\"_ _3\"></span></span> </div></div><div class=\"c w185 hc3\" style=\"left:248.73462px; bottom:339.9839px;\"><div class=\"t m0 xa5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b hc3\" style=\"left:307.70264px; bottom:339.9839px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b hc3\" style=\"left:374.4966px; bottom:339.9839px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 hc3\" style=\"left:428.31665px; bottom:339.9839px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 hc3\" style=\"left:505.88763px; bottom:339.9839px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd hc3\" style=\"left:566.8836px; bottom:339.9839px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h18\" style=\"left:-4.050377px; bottom:326.41187px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls26\">Differenze di cambio</span> </div></div><div class=\"c w185 h18\" style=\"left:248.73462px; bottom:326.41187px;\"><div class=\"t m0 x86 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.463</span> </div></div><div class=\"c w25b h18\" style=\"left:307.70264px; bottom:326.41187px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h18\" style=\"left:374.4966px; bottom:326.41187px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 h18\" style=\"left:428.31665px; bottom:326.41187px;\"><div class=\"t m0 x122 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w47 h18\" style=\"left:505.88763px; bottom:326.41187px;\"><div class=\"t m0 xd1 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.387</span> </div></div><div class=\"c wbd h18\" style=\"left:566.8836px; bottom:326.41187px;\"><div class=\"t m0 xd1 h97 y6e4 ff2 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">140</span> </div></div><div class=\"c w114 hc3\" style=\"left:-4.050377px; bottom:312.6839px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Attivit\u00e0 non correnti e grup<span class=\"_ _3\"></span>pi di attivit\u00e0 in <span class=\"_ _3\"></span></span>via di dismissione<span class=\"_ _3\"></span> </div></div><div class=\"c w185 hc3\" style=\"left:248.73462px; bottom:312.6839px;\"><div class=\"t m0 xa5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b hc3\" style=\"left:307.70264px; bottom:312.6839px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b hc3\" style=\"left:374.4966px; bottom:312.6839px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 hc3\" style=\"left:428.31665px; bottom:312.6839px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 hc3\" style=\"left:505.88763px; bottom:312.6839px;\"><div class=\"t m0 xd5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbd hc3\" style=\"left:566.8836px; bottom:312.6839px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h7d\" style=\"left:-4.050377px; bottom:281.4839px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Passivit\u00e0 finanziarie design<span class=\"_ _3\"></span>ate al fair value con impatto <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">conto economico (variazioni del proprio<span class=\"_ _3\"></span> merito creditizio) <span class=\"_ _3\"></span> </div></div><div class=\"c w185 h7d\" style=\"left:248.73462px; bottom:281.4839px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">45</span> </div></div><div class=\"c w25b h7d\" style=\"left:307.70264px; bottom:281.4839px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h7d\" style=\"left:374.4966px; bottom:281.4839px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h7d\" style=\"left:428.31665px; bottom:281.4839px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h7d\" style=\"left:505.88763px; bottom:281.4839px;\"><div class=\"t m0 xb h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">45</span> </div></div><div class=\"c wbd h7d\" style=\"left:566.8836px; bottom:281.4839px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h7d\" style=\"left:-4.050377px; bottom:250.28387px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls26\">Utili (perdite) attuariali relativi a piani pre<span class=\"_ _3\"></span>videnziali a benefici </span></div><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">definiti<span class=\"ls0\"> </span></div></div><div class=\"c w185 h7d\" style=\"left:248.73462px; bottom:250.28387px;\"><div class=\"t m0 xf h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">242</span> </div></div><div class=\"c w25b h7d\" style=\"left:307.70264px; bottom:250.28387px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h7d\" style=\"left:374.4966px; bottom:250.28387px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h7d\" style=\"left:428.31665px; bottom:250.28387px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h7d\" style=\"left:505.88763px; bottom:250.28387px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">242</span> </div></div><div class=\"c wbd h7d\" style=\"left:566.8836px; bottom:250.28387px;\"><div class=\"t m0 x98 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w114 h9a\" style=\"left:-4.050377px; bottom:219.05789px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Quote <span class=\"ls28\">delle riserve da valu<span class=\"_ _3\"></span>tazione delle partecipazi<span class=\"_ _3\"></span>oni </span></span></div><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">valutate a patrimonio netto </div></div><div class=\"c w185 h9a\" style=\"left:248.73462px; bottom:219.05789px;\"><div class=\"t m0 xf h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">552</span> </div></div><div class=\"c w25b h9a\" style=\"left:307.70264px; bottom:219.05789px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h9a\" style=\"left:374.4966px; bottom:219.05789px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w5f4 h9a\" style=\"left:428.31665px; bottom:219.05789px;\"><div class=\"t m0 x49 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">550<span class=\"ls0\"> </span></div></div><div class=\"c w47 h9a\" style=\"left:505.88763px; bottom:219.05789px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c wbd h9a\" style=\"left:566.8836px; bottom:219.05789px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h42\" style=\"left:-4.050377px; bottom:203.45789px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls28\">Leggi speciali di rivalutazio<span class=\"_ _3\"></span>ne</span> </div></div><div class=\"c w185 h42\" style=\"left:248.73462px; bottom:203.45789px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c w25b h42\" style=\"left:307.70264px; bottom:203.45789px;\"><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9b h42\" style=\"left:374.4966px; bottom:203.45789px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h42\" style=\"left:428.31665px; bottom:203.45789px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h42\" style=\"left:505.88763px; bottom:203.45789px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c wbd h42\" style=\"left:566.8836px; bottom:203.45789px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h7d\" style=\"left:-4.050377px; bottom:172.25787px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Quota delle riserve da valutazione di <span class=\"_ _3\"></span>pertinenza delle </span></div><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">imprese di assicurazione<span class=\"ls0\"> </span></div></div><div class=\"c w185 h7d\" style=\"left:248.73462px; bottom:172.25787px;\"><div class=\"t m0 xa5 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25b h7d\" style=\"left:307.70264px; bottom:172.25787px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">696</span> </div></div><div class=\"c w9b h7d\" style=\"left:374.4966px; bottom:172.25787px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f4 h7d\" style=\"left:428.31665px; bottom:172.25787px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w47 h7d\" style=\"left:505.88763px; bottom:172.25787px;\"><div class=\"t m0 x99 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">696</span> </div></div><div class=\"c wbd h7d\" style=\"left:566.8836px; bottom:172.25787px;\"><div class=\"t m0 x48 h97 y6ff ff2 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w114 h64\" style=\"left:-4.050377px; bottom:154.78589px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7. <span class=\"ls26\">Utile (perdita) d'esercizio (+/<span class=\"ls0\">-) del gru<span class=\"_ _3\"></span>ppo e di terzi </span></span></div></div><div class=\"c w185 h64\" style=\"left:248.73462px; bottom:154.78589px;\"><div class=\"t m0 x13 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">4.380<span class=\"ls0\"> </span></div></div><div class=\"c w25b h64\" style=\"left:307.70264px; bottom:154.78589px;\"><div class=\"t m0 xa4 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">987<span class=\"ls0\"> </span></div></div><div class=\"c w9b h64\" style=\"left:374.4966px; bottom:154.78589px;\"><div class=\"t m0 xb8 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">53</span> </div></div><div class=\"c w5f4 h64\" style=\"left:428.31665px; bottom:154.78589px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">937</span> </div></div><div class=\"c w47 h64\" style=\"left:505.88763px; bottom:154.78589px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">4.377<span class=\"ls0\"> </span></div></div><div class=\"c wbd h64\" style=\"left:566.8836px; bottom:154.78589px;\"><div class=\"t m0 x99 hce y6e4 ffa fse fc2 sc0 ls28 ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w114 h47\" style=\"left:-4.050377px; bottom:129.35788px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls29 ws0\">Patrimonio netto<span class=\"ls0\"> </span></div></div><div class=\"c w185 h47\" style=\"left:248.73462px; bottom:129.35788px;\"><div class=\"t m0 x96 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">61.790<span class=\"ls0\"> </span></div></div><div class=\"c w25b h47\" style=\"left:307.70264px; bottom:129.35788px;\"><div class=\"t m0 xa4 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">285<span class=\"ls0\"> </span></div></div><div class=\"c w9b h47\" style=\"left:374.4966px; bottom:129.35788px;\"><div class=\"t m0 xd1 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">594</span> </div></div><div class=\"c w5f4 h47\" style=\"left:428.31665px; bottom:129.35788px;\"><div class=\"t m0 x49 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">340<span class=\"ls0\"> </span></div></div><div class=\"c w47 h47\" style=\"left:505.88763px; bottom:129.35788px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">61.821<span class=\"ls0\"> </span></div></div><div class=\"c wbd h47\" style=\"left:566.8836px; bottom:129.35788px;\"><div class=\"t m0 xad h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-275.8391px;\"><div class=\"t m0 x0 h61 y401 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9a1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y116b ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _6\"></span>tavola <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>opra <span class=\"_ _6\"></span>riportata <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>indicate <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>netto <span class=\"_ _6\"></span>contabile, <span class=\"_ _6\"></span>sommando <span class=\"_ _6\"></span>quelle <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>con </div><div class=\"t m0 x0 h2 y92a ff1 fs0 fc0 sc0 ls0 ws0\">quelle <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>terzi, <span class=\"_ _6\"></span>ripartite <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>consolidamento. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ettaglio, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>colonna <span class=\"_ _5\"></span>riferita <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Gr<span class=\"_ _5\"></span>uppo </div><div class=\"t m0 x0 h2 yad9 ff1 fs0 fc0 sc0 ls0 ws0\">bancar<span class=\"ff4\">io <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>indicato <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>risulta <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>consolidamento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>bancario, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>degli </span></div><div class=\"t m0 x0 h2 y9a4 ff1 fs0 fc0 sc0 ls0 ws0\">effetti <span class=\"_ _4\"></span>economici <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>transazioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>incluse <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>perimetro <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>consolida<span class=\"_ _0\"></span>mento; <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y11ee ff1 fs0 fc0 sc0 ls0 ws0\">diverse <span class=\"_ _16\"> </span>da  quelle <span class=\"_ _16\"> </span>appartenenti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l  G<span class=\"_ _0\"></span>ruppo <span class=\"_ _16\"> </span>bancario <span class=\"_ _16\"> </span>e  consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ate <span class=\"_ _16\"> </span>integralmente <span class=\"_ _16\"> </span>sono  q<span class=\"_ _0\"></span>ui  v<span class=\"_ _0\"></span>alorizzate <span class=\"_ _16\"> </span>con  il <span class=\"_ _16\"> </span>metodo <span class=\"_ _16\"> </span>del </div><div class=\"t m0 x0 h2 y9a6 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio  netto.  Nelle <span class=\"_ _1d\"> </span>colonne  Imprese  di <span class=\"_ _1d\"> </span>assicurazione  ed  Altre  imprese <span class=\"_ _1d\"> </span>sono  riportati  gli  importi<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>risulta<span class=\"_ _0\"></span>no  da<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y187e ff1 fs0 fc0 sc0 ls0 ws0\">consolidamento, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>lordo <span class=\"_ _7\"> </span>deg<span class=\"_ _3\"></span>li <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _7\"> </span>economici <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>transazioni <span class=\"_ _4\"> </span>effettuate <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>appartenenti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Gruppo </div><div class=\"t m0 x0 h2 y13c3 ff1 fs0 fc0 sc0 ls0 ws0\">bancario. <span class=\"_ _3\"></span>Nelle colonne <span class=\"_ _3\"></span>Elisioni <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>aggiustamenti da <span class=\"_ _2\"></span>consolidam<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>indicate le <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>necessarie per <span class=\"_ _3\"></span>ottenere<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yb4e ff1 fs0 fc0 sc0 ls0 ws0\">il dato rappresentato in<span class=\"_ _0\"></span> bilancio.  </div><div class=\"t m0 x0 h95 y44a ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-145.41724px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">B.2. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: </div><div class=\"t m0 xc8 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">composizione<span class=\"ff2\"> <span class=\"fc5\"> </span></span></div><div class=\"t m0 x0 h2 y3b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w1c9 h12\" style=\"left:531.4716px; bottom:817.70074px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w5f6 h25a\" style=\"left:-4.050377px; bottom:758.10876px;\"><div class=\"t m0 x41 h8f yb43 ff5 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0/valori </div></div><div class=\"c w1c9 haa\" style=\"left:174.16663px; bottom:785.40875px;\"><div class=\"t m0 x88 h8f y1273 ff5 fsf fc2 sc0 ls0 ws0\">Consolidato </div><div class=\"t m0 x95 h8f y1788 ff5 fsf fc2 sc0 ls0 ws0\">prudenziale </div></div><div class=\"c w326 haa\" style=\"left:264.0226px; bottom:785.40875px;\"><div class=\"t m0 x97 h8f y1273 ff5 fsf fc2 sc0 ls2d ws0\">       <span class=\"ls0\">Imprese di </span></div><div class=\"t m0 xdd h8f y1788 ff5 fsf fc2 sc0 ls2d ws0\">        <span class=\"ls0\">assicurazione </span></div></div><div class=\"c w1c9 haa\" style=\"left:352.18863px; bottom:785.40875px;\"><div class=\"t m0 x96 h8f y1273 ff5 fsf fc2 sc0 ls2d ws0\">      <span class=\"ls0\">Altre </span></div><div class=\"t m0 x95 h8f y1788 ff5 fsf fc2 sc0 ls2d ws0\">      <span class=\"ls0\">imprese </span></div></div><div class=\"c w19e haa\" style=\"left:442.20062px; bottom:785.40875px;\"><div class=\"t m0 x9a h8f y1273 ff5 fsf fc2 sc0 ls0 ws0\">Elisioni e </div><div class=\"t m0 x97 h8f y1788 ff5 fsf fc2 sc0 ls0 ws0\">aggiustamenti  </div><div class=\"t m0 x45 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">da consolidamento </div></div><div class=\"c w1c9 haa\" style=\"left:531.4716px; bottom:785.40875px;\"><div class=\"t m0 x94 h8f y1273 ff5 fsf fc2 sc0 ls2d ws0\">   <span class=\"ls0\">TOTALE </span></div></div><div class=\"c w1b1 h6e\" style=\"left:174.16663px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x12 h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">positiva </div></div><div class=\"c w1b1 h6e\" style=\"left:218.47061px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x1a h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">negativa </div></div><div class=\"c w1b1 h6e\" style=\"left:264.0226px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x12 h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">positiva </div></div><div class=\"c w5f7 h6e\" style=\"left:307.70264px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x1a h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">negativa </div></div><div class=\"c w1b1 h6e\" style=\"left:352.18863px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x12 h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">positiva </div></div><div class=\"c w1b1 h6e\" style=\"left:397.58463px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x1a h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">negativa </div></div><div class=\"c w83 h6e\" style=\"left:442.20062px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x12 h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">positiva </div></div><div class=\"c w5f7 h6e\" style=\"left:486.19263px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x1a h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">negativa </div></div><div class=\"c w1b1 h6e\" style=\"left:531.4716px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x12 h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">positiva </div></div><div class=\"c w1b1 h6e\" style=\"left:576.7116px; bottom:758.10876px;\"><div class=\"t m0 x12 h2d y886 ff1 fsf fc2 sc0 ls0 ws0\">Riserva  </div><div class=\"t m0 x1a h2d y7b4 ff1 fsf fc2 sc0 ls0 ws0\">negativa </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:742.5088px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:742.5088px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:742.5088px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2.612 </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:742.5088px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:742.5088px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">803</span> </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:742.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:742.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:742.5088px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:742.5088px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">803<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:742.5088px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:742.5088px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2.612 </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:726.90875px;\"><div class=\"t m0 x87 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- di cui valutati ai sensi dello IAS 39 </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:726.90875px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:726.90875px;\"><div class=\"t m0 x9b hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">803</span> </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:726.90875px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:726.90875px;\"><div class=\"t m0 x9b hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">803</span> </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:726.90875px;\"><div class=\"t m0 xb8 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:726.90875px;\"><div class=\"t m0 xb8 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:726.90875px;\"><div class=\"t m0 x13 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:726.90875px;\"><div class=\"t m0 x9a hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">803<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:726.90875px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:726.90875px;\"><div class=\"t m0 x9b hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">803</span> </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:711.3088px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:711.3088px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">159<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:711.3088px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">375</span> </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:711.3088px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:711.3088px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:711.3088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:711.3088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:711.3088px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">44</span> </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:711.3088px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:711.3088px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">159<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:711.3088px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">375</span> </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:695.70874px;\"><div class=\"t m0 x87 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- di cui valutati ai sensi dello IAS 39 </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:695.70874px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:695.70874px;\"><div class=\"t m0 x13 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:695.70874px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:695.70874px;\"><div class=\"t m0 x13 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:695.70874px;\"><div class=\"t m0 xb8 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:695.70874px;\"><div class=\"t m0 xb8 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:695.70874px;\"><div class=\"t m0 x96 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">44</span> </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:695.70874px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:695.70874px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:695.70874px;\"><div class=\"t m0 x13 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:680.10876px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2bis. Quote di O.I.C.R. (ai sensi IAS 39) </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:680.10876px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:680.10876px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">96</span> </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:680.10876px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:680.10876px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">96</span> </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:680.10876px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:680.10876px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:680.10876px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">55</span> </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:680.10876px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:680.10876px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:680.10876px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">96</span> </div></div><div class=\"c w5f6 h42\" style=\"left:-4.050377px; bottom:664.5088px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3. Finanziamenti </div></div><div class=\"c w1b1 h42\" style=\"left:174.16663px; bottom:664.5088px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:218.47061px; bottom:664.5088px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">52</span> </div></div><div class=\"c w1b1 h42\" style=\"left:264.0226px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f7 h42\" style=\"left:307.70264px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:352.18863px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:397.58463px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h42\" style=\"left:442.20062px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f7 h42\" style=\"left:486.19263px; bottom:664.5088px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h42\" style=\"left:531.4716px; bottom:664.5088px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h42\" style=\"left:576.7116px; bottom:664.5088px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">52</span> </div></div><div class=\"c w5f6 h47\" style=\"left:-4.050377px; bottom:643.1368px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale al 31.12.2022 </div></div><div class=\"c w1b1 h47\" style=\"left:174.16663px; bottom:643.1368px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">296<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h47\" style=\"left:218.47061px; bottom:643.1368px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-3.135 </div></div><div class=\"c w1b1 h47\" style=\"left:264.0226px; bottom:643.1368px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w5f7 h47\" style=\"left:307.70264px; bottom:643.1368px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">901</span> </div></div><div class=\"c w1b1 h47\" style=\"left:352.18863px; bottom:643.1368px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h47\" style=\"left:397.58463px; bottom:643.1368px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h47\" style=\"left:442.20062px; bottom:643.1368px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">103</span> </div></div><div class=\"c w5f7 h47\" style=\"left:486.19263px; bottom:643.1368px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">901<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h47\" style=\"left:531.4716px; bottom:643.1368px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">296<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h47\" style=\"left:576.7116px; bottom:643.1368px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-3.135 </div></div><div class=\"c w5f6 h47\" style=\"left:-4.050377px; bottom:621.60876px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Totale al 31.12.2021 </div></div><div class=\"c w1b1 h47\" style=\"left:174.16663px; bottom:621.60876px;\"><div class=\"t m0 x14 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.012 </div></div><div class=\"c w1b1 h47\" style=\"left:218.47061px; bottom:621.60876px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-1.008 </div></div><div class=\"c w1b1 h47\" style=\"left:264.0226px; bottom:621.60876px;\"><div class=\"t m0 x9a h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">508<span class=\"ls0\"> </span></div></div><div class=\"c w5f7 h47\" style=\"left:307.70264px; bottom:621.60876px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">39</span> </div></div><div class=\"c w1b1 h47\" style=\"left:352.18863px; bottom:621.60876px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b1 h47\" style=\"left:397.58463px; bottom:621.60876px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h47\" style=\"left:442.20062px; bottom:621.60876px;\"><div class=\"t m0 x9b h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">508</span> </div></div><div class=\"c w5f7 h47\" style=\"left:486.19263px; bottom:621.60876px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w1b1 h47\" style=\"left:531.4716px; bottom:621.60876px;\"><div class=\"t m0 x14 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.012 </div></div><div class=\"c w1b1 h47\" style=\"left:576.7116px; bottom:621.60876px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-1.008 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-145.41724px;\"><div class=\"t m0 x0 h61 y18f2 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1b y1309 ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y815 ff1 fs0 fc0 sc0 ls0 ws0\">La riserva sui titoli di<span class=\"_ _0\"></span> capitale classificati <span class=\"_ _0\"></span>a livello 1 risulta n<span class=\"_ _0\"></span>egativa per circa 338 mil<span class=\"_ _0\"></span>ioni. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3f3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ycb8 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y127d ffa fs0 fc2 sc0 ls0 ws0\">B.3. <span class=\"_ _5\"></span>Riserve <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lutazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>dditivit\u00e0 <span class=\"_ _2\"></span>complessiva: </div><div class=\"t m0 xc8 h95 y127e ffa fs0 fc2 sc0 ls0 ws0\">variazioni annue<span class=\"ff2 fc5\"> </span></div><div class=\"t m0 x0 h95 y309 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w32e h12\" style=\"left:494.65564px; bottom:529.3738px;\"><div class=\"t m0 xcc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w5f8 h7f\" style=\"left:-4.050377px; bottom:470.87378px;\"><div class=\"t m0 x41 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0/valori </div></div><div class=\"c w575 h7f\" style=\"left:250.13861px; bottom:470.87378px;\"><div class=\"t m0 x96 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Titoli di </div><div class=\"t m0 x13 h8f yffb ff5 fsf fc2 sc0 ls0 ws0\">debito </div></div><div class=\"c w5f9 h7f\" style=\"left:310.04263px; bottom:470.87378px;\"><div class=\"t m0 x96 h150 ya63 ffa fsf fc2 sc0 ls0 ws0\">Titoli di </div><div class=\"t m0 x45 h150 yffb ffa fsf fc2 sc0 ls0 ws0\">debito: di cui </div><div class=\"t m0 x14 h150 yb45 ffa fsf fc2 sc0 ls0 ws0\">valutati ai </div><div class=\"t m0 xa1 h150 y780 ffa fsf fc2 sc0 ls0 ws0\">sensi dello </div><div class=\"t m0 xad h150 y82b ffa fsf fc2 sc0 ls0 ws0\">IAS39 </div></div><div class=\"c wc5 h7f\" style=\"left:371.84464px; bottom:470.87378px;\"><div class=\"t m0 x96 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Titoli di </div><div class=\"t m0 x9a h8f yffb ff5 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5f9 h7f\" style=\"left:432.99664px; bottom:470.87378px;\"><div class=\"t m0 x96 h150 ya63 ffa fsf fc2 sc0 ls0 ws0\">Titoli di </div><div class=\"t m0 xa1 h150 yffb ffa fsf fc2 sc0 ls0 ws0\">capitale: di </div><div class=\"t m0 x8 h150 yb45 ffa fsf fc2 sc0 ls0 ws0\">cui valutati ai </div><div class=\"t m0 xa1 h150 y780 ffa fsf fc2 sc0 ls0 ws0\">sensi dello </div><div class=\"t m0 xad h150 y82b ffa fsf fc2 sc0 ls0 ws0\">IAS39 </div></div><div class=\"c w575 h7f\" style=\"left:494.65564px; bottom:470.87378px;\"><div class=\"t m0 x9b h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Quote di </div><div class=\"t m0 x94 h8f yffb ff5 fsf fc2 sc0 ls0 ws0\">OICR (ai </div><div class=\"t m0 xdd h8f yb45 ff5 fsf fc2 sc0 ls0 ws0\">sensi IAS39) </div></div><div class=\"c w32b h7f\" style=\"left:556.43164px; bottom:470.87378px;\"><div class=\"t m0 x8 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\">Finanziamenti </div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:457.30176px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1. Esistenze iniziali </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:457.30176px;\"><div class=\"t m0 xa4 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:457.30176px;\"><div class=\"t m0 xb h150 y767 ffa fsf fc2 sc0 ls1c ws0\">377<span class=\"ls0\"> </span></div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:457.30176px;\"><div class=\"t m0 x98 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">100</span> </div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:457.30176px;\"><div class=\"t m0 xa4 h150 y767 ffa fsf fc2 sc0 ls1c ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:457.30176px;\"><div class=\"t m0 xa4 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:457.30176px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w5f8 hc3\" style=\"left:-4.050377px; bottom:443.5738px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2. Variazioni positive </div></div><div class=\"c w575 hc3\" style=\"left:250.13861px; bottom:443.5738px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">7.299 </div></div><div class=\"c w5f9 hc3\" style=\"left:310.04263px; bottom:443.5738px;\"><div class=\"t m0 xb8 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">6.746 </div></div><div class=\"c wc5 hc3\" style=\"left:371.84464px; bottom:443.5738px;\"><div class=\"t m0 xb h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">875<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 hc3\" style=\"left:432.99664px; bottom:443.5738px;\"><div class=\"t m0 xb h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">372<span class=\"ls0\"> </span></div></div><div class=\"c w575 hc3\" style=\"left:494.65564px; bottom:443.5738px;\"><div class=\"t m0 xb h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">666<span class=\"ls0\"> </span></div></div><div class=\"c w32b hc3\" style=\"left:556.43164px; bottom:443.5738px;\"><div class=\"t m0 xa h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:430.00177px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.1. Incrementi di fair value </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:430.00177px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.956 </div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:430.00177px;\"><div class=\"t m0 xb8 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">6.739 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:430.00177px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:430.00177px;\"><div class=\"t m0 xb hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">351<span class=\"ls0\"> </span></div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:430.00177px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">663<span class=\"ls0\"> </span></div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:430.00177px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w5f8 hc3\" style=\"left:-4.050377px; bottom:416.27374px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.2. Rettifiche di valore per rischio di credito </div></div><div class=\"c w575 hc3\" style=\"left:250.13861px; bottom:416.27374px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 hc3\" style=\"left:310.04263px; bottom:416.27374px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 hc3\" style=\"left:371.84464px; bottom:416.27374px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5f9 hc3\" style=\"left:432.99664px; bottom:416.27374px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 hc3\" style=\"left:494.65564px; bottom:416.27374px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b hc3\" style=\"left:556.43164px; bottom:416.27374px;\"><div class=\"t m0 xa h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:402.70178px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.3. Rigiro a conto economico di riserve negative da realizzo </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:402.70178px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">312<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:402.70178px;\"><div class=\"t m0 xa5 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:402.70178px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:402.70178px;\"><div class=\"t m0 xa5 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:402.70178px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:402.70178px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w5f8 h6e\" style=\"left:-4.050377px; bottom:375.40173px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">2.3bis Rigiro a conto economico di riserve negative da </div><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">deterioramento (ai sensi IAS39) </div></div><div class=\"c w575 h6e\" style=\"left:250.13861px; bottom:375.40173px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 h6e\" style=\"left:310.04263px; bottom:375.40173px;\"><div class=\"t m0 x9c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h6e\" style=\"left:371.84464px; bottom:375.40173px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 h6e\" style=\"left:432.99664px; bottom:375.40173px;\"><div class=\"t m0 x9c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h6e\" style=\"left:494.65564px; bottom:375.40173px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w32b h6e\" style=\"left:556.43164px; bottom:375.40173px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h11a\" style=\"left:-4.050377px; bottom:349.94775px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">2.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">capitale) </div></div><div class=\"c w575 h11a\" style=\"left:250.13861px; bottom:349.94775px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 h11a\" style=\"left:310.04263px; bottom:349.94775px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h11a\" style=\"left:371.84464px; bottom:349.94775px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">439<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h11a\" style=\"left:432.99664px; bottom:349.94775px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h11a\" style=\"left:494.65564px; bottom:349.94775px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h11a\" style=\"left:556.43164px; bottom:349.94775px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:336.37576px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.5. Altre variazioni </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:336.37576px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:336.37576px;\"><div class=\"t m0 xa5 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:336.37576px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:336.37576px;\"><div class=\"t m0 xa4 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:336.37576px;\"><div class=\"t m0 xa5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:336.37576px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 hc3\" style=\"left:-4.050377px; bottom:322.64777px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3. Variazioni negative </div></div><div class=\"c w575 hc3\" style=\"left:250.13861px; bottom:322.64777px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-9.890 </div></div><div class=\"c w5f9 hc3\" style=\"left:310.04263px; bottom:322.64777px;\"><div class=\"t m0 xad h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">-7.922 </div></div><div class=\"c wc5 hc3\" style=\"left:371.84464px; bottom:322.64777px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">991</span> </div></div><div class=\"c w5f9 hc3\" style=\"left:432.99664px; bottom:322.64777px;\"><div class=\"t m0 x98 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">374</span> </div></div><div class=\"c w575 hc3\" style=\"left:494.65564px; bottom:322.64777px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">755</span> </div></div><div class=\"c w32b hc3\" style=\"left:556.43164px; bottom:322.64777px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">74</span> </div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:309.07578px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.1. Riduzioni di fair value </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:309.07578px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-9.699 </div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:309.07578px;\"><div class=\"t m0 xad hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">-7.895 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:309.07578px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">906</span> </div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:309.07578px;\"><div class=\"t m0 x98 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">372</span> </div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:309.07578px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">751</span> </div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:309.07578px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">74</span> </div></div><div class=\"c w5f8 hc3\" style=\"left:-4.050377px; bottom:295.34778px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.2. Riprese di valore per rischio di credito </div></div><div class=\"c w575 hc3\" style=\"left:250.13861px; bottom:295.34778px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w5f9 hc3\" style=\"left:310.04263px; bottom:295.34778px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 hc3\" style=\"left:371.84464px; bottom:295.34778px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 hc3\" style=\"left:432.99664px; bottom:295.34778px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 hc3\" style=\"left:494.65564px; bottom:295.34778px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b hc3\" style=\"left:556.43164px; bottom:295.34778px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:281.77576px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.2bis Rettifiche da deterioramento (ai sensi IAS39) </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:281.77576px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:281.77576px;\"><div class=\"t m0 x43 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:281.77576px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:281.77576px;\"><div class=\"t m0 x9c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:281.77576px;\"><div class=\"t m0 x9c h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:281.77576px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 hc3\" style=\"left:-4.050377px; bottom:268.04776px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.3. Rigiro a conto economico da riserve positive: da realizzo </div></div><div class=\"c w575 hc3\" style=\"left:250.13861px; bottom:268.04776px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">171</span> </div></div><div class=\"c w5f9 hc3\" style=\"left:310.04263px; bottom:268.04776px;\"><div class=\"t m0 x48 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">23</span> </div></div><div class=\"c wc5 hc3\" style=\"left:371.84464px; bottom:268.04776px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 hc3\" style=\"left:432.99664px; bottom:268.04776px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 hc3\" style=\"left:494.65564px; bottom:268.04776px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w32b hc3\" style=\"left:556.43164px; bottom:268.04776px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h6e\" style=\"left:-4.050377px; bottom:240.74777px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">3.4. Trasferimenti ad altre componenti di patrimonio netto (titoli di </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">capitale) </div></div><div class=\"c w575 h6e\" style=\"left:250.13861px; bottom:240.74777px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f9 h6e\" style=\"left:310.04263px; bottom:240.74777px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wc5 h6e\" style=\"left:371.84464px; bottom:240.74777px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">39</span> </div></div><div class=\"c w5f9 h6e\" style=\"left:432.99664px; bottom:240.74777px;\"><div class=\"t m0 x9c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h6e\" style=\"left:494.65564px; bottom:240.74777px;\"><div class=\"t m0 x9c h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w32b h6e\" style=\"left:556.43164px; bottom:240.74777px;\"><div class=\"t m0 xc h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h18\" style=\"left:-4.050377px; bottom:227.17575px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.5. Altre variazioni </div></div><div class=\"c w575 h18\" style=\"left:250.13861px; bottom:227.17575px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">17</span> </div></div><div class=\"c w5f9 h18\" style=\"left:310.04263px; bottom:227.17575px;\"><div class=\"t m0 x43 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c wc5 h18\" style=\"left:371.84464px; bottom:227.17575px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">46</span> </div></div><div class=\"c w5f9 h18\" style=\"left:432.99664px; bottom:227.17575px;\"><div class=\"t m0 x43 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w575 h18\" style=\"left:494.65564px; bottom:227.17575px;\"><div class=\"t m0 x43 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w32b h18\" style=\"left:556.43164px; bottom:227.17575px;\"><div class=\"t m0 xc h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5f8 h47\" style=\"left:-4.050377px; bottom:205.64777px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4. Rimanenze finali </div></div><div class=\"c w575 h47\" style=\"left:250.13861px; bottom:205.64777px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-2.540 </div></div><div class=\"c w5f9 h47\" style=\"left:310.04263px; bottom:205.64777px;\"><div class=\"t m0 x98 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">799</span> </div></div><div class=\"c wc5 h47\" style=\"left:371.84464px; bottom:205.64777px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">216</span> </div></div><div class=\"c w5f9 h47\" style=\"left:432.99664px; bottom:205.64777px;\"><div class=\"t m0 xa4 h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w575 h47\" style=\"left:494.65564px; bottom:205.64777px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">41</span> </div></div><div class=\"c w32b h47\" style=\"left:556.43164px; bottom:205.64777px;\"><div class=\"t m0 x43 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">42</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-145.41724px;\"><div class=\"t m0 x0 h125 ya0a ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6bf ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y331 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6c1 ff5 fs0 fc2 sc0 ls0 ws0\">La negoziazione di azioni pro<span class=\"_ _35\"></span>prie<span class=\"_ _3\"></span>  </div><div class=\"t m0 x0 h2 y18f4 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio, <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>forza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>apposite <span class=\"_ _2\"></span>autorizzazioni <span class=\"_ _2\"></span>assembleari <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>hanno </span></div><div class=\"t m0 x0 h2 y491 ff1 fs0 fc0 sc0 ls0 ws0\">effettuato le seguenti<span class=\"_ _0\"></span> transazioni su azioni proprie della Ca<span class=\"_ _0\"></span>pogruppo Intesa S<span class=\"_ _0\"></span>anpaolo: </div><div class=\"t m0 x0 h2 yfe3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y156c ff1 fs0 fc0 sc0 ls0 ws0\">Azioni ordinarie: </div><div class=\"t m0 x0 h2 y6c4 ff1 fs0 fc0 sc0 ls0 ws0\">Rimanenze iniziali  <span class=\"_ _6c\"> </span> <span class=\"_ _74\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>     40.481.556 </div><div class=\"t m0 x0 h2 yfe6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c6 ff1 fs0 fc0 sc0 ls0 ws0\">Acquisti  <span class=\"_ _5\"></span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>1.035.246.253  </div><div class=\"t m0 x0 h4c yfe7 ff3 fs0 fc0 sc0 ls0 ws0\">di cui destinati all\u2019an<span class=\"_ _0\"></span>nullamento (buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>)<span class=\"ff2\"> <span class=\"_ _13\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _5c\"> </span><span class=\"lsd\">   </span>988.632.803 </span></div><div class=\"t m0 x0 h2 y90f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yfb7 ff1 fs0 fc0 sc0 ls0 ws0\">Vendite  <span class=\"_ _7\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>-1<span class=\"_ _3\"></span>.019.021.022 </div><div class=\"t m0 x0 h4c y1022 ff2 fs0 fc0 sc0 ls0 ws0\">di cui annullamento <span class=\"_ _0\"></span>azioni oggetto di buybac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span> <span class=\"_ _43\"> </span><span class=\"ls10\">n.</span> <span class=\"_ _75\"> </span><span class=\"lsd\">  </span>-988.632.803 </div><div class=\"t m0 x0 h2 y18f5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y18f6 ff1 fs0 fc0 sc0 ls0 ws0\">Rimanenze finali  <span class=\"_ _17\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span> <span class=\"_ _43\"> </span>n.  <span class=\"_ _48\"> </span>  <span class=\"_ _3\"></span>   56.706.787<span class=\"_ _90\"> </span> </div><div class=\"t m0 x0 h2 y18f7 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>B.4. Riserve da valut<span class=\"_ _0\"></span>azione relative a piani a b<span class=\"_ _0\"></span>enefici definiti: varia<span class=\"_ _0\"></span>zioni annue Nell\u2019esercizio le riserv<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in argomento hanno r<span class=\"_ _0\"></span>egistrato una variaz<span class=\"_ _0\"></span>ione<span class=\"_ _3\"></span><span class=\"ff1\"> positiva di 182 milioni, pert<span class=\"_ _0\"></span>anto al 31 dicembre <span class=\"_ _0\"></span>2022 per </span>piani a benefici defini<span class=\"_ _0\"></span>ti \u00e8 presente una ris<span class=\"_ _0\"></span>erva negativa compl<span class=\"_ _0\"></span>essiva pari a circa 242<span class=\"_ _0\"></span> milioni.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1021": {
   "value": "SEZIONE 14 - PATRIMONIO DI PERTINENZA DI TERZI <span class=\"ff6\">\u2013</span> VOCE 190 Per i <span class=\"_ _3\"></span>dettagli relativi alla co<span class=\"_ _2\"></span><span class=\"ff4\">mposizione del patrimonio di pertinenza di <span class=\"_ _3\"></span>terzi si <span class=\"_ _3\"></span>fa rimando alla sezione <span class=\"_ _3\"></span>F \u201cParte <span class=\"_ _3\"></span>B.1. Patrimonio<span class=\"_ _0\"></span> </span>consolidato: ripartizi<span class=\"_ _0\"></span>one per tipologia di imp<span class=\"_ _0\"></span>resa\u201d.<span class=\"ff1\"> </span>14.1 Dettaglio della vo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>e 190 \u201cpatrimonio d<span class=\"_ _0\"></span>i pertinenza di ter<span class=\"_ _0\"></span>zi\u201d<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Denomi<span class=\"_ _0\"></span>nazioni imprese 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Partecipaz<span class=\"_ _0\"></span>ioni in s<span class=\"_ _0\"></span>ociet\u00e0 cons<span class=\"_ _35\"></span>olidate con interesse<span class=\"_ _35\"></span>nze di terzi si<span class=\"_ _0\"></span>gnificative 158<span class=\"ls0\"> </span>276<span class=\"ls0\"> </span>1 Bank of Ale<span class=\"_ _0\"></span>xandria 126<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>2 Risanament<span class=\"_ _0\"></span>o S.p.A. 26<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>3 Eurizon SL<span class=\"_ _0\"></span>J Capital<span class=\"_ _0\"></span> Limited 3 - 4 Eurizon <span class=\"_ _0\"></span>Capital Real<span class=\"_ _0\"></span> Asset S.p.A<span class=\"_ _0\"></span>. 3 - 5 Private Equi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>y Interna<span class=\"_ _0\"></span>tional S.A<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span> - 32<span class=\"ls0\"> </span>6 Privredna B<span class=\"_ _0\"></span>anka Zagreb<span class=\"_ _35\"></span> DD - 17<span class=\"ls0\"> </span>Altre parte<span class=\"_ _0\"></span>cipazion<span class=\"_ _0\"></span>i 8 15<span class=\"ls0\"> </span>TOTALE 166<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>14.2 Strumenti di capit<span class=\"_ _0\"></span>ale: composizione e<span class=\"_ _0\"></span> variazioni annue Non si segnalano strume<span class=\"_ _0\"></span>nti di capitale di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>pertinenza di terzi. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-929": {
   "value": "1. Impegni e garanzi<span class=\"_ _0\"></span>e finanziarie rilasciate <span class=\"ff3\">\u2013<span class=\"ff2\"> Escluse compag<span class=\"_ _0\"></span>nie assicurative </span></span>(milioni di eur<span class=\"_ _35\"></span>o) Valore no<span class=\"_ _0\"></span>minale su <span class=\"_ _0\"></span>impegni<span class=\"_ _0\"></span> e garanzie f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie rilasciate<span class=\"_ _0\"></span> 31.12.2022<span class=\"_ _0\"></span> 31.12.2021<span class=\"_ _0\"></span> Primo stadio Secondo stadio Terzo stadio Impaired acquisiti/e<span class=\"_ _0\"></span> o originati/e<span class=\"_ _0\"></span> 1. Impegn<span class=\"_ _0\"></span>i a erogare<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fondi  216.615 22.288 908<span class=\"ls0\"> </span>4 239.815 234.827 a) Banche<span class=\"_ _0\"></span> Centrali  1.146 48<span class=\"ls0\"> </span>- - 1.194 1.617 b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche  9.371 2.374 100<span class=\"ls0\"> </span>- 11.845 11.485 c) Banche <span class=\"_ _0\"></span> 31.750 497<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 32.258 35.157 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie  14.447 5.798 12<span class=\"ls0\"> </span>- 20.257 22.012 e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie  144.200 12.882 728<span class=\"ls0\"> </span>4 157.814 148.920 f) Famiglie <span class=\"_ _35\"></span> 15.701 689<span class=\"ls0\"> </span>57<span class=\"ls0\"> </span>- 16.447 15.636 2. Garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate  42.580 4.727 854<span class=\"ls0\"> </span>- 48.161 46.458 a) Banche<span class=\"_ _0\"></span> Centrali  - - - - - 1 b) Amminis<span class=\"_ _0\"></span>trazioni pub<span class=\"_ _35\"></span>bliche  438<span class=\"ls0\"> </span>6 - - 444<span class=\"ls0\"> </span>493<span class=\"ls0\"> </span>c) Banche <span class=\"_ _0\"></span> 3.434 124<span class=\"ls0\"> </span>- - 3.558 3.124 d) Altre so<span class=\"_ _0\"></span>ciet\u00e0 finan<span class=\"_ _0\"></span>ziarie  948<span class=\"ls0\"> </span>399<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>- 1.359 783<span class=\"ls0\"> </span>e) Societ\u00e0 n<span class=\"_ _0\"></span>on finan<span class=\"_ _0\"></span>ziarie  37.264 4.171 835<span class=\"ls0\"> </span>- 42.270 41.509 f) Famiglie <span class=\"_ _35\"></span> 496<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>7 - 530<span class=\"ls0\"> </span>548<span class=\"ls0\"> </span>Nella <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Circolare <span class=\"_ _3\"></span>262 <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>Impegni <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>erogare <span class=\"_ _2\"></span>fondi <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>igurano <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impegni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he possono <span class=\"_ _4\"></span>dar <span class=\"_ _4\"></span>luogo <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>soggetti <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>re<span class=\"_ _3\"></span>gole <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>determinazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>perdita <span class=\"_ _4\"></span>attesa <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"></span>previsto<span class=\"_ _0\"></span> dall\u2019IF<span class=\"ff1\">RS <span class=\"_ _6\"></span>9, <span class=\"_ _6\"></span>inclusi <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>margini <span class=\"_ _6\"></span>revocabili <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isponibili <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>linee <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>credito <span class=\"_ _5\"></span>concesse <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>(per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>importo </span>complessivo pari a 152.332 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni nel 2022).<span class=\"ff5 fc2\"> <span class=\"_ _30\"> </span></span>1.Bis Garanzie rilasci<span class=\"_ _0\"></span>ate e impegni <span class=\"ff6\">\u2013</span> <span class=\"ff2\">Compagnie<span class=\"ffa\"> </span>assicurative<span class=\"ffa\"> </span></span>Al 31 dicembre 2022 tale fattis<span class=\"_ _0\"></span>pecie non \u00e8 present<span class=\"_ _0\"></span>e.<span class=\"fs12\"> </span>2. Altri impegni e altr<span class=\"_ _0\"></span>e garanzie rilasciate <span class=\"ff4\">\u2013<span class=\"ff1\"> <span class=\"ff2\">Escluse compagni<span class=\"_ _0\"></span>e assicurative<span class=\"ff5\"> </span></span></span></span>Al 31 dicembre 2022 tale<span class=\"_ _0\"></span> fattispecie n<span class=\"_ _0\"></span>on \u00e8 presente. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1001": {
   "value": "SEZIONE 1 <span class=\"ff6\">\u2013</span> INTERESSI - VOCI 10 E 20 1.1. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: composizione <span class=\"fff fs6 fc0\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci/Forme tecni<span class=\"_ _3\"></span>che Titoli di debito Finanziamenti<span class=\"_ _3\"></span> Altre operazioni 2022 2021 1. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto a c<span class=\"_ _3\"></span>onto economico: 17<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>1.1 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie detenute per<span class=\"_ _3\"></span> la negoziazio<span class=\"_ _3\"></span>ne 9 2 - 11<span class=\"ls0\"> </span>8 1.2 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie designate al<span class=\"_ _3\"></span> fair value<span class=\"_ _3\"></span> - - - - - 1.3 Altre attivit\u00e0 fina<span class=\"_ _3\"></span>nziarie obblig<span class=\"_ _3\"></span>atoriamente valu<span class=\"_ _3\"></span>tate al fair value<span class=\"_ _3\"></span> 8 36<span class=\"ls0\"> </span>- 44<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva 860<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>X 912<span class=\"ls0\"> </span>652<span class=\"ls0\"> </span>3. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al <span class=\"_ _3\"></span>costo ammortizz<span class=\"_ _3\"></span>ato: 829<span class=\"ls0\"> </span>10.967 X 11.796 9.386 3.1 Crediti verso b<span class=\"_ _3\"></span>anche 47<span class=\"ls0\"> </span>1.201 X 1.248 273<span class=\"ls0\"> </span>3.2 Crediti verso clie<span class=\"_ _3\"></span>ntela 782<span class=\"ls0\"> </span>9.766 X 10.548 9.113 4. Derivati di copert<span class=\"_ _3\"></span>ura X X -584 -584 -1.134 5. Altre attivit\u00e0<span class=\"_ _3\"></span> X X 251<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>6. Passivit\u00e0 finan<span class=\"_ _3\"></span>ziarie X X X 802<span class=\"ls0\"> </span>1.480 Totale 1.706 11.057 -333 13.232 10.473 di cui: interessi attivi s<span class=\"_ _3\"></span>u attivit\u00e0 fin<span class=\"_ _3\"></span>anziarie impaired<span class=\"_ _3\"></span> 1 444<span class=\"ls0\"> </span>- 445<span class=\"ls0\"> </span>608<span class=\"ls0\"> </span>di cui: interessi attivi s<span class=\"_ _3\"></span>u leasing fi<span class=\"_ _3\"></span>nanziario<span class=\"_ _3\"></span> X 338<span class=\"ls0\"> </span>X 338<span class=\"ls0\"> </span>350<span class=\"ls0\"> </span>Gli interessi attivi inc<span class=\"_ _0\"></span>ludono anche quelli <span class=\"_ _0\"></span>su titoli utilizzati i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> operazioni di pro<span class=\"_ _0\"></span>nti contro termine.<span class=\"_ _3\"></span> Gli interessi su attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired includono anche gli inter<span class=\"_ _0\"></span>essi dovuti al trascorrere del tem<span class=\"_ _0\"></span>po, pari a 161 milioni (c.d<span class=\"_ _0\"></span>. time value) che nel 20<span class=\"_ _0\"></span>21 erano risultati p<span class=\"_ _0\"></span>ari a 275 milioni. Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cDerivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura\u201d sono <span class=\"_ _3\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenziali<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>derivati <span class=\"_ _5\"></span><span class=\"ff1\">di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>correzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>attivi </span>rilevati sugli strumen<span class=\"_ _0\"></span>ti finanziari coperti. Nella voce \u201cPassivit\u00e0 fina<span class=\"_ _0\"></span>nziarie\u201d sono inclusi gli interess<span class=\"_ _0\"></span>i su operazioni di raccolta c<span class=\"_ _0\"></span>on tassi negativi. In tale am<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ito, s<span class=\"_ _5\"></span><span class=\"ff1\">ono stati </span>rilevati <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff4\">u <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _2\"></span>TLTRO <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _2\"></span>615 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>nell\u2019esercizio </span>2022 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>1.187 <span class=\"_ _7\"> </span>milioni <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021. <span class=\"_ _7\"> </span>L\u2019importo <span class=\"_ _4\"> </span>rilevato <span class=\"_ _7\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riferisce <span class=\"_ _4\"> </span>agli <span class=\"_ _7\"> </span>interessi <span class=\"_ _7\"> </span>maturati <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>operazioni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>TLTRO  II<span class=\"_ _3\"></span>I.  Come <span class=\"_ _1d\"> </span>meglio  r<span class=\"_ _3\"></span>appresentato <span class=\"_ _1d\"> </span>nella  Parte <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>Politic<span class=\"_ _0\"></span>he <span class=\"_ _1d\"> </span>Contabili  della <span class=\"_ _1d\"> </span>presente  Nota <span class=\"_ _1d\"> </span>Integrativa  al <span class=\"_ _1d\"> </span>paragrafo<span class=\"_ _0\"></span> \u201cOperazioni <span class=\"_ _16\"> </span>di  fina<span class=\"_ _0\"></span>nziamento <span class=\"_ _16\"> </span>TLTRO  III<span class=\"_ _0\"></span>\u201d  gli <span class=\"_ _7\"> </span>interessi  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>rilevati  t<span class=\"_ _35\"></span>enendo  conto <span class=\"_ _16\"> </span>dell\u2019avvenuto <span class=\"_ _16\"> </span>conseguimento <span class=\"_ _16\"> </span>dei benchmark <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>(riferiti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">nsistenze <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>marzo <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021), <span class=\"_ _3\"></span>dell\u2019evoluzione<span class=\"_ _0\"></span> </span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>ricalibrazioni <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span>applicabili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omunicate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>da<span class=\"_ _5\"></span>ta <span class=\"_ _2\"></span>27 ottobre 2022 dal Consigli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> direttivo della BCE<span class=\"_ _0\"></span>.<span class=\"ff9 fs19\"> </span>Si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>infine <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>\u201cAttivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>ammortizzato\u201d, sottovoce <span class=\"_ _3\"></span>\u201cCrediti <span class=\"_ _2\"></span>verso <span class=\"_ _3\"></span>banche\u201d, s<span class=\"_ _6\"></span><span class=\"ff1\">ono </span>ricompresi <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>interessi su<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti a <span class=\"_ _2\"></span>vista <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>centrali <span class=\"_ _3\"></span>classificati nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201c<span class=\"_ _5\"></span><span class=\"ff1 ls46\">Ca<span class=\"_ _3\"></span><span class=\"ls1f\">ssa </span></span>e disponibilit\u00e0 liqui<span class=\"_ _0\"></span>de\u201d.<span class=\"ff1\"> </span>1.2. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: altre informazioni <span class=\"ffa\"> </span>1.2.1 Interessi attivi su <span class=\"_ _0\"></span>attivit\u00e0 finanziarie <span class=\"_ _0\"></span>in valuta Al 31 dicembre 2022 il <span class=\"_ _0\"></span>saldo del conto a<span class=\"_ _0\"></span>ccoglie 3.659 milioni re<span class=\"_ _0\"></span>lativi ad attivit\u00e0 f<span class=\"_ _3\"></span>inanziarie in valuta. 1.3 Interessi passivi e o<span class=\"_ _0\"></span>neri assimilati: compo<span class=\"_ _0\"></span>sizione  (milioni di eur<span class=\"_ _35\"></span>o) Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e Debiti Titoli Altre operazio<span class=\"_ _0\"></span>ni 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>1. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie val<span class=\"_ _0\"></span>utate al cost<span class=\"_ _35\"></span>o ammortizzato 1.323 1.658 X 2.981 2.021 1.1 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che centrali 76<span class=\"ls0\"> </span>X X 76<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>1.2 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 495<span class=\"ls0\"> </span>X X 495<span class=\"ls0\"> </span>164<span class=\"ls0\"> </span>1.3 Debiti<span class=\"_ _0\"></span> verso client<span class=\"_ _0\"></span>ela 752<span class=\"ls0\"> </span>X X 752<span class=\"ls0\"> </span>350<span class=\"ls0\"> </span>1.4 Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> X 1.658 X 1.658 1.491 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>oziazion<span class=\"_ _35\"></span>e 39<span class=\"ls0\"> </span>- - 39<span class=\"ls0\"> </span>80<span class=\"ls0\"> </span>3. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie des<span class=\"_ _0\"></span>ignate al fair<span class=\"_ _0\"></span> value 10<span class=\"ls0\"> </span>1 - 11<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>4. Altre <span class=\"_ _0\"></span>passivit\u00e0 e<span class=\"_ _0\"></span> fondi X X 49<span class=\"ls0\"> </span>49<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>5. Derivati<span class=\"_ _0\"></span> di cope<span class=\"_ _0\"></span>rtura X X -<span class=\"ls25\">61</span> -<span class=\"ls25\">61</span> -<span class=\"ls25\">435</span> 6. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie X X X 528<span class=\"ls0\"> </span>769<span class=\"ls0\"> </span>Totale 1.372 1.659 -<span class=\"ls25\">12</span> 3.547 2.480 di cui: intere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>si passi<span class=\"_ _0\"></span>vi relativi ai<span class=\"_ _0\"></span> debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing 22<span class=\"ls0\"> </span>X X 22<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>Nelle voci \u201cDebiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>\u201d e \u201cDebiti verso clientela\u201d s<span class=\"_ _0\"></span>ono inclusi anche gli interes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i su operazioni di pronti contro t<span class=\"_ _2\"></span><span class=\"ff1\">ermine </span>anche  se  effet<span class=\"_ _0\"></span>tuate  a  fr<span class=\"_ _0\"></span>onte  di  tit<span class=\"_ _0\"></span>oli  iscritti <span class=\"_ _16\"> </span>nell\u2019attivo.  I <span class=\"_ _1d\"> </span><span class=\"ff1\">derivati  di <span class=\"_ _16\"> </span>copertura  si  rife<span class=\"_ _0\"></span>riscono  agli  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teressi  su <span class=\"_ _16\"> </span>passivit\u00e0  e </span>ricomprendono i differenziali relativi ai derivati di copertura a correzione degli interessi passivi rilevati sugli s<span class=\"_ _3\"></span>trumenti<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>finanziari coperti. Nella voce \u201cAttivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie\u201d sono incl<span class=\"ff1\">usi gli interessi su op<span class=\"_ _0\"></span>erazioni di impieg<span class=\"_ _0\"></span>o con tassi negativi.<span class=\"ff5 fc2\"> </span></span>1.4. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati: <span class=\"_ _0\"></span>altre informazioni  1.4.1 Interessi passivi su p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssivit\u00e0 in valu<span class=\"_ _0\"></span>ta Nel 2022 tra gli int<span class=\"_ _0\"></span>eressi passivi e oneri assimil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti sono stati co<span class=\"_ _0\"></span>ntabilizzati <span class=\"_ _3\"></span>1.612 milioni relativi a <span class=\"_ _0\"></span>passivit\u00e0 finanziarie in <span class=\"_ _0\"></span>valuta. 1.5. Differenziali relat<span class=\"_ _0\"></span>ivi alle operazioni di<span class=\"_ _0\"></span> copertura (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci<span class=\"ff1 fs0\"> </span>2022<span class=\"ff1 fs0 ls0\"> </span>2021<span class=\"ff1 fs0 ls0\"> </span>A. Differenz<span class=\"_ _0\"></span>iali positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i relativi a o<span class=\"_ _35\"></span>perazioni di coper<span class=\"_ _0\"></span>tura<span class=\"fs0\"> </span>3.626<span class=\"fs0\"> </span>2.570<span class=\"fs0\"> </span>B. Differenz<span class=\"_ _0\"></span>iali negativi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>relativi a<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>operazioni<span class=\"_ _0\"></span> di copertura<span class=\"fs0\"> </span>-4.149<span class=\"fs0\"> </span>-3.269<span class=\"fs0\"> </span>C. Saldo<span class=\"_ _0\"></span> (A-<span class=\"ls47\">B)<span class=\"_ _0\"></span><span class=\"ff1 fs0 ls0\"> </span></span>-<span class=\"ls25\">523</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">699<span class=\"_ _90\"> </span></span>SEZIONE 2 <span class=\"ff6\">\u2013</span> COMMISSIONI - VOCI 40 E 50 2.1 Commissioni attive: <span class=\"_ _0\"></span>composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/Valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>a) <span class=\"ls0\">Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _0\"></span>ri </span>1.584 1.968 1. Colloca<span class=\"_ _0\"></span>mento titoli<span class=\"_ _0\"></span> 511<span class=\"ls0\"> </span>886<span class=\"ls0\"> </span>1.1 Con a<span class=\"_ _0\"></span>ssunzione a<span class=\"_ _0\"></span> fermo e<span class=\"_ _0\"></span>/o sulla ba<span class=\"_ _0\"></span>se di un i<span class=\"_ _0\"></span>mpegno irrev<span class=\"_ _35\"></span>ocabile 29<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>1.2 Senza i<span class=\"_ _0\"></span>mpegno ir<span class=\"_ _0\"></span>revocabile 482<span class=\"ls0\"> </span>867<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> di ricezione<span class=\"_ _0\"></span> e trasmi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sione di ordi<span class=\"_ _35\"></span>ni e esecuzione di<span class=\"_ _0\"></span> ordini per conto de<span class=\"_ _0\"></span>i clienti 214<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>2.1 Ricezione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>e tras<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>issione di<span class=\"_ _0\"></span> ordini di<span class=\"_ _0\"></span> uno o pi\u00f9 <span class=\"_ _0\"></span>strumenti<span class=\"_ _0\"></span> finanziari 107<span class=\"ls0\"> </span>119<span class=\"ls0\"> </span>2.2 Esecu<span class=\"_ _0\"></span>zione di ordini<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per con<span class=\"_ _0\"></span>to dei clienti 107<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _35\"></span>nnesse con attivi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>\u00e0 legate a<span class=\"_ _35\"></span> strumenti finanziari 859<span class=\"ls0\"> </span>855<span class=\"ls0\"> </span>di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> per conto pro<span class=\"_ _35\"></span>prio 2 3 di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali 857<span class=\"ls0\"> </span>852<span class=\"ls0\"> </span>b) Corp<span class=\"_ _0\"></span>orate Finance<span class=\"_ _0\"></span> 9 22<span class=\"ls0\"> </span>1. Consulen<span class=\"_ _0\"></span>za in ma<span class=\"_ _0\"></span>teria di fu<span class=\"_ _0\"></span>sioni e acqui<span class=\"_ _0\"></span>sizioni 9 22<span class=\"ls0\"> </span>2. Servizi<span class=\"_ _0\"></span> di tesoreria - - 3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _0\"></span>nnesse co<span class=\"_ _0\"></span>n servizi<span class=\"_ _0\"></span> di corporat<span class=\"_ _0\"></span>e finance - - c) Attivit\u00e0<span class=\"_ _0\"></span> di consu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>enza in mate<span class=\"_ _35\"></span>ria di investim<span class=\"_ _0\"></span>enti 238<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>d) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto - - e) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive 2.180 2.608 f) Custodia e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>ammi<span class=\"_ _0\"></span>nistrazio<span class=\"_ _0\"></span>ne 80<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>1. Banca de<span class=\"_ _0\"></span>positaria 4 15<span class=\"ls0\"> </span>2. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> custodia e <span class=\"_ _0\"></span>amministr<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>76<span class=\"ls0\"> </span>101<span class=\"ls0\"> </span>g) Servizi<span class=\"_ _0\"></span> amminist<span class=\"_ _0\"></span>rativi cent<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ali per<span class=\"_ _0\"></span> gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collett<span class=\"_ _0\"></span>ive - - h) Attivit\u00e0 <span class=\"_ _0\"></span>fiduciaria<span class=\"_ _35\"></span> 13<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>i) Servizi<span class=\"_ _0\"></span> di pagame<span class=\"_ _0\"></span>nto 3.071 2.999 1. Conti cor<span class=\"_ _0\"></span>renti 1.410 1.471 2. Carte di <span class=\"_ _0\"></span>credito 611<span class=\"ls0\"> </span>559<span class=\"ls0\"> </span>3. Carte di <span class=\"_ _0\"></span>debito ed<span class=\"_ _0\"></span> altre carte <span class=\"_ _0\"></span>di pagamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o 284<span class=\"ls0\"> </span>249<span class=\"ls0\"> </span>4. Bonifici<span class=\"_ _0\"></span> e altri ordin<span class=\"_ _0\"></span>i di paga<span class=\"_ _0\"></span>mento 389<span class=\"ls0\"> </span>314<span class=\"ls0\"> </span>5. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te ai servizi di<span class=\"_ _0\"></span> pagamen<span class=\"_ _0\"></span>to 377<span class=\"ls0\"> </span>406<span class=\"ls0\"> </span>j) Distri<span class=\"_ _0\"></span>buzione di ser<span class=\"_ _0\"></span>vizi di te<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>zi 711<span class=\"ls0\"> </span>662<span class=\"ls0\"> </span>1. Gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collettive<span class=\"_ _0\"></span> 510<span class=\"ls0\"> </span>508<span class=\"ls0\"> </span>2. Prodotti<span class=\"_ _0\"></span> assicura<span class=\"_ _0\"></span>tivi 109<span class=\"ls0\"> </span>78<span class=\"ls0\"> </span>3. Altri prod<span class=\"_ _0\"></span>otti 92<span class=\"ls0\"> </span>76<span class=\"ls0\"> </span>di cui: ge<span class=\"_ _0\"></span>stioni di por<span class=\"_ _0\"></span>tafogli individual<span class=\"_ _35\"></span>i 27<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>k) Finanza<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> 24<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>l) Attivit\u00e0 <span class=\"_ _0\"></span>di servici<span class=\"_ _0\"></span>ng per o<span class=\"_ _0\"></span>perazioni d<span class=\"_ _0\"></span>i cartolar<span class=\"_ _0\"></span>izzazione 1 - m) Impeg<span class=\"_ _0\"></span>ni a eroga<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e fondi 15<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>n) Garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate 473<span class=\"ls0\"> </span>403<span class=\"ls0\"> </span>di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> 2 2 o) Opera<span class=\"_ _0\"></span>zioni di fi<span class=\"_ _0\"></span>nanziament<span class=\"_ _35\"></span>o 922<span class=\"ls0\"> </span>878<span class=\"ls0\"> </span>di cui: per<span class=\"_ _0\"></span> operazioni di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>factoring<span class=\"_ _0\"></span> 84<span class=\"ls0\"> </span>85<span class=\"ls0\"> </span>p) Negoz<span class=\"_ _0\"></span>iazione di va<span class=\"_ _35\"></span>lute 16<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>q) Merci - - r) Altre c<span class=\"_ _0\"></span>ommissio<span class=\"_ _0\"></span>ni attive 1.948 2.137 di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi mul<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ilaterali di <span class=\"_ _0\"></span>scambio - - di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi org<span class=\"_ _0\"></span>anizzati di<span class=\"_ _0\"></span> negoziazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> - - Totale 11.285 12.087 La sottovoce \u201cAltre commi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni attive\u201d accogli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> le commissioni i<span class=\"_ _0\"></span>ncassate dalle Impres<span class=\"_ _0\"></span>e di Assicurazione pari<span class=\"_ _0\"></span> a 1.590 milioni<span class=\"_ _2\"></span><span class=\"ff1\">. </span>Come richiesto <span class=\"_ _3\"></span>dall\u2019IFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>corso dell\u2019esercizio inclusi nel <span class=\"_ _3\"></span>saldo d<span class=\"_ _3\"></span>i apertura delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>derivanti da c<span class=\"_ _3\"></span>ontratti con clienti. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>linea con <span class=\"_ _3\"></span>il paragrafo <span class=\"_ _3\"></span>116 c) <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _6\"></span><span class=\"ff1\">15, sono </span>inclusi ricavi deriv<span class=\"_ _0\"></span>anti da \u201c<span class=\"ff1\">performance obligation</span>\u201d adempiute ne<span class=\"_ _35\"></span>gli anni precedenti per un ammontare<span class=\"ff1\"> pari a <span class=\"ls10\">22</span> milioni. </span>2.2 Commissioni passi<span class=\"_ _0\"></span>ve: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>a) Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _35\"></span>ri 306<span class=\"ls0\"> </span>278<span class=\"ls0\"> </span>di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> di strumenti <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari 50<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>di cui: collo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>strumen<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _35\"></span> 244<span class=\"ls0\"> </span>219<span class=\"ls0\"> </span>di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali 12<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>- Proprie 12<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>- Delegate a<span class=\"_ _0\"></span> terzi - 1 b) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto 31<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>c) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive 46<span class=\"ls0\"> </span>54<span class=\"ls0\"> </span>- Proprie 11<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>- Delegate a<span class=\"_ _0\"></span> terzi 35<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>d) Cust<span class=\"_ _0\"></span>odia e ammin<span class=\"_ _0\"></span>istrazion<span class=\"_ _0\"></span>e 75<span class=\"ls0\"> </span>86<span class=\"ls0\"> </span>e) Serviz<span class=\"_ _0\"></span>i di incasso e<span class=\"_ _35\"></span> pagamento 601<span class=\"ls0\"> </span>576<span class=\"ls0\"> </span>di cui: carte<span class=\"_ _0\"></span> di credito<span class=\"_ _0\"></span>, carte di debi<span class=\"_ _35\"></span>to e altre carte di p<span class=\"_ _0\"></span>agamento 457<span class=\"ls0\"> </span>417<span class=\"ls0\"> </span>f) Attivit\u00e0 <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i servici<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g per ope<span class=\"_ _0\"></span>razio<span class=\"_ _0\"></span>ni di carto<span class=\"_ _0\"></span>larizzazione - - g) Impe<span class=\"_ _0\"></span>gni a ricever<span class=\"_ _0\"></span>e fondi<span class=\"_ _0\"></span> 1 1 h) Garan<span class=\"_ _0\"></span>zie finanzi<span class=\"_ _0\"></span>arie ricev<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>te 255<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> 27<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>i) Offerta f<span class=\"_ _0\"></span>uori sede<span class=\"_ _0\"></span> di strume<span class=\"_ _35\"></span>nti finanziari, p<span class=\"_ _0\"></span>rodotti e<span class=\"_ _0\"></span> servizi 925<span class=\"ls0\"> </span>919<span class=\"ls0\"> </span>j) Negozia<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione di va<span class=\"_ _35\"></span>lute 7 4 k) Altre co<span class=\"_ _0\"></span>mmissio<span class=\"_ _0\"></span>ni passive 461<span class=\"ls0\"> </span>566<span class=\"ls0\"> </span>Totale 2.708 2.723 Nella <span class=\"_ _6\"></span><span class=\"ff4\">sottovoce <span class=\"_ _6\"></span>\u201cAltre <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ommissioni <span class=\"_ _5\"></span>passive\u201d <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _6\"></span>228 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ollocamento<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>prodotti <span class=\"_ _6\"></span>assicurativi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>investiment<span class=\"_ _0\"></span>o, </span>140 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>italiane, <span class=\"_ _5\"></span>60 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>33 <span class=\"_ _6\"></span>mi<span class=\"_ _5\"></span>lioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>altri servizi residuali. Come richiesto <span class=\"_ _3\"></span>dall\u02bcIFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel corso d<span class=\"_ _3\"></span>ell\u2019eserc<span class=\"_ _2\"></span><span class=\"ff1\">izio </span>inclusi nel saldo di a<span class=\"_ _0\"></span>pertura delle pa<span class=\"_ _0\"></span>ssivit\u00e0 derivanti da co<span class=\"_ _0\"></span>ntratti con clienti.<span class=\"_ _3\"></span> In <span class=\"_ _5\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>para<span class=\"_ _3\"></span><span class=\"ff4\">grafo <span class=\"_ _5\"></span>116 <span class=\"_ _5\"></span>c) <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>15, <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>ricavi <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>\u201c<span class=\"_ _2\"></span></span>performance <span class=\"_ _5\"></span>obligation<span class=\"ff4\">\u201d <span class=\"_ _5\"></span>adempiute <span class=\"_ _5\"></span>negli <span class=\"_ _6\"></span>anni </span>precedenti per un ammo<span class=\"_ _0\"></span>ntare pari a 6 mili<span class=\"_ _0\"></span>oni. SEZIONE 3 <span class=\"ff6\">\u2013</span> DIVIDENDI E PROVENTI SIMILI - VOCE 70 3.1 Dividendi e proven<span class=\"_ _0\"></span>ti simili: composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Prove<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti 2022<span class=\"ls0\"> </span>2021 Dividend<span class=\"_ _0\"></span>i Proventi<span class=\"_ _0\"></span> simili Dividend<span class=\"_ _0\"></span>i Proventi<span class=\"_ _0\"></span> simili A. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 39<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>- B. Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finan<span class=\"_ _0\"></span>ziarie obbli<span class=\"_ _0\"></span>gatoriament<span class=\"_ _0\"></span>e valutate<span class=\"_ _0\"></span> al fair value 5 119<span class=\"ls0\"> </span>7 72<span class=\"ls0\"> </span>C. Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutate al<span class=\"_ _0\"></span> fair value con<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impatto<span class=\"_ _0\"></span> sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 co<span class=\"_ _0\"></span>mplessiva 62<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>- D. Partecipa<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni - - - - Totale 106<span class=\"ls0\"> </span>119<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>SEZIONE 4 <span class=\"ff6\">\u2013</span> RISULTATO NETTO DELL'ATTIVIT\u00c0 DI NEGOZIAZIONE - VOCE 80 4.1 Risultato netto <span class=\"ff6\">dell\u2019attivi<span class=\"_ _0\"></span>t\u00e0 di negoziazion<span class=\"_ _0\"></span>e: composizione<span class=\"ff5\"> </span></span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze Utili da negoziaz<span class=\"_ _0\"></span>ione  Minusva<span class=\"_ _0\"></span>lenze  Perdite <span class=\"_ _0\"></span>da negoziaz<span class=\"_ _0\"></span>ione Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie di neg<span class=\"_ _0\"></span>oziazione 218<span class=\"ls0\"> </span>3.058 -<span class=\"ls25\">711</span> -2.304 261<span class=\"ls0\"> </span>1.1 Titoli di <span class=\"_ _0\"></span>debito 184<span class=\"ls0\"> </span>2.985 -<span class=\"ls25\">662</span> -2.169 338<span class=\"ls0\"> </span>1.2 Titoli di <span class=\"_ _0\"></span>capitale 31<span class=\"ls0\"> </span>66<span class=\"ls0\"> </span>-<span class=\"ls25\">40</span> -<span class=\"ls25\">121</span> -<span class=\"ls25\">64</span> 1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. 3 4 -7 -<span class=\"ls25\">13</span> -<span class=\"ls25\">13</span> 1.4 Finanzia<span class=\"_ _0\"></span>menti - - -2 - -2 1.5 Altre - 3 - -1 2 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>oziazion<span class=\"_ _35\"></span>e 901<span class=\"ls0\"> </span>6 -7 -<span class=\"ls25\">30</span> 870<span class=\"ls0\"> </span>2.1 Titoli di <span class=\"_ _0\"></span>debito - - - - - 2.2 Debiti<span class=\"_ _0\"></span> 559<span class=\"ls0\"> </span>- -5 - 554<span class=\"ls0\"> </span>2.3 Altre 342<span class=\"ls0\"> </span>6 -2 -<span class=\"ls25\">30</span> 316<span class=\"ls0\"> </span>3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie: diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>enze di<span class=\"_ _0\"></span> cambio X X X X -1.574 4. Strume<span class=\"_ _0\"></span>nti derivat<span class=\"_ _0\"></span>i 123.315 43.492 -126.013 -41.929 294<span class=\"ls0\"> </span>4.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span>:    122.227 40.888 -124.987 -39.269 288<span class=\"ls0\"> </span>-<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di debi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o e tassi di <span class=\"_ _35\"></span>interesse 120.294 29.263 -121.852 -29.172 -1.467 -<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di capi<span class=\"_ _0\"></span>tale e indi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>i azionari 1.037 6.230 -2.485 -4.488 294<span class=\"ls0\"> </span>-<span class=\"ls48\">  </span>Su v<span class=\"_ _0\"></span>alute e oro<span class=\"_ _0\"></span> X X X X 1.429 -<span class=\"ls48\">  </span>Altri<span class=\"_ _0\"></span> 896<span class=\"ls0\"> </span>5.395 -<span class=\"ls25\">650</span> -5.609 32<span class=\"ls0\"> </span>4.2 Deriva<span class=\"_ _0\"></span>ti su crediti 1.088 2.604 -1.026 -2.660 6 di cui: coper<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ure natur<span class=\"_ _0\"></span>ali connes<span class=\"_ _0\"></span>se con la fair<span class=\"_ _0\"></span> value opti<span class=\"_ _0\"></span>on X X X X - Totale 124.434 46.556 -126.731 -44.263 -<span class=\"ls25\">149</span> Gli <span class=\"_ _1d\"> </span>utili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>perdite <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzi<span class=\"_ _0\"></span>arie <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>negoziazione <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>esposti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>singola <span class=\"_ _1d\"> </span>operazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compravendita, conformemente alle <span class=\"_ _3\"></span>modalit\u00e0 di r<span class=\"_ _3\"></span>ilevazione contabile in <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>presso la <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>e includono <span class=\"_ _3\"></span>il risultato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>delle posizioni <span class=\"_ _3\"></span>lun<span class=\"_ _5\"></span>ghe sia delle posizioni <span class=\"_ _0\"></span>corte. Nella colonna Risultato netto sono inclusi gli utili, <span class=\"_ _0\"></span>perdite, plusvalenze e minusvale<span class=\"_ _0\"></span>nze da operazioni su valute e da derivati s<span class=\"_ _0\"></span>u valute e oro.  Il <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>differenze <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie, <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>sottovoce<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>3, <span class=\"_ _3\"></span>trova <span class=\"_ _3\"></span>cor<span class=\"_ _5\"></span>relazione <span class=\"_ _3\"></span>nel risultato <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>4.1 <span class=\"_ _6\"></span>riferito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>derivati <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span><span class=\"ff4\">Derivati <span class=\"_ _6\"> </span>finanziari <span class=\"_ _5\"></span>su <span class=\"_ _6\"> </span>valute <span class=\"_ _6\"> </span>e <span class=\"_ _6\"></span>oro, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>quale <span class=\"_ _6\"></span>accoglie <span class=\"_ _5\"></span>tra <span class=\"_ _6\"> </span>l\u2019altro <span class=\"_ _5\"></span>i </span>risultati delle <span class=\"_ _3\"></span>relative coperture gestionali <span class=\"_ _3\"></span>attivate dalla <span class=\"_ _3\"></span>Banca sul <span class=\"_ _3\"></span>rischio cambio <span class=\"_ _3\"></span>attraverso derivati fi<span class=\"_ _5\"></span>nanziari di <span class=\"_ _3\"></span>negoziazione. Nello <span class=\"_ _4\"> </span>stesso <span class=\"_ _4\"> </span>modo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>risultato <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>Derivati <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>letto <span class=\"_ _4\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>risult<span class=\"_ _5\"></span>ati rispettivamente delle Attivit\u00e0 finanziarie di negoziazione in Titoli di debito e delle <span class=\"_ _3\"></span>Passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie di negoziazione in Debiti (posizioni in scoperti<span class=\"_ _0\"></span> tecnici sui titoli) tratt<span class=\"_ _0\"></span>andosi di operativit\u00e0<span class=\"_ _0\"></span> gestionalmente cor<span class=\"_ _0\"></span>relate tra loro.<span class=\"_ _3\"></span> Per quanto riguarda i prodotti finanziari strutturati ed i loro effetti sul conto e<span class=\"_ _3\"></span>conomico, si rinvia per pi\u00f9 dett<span class=\"_ _5\"></span>agliate informazioni<span class=\"_ _35\"></span> alla Parte E di quest<span class=\"_ _0\"></span>a Nota Integrativa <span class=\"ff4\">\u2013</span> Informazioni sui ri<span class=\"_ _0\"></span>schi e politiche di coper<span class=\"_ _0\"></span>tura.<span class=\"_ _90\"> </span>SEZIONE 6 <span class=\"ff6\">\u2013</span> UTILI (PERDITE) DA CESSIONE/RIACQUISTO - VOCE 100 6.1 Utili (Perdite) d<span class=\"_ _0\"></span>a cessione/riacquisto: comp<span class=\"_ _0\"></span>osizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti red<span class=\"_ _35\"></span>dituali 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Utili Perdite Risultat<span class=\"_ _0\"></span>o netto Utili Perdite Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> costo am<span class=\"_ _0\"></span>mortizza<span class=\"_ _0\"></span>to 439<span class=\"ls0\"> </span>-<span class=\"ls25\">272</span> 167<span class=\"ls0\"> </span>494<span class=\"ls0\"> </span>-<span class=\"ls25\">293</span> 201<span class=\"ls0\"> </span>1.1 Crediti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che 1 -9 -8 - - - 1.2 Crediti<span class=\"_ _0\"></span> verso clien<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ela 438<span class=\"ls0\"> </span>-<span class=\"ls25\">263</span> 175<span class=\"ls0\"> </span>494<span class=\"ls0\"> </span>-<span class=\"ls25\">293</span> 201<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>on impat<span class=\"_ _0\"></span>to sulla re<span class=\"_ _0\"></span>dditivit\u00e0 complessi<span class=\"_ _0\"></span>va 357<span class=\"ls0\"> </span>-<span class=\"ls25\">600</span> -<span class=\"ls25\">243</span> 693<span class=\"ls0\"> </span>-<span class=\"ls25\">82</span> 611<span class=\"ls0\"> </span>2.1 Titoli di <span class=\"_ _0\"></span>debito 356<span class=\"ls0\"> </span>-<span class=\"ls25\">588</span> -<span class=\"ls25\">232</span> 693<span class=\"ls0\"> </span>-<span class=\"ls25\">82</span> 611<span class=\"ls0\"> </span>2.2 Finanziam<span class=\"_ _35\"></span>enti 1 -<span class=\"ls25\">12</span> -<span class=\"ls25\">11</span> - - - Totale att<span class=\"_ _0\"></span>ivit\u00e0 (A) 796<span class=\"ls0\"> </span>-<span class=\"ls25\">872</span> -<span class=\"ls25\">76</span> 1.187 -<span class=\"ls25\">375</span> 812<span class=\"ls0\"> </span>Passivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie valutate <span class=\"_ _0\"></span>al costo a<span class=\"_ _0\"></span>mmortiz<span class=\"_ _0\"></span>zato 1. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che 1 -6 -5 1 -3 -2 2. Debiti ve<span class=\"_ _0\"></span>rso cliente<span class=\"_ _0\"></span>la - - - 6 -3 3 3. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 47<span class=\"ls0\"> </span>-<span class=\"ls25\">14</span> 33<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>-<span class=\"ls25\">74</span> -<span class=\"ls25\">55</span> Totale pass<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0 (B)<span class=\"_ _0\"></span> 48<span class=\"ls0\"> </span>-<span class=\"ls25\">20</span> 28<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>-<span class=\"ls25\">80</span> -<span class=\"ls25\">54<span class=\"_ _90\"> </span></span>Il <span class=\"_ _17\"> </span>Risultato <span class=\"_ _17\"> </span>netto <span class=\"_ _18\"> </span>delle <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _17\"> </span>finanziarie <span class=\"_ _17\"> </span>valutate <span class=\"_ _17\"> </span>al <span class=\"_ _18\"> </span>costo <span class=\"_ _17\"> </span>ammortizzato <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>sottovoce <span class=\"_ _17\"> </span>1.2 <span class=\"_ _18\"> </span>Crediti <span class=\"_ _17\"> </span>verso <span class=\"_ _17\"> </span>clientela, riconducibile <span class=\"_ _5\"></span>prevalentemente <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipal<span class=\"_ _0\"></span>mente <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>sul <span class=\"_ _7\"> </span>mercato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>governativi nonch\u00e9 di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>portafoglio di <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>deteriorati ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>veicolo <span class=\"_ _3\"></span>SPV costituito a<span class=\"_ _3\"></span>i sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>legge n. <span class=\"_ _3\"></span>130/99 con<span class=\"_ _3\"></span> ottenimento d<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>lla garanzia statale \u201cGAC<span class=\"_ _0\"></span>S\u201d.<span class=\"ff19 fs6\"> </span>Il <span class=\"_ _5\"></span>Risultato <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fai<span class=\"_ _3\"></span>r <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>.1, Titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nch\u2019esso <span class=\"_ _6\"> </span>riconducibile <span class=\"_ _4\"> </span>prevalentemente <span class=\"_ _6\"> </span>a <span class=\"_ _7\"> </span>Capogr<span class=\"_ _0\"></span>uppo, <span class=\"_ _4\"> </span>attiene <span class=\"_ _4\"> </span>agli <span class=\"_ _6\"> </span>utili <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>perdite <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>principalmente dalla cessione di titol<span class=\"_ _0\"></span>i di debito governati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i. <span class=\"_ _3\"></span><span class=\"fc5\">   </span>Gli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Attivit\u00e0 <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _2\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>impatto <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _5\"></span>complessiva <span class=\"_ _2\"></span>rappresentate <span class=\"_ _5\"></span>da titoli di debito sono e<span class=\"_ _0\"></span>sposti per singola op<span class=\"_ _0\"></span>erazione di compra<span class=\"_ _0\"></span>vendita.<span class=\"_ _90\"> </span>SEZIONE <span class=\"_ _4\"></span>7 <span class=\"_ _4\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>RISULTATO <span class=\"_ _6\"></span>NETTO <span class=\"_ _4\"></span>DELLE <span class=\"_ _4\"></span>ALTRE <span class=\"_ _6\"></span>ATTI<span class=\"_ _3\"></span>VIT\u00c0 <span class=\"_ _4\"></span>E <span class=\"_ _4\"></span>PASSIVIT\u00c0 <span class=\"_ _4\"></span>FINANZIARIE <span class=\"_ _4\"></span>VALUTATE <span class=\"_ _4\"></span>AL <span class=\"_ _6\"></span>FAIR VALUE CON IMPATTO A CONTO ECONOMICO- VOCE 110 7.1 <span class=\"_ _4\"> </span>Variazione <span class=\"_ _4\"> </span>netta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>impatto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>conto economico: composizione d<span class=\"_ _0\"></span>elle attivit\u00e0 e delle passivit\u00e0 finan<span class=\"_ _0\"></span>ziarie designate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze Utili da realizzo  Minusva<span class=\"_ _0\"></span>lenze Perdite <span class=\"_ _0\"></span>da realizzo<span class=\"_ _0\"></span> Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie - - - - - 1.1 Titoli di <span class=\"_ _0\"></span>debito - - - - - 1.2 Finanzia<span class=\"_ _0\"></span>menti - - - - - 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie 1.020 8 -1 -<span class=\"ls25\">42</span> 985<span class=\"ls0\"> </span>2.1 Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 1.007 8 -1 -<span class=\"ls25\">42</span> 972<span class=\"ls0\"> </span>2.2 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che  - - - - - 2.3 Debiti<span class=\"_ _0\"></span> verso client<span class=\"_ _0\"></span>ela 13<span class=\"ls0\"> </span>- - - 13<span class=\"ls0\"> </span>3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie in va<span class=\"_ _0\"></span>luta: differe<span class=\"_ _0\"></span>nze di cambio X X X X -<span class=\"ls25\">28</span> Totale 1.020 8 -1 -<span class=\"ls25\">42</span> 957<span class=\"ls0\"> </span>Nella voce 2.1 Passivit\u00e0 finanziarie Titoli in circolazione, figura il risultato netto dei certificates che alla scadenza pre<span class=\"_ _2\"></span>vedono la restituzione <span class=\"_ _4\"> </span>parziale <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>premi <span class=\"_ _4\"> </span>versati, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>sensi <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Comunicazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _4\"> </span>201<span class=\"_ _6\"></span><span class=\"ff1 ls17\">4 </span>(certificates a capitale <span class=\"_ _3\"></span>garantito o protetto), emessi successivamente al 1<span class=\"_ _3\"></span>\u00b0 gennaio 2020. <span class=\"_ _3\"></span>Le Plusvalenze esposte in <span class=\"_ _3\"></span>tabella <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>dovut<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>al cambiamento del proprio<span class=\"_ _0\"></span> merito creditizio rile<span class=\"_ _0\"></span>vato nell\u2019ambito d<span class=\"_ _0\"></span>el Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio netto)<span class=\"_ _2\"></span><span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>(credit <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pread), <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>rinvia <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>descritto <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>lla Parte A della Nota integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiva consolidata n<span class=\"_ _0\"></span>ella sezione A.4 <span class=\"ff4\">\u2013</span> Informativa sul fair value.<span class=\"fc5\"> </span> 7.2 <span class=\"_ _4\"> </span>Variazione <span class=\"_ _4\"> </span>netta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>impatto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>conto economico: composizione d<span class=\"_ _0\"></span>elle altre attivit\u00e0 finanziarie obb<span class=\"_ _0\"></span>ligatoriamente valutate al<span class=\"_ _0\"></span> fair value<span class=\"ff1 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze  Utili da realizzo  Minusva<span class=\"_ _0\"></span>lenze  Perdite <span class=\"_ _0\"></span>da realizzo  Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie 204<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>-<span class=\"ls25\">448</span> -<span class=\"ls25\">30</span> -<span class=\"ls25\">236</span> 1.1 Titoli di <span class=\"_ _0\"></span>debito 12<span class=\"ls0\"> </span>3 -<span class=\"ls25\">104</span> -2 -<span class=\"ls25\">91</span> 1.2 Titoli di <span class=\"_ _0\"></span>capitale 8 4 -<span class=\"ls25\">40</span> -2 -<span class=\"ls25\">30</span> 1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. 137<span class=\"ls0\"> </span>6 -<span class=\"ls25\">95</span> -<span class=\"ls25\">18</span> 30<span class=\"ls0\"> </span>1.4 Finanzia<span class=\"_ _0\"></span>menti 47<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>-<span class=\"ls25\">209</span> -8 -<span class=\"ls25\">145</span> 2. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie in valuta:<span class=\"_ _35\"></span> differenze di ca<span class=\"_ _0\"></span>mbio X X X X 34<span class=\"ls0\"> </span>Totale 204<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>-<span class=\"ls25\">448</span> -<span class=\"ls25\">30</span> -<span class=\"ls25\">202<span class=\"_ _90\"> </span></span> SEZIONE 7 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">RISULTATO NETTO DELLE ATTIVIT\u00c0\u2019 E PASSIVITA\u2019 FINANZIARIE DI PERTINENZA </span> DELLE IMPRESE DI ASSICURAZIONE AI SENSI DELLO IAS 39 - VOCE 115<span class=\"ff1 fs0 fc0\"> </span>Si riportano di <span class=\"_ _3\"></span>seguito i <span class=\"_ _3\"></span>dettagli delle voci <span class=\"_ _3\"></span>IAS 39 <span class=\"_ _3\"></span>incluse nella voce 115<span class=\"_ _3\"></span> di schema di <span class=\"_ _3\"></span>Conto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>economico riferita a<span class=\"_ _3\"></span>lle imprese di assicurazione. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la \u201cVoce 115 Risultato netto delle attivit\u00e0 e passivi<span class=\"_ _3\"></span><span class=\"ff1\">t\u00e0 finanziarie di pertinenza delle imprese di assicurazione </span>ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ente schema:<span class=\"_ _3\"></span><span class=\"ff1 fs12 fc5\"> </span> (milioni di <span class=\"_ _0\"></span>euro) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Risu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tato n<span class=\"_ _0\"></span>etto delle<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>attivit\u00e0 e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span>  di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za delle <span class=\"_ _0\"></span>imprese <span class=\"_ _0\"></span>di assicu<span class=\"_ _0\"></span>razione a<span class=\"_ _0\"></span>i sensi de<span class=\"_ _0\"></span>llo IAS 39 - V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 115<span class=\"_ _0\"></span> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>10. Intere<span class=\"_ _0\"></span>ssi attivi e p<span class=\"_ _0\"></span>roventi as<span class=\"_ _0\"></span>similati 2.335 1.862 20. Intere<span class=\"_ _0\"></span>ssi passivi<span class=\"_ _0\"></span> e oneri assi<span class=\"_ _0\"></span>milati -<span class=\"ls25\">77</span> -<span class=\"ls25\">75</span> 70. Dividen<span class=\"_ _0\"></span>di e proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i simili 503<span class=\"ls0\"> </span>383<span class=\"ls0\"> </span>80. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di negoziazio<span class=\"_ _0\"></span>ne -<span class=\"ls25\">53</span> -<span class=\"ls25\">69</span> 90. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di copertur<span class=\"_ _0\"></span>a (*) - - 100. Utile<span class=\"_ _0\"></span> / perdita da <span class=\"_ _0\"></span>cessione o r<span class=\"_ _35\"></span>iacquisto di: -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>a) <span class=\"ls0\">crediti </span>- - b) attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> disponibili pe<span class=\"_ _35\"></span>r <span class=\"_ _3\"></span>la vendi<span class=\"_ _35\"></span>ta -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>c) attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> sino alla <span class=\"_ _0\"></span>scadenza - - d) passivi<span class=\"_ _0\"></span>t\u00e0 finanziari<span class=\"_ _0\"></span>e - - 110. Risul<span class=\"_ _0\"></span>tato netto d<span class=\"_ _0\"></span>elle attivi<span class=\"_ _0\"></span>t\u00e0 e pas<span class=\"_ _0\"></span>sivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valuta<span class=\"_ _0\"></span>te al fair va<span class=\"_ _0\"></span>lue -1.090 2.455 TOTALE<span class=\"_ _0\"></span>  Voce 115 1.234 4.754 (*) Non sono<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>presenti<span class=\"_ _0\"></span> coperture<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>in hedge<span class=\"_ _0\"></span> accounting<span class=\"_ _0\"></span> 7.1 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e Titoli di debito  Finanziam<span class=\"_ _0\"></span>enti  Altre operazio<span class=\"_ _0\"></span>ni 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 22<span class=\"ls0\"> </span>- - 22<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> 1 - - 1 1 3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita 2.298 - - 2.298 1.834 4. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie det<span class=\"_ _35\"></span>enute sino alla scaden<span class=\"_ _35\"></span>za - - - - - 5. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span> 1 1 - 2 3 6. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span> - - - - - 7. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> X X 12<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>8 8. Altre atti<span class=\"_ _0\"></span>vit\u00e0  X X - - - Totale 2.322 1 12<span class=\"ls0\"> </span>2.335 1.862 7.2 Bis. Interessi attivi e pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>enti assimilati: diffe<span class=\"_ _0\"></span>renziali relativi alle ope<span class=\"_ _0\"></span>razioni di copertura I differenziali relati<span class=\"_ _0\"></span>vi alle operazioni di <span class=\"_ _0\"></span>copertura ammontano <span class=\"_ _0\"></span>a 12 milioni.<span class=\"_ _3\"></span><span class=\"fs12\"> </span>7.3 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: altre informazion<span class=\"_ _0\"></span>i<span class=\"_ _3\"></span> 7.3.1 Bis Interessi att<span class=\"_ _0\"></span>ivi su attivit\u00e0 finanziarie in v<span class=\"_ _0\"></span>aluta Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a soci<span class=\"_ _0\"></span>et\u00e0 assicurative.<span class=\"fs12\"> </span>7.4.Bis. Interessi p<span class=\"_ _0\"></span>assivi e oneri assimil<span class=\"_ _0\"></span>ati: composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e Debiti Titoli Altre operazio<span class=\"_ _0\"></span>ni 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>1. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che centrali - X - - - 2. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che 5 X 21<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>3. Debiti ve<span class=\"_ _0\"></span>rso cliente<span class=\"_ _0\"></span>la - X - - - 4. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> X 51<span class=\"ls0\"> </span>- 51<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>5. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di negozia<span class=\"_ _35\"></span>zione - - - - - 6. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> valutate al fair value - - - - - 7. Altre pa<span class=\"_ _0\"></span>ssivit\u00e0 e <span class=\"_ _0\"></span>fondi X X - - - 8. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> X X - - - Totale 5 51<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>77<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>7.5. Bis. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati:<span class=\"_ _0\"></span> differenziali relativi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lle operazioni di cope<span class=\"_ _0\"></span>rtura<span class=\"_ _3\"></span> Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a societ\u00e0 assicurat<span class=\"_ _0\"></span>ive.<span class=\"fs12\"> </span>7.6. Bis. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati:<span class=\"_ _0\"></span> altre informazion<span class=\"_ _0\"></span>i<span class=\"_ _3\"></span> 7.6.1 Bis Interessi pa<span class=\"_ _0\"></span>ssivi su passivit<span class=\"_ _0\"></span>\u00e0 in valuta Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a soci<span class=\"_ _0\"></span>et\u00e0 assicurative.<span class=\"ff5 fc2\"> </span>7.7 Bis. Dividendi e prov<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti simili - composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Prove<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Dividend<span class=\"_ _0\"></span>i Proventi<span class=\"_ _0\"></span> da quote di<span class=\"_ _0\"></span> O.I.C.R. Dividend<span class=\"_ _0\"></span>i Proventi<span class=\"_ _0\"></span> da quote di<span class=\"_ _0\"></span> O.I.C.R. A. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione - - - - B. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per la vendita<span class=\"_ _0\"></span> 78<span class=\"ls0\"> </span>362<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>237<span class=\"ls0\"> </span>C. Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> valutate al<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>fair value 63<span class=\"ls0\"> </span>- 53<span class=\"ls0\"> </span>- D. Partecipa<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni - X - X Totale 141<span class=\"ls0\"> </span>362<span class=\"ls0\"> </span>146<span class=\"ls0\"> </span>237<span class=\"_ _90\"> </span>7.8 Bis. Risultato net<span class=\"_ _0\"></span>to dell\u2019attivit\u00e0 di negozia<span class=\"_ _0\"></span>zione: composizione <span class=\"_ _0\"></span>    <span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze Utili da negoziaz<span class=\"_ _0\"></span>ione Minusva<span class=\"_ _0\"></span>lenze Perdite <span class=\"_ _0\"></span>da negoziaz<span class=\"_ _0\"></span>ione Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie<span class=\"_ _0\"></span> di neg<span class=\"_ _0\"></span>oziazione - - -<span class=\"ls25\">153</span> -3 -<span class=\"ls25\">156</span> 1.1 Titoli di <span class=\"_ _0\"></span>debito - - -<span class=\"ls25\">136</span> -1 -<span class=\"ls25\">137</span> 1.2 Titoli di <span class=\"_ _0\"></span>capitale - - - - - 1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. - - -<span class=\"ls25\">17</span> -2 -<span class=\"ls25\">19</span> 1.4 Finanzia<span class=\"_ _0\"></span>menti - - - - - 1.5 Altre - - - - - 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _0\"></span>goziazion<span class=\"_ _0\"></span>e - - - - - 2.1 Titoli di <span class=\"_ _0\"></span>debito - - - - - 2.2 Debiti<span class=\"_ _0\"></span> - - - - - 2.3 Altre - - - - - 3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie: diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>enze di<span class=\"_ _0\"></span> cambio X X X X 3 4. Strume<span class=\"_ _0\"></span>nti derivat<span class=\"_ _0\"></span>i 33<span class=\"ls0\"> </span>218<span class=\"ls0\"> </span>-<span class=\"ls25\">17</span> -<span class=\"ls25\">52</span> 100<span class=\"ls0\"> </span>4.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span>: 33<span class=\"ls0\"> </span>217<span class=\"ls0\"> </span>-<span class=\"ls25\">17</span> -<span class=\"ls25\">52</span> 99<span class=\"ls0\"> </span>- Su titoli di <span class=\"_ _0\"></span>debito e tas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di intere<span class=\"_ _0\"></span>sse - 156<span class=\"ls0\"> </span>- -9 147<span class=\"ls0\"> </span>- Su titoli di <span class=\"_ _0\"></span>capitale e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>indici azion<span class=\"_ _0\"></span>ari 33<span class=\"ls0\"> </span>61<span class=\"ls0\"> </span>-<span class=\"ls25\">17</span> -<span class=\"ls25\">43</span> 34<span class=\"ls0\"> </span>- Su valute<span class=\"_ _0\"></span> e oro X X X X -<span class=\"ls25\">82</span> - Altri - - - - - 4.2 Deriva<span class=\"_ _0\"></span>ti su crediti - 1 - - 1 Totale 33<span class=\"ls0\"> </span>218<span class=\"ls0\"> </span>-<span class=\"ls25\">170</span> -<span class=\"ls25\">55</span> -<span class=\"ls25\">53</span> 7.9 Bis. <span class=\"ff6\">Risultato netto del<span class=\"_ _0\"></span>l\u2019attivit\u00e0 di copertura: <span class=\"_ _0\"></span>composizione<span class=\"ff5\"> </span></span>Non si segnalano im<span class=\"_ _0\"></span>patti a conto economi<span class=\"_ _0\"></span>co per attivit\u00e0 di c<span class=\"_ _0\"></span>opertura riferite a socie<span class=\"_ _0\"></span>t\u00e0 assicurative.<span class=\"_ _3\"></span> 7.10 Bis. Utili (Perdit<span class=\"_ _0\"></span>e) da cessione / ria<span class=\"_ _0\"></span>cquisto: composizione<span class=\"fc5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci/Com<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>onenti red<span class=\"_ _35\"></span>dituali<span class=\"ff1 fs0\"> </span>2022<span class=\"ff1 fs0 ls0\"> </span>2021<span class=\"ff1 fs0 ls0\"> </span>Utili<span class=\"ff1 fs0\"> </span>Perdite<span class=\"ff1 fs0\"> </span>Risultat<span class=\"_ _0\"></span>o netto<span class=\"ff1 fs0\"> </span>Utili<span class=\"ff1 fs0\"> </span>Perdite<span class=\"ff1 fs0\"> </span>Risultat<span class=\"_ _0\"></span>o netto<span class=\"ff1 fs0\"> </span>Attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>1. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita<span class=\"fs0\"> </span>297<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">681</span><span class=\"fs0\"> </span>-<span class=\"ls25\">384</span><span class=\"fs0\"> </span>300<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">102</span><span class=\"fs0\"> </span>198<span class=\"fs0 ls0\"> </span>3.1 Titoli di <span class=\"_ _0\"></span>debito<span class=\"ff1 fs0\"> </span>135<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">598</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">463</span><span class=\"ff1 fs0\"> </span>152<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">17</span><span class=\"ff1 fs0\"> </span>135<span class=\"ff1 fs0 ls0\"> </span>3.2 Titoli di <span class=\"_ _0\"></span>capitale<span class=\"ff1 fs0\"> </span>51<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">32</span><span class=\"ff1 fs0\"> </span>19<span class=\"ff1 fs0 ls0\"> </span>45<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">36</span><span class=\"ff1 fs0\"> </span>9<span class=\"ff1 fs0\"> </span>3.3  Quote<span class=\"_ _0\"></span> di O.I.C<span class=\"_ _0\"></span>.R.<span class=\"ff1 fs0\"> </span>108<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">51</span><span class=\"ff1 fs0\"> </span>57<span class=\"ff1 fs0 ls0\"> </span>103<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">49</span><span class=\"ff1 fs0\"> </span>54<span class=\"ff1 fs0 ls0\"> </span>3.4 Finanziam<span class=\"_ _35\"></span>enti <span class=\"ff1 fs0\"> </span>3<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>4. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> sino alla scaden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Totale att<span class=\"_ _0\"></span>ivit\u00e0<span class=\"ff1 fs0\"> </span>297<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">681</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">384</span><span class=\"ff1 fs0\"> </span>300<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">102</span><span class=\"ff1 fs0\"> </span>198<span class=\"ff1 fs0 ls0\"> </span>Passivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie<span class=\"ff1 fs0\"> </span>1. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2. Debiti ve<span class=\"_ _0\"></span>rso cliente<span class=\"_ _0\"></span>la<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>3. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Totale pass<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>7.11 Bis. Variazione nett<span class=\"_ _0\"></span>a di valore delle attiv<span class=\"_ _0\"></span>it\u00e0/passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie valutate al fair <span class=\"_ _0\"></span>value: composizione<span class=\"fc5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali<span class=\"ff1 fs0\"> </span>Plusvalen<span class=\"_ _0\"></span>ze<span class=\"ff1 fs0\"> </span>Utili da realizzo<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>Minusva<span class=\"_ _0\"></span>lenze<span class=\"ff1 fs0\"> </span>Perdite <span class=\"_ _0\"></span>da realizzo<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>Risultat<span class=\"_ _0\"></span>o netto<span class=\"ff1 fs0\"> </span>1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>413<span class=\"ff1 fs0 ls0\"> </span>611<span class=\"ff1 fs0 ls0\"> </span>-10.686<span class=\"ff1 fs0\"> </span>-2.724<span class=\"ff1 fs0\"> </span>-12.386<span class=\"ff1 fs0\"> </span>1.1 Titoli di <span class=\"_ _0\"></span>debito<span class=\"fs0\"> </span>6<span class=\"fs0\"> </span>106<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">403</span><span class=\"fs0\"> </span>-<span class=\"ls25\">157</span><span class=\"fs0\"> </span>-<span class=\"ls25\">448</span><span class=\"fs0\"> </span>1.2 Titoli di <span class=\"_ _0\"></span>capitale<span class=\"fs0\"> </span>147<span class=\"fs0 ls0\"> </span>184<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">480</span><span class=\"fs0\"> </span>-<span class=\"ls25\">309</span><span class=\"fs0\"> </span>-<span class=\"ls25\">458</span><span class=\"fs0\"> </span>1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R.<span class=\"fs0\"> </span>231<span class=\"fs0 ls0\"> </span>314<span class=\"fs0 ls0\"> </span>-9.740<span class=\"fs0\"> </span>-2.250<span class=\"fs0\"> </span>-11.445<span class=\"fs0\"> </span>1.4 Finanzia<span class=\"_ _0\"></span>menti<span class=\"fs0\"> </span>29<span class=\"fs0 ls0\"> </span>7<span class=\"fs0\"> </span>-<span class=\"ls25\">63</span><span class=\"fs0\"> </span>-8<span class=\"fs0\"> </span>-<span class=\"ls25\">35</span><span class=\"fs0\"> </span>2. Passivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie<span class=\"ff1 fs0\"> </span>11.339<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">15</span><span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>11.324<span class=\"ff1 fs0\"> </span>2.1 Titoli di <span class=\"_ _0\"></span>debito<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>2.2 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che<span class=\"fs0\"> </span>69<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>69<span class=\"fs0 ls0\"> </span>2.3 Debiti<span class=\"_ _0\"></span> verso client<span class=\"_ _0\"></span>ela<span class=\"fs0\"> </span>11.270<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"ls25\">15</span><span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>11.255<span class=\"fs0\"> </span>3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie in va<span class=\"_ _0\"></span>luta: differen<span class=\"_ _0\"></span>ze di cambi<span class=\"_ _35\"></span>o<span class=\"ff1 fs0\"> </span>X<span class=\"ff1 fs0\"> </span>X<span class=\"ff1 fs0\"> </span>X<span class=\"ff1 fs0\"> </span>X<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>4. Derivati<span class=\"_ _0\"></span> creditizi e f<span class=\"_ _35\"></span>inanziari<span class=\"ff1 fs0\"> </span>49<span class=\"ff1 fs0 ls0\"> </span>83<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">20</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">140</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">28</span><span class=\"ff1 fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>11.801<span class=\"ff1 fs0\"> </span>694<span class=\"ff1 fs0 ls0\"> </span>-10.721<span class=\"ff1 fs0\"> </span>-<span class=\"_ _90\"> </span>16.2 Altri proventi di g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Valori Recupero<span class=\"_ _0\"></span> di spese 930<span class=\"ls0\"> </span>Attivit\u00e0 di <span class=\"_ _0\"></span>credito al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e le<span class=\"_ _35\"></span>as<span class=\"_ _3\"></span>ing 42<span class=\"ls0\"> </span>Fitti attivi e<span class=\"_ _0\"></span>d altri prov<span class=\"_ _0\"></span>enti da ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tione i<span class=\"_ _0\"></span>mmobiliare 34<span class=\"ls0\"> </span>Recuperi per<span class=\"_ _35\"></span> servizi resi a terzi<span class=\"_ _0\"></span> 23<span class=\"ls0\"> </span>Altri proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i 341<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>1.370 Totale 2021<span class=\"ls0\"> </span>1.483 La sottovoce \u201cAltri pro<span class=\"_ _0\"></span>venti\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>8 milioni al risultato <span class=\"_ _0\"></span>positivo su oro e meta<span class=\"_ _0\"></span>lli preziosi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _4\"></span>richiesto <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>paragrafo <span class=\"_ _6\"></span>116 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>) <span class=\"_ _4\"> </span><span class=\"ff4\">dell\u2019IFRS <span class=\"_ _4\"> </span>15, <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>performance <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>bligation<span class=\"_ _35\"></span> </span>adempiute negli anni<span class=\"_ _0\"></span> precedenti per un amm<span class=\"_ _0\"></span>ontare pari a 17 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _3\"></span><span class=\"ff5 fs9 fc2\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-965": {
   "value": "SEZIONE 1 <span class=\"ff6\">\u2013</span> INTERESSI - VOCI 10 E 20 1.1. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: composizione <span class=\"fff fs6 fc0\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci/Forme tecni<span class=\"_ _3\"></span>che Titoli di debito Finanziamenti<span class=\"_ _3\"></span> Altre operazioni 2022 2021 1. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto a c<span class=\"_ _3\"></span>onto economico: 17<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>1.1 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie detenute per<span class=\"_ _3\"></span> la negoziazio<span class=\"_ _3\"></span>ne 9 2 - 11<span class=\"ls0\"> </span>8 1.2 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie designate al<span class=\"_ _3\"></span> fair value<span class=\"_ _3\"></span> - - - - - 1.3 Altre attivit\u00e0 fina<span class=\"_ _3\"></span>nziarie obblig<span class=\"_ _3\"></span>atoriamente valu<span class=\"_ _3\"></span>tate al fair value<span class=\"_ _3\"></span> 8 36<span class=\"ls0\"> </span>- 44<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva 860<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>X 912<span class=\"ls0\"> </span>652<span class=\"ls0\"> </span>3. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al <span class=\"_ _3\"></span>costo ammortizz<span class=\"_ _3\"></span>ato: 829<span class=\"ls0\"> </span>10.967 X 11.796 9.386 3.1 Crediti verso b<span class=\"_ _3\"></span>anche 47<span class=\"ls0\"> </span>1.201 X 1.248 273<span class=\"ls0\"> </span>3.2 Crediti verso clie<span class=\"_ _3\"></span>ntela 782<span class=\"ls0\"> </span>9.766 X 10.548 9.113 4. Derivati di copert<span class=\"_ _3\"></span>ura X X -584 -584 -1.134 5. Altre attivit\u00e0<span class=\"_ _3\"></span> X X 251<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>6. Passivit\u00e0 finan<span class=\"_ _3\"></span>ziarie X X X 802<span class=\"ls0\"> </span>1.480 Totale 1.706 11.057 -333 13.232 10.473 di cui: interessi attivi s<span class=\"_ _3\"></span>u attivit\u00e0 fin<span class=\"_ _3\"></span>anziarie impaired<span class=\"_ _3\"></span> 1 444<span class=\"ls0\"> </span>- 445<span class=\"ls0\"> </span>608<span class=\"ls0\"> </span>di cui: interessi attivi s<span class=\"_ _3\"></span>u leasing fi<span class=\"_ _3\"></span>nanziario<span class=\"_ _3\"></span> X 338<span class=\"ls0\"> </span>X 338<span class=\"ls0\"> </span>350<span class=\"ls0\"> </span>Gli interessi attivi inc<span class=\"_ _0\"></span>ludono anche quelli <span class=\"_ _0\"></span>su titoli utilizzati i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> operazioni di pro<span class=\"_ _0\"></span>nti contro termine.<span class=\"_ _3\"></span> Gli interessi su attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired includono anche gli inter<span class=\"_ _0\"></span>essi dovuti al trascorrere del tem<span class=\"_ _0\"></span>po, pari a 161 milioni (c.d<span class=\"_ _0\"></span>. time value) che nel 20<span class=\"_ _0\"></span>21 erano risultati p<span class=\"_ _0\"></span>ari a 275 milioni. Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cDerivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura\u201d sono <span class=\"_ _3\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenziali<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>derivati <span class=\"_ _5\"></span><span class=\"ff1\">di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>correzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>attivi </span>rilevati sugli strumen<span class=\"_ _0\"></span>ti finanziari coperti. Nella voce \u201cPassivit\u00e0 fina<span class=\"_ _0\"></span>nziarie\u201d sono inclusi gli interess<span class=\"_ _0\"></span>i su operazioni di raccolta c<span class=\"_ _0\"></span>on tassi negativi. In tale am<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ito, s<span class=\"_ _5\"></span><span class=\"ff1\">ono stati </span>rilevati <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff4\">u <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _2\"></span>TLTRO <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _2\"></span>615 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>nell\u2019esercizio </span>2022 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>1.187 <span class=\"_ _7\"> </span>milioni <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021. <span class=\"_ _7\"> </span>L\u2019importo <span class=\"_ _4\"> </span>rilevato <span class=\"_ _7\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riferisce <span class=\"_ _4\"> </span>agli <span class=\"_ _7\"> </span>interessi <span class=\"_ _7\"> </span>maturati <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>operazioni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>TLTRO  II<span class=\"_ _3\"></span>I.  Come <span class=\"_ _1d\"> </span>meglio  r<span class=\"_ _3\"></span>appresentato <span class=\"_ _1d\"> </span>nella  Parte <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>Politic<span class=\"_ _0\"></span>he <span class=\"_ _1d\"> </span>Contabili  della <span class=\"_ _1d\"> </span>presente  Nota <span class=\"_ _1d\"> </span>Integrativa  al <span class=\"_ _1d\"> </span>paragrafo<span class=\"_ _0\"></span> \u201cOperazioni <span class=\"_ _16\"> </span>di  fina<span class=\"_ _0\"></span>nziamento <span class=\"_ _16\"> </span>TLTRO  III<span class=\"_ _0\"></span>\u201d  gli <span class=\"_ _7\"> </span>interessi  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>rilevati  t<span class=\"_ _35\"></span>enendo  conto <span class=\"_ _16\"> </span>dell\u2019avvenuto <span class=\"_ _16\"> </span>conseguimento <span class=\"_ _16\"> </span>dei benchmark <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>(riferiti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">nsistenze <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>marzo <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021), <span class=\"_ _3\"></span>dell\u2019evoluzione<span class=\"_ _0\"></span> </span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>ricalibrazioni <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span>applicabili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omunicate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>da<span class=\"_ _5\"></span>ta <span class=\"_ _2\"></span>27 ottobre 2022 dal Consigli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> direttivo della BCE<span class=\"_ _0\"></span>.<span class=\"ff9 fs19\"> </span>Si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>infine <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>\u201cAttivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>ammortizzato\u201d, sottovoce <span class=\"_ _3\"></span>\u201cCrediti <span class=\"_ _2\"></span>verso <span class=\"_ _3\"></span>banche\u201d, s<span class=\"_ _6\"></span><span class=\"ff1\">ono </span>ricompresi <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>interessi su<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti a <span class=\"_ _2\"></span>vista <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>centrali <span class=\"_ _3\"></span>classificati nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201c<span class=\"_ _5\"></span><span class=\"ff1 ls46\">Ca<span class=\"_ _3\"></span><span class=\"ls1f\">ssa </span></span>e disponibilit\u00e0 liqui<span class=\"_ _0\"></span>de\u201d.<span class=\"ff1\"> </span>1.2. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: altre informazioni <span class=\"ffa\"> </span>1.2.1 Interessi attivi su <span class=\"_ _0\"></span>attivit\u00e0 finanziarie <span class=\"_ _0\"></span>in valuta Al 31 dicembre 2022 il <span class=\"_ _0\"></span>saldo del conto a<span class=\"_ _0\"></span>ccoglie 3.659 milioni re<span class=\"_ _0\"></span>lativi ad attivit\u00e0 f<span class=\"_ _3\"></span>inanziarie in valuta. 1.5. Differenziali relat<span class=\"_ _0\"></span>ivi alle operazioni di<span class=\"_ _0\"></span> copertura (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Voci<span class=\"ff1 fs0\"> </span>2022<span class=\"ff1 fs0 ls0\"> </span>2021<span class=\"ff1 fs0 ls0\"> </span>A. Differenz<span class=\"_ _0\"></span>iali positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i relativi a o<span class=\"_ _35\"></span>perazioni di coper<span class=\"_ _0\"></span>tura<span class=\"fs0\"> </span>3.626<span class=\"fs0\"> </span>2.570<span class=\"fs0\"> </span>B. Differenz<span class=\"_ _0\"></span>iali negativi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>relativi a<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>operazioni<span class=\"_ _0\"></span> di copertura<span class=\"fs0\"> </span>-4.149<span class=\"fs0\"> </span>-3.269<span class=\"fs0\"> </span>C. Saldo<span class=\"_ _0\"></span> (A-<span class=\"ls47\">B)<span class=\"_ _0\"></span><span class=\"ff1 fs0 ls0\"> </span></span>-<span class=\"ls25\">523</span><span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">699<span class=\"_ _90\"> </span></span>SEZIONE 7 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">RISULTATO NETTO DELLE ATTIVIT\u00c0\u2019 E PASSIVITA\u2019 FINANZIARIE DI PERTINENZA </span> DELLE IMPRESE DI ASSICURAZIONE AI SENSI DELLO IAS 39 - VOCE 115<span class=\"ff1 fs0 fc0\"> </span>Si riportano di <span class=\"_ _3\"></span>seguito i <span class=\"_ _3\"></span>dettagli delle voci <span class=\"_ _3\"></span>IAS 39 <span class=\"_ _3\"></span>incluse nella voce 115<span class=\"_ _3\"></span> di schema di <span class=\"_ _3\"></span>Conto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>economico riferita a<span class=\"_ _3\"></span>lle imprese di assicurazione. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la \u201cVoce 115 Risultato netto delle attivit\u00e0 e passivi<span class=\"_ _3\"></span><span class=\"ff1\">t\u00e0 finanziarie di pertinenza delle imprese di assicurazione </span>ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ente schema:<span class=\"_ _3\"></span><span class=\"ff1 fs12 fc5\"> </span> (milioni di <span class=\"_ _0\"></span>euro) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Risu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tato n<span class=\"_ _0\"></span>etto delle<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>attivit\u00e0 e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span>  di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za delle <span class=\"_ _0\"></span>imprese <span class=\"_ _0\"></span>di assicu<span class=\"_ _0\"></span>razione a<span class=\"_ _0\"></span>i sensi de<span class=\"_ _0\"></span>llo IAS 39 - V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 115<span class=\"_ _0\"></span> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>10. Intere<span class=\"_ _0\"></span>ssi attivi e p<span class=\"_ _0\"></span>roventi as<span class=\"_ _0\"></span>similati 2.335 1.862 20. Intere<span class=\"_ _0\"></span>ssi passivi<span class=\"_ _0\"></span> e oneri assi<span class=\"_ _0\"></span>milati -<span class=\"ls25\">77</span> -<span class=\"ls25\">75</span> 70. Dividen<span class=\"_ _0\"></span>di e proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i simili 503<span class=\"ls0\"> </span>383<span class=\"ls0\"> </span>80. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di negoziazio<span class=\"_ _0\"></span>ne -<span class=\"ls25\">53</span> -<span class=\"ls25\">69</span> 90. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di copertur<span class=\"_ _0\"></span>a (*) - - 100. Utile<span class=\"_ _0\"></span> / perdita da <span class=\"_ _0\"></span>cessione o r<span class=\"_ _35\"></span>iacquisto di: -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>a) <span class=\"ls0\">crediti </span>- - b) attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> disponibili pe<span class=\"_ _35\"></span>r <span class=\"_ _3\"></span>la vendi<span class=\"_ _35\"></span>ta -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>c) attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> sino alla <span class=\"_ _0\"></span>scadenza - - d) passivi<span class=\"_ _0\"></span>t\u00e0 finanziari<span class=\"_ _0\"></span>e - - 110. Risul<span class=\"_ _0\"></span>tato netto d<span class=\"_ _0\"></span>elle attivi<span class=\"_ _0\"></span>t\u00e0 e pas<span class=\"_ _0\"></span>sivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valuta<span class=\"_ _0\"></span>te al fair va<span class=\"_ _0\"></span>lue -1.090 2.455 TOTALE<span class=\"_ _0\"></span>  Voce 115 1.234 4.754 (*) Non sono<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>presenti<span class=\"_ _0\"></span> coperture<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>in hedge<span class=\"_ _0\"></span> accounting<span class=\"_ _0\"></span> 7.1 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e Titoli di debito  Finanziam<span class=\"_ _0\"></span>enti  Altre operazio<span class=\"_ _0\"></span>ni 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione 22<span class=\"ls0\"> </span>- - 22<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> 1 - - 1 1 3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita 2.298 - - 2.298 1.834 4. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie det<span class=\"_ _35\"></span>enute sino alla scaden<span class=\"_ _35\"></span>za - - - - - 5. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span> 1 1 - 2 3 6. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span> - - - - - 7. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> X X 12<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>8 8. Altre atti<span class=\"_ _0\"></span>vit\u00e0  X X - - - Totale 2.322 1 12<span class=\"ls0\"> </span>2.335 1.862 7.2 Bis. Interessi attivi e pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>enti assimilati: diffe<span class=\"_ _0\"></span>renziali relativi alle ope<span class=\"_ _0\"></span>razioni di copertura I differenziali relati<span class=\"_ _0\"></span>vi alle operazioni di <span class=\"_ _0\"></span>copertura ammontano <span class=\"_ _0\"></span>a 12 milioni.<span class=\"_ _3\"></span><span class=\"fs12\"> </span>7.3 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: altre informazion<span class=\"_ _0\"></span>i<span class=\"_ _3\"></span> 7.3.1 Bis Interessi att<span class=\"_ _0\"></span>ivi su attivit\u00e0 finanziarie in v<span class=\"_ _0\"></span>aluta Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a soci<span class=\"_ _0\"></span>et\u00e0 assicurative.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-930": {
   "value": "SEZIONE 1 <span class=\"ff6\">\u2013</span> INTERESSI - VOCI 10 E 20 1.1. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: composizione <span class=\"fff fs6 fc0\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci/Forme tecni<span class=\"_ _3\"></span>che Titoli di debito Finanziamenti<span class=\"_ _3\"></span> Altre operazioni 2022 2021 1. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto a c<span class=\"_ _3\"></span>onto economico: 17<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 55<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>1.1 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie detenute per<span class=\"_ _3\"></span> la negoziazio<span class=\"_ _3\"></span>ne 9 2 - 11<span class=\"ls0\"> </span>8 1.2 Attivit\u00e0 finanzi<span class=\"_ _3\"></span>arie designate al<span class=\"_ _3\"></span> fair value<span class=\"_ _3\"></span> - - - - - 1.3 Altre attivit\u00e0 fina<span class=\"_ _3\"></span>nziarie obblig<span class=\"_ _3\"></span>atoriamente valu<span class=\"_ _3\"></span>tate al fair value<span class=\"_ _3\"></span> 8 36<span class=\"ls0\"> </span>- 44<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con impa<span class=\"_ _3\"></span>tto sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva 860<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>X 912<span class=\"ls0\"> </span>652<span class=\"ls0\"> </span>3. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al <span class=\"_ _3\"></span>costo ammortizz<span class=\"_ _3\"></span>ato: 829<span class=\"ls0\"> </span>10.967 X 11.796 9.386 3.1 Crediti verso b<span class=\"_ _3\"></span>anche 47<span class=\"ls0\"> </span>1.201 X 1.248 273<span class=\"ls0\"> </span>3.2 Crediti verso clie<span class=\"_ _3\"></span>ntela 782<span class=\"ls0\"> </span>9.766 X 10.548 9.113 4. Derivati di copert<span class=\"_ _3\"></span>ura X X -584 -584 -1.134 5. Altre attivit\u00e0<span class=\"_ _3\"></span> X X 251<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>6. Passivit\u00e0 finan<span class=\"_ _3\"></span>ziarie X X X 802<span class=\"ls0\"> </span>1.480 Totale 1.706 11.057 -333 13.232 10.473 di cui: interessi attivi s<span class=\"_ _3\"></span>u attivit\u00e0 fin<span class=\"_ _3\"></span>anziarie impaired<span class=\"_ _3\"></span> 1 444<span class=\"ls0\"> </span>- 445<span class=\"ls0\"> </span>608<span class=\"ls0\"> </span>di cui: interessi attivi s<span class=\"_ _3\"></span>u leasing fi<span class=\"_ _3\"></span>nanziario<span class=\"_ _3\"></span> X 338<span class=\"ls0\"> </span>X 338<span class=\"ls0\"> </span>350<span class=\"ls0\"> </span>Gli interessi attivi inc<span class=\"_ _0\"></span>ludono anche quelli <span class=\"_ _0\"></span>su titoli utilizzati i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> operazioni di pro<span class=\"_ _0\"></span>nti contro termine.<span class=\"_ _3\"></span> Gli interessi su attivit\u00e0 finanziarie im<span class=\"_ _0\"></span>paired includono anche gli inter<span class=\"_ _0\"></span>essi dovuti al trascorrere del tem<span class=\"_ _0\"></span>po, pari a 161 milioni (c.d<span class=\"_ _0\"></span>. time value) che nel 20<span class=\"_ _0\"></span>21 erano risultati p<span class=\"_ _0\"></span>ari a 275 milioni. Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201cDerivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura\u201d sono <span class=\"_ _3\"></span>compresi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenziali<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>derivati <span class=\"_ _5\"></span><span class=\"ff1\">di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>correzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>attivi </span>rilevati sugli strumen<span class=\"_ _0\"></span>ti finanziari coperti. Nella voce \u201cPassivit\u00e0 fina<span class=\"_ _0\"></span>nziarie\u201d sono inclusi gli interess<span class=\"_ _0\"></span>i su operazioni di raccolta c<span class=\"_ _0\"></span>on tassi negativi. In tale am<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ito, s<span class=\"_ _5\"></span><span class=\"ff1\">ono stati </span>rilevati <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span><span class=\"ff4\">u <span class=\"_ _2\"></span>base<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>finanziamento <span class=\"_ _2\"></span>TLTRO <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _2\"></span>615 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>nell\u2019esercizio </span>2022 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>1.187 <span class=\"_ _7\"> </span>milioni <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>021. <span class=\"_ _7\"> </span>L\u2019importo <span class=\"_ _4\"> </span>rilevato <span class=\"_ _7\"> </span>nell\u2019esercizio <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>riferisce <span class=\"_ _4\"> </span>agli <span class=\"_ _7\"> </span>interessi <span class=\"_ _7\"> </span>maturati <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>operazioni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>TLTRO  II<span class=\"_ _3\"></span>I.  Come <span class=\"_ _1d\"> </span>meglio  r<span class=\"_ _3\"></span>appresentato <span class=\"_ _1d\"> </span>nella  Parte <span class=\"_ _1d\"> </span>A <span class=\"_ _1d\"> </span>Politic<span class=\"_ _0\"></span>he <span class=\"_ _1d\"> </span>Contabili  della <span class=\"_ _1d\"> </span>presente  Nota <span class=\"_ _1d\"> </span>Integrativa  al <span class=\"_ _1d\"> </span>paragrafo<span class=\"_ _0\"></span> \u201cOperazioni <span class=\"_ _16\"> </span>di  fina<span class=\"_ _0\"></span>nziamento <span class=\"_ _16\"> </span>TLTRO  III<span class=\"_ _0\"></span>\u201d  gli <span class=\"_ _7\"> </span>interessi  sono <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>rilevati  t<span class=\"_ _35\"></span>enendo  conto <span class=\"_ _16\"> </span>dell\u2019avvenuto <span class=\"_ _16\"> </span>conseguimento <span class=\"_ _16\"> </span>dei benchmark <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>(riferiti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">nsistenze <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>marzo <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021), <span class=\"_ _3\"></span>dell\u2019evoluzione<span class=\"_ _0\"></span> </span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>ricalibrazioni <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>condizioni <span class=\"_ _3\"></span>applicabili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>TLTRO <span class=\"_ _2\"></span>III <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omunicate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>da<span class=\"_ _5\"></span>ta <span class=\"_ _2\"></span>27 ottobre 2022 dal Consigli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> direttivo della BCE<span class=\"_ _0\"></span>.<span class=\"ff9 fs19\"> </span>Si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _3\"></span>infine <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>voce <span class=\"_ _2\"></span>\u201cAttivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>valutate <span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>osto <span class=\"_ _3\"></span>ammortizzato\u201d, sottovoce <span class=\"_ _3\"></span>\u201cCrediti <span class=\"_ _2\"></span>verso <span class=\"_ _3\"></span>banche\u201d, s<span class=\"_ _6\"></span><span class=\"ff1\">ono </span>ricompresi <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>interessi su<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti a <span class=\"_ _2\"></span>vista <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>centrali <span class=\"_ _3\"></span>classificati nello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u201c<span class=\"_ _5\"></span><span class=\"ff1 ls46\">Ca<span class=\"_ _3\"></span><span class=\"ls1f\">ssa </span></span>e disponibilit\u00e0 liqui<span class=\"_ _0\"></span>de\u201d.<span class=\"ff1\"> </span>1.2. Interessi attivi <span class=\"_ _0\"></span>e proventi assimilati<span class=\"_ _0\"></span>: altre informazioni <span class=\"ffa\"> </span>1.2.1 Interessi attivi su <span class=\"_ _0\"></span>attivit\u00e0 finanziarie <span class=\"_ _0\"></span>in valuta Al 31 dicembre 2022 il <span class=\"_ _0\"></span>saldo del conto a<span class=\"_ _0\"></span>ccoglie 3.659 milioni re<span class=\"_ _0\"></span>lativi ad attivit\u00e0 f<span class=\"_ _3\"></span>inanziarie in valuta. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-399.886px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">1.3 Interessi passivi e o<span class=\"_ _0\"></span>neri assimilati: compo<span class=\"_ _0\"></span>sizione  </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w327 h5e\" style=\"left:483.8526px; bottom:569.004px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w3ca h5f\" style=\"left:-4.050377px; bottom:530.004px;\"><div class=\"t m0 x41 h59 y7d9 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e </div></div><div class=\"c w399 h5f\" style=\"left:281.18262px; bottom:530.004px;\"><div class=\"t m0 xe h59 y7d9 ff5 fs17 fc2 sc0 ls0 ws0\">Debiti </div></div><div class=\"c w39b h5f\" style=\"left:349.06863px; bottom:530.004px;\"><div class=\"t m0 x99 h59 y7d9 ff5 fs17 fc2 sc0 ls0 ws0\">Titoli </div></div><div class=\"c w39b h5f\" style=\"left:417.08463px; bottom:530.004px;\"><div class=\"t m0 x98 h59 y7d9 ff5 fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x12 h59 y13a ff5 fs17 fc2 sc0 ls0 ws0\">operazio<span class=\"_ _0\"></span>ni </div></div><div class=\"c w399 h5f\" style=\"left:483.8526px; bottom:530.004px;\"><div class=\"t m0 xd9 h59 y7d9 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w39b h5f\" style=\"left:552.2196px; bottom:530.004px;\"><div class=\"t m0 x98 h59 y7d9 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:510.50403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie val<span class=\"_ _0\"></span>utate al cost<span class=\"_ _35\"></span>o ammortizzato </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:510.50403px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.323 </div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:510.50403px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.658 </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:510.50403px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:510.50403px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.981 </div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:510.50403px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.021 </div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:491.00403px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che centrali </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:491.00403px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:491.00403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:491.00403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:491.00403px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:491.00403px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:471.50403px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:471.50403px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">495<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:471.50403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:471.50403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:471.50403px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">495<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:471.50403px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">164<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:452.00403px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.3 Debiti<span class=\"_ _0\"></span> verso client<span class=\"_ _0\"></span>ela </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:452.00403px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">752<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:452.00403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:452.00403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:452.00403px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">752<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:452.00403px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">350<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:432.50403px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.4 Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:432.50403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:432.50403px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.658 </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:432.50403px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:432.50403px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.658 </div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:432.50403px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.491 </div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:413.00403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>oziazion<span class=\"_ _35\"></span>e </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:413.00403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:413.00403px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:413.00403px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:413.00403px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:413.00403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:393.50403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie des<span class=\"_ _0\"></span>ignate al fair<span class=\"_ _0\"></span> value </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:393.50403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:393.50403px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:393.50403px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:393.50403px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:393.50403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:374.00403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Altre <span class=\"_ _0\"></span>passivit\u00e0 e<span class=\"_ _0\"></span> fondi </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:374.00403px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:374.00403px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:374.00403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:374.00403px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:374.00403px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:354.50403px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5. Derivati<span class=\"_ _0\"></span> di cope<span class=\"_ _0\"></span>rtura </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:354.50403px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:354.50403px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:354.50403px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">61</span> </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:354.50403px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">61</span> </div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:354.50403px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">435</span> </div></div><div class=\"c w3ca h5e\" style=\"left:-4.050377px; bottom:334.96503px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie </div></div><div class=\"c w399 h5e\" style=\"left:281.18262px; bottom:334.96503px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h5e\" style=\"left:349.06863px; bottom:334.96503px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h5e\" style=\"left:417.08463px; bottom:334.96503px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h5e\" style=\"left:483.8526px; bottom:334.96503px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">528<span class=\"ls0\"> </span></div></div><div class=\"c w39b h5e\" style=\"left:552.2196px; bottom:334.96503px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">769<span class=\"ls0\"> </span></div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:315.46503px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:315.46503px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.372 </div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:315.46503px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.659 </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:315.46503px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">12</span> </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:315.46503px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.547 </div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:315.46503px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.480 </div></div><div class=\"c w3ca h47\" style=\"left:-4.050377px; bottom:295.96503px;\"><div class=\"t m0 x12 h104 y326 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: intere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>si passi<span class=\"_ _0\"></span>vi relativi ai<span class=\"_ _0\"></span> debiti per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>leasing </div></div><div class=\"c w399 h47\" style=\"left:281.18262px; bottom:295.96503px;\"><div class=\"t m0 xa5 h104 y326 ff2 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:349.06863px; bottom:295.96503px;\"><div class=\"t m0 xc0 h104 y326 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w39b h47\" style=\"left:417.08463px; bottom:295.96503px;\"><div class=\"t m0 xc0 h104 y326 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w399 h47\" style=\"left:483.8526px; bottom:295.96503px;\"><div class=\"t m0 xd5 h104 y326 ff2 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w39b h47\" style=\"left:552.2196px; bottom:295.96503px;\"><div class=\"t m0 xa5 h104 y326 ff2 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-399.886px;\"><div class=\"t m0 x0 h61 y3c9 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x83 h2 y149 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybae ff4 fs0 fc0 sc0 ls0 ws0\">Nelle voci \u201cDebiti verso banch<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>\u201d e \u201cDebiti verso clientela\u201d s<span class=\"_ _0\"></span>ono inclusi anche gli interes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i su operazioni di pronti contro t<span class=\"_ _2\"></span><span class=\"ff1\">ermine </span></div><div class=\"t m0 x0 h2 yb3f ff4 fs0 fc0 sc0 ls0 ws0\">anche  se  effet<span class=\"_ _0\"></span>tuate  a  fr<span class=\"_ _0\"></span>onte  di  tit<span class=\"_ _0\"></span>oli  iscritti <span class=\"_ _16\"> </span>nell\u2019attivo.  I <span class=\"_ _1d\"> </span><span class=\"ff1\">derivati  di <span class=\"_ _16\"> </span>copertura  si  rife<span class=\"_ _0\"></span>riscono  agli  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teressi  su <span class=\"_ _16\"> </span>passivit\u00e0  e </span></div><div class=\"t m0 x0 h2 y143f ff1 fs0 fc0 sc0 ls0 ws0\">ricomprendono i differenziali relativi ai derivati di copertura a correzione degli interessi passivi rilevati sugli s<span class=\"_ _3\"></span>trumenti<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>finanziari </div><div class=\"t m0 x0 h2 y819 ff1 fs0 fc0 sc0 ls0 ws0\">coperti. </div><div class=\"t m0 x0 h24 y10c4 ff4 fs0 fc0 sc0 ls0 ws0\">Nella voce \u201cAttivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie\u201d sono incl<span class=\"ff1\">usi gli interessi su op<span class=\"_ _0\"></span>erazioni di impieg<span class=\"_ _0\"></span>o con tassi negativi.<span class=\"ff5 fc2\"> </span></span></div><div class=\"t m0 x0 h24 y81a ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1240 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yd1e ff5 fs0 fc2 sc0 ls0 ws0\">1.4. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati: <span class=\"_ _0\"></span>altre informazioni  </div><div class=\"t m0 x0 h24 yd1f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y3f5 ffa fs0 fc2 sc0 ls0 ws0\">1.4.1 Interessi passivi su p<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssivit\u00e0 in valu<span class=\"_ _0\"></span>ta </div><div class=\"t m0 x0 h2 y3f6 ff1 fs0 fc0 sc0 ls0 ws0\">Nel 2022 tra gli int<span class=\"_ _0\"></span>eressi passivi e oneri assimil<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti sono stati co<span class=\"_ _0\"></span>ntabilizzati <span class=\"_ _3\"></span>1.612 milioni relativi a <span class=\"_ _0\"></span>passivit\u00e0 finanziarie in <span class=\"_ _0\"></span>valuta. </div><div class=\"t m0 x0 h2 y3f7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y130f ff5 fs0 fc2 sc0 ls0 ws0\">1.5. Differenziali relat<span class=\"_ _0\"></span>ivi alle operazioni di<span class=\"_ _0\"></span> copertura </div><div class=\"t m0 x0 h61 ybb1 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3cc h42\" style=\"left:467.00458px; bottom:86.587006px;\"><div class=\"t m0 x4 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span></div></div><div class=\"c w3cb hc4\" style=\"left:-6.5463715px; bottom:50.551025px;\"><div class=\"t m0 x8 h2 y14d3 ff5 fs17 fc2 sc0 ls0 ws0\">Voci<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w3cd hc4\" style=\"left:467.00458px; bottom:50.551025px;\"><div class=\"t m0 x43 h2 y14d3 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w116 hc4\" style=\"left:545.35565px; bottom:50.551025px;\"><div class=\"t m0 x43 h2 y14d3 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w3cb h13b\" style=\"left:-6.5463715px; bottom:33.703003px;\"><div class=\"t m0 x8 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">A. Differenz<span class=\"_ _0\"></span>iali positi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i relativi a o<span class=\"_ _35\"></span>perazioni di coper<span class=\"_ _0\"></span>tura<span class=\"fs0\"> </span></div></div><div class=\"c w3cd h13b\" style=\"left:467.00458px; bottom:33.703003px;\"><div class=\"t m0 x48 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">3.626<span class=\"fs0\"> </span></div></div><div class=\"c w116 h13b\" style=\"left:545.35565px; bottom:33.703003px;\"><div class=\"t m0 x48 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">2.570<span class=\"fs0\"> </span></div></div><div class=\"c w3cb h13b\" style=\"left:-6.5463715px; bottom:16.855011px;\"><div class=\"t m0 x8 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">B. Differenz<span class=\"_ _0\"></span>iali negativi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>relativi a<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>operazioni<span class=\"_ _0\"></span> di copertura<span class=\"fs0\"> </span></div></div><div class=\"c w3cd h13b\" style=\"left:467.00458px; bottom:16.855011px;\"><div class=\"t m0 xb h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">-4.149<span class=\"fs0\"> </span></div></div><div class=\"c w116 h13b\" style=\"left:545.35565px; bottom:16.855011px;\"><div class=\"t m0 xb h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">-3.269<span class=\"fs0\"> </span></div></div><div class=\"c w3cb h47\" style=\"left:-6.5463715px; bottom:-2.644989px;\"><div class=\"t m0 x8 h2 y569 ff5 fs17 fc2 sc0 ls0 ws0\">C. Saldo<span class=\"_ _0\"></span> (A-<span class=\"ls47\">B)<span class=\"_ _0\"></span><span class=\"ff1 fs0 ls0\"> </span></span></div></div><div class=\"c w3cd h47\" style=\"left:467.00458px; bottom:-2.644989px;\"><div class=\"t m0 xa5 h2 y569 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">523</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w116 h47\" style=\"left:545.35565px; bottom:-2.644989px;\"><div class=\"t m0 xa5 h2 y569 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">699<span class=\"_ _90\"> </span></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-255.54028px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 7 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">RISULTATO NETTO DELLE ATTIVIT\u00c0\u2019 E PASSIVITA\u2019 FINANZIARIE DI PERTINENZA </span> </div><div class=\"t m0 x6e h19 y208 ff5 fs9 fc2 sc0 ls0 ws0\">DELLE IMPRESE DI ASSICURAZIONE AI SENSI DELLO IAS 39 - VOCE 115<span class=\"ff1 fs0 fc0\"> </span></div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">Si riportano di <span class=\"_ _3\"></span>seguito i <span class=\"_ _3\"></span>dettagli delle voci <span class=\"_ _3\"></span>IAS 39 <span class=\"_ _3\"></span>incluse nella voce 115<span class=\"_ _3\"></span> di schema di <span class=\"_ _3\"></span>Conto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>economico riferita a<span class=\"_ _3\"></span>lle imprese di </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">assicurazione. </div><div class=\"t m0 x0 h2 y415 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span></div><div class=\"t m0 x0 h2 y416 ff4 fs0 fc0 sc0 ls0 ws0\">stata infatti creata la \u201cVoce 115 Risultato netto delle attivit\u00e0 e passivi<span class=\"_ _3\"></span><span class=\"ff1\">t\u00e0 finanziarie di pertinenza delle imprese di assicurazione </span></div><div class=\"t m0 x0 h34 y417 ff4 fs0 fc0 sc0 ls0 ws0\">ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ente schema:<span class=\"_ _3\"></span><span class=\"ff1 fs12 fc5\"> </span></div><div class=\"t m0 xfe h46 y125f ff1 fs17 fc2 sc0 ls0 ws0\"> (milioni di <span class=\"_ _0\"></span>euro) </div></div><div class=\"c w21f h188\" style=\"left:-1.4449997px; bottom:616.6297px;\"><div class=\"t m0 x36 h59 y76a ff5 fs17 fc2 sc0 ls0 ws0\">Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Risu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tato n<span class=\"_ _0\"></span>etto delle<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>attivit\u00e0 e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span>  </div><div class=\"t m0 x36 h59 y7d7 ff5 fs17 fc2 sc0 ls0 ws0\">di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za delle <span class=\"_ _0\"></span>imprese <span class=\"_ _0\"></span>di assicu<span class=\"_ _0\"></span>razione a<span class=\"_ _0\"></span>i sensi de<span class=\"_ _0\"></span>llo IAS 39 - V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 115<span class=\"_ _0\"></span> </div></div><div class=\"c w109 h188\" style=\"left:473.82202px; bottom:616.6297px;\"><div class=\"t m0 xa4 h59 y76a ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w220 h188\" style=\"left:545.465px; bottom:616.6297px;\"><div class=\"t m0 x43 h59 y76a ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:601.0297px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10. Intere<span class=\"_ _0\"></span>ssi attivi e p<span class=\"_ _0\"></span>roventi as<span class=\"_ _0\"></span>similati </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:601.0297px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.335 </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:601.0297px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.862 </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:585.4297px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20. Intere<span class=\"_ _0\"></span>ssi passivi<span class=\"_ _0\"></span> e oneri assi<span class=\"_ _0\"></span>milati </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:585.4297px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">77</span> </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:585.4297px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">75</span> </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:569.8297px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">70. Dividen<span class=\"_ _0\"></span>di e proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i simili </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:569.8297px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">503<span class=\"ls0\"> </span></div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:569.8297px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">383<span class=\"ls0\"> </span></div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:554.22974px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">80. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di negoziazio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:554.22974px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">53</span> </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:554.22974px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">69</span> </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:538.6297px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">90. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di copertur<span class=\"_ _0\"></span>a (*) </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:538.6297px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:538.6297px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:523.0297px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">100. Utile<span class=\"_ _0\"></span> / perdita da <span class=\"_ _0\"></span>cessione o r<span class=\"_ _35\"></span>iacquisto di: </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:523.0297px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">384</span> </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:523.0297px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w21f h189\" style=\"left:-1.4449997px; bottom:508.83374px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">crediti </span></div></div><div class=\"c w109 h189\" style=\"left:473.82202px; bottom:508.83374px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h189\" style=\"left:545.465px; bottom:508.83374px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21f h18a\" style=\"left:-1.4449997px; bottom:494.4817px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">b) attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> disponibili pe<span class=\"_ _35\"></span>r <span class=\"_ _3\"></span>la vendi<span class=\"_ _35\"></span>ta </div></div><div class=\"c w109 h18a\" style=\"left:473.82202px; bottom:494.4817px;\"><div class=\"t m0 xa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">384</span> </div></div><div class=\"c w220 h18a\" style=\"left:545.465px; bottom:494.4817px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w21f h18b\" style=\"left:-1.4449997px; bottom:480.0907px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">c) attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> sino alla <span class=\"_ _0\"></span>scadenza </div></div><div class=\"c w109 h18b\" style=\"left:473.82202px; bottom:480.0907px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h18b\" style=\"left:545.465px; bottom:480.0907px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21f h189\" style=\"left:-1.4449997px; bottom:465.8947px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">d) passivi<span class=\"_ _0\"></span>t\u00e0 finanziari<span class=\"_ _0\"></span>e </div></div><div class=\"c w109 h189\" style=\"left:473.82202px; bottom:465.8947px;\"><div class=\"t m0 x4c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h189\" style=\"left:545.465px; bottom:465.8947px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21f h42\" style=\"left:-1.4449997px; bottom:450.29474px;\"><div class=\"t m0 x36 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">110. Risul<span class=\"_ _0\"></span>tato netto d<span class=\"_ _0\"></span>elle attivi<span class=\"_ _0\"></span>t\u00e0 e pas<span class=\"_ _0\"></span>sivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valuta<span class=\"_ _0\"></span>te al fair va<span class=\"_ _0\"></span>lue </div></div><div class=\"c w109 h42\" style=\"left:473.82202px; bottom:450.29474px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.090 </div></div><div class=\"c w220 h42\" style=\"left:545.465px; bottom:450.29474px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.455 </div></div><div class=\"c w21f haf\" style=\"left:-1.4449997px; bottom:428.1427px;\"><div class=\"t m0 x36 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span>  Voce 115 </div></div><div class=\"c w109 haf\" style=\"left:473.82202px; bottom:428.1427px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.234 </div></div><div class=\"c w220 haf\" style=\"left:545.465px; bottom:428.1427px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.754 </div></div><div class=\"c w21f hca\" style=\"left:-1.4449997px; bottom:396.31873px;\"><div class=\"t m0 x36 h46 y1433 ff1 fs17 fc2 sc0 ls0 ws0\">(*) Non sono<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>presenti<span class=\"_ _0\"></span> coperture<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>in hedge<span class=\"_ _0\"></span> accounting<span class=\"_ _0\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-255.54028px;\"><div class=\"t m0 x0 h2 y751 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf87 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y142f ff5 fs0 fc2 sc0 ls0 ws0\">7.1 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: composizione </div><div class=\"t m0 x0 h2 y525 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3e1 h65\" style=\"left:501.62903px; bottom:338.5987px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w3e0 h13c\" style=\"left:-3.941002px; bottom:283.3747px;\"><div class=\"t m0 x41 h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e </div></div><div class=\"c w115 h13c\" style=\"left:304.38px; bottom:283.3747px;\"><div class=\"t m0 x14 h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Titoli di </div><div class=\"t m0 x94 h59 y8e8 ff5 fs17 fc2 sc0 ls0 ws0\">debito  </div></div><div class=\"c w245 h13c\" style=\"left:364.154px; bottom:283.3747px;\"><div class=\"t m0 xab h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Finanziam<span class=\"_ _0\"></span>enti  </div></div><div class=\"c w179 h13c\" style=\"left:440.12598px; bottom:283.3747px;\"><div class=\"t m0 x13 h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x8 h59 y8e8 ff5 fs17 fc2 sc0 ls0 ws0\">operazio<span class=\"_ _0\"></span>ni </div></div><div class=\"c w43 h13c\" style=\"left:501.62903px; bottom:283.3747px;\"><div class=\"t m0 x13 h59 yb94 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w43 h13c\" style=\"left:560.285px; bottom:283.3747px;\"><div class=\"t m0 x13 h59 yb94 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w3e0 h41\" style=\"left:-3.941002px; bottom:266.83875px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w115 h41\" style=\"left:304.38px; bottom:266.83875px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w245 h41\" style=\"left:364.154px; bottom:266.83875px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w179 h41\" style=\"left:440.12598px; bottom:266.83875px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:501.62903px; bottom:266.83875px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w43 h41\" style=\"left:560.285px; bottom:266.83875px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w3e0 h69\" style=\"left:-3.941002px; bottom:250.2767px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w115 h69\" style=\"left:304.38px; bottom:250.2767px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w245 h69\" style=\"left:364.154px; bottom:250.2767px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w179 h69\" style=\"left:440.12598px; bottom:250.2767px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h69\" style=\"left:501.62903px; bottom:250.2767px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w43 h69\" style=\"left:560.285px; bottom:250.2767px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w3e0 h6a\" style=\"left:-3.941002px; bottom:233.58472px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita </div></div><div class=\"c w115 h6a\" style=\"left:304.38px; bottom:233.58472px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.298 </div></div><div class=\"c w245 h6a\" style=\"left:364.154px; bottom:233.58472px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w179 h6a\" style=\"left:440.12598px; bottom:233.58472px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h6a\" style=\"left:501.62903px; bottom:233.58472px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.298 </div></div><div class=\"c w43 h6a\" style=\"left:560.285px; bottom:233.58472px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.834 </div></div><div class=\"c w3e0 h41\" style=\"left:-3.941002px; bottom:217.0487px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie det<span class=\"_ _35\"></span>enute sino alla scaden<span class=\"_ _35\"></span>za </div></div><div class=\"c w115 h41\" style=\"left:304.38px; bottom:217.0487px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w245 h41\" style=\"left:364.154px; bottom:217.0487px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w179 h41\" style=\"left:440.12598px; bottom:217.0487px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:501.62903px; bottom:217.0487px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.285px; bottom:217.0487px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e0 h41\" style=\"left:-3.941002px; bottom:200.51273px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span> </div></div><div class=\"c w115 h41\" style=\"left:304.38px; bottom:200.51273px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w245 h41\" style=\"left:364.154px; bottom:200.51273px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w179 h41\" style=\"left:440.12598px; bottom:200.51273px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:501.62903px; bottom:200.51273px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w43 h41\" style=\"left:560.285px; bottom:200.51273px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3e0 h41\" style=\"left:-3.941002px; bottom:183.97672px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span> </div></div><div class=\"c w115 h41\" style=\"left:304.38px; bottom:183.97672px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w245 h41\" style=\"left:364.154px; bottom:183.97672px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w179 h41\" style=\"left:440.12598px; bottom:183.97672px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:501.62903px; bottom:183.97672px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.285px; bottom:183.97672px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e0 h6a\" style=\"left:-3.941002px; bottom:167.28473px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> </div></div><div class=\"c w115 h6a\" style=\"left:304.38px; bottom:167.28473px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w245 h6a\" style=\"left:364.154px; bottom:167.28473px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w179 h6a\" style=\"left:440.12598px; bottom:167.28473px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w43 h6a\" style=\"left:501.62903px; bottom:167.28473px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w43 h6a\" style=\"left:560.285px; bottom:167.28473px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w3e0 h41\" style=\"left:-3.941002px; bottom:150.74872px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8. Altre atti<span class=\"_ _0\"></span>vit\u00e0  </div></div><div class=\"c w115 h41\" style=\"left:304.38px; bottom:150.74872px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w245 h41\" style=\"left:364.154px; bottom:150.74872px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w179 h41\" style=\"left:440.12598px; bottom:150.74872px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:501.62903px; bottom:150.74872px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.285px; bottom:150.74872px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e0 h47\" style=\"left:-3.941002px; bottom:131.24872px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w115 h47\" style=\"left:304.38px; bottom:131.24872px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.322 </div></div><div class=\"c w245 h47\" style=\"left:364.154px; bottom:131.24872px;\"><div class=\"t m0 x4c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w179 h47\" style=\"left:440.12598px; bottom:131.24872px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w43 h47\" style=\"left:501.62903px; bottom:131.24872px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.335 </div></div><div class=\"c w43 h47\" style=\"left:560.285px; bottom:131.24872px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.862 </div></div><div class=\"c w2 h0\" style=\"left:-82.925px; bottom:-255.54028px;\"><div class=\"t m0 x0 h61 y1008 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1493 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybb9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1501 ff5 fs0 fc2 sc0 ls0 ws0\">7.2 Bis. Interessi attivi e pro<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>enti assimilati: diffe<span class=\"_ _0\"></span>renziali relativi alle ope<span class=\"_ _0\"></span>razioni di copertura </div><div class=\"t m0 x0 h34 y777 ff1 fs0 fc0 sc0 ls0 ws0\">I differenziali relati<span class=\"_ _0\"></span>vi alle operazioni di <span class=\"_ _0\"></span>copertura ammontano <span class=\"_ _0\"></span>a 12 milioni.<span class=\"_ _3\"></span><span class=\"fs12\"> </span></div><div class=\"t m0 x0 h19 y1327 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1093 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y85c ff5 fs0 fc2 sc0 ls0 ws0\">7.3 Bis. Interessi atti<span class=\"_ _0\"></span>vi e proventi assimila<span class=\"_ _0\"></span>ti: altre informazion<span class=\"_ _0\"></span>i<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y165 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y334 ffa fs0 fc2 sc0 ls0 ws0\">7.3.1 Bis Interessi att<span class=\"_ _0\"></span>ivi su attivit\u00e0 finanziarie in v<span class=\"_ _0\"></span>aluta </div><div class=\"t m0 x0 h34 y93 ff1 fs0 fc0 sc0 ls0 ws0\">Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a soci<span class=\"_ _0\"></span>et\u00e0 assicurative.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h24 y1095 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>7.4.Bis. Interessi p<span class=\"_ _0\"></span>assivi e oneri assimil<span class=\"_ _0\"></span>ati: composizione (milioni di eur<span class=\"_ _35\"></span>o) Voci/Form<span class=\"_ _0\"></span>e tecnich<span class=\"_ _0\"></span>e Debiti Titoli Altre operazio<span class=\"_ _0\"></span>ni 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>1. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che centrali - X - - - 2. Debiti ve<span class=\"_ _0\"></span>rso ban<span class=\"_ _0\"></span>che 5 X 21<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>3. Debiti ve<span class=\"_ _0\"></span>rso cliente<span class=\"_ _0\"></span>la - X - - - 4. Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> X 51<span class=\"ls0\"> </span>- 51<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>5. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di negozia<span class=\"_ _35\"></span>zione - - - - - 6. Passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> valutate al fair value - - - - - 7. Altre pa<span class=\"_ _0\"></span>ssivit\u00e0 e <span class=\"_ _0\"></span>fondi X X - - - 8. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> X X - - - Totale 5 51<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>77<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>7.5. Bis. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati:<span class=\"_ _0\"></span> differenziali relativi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lle operazioni di cope<span class=\"_ _0\"></span>rtura<span class=\"_ _3\"></span> Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a societ\u00e0 assicurat<span class=\"_ _0\"></span>ive.<span class=\"fs12\"> </span>7.6. Bis. Interessi passi<span class=\"_ _0\"></span>vi e oneri assimilati:<span class=\"_ _0\"></span> altre informazion<span class=\"_ _0\"></span>i<span class=\"_ _3\"></span> 7.6.1 Bis Interessi pa<span class=\"_ _0\"></span>ssivi su passivit<span class=\"_ _0\"></span>\u00e0 in valuta Non si segnalano im<span class=\"_ _0\"></span>porti riferiti a soci<span class=\"_ _0\"></span>et\u00e0 assicurative.<span class=\"ff5 fc2\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1022": {
   "value": "1.3 Interessi passivi e oneri assimilati: composizione  (milioni di euro) Voci/Forme tecniche Debiti Titoli Altre operazioni 2022 2021 1. Passivit\u00e0 finanziarie valutate al costo ammortizzato 1.323 1.658 X 2.981 2.021 1.1 Debiti verso banche centrali 76 X X 76 16 1.2 Debiti verso banche 495 X X 495 164 1.3 Debiti verso clientela 752 X X 752 350 1.4 Titoli in circolazione X 1.658 X 1.658 1.491 2. Passivit\u00e0 finanziarie di negoziazione 39 - - 39 80 3. Passivit\u00e0 finanziarie designate al fair value 10 1 - 11 11 4. Altre passivit\u00e0 e fondi X X 49 49 34 5. Derivati di copertura X X -61 -61 -435 6. Attivit\u00e0 finanziarie X X X 528 769 Totale 1.372 1.659 -12 3.547 2.480 di cui: interessi passivi relativi ai debiti per leasing 22 X X 22 25 Nelle voci \u201cDebiti verso banche\u201d e \u201cDebiti verso clientela\u201d sono inclusi anche gli interessi su operazioni di pronti contro termine anche  se  effettuate  a  fronte  di  titoli  iscritti  nell\u2019attivo.  I  derivati  di  copertura  si  riferiscono  agli  interessi  su  passivit\u00e0  e ricomprendono i differenziali relativi ai derivati di copertura a correzione degli interessi passivi rilevati sugli strumenti finanziari coperti. Nella voce \u201cAttivit\u00e0 finanziarie\u201d sono inclusi gli interessi su operazioni di impiego con tassi negativi. 1.4. Interessi passivi e oneri assimilati: altre informazioni  1.4.1 Interessi passivi su passivit\u00e0 in valuta Nel 2022 tra gli interessi passivi e oneri assimilati sono stati contabilizzati 1.612 milioni relativi a passivit\u00e0 finanziarie in valuta. 1.5. Differenziali relativi alle operazioni di copertura (milioni di euro) Voci 2022 2021 A. Differenziali positivi relativi a operazioni di copertura 3.626 2.570 B. Differenziali negativi relativi a operazioni di copertura -4.149 -3.269 C. Saldo (A-B) -523 -699 7.4.Bis. Interessi passivi e oneri assimilati: composizione (milioni di euro) Voci/Forme tecniche Debiti Titoli Altre operazioni 2022 2021 1. Debiti verso banche centrali - X - - - 2. Debiti verso banche 5 X 21 26 27 3. Debiti verso clientela - X - - - 4. Titoli in circolazione X 51 - 51 48 5. Passivit\u00e0 finanziarie di negoziazione - - - - - 6. Passivit\u00e0 finanziarie valutate al fair value - - - - - 7. Altre passivit\u00e0 e fondi X X - - - 8. Derivati di copertura X X - - - Totale 5 51 21 77 75 7.5. Bis. Interessi passivi e oneri assimilati: differenziali relativi alle operazioni di copertura Non si segnalano importi riferiti a societ\u00e0 assicurative. 7.6. Bis. Interessi passivi e oneri assimilati: altre informazioni 7.6.1 Bis Interessi passivi su passivit\u00e0 in valuta Non si segnalano importi riferiti a societ\u00e0 assicurative. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-966": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-136.35315px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 2 <span class=\"ff6\">\u2013</span> COMMISSIONI - VOCI 40 E 50 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">2.1 Commissioni attive: <span class=\"_ _0\"></span>composizione </div><div class=\"t m0 x0 h2 y1290 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3ce h41\" style=\"left:425.97662px; bottom:796.65686px;\"><div class=\"t m0 x126 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h6c\" style=\"left:-4.050377px; bottom:770.9169px;\"><div class=\"t m0 x41 h59 y32a ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/Valori </div></div><div class=\"c w20e h6c\" style=\"left:425.97662px; bottom:770.9169px;\"><div class=\"t m0 xc9 h59 y32a ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6c\" style=\"left:523.5156px; bottom:770.9169px;\"><div class=\"t m0 xc9 h59 y32a ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:754.22485px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _0\"></span>ri </span></div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:754.22485px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.584 </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:754.22485px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.968 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:737.68884px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Colloca<span class=\"_ _0\"></span>mento titoli<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:737.68884px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">511<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:737.68884px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">886<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:721.15283px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Con a<span class=\"_ _0\"></span>ssunzione a<span class=\"_ _0\"></span> fermo e<span class=\"_ _0\"></span>/o sulla ba<span class=\"_ _0\"></span>se di un i<span class=\"_ _0\"></span>mpegno irrev<span class=\"_ _35\"></span>ocabile </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:721.15283px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:721.15283px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:704.6168px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Senza i<span class=\"_ _0\"></span>mpegno ir<span class=\"_ _0\"></span>revocabile </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:704.6168px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">482<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:704.6168px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">867<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:687.92487px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> di ricezione<span class=\"_ _0\"></span> e trasmi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sione di ordi<span class=\"_ _35\"></span>ni e esecuzione di<span class=\"_ _0\"></span> ordini per conto de<span class=\"_ _0\"></span>i clienti </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:687.92487px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">214<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:687.92487px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:671.38885px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Ricezione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>e tras<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>issione di<span class=\"_ _0\"></span> ordini di<span class=\"_ _0\"></span> uno o pi\u00f9 <span class=\"_ _0\"></span>strumenti<span class=\"_ _0\"></span> finanziari </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:671.38885px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:671.38885px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:654.85284px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Esecu<span class=\"_ _0\"></span>zione di ordini<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per con<span class=\"_ _0\"></span>to dei clienti </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:654.85284px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:654.85284px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">108<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:638.31683px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _35\"></span>nnesse con attivi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>\u00e0 legate a<span class=\"_ _35\"></span> strumenti finanziari </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:638.31683px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">859<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:638.31683px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">855<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:621.6249px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> per conto pro<span class=\"_ _35\"></span>prio </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:621.6249px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:621.6249px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w20d h69\" style=\"left:-4.050377px; bottom:605.04987px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali </div></div><div class=\"c w20e h69\" style=\"left:425.97662px; bottom:605.04987px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">857<span class=\"ls0\"> </span></div></div><div class=\"c w20f h69\" style=\"left:523.5156px; bottom:605.04987px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">852<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:588.51385px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">b) Corp<span class=\"_ _0\"></span>orate Finance<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:588.51385px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:588.51385px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:571.97784px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Consulen<span class=\"_ _0\"></span>za in ma<span class=\"_ _0\"></span>teria di fu<span class=\"_ _0\"></span>sioni e acqui<span class=\"_ _0\"></span>sizioni </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:571.97784px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:571.97784px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:555.2858px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Servizi<span class=\"_ _0\"></span> di tesoreria </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:555.2858px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:555.2858px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h64\" style=\"left:-4.050377px; bottom:537.81384px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni co<span class=\"_ _0\"></span>nnesse co<span class=\"_ _0\"></span>n servizi<span class=\"_ _0\"></span> di corporat<span class=\"_ _0\"></span>e finance </div></div><div class=\"c w20e h64\" style=\"left:425.97662px; bottom:537.81384px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h64\" style=\"left:523.5156px; bottom:537.81384px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h65\" style=\"left:-4.050377px; bottom:520.18585px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">c) Attivit\u00e0<span class=\"_ _0\"></span> di consu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>enza in mate<span class=\"_ _35\"></span>ria di investim<span class=\"_ _0\"></span>enti </div></div><div class=\"c w20e h65\" style=\"left:425.97662px; bottom:520.18585px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">238<span class=\"ls0\"> </span></div></div><div class=\"c w20f h65\" style=\"left:523.5156px; bottom:520.18585px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">221<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:503.64984px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">d) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:503.64984px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:503.64984px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h64\" style=\"left:-4.050377px; bottom:486.17786px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">e) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive </div></div><div class=\"c w20e h64\" style=\"left:425.97662px; bottom:486.17786px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.180 </div></div><div class=\"c w20f h64\" style=\"left:523.5156px; bottom:486.17786px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.608 </div></div><div class=\"c w20d h65\" style=\"left:-4.050377px; bottom:468.54987px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">f) Custodia e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>ammi<span class=\"_ _0\"></span>nistrazio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w20e h65\" style=\"left:425.97662px; bottom:468.54987px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w20f h65\" style=\"left:523.5156px; bottom:468.54987px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w20d h64\" style=\"left:-4.050377px; bottom:451.07788px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Banca de<span class=\"_ _0\"></span>positaria </div></div><div class=\"c w20e h64\" style=\"left:425.97662px; bottom:451.07788px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w20f h64\" style=\"left:523.5156px; bottom:451.07788px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w20d h65\" style=\"left:-4.050377px; bottom:433.44983px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">2. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te all\u2019attivit\u00e0 di<span class=\"_ _0\"></span> custodia e <span class=\"_ _0\"></span>amministr<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span></div></div><div class=\"c w20e h65\" style=\"left:425.97662px; bottom:433.44983px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w20f h65\" style=\"left:523.5156px; bottom:433.44983px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w20d h64\" style=\"left:-4.050377px; bottom:415.97784px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">g) Servizi<span class=\"_ _0\"></span> amminist<span class=\"_ _0\"></span>rativi cent<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ali per<span class=\"_ _0\"></span> gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collett<span class=\"_ _0\"></span>ive </div></div><div class=\"c w20e h64\" style=\"left:425.97662px; bottom:415.97784px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h64\" style=\"left:523.5156px; bottom:415.97784px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:399.28583px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">h) Attivit\u00e0 <span class=\"_ _0\"></span>fiduciaria<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:399.28583px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:399.28583px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:382.74988px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">i) Servizi<span class=\"_ _0\"></span> di pagame<span class=\"_ _0\"></span>nto </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:382.74988px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.071 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:382.74988px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.999 </div></div><div class=\"c w20d h69\" style=\"left:-4.050377px; bottom:366.18784px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Conti cor<span class=\"_ _0\"></span>renti </div></div><div class=\"c w20e h69\" style=\"left:425.97662px; bottom:366.18784px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.410 </div></div><div class=\"c w20f h69\" style=\"left:523.5156px; bottom:366.18784px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.471 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:349.65186px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Carte di <span class=\"_ _0\"></span>credito </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:349.65186px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">611<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:349.65186px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">559<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:332.95984px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Carte di <span class=\"_ _0\"></span>debito ed<span class=\"_ _0\"></span> altre carte <span class=\"_ _0\"></span>di pagamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:332.95984px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">284<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:332.95984px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">249<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:316.42386px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Bonifici<span class=\"_ _0\"></span> e altri ordin<span class=\"_ _0\"></span>i di paga<span class=\"_ _0\"></span>mento </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:316.42386px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">389<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:316.42386px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">314<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:299.88785px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Altre co<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>missioni lega<span class=\"_ _35\"></span>te ai servizi di<span class=\"_ _0\"></span> pagamen<span class=\"_ _0\"></span>to </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:299.88785px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">377<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:299.88785px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">406<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:283.35184px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">j) Distri<span class=\"_ _0\"></span>buzione di ser<span class=\"_ _0\"></span>vizi di te<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>zi </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:283.35184px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">711<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:283.35184px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">662<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:266.65985px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Gestioni<span class=\"_ _0\"></span> di portafog<span class=\"_ _0\"></span>li collettive<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:266.65985px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">510<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:266.65985px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">508<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:250.12384px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Prodotti<span class=\"_ _0\"></span> assicura<span class=\"_ _0\"></span>tivi </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:250.12384px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">109<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:250.12384px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">78<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:233.58786px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Altri prod<span class=\"_ _0\"></span>otti </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:233.58786px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:233.58786px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:217.05185px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: ge<span class=\"_ _0\"></span>stioni di por<span class=\"_ _0\"></span>tafogli individual<span class=\"_ _35\"></span>i </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:217.05185px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:217.05185px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:200.35986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">k) Finanza<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:200.35986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:200.35986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:183.82385px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">l) Attivit\u00e0 <span class=\"_ _0\"></span>di servici<span class=\"_ _0\"></span>ng per o<span class=\"_ _0\"></span>perazioni d<span class=\"_ _0\"></span>i cartolar<span class=\"_ _0\"></span>izzazione </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:183.82385px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:183.82385px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:167.28784px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">m) Impeg<span class=\"_ _0\"></span>ni a eroga<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e fondi </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:167.28784px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:167.28784px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:150.75186px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">n) Garan<span class=\"_ _0\"></span>zie finan<span class=\"_ _0\"></span>ziarie rilasc<span class=\"_ _0\"></span>iate </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:150.75186px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">473<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:150.75186px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">403<span class=\"ls0\"> </span></div></div><div class=\"c w20d h82\" style=\"left:-4.050377px; bottom:134.02084px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h82\" style=\"left:425.97662px; bottom:134.02084px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w20f h82\" style=\"left:523.5156px; bottom:134.02084px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:117.48485px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">o) Opera<span class=\"_ _0\"></span>zioni di fi<span class=\"_ _0\"></span>nanziament<span class=\"_ _35\"></span>o </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:117.48485px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">922<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:117.48485px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">878<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:100.94885px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: per<span class=\"_ _0\"></span> operazioni di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>factoring<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:100.94885px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">84<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:100.94885px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:84.41286px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">p) Negoz<span class=\"_ _0\"></span>iazione di va<span class=\"_ _35\"></span>lute </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:84.41286px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:84.41286px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:67.720856px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">q) Merci </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:67.720856px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:67.720856px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:51.184845px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">r) Altre c<span class=\"_ _0\"></span>ommissio<span class=\"_ _0\"></span>ni attive </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:51.184845px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.948 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:51.184845px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.137 </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:34.64885px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi mul<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ilaterali di <span class=\"_ _0\"></span>scambio </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:34.64885px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:34.64885px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:18.112854px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: per<span class=\"_ _0\"></span> attivit\u00e0 di<span class=\"_ _0\"></span> gestione di<span class=\"_ _0\"></span> sistemi org<span class=\"_ _0\"></span>anizzati di<span class=\"_ _0\"></span> negoziazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:18.112854px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:18.112854px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:1.4208527px;\"><div class=\"t m0 x41 h59 y118b ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:1.4208527px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">11.285 </div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:1.4208527px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">12.087 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-312.8391px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">La sottovoce \u201cAltre commi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni attive\u201d accogli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> le commissioni i<span class=\"_ _0\"></span>ncassate dalle Impres<span class=\"_ _0\"></span>e di Assicurazione pari<span class=\"_ _0\"></span> a 1.590 milioni<span class=\"_ _2\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Come richiesto <span class=\"_ _3\"></span>dall\u2019IFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>corso dell\u2019esercizio </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">inclusi nel <span class=\"_ _3\"></span>saldo d<span class=\"_ _3\"></span>i apertura delle <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>derivanti da c<span class=\"_ _3\"></span>ontratti con clienti. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>linea con <span class=\"_ _3\"></span>il paragrafo <span class=\"_ _3\"></span>116 c) <span class=\"_ _3\"></span>dell\u2019IFRS <span class=\"_ _6\"></span><span class=\"ff1\">15, sono </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">inclusi ricavi deriv<span class=\"_ _0\"></span>anti da \u201c<span class=\"ff1\">performance obligation</span>\u201d adempiute ne<span class=\"_ _35\"></span>gli anni precedenti per un ammontare<span class=\"ff1\"> pari a <span class=\"ls10\">22</span> milioni. </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y65 ff5 fs0 fc2 sc0 ls0 ws0\">2.2 Commissioni passi<span class=\"_ _0\"></span>ve: composizione </div><div class=\"t m0 x0 h2 y9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3ce h41\" style=\"left:425.97662px; bottom:570.0949px;\"><div class=\"t m0 x126 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h40\" style=\"left:-4.050377px; bottom:537.95886px;\"><div class=\"t m0 x41 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> di servi<span class=\"_ _0\"></span>zi/valori </div></div><div class=\"c w20e h40\" style=\"left:425.97662px; bottom:537.95886px;\"><div class=\"t m0 xc9 h59 yb34 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w20f h40\" style=\"left:523.5156px; bottom:537.95886px;\"><div class=\"t m0 xc9 h59 yb34 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:518.45886px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">a) Strume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti finanzia<span class=\"_ _35\"></span>ri </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:518.45886px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">306<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:518.45886px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">278<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:498.95886px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: nego<span class=\"_ _0\"></span>ziazione<span class=\"_ _0\"></span> di strumenti <span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>inanziari </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:498.95886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:498.95886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:479.45886px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: collo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>strumen<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:479.45886px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">244<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:479.45886px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">219<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:459.95886px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: ge<span class=\"_ _0\"></span>stione di por<span class=\"_ _0\"></span>tafogli indi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>iduali </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:459.95886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:459.95886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:440.45886px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Proprie </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:440.45886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:440.45886px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w20d h5e\" style=\"left:-4.050377px; bottom:420.91986px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Delegate a<span class=\"_ _0\"></span> terzi </div></div><div class=\"c w20e h5e\" style=\"left:425.97662px; bottom:420.91986px;\"><div class=\"t m0 x2e h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h5e\" style=\"left:523.5156px; bottom:420.91986px;\"><div class=\"t m0 x100 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:401.41986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">b) Com<span class=\"_ _0\"></span>pensazione<span class=\"_ _0\"></span> e regolame<span class=\"_ _35\"></span>nto </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:401.41986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:401.41986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:381.91986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">c) Gestion<span class=\"_ _0\"></span>e di portaf<span class=\"_ _35\"></span>ogli collettive </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:381.91986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:381.91986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:362.41986px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Proprie </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:362.41986px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:362.41986px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:342.91986px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Delegate a<span class=\"_ _0\"></span> terzi </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:342.91986px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:342.91986px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:323.41986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">d) Cust<span class=\"_ _0\"></span>odia e ammin<span class=\"_ _0\"></span>istrazion<span class=\"_ _0\"></span>e </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:323.41986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:323.41986px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">86<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:303.91986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">e) Serviz<span class=\"_ _0\"></span>i di incasso e<span class=\"_ _35\"></span> pagamento </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:303.91986px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">601<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:303.91986px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">576<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:284.41986px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: carte<span class=\"_ _0\"></span> di credito<span class=\"_ _0\"></span>, carte di debi<span class=\"_ _35\"></span>to e altre carte di p<span class=\"_ _0\"></span>agamento </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:284.41986px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">457<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:284.41986px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">417<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:264.91986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">f) Attivit\u00e0 <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i servici<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>g per ope<span class=\"_ _0\"></span>razio<span class=\"_ _0\"></span>ni di carto<span class=\"_ _0\"></span>larizzazione </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:264.91986px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:264.91986px;\"><div class=\"t m0 x2e h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:245.41986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">g) Impe<span class=\"_ _0\"></span>gni a ricever<span class=\"_ _0\"></span>e fondi<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:245.41986px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:245.41986px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:225.91986px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">h) Garan<span class=\"_ _0\"></span>zie finanzi<span class=\"_ _0\"></span>arie ricev<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>te </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:225.91986px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">255<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:225.91986px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">220<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:206.41986px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: deri<span class=\"_ _0\"></span>vati su crediti<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:206.41986px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:206.41986px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w20d h11a\" style=\"left:-4.050377px; bottom:180.96588px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">i) Offerta f<span class=\"_ _0\"></span>uori sede<span class=\"_ _0\"></span> di strume<span class=\"_ _35\"></span>nti finanziari, p<span class=\"_ _0\"></span>rodotti e<span class=\"_ _0\"></span> servizi </div></div><div class=\"c w20e h11a\" style=\"left:425.97662px; bottom:180.96588px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">925<span class=\"ls0\"> </span></div></div><div class=\"c w20f h11a\" style=\"left:523.5156px; bottom:180.96588px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">919<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:161.46588px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">j) Negozia<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione di va<span class=\"_ _35\"></span>lute </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:161.46588px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:161.46588px;\"><div class=\"t m0 x100 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:141.96588px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">k) Altre co<span class=\"_ _0\"></span>mmissio<span class=\"_ _0\"></span>ni passive </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:141.96588px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">461<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:141.96588px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">566<span class=\"ls0\"> </span></div></div><div class=\"c w20d h7e\" style=\"left:-4.050377px; bottom:116.69388px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h7e\" style=\"left:425.97662px; bottom:116.69388px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.708 </div></div><div class=\"c w20f h7e\" style=\"left:523.5156px; bottom:116.69388px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.723 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-312.8391px;\"><div class=\"t m0 x0 h61 y81f ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y928 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2d3 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _6\"></span><span class=\"ff4\">sottovoce <span class=\"_ _6\"></span>\u201cAltre <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ommissioni <span class=\"_ _5\"></span>passive\u201d <span class=\"_ _6\"></span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _6\"></span>228 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ollocamento<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>prodotti <span class=\"_ _6\"></span>assicurativi <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>investiment<span class=\"_ _0\"></span>o, </span></div><div class=\"t m0 x0 h2 y2d4 ff1 fs0 fc0 sc0 ls0 ws0\">140 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>italiane, <span class=\"_ _5\"></span>60 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>servizi <span class=\"_ _5\"></span>bancari <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>33 <span class=\"_ _6\"></span>mi<span class=\"_ _5\"></span>lioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>altri </div><div class=\"t m0 x0 h2 y2d5 ff1 fs0 fc0 sc0 ls0 ws0\">servizi residuali. </div><div class=\"t m0 x0 h2 y129a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2d7 ff4 fs0 fc0 sc0 ls0 ws0\">Come richiesto <span class=\"_ _3\"></span>dall\u02bcIFRS 15, paragrafo 116 <span class=\"_ _3\"></span>b), si <span class=\"_ _3\"></span>segnala che <span class=\"_ _3\"></span>le commissioni includono i <span class=\"_ _3\"></span>ricavi rilevati <span class=\"_ _3\"></span>nel corso d<span class=\"_ _3\"></span>ell\u2019eserc<span class=\"_ _2\"></span><span class=\"ff1\">izio </span></div><div class=\"t m0 x0 h2 yee9 ff1 fs0 fc0 sc0 ls0 ws0\">inclusi nel saldo di a<span class=\"_ _0\"></span>pertura delle pa<span class=\"_ _0\"></span>ssivit\u00e0 derivanti da co<span class=\"_ _0\"></span>ntratti con clienti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y2d9 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>para<span class=\"_ _3\"></span><span class=\"ff4\">grafo <span class=\"_ _5\"></span>116 <span class=\"_ _5\"></span>c) <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>15, <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclusi <span class=\"_ _6\"></span>ricavi <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>\u201c<span class=\"_ _2\"></span></span>performance <span class=\"_ _5\"></span>obligation<span class=\"ff4\">\u201d <span class=\"_ _5\"></span>adempiute <span class=\"_ _5\"></span>negli <span class=\"_ _6\"></span>anni </span></div><div class=\"t m0 x0 h2 y2da ff1 fs0 fc0 sc0 ls0 ws0\">precedenti per un ammo<span class=\"_ _0\"></span>ntare pari a 6 mili<span class=\"_ _0\"></span>oni. </div><div class=\"t m0 x0 h2 y2db ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yd1 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-967": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-782.7926px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 3 <span class=\"ff6\">\u2013</span> DIVIDENDI E PROVENTI SIMILI - VOCE 70 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">3.1 Dividendi e proven<span class=\"_ _0\"></span>ti simili: composizione </div><div class=\"t m0 x0 h2 y1290 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3cf h64\" style=\"left:505.88763px; bottom:149.28137px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w157 h185\" style=\"left:-4.050377px; bottom:85.78937px;\"><div class=\"t m0 x41 h59 y14e6 ff5 fs17 fc2 sc0 ls0 ws0\">Voci/Prove<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti </div></div><div class=\"c w3bf h7d\" style=\"left:391.96863px; bottom:118.08142px;\"><div class=\"t m0 x48 h59 y7b8 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w3cf h7d\" style=\"left:505.88763px; bottom:118.08142px;\"><div class=\"t m0 x48 ha y126a ff5 fs4 fc2 sc0 ls0 ws0\">2021 </div></div><div class=\"c w26f haa\" style=\"left:391.96863px; bottom:85.78937px;\"><div class=\"t m0 x45 h59 y14e7 ff5 fs17 fc2 sc0 ls0 ws0\">Dividend<span class=\"_ _0\"></span>i </div></div><div class=\"c w33c haa\" style=\"left:449.37665px; bottom:85.78937px;\"><div class=\"t m0 x12 h59 y14e7 ff5 fs17 fc2 sc0 ls0 ws0\">Proventi<span class=\"_ _0\"></span> </div><div class=\"t m0 x9a h59 y13fc ff5 fs17 fc2 sc0 ls0 ws0\">simili </div></div><div class=\"c w26f haa\" style=\"left:505.88763px; bottom:85.78937px;\"><div class=\"t m0 x45 h59 y14e7 ff5 fs17 fc2 sc0 ls0 ws0\">Dividend<span class=\"_ _0\"></span>i </div></div><div class=\"c w26f haa\" style=\"left:563.4516px; bottom:85.78937px;\"><div class=\"t m0 x12 h59 y14e7 ff5 fs17 fc2 sc0 ls0 ws0\">Proventi<span class=\"_ _0\"></span> </div><div class=\"t m0 x9a h59 y13fc ff5 fs17 fc2 sc0 ls0 ws0\">simili </div></div><div class=\"c w157 h41\" style=\"left:-4.050377px; bottom:69.25342px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la nego<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iazione </div></div><div class=\"c w26f h41\" style=\"left:391.96863px; bottom:69.25342px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w33c h41\" style=\"left:449.37665px; bottom:69.25342px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h41\" style=\"left:505.88763px; bottom:69.25342px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w26f h41\" style=\"left:563.4516px; bottom:69.25342px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w157 h41\" style=\"left:-4.050377px; bottom:52.717407px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B. Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finan<span class=\"_ _0\"></span>ziarie obbli<span class=\"_ _0\"></span>gatoriament<span class=\"_ _0\"></span>e valutate<span class=\"_ _0\"></span> al fair value </div></div><div class=\"c w26f h41\" style=\"left:391.96863px; bottom:52.717407px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w33c h41\" style=\"left:449.37665px; bottom:52.717407px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w26f h41\" style=\"left:505.88763px; bottom:52.717407px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w26f h41\" style=\"left:563.4516px; bottom:52.717407px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w157 h41\" style=\"left:-4.050377px; bottom:36.181396px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C. Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alutate al<span class=\"_ _0\"></span> fair value con<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impatto<span class=\"_ _0\"></span> sulla reddit<span class=\"_ _0\"></span>ivit\u00e0 co<span class=\"_ _0\"></span>mplessiva </div></div><div class=\"c w26f h41\" style=\"left:391.96863px; bottom:36.181396px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w33c h41\" style=\"left:449.37665px; bottom:36.181396px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h41\" style=\"left:505.88763px; bottom:36.181396px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w26f h41\" style=\"left:563.4516px; bottom:36.181396px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w157 h6a\" style=\"left:-4.050377px; bottom:19.48938px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">D. Partecipa<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ioni </div></div><div class=\"c w26f h6a\" style=\"left:391.96863px; bottom:19.48938px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33c h6a\" style=\"left:449.37665px; bottom:19.48938px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h6a\" style=\"left:505.88763px; bottom:19.48938px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w26f h6a\" style=\"left:563.4516px; bottom:19.48938px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w157 h47\" style=\"left:-4.050377px; bottom:-0.010620117px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w26f h47\" style=\"left:391.96863px; bottom:-0.010620117px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">106<span class=\"ls0\"> </span></div></div><div class=\"c w33c h47\" style=\"left:449.37665px; bottom:-0.010620117px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w26f h47\" style=\"left:505.88763px; bottom:-0.010620117px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w26f h47\" style=\"left:563.4516px; bottom:-0.010620117px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">72<span class=\"ls0\"> </span></div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1036": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-117.96411px;\"><div class=\"t m0 x0 h61 y1402 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yfd4 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 ye90 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y8dc ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y219 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 4 <span class=\"ff6\">\u2013</span> RISULTATO NETTO DELL'ATTIVIT\u00c0 DI NEGOZIAZIONE - VOCE 80 </div><div class=\"t m0 x0 h2 y14ea ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y14eb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y12fc ff5 fs0 fc2 sc0 ls0 ws0\">4.1 Risultato netto <span class=\"ff6\">dell\u2019attivi<span class=\"_ _0\"></span>t\u00e0 di negoziazion<span class=\"_ _0\"></span>e: composizione<span class=\"ff5\"> </span></span></div><div class=\"t m0 x0 h2 y1061 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3d3 h47\" style=\"left:498.24365px; bottom:544.8149px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w3d0 h5f\" style=\"left:-4.050377px; bottom:505.81488px;\"><div class=\"t m0 x41 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali </div></div><div class=\"c w222 h5f\" style=\"left:290.8546px; bottom:505.81488px;\"><div class=\"t m0 x41 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Plusvalen<span class=\"_ _0\"></span>ze </div></div><div class=\"c w3d1 h5f\" style=\"left:355.93262px; bottom:505.81488px;\"><div class=\"t m0 x13 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Utili da </div><div class=\"t m0 x41 h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione  </div></div><div class=\"c w3d2 h5f\" style=\"left:425.97662px; bottom:505.81488px;\"><div class=\"t m0 x41 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Minusva<span class=\"_ _0\"></span>lenze  </div></div><div class=\"c w3d4 h5f\" style=\"left:498.24365px; bottom:505.81488px;\"><div class=\"t m0 xae h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Perdite <span class=\"_ _0\"></span>da </div><div class=\"t m0 x41 h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione </div></div><div class=\"c w30f h5f\" style=\"left:568.13165px; bottom:505.81488px;\"><div class=\"t m0 xab h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Risultat<span class=\"_ _0\"></span>o </div><div class=\"t m0 x9b h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">netto </div></div><div class=\"c w3d0 h47\" style=\"left:-4.050377px; bottom:486.31488px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie di neg<span class=\"_ _0\"></span>oziazione </div></div><div class=\"c w222 h47\" style=\"left:290.8546px; bottom:486.31488px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h47\" style=\"left:355.93262px; bottom:486.31488px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.058 </div></div><div class=\"c w3d2 h47\" style=\"left:425.97662px; bottom:486.31488px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">711</span> </div></div><div class=\"c w3d4 h47\" style=\"left:498.24365px; bottom:486.31488px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-2.304 </div></div><div class=\"c w30f h47\" style=\"left:568.13165px; bottom:486.31488px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">261<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h6a\" style=\"left:-4.050377px; bottom:469.62286px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli di <span class=\"_ _0\"></span>debito </div></div><div class=\"c w222 h6a\" style=\"left:290.8546px; bottom:469.62286px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">184<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h6a\" style=\"left:355.93262px; bottom:469.62286px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.985 </div></div><div class=\"c w3d2 h6a\" style=\"left:425.97662px; bottom:469.62286px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">662</span> </div></div><div class=\"c w3d4 h6a\" style=\"left:498.24365px; bottom:469.62286px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2.169 </div></div><div class=\"c w30f h6a\" style=\"left:568.13165px; bottom:469.62286px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">338<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:453.0869px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:453.0869px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:453.0869px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:453.0869px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">40</span> </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:453.0869px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">121</span> </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:453.0869px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">64</span> </div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:436.5509px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:436.5509px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:436.5509px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:436.5509px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:436.5509px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:436.5509px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:420.0149px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.4 Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:420.0149px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:420.0149px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:420.0149px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:420.0149px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:420.0149px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w3d0 h6a\" style=\"left:-4.050377px; bottom:403.32288px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.5 Altre </div></div><div class=\"c w222 h6a\" style=\"left:290.8546px; bottom:403.32288px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h6a\" style=\"left:355.93262px; bottom:403.32288px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3d2 h6a\" style=\"left:425.97662px; bottom:403.32288px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d4 h6a\" style=\"left:498.24365px; bottom:403.32288px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w30f h6a\" style=\"left:568.13165px; bottom:403.32288px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w3d0 h8a\" style=\"left:-4.050377px; bottom:382.8609px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>oziazion<span class=\"_ _35\"></span>e </div></div><div class=\"c w222 h8a\" style=\"left:290.8546px; bottom:382.8609px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">901<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h8a\" style=\"left:355.93262px; bottom:382.8609px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w3d2 h8a\" style=\"left:425.97662px; bottom:382.8609px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w3d4 h8a\" style=\"left:498.24365px; bottom:382.8609px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w30f h8a\" style=\"left:568.13165px; bottom:382.8609px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">870<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:366.3249px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Titoli di <span class=\"_ _0\"></span>debito </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:366.3249px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:366.3249px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:366.3249px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:366.3249px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:366.3249px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:349.78888px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Debiti<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:349.78888px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">559<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:349.78888px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:349.78888px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:349.78888px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:349.78888px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">554<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h6a\" style=\"left:-4.050377px; bottom:333.0969px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Altre </div></div><div class=\"c w222 h6a\" style=\"left:290.8546px; bottom:333.0969px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">342<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h6a\" style=\"left:355.93262px; bottom:333.0969px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w3d2 h6a\" style=\"left:425.97662px; bottom:333.0969px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w3d4 h6a\" style=\"left:498.24365px; bottom:333.0969px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span> </div></div><div class=\"c w30f h6a\" style=\"left:568.13165px; bottom:333.0969px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h81\" style=\"left:-4.050377px; bottom:312.6609px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie: diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>enze di<span class=\"_ _0\"></span> cambio </div></div><div class=\"c w222 h81\" style=\"left:290.8546px; bottom:312.6609px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d1 h81\" style=\"left:355.93262px; bottom:312.6609px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d2 h81\" style=\"left:425.97662px; bottom:312.6609px;\"><div class=\"t m0 x10a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d4 h81\" style=\"left:498.24365px; bottom:312.6609px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30f h81\" style=\"left:568.13165px; bottom:312.6609px;\"><div class=\"t m0 x14 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1.574 </div></div><div class=\"c w3d0 h81\" style=\"left:-4.050377px; bottom:292.22488px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Strume<span class=\"_ _0\"></span>nti derivat<span class=\"_ _0\"></span>i </div></div><div class=\"c w222 h81\" style=\"left:290.8546px; bottom:292.22488px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">123.315 </div></div><div class=\"c w3d1 h81\" style=\"left:355.93262px; bottom:292.22488px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">43.492 </div></div><div class=\"c w3d2 h81\" style=\"left:425.97662px; bottom:292.22488px;\"><div class=\"t m0 x96 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-126.013 </div></div><div class=\"c w3d4 h81\" style=\"left:498.24365px; bottom:292.22488px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-41.929 </div></div><div class=\"c w30f h81\" style=\"left:568.13165px; bottom:292.22488px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">294<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:275.6889px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span>:    </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:275.6889px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">122.227 </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:275.6889px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">40.888 </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:275.6889px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-124.987 </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:275.6889px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-39.269 </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:275.6889px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h6a\" style=\"left:-4.050377px; bottom:258.9969px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di debi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o e tassi di <span class=\"_ _35\"></span>interesse </div></div><div class=\"c w222 h6a\" style=\"left:290.8546px; bottom:258.9969px;\"><div class=\"t m0 x94 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">120.294 </div></div><div class=\"c w3d1 h6a\" style=\"left:355.93262px; bottom:258.9969px;\"><div class=\"t m0 xe h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">29.263 </div></div><div class=\"c w3d2 h6a\" style=\"left:425.97662px; bottom:258.9969px;\"><div class=\"t m0 x96 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-121.852 </div></div><div class=\"c w3d4 h6a\" style=\"left:498.24365px; bottom:258.9969px;\"><div class=\"t m0 xd1 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-29.172 </div></div><div class=\"c w30f h6a\" style=\"left:568.13165px; bottom:258.9969px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-1.467 </div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:242.46088px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di capi<span class=\"_ _0\"></span>tale e indi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>i azionari </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:242.46088px;\"><div class=\"t m0 xe h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.037 </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:242.46088px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">6.230 </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:242.46088px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-2.485 </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:242.46088px;\"><div class=\"t m0 xf h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-4.488 </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:242.46088px;\"><div class=\"t m0 x86 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">294<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:225.9249px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls48\">  </span>Su v<span class=\"_ _0\"></span>alute e oro<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:225.9249px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:225.9249px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:225.9249px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:225.9249px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:225.9249px;\"><div class=\"t m0 x95 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.429 </div></div><div class=\"c w3d0 h41\" style=\"left:-4.050377px; bottom:209.38889px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls48\">  </span>Altri<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h41\" style=\"left:290.8546px; bottom:209.38889px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">896<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h41\" style=\"left:355.93262px; bottom:209.38889px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">5.395 </div></div><div class=\"c w3d2 h41\" style=\"left:425.97662px; bottom:209.38889px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">650</span> </div></div><div class=\"c w3d4 h41\" style=\"left:498.24365px; bottom:209.38889px;\"><div class=\"t m0 xf h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-5.609 </div></div><div class=\"c w30f h41\" style=\"left:568.13165px; bottom:209.38889px;\"><div class=\"t m0 xe h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w3d0 h6a\" style=\"left:-4.050377px; bottom:192.6969px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.2 Deriva<span class=\"_ _0\"></span>ti su crediti </div></div><div class=\"c w222 h6a\" style=\"left:290.8546px; bottom:192.6969px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.088 </div></div><div class=\"c w3d1 h6a\" style=\"left:355.93262px; bottom:192.6969px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.604 </div></div><div class=\"c w3d2 h6a\" style=\"left:425.97662px; bottom:192.6969px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.026 </div></div><div class=\"c w3d4 h6a\" style=\"left:498.24365px; bottom:192.6969px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2.660 </div></div><div class=\"c w30f h6a\" style=\"left:568.13165px; bottom:192.6969px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w3d0 h115\" style=\"left:-4.050377px; bottom:174.44489px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: coper<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ure natur<span class=\"_ _0\"></span>ali connes<span class=\"_ _0\"></span>se con la fair<span class=\"_ _0\"></span> value opti<span class=\"_ _0\"></span>on </div></div><div class=\"c w222 h115\" style=\"left:290.8546px; bottom:174.44489px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d1 h115\" style=\"left:355.93262px; bottom:174.44489px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d2 h115\" style=\"left:425.97662px; bottom:174.44489px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d4 h115\" style=\"left:498.24365px; bottom:174.44489px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w30f h115\" style=\"left:568.13165px; bottom:174.44489px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d0 h5e\" style=\"left:-4.050377px; bottom:154.90588px;\"><div class=\"t m0 x41 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w222 h5e\" style=\"left:290.8546px; bottom:154.90588px;\"><div class=\"t m0 x94 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">124.434 </div></div><div class=\"c w3d1 h5e\" style=\"left:355.93262px; bottom:154.90588px;\"><div class=\"t m0 xe h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">46.556 </div></div><div class=\"c w3d2 h5e\" style=\"left:425.97662px; bottom:154.90588px;\"><div class=\"t m0 x96 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">-126.731 </div></div><div class=\"c w3d4 h5e\" style=\"left:498.24365px; bottom:154.90588px;\"><div class=\"t m0 xd1 h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">-44.263 </div></div><div class=\"c w30f h5e\" style=\"left:568.13165px; bottom:154.90588px;\"><div class=\"t m0 x9a h59 y569 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">149</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-117.96411px;\"><div class=\"t m0 x0 h61 y14ed ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybf5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1fd ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _1d\"> </span>utili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>perdite <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzi<span class=\"_ _0\"></span>arie <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>negoziazione <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>esposti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>singola <span class=\"_ _1d\"> </span>operazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compravendita, </div><div class=\"t m0 x0 h2 y128a ff1 fs0 fc0 sc0 ls0 ws0\">conformemente alle <span class=\"_ _3\"></span>modalit\u00e0 di r<span class=\"_ _3\"></span>ilevazione contabile in <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>presso la <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>e includono <span class=\"_ _3\"></span>il risultato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>delle posizioni <span class=\"_ _3\"></span>lun<span class=\"_ _5\"></span>ghe </div><div class=\"t m0 x0 h2 y110b ff1 fs0 fc0 sc0 ls0 ws0\">sia delle posizioni <span class=\"_ _0\"></span>corte. </div><div class=\"t m0 x0 h2 y128b ff1 fs0 fc0 sc0 ls0 ws0\">Nella colonna Risultato netto sono inclusi gli utili, <span class=\"_ _0\"></span>perdite, plusvalenze e minusvale<span class=\"_ _0\"></span>nze da operazioni su valute e da derivati s<span class=\"_ _0\"></span>u </div><div class=\"t m0 x0 h2 y110d ff1 fs0 fc0 sc0 ls0 ws0\">valute e oro.  </div><div class=\"t m0 x0 h2 yf90 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>differenze <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie, <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>sottovoce<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>3, <span class=\"_ _3\"></span>trova <span class=\"_ _3\"></span>cor<span class=\"_ _5\"></span>relazione <span class=\"_ _3\"></span>nel </div><div class=\"t m0 x0 h2 y14ee ff1 fs0 fc0 sc0 ls0 ws0\">risultato <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>4.1 <span class=\"_ _6\"></span>riferito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>derivati <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span><span class=\"ff4\">Derivati <span class=\"_ _6\"> </span>finanziari <span class=\"_ _5\"></span>su <span class=\"_ _6\"> </span>valute <span class=\"_ _6\"> </span>e <span class=\"_ _6\"></span>oro, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>quale <span class=\"_ _6\"></span>accoglie <span class=\"_ _5\"></span>tra <span class=\"_ _6\"> </span>l\u2019altro <span class=\"_ _5\"></span>i </span></div><div class=\"t m0 x0 h2 y110f ff1 fs0 fc0 sc0 ls0 ws0\">risultati delle <span class=\"_ _3\"></span>relative coperture gestionali <span class=\"_ _3\"></span>attivate dalla <span class=\"_ _3\"></span>Banca sul <span class=\"_ _3\"></span>rischio cambio <span class=\"_ _3\"></span>attraverso derivati fi<span class=\"_ _5\"></span>nanziari di <span class=\"_ _3\"></span>negoziazione. </div><div class=\"t m0 x0 h2 yadb ff1 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _4\"> </span>stesso <span class=\"_ _4\"> </span>modo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>risultato <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>Derivati <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>letto <span class=\"_ _4\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>risult<span class=\"_ _5\"></span>ati </div><div class=\"t m0 x0 h2 y1190 ff1 fs0 fc0 sc0 ls0 ws0\">rispettivamente delle Attivit\u00e0 finanziarie di negoziazione in Titoli di debito e delle <span class=\"_ _3\"></span>Passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie di negoziazione in Debiti </div><div class=\"t m0 x0 h2 ye81 ff1 fs0 fc0 sc0 ls0 ws0\">(posizioni in scoperti<span class=\"_ _0\"></span> tecnici sui titoli) tratt<span class=\"_ _0\"></span>andosi di operativit\u00e0<span class=\"_ _0\"></span> gestionalmente cor<span class=\"_ _0\"></span>relate tra loro.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1237 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Per quanto riguarda i prodotti finanziari strutturati ed i loro effetti sul conto e<span class=\"_ _3\"></span>conomico, si rinvia per pi\u00f9 dett<span class=\"_ _5\"></span>agliate informazioni<span class=\"_ _35\"></span> alla Parte E di quest<span class=\"_ _0\"></span>a Nota Integrativa <span class=\"ff4\">\u2013</span> Informazioni sui ri<span class=\"_ _0\"></span>schi e politiche di coper<span class=\"_ _0\"></span>tura.<span class=\"_ _90\"> </span>SEZIONE 7 BIS <span class=\"ff6\">\u2013</span> <span class=\"ff6\">RISULTATO NETTO DELLE ATTIVIT\u00c0\u2019 E PASSIVITA\u2019 FINANZIARIE DI PERTINENZA </span> DELLE IMPRESE DI ASSICURAZIONE AI SENSI DELLO IAS 39 - VOCE 115<span class=\"ff1 fs0 fc0\"> </span>Si riportano di <span class=\"_ _3\"></span>seguito i <span class=\"_ _3\"></span>dettagli delle voci <span class=\"_ _3\"></span>IAS 39 <span class=\"_ _3\"></span>incluse nella voce 115<span class=\"_ _3\"></span> di schema di <span class=\"_ _3\"></span>Conto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>economico riferita a<span class=\"_ _3\"></span>lle imprese di assicurazione. In <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>all\u2019applicazione del <span class=\"_ _3\"></span>De<span class=\"_ _3\"></span>ferral <span class=\"_ _3\"></span>Approach, negli <span class=\"_ _2\"></span>schemi <span class=\"_ _3\"></span>consolidati <span class=\"_ _3\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>circolare <span class=\"_ _3\"></span>262 <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca d\u2019Ital<span class=\"_ _6\"></span><span class=\"ff1\">ia, \u00e8 </span>stata infatti creata la \u201cVoce 115 Risultato netto delle attivit\u00e0 e passivi<span class=\"_ _3\"></span><span class=\"ff1\">t\u00e0 finanziarie di pertinenza delle imprese di assicurazione </span>ai sensi dello IAS <span class=\"_ _0\"></span>39\u201d che accoglie le comp<span class=\"_ _0\"></span>onenti di cui al segu<span class=\"_ _0\"></span>ente schema:<span class=\"_ _3\"></span><span class=\"ff1 fs12 fc5\"> </span> (milioni di <span class=\"_ _0\"></span>euro) Compos<span class=\"_ _0\"></span>izione della<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>voce Risu<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>tato n<span class=\"_ _0\"></span>etto delle<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>attivit\u00e0 e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _0\"></span>  di pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za delle <span class=\"_ _0\"></span>imprese <span class=\"_ _0\"></span>di assicu<span class=\"_ _0\"></span>razione a<span class=\"_ _0\"></span>i sensi de<span class=\"_ _0\"></span>llo IAS 39 - V<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ce 115<span class=\"_ _0\"></span> 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>10. Intere<span class=\"_ _0\"></span>ssi attivi e p<span class=\"_ _0\"></span>roventi as<span class=\"_ _0\"></span>similati 2.335 1.862 20. Intere<span class=\"_ _0\"></span>ssi passivi<span class=\"_ _0\"></span> e oneri assi<span class=\"_ _0\"></span>milati -<span class=\"ls25\">77</span> -<span class=\"ls25\">75</span> 70. Dividen<span class=\"_ _0\"></span>di e proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i simili 503<span class=\"ls0\"> </span>383<span class=\"ls0\"> </span>80. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di negoziazio<span class=\"_ _0\"></span>ne -<span class=\"ls25\">53</span> -<span class=\"ls25\">69</span> 90. Risultat<span class=\"_ _0\"></span>o netto del<span class=\"_ _0\"></span>l'attivit\u00e0<span class=\"_ _0\"></span> di copertur<span class=\"_ _0\"></span>a (*) - - 100. Utile<span class=\"_ _0\"></span> / perdita da <span class=\"_ _0\"></span>cessione o r<span class=\"_ _35\"></span>iacquisto di: -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>a) <span class=\"ls0\">crediti </span>- - b) attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> disponibili pe<span class=\"_ _35\"></span>r <span class=\"_ _3\"></span>la vendi<span class=\"_ _35\"></span>ta -<span class=\"ls25\">384</span> 198<span class=\"ls0\"> </span>c) attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> sino alla <span class=\"_ _0\"></span>scadenza - - d) passivi<span class=\"_ _0\"></span>t\u00e0 finanziari<span class=\"_ _0\"></span>e - - 110. Risul<span class=\"_ _0\"></span>tato netto d<span class=\"_ _0\"></span>elle attivi<span class=\"_ _0\"></span>t\u00e0 e pas<span class=\"_ _0\"></span>sivit\u00e0 finanz<span class=\"_ _0\"></span>iarie valuta<span class=\"_ _0\"></span>te al fair va<span class=\"_ _0\"></span>lue -1.090 2.455 TOTALE<span class=\"_ _0\"></span>  Voce 115 1.234 4.754 (*) Non sono<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>presenti<span class=\"_ _0\"></span> coperture<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>in hedge<span class=\"_ _0\"></span> accounting<span class=\"_ _0\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-577.8953px;\"><div class=\"t m0 x0 h24 y4 ff6 fs0 fc2 sc0 ls0 ws0\">7.8 Bis. Risultato net<span class=\"_ _0\"></span>to dell\u2019attivit\u00e0 di negozia<span class=\"_ _0\"></span>zione: composizione <span class=\"_ _0\"></span>    <span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3e9 h170\" style=\"left:490.09265px; bottom:388.18665px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w3e8 h18d\" style=\"left:-4.050377px; bottom:332.8067px;\"><div class=\"t m0 x41 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali </div></div><div class=\"c w222 h18d\" style=\"left:282.7426px; bottom:332.8067px;\"><div class=\"t m0 x41 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Plusvalen<span class=\"_ _0\"></span>ze </div></div><div class=\"c w3d1 h18d\" style=\"left:347.50864px; bottom:332.8067px;\"><div class=\"t m0 x13 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Utili da </div><div class=\"t m0 x41 h59 y8e8 ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione </div></div><div class=\"c w63 h18d\" style=\"left:417.08463px; bottom:332.8067px;\"><div class=\"t m0 x41 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Minusva<span class=\"_ _0\"></span>lenze </div></div><div class=\"c w3ea h18d\" style=\"left:490.09265px; bottom:332.8067px;\"><div class=\"t m0 xae h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Perdite <span class=\"_ _0\"></span>da </div><div class=\"t m0 x41 h59 y8e8 ff5 fs17 fc2 sc0 ls0 ws0\">negoziaz<span class=\"_ _0\"></span>ione </div></div><div class=\"c w43 h18d\" style=\"left:560.1756px; bottom:332.8067px;\"><div class=\"t m0 x12 h59 ycfe ff5 fs17 fc2 sc0 ls0 ws0\">Risultat<span class=\"_ _0\"></span>o </div><div class=\"t m0 x86 h59 y8e8 ff5 fs17 fc2 sc0 ls0 ws0\">netto </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:313.3067px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziarie<span class=\"_ _0\"></span> di neg<span class=\"_ _0\"></span>oziazione </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:313.3067px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:313.3067px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:313.3067px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">153</span> </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:313.3067px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:313.3067px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">156</span> </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:296.7707px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.1 Titoli di <span class=\"_ _0\"></span>debito </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:296.7707px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:296.7707px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:296.7707px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">136</span> </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:296.7707px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:296.7707px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">137</span> </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:280.23468px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.2 Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:280.23468px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:280.23468px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:280.23468px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:280.23468px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:280.23468px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:263.69867px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:263.69867px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:263.69867px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:263.69867px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:263.69867px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:263.69867px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">19</span> </div></div><div class=\"c w3e8 h6a\" style=\"left:-4.050377px; bottom:247.00665px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.4 Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w222 h6a\" style=\"left:282.7426px; bottom:247.00665px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h6a\" style=\"left:347.50864px; bottom:247.00665px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h6a\" style=\"left:417.08463px; bottom:247.00665px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h6a\" style=\"left:490.09265px; bottom:247.00665px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h6a\" style=\"left:560.1756px; bottom:247.00665px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:230.4707px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.5 Altre </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:230.4707px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:230.4707px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:230.4707px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:230.4707px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:230.4707px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:210.9707px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _0\"></span>goziazion<span class=\"_ _0\"></span>e </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:210.9707px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:210.9707px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:210.9707px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:210.9707px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:210.9707px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:194.4347px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.1 Titoli di <span class=\"_ _0\"></span>debito </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:194.4347px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:194.4347px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:194.4347px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:194.4347px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:194.4347px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:177.89868px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.2 Debiti<span class=\"_ _0\"></span> </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:177.89868px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:177.89868px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:177.89868px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:177.89868px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:177.89868px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h82\" style=\"left:-4.050377px; bottom:161.16766px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.3 Altre </div></div><div class=\"c w222 h82\" style=\"left:282.7426px; bottom:161.16766px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h82\" style=\"left:347.50864px; bottom:161.16766px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h82\" style=\"left:417.08463px; bottom:161.16766px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h82\" style=\"left:490.09265px; bottom:161.16766px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h82\" style=\"left:560.1756px; bottom:161.16766px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:141.66766px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie: diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>enze di<span class=\"_ _0\"></span> cambio </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:141.66766px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:141.66766px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:141.66766px;\"><div class=\"t m0 x10a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:141.66766px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:141.66766px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:122.16766px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4. Strume<span class=\"_ _0\"></span>nti derivat<span class=\"_ _0\"></span>i </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:122.16766px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:122.16766px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:122.16766px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:122.16766px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">52</span> </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:122.16766px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:102.66766px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span>: </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:102.66766px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:102.66766px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">217<span class=\"ls0\"> </span></div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:102.66766px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:102.66766px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">52</span> </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:102.66766px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:86.13165px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Su titoli di <span class=\"_ _0\"></span>debito e tas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di intere<span class=\"_ _0\"></span>sse </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:86.13165px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:86.13165px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:86.13165px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:86.13165px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:86.13165px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">147<span class=\"ls0\"> </span></div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:69.5957px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Su titoli di <span class=\"_ _0\"></span>capitale e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>indici azion<span class=\"_ _0\"></span>ari </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:69.5957px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:69.5957px;\"><div class=\"t m0 xa2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:69.5957px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:69.5957px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">43</span> </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:69.5957px;\"><div class=\"t m0 xd h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w3e8 h41\" style=\"left:-4.050377px; bottom:53.059692px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Su valute<span class=\"_ _0\"></span> e oro </div></div><div class=\"c w222 h41\" style=\"left:282.7426px; bottom:53.059692px;\"><div class=\"t m0 x9c h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3d1 h41\" style=\"left:347.50864px; bottom:53.059692px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w63 h41\" style=\"left:417.08463px; bottom:53.059692px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w3ea h41\" style=\"left:490.09265px; bottom:53.059692px;\"><div class=\"t m0 x104 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w43 h41\" style=\"left:560.1756px; bottom:53.059692px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">82</span> </div></div><div class=\"c w3e8 h6a\" style=\"left:-4.050377px; bottom:36.367676px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- Altri </div></div><div class=\"c w222 h6a\" style=\"left:282.7426px; bottom:36.367676px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h6a\" style=\"left:347.50864px; bottom:36.367676px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w63 h6a\" style=\"left:417.08463px; bottom:36.367676px;\"><div class=\"t m0 x139 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h6a\" style=\"left:490.09265px; bottom:36.367676px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h6a\" style=\"left:560.1756px; bottom:36.367676px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:16.867676px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.2 Deriva<span class=\"_ _0\"></span>ti su crediti </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:16.867676px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:16.867676px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:16.867676px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:16.867676px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:16.867676px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w3e8 h47\" style=\"left:-4.050377px; bottom:-2.6323242px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w222 h47\" style=\"left:282.7426px; bottom:-2.6323242px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w3d1 h47\" style=\"left:347.50864px; bottom:-2.6323242px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls25 ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w63 h47\" style=\"left:417.08463px; bottom:-2.6323242px;\"><div class=\"t m0 x43 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">170</span> </div></div><div class=\"c w3ea h47\" style=\"left:490.09265px; bottom:-2.6323242px;\"><div class=\"t m0 xa5 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">55</span> </div></div><div class=\"c w43 h47\" style=\"left:560.1756px; bottom:-2.6323242px;\"><div class=\"t m0 x98 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">53</span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1047": {
   "value": "SEZIONE 4 <span class=\"ff6\">\u2013</span> RISULTATO NETTO DELL'ATTIVIT\u00c0 DI NEGOZIAZIONE - VOCE 80 4.1 Risultato netto <span class=\"ff6\">dell\u2019attivi<span class=\"_ _0\"></span>t\u00e0 di negoziazion<span class=\"_ _0\"></span>e: composizione<span class=\"ff5\"> </span></span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze Utili da negoziaz<span class=\"_ _0\"></span>ione  Minusva<span class=\"_ _0\"></span>lenze  Perdite <span class=\"_ _0\"></span>da negoziaz<span class=\"_ _0\"></span>ione Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie di neg<span class=\"_ _0\"></span>oziazione 218<span class=\"ls0\"> </span>3.058 -<span class=\"ls25\">711</span> -2.304 261<span class=\"ls0\"> </span>1.1 Titoli di <span class=\"_ _0\"></span>debito 184<span class=\"ls0\"> </span>2.985 -<span class=\"ls25\">662</span> -2.169 338<span class=\"ls0\"> </span>1.2 Titoli di <span class=\"_ _0\"></span>capitale 31<span class=\"ls0\"> </span>66<span class=\"ls0\"> </span>-<span class=\"ls25\">40</span> -<span class=\"ls25\">121</span> -<span class=\"ls25\">64</span> 1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. 3 4 -7 -<span class=\"ls25\">13</span> -<span class=\"ls25\">13</span> 1.4 Finanzia<span class=\"_ _0\"></span>menti - - -2 - -2 1.5 Altre - 3 - -1 2 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie di ne<span class=\"_ _35\"></span>g<span class=\"_ _3\"></span>oziazion<span class=\"_ _35\"></span>e 901<span class=\"ls0\"> </span>6 -7 -<span class=\"ls25\">30</span> 870<span class=\"ls0\"> </span>2.1 Titoli di <span class=\"_ _0\"></span>debito - - - - - 2.2 Debiti<span class=\"_ _0\"></span> 559<span class=\"ls0\"> </span>- -5 - 554<span class=\"ls0\"> </span>2.3 Altre 342<span class=\"ls0\"> </span>6 -2 -<span class=\"ls25\">30</span> 316<span class=\"ls0\"> </span>3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie: diffe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>enze di<span class=\"_ _0\"></span> cambio X X X X -1.574 4. Strume<span class=\"_ _0\"></span>nti derivat<span class=\"_ _0\"></span>i 123.315 43.492 -126.013 -41.929 294<span class=\"ls0\"> </span>4.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span>:    122.227 40.888 -124.987 -39.269 288<span class=\"ls0\"> </span>-<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di debi<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o e tassi di <span class=\"_ _35\"></span>interesse 120.294 29.263 -121.852 -29.172 -1.467 -<span class=\"ls48\">  </span>Su ti<span class=\"_ _0\"></span>toli di capi<span class=\"_ _0\"></span>tale e indi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>i azionari 1.037 6.230 -2.485 -4.488 294<span class=\"ls0\"> </span>-<span class=\"ls48\">  </span>Su v<span class=\"_ _0\"></span>alute e oro<span class=\"_ _0\"></span> X X X X 1.429 -<span class=\"ls48\">  </span>Altri<span class=\"_ _0\"></span> 896<span class=\"ls0\"> </span>5.395 -<span class=\"ls25\">650</span> -5.609 32<span class=\"ls0\"> </span>4.2 Deriva<span class=\"_ _0\"></span>ti su crediti 1.088 2.604 -1.026 -2.660 6 di cui: coper<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ure natur<span class=\"_ _0\"></span>ali connes<span class=\"_ _0\"></span>se con la fair<span class=\"_ _0\"></span> value opti<span class=\"_ _0\"></span>on X X X X - Totale 124.434 46.556 -126.731 -44.263 -<span class=\"ls25\">149</span> Gli <span class=\"_ _1d\"> </span>utili <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>perdite <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzi<span class=\"_ _0\"></span>arie <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>negoziazione <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>esposti <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>singola <span class=\"_ _1d\"> </span>operazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compravendita, conformemente alle <span class=\"_ _3\"></span>modalit\u00e0 di r<span class=\"_ _3\"></span>ilevazione contabile in <span class=\"_ _3\"></span>uso <span class=\"_ _3\"></span>presso la <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>e includono <span class=\"_ _3\"></span>il risultato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>delle posizioni <span class=\"_ _3\"></span>lun<span class=\"_ _5\"></span>ghe sia delle posizioni <span class=\"_ _0\"></span>corte. Nella colonna Risultato netto sono inclusi gli utili, <span class=\"_ _0\"></span>perdite, plusvalenze e minusvale<span class=\"_ _0\"></span>nze da operazioni su valute e da derivati s<span class=\"_ _0\"></span>u valute e oro.  Il <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>netto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>differenze <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3\"></span>finanziarie, <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>sottovoce<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>3, <span class=\"_ _3\"></span>trova <span class=\"_ _3\"></span>cor<span class=\"_ _5\"></span>relazione <span class=\"_ _3\"></span>nel risultato <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>sottovoce <span class=\"_ _6\"></span>4.1 <span class=\"_ _6\"></span>riferito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Strumenti <span class=\"_ _5\"></span>derivati <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span><span class=\"ff4\">Derivati <span class=\"_ _6\"> </span>finanziari <span class=\"_ _5\"></span>su <span class=\"_ _6\"> </span>valute <span class=\"_ _6\"> </span>e <span class=\"_ _6\"></span>oro, <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>quale <span class=\"_ _6\"></span>accoglie <span class=\"_ _5\"></span>tra <span class=\"_ _6\"> </span>l\u2019altro <span class=\"_ _5\"></span>i </span>risultati delle <span class=\"_ _3\"></span>relative coperture gestionali <span class=\"_ _3\"></span>attivate dalla <span class=\"_ _3\"></span>Banca sul <span class=\"_ _3\"></span>rischio cambio <span class=\"_ _3\"></span>attraverso derivati fi<span class=\"_ _5\"></span>nanziari di <span class=\"_ _3\"></span>negoziazione. Nello <span class=\"_ _4\"> </span>stesso <span class=\"_ _4\"> </span>modo, <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>risultato <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>Derivati <span class=\"_ _6\"></span>finanziari <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>tassi <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>letto <span class=\"_ _4\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>risult<span class=\"_ _5\"></span>ati rispettivamente delle Attivit\u00e0 finanziarie di negoziazione in Titoli di debito e delle <span class=\"_ _3\"></span>Passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie di negoziazione in Debiti (posizioni in scoperti<span class=\"_ _0\"></span> tecnici sui titoli) tratt<span class=\"_ _0\"></span>andosi di operativit\u00e0<span class=\"_ _0\"></span> gestionalmente cor<span class=\"_ _0\"></span>relate tra loro.<span class=\"_ _3\"></span> Per quanto riguarda i prodotti finanziari strutturati ed i loro effetti sul conto e<span class=\"_ _3\"></span>conomico, si rinvia per pi\u00f9 dett<span class=\"_ _5\"></span>agliate informazioni<span class=\"_ _35\"></span> alla Parte E di quest<span class=\"_ _0\"></span>a Nota Integrativa <span class=\"ff4\">\u2013</span> Informazioni sui ri<span class=\"_ _0\"></span>schi e politiche di coper<span class=\"_ _0\"></span>tura.<span class=\"_ _90\"> </span>SEZIONE 5 <span class=\"ff6\">\u2013</span> RISULTATO NETTO DELL'ATTIVIT\u00c0 DI COPERTURA - VOCE 90 5.1 Risultato netto d<span class=\"_ _0\"></span>ell'attivit\u00e0 di copertura: comp<span class=\"_ _0\"></span>osizione (milioni di eur<span class=\"_ _35\"></span>o) Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>A. Provent<span class=\"_ _0\"></span>i relativi<span class=\"_ _0\"></span> a: A.1 Deriva<span class=\"_ _0\"></span>ti di coper<span class=\"_ _0\"></span>tura del fai<span class=\"_ _0\"></span>r value 25.847 6.866 A.2 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>coperte (<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>air value)  52<span class=\"ls0\"> </span>186<span class=\"ls0\"> </span>A.3 Passi<span class=\"_ _0\"></span>vit\u00e0 finan<span class=\"_ _0\"></span>ziarie copert<span class=\"_ _0\"></span>e (fair value)<span class=\"_ _35\"></span>  13.205 1.947 A.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> di copert<span class=\"_ _0\"></span>ura dei flu<span class=\"_ _0\"></span>ssi finanziari - - A.5 Attivit\u00e0<span class=\"_ _0\"></span> e passi<span class=\"_ _0\"></span>vit\u00e0 in valuta 10<span class=\"ls0\"> </span>- Totale pr<span class=\"_ _0\"></span>oventi del<span class=\"_ _0\"></span>l'attivit\u00e0 d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> copertu<span class=\"_ _0\"></span>ra (A) 39.114 8.999 B. Oneri re<span class=\"_ _0\"></span>lativi a: B.1 Deriva<span class=\"_ _0\"></span>ti di coper<span class=\"_ _0\"></span>tura del fai<span class=\"_ _0\"></span>r value -13.798 -3.775 B.2 Attivit\u00e0<span class=\"_ _0\"></span> finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>coperte (<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>air value)  -25.282 -5.091 B.3 Passi<span class=\"_ _0\"></span>vit\u00e0 finan<span class=\"_ _0\"></span>ziarie copert<span class=\"_ _0\"></span>e (fair value)<span class=\"_ _35\"></span>  -1 -<span class=\"ls25\">97</span> B.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> di copert<span class=\"_ _0\"></span>ura dei flu<span class=\"_ _0\"></span>ssi finanziari<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> - - B.5 Attivit\u00e0<span class=\"_ _0\"></span> e passi<span class=\"_ _0\"></span>vit\u00e0 in valuta - - Totale one<span class=\"_ _0\"></span>ri dell'att<span class=\"_ _0\"></span>ivit\u00e0 di co<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ertura<span class=\"_ _0\"></span> (B) -39.081 -8.963 C. Risultat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> netto de<span class=\"_ _35\"></span>ll'attivit\u00e0 di cope<span class=\"_ _0\"></span>rtura (A - <span class=\"ls47\">B)<span class=\"_ _35\"></span><span class=\"ls0\"> </span></span>33<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>di cui: risultato<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>delle coper<span class=\"_ _35\"></span>ture su posizioni ne<span class=\"_ _35\"></span>tte - - Il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>si <span class=\"_ _4\"></span>avvale <span class=\"_ _6\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _4\"></span><span class=\"ff4\">facolt\u00e0, <span class=\"_ _6\"> </span>prevista <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>sede <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>introduzione <span class=\"_ _6\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>continuare <span class=\"_ _6\"> </span>ad<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>applicare <span class=\"_ _4\"> </span>integralmente <span class=\"_ _6\"></span>le </span>previsioni <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>principio <span class=\"_ _17\"> </span>contabile <span class=\"_ _18\"> </span>IAS <span class=\"_ _17\"> </span>39 <span class=\"_ _18\"> </span>in <span class=\"_ _17\"> </span>te<span class=\"_ _3\"></span>ma <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>\u201c<span class=\"_ _3\"></span>hedge <span class=\"_ _17\"> </span>accounting\u201d <span class=\"_ _17\"> </span>(nella <span class=\"_ _18\"> </span>versione <span class=\"_ _17\"> </span>\u201ccarve<span class=\"_ _2\"></span><span class=\"ff1\">-</span>out\u201d <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>mologata <span class=\"_ _17\"> </span>dalla commissione europea) per ogni tipologia d<span class=\"_ _3\"></span>i copertura (sia per <span class=\"_ _3\"></span>le coperture specifiche che per le macro<span class=\"_ _3\"></span>-<span class=\"_ _3\"></span>coperture). Per questa<span class=\"_ _0\"></span> ragione, nella tabella \u201c5.1 risultato netto dell\u2019attivit\u00e0 di copertura: compo<span class=\"_ _0\"></span>sizione\u201d, non \u00e8 valorizzata la riga \u201cdi cui: ris<span class=\"_ _5\"></span><span class=\"ff1\">ultato delle </span>coperture su posizio<span class=\"_ _0\"></span>ni nette\u201d pre<span class=\"ff1\">vista per i soggetti c<span class=\"_ _0\"></span>he applicano il pri<span class=\"_ _0\"></span>ncipio contabile IFRS <span class=\"_ _0\"></span>9 anche per le copertur<span class=\"_ _0\"></span>e.<span class=\"_ _90\"> </span></span>SEZIONE <span class=\"_ _4\"></span>7 <span class=\"_ _4\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>RISULTATO <span class=\"_ _6\"></span>NETTO <span class=\"_ _4\"></span>DELLE <span class=\"_ _4\"></span>ALTRE <span class=\"_ _6\"></span>ATTI<span class=\"_ _3\"></span>VIT\u00c0 <span class=\"_ _4\"></span>E <span class=\"_ _4\"></span>PASSIVIT\u00c0 <span class=\"_ _4\"></span>FINANZIARIE <span class=\"_ _4\"></span>VALUTATE <span class=\"_ _4\"></span>AL <span class=\"_ _6\"></span>FAIR VALUE CON IMPATTO A CONTO ECONOMICO- VOCE 110 7.1 <span class=\"_ _4\"> </span>Variazione <span class=\"_ _4\"> </span>netta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>impatto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>conto economico: composizione d<span class=\"_ _0\"></span>elle attivit\u00e0 e delle passivit\u00e0 finan<span class=\"_ _0\"></span>ziarie designate al fair valu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze Utili da realizzo  Minusva<span class=\"_ _0\"></span>lenze Perdite <span class=\"_ _0\"></span>da realizzo<span class=\"_ _0\"></span> Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie - - - - - 1.1 Titoli di <span class=\"_ _0\"></span>debito - - - - - 1.2 Finanzia<span class=\"_ _0\"></span>menti - - - - - 2. Passivit\u00e0<span class=\"_ _0\"></span> finan<span class=\"_ _0\"></span>ziarie 1.020 8 -1 -<span class=\"ls25\">42</span> 985<span class=\"ls0\"> </span>2.1 Titoli in <span class=\"_ _0\"></span>circolazione<span class=\"_ _0\"></span> 1.007 8 -1 -<span class=\"ls25\">42</span> 972<span class=\"ls0\"> </span>2.2 Debiti<span class=\"_ _0\"></span> verso ban<span class=\"_ _0\"></span>che  - - - - - 2.3 Debiti<span class=\"_ _0\"></span> verso client<span class=\"_ _0\"></span>ela 13<span class=\"ls0\"> </span>- - - 13<span class=\"ls0\"> </span>3. Attivit\u00e0 <span class=\"_ _0\"></span>e passivit<span class=\"_ _0\"></span>\u00e0 finan<span class=\"_ _0\"></span>ziarie in va<span class=\"_ _0\"></span>luta: differe<span class=\"_ _0\"></span>nze di cambio X X X X -<span class=\"ls25\">28</span> Totale 1.020 8 -1 -<span class=\"ls25\">42</span> 957<span class=\"ls0\"> </span>Nella voce 2.1 Passivit\u00e0 finanziarie Titoli in circolazione, figura il risultato netto dei certificates che alla scadenza pre<span class=\"_ _2\"></span>vedono la restituzione <span class=\"_ _4\"> </span>parziale <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>integrale <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>premi <span class=\"_ _4\"> </span>versati, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>sensi <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Comunicazi<span class=\"_ _0\"></span>one <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>ottobre <span class=\"_ _4\"> </span>201<span class=\"_ _6\"></span><span class=\"ff1 ls17\">4 </span>(certificates a capitale <span class=\"_ _3\"></span>garantito o protetto), emessi successivamente al 1<span class=\"_ _3\"></span>\u00b0 gennaio 2020. <span class=\"_ _3\"></span>Le Plusvalenze esposte in <span class=\"_ _3\"></span>tabella <span class=\"_ _5\"></span>si riferiscono <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>valutazione <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _6\"></span>strumenti <span class=\"_ _5\"></span>finanziari, <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>variazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>dovut<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>al cambiamento del proprio<span class=\"_ _0\"></span> merito creditizio rile<span class=\"_ _0\"></span>vato nell\u2019ambito d<span class=\"_ _0\"></span>el Prospetto della reddi<span class=\"_ _0\"></span>tivit\u00e0 complessiva (Pa<span class=\"_ _0\"></span>trimonio netto)<span class=\"_ _2\"></span><span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>(credit <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pread), <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>rinvia <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>descritto <span class=\"_ _6\"></span>ne<span class=\"_ _3\"></span>lla Parte A della Nota integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tiva consolidata n<span class=\"_ _0\"></span>ella sezione A.4 <span class=\"ff4\">\u2013</span> Informativa sul fair value.<span class=\"fc5\"> </span> 7.2 <span class=\"_ _4\"> </span>Variazione <span class=\"_ _4\"> </span>netta <span class=\"_ _7\"> </span>di <span class=\"_ _4\"></span>valore <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>finanziarie <span class=\"_ _4\"></span>valutate <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>air <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>impatto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>conto economico: composizione d<span class=\"_ _0\"></span>elle altre attivit\u00e0 finanziarie obb<span class=\"_ _0\"></span>ligatoriamente valutate al<span class=\"_ _0\"></span> fair value<span class=\"ff1 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Operazi<span class=\"_ _0\"></span>oni/Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redd<span class=\"_ _0\"></span>ituali Plusvalen<span class=\"_ _0\"></span>ze  Utili da realizzo  Minusva<span class=\"_ _0\"></span>lenze  Perdite <span class=\"_ _0\"></span>da realizzo  Risultat<span class=\"_ _0\"></span>o netto 1. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie 204<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>-<span class=\"ls25\">448</span> -<span class=\"ls25\">30</span> -<span class=\"ls25\">236</span> 1.1 Titoli di <span class=\"_ _0\"></span>debito 12<span class=\"ls0\"> </span>3 -<span class=\"ls25\">104</span> -2 -<span class=\"ls25\">91</span> 1.2 Titoli di <span class=\"_ _0\"></span>capitale 8 4 -<span class=\"ls25\">40</span> -2 -<span class=\"ls25\">30</span> 1.3 Quote di<span class=\"_ _0\"></span> O.I.C.<span class=\"_ _0\"></span>R. 137<span class=\"ls0\"> </span>6 -<span class=\"ls25\">95</span> -<span class=\"ls25\">18</span> 30<span class=\"ls0\"> </span>1.4 Finanzia<span class=\"_ _0\"></span>menti 47<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>-<span class=\"ls25\">209</span> -8 -<span class=\"ls25\">145</span> 2. Attivit\u00e0 f<span class=\"_ _0\"></span>inanziar<span class=\"_ _0\"></span>ie in valuta:<span class=\"_ _35\"></span> differenze di ca<span class=\"_ _0\"></span>mbio X X X X 34<span class=\"ls0\"> </span>Totale 204<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>-<span class=\"ls25\">448</span> -<span class=\"ls25\">30</span> -<span class=\"ls25\">202<span class=\"_ _90\"> </span></span>SEZIONE 16 <span class=\"ff6\">\u2013</span> ALTRI ONERI E PROVENTI DI GESTIONE - VOCE 230 16.1 Altri oneri di ge<span class=\"_ _0\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>Valori Altri oneri<span class=\"_ _0\"></span> per operazion<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>di credit<span class=\"_ _0\"></span>o al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e lea<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ing 29<span class=\"ls0\"> </span>Ammortam<span class=\"_ _0\"></span>ento delle <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pese per <span class=\"_ _0\"></span>migliorie <span class=\"_ _0\"></span>su beni di te<span class=\"_ _35\"></span>rz<span class=\"_ _3\"></span>i 34<span class=\"ls0\"> </span>Altri oneri 373<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>436<span class=\"ls0\"> </span>Totale 2021<span class=\"ls0\"> </span>503<span class=\"ls0\"> </span>La sottovoce \u201cAltri o<span class=\"_ _0\"></span>neri\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>3 milioni al risultato <span class=\"_ _0\"></span>negativo su oro e <span class=\"_ _3\"></span><span class=\"ff1\">metalli preziosi. </span>16.2 Altri proventi di g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Valori Recupero<span class=\"_ _0\"></span> di spese 930<span class=\"ls0\"> </span>Attivit\u00e0 di <span class=\"_ _0\"></span>credito al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e le<span class=\"_ _35\"></span>as<span class=\"_ _3\"></span>ing 42<span class=\"ls0\"> </span>Fitti attivi e<span class=\"_ _0\"></span>d altri prov<span class=\"_ _0\"></span>enti da ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tione i<span class=\"_ _0\"></span>mmobiliare 34<span class=\"ls0\"> </span>Recuperi per<span class=\"_ _35\"></span> servizi resi a terzi<span class=\"_ _0\"></span> 23<span class=\"ls0\"> </span>Altri proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i 341<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>1.370 Totale 2021<span class=\"ls0\"> </span>1.483 La sottovoce \u201cAltri pro<span class=\"_ _0\"></span>venti\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>8 milioni al risultato <span class=\"_ _0\"></span>positivo su oro e meta<span class=\"_ _0\"></span>lli preziosi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _4\"></span>richiesto <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>paragrafo <span class=\"_ _6\"></span>116 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>) <span class=\"_ _4\"> </span><span class=\"ff4\">dell\u2019IFRS <span class=\"_ _4\"> </span>15, <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>performance <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>bligation<span class=\"_ _35\"></span> </span>adempiute negli anni<span class=\"_ _0\"></span> precedenti per un amm<span class=\"_ _0\"></span>ontare pari a 17 m<span class=\"_ _0\"></span>ilioni.<span class=\"_ _3\"></span><span class=\"ff5 fs9 fc2\"> </span>1.2.3. RISCHIO DI CAM<span class=\"_ _3\"></span>BIO <span class=\"_ _3\"></span> Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> A. Aspetti generali, proces<span class=\"_ _3\"></span>si<span class=\"fc5\"> </span>di gestione e metodi di <span class=\"_ _3\"></span>misurazione del rischio di cambio<span class=\"_ _3\"></span> Si <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>\u201cRischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio\u201d <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>avverso <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>mbio <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>valute <span class=\"_ _5\"></span>che </span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _3\"></span>impatti ne<span class=\"_ _3\"></span>gativi sia <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio, che <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0, n<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>nch\u00e9 sui ratio patrimoniali. Vengono individuati <span class=\"_ _0\"></span>due tipi di Rischio <span class=\"_ _0\"></span>di Cambio: <span class=\"_ _3\"></span><span class=\"ff2\">Strutturale</span> <span class=\"ls10\">e </span><span class=\"ff2\">T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansattivo<span class=\"ff1\">.<span class=\"ff9\"> </span></span></span>Per<span class=\"ff2\"> <span class=\"_ _3\"></span>Rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _3\"></span>Strutturale</span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>intende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possa avere impatti negativi <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulle riserve camb<span class=\"_ _0\"></span>i che sono parte del P<span class=\"_ _0\"></span>atrimonio netto co<span class=\"_ _0\"></span>nsolidato di Gruppo.<span class=\"_ _3\"></span>  Per <span class=\"_ _2\"></span><span class=\"ff2\">Rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _2\"></span>Transattivo</span> <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>intende<span class=\"ff9\"> <span class=\"_ _3\"></span></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>valute che <span class=\"_ _4\"></span>possa <span class=\"_ _6\"></span>avere <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"></span>negativi <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _4\"></span>convertite <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>divisa <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>bilancio, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>raccolta, <span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>investimento/disinvestimento <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>ta. <span class=\"_ _3\"></span>Le <span class=\"_ _5\"></span>principali<span class=\"_ _0\"></span> fonti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cambio <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>divisa <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>euro <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>corporate <span class=\"_ _6\"></span>e/o <span class=\"_ _6\"></span>retail;<span class=\"_ _5\"></span> conversione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>moneta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0, <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere, <span class=\"_ _6\"></span>negoziazione <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>divise <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>banconote <span class=\"_ _5\"></span>estere, incasso <span class=\"_ _7\"> </span>e/o <span class=\"_ _7\"> </span>pa<span class=\"_ _3\"></span>gamento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>interessi, <span class=\"_ _7\"> </span>commissioni, <span class=\"_ _7\"> </span>dividendi, <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mministrative <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>divisa, <span class=\"_ _7\"> </span>acquisto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>titoli <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>strumenti finanziari <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rivendita <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>termine, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Rientra <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _5\"></span>transattivo <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad operativit\u00e0 <span class=\"_ _5\"></span>connessa <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>strutturale, <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio<span class=\"_ _2\"></span><span class=\"ff9\"> <span class=\"_ _5\"></span></span>dai <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ividendi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eliberati dalle <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>estere<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>derivante <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _2\"></span>societari <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione delle <span class=\"_ _2\"></span>partecipazioni, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>utili/perdite <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>Filiali <span class=\"_ _2\"></span>estere <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>il Rischio di Cambio<span class=\"ff2\"> Struttural<span class=\"_ _0\"></span>e<span class=\"ff1 ls24\">).<span class=\"ls0\"> </span></span></span>La <span class=\"_ _6\"> </span>Direzione <span class=\"_ _5\"></span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>and <span class=\"_ _6\"> </span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>garantisce <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>misur<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>controllo <span class=\"_ _6\"></span>dell\u2019esposizione <span class=\"_ _5\"></span>di Capogruppo  e <span class=\"_ _16\"> </span>di  Gruppo  al <span class=\"_ _16\"> </span>Rischio  Cambi<span class=\"_ _0\"></span>o  di  Struttu<span class=\"_ _0\"></span>rale;  provvede <span class=\"_ _16\"> </span>al  calcolo  ges<span class=\"_ _0\"></span>tionale  della  O<span class=\"_ _35\"></span>ptimal  Position,  che<span class=\"_ _0\"></span> rappresenta <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>posizione <span class=\"_ _2\"></span>aperta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>movimenti del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di cambio; la <span class=\"_ _3\"></span>Direzione Centrale Market <span class=\"_ _3\"></span>and Financial <span class=\"_ _3\"></span>Risk Management produce, <span class=\"_ _3\"></span>altres\u00ec, le <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>sensitivity del capital r<span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>tio<span class=\"_ _35\"></span> ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _5\"></span>gestionale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _5\"></span>Strutturale, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>progressivo <span class=\"_ _2\"></span>allineamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>LG EBA <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>proposta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Strutturale <span class=\"_ _2\"></span>nell\u2019ambito dei limiti di VAR per i ris<span class=\"_ _0\"></span>chi di mercato. B. Attivit\u00e0 di copertura del rischio di cambio<span class=\"_ _3\"></span> L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Cambio <span class=\"_ _4\"> </span>Strutturale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>attribuisce <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _4\"> </span>poteri <span class=\"_ _4\"> </span>di direzione e coordinam<span class=\"_ _0\"></span>ento in materia <span class=\"_ _0\"></span>al fine di pervenire alla<span class=\"_ _0\"></span> definizione di u<span class=\"_ _0\"></span>na strategia unitaria<span class=\"_ _0\"></span> di Gruppo. <span class=\"_ _2\"></span> Questa <span class=\"_ _7\"> </span>scelta, <span class=\"_ _16\"> </span>coeren<span class=\"ff4\">te <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>ruolo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>interlocutore <span class=\"_ _7\"> </span>istituzionale <span class=\"_ _7\"> </span>dell\u2019Organo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Vigilanza <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Capogruppo, <span class=\"_ _7\"> </span>consente <span class=\"_ _16\"> </span>il </span>presidio <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>linea <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>specifiche <span class=\"_ _6\"> </span>responsabilit\u00e0 <span class=\"_ _6\"> </span>previste <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _6\"> </span>Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>vigilanza <span class=\"_ _6\"> </span>prudenziale, <span class=\"_ _6\"> </span>nonch\u00e9<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>di </span>attenuare e/o gestire<span class=\"_ _0\"></span> in modo appropriato questa ti<span class=\"_ _0\"></span>pologia di rischio. Il <span class=\"_ _3\"></span>presidio e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Strutturale sono <span class=\"_ _3\"></span>svolti, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Direzione Centrale <span class=\"_ _3\"></span>Tesor<span class=\"_ _5\"></span>eria e Finanza di Gruppo d<span class=\"_ _0\"></span>ella Capogruppo, ch<span class=\"_ _0\"></span>e lo gestisce in ottic<span class=\"_ _0\"></span>a di rischio / ren<span class=\"_ _3\"></span>dimento ed ottimizz<span class=\"_ _0\"></span>ando i requisiti di c<span class=\"_ _0\"></span>apitale.<span class=\"ff5 fs12 fc2\"> </span>Il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>copertura del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Transattivo <span class=\"_ _3\"></span>sono svolti, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla Direzione <span class=\"_ _2\"></span>Central<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>Teso<span class=\"_ _5\"></span>reria e Finanza di Gruppo della Capogruppo, e d<span class=\"_ _3\"></span>alla Divisione IMI Corporate &amp; Inv<span class=\"_ _2\"></span>estment Banking per il perimetro di competenza, mentre a livello local<span class=\"_ _0\"></span>e viene effettuato da<span class=\"_ _0\"></span>lle singole funzioni d<span class=\"_ _0\"></span>i tesoreria delle s<span class=\"_ _0\"></span>ociet\u00e0 e banche d<span class=\"_ _0\"></span>el Gruppo.<span class=\"_ _2\"></span> Alla <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>redazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>Bilancio <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>net<span class=\"_ _5\"></span>to, <span class=\"_ _4\"> </span>mentre <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>presenti coperture gestionali <span class=\"_ _0\"></span>del rischio di cambio di<span class=\"_ _0\"></span> attivit\u00e0 e passivit<span class=\"_ _0\"></span>\u00e0 di bilancio relative <span class=\"_ _0\"></span>all\u2019attivit\u00e0 del banking <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ook.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> Le <span class=\"_ _2\"></span>strategie <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>presidi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere, <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>necessitato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>azioni particolari nel contes<span class=\"_ _0\"></span>to conseguente alla <span class=\"_ _0\"></span>pandemia da COVID-19. Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino Il conflitto russo-<span class=\"ff4\">ucraino non ha generato criticit\u00e0 nell\u2019ambito della gestione della<span class=\"_ _3\"></span></span> liquidit\u00e0 in divisa. Limitatamente alle giornate immediatamente successive allo scoppio della guerra sul mercato si \u00e8 r<span class=\"_ _3\"></span>egistrato un incremento del costo del funding in dollar<span class=\"_ _2\"></span><span class=\"ls13\">i </span>quale <span class=\"_ _3\"></span>indicatore di <span class=\"_ _3\"></span>forte avversione a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio e <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>segmento Forex, <span class=\"_ _3\"></span>pur con <span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>iquidit\u00e0 <span class=\"_ _3\"></span>ridotta non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>comunque venuta <span class=\"_ _3\"></span>meno la possibilit\u00e0 di negozia<span class=\"_ _0\"></span>re rubli sul mercato <span class=\"_ _0\"></span>interbancario fatte s<span class=\"_ _0\"></span>alve limitazioni imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste dal regime sa<span class=\"_ _0\"></span>nzionatorio.<span class=\"_ _2\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-291.93286px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1cf ff5 fs12 fc2 sc0 ls0 ws0\">1. Distribuzione per valuta di denominazione delle at<span class=\"_ _3\"></span>tivit\u00e0 e passivit\u00e0 e dei deriva<span class=\"_ _3\"></span>ti  </div><div class=\"t m0 x0 h24 y16a ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w573 h18\" style=\"left:463.57263px; bottom:641.07715px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w571 h62\" style=\"left:-4.050377px; bottom:595.21313px;\"><div class=\"t m0 x41 h59 y183c ff5 fs17 fc2 sc0 ls0 ws0\">Voci </div></div><div class=\"c w574 h42\" style=\"left:198.65863px; bottom:625.4771px;\"><div class=\"t m0 x138 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">VALUTE </div></div><div class=\"c wd0 h84\" style=\"left:198.65863px; bottom:595.21313px;\"><div class=\"t m0 xa1 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Dollaro </div><div class=\"t m0 x86 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">USA </div></div><div class=\"c w27a h84\" style=\"left:254.81863px; bottom:595.21313px;\"><div class=\"t m0 x8 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Sterlina<span class=\"_ _0\"></span> </div></div><div class=\"c w572 h84\" style=\"left:302.2426px; bottom:595.21313px;\"><div class=\"t m0 x9b h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Kuna </div><div class=\"t m0 x14 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">croata </div></div><div class=\"c w2e7 h84\" style=\"left:355.93262px; bottom:595.21313px;\"><div class=\"t m0 x1a h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Franco </div><div class=\"t m0 x41 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">svizzero </div></div><div class=\"c w2d h84\" style=\"left:404.13663px; bottom:595.21313px;\"><div class=\"t m0 x88 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Fiorino </div><div class=\"t m0 x41 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">ungherese<span class=\"_ _35\"></span> </div></div><div class=\"c w18d h84\" style=\"left:463.57263px; bottom:595.21313px;\"><div class=\"t m0 x94 h59 ybfb ff5 fs17 fc2 sc0 ls38 ws0\">Yen<span class=\"ls0\"> </span></div></div><div class=\"c w575 h84\" style=\"left:511.3476px; bottom:595.21313px;\"><div class=\"t m0 x95 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Dollaro </div><div class=\"t m0 x41 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">australia<span class=\"_ _0\"></span>no </div></div><div class=\"c w71 h84\" style=\"left:571.8756px; bottom:595.21313px;\"><div class=\"t m0 x88 h59 ybfb ff5 fs17 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x6 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">valute </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:576.6491px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. ATTIVI<span class=\"_ _0\"></span>TA' FINA<span class=\"_ _0\"></span>NZIARIE </div></div><div class=\"c wd0 h5a\" style=\"left:198.65863px; bottom:576.6491px;\"><div class=\"t m0 x14 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">38.356 </div></div><div class=\"c w27a h5a\" style=\"left:254.81863px; bottom:576.6491px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.770 </div></div><div class=\"c w572 h5a\" style=\"left:302.2426px; bottom:576.6491px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.660 </div></div><div class=\"c w2e7 h5a\" style=\"left:355.93262px; bottom:576.6491px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.052 </div></div><div class=\"c w2d h5a\" style=\"left:404.13663px; bottom:576.6491px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.456 </div></div><div class=\"c w18d h5a\" style=\"left:463.57263px; bottom:576.6491px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.700 </div></div><div class=\"c w575 h5a\" style=\"left:511.3476px; bottom:576.6491px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.605 </div></div><div class=\"c w71 h5a\" style=\"left:571.8756px; bottom:576.6491px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">17.115 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:561.98517px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.1 Titoli di <span class=\"_ _0\"></span>debito </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:561.98517px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.194 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:561.98517px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">661<span class=\"ls0\"> </span></div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:561.98517px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">848<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:561.98517px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:561.98517px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.112 </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:561.98517px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.457 </div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:561.98517px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">854<span class=\"ls0\"> </span></div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:561.98517px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.316 </div></div><div class=\"c w571 hbb\" style=\"left:-4.050377px; bottom:547.4771px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.2 Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c wd0 hbb\" style=\"left:198.65863px; bottom:547.4771px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">624<span class=\"ls0\"> </span></div></div><div class=\"c w27a hbb\" style=\"left:254.81863px; bottom:547.4771px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">95<span class=\"ls0\"> </span></div></div><div class=\"c w572 hbb\" style=\"left:302.2426px; bottom:547.4771px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2e7 hbb\" style=\"left:355.93262px; bottom:547.4771px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w2d hbb\" style=\"left:404.13663px; bottom:547.4771px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w18d hbb\" style=\"left:463.57263px; bottom:547.4771px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 hbb\" style=\"left:511.3476px; bottom:547.4771px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 hbb\" style=\"left:571.8756px; bottom:547.4771px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">824<span class=\"ls0\"> </span></div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:532.8131px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.3 Finanzi<span class=\"_ _0\"></span>amenti a b<span class=\"_ _0\"></span>anche </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:532.8131px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.728 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:532.8131px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:532.8131px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">434<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:532.8131px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">174<span class=\"ls0\"> </span></div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:532.8131px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.847 </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:532.8131px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:532.8131px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.441 </div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:532.8131px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.764 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:518.1491px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.4 Finanzi<span class=\"_ _0\"></span>amenti a <span class=\"_ _0\"></span>clientela </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:518.1491px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">18.810 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:518.1491px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.391 </div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:518.1491px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.373 </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:518.1491px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">815<span class=\"ls0\"> </span></div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:518.1491px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.495 </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:518.1491px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">195<span class=\"ls0\"> </span></div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:518.1491px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.310 </div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:518.1491px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.211 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:503.48517px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:503.48517px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:503.48517px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:503.48517px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:503.48517px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:503.48517px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:503.48517px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:503.48517px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:503.48517px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w571 h5b\" style=\"left:-4.050377px; bottom:485.07715px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. ALTRE <span class=\"_ _0\"></span>ATTIVITA'<span class=\"_ _35\"></span>  </div></div><div class=\"c wd0 h5b\" style=\"left:198.65863px; bottom:485.07715px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.432 </div></div><div class=\"c w27a h5b\" style=\"left:254.81863px; bottom:485.07715px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">556<span class=\"ls0\"> </span></div></div><div class=\"c w572 h5b\" style=\"left:302.2426px; bottom:485.07715px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">771<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 h5b\" style=\"left:355.93262px; bottom:485.07715px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">987<span class=\"ls0\"> </span></div></div><div class=\"c w2d h5b\" style=\"left:404.13663px; bottom:485.07715px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">204<span class=\"ls0\"> </span></div></div><div class=\"c w18d h5b\" style=\"left:463.57263px; bottom:485.07715px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w575 h5b\" style=\"left:511.3476px; bottom:485.07715px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">117<span class=\"ls0\"> </span></div></div><div class=\"c w71 h5b\" style=\"left:571.8756px; bottom:485.07715px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.277 </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:466.51312px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. PASS<span class=\"_ _0\"></span>IVITA' FINA<span class=\"_ _35\"></span>NZIARIE </div></div><div class=\"c wd0 h5a\" style=\"left:198.65863px; bottom:466.51312px;\"><div class=\"t m0 x14 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">40.959 </div></div><div class=\"c w27a h5a\" style=\"left:254.81863px; bottom:466.51312px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.147 </div></div><div class=\"c w572 h5a\" style=\"left:302.2426px; bottom:466.51312px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.988 </div></div><div class=\"c w2e7 h5a\" style=\"left:355.93262px; bottom:466.51312px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">995<span class=\"ls0\"> </span></div></div><div class=\"c w2d h5a\" style=\"left:404.13663px; bottom:466.51312px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.769 </div></div><div class=\"c w18d h5a\" style=\"left:463.57263px; bottom:466.51312px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">703<span class=\"ls0\"> </span></div></div><div class=\"c w575 h5a\" style=\"left:511.3476px; bottom:466.51312px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.164 </div></div><div class=\"c w71 h5a\" style=\"left:571.8756px; bottom:466.51312px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">12.218 </div></div><div class=\"c w571 h79\" style=\"left:-4.050377px; bottom:451.81012px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 Debiti <span class=\"_ _0\"></span>verso banche<span class=\"_ _35\"></span> </div></div><div class=\"c wd0 h79\" style=\"left:198.65863px; bottom:451.81012px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">20.464 </div></div><div class=\"c w27a h79\" style=\"left:254.81863px; bottom:451.81012px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">588<span class=\"ls0\"> </span></div></div><div class=\"c w572 h79\" style=\"left:302.2426px; bottom:451.81012px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">160<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 h79\" style=\"left:355.93262px; bottom:451.81012px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">185<span class=\"ls0\"> </span></div></div><div class=\"c w2d h79\" style=\"left:404.13663px; bottom:451.81012px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">865<span class=\"ls0\"> </span></div></div><div class=\"c w18d h79\" style=\"left:463.57263px; bottom:451.81012px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w575 h79\" style=\"left:511.3476px; bottom:451.81012px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.898 </div></div><div class=\"c w71 h79\" style=\"left:571.8756px; bottom:451.81012px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.741 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:437.14612px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 Debiti <span class=\"_ _0\"></span>verso clientel<span class=\"_ _35\"></span>a </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:437.14612px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.025 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:437.14612px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">833<span class=\"ls0\"> </span></div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:437.14612px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.828 </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:437.14612px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">718<span class=\"ls0\"> </span></div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:437.14612px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.889 </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:437.14612px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:437.14612px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">200<span class=\"ls0\"> </span></div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:437.14612px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.494 </div></div><div class=\"c w571 hbb\" style=\"left:-4.050377px; bottom:422.63812px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 Titoli di<span class=\"_ _0\"></span> debito </div></div><div class=\"c wd0 hbb\" style=\"left:198.65863px; bottom:422.63812px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">13.470 </div></div><div class=\"c w27a hbb\" style=\"left:254.81863px; bottom:422.63812px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.726 </div></div><div class=\"c w572 hbb\" style=\"left:302.2426px; bottom:422.63812px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e7 hbb\" style=\"left:355.93262px; bottom:422.63812px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w2d hbb\" style=\"left:404.13663px; bottom:422.63812px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w18d hbb\" style=\"left:463.57263px; bottom:422.63812px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">628<span class=\"ls0\"> </span></div></div><div class=\"c w575 hbb\" style=\"left:511.3476px; bottom:422.63812px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w71 hbb\" style=\"left:571.8756px; bottom:422.63812px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.983 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:407.97412px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:407.97412px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:407.97412px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:407.97412px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:407.97412px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:407.97412px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:407.97412px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:407.97412px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:407.97412px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:389.41016px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. ALTRE P<span class=\"_ _35\"></span>ASSIVITA' </div></div><div class=\"c wd0 h5a\" style=\"left:198.65863px; bottom:389.41016px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.561 </div></div><div class=\"c w27a h5a\" style=\"left:254.81863px; bottom:389.41016px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">692<span class=\"ls0\"> </span></div></div><div class=\"c w572 h5a\" style=\"left:302.2426px; bottom:389.41016px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">351<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 h5a\" style=\"left:355.93262px; bottom:389.41016px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w2d h5a\" style=\"left:404.13663px; bottom:389.41016px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c w18d h5a\" style=\"left:463.57263px; bottom:389.41016px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w575 h5a\" style=\"left:511.3476px; bottom:389.41016px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w71 h5a\" style=\"left:571.8756px; bottom:389.41016px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.468 </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:370.84613px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">E. DERIVA<span class=\"_ _0\"></span>TI FINA<span class=\"_ _0\"></span>NZIARI  </div></div><div class=\"c w571 hbb\" style=\"left:-4.050377px; bottom:356.33813px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Opzioni<span class=\"_ _0\"></span> </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:341.67413px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">posizioni lungh<span class=\"_ _35\"></span>e </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:341.67413px;\"><div class=\"t m0 x94 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">5.552 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:341.67413px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:341.67413px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:341.67413px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:341.67413px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:341.67413px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">408<span class=\"ls0\"> </span></div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:341.67413px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:341.67413px;\"><div class=\"t m0 x9a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">336<span class=\"ls0\"> </span></div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:327.01013px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">posizioni co<span class=\"_ _0\"></span>rte </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:327.01013px;\"><div class=\"t m0 x94 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">5.711 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:327.01013px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">195<span class=\"ls0\"> </span></div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:327.01013px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:327.01013px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:327.01013px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:327.01013px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">340<span class=\"ls0\"> </span></div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:327.01013px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">69<span class=\"ls0\"> </span></div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:327.01013px;\"><div class=\"t m0 x9a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">761<span class=\"ls0\"> </span></div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:312.34613px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _35\"></span> </div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:312.34613px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w571 hbb\" style=\"left:-4.050377px; bottom:297.83813px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">posizioni lungh<span class=\"_ _35\"></span>e </div></div><div class=\"c wd0 hbb\" style=\"left:198.65863px; bottom:297.83813px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">62.767 </div></div><div class=\"c w27a hbb\" style=\"left:254.81863px; bottom:297.83813px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.972 </div></div><div class=\"c w572 hbb\" style=\"left:302.2426px; bottom:297.83813px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w2e7 hbb\" style=\"left:355.93262px; bottom:297.83813px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.946 </div></div><div class=\"c w2d hbb\" style=\"left:404.13663px; bottom:297.83813px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.849 </div></div><div class=\"c w18d hbb\" style=\"left:463.57263px; bottom:297.83813px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.246 </div></div><div class=\"c w575 hbb\" style=\"left:511.3476px; bottom:297.83813px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.501 </div></div><div class=\"c w71 hbb\" style=\"left:571.8756px; bottom:297.83813px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">11.711 </div></div><div class=\"c w571 h7a\" style=\"left:-4.050377px; bottom:283.17413px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">posizioni co<span class=\"_ _0\"></span>rte </div></div><div class=\"c wd0 h7a\" style=\"left:198.65863px; bottom:283.17413px;\"><div class=\"t m0 x14 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">62.708 </div></div><div class=\"c w27a h7a\" style=\"left:254.81863px; bottom:283.17413px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">11.271 </div></div><div class=\"c w572 h7a\" style=\"left:302.2426px; bottom:283.17413px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2e7 h7a\" style=\"left:355.93262px; bottom:283.17413px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6.706 </div></div><div class=\"c w2d h7a\" style=\"left:404.13663px; bottom:283.17413px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.960 </div></div><div class=\"c w18d h7a\" style=\"left:463.57263px; bottom:283.17413px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.366 </div></div><div class=\"c w575 h7a\" style=\"left:511.3476px; bottom:283.17413px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.070 </div></div><div class=\"c w71 h7a\" style=\"left:571.8756px; bottom:283.17413px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">13.524 </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:257.74615px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> ATTIVITA'<span class=\"_ _35\"></span> </div></div><div class=\"c wd0 h5a\" style=\"left:198.65863px; bottom:257.74615px;\"><div class=\"t m0 x6 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">110.107 </div></div><div class=\"c w27a h5a\" style=\"left:254.81863px; bottom:257.74615px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">15.431 </div></div><div class=\"c w572 h5a\" style=\"left:302.2426px; bottom:257.74615px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9.443 </div></div><div class=\"c w2e7 h5a\" style=\"left:355.93262px; bottom:257.74615px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.038 </div></div><div class=\"c w2d h5a\" style=\"left:404.13663px; bottom:257.74615px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.564 </div></div><div class=\"c w18d h5a\" style=\"left:463.57263px; bottom:257.74615px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.457 </div></div><div class=\"c w575 h5a\" style=\"left:511.3476px; bottom:257.74615px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.288 </div></div><div class=\"c w71 h5a\" style=\"left:571.8756px; bottom:257.74615px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.439 </div></div><div class=\"c w571 h5a\" style=\"left:-4.050377px; bottom:232.47412px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> PASSIVIT<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>' </div></div><div class=\"c wd0 h5a\" style=\"left:198.65863px; bottom:232.47412px;\"><div class=\"t m0 x6 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">110.939 </div></div><div class=\"c w27a h5a\" style=\"left:254.81863px; bottom:232.47412px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">15.305 </div></div><div class=\"c w572 h5a\" style=\"left:302.2426px; bottom:232.47412px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.348 </div></div><div class=\"c w2e7 h5a\" style=\"left:355.93262px; bottom:232.47412px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.856 </div></div><div class=\"c w2d h5a\" style=\"left:404.13663px; bottom:232.47412px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.835 </div></div><div class=\"c w18d h5a\" style=\"left:463.57263px; bottom:232.47412px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.436 </div></div><div class=\"c w575 h5a\" style=\"left:511.3476px; bottom:232.47412px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.353 </div></div><div class=\"c w71 h5a\" style=\"left:571.8756px; bottom:232.47412px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">27.971 </div></div><div class=\"c w571 h148\" style=\"left:-4.050377px; bottom:207.02014px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">SBILANCIO<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(+/-) </div></div><div class=\"c wd0 h148\" style=\"left:198.65863px; bottom:207.02014px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">832</span> </div></div><div class=\"c w27a h148\" style=\"left:254.81863px; bottom:207.02014px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w572 h148\" style=\"left:302.2426px; bottom:207.02014px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.095 </div></div><div class=\"c w2e7 h148\" style=\"left:355.93262px; bottom:207.02014px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">182<span class=\"ls0\"> </span></div></div><div class=\"c w2d h148\" style=\"left:404.13663px; bottom:207.02014px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">729<span class=\"ls0\"> </span></div></div><div class=\"c w18d h148\" style=\"left:463.57263px; bottom:207.02014px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w575 h148\" style=\"left:511.3476px; bottom:207.02014px;\"><div class=\"t m0 xd9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">65</span> </div></div><div class=\"c w71 h148\" style=\"left:571.8756px; bottom:207.02014px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.468 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-291.93286px;\"><div class=\"t m0 x0 h116 yfdf ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y81e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69a ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>rappresentazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>della \u201cDistribuzione per <span class=\"_ _3\"></span>valuta di <span class=\"_ _3\"></span>denominazione delle a<span class=\"_ _3\"></span>ttivit\u00e0 e <span class=\"_ _3\"></span>passivit\u00e0 e <span class=\"_ _3\"></span>dei derivati\u201d <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tata adegu<span class=\"_ _5\"></span><span class=\"ff1\">ata </span></div><div class=\"t m0 x0 h2 y11df ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>visione <span class=\"_ _6\"></span>prudenziale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>meto<span class=\"_ _0\"></span>dologico <span class=\"_ _5\"></span>introdotto <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>EBA </div><div class=\"t m0 x0 h2 y11be ff1 fs0 fc0 sc0 ls0 ws0\">Guidelines on the treatm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nt of structural FX <span class=\"_ _0\"></span>under Article 35<span class=\"_ _0\"></span>2(2) of Regulation (EU) No<span class=\"_ _0\"></span> 575/2013 (CRR)<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1840 ff1 fs0 fc0 sc0 ls0 ws0\">A partire dal 1\u00b0 gennai<span class=\"_ _0\"></span>o 2023 la Kuna Croata<span class=\"_ _0\"></span> \u00e8 entrata a far part<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">dell\u2019Area euro e non sar\u00e0<span class=\"_ _0\"></span> oggetto dei fut<span class=\"_ _0\"></span>uri reporting.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h24 y1841 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 ya5a ff6 fs12 fc2 sc0 ls0 ws0\">2. Modelli interni ed altre metodologie <span class=\"_ _3\"></span>per l\u2019analisi di sensitivit\u00e0<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y11d6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1842 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>anticipato, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>transattivo, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativo <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>inserita <span class=\"_ _2\"></span>nell\u2019a<span class=\"_ _5\"></span><span class=\"ff1\">mbit<span class=\"lsc\">o </span></span></div><div class=\"t m0 x0 h2 y136f ff1 fs0 fc0 sc0 ls0 ws0\">delle procedure oper<span class=\"_ _0\"></span>ative e delle m<span class=\"_ _0\"></span>etodologie di stima del V<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>R gestionale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1843 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>espresso d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>investimenti p<span class=\"_ _3\"></span>artecipativi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>(banking <span class=\"_ _3\"></span>book), <span class=\"_ _3\"></span>ivi <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gr<span class=\"_ _5\"></span>uppo, </div><div class=\"t m0 x0 h2 y1844 ff1 fs0 fc0 sc0 ls0 ws0\">origina <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizio <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>VaR <span class=\"_ _5\"></span>(intervallo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _2\"></span>99%, <span class=\"_ _2\"></span>holding <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriod <span class=\"_ _3\"></span>10 <span class=\"_ _5\"></span>giorni) <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>126<span class=\"_ _3\"></span><span class=\"fc5\"> <span class=\"_ _2\"></span></span>milioni. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>impatto </div><div class=\"t m0 x0 h2 y778 ff1 fs0 fc0 sc0 ls0 ws0\">potenziale si riflett<span class=\"_ _0\"></span>erebbe unicamente sul P<span class=\"_ _0\"></span>atrimonio netto. </div><div class=\"t m0 x0 h24 ybbb ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ybbc ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybbd ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 ybbe ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yab9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y90f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2c8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y135d ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-968": {
   "value": "SEZIONE 10 <span class=\"ff6\">\u2013</span> PREMI NETTI - VOCE 160 10.1 Premi netti: comp<span class=\"_ _0\"></span>osizione (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Premi <span class=\"ff6\">de<span class=\"_ _0\"></span>rivanti da<span class=\"_ _0\"></span>ll\u2019attivit\u00e0 a<span class=\"_ _0\"></span>ssicurat<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>va<span class=\"ff1 fs0\"> </span></span>Lavoro d<span class=\"_ _0\"></span>iretto<span class=\"ff1 fs0\"> </span>Lavoro i<span class=\"_ _0\"></span>ndiretto<span class=\"ff1 fs0\"> </span>2022<span class=\"ff1 fs0 ls0\"> </span>2021<span class=\"ff1 fs0 ls0\"> </span>A. Ramo V<span class=\"_ _0\"></span>ita<span class=\"ff1 fs0\"> </span>A.1 Premi l<span class=\"_ _0\"></span>ordi contabili<span class=\"_ _35\"></span>zzati (+)<span class=\"fs0\"> </span>9.075<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>9.075<span class=\"fs0\"> </span>9.446<span class=\"fs0\"> </span>A.2 Premi <span class=\"_ _0\"></span>ceduti in ri<span class=\"_ _0\"></span>assicurazi<span class=\"_ _0\"></span>one (-)<span class=\"fs0\"> </span>-4<span class=\"fs0\"> </span>X<span class=\"fs0\"> </span>-4<span class=\"fs0\"> </span>-4<span class=\"fs0\"> </span>A.3 Totale<span class=\"_ _0\"></span><span class=\"fs0\"> </span>9.071<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>9.071<span class=\"fs0\"> </span>9.442<span class=\"fs0\"> </span>B. Ramo Da<span class=\"_ _35\"></span>nni<span class=\"ff1 fs0\"> </span>B.1 Premi l<span class=\"_ _0\"></span>ordi contabili<span class=\"_ _35\"></span>zzati (+)<span class=\"fs0\"> </span>1.436<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.436<span class=\"fs0\"> </span>1.342<span class=\"fs0\"> </span>B.2 Premi <span class=\"_ _0\"></span>ceduti in ri<span class=\"_ _0\"></span>assicurazi<span class=\"_ _0\"></span>one (-)<span class=\"fs0\"> </span>-<span class=\"ls25\">172</span><span class=\"fs0\"> </span>X<span class=\"fs0\"> </span>-<span class=\"ls25\">172</span><span class=\"fs0\"> </span>-<span class=\"ls25\">216</span><span class=\"fs0\"> </span>B.3 Varia<span class=\"_ _0\"></span>zione dell'i<span class=\"_ _0\"></span>mporto lordo<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>della riserva<span class=\"_ _0\"></span> premi (+<span class=\"_ _35\"></span>/<span class=\"_ _3\"></span>-)<span class=\"fs0\"> </span>13<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>13<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">18</span><span class=\"fs0\"> </span>B.4 Varia<span class=\"_ _0\"></span>zione della<span class=\"_ _0\"></span> riserva premi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>a carico<span class=\"_ _0\"></span> dei riassicurat<span class=\"_ _0\"></span>ori (+/-)<span class=\"fs0\"> </span>10<span class=\"fs0 ls0\"> </span>-<span class=\"fs0\"> </span>10<span class=\"fs0 ls0\"> </span>7<span class=\"fs0\"> </span>B.5 Totale<span class=\"_ _0\"></span><span class=\"fs0\"> </span>1.287<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>1.287<span class=\"fs0\"> </span>1.115<span class=\"fs0\"> </span>C. Totale<span class=\"_ _0\"></span> premi netti<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>10.358<span class=\"ff1 fs0\"> </span>-<span class=\"ff1 fs0\"> </span>10.358<span class=\"ff1 fs0\"> </span>10.557<span class=\"ff1 fs0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-969": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-300.37036px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 12 <span class=\"ff6\">\u2013</span> SPESE AMMINISTRATIVE - VOCE 190 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">12.1 Spese per il person<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le: comp<span class=\"_ _0\"></span>osizione </div><div class=\"t m0 x0 h61 yd63 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h61 y1537 ff1 fs1c fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w417 h47\" style=\"left:519.4596px; bottom:628.27167px;\"><div class=\"t m0 x96 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w416 h9c\" style=\"left:-6.5463715px; bottom:602.06366px;\"><div class=\"t m0 x8 h2 y1401 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> di spese<span class=\"_ _0\"></span><span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h9c\" style=\"left:471.0606px; bottom:602.06366px;\"><div class=\"t m0 x14 h2 y1401 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h9c\" style=\"left:519.4596px; bottom:602.06366px;\"><div class=\"t m0 xc7 h2 y1401 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:585.52765px;\"><div class=\"t m0 x8 h2 y32d ff5 fs17 fc2 sc0 ls25 ws0\">1) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> dipendente<span class=\"ff1 fs0 fc0\"> </span></span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:585.52765px;\"><div class=\"t m0 x97 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.760<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:585.52765px;\"><div class=\"t m0 x4b h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.152<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:568.99164px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">a) salari e <span class=\"_ _0\"></span>stipendi<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:568.99164px;\"><div class=\"t m0 x97 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.836<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:568.99164px;\"><div class=\"t m0 x4b h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.741<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w416 h6a\" style=\"left:-6.5463715px; bottom:552.2996px;\"><div class=\"t m0 x88 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">b) oneri soc<span class=\"_ _0\"></span>iali<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h6a\" style=\"left:471.0606px; bottom:552.2996px;\"><div class=\"t m0 x97 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.201<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w417 h6a\" style=\"left:519.4596px; bottom:552.2996px;\"><div class=\"t m0 x4b h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.218<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:535.7636px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">c) indenni<span class=\"_ _0\"></span>t\u00e0 di fine rappo<span class=\"_ _35\"></span>rto<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:535.7636px;\"><div class=\"t m0 x86 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">35<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:535.7636px;\"><div class=\"t m0 x0 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">41<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:519.22766px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">d) spese pr<span class=\"_ _0\"></span>evidenziali<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:519.22766px;\"><div class=\"t m0 xe h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:519.22766px;\"><div class=\"t m0 x8d h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:502.69165px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">e) accanton<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> al trattamen<span class=\"_ _0\"></span>to di fine<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> del personale<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:502.69165px;\"><div class=\"t m0 x86 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:502.69165px;\"><div class=\"t m0 x8d h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w416 h6a\" style=\"left:-6.5463715px; bottom:485.99963px;\"><div class=\"t m0 x88 h2 y118b ff1 fs17 fc2 sc0 ls0 ws0\">f) accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento al<span class=\"_ _0\"></span> fondo tratt<span class=\"_ _0\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quiescenz<span class=\"_ _0\"></span>a e obbligh<span class=\"_ _0\"></span>i simili:<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h6a\" style=\"left:471.0606px; bottom:485.99963px;\"><div class=\"t m0 x86 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h6a\" style=\"left:519.4596px; bottom:485.99963px;\"><div class=\"t m0 x0 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:469.46362px;\"><div class=\"t m0 xe h2 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:469.46362px;\"><div class=\"t m0 xf h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:469.46362px;\"><div class=\"t m0 x120 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:452.9276px;\"><div class=\"t m0 xe h2 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- a benefici<span class=\"_ _0\"></span> definiti<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:452.9276px;\"><div class=\"t m0 x86 h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:452.9276px;\"><div class=\"t m0 x0 h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h69\" style=\"left:-6.5463715px; bottom:436.35266px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">g) versame<span class=\"_ _0\"></span>nti ai fondi<span class=\"_ _0\"></span> di previden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a compl<span class=\"_ _0\"></span>ementare<span class=\"_ _0\"></span> esterni:<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h69\" style=\"left:471.0606px; bottom:436.35266px;\"><div class=\"t m0 x94 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">362<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h69\" style=\"left:519.4596px; bottom:436.35266px;\"><div class=\"t m0 x3e h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">368<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h6a\" style=\"left:-6.5463715px; bottom:419.66064px;\"><div class=\"t m0 xe h2 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h6a\" style=\"left:471.0606px; bottom:419.66064px;\"><div class=\"t m0 x94 h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">360<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h6a\" style=\"left:519.4596px; bottom:419.66064px;\"><div class=\"t m0 x3e h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">366<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:403.12463px;\"><div class=\"t m0 xe h2 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- <span class=\"ls4b\">a </span>benefici definiti<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:403.12463px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:403.12463px;\"><div class=\"t m0 x8d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:386.58862px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">h) costi deri<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>anti da<span class=\"_ _0\"></span> accordi di pa<span class=\"_ _35\"></span>gamento basati <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>u propri s<span class=\"_ _0\"></span>trumenti pa<span class=\"_ _0\"></span>trimoniali<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:386.58862px;\"><div class=\"t m0 x94 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">146<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:386.58862px;\"><div class=\"t m0 x3e h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">220<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:370.0526px;\"><div class=\"t m0 x88 h2 y32d ff1 fs17 fc2 sc0 ls0 ws0\">i) altri benef<span class=\"_ _0\"></span>ici a fa<span class=\"_ _0\"></span>vore dei dipend<span class=\"_ _35\"></span>enti<span class=\"fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:370.0526px;\"><div class=\"t m0 x94 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">140<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:370.0526px;\"><div class=\"t m0 x3e h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">541<span class=\"fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h6a\" style=\"left:-6.5463715px; bottom:353.36066px;\"><div class=\"t m0 x8 h2 y118b ff5 fs17 fc2 sc0 ls0 ws0\">2) Altro pe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>sonale i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> attivit\u00e0<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h6a\" style=\"left:471.0606px; bottom:353.36066px;\"><div class=\"t m0 x86 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h6a\" style=\"left:519.4596px; bottom:353.36066px;\"><div class=\"t m0 x0 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:336.82465px;\"><div class=\"t m0 x8 h2 y32d ff5 fs17 fc2 sc0 ls0 ws0\">3) Amminist<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>atori e s<span class=\"_ _35\"></span>indaci<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:336.82465px;\"><div class=\"t m0 x86 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:336.82465px;\"><div class=\"t m0 x0 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">19<span class=\"ff1 fs0 fc0 ls0\"> </span></div></div><div class=\"c w416 h41\" style=\"left:-6.5463715px; bottom:320.28864px;\"><div class=\"t m0 x8 h2 y32d ff5 fs17 fc2 sc0 ls25 ws0\">4) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>collocat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a ripos<span class=\"_ _0\"></span>o<span class=\"ff1 fs0 fc0\"> </span></span></div></div><div class=\"c w35 h41\" style=\"left:471.0606px; bottom:320.28864px;\"><div class=\"t m0 xf h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w417 h41\" style=\"left:519.4596px; bottom:320.28864px;\"><div class=\"t m0 x120 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w416 ha5\" style=\"left:-6.5463715px; bottom:297.82465px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w35 ha5\" style=\"left:471.0606px; bottom:297.82465px;\"><div class=\"t m0 x97 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.793<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w417 ha5\" style=\"left:519.4596px; bottom:297.82465px;\"><div class=\"t m0 x4b h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.187<span class=\"ff1 fs0 fc0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-300.37036px;\"><div class=\"t m0 x0 h61 y111f ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1426 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y528 ff4 fs0 fc0 sc0 ls0 ws0\">Si  precis<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>che  la <span class=\"_ _16\"> </span>sottovoce <span class=\"_ _16\"> </span>3  \u201cAmmini<span class=\"_ _0\"></span>stratori <span class=\"_ _16\"> </span>e  Sindaci\u201d <span class=\"_ _7\"> </span>include  i <span class=\"_ _16\"> </span>compensi <span class=\"_ _16\"> </span>corrisposti <span class=\"_ _16\"> </span>ai  compon<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>del  Consiglio <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y153b ff1 fs0 fc0 sc0 ls0 ws0\">Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>membri <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Consigli <span class=\"_ _2\"></span>di <span class=\"_ _4\"> </span>Amministrazione <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>Collegi <span class=\"_ _2\"></span>Sindacali <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>societ\u00e0 </div><div class=\"t m0 x0 h24 y152 ff1 fs0 fc0 sc0 ls0 ws0\">del Gruppo.<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 yab0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y924 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y7cd ff5 fs0 fc2 sc0 ls0 ws0\">12.2 Numero medio dei d<span class=\"_ _0\"></span>ipendenti per categor<span class=\"_ _0\"></span>ia </div><div class=\"t m0 x0 h24 y9be ff5 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w2ea h63\" style=\"left:428.31665px; bottom:167.22662px;\"><div class=\"t m0 xc9 h59 y120a ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w419 h63\" style=\"left:523.5156px; bottom:167.22662px;\"><div class=\"t m0 xc9 h59 y120a ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w418 h47\" style=\"left:-4.050377px; bottom:147.72662px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Personale<span class=\"_ _0\"></span> dipende<span class=\"_ _0\"></span>nte </div></div><div class=\"c w2ea h47\" style=\"left:428.31665px; bottom:147.72662px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">90.003 </div></div><div class=\"c w419 h47\" style=\"left:523.5156px; bottom:147.72662px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">92.657 </div></div><div class=\"c w418 h41\" style=\"left:-4.050377px; bottom:131.19064px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) dirigenti<span class=\"_ _0\"></span> </div></div><div class=\"c w2ea h41\" style=\"left:428.31665px; bottom:131.19064px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.775 </div></div><div class=\"c w419 h41\" style=\"left:523.5156px; bottom:131.19064px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.831 </div></div><div class=\"c w418 h41\" style=\"left:-4.050377px; bottom:114.65463px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) quadri dir<span class=\"_ _0\"></span>ettivi </div></div><div class=\"c w2ea h41\" style=\"left:428.31665px; bottom:114.65463px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">34.836 </div></div><div class=\"c w419 h41\" style=\"left:523.5156px; bottom:114.65463px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">35.971 </div></div><div class=\"c w418 h41\" style=\"left:-4.050377px; bottom:98.11865px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) restante <span class=\"_ _0\"></span>personale dipe<span class=\"_ _35\"></span>ndente </div></div><div class=\"c w2ea h41\" style=\"left:428.31665px; bottom:98.11865px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">53.392 </div></div><div class=\"c w419 h41\" style=\"left:523.5156px; bottom:98.11865px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">54.855 </div></div><div class=\"c w418 h47\" style=\"left:-4.050377px; bottom:78.61865px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Altro pe<span class=\"_ _0\"></span>rsonale </div></div><div class=\"c w2ea h47\" style=\"left:428.31665px; bottom:78.61865px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w419 h47\" style=\"left:523.5156px; bottom:78.61865px;\"><div class=\"t m0 x4d h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">108<span class=\"ls0\"> </span></div></div><div class=\"c w418 h47\" style=\"left:-4.050377px; bottom:53.190643px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w2ea h47\" style=\"left:428.31665px; bottom:53.190643px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">90.088 </div></div><div class=\"c w419 h47\" style=\"left:523.5156px; bottom:53.190643px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">92.765 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-300.37036px;\"><div class=\"t m0 x0 h61 y14ae ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xf4 h2 y90b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yda9 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019organico <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>(per <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>part <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>conteggiati <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>prassi <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>0,5 <span class=\"_ _2\"></span>unit\u00e0 </div><div class=\"t m0 x0 h2 y1324 ff1 fs0 fc0 sc0 ls0 ws0\">lavorative) risulta rid<span class=\"_ _0\"></span>otto rispetto al 2021 per effetto delle ce<span class=\"_ _0\"></span>ssazioni ex accordi int<span class=\"_ _0\"></span>ervenute nel cors<span class=\"_ _0\"></span>o dei 2 anni e parzialm<span class=\"_ _0\"></span>ente </div><div class=\"t m0 x0 h2 yf35 ff4 fs0 fc0 sc0 ls0 ws0\">per effetto delle cessio<span class=\"_ _0\"></span>ni di ramo d\u2019azienda <span class=\"_ _0\"></span>avvenute nei primi m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>si del 2021.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-104.22345px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">12.3 Fondi di quiesc<span class=\"_ _0\"></span>enza aziendali a benefici<span class=\"_ _0\"></span> definiti: costi e ricav<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w79 h17\" style=\"left:512.43964px; bottom:871.5306px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w41b h41\" style=\"left:268.70264px; bottom:854.99457px;\"><div class=\"t m0 x134 h59 y32d ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w263 h41\" style=\"left:438.4566px; bottom:854.99457px;\"><div class=\"t m0 x40 h59 y747 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w2d5 h7d\" style=\"left:268.70264px; bottom:823.79456px;\"><div class=\"t m0 xb8 h59 y7b8 ff5 fs17 fc2 sc0 ls44 ws0\">TFR<span class=\"ls0\"> </span></div></div><div class=\"c w77 h7d\" style=\"left:330.03662px; bottom:823.79456px;\"><div class=\"t m0 x94 h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 xae h59 y1239 ff5 fs17 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w77 h7d\" style=\"left:382.92062px; bottom:823.79456px;\"><div class=\"t m0 x94 h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x97 h59 y1239 ff5 fs17 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w323 h7d\" style=\"left:438.4566px; bottom:823.79456px;\"><div class=\"t m0 xa5 h59 y7b8 ff5 fs17 fc2 sc0 ls44 ws0\">TFR<span class=\"ls0\"> </span></div></div><div class=\"c w77 h7d\" style=\"left:512.43964px; bottom:823.79456px;\"><div class=\"t m0 x94 h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 xae h59 y1239 ff5 fs17 fc2 sc0 ls0 ws0\">interni </div></div><div class=\"c w77 h7d\" style=\"left:566.8836px; bottom:823.79456px;\"><div class=\"t m0 x94 h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Piani </div><div class=\"t m0 x97 h59 y1239 ff5 fs17 fc2 sc0 ls0 ws0\">esterni </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:808.1946px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:808.1946px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">14</span> </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:808.1946px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:808.1946px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">10</span> </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:808.1946px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:808.1946px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:808.1946px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">12</span> </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:792.59454px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Interessi pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivi </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:792.59454px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:792.59454px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:792.59454px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:792.59454px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:792.59454px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:792.59454px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:776.99457px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Interessi at<span class=\"_ _0\"></span>tivi </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:776.99457px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:776.99457px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:776.99457px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:776.99457px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:776.99457px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:776.99457px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:761.39453px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Rimborso d<span class=\"_ _0\"></span>a terzi </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:761.39453px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:761.39453px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:761.39453px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:761.39453px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:761.39453px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:761.39453px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:745.79456px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o passate<span class=\"_ _0\"></span>  </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:745.79456px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:745.79456px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:745.79456px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:745.79456px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:745.79456px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:745.79456px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:730.1946px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Riduzione<span class=\"_ _0\"></span> del fondo </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:730.1946px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc0 sc0 ls0 ws0\">X </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:730.1946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:730.1946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:730.1946px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc0 sc0 ls0 ws0\">X </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:730.1946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:730.1946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w41a h42\" style=\"left:-4.050377px; bottom:714.59454px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Estinzione d<span class=\"_ _0\"></span>el fondo </div></div><div class=\"c w2d5 h42\" style=\"left:268.70264px; bottom:714.59454px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc0 sc0 ls0 ws0\">X </div></div><div class=\"c w77 h42\" style=\"left:330.03662px; bottom:714.59454px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:382.92062px; bottom:714.59454px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:438.4566px; bottom:714.59454px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc0 sc0 ls0 ws0\">X </div></div><div class=\"c w77 h42\" style=\"left:512.43964px; bottom:714.59454px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w77 h42\" style=\"left:566.8836px; bottom:714.59454px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-104.22345px;\"><div class=\"t m0 x0 h61 ye5e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1479 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycb6 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>illustrate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _2\"></span><span class=\"ff4\">economiche <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>\u201cFondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Trattament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>rapporto\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>90 </span></span></div><div class=\"t m0 x0 h2 y147a ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _5\"></span>passivo <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>\u201cFondi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _4\"> </span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>quiescenza <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>obblighi <span class=\"_ _5\"></span>simili\u201d <span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voce <span class=\"_ _5\"></span>100b <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>passivo </span></div><div class=\"t m0 x0 h2 y625 ff1 fs0 fc0 sc0 ls0 ws0\">dello Stato patrimoni<span class=\"_ _0\"></span>ale. </div><div class=\"t m0 x0 h24 y147c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y95f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y248 ff5 fs0 fc2 sc0 ls0 ws0\">12.4 Altri benefici a f<span class=\"_ _0\"></span>avore di dipendenti </div><div class=\"t m0 x0 h2 y147d ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>saldo <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>nell\u2019esercizio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>140 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"> </span><span class=\"ls10\">L\u2019</span><span class=\"ff1\">importo <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>contributi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>assistenza </span></div><div class=\"t m0 x0 h2 y8dd ff1 fs0 fc0 sc0 ls0 ws0\">malattia, <span class=\"_ _18\"> </span>contributo <span class=\"_ _17\"> </span>mensa <span class=\"_ _18\"> </span>inclusi <span class=\"_ _18\"> </span>i <span class=\"_ _17\"> </span>buoni <span class=\"_ _18\"> </span>pasto, <span class=\"_ _18\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>adeguamenti <span class=\"_ _17\"> </span>delle <span class=\"_ _18\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>fronte <span class=\"_ _18\"> </span>degli <span class=\"_ _1c\"> </span>accordi <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h2 yeae ff4 fs0 fc0 sc0 ls0 ws0\">incentivazione <span class=\"_ _5\"></span>all\u2019esodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _5\"></span>sottoscritto <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>OO.SS. <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nzianit\u00e0,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>determinati <span class=\"_ _6\"></span>principalmente<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla </span></div><div class=\"t m0 x0 h2 yb5 ff4 fs0 fc0 sc0 ls0 ws0\">crescita, nell\u2019esercizio,<span class=\"_ _0\"></span> della curva dei ta<span class=\"_ _0\"></span>ssi di sconto adottat<span class=\"_ _0\"></span>a per l\u2019attualizz<span class=\"_ _0\"></span>azione<span class=\"_ _3\"></span><span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span></div><div class=\"t m0 x0 h2 yb6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb09 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y153e ff5 fs0 fc2 sc0 ls0 ws0\">12.5 Altre spese ammin<span class=\"_ _0\"></span>istrative: composizione </div><div class=\"t m0 x0 h2 y153f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3ce h47\" style=\"left:425.97662px; bottom:510.03955px;\"><div class=\"t m0 x126 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h1d\" style=\"left:-4.050377px; bottom:495.21954px;\"><div class=\"t m0 x41 h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>valori </div></div><div class=\"c w20e h1d\" style=\"left:425.97662px; bottom:495.21954px;\"><div class=\"t m0 xc9 h59 y329 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w20f h1d\" style=\"left:523.5156px; bottom:495.21954px;\"><div class=\"t m0 xc9 h59 y329 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:478.68353px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese di m<span class=\"_ _0\"></span>anutenzion<span class=\"_ _0\"></span>e servizi<span class=\"_ _0\"></span> informatici <span class=\"_ _0\"></span>e apparecch<span class=\"_ _0\"></span>iature ele<span class=\"_ _0\"></span>ttroniche </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:478.68353px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">799<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:478.68353px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">821<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:462.14752px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese telefo<span class=\"_ _0\"></span>niche, tel<span class=\"_ _0\"></span>etrasmis<span class=\"_ _0\"></span>sioni e trasmi<span class=\"_ _0\"></span>ssione da<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:462.14752px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:462.14752px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:445.61157px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> servizi in<span class=\"_ _0\"></span>formatici <span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:445.61157px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">865<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:445.61157px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">896<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:426.11157px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Canoni pa<span class=\"_ _0\"></span>ssivi per lo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>azione im<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>obili e<span class=\"_ _0\"></span> spese condo<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>iniali  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:426.11157px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:426.11157px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w20d h82\" style=\"left:-4.050377px; bottom:409.39355px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese di vig<span class=\"_ _0\"></span>ilanza  </div></div><div class=\"c w20e h82\" style=\"left:425.97662px; bottom:409.39355px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w20f h82\" style=\"left:523.5156px; bottom:409.39355px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:392.85754px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> pulizia loca<span class=\"_ _0\"></span>li  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:392.85754px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:392.85754px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:376.32156px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> manutenzi<span class=\"_ _0\"></span>one immobili<span class=\"_ _35\"></span>, mobili e impian<span class=\"_ _0\"></span>ti  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:376.32156px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">77<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:376.32156px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">84<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:359.78555px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese ener<span class=\"_ _0\"></span>getiche  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:359.78555px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:359.78555px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:343.09354px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese di<span class=\"_ _0\"></span>verse immobili<span class=\"_ _35\"></span>ari  </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:343.09354px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:343.09354px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:326.55756px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese di<span class=\"_ _0\"></span> gestione im<span class=\"_ _35\"></span>mobili  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:326.55756px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:326.55756px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">355<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:307.05756px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> stampati,<span class=\"_ _0\"></span> cancelleria<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> materiali<span class=\"_ _0\"></span> di consu<span class=\"_ _0\"></span>mo e pubblic<span class=\"_ _0\"></span>azioni  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:307.05756px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:307.05756px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:290.52155px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> trasporti ed<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>altri servizi<span class=\"_ _35\"></span> collegati (incluso<span class=\"_ _0\"></span> conta valori)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:290.52155px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">76<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:290.52155px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:273.98557px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> visure ed in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>ormazioni <span class=\"_ _0\"></span> </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:273.98557px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">242<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:273.98557px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w20d h6a\" style=\"left:-4.050377px; bottom:257.29355px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese po<span class=\"_ _0\"></span>stali e telegra<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>iche  </div></div><div class=\"c w20e h6a\" style=\"left:425.97662px; bottom:257.29355px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">54<span class=\"ls0\"> </span></div></div><div class=\"c w20f h6a\" style=\"left:523.5156px; bottom:257.29355px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:240.75754px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese gen<span class=\"_ _0\"></span>erali di fun<span class=\"_ _0\"></span>zioname<span class=\"_ _0\"></span>nto  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:240.75754px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">399<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:240.75754px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">396<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:221.25754px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese per<span class=\"_ _0\"></span> consulenze<span class=\"_ _0\"></span> professionali<span class=\"_ _35\"></span>  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:221.25754px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:221.25754px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">165<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:204.72156px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spese legali<span class=\"_ _0\"></span> e giudi<span class=\"_ _0\"></span>ziarie  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:204.72156px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:204.72156px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:188.18555px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Premi di assi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>urazione<span class=\"_ _0\"></span> banche e <span class=\"_ _0\"></span>clientela<span class=\"_ _0\"></span>  </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:188.18555px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:188.18555px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w20d h82\" style=\"left:-4.050377px; bottom:171.45456px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese lega<span class=\"_ _0\"></span>li e profess<span class=\"_ _35\"></span>ionali </div></div><div class=\"c w20e h82\" style=\"left:425.97662px; bottom:171.45456px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">350<span class=\"ls0\"> </span></div></div><div class=\"c w20f h82\" style=\"left:523.5156px; bottom:171.45456px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">384<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:151.95456px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Spese pu<span class=\"_ _0\"></span>bblicitarie <span class=\"_ _0\"></span>e promo<span class=\"_ _0\"></span>zionali  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:151.95456px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">173<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:151.95456px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:132.45454px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Servizi res<span class=\"_ _0\"></span>i da terz<span class=\"_ _0\"></span>i  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:132.45454px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">437<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:132.45454px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">496<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:112.954544px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Costi in<span class=\"_ _0\"></span>diretti del pe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>sonale<span class=\"_ _0\"></span>  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:112.954544px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">121<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:112.954544px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:93.454544px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Altre spese<span class=\"_ _35\"></span>  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:93.454544px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">218<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:93.454544px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">225<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:73.954544px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Contributi<span class=\"_ _0\"></span> a fondi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i risolu<span class=\"_ _0\"></span>zione e <span class=\"_ _0\"></span>schemi di ga<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anzia de<span class=\"_ _0\"></span>i deposit<span class=\"_ _0\"></span>i </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:73.954544px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">793<span class=\"ls0\"> </span></div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:73.954544px;\"><div class=\"t m0 x135 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">739<span class=\"ls0\"> </span></div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:54.454544px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Imposte <span class=\"_ _0\"></span>indirette e ta<span class=\"_ _35\"></span>sse  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:54.454544px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.147 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:54.454544px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.170 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:34.954544px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Recuper<span class=\"_ _0\"></span>i imposte e<span class=\"_ _0\"></span> tasse </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:34.954544px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:34.954544px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c w20d h47\" style=\"left:-4.050377px; bottom:15.459747px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Recuper<span class=\"_ _0\"></span>i spese dive<span class=\"_ _0\"></span>rse  </div></div><div class=\"c w20e h47\" style=\"left:425.97662px; bottom:15.459747px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">29</span> </div></div><div class=\"c w20f h47\" style=\"left:523.5156px; bottom:15.459747px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">36</span> </div></div><div class=\"c w20d h41\" style=\"left:-4.050377px; bottom:-1.0762482px;\"><div class=\"t m0 x41 h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20e h41\" style=\"left:425.97662px; bottom:-1.0762482px;\"><div class=\"t m0 xcc h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">4.786 </div></div><div class=\"c w20f h41\" style=\"left:523.5156px; bottom:-1.0762482px;\"><div class=\"t m0 xcc h59 y32d ff5 fs17 fc2 sc0 ls0 ws0\">4.825 </div></div>Con ri<span class=\"_ _3\"></span>ferimento alla sottovoce <span class=\"_ _3\"></span>Canoni passivi per <span class=\"_ _3\"></span>locazione i<span class=\"_ _3\"></span>mmobili e spese <span class=\"_ _3\"></span>condominiali, l\u2019importo \u00e8<span class=\"_ _3\"></span> relativo <span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span><span class=\"ff1\">contratti <span class=\"_ _3\"></span>con </span>durata <span class=\"_ _5\"></span>complessiva <span class=\"_ _6\"></span>inferiore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>uguale <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>12 <span class=\"_ _6\"></span>mesi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>sottostant<span class=\"_ _0\"></span>e, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>nuovo, <span class=\"_ _6\"></span>inferiore <span class=\"_ _6\"></span>o uguale a <span class=\"_ _3\"></span>5.000<span class=\"_ _3\"></span> euro <span class=\"_ _3\"></span>(\u201clow <span class=\"_ _3\"></span>value\u201d). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>questi casi, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>consentito dall\u2019IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>canoni <span class=\"_ _3\"></span>relativi a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _6\"></span><span class=\"ff1\">leasing <span class=\"_ _3\"></span>sono </span>rilevati come costo co<span class=\"_ _0\"></span>n un criterio a quote co<span class=\"_ _0\"></span>stanti per la durata <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>el contratto.<span class=\"_ _3\"></span> Si <span class=\"_ _6\"></span>segnala <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>sostenute <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>interventi <span class=\"_ _4\"></span>correlati <span class=\"_ _6\"></span>allo <span class=\"_ _6\"></span>scenario<span class=\"_ _0\"></span> pandemico si attestavan<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a circa 19,7 milioni (37 milioni al<span class=\"_ _0\"></span> 31 dicembre 202<span class=\"_ _0\"></span>1).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1023": {
   "value": "SEZIONE 12 <span class=\"ff6\">\u2013</span> SPESE AMMINISTRATIVE - VOCE 190 12.1 Spese per il person<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le: comp<span class=\"_ _0\"></span>osizione (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0 fc0\"> </span>Tipologia<span class=\"_ _0\"></span> di spese<span class=\"_ _0\"></span><span class=\"ff1 fs0 fc0\"> </span>2022<span class=\"ff1 fs0 fc0 ls0\"> </span>2021<span class=\"ff1 fs0 fc0 ls0\"> </span>1) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> dipendente<span class=\"ff1 fs0 fc0\"> </span></span>6.760<span class=\"ff1 fs0 fc0\"> </span>7.152<span class=\"ff1 fs0 fc0\"> </span>a) salari e <span class=\"_ _0\"></span>stipendi<span class=\"fs0 fc0\"> </span>4.836<span class=\"fs0 fc0\"> </span>4.741<span class=\"fs0 fc0\"> </span>b) oneri soc<span class=\"_ _0\"></span>iali<span class=\"fs0 fc0\"> </span>1.201<span class=\"fs0 fc0\"> </span>1.218<span class=\"fs0 fc0\"> </span>c) indenni<span class=\"_ _0\"></span>t\u00e0 di fine rappo<span class=\"_ _35\"></span>rto<span class=\"fs0 fc0\"> </span>35<span class=\"fs0 fc0 ls0\"> </span>41<span class=\"fs0 fc0 ls0\"> </span>d) spese pr<span class=\"_ _0\"></span>evidenziali<span class=\"fs0 fc0\"> </span>6<span class=\"fs0 fc0\"> </span>4<span class=\"fs0 fc0\"> </span>e) accanton<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> al trattamen<span class=\"_ _0\"></span>to di fine<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> del personale<span class=\"fs0 fc0\"> </span>18<span class=\"fs0 fc0 ls0\"> </span>7<span class=\"fs0 fc0\"> </span>f) accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento al<span class=\"_ _0\"></span> fondo tratt<span class=\"_ _0\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quiescenz<span class=\"_ _0\"></span>a e obbligh<span class=\"_ _0\"></span>i simili:<span class=\"fs0 fc0\"> </span>16<span class=\"fs0 fc0 ls0\"> </span>12<span class=\"fs0 fc0 ls0\"> </span>- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>- a benefici<span class=\"_ _0\"></span> definiti<span class=\"ff1 fs0 fc0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>12<span class=\"ff1 fs0 fc0 ls0\"> </span>g) versame<span class=\"_ _0\"></span>nti ai fondi<span class=\"_ _0\"></span> di previden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a compl<span class=\"_ _0\"></span>ementare<span class=\"_ _0\"></span> esterni:<span class=\"fs0 fc0\"> </span>362<span class=\"fs0 fc0 ls0\"> </span>368<span class=\"fs0 fc0 ls0\"> </span>- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span>360<span class=\"ff1 fs0 fc0 ls0\"> </span>366<span class=\"ff1 fs0 fc0 ls0\"> </span>- <span class=\"ls4b\">a </span>benefici definiti<span class=\"ff1 fs0 fc0\"> </span>2<span class=\"ff1 fs0 fc0\"> </span>2<span class=\"ff1 fs0 fc0\"> </span>h) costi deri<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>anti da<span class=\"_ _0\"></span> accordi di pa<span class=\"_ _35\"></span>gamento basati <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>u propri s<span class=\"_ _0\"></span>trumenti pa<span class=\"_ _0\"></span>trimoniali<span class=\"fs0 fc0\"> </span>146<span class=\"fs0 fc0 ls0\"> </span>220<span class=\"fs0 fc0 ls0\"> </span>i) altri benef<span class=\"_ _0\"></span>ici a fa<span class=\"_ _0\"></span>vore dei dipend<span class=\"_ _35\"></span>enti<span class=\"fs0 fc0\"> </span>140<span class=\"fs0 fc0 ls0\"> </span>541<span class=\"fs0 fc0 ls0\"> </span>2) Altro pe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>sonale i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> attivit\u00e0<span class=\"ff1 fs0 fc0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>3) Amminist<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>atori e s<span class=\"_ _35\"></span>indaci<span class=\"ff1 fs0 fc0\"> </span>17<span class=\"ff1 fs0 fc0 ls0\"> </span>19<span class=\"ff1 fs0 fc0 ls0\"> </span>4) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>collocat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a ripos<span class=\"_ _0\"></span>o<span class=\"ff1 fs0 fc0\"> </span></span>-<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>Totale<span class=\"ff1 fs0 fc0\"> </span>6.793<span class=\"ff1 fs0 fc0\"> </span>7.187<span class=\"ff1 fs0 fc0\"> </span>Si  precis<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>che  la <span class=\"_ _16\"> </span>sottovoce <span class=\"_ _16\"> </span>3  \u201cAmmini<span class=\"_ _0\"></span>stratori <span class=\"_ _16\"> </span>e  Sindaci\u201d <span class=\"_ _7\"> </span>include  i <span class=\"_ _16\"> </span>compensi <span class=\"_ _16\"> </span>corrisposti <span class=\"_ _16\"> </span>ai  compon<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>del  Consiglio <span class=\"_ _16\"> </span>di Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>membri <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Consigli <span class=\"_ _2\"></span>di <span class=\"_ _4\"> </span>Amministrazione <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>Collegi <span class=\"_ _2\"></span>Sindacali <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>societ\u00e0 del Gruppo.<span class=\"ff5\"> </span>12.2 Numero medio dei d<span class=\"_ _0\"></span>ipendenti per categor<span class=\"_ _0\"></span>ia 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Personale<span class=\"_ _0\"></span> dipende<span class=\"_ _0\"></span>nte 90.003 92.657 a) dirigenti<span class=\"_ _0\"></span> 1.775 1.831 b) quadri dir<span class=\"_ _0\"></span>ettivi 34.836 35.971 c) restante <span class=\"_ _0\"></span>personale dipe<span class=\"_ _35\"></span>ndente 53.392 54.855 Altro pe<span class=\"_ _0\"></span>rsonale 85<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>TOTALE 90.088 92.765 L\u2019organico <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>(per <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>part <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>conteggiati <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>prassi <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>0,5 <span class=\"_ _2\"></span>unit\u00e0 lavorative) risulta rid<span class=\"_ _0\"></span>otto rispetto al 2021 per effetto delle ce<span class=\"_ _0\"></span>ssazioni ex accordi int<span class=\"_ _0\"></span>ervenute nel cors<span class=\"_ _0\"></span>o dei 2 anni e parzialm<span class=\"_ _0\"></span>ente per effetto delle cessio<span class=\"_ _0\"></span>ni di ramo d\u2019azienda <span class=\"_ _0\"></span>avvenute nei primi m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>si del 2021.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span>12.3 Fondi di quiesc<span class=\"_ _0\"></span>enza aziendali a benefici<span class=\"_ _0\"></span> definiti: costi e ricav<span class=\"_ _0\"></span>i (milioni di eur<span class=\"_ _35\"></span>o) 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>TFR<span class=\"ls0\"> </span>Piani interni Piani esterni TFR<span class=\"ls0\"> </span>Piani interni Piani esterni Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o -<span class=\"ls25\">14</span> -3 -<span class=\"ls25\">10</span> -7 -4 -<span class=\"ls25\">12</span> Interessi pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivi -4 -<span class=\"ls25\">13</span> -<span class=\"ls25\">17</span> - -<span class=\"ls25\">16</span> -3 Interessi at<span class=\"_ _0\"></span>tivi - 3 14<span class=\"ls0\"> </span>- 2 3 Rimborso d<span class=\"_ _0\"></span>a terzi - - - - - - Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o passate<span class=\"_ _0\"></span>  - - -1 - - 4 Riduzione<span class=\"_ _0\"></span> del fondo X - - X - - Estinzione d<span class=\"_ _0\"></span>el fondo X - - X - - Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>illustrate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _2\"></span><span class=\"ff4\">economiche <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>\u201cFondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Trattament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>rapporto\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>90 </span></span>del <span class=\"_ _5\"></span>passivo <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>\u201cFondi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _4\"> </span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>quiescenza <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>obblighi <span class=\"_ _5\"></span>simili\u201d <span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voce <span class=\"_ _5\"></span>100b <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>passivo </span>dello Stato patrimoni<span class=\"_ _0\"></span>ale. 12.4 Altri benefici a f<span class=\"_ _0\"></span>avore di dipendenti Il <span class=\"_ _5\"></span>saldo <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>nell\u2019esercizio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>140 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"> </span><span class=\"ls10\">L\u2019</span><span class=\"ff1\">importo <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>contributi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>assistenza </span>malattia, <span class=\"_ _18\"> </span>contributo <span class=\"_ _17\"> </span>mensa <span class=\"_ _18\"> </span>inclusi <span class=\"_ _18\"> </span>i <span class=\"_ _17\"> </span>buoni <span class=\"_ _18\"> </span>pasto, <span class=\"_ _18\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>adeguamenti <span class=\"_ _17\"> </span>delle <span class=\"_ _18\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>fronte <span class=\"_ _18\"> </span>degli <span class=\"_ _1c\"> </span>accordi <span class=\"_ _17\"> </span>di incentivazione <span class=\"_ _5\"></span>all\u2019esodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _5\"></span>sottoscritto <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>OO.SS. <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nzianit\u00e0,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>determinati <span class=\"_ _6\"></span>principalmente<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla </span>crescita, nell\u2019esercizio,<span class=\"_ _0\"></span> della curva dei ta<span class=\"_ _0\"></span>ssi di sconto adottat<span class=\"_ _0\"></span>a per l\u2019attualizz<span class=\"_ _0\"></span>azione<span class=\"_ _3\"></span><span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span>12.5 Altre spese ammin<span class=\"_ _0\"></span>istrative: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>valori 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Spese di m<span class=\"_ _0\"></span>anutenzion<span class=\"_ _0\"></span>e servizi<span class=\"_ _0\"></span> informatici <span class=\"_ _0\"></span>e apparecch<span class=\"_ _0\"></span>iature ele<span class=\"_ _0\"></span>ttroniche 799<span class=\"ls0\"> </span>821<span class=\"ls0\"> </span>Spese telefo<span class=\"_ _0\"></span>niche, tel<span class=\"_ _0\"></span>etrasmis<span class=\"_ _0\"></span>sioni e trasmi<span class=\"_ _0\"></span>ssione da<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  66<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> servizi in<span class=\"_ _0\"></span>formatici <span class=\"_ _0\"></span> 865<span class=\"ls0\"> </span>896<span class=\"ls0\"> </span>Canoni pa<span class=\"_ _0\"></span>ssivi per lo<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>azione im<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>obili e<span class=\"_ _0\"></span> spese condo<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>iniali  42<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>Spese di vig<span class=\"_ _0\"></span>ilanza  46<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> pulizia loca<span class=\"_ _0\"></span>li  50<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> manutenzi<span class=\"_ _0\"></span>one immobili<span class=\"_ _35\"></span>, mobili e impian<span class=\"_ _0\"></span>ti  77<span class=\"ls0\"> </span>84<span class=\"ls0\"> </span>Spese ener<span class=\"_ _0\"></span>getiche  90<span class=\"ls0\"> </span>110<span class=\"ls0\"> </span>Spese di<span class=\"_ _0\"></span>verse immobili<span class=\"_ _35\"></span>ari  11<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>Spese di<span class=\"_ _0\"></span> gestione im<span class=\"_ _35\"></span>mobili  316<span class=\"ls0\"> </span>355<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> stampati,<span class=\"_ _0\"></span> cancelleria<span class=\"_ _35\"></span>,<span class=\"_ _3\"></span> materiali<span class=\"_ _0\"></span> di consu<span class=\"_ _0\"></span>mo e pubblic<span class=\"_ _0\"></span>azioni  27<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> trasporti ed<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>altri servizi<span class=\"_ _35\"></span> collegati (incluso<span class=\"_ _0\"></span> conta valori)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span> 76<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> visure ed in<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>ormazioni <span class=\"_ _0\"></span> 242<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>Spese po<span class=\"_ _0\"></span>stali e telegra<span class=\"_ _35\"></span>f<span class=\"_ _3\"></span>iche  54<span class=\"ls0\"> </span>58<span class=\"ls0\"> </span>Spese gen<span class=\"_ _0\"></span>erali di fun<span class=\"_ _0\"></span>zioname<span class=\"_ _0\"></span>nto  399<span class=\"ls0\"> </span>396<span class=\"ls0\"> </span>Spese per<span class=\"_ _0\"></span> consulenze<span class=\"_ _0\"></span> professionali<span class=\"_ _35\"></span>  157<span class=\"ls0\"> </span>165<span class=\"ls0\"> </span>Spese legali<span class=\"_ _0\"></span> e giudi<span class=\"_ _0\"></span>ziarie  136<span class=\"ls0\"> </span>157<span class=\"ls0\"> </span>Premi di assi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>urazione<span class=\"_ _0\"></span> banche e <span class=\"_ _0\"></span>clientela<span class=\"_ _0\"></span>  57<span class=\"ls0\"> </span>62<span class=\"ls0\"> </span>Spese lega<span class=\"_ _0\"></span>li e profess<span class=\"_ _35\"></span>ionali 350<span class=\"ls0\"> </span>384<span class=\"ls0\"> </span>Spese pu<span class=\"_ _0\"></span>bblicitarie <span class=\"_ _0\"></span>e promo<span class=\"_ _0\"></span>zionali  173<span class=\"ls0\"> </span>154<span class=\"ls0\"> </span>Servizi res<span class=\"_ _0\"></span>i da terz<span class=\"_ _0\"></span>i  437<span class=\"ls0\"> </span>496<span class=\"ls0\"> </span>Costi in<span class=\"_ _0\"></span>diretti del pe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>sonale<span class=\"_ _0\"></span>  121<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>Altre spese<span class=\"_ _35\"></span>  218<span class=\"ls0\"> </span>225<span class=\"ls0\"> </span>Contributi<span class=\"_ _0\"></span> a fondi <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i risolu<span class=\"_ _0\"></span>zione e <span class=\"_ _0\"></span>schemi di ga<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anzia de<span class=\"_ _0\"></span>i deposit<span class=\"_ _0\"></span>i 793<span class=\"ls0\"> </span>739<span class=\"ls0\"> </span>Imposte <span class=\"_ _0\"></span>indirette e ta<span class=\"_ _35\"></span>sse  1.147 1.170 Recuper<span class=\"_ _0\"></span>i imposte e<span class=\"_ _0\"></span> tasse -4 -5 Recuper<span class=\"_ _0\"></span>i spese dive<span class=\"_ _0\"></span>rse  -<span class=\"ls25\">29</span> -<span class=\"ls25\">36</span> Totale 4.786 4.825 <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-114.989075px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Con ri<span class=\"_ _3\"></span>ferimento alla sottovoce <span class=\"_ _3\"></span>Canoni passivi per <span class=\"_ _3\"></span>locazione i<span class=\"_ _3\"></span>mmobili e spese <span class=\"_ _3\"></span>condominiali, l\u2019importo \u00e8<span class=\"_ _3\"></span> relativo <span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span><span class=\"ff1\">contratti <span class=\"_ _3\"></span>con </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">durata <span class=\"_ _5\"></span>complessiva <span class=\"_ _6\"></span>inferiore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>uguale <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>12 <span class=\"_ _6\"></span>mesi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>bene <span class=\"_ _6\"></span>sottostant<span class=\"_ _0\"></span>e, <span class=\"_ _6\"></span>quando <span class=\"_ _5\"></span>nuovo, <span class=\"_ _6\"></span>inferiore <span class=\"_ _6\"></span>o </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">uguale a <span class=\"_ _3\"></span>5.000<span class=\"_ _3\"></span> euro <span class=\"_ _3\"></span>(\u201clow <span class=\"_ _3\"></span>value\u201d). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>questi casi, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>consentito dall\u2019IFRS <span class=\"_ _3\"></span>16, <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>canoni <span class=\"_ _3\"></span>relativi a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _6\"></span><span class=\"ff1\">leasing <span class=\"_ _3\"></span>sono </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">rilevati come costo co<span class=\"_ _0\"></span>n un criterio a quote co<span class=\"_ _0\"></span>stanti per la durata <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>el contratto.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>segnala <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>spese <span class=\"_ _6\"></span>sostenute <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>interventi <span class=\"_ _4\"></span>correlati <span class=\"_ _6\"></span>allo <span class=\"_ _6\"></span>scenario<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h34 y64 ff1 fs0 fc0 sc0 ls0 ws0\">pandemico si attestavan<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a circa 19,7 milioni (37 milioni al<span class=\"_ _0\"></span> 31 dicembre 202<span class=\"_ _0\"></span>1).<span class=\"_ _3\"></span><span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y1117 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 13 <span class=\"ff6\">\u2013</span> ACCANTONAMENTI NETTI AI FONDI PER RISCHI E ONERI - VOCE 200 </div><div class=\"t m0 x0 h2 y45a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y45b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf14 ff5 fs0 fc2 sc0 ls0 ws0\">13.1 <span class=\"_ _2\"></span>Accantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>erogare <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilasciate: </div><div class=\"t m0 xc8 h24 y13f ff5 fs0 fc2 sc0 ls0 ws0\">composizione  </div><div class=\"t m0 x0 h61 y12d1 ff1 fs1c fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w41d h13\" style=\"left:254.81863px; bottom:683.7049px;\"><div class=\"t m0 x4f h2 y6ff ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span></div></div><div class=\"c w14f h115\" style=\"left:79.747604px; bottom:665.45294px;\"><div class=\"t m0 x8d h2 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _0\"></span>menti<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w41e h115\" style=\"left:254.81863px; bottom:665.45294px;\"><div class=\"t m0 x3e h2 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">Riattribu<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w41f h115\" style=\"left:404.13663px; bottom:665.45294px;\"><div class=\"t m0 x124 h2 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _0\"></span>menti netti<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w41c h47\" style=\"left:-6.5463715px; bottom:645.95294px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Stage1<span class=\"fs0\"> </span></div></div><div class=\"c w14f h47\" style=\"left:79.747604px; bottom:645.95294px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">133</span><span class=\"fs0\"> </span></div></div><div class=\"c w41e h47\" style=\"left:254.81863px; bottom:645.95294px;\"><div class=\"t m0 x64 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">103<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w41f h47\" style=\"left:404.13663px; bottom:645.95294px;\"><div class=\"t m0 xb9 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">30</span><span class=\"fs0\"> </span></div></div><div class=\"c w41c h5e\" style=\"left:-6.5463715px; bottom:626.41394px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Stage2<span class=\"fs0\"> </span></div></div><div class=\"c w14f h5e\" style=\"left:79.747604px; bottom:626.41394px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">182</span><span class=\"fs0\"> </span></div></div><div class=\"c w41e h5e\" style=\"left:254.81863px; bottom:626.41394px;\"><div class=\"t m0 x64 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w41f h5e\" style=\"left:404.13663px; bottom:626.41394px;\"><div class=\"t m0 xb9 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">63</span><span class=\"fs0\"> </span></div></div><div class=\"c w41c h47\" style=\"left:-6.5463715px; bottom:606.91394px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Stage3<span class=\"fs0\"> </span></div></div><div class=\"c w14f h47\" style=\"left:79.747604px; bottom:606.91394px;\"><div class=\"t m0 x8e h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">205</span><span class=\"fs0\"> </span></div></div><div class=\"c w41e h47\" style=\"left:254.81863px; bottom:606.91394px;\"><div class=\"t m0 x82 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">89<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w41f h47\" style=\"left:404.13663px; bottom:606.91394px;\"><div class=\"t m0 x156 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">116</span><span class=\"fs0\"> </span></div></div><div class=\"c w41c h5b\" style=\"left:-6.5463715px; bottom:588.5059px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w14f h5b\" style=\"left:79.747604px; bottom:588.5059px;\"><div class=\"t m0 x8e h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">520</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w41e h5b\" style=\"left:254.81863px; bottom:588.5059px;\"><div class=\"t m0 x64 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">311<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w41f h5b\" style=\"left:404.13663px; bottom:588.5059px;\"><div class=\"t m0 x156 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">209</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-114.989075px;\"><div class=\"t m0 x0 h61 y13cf ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1544 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydc4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1545 ff5 fs0 fc2 sc0 ls0 ws0\">13.2 Accantonamenti n<span class=\"_ _0\"></span>etti relativi ad al<span class=\"_ _0\"></span>tri impegni e altre garanzie<span class=\"_ _0\"></span> rilasciate: compo<span class=\"_ _0\"></span>sizione <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y9fd ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _2\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>rilasciate, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>si <span class=\"_ _7\"> </span>rilevano <span class=\"_ _2\"></span>importi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>31 </div><div class=\"t m0 x0 h2 y751 ff1 fs0 fc0 sc0 ls0 ws0\">dicembre 2022.<span class=\"fc5\"> </span></div><div class=\"t m0 x0 h24 yed7 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y18 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1546 ff5 fs0 fc2 sc0 ls0 ws0\">13.3 Accantonamenti n<span class=\"_ _0\"></span>etti agli altri fondi per ris<span class=\"_ _0\"></span>chi e oneri: comp<span class=\"_ _0\"></span>osizione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 y130c ff1 fs1c fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w422 h47\" style=\"left:415.52463px; bottom:464.6419px;\"><div class=\"t m0 x83 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span></div></div><div class=\"c w421 h70\" style=\"left:317.99863px; bottom:442.64594px;\"><div class=\"t m0 x1a h2 y7cb ff5 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _0\"></span>menti<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w423 h70\" style=\"left:415.52463px; bottom:442.64594px;\"><div class=\"t m0 x1a h2 y7cb ff5 fs17 fc2 sc0 ls0 ws0\">Riattribu<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w67 h70\" style=\"left:499.80365px; bottom:442.64594px;\"><div class=\"t m0 x97 h2 y7cb ff5 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _0\"></span>menti netti<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w420 h6a\" style=\"left:-6.5463715px; bottom:425.95392px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi on<span class=\"_ _0\"></span>eri per con<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>roversie l<span class=\"_ _35\"></span>egali e fiscali<span class=\"fs0\"> </span></div></div><div class=\"c w421 h6a\" style=\"left:317.99863px; bottom:425.95392px;\"><div class=\"t m0 x4b h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">180</span><span class=\"fs0\"> </span></div></div><div class=\"c w423 h6a\" style=\"left:415.52463px; bottom:425.95392px;\"><div class=\"t m0 x139 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">87<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w67 h6a\" style=\"left:499.80365px; bottom:425.95392px;\"><div class=\"t m0 xb6 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">93</span><span class=\"fs0\"> </span></div></div><div class=\"c w420 h41\" style=\"left:-6.5463715px; bottom:409.4179px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi on<span class=\"_ _0\"></span>eri diversi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per il pers<span class=\"_ _0\"></span>onale<span class=\"fs0\"> </span></div></div><div class=\"c w421 h41\" style=\"left:317.99863px; bottom:409.4179px;\"><div class=\"t m0 x100 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w423 h41\" style=\"left:415.52463px; bottom:409.4179px;\"><div class=\"t m0 x134 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w67 h41\" style=\"left:499.80365px; bottom:409.4179px;\"><div class=\"t m0 x124 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w420 h69\" style=\"left:-6.5463715px; bottom:392.85593px;\"><div class=\"t m0 x8 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi ri<span class=\"_ _0\"></span>schi e oneri <span class=\"_ _35\"></span>diversi<span class=\"fs0\"> </span></div></div><div class=\"c w421 h69\" style=\"left:317.99863px; bottom:392.85593px;\"><div class=\"t m0 x4b h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">325</span><span class=\"fs0\"> </span></div></div><div class=\"c w423 h69\" style=\"left:415.52463px; bottom:392.85593px;\"><div class=\"t m0 x49 h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">278<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w67 h69\" style=\"left:499.80365px; bottom:392.85593px;\"><div class=\"t m0 xb6 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">47</span><span class=\"fs0\"> </span></div></div><div class=\"c w420 h5b\" style=\"left:-6.5463715px; bottom:374.44794px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w421 h5b\" style=\"left:317.99863px; bottom:374.44794px;\"><div class=\"t m0 x4b h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">505</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w423 h5b\" style=\"left:415.52463px; bottom:374.44794px;\"><div class=\"t m0 x49 h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">365<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w67 h5b\" style=\"left:499.80365px; bottom:374.44794px;\"><div class=\"t m0 x7a h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">140</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-114.989075px;\"><div class=\"t m0 x0 h61 ydb1 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y360 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y361 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>\u201caccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>oneri\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>negativo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>140 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>stanziamen<span class=\"_ _5\"></span><span class=\"ff1\">ti </span></div><div class=\"t m0 x0 h2 y362 ff1 fs0 fc0 sc0 ls0 ws0\">dell'esercizio a front<span class=\"_ _0\"></span>e di controversie leg<span class=\"_ _0\"></span>ali e fiscali, nonch\u00e9 <span class=\"_ _0\"></span>altri rischi ed oneri, a<span class=\"_ _0\"></span>l netto delle riattribuzio<span class=\"_ _0\"></span>ni<span class=\"_ _2\"></span>. </div><div class=\"t m0 x0 h2 y363 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y364 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>parti<span class=\"ff4\">colare, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>\u201cAccantonamenti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>controversie <span class=\"_ _2\"></span>legali <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fiscali\u201d <span class=\"_ _5\"></span>figurano <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stanziamenti </span></div><div class=\"t m0 x0 h2 y120c ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"ff4\">cause passive, i<span class=\"_ _0\"></span>ncluse le revocatori<span class=\"_ _0\"></span>e fallimentari e altri co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenziosi, al netto <span class=\"_ _0\"></span>dei rilasci dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y366 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 ybf7 ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y102d ff5 fs9 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 yf54 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 14 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 MATERIALI - VOCE 210<span class=\"ff1 fs0 fc0\"> </span></div><div class=\"t m0 x0 h2 yc64 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb y8eb ff5 fs0 fc2 sc0 ls0 ws0\">14.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette su attivit\u00e0 ma<span class=\"_ _0\"></span>teriali: composizion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span><span class=\"fff fs6 fc0\"> </span></div><div class=\"t m0 x0 h2 y538 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w426 h6a\" style=\"left:419.73663px; bottom:200.50793px;\"><div class=\"t m0 x129 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w424 h7a\" style=\"left:-4.050377px; bottom:185.84393px;\"><div class=\"t m0 x41 h59 y568 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li </div></div><div class=\"c w404 h14\" style=\"left:220.03064px; bottom:171.02393px;\"><div class=\"t m0 x12 h59 y7da ff5 fs17 fc2 sc0 ls0 ws0\">Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to </div></div><div class=\"c w425 h14\" style=\"left:319.55862px; bottom:171.02393px;\"><div class=\"t m0 xab h59 y7da ff5 fs17 fc2 sc0 ls0 ws0\">Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re </div><div class=\"t m0 xab h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">per deterio<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>amento </div></div><div class=\"c w425 h14\" style=\"left:419.73663px; bottom:171.02393px;\"><div class=\"t m0 x1a h59 y7da ff5 fs17 fc2 sc0 ls0 ws0\">Riprese d<span class=\"_ _0\"></span>i valore </div></div><div class=\"c w404 h14\" style=\"left:521.01965px; bottom:171.02393px;\"><div class=\"t m0 xa1 h59 y7da ff5 fs17 fc2 sc0 ls0 ws0\">Risultat<span class=\"_ _0\"></span>o netto </div></div><div class=\"c w424 h5e\" style=\"left:-4.050377px; bottom:151.48492px;\"><div class=\"t m0 x41 h59 y326 ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> </div></div><div class=\"c w424 h47\" style=\"left:-4.050377px; bottom:131.98492px;\"><div class=\"t m0 x12 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">A.1 Ad uso<span class=\"_ _0\"></span> funzionale<span class=\"_ _35\"></span> </div></div><div class=\"c w404 h47\" style=\"left:220.03064px; bottom:131.98492px;\"><div class=\"t m0 x135 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">675</span> </div></div><div class=\"c w425 h47\" style=\"left:319.55862px; bottom:131.98492px;\"><div class=\"t m0 x100 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w425 h47\" style=\"left:419.73663px; bottom:131.98492px;\"><div class=\"t m0 x120 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h47\" style=\"left:521.01965px; bottom:131.98492px;\"><div class=\"t m0 x135 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">682</span> </div></div><div class=\"c w424 h7a\" style=\"left:-4.050377px; bottom:117.32092px;\"><div class=\"t m0 x9b h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- Di propriet<span class=\"_ _0\"></span>\u00e0 </div></div><div class=\"c w404 h7a\" style=\"left:220.03064px; bottom:117.32092px;\"><div class=\"t m0 x135 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">368</span> </div></div><div class=\"c w425 h7a\" style=\"left:319.55862px; bottom:117.32092px;\"><div class=\"t m0 x100 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w425 h7a\" style=\"left:419.73663px; bottom:117.32092px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h7a\" style=\"left:521.01965px; bottom:117.32092px;\"><div class=\"t m0 x135 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">374</span> </div></div><div class=\"c w424 h1d\" style=\"left:-4.050377px; bottom:102.50093px;\"><div class=\"t m0 x9b h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing </div></div><div class=\"c w404 h1d\" style=\"left:220.03064px; bottom:102.50093px;\"><div class=\"t m0 x135 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">307</span> </div></div><div class=\"c w425 h1d\" style=\"left:319.55862px; bottom:102.50093px;\"><div class=\"t m0 x100 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w425 h1d\" style=\"left:419.73663px; bottom:102.50093px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h1d\" style=\"left:521.01965px; bottom:102.50093px;\"><div class=\"t m0 x135 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">308</span> </div></div><div class=\"c w424 h47\" style=\"left:-4.050377px; bottom:83.00093px;\"><div class=\"t m0 x12 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">A.2 Detenu<span class=\"_ _0\"></span>te a scopo <span class=\"_ _0\"></span>di investime<span class=\"_ _35\"></span>nto </div></div><div class=\"c w404 h47\" style=\"left:220.03064px; bottom:83.00093px;\"><div class=\"t m0 x120 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w425 h47\" style=\"left:319.55862px; bottom:83.00093px;\"><div class=\"t m0 x100 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w425 h47\" style=\"left:419.73663px; bottom:83.00093px;\"><div class=\"t m0 x120 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h47\" style=\"left:521.01965px; bottom:83.00093px;\"><div class=\"t m0 x100 h46 y326 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w424 h1d\" style=\"left:-4.050377px; bottom:68.18092px;\"><div class=\"t m0 x9b h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">- Di propriet<span class=\"_ _0\"></span>\u00e0 </div></div><div class=\"c w404 h1d\" style=\"left:220.03064px; bottom:68.18092px;\"><div class=\"t m0 x120 h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w425 h1d\" style=\"left:319.55862px; bottom:68.18092px;\"><div class=\"t m0 x100 h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w425 h1d\" style=\"left:419.73663px; bottom:68.18092px;\"><div class=\"t m0 x120 h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h1d\" style=\"left:521.01965px; bottom:68.18092px;\"><div class=\"t m0 x100 h104 yf23 ff2 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w424 h7a\" style=\"left:-4.050377px; bottom:53.516922px;\"><div class=\"t m0 x9b h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing </div></div><div class=\"c w404 h7a\" style=\"left:220.03064px; bottom:53.516922px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w425 h7a\" style=\"left:319.55862px; bottom:53.516922px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w425 h7a\" style=\"left:419.73663px; bottom:53.516922px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h7a\" style=\"left:521.01965px; bottom:53.516922px;\"><div class=\"t m0 x120 h104 yea5 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w424 h47\" style=\"left:-4.050377px; bottom:34.016922px;\"><div class=\"t m0 x12 h46 y569 ff1 fs17 fc2 sc0 ls0 ws0\">A.3 Rimane<span class=\"_ _0\"></span>nze </div></div><div class=\"c w404 h47\" style=\"left:220.03064px; bottom:34.016922px;\"><div class=\"t m0 x2e h46 y569 ff1 fs17 fc2 sc0 ls38 ws0\">X <span class=\"ls0\"> </span></div></div><div class=\"c w425 h47\" style=\"left:319.55862px; bottom:34.016922px;\"><div class=\"t m0 x4 h46 y569 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">18</span> </div></div><div class=\"c w425 h47\" style=\"left:419.73663px; bottom:34.016922px;\"><div class=\"t m0 x8d h46 y569 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w404 h47\" style=\"left:521.01965px; bottom:34.016922px;\"><div class=\"t m0 x4 h46 y569 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w424 h47\" style=\"left:-4.050377px; bottom:14.522125px;\"><div class=\"t m0 x41 h59 y1548 ff5 fs17 fc2 sc0 ls0 ws0\">B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita </div></div><div class=\"c w404 h47\" style=\"left:220.03064px; bottom:14.522125px;\"><div class=\"t m0 x2e h46 y1548 ff1 fs17 fc2 sc0 ls38 ws0\">X <span class=\"ls0\"> </span></div></div><div class=\"c w425 h47\" style=\"left:319.55862px; bottom:14.522125px;\"><div class=\"t m0 x120 h46 y1548 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w425 h47\" style=\"left:419.73663px; bottom:14.522125px;\"><div class=\"t m0 x120 h46 y1548 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w404 h47\" style=\"left:521.01965px; bottom:14.522125px;\"><div class=\"t m0 x120 h46 y1548 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w424 h1d\" style=\"left:-4.050377px; bottom:-0.29787445px;\"><div class=\"t m0 x41 h59 yf23 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w404 h1d\" style=\"left:220.03064px; bottom:-0.29787445px;\"><div class=\"t m0 x135 h59 yf23 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">675</span> </div></div><div class=\"c w425 h1d\" style=\"left:319.55862px; bottom:-0.29787445px;\"><div class=\"t m0 x4 h59 yf23 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">26</span> </div></div><div class=\"c w425 h1d\" style=\"left:419.73663px; bottom:-0.29787445px;\"><div class=\"t m0 x8d h59 yf23 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w404 h1d\" style=\"left:521.01965px; bottom:-0.29787445px;\"><div class=\"t m0 x135 h59 yf23 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">700<span class=\"_ _90\"> </span></span></div></div>SEZIONE 15 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 IMMATERIALI - VOCE 220 15.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette di attivit\u00e0 imma<span class=\"_ _0\"></span>teriali: composizione <span class=\"fff fs9 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re per dete<span class=\"_ _0\"></span>rioramento Riprese d<span class=\"_ _0\"></span>i valore Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> immaterial<span class=\"_ _35\"></span>i di cui: sof<span class=\"_ _0\"></span>tware -<span class=\"ls25\">776</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">796</span> A.1 Di prop<span class=\"_ _0\"></span>riet\u00e0 -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> - Generate<span class=\"_ _0\"></span> internamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e dall'aziend<span class=\"_ _35\"></span>a -<span class=\"ls25\">684</span> -8 - -<span class=\"ls25\">692</span> - Altre -<span class=\"ls25\">280</span> -<span class=\"ls25\">12</span> - -<span class=\"ls25\">292</span> A.2 Diritti d'<span class=\"_ _0\"></span>uso acqui<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti con il<span class=\"_ _0\"></span> leasing - - - - B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita X - - - Totale -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>descrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>effettuazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>lative <span class=\"_ _3\"></span>rettifiche <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valore iscritte a <span class=\"_ _3\"></span>conto economico si <span class=\"_ _3\"></span>rimanda a <span class=\"_ _3\"></span>quanto esposto nella <span class=\"_ _3\"></span>\u201cParte B <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>Sezione 10 </span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>attivit\u00e0 immateriali\u201d della <span class=\"_ _3\"></span>presente Nota Integrativa. SEZIONE 16 <span class=\"ff6\">\u2013</span> ALTRI ONERI E PROVENTI DI GESTIONE - VOCE 230 16.1 Altri oneri di ge<span class=\"_ _0\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>Valori Altri oneri<span class=\"_ _0\"></span> per operazion<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>di credit<span class=\"_ _0\"></span>o al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e lea<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ing 29<span class=\"ls0\"> </span>Ammortam<span class=\"_ _0\"></span>ento delle <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pese per <span class=\"_ _0\"></span>migliorie <span class=\"_ _0\"></span>su beni di te<span class=\"_ _35\"></span>rz<span class=\"_ _3\"></span>i 34<span class=\"ls0\"> </span>Altri oneri 373<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>436<span class=\"ls0\"> </span>Totale 2021<span class=\"ls0\"> </span>503<span class=\"ls0\"> </span>La sottovoce \u201cAltri o<span class=\"_ _0\"></span>neri\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>3 milioni al risultato <span class=\"_ _0\"></span>negativo su oro e <span class=\"_ _3\"></span><span class=\"ff1\">metalli preziosi. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1002": {
   "value": "SEZIONE 12 <span class=\"ff6\">\u2013</span> SPESE AMMINISTRATIVE - VOCE 190 12.1 Spese per il person<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le: comp<span class=\"_ _0\"></span>osizione (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0 fc0\"> </span>Tipologia<span class=\"_ _0\"></span> di spese<span class=\"_ _0\"></span><span class=\"ff1 fs0 fc0\"> </span>2022<span class=\"ff1 fs0 fc0 ls0\"> </span>2021<span class=\"ff1 fs0 fc0 ls0\"> </span>1) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> dipendente<span class=\"ff1 fs0 fc0\"> </span></span>6.760<span class=\"ff1 fs0 fc0\"> </span>7.152<span class=\"ff1 fs0 fc0\"> </span>a) salari e <span class=\"_ _0\"></span>stipendi<span class=\"fs0 fc0\"> </span>4.836<span class=\"fs0 fc0\"> </span>4.741<span class=\"fs0 fc0\"> </span>b) oneri soc<span class=\"_ _0\"></span>iali<span class=\"fs0 fc0\"> </span>1.201<span class=\"fs0 fc0\"> </span>1.218<span class=\"fs0 fc0\"> </span>c) indenni<span class=\"_ _0\"></span>t\u00e0 di fine rappo<span class=\"_ _35\"></span>rto<span class=\"fs0 fc0\"> </span>35<span class=\"fs0 fc0 ls0\"> </span>41<span class=\"fs0 fc0 ls0\"> </span>d) spese pr<span class=\"_ _0\"></span>evidenziali<span class=\"fs0 fc0\"> </span>6<span class=\"fs0 fc0\"> </span>4<span class=\"fs0 fc0\"> </span>e) accanton<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> al trattamen<span class=\"_ _0\"></span>to di fine<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> del personale<span class=\"fs0 fc0\"> </span>18<span class=\"fs0 fc0 ls0\"> </span>7<span class=\"fs0 fc0\"> </span>f) accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ento al<span class=\"_ _0\"></span> fondo tratt<span class=\"_ _0\"></span>amento di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quiescenz<span class=\"_ _0\"></span>a e obbligh<span class=\"_ _0\"></span>i simili:<span class=\"fs0 fc0\"> </span>16<span class=\"fs0 fc0 ls0\"> </span>12<span class=\"fs0 fc0 ls0\"> </span>- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>- a benefici<span class=\"_ _0\"></span> definiti<span class=\"ff1 fs0 fc0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>12<span class=\"ff1 fs0 fc0 ls0\"> </span>g) versame<span class=\"_ _0\"></span>nti ai fondi<span class=\"_ _0\"></span> di previden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a compl<span class=\"_ _0\"></span>ementare<span class=\"_ _0\"></span> esterni:<span class=\"fs0 fc0\"> </span>362<span class=\"fs0 fc0 ls0\"> </span>368<span class=\"fs0 fc0 ls0\"> </span>- a contribu<span class=\"_ _0\"></span>zione de<span class=\"_ _0\"></span>finita<span class=\"ff1 fs0 fc0\"> </span>360<span class=\"ff1 fs0 fc0 ls0\"> </span>366<span class=\"ff1 fs0 fc0 ls0\"> </span>- <span class=\"ls4b\">a </span>benefici definiti<span class=\"ff1 fs0 fc0\"> </span>2<span class=\"ff1 fs0 fc0\"> </span>2<span class=\"ff1 fs0 fc0\"> </span>h) costi deri<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>anti da<span class=\"_ _0\"></span> accordi di pa<span class=\"_ _35\"></span>gamento basati <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>u propri s<span class=\"_ _0\"></span>trumenti pa<span class=\"_ _0\"></span>trimoniali<span class=\"fs0 fc0\"> </span>146<span class=\"fs0 fc0 ls0\"> </span>220<span class=\"fs0 fc0 ls0\"> </span>i) altri benef<span class=\"_ _0\"></span>ici a fa<span class=\"_ _0\"></span>vore dei dipend<span class=\"_ _35\"></span>enti<span class=\"fs0 fc0\"> </span>140<span class=\"fs0 fc0 ls0\"> </span>541<span class=\"fs0 fc0 ls0\"> </span>2) Altro pe<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>sonale i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> attivit\u00e0<span class=\"ff1 fs0 fc0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>16<span class=\"ff1 fs0 fc0 ls0\"> </span>3) Amminist<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>atori e s<span class=\"_ _35\"></span>indaci<span class=\"ff1 fs0 fc0\"> </span>17<span class=\"ff1 fs0 fc0 ls0\"> </span>19<span class=\"ff1 fs0 fc0 ls0\"> </span>4) <span class=\"ls0\">Personale<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>collocat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> a ripos<span class=\"_ _0\"></span>o<span class=\"ff1 fs0 fc0\"> </span></span>-<span class=\"ff1 fs0 fc0\"> </span>-<span class=\"ff1 fs0 fc0\"> </span>Totale<span class=\"ff1 fs0 fc0\"> </span>6.793<span class=\"ff1 fs0 fc0\"> </span>7.187<span class=\"ff1 fs0 fc0\"> </span>Si  precis<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>che  la <span class=\"_ _16\"> </span>sottovoce <span class=\"_ _16\"> </span>3  \u201cAmmini<span class=\"_ _0\"></span>stratori <span class=\"_ _16\"> </span>e  Sindaci\u201d <span class=\"_ _7\"> </span>include  i <span class=\"_ _16\"> </span>compensi <span class=\"_ _16\"> </span>corrisposti <span class=\"_ _16\"> </span>ai  compon<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>del  Consiglio <span class=\"_ _16\"> </span>di Amministrazione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>membri <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>Consigli <span class=\"_ _2\"></span>di <span class=\"_ _4\"> </span>Amministrazione <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>Collegi <span class=\"_ _2\"></span>Sindacali <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>societ\u00e0 del Gruppo.<span class=\"ff5\"> </span>12.2 Numero medio dei d<span class=\"_ _0\"></span>ipendenti per categor<span class=\"_ _0\"></span>ia 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>Personale<span class=\"_ _0\"></span> dipende<span class=\"_ _0\"></span>nte 90.003 92.657 a) dirigenti<span class=\"_ _0\"></span> 1.775 1.831 b) quadri dir<span class=\"_ _0\"></span>ettivi 34.836 35.971 c) restante <span class=\"_ _0\"></span>personale dipe<span class=\"_ _35\"></span>ndente 53.392 54.855 Altro pe<span class=\"_ _0\"></span>rsonale 85<span class=\"ls0\"> </span>108<span class=\"ls0\"> </span>TOTALE 90.088 92.765 L\u2019organico <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>(per <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>part <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>conteggiati <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>prassi <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>0,5 <span class=\"_ _2\"></span>unit\u00e0 lavorative) risulta rid<span class=\"_ _0\"></span>otto rispetto al 2021 per effetto delle ce<span class=\"_ _0\"></span>ssazioni ex accordi int<span class=\"_ _0\"></span>ervenute nel cors<span class=\"_ _0\"></span>o dei 2 anni e parzialm<span class=\"_ _0\"></span>ente per effetto delle cessio<span class=\"_ _0\"></span>ni di ramo d\u2019azienda <span class=\"_ _0\"></span>avvenute nei primi m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>si del 2021.<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span></span>12.3 Fondi di quiesc<span class=\"_ _0\"></span>enza aziendali a benefici<span class=\"_ _0\"></span> definiti: costi e ricav<span class=\"_ _0\"></span>i (milioni di eur<span class=\"_ _35\"></span>o) 2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>TFR<span class=\"ls0\"> </span>Piani interni Piani esterni TFR<span class=\"ls0\"> </span>Piani interni Piani esterni Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o -<span class=\"ls25\">14</span> -3 -<span class=\"ls25\">10</span> -7 -4 -<span class=\"ls25\">12</span> Interessi pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivi -4 -<span class=\"ls25\">13</span> -<span class=\"ls25\">17</span> - -<span class=\"ls25\">16</span> -3 Interessi at<span class=\"_ _0\"></span>tivi - 3 14<span class=\"ls0\"> </span>- 2 3 Rimborso d<span class=\"_ _0\"></span>a terzi - - - - - - Costo pre<span class=\"_ _0\"></span>videnziale<span class=\"_ _0\"></span> relativo all<span class=\"_ _0\"></span>e presta<span class=\"_ _0\"></span>zioni di lavor<span class=\"_ _0\"></span>o passate<span class=\"_ _0\"></span>  - - -1 - - 4 Riduzione<span class=\"_ _0\"></span> del fondo X - - X - - Estinzione d<span class=\"_ _0\"></span>el fondo X - - X - - Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>illustrate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _2\"></span><span class=\"ff4\">economiche <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>\u201cFondo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Trattament<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>rapporto\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>90 </span></span>del <span class=\"_ _5\"></span>passivo <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>Stato <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>\u201cFondi <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>oneri <span class=\"_ _4\"> </span><span class=\"ff1\">- <span class=\"_ _5\"></span></span>quiescenza <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>obblighi <span class=\"_ _5\"></span>simili\u201d <span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voce <span class=\"_ _5\"></span>100b <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>passivo </span>dello Stato patrimoni<span class=\"_ _0\"></span>ale. 12.4 Altri benefici a f<span class=\"_ _0\"></span>avore di dipendenti Il <span class=\"_ _5\"></span>saldo <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>nell\u2019esercizio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>140 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"> </span><span class=\"ls10\">L\u2019</span><span class=\"ff1\">importo <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>essenzialmente <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>contributi <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>assistenza </span>malattia, <span class=\"_ _18\"> </span>contributo <span class=\"_ _17\"> </span>mensa <span class=\"_ _18\"> </span>inclusi <span class=\"_ _18\"> </span>i <span class=\"_ _17\"> </span>buoni <span class=\"_ _18\"> </span>pasto, <span class=\"_ _18\"> </span>nonch\u00e9 <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>adeguamenti <span class=\"_ _17\"> </span>delle <span class=\"_ _18\"> </span>passivit\u00e0 <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>fronte <span class=\"_ _18\"> </span>degli <span class=\"_ _1c\"> </span>accordi <span class=\"_ _17\"> </span>di incentivazione <span class=\"_ _5\"></span>all\u2019esodo <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>personale <span class=\"_ _5\"></span>sottoscritto <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>OO.SS. <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>premi <span class=\"_ _6\"> </span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nzianit\u00e0,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>determinati <span class=\"_ _6\"></span>principalmente<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla </span>crescita, nell\u2019esercizio,<span class=\"_ _0\"></span> della curva dei ta<span class=\"_ _0\"></span>ssi di sconto adottat<span class=\"_ _0\"></span>a per l\u2019attualizz<span class=\"_ _0\"></span>azione<span class=\"_ _3\"></span><span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1004": {
   "value": "SEZIONE 13 <span class=\"ff6\">\u2013</span> ACCANTONAMENTI NETTI AI FONDI PER RISCHI E ONERI - VOCE 200 13.1 <span class=\"_ _2\"></span>Accantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>erogare <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ilasciate: composizione  (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Accantona<span class=\"_ _0\"></span>menti<span class=\"ff1 fs0\"> </span>Riattribu<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span>Accantona<span class=\"_ _0\"></span>menti netti<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>Stage1<span class=\"fs0\"> </span>-<span class=\"ls25\">133</span><span class=\"fs0\"> </span>103<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">30</span><span class=\"fs0\"> </span>Stage2<span class=\"fs0\"> </span>-<span class=\"ls25\">182</span><span class=\"fs0\"> </span>119<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">63</span><span class=\"fs0\"> </span>Stage3<span class=\"fs0\"> </span>-<span class=\"ls25\">205</span><span class=\"fs0\"> </span>89<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">116</span><span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">520</span><span class=\"ff1 fs0\"> </span>311<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">209</span><span class=\"ff1 fs0\"> </span>13.2 Accantonamenti n<span class=\"_ _0\"></span>etti relativi ad al<span class=\"_ _0\"></span>tri impegni e altre garanzie<span class=\"_ _0\"></span> rilasciate: compo<span class=\"_ _0\"></span>sizione <span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>riguarda <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _2\"></span>impegni <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>altre <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>rilasciate, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>si <span class=\"_ _7\"> </span>rilevano <span class=\"_ _2\"></span>importi <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>31 dicembre 2022.<span class=\"fc5\"> </span>13.3 Accantonamenti n<span class=\"_ _0\"></span>etti agli altri fondi per ris<span class=\"_ _0\"></span>chi e oneri: comp<span class=\"_ _0\"></span>osizione<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span>Accantona<span class=\"_ _0\"></span>menti<span class=\"ff1 fs0\"> </span>Riattribu<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span>Accantona<span class=\"_ _0\"></span>menti netti<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span>Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi on<span class=\"_ _0\"></span>eri per con<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>roversie l<span class=\"_ _35\"></span>egali e fiscali<span class=\"fs0\"> </span>-<span class=\"ls25\">180</span><span class=\"fs0\"> </span>87<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">93</span><span class=\"fs0\"> </span>Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi on<span class=\"_ _0\"></span>eri diversi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>per il pers<span class=\"_ _0\"></span>onale<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>-<span class=\"fs0\"> </span>Accantona<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti ne<span class=\"_ _0\"></span>tti ai fondi ri<span class=\"_ _0\"></span>schi e oneri <span class=\"_ _35\"></span>diversi<span class=\"fs0\"> </span>-<span class=\"ls25\">325</span><span class=\"fs0\"> </span>278<span class=\"fs0 ls0\"> </span>-<span class=\"ls25\">47</span><span class=\"fs0\"> </span>Totale<span class=\"ff1 fs0\"> </span>-<span class=\"ls25\">505</span><span class=\"ff1 fs0\"> </span>365<span class=\"ff1 fs0 ls0\"> </span>-<span class=\"ls25\">140</span><span class=\"ff1 fs0\"> </span>La <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>\u201caccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>oneri\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>saldo <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>negativo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>140 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>accoglie <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>stanziamen<span class=\"_ _5\"></span><span class=\"ff1\">ti </span>dell'esercizio a front<span class=\"_ _0\"></span>e di controversie leg<span class=\"_ _0\"></span>ali e fiscali, nonch\u00e9 <span class=\"_ _0\"></span>altri rischi ed oneri, a<span class=\"_ _0\"></span>l netto delle riattribuzio<span class=\"_ _0\"></span>ni<span class=\"_ _2\"></span>. In <span class=\"_ _5\"></span>parti<span class=\"ff4\">colare, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>sottovoce <span class=\"_ _2\"></span>\u201cAccantonamenti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>etti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>oneri <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>controversie <span class=\"_ _2\"></span>legali <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fiscali\u201d <span class=\"_ _5\"></span>figurano <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stanziamenti </span>per <span class=\"ff4\">cause passive, i<span class=\"_ _0\"></span>ncluse le revocatori<span class=\"_ _0\"></span>e fallimentari e altri co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenziosi, al netto <span class=\"_ _0\"></span>dei rilasci dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1003": {
   "value": "SEZIONE 14 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 MATERIALI - VOCE 210<span class=\"ff1 fs0 fc0\"> </span>14.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette su attivit\u00e0 ma<span class=\"_ _0\"></span>teriali: composizion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span><span class=\"fff fs6 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re per deterio<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>amento Riprese d<span class=\"_ _0\"></span>i valore Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> A.1 Ad uso<span class=\"_ _0\"></span> funzionale<span class=\"_ _35\"></span> -<span class=\"ls25\">675</span> -7 - -<span class=\"ls25\">682</span> - Di propriet<span class=\"_ _0\"></span>\u00e0 -<span class=\"ls25\">368</span> -6 - -<span class=\"ls25\">374</span> - Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing -<span class=\"ls25\">307</span> -1 - -<span class=\"ls25\">308</span> A.2 Detenu<span class=\"_ _0\"></span>te a scopo <span class=\"_ _0\"></span>di investime<span class=\"_ _35\"></span>nto - -1 - -1 - Di propriet<span class=\"_ _0\"></span>\u00e0 - -1 - -1 - Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing - - - - A.3 Rimane<span class=\"_ _0\"></span>nze X <span class=\"ls0\"> </span>-<span class=\"ls25\">18</span> 1 -<span class=\"ls25\">17</span> B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita X <span class=\"ls0\"> </span>- - - Totale -<span class=\"ls25\">675</span> -<span class=\"ls25\">26</span> 1 -<span class=\"ls25\">700<span class=\"_ _90\"> </span></span>SEZIONE 15 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 IMMATERIALI - VOCE 220 15.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette di attivit\u00e0 imma<span class=\"_ _0\"></span>teriali: composizione <span class=\"fff fs9 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re per dete<span class=\"_ _0\"></span>rioramento Riprese d<span class=\"_ _0\"></span>i valore Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> immaterial<span class=\"_ _35\"></span>i di cui: sof<span class=\"_ _0\"></span>tware -<span class=\"ls25\">776</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">796</span> A.1 Di prop<span class=\"_ _0\"></span>riet\u00e0 -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> - Generate<span class=\"_ _0\"></span> internamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e dall'aziend<span class=\"_ _35\"></span>a -<span class=\"ls25\">684</span> -8 - -<span class=\"ls25\">692</span> - Altre -<span class=\"ls25\">280</span> -<span class=\"ls25\">12</span> - -<span class=\"ls25\">292</span> A.2 Diritti d'<span class=\"_ _0\"></span>uso acqui<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti con il<span class=\"_ _0\"></span> leasing - - - - B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita X - - - Totale -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>descrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>effettuazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>lative <span class=\"_ _3\"></span>rettifiche <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valore iscritte a <span class=\"_ _3\"></span>conto economico si <span class=\"_ _3\"></span>rimanda a <span class=\"_ _3\"></span>quanto esposto nella <span class=\"_ _3\"></span>\u201cParte B <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>Sezione 10 </span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>attivit\u00e0 immateriali\u201d della <span class=\"_ _3\"></span>presente Nota Integrativa. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-431.87036px;\"><div class=\"t m0 x0 h19 y207 ff5 fs9 fc2 sc0 ls0 ws0\">SEZIONE 17 <span class=\"ff6\">\u2013</span> UTILI (PERDITE) DELLE PARTECIPAZIONI - VOCE 250 </div><div class=\"t m0 x0 h2 y1013 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y414 ff5 fs0 fc2 sc0 ls0 ws0\">17.1 Utili (Perdite) de<span class=\"_ _0\"></span>lle partecipazioni: composizione </div><div class=\"t m0 x0 h61 y1290 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w430 h64\" style=\"left:450.93665px; bottom:500.2036px;\"><div class=\"t m0 x16d h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o)<span class=\"fs0\"> </span></div></div><div class=\"c w42f hbf\" style=\"left:-6.5463715px; bottom:476.17963px;\"><div class=\"t m0 x8 h2 y746 ff5 fs17 fc2 sc0 ls0 ws0\">Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Settori<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 hbf\" style=\"left:450.93665px; bottom:476.17963px;\"><div class=\"t m0 xc h2 y746 ff5 fs17 fc2 sc0 ls25 ws0\">2022<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 hbf\" style=\"left:537.0876px; bottom:476.17963px;\"><div class=\"t m0 xc h2 y746 ff5 fs17 fc2 sc0 ls25 ws0\">2021<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:456.67963px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1) Imprese<span class=\"_ _0\"></span> a contro<span class=\"_ _0\"></span>llo congiu<span class=\"_ _0\"></span>nto<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:437.17963px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A. Proventi<span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:437.17963px;\"><div class=\"t m0 x134 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3<span class=\"fs0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:437.17963px;\"><div class=\"t m0 xcc h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:421.57965px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. Rivalutaz<span class=\"_ _0\"></span>ioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:421.57965px;\"><div class=\"t m0 x134 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:421.57965px;\"><div class=\"t m0 xcc h4c y335 ff2 fs17 fc2 sc0 ls25 ws0\">12<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:405.9796px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. Utili da <span class=\"_ _0\"></span>cessione<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:405.9796px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:405.9796px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:390.37964px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3. Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:390.37964px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:390.37964px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:374.77966px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4. Altri pro<span class=\"_ _0\"></span>venti<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:374.77966px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:374.77966px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:355.27966px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B. Oneri<span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:355.27966px;\"><div class=\"t m0 x139 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">37</span><span class=\"fs0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:355.27966px;\"><div class=\"t m0 x122 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:339.67963px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. Svaluta<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:339.67963px;\"><div class=\"t m0 x139 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">29</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:339.67963px;\"><div class=\"t m0 x122 h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-3<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:324.07965px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. Rettifiche<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di valore<span class=\"_ _0\"></span> da deterioram<span class=\"_ _35\"></span>ento<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:324.07965px;\"><div class=\"t m0 x122 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-8<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:324.07965px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h44\" style=\"left:-6.5463715px; bottom:308.4406px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3. Perdite d<span class=\"_ _0\"></span>a cession<span class=\"_ _0\"></span>e<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h44\" style=\"left:450.93665px; bottom:308.4406px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h44\" style=\"left:537.0876px; bottom:308.4406px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:292.84064px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4. Altri oner<span class=\"_ _0\"></span>i<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:292.84064px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:292.84064px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:273.34064px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Risultat<span class=\"_ _0\"></span>o netto<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:273.34064px;\"><div class=\"t m0 x139 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">34</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:273.34064px;\"><div class=\"t m0 x134 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:253.84064px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Imprese<span class=\"_ _0\"></span> sottopost<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>a influe<span class=\"_ _0\"></span>nza n<span class=\"_ _0\"></span>otevole<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:234.34064px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A. Proventi<span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:234.34064px;\"><div class=\"t m0 x4a h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">350<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:234.34064px;\"><div class=\"t m0 x4a h2 y335 ff1 fs17 fc2 sc0 ls25 ws0\">229<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:218.74066px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. Rivalutaz<span class=\"_ _0\"></span>ioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:218.74066px;\"><div class=\"t m0 x4a h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">140<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:218.74066px;\"><div class=\"t m0 x4a h4c y335 ff2 fs17 fc2 sc0 ls25 ws0\">164<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:203.14062px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. Utili da <span class=\"_ _0\"></span>cessione<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:203.14062px;\"><div class=\"t m0 x4a h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">197<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:203.14062px;\"><div class=\"t m0 xcc h4c y335 ff2 fs17 fc2 sc0 ls25 ws0\">65<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:187.54065px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3. Riprese<span class=\"_ _0\"></span> di valore<span class=\"_ _0\"></span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:187.54065px;\"><div class=\"t m0 xcc h2 y335 ff2 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:187.54065px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:171.94061px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4. Altri pro<span class=\"_ _0\"></span>venti<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:171.94061px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:171.94061px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:152.44061px;\"><div class=\"t m0 x88 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B. Oneri<span class=\"_ _0\"></span><span class=\"fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:152.44061px;\"><div class=\"t m0 x139 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">84</span><span class=\"fs0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:152.44061px;\"><div class=\"t m0 x104 h2 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">100</span><span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:136.84064px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1. Svaluta<span class=\"_ _0\"></span>zioni<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:136.84064px;\"><div class=\"t m0 x139 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">40</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:136.84064px;\"><div class=\"t m0 x139 h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">58</span><span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:121.24066px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">2. Rettifiche<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>di valore<span class=\"_ _0\"></span> da deterioram<span class=\"_ _35\"></span>ento<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:121.24066px;\"><div class=\"t m0 x139 h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">44</span><span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:121.24066px;\"><div class=\"t m0 x139 h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">39</span><span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:105.640625px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">3. Perdite d<span class=\"_ _0\"></span>a cession<span class=\"_ _0\"></span>e<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:105.640625px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:105.640625px;\"><div class=\"t m0 x122 h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-3<span class=\"fs0\"> </span></div></div><div class=\"c w42f h42\" style=\"left:-6.5463715px; bottom:90.04065px;\"><div class=\"t m0 xe h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">4. Altri oner<span class=\"_ _0\"></span>i<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h42\" style=\"left:450.93665px; bottom:90.04065px;\"><div class=\"t m0 x4d h2 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w154 h42\" style=\"left:537.0876px; bottom:90.04065px;\"><div class=\"t m0 x4d h4c y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w42f h5e\" style=\"left:-6.5463715px; bottom:70.51465px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Risultat<span class=\"_ _0\"></span>o netto<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h5e\" style=\"left:450.93665px; bottom:70.51465px;\"><div class=\"t m0 x4a h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">266<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 h5e\" style=\"left:537.0876px; bottom:70.51465px;\"><div class=\"t m0 x4a h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">129<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w42f h47\" style=\"left:-6.5463715px; bottom:48.206635px;\"><div class=\"t m0 x8 h2 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w431 h47\" style=\"left:450.93665px; bottom:48.206635px;\"><div class=\"t m0 x4a h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">232<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w154 h47\" style=\"left:537.0876px; bottom:48.206635px;\"><div class=\"t m0 x4a h2 y335 ff5 fs17 fc2 sc0 ls25 ws0\">138<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-431.87036px;\"><div class=\"t m0 x0 h61 y87 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya57 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoposte <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>controllo <span class=\"_ _5\"></span>congiunto <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sottoposte <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>influenza <span class=\"_ _5\"></span>notevole <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>inclusi, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _5\"></span>\u201cRivalutazioni\u201d, <span class=\"_ _4\"> </span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y43e ff4 fs0 fc0 sc0 ls0 ws0\">proventi <span class=\"_ _4\"> </span>derivanti <span class=\"_ _7\"> </span>dalla <span class=\"_ _4\"> </span>valutazione <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>netto <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>riga <span class=\"_ _7\"> </span>\u201cSvalutazioni\u201d,<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>oneri  <span class=\"ff1\">derivanti <span class=\"_ _4\"> </span>dal<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>al </span></div><div class=\"t m0 x0 h2 ya58 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio netto d<span class=\"_ _0\"></span>elle partecipazioni s<span class=\"_ _0\"></span>tesse. </div><div class=\"t m0 x0 h2 ya59 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 ycab ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div>SEZIONE 19 <span class=\"ff6\">\u2013</span> RETTIFICHE DI VALORE DELL'AVVIAMENTO - VOCE 270 19.1 Rettifiche di v<span class=\"_ _0\"></span>alore dell'avviamento: <span class=\"_ _0\"></span>composizione I <span class=\"_ _4\"> </span>risultati <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"></span>verifiche <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>recuperabilit\u00e0 <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>avviamenti <span class=\"_ _4\"></span>iscritti <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>bilancio <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>hanno <span class=\"_ _16\"> </span>determinato <span class=\"_ _6\"></span>rettifiche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>per<span class=\"_ _0\"></span> l\u2019anno <span class=\"_ _17\"> </span>2022. <span class=\"_ _18\"> </span>Si <span class=\"_ _17\"> </span>rinvia <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>quanto <span class=\"_ _17\"> </span>illustrato <span class=\"_ _17\"> </span>nella <span class=\"_ _17\"> </span>parte <span class=\"_ _18\"> </span>A <span class=\"_ _1c\"> </span><span class=\"ff1\">- <span class=\"_ _1d\"> </span></span>Pol<span class=\"_ _3\"></span>itiche <span class=\"_ _17\"> </span>contabili <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>l\u2019approfondimento <span class=\"_ _17\"> </span>delle <span class=\"_ _18\"> </span>modalit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i determinazione delle p<span class=\"_ _0\"></span>erdite di valore dell\u2019a<span class=\"_ _0\"></span>vviamento.<span class=\"ff1\"> </span>Per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>descrizione <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>modalit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>effettu<span class=\"_ _3\"></span>azione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>impairment <span class=\"_ _5\"></span>test <span class=\"_ _5\"></span>sugli <span class=\"_ _6\"></span>avviamenti <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>rimanda <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>esposto <span class=\"_ _5\"></span>nella \u201cParte B \u2013<span class=\"ff1\"> Sezione 10 </span>\u2013<span class=\"ff1\"> </span>Attivit<span class=\"_ _0\"></span>\u00e0 immateriali\u201d della pre<span class=\"_ _0\"></span>sente Nota Integrati<span class=\"_ _0\"></span>va.<span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-970": {
   "value": "SEZIONE 14 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 MATERIALI - VOCE 210<span class=\"ff1 fs0 fc0\"> </span>14.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette su attivit\u00e0 ma<span class=\"_ _0\"></span>teriali: composizion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span><span class=\"fff fs6 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re per deterio<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>amento Riprese d<span class=\"_ _0\"></span>i valore Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> materiali<span class=\"_ _0\"></span> A.1 Ad uso<span class=\"_ _0\"></span> funzionale<span class=\"_ _35\"></span> -<span class=\"ls25\">675</span> -7 - -<span class=\"ls25\">682</span> - Di propriet<span class=\"_ _0\"></span>\u00e0 -<span class=\"ls25\">368</span> -6 - -<span class=\"ls25\">374</span> - Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing -<span class=\"ls25\">307</span> -1 - -<span class=\"ls25\">308</span> A.2 Detenu<span class=\"_ _0\"></span>te a scopo <span class=\"_ _0\"></span>di investime<span class=\"_ _35\"></span>nto - -1 - -1 - Di propriet<span class=\"_ _0\"></span>\u00e0 - -1 - -1 - Diritti d'us<span class=\"_ _0\"></span>o acqui<span class=\"_ _0\"></span>siti con il lea<span class=\"_ _0\"></span>sing - - - - A.3 Rimane<span class=\"_ _0\"></span>nze X <span class=\"ls0\"> </span>-<span class=\"ls25\">18</span> 1 -<span class=\"ls25\">17</span> B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita X <span class=\"ls0\"> </span>- - - Totale -<span class=\"ls25\">675</span> -<span class=\"ls25\">26</span> 1 -<span class=\"ls25\">700<span class=\"_ _90\"> </span></span>SEZIONE 15 <span class=\"ff6\">\u2013</span> RETTIFICHE/RIPRESE DI VALORE NETTE SU ATTIVIT\u00c0 IMMATERIALI - VOCE 220 15.1 Rettifiche di v<span class=\"_ _0\"></span>alore nette di attivit\u00e0 imma<span class=\"_ _0\"></span>teriali: composizione <span class=\"fff fs9 fc0\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Attivit\u00e0/<span class=\"_ _0\"></span>Componenti<span class=\"_ _0\"></span> redditua<span class=\"_ _0\"></span>li Ammortame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to Rettifiche<span class=\"_ _0\"></span> di valo<span class=\"_ _0\"></span>re per dete<span class=\"_ _0\"></span>rioramento Riprese d<span class=\"_ _0\"></span>i valore Risultat<span class=\"_ _0\"></span>o netto A. Attivit\u00e0<span class=\"_ _0\"></span> immaterial<span class=\"_ _35\"></span>i di cui: sof<span class=\"_ _0\"></span>tware -<span class=\"ls25\">776</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">796</span> A.1 Di prop<span class=\"_ _0\"></span>riet\u00e0 -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> - Generate<span class=\"_ _0\"></span> internamen<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e dall'aziend<span class=\"_ _35\"></span>a -<span class=\"ls25\">684</span> -8 - -<span class=\"ls25\">692</span> - Altre -<span class=\"ls25\">280</span> -<span class=\"ls25\">12</span> - -<span class=\"ls25\">292</span> A.2 Diritti d'<span class=\"_ _0\"></span>uso acqui<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>iti con il<span class=\"_ _0\"></span> leasing - - - - B. Attivit\u00e0<span class=\"_ _0\"></span> possedute<span class=\"_ _35\"></span> per la vendita X - - - Totale -<span class=\"ls25\">964</span> -<span class=\"ls25\">20</span> - -<span class=\"ls25\">984</span> Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>descrizione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>effettuazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _2\"></span>impairment <span class=\"_ _3\"></span>test <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>intangibili <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>lative <span class=\"_ _3\"></span>rettifiche <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>valore iscritte a <span class=\"_ _3\"></span>conto economico si <span class=\"_ _3\"></span>rimanda a <span class=\"_ _3\"></span>quanto esposto nella <span class=\"_ _3\"></span>\u201cParte B <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>Sezione 10 </span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>attivit\u00e0 immateriali\u201d della <span class=\"_ _3\"></span>presente Nota Integrativa.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-931": {
   "value": "SEZIONE 16 <span class=\"ff6\">\u2013</span> ALTRI ONERI E PROVENTI DI GESTIONE - VOCE 230 16.1 Altri oneri di ge<span class=\"_ _0\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>Valori Altri oneri<span class=\"_ _0\"></span> per operazion<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>di credit<span class=\"_ _0\"></span>o al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e lea<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ing 29<span class=\"ls0\"> </span>Ammortam<span class=\"_ _0\"></span>ento delle <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pese per <span class=\"_ _0\"></span>migliorie <span class=\"_ _0\"></span>su beni di te<span class=\"_ _35\"></span>rz<span class=\"_ _3\"></span>i 34<span class=\"ls0\"> </span>Altri oneri 373<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>436<span class=\"ls0\"> </span>Totale 2021<span class=\"ls0\"> </span>503<span class=\"ls0\"> </span>La sottovoce \u201cAltri o<span class=\"_ _0\"></span>neri\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>3 milioni al risultato <span class=\"_ _0\"></span>negativo su oro e <span class=\"_ _3\"></span><span class=\"ff1\">metalli preziosi. </span>16.2 Altri proventi di g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Valori Recupero<span class=\"_ _0\"></span> di spese 930<span class=\"ls0\"> </span>Attivit\u00e0 di <span class=\"_ _0\"></span>credito al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e le<span class=\"_ _35\"></span>as<span class=\"_ _3\"></span>ing 42<span class=\"ls0\"> </span>Fitti attivi e<span class=\"_ _0\"></span>d altri prov<span class=\"_ _0\"></span>enti da ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tione i<span class=\"_ _0\"></span>mmobiliare 34<span class=\"ls0\"> </span>Recuperi per<span class=\"_ _35\"></span> servizi resi a terzi<span class=\"_ _0\"></span> 23<span class=\"ls0\"> </span>Altri proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i 341<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>1.370 Totale 2021<span class=\"ls0\"> </span>1.483 La sottovoce \u201cAltri pro<span class=\"_ _0\"></span>venti\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>8 milioni al risultato <span class=\"_ _0\"></span>positivo su oro e meta<span class=\"_ _0\"></span>lli preziosi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _4\"></span>richiesto <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>paragrafo <span class=\"_ _6\"></span>116 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>) <span class=\"_ _4\"> </span><span class=\"ff4\">dell\u2019IFRS <span class=\"_ _4\"> </span>15, <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>performance <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>bligation<span class=\"_ _35\"></span> </span>adempiute negli anni<span class=\"_ _0\"></span> precedenti per un amm<span class=\"_ _0\"></span>ontare pari a 17 m<span class=\"_ _0\"></span>ilioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-971": {
   "value": "16.1 Altri oneri di ge<span class=\"_ _0\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>Valori Altri oneri<span class=\"_ _0\"></span> per operazion<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>di credit<span class=\"_ _0\"></span>o al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e lea<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ing 29<span class=\"ls0\"> </span>Ammortam<span class=\"_ _0\"></span>ento delle <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pese per <span class=\"_ _0\"></span>migliorie <span class=\"_ _0\"></span>su beni di te<span class=\"_ _35\"></span>rz<span class=\"_ _3\"></span>i 34<span class=\"ls0\"> </span>Altri oneri 373<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>436<span class=\"ls0\"> </span>Totale 2021<span class=\"ls0\"> </span>503<span class=\"ls0\"> </span>La sottovoce \u201cAltri o<span class=\"_ _0\"></span>neri\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>3 milioni al risultato <span class=\"_ _0\"></span>negativo su oro e <span class=\"_ _3\"></span><span class=\"ff1\">metalli preziosi. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1037": {
   "value": "16.1 Altri oneri di ge<span class=\"_ _0\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di spesa/<span class=\"_ _0\"></span>Valori Altri oneri<span class=\"_ _0\"></span> per operazion<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>di credit<span class=\"_ _0\"></span>o al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e lea<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ing 29<span class=\"ls0\"> </span>Ammortam<span class=\"_ _0\"></span>ento delle <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>pese per <span class=\"_ _0\"></span>migliorie <span class=\"_ _0\"></span>su beni di te<span class=\"_ _35\"></span>rz<span class=\"_ _3\"></span>i 34<span class=\"ls0\"> </span>Altri oneri 373<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>436<span class=\"ls0\"> </span>Totale 2021<span class=\"ls0\"> </span>503<span class=\"ls0\"> </span>La sottovoce \u201cAltri o<span class=\"_ _0\"></span>neri\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>3 milioni al risultato <span class=\"_ _0\"></span>negativo su oro e <span class=\"_ _3\"></span><span class=\"ff1\">metalli preziosi. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-972": {
   "value": "16.2 Altri proventi di g<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stione: composizione (milioni di eur<span class=\"_ _35\"></span>o) Compone<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti redditu<span class=\"_ _35\"></span>ali/Valori Recupero<span class=\"_ _0\"></span> di spese 930<span class=\"ls0\"> </span>Attivit\u00e0 di <span class=\"_ _0\"></span>credito al con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>umo e le<span class=\"_ _35\"></span>as<span class=\"_ _3\"></span>ing 42<span class=\"ls0\"> </span>Fitti attivi e<span class=\"_ _0\"></span>d altri prov<span class=\"_ _0\"></span>enti da ge<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tione i<span class=\"_ _0\"></span>mmobiliare 34<span class=\"ls0\"> </span>Recuperi per<span class=\"_ _35\"></span> servizi resi a terzi<span class=\"_ _0\"></span> 23<span class=\"ls0\"> </span>Altri proven<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i 341<span class=\"ls0\"> </span>Totale 2022<span class=\"ls0\"> </span>1.370 Totale 2021<span class=\"ls0\"> </span>1.483 La sottovoce \u201cAltri pro<span class=\"_ _0\"></span>venti\u201d \u00e8 relativa per 5<span class=\"_ _0\"></span>8 milioni al risultato <span class=\"_ _0\"></span>positivo su oro e meta<span class=\"_ _0\"></span>lli preziosi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Come <span class=\"_ _4\"></span>richiesto <span class=\"_ _6\"></span>dal <span class=\"_ _4\"></span>paragrafo <span class=\"_ _6\"></span>116 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>) <span class=\"_ _4\"> </span><span class=\"ff4\">dell\u2019IFRS <span class=\"_ _4\"> </span>15, <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>specifica <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>sono <span class=\"_ _6\"> </span>inclusi <span class=\"_ _4\"> </span>ricavi <span class=\"_ _6\"> </span>derivanti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>performance <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>bligation<span class=\"_ _35\"></span> </span>adempiute negli anni<span class=\"_ _0\"></span> precedenti per un amm<span class=\"_ _0\"></span>ontare pari a 17 m<span class=\"_ _0\"></span>ilioni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-973": {
   "value": "SEZIONE 21 \u2013 IMPOSTE SUL REDDITO DELL'ESERCIZIO DELL'OPERATIVIT\u00c0 CORRENTE - VOCE 300 21.1 Imposte sul reddito dell\u2019esercizio dell\u2019operativit\u00e0 corrente: composizione (milioni di euro) Componenti reddituali/Settori 2022 2021 1. Imposte correnti (-) -1.190 -888 2. Variazioni delle imposte correnti dei precedenti esercizi (+/-) 15 24 3. Riduzione delle imposte correnti dell'esercizio (+) 81 110 3. bis Riduzione delle imposte correnti dell'esercizio per crediti d'imposta di cui alla Legge n. 214/2011 (+) 851 1.254 4. Variazione delle imposte anticipate (+/-) -1.136 -2.143 5. Variazione delle imposte differite (+/-) -251 505 6. Imposte di competenza dell'esercizio (-) (-1+/-2+3+3bis+/-4+/-5) -1.630 -1.138 La  riduzione  delle  imposte  correnti  dell\u2019esercizio,  valorizzata  per  851  milioni,  evidenzia,  cos\u00ec  come  richiesto  dalla  Lettera \u201cRoneata\u201d di Banca d\u2019Italia del 7 agosto 2012, la trasformazione in crediti verso l\u2019Erario delle imposte differite attive di cui alla Legge  n.  214/2011  per  effetto  della  perdita  fiscale  di  Intesa  Sanpaolo  in  relazione  all\u2019esercizio  2021.  Tale  effetto  \u00e8 interamente compensato dal  corrispondente decremento della  voce  Variazione delle  imposte  anticipate  con  conseguente impatto nullo sul Conto economico. 21.2 Riconciliazione tra onere fiscale teorico e onere fiscale effettivo di bilancio  (milioni di euro) 2022 2021 Utile (perdita) della operativit\u00e0 corrente al lordo delle imposte  6.007 5.181 Utile (perdita) delle attivit\u00e0 operative cessate al lordo delle imposte - - Utile imponibile teorico 6.007 5.181 Imposte (a) Incidenza % su utile imponibile teorico Imposte sul reddito - onere fiscale teorico (b) 1.986 33,1 Variazioni in aumento delle imposte 358 6,0 Altri costi indeducibili 299 5,0 Altre  59 1,0 Variazioni in diminuzione delle imposte -714 -11,9 Effetti della participation exemption  -68 -1,1 Effetti delle minori aliquote societ\u00e0 estere  -291 -4,9 Altre  -355 -5,9 Totale variazioni delle imposte -356 -5,9 Onere fiscale effettivo di bilancio 1.630 27,2 di cui:  - onere (provento) fiscale effettivo sull'operativit\u00e0 corrente 1.630 27,2              - onere (provento) fiscale effettivo sulle attivit\u00e0 operative                 cessate - - (a) L\u2019onere fiscale \u00e8 indicato con segno positivo e il provento fiscale con segno negativo. (b) Comprende l'aliquota IRES ordinaria 24%, l'addizionale IRES 3,5% e l'aliquota media ponderata IRAP 5,56%. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-974": {
   "value": "SEZIONE 25 <span class=\"ff6\">\u2013</span> UTILE PER AZIONE Utile per azione               <span class=\"_ _0\"></span>Azioni ordi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>arie 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Media pond<span class=\"_ _0\"></span>erata azioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(numero)<span class=\"_ _0\"></span> 19.315.541<span class=\"_ _0\"></span>.610 19.377.549<span class=\"_ _0\"></span>.407 Risultato at<span class=\"_ _0\"></span>tribuibile a<span class=\"_ _0\"></span>lle diverse<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>categorie<span class=\"_ _35\"></span> di azioni (milioni<span class=\"_ _0\"></span> di euro) 4.354 4.185 Utile base<span class=\"_ _0\"></span> per azione <span class=\"_ _0\"></span>(basic EPS)<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(euro)<span class=\"_ _0\"></span> 0,23 0,22 Utile diluito<span class=\"_ _0\"></span> per azione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(diluted EPS)<span class=\"_ _35\"></span> (euro) 0,23 0,22 25.1 Numero medio delle a<span class=\"_ _0\"></span>zioni ordinarie a c<span class=\"_ _0\"></span>apitale diluito Per <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>informazioni <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>questa <span class=\"_ _5\"></span>sezione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>rimanda <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>esposto <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>Relazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>sull\u2019andamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>ai capitoli \u201cL\u2019azionari<span class=\"_ _0\"></span>ato\u201d e \u201cL\u2019andamento d<span class=\"_ _0\"></span>el titolo\u201d.<span class=\"ff1\"> </span>25.2 Altre informazioni Non si segnalano ult<span class=\"_ _0\"></span>eriori informazioni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-975": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-308.4801px;\"><div class=\"t m0 x0 h199 y1684 ff5 fs23 fc2 sc0 ls0 ws0\">SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"_ _0\"></span>RISCHI DE<span class=\"_ _0\"></span>L CONSOLI<span class=\"_ _0\"></span>DATO CONTA<span class=\"_ _35\"></span>BILE<span class=\"_ _3\"></span><span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 y1685 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1686 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1687 ff1 fs0 fc0 sc0 ls0 ws0\">Nella presente Sezion<span class=\"_ _0\"></span>e le informazioni son<span class=\"_ _0\"></span>o fornite con riferim<span class=\"_ _0\"></span>ento alle imprese inc<span class=\"_ _0\"></span>luse nel consolid<span class=\"_ _0\"></span>ato contabile.<span class=\"_ _2\"></span><span class=\"fsa\"> </span> </div><div class=\"t m0 x0 h2 yb30 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y20b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y155a ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 ya9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y287 ff5 fs6 fc2 sc0 ls4e ws0\">A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span><span class=\"ff6\">QUALITA\u2019 DEL CREDITO<span class=\"_ _3\"></span></span><span class=\"fc0\"> </span></span></div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">Ai fini dell\u2019informativa di natura quantitativa sulla qualit\u00e0 del credito, con il t<span class=\"_ _3\"></span>ermine \u201cesposizioni creditizie\u201d si intendo<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>esclusi i </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">titoli di capitale e le q<span class=\"_ _0\"></span>uote di OICR. </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 ya45 ff5 fs12 fc2 sc0 ls0 ws0\">A.1.  Esposizioni  creditizie  deteriorate  e  non  de<span class=\"_ _3\"></span>teriorate:  consistenze,  rettifi<span class=\"_ _3\"></span>che  di  valore,  dinamica, </div><div class=\"t m0 xf4 h57 y88a ff5 fs12 fc2 sc0 ls0 ws0\">distribuzione economica </div><div class=\"t m0 x0 h2 y261 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y262 ffa fs0 fc2 sc0 ls0 ws0\">A.1.1. Distribuzione de<span class=\"_ _0\"></span>lle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie per portafogli di <span class=\"_ _0\"></span>appartenenza e per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia <span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h95 y263 ffa fs0 fc2 sc0 ls0 ws0\">(valori di bilancio) - <span class=\"ff2\">Escluse <span class=\"_ _0\"></span>compagnie assicurativ<span class=\"_ _0\"></span>e<span class=\"ffa fc0\"> </span></span></div><div class=\"t m0 x0 h2 y383 ff1 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w2c3 h83\" style=\"left:515.87164px; bottom:439.51392px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w459 h14d\" style=\"left:-4.050377px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Portafogli/qualit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w45b h14d\" style=\"left:272.9146px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Sofferenze </div></div><div class=\"c w296 h14d\" style=\"left:327.67062px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Inadempienze </div><div class=\"t m0 x94 ha y9f9 ff5 fs4 fc2 sc0 ls0 ws0\">probabili </div></div><div class=\"c w45c h14d\" style=\"left:397.58463px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Esposizioni </div><div class=\"t m0 x14 ha y9f9 ff5 fs4 fc2 sc0 ls0 ws0\">scadute </div><div class=\"t m0 x8 ha y810 ff5 fs4 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w3bc h14d\" style=\"left:456.2406px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Esposizioni </div><div class=\"t m0 x14 ha y9f9 ff5 fs4 fc2 sc0 ls0 ws0\">scadute </div><div class=\"t m0 xf ha y810 ff5 fs4 fc2 sc0 ls0 ws0\">non </div><div class=\"t m0 x45 ha y85a ff5 fs4 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w49 h14d\" style=\"left:515.87164px; bottom:380.9749px;\"><div class=\"t m0 x13 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">Altre </div><div class=\"t m0 x41 ha y9f9 ff5 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 xb8 ha y810 ff5 fs4 fc2 sc0 ls0 ws0\">non </div><div class=\"t m0 x8 ha y85a ff5 fs4 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c wdb h14d\" style=\"left:574.8396px; bottom:380.9749px;\"><div class=\"t m0 x41 ha y9f8 ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w45d h41\" style=\"left:-4.050377px; bottom:364.4389px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato<span class=\"_ _3\"></span> </div></div><div class=\"c w45b h41\" style=\"left:272.9146px; bottom:364.4389px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.131 </div></div><div class=\"c w296 h41\" style=\"left:327.67062px; bottom:364.4389px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.963 </div></div><div class=\"c w45c h41\" style=\"left:397.58463px; bottom:364.4389px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">413<span class=\"ls0\"> </span></div></div><div class=\"c w3bc h41\" style=\"left:456.2406px; bottom:364.4389px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.550 </div></div><div class=\"c w49 h41\" style=\"left:515.87164px; bottom:364.4389px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">519.021 </div></div><div class=\"c wdb h41\" style=\"left:574.8396px; bottom:364.4389px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">528.078 </div></div><div class=\"c w45d h8c\" style=\"left:-4.050377px; bottom:339.01093px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatt<span class=\"_ _3\"></span>o sulla </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">redditivit\u00e0 complessiv<span class=\"_ _3\"></span>a </div></div><div class=\"c w45b h8c\" style=\"left:272.9146px; bottom:339.01093px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w296 h8c\" style=\"left:327.67062px; bottom:339.01093px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45c h8c\" style=\"left:397.58463px; bottom:339.01093px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h8c\" style=\"left:456.2406px; bottom:339.01093px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">94<span class=\"ls0\"> </span></div></div><div class=\"c w49 h8c\" style=\"left:515.87164px; bottom:339.01093px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">48.274 </div></div><div class=\"c wdb h8c\" style=\"left:574.8396px; bottom:339.01093px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">48.368 </div></div><div class=\"c w45d h41\" style=\"left:-4.050377px; bottom:322.4749px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie designate al f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span> </div></div><div class=\"c w45b h41\" style=\"left:272.9146px; bottom:322.4749px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w296 h41\" style=\"left:327.67062px; bottom:322.4749px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45c h41\" style=\"left:397.58463px; bottom:322.4749px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h41\" style=\"left:456.2406px; bottom:322.4749px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w49 h41\" style=\"left:515.87164px; bottom:322.4749px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wdb h41\" style=\"left:574.8396px; bottom:322.4749px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w45d h41\" style=\"left:-4.050377px; bottom:305.9389px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4. Altre attivit\u00e0 finan<span class=\"_ _3\"></span>ziarie obbligat<span class=\"_ _3\"></span>oriamente valutate <span class=\"_ _3\"></span>al fair value<span class=\"_ _3\"></span> </div></div><div class=\"c w45b h41\" style=\"left:272.9146px; bottom:305.9389px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w296 h41\" style=\"left:327.67062px; bottom:305.9389px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">33<span class=\"ls0\"> </span></div></div><div class=\"c w45c h41\" style=\"left:397.58463px; bottom:305.9389px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h41\" style=\"left:456.2406px; bottom:305.9389px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w49 h41\" style=\"left:515.87164px; bottom:305.9389px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">971<span class=\"ls0\"> </span></div></div><div class=\"c wdb h41\" style=\"left:574.8396px; bottom:305.9389px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.133 </div></div><div class=\"c w45d h41\" style=\"left:-4.050377px; bottom:289.4029px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie in corso di dism<span class=\"_ _3\"></span>issione<span class=\"_ _3\"></span> </div></div><div class=\"c w45b h41\" style=\"left:272.9146px; bottom:289.4029px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w296 h41\" style=\"left:327.67062px; bottom:289.4029px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">312<span class=\"ls0\"> </span></div></div><div class=\"c w45c h41\" style=\"left:397.58463px; bottom:289.4029px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3bc h41\" style=\"left:456.2406px; bottom:289.4029px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w49 h41\" style=\"left:515.87164px; bottom:289.4029px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c wdb h41\" style=\"left:574.8396px; bottom:289.4029px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">368<span class=\"ls0\"> </span></div></div><div class=\"c w459 h47\" style=\"left:-4.050377px; bottom:269.9029px;\"><div class=\"t m0 x1c1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w45a h47\" style=\"left:217.06662px; bottom:269.9029px;\"><div class=\"t m0 x41 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w45b h47\" style=\"left:272.9146px; bottom:269.9029px;\"><div class=\"t m0 x96 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">1.177 </div></div><div class=\"c w296 h47\" style=\"left:327.67062px; bottom:269.9029px;\"><div class=\"t m0 xd9 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">4.308 </div></div><div class=\"c w45c h47\" style=\"left:397.58463px; bottom:269.9029px;\"><div class=\"t m0 x99 ha y96e ff5 fs4 fc2 sc0 ls1b ws0\">413<span class=\"ls0\"> </span></div></div><div class=\"c w3bc h47\" style=\"left:456.2406px; bottom:269.9029px;\"><div class=\"t m0 xd1 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">3.773 </div></div><div class=\"c w49 h47\" style=\"left:515.87164px; bottom:269.9029px;\"><div class=\"t m0 x88 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">568.277 </div></div><div class=\"c wdb h47\" style=\"left:574.8396px; bottom:269.9029px;\"><div class=\"t m0 x8 ha y96e ff5 fs4 fc2 sc0 ls0 ws0\">577.948 </div></div><div class=\"c w459 h42\" style=\"left:-4.050377px; bottom:252.2749px;\"><div class=\"t m0 x1c1 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w45a h42\" style=\"left:217.06662px; bottom:252.2749px;\"><div class=\"t m0 x41 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w45b h42\" style=\"left:272.9146px; bottom:252.2749px;\"><div class=\"t m0 x96 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">2.564 </div></div><div class=\"c w296 h42\" style=\"left:327.67062px; bottom:252.2749px;\"><div class=\"t m0 xd9 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">5.164 </div></div><div class=\"c w45c h42\" style=\"left:397.58463px; bottom:252.2749px;\"><div class=\"t m0 x99 ha y1468 ff5 fs4 fc2 sc0 ls1b ws0\">622<span class=\"ls0\"> </span></div></div><div class=\"c w3bc h42\" style=\"left:456.2406px; bottom:252.2749px;\"><div class=\"t m0 xd1 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">6.053 </div></div><div class=\"c w49 h42\" style=\"left:515.87164px; bottom:252.2749px;\"><div class=\"t m0 x88 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">721.224 </div></div><div class=\"c wdb h42\" style=\"left:574.8396px; bottom:252.2749px;\"><div class=\"t m0 x8 ha y1468 ff5 fs4 fc2 sc0 ls0 ws0\">735.627 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-308.4801px;\"><div class=\"t m0 x0 h61 y168a ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y29a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yd56 ffa fs0 fc2 sc0 ls0 ws0\">A.1.1 Bis. Distribuzion<span class=\"_ _0\"></span>e delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie per portafog<span class=\"_ _0\"></span>li di appartenenza e per q<span class=\"_ _0\"></span>ualit\u00e0 creditizia<span class=\"_ _3\"></span> </div><div class=\"t m0 x2a h95 y7a1 ffa fs0 fc2 sc0 ls0 ws0\">(valori di bilancio) - <span class=\"ff2\">Comp<span class=\"_ _0\"></span>agnie<span class=\"ffa\"> </span>assicurative </span></div><div class=\"t m0 x0 h2 ye0e ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w461 h43\" style=\"left:496.9956px; bottom:175.49689px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w45e h45\" style=\"left:-4.050377px; bottom:130.56891px;\"><div class=\"t m0 x41 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Portafogli<span class=\"_ _0\"></span>/qualit\u00e0<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h45\" style=\"left:222.3706px; bottom:130.56891px;\"><div class=\"t m0 x87 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Sofferenze </div></div><div class=\"c w460 h45\" style=\"left:289.45062px; bottom:130.56891px;\"><div class=\"t m0 x41 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Inademp<span class=\"_ _0\"></span>ienze </div><div class=\"t m0 x9a h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">probabili </div></div><div class=\"c w304 h45\" style=\"left:362.79663px; bottom:130.56891px;\"><div class=\"t m0 x8 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x94 h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">scadute </div><div class=\"t m0 x1a h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _35\"></span> </div></div><div class=\"c wce h45\" style=\"left:429.87665px; bottom:130.56891px;\"><div class=\"t m0 x8 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x41 h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">scadute n<span class=\"_ _0\"></span>on </div><div class=\"t m0 x1a h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h45\" style=\"left:496.9956px; bottom:130.56891px;\"><div class=\"t m0 x8 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 xd h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">non </div><div class=\"t m0 x1a h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _35\"></span> </div></div><div class=\"c w10a h45\" style=\"left:563.4516px; bottom:130.56891px;\"><div class=\"t m0 x87 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w462 h41\" style=\"left:-4.050377px; bottom:114.0329px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita </div></div><div class=\"c w304 h41\" style=\"left:222.3706px; bottom:114.0329px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h41\" style=\"left:289.45062px; bottom:114.0329px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:362.79663px; bottom:114.0329px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h41\" style=\"left:429.87665px; bottom:114.0329px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:496.9956px; bottom:114.0329px;\"><div class=\"t m0 xd1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">71.084 </div></div><div class=\"c w10a h41\" style=\"left:563.4516px; bottom:114.0329px;\"><div class=\"t m0 x88 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">71.084 </div></div><div class=\"c w462 h41\" style=\"left:-4.050377px; bottom:97.49689px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie det<span class=\"_ _35\"></span>enute sino alla scaden<span class=\"_ _35\"></span>za </div></div><div class=\"c w304 h41\" style=\"left:222.3706px; bottom:97.49689px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h41\" style=\"left:289.45062px; bottom:97.49689px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:362.79663px; bottom:97.49689px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h41\" style=\"left:429.87665px; bottom:97.49689px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:496.9956px; bottom:97.49689px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h41\" style=\"left:563.4516px; bottom:97.49689px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w462 h6a\" style=\"left:-4.050377px; bottom:80.8049px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h6a\" style=\"left:222.3706px; bottom:80.8049px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h6a\" style=\"left:289.45062px; bottom:80.8049px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h6a\" style=\"left:362.79663px; bottom:80.8049px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h6a\" style=\"left:429.87665px; bottom:80.8049px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h6a\" style=\"left:496.9956px; bottom:80.8049px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w10a h6a\" style=\"left:563.4516px; bottom:80.8049px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w462 h41\" style=\"left:-4.050377px; bottom:64.26889px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span> </div></div><div class=\"c w304 h41\" style=\"left:222.3706px; bottom:64.26889px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h41\" style=\"left:289.45062px; bottom:64.26889px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:362.79663px; bottom:64.26889px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h41\" style=\"left:429.87665px; bottom:64.26889px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:496.9956px; bottom:64.26889px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w10a h41\" style=\"left:563.4516px; bottom:64.26889px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w462 h41\" style=\"left:-4.050377px; bottom:47.73291px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h41\" style=\"left:222.3706px; bottom:47.73291px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h41\" style=\"left:289.45062px; bottom:47.73291px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:362.79663px; bottom:47.73291px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h41\" style=\"left:429.87665px; bottom:47.73291px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:496.9956px; bottom:47.73291px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.176 </div></div><div class=\"c w10a h41\" style=\"left:563.4516px; bottom:47.73291px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.176 </div></div><div class=\"c w462 h41\" style=\"left:-4.050377px; bottom:31.1969px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie i<span class=\"_ _0\"></span>n corso di<span class=\"_ _0\"></span> dismissione </div></div><div class=\"c w304 h41\" style=\"left:222.3706px; bottom:31.1969px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h41\" style=\"left:289.45062px; bottom:31.1969px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:362.79663px; bottom:31.1969px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h41\" style=\"left:429.87665px; bottom:31.1969px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h41\" style=\"left:496.9956px; bottom:31.1969px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10a h41\" style=\"left:563.4516px; bottom:31.1969px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45e h42\" style=\"left:-4.050377px; bottom:15.596893px;\"><div class=\"t m0 x125 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w45f h42\" style=\"left:156.18762px; bottom:15.596893px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h42\" style=\"left:222.3706px; bottom:15.596893px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h42\" style=\"left:289.45062px; bottom:15.596893px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h42\" style=\"left:362.79663px; bottom:15.596893px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h42\" style=\"left:429.87665px; bottom:15.596893px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h42\" style=\"left:496.9956px; bottom:15.596893px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">76.340 </div></div><div class=\"c w10a h42\" style=\"left:563.4516px; bottom:15.596893px;\"><div class=\"t m0 x88 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">76.340 </div></div><div class=\"c w45e h1d\" style=\"left:-4.050377px; bottom:-0.003112793px;\"><div class=\"t m0 x125 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w45f h1d\" style=\"left:156.18762px; bottom:-0.003112793px;\"><div class=\"t m0 x12 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w304 h1d\" style=\"left:222.3706px; bottom:-0.003112793px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w460 h1d\" style=\"left:289.45062px; bottom:-0.003112793px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h1d\" style=\"left:362.79663px; bottom:-0.003112793px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wce h1d\" style=\"left:429.87665px; bottom:-0.003112793px;\"><div class=\"t m0 x104 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w304 h1d\" style=\"left:496.9956px; bottom:-0.003112793px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">94.157 </div></div><div class=\"c w10a h1d\" style=\"left:563.4516px; bottom:-0.003112793px;\"><div class=\"t m0 x88 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">94.157<span class=\"_ _90\"> </span> </div></div>A.1.2. Distribuzione de<span class=\"_ _0\"></span>lle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie per portafogli di <span class=\"_ _0\"></span>appartenenza e per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia <span class=\"_ _3\"></span> (valori lordi e netti) <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e compagnie assicurati<span class=\"_ _0\"></span>ve </span>(milioni di euro) Portafogli/qualit\u00e0  ATTIVITA' DETERIORATE ATTIVITA' NON DETERIORATE TOTALE (esposizione netta) Esposizione lorda Rettifiche di valore complessive Esposizione netta Write-off parziali complessivi Esposizione lorda Rettifiche di valore complessive Esposizione netta 1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 10.729 -5.222 5.507 3.081 525.258 -2.687 522.571 528.078 2. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 36<span class=\"ls0\"> </span>-<span class=\"ls1c\">36</span> - - 48.449 -<span class=\"ls1c\">81</span> 48.368 48.368 3. Attivit\u00e0 finanziarie designate al fair value - - - - X X 1 1 4. Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value 45<span class=\"ls0\"> </span>-<span class=\"ls1c\">12</span> 33<span class=\"ls0\"> </span>- X X 1.100 1.133 5. Attivit\u00e0 finanziarie in corso di dismissione 744<span class=\"ls0\"> </span>-<span class=\"ls1c\">386</span> 358<span class=\"ls0\"> </span>1 10<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>368<span class=\"ls0\"> </span>Totale 31.12.2022 11.554 -5.656 5.898 3.082 573.717 -2.768 572.050 577.948 Totale 31.12.2021 19.944 -11.594 8.350 7.158 728.675 -2.606 727.277 735.627 (milioni di eur<span class=\"_ _35\"></span>o) Portafogli<span class=\"_ _0\"></span>/qualit\u00e0<span class=\"_ _0\"></span> ATTIVIT<span class=\"_ _0\"></span>\u00c0 DI EVIDE<span class=\"_ _35\"></span>NTE SCARSA QUA<span class=\"_ _0\"></span>LIT\u00c0 CRE<span class=\"_ _35\"></span>D<span class=\"_ _3\"></span>ITIZIA ALTRE AT<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>IVIT\u00c0 Minusva<span class=\"_ _0\"></span>lenze cum<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>late Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la negoziazion<span class=\"_ _0\"></span>e -<span class=\"ls25\">27</span> 22<span class=\"ls0\"> </span>41.328 2. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - - 10.062 Totale 31.12.2022 -<span class=\"ls25\">27</span> 22<span class=\"ls0\"> </span>51.390 Totale 31.12.2021 -<span class=\"ls25\">26</span> 34<span class=\"ls0\"> </span>48.047 A.1.2. Bis Distribuzion<span class=\"_ _0\"></span>e delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie per portafog<span class=\"_ _0\"></span>li di appartenenza e per q<span class=\"_ _0\"></span>ualit\u00e0 creditizia  (valori lordi e netti) <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Com<span class=\"_ _0\"></span>pagnie assicurative  </span>(milioni di euro)<span class=\"ls0\"> </span>Portafogli / Qualit\u00e0<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Attivit\u00e0 deterior<span class=\"_ _3\"></span>ate Attivit\u00e0 non de<span class=\"_ _3\"></span>teriorate<span class=\"_ _3\"></span> Totale (esposizione netta) Esposizione lorda Rettifiche specifiche Esposizione netta Esposizione lorda Rettifiche di portafoglio Esposizione netta 1. Attivit\u00e0 finanziarie disponi<span class=\"_ _3\"></span>bili per la vend<span class=\"_ _3\"></span>ita<span class=\"ls0\"> </span>- - - 71.084 - 71.084 71.084 2. <span class=\"ls29\">Attivit\u00e0 finanziarie detenu<span class=\"_ _3\"></span>te sino alla scadenza<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - - 3. Crediti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>4. Crediti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>5. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - X X 5.176 5.176 6. Attivit\u00e0 finanziarie in <span class=\"ls0\">corso<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>- - - - - - - Totale 31.12.2022 - - - 71.164 - 76.340 76.340 Totale 31.12.2021 - - - 88.625 - 94.157 94.157 (milioni di euro)<span class=\"_ _3\"></span> Portafogli / Qualit<span class=\"_ _3\"></span>\u00e0 Attivit\u00e0 di evident<span class=\"_ _3\"></span>e scarsa quali<span class=\"_ _3\"></span>t\u00e0 creditizia Altre attivit\u00e0 Minusvalenze cumulate Esposizione netta Esposizione netta 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute per la<span class=\"_ _3\"></span> negoziazion<span class=\"_ _3\"></span>e - - 759<span class=\"ls0\"> </span>2. Derivati di coper<span class=\"_ _3\"></span>tura - - 13<span class=\"ls0\"> </span>Totale 31.12.2022 - - 772<span class=\"ls0\"> </span>Totale 31.12.2021 - - 1.147 <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-101.29065px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls4e ws0\">B.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>INFORMATIVA <span class=\"_ _32\"> </span>S<span class=\"_ _3\"></span>ULLE <span class=\"_ _2c\"> </span>ENTIT\u00c0 <span class=\"_ _2c\"> </span><span class=\"ff6\">STRUTT<span class=\"_ _3\"></span>URATE <span class=\"_ _2c\"> </span>(DIVERS<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>DALL<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>SOCIETA\u2019 <span class=\"_ _2c\"> </span>PER <span class=\"_ _2c\"> </span>LA </span></span></div><div class=\"t m0 x2a he y1691 ff5 fs6 fc2 sc0 ls0 ws0\">CARTOLARIZZAZIONE)<span class=\"_ _3\"></span><span class=\"fc0\"> </span></div><div class=\"t m0 x0 h2 y1692 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y956 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>coerentemente con <span class=\"_ _2\"></span>quanto stabilito <span class=\"_ _3\"></span>dall\u2019IFRS 12, <span class=\"_ _3\"></span>considera <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>strutturate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>costituite per <span class=\"_ _3\"></span>raggiungere<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">un </span></span></div><div class=\"t m0 x0 h2 y1d0 ff1 fs0 fc0 sc0 ls0 ws0\">obiettivo limitato <span class=\"_ _3\"></span>e ben <span class=\"_ _3\"></span>definito attraverso <span class=\"_ _3\"></span>accordi contrattual<span class=\"_ _2\"></span>i che s<span class=\"_ _3\"></span>pesso impongono <span class=\"_ _3\"></span>rigidi vincoli <span class=\"_ _3\"></span>alle facolt\u00e0 <span class=\"_ _3\"></span>decisionali degli </div><div class=\"t m0 x0 h2 ya40 ff4 fs0 fc0 sc0 ls0 ws0\">organi <span class=\"_ _2\"></span>direttivi <span class=\"_ _2\"></span>dell\u2019entit\u00e0; <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigurate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>diritti <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _6\"> </span><span class=\"ff1\">imilari, <span class=\"_ _2\"></span>non </span></div><div class=\"t m0 x0 h2 y1693 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentano il fattore pr<span class=\"_ _0\"></span>eponderante per stabil<span class=\"ff4\">ire il soggetto che controlla l\u2019entit\u00e0, in qua<span class=\"_ _0\"></span>nto si riferiscono a mat<span class=\"_ _0\"></span>erie di natura </span></div><div class=\"t m0 x0 h2 ya62 ff1 fs0 fc0 sc0 ls0 ws0\">amministrativa, <span class=\"_ _1c\"> </span>mentre <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>relative <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>operative <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>dirette <span class=\"_ _20\"> </span>media<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>accordi <span class=\"_ _1c\"> </span>contrattuali <span class=\"_ _1c\"> </span>condivisi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 ybcf ff4 fs0 fc0 sc0 ls0 ws0\">strutturazione dell\u2019entit\u00e0 strutturata e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>difficil<span class=\"_ _3\"></span><span class=\"ff1\">mente possono e<span class=\"_ _3\"></span>ssere modificati; tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche che contraddistinguono </span></div><div class=\"t m0 x0 h2 y69c ff1 fs0 fc0 sc0 ls0 ws0\">le entit\u00e0 strutturate vi s<span class=\"_ _0\"></span>ono: </div><div class=\"t m0 x0 h2 y69d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>attivit\u00e0 limitate; </span></div><div class=\"t m0 x0 h2 y69e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>un obiettivo limitato <span class=\"_ _0\"></span>e ben definito; </span></div><div class=\"t m0 x0 h2 y69f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">patrimonio netto insufficiente<span class=\"_ _0\"></span> per consentire all\u2019entit\u00e0 strutturata di <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>inanziare le proprie attivit\u00e0 senza sostegno<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finanziario </span></span></span></div><div class=\"t m0 x2a h2 y5f9 ff1 fs0 fc0 sc0 ls0 ws0\">subordinato. </div><div class=\"t m0 x62 h2 y6a0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a1 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>strutturate <span class=\"_ _4\"> </span>pr<span class=\"_ _3\"></span>incipalmente <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Special <span class=\"_ _4\"> </span>Purpose <span class=\"_ _4\"> </span>Entities <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>SPEs) <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y6a2 ff1 fs0 fc0 sc0 ls0 ws0\">OICR. </div><div class=\"t m0 x0 h57 y1694 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1695 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y815 ff5 fs12 fc2 sc0 ls0 ws0\">B.1. Entit\u00e0 strutturate consolidate<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y586 ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _2\"></span>consolidate <span class=\"_ _5\"></span>contabilmente, <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione, <span class=\"_ _5\"></span>rientranti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>perimetro </div><div class=\"t m0 x0 h2 y1560 ff1 fs0 fc0 sc0 ls0 ws0\">del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. </div><div class=\"t m0 x0 h2 y1439 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1e2 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1229 ff5 fs12 fc2 sc0 ls0 ws0\">B.2. Entit\u00e0 strutturate non consolidate co<span class=\"_ _3\"></span>ntabilmente <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e3 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ya1c ffa fs0 fc2 sc0 ls0 ws0\">B.2.1. Entit\u00e0 struttur<span class=\"_ _0\"></span>ate consolidate prudenzialmente </div><div class=\"t m0 x0 h2 ya1d ff1 fs0 fc0 sc0 ls0 ws0\">Non risultano <span class=\"_ _3\"></span>entit\u00e0 strutturate consolidate prudenzialmente, diverse dalle societ\u00e0 d<span class=\"_ _3\"></span>i cartolarizzazione, rientranti nel peri<span class=\"_ _5\"></span>metro </div><div class=\"t m0 x0 h2 ya1e ff1 fs0 fc0 sc0 ls0 ws0\">del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. </div><div class=\"t m0 x0 h2 ya4c ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ya4d ffa fs0 fc2 sc0 ls0 ws0\">B.2.2. Altre entit\u00e0 strut<span class=\"_ _0\"></span>turate  </div><div class=\"t m0 x0 h2 y24c ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya4f ff5 fs0 fc2 sc0 ls0 ws0\">Informativa di natura qu<span class=\"_ _0\"></span>alitativa<span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 yd2c ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _5\"></span>strutturate <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>svolge <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>SPEs. <span class=\"_ _2\"></span>A<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ya51 ff1 fs0 fc0 sc0 ls0 ws0\">tale fine, per SPEs si i<span class=\"_ _0\"></span>ntendono le entit\u00e0 leg<span class=\"_ _0\"></span>ali costituite pe<span class=\"_ _0\"></span>r il raggiungiment<span class=\"_ _0\"></span>o di uno specifico o<span class=\"_ _0\"></span>biettivo, ben <span class=\"_ _2\"></span>definito e limitato: </div><div class=\"t m0 x0 h2 y12f6 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>raccogliere fondi sul m<span class=\"_ _0\"></span>ercato emettendo apposi<span class=\"_ _0\"></span>ti strumenti fina<span class=\"_ _0\"></span>nziari;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ya53 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">sviluppare e/o finanziare una s<span class=\"_ _3\"></span>pecifica iniziativa di business, <span class=\"_ _3\"></span>in grado di generare, a<span class=\"_ _3\"></span>ttraverso un\u2019attivit\u00e0 economica, fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span></div><div class=\"t m0 x2a h2 yda8 ff1 fs0 fc0 sc0 ls0 ws0\">di cassa tali da co<span class=\"_ _0\"></span>nsentire il rimborso del debito; </div><div class=\"t m0 x0 h2 ya55 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziare <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _5\"></span>(target) <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>propria <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>economica, <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>generare </span></span></div><div class=\"t m0 x2a h2 y7ff ff1 fs0 fc0 sc0 ls0 ws0\">flussi di cassa in capo <span class=\"_ _0\"></span>alla SPE, tali da con<span class=\"_ _0\"></span>sentire il rimborso in<span class=\"_ _0\"></span>tegrale del debito.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ycd8 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>presente <span class=\"_ _7\"> </span>sezione <span class=\"_ _7\"> </span><span class=\"ff4\">non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ileva <span class=\"_ _7\"> </span>l\u2019operativit\u00e0 <span class=\"_ _4\"> </span>attraverso <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>eicolo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cartolarizzazione, <span class=\"_ _4\"> </span>ovvero <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>per </span></div><div class=\"t m0 x0 h2 ya57 ff1 fs0 fc0 sc0 ls0 ws0\">acquisire,  cedere <span class=\"_ _16\"> </span>e  gestire  determin<span class=\"_ _0\"></span>ati  assets,  sep<span class=\"_ _0\"></span>arandoli  dal  b<span class=\"_ _0\"></span>ilancio  della <span class=\"_ _16\"> </span>societ\u00e0  originante  (O<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iginator), <span class=\"_ _16\"> </span>sia  per  la </div><div class=\"t m0 x0 h2 yb49 ff1 fs0 fc0 sc0 ls0 ws0\">realizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>operazioni <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>cartola<span class=\"_ _3\"></span>rizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>attivi <span class=\"_ _29\"> </span>sia <span class=\"_ _2b\"> </span>per <span class=\"_ _2b\"> </span>la <span class=\"_ _29\"> </span>provvista <span class=\"_ _2b\"> </span>di <span class=\"_ _29\"> </span>fondi <span class=\"_ _2b\"> </span>attraverso <span class=\"_ _29\"> </span>operazioni <span class=\"_ _2b\"> </span>di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 ya58 ff1 fs0 fc0 sc0 ls0 ws0\">autocartolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di e<span class=\"_ _3\"></span>missione di <span class=\"_ _3\"></span>Obbligazioni Bancarie <span class=\"_ _3\"></span>Garantite (OBG). <span class=\"_ _3\"></span>Per t<span class=\"_ _3\"></span>ali tipologie <span class=\"_ _3\"></span>di s<span class=\"_ _3\"></span>ociet\u00e0 veicolo <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>iman<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y8c2 ff1 fs0 fc0 sc0 ls0 ws0\">alle sezioni C. Operazi<span class=\"_ _0\"></span>oni di cartolarizzazio<span class=\"_ _0\"></span>ne e D<span class=\"_ _3\"></span>. Operazioni di cess<span class=\"_ _0\"></span>ione della parte E d<span class=\"_ _0\"></span>ella Nota Integrati<span class=\"_ _0\"></span>va consolidata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ya5a ff4 fs0 fc0 sc0 ls0 ws0\">In taluni <span class=\"_ _3\"></span>casi il <span class=\"_ _3\"></span>Gruppo risulta s<span class=\"_ _3\"></span>ponsor della SPE <span class=\"_ _3\"></span>attraverso la <span class=\"_ _3\"></span>strutturazione dell\u2019operazione al fine <span class=\"_ _3\"></span>di raggiungere determ<span class=\"_ _5\"></span><span class=\"ff1\">inati </span></div><div class=\"t m0 x0 h2 y12f7 ff1 fs0 fc0 sc0 ls0 ws0\">obiettivi, <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>raccolta <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>fondi, <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>cartolar<span class=\"_ _3\"></span><span class=\"ff4\">izzazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>proprie <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>provvista <span class=\"_ _4\"> </span>o <span class=\"_ _6\"> </span>l\u2019offerta <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>servizio </span></div><div class=\"t m0 x0 h2 ydb5 ff1 fs0 fc0 sc0 ls0 ws0\">finanziario alla clie<span class=\"_ _0\"></span>ntela. </div><div class=\"t m0 x0 h2 y1696 ff4 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _3\"></span>specifico l\u2019operativit\u00e0 del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>articola attraverso <span class=\"_ _3\"></span>le se<span class=\"_ _3\"></span>guenti tipologie di<span class=\"_ _3\"></span> entit\u00e0 <span class=\"_ _3\"></span>strutturate rappresentate da <span class=\"_ _4\"> </span><span class=\"ff1\">societ\u00e0<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 yfa1 ff1 fs0 fc0 sc0 ls0 ws0\">veicolo (SPEs). </div><div class=\"t m0 x0 h2 yf3e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y9ea ff2 fs0 fc2 sc0 ls0 ws0\">SPE Project Financing </div><div class=\"t m0 x0 h32 ybf3 ff4 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>pro<span class=\"_ _3\"></span>getti <span class=\"_ _17\"> </span>\u201ccapital <span class=\"_ _17\"> </span>intensive\u201d, <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>si <span class=\"_ _17\"> </span>basano <span class=\"_ _17\"> </span>sulla <span class=\"_ _17\"> </span>validit\u00e0 <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>finanziari<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y836 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019operazione <span class=\"_ _2b\"> </span>industriale <span class=\"_ _2b\"> </span>o <span class=\"_ _2b\"> </span>i<span class=\"_ _3\"></span>nfrastrutturale <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>viene <span class=\"_ _2b\"> </span>posta <span class=\"_ _26\"> </span>in <span class=\"_ _2b\"> </span>essere, <span class=\"_ _2b\"> </span>rimanendo <span class=\"_ _2b\"> </span>indipendente <span class=\"_ _2b\"> </span>dal <span class=\"_ _3b\"> </span><span class=\"ff1\">grado <span class=\"_ _2b\"> </span>di </span></div><div class=\"t m0 x0 h2 yf55 ff4 fs0 fc0 sc0 ls0 ws0\">affidabilit\u00e0/capacit\u00e0 <span class=\"_ _7\"> </span>di  cre<span class=\"_ _0\"></span>dito <span class=\"_ _16\"> </span>degli  s<span class=\"_ _0\"></span>ponsor <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>sviluppato <span class=\"_ _16\"> </span>l\u2019idea <span class=\"_ _7\"> </span>imprenditoriale. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>finanziamento <span class=\"_ _7\"> </span>dell<span class=\"_ _3\"></span>\u2019iniziativ<span class=\"_ _0\"></span>a <span class=\"_ _17\"> </span><span class=\"ff1 ls17\">\u00e8 </span></div><div class=\"t m0 x0 h2 y1328 ff1 fs0 fc0 sc0 ls0 ws0\">basato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>capacit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>progetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>generare <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ositivi, <span class=\"_ _6\"></span>sufficienti <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>ripagare <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>prestiti <span class=\"_ _6\"></span>ottenuti <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>arantire </div><div class=\"t m0 x0 h2 yf72 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019adeguata remune<span class=\"_ _0\"></span>razione del capitale in<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>estito, coerentemen<span class=\"_ _0\"></span>te con il grado <span class=\"_ _0\"></span>di rischio assunto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1697 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo finanzia entit\u00e0<span class=\"_ _0\"></span> della specie, come <span class=\"_ _0\"></span>normali clienti affi<span class=\"_ _0\"></span>dati, senza ricoprirn<span class=\"_ _0\"></span>e il ruolo di sponsor.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4c y1698 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y1699 ff2 fs0 fc2 sc0 ls0 ws0\">SPE Asset Backed </div><div class=\"t m0 x0 h2 y169a ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>tra<span class=\"ff4\">tta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>all\u2019acquisizione/co<span class=\"_ _0\"></span>struzione/gestione di <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>fisici <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>SPE <span class=\"_ _3\"></span>finanziate <span class=\"_ _3\"></span>da<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y4ed ff1 fs0 fc0 sc0 ls0 ws0\">uno <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>soggetti, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"></span>prospettive <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>recupero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>credito <span class=\"_ _4\"></span>dipendono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>generati <span class=\"_ _6\"></span>dagli <span class=\"_ _4\"> </span>asset </div><div class=\"t m0 x0 h2 y169b ff1 fs0 fc0 sc0 ls0 ws0\">stessi. <span class=\"_ _5\"></span>Si <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _2\"></span>perci\u00f2 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>na<span class=\"_ _3\"></span>tura <span class=\"_ _2\"></span>generano <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>ordinaria <span class=\"_ _5\"></span>(ad <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sempio<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y169c ff4 fs0 fc0 sc0 ls0 ws0\">canoni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>affitto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>noleggio, <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trasporto <span class=\"_ _3\"></span>merci, <span class=\"_ _3\"></span>ecc.) <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>straordinaria <span class=\"_ _3\"></span>(ad esem<span class=\"_ _5\"></span><span class=\"ff1\">pio <span class=\"_ _3\"></span>un </span></div><div class=\"t m0 x0 h2 y169d ff1 fs0 fc0 sc0 ls10 ws0\">pi<span class=\"ls0\">ano di sviluppo o <span class=\"_ _3\"></span>dismissione di un patrimonio immobiliare). Gli stessi asset<span class=\"_ _3\"></span> costituiscono generalmente oggetto di garanzia </span></div><div class=\"t m0 x0 h2 y861 ff1 fs0 fc0 sc0 ls0 ws0\">reale a fronte del finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iamento erogato <span class=\"_ _0\"></span>al veicolo. </div><div class=\"t m0 x0 h2 y862 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>finanzia <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>specie, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>normali <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ffidati, <span class=\"_ _2\"></span>senza <span class=\"_ _5\"></span>detenere <span class=\"_ _2\"></span>forme <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>partecipazione </div><div class=\"t m0 x0 h2 y169e ff1 fs0 fc0 sc0 ls0 ws0\">azionaria <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"></span>n\u00e9 <span class=\"_ _6\"></span>interessenze <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>configurare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>ruolo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>sponsor. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ssunto <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>sempre <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ormale <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y169f ff1 fs0 fc0 sc0 ls0 ws0\">credito e i benefici s<span class=\"_ _0\"></span>ono rappresentati <span class=\"_ _0\"></span>dalla remunerazione d<span class=\"_ _0\"></span>el finanziamento conc<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sso. </div><div class=\"t m0 x0 h4c y16a0 ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span></div></div>SPE Leveraged &amp; A<span class=\"_ _0\"></span>cquisition Finance In <span class=\"_ _1d\"> </span>questa  categoria <span class=\"_ _1d\"> </span>sono  ricomprese <span class=\"_ _1d\"> </span>le  esposizioni <span class=\"_ _1d\"> </span>(affidamenti  ed <span class=\"_ _1d\"> </span>utilizzi  in <span class=\"_ _1d\"> </span>relazione  a <span class=\"_ _1d\"> </span>operazioni  di <span class=\"_ _1d\"> </span>finanziamento<span class=\"_ _0\"></span> strutturate, <span class=\"_ _3\"></span>abitualmente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>medio/lungo <span class=\"_ _3\"></span>termine) <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti giuridici <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranz<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>detenuta da fondi di private eq<span class=\"_ _0\"></span>uity. Si t<span class=\"_ _3\"></span>ratta per <span class=\"_ _3\"></span>lo pi\u00f9 <span class=\"_ _3\"></span>di posizioni <span class=\"_ _3\"></span>volte a <span class=\"_ _3\"></span>supportare progetti <span class=\"_ _3\"></span>di Leveraged <span class=\"_ _3\"></span>Buy Out <span class=\"_ _3\"></span>(quindi ad <span class=\"_ _3\"></span>elevata leva finanziaria), conn<span class=\"_ _5\"></span>esse cio\u00e8 <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aziende <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>attravers<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>veicoli <span class=\"_ _2\"></span>appositamente <span class=\"_ _3\"></span>creati <span class=\"_ _2\"></span>(SPE). <span class=\"_ _2\"></span>Questi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un </span>momento <span class=\"_ _17\"> </span>successivo <span class=\"_ _17\"> </span>all\u2019acquisizione <span class=\"_ _1d\"> </span>del <span class=\"_ _17\"> </span>pacchetto <span class=\"_ _17\"> </span>azionario/quote <span class=\"_ _1d\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>target, <span class=\"_ _1d\"> </span>normal<span class=\"_ _3\"></span>mente <span class=\"_ _1d\"> </span>si <span class=\"_ _18\"> </span>fondono <span class=\"_ _1d\"> </span>per incorporazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quest\u2019ultima. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>arget <span class=\"_ _3\"></span>dell\u2019operazione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span><span class=\"ff1\">ralmente <span class=\"_ _3\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>buone <span class=\"_ _3\"></span>prospettive <span class=\"_ _2\"></span>di </span>sviluppo <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valorizzazione, <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>stabili <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>medio <span class=\"_ _6\"></span>periodo <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>bassi <span class=\"_ _6\"></span>livelli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>indebitamento <span class=\"_ _6\"></span>originari. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>Gruppo<span class=\"_ _5\"></span> Intesa Sanpaolo fina<span class=\"_ _0\"></span>nzia entit\u00e0 della specie,<span class=\"_ _0\"></span> come normali clien<span class=\"_ _0\"></span>ti affidati, senza<span class=\"_ _3\"></span> ricoprirne il ruolo di <span class=\"_ _0\"></span>sponsor. Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo presenta investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti/esposizioni <span class=\"_ _0\"></span>anche verso entit\u00e0 str<span class=\"_ _0\"></span>utturate rappresenta<span class=\"_ _0\"></span>te da OICR.<span class=\"_ _2\"></span> Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>fattispecie <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>investimenti effettuati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lcuni fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riservati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di Venture e Seed Capita<span class=\"_ _0\"></span>l. Tra  le  esposizioni  verso  OICR  figurano  anche  gli  investimenti  in  quote  di  fondi  immobiliari<span class=\"_ _0\"></span>  derivanti  da  operazioni  di conferimento di porzio<span class=\"_ _0\"></span>ni del portafoglio immo<span class=\"_ _0\"></span>biliare del Grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> Sono <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>investime<span class=\"_ _0\"></span>nti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>OICR <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>apporti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non <span class=\"_ _2\"></span>Performing <span class=\"_ _3\"></span>Loans, congiuntamente ad altr<span class=\"_ _0\"></span>i soggetti bancari,<span class=\"_ _0\"></span> a fondi gestiti da <span class=\"_ _0\"></span>soggetti specializzati. Gli  i<span class=\"_ _0\"></span>nvestimenti <span class=\"_ _16\"> </span>in  O<span class=\"_ _35\"></span>ICR  ricompr<span class=\"_ _0\"></span>endono <span class=\"_ _16\"> </span>anche  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>quote <span class=\"_ _16\"> </span>possedu<span class=\"_ _3\"></span>te  in <span class=\"_ _16\"> </span>Fondo <span class=\"_ _16\"> </span>Atlante <span class=\"_ _16\"> </span>e  I<span class=\"_ _0\"></span>talian  R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>covery <span class=\"_ _16\"> </span>Fund, <span class=\"_ _16\"> </span>fondi <span class=\"_ _16\"> </span>di investimento <span class=\"_ _6\"></span>alternativi <span class=\"_ _4\"> </span>gestiti <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _4\"></span>Quaesti<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>Capital <span class=\"_ _4\"></span>Manageme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>t, <span class=\"_ _4\"></span>impegnati <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>valorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Non Performing Loans di b<span class=\"_ _0\"></span>anche italiane. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>presenta <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>vestimenti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>hedge <span class=\"_ _2\"></span>fund <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>rimanda <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>E della Nota Integrativ<span class=\"_ _0\"></span>a consolidata. Ulteriori investimenti in OICR sono effettuati dal Gruppo,<span class=\"_ _0\"></span> per il <span class=\"_ _3\"></span>tramite della controllat<span class=\"_ _0\"></span>a Eurizon Capital SGR e delle socie<span class=\"_ _2\"></span>t\u00e0 da questa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">sua <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafo<span class=\"_ _3\"></span>glio <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>emanate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>stessa <span class=\"_ _5\"></span>SGR <span class=\"_ _2\"></span>e </span>societ\u00e0 <span class=\"_ _2\"></span>controllate, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>accordo <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>stabilito <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>SGR <span class=\"_ _5\"></span>e relative <span class=\"_ _4\"> </span>controllate <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>caratterizzate <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>presenza <span class=\"_ _4\"> </span>sia <span class=\"_ _7\"> </span>temporanea <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>strutturale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>disponibilit\u00e0 <span class=\"_ _7\"> </span>liquide <span class=\"_ _4\"> </span>rivenienti <span class=\"_ _4\"> </span>dal patrimonio <span class=\"_ _2\"></span>aziendale, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>stabilmente <span class=\"_ _3\"></span>investito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immobilizzate, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>dinamica <span class=\"_ _2\"></span>ordinaria <span class=\"_ _4\"></span>dei flussi di cas<span class=\"ff4\">sa. <span class=\"_ _3\"></span>In base a quanto definito n<span class=\"_ _3\"></span>elle linee guida per la gestione del portafoglio f<span class=\"_ _3\"></span>inanziario,<span class=\"_ _0\"></span> nell\u2019ambito delle attivit\u00e0 di </span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>liquidit\u00e0, l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>disponibilit\u00e0 s<span class=\"_ _3\"></span>trutturali e <span class=\"_ _2\"></span>quelle t<span class=\"_ _3\"></span>emporanee legate <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>dinamica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>breve <span class=\"_ _3\"></span>t<span class=\"_ _6\"></span>ermine<span class=\"_ _0\"></span> e a vista compongono il portafoglio di liquidit\u00e0 al netto di quanto mantenuto in c/c o investito in depositi a <span class=\"_ _3\"></span>termine. In rela<span class=\"_ _2\"></span>zione alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>volte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dalle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>controllate <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>esa<span class=\"_ _3\"></span>me, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>eccedenz<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di liquidit\u00e0 devono essere investite in attivit\u00e0 che presentino un rischio <span class=\"_ _3\"></span>moderato e siano facilmente liquidabili. Nell\u2019ambito <span class=\"_ _5\"></span><span class=\"ff1\">di tale </span>portafoglio <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>monetari <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine, <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>specializzat<span class=\"_ _5\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>nell\u2019area </span>euro <span class=\"_ _2\"></span>istituiti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>gestiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Eurizon <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>SGR <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>questa <span class=\"_ _5\"></span>controllate. <span class=\"_ _3\"></span>L\u2019investimento <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>negl<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>OICR <span class=\"_ _4\"> </span>gestiti <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>regiudica <span class=\"_ _4\"> </span>l\u2019autonomia <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>SGR <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>agire <span class=\"_ _4\"> </span>nell\u2019esclu<span class=\"_ _2\"></span><span class=\"ff1\">sivo </span>interesse d<span class=\"_ _3\"></span>egli <span class=\"_ _3\"></span>investitori, in <span class=\"_ _3\"></span>considerazione delle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecifiche disposizioni <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla nor<span class=\"_ _3\"></span>mativa di <span class=\"_ _3\"></span>settore <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Auto<span class=\"_ _5\"></span>rit\u00e0 <span class=\"_ _3\"></span>di Vigilanza.<span class=\"ff5 fc2\"> </span>Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>riepilogati <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>portafogli <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>assivi <span class=\"_ _6\"></span>intrattenuti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le entit\u00e0 strutturate non<span class=\"_ _0\"></span> consolidate. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-347.47974px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">Informativa di natura qu<span class=\"_ _0\"></span>antitativa<span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w461 h17\" style=\"left:496.9956px; bottom:628.2743px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w47b h1b6\" style=\"left:-4.050377px; bottom:544.65826px;\"><div class=\"t m0 x41 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Voci di </div><div class=\"t m0 x41 ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio / </div><div class=\"t m0 x41 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">Tipologia </div><div class=\"t m0 x41 ha yb44 ff5 fs4 fc2 sc0 ls0 ws0\">di entit\u00e0 </div><div class=\"t m0 x41 ha yb45 ff5 fs4 fc2 sc0 ls0 ws0\">strutturata </div></div><div class=\"c w2c7 h1b6\" style=\"left:50.887604px; bottom:544.65826px;\"><div class=\"t m0 x96 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Portafogli conta<span class=\"_ _3\"></span>bili dell'attivo<span class=\"_ _3\"></span> </div></div><div class=\"c w2b3 h1b6\" style=\"left:235.31863px; bottom:544.65826px;\"><div class=\"t m0 x8 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Totale  </div><div class=\"t m0 x41 ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">attivit\u00e0 </div><div class=\"t m0 x88 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">(A) </div></div><div class=\"c w47a h1b6\" style=\"left:272.9146px; bottom:544.65826px;\"><div class=\"t m0 x4c ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Portafogli  </div><div class=\"t m0 xc9 ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">contabili  </div><div class=\"t m0 x104 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">del passivo </div></div><div class=\"c w71 h1b6\" style=\"left:386.5086px; bottom:544.65826px;\"><div class=\"t m0 xa1 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Totale  </div><div class=\"t m0 x41 ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">passivit\u00e0 </div><div class=\"t m0 x86 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">(B) </div></div><div class=\"c w143 h1b6\" style=\"left:435.64862px; bottom:544.65826px;\"><div class=\"t m0 x14 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">VALORE  </div><div class=\"t m0 x41 ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">CONTABILE </div><div class=\"t m0 x9a ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">NETTO </div><div class=\"t m0 xae ha yb44 ff5 fs4 fc2 sc0 ls0 ws0\">(C = A-<span class=\"ls1e\">B)</span> </div></div><div class=\"c wda h1b6\" style=\"left:496.9956px; bottom:544.65826px;\"><div class=\"t m0 x41 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Esposizione </div><div class=\"t m0 xae ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">massima </div><div class=\"t m0 x97 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">al rischio </div><div class=\"t m0 xa1 ha yb44 ff5 fs4 fc2 sc0 ls0 ws0\">di perdita </div><div class=\"t m0 xd ha yb45 ff5 fs4 fc2 sc0 ls0 ws0\">(D) </div></div><div class=\"c wc9 h1b6\" style=\"left:559.0836px; bottom:544.65826px;\"><div class=\"t m0 x87 ha y16a2 ff5 fs4 fc2 sc0 ls0 ws0\">Differenza </div><div class=\"t m0 xd ha y16a3 ff5 fs4 fc2 sc0 ls0 ws0\">tra </div><div class=\"t m0 x41 ha y14f7 ff5 fs4 fc2 sc0 ls0 ws0\">esposizione </div><div class=\"t m0 xab ha yb44 ff5 fs4 fc2 sc0 ls0 ws0\">al rischio di </div><div class=\"t m0 xae ha yb45 ff5 fs4 fc2 sc0 ls0 ws0\">perdita e </div><div class=\"t m0 x86 ha y8d1 ff5 fs4 fc2 sc0 ls0 ws0\">valore </div><div class=\"t m0 xa1 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">contabile </div><div class=\"t m0 x87 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">(E = D - <span class=\"ls1e\">C)</span> </div></div><div class=\"c w479 h47\" style=\"left:-4.050377px; bottom:525.15826px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">1.<span class=\"ls0\"> </span></div></div><div class=\"c w47c h47\" style=\"left:15.007622px; bottom:525.15826px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Societ\u00e0 veicolo<span class=\"_ _3\"></span> </div></div><div class=\"c w2b3 h47\" style=\"left:235.31863px; bottom:525.15826px;\"><div class=\"t m0 x1a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.780 </div></div><div class=\"c w71 h47\" style=\"left:386.5086px; bottom:525.15826px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">912<span class=\"ls0\"> </span></div></div><div class=\"c w143 h47\" style=\"left:435.64862px; bottom:525.15826px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.868 </div></div><div class=\"c wda h47\" style=\"left:496.9956px; bottom:525.15826px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.375 </div></div><div class=\"c wc9 h47\" style=\"left:559.0836px; bottom:525.15826px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.507 </div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:499.7303px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">negoziazione<span class=\"_ _3\"></span> </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:499.7303px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w47a h8c\" style=\"left:272.9146px; bottom:499.7303px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Debiti vs clientela<span class=\"_ _3\"></span> </div></div><div class=\"c w71 h8c\" style=\"left:386.5086px; bottom:499.7303px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">778<span class=\"ls0\"> </span></div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:474.30225px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Altre attivit\u00e0 finanziari<span class=\"_ _3\"></span>e obbligatori<span class=\"_ _3\"></span>amente </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">valutate al fair valu<span class=\"_ _3\"></span>e </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:474.30225px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w47a h8c\" style=\"left:272.9146px; bottom:474.30225px;\"><div class=\"t m0 xae hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di </div><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">negoziazione<span class=\"_ _3\"></span> </div></div><div class=\"c w71 h8c\" style=\"left:386.5086px; bottom:474.30225px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">134<span class=\"ls0\"> </span></div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:448.87427px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al fair <span class=\"_ _3\"></span>value con </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:448.87427px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w71 h8c\" style=\"left:386.5086px; bottom:448.87427px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:423.4463px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Crediti verso clie<span class=\"_ _3\"></span>ntela </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:423.4463px;\"><div class=\"t m0 x1a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.679 </div></div><div class=\"c w479 hdc\" style=\"left:-4.050377px; bottom:396.10724px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">2.<span class=\"ls0\"> </span></div></div><div class=\"c w47c hdc\" style=\"left:15.007622px; bottom:396.10724px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">OICR </div></div><div class=\"c w2b3 hdc\" style=\"left:235.31863px; bottom:396.10724px;\"><div class=\"t m0 x1a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.033 </div></div><div class=\"c w71 hdc\" style=\"left:386.5086px; bottom:396.10724px;\"><div class=\"t m0 x13 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w143 hdc\" style=\"left:435.64862px; bottom:396.10724px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.023 </div></div><div class=\"c wda hdc\" style=\"left:496.9956px; bottom:396.10724px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4.262 </div></div><div class=\"c wc9 hdc\" style=\"left:559.0836px; bottom:396.10724px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">239<span class=\"ls0\"> </span></div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:370.67926px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">negoziazione<span class=\"_ _3\"></span> </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:370.67926px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">292<span class=\"ls0\"> </span></div></div><div class=\"c w47a h8c\" style=\"left:272.9146px; bottom:370.67926px;\"><div class=\"t m0 xb8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Debiti vs client<span class=\"_ _3\"></span>ela </div></div><div class=\"c w71 h8c\" style=\"left:386.5086px; bottom:370.67926px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2c7 h8c\" style=\"left:50.887604px; bottom:345.25128px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al fair <span class=\"_ _3\"></span>value </div></div><div class=\"c w2b3 h8c\" style=\"left:235.31863px; bottom:345.25128px;\"><div class=\"t m0 x1a hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3.450 </div></div><div class=\"c w47a h8c\" style=\"left:272.9146px; bottom:345.25128px;\"><div class=\"t m0 xae hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di </div><div class=\"t m0 xa2 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">negoziazione<span class=\"_ _3\"></span> </div></div><div class=\"c w71 h8c\" style=\"left:386.5086px; bottom:345.25128px;\"><div class=\"t m0 x13 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w2c7 h7e\" style=\"left:50.887604px; bottom:319.97925px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Crediti verso clie<span class=\"_ _3\"></span>ntela </div></div><div class=\"c w2b3 h7e\" style=\"left:235.31863px; bottom:319.97925px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w71 h7e\" style=\"left:386.5086px; bottom:319.97925px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-347.47974px;\"><div class=\"t m0 x0 h61 y3cd ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7fb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd1d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019esposizione <span class=\"_ _4\"> </span>massima <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>rischio, <span class=\"_ _16\"> </span><span class=\"ff1\">rappresentante<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>massima<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>esposizione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _4\"> </span>proprie </span></div><div class=\"t m0 x0 h2 yf4e ff1 fs0 fc0 sc0 ls0 ws0\">interessenze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _2\"></span>strutturate, <span class=\"_ _2\"></span>coincide, <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>genere, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>sommate, <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>applicabile<span class=\"_ _5\"></span><span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y9ba ff1 fs0 fc0 sc0 ls0 ws0\">talune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>fuori <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>(es. <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>revocabili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>rilasciate); <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _3\"></span>netto </div><div class=\"t m0 x0 h2 yf4f ff4 fs0 fc0 sc0 ls0 ws0\">corrisponde all\u2019espo<span class=\"_ _0\"></span>sizione di bilancio <span class=\"_ _0\"></span>al netto delle rettifiche <span class=\"_ _0\"></span>di valore registrat<span class=\"_ _0\"></span>e nell\u2019esercizio in <span class=\"_ _0\"></span>corso o in quelli pr<span class=\"_ _2\"></span><span class=\"ff1\">ecedenti. </span></div><div class=\"t m0 x0 h2 y769 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>OICR <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>mas<span class=\"ff1\">s<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>ancora <span class=\"_ _2\"></span>richiamati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fondo, <span class=\"_ _2\"></span>a </span></div><div class=\"t m0 x0 h2 y3f5 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscrivere ulterior<span class=\"_ _0\"></span>i quote. </div><div class=\"t m0 x0 h2 y893 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3f7 ff4 fs0 fc0 sc0 ls0 ws0\">Nella tabella seguente si ripo<span class=\"_ _0\"></span>rtano l\u2019ammontar<span class=\"_ _0\"></span>e e la tipologia dei ricavi percepiti <span class=\"_ _0\"></span>nel corso dell\u2019esercizio d<span class=\"_ _0\"></span>a entit\u00e0 <span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trutturate; la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y895 ff4 fs0 fc0 sc0 ls0 ws0\">componente <span class=\"_ _3\"></span>principale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>rilevati <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>commissioni <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>collocamento <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span><span class=\"ff1\">ICR </span></div><div class=\"t m0 x0 h2 y3f9 ff1 fs0 fc0 sc0 ls0 ws0\">sponsorizzati <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestiti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>SGR <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>collocati <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>clientela. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>addeb<span class=\"_ _5\"></span>itate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y897 ff1 fs0 fc0 sc0 ls0 ws0\">SGR ai fondi oggetto d<span class=\"_ _0\"></span>i gestione e retrocess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in parte alla rete <span class=\"_ _0\"></span>distributrice per il <span class=\"_ _0\"></span>servizio di collocamento.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ybb2 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w47f h1c\" style=\"left:486.19263px; bottom:129.00928px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w47d h86\" style=\"left:-4.050377px; bottom:100.773254px;\"><div class=\"t m0 x41 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> di entit\u00e0<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> spons<span class=\"_ _0\"></span>orizzata </div></div><div class=\"c wce h86\" style=\"left:282.7426px; bottom:100.773254px;\"><div class=\"t m0 x88 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Interessi </div></div><div class=\"c w47e h86\" style=\"left:349.06863px; bottom:100.773254px;\"><div class=\"t m0 x41 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Commissi<span class=\"_ _0\"></span>oni </div></div><div class=\"c w304 h86\" style=\"left:419.73663px; bottom:100.773254px;\"><div class=\"t m0 xae h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Dividend<span class=\"_ _0\"></span>i </div></div><div class=\"c w480 h86\" style=\"left:486.19263px; bottom:100.773254px;\"><div class=\"t m0 xb h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">Altri </div><div class=\"t m0 x9b h59 ye89 ff5 fs17 fc2 sc0 ls0 ws0\">proventi </div></div><div class=\"c w481 h86\" style=\"left:554.2476px; bottom:100.773254px;\"><div class=\"t m0 x95 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w47d h47\" style=\"left:-4.050377px; bottom:81.273254px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">OICR </div></div><div class=\"c wce h47\" style=\"left:282.7426px; bottom:81.273254px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w47e h47\" style=\"left:349.06863px; bottom:81.273254px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.171 </div></div><div class=\"c w304 h47\" style=\"left:419.73663px; bottom:81.273254px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">119<span class=\"ls0\"> </span></div></div><div class=\"c w480 h47\" style=\"left:486.19263px; bottom:81.273254px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">160</span> </div></div><div class=\"c w481 h47\" style=\"left:554.2476px; bottom:81.273254px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.181 </div></div><div class=\"c w47d h47\" style=\"left:-4.050377px; bottom:61.773254px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Societ\u00e0 vei<span class=\"_ _0\"></span>colo </div></div><div class=\"c wce h47\" style=\"left:282.7426px; bottom:61.773254px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w47e h47\" style=\"left:349.06863px; bottom:61.773254px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w304 h47\" style=\"left:419.73663px; bottom:61.773254px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w480 h47\" style=\"left:486.19263px; bottom:61.773254px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">286</span> </div></div><div class=\"c w481 h47\" style=\"left:554.2476px; bottom:61.773254px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">169</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-863.12036px;\"><div class=\"t m0 x0 h199 y1684 ff5 fs23 fc2 sc0 ls0 ws0\">SEZIONE 2 <span class=\"ff6\">\u2013</span> <span class=\"_ _0\"></span>RISCHI DE<span class=\"_ _0\"></span>L CONSOLI<span class=\"_ _0\"></span>DATO PRUDEN<span class=\"_ _0\"></span>ZIALE </div><div class=\"t m0 x0 h2 y1685 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1686 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>sezione <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>indicati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _2\"></span>intrattenuti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _6\"></span>consolidamento </div><div class=\"t m0 x0 h2 y1687 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>ilancio; <span class=\"_ _6\"></span>tali <span class=\"_ _6\"> </span>dati <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>convenzionalmente, <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>proporzione <span class=\"_ _6\"> </span>all\u2019interessenza <span class=\"_ _6\"> </span>detenuta, <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>passivit<span class=\"_ _2\"></span><span class=\"ff1 ls17\">\u00e0 </span></div><div class=\"t m0 x0 h2 yb30 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>bancarie,  finanziarie <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>strumentali <span class=\"_ _1d\"> </span>controllate  c<span class=\"_ _3\"></span>ongiuntamente  e <span class=\"_ _1d\"> </span>consolidate <span class=\"_ _1d\"> </span>proporzionalmente  ai <span class=\"_ _17\"> </span>fi<span class=\"_ _2\"></span>ni <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y20b ff1 fs0 fc0 sc0 ls0 ws0\">vigilanza. Laddove il <span class=\"_ _0\"></span>contributo dei rap<span class=\"_ _0\"></span>porti intercorrenti fr<span class=\"_ _0\"></span>a le societ\u00e0 apparten<span class=\"_ _0\"></span>enti al consolidato pru<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enziale e le altre<span class=\"_ _2\"></span> societ\u00e0 </div><div class=\"t m0 x0 h2 y16d ff1 fs0 fc0 sc0 ls0 ws0\">incluse n<span class=\"_ _3\"></span>el per<span class=\"_ _3\"></span>imetro del <span class=\"_ _3\"></span>consolidamento del <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>rilevante, in <span class=\"_ _3\"></span>calce <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>informative <span class=\"_ _3\"></span>interessate viene <span class=\"_ _3\"></span>for<span class=\"_ _5\"></span>nito i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>relativo </div><div class=\"t m0 x0 h2 y16a8 ff1 fs0 fc0 sc0 ls0 ws0\">dettaglio. </div><div class=\"t m0 x0 h15 y16a9 ff5 fs8 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y16aa ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.404724px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La tabella che segue riporta l<span class=\"_ _0\"></span>a riconciliazione dei <span class=\"_ _0\"></span>dati di Stato patrimoniale <span class=\"_ _0\"></span>consolidato con i dati di Stat<span class=\"_ _0\"></span>o patrimoniale r<span class=\"_ _2\"></span>iferiti al </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">perimetro di vigilanz<span class=\"_ _0\"></span>a bancaria. </div><div class=\"t m0 x0 h116 y3b6 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h15 y16ab ff5 fs8 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w408 h42\" style=\"left:474.80463px; bottom:859.1893px;\"><div class=\"t m0 x8d h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w3f6 h47\" style=\"left:-4.050377px; bottom:839.6893px;\"><div class=\"t m0 x41 h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">Voci </div><div class=\"t m0 x41 h166 y32d ff5 fs11 fc2 sc0 ls0 ws0\">dell'attivo </div></div><div class=\"c wb1 h47\" style=\"left:423.9486px; bottom:839.6893px;\"><div class=\"t m0 x1a h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w483 h1b8\" style=\"left:474.80463px; bottom:797.8813px;\"><div class=\"t m0 xc0 h166 y16ac ff5 fs11 fc2 sc0 ls0 ws0\">Effetti del </div><div class=\"t m0 x94 h166 ya2b ff5 fs11 fc2 sc0 ls0 ws0\">deconsolidamento </div><div class=\"t m0 xa1 h166 y1454 ff5 fs11 fc2 sc0 ls0 ws0\">e del consolidamento </div><div class=\"t m0 xa1 h166 y82c ff5 fs11 fc2 sc0 ls0 ws0\">di controparti diverse  </div><div class=\"t m0 x86 h166 y842 ff5 fs11 fc2 sc0 ls0 ws0\">da quelle incluse </div><div class=\"t m0 x1a h166 yedc ff5 fs11 fc2 sc0 ls0 ws0\">nel gruppo bancario (*) </div></div><div class=\"c wb1 h47\" style=\"left:569.53564px; bottom:839.6893px;\"><div class=\"t m0 x1a h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c wb1 hbd\" style=\"left:423.9486px; bottom:797.8813px;\"><div class=\"t m0 xae h166 y759 ff5 fs11 fc2 sc0 ls0 ws0\">Bilancio </div></div><div class=\"c wb1 hbd\" style=\"left:569.53564px; bottom:797.8813px;\"><div class=\"t m0 x6 h166 y759 ff5 fs11 fc2 sc0 ls0 ws0\">Vigilanza </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:786.1813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">10.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:786.1813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Cassa e disponibilit\u00e0 liq<span class=\"_ _0\"></span>uide </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:786.1813px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">112.924 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:786.1813px;\"><div class=\"t m0 xc7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">915</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:786.1813px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">112.009 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:774.48126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">20.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:774.48126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair v<span class=\"_ _35\"></span>alu<span class=\"_ _3\"></span>e con impatto a co<span class=\"_ _0\"></span>nto economico </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:774.48126px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">47.577 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:774.48126px;\"><div class=\"t m0 x7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">744 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:774.48126px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">48.321 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:762.78125px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) attivit\u00e0 finanziarie detenu<span class=\"_ _0\"></span>te per la negoziazione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:762.78125px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">42.522 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:762.78125px;\"><div class=\"t m0 x4 h1b9 y767 ff2 fs11 fc2 sc0 ls1a ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:762.78125px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">42.614 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:751.0813px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) attivit\u00e0 finanziarie desig<span class=\"_ _0\"></span>nate al fair value </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:751.0813px;\"><div class=\"t m0 xd9 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:751.0813px;\"><div class=\"t m0 x100 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:751.0813px;\"><div class=\"t m0 xd9 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:739.3813px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">c) altre attivit\u00e0 finanziarie obbliga<span class=\"_ _0\"></span>toriamente valuta<span class=\"_ _0\"></span>te al fair value </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:739.3813px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">5.054 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:739.3813px;\"><div class=\"t m0 x7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">652 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:739.3813px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">5.706 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:727.6813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">30.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:727.6813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al fair value con i<span class=\"_ _0\"></span>mpatto sulla redditivit\u00e0 complessiv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:727.6813px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">49.716 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:727.6813px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:727.6813px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">49.716 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:715.98126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">35.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:715.98126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie di pertine<span class=\"_ _0\"></span>nza delle imprese di <span class=\"_ _0\"></span>assicurazione valutate <span class=\"_ _0\"></span>al fair va<span class=\"_ _3\"></span>lue ai sensi dello <span class=\"_ _0\"></span>IAS 39 </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:715.98126px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">172.725 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:715.98126px;\"><div class=\"t m0 x10a h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-172.725 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:715.98126px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:704.28125px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">40.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:704.28125px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al costo ammortizzato </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:704.28125px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">528.078 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:704.28125px;\"><div class=\"t m0 x7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">761 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:704.28125px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">528.839 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:692.5813px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) Crediti verso banche </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:692.5813px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">32.884 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:692.5813px;\"><div class=\"t m0 x35 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:692.5813px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">32.887 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:680.8813px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) Crediti verso clientela </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:680.8813px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">495.194 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:680.8813px;\"><div class=\"t m0 x7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">758 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:680.8813px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">495.952 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:669.1813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">45.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:669.1813px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie di pertinenz<span class=\"_ _0\"></span>a delle imprese di a<span class=\"_ _0\"></span>ssicurazione valutate al cos<span class=\"_ _0\"></span>to ammortizzato ai sen<span class=\"_ _0\"></span>si dello IAS 39 </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:669.1813px;\"><div class=\"t m0 xf h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:669.1813px;\"><div class=\"t m0 x3e h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">80</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:669.1813px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:657.48126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">50.  </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:657.48126px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Derivati di copertura </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:657.48126px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.062 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:657.48126px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:657.48126px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.062 </div></div><div class=\"c w3f6 h180\" style=\"left:-4.050377px; bottom:645.74225px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">60.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h180\" style=\"left:37.320816px; bottom:645.74225px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Adeguamento di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 finanziarie og<span class=\"_ _0\"></span>getto di copertura generi<span class=\"_ _0\"></span>ca (+/<span class=\"_ _3\"></span>-) </div></div><div class=\"c wb1 h180\" style=\"left:423.9486px; bottom:645.74225px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-9.752 </div></div><div class=\"c w483 h180\" style=\"left:474.80463px; bottom:645.74225px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h180\" style=\"left:569.53564px; bottom:645.74225px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-9.752 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:634.0423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">70.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:634.0423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Partecipazioni </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:634.0423px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2.013 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:634.0423px;\"><div class=\"t m0 xc9 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">6.527 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:634.0423px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">8.540 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:622.3423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">80.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:622.3423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Riserve tecniche a carico <span class=\"_ _0\"></span>dei riassicuratori  </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:622.3423px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">163 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:622.3423px;\"><div class=\"t m0 xc7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">163</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:622.3423px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:610.6423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">90.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:610.6423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 materiali </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:610.6423px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.505 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:610.6423px;\"><div class=\"t m0 x122 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.277 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:610.6423px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">9.228 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:598.94226px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:598.94226px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 immateriali </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:598.94226px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">9.830 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:598.94226px;\"><div class=\"t m0 xc7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">885</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:598.94226px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">8.945 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:587.24225px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">di cui:  </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:575.5423px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls4f\">  </span>avviamento </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:575.5423px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3.626 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:575.5423px;\"><div class=\"t m0 xc7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">382</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:575.5423px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3.244 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:563.8423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">110. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:563.8423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 fiscali </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:563.8423px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">18.273 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:563.8423px;\"><div class=\"t m0 x122 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.127 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:563.8423px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">17.146 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:552.1423px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) correnti </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:552.1423px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3.520 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:552.1423px;\"><div class=\"t m0 x3e h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">97</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:552.1423px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3.423 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:540.44226px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) anticipate </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:540.44226px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">14.753 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:540.44226px;\"><div class=\"t m0 x122 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-1.030 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:540.44226px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">13.723 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:528.74225px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">120. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:528.74225px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Attivit\u00e0 non correnti e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in via di dis<span class=\"_ _0\"></span>missione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:528.74225px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">638 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:528.74225px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:528.74225px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">635 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:517.0423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">130. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:517.0423px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Altre attivit\u00e0 </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:517.0423px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">22.851 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:517.0423px;\"><div class=\"t m0 x122 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-4.080 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:517.0423px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">18.771 </div></div><div class=\"c w484 h42\" style=\"left:-4.050377px; bottom:501.44226px;\"><div class=\"t m0 x41 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">Totale dell'attivo </div></div><div class=\"c wb1 h42\" style=\"left:423.9486px; bottom:501.44226px;\"><div class=\"t m0 x14 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">975.683 </div></div><div class=\"c w483 h42\" style=\"left:474.80463px; bottom:501.44226px;\"><div class=\"t m0 x10a h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">-173.223 </div></div><div class=\"c wb1 h42\" style=\"left:569.53564px; bottom:501.44226px;\"><div class=\"t m0 x14 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">802.460 </div></div><div class=\"c w484 h47\" style=\"left:-4.050377px; bottom:469.15027px;\"><div class=\"t m0 x41 h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">Voci del passivo e del patr<span class=\"_ _0\"></span>imonio netto </div></div><div class=\"c wb1 h47\" style=\"left:423.9486px; bottom:469.15027px;\"><div class=\"t m0 x1a h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w483 h7f\" style=\"left:474.80463px; bottom:430.15027px;\"><div class=\"t m0 xc0 h166 y16b1 ff5 fs11 fc2 sc0 ls0 ws0\">Effetti del </div><div class=\"t m0 x94 h166 yb44 ff5 fs11 fc2 sc0 ls0 ws0\">deconsolidamento </div><div class=\"t m0 xa1 h166 y1655 ff5 fs11 fc2 sc0 ls0 ws0\">e del consolidamento </div><div class=\"t m0 xa1 h166 y9ac ff5 fs11 fc2 sc0 ls0 ws0\">di controparti diverse  </div><div class=\"t m0 x86 h166 ya71 ff5 fs11 fc2 sc0 ls0 ws0\">da quelle incluse </div><div class=\"t m0 x1a h166 y1239 ff5 fs11 fc2 sc0 ls0 ws0\">nel gruppo bancario (*) </div></div><div class=\"c wb1 h47\" style=\"left:569.53564px; bottom:469.15027px;\"><div class=\"t m0 x1a h166 y1303 ff5 fs11 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c wb1 h5f\" style=\"left:423.9486px; bottom:430.15027px;\"><div class=\"t m0 xae h166 yf01 ff5 fs11 fc2 sc0 ls0 ws0\">Bilancio </div></div><div class=\"c wb1 h5f\" style=\"left:569.53564px; bottom:430.15027px;\"><div class=\"t m0 x6 h166 yf01 ff5 fs11 fc2 sc0 ls0 ws0\">Vigilanza </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:418.45026px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">10.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:418.45026px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al costo ammortizzat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:418.45026px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">667.586 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:418.45026px;\"><div class=\"t m0 xc9 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">3.660 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:418.45026px;\"><div class=\"t m0 x14 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">671.246 </div></div><div class=\"c w482 h180\" style=\"left:37.320816px; bottom:406.72427px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) debiti verso banche </div></div><div class=\"c wb1 h180\" style=\"left:423.9486px; bottom:406.72427px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">137.482 </div></div><div class=\"c w483 h180\" style=\"left:474.80463px; bottom:406.72427px;\"><div class=\"t m0 xc7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">265</span> </div></div><div class=\"c wb1 h180\" style=\"left:569.53564px; bottom:406.72427px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">137.217 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:395.02426px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) debiti verso la clientel<span class=\"_ _0\"></span>a </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:395.02426px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">454.025 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:395.02426px;\"><div class=\"t m0 xc9 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">2.615 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:395.02426px;\"><div class=\"t m0 x14 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">456.640 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:383.32428px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">c) titoli in circolazione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:383.32428px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">76.079 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:383.32428px;\"><div class=\"t m0 xc9 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">1.310 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:383.32428px;\"><div class=\"t m0 x9b h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">77.389 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:371.62427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">15.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:371.62427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di pertin<span class=\"_ _0\"></span>enza delle imprese di<span class=\"_ _0\"></span> assicurazione valutate <span class=\"_ _0\"></span>al costo ammortizzato ai s<span class=\"_ _0\"></span>ensi dello IAS 39 </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:371.62427px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2.550 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:371.62427px;\"><div class=\"t m0 x122 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-2.550 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:371.62427px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:359.9243px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">20.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:359.9243px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di neg<span class=\"_ _0\"></span>oziazione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:359.9243px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">46.512 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:359.9243px;\"><div class=\"t m0 x4 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:359.9243px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">46.533 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:348.22427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">30.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:348.22427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie desi<span class=\"_ _0\"></span>gnate al fair value </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:348.22427px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">8.795 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:348.22427px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:348.22427px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">8.795 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:336.52426px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">35.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:336.52426px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di pertin<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nza delle imprese di<span class=\"_ _0\"></span> assicurazione valutate <span class=\"_ _0\"></span>al fair value ai sensi dell<span class=\"_ _0\"></span>o IAS 39<span class=\"_ _3\"></span> </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:336.52426px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">71.744 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:336.52426px;\"><div class=\"t m0 x139 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-71.744 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:336.52426px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:324.82428px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">40.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:324.82428px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Derivati di copertura </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:324.82428px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:324.82428px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:324.82428px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:313.12427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">50.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:313.12427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Adeguamento di valore d<span class=\"_ _0\"></span>elle passivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di copertura generica (+/-) </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:313.12427px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-8.031 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:313.12427px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:313.12427px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-8.031 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:301.4243px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">60.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:301.4243px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 fiscali </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:301.4243px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">2.306 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:301.4243px;\"><div class=\"t m0 x122 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.311 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:301.4243px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">995 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:289.72427px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) correnti </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:289.72427px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">297 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:289.72427px;\"><div class=\"t m0 x3e h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">24</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:289.72427px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">273 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:278.02426px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) differite </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:278.02426px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">2.009 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:278.02426px;\"><div class=\"t m0 x122 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-1.287 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:278.02426px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">722 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:266.32428px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">70.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:266.32428px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Passivit\u00e0 associate ad attivi<span class=\"_ _0\"></span>t\u00e0 in via di dismissione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:266.32428px;\"><div class=\"t m0 xf h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:266.32428px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:266.32428px;\"><div class=\"t m0 xf h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:254.62427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">80.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:254.62427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Altre passivit\u00e0 </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:254.62427px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">11.060 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:254.62427px;\"><div class=\"t m0 xc7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">794</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:254.62427px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.266 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:242.92429px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls1a ws0\">90.<span class=\"ls0\"> </span></div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:242.92429px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Trattamento di fine rapporto<span class=\"_ _0\"></span> del personale </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:242.92429px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">852 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:242.92429px;\"><div class=\"t m0 xda h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:242.92429px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">847 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:231.22427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">100. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:231.22427px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Fondi per rischi e oneri </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:231.22427px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">5.010 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:231.22427px;\"><div class=\"t m0 xc7 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">352</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:231.22427px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">4.658 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:219.52426px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">a) impegni e garanzie rilas<span class=\"_ _0\"></span>ciate  </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:219.52426px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">711 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:219.52426px;\"><div class=\"t m0 xc7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">136</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:219.52426px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">575 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:207.82428px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">b) quiescenza e obblighi sim<span class=\"_ _0\"></span>ili </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:207.82428px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">139 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:207.82428px;\"><div class=\"t m0 x100 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:207.82428px;\"><div class=\"t m0 xad h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">139 </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:196.12427px;\"><div class=\"t m0 x41 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">c) altri fondi per rischi e on<span class=\"_ _0\"></span>eri </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:196.12427px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">4.160 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:196.12427px;\"><div class=\"t m0 xc7 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">216</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:196.12427px;\"><div class=\"t m0 x96 h1b9 y767 ff2 fs11 fc2 sc0 ls0 ws0\">3.944 </div></div><div class=\"c w3f6 h180\" style=\"left:-4.050377px; bottom:184.38528px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">110. </div></div><div class=\"c w482 h180\" style=\"left:37.320816px; bottom:184.38528px;\"><div class=\"t m0 x41 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">Riserve tecniche </div></div><div class=\"c wb1 h180\" style=\"left:423.9486px; bottom:184.38528px;\"><div class=\"t m0 x14 h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">100.117 </div></div><div class=\"c w483 h180\" style=\"left:474.80463px; bottom:184.38528px;\"><div class=\"t m0 x10a h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">-100.117 </div></div><div class=\"c wb1 h180\" style=\"left:569.53564px; bottom:184.38528px;\"><div class=\"t m0 xd h33 yf71 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:172.68527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">120. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:172.68527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Riserve da valutazione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:172.68527px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.939 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:172.68527px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:172.68527px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.939 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:160.98529px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">125. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:160.98529px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Riserve da valutazione di <span class=\"_ _0\"></span>pertinenza delle impres<span class=\"_ _0\"></span>e di assicurazione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:160.98529px;\"><div class=\"t m0 xd1 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">696</span> </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:160.98529px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:160.98529px;\"><div class=\"t m0 xd1 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">696</span> </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:149.28528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">130. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:149.28528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Azioni rimborsabili </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:149.28528px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:149.28528px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:149.28528px;\"><div class=\"t m0 xd h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:137.58528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">140. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:137.58528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Strumenti di capitale </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:137.58528px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">7.211 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:137.58528px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:137.58528px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">7.211 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:125.88527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">150. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:125.88527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Riserve </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:125.88527px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">15.827 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:125.88527px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:125.88527px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">15.827 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:114.18527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">155. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:114.18527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Acconti su dividendi (-) </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:114.18527px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.400 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:114.18527px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:114.18527px;\"><div class=\"t m0 x94 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-1.400 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:102.485275px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">160. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:102.485275px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Sovrapprezzi di emissione </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:102.485275px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">28.053 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:102.485275px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:102.485275px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">28.053 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:90.78528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">170. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:90.78528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Capitale </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:90.78528px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.369 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:90.78528px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:90.78528px;\"><div class=\"t m0 x9b h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">10.369 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:79.08528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">180. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:79.08528px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Azioni proprie (-) </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:79.08528px;\"><div class=\"t m0 xd1 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">124</span> </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:79.08528px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:79.08528px;\"><div class=\"t m0 xd1 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">124</span> </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:67.38527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">190. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:67.38527px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Patrimonio di pertinenza di<span class=\"_ _0\"></span> terzi (+/-) </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:67.38527px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">166 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:67.38527px;\"><div class=\"t m0 x3e h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">-<span class=\"ls1a\">31</span> </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:67.38527px;\"><div class=\"t m0 xad h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">135 </div></div><div class=\"c w3f6 h102\" style=\"left:-4.050377px; bottom:55.685272px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">200. </div></div><div class=\"c w482 h102\" style=\"left:37.320816px; bottom:55.685272px;\"><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">Utile (Perdita) di periodo (+/-)<span class=\"_ _0\"></span> </div></div><div class=\"c wb1 h102\" style=\"left:423.9486px; bottom:55.685272px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">4.354 </div></div><div class=\"c w483 h102\" style=\"left:474.80463px; bottom:55.685272px;\"><div class=\"t m0 x100 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h102\" style=\"left:569.53564px; bottom:55.685272px;\"><div class=\"t m0 x96 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">4.354 </div></div><div class=\"c w484 h42\" style=\"left:-4.050377px; bottom:40.08528px;\"><div class=\"t m0 x41 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">Totale del passivo e del patri<span class=\"_ _35\"></span>monio <span class=\"_ _3\"></span>netto </div></div><div class=\"c wb1 h42\" style=\"left:423.9486px; bottom:40.08528px;\"><div class=\"t m0 x14 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">975.683 </div></div><div class=\"c w483 h42\" style=\"left:474.80463px; bottom:40.08528px;\"><div class=\"t m0 x10a h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">-173.223 </div></div><div class=\"c wb1 h42\" style=\"left:569.53564px; bottom:40.08528px;\"><div class=\"t m0 x14 h166 y767 ff5 fs11 fc2 sc0 ls0 ws0\">802.460 </div></div><div class=\"c w1c h1ba\" style=\"left:-4.050377px; bottom:2.1824722px;\"><div class=\"t m0 x41 h33 y9bd ff1 fs11 fc2 sc0 ls0 ws0\">(*) Gli effetti sono riconducibili<span class=\"_ _0\"></span> al: </div><div class=\"t m0 x41 h33 yf73 ff1 fs11 fc2 sc0 ls0 ws0\">- deconsolidamento delle<span class=\"_ _0\"></span> societ\u00e0 non facenti parte<span class=\"_ _0\"></span> del Gruppo Bancario; </div><div class=\"t m0 x41 h33 y767 ff1 fs11 fc2 sc0 ls0 ws0\">- consolidamento con il m<span class=\"_ _0\"></span>etodo proporzionale dell<span class=\"_ _0\"></span>e societ\u00e0 controllate co<span class=\"_ _0\"></span>ngiuntamente e consolid<span class=\"_ _0\"></span>ate con il metodo del p<span class=\"_ _0\"></span>atrimoni<span class=\"_ _3\"></span>o netto in Bilancio. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-468.37036px;\"><div class=\"t m0 x0 h19a y15a8 ff5 fs1e fc2 sc0 ls0 ws0\">1.1. <span class=\"_ _22\"> </span>RISCHIO DI CREDITO </div><div class=\"t m0 x0 h24 y15a9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y169 ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y5fe ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y16b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y970 ff5 fs6 fc2 sc0 ls2 ws0\">1.<span class=\"ls0\"> <span class=\"_ _28\"> </span>ASPETTI GENER<span class=\"_ _3\"></span>ALI<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y16b6 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"></span>strategie, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"></span>Appetite <span class=\"_ _6\"></span>Framework, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>Facolt\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Concessione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>gestione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y16b7 ff1 fs0 fc0 sc0 ls0 ws0\">indirizzate:  </div><div class=\"t m0 x0 h2 y6d1 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">al <span class=\"_ _2\"></span>raggiungimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>obiettivo <span class=\"_ _3\"></span>sostenibile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019appetito <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>creazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _2\"></span></span> </span></div><div class=\"t m0 x2a h2 y11ff ff1 fs0 fc0 sc0 ls0 ws0\">garantendo la qualit\u00e0<span class=\"_ _0\"></span> delle attivit\u00e0 crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie; </div><div class=\"t m0 x0 h2 y6ed ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alla <span class=\"_ _16\"> </span>diversificazio<span class=\"_ _0\"></span>ne <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>por<span class=\"_ _3\"></span>tafoglio, <span class=\"_ _7\"> </span>limitando <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>concentrazione <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontroparti/gr<span class=\"_ _0\"></span>uppi, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>settori <span class=\"_ _16\"> </span>di </span></div><div class=\"t m0 x2a h2 y172 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 economica o ar<span class=\"_ _0\"></span>ee geografiche; </div><div class=\"t m0 x0 h2 y54f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">ad <span class=\"_ _5\"></span>un\u2019efficiente <span class=\"_ _5\"></span>selezione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"></span>economici <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>singoli <span class=\"_ _5\"></span>affidati, <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>un\u2019accurata <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 yc58 ff1 fs0 fc0 sc0 ls0 ws0\">finalizzata a conte<span class=\"_ _0\"></span>nere il rischio di insolv<span class=\"_ _0\"></span>enza e a mitigare le <span class=\"_ _0\"></span>perdite a queste pot<span class=\"_ _0\"></span>enzialmente co<span class=\"_ _0\"></span>nnesse;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1479 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">a <span class=\"_ _1d\"> </span>privilegiare,  nell\u2019attuale  fase <span class=\"_ _1d\"> </span>congiunturale,  gli <span class=\"_ _1d\"> </span>interventi  credi<span class=\"_ _2\"></span>tizi  volti <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>supportare  l\u2019economia  reale, <span class=\"_ _1d\"> </span>il  s<span class=\"_ _3\"></span>istema<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 ycb6 ff1 fs0 fc0 sc0 ls0 ws0\">produttivo e a svilup<span class=\"_ _0\"></span>pare le relazioni con la <span class=\"_ _0\"></span>clientela; </div><div class=\"t m0 x0 h2 y147a ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>al  costant<span class=\"_ _0\"></span>e  controll<span class=\"_ _0\"></span>o  delle <span class=\"_ _16\"> </span>relazioni  e <span class=\"_ _16\"> </span>delle  relativ<span class=\"_ _0\"></span>e  esposizio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i,  effettuato<span class=\"_ _0\"></span>  sia <span class=\"_ _16\"> </span>con  procedur<span class=\"_ _0\"></span>e  informatic<span class=\"_ _0\"></span>he,  sia <span class=\"_ _16\"> </span>con </span></div><div class=\"t m0 x2a h2 y147b ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sorveglianza<span class=\"ff1\"> <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>istematica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentanti <span class=\"_ _4\"> </span>irregolarit\u00e0, <span class=\"_ _7\"> </span>allo <span class=\"_ _7\"> </span>scopo <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>cogliere <span class=\"_ _7\"> </span>tempestivamente<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y147c ff1 fs0 fc0 sc0 ls0 ws0\">eventuali sintomi di det<span class=\"_ _0\"></span>erioramento. </div><div class=\"t m0 x0 h2 y13fb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y248 ff4 fs0 fc0 sc0 ls0 ws0\">Il  costante <span class=\"_ _1d\"> </span>monitoraggio  della  qualit\u00e0  del <span class=\"_ _1d\"> </span>portafoglio  crediti  viene  perseguito  attraverso  l<span class=\"_ _3\"></span>\u2019adozione  di  precise <span class=\"_ _1d\"> </span>modalit<span class=\"_ _35\"></span>\u00e0 </div><div class=\"t m0 x0 h2 y127c ff1 fs0 fc0 sc0 ls10 ws0\">op<span class=\"ls0\">erative in tut<span class=\"_ _0\"></span>te le fasi gestiona<span class=\"_ _0\"></span>li della relazione di<span class=\"_ _0\"></span> affidamento. </span></div><div class=\"t m0 x0 h2 y8dd ff4 fs0 fc0 sc0 ls0 ws0\">Occorre poi <span class=\"_ _3\"></span>sottolineare <span class=\"_ _3\"></span>che il <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>d\u2019Impresa 2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025 <span class=\"_ _3\"></span>contempla <span class=\"_ _3\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>altre </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>specifiche iniziative <span class=\"_ _3\"></span>mirate alla <span class=\"_ _3\"></span>riduzione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y70c ff1 fs0 fc0 sc0 ls0 ws0\">massiva dello stock di NP<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span> e alla continua <span class=\"_ _0\"></span>prevenzione attraverso una strategia modul<span class=\"_ _0\"></span>are. </div><div class=\"t m0 x0 h2 yb5 ff1 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>finalizzate <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019esercizio, <span class=\"_ _3\"></span>rientrano <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>straordinarie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span></span>-risking <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _3\"></span>9,5 </div><div class=\"t m0 x0 h2 yb6 ff1 fs0 fc0 sc0 ls0 ws0\">miliardi in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>GBV, a <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si a<span class=\"_ _3\"></span>ggiungono circa <span class=\"_ _3\"></span>0,8 <span class=\"_ _3\"></span>miliardi di <span class=\"_ _3\"></span>GBV c<span class=\"_ _3\"></span>lassificati in a<span class=\"_ _3\"></span>tt<span class=\"_ _2\"></span>ivit\u00e0 i<span class=\"_ _3\"></span>n via <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dismissione per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 yb7 ff1 fs0 fc0 sc0 ls0 ws0\">cessione \u00e8 prevista <span class=\"_ _0\"></span>nel 2023.  </div><div class=\"t m0 x0 h2 yb8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb9 ff4 fs0 fc0 sc0 ls0 ws0\">Per maggiori dettagli<span class=\"_ _0\"></span> si fa rinvio al paragraf<span class=\"_ _0\"></span>o \u201cIl Piano d\u2019Impres<span class=\"_ _0\"></span>a 2022<span class=\"_ _3\"></span><span class=\"ff1\">-</span>2025\u201d della Relazione sull\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndamento della g<span class=\"_ _0\"></span>estione.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yba ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y147e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb y1426 ffa fs6 fc2 sc0 ls2 ws0\">1.1.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Gli impatti valutativi per il G<span class=\"_ _3\"></span>ruppo ISP del conflitt<span class=\"_ _2\"></span>o militare fra Russia e U<span class=\"_ _3\"></span>craina<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y11d3 ff1 fs0 fc0 sc0 ls0 ws0\">Nel rimandare a quanto descritto nella Parte A <span class=\"_ _0\"></span>della presente Nota integrativa (Sezion<span class=\"_ _0\"></span>e 5 Altri aspetti) per quanto riguarda <span class=\"_ _2\"></span>pi\u00f9 </div><div class=\"t m0 x0 h2 yb0c ff4 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>generale <span class=\"_ _6\"></span>l\u2019approccio <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dal <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>rischi, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>incertezze <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>impa<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _6\"></span>connessi <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>flitto <span class=\"_ _5\"></span>tra </span></div><div class=\"t m0 x0 h2 y784 ff1 fs0 fc0 sc0 ls0 ws0\">Russia <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>Ucraina, <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>illustrati <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>quali<span class=\"_ _3\"></span>-quantitativi <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _7\"> </span>creditizie <span class=\"_ _4\"> </span>verso <span class=\"_ _7\"> </span>controparti </div><div class=\"t m0 x0 h2 yae8 ff1 fs0 fc0 sc0 ls0 ws0\">residenti nei Paesi in conflitto, <span class=\"_ _3\"></span>in portafoglio alle due controllate residenti in Russia e<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span> Ucraina, Banca Intesa Russia e Pravex </div><div class=\"t m0 x0 h2 y16b8 ff1 fs0 fc0 sc0 ls0 ws0\">Bank <span class=\"_ _7\"> </span>(Banca <span class=\"_ _16\"> </span>ucraina)<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>erogati <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>realt\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>(esposizioni <span class=\"_ _7\"> </span>cross <span class=\"_ _16\"> </span>border), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>particolare <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>guardo <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>loro </div><div class=\"t m0 x0 h2 y1387 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione.  </div><div class=\"t m0 x0 h2 ye21 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13ff ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>presenta <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eguenti <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>residenti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Russia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ucraina <span class=\"_ _2\"></span>al </div><div class=\"t m0 x0 h2 y110 ff1 fs0 fc0 sc0 ls0 ws0\">netto delle garanzi<span class=\"_ _0\"></span>e ECA e al lordo/netto de<span class=\"_ _0\"></span>lle rettifiche di val<span class=\"_ _0\"></span>ore effettuate:<span class=\"_ _3\"></span> </div></div>(milioni di eur<span class=\"_ _35\"></span>o) 31.12.2022<span class=\"_ _0\"></span> (*) 31.12.2021<span class=\"_ _0\"></span> (**) Esposizio<span class=\"_ _0\"></span>ne lorda Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ne lorda Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> Russia Ucraina<span class=\"_ _0\"></span> Russia Ucraina<span class=\"_ _0\"></span> Russia Ucraina Russia Ucraina<span class=\"_ _0\"></span> Crediti ve<span class=\"_ _0\"></span>rso client<span class=\"_ _0\"></span>ela 1.629 216<span class=\"ls0\"> </span>1.168 103<span class=\"ls0\"> </span>4.518 226<span class=\"ls0\"> </span>4.486 224<span class=\"ls0\"> </span>Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> 372<span class=\"ls0\"> </span>- 205<span class=\"ls0\"> </span>- 644<span class=\"ls0\"> </span>- 614<span class=\"ls0\"> </span>- Pravex - 112<span class=\"ls0\"> </span>- - - 156<span class=\"ls0\"> </span>- 154<span class=\"ls0\"> </span>Esposizioni <span class=\"_ _0\"></span>cross-borde<span class=\"_ _0\"></span>r 1.257 104<span class=\"ls0\"> </span>963<span class=\"ls0\"> </span>103<span class=\"ls0\"> </span>3.874 70<span class=\"ls0\"> </span>3.872 70<span class=\"ls0\"> </span>Crediti ve<span class=\"_ _0\"></span>rso banch<span class=\"_ _0\"></span>e 797<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>782<span class=\"ls0\"> </span>62<span class=\"ls0\"> </span>305<span class=\"ls0\"> </span>57<span class=\"ls0\"> </span>305<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> 751<span class=\"ls0\"> </span>- 740<span class=\"ls0\"> </span>- 269<span class=\"ls0\"> </span>- 269<span class=\"ls0\"> </span>- Pravex - 63<span class=\"ls0\"> </span>- 62<span class=\"ls0\"> </span>- 57<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>Esposizioni <span class=\"_ _0\"></span>cross-borde<span class=\"_ _0\"></span>r 46<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- 36<span class=\"ls0\"> </span>- 36<span class=\"ls0\"> </span>- Titoli 73<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>41<span class=\"ls0\"> </span>2 118<span class=\"ls0\"> </span>58<span class=\"ls0\"> </span>118<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> 13<span class=\"ls0\"> </span>- 13<span class=\"ls0\"> </span>- 24<span class=\"ls0\"> </span>- 24<span class=\"ls0\"> </span>- Pravex - - - - - 48<span class=\"ls0\"> </span>- 46<span class=\"ls0\"> </span>Divisione <span class=\"_ _0\"></span>IMI C&amp;IB 31<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>- 29<span class=\"ls0\"> </span>- 29<span class=\"ls0\"> </span>- Divisione <span class=\"_ _0\"></span>Insurance<span class=\"_ _0\"></span> 29<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>2 65<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>(*) Oltre alle <span class=\"_ _3\"></span>esposizioni pe<span class=\"_ _3\"></span>r cassa esp<span class=\"_ _3\"></span>oste in Tab<span class=\"_ _3\"></span>ella, vi sono <span class=\"_ _3\"></span>rischi di firma<span class=\"_ _3\"></span> verso client<span class=\"_ _3\"></span>ela per <span class=\"_ _3\"></span>126 m<span class=\"_ _3\"></span>ilioni (113 m<span class=\"_ _3\"></span>ilioni netti) p<span class=\"_ _3\"></span>resso Banca <span class=\"_ _3\"></span>Intesa Russia e 67 milio<span class=\"_ _3\"></span>ni (66 m<span class=\"_ _3\"></span>ilioni netti<span class=\"_ _3\"></span>) presso <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>oltre a 2<span class=\"_ _3\"></span>32 milio<span class=\"_ _3\"></span>ni (186 m<span class=\"_ _3\"></span>ilioni net<span class=\"_ _3\"></span>ti) di firma <span class=\"_ _3\"></span>Cross <span class=\"_ _3\"></span>Border ve<span class=\"_ _3\"></span>rso clientela<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>esident<span class=\"_ _3\"></span>e in R<span class=\"_ _3\"></span>ussia net<span class=\"_ _3\"></span>to ECA e <span class=\"_ _3\"></span>27 milioni (valore lord<span class=\"_ _3\"></span>o e netto) vers<span class=\"_ _3\"></span>o clientela resi<span class=\"_ _3\"></span>dente in Ucrai<span class=\"_ _3\"></span>na. Sono <span class=\"_ _3\"></span>altres\u00ec p<span class=\"_ _3\"></span>resenti <span class=\"_ _3\"></span>155 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>(152 <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ilioni netti<span class=\"_ _3\"></span>) di <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>border <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>firma <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>banch<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>sidenti <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>ioni (v<span class=\"_ _3\"></span>alore lor<span class=\"_ _3\"></span>do <span class=\"_ _3\"></span>e net<span class=\"_ _3\"></span>to) di esposizioni cro<span class=\"_ _3\"></span>ss border per firm<span class=\"_ _3\"></span>a verso ba<span class=\"_ _3\"></span>nche residenti<span class=\"_ _3\"></span> Ucraina.<span class=\"_ _3\"></span> Si <span class=\"_ _3\"></span>segnala, in<span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le es<span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>bord<span class=\"_ _3\"></span>er v<span class=\"_ _3\"></span>erso clien<span class=\"_ _3\"></span>tela <span class=\"_ _3\"></span>residente <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>assistite <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>anzie <span class=\"_ _3\"></span>prestate da sogge<span class=\"_ _3\"></span>tti stat<span class=\"_ _3\"></span>unitensi, m<span class=\"_ _3\"></span>entre p<span class=\"_ _3\"></span>er la<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>famiglie<span class=\"_ _3\"></span> sia <span class=\"_ _3\"></span>le co<span class=\"_ _3\"></span>nsistenze <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>che l'i<span class=\"_ _3\"></span>ncremento <span class=\"_ _3\"></span>di ci<span class=\"_ _3\"></span>rca 34 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>registr<span class=\"_ _3\"></span>atosi ris<span class=\"_ _3\"></span>petto al<span class=\"_ _3\"></span> 31 dicembre 2021 s<span class=\"_ _3\"></span>ono principalme<span class=\"_ _3\"></span>nte correlate ad esp<span class=\"_ _3\"></span>osizioni erogate <span class=\"_ _3\"></span>da parte della co<span class=\"_ _3\"></span>ntrollata VUB a famigli<span class=\"_ _3\"></span>e aventi <span class=\"_ _3\"></span>stabile d<span class=\"_ _3\"></span>imora i<span class=\"_ _3\"></span>n Slovacchia.<span class=\"_ _3\"></span> (**) <span class=\"_ _5\"></span>Oltre <span class=\"_ _5\"></span>all<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>esposizi<span class=\"_ _3\"></span>oni <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>abella, <span class=\"_ _5\"></span>vi <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fir<span class=\"_ _3\"></span>ma <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>clie<span class=\"_ _3\"></span>ntela <span class=\"_ _5\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>254 <span class=\"_ _5\"></span>milio<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>(25<span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>milion<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>netti) <span class=\"_ _6\"></span>presso <span class=\"_ _5\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Intesa Russia <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>88 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(valore <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>netto) <span class=\"_ _5\"></span>presso <span class=\"_ _2\"></span>P<span class=\"_ _3\"></span>ravex <span class=\"_ _5\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>95 <span class=\"_ _2\"></span>milio<span class=\"_ _3\"></span>ni <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span>rdo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>netto) <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>firma <span class=\"_ _5\"></span>cross <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>order <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>cli<span class=\"_ _3\"></span>entela <span class=\"_ _5\"></span>residente <span class=\"_ _5\"></span>netto ECA. Sono altres\u00ec p<span class=\"_ _3\"></span>resenti 1.109 m<span class=\"_ _3\"></span>ilioni (valore lo<span class=\"_ _3\"></span>rdo e netto) di esp<span class=\"_ _3\"></span>osizioni cross b<span class=\"_ _3\"></span>order per firma v<span class=\"_ _3\"></span>erso banche r<span class=\"_ _3\"></span>esidenti <span class=\"_ _3\"></span>Rus<span class=\"_ _3\"></span>sia.  Si <span class=\"_ _3\"></span>segnala, in<span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le es<span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>bord<span class=\"_ _3\"></span>er v<span class=\"_ _3\"></span>erso clien<span class=\"_ _3\"></span>tela <span class=\"_ _3\"></span>resi<span class=\"_ _3\"></span>dente in <span class=\"_ _2\"></span>Ucraina <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate as<span class=\"_ _3\"></span>sistite <span class=\"_ _3\"></span>da g<span class=\"_ _3\"></span>aranzie <span class=\"_ _3\"></span>prestate da <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _6\"></span>statunitensi, <span class=\"_ _6\"></span>mentre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>famiglie<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>princi<span class=\"_ _3\"></span>palmente <span class=\"_ _6\"></span>correlate <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"></span>esposizio<span class=\"_ _3\"></span>ni <span class=\"_ _6\"></span>erogate <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ntroll<span class=\"_ _3\"></span>ata <span class=\"_ _5\"></span>VUB <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>famiglie<span class=\"_ _3\"></span> aventi stabile dimo<span class=\"_ _3\"></span>ra in Slovacc<span class=\"_ _3\"></span>hia. Come <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>tabella, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>residue <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>residen<span class=\"_ _5\"></span>ti <span class=\"_ _3\"></span>in Russia e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>ammontano, in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>lordi, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>372 <span class=\"_ _2\"></span>milioni (205 <span class=\"_ _2\"></span>milioni netti) <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferiment<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca Intesa <span class=\"_ _2\"></span>Russia<span class=\"_ _0\"></span> e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>1.257 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>(963 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>netti) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>cross <span class=\"_ _2\"></span>border <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esidente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Russia <span class=\"_ _2\"></span>(al <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span>etto delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>ECA). <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>aggiungono <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _2\"></span>797 <span class=\"_ _2\"></span>milioni <span class=\"_ _6\"></span>(782 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>netti) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in titoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>73 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>(41<span class=\"_ _3\"></span> milioni n<span class=\"_ _3\"></span>etti). L<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>residente in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>ammontano a <span class=\"_ _2\"></span>216 <span class=\"_ _3\"></span>milioni (103 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>netti), <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>112<span class=\"_ _3\"></span> milioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>nullo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>netti) <span class=\"_ _3\"></span>riferiti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>trollata <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>si aggiungono esposizioni verso banche e in titoli per complessivi 74 milioni (64 <span class=\"_ _3\"></span>milioni netti). La<span class=\"_ _2\"></span> pluralit\u00e0 delle esposizioni verso controparti <span class=\"_ _4\"> </span>russe<span class=\"_ _90\"> </span>100 <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>ucraine <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>essenzialmente <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>cliente<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>il principio IFRS 9 \u201cStrume<span class=\"_ _0\"></span>nti finanziari\u201d.<span class=\"ff1\"> </span>Ci\u00f2 <span class=\"_ _20\"> </span>premesso <span class=\"_ _20\"> </span>occorre <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>ottolineare <span class=\"_ _1c\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _20\"> </span>n<span class=\"_ _3\"></span><span class=\"ff4\">el <span class=\"_ _20\"> </span>corso <span class=\"_ _20\"> </span>dell\u2019esercizio <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>\u00e8 <span class=\"_ _20\"> </span>attivamente <span class=\"_ _20\"> </span>operato <span class=\"_ _20\"> </span>per <span class=\"_ _20\"> </span>ridurre </span>significativamente i ris<span class=\"_ _0\"></span>chi creditizi legati <span class=\"_ _0\"></span>al conflitto russo-<span class=\"lsc\">uc<span class=\"_ _3\"></span></span><span class=\"ff4\">raino. In particol<span class=\"_ _0\"></span>are, nel corso dell\u2019<span class=\"_ _0\"></span>esercizio l\u2019esposizio<span class=\"_ _0\"></span>ne lorda per </span>cassa verso il<span class=\"_ _3\"></span> totale delle controparti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>in Russia e <span class=\"_ _3\"></span>Ucraina (clientela, banche e <span class=\"_ _3\"></span>titoli) si \u00e8 r<span class=\"_ _3\"></span>idotta di 2.493 <span class=\"_ _3\"></span>milioni (<span class=\"_ _2\"></span>-47% rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>fi<span class=\"_ _3\"></span>ne <span class=\"_ _4\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>precedente) <span class=\"_ _4\"> </span>pre<span class=\"_ _3\"></span><span class=\"ff1\">valentemente <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>titolo <span class=\"_ _7\"> </span>definitivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>due<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>importanti </span>esposizioni <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>2,2 <span class=\"_ _16\"> </span>miliardi <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>terzo <span class=\"_ _7\"> </span>e  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _7\"> </span>0<span class=\"_ _3\"></span>,3 <span class=\"_ _7\"> </span>miliardi <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>quarto <span class=\"_ _16\"> </span>trimestre <span class=\"_ _7\"> </span>2022). <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>rileva <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> 2.899 milioni (-61% <span class=\"_ _3\"></span>rispetto a f<span class=\"_ _3\"></span>ine 2021) delle <span class=\"_ _3\"></span>esposizioni c<span class=\"_ _3\"></span>reditizie lorde verso <span class=\"_ _3\"></span>clientela, solo <span class=\"_ _3\"></span>in parte c<span class=\"_ _3\"></span>ontrobilanciata<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>da una crescita <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>banche <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>resasi <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>progressive <span class=\"_ _3\"></span>estinz<span class=\"_ _5\"></span>ioni dei crediti a clientela. La <span class=\"_ _3\"></span>sig<span class=\"_ _35\"></span>nific<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva man<span class=\"_ _35\"></span>ovra di <span class=\"_ _3\"></span>de-ri<span class=\"_ _35\"></span>sking<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imp<span class=\"_ _35\"></span>ortant<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>retti<span class=\"_ _35\"></span>fich<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>sul<span class=\"_ _0\"></span>le resi<span class=\"_ _0\"></span>due<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>posi<span class=\"_ _35\"></span>zioni<span class=\"_ _35\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>des<span class=\"_ _35\"></span>critt<span class=\"_ _35\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>segui<span class=\"_ _35\"></span>to <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>hann<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>cont<span class=\"_ _35\"></span>ribui<span class=\"_ _35\"></span>to <span class=\"_ _3\"></span>a pi\u00f9 <span class=\"_ _3\"></span>che<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dimez<span class=\"_ _0\"></span>zar<span class=\"_ _35\"></span>e <span class=\"_ _2\"></span>l\u2019es<span class=\"_ _35\"></span>posiz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>nett<span class=\"_ _35\"></span>a <span class=\"_ _2\"></span>comp<span class=\"_ _35\"></span>lessi<span class=\"_ _35\"></span>va <span class=\"_ _3\"></span>(clie<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ela<span class=\"_ _35\"></span>, <span class=\"_ _2\"></span>ban<span class=\"_ _0\"></span>che <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>titol<span class=\"_ _35\"></span>i) <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>re 2022 <span class=\"_ _3\"></span>vers<span class=\"_ _35\"></span>o <span class=\"_ _2\"></span>cont<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>par<span class=\"_ _35\"></span>ti <span class=\"_ _2\"></span>res<span class=\"_ _0\"></span>i<span class=\"ff1\">denti <span class=\"_ _3\"></span>in<span class=\"_ _35\"></span> </span>Rus<span class=\"_ _0\"></span>sia<span class=\"_ _35\"></span> e Uc<span class=\"_ _35\"></span>raina<span class=\"_ _0\"></span> ch<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>pari<span class=\"_ _35\"></span> a 2.1<span class=\"_ _0\"></span>58 mili<span class=\"_ _35\"></span>oni, <span class=\"_ _0\"></span>in<span class=\"_ _0\"></span> ca<span class=\"_ _35\"></span>lo di<span class=\"_ _0\"></span> 3.087 m<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>oni<span class=\"_ _35\"></span> risp<span class=\"_ _35\"></span>etto <span class=\"_ _35\"></span>al 31 <span class=\"_ _35\"></span>dice<span class=\"_ _0\"></span>mbr<span class=\"_ _35\"></span>e 202<span class=\"_ _35\"></span>1 (-5<span class=\"_ _35\"></span>9%).<span class=\"_ _35\"></span> A <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>gli <span class=\"_ _6\"></span>ambiti <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>maggiore <span class=\"_ _4\"></span>attenzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>tema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valutazioni <span class=\"_ _6\"></span>creditizie <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>emergenziale innestato dal co<span class=\"ff4\">nflitto in Ucraina<span class=\"_ _0\"></span>, un focus particolare \u00e8 stato dedicat<span class=\"_ _0\"></span>o all\u2019esposizione del Grupp<span class=\"_ _0\"></span>o verso controparti reside<span class=\"_ _0\"></span>nti in </span>Russia e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina. In <span class=\"_ _3\"></span>particolare, sono <span class=\"_ _3\"></span>state a<span class=\"_ _3\"></span>dottate iniziative <span class=\"_ _3\"></span>ad hoc <span class=\"_ _3\"></span>volte <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>afforzare il <span class=\"_ _3\"></span>presidio del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>anche attrave<span class=\"ff4\">rso <span class=\"_ _2\"></span>l\u2019aggiornamento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>creditizio, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>venti <span class=\"_ _2\"></span>residenza <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>casa <span class=\"_ _5\"></span>madre <span class=\"_ _5\"></span>residente<span class=\"_ _35\"></span> </span>nella <span class=\"_ _3\"></span>Federazione Russa, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Bielorussia ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ucraina.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _3\"></span>preso atto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>deterioramento d<span class=\"_ _3\"></span>i specifiche posizioni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>inadempienze<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>probabili <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>conseguentemente <span class=\"_ _5\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>analitica. Al<span class=\"ls0\"> 31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>rilevano <span class=\"_ _3\"></span>complessivamente, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>paesi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>conflitto, <span class=\"_ _3\"></span>322 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di </span>crediti <span class=\"_ _18\"> </span>deteriorati <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>cassa <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>controparti <span class=\"_ _18\"> </span>residenti <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>Russia, <span class=\"_ _18\"> </span>relativi <span class=\"_ _18\"> </span>a <span class=\"_ _18\"> </span>posizioni <span class=\"_ _18\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>classificate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>30 <span class=\"_ _1c\"> </span>giugno,<span class=\"_ _35\"></span> prevalentemente rife<span class=\"_ _0\"></span>rite a due controparti. I <span class=\"_ _16\"> </span>crediti <span class=\"_ _7\"> </span>deteriorati <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>russa <span class=\"_ _7\"> </span>ammontano <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>61 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _16\"> </span>mentre <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _7\"> </span>integrale<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>del portafoglio della part<span class=\"_ _0\"></span>ecipata ucraina h<span class=\"_ _0\"></span>a portato a rilevare 1<span class=\"_ _0\"></span>12 milioni di soffere<span class=\"_ _0\"></span>nze.<span class=\"_ _3\"></span> In line<span class=\"_ _35\"></span>a con la rap<span class=\"_ _35\"></span>prese<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>azi<span class=\"_ _35\"></span>one gi<span class=\"_ _0\"></span>\u00e0 forni<span class=\"_ _35\"></span>ta nell<span class=\"_ _35\"></span>a <span class=\"_ _3\"></span>Rela<span class=\"_ _35\"></span>zion<span class=\"_ _0\"></span>e fina<span class=\"_ _35\"></span>nzia<span class=\"_ _0\"></span>ria s<span class=\"_ _0\"></span>eme<span class=\"_ _35\"></span>stral<span class=\"_ _0\"></span>e al 30 gi<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>no, pe<span class=\"_ _0\"></span>r qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span> rigu<span class=\"_ _35\"></span>arda il por<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>afog<span class=\"_ _35\"></span>lio per il q<span class=\"_ _0\"></span>ual<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>non<span class=\"_ _0\"></span> sono st<span class=\"_ _0\"></span>ati<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>ravv<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ati seg<span class=\"_ _35\"></span>nali<span class=\"_ _0\"></span> di det<span class=\"_ _0\"></span>erio<span class=\"_ _35\"></span>rame<span class=\"_ _35\"></span>nto spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci, d<span class=\"_ _0\"></span>all<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>ana<span class=\"_ _0\"></span>lis<span class=\"_ _35\"></span>i effet<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ate de<span class=\"_ _0\"></span>l pri<span class=\"_ _0\"></span>nci<span class=\"_ _35\"></span>pio con<span class=\"_ _0\"></span>tabi<span class=\"_ _35\"></span>le IFR<span class=\"_ _0\"></span>S 9 e dei<span class=\"_ _35\"></span> corr<span class=\"_ _35\"></span>elat<span class=\"_ _0\"></span>i <span class=\"_ _1d\"> </span>Ann<span class=\"_ _0\"></span>ex,<span class=\"_ _35\"></span> <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _35\"></span>ano <span class=\"_ _1d\"> </span>ess<span class=\"_ _35\"></span>ervi <span class=\"_ _1d\"> </span>ind<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>azi<span class=\"_ _35\"></span>oni <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>esem<span class=\"_ _35\"></span>plific<span class=\"_ _35\"></span>azion<span class=\"_ _0\"></span>i <span class=\"_ _1d\"> </span>volt<span class=\"_ _35\"></span>e <span class=\"_ _17\"> </span>a <span class=\"_ _1d\"> </span>del<span class=\"_ _35\"></span>inear<span class=\"_ _35\"></span>e <span class=\"_ _17\"> </span>spe<span class=\"_ _35\"></span>cific<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>linee<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>guid<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>mir<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>all<span class=\"_ _35\"></span>a mis<span class=\"_ _0\"></span>ura<span class=\"_ _35\"></span>zione <span class=\"_ _5\"></span>de<span class=\"ff4\">ll<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>Ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d <span class=\"_ _6\"> </span>Cre<span class=\"_ _35\"></span>dit <span class=\"_ _6\"></span>Los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>co<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>bel<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>i <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>a <span class=\"_ _5\"></span>defin<span class=\"_ _0\"></span>ire<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>met<span class=\"_ _0\"></span>odo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>spe<span class=\"_ _35\"></span>cific<span class=\"_ _0\"></span>he <span class=\"_ _5\"></span>dell\u2019i<span class=\"_ _35\"></span>ncre<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>risc<span class=\"_ _0\"></span>hio<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _35\"></span> </span>cre<span class=\"_ _35\"></span>dito <span class=\"_ _2\"></span>cons<span class=\"_ _35\"></span>egue<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>crisi<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>geo<span class=\"_ _0\"></span>poli<span class=\"_ _0\"></span>ti<span class=\"_ _35\"></span>che <span class=\"_ _5\"></span>im<span class=\"_ _35\"></span>provvi<span class=\"_ _35\"></span>se <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gra<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>com<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _35\"></span>a <span class=\"_ _5\"></span>att<span class=\"_ _0\"></span>ual<span class=\"_ _35\"></span>e. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ri<span class=\"_ _35\"></span>ferim<span class=\"_ _35\"></span>enti <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _35\"></span>abil<span class=\"_ _35\"></span>i <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>conte<span class=\"_ _35\"></span>sto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttual<span class=\"_ _35\"></span>e app<span class=\"_ _0\"></span>aio<span class=\"_ _35\"></span>no <span class=\"_ _5\"></span>e<span class=\"ff4\">sse<span class=\"_ _35\"></span>re <span class=\"_ _5\"></span>quel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>ripor<span class=\"_ _35\"></span>tati<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>nell<span class=\"_ _35\"></span>e <span class=\"_ _5\"></span>Appl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _35\"></span>n <span class=\"_ _6\"></span>G<span class=\"_ _0\"></span>uid<span class=\"_ _35\"></span>ance <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>pri<span class=\"_ _35\"></span>ncipi<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>st<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>perme<span class=\"_ _0\"></span>tt<span class=\"_ _35\"></span>ono/<span class=\"_ _0\"></span>sug<span class=\"_ _0\"></span>ger<span class=\"_ _35\"></span>iscon<span class=\"_ _35\"></span>o <span class=\"_ _6\"></span>l\u2019<span class=\"_ _0\"></span>util<span class=\"_ _35\"></span>izzo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>del<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>c.d<span class=\"_ _0\"></span>. </span>\u201ccol<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>cti<span class=\"_ _35\"></span>ve <span class=\"_ _3\"></span>asse<span class=\"_ _0\"></span>ssm<span class=\"_ _35\"></span>ent\u201d <span class=\"_ _3\"></span>ai<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _35\"></span>ni <span class=\"_ _3\"></span>della<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>verif<span class=\"_ _35\"></span>ica <span class=\"_ _3\"></span>dell<span class=\"_ _35\"></span>a <span class=\"_ _2\"></span>sus<span class=\"_ _35\"></span>sist<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Sig<span class=\"_ _35\"></span>nific<span class=\"_ _35\"></span>ant <span class=\"_ _3\"></span>Incr<span class=\"_ _35\"></span>ease <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Credi<span class=\"_ _35\"></span>t <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>(SI<span class=\"_ _35\"></span>CR) <span class=\"_ _3\"></span>in ottic<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>stag<span class=\"_ _35\"></span>ing </span>dell<span class=\"_ _35\"></span>e espo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ni cred<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _35\"></span>e<span class=\"_ _90\"> </span>101<span class=\"_ _90\"> </span>, nonc<span class=\"_ _35\"></span>h\u00e9, in c<span class=\"_ _35\"></span>ontin<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t\u00e0 c<span class=\"_ _0\"></span>on i t<span class=\"_ _0\"></span>rat<span class=\"_ _35\"></span>tamen<span class=\"_ _0\"></span>ti <span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>ost<span class=\"_ _35\"></span>ati per<span class=\"_ _0\"></span> cog<span class=\"_ _35\"></span>liere l<span class=\"_ _35\"></span>e criti<span class=\"_ _35\"></span>cit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _0\"></span> un'a<span class=\"_ _35\"></span>ltra r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e sit<span class=\"_ _35\"></span>uazio<span class=\"_ _35\"></span>ne<span class=\"_ _35\"></span> eme<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>nzi<span class=\"_ _35\"></span>ale <span class=\"_ _5\"></span>qua<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>COV<span class=\"_ _35\"></span>ID-<span class=\"lsc\">19<span class=\"_ _90\"> </span></span>102<span class=\"_ _90\"> </span>, <span class=\"_ _5\"></span>nel<span class=\"_ _0\"></span>l\u2019ut<span class=\"_ _35\"></span>ilizz<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mana<span class=\"_ _0\"></span>gem<span class=\"_ _35\"></span>ent <span class=\"_ _2\"></span>overl<span class=\"_ _0\"></span>ay <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>calcol<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>dell\u2019<span class=\"_ _35\"></span>ECL, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fin<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _2\"></span>defin<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>mo<span class=\"_ _35\"></span>dalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>pi<span class=\"_ _35\"></span>\u00f9 opp<span class=\"_ _0\"></span>ort<span class=\"_ _35\"></span>une p<span class=\"_ _0\"></span>er <span class=\"_ _35\"></span>inco<span class=\"_ _0\"></span>rpo<span class=\"_ _35\"></span>rare n<span class=\"_ _35\"></span>egli<span class=\"_ _0\"></span> a<span class=\"_ _0\"></span>cca<span class=\"_ _0\"></span>nto<span class=\"_ _35\"></span>namen<span class=\"_ _0\"></span>ti <span class=\"_ _0\"></span>gli<span class=\"_ _35\"></span> asp<span class=\"_ _0\"></span>etti<span class=\"_ _35\"></span> leg<span class=\"_ _35\"></span>ati a<span class=\"_ _0\"></span>l <span class=\"_ _0\"></span>con<span class=\"_ _35\"></span>flitt<span class=\"_ _35\"></span>o in <span class=\"_ _0\"></span>cor<span class=\"_ _35\"></span>so.  Con specifico riferimento alle posizioni cross border, il Gruppo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>quindi deciso di adottare un approccio valutativo fortement<span class=\"_ _35\"></span>e guidato dall<span class=\"_ _3\"></span>\u2019emergere del <span class=\"_ _3\"></span>rischio geopolitico <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cdi <span class=\"_ _3\"></span>trasferimento\u201d, c<span class=\"_ _3\"></span>io\u00e8 il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controparti non <span class=\"_ _3\"></span>onorino <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impegni di pagamento del debito <span class=\"_ _3\"></span>a seguito di <span class=\"_ _3\"></span>restrizioni o decisioni del <span class=\"_ _3\"></span>Pa<span class=\"_ _3\"></span>ese d<span class=\"_ _3\"></span>i residenza e n<span class=\"_ _3\"></span>on per aspetti direttamente attinenti al <span class=\"_ _3\"></span>loro business,  quindi  a<span class=\"_ _0\"></span>pplicato  in <span class=\"_ _16\"> </span>base  al  paes<span class=\"_ _0\"></span>e  di  residenz<span class=\"_ _0\"></span>a  delle <span class=\"_ _16\"> </span>controparti.  Tale  ap<span class=\"_ _0\"></span>proccio  ha <span class=\"_ _16\"> </span>operato  sia  ai <span class=\"_ _16\"> </span>fini  della determinazione  del  S<span class=\"_ _0\"></span>ICR  e  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lativa  classi<span class=\"_ _0\"></span>ficazione  a <span class=\"_ _16\"> </span>stage  2,  che <span class=\"_ _16\"> </span>ai  f<span class=\"_ _3\"></span><span class=\"ff4\">i<span class=\"_ _3\"></span>ni  di  c<span class=\"_ _0\"></span>alcolo  dell\u2019EC<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>  mediante <span class=\"_ _16\"> </span>applicazione  di<span class=\"_ _0\"></span> </span>management <span class=\"_ _2\"></span>overlay. <span class=\"_ _3\"></span>Tale <span class=\"_ _2\"></span>modalit\u00e0, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>agita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>continuit\u00e0 <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019anno, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _3\"></span>ritenuta <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>opportuna <span class=\"_ _2\"></span>per<span class=\"_ _5\"></span><span class=\"ff1\"> </span>incorporare accantonamenti legati<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>rischio paese e geopolitico relativi al conf<span class=\"_ _2\"></span>litto in corso <span class=\"_ _3\"></span>altrimenti non adeguatamente colti dai <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>normalmente <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span>so.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">Nel <span class=\"_ _3\"></span>contempo, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>portata avanti <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>review <span class=\"_ _3\"></span>delle controparti <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>esposte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>paese <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onflitt<span class=\"_ _3\"></span>o, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>erano <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>eccezionalmente <span class=\"_ _5\"></span>previsti termini di validit\u00e0 dei<span class=\"_ _0\"></span> rating attribuiti pi\u00f9<span class=\"_ _0\"></span> restringenti. Nel dettaglio le scelt<span class=\"_ _0\"></span>e introdotte ai fini <span class=\"_ _0\"></span>del calcolo ECL sulle e<span class=\"_ _0\"></span>sposizioni cross bor<span class=\"_ _0\"></span>der sono state:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>through <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>cycle <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ssociata <span class=\"_ _16\"> </span>al <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>attribuito, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>condizionamento <span class=\"_ _7\"> </span>forward </span>looking, <span class=\"_ _17\"> </span>approccio <span class=\"_ _17\"> </span>ritenuto <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _17\"> </span>prudente <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>quanto <span class=\"_ _17\"> </span>la <span class=\"_ _18\"> </span>metodologia <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>condizionamento, <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>logiche<span class=\"_ _35\"></span> attualmente <span class=\"_ _7\"> </span>adottate <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>modelli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>atellite, <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sarebbe <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>rapprese<span class=\"_ _3\"></span>ntativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>specifico <span class=\"_ _7\"> </span>legato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>paesi <span class=\"_ _7\"> </span>in conflitto; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _6\"> </span>buffer <span class=\"_ _6\"> </span>prudenziale, <span class=\"_ _6\"></span>tale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>determinare <span class=\"_ _6\"></span>equivalenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>l\u2019utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>perdita <span class=\"_ _6\"> </span>stimato<span class=\"_ _0\"></span> secondo un <span class=\"_ _3\"></span>approccio basato sulla <span class=\"_ _3\"></span>traslazione del rischio <span class=\"_ _3\"></span>del paese di <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modellis<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>Pillar II (LGD <span class=\"_ _3\"></span>fissa da modello transfer risk p<span class=\"_ _0\"></span>ari al 55%, non co<span class=\"_ _0\"></span>ndizionata); \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>ntroduzione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ulteriori <span class=\"_ _4\"></span>margi<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>prudenza <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>ECL <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dai <span class=\"_ _4\"></span>sopraindicati <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>di </span>potenziali ulteriori <span class=\"_ _0\"></span>peggioramenti del merito creditizio d<span class=\"_ _0\"></span>elle controparti russe<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>riferimento ai <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>clientela erogati <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>Bank, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>situazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>assoluta gravit\u00e0 <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>tutto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ter<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorio<span class=\"_ _35\"></span> ucraino,  inoltre, <span class=\"_ _16\"> </span>ha  portato  a <span class=\"_ _16\"> </span>definire  ai  fi<span class=\"_ _0\"></span>ni  della  v<span class=\"_ _0\"></span>alutazione  del<span class=\"_ _3\"></span>  portafoglio <span class=\"_ _16\"> </span>crediti  della <span class=\"_ _16\"> </span>banca  ucraina  controll<span class=\"_ _0\"></span>ata  un<span class=\"_ _0\"></span> approccio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tutto <span class=\"_ _3\"></span>specifico, <span class=\"_ _3\"></span>fortemente <span class=\"_ _2\"></span>guidato <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>razionali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>tenuto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>incertezze <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>element<span class=\"_ _2\"></span><span class=\"ls13\">i </span>di <span class=\"_ _3\"></span>rischio connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>conflitto. <span class=\"_ _3\"></span>Gi\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>Relazione s<span class=\"_ _3\"></span>emestrale, su<span class=\"_ _3\"></span><span class=\"ls11\">l <span class=\"_ _3\"></span></span>portafoglio c<span class=\"_ _3\"></span>rediti performing <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex (la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>non presentava sostanzialmente a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 p<span class=\"_ _3\"></span>osizioni NPL) <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>stato a<span class=\"_ _3\"></span>pplicato uno <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>management overlay <span class=\"_ _3\"></span>a livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ECL <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>comportato una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>livell<span class=\"_ _2\"></span><span class=\"ff4\">o <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>73%. <span class=\"_ _2\"></span>Alla <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>dell\u2019aggravarsi <span class=\"_ _3\"></span>e </span>del <span class=\"_ _5\"></span>prolungarsi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>conflitto, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>conse<span class=\"_ _3\"></span>guenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icadute <span class=\"_ _2\"></span>sull\u2019economia <span class=\"_ _5\"></span>ucraina, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>in<span class=\"_ _6\"></span><span class=\"ff1\"> </span>continuit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>quanto fatto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>sede di <span class=\"_ _2\"></span>Resoconto intermedio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>30<span class=\"_ _3\"></span> settembre, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti verso <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata u<span class=\"_ _3\"></span>craina sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>Consolidato <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"> </span>(Sofferenze), <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>svalutazione <span class=\"_ _7\"> </span>integrale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>ella componente cassa.  Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>definite <span class=\"_ _7\"> </span>scelte <span class=\"_ _7\"> </span>prudenziali <span class=\"_ _4\"> </span>specifiche, <span class=\"_ _4\"> </span>pur <span class=\"_ _7\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>eraltro <span class=\"_ _4\"> </span>della diversa <span class=\"_ _6\"> </span>situazione <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>rischio/operativa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>partecipata <span class=\"_ _5\"></span>Uc<span class=\"_ _3\"></span>raina. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>proceduto <span class=\"_ _4\"> </span>quindi <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>approccio<span class=\"_ _5\"></span><span class=\"ff1\"> </span>classificatorio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutativo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>performing <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tiene <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>forte <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>geopolitico <span class=\"_ _3\"></span>derivante <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>in corso. <span class=\"_ _3\"></span>Pertanto <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>scontano <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>prudenziale <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>centralme<span class=\"_ _5\"></span>nte che <span class=\"_ _6\"> </span>tiene <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>dell\u2019aggravarsi <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>situazione <span class=\"_ _6\"></span>economica<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span></span>domestica <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>protrarsi <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>conflitto <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>dell\u2019accresciuto isolamento <span class=\"_ _3\"></span>dell\u2019economia <span class=\"_ _3\"></span>russa. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>effetto <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bonis <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span><span class=\"ff1\">la </span>controllata russa si att<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sta a circa il 40,5% <span class=\"_ _0\"></span>sul valore lordo degli stessi<span class=\"fsa\">.</span>  Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>valore residuo <span class=\"_ _4\"> </span>iscritto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>211 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>messo <span class=\"_ _6\"> </span>a <span class=\"_ _7\"> </span>disposizio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"> </span>un </span>ammontare <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>200 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>originariamente <span class=\"_ _4\"> </span>destinato <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>capitale. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>concreta <span class=\"_ _4\"></span>effettuazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>aumento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i capitale <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata <span class=\"_ _17\"> </span>sospesa <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>conseguenza <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>bellici. <span class=\"_ _17\"> </span>Il <span class=\"_ _18\"> </span>finanziamento <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>211 <span class=\"_ _17\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>tuttora <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>supporto dell\u2019operativi<span class=\"ff1\">t\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ltro <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>indotte <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>realizzato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>operativo </span>positivo, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>l\u2019a<span class=\"_ _3\"></span>mmont<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span> <span class=\"_ _3\"></span>originariamente destinato <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>ipenderanno<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dagli <span class=\"_ _3\"></span>sviluppi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli <span class=\"_ _4\"></span>eventi <span class=\"_ _4\"> </span>bellici <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>normativa <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ussa <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>momento <span class=\"_ _4\"></span>impone <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>estrizioni <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanee <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imborsi <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>verso soggetti residenti i<span class=\"_ _0\"></span>n Paesi \u201cunfriendly\u201d.<span class=\"ff1\"> </span>Per  completezza <span class=\"_ _1d\"> </span>si  ricorda  che <span class=\"_ _1d\"> </span>anche  il  patrimonio <span class=\"_ _1d\"> </span>immobili<span class=\"_ _0\"></span>are  delle <span class=\"_ _1d\"> </span>due  partecipate  \u00e8 <span class=\"_ _1d\"> </span>stato  oggetto  di <span class=\"_ _1d\"> </span>va<span class=\"_ _5\"></span>lutazione:<span class=\"_ _35\"></span> considerata <span class=\"_ _3\"></span>l\u2019estrema <span class=\"_ _3\"></span>incertezza <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>contraddistingue <span class=\"_ _3\"></span>l\u2019attuale <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>bellico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019attuale assenza <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliar<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e</span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.90161px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">in Ucraina, si \u00e8 riten<span class=\"_ _0\"></span>uto prudente conf<span class=\"_ _0\"></span>ermare l\u2019azzeramento <span class=\"_ _0\"></span>del valore degli asset <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>d uso investimen<span class=\"_ _0\"></span>to e delle filiali<span class=\"_ _2\"></span><span class=\"ff1\"> e degli altri </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">immobili <span class=\"_ _6\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>uso <span class=\"_ _4\"> </span>funzionale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Pravex <span class=\"_ _6\"></span>Bank.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sola <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>centrale <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Kiev, <span class=\"_ _4\"> </span>tenuto <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sua <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>trategica </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">rispetto <span class=\"_ _1d\"> </span>all\u2019esercizio <span class=\"_ _1d\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>bancaria, <span class=\"_ _1d\"> </span>dell\u2019attuale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _1d\"> </span>esercitare <span class=\"_ _1d\"> </span>sullo <span class=\"_ _1d\"> </span>stato <span class=\"_ _17\"> </span>di <span class=\"_ _1d\"> </span>conserva<span class=\"_ _5\"></span><span class=\"ff1\">zione </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019immobile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>sua <span class=\"_ _5\"></span>localizzazione, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mantenere <span class=\"_ _2\"></span>invariato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore. <span class=\"_ _2\"></span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>limitato <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span><span class=\"ff1\">nio </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">immobiliare <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"></span>Russia <span class=\"_ _5\"></span>costituito <span class=\"_ _6\"></span>essenzialme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>centrale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Mosca, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>riscontrat<span class=\"_ _5\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">elementi tali da do<span class=\"_ _0\"></span>ver procedere ad una <span class=\"_ _0\"></span>svalutazione. </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Russia <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>residuo <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>regolarmente <span class=\"_ _3\"></span>rimborsat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">fine  2<span class=\"_ _3\"></span>022),  le <span class=\"_ _1d\"> </span>valutazioni  sono <span class=\"_ _1d\"> </span>state <span class=\"_ _1d\"> </span>effettuate  con <span class=\"_ _1d\"> </span>l\u2019utilizzo  di <span class=\"_ _1d\"> </span>quot<span class=\"_ _2\"></span><span class=\"ff1\">azioni  r<span class=\"_ _3\"></span>ilevate  sul <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>secondario  russo, <span class=\"_ _1d\"> </span>con<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">conseguente classificazione degli stessi <span class=\"_ _3\"></span>al livello <span class=\"_ _3\"></span>2 di <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>in relazione <span class=\"_ _3\"></span>alla scarsa <span class=\"_ _3\"></span>liquidit\u00e0 del <span class=\"_ _3\"></span>mercato di ri<span class=\"_ _3\"></span>ferim<span class=\"_ _2\"></span>ento. <span class=\"_ _3\"></span>Un </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">approccio <span class=\"_ _3\"></span>similare <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modeste <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>titoli<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>detenute <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Capogruppo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>comparto </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativo del Gru<span class=\"_ _0\"></span>ppo. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Complessivamente,  tali <span class=\"_ _1d\"> </span>processi  valutativi <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le  perdite <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _1d\"> </span>sulle  esposizioni <span class=\"_ _1d\"> </span>russe <span class=\"_ _1d\"> </span>hanno  portato <span class=\"_ _1d\"> </span>alla </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">rilevazione <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019esercizio, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>lordo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>fisc<span class=\"_ _3\"></span><span class=\"ff1\">ali, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>oneri <span class=\"_ _2\"></span>netti <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>1.415 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>1.298 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">rettifiche su <span class=\"_ _3\"></span>crediti, per<span class=\"_ _3\"></span> 36 <span class=\"_ _3\"></span>milioni s<span class=\"_ _3\"></span>u t<span class=\"_ _3\"></span>itoli e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>81 <span class=\"_ _3\"></span>milioni su <span class=\"_ _3\"></span>altre poste <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, inclusivi <span class=\"_ _3\"></span>dell\u2019accantonam<span class=\"_ _0\"></span>ento di<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>80 <span class=\"_ _3\"></span>milioni </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">effettuato <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>sede <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>consolidamento <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>partecipata <span class=\"_ _1d\"> </span>Banca <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Russia  p<span class=\"_ _3\"></span>rincipalmen<span class=\"_ _0\"></span>te <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>azzerare <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>contributo </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale della <span class=\"_ _0\"></span>stessa al bilancio c<span class=\"_ _0\"></span>onsolidato di Grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb y305 ffa fs6 fc2 sc0 ls2 ws0\">1.2.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Impatti derivanti dalla pand<span class=\"_ _3\"></span>emia COVID<span class=\"_ _3\"></span>-<span class=\"ls2\">19 </span><span class=\"fc5\"> </span></span></div><div class=\"t m0 x0 h2 y460 ff1 fs0 fc0 sc0 ls0 ws0\">Dall'inizio <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>pandemia, <span class=\"_ _5\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>funzioni <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _6\"></span>coinvolte <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>ampio <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>complesso <span class=\"_ _5\"></span>insieme <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>iniziativ<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y461 ff4 fs0 fc0 sc0 ls0 ws0\">volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>avvenuto <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019offerta <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>sostegni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>natu<span class=\"_ _5\"></span><span class=\"ff1\">ra </span></div><div class=\"t m0 x0 h2 y462 ff1 fs0 fc0 sc0 ls0 ws0\">governativa sia tramite<span class=\"_ _0\"></span> iniziative poste in<span class=\"_ _0\"></span> essere autonomament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>al Gruppo. </div><div class=\"t m0 x0 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"></span>pandemia <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>significativa <span class=\"_ _4\"></span>minaccia <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>resilienza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ziende <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _6\"></span>creditizio <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>Gruppo. </div><div class=\"t m0 x0 h2 y2f5 ff1 fs0 fc0 sc0 ls0 ws0\">D'altro canto, sono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>messe in atto <span class=\"_ _3\"></span>una serie <span class=\"_ _3\"></span>di misure <span class=\"_ _3\"></span>pubbliche senza <span class=\"_ _3\"></span>precedenti per sostenere l'economia, che <span class=\"_ _3\"></span>devon<span class=\"_ _2\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">essere considerate <span class=\"_ _3\"></span>nella valutazione del <span class=\"_ _3\"></span>rischio. L<span class=\"_ _3\"></span>a velocit\u00e0 d<span class=\"_ _3\"></span>ei cambiamenti <span class=\"_ _3\"></span>del contesto e<span class=\"_ _3\"></span>conomico e <span class=\"_ _3\"></span>sociale ha <span class=\"_ _3\"></span>aumentato </div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>economiche <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>fondano <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appetito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>questa <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _4\"> </span>quind<span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">necessaria <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>adattamento <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>attenzione <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>sfide <span class=\"_ _5\"></span>poste <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>attuali <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">rischio d<span class=\"_ _3\"></span>i credito. <span class=\"_ _3\"></span>Cos\u00ec come <span class=\"_ _3\"></span>gi\u00e0 e<span class=\"_ _3\"></span>ffettuato nel 2<span class=\"_ _3\"></span>020 post <span class=\"_ _3\"></span>inizio della <span class=\"_ _3\"></span>pandemia, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>deciso di <span class=\"_ _3\"></span>calibrare <span class=\"_ _3\"></span>l'appetito per <span class=\"_ _3\"></span>il <span class=\"_ _5\"></span>rischio, </div><div class=\"t m0 x0 h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _6\"></span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>evitare <span class=\"_ _6\"></span>comportamenti <span class=\"_ _6\"></span>pro-ciclici <span class=\"_ _4\"> </span>e, <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contempo, <span class=\"_ _6\"></span>sostenere <span class=\"_ _6\"></span>l'economia, <span class=\"_ _4\"></span>mantenendo<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>posizione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y182 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniale solida. </div><div class=\"t m0 x0 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1e8 ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _1d\"> </span>inizio  febbraio <span class=\"_ _1d\"> </span>2022  \u00e8 <span class=\"_ _1d\"> </span>stato <span class=\"_ _1d\"> </span>approvato  dal <span class=\"_ _1d\"> </span>Consiglio  di <span class=\"_ _1d\"> </span>Amministrazione,  nell\u2019ambito  del <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Appetite  Fr<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>mework,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y469 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019aggiornamento <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>framework <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Credit <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Appetite <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fatto <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2020<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2021, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>previsto<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\">elementi <span class=\"_ _7\"> </span>prospettici <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tili <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cogliere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>peculiarit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impatto <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>crisi <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span>-19 <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>fattori <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>resilienza <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul </div><div class=\"t m0 x0 h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">perimetro <span class=\"_ _6\"></span>Corporate <span class=\"_ _4\"></span>Domestico, <span class=\"_ _6\"></span>Large <span class=\"_ _4\"> </span>Corporate <span class=\"_ _6\"></span>(componente <span class=\"_ _6\"></span>Italia), <span class=\"_ _4\"> </span>Corporate <span class=\"_ _6\"></span>Real <span class=\"_ _4\"> </span>Estate <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Corporate <span class=\"_ _6\"></span>estero <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>un </div><div class=\"t m0 x0 h2 y46b ff4 fs0 fc0 sc0 ls0 ws0\">indicatore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vulnerabilit\u00e0 <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>perimetro <span class=\"_ _3\"></span>Corporate <span class=\"_ _3\"></span>Do<span class=\"_ _3\"></span>mestico <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Estate. <span class=\"_ _3\"></span>L\u2019indicatore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vulnerabilit\u00e0, <span class=\"_ _3\"></span>introdo<span class=\"_ _5\"></span><span class=\"ff1\">tto </span></div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">nel <span class=\"_ _5\"></span>c<span class=\"ff4\">orso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>basato <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>dell\u2019azienda <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _5\"></span>conseguente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>servire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>debito <span class=\"_ _2\"></span>es<span class=\"_ _3\"></span>istente <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 y46d ff4 fs0 fc0 sc0 ls0 ws0\">quello <span class=\"_ _2\"></span>contratto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _5\"></span>COVID<span class=\"ff1\">-19. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ebito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>misura, <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>ritorno<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _7\"> </span><span class=\"ff4\">normalit\u00e0 <span class=\"_ _7\"> </span>post <span class=\"_ _16\"> </span>diffusione <span class=\"_ _7\"> </span>pandemica, <span class=\"_ _7\"> </span>prendendo <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>l\u2019EBITDA<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pre <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>imprese. <span class=\"_ _4\"> </span>La <span class=\"_ _16\"> </span>scelta </span></span></div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">metodologica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>-<span class=\"ff4\">crisi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>dovuta <span class=\"_ _5\"></span>all\u2019esigenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sterilizzare <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>transitori <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>crisi </span></div><div class=\"t m0 x0 h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">stessa, <span class=\"_ _7\"> </span>quali<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>misure <span class=\"_ _16\"> </span>istituzionali <span class=\"_ _7\"> </span>eccezionali <span class=\"_ _7\"> </span>(e.g. <span class=\"_ _16\"> </span>moratorie, <span class=\"_ _16\"> </span>preammortament<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>nuove <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>garantite) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">volatilit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>circolante <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenibilit\u00e0 <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ridurre <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>pro<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\">ciclici. <span class=\"_ _7\"> </span>Quest<span class=\"ff4\">o <span class=\"_ _7\"> </span>indicatore <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>quindi <span class=\"_ _7\"> </span>contribuire <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fornire <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>risposta, <span class=\"_ _7\"> </span>seppur <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>arziale, <span class=\"_ _7\"> </span>all\u2019aspettativ<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ridurre <span class=\"_ _7\"> </span>al </span></div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">minimo eventuali eff<span class=\"_ _0\"></span>etti cliff-edge alla scadenza de<span class=\"_ _0\"></span>lle moratorie. </div><div class=\"t m0 x0 h2 y1058 ff1 fs0 fc0 sc0 ls0 ws0\">Per il segmento SME Re<span class=\"_ _0\"></span>tail, si \u00e8 ritenuto o<span class=\"_ _0\"></span>pportuno confermare i<span class=\"_ _0\"></span>l fattore di<span class=\"_ _3\"></span> resilienza mirato sugli<span class=\"_ _0\"></span> outlook economici, de<span class=\"_ _0\"></span>clinato </div><div class=\"t m0 x0 h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">a livello di micro-settore. </div><div class=\"t m0 x0 h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"></span>riferimento <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sostegno <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>percorso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>progressivo <span class=\"_ _4\"> </span>ripristino <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>processi <span class=\"_ _4\"> </span>creditizi <span class=\"_ _4\"></span>pienament<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y477 ff1 fs0 fc0 sc0 ls0 ws0\">ordinari <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>one<span class=\"_ _3\"></span>-<span class=\"lsd\">to</span>-on<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>avviato <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>progressivo <span class=\"_ _2\"></span>phase <span class=\"_ _2\"></span>out<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>EBA <span class=\"_ _2\"></span>sulle </div><div class=\"t m0 x0 h32 y478 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cgeneral <span class=\"_ _1d\"> </span>payment <span class=\"_ _1d\"> </span>moratoria\u201d, <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>finitivame<span class=\"_ _0\"></span>nte <span class=\"_ _1d\"> </span>compiuto <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>1\u00b0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>prile <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>termine <span class=\"_ _1d\"> </span>dello <span class=\"_ _1d\"> </span>Stato <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\">Emergenza, con il pien<span class=\"_ _0\"></span>o ritorno anche in te<span class=\"_ _0\"></span>rmini di soluzioni offerte al catalogo prodotti <span class=\"_ _0\"></span>ordinario della Ba<span class=\"_ _0\"></span>nca.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 \u00e8 te<span class=\"_ _0\"></span>rminata la possib<span class=\"_ _0\"></span>ilit\u00e0, attivata ad <span class=\"_ _0\"></span>aprile 2022 e prevista <span class=\"_ _0\"></span>dal Decreto Mille Pr<span class=\"_ _0\"></span>oroghe per i finanziam<span class=\"_ _3\"></span>enti </div><div class=\"t m0 x0 h2 y47b ff4 fs0 fc0 sc0 ls0 ws0\">cosiddetti \u201c30 <span class=\"_ _3\"></span>mila e<span class=\"_ _3\"></span>uro\u201d di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>lettere m) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis), d<span class=\"_ _3\"></span>ell\u2019articolo 1<span class=\"ff1\">3, <span class=\"_ _3\"></span>comma <span class=\"_ _3\"></span>1, del <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>8 a<span class=\"_ _3\"></span>prile 2020, <span class=\"_ _3\"></span>n. 2<span class=\"_ _3\"></span>3, <span class=\"_ _3\"></span>convertito, con </span></div><div class=\"t m0 x0 h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">modificazioni, dalla Legge 5 giugno 2020, n. 40, di r<span class=\"_ _3\"></span>ichiedere, su richiesta del soggetto finanziat<span class=\"_ _0\"></span>o e previo accordo tra le <span class=\"_ _6\"></span>parti, </div><div class=\"t m0 x0 h2 y47d ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>massimo <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>reammortamento<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y47e ff1 fs0 fc0 sc0 ls0 ws0\">capitale era previsto n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l corso dell'anno <span class=\"_ _0\"></span>2022.  </div><div class=\"t m0 x0 h2 y47f ff1 fs0 fc0 sc0 ls0 ws0\">Permane <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>estendere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>importo <span class=\"_ _5\"></span>fino <span class=\"_ _4\"></span><span class=\"ls17\">a </span></div><div class=\"t m0 x0 h2 y480 ff1 fs0 fc0 sc0 ls10 ws0\">30<span class=\"ls0\"> mila euro g<span class=\"_ _0\"></span>arantit<span class=\"ff4\">i ai sensi dell\u2019art.1<span class=\"_ _0\"></span>3, comma 1, lettera m) d<span class=\"_ _0\"></span>el D.L. Liquidit\u00e0.<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio, <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>indicatori <span class=\"_ _5\"></span>standard <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>anticipazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>segnali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>deteriorame<span class=\"_ _5\"></span>nto </div><div class=\"t m0 x0 h2 y482 ff1 fs0 fc0 sc0 ls0 ws0\">(early <span class=\"_ _6\"></span>warning <span class=\"_ _5\"></span>indicators) <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>proattiva <span class=\"_ _4\"> </span>del <span class=\"_ _6\"></span>credito, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>aggiunto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>quantitativo <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y483 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>coniuga <span class=\"_ _2\"></span>previsioni <span class=\"_ _3\"></span>settoriali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>governative <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _6\"></span>ostegno </div><div class=\"t m0 x0 h2 y484 ff1 fs0 fc0 sc0 ls0 ws0\">finanziario <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>banche <span class=\"_ _4\"></span>hanno <span class=\"_ _6\"></span>consentito <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>202<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>salvaguardia <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>molte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>fronteggiato <span class=\"_ _6\"></span>una </div><div class=\"t m0 x0 h2 y485 ff1 fs0 fc0 sc0 ls0 ws0\">shortfall <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _3\"></span>COVID<span class=\"_ _3\"></span>-19. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>alternativa, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbe <span class=\"_ _3\"></span>osservato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>deterioramento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si </div><div class=\"t m0 x0 h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\">sarebbe riflesso nel peggioramento del<span class=\"_ _0\"></span> rating dei clienti e in un <span class=\"_ _2\"></span>aumento del default rate. In tale contesto, a inizio 2021, al fine<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1372 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"> </span>cogliere <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>anticipo <span class=\"_ _5\"></span>potenziali <span class=\"_ _6\"> </span>problematiche <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span>gate <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>scadere <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>concessioni <span class=\"_ _6\"></span>governative, <span class=\"_ _5\"></span>l\u2019Area <span class=\"_ _6\"> </span>Chief<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y488 ff1 fs0 fc0 sc0 ls0 ws0\">Risk <span class=\"_ _23\"> </span>Officer <span class=\"_ _29\"> </span>ha <span class=\"_ _23\"> </span>indirizzato <span class=\"_ _23\"> </span>specifiche <span class=\"_ _23\"> </span>valutazioni <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _23\"> </span>fine <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>i<span class=\"_ _3\"></span>ndividuare <span class=\"_ _29\"> </span>le <span class=\"_ _23\"> </span>imprese/settori <span class=\"_ _23\"> </span>che, <span class=\"_ _23\"> </span>seppur <span class=\"_ _29\"> </span>sostenute </div><div class=\"t m0 x0 h2 y489 ff1 fs0 fc0 sc0 ls0 ws0\">finanziariamente <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>menzionati <span class=\"_ _5\"></span>provvedimenti, <span class=\"_ _5\"></span>mostrano <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>perdurare <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>perative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>generazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>dei<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y48a ff1 fs0 fc0 sc0 ls0 ws0\">cashflow.  Successivamente  la  metodologia<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>\u00e8  stata  evoluta,  rafforzata,  integrat<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>e  rendicontata  agli  organi  societari  i<span class=\"_ _0\"></span>n </div><div class=\"t m0 x0 h2 y48b ff1 fs0 fc0 sc0 ls0 ws0\">coerenza <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>parallela <span class=\"_ _5\"></span>evoluzione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Early <span class=\"_ _5\"></span>Warning <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>sviluppo <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>concluse <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>dicembre </div><div class=\"t m0 x0 h2 y18c ff1 fs0 fc0 sc0 ls0 ws0\">2021 e per i quali pros<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gue il percorso di<span class=\"_ _0\"></span> parallel running e<span class=\"_ _0\"></span> innesto nei proces<span class=\"_ _0\"></span>si di gest<span class=\"_ _3\"></span>ione del credito. </div></div>Con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span>gate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>proattiva <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>era  s<span class=\"_ _0\"></span>tata <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivata <span class=\"_ _7\"> </span>una  s<span class=\"_ _0\"></span>pecifica <span class=\"_ _7\"> </span>iniziativa diagnostica sul <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>moratorie <span class=\"_ _3\"></span>proseguita per <span class=\"_ _3\"></span>tutto <span class=\"_ _3\"></span>l\u2019anno n<span class=\"_ _3\"></span>ell\u2019ambito dell\u2019Action <span class=\"_ _3\"></span>Plan <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019obie<span class=\"_ _2\"></span><span class=\"ff1\">ttivo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contenere </span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterioramento, <span class=\"_ _2\"></span>mediante <span class=\"_ _5\"></span>l\u2019attivazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>sulle <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>critiche. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>atti<span class=\"_ _5\"></span><span class=\"ff1\">vata </span>una <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uova <span class=\"_ _6\"></span>iniziativ<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>diagnostica <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>moratorie <span class=\"_ _5\"></span>scadute <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>primo <span class=\"_ _6\"></span>semestre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>enotava<span class=\"_ _2\"></span>no <span class=\"_ _6\"></span>qualche elemento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziavano <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>ve <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>necessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>monitoraggio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>eventuali interventi pianificati d<span class=\"_ _0\"></span>el terzo trimestre per l<span class=\"_ _0\"></span>a quasi totalit\u00e0 delle <span class=\"_ _0\"></span>posizioni (96%). <span class=\"_ _3\"></span> Analoga <span class=\"_ _6\"></span>iniziativa <span class=\"_ _6\"></span>diagnostica <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>poi <span class=\"_ _6\"></span>reiterata <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>terzo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qua<span class=\"_ _3\"></span>rto <span class=\"_ _6\"></span>trimestre, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>quelli <span class=\"_ _5\"></span>evidenziati <span class=\"_ _6\"></span>nel primo semestre. Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>domestico <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>ormai <span class=\"_ _5\"></span>esigue, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore<span class=\"_ _0\"></span> assoluto <span class=\"_ _16\"> </span>(circa <span class=\"_ _16\"> </span>80  milioni) <span class=\"_ _7\"> </span>sia  in <span class=\"_ _16\"> </span>confronto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>situazione <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fine  2<span class=\"_ _0\"></span>021 <span class=\"_ _16\"> </span>(4,8  mili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rdi). <span class=\"_ _16\"> </span>Anche <span class=\"_ _16\"> </span>le  m<span class=\"_ _0\"></span>oratorie <span class=\"_ _16\"> </span>terminate <span class=\"_ _16\"> </span>con maturazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>successivi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>ugualmente <span class=\"_ _5\"></span>ormai <span class=\"_ _2\"></span>molto <span class=\"_ _5\"></span>contenute <span class=\"_ _2\"></span>(circa <span class=\"_ _5\"></span>40 milioni) <span class=\"_ _4\"></span>mentre <span class=\"_ _4\"></span>erano <span class=\"_ _4\"></span>6,7 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>2021. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>moratorie <span class=\"_ _4\"></span>scadute <span class=\"_ _6\"></span>che <span class=\"_ _7\"> </span>hanno <span class=\"_ _4\"></span>maturato <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>ripresa <span class=\"_ _6\"></span>dei pagamenti al 3<span class=\"_ _3\"></span>1 dicembre 2<span class=\"_ _3\"></span>022 ammontano a <span class=\"_ _3\"></span>35,9 <span class=\"_ _3\"></span>miliardi; rispetto al <span class=\"_ _3\"></span>portafoglio alla <span class=\"_ _3\"></span>data, si <span class=\"_ _3\"></span>\u00e8 rilevato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inciden<span class=\"_ _2\"></span>za dei flussi cumulati di default dell\u2019or<span class=\"_ _0\"></span>dine<span class=\"_ _3\"></span><span class=\"ff1\"> del 4,5% (era 2,7% a fine 2021). I flussi cumulati <span class=\"_ _0\"></span>di default osservati, se comparati con<span class=\"_ _35\"></span> </span>il totale delle esposiz<span class=\"_ _0\"></span>ioni con moratorie o<span class=\"_ _0\"></span>riginariamente conc<span class=\"_ _0\"></span>esse, registrerebber<span class=\"_ _0\"></span>o una incidenza infe<span class=\"_ _0\"></span>riore al 3%. <span class=\"_ _2\"></span> A <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>ammontava <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>80 <span class=\"_ _5\"></span>milioni<span class=\"_ _0\"></span> (4,9 <span class=\"_ _16\"> </span>miliardi <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2021), <span class=\"_ _16\"> </span>sostanzialmente <span class=\"_ _7\"> </span>riconducibile <span class=\"_ _7\"> </span>al  p<span class=\"_ _0\"></span>erimetro <span class=\"_ _7\"> </span>domestico, <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di  m<span class=\"_ _35\"></span>oratorie <span class=\"_ _16\"> </span>scadute <span class=\"_ _7\"> </span>per 39,6 miliardi <span class=\"_ _4\"> </span>(circa <span class=\"_ _4\"> </span>47 <span class=\"_ _7\"> </span>miliardi <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2021). <span class=\"_ _7\"> </span>Come <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>livello<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>domestico, <span class=\"_ _7\"> </span>anche <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>moratorie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>essere qualificabili come tali<span class=\"_ _0\"></span> ai sensi delle Lin<span class=\"_ _0\"></span>ee Guida EBA erano p<span class=\"_ _0\"></span>ari a 412 mila eur<span class=\"_ _0\"></span>o (1,1 miliardi a fi<span class=\"_ _0\"></span>ne 2021).<span class=\"_ _2\"></span> Con riferimento alla <span class=\"_ _3\"></span>valutazione della targatura forborne delle <span class=\"_ _3\"></span>moratorie, nel cors<span class=\"_ _2\"></span>o d<span class=\"_ _3\"></span>el 2020/2021 Intesa <span class=\"_ _3\"></span>Sanpaolo ha operato in conformit\u00e0 <span class=\"_ _3\"></span>alle \u201cLinee <span class=\"_ _3\"></span>Guida EBA su<span class=\"_ _3\"></span>lle moratorie <span class=\"_ _3\"></span>legislative<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>e non <span class=\"_ _3\"></span>legislative relative <span class=\"_ _3\"></span>ai pagamenti <span class=\"_ _3\"></span>dei prestiti a<span class=\"_ _3\"></span>pplicat<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>alla </span>luce <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>crisi <span class=\"_ _7\"> </span>COVID-<span class=\"ff4\">19\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>disposizioni <span class=\"_ _4\"> </span>governative <span class=\"_ _4\"> </span>tempo <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tempo <span class=\"_ _4\"> </span>vigen<span class=\"_ _2\"></span></span>ti, <span class=\"_ _4\"> </span>ripristinando <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>ordinari <span class=\"_ _4\"> </span>processi <span class=\"_ _7\"> </span>di valutazione gi\u00e0 a par<span class=\"_ _0\"></span>tire della seconda met<span class=\"_ _0\"></span>\u00e0 del 2021 e poi c<span class=\"_ _0\"></span>onfermandoli pienamente n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l 2022.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuato il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>monitoraggio <span class=\"_ _3\"></span>sistematico dei <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>li di <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vevano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>m<span class=\"_ _5\"></span>aturato <span class=\"_ _3\"></span>o stavano ancora <span class=\"_ _3\"></span>maturando i <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>ripresa dei <span class=\"_ _3\"></span>pagamenti (tutti <span class=\"_ _3\"></span>avvenuti entro l\u2019anno). <span class=\"_ _3\"></span>In particolare, a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di esposi<span class=\"_ _5\"></span><span class=\"ff1\">zioni </span>progressivamente <span class=\"_ _7\"> </span>diminuite <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>rientri <span class=\"_ _7\"> </span>e  pag<span class=\"_ _0\"></span>amenti, <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>nel  cors<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>non  so<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>rilevati, <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>indicato<span class=\"_ _2\"></span>  i<span class=\"_ _35\"></span>n precedenza, <span class=\"_ _3\"></span>andamenti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolarmen<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egativi <span class=\"_ _3\"></span>relativamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019emergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>deterioramento. <span class=\"_ _3\"></span>Ai <span class=\"_ _2\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">ni </span>del Bilancio al 31 dicembre 2021 erano stati mantenuti man<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>gement overlay sui crediti perf<span class=\"_ _0\"></span>orming (aggiustamenti agli esiti d<span class=\"_ _2\"></span>ei modelli <span class=\"_ _7\"> </span>IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>uso <span class=\"_ _16\"> </span>incorpo<span class=\"_ _0\"></span>rati <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>satellite <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trigger <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>traordinari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>scivolamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Stage <span class=\"_ _7\"> </span>2) <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>considerare prudentemente <span class=\"_ _3\"></span>il <span class=\"_ _5\"></span>potenziale <span class=\"_ _2\"></span>emergere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>elementi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>vulnerabilit\u00e0 <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso<span class=\"_ _2\"></span> dell\u2019<span class=\"ff1\">esercizio <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>progressivamente <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rivalutazione, <span class=\"_ _2\"></span>mantenendo <span class=\"_ _5\"></span>ancora <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>congrua <span class=\"_ _5\"></span>prudenza <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>al </span>terzo trimestre e comple<span class=\"_ _0\"></span>tando il loro rilasci<span class=\"_ _0\"></span>o nel quarto, alla l<span class=\"_ _0\"></span>uce degli esiti dei moni<span class=\"_ _0\"></span>toraggi richiamati.<span class=\"_ _3\"></span> Peraltro, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorda <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>anche<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applicano <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>ordinaria <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>regole <span class=\"_ _3\"></span>generali <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>per l\u2019identificazione del Significant Increase of <span class=\"_ _3\"></span>Credit Risk e <span class=\"_ _3\"></span>la classificazione a <span class=\"_ _3\"></span>Stage 2, tra <span class=\"_ _3\"></span>le quali rilevano <span class=\"_ _3\"></span>anche la pres<span class=\"_ _6\"></span><span class=\"ff1\">enza di </span>un <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>scaduto <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>30 <span class=\"_ _5\"></span>giorni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>concessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>forbearance. <span class=\"_ _2\"></span>Va <span class=\"_ _2\"></span>considerato, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>specificit\u00e0 del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>moratorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>proroghe <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>biennio <span class=\"_ _4\"> </span>2020/2021 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>sempre <span class=\"_ _4\"> </span>meno <span class=\"_ _4\"> </span>distintiva <span class=\"_ _4\"> </span>o correlabile direttamente al venir me<span class=\"_ _3\"></span><span class=\"ff4\">no <span class=\"_ _3\"></span>del beneficio a suo <span class=\"_ _3\"></span>tempo concesso e<span class=\"_ _3\"></span> che, nel contempo, a <span class=\"_ _3\"></span>fronte dell\u2019evoluzione della </span>crisi <span class=\"_ _3\"></span>geopolitica <span class=\"_ _3\"></span>innescata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>conflitto <span class=\"_ _2\"></span>Russia/Ucra<span class=\"_ _0\"></span>ina, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tire da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>trimestre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>prud<span class=\"_ _5\"></span>enti sui <span class=\"_ _5\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>famiglie, <span class=\"_ _5\"></span>piccoli <span class=\"_ _6\"></span>operatori <span class=\"_ _5\"></span>economici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>imprese <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>peranti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>settori <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rientranti <span class=\"_ _5\"></span>nelle regole <span class=\"_ _5\"></span>adottate, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>beneficiarie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>concessioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>pandemico) <span class=\"_ _4\"> </span><span class=\"ff4\">per <span class=\"_ _6\"></span>l\u2019emergere <span class=\"_ _5\"></span></span>- <span class=\"_ _5\"></span>nelle<span class=\"_ _0\"></span> geografie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ricadute <span class=\"_ _6\"></span>indirette <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nuove <span class=\"_ _5\"></span>vulnerabilit\u00e0 <span class=\"_ _5\"></span>derivanti <span class=\"_ _6\"></span>dagli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perduranti <span class=\"_ _5\"></span>pressioni inflazionistiche <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _16\"> </span>aumenti <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _16\"> </span>dell\u2019energia. <span class=\"_ _7\"> </span>Maggiori <span class=\"_ _16\"> </span>dettagli <span class=\"_ _7\"> </span>sono  r<span class=\"_ _35\"></span>appresentati <span class=\"_ _1d\"> </span>nel <span class=\"_ _7\"> </span>paragrafo <span class=\"_ _16\"> </span>2.3 <span class=\"_ _16\"> </span>\u201cMetodi <span class=\"_ _7\"> </span>di misurazione delle perd<span class=\"_ _0\"></span>ite attese\u201d<span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span>Con <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>risi <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>pandemia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>comportato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni, <span class=\"_ _6\"></span><span class=\"lsc\">a </span>causa <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>dell\u2019area <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>generale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevante <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _6\"> </span><span class=\"ff1\">sui </span>principali <span class=\"_ _3\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>tuttavia <span class=\"_ _2\"></span>registrate <span class=\"_ _3\"></span>crit<span class=\"_ _3\"></span>icit\u00e0 <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>marginazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>ercato,<span class=\"_ _0\"></span> seppur <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>elevato <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>chiamate d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>collaterale, sia <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>numerici <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>volumi, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>settim<span class=\"_ _5\"></span>ane di  maggior  stress  sui  mercati.  Anche  i <span class=\"_ _1d\"> </span>processi  di  compensazione  presso  le  controparti  centrali  non  hanno  generato<span class=\"_ _0\"></span> problematiche opera<span class=\"_ _0\"></span>tive. La situazione d<span class=\"_ _0\"></span>ei mercati finanziari <span class=\"_ _0\"></span>si \u00e8 progressivamente<span class=\"_ _0\"></span> stabilizzata.<span class=\"_ _3\"></span> Da <span class=\"_ _5\"></span>ultimo, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>temati<span class=\"ff4\">che <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>pubblica <span class=\"_ _5\"></span>l\u2019informativa <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>dalle </span>\u201cGuidelines <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>reporting <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _7\"> </span>disclosure <span class=\"_ _7\"> </span>of <span class=\"_ _16\"> </span>exposures <span class=\"_ _7\"> </span>subject <span class=\"_ _7\"> </span>to  m<span class=\"_ _35\"></span>easures <span class=\"_ _16\"> </span>applied <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>response <span class=\"_ _7\"> </span>to <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-</span>19 <span class=\"_ _16\"> </span>crisis\u201d pubblicate dall\u2019EBA (EBA<span class=\"_ _0\"></span>/GL/2020/07) nell\u2019in<span class=\"_ _0\"></span>form<span class=\"_ _3\"></span>ativa al pubblic<span class=\"_ _0\"></span>o \u201cTerzo Pilastro\u201d o \u201cPi<span class=\"_ _0\"></span>llar 3\u201d.<span class=\"ff1\"> </span>2.<span class=\"ls0\"> <span class=\"_ _28\"> </span>POLITICHE DI G<span class=\"_ _3\"></span>ESTIONE<span class=\"_ _3\"></span> DEL RISCHIO DI CR<span class=\"_ _3\"></span>EDITO <span class=\"_ _3\"></span> </span>2.1.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Aspetti organizzativi <span class=\"_ _3\"></span><span class=\"fc5\"> </span></span>Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _3\"></span>fondamentale <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>svolto <span class=\"_ _3\"></span>dagl<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>Organi <span class=\"_ _5\"></span>societari <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"></span>secondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>proprie <span class=\"_ _6\"></span>competenze, <span class=\"_ _5\"></span>assicurano <span class=\"_ _6\"></span>l\u2019adeguato <span class=\"_ _5\"></span>presidio <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>individuando <span class=\"_ _6\"></span>gli orientamenti <span class=\"_ _5\"></span>strategici <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio, <span class=\"_ _5\"></span>verificandone <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>continuo <span class=\"_ _5\"></span>l\u2019efficienza <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019efficacia <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>defin<span class=\"_ _5\"></span><span class=\"ff1\">endo <span class=\"_ _5\"></span>i </span>compiti e le respons<span class=\"_ _0\"></span>abilit\u00e0 delle funzio<span class=\"_ _0\"></span>ni e strutture aziendali <span class=\"_ _0\"></span>coinvolte nei pr<span class=\"_ _0\"></span>ocessi.<span class=\"_ _3\"></span> Il <span class=\"_ _6\"></span>presidio <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>governo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurato <span class=\"_ _5\"></span>dagli <span class=\"_ _6\"> </span>Organi <span class=\"_ _6\"></span>societari <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>riflesso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ell\u2019attuale <span class=\"_ _5\"></span>assetto <span class=\"_ _6\"></span>organizzativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>individ<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ua </span>specifiche aree di re<span class=\"_ _0\"></span>sponsabilit\u00e0 centrale riconducibili a: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Lending Officer; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Financial Officer; </span>che <span class=\"_ _2\"></span>garantiscono, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019adeguato <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gregazione, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019attuazione <span class=\"_ _3\"></span>dell<span class=\"_ _6\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>attivit\u00e0 </span>di controllo del rischi<span class=\"_ _0\"></span>o, nonch\u00e9 la defin<span class=\"_ _0\"></span>izione dei processi e d<span class=\"_ _0\"></span>egli applicativi a s<span class=\"_ _0\"></span>upporto.<span class=\"_ _90\"> </span>L\u2019Area <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Governo <span class=\"_ _3\"></span>Chief L<span class=\"_ _3\"></span>ending Offi<span class=\"_ _3\"></span>cer, a<span class=\"_ _3\"></span>vvalendosi delle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>(Direzione <span class=\"_ _3\"></span>Centrale Concessione <span class=\"_ _3\"></span>BdT, <span class=\"_ _3\"></span>Direzione Centrale <span class=\"_ _16\"> </span>Concessione <span class=\"_ _16\"> </span>CIB, <span class=\"_ _7\"> </span>D<span class=\"_ _3\"></span>irezione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _16\"> </span>Crediti <span class=\"_ _7\"> </span>ISB,  D<span class=\"_ _0\"></span>irezione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _7\"> </span>Governo <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Credito, <span class=\"_ _16\"> </span>Direzione <span class=\"_ _16\"> </span>Central<span class=\"_ _0\"></span>e Presidio Valore del Cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito e Direzione Ce<span class=\"_ _0\"></span>ntrale NPE):<span class=\"_ _90\"> </span>a<span class=\"_ _3\"></span>ssume, direttamente o <span class=\"_ _3\"></span>sottoponendole agli <span class=\"_ _3\"></span>Organi competenti, le <span class=\"_ _3\"></span>decisioni c<span class=\"_ _3\"></span>reditizie rilevanti in <span class=\"_ _3\"></span>materia di <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>ssunzione e gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>autorizzando <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>competenza, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei<span class=\"_ _0\"></span> pareri di conformit\u00e0; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gar<span class=\"_ _3\"></span>antisce <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>corretta <span class=\"_ _3\"></span>classificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>classificate <span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>deteriorato <span class=\"_ _2\"></span>che </span>rientrano nella pro<span class=\"_ _0\"></span>pria competenza; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>ssicura, per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro di <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpetenza, la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>proattiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>garantisce la <span class=\"_ _2\"></span>gestione e <span class=\"_ _2\"></span>il pres<span class=\"_ _3\"></span>idio dei <span class=\"_ _3\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>deteriorati e in soffer<span class=\"_ _0\"></span>enza mantenuti in gest<span class=\"_ _0\"></span>ione interna al Gr<span class=\"_ _0\"></span>uppo<span class=\"_ _3\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>dea <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestisce <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>osizioni <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>NPE, <span class=\"_ _6\"></span>esposizioni <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>in </span>perimetro, con la colla<span class=\"_ _0\"></span>borazione di altre f<span class=\"_ _0\"></span>unzioni competenti; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>volge <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>esternal<span class=\"_ _2\"></span>izzate, <span class=\"_ _5\"></span>incluso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>KPI <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>performan<span class=\"_ _0\"></span>ce </span>degli <span class=\"_ _2\"></span>outsourcer, <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>direttamente, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sottoponendole <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>Organi <span class=\"_ _5\"></span>competenti, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>delibere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ordine <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>proposte eccedenti le facolt<span class=\"_ _0\"></span>\u00e0 delegate agli Outs<span class=\"_ _0\"></span>ourcer; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontribuisce <span class=\"_ _18\"> </span>al <span class=\"_ _1c\"> </span>proces<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>form<span class=\"ff4\">ul<span class=\"_ _3\"></span>azione <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>roposta <span class=\"_ _18\"> </span>delle <span class=\"_ _1c\"> </span>St<span class=\"_ _0\"></span>rategie <span class=\"_ _18\"> </span>Creditizie <span class=\"_ _18\"> </span>nell\u2019analisi <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _18\"> </span>impatti <span class=\"_ _1c\"> </span>sull<span class=\"_ _35\"></span>a </span></span>concessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>declinazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>creditizia <span class=\"_ _3\"></span>rilevanti, <span class=\"_ _2\"></span>ferma <span class=\"_ _3\"></span>restand<span class=\"_ _5\"></span><span class=\"lsc\">o </span>la responsabilit\u00e0 di fi<span class=\"_ _0\"></span>nalizzazione in <span class=\"_ _0\"></span>capo a<span class=\"_ _3\"></span><span class=\"ff4\">ll\u2019Area di Governo<span class=\"_ _0\"></span> Chief Financial Offi<span class=\"_ _0\"></span>cer;<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _3\"></span>oordina <span class=\"_ _3\"></span>l\u2019attuazione degli <span class=\"_ _3\"></span>Indirizzi <span class=\"_ _3\"></span>Gestionali Creditizi d<span class=\"_ _3\"></span>a p<span class=\"_ _3\"></span>arte de<span class=\"_ _3\"></span>lle unit\u00e0 <span class=\"_ _3\"></span>preposte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>anche nei <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>ambiti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>societari; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _3\"></span>nalizza <span class=\"_ _5\"></span>l\u2019evoluzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>tenendo<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dell\u2019applicazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>suddette Strategie Creditizi<span class=\"_ _0\"></span>e; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>ttribuisce <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>valida <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>rating <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>competenza, <span class=\"_ _7\"> </span>prestando <span class=\"_ _4\"> </span>altres\u00ec <span class=\"_ _7\"> </span>supporto <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>definizione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _4\"> </span>e </span>strumenti di attribuzi<span class=\"_ _0\"></span>one del rating; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinisce  la <span class=\"_ _1d\"> </span>normativa  di <span class=\"_ _1d\"> </span>riferimento  i<span class=\"_ _3\"></span>n  materia <span class=\"_ _1d\"> </span>creditizia,  i  r<span class=\"_ _3\"></span>equisiti  per <span class=\"_ _1d\"> </span>lo <span class=\"_ _1d\"> </span>sviluppo  degli  strumenti  d<span class=\"_ _3\"></span>el  credito  e </span>contribuisce <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>formulazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>proposte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assegnazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>facolt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _3\"></span>ferma restando la responsabi<span class=\"_ _0\"></span>lit\u00e0 di <span class=\"ff4\">finalizzazione delle stes<span class=\"_ _0\"></span>se in capo all\u2019Area di Go<span class=\"_ _0\"></span>verno Chief Risk Off<span class=\"_ _0\"></span>icer;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>romuove iniziativ<span class=\"_ _0\"></span>e finalizzate alla diffusi<span class=\"_ _0\"></span>one e allo sviluppo d<span class=\"_ _0\"></span>ella cultura del credi<span class=\"_ _0\"></span>to;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gar<span class=\"_ _3\"></span>antisce, <span class=\"_ _16\"> </span>coerentemente <span class=\"_ _16\"> </span>con  le  lin<span class=\"_ _0\"></span>ee  guida <span class=\"_ _16\"> </span>dell\u2019Area  di  G<span class=\"_ _35\"></span>overno  Chief  Risk<span class=\"_ _0\"></span>  Officer <span class=\"_ _16\"> </span>e  n<span class=\"_ _3\"></span><span class=\"ff1\">el  rispetto  degli<span class=\"_ _35\"></span>  Indirizzi </span>Gestionali  Creditizi,  la  sorv<span class=\"_ _0\"></span>eglianza  sistematica  di  prim<span class=\"_ _0\"></span>o  livello  del  portafoglio  cr<span class=\"_ _0\"></span>editi  di  competenza,  indivi<span class=\"_ _0\"></span>duando fenomeni <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifici <span class=\"_ _2\"></span>aggregati <span class=\"_ _5\"></span>creditizi <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>elevati <span class=\"_ _5\"></span>livelli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nomalia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>ttivare <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>opportuni interventi di mitigazi<span class=\"_ _0\"></span>one del rischio. L\u2019Area di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer ha la <span class=\"_ _0\"></span>responsabilit\u00e0 di decli<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>are il Risk Appetite Fr<span class=\"_ _0\"></span>amework nell\u2019ambit<span class=\"_ _0\"></span>o della gestione <span class=\"_ _2\"></span><span class=\"ff1\">dei </span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>coerenza con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>strategie e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>assicura <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>controllo <span class=\"_ _2\"></span>delle e<span class=\"_ _3\"></span>sposizioni di rischio di Gruppo. S<span class=\"_ _0\"></span>pecificamente, l\u2019Are<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> di Governo Chief Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>k Officer:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinisce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>metriche <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>concerne <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>misurazione <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>creditizio, <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>valut<span class=\"_ _5\"></span>azione </span>collettiva dei crediti i<span class=\"_ _0\"></span>n bonis ed alla valuta<span class=\"_ _0\"></span>zione su base statis<span class=\"_ _0\"></span>tica dei crediti det<span class=\"_ _0\"></span>eriorati;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pricing <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>adjusted <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ssicura la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Perdita Attes<span class=\"_ _6\"></span>a, </span>al Capitale Economi<span class=\"_ _0\"></span>co (ECAP) e agli RWA; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>mo<span class=\"_ _3\"></span>nitora <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>assorbimenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _5\"></span>supportando <span class=\"_ _5\"></span>l\u2019Area <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Governo <span class=\"_ _5\"></span>Chief <span class=\"_ _5\"></span>Financial <span class=\"_ _5\"></span>Office<span class=\"_ _0\"></span>r nell\u2019attivit\u00e0 di gesti<span class=\"_ _0\"></span>one attiva del capital<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>f<span class=\"_ _3\"></span>ormula le propost<span class=\"_ _0\"></span>e di attribuzione d<span class=\"_ _0\"></span>elle Facolt\u00e0 in mater<span class=\"_ _0\"></span>ia di credi<span class=\"_ _3\"></span>to; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>onvalida i sistemi<span class=\"_ _0\"></span> interni per la misurazi<span class=\"_ _0\"></span>one dei rischi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gov<span class=\"_ _3\"></span>erna il rischio mo<span class=\"_ _0\"></span>dello; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>volge i controlli di<span class=\"_ _0\"></span> II livello per il pre<span class=\"_ _0\"></span>sidio del rischio di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> </span>Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>irettamente <span class=\"_ _5\"></span>dall\u2019Area <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"> </span>Chief <span class=\"_ _6\"> </span>Risk <span class=\"_ _6\"> </span>Officer <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>Ca<span class=\"_ _2\"></span><span class=\"ff1\">pogruppo <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipali </span>societ\u00e0 controllate, s<span class=\"_ _0\"></span>ulla base di un co<span class=\"_ _0\"></span>ntratto di servizio. Con riferimento alle <span class=\"_ _0\"></span>politiche di g<span class=\"_ _0\"></span>estione del rischio di cred<span class=\"_ _0\"></span>ito, l'Area di Gov<span class=\"_ _0\"></span>erno Chief Financial<span class=\"_ _0\"></span> Officer:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>oadiuva <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>Organi <span class=\"_ _3\"></span>Societari <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>definire, <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oeren<span class=\"_ _3\"></span>za <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>indirizzi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di </span>Gruppo <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>ateria <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>amministrazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>e  fis<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>alit\u00e0, <span class=\"_ _7\"> </span>pianificazione <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione, <span class=\"_ _7\"> </span>tesoreria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>finanza, <span class=\"_ _7\"> </span>studi <span class=\"_ _7\"> </span>e ricerche, <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>creditizio, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>zioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>agenzie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 sociale ed ambiental<span class=\"_ _0\"></span>e; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>residia <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Credit <span class=\"_ _2\"></span>Portfolio <span class=\"_ _5\"></span>Management <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>supportando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Divisioni <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>del </span>rischio di<span class=\"_ _3\"></span> credito, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019obiettivo di <span class=\"_ _2\"></span><span class=\"ff1\">migliorare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>profilo ri<span class=\"_ _3\"></span>schio-rendimento de<span class=\"_ _3\"></span>l portafoglio <span class=\"_ _3\"></span>creditizio in <span class=\"_ _3\"></span>ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>creazione di </span>valore per gli azionis<span class=\"_ _0\"></span>ti; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _3\"></span>efinisce <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>Strategie <span class=\"_ _7\"> </span>Creditizie <span class=\"_ _4\"> </span>indirizzate <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>Divisioni <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019obiettivo <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>incentivare <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>uove <span class=\"_ _7\"> </span>erogazioni, <span class=\"_ _4\"> </span>attraverso<span class=\"_ _0\"></span> correttivi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ricing <span class=\"_ _6\"></span>adjustment, <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>se<span class=\"_ _3\"></span>ttori <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>attrattivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>termini <span class=\"_ _5\"></span>di profilo <span class=\"_ _7\"> </span>di  ri<span class=\"_ _0\"></span>schio-<span class=\"ff4\">rendimento, <span class=\"_ _16\"> </span>monitora <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _7\"> </span>creditizio <span class=\"_ _7\"> </span>in  ot<span class=\"_ _0\"></span>tica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>creazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>valore <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>macro<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span>processo del pricing <span class=\"_ _3\"></span>corretto per il <span class=\"_ _3\"></span>rischio e finalizza operazioni di <span class=\"_ _3\"></span>trasferimento dei rischi creditizi sul <span class=\"_ _3\"></span>mercato dei capitali<span class=\"_ _0\"></span> coerenti con il portaf<span class=\"_ _0\"></span>oglio target;  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>p<span class=\"_ _3\"></span>resiede <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>coordina <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>\u201cCabina <span class=\"_ _18\"> </span>di <span class=\"_ _17\"> </span>Regia <span class=\"_ _17\"> </span>Group <span class=\"_ _17\"> </span>NPL <span class=\"_ _18\"> </span>Plan\u201d, <span class=\"_ _17\"> </span>organismo <span class=\"_ _17\"> </span>manageriale <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>funzioni <span class=\"_ _17\"> </span>consultive, <span class=\"_ _17\"> </span>di mo<span class=\"ls0\">nitoraggio <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>indirizzo, <span class=\"_ _6\"></span>costituito <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>assicurare <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gli <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>strategici <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Piano <span class=\"_ _4\"></span>NPL <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>siano </span>realizzati nel rispetto<span class=\"_ _0\"></span> dei target di performa<span class=\"_ _0\"></span>nce, solidit\u00e0 dei ratio<span class=\"_ _0\"></span> patrimoniali e <span class=\"_ _0\"></span>creazione di valor<span class=\"_ _0\"></span>e per il Gruppo.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Chief <span class=\"_ _2\"></span>IT, <span class=\"_ _5\"></span>Digital <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>Innovati<span class=\"_ _0\"></span>on <span class=\"_ _2\"></span>Officer <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modello <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>presidia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Data <span class=\"_ _2\"></span>Governance <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Data <span class=\"_ _2\"></span>Quality <span class=\"_ _2\"></span>del Gruppo, assicurandon<span class=\"_ _0\"></span>e la diffusione e l\u2019implem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntazione e coord<span class=\"_ _0\"></span>inando le attivit\u00e0 d<span class=\"_ _0\"></span>egli attori coinvolti.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ambiti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span><span class=\"ff4\">rischio <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimis <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Chief <span class=\"_ _5\"></span>Audit <span class=\"_ _5\"></span>Officer <span class=\"_ _5\"></span>svolge <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>revisione </span>interna, <span class=\"_ _1d\"> </span>volta <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>violazioni <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>procedure  e <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>regolamentazione <span class=\"_ _1d\"> </span>nonch\u00e9  a <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alutare <span class=\"_ _1d\"> </span>periodicament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>la<span class=\"_ _90\"> </span>completezza, l\u2019adeguatezza,<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>funzionalit\u00e0 (<span class=\"_ _3\"></span>in termini di efficienza ed efficacia) e l\u2019affidabilit\u00e0 del sistema dei controlli interni e del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> (ICT audit), con ca<span class=\"_ _0\"></span>denza prefissata in rel<span class=\"_ _0\"></span>azione alla natura <span class=\"_ _0\"></span>ed all\u2019intensit\u00e0 <span class=\"_ _0\"></span>dei rischi.<span class=\"_ _90\"> </span>2.2.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Sistemi di gestione, misurazion<span class=\"_ _3\"></span>e e cont<span class=\"_ _3\"></span>rollo </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>ualit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Capogruppo, <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>stabilito <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>linee <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mportament<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019assunzi<span class=\"_ _0\"></span>one <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rischio creditizio, al fine di e<span class=\"_ _0\"></span>vitare l\u2019eccessiva co<span class=\"_ _0\"></span>ncentrazione delle e<span class=\"_ _0\"></span>sposizioni, di limit<span class=\"_ _0\"></span>are le potenziali p<span class=\"_ _0\"></span>erdite negli scenari <span class=\"_ _2\"></span><span class=\"ff1\">avversi, di </span>preservare una quali<span class=\"_ _0\"></span>t\u00e0 del credito coerente<span class=\"_ _0\"></span> agli obiettivi di <span class=\"_ _0\"></span>equilibrio patrimo<span class=\"_ _0\"></span>niale ed economico.<span class=\"_ _3\"></span> Elementi <span class=\"_ _4\"> </span>fondamentali <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>misurazione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>credito <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Perdita <span class=\"_ _7\"> </span>Attesa <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Risk Weighted <span class=\"_ _2\"></span>Assets, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span><span class=\"ff4\">corporano <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>imensione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>(Exposure <span class=\"_ _2\"></span>At <span class=\"_ _2\"></span>Default <span class=\"_ _6\"> </span><span class=\"ff1\">- <span class=\"_ _5\"></span>EAD), <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rischiosit\u00e0 </span></span>relativa del cliente (Proba<span class=\"_ _0\"></span>bilty of Default -<span class=\"_ _3\"></span> PD), della previsio<span class=\"_ _0\"></span>ne di perdita ove ricorra<span class=\"_ _0\"></span>no condizioni di insolvenza <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> tenuto conto<span class=\"_ _0\"></span> delle  garan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  che<span class=\"_ _0\"></span>  m<span class=\"ff4\">itigano  l\u2019<span class=\"_ _0\"></span>assunzione <span class=\"_ _16\"> </span>di  rischio <span class=\"_ _16\"> </span>correlata  all\u2019affid<span class=\"_ _0\"></span>amento  (<span class=\"_ _0\"></span>Loss  Given <span class=\"_ _16\"> </span>Default <span class=\"_ _1d\"> </span><span class=\"ff1\">-  LGD)<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span>e  la  d<span class=\"_ _0\"></span>urata </span></span>dell\u2019esposizione (ma<span class=\"_ _0\"></span>turity), come dettagliat<span class=\"_ _0\"></span>o nel Paragrafo 2.<span class=\"_ _0\"></span>3.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le  c<span class=\"_ _0\"></span>omponenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  Ri<span class=\"_ _35\"></span>sk  Weighted <span class=\"_ _16\"> </span>Assets <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ostituiscono <span class=\"_ _16\"> </span>gli  elementi  centrali <span class=\"_ _7\"> </span>per  la<span class=\"_ _0\"></span> determinazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>livelli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Facolt\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Concessione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>limiti <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Credit <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Appetite <span class=\"_ _4\"> </span>(CRA), <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pricing <span class=\"_ _7\"> </span>del credito, <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>lcolo <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>rettifiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>performing <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _16\"> </span>analitico-statistiche <span class=\"_ _5\"></span>sulle<span class=\"_ _0\"></span> esposizioni non perf<span class=\"_ _0\"></span>orming, nonch\u00e9 del cal<span class=\"_ _0\"></span>colo del capitale e<span class=\"_ _0\"></span>conomico e regolame<span class=\"_ _0\"></span>ntare.<span class=\"_ _3\"></span> Il Credit Risk <span class=\"_ _3\"></span>Appetite ha finalit\u00e0 di ottimizzare il profilo rischio<span class=\"_ _3\"></span>-<span class=\"ff4\">rendimento degli attivi. Mediante le \u201cRegole in materia di <span class=\"_ _3\"></span>Credit<span class=\"_ _35\"></span> </span>R<span class=\"ff4\">isk Appetite\u201d <span class=\"_ _3\"></span>vengono definite <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _3\"></span>applicazione del <span class=\"_ _3\"></span>CRA e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e modalit\u00e0 <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>alcolo della <span class=\"_ _3\"></span>classe d<span class=\"_ _3\"></span>i colore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>CRA, cu<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span>sono <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>esposizione <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>perseguire <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescita <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>impieghi <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019appetito <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischi<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\"> </span>definito per il Gruppo.  Il  calcolo  del  pricing  delle  operazio<span class=\"_ _0\"></span>ni  ha  come  obiettivo  la  definizio<span class=\"_ _0\"></span>ne  di  adeguatezza  delle  condizioni  ec<span class=\"_ _0\"></span>onomiche  in considerazione della <span class=\"_ _2\"></span>generazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>espressa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>calcolo del valore, comprensiv<span class=\"_ _0\"></span>o anche dei costi im<span class=\"_ _0\"></span>putati alle strutture. Il capitale a <span class=\"_ _3\"></span>rischio viene definito come la <span class=\"_ _3\"></span>massima perdita \u201cinattesa\u201d in cui il <span class=\"_ _3\"></span>Gruppo pu\u00f2 incorrere in un orizzonte di u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span><span class=\"ff1\">anno, </span>a <span class=\"_ _7\"> </span>determinati <span class=\"_ _7\"> </span>livelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>confidenza. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>calcolo<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffettuato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ituazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _7\"> </span>attuale <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>livello dinamico, <span class=\"_ _7\"> </span>determinandone <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>prospettico, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>macroeconomico <span class=\"_ _7\"> </span>atteso, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>a scenari <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stress. <span class=\"_ _5\"></span>Il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>costituisce <span class=\"_ _6\"></span>elemento <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ondamental<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adeguatezza <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>atrimoniale <span class=\"_ _2\"></span>del Gruppo e nell\u2019ambito d<span class=\"_ _0\"></span>el processo ICAAP<span class=\"_ _0\"></span> viene calcolato sia i<span class=\"_ _0\"></span>n ottica regolamenta<span class=\"_ _0\"></span>re che in ottica gesti<span class=\"_ _0\"></span>onale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Facolt\u00e0 <span class=\"_ _6\"></span>fissati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>RWA <span class=\"_ _5\"></span>delimitano <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>potere <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span>elibera <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>fase <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>concessione, <span class=\"_ _5\"></span>specificando <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>fi<span class=\"_ _3\"></span>gure<span class=\"_ _0\"></span> professionali <span class=\"_ _4\"></span>delegate <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>iter <span class=\"_ _4\"> </span>deliberativi <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>affidamenti <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>singole <span class=\"_ _4\"> </span>controparti. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>particolare, <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cu<span class=\"_ _5\"></span>i <span class=\"_ _7\"> </span>la concessione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>cceda <span class=\"_ _6\"></span><span class=\"ff4\">determinate <span class=\"_ _5\"></span>soglie <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Parere <span class=\"_ _2\"></span>di </span>Conformit\u00e0\u201d agli org<span class=\"_ _0\"></span>ani competenti della C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>pogruppo.<span class=\"ff1\"> </span>La <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>disciplinata <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>metriche <span class=\"_ _3\"></span>complementari a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>RWA <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>definiscono <span class=\"_ _3\"></span>meccanismi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i coordinamento e <span class=\"_ _3\"></span>strument<span class=\"ff4\">i <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>supporto per <span class=\"_ _3\"></span>l\u2019esercizio cont<span class=\"_ _3\"></span>inuativo delle <span class=\"_ _3\"></span>responsabilit\u00e0 di <span class=\"_ _3\"></span>indirizzo, coordinamento <span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _0\"></span>, </span>in <span class=\"_ _17\"> </span>attuazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>isposizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>governo <span class=\"_ _17\"> </span>societario. <span class=\"_ _1d\"> </span>In <span class=\"_ _18\"> </span>particolare, <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>normativa <span class=\"_ _17\"> </span>aziendale <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>ontempla <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>Regole <span class=\"_ _1d\"> </span>di Concessione, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>specificano <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>assumere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>in materia <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Strategi<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>Creditizie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rispondono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>orientare <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>composizion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span>io verso <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>profilo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischio/rendime<span class=\"_ _3\"></span><span class=\"ff4\">nto <span class=\"_ _6\"> </span>riconosciuto <span class=\"_ _5\"></span>ottimale <span class=\"_ _6\"> </span>nell\u2019orizzonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>medio <span class=\"_ _5\"></span>lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _6\"> </span>tenuto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _6\"></span>dell<span class=\"_ _35\"></span>a </span>sostenibilit\u00e0 del port<span class=\"_ _0\"></span>afoglio sotto il profi<span class=\"_ _0\"></span>lo ESG sul medesimo<span class=\"_ _0\"></span> orizzonte temporal<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> I <span class=\"_ _3\"></span>processi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>prevedono <span class=\"_ _2\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>posizioni<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>creditizie <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>riesame <span class=\"_ _3\"></span>periodico svolto <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>centrali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>periferiche <span class=\"_ _3\"></span>competenti e <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidament<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>ma anche nel continuo, mediante un <span class=\"_ _3\"></span>processo di monitoraggio periodico che inter<span class=\"_ _2\"></span>agisce con i processi e<span class=\"_ _3\"></span> le procedure di <span class=\"_ _3\"></span>gestion<span class=\"_ _0\"></span>e e <span class=\"_ _3\"></span>di controllo <span class=\"_ _3\"></span>del c<span class=\"_ _3\"></span>redito al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>assicurare <span class=\"_ _3\"></span>una valutazione <span class=\"_ _3\"></span>tempestiva dell\u2019insorgere di <span class=\"_ _3\"></span>eventuali s<span class=\"_ _3\"></span>egnali di <span class=\"_ _3\"></span>deterioram<span class=\"_ _5\"></span><span class=\"ff1\">ento, </span>con  ri<span class=\"_ _3\"></span>flesso  sul <span class=\"_ _1d\"> </span>grado  di <span class=\"_ _1d\"> </span>rischiosit\u00e0  delle  esposizioni.  \u00c8 <span class=\"_ _1d\"> </span>attivo, <span class=\"_ _1d\"> </span>infatti,<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>adattamenti  introdotti  in <span class=\"_ _1d\"> </span>concomitanza  agli aggiornamenti <span class=\"_ _3\"></span>apportati <span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _3\"></span>interno, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>intercettamento <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>classificazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>enominato <span class=\"_ _3\"></span>Early <span class=\"_ _2\"></span>Warnin<span class=\"_ _5\"></span><span class=\"ls17\">g </span>System, applicato ai p<span class=\"_ _3\"></span>ortafogli Corporate, SME Retail, <span class=\"_ _3\"></span>Retail e Institutions. Il<span class=\"_ _2\"></span> motore <span class=\"_ _3\"></span>in produzione \u00e8 stato<span class=\"_ _3\"></span> sviluppato a partire <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-93.94849px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">dagli  indicatori  individu<span class=\"_ _0\"></span>ati  nell\u2019Asset  Qualit<span class=\"_ _0\"></span>y  Review  e  si  compone  di <span class=\"_ _16\"> </span>una  parte  statistica,  una  parte<span class=\"_ _0\"></span>  qualitativa  e  una </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">integrazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trigger <span class=\"_ _5\"></span>manuali <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>evento. <span class=\"_ _5\"></span>L\u2019aggiornamento <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>giornali<span class=\"_ _2\"></span><span class=\"ff1\">ero <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>laddove <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _5\"></span>confermino <span class=\"_ _5\"></span>una </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">potenziale situazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anomalia <span class=\"_ _3\"></span>nella gestione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto, le<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>lative posizioni <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>intercetta<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>segnalate <span class=\"_ _3\"></span>negli spec<span class=\"_ _5\"></span>ifici </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">processi <span class=\"_ _4\"> </span>gestionali. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"> </span>motore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>EWS, <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>menzionato <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>precede<span class=\"_ _0\"></span>nza, <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>et\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">ulteriori sviluppi per un <span class=\"_ _3\"></span>prossimo inserimento di nuovi modelli n<span class=\"_ _3\"></span>ei processi del credito. Pi\u00f9<span class=\"_ _3\"></span> in generale il <span class=\"_ _3\"></span>Gruppo ha proseg<span class=\"_ _5\"></span>uito </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019evoluzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _4\"> </span>modelli <span class=\"_ _7\"> </span>gestionali <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>concessione, <span class=\"_ _4\"> </span>monitoraggio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _7\"> </span>(es. </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">affordability, <span class=\"_ _5\"></span>motori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>concessione <span class=\"_ _5\"></span>automatica <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>previsionali). <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>det<span class=\"_ _3\"></span>taglio, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _5\"></span>completato <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>modelli <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">affordability <span class=\"_ _3\"></span>SME <span class=\"_ _2\"></span>Retail <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Retail. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>ambito <span class=\"_ _2\"></span>SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>entrato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>no<span class=\"_ _5\"></span>vembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ervizio <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">prodotto <span class=\"_ _3\"></span>APC/ATP <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>alimentazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>motore <span class=\"_ _3\"></span>decisionale <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>tomatico <span class=\"_ _3\"></span>sviluppato <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>machine <span class=\"_ _3\"></span>learning. <span class=\"_ _3\"></span>In </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">ambito <span class=\"_ _6\"></span>Retail, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>mess<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>produzione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>modello <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>servizio <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>process<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>prestiti <span class=\"_ _6\"></span>pe<span class=\"_ _5\"></span>rsonali <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">maggio <span class=\"_ _6\"></span>2023 <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prodotto <span class=\"_ _6\"></span>mutui <span class=\"_ _4\"></span>ipotecari. <span class=\"_ _6\"></span>Nel <span class=\"_ _4\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _6\"></span>altres\u00ec <span class=\"_ _4\"></span>sviluppati <span class=\"_ _6\"></span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>previsione </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">settoriale a supporto di<span class=\"_ _0\"></span> molteplici proces<span class=\"_ _0\"></span>si aziendali quali il RAF, <span class=\"_ _0\"></span>le strategie creditizie<span class=\"_ _0\"></span> e per attivit\u00e0/strument<span class=\"_ _0\"></span>i di<span class=\"_ _2\"></span> concessione e </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">monitoraggio del cre<span class=\"_ _0\"></span>dito. </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">La valutazione delle rettifiche di valore delle esposizioni performing e sulle esposizioni non perfor<span class=\"_ _0\"></span>ming si basa su <span class=\"_ _3\"></span>metodolo<span class=\"_ _2\"></span>gie </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>internazionale <span class=\"_ _6\"></span>IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"></span>dettagliatamente <span class=\"_ _6\"></span>descritte<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">Sezione <span class=\"_ _4\"> </span>\u201cA. <span class=\"_ _6\"> </span>2 <span class=\"_ _4\"> </span>\u2013</span> <span class=\"_ _7\"> </span>Parte </div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">Relativa alle <span class=\"_ _3\"></span>principali voci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Bilancio\u201d ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare nel <span class=\"_ _3\"></span>paragrafo <span class=\"_ _3\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff2\">Modalit\u00e0 di <span class=\"_ _3\"></span>determinazione delle <span class=\"_ _3\"></span>perdite di<span class=\"_ _3\"></span> <span class=\"ff3\">valore\u201d. <span class=\"_ _3\"></span><span class=\"ff1\">Nel </span></span></span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">successivo paragraf<span class=\"_ _0\"></span>o \u201c<span class=\"ff2\">2.3. Metodi di misurazione dell<span class=\"_ _0\"></span>e perdite attese<span class=\"ff4\">\u201d vengono rappr<span class=\"ff1\">esentati i princip<span class=\"_ _0\"></span>ali profili applicativi<span class=\"_ _0\"></span> ai fini </span></span></span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">del Bilancio 2022. </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>Paese <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>singoli <span class=\"_ _2\"></span>prenditori, <span class=\"_ _2\"></span>misurato <span class=\"_ _5\"></span>nell\u2019ambit<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _6\"></span>sistemi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizi. <span class=\"_ _6\"></span>Tale <span class=\"_ _6\"></span>componen<span class=\"_ _3\"></span><span class=\"ff4\">te <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>collegata <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>perdite <span class=\"_ _5\"></span>potenzialmente <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">finanziamento <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>causate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>eventi <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>sottostanno, <span class=\"_ _5\"></span>almeno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>parte, <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">relativo Governo, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>non a <span class=\"_ _3\"></span>quello dei <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>soggetti residenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>stesso <span class=\"_ _3\"></span>Paese. Il <span class=\"_ _3\"></span>rischio Pa<span class=\"_ _3\"></span>ese si <span class=\"_ _3\"></span>sostanzia, <span class=\"_ _3\"></span>pertanto, sia </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sovrane, <span class=\"_ _2\"></span>determinato <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>blocco <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>l\u2019estero, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>risch<span class=\"_ _5\"></span><span class=\"ff1\">io </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">sovrano <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>invece <span class=\"_ _7\"> </span>misurato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _7\"> </span>il  giu<span class=\"_ _0\"></span>dizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _7\"> </span>m<span class=\"_ _2\"></span>erito <span class=\"_ _16\"> </span>creditizio <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>Stato  so<span class=\"_ _0\"></span>vrano. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questa <span class=\"_ _7\"> </span>definizione </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">rientrano <span class=\"_ _3\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>forme <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prestito <span class=\"_ _3\"></span>cross<span class=\"_ _3\"></span>-border <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>Paese, <span class=\"_ _2\"></span>siano <span class=\"_ _3\"></span>essi <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Governo, <span class=\"_ _3\"></span>una </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">banca, un\u2019impresa priv<span class=\"_ _0\"></span>ata o un singol<span class=\"_ _0\"></span>o individuo.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">rischio <span class=\"_ _6\"> </span>Paese <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>concessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>soggetti <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>residenti, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">valutare <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _2\"></span>preliminare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capienza <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>paese <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tabiliti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _2\"></span>ante. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>limiti, <span class=\"_ _2\"></span>espressi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>capitale </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">economico, <span class=\"_ _4\"></span><span class=\"ff4\">identifi<span class=\"_ _0\"></span>cano <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>massimo <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>accettabile <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _6\"></span>definito <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>annua <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _6\"> </span>Appetite </span></div><div class=\"t m0 x0 h32 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>ricorda, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>conseguenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>eccezionale <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minatasi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019avvento <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">conflitto <span class=\"_ _2\"></span>Russia/Ucraina <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>paese <span class=\"_ _5\"></span>Federazione <span class=\"_ _3\"></span>Russa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>presa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">definizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>management <span class=\"_ _2\"></span>overlay <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>LGD <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>\u201ccross<span class=\"_ _2\"></span><span class=\"ff1\">-</span>border\u201d <span class=\"_ _2\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>descritto <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201c1.1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gli <span class=\"_ _5\"></span>impatt<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">valutativi per il Grup<span class=\"_ _0\"></span>po ISP <span class=\"ff4\">del conflitto militare fra R<span class=\"_ _0\"></span>ussia e Ucraina\u201d.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2d y1470 ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8ba ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _16\"> </span>rischio  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controparte <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>attispecie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativo <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>derivati <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>SFT <span class=\"_ _16\"> </span>(Securiti<span class=\"_ _5\"></span>es </div><div class=\"t m0 x0 h2 y8bb ff1 fs0 fc0 sc0 ls0 ws0\">Financing  T<span class=\"_ _0\"></span>ransactions <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro  termin<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>prestito  titoli <span class=\"_ _7\"> </span>e  repo), <span class=\"_ _16\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span><span class=\"ff4\">si  riferisce <span class=\"_ _7\"> </span>all\u2019eventuale  ins<span class=\"_ _0\"></span>olvenza <span class=\"_ _16\"> </span>della </span></div><div class=\"t m0 x0 h2 y15fd ff1 fs0 fc0 sc0 ls0 ws0\">controparte  p<span class=\"_ _3\"></span>rima  della <span class=\"_ _1d\"> </span>scadenza <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>contratto. <span class=\"_ _1d\"> </span>Tal<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>rischio,  sovente <span class=\"_ _1d\"> </span>denominato <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>sostituzione, <span class=\"_ _1d\"> </span>\u00e8  connesso </div><div class=\"t m0 x0 h2 y592 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019eventualit\u00e0 <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>posizione <span class=\"_ _4\"> </span>sia<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>divenuto <span class=\"_ _7\"> </span>positivo <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>che,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>insolvenza <span class=\"_ _7\"> </span>della </span></div><div class=\"t m0 x0 h2 y228 ff1 fs0 fc0 sc0 ls0 ws0\">controparte, la parte s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lvente sia costret<span class=\"_ _0\"></span>ta a sostituire la p<span class=\"_ _0\"></span>osizione sul mercato, <span class=\"_ _0\"></span>sopportando una <span class=\"_ _0\"></span>perdita.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y593 ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda il rischio di controparte, il Gruppo bancario si \u00e8 dotato di un modello interno per la <span class=\"_ _5\"></span>misurazione<span class=\"_ _0\"></span> del rischio </div><div class=\"t m0 x0 h2 yc06 ff1 fs0 fc0 sc0 ls0 ws0\">a livello regolamenta<span class=\"_ _0\"></span>re (solo per Capogr<span class=\"_ _0\"></span>uppo) e gestionale. </div><div class=\"t m0 x0 h2 ydb2 ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>gestionale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>utilizzi <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>derivati <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>SFT, <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019intero <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>bancario <span class=\"_ _2\"></span>ado<span class=\"_ _6\"> </span><span class=\"ff1\">tta <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y15ff ff4 fs0 fc0 sc0 ls0 ws0\">metodo <span class=\"_ _4\"> </span>dell\u2019esposizione <span class=\"_ _6\"> </span>potenziale <span class=\"_ _4\"> </span>futur<span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>(stimata <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>PFE <span class=\"_ _4\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Potential <span class=\"_ _4\"> </span>Future <span class=\"_ _4\"> </span>Exposure <span class=\"_ _4\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>effettiva <span class=\"_ _4\"> </span>media). <span class=\"_ _4\"> </span>L\u2019 <span class=\"_ _4\"> </span>Area <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y1600 ff1 fs0 fc0 sc0 ls0 ws0\">Coordinamento <span class=\"_ _3\"></span>Market, <span class=\"_ _3\"></span>Financial e <span class=\"_ _2\"></span>C&amp;IB Risks <span class=\"_ _3\"></span>provvede <span class=\"_ _3\"></span>giornalmente alla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte, a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yaed ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>utilizzi <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edito p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>derivati e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>Capogruppo e <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>Privat<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 ye73 ff1 fs0 fc0 sc0 ls0 ws0\">Banking. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Grup<span class=\"_ _0\"></span>po <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>applicata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>interno, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>modalit\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ye4e ff4 fs0 fc0 sc0 ls0 ws0\">semplificata, tramite l\u2019<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>tilizzo di Add<span class=\"ff1\">-on stimati internamente. </span></div><div class=\"t m0 x0 h2 y1601 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>completamento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>sulle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>esposizione <span class=\"_ _4\"></span>attivato <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>tempo <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>degli </div><div class=\"t m0 x0 h2 y599 ff1 fs0 fc0 sc0 ls0 ws0\">sviluppi sopra riportati,<span class=\"_ _0\"></span> sono stati attivati i s<span class=\"_ _0\"></span>eguenti processi azi<span class=\"_ _0\"></span>endali:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y13dc ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione e calcolo periodico di prove di st<span class=\"_ _3\"></span>ress su scenari di mercato e scenari congiunti mercato/credito sulle misure di </span></div><div class=\"t m0 x2a h2 y59b ff1 fs0 fc0 sc0 ls0 ws0\">rischio controparte; </div><div class=\"t m0 x0 h2 y116d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>periodica <span class=\"_ _7\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>correlazione <span class=\"_ _7\"> </span>sfavorevole <span class=\"_ _16\"> </span>(Wrong <span class=\"_ _16\"> </span>Way <span class=\"_ _16\"> </span>Risk), <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una </span></div><div class=\"t m0 x2a h2 y12ca ff4 fs0 fc0 sc0 ls0 ws0\">correlazione positiva<span class=\"_ _0\"></span> tra l\u2019esposizione <span class=\"ff1\">futura nei confronti di u<span class=\"_ _0\"></span>na controparte e l<span class=\"_ _0\"></span>a sua probabilit\u00e0 <span class=\"_ _0\"></span>di default;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1602 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione e monitor<span class=\"_ _0\"></span>aggio di limiti gest<span class=\"_ _0\"></span>ionali; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y13dd ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontribuzione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>inflows/outflows <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>collaterale, <span class=\"_ _6\"></span>calcolate <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>modello <span class=\"_ _6\"></span>interno <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> </span></div><div class=\"t m0 x2a h2 y1603 ff1 fs0 fc0 sc0 ls0 ws0\">controparte, per le o<span class=\"_ _0\"></span>perazioni in derivati OTC<span class=\"_ _0\"></span> e SFT con accordi <span class=\"_ _0\"></span>di marginazione (CSA<span class=\"_ _0\"></span>, GMRA e analoghi);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1031 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>r<span class=\"_ _3\"></span>eporting periodico a<span class=\"_ _3\"></span>l management delle <span class=\"_ _3\"></span>misure c<span class=\"_ _3\"></span>alcolate a <span class=\"_ _3\"></span>modello interno <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione, requisito di <span class=\"_ _3\"></span>capitale, livello <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h2 y152a ff1 fs0 fc0 sc0 ls0 ws0\">utilizzo dei limiti gest<span class=\"_ _0\"></span>ionali, risultati delle prove di st<span class=\"_ _0\"></span>ress e delle analis<span class=\"_ _0\"></span>i di rischio di correla<span class=\"_ _0\"></span>zione sfavorevole;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1032 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>periodico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>back<span class=\"_ _3\"></span>-testing <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>monitorare <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>performance <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redittive <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>modello<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y5a0 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto ai movimenti d<span class=\"_ _0\"></span>ei fattori di rischio sottostanti le transa<span class=\"_ _0\"></span>zioni in portafoglio. </div><div class=\"t m0 x0 h2d y496 ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydac ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>concentrazione <span class=\"_ _6\"></span>deriva <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>all\u2019esposizione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controparti, <span class=\"_ _6\"> </span>gruppi <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>contropa<span class=\"_ _0\"></span>rti <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onnesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>controparti <span class=\"_ _6\"> </span>nello <span class=\"_ _4\"> </span>stesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ydf7 ff1 fs0 fc0 sc0 ls0 ws0\">settore <span class=\"_ _1c\"> </span>economico <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>svolgono <span class=\"_ _1c\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>stessa <span class=\"_ _20\"> </span>attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>che <span class=\"_ _1c\"> </span>operano <span class=\"_ _20\"> </span>nella <span class=\"_ _1c\"> </span>stessa <span class=\"_ _1c\"> </span>re<span class=\"_ _5\"></span><span class=\"ff4\">gione <span class=\"_ _1c\"> </span>geografica. <span class=\"_ _20\"> </span>N<span class=\"_ _0\"></span>ell\u2019ambito </span></div><div class=\"t m0 x0 h32 ydfa ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Risk <span class=\"_ _5\"></span>Appetite <span class=\"_ _2\"></span>Framework, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 yb99 ff1 fs0 fc0 sc0 ls0 ws0\">valutare le minacce <span class=\"_ _0\"></span>per il Gruppo e le azio<span class=\"_ _0\"></span>ni di mitigazione pi<span class=\"_ _0\"></span>\u00f9 appropriate:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y302 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>definizione di limiti di esposizione per sp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cifiche aree geog<span class=\"_ _0\"></span>rafiche ed insiemi di c<span class=\"_ _0\"></span>ontroparti (es: t<span class=\"_ _0\"></span>op 20);<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1415 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">azioni <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>limitazione <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>ante <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>particolarmente <span class=\"_ _5\"></span>concentranti, <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span>\u201cgrandi<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y13a1 ff4 fs0 fc0 sc0 ls0 ws0\">esposizioni\u201d e agli affid<span class=\"_ _0\"></span>amenti verso P<span class=\"_ _0\"></span>aesi a <span class=\"ff1\">r<span class=\"_ _3\"></span>ischio; </span></div><div class=\"t m0 x0 h2 y1417 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>azioni <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>orrezione ex <span class=\"_ _3\"></span>post del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio, tramite <span class=\"_ _3\"></span>il mercato <span class=\"_ _3\"></span>secondario del <span class=\"_ _3\"></span>credito, s<span class=\"_ _3\"></span>eguendo opportune <span class=\"_ _3\"></span>metriche<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y16c0 ff1 fs0 fc0 sc0 ls0 ws0\">di giudizio basate sul<span class=\"_ _0\"></span>la massimizzazione d<span class=\"_ _0\"></span>el valore comples<span class=\"_ _0\"></span>sivo di portafoglio.<span class=\"_ _3\"></span> </div></div>La <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _4\"></span>Convalida <span class=\"_ _6\"></span>Interna <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>C<span class=\"ff4\">ontrolli, <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>dell\u2019Area <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Governo <span class=\"_ _4\"> </span>Chi<span class=\"_ _0\"></span>ef <span class=\"_ _6\"> </span>Risk <span class=\"_ _4\"> </span>Officer, <span class=\"_ _6\"></span>svolge <span class=\"_ _6\"> </span>specifiche </span>attivit\u00e0 di controllo di<span class=\"_ _0\"></span> II livello a presidio d<span class=\"_ _0\"></span>el credito e della q<span class=\"_ _0\"></span>ualit\u00e0 dei dati.  <span class=\"_ _3\"></span> Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019adeguate<span class=\"_ _2\"></span><span class=\"ff1\">zza <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>singole<span class=\"_ _0\"></span> </span>esposizioni (cd. Single <span class=\"_ _0\"></span>name).   In via <span class=\"_ _3\"></span>generale lo sviluppo delle attivit\u00e0 di controllo, nonch\u00e9 di<span class=\"_ _3\"></span> indirizzo e coordinamento, prevede l\u2019esame dei singoli pro<span class=\"_ _5\"></span><span class=\"ff1\">cessi </span>del <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>verificare <span class=\"_ _7\"> </span>la  pr<span class=\"_ _0\"></span>esenza<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>idonei <span class=\"_ _16\"> </span>presidi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>I <span class=\"_ _16\"> </span>livello, <span class=\"_ _16\"> </span>ivi <span class=\"_ _7\"> </span>comprese  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di esecuzione e <span class=\"_ _3\"></span>tracciabilit\u00e0. Le <span class=\"_ _3\"></span>potenziali <span class=\"_ _3\"></span>aree di <span class=\"_ _3\"></span>indagine d<span class=\"_ _3\"></span>a approfondire <span class=\"_ _3\"></span>mediante i <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>Single name <span class=\"_ _3\"></span>considerano anche<span class=\"_ _5\"></span> le risultanze dei mon<span class=\"_ _0\"></span>itoraggi agiti dalle F<span class=\"_ _0\"></span>unzioni di Co<span class=\"ff4\">n<span class=\"_ _3\"></span>trollo di I li<span class=\"_ _0\"></span>vello nell\u2019ambito dei <span class=\"_ _0\"></span>differenti cluster crediti<span class=\"_ _0\"></span>zi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Valuta <span class=\"_ _4\"></span>inoltre <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>rispondenz<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _4\"></span>interni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei requisiti patrimoniali <span class=\"_ _0\"></span>alle prescrizioni n<span class=\"_ _0\"></span>ormative, alle esige<span class=\"_ _0\"></span>nze <span class=\"_ _3\"></span><span class=\"ff4\">aziendali e all\u2019evoluzi<span class=\"_ _0\"></span>one del mercato di rife<span class=\"_ _0\"></span>rimento.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>L\u2019attivit\u00e0 creditizia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo risu<span class=\"_ _3\"></span>lta orientata <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>la clientela <span class=\"_ _3\"></span>italiana (<span class=\"_ _3\"></span>oltre l<span class=\"_ _3\"></span>\u201980% del <span class=\"_ _3\"></span>totale) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>prevalentemente <span class=\"_ _5\"></span><span class=\"ff1\">rivolta a </span>famiglie e a piccole medi<span class=\"_ _0\"></span>e imprese. L\u2019interscambio <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>inf<span class=\"_ _3\"></span><span class=\"ff1\">ormativi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Centrale <span class=\"_ _5\"></span>Rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>e </span>dalla <span class=\"_ _7\"> </span>\u201cPosizione <span class=\"_ _7\"> </span>Complessiva <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Rischio\u201d, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>consentono <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>analizzare <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _7\"> </span>creditizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni controparte/gruppo <span class=\"_ _1d\"> </span>economico, <span class=\"_ _1d\"> </span>sia <span class=\"_ _17\"> </span>verso <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>suo <span class=\"_ _17\"> </span>complesso, <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _1d\"> </span>nei <span class=\"_ _17\"> </span>confronti <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>singole <span class=\"_ _17\"> </span>realt\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>lo compongono. Dalla <span class=\"_ _4\"> </span>mensilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>settembre <span class=\"_ _4\"> </span>2018 <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">a <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _4\"> </span>dell\u2019architettura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>alimentazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>generazione <span class=\"_ _4\"> </span>della </span>segnalazione <span class=\"_ _6\"></span>Anacredit <span class=\"_ _6\"></span><span class=\"ff4\">finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>upportare <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>raccolta <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>dati <span class=\"_ _6\"></span>granulari <span class=\"_ _5\"></span>sul <span class=\"_ _4\"> </span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>credito\u201d <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>come </span>definita <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>(UE) <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>2016/867 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>18 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2016 <span class=\"_ _6\"></span>- <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operativo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>nuovo <span class=\"_ _3\"></span>impianto <span class=\"_ _2\"></span>segnaletico <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> disposizioni regolam<span class=\"_ _0\"></span>entari definite dalla BCE e poste<span class=\"_ _0\"></span> in essere dalle Ban<span class=\"_ _0\"></span>che Centrali Nazionali <span class=\"_ _0\"></span>di riferimento.<span class=\"_ _3\"></span> 2.3.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Metodi di misurazione del<span class=\"_ _3\"></span>le perdite attese<span class=\"_ _3\"></span> </span>La perdita attesa risult<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dal prodotto di e<span class=\"_ _0\"></span>sposizione, probabilit<span class=\"_ _0\"></span>\u00e0 di default e Loss Gi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>en Default.<span class=\"_ _3\"></span> In <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>default <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>misurata <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>differenziati <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>seconda <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>segmento <span class=\"_ _6\"></span>di operativit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>(Corporate, <span class=\"_ _5\"></span>SME <span class=\"_ _2\"></span>Retail, <span class=\"_ _2\"></span>Retail, <span class=\"_ _5\"></span>Stati <span class=\"_ _5\"></span>Sovrani, <span class=\"_ _2\"></span>Enti <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Settore <span class=\"_ _2\"></span>Pubblico <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Banche). <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>mode<span class=\"_ _3\"></span>ll<span class=\"_ _2\"></span><span class=\"ls13\">i </span>consentono <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>sintetizzare <span class=\"_ _7\"> </span>la  qualit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _16\"> </span>creditizia <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _16\"> </span>contropar<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>misura, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ating, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>ne  rifl<span class=\"_ _0\"></span>ette <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di insolvenza con un oriz<span class=\"_ _0\"></span>zonte temporale di u<span class=\"_ _0\"></span>n anno, calibrata su <span class=\"_ _0\"></span>un livello medio d<span class=\"_ _0\"></span>el ciclo economico.<span class=\"_ _3\"></span> Al <span class=\"_ _6\"></span>segmento <span class=\"_ _6\"></span>Corporate <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>applicati <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>pluralit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>model<span class=\"_ _3\"></span><span class=\"ff4\">li <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>caratterizzati <span class=\"_ _5\"></span>dall\u2019utilizzo <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>fonti <span class=\"_ _6\"></span>informative<span class=\"_ _0\"></span> </span>disponibili e dall\u2019int<span class=\"_ _0\"></span>egrazione del giudizio <span class=\"_ _0\"></span>di analisti del cr<span class=\"_ _0\"></span>edito e gestori della <span class=\"_ _0\"></span>relazione. In parti<span class=\"_ _0\"></span>colare:<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alla <span class=\"_ _16\"> </span>generalit\u00e0 <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>applicati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>differenziati <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>sec<span class=\"_ _2\"></span>onda <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _16\"> </span>(domestico <span class=\"_ _7\"> </span>o </span>internazionale) e dell<span class=\"_ _0\"></span>a fascia dimensionale; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>specializzati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>specifici <span class=\"_ _2\"></span>dedicati <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>immobiliari, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>proj<span class=\"_ _5\"></span>ect </span>finance, alle operazi<span class=\"_ _0\"></span>oni di leveraged buy-out/acquisition fin<span class=\"_ _0\"></span>ance e asset finance. Il modello Corporate \u00e8 <span class=\"_ _0\"></span>anche utilizzato per i<span class=\"_ _0\"></span>l calcolo degli RWA<span class=\"_ _0\"></span> rivenienti per il portafogl<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>o Equity di B<span class=\"_ _0\"></span>anking Book.<span class=\"_ _2\"></span> Per quanto concerne il <span class=\"_ _0\"></span>portafoglio Retail, l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rticolazione dei mo<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elli \u00e8 la seguente:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _3\"></span>il segmento SME <span class=\"_ _3\"></span>Retail, a partire <span class=\"_ _3\"></span>da maggio 2021, \u00e8 <span class=\"_ _3\"></span>in uso un<span class=\"_ _3\"></span> nuovo modello di <span class=\"_ _3\"></span>rating automatizzato che permette il </span>calcolo del rating i<span class=\"_ _0\"></span>n real time;  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per il segmento Retail \u00e8 in uso, a partire da sett<span class=\"_ _0\"></span>embre 2018, un modello <span class=\"_ _0\"></span>di rating per controparte comp<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span> dal segmento </span>Mutui <span class=\"_ _2\"></span>Retail <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egmento <span class=\"_ _2\"></span>Other <span class=\"_ _2\"></span>Retail. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>aggiornato <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gosto <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icezione <span class=\"_ _2\"></span>della lettera Autorizzativa,<span class=\"_ _0\"></span> con effetti segnal<span class=\"_ _0\"></span>etici a partire da settem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2022. Relativamente al porta<span class=\"_ _0\"></span>foglio Institution<span class=\"_ _0\"></span>s: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _6\"></span>(banche <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"></span>economie <span class=\"_ _4\"> </span>mature <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>Paesi <span class=\"_ _6\"></span>emergenti) <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>compongono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>parte </span>quantitativa  e  una  parte  qualitati<span class=\"_ _0\"></span>va,  differenziate  a  seconda  dell\u2019<span class=\"_ _0\"></span>appartenenza  a  Paesi  maturi  o  emergenti  e  un<span class=\"_ _35\"></span>a componente <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _16\"> </span>Paese <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>valuta<span class=\"ff4\">,<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>connessione <span class=\"_ _16\"> </span>banca/Paese, <span class=\"_ _7\"> </span>l\u2019eventuale  e<span class=\"_ _0\"></span>ffetto <span class=\"_ _16\"> </span>negativo <span class=\"_ _7\"> </span>del </span>Paese <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>o, <span class=\"_ _5\"></span>viceversa, <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>supporto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della banca oggetto di val<span class=\"_ _0\"></span>utazione; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>Comuni <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span><span class=\"ff4\">Province <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>default <span class=\"_ _2\"></span>model, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Regioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>\u201cshadow\u201d <span class=\"_ _5\"></span>basati <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>di </span></span>agenzia. <span class=\"_ _16\"> </span>Sulle <span class=\"_ _7\"> </span>ASL <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>altri <span class=\"_ _7\"> </span>Ent<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>settore <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>stato <span class=\"_ _16\"> </span>adottato <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>approccio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>estensione <span class=\"_ _7\"> </span>(con <span class=\"_ _16\"> </span>applicazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un downgrading) <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>rating <span class=\"_ _6\"> </span>dell\u2019Ente <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riferi<span class=\"_ _3\"></span><span class=\"ff1\">mento <span class=\"_ _6\"></span>(es: <span class=\"_ _6\"></span>Regione). <span class=\"_ _6\"></span>Relativamente <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _6\"></span>Sovereign, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _6\"></span>del </span>modello <span class=\"_ _3\"></span>di rating <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modulo quantitativo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tiene conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>strutturale assegnato <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>principali agenzie internazionali, <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>implicito <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>debito <span class=\"_ _4\"></span>sovrano, <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>macroeconomic<span class=\"_ _0\"></span>a stimata c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>econometrico e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>qualitativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>integra <span class=\"_ _3\"></span>il giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>quantitativo con elementi rilevabili dal p<span class=\"_ _3\"></span>i\u00f9 ampio perimetro di <span class=\"_ _3\"></span>informazioni pubblicame<span class=\"_ _3\"></span><span class=\"ff4\">nte d<span class=\"_ _3\"></span>isponibili sull\u2019assetto politico ed economico dei </span>singoli Stati sovrani. <span class=\"_ _0\"></span>Il modello di rating S<span class=\"_ _0\"></span>overeign \u00e8 utilizzato<span class=\"_ _0\"></span> esclusivamente <span class=\"_ _0\"></span>a fini gestionali.<span class=\"_ _3\"></span> Per le banche estere d<span class=\"_ _0\"></span>el Gruppo sono a<span class=\"_ _0\"></span>dottati modelli PD c<span class=\"_ _0\"></span>he possono essere: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sviluppati dalle stesse banche est<span class=\"_ _0\"></span>ere, in modo da coglier<span class=\"_ _0\"></span>e le specificit\u00e0 <span class=\"_ _0\"></span>del rischio delle cont<span class=\"_ _0\"></span>roparti locali;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>in estensione da Capogruppo; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>mutuati da Capogruppo con ada<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tamenti alla realt\u00e0<span class=\"_ _0\"></span> locale. </span>Alcuni di questi modelli <span class=\"_ _0\"></span>sono utilizzati ai fini di segnalazio<span class=\"_ _0\"></span>ne, altri so<span class=\"_ _3\"></span>lo a fini gestionali, come specificat<span class=\"_ _0\"></span>o nella tabella di seguit<span class=\"_ _0\"></span>o rappresentata. I modelli di <span class=\"_ _3\"></span>Loss Given Default (LGD) sono basati sulla nozione di \u201c<span class=\"_ _3\"></span>Economic LGD\u201d, ovvero il valore attuale dei f<span class=\"_ _3\"></span>lussi di cas<span class=\"_ _5\"></span><span class=\"ff1\">sa </span>ricavati n<span class=\"_ _3\"></span>elle varie <span class=\"_ _3\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>al netto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>amministrativi <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>iretta <span class=\"_ _3\"></span>imputazione oltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di quelli indiretti di ge<span class=\"_ _0\"></span>stione sostenuti dal G<span class=\"_ _0\"></span>ruppo e si compone,<span class=\"_ _0\"></span> in sintesi, dei segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti elementi:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>stima <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>Sofferenza: <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>osservata <span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">portafoglio, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Workout <span class=\"_ _3\"></span>LGD\u201d, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>in </span></span>funzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>costi, <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _5\"></span>econometric<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gressione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>variabili ritenute discriminanti p<span class=\"_ _0\"></span>er la determinazion<span class=\"_ _0\"></span>e della perdita ass<span class=\"_ _0\"></span>ociata all\u2019evento di Soff<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span><span class=\"ff1\">enza;</span><span class=\"ff1\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-93.32349px;\"><div class=\"t m0 x0 h2 y4 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _1c\"> </span>del <span class=\"_ _20\"> </span>\u201cDanger <span class=\"_ _1c\"> </span>Rate\u201d, <span class=\"_ _1c\"> </span>un <span class=\"_ _20\"> </span>fattore <span class=\"_ _1c\"> </span>correttivo <span class=\"_ _1c\"> </span>moltiplicativo <span class=\"_ _1c\"> </span>volto <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>ricalibrar<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>la<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _1c\"> </span>Sofferenza <span class=\"_ _1c\"> </span>con </span></span></div><div class=\"t m0 x2a h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019informazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>default, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>LGD <span class=\"_ _6\"></span>rappresentativ<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>possibili </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">stati di default e della l<span class=\"_ _0\"></span>oro evoluzione; </div><div class=\"t m0 x0 h2 y61 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>altro <span class=\"_ _2\"></span>fattore <span class=\"_ _3\"></span>correttivo <span class=\"_ _3\"></span>additivo, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>\u201cComponente <span class=\"_ _2\"></span>Saldo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Stralcio\u201d: <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>utilizzata<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">come <span class=\"_ _6\"></span>add-on <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>stima <span class=\"_ _4\"></span>ricalibrat<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Danger <span class=\"_ _6\"></span>Rate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>tenere <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdita <span class=\"_ _6\"></span>associati <span class=\"_ _5\"></span>a </div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le  qu<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>a  S<span class=\"_ _35\"></span>of<span class=\"_ _3\"></span>ferenza <span class=\"_ _7\"> </span>(posizioni <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Inadempienza <span class=\"_ _7\"> </span>probabile <span class=\"_ _7\"> </span>o </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Past Due).  </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>LGD <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>avvale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>differenziati <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>specializzati <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _5\"></span>(Corporate, <span class=\"_ _6\"></span>SME </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Retail, <span class=\"_ _3\"></span>Retail, <span class=\"_ _3\"></span>Factoring, Leasing, <span class=\"_ _3\"></span>Enti <span class=\"_ _3\"></span>pubblici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banche). <span class=\"_ _3\"></span>Come per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>PD, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>estere del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>sono </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">adottati  modelli  sviluppati  dall<span class=\"_ _0\"></span>e  banche  stesse,  in  estensione<span class=\"_ _0\"></span>  da  Capogruppo  con  utilizzo  dei  parametri  loc<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li  quando </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">necessario o mutuati d<span class=\"_ _0\"></span>a Capogruppo con adattamenti all<span class=\"_ _0\"></span>a realt\u00e0 di ciascuna <span class=\"_ _0\"></span>banca estera. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Per le <span class=\"_ _3\"></span>banche il <span class=\"_ _3\"></span>modello di determinazione della <span class=\"_ _3\"></span>LGD si <span class=\"_ _3\"></span>discosta in par<span class=\"_ _3\"></span>te dai <span class=\"_ _3\"></span>modelli sviluppati per gli <span class=\"_ _3\"></span>altri segmenti in <span class=\"_ _3\"></span>qu<span class=\"_ _5\"></span>anto </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basa <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>osservati <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>giorni <span class=\"_ _2\"></span>dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>ufficiale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>campione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>subito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>default <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutto <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mondo, <span class=\"_ _4\"> </span>acquisito <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>fonte <span class=\"_ _4\"> </span>esterna. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"></span>si<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">completa <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>econometrica <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>driver <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>significativi, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>effettuato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">altri modelli, e una ri<span class=\"_ _0\"></span>calibrazione sui liv<span class=\"_ _0\"></span>elli di LGD osservati s<span class=\"_ _0\"></span>ui default interni d<span class=\"_ _0\"></span>ella banca.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>LGD <span class=\"_ _5\"></span>Sovereign <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stimata <span class=\"_ _2\"></span>anal<span class=\"_ _3\"></span>izzando <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>storici <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>default <span class=\"_ _5\"></span>sovrani <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>differenzia<span class=\"_ _2\"></span>ta <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>cinque <span class=\"_ _5\"></span>categorie <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">seconda dei livelli <span class=\"_ _0\"></span>di reddito e di altre s<span class=\"_ _0\"></span>pecificit\u00e0 che caratteri<span class=\"_ _0\"></span>zzano i singoli paesi<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Il modello LGD Sovereig<span class=\"_ _0\"></span>n \u00e8 esclusivamente <span class=\"_ _0\"></span>utilizzato a fini gesti<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">Il  calcolo <span class=\"_ _16\"> </span>dell\u2019esposizione <span class=\"_ _16\"> </span>al  default <span class=\"_ _16\"> </span>(EAD)  si <span class=\"_ _16\"> </span>avvale  di<span class=\"_ _0\"></span>  modelli <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">ifferenziati <span class=\"_ _16\"> </span>e  specializzati<span class=\"_ _0\"></span>  per  s<span class=\"_ _0\"></span>egmento <span class=\"_ _16\"> </span>di  operativit\u00e0 </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">(Corporate, <span class=\"_ _3\"></span>SME <span class=\"_ _3\"></span>Retail e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Retail). <span class=\"_ _3\"></span>Specificamente, la <span class=\"_ _2\"></span>metodologia si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dati d<span class=\"_ _3\"></span>ei 1<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>l\u2019evento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">si differenzia in base alla presenza o meno di un margi<span class=\"_ _0\"></span>ne disponibile al<span class=\"_ _3\"></span>la data di osservazione. In ogni caso ve<span class=\"_ _0\"></span>ngono applicati </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">fattori correttivi in <span class=\"_ _3\"></span>adempimento ai <span class=\"_ _3\"></span>dettami regolamentari e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>introdurre un <span class=\"_ _3\"></span>margine di <span class=\"_ _3\"></span>conservativismo sulle stime.<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>Per </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">i <span class=\"_ _5\"></span>segmenti <span class=\"_ _5\"></span>low <span class=\"_ _5\"></span>default <span class=\"_ _5\"></span>Banche <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>Enti <span class=\"_ _5\"></span>Pubblici <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>Leasin<span class=\"_ _2\"></span>g <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Factoring <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Portafoglio <span class=\"_ _5\"></span>Corporate <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oggi </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">utilizzati parametri r<span class=\"_ _0\"></span>egolamentari. </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x3 he y497 ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y808 ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5b2 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>rientrano <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>roll <span class=\"_ _6\"></span>out, <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>(PD) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EAD <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y83d ff1 fs0 fc0 sc0 ls0 ws0\">sottoposti ad un processo di c<span class=\"_ _3\"></span>ontrollo di <span class=\"_ _3\"></span>secondo livello da parte della funzione di<span class=\"_ _2\"></span> Convalida e a un controllo di terzo livello da </div><div class=\"t m0 x0 h2 y5c4 ff1 fs0 fc0 sc0 ls0 ws0\">parte della funzione di <span class=\"_ _3\"></span>Revisione Interna. Le funzioni di controllo producono per <span class=\"_ _3\"></span>il Supervisor le relazioni annuali di <span class=\"_ _3\"></span>confo<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>mit\u00e0 </div><div class=\"t m0 x0 h2 yad7 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ormativa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Vigilanza, <span class=\"_ _4\"> </span>nell'ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>verifica <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>scostamento <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>stime<span class=\"_ _2\"></span> effettuate <span class=\"_ _4\"></span>ex-ante e <span class=\"_ _4\"></span>i </div><div class=\"t m0 x0 h2 y5c6 ff1 fs0 fc0 sc0 ls0 ws0\">valori realizzati ex-<span class=\"_ _3\"></span>post. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>relazioni, approvate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Amministrazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, a<span class=\"_ _3\"></span>ttestano il <span class=\"_ _3\"></span>permanere </div><div class=\"t m0 x0 h2 y655 ff1 fs0 fc0 sc0 ls0 ws0\">dei requisiti di conform<span class=\"_ _0\"></span>it\u00e0.  </div><div class=\"t m0 x0 h2 y656 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w489 h1c0\" style=\"left:0.005622864px; bottom:105.17401px;\"><div class=\"t me x12 h1c1 y16c2 ff5 fs2b fc3 sc0 ls0 ws0\">Portafoglio</div><div class=\"t me x1a0 h1c1 y16c3 ff5 fs2b fc3 sc0 ls0 ws0\">PD <span class=\"ff6\">\u2013 </span>tipo </div><div class=\"t me x182 h1c1 y16c4 ff5 fs2b fc3 sc0 ls0 ws0\">modello</div><div class=\"t me x18e h1c1 y16c5 ff5 fs2b fc3 sc0 ls0 ws0\">Status</div><div class=\"t me x94 h1c2 y16c6 ff5 fs2c fc0 sc0 ls0 ws0\">Corporate</div><div class=\"t me x66 h1c3 y16c7 ff1 fs2d fc0 sc0 ls0 ws0\">Default model</div><div class=\"t me x8e h1c3 y16c8 ff1 fs2d fc0 sc0 ls0 ws0\">(Corporate)</div><div class=\"t me x1b h1c4 y16c9 ff1 fs2e fc0 sc0 ls0 ws0\">FIRB autorizzata da dicembre 2008, </div><div class=\"t me x54 h1c4 y16ca ff1 fs2e fc0 sc0 ls0 ws0\">AIRB LGD autorizzato da dicembre 2010, </div><div class=\"t me x55 h1c4 y16cb ff1 fs2e fc0 sc0 ls0 ws0\">EAD autorizzato da settembre 2017 </div><div class=\"t me x44 h1c5 y16cc ff1 fs2f fc0 sc0 ls0 ws0\">(1)</div><div class=\"t me xe h1c6 y16cd ff5 fs30 fc0 sc0 ls0 ws0\">Retail</div><div class=\"t me x66 h1c3 y16ce ff1 fs2d fc0 sc0 ls0 ws0\">Default model</div><div class=\"t me xee h1c3 y16cf ff1 fs2d fc0 sc0 ls0 ws0\">(Retail)</div><div class=\"t me x106 h1c4 y16d0 ff1 fs2e fc0 sc0 ls50 ws0\">IRB Retail autorizzato da settembre 2018 e </div><div class=\"t me xb3 h1c4 y16d1 ff1 fs2e fc0 sc0 ls50 ws0\">IRB <span class=\"ls51\">Mortgage <span class=\"ls0\">da dicembre 2010</span></span></div><div class=\"t me x160 h1c7 y16d2 ff1 fs31 fc0 sc0 ls52 ws0\">(2)</div><div class=\"t me x147 h1c3 y16d3 ff1 fs2d fc0 sc0 ls0 ws0\">Modelli simulativi </div><div class=\"t me x82 h1c3 y16d4 ff1 fs2d fc0 sc0 ls0 ws0\">(Specialised Lending)</div><div class=\"t me xb3 h1c3 y16d5 ff1 fs2d fc0 sc0 ls0 ws0\">AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2012</div><div class=\"t me x88 h1c2 y16d6 ff5 fs2c fc0 sc0 ls0 ws0\">Institutions</div><div class=\"t me x126 h1c3 y16d7 ff1 fs2d fc0 sc0 ls0 ws0\">Default model (Banche)</div><div class=\"t me x149 h1c8 y16d8 ff1 fs32 fc0 sc0 ls0 ws0\">(4)</div><div class=\"t me xb3 h1c3 y16d9 ff1 fs2d fc0 sc0 ls0 ws0\">AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2017</div><div class=\"t me x64 h1c3 y16da ff1 fs2d fc0 sc0 ls0 ws0\">Default model (Comuni <span class=\"_ _3\"></span>e </div><div class=\"t me x184 h1c3 y16db ff1 fs2d fc0 sc0 ls0 ws0\">Province) </div><div class=\"t me x128 h1c3 y16dc ff1 fs2d fc0 sc0 ls0 ws0\">Shadow model (Regioni)</div><div class=\"t me x166 h1c8 y16dd ff1 fs32 fc0 sc0 ls0 ws0\">(4)</div><div class=\"t me xb3 h1c3 y16de ff1 fs2d fc0 sc0 ls0 ws0\">AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2017</div><div class=\"t me x66 h1c3 y16df ff1 fs2d fc0 sc0 ls0 ws0\">Default model</div><div class=\"t me x151 h1c3 y16e0 ff1 fs2d fc0 sc0 ls0 ws0\">(SME Retail)</div><div class=\"t me x148 h1c1 y16c3 ff5 fs2b fc3 sc0 ls0 ws0\">LGD <span class=\"ff6\">\u2013 </span>tipo </div><div class=\"t me xf9 h1c1 y16c4 ff5 fs2b fc3 sc0 ls0 ws0\">modello</div><div class=\"t me xf9 h1c3 y16ce ff1 fs2d fc0 sc0 ls0 ws0\">W<span class=\"_ _3\"></span>orkout model</div><div class=\"t me x2d h1c3 y16cf ff1 fs2d fc0 sc0 ls0 ws0\">(Retail)</div><div class=\"t me x7f h1c3 y16d3 ff1 fs2d fc0 sc0 ls0 ws0\">Modelli simulativi</div><div class=\"t me x7e h1c3 y16d4 ff1 fs2d fc0 sc0 ls0 ws0\">(Specialised Lending)</div><div class=\"t me x148 h1c3 y16e1 ff1 fs2d fc0 sc0 ls0 ws0\">Modello di mercato </div><div class=\"t me x131 h1c3 y16e2 ff1 fs2d fc0 sc0 ls0 ws0\">(Banche)</div><div class=\"t me xf9 h1c3 y16da ff1 fs2d fc0 sc0 ls0 ws0\">W<span class=\"_ _3\"></span>orkout model </div><div class=\"t me x1b0 h1c3 y16db ff1 fs2d fc0 sc0 ls0 ws0\">(Comuni, Province, </div><div class=\"t me x153 h1c3 y16dc ff1 fs2d fc0 sc0 ls0 ws0\">Regioni)</div><div class=\"t me xf9 h1c3 y16df ff1 fs2d fc0 sc0 ls0 ws0\">W<span class=\"_ _3\"></span>orkout model</div><div class=\"t me x1c3 h1c3 y16e0 ff1 fs2d fc0 sc0 ls0 ws0\">(SME Retail)</div><div class=\"t me x1ad h1c1 y16c3 ff5 fs2b fc3 sc0 ls0 ws0\">EA<span class=\"_ _35\"></span>D <span class=\"_ _2\"></span><span class=\"ff6\">\u2013 </span>tipo </div><div class=\"t me x3a h1c1 y16c4 ff5 fs2b fc3 sc0 ls0 ws0\">modello</div><div class=\"t me xde h1c3 y16ce ff1 fs2d fc0 sc0 ls0 ws0\">CCF/ K factor<span class=\"_ _16\"> </span>model</div><div class=\"t me x19e h1c3 y16cf ff1 fs2d fc0 sc0 ls0 ws0\">(Retail)</div><div class=\"t me xf2 h1c3 y16d3 ff1 fs2d fc0 sc0 ls0 ws0\">Parametri regolamentari </div><div class=\"t me x15d h1c3 y16d4 ff1 fs2d fc0 sc0 ls0 ws0\">(Specialised Lending)</div><div class=\"t me xf2 h1c3 y16e1 ff1 fs2d fc0 sc0 ls0 ws0\">Parametri regolamentari </div><div class=\"t me x1bf h1c3 y16e2 ff1 fs2d fc0 sc0 ls0 ws0\">(Banche)</div><div class=\"t me xf2 h1c3 y16da ff1 fs2d fc0 sc0 ls0 ws0\">Parametri regolamentari</div><div class=\"t me x3f h1c3 y16db ff1 fs2d fc0 sc0 ls0 ws0\">(Comuni, Province, </div><div class=\"t me x1bf h1c3 y16dc ff1 fs2d fc0 sc0 ls0 ws0\">Regioni)</div><div class=\"t me x1b h1c4 y16e3 ff1 fs2e fc0 sc0 ls0 ws0\">IRB autorizzato da dicembre 2012</div><div class=\"t me xe0 h1c5 y16e4 ff1 fs2f fc0 sc0 ls0 ws0\">(3)</div><div class=\"t me x9b h1c2 y16e5 ff5 fs2c fc0 sc0 ls0 ws0\">Sovereign</div><div class=\"t me x128 h1c3 y16e6 ff1 fs2d fc0 sc0 ls0 ws0\">Shadow model sui rating <span class=\"_ _3\"></span>di </div><div class=\"t me xee h1c3 y16e7 ff1 fs2d fc0 sc0 ls0 ws0\">agenzia</div><div class=\"t me x9d h1c3 y16e8 ff1 fs2d fc0 sc0 ls0 ws0\">Utilizzato solo a fini gestionali; </div><div class=\"t me x55 h1c3 y16e9 ff1 fs2d fc0 sc0 ls0 ws0\">Approccio standard <span class=\"_ _3\"></span>a fini segnaletici</div><div class=\"t me x1b0 h1c3 y16ea ff1 fs2d fc0 sc0 ls0 ws0\">Modello basato sui </div><div class=\"t me x7e h1c3 y16e6 ff1 fs2d fc0 sc0 ls0 ws0\">recovery<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>rates stimati </div><div class=\"t me x5d h1c3 y16e7 ff1 fs2d fc0 sc0 ls0 ws0\">a partire dagli <span class=\"_ _3\"></span>episodi </div><div class=\"t me x1a2 h1c3 y16eb ff1 fs2d fc0 sc0 ls0 ws0\">di default storici</div><div class=\"t me xf2 h1c3 y16ec ff1 fs2d fc0 sc0 ls0 ws0\">Parametri regolamentari</div><div class=\"t me x1b3 h1c3 y16ed ff1 fs2d fc0 sc0 ls0 ws0\">Expert-base<span class=\"_ _0\"></span>d<span class=\"_ _15\"> </span>Model</div><div class=\"t me x17c h1c3 y16ee ff1 fs2d fc0 sc0 ls0 ws0\">(Non Banking Fin. Inst<span class=\"ls53\">.)</span></div><div class=\"t me x9d h1c3 y16ef ff1 fs2d fc0 sc0 ls0 ws0\">Utilizzato solo a fini gestionali; </div><div class=\"t me x55 h1c3 y16f0 ff1 fs2d fc0 sc0 ls0 ws0\">Approccio standard <span class=\"_ _3\"></span>a fini segnaletici</div><div class=\"t me x1c4 h1c3 y16f1 ff1 fs2d fc0 sc0 ls0 ws0\">Parametri </div><div class=\"t me x148 h1c3 y16f2 ff1 fs2d fc0 sc0 ls0 ws0\">regolamentari (Non </div><div class=\"t me x1c5 h1c3 y16f3 ff1 fs2d fc0 sc0 ls0 ws0\">Banking Fin. Inst<span class=\"ls53\">.)</span></div><div class=\"t me xf2 h1c3 y16ed ff1 fs2d fc0 sc0 ls0 ws0\">Parametri regolamentari </div><div class=\"t me x14c h1c3 y16ee ff1 fs2d fc0 sc0 ls0 ws0\">(Non Banking Fin. Inst<span class=\"ls53\">.)</span></div><div class=\"t me xf9 h1c3 y16f4 ff1 fs2d fc0 sc0 ls0 ws0\">W<span class=\"_ _3\"></span>orkout model</div><div class=\"t me x13b h1c3 y16f5 ff1 fs2d fc0 sc0 ls0 ws0\">(Bancario; Leasing e </div><div class=\"t me x1c4 h1c3 y16f6 ff1 fs2d fc0 sc0 ls0 ws0\">Factoring)</div><div class=\"t me xde h1c3 y16df ff1 fs2d fc0 sc0 ls0 ws0\">CCF/ K factor <span class=\"_ _3\"></span>model</div><div class=\"t me x1b8 h1c3 y16e0 ff1 fs2d fc0 sc0 ls0 ws0\">(SME Retail)</div><div class=\"t me x3f h1c4 y16f7 ff1 fs2e fc0 sc0 ls0 ws0\">CCF/ K factor model</div><div class=\"t me x185 h1c4 y16f8 ff1 fs2e fc0 sc0 ls0 ws0\">(Bancario)</div><div class=\"t me x3d h1c4 y16f9 ff1 fs2e fc0 sc0 ls54 ws0\">Parametri regolamentari </div><div class=\"t me x1ad h1c4 y16fa ff1 fs2e fc0 sc0 ls0 ws0\">(Leasing e Factoring)</div><div class=\"t me x45 h1c9 y16fb ff1 fs33 fc0 sc0 ls55 ws0\">1)<span class=\"_ _2d\"> </span><span class=\"ls56\">ISP<span class=\"_ _1c\"> </span><span class=\"ls0\">autorizzata<span class=\"_ _20\"> </span>FIRB<span class=\"_ _20\"> </span></span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">dicembre<span class=\"_ _1c\"> </span>2008,<span class=\"_ _20\"> </span>LGD<span class=\"_ _20\"> </span>AIRB<span class=\"_ _20\"> </span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">dicembre<span class=\"_ _1c\"> </span>2010<span class=\"_ _20\"> </span></span>ed<span class=\"_ _20\"> </span><span class=\"ls57\">EAD<span class=\"_ _20\"> </span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">2017,<span class=\"_ _20\"> </span>Banca<span class=\"_ _20\"> </span>IMI<span class=\"_ _1c\"> </span>(2012,<span class=\"_ _20\"> </span>dal<span class=\"_ _20\"> </span>2020<span class=\"_ _20\"> </span>incorporata<span class=\"_ _20\"> </span><span class=\"ls58\">in</span></span></div><div class=\"t me x96 h1c9 y16fc ff1 fs33 fc0 sc0 ls0 ws0\">Capogruppo), <span class=\"ls56\">ISP<span class=\"_ _15\"> </span></span>Ireland (2010<span class=\"ls59\">),<span class=\"_ _15\"> </span></span>VUB<span class=\"_ _16\"> </span>(<span class=\"ls55\">2010<span class=\"ls59\">),<span class=\"_ _15\"> </span></span></span>Intesa<span class=\"_ _15\"> </span>Sanpaolo<span class=\"_ _15\"> </span>Bank<span class=\"_ _15\"> </span>(<span class=\"ls55\">2017<span class=\"ls59\">),<span class=\"_ _16\"> </span><span class=\"ls56\">ISP<span class=\"_ _16\"> </span></span></span></span>L<span class=\"_ _3\"></span>uxembourg (2017).<span class=\"_ _15\"> </span>Dal 2017<span class=\"_ _15\"> </span><span class=\"ls58\">il </span>m<span class=\"_ _3\"></span>odello Corporate \u00e8<span class=\"_ _15\"> </span>utilizzato</div><div class=\"t me x96 h1c9 y16fd ff1 fs33 fc0 sc0 ls0 ws0\">anche <span class=\"ls55\">per<span class=\"_ _16\"> </span></span>calcolare <span class=\"ls58\">il </span>rischio sul portafoglio Equity <span class=\"ls55\">di </span>Banking<span class=\"_ _15\"> </span><span class=\"ls55\">book </span>con LGD <span class=\"ls55\">65</span>%/<span class=\"ls55\">90</span>%<span class=\"_ _3\"></span>.</div><div class=\"t me x45 h1ca y16fe ff1 fs34 fc0 sc0 ls5a ws0\">2)<span class=\"_ _2d\"> </span><span class=\"ls0\">VUB autorizzata </span>da<span class=\"_ _15\"> </span><span class=\"ls0\">giugno<span class=\"_ _15\"> </span>2012<span class=\"_ _16\"> </span>c<span class=\"_ _3\"></span>on riferimento<span class=\"_ _16\"> </span></span>ai<span class=\"_ _15\"> </span><span class=\"ls0\">modelli <span class=\"ls5b\">PD </span></span>ed<span class=\"_ _15\"> </span>LGD<span class=\"_ _15\"> </span><span class=\"ls0\">Mutui Retail<span class=\"_ _15\"> </span>e </span>da<span class=\"_ _15\"> </span><span class=\"ls0\">dicembre </span>2022<span class=\"_ _15\"> </span><span class=\"ls0\">con<span class=\"_ _16\"> </span>riferimento<span class=\"_ _15\"> </span></span>ai <span class=\"ls0\">modelli<span class=\"_ _16\"> </span><span class=\"ls5b\">PD</span>-</span>LGD<span class=\"ls0\">-<span class=\"ls5b\">EAD</span></span></div><div class=\"t me x96 h1c9 y16ff ff1 fs33 fc0 sc0 ls0 ws0\">Other Retail.</div><div class=\"t me x45 h1c9 y1700 ff1 fs33 fc0 sc0 ls55 ws0\">3)<span class=\"_ _2d\"> </span><span class=\"ls0\">VUB autorizz<span class=\"_ _0\"></span>ata <span class=\"ls55\">da<span class=\"_ _15\"> </span></span>giugno <span class=\"ls55\">2014</span>.</span></div><div class=\"t me x45 h1c9 y1701 ff1 fs33 fc0 sc0 ls55 ws0\">4)<span class=\"_ _2d\"> </span><span class=\"ls56\">ISP <span class=\"ls0\">e Banca IMI (incorpor<span class=\"_ _0\"></span>ata <span class=\"ls58\">in </span>Capogruppo<span class=\"_ _15\"> </span><span class=\"ls55\">nel 2020</span>)<span class=\"_ _15\"> </span>autorizzate <span class=\"ls55\">dal 2017</span>.</span></span></div></div>La <span class=\"_ _5\"></span>metodologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Expected <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Loss <span class=\"_ _5\"></span>(ECL) <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulle esposizioni creditizie in coerenza con il principio interna<span class=\"_ _0\"></span>zionale IFRS 9 \u00e8 effettuata, a livello di singola operazione o tra<span class=\"_ _5\"></span>nche d<span class=\"ls13\">i </span>titolo, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artendo <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>RB <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>parametri <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Default <span class=\"_ _2\"></span>(PD), <span class=\"_ _5\"></span>Loss <span class=\"_ _5\"></span>Given <span class=\"_ _2\"></span>Default <span class=\"_ _5\"></span>(LGD) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Exposure <span class=\"_ _2\"></span>at Default <span class=\"_ _3\"></span>(EAD), <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>opportuni <span class=\"_ _3\"></span>interventi <span class=\"_ _3\"></span>correttivi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>modo da <span class=\"_ _2\"></span>garantirne <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prescriz<span class=\"_ _5\"></span>ioni del <span class=\"_ _3\"></span>principio. <span class=\"_ _3\"></span>Nell\u2019ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perseguire <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>convergenza t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _3\"></span>regolamentare, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>rispetto d<span class=\"_ _6\"></span><span class=\"ff1\">elle </span>specifiche <span class=\"_ _20\"> </span>finalit\u00e0, <span class=\"_ _20\"> </span>sono <span class=\"_ _20\"> </span>stati <span class=\"_ _20\"> </span>apportati <span class=\"_ _20\"> </span>adeguamenti <span class=\"_ _20\"> </span>al <span class=\"_ _20\"> </span>modello <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>stima <span class=\"_ _20\"> </span>della <span class=\"_ _20\"> </span>LGD <span class=\"_ _20\"> </span>contabile, <span class=\"_ _20\"> </span>recependo <span class=\"_ _20\"> </span>quanto progressivamente normato e<span class=\"_ _0\"></span>d applicato nei m<span class=\"_ _0\"></span>odelli prudenziali. La descr<span class=\"_ _3\"></span>izione dettagliata delle <span class=\"_ _3\"></span>metodologie adottate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo \u00e8 <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>nella Parte <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">Sezione \u201c<span class=\"_ _3\"></span><span class=\"ff2\">A. 2<span class=\"_ _3\"></span> <span class=\"ff3\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>Parte relativa <span class=\"_ _3\"></span>alle </span></span>principali <span class=\"_ _1d\"> </span>voci <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Bilancio\u201d<span class=\"ff1\"> <span class=\"_ _1d\"> </span><span class=\"ff4\">ed <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>particolare <span class=\"_ _1d\"> </span>nel <span class=\"_ _17\"> </span>paragrafo <span class=\"_ _1d\"> </span>\u201c<span class=\"ff2\">Modalit\u00e0 <span class=\"_ _1d\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>det</span></span></span>erminazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>perdite <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>valore\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">cui <span class=\"_ _17\"> </span>si </span>fa<span class=\"ls0\"> riferimento, nonch\u00e9, in relazione alle <span class=\"_ _3\"></span>specificit\u00e0 del contesto pandemico <span class=\"_ _3\"></span>attuale, a quanto <span class=\"_ _3\"></span>indicato in dettaglio nella <span class=\"_ _3\"></span>sezio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span></span>\u201cRischi, incertezz<span class=\"_ _0\"></span>e e impatti della crisi R<span class=\"_ _0\"></span>usso/Ucraina\" <span class=\"ff1\">nella Parte A <span class=\"ff4\">\u2013</span> Sezione <span class=\"ls10\">5 </span><span class=\"ff4\">\u2013</span> Altri A<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>petti. </span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>riflette <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>miglior <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>future, <span class=\"_ _3\"></span>pr<span class=\"_ _6\"></span>ime <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>tutte quelle  di  contesto  eco<span class=\"_ _0\"></span>nomico,  sulla  base  delle  q<span class=\"_ _0\"></span>uali  vengono  condizionate  le  PD <span class=\"_ _16\"> </span>e  LGD  forward  look<span class=\"_ _2\"></span><span class=\"ff4\">ing.  Nell\u2019ambito </span>dell\u2019IFRS<span class=\"ff1\"> 9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Regulators <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nternazionali<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>assumono <span class=\"_ _5\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazioni </span>sugli s<span class=\"_ _3\"></span>cenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>trovarsi ad <span class=\"_ _2\"></span>operare e <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>situazione dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span>quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>atte<span class=\"_ _5\"></span><span class=\"ff1\">sa <span class=\"_ _18\"> </span>sulle </span>esposizioni). Da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi possibili <span class=\"_ _3\"></span>approcci alternativi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>pren<span class=\"_ _5\"></span>dere <span class=\"_ _3\"></span>in considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanp<span class=\"_ _5\"></span><span class=\"ff1\">aolo <span class=\"_ _7\"> </span>ha </span>deciso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>adottare <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>ikely <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _4\"> </span>Add<span class=\"_ _2\"></span><span class=\"ff1\">-</span>On\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>approccio, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>condizionamento<span class=\"_ _35\"></span> macroeconomico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>effettuato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>(\u201cMost <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ikely\u201d, <span class=\"_ _2\"></span>coerente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>per altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e piani di <span class=\"_ _3\"></span>impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span>pos<span class=\"ff4\">itivo sui parametri <span class=\"_ _0\"></span>di rischio, \u00e8 stato scelt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di sterilizzarne l\u2019<span class=\"_ _0\"></span>effetto sia per finalit\u00e0 di<span class=\"_ _0\"></span> staging che di <span class=\"_ _0\"></span>calcolo dell\u2019ECL<span class=\"_ _2\"></span><span class=\"ff1 ls12\">. <span class=\"ls0\"> </span></span></span>In <span class=\"_ _3\"></span>occasione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>aggiornamento delle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>erie <span class=\"_ _3\"></span>storiche <span class=\"_ _3\"></span>incorporate nei <span class=\"_ _2\"></span>modelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>condizionamento forward<span class=\"_ _5\"></span>-looking <span class=\"_ _3\"></span>dei parametri <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _16\"> </span>la  d<span class=\"_ _0\"></span>eterminazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>ECL,  \u00e8<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>stato  in<span class=\"_ _0\"></span>trodotto <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>affinamento  d<span class=\"_ _0\"></span>ei  m<span class=\"_ _35\"></span>odelli  finalizza<span class=\"_ _0\"></span>to  a<span class=\"_ _0\"></span>  ge<span class=\"_ _0\"></span>stire  l<span class=\"_ _35\"></span>a discontinuit\u00e0 prodottasi nella relazione <span class=\"_ _3\"></span>tra l\u2019andamento dei tassi di <span class=\"_ _3\"></span>default e<span class=\"_ _3\"></span> le variabili macro<span class=\"_ _5\"></span><span class=\"ff1\">-economiche, in <span class=\"_ _3\"></span>conseguenza di </span>circosta<span class=\"ff4\">nze straordinarie come <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>generatesi a seguito d<span class=\"_ _3\"></span>ella pandemia da <span class=\"_ _3\"></span>COVID19. <span class=\"_ _3\"></span>Si evidenzia, inoltre, c<span class=\"_ _3\"></span>he nell\u2019ambito </span>della <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>i-stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _7\"> </span>econometriche <span class=\"_ _4\"> </span>sottese <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>satellite, <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tener <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>conto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetti<span class=\"_ _0\"></span> derivanti dal<span class=\"ff4\">la crisi energet<span class=\"_ _0\"></span>ica, sono state intro<span class=\"_ _0\"></span>dotte e testate ult<span class=\"_ _0\"></span>eriori variabili esplic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tive relative al prezz<span class=\"_ _0\"></span>o dell\u2019energia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>L\u2019efficacia dei <span class=\"_ _3\"></span>modelli I<span class=\"_ _3\"></span>FRS 9 <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>monitorata dalla <span class=\"_ _3\"></span>funzione di <span class=\"_ _3\"></span>Convalida c<span class=\"_ _3\"></span>on cadenza <span class=\"_ _3\"></span>annuale attraverso <span class=\"_ _3\"></span>specifiche attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span>di <span class=\"_ _3\"></span>backtesting <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio (criteri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>staging, <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>PD, <span class=\"_ _3\"></span>LGD, <span class=\"_ _3\"></span>EAD <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>haircut). <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>aggiornamenti significativi, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Conv<span class=\"_ _0\"></span>alida <span class=\"_ _6\"></span>effettua <span class=\"_ _6\"></span>verifiche <span class=\"_ _5\"></span>preventive <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>model <span class=\"_ _5\"></span>desi<span class=\"_ _3\"></span>gn. <span class=\"_ _5\"></span>Gli <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>verif<span class=\"_ _6\"></span>iche<span class=\"_ _0\"></span> della <span class=\"_ _5\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Convalida <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>comitati<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>managerial<span class=\"_ _0\"></span>i <span class=\"_ _5\"></span>competenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>owner <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sono rendicontati nella rel<span class=\"_ _0\"></span>azione annuale sui mo<span class=\"_ _0\"></span>delli interni utiliz<span class=\"_ _0\"></span>zati ai fini gestionali, <span class=\"_ _0\"></span>condivisa con il S<span class=\"_ _0\"></span>upervisore. <span class=\"_ _2\"></span> Scenario macroeconomico ai fini del condizionamento forward looking<span class=\"ff1 fs0 fc0\"> </span>La <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo p<span class=\"_ _3\"></span>revede, ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del <span class=\"_ _3\"></span>condizionamento <span class=\"_ _3\"></span>forward<span class=\"_ _2\"></span>-looking dei <span class=\"_ _3\"></span>para<span class=\"_ _3\"></span>metri di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima della <span class=\"_ _2\"></span>ECL <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>secondo la <span class=\"_ _5\"></span>metodologia <span class=\"_ _2\"></span>descritta <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>Politiche <span class=\"_ _2\"></span>Contabili <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span><span class=\"ff4\">l <span class=\"_ _2\"></span>paragrafo <span class=\"_ _5\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle </span>perdite di valore\u201d <span class=\"ff1\">- </span>l\u2019utilizzo d<span class=\"_ _0\"></span>ello scenario macro<span class=\"_ _0\"></span>economico definito ed <span class=\"_ _0\"></span>aggiornato dalla Direzi<span class=\"_ _0\"></span>one Studi e Ricerch<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _3\"></span>tabella si <span class=\"_ _3\"></span>d\u00e0 evidenza d<span class=\"_ _3\"></span>elle principali <span class=\"_ _3\"></span>variabili di s<span class=\"_ _3\"></span>cenario <span class=\"_ _2\"></span>macroeconomico utilizzate per <span class=\"_ _3\"></span>la de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e d<span class=\"_ _3\"></span>elle perdite attese <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>prospettiva <span class=\"_ _2\"></span>forward <span class=\"_ _5\"></span>looking, <span class=\"_ _2\"></span>declinate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _5\"></span>base, <span class=\"_ _5\"></span>migliorativo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>peggiorativo. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>scenari <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>ono stati applicati nella v<span class=\"_ _0\"></span>alutazione dei crediti<span class=\"_ _0\"></span> secondo il modello <span class=\"ff4\">\u201cMost</span>-Likely scenario + Add-<span class=\"ff4\">On\u201d descritto in<span class=\"_ _0\"></span> precedenza.<span class=\"ff5 fs9 fc2\"> </span></span><div class=\"c w2e5 h65\" style=\"left:195.3826px; bottom:891.3503px;\"><div class=\"t m0 x49 ha y568 ff5 fs4 fc2 sc0 ls0 ws0\">Base </div></div><div class=\"c w48b h65\" style=\"left:337.52463px; bottom:891.3503px;\"><div class=\"t m0 xd ha y568 ff5 fs4 fc2 sc0 ls0 ws0\">Migliorativo </div></div><div class=\"c w48c h65\" style=\"left:479.48462px; bottom:891.3503px;\"><div class=\"t m0 xb ha y568 ff5 fs4 fc2 sc0 ls0 ws0\">Peggiorativo </div></div><div class=\"c w48d h69\" style=\"left:195.3826px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w48e h69\" style=\"left:230.01462px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2023 </div></div><div class=\"c w48d h69\" style=\"left:266.3626px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2024 </div></div><div class=\"c w48f h69\" style=\"left:302.2426px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2025 </div></div><div class=\"c w48d h69\" style=\"left:337.52463px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w48e h69\" style=\"left:371.84464px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2023 </div></div><div class=\"c w48d h69\" style=\"left:407.25662px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2024 </div></div><div class=\"c w490 h69\" style=\"left:443.2926px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2025 </div></div><div class=\"c w491 h69\" style=\"left:479.48462px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2022 </div></div><div class=\"c w48e h69\" style=\"left:514.7796px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2023 </div></div><div class=\"c w48d h69\" style=\"left:550.1916px; bottom:874.78827px;\"><div class=\"t m0 x1a ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2024 </div></div><div class=\"c w492 h69\" style=\"left:585.60364px; bottom:874.78827px;\"><div class=\"t m0 xdd ha y9d3 ff5 fs4 fc2 sc0 ls0 ws0\">2025 </div></div><div class=\"c w303 h1cc\" style=\"left:-4.050377px; bottom:788.6763px;\"><div class=\"t m0 xdd ha y7d8 ff5 fs4 fc2 sc0 ls0 ws0\">Area euro </div></div><div class=\"c w48a h6c\" style=\"left:57.881622px; bottom:849.0483px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">PIL Reale Area e<span class=\"_ _3\"></span>uro </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(variazione annu<span class=\"_ _3\"></span>a) </div></div><div class=\"c w48d h6c\" style=\"left:195.3826px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,3% </div></div><div class=\"c w48e h6c\" style=\"left:230.01462px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,1% </div></div><div class=\"c w48d h6c\" style=\"left:266.3626px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,6% </div></div><div class=\"c w48f h6c\" style=\"left:302.2426px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,8% </div></div><div class=\"c w48d h6c\" style=\"left:337.52463px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,3% </div></div><div class=\"c w48e h6c\" style=\"left:371.84464px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,7% </div></div><div class=\"c w48d h6c\" style=\"left:407.25662px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,0% </div></div><div class=\"c w490 h6c\" style=\"left:443.2926px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,3% </div></div><div class=\"c w491 h6c\" style=\"left:479.48462px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,3% </div></div><div class=\"c w48e h6c\" style=\"left:514.7796px; bottom:849.0483px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-0,9% </div></div><div class=\"c w48d h6c\" style=\"left:550.1916px; bottom:849.0483px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-0,4% </div></div><div class=\"c w492 h6c\" style=\"left:585.60364px; bottom:849.0483px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,9% </div></div><div class=\"c w48a h1cd\" style=\"left:57.881622px; bottom:823.1523px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Inflazione Area eu<span class=\"_ _3\"></span>ro </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(variazione annu<span class=\"_ _3\"></span>a) </div></div><div class=\"c w48d h1cd\" style=\"left:195.3826px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,5% </div></div><div class=\"c w48e h1cd\" style=\"left:230.01462px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7,7% </div></div><div class=\"c w48d h1cd\" style=\"left:266.3626px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,7% </div></div><div class=\"c w48f h1cd\" style=\"left:302.2426px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,9% </div></div><div class=\"c w48d h1cd\" style=\"left:337.52463px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,5% </div></div><div class=\"c w48e h1cd\" style=\"left:371.84464px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,0% </div></div><div class=\"c w48d h1cd\" style=\"left:407.25662px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,6% </div></div><div class=\"c w490 h1cd\" style=\"left:443.2926px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,2% </div></div><div class=\"c w491 h1cd\" style=\"left:479.48462px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,0% </div></div><div class=\"c w48e h1cd\" style=\"left:514.7796px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,7% </div></div><div class=\"c w48d h1cd\" style=\"left:550.1916px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,1% </div></div><div class=\"c w492 h1cd\" style=\"left:585.60364px; bottom:823.1523px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,5% </div></div><div class=\"c w48a h41\" style=\"left:57.881622px; bottom:805.99225px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">EurIRS 10Y </div></div><div class=\"c w48d h41\" style=\"left:195.3826px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,92 </div></div><div class=\"c w48e h41\" style=\"left:230.01462px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,82 </div></div><div class=\"c w48d h41\" style=\"left:266.3626px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,11 </div></div><div class=\"c w48f h41\" style=\"left:302.2426px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,28 </div></div><div class=\"c w48d h41\" style=\"left:337.52463px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,93 </div></div><div class=\"c w48e h41\" style=\"left:371.84464px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,86 </div></div><div class=\"c w48d h41\" style=\"left:407.25662px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,51 </div></div><div class=\"c w490 h41\" style=\"left:443.2926px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,98 </div></div><div class=\"c w491 h41\" style=\"left:479.48462px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,93 </div></div><div class=\"c w48e h41\" style=\"left:514.7796px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,61 </div></div><div class=\"c w48d h41\" style=\"left:550.1916px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,19 </div></div><div class=\"c w492 h41\" style=\"left:585.60364px; bottom:805.99225px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,73 </div></div><div class=\"c w48a h6a\" style=\"left:57.881622px; bottom:788.6763px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Euro/USD </div></div><div class=\"c w48d h6a\" style=\"left:195.3826px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,05 </div></div><div class=\"c w48e h6a\" style=\"left:230.01462px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,07 </div></div><div class=\"c w48d h6a\" style=\"left:266.3626px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,11 </div></div><div class=\"c w48f h6a\" style=\"left:302.2426px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,13 </div></div><div class=\"c w48d h6a\" style=\"left:337.52463px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,05 </div></div><div class=\"c w48e h6a\" style=\"left:371.84464px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,99 </div></div><div class=\"c w48d h6a\" style=\"left:407.25662px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,05 </div></div><div class=\"c w490 h6a\" style=\"left:443.2926px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,09 </div></div><div class=\"c w491 h6a\" style=\"left:479.48462px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,05 </div></div><div class=\"c w48e h6a\" style=\"left:514.7796px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,99 </div></div><div class=\"c w48d h6a\" style=\"left:550.1916px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,04 </div></div><div class=\"c w492 h6a\" style=\"left:585.60364px; bottom:788.6763px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,09 </div></div><div class=\"c w303 h1ce\" style=\"left:-4.050377px; bottom:635.75726px;\"><div class=\"t m0 x14 ha y1704 ff5 fs4 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w48a h1cd\" style=\"left:57.881622px; bottom:762.9363px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">PIL Reale Italia (vari<span class=\"_ _3\"></span>azione </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">annua) </div></div><div class=\"c w48d h1cd\" style=\"left:195.3826px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,8% </div></div><div class=\"c w48e h1cd\" style=\"left:230.01462px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,6% </div></div><div class=\"c w48d h1cd\" style=\"left:266.3626px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,8% </div></div><div class=\"c w48f h1cd\" style=\"left:302.2426px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,2% </div></div><div class=\"c w48d h1cd\" style=\"left:337.52463px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,6% </div></div><div class=\"c w48e h1cd\" style=\"left:371.84464px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,9% </div></div><div class=\"c w48d h1cd\" style=\"left:407.25662px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,2% </div></div><div class=\"c w490 h1cd\" style=\"left:443.2926px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,8% </div></div><div class=\"c w491 h1cd\" style=\"left:479.48462px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,6% </div></div><div class=\"c w48e h1cd\" style=\"left:514.7796px; bottom:762.9363px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1,0% </div></div><div class=\"c w48d h1cd\" style=\"left:550.1916px; bottom:762.9363px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1,1% </div></div><div class=\"c w492 h1cd\" style=\"left:585.60364px; bottom:762.9363px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,4% </div></div><div class=\"c w48a h1cd\" style=\"left:57.881622px; bottom:737.1963px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Inflazione Italia (va<span class=\"_ _3\"></span>riazione </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">annua) </div></div><div class=\"c w48d h1cd\" style=\"left:195.3826px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,2% </div></div><div class=\"c w48e h1cd\" style=\"left:230.01462px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6,8% </div></div><div class=\"c w48d h1cd\" style=\"left:266.3626px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,4% </div></div><div class=\"c w48f h1cd\" style=\"left:302.2426px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,3% </div></div><div class=\"c w48d h1cd\" style=\"left:337.52463px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,1% </div></div><div class=\"c w48e h1cd\" style=\"left:371.84464px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7,2% </div></div><div class=\"c w48d h1cd\" style=\"left:407.25662px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,4% </div></div><div class=\"c w490 h1cd\" style=\"left:443.2926px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,2% </div></div><div class=\"c w491 h1cd\" style=\"left:479.48462px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,1% </div></div><div class=\"c w48e h1cd\" style=\"left:514.7796px; bottom:737.1963px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">13,3% </div></div><div class=\"c w48d h1cd\" style=\"left:550.1916px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,9% </div></div><div class=\"c w492 h1cd\" style=\"left:585.60364px; bottom:737.1963px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,3% </div></div><div class=\"c w48a h1cd\" style=\"left:57.881622px; bottom:711.3003px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Prezzi immobili Itali<span class=\"_ _3\"></span>a </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(variazione annu<span class=\"_ _3\"></span>a) </div></div><div class=\"c w48d h1cd\" style=\"left:195.3826px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,1% </div></div><div class=\"c w48e h1cd\" style=\"left:230.01462px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,5% </div></div><div class=\"c w48d h1cd\" style=\"left:266.3626px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,5% </div></div><div class=\"c w48f h1cd\" style=\"left:302.2426px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,5% </div></div><div class=\"c w48d h1cd\" style=\"left:337.52463px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,1% </div></div><div class=\"c w48e h1cd\" style=\"left:371.84464px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,9% </div></div><div class=\"c w48d h1cd\" style=\"left:407.25662px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,6% </div></div><div class=\"c w490 h1cd\" style=\"left:443.2926px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,9% </div></div><div class=\"c w491 h1cd\" style=\"left:479.48462px; bottom:711.3003px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,1% </div></div><div class=\"c w48e h1cd\" style=\"left:514.7796px; bottom:711.3003px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1,2% </div></div><div class=\"c w48d h1cd\" style=\"left:550.1916px; bottom:711.3003px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3,1% </div></div><div class=\"c w492 h1cd\" style=\"left:585.60364px; bottom:711.3003px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1,7% </div></div><div class=\"c w48a hca\" style=\"left:57.881622px; bottom:694.7643px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Rendimento BOT 6<span class=\"_ _3\"></span> mesi  </div></div><div class=\"c w48d hca\" style=\"left:195.3826px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,5 </div></div><div class=\"c w48e hca\" style=\"left:230.01462px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,7 </div></div><div class=\"c w48d hca\" style=\"left:266.3626px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,9 </div></div><div class=\"c w48f hca\" style=\"left:302.2426px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,6 </div></div><div class=\"c w48d hca\" style=\"left:337.52463px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,5 </div></div><div class=\"c w48e hca\" style=\"left:371.84464px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,7 </div></div><div class=\"c w48d hca\" style=\"left:407.25662px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,4 </div></div><div class=\"c w490 hca\" style=\"left:443.2926px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,5 </div></div><div class=\"c w491 hca\" style=\"left:479.48462px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,5 </div></div><div class=\"c w48e hca\" style=\"left:514.7796px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,4 </div></div><div class=\"c w48d hca\" style=\"left:550.1916px; bottom:694.7643px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,9 </div></div><div class=\"c w492 hca\" style=\"left:585.60364px; bottom:694.7643px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,0 </div></div><div class=\"c w48a hca\" style=\"left:57.881622px; bottom:678.2283px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Rendimento BTP<span class=\"_ _3\"></span> 10 anni  </div></div><div class=\"c w48d hca\" style=\"left:195.3826px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,0 </div></div><div class=\"c w48e hca\" style=\"left:230.01462px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,1 </div></div><div class=\"c w48d hca\" style=\"left:266.3626px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,6 </div></div><div class=\"c w48f hca\" style=\"left:302.2426px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,9 </div></div><div class=\"c w48d hca\" style=\"left:337.52463px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,0 </div></div><div class=\"c w48e hca\" style=\"left:371.84464px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,1 </div></div><div class=\"c w48d hca\" style=\"left:407.25662px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,0 </div></div><div class=\"c w490 hca\" style=\"left:443.2926px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,6 </div></div><div class=\"c w491 hca\" style=\"left:479.48462px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3,0 </div></div><div class=\"c w48e hca\" style=\"left:514.7796px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4,2 </div></div><div class=\"c w48d hca\" style=\"left:550.1916px; bottom:678.2283px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,1 </div></div><div class=\"c w492 hca\" style=\"left:585.60364px; bottom:678.2283px;\"><div class=\"t m0 x97 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5,9 </div></div><div class=\"c w48a h1cf\" style=\"left:57.881622px; bottom:652.2933px;\"><div class=\"t m0 x41 hb yf17 ff1 fs4 fc2 sc0 ls0 ws0\">BTP-Bund Spread<span class=\"_ _3\"></span> 10 anni </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(basis points)<span class=\"_ _3\"></span> </div></div><div class=\"c w48d h1cf\" style=\"left:195.3826px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w48e h1cf\" style=\"left:230.01462px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w48d h1cf\" style=\"left:266.3626px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w48f h1cf\" style=\"left:302.2426px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">179<span class=\"ls0\"> </span></div></div><div class=\"c w48d h1cf\" style=\"left:337.52463px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w48e h1cf\" style=\"left:371.84464px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">200<span class=\"ls0\"> </span></div></div><div class=\"c w48d h1cf\" style=\"left:407.25662px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">184<span class=\"ls0\"> </span></div></div><div class=\"c w490 h1cf\" style=\"left:443.2926px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">173<span class=\"ls0\"> </span></div></div><div class=\"c w491 h1cf\" style=\"left:479.48462px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w48e h1cf\" style=\"left:514.7796px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">242<span class=\"ls0\"> </span></div></div><div class=\"c w48d h1cf\" style=\"left:550.1916px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">232<span class=\"ls0\"> </span></div></div><div class=\"c w492 h1cf\" style=\"left:585.60364px; bottom:652.2933px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">230<span class=\"ls0\"> </span></div></div><div class=\"c w48a hca\" style=\"left:57.881622px; bottom:635.75726px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Tasso % di disocc<span class=\"_ _3\"></span>upazione<span class=\"_ _3\"></span> </div></div><div class=\"c w48d hca\" style=\"left:195.3826px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,2 </div></div><div class=\"c w48e hca\" style=\"left:230.01462px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,5 </div></div><div class=\"c w48d hca\" style=\"left:266.3626px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,2 </div></div><div class=\"c w48f hca\" style=\"left:302.2426px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,1 </div></div><div class=\"c w48d hca\" style=\"left:337.52463px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,2 </div></div><div class=\"c w48e hca\" style=\"left:371.84464px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,5 </div></div><div class=\"c w48d hca\" style=\"left:407.25662px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,1 </div></div><div class=\"c w490 hca\" style=\"left:443.2926px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7,9 </div></div><div class=\"c w491 hca\" style=\"left:479.48462px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,2 </div></div><div class=\"c w48e hca\" style=\"left:514.7796px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8,8 </div></div><div class=\"c w48d hca\" style=\"left:550.1916px; bottom:635.75726px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9,4 </div></div><div class=\"c w492 hca\" style=\"left:585.60364px; bottom:635.75726px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">10,0 </div></div><div class=\"c w303 h1d0\" style=\"left:-4.050377px; bottom:601.28125px;\"><div class=\"t m0 x88 ha yedc ff5 fs4 fc2 sc0 ls0 ws0\">Beni </div></div><div class=\"c w48a h41\" style=\"left:57.881622px; bottom:618.5973px;\"><div class=\"t m0 x41 hb y118b ff4 fs4 fc2 sc0 ls0 ws0\">Prezzo gas natural<span class=\"_ _3\"></span>e (\u20ac/MWh)<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w48d h41\" style=\"left:195.3826px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">134<span class=\"ls0\"> </span></div></div><div class=\"c w48e h41\" style=\"left:230.01462px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w48d h41\" style=\"left:266.3626px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">107<span class=\"ls0\"> </span></div></div><div class=\"c w48f h41\" style=\"left:302.2426px; bottom:618.5973px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">79<span class=\"ls0\"> </span></div></div><div class=\"c w48d h41\" style=\"left:337.52463px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">135<span class=\"ls0\"> </span></div></div><div class=\"c w48e h41\" style=\"left:371.84464px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w48d h41\" style=\"left:407.25662px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w490 h41\" style=\"left:443.2926px; bottom:618.5973px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w491 h41\" style=\"left:479.48462px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">135<span class=\"ls0\"> </span></div></div><div class=\"c w48e h41\" style=\"left:514.7796px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">246<span class=\"ls0\"> </span></div></div><div class=\"c w48d h41\" style=\"left:550.1916px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w492 h41\" style=\"left:585.60364px; bottom:618.5973px;\"><div class=\"t m0 x6 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">127<span class=\"ls0\"> </span></div></div><div class=\"c w48a h41\" style=\"left:57.881622px; bottom:601.28125px;\"><div class=\"t m0 x41 hb y9d3 ff1 fs4 fc2 sc0 ls0 ws0\">Prezzo petrolio (BRE<span class=\"_ _3\"></span>NT) </div></div><div class=\"c w48d h41\" style=\"left:195.3826px; bottom:601.28125px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">100,8 </div></div><div class=\"c w48e h41\" style=\"left:230.01462px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">93,0 </div></div><div class=\"c w48d h41\" style=\"left:266.3626px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">87,0 </div></div><div class=\"c w48f h41\" style=\"left:302.2426px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">82,0 </div></div><div class=\"c w48d h41\" style=\"left:337.52463px; bottom:601.28125px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">100,8 </div></div><div class=\"c w48e h41\" style=\"left:371.84464px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">93,0 </div></div><div class=\"c w48d h41\" style=\"left:407.25662px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">90,5 </div></div><div class=\"c w490 h41\" style=\"left:443.2926px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">84,2 </div></div><div class=\"c w491 h41\" style=\"left:479.48462px; bottom:601.28125px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">100,8 </div></div><div class=\"c w48e h41\" style=\"left:514.7796px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">92,3 </div></div><div class=\"c w48d h41\" style=\"left:550.1916px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">83,4 </div></div><div class=\"c w492 h41\" style=\"left:585.60364px; bottom:601.28125px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">79,4 </div></div><div class=\"c w303 hc8\" style=\"left:-4.050377px; bottom:567.42926px;\"><div class=\"t m0 x88 ha y85b ff5 fs4 fc2 sc0 ls0 ws0\">USA </div></div><div class=\"c w48a h41\" style=\"left:57.881622px; bottom:584.1213px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">PIL Reale (variazi<span class=\"_ _3\"></span>one annua)<span class=\"_ _3\"></span> </div></div><div class=\"c w48d h41\" style=\"left:195.3826px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,0% </div></div><div class=\"c w48e h41\" style=\"left:230.01462px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,3% </div></div><div class=\"c w48d h41\" style=\"left:266.3626px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,1% </div></div><div class=\"c w48f h41\" style=\"left:302.2426px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,4% </div></div><div class=\"c w48d h41\" style=\"left:337.52463px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,0% </div></div><div class=\"c w48e h41\" style=\"left:371.84464px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1,1% </div></div><div class=\"c w48d h41\" style=\"left:407.25662px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,1% </div></div><div class=\"c w490 h41\" style=\"left:443.2926px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,4% </div></div><div class=\"c w491 h41\" style=\"left:479.48462px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,0% </div></div><div class=\"c w48e h41\" style=\"left:514.7796px; bottom:584.1213px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-0,6% </div></div><div class=\"c w48d h41\" style=\"left:550.1916px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">0,9% </div></div><div class=\"c w492 h41\" style=\"left:585.60364px; bottom:584.1213px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2,2% </div></div><div class=\"c w48a h6a\" style=\"left:57.881622px; bottom:567.42926px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Tasso % di disocc<span class=\"_ _3\"></span>upazione <span class=\"_ _3\"></span> </div></div><div class=\"c w48d h6a\" style=\"left:195.3826px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3,7 </div></div><div class=\"c w48e h6a\" style=\"left:230.01462px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,5 </div></div><div class=\"c w48d h6a\" style=\"left:266.3626px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,5 </div></div><div class=\"c w48f h6a\" style=\"left:302.2426px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3,9 </div></div><div class=\"c w48d h6a\" style=\"left:337.52463px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3,7 </div></div><div class=\"c w48e h6a\" style=\"left:371.84464px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,3 </div></div><div class=\"c w48d h6a\" style=\"left:407.25662px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,0 </div></div><div class=\"c w490 h6a\" style=\"left:443.2926px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3,5 </div></div><div class=\"c w491 h6a\" style=\"left:479.48462px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">3,7 </div></div><div class=\"c w48e h6a\" style=\"left:514.7796px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,7 </div></div><div class=\"c w48d h6a\" style=\"left:550.1916px; bottom:567.42926px;\"><div class=\"t m0 xae hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,7 </div></div><div class=\"c w492 h6a\" style=\"left:585.60364px; bottom:567.42926px;\"><div class=\"t m0 x97 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">4,2 </div></div><div class=\"c w1c h7c\" style=\"left:-4.050377px; bottom:538.25726px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Scenari elaborati a dicembr<span class=\"_ _3\"></span>e 2022 dalla Direzione Studi e <span class=\"_ _3\"></span>Ricerche. Dati prevision<span class=\"_ _3\"></span>ali (per il 2022 stime<span class=\"_ _3\"></span>).<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-92.22974px;\"><div class=\"t m0 x0 h2 y1086 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 yd2a ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y9ff ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>sottostanti <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>poggiano <span class=\"_ _3\"></span>sull\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>rallentamento <span class=\"_ _3\"></span>diffuso <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">eale, </span></div><div class=\"t m0 x0 h2 ye9e ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _6\"></span><span class=\"ff4\">effetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>quali <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>costo <span class=\"_ _6\"> </span>dell\u2019energia <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Europa, <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>dell\u2019economia <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Cina <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>gli <span class=\"_ _4\"> </span>impatti <span class=\"_ _5\"></span>delle </span></div><div class=\"t m0 x0 h32 y1705 ff4 fs0 fc0 sc0 ls0 ws0\">restrizioni <span class=\"_ _16\"> </span>monetarie. <span class=\"_ _7\"> </span>L\u2019inflazione <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>prevista <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>calo <span class=\"_ _16\"> </span>nei  p<span class=\"_ _0\"></span>aesi <span class=\"_ _16\"> </span>avanzati <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>2023: <span class=\"_ _16\"> </span>tuttavia, <span class=\"_ _16\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ndo <span class=\"_ _16\"> </span>potrebbe </div><div class=\"t m0 x0 h2 yf6b ff1 fs0 fc0 sc0 ls0 ws0\">continua<span class=\"ff4\">re <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>crescere <span class=\"_ _6\"></span>fino <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>rimestre <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>calare <span class=\"_ _6\"></span>lentamente. <span class=\"_ _5\"></span>L\u2019elevata <span class=\"_ _5\"></span>inflazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u2019incertezza <span class=\"_ _6\"></span>sul <span class=\"_ _5\"></span>fronte </span></div><div class=\"t m0 x0 h2 y944 ff4 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>forniture energetiche <span class=\"_ _3\"></span>dovrebbero causare <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>contrazione nella <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>dell\u2019Area <span class=\"_ _3\"></span>Euro prevista <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2023, <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></div><div class=\"t m0 x0 h2 y320 ff1 fs0 fc0 sc0 ls0 ws0\">andr\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>re<span class=\"ff4\">cessione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019inverno, <span class=\"_ _5\"></span>per <span class=\"_ _4\"> </span>tornare <span class=\"_ _6\"></span>positiva <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"> </span>dalla <span class=\"_ _6\"> </span>primavera <span class=\"_ _6\"> </span>2023; <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>ripresa <span class=\"_ _6\"></span>rimarr\u00e0, <span class=\"_ _6\"></span>tuttavia, </span></div><div class=\"t m0 x0 h2 y1706 ff1 fs0 fc0 sc0 ls0 ws0\">frenata, <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>tutto <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>restrizione <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rallentamento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>ciclo <span class=\"_ _5\"></span>globale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>assestamento <span class=\"_ _5\"></span>annuo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,1%. </div><div class=\"t m0 x0 h2 y1707 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto concerne <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, il p<span class=\"_ _3\"></span>icco del <span class=\"_ _3\"></span>ciclo potrebbe <span class=\"_ _3\"></span>essere raggiunto entro <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 del <span class=\"_ _3\"></span>2023, t<span class=\"_ _3\"></span>uttavia, il <span class=\"_ _3\"></span>rischio<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1432 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>necessaria <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>restrizione <span class=\"_ _3\"></span>monetaria, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>negativi <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>2024<span class=\"_ _5\"></span>-25, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>significativo. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto </div><div class=\"t m0 x0 h2 yc90 ff1 fs0 fc0 sc0 ls0 ws0\">concerne i p<span class=\"_ _3\"></span>rezzi di petrolio ed energia (<span class=\"_ _3\"></span>gas naturale) si prevede che nel<span class=\"_ _3\"></span> 2023, a causa della <span class=\"_ _3\"></span>limitata capacit\u00e0 di stoccaggio e </div><div class=\"t m0 x0 h2 ycf5 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _6\"></span>forte <span class=\"_ _4\"></span>incertezza <span class=\"_ _6\"></span>alimentata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>persistenti <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>politici <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>geopolitici,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>essi <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>manterranno <span class=\"_ _6\"></span>ben <span class=\"_ _4\"></span>sostenuti, <span class=\"_ _5\"></span>nonostante<span class=\"_ _5\"></span> <span class=\"_ _6\"></span><span class=\"ls13\">il </span></div><div class=\"t m0 x0 h2 y1708 ff1 fs0 fc0 sc0 ls0 ws0\">probabile scenario recessi<span class=\"_ _0\"></span>vo in Nord America <span class=\"_ _0\"></span>ed Europa e il rall<span class=\"_ _0\"></span>entamento in Cina. </div><div class=\"t m0 x0 h2 y151c ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>l\u2019Italia, <span class=\"_ _2\"></span>l\u2019inflazione <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otrebbe <span class=\"_ _3\"></span>avere <span class=\"_ _5\"></span>raggiunto <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>picco <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>discesa <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>lenta <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnu<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h2 y114c ff1 fs0 fc0 sc0 ls0 ws0\">rimarr\u00e0 <span class=\"_ _2\"></span>molto <span class=\"_ _5\"></span>elevata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2023. <span class=\"_ _5\"></span>Solo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _2\"></span>2024 <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019inflazione <span class=\"_ _2\"></span>potrebbe <span class=\"_ _5\"></span>ritornare <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oco <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>2%, <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vera </span></div><div class=\"t m0 x0 h2 ya28 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cnormalizzazione\u201d dell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> scenario inflattivo a<span class=\"_ _0\"></span>ttesa solo dal 202<span class=\"_ _0\"></span>5.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1709 ff1 fs0 fc0 sc0 ls0 ws0\">Si  attende  un <span class=\"_ _16\"> </span>significativo  rallen<span class=\"_ _0\"></span>tamento  della <span class=\"_ _16\"> </span>crescita  del  P<span class=\"_ _0\"></span>IL  nel  2023, <span class=\"_ _16\"> </span>a  0,6%  dopo  il<span class=\"_ _35\"></span>  3,8%  stimato  per  il <span class=\"_ _16\"> </span>2022.  Il<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y170a ff1 fs0 fc0 sc0 ls0 ws0\">rallentamento <span class=\"_ _16\"> </span>nello <span class=\"_ _16\"> </span>scenario  c<span class=\"_ _0\"></span>ongiunturale <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>per  il <span class=\"_ _7\"> </span>2023  \u00e8 <span class=\"_ _16\"> </span>imputabile <span class=\"_ _16\"> </span>principalmente <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>fiammata  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>flazionistica<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1492 ff1 fs0 fc0 sc0 ls0 ws0\">conseguente alla crisi ene<span class=\"_ _0\"></span>rgetica e alla restrizione mo<span class=\"_ _0\"></span>netaria decisa dalle princi<span class=\"_ _0\"></span>pali banche centrali a livel<span class=\"_ _0\"></span>lo globale in r<span class=\"_ _5\"></span>isposta </div><div class=\"t m0 x0 h2 y1493 ff1 fs0 fc0 sc0 ls0 ws0\">allo <span class=\"_ _7\"> </span><span class=\"ff4\">shock. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sembrano <span class=\"_ _4\"> </span>aver <span class=\"_ _7\"> </span>ancora <span class=\"_ _7\"> </span>dispiegato <span class=\"_ _7\"> </span>pienamente <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>loro <span class=\"_ _7\"> </span>effetti <span class=\"_ _7\"> </span>sull\u2019attivit\u00e0 <span class=\"_ _7\"> </span>economica: <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>questo </span></div><div class=\"t m0 x0 h2 y113b ff1 fs0 fc0 sc0 ls0 ws0\">motivo, <span class=\"_ _2\"></span>difficilmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>potr\u00e0 <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>contrazione <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>congiunturale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>inizio <span class=\"_ _2\"></span>2023. <span class=\"_ _2\"></span>Peraltro, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>recente <span class=\"_ _5\"></span>rien<span class=\"_ _5\"></span>tro </div><div class=\"t m0 x0 h2 y1501 ff1 fs0 fc0 sc0 ls0 ws0\">dai <span class=\"_ _3\"></span>picch<span class=\"ff4\">i <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>all\u2019ingrosso <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>materie <span class=\"_ _3\"></span>prime <span class=\"_ _3\"></span>energetiche <span class=\"_ _3\"></span>render\u00e0 <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>drammatici <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>reddito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>famiglie </span></div><div class=\"t m0 x0 h2 y777 ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>margini <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imprese, <span class=\"_ _3\"></span>consentendo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ipotizzare u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ritmi <span class=\"_ _2\"></span>moderati, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>part<span class=\"_ _5\"></span><span class=\"ff1\">ire </span></div><div class=\"t m0 x0 h2 y8d ff1 fs0 fc0 sc0 ls0 ws0\">dalla prossima primaver<span class=\"_ _0\"></span>a. Una ri-<span class=\"ff4\">accelerazione pi\u00f9 sostenuta<span class=\"_ _0\"></span> \u00e8 attesa nel 2024, all\u2019<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,8%.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y1248 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>componente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>interna <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>lpita <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>inflazionistico <span class=\"_ _2\"></span>sar\u00e0 <span class=\"_ _6\"></span>quella <span class=\"_ _5\"></span>dei<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yc0a ff1 fs0 fc0 sc0 ls0 ws0\">consumi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>(durevoli <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non), <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>reve<span class=\"ff4\">dono <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _2\"></span>stagnanti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>d\u2019anno <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2023, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>spesa <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 x0 h2 y170b ff4 fs0 fc0 sc0 ls0 ws0\">servizi <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>mantenere <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ritmo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>grazie <span class=\"_ _2\"></span>all\u2019effetto <span class=\"_ _2\"></span>residuo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>normalizzazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>stili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">po <span class=\"_ _2\"></span>le </span></div><div class=\"t m0 x0 h2 yc0c ff1 fs0 fc0 sc0 ls0 ws0\">restrizioni <span class=\"_ _6\"></span>imposte <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>periodo <span class=\"_ _4\"></span>pandemico. <span class=\"_ _6\"></span>Anche <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>investimenti <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>rallentamento <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>2023, <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>scia <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>gli </div><div class=\"t m0 x0 h2 yc9b ff1 fs0 fc0 sc0 ls0 ws0\">effetti <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>rincari <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>mater<span class=\"_ _0\"></span>ie <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rime <span class=\"_ _6\"></span>sui <span class=\"_ _4\"> </span>margini <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>profitto <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>imprese, <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>restrizione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"></span>finanziarie<span class=\"_ _5\"></span>, <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 yc0e ff1 fs0 fc0 sc0 ls0 ws0\">progressivo venir meno della spinta degli incentiv<span class=\"_ _3\"></span><span class=\"ff4\">i alle ristrutturazioni e dell\u2019elevata incertezza ancora<span class=\"_ _0\"></span> gravante sullo scenario. </span></div><div class=\"t m0 x0 h2 y1153 ff1 fs0 fc0 sc0 ls0 ws0\">La c<span class=\"_ _3\"></span>omponente pi\u00f9 <span class=\"_ _3\"></span>colpita sar\u00e0<span class=\"_ _3\"></span> quella <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investimenti in <span class=\"_ _3\"></span>costruzioni, per <span class=\"_ _3\"></span>effetto de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>graduale esaurirsi degli <span class=\"_ _3\"></span>incentivi <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>iscali, </div><div class=\"t m0 x0 h2 yc0f ff4 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9 degli effetti s<span class=\"_ _0\"></span>ull\u2019offerta dei mag<span class=\"ff1\">giori costi di prod<span class=\"_ _0\"></span>uzione, e sulla doma<span class=\"_ _0\"></span>nda del rialzo atte<span class=\"_ _0\"></span>so dei tassi sui mut<span class=\"_ _0\"></span>ui.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1155 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>PNRR <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>espletare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023: <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _5\"></span>sarebbe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,5% <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\">gni </span></div><div class=\"t m0 x0 h2 y1156 ff1 fs0 fc0 sc0 ls0 ws0\">anno fino alla fine <span class=\"_ _0\"></span>del periodo (2023-26).  </div><div class=\"t m0 x0 h2 yc12 ff1 fs0 fc0 sc0 ls0 ws0\">G<span class=\"ff4\">razie <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>permanere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>eccesso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>domanda <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>all\u2019offerta, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isoccupazione d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _3\"></span>mantenersi <span class=\"_ _3\"></span>entro <span class=\"_ _2\"></span>livelli </span></div><div class=\"t m0 x0 h2 y300 ff1 fs0 fc0 sc0 ls0 ws0\">tutto sommato contenuti,<span class=\"_ _0\"></span> pur in una fase di<span class=\"_ _0\"></span> rallentamento del ci<span class=\"_ _0\"></span>clo economico. </div><div class=\"t m0 x0 h2 y301 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dinamica <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>ari, <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>revisione<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ialzo <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>immobili <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>trainata <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>previsione </div><div class=\"t m0 x0 h2 y170c ff4 fs0 fc0 sc0 ls0 ws0\">relativa <span class=\"_ _2\"></span>all\u2019inflazione <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>compensa <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _2\"></span>sfavorevole <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eddito <span class=\"_ _2\"></span>reale. <span class=\"_ _2\"></span>I <span class=\"_ _4\"> </span><span class=\"ff1\">livelli </span></div><div class=\"t m0 x0 h2 yc13 ff1 fs0 fc0 sc0 ls0 ws0\">dello spread BTP-<span class=\"ff4\">Bund si rifl<span class=\"_ _0\"></span>ettono anche nell\u2019or<span class=\"ff1\">izzonte di stim<span class=\"_ _0\"></span>a a partire dal ribasso <span class=\"_ _0\"></span>osservato nella chiu<span class=\"_ _0\"></span>sura 2022.  </span></span></div><div class=\"t m0 x0 h2 y170d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc15 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>metodologia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>prevede, <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>descritto <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _5\"></span>A <span class=\"_ _4\"></span>- <span class=\"_ _2\"></span>Politiche <span class=\"_ _5\"></span>Contabili, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>particolare <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>sez<span class=\"_ _3\"></span>ione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y11e4 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cModalit\u00e0 <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>d<span class=\"_ _0\"></span>eterminazione <span class=\"_ _29\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2b\"> </span>perdite<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>valore\u201d,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>te<span class=\"_ _3\"></span><span class=\"ff1\">nere <span class=\"_ _2b\"> </span>in <span class=\"_ _2b\"> </span>consid<span class=\"_ _0\"></span>erazione <span class=\"_ _2b\"> </span>anche <span class=\"_ _2b\"> </span>gli<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>scenari <span class=\"_ _2b\"> </span>alt<span class=\"_ _0\"></span>ernativi</span><span class=\"ff1\"> </span></div></div>(migliorativo/peggiorati<span class=\"_ _0\"></span>vo), <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>quali <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>utilizzano <span class=\"_ _4\"> </span>principalmente <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>esterne <span class=\"_ _4\"> </span>(tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>altre, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>previsioni <span class=\"_ _4\"> </span>minim<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>e massime di una vari<span class=\"_ _0\"></span>abile fondamentale come il PI<span class=\"_ _0\"></span>L sulla base di quant<span class=\"_ _0\"></span>o ril<span class=\"_ _3\"></span>evato da Consensus Eco<span class=\"_ _0\"></span>nomics).  Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>riguarda <span class=\"_ _4\"> </span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>favorevole, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>individuate <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>previsioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>PIL <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>elevate <span class=\"_ _4\"> </span>nel<span class=\"_ _5\"></span> sondaggio di Consensus Ec<span class=\"_ _0\"></span>onomics, pubblicato a dic<span class=\"_ _0\"></span>embre 2022 per alcuni paesi ava<span class=\"_ _0\"></span>nzati e l\u2019andamen<span class=\"_ _2\"></span><span class=\"ff1\">to di consumi privati <span class=\"_ _0\"></span>e </span>investimenti <span class=\"_ _6\"></span>fissi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>adattato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>modo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>restituire <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>profilo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>media <span class=\"_ _4\"></span>annua <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>PIL identico <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>previsioni, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>ricalcolate <span class=\"_ _3\"></span>coerentemente. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>res<span class=\"_ _5\"></span>tituiscono <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>scenario caratterizzato <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _6\"></span>elevati, <span class=\"_ _5\"></span>inflazione <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>elevata, <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>disoccupazione <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>basso <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ndament<span class=\"_ _0\"></span>o degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>azionari <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>robusto <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>base, <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>potesi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>B<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>centrali <span class=\"_ _3\"></span>adottino una politica monetaria pi\u00f9 <span class=\"_ _0\"></span>aggressiva in risposta a segna<span class=\"_ _0\"></span>li congiunturali indic<span class=\"_ _0\"></span>ativi di un minor rallentam<span class=\"_ _0\"></span>ento rispetto alle <span class=\"_ _2\"></span>attese al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenere <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>spinte <span class=\"_ _5\"></span>inflazionistiche. <span class=\"_ _2\"></span>Lo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>restituisce <span class=\"_ _5\"></span>comunque <span class=\"_ _2\"></span>esiti <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>revisionali <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>evoluzione delle variabili pi\u00f9 r<span class=\"_ _0\"></span>appresentative non <span class=\"_ _0\"></span>significativamente di<span class=\"_ _0\"></span>stanti da quelli delle <span class=\"_ _0\"></span>previsioni di base<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> Lo <span class=\"_ _6\"> </span>scenario <span class=\"_ _6\"></span>\u201csfavorevole\u201d <span class=\"_ _6\"></span>adottato <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>costruito, <span class=\"_ _6\"> </span>inizialmente, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>metodologia <span class=\"_ _6\"></span>prevista <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"> </span>polic<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">y </span>interna, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>PIL <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>asse <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>sondaggio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Consensus <span class=\"_ _5\"></span>Economics <span class=\"_ _5\"></span>pubblicato <span class=\"_ _5\"></span>a dicembre 2022 per i <span class=\"_ _0\"></span>principali paesi a<span class=\"_ _0\"></span>vanzati. L\u2019andament<span class=\"_ _0\"></span>o di consumi privati <span class=\"_ _0\"></span>e investimenti fiss<span class=\"_ _0\"></span>i dello scenario di ba<span class=\"_ _0\"></span>se \u00e8 s<span class=\"_ _5\"></span><span class=\"ff1\">tato </span>adattato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>estituire <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>PIL <span class=\"_ _6\"></span>allineato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>uno <span class=\"_ _5\"></span>shock <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>imposto<span class=\"_ _2\"></span> anche all\u2019andamento di indici d<span class=\"_ _3\"></span>i borsa e<span class=\"_ _3\"></span> prezzi immobiliari. A partire da <span class=\"_ _3\"></span>tali esiti, nella <span class=\"_ _3\"></span>costruzione dello scenario peggio<span class=\"_ _5\"></span><span class=\"ff1\">rativo, </span>il <span class=\"_ _4\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>assunto <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>tenere <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>assumptions <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _6\"></span>prudenti <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>scenario <span class=\"_ _6\"></span>meno favorevole  incluso  nelle  \u201cProiezioni  macroeconomic<span class=\"_ _0\"></span>he  per  l\u2019Area  dell\u2019euro\u201d  pubblicate  dalla  BCE  il  15  dicembre  2022. L\u2019incertezza <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span><span class=\"ff1\">caratterizza <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>proiezioni <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>esperti <span class=\"_ _4\"> </span>rimane, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"></span>elevata <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importante <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>prospettive </span>dell\u2019Area dell\u2019euro \u2013<span class=\"ff1\"> secondo la BCE - riguarda la possibilit\u00e0 di turbative pi\u00f9 gravi degli approvvig<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>onamenti energetici europei<span class=\"_ _0\"></span>, </span>risultanti <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span><span class=\"ff4\">lteriori <span class=\"_ _3\"></span>picchi d<span class=\"_ _3\"></span>ei p<span class=\"_ _3\"></span>rezzi <span class=\"_ _3\"></span>dell\u2019energia e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tagli <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>produzione. <span class=\"_ _3\"></span>Nelle <span class=\"_ _3\"></span>ipotesi adottate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>BCE, <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>meno </span>favorevole <span class=\"_ _3\"></span>riflette <span class=\"_ _2\"></span>questo r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>segnala <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>inflazione <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quelli p<span class=\"_ _3\"></span>rospettati n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>ne<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>2023 che n<span class=\"ff4\">el <span class=\"_ _3\"></span>2024, in presenza d<span class=\"_ _3\"></span>i forti rincari dell\u2019energia, i <span class=\"_ _3\"></span>quali ritornano a livello <span class=\"_ _3\"></span>inferiori a quelli previsti dallo s<span class=\"_ _3\"></span>cenario ba<span class=\"_ _5\"></span></span>se s<span class=\"_ _3\"></span>olo successivamente, <span class=\"_ _2\"></span>quando <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>meno <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>lato <span class=\"_ _5\"></span>dell\u2019offerta <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>prevale <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _5\"></span>ritardato <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>negativi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al<span class=\"_ _2\"></span><span class=\"ff1\"> </span>lato della domanda.  Al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tener <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potesi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>drastica, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>aggiunto <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>previsione <span class=\"_ _5\"></span>sfavorevole<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>elaborata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>uno<span class=\"_ _5\"></span> shock <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>europeo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>gas <span class=\"_ _4\"> </span>naturale, <span class=\"_ _4\"> </span>tarato <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ello <span class=\"_ _4\"> </span>scenario <span class=\"_ _6\"> </span>avverso <span class=\"_ _4\"> </span>dell\u2019Eurosistema<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>questa<span class=\"_ _0\"></span> </span>variabile, attraverso un a<span class=\"_ _3\"></span>umento molto si<span class=\"_ _3\"></span>gnificativo<span class=\"_ _0\"></span> de<span class=\"_ _3\"></span>l prezzo del <span class=\"_ _3\"></span>gas rispetto <span class=\"_ _3\"></span>alle previsioni dello <span class=\"_ _3\"></span>scenario base sia <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>2023 che nel 2024. Gli effetti sulla crescita sono stati aggravati per cat<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>urare possibili fenomeni di razio<span class=\"_ _0\"></span>namento. In<span class=\"_ _2\"></span>nestando queste ipotesi, scaturisce u<span class=\"_ _0\"></span>n andamento dell\u2019i<span class=\"_ _0\"></span>nflazione molto pi\u00f9 aggr<span class=\"_ _35\"></span>ess<span class=\"_ _3\"></span>ivo rispett<span class=\"_ _0\"></span>o a quello dello scen<span class=\"_ _0\"></span>ario base e impatti pes<span class=\"_ _0\"></span>anti<span class=\"_ _5\"></span><span class=\"ff1\"> sul </span>PIL <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dell\u2019Area <span class=\"_ _6\"></span>Euro, <span class=\"_ _5\"></span>con <span class=\"_ _4\"> </span>due <span class=\"_ _5\"></span>anni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>PIL <span class=\"_ _6\"></span>negativa. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>crescita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>PIL <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>regis<span class=\"_ _2\"></span><span class=\"ff1\">tra, <span class=\"_ _6\"></span>infatti, <span class=\"_ _6\"></span>una </span>deviazione <span class=\"_ _4\"> </span>negativa <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"></span>peggiorativo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>crescente <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2024 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>modesta <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2025. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>divario cumulato d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>periodo 2022<span class=\"_ _3\"></span>-2025 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>-5,5%. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contrazione <span class=\"_ _3\"></span>della c<span class=\"_ _3\"></span>rescita <span class=\"_ _3\"></span>reale s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riflette s<span class=\"_ _3\"></span>ul t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupaz<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>che nell\u2019anno <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>1,9 <span class=\"_ _5\"></span>punti <span class=\"_ _5\"></span>percentuali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>ipotizza <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>BCE, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tensioni <span class=\"_ _5\"></span>inflatt<span class=\"_ _5\"></span><span class=\"ff1\">ive </span>critiche <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>ivilegerebbe <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>prezzi, <span class=\"_ _5\"></span>accettando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contrazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in<span class=\"_ _5\"></span>tensa. <span class=\"_ _5\"></span>Lo scostamento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>rispetto allo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>risente dell\u2019inflazione eccessiva, <span class=\"_ _3\"></span>che d<span class=\"_ _3\"></span>omina sulla <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>autonoma<span class=\"_ _0\"></span> della  crescita.  Lo<span class=\"_ _0\"></span>  spread  BTP-<span class=\"ff4\">Bund  risulta  pi\u00f9  el<span class=\"_ _0\"></span>evato  rispetto  all<span class=\"_ _0\"></span>e  ipotesi  dello  scenar<span class=\"_ _0\"></span>io  base,  lungo<span class=\"_ _0\"></span>  tutto  l\u2019orizzonte<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>previsionale. Con <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impatti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019adozione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>ECL <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">rediti </span>performing, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ricorda <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>Resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>marzo, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>dell\u2019avvio <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>conflitto Ru<span class=\"ls0\">ssia/Ucraina, <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>fine <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>tener <span class=\"_ _20\"> </span>adeguatamente <span class=\"_ _23\"> </span>conto <span class=\"_ _23\"> </span>delle <span class=\"_ _23\"> </span>ricadute <span class=\"_ _23\"> </span>via <span class=\"_ _23\"> </span>via <span class=\"_ _23\"> </span>o<span class=\"_ _3\"></span>sservate <span class=\"_ _23\"> </span>e <span class=\"_ _23\"> </span>previste <span class=\"_ _23\"> </span>del <span class=\"_ _23\"> </span>contesto </span>macroeconomico, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>incorporare <span class=\"_ _6\"></span>aggiornamenti <span class=\"_ _5\"></span>sistematici <span class=\"_ _5\"></span>(su <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>trimestrale)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _6\"></span>di base e degli scenari <span class=\"_ _0\"></span>alter<span class=\"ff4\">nativi sul perimetro \u201cCore<span class=\"_ _0\"></span>\u201d, cio\u00e8 riferibile all<span class=\"_ _0\"></span>a Capogruppo e alle altre<span class=\"_ _0\"></span> entit\u00e0 italiane, oltr<span class=\"_ _0\"></span>e che a Intesa<span class=\"_ _0\"></span> </span>Sanpaolo Luxembourg e <span class=\"_ _3\"></span>Intesa Sanpaolo Ireland. <span class=\"_ _3\"></span>Al 31 <span class=\"_ _3\"></span>dicembre 2022 sono <span class=\"_ _3\"></span>stati rilevati <span class=\"_ _3\"></span>impatti prevalentemente determinati dall\u2019aggiornamento d<span class=\"_ _0\"></span>ell<span class=\"ff1\">e previsioni relative allo s<span class=\"_ _0\"></span>cenario sfavorevole.  </span>A <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>esercizio <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Divisione <span class=\"_ _2\"></span>International <span class=\"_ _5\"></span>Subsidiary <span class=\"_ _5\"></span>Banks <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>aggiornato <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gl<span class=\"_ _0\"></span>i scenari previsionali <span class=\"_ _0\"></span>delle geografie di rife<span class=\"_ _0\"></span>rimento.  Complessivamente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ECL <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erforming <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>ll\u2019anno <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>impatto <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>scenar<span class=\"_ _0\"></span>io </span>macro-<span class=\"ff4\">economico <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>300 <span class=\"_ _6\"> </span>milioni <span class=\"_ _5\"></span>(dei <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>140 <span class=\"_ _5\"></span>milioni <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>quarto <span class=\"_ _6\"></span>trimestre, <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>quest\u2019ultimo </span>impatto, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>stimato <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>met\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>esso <span class=\"_ _6\"></span>derivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _6\"></span>prudenziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>adeguare <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>assunzioni <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario sfavorevole a quelle <span class=\"_ _0\"></span>adottate dalla BCE). Analisi di sensitivit\u00e0 della ECL L\u2019ECL, <span class=\"_ _3\"></span>determinata ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>logica de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>principio IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">sensitivit\u00e0 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analizzarne <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>variabilit\u00e0 </span>relativamente ai singoli scenari alternativi nel r<span class=\"_ _3\"></span>ispetto delle raccomandazioni di ESMA (\u201cReport On <span class=\"_ _3\"></span>the application of the IF<span class=\"_ _5\"></span><span class=\"ff1\">RS </span>7 and IFRS 9 requireme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ts regarding banks\u2019 <span class=\"_ _0\"></span>expected credit los<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> </span>ECL\u201d del 1<span class=\"ff1\">5 dicembre 202<span class=\"_ _0\"></span>1). </span>Tale <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>(Stage <span class=\"_ _2\"></span>1 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Stage <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>lativamente<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>rappresentati<span class=\"_ _2\"></span><span class=\"ls1f\">vo </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>(include <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>Banche<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _7\"> </span>IMI <span class=\"_ _7\"> </span>C&amp;IB <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>circa <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>90% <span class=\"_ _7\"> </span>dell\u2019esposi<span class=\"_ _5\"></span><span class=\"ff1\">zione<span class=\"_ _35\"></span> </span>complessiva del Grupp<span class=\"_ _0\"></span>o). Si <span class=\"_ _3\"></span>ricorda <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>dell\u2019ECL <span class=\"_ _3\"></span>adottata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _3\"></span>siano<span class=\"_ _5\"></span><span class=\"ff1\"> </span>determinati <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>dello <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>Most<span class=\"_ _3\"></span>-Likely <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-on <span class=\"_ _2\"></span>ca<span class=\"_ _3\"></span>lcolato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>distanza <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>centrale <span class=\"_ _5\"></span>e scenari <span class=\"_ _2\"></span>alternativi. <span class=\"_ _5\"></span>L\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sensitivity <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>determinata <span class=\"_ _2\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>proprie <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ing<span class=\"_ _5\"></span><span class=\"ff1\">oli </span>scenari <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>(migliorativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>peggiorativo), <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>internamente d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _3\"></span>studi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Ric<span class=\"_ _5\"></span>erche, <span class=\"_ _3\"></span>ciascuno <span class=\"_ _3\"></span>ponderato <span class=\"_ _3\"></span>al 100%. Tale risultato vi<span class=\"_ _0\"></span>ene poi confrontat<span class=\"_ _0\"></span>o con la ECL calcol<span class=\"_ _0\"></span>ata con lo scenari<span class=\"_ _0\"></span>o Most<span class=\"_ _3\"></span>-Likely pi\u00f9 Add-on.  Come <span class=\"_ _5\"></span>evidenziato <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>precedenti <span class=\"_ _6\"></span>paragrafi, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>distanza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>peggiorativo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>migliorativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ampia <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>contem<span class=\"_ _5\"></span>po, quest\u2019ultimo \u00e8 molto prossimo alla prevision<span class=\"_ _0\"></span>e centrale. Di conseguenza, la sensitivity del portafog<span class=\"_ _0\"></span>lio allo scenario peggiora<span class=\"_ _2\"></span><span class=\"ff1\">tivo </span>\u00e8 gi\u00e0 sostanzialmente fattorizzata nella ECL alla <span class=\"_ _3\"></span>data del 31 dicembre 2022 nel <span class=\"_ _3\"></span>modello utilizzato descritto in precedenza<span class=\"_ _2\"></span>, <span class=\"_ _3\"></span>cui si <span class=\"_ _23\"> </span>sono <span class=\"_ _29\"> </span>aggiunti <span class=\"_ _20\"> </span>anche <span class=\"_ _29\"> </span>gli <span class=\"_ _23\"> </span>overlay <span class=\"_ _23\"> </span>illustrati <span class=\"_ _23\"> </span>nel <span class=\"_ _23\"> </span>successivo <span class=\"_ _23\"> </span>paragrafo. <span class=\"_ _23\"> </span>L\u2019applicazione <span class=\"_ _23\"> </span>dello <span class=\"_ _23\"> </span>scenario <span class=\"_ _23\"> </span>peggiorativo comporterebbe <span class=\"_ _6\"></span>pertanto <span class=\"_ _6\"></span>lo <span class=\"_ _6\"> </span>scivolamento <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>Stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>1,5 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>esposizioni, <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>contenuto <span class=\"_ _6\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019ECL <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>una sostanziale <span class=\"_ _6\"></span>inv<span class=\"ff4\">arianza <span class=\"_ _6\"></span>dell\u2019indice <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>copertura. <span class=\"_ _6\"></span>La <span class=\"_ _6\"> </span>sensitivity <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>migliorativo <span class=\"_ _6\"></span>vedrebbe <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na </span>diminuzione <span class=\"_ _16\"> </span>di  240 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>della  ECL, <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _16\"> </span>rientro  in <span class=\"_ _16\"> </span>Stage <span class=\"_ _16\"> </span>1  di <span class=\"_ _16\"> </span>4,9  mili<span class=\"_ _0\"></span>ardi  di <span class=\"_ _7\"> </span>esposizione.  L\u2019indice <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i  co<span class=\"_ _0\"></span>pertura  d<span class=\"_ _0\"></span>elle esposizioni in bonis <span class=\"_ _0\"></span>diminuirebbe di 5 bps. Management overlay  Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>nell\u2019applicare le <span class=\"_ _2\"></span>metodologie stimate <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>ECL, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>IFR<span class=\"_ _6\"></span><span class=\"ff1\">S <span class=\"_ _3\"></span>9, </span>ha <span class=\"_ _7\"> </span>introdotto <span class=\"_ _4\"> </span>alcuni <span class=\"_ _7\"> </span>fattori <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>maggiore <span class=\"_ _4\"> </span>prudenza <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>considera<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>contesto <span class=\"_ _7\"> </span>di  forte <span class=\"_ _4\"> </span>incertezza <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>proseguire <span class=\"_ _4\"></span>del conflitto  Ru<span class=\"_ _0\"></span>ssia/Ucraina <span class=\"_ _16\"> </span>ha  innescato.  N<span class=\"_ _35\"></span>e  sono  esem<span class=\"_ _0\"></span>pi:  l\u2019ag<span class=\"_ _0\"></span>giornamento  s<span class=\"_ _0\"></span>istematico <span class=\"_ _16\"> </span>delle  previsio<span class=\"_ _0\"></span>ni  macroecon<span class=\"_ _0\"></span>omiche, quanto <span class=\"_ _29\"> </span>descritto <span class=\"_ _29\"> </span>nel <span class=\"_ _29\"> </span>paragrafo <span class=\"_ _29\"> </span>dedicato <span class=\"_ _29\"> </span>in <span class=\"_ _2b\"> </span>relazi<span class=\"_ _0\"></span>one <span class=\"_ _29\"> </span>allo <span class=\"_ _29\"> </span>scenario <span class=\"_ _29\"> </span>\u00absfavorevole\u00bb, <span class=\"_ _29\"> </span>l\u2019aggiornamento <span class=\"_ _29\"> </span>de<span class=\"_ _2\"></span><span class=\"ff1\">ll<span class=\"_ _3\"></span>e <span class=\"_ _29\"> </span>variabili </span>macroeconomiche esplicative u<span class=\"_ _3\"></span>tilizzate dai <span class=\"_ _2\"></span>modelli<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>satellite <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>elle st<span class=\"_ _3\"></span>ime dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>prospettici <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _3\"></span>della </span>quale <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"> </span>privilegiata <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>scelta <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _5\"></span>dell\u2019energia <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>sensibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gi<span class=\"_ _5\"></span><span class=\"ff1\">udizio <span class=\"_ _6\"></span>influenzata <span class=\"_ _5\"></span>dal </span>contesto <span class=\"_ _17\"> </span>corrente. <span class=\"_ _18\"> </span>Ciononostante, <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>stime <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>ECL <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>basate <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _18\"> </span>modelli <span class=\"_ _17\"> </span>\u00abforward<span class=\"_ _2\"></span>-looking\u00bb <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _17\"> </span>valorizzano <span class=\"_ _18\"> </span>le osservazioni <span class=\"_ _5\"></span>storiche <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>variabili <span class=\"_ _6\"></span>macroeconom<span class=\"_ _0\"></span>iche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efault. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>\u00abrari\u00bb, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>particola<span class=\"_ _5\"></span>re <span class=\"_ _6\"></span>quelli non <span class=\"_ _4\"> </span>visti <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>precedenza, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolarmente <span class=\"_ _4\"></span>difficili <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>catturare <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>modellizzazione <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sostanzialmente impossibile produrre p<span class=\"_ _0\"></span>revisioni per rischi s<span class=\"_ _0\"></span>pecifici di portafoglio <span class=\"_ _0\"></span>in tali circostanze.<span class=\"_ _3\"></span> In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontesto, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>ten<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ibadito <span class=\"_ _3\"></span>anche d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>setters <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>pandemica <span class=\"_ _5\"></span>- del <span class=\"_ _2\"></span>fatto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>incertezze <span class=\"_ _2\"></span>rappresenta<span class=\"_ _0\"></span>te <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>previsionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>adottate, <span class=\"_ _2\"></span>fortemente <span class=\"_ _2\"></span>ancor<span class=\"_ _5\"></span>ate alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>sservate <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riodo, <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>rendere <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>uso <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>pienamente <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>deguate <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontesto corrente. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>principale <span class=\"_ _5\"></span>area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>sottostante <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _5\"></span>previsionali <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>dall\u2019avvenimento <span class=\"_ _4\"> </span><span class=\"ff1\">di </span>shock <span class=\"_ _3\"></span>consistenti <span class=\"_ _2\"></span>nell\u2019offerta <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>gas, <span class=\"_ _2\"></span>innestati <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>involuzione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>senso <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eggiorativo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>geopolitica, <span class=\"_ _3\"></span>e </span>dalla <span class=\"_ _3\"></span>capacit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prevederne <span class=\"_ _3\"></span>accuratamente le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ricadute <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>economici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>mai<span class=\"_ _5\"></span> manifestata in condi<span class=\"_ _0\"></span>zioni comparabili a que<span class=\"_ _0\"></span>lle<span class=\"_ _3\"></span> <span class=\"ff4\">attuali (forte dipe<span class=\"_ _0\"></span>ndenza dell\u2019econom<span class=\"_ _0\"></span>ia europea verso tal<span class=\"_ _0\"></span>e fonte energetica). <span class=\"ff1\"> </span></span>Tali <span class=\"_ _16\"> </span>considerazioni <span class=\"_ _7\"> </span>hanno  sup<span class=\"_ _0\"></span>portato <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>decisione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>adottare <span class=\"_ _7\"> </span>post  model <span class=\"_ _7\"> </span>adjustments  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>innestare, attraverso <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>ECL <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>manageriale, <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>adeguata <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione </span>dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>performing. <span class=\"_ _6\"> </span>Questa <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>introdotta <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"> </span>dell\u2019anno <span class=\"_ _6\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rafforzamento <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>quart<span class=\"_ _35\"></span>o trimestre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _5\"></span>adeguatamente <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>vulnerabi<span class=\"_ _3\"></span>lit\u00e0 <span class=\"_ _5\"></span>potenziali <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>colte <span class=\"_ _5\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>uso, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>ottica <span class=\"_ _5\"></span>forward<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span>looking, <span class=\"_ _4\"> </span>dato <span class=\"_ _4\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>incertezza <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0 <span class=\"_ _4\"> </span>limitata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>prospettiche <span class=\"_ _4\"> </span>ragionevoli  <span class=\"ff1 ls17\">e </span>dimostrabili. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>contempo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span><span class=\"ff4\">\u201c<span class=\"ff2\">1.2. <span class=\"_ _5\"></span>Impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>andemia <span class=\"_ _2\"></span>COVID<span class=\"_ _3\"></span>-<span class=\"ff3\">19\u201d</span></span></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sono anche realizzate le <span class=\"_ _3\"></span>condizioni per ritenere superabili gli <span class=\"_ _3\"></span>interventi che erano stati adottati, <span class=\"_ _3\"></span>in tema di<span class=\"_ _3\"></span> management overlay<span class=\"_ _5\"></span>, sui portafogli oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratorie nel <span class=\"_ _3\"></span>periodo pandemico. <span class=\"_ _3\"></span>Ai <span class=\"_ _3\"></span>fini delle<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>decisioni relativamente a<span class=\"_ _3\"></span>gli aggiornamenti e<span class=\"_ _3\"></span> alle <span class=\"_ _3\"></span>modifiche ed <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ntegrazioni <span class=\"_ _7\"> </span>agli <span class=\"_ _7\"> </span>es<span class=\"_ _3\"></span>iti <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>modelli, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>ha  a<span class=\"_ _0\"></span>dottato, <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>pandemico, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>governance <span class=\"_ _7\"> </span>rafforzata attraverso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>decisioni <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _3\"></span>Modelli <span class=\"_ _3\"></span>Interni <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>riferimenti <span class=\"_ _3\"></span>alle indicazioni emess<span class=\"_ _0\"></span>e dagli standard setter<span class=\"_ _0\"></span>s e dai regulators in qu<span class=\"_ _0\"></span>el contesto<span class=\"_ _90\"> </span>103<span class=\"_ _90\"> </span>. Si <span class=\"_ _2\"></span>rappresentano, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>scelte <span class=\"_ _5\"></span>adottate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>suddetti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mbiti, <span class=\"_ _2\"></span>ricordando<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>che, per quanto riguarda gli aspetti d<span class=\"_ _0\"></span>i rischio di credito pi\u00f9 stre<span class=\"_ _0\"></span>ttamente correlati alla crisi Ru<span class=\"_ _0\"></span>ssia/Ucraina, l\u2019informati<span class=\"_ _0\"></span>va det<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>agliata \u00e8 </span>rappresentata nel pa<span class=\"_ _0\"></span>ragrafo dedicato. Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>rappresentato, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>l\u2019uscita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>fas<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emergenza <span class=\"_ _5\"></span>sanitaria <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019allentamento delle <span class=\"_ _2\"></span>restrizioni <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>anitarie, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>attenuate <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>incertezze <span class=\"_ _5\"></span>specificamente <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iconducibili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>pandemia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>osserva<span class=\"_ _5\"></span><span class=\"ls12\">ti </span>particolari f<span class=\"_ _3\"></span>enomeni di <span class=\"_ _2\"></span>incremen<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>sulle espos<span class=\"_ _3\"></span>izioni che <span class=\"_ _3\"></span>er<span class=\"_ _2\"></span>ano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratorie.<span class=\"_ _0\"></span> Queste <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>ltime <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>mai <span class=\"_ _4\"></span>tutte <span class=\"_ _6\"></span>rientrate <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>pagamenti, <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>notevole <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>continuano <span class=\"_ _4\"> </span>a registrare rientri d<span class=\"_ _0\"></span>elle esposizioni ed estinzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda gli <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>vu<span class=\"_ _2\"></span>lnerabilit\u00e0 delle <span class=\"_ _3\"></span>esposizioni oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratoria considerati a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini del <span class=\"_ _3\"></span>Bilancio al 31 dicembre 2021 (rappresentati sia da overl<span class=\"_ _0\"></span>ay incorporati nei modelli satellite, che <span class=\"_ _0\"></span>da trigger straordinari di scivolame<span class=\"_ _2\"></span>nto a Stage <span class=\"_ _2\"></span>2), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>ristima, <span class=\"_ _2\"></span>mantenendo <span class=\"_ _2\"></span>ancora <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>congrua <span class=\"_ _2\"></span>prudenza, <span class=\"_ _2\"></span>ma tenendo <span class=\"_ _16\"> </span>conto  si<span class=\"_ _0\"></span>a  d<span class=\"_ _0\"></span>el  s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stanziale <span class=\"_ _16\"> </span>rientro  d<span class=\"_ _0\"></span>elle <span class=\"_ _16\"> </span>concessioni, <span class=\"_ _16\"> </span>che  dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>positive  e<span class=\"_ _0\"></span>videnze <span class=\"_ _16\"> </span>osservate <span class=\"_ _16\"> </span>sul  complesso<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>delle esposizioni <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>avven<span class=\"_ _3\"></span>uta. <span class=\"_ _7\"> </span>Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>successivi <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>trimestri, <span class=\"_ _4\"> </span>pur <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>erdurando <span class=\"_ _4\"></span>osservazioni<span class=\"_ _35\"></span> soddisfacenti circa le <span class=\"_ _3\"></span>evoluzioni dei parametri <span class=\"_ _3\"></span>di rischio di <span class=\"_ _3\"></span>credito, si e<span class=\"_ _3\"></span>ra valutato di <span class=\"_ _3\"></span>proseguire tale <span class=\"_ _3\"></span>osservazione fino a<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>tutto il 2022, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mantenere <span class=\"_ _7\"> </span>invariato <span class=\"_ _7\"> </span>l\u2019overlay <span class=\"_ _7\"> </span>incorpo<span class=\"_ _3\"></span><span class=\"ff1\">rato <span class=\"_ _7\"> </span>nel  m<span class=\"_ _35\"></span>odello <span class=\"_ _16\"> </span>satellite, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>erano <span class=\"_ _16\"> </span>stati <span class=\"_ _7\"> </span>registrati <span class=\"_ _7\"> </span>rientri <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>stage <span class=\"_ _7\"> </span>1 </span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>portafogli <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>mpre <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>residuali <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>avevano <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>ripreso <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>pagamenti <span class=\"_ _5\"></span>(oggetto <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>trigger <span class=\"_ _5\"></span>straordinario <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span><span class=\"ls19\">i </span>forzatura <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>stage <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>). <span class=\"_ _5\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>osse<span class=\"_ _3\"></span><span class=\"ff4\">rvazioni, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff2\">1.2. <span class=\"_ _6\"></span>Impatt<span class=\"_ _0\"></span>i </span></span>derivanti dalla pan<span class=\"_ _0\"></span>demia COVID-<span class=\"ff3\">19\u201d<span class=\"ff1\">, nel quarto trimestre so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o stati rilasciati i ma<span class=\"_ _0\"></span>nagement overlay anc<span class=\"_ _0\"></span>ora presenti. <span class=\"_ _3\"></span> </span></span>Nel <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>ontempo, <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>partire <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>crisi <span class=\"_ _17\"> </span>geopolitica <span class=\"_ _1d\"> </span>Russia/Ucrain<span class=\"_ _3\"></span>a, <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _1d\"> </span>pro<span class=\"_ _3\"></span>gressivame<span class=\"_ _0\"></span>nte <span class=\"_ _1d\"> </span>aumentate <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>incertezze <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lle prospettive <span class=\"_ _17\"> </span>economiche, <span class=\"_ _18\"> </span>come <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _17\"> </span>macroeconomico. <span class=\"_ _17\"> </span>In <span class=\"_ _18\"> </span>particolare, <span class=\"_ _17\"> </span>\u00e8 intervenuto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>specifico <span class=\"_ _5\"></span>(la <span class=\"_ _5\"></span>crisi <span class=\"_ _6\"></span>energetica <span class=\"_ _2\"></span>determinatasi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onte<span class=\"_ _2\"></span>sto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>geopolitica <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>si sono <span class=\"_ _5\"></span>prospettati <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019aumento <span class=\"_ _5\"></span>dell\u2019inflazione, <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>l\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>sostenuti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tas<span class=\"_ _5\"></span><span class=\"ff1\">si <span class=\"_ _5\"></span>di </span>interesse. <span class=\"_ _3\"></span>Nel <span class=\"_ _2\"></span>quarto <span class=\"_ _2\"></span>trimestre <span class=\"_ _3\"></span>l'attivit\u00e0 <span class=\"_ _2\"></span>economica <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>indebolita, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l'at<span class=\"_ _2\"></span>tenuazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>aggiunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei<span class=\"_ _0\"></span> servizi, <span class=\"_ _7\"> </span>ritornato <span class=\"_ _16\"> </span>sui <span class=\"_ _7\"> </span>valori <span class=\"_ _7\"> </span>pre<span class=\"_ _3\"></span>-pandemici <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>mesi <span class=\"_ _16\"> </span>estivi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>flessione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roduzione<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>industriale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il rallentamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>spesa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>miglie, <span class=\"_ _3\"></span>nonostante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>alcuni <span class=\"_ _2\"></span>provved<span class=\"_ _2\"></span>imenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostegno <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>in un contesto di elevat<span class=\"_ _0\"></span>a inflazione. Fin <span class=\"_ _3\"></span>dal primo <span class=\"_ _3\"></span>trimestre 2022 <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>introdotti management overlay o<span class=\"_ _3\"></span>rientati a <span class=\"_ _3\"></span>introdurre aumenti <span class=\"_ _3\"></span>delle rett<span class=\"_ _3\"></span>ifiche dei <span class=\"_ _3\"></span>cr<span class=\"_ _5\"></span>editi performing <span class=\"_ _16\"> </span>correlati  agl<span class=\"_ _0\"></span>i  eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tti  dell\u2019<span class=\"_ _0\"></span>aument<span class=\"_ _3\"></span><span class=\"ff1\">ata  v<span class=\"_ _0\"></span>ulnerabilit\u00e0 <span class=\"_ _16\"> </span>settoriale <span class=\"_ _16\"> </span>cui  erano <span class=\"_ _16\"> </span>esposte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese.  Nel <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del  terz<span class=\"_ _35\"></span>o </span>trimestre, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _6\"></span>previsionali <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>specifici, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _4\"></span>microsettoria<span class=\"_ _0\"></span>le, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>banca <span class=\"_ _6\"></span>ave<span class=\"_ _5\"></span>va valutato <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>adeguati <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>incrementi <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>conta<span class=\"_ _2\"></span>bilizzati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>precedenza. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>contempo, <span class=\"_ _5\"></span>era <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ridefinizione<span class=\"_ _0\"></span> dell\u2019allocazione  d<span class=\"_ _0\"></span>ei  manag<span class=\"_ _0\"></span>ement  overlay <span class=\"_ _16\"> </span>per  vulnerabilit\u00e0 <span class=\"_ _16\"> </span>settoriale  pr<span class=\"_ _0\"></span>ecedentemente <span class=\"_ _16\"> </span>applicati.  In <span class=\"_ _16\"> </span>particolare,  le <span class=\"_ _16\"> </span>analisi dell\u2019Area <span class=\"_ _3\"></span>CRO <span class=\"_ _3\"></span>avevano por<span class=\"_ _3\"></span>tato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>adottare u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>\u201cpost<span class=\"ff1\">-<span class=\"_ _3\"></span>model <span class=\"_ _3\"></span></span>adjustment\u201d, c<span class=\"_ _3\"></span>io\u00e8 un <span class=\"_ _2\"></span>aumento della <span class=\"_ _3\"></span>ECL, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>applicato in maniera <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _4\"> </span>mirata <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>controparti <span class=\"_ _6\"></span>appartenenti <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>microsettori <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ndamento <span class=\"_ _6\"></span>settoriale <span class=\"_ _4\"></span>negativo <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>particolarmente<span class=\"_ _35\"></span> esposte al rischio derivante dal costo dell\u2019energ<span class=\"_ _0\"></span>ia, cos\u00ec come defin<span class=\"_ _3\"></span><span class=\"ff1\">iti dal framework di presidio dei rischi settoriali d<span class=\"_ _0\"></span>efinito dalle </span>Aree CRO, CLO e dalla Direzi<span class=\"_ _0\"></span>one Studi e Ricerche con il support<span class=\"_ _0\"></span>o delle divisioni di busin<span class=\"_ _0\"></span>ess e adottato di recente dalla <span class=\"_ _0\"></span>banc<span class=\"_ _2\"></span><span class=\"lsc\">a<span class=\"_ _90\"> </span></span>a  fini <span class=\"_ _1d\"> </span>di  erogazione,  gestione  e  monitoraggio  del  credito. <span class=\"_ _1d\"> </span>Tal<span class=\"_ _3\"></span>e  framework  tiene  adeguatamente  conto  delle  previsioni microsettoriali <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>loro <span class=\"_ _1d\"> </span>prospettive, <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>vengono <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>mon<span class=\"_ _3\"></span>itorate <span class=\"_ _1d\"> </span>sistematicamente <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>calibrate <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _1d\"> </span>della esperienza delle strutt<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>re di business e di g<span class=\"_ _0\"></span>overno del rischio di<span class=\"_ _0\"></span> credito della b<span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>ca. Il  post  model  adjustment  adottato  ha  sostituito  la  precedente  modalit\u00e0  di  applicazione  che,  seppur  con  un  approccio tempestivo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>adozione, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>basava <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>aumento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>default <span class=\"_ _7\"> </span>prospettici riveniente dai <span class=\"_ _3\"></span>modelli IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>per macroaggregati potenzialmente pi\u00f9 <span class=\"_ _3\"></span>esposti agli <span class=\"_ _3\"></span>effetti d<span class=\"_ _3\"></span>i perduranti pressioni <span class=\"_ _3\"></span>inflazionistiche<span class=\"_ _0\"></span> su prodotti energetici e de<span class=\"_ _3\"></span>lle materie, ma senza poter <span class=\"_ _3\"></span>introdurre particolari differenziazi<span class=\"_ _0\"></span>oni al <span class=\"_ _3\"></span>loro interno (in<span class=\"_ _5\"></span> particolare, per le imprese erano stati considerati i macroaggregati Manifattura<span class=\"_ _0\"></span> e Trasporti). Al fine di in<span class=\"_ _3\"></span>trodurre un livello di intervento pi\u00f9 mirato<span class=\"_ _0\"></span> e <span class=\"_ _3\"></span>granulare, nei <span class=\"_ _3\"></span>trimestri <span class=\"_ _3\"></span>successivi erano<span class=\"_ _3\"></span> stati <span class=\"_ _3\"></span>introdotti <span class=\"_ _3\"></span>trigger straordinari d<span class=\"_ _3\"></span>i scivolamento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>controparti n<span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>gi<span class=\"lsc\">\u00e0 </span>classificate <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>metodol<span class=\"_ _0\"></span>ogie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>staging <span class=\"_ _4\"></span>allocation, <span class=\"_ _5\"></span>quando <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>alcuni <span class=\"_ _6\"></span>microsettori <span class=\"_ _6\"></span>indicati <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>andamento<span class=\"_ _0\"></span> settoriale negativo e <span class=\"_ _0\"></span>con profili di rischio m<span class=\"_ _0\"></span>edio/alti.  Nel <span class=\"_ _3\"></span>quarto trimestre, alla <span class=\"_ _3\"></span>luce dalla s<span class=\"_ _3\"></span>ituazione macroeconomica<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>descrit<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>in precedenza e <span class=\"_ _3\"></span>delle i<span class=\"_ _3\"></span>ncertezze ad <span class=\"_ _3\"></span>essa associate, \u00e8  stato<span class=\"_ _0\"></span>  decis<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di  rafforzare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>interventi <span class=\"_ _16\"> </span>di  aggiustame<span class=\"_ _0\"></span>nto  dell<span class=\"_ _0\"></span>e  stim<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  ECL <span class=\"_ _16\"> </span>rispetto <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>agito  n<span class=\"_ _0\"></span>ei  trim<span class=\"_ _0\"></span>estri<span class=\"_ _0\"></span> precedenti. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>dapprima <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>portafog<span class=\"_ _2\"></span>lio <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ECL <span class=\"_ _5\"></span>aggiuntiva <span class=\"_ _2\"></span>che esprimesse  tale  incert<span class=\"_ _0\"></span>ezza.  A  tal  fine  \u00e8  stata  condotta <span class=\"_ _16\"> </span>una  simulazione  consistente  nell\u2019i<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>otizzare  l\u2019avverament<span class=\"_ _0\"></span>o  dello scenario <span class=\"_ _2\"></span>\u201csfavorevole\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>posto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quantifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diffe<span class=\"_ _3\"></span>renziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rettifiche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>generate </span>dal <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"></span>bonis <span class=\"_ _4\"></span>rilevabile <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ntro <span class=\"_ _4\"></span>fine <span class=\"_ _4\"> </span>2023. <span class=\"_ _4\"> </span>Da <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>esercizio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>teorico<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _4\"> </span>preso <span class=\"_ _4\"> </span>a riferimento <span class=\"_ _16\"> </span>per  la <span class=\"_ _16\"> </span>determinazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>ell\u2019ammontare <span class=\"_ _16\"> </span>complessivo <span class=\"_ _16\"> </span>dei  post <span class=\"_ _16\"> </span>model <span class=\"_ _16\"> </span>adjustments <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff1\">  </span>applicare <span class=\"_ _16\"> </span>all\u2019ECL <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>31 dicembre del c.d. <span class=\"_ _0\"></span>perimetro <span class=\"ff2\">Core</span>.   Il post model adjustment vie<span class=\"_ _0\"></span>ne applicato sull\u2019esito d<span class=\"_ _0\"></span>ella modellistica per la stima della ECL at<span class=\"_ _0\"></span>traverso un aumento percentu<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">le </span>della <span class=\"_ _4\"></span>sua <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>staging <span class=\"_ _4\"> </span>allocation. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>qualora <span class=\"_ _4\"> </span>applicato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>stage <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>pi\u00f9 rischiose <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>effetti, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>assoluto, <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mpi <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>ECL.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>approccio <span class=\"_ _2\"></span>aggiunge <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rudenza <span class=\"_ _3\"></span>a quelli <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fattorizzati <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>condizionamento <span class=\"_ _5\"></span>forward<span class=\"_ _2\"></span><span class=\"ff1\">-looking <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>in </span>precedenza descritto. Ai fini applicativi d<span class=\"_ _0\"></span>ei post model adjustm<span class=\"_ _0\"></span>en<span class=\"_ _3\"></span>ts nel Bilancio 2022 <span class=\"_ _0\"></span>si richiama quanto s<span class=\"_ _0\"></span>egue: - <span class=\"_ _34\"> </span>per <span class=\"_ _3\"></span>quanto r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i settori <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imprese p<span class=\"_ _3\"></span>articolarmente<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>esposti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dalle prospettive <span class=\"_ _3\"></span>macroeconomiche,<span class=\"_ _0\"></span> con andamento settoriale n<span class=\"_ _3\"></span>egativo o energivori, ess<span class=\"_ _3\"></span>i sono stati <span class=\"_ _3\"></span>rivisti rispetto al <span class=\"_ _3\"></span>te<span class=\"_ _2\"></span>rzo tri<span class=\"_ _3\"></span>mestre<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tener conto degli esiti del Tavolo <span class=\"_ _3\"></span>Settoriale pi\u00f9 recente, nonch\u00e9 di affinamenti per rendere p<span class=\"_ _3\"></span>i\u00f9 coerente la <span class=\"_ _3\"></span>individuazio<span class=\"_ _0\"></span>ne del perimetro <span class=\"_ _3\"></span>alle tassonomie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>nel <span class=\"_ _3\"></span>reporting <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito. <span class=\"_ _2\"></span>Si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutato, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>applicazione alle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>Corporate/SME <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _6\"></span>BdT, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>tratta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rallentamenti economici previsti possano determinare minore resilienza e <span class=\"_ _3\"></span>maggiori difficolt\u00e0 rispetto alle c<span class=\"_ _5\"></span>ontroparti Large Corporate. Il perimetro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>applicazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>overlay <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>stato, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>vulnerabilit\u00e0 <span class=\"_ _6\"></span>se<span class=\"_ _3\"></span>ttoriale<span class=\"_ _0\"></span> anche della rischiosit\u00e0 <span class=\"_ _0\"></span>propria delle co<span class=\"_ _0\"></span>ntroparti, rilevata <span class=\"_ _0\"></span>attraverso il rating;<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>introdotto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>post <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _2\"></span>perimetro <span class=\"_ _5\"></span>Commercial <span class=\"_ _5\"></span>Real <span class=\"_ _2\"></span>Estate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggiungere <span class=\"_ _2\"></span>un <span class=\"_ _6\"></span>margin<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>di prudenza o alla valut<span class=\"_ _0\"></span>azione delle contro<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arti operanti nel s<span class=\"_ _0\"></span>ettore e con rischiosit\u00e0<span class=\"_ _0\"></span> elevata;<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>introdotto <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>post <span class=\"_ _7\"> </span>model <span class=\"_ _7\"> </span>adjustment <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>segmenti <span class=\"_ _7\"> </span>Re<span class=\"_ _2\"></span>tail <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>SME <span class=\"_ _16\"> </span>Retail, <span class=\"_ _4\"> </span>prevalentemente <span class=\"_ _7\"> </span>composti <span class=\"_ _7\"> </span>da famiglie consumatrici e PMI; l\u2019int<span class=\"_ _0\"></span>ervento \u00e8 stato volto a cogliere i pote<span class=\"_ _0\"></span>nziali effetti negativi sulla lor<span class=\"_ _0\"></span>o rischiosit\u00e0 prosp<span class=\"_ _2\"></span><span class=\"ff1\">ettica </span>per aumento dei tassi di interesse e riduzione del reddito<span class=\"_ _0\"></span> disponibile a caus<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _3\"></span>dell\u2019elevata inflazi<span class=\"_ _0\"></span>one. Pertanto, il perimetro </span>di applicazione <span class=\"ff4\">\u2013</span> che insiste <span class=\"_ _0\"></span>sulla Divisione BdT <span class=\"ff4\">\u2013</span> \u00e8 stato definit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> sulle controparti <span class=\"_ _0\"></span>a partire da rischi<span class=\"_ _0\"></span>o medio.<span class=\"_ _3\"></span> Il portafoglio comple<span class=\"_ _0\"></span>ssivo oggetto di managem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nt overlay \u00e8 di <span class=\"_ _0\"></span>circa 70 miliardi.<span class=\"_ _3\"></span> Anche <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>banche <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _4\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _4\"> </span>numero <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>casi, <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>adottato <span class=\"_ _7\"> </span>margini <span class=\"_ _4\"> </span>di prudenza, <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>management <span class=\"_ _6\"></span>overlay, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contesto <span class=\"_ _6\"></span>corrente <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>prospettico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle caratteristiche dei loro p<span class=\"_ _0\"></span>ortafogli.  Nell\u2019insieme, <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>fondi <span class=\"_ _2\"></span>rettificativi <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>performing <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>insistono <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>prudenza <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>785 <span class=\"_ _2\"></span>mili<span class=\"_ _5\"></span><span class=\"ff1\">oni, </span>importo <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si  aggiu<span class=\"_ _0\"></span>nge  a<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>circa  70 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impatto <span class=\"_ _16\"> </span>descritto <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>precedente <span class=\"_ _16\"> </span>paragrafo <span class=\"_ _16\"> </span>relativo <span class=\"_ _16\"> </span>allo <span class=\"_ _1d\"> </span>scenario  m<span class=\"_ _0\"></span>acro-<span class=\"_ _90\"> </span>economico, per la con<span class=\"_ _0\"></span>siderazione di assumpt<span class=\"_ _0\"></span>ions coerenti con la<span class=\"_ _0\"></span> BCE ai fini dello sce<span class=\"_ _0\"></span>nario \u201csfavorevole\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>2.4.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Tecniche di mitigazione d<span class=\"_ _3\"></span>el rischio di credito<span class=\"_ _3\"></span> </span>Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>incentivata <span class=\"_ _2\"></span>l\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>mitiganti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>controparti con un rating <span class=\"_ _0\"></span>non investment gr<span class=\"_ _0\"></span>ade, ovvero di alcune<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tipologie di operaz<span class=\"_ _0\"></span>ioni a medio lungo t<span class=\"_ _0\"></span>ermine.<span class=\"_ _2\"></span> Tra i <span class=\"_ _3\"></span>fattori mitiganti a <span class=\"_ _3\"></span>pi\u00f9 alto impatto r<span class=\"_ _3\"></span>ientrano i pegni su <span class=\"_ _3\"></span>attivit\u00e0 finanziarie e l<span class=\"_ _3\"></span>e ipoteche s<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span> immobili residenziali; altre <span class=\"_ _3\"></span>forme<span class=\"_ _35\"></span> di mitigazione del ris<span class=\"_ _0\"></span>chio sono i pegni <span class=\"_ _0\"></span>su attivit\u00e0 non finanziar<span class=\"_ _0\"></span>ie e le ipoteche s<span class=\"_ _0\"></span>u immobili non re<span class=\"_ _0\"></span>sidenziali.<span class=\"_ _2\"></span> La <span class=\"_ _7\"> </span>forza <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>personali <span class=\"_ _7\"> </span>rilasciate <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>rated, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipicamente <span class=\"_ _4\"> </span>banche/assicurazi<span class=\"_ _0\"></span>oni, <span class=\"_ _7\"> </span>Confidi <span class=\"_ _4\"> </span>e<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>imprese, <span class=\"_ _7\"> </span>viene invece graduata sull<span class=\"_ _0\"></span>a base della tipologia<span class=\"_ _0\"></span> della garanzia e <span class=\"_ _0\"></span>della qualit\u00e0 credit<span class=\"_ _0\"></span>izia del garante.<span class=\"_ _3\"></span> Processi <span class=\"_ _16\"> </span>di  dett<span class=\"_ _0\"></span>aglio  d<span class=\"_ _0\"></span>isciplinano <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale <span class=\"_ _16\"> </span>acquisizione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>singole  gara<span class=\"_ _0\"></span>nzie,  i<span class=\"_ _0\"></span>ndividuando <span class=\"_ _7\"> </span>le  strutture <span class=\"_ _16\"> </span>responsabili<span class=\"_ _35\"></span> nonch\u00e9  le <span class=\"_ _16\"> </span>modalit\u00e0  <span class=\"ff4\">per <span class=\"_ _16\"> </span>il  lor<span class=\"_ _0\"></span>o  corrett<span class=\"_ _0\"></span>o  perfe<span class=\"_ _0\"></span>zionamento, <span class=\"_ _16\"> </span>per  l\u2019archivia<span class=\"_ _0\"></span>zione  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>documentazione <span class=\"_ _16\"> </span>e  per  l<span class=\"_ _0\"></span>a  com<span class=\"_ _0\"></span>pleta  e<span class=\"_ _0\"></span> </span>tempestiva rilevazio<span class=\"_ _0\"></span>ne negli applicativi d<span class=\"_ _0\"></span>elle pertinenti inform<span class=\"_ _0\"></span>azioni.<span class=\"_ _3\"></span> L\u2019insieme della regol<span class=\"_ _0\"></span>amentazione interna, <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ei controlli organi<span class=\"_ _0\"></span>zzativi e procedurali,<span class=\"_ _3\"></span><span class=\"ff1\"> \u00e8 volto ad assicura<span class=\"_ _0\"></span>re che: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano previsti tutti gli <span class=\"_ _0\"></span>adempimenti per la<span class=\"_ _0\"></span> validit\u00e0 ed effic<span class=\"_ _0\"></span>acia della protezione d<span class=\"_ _0\"></span>el credito;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sia <span class=\"_ _5\"></span>definita, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrente, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>contrattualisti<span class=\"_ _0\"></span>ca <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>corredata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>complete <span class=\"_ _5\"></span>istruzioni </span>per il suo utilizzo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano <span class=\"_ _6\"></span>individuate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pprovazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>testi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>garanzia <span class=\"_ _5\"></span>difformi <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>standard <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>strutture <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse<span class=\"_ _0\"></span> </span>rispetto a quelle prepo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te alla gestione della<span class=\"_ _0\"></span> relazione commercial<span class=\"_ _0\"></span>e con il cliente.<span class=\"_ _3\"></span> Le <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>g<span class=\"_ _3\"></span>aranzie <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>uniche <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tutto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _7\"> </span>attive <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la Capogruppo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>Italiane <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>piattaforma<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>unica <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>integrata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019anagrafe <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>portale <span class=\"_ _4\"> </span>che gestisce le valutazio<span class=\"_ _0\"></span>ni immobiliari. L\u2019erogazione de<span class=\"ff1\">l credito con acquisizione di garanzie <span class=\"_ _0\"></span>reali \u00e8 soggetta a norme e processi int<span class=\"_ _0\"></span>erni per la valutazione del bene, il<span class=\"_ _0\"></span> </span>perfezionamento <span class=\"_ _6\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore. <span class=\"_ _4\"> </span>L\u2019eventuale <span class=\"_ _4\"> </span>realizzo <span class=\"_ _4\"> </span>forzoso <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>curato <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>strutture specialistiche deputate al r<span class=\"_ _0\"></span>ecupero del credito.<span class=\"_ _90\"> </span> La <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"></span>reali <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>esime, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>incentrata principalmente <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _1d\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>renditore <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>far <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>obbligazioni <span class=\"_ _17\"> </span>assunte <span class=\"_ _17\"> </span>indipendenteme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span><span class=\"ff4\">dall\u2019accessoria </span>garanzia. La v<span class=\"_ _3\"></span>alutazione delle <span class=\"_ _3\"></span>garanzie pignoratizie <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata sul<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore reale, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>quale valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli st<span class=\"_ _3\"></span>rumenti finanz<span class=\"_ _5\"></span>iari quotati <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>regolamentato, <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>diversamente, <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>presunto <span class=\"_ _4\"></span>realizzo. <span class=\"_ _4\"></span>Al <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>co<span class=\"_ _5\"></span>s\u00ec <span class=\"_ _4\"></span>determinato <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono applicati degli scarti <span class=\"_ _0\"></span>percentuali, differen<span class=\"_ _0\"></span>ziati in funzione degli<span class=\"_ _0\"></span> strumenti finanzi<span class=\"_ _0\"></span>ari assunti a garanzia.<span class=\"_ _3\"></span> Per le <span class=\"_ _3\"></span>garanzie immobiliari si <span class=\"_ _3\"></span>considera, invece, <span class=\"_ _3\"></span>il valore di <span class=\"_ _3\"></span>mercato prudenziale o, <span class=\"_ _3\"></span>per gli <span class=\"_ _3\"></span>immobili in <span class=\"_ _3\"></span>corso di <span class=\"_ _3\"></span>realizzazi<span class=\"_ _5\"></span><span class=\"lsc\">on</span>e, il costo di costruzione, al<span class=\"_ _0\"></span> netto di scarti <span class=\"_ _0\"></span>prudenziali distinti sull<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> base della destin<span class=\"_ _0\"></span>azione dell\u2019immobile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La  va<span class=\"_ _3\"></span>lutazione  dei  beni <span class=\"_ _1d\"> </span>\u00e8  effettuata  d<span class=\"_ _3\"></span>a  tecnici <span class=\"_ _1d\"> </span>interni  ed <span class=\"_ _1d\"> </span>esterni.  I <span class=\"_ _1d\"> </span>tecnici  esterni  sono <span class=\"_ _1d\"> </span>inseriti  in <span class=\"_ _1d\"> </span>apposito  elenco  di professionisti <span class=\"_ _3\"></span>accreditati <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>individuale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>capacit\u00e0, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rofessionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esperienza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di immobili <span class=\"_ _3\"></span>residenziali posti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>privati \u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidata <span class=\"_ _3\"></span>principalmente a <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>specializzate. <span class=\"_ _3\"></span>L\u2019operato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">riti <span class=\"_ _3\"></span>\u00e8 </span>costantemente monitorato, tr<span class=\"_ _0\"></span>amite riscontri statis<span class=\"_ _0\"></span>tici e controlli a cam<span class=\"_ _0\"></span>pione effettuati ce<span class=\"_ _0\"></span>ntralmente.<span class=\"_ _3\"></span> I <span class=\"_ _4\"></span>tecnici <span class=\"_ _6\"></span>devono <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>stime <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perizia <span class=\"_ _4\"></span>standardizzat<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenziati <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> valutazione <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>applicare <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>immobiliare <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>creditizi redatte <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>regole <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>garanzia <span class=\"_ _5\"></span>delle esposizioni creditizie<span class=\"_ _0\"></span>\u201d promosse da ABI e co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span><span class=\"ff1\"> gli European Val<span class=\"_ _0\"></span>uation Standards. </span>La <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un\u2019apposita <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presidia <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019istr<span class=\"_ _2\"></span><span class=\"ff1\">uttoria </span>tecnica, <span class=\"_ _4\"> </span>garantendo <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>corretto <span class=\"_ _4\"> </span>conferimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>incarichi, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"></span>indipendenti<span class=\"_ _0\"></span>  e<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>obiettivi, <span class=\"_ _4\"> </span>un completo <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>work <span class=\"_ _16\"> </span>flow, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>puntuale <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>standard <span class=\"_ _16\"> </span>valutativi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>conservazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le informazioni e dei do<span class=\"_ _0\"></span>cumenti attinenti ai be<span class=\"_ _0\"></span>ni immobili. Il valore di mercato dell\u2019immobile dato a<span class=\"_ _3\"></span><span class=\"ff1\"> garanzia viene ricalcolato periodicamente attraverso varie metodol<span class=\"_ _0\"></span>ogie di valutazione </span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvalgono <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prezzi/coefficienti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>fornitore <span class=\"_ _3\"></span>esterno <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>presenta <span class=\"_ _3\"></span>comprovate <span class=\"_ _3\"></span>capacit\u00e0 e <span class=\"_ _2\"></span>reputazione <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span><span class=\"lsc\">a </span>rilevazione e misura<span class=\"_ _0\"></span>zione dei prezzi di mercato del patrim<span class=\"_ _0\"></span>onio immobiliare ital<span class=\"_ _0\"></span>iano. Il  valore <span class=\"_ _16\"> </span>dei  beni  \u00e8 <span class=\"_ _16\"> </span>soggetto  ad  u<span class=\"_ _0\"></span>n  monitoraggio <span class=\"_ _16\"> </span>costante.  Per  gli <span class=\"_ _16\"> </span>immobili  i<span class=\"_ _0\"></span>n  corso <span class=\"_ _16\"> </span>di  costruzione,  i <span class=\"_ _16\"> </span>periti  eseg<span class=\"_ _0\"></span>uono sopralluoghi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>verificano <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>avanzamento l<span class=\"_ _3\"></span>avori. <span class=\"_ _3\"></span>Un <span class=\"_ _3\"></span>aggiornamento p<span class=\"_ _3\"></span>untuale <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>di restrizione <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>frazionamento <span class=\"_ _6\"> </span>dell\u2019ipoteca, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>all\u2019immobile, <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>fronte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>valutazioni <span class=\"_ _5\"></span>ev<span class=\"_ _3\"></span>idenzia<span class=\"_ _5\"></span><span class=\"ff1\">te<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span>dagli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sorveglianza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>e,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>ogni <span class=\"_ _4\"> </span>caso,  secondo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _4\"> </span>stabilite <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le esposizioni di magg<span class=\"_ _0\"></span>ior rilievo o a front<span class=\"_ _0\"></span>e di garanzie immobili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri che assistono cre<span class=\"_ _0\"></span>diti deteriorati.<span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insussistenz<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>protezione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>specifiche <span class=\"_ _3\"></span>tutele, <span class=\"_ _2\"></span>quali: <span class=\"_ _2\"></span>il <span class=\"_ _4\"></span>reintegro <span class=\"_ _3\"></span>del pegno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>diminuzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>iniziale <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>beni <span class=\"_ _4\"> </span>o, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"> </span>immobiliari, <span class=\"_ _4\"> </span>l\u2019obbligo <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>copertura assicurativa <span class=\"_ _6\"> </span>contro <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>danni <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>incendio <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019adeguata <span class=\"_ _6\"> </span>sorveglianza <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bene <span class=\"_ _4\"> </span>immobile. <span class=\"_ _4\"> </span>\u00c8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>inoltre <span class=\"_ _16\"> </span>operante <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _7\"> </span>ass<span class=\"_ _3\"></span>icurativa <span class=\"_ _7\"> </span>\u201combrello\u201d <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>salvo <span class=\"_ _16\"> </span>limitate <span class=\"_ _16\"> </span>eccezioni, <span class=\"_ _7\"> </span>copre  i <span class=\"_ _7\"> </span>danni  s<span class=\"_ _0\"></span>ull\u2019intero <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _16\"> </span>di immobili <span class=\"_ _6\"></span>ipotecati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _0\"></span>aranzia <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>concessi. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>puntuale <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>periodico <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _90\"> </span><span class=\"_ _0\"></span> mediante <span class=\"_ _4\"></span><span class=\"ff4\">un <span class=\"_ _6\"> </span>apposito <span class=\"_ _4\"> </span>applicativo, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>motore <span class=\"_ _6\"> </span>CRM\u201d, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>implementati <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>serie <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>per </span>appurare l\u2019effettivo ri<span class=\"_ _0\"></span>spetto dei requisiti ri<span class=\"_ _0\"></span>chiesti dalla regol<span class=\"_ _0\"></span>amentazione in m<span class=\"_ _0\"></span>ateria di Vigilanza p<span class=\"_ _0\"></span>rudenziale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019applicativo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>supporto <span class=\"_ _5\"></span><span class=\"ff1\">consente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertare <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>eleggibili <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>metodi </span>ammessi d<span class=\"_ _3\"></span>alla normativa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>categorie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>requisito <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>(Standardis<span class=\"_ _2\"></span>ed e <span class=\"_ _3\"></span>Internal <span class=\"_ _3\"></span>Rating Based). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span><span class=\"ff4\">accordo <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>peculiarit\u00e0 proprie <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>iascuna categoria, <span class=\"_ _3\"></span>l\u2019esito di <span class=\"_ _3\"></span>eleggibilit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definito a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di </span>singola <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle unfunded <span class=\"_ _3\"></span>(tipicamente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>garanzie <span class=\"_ _3\"></span>personali) ovvero, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>garanzie reali, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>bene<span class=\"_ _2\"></span> o strumento finanzia<span class=\"_ _0\"></span>rio. La <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>utilizza <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _3\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>(PGA <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Portale <span class=\"_ _2\"></span>Garanzie <span class=\"_ _3\"></span>Attive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ABS <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Archivio Beni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Sistema) <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>efficiente <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>llaterali. <span class=\"_ _5\"></span>Parallelamente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>sviluppato <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>specifi<span class=\"_ _5\"></span><span class=\"ls39\">co</span> sistema <span class=\"_ _7\"> </span>dedicato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>sofferenze, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>tracciatura <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>giudiziari<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>quell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>connesse all\u2019escussion<span class=\"_ _0\"></span>e delle garanzi<span class=\"_ _0\"></span>e reali immobiliari (EP<span class=\"_ _0\"></span>C <span class=\"_ _3\"></span><span class=\"ff1\">- Ex Parte Creditoris). </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>(non <span class=\"_ _3\"></span>regolamentati) e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>tipo SFT <span class=\"_ _6\"></span>(Securities <span class=\"_ _6\"></span>Financing <span class=\"_ _6\"></span>Transactions, <span class=\"_ _6\"></span>ossia <span class=\"_ _6\"></span>Prestito <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Pronti <span class=\"_ _4\"></span>contro <span class=\"_ _6\"></span>termine), <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>utilizza <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilaterali<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>di netting che consentono<span class=\"_ _0\"></span>, nel caso di default della contr<span class=\"_ _0\"></span>oparte, la compensazi<span class=\"_ _0\"></span>one delle posizioni c<span class=\"_ _0\"></span>reditorie e debitori<span class=\"_ _0\"></span>e.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Questo <span class=\"_ _6\"></span>avviene <span class=\"_ _6\"></span>tramite <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _4\"></span>ISDA <span class=\"_ _5\"></span>(In<span class=\"_ _3\"></span>ternational <span class=\"_ _6\"></span>Swap <span class=\"_ _6\"></span>Derivatives <span class=\"_ _6\"></span>Association) <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>ISMA/PSA<span class=\"_ _0\"></span> (International <span class=\"_ _2\"></span>Securities <span class=\"_ _5\"></span>Market <span class=\"_ _5\"></span>Association <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>Public <span class=\"_ _6\"></span>Securities <span class=\"_ _2\"></span>Assoc<span class=\"_ _3\"></span>iation), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>permettono, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di vigilanza, anche la ri<span class=\"_ _0\"></span>duzione deg<span class=\"_ _0\"></span>li assorbimenti di capitale<span class=\"_ _0\"></span> regolamentare.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scambio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>collaterale, <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>frequenza <span class=\"_ _5\"></span>giornaliera<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura dell\u2019operativit\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _18\"> </span>OTC <span class=\"_ _17\"> </span>(Credit <span class=\"_ _18\"> </span>Support <span class=\"_ _17\"> </span>Annex), <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>virt\u00f9 <span class=\"_ _18\"> </span>dell\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>marginazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _17\"> </span>non compensabili <span class=\"_ _3\"></span>centralmente, previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>normativa EMIR; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>pone <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>accord<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di </span>marginazione <span class=\"_ _4\"></span>giornaliera <span class=\"_ _6\"></span>(GMRA <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>Global <span class=\"_ _4\"> </span>Master <span class=\"_ _4\"> </span>Repurchase <span class=\"_ _6\"></span>Agree<span class=\"_ _3\"></span>ments <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>GMSLA <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Global <span class=\"_ _4\"></span>Master <span class=\"_ _4\"> </span>Securities <span class=\"_ _6\"></span>Lending Agreement). A mitigazione dell\u2019esposizione<span class=\"_ _0\"></span> verso le controparti, principalmente verso la clientela corporat<span class=\"_ _0\"></span>e, e della volatilit\u00e0 derivant<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e <span class=\"ls0\">dagli </span></span>aggiustamenti <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>(CVA), <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>acquista <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>protezione <span class=\"_ _2\"></span>tr<span class=\"_ _3\"></span>amite <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Default <span class=\"_ _5\"></span>Swap<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>che forniscono garanzi<span class=\"_ _0\"></span>a sulle singole <span class=\"_ _0\"></span>societ\u00e0 o su indici di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Capogruppo s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>proseguite <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Progetto <span class=\"_ _3\"></span>\u201cGARC\u201d <span class=\"_ _3\"></span>(Gestione <span class=\"_ _3\"></span>Attiva <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito), </span>piattaforma <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _7\"> </span>\u201cin <span class=\"_ _4\"> </span>bonis\u201d. <span class=\"_ _7\"> </span>L\u2019iniziativa <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019acquisi<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _7\"> </span>via </span>sistematica di garan<span class=\"_ _0\"></span>zie (di tipo personale e<span class=\"_ _0\"></span> reale)<span class=\"_ _3\"></span> <span class=\"ff4\">a supporto dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 di lending vers<span class=\"_ _0\"></span>o le imprese. <span class=\"ff1\"> </span></span>Le <span class=\"_ _3\"></span>garanzie acquisite consentono la <span class=\"_ _3\"></span>copertura dal rischio <span class=\"_ _3\"></span>di default <span class=\"_ _3\"></span>(past due, <span class=\"_ _3\"></span>unlikely to <span class=\"_ _3\"></span>pay, bad loan) <span class=\"_ _3\"></span>di portafo<span class=\"_ _3\"></span>gli gran<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lari e consentono <span class=\"_ _3\"></span>la l<span class=\"_ _3\"></span>iberazione di cap<span class=\"_ _3\"></span>itale economico e <span class=\"_ _3\"></span>regolamentare, co<span class=\"_ _2\"></span>s\u00ec co<span class=\"_ _3\"></span>me previsto dalla <span class=\"_ _3\"></span>vigente disciplina di <span class=\"_ _3\"></span>Vigilanza <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> materia (tra gli altri Rego<span class=\"_ _0\"></span>lamento UE n. <span class=\"_ _0\"></span>575/2013 e Circolare d<span class=\"_ _0\"></span>ella Banca d\u2019Italia n.<span class=\"_ _0\"></span> 285/2013).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Progetto <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Garanzia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le </span>PMI  \u00e8  stato  completato  il  ramp-up  di <span class=\"_ _1d\"> </span>quattro  opera<span class=\"_ _0\"></span>zioni  tranched  cover  a  copertura  del  rischio  junio<span class=\"_ _0\"></span>r  di  portafogli  di finanziamenti di nuo<span class=\"_ _0\"></span>va erogazione a s<span class=\"_ _0\"></span>ostegno delle imprese <span class=\"_ _0\"></span>danneggiate dall\u2019emerge<span class=\"_ _0\"></span>nza COVID<span class=\"_ _3\"></span><span class=\"ff1\">-19.  </span>Per  i <span class=\"_ _16\"> </span>dettagli <span class=\"_ _16\"> </span>delle  op<span class=\"_ _0\"></span>erazioni <span class=\"_ _16\"> </span>effettuate  nel <span class=\"_ _7\"> </span>corso  del <span class=\"_ _16\"> </span>2022  in <span class=\"_ _16\"> </span>seno <span class=\"_ _16\"> </span>al  Prog<span class=\"_ _0\"></span>etto  GAR<span class=\"_ _0\"></span>C, <span class=\"_ _16\"> </span>si  rimanda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>anto  il<span class=\"_ _0\"></span>lustrat<span class=\"_ _35\"></span>o nell\u2019ambito del prese<span class=\"_ _0\"></span>nte capitolo al parag<span class=\"_ _0\"></span>rafo C. Operazioni di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>artolarizzazione.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>ottica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ottimizzazione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>assorbimenti <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stat<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>inoltre <span class=\"_ _6\"></span>rinnovate <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di espropriazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"></span>obbligatorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>libere <span class=\"_ _6\"></span>detenute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>operano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Serbia, <span class=\"_ _4\"></span>Egitto <span class=\"_ _4\"></span>e Moldavia ed increment<span class=\"_ _0\"></span>ato la copertura relativ<span class=\"_ _0\"></span>a alla banca operan<span class=\"_ _0\"></span>te in Albania<span class=\"_ _3\"></span>. Nel corso dell\u2019esercizio, al fine di migliora<span class=\"_ _0\"></span>re il profilo di rischio<span class=\"_ _3\"></span><span class=\"ff1\">-rendimento complessivo dei portaf<span class=\"_ _0\"></span>ogli di credito, anche in ottica </span>di <span class=\"_ _2\"></span>ottimizzazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>perfezionato <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>crediti </span>in <span class=\"_ _4\"> </span>bonis <span class=\"_ _4\"> </span>rinvenienti <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>leasing, <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>trasferimen<span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>significativo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>rischio, <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importo <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>circ<span class=\"_ _5\"></span><span class=\"lsc\">a </span>3,7 miliardi lordi.  3.<span class=\"ls0\"> <span class=\"_ _28\"> </span><span class=\"ff5\">ESPOSIZION<span class=\"_ _3\"></span>I CREDITIZIE<span class=\"_ _3\"></span> DETERIORATE<span class=\"_ _3\"></span></span><span class=\"fs0\"> </span></span>3.1 Strategie e politi<span class=\"_ _3\"></span>che di gestione<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>Il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>marzo <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Co<span class=\"_ _3\"></span>nsiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Amministrazione <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>approvato <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Piano <span class=\"_ _6\"></span>NPL <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base delle <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>guida p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche s<span class=\"_ _3\"></span>ui c<span class=\"_ _3\"></span>rediti deteriorati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>BCE, <span class=\"_ _3\"></span>trasmessa <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Supervisor <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2022. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>NPL <span class=\"_ _3\"></span>202<span class=\"_ _5\"></span>2-<span class=\"_ _90\"> </span>2025 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>coerente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>P<span class=\"_ _3\"></span><span class=\"ff4\">iano <span class=\"_ _3\"></span>d\u2019Impresa 2022<span class=\"_ _3\"></span></span>-2025, <span class=\"_ _3\"></span>approvato da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Consiglio di <span class=\"_ _2\"></span>Amministraz<span class=\"_ _0\"></span>ione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>con il Risk Appetite Fr<span class=\"_ _0\"></span>amework e tiene conto d<span class=\"_ _0\"></span>elle osservazioni e r<span class=\"_ _0\"></span>accomandazioni del<span class=\"_ _0\"></span>l\u2019Organo di Vig<span class=\"_ _0\"></span>ilanza. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>Piano <span class=\"_ _6\"></span>NPL <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rticolato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>documento <span class=\"_ _6\"></span>princ<span class=\"_ _3\"></span>ipale <span class=\"_ _4\"></span>(2022-2025 <span class=\"_ _6\"></span>Group <span class=\"_ _4\"></span>NPL <span class=\"_ _6\"></span>Plan) <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>include <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sintesi <span class=\"_ _6\"></span>delle iniziative <span class=\"_ _2\"></span>dettagliate <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>\u201cOperational <span class=\"_ _5\"></span>Plans\u201d <span class=\"_ _2\"></span>(piani <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>elaborati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livel<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Business <span class=\"_ _2\"></span>Owner <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>includono <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>targe<span class=\"_ _5\"></span><span class=\"ff1\">t <span class=\"_ _5\"></span>di </span>diminuzione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>stock <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ttaglio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>bilitanti, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>investimenti necessari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>raggiungime<span class=\"_ _0\"></span>nto <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>refissati) <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>le <span class=\"_ _6\"></span>pro<span class=\"_ _3\"></span>iezioni <span class=\"_ _6\"></span>sottostanti <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>NPL, <span class=\"_ _6\"></span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"></span>livello <span class=\"_ _4\"></span>granul<span class=\"_ _0\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>e secondo i requisiti d<span class=\"_ _0\"></span>efiniti dalla BCE.  Nel <span class=\"_ _6\"></span>Piano <span class=\"_ _6\"></span>d<span class=\"ff4\">\u2019Impresa <span class=\"_ _6\"></span>2022</span>-2025, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>intende <span class=\"_ _6\"></span>perseguire <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _6\"></span>strutturale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>-risking, <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>significativament<span class=\"_ _0\"></span>e avviata <span class=\"_ _5\"></span>nello <span class=\"_ _5\"></span>scorso <span class=\"_ _5\"></span>Piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Impresa, <span class=\"_ _5\"></span>collocandosi <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>migliori <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Europa <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ratio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>stock <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eteriorati <span class=\"_ _5\"></span>(Zero<span class=\"_ _2\"></span>-<span class=\"_ _3\"></span>NPL Bank) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>generan<span class=\"ff4\">do <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>calo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio. <span class=\"_ _2\"></span>Quest\u2019ultimo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ar\u00e0 <span class=\"_ _2\"></span>infatti <span class=\"_ _2\"></span>mantenuto <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>conservativo,<span class=\"_ _35\"></span> </span>grazie <span class=\"_ _1d\"> </span>sia  alle <span class=\"_ _1d\"> </span>cospicue <span class=\"_ _1d\"> </span>riserve  d<span class=\"_ _3\"></span>i  accantonamento <span class=\"_ _1d\"> </span>sui  crediti, <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>una  continua <span class=\"_ _1d\"> </span>prudente  gestione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>credito.  Il deleveraging far\u00e0 leva <span class=\"_ _0\"></span>sulla realizzazione di ulteriori <span class=\"_ _0\"></span>selezionate partners<span class=\"_ _0\"></span>hip e cessioni mirate d<span class=\"_ _0\"></span>i portafogli.<span class=\"_ _3\"></span> A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati al <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>attestati a <span class=\"_ _2\"></span>10,6 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>portando <span class=\"_ _3\"></span>l\u2019incidenza <span class=\"_ _6\"> </span><span class=\"ff1\">dei <span class=\"_ _2\"></span>crediti </span>deteriorati sui crediti <span class=\"ff4\">complessivi al 2,3% al <span class=\"_ _3\"></span>lordo delle rettifiche di valore e <span class=\"_ _3\"></span>all\u20191,2% al netto, con un costo del rischio pari a 7<span class=\"_ _3\"></span>0 </span>punti b<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>(30 <span class=\"_ _3\"></span>punti b<span class=\"_ _3\"></span>ase s<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>esclude <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stanziamento relativo <span class=\"_ _3\"></span>all\u2019esposizione verso <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>rettif<span class=\"_ _5\"></span><span class=\"ff1\">iche </span>per <span class=\"_ _5\"></span>overlay <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>favorire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>de-risking, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>lascio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rettifiche <span class=\"_ _5\"></span>generiche <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> COVID-<span class=\"ff4\">19). <span class=\"_ _3\"></span>Considerando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>adottata <span class=\"_ _3\"></span>dall\u2019EBA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019incidenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>risultata <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>all\u20191,9% <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>lordo </span>delle r<span class=\"ff4\">ettifiche di valore e<span class=\"_ _0\"></span> all\u20191% al netto.<span class=\"ff1\"> </span></span>A p<span class=\"_ _3\"></span>artire <span class=\"_ _3\"></span>da novembre <span class=\"_ _3\"></span>2019, <span class=\"_ _3\"></span>il Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo a<span class=\"_ _3\"></span>dotta la <span class=\"_ _3\"></span>Nuova <span class=\"_ _3\"></span>Definizione di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Default secondo <span class=\"_ _3\"></span>quanto previsto d<span class=\"_ _3\"></span>alle Linee <span class=\"_ _1c\"> </span>Guida <span class=\"_ _18\"> </span>EBA <span class=\"_ _1c\"> </span>2016/07 <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>18/01/2017<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>sull\u2019applicazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Definizione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1c\"> </span>Default <span class=\"_ _18\"> </span>contenu<span class=\"_ _2\"></span>ta <span class=\"_ _1c\"> </span>nell\u2019art. <span class=\"_ _18\"> </span>178 <span class=\"_ _1c\"> </span>del Regolamento <span class=\"_ _3\"></span>575/2013 <span class=\"_ _2\"></span>(CRR) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>ulteriori <span class=\"_ _2\"></span>precisazioni <span class=\"_ _3\"></span>introdotte <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Circolare <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>72 <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia. <span class=\"_ _3\"></span>Tal<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>converge <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie \u201c<span class=\"_ _3\"></span>impaired\u201d <span class=\"_ _3\"></span>contenuta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>contabile </span>IFRS 9, con consegue<span class=\"_ _0\"></span>nte iscrizione di tutti <span class=\"_ _0\"></span>i crediti deteriorati n<span class=\"_ _0\"></span>ell\u2019ambito dello St<span class=\"_ _0\"></span>age 3.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta, <span class=\"_ _5\"></span>nell\u2019identificazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>deteriorate, <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>approccio <span class=\"_ _6\"></span>\u201cper <span class=\"_ _5\"></span>debitore\u201d. <span class=\"_ _5\"></span>Pertanto, <span class=\"_ _16\"> </span><span class=\"ff1 ls17\">\u00e8 </span>l\u2019intera <span class=\"_ _5\"></span>co<span class=\"ff1\">ntroparte <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>venir <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente <span class=\"_ _5\"></span>classificata, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>singole <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito </span>concesse alla medesima<span class=\"_ _0\"></span> controparte. Sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>regolamentare, <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia, <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span>IA<span class=\"_ _2\"></span><span class=\"ff1\">S/IFRS <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza </span>europea, <span class=\"_ _5\"></span>integrato <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>attuative, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>deteriorate <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>l <span class=\"_ _6\"></span>loro stato di criticit\u00e0 in <span class=\"_ _0\"></span>una delle tre citate c<span class=\"_ _0\"></span>ategorie: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _6\"></span>scadute <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"></span>sconfinanti <span class=\"_ _6\"></span>deteriorate:<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"></span>rientrano <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>esposizioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>diverse <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quelle </span>definite <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>probabili, <span class=\"_ _7\"> </span>che, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>segnalazione, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>scadute <span class=\"_ _6\"></span>o sconfinanti continuativamente da o<span class=\"_ _3\"></span>ltre 90 <span class=\"_ _3\"></span>giorni. L\u2019esposizione comp<span class=\"_ _2\"></span><span class=\"ff1\">lessiva verso <span class=\"_ _3\"></span>un debitore <span class=\"_ _3\"></span>deve essere r<span class=\"_ _3\"></span>ilevata come </span>scaduta <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>sconfinante <span class=\"_ _3\"></span>qualora, <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento della <span class=\"_ _2\"></span>segnalazione, l<span class=\"_ _3\"></span>\u2019ammontare del <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>e/o delle <span class=\"_ _3\"></span>commissioni non <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>gato alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>dovuto, <span class=\"_ _3\"></span>superi <span class=\"_ _3\"></span>entrambe <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>seg<span class=\"_ _2\"></span>uenti <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>(di <span class=\"_ _3\"></span>seguito c<span class=\"_ _3\"></span>ongiuntamente<span class=\"_ _0\"></span> definite \u201cSoglie di Ril<span class=\"_ _0\"></span>evanza\u201d):<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>limite <span class=\"_ _2\"></span>assoluto <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>100 <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>retail <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>500 <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>retail </span>(c.d. \u201cSoglia Assolut<span class=\"_ _0\"></span>a\u201d) da confrontare c<span class=\"_ _0\"></span>on l\u2019importo complessi<span class=\"ff1\">vo scaduto e/o sconfinant<span class=\"_ _0\"></span>e del debitore; </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">limite <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>dell\u20191% <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>confrontare <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>l\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _5\"></span>scaduto <span class=\"_ _5\"></span>e/o <span class=\"_ _5\"></span>sconfinante <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>l\u2019importo<span class=\"_ _35\"></span> </span></span>complessivo di tutte le <span class=\"_ _0\"></span>esposizioni iscritt<span class=\"_ _0\"></span>e a bilancio verso lo <span class=\"_ _0\"></span>stesso debitore (c.d. \u201cSogli<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Rel<span class=\"_ _2\"></span>ativa\u201d);<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>nadempienze  probabili:  esposizioni<span class=\"_ _0\"></span>  per <span class=\"_ _1d\"> </span>le  quali <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  secondo  il <span class=\"_ _1d\"> </span>giudizio  della  banca  creditrice <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  risulta  improbabile </span>l\u2019adempimento <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>linea <span class=\"_ _5\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>intere<span class=\"_ _0\"></span>ssi) <span class=\"_ _6\"> </span>senza <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onsiderare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>azioni <span class=\"_ _6\"> </span>quali <span class=\"_ _4\"> </span>l\u2019escussi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>delle garanzie. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>operata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>indipendente da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>rate) <span class=\"_ _3\"></span>scaduti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non pagati. <span class=\"_ _2\"></span>Poich\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dell\u2019improbabilit\u00e0 d<span class=\"_ _3\"></span>ell\u2019adempimento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca, <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tendere <span class=\"_ _3\"></span>il sintomo <span class=\"_ _3\"></span>esplicito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nomalia <span class=\"_ _3\"></span>(il ma<span class=\"_ _3\"></span>ncato <span class=\"_ _3\"></span>rimborso), <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sussistano <span class=\"_ _3\"></span>elementi c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>implicano u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>situazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio di <span class=\"_ _2\"></span>inadempimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debitore <span class=\"_ _2\"></span>(ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>opera <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>debitore). <span class=\"_ _3\"></span>Il <span class=\"_ _5\"></span>complesso <span class=\"_ _2\"></span>delle esposizioni <span class=\"_ _16\"> </span>per  ca<span class=\"_ _0\"></span>ssa <span class=\"_ _16\"> </span>e  fuori <span class=\"_ _16\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _16\"> </span>verso  un <span class=\"_ _16\"> </span>medesimo <span class=\"_ _7\"> </span>deb<span class=\"_ _3\"></span>itore <span class=\"_ _16\"> </span>che  ver<span class=\"_ _0\"></span>sa  nel<span class=\"_ _0\"></span>la  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ddetta <span class=\"_ _16\"> </span>situazione <span class=\"_ _16\"> </span>\u00e8  dunqu<span class=\"_ _35\"></span>e denominato <span class=\"_ _6\"> </span>\u201cInadempienza <span class=\"_ _4\"> </span>probabile\u201d <span class=\"_ _6\"> </span>(salvo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>ricorran<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>condizioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>debitore <span class=\"_ _6\"> </span>fra <span class=\"_ _4\"> </span>le sofferenze). <span class=\"_ _1c\"> </span>Tra <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>inadempienze <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>robabili <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>incluse, <span class=\"_ _1c\"> </span>salv<span class=\"_ _3\"></span>o <span class=\"_ _1c\"> </span>che <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>ricorrano <span class=\"_ _1c\"> </span>i <span class=\"_ _1c\"> </span>presupposti <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>loro classificazione <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>sofferenze, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>emittenti <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>abbiano <span class=\"_ _2\"></span>onorato <span class=\"_ _5\"></span>puntualmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obblighi <span class=\"_ _2\"></span>di pagamento (in linea capitale o intere<span class=\"_ _0\"></span>ssi) relativamente ai titoli di debito qu<span class=\"_ _0\"></span>otati. A<span class=\"_ _2\"></span> <span class=\"ff4\">tal fine si riconosce il \u201cperiodo di grazia\u201d </span>previsto dal contratto o<span class=\"_ _0\"></span>, in assenza, riconosci<span class=\"_ _0\"></span>uto dal mercato di<span class=\"_ _0\"></span> quotazione del titolo. Le <span class=\"_ _7\"> </span>Regole <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>inoltre <span class=\"_ _4\"> </span>previsto, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>\u201cinadempienze <span class=\"_ _4\"> </span>probabili\u201d, <span class=\"_ _4\"> </span>un\u2019ulteriore cla<span class=\"ff4\">ssificazione, <span class=\"_ _2\"></span>individuata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cinadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>forborne\u201d <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>ricomprese <span class=\"_ _2\"></span>controparti<span class=\"_ _90\"> </span></span>che ev<span class=\"_ _3\"></span>idenziano almeno <span class=\"_ _3\"></span>un\u2019esposizione sottoposta a <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di \u201cforbearance\u201d <span class=\"_ _3\"></span>regolarmente rispettata <span class=\"_ _3\"></span>o che <span class=\"_ _3\"></span>permangono nello stato di rischio <span class=\"_ _0\"></span>nelle more della decorrenza d<span class=\"_ _0\"></span>el cure period norm<span class=\"_ _0\"></span>ativamente imposto (m<span class=\"_ _0\"></span>inimo 12 mesi)<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>offerenze: esposizioni p<span class=\"_ _3\"></span>er cassa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fuori <span class=\"_ _3\"></span>bilancio nei <span class=\"_ _3\"></span>confronti d<span class=\"_ _3\"></span>i un<span class=\"_ _3\"></span> soggetto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>stato di <span class=\"_ _3\"></span>insolvenza <span class=\"_ _3\"></span>(anche non <span class=\"_ _3\"></span>accertato </span>giudizialmente)  o  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  situazioni <span class=\"_ _16\"> </span>sostanzialmente  equiparabili,  indipendentemente <span class=\"_ _16\"> </span>dalle  eventuali  p<span class=\"_ _0\"></span>revisioni  di <span class=\"_ _16\"> </span>perdita formulate <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>Banca. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rescinde, <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span>tanto, <span class=\"_ _6\"></span>dall\u2019esistenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>eventuali <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"></span>(reali <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>personali) <span class=\"_ _6\"></span>poste <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>presidio delle <span class=\"_ _5\"></span>esposizioni. <span class=\"_ _5\"></span>Sono <span class=\"_ _2\"></span>escluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>tuazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>anomalia <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>riconducibile <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rofili <span class=\"_ _5\"></span>attinenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio Paese. \u00c8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _7\"> </span>prevista <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>concessioni  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>forbearance\u201d, <span class=\"_ _7\"> </span>riferita <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>di rinegoziazione e/o <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rifinanziamento per <span class=\"_ _3\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>ia (<span class=\"_ _3\"></span>manifesta o <span class=\"_ _2\"></span>in p<span class=\"_ _3\"></span>rocinto d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>manifestarsi) del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>liente che, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fatto, costituisce <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sottoinsieme <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>deteriorati <span class=\"_ _6\"></span>(Esposizioni <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>concessioni <span class=\"_ _5\"></span>deteriorate), <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quelli <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>nis (Altre esposizioni <span class=\"_ _0\"></span>oggetto di concessioni). Le <span class=\"_ _1d\"> </span>Esposizioni <span class=\"_ _1d\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>concessioni <span class=\"_ _1d\"> </span>deteriorate <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>formano <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>categoria <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>s\u00e9 <span class=\"_ _17\"> </span>stante <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>eteriorate, <span class=\"_ _1d\"> </span>ma costituiscono un sott<span class=\"_ _0\"></span>oinsieme delle pr<span class=\"_ _0\"></span>ecedenti categorie di a<span class=\"_ _0\"></span>ttivit\u00e0 deteriorat<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>valuta<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>consegue <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>perdita per categorie omogenee (individuate in funzione dello stato di rischio, della durata dello stato di rischio nonch\u00e9 della <span class=\"_ _3\"></span>rile<span class=\"_ _2\"></span>vanza dell\u2019esposizione rappre<span class=\"_ _0\"></span>sentata) e l\u2019attrib<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione della retti<span class=\"_ _3\"></span><span class=\"ff1\">fica di valore<span class=\"_ _0\"></span> per ogni posizi<span class=\"_ _0\"></span>one. </span>I crediti deteriorati son<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> valutati secon<span class=\"_ _0\"></span>do due metodologie: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>analitico-statistica: <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>inferiori <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>soglie <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>scadute </span>e/o sconfinanti deteri<span class=\"_ _0\"></span>orate, basat<span class=\"ff4\">a sull\u2019applicazione di ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osite griglie sta<span class=\"_ _0\"></span>tistiche di LGD;<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>v<span class=\"_ _3\"></span>alutazione analitico-specifica, per le esposizio<span class=\"_ _0\"></span>ni superiori a determinate soglie, basata su stime di svalutazione attrib<span class=\"_ _0\"></span>uite </span>dal gestore, a seguit<span class=\"_ _0\"></span>o di analisi e valut<span class=\"_ _0\"></span>azioni improntate a <span class=\"_ _0\"></span>criteri <span class=\"_ _3\"></span>prestabiliti. Oltre <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>determinata <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>statistici <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>esperta <span class=\"_ _5\"></span>individual<span class=\"_ _2\"></span>e, viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>finalizzata <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019evoluzione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>variabili <span class=\"_ _2\"></span>gestionali <span class=\"_ _6\"> </span><span class=\"ff1\">correnti, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>scenari </span>macroeconomici, <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>rischiosit\u00e0 <span class=\"_ _17\"> </span>incrementale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _1d\"> </span>al <span class=\"_ _18\"> </span>permanere <span class=\"_ _17\"> </span>nello <span class=\"_ _17\"> </span>specifico <span class=\"_ _17\"> </span>stato <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _17\"> </span>le inadempienze proba<span class=\"_ _0\"></span>bili (vintage), nonch<span class=\"_ _0\"></span>\u00e9 delle prospettive di<span class=\"_ _0\"></span> vendita, se present<span class=\"_ _0\"></span>i.<span class=\"_ _3\"></span> La <span class=\"_ _6\"></span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>posi<span class=\"_ _3\"></span>zioni <span class=\"_ _6\"></span>deteriorate <span class=\"_ _4\"></span>classificate <span class=\"_ _6\"></span>tra <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _4\"></span>effettuata <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>attesi<span class=\"_ _0\"></span> prezzi di vendita al n<span class=\"_ _0\"></span>etto degli oneri ac<span class=\"_ _0\"></span>cessori alla vendita <span class=\"_ _0\"></span>stessa, supportati d<span class=\"_ _0\"></span>a apposite fairnes<span class=\"_ _0\"></span>s opinion.<span class=\"_ _2\"></span> Le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>dettagliatamente <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span><span class=\"ff4\">Sezione <span class=\"_ _2\"></span>\u201cA.2 <span class=\"_ _2\"></span>\u2013</span> <span class=\"_ _2\"></span>Parte <span class=\"_ _3\"></span>relativa alle principali voci <span class=\"_ _0\"></span>di bilancio\u201d ed in partic<span class=\"_ _0\"></span>olare nel paragraf<span class=\"_ _0\"></span>o \u201cPerdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziari<span class=\"_ _0\"></span>e non performin<span class=\"_ _2\"></span>g\u201d cui si fa rimando. Le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>effettuate <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>occasione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque oggetto di revisione <span class=\"_ _0\"></span>con cadenza periodi<span class=\"_ _0\"></span>ca. La <span class=\"_ _3\"></span>valutazione dei crediti <span class=\"_ _3\"></span>\u00e8 altres\u00ec <span class=\"_ _3\"></span>oggetto di r<span class=\"_ _3\"></span>evisione ogni <span class=\"_ _3\"></span>qualvolta intervenga un <span class=\"_ _3\"></span>nuovo evento suscet<span class=\"_ _5\"></span>tibile di <span class=\"_ _3\"></span>incidere sulle prospettive di <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>(es., <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>acquisita <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>garanzia, sviluppi <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>contenzio<span class=\"_ _5\"></span>si <span class=\"_ _3\"></span>in corso, ecc.). Affinch\u00e9  tali  eventi  possan<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  essere  tempestiv<span class=\"_ _0\"></span>amente  recepiti,  si  proc<span class=\"_ _0\"></span>ede  ad  un  monitor<span class=\"_ _3\"></span>aggio  periodico  del  patrimonio informativo relativo ai <span class=\"_ _3\"></span>debitori e a<span class=\"_ _3\"></span>i garanti <span class=\"_ _3\"></span>e ad u<span class=\"_ _3\"></span>n costante controllo sull\u2019andamento degli <span class=\"_ _3\"></span>accordi stragiudiziali e <span class=\"_ _3\"></span>sulle <span class=\"_ _5\"></span><span class=\"ff1\">diverse </span>fasi delle procedure gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziali in essere. La <span class=\"_ _3\"></span>gestione del <span class=\"_ _3\"></span>Credito <span class=\"_ _3\"></span>Deteriorato del <span class=\"_ _3\"></span>Gruppo pu<span class=\"_ _3\"></span>\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>effettuata direttamente <span class=\"_ _3\"></span>da strutture <span class=\"_ _3\"></span>organizzative interne <span class=\"_ _3\"></span>o essere effettuata <span class=\"_ _7\"> </span>da/con <span class=\"_ _7\"> </span>partner <span class=\"_ _7\"> </span>esterni <span class=\"_ _7\"> </span>opportunamente <span class=\"_ _7\"> </span>incaricati <span class=\"_ _7\"> </span>(outsourcer), <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>l\u2019Area <span class=\"_ _7\"> </span>CLO <span class=\"_ _7\"> </span>svolge <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ruolo <span class=\"_ _7\"> </span>di supervisione <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stock <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>affi<span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>esterna <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interfaccia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>delibera <span class=\"_ _3\"></span>oltre <span class=\"_ _2\"></span>i limiti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>facolt\u00e0 <span class=\"_ _6\"></span>agli <span class=\"_ _4\"> </span>stessi <span class=\"_ _4\"> </span>delegati <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carattere <span class=\"_ _6\"></span>amministrativo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tecnico<span class=\"_ _3\"></span>-operativo <span class=\"_ _4\"> </span>previste <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _6\"></span>di interazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>medesimi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>utsourcer. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>strutt<span class=\"_ _3\"></span>ure <span class=\"_ _5\"></span>organizzative <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>individuate, <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prefissate <span class=\"_ _2\"></span>soglie <span class=\"_ _5\"></span>di rilevanza, in Unit\u00e0 organizzative territoriali (a livello regionale), che svolgono attivit\u00e0 specialistic<span class=\"_ _0\"></span>a, ovvero strutture d<span class=\"_ _5\"></span>i Direzione Centrale, alle quali c<span class=\"_ _0\"></span>ompetono altres\u00ec f<span class=\"ff4\">unzioni di indirizzo e<span class=\"_ _0\"></span> coordinamento d<span class=\"_ _0\"></span>ell\u2019intera materia.<span class=\"ff1\"> </span></span>La <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>deteriorate <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>proposta <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Strutture <span class=\"_ _6\"></span>terri<span class=\"_ _5\"></span>toriali proprietarie <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _6\"></span>commerciale, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>spec<span class=\"_ _2\"></span>ialistiche <span class=\"_ _4\"></span>periferiche <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>centrali <span class=\"_ _4\"> </span>preposte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>controllo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>alla<span class=\"_ _0\"></span> gestione <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _4\"></span>deteriorati. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>classificazione <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"></span>automatismi <span class=\"_ _4\"> </span>qualora <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>verifichino <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>redeterminat<span class=\"_ _35\"></span>e condizioni <span class=\"_ _5\"></span>oggettive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inadempienza. <span class=\"_ _5\"></span>Ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>riferisce, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sempio, <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>sconfinanti <span class=\"_ _5\"></span>continuativamente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>opra<span class=\"_ _0\"></span> determinate <span class=\"_ _16\"> </span>soglie  e <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>periodi  e <span class=\"_ _16\"> </span>alle  po<span class=\"_ _0\"></span>sizioni <span class=\"_ _16\"> </span>in  bonis <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di  concession<span class=\"_ _0\"></span>e  di <span class=\"_ _16\"> </span>misure <span class=\"_ _16\"> </span>di  forbeara<span class=\"_ _0\"></span>nce (posizioni <span class=\"_ _3\"></span>forborne <span class=\"_ _2\"></span>performing <span class=\"_ _3\"></span>provenienti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>forborne <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing) <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>ancora <span class=\"_ _2\"></span>superato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cosiddetto \u201cprobation <span class=\"_ _3\"></span>period\u201d <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>24 <span class=\"_ _2\"></span>mesi, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>stesse <span class=\"_ _3\"></span>vengano <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>rilevare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presupposti <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>per<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>la </span>riallocazione <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>mediante <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>arametri <span class=\"_ _6\"></span>oggett<span class=\"_ _2\"></span>ivi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di targatura <span class=\"_ _16\"> </span>forborne,  la <span class=\"_ _16\"> </span>c.d.  rei<span class=\"_ _0\"></span>terazione <span class=\"_ _16\"> </span>(ovvero  co<span class=\"_ _0\"></span>ncessione <span class=\"_ _16\"> </span>di  una <span class=\"_ _16\"> </span>ulteriore  mis<span class=\"_ _0\"></span>ura  di <span class=\"_ _16\"> </span>forbearance) <span class=\"_ _16\"> </span>e/o  la <span class=\"_ _16\"> </span>presenza  d<span class=\"_ _0\"></span>i sconfinamenti <span class=\"_ _7\"> </span>continuativi  o<span class=\"_ _0\"></span>ltre <span class=\"_ _16\"> </span>30 <span class=\"_ _16\"> </span>giorni <span class=\"_ _16\"> </span>sopra <span class=\"_ _16\"> </span>determinate <span class=\"_ _7\"> </span>soglie  a<span class=\"_ _0\"></span>ssolute) <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _16\"> </span>soggette <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>ristrutturazione<span class=\"_ _0\"></span> onerosa con perdita <span class=\"_ _0\"></span>superiore all\u20191%.<span class=\"ff1\"> </span>Inoltre, <span class=\"_ _4\"> </span>automatismi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>istema, <span class=\"_ _4\"> </span>nell\u2019evidenziare <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _4\"> </span>disallineamenti, <span class=\"_ _4\"> </span>garantiscono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _7\"> </span>significativ<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _4\"> </span>di </span>controparti <span class=\"_ _4\"> </span>condivise <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>diversi <span class=\"_ _7\"> </span>intermediari <span class=\"_ _4\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>necessaria <span class=\"_ _7\"> </span>univoca <span class=\"_ _4\"> </span>convergenza <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>indirizzi <span class=\"_ _7\"> </span>gestionali. <span class=\"_ _4\"></span>La significativit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>superamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prestabilita <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>maggior <span class=\"_ _2\"></span>ri<span class=\"_ _5\"></span>schio, rispetto alla comples<span class=\"_ _0\"></span>siva esposizione. Sempre <span class=\"_ _1c\"> </span>attr<span class=\"ff4\">averso <span class=\"_ _1c\"> </span>automatismi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>sistema, <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>altres\u00ec <span class=\"_ _1c\"> </span>assicurata <span class=\"_ _1c\"> </span>l\u2019allocazione <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>posizioni <span class=\"_ _1c\"> </span>nello <span class=\"_ _1c\"> </span>stato <span class=\"_ _1c\"> </span>rischio <span class=\"_ _1c\"> </span>pi\u00f9 </span>rappresentativo del l<span class=\"_ _0\"></span>oro merito creditizio <span class=\"_ _0\"></span>(sofferenze escluse), <span class=\"_ _0\"></span>nel perdurare dell\u2019ina<span class=\"_ _0\"></span>dempienza di rilie<span class=\"_ _0\"></span>vo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>ritorno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>onis <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>det<span class=\"_ _3\"></span><span class=\"ff4\">eriorate, <span class=\"_ _6\"></span>disciplinato <span class=\"_ _5\"></span>dall\u2019Organo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Vigilanza <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>specifica <span class=\"_ _6\"></span>normativa <span class=\"_ _6\"></span>interna<span class=\"_ _0\"></span>, </span>avviene <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>iniziativa <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Strutture <span class=\"_ _2\"></span>preposte <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revio <span class=\"_ _2\"></span>accertamento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>venir <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>criticit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>e dello stato di insolve<span class=\"_ _0\"></span>nza. Le esposizioni scadute e/o sconfinanti deteriorate e <span class=\"_ _3\"></span>le Inadempienze Probabili, non soggette a misure di forbearance, devono continuare <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _16\"> </span>sino <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>siano <span class=\"_ _7\"> </span>trascorsi <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>3 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>non soddisfano <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>condizioni <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>classificate <span class=\"_ _17\"> </span>come <span class=\"_ _18\"> </span>tali. <span class=\"_ _18\"> </span>Durante <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>probation <span class=\"_ _18\"> </span>period <span class=\"_ _17\"> </span>dovr\u00e0 <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>valutato <span class=\"_ _18\"> </span>il comportamento della controparte alla <span class=\"_ _3\"></span>luce della relativa situazione finanziaria (in p<span class=\"_ _3\"></span>articolare, mediante verifica dell\u2019assen<span class=\"_ _5\"></span><span class=\"ff1\">za di </span>sconfini sopra le Sogli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di Rilevanza<span class=\"ls20\">).</span> Per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>controparti <span class=\"_ _6\"></span>classificate <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>Inadempienza <span class=\"_ _6\"> </span>Probabile <span class=\"_ _6\"> </span>Forborne <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revale <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>c.d. <span class=\"_ _4\"> </span>\u201ccure <span class=\"_ _6\"></span>period\u201d <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>lmen<span class=\"_ _0\"></span>o 12<span class=\"ls0\"> mesi, al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>potr\u00e0 <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bonis, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>presenti s<span class=\"_ _3\"></span>confini <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> </span>capo <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>debitore <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>debitore <span class=\"_ _5\"></span>abb<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>pagato <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>generale, <span class=\"_ _5\"></span>siano comunque soddisfatti i <span class=\"_ _0\"></span>criteri per il rientro i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> bonis delle contr<span class=\"_ _0\"></span>oparti.<span class=\"_ _3\"></span> Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>classific<span class=\"_ _0\"></span>ate <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>\u201ccr<span class=\"_ _3\"></span>editi <span class=\"_ _5\"></span>scaduti <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>sconfinanti\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>passaggio <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bonis <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>effettuato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via automatica <span class=\"_ _3\"></span>trascorso il <span class=\"_ _3\"></span>probation <span class=\"_ _3\"></span>period d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>90 <span class=\"_ _3\"></span>giorni; <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso meccanismo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>esposizioni di <span class=\"_ _3\"></span>modesta <span class=\"_ _3\"></span>entit\u00e0, <span class=\"_ _3\"></span>g<span class=\"_ _5\"></span>i\u00e0 automaticamente <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>qualora, <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>verifica <span class=\"_ _5\"></span>automatica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevato <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>superament<span class=\"_ _0\"></span>o delle condizioni che <span class=\"_ _0\"></span>ne hanno determinato la cla<span class=\"_ _0\"></span>ssificazione. La <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>Convalida <span class=\"_ _3\"></span>Interna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Controlli <span class=\"_ _2\"></span>dell\u2019Area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>Officer <span class=\"_ _2\"></span>effettua <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>control<span class=\"_ _5\"></span><span class=\"ff1\">lo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>secondo <span class=\"_ _20\"> </span>livello <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>singole <span class=\"_ _20\"> </span>controparti <span class=\"_ _20\"> </span>nei <span class=\"_ _20\"> </span>di<span class=\"_ _3\"></span>versi <span class=\"_ _20\"> </span>stati <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>credito <span class=\"_ _20\"> </span>deteriorato, <span class=\"_ _20\"> </span>selezionate <span class=\"_ _20\"> </span>a <span class=\"_ _23\"> </span>campione <span class=\"_ _20\"> </span>con <span class=\"_ _20\"> </span>criteri prevalentemente risk based, a<span class=\"_ _3\"></span>l fine <span class=\"_ _3\"></span>di ver<span class=\"_ _3\"></span>ificarne la corretta c<span class=\"_ _3\"></span>lassificazione e/o l\u2019adeguato provisioning, nonch\u00e9 <span class=\"_ _3\"></span>l\u2019adeguate<span class=\"_ _2\"></span><span class=\"ff1\">zza  </span>dei processi gestion<span class=\"_ _0\"></span>ali e di recupero. 3.2 Write-<span class=\"ls5c\">off</span> Per <span class=\"_ _2\"></span>quel c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>ricorre a<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>stralcio/cancella<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-off<span class=\"ff4\">\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span>residuo non ancora rett<span class=\"_ _0\"></span>ificato nei seguenti <span class=\"_ _0\"></span>casi: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span>debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ecuperi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _6\"></span>mobiliari <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _6\"></span>pignoramenti <span class=\"_ _5\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _0\"></span>e con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remissione unilater<span class=\"_ _0\"></span>ale del debito o re<span class=\"_ _0\"></span>siduo a fronte di contr<span class=\"_ _0\"></span>atti transattivi;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span>mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che,  pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestit<span class=\"_ _0\"></span>i  dalle <span class=\"_ _16\"> </span>strutture  di  recupero, <span class=\"_ _16\"> </span>presentano<span class=\"_ _35\"></span> possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>int<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ressare <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>olo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>accantonamenti; pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _4\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>seguenti macro-caratteristiche: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span>&gt; di 1 anno; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 <span class=\"_ _3\"></span><span class=\"ff4\">(intesa come periodo di permanenza nello stato di<span class=\"_ _3\"></span> \u201csofferenza\u201d) &gt; 5 anni </span></span>o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. \u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogene<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>diverse da quelle <span class=\"_ _3\"></span>sopra<span class=\"_ _0\"></span> indicate, ma riferibili <span class=\"_ _3\"></span>a esposizioni <span class=\"_ _3\"></span>che presentino <span class=\"_ _3\"></span>marginali possibilit\u00e0 di <span class=\"_ _3\"></span>recupero della <span class=\"_ _3\"></span>quota accantonata <span class=\"_ _3\"></span>e in <span class=\"_ _3\"></span>presenza di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _16\"> </span>secondo <span class=\"_ _6\"></span>la stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  prudenziale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddett<span class=\"_ _0\"></span>o  \u201c<span class=\"_ _3\"></span>Calendar  Provisioning\u201d)  almeno  pari  al complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate dal Gruppo. Nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>effettuato circa <span class=\"_ _3\"></span>658 <span class=\"_ _3\"></span>milioni di <span class=\"_ _3\"></span>stralci d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>deteriorati lordi. <span class=\"_ _3\"></span>Di questi, <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>475 <span class=\"_ _3\"></span>mi<span class=\"_ _5\"></span>lioni riguardano <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggior parte <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>gi\u00e0 a<span class=\"_ _3\"></span>ccantonato. Tali <span class=\"_ _2\"></span>stralci sono <span class=\"_ _2\"></span>riferib<span class=\"_ _2\"></span>ili <span class=\"_ _3\"></span>per oltre l\u201987% <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>posizioni cancellate che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ancora soggette a <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>escussione, per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali gli <span class=\"_ _3\"></span>eventuali recuperi da incasso successi<span class=\"_ _0\"></span>vi al write-off saranno rilevati fra le ri<span class=\"_ _0\"></span>prese di valore del c<span class=\"_ _0\"></span>onto economico. 3.3 Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>impaired <span class=\"_ _3\"></span>acquisite o origina<span class=\"_ _3\"></span>te  In <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>considerati <span class=\"_ _5\"></span>deteriorati <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>rag<span class=\"_ _5\"></span>ione dell\u2019elevato <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>associato, <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>definiti <span class=\"_ _5\"></span>Purchased <span class=\"_ _2\"></span>or <span class=\"_ _5\"></span>Originated <span class=\"_ _2\"></span>Credit <span class=\"_ _2\"></span>Imp<span class=\"_ _5\"></span><span class=\"ff1\">aired <span class=\"_ _2\"></span>Asset <span class=\"_ _5\"></span>(POCI). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>crediti,<span class=\"_ _0\"></span> </span>qualora <span class=\"_ _2\"></span>rientrino <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019impairment <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>appostando <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dalla </span>data <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ff4\">fondi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>coprano <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _3\"></span>vita <span class=\"_ _2\"></span>residua<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>Expected <span class=\"_ _3\"></span>Credit Loss <span class=\"_ _2\"></span>lifetime). <span class=\"_ _5\"></span>Trattandosi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>ne <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>Stage <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ferma <span class=\"_ _5\"></span>rest<span class=\"_ _5\"></span><span class=\"ff1\">ando <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> </span>possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>spostati, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>vita, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Stage <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui, <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _2\"></span><span class=\"ff4\">ase <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio, <span class=\"_ _2\"></span>non </span>risultino pi\u00f9 impair<span class=\"_ _0\"></span>ed. I  crediti  POCI <span class=\"_ _1d\"> </span>iscritti<span class=\"_ _0\"></span>  nel  bilancio  del <span class=\"_ _1d\"> </span>Gruppo  possono  derivar<span class=\"_ _0\"></span>e  da  singole  operazioni  di  rine<span class=\"_ _3\"></span>goziazi<span class=\"_ _0\"></span>one  di  esposizioni deteriorate <span class=\"_ _4\"> </span>svolte <span class=\"_ _7\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>routinaria <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>creditizia<span class=\"_ _3\"></span><span class=\"ff1\">, <span class=\"_ _7\"> </span>oppure <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevati <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Business </span>Combinations. Relativamente a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quest\u2019ultima fattispecie, <span class=\"_ _3\"></span>l\u2019acquisizione dell\u2019ex <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>avvenuta nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>aveva comportato <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ospicuo <span class=\"_ _5\"></span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>deterio<span class=\"_ _2\"></span>rati, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>inizialmente <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>come POCI <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _16\"> </span>ed  i<span class=\"_ _0\"></span>scritti <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _7\"> </span>al  fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>determinato <span class=\"_ _7\"> </span>in  sede <span class=\"_ _7\"> </span>di  P<span class=\"_ _0\"></span>urchase <span class=\"_ _16\"> </span>Price<span class=\"_ _0\"></span> Allocation, quale valore di pr<span class=\"_ _3\"></span>ima iscrizione. Pi\u00f9 in <span class=\"_ _3\"></span>dettaglio, alla data di a<span class=\"_ _5\"></span>cquisizione (4 agosto 2020) le<span class=\"_ _3\"></span> risultanze contabili del Gruppo UBI presentav<span class=\"_ _0\"></span>ano un ammontare di credit<span class=\"_ _0\"></span>i deteriorati lordi di c<span class=\"_ _0\"></span>irca 6,5 miliardi (8 mili<span class=\"_ _0\"></span>ardi in termini di cre<span class=\"_ _0\"></span>dito van<span class=\"_ _2\"></span>tato). Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>dismissioni <span class=\"_ _5\"></span>effettuate, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _2\"></span>POCI <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">l\u2019ex <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dicembre </span>2022 <span class=\"_ _4\"></span>residuano <span class=\"_ _4\"></span>fra <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"></span>ammortizzato <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>importi <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _6\"></span>residuali <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ulteriore <span class=\"_ _4\"> </span>riduzione rispetto a fine <span class=\"_ _3\"></span>2021, ammontando complessi<span class=\"_ _0\"></span>vamente a 188 <span class=\"_ _3\"></span>milioni, r<span class=\"_ _3\"></span>iferibili per 131 <span class=\"_ _3\"></span>milioni a crediti deteriorati e per 57 <span class=\"_ _3\"></span>milioni a posizioni in bonis (<span class=\"_ _0\"></span>284 milioni compl<span class=\"_ _0\"></span>essivamente, con 211 mi<span class=\"_ _0\"></span>lioni deteriorati <span class=\"_ _0\"></span>e 73 milioni in bonis al 3<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span> dicembre 2021).<span class=\"_ _90\"> </span>4.<span class=\"ls0\"> <span class=\"_ _28\"> </span>ATTIVIT\u00c0 <span class=\"_ _2b\"> </span>FINANZ<span class=\"_ _3\"></span>IARIE <span class=\"_ _2b\"> </span>OGG<span class=\"_ _3\"></span>ETTO <span class=\"_ _2b\"> </span>DI <span class=\"_ _2b\"> </span>RINEGOZ<span class=\"_ _3\"></span>IAZIONI <span class=\"_ _2b\"> </span>COMMERCIA<span class=\"_ _3\"></span>LI <span class=\"_ _2b\"> </span>ED <span class=\"_ _2b\"> </span>ESPOSIZIONI </span>OGGETTO DI CONCE<span class=\"_ _3\"></span>SSIONI <span class=\"_ _3\"></span> Le  misure <span class=\"_ _16\"> </span>di  co<span class=\"_ _0\"></span>ncessione  (\u201cfor<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>earance  m<span class=\"_ _0\"></span>easures\u201d)  r<span class=\"_ _0\"></span>appresentano  q<span class=\"_ _35\"></span>uelle  concessioni <span class=\"_ _16\"> </span>nei  confr<span class=\"_ _0\"></span>onti  di <span class=\"_ _16\"> </span>un  debitor<span class=\"_ _0\"></span>e  che<span class=\"_ _0\"></span> affronta, <span class=\"_ _16\"> </span>o  potre<span class=\"_ _0\"></span>bbe <span class=\"_ _16\"> </span>trovarsi  ad <span class=\"_ _7\"> </span>af<span class=\"_ _3\"></span>frontare,  situa<span class=\"_ _0\"></span>zioni  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>difficolt\u00e0  nel <span class=\"_ _7\"> </span>rispetto  dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _16\"> </span>impegni <span class=\"_ _16\"> </span>contrattuali <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>da  no<span class=\"_ _35\"></span>n consentirgli di far fro<span class=\"_ _0\"></span>nte agli originari imp<span class=\"_ _0\"></span>egni di pagamento (\u201c<span class=\"_ _0\"></span>troubled debt\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>termine <span class=\"_ _1c\"> </span>\u201cconcessioni\u201d <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>indicano <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>modifiche <span class=\"_ _1c\"> </span>contrattuali <span class=\"_ _1c\"> </span>accord<span class=\"_ _0\"></span>ate <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>debi<span class=\"_ _2\"></span><span class=\"ff1\">tore <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>difficolt\u00e0 <span class=\"_ _1c\"> </span>finanziaria </span>(\u201cmodification\u201d), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>l\u2019erogazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>consentire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oddisfacimento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dell\u2019obbligazione <span class=\"_ _5\"></span>preesistente<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(\u201crefinancing\u201d).  R<span class=\"_ _0\"></span>ientrano  nelle<span class=\"_ _35\"></span>  \u201cconcessioni\u201d  anche <span class=\"_ _16\"> </span>le  modifiche  cont<span class=\"_ _0\"></span>rattuali,  liberame<span class=\"_ _0\"></span>nte  richie<span class=\"_ _0\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ibili  d<span class=\"_ _0\"></span>a  un  d<span class=\"_ _0\"></span>ebitore  nel<span class=\"_ _35\"></span> </span>contesto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>sottoscritto, <span class=\"_ _6\"></span>ma <span class=\"_ _4\"></span>solamente <span class=\"_ _5\"></span>allorch\u00e9 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>creditore <span class=\"_ _6\"></span>ritenga <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>esistano <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>presupposti <span class=\"_ _6\"></span>perch\u00e9 <span class=\"_ _6\"></span>quel<span class=\"_ _0\"></span> debitore <span class=\"_ _6\"></span>risulti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>difficolt\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>(c.d. <span class=\"_ _6\"> </span>\u201ce<span class=\"_ _3\"></span>mbedded <span class=\"_ _5\"></span>forbearance <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lauses\u201d). <span class=\"_ _5\"></span>Sono <span class=\"_ _6\"> </span>pertanto <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>esclude<span class=\"_ _5\"></span><span class=\"ff1\">re <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>nozione <span class=\"_ _6\"></span>di </span>forborne le rinegozia<span class=\"_ _0\"></span>zioni effettuate per mo<span class=\"_ _0\"></span>tivi/prassi commercial<span class=\"_ _0\"></span>i, che prescindono d<span class=\"_ _0\"></span>alle difficolt\u00e0 fin<span class=\"_ _0\"></span>anziarie del debitor<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> In <span class=\"_ _5\"></span>molti <span class=\"_ _2\"></span>casi, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>situazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>accompagnata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>situazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>squilibrio <span class=\"_ _2\"></span>econo<span class=\"_ _5\"></span>mico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>debitore, rappresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>inadeguatezza <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _4\"></span>tipica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>remunerare, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>le <span class=\"_ _4\"></span>consuete <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>onti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>normali condizioni di mercat<span class=\"_ _0\"></span>o, tutti i fattori produttiv<span class=\"_ _0\"></span>i di cui l\u2019impresa h<span class=\"_ _0\"></span>a bisogno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019individuazione <span class=\"_ _23\"> </span>delle <span class=\"_ _29\"> </span>esposizioni <span class=\"_ _29\"> </span>oggetto <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>misure <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>concessione <span class=\"_ _29\"> </span>(\u201cforborn<span class=\"_ _0\"></span>e <span class=\"_ _29\"> </span>assets\u201d <span class=\"_ _23\"> </span>o <span class=\"_ _29\"> </span>\u201cesposizioni <span class=\"_ _29\"> </span>forborne\u201d),<span class=\"_ _0\"></span> coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"> </span>dalla <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>EBA <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>differenza <span class=\"_ _6\"> </span>dell<span class=\"_ _3\"></span>\u2019approccio <span class=\"_ _6\"></span>\u201cper <span class=\"_ _6\"> </span>debitore\u201d <span class=\"_ _6\"> </span>utilizzato <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>Gruppo Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span><span class=\"ff4\">esposizioni <span class=\"_ _4\"> </span>deteriorate, <span class=\"_ _4\"> </span>avviene <span class=\"_ _4\"> </span>necessariamente <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _4\"> </span>\u201cper </span>transazione\u201d. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>termine <span class=\"_ _7\"> </span>\u201cesposizione\u201d, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>questo <span class=\"_ _7\"> </span>contesto, <span class=\"_ _4\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>contratto <span class=\"_ _7\"> </span>rinegoziato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l complesso delle esp<span class=\"_ _0\"></span>osizioni nei confronti d<span class=\"_ _0\"></span>el medesimo debitore. Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>generale, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>muovendo <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>indicazioni <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Vigilanza, <span class=\"_ _3\"></span>preved<span class=\"_ _5\"></span><span class=\"lsc\">e </span>degli <span class=\"_ _3b\"> </span>elementi <span class=\"_ _3b\"> </span>per <span class=\"_ _1f\"> </span>l\u2019identificazione <span class=\"_ _3b\"> </span>della <span class=\"_ _3b\"> </span>difficolt\u00e0 <span class=\"_ _3b\"> </span>finanziaria <span class=\"_ _3b\"> </span>(del <span class=\"_ _1f\"> </span>debitore <span class=\"_ _3b\"> </span>performing) <span class=\"_ _2a\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _3b\"> </span>in <span class=\"_ _3b\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _3b\"> </span>di rinegoziazione/rifinanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto, <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>la  c<span class=\"_ _3\"></span>lassificazione  di <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _1d\"> </span>(o <span class=\"_ _1d\"> </span>pi\u00f9) <span class=\"_ _1d\"> </span>linea/linee  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>credito <span class=\"_ _1d\"> </span>tra <span class=\"_ _1d\"> </span>quella/e  o<span class=\"_ _3\"></span>ggetto  di concessione nel cas<span class=\"_ _0\"></span>o si verifichi almeno u<span class=\"_ _0\"></span>na delle seguenti con<span class=\"_ _0\"></span>dizioni:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>un peggioramento sign<span class=\"_ _0\"></span>ificativo del rating d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l debitore rilevato n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l co<span class=\"_ _3\"></span>rso dei tre mesi precedenti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la p<span class=\"_ _3\"></span>resenza di <span class=\"_ _3\"></span>scaduti par<span class=\"_ _3\"></span>i o <span class=\"_ _3\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>trenta giorni <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data della <span class=\"_ _3\"></span>misura associato <span class=\"_ _3\"></span>a u<span class=\"_ _3\"></span>n livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating nella <span class=\"_ _3\"></span>fascia <span class=\"_ _6\"></span>pi\u00f9 </span>rischiosa; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">esito semaforico EWS (Ea<span class=\"_ _0\"></span>rly Warning System<span class=\"_ _0\"></span>) pari a \u201crosso\u201d, a<span class=\"_ _0\"></span>ssociato a un livello <span class=\"_ _0\"></span>di r<span class=\"_ _2\"></span><span class=\"ff1\">ating nella fasci<span class=\"_ _0\"></span>a pi\u00f9 rischiosa. </span></span></span>Lo stato di difficolt<span class=\"_ _0\"></span>\u00e0 finanziaria si presum<span class=\"_ _0\"></span>e sempre nel caso in c<span class=\"_ _0\"></span>ui il debitore sia clas<span class=\"_ _0\"></span>sificato tra le attivit\u00e0<span class=\"_ _0\"></span> deteriorate<span class=\"_ _2\"></span>. La <span class=\"_ _18\"> </span>definizione <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>es<span class=\"_ _0\"></span>posizione <span class=\"_ _18\"> </span>forborne <span class=\"_ _18\"> </span>risulta <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>\u201ctrasversale\u201d <span class=\"_ _18\"> </span>alle <span class=\"_ _1c\"> </span>macro<span class=\"_ _3\"></span><span class=\"ff1\">-categorie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>cl<span class=\"_ _3\"></span>assificazione <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>crediti </span>(performing e <span class=\"_ _2\"></span>non performing). <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>forborne <span class=\"_ _3\"></span>assets, <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere r<span class=\"_ _3\"></span>icompresi nello <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>(performing) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>(Non<span class=\"_ _0\"></span> Performing <span class=\"ff4\">\u2013</span> c.d. operazio<span class=\"_ _0\"></span>ni oggetto di co<span class=\"_ _0\"></span>ncessioni deteriorate)<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span>Le <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>forbearance <span class=\"_ _2\"></span>concesse <span class=\"_ _5\"></span>vengon<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>monitorate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>minimi, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenziati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>amministrativo <span class=\"_ _2\"></span>di rischio assegnato all<span class=\"_ _0\"></span>a controparte, in dettagli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">24 mesi per le posizion<span class=\"_ _0\"></span>i in bonis (\u201cprobat<span class=\"_ _0\"></span>ion period\u201d);<span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>36 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>deteriorato, <span class=\"_ _7\"> </span>rappresentati<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff4\">da <span class=\"_ _7\"> </span>12  m<span class=\"_ _35\"></span>esi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>\u201ccure <span class=\"_ _7\"> </span>period\u201d <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>lteriori <span class=\"_ _7\"> </span>24 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>di </span></span>\u201cprobation period\u201d.<span class=\"ff1\"> </span>All\u2019atto <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>concessione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Forbeara<span class=\"_ _0\"></span>nce <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>controparte <span class=\"_ _1d\"> </span>performing, <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>effettuate <span class=\"_ _1d\"> </span>verifich<span class=\"_ _0\"></span>e quantitative <span class=\"_ _6\"></span>(indicatore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _4\"></span>ridotta <span class=\"_ _6\"></span>stabili<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>misura <span class=\"_ _4\"> </span>dell\u20191%) <span class=\"_ _6\"></span>e/o <span class=\"_ _4\"> </span>qualitative <span class=\"_ _6\"> </span>previste <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Linee </span>Guida <span class=\"_ _7\"> </span>EBA <span class=\"_ _7\"> </span>sull\u2019applicazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>default <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _7\"> </span>dell\u2019articolo <span class=\"_ _4\"> </span>178 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>regolamento <span class=\"_ _7\"> </span>(UE) <span class=\"_ _7\"> </span>n. <span class=\"_ _7\"> </span>575/2013 <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he potrebbero determin<span class=\"_ _0\"></span>are l\u2019eventuale classifi<span class=\"_ _0\"></span>cazione tra i Crediti D<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>terior<span class=\"_ _3\"></span><span class=\"ff1\">ati. </span>L\u2019identificazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un\u2019esposizione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>forborne <span class=\"_ _7\"> </span>implica <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ecessariamente, <span class=\"_ _4\"> </span>secondo <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>interpretazioni <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa Sanpaolo,  l\u2019esistenza  di  un <span class=\"_ _1d\"> </span>\u201cincremento  significati<span class=\"_ _0\"></span>vo\u201d  della  rischiosit\u00e0 <span class=\"_ _1d\"> </span>rispett<span class=\"_ _0\"></span>o  all\u2019origination  del <span class=\"_ _1d\"> </span>credito  (e,  quindi,  una<span class=\"_ _5\"></span><span class=\"ff1\"> </span>classificazione <span class=\"ff4\">\u2013</span> <span class=\"ff4\">in sede di a<span class=\"_ _0\"></span>ssegnazione dell\u2019attr<span class=\"_ _0\"></span>ibuto \u201cforborne\u201d \u2013<span class=\"ff1\"> negli Stages 2 o 3). </span></span>A <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>forbearance, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riguardano <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>finanziaria, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>rinegoz<span class=\"_ _2\"></span>iazioni per <span class=\"_ _4\"> </span>motivi <span class=\"_ _6\"></span>commerciali <span class=\"_ _4\"></span>vedono <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>involti <span class=\"_ _4\"> </span>debitori <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>versano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>difficolt\u00e0 <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>inanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le operazioni volte ad a<span class=\"_ _0\"></span>deguare l\u2019onerosit\u00e0 <span class=\"_ _0\"></span>del debito alle c<span class=\"_ _0\"></span>ondizioni di merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>aventi <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>oggetto <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _4\"> </span>commerciali <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omportano <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>variazion<span class=\"_ _2\"></span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>originarie <span class=\"_ _7\"> </span>del contratto, <span class=\"_ _5\"></span>solitamente <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>aspetti <span class=\"_ _6\"></span>connessi <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>onerosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>debito <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>su<span class=\"_ _5\"></span><span class=\"ls17\">a </span>durata), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _4\"></span>economico <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>debitore. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>ritiene <span class=\"_ _6\"></span>c<span class=\"_ _5\"></span>he, <span class=\"_ _4\"></span>ogniqualvolta <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>banca effettui <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>rinegoziazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>evitare <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdere <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>proprio <span class=\"_ _2\"></span>cliente, <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>inegoziazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>co<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>me sostanziale in quanto, se non <span class=\"_ _3\"></span>fosse effettuata, il cliente si <span class=\"_ _3\"></span>finanzierebbe presso un altro intermed<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>rio e la banca <span class=\"_ _3\"></span>subirebbe un decremento dei ricavi f<span class=\"_ _0\"></span>uturi previsti. Tali <span class=\"_ _6\"></span>operazioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>determinate <span class=\"_ _5\"></span>condizioni, <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>contabilmente <span class=\"_ _6\"></span>assimilate <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>un\u2019estinzione <span class=\"_ _5\"></span>anticipata <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>debito <span class=\"_ _6\"> </span>originario <span class=\"_ _6\"></span>e all\u2019apertura di un nuo<span class=\"_ _0\"></span>vo finanziamento.<span class=\"_ _90\"> </span>INFORMAZIONI DI N<span class=\"_ _3\"></span>ATURA QUANT<span class=\"_ _3\"></span>ITATIVA<span class=\"_ _3\"></span> A. QUALIT\u00c0 DEL CR<span class=\"_ _3\"></span>EDITO<span class=\"_ _3\"></span> Ai fini dell\u2019informativa di natura quantitativa sulla qualit\u00e0<span class=\"_ _0\"></span> del credito, con il termine \u201cesposizioni creditizie\u201d si intendo<span class=\"_ _5\"></span><span class=\"ff1\">no esclusi i </span>titoli di capitale e le q<span class=\"_ _0\"></span>uote di OICR. Con <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>termin<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span><span class=\"ff4\">\u201cesposizioni <span class=\"_ _5\"></span>creditizie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>cassa\u201d <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>intendono <span class=\"_ _5\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>per <span class=\"_ _4\"> </span>cassa <span class=\"_ _6\"></span>vantate <span class=\"_ _6\"></span>verso <span class=\"_ _6\"> </span>banche <span class=\"_ _5\"></span>o </span>clientela, <span class=\"_ _4\"> </span>qualunque <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>allocazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _4\"> </span>(valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>economico, valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _4\"></span>complessiva,<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> dismissione). I crediti a vista verso banche e <span class=\"_ _3\"></span>Banche Centrali rientrano nella definizione di esposizioni creditizie per cass<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> ma sono convenzionalmente esclu<span class=\"_ _0\"></span>si dalle tabelle dell<span class=\"_ _0\"></span>a Sezione 1, salvo i <span class=\"_ _0\"></span>casi espressamente i<span class=\"_ _0\"></span>ndicati in cui occorre c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nsiderarli.<span class=\"_ _2\"></span><span class=\"ff9 fs19\"> </span>Con <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>\u201cesposizioni <span class=\"_ _6\"> </span>creditizie <span class=\"_ _6\"></span>fuori <span class=\"_ _6\"> </span>bilancio\u201d <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>intendono <span class=\"_ _6\"> </span>tutte <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>quelle<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>cas<span class=\"_ _6\"></span><span class=\"ff1\">sa<span class=\"_ _0\"></span> </span>(garanzie <span class=\"_ _4\"> </span>finanzia<span class=\"ff4\">rie <span class=\"_ _7\"> </span>rilasciate, <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>revocabili <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>irrevocabili, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mportano <span class=\"_ _4\"> </span>l\u2019assunzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>rischio </span>creditizio, qualunque s<span class=\"_ _3\"></span>ia l<span class=\"_ _3\"></span>a finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali operazioni <span class=\"_ _3\"></span>(negoziazione, copertura, ecc.). <span class=\"_ _3\"></span>Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>esposizioni creditizie fuor<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>bilancio, \u00e8 altres\u00ec incluso il <span class=\"_ _3\"></span>rischio di controparte connesso con le eventuali operazioni di prestito titoli. Cos\u00ec come viene riportato se del caso il rischio di <span class=\"_ _3\"></span>controparte connesso con le esposizioni relative<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>a operazioni pronti contro termine passive, di <span class=\"_ _3\"></span>concession<span class=\"_ _2\"></span>e o assu<span class=\"ff4\">nzione di merci in prestito, <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>onch\u00e9 con i finanziamenti c<span class=\"_ _0\"></span>on margini rientranti nella nozio<span class=\"_ _0\"></span>ne di \u201cOperazioni SFT<span class=\"_ _0\"></span>\u201d (Securities </span>Financing Transaction<span class=\"_ _0\"></span>s) definita nella no<span class=\"_ _0\"></span>rmativa prudenziale. Le <span class=\"_ _1d\"> </span>esposizioni <span class=\"_ _17\"> </span>creditizie <span class=\"_ _1d\"> </span>deteriorate <span class=\"_ _17\"> </span>(per <span class=\"_ _1d\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>fuori <span class=\"_ _17\"> </span>bilancio) <span class=\"_ _1d\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _17\"> </span>includono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>la negoziazione  e  i  derivati  di  copertura,  che  sono  pertanto,  convenzionalme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te,  rilevati  tra  le  esposizioni  creditizie  non<span class=\"_ _0\"></span> deteriorate. A.1. <span class=\"_ _7\"> </span>E<span class=\"_ _3\"></span>sposizioni <span class=\"_ _16\"> </span>creditizie <span class=\"_ _16\"> </span>deteriorate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>deterio<span class=\"_ _3\"></span>rate: <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>nsisten<span class=\"_ _3\"></span>ze, <span class=\"_ _16\"> </span>rettifiche <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valore, <span class=\"_ _16\"> </span>dinamica <span class=\"_ _16\"> </span>e distribuzione economica A.1.1. Consolidato pru<span class=\"_ _0\"></span>denziale - Distribuzione delle atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie per<span class=\"_ _0\"></span> fasce di scadut<span class=\"_ _0\"></span>o (valori di bilancio) (milioni di euro) Portafogli/stadi di rischio PRIMO STADIO SECONDO STADIO TERZO STADIO IMPAIRED ACQUISITE O ORIGINATE Da 1 giorno a 30 giorni Da oltre 30 giorni fino a 90 giorni  Oltre 90 giorni Da 1 giorno a 30 giorni Da oltre 30 giorni fino a 90 giorni  Oltre 90 giorni Da 1 giorno a 30 giorni Da oltre 30 giorni fino a 90 giorni  Oltre 90 giorni Da 1 giorno a 30 giorni Da oltre 30 giorni fino a 90 giorni  Oltre 90 giorni  1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 1.823 168<span class=\"ls0\"> </span>272<span class=\"ls0\"> </span>686<span class=\"ls0\"> </span>466<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>360<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>2.913 10<span class=\"ls0\"> </span>4 138<span class=\"ls0\"> </span>2. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 45<span class=\"ls0\"> </span>- 49<span class=\"ls0\"> </span>- - - - - - - - - 3. Attivit\u00e0 finanziarie in corso di dismissione - - - - - - 4 5 277<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>Totale 31.12.2022 1.868 168<span class=\"ls0\"> </span>321<span class=\"ls0\"> </span>686<span class=\"ls0\"> </span>466<span class=\"ls0\"> </span>129<span class=\"ls0\"> </span>364<span class=\"ls0\"> </span>192<span class=\"ls0\"> </span>3.190 10<span class=\"ls0\"> </span>4 148<span class=\"ls0\"> </span>Totale 31.12.2021 2.192 236<span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>2.623 598<span class=\"ls0\"> </span>194<span class=\"ls0\"> </span>466<span class=\"ls0\"> </span>237<span class=\"ls0\"> </span>5.455 7 9 261<span class=\"_ _90\"> </span>A.1.2. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenzia<span class=\"_ _0\"></span>le <span class=\"_ _17\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzia<span class=\"_ _0\"></span>rie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e <span class=\"_ _17\"> </span>garanzie  fi<span class=\"_ _3\"></span>nanziarie  rilasciate: dinamica delle rettifi<span class=\"_ _0\"></span>che di valore complessiv<span class=\"_ _0\"></span>e e degli accantonament<span class=\"_ _0\"></span>i complessivi  (milioni di<span class=\"_ _0\"></span> euro) Causali/stadi di<span class=\"_ _0\"></span> rischio  RETTIFICHE DI<span class=\"_ _0\"></span> VALORE COM<span class=\"_ _0\"></span>PLESSIVE Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel primo sta<span class=\"_ _0\"></span>dio Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel secondo sta<span class=\"_ _35\"></span>dio Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Rettifiche comple<span class=\"_ _0\"></span>ssive iniziali - 766<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 577<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>1 1.792 11<span class=\"ls0\"> </span>- 1.577 227<span class=\"ls0\"> </span>Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 finanziarie<span class=\"_ _0\"></span> acquisite o orig<span class=\"_ _0\"></span>inate - 302<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 230<span class=\"ls0\"> </span>83<span class=\"ls0\"> </span>- 23<span class=\"ls0\"> </span>- - 1 22<span class=\"ls0\"> </span>Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-<span class=\"_ _90\"> </span>off - -<span class=\"ls3b\">78</span> -<span class=\"ls3b\">15</span> - -<span class=\"ls3b\">69</span> -<span class=\"ls3b\">24</span> - -<span class=\"ls3b\">113</span> -1 - -<span class=\"ls3b\">102</span> -<span class=\"ls3b\">12</span> Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per rischio di cre<span class=\"_ _0\"></span>dito -2 -<span class=\"ls3b\">264</span> - - -<span class=\"ls3b\">220</span> -<span class=\"ls3b\">46</span> -1 283<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- 83<span class=\"ls0\"> </span>236<span class=\"ls0\"> </span>Modifiche con<span class=\"_ _0\"></span>trattuali senza cancellazi<span class=\"_ _0\"></span>oni - 18<span class=\"ls0\"> </span>- - 7 11<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>7 Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima - -3 - - - -3 - 3 - - - 3 Write-off non rileva<span class=\"_ _0\"></span>ti direttamente a conto<span class=\"_ _35\"></span> economico - - - - - - - - - - - - Altre variazioni<span class=\"_ _0\"></span> 2 -<span class=\"ls3b\">34</span> - - -4 -<span class=\"ls3b\">28</span> - -<span class=\"ls3b\">22</span> - - 14<span class=\"ls0\"> </span>-<span class=\"ls3b\">36</span> Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i - 707<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>- 521<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>- 1.988 47<span class=\"ls0\"> </span>- 1.588 447<span class=\"ls0\"> </span>Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di write-off<span class=\"_ _0\"></span> - - - - - - - - - - - - Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto economico<span class=\"_ _35\"></span> - - - - - - - - - - - - (milioni di<span class=\"_ _0\"></span> euro) Causali/stadi di<span class=\"_ _0\"></span> rischio  RETTIFICHE DI<span class=\"_ _0\"></span> VALORE COM<span class=\"_ _0\"></span>PLESSIVE Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel terzo stadio<span class=\"_ _0\"></span> Attivit\u00e0 finanziarie<span class=\"_ _35\"></span> i<span class=\"_ _3\"></span>mpaired acq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isite o orig<span class=\"_ _0\"></span>inate Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Rettifiche comp<span class=\"_ _0\"></span>lessive iniziali - 8.161 35<span class=\"ls0\"> </span>3.231 10.940 487<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>- 67<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 finanziarie<span class=\"_ _0\"></span> acquisite o orig<span class=\"_ _0\"></span>inate - 2 - - 2 - X X X X X Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-off - -4.119 - -3.038 -7.128 -<span class=\"ls3b\">29</span> -<span class=\"ls3b\">53</span> - -<span class=\"ls3b\">67</span> -<span class=\"ls3b\">120</span> - Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per<span class=\"_ _35\"></span> rischio di credi<span class=\"_ _0\"></span>to - 1.587 1 - 1.344 244<span class=\"ls0\"> </span>4 - - 9 -5 Modifiche con<span class=\"_ _0\"></span>trattuali senza cancellazi<span class=\"_ _0\"></span>oni - 65<span class=\"ls0\"> </span>- - 61<span class=\"ls0\"> </span>4 2 - - - 2 Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima - - - - - - - - - - - Write-off non rileva<span class=\"_ _0\"></span>ti direttamente<span class=\"_ _0\"></span> a conto economico<span class=\"_ _35\"></span> - -<span class=\"ls3b\">517</span> - -<span class=\"ls3b\">103</span> -<span class=\"ls3b\">574</span> -<span class=\"ls3b\">46</span> -<span class=\"ls3b\">35</span> - - -<span class=\"ls3b\">35</span> - Altre variazioni<span class=\"_ _0\"></span> - 57<span class=\"ls0\"> </span>- 288<span class=\"ls0\"> </span>365<span class=\"ls0\"> </span>-<span class=\"ls3b\">20</span> 54<span class=\"ls0\"> </span>- 7 61<span class=\"ls0\"> </span>- Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i - 5.236 36<span class=\"ls0\"> </span>378<span class=\"ls0\"> </span>5.010 640<span class=\"ls0\"> </span>113<span class=\"ls0\"> </span>- 7 113<span class=\"ls0\"> </span>7 Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di write-off<span class=\"_ _0\"></span> - 41<span class=\"ls0\"> </span>- 1 40<span class=\"ls0\"> </span>2 - - - - - Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto economico<span class=\"_ _35\"></span> - -<span class=\"ls3b\">79</span> - - -<span class=\"ls3b\">76</span> -3 -<span class=\"ls3b\">10</span> - - -<span class=\"ls3b\">10</span> - <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.05157px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.2. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenzia<span class=\"_ _0\"></span>le <span class=\"_ _17\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzia<span class=\"_ _0\"></span>rie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e <span class=\"_ _17\"> </span>garanzie  fi<span class=\"_ _3\"></span>nanziarie  rilasciate: </div><div class=\"t m0 x16e h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">dinamica delle rettifi<span class=\"_ _0\"></span>che di valore complessiv<span class=\"_ _0\"></span>e e degli accantonament<span class=\"_ _0\"></span>i complessivi <span class=\"ffb\">\u2013</span> segue <span class=\"ffb\">\u2013</span> </div><div class=\"t m0 x0 h95 y3b6 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w254 h42\" style=\"left:504.79565px; bottom:811.1024px;\"><div class=\"t m0 xcc hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">(milioni di<span class=\"_ _0\"></span> euro) </div></div><div class=\"c w4a8 h1d8\" style=\"left:-4.050377px; bottom:698.00244px;\"><div class=\"t m0 x41 h107 y171a ff5 fs7 fc2 sc0 ls0 ws0\">Causali/stadi di<span class=\"_ _0\"></span> rischio  </div></div><div class=\"c w4a9 h1d9\" style=\"left:331.12863px; bottom:776.00244px;\"><div class=\"t m0 xab h107 yf1a ff5 fs7 fc2 sc0 ls0 ws0\">ACCANTONAMEN<span class=\"_ _0\"></span>TI COMPLESS<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span>VI SU IMPEGN<span class=\"_ _0\"></span>I A EROGARE<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>FONDI E </div><div class=\"t m0 xc0 h107 y744 ff5 fs7 fc2 sc0 ls0 ws0\">GARANZIE FINA<span class=\"_ _0\"></span>NZIARIE R<span class=\"_ _0\"></span>ILASCIATE </div></div><div class=\"c w343 h1d8\" style=\"left:562.2036px; bottom:698.00244px;\"><div class=\"t m0 x9a h107 y171a ff5 fs7 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w1de h1d3\" style=\"left:330.03662px; bottom:698.00244px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Primo stadio </div></div><div class=\"c w1de h1d3\" style=\"left:388.69263px; bottom:698.00244px;\"><div class=\"t m0 x45 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Secondo stadi<span class=\"_ _0\"></span>o  </div></div><div class=\"c w238 h1d3\" style=\"left:446.7246px; bottom:698.00244px;\"><div class=\"t m0 x97 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Terzo stadio  </div></div><div class=\"c w9e h1d3\" style=\"left:504.79565px; bottom:698.00244px;\"><div class=\"t m0 x94 hf y1715 ff1 fs7 fc2 sc0 ls0 ws0\">Impegni a </div><div class=\"t m0 xdd hf ycfe ff1 fs7 fc2 sc0 ls0 ws0\">erogare fond<span class=\"_ _0\"></span>i e </div><div class=\"t m0 x96 hf y1714 ff1 fs7 fc2 sc0 ls0 ws0\">garanzie </div><div class=\"t m0 x9b hf y10d8 ff1 fs7 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _0\"></span> </div><div class=\"t m0 x9a hf y708 ff1 fs7 fc2 sc0 ls0 ws0\">rilasciate </div><div class=\"t m0 x96 hf y7eb ff1 fs7 fc2 sc0 ls0 ws0\">impaired </div><div class=\"t m0 xae hf yb41 ff1 fs7 fc2 sc0 ls0 ws0\">acquisiti/e o </div><div class=\"t m0 x94 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">originati/e </div></div><div class=\"c w384 h1bd\" style=\"left:-4.050377px; bottom:672.5744px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">Rettifiche comp<span class=\"_ _0\"></span>lessive iniziali </div></div><div class=\"c w1de h1bd\" style=\"left:330.03662px; bottom:672.5744px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w1de h1bd\" style=\"left:388.69263px; bottom:672.5744px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w238 h1bd\" style=\"left:446.7246px; bottom:672.5744px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">233<span class=\"ls0\"> </span></div></div><div class=\"c w1de h1bd\" style=\"left:504.79565px; bottom:672.5744px;\"><div class=\"t m0 xa5 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h1bd\" style=\"left:562.2036px; bottom:672.5744px;\"><div class=\"t m0 x13 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">14.690 </div></div><div class=\"c w384 h7e\" style=\"left:-4.050377px; bottom:647.3024px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie acq<span class=\"_ _0\"></span>uisite o origin<span class=\"_ _0\"></span>ate </div></div><div class=\"c w1de h7e\" style=\"left:330.03662px; bottom:647.3024px;\"><div class=\"t m0 x48 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w1de h7e\" style=\"left:388.69263px; bottom:647.3024px;\"><div class=\"t m0 x43 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w238 h7e\" style=\"left:446.7246px; bottom:647.3024px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h7e\" style=\"left:504.79565px; bottom:647.3024px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h7e\" style=\"left:562.2036px; bottom:647.3024px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">363<span class=\"ls0\"> </span></div></div><div class=\"c w384 h47\" style=\"left:-4.050377px; bottom:627.8024px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-off </div></div><div class=\"c w1de h47\" style=\"left:330.03662px; bottom:627.8024px;\"><div class=\"t m0 xa4 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:627.8024px;\"><div class=\"t m0 xa4 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w238 h47\" style=\"left:446.7246px; bottom:627.8024px;\"><div class=\"t m0 xa4 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:627.8024px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h47\" style=\"left:562.2036px; bottom:627.8024px;\"><div class=\"t m0 xad h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-7.500 </div></div><div class=\"c w384 h8c\" style=\"left:-4.050377px; bottom:602.37445px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>rischio di credi<span class=\"_ _0\"></span>to </div></div><div class=\"c w1de h8c\" style=\"left:330.03662px; bottom:602.37445px;\"><div class=\"t m0 xd hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">42</span> </div></div><div class=\"c w1de h8c\" style=\"left:388.69263px; bottom:602.37445px;\"><div class=\"t m0 x48 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w238 h8c\" style=\"left:446.7246px; bottom:602.37445px;\"><div class=\"t m0 x48 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c w1de h8c\" style=\"left:504.79565px; bottom:602.37445px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h8c\" style=\"left:562.2036px; bottom:602.37445px;\"><div class=\"t m0 xb8 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">1.689 </div></div><div class=\"c w384 h5e\" style=\"left:-4.050377px; bottom:582.83545px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Modifiche con<span class=\"_ _0\"></span>trattuali senza cancel<span class=\"_ _0\"></span>lazioni </div></div><div class=\"c w1de h5e\" style=\"left:330.03662px; bottom:582.83545px;\"><div class=\"t m0 x43 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1de h5e\" style=\"left:388.69263px; bottom:582.83545px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w238 h5e\" style=\"left:446.7246px; bottom:582.83545px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h5e\" style=\"left:504.79565px; bottom:582.83545px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h5e\" style=\"left:562.2036px; bottom:582.83545px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">108<span class=\"ls0\"> </span></div></div><div class=\"c w384 h47\" style=\"left:-4.050377px; bottom:563.33545px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima </div></div><div class=\"c w1de h47\" style=\"left:330.03662px; bottom:563.33545px;\"><div class=\"t m0 x43 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:563.33545px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w238 h47\" style=\"left:446.7246px; bottom:563.33545px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:563.33545px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h47\" style=\"left:562.2036px; bottom:563.33545px;\"><div class=\"t m0 x43 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w384 h7e\" style=\"left:-4.050377px; bottom:538.0634px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Write-off non rileva<span class=\"_ _0\"></span>ti direttamente<span class=\"_ _0\"></span> a conto economico<span class=\"_ _35\"></span> </div></div><div class=\"c w1de h7e\" style=\"left:330.03662px; bottom:538.0634px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h7e\" style=\"left:388.69263px; bottom:538.0634px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w238 h7e\" style=\"left:446.7246px; bottom:538.0634px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h7e\" style=\"left:504.79565px; bottom:538.0634px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h7e\" style=\"left:562.2036px; bottom:538.0634px;\"><div class=\"t m0 x98 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">655</span> </div></div><div class=\"c w384 h47\" style=\"left:-4.050377px; bottom:518.5634px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Altre variazioni<span class=\"_ _0\"></span> </div></div><div class=\"c w1de h47\" style=\"left:330.03662px; bottom:518.5634px;\"><div class=\"t m0 x48 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:518.5634px;\"><div class=\"t m0 x48 hf yec8 ff1 fs7 fc2 sc0 ls3b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w238 h47\" style=\"left:446.7246px; bottom:518.5634px;\"><div class=\"t m0 xa4 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:518.5634px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h47\" style=\"left:562.2036px; bottom:518.5634px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">425<span class=\"ls0\"> </span></div></div><div class=\"c w384 h47\" style=\"left:-4.050377px; bottom:499.06342px;\"><div class=\"t m0 x41 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i </div></div><div class=\"c w1de h47\" style=\"left:330.03662px; bottom:499.06342px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">153<span class=\"ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:388.69263px; bottom:499.06342px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w238 h47\" style=\"left:446.7246px; bottom:499.06342px;\"><div class=\"t m0 xd9 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">267<span class=\"ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:504.79565px; bottom:499.06342px;\"><div class=\"t m0 xa5 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h47\" style=\"left:562.2036px; bottom:499.06342px;\"><div class=\"t m0 xb8 h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">9.121 </div></div><div class=\"c w384 h8c\" style=\"left:-4.050377px; bottom:473.63544px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie og<span class=\"_ _0\"></span>getto di write-off </div></div><div class=\"c w1de h8c\" style=\"left:330.03662px; bottom:473.63544px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h8c\" style=\"left:388.69263px; bottom:473.63544px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w238 h8c\" style=\"left:446.7246px; bottom:473.63544px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h8c\" style=\"left:504.79565px; bottom:473.63544px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h8c\" style=\"left:562.2036px; bottom:473.63544px;\"><div class=\"t m0 x48 h107 yec8 ff5 fs7 fc2 sc0 ls3b ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w384 h7e\" style=\"left:-4.050377px; bottom:448.3634px;\"><div class=\"t m0 x41 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto<span class=\"_ _35\"></span> economico </div></div><div class=\"c w1de h7e\" style=\"left:330.03662px; bottom:448.3634px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h7e\" style=\"left:388.69263px; bottom:448.3634px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w238 h7e\" style=\"left:446.7246px; bottom:448.3634px;\"><div class=\"t m0 xa hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1de h7e\" style=\"left:504.79565px; bottom:448.3634px;\"><div class=\"t m0 xa5 hf yec8 ff1 fs7 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f7 h7e\" style=\"left:562.2036px; bottom:448.3634px;\"><div class=\"t m0 xd h107 yec8 ff5 fs7 fc2 sc0 ls0 ws0\">-<span class=\"ls3b\">89</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.05157px;\"><div class=\"t m0 x0 h95 y81b ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y1338 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d2 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo non <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>metodo <span class=\"_ _2\"></span>semplificato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione del <span class=\"_ _3\"></span>fondo a <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>in relazione </div><div class=\"t m0 x0 h2 y43 ff1 fs0 fc0 sc0 ls0 ws0\">ai crediti commerciali, alle attivit\u00e0 derivanti da contratto e ai<span class=\"_ _3\"></span> crediti impliciti nei contratti di leasing (metodo previsto<span class=\"_ _5\"></span> <span class=\"ff4\">dall\u2019IFRS</span> <span class=\"lsc\">9 </span></div><div class=\"t m0 x0 h2 y3d3 ff1 fs0 fc0 sc0 ls0 ws0\">paragrafo 5.5.15). </div><div class=\"t m0 x0 h34 y72c ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 yc8f ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y14a6 ffa fs0 fc2 sc0 ls0 ws0\">A.1.3. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenziale <span class=\"_ _1d\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0  finanziarie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>garanzie  f<span class=\"_ _3\"></span>inanziarie  rilasciate: </div><div class=\"t m0 x16e h95 y171b ffa fs0 fc2 sc0 ls0 ws0\">trasferimenti tra di<span class=\"_ _0\"></span>versi stadi di rischio di c<span class=\"_ _0\"></span>redito (valori lord<span class=\"_ _0\"></span>i e nominali)<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 yfe0 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1b h5a\" style=\"left:522.42365px; bottom:316.51743px;\"><div class=\"t m0 xe h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w4aa h10\" style=\"left:-4.050377px; bottom:300.91742px;\"><div class=\"t m0 x41 h8d ya10 ff5 fse fc2 sc0 ls29 ws0\">Portafogli/stadi di rischio<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w4ac h10\" style=\"left:326.42264px; bottom:300.91742px;\"><div class=\"t m0 xc7 h8d ya10 ff5 fse fc2 sc0 ls29 ws0\">VALORI <span class=\"ls0\">LORDI/VALORE NOMINALE<span class=\"_ _3\"></span> </span></div></div><div class=\"c w4ad h5f\" style=\"left:326.42264px; bottom:261.29343px;\"><div class=\"t m0 x6 h8d ya24 ff5 fse fc2 sc0 ls0 ws0\">Trasferimenti tra </div><div class=\"t m0 x14 h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">primo stadio e </div><div class=\"t m0 x97 h8d y6fe ff5 fse fc2 sc0 ls28 ws0\">secondo stadio<span class=\"ls0\"> </span></div></div><div class=\"c w4ae h5f\" style=\"left:423.9486px; bottom:261.29343px;\"><div class=\"t m0 x6 h8d ya24 ff5 fse fc2 sc0 ls0 ws0\">Trasferimenti tra </div><div class=\"t m0 x12 h8d ya25 ff5 fse fc2 sc0 ls28 ws0\">secondo stadio e </div><div class=\"t m0 x94 h8d y6fe ff5 fse fc2 sc0 ls9 ws0\">terzo stadio<span class=\"ls0\"> </span></div></div><div class=\"c w184 h5f\" style=\"left:522.42365px; bottom:261.29343px;\"><div class=\"t m0 x6 h8d ya24 ff5 fse fc2 sc0 ls0 ws0\">Trasferimenti tra </div><div class=\"t m0 x45 h8d ya25 ff5 fse fc2 sc0 ls2b ws0\">primo stadio e terzo </div><div class=\"t m0 xe h8d y6fe ff5 fse fc2 sc0 ls28 ws0\">stadio<span class=\"ls0\"> </span></div></div><div class=\"c w2e6 h1da\" style=\"left:326.42264px; bottom:209.65744px;\"><div class=\"t m0 xdd h2c ybfb ff1 fse fc2 sc0 ls26 ws0\">Da primo </div><div class=\"t m0 x41 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">a secondo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w39 h1da\" style=\"left:374.4966px; bottom:209.65744px;\"><div class=\"t m0 x13 h2c y866 ff1 fse fc2 sc0 ls26 ws0\">Da </div><div class=\"t m0 x87 h2c y7d1 ff1 fse fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x6 h2c ybfb ff1 fse fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x95 h2c y562 ff1 fse fc2 sc0 ls28 ws0\">primo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w30 h1da\" style=\"left:423.9486px; bottom:209.65744px;\"><div class=\"t m0 x13 h2c y866 ff1 fse fc2 sc0 ls26 ws0\">Da </div><div class=\"t m0 x87 h2c y7d1 ff1 fse fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x6 h2c ybfb ff1 fse fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls27 ws0\">terzo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w3b h1da\" style=\"left:473.71265px; bottom:209.65744px;\"><div class=\"t m0 x87 h2c y7d1 ff1 fse fc2 sc0 ls26 ws0\">Da terzo </div><div class=\"t m0 x6 h2c ybfb ff1 fse fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x87 h2c y562 ff1 fse fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio  </div></div><div class=\"c w30 h1da\" style=\"left:522.42365px; bottom:209.65744px;\"><div class=\"t m0 xdd h2c y7d1 ff1 fse fc2 sc0 ls26 ws0\">Da primo </div><div class=\"t m0 x6 h2c ybfb ff1 fse fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x94 h2c y562 ff1 fse fc2 sc0 ls27 ws0\">terzo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w39 h1da\" style=\"left:570.6276px; bottom:209.65744px;\"><div class=\"t m0 x87 h2c y7d1 ff1 fse fc2 sc0 ls26 ws0\">Da terzo </div><div class=\"t m0 x6 h2c ybfb ff1 fse fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x9b h2c y562 ff1 fse fc2 sc0 ls28 ws0\">primo </div><div class=\"t m0 x88 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">stadio  </div></div><div class=\"c w4aa h47\" style=\"left:-4.050377px; bottom:189.37741px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al costo am<span class=\"_ _3\"></span>mortizzato <span class=\"ls0\"> </span></div></div><div class=\"c w1fb h47\" style=\"left:326.42264px; bottom:189.37741px;\"><div class=\"t m0 xae h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">27.417<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:374.4966px; bottom:189.37741px;\"><div class=\"t m0 xae h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">21.356<span class=\"ls0\"> </span></div></div><div class=\"c w34 h47\" style=\"left:423.9486px; bottom:189.37741px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.442<span class=\"ls0\"> </span></div></div><div class=\"c w35 h47\" style=\"left:473.71265px; bottom:189.37741px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">534<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:522.42365px; bottom:189.37741px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.708<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:570.6276px; bottom:189.37741px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w4aa h7d\" style=\"left:-4.050377px; bottom:158.17743px;\"><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls28 ws0\">2. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al fair value <span class=\"_ _3\"></span>con impatto sulla </div><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">redditivit\u00e0 complessiva <span class=\"ls0\"> </span></div></div><div class=\"c w1fb h7d\" style=\"left:326.42264px; bottom:158.17743px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">767<span class=\"ls0\"> </span></div></div><div class=\"c w33 h7d\" style=\"left:374.4966px; bottom:158.17743px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w34 h7d\" style=\"left:423.9486px; bottom:158.17743px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35 h7d\" style=\"left:473.71265px; bottom:158.17743px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h7d\" style=\"left:522.42365px; bottom:158.17743px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h7d\" style=\"left:570.6276px; bottom:158.17743px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4aa h5b\" style=\"left:-4.050377px; bottom:139.76944px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">3. Attivit\u00e0 finanziarie in corso<span class=\"_ _3\"></span> di dismission<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h5b\" style=\"left:326.42264px; bottom:139.76944px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h5b\" style=\"left:374.4966px; bottom:139.76944px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h5b\" style=\"left:423.9486px; bottom:139.76944px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35 h5b\" style=\"left:473.71265px; bottom:139.76944px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h5b\" style=\"left:522.42365px; bottom:139.76944px;\"><div class=\"t m0 x98 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w33 h5b\" style=\"left:570.6276px; bottom:139.76944px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4af h5e\" style=\"left:-4.050377px; bottom:120.23044px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">4. Impegni a erogare fondi <span class=\"_ _3\"></span>e garanzie finanziarie r<span class=\"_ _3\"></span>ilasciate<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h5e\" style=\"left:326.42264px; bottom:120.23044px;\"><div class=\"t m0 xae h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">19.170<span class=\"ls0\"> </span></div></div><div class=\"c w33 h5e\" style=\"left:374.4966px; bottom:120.23044px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">6.537<span class=\"ls0\"> </span></div></div><div class=\"c w34 h5e\" style=\"left:423.9486px; bottom:120.23044px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">311<span class=\"ls0\"> </span></div></div><div class=\"c w35 h5e\" style=\"left:473.71265px; bottom:120.23044px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w33 h5e\" style=\"left:522.42365px; bottom:120.23044px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">511<span class=\"ls0\"> </span></div></div><div class=\"c w33 h5e\" style=\"left:570.6276px; bottom:120.23044px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w4aa h47\" style=\"left:-4.050377px; bottom:100.73042px;\"><div class=\"t m0 xb9 h8d y6ff ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w4ab h47\" style=\"left:223.61862px; bottom:100.73042px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h47\" style=\"left:326.42264px; bottom:100.73042px;\"><div class=\"t m0 xae h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">47.354<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:374.4966px; bottom:100.73042px;\"><div class=\"t m0 xae h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">27.936<span class=\"ls0\"> </span></div></div><div class=\"c w34 h47\" style=\"left:423.9486px; bottom:100.73042px;\"><div class=\"t m0 x95 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">1.753<span class=\"ls0\"> </span></div></div><div class=\"c w35 h47\" style=\"left:473.71265px; bottom:100.73042px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">556<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:522.42365px; bottom:100.73042px;\"><div class=\"t m0 x95 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">2.219<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:570.6276px; bottom:100.73042px;\"><div class=\"t m0 x86 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c w4aa h47\" style=\"left:-4.050377px; bottom:79.35843px;\"><div class=\"t m0 xb9 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w4ab h47\" style=\"left:223.61862px; bottom:79.35843px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c w1fb h47\" style=\"left:326.42264px; bottom:79.35843px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">49.645<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:374.4966px; bottom:79.35843px;\"><div class=\"t m0 xae h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">39.553<span class=\"ls0\"> </span></div></div><div class=\"c w34 h47\" style=\"left:423.9486px; bottom:79.35843px;\"><div class=\"t m0 x95 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.607<span class=\"ls0\"> </span></div></div><div class=\"c w35 h47\" style=\"left:473.71265px; bottom:79.35843px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">451<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:522.42365px; bottom:79.35843px;\"><div class=\"t m0 x95 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">1.709<span class=\"ls0\"> </span></div></div><div class=\"c w33 h47\" style=\"left:570.6276px; bottom:79.35843px;\"><div class=\"t m0 x86 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">224<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-317.97778px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.3a Finanziamenti o<span class=\"_ _0\"></span>ggetto di misure di sost<span class=\"_ _0\"></span>egno COVID-19: trasferimenti tra i diver<span class=\"_ _0\"></span>si stadi di rischio di <span class=\"_ _0\"></span>credito </div><div class=\"t m0 x127 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">(valori lordi) </div><div class=\"t m0 x0 h2 y3b6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w4b1 h41\" style=\"left:491.18463px; bottom:641.24023px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w4b2 h1db\" style=\"left:-4.050377px; bottom:507.54822px;\"><div class=\"t m0 x41 ha y1721 ff5 fs4 fc2 sc0 ls0 ws0\">Portafogli/stadi di r<span class=\"_ _3\"></span>ischio </div></div><div class=\"c w4b3 h1dc\" style=\"left:231.57462px; bottom:617.8402px;\"><div class=\"t m0 x125 ha ye89 ff5 fs4 fc2 sc0 ls0 ws0\">VALORI LORDI/VA<span class=\"_ _3\"></span>LORE NOMINA<span class=\"_ _3\"></span>LE </div></div><div class=\"c w4b1 h1dd\" style=\"left:231.57462px; bottom:559.3402px;\"><div class=\"t m0 x6 ha y1722 ff5 fs4 fc2 sc0 ls0 ws0\">Trasferimenti tra prim<span class=\"_ _3\"></span>o </div><div class=\"t m0 x1a ha y7da ff5 fs4 fc2 sc0 ls0 ws0\"> stadio e second<span class=\"_ _3\"></span>o stadio<span class=\"_ _3\"></span> </div></div><div class=\"c w4b4 h1dd\" style=\"left:361.70462px; bottom:559.3402px;\"><div class=\"t m0 x45 ha y1722 ff5 fs4 fc2 sc0 ls0 ws0\">Trasferimenti tra se<span class=\"_ _3\"></span>condo </div><div class=\"t m0 x14 ha y7da ff5 fs4 fc2 sc0 ls0 ws0\">stadio e terzo st<span class=\"_ _3\"></span>adio </div></div><div class=\"c w4b5 h1dd\" style=\"left:491.18463px; bottom:559.3402px;\"><div class=\"t m0 x6 ha y1722 ff5 fs4 fc2 sc0 ls0 ws0\">Trasferimenti tra prim<span class=\"_ _3\"></span>o </div><div class=\"t m0 x14 ha y7da ff5 fs4 fc2 sc0 ls0 ws0\">stadio e terzo st<span class=\"_ _3\"></span>adio </div></div><div class=\"c w32b h1de\" style=\"left:231.57462px; bottom:507.54822px;\"><div class=\"t m0 x6 hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da primo a </div><div class=\"t m0 x94 hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 xe hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wfb h1de\" style=\"left:296.4706px; bottom:507.54822px;\"><div class=\"t m0 x1a hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da secondo </div><div class=\"t m0 x96 hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x1a hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">primo stadio<span class=\"_ _3\"></span> </div></div><div class=\"c w40 h1de\" style=\"left:361.70462px; bottom:507.54822px;\"><div class=\"t m0 x1a hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da secondo </div><div class=\"t m0 xab hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">stadio a terzo </div><div class=\"t m0 xe hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w7 h1de\" style=\"left:425.97662px; bottom:507.54822px;\"><div class=\"t m0 x94 hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da terzo </div><div class=\"t m0 x96 hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x94 hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">secondo </div><div class=\"t m0 xe hb y7b4 ff1 fs4 fc2 sc0 ls0 ws0\">stadio  </div></div><div class=\"c wc7 h1de\" style=\"left:491.18463px; bottom:507.54822px;\"><div class=\"t m0 x95 hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da primo </div><div class=\"t m0 xab hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">stadio a terzo </div><div class=\"t m0 xe hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w32b h1de\" style=\"left:556.43164px; bottom:507.54822px;\"><div class=\"t m0 x94 hb y71c ff1 fs4 fc2 sc0 ls0 ws0\">Da terzo </div><div class=\"t m0 x96 hb y1382 ff1 fs4 fc2 sc0 ls0 ws0\">stadio a </div><div class=\"t m0 x1a hb y10d6 ff1 fs4 fc2 sc0 ls0 ws0\">primo stadio  </div></div><div class=\"c w4b6 hca\" style=\"left:-4.050377px; bottom:491.0122px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Finanziamenti v<span class=\"_ _3\"></span>alutati al cost<span class=\"_ _3\"></span>o ammortizzato<span class=\"_ _3\"></span> </div></div><div class=\"c w139 hca\" style=\"left:231.57462px; bottom:491.0122px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.345 </div></div><div class=\"c w222 hca\" style=\"left:296.4706px; bottom:491.0122px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.923 </div></div><div class=\"c w7 hca\" style=\"left:361.70462px; bottom:491.0122px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">211<span class=\"ls0\"> </span></div></div><div class=\"c w10d hca\" style=\"left:425.97662px; bottom:491.0122px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c wfb hca\" style=\"left:491.18463px; bottom:491.0122px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">323<span class=\"ls0\"> </span></div></div><div class=\"c w139 hca\" style=\"left:556.43164px; bottom:491.0122px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w4b6 h41\" style=\"left:-4.050377px; bottom:474.4762px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.1 oggetto di conc<span class=\"_ _3\"></span>essione conform<span class=\"_ _3\"></span>e con le GL<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:231.57462px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h41\" style=\"left:296.4706px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:361.70462px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h41\" style=\"left:425.97662px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h41\" style=\"left:491.18463px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h41\" style=\"left:556.43164px; bottom:474.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b6 h5f\" style=\"left:-4.050377px; bottom:435.4762px;\"><div class=\"t m0 x12 hb y8d1 ff1 fs4 fc2 sc0 ls0 ws0\">A.2 oggetto di misu<span class=\"_ _3\"></span>re di moratoria in <span class=\"_ _3\"></span>essere non <span class=\"_ _3\"></span>pi\u00f9 </div><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">conformi alle GL e<span class=\"_ _3\"></span> non valutate com<span class=\"_ _3\"></span>e oggetto di </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w139 h5f\" style=\"left:231.57462px; bottom:435.4762px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w222 h5f\" style=\"left:296.4706px; bottom:435.4762px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w7 h5f\" style=\"left:361.70462px; bottom:435.4762px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w10d h5f\" style=\"left:425.97662px; bottom:435.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h5f\" style=\"left:491.18463px; bottom:435.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h5f\" style=\"left:556.43164px; bottom:435.4762px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b6 h69\" style=\"left:-4.050377px; bottom:418.90125px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.3 oggetto di altr<span class=\"_ _3\"></span>e misure di conce<span class=\"_ _3\"></span>ssione<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h69\" style=\"left:231.57462px; bottom:418.90125px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">289<span class=\"ls0\"> </span></div></div><div class=\"c w222 h69\" style=\"left:296.4706px; bottom:418.90125px;\"><div class=\"t m0 xa2 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w7 h69\" style=\"left:361.70462px; bottom:418.90125px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w10d h69\" style=\"left:425.97662px; bottom:418.90125px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c wfb h69\" style=\"left:491.18463px; bottom:418.90125px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w139 h69\" style=\"left:556.43164px; bottom:418.90125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b6 h6a\" style=\"left:-4.050377px; bottom:402.20923px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">A.4 nuovi finanzi<span class=\"_ _3\"></span>amenti </div></div><div class=\"c w139 h6a\" style=\"left:231.57462px; bottom:402.20923px;\"><div class=\"t m0 xb8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">2.053 </div></div><div class=\"c w222 h6a\" style=\"left:296.4706px; bottom:402.20923px;\"><div class=\"t m0 xb8 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">2.902 </div></div><div class=\"c w7 h6a\" style=\"left:361.70462px; bottom:402.20923px;\"><div class=\"t m0 xd hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w10d h6a\" style=\"left:425.97662px; bottom:402.20923px;\"><div class=\"t m0 xa hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c wfb h6a\" style=\"left:491.18463px; bottom:402.20923px;\"><div class=\"t m0 xd hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">291<span class=\"ls0\"> </span></div></div><div class=\"c w139 h6a\" style=\"left:556.43164px; bottom:402.20923px;\"><div class=\"t m0 x43 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w4b6 h40\" style=\"left:-4.050377px; bottom:370.07324px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">B. Finanziamenti v<span class=\"_ _3\"></span>alutati al fair val<span class=\"_ _3\"></span>ue con impatto </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva </div></div><div class=\"c w139 h40\" style=\"left:231.57462px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h40\" style=\"left:296.4706px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h40\" style=\"left:361.70462px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h40\" style=\"left:425.97662px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h40\" style=\"left:491.18463px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h40\" style=\"left:556.43164px; bottom:370.07324px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b0 h86\" style=\"left:-4.050377px; bottom:341.83722px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">B.1 oggetto di conc<span class=\"_ _3\"></span>essione conform<span class=\"_ _3\"></span>e </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">con le GL </div></div><div class=\"c w139 h86\" style=\"left:231.57462px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h86\" style=\"left:296.4706px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h86\" style=\"left:361.70462px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h86\" style=\"left:425.97662px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h86\" style=\"left:491.18463px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h86\" style=\"left:556.43164px; bottom:341.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b6 h5f\" style=\"left:-4.050377px; bottom:302.83722px;\"><div class=\"t m0 x12 hb y8d1 ff1 fs4 fc2 sc0 ls0 ws0\">B.2 oggetto di misu<span class=\"_ _3\"></span>re di moratoria in <span class=\"_ _3\"></span>essere n<span class=\"_ _3\"></span>on pi\u00f9 </div><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">conformi alle GL e<span class=\"_ _3\"></span> non valutate com<span class=\"_ _3\"></span>e oggetto di </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w139 h5f\" style=\"left:231.57462px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h5f\" style=\"left:296.4706px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h5f\" style=\"left:361.70462px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h5f\" style=\"left:425.97662px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h5f\" style=\"left:491.18463px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h5f\" style=\"left:556.43164px; bottom:302.83722px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b0 h81\" style=\"left:-4.050377px; bottom:282.40125px;\"><div class=\"t m0 x12 hb y13fc ff1 fs4 fc2 sc0 ls0 ws0\">B.3 oggetto di altr<span class=\"_ _3\"></span>e misure di </div><div class=\"t m0 x12 hb yec8 ff1 fs4 fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w139 h81\" style=\"left:231.57462px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h81\" style=\"left:296.4706px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h81\" style=\"left:361.70462px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h81\" style=\"left:425.97662px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h81\" style=\"left:491.18463px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h81\" style=\"left:556.43164px; bottom:282.40125px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b0 h6a\" style=\"left:-4.050377px; bottom:265.70923px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">B.4 nuovi finanzi<span class=\"_ _3\"></span>amenti </div></div><div class=\"c w139 h6a\" style=\"left:231.57462px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h6a\" style=\"left:296.4706px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6a\" style=\"left:361.70462px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w10d h6a\" style=\"left:425.97662px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfb h6a\" style=\"left:491.18463px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h6a\" style=\"left:556.43164px; bottom:265.70923px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b0 h41\" style=\"left:-4.050377px; bottom:249.17322px;\"><div class=\"t m0 x81 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w139 h41\" style=\"left:168.08263px; bottom:249.17322px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w139 h41\" style=\"left:231.57462px; bottom:249.17322px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.345 </div></div><div class=\"c w222 h41\" style=\"left:296.4706px; bottom:249.17322px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.923 </div></div><div class=\"c w7 h41\" style=\"left:361.70462px; bottom:249.17322px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">211<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:425.97662px; bottom:249.17322px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c wfb h41\" style=\"left:491.18463px; bottom:249.17322px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">323<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:556.43164px; bottom:249.17322px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w4b0 h41\" style=\"left:-4.050377px; bottom:232.6372px;\"><div class=\"t m0 x81 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w139 h41\" style=\"left:168.08263px; bottom:232.6372px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w139 h41\" style=\"left:231.57462px; bottom:232.6372px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7.818 </div></div><div class=\"c w222 h41\" style=\"left:296.4706px; bottom:232.6372px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">920<span class=\"ls0\"> </span></div></div><div class=\"c w7 h41\" style=\"left:361.70462px; bottom:232.6372px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">214<span class=\"ls0\"> </span></div></div><div class=\"c w10d h41\" style=\"left:425.97662px; bottom:232.6372px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c wfb h41\" style=\"left:491.18463px; bottom:232.6372px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">539<span class=\"ls0\"> </span></div></div><div class=\"c w139 h41\" style=\"left:556.43164px; bottom:232.6372px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-317.97778px;\"><div class=\"t m0 x0 h2 y1464 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5d8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 ya39 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>riga <span class=\"_ _16\"> </span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>\u201coggetto <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>concessione <span class=\"_ _7\"> </span>conformi <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>GL\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y112e ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>rientrano <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201cGuidelines <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>legislative <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>non <span class=\"_ _16\"> </span><span class=\"ff1\">legislativ<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h32 y137d ff4 fs0 fc0 sc0 ls0 ws0\">moratoria on loan repayments applied in the light <span class=\"_ _3\"></span>of the COVID 19 crisis\u201d pubblicate dall\u2019EBA (<span class=\"_ _3\"></span>EBA/GL/2020/<span class=\"_ _0\"></span>02) e successive </div><div class=\"t m0 x0 h2 y13e4 ff1 fs0 fc0 sc0 ls0 ws0\">modifiche e integrazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i. </div><div class=\"t m0 x0 h2 y854 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _2\"></span>\u201coggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>moratoria <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span><span class=\"ff1\">non <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h32 y137f ff4 fs0 fc0 sc0 ls0 ws0\">concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>alla </div><div class=\"t m0 x0 h2 ycd9 ff1 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>misura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>conformi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>dalla </div><div class=\"t m0 x0 h32 y1380 ff4 fs0 fc0 sc0 ls0 ws0\">banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(come <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dalle <span class=\"_ _16\"> </span>vigenti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>egnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della </div><div class=\"t m0 x0 h2 y1405 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione effettuat<span class=\"_ _0\"></span>a al verificarsi dell\u2019ev<span class=\"_ _0\"></span>ento che ha generat<span class=\"_ _0\"></span>o la non conformit\u00e0 <span class=\"_ _0\"></span>alle EBA/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yd30 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _16\"> </span><span class=\"ff4\">riga <span class=\"_ _7\"> </span>Finanziamenti <span class=\"_ _7\"> </span>\u201coggetto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>concessione\u201d <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti </span></div><div class=\"t m0 x0 h2 y1007 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-<span class=\"ff4\">19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>\u201cesposizione <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>definite </span></div><div class=\"t m0 x0 h2 y5ca ff1 fs0 fc0 sc0 ls0 ws0\">dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>se<span class=\"ff4\">gnalazioni d<span class=\"_ _3\"></span>i v<span class=\"_ _3\"></span>igilanza e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamenti oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>conformi </span></div><div class=\"t m0 x0 h2 yd32 ff4 fs0 fc0 sc0 ls0 ws0\">con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla <span class=\"_ _0\"></span>data in cui non so<span class=\"_ _0\"></span>no pi\u00f9 conformi alle EBA<span class=\"_ _0\"></span>/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yd33 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iga <span class=\"_ _4\"></span>\"nuo<span class=\"_ _0\"></span>vi <span class=\"_ _4\"> </span>finanziamenti\" <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>informazioni <span class=\"_ _6\"></span>relative <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>concessa <span class=\"_ _4\"></span>nuova </div><div class=\"t m0 x0 h2 yd34 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0 con il suppor<span class=\"_ _0\"></span>to di garanzie pu<span class=\"_ _0\"></span>bbliche. </div><div class=\"t m0 x0 h2 ya0b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 ycdd ff1 fs12 fc0 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-385.28595px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.4. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa e fuori bilanc<span class=\"_ _0\"></span>io verso banche: <span class=\"_ _0\"></span>va<span class=\"_ _3\"></span>lori lordi e netti </div><div class=\"t m0 x0 h150 y73f ffa fsf fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w4ba h69\" style=\"left:509.9436px; bottom:586.56805px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w4b7 h1df\" style=\"left:-4.050377px; bottom:512.4681px;\"><div class=\"t m0 x41 h8f yffe ff5 fsf fc2 sc0 ls0 ws0\">Tipologie esposizioni/valori </div></div><div class=\"c w4bb h7c\" style=\"left:113.95062px; bottom:557.39606px;\"><div class=\"t m0 x139 h8f y842 ff5 fsf fc2 sc0 ls0 ws0\">Esposizione lorda </div></div><div class=\"c w4bc h7c\" style=\"left:313.00662px; bottom:557.39606px;\"><div class=\"t m0 xab h8f y842 ff5 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore complessive e accantonamenti </div><div class=\"t m0 x135 h8f y1303 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w4bd h1df\" style=\"left:509.9436px; bottom:512.4681px;\"><div class=\"t m0 x41 h8f yffe ff5 fsf fc2 sc0 ls0 ws0\">Esposizione </div><div class=\"t m0 x86 h8f y1723 ff5 fsf fc2 sc0 ls0 ws0\">Netta </div></div><div class=\"c wd0 h1df\" style=\"left:565.3236px; bottom:512.4681px;\"><div class=\"t m0 xae h8f yffe ff5 fsf fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 x9b h8f y1723 ff5 fsf fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 xab h8f y1724 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w4b8 h45\" style=\"left:152.7556px; bottom:512.4681px;\"><div class=\"t m0 x12 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w195 h45\" style=\"left:192.2626px; bottom:512.4681px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w196 h45\" style=\"left:231.57462px; bottom:512.4681px;\"><div class=\"t m0 x6 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w494 h45\" style=\"left:272.9146px; bottom:512.4681px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x86 h2d y731 ff1 fsf fc2 sc0 ls1c ws0\">o </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w499 h45\" style=\"left:350.6286px; bottom:512.4681px;\"><div class=\"t m0 x12 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w494 h45\" style=\"left:390.40863px; bottom:512.4681px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w499 h45\" style=\"left:431.7486px; bottom:512.4681px;\"><div class=\"t m0 x6 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w493 h45\" style=\"left:469.65662px; bottom:512.4681px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x86 h2d y731 ff1 fsf fc2 sc0 ls1c ws0\">o </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w4b7 h40\" style=\"left:-4.050377px; bottom:480.33203px;\"><div class=\"t m0 x41 h8f y139b ff5 fsf fc2 sc0 ls0 ws0\">A. ESPOSIZIONI CREDITIZIE </div><div class=\"t m0 x41 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">PER CASSA </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:464.73206px;\"><div class=\"t m0 x41 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">A.1 A VISTA </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:464.73206px;\"><div class=\"t m0 x8 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">108.301 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:464.73206px;\"><div class=\"t m0 x8 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">108.135 </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:464.73206px;\"><div class=\"t m0 x88 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:464.73206px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:464.73206px;\"><div class=\"t m0 x88 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">108.301 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:464.73206px;\"><div class=\"t m0 xa4 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:449.13208px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">a) Deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:449.13208px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:449.13208px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:449.13208px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:449.13208px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:449.13208px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:433.53204px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">b) Non deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:433.53204px;\"><div class=\"t m0 x8 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">108.301 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:433.53204px;\"><div class=\"t m0 x8 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">108.135 </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:433.53204px;\"><div class=\"t m0 x88 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">166<span class=\"ls0\"> </span></div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:433.53204px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:433.53204px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:433.53204px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:433.53204px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:433.53204px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:433.53204px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:433.53204px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:433.53204px;\"><div class=\"t m0 x88 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">108.301 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:433.53204px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:417.93207px;\"><div class=\"t m0 x41 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">A.2 ALTRE </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:417.93207px;\"><div class=\"t m0 x1a h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">39.824 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:417.93207px;\"><div class=\"t m0 x1a h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">37.294 </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:417.93207px;\"><div class=\"t m0 x6 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">1.184 </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:417.93207px;\"><div class=\"t m0 x94 h8f y9d3 ff5 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:417.93207px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:417.93207px;\"><div class=\"t m0 x9b h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">55</span> </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:417.93207px;\"><div class=\"t m0 x9b h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">15</span> </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:417.93207px;\"><div class=\"t m0 x9b h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">24</span> </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:417.93207px;\"><div class=\"t m0 x9b h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">16</span> </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:417.93207px;\"><div class=\"t m0 xd1 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:417.93207px;\"><div class=\"t m0 x9a h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">39.769 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:417.93207px;\"><div class=\"t m0 xa4 h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:402.33203px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">a) Sofferenze </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:402.33203px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:402.33203px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:402.33203px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:402.33203px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:402.33203px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:402.33203px;\"><div class=\"t m0 x9a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:402.33203px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:402.33203px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:402.33203px;\"><div class=\"t m0 x9a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:402.33203px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:402.33203px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:402.33203px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h40\" style=\"left:-4.050377px; bottom:370.19604px;\"><div class=\"t m0 x14 hbe yac7 ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb42 ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h40\" style=\"left:113.95062px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b8 h40\" style=\"left:152.7556px; bottom:370.19604px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h40\" style=\"left:192.2626px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h40\" style=\"left:231.57462px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h40\" style=\"left:272.9146px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h40\" style=\"left:313.00662px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h40\" style=\"left:350.6286px; bottom:370.19604px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h40\" style=\"left:390.40863px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h40\" style=\"left:431.7486px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h40\" style=\"left:469.65662px; bottom:370.19604px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h40\" style=\"left:509.9436px; bottom:370.19604px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h40\" style=\"left:565.3236px; bottom:370.19604px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h120\" style=\"left:-4.050377px; bottom:344.26105px;\"><div class=\"t m0 x87 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">b) Inadempienze probabili </div></div><div class=\"c w499 h120\" style=\"left:113.95062px; bottom:344.26105px;\"><div class=\"t m0 x94 h2d yff0 ff1 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h120\" style=\"left:152.7556px; bottom:344.26105px;\"><div class=\"t m0 x86 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h120\" style=\"left:192.2626px; bottom:344.26105px;\"><div class=\"t m0 xd1 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h120\" style=\"left:231.57462px; bottom:344.26105px;\"><div class=\"t m0 x94 h2d yff0 ff1 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w494 h120\" style=\"left:272.9146px; bottom:344.26105px;\"><div class=\"t m0 xd1 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h120\" style=\"left:313.00662px; bottom:344.26105px;\"><div class=\"t m0 x9b h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w499 h120\" style=\"left:350.6286px; bottom:344.26105px;\"><div class=\"t m0 x86 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h120\" style=\"left:390.40863px; bottom:344.26105px;\"><div class=\"t m0 xd1 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h120\" style=\"left:431.7486px; bottom:344.26105px;\"><div class=\"t m0 x9b h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w493 h120\" style=\"left:469.65662px; bottom:344.26105px;\"><div class=\"t m0 xd1 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h120\" style=\"left:509.9436px; bottom:344.26105px;\"><div class=\"t m0 xd9 h2d yff0 ff1 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h120\" style=\"left:565.3236px; bottom:344.26105px;\"><div class=\"t m0 xa4 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h5b\" style=\"left:-4.050377px; bottom:325.85303px;\"><div class=\"t m0 x14 hbe y76b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe y6ff ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h5b\" style=\"left:113.95062px; bottom:325.85303px;\"><div class=\"t m0 x94 hbe y96e ff2 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h5b\" style=\"left:152.7556px; bottom:325.85303px;\"><div class=\"t m0 x86 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h5b\" style=\"left:192.2626px; bottom:325.85303px;\"><div class=\"t m0 xd1 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h5b\" style=\"left:231.57462px; bottom:325.85303px;\"><div class=\"t m0 x94 hbe y96e ff2 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w494 h5b\" style=\"left:272.9146px; bottom:325.85303px;\"><div class=\"t m0 xd1 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h5b\" style=\"left:313.00662px; bottom:325.85303px;\"><div class=\"t m0 x9b hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w499 h5b\" style=\"left:350.6286px; bottom:325.85303px;\"><div class=\"t m0 x86 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h5b\" style=\"left:390.40863px; bottom:325.85303px;\"><div class=\"t m0 xd1 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h5b\" style=\"left:431.7486px; bottom:325.85303px;\"><div class=\"t m0 x9b hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">12</span> </div></div><div class=\"c w493 h5b\" style=\"left:469.65662px; bottom:325.85303px;\"><div class=\"t m0 xd1 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h5b\" style=\"left:509.9436px; bottom:325.85303px;\"><div class=\"t m0 xd9 hbe y96e ff2 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h5b\" style=\"left:565.3236px; bottom:325.85303px;\"><div class=\"t m0 xa4 hbe y96e ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h70\" style=\"left:-4.050377px; bottom:303.85706px;\"><div class=\"t m0 x87 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">c) Esposizioni scadute </div><div class=\"t m0 x87 h2d y7b7 ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 h70\" style=\"left:113.95062px; bottom:303.85706px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4b8 h70\" style=\"left:152.7556px; bottom:303.85706px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h70\" style=\"left:192.2626px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h70\" style=\"left:231.57462px; bottom:303.85706px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w494 h70\" style=\"left:272.9146px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h70\" style=\"left:313.00662px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h70\" style=\"left:350.6286px; bottom:303.85706px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h70\" style=\"left:390.40863px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h70\" style=\"left:431.7486px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h70\" style=\"left:469.65662px; bottom:303.85706px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h70\" style=\"left:509.9436px; bottom:303.85706px;\"><div class=\"t m0 x48 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wd0 h70\" style=\"left:565.3236px; bottom:303.85706px;\"><div class=\"t m0 xa4 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 haa\" style=\"left:-4.050377px; bottom:271.56506px;\"><div class=\"t m0 x14 hbe y139b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb41 ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 haa\" style=\"left:113.95062px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b8 haa\" style=\"left:152.7556px; bottom:271.56506px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 haa\" style=\"left:192.2626px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 haa\" style=\"left:231.57462px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 haa\" style=\"left:272.9146px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 haa\" style=\"left:313.00662px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 haa\" style=\"left:350.6286px; bottom:271.56506px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 haa\" style=\"left:390.40863px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 haa\" style=\"left:431.7486px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 haa\" style=\"left:469.65662px; bottom:271.56506px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd haa\" style=\"left:509.9436px; bottom:271.56506px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 haa\" style=\"left:565.3236px; bottom:271.56506px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h70\" style=\"left:-4.050377px; bottom:249.56903px;\"><div class=\"t m0 x87 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">d) Esposizioni scadute non </div><div class=\"t m0 x87 h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 h70\" style=\"left:113.95062px; bottom:249.56903px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w4b8 h70\" style=\"left:152.7556px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h70\" style=\"left:192.2626px; bottom:249.56903px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w196 h70\" style=\"left:231.57462px; bottom:249.56903px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h70\" style=\"left:272.9146px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h70\" style=\"left:313.00662px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h70\" style=\"left:350.6286px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h70\" style=\"left:390.40863px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h70\" style=\"left:431.7486px; bottom:249.56903px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h70\" style=\"left:469.65662px; bottom:249.56903px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h70\" style=\"left:509.9436px; bottom:249.56903px;\"><div class=\"t m0 x48 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c wd0 h70\" style=\"left:565.3236px; bottom:249.56903px;\"><div class=\"t m0 xa4 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 haa\" style=\"left:-4.050377px; bottom:217.27704px;\"><div class=\"t m0 x14 hbe y139b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb41 ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 haa\" style=\"left:113.95062px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b8 haa\" style=\"left:152.7556px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 haa\" style=\"left:192.2626px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 haa\" style=\"left:231.57462px; bottom:217.27704px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 haa\" style=\"left:272.9146px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 haa\" style=\"left:313.00662px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 haa\" style=\"left:350.6286px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 haa\" style=\"left:390.40863px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 haa\" style=\"left:431.7486px; bottom:217.27704px;\"><div class=\"t m0 x86 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 haa\" style=\"left:469.65662px; bottom:217.27704px;\"><div class=\"t m0 xd1 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd haa\" style=\"left:509.9436px; bottom:217.27704px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 haa\" style=\"left:565.3236px; bottom:217.27704px;\"><div class=\"t m0 xa4 hbe y85b ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h70\" style=\"left:-4.050377px; bottom:195.28107px;\"><div class=\"t m0 x87 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">e) Altre esposizioni non </div><div class=\"t m0 x87 h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 h70\" style=\"left:113.95062px; bottom:195.28107px;\"><div class=\"t m0 x1a h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">39.769 </div></div><div class=\"c w4b8 h70\" style=\"left:152.7556px; bottom:195.28107px;\"><div class=\"t m0 x1a h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">37.294 </div></div><div class=\"c w195 h70\" style=\"left:192.2626px; bottom:195.28107px;\"><div class=\"t m0 x6 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">1.182 </div></div><div class=\"c w196 h70\" style=\"left:231.57462px; bottom:195.28107px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h70\" style=\"left:272.9146px; bottom:195.28107px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h70\" style=\"left:313.00662px; bottom:195.28107px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">39</span> </div></div><div class=\"c w499 h70\" style=\"left:350.6286px; bottom:195.28107px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">15</span> </div></div><div class=\"c w494 h70\" style=\"left:390.40863px; bottom:195.28107px;\"><div class=\"t m0 x9b h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">24</span> </div></div><div class=\"c w499 h70\" style=\"left:431.7486px; bottom:195.28107px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h70\" style=\"left:469.65662px; bottom:195.28107px;\"><div class=\"t m0 xd1 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h70\" style=\"left:509.9436px; bottom:195.28107px;\"><div class=\"t m0 x9a h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">39.730 </div></div><div class=\"c wd0 h70\" style=\"left:565.3236px; bottom:195.28107px;\"><div class=\"t m0 xa4 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h40\" style=\"left:-4.050377px; bottom:163.14508px;\"><div class=\"t m0 x14 hbe yac7 ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb42 ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h40\" style=\"left:113.95062px; bottom:163.14508px;\"><div class=\"t m0 x94 hbe y6e8 ff2 fsf fc2 sc0 ls1c ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h40\" style=\"left:152.7556px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h40\" style=\"left:192.2626px; bottom:163.14508px;\"><div class=\"t m0 x9a hbe y6e8 ff2 fsf fc2 sc0 ls1c ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w196 h40\" style=\"left:231.57462px; bottom:163.14508px;\"><div class=\"t m0 x86 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h40\" style=\"left:272.9146px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h40\" style=\"left:313.00662px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h40\" style=\"left:350.6286px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h40\" style=\"left:390.40863px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h40\" style=\"left:431.7486px; bottom:163.14508px;\"><div class=\"t m0 x86 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h40\" style=\"left:469.65662px; bottom:163.14508px;\"><div class=\"t m0 xd1 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h40\" style=\"left:509.9436px; bottom:163.14508px;\"><div class=\"t m0 xd9 hbe y6e8 ff2 fsf fc2 sc0 ls1c ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h40\" style=\"left:565.3236px; bottom:163.14508px;\"><div class=\"t m0 xa4 hbe y6e8 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:143.64508px;\"><div class=\"t m0 x41 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (A) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:143.64508px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">148.125 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:143.64508px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">145.429 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:143.64508px;\"><div class=\"t m0 x6 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">1.350 </div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:143.64508px;\"><div class=\"t m0 x94 h8f ye6d ff5 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:143.64508px;\"><div class=\"t m0 xd1 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:143.64508px;\"><div class=\"t m0 x9b h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">55</span> </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:143.64508px;\"><div class=\"t m0 x9b h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">15</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:143.64508px;\"><div class=\"t m0 x9b h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">24</span> </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:143.64508px;\"><div class=\"t m0 x9b h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">16</span> </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:143.64508px;\"><div class=\"t m0 xd1 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:143.64508px;\"><div class=\"t m0 x88 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">148.070 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:143.64508px;\"><div class=\"t m0 xa4 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h1e0\" style=\"left:-4.050377px; bottom:111.32706px;\"><div class=\"t m0 x41 h8f y139b ff5 fsf fc2 sc0 ls0 ws0\">B. ESPOSIZIONI CREDITIZIE </div><div class=\"t m0 x41 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">FUORI BILANCIO </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:95.72705px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">a) Deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:95.72705px;\"><div class=\"t m0 x94 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:95.72705px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:95.72705px;\"><div class=\"t m0 x94 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:95.72705px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:95.72705px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:95.72705px;\"><div class=\"t m0 xd9 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:95.72705px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:80.127045px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">b) Non deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:80.127045px;\"><div class=\"t m0 x1a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">82.282 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:80.127045px;\"><div class=\"t m0 x1a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">36.190 </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:80.127045px;\"><div class=\"t m0 x88 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">677<span class=\"ls0\"> </span></div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:80.127045px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:80.127045px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:80.127045px;\"><div class=\"t m0 x9b h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">66</span> </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:80.127045px;\"><div class=\"t m0 x9b h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">62</span> </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:80.127045px;\"><div class=\"t m0 x96 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:80.127045px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:80.127045px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:80.127045px;\"><div class=\"t m0 x9a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">82.216 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:80.127045px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:60.627045px;\"><div class=\"t m0 x41 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (B) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:60.627045px;\"><div class=\"t m0 x1a h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">82.294 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:60.627045px;\"><div class=\"t m0 x1a h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">36.190 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:60.627045px;\"><div class=\"t m0 x88 h8f ya10 ff5 fsf fc2 sc0 ls1c ws0\">677<span class=\"ls0\"> </span></div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:60.627045px;\"><div class=\"t m0 x94 h8f ya10 ff5 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:60.627045px;\"><div class=\"t m0 xd1 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:60.627045px;\"><div class=\"t m0 x9b h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">66</span> </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:60.627045px;\"><div class=\"t m0 x9b h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">62</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:60.627045px;\"><div class=\"t m0 x96 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:60.627045px;\"><div class=\"t m0 xd1 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:60.627045px;\"><div class=\"t m0 xd1 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:60.627045px;\"><div class=\"t m0 x9a h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">82.228 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:60.627045px;\"><div class=\"t m0 xa4 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:41.127045px;\"><div class=\"t m0 x41 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (A+B) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:41.127045px;\"><div class=\"t m0 x8 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">230.419 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:41.127045px;\"><div class=\"t m0 x8 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">181.619 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:41.127045px;\"><div class=\"t m0 x6 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">2.027 </div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:41.127045px;\"><div class=\"t m0 x94 h8f ya10 ff5 fsf fc2 sc0 ls1c ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:41.127045px;\"><div class=\"t m0 xd1 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:41.127045px;\"><div class=\"t m0 xae h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">121</span> </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:41.127045px;\"><div class=\"t m0 x9b h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">77</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:41.127045px;\"><div class=\"t m0 x9b h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">28</span> </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:41.127045px;\"><div class=\"t m0 x9b h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">16</span> </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:41.127045px;\"><div class=\"t m0 xd1 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:41.127045px;\"><div class=\"t m0 x88 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">230.298 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:41.127045px;\"><div class=\"t m0 xa4 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-379.8172px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.5. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa e fuori bilancio verso <span class=\"_ _0\"></span>clientela: valori lordi e n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tti </div><div class=\"t m0 x0 h95 y73f ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w4ba h5e\" style=\"left:509.9436px; bottom:589.0728px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w4b7 h7c\" style=\"left:-4.050377px; bottom:559.9008px;\"><div class=\"t m0 x41 h8f y842 ff5 fsf fc2 sc0 ls0 ws0\">Tipologie esposizioni/valori </div></div><div class=\"c w4bb h7c\" style=\"left:113.95062px; bottom:559.9008px;\"><div class=\"t m0 x139 h8f y842 ff5 fsf fc2 sc0 ls0 ws0\">Esposizione lorda </div></div><div class=\"c w4bc h7c\" style=\"left:313.00662px; bottom:559.9008px;\"><div class=\"t m0 xab h8f y842 ff5 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore complessive e accantonamenti </div><div class=\"t m0 x135 h8f y1303 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w4bd h1df\" style=\"left:509.9436px; bottom:514.9728px;\"><div class=\"t m0 x41 h8f yffe ff5 fsf fc2 sc0 ls0 ws0\">Esposizione </div><div class=\"t m0 x86 h8f y1723 ff5 fsf fc2 sc0 ls0 ws0\">Netta </div></div><div class=\"c wd0 h1df\" style=\"left:565.3236px; bottom:514.9728px;\"><div class=\"t m0 xae h8f yffe ff5 fsf fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 x9b h8f y1723 ff5 fsf fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 xab h8f y1724 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w4b8 h45\" style=\"left:152.7556px; bottom:514.9728px;\"><div class=\"t m0 x12 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w195 h45\" style=\"left:192.2626px; bottom:514.9728px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w196 h45\" style=\"left:231.57462px; bottom:514.9728px;\"><div class=\"t m0 x6 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w494 h45\" style=\"left:272.9146px; bottom:514.9728px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x86 h2d y731 ff1 fsf fc2 sc0 ls1c ws0\">o </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w499 h45\" style=\"left:350.6286px; bottom:514.9728px;\"><div class=\"t m0 x12 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w494 h45\" style=\"left:390.40863px; bottom:514.9728px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w499 h45\" style=\"left:431.7486px; bottom:514.9728px;\"><div class=\"t m0 x6 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x12 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w493 h45\" style=\"left:469.65662px; bottom:514.9728px;\"><div class=\"t m0 x41 h2d y801 ff1 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 x86 h2d y731 ff1 fsf fc2 sc0 ls1c ws0\">o </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w4b7 h40\" style=\"left:-4.050377px; bottom:482.8368px;\"><div class=\"t m0 x41 h8f y139b ff5 fsf fc2 sc0 ls0 ws0\">A. ESPOSIZIONI CREDITIZIE </div><div class=\"t m0 x41 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">PER CASSA </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:467.23682px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">a) Sofferenze </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:467.23682px;\"><div class=\"t m0 x6 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">3.850 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:467.23682px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:467.23682px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:467.23682px;\"><div class=\"t m0 x6 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">3.685 </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:467.23682px;\"><div class=\"t m0 x88 h2d y9d3 ff1 fsf fc2 sc0 ls1c ws0\">165<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:467.23682px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-2.672 </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:467.23682px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:467.23682px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:467.23682px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-2.599 </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:467.23682px;\"><div class=\"t m0 x9b h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">73</span> </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:467.23682px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">1.178 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:467.23682px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">2.574 </div></div><div class=\"c w4b7 h7e\" style=\"left:-4.050377px; bottom:441.96478px;\"><div class=\"t m0 x14 hbe ye5 ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb4a ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h7e\" style=\"left:113.95062px; bottom:441.96478px;\"><div class=\"t m0 x88 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">815<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h7e\" style=\"left:152.7556px; bottom:441.96478px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h7e\" style=\"left:192.2626px; bottom:441.96478px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h7e\" style=\"left:231.57462px; bottom:441.96478px;\"><div class=\"t m0 x88 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">772<span class=\"ls0\"> </span></div></div><div class=\"c w494 h7e\" style=\"left:272.9146px; bottom:441.96478px;\"><div class=\"t m0 x9a hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h7e\" style=\"left:313.00662px; bottom:441.96478px;\"><div class=\"t m0 xae hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">518</span> </div></div><div class=\"c w499 h7e\" style=\"left:350.6286px; bottom:441.96478px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h7e\" style=\"left:390.40863px; bottom:441.96478px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h7e\" style=\"left:431.7486px; bottom:441.96478px;\"><div class=\"t m0 xae hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">496</span> </div></div><div class=\"c w493 h7e\" style=\"left:469.65662px; bottom:441.96478px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">22</span> </div></div><div class=\"c w4bd h7e\" style=\"left:509.9436px; bottom:441.96478px;\"><div class=\"t m0 xb8 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">297<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h7e\" style=\"left:565.3236px; bottom:441.96478px;\"><div class=\"t m0 xb8 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">220<span class=\"ls0\"> </span></div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:426.3648px;\"><div class=\"t m0 x87 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">b) Inadempienze probabili </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:426.3648px;\"><div class=\"t m0 x6 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">7.431 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:426.3648px;\"><div class=\"t m0 x86 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:426.3648px;\"><div class=\"t m0 xd1 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:426.3648px;\"><div class=\"t m0 x6 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">7.144 </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:426.3648px;\"><div class=\"t m0 x88 h2d y118b ff1 fsf fc2 sc0 ls1c ws0\">144<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:426.3648px;\"><div class=\"t m0 x87 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">-2.956 </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:426.3648px;\"><div class=\"t m0 x86 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:426.3648px;\"><div class=\"t m0 xd1 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:426.3648px;\"><div class=\"t m0 x87 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">-2.896 </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:426.3648px;\"><div class=\"t m0 x9b h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">43</span> </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:426.3648px;\"><div class=\"t m0 x86 h2d y118b ff1 fsf fc2 sc0 ls0 ws0\">4.475 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:426.3648px;\"><div class=\"t m0 xb8 h2d y118b ff1 fsf fc2 sc0 ls1c ws0\">508<span class=\"ls0\"> </span></div></div><div class=\"c w4b7 h8c\" style=\"left:-4.050377px; bottom:400.93683px;\"><div class=\"t m0 x14 hbe y75b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb4a ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h8c\" style=\"left:113.95062px; bottom:400.93683px;\"><div class=\"t m0 x6 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">3.060 </div></div><div class=\"c w4b8 h8c\" style=\"left:152.7556px; bottom:400.93683px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h8c\" style=\"left:192.2626px; bottom:400.93683px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h8c\" style=\"left:231.57462px; bottom:400.93683px;\"><div class=\"t m0 x6 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">2.951 </div></div><div class=\"c w494 h8c\" style=\"left:272.9146px; bottom:400.93683px;\"><div class=\"t m0 x9a hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h8c\" style=\"left:313.00662px; bottom:400.93683px;\"><div class=\"t m0 x87 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-1.129 </div></div><div class=\"c w499 h8c\" style=\"left:350.6286px; bottom:400.93683px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h8c\" style=\"left:390.40863px; bottom:400.93683px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h8c\" style=\"left:431.7486px; bottom:400.93683px;\"><div class=\"t m0 x87 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-1.102 </div></div><div class=\"c w493 h8c\" style=\"left:469.65662px; bottom:400.93683px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">20</span> </div></div><div class=\"c w4bd h8c\" style=\"left:509.9436px; bottom:400.93683px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">1.931 </div></div><div class=\"c wd0 h8c\" style=\"left:565.3236px; bottom:400.93683px;\"><div class=\"t m0 xb8 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c w4b7 haf\" style=\"left:-4.050377px; bottom:378.7848px;\"><div class=\"t m0 x87 h2d y7cb ff1 fsf fc2 sc0 ls0 ws0\">c) Esposizioni scadute </div><div class=\"t m0 x87 h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 haf\" style=\"left:113.95062px; bottom:378.7848px;\"><div class=\"t m0 x88 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">552<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 haf\" style=\"left:152.7556px; bottom:378.7848px;\"><div class=\"t m0 x86 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 haf\" style=\"left:192.2626px; bottom:378.7848px;\"><div class=\"t m0 xd1 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 haf\" style=\"left:231.57462px; bottom:378.7848px;\"><div class=\"t m0 x88 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">550<span class=\"ls0\"> </span></div></div><div class=\"c w494 haf\" style=\"left:272.9146px; bottom:378.7848px;\"><div class=\"t m0 x86 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w4b9 haf\" style=\"left:313.00662px; bottom:378.7848px;\"><div class=\"t m0 xae h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">139</span> </div></div><div class=\"c w499 haf\" style=\"left:350.6286px; bottom:378.7848px;\"><div class=\"t m0 x86 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 haf\" style=\"left:390.40863px; bottom:378.7848px;\"><div class=\"t m0 xd1 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 haf\" style=\"left:431.7486px; bottom:378.7848px;\"><div class=\"t m0 xae h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">139</span> </div></div><div class=\"c w493 haf\" style=\"left:469.65662px; bottom:378.7848px;\"><div class=\"t m0 xd1 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd haf\" style=\"left:509.9436px; bottom:378.7848px;\"><div class=\"t m0 xb8 h2d y7d7 ff1 fsf fc2 sc0 ls1c ws0\">413<span class=\"ls0\"> </span></div></div><div class=\"c wd0 haf\" style=\"left:565.3236px; bottom:378.7848px;\"><div class=\"t m0 xa4 h2d y7d7 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h75\" style=\"left:-4.050377px; bottom:353.47382px;\"><div class=\"t m0 x14 hbe y75b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb4a ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h75\" style=\"left:113.95062px; bottom:353.47382px;\"><div class=\"t m0 x94 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h75\" style=\"left:152.7556px; bottom:353.47382px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h75\" style=\"left:192.2626px; bottom:353.47382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h75\" style=\"left:231.57462px; bottom:353.47382px;\"><div class=\"t m0 x94 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w494 h75\" style=\"left:272.9146px; bottom:353.47382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b9 h75\" style=\"left:313.00662px; bottom:353.47382px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">11</span> </div></div><div class=\"c w499 h75\" style=\"left:350.6286px; bottom:353.47382px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h75\" style=\"left:390.40863px; bottom:353.47382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h75\" style=\"left:431.7486px; bottom:353.47382px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">11</span> </div></div><div class=\"c w493 h75\" style=\"left:469.65662px; bottom:353.47382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h75\" style=\"left:509.9436px; bottom:353.47382px;\"><div class=\"t m0 xd9 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h75\" style=\"left:565.3236px; bottom:353.47382px;\"><div class=\"t m0 xa4 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h5b\" style=\"left:-4.050377px; bottom:335.0658px;\"><div class=\"t m0 x87 h2d y76b ff1 fsf fc2 sc0 ls0 ws0\">d) Esposizioni scadute non </div><div class=\"t m0 x87 h2d y6ff ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 h5b\" style=\"left:113.95062px; bottom:335.0658px;\"><div class=\"t m0 x6 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">3.923 </div></div><div class=\"c w4b8 h5b\" style=\"left:152.7556px; bottom:335.0658px;\"><div class=\"t m0 x6 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">2.373 </div></div><div class=\"c w195 h5b\" style=\"left:192.2626px; bottom:335.0658px;\"><div class=\"t m0 x6 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">1.412 </div></div><div class=\"c w196 h5b\" style=\"left:231.57462px; bottom:335.0658px;\"><div class=\"t m0 x86 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h5b\" style=\"left:272.9146px; bottom:335.0658px;\"><div class=\"t m0 x86 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w4b9 h5b\" style=\"left:313.00662px; bottom:335.0658px;\"><div class=\"t m0 xae h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">147</span> </div></div><div class=\"c w499 h5b\" style=\"left:350.6286px; bottom:335.0658px;\"><div class=\"t m0 x9b h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">15</span> </div></div><div class=\"c w494 h5b\" style=\"left:390.40863px; bottom:335.0658px;\"><div class=\"t m0 xae h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">132</span> </div></div><div class=\"c w499 h5b\" style=\"left:431.7486px; bottom:335.0658px;\"><div class=\"t m0 x86 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h5b\" style=\"left:469.65662px; bottom:335.0658px;\"><div class=\"t m0 xd1 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h5b\" style=\"left:509.9436px; bottom:335.0658px;\"><div class=\"t m0 x86 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">3.776 </div></div><div class=\"c wd0 h5b\" style=\"left:565.3236px; bottom:335.0658px;\"><div class=\"t m0 xa4 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h7e\" style=\"left:-4.050377px; bottom:309.79382px;\"><div class=\"t m0 x14 hbe ye5 ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe yb4a ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h7e\" style=\"left:113.95062px; bottom:309.79382px;\"><div class=\"t m0 x88 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">505<span class=\"ls0\"> </span></div></div><div class=\"c w4b8 h7e\" style=\"left:152.7556px; bottom:309.79382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h7e\" style=\"left:192.2626px; bottom:309.79382px;\"><div class=\"t m0 x88 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">385<span class=\"ls0\"> </span></div></div><div class=\"c w196 h7e\" style=\"left:231.57462px; bottom:309.79382px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h7e\" style=\"left:272.9146px; bottom:309.79382px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4b9 h7e\" style=\"left:313.00662px; bottom:309.79382px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">53</span> </div></div><div class=\"c w499 h7e\" style=\"left:350.6286px; bottom:309.79382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h7e\" style=\"left:390.40863px; bottom:309.79382px;\"><div class=\"t m0 x9b hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">53</span> </div></div><div class=\"c w499 h7e\" style=\"left:431.7486px; bottom:309.79382px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h7e\" style=\"left:469.65662px; bottom:309.79382px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h7e\" style=\"left:509.9436px; bottom:309.79382px;\"><div class=\"t m0 xb8 hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">452<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h7e\" style=\"left:565.3236px; bottom:309.79382px;\"><div class=\"t m0 xa4 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 haf\" style=\"left:-4.050377px; bottom:287.64178px;\"><div class=\"t m0 x87 h2d y76d ff1 fsf fc2 sc0 ls0 ws0\">e) Altre esposizioni non </div><div class=\"t m0 x87 h2d yea5 ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w499 haf\" style=\"left:113.95062px; bottom:287.64178px;\"><div class=\"t m0 x8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">542.843 </div></div><div class=\"c w4b8 haf\" style=\"left:152.7556px; bottom:287.64178px;\"><div class=\"t m0 x8 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">483.524 </div></div><div class=\"c w195 haf\" style=\"left:192.2626px; bottom:287.64178px;\"><div class=\"t m0 x1a h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">48.502 </div></div><div class=\"c w196 haf\" style=\"left:231.57462px; bottom:287.64178px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 haf\" style=\"left:272.9146px; bottom:287.64178px;\"><div class=\"t m0 x9a h2d y705 ff1 fsf fc2 sc0 ls1c ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 haf\" style=\"left:313.00662px; bottom:287.64178px;\"><div class=\"t m0 x87 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-2.594 </div></div><div class=\"c w499 haf\" style=\"left:350.6286px; bottom:287.64178px;\"><div class=\"t m0 xae h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">711</span> </div></div><div class=\"c w494 haf\" style=\"left:390.40863px; bottom:287.64178px;\"><div class=\"t m0 x87 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-1.879 </div></div><div class=\"c w499 haf\" style=\"left:431.7486px; bottom:287.64178px;\"><div class=\"t m0 x86 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 haf\" style=\"left:469.65662px; bottom:287.64178px;\"><div class=\"t m0 x96 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">-4 </div></div><div class=\"c w4bd haf\" style=\"left:509.9436px; bottom:287.64178px;\"><div class=\"t m0 x88 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">540.249 </div></div><div class=\"c wd0 haf\" style=\"left:565.3236px; bottom:287.64178px;\"><div class=\"t m0 xa4 h2d y705 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h8c\" style=\"left:-4.050377px; bottom:262.2138px;\"><div class=\"t m0 x14 hbe y75b ff2 fsf fc2 sc0 ls0 ws0\">- di cui: esposizioni </div><div class=\"t m0 x14 hbe y568 ff2 fsf fc2 sc0 ls0 ws0\">oggetto di concessioni </div></div><div class=\"c w499 h8c\" style=\"left:113.95062px; bottom:262.2138px;\"><div class=\"t m0 x6 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">6.977 </div></div><div class=\"c w4b8 h8c\" style=\"left:152.7556px; bottom:262.2138px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w195 h8c\" style=\"left:192.2626px; bottom:262.2138px;\"><div class=\"t m0 x6 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">6.819 </div></div><div class=\"c w196 h8c\" style=\"left:231.57462px; bottom:262.2138px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h8c\" style=\"left:272.9146px; bottom:262.2138px;\"><div class=\"t m0 x9a hbe yf98 ff2 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h8c\" style=\"left:313.00662px; bottom:262.2138px;\"><div class=\"t m0 xae hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">500</span> </div></div><div class=\"c w499 h8c\" style=\"left:350.6286px; bottom:262.2138px;\"><div class=\"t m0 xd1 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h8c\" style=\"left:390.40863px; bottom:262.2138px;\"><div class=\"t m0 xae hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">498</span> </div></div><div class=\"c w499 h8c\" style=\"left:431.7486px; bottom:262.2138px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h8c\" style=\"left:469.65662px; bottom:262.2138px;\"><div class=\"t m0 x96 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4bd h8c\" style=\"left:509.9436px; bottom:262.2138px;\"><div class=\"t m0 x86 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">6.477 </div></div><div class=\"c wd0 h8c\" style=\"left:565.3236px; bottom:262.2138px;\"><div class=\"t m0 xa4 hbe yf98 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:242.7138px;\"><div class=\"t m0 x41 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (A) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:242.7138px;\"><div class=\"t m0 x8 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">558.599 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:242.7138px;\"><div class=\"t m0 x8 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">485.897 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:242.7138px;\"><div class=\"t m0 x1a h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">49.914 </div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:242.7138px;\"><div class=\"t m0 x1a h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">11.379 </div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:242.7138px;\"><div class=\"t m0 x88 h8f ya10 ff5 fsf fc2 sc0 ls1c ws0\">403<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:242.7138px;\"><div class=\"t m0 x87 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-8.508 </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:242.7138px;\"><div class=\"t m0 xae h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">726</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:242.7138px;\"><div class=\"t m0 x87 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-2.011 </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:242.7138px;\"><div class=\"t m0 x87 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-5.634 </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:242.7138px;\"><div class=\"t m0 x14 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">120</span> </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:242.7138px;\"><div class=\"t m0 x88 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">550.091 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:242.7138px;\"><div class=\"t m0 x86 h8f ya10 ff5 fsf fc2 sc0 ls0 ws0\">3.082 </div></div><div class=\"c w4b7 h40\" style=\"left:-4.050377px; bottom:210.57782px;\"><div class=\"t m0 x41 h8f y139b ff5 fsf fc2 sc0 ls0 ws0\">B. ESPOSIZIONI CREDITIZIE </div><div class=\"t m0 x41 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">FUORI BILANCIO </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:194.97778px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">a) Deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:194.97778px;\"><div class=\"t m0 x6 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">1.771 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:194.97778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:194.97778px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:194.97778px;\"><div class=\"t m0 x6 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">1.765 </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:194.97778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:194.97778px;\"><div class=\"t m0 xae h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">267</span> </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:194.97778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:194.97778px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:194.97778px;\"><div class=\"t m0 xae h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">267</span> </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:194.97778px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:194.97778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">1.504 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:194.97778px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h42\" style=\"left:-4.050377px; bottom:179.3778px;\"><div class=\"t m0 x87 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">b) Non deteriorate </div></div><div class=\"c w499 h42\" style=\"left:113.95062px; bottom:179.3778px;\"><div class=\"t m0 x8 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">330.175 </div></div><div class=\"c w4b8 h42\" style=\"left:152.7556px; bottom:179.3778px;\"><div class=\"t m0 x8 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">229.968 </div></div><div class=\"c w195 h42\" style=\"left:192.2626px; bottom:179.3778px;\"><div class=\"t m0 x1a h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">26.343 </div></div><div class=\"c w196 h42\" style=\"left:231.57462px; bottom:179.3778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w494 h42\" style=\"left:272.9146px; bottom:179.3778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4b9 h42\" style=\"left:313.00662px; bottom:179.3778px;\"><div class=\"t m0 xae h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">242</span> </div></div><div class=\"c w499 h42\" style=\"left:350.6286px; bottom:179.3778px;\"><div class=\"t m0 x9b h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">91</span> </div></div><div class=\"c w494 h42\" style=\"left:390.40863px; bottom:179.3778px;\"><div class=\"t m0 xae h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">151</span> </div></div><div class=\"c w499 h42\" style=\"left:431.7486px; bottom:179.3778px;\"><div class=\"t m0 x86 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w493 h42\" style=\"left:469.65662px; bottom:179.3778px;\"><div class=\"t m0 xd1 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h42\" style=\"left:509.9436px; bottom:179.3778px;\"><div class=\"t m0 x88 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">329.933 </div></div><div class=\"c wd0 h42\" style=\"left:565.3236px; bottom:179.3778px;\"><div class=\"t m0 xa4 h2d y9d3 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:159.8778px;\"><div class=\"t m0 x41 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (B) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:159.8778px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">331.946 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:159.8778px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">229.968 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:159.8778px;\"><div class=\"t m0 x1a h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">26.343 </div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:159.8778px;\"><div class=\"t m0 x6 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">1.765 </div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:159.8778px;\"><div class=\"t m0 x86 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:159.8778px;\"><div class=\"t m0 xae h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">509</span> </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:159.8778px;\"><div class=\"t m0 x9b h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">91</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:159.8778px;\"><div class=\"t m0 xae h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">151</span> </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:159.8778px;\"><div class=\"t m0 xae h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">267</span> </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:159.8778px;\"><div class=\"t m0 xd1 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:159.8778px;\"><div class=\"t m0 x88 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">331.437 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:159.8778px;\"><div class=\"t m0 xa4 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4b7 h47\" style=\"left:-4.050377px; bottom:140.3778px;\"><div class=\"t m0 x41 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (A+B) </div></div><div class=\"c w499 h47\" style=\"left:113.95062px; bottom:140.3778px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">890.545 </div></div><div class=\"c w4b8 h47\" style=\"left:152.7556px; bottom:140.3778px;\"><div class=\"t m0 x8 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">715.865 </div></div><div class=\"c w195 h47\" style=\"left:192.2626px; bottom:140.3778px;\"><div class=\"t m0 x1a h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">76.257 </div></div><div class=\"c w196 h47\" style=\"left:231.57462px; bottom:140.3778px;\"><div class=\"t m0 x1a h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">13.144 </div></div><div class=\"c w494 h47\" style=\"left:272.9146px; bottom:140.3778px;\"><div class=\"t m0 x88 h8f ye6d ff5 fsf fc2 sc0 ls1c ws0\">408<span class=\"ls0\"> </span></div></div><div class=\"c w4b9 h47\" style=\"left:313.00662px; bottom:140.3778px;\"><div class=\"t m0 x87 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-9.017 </div></div><div class=\"c w499 h47\" style=\"left:350.6286px; bottom:140.3778px;\"><div class=\"t m0 xae h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">817</span> </div></div><div class=\"c w494 h47\" style=\"left:390.40863px; bottom:140.3778px;\"><div class=\"t m0 x87 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-2.162 </div></div><div class=\"c w499 h47\" style=\"left:431.7486px; bottom:140.3778px;\"><div class=\"t m0 x87 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-5.901 </div></div><div class=\"c w493 h47\" style=\"left:469.65662px; bottom:140.3778px;\"><div class=\"t m0 x14 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">120</span> </div></div><div class=\"c w4bd h47\" style=\"left:509.9436px; bottom:140.3778px;\"><div class=\"t m0 x88 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">881.528 </div></div><div class=\"c wd0 h47\" style=\"left:565.3236px; bottom:140.3778px;\"><div class=\"t m0 x86 h8f ye6d ff5 fsf fc2 sc0 ls0 ws0\">3.082 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-379.8172px;\"><div class=\"t m0 x0 h125 y13ec ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y15f4 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">I rapporti i<span class=\"_ _3\"></span>ntercorrenti tra il Gruppo Bancario e le a<span class=\"_ _3\"></span>ltre Societ\u00e0 non bancarie incluse nel perimetro <span class=\"_ _3\"></span>di consolidamento contabile<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y150d ff1 fs0 fc0 sc0 ls0 ws0\">ammontano a: </div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _44\"> </span>352 mili<span class=\"_ _0\"></span>oni, rettificati per 1<span class=\"_ _0\"></span>42 milioni, inclusi tra le<span class=\"_ _0\"></span> esposizioni per c<span class=\"_ _0\"></span>assa verso clientela lord<span class=\"_ _0\"></span>e deteriorate;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ycbf ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _44\"> </span>11.797 milio<span class=\"_ _0\"></span>ni, rettificati per 22 <span class=\"_ _35\"></span>mil<span class=\"_ _3\"></span>ioni, inclusi tr<span class=\"_ _0\"></span>a le esposizioni per <span class=\"_ _0\"></span>cassa verso clientela l<span class=\"_ _0\"></span>orde non deteriorate;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yacf ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _44\"> </span>19 milio<span class=\"_ _0\"></span>ni, rettificati per 3 milio<span class=\"_ _0\"></span>ni, inclusi tra le <span class=\"_ _0\"></span>esposizioni fuori bilanci<span class=\"_ _0\"></span>o verso clientela l<span class=\"_ _0\"></span>orde deteriorate;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">- <span class=\"_ _44\"> </span>8.897 mi<span class=\"_ _0\"></span>lioni, rettificati per 16 milioni, incl<span class=\"_ _0\"></span>usi tra le esposizi<span class=\"_ _0\"></span>oni fuori bilancio v<span class=\"_ _0\"></span>erso clientela lorde <span class=\"_ _0\"></span>non deteriorate.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 y875 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1b7 ff1 fs0 fc0 sc0 ls0 ws0\">Le esposizioni compre<span class=\"_ _0\"></span>ndono anche le at<span class=\"_ _0\"></span>tivit\u00e0 finanziarie allo<span class=\"_ _0\"></span>cate nel portafoglio c<span class=\"_ _0\"></span>ontabile delle attivit\u00e0<span class=\"_ _0\"></span> in via di dismissi<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ne. </div><div class=\"t m0 x0 h95 y7a9 ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.62036px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.5a Finanziamenti og<span class=\"_ _0\"></span>getto di misure di sostegn<span class=\"_ _0\"></span>o COVID-19: valori lordi e netti </div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w4c2 h44\" style=\"left:502.92365px; bottom:869.1696px;\"><div class=\"t m0 x49 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w4be h9c\" style=\"left:-4.050377px; bottom:842.9616px;\"><div class=\"t m0 x41 h8f y917 ff5 fsf fc2 sc0 ls0 ws0\">Tipologie finanziamenti / </div><div class=\"t m0 x41 h8f y564 ff5 fsf fc2 sc0 ls0 ws0\">valori </div></div><div class=\"c w4c3 h9c\" style=\"left:109.23163px; bottom:842.9616px;\"><div class=\"t m0 x139 h8f y917 ff5 fsf fc2 sc0 ls0 ws0\">Esposizione lorda </div></div><div class=\"c w4c4 h9c\" style=\"left:306.14264px; bottom:842.9616px;\"><div class=\"t m0 x41 h8f y917 ff5 fsf fc2 sc0 ls0 ws0\">Rettifiche di valore complessive e accantonamenti </div><div class=\"t m0 x135 h8f y564 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w9e h1e1\" style=\"left:502.92365px; bottom:798.65765px;\"><div class=\"t m0 xab h8f y1725 ff5 fsf fc2 sc0 ls0 ws0\">Esposizione </div><div class=\"t m0 xae h8f y14e6 ff5 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w43 h1e1\" style=\"left:560.1756px; bottom:798.65765px;\"><div class=\"t m0 x12 h8f y1725 ff5 fsf fc2 sc0 ls0 ws0\">Write-off </div><div class=\"t m0 xa1 h8f y14e6 ff5 fsf fc2 sc0 ls0 ws0\">parziali </div><div class=\"t m0 x8 h8f y1726 ff5 fsf fc2 sc0 ls0 ws0\">complessivi </div></div><div class=\"c w4bf h76\" style=\"left:143.55162px; bottom:798.65765px;\"><div class=\"t m0 xdd h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x45 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w1fa h76\" style=\"left:180.71863px; bottom:798.65765px;\"><div class=\"t m0 x8 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 xa1 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w4c0 h76\" style=\"left:223.61862px; bottom:798.65765px;\"><div class=\"t m0 x1a h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x45 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c wdb h76\" style=\"left:261.05862px; bottom:798.65765px;\"><div class=\"t m0 x45 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x8 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xe h8f ya71 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x8 h8f y564 ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w3ee h76\" style=\"left:340.3326px; bottom:798.65765px;\"><div class=\"t m0 xdd h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Primo </div><div class=\"t m0 x45 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w83 h76\" style=\"left:377.46063px; bottom:798.65765px;\"><div class=\"t m0 x8 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Secondo </div><div class=\"t m0 x97 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w3ee h76\" style=\"left:421.29663px; bottom:798.65765px;\"><div class=\"t m0 x1a h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Terzo </div><div class=\"t m0 x45 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">stadio </div></div><div class=\"c w244 h76\" style=\"left:457.9566px; bottom:798.65765px;\"><div class=\"t m0 x45 h8f y80f ff5 fsf fc2 sc0 ls0 ws0\">Impaired </div><div class=\"t m0 x8 h8f ya70 ff5 fsf fc2 sc0 ls0 ws0\">acquisite </div><div class=\"t m0 xe h8f ya71 ff5 fsf fc2 sc0 ls43 ws0\">o </div><div class=\"t m0 x8 h8f y564 ff5 fsf fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w4be h70\" style=\"left:-4.050377px; bottom:776.6616px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">A. FINANZIAMENTI IN </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">SOFFERENZA </div></div><div class=\"c w492 h70\" style=\"left:109.23163px; bottom:776.6616px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h70\" style=\"left:143.55162px; bottom:776.6616px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h70\" style=\"left:180.71863px; bottom:776.6616px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h70\" style=\"left:223.61862px; bottom:776.6616px;\"><div class=\"t m0 x95 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c wdb h70\" style=\"left:261.05862px; bottom:776.6616px;\"><div class=\"t m0 xf h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h70\" style=\"left:306.14264px; bottom:776.6616px;\"><div class=\"t m0 xae h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">63</span> </div></div><div class=\"c w3ee h70\" style=\"left:340.3326px; bottom:776.6616px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h70\" style=\"left:377.46063px; bottom:776.6616px;\"><div class=\"t m0 xb8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:421.29663px; bottom:776.6616px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">63</span> </div></div><div class=\"c w244 h70\" style=\"left:457.9566px; bottom:776.6616px;\"><div class=\"t m0 xf h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h70\" style=\"left:502.92365px; bottom:776.6616px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w43 h70\" style=\"left:560.1756px; bottom:776.6616px;\"><div class=\"t m0 xd5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:754.50964px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">a) Oggetto di concessione </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">conformi con le GL </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:754.50964px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:754.50964px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:754.50964px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:754.50964px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:754.50964px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:754.50964px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:754.50964px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:754.50964px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:754.50964px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:754.50964px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:754.50964px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:754.50964px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hdd\" style=\"left:-4.050377px; bottom:713.94965px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">b) Oggetto di misure di </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">moratoria non pi\u00f9 conformi </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">alle GL e non valutate come </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">oggetto di concessione </div></div><div class=\"c w492 hdd\" style=\"left:109.23163px; bottom:713.94965px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf hdd\" style=\"left:143.55162px; bottom:713.94965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hdd\" style=\"left:180.71863px; bottom:713.94965px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 hdd\" style=\"left:223.61862px; bottom:713.94965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb hdd\" style=\"left:261.05862px; bottom:713.94965px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hdd\" style=\"left:306.14264px; bottom:713.94965px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:340.3326px; bottom:713.94965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hdd\" style=\"left:377.46063px; bottom:713.94965px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:421.29663px; bottom:713.94965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 hdd\" style=\"left:457.9566px; bottom:713.94965px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hdd\" style=\"left:502.92365px; bottom:713.94965px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 hdd\" style=\"left:560.1756px; bottom:713.94965px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:691.79767px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Oggetto di altre misure di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:691.79767px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:691.79767px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:691.79767px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:691.79767px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:691.79767px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:691.79767px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:691.79767px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:691.79767px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:691.79767px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:691.79767px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:691.79767px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:691.79767px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h7a\" style=\"left:-4.050377px; bottom:677.13367px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Nuovi finanziamenti </div></div><div class=\"c w492 h7a\" style=\"left:109.23163px; bottom:677.13367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h7a\" style=\"left:143.55162px; bottom:677.13367px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h7a\" style=\"left:180.71863px; bottom:677.13367px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h7a\" style=\"left:223.61862px; bottom:677.13367px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c wdb h7a\" style=\"left:261.05862px; bottom:677.13367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h7a\" style=\"left:306.14264px; bottom:677.13367px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">56</span> </div></div><div class=\"c w3ee h7a\" style=\"left:340.3326px; bottom:677.13367px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h7a\" style=\"left:377.46063px; bottom:677.13367px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h7a\" style=\"left:421.29663px; bottom:677.13367px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">56</span> </div></div><div class=\"c w244 h7a\" style=\"left:457.9566px; bottom:677.13367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h7a\" style=\"left:502.92365px; bottom:677.13367px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w43 h7a\" style=\"left:560.1756px; bottom:677.13367px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:654.9816px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">B. FINANZIAMENTI IN </div><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">INADEMPIENZE PROBABILI </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:654.9816px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">595<span class=\"ls0\"> </span></div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:654.9816px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:654.9816px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:654.9816px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">594<span class=\"ls0\"> </span></div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:654.9816px;\"><div class=\"t m0 xe h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:654.9816px;\"><div class=\"t m0 x12 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">167</span> </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:654.9816px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:654.9816px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:654.9816px;\"><div class=\"t m0 xa1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">166</span> </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:654.9816px;\"><div class=\"t m0 x13 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:654.9816px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">428<span class=\"ls0\"> </span></div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:654.9816px;\"><div class=\"t m0 xd5 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hb9\" style=\"left:-4.050377px; bottom:632.79065px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">a) Oggetto di concessione </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">conformi con le GL </div></div><div class=\"c w492 hb9\" style=\"left:109.23163px; bottom:632.79065px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf hb9\" style=\"left:143.55162px; bottom:632.79065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hb9\" style=\"left:180.71863px; bottom:632.79065px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 hb9\" style=\"left:223.61862px; bottom:632.79065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb hb9\" style=\"left:261.05862px; bottom:632.79065px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hb9\" style=\"left:306.14264px; bottom:632.79065px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hb9\" style=\"left:340.3326px; bottom:632.79065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hb9\" style=\"left:377.46063px; bottom:632.79065px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hb9\" style=\"left:421.29663px; bottom:632.79065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 hb9\" style=\"left:457.9566px; bottom:632.79065px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hb9\" style=\"left:502.92365px; bottom:632.79065px;\"><div class=\"t m0 xa h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 hb9\" style=\"left:560.1756px; bottom:632.79065px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hdd\" style=\"left:-4.050377px; bottom:592.23065px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">b) Oggetto di misure di </div><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">moratoria non pi\u00f9 conformi </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">alle GL e non valutate come </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">oggetto di concessione </div></div><div class=\"c w492 hdd\" style=\"left:109.23163px; bottom:592.23065px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w4bf hdd\" style=\"left:143.55162px; bottom:592.23065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hdd\" style=\"left:180.71863px; bottom:592.23065px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 hdd\" style=\"left:223.61862px; bottom:592.23065px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c wdb hdd\" style=\"left:261.05862px; bottom:592.23065px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hdd\" style=\"left:306.14264px; bottom:592.23065px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">11</span> </div></div><div class=\"c w3ee hdd\" style=\"left:340.3326px; bottom:592.23065px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hdd\" style=\"left:377.46063px; bottom:592.23065px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:421.29663px; bottom:592.23065px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">11</span> </div></div><div class=\"c w244 hdd\" style=\"left:457.9566px; bottom:592.23065px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hdd\" style=\"left:502.92365px; bottom:592.23065px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w43 hdd\" style=\"left:560.1756px; bottom:592.23065px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h70\" style=\"left:-4.050377px; bottom:570.2346px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Oggetto di altre misure di </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w492 h70\" style=\"left:109.23163px; bottom:570.2346px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">159<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h70\" style=\"left:143.55162px; bottom:570.2346px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h70\" style=\"left:180.71863px; bottom:570.2346px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h70\" style=\"left:223.61862px; bottom:570.2346px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">158<span class=\"ls0\"> </span></div></div><div class=\"c wdb h70\" style=\"left:261.05862px; bottom:570.2346px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c1 h70\" style=\"left:306.14264px; bottom:570.2346px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">50</span> </div></div><div class=\"c w3ee h70\" style=\"left:340.3326px; bottom:570.2346px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h70\" style=\"left:377.46063px; bottom:570.2346px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:421.29663px; bottom:570.2346px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">49</span> </div></div><div class=\"c w244 h70\" style=\"left:457.9566px; bottom:570.2346px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w9e h70\" style=\"left:502.92365px; bottom:570.2346px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">109<span class=\"ls0\"> </span></div></div><div class=\"c w43 h70\" style=\"left:560.1756px; bottom:570.2346px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h1d\" style=\"left:-4.050377px; bottom:555.4146px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Nuovi finanziamenti </div></div><div class=\"c w492 h1d\" style=\"left:109.23163px; bottom:555.4146px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">409<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h1d\" style=\"left:143.55162px; bottom:555.4146px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h1d\" style=\"left:180.71863px; bottom:555.4146px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h1d\" style=\"left:223.61862px; bottom:555.4146px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">409<span class=\"ls0\"> </span></div></div><div class=\"c wdb h1d\" style=\"left:261.05862px; bottom:555.4146px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h1d\" style=\"left:306.14264px; bottom:555.4146px;\"><div class=\"t m0 x12 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">106</span> </div></div><div class=\"c w3ee h1d\" style=\"left:340.3326px; bottom:555.4146px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h1d\" style=\"left:377.46063px; bottom:555.4146px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h1d\" style=\"left:421.29663px; bottom:555.4146px;\"><div class=\"t m0 xa1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">106</span> </div></div><div class=\"c w244 h1d\" style=\"left:457.9566px; bottom:555.4146px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h1d\" style=\"left:502.92365px; bottom:555.4146px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">303<span class=\"ls0\"> </span></div></div><div class=\"c w43 h1d\" style=\"left:560.1756px; bottom:555.4146px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:533.26263px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">C. FINANZIAMENTI </div><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">SCADUTI DETERIORATI </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:533.26263px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:533.26263px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:533.26263px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:533.26263px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:533.26263px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:533.26263px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">19</span> </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:533.26263px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:533.26263px;\"><div class=\"t m0 xb8 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:533.26263px;\"><div class=\"t m0 x14 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">19</span> </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:533.26263px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:533.26263px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:533.26263px;\"><div class=\"t m0 xd5 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h70\" style=\"left:-4.050377px; bottom:511.26666px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">a) Oggetto di concessione </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">conformi con le GL </div></div><div class=\"c w492 h70\" style=\"left:109.23163px; bottom:511.26666px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf h70\" style=\"left:143.55162px; bottom:511.26666px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h70\" style=\"left:180.71863px; bottom:511.26666px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h70\" style=\"left:223.61862px; bottom:511.26666px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h70\" style=\"left:261.05862px; bottom:511.26666px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h70\" style=\"left:306.14264px; bottom:511.26666px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:340.3326px; bottom:511.26666px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h70\" style=\"left:377.46063px; bottom:511.26666px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:421.29663px; bottom:511.26666px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h70\" style=\"left:457.9566px; bottom:511.26666px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h70\" style=\"left:502.92365px; bottom:511.26666px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h70\" style=\"left:560.1756px; bottom:511.26666px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hdd\" style=\"left:-4.050377px; bottom:470.70667px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">b) Oggetto di misure di </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">moratoria non pi\u00f9 conformi </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">alle GL e non valutate come </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">oggetto di concessione </div></div><div class=\"c w492 hdd\" style=\"left:109.23163px; bottom:470.70667px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf hdd\" style=\"left:143.55162px; bottom:470.70667px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hdd\" style=\"left:180.71863px; bottom:470.70667px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 hdd\" style=\"left:223.61862px; bottom:470.70667px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb hdd\" style=\"left:261.05862px; bottom:470.70667px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hdd\" style=\"left:306.14264px; bottom:470.70667px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:340.3326px; bottom:470.70667px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hdd\" style=\"left:377.46063px; bottom:470.70667px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:421.29663px; bottom:470.70667px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 hdd\" style=\"left:457.9566px; bottom:470.70667px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hdd\" style=\"left:502.92365px; bottom:470.70667px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 hdd\" style=\"left:560.1756px; bottom:470.70667px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:448.55463px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Oggetto di altre misure di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:448.55463px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:448.55463px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:448.55463px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:448.55463px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:448.55463px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:448.55463px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:448.55463px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:448.55463px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:448.55463px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:448.55463px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:448.55463px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:448.55463px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h7a\" style=\"left:-4.050377px; bottom:433.89062px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Nuovi finanziamenti </div></div><div class=\"c w492 h7a\" style=\"left:109.23163px; bottom:433.89062px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h7a\" style=\"left:143.55162px; bottom:433.89062px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h7a\" style=\"left:180.71863px; bottom:433.89062px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h7a\" style=\"left:223.61862px; bottom:433.89062px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">90<span class=\"ls0\"> </span></div></div><div class=\"c wdb h7a\" style=\"left:261.05862px; bottom:433.89062px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h7a\" style=\"left:306.14264px; bottom:433.89062px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">18</span> </div></div><div class=\"c w3ee h7a\" style=\"left:340.3326px; bottom:433.89062px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h7a\" style=\"left:377.46063px; bottom:433.89062px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h7a\" style=\"left:421.29663px; bottom:433.89062px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">18</span> </div></div><div class=\"c w244 h7a\" style=\"left:457.9566px; bottom:433.89062px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h7a\" style=\"left:502.92365px; bottom:433.89062px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w43 h7a\" style=\"left:560.1756px; bottom:433.89062px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h99\" style=\"left:-4.050377px; bottom:404.22464px;\"><div class=\"t m0 x41 h8f y1727 ff5 fsf fc2 sc0 ls0 ws0\">D. ALTRI FINANZIAMENTI </div><div class=\"t m0 x41 h8f y9bf ff5 fsf fc2 sc0 ls0 ws0\">SCADUTI NON </div><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">DETERIORATI </div></div><div class=\"c w492 h99\" style=\"left:109.23163px; bottom:404.22464px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h99\" style=\"left:143.55162px; bottom:404.22464px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h99\" style=\"left:180.71863px; bottom:404.22464px;\"><div class=\"t m0 x9a h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">130<span class=\"ls0\"> </span></div></div><div class=\"c w4c0 h99\" style=\"left:223.61862px; bottom:404.22464px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h99\" style=\"left:261.05862px; bottom:404.22464px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h99\" style=\"left:306.14264px; bottom:404.22464px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w3ee h99\" style=\"left:340.3326px; bottom:404.22464px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h99\" style=\"left:377.46063px; bottom:404.22464px;\"><div class=\"t m0 x13 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w3ee h99\" style=\"left:421.29663px; bottom:404.22464px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h99\" style=\"left:457.9566px; bottom:404.22464px;\"><div class=\"t m0 xf h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h99\" style=\"left:502.92365px; bottom:404.22464px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">224<span class=\"ls0\"> </span></div></div><div class=\"c w43 h99\" style=\"left:560.1756px; bottom:404.22464px;\"><div class=\"t m0 xd5 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h70\" style=\"left:-4.050377px; bottom:382.22864px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">a) Oggetto di concessione </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">conformi con le <span class=\"ls2d\">GL</span> </div></div><div class=\"c w492 h70\" style=\"left:109.23163px; bottom:382.22864px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf h70\" style=\"left:143.55162px; bottom:382.22864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa h70\" style=\"left:180.71863px; bottom:382.22864px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 h70\" style=\"left:223.61862px; bottom:382.22864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h70\" style=\"left:261.05862px; bottom:382.22864px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h70\" style=\"left:306.14264px; bottom:382.22864px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:340.3326px; bottom:382.22864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h70\" style=\"left:377.46063px; bottom:382.22864px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee h70\" style=\"left:421.29663px; bottom:382.22864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h70\" style=\"left:457.9566px; bottom:382.22864px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h70\" style=\"left:502.92365px; bottom:382.22864px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 h70\" style=\"left:560.1756px; bottom:382.22864px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hdd\" style=\"left:-4.050377px; bottom:341.66864px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">b) Oggetto di misure di </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">moratoria non pi\u00f9 conformi </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">alle GL e non valutate come </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">oggetto di concessione </div></div><div class=\"c w492 hdd\" style=\"left:109.23163px; bottom:341.66864px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf hdd\" style=\"left:143.55162px; bottom:341.66864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa hdd\" style=\"left:180.71863px; bottom:341.66864px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 hdd\" style=\"left:223.61862px; bottom:341.66864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb hdd\" style=\"left:261.05862px; bottom:341.66864px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hdd\" style=\"left:306.14264px; bottom:341.66864px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:340.3326px; bottom:341.66864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hdd\" style=\"left:377.46063px; bottom:341.66864px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee hdd\" style=\"left:421.29663px; bottom:341.66864px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 hdd\" style=\"left:457.9566px; bottom:341.66864px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hdd\" style=\"left:502.92365px; bottom:341.66864px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 hdd\" style=\"left:560.1756px; bottom:341.66864px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:319.51663px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Oggetto di altre misure di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:319.51663px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:319.51663px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:319.51663px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:319.51663px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:319.51663px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:319.51663px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:319.51663px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:319.51663px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:319.51663px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:319.51663px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:319.51663px;\"><div class=\"t m0 x43 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:319.51663px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h1d\" style=\"left:-4.050377px; bottom:304.69662px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Nuovi finanziamenti </div></div><div class=\"c w492 h1d\" style=\"left:109.23163px; bottom:304.69662px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">217<span class=\"ls0\"> </span></div></div><div class=\"c w4bf h1d\" style=\"left:143.55162px; bottom:304.69662px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w1fa h1d\" style=\"left:180.71863px; bottom:304.69662px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w4c0 h1d\" style=\"left:223.61862px; bottom:304.69662px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h1d\" style=\"left:261.05862px; bottom:304.69662px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 h1d\" style=\"left:306.14264px; bottom:304.69662px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w3ee h1d\" style=\"left:340.3326px; bottom:304.69662px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 h1d\" style=\"left:377.46063px; bottom:304.69662px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w3ee h1d\" style=\"left:421.29663px; bottom:304.69662px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h1d\" style=\"left:457.9566px; bottom:304.69662px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h1d\" style=\"left:502.92365px; bottom:304.69662px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">215<span class=\"ls0\"> </span></div></div><div class=\"c w43 h1d\" style=\"left:560.1756px; bottom:304.69662px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h70\" style=\"left:-4.050377px; bottom:282.70065px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">E. ALTRI FINANZIAMENTI </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">NON DETERIORATI </div></div><div class=\"c w492 h70\" style=\"left:109.23163px; bottom:282.70065px;\"><div class=\"t m0 xab h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">33.181 </div></div><div class=\"c w4bf h70\" style=\"left:143.55162px; bottom:282.70065px;\"><div class=\"t m0 x8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">29.392 </div></div><div class=\"c w1fa h70\" style=\"left:180.71863px; bottom:282.70065px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">3.788 </div></div><div class=\"c w4c0 h70\" style=\"left:223.61862px; bottom:282.70065px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h70\" style=\"left:261.05862px; bottom:282.70065px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c1 h70\" style=\"left:306.14264px; bottom:282.70065px;\"><div class=\"t m0 x12 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">111</span> </div></div><div class=\"c w3ee h70\" style=\"left:340.3326px; bottom:282.70065px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">38</span> </div></div><div class=\"c w83 h70\" style=\"left:377.46063px; bottom:282.70065px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">73</span> </div></div><div class=\"c w3ee h70\" style=\"left:421.29663px; bottom:282.70065px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h70\" style=\"left:457.9566px; bottom:282.70065px;\"><div class=\"t m0 xf h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h70\" style=\"left:502.92365px; bottom:282.70065px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">33.070 </div></div><div class=\"c w43 h70\" style=\"left:560.1756px; bottom:282.70065px;\"><div class=\"t m0 xd5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:260.54865px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">a) Oggetto di concessione </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">conformi con le GL </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:260.54865px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:260.54865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:260.54865px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:260.54865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:260.54865px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:260.54865px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:260.54865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:260.54865px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:260.54865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:260.54865px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:260.54865px;\"><div class=\"t m0 xa h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:260.54865px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be hdd\" style=\"left:-4.050377px; bottom:219.98865px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">b) Oggetto di misure di </div><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">moratoria non pi\u00f9 conformi </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">alle GL e non valutate come </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">oggetto di concessione </div></div><div class=\"c w492 hdd\" style=\"left:109.23163px; bottom:219.98865px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">77<span class=\"ls0\"> </span></div></div><div class=\"c w4bf hdd\" style=\"left:143.55162px; bottom:219.98865px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w1fa hdd\" style=\"left:180.71863px; bottom:219.98865px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w4c0 hdd\" style=\"left:223.61862px; bottom:219.98865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb hdd\" style=\"left:261.05862px; bottom:219.98865px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 hdd\" style=\"left:306.14264px; bottom:219.98865px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w3ee hdd\" style=\"left:340.3326px; bottom:219.98865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 hdd\" style=\"left:377.46063px; bottom:219.98865px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w3ee hdd\" style=\"left:421.29663px; bottom:219.98865px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 hdd\" style=\"left:457.9566px; bottom:219.98865px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e hdd\" style=\"left:502.92365px; bottom:219.98865px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">74<span class=\"ls0\"> </span></div></div><div class=\"c w43 hdd\" style=\"left:560.1756px; bottom:219.98865px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be haf\" style=\"left:-4.050377px; bottom:197.83664px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Oggetto di altre misure di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">concessione </div></div><div class=\"c w492 haf\" style=\"left:109.23163px; bottom:197.83664px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">687<span class=\"ls0\"> </span></div></div><div class=\"c w4bf haf\" style=\"left:143.55162px; bottom:197.83664px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w1fa haf\" style=\"left:180.71863px; bottom:197.83664px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">683<span class=\"ls0\"> </span></div></div><div class=\"c w4c0 haf\" style=\"left:223.61862px; bottom:197.83664px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb haf\" style=\"left:261.05862px; bottom:197.83664px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c1 haf\" style=\"left:306.14264px; bottom:197.83664px;\"><div class=\"t m0 xae h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">35</span> </div></div><div class=\"c w3ee haf\" style=\"left:340.3326px; bottom:197.83664px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w83 haf\" style=\"left:377.46063px; bottom:197.83664px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">35</span> </div></div><div class=\"c w3ee haf\" style=\"left:421.29663px; bottom:197.83664px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 haf\" style=\"left:457.9566px; bottom:197.83664px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e haf\" style=\"left:502.92365px; bottom:197.83664px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">652<span class=\"ls0\"> </span></div></div><div class=\"c w43 haf\" style=\"left:560.1756px; bottom:197.83664px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h7a\" style=\"left:-4.050377px; bottom:183.17264px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Nuovi finanziamenti </div></div><div class=\"c w492 h7a\" style=\"left:109.23163px; bottom:183.17264px;\"><div class=\"t m0 xab h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">32.417 </div></div><div class=\"c w4bf h7a\" style=\"left:143.55162px; bottom:183.17264px;\"><div class=\"t m0 x8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">29.337 </div></div><div class=\"c w1fa h7a\" style=\"left:180.71863px; bottom:183.17264px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.079 </div></div><div class=\"c w4c0 h7a\" style=\"left:223.61862px; bottom:183.17264px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wdb h7a\" style=\"left:261.05862px; bottom:183.17264px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c1 h7a\" style=\"left:306.14264px; bottom:183.17264px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">73</span> </div></div><div class=\"c w3ee h7a\" style=\"left:340.3326px; bottom:183.17264px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">38</span> </div></div><div class=\"c w83 h7a\" style=\"left:377.46063px; bottom:183.17264px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">35</span> </div></div><div class=\"c w3ee h7a\" style=\"left:421.29663px; bottom:183.17264px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w244 h7a\" style=\"left:457.9566px; bottom:183.17264px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9e h7a\" style=\"left:502.92365px; bottom:183.17264px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">32.344 </div></div><div class=\"c w43 h7a\" style=\"left:560.1756px; bottom:183.17264px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4be h44\" style=\"left:-4.050377px; bottom:167.53363px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE (A+B+C+D+E) </div></div><div class=\"c w492 h44\" style=\"left:109.23163px; bottom:167.53363px;\"><div class=\"t m0 xab h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">34.186 </div></div><div class=\"c w4bf h44\" style=\"left:143.55162px; bottom:167.53363px;\"><div class=\"t m0 x8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">29.489 </div></div><div class=\"c w1fa h44\" style=\"left:180.71863px; bottom:167.53363px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">3.918 </div></div><div class=\"c w4c0 h44\" style=\"left:223.61862px; bottom:167.53363px;\"><div class=\"t m0 xae h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">777<span class=\"ls0\"> </span></div></div><div class=\"c wdb h44\" style=\"left:261.05862px; bottom:167.53363px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w4c1 h44\" style=\"left:306.14264px; bottom:167.53363px;\"><div class=\"t m0 x12 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">363</span> </div></div><div class=\"c w3ee h44\" style=\"left:340.3326px; bottom:167.53363px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">38</span> </div></div><div class=\"c w83 h44\" style=\"left:377.46063px; bottom:167.53363px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">76</span> </div></div><div class=\"c w3ee h44\" style=\"left:421.29663px; bottom:167.53363px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-<span class=\"ls1c\">248</span> </div></div><div class=\"c w244 h44\" style=\"left:457.9566px; bottom:167.53363px;\"><div class=\"t m0 x13 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w9e h44\" style=\"left:502.92365px; bottom:167.53363px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">33.823 </div></div><div class=\"c w43 h44\" style=\"left:560.1756px; bottom:167.53363px;\"><div class=\"t m0 xd5 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.62036px;\"><div class=\"t m0 x0 h2 yf72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y150f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y172b ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>riga <span class=\"_ _16\"> </span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>\u201coggetto <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>concessione <span class=\"_ _7\"> </span>conformi <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>GL\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y172c ff1 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>rientrano <span class=\"_ _6\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Guidelines <span class=\"_ _2\"></span>on <span class=\"_ _5\"></span>legislative <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>legislative<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y172d ff4 fs0 fc0 sc0 ls0 ws0\">moratoria on loan re<span class=\"_ _0\"></span>payments applied in th<span class=\"_ _0\"></span>e light of the COVID <span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>9 crisis\u201d pubblicat<span class=\"_ _0\"></span>e dall\u2019EBA (EBA<span class=\"_ _0\"></span>/GL/2020/02) e successiv<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y172e ff1 fs0 fc0 sc0 ls0 ws0\">modifiche <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>integrazioni. <span class=\"_ _2\"></span>Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _5\"></span>risultavano <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importo <span class=\"_ _5\"></span>inferiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>milione <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>412 <span class=\"_ _5\"></span>mila </div><div class=\"t m0 x0 h2 ycc7 ff1 fs0 fc0 sc0 ls0 ws0\">euro. </div><div class=\"t m0 x0 h32 y172f ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _2\"></span>\u201coggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>moratoria <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y1099 ff4 fs0 fc0 sc0 ls0 ws0\">concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>og<span class=\"_ _3\"></span><span class=\"ff1\">getto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>essere, <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla </span></div><div class=\"t m0 x0 h2 y15b1 ff1 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>misura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>conformi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>da<span class=\"_ _5\"></span>lla </div><div class=\"t m0 x0 h2 y2ef ff4 fs0 fc0 sc0 ls0 ws0\">banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(<span class=\"_ _2\"></span><span class=\"ff1\">come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _7\"> </span>dalle  vig<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>segnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della </span></div><div class=\"t m0 x0 h2 y1730 ff4 fs0 fc0 sc0 ls0 ws0\">valutazione effettuat<span class=\"_ _0\"></span>a al verificarsi dell\u2019ev<span class=\"_ _0\"></span>ento che ha generat<span class=\"_ _0\"></span>o la non conformit\u00e0 <span class=\"_ _0\"></span>alle EBA/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1682 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>riga  F<span class=\"_ _0\"></span>inanziamenti <span class=\"_ _7\"> </span>\u201coggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>concessione\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>informa<span class=\"_ _0\"></span>zioni <span class=\"_ _7\"> </span>relative <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y1731 ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-<span class=\"ff4\">19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>\u201cesposizione <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>definite </span></div></div>dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>segnalazioni di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamen<span class=\"_ _3\"></span><span class=\"ff1\">ti <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>conformi<span class=\"_ _0\"></span> </span>con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla <span class=\"_ _0\"></span>data in cui non so<span class=\"_ _0\"></span>no pi\u00f9 conformi alle EBA<span class=\"_ _0\"></span>/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iga <span class=\"_ _4\"></span>\"nuo<span class=\"_ _0\"></span>vi <span class=\"_ _4\"></span>finanziamenti\" <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rappresentate <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _4\"></span>concessa <span class=\"_ _6\"></span>nuova liquidit\u00e0 con il suppor<span class=\"_ _0\"></span>to di garanzie pu<span class=\"_ _0\"></span>bbliche. I <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sostegno <span class=\"_ _6\"></span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _6\"></span>esposti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tabella <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"></span>nel portafoglio contabile <span class=\"_ _0\"></span>delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie in via di dismi<span class=\"_ _0\"></span>ss<span class=\"_ _3\"></span>ione. A.1.6. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa verso banch<span class=\"_ _0\"></span>e: dinamica delle e<span class=\"_ _0\"></span>sposizioni deteriorate lorde (milioni di euro)<span class=\"_ _3\"></span> Causali/Categorie<span class=\"_ _3\"></span> Sofferenze Inadempienze probabili Esposizioni scadute deteriorate<span class=\"_ _3\"></span> A. Esposizione lord<span class=\"_ _3\"></span>a iniziale 4 66<span class=\"ls0\"> </span>- - di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> - - - B. Variazioni in aum<span class=\"_ _3\"></span>ento - - 1 B.1 ingressi da esp<span class=\"_ _3\"></span>osizioni non de<span class=\"_ _3\"></span>teriorate - - - B.2 ingressi da attivit<span class=\"_ _3\"></span>\u00e0 finanziarie im<span class=\"_ _3\"></span>paired acquisite o<span class=\"_ _3\"></span> originate<span class=\"_ _3\"></span> - - - B.3 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizioni <span class=\"_ _3\"></span>deteriorate<span class=\"_ _3\"></span> - - - B.4 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> - - - B.5 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> - - 1 - di cui operazioni <span class=\"_ _3\"></span>di aggregazion<span class=\"_ _3\"></span>e aziendale<span class=\"_ _3\"></span> C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> - -<span class=\"ls1b\">18</span> - C.1 uscite verso es<span class=\"_ _3\"></span>posizioni non d<span class=\"_ _3\"></span>eteriorate<span class=\"_ _3\"></span> - - - C.2 write-off - - - C.3 incassi - -<span class=\"ls1b\">15</span> - C.4 realizzi per cessi<span class=\"_ _3\"></span>oni - - - C.5 perdite da ces<span class=\"_ _3\"></span>sione - - - C.6 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni <span class=\"_ _3\"></span>deteriorate<span class=\"_ _3\"></span> - - - C.7 modifiche cont<span class=\"_ _3\"></span>rattuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> - - - C.8 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> - -3 - D. Esposizione lord<span class=\"_ _3\"></span>a finale 4 48<span class=\"ls0\"> </span>1 - di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> - - - A.1.6. Bis Consolidato p<span class=\"_ _0\"></span>rudenziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie per c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssa verso banche: dinamica delle e<span class=\"_ _0\"></span>sposizioni lorde oggetto di concessioni di<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tinte per qualit\u00e0 crediti<span class=\"_ _0\"></span>zia (milioni di eur<span class=\"_ _35\"></span>o) Causali/Qu<span class=\"_ _0\"></span>alit\u00e0 Esposizio<span class=\"_ _0\"></span>ni oggetto d<span class=\"_ _0\"></span>i concessio<span class=\"_ _0\"></span>ni: deteriorate<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ni oggetto d<span class=\"_ _0\"></span>i concessio<span class=\"_ _0\"></span>ni: non deter<span class=\"_ _0\"></span>iorate A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale 66<span class=\"ls0\"> </span>9 - di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> - - B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to - 81<span class=\"ls0\"> </span>B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>non ogget<span class=\"_ _0\"></span>to di conce<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni - 81<span class=\"ls0\"> </span>B.2 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>oggetto di conc<span class=\"_ _0\"></span>essioni - X B.3 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni ogg<span class=\"_ _0\"></span>etto di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eriorate X - B.4 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni de<span class=\"_ _0\"></span>teriorate no<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>oggetto <span class=\"_ _35\"></span>di concessioni - - B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento - - C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione -<span class=\"ls25\">18</span> -7 C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _0\"></span>sizioni non <span class=\"_ _0\"></span>deteriorate<span class=\"_ _0\"></span> non ogge<span class=\"_ _0\"></span>tto di conce<span class=\"_ _0\"></span>ssioni X - C.2 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate oggetto di<span class=\"_ _35\"></span> concessioni - X C.3 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni ogge<span class=\"_ _35\"></span>tt<span class=\"_ _3\"></span>o di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni d<span class=\"_ _0\"></span>eteriorate X - C.4 write-of<span class=\"_ _0\"></span>f - - C.5 incassi<span class=\"_ _0\"></span> -<span class=\"ls25\">15</span> -7 C.6 realizzi <span class=\"_ _0\"></span>per cessioni<span class=\"_ _35\"></span> - - C.7 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> - - C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> -3 - D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale 48<span class=\"ls0\"> </span>83<span class=\"ls0\"> </span>- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> - - <div class=\"c w2 h0\" style=\"left:-82.68538px; bottom:-97.426575px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.7. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa verso clien<span class=\"_ _0\"></span>tela: dinamica delle espo<span class=\"_ _0\"></span>sizioni </div><div class=\"t m0 x127 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">deteriorate lorde  </div><div class=\"t m0 x0 h95 y3b6 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w12b h8b\" style=\"left:467.35358px; bottom:867.0954px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w4c9 h5f\" style=\"left:-3.7013779px; bottom:828.0954px;\"><div class=\"t m0 x41 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Causali/Ca<span class=\"_ _0\"></span>tegorie </div></div><div class=\"c wfa h5f\" style=\"left:390.75763px; bottom:828.0954px;\"><div class=\"t m0 x88 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Sofferenze </div></div><div class=\"c w12d h5f\" style=\"left:467.35358px; bottom:828.0954px;\"><div class=\"t m0 x8 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Inademp<span class=\"_ _0\"></span>ienze </div><div class=\"t m0 x86 h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">probabili </div></div><div class=\"c wfa h5f\" style=\"left:544.6126px; bottom:828.0954px;\"><div class=\"t m0 x97 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 xad h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">scadute </div><div class=\"t m0 x88 h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _35\"></span> </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:812.4954px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:812.4954px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9.461 </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:812.4954px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9.915 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:812.4954px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">774<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:796.89545px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:796.89545px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">196<span class=\"ls0\"> </span></div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:796.89545px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">862<span class=\"ls0\"> </span></div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:796.89545px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">242<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h41\" style=\"left:-3.7013779px; bottom:780.35944px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to </div></div><div class=\"c wfa h41\" style=\"left:390.75763px; bottom:780.35944px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.852 </div></div><div class=\"c w12d h41\" style=\"left:467.35358px; bottom:780.35944px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.905 </div></div><div class=\"c wfa h41\" style=\"left:544.6126px; bottom:780.35944px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">817<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:764.7594px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:764.7594px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">377<span class=\"ls0\"> </span></div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:764.7594px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.432 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:764.7594px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">761<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:749.1594px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 ingre<span class=\"_ _0\"></span>ssi da atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impaired<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>acquisite o<span class=\"_ _0\"></span> originate </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:749.1594px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:749.1594px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:749.1594px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:733.55945px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altre categori<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>di e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>posizioni d<span class=\"_ _0\"></span>eteriorate </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:733.55945px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">985<span class=\"ls0\"> </span></div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:733.55945px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">701<span class=\"ls0\"> </span></div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:733.55945px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:717.9594px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 modifi<span class=\"_ _0\"></span>che contra<span class=\"_ _0\"></span>ttuali sen<span class=\"_ _0\"></span>za cancella<span class=\"_ _0\"></span>zioni </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:717.9594px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:717.9594px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:717.9594px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:702.35944px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:702.35944px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">490<span class=\"ls0\"> </span></div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:702.35944px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">763<span class=\"ls0\"> </span></div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:702.35944px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h41\" style=\"left:-3.7013779px; bottom:685.8234px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione </div></div><div class=\"c wfa h41\" style=\"left:390.75763px; bottom:685.8234px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-7.463 </div></div><div class=\"c w12d h41\" style=\"left:467.35358px; bottom:685.8234px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-6.389 </div></div><div class=\"c wfa h41\" style=\"left:544.6126px; bottom:685.8234px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1.039 </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:670.22345px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:670.22345px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">22</span> </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:670.22345px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">639</span> </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:670.22345px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">171</span> </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:654.6234px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 write-of<span class=\"_ _0\"></span>f </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:654.6234px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">549</span> </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:654.6234px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">194</span> </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:654.6234px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4c9 h44\" style=\"left:-3.7013779px; bottom:638.98444px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 incassi<span class=\"_ _0\"></span> </div></div><div class=\"c wfa h44\" style=\"left:390.75763px; bottom:638.98444px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">505</span> </div></div><div class=\"c w12d h44\" style=\"left:467.35358px; bottom:638.98444px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.106 </div></div><div class=\"c wfa h44\" style=\"left:544.6126px; bottom:638.98444px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">118</span> </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:623.3844px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4 realiz<span class=\"_ _0\"></span>zi per cessioni<span class=\"_ _35\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:623.3844px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.382 </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:623.3844px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.085 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:623.3844px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:607.7844px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.5 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:607.7844px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">130</span> </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:607.7844px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-5 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:607.7844px;\"><div class=\"t m0 x9f h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:592.18445px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.6 trasferi<span class=\"_ _0\"></span>menti ad a<span class=\"_ _0\"></span>ltre categ<span class=\"_ _0\"></span>orie di esposi<span class=\"_ _0\"></span>zioni deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:592.18445px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">75</span> </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:592.18445px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">926</span> </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:592.18445px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">699</span> </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:576.5844px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.7 modi<span class=\"_ _0\"></span>fiche contrat<span class=\"_ _0\"></span>tuali senza <span class=\"_ _0\"></span>cancellazioni<span class=\"_ _0\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:576.5844px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:576.5844px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">19</span> </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:576.5844px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:560.98444px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:560.98444px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-4.800 </div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:560.98444px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2.415 </div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:560.98444px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">48</span> </div></div><div class=\"c w4c9 h6a\" style=\"left:-3.7013779px; bottom:544.2924px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale </div></div><div class=\"c wfa h6a\" style=\"left:390.75763px; bottom:544.2924px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.850 </div></div><div class=\"c w12d h6a\" style=\"left:467.35358px; bottom:544.2924px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.431 </div></div><div class=\"c wfa h6a\" style=\"left:544.6126px; bottom:544.2924px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">552<span class=\"ls0\"> </span></div></div><div class=\"c w4c9 h42\" style=\"left:-3.7013779px; bottom:528.69244px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> </div></div><div class=\"c wfa h42\" style=\"left:390.75763px; bottom:528.69244px;\"><div class=\"t m0 x10a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w12d h42\" style=\"left:467.35358px; bottom:528.69244px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">507<span class=\"ls0\"> </span></div></div><div class=\"c wfa h42\" style=\"left:544.6126px; bottom:528.69244px;\"><div class=\"t m0 xc0 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">172<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-82.68538px; bottom:-97.426575px;\"><div class=\"t m0 x0 h125 y799 ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y79a ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79b ff4 fs0 fc0 sc0 ls0 ws0\">Nelle <span class=\"_ _2\"></span>\u201cAltre <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>aumento\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricompresi, <span class=\"_ _2\"></span>prevalentemente,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>incrementi <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>saldi <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>addebiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _2\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y122d ff1 fs0 fc0 sc0 ls0 ws0\">saldi in valuta a seguit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> della variazion<span class=\"_ _0\"></span>e del tasso di cambi<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y4a6 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _29\"> </span>principalme<span class=\"_ _0\"></span>nte <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _20\"> </span>c<span class=\"_ _3\"></span>lassific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e </div><div class=\"t m0 x0 h2 y151 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cinadempienze probabi<span class=\"_ _0\"></span>li\u201d oggetto di ce<span class=\"_ _0\"></span>ssione nel corso dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h4f ya38 ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y10c ffa fs0 fc2 sc0 ls0 ws0\">A.1.7. Bis Consolidato p<span class=\"_ _0\"></span>rudenziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie per c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssa verso client<span class=\"_ _0\"></span>ela: dinamica delle espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3\"></span> </div><div class=\"t m0 x127 h95 ybf ffa fs0 fc2 sc0 ls0 ws0\">lorde oggetto di conces<span class=\"_ _0\"></span>sioni distinte per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia </div><div class=\"t m0 x0 h95 y4b3 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w3ce h7a\" style=\"left:426.32562px; bottom:403.08643px;\"><div class=\"t m0 x126 h46 yea5 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w20d h1e4\" style=\"left:-3.7013779px; bottom:355.03842px;\"><div class=\"t m0 x41 h59 y1734 ff5 fs17 fc2 sc0 ls0 ws0\">Causali/Qu<span class=\"_ _0\"></span>alit\u00e0 </div></div><div class=\"c w20e h1e4\" style=\"left:426.32562px; bottom:355.03842px;\"><div class=\"t m0 xf h59 y1734 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 x48 h59 y131b ff5 fs17 fc2 sc0 ls0 ws0\">oggetto d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x13 h59 y7eb ff5 fs17 fc2 sc0 ls0 ws0\">concessio<span class=\"_ _0\"></span>ni: </div><div class=\"t m0 xd9 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _0\"></span> </div></div><div class=\"c w20f h1e4\" style=\"left:523.8646px; bottom:355.03842px;\"><div class=\"t m0 xf h59 y1734 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 xd h59 y131b ff5 fs17 fc2 sc0 ls0 ws0\">oggetto d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x87 h59 y7eb ff5 fs17 fc2 sc0 ls0 ws0\">concessio<span class=\"_ _0\"></span>ni: non </div><div class=\"t m0 xd9 h59 y8e9 ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _35\"></span> </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:339.43842px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:339.43842px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6.170 </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:339.43842px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.616 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:323.83844px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni c<span class=\"_ _0\"></span>edute non <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ancellate<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:323.83844px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">580<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:323.83844px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.780 </div></div><div class=\"c w20d h41\" style=\"left:-3.7013779px; bottom:307.30243px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to </div></div><div class=\"c w20e h41\" style=\"left:426.32562px; bottom:307.30243px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.624 </div></div><div class=\"c w20f h41\" style=\"left:523.8646px; bottom:307.30243px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.467 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:291.70242px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>non ogget<span class=\"_ _0\"></span>to di conce<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:291.70242px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:291.70242px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.910 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:276.10242px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>oggetto di <span class=\"_ _0\"></span>concessioni </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:276.10242px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">638<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:276.10242px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:260.5024px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni ogg<span class=\"_ _0\"></span>etto di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eriorate </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:260.5024px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:260.5024px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">439<span class=\"ls0\"> </span></div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:244.90244px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni de<span class=\"_ _0\"></span>teriorate no<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>oggetto <span class=\"_ _35\"></span>di concessioni </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:244.90244px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">173<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:244.90244px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:229.30243px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:229.30243px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">586<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:229.30243px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">112<span class=\"ls0\"> </span></div></div><div class=\"c w20d h41\" style=\"left:-3.7013779px; bottom:212.76642px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione </div></div><div class=\"c w20e h41\" style=\"left:426.32562px; bottom:212.76642px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3.872 </div></div><div class=\"c w20f h41\" style=\"left:523.8646px; bottom:212.76642px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3.601 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:197.16641px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _0\"></span>sizioni non <span class=\"_ _0\"></span>deteriorate<span class=\"_ _0\"></span> non ogge<span class=\"_ _0\"></span>tto di conce<span class=\"_ _0\"></span>ssioni </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:197.16641px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:197.16641px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.397 </div></div><div class=\"c w20d h44\" style=\"left:-3.7013779px; bottom:181.52744px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate oggetto di<span class=\"_ _35\"></span> concessioni </div></div><div class=\"c w20e h44\" style=\"left:426.32562px; bottom:181.52744px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">439</span> </div></div><div class=\"c w20f h44\" style=\"left:523.8646px; bottom:181.52744px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:165.92743px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni ogge<span class=\"_ _35\"></span>tt<span class=\"_ _3\"></span>o di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni d<span class=\"_ _0\"></span>eteriorate </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:165.92743px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:165.92743px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">638</span> </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:150.32742px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4 write-of<span class=\"_ _0\"></span>f </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:150.32742px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">127</span> </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:150.32742px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:134.72743px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.5 incassi<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:134.72743px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">690</span> </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:134.72743px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">913</span> </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:119.127426px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.6 realiz<span class=\"_ _0\"></span>zi per cessioni<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:119.127426px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">820</span> </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:119.127426px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">395</span> </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:103.52742px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.7 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:103.52742px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">56</span> </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:103.52742px;\"><div class=\"t m0 x2e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:87.92743px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:87.92743px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.740 </div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:87.92743px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">258</span> </div></div><div class=\"c w20d h41\" style=\"left:-3.7013779px; bottom:71.39142px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale </div></div><div class=\"c w20e h41\" style=\"left:426.32562px; bottom:71.39142px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.922 </div></div><div class=\"c w20f h41\" style=\"left:523.8646px; bottom:71.39142px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.482 </div></div><div class=\"c w20d h42\" style=\"left:-3.7013779px; bottom:55.791428px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> </div></div><div class=\"c w20e h42\" style=\"left:426.32562px; bottom:55.791428px;\"><div class=\"t m0 x135 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">260<span class=\"ls0\"> </span></div></div><div class=\"c w20f h42\" style=\"left:523.8646px; bottom:55.791428px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.335 </div></div><div class=\"c w2 h0\" style=\"left:-82.68538px; bottom:-97.426575px;\"><div class=\"t m0 x0 h125 y1123 ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1736 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1737 ff4 fs0 fc0 sc0 ls0 ws0\">Nelle \u201cAltre variazioni in <span class=\"_ _0\"></span>aumento\u201d sono ricompr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>si, prevalentemente, g<span class=\"_ _0\"></span>li incrementi dei s<span class=\"_ _0\"></span>aldi per addebiti.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y1738 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _23\"> </span>classific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e </div><div class=\"t m0 x0 h95 y12e ff4 fs0 fc0 sc0 ls0 ws0\">\u201cinadempienze probabi<span class=\"_ _0\"></span>li\u201d oggetto di ce<span class=\"_ _0\"></span>ssione <span class=\"_ _3\"></span>nel corso dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"ffa fc2\"> <span class=\"_ _30\"> </span></span><span class=\"ffa fc2\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-516.34845px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.8 Consolidato pruden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iale <span class=\"ffb\">\u2013</span> Esposizioni creditizie p<span class=\"_ _0\"></span>er cassa deteriorate <span class=\"_ _0\"></span>verso banche: dinamica de<span class=\"_ _0\"></span>lle rettifiche </div><div class=\"t m0 x127 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">di valore complessiv<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h95 y3b6 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w461 h47\" style=\"left:496.9956px; bottom:439.90558px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w4ca h1e6\" style=\"left:-4.050377px; bottom:359.87756px;\"><div class=\"t m0 x41 ha y173a ff5 fs4 fc2 sc0 ls0 ws0\">Causali/Categorie<span class=\"_ _3\"></span> </div></div><div class=\"c w2f5 h86\" style=\"left:242.96262px; bottom:411.66956px;\"><div class=\"t m0 xad ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">SOFFERENZE<span class=\"_ _3\"></span> </div></div><div class=\"c w4cd h86\" style=\"left:371.84464px; bottom:411.66956px;\"><div class=\"t m0 x9a ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">INADEMPIENZE </div><div class=\"t m0 xb8 ha y7c9 ff5 fs4 fc2 sc0 ls0 ws0\">PROBABILI </div></div><div class=\"c w461 h86\" style=\"left:496.9956px; bottom:411.66956px;\"><div class=\"t m0 xdd ha y731 ff5 fs4 fc2 sc0 ls0 ws0\">ESPOSIZIONI SCADUTE<span class=\"_ _3\"></span> </div><div class=\"t m0 x96 ha y7c9 ff5 fs4 fc2 sc0 ls0 ws0\">DETERIORATE<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h94\" style=\"left:242.96262px; bottom:359.87756px;\"><div class=\"t m0 xad hb y173b ff1 fs4 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w2f4 h94\" style=\"left:307.70264px; bottom:359.87756px;\"><div class=\"t m0 xe h6 y173b ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x6 h6 yecc ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 x14 h6 y12aa ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x87 h6 y82d ff2 fs4 fc2 sc0 ls0 ws0\">concessioni<span class=\"_ _3\"></span> </div></div><div class=\"c w4cb h94\" style=\"left:371.84464px; bottom:359.87756px;\"><div class=\"t m0 x96 hb y173b ff1 fs4 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w4cc h94\" style=\"left:431.7486px; bottom:359.87756px;\"><div class=\"t m0 xb8 h6 y173b ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 xa1 h6 yecc ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 x88 h6 y12aa ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x12 h6 y82d ff2 fs4 fc2 sc0 ls0 ws0\">concessioni<span class=\"_ _3\"></span> </div></div><div class=\"c w4cb h94\" style=\"left:496.9956px; bottom:359.87756px;\"><div class=\"t m0 x96 hb y173b ff1 fs4 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w7 h94\" style=\"left:556.43164px; bottom:359.87756px;\"><div class=\"t m0 xe h6 y173b ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x6 h6 yecc ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 x14 h6 y12aa ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x87 h6 y82d ff2 fs4 fc2 sc0 ls0 ws0\">concessioni </div></div><div class=\"c w4ca h42\" style=\"left:-4.050377px; bottom:344.27753px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">A. Rettifiche compl<span class=\"_ _3\"></span>essive iniziali<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h42\" style=\"left:242.96262px; bottom:344.27753px;\"><div class=\"t m0 xa2 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2f4 h42\" style=\"left:307.70264px; bottom:344.27753px;\"><div class=\"t m0 xc ha3 y335 ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h42\" style=\"left:371.84464px; bottom:344.27753px;\"><div class=\"t m0 xd ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w4cc h42\" style=\"left:431.7486px; bottom:344.27753px;\"><div class=\"t m0 xa ha3 y335 ffa fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h42\" style=\"left:496.9956px; bottom:344.27753px;\"><div class=\"t m0 xa5 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h42\" style=\"left:556.43164px; bottom:344.27753px;\"><div class=\"t m0 xc ha3 y335 ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h42\" style=\"left:-4.050377px; bottom:328.67755px;\"><div class=\"t m0 x12 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h42\" style=\"left:242.96262px; bottom:328.67755px;\"><div class=\"t m0 xc h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h42\" style=\"left:307.70264px; bottom:328.67755px;\"><div class=\"t m0 xc h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h42\" style=\"left:371.84464px; bottom:328.67755px;\"><div class=\"t m0 xa5 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h42\" style=\"left:431.7486px; bottom:328.67755px;\"><div class=\"t m0 xc h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h42\" style=\"left:496.9956px; bottom:328.67755px;\"><div class=\"t m0 xa5 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h42\" style=\"left:556.43164px; bottom:328.67755px;\"><div class=\"t m0 xc h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:312.14154px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Variazioni in aum<span class=\"_ _3\"></span>ento </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:312.14154px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:312.14154px;\"><div class=\"t m0 xc ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:312.14154px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:312.14154px;\"><div class=\"t m0 xc ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:312.14154px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:312.14154px;\"><div class=\"t m0 xc ha3 y6ff ffa fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h86\" style=\"left:-4.050377px; bottom:283.90558px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">B.1 rettifiche di valo<span class=\"_ _3\"></span>re di attivit\u00e0 im<span class=\"_ _3\"></span>paired acquisite <span class=\"_ _3\"></span>o </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w139 h86\" style=\"left:242.96262px; bottom:283.90558px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h86\" style=\"left:307.70264px; bottom:283.90558px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4cb h86\" style=\"left:371.84464px; bottom:283.90558px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h86\" style=\"left:431.7486px; bottom:283.90558px;\"><div class=\"t m0 xa2 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4cb h86\" style=\"left:496.9956px; bottom:283.90558px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h86\" style=\"left:556.43164px; bottom:283.90558px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:267.36957px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 altre rettifiche <span class=\"_ _3\"></span>di valore<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:267.36957px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:267.36957px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:267.36957px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:267.36957px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:267.36957px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:267.36957px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h6a\" style=\"left:-4.050377px; bottom:250.67755px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">B.3 perdite da cessi<span class=\"_ _3\"></span>one </div></div><div class=\"c w139 h6a\" style=\"left:242.96262px; bottom:250.67755px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h6a\" style=\"left:307.70264px; bottom:250.67755px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:371.84464px; bottom:250.67755px;\"><div class=\"t m0 xa5 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h6a\" style=\"left:431.7486px; bottom:250.67755px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:496.9956px; bottom:250.67755px;\"><div class=\"t m0 xa5 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6a\" style=\"left:556.43164px; bottom:250.67755px;\"><div class=\"t m0 xc hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h127\" style=\"left:-4.050377px; bottom:224.89856px;\"><div class=\"t m0 x12 hb yf17 ff1 fs4 fc2 sc0 ls0 ws0\">B.4 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizioni </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w139 h127\" style=\"left:242.96262px; bottom:224.89856px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h127\" style=\"left:307.70264px; bottom:224.89856px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h127\" style=\"left:371.84464px; bottom:224.89856px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h127\" style=\"left:431.7486px; bottom:224.89856px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h127\" style=\"left:496.9956px; bottom:224.89856px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h127\" style=\"left:556.43164px; bottom:224.89856px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:208.36255px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:208.36255px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:208.36255px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:208.36255px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:208.36255px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:208.36255px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:208.36255px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:191.82654px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.6 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:191.82654px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:191.82654px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:191.82654px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:191.82654px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:191.82654px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:191.82654px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h6a\" style=\"left:-4.050377px; bottom:175.13452px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h6a\" style=\"left:242.96262px; bottom:175.13452px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h6a\" style=\"left:307.70264px; bottom:175.13452px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:371.84464px; bottom:175.13452px;\"><div class=\"t m0 x48 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4cc h6a\" style=\"left:431.7486px; bottom:175.13452px;\"><div class=\"t m0 xd5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4cb h6a\" style=\"left:496.9956px; bottom:175.13452px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6a\" style=\"left:556.43164px; bottom:175.13452px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:158.59857px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.1 riprese di valo<span class=\"_ _3\"></span>re da valutazi<span class=\"_ _3\"></span>one </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:158.59857px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:158.59857px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:158.59857px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:158.59857px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:158.59857px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:158.59857px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:142.06256px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.2 riprese di valo<span class=\"_ _3\"></span>re da incasso<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:142.06256px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:142.06256px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:142.06256px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:142.06256px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:142.06256px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:142.06256px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:125.52655px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.3 utili da cessio<span class=\"_ _3\"></span>ne  </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:125.52655px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:125.52655px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:125.52655px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:125.52655px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:125.52655px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:125.52655px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h6a\" style=\"left:-4.050377px; bottom:108.83453px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.4 write-off </div></div><div class=\"c w139 h6a\" style=\"left:242.96262px; bottom:108.83453px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h6a\" style=\"left:307.70264px; bottom:108.83453px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:371.84464px; bottom:108.83453px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h6a\" style=\"left:431.7486px; bottom:108.83453px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:496.9956px; bottom:108.83453px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6a\" style=\"left:556.43164px; bottom:108.83453px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h6c\" style=\"left:-4.050377px; bottom:83.09454px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">C.5 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w139 h6c\" style=\"left:242.96262px; bottom:83.09454px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h6c\" style=\"left:307.70264px; bottom:83.09454px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6c\" style=\"left:371.84464px; bottom:83.09454px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h6c\" style=\"left:431.7486px; bottom:83.09454px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6c\" style=\"left:496.9956px; bottom:83.09454px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6c\" style=\"left:556.43164px; bottom:83.09454px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:66.55853px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.6 modifiche cont<span class=\"_ _3\"></span>rattuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:66.55853px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:66.55853px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:66.55853px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:66.55853px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:66.55853px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:66.55853px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h6a\" style=\"left:-4.050377px; bottom:49.866577px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.7 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h6a\" style=\"left:242.96262px; bottom:49.866577px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h6a\" style=\"left:307.70264px; bottom:49.866577px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:371.84464px; bottom:49.866577px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h6a\" style=\"left:431.7486px; bottom:49.866577px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h6a\" style=\"left:496.9956px; bottom:49.866577px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h6a\" style=\"left:556.43164px; bottom:49.866577px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h41\" style=\"left:-4.050377px; bottom:33.330566px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Rettifiche compl<span class=\"_ _3\"></span>essive finali<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h41\" style=\"left:242.96262px; bottom:33.330566px;\"><div class=\"t m0 xa2 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2f4 h41\" style=\"left:307.70264px; bottom:33.330566px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h41\" style=\"left:371.84464px; bottom:33.330566px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w4cc h41\" style=\"left:431.7486px; bottom:33.330566px;\"><div class=\"t m0 xa ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h41\" style=\"left:496.9956px; bottom:33.330566px;\"><div class=\"t m0 xa5 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h41\" style=\"left:556.43164px; bottom:33.330566px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ca h42\" style=\"left:-4.050377px; bottom:17.73053px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w139 h42\" style=\"left:242.96262px; bottom:17.73053px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2f4 h42\" style=\"left:307.70264px; bottom:17.73053px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h42\" style=\"left:371.84464px; bottom:17.73053px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h42\" style=\"left:431.7486px; bottom:17.73053px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h42\" style=\"left:496.9956px; bottom:17.73053px;\"><div class=\"t m0 xa5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w7 h42\" style=\"left:556.43164px; bottom:17.73053px;\"><div class=\"t m0 xc h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-143.22974px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">A.1.9 Consolidato pruden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iale <span class=\"ffb\">\u2013</span> Esposizioni creditizie p<span class=\"_ _0\"></span>er cassa deteriorate verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la: dinamica delle re<span class=\"_ _0\"></span>ttifiche </div><div class=\"t m0 x127 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\">di valore complessiv<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h95 y3b6 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w2f2 h43\" style=\"left:493.40765px; bottom:809.12427px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w4ce h1e7\" style=\"left:-4.050377px; bottom:721.29626px;\"><div class=\"t m0 x41 ha y173f ff5 fs4 fc2 sc0 ls0 ws0\">Causali/Categorie<span class=\"_ _3\"></span> </div></div><div class=\"c w1a1 h84\" style=\"left:238.59464px; bottom:778.8603px;\"><div class=\"t m0 x13 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">SOFFERENZE<span class=\"_ _3\"></span> </div></div><div class=\"c w4cf h84\" style=\"left:366.69662px; bottom:778.8603px;\"><div class=\"t m0 x96 ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">INADEMPIENZE </div><div class=\"t m0 xf ha y75d ff5 fs4 fc2 sc0 ls0 ws0\">PROBABILI </div></div><div class=\"c w2f2 h84\" style=\"left:493.40765px; bottom:778.8603px;\"><div class=\"t m0 x1a ha y11fd ff5 fs4 fc2 sc0 ls0 ws0\">ESPOSIZIONI SCADUTE<span class=\"_ _3\"></span> </div><div class=\"t m0 x86 ha y75d ff5 fs4 fc2 sc0 ls0 ws0\">DETERIORATE<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h25\" style=\"left:238.59464px; bottom:721.29626px;\"><div class=\"t m0 x13 hb y138 ff1 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w3c5 h25\" style=\"left:302.2426px; bottom:721.29626px;\"><div class=\"t m0 xe h6 y138 ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x12 h6 y8a8 ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 xae h6 y8a9 ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x1a h6 yac7 ff2 fs4 fc2 sc0 ls0 ws0\">concessioni<span class=\"_ _3\"></span> </div></div><div class=\"c w2ca h25\" style=\"left:366.69662px; bottom:721.29626px;\"><div class=\"t m0 x13 hb y138 ff1 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w3c5 h25\" style=\"left:429.87665px; bottom:721.29626px;\"><div class=\"t m0 xe h6 y138 ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x12 h6 y8a8 ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 xae h6 y8a9 ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x1a h6 yac7 ff2 fs4 fc2 sc0 ls0 ws0\">concessioni </div></div><div class=\"c w2ca h25\" style=\"left:493.40765px; bottom:721.29626px;\"><div class=\"t m0 x13 hb y138 ff1 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w138 h25\" style=\"left:556.43164px; bottom:721.29626px;\"><div class=\"t m0 xe h6 y138 ff2 fs4 fc2 sc0 ls0 ws0\">di cui: </div><div class=\"t m0 x12 h6 y8a8 ff2 fs4 fc2 sc0 ls0 ws0\">esposizioni </div><div class=\"t m0 xae h6 y8a9 ff2 fs4 fc2 sc0 ls0 ws0\">oggetto di </div><div class=\"t m0 x1a h6 yac7 ff2 fs4 fc2 sc0 ls0 ws0\">concessioni </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:705.6963px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">A. Rettifiche compl<span class=\"_ _3\"></span>essive iniziali<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:705.6963px;\"><div class=\"t m0 xe ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">6.897 </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:705.6963px;\"><div class=\"t m0 xe ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">1.294 </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:705.6963px;\"><div class=\"t m0 xe ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">4.582 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:705.6963px;\"><div class=\"t m0 xe ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">1.562 </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:705.6963px;\"><div class=\"t m0 xb ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">152<span class=\"ls0\"> </span></div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:705.6963px;\"><div class=\"t m0 x43 ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:690.09625px;\"><div class=\"t m0 x12 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:690.09625px;\"><div class=\"t m0 xd h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">105<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:690.09625px;\"><div class=\"t m0 x43 h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:690.09625px;\"><div class=\"t m0 xb h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">221<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:690.09625px;\"><div class=\"t m0 xd h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">116<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:690.09625px;\"><div class=\"t m0 x43 h6 y335 ff2 fs4 fc2 sc0 ls1b ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:690.09625px;\"><div class=\"t m0 x9c h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w4ce h41\" style=\"left:-4.050377px; bottom:673.56024px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Variazioni in aum<span class=\"_ _3\"></span>ento </div></div><div class=\"c w138 h41\" style=\"left:238.59464px; bottom:673.56024px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.794 </div></div><div class=\"c w3c5 h41\" style=\"left:302.2426px; bottom:673.56024px;\"><div class=\"t m0 xd ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">381<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h41\" style=\"left:366.69662px; bottom:673.56024px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.975 </div></div><div class=\"c w3c5 h41\" style=\"left:429.87665px; bottom:673.56024px;\"><div class=\"t m0 xd ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">764<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h41\" style=\"left:493.40765px; bottom:673.56024px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">215<span class=\"ls0\"> </span></div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:673.56024px;\"><div class=\"t m0 x43 ha3 y6ff ffa fs4 fc2 sc0 ls1b ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w4ce h86\" style=\"left:-4.050377px; bottom:645.3243px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">B.1 rettifiche di valo<span class=\"_ _3\"></span>re di attivit\u00e0 im<span class=\"_ _3\"></span>paired acquisite <span class=\"_ _3\"></span>o </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">originate </div></div><div class=\"c w138 h86\" style=\"left:238.59464px; bottom:645.3243px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h86\" style=\"left:302.2426px; bottom:645.3243px;\"><div class=\"t m0 xd5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2ca h86\" style=\"left:366.69662px; bottom:645.3243px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h86\" style=\"left:429.87665px; bottom:645.3243px;\"><div class=\"t m0 xd5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w2ca h86\" style=\"left:493.40765px; bottom:645.3243px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h86\" style=\"left:556.43164px; bottom:645.3243px;\"><div class=\"t m0 xd5 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:629.72424px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 altre rettifiche <span class=\"_ _3\"></span>di valore<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:629.72424px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">851<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:629.72424px;\"><div class=\"t m0 xd h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:629.72424px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.566 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:629.72424px;\"><div class=\"t m0 xd h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:629.72424px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">162<span class=\"ls0\"> </span></div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:629.72424px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:614.12427px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 perdite da cessi<span class=\"_ _3\"></span>one </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:614.12427px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">253<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:614.12427px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:614.12427px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:614.12427px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:614.12427px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:614.12427px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce hbc\" style=\"left:-4.050377px; bottom:585.84924px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">B.4 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizi<span class=\"_ _3\"></span>oni </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w138 hbc\" style=\"left:238.59464px; bottom:585.84924px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">463<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 hbc\" style=\"left:302.2426px; bottom:585.84924px;\"><div class=\"t m0 xd h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">121<span class=\"ls0\"> </span></div></div><div class=\"c w2ca hbc\" style=\"left:366.69662px; bottom:585.84924px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">185<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 hbc\" style=\"left:429.87665px; bottom:585.84924px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w2ca hbc\" style=\"left:493.40765px; bottom:585.84924px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w138 hbc\" style=\"left:556.43164px; bottom:585.84924px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:570.24927px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:570.24927px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:570.24927px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:570.24927px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">77<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:570.24927px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">77<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:570.24927px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:570.24927px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:554.6493px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.6 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:554.6493px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:554.6493px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:554.6493px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">141<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:554.6493px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:554.6493px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:554.6493px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h6a\" style=\"left:-4.050377px; bottom:537.9573px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h6a\" style=\"left:238.59464px; bottom:537.9573px;\"><div class=\"t m0 x13 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-6.019 </div></div><div class=\"c w3c5 h6a\" style=\"left:302.2426px; bottom:537.9573px;\"><div class=\"t m0 x13 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-1.157 </div></div><div class=\"c w2ca h6a\" style=\"left:366.69662px; bottom:537.9573px;\"><div class=\"t m0 x13 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-3.601 </div></div><div class=\"c w3c5 h6a\" style=\"left:429.87665px; bottom:537.9573px;\"><div class=\"t m0 x13 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-1.197 </div></div><div class=\"c w2ca h6a\" style=\"left:493.40765px; bottom:537.9573px;\"><div class=\"t m0 x98 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-228 </div></div><div class=\"c w138 h6a\" style=\"left:556.43164px; bottom:537.9573px;\"><div class=\"t m0 x48 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">42</span> </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:522.35724px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">C.1 riprese di valo<span class=\"_ _3\"></span>re da valutazi<span class=\"_ _3\"></span>one </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:522.35724px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-367 </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:522.35724px;\"><div class=\"t m0 x48 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">84</span> </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:522.35724px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-425 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:522.35724px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-261 </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:522.35724px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">43</span> </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:522.35724px;\"><div class=\"t m0 xc0 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:506.75726px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">C.2 riprese di valo<span class=\"_ _3\"></span>re da incasso<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:506.75726px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">99</span> </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:506.75726px;\"><div class=\"t m0 x48 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">21</span> </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:506.75726px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-141 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:506.75726px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">85</span> </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:506.75726px;\"><div class=\"t m0 xa hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:506.75726px;\"><div class=\"t m0 xc0 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:491.1573px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">C.3 utili da cessio<span class=\"_ _3\"></span>ne </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:491.1573px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">23</span> </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:491.1573px;\"><div class=\"t m0 xa h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:491.1573px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">15</span> </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:491.1573px;\"><div class=\"t m0 xa hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:491.1573px;\"><div class=\"t m0 xc0 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:491.1573px;\"><div class=\"t m0 xc0 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:475.55725px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">C.4 write-off </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:475.55725px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-549 </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:475.55725px;\"><div class=\"t m0 x48 h6 y335 ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">73</span> </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:475.55725px;\"><div class=\"t m0 x98 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-194 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:475.55725px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">54</span> </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:475.55725px;\"><div class=\"t m0 xa hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:475.55725px;\"><div class=\"t m0 xc0 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h1e8\" style=\"left:-4.050377px; bottom:454.65326px;\"><div class=\"t m0 x12 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">C.5 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni </div><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w138 h1e8\" style=\"left:238.59464px; bottom:454.65326px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">47</span> </div></div><div class=\"c w3c5 h1e8\" style=\"left:302.2426px; bottom:454.65326px;\"><div class=\"t m0 x48 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">10</span> </div></div><div class=\"c w2ca h1e8\" style=\"left:366.69662px; bottom:454.65326px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-449 </div></div><div class=\"c w3c5 h1e8\" style=\"left:429.87665px; bottom:454.65326px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-119 </div></div><div class=\"c w2ca h1e8\" style=\"left:493.40765px; bottom:454.65326px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-161 </div></div><div class=\"c w138 h1e8\" style=\"left:556.43164px; bottom:454.65326px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">42</span> </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:439.05328px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.6 modifiche cont<span class=\"_ _3\"></span>rattuali senza can<span class=\"_ _3\"></span>cellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:439.05328px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:439.05328px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:439.05328px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">14</span> </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:439.05328px;\"><div class=\"t m0 x48 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">14</span> </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:439.05328px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:439.05328px;\"><div class=\"t m0 xc0 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:423.45325px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.7 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:423.45325px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4.934 </div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:423.45325px;\"><div class=\"t m0 x98 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">-968 </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:423.45325px;\"><div class=\"t m0 x13 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.363 </div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:423.45325px;\"><div class=\"t m0 x98 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-656 </div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:423.45325px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">17</span> </div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:423.45325px;\"><div class=\"t m0 xc0 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4ce h41\" style=\"left:-4.050377px; bottom:406.91724px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Rettifiche compl<span class=\"_ _3\"></span>essive finali<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h41\" style=\"left:238.59464px; bottom:406.91724px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.672 </div></div><div class=\"c w3c5 h41\" style=\"left:302.2426px; bottom:406.91724px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">518<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h41\" style=\"left:366.69662px; bottom:406.91724px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.956 </div></div><div class=\"c w3c5 h41\" style=\"left:429.87665px; bottom:406.91724px;\"><div class=\"t m0 xe ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.129 </div></div><div class=\"c w2ca h41\" style=\"left:493.40765px; bottom:406.91724px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">139<span class=\"ls0\"> </span></div></div><div class=\"c w138 h41\" style=\"left:556.43164px; bottom:406.91724px;\"><div class=\"t m0 x43 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w4ce h42\" style=\"left:-4.050377px; bottom:391.31726px;\"><div class=\"t m0 x12 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w138 h42\" style=\"left:238.59464px; bottom:391.31726px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:302.2426px; bottom:391.31726px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2ca h42\" style=\"left:366.69662px; bottom:391.31726px;\"><div class=\"t m0 xb h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">106<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h42\" style=\"left:429.87665px; bottom:391.31726px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w2ca h42\" style=\"left:493.40765px; bottom:391.31726px;\"><div class=\"t m0 x43 h6 y6ff ff2 fs4 fc2 sc0 ls1b ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w138 h42\" style=\"left:556.43164px; bottom:391.31726px;\"><div class=\"t m0 x9c h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-143.22974px;\"><div class=\"t m0 x0 h125 y10b9 ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y14ff ff10 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y86c ff4 fs0 fc0 sc0 ls0 ws0\">Nelle <span class=\"_ _3\"></span>\u201cAltre variazioni in <span class=\"_ _3\"></span>aumento\u201d sono <span class=\"_ _3\"></span>ricompresi, prevalentemente, gli incassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crediti cancellati integralmente dal <span class=\"_ _3\"></span>bil<span class=\"_ _5\"></span><span class=\"ff1\">ancio </span></div><div class=\"t m0 x0 h2 y149d ff4 fs0 fc0 sc0 ls0 ws0\">(in <span class=\"_ _7\"> </span>contropartita <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cRiprese <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>incasso\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ncrementi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>saldi <span class=\"_ _7\"> </span>dei <span class=\"_ _1d\"> </span><span class=\"ff1\">fondi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>valuta <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>della </span></div><div class=\"t m0 x0 h2 y982 ff1 fs0 fc0 sc0 ls0 ws0\">variazione del tasso <span class=\"_ _0\"></span>di cambio. </div><div class=\"t m0 x0 h32 y1472 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _23\"> </span>classific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e </div><div class=\"t m0 x0 h2 y984 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cinadempienze <span class=\"_ _6\"></span>probabili\u201d <span class=\"_ _5\"></span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>dell\u2019esercizio. <span class=\"_ _6\"> </span>In <span class=\"_ _7\"> </span><span class=\"ff1\">tale <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>trovano <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"></span>allocazione <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>incassi <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y985 ff1 fs0 fc0 sc0 ls0 ws0\">interessi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mora <span class=\"_ _3\"></span>accertati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>precedenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>coperta <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>fondo, il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>decremento d<span class=\"_ _6\"></span>ei </div><div class=\"t m0 x0 h2 y986 ff1 fs0 fc0 sc0 ls0 ws0\">fondi in valuta a seguito della v<span class=\"_ _35\"></span>ariazione del tasso di cambio, nonch\u00e9 la r<span class=\"_ _3\"></span>iduzione dei fondi rettifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativi dovuta al trascorr<span class=\"_ _0\"></span>ere del </div><div class=\"t m0 x0 h2 y987 ff1 fs0 fc0 sc0 ls0 ws0\">tempo. </div><div class=\"t m0 x0 h2 ya84 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya85 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y879 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4d3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1740 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y165 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybc0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf42 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4fd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1022 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y203 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>A.2. Classificazione delle e<span class=\"_ _3\"></span>sposizioni in base ai rating esterni e inter<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span> A.2.1. <span class=\"_ _3\"></span>Consolidato prudenziale <span class=\"_ _3\"></span>- Distribuzione <span class=\"_ _3\"></span>delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie, degli <span class=\"_ _3\"></span>impegni a <span class=\"_ _2\"></span>erogare fondi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle garanzie finanziarie rilasciate pe<span class=\"_ _0\"></span>r classi di rating e<span class=\"_ _0\"></span>sterni (valori lordi) Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>adotta <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>segnalazione <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>valutazioni <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>seguenti <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rating esterne: Standard &amp; Poor\u2019s Ratings<span class=\"ff1\"> </span>Services, Moody\u2019s Investors<span class=\"_ _0\"></span> Service, Fitch Ratings e DBRS Morningstar. I rating forniti da tali <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>autorizzazioni <span class=\"_ _4\"></span>ricevute <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>regolamenti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>vigore <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"></span>del Gruppo. Si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"> </span>che, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>ottemperanza <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>sancito <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>normativa, <span class=\"_ _4\"> </span>laddove <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenti <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stesso cliente, <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>adottata <span class=\"_ _1d\"> </span>quella <span class=\"_ _1d\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>prudenziale; <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tre <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>quella <span class=\"_ _1d\"> </span>intermedia, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>presenti <span class=\"_ _1d\"> </span>tutte <span class=\"_ _1d\"> </span>le valutazioni, la secon<span class=\"_ _0\"></span>da migliore. (mil<span class=\"ls26\">ioni di euro)<span class=\"ls0\"> </span></span>Esposizioni<span class=\"ls0\"> </span>CLASSI RATING ESTERNI<span class=\"ls0\"> </span>SENZA RATING TOTALE classe 1 Classe 2<span class=\"ls0\"> </span>Classe 3<span class=\"ls0\"> </span>Classe 4<span class=\"ls0\"> </span>Classe 5<span class=\"ls0\"> </span>Classe 6<span class=\"ls0\"> </span>A. Attivit\u00e0 finanziarie valutate al costo ammortizzato<span class=\"ls0\"> </span>17.930<span class=\"ls0\"> </span>23.364<span class=\"ls0\"> </span>64.235<span class=\"ls0\"> </span>10.923<span class=\"ls0\"> </span>6.063<span class=\"ls0\"> </span>374<span class=\"ls0\"> </span>413.994<span class=\"ls0\"> </span>536.883<span class=\"ls0\"> </span>- <span class=\"ls29\">Primo </span>stadio 17.887<span class=\"ls0\"> </span>21.082<span class=\"ls0\"> </span>62.418<span class=\"ls0\"> </span>10.578<span class=\"ls0\"> </span>4.631<span class=\"ls0\"> </span>113<span class=\"ls0\"> </span>358.898<span class=\"ls0\"> </span>475.607<span class=\"ls0\"> </span>- <span class=\"ls29\">Secondo stadio</span> 43<span class=\"ls0\"> </span>2.282<span class=\"ls0\"> </span>1.817<span class=\"ls0\"> </span>343<span class=\"ls0\"> </span>1.300<span class=\"ls0\"> </span>100<span class=\"ls0\"> </span>44.335<span class=\"ls0\"> </span>50.220<span class=\"ls0\"> </span>- <span class=\"ls2b\">Terzo stadio</span> - - - - 132<span class=\"ls0\"> </span>161<span class=\"ls0\"> </span>10.379<span class=\"ls0\"> </span>10.672<span class=\"ls0\"> </span>- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> - - - 2 - - 382<span class=\"ls0\"> </span>384<span class=\"ls0\"> </span>B. Attivit\u00e0 <span class=\"ls0\">finanziarie valutate al fair val<span class=\"_ _3\"></span>ue con </span>impatto sulla redditivit\u00e0 complessiva<span class=\"_ _3\"></span><span class=\"ls0\"> </span>16.399<span class=\"ls0\"> </span>10.502<span class=\"ls0\"> </span>14.790<span class=\"ls0\"> </span>963<span class=\"ls0\"> </span>2.481<span class=\"ls0\"> </span>69<span class=\"ls0\"> </span>3.284<span class=\"ls0\"> </span>48.488<span class=\"ls0\"> </span>- <span class=\"ls29\">Primo stadio</span> 16.399<span class=\"ls0\"> </span>10.502<span class=\"ls0\"> </span>14.722<span class=\"ls0\"> </span>866<span class=\"ls0\"> </span>2.290<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>2.758<span class=\"ls0\"> </span>47.584<span class=\"ls0\"> </span>- <span class=\"ls29\">Secondo stadio</span> - - 68<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>191<span class=\"ls0\"> </span>8 504<span class=\"ls0\"> </span>868<span class=\"ls0\"> </span>- <span class=\"ls2b\">Terzo stadio</span> - - - - - 14<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> - - - - - - - - C. Attivit\u00e0 finanziarie in corso di dismissione<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - - - - 754<span class=\"ls0\"> </span>754<span class=\"ls0\"> </span>- <span class=\"ls29\">Primo stadio</span> - - - - - - - - - <span class=\"ls29\">Secondo stadio</span> - - - - - - 10<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- <span class=\"ls2b\">Terzo stadio</span> - - - - - - 725<span class=\"ls0\"> </span>725<span class=\"ls0\"> </span>- <span class=\"ls27\">Impaired </span>acquisite o originate<span class=\"_ _3\"></span> - - - - - - 19<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>Totale (A+B+C) 34.329<span class=\"ls0\"> </span>33.866<span class=\"ls0\"> </span>79.025<span class=\"ls0\"> </span>11.886<span class=\"ls0\"> </span>8.544<span class=\"ls0\"> </span>443<span class=\"ls0\"> </span>418.032<span class=\"ls0\"> </span>586.125<span class=\"ls0\"> </span>D. Impegni a erogare fondi e garanzie fi<span class=\"_ _3\"></span>nanziarie rilasciate<span class=\"ls0\"> </span>- <span class=\"ls29\">Primo stadio</span> 11.594<span class=\"ls0\"> </span>25.962<span class=\"ls0\"> </span>51.799<span class=\"ls0\"> </span>13.899<span class=\"ls0\"> </span>3.271<span class=\"ls0\"> </span>142<span class=\"ls0\"> </span>161.048<span class=\"ls0\"> </span>267.715<span class=\"ls0\"> </span>- <span class=\"ls29\">Secondo stadio</span> 27<span class=\"ls0\"> </span>211<span class=\"ls0\"> </span>3.177<span class=\"ls0\"> </span>2.099<span class=\"ls0\"> </span>1.586<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>19.891<span class=\"ls0\"> </span>27.026<span class=\"ls0\"> </span>- <span class=\"ls2b\">Terzo stadio</span> - - - - 25<span class=\"ls0\"> </span>3 1.754<span class=\"ls0\"> </span>1.782<span class=\"ls0\"> </span>- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> - - - - - - 4 4 Totale (D) 11.621<span class=\"ls0\"> </span>26.173<span class=\"ls0\"> </span>54.976<span class=\"ls0\"> </span>15.998<span class=\"ls0\"> </span>4.882<span class=\"ls0\"> </span>180<span class=\"ls0\"> </span>182.697<span class=\"ls0\"> </span>296.527<span class=\"ls0\"> </span>Totale (A+B+C+<span class=\"_ _3\"></span>D) 45.950<span class=\"ls0\"> </span>60.039<span class=\"ls0\"> </span>134.001<span class=\"ls0\"> </span>27.884<span class=\"ls0\"> </span>13.426<span class=\"ls0\"> </span>623<span class=\"ls0\"> </span>600.729<span class=\"ls0\"> </span>882.652<span class=\"ls0\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-492.4016px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La tabella che seg<span class=\"_ _0\"></span>ue riporta il raccordo (m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>pping) tra le clas<span class=\"_ _0\"></span>si di rischio ed i rating d<span class=\"_ _0\"></span>elle agenzie utiliz<span class=\"_ _0\"></span>zate.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6 ffa fs0 fc2 sc0 ls0 ws0\">Mapping dei rating rilas<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>iati dalle agenzie di rat<span class=\"_ _0\"></span>ing esterne  </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1cf ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w4d4 h42\" style=\"left:113.95062px; bottom:442.3244px;\"><div class=\"t m0 x26 ha ya10 ff5 fs4 fc2 sc0 ls0 ws0\">ECAI </div></div><div class=\"c w454 h91\" style=\"left:113.95062px; bottom:417.05237px;\"><div class=\"t m0 xd ha yb41 ff5 fs4 fc2 sc0 ls0 ws0\">Moody's </div></div><div class=\"c w454 h91\" style=\"left:238.59464px; bottom:417.05237px;\"><div class=\"t m0 x95 ha yb41 ff5 fs4 fc2 sc0 ls0 ws0\">Standard &amp; Po<span class=\"_ _3\"></span>or's </div></div><div class=\"c w455 h91\" style=\"left:364.04462px; bottom:417.05237px;\"><div class=\"t m0 xa5 ha yb41 ff5 fs4 fc2 sc0 ls0 ws0\">Fitch </div></div><div class=\"c wa1 h91\" style=\"left:490.09265px; bottom:417.05237px;\"><div class=\"t m0 x9b ha yb41 ff5 fs4 fc2 sc0 ls0 ws0\">DBRS Morningstar<span class=\"_ _3\"></span> </div></div><div class=\"c w3b4 h91\" style=\"left:113.95062px; bottom:391.6244px;\"><div class=\"t m0 x86 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Lungo </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c wf h91\" style=\"left:175.72662px; bottom:391.6244px;\"><div class=\"t m0 x13 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Breve </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c w375 h91\" style=\"left:238.59464px; bottom:391.6244px;\"><div class=\"t m0 x86 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Lungo </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c w4d5 h91\" style=\"left:302.2426px; bottom:391.6244px;\"><div class=\"t m0 x13 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Breve </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c w375 h91\" style=\"left:364.04462px; bottom:391.6244px;\"><div class=\"t m0 x86 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Lungo </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c wf h91\" style=\"left:428.31665px; bottom:391.6244px;\"><div class=\"t m0 x13 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Breve </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c w3b4 h91\" style=\"left:490.09265px; bottom:391.6244px;\"><div class=\"t m0 x86 ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Lungo </div><div class=\"t m0 x94 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c wd7 h91\" style=\"left:552.2196px; bottom:391.6244px;\"><div class=\"t m0 xf ha ye5 ff5 fs4 fc2 sc0 ls0 ws0\">Breve </div><div class=\"t m0 x86 ha yea5 ff5 fs4 fc2 sc0 ls0 ws0\">termine </div></div><div class=\"c w4d3 h6c\" style=\"left:-4.050377px; bottom:365.8844px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">Classe <span class=\"_ _32\"> </span>di <span class=\"_ _31\"> </span>m<span class=\"_ _3\"></span>erito <span class=\"_ _32\"> </span>di </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">credito </div></div><div class=\"c w4d3 h6a\" style=\"left:-4.050377px; bottom:349.19238px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 1 </div></div><div class=\"c w3b4 h6a\" style=\"left:113.95062px; bottom:349.19238px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Aaa, Aa3 </div></div><div class=\"c wf h6a\" style=\"left:175.72662px; bottom:349.19238px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">P-1 </div></div><div class=\"c w375 h6a\" style=\"left:238.59464px; bottom:349.19238px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">AAA, AA- </div></div><div class=\"c w4d5 h6a\" style=\"left:302.2426px; bottom:349.19238px;\"><div class=\"t m0 x94 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A1+, A1 </div></div><div class=\"c w375 h6a\" style=\"left:364.04462px; bottom:349.19238px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">AAA, AA- </div></div><div class=\"c wf h6a\" style=\"left:428.31665px; bottom:349.19238px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">F1+, F1 </div></div><div class=\"c w3b4 h6a\" style=\"left:490.09265px; bottom:349.19238px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">AAA, AA- </div></div><div class=\"c wd7 h6a\" style=\"left:552.2196px; bottom:349.19238px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">R-1 </div></div><div class=\"c w4d3 h41\" style=\"left:-4.050377px; bottom:332.65637px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 2 </div></div><div class=\"c w3b4 h41\" style=\"left:113.95062px; bottom:332.65637px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A1, A3 </div></div><div class=\"c wf h41\" style=\"left:175.72662px; bottom:332.65637px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">P-2 </div></div><div class=\"c w375 h41\" style=\"left:238.59464px; bottom:332.65637px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A+, A- </div></div><div class=\"c w4d5 h41\" style=\"left:302.2426px; bottom:332.65637px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">A2<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:364.04462px; bottom:332.65637px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A+, A- </div></div><div class=\"c wf h41\" style=\"left:428.31665px; bottom:332.65637px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls32 ws0\">F2<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h41\" style=\"left:490.09265px; bottom:332.65637px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A+, A- </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:332.65637px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">R-2 </div></div><div class=\"c w4d3 h41\" style=\"left:-4.050377px; bottom:316.12036px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 3 </div></div><div class=\"c w3b4 h41\" style=\"left:113.95062px; bottom:316.12036px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Baa1, Baa3<span class=\"_ _3\"></span> </div></div><div class=\"c wf h41\" style=\"left:175.72662px; bottom:316.12036px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">P-3 </div></div><div class=\"c w375 h41\" style=\"left:238.59464px; bottom:316.12036px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BBB+, BBB- </div></div><div class=\"c w4d5 h41\" style=\"left:302.2426px; bottom:316.12036px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls3f ws0\">A3<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:364.04462px; bottom:316.12036px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BBB+, BBB- </div></div><div class=\"c wf h41\" style=\"left:428.31665px; bottom:316.12036px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls32 ws0\">F3<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h41\" style=\"left:490.09265px; bottom:316.12036px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BBB+, BBB- </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:316.12036px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">R-3 </div></div><div class=\"c w4d3 h41\" style=\"left:-4.050377px; bottom:299.5844px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 4 </div></div><div class=\"c w3b4 h41\" style=\"left:113.95062px; bottom:299.5844px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Ba1, Ba3 </div></div><div class=\"c wf h41\" style=\"left:175.72662px; bottom:299.5844px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1e ws0\">NP<span class=\"ls0\"> </span></div></div><div class=\"c w375 h41\" style=\"left:238.59464px; bottom:299.5844px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BB+, BB- </div></div><div class=\"c w4d5 h41\" style=\"left:302.2426px; bottom:299.5844px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a A3 </div></div><div class=\"c w375 h41\" style=\"left:364.04462px; bottom:299.5844px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BB+, BB- </div></div><div class=\"c wf h41\" style=\"left:428.31665px; bottom:299.5844px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a F3 </div></div><div class=\"c w3b4 h41\" style=\"left:490.09265px; bottom:299.5844px;\"><div class=\"t m0 x14 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">BB+, BB- </div></div><div class=\"c wd7 h41\" style=\"left:552.2196px; bottom:299.5844px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a R-3 </div></div><div class=\"c w4d3 h6a\" style=\"left:-4.050377px; bottom:282.8924px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 5 </div></div><div class=\"c w3b4 h6a\" style=\"left:113.95062px; bottom:282.8924px;\"><div class=\"t m0 x86 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B1, B3 </div></div><div class=\"c wf h6a\" style=\"left:175.72662px; bottom:282.8924px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1e ws0\">NP<span class=\"ls0\"> </span></div></div><div class=\"c w375 h6a\" style=\"left:238.59464px; bottom:282.8924px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B+, B- </div></div><div class=\"c w4d5 h6a\" style=\"left:302.2426px; bottom:282.8924px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a A3 </div></div><div class=\"c w375 h6a\" style=\"left:364.04462px; bottom:282.8924px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B+, B- </div></div><div class=\"c wf h6a\" style=\"left:428.31665px; bottom:282.8924px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a F3 </div></div><div class=\"c w3b4 h6a\" style=\"left:490.09265px; bottom:282.8924px;\"><div class=\"t m0 xd1 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B+, B- </div></div><div class=\"c wd7 h6a\" style=\"left:552.2196px; bottom:282.8924px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a R-3 </div></div><div class=\"c w4d3 h6c\" style=\"left:-4.050377px; bottom:257.1524px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Classe 6 </div></div><div class=\"c w3b4 h6c\" style=\"left:113.95062px; bottom:257.1524px;\"><div class=\"t m0 x96 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Caa1 o </div><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori </div></div><div class=\"c wf h6c\" style=\"left:175.72662px; bottom:257.1524px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls1e ws0\">NP<span class=\"ls0\"> </span></div></div><div class=\"c w375 h6c\" style=\"left:238.59464px; bottom:257.1524px;\"><div class=\"t m0 x94 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">CCC+ o </div><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori </div></div><div class=\"c w4d5 h6c\" style=\"left:302.2426px; bottom:257.1524px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a A3 </div></div><div class=\"c w375 h6c\" style=\"left:364.04462px; bottom:257.1524px;\"><div class=\"t m0 x94 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">CCC+ o </div><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori </div></div><div class=\"c wf h6c\" style=\"left:428.31665px; bottom:257.1524px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a F3 </div></div><div class=\"c w3b4 h6c\" style=\"left:490.09265px; bottom:257.1524px;\"><div class=\"t m0 x94 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">CCC+ o </div><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori </div></div><div class=\"c wd7 h6c\" style=\"left:552.2196px; bottom:257.1524px;\"><div class=\"t m0 x45 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">inferiori a R-3 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-492.4016px;\"><div class=\"t m0 x0 h2 ya92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yfa ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y8f9 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y88e ffa fs0 fc2 sc0 ls0 ws0\">A.2.2. <span class=\"_ _3\"></span>Consolidato prudenziale <span class=\"_ _3\"></span>- Distribuzione <span class=\"_ _3\"></span>delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie, degli <span class=\"_ _3\"></span>impegni a <span class=\"_ _3\"></span>erogare fondi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle garanzie </div><div class=\"t m0 x127 h95 y8fa ffa fs0 fc2 sc0 ls0 ws0\">finanziarie rilasciate pe<span class=\"_ _0\"></span>r classi di rating int<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rni (valori lordi) </div><div class=\"t m0 x0 h4c y60e ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17d ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nelle  <span class=\"ff4\">Informazioni <span class=\"_ _7\"> </span>di  n<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tura <span class=\"_ _16\"> </span>qualitativa, <span class=\"_ _7\"> </span>nel  paragr<span class=\"_ _0\"></span>afo <span class=\"_ _16\"> </span>\u201cLa <span class=\"_ _16\"> </span>normativa <span class=\"_ _7\"> </span>Bas<span class=\"_ _3\"></span>ilea <span class=\"_ _7\"> </span>3\u201d<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>ntes<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _2\"></span>dispone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>insieme <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>validati <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _2\"></span>segmenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>perativit\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>(Corporate, <span class=\"_ _5\"></span>S<span class=\"_ _5\"></span>ME </div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">Retail, Retail, Enti d<span class=\"_ _0\"></span>el Settore Pubblico e Banche). </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">Ai fini della redazione della ta<span class=\"_ _0\"></span>bella, oltre ai rating relati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i ai modelli validati, son<span class=\"_ _0\"></span>o stati impiegati tutti i rating <span class=\"_ _0\"></span>util<span class=\"_ _5\"></span>izzati nei sistemi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>creditizi, <span class=\"_ _5\"></span>ivi <span class=\"_ _2\"></span>compresi <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>genzie <span class=\"_ _2\"></span>esterne <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span>troparti <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>segmenti <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\">clientela per cui non <span class=\"_ _0\"></span>\u00e8 disponibile un mo<span class=\"_ _0\"></span>dello interno. </div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>ive <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _2\"></span>ammontano <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>7,8<span class=\"_ _3\"></span>% <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelle <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>portafogli <span class=\"_ _7\"> </span>non </div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">coperti  da  modelli  di  rating,  a <span class=\"_ _1d\"> </span>controparti  per  le <span class=\"_ _1d\"> </span>quali  il  roll  out  dei <span class=\"_ _1d\"> </span>modelli  di  rating  non  \u00e8  ancora  stato  completato<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ycbc ff1 fs0 fc0 sc0 ls0 ws0\">(principalmente  controllat<span class=\"_ _0\"></span>e  estere),  nonch\u00e9  alle  societ\u00e0  del  Gruppo  con  mission  principale  diversa  da  quella  creditizia </div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">integrate nel sistema d<span class=\"_ _0\"></span>i credit risk management<span class=\"_ _0\"></span> o <span class=\"_ _3\"></span>a esposizioni marginal<span class=\"_ _0\"></span>i. </div><div class=\"t m0 x0 h2 y901 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">Escludendo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>prive <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>sserva <span class=\"_ _3\"></span>una <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>investm<span class=\"_ _5\"></span>ent </div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\">grade <span class=\"_ _3\"></span>(classi <span class=\"_ _3\"></span>1, <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>AAA <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>BBB-<span class=\"_ _3\"></span>), <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>69,3% <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>totale, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2,6% <span class=\"_ _3\"></span>rientra nella <span class=\"_ _2\"></span>fascia<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y904 ff4 fs0 fc0 sc0 ls0 ws0\">BB+/BB (classe 4) e l\u2019<span class=\"_ _0\"></span>8% nelle classi pi\u00f9 ri<span class=\"_ _0\"></span>schiose (di cui il 2,3% <span class=\"_ _0\"></span>inferiore a B<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls24\">).</span> </span></div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w4d8 h42\" style=\"left:521.01965px; bottom:891.20667px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w4d6 h9a\" style=\"left:-4.050377px; bottom:859.98065px;\"><div class=\"t m0 x41 h8f y708 ff5 fsf fc2 sc0 ls0 ws0\">Esposizioni </div></div><div class=\"c w4d9 h44\" style=\"left:225.02261px; bottom:875.5806px;\"><div class=\"t m0 xc8 h8f y7d7 ff5 fsf fc2 sc0 ls0 ws0\">Classi di rating interni </div></div><div class=\"c w2a h9a\" style=\"left:521.01965px; bottom:859.98065px;\"><div class=\"t m0 x88 h8f y708 ff5 fsf fc2 sc0 ls0 ws0\">Senza </div><div class=\"t m0 x95 h8f y746 ff5 fsf fc2 sc0 ls0 ws0\">rating </div></div><div class=\"c w21 h9a\" style=\"left:570.6276px; bottom:859.98065px;\"><div class=\"t m0 x88 h8f y708 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:859.98065px;\"><div class=\"t m0 x87 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 1 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:859.98065px;\"><div class=\"t m0 x87 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 2 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:859.98065px;\"><div class=\"t m0 x87 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 3 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:859.98065px;\"><div class=\"t m0 x87 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 4 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:859.98065px;\"><div class=\"t m0 x87 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 5 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:859.98065px;\"><div class=\"t m0 x12 h8f y118b ff5 fsf fc2 sc0 ls0 ws0\">Classe 6 </div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:836.5806px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">A. Attivit\u00e0 finanziarie valutate al costo ammortizzato </div></div><div class=\"c w2a h43\" style=\"left:225.02261px; bottom:836.5806px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">91.831 </div></div><div class=\"c w2a h43\" style=\"left:275.09863px; bottom:836.5806px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">46.154 </div></div><div class=\"c w4d7 h43\" style=\"left:324.55063px; bottom:836.5806px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">168.462 </div></div><div class=\"c w21 h43\" style=\"left:373.4046px; bottom:836.5806px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">125.556 </div></div><div class=\"c w21 h43\" style=\"left:423.9486px; bottom:836.5806px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">33.988 </div></div><div class=\"c w348 h43\" style=\"left:472.15265px; bottom:836.5806px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">17.037 </div></div><div class=\"c w2a h43\" style=\"left:521.01965px; bottom:836.5806px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">53.855 </div></div><div class=\"c w21 h43\" style=\"left:570.6276px; bottom:836.5806px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">536.883 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:820.98065px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Primo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:820.98065px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">91.064 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:820.98065px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">45.045 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:820.98065px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">162.091 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:820.98065px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">108.589 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:820.98065px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">22.183 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:820.98065px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.367 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:820.98065px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">37.268 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:820.98065px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">475.607 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:805.3806px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Secondo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:805.3806px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">765<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:805.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.108 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:805.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.360 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:805.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">16.931 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:805.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">10.350 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:805.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.117 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:805.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.589 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:805.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">50.220 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:789.78064px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Terzo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:789.78064px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:789.78064px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:789.78064px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:789.78064px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:789.78064px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.373 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:789.78064px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.500 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:789.78064px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.796 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:789.78064px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">10.672 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:774.18066px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Impaired acquisite o originate </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:774.18066px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:774.18066px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:774.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:774.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:774.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">82<span class=\"ls0\"> </span></div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:774.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:774.18066px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">202<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:774.18066px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">384<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h7d\" style=\"left:-4.050377px; bottom:742.98065px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">B. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">redditivit\u00e0 complessiva </div></div><div class=\"c w2a h7d\" style=\"left:225.02261px; bottom:742.98065px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">15.298 </div></div><div class=\"c w2a h7d\" style=\"left:275.09863px; bottom:742.98065px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">8.508 </div></div><div class=\"c w4d7 h7d\" style=\"left:324.55063px; bottom:742.98065px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">14.013 </div></div><div class=\"c w21 h7d\" style=\"left:373.4046px; bottom:742.98065px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.637 </div></div><div class=\"c w21 h7d\" style=\"left:423.9486px; bottom:742.98065px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.996 </div></div><div class=\"c w348 h7d\" style=\"left:472.15265px; bottom:742.98065px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">691<span class=\"ls0\"> </span></div></div><div class=\"c w2a h7d\" style=\"left:521.01965px; bottom:742.98065px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">6.345 </div></div><div class=\"c w21 h7d\" style=\"left:570.6276px; bottom:742.98065px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">48.488 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:727.3806px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Primo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:727.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">15.282 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:727.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.484 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:727.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">13.965 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:727.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.016 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:727.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.921 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:727.3806px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">685<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:727.3806px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.231 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:727.3806px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">47.584 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:711.78064px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Secondo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:711.78064px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:711.78064px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:711.78064px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:711.78064px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">621<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:711.78064px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:711.78064px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:711.78064px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">78<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:711.78064px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">868<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:696.18066px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Terzo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:696.18066px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:696.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:696.18066px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:680.5806px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Impaired acquisite o originate </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:680.5806px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:657.18066px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">C. Attivit\u00e0 finanziarie in corso di dismissione </div></div><div class=\"c w2a h43\" style=\"left:225.02261px; bottom:657.18066px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h43\" style=\"left:275.09863px; bottom:657.18066px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h43\" style=\"left:324.55063px; bottom:657.18066px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h43\" style=\"left:373.4046px; bottom:657.18066px;\"><div class=\"t m0 x98 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w21 h43\" style=\"left:423.9486px; bottom:657.18066px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">195<span class=\"ls0\"> </span></div></div><div class=\"c w348 h43\" style=\"left:472.15265px; bottom:657.18066px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">452<span class=\"ls0\"> </span></div></div><div class=\"c w2a h43\" style=\"left:521.01965px; bottom:657.18066px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c w21 h43\" style=\"left:570.6276px; bottom:657.18066px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">754<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h44\" style=\"left:-4.050377px; bottom:641.5416px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Primo stadio </div></div><div class=\"c w2a h44\" style=\"left:225.02261px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h44\" style=\"left:275.09863px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h44\" style=\"left:324.55063px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h44\" style=\"left:373.4046px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h44\" style=\"left:423.9486px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h44\" style=\"left:472.15265px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h44\" style=\"left:521.01965px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h44\" style=\"left:570.6276px; bottom:641.5416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:625.94165px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Secondo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:625.94165px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:625.94165px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:625.94165px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:625.94165px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:625.94165px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:625.94165px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:625.94165px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:625.94165px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:610.3416px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Terzo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:610.3416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:610.3416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:610.3416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:610.3416px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:610.3416px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">188<span class=\"ls0\"> </span></div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:610.3416px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">441<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:610.3416px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:610.3416px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">725<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:594.74164px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Impaired acquisite o originate </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:594.74164px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:594.74164px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:594.74164px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:594.74164px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:594.74164px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:594.74164px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:594.74164px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:594.74164px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:571.3416px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale (A+B+C) </div></div><div class=\"c w2a h43\" style=\"left:225.02261px; bottom:571.3416px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">107.129 </div></div><div class=\"c w2a h43\" style=\"left:275.09863px; bottom:571.3416px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">54.662 </div></div><div class=\"c w4d7 h43\" style=\"left:324.55063px; bottom:571.3416px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">182.475 </div></div><div class=\"c w21 h43\" style=\"left:373.4046px; bottom:571.3416px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">127.201 </div></div><div class=\"c w21 h43\" style=\"left:423.9486px; bottom:571.3416px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">36.179 </div></div><div class=\"c w348 h43\" style=\"left:472.15265px; bottom:571.3416px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">18.180 </div></div><div class=\"c w2a h43\" style=\"left:521.01965px; bottom:571.3416px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">60.299 </div></div><div class=\"c w21 h43\" style=\"left:570.6276px; bottom:571.3416px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">586.125 </div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:547.94165px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">D. Impegni a erogare fondi e garanzie finanziarie rilasciate  </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:532.3416px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Primo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:532.3416px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">24.502 </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:532.3416px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">62.299 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:532.3416px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">116.759 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:532.3416px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">45.823 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:532.3416px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7.857 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:532.3416px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.127 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:532.3416px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.348 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:532.3416px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">267.715 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:516.74164px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Secondo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:516.74164px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">109<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.482 </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.271 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.504 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.258 </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.478 </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:516.74164px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.924 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:516.74164px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">27.026 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:501.14166px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Terzo stadio </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:501.14166px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:501.14166px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:501.14166px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:501.14166px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:501.14166px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">383<span class=\"ls0\"> </span></div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:501.14166px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">174<span class=\"ls0\"> </span></div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:501.14166px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.222 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:501.14166px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.782 </div></div><div class=\"c w4d6 h42\" style=\"left:-4.050377px; bottom:485.54163px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Impaired acquisite o originate </div></div><div class=\"c w2a h42\" style=\"left:225.02261px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:275.09863px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d7 h42\" style=\"left:324.55063px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:373.4046px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w21 h42\" style=\"left:423.9486px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w348 h42\" style=\"left:472.15265px; bottom:485.54163px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a h42\" style=\"left:521.01965px; bottom:485.54163px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w21 h42\" style=\"left:570.6276px; bottom:485.54163px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:462.14166px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale (D) </div></div><div class=\"c w2a h43\" style=\"left:225.02261px; bottom:462.14166px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">24.611 </div></div><div class=\"c w2a h43\" style=\"left:275.09863px; bottom:462.14166px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">63.781 </div></div><div class=\"c w4d7 h43\" style=\"left:324.55063px; bottom:462.14166px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">123.031 </div></div><div class=\"c w21 h43\" style=\"left:373.4046px; bottom:462.14166px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">54.329 </div></div><div class=\"c w21 h43\" style=\"left:423.9486px; bottom:462.14166px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">11.498 </div></div><div class=\"c w348 h43\" style=\"left:472.15265px; bottom:462.14166px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">3.779 </div></div><div class=\"c w2a h43\" style=\"left:521.01965px; bottom:462.14166px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">15.498 </div></div><div class=\"c w21 h43\" style=\"left:570.6276px; bottom:462.14166px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">296.527 </div></div><div class=\"c w4d6 h43\" style=\"left:-4.050377px; bottom:438.74164px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale (A+B+C+D) </div></div><div class=\"c w2a h43\" style=\"left:225.02261px; bottom:438.74164px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">131.740 </div></div><div class=\"c w2a h43\" style=\"left:275.09863px; bottom:438.74164px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">118.443 </div></div><div class=\"c w4d7 h43\" style=\"left:324.55063px; bottom:438.74164px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">305.506 </div></div><div class=\"c w21 h43\" style=\"left:373.4046px; bottom:438.74164px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">181.530 </div></div><div class=\"c w21 h43\" style=\"left:423.9486px; bottom:438.74164px;\"><div class=\"t m0 x14 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">47.677 </div></div><div class=\"c w348 h43\" style=\"left:472.15265px; bottom:438.74164px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">21.959 </div></div><div class=\"c w2a h43\" style=\"left:521.01965px; bottom:438.74164px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">75.797 </div></div><div class=\"c w21 h43\" style=\"left:570.6276px; bottom:438.74164px;\"><div class=\"t m0 xa1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">882.652 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-94.24536px;\"><div class=\"t m0 x0 h2 y1749 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y15f4 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre alle tabelle p<span class=\"_ _3\"></span>reviste dalla normativa, di <span class=\"_ _3\"></span>seguito viene riportata la <span class=\"_ _3\"></span>distribuzione dei rating relativa ai <span class=\"_ _3\"></span>finanziamenti<span class=\"_ _5\"></span> verso la </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">clientela in bonis app<span class=\"_ _0\"></span>artenente alle princi<span class=\"_ _0\"></span>pali Banche del Gru<span class=\"_ _0\"></span>ppo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y150d ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>quota <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>verso <span class=\"_ _7\"> </span>clientela <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>bonis <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _4\"></span>attribuito <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>analitico <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>agenzia </div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">esterna, rappresenta il <span class=\"_ _0\"></span>96% dei crediti d<span class=\"_ _0\"></span>elle principali Banch<span class=\"_ _0\"></span>e del Gruppo. </div><div class=\"t m0 x0 h2 ycbf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yacf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x9 h2 y135c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h2 yd1a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb9a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>distribuzione <span class=\"_ _7\"> </span>evidenzia <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _4\"> </span>Grade <span class=\"_ _7\"> </span>(da <span class=\"_ _7\"> </span>AAA <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>BBB <span class=\"_ _4\"> </span>incluso), <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>al  63,0%, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>rispetto </div><div class=\"t m0 x0 h32 yd1b ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019esercizio <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedente <span class=\"_ _6\"></span>(67,1%<span class=\"_ _0\"></span>), <span class=\"_ _6\"> </span>principalmente <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>causa <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>revisione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>sca<span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span>maestra <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminate <span class=\"_ _5\"></span>tipologie <span class=\"_ _6\"> </span>di </div><div class=\"t m0 x0 h2 yb9c ff4 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>modelli<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>interni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>percentuale <span class=\"_ _6\"></span>calcolata <span class=\"_ _6\"></span>sull\u2019intero <span class=\"_ _5\"></span>portafoglio, <span class=\"_ _6\"></span>al <span class=\"_ _7\"> </span><span class=\"ff1\">netto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>controparti </span></div><div class=\"t m0 x0 h2 yd1c ff1 fs0 fc0 sc0 ls0 ws0\">russe, \u00e8 pari al 74,2%. </div><div class=\"t m0 x0 h2 yafd ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w4da h1e9\" style=\"left:73.570526px; bottom:77.845535px;\"><div class=\"t mf x88 h1ea y174b ff1 fs36 fc0 sc0 ls0 ws0\">0,0%</div><div class=\"t mf x122 h1ea y174c ff1 fs36 fc0 sc0 ls0 ws0\">17,7%</div><div class=\"t mf x82 h1ea y174d ff1 fs36 fc0 sc0 ls0 ws0\">9,2%</div><div class=\"t mf x176 h1ea y174e ff1 fs36 fc0 sc0 ls0 ws0\">36,1%</div><div class=\"t mf x142 h1ea y174f ff1 fs36 fc0 sc0 ls0 ws0\">30,5%</div><div class=\"t mf x5e h1ea y1750 ff1 fs36 fc0 sc0 ls0 ws0\">5,3%</div><div class=\"t mf x1b7 h1ea y1751 ff1 fs36 fc0 sc0 ls0 ws0\">1,2%</div><div class=\"t mf x48 h1ea y1752 ff1 fs36 fc0 sc0 ls0 ws0\">1,9%</div><div class=\"t mf x16d h1ea y1753 ff1 fs36 fc0 sc0 ls0 ws0\">10,3%</div><div class=\"t mf xee h1ea y1754 ff1 fs36 fc0 sc0 ls0 ws0\">18,1%</div><div class=\"t mf x154 h1ea y1755 ff1 fs36 fc0 sc0 ls0 ws0\">36,8%</div><div class=\"t mf x1cb h1ea y1756 ff1 fs36 fc0 sc0 ls0 ws0\">26,0%</div><div class=\"t mf xff h1ea y1757 ff1 fs36 fc0 sc0 ls0 ws0\">6,0%</div><div class=\"t mf x12a h1ea y1758 ff1 fs36 fc0 sc0 ls0 ws0\">0,9%</div><div class=\"t mf x96 h1eb y1759 ff1 fs37 fc0 sc0 ls0 ws0\">AAA<span class=\"_ _5c\"> </span><span class=\"ls5d\">AA<span class=\"_ _5d\"> </span></span>A<span class=\"_ _5e\"> </span>BBB<span class=\"_ _5c\"> </span><span class=\"ls5d\">BB<span class=\"_ _5d\"> </span></span>B<span class=\"_ _56\"> </span><span class=\"ls5e\">CCC</span></div><div class=\"t mf x1c8 h1eb y175a ff1 fs37 fc0 sc0 ls0 ws0\">2022</div><div class=\"t mf x1c8 h1ec y175b ff1 fs38 fc0 sc0 ls0 ws0\">2021</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-359.16724px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _16\"> </span>spostamenti <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rating <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>principalmente <span class=\"_ _7\"> </span>determinati <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>variazioni <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>conseguenti </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019aggiornamento dei mo<span class=\"_ _0\"></span>delli.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>evidenziano <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>dettagli <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>alla <span class=\"_ _16\"> </span>distribuzione <span class=\"_ _4\"></span>rating <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguenti <span class=\"_ _4\"></span>portafogli: <span class=\"_ _4\"> </span>Corporate, <span class=\"_ _4\"> </span>Mutui <span class=\"_ _4\"> </span>Retail <span class=\"_ _7\"> </span>(Mutui </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">residenziali a privati)<span class=\"_ _0\"></span>, SME Retail e altri <span class=\"_ _0\"></span>crediti a privati, Sovere<span class=\"_ _0\"></span>ign &amp; Enti Pubblici.  </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x3 h2 y12e3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1707 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1432 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc90 ff1 fs0 fc0 sc0 ls0 ws0\">I portafogli evidenzia<span class=\"_ _0\"></span>no una quota di Inv<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stment Grade ris<span class=\"_ _0\"></span>pettivamente pari al 59,<span class=\"_ _3\"></span>9%, 67,4%, 47,3%, <span class=\"_ _0\"></span>e 91,9%. </div><div class=\"t m0 x0 h2 ycf5 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y1708 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y151c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc07 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya28 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y134c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y170a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1492 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1493 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y113b ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w4db h1ed\" style=\"left:12.516815px; bottom:366.9895px;\"><div class=\"t m10 x9b h1ee y175d ff1 fs39 fc0 sc0 ls0 ws0\">0.1%<span class=\"_ _90\"> </span></div><div class=\"t m10 x49 h1ee y175e ff1 fs39 fc0 sc0 ls0 ws0\">2.3%<span class=\"_ _90\"> </span></div><div class=\"t m10 xc2 h1ee y175f ff1 fs39 fc0 sc0 ls0 ws0\">13.0<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x62 h1ef y1760 ff1 fs3a fc0 sc0 ls0 ws0\">44.5%<span class=\"_ _90\"> </span></div><div class=\"t m10 x1cc h1ef y1761 ff1 fs3a fc0 sc0 ls0 ws0\">32.5%<span class=\"_ _90\"> </span></div><div class=\"t m10 x149 h1ee y1762 ff1 fs39 fc0 sc0 ls0 ws0\">6.0%<span class=\"_ _90\"> </span></div><div class=\"t m10 x1cd h1ee y1763 ff1 fs39 fc0 sc0 ls0 ws0\">1.6%<span class=\"_ _90\"> </span></div><div class=\"t m10 x88 h1f0 y1764 ff1 fs3b fc0 sc0 ls0 ws0\">AAA<span class=\"_ _38\"> </span><span class=\"ls5f\">AA<span class=\"_ _4d\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _38\"> </span><span class=\"ls5f\">BB<span class=\"_ _4d\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span></div><div class=\"t m10 x2a h1f1 y1765 ff5 fs3c fc2 sc0 ls0 ws0\">Corporate<span class=\"_ _90\"> </span></div></div><div class=\"c w4dc h1f2\" style=\"left:306.14264px; bottom:366.45563px;\"><div class=\"t m10 x88 h1ef y1767 ff1 fs3a fc0 sc0 ls0 ws0\">0.0%<span class=\"_ _90\"> </span></div><div class=\"t m10 xc0 h1ef y1768 ff1 fs3a fc0 sc0 ls0 ws0\">47.3%<span class=\"_ _90\"> </span></div><div class=\"t m10 xc2 h1ef y1767 ff1 fs3a fc0 sc0 ls0 ws0\">0.0%<span class=\"_ _90\"> </span></div><div class=\"t m10 x82 h1ee y1769 ff1 fs39 fc0 sc0 ls0 ws0\">20.1<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x77 h1ee y176a ff1 fs39 fc0 sc0 ls0 ws0\">30.1<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x149 h1ee y176b ff1 fs39 fc0 sc0 ls0 ws0\">2.1%<span class=\"_ _90\"> </span></div><div class=\"t m10 x1cd h1ee y176c ff1 fs39 fc0 sc0 ls0 ws0\">0.4%<span class=\"_ _90\"> </span></div><div class=\"t m10 xae h1f3 y176d ff1 fs3d fc0 sc0 ls0 ws0\">AAA<span class=\"_ _14\"> </span><span class=\"ls60\">AA<span class=\"_ _39\"> </span></span>A<span class=\"_ _4f\"> </span>BBB<span class=\"_ _14\"> </span><span class=\"ls61\">BB<span class=\"_ _39\"> </span></span>B<span class=\"_ _12\"> </span>CC<span class=\"_ _3\"></span>C<span class=\"_ _90\"> </span></div><div class=\"t m10 x13f h1f1 y176e ff5 fs3c fc2 sc0 ls0 ws0\">M<span class=\"_ _3\"></span>utu<span class=\"_ _3\"></span>i <span class=\"_ _35\"></span>Reta<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>l<span class=\"_ _90\"> </span></div></div><div class=\"c w4db h1f2\" style=\"left:9.248627px; bottom:175.34009px;\"><div class=\"t m10 x88 h1ee y1770 ff1 fs39 fc0 sc0 ls0 ws0\">0.0%<span class=\"_ _90\"> </span></div><div class=\"t m10 xc0 h1ee y1771 ff1 fs39 fc0 sc0 ls0 ws0\">22.6<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x120 h1ee y1772 ff1 fs39 fc0 sc0 ls0 ws0\">11.0<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x129 h1ef y1773 ff1 fs3a fc0 sc0 ls0 ws0\">13.7<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x70 h1ee y1774 ff1 fs39 fc0 sc0 ls0 ws0\">39.3<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x157 h1ef y1775 ff1 fs3a fc0 sc0 ls0 ws0\">11.3%<span class=\"_ _90\"> </span></div><div class=\"t m10 x2c h1ee y1776 ff1 fs39 fc0 sc0 ls0 ws0\">2.1%<span class=\"_ _90\"> </span></div><div class=\"t m10 xae h1f0 y1777 ff1 fs3b fc0 sc0 ls0 ws0\">AAA<span class=\"_ _38\"> </span><span class=\"ls5f\">AA<span class=\"_ _4d\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _38\"> </span><span class=\"ls5f\">BB<span class=\"_ _4d\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span></div><div class=\"t m10 x99 h1f1 y1778 ff5 fs3c fc2 sc0 ls0 ws0\">SM<span class=\"_ _3\"></span>E R<span class=\"_ _35\"></span>etail <span class=\"_ _3\"></span>e altri <span class=\"_ _35\"></span>cre<span class=\"_ _0\"></span>diti<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"_ _90\"> </span></div></div><div class=\"c w4dd h1f2\" style=\"left:304.27063px; bottom:175.34009px;\"><div class=\"t m10 x95 h1ee y1770 ff1 fs39 fc0 sc0 ls0 ws0\">0.0%<span class=\"_ _90\"> </span></div><div class=\"t m10 x104 h1ef y1779 ff1 fs3a fc0 sc0 ls0 ws0\">5.7%<span class=\"_ _90\"> </span></div><div class=\"t m10 x47 h1ee y177a ff1 fs39 fc0 sc0 ls0 ws0\">13.3<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x82 h1ee y177b ff1 fs39 fc0 sc0 ls0 ws0\">72.9<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span></div><div class=\"t m10 x169 h1ef y177c ff1 fs3a fc0 sc0 ls0 ws0\">4.4%<span class=\"_ _90\"> </span></div><div class=\"t m10 x149 h1ef y177d ff1 fs3a fc0 sc0 ls0 ws0\">3.3%<span class=\"_ _90\"> </span></div><div class=\"t m10 x1cd h1ee y177e ff1 fs39 fc0 sc0 ls0 ws0\">0.4%<span class=\"_ _90\"> </span></div><div class=\"t m10 x14 h1f0 y1777 ff1 fs3b fc0 sc0 ls0 ws0\">AAA<span class=\"_ _14\"> </span><span class=\"ls62\">AA<span class=\"_ _39\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _14\"> </span><span class=\"ls5f\">BB<span class=\"_ _39\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span></div><div class=\"t m10 x4a h1f1 y1778 ff5 fs3c fc2 sc0 ls0 ws0\">Sover<span class=\"_ _35\"></span>eig<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>&amp; Enti Pubbl<span class=\"_ _3\"></span>ici<span class=\"_ _90\"> </span></div></div>A.3. Distribuzione delle esposizioni credi<span class=\"_ _3\"></span>tizie garantite per tipologia di <span class=\"_ _3\"></span>garanzia<span class=\"_ _3\"></span> A.3.1. Consolidato pru<span class=\"_ _0\"></span>denziale - Esposizioni creditizie per<span class=\"_ _0\"></span> cassa e fuori bilancio <span class=\"_ _0\"></span>verso banche garantit<span class=\"_ _0\"></span>e (milioni di <span class=\"ls28\">euro)<span class=\"ls0\"> </span></span>Esposizione lorda<span class=\"ls0\"> </span>Esposizione netta<span class=\"ls0\"> </span>Garanzie reali <span class=\"ls0\"> </span>(*)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(1)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>ipoteche<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>finanziamenti per leasing<span class=\"ls0\"> </span>Titoli<span class=\"ls0\"> </span>Altre garanzie reali<span class=\"ls0\"> </span>CLN<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Controparti centrali 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>6.437<span class=\"ls0\"> </span>6.433<span class=\"ls0\"> </span>- 5 5.559<span class=\"ls0\"> </span>172<span class=\"ls0\"> </span>- - 1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>5.596<span class=\"ls0\"> </span>5.593<span class=\"ls0\"> </span>- 5 5.193<span class=\"ls0\"> </span>172<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 1 - - - - - - - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>841<span class=\"ls0\"> </span>840<span class=\"ls0\"> </span>- - 366<span class=\"ls0\"> </span>- - - - <span class=\"ls28\">di </span>cui deteriorate - - - - - - - - 2. Esposizioni creditizie \"fuori bil<span class=\"_ _3\"></span>ancio\" garantite:<span class=\"ls0\"> </span>26.510<span class=\"ls0\"> </span>26.510<span class=\"ls0\"> </span>- - 1.929<span class=\"ls0\"> </span>11.333<span class=\"ls0\"> </span>- - 2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.925<span class=\"ls0\"> </span>4.925<span class=\"ls0\"> </span>- - 1.929<span class=\"ls0\"> </span>980<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>21.585<span class=\"ls0\"> </span>21.585<span class=\"ls0\"> </span>- - - 10.353<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ino a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. (milioni di euro)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Totale (2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Crediti di firma<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Amministrazioni pubbliche<span class=\"ls0\"> </span>Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti (1)+(2) Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 228<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>- 66<span class=\"ls0\"> </span>6.053<span class=\"ls0\"> </span>1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 8 3 - 66<span class=\"ls0\"> </span>5.447<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 220<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- - 606<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2. Esposizioni creditizie \"fuori bil<span class=\"_ _3\"></span>ancio\" garantite:<span class=\"ls0\"> </span>- - - 7 76<span class=\"ls0\"> </span>- 70<span class=\"ls0\"> </span>13.415<span class=\"ls0\"> </span>2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 3 35<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>2.961<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 4 41<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>10.454<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ino a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. A.3.2. Consolidato pru<span class=\"_ _0\"></span>denziale - Esposizioni creditizie per<span class=\"_ _0\"></span> cassa e fuori bilancio <span class=\"_ _0\"></span>verso clientela gar<span class=\"_ _0\"></span>antite<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Esposizione lorda<span class=\"ls0\"> </span>Esposizione netta<span class=\"ls0\"> </span>Garanzie reali (*)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(1)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>Ipoteche<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>finanziamenti per leasing<span class=\"ls0\"> </span>Titoli<span class=\"ls0\"> </span>Altre garanzie reali<span class=\"ls0\"> </span>CLN<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Controparti centrali 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa <span class=\"ls0\">garantite:<span class=\"_ _3\"></span> </span>318.384<span class=\"ls0\"> </span>313.549<span class=\"ls0\"> </span>164.512<span class=\"ls0\"> </span>4.816<span class=\"ls0\"> </span>26.969<span class=\"ls0\"> </span>10.564<span class=\"ls0\"> </span>- - 1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>252.621<span class=\"ls0\"> </span>248.860<span class=\"ls0\"> </span>161.898<span class=\"ls0\"> </span>4.626<span class=\"ls0\"> </span>26.238<span class=\"ls0\"> </span>8.118<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 6.201<span class=\"ls0\"> </span>3.838<span class=\"ls0\"> </span>2.517<span class=\"ls0\"> </span>268<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>104<span class=\"ls0\"> </span>- - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>65.763<span class=\"ls0\"> </span>64.689<span class=\"ls0\"> </span>2.614<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>731<span class=\"ls0\"> </span>2.446<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 1.476<span class=\"ls0\"> </span>737<span class=\"ls0\"> </span>170<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>9 22<span class=\"ls0\"> </span>- - 2. Esposizioni creditizie \u201cfuo<span class=\"_ _3\"></span>ri bilancio\u201d garantite:<span class=\"ls0\"> </span>53.130<span class=\"ls0\"> </span>53.017<span class=\"ls0\"> </span>2.016<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>8.758<span class=\"ls0\"> </span>4.341<span class=\"ls0\"> </span>- - 2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>39.452<span class=\"ls0\"> </span>39.376<span class=\"ls0\"> </span>1.390<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>8.288<span class=\"ls0\"> </span>2.115<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 327<span class=\"ls0\"> </span>295<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- 6 12<span class=\"ls0\"> </span>- - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>13.678<span class=\"ls0\"> </span>13.641<span class=\"ls0\"> </span>626<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>470<span class=\"ls0\"> </span>2.226<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 159<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>- 1 27<span class=\"ls0\"> </span>- - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span><span class=\"ls28\">previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span></span>- s<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. (milioni di euro)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Totale (2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Crediti di firma<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Amministrazioni pubbliche<span class=\"ls0\"> </span>Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti (1)+(2) Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 49.862<span class=\"ls0\"> </span>766<span class=\"ls0\"> </span>3.199<span class=\"ls0\"> </span>26.698<span class=\"ls0\"> </span>287.386<span class=\"ls0\"> </span>1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 23.208<span class=\"ls0\"> </span>437<span class=\"ls0\"> </span>2.253<span class=\"ls0\"> </span>17.987<span class=\"ls0\"> </span>244.765<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 360<span class=\"ls0\"> </span>5 29<span class=\"ls0\"> </span>439<span class=\"ls0\"> </span>3.767<span class=\"ls0\"> </span>1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 26.654<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>946<span class=\"ls0\"> </span>8.711<span class=\"ls0\"> </span>42.621<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 277<span class=\"ls0\"> </span>1 4 59<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2. Esposizioni creditizie \u201cfuo<span class=\"_ _3\"></span>ri bilancio\u201d garantite:<span class=\"ls0\"> </span>- - - 2.477<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>1.787<span class=\"ls0\"> </span>25.015<span class=\"ls0\"> </span>44.538<span class=\"ls0\"> </span>2.1. <span class=\"ls27\">totalmente garantite<span class=\"ls0\"> </span></span>- - - 1.558<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>899<span class=\"ls0\"> </span>20.443<span class=\"ls0\"> </span>34.745<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 30<span class=\"ls0\"> </span>- 1 161<span class=\"ls0\"> </span>246<span class=\"ls0\"> </span>2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 919<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>888<span class=\"ls0\"> </span>4.572<span class=\"ls0\"> </span>9.793<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 7 - - 31<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>(*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span><span class=\"ls28\">difficile <span class=\"_ _3\"></span>determinazi<span class=\"_ _3\"></span>one, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo<span class=\"_ _3\"></span> esposto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>- <span class=\"_ _2\"></span>come previsto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-402.386px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">A.4. Consolidato prudenzia<span class=\"_ _3\"></span>le <span class=\"ff6\">\u2013</span> Attivit\u00e0 finanziarie e no<span class=\"_ _3\"></span>n finanziarie ottenute tr<span class=\"_ _3\"></span><span class=\"ff6\">amite l\u2019escussione delle </span></div><div class=\"t m0 xf4 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">garanzie ricevute </div><div class=\"t m0 x0 h116 ya60 ff5 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w4f5 h141\" style=\"left:479.48462px; bottom:553.244px;\"><div class=\"t m0 x7 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c we6 h7f\" style=\"left:304.27063px; bottom:494.74402px;\"><div class=\"t m0 x41 h8d ya6b ff5 fse fc2 sc0 ls29 ws0\">Esposizione </div><div class=\"t m0 x97 h8d y840 ff5 fse fc2 sc0 ls28 ws0\">creditizia </div><div class=\"t m0 x87 h8d yac6 ff5 fse fc2 sc0 ls28 ws0\">cancellata<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h7f\" style=\"left:361.70462px; bottom:494.74402px;\"><div class=\"t m0 x95 h8d ya6b ff5 fse fc2 sc0 ls29 ws0\">Valore </div><div class=\"t m0 x9a h8d y840 ff5 fse fc2 sc0 ls27 ws0\">lordo<span class=\"ls0\"> </span></div></div><div class=\"c w223 h7f\" style=\"left:415.52463px; bottom:494.74402px;\"><div class=\"t m0 x87 h8d ya6b ff5 fse fc2 sc0 ls26 ws0\">Rettifiche di </div><div class=\"t m0 xe h8d y840 ff5 fse fc2 sc0 ls28 ws0\">valore </div><div class=\"t m0 xdd h8d yac6 ff5 fse fc2 sc0 ls28 ws0\">complessive<span class=\"ls0\"> </span></div></div><div class=\"c w4f5 h47\" style=\"left:479.48462px; bottom:533.744px;\"><div class=\"t m0 xe h8d y6fe ff5 fse fc2 sc0 ls29 ws0\">Valore di bilancio<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w34a h5f\" style=\"left:563.4516px; bottom:494.74402px;\"><div class=\"t m0 x13 h2c ya24 ff1 fse fc2 sc0 ls28 ws0\">di cui </div><div class=\"t m0 x45 h2c y328 ff1 fse fc2 sc0 ls28 ws0\">ottenute nel </div><div class=\"t m0 xd1 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">corso </div><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">dell'esercizio </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:479.14404px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">A. Attivit\u00e0 materiali <span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:479.14404px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">338<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:479.14404px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">375<span class=\"ls0\"> </span></div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:479.14404px;\"><div class=\"t m0 xa4 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">70</span> </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:479.14404px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">305<span class=\"ls0\"> </span></div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:479.14404px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:463.544px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">A.1. Ad uso funzionale<span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:463.544px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:463.544px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:463.544px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:463.544px;\"><div class=\"t m0 xc7 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:463.544px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:447.94403px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">A.2. A scopo di investimento<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:447.94403px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">134<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:447.94403px;\"><div class=\"t m0 xad h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">123<span class=\"ls0\"> </span></div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:447.94403px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:447.94403px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">114<span class=\"ls0\"> </span></div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:447.94403px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:432.344px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">A.3. Rimanenze<span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:432.344px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">203<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:432.344px;\"><div class=\"t m0 xad h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">251<span class=\"ls0\"> </span></div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:432.344px;\"><div class=\"t m0 xa4 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">61</span> </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:432.344px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:432.344px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:416.74402px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">B. Titoli di capitale e titoli di debito<span class=\"_ _3\"></span> </div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:416.74402px;\"><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">367<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:416.74402px;\"><div class=\"t m0 xad h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">368<span class=\"ls0\"> </span></div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:416.74402px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">176</span> </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:416.74402px;\"><div class=\"t m0 x139 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">192<span class=\"ls0\"> </span></div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:416.74402px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:401.14404px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">C. Altre attivit\u00e0<span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:401.14404px;\"><div class=\"t m0 xa h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:401.14404px;\"><div class=\"t m0 xd h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:401.14404px;\"><div class=\"t m0 xc h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:401.14404px;\"><div class=\"t m0 x135 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:401.14404px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f7 h41\" style=\"left:-4.050377px; bottom:384.60803px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">D. Attivit\u00e0 non correnti e gruppi di attivi<span class=\"_ _3\"></span>t\u00e0 in via di dismissione <span class=\"ls0\"> </span></div></div><div class=\"c we6 h41\" style=\"left:304.27063px; bottom:384.60803px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w4f4 h41\" style=\"left:361.70462px; bottom:384.60803px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w223 h41\" style=\"left:415.52463px; bottom:384.60803px;\"><div class=\"t m0 xd5 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4f6 h41\" style=\"left:479.48462px; bottom:384.60803px;\"><div class=\"t m0 xc7 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w34a h41\" style=\"left:563.4516px; bottom:384.60803px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:369.008px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">D.1. Attivit\u00e0 materiali <span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:369.008px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:369.008px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:369.008px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:369.008px;\"><div class=\"t m0 xc7 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:369.008px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f7 h42\" style=\"left:-4.050377px; bottom:353.40802px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">D.2. Altre attivit\u00e0<span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:353.40802px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:353.40802px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:353.40802px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:353.40802px;\"><div class=\"t m0 x135 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:353.40802px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f2 h44\" style=\"left:-4.050377px; bottom:337.76904px;\"><div class=\"t m0 x66 h8d y32d ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w4f3 h44\" style=\"left:168.08263px; bottom:337.76904px;\"><div class=\"t m0 x41 h8d y32d ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c we6 h44\" style=\"left:304.27063px; bottom:337.76904px;\"><div class=\"t m0 x99 h8d y32d ff5 fse fc2 sc0 ls28 ws0\">710<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h44\" style=\"left:361.70462px; bottom:337.76904px;\"><div class=\"t m0 xad h8d y32d ff5 fse fc2 sc0 ls28 ws0\">749<span class=\"ls0\"> </span></div></div><div class=\"c w223 h44\" style=\"left:415.52463px; bottom:337.76904px;\"><div class=\"t m0 xb h8d y32d ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">247</span> </div></div><div class=\"c w4f6 h44\" style=\"left:479.48462px; bottom:337.76904px;\"><div class=\"t m0 x139 h8d y32d ff5 fse fc2 sc0 ls28 ws0\">502<span class=\"ls0\"> </span></div></div><div class=\"c w34a h44\" style=\"left:563.4516px; bottom:337.76904px;\"><div class=\"t m0 xb h8d y32d ff5 fse fc2 sc0 ls28 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w4f2 h42\" style=\"left:-4.050377px; bottom:320.141px;\"><div class=\"t m0 x66 h8d y118b ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w4f3 h42\" style=\"left:168.08263px; bottom:320.141px;\"><div class=\"t m0 x41 h8d y118b ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c we6 h42\" style=\"left:304.27063px; bottom:320.141px;\"><div class=\"t m0 x99 h8d y118b ff5 fse fc2 sc0 ls28 ws0\">735<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h42\" style=\"left:361.70462px; bottom:320.141px;\"><div class=\"t m0 xad h8d y118b ff5 fse fc2 sc0 ls28 ws0\">775<span class=\"ls0\"> </span></div></div><div class=\"c w223 h42\" style=\"left:415.52463px; bottom:320.141px;\"><div class=\"t m0 xb h8d y118b ff5 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">196</span> </div></div><div class=\"c w4f6 h42\" style=\"left:479.48462px; bottom:320.141px;\"><div class=\"t m0 x139 h8d y118b ff5 fse fc2 sc0 ls28 ws0\">579<span class=\"ls0\"> </span></div></div><div class=\"c w34a h42\" style=\"left:563.4516px; bottom:320.141px;\"><div class=\"t m0 xb h8d y118b ff5 fse fc2 sc0 ls28 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-402.386px;\"><div class=\"t m0 x0 h116 yb3 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y817 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye08 ff1 fs0 fc0 sc0 ls0 ws0\">Per il Gruppo, i beni esc<span class=\"_ _0\"></span>ussi (valore di bilancio)<span class=\"_ _0\"></span> sono rappresent<span class=\"_ _0\"></span>ati principalmente da: </div><div class=\"t m0 x0 h2 ye09 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali a<span class=\"_ _0\"></span>d uso funzionale: fabbricati <span class=\"_ _0\"></span>(1 milione); </span></div><div class=\"t m0 x0 h2 y10b7 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali a sco<span class=\"_ _0\"></span>po di investimento<span class=\"_ _0\"></span>: fabbricati (82 milio<span class=\"_ _0\"></span>ni); terreni (32 milioni); </span></div><div class=\"t m0 x0 h2 ye0a ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali </span>\u2013<span class=\"ff1\"> Rimanenze:<span class=\"_ _0\"></span> fabbricati (178 milio<span class=\"_ _0\"></span>ni), terreni (12 milio<span class=\"_ _0\"></span>ni); <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y920 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Titoli di capitale e tit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li di debito: </span></div><div class=\"t m0 x2a h2 y611 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">part<span class=\"_ _0\"></span>ecipaz<span class=\"_ _0\"></span>ioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>24 mi<span class=\"_ _35\"></span>lioni di <span class=\"_ _0\"></span>euro<span class=\"_ _0\"></span> (prev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te ri<span class=\"_ _0\"></span>ferit<span class=\"_ _0\"></span>i all<span class=\"_ _35\"></span>a parte<span class=\"_ _0\"></span>cipazi<span class=\"_ _35\"></span>one Risa<span class=\"_ _0\"></span>namen<span class=\"_ _0\"></span>to); </span></div><div class=\"t m0 x2a h2 y8b4 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">attiv<span class=\"_ _0\"></span>it\u00e0 f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>bligat<span class=\"_ _35\"></span>oriament<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>utat<span class=\"_ _0\"></span>e al <span class=\"_ _0\"></span>fair val<span class=\"_ _35\"></span>ue per 11<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>lioni<span class=\"_ _0\"></span>; </span></div><div class=\"t m0 x2a h2 y296 ff1 fs4 fc0 sc0 ls0 ws0\">o <span class=\"_ _22\"> </span><span class=\"fs0\">attiv<span class=\"_ _0\"></span>it\u00e0 f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e al f<span class=\"_ _35\"></span>air valu<span class=\"_ _0\"></span>e con <span class=\"_ _0\"></span>impat<span class=\"_ _35\"></span>to sulla <span class=\"_ _35\"></span>redditivit<span class=\"_ _35\"></span>\u00e0 comple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a per <span class=\"_ _35\"></span>50 milion<span class=\"_ _0\"></span>i. </span></div><div class=\"t m0 x62 h2 ye0b ff1 fs0 fc0 sc0 ls0 ws0\">Si tratta di attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie non pr<span class=\"_ _0\"></span>ecedentemente concess<span class=\"_ _0\"></span>e dal debitore a g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzia di preesis<span class=\"_ _0\"></span>tenti finanziamenti<span class=\"_ _3\"></span> </div><div class=\"t m0 x62 h2 yb11 ff1 fs0 fc0 sc0 ls0 ws0\">erogati, ma ac<span class=\"ff4\">quisite nell\u2019am<span class=\"_ _0\"></span>bito di accordi bila<span class=\"_ _0\"></span>terali con lo stess<span class=\"_ _0\"></span>o, a seguito dei quali il G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo ha provved<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>to alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x62 h2 ye0c ff4 fs0 fc0 sc0 ls0 ws0\">cancellazione dell\u2019<span class=\"_ _0\"></span>esposizione creditizia;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4c6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 non correnti e gr<span class=\"_ _0\"></span>uppi di attivit\u00e0 in vi<span class=\"_ _0\"></span>a di dismissione: fabbr<span class=\"_ _0\"></span>icati (4 milioni), altro (1 mil<span class=\"_ _0\"></span>ione)<span class=\"_ _2\"></span>.<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yd2d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye0d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybd9 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 ye0e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7ce ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya98 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye0f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd5a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye10 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd5b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye11 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye12 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>B. DISTRIBUZION<span class=\"_ _3\"></span>E E CONCENTRAZ<span class=\"_ _3\"></span>IONE DELLE<span class=\"_ _3\"></span> ESPOSIZION<span class=\"_ _3\"></span>I CREDITIZIE<span class=\"_ _2\"></span> B.1. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione settoriale<span class=\"_ _3\"></span> delle esposizioni creditizie<span class=\"_ _3\"></span> per cassa e \u201cfuori </span>bilancio\u201d verso clientela<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Contr<span class=\"_ _3\"></span>oparti Amministrazio<span class=\"_ _3\"></span>ni pubbliche Societ\u00e0 finanziarie<span class=\"_ _3\"></span> Societ\u00e0 finanziarie <span class=\"_ _3\"></span>(di cui: imprese di assic<span class=\"_ _3\"></span>urazione) Esposizione netta Rettifiche valore complessive<span class=\"_ _3\"></span> Esposizione netta Rettifiche valore complessive Esposizione netta Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> 73<span class=\"ls0\"> </span>-158 6 -<span class=\"ls1b\">23</span> - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni - - 1 -1 - - A.2 Inadempienze <span class=\"_ _3\"></span>probabili 153<span class=\"ls0\"> </span>-<span class=\"ls1b\">30</span> 105<span class=\"ls0\"> </span>-167 - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di con<span class=\"_ _3\"></span>cessioni 22<span class=\"ls0\"> </span>-<span class=\"ls1b\">10</span> 18<span class=\"ls0\"> </span>-<span class=\"ls1b\">58</span> - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 2 - 1 - - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni - - - - - - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 90.484 -147 72.943 -120 1.315 - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 13<span class=\"ls0\"> </span>- 140<span class=\"ls0\"> </span>-4 - - Totale (A) 90.712 -335 73.055 -310 1.315 - B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 91<span class=\"ls0\"> </span>-8 22<span class=\"ls0\"> </span>-2 - - B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 27.791 -8 66.502 -<span class=\"ls1b\">29</span> 10.312 - Totale (B) 27.882 -<span class=\"ls1b\">16</span> 66.524 -<span class=\"ls1b\">31</span> 10.312 - Totale (A+B) 31.12.2022 118.594 -351 139.579 -341 11.627 - Totale (A+B) 31.12.2021 155.202 -301 124.749 -576 10.072 - (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Contr<span class=\"_ _3\"></span>oparti Societ\u00e0 non finanz<span class=\"_ _3\"></span>iarie Famiglie Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> 681<span class=\"ls0\"> </span>-1.546 418<span class=\"ls0\"> </span>-945 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 219<span class=\"ls0\"> </span>-394 77<span class=\"ls0\"> </span>-123 A.2 Inadempienze <span class=\"_ _3\"></span>probabili 2.727 -1.906 1.490 -853 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 1.212 -810 679<span class=\"ls0\"> </span>-251 A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 133<span class=\"ls0\"> </span>-<span class=\"ls1b\">44</span> 277<span class=\"ls0\"> </span>-<span class=\"ls1b\">95</span> - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 17<span class=\"ls0\"> </span>-5 19<span class=\"ls0\"> </span>-6 A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorat<span class=\"_ _3\"></span>e 201.804 -1.594 178.794 -880 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 5.048 -437 1.728 -112 Totale (A) 205.345 -5.090 180.979 -2.773 B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 1.336 -249 55<span class=\"ls0\"> </span>-8 B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 216.744 -179 18.221 -<span class=\"ls1b\">26</span> Totale (B) 218.080 -428 18.276 -<span class=\"ls1b\">34</span> Totale (A+B) 31.12.2022 423.425 -5.518 199.255 -2.807 Totale (A+B) 31.12.2021 444.382 -10.582 193.298 -3.205 B.2. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione territoriale delle esposizio<span class=\"_ _3\"></span>ni creditizie per cassa e \u201c<span class=\"_ _3\"></span>fuori </span>bilancio\u201d verso clientela <span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Esposizio<span class=\"_ _0\"></span>ni/Aree ge<span class=\"_ _35\"></span>ografiche Italia Altri paes<span class=\"_ _0\"></span>i europei<span class=\"_ _0\"></span> Esposizione<span class=\"_ _35\"></span> netta Rettifiche <span class=\"_ _0\"></span>valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche <span class=\"_ _0\"></span>valore complessi<span class=\"_ _0\"></span>ve A. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie per cassa A.1 Soffere<span class=\"_ _0\"></span>nze 956<span class=\"ls0\"> </span>-1.906 156<span class=\"ls0\"> </span>-<span class=\"ls25\">610</span> A.2 Inadem<span class=\"_ _0\"></span>pienze pro<span class=\"_ _0\"></span>babili 3.727 -2.417 557<span class=\"ls0\"> </span>-<span class=\"ls25\">399</span> A.3 Esposi<span class=\"_ _0\"></span>zioni scad<span class=\"_ _0\"></span>ute deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e 344<span class=\"ls0\"> </span>-<span class=\"ls25\">88</span> 61<span class=\"ls0\"> </span>-<span class=\"ls25\">44</span> A.4 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 376.976 -1.648 116.563 -<span class=\"ls25\">978</span> Totale (<span class=\"_ _0\"></span>A) 382.003 -6.059 117.337 -2.031 B. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie fuori bilanci<span class=\"_ _0\"></span>o B.1 Esposi<span class=\"_ _0\"></span>zioni deterior<span class=\"_ _35\"></span>at<span class=\"_ _3\"></span>e 1.275 -<span class=\"ls25\">219</span> 99<span class=\"ls0\"> </span>-<span class=\"ls25\">45</span> B.2 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 169.505 -<span class=\"ls25\">137</span> 114.307 -<span class=\"ls25\">84</span> Totale (<span class=\"_ _0\"></span>B) 170.780 -<span class=\"ls25\">356</span> 114.406 -<span class=\"ls25\">129</span> - - Totale (<span class=\"_ _0\"></span>A+B)  31.12.2022<span class=\"_ _0\"></span> 552.783 -6.415 231.743 -2.160 Totale (<span class=\"_ _0\"></span>A+B)  31.12.2021<span class=\"_ _0\"></span> 585.575 -12.838 231.907 -1.408 (milioni di eur<span class=\"_ _35\"></span>o) Esposizio<span class=\"_ _0\"></span>ni/Aree ge<span class=\"_ _35\"></span>ografiche America Asia Resto de<span class=\"_ _0\"></span>l mondo Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve A. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie per cassa A.1 Soffere<span class=\"_ _0\"></span>nze 37<span class=\"ls0\"> </span>-<span class=\"ls25\">76</span> 1 -<span class=\"ls25\">32</span> 28<span class=\"ls0\"> </span>-<span class=\"ls25\">48</span> A.2 Inadem<span class=\"_ _0\"></span>pienze pro<span class=\"_ _0\"></span>babili 16<span class=\"ls0\"> </span>-<span class=\"ls25\">63</span> 43<span class=\"ls0\"> </span>-<span class=\"ls25\">29</span> 132<span class=\"ls0\"> </span>-<span class=\"ls25\">48</span> A.3 Esposi<span class=\"_ _0\"></span>zioni scad<span class=\"_ _0\"></span>ute deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e - - - - 8 -7 A.4 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 26.909 -<span class=\"ls25\">45</span> 14.481 -<span class=\"ls25\">21</span> 9.096 -<span class=\"ls25\">49</span> Totale (<span class=\"_ _0\"></span>A) 26.962 -<span class=\"ls25\">184</span> 14.525 -<span class=\"ls25\">82</span> 9.264 -<span class=\"ls25\">152</span> B. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie fuori bilanci<span class=\"_ _0\"></span>o B.1 Esposi<span class=\"_ _0\"></span>zioni deterior<span class=\"_ _35\"></span>at<span class=\"_ _3\"></span>e 23<span class=\"ls0\"> </span>- 12<span class=\"ls0\"> </span>- 95<span class=\"ls0\"> </span>-3 B.2 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 30.733 -7 11.622 -2 3.091 -<span class=\"ls25\">12</span> Totale (<span class=\"_ _0\"></span>B) 30.756 -7 11.634 -2 3.186 -<span class=\"ls25\">15</span> 57718<span class=\"ls0\"> </span>Totale (<span class=\"_ _0\"></span>A+B)  31.12.2022<span class=\"_ _0\"></span> 57.718 -<span class=\"ls25\">191</span> 26.159 -<span class=\"ls25\">84</span> 12.450 -<span class=\"ls25\">167</span> Totale (<span class=\"_ _0\"></span>A+B)  31.12.2021<span class=\"_ _0\"></span> 56.550 -<span class=\"ls25\">148</span> 29.087 -<span class=\"ls25\">64</span> 14.512 -<span class=\"ls25\">206</span> B.2.bis Consolidato prudenziale <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> Ripartizione per area geografica <span class=\"_ _3\"></span>dei rapporti con clientela <span class=\"_ _3\"></span> residente in Italia (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> Nord Ovest Nord Est Centro Sud e Isole Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive A. Esposizioni cre<span class=\"_ _3\"></span>ditizie per cas<span class=\"_ _3\"></span>sa A.1 Sofferenze<span class=\"_ _3\"></span> 254<span class=\"ls0\"> </span>-591 171<span class=\"ls0\"> </span>-316 236<span class=\"ls0\"> </span>-389 295<span class=\"ls0\"> </span>-610 A.2 Inadempienze <span class=\"_ _3\"></span>probabili 1.424 -864 522<span class=\"ls0\"> </span>-412 916<span class=\"ls0\"> </span>-582 865<span class=\"ls0\"> </span>-559 A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 104<span class=\"ls0\"> </span>-<span class=\"ls1b\">27</span> 44<span class=\"ls0\"> </span>-<span class=\"ls1b\">12</span> 77<span class=\"ls0\"> </span>-<span class=\"ls1b\">20</span> 119<span class=\"ls0\"> </span>-<span class=\"ls1b\">29</span> A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorat<span class=\"_ _3\"></span>e 133.051 -688 72.057 -248 113.783 -384 58.085 -328 Totale A 134.833 -2.170 72.794 -988 115.012 -1.375 59.364 -1.526 B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 421<span class=\"ls0\"> </span>-<span class=\"ls1b\">49</span> 467<span class=\"ls0\"> </span>-<span class=\"ls1b\">84</span> 269<span class=\"ls0\"> </span>-<span class=\"ls1b\">73</span> 118<span class=\"ls0\"> </span>-<span class=\"ls1b\">13</span> B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 72.661 -<span class=\"ls1b\">96</span> 32.751 -<span class=\"ls1b\">15</span> 49.630 -<span class=\"ls1b\">16</span> 14.463 -<span class=\"ls1b\">10</span> Totale B 73.082 -145 33.218 -<span class=\"ls1b\">99</span> 49.899 -<span class=\"ls1b\">89</span> 14.581 -<span class=\"ls1b\">23</span> Totale (A+B) 31.12.2022 207.915 -2.315 106.012 -1.087 164.911 -1.464 73.945 -1.549 Totale (A+B) 31.12.2021 215.021 -4.799 104.749 -2.290 193.455 -3.006 72.350 -2.743 B.3. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione territoriale delle esposizio<span class=\"_ _3\"></span>ni creditizie per cassa e \u201c<span class=\"_ _3\"></span>fuori </span>bilancio\u201d verso banche<span class=\"ff5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> Italia Altri paesi europei<span class=\"_ _3\"></span> Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> - - - -2 A.2 Inadempienze <span class=\"_ _3\"></span>probabili - - - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> - - 1 - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 103.544 -2 32.515 -<span class=\"ls1b\">25</span> Totale (A) 103.544 -2 32.516 -<span class=\"ls1b\">27</span> B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate - - - - B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 8.879 - 51.458 -<span class=\"ls1b\">65</span> Totale (B) 8.879 - 51.458 -<span class=\"ls1b\">65</span> Totale (A+B) 31.12.2022 112.423 -2 83.974 -<span class=\"ls1b\">92</span> Totale (A+B) 31.12.2021 136.133 -4 80.122 -<span class=\"ls1b\">11</span> (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> America Asia Resto del mon<span class=\"_ _3\"></span>do Esposizione netta Rettifiche valore complessive<span class=\"_ _3\"></span> Esposizione netta Rettifiche valore complessive Esposizione netta Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> - - - -2 - - A.2 Inadempienze <span class=\"_ _3\"></span>probabili 36<span class=\"ls0\"> </span>-<span class=\"ls1b\">12</span> - - - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> - - - - - - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 6.314 -1 3.026 -1 2.634 -<span class=\"ls1b\">10</span> Totale (A) 6.350 -<span class=\"ls1b\">13</span> 3.026 -3 2.634 -<span class=\"ls1b\">10</span> B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni <span class=\"_ _3\"></span>deteriorate 2 - - - 10<span class=\"ls0\"> </span>- B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 6.969 - 11.037 - 2.508 -1 Totale (B) 6.971 - 11.037 - 2.518 -1 Totale (A+B) 31.12.2022 13.321 -<span class=\"ls1b\">13</span> 14.063 -3 5.152 -<span class=\"ls1b\">11</span> Totale (A+B) 31.12.2021 11.588 -<span class=\"ls1b\">14</span> 13.093 -4 5.492 -<span class=\"ls1b\">10</span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.41724px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">B.3.bis Consolidato prudenziale <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> Ripartizione per area geografica <span class=\"_ _3\"></span>dei rapporti con banche <span class=\"_ _3\"></span> </div><div class=\"t m0 x62 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">residenti in Italia </div><div class=\"t m0 x0 h2 ya60 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w4ba h83\" style=\"left:509.9436px; bottom:744.8448px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w50d h88\" style=\"left:-4.050377px; bottom:693.20874px;\"><div class=\"t m0 x41 ha y8ca ff5 fs4 fc2 sc0 ls0 ws0\">Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> </div></div><div class=\"c w4ba h7a\" style=\"left:178.52798px; bottom:730.1808px;\"><div class=\"t m0 x94 ha y569 ff5 fs4 fc2 sc0 ls0 ws0\">NORD OVEST<span class=\"_ _3\"></span> </div></div><div class=\"c w50e h7a\" style=\"left:289.45062px; bottom:730.1808px;\"><div class=\"t m0 x86 ha y569 ff5 fs4 fc2 sc0 ls0 ws0\">NORD EST </div></div><div class=\"c w50e h7a\" style=\"left:400.5486px; bottom:730.1808px;\"><div class=\"t m0 xe ha y569 ff5 fs4 fc2 sc0 ls0 ws0\">CENTRO </div></div><div class=\"c w4ba h7a\" style=\"left:509.9436px; bottom:730.1808px;\"><div class=\"t m0 x94 ha y569 ff5 fs4 fc2 sc0 ls0 ws0\">SUD E ISOLE<span class=\"_ _3\"></span> </div></div><div class=\"c w45a h9b\" style=\"left:178.52798px; bottom:693.20874px;\"><div class=\"t m0 x41 h2c y810 ff1 fse fc2 sc0 ls29 ws0\">Esposizione </div><div class=\"t m0 x86 h2c y7ef ff1 fse fc2 sc0 ls28 ws0\">netta<span class=\"ls0\"> </span></div></div><div class=\"c w50c h9b\" style=\"left:234.07062px; bottom:693.20874px;\"><div class=\"t m0 x8 h2c y810 ff1 fse fc2 sc0 ls26 ws0\">Rettifiche di </div><div class=\"t m0 x9a h2c y7ef ff1 fse fc2 sc0 ls0 ws0\">valore </div><div class=\"t m0 x41 h2c y6ea ff1 fse fc2 sc0 ls0 ws0\">complessive </div></div><div class=\"c w464 h9b\" style=\"left:289.45062px; bottom:693.20874px;\"><div class=\"t m0 x41 h2c y810 ff1 fse fc2 sc0 ls29 ws0\">Esposizione </div><div class=\"t m0 x86 h2c y7ef ff1 fse fc2 sc0 ls28 ws0\">netta<span class=\"ls0\"> </span></div></div><div class=\"c w50c h9b\" style=\"left:344.07663px; bottom:693.20874px;\"><div class=\"t m0 x8 h2c y810 ff1 fse fc2 sc0 ls26 ws0\">Rettifiche di </div><div class=\"t m0 x9a h2c y7ef ff1 fse fc2 sc0 ls0 ws0\">valore </div><div class=\"t m0 x41 h2c y6ea ff1 fse fc2 sc0 ls0 ws0\">complessive </div></div><div class=\"c w45a h9b\" style=\"left:400.5486px; bottom:693.20874px;\"><div class=\"t m0 x41 h2c y810 ff1 fse fc2 sc0 ls29 ws0\">Esposizione </div><div class=\"t m0 x86 h2c y7ef ff1 fse fc2 sc0 ls28 ws0\">netta<span class=\"ls0\"> </span></div></div><div class=\"c w45b h9b\" style=\"left:455.14862px; bottom:693.20874px;\"><div class=\"t m0 x8 h2c y810 ff1 fse fc2 sc0 ls26 ws0\">Rettifiche di </div><div class=\"t m0 x9a h2c y7ef ff1 fse fc2 sc0 ls0 ws0\">valore </div><div class=\"t m0 x41 h2c y6ea ff1 fse fc2 sc0 ls0 ws0\">complessive </div></div><div class=\"c w45a h9b\" style=\"left:509.9436px; bottom:693.20874px;\"><div class=\"t m0 x41 h2c y810 ff1 fse fc2 sc0 ls29 ws0\">Esposizione </div><div class=\"t m0 x86 h2c y7ef ff1 fse fc2 sc0 ls28 ws0\">netta<span class=\"ls0\"> </span></div></div><div class=\"c w50c h9b\" style=\"left:565.3236px; bottom:693.20874px;\"><div class=\"t m0 x8 h2c y810 ff1 fse fc2 sc0 ls26 ws0\">Rettifiche di </div><div class=\"t m0 x9a h2c y7ef ff1 fse fc2 sc0 ls0 ws0\">valore </div><div class=\"t m0 x41 h2c y6ea ff1 fse fc2 sc0 ls0 ws0\">complessive </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:676.6728px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:660.1368px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3\"></span> </div></div><div class=\"c w45a h41\" style=\"left:178.52798px; bottom:660.1368px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:234.07062px; bottom:660.1368px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h41\" style=\"left:289.45062px; bottom:660.1368px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:344.07663px; bottom:660.1368px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:400.5486px; bottom:660.1368px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45b h41\" style=\"left:455.14862px; bottom:660.1368px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:509.9436px; bottom:660.1368px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:565.3236px; bottom:660.1368px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:643.60077px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.2 Inadempienze <span class=\"_ _3\"></span>probabili </div></div><div class=\"c w45a h41\" style=\"left:178.52798px; bottom:643.60077px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:234.07062px; bottom:643.60077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h41\" style=\"left:289.45062px; bottom:643.60077px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:344.07663px; bottom:643.60077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:400.5486px; bottom:643.60077px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45b h41\" style=\"left:455.14862px; bottom:643.60077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:509.9436px; bottom:643.60077px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:565.3236px; bottom:643.60077px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h6a\" style=\"left:-4.050377px; bottom:626.90875px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w45a h6a\" style=\"left:178.52798px; bottom:626.90875px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h6a\" style=\"left:234.07062px; bottom:626.90875px;\"><div class=\"t m0 xa4 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h6a\" style=\"left:289.45062px; bottom:626.90875px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h6a\" style=\"left:344.07663px; bottom:626.90875px;\"><div class=\"t m0 xa4 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h6a\" style=\"left:400.5486px; bottom:626.90875px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45b h6a\" style=\"left:455.14862px; bottom:626.90875px;\"><div class=\"t m0 xa4 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h6a\" style=\"left:509.9436px; bottom:626.90875px;\"><div class=\"t m0 x48 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h6a\" style=\"left:565.3236px; bottom:626.90875px;\"><div class=\"t m0 xa4 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:610.37274px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w45a h41\" style=\"left:178.52798px; bottom:610.37274px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.845 </div></div><div class=\"c w50c h41\" style=\"left:234.07062px; bottom:610.37274px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w464 h41\" style=\"left:289.45062px; bottom:610.37274px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.015 </div></div><div class=\"c w50c h41\" style=\"left:344.07663px; bottom:610.37274px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:400.5486px; bottom:610.37274px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">96.677 </div></div><div class=\"c w45b h41\" style=\"left:455.14862px; bottom:610.37274px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w45a h41\" style=\"left:509.9436px; bottom:610.37274px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w50c h41\" style=\"left:565.3236px; bottom:610.37274px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h7a\" style=\"left:-4.050377px; bottom:595.70874px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale A </div></div><div class=\"c w45a h7a\" style=\"left:178.52798px; bottom:595.70874px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.845 </div></div><div class=\"c w50c h7a\" style=\"left:234.07062px; bottom:595.70874px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w464 h7a\" style=\"left:289.45062px; bottom:595.70874px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.015 </div></div><div class=\"c w50c h7a\" style=\"left:344.07663px; bottom:595.70874px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h7a\" style=\"left:400.5486px; bottom:595.70874px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">96.677 </div></div><div class=\"c w45b h7a\" style=\"left:455.14862px; bottom:595.70874px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w45a h7a\" style=\"left:509.9436px; bottom:595.70874px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w50c h7a\" style=\"left:565.3236px; bottom:595.70874px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h6a\" style=\"left:-4.050377px; bottom:579.0168px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:562.4808px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate </div></div><div class=\"c w45a h41\" style=\"left:178.52798px; bottom:562.4808px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:234.07062px; bottom:562.4808px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h41\" style=\"left:289.45062px; bottom:562.4808px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:344.07663px; bottom:562.4808px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:400.5486px; bottom:562.4808px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45b h41\" style=\"left:455.14862px; bottom:562.4808px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:509.9436px; bottom:562.4808px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h41\" style=\"left:565.3236px; bottom:562.4808px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h41\" style=\"left:-4.050377px; bottom:545.94476px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w45a h41\" style=\"left:178.52798px; bottom:545.94476px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6.465 </div></div><div class=\"c w50c h41\" style=\"left:234.07062px; bottom:545.94476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h41\" style=\"left:289.45062px; bottom:545.94476px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">749<span class=\"ls0\"> </span></div></div><div class=\"c w50c h41\" style=\"left:344.07663px; bottom:545.94476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:400.5486px; bottom:545.94476px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.661 </div></div><div class=\"c w45b h41\" style=\"left:455.14862px; bottom:545.94476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h41\" style=\"left:509.9436px; bottom:545.94476px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w50c h41\" style=\"left:565.3236px; bottom:545.94476px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50d h103\" style=\"left:-4.050377px; bottom:531.08575px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale B </div></div><div class=\"c w45a h103\" style=\"left:178.52798px; bottom:531.08575px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">6.465 </div></div><div class=\"c w50c h103\" style=\"left:234.07062px; bottom:531.08575px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w464 h103\" style=\"left:289.45062px; bottom:531.08575px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">749<span class=\"ls0\"> </span></div></div><div class=\"c w50c h103\" style=\"left:344.07663px; bottom:531.08575px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h103\" style=\"left:400.5486px; bottom:531.08575px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1.661 </div></div><div class=\"c w45b h103\" style=\"left:455.14862px; bottom:531.08575px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h103\" style=\"left:509.9436px; bottom:531.08575px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w50c h103\" style=\"left:565.3236px; bottom:531.08575px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h68\" style=\"left:234.07062px; bottom:529.21375px;\"><div class=\"t m0 xa4 ha y17aa ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h68\" style=\"left:344.07663px; bottom:529.21375px;\"><div class=\"t m0 xa4 ha y17aa ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45b h68\" style=\"left:455.14862px; bottom:529.21375px;\"><div class=\"t m0 xa4 ha y17aa ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w50c h68\" style=\"left:565.3236px; bottom:529.21375px;\"><div class=\"t m0 xa4 ha y17aa ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h5b\" style=\"left:-4.050377px; bottom:510.8058px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale (A+B) </div></div><div class=\"c w497 h5b\" style=\"left:58.99962px; bottom:510.8058px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w45a h5b\" style=\"left:178.52798px; bottom:510.8058px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.310 </div></div><div class=\"c w50c h5b\" style=\"left:234.07062px; bottom:510.8058px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w464 h5b\" style=\"left:289.45062px; bottom:510.8058px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.764 </div></div><div class=\"c w50c h5b\" style=\"left:344.07663px; bottom:510.8058px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h5b\" style=\"left:400.5486px; bottom:510.8058px;\"><div class=\"t m0 x88 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">98.338 </div></div><div class=\"c w45b h5b\" style=\"left:455.14862px; bottom:510.8058px;\"><div class=\"t m0 xb ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w45a h5b\" style=\"left:509.9436px; bottom:510.8058px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w50c h5b\" style=\"left:565.3236px; bottom:510.8058px;\"><div class=\"t m0 xa4 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w518 h5b\" style=\"left:-4.050377px; bottom:490.36975px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">Totale (A+B) </div></div><div class=\"c w497 h5b\" style=\"left:58.99962px; bottom:490.36975px;\"><div class=\"t m0 x41 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w45a h5b\" style=\"left:178.52798px; bottom:490.36975px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">8.969 </div></div><div class=\"c w50c h5b\" style=\"left:234.07062px; bottom:490.36975px;\"><div class=\"t m0 xb ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w464 h5b\" style=\"left:289.45062px; bottom:490.36975px;\"><div class=\"t m0 x9a ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">1.474 </div></div><div class=\"c w50c h5b\" style=\"left:344.07663px; bottom:490.36975px;\"><div class=\"t m0 xa4 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w45a h5b\" style=\"left:400.5486px; bottom:490.36975px;\"><div class=\"t m0 x97 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">125.485 </div></div><div class=\"c w45b h5b\" style=\"left:455.14862px; bottom:490.36975px;\"><div class=\"t m0 xb ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w45a h5b\" style=\"left:509.9436px; bottom:490.36975px;\"><div class=\"t m0 xad ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">205<span class=\"ls0\"> </span></div></div><div class=\"c w50c h5b\" style=\"left:565.3236px; bottom:490.36975px;\"><div class=\"t m0 xa4 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.41724px;\"><div class=\"t m0 x0 h61 y7c5 ff1 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y660 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y10b7 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y662 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y995 ff5 fs12 fc2 sc0 ls0 ws0\">B.4 Grandi esposizioni  </div><div class=\"t m0 x0 h107 y14c5 ff5 fs7 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y180 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w519 h64\" style=\"left:-4.050377px; bottom:410.49774px;\"><div class=\"t m0 x41 h59 y1316 ff5 fs17 fc2 sc0 ls0 ws0\">Grandi esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> </div></div><div class=\"c w519 h41\" style=\"left:-4.050377px; bottom:393.9618px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Valore di<span class=\"_ _0\"></span> bilancio (<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ilioni di euro)<span class=\"_ _35\"></span> </div></div><div class=\"c w51a h41\" style=\"left:512.43964px; bottom:393.9618px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">258.353 </div></div><div class=\"c w519 h6a\" style=\"left:-4.050377px; bottom:377.26978px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Valore po<span class=\"_ _0\"></span>nderato (<span class=\"_ _0\"></span>milioni di eur<span class=\"_ _0\"></span>o) </div></div><div class=\"c w51a h6a\" style=\"left:512.43964px; bottom:377.26978px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">22.314 </div></div><div class=\"c w519 h41\" style=\"left:-4.050377px; bottom:360.73376px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Numero </div></div><div class=\"c w51a h41\" style=\"left:512.43964px; bottom:360.73376px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-206.41724px;\"><div class=\"t m0 x0 h61 y12e1 ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y850 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ybb0 ff1 fs0 fc0 sc0 ls0 ws0\">In  b<span class=\"_ _0\"></span>ase <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>disposizioni <span class=\"_ _16\"> </span>normative <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>igenti <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>numero <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>grandi <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _16\"> </span>esposto <span class=\"_ _16\"> </span>in  t<span class=\"_ _0\"></span>abella <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>facendo </div><div class=\"t m0 x0 h2 y699 ff4 fs0 fc0 sc0 ls0 ws0\">riferimento alle \u201cesposizioni\u201d non ponderate che superano il 10<span class=\"_ _3\"></span>% del Capitale di <span class=\"_ _3\"></span>Classe 1, cos\u00ec come definito dai <span class=\"_ _3\"></span>Regolamenti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y785 ff1 fs0 fc0 sc0 ls0 ws0\">UE <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>876/2019 <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRR2) e <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"ff4\">575/2013 (<span class=\"_ _3\"></span>CRR), dove <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>esposizioni\u201d si <span class=\"_ _3\"></span>intende <span class=\"_ _2\"></span>la somma <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 di <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cassa e </span></div><div class=\"t m0 x0 h2 y852 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>fuori <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(escluse <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>dedotte <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Capitale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Classe <span class=\"_ _2\"></span>1) <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>cliente, <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>gruppo<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 ybb2 ff1 fs0 fc0 sc0 ls0 ws0\">clienti <span class=\"_ _3\"></span>conne<span class=\"_ _3\"></span><span class=\"ff4\">ssi, <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ponderazione.<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>Tali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>criteri <span class=\"_ _2\"></span>espositivi <span class=\"_ _2\"></span>portano <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ricomprendere <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 ybb3 ff1 fs0 fc0 sc0 ls0 ws0\">bilancio <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>grandi <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>soggetti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>ponderazione <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>0% <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span><span class=\"ff4\">presentano <span class=\"_ _3\"></span>un\u2019esposizione </span></div><div class=\"t m0 x0 h2 ybb4 ff1 fs0 fc0 sc0 ls0 ws0\">non ponderata superiore al<span class=\"_ _0\"></span> 10% del Capitale<span class=\"_ _0\"></span> di Classe 1 ai fini d<span class=\"_ _0\"></span>ei grandi<span class=\"_ _3\"></span> rischi.  </div><div class=\"t m0 x0 h2 y617 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 ybb5 ff4 fs0 fc0 sc0 ls0 ws0\">Conformemente <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumento <span class=\"_ _2\"></span>EBA <span class=\"_ _2\"></span>\u201cOrientamenti <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>clienti <span class=\"_ _2\"></span>connessi <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>39) </div><div class=\"t m0 x0 h2 ybb6 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _29\"> </span>regolamento <span class=\"_ _29\"> </span>(UE) <span class=\"_ _29\"> </span>n.575/2013\u201d, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>previste <span class=\"_ _2b\"> </span><span class=\"ff1\">- <span class=\"_ _29\"> </span>nelle <span class=\"_ _29\"> </span>segnalazioni <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>vigil<span class=\"_ _0\"></span>anza <span class=\"_ _2b\"> </span>-<span class=\"_ _35\"></span> <span class=\"_ _2b\"> </span>modalit\u00e0 <span class=\"_ _29\"> </span>convenzion<span class=\"_ _0\"></span>ali <span class=\"_ _29\"> </span>di </span></div><div class=\"t m0 x0 h2 ybb7 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Gruppi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>clienti <span class=\"_ _17\"> </span>connessi <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>possono <span class=\"_ _17\"> </span>prevedere <span class=\"_ _17\"> </span>(nel <span class=\"_ _17\"> </span>caso <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _17\"> </span>c.d. <span class=\"_ _17\"> </span>silos) <span class=\"_ _17\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>ripetizione <span class=\"_ _1c\"> </span>- <span class=\"_ _18\"> </span>in </div><div class=\"t m0 x0 h2 y1f2 ff4 fs0 fc0 sc0 ls0 ws0\">corrispondenza <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _16\"> </span>gruppo<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _7\"> </span>direttamente <span class=\"_ _7\"> </span>controllato <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>un\u2019Amministrazione <span class=\"_ _7\"> </span>cent<span class=\"_ _2\"></span><span class=\"ff1\">rale <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>essa <span class=\"_ _16\"> </span>legato <span class=\"_ _7\"> </span>da </span></div><div class=\"t m0 x0 h2 ye86 ff1 fs0 fc0 sc0 ls0 ws0\">dipendenza economica - delle <span class=\"_ _0\"></span>esposizioni verso le<span class=\"_ _0\"></span> Amministrazioni ce<span class=\"_ _0\"></span>ntrali corrispondenti. </div><div class=\"t m0 x0 h2 y15f ff1 fs0 fc0 sc0 ls0 ws0\">Si p<span class=\"_ _3\"></span>recisa che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli ammontari di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>lettere a<span class=\"_ _3\"></span>) e <span class=\"_ _3\"></span>b) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>numerosit\u00e0 <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>lettera c<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>riportati nella <span class=\"_ _3\"></span>tabella sopra<span class=\"_ _6\"></span> <span class=\"_ _3\"></span>riportata </div><div class=\"t m0 x0 h2 y1342 ff1 fs0 fc0 sc0 ls0 ws0\">cons<span class=\"ff4\">iderano <span class=\"_ _3\"></span>tuttavia <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>sola <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>varie <span class=\"_ _2\"></span>Amministrazioni <span class=\"_ _2\"></span>Centrali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa </span></div><div class=\"t m0 x0 h34 y13b5 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo risulta esp<span class=\"_ _0\"></span>osto.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y1391 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17ab ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1132 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1197 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1198 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf8d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y237 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1720 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17ac ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17ad ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-106.10474px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">C. OPERAZIONI DI CART<span class=\"_ _3\"></span>OLARIZZAZ<span class=\"_ _3\"></span>IONE<span class=\"_ _3\"></span><span class=\"fs9\"> </span></div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _7\"> </span>formano <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _16\"> </span>sezione <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cartolarizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>riginator </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc0 sc0 ls0 ws0\">banche del Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo e per le <span class=\"_ _3\"></span>quali il complesso delle passivit\u00e0 emesse (es. <span class=\"_ _3\"></span>titoli ABS, finanziamenti nella fas<span class=\"_ _2\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 ycb0 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>warehousing) dalle societ\u00e0 v<span class=\"_ _3\"></span>eicolo sia <span class=\"_ _3\"></span>sottoscritto al<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019atto <span class=\"_ _3\"></span>dell\u2019emissione da <span class=\"_ _3\"></span>una o <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo. <span class=\"_ _3\"></span>Per l\u2019illustrazion<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 yd36 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>sezione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Nota <span class=\"_ _2\"></span>Integrativa <span class=\"_ _2\"></span>Consolid<span class=\"_ _0\"></span>ata <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischi<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 yd37 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0. </div><div class=\"t m0 x0 h2 y49d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y6d0 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hf y155c ff1 fs7 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y686 ff1 fs0 fc0 sc0 ls0 ws0\">Si riepilogano di seg<span class=\"_ _0\"></span>uito le operazio<span class=\"_ _0\"></span>ni di cartolarizzazione <span class=\"_ _0\"></span>effettuate nel cors<span class=\"_ _0\"></span>o del 2022.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y813 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y688 ffa fs9 fc2 sc0 ls0 ws0\">Cartolarizzazioni GARC </div><div class=\"t m0 x0 h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019operativit\u00e0 <span class=\"_ _1d\"> </span>\u201cGARC\u201d <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>corso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019esercizio <span class=\"_ _17\"> </span>Intesa <span class=\"_ _17\"> </span>Sanpaolo <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>perfezionato <span class=\"_ _17\"> </span>sei <span class=\"_ _17\"> </span>nuove <span class=\"_ _17\"> </span>operazioni <span class=\"_ _17\"> </span>di </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">cartolarizzazione sintetica: <span class=\"_ _2\"></span>GARC <span class=\"_ _3\"></span>High <span class=\"_ _3\"></span>Potential-2, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Residential <span class=\"_ _3\"></span>Mortgages-3, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Leasing-2, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Corp<span class=\"_ _3\"></span>-5, <span class=\"_ _3\"></span>GARC </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls15 ws0\">CRE<span class=\"ls0\">-1 e GARC Infrastructure-1. Nello spe<span class=\"_ _0\"></span>cifico: </span></div><div class=\"t m0 x0 h2 y1202 fff fs0 fc0 sc0 ls63 ws0\">i)<span class=\"ff1 ls0\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">Per <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _5\"></span>GARC <span class=\"_ _5\"></span>High <span class=\"_ _5\"></span>Potential</span>-2 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>ceduto <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>mezzanine <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>circ<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span></div><div class=\"t m0 x2a h2 y6d5 ff1 fs0 fc0 sc0 ls0 ws0\">0,5 <span class=\"ff4\">miliardi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>residenziali <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>7.000 <span class=\"_ _5\"></span>clienti <span class=\"_ _5\"></span>retail, <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>interni <span class=\"_ _5\"></span>(IRB </span></div><div class=\"t m0 x2a hfb y1556 ff1 fs0 fc0 sc0 ls0 ws0\">Avanzato)<span class=\"ff15\">;<span class=\"fff fs6\"> </span></span></div><div class=\"t m0 x0 h2 y1695 ff1 fs0 fc0 sc0 ls11 ws0\">ii)<span class=\"ls0\"> <span class=\"_ _44\"> </span><span class=\"ff4\">P<span class=\"_ _0\"></span>er <span class=\"_ _6\"> </span>l\u2019operazione <span class=\"_ _5\"></span>GARC <span class=\"_ _6\"></span>Residential <span class=\"_ _5\"></span>Mortgages<span class=\"_ _3\"></span><span class=\"ff1\">-3 <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>ceduti <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>investitori <span class=\"_ _5\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>pper <span class=\"_ _5\"></span>junior <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il </span></span></span></div><div class=\"t m0 x2a h2 y28f ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _5\"></span>mezzanine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>circa <span class=\"_ _6\"></span>1,4 <span class=\"_ _6\"></span>miliardi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>residenziali <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>levato <span class=\"_ _5\"></span>LTV <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>12.800 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lienti </div><div class=\"t m0 x2a h2 ydc2 ff1 fs0 fc0 sc0 ls0 ws0\">retail, valu<span class=\"ff4\">tati attraverso l\u2019a<span class=\"_ _0\"></span>pplicazione dei m<span class=\"_ _0\"></span>odelli interni (IRB A<span class=\"_ _0\"></span>vanzato); <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 yd82 ff1 fs0 fc0 sc0 ls11 ws0\">iii)<span class=\"ls0\"> <span class=\"_ _31\"> </span><span class=\"ff4\">Per <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>Leasing</span>-2<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>ceduto <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>investitori <span class=\"_ _2\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>junior<span class=\"_ _3\"></span><span class=\"ff2\"> <span class=\"_ _5\"></span></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 yb80 ff1 fs0 fc0 sc0 ls0 ws0\">circa 2,1 miliardi di finanziamenti leasing verso circa 2.900<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>im<span class=\"_ _3\"></span>prese appartenenti al segmento regolame<span class=\"_ _0\"></span>ntare Corporate e </div><div class=\"t m0 x2a h2 yd84 ff4 fs0 fc0 sc0 ls0 ws0\">SME Corporate, valutati <span class=\"_ _0\"></span>attraverso l\u2019applic<span class=\"_ _0\"></span>azione dei modelli inte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ni (IRB Avanzato);<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yfc2 ff1 fs0 fc0 sc0 ls0 ws0\">iv) <span class=\"_ _1f\"> </span><span class=\"ff4\">Per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _6\"></span>GARC <span class=\"_ _5\"></span>CORP</span>-5<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>ceduto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investitori <span class=\"_ _5\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>junior <span class=\"_ _5\"></span>relativo <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>portafo<span class=\"_ _2\"></span>glio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x2a h2 yd85 ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _2\"></span>7,5 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>4.500 <span class=\"_ _2\"></span>imprese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egmento <span class=\"_ _2\"></span>regolamentare <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>SME </div><div class=\"t m0 x2a h2 yd86 ff4 fs0 fc0 sc0 ls0 ws0\">Corporate, valutati attr<span class=\"_ _0\"></span>averso l\u2019applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> dei modelli interni (<span class=\"_ _0\"></span>IRB Avanzato);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y16 fff fs0 fc0 sc0 ls64 ws0\">v)<span class=\"ff1 ls0\"> <span class=\"_ _32\"> </span><span class=\"ff4\">Per <span class=\"_ _3\"></span>l\u2019operazione GARC Commercial Real Estate</span>-<span class=\"_ _3\"></span>1 \u00e8 stato ceduto ad<span class=\"_ _3\"></span> investitori specializzati il rischio junior relativo ad un </span></div><div class=\"t m0 x2a h2 y17 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>1,9 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>corporate <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>mutui <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>ari <span class=\"_ _4\"></span>commerciali <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>50 <span class=\"_ _6\"></span>controparti </div><div class=\"t m0 x2a h2 y18 ff1 fs0 fc0 sc0 ls0 ws0\">appartenenti al segmento regol<span class=\"_ _0\"></span>amentare Corporate e SME Corpo<span class=\"ff4\">rate, valutati attraverso l\u2019applicazione dei mo<span class=\"_ _0\"></span>delli interni </span></div><div class=\"t m0 x2a hfb y19 ff1 fs0 fc0 sc0 ls0 ws0\">(IRB Avanzato);<span class=\"fff fs6\"> </span></div><div class=\"t m0 x0 h2 y1055 fff fs0 fc0 sc0 ls0 ws0\">vi)<span class=\"ff1\"> <span class=\"_ _2a\"> </span><span class=\"ff4\">Per l\u2019operazione GARC Infrastructure</span>-1 \u00e8 s<span class=\"_ _3\"></span>tato ceduto ad investitori specializzati il rischio junior relativo ad un portafoglio </span></div><div class=\"t m0 x2a h2 y1463 ff1 fs0 fc0 sc0 ls0 ws0\">di  circ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  2,3<span class=\"_ _0\"></span>  miliardi<span class=\"_ _0\"></span>  di <span class=\"_ _16\"> </span>finanzia<span class=\"_ _0\"></span>menti <span class=\"_ _16\"> </span>corporate  e  project <span class=\"_ _16\"> </span>finance  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ambito  infra<span class=\"_ _0\"></span>strutturale <span class=\"_ _16\"> </span>verso  ci<span class=\"_ _0\"></span>rca <span class=\"_ _16\"> </span>200  imprese<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h32 y299 ff4 fs0 fc0 sc0 ls0 ws0\">appartenenti al segmento regol<span class=\"_ _0\"></span>amentare Corporate e SME Corporat<span class=\"_ _0\"></span>e, valutati attraverso l\u2019applic<span class=\"_ _0\"></span>azione dei modelli interni<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a hfb y998 ff1 fs0 fc0 sc0 ls0 ws0\">(IRB Avanzato).<span class=\"fff fs6\"> </span></div><div class=\"t m0 x2a h2 y14e5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7cc ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>ottemperanza <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etention <span class=\"_ _3\"></span>rule <span class=\"_ _2\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>vigilanza, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>prime <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>tiene <span class=\"_ _3\"></span>il </div><div class=\"t m0 x0 h2 y1195 ff1 fs0 fc0 sc0 ls0 ws0\">5% del portafoglio cart<span class=\"_ _0\"></span>olarizzato, mentre p<span class=\"_ _0\"></span>er le ultime due detie<span class=\"_ _0\"></span>ne il 10% del port<span class=\"_ _0\"></span>afoglio cartolarizzat<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y13b3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y171b ff1 fs0 fc0 sc0 lsd ws0\">I <span class=\"ls0\">portafogli delle <span class=\"_ _0\"></span>operazioni sono pre<span class=\"_ _0\"></span>valentemente costituiti <span class=\"_ _0\"></span>da client<span class=\"_ _3\"></span>ela operante nel Nord It<span class=\"_ _0\"></span>alia. </span></div><div class=\"t m0 x0 h2 yb48 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y12e6 ffa fs9 fc2 sc0 ls0 ws0\">Cartolarizzazione Tranched Cover <span class=\"ffb\">\u2013</span> Fondo di Garanzia per le PMI  </div><div class=\"t m0 x0 h2 y12e7 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>Fondo <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Garanzia <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>PMI, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>completato <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>ramp<span class=\"_ _5\"></span><span class=\"ff1\">-up <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quattro<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y63d ff1 fs0 fc0 sc0 ls0 ws0\">operazioni <span class=\"_ _5\"></span>tranched <span class=\"_ _5\"></span>cover <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>por<span class=\"_ _3\"></span>tafogli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>nuova <span class=\"_ _5\"></span>erogazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>sostegno <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x0 h2 yea1 ff4 fs0 fc0 sc0 ls0 ws0\">imprese danneggiate d<span class=\"_ _0\"></span>all\u2019emergenza COV<span class=\"_ _0\"></span>ID<span class=\"_ _3\"></span><span class=\"ff1\">-19 per un totale co<span class=\"_ _0\"></span>mplessivo pari a circ<span class=\"_ _0\"></span>a 0,6 miliardi verso <span class=\"_ _0\"></span>circa 1.700 impre<span class=\"_ _0\"></span>se.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ycda ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17ae ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>operazioni <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span>detiene <span class=\"_ _4\"> </span>almeno <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>10% <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"></span>cartolarizzati <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>ottemperanza <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>retention <span class=\"_ _4\"> </span>rule </div><div class=\"t m0 x0 h2 y12ea ff1 fs0 fc0 sc0 ls0 ws0\">prevista dalla normativ<span class=\"_ _0\"></span>a di vigilanza. </div><div class=\"t m0 x0 h2 y1443 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y718 ffa fs9 fc2 sc0 ls0 ws0\">Cartolarizzazione Organa  </div><div class=\"t m0 x0 h2 ydd0 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>strategia <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>riduzione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>profilo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>prevista <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _6\"> </span>2022<span class=\"_ _2\"></span><span class=\"ff1\">-2025, <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"></span>nello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pecifico, <span class=\"_ _6\"></span>in </span></div><div class=\"t m0 x0 h2 y10a7 ff1 fs0 fc0 sc0 ls0 ws0\">coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>approvato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>21 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo </div><div class=\"t m0 x0 h2 yf29 ff1 fs0 fc0 sc0 ls0 ws0\">ha <span class=\"_ _5\"></span>completato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _5\"></span>finalizzato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>econsolidamento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credi<span class=\"_ _5\"></span>ti <span class=\"_ _5\"></span>classificati <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y1277 ff4 fs0 fc0 sc0 ls0 ws0\">\u201csofferenza\u201d, <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ramite <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>cartolarizzazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>successiva <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rilascio <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tatale<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y17af ff4 fs0 fc0 sc0 ls0 ws0\">\u201cGACS\u201d <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>beneficio <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>detentori <span class=\"_ _5\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>senior <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>messi <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>tali <span class=\"_ _6\"></span>titoli<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>Senior <span class=\"_ _5\"></span>abbiano </span></div><div class=\"t m0 x0 h2 yaa2 ff4 fs0 fc0 sc0 ls0 ws0\">ottenuto un rating \u201cin<span class=\"_ _0\"></span>vestment grade\u201d non i<span class=\"_ _0\"></span>nferiore a BBB o equi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alente, cos\u00ec come p<span class=\"_ _0\"></span>revisto dalla <span class=\"_ _0\"></span>Legge n. 49/2016.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yeeb ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cut<span class=\"_ _2\"></span>-off) <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Gross <span class=\"_ _3\"></span>Book <span class=\"_ _5\"></span>Value <span class=\"_ _3\"></span>(GBV) <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls0 ws0\">miliardi (GBV contabil<span class=\"_ _0\"></span>e a saldi aperti al l<span class=\"_ _0\"></span>ordo PPA). </div><div class=\"t m0 x0 h2 y13b8 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito dell\u2019oper<span class=\"_ _0\"></span>azione, Intrum Italy S.<span class=\"_ _0\"></span>p.A. opera qual<span class=\"_ _0\"></span>e special servicer d<span class=\"_ _0\"></span>ella cartolarizzazione. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y127 ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 cartolarizz<span class=\"_ _0\"></span>ate presentano la seg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ente distribuzione p<span class=\"_ _0\"></span>er aree territoriali:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf76 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>31,2% Nord-Ovest; </span></div><div class=\"t m0 x0 h2 y16be ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>25,0% Centro; </span></div><div class=\"t m0 x0 h2 y2ca ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>22,5% Sud e Isole; </span></div><div class=\"t m0 x0 h2 y105b ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>21,1% Nord-Est; </span></div><div class=\"t m0 x0 h2 ycae ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>0,2% Estero. </span></div><div class=\"t m0 x62 h2 y655 ff1 fs0 fc5 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-105.32349px;\"><div class=\"t m0 x0 h2 y10ab ff1 fs0 fc0 sc0 ls0 ws0\">La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debitori ce<span class=\"_ _0\"></span>duti <span class=\"_ _3\"></span>\u00e8 la seguente: </div><div class=\"t m0 x0 h2 y281 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>18,6% Imprese produttiv<span class=\"_ _0\"></span>e; </span></div><div class=\"t m0 x0 h2 ybcd ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>16,1% Famiglie consum<span class=\"_ _0\"></span>atrici; </span></div><div class=\"t m0 x0 h2 y17b0 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>14,9% Costruttori; </span></div><div class=\"t m0 x0 h2 y10ad ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>13,8% Commercio;  </span></div><div class=\"t m0 x0 h2 y17b1 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>13,3% Affari immobiliari;<span class=\"_ _0\"></span>  </span></div><div class=\"t m0 x0 h2 yeb ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>8,0% Servizi; </span></div><div class=\"t m0 x0 h2 ya8e ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>15,3% altri settori di <span class=\"_ _0\"></span>attivit\u00e0 (Agricoltura, Tr<span class=\"_ _0\"></span>asporti, Attivit\u00e0 Manifa<span class=\"_ _0\"></span>tturiere).<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y4c0 ff1 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione di cessio<span class=\"_ _0\"></span>ne \u00e8 stata strutturata<span class=\"_ _0\"></span> in due fasi principal<span class=\"_ _0\"></span>i:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4c2 ff1 fs0 fc0 sc0 ls0 ws0\">(i) <span class=\"_ _24\"> </span>Auto-cartolarizzazione: <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>fase <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>cessione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>veicolo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _35\"></span>e, </div><div class=\"t m0 x2a h2 y245 ff1 fs0 fc0 sc0 ls0 ws0\">Organa <span class=\"_ _3\"></span>SPV S.r.l. <span class=\"_ _3\"></span>(SPV), <span class=\"_ _3\"></span>costituito ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Legge 130<span class=\"_ _3\"></span>/99, con <span class=\"_ _3\"></span>integrale sottoscrizione d<span class=\"_ _3\"></span>a p<span class=\"_ _3\"></span>arte d<span class=\"_ _3\"></span>i Intesa <span class=\"_ _3\"></span>Sanpaolo </div><div class=\"t m0 x2a h2 y1200 ff1 fs0 fc0 sc0 ls0 ws0\">dei  titoli  senior,  me<span class=\"_ _0\"></span>zzanine  e  junior  em<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssi  dalla  stess<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>SPV  per  finanziare  il <span class=\"_ _16\"> </span>prezzo  di  acquisto  del  portafogli<span class=\"_ _0\"></span>o. </div><div class=\"t m0 x2a h32 y3e ff4 fs0 fc0 sc0 ls0 ws0\">Contestualmente all\u2019emissione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>erogato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>prestito a <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icorso limitato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0 a </div><div class=\"t m0 x2a h2 y17b2 ff4 fs0 fc0 sc0 ls0 ws0\">beneficio della <span class=\"_ _3\"></span>suddetta SPV. <span class=\"_ _3\"></span>In questa fase <span class=\"_ _3\"></span>dell\u2019operazione, non a<span class=\"_ _3\"></span>vendo <span class=\"_ _2\"></span><span class=\"ff1\">ancora <span class=\"_ _3\"></span>trasferito i <span class=\"_ _3\"></span>rischi e i <span class=\"_ _3\"></span>benefici <span class=\"_ _3\"></span>degli asset </span></div><div class=\"t m0 x2a h32 yef3 ff4 fs0 fc0 sc0 ls0 ws0\">ceduti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>continuato <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>consolidato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Contestualmente all<span class=\"_ _3\"></span>\u2019emission<span class=\"_ _0\"></span>e </div><div class=\"t m0 x2a h2 y1694 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>lasciato, <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Moodys, <span class=\"_ _2\"></span>DBRS <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>Scope, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rating <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>classe <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enior <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x2a h2 y3f ff4 fs0 fc0 sc0 ls0 ws0\">titoli investment grad<span class=\"_ _0\"></span>e \u201cBBB\u201d o equivalente;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y3c6 ff1 fs0 fc0 sc0 ls0 ws0\">(ii) <span class=\"_ _2a\"> </span><span class=\"ff4\">\u201cPlacement dei titoli subordinati <span class=\"_ _0\"></span>e deconsolidamento del p<span class=\"_ _0\"></span>ortafoglio ceduto\u201d: in ta<span class=\"_ _0\"></span>le fase \u00e8 stata finali<span class=\"_ _0\"></span>zzata la cessione de<span class=\"_ _2\"></span><span class=\"ff1 ls19\">l </span></span></div><div class=\"t m0 x2a h2 y3c7 ff4 fs0 fc0 sc0 ls0 ws0\">95% <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>Mezzanine <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>Junior <span class=\"_ _6\"> </span>all\u2019inve<span class=\"_ _3\"></span><span class=\"ff1\">stitore <span class=\"_ _6\"></span>terzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>elezionato <span class=\"_ _6\"></span>tramite <span class=\"_ _6\"></span>sindacazione <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>e, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>della </span></div><div class=\"t m0 x2a h2 y3c8 ff1 fs0 fc0 sc0 ls0 ws0\">cessione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>perfezionato <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>deconsolidamento <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>prudenziale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>richiesta<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y40 ff4 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _5\"></span>garanzia <span class=\"_ _2\"></span>GACS <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Fina<span class=\"_ _3\"></span><span class=\"ff1\">nze <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>Concessionaria <span class=\"_ _5\"></span>Servizi <span class=\"_ _2\"></span>Assicurativi <span class=\"_ _5\"></span>Pubblici. <span class=\"_ _2\"></span>La </span></div><div class=\"t m0 x2a h2 y3c9 ff1 fs0 fc0 sc0 ls0 ws0\">garanzia \u00e8 stata con<span class=\"_ _0\"></span>cessa in data 10 giugn<span class=\"_ _0\"></span>o 2022. </div><div class=\"t m0 x2a h2 y17b3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3cb ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>SPV <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>attraverso <span class=\"_ _2\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>tranche <span class=\"_ _2\"></span>Senior <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>sotto<span class=\"_ _5\"></span><span class=\"ff1\">scritta </span></div><div class=\"t m0 x0 h2 y41 ff1 fs0 fc0 sc0 ls0 ws0\">interamente da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Intesa Sanpaolo, mentre <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>Mezzanine e <span class=\"_ _3\"></span>Junior <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate sottoscritte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il 9<span class=\"_ _3\"></span>5% da <span class=\"_ _3\"></span>investitori <span class=\"_ _3\"></span>terzi e<span class=\"_ _3\"></span> per </div><div class=\"t m0 x0 h2 y3cd ff1 fs0 fc0 sc0 ls0 ws0\">il 5% da Intesa Sanp<span class=\"_ _0\"></span>aolo in ottemperanz<span class=\"_ _0\"></span>a alla retention rule <span class=\"_ _0\"></span>prevista dalla n<span class=\"_ _0\"></span>ormativa di vigilanza:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y14d ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli senior per 970 mil<span class=\"_ _0\"></span>ioni sottoscritti integralmente da I<span class=\"_ _0\"></span>ntesa Sanpaolo; </span></div><div class=\"t m0 x0 h2 y3cf ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli <span class=\"_ _2\"></span>mezzanine <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>6,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>restante <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>terzo </span></div><div class=\"t m0 x2a h2 y42 ff1 fs0 fc0 sc0 ls0 ws0\">investitore; </div><div class=\"t m0 x0 h2 y3d0 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli <span class=\"_ _7\"> </span>junior <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>15 <span class=\"_ _16\"> </span>milioni, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>sottoscritti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>0,8 <span class=\"_ _7\"> </span>milio<span class=\"_ _2\"></span>ni <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>restante <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>terz<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x2a h2 y3d1 ff1 fs0 fc0 sc0 ls0 ws0\">investitore. </div><div class=\"t m0 x0 h32 y3d2 ff4 fs0 fc0 sc0 ls0 ws0\">Contestualmente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>perfezionamento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019operazione, <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ieno <span class=\"_ _2\"></span>deconsolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y43 ff1 fs0 fc0 sc0 ls0 ws0\">regolamentare del pre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>etto portafoglio<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y17b4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d4 ff1 fs0 fc0 sc0 ls0 ws0\">Tenendo conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>sottoscrizione d<span class=\"_ _3\"></span>i u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>qu<span class=\"_ _3\"></span>ota pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 100% <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>notes <span class=\"_ _3\"></span>Senior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>notes J<span class=\"_ _3\"></span>unior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Mezzanine, in </div><div class=\"t m0 x0 h2 yb66 ff1 fs0 fc0 sc0 ls0 ws0\">ottemperanza <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>retention <span class=\"_ _2\"></span>rule, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _2\"></span>connessa <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>trattenuta <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Grupp<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y44 ff1 fs0 fc0 sc0 ls0 ws0\">risultata <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>affermare <span class=\"_ _7\"> </span>che  il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>sostanzialmente <span class=\"_ _7\"> </span>trasferito <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>benefici <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h32 y3d6 ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _7\"> </span>cedute, <span class=\"_ _7\"> </span>ricadendo <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>fattispecie <span class=\"_ _7\"> </span>prevista <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>punto <span class=\"_ _7\"> </span>a) <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.3.2.6, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>\u201celiminare<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y3d7 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019attivit\u00e0 f<span class=\"_ _3\"></span>inanziaria e <span class=\"_ _3\"></span>rilevare separatamente come<span class=\"_ _2\"></span><span class=\"ff1\"> attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0 qualsiasi <span class=\"_ _3\"></span>diritto e <span class=\"_ _3\"></span>obbligazione <span class=\"_ _3\"></span>originati o <span class=\"_ _3\"></span>mantenuti con </span></div><div class=\"t m0 x0 h2 y3d8 ff4 fs0 fc0 sc0 ls0 ws0\">il trasferimento\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y45 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d9 ff1 fs0 fc0 sc0 ls0 ws0\">A  tal  rigu<span class=\"_ _0\"></span>ardo  si  e<span class=\"_ _0\"></span>videnzia  ch<span class=\"_ _0\"></span>e  le  note<span class=\"_ _0\"></span>s  sottoscritte <span class=\"_ _16\"> </span>da  Intesa  S<span class=\"_ _0\"></span>anpaolo,  in <span class=\"_ _16\"> </span>ragione  del <span class=\"_ _16\"> </span>business  model <span class=\"_ _16\"> </span>in  uso  e <span class=\"_ _16\"> </span>del </div><div class=\"t m0 x0 h2 y1f0 ff1 fs0 fc0 sc0 ls0 ws0\">lookthrough test effettu<span class=\"_ _0\"></span>ato, sono state classificate: </div><div class=\"t m0 x0 h2 yb89 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>le tranche senior tra <span class=\"_ _0\"></span>i titoli al costo ammorti<span class=\"_ _0\"></span>zzato; </span></div><div class=\"t m0 x0 h2 y15d ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>le tranche mezzanin<span class=\"_ _0\"></span>e e junior tra i titol<span class=\"_ _0\"></span>i FVTPL. </span></div><div class=\"t m0 x0 h2 ya3e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17b5 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _3\"></span>operazione \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo </div><div class=\"t m0 x0 h2 y5c2 ff1 fs0 fc0 sc0 ls0 ws0\">gi\u00e0 resi noti al mercato p<span class=\"_ _0\"></span>er il Piano di Impr<span class=\"_ _0\"></span>esa 2022-2025.  </div><div class=\"t m0 x0 h2 yad1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y572 ffa fs9 fc2 sc0 ls0 ws0\">Cartolarizzazione Teseo </div><div class=\"t m0 x0 h2 y1108 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>prevista <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _4\"> </span>2022<span class=\"_ _2\"></span><span class=\"ff1\">-2025 <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>nello <span class=\"_ _4\"></span>specifico, <span class=\"_ _4\"> </span>in </span></div><div class=\"t m0 x0 h2 y574 ff1 fs0 fc0 sc0 ls0 ws0\">coerenza  con  la <span class=\"_ _16\"> </span>delibera  del  C<span class=\"_ _0\"></span>onsiglio  di  Ammi<span class=\"_ _0\"></span>nistrazione  del  4  n<span class=\"_ _0\"></span>ovembre  2022,  i<span class=\"_ _0\"></span>n  data <span class=\"_ _16\"> </span>21  novembre  2022 <span class=\"_ _16\"> </span>\u00e8  stata </div><div class=\"t m0 x0 h2 y1109 ff1 fs0 fc0 sc0 ls0 ws0\">perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>portafoglio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>crediti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bonis <span class=\"_ _4\"></span>rivenien<span class=\"_ _0\"></span>ti <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo </div><div class=\"t m0 x0 h2 y576 ff1 fs0 fc0 sc0 ls0 ws0\">tramite  una <span class=\"_ _16\"> </span>cartolarizzazione  ai  sens<span class=\"_ _0\"></span>i  della  L.13<span class=\"_ _0\"></span>0/99.  Il  portafogli<span class=\"_ _0\"></span>o  oggetto  di  c<span class=\"_ _35\"></span>ess<span class=\"_ _3\"></span>ione  \u00e8  c<span class=\"_ _0\"></span>ostituito  da  cre<span class=\"_ _0\"></span>diti  in  boni<span class=\"_ _35\"></span>s </div><div class=\"t m0 x0 h2 y110a ff1 fs0 fc0 sc0 ls0 ws0\">principalmente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>segmento <span class=\"_ _7\"> </span>SME <span class=\"_ _7\"> </span>Corporate <span class=\"_ _7\"> </span>(60% <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _4\"> </span>ceduto) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Small <span class=\"_ _7\"> </span>Business <span class=\"_ _7\"> </span>Retail <span class=\"_ _4\"> </span>(26% <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>portafoglio </div><div class=\"t m0 x0 h2 y577 ff1 fs0 fc0 sc0 ls0 ws0\">ceduto) aventi al 31 ottobre 2022 (data <span class=\"_ _0\"></span>di individuazione del portafoglio<span class=\"_ _0\"></span>) un Gross Book Value (GBV) pari a circa 3.761 milio<span class=\"_ _2\"></span>ni </div><div class=\"t m0 x0 h2 y1fd ff1 fs0 fc0 sc0 ls0 ws0\">di euro. <span class=\"fc5\"> </span></div><div class=\"t m0 x0 h32 y579 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito  dell\u2019o<span class=\"_ _0\"></span>perazione  Intesa  Sanpaol<span class=\"_ _0\"></span>o,  oltre  che <span class=\"_ _16\"> </span>Originator  dell\u2019op<span class=\"_ _0\"></span>erazione,  riveste  a<span class=\"_ _0\"></span>nche  il <span class=\"_ _16\"> </span>ruolo  di  Servicer  d<span class=\"_ _0\"></span>el </div><div class=\"t m0 x0 h2 y110b ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio.  </div><div class=\"t m0 x0 h2 y110c ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>SPV <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti, <span class=\"_ _3\"></span>unitamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _2\"></span>giuridici attivi <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span>rivanti </div><div class=\"t m0 x0 h2 y57c ff1 fs0 fc0 sc0 ls0 ws0\">dai <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>leasing <span class=\"_ _6\"></span>afferenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>ceduti, <span class=\"_ _6\"></span>laddove <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>mobili <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span>ratti <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y110e ff1 fs0 fc0 sc0 ls0 ws0\">leasing \u00e8 rimasta in <span class=\"_ _0\"></span>capo ad Intesa Sanpao<span class=\"_ _0\"></span>lo.  </div><div class=\"t m0 x0 h2 y57e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y110f ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 cartolarizz<span class=\"_ _0\"></span>ate presentano la seg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ente distribuzione p<span class=\"_ _0\"></span>er aree territoriali:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y580 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>63,26% Nord; </span></div><div class=\"t m0 x0 h2 y1190 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>23,76% Centro; </span></div><div class=\"t m0 x0 h2 y1236 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>12,98% Sud pi\u00f9 Isole. </span></div><div class=\"t m0 x0 h2 y1237 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-479.75745px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debito<span class=\"_ _3\"></span>ri ceduti \u00e8 la <span class=\"_ _0\"></span>seguente: </div><div class=\"t m0 x0 h2 y5 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>27% Imprese produttiv<span class=\"_ _0\"></span>e, </span></div><div class=\"t m0 x0 h2 y6 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>22% Real Estate  </span></div><div class=\"t m0 x0 h2 y61 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff4\">17% Commercio al <span class=\"_ _0\"></span>dettaglio e all\u2019ingrosso <span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y62 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>34% altri settori di at<span class=\"_ _0\"></span>tivit\u00e0. </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">La ripartizione per tipol<span class=\"_ _0\"></span>ogia di leasing <span class=\"_ _0\"></span>\u00e8 la seguente:  </div><div class=\"t m0 x0 h2 y65 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ls10\">82</span>,2% leasing <span class=\"_ _0\"></span>immobiliare;  </span></div><div class=\"t m0 x0 h2 y66 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>10,5% leasing strumen<span class=\"_ _0\"></span>tale;  </span></div><div class=\"t m0 x0 h2 y67 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ls10\">4,</span>4% leasing e<span class=\"_ _0\"></span>nergia;  </span></div><div class=\"t m0 x0 h2 y68 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff4\">2,9% altro (autoveic<span class=\"_ _0\"></span>oli, aeronavale\u2026). <span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x62 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"> </span>30 <span class=\"_ _6\"> </span>nove<span class=\"_ _3\"></span>mbre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>SPV <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>finanziato <span class=\"_ _6\"> </span>l\u2019acquisto <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>portafoglio <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>l\u2019emissione <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>4 <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"></span>due <span class=\"_ _16\"> </span><span class=\"ff1\">tranche </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">senior <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>variabile, <span class=\"_ _4\"></span>entrambe <span class=\"_ _5\"></span>s<span class=\"_ _2\"></span>ottoscritte <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>100% <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>Una <span class=\"_ _7\"> </span>tranche </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">mezzanine e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>junior <span class=\"_ _3\"></span>sottoscritte <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ottemperanza <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>retention <span class=\"_ _3\"></span>rule <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">vigilanza, in dettaglio<span class=\"_ _0\"></span>: </div><div class=\"t m0 x0 h2 y6e ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe <span class=\"_ _6\"></span>A1 <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>senior <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ariabile <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sottoscritta <span class=\"_ _6\"></span>completamente <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>complessivi <span class=\"_ _6\"></span>2.632 <span class=\"_ _4\"></span>mili<span class=\"_ _0\"></span>oni <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">euro; </div><div class=\"t m0 x0 h2 y70 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe A2 <span class=\"ff4\">\u2013</span> senior tasso fis<span class=\"_ _0\"></span>so <span class=\"ff4\">\u2013</span> sottoscritta completament<span class=\"_ _0\"></span>e da Intesa Sanpaol<span class=\"_ _0\"></span>o per complessivi 564 mi<span class=\"_ _0\"></span>lioni di euro;  </span></div><div class=\"t m0 x0 h2 y71 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe B <span class=\"ff4\">\u2013</span> mezzanine <span class=\"ff4\">\u2013</span> sottosc<span class=\"_ _0\"></span>ritta da Intesa Sanpa<span class=\"_ _0\"></span>olo per 9,4 milioni di<span class=\"_ _0\"></span> euro e per la restante<span class=\"_ _0\"></span> parte da terzi; </span></div><div class=\"t m0 x0 h2 y72 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe <span class=\"_ _5\"></span>J <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>sottoscritta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>20,5 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>9,3 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">euro e per la restant<span class=\"_ _0\"></span>e parte da terzi.  </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">Con il perfezioname<span class=\"_ _0\"></span>nto dell\u2019operazione, I<span class=\"_ _0\"></span>ntesa Sanpaolo ha consegu<span class=\"_ _0\"></span>ito il pieno deconsoli<span class=\"_ _0\"></span>damento contabil<span class=\"_ _0\"></span>e e pru<span class=\"_ _2\"></span><span class=\"ff1\">denziale del </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio.  </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>retention <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>5% <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>classi <span class=\"_ _2\"></span>emesse <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>vertical <span class=\"_ _2\"></span>slice), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">connessa <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>trattenuta <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risultata <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsentire <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffermare <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo ha sostanzialmente trasferit<span class=\"_ _0\"></span>o tutti i rischi e <span class=\"_ _3\"></span>benefici delle attivit\u00e0 finanziarie cedute, ricadendo nella fattispeci<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> prevista </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _3\"></span>punto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a) <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9.3.2.6, <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>\u201celiminare <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _6\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _3\"></span>o </span></div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>diritto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>obbligazione <span class=\"_ _2\"></span>originati <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>mantenuti <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento\u201d. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>realizzato <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>trasfer<span class=\"_ _2\"></span><span class=\"ff1\">imento </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">significativo del risch<span class=\"_ _0\"></span>io in linea con l\u2019artic<span class=\"_ _0\"></span>olo 244(2) della CRR.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _6\"></span>tal <span class=\"_ _4\"></span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>notes <span class=\"_ _6\"></span>sottoscritte <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>ragione <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>business <span class=\"_ _6\"></span>model<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>uso<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">classificate: </div><div class=\"t m0 x0 h2 y7f ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>tra i titoli al costo amm<span class=\"_ _0\"></span>ortizzato, quanto alle<span class=\"_ _0\"></span> classi senior e mezz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nine;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y80 ffc fs0 fc0 sc0 ls0 ws0\">-<span class=\"ff1\"> <span class=\"_ _34\"> </span>tra i titoli al fair val<span class=\"_ _0\"></span>ue through profit an<span class=\"_ _0\"></span>d loss (FVTPL), limitatamente alla classe junior. </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _3\"></span>operazione \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">gi\u00e0 resi noti al mercato<span class=\"_ _0\"></span> per il Piano di Im<span class=\"_ _0\"></span>presa 2022-2025. </div><div class=\"t m0 x0 h24 y84 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y85 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1388 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-429.66956px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> quantit<span class=\"_ _3\"></span>ativa </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y3b7 ff5 fs12 fc2 sc0 ls0 ws0\">C.1. Consolidato prudenzia<span class=\"_ _3\"></span>le - Esposizioni derivanti d<span class=\"_ _3\"></span>alle principali operazioni di car<span class=\"_ _3\"></span>tolarizzazione </div><div class=\"t m0 xf4 h57 y17b6 ff6 fs12 fc2 sc0 ls0 ws0\">\u201cproprie\u201d ripartite per tipologia di a<span class=\"_ _3\"></span>ttivit\u00e0 cartolarizzate e per tipologia di esposiz<span class=\"_ _3\"></span>ioni<span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y1531 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y15ab ffa fs0 fc2 sc0 ls0 ws0\">Per cassa </div><div class=\"t m0 x0 h2 y17b7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w51e h1c\" style=\"left:495.74762px; bottom:477.28845px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w51b h1df\" style=\"left:-4.050377px; bottom:403.18842px;\"><div class=\"t m0 x41 h46 y11c8 ff1 fs17 fc2 sc0 ls0 ws0\">Tipologia a<span class=\"_ _0\"></span>ttivit\u00e0 car<span class=\"_ _0\"></span>tolarizzate/E<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>posizioni </div></div><div class=\"c w51f h42\" style=\"left:254.81863px; bottom:461.68842px;\"><div class=\"t m0 x16e h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">ESPOSIZIO<span class=\"_ _35\"></span>NI PER CASSA </div></div><div class=\"c w520 h47\" style=\"left:254.81863px; bottom:442.18842px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">        Seni<span class=\"_ _0\"></span>or </div></div><div class=\"c w521 h47\" style=\"left:371.84464px; bottom:442.18842px;\"><div class=\"t m0 x14 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">             Me<span class=\"_ _0\"></span>zzanine<span class=\"_ _0\"></span> </div></div><div class=\"c w51e h47\" style=\"left:495.74762px; bottom:442.18842px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">        Jun<span class=\"_ _0\"></span>ior </div></div><div class=\"c w87 h5f\" style=\"left:254.81863px; bottom:403.18842px;\"><div class=\"t m0 x9a hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 xa4 hb y886 ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x9b hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w51c h5f\" style=\"left:313.00662px; bottom:403.18842px;\"><div class=\"t m0 x12 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9a hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x14 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w51d h5f\" style=\"left:371.84464px; bottom:403.18842px;\"><div class=\"t m0 xad hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x9c hb y886 ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x86 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w51c h5f\" style=\"left:436.8966px; bottom:403.18842px;\"><div class=\"t m0 x12 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9a hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x14 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w522 h5f\" style=\"left:495.74762px; bottom:403.18842px;\"><div class=\"t m0 xad hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x9c hb y886 ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x86 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w4cb h5f\" style=\"left:562.2036px; bottom:403.18842px;\"><div class=\"t m0 x12 hb y885 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9a hb y886 ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x14 hb y6ea ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w51b h47\" style=\"left:-4.050377px; bottom:383.68842px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Oggett<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di integ<span class=\"_ _0\"></span>rale cance<span class=\"_ _0\"></span>llazione<span class=\"_ _0\"></span> dal bilanc<span class=\"_ _0\"></span>io </div></div><div class=\"c w87 h47\" style=\"left:254.81863px; bottom:383.68842px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.401 </div></div><div class=\"c w51c h47\" style=\"left:313.00662px; bottom:383.68842px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w51d h47\" style=\"left:371.84464px; bottom:383.68842px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w51c h47\" style=\"left:436.8966px; bottom:383.68842px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">10</span> </div></div><div class=\"c w522 h47\" style=\"left:495.74762px; bottom:383.68842px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h47\" style=\"left:562.2036px; bottom:383.68842px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">11</span> </div></div><div class=\"c w51b h64\" style=\"left:-4.050377px; bottom:366.21643px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Prestiti ve<span class=\"_ _0\"></span>rso impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e (incluse<span class=\"_ _0\"></span> PMI) (<span class=\"_ _0\"></span>*) </span></div></div><div class=\"c w87 h64\" style=\"left:254.81863px; bottom:366.21643px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.661 </div></div><div class=\"c w51c h64\" style=\"left:313.00662px; bottom:366.21643px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w51d h64\" style=\"left:371.84464px; bottom:366.21643px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c w51c h64\" style=\"left:436.8966px; bottom:366.21643px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w522 h64\" style=\"left:495.74762px; bottom:366.21643px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w4cb h64\" style=\"left:562.2036px; bottom:366.21643px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">11</span> </div></div><div class=\"c w51b h65\" style=\"left:-4.050377px; bottom:348.58844px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Leasing<span class=\"_ _0\"></span> (**) </span></div></div><div class=\"c w87 h65\" style=\"left:254.81863px; bottom:348.58844px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.203 </div></div><div class=\"c w51c h65\" style=\"left:313.00662px; bottom:348.58844px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w51d h65\" style=\"left:371.84464px; bottom:348.58844px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w51c h65\" style=\"left:436.8966px; bottom:348.58844px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 h65\" style=\"left:495.74762px; bottom:348.58844px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h65\" style=\"left:562.2036px; bottom:348.58844px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h64\" style=\"left:-4.050377px; bottom:331.11646px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili resi<span class=\"_ _0\"></span>denziali (*) </span></div></div><div class=\"c w87 h64\" style=\"left:254.81863px; bottom:331.11646px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">537<span class=\"ls0\"> </span></div></div><div class=\"c w51c h64\" style=\"left:313.00662px; bottom:331.11646px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51d h64\" style=\"left:371.84464px; bottom:331.11646px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w51c h64\" style=\"left:436.8966px; bottom:331.11646px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w522 h64\" style=\"left:495.74762px; bottom:331.11646px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h64\" style=\"left:562.2036px; bottom:331.11646px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h77\" style=\"left:-4.050377px; bottom:313.44946px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Crediti al<span class=\"_ _0\"></span> consumo </span></div></div><div class=\"c w87 h77\" style=\"left:254.81863px; bottom:313.44946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c h77\" style=\"left:313.00662px; bottom:313.44946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51d h77\" style=\"left:371.84464px; bottom:313.44946px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c h77\" style=\"left:436.8966px; bottom:313.44946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 h77\" style=\"left:495.74762px; bottom:313.44946px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4cb h77\" style=\"left:562.2036px; bottom:313.44946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h43\" style=\"left:-4.050377px; bottom:290.04944px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Oggett<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di parzial<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>cance<span class=\"_ _0\"></span>llazione<span class=\"_ _0\"></span> dal bilanc<span class=\"_ _0\"></span>io </div></div><div class=\"c w87 h43\" style=\"left:254.81863px; bottom:290.04944px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c h43\" style=\"left:313.00662px; bottom:290.04944px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51d h43\" style=\"left:371.84464px; bottom:290.04944px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c h43\" style=\"left:436.8966px; bottom:290.04944px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 h43\" style=\"left:495.74762px; bottom:290.04944px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cb h43\" style=\"left:562.2036px; bottom:290.04944px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h43\" style=\"left:-4.050377px; bottom:266.6494px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Non ca<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cellate d<span class=\"_ _0\"></span>al bilanci<span class=\"_ _35\"></span>o </div></div><div class=\"c w87 h43\" style=\"left:254.81863px; bottom:266.6494px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">24.824 </div></div><div class=\"c w51c h43\" style=\"left:313.00662px; bottom:266.6494px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w51d h43\" style=\"left:371.84464px; bottom:266.6494px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w51c h43\" style=\"left:436.8966px; bottom:266.6494px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w522 h43\" style=\"left:495.74762px; bottom:266.6494px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">413<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h43\" style=\"left:562.2036px; bottom:266.6494px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w51b h42\" style=\"left:-4.050377px; bottom:251.04944px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Prestiti ve<span class=\"_ _0\"></span>rso impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e (incluse<span class=\"_ _0\"></span> PMI) (<span class=\"_ _0\"></span>***) (****) </span></div></div><div class=\"c w87 h42\" style=\"left:254.81863px; bottom:251.04944px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">17.457 </div></div><div class=\"c w51c h42\" style=\"left:313.00662px; bottom:251.04944px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w51d h42\" style=\"left:371.84464px; bottom:251.04944px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w51c h42\" style=\"left:436.8966px; bottom:251.04944px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w522 h42\" style=\"left:495.74762px; bottom:251.04944px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">225<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h42\" style=\"left:562.2036px; bottom:251.04944px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h42\" style=\"left:-4.050377px; bottom:235.44946px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili resi<span class=\"_ _35\"></span>denziali (****) </span></div></div><div class=\"c w87 h42\" style=\"left:254.81863px; bottom:235.44946px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.281 </div></div><div class=\"c w51c h42\" style=\"left:313.00662px; bottom:235.44946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w51d h42\" style=\"left:371.84464px; bottom:235.44946px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w51c h42\" style=\"left:436.8966px; bottom:235.44946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 h42\" style=\"left:495.74762px; bottom:235.44946px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">160<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h42\" style=\"left:562.2036px; bottom:235.44946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w51b h47\" style=\"left:-4.050377px; bottom:215.94946px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Leasing<span class=\"_ _0\"></span> (****) </span></div></div><div class=\"c w87 h47\" style=\"left:254.81863px; bottom:215.94946px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.421 </div></div><div class=\"c w51c h47\" style=\"left:313.00662px; bottom:215.94946px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w51d h47\" style=\"left:371.84464px; bottom:215.94946px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c h47\" style=\"left:436.8966px; bottom:215.94946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 h47\" style=\"left:495.74762px; bottom:215.94946px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h47\" style=\"left:562.2036px; bottom:215.94946px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b hd3\" style=\"left:-4.050377px; bottom:194.57745px;\"><div class=\"t m0 x12 h46 y335 ff4 fs17 fc2 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili co<span class=\"_ _35\"></span>mmerciali (****) </span></div></div><div class=\"c w87 hd3\" style=\"left:254.81863px; bottom:194.57745px;\"><div class=\"t m0 x86 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.665 </div></div><div class=\"c w51c hd3\" style=\"left:313.00662px; bottom:194.57745px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w51d hd3\" style=\"left:371.84464px; bottom:194.57745px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51c hd3\" style=\"left:436.8966px; bottom:194.57745px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w522 hd3\" style=\"left:495.74762px; bottom:194.57745px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w4cb hd3\" style=\"left:562.2036px; bottom:194.57745px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w51b h47\" style=\"left:-4.050377px; bottom:175.07745px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w87 h47\" style=\"left:254.81863px; bottom:175.07745px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">32.225 </div></div><div class=\"c w51c h47\" style=\"left:313.00662px; bottom:175.07745px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w51d h47\" style=\"left:371.84464px; bottom:175.07745px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">146<span class=\"ls0\"> </span></div></div><div class=\"c w51c h47\" style=\"left:436.8966px; bottom:175.07745px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w522 h47\" style=\"left:495.74762px; bottom:175.07745px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">429<span class=\"ls0\"> </span></div></div><div class=\"c w4cb h47\" style=\"left:562.2036px; bottom:175.07745px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">14</span> </div></div><div class=\"c w1c h88\" style=\"left:-4.050377px; bottom:123.44147px;\"><div class=\"t m0 x41 h2c y7d1 ff4 fse fc2 sc0 ls0 ws0\">(*) L\u2019intero impo<span class=\"_ _3\"></span>rto \u00e8 <span class=\"_ _3\"></span>riferito ad <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>deteriorate. <span class=\"_ _3\"></span>I \"Prestiti <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>imprese (incluse <span class=\"_ _3\"></span>PMI)\" <span class=\"_ _3\"></span>si riferisc<span class=\"_ _3\"></span>ono alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di cartolarizzazion<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Savoy, Kerm<span class=\"_ _3\"></span>a, </span></div><div class=\"t m0 x41 h2c y328 ff1 fse fc2 sc0 ls0 ws0\">Yoda, <span class=\"_ _2\"></span>Sirio, <span class=\"_ _2\"></span>Grogu <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Kerdos <span class=\"_ _2\"></span>(si <span class=\"_ _5\"></span>fa <span class=\"_ _2\"></span>riman<span class=\"_ _3\"></span>do <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Bilancio <span class=\"_ _2\"></span>Cons<span class=\"_ _3\"></span>olidato <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>2019<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>escrizione <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>operazioni) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>all'operazione<span class=\"_ _3\"></span> </div><div class=\"t m0 x41 h2c y6fe ff4 fse fc2 sc0 ls0 ws0\">Organa (descritta nel <span class=\"_ _3\"></span>paragrafo <span class=\"_ _3\"></span>\u201cInformazioni di <span class=\"_ _3\"></span>natura qualitativa\u201d <span class=\"_ _3\"></span>della presente <span class=\"_ _3\"></span>Sezione). <span class=\"_ _3\"></span>I \"Mutui ipotecari <span class=\"_ _3\"></span>su immobi<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span><span class=\"ff1\">residenziali\" si <span class=\"_ _3\"></span>riferiscono alle <span class=\"_ _3\"></span>operazioni di </span></div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">cartolarizzazione Maior ed Iseo (rivenie<span class=\"_ _3\"></span>nti dall'aggregazione del G<span class=\"_ _3\"></span>ruppo ex UBI).<span class=\"_ _3\"></span> </div></div><div class=\"c w1c hd\" style=\"left:-4.050377px; bottom:86.59943px;\"><div class=\"t m0 x41 h2c y17b8 ff1 fse fc2 sc0 ls0 ws0\">(**) <span class=\"_ _3\"></span>Gli <span class=\"_ _3\"></span>imp<span class=\"_ _3\"></span>orti <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>all'operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Portland <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanz<span class=\"_ _3\"></span>iarie <span class=\"_ _3\"></span>det<span class=\"_ _3\"></span>eriorate <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>amm<span class=\"_ _3\"></span>ontare <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>ioni </div><div class=\"t m0 x41 h2c y17b9 ff1 fse fc2 sc0 ls0 ws0\">senior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>mezza<span class=\"_ _3\"></span>nine <span class=\"_ _3\"></span>(si <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rimand<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Bilancio <span class=\"_ _2\"></span>Consolidato <span class=\"_ _2\"></span>2021 <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _3\"></span>dell'operazion<span class=\"_ _3\"></span>e) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>all'<span class=\"_ _3\"></span>operazione <span class=\"_ _2\"></span>Teseo <span class=\"_ _3\"></span>relativa <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>in </div><div class=\"t m0 x41 h2c y1431 ff4 fse fc2 sc0 ls28 ws0\">bonis (descritta nel paragraf<span class=\"_ _3\"></span>o \u201cInformazion<span class=\"_ _3\"></span>i di natura qualitativa\u201d della <span class=\"_ _3\"></span>presente Sezione).<span class=\"_ _3\"></span><span class=\"ff1 ls0\"> </span></div></div><div class=\"c w1c h6d\" style=\"left:-4.050377px; bottom:60.70343px;\"><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">(***) <span class=\"_ _2\"></span>Gli <span class=\"_ _5\"></span>importi <span class=\"_ _5\"></span>ricomprendono <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>deteriorate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>29 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _5\"></span>senior, <span class=\"_ _5\"></span>53 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>q<span class=\"_ _3\"></span>uelle <span class=\"_ _5\"></span>mezzanine <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>17 </div><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">milioni per quelle junior.<span class=\"ls0\"> </span></div></div><div class=\"c w1c h5b\" style=\"left:-4.050377px; bottom:42.29544px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(****) Le voci includono anche gli ammont<span class=\"_ _3\"></span>ari in bonis relativi alle operazioni di <span class=\"ls0\">car<span class=\"_ _3\"></span>tolarizzazione sinte<span class=\"_ _3\"></span>tica originate dal Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo.<span class=\"_ _3\"></span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-429.66956px;\"><div class=\"t m0 x0 h61 yf9f ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13b4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y250 ffa fs0 fc2 sc0 ls0 ws0\">Fuori bilancio </div><div class=\"t m0 x0 h57 y17ba ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non \u00e8 pr<span class=\"_ _0\"></span>esente. <span class=\"ff5 fs12 fc2\"> <span class=\"_ _30\"> </span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-392.0758px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">C.2. Consolidato prudenzia<span class=\"_ _3\"></span>le - Esposizioni derivanti d<span class=\"_ _3\"></span>alle principali operazioni di car<span class=\"_ _3\"></span>tolarizzazione di </div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">\"terzi\" ripartite per tipologi<span class=\"_ _3\"></span>a delle attivit\u00e0 cartolarizzate e per<span class=\"_ _3\"></span> tipologia di esposizione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h150 y6 ffa fsf fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yfc9 ffa fs0 fc2 sc0 ls0 ws0\">Per cassa </div><div class=\"t m0 x0 h2 y1302 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w526 h12\" style=\"left:506.9796px; bottom:546.39417px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w523 h42\" style=\"left:-4.050377px; bottom:530.7942px;\"><div class=\"t m0 x41 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Tipologia<span class=\"_ _0\"></span> attivit\u00e0 c<span class=\"_ _0\"></span>artolarizzat<span class=\"_ _35\"></span>e/<span class=\"_ _3\"></span>Esp<span class=\"_ _0\"></span>osizioni </div></div><div class=\"c w527 h42\" style=\"left:278.53064px; bottom:530.7942px;\"><div class=\"t m0 xf4 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">ESPOSIZIO<span class=\"_ _35\"></span>NI PER CASSA </div></div><div class=\"c w80 h42\" style=\"left:278.53064px; bottom:515.1942px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">     Senior<span class=\"_ _0\"></span> </div></div><div class=\"c w528 h42\" style=\"left:393.2166px; bottom:515.1942px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">          Mez<span class=\"_ _0\"></span>zanine </div></div><div class=\"c w526 h42\" style=\"left:506.9796px; bottom:515.1942px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">    Junio<span class=\"_ _0\"></span>r </div></div><div class=\"c w524 h6b\" style=\"left:278.53064px; bottom:472.2942px;\"><div class=\"t m0 x94 hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 xd hb ya6d ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x88 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w231 h6b\" style=\"left:336.12064px; bottom:472.2942px;\"><div class=\"t m0 x1a hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9b hb ya6d ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x97 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w525 h6b\" style=\"left:393.2166px; bottom:472.2942px;\"><div class=\"t m0 x94 hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 xd hb ya6d ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x88 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w524 h6b\" style=\"left:449.37665px; bottom:472.2942px;\"><div class=\"t m0 x1a hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9b hb ya6d ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x97 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w525 h6b\" style=\"left:506.9796px; bottom:472.2942px;\"><div class=\"t m0 x94 hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 xd hb ya6d ff1 fs4 fc2 sc0 ls1b ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x88 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w231 h6b\" style=\"left:563.4516px; bottom:472.2942px;\"><div class=\"t m0 x1a hb y139 ff1 fs4 fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x9b hb ya6d ff1 fs4 fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x97 hb y85b ff1 fs4 fc2 sc0 ls0 ws0\">di valore </div></div><div class=\"c w523 h6a\" style=\"left:-4.050377px; bottom:455.60217px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Leasing <span class=\"_ _0\"></span> </div></div><div class=\"c w524 h6a\" style=\"left:278.53064px; bottom:455.60217px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w231 h6a\" style=\"left:336.12064px; bottom:455.60217px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h6a\" style=\"left:393.2166px; bottom:455.60217px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w524 h6a\" style=\"left:449.37665px; bottom:455.60217px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h6a\" style=\"left:506.9796px; bottom:455.60217px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w231 h6a\" style=\"left:563.4516px; bottom:455.60217px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h41\" style=\"left:-4.050377px; bottom:439.06622px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Obbligazioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>bancarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>garantite </div></div><div class=\"c w524 h41\" style=\"left:278.53064px; bottom:439.06622px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w231 h41\" style=\"left:336.12064px; bottom:439.06622px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h41\" style=\"left:393.2166px; bottom:439.06622px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w524 h41\" style=\"left:449.37665px; bottom:439.06622px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w525 h41\" style=\"left:506.9796px; bottom:439.06622px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:563.4516px; bottom:439.06622px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h41\" style=\"left:-4.050377px; bottom:422.5302px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Mutui ipote<span class=\"_ _0\"></span>cari su i<span class=\"_ _0\"></span>mmobili com<span class=\"_ _0\"></span>merciali  </div></div><div class=\"c w524 h41\" style=\"left:278.53064px; bottom:422.5302px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w231 h41\" style=\"left:336.12064px; bottom:422.5302px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w525 h41\" style=\"left:393.2166px; bottom:422.5302px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w524 h41\" style=\"left:449.37665px; bottom:422.5302px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w525 h41\" style=\"left:506.9796px; bottom:422.5302px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:563.4516px; bottom:422.5302px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h41\" style=\"left:-4.050377px; bottom:405.9942px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Cartolari<span class=\"_ _0\"></span>zzazioni  </div></div><div class=\"c w524 h41\" style=\"left:278.53064px; bottom:405.9942px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">167<span class=\"ls0\"> </span></div></div><div class=\"c w231 h41\" style=\"left:336.12064px; bottom:405.9942px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w525 h41\" style=\"left:393.2166px; bottom:405.9942px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w524 h41\" style=\"left:449.37665px; bottom:405.9942px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h41\" style=\"left:506.9796px; bottom:405.9942px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:563.4516px; bottom:405.9942px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h6a\" style=\"left:-4.050377px; bottom:389.3022px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Crediti al <span class=\"_ _0\"></span>consumo </div></div><div class=\"c w524 h6a\" style=\"left:278.53064px; bottom:389.3022px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">213<span class=\"ls0\"> </span></div></div><div class=\"c w231 h6a\" style=\"left:336.12064px; bottom:389.3022px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c w525 h6a\" style=\"left:393.2166px; bottom:389.3022px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w524 h6a\" style=\"left:449.37665px; bottom:389.3022px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w525 h6a\" style=\"left:506.9796px; bottom:389.3022px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h6a\" style=\"left:563.4516px; bottom:389.3022px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h41\" style=\"left:-4.050377px; bottom:372.76617px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Crediti al <span class=\"_ _0\"></span>commercio </div></div><div class=\"c w524 h41\" style=\"left:278.53064px; bottom:372.76617px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">457<span class=\"ls0\"> </span></div></div><div class=\"c w231 h41\" style=\"left:336.12064px; bottom:372.76617px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h41\" style=\"left:393.2166px; bottom:372.76617px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w524 h41\" style=\"left:449.37665px; bottom:372.76617px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h41\" style=\"left:506.9796px; bottom:372.76617px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w231 h41\" style=\"left:563.4516px; bottom:372.76617px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h41\" style=\"left:-4.050377px; bottom:356.23022px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Mutui ipote<span class=\"_ _0\"></span>cari su i<span class=\"_ _0\"></span>mmobili residen<span class=\"_ _35\"></span>ziali  </div></div><div class=\"c w524 h41\" style=\"left:278.53064px; bottom:356.23022px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">876<span class=\"ls0\"> </span></div></div><div class=\"c w231 h41\" style=\"left:336.12064px; bottom:356.23022px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">12</span> </div></div><div class=\"c w525 h41\" style=\"left:393.2166px; bottom:356.23022px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">91<span class=\"ls0\"> </span></div></div><div class=\"c w524 h41\" style=\"left:449.37665px; bottom:356.23022px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w525 h41\" style=\"left:506.9796px; bottom:356.23022px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h41\" style=\"left:563.4516px; bottom:356.23022px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h69\" style=\"left:-4.050377px; bottom:339.6552px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Prestiti ver<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o imprese<span class=\"_ _0\"></span> (incluse P<span class=\"_ _0\"></span>MI) </div></div><div class=\"c w524 h69\" style=\"left:278.53064px; bottom:339.6552px;\"><div class=\"t m0 x9a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.526 </div></div><div class=\"c w231 h69\" style=\"left:336.12064px; bottom:339.6552px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">34</span> </div></div><div class=\"c w525 h69\" style=\"left:393.2166px; bottom:339.6552px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w524 h69\" style=\"left:449.37665px; bottom:339.6552px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w525 h69\" style=\"left:506.9796px; bottom:339.6552px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w231 h69\" style=\"left:563.4516px; bottom:339.6552px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w523 h6a\" style=\"left:-4.050377px; bottom:322.9632px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Altre attivit\u00e0<span class=\"_ _0\"></span> (*) </div></div><div class=\"c w524 h6a\" style=\"left:278.53064px; bottom:322.9632px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">10.707 </div></div><div class=\"c w231 h6a\" style=\"left:336.12064px; bottom:322.9632px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-6 </div></div><div class=\"c w525 h6a\" style=\"left:393.2166px; bottom:322.9632px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w524 h6a\" style=\"left:449.37665px; bottom:322.9632px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w525 h6a\" style=\"left:506.9796px; bottom:322.9632px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w231 h6a\" style=\"left:563.4516px; bottom:322.9632px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w523 h7e\" style=\"left:-4.050377px; bottom:297.69122px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w524 h7e\" style=\"left:278.53064px; bottom:297.69122px;\"><div class=\"t m0 x95 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">14.112 </div></div><div class=\"c w231 h7e\" style=\"left:336.12064px; bottom:297.69122px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">58</span> </div></div><div class=\"c w525 h7e\" style=\"left:393.2166px; bottom:297.69122px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">283<span class=\"ls0\"> </span></div></div><div class=\"c w524 h7e\" style=\"left:449.37665px; bottom:297.69122px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">11</span> </div></div><div class=\"c w525 h7e\" style=\"left:506.9796px; bottom:297.69122px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w231 h7e\" style=\"left:563.4516px; bottom:297.69122px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w1c h5f\" style=\"left:-4.050377px; bottom:258.69122px;\"><div class=\"t m0 x41 h2c y328 ff4 fse fc2 sc0 ls0 ws0\">(*) L\u2019importo <span class=\"_ _3\"></span>contempla <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>Romulus <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>6.778 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>detenuti in <span class=\"_ _3\"></span>portafogl<span class=\"_ _3\"></span>io <span class=\"_ _3\"></span>dal Gruppo <span class=\"_ _3\"></span>Bancario, <span class=\"_ _3\"></span>rappresentati <span class=\"_ _2\"></span><span class=\"ff1\">convenzionalmente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>cartolarizzazioni </span></div><div class=\"t m0 x41 h2c y562 ff1 fse fc2 sc0 ls0 ws0\">di terzi, nonc<span class=\"_ _3\"></span>h\u00e9 crediti<span class=\"_ _3\"></span> verso il<span class=\"_ _3\"></span> veicolo <span class=\"_ _3\"></span>Duo<span class=\"_ _3\"></span>mo Funding <span class=\"_ _3\"></span>Plc per <span class=\"_ _3\"></span>3.541 mili<span class=\"_ _3\"></span>oni quali<span class=\"_ _3\"></span> utili<span class=\"_ _3\"></span>zzo di linee<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per maggior<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dettagli, <span class=\"_ _3\"></span>in merito <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>tipologia delle<span class=\"_ _3\"></span> attivit\u00e0 </div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">sottostanti, si rimanda alla sezione <span class=\"ls28\">4 </span>- R<span class=\"_ _3\"></span>ischi delle altre im<span class=\"_ _3\"></span>prese della presente Part<span class=\"_ _3\"></span>e E. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-392.0758px;\"><div class=\"t m0 x0 h61 y79 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2d y1085 ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2d yefc ff1 fsf fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y9fe ffa fs0 fc2 sc0 ls0 ws0\">Fuori bilancio </div><div class=\"t m0 x0 h2 y38e ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w16d h1c\" style=\"left:538.33563px; bottom:212.04718px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c wd9 h205\" style=\"left:-4.050377px; bottom:135.13922px;\"><div class=\"t m0 x41 h8f y17bc ff5 fsf fc2 sc0 ls0 ws0\">Tipologia attivit\u00e0 </div><div class=\"t m0 x41 h8f y17bd ff5 fsf fc2 sc0 ls0 ws0\">cartolarizzate/Esposizioni </div></div><div class=\"c w529 h42\" style=\"left:126.54761px; bottom:196.4472px;\"><div class=\"t m0 x3e h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">GARANZIE RILASCIATE </div></div><div class=\"c w52a h42\" style=\"left:373.4046px; bottom:196.4472px;\"><div class=\"t m0 xaa h8f y9d3 ff5 fsf fc2 sc0 ls0 ws0\">LINEE DI CREDITO </div></div><div class=\"c w52b h41\" style=\"left:126.54761px; bottom:179.9112px;\"><div class=\"t m0 x96 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Senior </div></div><div class=\"c w52c h41\" style=\"left:208.95459px; bottom:179.9112px;\"><div class=\"t m0 x88 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Mezzanine </div></div><div class=\"c w52b h41\" style=\"left:290.8546px; bottom:179.9112px;\"><div class=\"t m0 x96 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w16d h41\" style=\"left:373.4046px; bottom:179.9112px;\"><div class=\"t m0 x96 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Senior </div></div><div class=\"c w52d h41\" style=\"left:455.14862px; bottom:179.9112px;\"><div class=\"t m0 x88 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Mezzanine </div></div><div class=\"c w16d h41\" style=\"left:538.33563px; bottom:179.9112px;\"><div class=\"t m0 x96 h8f y568 ff5 fsf fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w24d ha0\" style=\"left:126.54761px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:165.27463px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c w1c8 ha0\" style=\"left:208.95459px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:247.64264px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c w24d ha0\" style=\"left:290.8546px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:328.78864px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c w186 ha0\" style=\"left:373.4046px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:411.62463px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c w243 ha0\" style=\"left:455.14862px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:494.65564px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c w186 ha0\" style=\"left:538.33563px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Esposiz. </div><div class=\"t m0 xa1 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">netta </div></div><div class=\"c w1ef ha0\" style=\"left:576.7116px; bottom:135.13922px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Rettifiche/ </div><div class=\"t m0 x6 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">riprese </div><div class=\"t m0 x13 h2d y76a ff1 fsf fc2 sc0 ls1c ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x97 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">valore </div></div><div class=\"c wd9 h11a\" style=\"left:-4.050377px; bottom:109.68518px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Duomo ABCP Conduit </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">transactions (*) </div></div><div class=\"c w24d h11a\" style=\"left:126.54761px; bottom:109.68518px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h11a\" style=\"left:165.27463px; bottom:109.68518px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c8 h11a\" style=\"left:208.95459px; bottom:109.68518px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h11a\" style=\"left:247.64264px; bottom:109.68518px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h11a\" style=\"left:290.8546px; bottom:109.68518px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h11a\" style=\"left:328.78864px; bottom:109.68518px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h11a\" style=\"left:373.4046px; bottom:109.68518px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w1ef h11a\" style=\"left:411.62463px; bottom:109.68518px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c w243 h11a\" style=\"left:455.14862px; bottom:109.68518px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h11a\" style=\"left:494.65564px; bottom:109.68518px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h11a\" style=\"left:538.33563px; bottom:109.68518px;\"><div class=\"t m0 x86 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h11a\" style=\"left:576.7116px; bottom:109.68518px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd9 h64\" style=\"left:-4.050377px; bottom:92.213196px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w24d h64\" style=\"left:126.54761px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:165.27463px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c8 h64\" style=\"left:208.95459px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:247.64264px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w24d h64\" style=\"left:290.8546px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:328.78864px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h64\" style=\"left:373.4046px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:411.62463px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w243 h64\" style=\"left:455.14862px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:494.65564px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w186 h64\" style=\"left:538.33563px; bottom:92.213196px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h64\" style=\"left:576.7116px; bottom:92.213196px;\"><div class=\"t m0 xe h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c haa\" style=\"left:-4.050377px; bottom:59.921204px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(*) <span class=\"_ _6\"> </span>Con <span class=\"_ _5\"></span>rife<span class=\"_ _3\"></span>rimento <span class=\"_ _6\"> </span>all'operativit\u00e0 <span class=\"_ _5\"></span>posta <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>essere <span class=\"_ _6\"> </span>tramite <span class=\"_ _5\"></span>Duomo <span class=\"_ _6\"> </span>Funding <span class=\"_ _6\"> </span>Plc <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>finanziata <span class=\"_ _5\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>ABCP, <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>ha  concesso <span class=\"_ _5\"></span>linee <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>liquidit\u00e0 <span class=\"_ _6\"> </span>(pari <span class=\"_ _6\"> </span>a <span class=\"_ _5\"></span>6.576 <span class=\"_ _6\"> </span>milioni <span class=\"_ _6\"> </span>di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">esposizione netta e circa 3 milioni di riprese di valore) a garanzia di attivi gi\u00e0 ricompresi nelle \"Altre attivit\u00e0\" della Ta<span class=\"_ _3\"></span>bella C.2 per cassa. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-426.85706px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">C.3. Consolidato prudenzia<span class=\"_ _3\"></span>le- Interessenze in societ\u00e0 <span class=\"_ _3\"></span>veicolo per la cartolarizzazione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6c8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w531 h17\" style=\"left:534.2796px; bottom:547.4929px;\"><div class=\"t m0 x9b h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w52e h78\" style=\"left:-4.050377px; bottom:499.60095px;\"><div class=\"t m0 x41 h8d y1206 ff5 fse fc2 sc0 ls26 ws0\">NOME CARTOLARIZZAZIONE / <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 x41 h8d y82c ff5 fse fc2 sc0 ls26 ws0\">DENOMINAZIONE SOCIET\u00c0 VEICOLO<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w3b9 h47\" style=\"left:192.2626px; bottom:527.9929px;\"><div class=\"t m0 x41 h8d y6fe ff5 fse fc2 sc0 ls29 ws0\">SEDE LEGALE<span class=\"ls0\"> </span></div></div><div class=\"c w52f h47\" style=\"left:295.27914px; bottom:527.9929px;\"><div class=\"t m0 x41 h8d y6fe ff5 fse fc2 sc0 ls26 ws0\">CONSOLIDAMENTO </div><div class=\"t m0 x99 h8d y6e4 ff5 fse fc2 sc0 ls9 ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w532 h47\" style=\"left:386.5086px; bottom:527.9929px;\"><div class=\"t m0 x94 h8d y6fe ff5 fse fc2 sc0 ls0 ws0\">ATTIVITA' (b) </div></div><div class=\"c w3c h47\" style=\"left:492.2766px; bottom:527.9929px;\"><div class=\"t m0 xad h8d y6fe ff5 fse fc2 sc0 ls29 ws0\">PASSIVITA' (b)<span class=\"ls0\"> </span></div></div><div class=\"c w5 hb5\" style=\"left:386.5086px; bottom:499.60095px;\"><div class=\"t m0 xab h8d ybf9 ff5 fse fc2 sc0 ls26 ws0\">Crediti<span class=\"ls0\"> </span></div></div><div class=\"c w5 hb5\" style=\"left:423.9486px; bottom:499.60095px;\"><div class=\"t m0 x1a h8d ybf9 ff5 fse fc2 sc0 ls0 ws0\">Titoli </div><div class=\"t m0 x9b h8d y732 ff5 fse fc2 sc0 ls2b ws0\">di <span class=\"ls0\"> </span></div><div class=\"t m0 x8 h8d y9bc ff5 fse fc2 sc0 ls2b ws0\">debito<span class=\"ls0\"> </span></div></div><div class=\"c w530 hb5\" style=\"left:459.5556px; bottom:499.60095px;\"><div class=\"t m0 x45 h8d ybf9 ff5 fse fc2 sc0 ls26 ws0\">Altre<span class=\"ls0\"> </span></div></div><div class=\"c w3f5 hb5\" style=\"left:492.2766px; bottom:499.60095px;\"><div class=\"t m0 x1a h8d ybf9 ff5 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w92 hb5\" style=\"left:534.2796px; bottom:499.60095px;\"><div class=\"t m0 x41 h8d ybf9 ff5 fse fc2 sc0 ls9 ws0\">Mezzanine<span class=\"ls0\"> </span></div></div><div class=\"c w492 hb5\" style=\"left:585.60364px; bottom:499.60095px;\"><div class=\"t m0 x41 h8d ybf9 ff5 fse fc2 sc0 ls28 ws0\">Junior<span class=\"ls0\"> </span></div></div><div class=\"c w52e h64\" style=\"left:-4.050377px; bottom:482.12897px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Augusto S.r.l. (d)<span class=\"_ _3\"></span> </div></div><div class=\"c w3b9 h64\" style=\"left:192.2626px; bottom:482.12897px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f h64\" style=\"left:295.27914px; bottom:482.12897px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h64\" style=\"left:386.5086px; bottom:482.12897px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5 h64\" style=\"left:423.9486px; bottom:482.12897px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h64\" style=\"left:459.5556px; bottom:482.12897px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w3f5 h64\" style=\"left:492.2766px; bottom:482.12897px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w92 h64\" style=\"left:534.2796px; bottom:482.12897px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w492 h64\" style=\"left:585.60364px; bottom:482.12897px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52e h65\" style=\"left:-4.050377px; bottom:464.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Berica ABS 3 S.r.l.  (h<span class=\"_ _3\"></span>) </div></div><div class=\"c w3b9 h65\" style=\"left:192.2626px; bottom:464.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Vicenza </div></div><div class=\"c w52f h65\" style=\"left:295.27914px; bottom:464.50092px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h65\" style=\"left:386.5086px; bottom:464.50092px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w5 h65\" style=\"left:423.9486px; bottom:464.50092px;\"><div class=\"t m0 x9b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w530 h65\" style=\"left:459.5556px; bottom:464.50092px;\"><div class=\"t m0 xae hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w3f5 h65\" style=\"left:492.2766px; bottom:464.50092px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w92 h65\" style=\"left:534.2796px; bottom:464.50092px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w492 h65\" style=\"left:585.60364px; bottom:464.50092px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(f) </div></div><div class=\"c w52e h6c\" style=\"left:-4.050377px; bottom:438.76093px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Brera Sec S.r.l. (c)<span class=\"_ _3\"></span> </div></div><div class=\"c w3b9 h6c\" style=\"left:192.2626px; bottom:438.76093px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Conegliano Ven<span class=\"_ _3\"></span>eto </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(TV) </div></div><div class=\"c w52f h6c\" style=\"left:295.27914px; bottom:438.76093px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h6c\" style=\"left:386.5086px; bottom:438.76093px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.319 </div></div><div class=\"c w5 h6c\" style=\"left:423.9486px; bottom:438.76093px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h6c\" style=\"left:459.5556px; bottom:438.76093px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">594<span class=\"ls0\"> </span></div></div><div class=\"c w3f5 h6c\" style=\"left:492.2766px; bottom:438.76093px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">13.869 </div></div><div class=\"c w92 h6c\" style=\"left:534.2796px; bottom:438.76093px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w492 h6c\" style=\"left:585.60364px; bottom:438.76093px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.652 </div></div><div class=\"c w52e h6d\" style=\"left:-4.050377px; bottom:412.86493px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">Clara Sec S.r.l. (c<span class=\"_ _3\"></span>) </div></div><div class=\"c w3b9 h6d\" style=\"left:192.2626px; bottom:412.86493px;\"><div class=\"t m0 x41 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">Conegliano Ven<span class=\"_ _3\"></span>eto </div><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">(TV) </div></div><div class=\"c w52f h6d\" style=\"left:295.27914px; bottom:412.86493px;\"><div class=\"t m0 x99 hb y335 ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h6d\" style=\"left:386.5086px; bottom:412.86493px;\"><div class=\"t m0 xdd hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">6.442 </div></div><div class=\"c w5 h6d\" style=\"left:423.9486px; bottom:412.86493px;\"><div class=\"t m0 x96 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h6d\" style=\"left:459.5556px; bottom:412.86493px;\"><div class=\"t m0 x41 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">2.378 </div></div><div class=\"c w3f5 h6d\" style=\"left:492.2766px; bottom:412.86493px;\"><div class=\"t m0 x6 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">6.350 </div></div><div class=\"c w92 h6d\" style=\"left:534.2796px; bottom:412.86493px;\"><div class=\"t m0 xb hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w492 h6d\" style=\"left:585.60364px; bottom:412.86493px;\"><div class=\"t m0 x6 hb y335 ff1 fs4 fc2 sc0 ls1b ws0\">824<span class=\"ls0\"> </span></div></div><div class=\"c w52e h64\" style=\"left:-4.050377px; bottom:395.39294px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Diocleziano S.r.l. (<span class=\"_ _3\"></span>d) </div></div><div class=\"c w3b9 h64\" style=\"left:192.2626px; bottom:395.39294px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f h64\" style=\"left:295.27914px; bottom:395.39294px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h64\" style=\"left:386.5086px; bottom:395.39294px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5 h64\" style=\"left:423.9486px; bottom:395.39294px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h64\" style=\"left:459.5556px; bottom:395.39294px;\"><div class=\"t m0 x88 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w3f5 h64\" style=\"left:492.2766px; bottom:395.39294px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w92 h64\" style=\"left:534.2796px; bottom:395.39294px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w492 h64\" style=\"left:585.60364px; bottom:395.39294px;\"><div class=\"t m0 x9a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w52e h6c\" style=\"left:-4.050377px; bottom:369.65295px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Giada Sec S.r.l. (c)<span class=\"_ _3\"></span> </div></div><div class=\"c w3b9 h6c\" style=\"left:192.2626px; bottom:369.65295px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">Conegliano Ven<span class=\"_ _3\"></span>eto </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(TV) </div></div><div class=\"c w52f h6c\" style=\"left:295.27914px; bottom:369.65295px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h6c\" style=\"left:386.5086px; bottom:369.65295px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">21.803 </div></div><div class=\"c w5 h6c\" style=\"left:423.9486px; bottom:369.65295px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h6c\" style=\"left:459.5556px; bottom:369.65295px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.825 </div></div><div class=\"c w3f5 h6c\" style=\"left:492.2766px; bottom:369.65295px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.860 </div></div><div class=\"c w92 h6c\" style=\"left:534.2796px; bottom:369.65295px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w492 h6c\" style=\"left:585.60364px; bottom:369.65295px;\"><div class=\"t m0 x8 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8.425 </div></div><div class=\"c w52e haf\" style=\"left:-4.050377px; bottom:347.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ISP CB Ipotecario S.r<span class=\"_ _3\"></span>.l. (g) </div></div><div class=\"c w3b9 haf\" style=\"left:192.2626px; bottom:347.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f haf\" style=\"left:295.27914px; bottom:347.50092px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 haf\" style=\"left:386.5086px; bottom:347.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.631 </div></div><div class=\"c w5 haf\" style=\"left:423.9486px; bottom:347.50092px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 haf\" style=\"left:459.5556px; bottom:347.50092px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4.877 </div></div><div class=\"c w3c haf\" style=\"left:492.2766px; bottom:347.50092px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">18.612 </div></div><div class=\"c w52e h65\" style=\"left:-4.050377px; bottom:329.87292px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ISP CB Pubblico S.r.l.<span class=\"_ _3\"></span> (g) </div></div><div class=\"c w3b9 h65\" style=\"left:192.2626px; bottom:329.87292px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f h65\" style=\"left:295.27914px; bottom:329.87292px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h65\" style=\"left:386.5086px; bottom:329.87292px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.943 </div></div><div class=\"c w5 h65\" style=\"left:423.9486px; bottom:329.87292px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.212 </div></div><div class=\"c w530 h65\" style=\"left:459.5556px; bottom:329.87292px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">823<span class=\"ls0\"> </span></div></div><div class=\"c w3c h65\" style=\"left:492.2766px; bottom:329.87292px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.897 </div></div><div class=\"c w52e h66\" style=\"left:-4.050377px; bottom:312.36194px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">ISP OBG S.r.l.  (g)<span class=\"_ _3\"></span> </div></div><div class=\"c w3b9 h66\" style=\"left:192.2626px; bottom:312.36194px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f h66\" style=\"left:295.27914px; bottom:312.36194px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h66\" style=\"left:386.5086px; bottom:312.36194px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">54.200 </div></div><div class=\"c w5 h66\" style=\"left:423.9486px; bottom:312.36194px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h66\" style=\"left:459.5556px; bottom:312.36194px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6.533 </div></div><div class=\"c w3c h66\" style=\"left:492.2766px; bottom:312.36194px;\"><div class=\"t m0 xa hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">60.537 </div></div><div class=\"c w52e h65\" style=\"left:-4.050377px; bottom:294.73395px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">UBI Finance S.r.l. <span class=\"_ _3\"></span> (g) </div></div><div class=\"c w3b9 h65\" style=\"left:192.2626px; bottom:294.73395px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Milano </div></div><div class=\"c w52f h65\" style=\"left:295.27914px; bottom:294.73395px;\"><div class=\"t m0 x99 hb y6ff ff1 fs4 fc2 sc0 ls2a ws0\">(e)<span class=\"ls0\"> </span></div></div><div class=\"c w5 h65\" style=\"left:386.5086px; bottom:294.73395px;\"><div class=\"t m0 xdd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8.574 </div></div><div class=\"c w5 h65\" style=\"left:423.9486px; bottom:294.73395px;\"><div class=\"t m0 x96 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w530 h65\" style=\"left:459.5556px; bottom:294.73395px;\"><div class=\"t m0 x87 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">777<span class=\"ls0\"> </span></div></div><div class=\"c w3c h65\" style=\"left:492.2766px; bottom:294.73395px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">9.241 </div></div><div class=\"c w1c h5b\" style=\"left:-4.050377px; bottom:258.85394px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(a) Metodo di consolidamento riferito al c.d. perimetro \"prudenziale\". </div></div><div class=\"c w1c h6c\" style=\"left:-4.050377px; bottom:233.11395px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(b) I dati rappresentati sono al lordo di eventuali rapporti infragruppo. Gli ammontari riportati tra le attivit\u00e0 e le passivit\u00e0 si riferiscono ai valori complessivamente riportati nelle </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">rendicontazioni contabili delle societ\u00e0 veicolo. </div></div><div class=\"c w1c haf\" style=\"left:-4.050377px; bottom:210.96191px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(c) <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _6\"> </span>di  autocartolarizzazione <span class=\"_ _6\"> </span>descritto <span class=\"_ _6\"> </span>nel  paragrafo <span class=\"_ _6\"> </span>2  delle<span class=\"_ _35\"></span>  Informazioni <span class=\"_ _6\"> </span>Quantitative <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sezione  1.4 <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"> </span>Banca<span class=\"_ _3\"></span>rio  - <span class=\"_ _6\"> </span>Rischio  di <span class=\"_ _6\"> </span>Liquidit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _6\"> </span>Nota </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Integrativa Consolidata. </div></div><div class=\"c w1c h1d\" style=\"left:-4.050377px; bottom:196.14197px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(d) Gli ammontari riportati tra le attivit\u00e0 e le passivit\u00e0 si riferiscono agli ultimi dati di bilancio disponibili (31.12.2021). </div></div><div class=\"c w1c h7a\" style=\"left:-4.050377px; bottom:181.47797px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(e) Veicolo consolidato al Patrimonio Netto. </div></div><div class=\"c w1c h1d\" style=\"left:-4.050377px; bottom:166.65796px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(f) Per le informazioni di Bilancio relative a questo veicolo si rimanda al prospetto pubblicato nella sezione C.4 della presente Nota Integrativa Conso<span class=\"_ _3\"></span>lidata. </div></div><div class=\"c w1c h6c\" style=\"left:-4.050377px; bottom:140.91797px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(g) <span class=\"_ _5\"></span>Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>veicolo <span class=\"_ _2\"></span>fu<span class=\"_ _3\"></span>nzionale <span class=\"_ _2\"></span>all'em<span class=\"_ _3\"></span>issione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cover<span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>bond <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>informa<span class=\"_ _2\"></span>zioni <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sezione <span class=\"_ _2\"></span>D <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Parte <span class=\"_ _2\"></span>E <span class=\"_ _5\"></span>della </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">presente Nota Integrativa Consolidata. </div></div><div class=\"c w1c h1d\" style=\"left:-4.050377px; bottom:126.09796px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(h) Veicolo riveniente da<span class=\"ff4\">ll\u2019acquisizione di certe attivit\u00e0 e passivit\u00e0 delle ex Banche Venete.</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-426.85706px;\"><div class=\"t m0 x0 h61 y29a ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yc8e ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 ye78 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _5\"></span>strutturate <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>proprie </div><div class=\"t m0 x0 h2 ye79 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0, <span class=\"_ _5\"></span>sussistono <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>denominate <span class=\"_ _4\"></span>Towers, <span class=\"_ _5\"></span>K-<span class=\"_ _3\"></span>Equity, <span class=\"_ _5\"></span>Savoy, <span class=\"_ _6\"></span>Kerma, <span class=\"_ _5\"></span>Yoda, <span class=\"_ _6\"></span>Maior, <span class=\"_ _6\"></span>Iseo, <span class=\"_ _6\"></span>Sirio, <span class=\"_ _5\"></span>Kerdos, <span class=\"_ _6\"></span>Grogu, <span class=\"_ _5\"></span>Portland, </div><div class=\"t m0 x0 h2 ye7a ff1 fs0 fc0 sc0 ls0 ws0\">Organa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Teseo, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecial <span class=\"_ _3\"></span>purpose <span class=\"_ _3\"></span>vehicles <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>soggetti <span class=\"_ _2\"></span>terzi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indipendenti <span class=\"_ _3\"></span>rispett<span class=\"_ _5\"></span><span class=\"ls17\">o </span></div><div class=\"t m0 x0 h2 ye7b ff1 fs0 fc0 sc0 ls0 ws0\">al Gruppo e<span class=\"_ _3\"></span> nei <span class=\"_ _3\"></span>confronti dei <span class=\"_ _3\"></span>quali lo <span class=\"_ _3\"></span>stesso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>intrattiene legami partecipativi e c<span class=\"_ _3\"></span>he, per t<span class=\"_ _3\"></span>ale motivo, non s<span class=\"_ _3\"></span>ono rappresentati </div><div class=\"t m0 x0 h2 y134b ff1 fs0 fc0 sc0 ls0 ws0\">nella tabella che pre<span class=\"_ _0\"></span>cede. </div><div class=\"t m0 x0 h57 y13b4 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1389 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y113 ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-448.55432px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">C.4 Consolidato prudenzial<span class=\"_ _3\"></span>e <span class=\"ff6\">\u2013</span> Societ\u00e0 veicolo per la c<span class=\"_ _3\"></span>artolarizzazione non consolidate<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>nsolidate <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>veicoli <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa </div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>capitale <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>residuale. <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>ogni </div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">veicolo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>questi, u<span class=\"_ _3\"></span>tilizzati per <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>opera <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>originator, <span class=\"_ _3\"></span>vengono r<span class=\"_ _3\"></span>iportate nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sottostante <span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0, le passivit\u00e0, <span class=\"_ _0\"></span>nonch\u00e9 i costi e i ric<span class=\"_ _0\"></span>avi. </div><div class=\"t m0 x0 h24 y416 ff5 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w534 haa\" style=\"left:408.97263px; bottom:442.6477px;\"><div class=\"t m0 x125 ha ya6d ff5 fs4 fc2 sc0 ls0 ws0\">Berica ABS 3 S.r.l. <span class=\"_ _3\"></span>(*) </div></div><div class=\"c w533 h5b\" style=\"left:-4.050377px; bottom:424.2397px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Attivit\u00e0 </div></div><div class=\"c w534 h5b\" style=\"left:408.97263px; bottom:424.2397px;\"><div class=\"t m0 x138 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">197<span class=\"ls0\"> </span></div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:409.57568px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.1 Crediti </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:409.57568px;\"><div class=\"t m0 x138 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">197<span class=\"ls0\"> </span></div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:394.91168px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.2 Titoli </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:394.91168px;\"><div class=\"t m0 x17d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:380.24768px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">A.3 Altre attivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w533 h47\" style=\"left:-4.050377px; bottom:360.74768px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B.  Impiego diponibi<span class=\"_ _3\"></span>lit\u00e0 liquide<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h47\" style=\"left:408.97263px; bottom:360.74768px;\"><div class=\"t m0 x5c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w533 hbb\" style=\"left:-4.050377px; bottom:346.2397px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 Depositi press<span class=\"_ _3\"></span>o Banche  </div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:331.57568px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 Ratei e risconti at<span class=\"_ _3\"></span>tivi  </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:331.57568px;\"><div class=\"t m0 x17d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:316.91168px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 Altri crediti  </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:316.91168px;\"><div class=\"t m0 x5c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w533 h5e\" style=\"left:-4.050377px; bottom:297.37268px;\"><div class=\"t m0 x41 ha yf18 ff5 fs4 fc2 sc0 ls0 ws0\">B. Passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h5e\" style=\"left:408.97263px; bottom:297.37268px;\"><div class=\"t m0 x138 ha yf18 ff5 fs4 fc2 sc0 ls1b ws0\">162<span class=\"ls0\"> </span></div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:282.70868px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 Titoli emessi <span class=\"_ _3\"></span>di categoria A<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:282.70868px;\"><div class=\"t m0 x17d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w533 hbb\" style=\"left:-4.050377px; bottom:268.20068px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 Titoli emessi <span class=\"_ _3\"></span>di categoria B<span class=\"_ _3\"></span> </div></div><div class=\"c w534 hbb\" style=\"left:408.97263px; bottom:268.20068px;\"><div class=\"t m0 x5c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:253.53668px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 Titoli emessi <span class=\"_ _3\"></span>di categoria C<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:253.53668px;\"><div class=\"t m0 x17d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:238.87268px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.4 Titoli emessi <span class=\"_ _3\"></span>di categoria J<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:238.87268px;\"><div class=\"t m0 x138 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w533 h7a\" style=\"left:-4.050377px; bottom:224.20868px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 Altre passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h7a\" style=\"left:408.97263px; bottom:224.20868px;\"><div class=\"t m0 x5c hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w533 h47\" style=\"left:-4.050377px; bottom:204.70868px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">C. Interessi pas<span class=\"_ _3\"></span>sivi e altri oneri<span class=\"_ _3\"></span> </div></div><div class=\"c w534 h47\" style=\"left:408.97263px; bottom:204.70868px;\"><div class=\"t m0 x5c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w533 h47\" style=\"left:-4.050377px; bottom:185.20868px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Interessi attivi <span class=\"_ _3\"></span>e altri ricavi <span class=\"_ _3\"></span> </div></div><div class=\"c w534 h47\" style=\"left:408.97263px; bottom:185.20868px;\"><div class=\"t m0 x5c ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w1c hf6\" style=\"left:-4.050377px; bottom:145.2727px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(*) <span class=\"_ _3\"></span>Veicolo <span class=\"_ _2\"></span>utilizzato <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>mutui <span class=\"_ _3\"></span>ipotecari <span class=\"_ _2\"></span>residenziali. <span class=\"_ _2\"></span>Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cartolarizzate <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>veicolo <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">derecognition ai sensi dei principi contabili internazionali. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-448.55432px;\"><div class=\"t m0 x0 h116 y729 ff5 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5c8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3d2 ff1 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>strutturate <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>consolidate <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>detiene <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>interessenz<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y1ab ff1 fs0 fc0 sc0 ls0 ws0\">residuali <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>veicoli <span class=\"_ _5\"></span>Augusto <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Diocleziano <span class=\"_ _5\"></span>consolidate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>Ne<span class=\"_ _3\"></span>tto. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>veicoli <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>utilizzate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y3d3 ff1 fs0 fc0 sc0 ls0 ws0\">cartolarizzazione <span class=\"_ _16\"> </span>di  ass<span class=\"_ _0\"></span>ets,  i<span class=\"_ _0\"></span>n  pr<span class=\"_ _0\"></span>evalenza  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziamenti <span class=\"_ _16\"> </span>fondiari  e <span class=\"_ _16\"> </span>di  o<span class=\"_ _0\"></span>pere  p<span class=\"_ _0\"></span>ubbliche, <span class=\"_ _16\"> </span>di  societ\u00e0 <span class=\"_ _16\"> </span>sottoposta <span class=\"_ _16\"> </span>a  controll<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y35c ff1 fs0 fc0 sc0 ls0 ws0\">congi<span class=\"ff4\">unto <span class=\"_ _3\"></span>ceduta negli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>precedenti. L<span class=\"_ _3\"></span>a d<span class=\"_ _3\"></span>imensione <span class=\"_ _3\"></span>quantit<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>dell\u2019interessenza che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo detiene <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>veicoli <span class=\"_ _3\"></span>\u00e8 </span></div><div class=\"t m0 x0 h2 y3d5 ff4 fs0 fc0 sc0 ls0 ws0\">residuale. <span class=\"_ _3\"></span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _3\"></span>comportare <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rnire <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y35e ff1 fs0 fc0 sc0 ls0 ws0\">veicoli in questione. </div><div class=\"t m0 x0 h2 y5bc ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _3\"></span>npaolo <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>Romulus <span class=\"_ _5\"></span>Funding <span class=\"_ _2\"></span>Corporation <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Duomo <span class=\"_ _2\"></span>Funding <span class=\"_ _5\"></span>Plc <span class=\"_ _2\"></span>(inserite </div><div class=\"t m0 x0 h2 y360 ff4 fs0 fc0 sc0 ls0 ws0\">solo nel perimetro di consolidamento contabile ai sensi dell\u2019IFRS 10) utilizzate per operazioni in cui il Gruppo <span class=\"_ _5\"></span><span class=\"ff1\">Intesa Sanpaol<span class=\"_ _0\"></span>o </span></div><div class=\"t m0 x0 h2 y5bd ff1 fs0 fc0 sc0 ls0 ws0\">opera come sponsor e la<span class=\"_ _0\"></span> cui operativit\u00e0 <span class=\"_ _0\"></span>\u00e8 descritta nella S<span class=\"_ _0\"></span>ezione 4 <span class=\"_ _3\"></span>- Rischi delle altre impr<span class=\"_ _0\"></span>ese, della presente P<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte E. </div><div class=\"t m0 x0 h24 y362 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-501.761px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">C.5. Consolidato prudenzia<span class=\"_ _3\"></span>le - Attivit\u00e0 di servicer <span class=\"ff6\">\u2013</span> ca<span class=\"_ _3\"></span>rtolarizzazioni proprie: incassi dei crediti </div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">cartolarizzati e rimborsi dei titoli e<span class=\"_ _3\"></span>messi dalla societ\u00e0 veicolo per la cart<span class=\"_ _3\"></span>olarizzazione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h57 y955 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h13e y17c3 ff9 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w11d haa\" style=\"left:-4.050377px; bottom:424.54102px;\"><div class=\"t m0 x41 h8f y1273 ff5 fsf fc2 sc0 ls0 ws0\">SERVICER </div></div><div class=\"c w4d3 haa\" style=\"left:57.881622px; bottom:424.54102px;\"><div class=\"t m0 x41 h8f y1273 ff5 fsf fc2 sc0 ls0 ws0\">SOCIETA' VEICOLO </div></div><div class=\"c w535 h94\" style=\"left:175.72662px; bottom:405.04102px;\"><div class=\"t m0 x96 h8f y17c4 ff5 fsf fc2 sc0 ls0 ws0\">ATTIVIT\u00c0 </div><div class=\"t m0 x1a h8f y1655 ff5 fsf fc2 sc0 ls0 ws0\">CARTOLARIZZATE </div><div class=\"t m0 x45 h8f y78d ff5 fsf fc2 sc0 ls0 ws0\">(dato di fine periodo) </div><div class=\"t m0 x97 h8f y959 ff5 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w23d h94\" style=\"left:269.79462px; bottom:405.04102px;\"><div class=\"t m0 xdd h8f y17c4 ff5 fsf fc2 sc0 ls0 ws0\">INCASSI DI CREDITI </div><div class=\"t m0 x9b h8f y1655 ff5 fsf fc2 sc0 ls0 ws0\">REALIZZATI </div><div class=\"t m0 x9b h8f y78d ff5 fsf fc2 sc0 ls0 ws0\">NELL'ANNO </div><div class=\"t m0 x97 h8f y959 ff5 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w536 haa\" style=\"left:364.04462px; bottom:424.54102px;\"><div class=\"t m0 xb8 h8f y1273 ff5 fsf fc2 sc0 ls0 ws0\">QUOTA PERCENTUALE DEI TITOLI RIMBORSATI  </div><div class=\"t m0 x2e h8f y1788 ff5 fsf fc2 sc0 ls0 ws0\">(dato di fine periodo) </div></div><div class=\"c w537 h47\" style=\"left:364.04462px; bottom:405.04102px;\"><div class=\"t m0 x14 h8f yba1 ff5 fsf fc2 sc0 ls2d ws0\">         <span class=\"ls0\">Senior </span></div></div><div class=\"c w315 h47\" style=\"left:449.37665px; bottom:405.04102px;\"><div class=\"t m0 x12 h8f yba1 ff5 fsf fc2 sc0 ls2d ws0\">         <span class=\"ls0\">Mezzanine </span></div></div><div class=\"c w537 h47\" style=\"left:534.2796px; bottom:405.04102px;\"><div class=\"t m0 x9a h8f yba1 ff5 fsf fc2 sc0 ls2d ws0\">    <span class=\"ls0\">Junior </span></div></div><div class=\"c w394 ha0\" style=\"left:175.72662px; bottom:360.26904px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Deteriorate </div></div><div class=\"c w538 ha0\" style=\"left:223.61862px; bottom:360.26904px;\"><div class=\"t m0 x9a h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w394 ha0\" style=\"left:269.79462px; bottom:360.26904px;\"><div class=\"t m0 x41 h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Deteriorate </div></div><div class=\"c w539 ha0\" style=\"left:317.99863px; bottom:360.26904px;\"><div class=\"t m0 x9a h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Non </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w230 ha0\" style=\"left:364.04462px; bottom:360.26904px;\"><div class=\"t m0 x1a h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Deterior. </div></div><div class=\"c w53a ha0\" style=\"left:404.13663px; bottom:360.26904px;\"><div class=\"t m0 xae h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x96 h2d y74f ff1 fsf fc2 sc0 ls1c ws0\">non </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w22e ha0\" style=\"left:449.37665px; bottom:360.26904px;\"><div class=\"t m0 x1a h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Deterior. </div></div><div class=\"c w53b ha0\" style=\"left:488.37665px; bottom:360.26904px;\"><div class=\"t m0 xae h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x96 h2d y74f ff1 fsf fc2 sc0 ls1c ws0\">non </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w22e ha0\" style=\"left:534.2796px; bottom:360.26904px;\"><div class=\"t m0 x1a h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Deterior. </div></div><div class=\"c w538 ha0\" style=\"left:573.7476px; bottom:360.26904px;\"><div class=\"t m0 xae h2d ya2c ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x96 h2d y74f ff1 fsf fc2 sc0 ls1c ws0\">non </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w11d h41\" style=\"left:-4.050377px; bottom:343.73303px;\"><div class=\"t m0 x41 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">Intesa </div><div class=\"t m0 x41 h2d y17c6 ff1 fsf fc2 sc0 ls0 ws0\">Sanpaolo  </div></div><div class=\"c w4d3 h41\" style=\"left:57.881622px; bottom:343.73303px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Berica ABS 3 S.r.l. </div></div><div class=\"c w394 h41\" style=\"left:175.72662px; bottom:343.73303px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">23<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:223.61862px; bottom:343.73303px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">174<span class=\"ls0\"> </span></div></div><div class=\"c w394 h41\" style=\"left:269.79462px; bottom:343.73303px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w539 h41\" style=\"left:317.99863px; bottom:343.73303px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w230 h41\" style=\"left:364.04462px; bottom:343.73303px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53a h41\" style=\"left:404.13663px; bottom:343.73303px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">100%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:449.37665px; bottom:343.73303px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53b h41\" style=\"left:488.37665px; bottom:343.73303px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">81%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:534.2796px; bottom:343.73303px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:573.7476px; bottom:343.73303px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w11d h6a\" style=\"left:-4.050377px; bottom:327.04102px;\"><div class=\"t m0 x41 h2d y7f0 ff1 fsf fc2 sc0 ls0 ws0\">Intesa </div><div class=\"t m0 x41 h2d y17c7 ff1 fsf fc2 sc0 ls0 ws0\">Sanpaolo  </div></div><div class=\"c w4d3 h6a\" style=\"left:57.881622px; bottom:327.04102px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Brera Sec  S.r.l. (*) (**) </div></div><div class=\"c w394 h6a\" style=\"left:175.72662px; bottom:327.04102px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w538 h6a\" style=\"left:223.61862px; bottom:327.04102px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">16.258 </div></div><div class=\"c w394 h6a\" style=\"left:269.79462px; bottom:327.04102px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w539 h6a\" style=\"left:317.99863px; bottom:327.04102px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.673 </div></div><div class=\"c w230 h6a\" style=\"left:364.04462px; bottom:327.04102px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53a h6a\" style=\"left:404.13663px; bottom:327.04102px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">29%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h6a\" style=\"left:449.37665px; bottom:327.04102px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53b h6a\" style=\"left:488.37665px; bottom:327.04102px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h6a\" style=\"left:534.2796px; bottom:327.04102px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w538 h6a\" style=\"left:573.7476px; bottom:327.04102px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w11d h41\" style=\"left:-4.050377px; bottom:310.505px;\"><div class=\"t m0 x41 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">Intesa </div><div class=\"t m0 x41 h2d y17c7 ff1 fsf fc2 sc0 ls0 ws0\">Sanpaolo  </div></div><div class=\"c w4d3 h41\" style=\"left:57.881622px; bottom:310.505px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Clara Sec S.r.l. (*) </div></div><div class=\"c w394 h41\" style=\"left:175.72662px; bottom:310.505px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:223.61862px; bottom:310.505px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">6.412 </div></div><div class=\"c w394 h41\" style=\"left:269.79462px; bottom:310.505px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w539 h41\" style=\"left:317.99863px; bottom:310.505px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.159 </div></div><div class=\"c w230 h41\" style=\"left:364.04462px; bottom:310.505px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53a h41\" style=\"left:404.13663px; bottom:310.505px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:449.37665px; bottom:310.505px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53b h41\" style=\"left:488.37665px; bottom:310.505px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:534.2796px; bottom:310.505px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:573.7476px; bottom:310.505px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w11d h41\" style=\"left:-4.050377px; bottom:293.969px;\"><div class=\"t m0 x41 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">Intesa </div><div class=\"t m0 x41 h2d y17c7 ff1 fsf fc2 sc0 ls0 ws0\">Sanpaolo  </div></div><div class=\"c w4d3 h41\" style=\"left:57.881622px; bottom:293.969px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Giada Sec S.r.l. (*) (***) </div></div><div class=\"c w394 h41\" style=\"left:175.72662px; bottom:293.969px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">130<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:223.61862px; bottom:293.969px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">21.673 </div></div><div class=\"c w394 h41\" style=\"left:269.79462px; bottom:293.969px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w539 h41\" style=\"left:317.99863px; bottom:293.969px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.806 </div></div><div class=\"c w230 h41\" style=\"left:364.04462px; bottom:293.969px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53a h41\" style=\"left:404.13663px; bottom:293.969px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:449.37665px; bottom:293.969px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53b h41\" style=\"left:488.37665px; bottom:293.969px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:534.2796px; bottom:293.969px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:573.7476px; bottom:293.969px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w11d h41\" style=\"left:-4.050377px; bottom:277.43298px;\"><div class=\"t m0 x41 h2d y7c9 ff1 fsf fc2 sc0 ls0 ws0\">Intesa </div><div class=\"t m0 x41 h2d y17c6 ff1 fsf fc2 sc0 ls0 ws0\">Sanpaolo  </div></div><div class=\"c w4d3 h41\" style=\"left:57.881622px; bottom:277.43298px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Teseo SPV S.r.l. (****) </div></div><div class=\"c w394 h41\" style=\"left:175.72662px; bottom:277.43298px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w538 h41\" style=\"left:223.61862px; bottom:277.43298px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.644 </div></div><div class=\"c w394 h41\" style=\"left:269.79462px; bottom:277.43298px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w539 h41\" style=\"left:317.99863px; bottom:277.43298px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w230 h41\" style=\"left:364.04462px; bottom:277.43298px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53a h41\" style=\"left:404.13663px; bottom:277.43298px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:449.37665px; bottom:277.43298px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w53b h41\" style=\"left:488.37665px; bottom:277.43298px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w22e h41\" style=\"left:534.2796px; bottom:277.43298px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w538 h41\" style=\"left:573.7476px; bottom:277.43298px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w11d h64\" style=\"left:-4.050377px; bottom:254.03302px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w394 h64\" style=\"left:175.72662px; bottom:254.03302px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">244<span class=\"ls0\"> </span></div></div><div class=\"c w538 h64\" style=\"left:223.61862px; bottom:254.03302px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">48.161 </div></div><div class=\"c w394 h64\" style=\"left:269.79462px; bottom:254.03302px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w539 h64\" style=\"left:317.99863px; bottom:254.03302px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">7.669 </div></div><div class=\"c w1c h77\" style=\"left:-4.050377px; bottom:236.36603px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Nel corso dell'anno 2022 \u00e8 stata estinta l'operazione Berica ABS 4 S.r.l. </div></div><div class=\"c w1c h64\" style=\"left:-4.050377px; bottom:218.89404px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(*) Veicolo utilizzato per operazioni di autocartolarizzazione.  </div></div><div class=\"c w1c h1d\" style=\"left:-4.050377px; bottom:204.07404px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(**) In Brera Sec S.r.l. nel 2022 \u00e8 stata estinta l'operazione Brera SME. </div></div><div class=\"c w1c haf\" style=\"left:-4.050377px; bottom:181.922px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(***) In Giada Sec S.r.l. nel 2022 \u00e8 stata strutturata una nuova operazione di autocartolarizzazione denominata Giada Bis, ri<span class=\"_ _3\"></span>guardo la quale al 31 dicembre 2022 non si \u00e8 </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">perfezionato nessun rimborso di titoli.  </div></div><div class=\"c w1c h70\" style=\"left:-4.050377px; bottom:159.92603px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">(****) Veicolo utilizzato per la nuova operazione di cartolarizzazione tradizionale di crediti leasing in bonis denominata Teseo. Si precisa che gli incassi per 129 milioni sono<span class=\"_ _3\"></span> rimasti </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">in capo al veicolo in quanto la prima payment date sar\u00e0 a marzo 2023. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-501.761px;\"><div class=\"t m0 x0 h17b yb82 ff9 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yfd9 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y11f6 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yefd ff5 fs12 fc2 sc0 ls0 ws0\">C.6. Consolidato prudenzia<span class=\"_ _3\"></span>le - Societ\u00e0 veicolo per la c<span class=\"_ _3\"></span>artolarizzazione consolidate<span class=\"_ _3\"></span><span class=\"ffa fs0\"> </span></div><div class=\"t m0 x0 h2 yaaf ff4 fs0 fc0 sc0 ls0 ws0\">Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio 2022 non si ril<span class=\"_ _0\"></span>evano operazioni ch<span class=\"_ _0\"></span>e utilizzano societ\u00e0 vei<span class=\"_ _0\"></span>colo per la cartolariz<span class=\"_ _0\"></span>zazione consolidate.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 y297 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ye1f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y154e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1297 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17c9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y186 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4c7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4c8 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-218.10474px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">D. OPERAZIONI DI CES<span class=\"_ _0\"></span>SIONE </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y61 ff5 fs0 fc2 sc0 ls0 ws0\">A. Attivit\u00e0 finanziarie cedu<span class=\"_ _0\"></span>te e non cancellate int<span class=\"_ _0\"></span>egralmente </div><div class=\"t m0 x0 hb y7b5 ff1 fs4 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ya6 ff5 fs0 fc2 sc0 ls0 ws0\">Informazioni di natura qua<span class=\"_ _0\"></span>litativa </div><div class=\"t m0 x0 h32 ya7 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>riguarda <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>descrizione <span class=\"_ _6\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>tabelle <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>riportate, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>fa <span class=\"_ _4\"> </span>rimando <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quanto </div><div class=\"t m0 x0 h2 ya8 ff1 fs0 fc0 sc0 ls0 ws0\">riportato in calce alle<span class=\"_ _0\"></span> tabelle stesse. </div><div class=\"t m0 x0 h2 ya9 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _2\"></span>termi<span class=\"_ _5\"></span><span class=\"ff1\">ne, <span class=\"_ _5\"></span>si<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yaa ff1 fs0 fc0 sc0 ls0 ws0\">rimanda invece a qu<span class=\"_ _0\"></span>anto riportato nella pre<span class=\"_ _0\"></span>sente Nota integrativa<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>- Parte B.<span class=\"fc2\"> </span></div><div class=\"t m0 x0 h24 y137 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y12f3 ff5 fs0 fc2 sc0 ls0 ws0\">Informazioni di natura quan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>itativa </div><div class=\"t m0 x0 h95 y12f4 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y889 ff5 fs12 fc2 sc0 ls0 ws0\">Consolidato prudenziale - <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie cedute rileva<span class=\"_ _3\"></span>te per intero e passivit\u00e0 finanziarie associat<span class=\"_ _3\"></span>e: </div><div class=\"t m0 xf4 h57 y11cd ff5 fs12 fc2 sc0 ls0 ws0\">valori di bilancio  </div><div class=\"t m0 x0 h61 y1566 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w4c h47\" style=\"left:479.48462px; bottom:572.0093px;\"><div class=\"t m0 xda h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w53d h42\" style=\"left:192.2626px; bottom:556.40924px;\"><div class=\"t m0 xd1 h8d y7b9 ff5 fse fc2 sc0 ls26 ws0\">Attivit\u00e0 finanziarie cedute rilevate per intero<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w53e h42\" style=\"left:431.7486px; bottom:556.40924px;\"><div class=\"t m0 x13 h8d y7b9 ff5 fse fc2 sc0 ls29 ws0\">Passivit\u00e0 finanziarie associate<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w58 h208\" style=\"left:192.2626px; bottom:504.73425px;\"><div class=\"t m0 x87 h8f y76a ff5 fsf fc2 sc0 ls0 ws0\">Valore </div><div class=\"t m0 x86 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x8 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w220 h208\" style=\"left:234.07062px; bottom:504.73425px;\"><div class=\"t m0 x41 h150 y76a ffa fsf fc2 sc0 ls0 ws0\">di cui: oggetto di </div><div class=\"t m0 xae h150 y732 ffa fsf fc2 sc0 ls0 ws0\">operazioni di </div><div class=\"t m0 x41 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">cartolarizzazione </div></div><div class=\"c wbe h208\" style=\"left:306.14264px; bottom:504.73425px;\"><div class=\"t m0 xab h150 y17cb ffa fsf fc2 sc0 ls0 ws0\">di cui: oggetto di </div><div class=\"t m0 x96 h150 y76a ffa fsf fc2 sc0 ls0 ws0\">contratti di </div><div class=\"t m0 x41 h150 y732 ffa fsf fc2 sc0 ls0 ws0\">vendita con patto </div><div class=\"t m0 x95 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">di riacquisto </div></div><div class=\"c w1cd h208\" style=\"left:380.1126px; bottom:504.73425px;\"><div class=\"t m0 x9a h150 y732 ffa fsf fc2 sc0 ls0 ws0\">di cui </div><div class=\"t m0 x8 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">deteriorate </div></div><div class=\"c w394 h208\" style=\"left:431.7486px; bottom:504.73425px;\"><div class=\"t m0 xdd h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 x12 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w109 h208\" style=\"left:479.48462px; bottom:504.73425px;\"><div class=\"t m0 x41 h150 y76a ffa fsf fc2 sc0 ls0 ws0\">di cui: oggetto di </div><div class=\"t m0 xae h150 y732 ffa fsf fc2 sc0 ls0 ws0\">operazioni di </div><div class=\"t m0 x41 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">cartolarizzazione </div></div><div class=\"c w391 h208\" style=\"left:552.2196px; bottom:504.73425px;\"><div class=\"t m0 xdd h150 y17cc ffa fsf fc2 sc0 ls0 ws0\">di cui: oggetto </div><div class=\"t m0 x12 h150 y17cb ffa fsf fc2 sc0 ls0 ws0\">di contratti di </div><div class=\"t m0 x14 h150 y76a ffa fsf fc2 sc0 ls0 ws0\">vendita con </div><div class=\"t m0 xe h150 y732 ffa fsf fc2 sc0 ls0 ws0\">patto di </div><div class=\"t m0 x9a h150 y767 ffa fsf fc2 sc0 ls0 ws0\">riacquisto </div></div><div class=\"c w53c h8c\" style=\"left:-4.050377px; bottom:479.30627px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">A. Attivit\u00e0 finanziarie detenute per la negoziazione </div></div><div class=\"c w58 h8c\" style=\"left:192.2626px; bottom:479.30627px;\"><div class=\"t m0 x9b h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w220 h8c\" style=\"left:234.07062px; bottom:479.30627px;\"><div class=\"t m0 x139 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h8c\" style=\"left:306.14264px; bottom:479.30627px;\"><div class=\"t m0 xc0 h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h8c\" style=\"left:380.1126px; bottom:479.30627px;\"><div class=\"t m0 xd9 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 h8c\" style=\"left:431.7486px; bottom:479.30627px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">615<span class=\"ls0\"> </span></div></div><div class=\"c w109 h8c\" style=\"left:479.48462px; bottom:479.30627px;\"><div class=\"t m0 x139 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h8c\" style=\"left:552.2196px; bottom:479.30627px;\"><div class=\"t m0 xa h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">615<span class=\"ls0\"> </span></div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:465.73425px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:465.73425px;\"><div class=\"t m0 x9b h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">391<span class=\"ls0\"> </span></div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:465.73425px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:465.73425px;\"><div class=\"t m0 xc0 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">391<span class=\"ls0\"> </span></div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:465.73425px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:465.73425px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">395<span class=\"ls0\"> </span></div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:465.73425px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:465.73425px;\"><div class=\"t m0 xa hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">395<span class=\"ls0\"> </span></div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:452.0063px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:452.0063px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:452.0063px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:452.0063px;\"><div class=\"t m0 xc0 hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:452.0063px;\"><div class=\"t m0 xd9 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:452.0063px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">220<span class=\"ls0\"> </span></div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:452.0063px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:452.0063px;\"><div class=\"t m0 xa hbe y6e4 ff2 fsf fc2 sc0 ls1c ws0\">220<span class=\"ls0\"> </span></div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:438.43427px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3. Finanziamenti </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:438.43427px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:438.43427px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:438.43427px;\"><div class=\"t m0 x4c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:438.43427px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:438.43427px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:438.43427px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:438.43427px;\"><div class=\"t m0 x10a hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:424.70624px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4. Derivati </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:424.70624px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:424.70624px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:424.70624px;\"><div class=\"t m0 x4c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:424.70624px;\"><div class=\"t m0 xd9 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:424.70624px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:424.70624px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:424.70624px;\"><div class=\"t m0 x10a hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h7e\" style=\"left:-4.050377px; bottom:399.43427px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">B. Altre attivit\u00e0 finanziarie obbligatoriamente </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">valutate al fair value </div></div><div class=\"c w58 h7e\" style=\"left:192.2626px; bottom:399.43427px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h7e\" style=\"left:234.07062px; bottom:399.43427px;\"><div class=\"t m0 x139 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h7e\" style=\"left:306.14264px; bottom:399.43427px;\"><div class=\"t m0 x4c h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h7e\" style=\"left:380.1126px; bottom:399.43427px;\"><div class=\"t m0 xd h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h7e\" style=\"left:431.7486px; bottom:399.43427px;\"><div class=\"t m0 x98 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h7e\" style=\"left:479.48462px; bottom:399.43427px;\"><div class=\"t m0 x139 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h7e\" style=\"left:552.2196px; bottom:399.43427px;\"><div class=\"t m0 x10a h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:385.70624px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:385.70624px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:385.70624px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:385.70624px;\"><div class=\"t m0 x4c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:385.70624px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:385.70624px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:385.70624px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:385.70624px;\"><div class=\"t m0 x10a hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:372.13428px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:372.13428px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:372.13428px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:372.13428px;\"><div class=\"t m0 x4c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:372.13428px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:372.13428px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:372.13428px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:372.13428px;\"><div class=\"t m0 x10a hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:358.40625px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3. Finanziamenti </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:358.40625px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:358.40625px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:358.40625px;\"><div class=\"t m0 x4c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:358.40625px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:358.40625px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:358.40625px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:358.40625px;\"><div class=\"t m0 x10a hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h47\" style=\"left:-4.050377px; bottom:338.90625px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">C. Attivit\u00e0 finanziarie designate al fair value </div></div><div class=\"c w58 h47\" style=\"left:192.2626px; bottom:338.90625px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h47\" style=\"left:234.07062px; bottom:338.90625px;\"><div class=\"t m0 x139 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h47\" style=\"left:306.14264px; bottom:338.90625px;\"><div class=\"t m0 x4c h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h47\" style=\"left:380.1126px; bottom:338.90625px;\"><div class=\"t m0 xd h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h47\" style=\"left:431.7486px; bottom:338.90625px;\"><div class=\"t m0 x98 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h47\" style=\"left:479.48462px; bottom:338.90625px;\"><div class=\"t m0 x139 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h47\" style=\"left:552.2196px; bottom:338.90625px;\"><div class=\"t m0 x10a h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:325.3343px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:325.3343px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:325.3343px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:325.3343px;\"><div class=\"t m0 x4c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:325.3343px;\"><div class=\"t m0 xd hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:325.3343px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:325.3343px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:325.3343px;\"><div class=\"t m0 x10a hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:311.60626px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2. Finanziamenti </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:311.60626px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:311.60626px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:311.60626px;\"><div class=\"t m0 x4c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:311.60626px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:311.60626px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:311.60626px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:311.60626px;\"><div class=\"t m0 x10a hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h75\" style=\"left:-4.050377px; bottom:286.30826px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">D. Attivit\u00e0 finanziarie valutate al fair value con </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">impatto sulla redditivit\u00e0 complessiva </div></div><div class=\"c w58 h75\" style=\"left:192.2626px; bottom:286.30826px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w220 h75\" style=\"left:234.07062px; bottom:286.30826px;\"><div class=\"t m0 x139 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h75\" style=\"left:306.14264px; bottom:286.30826px;\"><div class=\"t m0 x43 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w1cd h75\" style=\"left:380.1126px; bottom:286.30826px;\"><div class=\"t m0 xd h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 h75\" style=\"left:431.7486px; bottom:286.30826px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">7.739 </div></div><div class=\"c w109 h75\" style=\"left:479.48462px; bottom:286.30826px;\"><div class=\"t m0 x139 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h75\" style=\"left:552.2196px; bottom:286.30826px;\"><div class=\"t m0 xd h150 y767 ffa fsf fc2 sc0 ls0 ws0\">7.739 </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:272.58026px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:272.58026px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:272.58026px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:272.58026px;\"><div class=\"t m0 x43 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:272.58026px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:272.58026px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7.739 </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:272.58026px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:272.58026px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">7.739 </div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:259.00827px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:259.00827px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:259.00827px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:259.00827px;\"><div class=\"t m0 x4c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:259.00827px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:259.00827px;\"><div class=\"t m0 x98 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:259.00827px;\"><div class=\"t m0 x139 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:259.00827px;\"><div class=\"t m0 x10a hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:245.28027px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3. Finanziamenti </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:245.28027px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:245.28027px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:245.28027px;\"><div class=\"t m0 x4c hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:245.28027px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:245.28027px;\"><div class=\"t m0 x98 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:245.28027px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:245.28027px;\"><div class=\"t m0 x10a hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w53c h7e\" style=\"left:-4.050377px; bottom:220.00827px;\"><div class=\"t m0 x41 h8f y732 ff5 fsf fc2 sc0 ls0 ws0\">E. Attivit\u00e0 finanziarie valutate al costo </div><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">ammortizzato </div></div><div class=\"c w58 h7e\" style=\"left:192.2626px; bottom:220.00827px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5.458 </div></div><div class=\"c w220 h7e\" style=\"left:234.07062px; bottom:220.00827px;\"><div class=\"t m0 x104 h150 y767 ffa fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c wbe h7e\" style=\"left:306.14264px; bottom:220.00827px;\"><div class=\"t m0 x43 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">5.431 </div></div><div class=\"c w1cd h7e\" style=\"left:380.1126px; bottom:220.00827px;\"><div class=\"t m0 xb h150 y767 ffa fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w394 h7e\" style=\"left:431.7486px; bottom:220.00827px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5.150 </div></div><div class=\"c w109 h7e\" style=\"left:479.48462px; bottom:220.00827px;\"><div class=\"t m0 x104 h150 y767 ffa fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w391 h7e\" style=\"left:552.2196px; bottom:220.00827px;\"><div class=\"t m0 xd h150 y767 ffa fsf fc2 sc0 ls0 ws0\">5.132 </div></div><div class=\"c w53c hc3\" style=\"left:-4.050377px; bottom:206.28027px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito </div></div><div class=\"c w58 hc3\" style=\"left:192.2626px; bottom:206.28027px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.431 </div></div><div class=\"c w220 hc3\" style=\"left:234.07062px; bottom:206.28027px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wbe hc3\" style=\"left:306.14264px; bottom:206.28027px;\"><div class=\"t m0 x43 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">5.431 </div></div><div class=\"c w1cd hc3\" style=\"left:380.1126px; bottom:206.28027px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w394 hc3\" style=\"left:431.7486px; bottom:206.28027px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.132 </div></div><div class=\"c w109 hc3\" style=\"left:479.48462px; bottom:206.28027px;\"><div class=\"t m0 x139 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w391 hc3\" style=\"left:552.2196px; bottom:206.28027px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">5.132 </div></div><div class=\"c w53c h18\" style=\"left:-4.050377px; bottom:192.70825px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2. Finanziamenti </div></div><div class=\"c w58 h18\" style=\"left:192.2626px; bottom:192.70825px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w220 h18\" style=\"left:234.07062px; bottom:192.70825px;\"><div class=\"t m0 x104 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c wbe h18\" style=\"left:306.14264px; bottom:192.70825px;\"><div class=\"t m0 x4c hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1cd h18\" style=\"left:380.1126px; bottom:192.70825px;\"><div class=\"t m0 xb hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w394 h18\" style=\"left:431.7486px; bottom:192.70825px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w109 h18\" style=\"left:479.48462px; bottom:192.70825px;\"><div class=\"t m0 x104 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w391 h18\" style=\"left:552.2196px; bottom:192.70825px;\"><div class=\"t m0 x10a hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wa3 h42\" style=\"left:-4.050377px; bottom:177.10828px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w199 h42\" style=\"left:38.849625px; bottom:177.10828px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w58 h42\" style=\"left:192.2626px; bottom:177.10828px;\"><div class=\"t m0 x87 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">13.702 </div></div><div class=\"c w220 h42\" style=\"left:234.07062px; bottom:177.10828px;\"><div class=\"t m0 x104 h150 y767 ffa fsf fc2 sc0 ls1c ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c wbe h42\" style=\"left:306.14264px; bottom:177.10828px;\"><div class=\"t m0 x48 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">13.675 </div></div><div class=\"c w1cd h42\" style=\"left:380.1126px; bottom:177.10828px;\"><div class=\"t m0 xb h150 y767 ffa fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w394 h42\" style=\"left:431.7486px; bottom:177.10828px;\"><div class=\"t m0 xae h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">13.504 </div></div><div class=\"c w109 h42\" style=\"left:479.48462px; bottom:177.10828px;\"><div class=\"t m0 x104 h150 y767 ffa fsf fc2 sc0 ls1c ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w391 h42\" style=\"left:552.2196px; bottom:177.10828px;\"><div class=\"t m0 x99 h150 y767 ffa fsf fc2 sc0 ls0 ws0\">13.486 </div></div><div class=\"c wa3 h42\" style=\"left:-4.050377px; bottom:159.48026px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w199 h42\" style=\"left:38.849625px; bottom:159.48026px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w58 h42\" style=\"left:192.2626px; bottom:159.48026px;\"><div class=\"t m0 x87 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">14.213 </div></div><div class=\"c w220 h42\" style=\"left:234.07062px; bottom:159.48026px;\"><div class=\"t m0 x104 h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">98<span class=\"ls0\"> </span></div></div><div class=\"c wbe h42\" style=\"left:306.14264px; bottom:159.48026px;\"><div class=\"t m0 x48 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">14.115 </div></div><div class=\"c w1cd h42\" style=\"left:380.1126px; bottom:159.48026px;\"><div class=\"t m0 xf h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w394 h42\" style=\"left:431.7486px; bottom:159.48026px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">12.546 </div></div><div class=\"c w109 h42\" style=\"left:479.48462px; bottom:159.48026px;\"><div class=\"t m0 x104 h150 y6e4 ffa fsf fc2 sc0 ls1c ws0\">67<span class=\"ls0\"> </span></div></div><div class=\"c w391 h42\" style=\"left:552.2196px; bottom:159.48026px;\"><div class=\"t m0 x99 h150 y6e4 ffa fsf fc2 sc0 ls0 ws0\">12.479 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-218.10474px;\"><div class=\"t m0 x0 h61 y17b5 ff1 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y404 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y89e ff4 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201ccovered bond\u201d <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ceden<span class=\"_ _5\"></span><span class=\"ff1\">te </span></div><div class=\"t m0 x0 h2 y11c ff1 fs0 fc0 sc0 ls0 ws0\">sia finanziatore del vei<span class=\"_ _0\"></span>colo emittente i tit<span class=\"_ _0\"></span>oli di debito. </div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y89f ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operativit\u00e0 rappres<span class=\"_ _0\"></span>entata in tabella \u00e8 riferibile pr<span class=\"_ _0\"></span>evalentemente all\u2019utiliz<span class=\"_ _0\"></span>zo di titoli in portafoglio<span class=\"_ _0\"></span> per operazioni di p<span class=\"_ _2\"></span><span class=\"ff1\">ronti contro </span></div><div class=\"t m0 x0 h2 y490 ff1 fs0 fc0 sc0 ls0 ws0\">termine e in misura mi<span class=\"_ _0\"></span>nore ai crediti ver<span class=\"_ _0\"></span>so clientela <span class=\"_ _3\"></span><span class=\"ff4\">ceduti nell\u2019a<span class=\"_ _0\"></span>mbito delle operazio<span class=\"_ _0\"></span>ni di cartolarizzazion<span class=\"_ _0\"></span>e K<span class=\"_ _3\"></span><span class=\"ff1\">-Equity e Berica. </span></span></div><div class=\"t m0 x0 h2 y8a0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y40a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yc48 ff5 fs12 fc2 sc0 ls0 ws0\">Consolidato prudenziale <span class=\"ff6\">\u2013</span> Attivit\u00e0 finanziarie ce<span class=\"_ _3\"></span>dute rilevate parzialmente <span class=\"_ _3\"></span>e passivit\u00e0 finanziar<span class=\"_ _3\"></span>ie </div><div class=\"t m0 xf4 h57 y578 ff5 fs12 fc2 sc0 ls0 ws0\">associate: valori di bilanci<span class=\"_ _3\"></span>o </div><div class=\"t m0 x0 h61 ydd8 ff1 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y172c ff1 fs0 fc0 sc0 ls0 ws0\">Non sussiste la fattisp<span class=\"_ _0\"></span>ecie per il Gruppo Int<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span>a Sanpaolo. </div><div class=\"t m0 x0 h2 y17cd ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-366.81763px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">Consolidato prudenziale - <span class=\"_ _3\"></span>Operazioni di cessione con passivit\u00e0 ave<span class=\"_ _3\"></span>nti rivalsa esclusivamen<span class=\"_ _3\"></span>te sulle </div><div class=\"t m0 xf4 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">attivit\u00e0 cedute e non cancellate inte<span class=\"_ _3\"></span>gralmente: fair value<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 ya60 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w12f h47\" style=\"left:465.75665px; bottom:586.31635px;\"><div class=\"t m0 x0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w4c7 h45\" style=\"left:295.27914px; bottom:541.38837px;\"><div class=\"t m0 x96 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Rilevate <span class=\"_ _0\"></span>per </div><div class=\"t m0 xc h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">intero </div></div><div class=\"c w16d h45\" style=\"left:382.92062px; bottom:541.38837px;\"><div class=\"t m0 x98 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Rilevate </div><div class=\"t m0 xae h59 y7b6 ff5 fs17 fc2 sc0 ls0 ws0\">parzialmen<span class=\"_ _0\"></span>te </div></div><div class=\"c w541 h45\" style=\"left:465.75665px; bottom:541.38837px;\"><div class=\"t m0 x95 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w542 h45\" style=\"left:541.4556px; bottom:541.38837px;\"><div class=\"t m0 x94 h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w540 h7e\" style=\"left:-4.050377px; bottom:516.1164px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie deten<span class=\"_ _0\"></span>ute per la ne<span class=\"_ _0\"></span>goziazi<span class=\"_ _0\"></span>one  </div></div><div class=\"c w4c7 h7e\" style=\"left:295.27914px; bottom:516.1164px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w16d h7e\" style=\"left:382.92062px; bottom:516.1164px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h7e\" style=\"left:465.75665px; bottom:516.1164px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w542 h7e\" style=\"left:541.4556px; bottom:516.1164px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">647<span class=\"ls0\"> </span></div></div><div class=\"c w540 h6a\" style=\"left:-4.050377px; bottom:499.42438px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w4c7 h6a\" style=\"left:295.27914px; bottom:499.42438px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">391<span class=\"ls0\"> </span></div></div><div class=\"c w16d h6a\" style=\"left:382.92062px; bottom:499.42438px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h6a\" style=\"left:465.75665px; bottom:499.42438px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">391<span class=\"ls0\"> </span></div></div><div class=\"c w542 h6a\" style=\"left:541.4556px; bottom:499.42438px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">446<span class=\"ls0\"> </span></div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:482.88837px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:482.88837px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:482.88837px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:482.88837px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">208<span class=\"ls0\"> </span></div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:482.88837px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:466.35236px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:466.35236px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:466.35236px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:466.35236px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:466.35236px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:449.81635px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4. Deriva<span class=\"_ _0\"></span>ti </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:449.81635px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:449.81635px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:449.81635px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:449.81635px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 haa\" style=\"left:-4.050377px; bottom:417.52435px;\"><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">B. Altre att<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0  fi<span class=\"_ _0\"></span>nanziarie ob<span class=\"_ _35\"></span>bligatoriamente val<span class=\"_ _0\"></span>utate a<span class=\"_ _0\"></span>l fair </div><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">value  </div></div><div class=\"c w4c7 haa\" style=\"left:295.27914px; bottom:417.52435px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d haa\" style=\"left:382.92062px; bottom:417.52435px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 haa\" style=\"left:465.75665px; bottom:417.52435px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 haa\" style=\"left:541.4556px; bottom:417.52435px;\"><div class=\"t m0 xc9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:400.9884px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:400.9884px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:400.9884px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:400.9884px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:400.9884px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:384.4524px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:384.4524px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:384.4524px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:384.4524px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:384.4524px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h69\" style=\"left:-4.050377px; bottom:367.87738px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w4c7 h69\" style=\"left:295.27914px; bottom:367.87738px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h69\" style=\"left:382.92062px; bottom:367.87738px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h69\" style=\"left:465.75665px; bottom:367.87738px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h69\" style=\"left:541.4556px; bottom:367.87738px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h8c\" style=\"left:-4.050377px; bottom:342.4494px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie designat<span class=\"_ _35\"></span>e al fair value </div></div><div class=\"c w4c7 h8c\" style=\"left:295.27914px; bottom:342.4494px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h8c\" style=\"left:382.92062px; bottom:342.4494px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h8c\" style=\"left:465.75665px; bottom:342.4494px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h8c\" style=\"left:541.4556px; bottom:342.4494px;\"><div class=\"t m0 xc9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:325.9134px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:325.9134px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:325.9134px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:325.9134px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:325.9134px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:309.37738px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:309.37738px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:309.37738px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:309.37738px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:309.37738px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 haa\" style=\"left:-4.050377px; bottom:277.0854px;\"><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">D. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie valutate<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>al fair va<span class=\"_ _35\"></span>lue con impatt<span class=\"_ _0\"></span>o sulla </div><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _0\"></span> comples<span class=\"_ _0\"></span>siva  </div></div><div class=\"c w4c7 haa\" style=\"left:295.27914px; bottom:277.0854px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w16d haa\" style=\"left:382.92062px; bottom:277.0854px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 haa\" style=\"left:465.75665px; bottom:277.0854px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w542 haa\" style=\"left:541.4556px; bottom:277.0854px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.548 </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:260.54938px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:260.54938px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:260.54938px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:260.54938px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.645 </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:260.54938px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8.548 </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:244.01337px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Titoli di <span class=\"_ _0\"></span>capitale </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:244.01337px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:244.01337px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:244.01337px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:244.01337px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:227.47736px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:227.47736px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:227.47736px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:227.47736px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:227.47736px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w540 haa\" style=\"left:-4.050377px; bottom:195.18536px;\"><div class=\"t m0 x41 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">E. Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> valutate <span class=\"_ _0\"></span>al costo<span class=\"_ _0\"></span> ammorti<span class=\"_ _0\"></span>zzato (fair </div><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">value) </div></div><div class=\"c w4c7 haa\" style=\"left:295.27914px; bottom:195.18536px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.812 </div></div><div class=\"c w16d haa\" style=\"left:382.92062px; bottom:195.18536px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 haa\" style=\"left:465.75665px; bottom:195.18536px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4.812 </div></div><div class=\"c w542 haa\" style=\"left:541.4556px; bottom:195.18536px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5.018 </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:178.64935px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Titoli di d<span class=\"_ _0\"></span>ebito </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:178.64935px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.785 </div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:178.64935px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:178.64935px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.785 </div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:178.64935px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.920 </div></div><div class=\"c w540 h41\" style=\"left:-4.050377px; bottom:162.1134px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2. Finanzia<span class=\"_ _0\"></span>menti </div></div><div class=\"c w4c7 h41\" style=\"left:295.27914px; bottom:162.1134px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w16d h41\" style=\"left:382.92062px; bottom:162.1134px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h41\" style=\"left:465.75665px; bottom:162.1134px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c w542 h41\" style=\"left:541.4556px; bottom:162.1134px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">98<span class=\"ls0\"> </span></div></div><div class=\"c w540 h5e\" style=\"left:-4.050377px; bottom:135.72336px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale att<span class=\"_ _0\"></span>ivit\u00e0 finan<span class=\"_ _0\"></span>ziarie </div></div><div class=\"c w4c7 h5e\" style=\"left:295.27914px; bottom:135.72336px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">13.056 </div></div><div class=\"c w16d h5e\" style=\"left:382.92062px; bottom:135.72336px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h5e\" style=\"left:465.75665px; bottom:135.72336px;\"><div class=\"t m0 xd9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">13.056 </div></div><div class=\"c w542 h5e\" style=\"left:541.4556px; bottom:135.72336px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">14.213 </div></div><div class=\"c w540 h47\" style=\"left:-4.050377px; bottom:114.35138px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale pass<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0 fin<span class=\"_ _0\"></span>anziarie ass<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ciate<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h47\" style=\"left:295.27914px; bottom:114.35138px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">13.504 </div></div><div class=\"c w16d h47\" style=\"left:382.92062px; bottom:114.35138px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h47\" style=\"left:465.75665px; bottom:114.35138px;\"><div class=\"t m0 xd9 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">13.504 </div></div><div class=\"c w542 h47\" style=\"left:541.4556px; bottom:114.35138px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">12.546 </div></div><div class=\"c wbe h47\" style=\"left:-4.050377px; bottom:92.823364px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Valore nett<span class=\"_ _35\"></span>o </div></div><div class=\"c w53f h47\" style=\"left:70.556625px; bottom:92.823364px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h47\" style=\"left:295.27914px; bottom:92.823364px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">448</span> </div></div><div class=\"c w16d h47\" style=\"left:382.92062px; bottom:92.823364px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h47\" style=\"left:465.75665px; bottom:92.823364px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">448</span> </div></div><div class=\"c w542 h47\" style=\"left:541.4556px; bottom:92.823364px;\"><div class=\"t m0 xcc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c wbe h43\" style=\"left:-4.050377px; bottom:67.55136px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Valore nett<span class=\"_ _35\"></span>o </div></div><div class=\"c w53f h43\" style=\"left:70.556625px; bottom:67.55136px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h43\" style=\"left:295.27914px; bottom:67.55136px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.667 </div></div><div class=\"c w16d h43\" style=\"left:382.92062px; bottom:67.55136px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w541 h43\" style=\"left:465.75665px; bottom:67.55136px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w542 h43\" style=\"left:541.4556px; bottom:67.55136px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.667 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-366.81763px;\"><div class=\"t m0 x0 h61 yb6b ff1 fs1c fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8c2 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb6c ff4 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201ccovered bond\u201d <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>sia <span class=\"_ _6\"> </span><span class=\"ff1\">cedente </span></div><div class=\"t m0 x0 h2 y12f7 ff1 fs0 fc0 sc0 ls0 ws0\">sia finanziatore del v<span class=\"_ _0\"></span>eicolo emittente i tit<span class=\"_ _0\"></span>oli di debito. </div><div class=\"t m0 x0 h2 ydb5 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h19 y10a5 ff5 fs9 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-156.18286px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">B. Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> cedute e cancellate integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lmente con rilevazio<span class=\"_ _0\"></span>ne del continuo coinvo<span class=\"_ _0\"></span>lgimento<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non \u00e8 pr<span class=\"_ _0\"></span>esente. </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y63 ff5 fs0 fc2 sc0 ls0 ws0\">C. Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> cedute e cancellate integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lmente  </div><div class=\"t m0 x0 h24 y64 ff5 fs0 fcb sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y65 ff5 fs0 fcb sc0 ls0 ws0\">Informazioni di natura qua<span class=\"_ _0\"></span>litativa </div><div class=\"t m0 x0 h95 y66 ffa fs0 fcb sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y67 ff2 fs0 fcb sc0 ls0 ws0\">Operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>mu<span class=\"_ _3\"></span>ltioriginator <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>portafogli <span class=\"_ _5\"></span>creditizi <span class=\"_ _4\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff3\">in <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quelli <span class=\"_ _5\"></span>\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>pay\u201d <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h4c y68 ff2 fs0 fcb sc0 ls0 ws0\">cessione dei crediti a un fo<span class=\"_ _0\"></span>ndo comune di inve<span class=\"_ _0\"></span>stimento con attribuzio<span class=\"_ _0\"></span>ne delle relative quot<span class=\"_ _0\"></span>e agli interm<span class=\"_ _0\"></span>ediari cedenti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hfb y14a9 fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yc80 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>quote <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>fondi <span class=\"_ _7\"> </span>comuni <span class=\"_ _7\"> </span>di  i<span class=\"_ _35\"></span>nvestimento <span class=\"_ _16\"> </span>acquisite <span class=\"_ _7\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 yc22 ff1 fs0 fc0 sc0 ls0 ws0\">operazioni di cessione <span class=\"_ _0\"></span>di tipo <span class=\"ff2\">multioriginator </span>di portafogli c<span class=\"_ _0\"></span>reditizi. </div><div class=\"t m0 x0 h2 y1172 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y974 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _1d\"> </span>relazione  alle <span class=\"_ _1d\"> </span>disposizioni  contenute <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>Comuni<span class=\"_ _0\"></span>cazione <span class=\"_ _1d\"> </span>della  Banca <span class=\"_ _1d\"> </span>d\u2019Italia  del <span class=\"_ _1d\"> </span>23 <span class=\"_ _1d\"> </span>dicembre  2019,<span class=\"_ _3\"></span>  recepite <span class=\"_ _1d\"> </span>nel </div><div class=\"t m0 x0 h2 y721 ff1 fs0 fc0 sc0 ls10 ws0\">7\u00b0<span class=\"ls0\"> <span class=\"ff4\">aggiornament<span class=\"_ _0\"></span>o <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Circolare <span class=\"_ _17\"> </span>262, <span class=\"_ _18\"> </span>si <span class=\"_ _17\"> </span>riporta <span class=\"_ _18\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _17\"> </span>l\u2019informativa <span class=\"_ _18\"> </span>inerente: <span class=\"_ _1d\"> </span>\u201c<span class=\"_ _5\"></span><span class=\"ff2\">Le <span class=\"_ _17\"> </span>operazion<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>cessione <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>tipo </span></span></span></div><div class=\"t m0 x0 h4c y11d9 ff2 fs0 fc0 sc0 ls0 ws0\">multioriginator <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>portafogli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span><span class=\"ff3\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ff3\">in <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>\u201cunlikely <span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>pay\u201d <span class=\"_ _5\"></span>\u2013</span> <span class=\"_ _2\"></span>riconducibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cess<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fondo<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h4c y17d2 ff3 fs0 fc0 sc0 ls0 ws0\">comune di investiment<span class=\"_ _0\"></span>o con attribuzione dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> relative quote agl<span class=\"_ _0\"></span>i intermediari ced<span class=\"_ _0\"></span>enti\u201d<span class=\"_ _2\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h4c y105d ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y17cf ff2 fs0 fc2 sc0 ls0 ws0\">Fondo Back2Bonis </div><div class=\"t m0 x0 h2 y1050 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ottica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>perseguire <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span><span class=\"ff1\">-</span>risking <span class=\"_ _16\"> </span>previste <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>precedente <span class=\"_ _7\"> </span>Piano <span class=\"_ _16\"> </span>d\u2019Impresa <span class=\"_ _7\"> </span>2018<span class=\"_ _2\"></span><span class=\"ff1\">-2021 <span class=\"_ _16\"> </span></span>e <span class=\"_ _7\"> </span>dall\u2019attuale <span class=\"_ _16\"> </span>Piano </div><div class=\"t m0 x0 h2 yac4 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>terzo <span class=\"_ _2\"></span>trimestre <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>finalizzato <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h4c yec2 ff4 fs0 fc0 sc0 ls0 ws0\">deconsolidamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _3\"></span>(comprendente <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili) <span class=\"_ _3\"></span>classificate <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>\u201c<span class=\"_ _5\"></span><span class=\"ff2\">Unlikel<span class=\"_ _0\"></span>y </span></div><div class=\"t m0 x0 h2 y17d3 ff2 fs0 fc0 sc0 ls0 ws0\">to <span class=\"_ _2\"></span>Pay<span class=\"ff4\">\u201d <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _3\"></span>detenuti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Capogruppo<span class=\"_ _3\"></span><span class=\"ff1\">, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contestuale <span class=\"_ _3\"></span>conversione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo </span></span></div><div class=\"t m0 x0 h2 ycfd ff1 fs0 fc0 sc0 ls0 ws0\">mobiliare denominato Ba<span class=\"_ _0\"></span>ck2Bonis. </div><div class=\"t m0 x0 h2 y8df ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>closing <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2020, <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>concretizzata per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _5\"></span><span class=\"ff1\">(<span class=\"_ _3\"></span>incluse le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>realizzate </span></div><div class=\"t m0 x0 h2 ya76 ff1 fs0 fc0 sc0 ls0 ws0\">negli esercizi 2019 e<span class=\"_ _3\"></span> 2020 da<span class=\"_ _3\"></span> UBI Banca, i<span class=\"_ _3\"></span>ncorporata lo scorso 2021) <span class=\"_ _3\"></span>nella cessione di <span class=\"_ _3\"></span>un portaf<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>glio crediti, rapporti giuridici </div><div class=\"t m0 x0 h2 ycee ff1 fs0 fc0 sc0 ls0 ws0\">di  breve  termine  e  rapporti<span class=\"_ _0\"></span>  giuridici  e  beni  da  cre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>iti  leasing  per  un  amm<span class=\"_ _0\"></span>ontare  lordo  comples<span class=\"_ _0\"></span>sivo  di  351  milioni  ed<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yb84 ff1 fs0 fc0 sc0 ls0 ws0\">esposizione n<span class=\"_ _3\"></span>etta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>164 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>sottoscrizion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>Back2Bo<span class=\"_ _0\"></span>nis <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>controvalore <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y728 ff1 fs0 fc0 sc0 ls0 ws0\">164 milioni, sostanzi<span class=\"_ _0\"></span>almente allineato <span class=\"_ _0\"></span>al valore netto dei cr<span class=\"_ _0\"></span>editi ceduti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y154d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione si <span class=\"_ _2\"></span>era <span class=\"_ _3\"></span>perfezionata mediante: <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>la c<span class=\"_ _3\"></span>essione dei <span class=\"_ _2\"></span>crediti bancari <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasin<span class=\"_ _5\"></span><span class=\"ff1\">g <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>un </span></div><div class=\"t m0 x0 h2 yc8c ff1 fs0 fc0 sc0 ls0 ws0\">veicolo d<span class=\"_ _3\"></span>i cartolarizzazione <span class=\"_ _2\"></span>Ampre S.r.l.; <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cessione dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>giuridici e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>beni derivanti <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di l<span class=\"_ _3\"></span>easing ad <span class=\"_ _3\"></span>Ampre </div><div class=\"t m0 x0 h2 y185 ff1 fs0 fc0 sc0 ls0 ws0\">LeaseCo S.r.l.; (iii) la cessione dei contratti di breve termine revolving e dei relativi rapporti giuridici<span class=\"_ _0\"></span> e crediti di ISP<span class=\"_ _5\"></span> nonch\u00e9 dei </div><div class=\"t m0 x0 h2 yef1 ff1 fs0 fc0 sc0 ls0 ws0\">contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio-lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>erogazioni <span class=\"_ _4\"> </span>residue <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>relativi <span class=\"_ _7\"> </span>rapporti <span class=\"_ _4\"> </span>giuridici, <span class=\"_ _4\"> </span>diversi <span class=\"_ _7\"> </span>dai <span class=\"_ _4\"> </span>rapporti <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>leasing </div><div class=\"t m0 x0 h2 ybfa ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>fronting <span class=\"_ _2\"></span>bank <span class=\"_ _6\"></span>messa <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>disposizione <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Finanziaria <span class=\"_ _5\"></span>Internazionale <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>integrale<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7dd ff1 fs0 fc0 sc0 ls0 ws0\">dei titoli emessi <span class=\"ff4\">dal veicolo di cartolarizzazio<span class=\"_ _0\"></span>ne da parte del fondo Back2Bonis e (v) l\u2019acquisizi<span class=\"_ _0\"></span>one da parte di Intesa Sanpaolo </span></div><div class=\"t m0 x0 h2 y11b2 ff1 fs0 fc0 sc0 ls0 ws0\">delle quote del Fond<span class=\"_ _0\"></span>o quale contropartita<span class=\"_ _0\"></span> dei crediti ogg<span class=\"_ _0\"></span>etto di cessione. </div><div class=\"t m0 x0 hfb y9c0 fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y398 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>lordo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miliardo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esposizione </div><div class=\"t m0 x0 h2 y1323 ff1 fs0 fc0 sc0 ls0 ws0\">netta <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>216 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _2\"></span>sottoscrizione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Back2Bonis <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>controvalore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>216 <span class=\"_ _2\"></span>milioni,<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y39a ff1 fs0 fc0 sc0 ls0 ws0\">con  compensa<span class=\"_ _0\"></span>zione  del <span class=\"_ _16\"> </span>prezzo  di <span class=\"_ _16\"> </span>cessione  con  il<span class=\"_ _0\"></span>  prezzo <span class=\"_ _16\"> </span>di  sottoscrizion<span class=\"_ _3\"></span>e  delle  quot<span class=\"_ _0\"></span>e  del <span class=\"_ _16\"> </span>Fondo  stesso <span class=\"_ _16\"> </span>senza  effetti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1104 ff4 fs0 fc0 sc0 ls0 ws0\">significativi sul conto<span class=\"_ _0\"></span> economico dell\u2019ese<span class=\"_ _0\"></span>rcizio 2022.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y39c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y56b ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>Back2Bonis, <span class=\"_ _6\"></span>costituito <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>mobiliare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>riservate <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y39e ff1 fs0 fc0 sc0 ls0 ws0\">sottoscrizione a <span class=\"_ _2\"></span>investitori <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>fessionali, \u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>multi-<span class=\"ff4\">originator <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gestione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _3\"></span>\u201cReal <span class=\"_ _3\"></span>Estate <span class=\"_ _3\"></span>Small </span></div><div class=\"t m0 x0 h2 y1105 ff4 fs0 fc0 sc0 ls0 ws0\">&amp; <span class=\"_ _5\"></span>Medium <span class=\"_ _2\"></span>Size\" <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>UTP <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y15e ff1 fs0 fc0 sc0 ls0 ws0\">immobiliare o a fondi imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari (ivi inclusi quelli non i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teramente erogati/u<span class=\"_ _0\"></span>tilizzati al momento <span class=\"_ _0\"></span>della cessione).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y56f ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>perfezionamento <span class=\"_ _3\"></span>dell\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>apporto <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>piattaforma, <span class=\"_ _3\"></span>ISP <span class=\"_ _2\"></span>aveva <span class=\"_ _3\"></span>provveduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>deconsolidare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>it<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y570 ff1 fs0 fc0 sc0 ls0 ws0\">con successiva iscri<span class=\"_ _0\"></span>zione delle quote <span class=\"_ _0\"></span>del<span class=\"_ _3\"></span> Fondo in sostituzio<span class=\"_ _0\"></span>ne dei suddetti <span class=\"_ _0\"></span>crediti. </div><div class=\"t m0 x0 h2 y571 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y572 ff1 fs0 fc0 sc0 ls0 ws0\">La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debitori ce<span class=\"_ _0\"></span>duti si concentra in misur<span class=\"_ _0\"></span>a prevalente nei set<span class=\"_ _0\"></span>tori:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1108 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cImprese produttive\u201d c<span class=\"_ _0\"></span>on una percentual<span class=\"_ _0\"></span>e del 79,9%;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y574 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cCostruttori\u201d con una p<span class=\"_ _0\"></span>ercentuale del 12,<span class=\"ff1\">9%; </span></div><div class=\"t m0 x0 h2 y1109 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAffari immobiliari\u201d c<span class=\"_ _0\"></span>on una percentuale <span class=\"_ _0\"></span>del 3,5%; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y576 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAttivit\u00e0 Finanziarie <span class=\"_ _0\"></span>e Assicurative\u201d con <span class=\"_ _0\"></span>una percentuale del <span class=\"_ _0\"></span>2,6%;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y110a ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>e in misura residuale, i<span class=\"_ _0\"></span>n altri settori di atti<span class=\"_ _0\"></span>vit\u00e0 (Servizi, Trasporti<span class=\"_ _0\"></span>, Attivit\u00e0 Manifatturi<span class=\"_ _0\"></span>ere). <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y577 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y578 ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 dei debitor<span class=\"_ _0\"></span>i ceduti presentano la seguente <span class=\"_ _0\"></span>distribuzione per are<span class=\"_ _0\"></span>e territoriali:  </div><div class=\"t m0 x0 h2 y579 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>92,2% Nord-Ovest;  </span></div><div class=\"t m0 x0 h2 y57a ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>3,5% Nord-Est;  </span></div><div class=\"t m0 x0 h2 y110c ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>3,2% Sud pi\u00f9 Isole; </span></div><div class=\"t m0 x0 h2 y57c ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>1,1% Centro.  </span></div><div class=\"t m0 x0 h2 y110e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y57e ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Capog<span class=\"_ _0\"></span>ruppo <span class=\"_ _6\"></span>detiene <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>55,4% <span class=\"_ _6\"></span>(con <span class=\"_ _6\"></span>limitazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>voto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>35%) <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y110f ff1 fs0 fc0 sc0 ls0 ws0\">fondo Back2Bonis cl<span class=\"_ _0\"></span>assificata tra le inter<span class=\"_ _0\"></span>essenze ad influenz<span class=\"_ _0\"></span>a notevole per un v<span class=\"_ _0\"></span>alore di bilancio cons<span class=\"_ _0\"></span>olidato pari a 387<span class=\"_ _2\"></span> milioni. <span class=\"ff2 fc2\"> </span></div><div class=\"t m0 x0 h4c yadb ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Fo<span class=\"ls0\">ndo FI.NAV. </span>Nell\u2019ottica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>perseguire <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di  <span class=\"ff2 lsc\">de<span class=\"ls0\">-riskin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _16\"> </span><span class=\"ff4\">previste <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>precedente <span class=\"_ _16\"> </span>Piano <span class=\"_ _7\"> </span>d\u2019Impresa <span class=\"_ _7\"> </span>2018<span class=\"_ _2\"></span></span>-<span class=\"ff4\">2021 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dall\u2019attuale <span class=\"_ _7\"> </span>Piano </span></span></span></span>d\u2019Impresa 2022<span class=\"ff1\">-</span>2025, il Gru<span class=\"_ _0\"></span>ppo Intesa Sanpaolo <span class=\"_ _0\"></span>aveva avviato nell\u2019ultimo <span class=\"_ _0\"></span>trimestre del 2018 u<span class=\"_ _0\"></span>n\u2019operazione di conf<span class=\"_ _0\"></span>erimento<span class=\"_ _2\"></span><span class=\"ff1\"> al </span>Fondo <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _6\"></span>mobiliare <span class=\"_ _5\"></span>italiano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>multicomparto <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crediti ipotecari e chirogr<span class=\"_ _0\"></span>afari non performing del <span class=\"_ _0\"></span>settore dello shipping. Il Fondo \u00e8 riservato a <span class=\"_ _3\"></span>investitori istituzionali, gestit<span class=\"_ _0\"></span>o da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>manageme<span class=\"_ _0\"></span>nt company Davy Global Fund Management Limited, non facente parte <span class=\"_ _3\"></span>del Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo, con <span class=\"_ _3\"></span>sede in <span class=\"_ _3\"></span>Irlanda, e s<span class=\"_ _3\"></span>i compone di <span class=\"_ _3\"></span>due c<span class=\"_ _3\"></span>omparti autonomi: FI.NAV. Comparto <span class=\"_ _3\"></span>A \u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>Crediti, <span class=\"_ _6\"></span>dedicato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>accogliere <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>conferiti <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Unicredit <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _5\"></span>Comparto <span class=\"_ _5\"></span>B <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>Nuova </span>Finanza, dedicato ad a<span class=\"_ _0\"></span>ccogliere i capitali di<span class=\"_ _0\"></span> investitori terzi per i<span class=\"_ _0\"></span>l rilancio delle navi<span class=\"_ _0\"></span> rimpossessate.<span class=\"_ _3\"></span> L\u2019operazione, definita nel <span class=\"_ _3\"></span>2018, si <span class=\"_ _3\"></span>era perfezionata lo <span class=\"_ _3\"></span>scorso <span class=\"_ _3\"></span>2019 concretizzandosi in u<span class=\"_ _3\"></span>na cession<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo oneroso di <span class=\"_ _3\"></span>crediti </span>pro-soluto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"></span>lordo <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>155 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>ed <span class=\"_ _4\"> </span>esposizione <span class=\"_ _4\"> </span>netta <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>102 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"></span>pari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di cessione, con comp<span class=\"_ _0\"></span>ensazione del prezz<span class=\"_ _0\"></span>o di cessione con il prez<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>o di sottoscrizion<span class=\"_ _0\"></span>e delle quote del Fo<span class=\"_ _0\"></span>ndo e<span class=\"_ _2\"></span>, pertanto, senza effetti sul conto econ<span class=\"_ _0\"></span>omico dell\u2019eserci<span class=\"_ _0\"></span>zio 2019.<span class=\"ff1\"> </span>Nel primo t<span class=\"_ _3\"></span>rimestre 2020 si era p<span class=\"_ _3\"></span>erfezionata la cessione di un\u2019ulteriore tranche di c<span class=\"_ _3\"></span>rediti pro<span class=\"_ _2\"></span><span class=\"ff1\">-soluto per <span class=\"_ _3\"></span>un ammontare lordo di </span>37 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>34 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>allineato <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pre<span class=\"_ _3\"></span>zzo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>e, <span class=\"_ _4\"> </span>pertanto, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _4\"> </span>effetti <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>econo<span class=\"_ _3\"></span>mico dell\u2019esercizio 2020.<span class=\"ff1\"> </span>Ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>configurata <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>derecognition <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>ceduti <span class=\"_ _5\"></span>in<span class=\"_ _5\"></span><span class=\"ff1\"> </span>quanto, a se<span class=\"_ _3\"></span>guito della stessa, la gestione <span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>a divenuta di <span class=\"_ _3\"></span>esclusiva competenza del Fondo; <span class=\"_ _3\"></span>il Gruppo Intesa Sanpaolo aveva pertanto <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>derecognitio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>corrisponden<span class=\"_ _5\"></span>te f<span class=\"_ _3\"></span>air value delle quote del F<span class=\"_ _0\"></span>ondo attribuite. Le <span class=\"_ _6\"></span><span class=\"ff4\">societ\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"> </span>coinvolte <span class=\"_ _6\"></span>nell\u2019operazione <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>state <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _6\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>sue <span class=\"_ _6\"></span>controllate </span>incorporate <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>(Cassa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risparmio i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Bologna <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Mediocredito, <span class=\"_ _3\"></span>incorporate <span class=\"_ _3\"></span>entrambe <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2019, <span class=\"_ _3\"></span>e Banca IMI incorporata nel 20<span class=\"_ _0\"></span>20). A dicembre 2022 <span class=\"_ _3\"></span>si \u00e8 p<span class=\"_ _3\"></span>erfezionata la cessione di u<span class=\"_ _3\"></span>n portafoglio di <span class=\"_ _3\"></span>crediti per un <span class=\"_ _3\"></span>ammontare lordo di 74 <span class=\"_ _3\"></span>milioni ed esposizion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>netta <span class=\"_ _6\"></span>pari <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>36 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>contestu<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>fondo <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>36 <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ilioni, <span class=\"_ _6\"></span>con contestuale <span class=\"_ _23\"> </span>sottoscrizione <span class=\"_ _23\"> </span>delle <span class=\"_ _29\"> </span>quote <span class=\"_ _23\"> </span>del <span class=\"_ _23\"> </span>fondo <span class=\"_ _29\"> </span>stesso <span class=\"_ _23\"> </span>per <span class=\"_ _29\"> </span>un <span class=\"_ _23\"> </span>controvalore <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>allineato <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>valore dell\u2019esposizione ced<span class=\"_ _0\"></span>uta, senza effetti sig<span class=\"_ _0\"></span>nificativi sul conto <span class=\"_ _0\"></span>economico dell\u2019esercizio<span class=\"_ _0\"></span> 2022. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il  settore  di  attivit\u00e0  economica  dei<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span><span class=\"ff4\">debitori  ceduti<span class=\"_ _0\"></span>  si  c<span class=\"_ _3\"></span>oncentra  in  misura  prevalente  nell\u2019ambito  \u201cTrasporti<span class=\"_ _0\"></span>\u201d.  Le  attivit\u00e0 </span>finanziarie oggetto di<span class=\"_ _0\"></span> cessione sono prese<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti in prevalenza n<span class=\"_ _0\"></span>ell\u2019area territoriale S<span class=\"_ _0\"></span>ud pi\u00f9 Isole.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>SP <span class=\"_ _7\"> </span>detiene <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _7\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>50,54% <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>FI.NAV. <span class=\"_ _16\"> </span>classificata <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>le interessenze <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>155 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>fatto registrare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>effetto <span class=\"_ _4\"> </span>positivo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span> <span class=\"_ _7\"> </span>7 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _4\"> </span>Di <span class=\"_ _7\"> </span>questi <span class=\"_ _4\"></span>+13 <span class=\"_ _4\"> </span>milioni <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>rilevati <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>con<span class=\"_ _2\"></span>to <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>fanno <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alla variazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>NAV <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>sconto <span class=\"_ _5\"></span>applicato, <span class=\"_ _5\"></span>mentre <span class=\"_ _4\"></span>-6 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>riferiscono <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>imputati, <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>da policy per gli investime<span class=\"_ _0\"></span>nti IAS 28, in apposita <span class=\"_ _0\"></span>riserva di patrimo<span class=\"_ _0\"></span>nio netto.<span class=\"_ _3\"></span> Fondo RSCT <span class=\"ff3\">\u2013</span> Comparto Cre<span class=\"_ _0\"></span>diti Nell\u2019ambito delle attivit\u00e0 di <span class=\"ff2 ls10\">de<span class=\"ls0\">-ris<span class=\"_ _0\"></span>king<span class=\"ff1\"> <span class=\"ff4\">previste dal precedente Piano d\u2019Im<span class=\"_ _0\"></span>presa 2018<span class=\"ff1\">-</span>2021 e dall\u2019attuale Piano d\u2019Impresa 2022<span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span></span></span></span>2025, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>individuato <span class=\"_ _5\"></span>l\u2019opportunit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>conferire <span class=\"_ _5\"></span>asset <span class=\"_ _5\"></span>(crediti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>titoli) <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\">sizioni <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on </span>performing <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>chiuso <span class=\"_ _3\"></span>RSCT <span class=\"_ _3\"></span>FUND, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _2\"></span>medesimo. II <span class=\"_ _2\"></span>progetto era <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Pillarstone che <span class=\"_ _5\"></span>aveva <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>elezionato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>industriali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>commerciali <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>individuare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ciascuna <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span><span class=\"ff1\">sse </span>una  strategi<span class=\"_ _0\"></span>a  di  m<span class=\"_ _35\"></span>assimizzazione  delle  p<span class=\"_ _0\"></span>otenzialit\u00e0 <span class=\"_ _16\"> </span>di  recupero <span class=\"_ _16\"> </span>dei  crediti<span class=\"_ _0\"></span>  anche <span class=\"_ _16\"> </span>attraverso  i<span class=\"_ _0\"></span>niezioni  di <span class=\"_ _16\"> </span>nuova  fina<span class=\"_ _0\"></span>nza. L\u2019operazione <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>ggio <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>conferimento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>18 <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da<span class=\"_ _6\"></span><span class=\"ff1 ls19\">l </span>Gruppo <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>(ISP <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI, <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ncorporata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>SP <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>luglio <span class=\"_ _5\"></span>2020), <span class=\"_ _5\"></span>Unicredit, <span class=\"_ _5\"></span>BPER <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Cr\u00e9dit <span class=\"_ _5\"></span>Agricole <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fondo<span class=\"_ _35\"></span> d\u2019Investimento <span class=\"_ _5\"></span>Alternativo <span class=\"_ _2\"></span>chiuso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>nuova <span class=\"_ _5\"></span>costituzione <span class=\"_ _5\"></span>RSCT <span class=\"_ _5\"></span>Fund, <span class=\"_ _5\"></span>gestito <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Davy <span class=\"_ _5\"></span>Investment <span class=\"_ _5\"></span>Fund <span class=\"_ _5\"></span>Services, <span class=\"_ _5\"></span>gestore <span class=\"_ _5\"></span>di fondi <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>a<span class=\"ff4\">utorizzato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Irlanda. <span class=\"_ _3\"></span>RSCT <span class=\"_ _5\"></span>Fund <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>strutturato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>comparti <span class=\"_ _2\"></span>separati, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mparto <span class=\"_ _2\"></span>A </span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>cessionarie e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>comparto <span class=\"_ _3\"></span>B <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>finanza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>cessio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span>di <span class=\"_ _7\"> </span>maggio <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _16\"> </span>riguardato <span class=\"_ _4\"> </span>un <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>crediti, <span class=\"_ _7\"> </span>notes <span class=\"_ _16\"> </span>Sirti <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>partecipativi <span class=\"_ _7\"> </span>PS <span class=\"_ _7\"> </span>Reti <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>un ammontare <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>339 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(ISP <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>IMI) <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>255 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>allineato <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i cessione. A luglio 2020 si era <span class=\"_ _3\"></span><span class=\"ff4\">realizzata un\u2019ulteriore<span class=\"_ _0\"></span> cessione di una posizione creditizia per un ammontare lordo di 6,3 milioni </span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,5 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fond<span class=\"_ _0\"></span>o stesso. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>febbraio 2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>alizzata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cessione di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>creditizia <span class=\"_ _3\"></span>per u<span class=\"_ _3\"></span>n ammontare <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>21,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un valore di 13,9 <span class=\"_ _3\"></span>milioni, con compensazione del prezzo di cessione con il prezzo d<span class=\"_ _3\"></span>i sottoscrizione delle quote del Fondo stesso<span class=\"_ _5\"></span><span class=\"ls12\">. </span>A <span class=\"_ _2\"></span>marzo <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">essione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>posizione <span class=\"_ _2\"></span>creditizia, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inveniente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019incorporazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un </span>ammontare lordo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i 3,1 <span class=\"_ _2\"></span>milioni e <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>netta <span class=\"_ _3\"></span>pari a <span class=\"_ _2\"></span>1,2 milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>sottoscrizione delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Fond<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>RSCT <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>1,3<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ostanzialmente <span class=\"_ _5\"></span>allineato <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>ceduti. <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>era realizzata l\u2019ulteriore cessione <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na posizione c<span class=\"_ _3\"></span>reditizia per u<span class=\"_ _3\"></span>n ammontare <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>di 0,4 <span class=\"_ _3\"></span>milioni ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di 0,1 <span class=\"_ _3\"></span>milioni<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>con<span class=\"_ _0\"></span> </span>compensazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>essione <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>sottoscrizione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>quote <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Fondo <span class=\"_ _4\"> </span>stesso. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>set<span class=\"_ _3\"></span>tore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 economica <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>deb<span class=\"_ _3\"></span>itori <span class=\"_ _2\"></span>ceduti <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>concentra <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201cImprese <span class=\"_ _2\"></span>produttive <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>installazione <span class=\"_ _2\"></span>apparecchi <span class=\"_ _2\"></span>elettrici\u201d <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span><span class=\"ff1\">na </span>quota del 72%, di \u201cP<span class=\"_ _0\"></span>archi di divertimento e <span class=\"_ _0\"></span>pa<span class=\"_ _3\"></span>rchi tematici\u201d per u<span class=\"_ _0\"></span>na quota del 18% e del<span class=\"_ _0\"></span> \u201cCommercio al d<span class=\"_ _0\"></span>ettaglio di calzature e<span class=\"_ _35\"></span> accessori\u201d per una quo<span class=\"_ _0\"></span>ta del 10%.<span class=\"ff1\"> </span>Le attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di cessio<span class=\"_ _0\"></span>ne sono presenti in <span class=\"_ _0\"></span>prevalenza nell\u2019area <span class=\"_ _0\"></span>territoriale Nord Ovest.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Al  31  dic<span class=\"_ _0\"></span>embre  2022, <span class=\"_ _16\"> </span>la  Capogruppo <span class=\"_ _16\"> </span>ISP  detiene <span class=\"_ _16\"> </span>una  partecipazione <span class=\"_ _16\"> </span>del  70,07% <span class=\"_ _16\"> </span>nel  Fondo  RS<span class=\"_ _0\"></span>CT  cla<span class=\"_ _0\"></span>ssificata  tra  l<span class=\"_ _35\"></span>e interessenze <span class=\"_ _6\"></span>ad <span class=\"_ _7\"> </span>influenza <span class=\"_ _6\"></span>notevo<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>256 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>RSCT <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>fatto registrare un effetto <span class=\"_ _0\"></span>ne<span class=\"ff4\">gativo nell\u2019esercizio di 4 mili<span class=\"_ _0\"></span>oni.</span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-183.92188px;\"><div class=\"t m0 x0 h4c y4 ff2 fs0 fc2 sc0 ls0 ws0\">Fondo IDEA CCR Corpora<span class=\"_ _0\"></span>te Credit Recovery <span class=\"_ _0\"></span>II - <span class=\"_ _3\"></span>Comparto Cre<span class=\"_ _0\"></span>diti </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>(nello <span class=\"_ _6\"></span>specifico <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivamen<span class=\"_ _0\"></span>te <span class=\"_ _6\"></span>incorporate: <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Risparmio <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veneto, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Rispa<span class=\"_ _3\"></span>rmio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Firenze, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Friuli <span class=\"_ _6\"></span>Venezia <span class=\"_ _6\"></span>Giulia, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Bologna <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Mediocredito) <span class=\"_ _6\"></span>aveva <span class=\"_ _4\"> </span>partecipato <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Fondo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>italiano <span class=\"_ _4\"> </span>IDEA <span class=\"_ _6\"></span>CCR <span class=\"_ _4\"> </span>Corporate <span class=\"_ _4\"></span>Credit <span class=\"_ _6\"></span>Recovery <span class=\"_ _4\"></span>II <span class=\"_ _16\"> </span>- <span class=\"_ _4\"></span>Comparto<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Crediti, gestito <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Dea Capital <span class=\"_ _3\"></span>Alternativ<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>Funds S.G.R.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>S.p.A., dedicato <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rilancio delle i<span class=\"_ _3\"></span>mprese italiane di <span class=\"_ _3\"></span>medie <span class=\"_ _3\"></span>dimensioni<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">che si <span class=\"_ _3\"></span>trovano <span class=\"_ _3\"></span>in situazioni di <span class=\"_ _3\"></span>tensione f<span class=\"_ _3\"></span>inanziaria,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>ma con <span class=\"_ _3\"></span>fondamentali industriali solidi. L\u2019operazione, perfezionata nel <span class=\"_ _6\"></span><span class=\"ff1\">2018, </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>realizzata <span class=\"_ _5\"></span>mediante <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>conferimento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credit<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deteriorati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>nominali <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>esposizione <span class=\"_ _2\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">cessione <span class=\"_ _3\"></span>39,2 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>compensazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoscrizione, <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>importo, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>IDEA <span class=\"_ _5\"></span>CCR <span class=\"_ _5\"></span>Corporate <span class=\"_ _6\"></span>Credit <span class=\"_ _5\"></span>Recovery <span class=\"_ _5\"></span>II <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Compart<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>Crediti. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Fondo </div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">IDEA <span class=\"_ _4\"> </span>CCR <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>ulteriormente <span class=\"_ _4\"> </span>incrementata <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _4\"> </span>dell\u2019incorporazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>effettuato <span class=\"_ _4\"> </span>cessioni <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni creditizie nei confronti del Fondo IDEA CCR Corporate Credit <span class=\"_ _3\"></span>Re<span class=\"_ _3\"></span>covery II -<span class=\"_ _3\"></span> Comparto Crediti, gestito da <span class=\"_ _3\"></span>Dea Capital<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Alternative <span class=\"_ _7\"> </span>Funds <span class=\"_ _7\"> </span>SGR, <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2020, <span class=\"_ _7\"> </span>2019, <span class=\"_ _16\"> </span>2018 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>2017 <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _16\"> </span>lordo <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>231 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>e </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019esposizione netta pari a 144 milioni, con contestu<span class=\"_ _0\"></span>ale sottoscrizione delle quote d<span class=\"_ _0\"></span>el Fo<span class=\"_ _2\"></span><span class=\"ff1\">ndo IDEA CCR II per un controvalore<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">di 148 milioni, con compensazione del prezzo di cessione con il prezzo di sottoscrizione delle quote del Fondo. La ripartizio<span class=\"_ _2\"></span>ne </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">per settori di attivit\u00e0 <span class=\"_ _0\"></span>economica dei de<span class=\"_ _0\"></span>bitori ceduti si concent<span class=\"_ _0\"></span>ra in misura prevale<span class=\"_ _0\"></span>nte nei <span class=\"_ _3\"></span>settori:  </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Attivit\u00e0 immobiliari\u201d <span class=\"_ _0\"></span>con una percentuale d<span class=\"_ _0\"></span>el 31,6%; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Trasporto e magazzin<span class=\"_ _0\"></span>aggio\u201d con una perc<span class=\"_ _0\"></span>entuale del 28%;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Attivit\u00e0 Professional<span class=\"_ _0\"></span>i, scientifiche e tecni<span class=\"_ _0\"></span>che\u201d con una percentu<span class=\"_ _0\"></span>ale del 10%; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Metallurgia, fabbric<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di prodotti i<span class=\"_ _0\"></span>n metallo\u201d co<span class=\"ff1\">n una percentuale del 9,4%; </span></div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Fabbricazione di <span class=\"_ _0\"></span>autoveicoli altri mezzi <span class=\"_ _0\"></span>di trasporto\u201d con una<span class=\"_ _0\"></span> percentuale del 5,6%; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _3\"></span>e in misura residu<span class=\"_ _0\"></span>ale, in altri settori <span class=\"_ _0\"></span>di attivit\u00e0 (Servizi, Trasp<span class=\"_ _0\"></span>orti, Attivit\u00e0 Manifatturi<span class=\"_ _0\"></span>ere).<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 dei debitor<span class=\"_ _0\"></span>i ceduti presentano la seguente distrib<span class=\"_ _0\"></span>uzione per aree terri<span class=\"_ _0\"></span>toriali:  </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>2<span class=\"_ _3\"></span>8,8% Nord-Ovest;  </span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>1,8% Nord-Est;  </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>1,2% Sud pi\u00f9 Isole; </span></div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>2<span class=\"_ _3\"></span>3,8% Centro; </span></div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>4<span class=\"_ _3\"></span>,4% Estero.  </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">Nel 2022 la partecipazione della Capogruppo Intesa Sanpaolo nel<span class=\"_ _0\"></span> Fondo IDEA CCR \u00e8 variata per effetto: i) dell\u2019ingress<span class=\"_ _5\"></span><span class=\"ff1\">o della </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">quota <span class=\"_ _3\"></span>detenuta da <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Leasing S.p.A., <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>maggio 2022 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ISP, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>aveva e<span class=\"_ _3\"></span>ffettuato cessioni di <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>creditizie<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>IDEA <span class=\"_ _7\"> </span>CCR <span class=\"_ _16\"> </span>Corporate <span class=\"_ _7\"> </span>Credit <span class=\"_ _16\"> </span>Recovery<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>II <span class=\"_ _16\"> </span>- <span class=\"_ _16\"> </span>Comparto <span class=\"_ _7\"> </span>Crediti <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2019 <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ammontare <span class=\"_ _7\"> </span>lordo </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">complessi<span class=\"ff4\">vo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>5 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>un\u2019esposizione <span class=\"_ _2\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>compensazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">sottoscrizione, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>importo, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>A1 <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>ISP <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Banca </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Nazionale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Lavoro <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>vantato <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>regolato <span class=\"_ _5\"></span>mediante <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">tramite <span class=\"_ _2\"></span>l\u2019acquisto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Back2Bonis. <span class=\"_ _3\"></span>Al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _3\"></span>detiene <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>partecipazione <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>19,98% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _3\"></span>IDEA <span class=\"_ _3\"></span>CCR <span class=\"_ _3\"></span>Corporate Credit <span class=\"_ _2\"></span>Recovery <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">Comparto <span class=\"_ _3\"></span>Crediti <span class=\"_ _3\"></span>classificata <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cAttivit\u00e0 <span class=\"_ _3\"></span>Finanziarie obbligatoriamente al </span></div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">fair va<span class=\"_ _3\"></span>lue\u201d per u<span class=\"_ _3\"></span>n valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio pari a <span class=\"_ _3\"></span>46 <span class=\"_ _3\"></span>milioni. La <span class=\"_ _3\"></span>valutazione al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value del <span class=\"_ _3\"></span>Fondo I<span class=\"_ _3\"></span>DEA CCR <span class=\"_ _3\"></span>II h<span class=\"_ _3\"></span>a fatto <span class=\"_ _3\"></span>registra<span class=\"_ _5\"></span><span class=\"ff1\">re <span class=\"_ _3\"></span>un </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">effetto positivo sul cont<span class=\"_ _0\"></span>o econo<span class=\"ff4\">mico dell\u2019esercizio di 4 milio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i. <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y86 ff2 fs0 fc2 sc0 ls0 ws0\">Fondo IDEA CCR Corpora<span class=\"_ _0\"></span>te Credit Recovery <span class=\"_ _0\"></span>II - <span class=\"_ _3\"></span>Comparto S<span class=\"_ _0\"></span>hipping </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Comparto <span class=\"_ _3\"></span>Crediti <span class=\"_ _3\"></span>Shipping <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferisce <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>performing, <span class=\"_ _5\"></span><span class=\"ff2\">unlikely <span class=\"_ _2\"></span>to <span class=\"_ _3\"></span>pay <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ingle <span class=\"_ _3\"></span>names</span>, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>focus <span class=\"_ _3\"></span>settoriale </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">su <span class=\"_ _3\"></span>aziende <span class=\"_ _2\"></span>operanti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segmento <span class=\"_ _3\"></span>shipping. <span class=\"_ _2\"></span>Il <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>compone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mparti <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>finanza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>shipping. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>seguito </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019incorporazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>rtecipa <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Comparto <span class=\"_ _3\"></span>Shipping <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>interessenza <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>DEA <span class=\"_ _3\"></span>CCR <span class=\"_ _2\"></span>II <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Comparto <span class=\"_ _7\"> </span>Shipping. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>2018, <span class=\"_ _7\"> </span>UBI <span class=\"_ _7\"> </span>Ban<span class=\"_ _3\"></span>ca <span class=\"_ _7\"> </span>incorporata <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>ceduto <span class=\"_ _16\"> </span>finanziamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>un </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">ammontare <span class=\"_ _6\"></span>lordo <span class=\"_ _4\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>4<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposizione <span class=\"_ _6\"></span>netta <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>milioni. <span class=\"_ _6\"></span>Al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">detiene <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>20,37% <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Fondo<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>IDEA <span class=\"_ _5\"></span>CCR <span class=\"_ _5\"></span>II <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Comparto <span class=\"_ _2\"></span>Shipping <span class=\"_ _5\"></span>classificata <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>\u201cAttivit\u00e0 <span class=\"_ _5\"></span>Finanziarie </span></div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">obbligatoriamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value\u201d <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>11 <span class=\"_ _5\"></span>milioni. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>IDEA <span class=\"_ _2\"></span>CCR<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h4f y4a ff1 fs0 fc0 sc0 ls0 ws0\">Corporate Credit Re<span class=\"_ _0\"></span>covery II - Comparto Shipping non ha <span class=\"ff4\">fatto r<span class=\"_ _0\"></span>egistrare effetti nell\u2019es<span class=\"_ _0\"></span>ercizio per il bilancio <span class=\"_ _0\"></span>consolidato.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span></span></div><div class=\"t m0 x0 h4e ye4f ff1 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y89e ff2 fs0 fc2 sc0 ls0 ws0\">Clessidra Restructurin<span class=\"_ _0\"></span>g Fund  </div><div class=\"t m0 x0 h2 y48d ff1 fs0 fc0 sc0 ls0 ws0\">Clessidra  Restru<span class=\"_ _0\"></span>cturing  Fund  (F<span class=\"_ _0\"></span>ondo  CRF)  \u00e8 <span class=\"_ _16\"> </span>un  fondo  di  investime<span class=\"_ _0\"></span>nto  alternativo  m<span class=\"_ _0\"></span>obiliare  di  tipo <span class=\"_ _16\"> </span>chiuso  riservato <span class=\"_ _16\"> </span>a </div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">investitori <span class=\"_ _4\"> </span><span class=\"ff4\">istituzionali, <span class=\"_ _4\"> </span>dedicato <span class=\"_ _7\"> </span>all\u2019investimento <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>unlikely <span class=\"_ _4\"> </span>to <span class=\"_ _7\"> </span>pay <span class=\"_ _4\"> </span>vantati <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>aziende </span></div><div class=\"t m0 x0 h2 y9cc ff1 fs0 fc0 sc0 ls0 ws0\">industriali pre<span class=\"ff14\">\u2010</span>individuate. A settembre 2019, UBI Banca <span class=\"_ _3\"></span>incorporata nel 2021 in Intesa Sanpaolo, aveva ceduto finanziamenti </div><div class=\"t m0 x0 h2 y738 ff1 fs0 fc0 sc0 ls0 ws0\">relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cinque <span class=\"_ _5\"></span>controparti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>17 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>esposizione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>11 <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>con </div><div class=\"t m0 x0 h2 y9cd ff1 fs0 fc0 sc0 ls0 ws0\">contestuale sottoscrizione delle quo<span class=\"_ _3\"></span>te del <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>CRF per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>controvalore sostanzialmente allineato al <span class=\"_ _3\"></span>valore netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>credit<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y4d8 ff1 fs0 fc0 sc0 ls0 ws0\">ceduti. </div><div class=\"t m0 x0 h2 y9cf ff1 fs0 fc0 sc0 ls0 ws0\">Il settor<span class=\"ff4\">e d<span class=\"_ _3\"></span>i attivit\u00e0 economica dei <span class=\"_ _3\"></span>debitori ceduti si c<span class=\"_ _3\"></span>oncentra in misura prevalente nell\u2019ambito \u201c<span class=\"_ _3\"></span>Fabbric<span class=\"_ _0\"></span>azione porte in <span class=\"_ _3\"></span>legno e </span></div><div class=\"t m0 x0 h2 y4da ff4 fs0 fc0 sc0 ls0 ws0\">Fabbricazione Mobili\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y95 ff4 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di cessio<span class=\"_ _0\"></span>ne sono presenti in <span class=\"_ _0\"></span>prevalenza nell\u2019area <span class=\"_ _0\"></span>territoriale Nord Ovest.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y16bc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc9d ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span><span class=\"ff4\">31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _4\"> </span>2022<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>detiene <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tecipazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>4<span class=\"_ _3\"></span>,34% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Fondo <span class=\"_ _16\"> </span>CRF <span class=\"_ _4\"> </span>class<span class=\"_ _3\"></span>ificata <span class=\"_ _4\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 </span></div><div class=\"t m0 x0 h2 y16bd ff4 fs0 fc0 sc0 ls0 ws0\">Finanziarie <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bbligatoriamente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value\u201d <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>9 <span class=\"_ _6\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Fon<span class=\"_ _5\"></span><span class=\"ff1 lsc\">do </span></div><div class=\"t m0 x0 hfb y14b9 ff1 fs0 fc0 sc0 ls0 ws0\">Clessidra Rest<span class=\"ff4\">ructuring Fun<span class=\"_ _0\"></span>d ha fatto registrare <span class=\"_ _0\"></span>un effetto positivo nell\u2019<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sercizio di 1 milione.<span class=\"_ _90\"> </span></span><span class=\"ff4\"><span class=\"fff fs6\"> </span></span></div><div class=\"t m0 x0 h11 y17d4 ff1 fs6 fc0 sc0 ls0 ws0\"> <span class=\"_ _2f\"> </span><span class=\"ff2 fs0 fc2\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-100.65161px;\"><div class=\"t m0 x0 h4c y4 ff2 fs0 fc2 sc0 ls0 ws0\">Fondo UTP Italia <span class=\"ff3\">\u2013</span> Compart<span class=\"_ _0\"></span>o Crediti </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _16\"> </span>Fondo <span class=\"_ _7\"> </span>UTP <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>talia <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>fondo <span class=\"_ _7\"> </span>comune <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>investimento <span class=\"_ _7\"> </span>mobiliare <span class=\"_ _7\"> </span>italiano <span class=\"_ _16\"> </span>alternativo <span class=\"_ _7\"> </span>(FIA) <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tipo <span class=\"_ _7\"> </span>chiuso <span class=\"_ _16\"> </span>multicomparto </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">deputato alla gestione di cr<span class=\"_ _0\"></span>editi classificati<span class=\"_ _0\"></span> ad inadempienze pro<span class=\"_ _0\"></span>babile (UTP) e che ha <span class=\"_ _0\"></span>come target espo<span class=\"_ _0\"></span>sizioni creditizie ver<span class=\"_ _0\"></span>so </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medie <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>piccole <span class=\"_ _7\"> </span>dimensioni <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>persone <span class=\"_ _7\"> </span>fisiche. <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>novembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _7\"> </span>cessione <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>della </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>di un p<span class=\"_ _3\"></span>ortafoglio di <span class=\"_ _3\"></span>crediti prevalentemente UTP <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>UTP Italia <span class=\"_ _3\"></span>gestito da <span class=\"_ _3\"></span>Sagitta <span class=\"_ _3\"></span>SGr con </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Intrum <span class=\"_ _3\"></span>Italy <span class=\"_ _3\"></span>S.p.A. come <span class=\"_ _3\"></span>special s<span class=\"_ _3\"></span>ervicer. Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>l\u2019operazione ha <span class=\"_ _3\"></span>previsto: <span class=\"_ _3\"></span>i) l<span class=\"_ _3\"></span>a cessione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammont<span class=\"_ _2\"></span><span class=\"ff1\">are </span></div><div class=\"t m0 x0 hfb y64 ff1 fs0 fc0 sc0 ls0 ws0\">lordo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>espo<span class=\"_ _3\"></span>sizione <span class=\"_ _7\"> </span>netta <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>25<span class=\"_ _3\"></span><span class=\"fff fs6\"> <span class=\"_ _7\"> </span></span>milioni, <span class=\"_ _7\"> </span>Finn <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>S.r<span class=\"_ _3\"></span>.l. <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>SPV <span class=\"_ _4\"> </span>130) <span class=\"_ _7\"> </span>senza <span class=\"_ _7\"> </span>effetti <span class=\"_ _7\"> </span>significativi <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>conto </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">economico <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2022; <span class=\"_ _2\"></span>ii) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>registrazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>25 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>SPV <span class=\"_ _2\"></span>130); <span class=\"_ _5\"></span>iii) <span class=\"_ _2\"></span>l\u2019apporto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>F<span class=\"_ _5\"></span><span class=\"ff1\">ondo </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">UTP <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019SPV <span class=\"_ _5\"></span>130 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>quote <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prezzo; <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>v) <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>asset <span class=\"_ _7\"> </span>\u2013</span> </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">Backed (ABS) a cura del<span class=\"_ _0\"></span> veicolo e sottoscritti<span class=\"_ _0\"></span> dal Fondo con can<span class=\"_ _0\"></span>cellazione del credito v<span class=\"_ _0\"></span>erso l\u2019SPV 130. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei<span class=\"_ _3\"></span> debitori ceduti si <span class=\"_ _0\"></span>concentra in misura pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alente nei settori:  </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Imprese Produttive\u201d<span class=\"_ _0\"></span> con una percentual<span class=\"_ _0\"></span>e del 80%;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Societ\u00e0 con meno d<span class=\"_ _0\"></span>i 20 addetti\u201d con una p<span class=\"_ _0\"></span>ercentuale del 9,1%;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>e<span class=\"_ _3\"></span> in misura residu<span class=\"_ _0\"></span>ale, in altri settori di atti<span class=\"_ _0\"></span>vit\u00e0 (Famiglie consum<span class=\"_ _0\"></span>atrici, A<span class=\"_ _3\"></span>ltri intermediari finanziari). </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\"> Le attivit\u00e0 dei debito<span class=\"_ _0\"></span>ri ceduti presentano la <span class=\"_ _0\"></span>seguente distribuzio<span class=\"_ _0\"></span>ne per aree territori<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li: <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>5,0% Nord-Ovest;  </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>8,3% Nord-Est;  </span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>2,6% Sud pi\u00f9 Isole; </span></div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>4,1% Centro; </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>detiene <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>partecipazio<span class=\"_ _3\"></span><span class=\"ff4\">ne <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>27,58% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>UTP <span class=\"_ _3\"></span>Italia <span class=\"_ _3\"></span>classificata <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cAttivit\u00e0 </span></div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">Finanziarie obbligato<span class=\"_ _0\"></span>riamente al fair valu<span class=\"_ _0\"></span>e\u201d per un valore di bila<span class=\"_ _0\"></span>ncio pari a 25 mili<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 hfb y68f fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb yac4 ff2 fs0 fc2 sc0 ls0 ws0\">Efesto<span class=\"fff fs6 fc0\"> </span></div><div class=\"t m0 x0 h2 yec2 ff1 fs0 fc0 sc0 ls0 ws0\">Efesto <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lternativo <span class=\"_ _6\"></span>mobiliare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>taliano <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lternativo <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>FIA) <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>tipo <span class=\"_ _6\"></span>chiuso. <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>luglio <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y17d3 ff1 fs0 fc0 sc0 ls0 ws0\">perfezionata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>ammontare <span class=\"_ _6\"></span>lordo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>esposizione <span class=\"_ _6\"></span>netta <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>9 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>con </div><div class=\"t m0 x0 h2 ycfd ff1 fs0 fc0 sc0 ls0 ws0\">contestuale <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>stesso <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>7<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>senza <span class=\"_ _6\"></span>effett<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>conto </div><div class=\"t m0 x0 h2 y8df ff4 fs0 fc0 sc0 ls0 ws0\">economico dell\u2019esercizio 2022. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>settore di a<span class=\"_ _3\"></span>ttivit\u00e0 economica del <span class=\"_ _3\"></span>debitore ceduto <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ell\u2019ambito \u201cImprese Produttive\u201d. L\u2019att<span class=\"_ _5\"></span><span class=\"ff1\">ivit\u00e0 </span></div><div class=\"t m0 x0 h2 ya76 ff4 fs0 fc0 sc0 ls0 ws0\">finanziaria oggetto di <span class=\"_ _3\"></span>cessione \u00e8 <span class=\"_ _3\"></span>presente nell\u2019area territoriale <span class=\"_ _3\"></span>Nord Ovest. <span class=\"_ _3\"></span>Al 31 d<span class=\"_ _3\"></span>icembre 2022 I<span class=\"_ _2\"></span><span class=\"ff1\">ntesa <span class=\"_ _3\"></span>Sanpaolo detiene una </span></div><div class=\"t m0 x0 h2 ycee ff4 fs0 fc0 sc0 ls0 ws0\">partecipazione del 2,44% nel Fondo Efesto cla<span class=\"_ _0\"></span>ssificata tra le \u201cAttivit\u00e0 Finanziarie obbl<span class=\"_ _0\"></span>igatoriamente al fair value\u201d per un v<span class=\"_ _2\"></span><span class=\"ff1\">alore </span></div><div class=\"t m0 x0 h2 yb84 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>milioni. La <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Efesto <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">effetto <span class=\"_ _3\"></span>positivo <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y728 ff1 fs0 fc0 sc0 ls0 ws0\">1 milione. </div><div class=\"t m0 x0 h2 y154d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb y358 fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb y12e1 fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y29a ff5 fs12 fc2 sc0 ls0 ws0\">Consolidato prudenziale - <span class=\"_ _3\"></span>Operazioni di covered bond  </div><div class=\"t m0 x0 h2 ycbd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc31 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>sezione <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>covered <span class=\"_ _3\"></span>bond <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>cedente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>finanziatric<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 yc32 ff1 fs0 fc0 sc0 ls0 ws0\">coincidono. <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"></span>utilizza <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>covered <span class=\"_ _4\"> </span>bond <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revalenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>forma <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _7\"> </span>cartolare <span class=\"_ _4\"> </span>garantita <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>attivi </div><div class=\"t m0 x0 h2 yc33 ff1 fs0 fc0 sc0 ls0 ws0\">originati dalla stes<span class=\"_ _0\"></span>sa Intesa Sanpaolo <span class=\"_ _0\"></span>o da altra societ\u00e0 del Gr<span class=\"_ _35\"></span>uppo.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yc34 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc35 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo ha r<span class=\"_ _0\"></span>ealizzato tre prog<span class=\"_ _0\"></span>rammi di emissione di O<span class=\"_ _0\"></span>bbligazioni Bancarie<span class=\"_ _0\"></span> G<span class=\"_ _2\"></span>arantite (OB<span class=\"_ _0\"></span>G). </div><div class=\"t m0 x0 h2 yc36 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 yc37 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>primo <span class=\"_ _2\"></span>Programma, <span class=\"_ _3\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2009, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>massimo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(l\u2019ammontare <span class=\"_ _3\"></span>massi<span class=\"_ _3\"></span>mo <span class=\"_ _3\"></span>originario <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y10a1 ff1 fs0 fc0 sc0 ls0 ws0\">10 <span class=\"_ _6\"></span>miliardi<span class=\"_ _0\"></span>). <span class=\"_ _5\"></span>Il <span class=\"_ _6\"></span>garante <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>OBG <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>ISP <span class=\"_ _6\"></span>CB <span class=\"_ _5\"></span>Pubblico, <span class=\"_ _5\"></span>cessionario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bonis<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>settore </div><div class=\"t m0 x0 h2 y7a6 ff1 fs0 fc0 sc0 ls0 ws0\">pubblico, <span class=\"_ _3\"></span>originati <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Infrastrutture <span class=\"_ _3\"></span>Innovazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Sviluppo, <span class=\"_ _3\"></span>ora <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nel <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 ycab ff1 fs0 fc0 sc0 ls0 ws0\">ha ceduto al <span class=\"_ _3\"></span>veicolo attivit\u00e0 per un<span class=\"_ _3\"></span> valore nominale originario complessivo pari a 14<span class=\"_ _3\"></span>,3 miliardi (al netto <span class=\"_ _3\"></span>di retroces<span class=\"_ _5\"></span>sioni di attivi </div><div class=\"t m0 x0 h2 y10a3 ff4 fs0 fc0 sc0 ls0 ws0\">per 0,5 miliardi), l\u2019ultim<span class=\"_ _0\"></span>a delle quali (per un <span class=\"_ _0\"></span>importo di 1 miliard<span class=\"_ _0\"></span>o) effettuata nell\u2019april<span class=\"_ _0\"></span>e 2013. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y10a4 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti e i titoli c<span class=\"_ _0\"></span>eduti al veicolo hann<span class=\"_ _0\"></span>o un valore di bilancio <span class=\"_ _0\"></span>di 3,2 miliardi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y10a5 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ealizzate, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>OBG <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>nominale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>5,2 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _2\"></span>cui </div><div class=\"t m0 x0 h2 y10a6 ff1 fs0 fc0 sc0 ls0 ws0\">18,15 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>emissioni <span class=\"_ _6\"></span>ac<span class=\"_ _3\"></span>quistate <span class=\"_ _6\"></span>interamente <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"></span>Capogrup<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>estinzione <span class=\"_ _4\"></span>anticipata <span class=\"_ _6\"></span>o <span class=\"_ _7\"> </span>giunte <span class=\"_ _6\"></span>a </div><div class=\"t m0 x0 h2 yb10 ff1 fs0 fc0 sc0 ls0 ws0\">scadenza e 3,5 miliardi oggetto di offerta d<span class=\"_ _3\"></span>i scambio agli investitori nel corso<span class=\"_ _0\"></span> del 2012, 2 miliardi dei <span class=\"_ _3\"></span>quali scaduti nel second<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y10a7 ff1 fs0 fc0 sc0 ls0 ws0\">trimestre 2017 e i re<span class=\"_ _0\"></span>stanti 1,5 miliardi scad<span class=\"_ _0\"></span>uti a gennaio 2021). </div><div class=\"t m0 x0 h2 yc67 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere e<span class=\"_ _3\"></span>missioni ef<span class=\"_ _3\"></span>fettuate a <span class=\"_ _2\"></span>valere <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>programma <span class=\"_ _3\"></span>garantito d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>veic<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>ISP <span class=\"_ _3\"></span>CB <span class=\"_ _3\"></span>Pubblico <span class=\"_ _3\"></span>per </div><div class=\"t m0 x0 h2 y10a8 ff1 fs0 fc0 sc0 ls0 ws0\">un nominale comple<span class=\"_ _0\"></span>ssivo di 3,6 miliardi, inter<span class=\"_ _0\"></span>amente sottoscritte <span class=\"_ _0\"></span>dalla Banca.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 yc68 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>decima <span class=\"_ _5\"></span>serie <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>estinzione <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>anticipata <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _2\"></span>complessivo </div><div class=\"t m0 x0 h2 yc69 ff1 fs0 fc0 sc0 ls0 ws0\">nominale di 250 mili<span class=\"_ _0\"></span>oni, ed \u00e8 stata estinta parzialmente<span class=\"_ _0\"></span> la dodicesima serie<span class=\"_ _0\"></span> per 225 milioni. </div><div class=\"t m0 x0 h2 yc6a ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>restano <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>effettuate, <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>SP <span class=\"_ _2\"></span>CB </div><div class=\"t m0 x0 h2 yc6b ff1 fs0 fc0 sc0 ls0 ws0\">Pubblico per un nomin<span class=\"_ _0\"></span>ale complessivo di 3<span class=\"_ _0\"></span>,1 miliardi, interame<span class=\"_ _0\"></span>nte sot<span class=\"_ _3\"></span>toscritte da Intesa Sanpaol<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 yc6c ff4 fs0 fc0 sc0 ls0 ws0\">Tutti i titoli emessi a <span class=\"_ _0\"></span>valere sul programma<span class=\"_ _0\"></span> sono quotati alla Bo<span class=\"_ _0\"></span>rsa del Lussemburgo <span class=\"_ _0\"></span>e hanno rating A2 di<span class=\"_ _0\"></span> Moody\u2019s.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yc6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc6e ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>Programma, <span class=\"_ _3\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>2010, <span class=\"_ _2\"></span>dell\u2019ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(l\u2019ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _3\"></span>originario <span class=\"_ _4\"> </span><span class=\"ff1\">era <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 yc6f ff1 fs0 fc0 sc0 ls0 ws0\">20 miliardi), vede come <span class=\"_ _3\"></span>garante delle OBG il v<span class=\"_ _3\"></span>eicolo ISP CB Ipotecario <span class=\"_ _3\"></span>S.r.l., cessionario di mutui ipotecari residenziali it<span class=\"_ _5\"></span>aliani </div><div class=\"t m0 x0 h2 y10a9 ff1 fs0 fc0 sc0 ls0 ws0\">e, inizialmente, ob<span class=\"_ _0\"></span>bligazioni Adriano Fina<span class=\"_ _0\"></span>nce S.r.l., originati d<span class=\"_ _0\"></span>a Intesa Sanpaolo.  </div><div class=\"t m0 x0 h2 yc71 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>eduto <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>veicolo <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nominale <span class=\"_ _5\"></span>originario <span class=\"_ _5\"></span>complessivo <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>38,4 <span class=\"_ _5\"></span>miliardi <span class=\"_ _5\"></span>(al <span class=\"_ _5\"></span>netto </div><div class=\"t m0 x0 h2 yc72 ff1 fs0 fc0 sc0 ls0 ws0\">delle retrocessioni).  </div><div class=\"t m0 x0 h2 yc73 ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso del 2022 son<span class=\"_ _0\"></span>o state perfezion<span class=\"_ _0\"></span>ate le seguenti operazi<span class=\"_ _0\"></span>oni:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4a7 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di gennaio <span class=\"_ _0\"></span>sono stati effettuati r<span class=\"_ _0\"></span>iacquisti per un cont<span class=\"_ _0\"></span>rovalor<span class=\"_ _3\"></span>e di 116 milioni; </span></div><div class=\"t m0 x0 h2 yc74 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di magg<span class=\"_ _0\"></span>io sono state effettuate c<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssioni per un contro<span class=\"_ _0\"></span>valore di 2,7 miliardi. </span></div><div class=\"t m0 x0 h2 yc75 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di 16,6 m<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>liardi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yc76 ff1 fs0 fc0 sc0 ls0 ws0\"><span class=\"_ _9\"> </span> </div></div>A <span class=\"_ _4\"> </span>fronte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>cessioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>atti<span class=\"_ _3\"></span>vi, <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>realizzato, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>tempo, <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>OBG <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore nominale <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>34,9 <span class=\"_ _3\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _3\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>scaduti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _3\"></span>20,6 <span class=\"_ _2\"></span>miliardi <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ata di dicembre 2022). Al 31 dicembre 2021 ri<span class=\"_ _0\"></span>sultavano in essere emissioni effettuat<span class=\"_ _0\"></span>e a valere sul programm<span class=\"_ _0\"></span>a garantito dal vei<span class=\"_ _0\"></span>colo ISP CB Ipotecario<span class=\"_ _35\"></span> per  un <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _16\"> </span>nominale <span class=\"_ _16\"> </span>complessivo  di<span class=\"_ _0\"></span>  1<span class=\"_ _0\"></span>5,5  milia<span class=\"_ _0\"></span>rdi, <span class=\"_ _16\"> </span>di  cui <span class=\"_ _16\"> </span>10,6  m<span class=\"_ _0\"></span>iliardi <span class=\"_ _16\"> </span>collocate  p<span class=\"_ _0\"></span>resso <span class=\"_ _16\"> </span>investitori <span class=\"_ _16\"> </span>terzi  e <span class=\"_ _7\"> </span>4<span class=\"_ _3\"></span>,9<span class=\"_ _5\"></span> miliardi sottoscritte <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo. <span class=\"_ _4\"> </span>Di <span class=\"_ _7\"> </span>queste <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>ltime <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>impegnata <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>pronti contro termine passivi <span class=\"_ _0\"></span>per un importo di <span class=\"_ _0\"></span>343 milioni. Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>scadute <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>ammontare d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>2,2 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>di 1 miliardo.   Pertanto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>restano <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>ISP <span class=\"_ _2\"></span>CB<span class=\"_ _5\"></span> Ipotecario <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>nominale <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>14,3 <span class=\"_ _4\"> </span>miliardi, <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cui <span class=\"_ _4\"> </span>8,4 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _4\"> </span>collocate <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nvestitori <span class=\"_ _4\"></span>terzi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>5,9 <span class=\"_ _4\"> </span>miliard<span class=\"_ _2\"></span><span class=\"ls13\">i </span>sottoscritte <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. Di <span class=\"_ _2\"></span>queste u<span class=\"_ _3\"></span>ltime <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>impegnata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>operazioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro termine passivi per un imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rto di 343 milioni. Tutti i titoli emessi a <span class=\"_ _0\"></span>valere sul programma<span class=\"_ _0\"></span> sono quotati alla Bo<span class=\"_ _0\"></span>rsa del Lussemburgo <span class=\"_ _0\"></span>ed hanno rating A<span class=\"_ _0\"></span>a3 di Moody\u2019s.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>terzo <span class=\"_ _5\"></span>Programma <span class=\"_ _2\"></span>multi-originator <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>OBG, <span class=\"_ _2\"></span>avviato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2012, <span class=\"_ _5\"></span>vede <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>garante<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>veicolo <span class=\"_ _2\"></span>ISP <span class=\"_ _5\"></span>OBG S.r.l.  T<span class=\"_ _0\"></span>ale  progr<span class=\"_ _0\"></span>amma  \u00e8 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ssistito <span class=\"_ _16\"> </span>da  mutui <span class=\"_ _7\"> </span>ipotecari  per <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>ammontare  mas<span class=\"_ _0\"></span>simo  di <span class=\"_ _16\"> </span>55  mil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ardi <span class=\"_ _16\"> </span>(l\u2019ammontare  mas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>imo originario era pari <span class=\"_ _0\"></span>a 30 miliardi) ed \u00e8 fi<span class=\"_ _0\"></span>nalizzato a realizzar<span class=\"_ _0\"></span>e emissioni retained. Il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>posto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garan<span class=\"_ _3\"></span>zia <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>OBG <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omposto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mu<span class=\"_ _3\"></span>tui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>potecari <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, <span class=\"_ _2\"></span>Banco <span class=\"_ _2\"></span>di Napoli, <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Veneto, <span class=\"_ _4\"> </span>Cassa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>Risparmio <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>Bologna <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>Banca <span class=\"_ _6\"></span>CR <span class=\"_ _4\"> </span>Firenze <span class=\"_ _6\"></span>(fuse <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>incorporazione <span class=\"_ _6\"></span>in Intesa Sanpaolo tra l<span class=\"_ _0\"></span>uglio 2018 e febbrai<span class=\"_ _0\"></span>o 2<span class=\"_ _3\"></span>019).  Nel <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ceduto <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>mutui <span class=\"_ _5\"></span>ipotecari <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>nominale <span class=\"_ _5\"></span>originario <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i 94,4 miliardi (al netto<span class=\"_ _0\"></span> delle esclusioni). Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>veicolo <span class=\"_ _2\"></span>mutui ip<span class=\"_ _3\"></span>otecari p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valor<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nominale or<span class=\"_ _3\"></span>iginario complessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>12 miliardi   (al netto delle<span class=\"_ _0\"></span> esclusioni). Sono state perfezionat<span class=\"_ _0\"></span>e le seguenti cess<span class=\"_ _0\"></span>ioni: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di giugno p<span class=\"_ _0\"></span>er un controval<span class=\"_ _0\"></span>ore di 6,2 miliardi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di novembre <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di 6 miliardi. </span>Inoltre, nel corso del 2022 <span class=\"_ _0\"></span>sono stati riacquista<span class=\"_ _0\"></span>ti crediti: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di gennaio <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di 281 milioni. </span>Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti da I<span class=\"_ _0\"></span>ntesa Sanpaolo al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di <span class=\"_ _0\"></span>54,2 miliardi.<span class=\"_ _2\"></span> A <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzato, <span class=\"_ _2\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>tempo, <span class=\"_ _2\"></span>emissioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>OBG <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nominale complessivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>86,3 <span class=\"_ _5\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>40,2 <span class=\"_ _5\"></span>miliardi <span class=\"_ _2\"></span>estinte <span class=\"_ _5\"></span>anticipatamente <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsate). <span class=\"_ _5\"></span>Tutti <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>emessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aler<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sul programma sono quot<span class=\"_ _0\"></span>ati alla Borsa del Luss<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>burgo ed hanno r<span class=\"_ _0\"></span>ating A di DBRS Morning<span class=\"_ _0\"></span>star. Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>risultavano in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>emissioni <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valere <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>programma garantito <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>veicolo <span class=\"_ _3\"></span>ISP <span class=\"_ _3\"></span>OBG <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un nominale complessivo <span class=\"_ _0\"></span>di 45,9 miliardi, inter<span class=\"_ _0\"></span>amente sottoscritte <span class=\"_ _0\"></span>da Intesa <span class=\"_ _3\"></span>Sanpaolo. Nel corso del 2022 \u00e8 st<span class=\"_ _0\"></span>ata emessa la quar<span class=\"_ _0\"></span>antasettesima serie <span class=\"_ _0\"></span>per 10 milioni.<span class=\"_ _3\"></span> Pertanto, al 31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>risultano in e<span class=\"_ _3\"></span>ssere emissioni effettuate a <span class=\"_ _3\"></span>valere sul programma <span class=\"_ _3\"></span>garantito dal <span class=\"_ _3\"></span>veicolo ISP OBG per un nominale compl<span class=\"_ _0\"></span>essivo di 45,9 miliar<span class=\"_ _0\"></span>di<span class=\"_ _3\"></span>, interamente sottos<span class=\"_ _0\"></span>critte da Intesa Sanpaolo<span class=\"_ _0\"></span>. Il quarto programma fu a<span class=\"_ _0\"></span>vviato dall\u2019ex Grupp<span class=\"_ _0\"></span>o UBI Banca nel cor<span class=\"_ _0\"></span>so dell\u2019esercizio 200<span class=\"_ _0\"></span>8.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nell\u2019ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>Programmi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Obbligazion<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Bancarie <span class=\"_ _6\"></span>Garantite <span class=\"_ _6\"></span>facenti <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _6\"></span>Veicolo <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>enominate <span class=\"_ _6\"></span>UBI <span class=\"_ _6\"></span>Finance <span class=\"_ _5\"></span>S.r<span class=\"_ _3\"></span>.l. <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>UBI <span class=\"_ _6\"></span>Finance <span class=\"_ _6\"></span>CB2 S.r.l., quest\u2019ultimo c<span class=\"_ _0\"></span>hiuso nel corso del mese <span class=\"_ _0\"></span>di gennaio 2021.<span class=\"ff1\"> </span>Tale pro<span class=\"_ _3\"></span>gramma  <span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>revede ad <span class=\"_ _3\"></span>oggi la <span class=\"_ _3\"></span>possibilit\u00e0 da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di Intesa <span class=\"_ _3\"></span>Sanpao<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>emettere titoli, r<span class=\"_ _3\"></span>ivolti ad <span class=\"_ _3\"></span>investitori istituzionali, per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>Programma <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>ipotecari <span class=\"_ _3\"></span>residenziali <span class=\"_ _3\"></span>ceduti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Rete <span class=\"_ _3\"></span>dell\u2019ex Gruppo UBI; queste ultime<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>avevano aderit<span class=\"_ _0\"></span>o al Programma in qu<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lit\u00e0 sia d<span class=\"_ _3\"></span>i Banche Originator c<span class=\"_ _0\"></span>he di Banche Finan<span class=\"_ _0\"></span>ziatrici. Al 31 <span class=\"_ _3\"></span>dicembre 2021 risultavano in essere emissioni sul programma garantito dal veicolo UBI <span class=\"_ _3\"></span>Finance per un valore no<span class=\"_ _3\"></span>minale complessivo di 9,1 mili<span class=\"_ _0\"></span>ardi, di cui 7,5 miliar<span class=\"_ _0\"></span>di collocate press<span class=\"_ _0\"></span>o investitori terzi <span class=\"_ _3\"></span>e 1,6 miliardi retained. Nel corso del 2022 son<span class=\"_ _0\"></span>o scadute quattro s<span class=\"_ _0\"></span>erie per un import<span class=\"_ _0\"></span>o complessivo di 1,<span class=\"_ _0\"></span>4 miliardi.   <span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Finance <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nominale complessivo di 7,7 miliardi, di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui 7,5 miliardi coll<span class=\"_ _0\"></span>ocate presso investitori t<span class=\"_ _0\"></span>erzi e 0,2 miliardi ret<span class=\"_ _0\"></span>ained.<span class=\"_ _3\"></span> Al 31 dicembre il rati<span class=\"_ _0\"></span>ng attribuito ai titoli d<span class=\"_ _0\"></span>el programma era par<span class=\"_ _0\"></span>i a Aa3 per Mood<span class=\"_ _0\"></span>y\u2019s ed AA per DBR<span class=\"_ _0\"></span>S Morningstar.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Nel  corso  dell\u2019esercizio  2022  Intesa <span class=\"_ _17\"> </span><span class=\"ff1\">Sanpaolo  ha  ceduto  al  veicolo  mutui  ipotecari  per  un  v<span class=\"_ _3\"></span>alore  nominale  originario </span>complessivo di 751 milio<span class=\"_ _0\"></span>ni. Sono state perfezionat<span class=\"_ _0\"></span>e le seguenti oper<span class=\"_ _0\"></span>azioni: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di giugno \u00e8<span class=\"_ _0\"></span> stata effettuata u<span class=\"_ _0\"></span>na cessione per un co<span class=\"_ _0\"></span>ntrovalore di 823 milio<span class=\"_ _0\"></span>ni;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di febbraio s<span class=\"_ _0\"></span>ono stati effettuati riacqui<span class=\"_ _0\"></span>sti per un controv<span class=\"_ _0\"></span>alore di 72 milioni. </span>Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di 8,6 mili<span class=\"_ _0\"></span>ardi.<span class=\"_ _90\"> </span>Nella <span class=\"_ _7\"> </span>tabella <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>se<span class=\"_ _3\"></span>gue <span class=\"_ _7\"> </span>vengono <span class=\"_ _4\"> </span>evidenziati <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>ISP <span class=\"_ _4\"> </span>CB <span class=\"_ _16\"> </span>Pubb<span class=\"_ _3\"></span>lico, <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>CB <span class=\"_ _7\"> </span>Ipotecario, <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>OBG <span class=\"_ _4\"> </span>e UBI Finance riferiti al 31 <span class=\"_ _0\"></span>dicembre 2022. (milioni di eur<span class=\"_ _35\"></span>o) COVERE<span class=\"_ _0\"></span>D BOND        DAT<span class=\"_ _0\"></span>I VEICOLO<span class=\"_ _0\"></span> FINANZIA<span class=\"_ _0\"></span>MENTO<span class=\"_ _0\"></span> SUBORDI<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>ATO<span class=\"_ _90\"> </span>(1)              O<span class=\"_ _0\"></span>BG EMESS<span class=\"_ _35\"></span>E Totale attivo Svalutazioni<span class=\"_ _35\"></span> cumulate <span class=\"_ _0\"></span>sul portafoglio<span class=\"_ _0\"></span> cartolarizza<span class=\"_ _0\"></span>to importo Importo nominale (2)<span class=\"_ _90\"> </span>Valore di bilancio (2)<span class=\"_ _90\"> </span>ISP CB P<span class=\"_ _0\"></span>UBBLICO  Crediti e <span class=\"_ _0\"></span>titoli del set<span class=\"_ _0\"></span>tore pubblico in<span class=\"_ _0\"></span> bonis 3.978 21<span class=\"ls0\"> </span>3.897 - - ISP CB IPO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ECARIO<span class=\"_ _0\"></span> Mutui ipote<span class=\"_ _0\"></span>cari residen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iali 21.508 33<span class=\"ls0\"> </span>18.612 8.702 8.328 ISP OBG<span class=\"_ _0\"></span>  Mutui ipote<span class=\"_ _0\"></span>cari 60.733 192<span class=\"ls0\"> </span>60.537 - - UBI FINA<span class=\"_ _0\"></span>NCE Mutui ipote<span class=\"_ _0\"></span>cari residen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iali 9.351 65<span class=\"ls0\"> </span>9.241 7.497 7.108 (1) Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>indicato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prestito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ubordinato <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>veicoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>finanziare <span class=\"_ _3\"></span>l'acquisto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafogli<span class=\"_ _3\"></span>o posto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gara<span class=\"_ _3\"></span>nzia <span class=\"_ _3\"></span>delle OBG. <span class=\"_ _3\"></span>Tal<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span><span class=\"ls28\">prestito <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>oggetto </span>di <span class=\"_ _6\"> </span>derecognition <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>compli<span class=\"_ _3\"></span>ant <span class=\"_ _4\"> </span>individuale. <span class=\"_ _6\"> </span>L'ammontare <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riferisce <span class=\"_ _6\"> </span>all'emissi<span class=\"_ _3\"></span>one <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"> </span>realiz<span class=\"_ _3\"></span>zata <span class=\"_ _4\"> </span>nell'ambito <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>programma <span class=\"_ _4\"> </span>di ammontare massimo superior<span class=\"_ _3\"></span>e.<span class=\"ls0\"> </span>(2) L'importo nominale ed il valore di<span class=\"_ _3\"></span> bilancio riportati in tabella sono <span class=\"_ _3\"></span>da considerarsi<span class=\"_ _3\"></span> al netto dei titoli riacquistati.<span class=\"_ _3\"></span> A <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Obbligazioni <span class=\"_ _4\"></span>Bancarie <span class=\"_ _4\"></span>Garantit<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>previste <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>normativa <span class=\"_ _4\"> </span>italiana <span class=\"_ _4\"> </span>(L. <span class=\"_ _4\"> </span>80/2005), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>aggiungono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>c.d. \u201cmortgage bonds\u201d emessi dalla <span class=\"ff1\">partecipata slovacca VUB<span class=\"_ _0\"></span>. Si tratta di titoli il cui valore nominale e il cui rendiment<span class=\"_ _0\"></span>o \u00e8 garantito </span>dai c.d. \u201cmortgage loans\u201d, finanziamenti a persone fisiche con scadenz<span class=\"_ _0\"></span>a residua a trent\u2019anni garantiti da un pegno su immobil<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>situati nella Repubbli<span class=\"_ _0\"></span>ca Slo<span class=\"ff4\">vacca e con un \u201cLoan t<span class=\"_ _0\"></span>o Value\u201d massimo dell<span class=\"_ _0\"></span>\u201980%.<span class=\"ff1\"> </span></span>Ogni emissione <span class=\"_ _3\"></span>\u00e8 caratterizzata da <span class=\"_ _3\"></span>una s<span class=\"_ _3\"></span>pecifica copertura e <span class=\"_ _3\"></span>l\u2019intero valore n<span class=\"_ _3\"></span>ominale dell\u2019emissione, inclusi gli <span class=\"_ _3\"></span>interessi, <span class=\"_ _5\"></span><span class=\"ff1\">deve </span>essere <span class=\"_ _6\"></span>garantito <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>mutui <span class=\"_ _4\"></span>ipotecari <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>immobili <span class=\"_ _6\"></span>locali <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>ammontare <span class=\"_ _6\"></span>pari <span class=\"_ _7\"> </span>almeno <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>90% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>nominale <span class=\"_ _6\"></span>ed<span class=\"_ _90\"> </span>eventualmente per il restante 10% da liquidit\u00e0 o depositi presso la Banca Centrale slovacca, la Banca Centrale Europ<span class=\"_ _0\"></span>ea, altre<span class=\"_ _2\"></span> Banche Centrali eur<span class=\"_ _0\"></span>opee o presso banche <span class=\"_ _0\"></span>che rispettano i crite<span class=\"_ _0\"></span>ri dell\u2019Art 129(1)(c) <span class=\"_ _0\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Regolamento UE 5<span class=\"_ _0\"></span>75/2013. </span>Al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>coprire <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>netti <span class=\"_ _5\"></span>negativi <span class=\"_ _2\"></span>attesi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>180 <span class=\"_ _5\"></span>giorni <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>Covered <span class=\"_ _2\"></span>Bonds, <span class=\"_ _5\"></span>l\u2019emittente <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>mantene<span class=\"_ _5\"></span><span class=\"ff1\">re </span>attivit\u00e0 liquide di el<span class=\"_ _0\"></span>evata qualit\u00e0 in base agli<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Artt. 10 e 11 del Reg<span class=\"_ _35\"></span>ol<span class=\"_ _3\"></span>amento UE 61/<span class=\"_ _0\"></span>2015.<span class=\"_ _3\"></span> Al 31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 la <span class=\"_ _3\"></span>controllata VUB ha <span class=\"_ _3\"></span>emesso titoli <span class=\"_ _3\"></span>di questo ti<span class=\"_ _3\"></span>po per 4<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>miliardi, iscritti in bilancio <span class=\"_ _3\"></span>a un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>a ci<span class=\"_ _3\"></span>rca 3,8 miliardi. E. CONSOLIDATO P<span class=\"_ _3\"></span>RUDENZIAL<span class=\"_ _3\"></span>E - MOD<span class=\"_ _3\"></span>ELLI PER LA MISURAZION<span class=\"_ _3\"></span>E DEL RI<span class=\"_ _3\"></span>SCHIO DI CREDITO <span class=\"_ _2\"></span> Al 31 d<span class=\"_ _3\"></span>icembre 2022, la perdita at<span class=\"_ _3\"></span>tesa gestionale sui crediti verso <span class=\"_ _3\"></span>la clientela in bonis (<span class=\"_ _3\"></span>che tiene conto delle <span class=\"_ _3\"></span>forme tecnic<span class=\"_ _5\"></span>he di cassa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>firma) <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,40%, <span class=\"_ _5\"></span><span class=\"ff4\">sostanzialmente<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _2\"></span>(0,39%); <span class=\"_ _2\"></span>l\u2019incidenza<span class=\"_ _35\"></span> </span>stabile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>frutto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compensazione <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>riveniente <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>controparti <span class=\"_ _5\"></span>interessate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>conflitto <span class=\"_ _6\"></span>russ<span class=\"_ _5\"></span>o-<span class=\"_ _90\"> </span>ucraino, e le attivit<span class=\"_ _0\"></span>\u00e0 di derisking e di mi<span class=\"ff4\">glioramento nella qual<span class=\"_ _0\"></span>it\u00e0 del credito regi<span class=\"_ _0\"></span>strata nella secon<span class=\"_ _0\"></span>da met\u00e0 dell\u2019anno. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2,00<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>dell\u2019utilizzato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentava <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>riduzione, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderando<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sola clientela <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis, <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>021 <span class=\"_ _2\"></span>(-0,44%). <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>sopracitato <span class=\"_ _2\"></span>miglioramento <span class=\"_ _2\"></span>nella qualit\u00e0 del portafogli<span class=\"_ _0\"></span>o, nonch\u00e9 all\u2019inclusio<span class=\"_ _0\"></span>ne nei calcoli anali<span class=\"_ _0\"></span>tici del capitale e<span class=\"_ _0\"></span>conomico delle ba<span class=\"_ _0\"></span>nche estere pi\u00f9 sign<span class=\"_ _0\"></span>ifica<span class=\"_ _5\"></span><span class=\"ff1\">tive. </span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iet\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>piano <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>roll<span class=\"_ _3\"></span>-out, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>GD e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>EAD <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>sottoposti <span class=\"_ _3\"></span>ad un <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Convalida, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>descritto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>paragrafo <span class=\"_ _7\"> </span>2.3 <span class=\"_ _7\"> </span>della presente <span class=\"_ _4\"> </span>Sezione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>terzo <span class=\"_ _7\"> </span>livello<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Revisione <span class=\"_ _4\"> </span>Interna. <span class=\"_ _4\"> </span>Le <span class=\"_ _7\"> </span>funzioni <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>controll<span class=\"_ _0\"></span>o producono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Supervisor le <span class=\"_ _2\"></span>relazioni <span class=\"_ _3\"></span>annuali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conformit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vigilanza, <span class=\"_ _3\"></span>nell\u2019ambito delle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>qua<span class=\"_ _5\"></span><span class=\"ff1\">li <span class=\"_ _2\"></span>si<span class=\"_ _0\"></span> </span>verifica <span class=\"_ _6\"></span>lo <span class=\"_ _5\"></span>scostamento <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>stime <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>an<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>realizzati <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>post. <span class=\"_ _6\"></span>Tali relazioni, <span class=\"_ _6\"></span>approvate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di Amministrazione di Int<span class=\"_ _0\"></span>esa Sanpaolo, att<span class=\"_ _0\"></span>estano il permanere de<span class=\"_ _0\"></span>i requisiti di confo<span class=\"_ _0\"></span>rmit\u00e0.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-932": {
   "value": "SEZIONE 1 <span class=\"ff6\">\u2013</span> <span class=\"_ _0\"></span>RISCHI DE<span class=\"_ _0\"></span>L CONSOLI<span class=\"_ _0\"></span>DATO CONTA<span class=\"_ _35\"></span>BILE<span class=\"_ _3\"></span><span class=\"fc5\"> </span>Nella presente Sezion<span class=\"_ _0\"></span>e le informazioni son<span class=\"_ _0\"></span>o fornite con riferim<span class=\"_ _0\"></span>ento alle imprese inc<span class=\"_ _0\"></span>luse nel consolid<span class=\"_ _0\"></span>ato contabile.<span class=\"_ _2\"></span><span class=\"fsa\"> </span> INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span><span class=\"ff6\">QUALITA\u2019 DEL CREDITO<span class=\"_ _3\"></span></span><span class=\"fc0\"> </span></span>Ai fini dell\u2019informativa di natura quantitativa sulla qualit\u00e0 del credito, con il t<span class=\"_ _3\"></span>ermine \u201cesposizioni creditizie\u201d si intendo<span class=\"_ _2\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>esclusi i </span>titoli di capitale e le q<span class=\"_ _0\"></span>uote di OICR. A.1.  Esposizioni  creditizie  deteriorate  e  non  de<span class=\"_ _3\"></span>teriorate:  consistenze,  rettifi<span class=\"_ _3\"></span>che  di  valore,  dinamica, distribuzione economica A.1.1. Distribuzione de<span class=\"_ _0\"></span>lle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie per portafogli di <span class=\"_ _0\"></span>appartenenza e per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia <span class=\"_ _3\"></span> (valori di bilancio) - <span class=\"ff2\">Escluse <span class=\"_ _0\"></span>compagnie assicurativ<span class=\"_ _0\"></span>e<span class=\"ffa fc0\"> </span></span>(milioni di euro)<span class=\"_ _3\"></span> Portafogli/qualit\u00e0<span class=\"_ _3\"></span> Sofferenze Inadempienze probabili Esposizioni scadute deteriorate<span class=\"_ _3\"></span> Esposizioni scadute non deteriorate<span class=\"_ _3\"></span> Altre esposizioni non deteriorate<span class=\"_ _3\"></span> TOTALE 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al cost<span class=\"_ _3\"></span>o ammortizzato<span class=\"_ _3\"></span> 1.131 3.963 413<span class=\"ls0\"> </span>3.550 519.021 528.078 2. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie valutate al fair<span class=\"_ _3\"></span> value con impatt<span class=\"_ _3\"></span>o sulla redditivit\u00e0 complessiv<span class=\"_ _3\"></span>a - - - 94<span class=\"ls0\"> </span>48.274 48.368 3. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie designate al f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span> - - - - 1 1 4. Altre attivit\u00e0 finan<span class=\"_ _3\"></span>ziarie obbligat<span class=\"_ _3\"></span>oriamente valutate <span class=\"_ _3\"></span>al fair value<span class=\"_ _3\"></span> - 33<span class=\"ls0\"> </span>- 129<span class=\"ls0\"> </span>971<span class=\"ls0\"> </span>1.133 5. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie in corso di dism<span class=\"_ _3\"></span>issione<span class=\"_ _3\"></span> 46<span class=\"ls0\"> </span>312<span class=\"ls0\"> </span>- - 10<span class=\"ls0\"> </span>368<span class=\"ls0\"> </span>Totale 31.12.2022 1.177 4.308 413<span class=\"ls0\"> </span>3.773 568.277 577.948 Totale 31.12.2021 2.564 5.164 622<span class=\"ls0\"> </span>6.053 721.224 735.627 A.1.1 Bis. Distribuzion<span class=\"_ _0\"></span>e delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie per portafog<span class=\"_ _0\"></span>li di appartenenza e per q<span class=\"_ _0\"></span>ualit\u00e0 creditizia<span class=\"_ _3\"></span> (valori di bilancio) - <span class=\"ff2\">Comp<span class=\"_ _0\"></span>agnie<span class=\"ffa\"> </span>assicurative </span>(milioni di eur<span class=\"_ _35\"></span>o) Portafogli<span class=\"_ _0\"></span>/qualit\u00e0<span class=\"_ _0\"></span> Sofferenze Inademp<span class=\"_ _0\"></span>ienze probabili Esposizio<span class=\"_ _0\"></span>ni scadute deteriorate<span class=\"_ _35\"></span> Esposizio<span class=\"_ _0\"></span>ni scadute n<span class=\"_ _0\"></span>on deteriorate<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ni non deteriorate<span class=\"_ _35\"></span> TOTALE 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>disponibili per<span class=\"_ _35\"></span> la vendita - - - - 71.084 71.084 2. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie det<span class=\"_ _35\"></span>enute sino alla scaden<span class=\"_ _35\"></span>za - - - - - - 3. Crediti<span class=\"_ _0\"></span> verso banche<span class=\"_ _0\"></span> - - - - 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>4. Crediti<span class=\"_ _0\"></span> verso clientela<span class=\"_ _35\"></span> - - - - 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>5. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> - - - - 5.176 5.176 6. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie i<span class=\"_ _0\"></span>n corso di<span class=\"_ _0\"></span> dismissione - - - - - - TOTALE 31.12.2022<span class=\"_ _0\"></span> - - - - 76.340 76.340 TOTALE 31.12.2021<span class=\"_ _0\"></span> - - - - 94.157 94.157<span class=\"_ _90\"> </span>A.1.2. Distribuzione de<span class=\"_ _0\"></span>lle attivit\u00e0 finan<span class=\"_ _0\"></span>ziarie per portafogli di <span class=\"_ _0\"></span>appartenenza e per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia <span class=\"_ _3\"></span> (valori lordi e netti) <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Esclus<span class=\"_ _0\"></span>e compagnie assicurati<span class=\"_ _0\"></span>ve </span>(milioni di euro) Portafogli/qualit\u00e0  ATTIVITA' DETERIORATE ATTIVITA' NON DETERIORATE TOTALE (esposizione netta) Esposizione lorda Rettifiche di valore complessive Esposizione netta Write-off parziali complessivi Esposizione lorda Rettifiche di valore complessive Esposizione netta 1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 10.729 -5.222 5.507 3.081 525.258 -2.687 522.571 528.078 2. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 36<span class=\"ls0\"> </span>-<span class=\"ls1c\">36</span> - - 48.449 -<span class=\"ls1c\">81</span> 48.368 48.368 3. Attivit\u00e0 finanziarie designate al fair value - - - - X X 1 1 4. Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value 45<span class=\"ls0\"> </span>-<span class=\"ls1c\">12</span> 33<span class=\"ls0\"> </span>- X X 1.100 1.133 5. Attivit\u00e0 finanziarie in corso di dismissione 744<span class=\"ls0\"> </span>-<span class=\"ls1c\">386</span> 358<span class=\"ls0\"> </span>1 10<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>368<span class=\"ls0\"> </span>Totale 31.12.2022 11.554 -5.656 5.898 3.082 573.717 -2.768 572.050 577.948 Totale 31.12.2021 19.944 -11.594 8.350 7.158 728.675 -2.606 727.277 735.627 (milioni di eur<span class=\"_ _35\"></span>o) Portafogli<span class=\"_ _0\"></span>/qualit\u00e0<span class=\"_ _0\"></span> ATTIVIT<span class=\"_ _0\"></span>\u00c0 DI EVIDE<span class=\"_ _35\"></span>NTE SCARSA QUA<span class=\"_ _0\"></span>LIT\u00c0 CRE<span class=\"_ _35\"></span>D<span class=\"_ _3\"></span>ITIZIA ALTRE AT<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>IVIT\u00c0 Minusva<span class=\"_ _0\"></span>lenze cum<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>late Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> 1. Attivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>detenute<span class=\"_ _0\"></span> per la negoziazion<span class=\"_ _0\"></span>e -<span class=\"ls25\">27</span> 22<span class=\"ls0\"> </span>41.328 2. Deriva<span class=\"_ _0\"></span>ti di copertura<span class=\"_ _0\"></span> - - 10.062 Totale 31.12.2022 -<span class=\"ls25\">27</span> 22<span class=\"ls0\"> </span>51.390 Totale 31.12.2021 -<span class=\"ls25\">26</span> 34<span class=\"ls0\"> </span>48.047 A.1.2. Bis Distribuzion<span class=\"_ _0\"></span>e delle attivit\u00e0 finanz<span class=\"_ _0\"></span>iarie per portafog<span class=\"_ _0\"></span>li di appartenenza e per q<span class=\"_ _0\"></span>ualit\u00e0 creditizia  (valori lordi e netti) <span class=\"ffb\">\u2013</span> <span class=\"ff2\">Com<span class=\"_ _0\"></span>pagnie assicurative  </span>(milioni di euro)<span class=\"ls0\"> </span>Portafogli / Qualit\u00e0<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Attivit\u00e0 deterior<span class=\"_ _3\"></span>ate Attivit\u00e0 non de<span class=\"_ _3\"></span>teriorate<span class=\"_ _3\"></span> Totale (esposizione netta) Esposizione lorda Rettifiche specifiche Esposizione netta Esposizione lorda Rettifiche di portafoglio Esposizione netta 1. Attivit\u00e0 finanziarie disponi<span class=\"_ _3\"></span>bili per la vend<span class=\"_ _3\"></span>ita<span class=\"ls0\"> </span>- - - 71.084 - 71.084 71.084 2. <span class=\"ls29\">Attivit\u00e0 finanziarie detenu<span class=\"_ _3\"></span>te sino alla scadenza<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>- - - - - - - 3. Crediti verso banche<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>4. Crediti verso clientela<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 40<span class=\"ls0\"> </span>- 40<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>5. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al fair value<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - X X 5.176 5.176 6. Attivit\u00e0 finanziarie in <span class=\"ls0\">corso<span class=\"_ _3\"></span> di dismissione<span class=\"_ _3\"></span> </span>- - - - - - - Totale 31.12.2022 - - - 71.164 - 76.340 76.340 Totale 31.12.2021 - - - 88.625 - 94.157 94.157 (milioni di euro)<span class=\"_ _3\"></span> Portafogli / Qualit<span class=\"_ _3\"></span>\u00e0 Attivit\u00e0 di evident<span class=\"_ _3\"></span>e scarsa quali<span class=\"_ _3\"></span>t\u00e0 creditizia Altre attivit\u00e0 Minusvalenze cumulate Esposizione netta Esposizione netta 1. Attivit\u00e0 finanzia<span class=\"_ _3\"></span>rie detenute per la<span class=\"_ _3\"></span> negoziazion<span class=\"_ _3\"></span>e - - 759<span class=\"ls0\"> </span>2. Derivati di coper<span class=\"_ _3\"></span>tura - - 13<span class=\"ls0\"> </span>Totale 31.12.2022 - - 772<span class=\"ls0\"> </span>Totale 31.12.2021 - - 1.147 B.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>INFORMATIVA <span class=\"_ _32\"> </span>S<span class=\"_ _3\"></span>ULLE <span class=\"_ _2c\"> </span>ENTIT\u00c0 <span class=\"_ _2c\"> </span><span class=\"ff6\">STRUTT<span class=\"_ _3\"></span>URATE <span class=\"_ _2c\"> </span>(DIVERS<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>DALL<span class=\"_ _3\"></span>E <span class=\"_ _32\"> </span>SOCIETA\u2019 <span class=\"_ _2c\"> </span>PER <span class=\"_ _2c\"> </span>LA </span></span>CARTOLARIZZAZIONE)<span class=\"_ _3\"></span><span class=\"fc0\"> </span>Il <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>coerentemente con <span class=\"_ _2\"></span>quanto stabilito <span class=\"_ _3\"></span>dall\u2019IFRS 12, <span class=\"_ _3\"></span>considera <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>strutturate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>costituite per <span class=\"_ _3\"></span>raggiungere<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"lsc\">un </span></span>obiettivo limitato <span class=\"_ _3\"></span>e ben <span class=\"_ _3\"></span>definito attraverso <span class=\"_ _3\"></span>accordi contrattual<span class=\"_ _2\"></span>i che s<span class=\"_ _3\"></span>pesso impongono <span class=\"_ _3\"></span>rigidi vincoli <span class=\"_ _3\"></span>alle facolt\u00e0 <span class=\"_ _3\"></span>decisionali degli organi <span class=\"_ _2\"></span>direttivi <span class=\"_ _2\"></span>dell\u2019entit\u00e0; <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>senso <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigurate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>diritti <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voto, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>s<span class=\"_ _6\"> </span><span class=\"ff1\">imilari, <span class=\"_ _2\"></span>non </span>rappresentano il fattore pr<span class=\"_ _0\"></span>eponderante per stabil<span class=\"ff4\">ire il soggetto che controlla l\u2019entit\u00e0, in qua<span class=\"_ _0\"></span>nto si riferiscono a mat<span class=\"_ _0\"></span>erie di natura </span>amministrativa, <span class=\"_ _1c\"> </span>mentre <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>relative <span class=\"_ _1c\"> </span>attivit\u00e0 <span class=\"_ _1c\"> </span>operative <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>dirette <span class=\"_ _20\"> </span>media<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>accordi <span class=\"_ _1c\"> </span>contrattuali <span class=\"_ _1c\"> </span>condivisi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>sede <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>i strutturazione dell\u2019entit\u00e0 strutturata e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>difficil<span class=\"_ _3\"></span><span class=\"ff1\">mente possono e<span class=\"_ _3\"></span>ssere modificati; tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>caratteristiche che contraddistinguono </span>le entit\u00e0 strutturate vi s<span class=\"_ _0\"></span>ono: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>attivit\u00e0 limitate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>un obiettivo limitato <span class=\"_ _0\"></span>e ben definito; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">patrimonio netto insufficiente<span class=\"_ _0\"></span> per consentire all\u2019entit\u00e0 strutturata di <span class=\"_ _3\"></span><span class=\"ff1\">f<span class=\"_ _3\"></span>inanziare le proprie attivit\u00e0 senza sostegno<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finanziario </span></span></span>subordinato. Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>risulta <span class=\"_ _4\"> </span>operativo <span class=\"_ _4\"> </span>attraverso <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>strutturate <span class=\"_ _4\"> </span>pr<span class=\"_ _3\"></span>incipalmente <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>tramite <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Special <span class=\"_ _4\"> </span>Purpose <span class=\"_ _4\"> </span>Entities <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>SPEs) <span class=\"_ _6\"></span>e OICR. B.1. Entit\u00e0 strutturate consolidate<span class=\"_ _3\"></span> Non <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trutturate <span class=\"_ _2\"></span>consolidate <span class=\"_ _5\"></span>contabilmente, <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione, <span class=\"_ _5\"></span>rientranti <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>perimetro del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. B.2. Entit\u00e0 strutturate non consolidate co<span class=\"_ _3\"></span>ntabilmente <span class=\"_ _3\"></span> B.2.1. Entit\u00e0 struttur<span class=\"_ _0\"></span>ate consolidate prudenzialmente Non risultano <span class=\"_ _3\"></span>entit\u00e0 strutturate consolidate prudenzialmente, diverse dalle societ\u00e0 d<span class=\"_ _3\"></span>i cartolarizzazione, rientranti nel peri<span class=\"_ _5\"></span>metro del Gruppo Bancario Inte<span class=\"_ _0\"></span>sa Sanpaolo. B.2.2. Altre entit\u00e0 strut<span class=\"_ _0\"></span>turate  Informativa di natura qu<span class=\"_ _0\"></span>alitativa<span class=\"fc5\"> </span>Come <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>recedenza, <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _5\"></span>strutturate <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>svolge <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>SPEs. <span class=\"_ _2\"></span>A<span class=\"_ _5\"></span><span class=\"ff1\"> </span>tale fine, per SPEs si i<span class=\"_ _0\"></span>ntendono le entit\u00e0 leg<span class=\"_ _0\"></span>ali costituite pe<span class=\"_ _0\"></span>r il raggiungiment<span class=\"_ _0\"></span>o di uno specifico o<span class=\"_ _0\"></span>biettivo, ben <span class=\"_ _2\"></span>definito e limitato: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>raccogliere fondi sul m<span class=\"_ _0\"></span>ercato emettendo apposi<span class=\"_ _0\"></span>ti strumenti fina<span class=\"_ _0\"></span>nziari;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">sviluppare e/o finanziare una s<span class=\"_ _3\"></span>pecifica iniziativa di business, <span class=\"_ _3\"></span>in grado di generare, a<span class=\"_ _3\"></span>ttraverso un\u2019attivit\u00e0 economica, fluss<span class=\"_ _2\"></span></span><span class=\"ls13\">i </span></span>di cassa tali da co<span class=\"_ _0\"></span>nsentire il rimborso del debito; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">finanziare <span class=\"_ _5\"></span>l\u2019acquisizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _5\"></span>(target) <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>propria <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>economica, <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>generare </span></span>flussi di cassa in capo <span class=\"_ _0\"></span>alla SPE, tali da con<span class=\"_ _0\"></span>sentire il rimborso in<span class=\"_ _0\"></span>tegrale del debito.<span class=\"_ _3\"></span> Ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>presente <span class=\"_ _7\"> </span>sezione <span class=\"_ _7\"> </span><span class=\"ff4\">non <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ileva <span class=\"_ _7\"> </span>l\u2019operativit\u00e0 <span class=\"_ _4\"> </span>attraverso <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>eicolo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cartolarizzazione, <span class=\"_ _4\"> </span>ovvero <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>per </span>acquisire,  cedere <span class=\"_ _16\"> </span>e  gestire  determin<span class=\"_ _0\"></span>ati  assets,  sep<span class=\"_ _0\"></span>arandoli  dal  b<span class=\"_ _0\"></span>ilancio  della <span class=\"_ _16\"> </span>societ\u00e0  originante  (O<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>iginator), <span class=\"_ _16\"> </span>sia  per  la realizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>operazioni <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>cartola<span class=\"_ _3\"></span>rizzazione <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>attivi <span class=\"_ _29\"> </span>sia <span class=\"_ _2b\"> </span>per <span class=\"_ _2b\"> </span>la <span class=\"_ _29\"> </span>provvista <span class=\"_ _2b\"> </span>di <span class=\"_ _29\"> </span>fondi <span class=\"_ _2b\"> </span>attraverso <span class=\"_ _29\"> </span>operazioni <span class=\"_ _2b\"> </span>di<span class=\"_ _35\"></span> autocartolarizzazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di e<span class=\"_ _3\"></span>missione di <span class=\"_ _3\"></span>Obbligazioni Bancarie <span class=\"_ _3\"></span>Garantite (OBG). <span class=\"_ _3\"></span>Per t<span class=\"_ _3\"></span>ali tipologie <span class=\"_ _3\"></span>di s<span class=\"_ _3\"></span>ociet\u00e0 veicolo <span class=\"_ _3\"></span>si r<span class=\"_ _3\"></span>iman<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a alle sezioni C. Operazi<span class=\"_ _0\"></span>oni di cartolarizzazio<span class=\"_ _0\"></span>ne e D<span class=\"_ _3\"></span>. Operazioni di cess<span class=\"_ _0\"></span>ione della parte E d<span class=\"_ _0\"></span>ella Nota Integrati<span class=\"_ _0\"></span>va consolidata.<span class=\"_ _3\"></span> In taluni <span class=\"_ _3\"></span>casi il <span class=\"_ _3\"></span>Gruppo risulta s<span class=\"_ _3\"></span>ponsor della SPE <span class=\"_ _3\"></span>attraverso la <span class=\"_ _3\"></span>strutturazione dell\u2019operazione al fine <span class=\"_ _3\"></span>di raggiungere determ<span class=\"_ _5\"></span><span class=\"ff1\">inati </span>obiettivi, <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>raccolta <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>fondi, <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>cartolar<span class=\"_ _3\"></span><span class=\"ff4\">izzazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>proprie <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>provvista <span class=\"_ _4\"> </span>o <span class=\"_ _6\"> </span>l\u2019offerta <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>servizio </span>finanziario alla clie<span class=\"_ _0\"></span>ntela. Nello <span class=\"_ _3\"></span>specifico l\u2019operativit\u00e0 del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>articola attraverso <span class=\"_ _3\"></span>le se<span class=\"_ _3\"></span>guenti tipologie di<span class=\"_ _3\"></span> entit\u00e0 <span class=\"_ _3\"></span>strutturate rappresentate da <span class=\"_ _4\"> </span><span class=\"ff1\">societ\u00e0<span class=\"_ _35\"></span> </span>veicolo (SPEs). SPE Project Financing Sono <span class=\"_ _17\"> </span>strumenti <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>finanziamento <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>pro<span class=\"_ _3\"></span>getti <span class=\"_ _17\"> </span>\u201ccapital <span class=\"_ _17\"> </span>intensive\u201d, <span class=\"_ _1d\"> </span>che <span class=\"_ _18\"> </span>si <span class=\"_ _17\"> </span>basano <span class=\"_ _17\"> </span>sulla <span class=\"_ _17\"> </span>validit\u00e0 <span class=\"_ _17\"> </span>economica <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>finanziari<span class=\"_ _0\"></span>a dell\u2019operazione <span class=\"_ _2b\"> </span>industriale <span class=\"_ _2b\"> </span>o <span class=\"_ _2b\"> </span>i<span class=\"_ _3\"></span>nfrastrutturale <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>viene <span class=\"_ _2b\"> </span>posta <span class=\"_ _26\"> </span>in <span class=\"_ _2b\"> </span>essere, <span class=\"_ _2b\"> </span>rimanendo <span class=\"_ _2b\"> </span>indipendente <span class=\"_ _2b\"> </span>dal <span class=\"_ _3b\"> </span><span class=\"ff1\">grado <span class=\"_ _2b\"> </span>di </span>affidabilit\u00e0/capacit\u00e0 <span class=\"_ _7\"> </span>di  cre<span class=\"_ _0\"></span>dito <span class=\"_ _16\"> </span>degli  s<span class=\"_ _0\"></span>ponsor <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>hanno <span class=\"_ _16\"> </span>sviluppato <span class=\"_ _16\"> </span>l\u2019idea <span class=\"_ _7\"> </span>imprenditoriale. <span class=\"_ _16\"> </span>Il <span class=\"_ _16\"> </span>finanziamento <span class=\"_ _7\"> </span>dell<span class=\"_ _3\"></span>\u2019iniziativ<span class=\"_ _0\"></span>a <span class=\"_ _17\"> </span><span class=\"ff1 ls17\">\u00e8 </span>basato <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>capacit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>progetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>generare <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ositivi, <span class=\"_ _6\"></span>sufficienti <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>ripagare <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>prestiti <span class=\"_ _6\"></span>ottenuti <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>  g<span class=\"_ _35\"></span>arantire un\u2019adeguata remune<span class=\"_ _0\"></span>razione del capitale in<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>estito, coerentemen<span class=\"_ _0\"></span>te con il grado <span class=\"_ _0\"></span>di rischio assunto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo finanzia entit\u00e0<span class=\"_ _0\"></span> della specie, come <span class=\"_ _0\"></span>normali clienti affi<span class=\"_ _0\"></span>dati, senza ricoprirn<span class=\"_ _0\"></span>e il ruolo di sponsor.<span class=\"_ _3\"></span> SPE Asset Backed Si <span class=\"_ _3\"></span>tra<span class=\"ff4\">tta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>all\u2019acquisizione/co<span class=\"_ _0\"></span>struzione/gestione di <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminati <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>fisici <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>SPE <span class=\"_ _3\"></span>finanziate <span class=\"_ _3\"></span>da<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span>uno <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"></span>soggetti, <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"></span>prospettive <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>recupero <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>credito <span class=\"_ _4\"></span>dipendono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>generati <span class=\"_ _6\"></span>dagli <span class=\"_ _4\"> </span>asset stessi. <span class=\"_ _5\"></span>Si <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _2\"></span>perci\u00f2 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>loro <span class=\"_ _2\"></span>na<span class=\"_ _3\"></span>tura <span class=\"_ _2\"></span>generano <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>ordinaria <span class=\"_ _5\"></span>(ad <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sempio<span class=\"_ _35\"></span> canoni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>affitto <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>noleggio, <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trasporto <span class=\"_ _3\"></span>merci, <span class=\"_ _3\"></span>ecc.) <span class=\"_ _3\"></span>oppure <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>straordinaria <span class=\"_ _3\"></span>(ad esem<span class=\"_ _5\"></span><span class=\"ff1\">pio <span class=\"_ _3\"></span>un </span>pi<span class=\"ls0\">ano di sviluppo o <span class=\"_ _3\"></span>dismissione di un patrimonio immobiliare). Gli stessi asset<span class=\"_ _3\"></span> costituiscono generalmente oggetto di garanzia </span>reale a fronte del finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iamento erogato <span class=\"_ _0\"></span>al veicolo. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>finanzia <span class=\"_ _2\"></span>entit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>specie, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>normali <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ffidati, <span class=\"_ _2\"></span>senza <span class=\"_ _5\"></span>detenere <span class=\"_ _2\"></span>forme <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>partecipazione azionaria <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"></span>n\u00e9 <span class=\"_ _6\"></span>interessenze <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>configurare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>ruolo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>sponsor. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ssunto <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>sempre <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ormale <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di credito e i benefici s<span class=\"_ _0\"></span>ono rappresentati <span class=\"_ _0\"></span>dalla remunerazione d<span class=\"_ _0\"></span>el finanziamento conc<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sso. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-467.11682px;\"><div class=\"t m0 x0 h4c y4 ff2 fs0 fc2 sc0 ls0 ws0\">SPE Leveraged &amp; A<span class=\"_ _0\"></span>cquisition Finance </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _1d\"> </span>questa  categoria <span class=\"_ _1d\"> </span>sono  ricomprese <span class=\"_ _1d\"> </span>le  esposizioni <span class=\"_ _1d\"> </span>(affidamenti  ed <span class=\"_ _1d\"> </span>utilizzi  in <span class=\"_ _1d\"> </span>relazione  a <span class=\"_ _1d\"> </span>operazioni  di <span class=\"_ _1d\"> </span>finanziamento<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">strutturate, <span class=\"_ _3\"></span>abitualmente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>medio/lungo <span class=\"_ _3\"></span>termine) <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti giuridici <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggioranz<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>detenuta </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">da fondi di private eq<span class=\"_ _0\"></span>uity. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Si t<span class=\"_ _3\"></span>ratta per <span class=\"_ _3\"></span>lo pi\u00f9 <span class=\"_ _3\"></span>di posizioni <span class=\"_ _3\"></span>volte a <span class=\"_ _3\"></span>supportare progetti <span class=\"_ _3\"></span>di Leveraged <span class=\"_ _3\"></span>Buy Out <span class=\"_ _3\"></span>(quindi ad <span class=\"_ _3\"></span>elevata leva finanziaria), conn<span class=\"_ _5\"></span>esse </div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">cio\u00e8 <span class=\"_ _2\"></span>all\u2019acquisizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aziende <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esse <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>attravers<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>ricorso <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>veicoli <span class=\"_ _2\"></span>appositamente <span class=\"_ _3\"></span>creati <span class=\"_ _2\"></span>(SPE). <span class=\"_ _2\"></span>Questi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>un </span></div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">momento <span class=\"_ _17\"> </span>successivo <span class=\"_ _17\"> </span>all\u2019acquisizione <span class=\"_ _1d\"> </span>del <span class=\"_ _17\"> </span>pacchetto <span class=\"_ _17\"> </span>azionario/quote <span class=\"_ _1d\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _17\"> </span>societ\u00e0 <span class=\"_ _17\"> </span>target, <span class=\"_ _1d\"> </span>normal<span class=\"_ _3\"></span>mente <span class=\"_ _1d\"> </span>si <span class=\"_ _18\"> </span>fondono <span class=\"_ _1d\"> </span>per </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">incorporazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>quest\u2019ultima. <span class=\"_ _2\"></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>arget <span class=\"_ _3\"></span>dell\u2019operazione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span><span class=\"ff1\">ralmente <span class=\"_ _3\"></span>caratterizzate <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>buone <span class=\"_ _3\"></span>prospettive <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">sviluppo <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valorizzazione, <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>stabili <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>medio <span class=\"_ _6\"></span>periodo <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>bassi <span class=\"_ _6\"></span>livelli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>indebitamento <span class=\"_ _6\"></span>originari. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>Gruppo<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo fina<span class=\"_ _0\"></span>nzia entit\u00e0 della specie,<span class=\"_ _0\"></span> come normali clien<span class=\"_ _0\"></span>ti affidati, senza<span class=\"_ _3\"></span> ricoprirne il ruolo di <span class=\"_ _0\"></span>sponsor. </div><div class=\"t m0 x62 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo presenta investim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti/esposizioni <span class=\"_ _0\"></span>anche verso entit\u00e0 str<span class=\"_ _0\"></span>utturate rappresenta<span class=\"_ _0\"></span>te da OICR.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>fattispecie <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>investimenti effettuati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lcuni fondi <span class=\"_ _3\"></span>chiusi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>riservati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>Equity <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Venture e Seed Capita<span class=\"_ _0\"></span>l. </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Tra  le  esposizioni  verso  OICR  figurano  anche  gli  investimenti  in  quote  di  fondi  immobiliari<span class=\"_ _0\"></span>  derivanti  da  operazioni  di </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">conferimento di porzio<span class=\"_ _0\"></span>ni del portafoglio immo<span class=\"_ _0\"></span>biliare del Grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _2\"></span>presenti <span class=\"_ _5\"></span>investime<span class=\"_ _0\"></span>nti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>OICR <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>apporti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Non <span class=\"_ _2\"></span>Performing <span class=\"_ _3\"></span>Loans, </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">congiuntamente ad altr<span class=\"_ _0\"></span>i soggetti bancari,<span class=\"_ _0\"></span> a fondi gestiti da <span class=\"_ _0\"></span>soggetti specializzati. </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Gli  i<span class=\"_ _0\"></span>nvestimenti <span class=\"_ _16\"> </span>in  O<span class=\"_ _35\"></span>ICR  ricompr<span class=\"_ _0\"></span>endono <span class=\"_ _16\"> </span>anche  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>quote <span class=\"_ _16\"> </span>possedu<span class=\"_ _3\"></span>te  in <span class=\"_ _16\"> </span>Fondo <span class=\"_ _16\"> </span>Atlante <span class=\"_ _16\"> </span>e  I<span class=\"_ _0\"></span>talian  R<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>covery <span class=\"_ _16\"> </span>Fund, <span class=\"_ _16\"> </span>fondi <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">investimento <span class=\"_ _6\"></span>alternativi <span class=\"_ _4\"> </span>gestiti <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _4\"></span>Quaesti<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>Capital <span class=\"_ _4\"></span>Manageme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>t, <span class=\"_ _4\"></span>impegnati <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>valorizzazion<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Non </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Performing Loans di b<span class=\"_ _0\"></span>anche italiane. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>presenta <span class=\"_ _2\"></span>infine <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>vestimenti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>hedge <span class=\"_ _2\"></span>fund <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>rimanda <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>specifica <span class=\"_ _2\"></span>sezione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>E </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">della Nota Integrativ<span class=\"_ _0\"></span>a consolidata. </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Ulteriori investimenti in OICR sono effettuati dal Gruppo,<span class=\"_ _0\"></span> per il <span class=\"_ _3\"></span>tramite della controllat<span class=\"_ _0\"></span>a Eurizon Capital SGR e delle socie<span class=\"_ _2\"></span>t\u00e0 da </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">questa <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">sua <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>controllate, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafo<span class=\"_ _3\"></span>glio <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>emanate <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>stessa <span class=\"_ _5\"></span>SGR <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _2\"></span>controllate, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>accordo <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>stabilito <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>SGR <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _4\"> </span>controllate <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>caratterizzate <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>presenza <span class=\"_ _4\"> </span>sia <span class=\"_ _7\"> </span>temporanea <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>strutturale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>disponibilit\u00e0 <span class=\"_ _7\"> </span>liquide <span class=\"_ _4\"> </span>rivenienti <span class=\"_ _4\"> </span>dal </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">patrimonio <span class=\"_ _2\"></span>aziendale, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>stabilmente <span class=\"_ _3\"></span>investito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>immobilizzate, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>dinamica <span class=\"_ _2\"></span>ordinaria <span class=\"_ _4\"></span>dei </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">flussi di cas<span class=\"ff4\">sa. <span class=\"_ _3\"></span>In base a quanto definito n<span class=\"_ _3\"></span>elle linee guida per la gestione del portafoglio f<span class=\"_ _3\"></span>inanziario,<span class=\"_ _0\"></span> nell\u2019ambito delle attivit\u00e0 di </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">gestione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>liquidit\u00e0, l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>disponibilit\u00e0 s<span class=\"_ _3\"></span>trutturali e <span class=\"_ _2\"></span>quelle t<span class=\"_ _3\"></span>emporanee legate <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>dinamica <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>breve <span class=\"_ _3\"></span>t<span class=\"_ _6\"></span>ermine<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">e a vista compongono il portafoglio di liquidit\u00e0 al netto di quanto mantenuto in c/c o investito in depositi a <span class=\"_ _3\"></span>termine. In rela<span class=\"_ _2\"></span>zione </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>volte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>SGR <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dalle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>controllate <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>alle <span class=\"_ _6\"></span>caratteristiche <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>esa<span class=\"_ _3\"></span>me, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>eccedenz<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0 devono essere investite in attivit\u00e0 che presentino un rischio <span class=\"_ _3\"></span>moderato e siano facilmente liquidabili. Nell\u2019ambito <span class=\"_ _5\"></span><span class=\"ff1\">di tale </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>monetari <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>fondi <span class=\"_ _2\"></span>obbligazionari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>termine, <span class=\"_ _2\"></span>entrambi <span class=\"_ _2\"></span>specializzat<span class=\"_ _5\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>nell\u2019area </span></div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">euro <span class=\"_ _2\"></span>istituiti <span class=\"_ _2\"></span>e/o <span class=\"_ _2\"></span>gestiti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Eurizon <span class=\"_ _2\"></span>Capital <span class=\"_ _3\"></span>SGR <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>questa <span class=\"_ _5\"></span>controllate. <span class=\"_ _3\"></span>L\u2019investimento <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>negl<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y81 ff4 fs0 fc0 sc0 ls0 ws0\">OICR <span class=\"_ _4\"> </span>gestiti <span class=\"_ _7\"> </span>da <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>regiudica <span class=\"_ _4\"> </span>l\u2019autonomia <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>SGR <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>agire <span class=\"_ _4\"> </span>nell\u2019esclu<span class=\"_ _2\"></span><span class=\"ff1\">sivo </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">interesse d<span class=\"_ _3\"></span>egli <span class=\"_ _3\"></span>investitori, in <span class=\"_ _3\"></span>considerazione delle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecifiche disposizioni <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla nor<span class=\"_ _3\"></span>mativa di <span class=\"_ _3\"></span>settore <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Auto<span class=\"_ _5\"></span>rit\u00e0 <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h24 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Vigilanza.<span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h24 y84 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>tabella <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>segue <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>riepilogati <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>portafogli <span class=\"_ _6\"></span>contabili <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>allocati <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rapporti <span class=\"_ _5\"></span>attivi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>assivi <span class=\"_ _6\"></span>intrattenuti <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">entit\u00e0 strutturate non<span class=\"_ _0\"></span> consolidate. </div><div class=\"t m0 x0 h24 y833 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Informativa di natura qu<span class=\"_ _0\"></span>antitativa<span class=\"fc5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci di bilancio / Tipologia di entit\u00e0 strutturata Portafogli conta<span class=\"_ _3\"></span>bili dell'attivo<span class=\"_ _3\"></span> Totale  attivit\u00e0 (A) Portafogli  contabili  del passivo Totale  passivit\u00e0 (B) VALORE  CONTABILE NETTO (C = A-<span class=\"ls1e\">B)</span> Esposizione massima al rischio di perdita (D) Differenza tra esposizione al rischio di perdita e valore contabile (E = D - <span class=\"ls1e\">C)</span> 1.<span class=\"ls0\"> </span>Societ\u00e0 veicolo<span class=\"_ _3\"></span> 2.780 912<span class=\"ls0\"> </span>1.868 3.375 1.507 Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la negoziazione<span class=\"_ _3\"></span> 82<span class=\"ls0\"> </span>Debiti vs clientela<span class=\"_ _3\"></span> 778<span class=\"ls0\"> </span>Altre attivit\u00e0 finanziari<span class=\"_ _3\"></span>e obbligatori<span class=\"_ _3\"></span>amente valutate al fair valu<span class=\"_ _3\"></span>e 3 Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di negoziazione<span class=\"_ _3\"></span> 134<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al fair <span class=\"_ _3\"></span>value con impatto sulla reddi<span class=\"_ _3\"></span>tivit\u00e0 complessiv<span class=\"_ _3\"></span>a 16<span class=\"ls0\"> </span>- Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato Crediti verso clie<span class=\"_ _3\"></span>ntela 2.679 2.<span class=\"ls0\"> </span>OICR 4.033 10<span class=\"ls0\"> </span>4.023 4.262 239<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la negoziazione<span class=\"_ _3\"></span> 292<span class=\"ls0\"> </span>Debiti vs client<span class=\"_ _3\"></span>ela - Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al fair <span class=\"_ _3\"></span>value 3.450 Passivit\u00e0 finanziari<span class=\"_ _3\"></span>e di negoziazione<span class=\"_ _3\"></span> 10<span class=\"ls0\"> </span>Attivit\u00e0 valutate a cost<span class=\"_ _3\"></span>o ammortizz<span class=\"_ _3\"></span>ato Crediti verso clie<span class=\"_ _3\"></span>ntela 291<span class=\"ls0\"> </span>- L\u2019esposizione <span class=\"_ _4\"> </span>massima <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>rischio, <span class=\"_ _16\"> </span><span class=\"ff1\">rappresentante<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>massima<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>esposizione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>derivanti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _4\"> </span>proprie </span>interessenze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ent<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _2\"></span>strutturate, <span class=\"_ _2\"></span>coincide, <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>genere, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>sommate, <span class=\"_ _2\"></span>ove <span class=\"_ _5\"></span>applicabile<span class=\"_ _5\"></span><span class=\"ls12\">, </span>talune <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>fuori <span class=\"_ _2\"></span>bilan<span class=\"_ _3\"></span>cio <span class=\"_ _2\"></span>(es. <span class=\"_ _5\"></span>linee <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>revocabili <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>rilasciate); <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>tabile <span class=\"_ _3\"></span>netto corrisponde all\u2019espo<span class=\"_ _0\"></span>sizione di bilancio <span class=\"_ _0\"></span>al netto delle rettifiche <span class=\"_ _0\"></span>di valore registrat<span class=\"_ _0\"></span>e nell\u2019esercizio in <span class=\"_ _0\"></span>corso o in quelli pr<span class=\"_ _2\"></span><span class=\"ff1\">ecedenti. </span>Per <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>OICR <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>esposizione <span class=\"_ _3\"></span>mas<span class=\"ff1\">s<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>comprende <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impegni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>ancora <span class=\"_ _2\"></span>richiamati <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fondo, <span class=\"_ _2\"></span>a </span>sottoscrivere ulterior<span class=\"_ _0\"></span>i quote. Nella tabella seguente si ripo<span class=\"_ _0\"></span>rtano l\u2019ammontar<span class=\"_ _0\"></span>e e la tipologia dei ricavi percepiti <span class=\"_ _0\"></span>nel corso dell\u2019esercizio d<span class=\"_ _0\"></span>a entit\u00e0 <span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>trutturate; la<span class=\"_ _0\"></span> </span>componente <span class=\"_ _3\"></span>principale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ricavi <span class=\"_ _3\"></span>rilevati <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>commissioni <span class=\"_ _3\"></span>derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>collocamento <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span><span class=\"ff1\">ICR </span>sponsorizzati <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestiti <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>SGR <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>collocati <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>clientela. <span class=\"_ _5\"></span>Le <span class=\"_ _6\"></span>commissioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>addeb<span class=\"_ _5\"></span>itate <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> SGR ai fondi oggetto d<span class=\"_ _0\"></span>i gestione e retrocess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> in parte alla rete <span class=\"_ _0\"></span>distributrice per il <span class=\"_ _0\"></span>servizio di collocamento.<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> di entit\u00e0<span class=\"_ _0\"></span> strutturata<span class=\"_ _0\"></span> spons<span class=\"_ _0\"></span>orizzata Interessi Commissi<span class=\"_ _0\"></span>oni Dividend<span class=\"_ _0\"></span>i Altri proventi TOTALE OICR 51<span class=\"ls0\"> </span>2.171 119<span class=\"ls0\"> </span>-<span class=\"ls25\">160</span> 2.181 Societ\u00e0 vei<span class=\"_ _0\"></span>colo 107<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- -<span class=\"ls25\">286</span> -<span class=\"ls25\">169</span> SEZIONE 2 <span class=\"ff6\">\u2013</span> <span class=\"_ _0\"></span>RISCHI DE<span class=\"_ _0\"></span>L CONSOLI<span class=\"_ _0\"></span>DATO PRUDEN<span class=\"_ _0\"></span>ZIALE Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>sezione <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>vengono <span class=\"_ _3\"></span>indicati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _2\"></span>intrattenuti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _6\"></span>consolidamento di <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>ilancio; <span class=\"_ _6\"></span>tali <span class=\"_ _6\"> </span>dati <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>convenzionalmente, <span class=\"_ _6\"></span>in <span class=\"_ _6\"> </span>proporzione <span class=\"_ _6\"> </span>all\u2019interessenza <span class=\"_ _6\"> </span>detenuta, <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>passivit<span class=\"_ _2\"></span><span class=\"ff1 ls17\">\u00e0 </span>delle <span class=\"_ _1d\"> </span>societ\u00e0 <span class=\"_ _1d\"> </span>bancarie,  finanziarie <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>strumentali <span class=\"_ _1d\"> </span>controllate  c<span class=\"_ _3\"></span>ongiuntamente  e <span class=\"_ _1d\"> </span>consolidate <span class=\"_ _1d\"> </span>proporzionalmente  ai <span class=\"_ _17\"> </span>fi<span class=\"_ _2\"></span>ni <span class=\"_ _1d\"> </span>di vigilanza. Laddove il <span class=\"_ _0\"></span>contributo dei rap<span class=\"_ _0\"></span>porti intercorrenti fr<span class=\"_ _0\"></span>a le societ\u00e0 apparten<span class=\"_ _0\"></span>enti al consolidato pru<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>enziale e le altre<span class=\"_ _2\"></span> societ\u00e0 incluse n<span class=\"_ _3\"></span>el per<span class=\"_ _3\"></span>imetro del <span class=\"_ _3\"></span>consolidamento del <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>rilevante, in <span class=\"_ _3\"></span>calce <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>informative <span class=\"_ _3\"></span>interessate viene <span class=\"_ _3\"></span>for<span class=\"_ _5\"></span>nito i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>relativo dettaglio. La tabella che segue riporta l<span class=\"_ _0\"></span>a riconciliazione dei <span class=\"_ _0\"></span>dati di Stato patrimoniale <span class=\"_ _0\"></span>consolidato con i dati di Stat<span class=\"_ _0\"></span>o patrimoniale r<span class=\"_ _2\"></span>iferiti al perimetro di vigilanz<span class=\"_ _0\"></span>a bancaria. (milioni di euro) Voci dell'attivo 31.12.2022 Effetti del deconsolidamento e del consolidamento di controparti diverse  da quelle incluse nel gruppo bancario (*) 31.12.2022 Bilancio Vigilanza 10.<span class=\"ls0\"> </span>Cassa e disponibilit\u00e0 liq<span class=\"_ _0\"></span>uide 112.924 -<span class=\"ls1a\">915</span> 112.009 20.<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie valutate al fair v<span class=\"_ _35\"></span>alu<span class=\"_ _3\"></span>e con impatto a co<span class=\"_ _0\"></span>nto economico 47.577 744 48.321 a) attivit\u00e0 finanziarie detenu<span class=\"_ _0\"></span>te per la negoziazione 42.522 92<span class=\"ls0\"> </span>42.614 b) attivit\u00e0 finanziarie desig<span class=\"_ _0\"></span>nate al fair value 1 - 1 c) altre attivit\u00e0 finanziarie obbliga<span class=\"_ _0\"></span>toriamente valuta<span class=\"_ _0\"></span>te al fair value 5.054 652 5.706 30.<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al fair value con i<span class=\"_ _0\"></span>mpatto sulla redditivit\u00e0 complessiv<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> 49.716 - 49.716 35.<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie di pertine<span class=\"_ _0\"></span>nza delle imprese di <span class=\"_ _0\"></span>assicurazione valutate <span class=\"_ _0\"></span>al fair va<span class=\"_ _3\"></span>lue ai sensi dello <span class=\"_ _0\"></span>IAS 39 172.725 -172.725 - 40.<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al costo ammortizzato 528.078 761 528.839 a) Crediti verso banche 32.884 3 32.887 b) Crediti verso clientela 495.194 758 495.952 45.<span class=\"ls0\"> </span>Attivit\u00e0 finanziarie di pertinenz<span class=\"_ _0\"></span>a delle imprese di a<span class=\"_ _0\"></span>ssicurazione valutate al cos<span class=\"_ _0\"></span>to ammortizzato ai sen<span class=\"_ _0\"></span>si dello IAS 39 80<span class=\"ls0\"> </span>-<span class=\"ls1a\">80</span> - 50.  Derivati di copertura 10.062 - 10.062 60.<span class=\"ls0\"> </span>Adeguamento di valore d<span class=\"_ _0\"></span>elle attivit\u00e0 finanziarie og<span class=\"_ _0\"></span>getto di copertura generi<span class=\"_ _0\"></span>ca (+/<span class=\"_ _3\"></span>-) -9.752 - -9.752 70.<span class=\"ls0\"> </span>Partecipazioni 2.013 6.527 8.540 80.<span class=\"ls0\"> </span>Riserve tecniche a carico <span class=\"_ _0\"></span>dei riassicuratori  163 -<span class=\"ls1a\">163</span> - 90.<span class=\"ls0\"> </span>Attivit\u00e0 materiali 10.505 -1.277 9.228 100. Attivit\u00e0 immateriali 9.830 -<span class=\"ls1a\">885</span> 8.945 di cui:  -<span class=\"ls4f\">  </span>avviamento 3.626 -<span class=\"ls1a\">382</span> 3.244 110. Attivit\u00e0 fiscali 18.273 -1.127 17.146 a) correnti 3.520 -<span class=\"ls1a\">97</span> 3.423 b) anticipate 14.753 -1.030 13.723 120. Attivit\u00e0 non correnti e gruppi<span class=\"_ _0\"></span> di attivit\u00e0 in via di dis<span class=\"_ _0\"></span>missione 638 -3 635 130. Altre attivit\u00e0 22.851 -4.080 18.771 Totale dell'attivo 975.683 -173.223 802.460 Voci del passivo e del patr<span class=\"_ _0\"></span>imonio netto 31.12.2022 Effetti del deconsolidamento e del consolidamento di controparti diverse  da quelle incluse nel gruppo bancario (*) 31.12.2022 Bilancio Vigilanza 10.<span class=\"ls0\"> </span>Passivit\u00e0 finanziarie valutat<span class=\"_ _0\"></span>e al costo ammortizzat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> 667.586 3.660 671.246 a) debiti verso banche 137.482 -<span class=\"ls1a\">265</span> 137.217 b) debiti verso la clientel<span class=\"_ _0\"></span>a 454.025 2.615 456.640 c) titoli in circolazione 76.079 1.310 77.389 15.<span class=\"ls0\"> </span>Passivit\u00e0 finanziarie di pertin<span class=\"_ _0\"></span>enza delle imprese di<span class=\"_ _0\"></span> assicurazione valutate <span class=\"_ _0\"></span>al costo ammortizzato ai s<span class=\"_ _0\"></span>ensi dello IAS 39 2.550 -2.550 - 20.<span class=\"ls0\"> </span>Passivit\u00e0 finanziarie di neg<span class=\"_ _0\"></span>oziazione 46.512 21<span class=\"ls0\"> </span>46.533 30.<span class=\"ls0\"> </span>Passivit\u00e0 finanziarie desi<span class=\"_ _0\"></span>gnate al fair value 8.795 - 8.795 35.<span class=\"ls0\"> </span>Passivit\u00e0 finanziarie di pertin<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nza delle imprese di<span class=\"_ _0\"></span> assicurazione valutate <span class=\"_ _0\"></span>al fair value ai sensi dell<span class=\"_ _0\"></span>o IAS 39<span class=\"_ _3\"></span> 71.744 -71.744 - 40.<span class=\"ls0\"> </span>Derivati di copertura 5.346 - 5.346 50.<span class=\"ls0\"> </span>Adeguamento di valore d<span class=\"_ _0\"></span>elle passivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di copertura generica (+/-) -8.031 - -8.031 60.<span class=\"ls0\"> </span>Passivit\u00e0 fiscali 2.306 -1.311 995 a) correnti 297 -<span class=\"ls1a\">24</span> 273 b) differite 2.009 -1.287 722 70.<span class=\"ls0\"> </span>Passivit\u00e0 associate ad attivi<span class=\"_ _0\"></span>t\u00e0 in via di dismissione 15<span class=\"ls0\"> </span>- 15<span class=\"ls0\"> </span>80.<span class=\"ls0\"> </span>Altre passivit\u00e0 11.060 -<span class=\"ls1a\">794</span> 10.266 90.<span class=\"ls0\"> </span>Trattamento di fine rapporto<span class=\"_ _0\"></span> del personale 852 -5 847 100. Fondi per rischi e oneri 5.010 -<span class=\"ls1a\">352</span> 4.658 a) impegni e garanzie rilas<span class=\"_ _0\"></span>ciate  711 -<span class=\"ls1a\">136</span> 575 b) quiescenza e obblighi sim<span class=\"_ _0\"></span>ili 139 - 139 c) altri fondi per rischi e on<span class=\"_ _0\"></span>eri 4.160 -<span class=\"ls1a\">216</span> 3.944 110. Riserve tecniche 100.117 -100.117 - 120. Riserve da valutazione -1.939 - -1.939 125. Riserve da valutazione di <span class=\"_ _0\"></span>pertinenza delle impres<span class=\"_ _0\"></span>e di assicurazione -<span class=\"ls1a\">696</span> - -<span class=\"ls1a\">696</span> 130. Azioni rimborsabili - - - 140. Strumenti di capitale 7.211 - 7.211 150. Riserve 15.827 - 15.827 155. Acconti su dividendi (-) -1.400 - -1.400 160. Sovrapprezzi di emissione 28.053 - 28.053 170. Capitale 10.369 - 10.369 180. Azioni proprie (-) -<span class=\"ls1a\">124</span> - -<span class=\"ls1a\">124</span> 190. Patrimonio di pertinenza di<span class=\"_ _0\"></span> terzi (+/-) 166 -<span class=\"ls1a\">31</span> 135 200. Utile (Perdita) di periodo (+/-)<span class=\"_ _0\"></span> 4.354 - 4.354 Totale del passivo e del patri<span class=\"_ _35\"></span>monio <span class=\"_ _3\"></span>netto 975.683 -173.223 802.460 (*) Gli effetti sono riconducibili<span class=\"_ _0\"></span> al: - deconsolidamento delle<span class=\"_ _0\"></span> societ\u00e0 non facenti parte<span class=\"_ _0\"></span> del Gruppo Bancario; - consolidamento con il m<span class=\"_ _0\"></span>etodo proporzionale dell<span class=\"_ _0\"></span>e societ\u00e0 controllate co<span class=\"_ _0\"></span>ngiuntamente e consolid<span class=\"_ _0\"></span>ate con il metodo del p<span class=\"_ _0\"></span>atrimoni<span class=\"_ _3\"></span>o netto in Bilancio. 1.1. <span class=\"_ _22\"> </span>RISCHIO DI CREDITO INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span><span class=\"ff1\"> </span>1.<span class=\"ls0\"> <span class=\"_ _28\"> </span>ASPETTI GENER<span class=\"_ _3\"></span>ALI<span class=\"_ _3\"></span> </span>Le <span class=\"_ _4\"></span>strategie, <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"></span>Appetite <span class=\"_ _6\"></span>Framework, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>Facolt\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>Regole <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Concessione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>gestione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>sono indirizzate:  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">al <span class=\"_ _2\"></span>raggiungimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>obiettivo <span class=\"_ _3\"></span>sostenibile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>coerente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>l\u2019appetito <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>creazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _2\"></span></span> </span>garantendo la qualit\u00e0<span class=\"_ _0\"></span> delle attivit\u00e0 crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alla <span class=\"_ _16\"> </span>diversificazio<span class=\"_ _0\"></span>ne <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>por<span class=\"_ _3\"></span>tafoglio, <span class=\"_ _7\"> </span>limitando <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>concentrazione <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ontroparti/gr<span class=\"_ _0\"></span>uppi, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>settori <span class=\"_ _16\"> </span>di </span>attivit\u00e0 economica o ar<span class=\"_ _0\"></span>ee geografiche; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">ad <span class=\"_ _5\"></span>un\u2019efficiente <span class=\"_ _5\"></span>selezione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>gruppi <span class=\"_ _6\"></span>economici <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>singoli <span class=\"_ _5\"></span>affidati, <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>un\u2019accurata <span class=\"_ _5\"></span>analisi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>merito <span class=\"_ _5\"></span>creditizio<span class=\"_ _35\"></span> </span></span>finalizzata a conte<span class=\"_ _0\"></span>nere il rischio di insolv<span class=\"_ _0\"></span>enza e a mitigare le <span class=\"_ _0\"></span>perdite a queste pot<span class=\"_ _0\"></span>enzialmente co<span class=\"_ _0\"></span>nnesse;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">a <span class=\"_ _1d\"> </span>privilegiare,  nell\u2019attuale  fase <span class=\"_ _1d\"> </span>congiunturale,  gli <span class=\"_ _1d\"> </span>interventi  credi<span class=\"_ _2\"></span>tizi  volti <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>supportare  l\u2019economia  reale, <span class=\"_ _1d\"> </span>il  s<span class=\"_ _3\"></span>istema<span class=\"_ _0\"></span> </span></span>produttivo e a svilup<span class=\"_ _0\"></span>pare le relazioni con la <span class=\"_ _0\"></span>clientela; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>al  costant<span class=\"_ _0\"></span>e  controll<span class=\"_ _0\"></span>o  delle <span class=\"_ _16\"> </span>relazioni  e <span class=\"_ _16\"> </span>delle  relativ<span class=\"_ _0\"></span>e  esposizio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i,  effettuato<span class=\"_ _0\"></span>  sia <span class=\"_ _16\"> </span>con  procedur<span class=\"_ _0\"></span>e  informatic<span class=\"_ _0\"></span>he,  sia <span class=\"_ _16\"> </span>con </span>un\u2019attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sorveglianza<span class=\"ff1\"> <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>istematica <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentanti <span class=\"_ _4\"> </span>irregolarit\u00e0, <span class=\"_ _7\"> </span>allo <span class=\"_ _7\"> </span>scopo <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>cogliere <span class=\"_ _7\"> </span>tempestivamente<span class=\"_ _0\"></span> </span>eventuali sintomi di det<span class=\"_ _0\"></span>erioramento. Il  costante <span class=\"_ _1d\"> </span>monitoraggio  della  qualit\u00e0  del <span class=\"_ _1d\"> </span>portafoglio  crediti  viene  perseguito  attraverso  l<span class=\"_ _3\"></span>\u2019adozione  di  precise <span class=\"_ _1d\"> </span>modalit<span class=\"_ _35\"></span>\u00e0 op<span class=\"ls0\">erative in tut<span class=\"_ _0\"></span>te le fasi gestiona<span class=\"_ _0\"></span>li della relazione di<span class=\"_ _0\"></span> affidamento. </span>Occorre poi <span class=\"_ _3\"></span>sottolineare <span class=\"_ _3\"></span>che il <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>d\u2019Impresa 2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025 <span class=\"_ _3\"></span>contempla <span class=\"_ _3\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>altre </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>specifiche iniziative <span class=\"_ _3\"></span>mirate alla <span class=\"_ _3\"></span>riduzione<span class=\"_ _0\"></span> </span>massiva dello stock di NP<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span> e alla continua <span class=\"_ _0\"></span>prevenzione attraverso una strategia modul<span class=\"_ _0\"></span>are. Tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>finalizzate <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019esercizio, <span class=\"_ _3\"></span>rientrano <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>straordinarie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span></span>-risking <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _3\"></span>9,5 miliardi in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>GBV, a <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>si a<span class=\"_ _3\"></span>ggiungono circa <span class=\"_ _3\"></span>0,8 <span class=\"_ _3\"></span>miliardi di <span class=\"_ _3\"></span>GBV c<span class=\"_ _3\"></span>lassificati in a<span class=\"_ _3\"></span>tt<span class=\"_ _2\"></span>ivit\u00e0 i<span class=\"_ _3\"></span>n via <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>dismissione per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>la cessione \u00e8 prevista <span class=\"_ _0\"></span>nel 2023.  Per maggiori dettagli<span class=\"_ _0\"></span> si fa rinvio al paragraf<span class=\"_ _0\"></span>o \u201cIl Piano d\u2019Impres<span class=\"_ _0\"></span>a 2022<span class=\"_ _3\"></span><span class=\"ff1\">-</span>2025\u201d della Relazione sull\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ndamento della g<span class=\"_ _0\"></span>estione.<span class=\"ff1\"> </span>1.1.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Gli impatti valutativi per il G<span class=\"_ _3\"></span>ruppo ISP del conflitt<span class=\"_ _2\"></span>o militare fra Russia e U<span class=\"_ _3\"></span>craina<span class=\"_ _3\"></span> </span>Nel rimandare a quanto descritto nella Parte A <span class=\"_ _0\"></span>della presente Nota integrativa (Sezion<span class=\"_ _0\"></span>e 5 Altri aspetti) per quanto riguarda <span class=\"_ _2\"></span>pi\u00f9 in <span class=\"_ _5\"></span>generale <span class=\"_ _6\"></span>l\u2019approccio <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dal <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>rischi, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>incertezze <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>agli <span class=\"_ _5\"></span>impa<span class=\"_ _2\"></span><span class=\"ff1\">tti <span class=\"_ _6\"></span>connessi <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>flitto <span class=\"_ _5\"></span>tra </span>Russia <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>Ucraina, <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>illustrati <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"> </span>aspetti <span class=\"_ _7\"> </span>quali<span class=\"_ _3\"></span>-quantitativi <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _7\"> </span>creditizie <span class=\"_ _4\"> </span>verso <span class=\"_ _7\"> </span>controparti residenti nei Paesi in conflitto, <span class=\"_ _3\"></span>in portafoglio alle due controllate residenti in Russia e<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span> Ucraina, Banca Intesa Russia e Pravex Bank <span class=\"_ _7\"> </span>(Banca <span class=\"_ _16\"> </span>ucraina)<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>erogati <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>realt\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>(esposizioni <span class=\"_ _7\"> </span>cross <span class=\"_ _16\"> </span>border), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>particolare <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>guardo <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>loro valutazione.  Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>presenta <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eguenti <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>residenti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>Russia <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Ucraina <span class=\"_ _2\"></span>al netto delle garanzi<span class=\"_ _0\"></span>e ECA e al lordo/netto de<span class=\"_ _0\"></span>lle rettifiche di val<span class=\"_ _0\"></span>ore effettuate:<div class=\"c w35c h1bc\" style=\"left:400.5486px; bottom:839.5439px;\"><div class=\"t m0 x1c2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w35c h6a\" style=\"left:180.71863px; bottom:822.85187px;\"><div class=\"t m0 x3e h59 y118b ff5 fs17 fc8 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> (*) </div></div><div class=\"c w35c h6a\" style=\"left:400.5486px; bottom:822.85187px;\"><div class=\"t m0 x135 h59 y118b ff5 fs17 fc8 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> (**) </div></div><div class=\"c w487 h41\" style=\"left:180.71863px; bottom:806.3159px;\"><div class=\"t m0 x12 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ne lorda </div></div><div class=\"c wed h41\" style=\"left:289.45062px; bottom:806.3159px;\"><div class=\"t m0 x12 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> </div></div><div class=\"c w488 h41\" style=\"left:400.5486px; bottom:806.3159px;\"><div class=\"t m0 x12 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ne lorda </div></div><div class=\"c w487 h41\" style=\"left:509.9436px; bottom:806.3159px;\"><div class=\"t m0 x12 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ne netta<span class=\"_ _0\"></span> </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:789.7799px;\"><div class=\"t m0 xae h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Russia </div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:789.7799px;\"><div class=\"t m0 x6 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Ucraina<span class=\"_ _0\"></span> </div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:789.7799px;\"><div class=\"t m0 xae h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Russia </div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:789.7799px;\"><div class=\"t m0 x6 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Ucraina<span class=\"_ _0\"></span> </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:789.7799px;\"><div class=\"t m0 xae h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Russia </div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:789.7799px;\"><div class=\"t m0 x6 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Ucraina </div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:789.7799px;\"><div class=\"t m0 xae h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Russia </div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:789.7799px;\"><div class=\"t m0 x6 h59 y32d ff5 fs17 fc8 sc0 ls0 ws0\">Ucraina<span class=\"_ _0\"></span> </div></div><div class=\"c w2de h8c\" style=\"left:-4.050377px; bottom:764.35187px;\"><div class=\"t m0 x41 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">Crediti ve<span class=\"_ _0\"></span>rso client<span class=\"_ _0\"></span>ela </div></div><div class=\"c w485 h8c\" style=\"left:180.71863px; bottom:764.35187px;\"><div class=\"t m0 x94 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">1.629 </div></div><div class=\"c wd0 h8c\" style=\"left:235.31863px; bottom:764.35187px;\"><div class=\"t m0 xad h59 y7c9 ff5 fs17 fc2 sc0 ls25 ws0\">216<span class=\"ls0\"> </span></div></div><div class=\"c w486 h8c\" style=\"left:289.45062px; bottom:764.35187px;\"><div class=\"t m0 x94 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">1.168 </div></div><div class=\"c w9f h8c\" style=\"left:345.32462px; bottom:764.35187px;\"><div class=\"t m0 xad h59 y7c9 ff5 fs17 fc2 sc0 ls25 ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h8c\" style=\"left:400.5486px; bottom:764.35187px;\"><div class=\"t m0 x94 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">4.518 </div></div><div class=\"c w486 h8c\" style=\"left:456.2406px; bottom:764.35187px;\"><div class=\"t m0 xad h59 y7c9 ff5 fs17 fc2 sc0 ls25 ws0\">226<span class=\"ls0\"> </span></div></div><div class=\"c w485 h8c\" style=\"left:509.9436px; bottom:764.35187px;\"><div class=\"t m0 x94 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">4.486 </div></div><div class=\"c wd0 h8c\" style=\"left:565.3236px; bottom:764.35187px;\"><div class=\"t m0 xad h59 y7c9 ff5 fs17 fc2 sc0 ls25 ws0\">224<span class=\"ls0\"> </span></div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:747.8159px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:747.8159px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">372<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:747.8159px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:747.8159px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">205<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:747.8159px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:747.8159px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">644<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:747.8159px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:747.8159px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">614<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:747.8159px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:731.2799px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Pravex </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:731.2799px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:731.2799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">112<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:731.2799px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:731.2799px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:731.2799px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:731.2799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:731.2799px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:731.2799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">154<span class=\"ls0\"> </span></div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:714.7439px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Esposizioni <span class=\"_ _0\"></span>cross-borde<span class=\"_ _0\"></span>r </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:714.7439px;\"><div class=\"t m0 x94 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">1.257 </div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:714.7439px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:714.7439px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">963<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:714.7439px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:714.7439px;\"><div class=\"t m0 x94 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">3.874 </div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:714.7439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:714.7439px;\"><div class=\"t m0 x94 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">3.872 </div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:714.7439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w2de h1bd\" style=\"left:-4.050377px; bottom:689.3159px;\"><div class=\"t m0 x41 h59 yb42 ff5 fs17 fc2 sc0 ls0 ws0\">Crediti ve<span class=\"_ _0\"></span>rso banch<span class=\"_ _0\"></span>e </div></div><div class=\"c w485 h1bd\" style=\"left:180.71863px; bottom:689.3159px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">797<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h1bd\" style=\"left:235.31863px; bottom:689.3159px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w486 h1bd\" style=\"left:289.45062px; bottom:689.3159px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">782<span class=\"ls0\"> </span></div></div><div class=\"c w9f h1bd\" style=\"left:345.32462px; bottom:689.3159px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h1bd\" style=\"left:400.5486px; bottom:689.3159px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">305<span class=\"ls0\"> </span></div></div><div class=\"c w486 h1bd\" style=\"left:456.2406px; bottom:689.3159px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w485 h1bd\" style=\"left:509.9436px; bottom:689.3159px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">305<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h1bd\" style=\"left:565.3236px; bottom:689.3159px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:672.7799px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:672.7799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">751<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:672.7799px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:672.7799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">740<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:672.7799px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:672.7799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">269<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:672.7799px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:672.7799px;\"><div class=\"t m0 xad h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">269<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:672.7799px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:656.2439px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Pravex </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:656.2439px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:656.2439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:656.2439px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:656.2439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:656.2439px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:656.2439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:656.2439px;\"><div class=\"t m0 x48 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:656.2439px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2de h6a\" style=\"left:-4.050377px; bottom:639.5519px;\"><div class=\"t m0 x41 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">Esposizioni <span class=\"_ _0\"></span>cross-borde<span class=\"_ _0\"></span>r </div></div><div class=\"c w485 h6a\" style=\"left:180.71863px; bottom:639.5519px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h6a\" style=\"left:235.31863px; bottom:639.5519px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h6a\" style=\"left:289.45062px; bottom:639.5519px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w9f h6a\" style=\"left:345.32462px; bottom:639.5519px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h6a\" style=\"left:400.5486px; bottom:639.5519px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w486 h6a\" style=\"left:456.2406px; bottom:639.5519px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w485 h6a\" style=\"left:509.9436px; bottom:639.5519px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h6a\" style=\"left:565.3236px; bottom:639.5519px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h91\" style=\"left:-4.050377px; bottom:614.2799px;\"><div class=\"t m0 x41 h59 yb42 ff5 fs17 fc2 sc0 ls0 ws0\">Titoli </div></div><div class=\"c w485 h91\" style=\"left:180.71863px; bottom:614.2799px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">73<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h91\" style=\"left:235.31863px; bottom:614.2799px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w486 h91\" style=\"left:289.45062px; bottom:614.2799px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w9f h91\" style=\"left:345.32462px; bottom:614.2799px;\"><div class=\"t m0 xd h59 yb42 ff5 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c wd0 h91\" style=\"left:400.5486px; bottom:614.2799px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w486 h91\" style=\"left:456.2406px; bottom:614.2799px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">58<span class=\"ls0\"> </span></div></div><div class=\"c w485 h91\" style=\"left:509.9436px; bottom:614.2799px;\"><div class=\"t m0 xad h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h91\" style=\"left:565.3236px; bottom:614.2799px;\"><div class=\"t m0 x99 h59 yb42 ff5 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w2de h69\" style=\"left:-4.050377px; bottom:597.7049px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Banca Inte<span class=\"_ _0\"></span>sa Russia<span class=\"_ _0\"></span> </div></div><div class=\"c w485 h69\" style=\"left:180.71863px; bottom:597.7049px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h69\" style=\"left:235.31863px; bottom:597.7049px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h69\" style=\"left:289.45062px; bottom:597.7049px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w9f h69\" style=\"left:345.32462px; bottom:597.7049px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h69\" style=\"left:400.5486px; bottom:597.7049px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w486 h69\" style=\"left:456.2406px; bottom:597.7049px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w485 h69\" style=\"left:509.9436px; bottom:597.7049px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h69\" style=\"left:565.3236px; bottom:597.7049px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h6a\" style=\"left:-4.050377px; bottom:581.0129px;\"><div class=\"t m0 x41 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">Pravex </div></div><div class=\"c w485 h6a\" style=\"left:180.71863px; bottom:581.0129px;\"><div class=\"t m0 x48 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h6a\" style=\"left:235.31863px; bottom:581.0129px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h6a\" style=\"left:289.45062px; bottom:581.0129px;\"><div class=\"t m0 x48 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w9f h6a\" style=\"left:345.32462px; bottom:581.0129px;\"><div class=\"t m0 xa4 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h6a\" style=\"left:400.5486px; bottom:581.0129px;\"><div class=\"t m0 x48 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h6a\" style=\"left:456.2406px; bottom:581.0129px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w485 h6a\" style=\"left:509.9436px; bottom:581.0129px;\"><div class=\"t m0 x48 h104 y118b ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h6a\" style=\"left:565.3236px; bottom:581.0129px;\"><div class=\"t m0 x99 h104 y118b ff2 fs17 fc2 sc0 ls25 ws0\">46<span class=\"ls0\"> </span></div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:564.47687px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Divisione <span class=\"_ _0\"></span>IMI C&amp;IB </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:564.47687px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:564.47687px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:564.47687px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:564.47687px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:564.47687px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:564.47687px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:564.47687px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:564.47687px;\"><div class=\"t m0 xa4 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2de h41\" style=\"left:-4.050377px; bottom:547.9409px;\"><div class=\"t m0 x41 h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">Divisione <span class=\"_ _0\"></span>Insurance<span class=\"_ _0\"></span> </div></div><div class=\"c w485 h41\" style=\"left:180.71863px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">29<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:235.31863px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">11<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:289.45062px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w9f h41\" style=\"left:345.32462px; bottom:547.9409px;\"><div class=\"t m0 xd h104 y32d ff2 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c wd0 h41\" style=\"left:400.5486px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w486 h41\" style=\"left:456.2406px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w485 h41\" style=\"left:509.9436px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c wd0 h41\" style=\"left:565.3236px; bottom:547.9409px;\"><div class=\"t m0 x99 h104 y32d ff2 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w1c h1be\" style=\"left:-4.050377px; bottom:444.51288px;\"><div class=\"t m0 x41 hb y143c ff1 fs4 fc2 sc0 ls0 ws0\">(*) Oltre alle <span class=\"_ _3\"></span>esposizioni pe<span class=\"_ _3\"></span>r cassa esp<span class=\"_ _3\"></span>oste in Tab<span class=\"_ _3\"></span>ella, vi sono <span class=\"_ _3\"></span>rischi di firma<span class=\"_ _3\"></span> verso client<span class=\"_ _3\"></span>ela per <span class=\"_ _3\"></span>126 m<span class=\"_ _3\"></span>ilioni (113 m<span class=\"_ _3\"></span>ilioni netti) p<span class=\"_ _3\"></span>resso Banca <span class=\"_ _3\"></span>Intesa Russia </div><div class=\"t m0 x41 hb y1626 ff1 fs4 fc2 sc0 ls0 ws0\">e 67 milio<span class=\"_ _3\"></span>ni (66 m<span class=\"_ _3\"></span>ilioni netti<span class=\"_ _3\"></span>) presso <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>oltre a 2<span class=\"_ _3\"></span>32 milio<span class=\"_ _3\"></span>ni (186 m<span class=\"_ _3\"></span>ilioni net<span class=\"_ _3\"></span>ti) di firma <span class=\"_ _3\"></span>Cross <span class=\"_ _3\"></span>Border ve<span class=\"_ _3\"></span>rso clientela<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>esident<span class=\"_ _3\"></span>e in R<span class=\"_ _3\"></span>ussia net<span class=\"_ _3\"></span>to ECA e <span class=\"_ _3\"></span>27 </div><div class=\"t m0 x41 hb y14e6 ff1 fs4 fc2 sc0 ls0 ws0\">milioni (valore lord<span class=\"_ _3\"></span>o e netto) vers<span class=\"_ _3\"></span>o clientela resi<span class=\"_ _3\"></span>dente in Ucrai<span class=\"_ _3\"></span>na. </div><div class=\"t m0 x41 hb yb32 ff1 fs4 fc2 sc0 ls0 ws0\">Sono <span class=\"_ _3\"></span>altres\u00ec p<span class=\"_ _3\"></span>resenti <span class=\"_ _3\"></span>155 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>(152 <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ilioni netti<span class=\"_ _3\"></span>) di <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>border <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>firma <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>banch<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>sidenti <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>8 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>ioni (v<span class=\"_ _3\"></span>alore lor<span class=\"_ _3\"></span>do <span class=\"_ _3\"></span>e net<span class=\"_ _3\"></span>to) </div><div class=\"t m0 x41 hb yb33 ff1 fs4 fc2 sc0 ls0 ws0\">di esposizioni cro<span class=\"_ _3\"></span>ss border per firm<span class=\"_ _3\"></span>a verso ba<span class=\"_ _3\"></span>nche residenti<span class=\"_ _3\"></span> Ucraina.<span class=\"_ _3\"></span> </div><div class=\"t m0 x41 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>segnala, in<span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le es<span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>bord<span class=\"_ _3\"></span>er v<span class=\"_ _3\"></span>erso clien<span class=\"_ _3\"></span>tela <span class=\"_ _3\"></span>residente <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>assistite <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>anzie <span class=\"_ _3\"></span>prestate </div><div class=\"t m0 x41 hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">da sogge<span class=\"_ _3\"></span>tti stat<span class=\"_ _3\"></span>unitensi, m<span class=\"_ _3\"></span>entre p<span class=\"_ _3\"></span>er la<span class=\"_ _3\"></span> parte <span class=\"_ _3\"></span>famiglie<span class=\"_ _3\"></span> sia <span class=\"_ _3\"></span>le co<span class=\"_ _3\"></span>nsistenze <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>che l'i<span class=\"_ _3\"></span>ncremento <span class=\"_ _3\"></span>di ci<span class=\"_ _3\"></span>rca 34 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>registr<span class=\"_ _3\"></span>atosi ris<span class=\"_ _3\"></span>petto al<span class=\"_ _3\"></span> 31 </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">dicembre 2021 s<span class=\"_ _3\"></span>ono principalme<span class=\"_ _3\"></span>nte correlate ad esp<span class=\"_ _3\"></span>osizioni erogate <span class=\"_ _3\"></span>da parte della co<span class=\"_ _3\"></span>ntrollata VUB a famigli<span class=\"_ _3\"></span>e aventi <span class=\"_ _3\"></span>stabile d<span class=\"_ _3\"></span>imora i<span class=\"_ _3\"></span>n Slovacchia.<span class=\"_ _3\"></span> </div></div><div class=\"c w1c h1bf\" style=\"left:-4.050377px; bottom:371.47888px;\"><div class=\"t m0 x41 hb y16b9 ff1 fs4 fc2 sc0 ls0 ws0\">(**) <span class=\"_ _5\"></span>Oltre <span class=\"_ _5\"></span>all<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>esposizi<span class=\"_ _3\"></span>oni <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sposte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>abella, <span class=\"_ _5\"></span>vi <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>fir<span class=\"_ _3\"></span>ma <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>clie<span class=\"_ _3\"></span>ntela <span class=\"_ _5\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>254 <span class=\"_ _5\"></span>milio<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>(25<span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>milion<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>netti) <span class=\"_ _6\"></span>presso <span class=\"_ _5\"></span>Banca<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Intesa </div><div class=\"t m0 x41 hb y16ba ff1 fs4 fc2 sc0 ls0 ws0\">Russia <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>88 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(valore <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>netto) <span class=\"_ _5\"></span>presso <span class=\"_ _2\"></span>P<span class=\"_ _3\"></span>ravex <span class=\"_ _5\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>95 <span class=\"_ _2\"></span>milio<span class=\"_ _3\"></span>ni <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>valore <span class=\"_ _2\"></span>lo<span class=\"_ _3\"></span>rdo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>netto) <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>firma <span class=\"_ _5\"></span>cross <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>order <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>cli<span class=\"_ _3\"></span>entela <span class=\"_ _5\"></span>residente <span class=\"_ _5\"></span>netto </div><div class=\"t m0 x41 hb y16bb ff1 fs4 fc2 sc0 ls0 ws0\">ECA. Sono altres\u00ec p<span class=\"_ _3\"></span>resenti 1.109 m<span class=\"_ _3\"></span>ilioni (valore lo<span class=\"_ _3\"></span>rdo e netto) di esp<span class=\"_ _3\"></span>osizioni cross b<span class=\"_ _3\"></span>order per firma v<span class=\"_ _3\"></span>erso banche r<span class=\"_ _3\"></span>esidenti <span class=\"_ _3\"></span>Rus<span class=\"_ _3\"></span>sia.  </div><div class=\"t m0 x41 hb y1668 ff1 fs4 fc2 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>segnala, in<span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le es<span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>cross <span class=\"_ _3\"></span>bord<span class=\"_ _3\"></span>er v<span class=\"_ _3\"></span>erso clien<span class=\"_ _3\"></span>tela <span class=\"_ _3\"></span>resi<span class=\"_ _3\"></span>dente in <span class=\"_ _2\"></span>Ucraina <span class=\"_ _3\"></span>sono, <span class=\"_ _3\"></span>invece, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate as<span class=\"_ _3\"></span>sistite <span class=\"_ _3\"></span>da g<span class=\"_ _3\"></span>aranzie <span class=\"_ _3\"></span>prestate </div><div class=\"t m0 x41 hb y103f ff1 fs4 fc2 sc0 ls0 ws0\">da <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _6\"></span>statunitensi, <span class=\"_ _6\"></span>mentre<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>famiglie<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>princi<span class=\"_ _3\"></span>palmente <span class=\"_ _6\"></span>correlate <span class=\"_ _6\"> </span>ad <span class=\"_ _6\"></span>esposizio<span class=\"_ _3\"></span>ni <span class=\"_ _6\"></span>erogate <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ntroll<span class=\"_ _3\"></span>ata <span class=\"_ _5\"></span>VUB <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>famiglie<span class=\"_ _3\"></span> </div><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">aventi stabile dimo<span class=\"_ _3\"></span>ra in Slovacc<span class=\"_ _3\"></span>hia. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-133.71411px;\"><div class=\"t m0 x0 h2 y44 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y897 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3fb ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>tabella, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>esercizio <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>residue <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>residen<span class=\"_ _5\"></span>ti <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y898 ff1 fs0 fc0 sc0 ls0 ws0\">Russia e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>ammontano, in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valori <span class=\"_ _3\"></span>lordi, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>372 <span class=\"_ _2\"></span>milioni (205 <span class=\"_ _2\"></span>milioni netti) <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferiment<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Banca Intesa <span class=\"_ _2\"></span>Russia<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y3fd ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>1.257 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>(963 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>netti) <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>cross <span class=\"_ _2\"></span>border <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>clientela <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esidente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Russia <span class=\"_ _2\"></span>(al <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span>etto </div><div class=\"t m0 x0 h2 y899 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>ECA). <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>aggiungono <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _2\"></span>797 <span class=\"_ _2\"></span>milioni <span class=\"_ _6\"></span>(782 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>netti) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y800 ff1 fs0 fc0 sc0 ls0 ws0\">titoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>73 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>(41<span class=\"_ _3\"></span> milioni n<span class=\"_ _3\"></span>etti). L<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>residente in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>ammontano a <span class=\"_ _2\"></span>216 <span class=\"_ _3\"></span>milioni </div><div class=\"t m0 x0 h2 y89a ff1 fs0 fc0 sc0 ls0 ws0\">(103 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>netti), <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>112<span class=\"_ _3\"></span> milioni <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>nullo <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>netti) <span class=\"_ _3\"></span>riferiti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span>trollata <span class=\"_ _2\"></span>Pravex <span class=\"_ _3\"></span>Bank. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>si </div><div class=\"t m0 x0 h2 y89b ff1 fs0 fc0 sc0 ls0 ws0\">aggiungono esposizioni verso banche e in titoli per complessivi 74 milioni (64 <span class=\"_ _3\"></span>milioni netti). La<span class=\"_ _2\"></span> pluralit\u00e0 delle esposizioni verso </div><div class=\"t m0 x0 h2 y402 ff1 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _4\"> </span>russe<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-133.71411px;\"><div class=\"t m0 x163 h33 ya85 ff1 fs11 fc0 sc0 ls1a ws0\">100</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-133.71411px;\"><div class=\"t m0 x6e h2 y402 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _7\"> </span>ed <span class=\"_ _4\"> </span>ucraine <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>essenzialmente <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>cliente<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"> </span>secondo <span class=\"_ _4\"> </span>il </div><div class=\"t m0 x0 h2 y89d ff4 fs0 fc0 sc0 ls0 ws0\">principio IFRS 9 \u201cStrume<span class=\"_ _0\"></span>nti finanziari\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y404 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y89e ff1 fs0 fc0 sc0 ls0 ws0\">Ci\u00f2 <span class=\"_ _20\"> </span>premesso <span class=\"_ _20\"> </span>occorre <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>ottolineare <span class=\"_ _1c\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _20\"> </span>n<span class=\"_ _3\"></span><span class=\"ff4\">el <span class=\"_ _20\"> </span>corso <span class=\"_ _20\"> </span>dell\u2019esercizio <span class=\"_ _20\"> </span>il <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _20\"> </span>si <span class=\"_ _20\"> </span>\u00e8 <span class=\"_ _20\"> </span>attivamente <span class=\"_ _20\"> </span>operato <span class=\"_ _20\"> </span>per <span class=\"_ _20\"> </span>ridurre </span></div><div class=\"t m0 x0 h2 y11c ff1 fs0 fc0 sc0 ls0 ws0\">significativamente i ris<span class=\"_ _0\"></span>chi creditizi legati <span class=\"_ _0\"></span>al conflitto russo-<span class=\"lsc\">uc<span class=\"_ _3\"></span></span><span class=\"ff4\">raino. In particol<span class=\"_ _0\"></span>are, nel corso dell\u2019<span class=\"_ _0\"></span>esercizio l\u2019esposizio<span class=\"_ _0\"></span>ne lorda per </span></div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">cassa verso il<span class=\"_ _3\"></span> totale delle controparti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>in Russia e <span class=\"_ _3\"></span>Ucraina (clientela, banche e <span class=\"_ _3\"></span>titoli) si \u00e8 r<span class=\"_ _3\"></span>idotta di 2.493 <span class=\"_ _3\"></span>milioni (<span class=\"_ _2\"></span>-47% </div><div class=\"t m0 x0 h2 y89f ff4 fs0 fc0 sc0 ls0 ws0\">rispetto <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>fi<span class=\"_ _3\"></span>ne <span class=\"_ _4\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>precedente) <span class=\"_ _4\"> </span>pre<span class=\"_ _3\"></span><span class=\"ff1\">valentemente <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>titolo <span class=\"_ _7\"> </span>definitivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>due<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>importanti </span></div><div class=\"t m0 x0 h2 y490 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni <span class=\"_ _7\"> </span>(per <span class=\"_ _16\"> </span>2,2 <span class=\"_ _16\"> </span>miliardi <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>terzo <span class=\"_ _7\"> </span>e  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _7\"> </span>0<span class=\"_ _3\"></span>,3 <span class=\"_ _7\"> </span>miliardi <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>quarto <span class=\"_ _16\"> </span>trimestre <span class=\"_ _7\"> </span>2022). <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _7\"> </span>rileva <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _7\"> </span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y8a0 ff1 fs0 fc0 sc0 ls0 ws0\">2.899 milioni (-61% <span class=\"_ _3\"></span>rispetto a f<span class=\"_ _3\"></span>ine 2021) delle <span class=\"_ _3\"></span>esposizioni c<span class=\"_ _3\"></span>reditizie lorde verso <span class=\"_ _3\"></span>clientela, solo <span class=\"_ _3\"></span>in parte c<span class=\"_ _3\"></span>ontrobilanciata<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>da una </div><div class=\"t m0 x0 h2 y8a1 ff1 fs0 fc0 sc0 ls0 ws0\">crescita <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Russia <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>banche <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>resasi <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>progressive <span class=\"_ _3\"></span>estinz<span class=\"_ _5\"></span>ioni </div><div class=\"t m0 x0 h2 y8a2 ff1 fs0 fc0 sc0 ls0 ws0\">dei crediti a clientela. </div><div class=\"t m0 x0 h2 y40c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8a4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>sig<span class=\"_ _35\"></span>nific<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva man<span class=\"_ _35\"></span>ovra di <span class=\"_ _3\"></span>de-ri<span class=\"_ _35\"></span>sking<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>imp<span class=\"_ _35\"></span>ortant<span class=\"_ _35\"></span>i <span class=\"_ _3\"></span>retti<span class=\"_ _35\"></span>fich<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>sul<span class=\"_ _0\"></span>le resi<span class=\"_ _0\"></span>due<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>posi<span class=\"_ _35\"></span>zioni<span class=\"_ _35\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>des<span class=\"_ _35\"></span>critt<span class=\"_ _35\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>segui<span class=\"_ _35\"></span>to <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>hann<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>cont<span class=\"_ _35\"></span>ribui<span class=\"_ _35\"></span>to <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y8a5 ff4 fs0 fc0 sc0 ls0 ws0\">pi\u00f9 <span class=\"_ _3\"></span>che<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dimez<span class=\"_ _0\"></span>zar<span class=\"_ _35\"></span>e <span class=\"_ _2\"></span>l\u2019es<span class=\"_ _35\"></span>posiz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>nett<span class=\"_ _35\"></span>a <span class=\"_ _2\"></span>comp<span class=\"_ _35\"></span>lessi<span class=\"_ _35\"></span>va <span class=\"_ _3\"></span>(clie<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ela<span class=\"_ _35\"></span>, <span class=\"_ _2\"></span>ban<span class=\"_ _0\"></span>che <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>titol<span class=\"_ _35\"></span>i) <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _3\"></span>dice<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>re 2022 <span class=\"_ _3\"></span>vers<span class=\"_ _35\"></span>o <span class=\"_ _2\"></span>cont<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>par<span class=\"_ _35\"></span>ti <span class=\"_ _2\"></span>res<span class=\"_ _0\"></span>i<span class=\"ff1\">denti <span class=\"_ _3\"></span>in<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y8a6 ff1 fs0 fc0 sc0 ls0 ws0\">Rus<span class=\"_ _0\"></span>sia<span class=\"_ _35\"></span> e Uc<span class=\"_ _35\"></span>raina<span class=\"_ _0\"></span> ch<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>pari<span class=\"_ _35\"></span> a 2.1<span class=\"_ _0\"></span>58 mili<span class=\"_ _35\"></span>oni, <span class=\"_ _0\"></span>in<span class=\"_ _0\"></span> ca<span class=\"_ _35\"></span>lo di<span class=\"_ _0\"></span> 3.087 m<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>oni<span class=\"_ _35\"></span> risp<span class=\"_ _35\"></span>etto <span class=\"_ _35\"></span>al 31 <span class=\"_ _35\"></span>dice<span class=\"_ _0\"></span>mbr<span class=\"_ _35\"></span>e 202<span class=\"_ _35\"></span>1 (-5<span class=\"_ _35\"></span>9%).<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y8a7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydbb ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>artire <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"></span>gli <span class=\"_ _6\"></span>ambiti <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>maggiore <span class=\"_ _4\"></span>attenzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>tema <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>valutazioni <span class=\"_ _6\"></span>creditizie <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>emergenziale </div><div class=\"t m0 x0 h2 ydbc ff1 fs0 fc0 sc0 ls0 ws0\">innestato dal co<span class=\"ff4\">nflitto in Ucraina<span class=\"_ _0\"></span>, un focus particolare \u00e8 stato dedicat<span class=\"_ _0\"></span>o all\u2019esposizione del Grupp<span class=\"_ _0\"></span>o verso controparti reside<span class=\"_ _0\"></span>nti in </span></div><div class=\"t m0 x0 h2 ydbd ff1 fs0 fc0 sc0 ls0 ws0\">Russia e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Ucraina. In <span class=\"_ _3\"></span>particolare, sono <span class=\"_ _3\"></span>state a<span class=\"_ _3\"></span>dottate iniziative <span class=\"_ _3\"></span>ad hoc <span class=\"_ _3\"></span>volte <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>afforzare il <span class=\"_ _3\"></span>presidio del <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i credito<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>anche </div><div class=\"t m0 x0 h2 y4b5 ff1 fs0 fc0 sc0 ls0 ws0\">attrave<span class=\"ff4\">rso <span class=\"_ _2\"></span>l\u2019aggiornamento <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>creditizio, <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>venti <span class=\"_ _2\"></span>residenza <span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>casa <span class=\"_ _5\"></span>madre <span class=\"_ _5\"></span>residente<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 yd23 ff1 fs0 fc0 sc0 ls0 ws0\">nella <span class=\"_ _3\"></span>Federazione Russa, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Bielorussia ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Ucraina.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 a<span class=\"_ _3\"></span>ltres\u00ec <span class=\"_ _3\"></span>preso atto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>deterioramento d<span class=\"_ _3\"></span>i specifiche </div><div class=\"t m0 x2d h2 y277 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-152.27661px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>inadempienze<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>probabili <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>conseguentemente <span class=\"_ _5\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>analitica. </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls22 ws0\">Al<span class=\"ls0\"> 31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>rilevano <span class=\"_ _3\"></span>complessivamente, <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quelle <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>paesi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>conflitto, <span class=\"_ _3\"></span>322 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">crediti <span class=\"_ _18\"> </span>deteriorati <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>cassa <span class=\"_ _18\"> </span>verso <span class=\"_ _18\"> </span>controparti <span class=\"_ _18\"> </span>residenti <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>Russia, <span class=\"_ _18\"> </span>relativi <span class=\"_ _18\"> </span>a <span class=\"_ _18\"> </span>posizioni <span class=\"_ _18\"> </span>gi\u00e0 <span class=\"_ _18\"> </span>classificate <span class=\"_ _18\"> </span>al <span class=\"_ _18\"> </span>30 <span class=\"_ _1c\"> </span>giugno,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">prevalentemente rife<span class=\"_ _0\"></span>rite a due controparti. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _16\"> </span>crediti <span class=\"_ _7\"> </span>deteriorati <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>partecipata <span class=\"_ _7\"> </span>russa <span class=\"_ _7\"> </span>ammontano <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>61 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _16\"> </span>mentre <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _7\"> </span>integrale<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>sofferenze <span class=\"_ _7\"> </span>del </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio della part<span class=\"_ _0\"></span>ecipata ucraina h<span class=\"_ _0\"></span>a portato a rilevare 1<span class=\"_ _0\"></span>12 milioni di soffere<span class=\"_ _0\"></span>nze.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">In line<span class=\"_ _35\"></span>a con la rap<span class=\"_ _35\"></span>prese<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>azi<span class=\"_ _35\"></span>one gi<span class=\"_ _0\"></span>\u00e0 forni<span class=\"_ _35\"></span>ta nell<span class=\"_ _35\"></span>a <span class=\"_ _3\"></span>Rela<span class=\"_ _35\"></span>zion<span class=\"_ _0\"></span>e fina<span class=\"_ _35\"></span>nzia<span class=\"_ _0\"></span>ria s<span class=\"_ _0\"></span>eme<span class=\"_ _35\"></span>stral<span class=\"_ _0\"></span>e al 30 gi<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>no, pe<span class=\"_ _0\"></span>r qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span> rigu<span class=\"_ _35\"></span>arda il por<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>afog<span class=\"_ _35\"></span>lio </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">per il q<span class=\"_ _0\"></span>ual<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>non<span class=\"_ _0\"></span> sono st<span class=\"_ _0\"></span>ati<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>ravv<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ati seg<span class=\"_ _35\"></span>nali<span class=\"_ _0\"></span> di det<span class=\"_ _0\"></span>erio<span class=\"_ _35\"></span>rame<span class=\"_ _35\"></span>nto spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci, d<span class=\"_ _0\"></span>all<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>ana<span class=\"_ _0\"></span>lis<span class=\"_ _35\"></span>i effet<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ate de<span class=\"_ _0\"></span>l pri<span class=\"_ _0\"></span>nci<span class=\"_ _35\"></span>pio con<span class=\"_ _0\"></span>tabi<span class=\"_ _35\"></span>le IFR<span class=\"_ _0\"></span>S 9 e dei<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">corr<span class=\"_ _35\"></span>elat<span class=\"_ _0\"></span>i <span class=\"_ _1d\"> </span>Ann<span class=\"_ _0\"></span>ex,<span class=\"_ _35\"></span> <span class=\"_ _17\"> </span>non <span class=\"_ _1d\"> </span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _35\"></span>ano <span class=\"_ _1d\"> </span>ess<span class=\"_ _35\"></span>ervi <span class=\"_ _1d\"> </span>ind<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>azi<span class=\"_ _35\"></span>oni <span class=\"_ _1d\"> </span>o <span class=\"_ _1d\"> </span>esem<span class=\"_ _35\"></span>plific<span class=\"_ _35\"></span>azion<span class=\"_ _0\"></span>i <span class=\"_ _1d\"> </span>volt<span class=\"_ _35\"></span>e <span class=\"_ _17\"> </span>a <span class=\"_ _1d\"> </span>del<span class=\"_ _35\"></span>inear<span class=\"_ _35\"></span>e <span class=\"_ _17\"> </span>spe<span class=\"_ _35\"></span>cific<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>linee<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>guid<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>mir<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>all<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">mis<span class=\"_ _0\"></span>ura<span class=\"_ _35\"></span>zione <span class=\"_ _5\"></span>de<span class=\"ff4\">ll<span class=\"_ _35\"></span>e <span class=\"_ _4\"> </span>Ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d <span class=\"_ _6\"> </span>Cre<span class=\"_ _35\"></span>dit <span class=\"_ _6\"></span>Los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>co<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>bel<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>i <span class=\"_ _5\"></span>o <span class=\"_ _4\"> </span>a <span class=\"_ _5\"></span>defin<span class=\"_ _0\"></span>ire<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>met<span class=\"_ _0\"></span>odo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>spe<span class=\"_ _35\"></span>cific<span class=\"_ _0\"></span>he <span class=\"_ _5\"></span>dell\u2019i<span class=\"_ _35\"></span>ncre<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>risc<span class=\"_ _0\"></span>hio<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>di<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">cre<span class=\"_ _35\"></span>dito <span class=\"_ _2\"></span>cons<span class=\"_ _35\"></span>egue<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>crisi<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>geo<span class=\"_ _0\"></span>poli<span class=\"_ _0\"></span>ti<span class=\"_ _35\"></span>che <span class=\"_ _5\"></span>im<span class=\"_ _35\"></span>provvi<span class=\"_ _35\"></span>se <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gra<span class=\"_ _0\"></span>vi <span class=\"_ _2\"></span>com<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _35\"></span>a <span class=\"_ _5\"></span>att<span class=\"_ _0\"></span>ual<span class=\"_ _35\"></span>e. <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>ri<span class=\"_ _35\"></span>ferim<span class=\"_ _35\"></span>enti <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _35\"></span>abil<span class=\"_ _35\"></span>i <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>conte<span class=\"_ _35\"></span>sto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttual<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">app<span class=\"_ _0\"></span>aio<span class=\"_ _35\"></span>no <span class=\"_ _5\"></span>e<span class=\"ff4\">sse<span class=\"_ _35\"></span>re <span class=\"_ _5\"></span>quel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>ripor<span class=\"_ _35\"></span>tati<span class=\"_ _35\"></span> <span class=\"_ _6\"></span>nell<span class=\"_ _35\"></span>e <span class=\"_ _5\"></span>Appl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _35\"></span>n <span class=\"_ _6\"></span>G<span class=\"_ _0\"></span>uid<span class=\"_ _35\"></span>ance <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>pri<span class=\"_ _35\"></span>ncipi<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>st<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>perme<span class=\"_ _0\"></span>tt<span class=\"_ _35\"></span>ono/<span class=\"_ _0\"></span>sug<span class=\"_ _0\"></span>ger<span class=\"_ _35\"></span>iscon<span class=\"_ _35\"></span>o <span class=\"_ _6\"></span>l\u2019<span class=\"_ _0\"></span>util<span class=\"_ _35\"></span>izzo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>del<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>c.d<span class=\"_ _0\"></span>. </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">\u201ccol<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>cti<span class=\"_ _35\"></span>ve <span class=\"_ _3\"></span>asse<span class=\"_ _0\"></span>ssm<span class=\"_ _35\"></span>ent\u201d <span class=\"_ _3\"></span>ai<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _35\"></span>ni <span class=\"_ _3\"></span>della<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>verif<span class=\"_ _35\"></span>ica <span class=\"_ _3\"></span>dell<span class=\"_ _35\"></span>a <span class=\"_ _2\"></span>sus<span class=\"_ _35\"></span>sist<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>Sig<span class=\"_ _35\"></span>nific<span class=\"_ _35\"></span>ant <span class=\"_ _3\"></span>Incr<span class=\"_ _35\"></span>ease <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Credi<span class=\"_ _35\"></span>t <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>(SI<span class=\"_ _35\"></span>CR) <span class=\"_ _3\"></span>in ottic<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>stag<span class=\"_ _35\"></span>ing </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">dell<span class=\"_ _35\"></span>e espo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _35\"></span>ni cred<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _35\"></span>e<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-152.27661px;\"><div class=\"t m0 x154 h33 y502 ff1 fs11 fc0 sc0 ls1a ws0\">101<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-152.27661px;\"><div class=\"t m0 x2f h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">, nonc<span class=\"_ _35\"></span>h\u00e9, in c<span class=\"_ _35\"></span>ontin<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t\u00e0 c<span class=\"_ _0\"></span>on i t<span class=\"_ _0\"></span>rat<span class=\"_ _35\"></span>tamen<span class=\"_ _0\"></span>ti <span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>ost<span class=\"_ _35\"></span>ati per<span class=\"_ _0\"></span> cog<span class=\"_ _35\"></span>liere l<span class=\"_ _35\"></span>e criti<span class=\"_ _35\"></span>cit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _0\"></span> un'a<span class=\"_ _35\"></span>ltra r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e sit<span class=\"_ _35\"></span>uazio<span class=\"_ _35\"></span>ne<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">eme<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>nzi<span class=\"_ _35\"></span>ale <span class=\"_ _5\"></span>qua<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>COV<span class=\"_ _35\"></span>ID-<span class=\"lsc\">19<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-152.27661px;\"><div class=\"t m0 x26 h33 y4b7 ff1 fs11 fc0 sc0 ls1a ws0\">102<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-152.27661px;\"><div class=\"t m0 x7f h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">, <span class=\"_ _5\"></span>nel<span class=\"_ _0\"></span>l\u2019ut<span class=\"_ _35\"></span>ilizz<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mana<span class=\"_ _0\"></span>gem<span class=\"_ _35\"></span>ent <span class=\"_ _2\"></span>overl<span class=\"_ _0\"></span>ay <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>calcol<span class=\"_ _35\"></span>o <span class=\"_ _5\"></span>dell\u2019<span class=\"_ _35\"></span>ECL, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fin<span class=\"_ _35\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _2\"></span>defin<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>mo<span class=\"_ _35\"></span>dalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>pi<span class=\"_ _35\"></span>\u00f9 </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">opp<span class=\"_ _0\"></span>ort<span class=\"_ _35\"></span>une p<span class=\"_ _0\"></span>er <span class=\"_ _35\"></span>inco<span class=\"_ _0\"></span>rpo<span class=\"_ _35\"></span>rare n<span class=\"_ _35\"></span>egli<span class=\"_ _0\"></span> a<span class=\"_ _0\"></span>cca<span class=\"_ _0\"></span>nto<span class=\"_ _35\"></span>namen<span class=\"_ _0\"></span>ti <span class=\"_ _0\"></span>gli<span class=\"_ _35\"></span> asp<span class=\"_ _0\"></span>etti<span class=\"_ _35\"></span> leg<span class=\"_ _35\"></span>ati a<span class=\"_ _0\"></span>l <span class=\"_ _0\"></span>con<span class=\"_ _35\"></span>flitt<span class=\"_ _35\"></span>o in <span class=\"_ _0\"></span>cor<span class=\"_ _35\"></span>so.  </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Con specifico riferimento alle posizioni cross border, il Gruppo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>quindi deciso di adottare un approccio valutativo fortement<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">guidato dall<span class=\"_ _3\"></span>\u2019emergere del <span class=\"_ _3\"></span>rischio geopolitico <span class=\"_ _3\"></span>c.d. <span class=\"_ _2\"></span>\u201cdi <span class=\"_ _3\"></span>trasferimento\u201d, c<span class=\"_ _3\"></span>io\u00e8 il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controparti non <span class=\"_ _3\"></span>onorino <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>impegni di </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">pagamento del debito <span class=\"_ _3\"></span>a seguito di <span class=\"_ _3\"></span>restrizioni o decisioni del <span class=\"_ _3\"></span>Pa<span class=\"_ _3\"></span>ese d<span class=\"_ _3\"></span>i residenza e n<span class=\"_ _3\"></span>on per aspetti direttamente attinenti al <span class=\"_ _3\"></span>loro </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">business,  quindi  a<span class=\"_ _0\"></span>pplicato  in <span class=\"_ _16\"> </span>base  al  paes<span class=\"_ _0\"></span>e  di  residenz<span class=\"_ _0\"></span>a  delle <span class=\"_ _16\"> </span>controparti.  Tale  ap<span class=\"_ _0\"></span>proccio  ha <span class=\"_ _16\"> </span>operato  sia  ai <span class=\"_ _16\"> </span>fini  della </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">determinazione  del  S<span class=\"_ _0\"></span>ICR  e  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lativa  classi<span class=\"_ _0\"></span>ficazione  a <span class=\"_ _16\"> </span>stage  2,  che <span class=\"_ _16\"> </span>ai  f<span class=\"_ _3\"></span><span class=\"ff4\">i<span class=\"_ _3\"></span>ni  di  c<span class=\"_ _0\"></span>alcolo  dell\u2019EC<span class=\"_ _35\"></span>L<span class=\"_ _3\"></span>  mediante <span class=\"_ _16\"> </span>applicazione  di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">management <span class=\"_ _2\"></span>overlay. <span class=\"_ _3\"></span>Tale <span class=\"_ _2\"></span>modalit\u00e0, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>agita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>continuit\u00e0 <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019anno, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _3\"></span>ritenuta <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>opportuna <span class=\"_ _2\"></span>per<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">incorporare accantonamenti legati<span class=\"_ _0\"></span> al <span class=\"_ _3\"></span>rischio paese e geopolitico relativi al conf<span class=\"_ _2\"></span>litto in corso <span class=\"_ _3\"></span>altrimenti non adeguatamente colti </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">dai <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>normalmente <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span>so.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">Nel <span class=\"_ _3\"></span>contempo, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>portata avanti <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span></span>attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>review <span class=\"_ _3\"></span>delle </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>esposte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>paese <span class=\"_ _5\"></span>correlato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onflitt<span class=\"_ _3\"></span>o, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>erano <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>eccezionalmente <span class=\"_ _5\"></span>previsti </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">termini di validit\u00e0 dei<span class=\"_ _0\"></span> rating attribuiti pi\u00f9<span class=\"_ _0\"></span> restringenti. </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Nel dettaglio le scelt<span class=\"_ _0\"></span>e introdotte ai fini <span class=\"_ _0\"></span>del calcolo ECL sulle e<span class=\"_ _0\"></span>sposizioni cross bor<span class=\"_ _0\"></span>der sono state:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>PD <span class=\"_ _7\"> </span>through <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>cycle <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ssociata <span class=\"_ _16\"> </span>al <span class=\"_ _7\"> </span>rating <span class=\"_ _7\"> </span>attribuito, <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _7\"> </span>procedere <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>condizionamento <span class=\"_ _7\"> </span>forward </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">looking, <span class=\"_ _17\"> </span>approccio <span class=\"_ _17\"> </span>ritenuto <span class=\"_ _17\"> </span>pi\u00f9 <span class=\"_ _17\"> </span>prudente <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>quanto <span class=\"_ _17\"> </span>la <span class=\"_ _18\"> </span>metodologia <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>condizionamento, <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _17\"> </span>logiche<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">attualmente <span class=\"_ _7\"> </span>adottate <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>modelli <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>atellite, <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sarebbe <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _7\"> </span>rapprese<span class=\"_ _3\"></span>ntativa <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>specifico <span class=\"_ _7\"> </span>legato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>paesi <span class=\"_ _7\"> </span>in </div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">conflitto; </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"> </span>ulteriore <span class=\"_ _6\"> </span>buffer <span class=\"_ _6\"> </span>prudenziale, <span class=\"_ _6\"></span>tale <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>determinare <span class=\"_ _6\"></span>equivalenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>l\u2019utilizzo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _6\"> </span>tasso <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>perdita <span class=\"_ _6\"> </span>stimato<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">secondo un <span class=\"_ _3\"></span>approccio basato sulla <span class=\"_ _3\"></span>traslazione del rischio <span class=\"_ _3\"></span>del paese di <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>idenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>modellis<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ica <span class=\"_ _3\"></span>Pillar II (LGD <span class=\"_ _3\"></span>fissa da </div><div class=\"t m0 x2a h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">modello transfer risk p<span class=\"_ _0\"></span>ari al 55%, non co<span class=\"_ _0\"></span>ndizionata); </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>ntroduzione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ulteriori <span class=\"_ _4\"></span>margi<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>prudenza <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>stime <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>ECL <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dai <span class=\"_ _4\"></span>sopraindicati <span class=\"_ _6\"></span>elementi, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">potenziali ulteriori <span class=\"_ _0\"></span>peggioramenti del merito creditizio d<span class=\"_ _0\"></span>elle controparti russe<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 hb y79f ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya53 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento ai <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>clientela erogati <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Pravex <span class=\"_ _3\"></span>Bank, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>situazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>assoluta gravit\u00e0 <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>tutto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ter<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>itorio<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yda8 ff1 fs0 fc0 sc0 ls0 ws0\">ucraino,  inoltre, <span class=\"_ _16\"> </span>ha  portato  a <span class=\"_ _16\"> </span>definire  ai  fi<span class=\"_ _0\"></span>ni  della  v<span class=\"_ _0\"></span>alutazione  del<span class=\"_ _3\"></span>  portafoglio <span class=\"_ _16\"> </span>crediti  della <span class=\"_ _16\"> </span>banca  ucraina  controll<span class=\"_ _0\"></span>ata  un<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ya55 ff1 fs0 fc0 sc0 ls0 ws0\">approccio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>tutto <span class=\"_ _3\"></span>specifico, <span class=\"_ _3\"></span>fortemente <span class=\"_ _2\"></span>guidato <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>razionali <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>tenuto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderazione <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>incertezze <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>element<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y7ff ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>rischio connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>conflitto. <span class=\"_ _3\"></span>Gi\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>Relazione s<span class=\"_ _3\"></span>emestrale, su<span class=\"_ _3\"></span><span class=\"ls11\">l <span class=\"_ _3\"></span></span>portafoglio c<span class=\"_ _3\"></span>rediti performing <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Pravex (la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>non </div><div class=\"t m0 x0 h2 ycd8 ff1 fs0 fc0 sc0 ls0 ws0\">presentava sostanzialmente a<span class=\"_ _3\"></span>l 31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 p<span class=\"_ _3\"></span>osizioni NPL) <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>stato a<span class=\"_ _3\"></span>pplicato uno <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>management overlay <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 ya57 ff1 fs0 fc0 sc0 ls0 ws0\">livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ECL <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>comportato una <span class=\"_ _2\"></span>svalutazione <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>livell<span class=\"_ _2\"></span><span class=\"ff4\">o <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>73%. <span class=\"_ _2\"></span>Alla <span class=\"_ _3\"></span>luce <span class=\"_ _3\"></span>dell\u2019aggravarsi <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 yb49 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _5\"></span>prolungarsi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>conflitto, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>conse<span class=\"_ _3\"></span>guenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icadute <span class=\"_ _2\"></span>sull\u2019economia <span class=\"_ _5\"></span>ucraina, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>sede <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>in<span class=\"_ _6\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ya58 ff1 fs0 fc0 sc0 ls0 ws0\">continuit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>quanto fatto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>sede di <span class=\"_ _2\"></span>Resoconto intermedio <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>30<span class=\"_ _3\"></span> settembre, <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti verso <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipata u<span class=\"_ _3\"></span>craina </div><div class=\"t m0 x0 h2 y8c2 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>Consolidato <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _4\"> </span>(Sofferenze), <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>svalutazione <span class=\"_ _7\"> </span>integrale <span class=\"_ _4\"> </span>d<span class=\"_ _5\"></span>ella </div><div class=\"t m0 x0 h2 ya5a ff1 fs0 fc0 sc0 ls0 ws0\">componente cassa.  </div><div class=\"t m0 x0 h2 y12f7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb5 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _4\"> </span>Banca <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Russia <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>definite <span class=\"_ _7\"> </span>scelte <span class=\"_ _7\"> </span>prudenziali <span class=\"_ _4\"> </span>specifiche, <span class=\"_ _4\"> </span>pur <span class=\"_ _7\"> </span>tenendo <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>eraltro <span class=\"_ _4\"> </span>della </div><div class=\"t m0 x0 h2 y1696 ff4 fs0 fc0 sc0 ls0 ws0\">diversa <span class=\"_ _6\"> </span>situazione <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>rischio/operativa <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>partecipata <span class=\"_ _5\"></span>Uc<span class=\"_ _3\"></span>raina. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>proceduto <span class=\"_ _4\"> </span>quindi <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>l\u2019adozione <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>approccio<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yfa1 ff1 fs0 fc0 sc0 ls0 ws0\">classificatorio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutativo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>performing <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tiene <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>forte <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>geopolitico <span class=\"_ _3\"></span>derivante <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 yf3e ff1 fs0 fc0 sc0 ls0 ws0\">corso. <span class=\"_ _3\"></span>Pertanto <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>valutazioni <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>controllata <span class=\"_ _3\"></span>scontano <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>fattore <span class=\"_ _3\"></span>prudenziale <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>centralme<span class=\"_ _5\"></span>nte </div><div class=\"t m0 x0 h2 y9ea ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _6\"> </span>tiene <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>dell\u2019aggravarsi <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>situazione <span class=\"_ _6\"></span>economica<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span></span>domestica <span class=\"_ _6\"> </span>alla <span class=\"_ _4\"> </span>luce <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>protrarsi <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>conflitto <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>dell\u2019accresciuto </div><div class=\"t m0 x0 h2 ybf3 ff4 fs0 fc0 sc0 ls0 ws0\">isolamento <span class=\"_ _3\"></span>dell\u2019economia <span class=\"_ _3\"></span>russa. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>effetto <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>complessiva <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bonis <span class=\"_ _3\"></span>del<span class=\"_ _5\"></span><span class=\"ff1\">la </span></div><div class=\"t m0 x0 h2 y836 ff1 fs0 fc0 sc0 ls0 ws0\">controllata russa si att<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sta a circa il 40,5% <span class=\"_ _0\"></span>sul valore lordo degli stessi<span class=\"fsa\">.</span>  </div><div class=\"t m0 x0 h2 yf55 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1328 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>segnala, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rogato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Russia <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>valore </div><div class=\"t m0 x0 h2 yf72 ff4 fs0 fc0 sc0 ls0 ws0\">residuo <span class=\"_ _4\"> </span>iscritto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>211 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>banca <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>messo <span class=\"_ _6\"> </span>a <span class=\"_ _7\"> </span>disposizio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _4\"> </span>un </span></div><div class=\"t m0 x0 h2 y1697 ff1 fs0 fc0 sc0 ls0 ws0\">ammontare <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>200 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>originariamente <span class=\"_ _4\"> </span>destinato <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>mento <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>capitale. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>concreta <span class=\"_ _4\"></span>effettuazione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>aumento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y1698 ff1 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stata <span class=\"_ _17\"> </span>sospesa <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>conseguenza <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _17\"> </span>eventi <span class=\"_ _17\"> </span>bellici. <span class=\"_ _17\"> </span>Il <span class=\"_ _18\"> </span>finanziamento <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>211 <span class=\"_ _17\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>tuttora <span class=\"_ _17\"> </span>a <span class=\"_ _17\"> </span>supporto </div><div class=\"t m0 x0 h2 y1699 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019operativi<span class=\"ff1\">t\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>pera<span class=\"_ _3\"></span>ltro <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>indotte <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>contesto <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>realizzato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>operativo </span></div><div class=\"t m0 x0 h2 y169a ff4 fs0 fc0 sc0 ls0 ws0\">positivo, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>l\u2019a<span class=\"_ _3\"></span>mmont<span class=\"_ _0\"></span>are <span class=\"_ _3\"></span> <span class=\"_ _3\"></span>originariamente destinato <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>valutazioni d<span class=\"_ _3\"></span>ipenderanno<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>dagli <span class=\"_ _3\"></span>sviluppi<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4ed ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _4\"></span>eventi <span class=\"_ _4\"> </span>bellici <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>normativa <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ussa <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>momento <span class=\"_ _4\"></span>impone <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>estrizioni <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanee <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>imborsi <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pagamenti <span class=\"_ _6\"></span>verso </div><div class=\"t m0 x0 h2 y169b ff4 fs0 fc0 sc0 ls0 ws0\">soggetti residenti i<span class=\"_ _0\"></span>n Paesi \u201cunfriendly\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y169c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y169d ff1 fs0 fc0 sc0 ls0 ws0\">Per  completezza <span class=\"_ _1d\"> </span>si  ricorda  che <span class=\"_ _1d\"> </span>anche  il  patrimonio <span class=\"_ _1d\"> </span>immobili<span class=\"_ _0\"></span>are  delle <span class=\"_ _1d\"> </span>due  partecipate  \u00e8 <span class=\"_ _1d\"> </span>stato  oggetto  di <span class=\"_ _1d\"> </span>va<span class=\"_ _5\"></span>lutazione:<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y861 ff4 fs0 fc0 sc0 ls0 ws0\">considerata <span class=\"_ _3\"></span>l\u2019estrema <span class=\"_ _3\"></span>incertezza <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>contraddistingue <span class=\"_ _3\"></span>l\u2019attuale <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>bellico <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019attuale assenza <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>mercato <span class=\"_ _2\"></span>immobiliar<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e</span><span class=\"ff1 lsc\"> </span></div><div class=\"t m0 x2d h2 y4b8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>in Ucraina, si \u00e8 riten<span class=\"_ _0\"></span>uto prudente conf<span class=\"_ _0\"></span>ermare l\u2019azzeramento <span class=\"_ _0\"></span>del valore degli asset <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>d uso investimen<span class=\"_ _0\"></span>to e delle filiali<span class=\"_ _2\"></span><span class=\"ff1\"> e degli altri </span>immobili <span class=\"_ _6\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>uso <span class=\"_ _4\"> </span>funzionale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Pravex <span class=\"_ _6\"></span>Bank.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sola <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>centrale <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>Kiev, <span class=\"_ _4\"> </span>tenuto <span class=\"_ _6\"></span>conto <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sua <span class=\"_ _4\"> </span>funzione <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>trategica rispetto <span class=\"_ _1d\"> </span>all\u2019esercizio <span class=\"_ _1d\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _1d\"> </span>bancaria, <span class=\"_ _1d\"> </span>dell\u2019attuale <span class=\"_ _1d\"> </span>controllo <span class=\"_ _1d\"> </span>che <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _1d\"> </span>esercitare <span class=\"_ _1d\"> </span>sullo <span class=\"_ _1d\"> </span>stato <span class=\"_ _17\"> </span>di <span class=\"_ _1d\"> </span>conserva<span class=\"_ _5\"></span><span class=\"ff1\">zione </span>dell\u2019immobile <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>sua <span class=\"_ _5\"></span>localizzazione, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mantenere <span class=\"_ _2\"></span>invariato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore. <span class=\"_ _2\"></span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>limitato <span class=\"_ _2\"></span>patrimo<span class=\"_ _5\"></span><span class=\"ff1\">nio </span>immobiliare <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"></span>Russia <span class=\"_ _5\"></span>costituito <span class=\"_ _6\"></span>essenzialme<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>sede <span class=\"_ _5\"></span>centrale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Mosca, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>riscontrat<span class=\"_ _5\"></span><span class=\"ls19\">i </span>elementi tali da do<span class=\"_ _0\"></span>ver procedere ad una <span class=\"_ _0\"></span>svalutazione. Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Russia <span class=\"_ _2\"></span>(il <span class=\"_ _3\"></span>residuo <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Pravex <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>regolarmente <span class=\"_ _3\"></span>rimborsat<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>a fine  2<span class=\"_ _3\"></span>022),  le <span class=\"_ _1d\"> </span>valutazioni  sono <span class=\"_ _1d\"> </span>state <span class=\"_ _1d\"> </span>effettuate  con <span class=\"_ _1d\"> </span>l\u2019utilizzo  di <span class=\"_ _1d\"> </span>quot<span class=\"_ _2\"></span><span class=\"ff1\">azioni  r<span class=\"_ _3\"></span>ilevate  sul <span class=\"_ _1d\"> </span>mercato <span class=\"_ _1d\"> </span>secondario  russo, <span class=\"_ _1d\"> </span>con<span class=\"_ _35\"></span> </span>conseguente classificazione degli stessi <span class=\"_ _3\"></span>al livello <span class=\"_ _3\"></span>2 di <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>in relazione <span class=\"_ _3\"></span>alla scarsa <span class=\"_ _3\"></span>liquidit\u00e0 del <span class=\"_ _3\"></span>mercato di ri<span class=\"_ _3\"></span>ferim<span class=\"_ _2\"></span>ento. <span class=\"_ _3\"></span>Un approccio <span class=\"_ _3\"></span>similare <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modeste <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>titoli<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>detenute <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Capogruppo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>entit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>comparto assicurativo del Gru<span class=\"_ _0\"></span>ppo. Complessivamente,  tali <span class=\"_ _1d\"> </span>processi  valutativi <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>le  perdite <span class=\"_ _1d\"> </span>legate <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _1d\"> </span>sulle  esposizioni <span class=\"_ _1d\"> </span>russe <span class=\"_ _1d\"> </span>hanno  portato <span class=\"_ _1d\"> </span>alla rilevazione <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019esercizio, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>lordo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>fisc<span class=\"_ _3\"></span><span class=\"ff1\">ali, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>oneri <span class=\"_ _2\"></span>netti <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>1.415 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>1.298 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a </span>rettifiche su <span class=\"_ _3\"></span>crediti, per<span class=\"_ _3\"></span> 36 <span class=\"_ _3\"></span>milioni s<span class=\"_ _3\"></span>u t<span class=\"_ _3\"></span>itoli e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>81 <span class=\"_ _3\"></span>milioni su <span class=\"_ _3\"></span>altre poste <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio, inclusivi <span class=\"_ _3\"></span>dell\u2019accantonam<span class=\"_ _0\"></span>ento di<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>80 <span class=\"_ _3\"></span>milioni </span>effettuato <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>sede <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>consolidamento <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>partecipata <span class=\"_ _1d\"> </span>Banca <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Russia  p<span class=\"_ _3\"></span>rincipalmen<span class=\"_ _0\"></span>te <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>azzerare <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>contributo patrimoniale della <span class=\"_ _0\"></span>stessa al bilancio c<span class=\"_ _0\"></span>onsolidato di Grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> 1.2.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Impatti derivanti dalla pand<span class=\"_ _3\"></span>emia COVID<span class=\"_ _3\"></span>-<span class=\"ls2\">19 </span><span class=\"fc5\"> </span></span>Dall'inizio <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>pandemia, <span class=\"_ _5\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>funzioni <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _6\"></span>coinvolte <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>ampio <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>complesso <span class=\"_ _5\"></span>insieme <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>iniziativ<span class=\"_ _0\"></span>e volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo. <span class=\"_ _2\"></span>Ci\u00f2 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>avvenuto <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>l\u2019offerta <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>sostegni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>natu<span class=\"_ _5\"></span><span class=\"ff1\">ra </span>governativa sia tramite<span class=\"_ _0\"></span> iniziative poste in<span class=\"_ _0\"></span> essere autonomament<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>al Gruppo. La <span class=\"_ _4\"></span>pandemia <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>significativa <span class=\"_ _4\"></span>minaccia <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>resilienza <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ziende <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _6\"></span>creditizio <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>Gruppo. D'altro canto, sono <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>messe in atto <span class=\"_ _3\"></span>una serie <span class=\"_ _3\"></span>di misure <span class=\"_ _3\"></span>pubbliche senza <span class=\"_ _3\"></span>precedenti per sostenere l'economia, che <span class=\"_ _3\"></span>devon<span class=\"_ _2\"></span><span class=\"lsc\">o </span>essere considerate <span class=\"_ _3\"></span>nella valutazione del <span class=\"_ _3\"></span>rischio. L<span class=\"_ _3\"></span>a velocit\u00e0 d<span class=\"_ _3\"></span>ei cambiamenti <span class=\"_ _3\"></span>del contesto e<span class=\"_ _3\"></span>conomico e <span class=\"_ _3\"></span>sociale ha <span class=\"_ _3\"></span>aumentato il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incertezza <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _2\"></span>economiche <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>fondano <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>stime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>appetito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio. <span class=\"_ _2\"></span>In <span class=\"_ _3\"></span>questa <span class=\"_ _2\"></span>fase <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _4\"> </span>quind<span class=\"ls13\">i </span>necessaria <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>adattamento <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>attenzione <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>diverse <span class=\"_ _5\"></span>sfide <span class=\"_ _5\"></span>poste <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>attuali <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>del rischio d<span class=\"_ _3\"></span>i credito. <span class=\"_ _3\"></span>Cos\u00ec come <span class=\"_ _3\"></span>gi\u00e0 e<span class=\"_ _3\"></span>ffettuato nel 2<span class=\"_ _3\"></span>020 post <span class=\"_ _3\"></span>inizio della <span class=\"_ _3\"></span>pandemia, si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>deciso di <span class=\"_ _3\"></span>calibrare <span class=\"_ _3\"></span>l'appetito per <span class=\"_ _3\"></span>il <span class=\"_ _5\"></span>rischio, al <span class=\"_ _6\"></span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>evitare <span class=\"_ _6\"></span>comportamenti <span class=\"_ _6\"></span>pro-ciclici <span class=\"_ _4\"> </span>e, <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contempo, <span class=\"_ _6\"></span>sostenere <span class=\"_ _6\"></span>l'economia, <span class=\"_ _4\"></span>mantenendo<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>posizione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>e patrimoniale solida. A <span class=\"_ _1d\"> </span>inizio  febbraio <span class=\"_ _1d\"> </span>2022  \u00e8 <span class=\"_ _1d\"> </span>stato <span class=\"_ _1d\"> </span>approvato  dal <span class=\"_ _1d\"> </span>Consiglio  di <span class=\"_ _1d\"> </span>Amministrazione,  nell\u2019ambito  del <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Appetite  Fr<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>mework,<span class=\"_ _0\"></span> </span>l\u2019aggiornamento <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>framework <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Credit <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Appetite <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fatto <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2020<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2021, <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>previsto<span class=\"_ _0\"></span> elementi <span class=\"_ _7\"> </span>prospettici <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tili <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cogliere <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>peculiarit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>impatto <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>crisi <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span>-19 <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>fattori <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischiosit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>resilienza <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul perimetro <span class=\"_ _6\"></span>Corporate <span class=\"_ _4\"></span>Domestico, <span class=\"_ _6\"></span>Large <span class=\"_ _4\"> </span>Corporate <span class=\"_ _6\"></span>(componente <span class=\"_ _6\"></span>Italia), <span class=\"_ _4\"> </span>Corporate <span class=\"_ _6\"></span>Real <span class=\"_ _4\"> </span>Estate <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Corporate <span class=\"_ _6\"></span>estero <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>un indicatore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vulnerabilit\u00e0 <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>perimetro <span class=\"_ _3\"></span>Corporate <span class=\"_ _3\"></span>Do<span class=\"_ _3\"></span>mestico <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Estate. <span class=\"_ _3\"></span>L\u2019indicatore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vulnerabilit\u00e0, <span class=\"_ _3\"></span>introdo<span class=\"_ _5\"></span><span class=\"ff1\">tto </span>nel <span class=\"_ _5\"></span>c<span class=\"ff4\">orso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>basato <span class=\"_ _2\"></span>sul <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>dell\u2019azienda <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _5\"></span>conseguente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>servire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>debito <span class=\"_ _2\"></span>es<span class=\"_ _3\"></span>istente <span class=\"_ _2\"></span>e </span>quello <span class=\"_ _2\"></span>contratto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _5\"></span>COVID<span class=\"ff1\">-19. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>sostenibilit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ebito <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>misura, <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>ritorno<span class=\"_ _35\"></span> </span>alla <span class=\"_ _7\"> </span><span class=\"ff4\">normalit\u00e0 <span class=\"_ _7\"> </span>post <span class=\"_ _16\"> </span>diffusione <span class=\"_ _7\"> </span>pandemica, <span class=\"_ _7\"> </span>prendendo <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>l\u2019EBITDA<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>pre <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-19 <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>imprese. <span class=\"_ _4\"> </span>La <span class=\"_ _16\"> </span>scelta </span></span>metodologica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>considerare <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _2\"></span>post<span class=\"_ _2\"></span>-<span class=\"ff4\">crisi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>dovuta <span class=\"_ _5\"></span>all\u2019esigenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sterilizzare <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>transitori <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>crisi </span>stessa, <span class=\"_ _7\"> </span>quali<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>misure <span class=\"_ _16\"> </span>istituzionali <span class=\"_ _7\"> </span>eccezionali <span class=\"_ _7\"> </span>(e.g. <span class=\"_ _16\"> </span>moratorie, <span class=\"_ _16\"> </span>preammortament<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>nuove <span class=\"_ _16\"> </span>operazioni <span class=\"_ _16\"> </span>garantite) <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la volatilit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>circolante <span class=\"_ _2\"></span>netto, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ostenibilit\u00e0 <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ridurre <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>pro<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span>ciclici. <span class=\"_ _7\"> </span>Quest<span class=\"ff4\">o <span class=\"_ _7\"> </span>indicatore <span class=\"_ _7\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>quindi <span class=\"_ _7\"> </span>contribuire <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fornire <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>prima <span class=\"_ _7\"> </span>risposta, <span class=\"_ _7\"> </span>seppur <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>arziale, <span class=\"_ _7\"> </span>all\u2019aspettativ<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>ridurre <span class=\"_ _7\"> </span>al </span>minimo eventuali eff<span class=\"_ _0\"></span>etti cliff-edge alla scadenza de<span class=\"_ _0\"></span>lle moratorie. Per il segmento SME Re<span class=\"_ _0\"></span>tail, si \u00e8 ritenuto o<span class=\"_ _0\"></span>pportuno confermare i<span class=\"_ _0\"></span>l fattore di<span class=\"_ _3\"></span> resilienza mirato sugli<span class=\"_ _0\"></span> outlook economici, de<span class=\"_ _0\"></span>clinato a livello di micro-settore. Con <span class=\"_ _4\"></span>riferimento <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sostegno <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>percorso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>progressivo <span class=\"_ _4\"> </span>ripristino <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>processi <span class=\"_ _4\"> </span>creditizi <span class=\"_ _4\"></span>pienament<span class=\"_ _5\"></span><span class=\"lsc\">e </span>ordinari <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>one<span class=\"_ _3\"></span>-<span class=\"lsd\">to</span>-on<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>avviato <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>progressivo <span class=\"_ _2\"></span>phase <span class=\"_ _2\"></span>out<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Linee <span class=\"_ _2\"></span>guida <span class=\"_ _5\"></span>EBA <span class=\"_ _2\"></span>sulle \u201cgeneral <span class=\"_ _1d\"> </span>payment <span class=\"_ _1d\"> </span>moratoria\u201d, <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>finitivame<span class=\"_ _0\"></span>nte <span class=\"_ _1d\"> </span>compiuto <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>1\u00b0 <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>prile <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>termine <span class=\"_ _1d\"> </span>dello <span class=\"_ _1d\"> </span>Stato <span class=\"_ _1d\"> </span>di Emergenza, con il pien<span class=\"_ _0\"></span>o ritorno anche in te<span class=\"_ _0\"></span>rmini di soluzioni offerte al catalogo prodotti <span class=\"_ _0\"></span>ordinario della Ba<span class=\"_ _0\"></span>nca.<span class=\"_ _3\"></span> Al 31 dicembre 2022 \u00e8 te<span class=\"_ _0\"></span>rminata la possib<span class=\"_ _0\"></span>ilit\u00e0, attivata ad <span class=\"_ _0\"></span>aprile 2022 e prevista <span class=\"_ _0\"></span>dal Decreto Mille Pr<span class=\"_ _0\"></span>oroghe per i finanziam<span class=\"_ _3\"></span>enti cosiddetti \u201c30 <span class=\"_ _3\"></span>mila e<span class=\"_ _3\"></span>uro\u201d di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>lettere m) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span><span class=\"ff1\">-</span>bis), d<span class=\"_ _3\"></span>ell\u2019articolo 1<span class=\"ff1\">3, <span class=\"_ _3\"></span>comma <span class=\"_ _3\"></span>1, del <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>8 a<span class=\"_ _3\"></span>prile 2020, <span class=\"_ _3\"></span>n. 2<span class=\"_ _3\"></span>3, <span class=\"_ _3\"></span>convertito, con </span>modificazioni, dalla Legge 5 giugno 2020, n. 40, di r<span class=\"_ _3\"></span>ichiedere, su richiesta del soggetto finanziat<span class=\"_ _0\"></span>o e previo accordo tra le <span class=\"_ _6\"></span>parti, il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>massimo <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>reammortamento<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l capitale era previsto n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l corso dell'anno <span class=\"_ _0\"></span>2022.  Permane <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>estendere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>massimo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>importo <span class=\"_ _5\"></span>fino <span class=\"_ _4\"></span><span class=\"ls17\">a </span>30<span class=\"ls0\"> mila euro g<span class=\"_ _0\"></span>arantit<span class=\"ff4\">i ai sensi dell\u2019art.1<span class=\"_ _0\"></span>3, comma 1, lettera m) d<span class=\"_ _0\"></span>el D.L. Liquidit\u00e0.<span class=\"ff1\"> </span></span></span>Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>specifico <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio, <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>indicatori <span class=\"_ _5\"></span>standard <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>anticipazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>segnali <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>deteriorame<span class=\"_ _5\"></span>nto (early <span class=\"_ _6\"></span>warning <span class=\"_ _5\"></span>indicators) <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>processi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>proattiva <span class=\"_ _4\"> </span>del <span class=\"_ _6\"></span>credito, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>aggiunto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>ulteriore <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>quantitativo <span class=\"_ _5\"></span>di valutazione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>coniuga <span class=\"_ _2\"></span>previsioni <span class=\"_ _3\"></span>settoriali <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>indicatori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>governative <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _6\"></span>ostegno finanziario <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>banche <span class=\"_ _4\"></span>hanno <span class=\"_ _6\"></span>consentito <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>202<span class=\"_ _3\"></span>1 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>salvaguardia <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>molte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>fronteggiato <span class=\"_ _6\"></span>una shortfall <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontesto <span class=\"_ _3\"></span>COVID<span class=\"_ _3\"></span>-19. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>alternativa, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbe <span class=\"_ _3\"></span>osservato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>deterioramento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si sarebbe riflesso nel peggioramento del<span class=\"_ _0\"></span> rating dei clienti e in un <span class=\"_ _2\"></span>aumento del default rate. In tale contesto, a inizio 2021, al fine<span class=\"_ _0\"></span> di <span class=\"_ _6\"> </span>cogliere <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>anticipo <span class=\"_ _5\"></span>potenziali <span class=\"_ _6\"> </span>problematiche <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span>gate <span class=\"_ _5\"></span>allo <span class=\"_ _6\"> </span>scadere <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>concessioni <span class=\"_ _6\"></span>governative, <span class=\"_ _5\"></span>l\u2019Area <span class=\"_ _6\"> </span>Chief<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Risk <span class=\"_ _23\"> </span>Officer <span class=\"_ _29\"> </span>ha <span class=\"_ _23\"> </span>indirizzato <span class=\"_ _23\"> </span>specifiche <span class=\"_ _23\"> </span>valutazioni <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _23\"> </span>fine <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>i<span class=\"_ _3\"></span>ndividuare <span class=\"_ _29\"> </span>le <span class=\"_ _23\"> </span>imprese/settori <span class=\"_ _23\"> </span>che, <span class=\"_ _23\"> </span>seppur <span class=\"_ _29\"> </span>sostenute finanziariamente <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>menzionati <span class=\"_ _5\"></span>provvedimenti, <span class=\"_ _5\"></span>mostrano <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>perdurare <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>perative <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>generazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>dei<span class=\"_ _5\"></span> cashflow.  Successivamente  la  metodologia<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>\u00e8  stata  evoluta,  rafforzata,  integrat<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>e  rendicontata  agli  organi  societari  i<span class=\"_ _0\"></span>n coerenza <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>parallela <span class=\"_ _5\"></span>evoluzione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Early <span class=\"_ _5\"></span>Warning <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>sviluppo <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>concluse <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>dicembre 2021 e per i quali pros<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>gue il percorso di<span class=\"_ _0\"></span> parallel running e<span class=\"_ _0\"></span> innesto nei proces<span class=\"_ _0\"></span>si di gest<span class=\"_ _3\"></span>ione del credito. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-92.38599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _16\"> </span>riferimento <span class=\"_ _7\"> </span>alle <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span>gate <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>proattiva <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>era  s<span class=\"_ _0\"></span>tata <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivata <span class=\"_ _7\"> </span>una  s<span class=\"_ _0\"></span>pecifica <span class=\"_ _7\"> </span>iniziativa </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">diagnostica sul <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>moratorie <span class=\"_ _3\"></span>proseguita per <span class=\"_ _3\"></span>tutto <span class=\"_ _3\"></span>l\u2019anno n<span class=\"_ _3\"></span>ell\u2019ambito dell\u2019Action <span class=\"_ _3\"></span>Plan <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019obie<span class=\"_ _2\"></span><span class=\"ff1\">ttivo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contenere </span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterioramento, <span class=\"_ _2\"></span>mediante <span class=\"_ _5\"></span>l\u2019attivazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interventi <span class=\"_ _5\"></span>sulle <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>critiche. <span class=\"_ _5\"></span>Nel <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>oi <span class=\"_ _5\"></span>atti<span class=\"_ _5\"></span><span class=\"ff1\">vata </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">una <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>uova <span class=\"_ _6\"></span>iniziativ<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>diagnostica <span class=\"_ _5\"></span>sulle <span class=\"_ _6\"></span>moratorie <span class=\"_ _5\"></span>scadute <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>cadenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>primo <span class=\"_ _6\"></span>semestre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>enotava<span class=\"_ _2\"></span>no <span class=\"_ _6\"></span>qualche </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">elemento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>evidenziavano <span class=\"_ _6\"></span>assenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>gnificati<span class=\"_ _0\"></span>ve <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>necessit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>monitoraggio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>eventuali </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">interventi pianificati d<span class=\"_ _0\"></span>el terzo trimestre per l<span class=\"_ _0\"></span>a quasi totalit\u00e0 delle <span class=\"_ _0\"></span>posizioni (96%). <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Analoga <span class=\"_ _6\"></span>iniziativa <span class=\"_ _6\"></span>diagnostica <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>poi <span class=\"_ _6\"></span>reiterata <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>terzo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>qua<span class=\"_ _3\"></span>rto <span class=\"_ _6\"></span>trimestre, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>quelli <span class=\"_ _5\"></span>evidenziati <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">primo semestre. </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>domestico <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>ormai <span class=\"_ _5\"></span>esigue, <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">assoluto <span class=\"_ _16\"> </span>(circa <span class=\"_ _16\"> </span>80  milioni) <span class=\"_ _7\"> </span>sia  in <span class=\"_ _16\"> </span>confronto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>situazione <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fine  2<span class=\"_ _0\"></span>021 <span class=\"_ _16\"> </span>(4,8  mili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rdi). <span class=\"_ _16\"> </span>Anche <span class=\"_ _16\"> </span>le  m<span class=\"_ _0\"></span>oratorie <span class=\"_ _16\"> </span>terminate <span class=\"_ _16\"> </span>con </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">maturazione <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>ripresa <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>mesi <span class=\"_ _2\"></span>successivi <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>ugualmente <span class=\"_ _5\"></span>ormai <span class=\"_ _2\"></span>molto <span class=\"_ _5\"></span>contenute <span class=\"_ _2\"></span>(circa <span class=\"_ _5\"></span>40 </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">milioni) <span class=\"_ _4\"></span>mentre <span class=\"_ _4\"></span>erano <span class=\"_ _4\"></span>6,7 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fine <span class=\"_ _4\"></span>2021. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>moratorie <span class=\"_ _4\"></span>scadute <span class=\"_ _6\"></span>che <span class=\"_ _7\"> </span>hanno <span class=\"_ _4\"></span>maturato <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>ripresa <span class=\"_ _6\"></span>dei </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">pagamenti al 3<span class=\"_ _3\"></span>1 dicembre 2<span class=\"_ _3\"></span>022 ammontano a <span class=\"_ _3\"></span>35,9 <span class=\"_ _3\"></span>miliardi; rispetto al <span class=\"_ _3\"></span>portafoglio alla <span class=\"_ _3\"></span>data, si <span class=\"_ _3\"></span>\u00e8 rilevato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>tasso di <span class=\"_ _3\"></span>inciden<span class=\"_ _2\"></span>za </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">dei flussi cumulati di default dell\u2019or<span class=\"_ _0\"></span>dine<span class=\"_ _3\"></span><span class=\"ff1\"> del 4,5% (era 2,7% a fine 2021). I flussi cumulati <span class=\"_ _0\"></span>di default osservati, se comparati con<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">il totale delle esposiz<span class=\"_ _0\"></span>ioni con moratorie o<span class=\"_ _0\"></span>riginariamente conc<span class=\"_ _0\"></span>esse, registrerebber<span class=\"_ _0\"></span>o una incidenza infe<span class=\"_ _0\"></span>riore al 3%. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>ammontava <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>80 <span class=\"_ _5\"></span>milioni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">(4,9 <span class=\"_ _16\"> </span>miliardi <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2021), <span class=\"_ _16\"> </span>sostanzialmente <span class=\"_ _7\"> </span>riconducibile <span class=\"_ _7\"> </span>al  p<span class=\"_ _0\"></span>erimetro <span class=\"_ _7\"> </span>domestico, <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _7\"> </span>di  m<span class=\"_ _35\"></span>oratorie <span class=\"_ _16\"> </span>scadute <span class=\"_ _7\"> </span>per </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">39,6 miliardi <span class=\"_ _4\"> </span>(circa <span class=\"_ _4\"> </span>47 <span class=\"_ _7\"> </span>miliardi <span class=\"_ _4\"></span>a <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>2021). <span class=\"_ _7\"> </span>Come <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>livello<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>domestico, <span class=\"_ _7\"> </span>anche <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>onsolidato <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>moratorie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>essere </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">qualificabili come tali<span class=\"_ _0\"></span> ai sensi delle Lin<span class=\"_ _0\"></span>ee Guida EBA erano p<span class=\"_ _0\"></span>ari a 412 mila eur<span class=\"_ _0\"></span>o (1,1 miliardi a fi<span class=\"_ _0\"></span>ne 2021).<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento alla <span class=\"_ _3\"></span>valutazione della targatura forborne delle <span class=\"_ _3\"></span>moratorie, nel cors<span class=\"_ _2\"></span>o d<span class=\"_ _3\"></span>el 2020/2021 Intesa <span class=\"_ _3\"></span>Sanpaolo ha operato </div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">in conformit\u00e0 <span class=\"_ _3\"></span>alle \u201cLinee <span class=\"_ _3\"></span>Guida EBA su<span class=\"_ _3\"></span>lle moratorie <span class=\"_ _3\"></span>legislative<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>e non <span class=\"_ _3\"></span>legislative relative <span class=\"_ _3\"></span>ai pagamenti <span class=\"_ _3\"></span>dei prestiti a<span class=\"_ _3\"></span>pplicat<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>alla </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">luce <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>crisi <span class=\"_ _7\"> </span>COVID-<span class=\"ff4\">19\u201d <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>disposizioni <span class=\"_ _4\"> </span>governative <span class=\"_ _4\"> </span>tempo <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tempo <span class=\"_ _4\"> </span>vigen<span class=\"_ _2\"></span></span>ti, <span class=\"_ _4\"> </span>ripristinando <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>ordinari <span class=\"_ _4\"> </span>processi <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione gi\u00e0 a par<span class=\"_ _0\"></span>tire della seconda met<span class=\"_ _0\"></span>\u00e0 del 2021 e poi c<span class=\"_ _0\"></span>onfermandoli pienamente n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l 2022.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuato il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>monitoraggio <span class=\"_ _3\"></span>sistematico dei <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>li di <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>esposizioni che <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vevano <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>m<span class=\"_ _5\"></span>aturato <span class=\"_ _3\"></span>o </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">stavano ancora <span class=\"_ _3\"></span>maturando i <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>ripresa dei <span class=\"_ _3\"></span>pagamenti (tutti <span class=\"_ _3\"></span>avvenuti entro l\u2019anno). <span class=\"_ _3\"></span>In particolare, a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di esposi<span class=\"_ _5\"></span><span class=\"ff1\">zioni </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">progressivamente <span class=\"_ _7\"> </span>diminuite <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>rientri <span class=\"_ _7\"> </span>e  pag<span class=\"_ _0\"></span>amenti, <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>nel  cors<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>2022 <span class=\"_ _7\"> </span>non  so<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>stati <span class=\"_ _16\"> </span>rilevati, <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>indicato<span class=\"_ _2\"></span>  i<span class=\"_ _35\"></span>n </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">precedenza, <span class=\"_ _3\"></span>andamenti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolarmen<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>egativi <span class=\"_ _3\"></span>relativamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019emergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>deterioramento. <span class=\"_ _3\"></span>Ai <span class=\"_ _2\"></span>fi<span class=\"_ _5\"></span><span class=\"ff1\">ni </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">del Bilancio al 31 dicembre 2021 erano stati mantenuti man<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>gement overlay sui crediti perf<span class=\"_ _0\"></span>orming (aggiustamenti agli esiti d<span class=\"_ _2\"></span>ei </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">modelli <span class=\"_ _7\"> </span>IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>uso <span class=\"_ _16\"> </span>incorpo<span class=\"_ _0\"></span>rati <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>satellite <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>trigger <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>traordinari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>scivolamento <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Stage <span class=\"_ _7\"> </span>2) <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>considerare </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">prudentemente <span class=\"_ _3\"></span>il <span class=\"_ _5\"></span>potenziale <span class=\"_ _2\"></span>emergere <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>elementi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>vulnerabilit\u00e0 <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>moratoria. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>corso<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019<span class=\"ff1\">esercizio <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>progressivamente <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>loro<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rivalutazione, <span class=\"_ _2\"></span>mantenendo <span class=\"_ _5\"></span>ancora <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>congrua <span class=\"_ _5\"></span>prudenza <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>al </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">terzo trimestre e comple<span class=\"_ _0\"></span>tando il loro rilasci<span class=\"_ _0\"></span>o nel quarto, alla l<span class=\"_ _0\"></span>uce degli esiti dei moni<span class=\"_ _0\"></span>toraggi richiamati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Peraltro, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ricorda <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>anche<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>applicano <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>ordinaria <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>regole <span class=\"_ _3\"></span>generali <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>per </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019identificazione del Significant Increase of <span class=\"_ _3\"></span>Credit Risk e <span class=\"_ _3\"></span>la classificazione a <span class=\"_ _3\"></span>Stage 2, tra <span class=\"_ _3\"></span>le quali rilevano <span class=\"_ _3\"></span>anche la pres<span class=\"_ _6\"></span><span class=\"ff1\">enza di </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _2\"></span>pagamento <span class=\"_ _2\"></span>scaduto <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>30 <span class=\"_ _5\"></span>giorni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>concessione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>forbearance. <span class=\"_ _2\"></span>Va <span class=\"_ _2\"></span>considerato, <span class=\"_ _2\"></span>inoltre, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>specificit\u00e0 </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>moratorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>proroghe <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>biennio <span class=\"_ _4\"> </span>2020/2021 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>sempre <span class=\"_ _4\"> </span>meno <span class=\"_ _4\"> </span>distintiva <span class=\"_ _4\"> </span>o </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">correlabile direttamente al venir me<span class=\"_ _3\"></span><span class=\"ff4\">no <span class=\"_ _3\"></span>del beneficio a suo <span class=\"_ _3\"></span>tempo concesso e<span class=\"_ _3\"></span> che, nel contempo, a <span class=\"_ _3\"></span>fronte dell\u2019evoluzione della </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">crisi <span class=\"_ _3\"></span>geopolitica <span class=\"_ _3\"></span>innescata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>conflitto <span class=\"_ _2\"></span>Russia/Ucra<span class=\"_ _0\"></span>ina, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tire da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>trimestre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _3\"></span>adottate <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>prud<span class=\"_ _5\"></span>enti </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">sui <span class=\"_ _5\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>famiglie, <span class=\"_ _5\"></span>piccoli <span class=\"_ _6\"></span>operatori <span class=\"_ _5\"></span>economici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>imprese <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>peranti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>settori <span class=\"_ _5\"></span>(ivi <span class=\"_ _5\"></span>incluse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rientranti <span class=\"_ _5\"></span>nelle </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">regole <span class=\"_ _5\"></span>adottate, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>controparti <span class=\"_ _5\"></span>beneficiarie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>concessioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratorie <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>pandemico) <span class=\"_ _4\"> </span><span class=\"ff4\">per <span class=\"_ _6\"></span>l\u2019emergere <span class=\"_ _5\"></span></span>- <span class=\"_ _5\"></span>nelle<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">geografie <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ricadute <span class=\"_ _6\"></span>indirette <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nuove <span class=\"_ _5\"></span>vulnerabilit\u00e0 <span class=\"_ _5\"></span>derivanti <span class=\"_ _6\"></span>dagli <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffetti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perduranti <span class=\"_ _5\"></span>pressioni </div><div class=\"t m0 x0 h32 y87 ff4 fs0 fc0 sc0 ls0 ws0\">inflazionistiche <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dagli <span class=\"_ _16\"> </span>aumenti <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _16\"> </span>dell\u2019energia. <span class=\"_ _7\"> </span>Maggiori <span class=\"_ _16\"> </span>dettagli <span class=\"_ _7\"> </span>sono  r<span class=\"_ _35\"></span>appresentati <span class=\"_ _1d\"> </span>nel <span class=\"_ _7\"> </span>paragrafo <span class=\"_ _16\"> </span>2.3 <span class=\"_ _16\"> </span>\u201cMetodi <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">misurazione delle perd<span class=\"_ _0\"></span>ite attese\u201d<span class=\"ff1 lsd\">. <span class=\"ls0\"> </span></span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>risi <span class=\"_ _3\"></span>legata <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>pandemia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>comportato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>iniziale <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni, <span class=\"_ _6\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">causa <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>discesa <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>dell\u2019area <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>generale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rilevante <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _6\"> </span><span class=\"ff1\">sui </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">principali <span class=\"_ _3\"></span>fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rischio. <span class=\"_ _3\"></span>Non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>tuttavia <span class=\"_ _2\"></span>registrate <span class=\"_ _3\"></span>crit<span class=\"_ _3\"></span>icit\u00e0 <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>marginazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>ercato,<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">seppur <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>elevato <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>chiamate d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>collaterale, sia <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>numerici <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>volumi, <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>settim<span class=\"_ _5\"></span>ane </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">di  maggior  stress  sui  mercati.  Anche  i <span class=\"_ _1d\"> </span>processi  di  compensazione  presso  le  controparti  centrali  non  hanno  generato<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">problematiche opera<span class=\"_ _0\"></span>tive. La situazione d<span class=\"_ _0\"></span>ei mercati finanziari <span class=\"_ _0\"></span>si \u00e8 progressivamente<span class=\"_ _0\"></span> stabilizzata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Da <span class=\"_ _5\"></span>ultimo, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>temati<span class=\"ff4\">che <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>pubblica <span class=\"_ _5\"></span>l\u2019informativa <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>dalle </span></div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">\u201cGuidelines <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>reporting <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _7\"> </span>disclosure <span class=\"_ _7\"> </span>of <span class=\"_ _16\"> </span>exposures <span class=\"_ _7\"> </span>subject <span class=\"_ _7\"> </span>to  m<span class=\"_ _35\"></span>easures <span class=\"_ _16\"> </span>applied <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>response <span class=\"_ _7\"> </span>to <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>COVID<span class=\"_ _2\"></span><span class=\"ff1\">-</span>19 <span class=\"_ _16\"> </span>crisis\u201d </div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">pubblicate dall\u2019EBA (EBA<span class=\"_ _0\"></span>/GL/2020/07) nell\u2019in<span class=\"_ _0\"></span>form<span class=\"_ _3\"></span>ativa al pubblic<span class=\"_ _0\"></span>o \u201cTerzo Pilastro\u201d o \u201cPi<span class=\"_ _0\"></span>llar 3\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y125a ff5 fs6 fc2 sc0 ls2 ws0\">2.<span class=\"ls0\"> <span class=\"_ _28\"> </span>POLITICHE DI G<span class=\"_ _3\"></span>ESTIONE<span class=\"_ _3\"></span> DEL RISCHIO DI CR<span class=\"_ _3\"></span>EDITO <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 he y4da ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb y882 ffa fs6 fc2 sc0 ls2 ws0\">2.1.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Aspetti organizzativi <span class=\"_ _3\"></span><span class=\"fc5\"> </span></span></div><div class=\"t m0 x0 h2 y806 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ruolo <span class=\"_ _3\"></span>fondamentale <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>svolto <span class=\"_ _3\"></span>dagl<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h32 y128b ff4 fs0 fc0 sc0 ls0 ws0\">Organi <span class=\"_ _5\"></span>societari <span class=\"_ _6\"> </span>che, <span class=\"_ _6\"></span>secondo <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>proprie <span class=\"_ _6\"></span>competenze, <span class=\"_ _5\"></span>assicurano <span class=\"_ _6\"></span>l\u2019adeguato <span class=\"_ _5\"></span>presidio <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>individuando <span class=\"_ _6\"></span>gli </div><div class=\"t m0 x0 h2 yc11 ff4 fs0 fc0 sc0 ls0 ws0\">orientamenti <span class=\"_ _5\"></span>strategici <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>politiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio, <span class=\"_ _5\"></span>verificandone <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>continuo <span class=\"_ _5\"></span>l\u2019efficienza <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019efficacia <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>defin<span class=\"_ _5\"></span><span class=\"ff1\">endo <span class=\"_ _5\"></span>i </span></div><div class=\"t m0 x0 h2 yf90 ff1 fs0 fc0 sc0 ls0 ws0\">compiti e le respons<span class=\"_ _0\"></span>abilit\u00e0 delle funzio<span class=\"_ _0\"></span>ni e strutture aziendali <span class=\"_ _0\"></span>coinvolte nei pr<span class=\"_ _0\"></span>ocessi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y2c8 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>presidio <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>governo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurato <span class=\"_ _5\"></span>dagli <span class=\"_ _6\"> </span>Organi <span class=\"_ _6\"></span>societari <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>riflesso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ell\u2019attuale <span class=\"_ _5\"></span>assetto <span class=\"_ _6\"></span>organizzativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>individ<span class=\"_ _2\"></span><span class=\"ff1 lsc\">ua </span></div><div class=\"t m0 x0 h2 y499 ff1 fs0 fc0 sc0 ls0 ws0\">specifiche aree di re<span class=\"_ _0\"></span>sponsabilit\u00e0 centrale riconducibili a: </div><div class=\"t m0 x0 h2 y203 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Lending Officer; </span></div><div class=\"t m0 x0 h2 y49a ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer; </span></div><div class=\"t m0 x0 h2 yc14 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>Are<span class=\"_ _3\"></span>a di Governo Chi<span class=\"_ _0\"></span>ef Financial Officer; </span></div><div class=\"t m0 x0 h2 yd35 ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _2\"></span>garantiscono, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>l\u2019adeguato <span class=\"_ _3\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gregazione, <span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>svolgimento <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>funzioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019attuazione <span class=\"_ _3\"></span>dell<span class=\"_ _6\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y1573 ff1 fs0 fc0 sc0 ls0 ws0\">di controllo del rischi<span class=\"_ _0\"></span>o, nonch\u00e9 la defin<span class=\"_ _0\"></span>izione dei processi e d<span class=\"_ _0\"></span>egli applicativi a s<span class=\"_ _0\"></span>upporto.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> <span class=\"_ _9\"> </span> </div></div>L\u2019Area <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Governo <span class=\"_ _3\"></span>Chief L<span class=\"_ _3\"></span>ending Offi<span class=\"_ _3\"></span>cer, a<span class=\"_ _3\"></span>vvalendosi delle <span class=\"_ _3\"></span>proprie <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>(Direzione <span class=\"_ _3\"></span>Centrale Concessione <span class=\"_ _3\"></span>BdT, <span class=\"_ _3\"></span>Direzione Centrale <span class=\"_ _16\"> </span>Concessione <span class=\"_ _16\"> </span>CIB, <span class=\"_ _7\"> </span>D<span class=\"_ _3\"></span>irezione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _16\"> </span>Crediti <span class=\"_ _7\"> </span>ISB,  D<span class=\"_ _0\"></span>irezione <span class=\"_ _16\"> </span>Centrale <span class=\"_ _7\"> </span>Governo <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Credito, <span class=\"_ _16\"> </span>Direzione <span class=\"_ _16\"> </span>Central<span class=\"_ _0\"></span>e Presidio Valore del Cr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dito e Direzione Ce<span class=\"_ _0\"></span>ntrale NPE):<span class=\"_ _90\"> </span>a<span class=\"_ _3\"></span>ssume, direttamente o <span class=\"_ _3\"></span>sottoponendole agli <span class=\"_ _3\"></span>Organi competenti, le <span class=\"_ _3\"></span>decisioni c<span class=\"_ _3\"></span>reditizie rilevanti in <span class=\"_ _3\"></span>materia di <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>ssunzione e gestione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>autorizzando <span class=\"_ _2\"></span>direttamente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>competenza, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>tramite <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei<span class=\"_ _0\"></span> pareri di conformit\u00e0; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gar<span class=\"_ _3\"></span>antisce <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>corretta <span class=\"_ _3\"></span>classificazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Bilancio <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>classificate <span class=\"_ _6\"></span>a <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>deteriorato <span class=\"_ _2\"></span>che </span>rientrano nella pro<span class=\"_ _0\"></span>pria competenza; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>ssicura, per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro di <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpetenza, la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>proattiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>garantisce la <span class=\"_ _2\"></span>gestione e <span class=\"_ _2\"></span>il pres<span class=\"_ _3\"></span>idio dei <span class=\"_ _3\"></span>credit<span class=\"_ _5\"></span><span class=\"ls13\">i </span></span>deteriorati e in soffer<span class=\"_ _0\"></span>enza mantenuti in gest<span class=\"_ _0\"></span>ione interna al Gr<span class=\"_ _0\"></span>uppo<span class=\"_ _3\"></span>; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>dea <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestisce <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ingole <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>osizioni <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>NPE, <span class=\"_ _6\"></span>esposizioni <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>asset <span class=\"_ _5\"></span>in </span>perimetro, con la colla<span class=\"_ _0\"></span>borazione di altre f<span class=\"_ _0\"></span>unzioni competenti; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>volge <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>esternal<span class=\"_ _2\"></span>izzate, <span class=\"_ _5\"></span>incluso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>KPI <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>performan<span class=\"_ _0\"></span>ce </span>degli <span class=\"_ _2\"></span>outsourcer, <span class=\"_ _2\"></span>assumendo <span class=\"_ _2\"></span>direttamente, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sottoponendole <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>Organi <span class=\"_ _5\"></span>competenti, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>delibere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ordine <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>proposte eccedenti le facolt<span class=\"_ _0\"></span>\u00e0 delegate agli Outs<span class=\"_ _0\"></span>ourcer; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontribuisce <span class=\"_ _18\"> </span>al <span class=\"_ _1c\"> </span>proces<span class=\"_ _0\"></span>so <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>form<span class=\"ff4\">ul<span class=\"_ _3\"></span>azione <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>roposta <span class=\"_ _18\"> </span>delle <span class=\"_ _1c\"> </span>St<span class=\"_ _0\"></span>rategie <span class=\"_ _18\"> </span>Creditizie <span class=\"_ _18\"> </span>nell\u2019analisi <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>egli <span class=\"_ _18\"> </span>impatti <span class=\"_ _1c\"> </span>sull<span class=\"_ _35\"></span>a </span></span>concessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>redito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>declinazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _2\"></span>alle <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>creditizia <span class=\"_ _3\"></span>rilevanti, <span class=\"_ _2\"></span>ferma <span class=\"_ _3\"></span>restand<span class=\"_ _5\"></span><span class=\"lsc\">o </span>la responsabilit\u00e0 di fi<span class=\"_ _0\"></span>nalizzazione in <span class=\"_ _0\"></span>capo a<span class=\"_ _3\"></span><span class=\"ff4\">ll\u2019Area di Governo<span class=\"_ _0\"></span> Chief Financial Offi<span class=\"_ _0\"></span>cer;<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _3\"></span>oordina <span class=\"_ _3\"></span>l\u2019attuazione degli <span class=\"_ _3\"></span>Indirizzi <span class=\"_ _3\"></span>Gestionali Creditizi d<span class=\"_ _3\"></span>a p<span class=\"_ _3\"></span>arte de<span class=\"_ _3\"></span>lle unit\u00e0 <span class=\"_ _3\"></span>preposte <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo, <span class=\"_ _3\"></span>anche nei <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>ambiti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>societari; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _3\"></span>nalizza <span class=\"_ _5\"></span>l\u2019evoluzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>all\u2019interno <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>tenendo<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span></span>anche <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>dell\u2019applicazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>suddette Strategie Creditizi<span class=\"_ _0\"></span>e; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>ttribuisce <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>valida <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>rating <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>competenza, <span class=\"_ _7\"> </span>prestando <span class=\"_ _4\"> </span>altres\u00ec <span class=\"_ _7\"> </span>supporto <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>definizione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _4\"> </span>e </span>strumenti di attribuzi<span class=\"_ _0\"></span>one del rating; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinisce  la <span class=\"_ _1d\"> </span>normativa  di <span class=\"_ _1d\"> </span>riferimento  i<span class=\"_ _3\"></span>n  materia <span class=\"_ _1d\"> </span>creditizia,  i  r<span class=\"_ _3\"></span>equisiti  per <span class=\"_ _1d\"> </span>lo <span class=\"_ _1d\"> </span>sviluppo  degli  strumenti  d<span class=\"_ _3\"></span>el  credito  e </span>contribuisce <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>formulazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>proposte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>assegnazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>facolt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _3\"></span>ferma restando la responsabi<span class=\"_ _0\"></span>lit\u00e0 di <span class=\"ff4\">finalizzazione delle stes<span class=\"_ _0\"></span>se in capo all\u2019Area di Go<span class=\"_ _0\"></span>verno Chief Risk Off<span class=\"_ _0\"></span>icer;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>romuove iniziativ<span class=\"_ _0\"></span>e finalizzate alla diffusi<span class=\"_ _0\"></span>one e allo sviluppo d<span class=\"_ _0\"></span>ella cultura del credi<span class=\"_ _0\"></span>to;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gar<span class=\"_ _3\"></span>antisce, <span class=\"_ _16\"> </span>coerentemente <span class=\"_ _16\"> </span>con  le  lin<span class=\"_ _0\"></span>ee  guida <span class=\"_ _16\"> </span>dell\u2019Area  di  G<span class=\"_ _35\"></span>overno  Chief  Risk<span class=\"_ _0\"></span>  Officer <span class=\"_ _16\"> </span>e  n<span class=\"_ _3\"></span><span class=\"ff1\">el  rispetto  degli<span class=\"_ _35\"></span>  Indirizzi </span>Gestionali  Creditizi,  la  sorv<span class=\"_ _0\"></span>eglianza  sistematica  di  prim<span class=\"_ _0\"></span>o  livello  del  portafoglio  cr<span class=\"_ _0\"></span>editi  di  competenza,  indivi<span class=\"_ _0\"></span>duando fenomeni <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifici <span class=\"_ _2\"></span>aggregati <span class=\"_ _5\"></span>creditizi <span class=\"_ _2\"></span>caratterizzati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>elevati <span class=\"_ _5\"></span>livelli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nomalia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>ttivare <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>opportuni interventi di mitigazi<span class=\"_ _0\"></span>one del rischio. L\u2019Area di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer ha la <span class=\"_ _0\"></span>responsabilit\u00e0 di decli<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>are il Risk Appetite Fr<span class=\"_ _0\"></span>amework nell\u2019ambit<span class=\"_ _0\"></span>o della gestione <span class=\"_ _2\"></span><span class=\"ff1\">dei </span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>coerenza con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>strategie e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>ziendali <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>assicura <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>controllo <span class=\"_ _2\"></span>delle e<span class=\"_ _3\"></span>sposizioni di rischio di Gruppo. S<span class=\"_ _0\"></span>pecificamente, l\u2019Are<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> di Governo Chief Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>k Officer:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinisce <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>metriche <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>concerne <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>misurazione <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>creditizio, <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>relativamente <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>valut<span class=\"_ _5\"></span>azione </span>collettiva dei crediti i<span class=\"_ _0\"></span>n bonis ed alla valuta<span class=\"_ _0\"></span>zione su base statis<span class=\"_ _0\"></span>tica dei crediti det<span class=\"_ _0\"></span>eriorati;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>pricing <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>adjusted <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ssicura la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Perdita Attes<span class=\"_ _6\"></span>a, </span>al Capitale Economi<span class=\"_ _0\"></span>co (ECAP) e agli RWA; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>mo<span class=\"_ _3\"></span>nitora <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>assorbimenti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito, <span class=\"_ _5\"></span>supportando <span class=\"_ _5\"></span>l\u2019Area <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Governo <span class=\"_ _5\"></span>Chief <span class=\"_ _5\"></span>Financial <span class=\"_ _5\"></span>Office<span class=\"_ _0\"></span>r nell\u2019attivit\u00e0 di gesti<span class=\"_ _0\"></span>one attiva del capital<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>f<span class=\"_ _3\"></span>ormula le propost<span class=\"_ _0\"></span>e di attribuzione d<span class=\"_ _0\"></span>elle Facolt\u00e0 in mater<span class=\"_ _0\"></span>ia di credi<span class=\"_ _3\"></span>to; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>onvalida i sistemi<span class=\"_ _0\"></span> interni per la misurazi<span class=\"_ _0\"></span>one dei rischi; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>gov<span class=\"_ _3\"></span>erna il rischio mo<span class=\"_ _0\"></span>dello; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>volge i controlli di<span class=\"_ _0\"></span> II livello per il pre<span class=\"_ _0\"></span>sidio del rischio di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> </span>Le <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>irettamente <span class=\"_ _5\"></span>dall\u2019Area <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"> </span>Chief <span class=\"_ _6\"> </span>Risk <span class=\"_ _6\"> </span>Officer <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>Ca<span class=\"_ _2\"></span><span class=\"ff1\">pogruppo <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipali </span>societ\u00e0 controllate, s<span class=\"_ _0\"></span>ulla base di un co<span class=\"_ _0\"></span>ntratto di servizio. Con riferimento alle <span class=\"_ _0\"></span>politiche di g<span class=\"_ _0\"></span>estione del rischio di cred<span class=\"_ _0\"></span>ito, l'Area di Gov<span class=\"_ _0\"></span>erno Chief Financial<span class=\"_ _0\"></span> Officer:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>oadiuva <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>Organi <span class=\"_ _3\"></span>Societari <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>definire, <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oeren<span class=\"_ _3\"></span>za <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>indirizzi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>politiche <span class=\"_ _3\"></span>di </span>Gruppo <span class=\"_ _7\"> </span>in  m<span class=\"_ _35\"></span>ateria <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>amministrazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>e  fis<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>alit\u00e0, <span class=\"_ _7\"> </span>pianificazione <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>gestione, <span class=\"_ _7\"> </span>tesoreria <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>finanza, <span class=\"_ _7\"> </span>studi <span class=\"_ _7\"> </span>e ricerche, <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>creditizio, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>zioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>investitori <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>agenzie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 sociale ed ambiental<span class=\"_ _0\"></span>e; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>p<span class=\"_ _3\"></span>residia <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Credit <span class=\"_ _2\"></span>Portfolio <span class=\"_ _5\"></span>Management <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>supportando <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>Divisioni <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>attiva <span class=\"_ _5\"></span>del </span>rischio di<span class=\"_ _3\"></span> credito, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019obiettivo di <span class=\"_ _2\"></span><span class=\"ff1\">migliorare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>profilo ri<span class=\"_ _3\"></span>schio-rendimento de<span class=\"_ _3\"></span>l portafoglio <span class=\"_ _3\"></span>creditizio in <span class=\"_ _3\"></span>ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>creazione di </span>valore per gli azionis<span class=\"_ _0\"></span>ti; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _3\"></span>efinisce <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>Strategie <span class=\"_ _7\"> </span>Creditizie <span class=\"_ _4\"> </span>indirizzate <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>Divisioni <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019obiettivo <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>incentivare <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>uove <span class=\"_ _7\"> </span>erogazioni, <span class=\"_ _4\"> </span>attraverso<span class=\"_ _0\"></span> correttivi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ricing <span class=\"_ _6\"></span>adjustment, <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>se<span class=\"_ _3\"></span>ttori <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>conomici <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>attrattivit\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>termini <span class=\"_ _5\"></span>di profilo <span class=\"_ _7\"> </span>di  ri<span class=\"_ _0\"></span>schio-<span class=\"ff4\">rendimento, <span class=\"_ _16\"> </span>monitora <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _7\"> </span>creditizio <span class=\"_ _7\"> </span>in  ot<span class=\"_ _0\"></span>tica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>creazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>valore <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>macro<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span>processo del pricing <span class=\"_ _3\"></span>corretto per il <span class=\"_ _3\"></span>rischio e finalizza operazioni di <span class=\"_ _3\"></span>trasferimento dei rischi creditizi sul <span class=\"_ _3\"></span>mercato dei capitali<span class=\"_ _0\"></span> coerenti con il portaf<span class=\"_ _0\"></span>oglio target;  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>p<span class=\"_ _3\"></span>resiede <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>coordina <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>\u201cCabina <span class=\"_ _18\"> </span>di <span class=\"_ _17\"> </span>Regia <span class=\"_ _17\"> </span>Group <span class=\"_ _17\"> </span>NPL <span class=\"_ _18\"> </span>Plan\u201d, <span class=\"_ _17\"> </span>organismo <span class=\"_ _17\"> </span>manageriale <span class=\"_ _1d\"> </span>con <span class=\"_ _18\"> </span>funzioni <span class=\"_ _17\"> </span>consultive, <span class=\"_ _17\"> </span>di mo<span class=\"ls0\">nitoraggio <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>indirizzo, <span class=\"_ _6\"></span>costituito <span class=\"_ _6\"></span>allo <span class=\"_ _4\"> </span>scopo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>assicurare <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gli <span class=\"_ _6\"></span>obiettivi <span class=\"_ _6\"></span>strategici <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Piano <span class=\"_ _4\"></span>NPL <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>siano </span>realizzati nel rispetto<span class=\"_ _0\"></span> dei target di performa<span class=\"_ _0\"></span>nce, solidit\u00e0 dei ratio<span class=\"_ _0\"></span> patrimoniali e <span class=\"_ _0\"></span>creazione di valor<span class=\"_ _0\"></span>e per il Gruppo.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>Chief <span class=\"_ _2\"></span>IT, <span class=\"_ _5\"></span>Digital <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>Innovati<span class=\"_ _0\"></span>on <span class=\"_ _2\"></span>Officer <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>modello <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>presidia <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Data <span class=\"_ _2\"></span>Governance <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Data <span class=\"_ _2\"></span>Quality <span class=\"_ _2\"></span>del Gruppo, assicurandon<span class=\"_ _0\"></span>e la diffusione e l\u2019implem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ntazione e coord<span class=\"_ _0\"></span>inando le attivit\u00e0 d<span class=\"_ _0\"></span>egli attori coinvolti.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Infine, <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>ambiti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span><span class=\"ff4\">rischio <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimis <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>creditizio, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Chief <span class=\"_ _5\"></span>Audit <span class=\"_ _5\"></span>Officer <span class=\"_ _5\"></span>svolge <span class=\"_ _6\"></span>l\u2019attivit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>revisione </span>interna, <span class=\"_ _1d\"> </span>volta <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>individuare <span class=\"_ _1d\"> </span>violazioni <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>procedure  e <span class=\"_ _17\"> </span>della <span class=\"_ _1d\"> </span>regolamentazione <span class=\"_ _1d\"> </span>nonch\u00e9  a <span class=\"_ _1d\"> </span>v<span class=\"_ _3\"></span>alutare <span class=\"_ _1d\"> </span>periodicament<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>la<span class=\"_ _90\"> </span>completezza, l\u2019adeguatezza,<span class=\"_ _0\"></span> la <span class=\"_ _3\"></span>funzionalit\u00e0 (<span class=\"_ _3\"></span>in termini di efficienza ed efficacia) e l\u2019affidabilit\u00e0 del sistema dei controlli interni e del sistema informativ<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> (ICT audit), con ca<span class=\"_ _0\"></span>denza prefissata in rel<span class=\"_ _0\"></span>azione alla natura <span class=\"_ _0\"></span>ed all\u2019intensit\u00e0 <span class=\"_ _0\"></span>dei rischi.<span class=\"_ _90\"> </span>2.2.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Sistemi di gestione, misurazion<span class=\"_ _3\"></span>e e cont<span class=\"_ _3\"></span>rollo </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>in  q<span class=\"_ _0\"></span>ualit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Capogruppo, <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>stabilito <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>linee <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mportament<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019assunzi<span class=\"_ _0\"></span>one <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rischio creditizio, al fine di e<span class=\"_ _0\"></span>vitare l\u2019eccessiva co<span class=\"_ _0\"></span>ncentrazione delle e<span class=\"_ _0\"></span>sposizioni, di limit<span class=\"_ _0\"></span>are le potenziali p<span class=\"_ _0\"></span>erdite negli scenari <span class=\"_ _2\"></span><span class=\"ff1\">avversi, di </span>preservare una quali<span class=\"_ _0\"></span>t\u00e0 del credito coerente<span class=\"_ _0\"></span> agli obiettivi di <span class=\"_ _0\"></span>equilibrio patrimo<span class=\"_ _0\"></span>niale ed economico.<span class=\"_ _3\"></span> Elementi <span class=\"_ _4\"> </span>fondamentali <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>gestione, <span class=\"_ _7\"> </span>misurazione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>controllo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>credito <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dati <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Perdita <span class=\"_ _7\"> </span>Attesa <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Risk Weighted <span class=\"_ _2\"></span>Assets, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span><span class=\"ff4\">corporano <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>imensione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>dell\u2019esposizione <span class=\"_ _2\"></span>(Exposure <span class=\"_ _2\"></span>At <span class=\"_ _2\"></span>Default <span class=\"_ _6\"> </span><span class=\"ff1\">- <span class=\"_ _5\"></span>EAD), <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>rischiosit\u00e0 </span></span>relativa del cliente (Proba<span class=\"_ _0\"></span>bilty of Default -<span class=\"_ _3\"></span> PD), della previsio<span class=\"_ _0\"></span>ne di perdita ove ricorra<span class=\"_ _0\"></span>no condizioni di insolvenza <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> tenuto conto<span class=\"_ _0\"></span> delle  garan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  che<span class=\"_ _0\"></span>  m<span class=\"ff4\">itigano  l\u2019<span class=\"_ _0\"></span>assunzione <span class=\"_ _16\"> </span>di  rischio <span class=\"_ _16\"> </span>correlata  all\u2019affid<span class=\"_ _0\"></span>amento  (<span class=\"_ _0\"></span>Loss  Given <span class=\"_ _16\"> </span>Default <span class=\"_ _1d\"> </span><span class=\"ff1\">-  LGD)<span class=\"_ _0\"></span>  <span class=\"ff4\">\u2013</span> <span class=\"_ _16\"> </span>e  la  d<span class=\"_ _0\"></span>urata </span></span>dell\u2019esposizione (ma<span class=\"_ _0\"></span>turity), come dettagliat<span class=\"_ _0\"></span>o nel Paragrafo 2.<span class=\"_ _0\"></span>3.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le  c<span class=\"_ _0\"></span>omponenti <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>concorrono <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>determinazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  Ri<span class=\"_ _35\"></span>sk  Weighted <span class=\"_ _16\"> </span>Assets <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ostituiscono <span class=\"_ _16\"> </span>gli  elementi  centrali <span class=\"_ _7\"> </span>per  la<span class=\"_ _0\"></span> determinazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>livelli <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Facolt\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Concessione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>limiti <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Credit <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Appetite <span class=\"_ _4\"> </span>(CRA), <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>pricing <span class=\"_ _7\"> </span>del credito, <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>lcolo <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>rettifiche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>sulle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>performing <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>rettifiche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>valore <span class=\"_ _16\"> </span>analitico-statistiche <span class=\"_ _5\"></span>sulle<span class=\"_ _0\"></span> esposizioni non perf<span class=\"_ _0\"></span>orming, nonch\u00e9 del cal<span class=\"_ _0\"></span>colo del capitale e<span class=\"_ _0\"></span>conomico e regolame<span class=\"_ _0\"></span>ntare.<span class=\"_ _3\"></span> Il Credit Risk <span class=\"_ _3\"></span>Appetite ha finalit\u00e0 di ottimizzare il profilo rischio<span class=\"_ _3\"></span>-<span class=\"ff4\">rendimento degli attivi. Mediante le \u201cRegole in materia di <span class=\"_ _3\"></span>Credit<span class=\"_ _35\"></span> </span>R<span class=\"ff4\">isk Appetite\u201d <span class=\"_ _3\"></span>vengono definite <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 di <span class=\"_ _3\"></span>applicazione del <span class=\"_ _3\"></span>CRA e <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e modalit\u00e0 <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>alcolo della <span class=\"_ _3\"></span>classe d<span class=\"_ _3\"></span>i colore d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>CRA, cu<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span>sono <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>esposizione <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>perseguire <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rescita <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>impieghi <span class=\"_ _4\"> </span>coerente <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>l\u2019appetito <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischi<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\"> </span>definito per il Gruppo.  Il  calcolo  del  pricing  delle  operazio<span class=\"_ _0\"></span>ni  ha  come  obiettivo  la  definizio<span class=\"_ _0\"></span>ne  di  adeguatezza  delle  condizioni  ec<span class=\"_ _0\"></span>onomiche  in considerazione della <span class=\"_ _2\"></span>generazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>rischiosit\u00e0 <span class=\"_ _3\"></span>espressa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>calcolo del valore, comprensiv<span class=\"_ _0\"></span>o anche dei costi im<span class=\"_ _0\"></span>putati alle strutture. Il capitale a <span class=\"_ _3\"></span>rischio viene definito come la <span class=\"_ _3\"></span>massima perdita \u201cinattesa\u201d in cui il <span class=\"_ _3\"></span>Gruppo pu\u00f2 incorrere in un orizzonte di u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span><span class=\"ff1\">anno, </span>a <span class=\"_ _7\"> </span>determinati <span class=\"_ _7\"> </span>livelli <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>confidenza. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>calcolo<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffettuato <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ituazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _7\"> </span>attuale <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>livello dinamico, <span class=\"_ _7\"> </span>determinandone <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>prospettico, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ello <span class=\"_ _7\"> </span>scenario <span class=\"_ _7\"> </span>macroeconomico <span class=\"_ _7\"> </span>atteso, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>relazione <span class=\"_ _7\"> </span>a scenari <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stress. <span class=\"_ _5\"></span>Il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>costituisce <span class=\"_ _6\"></span>elemento <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ondamental<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>adeguatezza <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>atrimoniale <span class=\"_ _2\"></span>del Gruppo e nell\u2019ambito d<span class=\"_ _0\"></span>el processo ICAAP<span class=\"_ _0\"></span> viene calcolato sia i<span class=\"_ _0\"></span>n ottica regolamenta<span class=\"_ _0\"></span>re che in ottica gesti<span class=\"_ _0\"></span>onale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _6\"></span>livelli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Facolt\u00e0 <span class=\"_ _6\"></span>fissati <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>RWA <span class=\"_ _5\"></span>delimitano <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>potere <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _2\"></span>elibera <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>fase <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>concessione, <span class=\"_ _5\"></span>specificando <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>fi<span class=\"_ _3\"></span>gure<span class=\"_ _0\"></span> professionali <span class=\"_ _4\"></span>delegate <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>gli <span class=\"_ _4\"> </span>iter <span class=\"_ _4\"> </span>deliberativi <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>affidamenti <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>singole <span class=\"_ _4\"> </span>controparti. <span class=\"_ _4\"> </span>In <span class=\"_ _7\"> </span>particolare, <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>caso <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>cu<span class=\"_ _5\"></span>i <span class=\"_ _7\"> </span>la concessione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>cceda <span class=\"_ _6\"></span><span class=\"ff4\">determinate <span class=\"_ _5\"></span>soglie <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revista <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>richiesta <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Parere <span class=\"_ _2\"></span>di </span>Conformit\u00e0\u201d agli org<span class=\"_ _0\"></span>ani competenti della C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>pogruppo.<span class=\"ff1\"> </span>La <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>disciplinata <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>metriche <span class=\"_ _3\"></span>complementari a<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>RWA <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>definiscono <span class=\"_ _3\"></span>meccanismi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i coordinamento e <span class=\"_ _3\"></span>strument<span class=\"ff4\">i <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>supporto per <span class=\"_ _3\"></span>l\u2019esercizio cont<span class=\"_ _3\"></span>inuativo delle <span class=\"_ _3\"></span>responsabilit\u00e0 di <span class=\"_ _3\"></span>indirizzo, coordinamento <span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _0\"></span>, </span>in <span class=\"_ _17\"> </span>attuazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>isposizioni <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>governo <span class=\"_ _17\"> </span>societario. <span class=\"_ _1d\"> </span>In <span class=\"_ _18\"> </span>particolare, <span class=\"_ _1d\"> </span>la <span class=\"_ _17\"> </span>normativa <span class=\"_ _17\"> </span>aziendale <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>ontempla <span class=\"_ _1d\"> </span>le <span class=\"_ _18\"> </span>Regole <span class=\"_ _1d\"> </span>di Concessione, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>specificano <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quali <span class=\"_ _5\"></span>assumere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>Regole <span class=\"_ _5\"></span>in materia <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Strategi<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>Creditizie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>rispondono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>orientare <span class=\"_ _5\"></span>lo <span class=\"_ _2\"></span>sviluppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>composizion<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>creditiz<span class=\"_ _5\"></span>io verso <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>profilo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischio/rendime<span class=\"_ _3\"></span><span class=\"ff4\">nto <span class=\"_ _6\"> </span>riconosciuto <span class=\"_ _5\"></span>ottimale <span class=\"_ _6\"> </span>nell\u2019orizzonte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>medio <span class=\"_ _5\"></span>lungo <span class=\"_ _6\"> </span>periodo, <span class=\"_ _6\"> </span>tenuto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onto <span class=\"_ _6\"></span>dell<span class=\"_ _35\"></span>a </span>sostenibilit\u00e0 del port<span class=\"_ _0\"></span>afoglio sotto il profi<span class=\"_ _0\"></span>lo ESG sul medesimo<span class=\"_ _0\"></span> orizzonte temporal<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> I <span class=\"_ _3\"></span>processi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>prevedono <span class=\"_ _2\"></span>inoltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>posizioni<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>creditizie <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>riesame <span class=\"_ _3\"></span>periodico svolto <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>strutture <span class=\"_ _3\"></span>centrali <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>periferiche <span class=\"_ _3\"></span>competenti e <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>clientela <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>valutata <span class=\"_ _3\"></span>solo <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidament<span class=\"_ _5\"></span>o <span class=\"_ _3\"></span>ma anche nel continuo, mediante un <span class=\"_ _3\"></span>processo di monitoraggio periodico che inter<span class=\"_ _2\"></span>agisce con i processi e<span class=\"_ _3\"></span> le procedure di <span class=\"_ _3\"></span>gestion<span class=\"_ _0\"></span>e e <span class=\"_ _3\"></span>di controllo <span class=\"_ _3\"></span>del c<span class=\"_ _3\"></span>redito al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>assicurare <span class=\"_ _3\"></span>una valutazione <span class=\"_ _3\"></span>tempestiva dell\u2019insorgere di <span class=\"_ _3\"></span>eventuali s<span class=\"_ _3\"></span>egnali di <span class=\"_ _3\"></span>deterioram<span class=\"_ _5\"></span><span class=\"ff1\">ento, </span>con  ri<span class=\"_ _3\"></span>flesso  sul <span class=\"_ _1d\"> </span>grado  di <span class=\"_ _1d\"> </span>rischiosit\u00e0  delle  esposizioni.  \u00c8 <span class=\"_ _1d\"> </span>attivo, <span class=\"_ _1d\"> </span>infatti,<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>adattamenti  introdotti  in <span class=\"_ _1d\"> </span>concomitanza  agli aggiornamenti <span class=\"_ _3\"></span>apportati <span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _3\"></span>interno, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>intercettamento <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>classificazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>enominato <span class=\"_ _3\"></span>Early <span class=\"_ _2\"></span>Warnin<span class=\"_ _5\"></span><span class=\"ls17\">g </span>System, applicato ai p<span class=\"_ _3\"></span>ortafogli Corporate, SME Retail, <span class=\"_ _3\"></span>Retail e Institutions. Il<span class=\"_ _2\"></span> motore <span class=\"_ _3\"></span>in produzione \u00e8 stato<span class=\"_ _3\"></span> sviluppato a partire dagli  indicatori  individu<span class=\"_ _0\"></span>ati  nell\u2019Asset  Qualit<span class=\"_ _0\"></span>y  Review  e  si  compone  di <span class=\"_ _16\"> </span>una  parte  statistica,  una  parte<span class=\"_ _0\"></span>  qualitativa  e  una integrazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>trigger <span class=\"_ _5\"></span>manuali <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>evento. <span class=\"_ _5\"></span>L\u2019aggiornamento <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>giornali<span class=\"_ _2\"></span><span class=\"ff1\">ero <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>laddove <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _5\"></span>confermino <span class=\"_ _5\"></span>una </span>potenziale situazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anomalia <span class=\"_ _3\"></span>nella gestione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto, le<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>lative posizioni <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>intercetta<span class=\"_ _0\"></span>te <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>segnalate <span class=\"_ _3\"></span>negli spec<span class=\"_ _5\"></span>ifici processi <span class=\"_ _4\"> </span>gestionali. <span class=\"_ _4\"></span>Il <span class=\"_ _4\"> </span>motore <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>EWS, <span class=\"_ _4\"></span>come <span class=\"_ _4\"> </span>menzionato <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>precede<span class=\"_ _0\"></span>nza, <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>et\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>di ulteriori sviluppi per un <span class=\"_ _3\"></span>prossimo inserimento di nuovi modelli n<span class=\"_ _3\"></span>ei processi del credito. Pi\u00f9<span class=\"_ _3\"></span> in generale il <span class=\"_ _3\"></span>Gruppo ha proseg<span class=\"_ _5\"></span>uito l\u2019evoluzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _4\"> </span>modelli <span class=\"_ _7\"> </span>gestionali <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>concessione, <span class=\"_ _4\"> </span>monitoraggio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>credito <span class=\"_ _7\"> </span>(es. </span>affordability, <span class=\"_ _5\"></span>motori <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>concessione <span class=\"_ _5\"></span>automatica <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>previsionali). <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>det<span class=\"_ _3\"></span>taglio, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _5\"></span>completato <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>sviluppo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>modelli <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i affordability <span class=\"_ _3\"></span>SME <span class=\"_ _2\"></span>Retail <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Retail. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>ambito <span class=\"_ _2\"></span>SME <span class=\"_ _3\"></span>Retail <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>entrato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>produzione <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>no<span class=\"_ _5\"></span>vembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ervizio <span class=\"_ _3\"></span>del prodotto <span class=\"_ _3\"></span>APC/ATP <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>alimentazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nuovo <span class=\"_ _2\"></span>motore <span class=\"_ _3\"></span>decisionale <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>tomatico <span class=\"_ _3\"></span>sviluppato <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>machine <span class=\"_ _3\"></span>learning. <span class=\"_ _3\"></span>In ambito <span class=\"_ _6\"></span>Retail, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>mess<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>produzione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>modello <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>attesa <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2023 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>servizio <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>process<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>prestiti <span class=\"_ _6\"></span>pe<span class=\"_ _5\"></span>rsonali <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a maggio <span class=\"_ _6\"></span>2023 <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>prodotto <span class=\"_ _6\"></span>mutui <span class=\"_ _4\"></span>ipotecari. <span class=\"_ _6\"></span>Nel <span class=\"_ _4\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _6\"></span>altres\u00ec <span class=\"_ _4\"></span>sviluppati <span class=\"_ _6\"></span>modelli <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>previsione settoriale a supporto di<span class=\"_ _0\"></span> molteplici proces<span class=\"_ _0\"></span>si aziendali quali il RAF, <span class=\"_ _0\"></span>le strategie creditizie<span class=\"_ _0\"></span> e per attivit\u00e0/strument<span class=\"_ _0\"></span>i di<span class=\"_ _2\"></span> concessione e monitoraggio del cre<span class=\"_ _0\"></span>dito. La valutazione delle rettifiche di valore delle esposizioni performing e sulle esposizioni non perfor<span class=\"_ _0\"></span>ming si basa su <span class=\"_ _3\"></span>metodolo<span class=\"_ _2\"></span>gie coerenti <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>principio <span class=\"_ _4\"></span>contabile <span class=\"_ _6\"></span>internazionale <span class=\"_ _6\"></span>IFRS <span class=\"_ _4\"> </span>9, <span class=\"_ _4\"></span>dettagliatamente <span class=\"_ _6\"></span>descritte<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>Parte <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">Sezione <span class=\"_ _4\"> </span>\u201cA. <span class=\"_ _6\"> </span>2 <span class=\"_ _4\"> </span>\u2013</span> <span class=\"_ _7\"> </span>Parte Relativa alle <span class=\"_ _3\"></span>principali voci <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Bilancio\u201d ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>particolare nel <span class=\"_ _3\"></span>paragrafo <span class=\"_ _3\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff2\">Modalit\u00e0 di <span class=\"_ _3\"></span>determinazione delle <span class=\"_ _3\"></span>perdite di<span class=\"_ _3\"></span> <span class=\"ff3\">valore\u201d. <span class=\"_ _3\"></span><span class=\"ff1\">Nel </span></span></span>successivo paragraf<span class=\"_ _0\"></span>o \u201c<span class=\"ff2\">2.3. Metodi di misurazione dell<span class=\"_ _0\"></span>e perdite attese<span class=\"ff4\">\u201d vengono rappr<span class=\"ff1\">esentati i princip<span class=\"_ _0\"></span>ali profili applicativi<span class=\"_ _0\"></span> ai fini </span></span></span>del Bilancio 2022. Il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>Paese <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>componente <span class=\"_ _2\"></span>aggiuntiva <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>singoli <span class=\"_ _2\"></span>prenditori, <span class=\"_ _2\"></span>misurato <span class=\"_ _5\"></span>nell\u2019ambit<span class=\"_ _0\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\"> </span>dei <span class=\"_ _6\"></span>sistemi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>reditizi. <span class=\"_ _6\"></span>Tale <span class=\"_ _6\"></span>componen<span class=\"_ _3\"></span><span class=\"ff4\">te <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>collegata <span class=\"_ _6\"> </span>alle <span class=\"_ _4\"> </span>perdite <span class=\"_ _5\"></span>potenzialmente <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _6\"></span>di </span>finanziamento <span class=\"_ _5\"></span>internazionale <span class=\"_ _5\"></span>causate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>eventi <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>sottostanno, <span class=\"_ _5\"></span>almeno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>parte, <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> relativo Governo, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>non a <span class=\"_ _3\"></span>quello dei <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>soggetti residenti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>stesso <span class=\"_ _3\"></span>Paese. Il <span class=\"_ _3\"></span>rischio Pa<span class=\"_ _3\"></span>ese si <span class=\"_ _3\"></span>sostanzia, <span class=\"_ _3\"></span>pertanto, sia in <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sovrane, <span class=\"_ _2\"></span>determinato <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>blocco <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>pagamenti <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>l\u2019estero, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>risch<span class=\"_ _5\"></span><span class=\"ff1\">io </span>sovrano <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>viene <span class=\"_ _16\"> </span>invece <span class=\"_ _7\"> </span>misurato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _7\"> </span>il  giu<span class=\"_ _0\"></span>dizio <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _7\"> </span>m<span class=\"_ _2\"></span>erito <span class=\"_ _16\"> </span>creditizio <span class=\"_ _16\"> </span>dello <span class=\"_ _7\"> </span>Stato  so<span class=\"_ _0\"></span>vrano. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>questa <span class=\"_ _7\"> </span>definizione rientrano <span class=\"_ _3\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>forme <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>prestito <span class=\"_ _3\"></span>cross<span class=\"_ _3\"></span>-border <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>residenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>Paese, <span class=\"_ _2\"></span>siano <span class=\"_ _3\"></span>essi <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Governo, <span class=\"_ _3\"></span>una banca, un\u2019impresa priv<span class=\"_ _0\"></span>ata o un singol<span class=\"_ _0\"></span>o individuo.<span class=\"ff1\"> </span>La <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mponente <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">rischio <span class=\"_ _6\"> </span>Paese <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>utilizzata <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>concessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>soggetti <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>residenti, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di </span>valutare <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _2\"></span>preliminare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>capienza <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>paese <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tabiliti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _2\"></span>ante. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>limiti, <span class=\"_ _2\"></span>espressi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>capitale economico, <span class=\"_ _4\"></span><span class=\"ff4\">identifi<span class=\"_ _0\"></span>cano <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>massimo <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"> </span>accettabile <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _6\"></span>definito <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>annua <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _6\"> </span>Appetite </span>Framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>ricorda, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>conseguenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>eccezionale <span class=\"_ _5\"></span>deter<span class=\"_ _3\"></span>minatasi <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019avvento <span class=\"_ _5\"></span>del conflitto <span class=\"_ _2\"></span>Russia/Ucraina <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>paese <span class=\"_ _5\"></span>Federazione <span class=\"_ _3\"></span>Russa <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>presa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la definizione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>management <span class=\"_ _2\"></span>overlay <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>LGD <span class=\"_ _2\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>\u201ccross<span class=\"_ _2\"></span><span class=\"ff1\">-</span>border\u201d <span class=\"_ _2\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>descritto <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>paragrafo <span class=\"_ _2\"></span>\u201c1.1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gli <span class=\"_ _5\"></span>impatt<span class=\"_ _0\"></span>i valutativi per il Grup<span class=\"_ _0\"></span>po ISP <span class=\"ff4\">del conflitto militare fra R<span class=\"_ _0\"></span>ussia e Ucraina\u201d.<span class=\"ff1\"> </span></span>Il <span class=\"_ _16\"> </span>rischio  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>controparte <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>particolare <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>attispecie <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>elativo <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>contratti <span class=\"_ _16\"> </span>derivati <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>SFT <span class=\"_ _16\"> </span>(Securiti<span class=\"_ _5\"></span>es Financing  T<span class=\"_ _0\"></span>ransactions <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>ssia <span class=\"_ _16\"> </span>pronti <span class=\"_ _16\"> </span>contro  termin<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>prestito  titoli <span class=\"_ _7\"> </span>e  repo), <span class=\"_ _16\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span><span class=\"ff4\">si  riferisce <span class=\"_ _7\"> </span>all\u2019eventuale  ins<span class=\"_ _0\"></span>olvenza <span class=\"_ _16\"> </span>della </span>controparte  p<span class=\"_ _3\"></span>rima  della <span class=\"_ _1d\"> </span>scadenza <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>contratto. <span class=\"_ _1d\"> </span>Tal<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>rischio,  sovente <span class=\"_ _1d\"> </span>denominato <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>sostituzione, <span class=\"_ _1d\"> </span>\u00e8  connesso all\u2019eventualit\u00e0 <span class=\"_ _4\"> </span>che <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>posizione <span class=\"_ _4\"> </span>sia<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>divenuto <span class=\"_ _7\"> </span>positivo <span class=\"_ _7\"> </span>e, <span class=\"_ _7\"> </span>dunque, <span class=\"_ _7\"> </span>che,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>caso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>insolvenza <span class=\"_ _7\"> </span>della </span>controparte, la parte s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>lvente sia costret<span class=\"_ _0\"></span>ta a sostituire la p<span class=\"_ _0\"></span>osizione sul mercato, <span class=\"_ _0\"></span>sopportando una <span class=\"_ _0\"></span>perdita.<span class=\"_ _3\"></span> Per quanto riguarda il rischio di controparte, il Gruppo bancario si \u00e8 dotato di un modello interno per la <span class=\"_ _5\"></span>misurazione<span class=\"_ _0\"></span> del rischio a livello regolamenta<span class=\"_ _0\"></span>re (solo per Capogr<span class=\"_ _0\"></span>uppo) e gestionale. Ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>misurazione <span class=\"_ _5\"></span>gestionale <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>utilizzi <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>derivati <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>SFT, <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019intero <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>bancario <span class=\"_ _2\"></span>ado<span class=\"_ _6\"> </span><span class=\"ff1\">tta <span class=\"_ _5\"></span>il </span>metodo <span class=\"_ _4\"> </span>dell\u2019esposizione <span class=\"_ _6\"> </span>potenziale <span class=\"_ _4\"> </span>futur<span class=\"ff1\">a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>(stimata <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>PFE <span class=\"_ _4\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Potential <span class=\"_ _4\"> </span>Future <span class=\"_ _4\"> </span>Exposure <span class=\"_ _4\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>effettiva <span class=\"_ _4\"> </span>media). <span class=\"_ _4\"> </span>L\u2019 <span class=\"_ _4\"> </span>Area <span class=\"_ _4\"> </span>di Coordinamento <span class=\"_ _3\"></span>Market, <span class=\"_ _3\"></span>Financial e <span class=\"_ _2\"></span>C&amp;IB Risks <span class=\"_ _3\"></span>provvede <span class=\"_ _3\"></span>giornalmente alla <span class=\"_ _3\"></span>stima <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte, a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini<span class=\"_ _2\"></span> della <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>utilizzi <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edito p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>derivati e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>Capogruppo e <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>Privat<span class=\"_ _35\"></span>e Banking. <span class=\"_ _2\"></span>Si <span class=\"_ _2\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Grup<span class=\"_ _0\"></span>po <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>applicata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>misurazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>interno, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>modalit\u00e0<span class=\"_ _0\"></span> semplificata, tramite l\u2019<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>tilizzo di Add<span class=\"ff1\">-on stimati internamente. </span>Inoltre, <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>completamento <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>processo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>analisi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"></span>sulle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>esposizione <span class=\"_ _4\"></span>attivato <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>tempo <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>degli sviluppi sopra riportati,<span class=\"_ _0\"></span> sono stati attivati i s<span class=\"_ _0\"></span>eguenti processi azi<span class=\"_ _0\"></span>endali:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione e calcolo periodico di prove di st<span class=\"_ _3\"></span>ress su scenari di mercato e scenari congiunti mercato/credito sulle misure di </span>rischio controparte; \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>analisi <span class=\"_ _16\"> </span>periodica <span class=\"_ _7\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>correlazione <span class=\"_ _7\"> </span>sfavorevole <span class=\"_ _16\"> </span>(Wrong <span class=\"_ _16\"> </span>Way <span class=\"_ _16\"> </span>Risk), <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>una </span>correlazione positiva<span class=\"_ _0\"></span> tra l\u2019esposizione <span class=\"ff1\">futura nei confronti di u<span class=\"_ _0\"></span>na controparte e l<span class=\"_ _0\"></span>a sua probabilit\u00e0 <span class=\"_ _0\"></span>di default;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione e monitor<span class=\"_ _0\"></span>aggio di limiti gest<span class=\"_ _0\"></span>ionali; <span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontribuzione <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>inflows/outflows <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>collaterale, <span class=\"_ _6\"></span>calcolate <span class=\"_ _5\"></span>tramite <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>modello <span class=\"_ _6\"></span>interno <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di<span class=\"_ _5\"></span> </span>controparte, per le o<span class=\"_ _0\"></span>perazioni in derivati OTC<span class=\"_ _0\"></span> e SFT con accordi <span class=\"_ _0\"></span>di marginazione (CSA<span class=\"_ _0\"></span>, GMRA e analoghi);<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>r<span class=\"_ _3\"></span>eporting periodico a<span class=\"_ _3\"></span>l management delle <span class=\"_ _3\"></span>misure c<span class=\"_ _3\"></span>alcolate a <span class=\"_ _3\"></span>modello interno <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esposizione, requisito di <span class=\"_ _3\"></span>capitale, livello <span class=\"_ _3\"></span>di </span>utilizzo dei limiti gest<span class=\"_ _0\"></span>ionali, risultati delle prove di st<span class=\"_ _0\"></span>ress e delle analis<span class=\"_ _0\"></span>i di rischio di correla<span class=\"_ _0\"></span>zione sfavorevole;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>periodico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>back<span class=\"_ _3\"></span>-testing <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>monitorare <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>performance <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redittive <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>modello<span class=\"_ _0\"></span> </span>rispetto ai movimenti d<span class=\"_ _0\"></span>ei fattori di rischio sottostanti le transa<span class=\"_ _0\"></span>zioni in portafoglio. Il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>concentrazione <span class=\"_ _6\"></span>deriva <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>all\u2019esposizione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>controparti, <span class=\"_ _6\"> </span>gruppi <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>contropa<span class=\"_ _0\"></span>rti <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onnesse <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>controparti <span class=\"_ _6\"> </span>nello <span class=\"_ _4\"> </span>stesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>settore <span class=\"_ _1c\"> </span>economico <span class=\"_ _1c\"> </span>o <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>svolgono <span class=\"_ _1c\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>stessa <span class=\"_ _20\"> </span>attivit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _20\"> </span>o <span class=\"_ _1c\"> </span>che <span class=\"_ _1c\"> </span>operano <span class=\"_ _20\"> </span>nella <span class=\"_ _1c\"> </span>stessa <span class=\"_ _1c\"> </span>re<span class=\"_ _5\"></span><span class=\"ff4\">gione <span class=\"_ _1c\"> </span>geografica. <span class=\"_ _20\"> </span>N<span class=\"_ _0\"></span>ell\u2019ambito </span>dell\u2019aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Risk <span class=\"_ _5\"></span>Appetite <span class=\"_ _2\"></span>Framework, <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>appositi <span class=\"_ _2\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>olti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a valutare le minacce <span class=\"_ _0\"></span>per il Gruppo e le azio<span class=\"_ _0\"></span>ni di mitigazione pi<span class=\"_ _0\"></span>\u00f9 appropriate:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>definizione di limiti di esposizione per sp<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>cifiche aree geog<span class=\"_ _0\"></span>rafiche ed insiemi di c<span class=\"_ _0\"></span>ontroparti (es: t<span class=\"_ _0\"></span>op 20);<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">azioni <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>limitazione <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>ante <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>particolarmente <span class=\"_ _5\"></span>concentranti, <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>particolare <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span>\u201cgrandi<span class=\"_ _0\"></span> </span></span>esposizioni\u201d e agli affid<span class=\"_ _0\"></span>amenti verso P<span class=\"_ _0\"></span>aesi a <span class=\"ff1\">r<span class=\"_ _3\"></span>ischio; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>azioni <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>orrezione ex <span class=\"_ _3\"></span>post del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>ischio, tramite <span class=\"_ _3\"></span>il mercato <span class=\"_ _3\"></span>secondario del <span class=\"_ _3\"></span>credito, s<span class=\"_ _3\"></span>eguendo opportune <span class=\"_ _3\"></span>metriche<span class=\"_ _35\"></span> </span>di giudizio basate sul<span class=\"_ _0\"></span>la massimizzazione d<span class=\"_ _0\"></span>el valore comples<span class=\"_ _0\"></span>sivo di portafoglio.<span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-122.33911px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _4\"></span>Convalida <span class=\"_ _6\"></span>Interna <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>C<span class=\"ff4\">ontrolli, <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>dell\u2019Area <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Governo <span class=\"_ _4\"> </span>Chi<span class=\"_ _0\"></span>ef <span class=\"_ _6\"> </span>Risk <span class=\"_ _4\"> </span>Officer, <span class=\"_ _6\"></span>svolge <span class=\"_ _6\"> </span>specifiche </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 di controllo di<span class=\"_ _0\"></span> II livello a presidio d<span class=\"_ _0\"></span>el credito e della q<span class=\"_ _0\"></span>ualit\u00e0 dei dati.  <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>verificare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>corretta <span class=\"_ _5\"></span>classificazione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019adeguate<span class=\"_ _2\"></span><span class=\"ff1\">zza <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>singole<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni (cd. Single <span class=\"_ _0\"></span>name).   </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">In via <span class=\"_ _3\"></span>generale lo sviluppo delle attivit\u00e0 di controllo, nonch\u00e9 di<span class=\"_ _3\"></span> indirizzo e coordinamento, prevede l\u2019esame dei singoli pro<span class=\"_ _5\"></span><span class=\"ff1\">cessi </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>verificare <span class=\"_ _7\"> </span>la  pr<span class=\"_ _0\"></span>esenza<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>idonei <span class=\"_ _16\"> </span>presidi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>controllo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>I <span class=\"_ _16\"> </span>livello, <span class=\"_ _16\"> </span>ivi <span class=\"_ _7\"> </span>comprese  l<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">esecuzione e <span class=\"_ _3\"></span>tracciabilit\u00e0. Le <span class=\"_ _3\"></span>potenziali <span class=\"_ _3\"></span>aree di <span class=\"_ _3\"></span>indagine d<span class=\"_ _3\"></span>a approfondire <span class=\"_ _3\"></span>mediante i <span class=\"_ _3\"></span>controlli <span class=\"_ _3\"></span>Single name <span class=\"_ _3\"></span>considerano anche<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">le risultanze dei mon<span class=\"_ _0\"></span>itoraggi agiti dalle F<span class=\"_ _0\"></span>unzioni di Co<span class=\"ff4\">n<span class=\"_ _3\"></span>trollo di I li<span class=\"_ _0\"></span>vello nell\u2019ambito dei <span class=\"_ _0\"></span>differenti cluster crediti<span class=\"_ _0\"></span>zi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Valuta <span class=\"_ _4\"></span>inoltre <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>rispondenz<span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _4\"></span>interni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>determinazione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">requisiti patrimoniali <span class=\"_ _0\"></span>alle prescrizioni n<span class=\"_ _0\"></span>ormative, alle esige<span class=\"_ _0\"></span>nze <span class=\"_ _3\"></span><span class=\"ff4\">aziendali e all\u2019evoluzi<span class=\"_ _0\"></span>one del mercato di rife<span class=\"_ _0\"></span>rimento.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 creditizia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo risu<span class=\"_ _3\"></span>lta orientata <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>la clientela <span class=\"_ _3\"></span>italiana (<span class=\"_ _3\"></span>oltre l<span class=\"_ _3\"></span>\u201980% del <span class=\"_ _3\"></span>totale) <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>prevalentemente <span class=\"_ _5\"></span><span class=\"ff1\">rivolta a </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">famiglie e a piccole medi<span class=\"_ _0\"></span>e imprese. </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019interscambio <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _5\"></span>inf<span class=\"_ _3\"></span><span class=\"ff1\">ormativi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Centrale <span class=\"_ _5\"></span>Rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _7\"> </span>\u201cPosizione <span class=\"_ _7\"> </span>Complessiva <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Rischio\u201d, <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>consentono <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>evidenziare <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>analizzare <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>rischi <span class=\"_ _7\"> </span>creditizi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>ogni </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">controparte/gruppo <span class=\"_ _1d\"> </span>economico, <span class=\"_ _1d\"> </span>sia <span class=\"_ _17\"> </span>verso <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>Gruppo <span class=\"_ _1d\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>suo <span class=\"_ _17\"> </span>complesso, <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _1d\"> </span>nei <span class=\"_ _17\"> </span>confronti <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>singole <span class=\"_ _17\"> </span>realt\u00e0 <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>lo </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">compongono. </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Dalla <span class=\"_ _4\"> </span>mensilit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>settembre <span class=\"_ _4\"> </span>2018 <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">a <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>predisposizione <span class=\"_ _4\"> </span>dell\u2019architettura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>alimentazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>generazione <span class=\"_ _4\"> </span>della </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">segnalazione <span class=\"_ _6\"></span>Anacredit <span class=\"_ _6\"></span><span class=\"ff4\">finalizzata <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>upportare <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>raccolta <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>dati <span class=\"_ _6\"></span>granulari <span class=\"_ _5\"></span>sul <span class=\"_ _4\"> </span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>credito\u201d <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>come </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">definita <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>(UE) <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>2016/867 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>18 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2016 <span class=\"_ _6\"></span>- <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>operativo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>nuovo <span class=\"_ _3\"></span>impianto <span class=\"_ _2\"></span>segnaletico <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">disposizioni regolam<span class=\"_ _0\"></span>entari definite dalla BCE e poste<span class=\"_ _0\"></span> in essere dalle Ban<span class=\"_ _0\"></span>che Centrali Nazionali <span class=\"_ _0\"></span>di riferimento.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h95 y73 ffa fs0 fc12 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb ye08 ffa fs6 fc2 sc0 ls2 ws0\">2.3.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Metodi di misurazione del<span class=\"_ _3\"></span>le perdite attese<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y2f5 ff1 fs0 fc0 sc0 ls0 ws0\">La perdita attesa risult<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dal prodotto di e<span class=\"_ _0\"></span>sposizione, probabilit<span class=\"_ _0\"></span>\u00e0 di default e Loss Gi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>en Default.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>default <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"></span>misurata <span class=\"_ _5\"></span>attraverso <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>differenziati <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>seconda <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>segmento <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">operativit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _2\"></span>(Corporate, <span class=\"_ _5\"></span>SME <span class=\"_ _2\"></span>Retail, <span class=\"_ _2\"></span>Retail, <span class=\"_ _5\"></span>Stati <span class=\"_ _5\"></span>Sovrani, <span class=\"_ _2\"></span>Enti <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Settore <span class=\"_ _2\"></span>Pubblico <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Banche). <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>mode<span class=\"_ _3\"></span>ll<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">consentono <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>sintetizzare <span class=\"_ _7\"> </span>la  qualit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _16\"> </span>creditizia <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _16\"> </span>contropar<span class=\"_ _0\"></span>te <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>misura, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ating, <span class=\"_ _16\"> </span>che <span class=\"_ _7\"> </span>ne  rifl<span class=\"_ _0\"></span>ette <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>probabilit\u00e0 <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">insolvenza con un oriz<span class=\"_ _0\"></span>zonte temporale di u<span class=\"_ _0\"></span>n anno, calibrata su <span class=\"_ _0\"></span>un livello medio d<span class=\"_ _0\"></span>el ciclo economico.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>segmento <span class=\"_ _6\"></span>Corporate <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>applicati <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>pluralit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>model<span class=\"_ _3\"></span><span class=\"ff4\">li <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>caratterizzati <span class=\"_ _5\"></span>dall\u2019utilizzo <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>fonti <span class=\"_ _6\"></span>informative<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y182 ff4 fs0 fc0 sc0 ls0 ws0\">disponibili e dall\u2019int<span class=\"_ _0\"></span>egrazione del giudizio <span class=\"_ _0\"></span>di analisti del cr<span class=\"_ _0\"></span>edito e gestori della <span class=\"_ _0\"></span>relazione. In parti<span class=\"_ _0\"></span>colare:<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y2ba ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>alla <span class=\"_ _16\"> </span>generalit\u00e0 <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>imprese <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>applicati <span class=\"_ _16\"> </span>modelli <span class=\"_ _7\"> </span>differenziati <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>sec<span class=\"_ _2\"></span>onda <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>mercato <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _16\"> </span>(domestico <span class=\"_ _7\"> </span>o </span></div><div class=\"t m0 x2a h2 y1e8 ff1 fs0 fc0 sc0 ls0 ws0\">internazionale) e dell<span class=\"_ _0\"></span>a fascia dimensionale; </div><div class=\"t m0 x0 h2 y469 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3\"></span>specializzati <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>specifici <span class=\"_ _2\"></span>dedicati <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>immobiliari, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>proj<span class=\"_ _5\"></span>ect </span></div><div class=\"t m0 x2a h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\">finance, alle operazi<span class=\"_ _0\"></span>oni di leveraged buy-out/acquisition fin<span class=\"_ _0\"></span>ance e asset finance. </div><div class=\"t m0 x0 h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">Il modello Corporate \u00e8 <span class=\"_ _0\"></span>anche utilizzato per i<span class=\"_ _0\"></span>l calcolo degli RWA<span class=\"_ _0\"></span> rivenienti per il portafogl<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>o Equity di B<span class=\"_ _0\"></span>anking Book.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y46b ff4 fs0 fc0 sc0 ls0 ws0\">Per quanto concerne il <span class=\"_ _0\"></span>portafoglio Retail, l\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rticolazione dei mo<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elli \u00e8 la seguente:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46c ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _3\"></span>il segmento SME <span class=\"_ _3\"></span>Retail, a partire <span class=\"_ _3\"></span>da maggio 2021, \u00e8 <span class=\"_ _3\"></span>in uso un<span class=\"_ _3\"></span> nuovo modello di <span class=\"_ _3\"></span>rating automatizzato che permette il </span></div><div class=\"t m0 x2a h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">calcolo del rating i<span class=\"_ _0\"></span>n real time;  </div><div class=\"t m0 x0 h2 y46e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per il segmento Retail \u00e8 in uso, a partire da sett<span class=\"_ _0\"></span>embre 2018, un modello <span class=\"_ _0\"></span>di rating per controparte comp<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span> dal segmento </span></div><div class=\"t m0 x2a h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Mutui <span class=\"_ _2\"></span>Retail <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egmento <span class=\"_ _2\"></span>Other <span class=\"_ _2\"></span>Retail. <span class=\"_ _2\"></span>Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>aggiornato <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gosto <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>icezione <span class=\"_ _2\"></span>della </div><div class=\"t m0 x2a h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">lettera Autorizzativa,<span class=\"_ _0\"></span> con effetti segnal<span class=\"_ _0\"></span>etici a partire da settem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2022. </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente al porta<span class=\"_ _0\"></span>foglio Institution<span class=\"_ _0\"></span>s: </div><div class=\"t m0 x0 h2 y22a ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _4\"> </span>modelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _6\"></span>(banche <span class=\"_ _4\"> </span>delle <span class=\"_ _6\"></span>economie <span class=\"_ _4\"> </span>mature <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>Paesi <span class=\"_ _6\"></span>emergenti) <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>compongono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>parte </span></div><div class=\"t m0 x2a h32 y472 ff4 fs0 fc0 sc0 ls0 ws0\">quantitativa  e  una  parte  qualitati<span class=\"_ _0\"></span>va,  differenziate  a  seconda  dell\u2019<span class=\"_ _0\"></span>appartenenza  a  Paesi  maturi  o  emergenti  e  un<span class=\"_ _35\"></span>a </div><div class=\"t m0 x2a h2 y1058 ff1 fs0 fc0 sc0 ls0 ws0\">componente <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _16\"> </span>Paese <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>valuta<span class=\"ff4\">,<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>connessione <span class=\"_ _16\"> </span>banca/Paese, <span class=\"_ _7\"> </span>l\u2019eventuale  e<span class=\"_ _0\"></span>ffetto <span class=\"_ _16\"> </span>negativo <span class=\"_ _7\"> </span>del </span></div><div class=\"t m0 x2a h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">Paese <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>controparte <span class=\"_ _5\"></span>o, <span class=\"_ _5\"></span>viceversa, <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>capacit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>supporto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>della </div><div class=\"t m0 x2a h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\">banca oggetto di val<span class=\"_ _0\"></span>utazione; </div><div class=\"t m0 x0 h2 y476 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>i <span class=\"_ _5\"></span>modelli <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>Comuni <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span><span class=\"ff4\">Province <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>default <span class=\"_ _2\"></span>model, <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Regioni <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>\u201cshadow\u201d <span class=\"_ _5\"></span>basati <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>rating <span class=\"_ _5\"></span>di </span></span></div><div class=\"t m0 x2a h2 y477 ff1 fs0 fc0 sc0 ls0 ws0\">agenzia. <span class=\"_ _16\"> </span>Sulle <span class=\"_ _7\"> </span>ASL <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>gli <span class=\"_ _16\"> </span>altri <span class=\"_ _7\"> </span>Ent<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>settore <span class=\"_ _7\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>stato <span class=\"_ _16\"> </span>adottato <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>approccio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>estensione <span class=\"_ _7\"> </span>(con <span class=\"_ _16\"> </span>applicazione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un </div><div class=\"t m0 x2a h2 y478 ff4 fs0 fc0 sc0 ls0 ws0\">downgrading) <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>rating <span class=\"_ _6\"> </span>dell\u2019Ente <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>riferi<span class=\"_ _3\"></span><span class=\"ff1\">mento <span class=\"_ _6\"></span>(es: <span class=\"_ _6\"></span>Regione). <span class=\"_ _6\"></span>Relativamente <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>portafoglio <span class=\"_ _6\"></span>Sovereign, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _6\"></span>del </span></div><div class=\"t m0 x2a h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\">modello <span class=\"_ _3\"></span>di rating <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modulo quantitativo <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tiene conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>strutturale assegnato <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>principali agenzie </div><div class=\"t m0 x2a h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">internazionali, <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _6\"></span>implicito <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>quotazioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>debito <span class=\"_ _4\"></span>sovrano, <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>macroeconomic<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 y47b ff1 fs0 fc0 sc0 ls0 ws0\">stimata c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>econometrico e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>qualitativo, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>integra <span class=\"_ _3\"></span>il giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>quantitativo con </div><div class=\"t m0 x2a h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">elementi rilevabili dal p<span class=\"_ _3\"></span>i\u00f9 ampio perimetro di <span class=\"_ _3\"></span>informazioni pubblicame<span class=\"_ _3\"></span><span class=\"ff4\">nte d<span class=\"_ _3\"></span>isponibili sull\u2019assetto politico ed economico dei </span></div><div class=\"t m0 x2a h2 y47d ff1 fs0 fc0 sc0 ls0 ws0\">singoli Stati sovrani. <span class=\"_ _0\"></span>Il modello di rating S<span class=\"_ _0\"></span>overeign \u00e8 utilizzato<span class=\"_ _0\"></span> esclusivamente <span class=\"_ _0\"></span>a fini gestionali.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y47e ff1 fs0 fc0 sc0 ls0 ws0\">Per le banche estere d<span class=\"_ _0\"></span>el Gruppo sono a<span class=\"_ _0\"></span>dottati modelli PD c<span class=\"_ _0\"></span>he possono essere: </div><div class=\"t m0 x0 h2 y47f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sviluppati dalle stesse banche est<span class=\"_ _0\"></span>ere, in modo da coglier<span class=\"_ _0\"></span>e le specificit\u00e0 <span class=\"_ _0\"></span>del rischio delle cont<span class=\"_ _0\"></span>roparti locali;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y480 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>in estensione da Capogruppo; </span></div><div class=\"t m0 x0 h2 y481 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>mutuati da Capogruppo con ada<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>tamenti alla realt\u00e0<span class=\"_ _0\"></span> locale. </span></div><div class=\"t m0 x0 h2 y482 ff1 fs0 fc0 sc0 ls0 ws0\">Alcuni di questi modelli <span class=\"_ _0\"></span>sono utilizzati ai fini di segnalazio<span class=\"_ _0\"></span>ne, altri so<span class=\"_ _3\"></span>lo a fini gestionali, come specificat<span class=\"_ _0\"></span>o nella tabella di seguit<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y483 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentata. </div><div class=\"t m0 x0 h2 y484 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y485 ff4 fs0 fc0 sc0 ls0 ws0\">I modelli di <span class=\"_ _3\"></span>Loss Given Default (LGD) sono basati sulla nozione di \u201c<span class=\"_ _3\"></span>Economic LGD\u201d, ovvero il valore attuale dei f<span class=\"_ _3\"></span>lussi di cas<span class=\"_ _5\"></span><span class=\"ff1\">sa </span></div><div class=\"t m0 x0 h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\">ricavati n<span class=\"_ _3\"></span>elle varie <span class=\"_ _3\"></span>fasi <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>al netto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>amministrativi <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>iretta <span class=\"_ _3\"></span>imputazione oltre <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y1372 ff1 fs0 fc0 sc0 ls0 ws0\">quelli indiretti di ge<span class=\"_ _0\"></span>stione sostenuti dal G<span class=\"_ _0\"></span>ruppo e si compone,<span class=\"_ _0\"></span> in sintesi, dei segu<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti elementi:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y488 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>stima <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>Sofferenza: <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>osservata <span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">portafoglio, <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>Workout <span class=\"_ _3\"></span>LGD\u201d, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminata <span class=\"_ _3\"></span>in </span></span></div><div class=\"t m0 x2a h2 y489 ff1 fs0 fc0 sc0 ls0 ws0\">funzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>costi, <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _5\"></span>econometric<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>gressione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>LGD <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>variabili </div><div class=\"t m0 x2a h2 y48a ff4 fs0 fc0 sc0 ls0 ws0\">ritenute discriminanti p<span class=\"_ _0\"></span>er la determinazion<span class=\"_ _0\"></span>e della perdita ass<span class=\"_ _0\"></span>ociata all\u2019evento di Soff<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span><span class=\"ff1\">enza;</span><span class=\"ff1\"> </span></div></div>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _1c\"> </span>del <span class=\"_ _20\"> </span>\u201cDanger <span class=\"_ _1c\"> </span>Rate\u201d, <span class=\"_ _1c\"> </span>un <span class=\"_ _20\"> </span>fattore <span class=\"_ _1c\"> </span>correttivo <span class=\"_ _1c\"> </span>moltiplicativo <span class=\"_ _1c\"> </span>volto <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>ricalibrar<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>la<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>L<span class=\"_ _3\"></span>GD <span class=\"_ _1c\"> </span>Sofferenza <span class=\"_ _1c\"> </span>con </span></span>l\u2019informazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>default, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>determinare <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>LGD <span class=\"_ _6\"></span>rappresentativ<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>possibili stati di default e della l<span class=\"_ _0\"></span>oro evoluzione; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">applicazione <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>altro <span class=\"_ _2\"></span>fattore <span class=\"_ _3\"></span>correttivo <span class=\"_ _3\"></span>additivo, <span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>\u201cComponente <span class=\"_ _2\"></span>Saldo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Stralcio\u201d: <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>utilizzata<span class=\"_ _0\"></span> </span></span>come <span class=\"_ _6\"></span>add-on <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>stima <span class=\"_ _4\"></span>ricalibrat<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Danger <span class=\"_ _6\"></span>Rate <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>tenere <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>considerazione <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>tassi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perdita <span class=\"_ _6\"></span>associati <span class=\"_ _5\"></span>a posizioni <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>le  qu<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>erificato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>passaggio <span class=\"_ _7\"> </span>a  S<span class=\"_ _35\"></span>of<span class=\"_ _3\"></span>ferenza <span class=\"_ _7\"> </span>(posizioni <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>stato <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Inadempienza <span class=\"_ _7\"> </span>probabile <span class=\"_ _7\"> </span>o Past Due).  La <span class=\"_ _6\"></span>determinazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>LGD <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>avvale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>modelli <span class=\"_ _5\"></span>differenziati <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>specializzati <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>segmento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _5\"></span>(Corporate, <span class=\"_ _6\"></span>SME Retail, <span class=\"_ _3\"></span>Retail, <span class=\"_ _3\"></span>Factoring, Leasing, <span class=\"_ _3\"></span>Enti <span class=\"_ _3\"></span>pubblici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Banche). <span class=\"_ _3\"></span>Come per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>PD, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>LGD <span class=\"_ _3\"></span>nelle <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>estere del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>sono adottati  modelli  sviluppati  dall<span class=\"_ _0\"></span>e  banche  stesse,  in  estensione<span class=\"_ _0\"></span>  da  Capogruppo  con  utilizzo  dei  parametri  loc<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li  quando necessario o mutuati d<span class=\"_ _0\"></span>a Capogruppo con adattamenti all<span class=\"_ _0\"></span>a realt\u00e0 di ciascuna <span class=\"_ _0\"></span>banca estera. Per le <span class=\"_ _3\"></span>banche il <span class=\"_ _3\"></span>modello di determinazione della <span class=\"_ _3\"></span>LGD si <span class=\"_ _3\"></span>discosta in par<span class=\"_ _3\"></span>te dai <span class=\"_ _3\"></span>modelli sviluppati per gli <span class=\"_ _3\"></span>altri segmenti in <span class=\"_ _3\"></span>qu<span class=\"_ _5\"></span>anto il <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _3\"></span>utilizzato <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>basa <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>osservati <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>giorni <span class=\"_ _2\"></span>dopo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>ufficiale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>default <span class=\"_ _2\"></span>e relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>campione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>subito <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>default <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tutto <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>mondo, <span class=\"_ _4\"> </span>acquisito <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>fonte <span class=\"_ _4\"> </span>esterna. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>modello <span class=\"_ _4\"></span>si<span class=\"_ _0\"></span> completa <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>econometrica <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>driver <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>significativi, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>effettuato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli<span class=\"_ _0\"></span> altri modelli, e una ri<span class=\"_ _0\"></span>calibrazione sui liv<span class=\"_ _0\"></span>elli di LGD osservati s<span class=\"_ _0\"></span>ui default interni d<span class=\"_ _0\"></span>ella banca.<span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>LGD <span class=\"_ _5\"></span>Sovereign <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stimata <span class=\"_ _2\"></span>anal<span class=\"_ _3\"></span>izzando <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>recupero <span class=\"_ _2\"></span>storici <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>default <span class=\"_ _5\"></span>sovrani <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>differenzia<span class=\"_ _2\"></span>ta <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>cinque <span class=\"_ _5\"></span>categorie <span class=\"_ _2\"></span>a seconda dei livelli <span class=\"_ _0\"></span>di reddito e di altre s<span class=\"_ _0\"></span>pecificit\u00e0 che caratteri<span class=\"_ _0\"></span>zzano i singoli paesi<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Il modello LGD Sovereig<span class=\"_ _0\"></span>n \u00e8 esclusivamente <span class=\"_ _0\"></span>utilizzato a fini gesti<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nali.<span class=\"_ _3\"></span> Il  calcolo <span class=\"_ _16\"> </span>dell\u2019esposizione <span class=\"_ _16\"> </span>al  default <span class=\"_ _16\"> </span>(EAD)  si <span class=\"_ _16\"> </span>avvale  di<span class=\"_ _0\"></span>  modelli <span class=\"_ _16\"> </span>d<span class=\"_ _2\"></span><span class=\"ff1\">ifferenziati <span class=\"_ _16\"> </span>e  specializzati<span class=\"_ _0\"></span>  per  s<span class=\"_ _0\"></span>egmento <span class=\"_ _16\"> </span>di  operativit\u00e0 </span>(Corporate, <span class=\"_ _3\"></span>SME <span class=\"_ _3\"></span>Retail e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Retail). <span class=\"_ _3\"></span>Specificamente, la <span class=\"_ _2\"></span>metodologia si <span class=\"_ _3\"></span>basa <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dati d<span class=\"_ _3\"></span>ei 1<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>mesi <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>l\u2019evento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span>si differenzia in base alla presenza o meno di un margi<span class=\"_ _0\"></span>ne disponibile al<span class=\"_ _3\"></span>la data di osservazione. In ogni caso ve<span class=\"_ _0\"></span>ngono applicati fattori correttivi in <span class=\"_ _3\"></span>adempimento ai <span class=\"_ _3\"></span>dettami regolamentari e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>introdurre un <span class=\"_ _3\"></span>margine di <span class=\"_ _3\"></span>conservativismo sulle stime.<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>Per i <span class=\"_ _5\"></span>segmenti <span class=\"_ _5\"></span>low <span class=\"_ _5\"></span>default <span class=\"_ _5\"></span>Banche <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>Enti <span class=\"_ _5\"></span>Pubblici <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>Leasin<span class=\"_ _2\"></span>g <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Factoring <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Portafoglio <span class=\"_ _5\"></span>Corporate <span class=\"_ _2\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>oggi utilizzati parametri r<span class=\"_ _0\"></span>egolamentari. Per <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>rientrano <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>roll <span class=\"_ _6\"></span>out, <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>interni <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>(PD) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>modelli <span class=\"_ _6\"></span>LGD <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EAD <span class=\"_ _6\"></span>sono sottoposti ad un processo di c<span class=\"_ _3\"></span>ontrollo di <span class=\"_ _3\"></span>secondo livello da parte della funzione di<span class=\"_ _2\"></span> Convalida e a un controllo di terzo livello da parte della funzione di <span class=\"_ _3\"></span>Revisione Interna. Le funzioni di controllo producono per <span class=\"_ _3\"></span>il Supervisor le relazioni annuali di <span class=\"_ _3\"></span>confo<span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>mit\u00e0 dei <span class=\"_ _4\"> </span>modelli <span class=\"_ _4\"></span>alla <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ormativa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Vigilanza, <span class=\"_ _4\"> </span>nell'ambito <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>verifica <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>scostamento <span class=\"_ _6\"></span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>stime<span class=\"_ _2\"></span> effettuate <span class=\"_ _4\"></span>ex-ante e <span class=\"_ _4\"></span>i valori realizzati ex-<span class=\"_ _3\"></span>post. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>relazioni, approvate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Amministrazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, a<span class=\"_ _3\"></span>ttestano il <span class=\"_ _3\"></span>permanere dei requisiti di conform<span class=\"_ _0\"></span>it\u00e0.  PortafoglioPD <span class=\"ff6\">\u2013 </span>tipo modelloStatusCorporateDefault model(Corporate)FIRB autorizzata da dicembre 2008, AIRB LGD autorizzato da dicembre 2010, EAD autorizzato da settembre 2017 (1)RetailDefault model(Retail)IRB Retail autorizzato da settembre 2018 e IRB <span class=\"ls51\">Mortgage <span class=\"ls0\">da dicembre 2010</span></span>(2)Modelli simulativi (Specialised Lending)AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2012InstitutionsDefault model (Banche)(4)AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2017Default model (Comuni <span class=\"_ _3\"></span>e Province) Shadow model (Regioni)(4)AIRB autorizz<span class=\"_ _0\"></span>ato <span class=\"_ _2\"></span>da giugno 2017Default model(SME Retail)LGD <span class=\"ff6\">\u2013 </span>tipo modelloW<span class=\"_ _3\"></span>orkout model(Retail)Modelli simulativi(Specialised Lending)Modello di mercato (Banche)W<span class=\"_ _3\"></span>orkout model (Comuni, Province, Regioni)W<span class=\"_ _3\"></span>orkout model(SME Retail)EA<span class=\"_ _35\"></span>D <span class=\"_ _2\"></span><span class=\"ff6\">\u2013 </span>tipo modelloCCF/ K factor<span class=\"_ _16\"> </span>model(Retail)Parametri regolamentari (Specialised Lending)Parametri regolamentari (Banche)Parametri regolamentari(Comuni, Province, Regioni)IRB autorizzato da dicembre 2012(3)SovereignShadow model sui rating <span class=\"_ _3\"></span>di agenziaUtilizzato solo a fini gestionali; Approccio standard <span class=\"_ _3\"></span>a fini segnaleticiModello basato sui recovery<span class=\"_ _35\"></span> <span class=\"_ _5\"></span>rates stimati a partire dagli <span class=\"_ _3\"></span>episodi di default storiciParametri regolamentariExpert-base<span class=\"_ _0\"></span>d<span class=\"_ _15\"> </span>Model(Non Banking Fin. Inst<span class=\"ls53\">.)</span>Utilizzato solo a fini gestionali; Approccio standard <span class=\"_ _3\"></span>a fini segnaleticiParametri regolamentari (Non Banking Fin. Inst<span class=\"ls53\">.)</span>Parametri regolamentari (Non Banking Fin. Inst<span class=\"ls53\">.)</span>W<span class=\"_ _3\"></span>orkout model(Bancario; Leasing e Factoring)CCF/ K factor <span class=\"_ _3\"></span>model(SME Retail)CCF/ K factor model(Bancario)Parametri regolamentari (Leasing e Factoring)1)<span class=\"_ _2d\"> </span><span class=\"ls56\">ISP<span class=\"_ _1c\"> </span><span class=\"ls0\">autorizzata<span class=\"_ _20\"> </span>FIRB<span class=\"_ _20\"> </span></span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">dicembre<span class=\"_ _1c\"> </span>2008,<span class=\"_ _20\"> </span>LGD<span class=\"_ _20\"> </span>AIRB<span class=\"_ _20\"> </span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">dicembre<span class=\"_ _1c\"> </span>2010<span class=\"_ _20\"> </span></span>ed<span class=\"_ _20\"> </span><span class=\"ls57\">EAD<span class=\"_ _20\"> </span></span>dal<span class=\"_ _20\"> </span><span class=\"ls0\">2017,<span class=\"_ _20\"> </span>Banca<span class=\"_ _20\"> </span>IMI<span class=\"_ _1c\"> </span>(2012,<span class=\"_ _20\"> </span>dal<span class=\"_ _20\"> </span>2020<span class=\"_ _20\"> </span>incorporata<span class=\"_ _20\"> </span><span class=\"ls58\">in</span></span>Capogruppo), <span class=\"ls56\">ISP<span class=\"_ _15\"> </span></span>Ireland (2010<span class=\"ls59\">),<span class=\"_ _15\"> </span></span>VUB<span class=\"_ _16\"> </span>(<span class=\"ls55\">2010<span class=\"ls59\">),<span class=\"_ _15\"> </span></span></span>Intesa<span class=\"_ _15\"> </span>Sanpaolo<span class=\"_ _15\"> </span>Bank<span class=\"_ _15\"> </span>(<span class=\"ls55\">2017<span class=\"ls59\">),<span class=\"_ _16\"> </span><span class=\"ls56\">ISP<span class=\"_ _16\"> </span></span></span></span>L<span class=\"_ _3\"></span>uxembourg (2017).<span class=\"_ _15\"> </span>Dal 2017<span class=\"_ _15\"> </span><span class=\"ls58\">il </span>m<span class=\"_ _3\"></span>odello Corporate \u00e8<span class=\"_ _15\"> </span>utilizzatoanche <span class=\"ls55\">per<span class=\"_ _16\"> </span></span>calcolare <span class=\"ls58\">il </span>rischio sul portafoglio Equity <span class=\"ls55\">di </span>Banking<span class=\"_ _15\"> </span><span class=\"ls55\">book </span>con LGD <span class=\"ls55\">65</span>%/<span class=\"ls55\">90</span>%<span class=\"_ _3\"></span>.2)<span class=\"_ _2d\"> </span><span class=\"ls0\">VUB autorizzata </span>da<span class=\"_ _15\"> </span><span class=\"ls0\">giugno<span class=\"_ _15\"> </span>2012<span class=\"_ _16\"> </span>c<span class=\"_ _3\"></span>on riferimento<span class=\"_ _16\"> </span></span>ai<span class=\"_ _15\"> </span><span class=\"ls0\">modelli <span class=\"ls5b\">PD </span></span>ed<span class=\"_ _15\"> </span>LGD<span class=\"_ _15\"> </span><span class=\"ls0\">Mutui Retail<span class=\"_ _15\"> </span>e </span>da<span class=\"_ _15\"> </span><span class=\"ls0\">dicembre </span>2022<span class=\"_ _15\"> </span><span class=\"ls0\">con<span class=\"_ _16\"> </span>riferimento<span class=\"_ _15\"> </span></span>ai <span class=\"ls0\">modelli<span class=\"_ _16\"> </span><span class=\"ls5b\">PD</span>-</span>LGD<span class=\"ls0\">-<span class=\"ls5b\">EAD</span></span>Other Retail.3)<span class=\"_ _2d\"> </span><span class=\"ls0\">VUB autorizz<span class=\"_ _0\"></span>ata <span class=\"ls55\">da<span class=\"_ _15\"> </span></span>giugno <span class=\"ls55\">2014</span>.</span>4)<span class=\"_ _2d\"> </span><span class=\"ls56\">ISP <span class=\"ls0\">e Banca IMI (incorpor<span class=\"_ _0\"></span>ata <span class=\"ls58\">in </span>Capogruppo<span class=\"_ _15\"> </span><span class=\"ls55\">nel 2020</span>)<span class=\"_ _15\"> </span>autorizzate <span class=\"ls55\">dal 2017</span>.</span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-447.927px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>metodologia <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>stima <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Expected <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Loss <span class=\"_ _5\"></span>(ECL) <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>perdite <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulle </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni creditizie in coerenza con il principio interna<span class=\"_ _0\"></span>zionale IFRS 9 \u00e8 effettuata, a livello di singola operazione o tra<span class=\"_ _5\"></span>nche d<span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">titolo, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>artendo <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>modellistica <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>RB <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>parametri <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Default <span class=\"_ _2\"></span>(PD), <span class=\"_ _5\"></span>Loss <span class=\"_ _5\"></span>Given <span class=\"_ _2\"></span>Default <span class=\"_ _5\"></span>(LGD) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Exposure <span class=\"_ _2\"></span>at </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Default <span class=\"_ _3\"></span>(EAD), <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>effettuati <span class=\"_ _3\"></span>opportuni <span class=\"_ _3\"></span>interventi <span class=\"_ _3\"></span>correttivi, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>modo da <span class=\"_ _2\"></span>garantirne <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prescriz<span class=\"_ _5\"></span>ioni </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>principio. <span class=\"_ _3\"></span>Nell\u2019ottica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>perseguire <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>convergenza t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _3\"></span>regolamentare, <span class=\"_ _3\"></span>pur <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>rispetto d<span class=\"_ _6\"></span><span class=\"ff1\">elle </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">specifiche <span class=\"_ _20\"> </span>finalit\u00e0, <span class=\"_ _20\"> </span>sono <span class=\"_ _20\"> </span>stati <span class=\"_ _20\"> </span>apportati <span class=\"_ _20\"> </span>adeguamenti <span class=\"_ _20\"> </span>al <span class=\"_ _20\"> </span>modello <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>stima <span class=\"_ _20\"> </span>della <span class=\"_ _20\"> </span>LGD <span class=\"_ _20\"> </span>contabile, <span class=\"_ _20\"> </span>recependo <span class=\"_ _20\"> </span>quanto </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">progressivamente normato e<span class=\"_ _0\"></span>d applicato nei m<span class=\"_ _0\"></span>odelli prudenziali. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">La descr<span class=\"_ _3\"></span>izione dettagliata delle <span class=\"_ _3\"></span>metodologie adottate <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Gruppo \u00e8 <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>nella Parte <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">Sezione \u201c<span class=\"_ _3\"></span><span class=\"ff2\">A. 2<span class=\"_ _3\"></span> <span class=\"ff3\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>Parte relativa <span class=\"_ _3\"></span>alle </span></span></div><div class=\"t m0 x0 h2 y66 ff3 fs0 fc0 sc0 ls0 ws0\">principali <span class=\"_ _1d\"> </span>voci <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Bilancio\u201d<span class=\"ff1\"> <span class=\"_ _1d\"> </span><span class=\"ff4\">ed <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>particolare <span class=\"_ _1d\"> </span>nel <span class=\"_ _17\"> </span>paragrafo <span class=\"_ _1d\"> </span>\u201c<span class=\"ff2\">Modalit\u00e0 <span class=\"_ _1d\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>det</span></span></span>erminazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>perdite <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>valore\u201d <span class=\"_ _17\"> </span><span class=\"ff1\">cui <span class=\"_ _17\"> </span>si </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 lsd ws0\">fa<span class=\"ls0\"> riferimento, nonch\u00e9, in relazione alle <span class=\"_ _3\"></span>specificit\u00e0 del contesto pandemico <span class=\"_ _3\"></span>attuale, a quanto <span class=\"_ _3\"></span>indicato in dettaglio nella <span class=\"_ _3\"></span>sezio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span></span></div><div class=\"t m0 x0 h2 y68 ff3 fs0 fc0 sc0 ls0 ws0\">\u201cRischi, incertezz<span class=\"_ _0\"></span>e e impatti della crisi R<span class=\"_ _0\"></span>usso/Ucraina\" <span class=\"ff1\">nella Parte A <span class=\"ff4\">\u2013</span> Sezione <span class=\"ls10\">5 </span><span class=\"ff4\">\u2013</span> Altri A<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>petti. </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>riflette <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>miglior <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>future, <span class=\"_ _3\"></span>pr<span class=\"_ _6\"></span>ime <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>tutte </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">quelle  di  contesto  eco<span class=\"_ _0\"></span>nomico,  sulla  base  delle  q<span class=\"_ _0\"></span>uali  vengono  condizionate  le  PD <span class=\"_ _16\"> </span>e  LGD  forward  look<span class=\"_ _2\"></span><span class=\"ff4\">ing.  Nell\u2019ambito </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS<span class=\"ff1\"> 9, <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Regulators <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>nternazionali<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>assumono <span class=\"_ _5\"></span>rilevanza, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>informazioni </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">sugli s<span class=\"_ _3\"></span>cenari <span class=\"_ _3\"></span>macroeconomici futuri <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>pu\u00f2 <span class=\"_ _3\"></span>trovarsi ad <span class=\"_ _2\"></span>operare e <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>influenzano, di <span class=\"_ _3\"></span>tutta <span class=\"_ _3\"></span>evidenza<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>situazione </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _5\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>sia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>\u201crischiosit\u00e0\u201d <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>migrazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>classi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _5\"></span>inferiore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>riguar<span class=\"_ _5\"></span><span class=\"ff1\">dando </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">quindi <span class=\"_ _18\"> </span>lo <span class=\"_ _18\"> </span>\u201cstaging\u201d) <span class=\"_ _18\"> </span>sia <span class=\"_ _18\"> </span>agli <span class=\"_ _18\"> </span>ammontari <span class=\"_ _18\"> </span>recuperabili <span class=\"_ _18\"> </span>(riguardando <span class=\"_ _18\"> </span>quindi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>determinazione <span class=\"_ _17\"> </span>della <span class=\"_ _1c\"> </span>perdita<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>atte<span class=\"_ _5\"></span><span class=\"ff1\">sa <span class=\"_ _18\"> </span>sulle </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni). Da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>punto di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>metodologico, sono <span class=\"_ _3\"></span>stati analizzati <span class=\"_ _3\"></span>diversi possibili <span class=\"_ _3\"></span>approcci alternativi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>pren<span class=\"_ _5\"></span>dere <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">considerazione <span class=\"_ _7\"> </span>tali <span class=\"_ _7\"> </span>elementi. <span class=\"_ _7\"> </span>Rispetto <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _7\"> </span>alternative <span class=\"_ _7\"> </span>considerate, <span class=\"_ _7\"> </span>l\u2019approccio <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanp<span class=\"_ _5\"></span><span class=\"ff1\">aolo <span class=\"_ _7\"> </span>ha </span></div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">deciso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>adottare <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>rappresentato <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>c.d. <span class=\"_ _4\"> </span>\u201cMost <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>ikely <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>+ <span class=\"_ _4\"> </span>Add<span class=\"_ _2\"></span><span class=\"ff1\">-</span>On\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>approccio, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>condizionamento<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 y72 ff4 fs0 fc0 sc0 ls0 ws0\">macroeconomico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PD <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>GD <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>effettuato <span class=\"_ _5\"></span>tramite <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>scenario <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>(\u201cMost <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>ikely\u201d, <span class=\"_ _2\"></span>coerente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>utilizzato <span class=\"_ _2\"></span>per </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">altre finalit\u00e0 aziendali <span class=\"_ _3\"></span>quali, a titolo esemplificativo, budget e piani di <span class=\"_ _3\"></span>impresa) e poi <span class=\"_ _3\"></span>corretto con un <span class=\"_ _3\"></span>Add<span class=\"_ _2\"></span>-On volto <span class=\"_ _3\"></span>ad includere </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _6\"> </span>differenze <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>scenari <span class=\"_ _6\"> </span>peggiorativi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>migliorativi. <span class=\"_ _6\"> </span>Qualora <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _4\"> </span>dell\u2019Add<span class=\"_ _3\"></span><span class=\"ff1\">-On <span class=\"_ _4\"> </span>risulti <span class=\"_ _4\"></span>complessivam<span class=\"_ _0\"></span>ente </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">pos<span class=\"ff4\">itivo sui parametri <span class=\"_ _0\"></span>di rischio, \u00e8 stato scelt<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di sterilizzarne l\u2019<span class=\"_ _0\"></span>effetto sia per finalit\u00e0 di<span class=\"_ _0\"></span> staging che di <span class=\"_ _0\"></span>calcolo dell\u2019ECL<span class=\"_ _2\"></span><span class=\"ff1 ls12\">. <span class=\"ls0\"> </span></span></span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>occasione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>periodico <span class=\"_ _3\"></span>aggiornamento delle <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>erie <span class=\"_ _3\"></span>storiche <span class=\"_ _3\"></span>incorporate nei <span class=\"_ _2\"></span>modelli d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>condizionamento forward<span class=\"_ _5\"></span>-looking <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">parametri <span class=\"_ _16\"> </span>sottostanti <span class=\"_ _16\"> </span>la  d<span class=\"_ _0\"></span>eterminazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>ECL,  \u00e8<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>stato  in<span class=\"_ _0\"></span>trodotto <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>affinamento  d<span class=\"_ _0\"></span>ei  m<span class=\"_ _35\"></span>odelli  finalizza<span class=\"_ _0\"></span>to  a<span class=\"_ _0\"></span>  ge<span class=\"_ _0\"></span>stire  l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">discontinuit\u00e0 prodottasi nella relazione <span class=\"_ _3\"></span>tra l\u2019andamento dei tassi di <span class=\"_ _3\"></span>default e<span class=\"_ _3\"></span> le variabili macro<span class=\"_ _5\"></span><span class=\"ff1\">-economiche, in <span class=\"_ _3\"></span>conseguenza di </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">circosta<span class=\"ff4\">nze straordinarie come <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>generatesi a seguito d<span class=\"_ _3\"></span>ella pandemia da <span class=\"_ _3\"></span>COVID19. <span class=\"_ _3\"></span>Si evidenzia, inoltre, c<span class=\"_ _3\"></span>he nell\u2019ambito </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>i-stima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _7\"> </span>econometriche <span class=\"_ _4\"> </span>sottese <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>satellite, <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tener <span class=\"_ _7\"> </span>adeguatamente <span class=\"_ _4\"> </span>conto <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">derivanti dal<span class=\"ff4\">la crisi energet<span class=\"_ _0\"></span>ica, sono state intro<span class=\"_ _0\"></span>dotte e testate ult<span class=\"_ _0\"></span>eriori variabili esplic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tive relative al prezz<span class=\"_ _0\"></span>o dell\u2019energia. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019efficacia dei <span class=\"_ _3\"></span>modelli I<span class=\"_ _3\"></span>FRS 9 <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>monitorata dalla <span class=\"_ _3\"></span>funzione di <span class=\"_ _3\"></span>Convalida c<span class=\"_ _3\"></span>on cadenza <span class=\"_ _3\"></span>annuale attraverso <span class=\"_ _3\"></span>specifiche attivit<span class=\"_ _5\"></span><span class=\"ff1 lsc\">\u00e0 </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>backtesting <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>parametri di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio (criteri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>staging, <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>PD, <span class=\"_ _3\"></span>LGD, <span class=\"_ _3\"></span>EAD <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>haircut). <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>aggiornamenti </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">significativi, <span class=\"_ _5\"></span>la <span class=\"_ _4\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Conv<span class=\"_ _0\"></span>alida <span class=\"_ _6\"></span>effettua <span class=\"_ _6\"></span>verifiche <span class=\"_ _5\"></span>preventive <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>model <span class=\"_ _5\"></span>desi<span class=\"_ _3\"></span>gn. <span class=\"_ _5\"></span>Gli <span class=\"_ _6\"></span>esiti <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>verif<span class=\"_ _6\"></span>iche<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _5\"></span>funzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Convalida <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>rappresentati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>comitati<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>managerial<span class=\"_ _0\"></span>i <span class=\"_ _5\"></span>competenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>funzioni <span class=\"_ _5\"></span>owner <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>modello <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sono </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">rendicontati nella rel<span class=\"_ _0\"></span>azione annuale sui mo<span class=\"_ _0\"></span>delli interni utiliz<span class=\"_ _0\"></span>zati ai fini gestionali, <span class=\"_ _0\"></span>condivisa con il S<span class=\"_ _0\"></span>upervisore. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h1cb y668 ff2 fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y186 ffa fs9 fc2 sc0 ls0 ws0\">Scenario macroeconomico ai fini del condizionamento forward looking<span class=\"ff1 fs0 fc0\"> </span></div><div class=\"t m0 x0 h2 y4c7 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo p<span class=\"_ _3\"></span>revede, ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del <span class=\"_ _3\"></span>condizionamento <span class=\"_ _3\"></span>forward<span class=\"_ _2\"></span>-looking dei <span class=\"_ _3\"></span>para<span class=\"_ _3\"></span>metri di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tima della <span class=\"_ _2\"></span>ECL <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>secondo </div><div class=\"t m0 x0 h2 y121d ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _5\"></span>metodologia <span class=\"_ _2\"></span>descritta <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>Parte <span class=\"_ _2\"></span>A <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>Politiche <span class=\"_ _2\"></span>Contabili <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span><span class=\"ff4\">l <span class=\"_ _2\"></span>paragrafo <span class=\"_ _5\"></span>\u201cModalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _2\"></span>delle </span></div><div class=\"t m0 x0 h2 y4c9 ff4 fs0 fc0 sc0 ls0 ws0\">perdite di valore\u201d <span class=\"ff1\">- </span>l\u2019utilizzo d<span class=\"_ _0\"></span>ello scenario macro<span class=\"_ _0\"></span>economico definito ed <span class=\"_ _0\"></span>aggiornato dalla Direzi<span class=\"_ _0\"></span>one Studi e Ricerch<span class=\"_ _0\"></span>e.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13d3 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _3\"></span>tabella si <span class=\"_ _3\"></span>d\u00e0 evidenza d<span class=\"_ _3\"></span>elle principali <span class=\"_ _3\"></span>variabili di s<span class=\"_ _3\"></span>cenario <span class=\"_ _2\"></span>macroeconomico utilizzate per <span class=\"_ _3\"></span>la de<span class=\"_ _3\"></span>terminazion<span class=\"_ _0\"></span>e d<span class=\"_ _3\"></span>elle perdite </div><div class=\"t m0 x0 h2 y2c1 ff1 fs0 fc0 sc0 ls0 ws0\">attese <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>prospettiva <span class=\"_ _2\"></span>forward <span class=\"_ _5\"></span>looking, <span class=\"_ _2\"></span>declinate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _5\"></span>base, <span class=\"_ _5\"></span>migliorativo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>peggiorativo. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>scenari <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>ono </div><div class=\"t m0 x0 h19 y1702 ff1 fs0 fc0 sc0 ls0 ws0\">stati applicati nella v<span class=\"_ _0\"></span>alutazione dei crediti<span class=\"_ _0\"></span> secondo il modello <span class=\"ff4\">\u201cMost</span>-Likely scenario + Add-<span class=\"ff4\">On\u201d descritto in<span class=\"_ _0\"></span> precedenza.<span class=\"ff5 fs9 fc2\"> </span></span></div><div class=\"t m0 x0 h2 ybb5 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Base Migliorativo Peggiorativo 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Area euro PIL Reale Area e<span class=\"_ _3\"></span>uro (variazione annu<span class=\"_ _3\"></span>a) 3,3% 0,1% 1,6% 1,8% 3,3% 0,7% 2,0% 2,3% 3,3% -0,9% -0,4% 1,9% Inflazione Area eu<span class=\"_ _3\"></span>ro (variazione annu<span class=\"_ _3\"></span>a) 8,5% 7,7% 2,7% 1,9% 8,5% 8,0% 3,6% 2,2% 8,0% 8,7% 5,1% 1,5% EurIRS 10Y 1,92 2,82 3,11 3,28 1,93 2,86 3,51 3,98 1,93 2,61 3,19 3,73 Euro/USD 1,05 1,07 1,11 1,13 1,05 0,99 1,05 1,09 1,05 0,99 1,04 1,09 Italia PIL Reale Italia (vari<span class=\"_ _3\"></span>azione annua) 3,8% 0,6% 1,8% 1,2% 3,6% 0,9% 2,2% 1,8% 3,6% -1,0% -1,1% 0,4% Inflazione Italia (va<span class=\"_ _3\"></span>riazione annua) 8,2% 6,8% 2,4% 1,3% 8,1% 7,2% 3,4% 2,2% 8,1% 13,3% 4,9% 2,3% Prezzi immobili Itali<span class=\"_ _3\"></span>a (variazione annu<span class=\"_ _3\"></span>a) 5,1% 1,5% 1,5% 1,5% 5,1% 1,9% 1,6% 1,9% 5,1% -1,2% -3,1% -1,7% Rendimento BOT 6<span class=\"_ _3\"></span> mesi  0,5 2,7 2,9 2,6 0,5 2,7 3,4 3,5 0,5 2,4 2,9 3,0 Rendimento BTP<span class=\"_ _3\"></span> 10 anni  3,0 4,1 4,6 4,9 3,0 4,1 5,0 5,6 3,0 4,2 5,1 5,9 BTP-Bund Spread<span class=\"_ _3\"></span> 10 anni (basis points)<span class=\"_ _3\"></span> 187<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>179<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>200<span class=\"ls0\"> </span>184<span class=\"ls0\"> </span>173<span class=\"ls0\"> </span>187<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>232<span class=\"ls0\"> </span>230<span class=\"ls0\"> </span>Tasso % di disocc<span class=\"_ _3\"></span>upazione<span class=\"_ _3\"></span> 8,2 8,5 8,2 8,1 8,2 8,5 8,1 7,9 8,2 8,8 9,4 10,0 Beni Prezzo gas natural<span class=\"_ _3\"></span>e (\u20ac/MWh)<span class=\"_ _3\"></span><span class=\"ff1\"> </span>134<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>107<span class=\"ls0\"> </span>79<span class=\"ls0\"> </span>135<span class=\"ls0\"> </span>157<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>83<span class=\"ls0\"> </span>135<span class=\"ls0\"> </span>246<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>127<span class=\"ls0\"> </span>Prezzo petrolio (BRE<span class=\"_ _3\"></span>NT) 100,8 93,0 87,0 82,0 100,8 93,0 90,5 84,2 100,8 92,3 83,4 79,4 USA PIL Reale (variazi<span class=\"_ _3\"></span>one annua)<span class=\"_ _3\"></span> 2,0% 0,3% 1,1% 2,4% 2,0% 1,1% 2,1% 2,4% 2,0% -0,6% 0,9% 2,2% Tasso % di disocc<span class=\"_ _3\"></span>upazione <span class=\"_ _3\"></span> 3,7 4,5 4,5 3,9 3,7 4,3 4,0 3,5 3,7 4,7 4,7 4,2 Scenari elaborati a dicembr<span class=\"_ _3\"></span>e 2022 dalla Direzione Studi e <span class=\"_ _3\"></span>Ricerche. Dati prevision<span class=\"_ _3\"></span>ali (per il 2022 stime<span class=\"_ _3\"></span>).<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Le <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _3\"></span>assunzioni <span class=\"_ _3\"></span>sottostanti <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>previsione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>poggiano <span class=\"_ _3\"></span>sull\u2019ipotesi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>rallentamento <span class=\"_ _3\"></span>diffuso <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>crescita <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">eale, </span>per <span class=\"_ _6\"></span><span class=\"ff4\">effetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>fattori <span class=\"_ _6\"></span>quali <span class=\"_ _6\"> </span>l\u2019aumento <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>costo <span class=\"_ _6\"> </span>dell\u2019energia <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Europa, <span class=\"_ _6\"></span>l\u2019andamento <span class=\"_ _5\"></span>dell\u2019economia <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Cina <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>gli <span class=\"_ _4\"> </span>impatti <span class=\"_ _5\"></span>delle </span>restrizioni <span class=\"_ _16\"> </span>monetarie. <span class=\"_ _7\"> </span>L\u2019inflazione <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>prevista <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>calo <span class=\"_ _16\"> </span>nei  p<span class=\"_ _0\"></span>aesi <span class=\"_ _16\"> </span>avanzati <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>2023: <span class=\"_ _16\"> </span>tuttavia, <span class=\"_ _16\"> </span>l\u2019inflazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  f<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ndo <span class=\"_ _16\"> </span>potrebbe continua<span class=\"ff4\">re <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>crescere <span class=\"_ _6\"></span>fino <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>rimestre <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>quindi <span class=\"_ _5\"></span>calare <span class=\"_ _6\"></span>lentamente. <span class=\"_ _5\"></span>L\u2019elevata <span class=\"_ _5\"></span>inflazione <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u2019incertezza <span class=\"_ _6\"></span>sul <span class=\"_ _5\"></span>fronte </span>delle <span class=\"_ _3\"></span>forniture energetiche <span class=\"_ _3\"></span>dovrebbero causare <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>contrazione nella <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>PIL <span class=\"_ _3\"></span>dell\u2019Area <span class=\"_ _3\"></span>Euro prevista <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2023, <span class=\"_ _3\"></span>ch<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>andr\u00e0 <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>re<span class=\"ff4\">cessione <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019inverno, <span class=\"_ _5\"></span>per <span class=\"_ _4\"> </span>tornare <span class=\"_ _6\"></span>positiva <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"> </span>dalla <span class=\"_ _6\"> </span>primavera <span class=\"_ _6\"> </span>2023; <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>ripresa <span class=\"_ _6\"></span>rimarr\u00e0, <span class=\"_ _6\"></span>tuttavia, </span>frenata, <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>tutto <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>2023, <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>restrizione <span class=\"_ _2\"></span>monetaria <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>rallentamento <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>ciclo <span class=\"_ _5\"></span>globale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>assestamento <span class=\"_ _5\"></span>annuo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,1%. Per <span class=\"_ _3\"></span>quanto concerne <span class=\"_ _3\"></span>i tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, il p<span class=\"_ _3\"></span>icco del <span class=\"_ _3\"></span>ciclo potrebbe <span class=\"_ _3\"></span>essere raggiunto entro <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>met\u00e0 del <span class=\"_ _3\"></span>2023, t<span class=\"_ _3\"></span>uttavia, il <span class=\"_ _3\"></span>rischio<span class=\"_ _0\"></span> che <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>necessaria <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>restrizione <span class=\"_ _3\"></span>monetaria, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>negativi <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>crescita <span class=\"_ _3\"></span>2024<span class=\"_ _5\"></span>-25, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>significativo. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>quanto concerne i p<span class=\"_ _3\"></span>rezzi di petrolio ed energia (<span class=\"_ _3\"></span>gas naturale) si prevede che nel<span class=\"_ _3\"></span> 2023, a causa della <span class=\"_ _3\"></span>limitata capacit\u00e0 di stoccaggio e della <span class=\"_ _6\"></span>forte <span class=\"_ _4\"></span>incertezza <span class=\"_ _6\"></span>alimentata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>persistenti <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>politici <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>geopolitici,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>essi <span class=\"_ _4\"></span>si <span class=\"_ _6\"></span>manterranno <span class=\"_ _6\"></span>ben <span class=\"_ _4\"></span>sostenuti, <span class=\"_ _5\"></span>nonostante<span class=\"_ _5\"></span> <span class=\"_ _6\"></span><span class=\"ls13\">il </span>probabile scenario recessi<span class=\"_ _0\"></span>vo in Nord America <span class=\"_ _0\"></span>ed Europa e il rall<span class=\"_ _0\"></span>entamento in Cina. Per <span class=\"_ _2\"></span>l\u2019Italia, <span class=\"_ _2\"></span>l\u2019inflazione <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>otrebbe <span class=\"_ _3\"></span>avere <span class=\"_ _5\"></span>raggiunto <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>picco <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>discesa <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>lenta <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>media <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nnu<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>rimarr\u00e0 <span class=\"_ _2\"></span>molto <span class=\"_ _5\"></span>elevata <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2023. <span class=\"_ _5\"></span>Solo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _2\"></span>2024 <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019inflazione <span class=\"_ _2\"></span>potrebbe <span class=\"_ _5\"></span>ritornare <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>oco <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>2%, <span class=\"_ _5\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vera </span>\u201cnormalizzazione\u201d dell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> scenario inflattivo a<span class=\"_ _0\"></span>ttesa solo dal 202<span class=\"_ _0\"></span>5.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Si  attende  un <span class=\"_ _16\"> </span>significativo  rallen<span class=\"_ _0\"></span>tamento  della <span class=\"_ _16\"> </span>crescita  del  P<span class=\"_ _0\"></span>IL  nel  2023, <span class=\"_ _16\"> </span>a  0,6%  dopo  il<span class=\"_ _35\"></span>  3,8%  stimato  per  il <span class=\"_ _16\"> </span>2022.  Il<span class=\"_ _0\"></span> rallentamento <span class=\"_ _16\"> </span>nello <span class=\"_ _16\"> </span>scenario  c<span class=\"_ _0\"></span>ongiunturale <span class=\"_ _16\"> </span>previsto <span class=\"_ _16\"> </span>per  il <span class=\"_ _7\"> </span>2023  \u00e8 <span class=\"_ _16\"> </span>imputabile <span class=\"_ _16\"> </span>principalmente <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>fiammata  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>flazionistica<span class=\"_ _0\"></span> conseguente alla crisi ene<span class=\"_ _0\"></span>rgetica e alla restrizione mo<span class=\"_ _0\"></span>netaria decisa dalle princi<span class=\"_ _0\"></span>pali banche centrali a livel<span class=\"_ _0\"></span>lo globale in r<span class=\"_ _5\"></span>isposta allo <span class=\"_ _7\"> </span><span class=\"ff4\">shock. <span class=\"_ _7\"> </span>Tali <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sembrano <span class=\"_ _4\"> </span>aver <span class=\"_ _7\"> </span>ancora <span class=\"_ _7\"> </span>dispiegato <span class=\"_ _7\"> </span>pienamente <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>loro <span class=\"_ _7\"> </span>effetti <span class=\"_ _7\"> </span>sull\u2019attivit\u00e0 <span class=\"_ _7\"> </span>economica: <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>questo </span>motivo, <span class=\"_ _2\"></span>difficilmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>potr\u00e0 <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _2\"></span>contrazione <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>congiunturale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>inizio <span class=\"_ _2\"></span>2023. <span class=\"_ _2\"></span>Peraltro, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>recente <span class=\"_ _5\"></span>rien<span class=\"_ _5\"></span>tro dai <span class=\"_ _3\"></span>picch<span class=\"ff4\">i <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _3\"></span>all\u2019ingrosso <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>materie <span class=\"_ _3\"></span>prime <span class=\"_ _3\"></span>energetiche <span class=\"_ _3\"></span>render\u00e0 <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>drammatici <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>reddito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>famiglie </span>e <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>margini <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>imprese, <span class=\"_ _3\"></span>consentendo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ipotizzare u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ipresa <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>economica, <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>pur <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ritmi <span class=\"_ _2\"></span>moderati, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>part<span class=\"_ _5\"></span><span class=\"ff1\">ire </span>dalla prossima primaver<span class=\"_ _0\"></span>a. Una ri-<span class=\"ff4\">accelerazione pi\u00f9 sostenuta<span class=\"_ _0\"></span> \u00e8 attesa nel 2024, all\u2019<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,8%.<span class=\"ff1\"> </span></span>La <span class=\"_ _5\"></span>componente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>interna <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ci <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>attende <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>lpita <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>inflazionistico <span class=\"_ _2\"></span>sar\u00e0 <span class=\"_ _6\"></span>quella <span class=\"_ _5\"></span>dei<span class=\"_ _5\"></span> consumi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>(durevoli <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non), <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>reve<span class=\"ff4\">dono <span class=\"_ _2\"></span>sostanzialmente <span class=\"_ _2\"></span>stagnanti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>d\u2019anno <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2023, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>spesa <span class=\"_ _2\"></span>in </span>servizi <span class=\"_ _2\"></span>potrebbe <span class=\"_ _2\"></span>mantenere <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ritmo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>crescita <span class=\"_ _2\"></span>positivo <span class=\"_ _2\"></span>grazie <span class=\"_ _2\"></span>all\u2019effetto <span class=\"_ _2\"></span>residuo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>normalizzazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>stili <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>do<span class=\"_ _5\"></span><span class=\"ff1\">po <span class=\"_ _2\"></span>le </span>restrizioni <span class=\"_ _6\"></span>imposte <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>periodo <span class=\"_ _4\"></span>pandemico. <span class=\"_ _6\"></span>Anche <span class=\"_ _7\"> </span>gli <span class=\"_ _4\"></span>investimenti <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>revisti <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>rallentamento <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>2023, <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>scia <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>gli effetti <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>rincari <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>mater<span class=\"_ _0\"></span>ie <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rime <span class=\"_ _6\"></span>sui <span class=\"_ _4\"> </span>margini <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>profitto <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>imprese, <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>restrizione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>condizioni <span class=\"_ _4\"></span>finanziarie<span class=\"_ _5\"></span>, <span class=\"_ _6\"></span>del progressivo venir meno della spinta degli incentiv<span class=\"_ _3\"></span><span class=\"ff4\">i alle ristrutturazioni e dell\u2019elevata incertezza ancora<span class=\"_ _0\"></span> gravante sullo scenario. </span>La c<span class=\"_ _3\"></span>omponente pi\u00f9 <span class=\"_ _3\"></span>colpita sar\u00e0<span class=\"_ _3\"></span> quella <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>investimenti in <span class=\"_ _3\"></span>costruzioni, per <span class=\"_ _3\"></span>effetto de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>graduale esaurirsi degli <span class=\"_ _3\"></span>incentivi <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>iscali, nonch\u00e9 degli effetti s<span class=\"_ _0\"></span>ull\u2019offerta dei mag<span class=\"ff1\">giori costi di prod<span class=\"_ _0\"></span>uzione, e sulla doma<span class=\"_ _0\"></span>nda del rialzo atte<span class=\"_ _0\"></span>so dei tassi sui mut<span class=\"_ _0\"></span>ui.<span class=\"_ _3\"></span> </span>Il <span class=\"_ _2\"></span>PNRR <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>espletare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>2023: <span class=\"_ _3\"></span>l\u2019<span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rescita <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>PIL <span class=\"_ _5\"></span>sarebbe <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,5% <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\">gni </span>anno fino alla fine <span class=\"_ _0\"></span>del periodo (2023-26).  G<span class=\"ff4\">razie <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>permanere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>eccesso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>domanda <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>lavoro <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>all\u2019offerta, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isoccupazione d<span class=\"_ _3\"></span>ovrebbe <span class=\"_ _3\"></span>mantenersi <span class=\"_ _3\"></span>entro <span class=\"_ _2\"></span>livelli </span>tutto sommato contenuti,<span class=\"_ _0\"></span> pur in una fase di<span class=\"_ _0\"></span> rallentamento del ci<span class=\"_ _0\"></span>clo economico. Per <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dinamica <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>ari, <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>revisione<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ialzo <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>degli <span class=\"_ _4\"> </span>immobili <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>trainata <span class=\"_ _4\"></span>dalla <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>previsione relativa <span class=\"_ _2\"></span>all\u2019inflazione <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>compensa <span class=\"_ _2\"></span>l\u2019evoluzione <span class=\"_ _2\"></span>sfavorevole <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eddito <span class=\"_ _2\"></span>reale. <span class=\"_ _2\"></span>I <span class=\"_ _4\"> </span><span class=\"ff1\">livelli </span>dello spread BTP-<span class=\"ff4\">Bund si rifl<span class=\"_ _0\"></span>ettono anche nell\u2019or<span class=\"ff1\">izzonte di stim<span class=\"_ _0\"></span>a a partire dal ribasso <span class=\"_ _0\"></span>osservato nella chiu<span class=\"_ _0\"></span>sura 2022.  </span></span>La <span class=\"_ _5\"></span>metodologia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>dottata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>prevede, <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>descritto <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _5\"></span>A <span class=\"_ _4\"></span>- <span class=\"_ _2\"></span>Politiche <span class=\"_ _5\"></span>Contabili, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>particolare <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>sez<span class=\"_ _3\"></span>ione<span class=\"_ _0\"></span> \u201cModalit\u00e0 <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>d<span class=\"_ _0\"></span>eterminazione <span class=\"_ _29\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2b\"> </span>perdite<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>valore\u201d,<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>te<span class=\"_ _3\"></span><span class=\"ff1\">nere <span class=\"_ _2b\"> </span>in <span class=\"_ _2b\"> </span>consid<span class=\"_ _0\"></span>erazione <span class=\"_ _2b\"> </span>anche <span class=\"_ _2b\"> </span>gli<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>scenari <span class=\"_ _2b\"> </span>alt<span class=\"_ _0\"></span>ernativi</span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.46411px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">(migliorativo/peggiorati<span class=\"_ _0\"></span>vo), <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>quali <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>utilizzano <span class=\"_ _4\"> </span>principalmente <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>esterne <span class=\"_ _4\"> </span>(tra <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>altre, <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>previsioni <span class=\"_ _4\"> </span>minim<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>e </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">massime di una vari<span class=\"_ _0\"></span>abile fondamentale come il PI<span class=\"_ _0\"></span>L sulla base di quant<span class=\"_ _0\"></span>o ril<span class=\"_ _3\"></span>evato da Consensus Eco<span class=\"_ _0\"></span>nomics).  </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>riguarda <span class=\"_ _4\"> </span>lo <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"> </span>favorevole, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>individuate <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>previsioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>crescita <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>PIL <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>elevate <span class=\"_ _4\"> </span>nel<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">sondaggio di Consensus Ec<span class=\"_ _0\"></span>onomics, pubblicato a dic<span class=\"_ _0\"></span>embre 2022 per alcuni paesi ava<span class=\"_ _0\"></span>nzati e l\u2019andamen<span class=\"_ _2\"></span><span class=\"ff1\">to di consumi privati <span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">investimenti <span class=\"_ _6\"></span>fissi <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>adattato <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>modo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>restituire <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>profilo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>crescita <span class=\"_ _4\"> </span>media <span class=\"_ _4\"></span>annua <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>PIL </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">identico <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>previsioni, <span class=\"_ _2\"></span>mentre <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _3\"></span>variabili <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>ricalcolate <span class=\"_ _3\"></span>coerentemente. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>ipotesi <span class=\"_ _3\"></span>res<span class=\"_ _5\"></span>tituiscono <span class=\"_ _3\"></span>uno <span class=\"_ _2\"></span>scenario </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">caratterizzato <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>tassi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crescita <span class=\"_ _6\"></span>reale <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _6\"></span>elevati, <span class=\"_ _5\"></span>inflazione <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>elevata, <span class=\"_ _6\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>disoccupazione <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>basso <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ndament<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _3\"></span>indici <span class=\"_ _3\"></span>azionari <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>prezzi <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>robusto <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>base, <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>potesi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>B<span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>centrali <span class=\"_ _3\"></span>adottino </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">una politica monetaria pi\u00f9 <span class=\"_ _0\"></span>aggressiva in risposta a segna<span class=\"_ _0\"></span>li congiunturali indic<span class=\"_ _0\"></span>ativi di un minor rallentam<span class=\"_ _0\"></span>ento rispetto alle <span class=\"_ _2\"></span>attese </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenere <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>spinte <span class=\"_ _5\"></span>inflazionistiche. <span class=\"_ _2\"></span>Lo <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _2\"></span>favorevole <span class=\"_ _2\"></span>restituisce <span class=\"_ _5\"></span>comunque <span class=\"_ _2\"></span>esiti <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>revisionali <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>evoluzione </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">delle variabili pi\u00f9 r<span class=\"_ _0\"></span>appresentative non <span class=\"_ _0\"></span>significativamente di<span class=\"_ _0\"></span>stanti da quelli delle <span class=\"_ _0\"></span>previsioni di base<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">Lo <span class=\"_ _6\"> </span>scenario <span class=\"_ _6\"></span>\u201csfavorevole\u201d <span class=\"_ _6\"></span>adottato <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>costruito, <span class=\"_ _6\"> </span>inizialmente, <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>metodologia <span class=\"_ _6\"></span>prevista <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"> </span>polic<span class=\"_ _2\"></span><span class=\"ff1 ls1f\">y </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">interna, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>partire <span class=\"_ _5\"></span>quindi <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crescita <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>PIL <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>asse <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>sondaggio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Consensus <span class=\"_ _5\"></span>Economics <span class=\"_ _5\"></span>pubblicato <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">dicembre 2022 per i <span class=\"_ _0\"></span>principali paesi a<span class=\"_ _0\"></span>vanzati. L\u2019andament<span class=\"_ _0\"></span>o di consumi privati <span class=\"_ _0\"></span>e investimenti fiss<span class=\"_ _0\"></span>i dello scenario di ba<span class=\"_ _0\"></span>se \u00e8 s<span class=\"_ _5\"></span><span class=\"ff1\">tato </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">adattato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>estituire <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crescita <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>PIL <span class=\"_ _6\"></span>allineato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>uno <span class=\"_ _5\"></span>shock <span class=\"_ _6\"></span>negativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>imposto<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">anche all\u2019andamento di indici d<span class=\"_ _3\"></span>i borsa e<span class=\"_ _3\"></span> prezzi immobiliari. A partire da <span class=\"_ _3\"></span>tali esiti, nella <span class=\"_ _3\"></span>costruzione dello scenario peggio<span class=\"_ _5\"></span><span class=\"ff1\">rativo, </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _4\"></span>Gruppo<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>ha <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>assunto <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>tenere <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>assumptions <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _6\"></span>prudenti <span class=\"_ _6\"></span>considerate <span class=\"_ _6\"></span>nello <span class=\"_ _4\"></span>scenario <span class=\"_ _6\"></span>meno </div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">favorevole  incluso  nelle  \u201cProiezioni  macroeconomic<span class=\"_ _0\"></span>he  per  l\u2019Area  dell\u2019euro\u201d  pubblicate  dalla  BCE  il  15  dicembre  2022. </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019incertezza <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span><span class=\"ff1\">caratterizza <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>proiezioni <span class=\"_ _4\"></span>degli <span class=\"_ _6\"></span>esperti <span class=\"_ _4\"> </span>rimane, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"></span>elevata <span class=\"_ _4\"></span>ed <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importante <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>prospettive </span></div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Area dell\u2019euro \u2013<span class=\"ff1\"> secondo la BCE - riguarda la possibilit\u00e0 di turbative pi\u00f9 gravi degli approvvig<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>onamenti energetici europei<span class=\"_ _0\"></span>, </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">risultanti <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span><span class=\"ff4\">lteriori <span class=\"_ _3\"></span>picchi d<span class=\"_ _3\"></span>ei p<span class=\"_ _3\"></span>rezzi <span class=\"_ _3\"></span>dell\u2019energia e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tagli <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>produzione. <span class=\"_ _3\"></span>Nelle <span class=\"_ _3\"></span>ipotesi adottate <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>BCE, <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>meno </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">favorevole <span class=\"_ _3\"></span>riflette <span class=\"_ _2\"></span>questo r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>segnala <span class=\"_ _3\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>inflazione <span class=\"_ _2\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quelli p<span class=\"_ _3\"></span>rospettati n<span class=\"_ _3\"></span>ello <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>ne<span class=\"_ _5\"></span>l <span class=\"_ _3\"></span>2023 </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">che n<span class=\"ff4\">el <span class=\"_ _3\"></span>2024, in presenza d<span class=\"_ _3\"></span>i forti rincari dell\u2019energia, i <span class=\"_ _3\"></span>quali ritornano a livello <span class=\"_ _3\"></span>inferiori a quelli previsti dallo s<span class=\"_ _3\"></span>cenario ba<span class=\"_ _5\"></span></span>se s<span class=\"_ _3\"></span>olo </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">successivamente, <span class=\"_ _2\"></span>quando <span class=\"_ _5\"></span>vengono <span class=\"_ _6\"></span>meno <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>lato <span class=\"_ _5\"></span>dell\u2019offerta <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>prevale <span class=\"_ _5\"></span>l\u2019impatto <span class=\"_ _5\"></span>ritardato <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>negativi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">lato della domanda.  </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tener <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>potesi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>drastica, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>aggiunto <span class=\"_ _2\"></span>nella <span class=\"_ _5\"></span>previsione <span class=\"_ _5\"></span>sfavorevole<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>elaborata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>uno<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">shock <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>europeo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>gas <span class=\"_ _4\"> </span>naturale, <span class=\"_ _4\"> </span>tarato <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ello <span class=\"_ _4\"> </span>scenario <span class=\"_ _6\"> </span>avverso <span class=\"_ _4\"> </span>dell\u2019Eurosistema<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>questa<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">variabile, attraverso un a<span class=\"_ _3\"></span>umento molto si<span class=\"_ _3\"></span>gnificativo<span class=\"_ _0\"></span> de<span class=\"_ _3\"></span>l prezzo del <span class=\"_ _3\"></span>gas rispetto <span class=\"_ _3\"></span>alle previsioni dello <span class=\"_ _3\"></span>scenario base sia <span class=\"_ _3\"></span>nel <span class=\"_ _5\"></span>2023 </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">che nel 2024. Gli effetti sulla crescita sono stati aggravati per cat<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>urare possibili fenomeni di razio<span class=\"_ _0\"></span>namento. In<span class=\"_ _2\"></span>nestando queste </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">ipotesi, scaturisce u<span class=\"_ _0\"></span>n andamento dell\u2019i<span class=\"_ _0\"></span>nflazione molto pi\u00f9 aggr<span class=\"_ _35\"></span>ess<span class=\"_ _3\"></span>ivo rispett<span class=\"_ _0\"></span>o a quello dello scen<span class=\"_ _0\"></span>ario base e impatti pes<span class=\"_ _0\"></span>anti<span class=\"_ _5\"></span><span class=\"ff1\"> sul </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">PIL <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dell\u2019Area <span class=\"_ _6\"></span>Euro, <span class=\"_ _5\"></span>con <span class=\"_ _4\"> </span>due <span class=\"_ _5\"></span>anni <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>var<span class=\"_ _3\"></span>iazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>PIL <span class=\"_ _6\"></span>negativa. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>crescita <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>PIL <span class=\"_ _6\"></span>italiano <span class=\"_ _6\"></span>regis<span class=\"_ _2\"></span><span class=\"ff1\">tra, <span class=\"_ _6\"></span>infatti, <span class=\"_ _6\"></span>una </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">deviazione <span class=\"_ _4\"> </span>negativa <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>scenario <span class=\"_ _4\"></span>base <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>scenario <span class=\"_ _4\"></span>peggiorativo<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>crescente <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ino <span class=\"_ _4\"></span>al <span class=\"_ _4\"> </span>2024 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _7\"> </span>modesta <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2025. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>divario </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">cumulato d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>periodo 2022<span class=\"_ _3\"></span>-2025 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>-5,5%. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contrazione <span class=\"_ _3\"></span>della c<span class=\"_ _3\"></span>rescita <span class=\"_ _3\"></span>reale s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riflette s<span class=\"_ _3\"></span>ul t<span class=\"_ _3\"></span>asso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>disoccupaz<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019anno <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>1,9 <span class=\"_ _5\"></span>punti <span class=\"_ _5\"></span>percentuali <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>sopra <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>scenario <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>ipotizza <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>BCE, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tensioni <span class=\"_ _5\"></span>inflatt<span class=\"_ _5\"></span><span class=\"ff1\">ive </span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">critiche <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>ivilegerebbe <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>stabilit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>prezzi, <span class=\"_ _5\"></span>accettando <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>prospettiva <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>fase <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contrazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>PIL <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>in<span class=\"_ _5\"></span>tensa. <span class=\"_ _5\"></span>Lo </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">scostamento dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>rispetto allo <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>risente dell\u2019inflazione eccessiva, <span class=\"_ _3\"></span>che d<span class=\"_ _3\"></span>omina sulla <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>autonoma<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">della  crescita.  Lo<span class=\"_ _0\"></span>  spread  BTP-<span class=\"ff4\">Bund  risulta  pi\u00f9  el<span class=\"_ _0\"></span>evato  rispetto  all<span class=\"_ _0\"></span>e  ipotesi  dello  scenar<span class=\"_ _0\"></span>io  base,  lungo<span class=\"_ _0\"></span>  tutto  l\u2019orizzonte<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">previsionale. </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>impatti <span class=\"_ _2\"></span>rilevati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>l\u2019adozione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>suddetto <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>nella <span class=\"_ _3\"></span>stima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>ECL <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>c<span class=\"_ _5\"></span><span class=\"ff1\">rediti </span></div><div class=\"t m0 x0 h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">performing, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>ricorda <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>partire <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>Resoconto <span class=\"_ _4\"> </span>intermedio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>marzo, <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>dell\u2019avvio <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>conflitto </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls15 ws0\">Ru<span class=\"ls0\">ssia/Ucraina, <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>fine <span class=\"_ _23\"> </span>di <span class=\"_ _29\"> </span>tener <span class=\"_ _20\"> </span>adeguatamente <span class=\"_ _23\"> </span>conto <span class=\"_ _23\"> </span>delle <span class=\"_ _23\"> </span>ricadute <span class=\"_ _23\"> </span>via <span class=\"_ _23\"> </span>via <span class=\"_ _23\"> </span>o<span class=\"_ _3\"></span>sservate <span class=\"_ _23\"> </span>e <span class=\"_ _23\"> </span>previste <span class=\"_ _23\"> </span>del <span class=\"_ _23\"> </span>contesto </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomico, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>incorporare <span class=\"_ _6\"></span>aggiornamenti <span class=\"_ _5\"></span>sistematici <span class=\"_ _5\"></span>(su <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>trimestrale)<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>previsioni <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">base e degli scenari <span class=\"_ _0\"></span>alter<span class=\"ff4\">nativi sul perimetro \u201cCore<span class=\"_ _0\"></span>\u201d, cio\u00e8 riferibile all<span class=\"_ _0\"></span>a Capogruppo e alle altre<span class=\"_ _0\"></span> entit\u00e0 italiane, oltr<span class=\"_ _0\"></span>e che a Intesa<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo Luxembourg e <span class=\"_ _3\"></span>Intesa Sanpaolo Ireland. <span class=\"_ _3\"></span>Al 31 <span class=\"_ _3\"></span>dicembre 2022 sono <span class=\"_ _3\"></span>stati rilevati <span class=\"_ _3\"></span>impatti prevalentemente determinati </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019aggiornamento d<span class=\"_ _0\"></span>ell<span class=\"ff1\">e previsioni relative allo s<span class=\"_ _0\"></span>cenario sfavorevole.  </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>esercizio <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Divisione <span class=\"_ _2\"></span>International <span class=\"_ _5\"></span>Subsidiary <span class=\"_ _5\"></span>Banks <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>aggiornato <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>stime <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gl<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">scenari previsionali <span class=\"_ _0\"></span>delle geografie di rife<span class=\"_ _0\"></span>rimento.  </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Complessivamente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ECL <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>erforming <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>ll\u2019anno <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>un <span class=\"_ _6\"> </span>impatto <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>scenar<span class=\"_ _0\"></span>io </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">macro-<span class=\"ff4\">economico <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>300 <span class=\"_ _6\"> </span>milioni <span class=\"_ _5\"></span>(dei <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>140 <span class=\"_ _5\"></span>milioni <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>quarto <span class=\"_ _6\"></span>trimestre, <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>quest\u2019ultimo </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">impatto, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>stimato <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>met\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>esso <span class=\"_ _6\"></span>derivi <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _6\"></span>prudenziale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>adeguare <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>assunzioni <span class=\"_ _6\"></span>dello <span class=\"_ _6\"></span>scenario </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">sfavorevole a quelle <span class=\"_ _0\"></span>adottate dalla BCE). </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda yb8e ffa fs9 fc2 sc0 ls0 ws0\">Analisi di sensitivit\u00e0 della ECL </div><div class=\"t m0 x0 h2 y3e1 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019ECL, <span class=\"_ _3\"></span>determinata ne<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>logica de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>principio IFRS <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">sensitivit\u00e0 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>analizzarne <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>variabilit\u00e0 </span></div><div class=\"t m0 x0 h2 y1bf ff4 fs0 fc0 sc0 ls0 ws0\">relativamente ai singoli scenari alternativi nel r<span class=\"_ _3\"></span>ispetto delle raccomandazioni di ESMA (\u201cReport On <span class=\"_ _3\"></span>the application of the IF<span class=\"_ _5\"></span><span class=\"ff1\">RS </span></div><div class=\"t m0 x0 h2 y1c0 ff4 fs0 fc0 sc0 ls0 ws0\">7 and IFRS 9 requireme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ts regarding banks\u2019 <span class=\"_ _0\"></span>expected credit los<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>\u2013<span class=\"ff1\"> </span>ECL\u201d del 1<span class=\"ff1\">5 dicembre 202<span class=\"_ _0\"></span>1). </span></div><div class=\"t m0 x0 h2 y1c1 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _2\"></span>analisi <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _3\"></span>condotta <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>(Stage <span class=\"_ _2\"></span>1 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Stage <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>re<span class=\"_ _3\"></span>lativamente<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>rappresentati<span class=\"_ _2\"></span><span class=\"ls1f\">vo </span></div><div class=\"t m0 x0 h2 y1c2 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>(include <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>Banche<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _7\"> </span>IMI <span class=\"_ _7\"> </span>C&amp;IB <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>rappresentano <span class=\"_ _4\"> </span>circa <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>90% <span class=\"_ _7\"> </span>dell\u2019esposi<span class=\"_ _5\"></span><span class=\"ff1\">zione<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">complessiva del Grupp<span class=\"_ _0\"></span>o). </div><div class=\"t m0 x0 h2 y1c4 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>ricorda <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>stima <span class=\"_ _3\"></span>dell\u2019ECL <span class=\"_ _3\"></span>adottata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>prevede <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>parametri <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _3\"></span>siano<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">determinati <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>dello <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>Most<span class=\"_ _3\"></span>-Likely <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Add-on <span class=\"_ _2\"></span>ca<span class=\"_ _3\"></span>lcolato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>distanza <span class=\"_ _5\"></span>tra <span class=\"_ _2\"></span>scenario <span class=\"_ _2\"></span>centrale <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y1c6 ff4 fs0 fc0 sc0 ls0 ws0\">scenari <span class=\"_ _2\"></span>alternativi. <span class=\"_ _5\"></span>L\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sensitivity <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>determinata <span class=\"_ _2\"></span>assumendo <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>proprie <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ing<span class=\"_ _5\"></span><span class=\"ff1\">oli </span></div><div class=\"t m0 x0 h2 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">scenari <span class=\"_ _3\"></span>alternativi <span class=\"_ _3\"></span>(migliorativo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>peggiorativo), <span class=\"_ _3\"></span>prodotti <span class=\"_ _3\"></span>internamente d<span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Direzione <span class=\"_ _3\"></span>studi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Ric<span class=\"_ _5\"></span>erche, <span class=\"_ _3\"></span>ciascuno <span class=\"_ _3\"></span>ponderato <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 y1c8 ff1 fs0 fc0 sc0 ls0 ws0\">100%. Tale risultato vi<span class=\"_ _0\"></span>ene poi confrontat<span class=\"_ _0\"></span>o con la ECL calcol<span class=\"_ _0\"></span>ata con lo scenari<span class=\"_ _0\"></span>o Most<span class=\"_ _3\"></span>-Likely pi\u00f9 Add-on.  </div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 yf38 ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>evidenziato <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>precedenti <span class=\"_ _6\"></span>paragrafi, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>distanza <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>peggiorativo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>migliorativo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>ampia <span class=\"_ _5\"></span>e, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>contem<span class=\"_ _5\"></span>po, </div><div class=\"t m0 x0 h2 yf39 ff4 fs0 fc0 sc0 ls0 ws0\">quest\u2019ultimo \u00e8 molto prossimo alla prevision<span class=\"_ _0\"></span>e centrale. Di conseguenza, la sensitivity del portafog<span class=\"_ _0\"></span>lio allo scenario peggiora<span class=\"_ _2\"></span><span class=\"ff1\">tivo </span></div><div class=\"t m0 x0 h2 yf3a ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 gi\u00e0 sostanzialmente fattorizzata nella ECL alla <span class=\"_ _3\"></span>data del 31 dicembre 2022 nel <span class=\"_ _3\"></span>modello utilizzato descritto in precedenza<span class=\"_ _2\"></span>, <span class=\"_ _3\"></span>cui </div><div class=\"t m0 x0 h32 y303 ff4 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _23\"> </span>sono <span class=\"_ _29\"> </span>aggiunti <span class=\"_ _20\"> </span>anche <span class=\"_ _29\"> </span>gli <span class=\"_ _23\"> </span>overlay <span class=\"_ _23\"> </span>illustrati <span class=\"_ _23\"> </span>nel <span class=\"_ _23\"> </span>successivo <span class=\"_ _23\"> </span>paragrafo. <span class=\"_ _23\"> </span>L\u2019applicazione <span class=\"_ _23\"> </span>dello <span class=\"_ _23\"> </span>scenario <span class=\"_ _23\"> </span>peggiorativo </div><div class=\"t m0 x0 h32 yf3b ff4 fs0 fc0 sc0 ls0 ws0\">comporterebbe <span class=\"_ _6\"></span>pertanto <span class=\"_ _6\"></span>lo <span class=\"_ _6\"> </span>scivolamento <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>Stage <span class=\"_ _6\"></span>2 <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>1,5 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>esposizioni, <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>contenuto <span class=\"_ _6\"></span>incremento <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019ECL <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>una </div><div class=\"t m0 x0 h2 yf3c ff1 fs0 fc0 sc0 ls0 ws0\">sostanziale <span class=\"_ _6\"></span>inv<span class=\"ff4\">arianza <span class=\"_ _6\"></span>dell\u2019indice <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>copertura. <span class=\"_ _6\"></span>La <span class=\"_ _6\"> </span>sensitivity <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _6\"></span>scenario <span class=\"_ _6\"></span>migliorativo <span class=\"_ _6\"></span>vedrebbe <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.32349px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">diminuzione <span class=\"_ _16\"> </span>di  240 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>della  ECL, <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _16\"> </span>rientro  in <span class=\"_ _16\"> </span>Stage <span class=\"_ _16\"> </span>1  di <span class=\"_ _16\"> </span>4,9  mili<span class=\"_ _0\"></span>ardi  di <span class=\"_ _7\"> </span>esposizione.  L\u2019indice <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i  co<span class=\"_ _0\"></span>pertura  d<span class=\"_ _0\"></span>elle </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni in bonis <span class=\"_ _0\"></span>diminuirebbe di 5 bps. </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hda y80c ffa fs9 fc2 sc0 ls0 ws0\">Management overlay  </div><div class=\"t m0 x0 h2 ydad ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>nell\u2019applicare le <span class=\"_ _2\"></span>metodologie stimate <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>ECL, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>IFR<span class=\"_ _6\"></span><span class=\"ff1\">S <span class=\"_ _3\"></span>9, </span></div><div class=\"t m0 x0 h2 ycb2 ff1 fs0 fc0 sc0 ls0 ws0\">ha <span class=\"_ _7\"> </span>introdotto <span class=\"_ _4\"> </span>alcuni <span class=\"_ _7\"> </span>fattori <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>maggiore <span class=\"_ _4\"> </span>prudenza <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>considera<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>contesto <span class=\"_ _7\"> </span>di  forte <span class=\"_ _4\"> </span>incertezza <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>proseguire <span class=\"_ _4\"></span>del </div><div class=\"t m0 x0 h32 y1014 ff4 fs0 fc0 sc0 ls0 ws0\">conflitto  Ru<span class=\"_ _0\"></span>ssia/Ucraina <span class=\"_ _16\"> </span>ha  innescato.  N<span class=\"_ _35\"></span>e  sono  esem<span class=\"_ _0\"></span>pi:  l\u2019ag<span class=\"_ _0\"></span>giornamento  s<span class=\"_ _0\"></span>istematico <span class=\"_ _16\"> </span>delle  previsio<span class=\"_ _0\"></span>ni  macroecon<span class=\"_ _0\"></span>omiche, </div><div class=\"t m0 x0 h2 y1015 ff4 fs0 fc0 sc0 ls0 ws0\">quanto <span class=\"_ _29\"> </span>descritto <span class=\"_ _29\"> </span>nel <span class=\"_ _29\"> </span>paragrafo <span class=\"_ _29\"> </span>dedicato <span class=\"_ _29\"> </span>in <span class=\"_ _2b\"> </span>relazi<span class=\"_ _0\"></span>one <span class=\"_ _29\"> </span>allo <span class=\"_ _29\"> </span>scenario <span class=\"_ _29\"> </span>\u00absfavorevole\u00bb, <span class=\"_ _29\"> </span>l\u2019aggiornamento <span class=\"_ _29\"> </span>de<span class=\"_ _2\"></span><span class=\"ff1\">ll<span class=\"_ _3\"></span>e <span class=\"_ _29\"> </span>variabili </span></div><div class=\"t m0 x0 h2 y1016 ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomiche esplicative u<span class=\"_ _3\"></span>tilizzate dai <span class=\"_ _2\"></span>modelli<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>satellite <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini d<span class=\"_ _3\"></span>elle st<span class=\"_ _3\"></span>ime dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>default <span class=\"_ _3\"></span>prospettici <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _3\"></span>della </span></div><div class=\"t m0 x0 h2 y458 ff4 fs0 fc0 sc0 ls0 ws0\">quale <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"> </span>privilegiata <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>scelta <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>variabili <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _5\"></span>dell\u2019energia <span class=\"_ _6\"> </span>sulla <span class=\"_ _6\"> </span>base <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>sensibilit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>gi<span class=\"_ _5\"></span><span class=\"ff1\">udizio <span class=\"_ _6\"></span>influenzata <span class=\"_ _5\"></span>dal </span></div><div class=\"t m0 x0 h2 y459 ff1 fs0 fc0 sc0 ls0 ws0\">contesto <span class=\"_ _17\"> </span>corrente. <span class=\"_ _18\"> </span>Ciononostante, <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>stime <span class=\"_ _18\"> </span>della <span class=\"_ _18\"> </span>ECL <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>basate <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _18\"> </span>modelli <span class=\"_ _17\"> </span>\u00abforward<span class=\"_ _2\"></span>-looking\u00bb <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _17\"> </span>valorizzano <span class=\"_ _18\"> </span>le </div><div class=\"t m0 x0 h2 y45a ff1 fs0 fc0 sc0 ls0 ws0\">osservazioni <span class=\"_ _5\"></span>storiche <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>variabili <span class=\"_ _6\"></span>macroeconom<span class=\"_ _0\"></span>iche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>efault. <span class=\"_ _5\"></span>Gli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>\u00abrari\u00bb, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>particola<span class=\"_ _5\"></span>re <span class=\"_ _6\"></span>quelli </div><div class=\"t m0 x0 h2 y45b ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _4\"> </span>visti <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>precedenza, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolarmente <span class=\"_ _4\"></span>difficili <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>catturare <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>modellizzazione <span class=\"_ _4\"> </span>ed <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sostanzialmente </div><div class=\"t m0 x0 h2 yf14 ff1 fs0 fc0 sc0 ls0 ws0\">impossibile produrre p<span class=\"_ _0\"></span>revisioni per rischi s<span class=\"_ _0\"></span>pecifici di portafoglio <span class=\"_ _0\"></span>in tali circostanze.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y13f ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontesto, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>deve <span class=\"_ _2\"></span>ten<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ibadito <span class=\"_ _3\"></span>anche d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>standard <span class=\"_ _3\"></span>setters <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>contesto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>pandemica <span class=\"_ _5\"></span>- </div><div class=\"t m0 x0 h2 ybe6 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>fatto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>incertezze <span class=\"_ _2\"></span>rappresenta<span class=\"_ _0\"></span>te <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>previsionali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>st<span class=\"_ _3\"></span>ima <span class=\"_ _2\"></span>adottate, <span class=\"_ _2\"></span>fortemente <span class=\"_ _2\"></span>ancor<span class=\"_ _5\"></span>ate </div><div class=\"t m0 x0 h2 y6d5 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>sservate <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>lungo <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>riodo, <span class=\"_ _4\"></span>possono <span class=\"_ _6\"></span>rendere <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>metodologie <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>uso <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>pienamente <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>deguate <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontesto </div><div class=\"t m0 x0 h2 y1dc ff4 fs0 fc0 sc0 ls0 ws0\">corrente. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>principale <span class=\"_ _5\"></span>area <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>sottostante <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>scenari <span class=\"_ _5\"></span>previsionali <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>recenti <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>dall\u2019avvenimento <span class=\"_ _4\"> </span><span class=\"ff1\">di </span></div><div class=\"t m0 x0 h2 y8f8 ff4 fs0 fc0 sc0 ls0 ws0\">shock <span class=\"_ _3\"></span>consistenti <span class=\"_ _2\"></span>nell\u2019offerta <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>gas, <span class=\"_ _2\"></span>innestati <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>involuzione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>senso <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eggiorativo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>crisi <span class=\"_ _2\"></span>geopolitica, <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 y6f2 ff1 fs0 fc0 sc0 ls0 ws0\">dalla <span class=\"_ _3\"></span>capacit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prevederne <span class=\"_ _3\"></span>accuratamente le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ricadute <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>sistemi <span class=\"_ _3\"></span>economici <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>finanziari <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>prospettiva <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>mai<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yfa ff1 fs0 fc0 sc0 ls0 ws0\">manifestata in condi<span class=\"_ _0\"></span>zioni comparabili a que<span class=\"_ _0\"></span>lle<span class=\"_ _3\"></span> <span class=\"ff4\">attuali (forte dipe<span class=\"_ _0\"></span>ndenza dell\u2019econom<span class=\"_ _0\"></span>ia europea verso tal<span class=\"_ _0\"></span>e fonte energetica). <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y8f9 ff1 fs0 fc0 sc0 ls0 ws0\">Tali <span class=\"_ _16\"> </span>considerazioni <span class=\"_ _7\"> </span>hanno  sup<span class=\"_ _0\"></span>portato <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>decisione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>banca <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>adottare <span class=\"_ _7\"> </span>post  model <span class=\"_ _7\"> </span>adjustments  a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>fine <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>innestare, </div><div class=\"t m0 x0 h2 y7f8 ff4 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _2\"></span>l\u2019aumento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>ECL <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>manageriale, <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span><span class=\"ff1\">tima <span class=\"_ _2\"></span>adeguata <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>aspetti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>incertezza <span class=\"_ _2\"></span>relativi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>valutazione </span></div><div class=\"t m0 x0 h32 y8fa ff4 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>performing. <span class=\"_ _6\"> </span>Questa <span class=\"_ _4\"> </span>scelta <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>introdotta <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _6\"> </span>dell\u2019anno <span class=\"_ _6\"> </span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rafforzamento <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>quart<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y60e ff1 fs0 fc0 sc0 ls0 ws0\">trimestre, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tenere <span class=\"_ _5\"></span>adeguatamente <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>vulnerabi<span class=\"_ _3\"></span>lit\u00e0 <span class=\"_ _5\"></span>potenziali <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>colte <span class=\"_ _5\"></span>dai <span class=\"_ _2\"></span>modelli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>uso, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>ottica <span class=\"_ _5\"></span>forward<span class=\"_ _3\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y17d ff4 fs0 fc0 sc0 ls0 ws0\">looking, <span class=\"_ _4\"> </span>dato <span class=\"_ _4\"> </span>l\u2019attuale <span class=\"_ _4\"> </span>contesto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>incertezza <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0 <span class=\"_ _4\"> </span>limitata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>prospettiche <span class=\"_ _4\"> </span>ragionevoli  <span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 y2b5 ff1 fs0 fc0 sc0 ls0 ws0\">dimostrabili. <span class=\"_ _2\"></span>Nel <span class=\"_ _5\"></span>contempo, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>rappresentato <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>paragrafo <span class=\"_ _6\"></span><span class=\"ff4\">\u201c<span class=\"ff2\">1.2. <span class=\"_ _5\"></span>Impatti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>andemia <span class=\"_ _2\"></span>COVID<span class=\"_ _3\"></span>-<span class=\"ff3\">19\u201d</span></span></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sono </div><div class=\"t m0 x0 h2 y8fb ff1 fs0 fc0 sc0 ls0 ws0\">anche realizzate le <span class=\"_ _3\"></span>condizioni per ritenere superabili gli <span class=\"_ _3\"></span>interventi che erano stati adottati, <span class=\"_ _3\"></span>in tema di<span class=\"_ _3\"></span> management overlay<span class=\"_ _5\"></span>, sui </div><div class=\"t m0 x0 h2 y8fc ff1 fs0 fc0 sc0 ls0 ws0\">portafogli oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratorie nel <span class=\"_ _3\"></span>periodo pandemico. <span class=\"_ _3\"></span>Ai <span class=\"_ _3\"></span>fini delle<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>decisioni relativamente a<span class=\"_ _3\"></span>gli aggiornamenti e<span class=\"_ _3\"></span> alle <span class=\"_ _3\"></span>modifiche </div><div class=\"t m0 x0 h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">ed <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ntegrazioni <span class=\"_ _7\"> </span>agli <span class=\"_ _7\"> </span>es<span class=\"_ _3\"></span>iti <span class=\"_ _7\"> </span>dei <span class=\"_ _16\"> </span>modelli, <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>ha  a<span class=\"_ _0\"></span>dottato, <span class=\"_ _7\"> </span>come <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>pandemico, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>governance <span class=\"_ _7\"> </span>rafforzata </div><div class=\"t m0 x0 h2 y1e6 ff1 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>decisioni <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Comitato <span class=\"_ _3\"></span>Modelli <span class=\"_ _3\"></span>Interni <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pillar <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>tenuto <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>riferimenti <span class=\"_ _3\"></span>alle </div><div class=\"t m0 x0 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">indicazioni emess<span class=\"_ _0\"></span>e dagli standard setter<span class=\"_ _0\"></span>s e dai regulators in qu<span class=\"_ _0\"></span>el contesto<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-149.32349px;\"><div class=\"t m0 x15e h33 y1508 ff1 fs11 fc0 sc0 ls1a ws0\">103<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.32349px;\"><div class=\"t m0 x1c7 h2 y8fd ff1 fs0 fc0 sc0 ls0 ws0\">. </div><div class=\"t m0 x0 h2 y8fe ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _2\"></span>rappresentano, <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>scelte <span class=\"_ _5\"></span>adottate <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>suddetti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mbiti, <span class=\"_ _2\"></span>ricordando<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>che, </div><div class=\"t m0 x0 h2 y8ff ff4 fs0 fc0 sc0 ls0 ws0\">per quanto riguarda gli aspetti d<span class=\"_ _0\"></span>i rischio di credito pi\u00f9 stre<span class=\"_ _0\"></span>ttamente correlati alla crisi Ru<span class=\"_ _0\"></span>ssia/Ucraina, l\u2019informati<span class=\"_ _0\"></span>va det<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>agliata \u00e8 </span></div><div class=\"t m0 x0 h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentata nel pa<span class=\"_ _0\"></span>ragrafo dedicato. </div><div class=\"t m0 x0 h32 y901 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>rappresentato, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>l\u2019uscita <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Paese <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>fas<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emergenza <span class=\"_ _5\"></span>sanitaria <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019allentamento </div><div class=\"t m0 x0 h2 y902 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>restrizioni <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>anitarie, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>attenuate <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>incertezze <span class=\"_ _5\"></span>specificamente <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iconducibili <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>pandemia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>osserva<span class=\"_ _5\"></span><span class=\"ls12\">ti </span></div><div class=\"t m0 x0 h2 y903 ff1 fs0 fc0 sc0 ls0 ws0\">particolari f<span class=\"_ _3\"></span>enomeni di <span class=\"_ _2\"></span>incremen<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>creditizio <span class=\"_ _3\"></span>sulle espos<span class=\"_ _3\"></span>izioni che <span class=\"_ _3\"></span>er<span class=\"_ _2\"></span>ano <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratorie.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y904 ff1 fs0 fc0 sc0 ls0 ws0\">Queste <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>ltime <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>or<span class=\"_ _3\"></span>mai <span class=\"_ _4\"></span>tutte <span class=\"_ _6\"></span>rientrate <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"></span>pagamenti, <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>notevole <span class=\"_ _4\"> </span>quota <span class=\"_ _4\"></span>gi\u00e0 <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>tempo, <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>continuano <span class=\"_ _4\"> </span>a </div><div class=\"t m0 x0 h2 y905 ff1 fs0 fc0 sc0 ls0 ws0\">registrare rientri d<span class=\"_ _0\"></span>elle esposizioni ed estinzi<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y906 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda gli <span class=\"_ _3\"></span>elementi di <span class=\"_ _3\"></span>vu<span class=\"_ _2\"></span>lnerabilit\u00e0 delle <span class=\"_ _3\"></span>esposizioni oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>moratoria considerati a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fini del <span class=\"_ _3\"></span>Bilancio </div><div class=\"t m0 x0 h2 y907 ff1 fs0 fc0 sc0 ls0 ws0\">al 31 dicembre 2021 (rappresentati sia da overl<span class=\"_ _0\"></span>ay incorporati nei modelli satellite, che <span class=\"_ _0\"></span>da trigger straordinari di scivolame<span class=\"_ _2\"></span>nto a </div><div class=\"t m0 x0 h2 y908 ff1 fs0 fc0 sc0 ls0 ws0\">Stage <span class=\"_ _2\"></span>2), <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>partire <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>ristima, <span class=\"_ _2\"></span>mantenendo <span class=\"_ _2\"></span>ancora <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>congrua <span class=\"_ _2\"></span>prudenza, <span class=\"_ _2\"></span>ma </div><div class=\"t m0 x0 h2 y909 ff1 fs0 fc0 sc0 ls0 ws0\">tenendo <span class=\"_ _16\"> </span>conto  si<span class=\"_ _0\"></span>a  d<span class=\"_ _0\"></span>el  s<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>stanziale <span class=\"_ _16\"> </span>rientro  d<span class=\"_ _0\"></span>elle <span class=\"_ _16\"> </span>concessioni, <span class=\"_ _16\"> </span>che  dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>positive  e<span class=\"_ _0\"></span>videnze <span class=\"_ _16\"> </span>osservate <span class=\"_ _16\"> </span>sul  complesso<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>delle </div><div class=\"t m0 x0 h2 y874 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>ripresa <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>pagamenti <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>avven<span class=\"_ _3\"></span>uta. <span class=\"_ _7\"> </span>Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>successivi <span class=\"_ _4\"> </span>due <span class=\"_ _4\"> </span>trimestri, <span class=\"_ _4\"> </span>pur <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>erdurando <span class=\"_ _4\"></span>osservazioni<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y1b6 ff1 fs0 fc0 sc0 ls0 ws0\">soddisfacenti circa le <span class=\"_ _3\"></span>evoluzioni dei parametri <span class=\"_ _3\"></span>di rischio di <span class=\"_ _3\"></span>credito, si e<span class=\"_ _3\"></span>ra valutato di <span class=\"_ _3\"></span>proseguire tale <span class=\"_ _3\"></span>osservazione fino a<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>tutto il </div><div class=\"t m0 x0 h2 y1b7 ff4 fs0 fc0 sc0 ls0 ws0\">2022, <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>mantenere <span class=\"_ _7\"> </span>invariato <span class=\"_ _7\"> </span>l\u2019overlay <span class=\"_ _7\"> </span>incorpo<span class=\"_ _3\"></span><span class=\"ff1\">rato <span class=\"_ _7\"> </span>nel  m<span class=\"_ _35\"></span>odello <span class=\"_ _16\"> </span>satellite, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>erano <span class=\"_ _16\"> </span>stati <span class=\"_ _7\"> </span>registrati <span class=\"_ _7\"> </span>rientri <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>stage <span class=\"_ _7\"> </span>1 </span></div><div class=\"t m0 x0 h2 y1b8 ff1 fs0 fc0 sc0 ls0 ws0\">relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>portafogli <span class=\"_ _2\"></span>se<span class=\"_ _3\"></span>mpre <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>residuali <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>avevano <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>ripreso <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>pagamenti <span class=\"_ _5\"></span>(oggetto <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>trigger <span class=\"_ _5\"></span>straordinario <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y1b9 ff1 fs0 fc0 sc0 ls0 ws0\">forzatura <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>stage <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>). <span class=\"_ _5\"></span>Alla <span class=\"_ _5\"></span>luce <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>ulteriori <span class=\"_ _5\"></span>osse<span class=\"_ _3\"></span><span class=\"ff4\">rvazioni, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>data <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff2\">1.2. <span class=\"_ _6\"></span>Impatt<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m0 x0 h2 y90a ff2 fs0 fc0 sc0 ls0 ws0\">derivanti dalla pan<span class=\"_ _0\"></span>demia COVID-<span class=\"ff3\">19\u201d<span class=\"ff1\">, nel quarto trimestre so<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o stati rilasciati i ma<span class=\"_ _0\"></span>nagement overlay anc<span class=\"_ _0\"></span>ora presenti. <span class=\"_ _3\"></span> </span></span></div><div class=\"t m0 x0 h2 y1bb ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _1d\"> </span>c<span class=\"_ _3\"></span>ontempo, <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>partire <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>crisi <span class=\"_ _17\"> </span>geopolitica <span class=\"_ _1d\"> </span>Russia/Ucrain<span class=\"_ _3\"></span>a, <span class=\"_ _1d\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _1d\"> </span>pro<span class=\"_ _3\"></span>gressivame<span class=\"_ _0\"></span>nte <span class=\"_ _1d\"> </span>aumentate <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>incertezze <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x0 h2 y3df ff1 fs0 fc0 sc0 ls0 ws0\">prospettive <span class=\"_ _17\"> </span>economiche, <span class=\"_ _18\"> </span>come <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>riferimento <span class=\"_ _18\"> </span>allo <span class=\"_ _18\"> </span>scenario <span class=\"_ _17\"> </span>macroeconomico. <span class=\"_ _17\"> </span>In <span class=\"_ _18\"> </span>particolare, <span class=\"_ _17\"> </span>\u00e8 </div><div class=\"t m0 x0 h2 y1bd ff1 fs0 fc0 sc0 ls0 ws0\">intervenuto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>fattore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>specifico <span class=\"_ _5\"></span>(la <span class=\"_ _5\"></span>crisi <span class=\"_ _6\"></span>energetica <span class=\"_ _2\"></span>determinatasi <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onte<span class=\"_ _2\"></span>sto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>cr<span class=\"_ _3\"></span>isi <span class=\"_ _5\"></span>geopolitica <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>corso) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>si </div><div class=\"t m0 x0 h2 y3e1 ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _5\"></span>prospettati <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>derivanti <span class=\"_ _5\"></span>dall\u2019aumento <span class=\"_ _5\"></span>dell\u2019inflazione, <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>l\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osti <span class=\"_ _5\"></span>sostenuti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tas<span class=\"_ _5\"></span><span class=\"ff1\">si <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y1bf ff1 fs0 fc0 sc0 ls0 ws0\">interesse. <span class=\"_ _3\"></span>Nel <span class=\"_ _2\"></span>quarto <span class=\"_ _2\"></span>trimestre <span class=\"_ _3\"></span>l'attivit\u00e0 <span class=\"_ _2\"></span>economica <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>indebolita, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l'at<span class=\"_ _2\"></span>tenuazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>recupero <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _3\"></span>aggiunto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1c0 ff1 fs0 fc0 sc0 ls0 ws0\">servizi, <span class=\"_ _7\"> </span>ritornato <span class=\"_ _16\"> </span>sui <span class=\"_ _7\"> </span>valori <span class=\"_ _7\"> </span>pre<span class=\"_ _3\"></span>-pandemici <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>mesi <span class=\"_ _16\"> </span>estivi, <span class=\"_ _7\"> </span>sia <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>flessione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roduzione<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>industriale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il </div><div class=\"t m0 x0 h2 y1c1 ff1 fs0 fc0 sc0 ls0 ws0\">rallentamento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>spesa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span>miglie, <span class=\"_ _3\"></span>nonostante <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>alcuni <span class=\"_ _2\"></span>provved<span class=\"_ _2\"></span>imenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ostegno <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>reddito <span class=\"_ _3\"></span>disponibile <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y1c2 ff1 fs0 fc0 sc0 ls0 ws0\">un contesto di elevat<span class=\"_ _0\"></span>a inflazione. </div><div class=\"t m0 x0 h2 y1c3 ff1 fs0 fc0 sc0 ls0 ws0\">Fin <span class=\"_ _3\"></span>dal primo <span class=\"_ _3\"></span>trimestre 2022 <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>introdotti management overlay o<span class=\"_ _3\"></span>rientati a <span class=\"_ _3\"></span>introdurre aumenti <span class=\"_ _3\"></span>delle rett<span class=\"_ _3\"></span>ifiche dei <span class=\"_ _3\"></span>cr<span class=\"_ _5\"></span>editi </div><div class=\"t m0 x0 h2 y1c4 ff4 fs0 fc0 sc0 ls0 ws0\">performing <span class=\"_ _16\"> </span>correlati  agl<span class=\"_ _0\"></span>i  eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tti  dell\u2019<span class=\"_ _0\"></span>aument<span class=\"_ _3\"></span><span class=\"ff1\">ata  v<span class=\"_ _0\"></span>ulnerabilit\u00e0 <span class=\"_ _16\"> </span>settoriale <span class=\"_ _16\"> </span>cui  erano <span class=\"_ _16\"> </span>esposte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>imprese.  Nel <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del  terz<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">trimestre, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>maggiore <span class=\"_ _6\"></span>disponibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>cenari <span class=\"_ _6\"></span>previsionali <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>specifici, <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _4\"></span>microsettoria<span class=\"_ _0\"></span>le, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>banca <span class=\"_ _6\"></span>ave<span class=\"_ _5\"></span>va </div><div class=\"t m0 x0 h2 y1c6 ff1 fs0 fc0 sc0 ls0 ws0\">valutato <span class=\"_ _5\"></span>ancora <span class=\"_ _5\"></span>adeguati <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>incrementi <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>conta<span class=\"_ _2\"></span>bilizzati <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>precedenza. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>contempo, <span class=\"_ _5\"></span>era <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>adottata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>ridefinizione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y3ea ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019allocazione  d<span class=\"_ _0\"></span>ei  manag<span class=\"_ _0\"></span>ement  overlay <span class=\"_ _16\"> </span>per  vulnerabilit\u00e0 <span class=\"_ _16\"> </span>settoriale  pr<span class=\"_ _0\"></span>ecedentemente <span class=\"_ _16\"> </span>applicati.  In <span class=\"_ _16\"> </span>particolare,  le <span class=\"_ _16\"> </span>analisi </div><div class=\"t m0 x0 h2 y1c8 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Area <span class=\"_ _3\"></span>CRO <span class=\"_ _3\"></span>avevano por<span class=\"_ _3\"></span>tato a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>adottare u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>\u201cpost<span class=\"ff1\">-<span class=\"_ _3\"></span>model <span class=\"_ _3\"></span></span>adjustment\u201d, c<span class=\"_ _3\"></span>io\u00e8 un <span class=\"_ _2\"></span>aumento della <span class=\"_ _3\"></span>ECL, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>applicato in </div><div class=\"t m0 x0 h2 y3ec ff1 fs0 fc0 sc0 ls0 ws0\">maniera <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _4\"> </span>mirata <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _4\"></span>controparti <span class=\"_ _6\"></span>appartenenti <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>microsettori <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ndamento <span class=\"_ _6\"></span>settoriale <span class=\"_ _4\"></span>negativo <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>particolarmente<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yf38 ff4 fs0 fc0 sc0 ls0 ws0\">esposte al rischio derivante dal costo dell\u2019energ<span class=\"_ _0\"></span>ia, cos\u00ec come defin<span class=\"_ _3\"></span><span class=\"ff1\">iti dal framework di presidio dei rischi settoriali d<span class=\"_ _0\"></span>efinito dalle </span></div><div class=\"t m0 x0 h2 yf39 ff1 fs0 fc0 sc0 ls0 ws0\">Aree CRO, CLO e dalla Direzi<span class=\"_ _0\"></span>one Studi e Ricerche con il support<span class=\"_ _0\"></span>o delle divisioni di busin<span class=\"_ _0\"></span>ess e adottato di recente dalla <span class=\"_ _0\"></span>banc<span class=\"_ _2\"></span><span class=\"lsc\">a<span class=\"_ _90\"> </span></span><span class=\"lsc\"> </span></div><div class=\"t m0 x2d h2 y4f9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>a  fini <span class=\"_ _1d\"> </span>di  erogazione,  gestione  e  monitoraggio  del  credito. <span class=\"_ _1d\"> </span>Tal<span class=\"_ _3\"></span>e  framework  tiene  adeguatamente  conto  delle  previsioni microsettoriali <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>loro <span class=\"_ _1d\"> </span>prospettive, <span class=\"_ _1d\"> </span>che <span class=\"_ _17\"> </span>vengono <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>mon<span class=\"_ _3\"></span>itorate <span class=\"_ _1d\"> </span>sistematicamente <span class=\"_ _1d\"> </span>e <span class=\"_ _1d\"> </span>calibrate <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>b<span class=\"_ _3\"></span>ase <span class=\"_ _1d\"> </span>della esperienza delle strutt<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>re di business e di g<span class=\"_ _0\"></span>overno del rischio di<span class=\"_ _0\"></span> credito della b<span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>ca. Il  post  model  adjustment  adottato  ha  sostituito  la  precedente  modalit\u00e0  di  applicazione  che,  seppur  con  un  approccio tempestivo <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>termini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>adozione, <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>basava <span class=\"_ _7\"> </span>prevalentemente <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>aumento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tima <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>default <span class=\"_ _7\"> </span>prospettici riveniente dai <span class=\"_ _3\"></span>modelli IFRS <span class=\"_ _3\"></span>9 <span class=\"_ _3\"></span>per macroaggregati potenzialmente pi\u00f9 <span class=\"_ _3\"></span>esposti agli <span class=\"_ _3\"></span>effetti d<span class=\"_ _3\"></span>i perduranti pressioni <span class=\"_ _3\"></span>inflazionistiche<span class=\"_ _0\"></span> su prodotti energetici e de<span class=\"_ _3\"></span>lle materie, ma senza poter <span class=\"_ _3\"></span>introdurre particolari differenziazi<span class=\"_ _0\"></span>oni al <span class=\"_ _3\"></span>loro interno (in<span class=\"_ _5\"></span> particolare, per le imprese erano stati considerati i macroaggregati Manifattura<span class=\"_ _0\"></span> e Trasporti). Al fine di in<span class=\"_ _3\"></span>trodurre un livello di intervento pi\u00f9 mirato<span class=\"_ _0\"></span> e <span class=\"_ _3\"></span>granulare, nei <span class=\"_ _3\"></span>trimestri <span class=\"_ _3\"></span>successivi erano<span class=\"_ _3\"></span> stati <span class=\"_ _3\"></span>introdotti <span class=\"_ _3\"></span>trigger straordinari d<span class=\"_ _3\"></span>i scivolamento <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>controparti n<span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>gi<span class=\"lsc\">\u00e0 </span>classificate <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>dalle <span class=\"_ _4\"></span>metodol<span class=\"_ _0\"></span>ogie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>staging <span class=\"_ _4\"></span>allocation, <span class=\"_ _5\"></span>quando <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>alcuni <span class=\"_ _6\"></span>microsettori <span class=\"_ _6\"></span>indicati <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>andamento<span class=\"_ _0\"></span> settoriale negativo e <span class=\"_ _0\"></span>con profili di rischio m<span class=\"_ _0\"></span>edio/alti.  Nel <span class=\"_ _3\"></span>quarto trimestre, alla <span class=\"_ _3\"></span>luce dalla s<span class=\"_ _3\"></span>ituazione macroeconomica<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>descrit<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>in precedenza e <span class=\"_ _3\"></span>delle i<span class=\"_ _3\"></span>ncertezze ad <span class=\"_ _3\"></span>essa associate, \u00e8  stato<span class=\"_ _0\"></span>  decis<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>di  rafforzare <span class=\"_ _16\"> </span>gli <span class=\"_ _16\"> </span>interventi <span class=\"_ _16\"> </span>di  aggiustame<span class=\"_ _0\"></span>nto  dell<span class=\"_ _0\"></span>e  stim<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>di  ECL <span class=\"_ _16\"> </span>rispetto <span class=\"_ _16\"> </span>a  quanto <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>agito  n<span class=\"_ _0\"></span>ei  trim<span class=\"_ _0\"></span>estri<span class=\"_ _0\"></span> precedenti. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>dapprima <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>portafog<span class=\"_ _2\"></span>lio <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ECL <span class=\"_ _5\"></span>aggiuntiva <span class=\"_ _2\"></span>che esprimesse  tale  incert<span class=\"_ _0\"></span>ezza.  A  tal  fine  \u00e8  stata  condotta <span class=\"_ _16\"> </span>una  simulazione  consistente  nell\u2019i<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>otizzare  l\u2019avverament<span class=\"_ _0\"></span>o  dello scenario <span class=\"_ _2\"></span>\u201csfavorevole\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>posto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quello <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quantifican<span class=\"_ _0\"></span>do <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>diffe<span class=\"_ _3\"></span>renziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rettifiche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>generate </span>dal <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"></span>bonis <span class=\"_ _4\"></span>rilevabile <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ntro <span class=\"_ _4\"></span>fine <span class=\"_ _4\"> </span>2023. <span class=\"_ _4\"> </span>Da <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>esercizio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stato <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>icavato <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>teorico<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _4\"> </span>preso <span class=\"_ _4\"> </span>a riferimento <span class=\"_ _16\"> </span>per  la <span class=\"_ _16\"> </span>determinazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>ell\u2019ammontare <span class=\"_ _16\"> </span>complessivo <span class=\"_ _16\"> </span>dei  post <span class=\"_ _16\"> </span>model <span class=\"_ _16\"> </span>adjustments <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff1\">  </span>applicare <span class=\"_ _16\"> </span>all\u2019ECL <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>31 dicembre del c.d. <span class=\"_ _0\"></span>perimetro <span class=\"ff2\">Core</span>.   Il post model adjustment vie<span class=\"_ _0\"></span>ne applicato sull\u2019esito d<span class=\"_ _0\"></span>ella modellistica per la stima della ECL at<span class=\"_ _0\"></span>traverso un aumento percentu<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">le </span>della <span class=\"_ _4\"></span>sua <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _4\"> </span>senza <span class=\"_ _4\"> </span>effetti <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>staging <span class=\"_ _4\"> </span>allocation. <span class=\"_ _4\"> </span>Pertanto,<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>qualora <span class=\"_ _4\"> </span>applicato <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>stage <span class=\"_ _4\"> </span>2 <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>pi\u00f9 rischiose <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>effetti, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>assoluto, <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mpi <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>ECL.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Si <span class=\"_ _3\"></span>evidenzia <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>approccio <span class=\"_ _2\"></span>aggiunge <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rudenza <span class=\"_ _3\"></span>a quelli <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fattorizzati <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>macroeconomico <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>condizionamento <span class=\"_ _5\"></span>forward<span class=\"_ _2\"></span><span class=\"ff1\">-looking <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>in </span>precedenza descritto. Ai fini applicativi d<span class=\"_ _0\"></span>ei post model adjustm<span class=\"_ _0\"></span>en<span class=\"_ _3\"></span>ts nel Bilancio 2022 <span class=\"_ _0\"></span>si richiama quanto s<span class=\"_ _0\"></span>egue: - <span class=\"_ _34\"> </span>per <span class=\"_ _3\"></span>quanto r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i settori <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>imprese p<span class=\"_ _3\"></span>articolarmente<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>esposti <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>dalle prospettive <span class=\"_ _3\"></span>macroeconomiche,<span class=\"_ _0\"></span> con andamento settoriale n<span class=\"_ _3\"></span>egativo o energivori, ess<span class=\"_ _3\"></span>i sono stati <span class=\"_ _3\"></span>rivisti rispetto al <span class=\"_ _3\"></span>te<span class=\"_ _2\"></span>rzo tri<span class=\"_ _3\"></span>mestre<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>ine di <span class=\"_ _3\"></span>tener conto degli esiti del Tavolo <span class=\"_ _3\"></span>Settoriale pi\u00f9 recente, nonch\u00e9 di affinamenti per rendere p<span class=\"_ _3\"></span>i\u00f9 coerente la <span class=\"_ _3\"></span>individuazio<span class=\"_ _0\"></span>ne del perimetro <span class=\"_ _3\"></span>alle tassonomie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>uso <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>nel <span class=\"_ _3\"></span>reporting <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito. <span class=\"_ _2\"></span>Si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alutato, <span class=\"_ _3\"></span>inoltre, <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>applicazione alle <span class=\"_ _5\"></span>imprese <span class=\"_ _6\"></span>Corporate/SME <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _6\"></span>BdT, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>tratta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>sui <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>rallentamenti economici previsti possano determinare minore resilienza e <span class=\"_ _3\"></span>maggiori difficolt\u00e0 rispetto alle c<span class=\"_ _5\"></span>ontroparti Large Corporate. Il perimetro <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>applicazione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tale <span class=\"_ _6\"></span>overlay <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>stato, <span class=\"_ _6\"></span>inoltre, <span class=\"_ _4\"> </span>definito <span class=\"_ _4\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>oltre <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>vulnerabilit\u00e0 <span class=\"_ _6\"></span>se<span class=\"_ _3\"></span>ttoriale<span class=\"_ _0\"></span> anche della rischiosit\u00e0 <span class=\"_ _0\"></span>propria delle co<span class=\"_ _0\"></span>ntroparti, rilevata <span class=\"_ _0\"></span>attraverso il rating;<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>introdotto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>post <span class=\"_ _5\"></span>model <span class=\"_ _2\"></span>adjustment <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _2\"></span>perimetro <span class=\"_ _5\"></span>Commercial <span class=\"_ _5\"></span>Real <span class=\"_ _2\"></span>Estate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aggiungere <span class=\"_ _2\"></span>un <span class=\"_ _6\"></span>margin<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>di prudenza o alla valut<span class=\"_ _0\"></span>azione delle contro<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arti operanti nel s<span class=\"_ _0\"></span>ettore e con rischiosit\u00e0<span class=\"_ _0\"></span> elevata;<span class=\"_ _3\"></span> - <span class=\"_ _34\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>introdotto <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>post <span class=\"_ _7\"> </span>model <span class=\"_ _7\"> </span>adjustment <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>segmenti <span class=\"_ _7\"> </span>Re<span class=\"_ _2\"></span>tail <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>SME <span class=\"_ _16\"> </span>Retail, <span class=\"_ _4\"> </span>prevalentemente <span class=\"_ _7\"> </span>composti <span class=\"_ _7\"> </span>da famiglie consumatrici e PMI; l\u2019int<span class=\"_ _0\"></span>ervento \u00e8 stato volto a cogliere i pote<span class=\"_ _0\"></span>nziali effetti negativi sulla lor<span class=\"_ _0\"></span>o rischiosit\u00e0 prosp<span class=\"_ _2\"></span><span class=\"ff1\">ettica </span>per aumento dei tassi di interesse e riduzione del reddito<span class=\"_ _0\"></span> disponibile a caus<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _3\"></span>dell\u2019elevata inflazi<span class=\"_ _0\"></span>one. Pertanto, il perimetro </span>di applicazione <span class=\"ff4\">\u2013</span> che insiste <span class=\"_ _0\"></span>sulla Divisione BdT <span class=\"ff4\">\u2013</span> \u00e8 stato definit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> sulle controparti <span class=\"_ _0\"></span>a partire da rischi<span class=\"_ _0\"></span>o medio.<span class=\"_ _3\"></span> Il portafoglio comple<span class=\"_ _0\"></span>ssivo oggetto di managem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nt overlay \u00e8 di <span class=\"_ _0\"></span>circa 70 miliardi.<span class=\"_ _3\"></span> Anche <span class=\"_ _4\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>banche <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _4\"> </span>International <span class=\"_ _7\"> </span>Subsidiary <span class=\"_ _4\"> </span>Banks, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mpio <span class=\"_ _4\"> </span>numero <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>casi, <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>adottato <span class=\"_ _7\"> </span>margini <span class=\"_ _4\"> </span>di prudenza, <span class=\"_ _6\"></span>attraverso <span class=\"_ _6\"></span>management <span class=\"_ _6\"></span>overlay, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>specifiche <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>contesto <span class=\"_ _6\"></span>corrente <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>prospettico <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>delle caratteristiche dei loro p<span class=\"_ _0\"></span>ortafogli.  Nell\u2019insieme, <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>fondi <span class=\"_ _2\"></span>rettificativi <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>performing <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>insistono <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>prudenza <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>785 <span class=\"_ _2\"></span>mili<span class=\"_ _5\"></span><span class=\"ff1\">oni, </span>importo <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>si  aggiu<span class=\"_ _0\"></span>nge  a<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>circa  70 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>impatto <span class=\"_ _16\"> </span>descritto <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>precedente <span class=\"_ _16\"> </span>paragrafo <span class=\"_ _16\"> </span>relativo <span class=\"_ _16\"> </span>allo <span class=\"_ _1d\"> </span>scenario  m<span class=\"_ _0\"></span>acro-<span class=\"_ _90\"> </span>economico, per la con<span class=\"_ _0\"></span>siderazione di assumpt<span class=\"_ _0\"></span>ions coerenti con la<span class=\"_ _0\"></span> BCE ai fini dello sce<span class=\"_ _0\"></span>nario \u201csfavorevole\u201d.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>2.4.<span class=\"ls0\"> <span class=\"_ _1b\"></span>Tecniche di mitigazione d<span class=\"_ _3\"></span>el rischio di credito<span class=\"_ _3\"></span> </span>Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>incentivata <span class=\"_ _2\"></span>l\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>mitiganti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>controparti con un rating <span class=\"_ _0\"></span>non investment gr<span class=\"_ _0\"></span>ade, ovvero di alcune<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tipologie di operaz<span class=\"_ _0\"></span>ioni a medio lungo t<span class=\"_ _0\"></span>ermine.<span class=\"_ _2\"></span> Tra i <span class=\"_ _3\"></span>fattori mitiganti a <span class=\"_ _3\"></span>pi\u00f9 alto impatto r<span class=\"_ _3\"></span>ientrano i pegni su <span class=\"_ _3\"></span>attivit\u00e0 finanziarie e l<span class=\"_ _3\"></span>e ipoteche s<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span> immobili residenziali; altre <span class=\"_ _3\"></span>forme<span class=\"_ _35\"></span> di mitigazione del ris<span class=\"_ _0\"></span>chio sono i pegni <span class=\"_ _0\"></span>su attivit\u00e0 non finanziar<span class=\"_ _0\"></span>ie e le ipoteche s<span class=\"_ _0\"></span>u immobili non re<span class=\"_ _0\"></span>sidenziali.<span class=\"_ _2\"></span> La <span class=\"_ _7\"> </span>forza <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"> </span>personali <span class=\"_ _7\"> </span>rilasciate <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>soggetti <span class=\"_ _4\"> </span>rated, <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipicamente <span class=\"_ _4\"> </span>banche/assicurazi<span class=\"_ _0\"></span>oni, <span class=\"_ _7\"> </span>Confidi <span class=\"_ _4\"> </span>e<span class=\"_ _5\"></span> <span class=\"_ _4\"> </span>imprese, <span class=\"_ _7\"> </span>viene invece graduata sull<span class=\"_ _0\"></span>a base della tipologia<span class=\"_ _0\"></span> della garanzia e <span class=\"_ _0\"></span>della qualit\u00e0 credit<span class=\"_ _0\"></span>izia del garante.<span class=\"_ _3\"></span> Processi <span class=\"_ _16\"> </span>di  dett<span class=\"_ _0\"></span>aglio  d<span class=\"_ _0\"></span>isciplinano <span class=\"_ _16\"> </span>la  m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>teriale <span class=\"_ _16\"> </span>acquisizione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>singole  gara<span class=\"_ _0\"></span>nzie,  i<span class=\"_ _0\"></span>ndividuando <span class=\"_ _7\"> </span>le  strutture <span class=\"_ _16\"> </span>responsabili<span class=\"_ _35\"></span> nonch\u00e9  le <span class=\"_ _16\"> </span>modalit\u00e0  <span class=\"ff4\">per <span class=\"_ _16\"> </span>il  lor<span class=\"_ _0\"></span>o  corrett<span class=\"_ _0\"></span>o  perfe<span class=\"_ _0\"></span>zionamento, <span class=\"_ _16\"> </span>per  l\u2019archivia<span class=\"_ _0\"></span>zione  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>documentazione <span class=\"_ _16\"> </span>e  per  l<span class=\"_ _0\"></span>a  com<span class=\"_ _0\"></span>pleta  e<span class=\"_ _0\"></span> </span>tempestiva rilevazio<span class=\"_ _0\"></span>ne negli applicativi d<span class=\"_ _0\"></span>elle pertinenti inform<span class=\"_ _0\"></span>azioni.<span class=\"_ _3\"></span> L\u2019insieme della regol<span class=\"_ _0\"></span>amentazione interna, <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ei controlli organi<span class=\"_ _0\"></span>zzativi e procedurali,<span class=\"_ _3\"></span><span class=\"ff1\"> \u00e8 volto ad assicura<span class=\"_ _0\"></span>re che: </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano previsti tutti gli <span class=\"_ _0\"></span>adempimenti per la<span class=\"_ _0\"></span> validit\u00e0 ed effic<span class=\"_ _0\"></span>acia della protezione d<span class=\"_ _0\"></span>el credito;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>sia <span class=\"_ _5\"></span>definita, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uso <span class=\"_ _5\"></span>generale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>corrente, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>contrattualisti<span class=\"_ _0\"></span>ca <span class=\"_ _5\"></span>standard <span class=\"_ _5\"></span>corredata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>complete <span class=\"_ _5\"></span>istruzioni </span>per il suo utilizzo; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>siano <span class=\"_ _6\"></span>individuate <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>pprovazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>testi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>garanzia <span class=\"_ _5\"></span>difformi <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>standard <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>strutture <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>iverse<span class=\"_ _0\"></span> </span>rispetto a quelle prepo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te alla gestione della<span class=\"_ _0\"></span> relazione commercial<span class=\"_ _0\"></span>e con il cliente.<span class=\"_ _3\"></span> Le <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>g<span class=\"_ _3\"></span>aranzie <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>uniche <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>tutto <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>garanzie <span class=\"_ _7\"> </span>attive <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la Capogruppo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>controllate <span class=\"_ _4\"> </span>Italiane <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>piattaforma<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>unica <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>integrata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l\u2019anagrafe <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>beni <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>portale <span class=\"_ _4\"> </span>che gestisce le valutazio<span class=\"_ _0\"></span>ni immobiliari. L\u2019erogazione de<span class=\"ff1\">l credito con acquisizione di garanzie <span class=\"_ _0\"></span>reali \u00e8 soggetta a norme e processi int<span class=\"_ _0\"></span>erni per la valutazione del bene, il<span class=\"_ _0\"></span> </span>perfezionamento <span class=\"_ _6\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore. <span class=\"_ _4\"> </span>L\u2019eventuale <span class=\"_ _4\"> </span>realizzo <span class=\"_ _4\"> </span>forzoso <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>garanzia <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>curato <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>strutture specialistiche deputate al r<span class=\"_ _0\"></span>ecupero del credito.<span class=\"_ _90\"> </span> La <span class=\"_ _4\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>garanzie <span class=\"_ _4\"></span>reali <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>esime, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _4\"> </span>caso, <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>valutazione <span class=\"_ _4\"></span>complessiva <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>credito, <span class=\"_ _4\"> </span>incentrata principalmente <span class=\"_ _1d\"> </span>su<span class=\"_ _3\"></span>lla <span class=\"_ _1d\"> </span>capacit\u00e0 <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>renditore <span class=\"_ _1d\"> </span>di <span class=\"_ _18\"> </span>far <span class=\"_ _17\"> </span>fronte <span class=\"_ _17\"> </span>alle <span class=\"_ _17\"> </span>obbligazioni <span class=\"_ _17\"> </span>assunte <span class=\"_ _17\"> </span>indipendenteme<span class=\"_ _0\"></span>nte <span class=\"_ _1c\"> </span><span class=\"ff4\">dall\u2019accessoria </span>garanzia. La v<span class=\"_ _3\"></span>alutazione delle <span class=\"_ _3\"></span>garanzie pignoratizie <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata sul<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valore reale, <span class=\"_ _3\"></span>inteso <span class=\"_ _3\"></span>quale valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli st<span class=\"_ _3\"></span>rumenti finanz<span class=\"_ _5\"></span>iari quotati <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"></span>regolamentato, <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>diversamente, <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>presunto <span class=\"_ _4\"></span>realizzo. <span class=\"_ _4\"></span>Al <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>co<span class=\"_ _5\"></span>s\u00ec <span class=\"_ _4\"></span>determinato <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ono applicati degli scarti <span class=\"_ _0\"></span>percentuali, differen<span class=\"_ _0\"></span>ziati in funzione degli<span class=\"_ _0\"></span> strumenti finanzi<span class=\"_ _0\"></span>ari assunti a garanzia.<span class=\"_ _3\"></span> Per le <span class=\"_ _3\"></span>garanzie immobiliari si <span class=\"_ _3\"></span>considera, invece, <span class=\"_ _3\"></span>il valore di <span class=\"_ _3\"></span>mercato prudenziale o, <span class=\"_ _3\"></span>per gli <span class=\"_ _3\"></span>immobili in <span class=\"_ _3\"></span>corso di <span class=\"_ _3\"></span>realizzazi<span class=\"_ _5\"></span><span class=\"lsc\">on</span>e, il costo di costruzione, al<span class=\"_ _0\"></span> netto di scarti <span class=\"_ _0\"></span>prudenziali distinti sull<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> base della destin<span class=\"_ _0\"></span>azione dell\u2019immobile.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La  va<span class=\"_ _3\"></span>lutazione  dei  beni <span class=\"_ _1d\"> </span>\u00e8  effettuata  d<span class=\"_ _3\"></span>a  tecnici <span class=\"_ _1d\"> </span>interni  ed <span class=\"_ _1d\"> </span>esterni.  I <span class=\"_ _1d\"> </span>tecnici  esterni  sono <span class=\"_ _1d\"> </span>inseriti  in <span class=\"_ _1d\"> </span>apposito  elenco  di professionisti <span class=\"_ _3\"></span>accreditati <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>verifica <span class=\"_ _3\"></span>individuale <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>capacit\u00e0, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rofessionalit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esperienza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alutazione<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di immobili <span class=\"_ _3\"></span>residenziali posti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garanzia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>privati \u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ffidata <span class=\"_ _3\"></span>principalmente a <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>specializzate. <span class=\"_ _3\"></span>L\u2019operato <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span><span class=\"ff1\">riti <span class=\"_ _3\"></span>\u00e8 </span>costantemente monitorato, tr<span class=\"_ _0\"></span>amite riscontri statis<span class=\"_ _0\"></span>tici e controlli a cam<span class=\"_ _0\"></span>pione effettuati ce<span class=\"_ _0\"></span>ntralmente.<span class=\"_ _3\"></span> I <span class=\"_ _4\"></span>tecnici <span class=\"_ _6\"></span>devono <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>stime <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perizia <span class=\"_ _4\"></span>standardizzat<span class=\"_ _0\"></span>i <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>differenziati <span class=\"_ _6\"></span>secondo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> valutazione <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>applicare <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Regole <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione <span class=\"_ _4\"> </span>immobiliare <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>fini <span class=\"_ _4\"> </span>creditizi redatte <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>regole <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>coerenti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _5\"></span>Guida <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>garanzia <span class=\"_ _5\"></span>delle esposizioni creditizie<span class=\"_ _0\"></span>\u201d promosse da ABI e co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span><span class=\"ff1\"> gli European Val<span class=\"_ _0\"></span>uation Standards. </span>La <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>valutazioni <span class=\"_ _3\"></span>immobiliari <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un\u2019apposita <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>presidia <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019istr<span class=\"_ _2\"></span><span class=\"ff1\">uttoria </span>tecnica, <span class=\"_ _4\"> </span>garantendo <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>corretto <span class=\"_ _4\"> </span>conferimento <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _4\"> </span>incarichi, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>modalit\u00e0 <span class=\"_ _4\"></span>indipendenti<span class=\"_ _0\"></span>  e<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>criteri <span class=\"_ _4\"> </span>obiettivi, <span class=\"_ _4\"> </span>un completo <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>work <span class=\"_ _16\"> </span>flow, <span class=\"_ _7\"> </span>una <span class=\"_ _16\"> </span>puntuale <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicazion<span class=\"_ _0\"></span>e <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>standard <span class=\"_ _16\"> </span>valutativi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>conservazione <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>tu<span class=\"_ _3\"></span>tte <span class=\"_ _7\"> </span>le informazioni e dei do<span class=\"_ _0\"></span>cumenti attinenti ai be<span class=\"_ _0\"></span>ni immobili. Il valore di mercato dell\u2019immobile dato a<span class=\"_ _3\"></span><span class=\"ff1\"> garanzia viene ricalcolato periodicamente attraverso varie metodol<span class=\"_ _0\"></span>ogie di valutazione </span>che <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvalgono <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>prezzi/coefficienti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>fornitore <span class=\"_ _3\"></span>esterno <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>presenta <span class=\"_ _3\"></span>comprovate <span class=\"_ _3\"></span>capacit\u00e0 e <span class=\"_ _2\"></span>reputazione <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span><span class=\"lsc\">a </span>rilevazione e misura<span class=\"_ _0\"></span>zione dei prezzi di mercato del patrim<span class=\"_ _0\"></span>onio immobiliare ital<span class=\"_ _0\"></span>iano. Il  valore <span class=\"_ _16\"> </span>dei  beni  \u00e8 <span class=\"_ _16\"> </span>soggetto  ad  u<span class=\"_ _0\"></span>n  monitoraggio <span class=\"_ _16\"> </span>costante.  Per  gli <span class=\"_ _16\"> </span>immobili  i<span class=\"_ _0\"></span>n  corso <span class=\"_ _16\"> </span>di  costruzione,  i <span class=\"_ _16\"> </span>periti  eseg<span class=\"_ _0\"></span>uono sopralluoghi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>verificano <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>avanzamento l<span class=\"_ _3\"></span>avori. <span class=\"_ _3\"></span>Un <span class=\"_ _3\"></span>aggiornamento p<span class=\"_ _3\"></span>untuale <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>effettuato <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>casi <span class=\"_ _2\"></span>di restrizione <span class=\"_ _6\"></span>o <span class=\"_ _6\"> </span>frazionamento <span class=\"_ _6\"> </span>dell\u2019ipoteca, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>all\u2019immobile, <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>fronte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>significative <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>valutazioni <span class=\"_ _5\"></span>ev<span class=\"_ _3\"></span>idenzia<span class=\"_ _5\"></span><span class=\"ff1\">te<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span>dagli <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>sorveglianza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>e,<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>ogni <span class=\"_ _4\"> </span>caso,  secondo <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>cadenze <span class=\"_ _4\"> </span>stabilite <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>le esposizioni di magg<span class=\"_ _0\"></span>ior rilievo o a front<span class=\"_ _0\"></span>e di garanzie immobili<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri che assistono cre<span class=\"_ _0\"></span>diti deteriorati.<span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>limitare <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>insussistenz<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>cessazione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>protezione <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>previste <span class=\"_ _2\"></span>specifiche <span class=\"_ _3\"></span>tutele, <span class=\"_ _2\"></span>quali: <span class=\"_ _2\"></span>il <span class=\"_ _4\"></span>reintegro <span class=\"_ _3\"></span>del pegno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>diminuzion<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"> </span>iniziale <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>beni <span class=\"_ _4\"> </span>o, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"> </span>immobiliari, <span class=\"_ _4\"> </span>l\u2019obbligo <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>copertura assicurativa <span class=\"_ _6\"> </span>contro <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>danni <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>incendio <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>presenza <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un\u2019adeguata <span class=\"_ _6\"> </span>sorveglianza <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>bene <span class=\"_ _4\"> </span>immobile. <span class=\"_ _4\"> </span>\u00c8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>inoltre <span class=\"_ _16\"> </span>operante <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _7\"> </span>ass<span class=\"_ _3\"></span>icurativa <span class=\"_ _7\"> </span>\u201combrello\u201d <span class=\"_ _16\"> </span>che, <span class=\"_ _16\"> </span>salvo <span class=\"_ _16\"> </span>limitate <span class=\"_ _16\"> </span>eccezioni, <span class=\"_ _7\"> </span>copre  i <span class=\"_ _7\"> </span>danni  s<span class=\"_ _0\"></span>ull\u2019intero <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _16\"> </span>di immobili <span class=\"_ _6\"></span>ipotecati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _0\"></span>aranzia <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>finanziamenti <span class=\"_ _6\"></span>concessi. <span class=\"_ _6\"></span>Le <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>sottoposte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un <span class=\"_ _6\"></span>puntuale <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>periodico <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontrollo<span class=\"_ _90\"> </span><span class=\"_ _0\"></span> mediante <span class=\"_ _4\"></span><span class=\"ff4\">un <span class=\"_ _6\"> </span>apposito <span class=\"_ _4\"> </span>applicativo, <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>motore <span class=\"_ _6\"> </span>CRM\u201d, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>implementati <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>serie <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>test <span class=\"_ _4\"> </span>per </span>appurare l\u2019effettivo ri<span class=\"_ _0\"></span>spetto dei requisiti ri<span class=\"_ _0\"></span>chiesti dalla regol<span class=\"_ _0\"></span>amentazione in m<span class=\"_ _0\"></span>ateria di Vigilanza p<span class=\"_ _0\"></span>rudenziale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>L\u2019applicativo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>supporto <span class=\"_ _5\"></span><span class=\"ff1\">consente <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertare <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>eleggibili <span class=\"_ _5\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>metodi </span>ammessi d<span class=\"_ _3\"></span>alla normativa <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>categorie di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>requisito <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>(Standardis<span class=\"_ _2\"></span>ed e <span class=\"_ _3\"></span>Internal <span class=\"_ _3\"></span>Rating Based). <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span><span class=\"ff4\">accordo <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>peculiarit\u00e0 proprie <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>iascuna categoria, <span class=\"_ _3\"></span>l\u2019esito di <span class=\"_ _3\"></span>eleggibilit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definito a <span class=\"_ _3\"></span>livello <span class=\"_ _3\"></span>di </span>singola <span class=\"_ _3\"></span>garanzia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>quelle unfunded <span class=\"_ _3\"></span>(tipicamente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>garanzie <span class=\"_ _3\"></span>personali) ovvero, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>garanzie reali, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>bene<span class=\"_ _2\"></span> o strumento finanzia<span class=\"_ _0\"></span>rio. La <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>utilizza <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>istemi <span class=\"_ _3\"></span>integrati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>beni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>(PGA <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Portale <span class=\"_ _2\"></span>Garanzie <span class=\"_ _3\"></span>Attive <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ABS <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Archivio Beni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Sistema) <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>efficiente <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>llaterali. <span class=\"_ _5\"></span>Parallelamente <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>sviluppato <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>specifi<span class=\"_ _5\"></span><span class=\"ls39\">co</span> sistema <span class=\"_ _7\"> </span>dedicato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>sofferenze, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>tracciatura <span class=\"_ _16\"> </span>delle <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>giudiziari<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>particolare <span class=\"_ _16\"> </span>quell<span class=\"_ _2\"></span><span class=\"lsc\">e </span>connesse all\u2019escussion<span class=\"_ _0\"></span>e delle garanzi<span class=\"_ _0\"></span>e reali immobiliari (EP<span class=\"_ _0\"></span>C <span class=\"_ _3\"></span><span class=\"ff1\">- Ex Parte Creditoris). </span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>mitigazione del <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>(non <span class=\"_ _3\"></span>regolamentati) e <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>operazioni di <span class=\"_ _3\"></span>tipo SFT <span class=\"_ _6\"></span>(Securities <span class=\"_ _6\"></span>Financing <span class=\"_ _6\"></span>Transactions, <span class=\"_ _6\"></span>ossia <span class=\"_ _6\"></span>Prestito <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Pronti <span class=\"_ _4\"></span>contro <span class=\"_ _6\"></span>termine), <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>utilizza <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ilaterali<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>di netting che consentono<span class=\"_ _0\"></span>, nel caso di default della contr<span class=\"_ _0\"></span>oparte, la compensazi<span class=\"_ _0\"></span>one delle posizioni c<span class=\"_ _0\"></span>reditorie e debitori<span class=\"_ _0\"></span>e.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> Questo <span class=\"_ _6\"></span>avviene <span class=\"_ _6\"></span>tramite <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _4\"></span>ISDA <span class=\"_ _5\"></span>(In<span class=\"_ _3\"></span>ternational <span class=\"_ _6\"></span>Swap <span class=\"_ _6\"></span>Derivatives <span class=\"_ _6\"></span>Association) <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>ISMA/PSA<span class=\"_ _0\"></span> (International <span class=\"_ _2\"></span>Securities <span class=\"_ _5\"></span>Market <span class=\"_ _5\"></span>Association <span class=\"_ _5\"></span>/ <span class=\"_ _5\"></span>Public <span class=\"_ _6\"></span>Securities <span class=\"_ _2\"></span>Assoc<span class=\"_ _3\"></span>iation), <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>permettono, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di vigilanza, anche la ri<span class=\"_ _0\"></span>duzione deg<span class=\"_ _0\"></span>li assorbimenti di capitale<span class=\"_ _0\"></span> regolamentare.<span class=\"_ _3\"></span> Inoltre, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>scambio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>collaterale, <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>frequenza <span class=\"_ _5\"></span>giornaliera<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>copertura dell\u2019operativit\u00e0 <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _18\"> </span>OTC <span class=\"_ _17\"> </span>(Credit <span class=\"_ _18\"> </span>Support <span class=\"_ _17\"> </span>Annex), <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>virt\u00f9 <span class=\"_ _18\"> </span>dell\u2019obbligo <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>marginazione <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _17\"> </span>non compensabili <span class=\"_ _3\"></span>centralmente, previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>normativa EMIR; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>SFT <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>pone <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>accord<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>di </span>marginazione <span class=\"_ _4\"></span>giornaliera <span class=\"_ _6\"></span>(GMRA <span class=\"_ _7\"> </span>- <span class=\"_ _4\"> </span>Global <span class=\"_ _4\"> </span>Master <span class=\"_ _4\"> </span>Repurchase <span class=\"_ _6\"></span>Agree<span class=\"_ _3\"></span>ments <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>GMSLA <span class=\"_ _4\"> </span>- <span class=\"_ _7\"> </span>Global <span class=\"_ _4\"></span>Master <span class=\"_ _4\"> </span>Securities <span class=\"_ _6\"></span>Lending Agreement). A mitigazione dell\u2019esposizione<span class=\"_ _0\"></span> verso le controparti, principalmente verso la clientela corporat<span class=\"_ _0\"></span>e, e della volatilit\u00e0 derivant<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e <span class=\"ls0\">dagli </span></span>aggiustamenti <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>(CVA), <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>acquista <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>protezione <span class=\"_ _2\"></span>tr<span class=\"_ _3\"></span>amite <span class=\"_ _5\"></span>Credit <span class=\"_ _5\"></span>Default <span class=\"_ _5\"></span>Swap<span class=\"_ _5\"></span><span class=\"ls1d\">, </span>che forniscono garanzi<span class=\"_ _0\"></span>a sulle singole <span class=\"_ _0\"></span>societ\u00e0 o su indici di cr<span class=\"_ _0\"></span>edito.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Capogruppo s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>proseguite <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span><span class=\"ff4\">attivit\u00e0 <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Progetto <span class=\"_ _3\"></span>\u201cGARC\u201d <span class=\"_ _3\"></span>(Gestione <span class=\"_ _3\"></span>Attiva <span class=\"_ _3\"></span>Rischi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Credito), </span>piattaforma <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>tilizzata <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>presidio <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>credito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>portafogli <span class=\"_ _7\"> </span>\u201cin <span class=\"_ _4\"> </span>bonis\u201d. <span class=\"_ _7\"> </span>L\u2019iniziativa <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revede <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019acquisi<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>i<span class=\"_ _5\"></span><span class=\"ff1\">n <span class=\"_ _7\"> </span>via </span>sistematica di garan<span class=\"_ _0\"></span>zie (di tipo personale e<span class=\"_ _0\"></span> reale)<span class=\"_ _3\"></span> <span class=\"ff4\">a supporto dell<span class=\"_ _0\"></span>\u2019attivit\u00e0 di lending vers<span class=\"_ _0\"></span>o le imprese. <span class=\"ff1\"> </span></span>Le <span class=\"_ _3\"></span>garanzie acquisite consentono la <span class=\"_ _3\"></span>copertura dal rischio <span class=\"_ _3\"></span>di default <span class=\"_ _3\"></span>(past due, <span class=\"_ _3\"></span>unlikely to <span class=\"_ _3\"></span>pay, bad loan) <span class=\"_ _3\"></span>di portafo<span class=\"_ _3\"></span>gli gran<span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>lari e consentono <span class=\"_ _3\"></span>la l<span class=\"_ _3\"></span>iberazione di cap<span class=\"_ _3\"></span>itale economico e <span class=\"_ _3\"></span>regolamentare, co<span class=\"_ _2\"></span>s\u00ec co<span class=\"_ _3\"></span>me previsto dalla <span class=\"_ _3\"></span>vigente disciplina di <span class=\"_ _3\"></span>Vigilanza <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> materia (tra gli altri Rego<span class=\"_ _0\"></span>lamento UE n. <span class=\"_ _0\"></span>575/2013 e Circolare d<span class=\"_ _0\"></span>ella Banca d\u2019Italia n.<span class=\"_ _0\"></span> 285/2013).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>s<span class=\"_ _3\"></span>empre <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Progetto <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Garanzia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le </span>PMI  \u00e8  stato  completato  il  ramp-up  di <span class=\"_ _1d\"> </span>quattro  opera<span class=\"_ _0\"></span>zioni  tranched  cover  a  copertura  del  rischio  junio<span class=\"_ _0\"></span>r  di  portafogli  di finanziamenti di nuo<span class=\"_ _0\"></span>va erogazione a s<span class=\"_ _0\"></span>ostegno delle imprese <span class=\"_ _0\"></span>danneggiate dall\u2019emerge<span class=\"_ _0\"></span>nza COVID<span class=\"_ _3\"></span><span class=\"ff1\">-19.  </span>Per  i <span class=\"_ _16\"> </span>dettagli <span class=\"_ _16\"> </span>delle  op<span class=\"_ _0\"></span>erazioni <span class=\"_ _16\"> </span>effettuate  nel <span class=\"_ _7\"> </span>corso  del <span class=\"_ _16\"> </span>2022  in <span class=\"_ _16\"> </span>seno <span class=\"_ _16\"> </span>al  Prog<span class=\"_ _0\"></span>etto  GAR<span class=\"_ _0\"></span>C, <span class=\"_ _16\"> </span>si  rimanda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>anto  il<span class=\"_ _0\"></span>lustrat<span class=\"_ _35\"></span>o nell\u2019ambito del prese<span class=\"_ _0\"></span>nte capitolo al parag<span class=\"_ _0\"></span>rafo C. Operazioni di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>artolarizzazione.<span class=\"_ _90\"> </span><span class=\"ff1\"> </span>In <span class=\"_ _6\"></span>ottica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ottimizzazione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>assorbimenti <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stat<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>inoltre <span class=\"_ _6\"></span>rinnovate <span class=\"_ _6\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di espropriazione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>riserve <span class=\"_ _4\"></span>obbligatorie <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>libere <span class=\"_ _6\"></span>detenute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"></span>alcune <span class=\"_ _4\"></span>banche <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>operano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Serbia, <span class=\"_ _4\"></span>Egitto <span class=\"_ _4\"></span>e Moldavia ed increment<span class=\"_ _0\"></span>ato la copertura relativ<span class=\"_ _0\"></span>a alla banca operan<span class=\"_ _0\"></span>te in Albania<span class=\"_ _3\"></span>. Nel corso dell\u2019esercizio, al fine di migliora<span class=\"_ _0\"></span>re il profilo di rischio<span class=\"_ _3\"></span><span class=\"ff1\">-rendimento complessivo dei portaf<span class=\"_ _0\"></span>ogli di credito, anche in ottica </span>di <span class=\"_ _2\"></span>ottimizzazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>apitale, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>perfezionato <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n\u2019operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>portafoglio <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _2\"></span>crediti </span>in <span class=\"_ _4\"> </span>bonis <span class=\"_ _4\"> </span>rinvenienti <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>leasing, <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>trasferimen<span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>significativo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>rischio, <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importo <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>circ<span class=\"_ _5\"></span><span class=\"lsc\">a </span>3,7 miliardi lordi.  3.<span class=\"ls0\"> <span class=\"_ _28\"> </span><span class=\"ff5\">ESPOSIZION<span class=\"_ _3\"></span>I CREDITIZIE<span class=\"_ _3\"></span> DETERIORATE<span class=\"_ _3\"></span></span><span class=\"fs0\"> </span></span>3.1 Strategie e politi<span class=\"_ _3\"></span>che di gestione<span class=\"_ _3\"></span><span class=\"ff1 fc0\"> </span>Il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>marzo <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Co<span class=\"_ _3\"></span>nsiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Amministrazione <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>approvato <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>revisione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Piano <span class=\"_ _6\"></span>NPL <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>effettuata <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base delle <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>guida p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche s<span class=\"_ _3\"></span>ui c<span class=\"_ _3\"></span>rediti deteriorati <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>BCE, <span class=\"_ _3\"></span>trasmessa <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Supervisor <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2022. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>NPL <span class=\"_ _3\"></span>202<span class=\"_ _5\"></span>2-<span class=\"_ _90\"> </span>2025 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>coerente <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>P<span class=\"_ _3\"></span><span class=\"ff4\">iano <span class=\"_ _3\"></span>d\u2019Impresa 2022<span class=\"_ _3\"></span></span>-2025, <span class=\"_ _3\"></span>approvato da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Consiglio di <span class=\"_ _2\"></span>Amministraz<span class=\"_ _0\"></span>ione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>con il Risk Appetite Fr<span class=\"_ _0\"></span>amework e tiene conto d<span class=\"_ _0\"></span>elle osservazioni e r<span class=\"_ _0\"></span>accomandazioni del<span class=\"_ _0\"></span>l\u2019Organo di Vig<span class=\"_ _0\"></span>ilanza. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _4\"></span>Piano <span class=\"_ _6\"></span>NPL <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>rticolato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>documento <span class=\"_ _6\"></span>princ<span class=\"_ _3\"></span>ipale <span class=\"_ _4\"></span>(2022-2025 <span class=\"_ _6\"></span>Group <span class=\"_ _4\"></span>NPL <span class=\"_ _6\"></span>Plan) <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>include <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>sintesi <span class=\"_ _6\"></span>delle iniziative <span class=\"_ _2\"></span>dettagliate <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>\u201cOperational <span class=\"_ _5\"></span>Plans\u201d <span class=\"_ _2\"></span>(piani <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>elaborati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>livel<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Business <span class=\"_ _2\"></span>Owner <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>includono <span class=\"_ _2\"></span>i <span class=\"_ _6\"></span>targe<span class=\"_ _5\"></span><span class=\"ff1\">t <span class=\"_ _5\"></span>di </span>diminuzione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>stock <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>iniziative <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>ttaglio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>bilitanti, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>investimenti necessari <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>raggiungime<span class=\"_ _0\"></span>nto <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>obiettivi <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>refissati) <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>le <span class=\"_ _6\"></span>pro<span class=\"_ _3\"></span>iezioni <span class=\"_ _6\"></span>sottostanti <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>NPL, <span class=\"_ _6\"></span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"></span>livello <span class=\"_ _4\"></span>granul<span class=\"_ _0\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>e secondo i requisiti d<span class=\"_ _0\"></span>efiniti dalla BCE.  Nel <span class=\"_ _6\"></span>Piano <span class=\"_ _6\"></span>d<span class=\"ff4\">\u2019Impresa <span class=\"_ _6\"></span>2022</span>-2025, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>intende <span class=\"_ _6\"></span>perseguire <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _6\"></span>strutturale <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>-risking, <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>significativament<span class=\"_ _0\"></span>e avviata <span class=\"_ _5\"></span>nello <span class=\"_ _5\"></span>scorso <span class=\"_ _5\"></span>Piano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Impresa, <span class=\"_ _5\"></span>collocandosi <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>migliori <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Europa <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ratio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>stock <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eteriorati <span class=\"_ _5\"></span>(Zero<span class=\"_ _2\"></span>-<span class=\"_ _3\"></span>NPL Bank) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>generan<span class=\"ff4\">do <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>calo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio. <span class=\"_ _2\"></span>Quest\u2019ultimo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ar\u00e0 <span class=\"_ _2\"></span>infatti <span class=\"_ _2\"></span>mantenuto <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>conservativo,<span class=\"_ _35\"></span> </span>grazie <span class=\"_ _1d\"> </span>sia  alle <span class=\"_ _1d\"> </span>cospicue <span class=\"_ _1d\"> </span>riserve  d<span class=\"_ _3\"></span>i  accantonamento <span class=\"_ _1d\"> </span>sui  crediti, <span class=\"_ _1d\"> </span>sia <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>una  continua <span class=\"_ _1d\"> </span>prudente  gestione <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>credito.  Il deleveraging far\u00e0 leva <span class=\"_ _0\"></span>sulla realizzazione di ulteriori <span class=\"_ _0\"></span>selezionate partners<span class=\"_ _0\"></span>hip e cessioni mirate d<span class=\"_ _0\"></span>i portafogli.<span class=\"_ _3\"></span> A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati al <span class=\"_ _2\"></span>lordo <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>rettifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>attestati a <span class=\"_ _2\"></span>10,6 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>portando <span class=\"_ _3\"></span>l\u2019incidenza <span class=\"_ _6\"> </span><span class=\"ff1\">dei <span class=\"_ _2\"></span>crediti </span>deteriorati sui crediti <span class=\"ff4\">complessivi al 2,3% al <span class=\"_ _3\"></span>lordo delle rettifiche di valore e <span class=\"_ _3\"></span>all\u20191,2% al netto, con un costo del rischio pari a 7<span class=\"_ _3\"></span>0 </span>punti b<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>(30 <span class=\"_ _3\"></span>punti b<span class=\"_ _3\"></span>ase s<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>esclude <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stanziamento relativo <span class=\"_ _3\"></span>all\u2019esposizione verso <span class=\"_ _3\"></span>Russia <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Ucraina <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>ulteriori <span class=\"_ _3\"></span>rettif<span class=\"_ _5\"></span><span class=\"ff1\">iche </span>per <span class=\"_ _5\"></span>overlay <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>favorire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>de-risking, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>lascio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rettifiche <span class=\"_ _5\"></span>generiche <span class=\"_ _5\"></span>effettuate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>attesi <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> COVID-<span class=\"ff4\">19). <span class=\"_ _3\"></span>Considerando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>adottata <span class=\"_ _3\"></span>dall\u2019EBA, <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019incidenza <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>deteriorati <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>risultata <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>all\u20191,9% <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>lordo </span>delle r<span class=\"ff4\">ettifiche di valore e<span class=\"_ _0\"></span> all\u20191% al netto.<span class=\"ff1\"> </span></span>A p<span class=\"_ _3\"></span>artire <span class=\"_ _3\"></span>da novembre <span class=\"_ _3\"></span>2019, <span class=\"_ _3\"></span>il Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo a<span class=\"_ _3\"></span>dotta la <span class=\"_ _3\"></span>Nuova <span class=\"_ _3\"></span>Definizione di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Default secondo <span class=\"_ _3\"></span>quanto previsto d<span class=\"_ _3\"></span>alle Linee <span class=\"_ _1c\"> </span>Guida <span class=\"_ _18\"> </span>EBA <span class=\"_ _1c\"> </span>2016/07 <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>18/01/2017<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>sull\u2019applicazi<span class=\"_ _0\"></span>one <span class=\"_ _1c\"> </span>della <span class=\"_ _18\"> </span>Definizione <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1c\"> </span>Default <span class=\"_ _18\"> </span>contenu<span class=\"_ _2\"></span>ta <span class=\"_ _1c\"> </span>nell\u2019art. <span class=\"_ _18\"> </span>178 <span class=\"_ _1c\"> </span>del Regolamento <span class=\"_ _3\"></span>575/2013 <span class=\"_ _2\"></span>(CRR) <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>ulteriori <span class=\"_ _2\"></span>precisazioni <span class=\"_ _3\"></span>introdotte <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Circolare <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>72 <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia. <span class=\"_ _3\"></span>Tal<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span>definizione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati <span class=\"_ _3\"></span>converge <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie \u201c<span class=\"_ _3\"></span>impaired\u201d <span class=\"_ _3\"></span>contenuta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>principio <span class=\"_ _3\"></span>contabile </span>IFRS 9, con consegue<span class=\"_ _0\"></span>nte iscrizione di tutti <span class=\"_ _0\"></span>i crediti deteriorati n<span class=\"_ _0\"></span>ell\u2019ambito dello St<span class=\"_ _0\"></span>age 3.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta, <span class=\"_ _5\"></span>nell\u2019identificazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>deteriorate, <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>approccio <span class=\"_ _6\"></span>\u201cper <span class=\"_ _5\"></span>debitore\u201d. <span class=\"_ _5\"></span>Pertanto, <span class=\"_ _16\"> </span><span class=\"ff1 ls17\">\u00e8 </span>l\u2019intera <span class=\"_ _5\"></span>co<span class=\"ff1\">ntroparte <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>venir <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutata <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>uccessivamente <span class=\"_ _5\"></span>classificata, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>singole <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito </span>concesse alla medesima<span class=\"_ _0\"></span> controparte. Sulla <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quadro <span class=\"_ _3\"></span>regolamentare, <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>regole <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia, <span class=\"_ _3\"></span>coerenti <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span>IA<span class=\"_ _2\"></span><span class=\"ff1\">S/IFRS <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Vigilanza </span>europea, <span class=\"_ _5\"></span>integrato <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>disposizioni <span class=\"_ _5\"></span>interne <span class=\"_ _5\"></span>attuative, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>deteriorate <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>classificate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span>l <span class=\"_ _6\"></span>loro stato di criticit\u00e0 in <span class=\"_ _0\"></span>una delle tre citate c<span class=\"_ _0\"></span>ategorie: \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _6\"></span>scadute <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"></span>sconfinanti <span class=\"_ _6\"></span>deteriorate:<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"></span>rientrano <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>esposizioni <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"> </span>diverse <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>quelle </span>definite <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>offerenze <span class=\"_ _4\"></span>o <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>probabili, <span class=\"_ _7\"> </span>che, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>segnalazione, <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>scadute <span class=\"_ _6\"></span>o sconfinanti continuativamente da o<span class=\"_ _3\"></span>ltre 90 <span class=\"_ _3\"></span>giorni. L\u2019esposizione comp<span class=\"_ _2\"></span><span class=\"ff1\">lessiva verso <span class=\"_ _3\"></span>un debitore <span class=\"_ _3\"></span>deve essere r<span class=\"_ _3\"></span>ilevata come </span>scaduta <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>sconfinante <span class=\"_ _3\"></span>qualora, <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento della <span class=\"_ _2\"></span>segnalazione, l<span class=\"_ _3\"></span>\u2019ammontare del <span class=\"_ _2\"></span>capitale, <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>e/o delle <span class=\"_ _3\"></span>commissioni non <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>gato alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>dovuto, <span class=\"_ _3\"></span>superi <span class=\"_ _3\"></span>entrambe <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>seg<span class=\"_ _2\"></span>uenti <span class=\"_ _3\"></span>soglie <span class=\"_ _3\"></span>(di <span class=\"_ _3\"></span>seguito c<span class=\"_ _3\"></span>ongiuntamente<span class=\"_ _0\"></span> definite \u201cSoglie di Ril<span class=\"_ _0\"></span>evanza\u201d):<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>limite <span class=\"_ _2\"></span>assoluto <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>100 <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>retail <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>500 <span class=\"_ _2\"></span>euro <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>retail </span>(c.d. \u201cSoglia Assolut<span class=\"_ _0\"></span>a\u201d) da confrontare c<span class=\"_ _0\"></span>on l\u2019importo complessi<span class=\"ff1\">vo scaduto e/o sconfinant<span class=\"_ _0\"></span>e del debitore; </span>o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">limite <span class=\"_ _6\"></span>relativo <span class=\"_ _5\"></span>dell\u20191% <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>confrontare <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>l\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _5\"></span>scaduto <span class=\"_ _5\"></span>e/o <span class=\"_ _5\"></span>sconfinante <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>l\u2019importo<span class=\"_ _35\"></span> </span></span>complessivo di tutte le <span class=\"_ _0\"></span>esposizioni iscritt<span class=\"_ _0\"></span>e a bilancio verso lo <span class=\"_ _0\"></span>stesso debitore (c.d. \u201cSogli<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Rel<span class=\"_ _2\"></span>ativa\u201d);<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>nadempienze  probabili:  esposizioni<span class=\"_ _0\"></span>  per <span class=\"_ _1d\"> </span>le  quali <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  secondo  il <span class=\"_ _1d\"> </span>giudizio  della  banca  creditrice <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  risulta  improbabile </span>l\u2019adempimento <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>linea <span class=\"_ _5\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>intere<span class=\"_ _0\"></span>ssi) <span class=\"_ _6\"> </span>senza <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>onsiderare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>ricorso <span class=\"_ _5\"></span>ad <span class=\"_ _4\"> </span>azioni <span class=\"_ _6\"> </span>quali <span class=\"_ _4\"> </span>l\u2019escussi<span class=\"_ _0\"></span>one <span class=\"_ _6\"> </span>delle garanzie. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>operata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>maniera <span class=\"_ _3\"></span>indipendente da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>rate) <span class=\"_ _3\"></span>scaduti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non pagati. <span class=\"_ _2\"></span>Poich\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dell\u2019improbabilit\u00e0 d<span class=\"_ _3\"></span>ell\u2019adempimento <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>banca, <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>necessario <span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>tendere <span class=\"_ _3\"></span>il sintomo <span class=\"_ _3\"></span>esplicito <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nomalia <span class=\"_ _3\"></span>(il ma<span class=\"_ _3\"></span>ncato <span class=\"_ _3\"></span>rimborso), <span class=\"_ _3\"></span>laddove <span class=\"_ _3\"></span>sussistano <span class=\"_ _3\"></span>elementi c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>implicano u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>situazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio di <span class=\"_ _2\"></span>inadempimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>debitore <span class=\"_ _2\"></span>(ad <span class=\"_ _5\"></span>esempio, <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>industriale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>opera <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>debitore). <span class=\"_ _3\"></span>Il <span class=\"_ _5\"></span>complesso <span class=\"_ _2\"></span>delle esposizioni <span class=\"_ _16\"> </span>per  ca<span class=\"_ _0\"></span>ssa <span class=\"_ _16\"> </span>e  fuori <span class=\"_ _16\"> </span>bila<span class=\"_ _3\"></span>ncio <span class=\"_ _16\"> </span>verso  un <span class=\"_ _16\"> </span>medesimo <span class=\"_ _7\"> </span>deb<span class=\"_ _3\"></span>itore <span class=\"_ _16\"> </span>che  ver<span class=\"_ _0\"></span>sa  nel<span class=\"_ _0\"></span>la  s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ddetta <span class=\"_ _16\"> </span>situazione <span class=\"_ _16\"> </span>\u00e8  dunqu<span class=\"_ _35\"></span>e denominato <span class=\"_ _6\"> </span>\u201cInadempienza <span class=\"_ _4\"> </span>probabile\u201d <span class=\"_ _6\"> </span>(salvo <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>ricorran<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>condizioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>debitore <span class=\"_ _6\"> </span>fra <span class=\"_ _4\"> </span>le sofferenze). <span class=\"_ _1c\"> </span>Tra <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>inadempienze <span class=\"_ _18\"> </span>p<span class=\"_ _3\"></span>robabili <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>incluse, <span class=\"_ _1c\"> </span>salv<span class=\"_ _3\"></span>o <span class=\"_ _1c\"> </span>che <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>ricorrano <span class=\"_ _1c\"> </span>i <span class=\"_ _1c\"> </span>presupposti <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>loro classificazione <span class=\"_ _2\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>sofferenze, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>emittenti <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _2\"></span>abbiano <span class=\"_ _2\"></span>onorato <span class=\"_ _5\"></span>puntualmente <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>obblighi <span class=\"_ _2\"></span>di pagamento (in linea capitale o intere<span class=\"_ _0\"></span>ssi) relativamente ai titoli di debito qu<span class=\"_ _0\"></span>otati. A<span class=\"_ _2\"></span> <span class=\"ff4\">tal fine si riconosce il \u201cperiodo di grazia\u201d </span>previsto dal contratto o<span class=\"_ _0\"></span>, in assenza, riconosci<span class=\"_ _0\"></span>uto dal mercato di<span class=\"_ _0\"></span> quotazione del titolo. Le <span class=\"_ _7\"> </span>Regole <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>hanno <span class=\"_ _7\"> </span>inoltre <span class=\"_ _4\"> </span>previsto, <span class=\"_ _4\"> </span>all\u2019interno <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lle <span class=\"_ _4\"> </span>\u201cinadempienze <span class=\"_ _4\"> </span>probabili\u201d, <span class=\"_ _4\"> </span>un\u2019ulteriore cla<span class=\"ff4\">ssificazione, <span class=\"_ _2\"></span>individuata <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>\u201cinadempienze <span class=\"_ _5\"></span>probabili <span class=\"_ _5\"></span>forborne\u201d <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _5\"></span>ricomprese <span class=\"_ _2\"></span>controparti<span class=\"_ _90\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x2a h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">che ev<span class=\"_ _3\"></span>idenziano almeno <span class=\"_ _3\"></span>un\u2019esposizione sottoposta a <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di \u201cforbearance\u201d <span class=\"_ _3\"></span>regolarmente rispettata <span class=\"_ _3\"></span>o che <span class=\"_ _3\"></span>permangono </div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">nello stato di rischio <span class=\"_ _0\"></span>nelle more della decorrenza d<span class=\"_ _0\"></span>el cure period norm<span class=\"_ _0\"></span>ativamente imposto (m<span class=\"_ _0\"></span>inimo 12 mesi)<span class=\"_ _0\"></span>;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>s<span class=\"_ _3\"></span>offerenze: esposizioni p<span class=\"_ _3\"></span>er cassa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fuori <span class=\"_ _3\"></span>bilancio nei <span class=\"_ _3\"></span>confronti d<span class=\"_ _3\"></span>i un<span class=\"_ _3\"></span> soggetto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>stato di <span class=\"_ _3\"></span>insolvenza <span class=\"_ _3\"></span>(anche non <span class=\"_ _3\"></span>accertato </span></div><div class=\"t m0 x2a h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">giudizialmente)  o  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  situazioni <span class=\"_ _16\"> </span>sostanzialmente  equiparabili,  indipendentemente <span class=\"_ _16\"> </span>dalle  eventuali  p<span class=\"_ _0\"></span>revisioni  di <span class=\"_ _16\"> </span>perdita </div><div class=\"t m0 x2a h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">formulate <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>Banca. <span class=\"_ _6\"> </span>Si <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rescinde, <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span>tanto, <span class=\"_ _6\"></span>dall\u2019esistenza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>eventuali <span class=\"_ _4\"> </span>garanzie <span class=\"_ _6\"></span>(reali <span class=\"_ _6\"> </span>o <span class=\"_ _4\"> </span>personali) <span class=\"_ _6\"></span>poste <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>presidio </div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _5\"></span>esposizioni. <span class=\"_ _5\"></span>Sono <span class=\"_ _2\"></span>escluse <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span>tuazione <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>anomalia <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>riconducibile <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rofili <span class=\"_ _5\"></span>attinenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio </div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Paese. </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u00c8 <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _7\"> </span>prevista <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>tipologia <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>concessioni  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>forbearance\u201d, <span class=\"_ _7\"> </span>riferita <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">rinegoziazione e/o <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rifinanziamento per <span class=\"_ _3\"></span>difficolt\u00e0 <span class=\"_ _3\"></span>finanziar<span class=\"_ _2\"></span>ia (<span class=\"_ _3\"></span>manifesta o <span class=\"_ _2\"></span>in p<span class=\"_ _3\"></span>rocinto d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>manifestarsi) del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>liente che, <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>fatto, </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">costituisce <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sottoinsieme <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>deteriorati <span class=\"_ _6\"></span>(Esposizioni <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>concessioni <span class=\"_ _5\"></span>deteriorate), <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quelli <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>nis </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">(Altre esposizioni <span class=\"_ _0\"></span>oggetto di concessioni). </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _1d\"> </span>Esposizioni <span class=\"_ _1d\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>concessioni <span class=\"_ _1d\"> </span>deteriorate <span class=\"_ _1d\"> </span>non <span class=\"_ _1d\"> </span>formano <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>categoria <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>s\u00e9 <span class=\"_ _17\"> </span>stante <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>eteriorate, <span class=\"_ _1d\"> </span>ma </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">costituiscono un sott<span class=\"_ _0\"></span>oinsieme delle pr<span class=\"_ _0\"></span>ecedenti categorie di a<span class=\"_ _0\"></span>ttivit\u00e0 deteriorat<span class=\"_ _0\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>deteriorate <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>valuta<span class=\"_ _3\"></span>zione <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>consegue <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>previsione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>perdita </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">per categorie omogenee (individuate in funzione dello stato di rischio, della durata dello stato di rischio nonch\u00e9 della <span class=\"_ _3\"></span>rile<span class=\"_ _2\"></span>vanza </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esposizione rappre<span class=\"_ _0\"></span>sentata) e l\u2019attrib<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione della retti<span class=\"_ _3\"></span><span class=\"ff1\">fica di valore<span class=\"_ _0\"></span> per ogni posizi<span class=\"_ _0\"></span>one. </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">I crediti deteriorati son<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> valutati secon<span class=\"_ _0\"></span>do due metodologie: </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>v<span class=\"_ _3\"></span>alutazione <span class=\"_ _2\"></span>analitico-statistica: <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>inferiori <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>determinate <span class=\"_ _5\"></span>soglie <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _2\"></span>scadute </span></div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">e/o sconfinanti deteri<span class=\"_ _0\"></span>orate, basat<span class=\"ff4\">a sull\u2019applicazione di ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>osite griglie sta<span class=\"_ _0\"></span>tistiche di LGD;<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>v<span class=\"_ _3\"></span>alutazione analitico-specifica, per le esposizio<span class=\"_ _0\"></span>ni superiori a determinate soglie, basata su stime di svalutazione attrib<span class=\"_ _0\"></span>uite </span></div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">dal gestore, a seguit<span class=\"_ _0\"></span>o di analisi e valut<span class=\"_ _0\"></span>azioni improntate a <span class=\"_ _0\"></span>criteri <span class=\"_ _3\"></span>prestabiliti. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>componente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>determinata <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>modelli <span class=\"_ _2\"></span>statistici <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>esperta <span class=\"_ _5\"></span>individual<span class=\"_ _2\"></span>e, </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>alcolata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>componente <span class=\"_ _3\"></span>finalizzata <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tenere <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>dell\u2019evoluzione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>variabili <span class=\"_ _2\"></span>gestionali <span class=\"_ _6\"> </span><span class=\"ff1\">correnti, <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>futuri <span class=\"_ _2\"></span>scenari </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">macroeconomici, <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _17\"> </span>rischiosit\u00e0 <span class=\"_ _17\"> </span>incrementale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>c<span class=\"_ _3\"></span>ontroparte <span class=\"_ _1d\"> </span>al <span class=\"_ _18\"> </span>permanere <span class=\"_ _17\"> </span>nello <span class=\"_ _17\"> </span>specifico <span class=\"_ _17\"> </span>stato <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _17\"> </span>le </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">inadempienze proba<span class=\"_ _0\"></span>bili (vintage), nonch<span class=\"_ _0\"></span>\u00e9 delle prospettive di<span class=\"_ _0\"></span> vendita, se present<span class=\"_ _0\"></span>i.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>valutazione <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>posi<span class=\"_ _3\"></span>zioni <span class=\"_ _6\"></span>deteriorate <span class=\"_ _4\"></span>classificate <span class=\"_ _6\"></span>tra <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>dismissione <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _4\"></span>effettuata <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>degli <span class=\"_ _4\"></span>attesi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">prezzi di vendita al n<span class=\"_ _0\"></span>etto degli oneri ac<span class=\"_ _0\"></span>cessori alla vendita <span class=\"_ _0\"></span>stessa, supportati d<span class=\"_ _0\"></span>a apposite fairnes<span class=\"_ _0\"></span>s opinion.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eteriorati <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>descritte <span class=\"_ _3\"></span>dettagliatamente <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>Parte <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span><span class=\"ff4\">Sezione <span class=\"_ _2\"></span>\u201cA.2 <span class=\"_ _2\"></span>\u2013</span> <span class=\"_ _2\"></span>Parte <span class=\"_ _3\"></span>relativa </div><div class=\"t m0 x0 h32 y7a ff4 fs0 fc0 sc0 ls0 ws0\">alle principali voci <span class=\"_ _0\"></span>di bilancio\u201d ed in partic<span class=\"_ _0\"></span>olare nel paragraf<span class=\"_ _0\"></span>o \u201cPerdite di valore dell<span class=\"_ _0\"></span>e attivit\u00e0 finanziari<span class=\"_ _0\"></span>e non performin<span class=\"_ _2\"></span>g\u201d cui si fa </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">rimando. </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>effettuate <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>occasione <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lassificazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>comunque </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">oggetto di revisione <span class=\"_ _0\"></span>con cadenza periodi<span class=\"_ _0\"></span>ca. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>valutazione dei crediti <span class=\"_ _3\"></span>\u00e8 altres\u00ec <span class=\"_ _3\"></span>oggetto di r<span class=\"_ _3\"></span>evisione ogni <span class=\"_ _3\"></span>qualvolta intervenga un <span class=\"_ _3\"></span>nuovo evento suscet<span class=\"_ _5\"></span>tibile di <span class=\"_ _3\"></span>incidere sulle </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">prospettive di <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>(es., <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>beni <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>acquisita <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>garanzia, sviluppi <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>contenzio<span class=\"_ _5\"></span>si <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">corso, ecc.). </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Affinch\u00e9  tali  eventi  possan<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  essere  tempestiv<span class=\"_ _0\"></span>amente  recepiti,  si  proc<span class=\"_ _0\"></span>ede  ad  un  monitor<span class=\"_ _3\"></span>aggio  periodico  del  patrimonio </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">informativo relativo ai <span class=\"_ _3\"></span>debitori e a<span class=\"_ _3\"></span>i garanti <span class=\"_ _3\"></span>e ad u<span class=\"_ _3\"></span>n costante controllo sull\u2019andamento degli <span class=\"_ _3\"></span>accordi stragiudiziali e <span class=\"_ _3\"></span>sulle <span class=\"_ _5\"></span><span class=\"ff1\">diverse </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">fasi delle procedure gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziali in essere. </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>gestione del <span class=\"_ _3\"></span>Credito <span class=\"_ _3\"></span>Deteriorato del <span class=\"_ _3\"></span>Gruppo pu<span class=\"_ _3\"></span>\u00f2 <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>effettuata direttamente <span class=\"_ _3\"></span>da strutture <span class=\"_ _3\"></span>organizzative interne <span class=\"_ _3\"></span>o essere </div><div class=\"t m0 x0 h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">effettuata <span class=\"_ _7\"> </span>da/con <span class=\"_ _7\"> </span>partner <span class=\"_ _7\"> </span>esterni <span class=\"_ _7\"> </span>opportunamente <span class=\"_ _7\"> </span>incaricati <span class=\"_ _7\"> </span>(outsourcer), <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>l\u2019Area <span class=\"_ _7\"> </span>CLO <span class=\"_ _7\"> </span>svolge <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ruolo <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">supervisione <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stock <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>affi<span class=\"_ _3\"></span>dati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>gestione <span class=\"_ _2\"></span>esterna <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>interfaccia <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>delibera <span class=\"_ _3\"></span>oltre <span class=\"_ _2\"></span>i </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">limiti <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>facolt\u00e0 <span class=\"_ _6\"></span>agli <span class=\"_ _4\"> </span>stessi <span class=\"_ _4\"> </span>delegati <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>carattere <span class=\"_ _6\"></span>amministrativo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tecnico<span class=\"_ _3\"></span>-operativo <span class=\"_ _4\"> </span>previste <span class=\"_ _4\"></span>nei <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocessi <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">interazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>medesimi <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>utsourcer. <span class=\"_ _2\"></span>Le <span class=\"_ _5\"></span>strutt<span class=\"_ _3\"></span>ure <span class=\"_ _5\"></span>organizzative <span class=\"_ _5\"></span>interne <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>individuate, <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prefissate <span class=\"_ _2\"></span>soglie <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">rilevanza, in Unit\u00e0 organizzative territoriali (a livello regionale), che svolgono attivit\u00e0 specialistic<span class=\"_ _0\"></span>a, ovvero strutture d<span class=\"_ _5\"></span>i Direzione </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Centrale, alle quali c<span class=\"_ _0\"></span>ompetono altres\u00ec f<span class=\"ff4\">unzioni di indirizzo e<span class=\"_ _0\"></span> coordinamento d<span class=\"_ _0\"></span>ell\u2019intera materia.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lassificazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _6\"></span>posizioni <span class=\"_ _4\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _6\"></span>deteriorate <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>effettuata <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _6\"></span>proposta <span class=\"_ _4\"></span>sia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Strutture <span class=\"_ _6\"></span>terri<span class=\"_ _5\"></span>toriali </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">proprietarie <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _6\"></span>commerciale, <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>funzioni <span class=\"_ _6\"></span>spec<span class=\"_ _2\"></span>ialistiche <span class=\"_ _4\"></span>periferiche <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>centrali <span class=\"_ _4\"> </span>preposte <span class=\"_ _4\"> </span>al <span class=\"_ _4\"></span>controllo <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>alla<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">gestione <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _4\"></span>deteriorati. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>classificazione <span class=\"_ _6\"></span>avviene <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"></span>automatismi <span class=\"_ _4\"> </span>qualora <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>verifichino <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>redeterminat<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">condizioni <span class=\"_ _5\"></span>oggettive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>inadempienza. <span class=\"_ _5\"></span>Ci <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>riferisce, <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sempio, <span class=\"_ _2\"></span>a<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>scaduti <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>sconfinanti <span class=\"_ _5\"></span>continuativamente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>opra<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">determinate <span class=\"_ _16\"> </span>soglie  e <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>determinati <span class=\"_ _16\"> </span>periodi  e <span class=\"_ _16\"> </span>alle  po<span class=\"_ _0\"></span>sizioni <span class=\"_ _16\"> </span>in  bonis <span class=\"_ _16\"> </span>oggetto <span class=\"_ _16\"> </span>di  concession<span class=\"_ _0\"></span>e  di <span class=\"_ _16\"> </span>misure <span class=\"_ _16\"> </span>di  forbeara<span class=\"_ _0\"></span>nce </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">(posizioni <span class=\"_ _3\"></span>forborne <span class=\"_ _2\"></span>performing <span class=\"_ _3\"></span>provenienti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>forborne <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>performing) <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>q<span class=\"_ _2\"></span>uali <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>ancora <span class=\"_ _2\"></span>superato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>cosiddetto </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">\u201cprobation <span class=\"_ _3\"></span>period\u201d <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>24 <span class=\"_ _2\"></span>mesi, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>stesse <span class=\"_ _3\"></span>vengano <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>rilevare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presupposti <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>per<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">riallocazione <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>deteriorati <span class=\"_ _6\"></span>mediante <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>verifica <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>arametri <span class=\"_ _6\"></span>oggett<span class=\"_ _2\"></span>ivi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>articolare, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>rapporti <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">targatura <span class=\"_ _16\"> </span>forborne,  la <span class=\"_ _16\"> </span>c.d.  rei<span class=\"_ _0\"></span>terazione <span class=\"_ _16\"> </span>(ovvero  co<span class=\"_ _0\"></span>ncessione <span class=\"_ _16\"> </span>di  una <span class=\"_ _16\"> </span>ulteriore  mis<span class=\"_ _0\"></span>ura  di <span class=\"_ _16\"> </span>forbearance) <span class=\"_ _16\"> </span>e/o  la <span class=\"_ _16\"> </span>presenza  d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">sconfinamenti <span class=\"_ _7\"> </span>continuativi  o<span class=\"_ _0\"></span>ltre <span class=\"_ _16\"> </span>30 <span class=\"_ _16\"> </span>giorni <span class=\"_ _16\"> </span>sopra <span class=\"_ _16\"> </span>determinate <span class=\"_ _7\"> </span>soglie  a<span class=\"_ _0\"></span>ssolute) <span class=\"_ _16\"> </span>ed <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>o<span class=\"_ _2\"></span>perazioni <span class=\"_ _16\"> </span>soggette <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>ristrutturazione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">onerosa con perdita <span class=\"_ _0\"></span>superiore all\u20191%.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _4\"> </span>automatismi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>istema, <span class=\"_ _4\"> </span>nell\u2019evidenziare <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ventuali <span class=\"_ _4\"> </span>disallineamenti, <span class=\"_ _4\"> </span>garantiscono <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _4\"> </span>deteriorati <span class=\"_ _7\"> </span>significativ<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _4\"> </span>di </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">controparti <span class=\"_ _4\"> </span>condivise <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>diversi <span class=\"_ _7\"> </span>intermediari <span class=\"_ _4\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>necessaria <span class=\"_ _7\"> </span>univoca <span class=\"_ _4\"> </span>convergenza <span class=\"_ _7\"> </span>degli <span class=\"_ _7\"> </span>indirizzi <span class=\"_ _7\"> </span>gestionali. <span class=\"_ _4\"></span>La </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">significativit\u00e0 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>rappresentata <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>superamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prestabilita <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>classificati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>maggior <span class=\"_ _2\"></span>ri<span class=\"_ _5\"></span>schio, </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto alla comples<span class=\"_ _0\"></span>siva esposizione. </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">Sempre <span class=\"_ _1c\"> </span>attr<span class=\"ff4\">averso <span class=\"_ _1c\"> </span>automatismi <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>sistema, <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _1c\"> </span>altres\u00ec <span class=\"_ _1c\"> </span>assicurata <span class=\"_ _1c\"> </span>l\u2019allocazione <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>posizioni <span class=\"_ _1c\"> </span>nello <span class=\"_ _1c\"> </span>stato <span class=\"_ _1c\"> </span>rischio <span class=\"_ _1c\"> </span>pi\u00f9 </span></div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">rappresentativo del l<span class=\"_ _0\"></span>oro merito creditizio <span class=\"_ _0\"></span>(sofferenze escluse), <span class=\"_ _0\"></span>nel perdurare dell\u2019ina<span class=\"_ _0\"></span>dempienza di rilie<span class=\"_ _0\"></span>vo.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>ritorno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>onis <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>esposizioni <span class=\"_ _6\"></span>det<span class=\"_ _3\"></span><span class=\"ff4\">eriorate, <span class=\"_ _6\"></span>disciplinato <span class=\"_ _5\"></span>dall\u2019Organo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Vigilanza <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>specifica <span class=\"_ _6\"></span>normativa <span class=\"_ _6\"></span>interna<span class=\"_ _0\"></span>, </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">avviene <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>iniziativa <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>Strutture <span class=\"_ _2\"></span>preposte <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revio <span class=\"_ _2\"></span>accertamento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>venir <span class=\"_ _5\"></span>meno <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>criticit<span class=\"_ _5\"></span>\u00e0 <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">dello stato di insolve<span class=\"_ _0\"></span>nza. </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">Le esposizioni scadute e/o sconfinanti deteriorate e <span class=\"_ _3\"></span>le Inadempienze Probabili, non soggette a misure di forbearance, devono </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">continuare <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>essere <span class=\"_ _7\"> </span>classificate <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ome <span class=\"_ _7\"> </span>tali <span class=\"_ _16\"> </span>sino <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>quando <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>siano <span class=\"_ _7\"> </span>trascorsi <span class=\"_ _16\"> </span>almeno <span class=\"_ _7\"> </span>3 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>momento <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>non </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">soddisfano <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>condizioni <span class=\"_ _18\"> </span>per <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>classificate <span class=\"_ _17\"> </span>come <span class=\"_ _18\"> </span>tali. <span class=\"_ _18\"> </span>Durante <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>probation <span class=\"_ _18\"> </span>period <span class=\"_ _17\"> </span>dovr\u00e0 <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>valutato <span class=\"_ _18\"> </span>il </div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">comportamento della controparte alla <span class=\"_ _3\"></span>luce della relativa situazione finanziaria (in p<span class=\"_ _3\"></span>articolare, mediante verifica dell\u2019assen<span class=\"_ _5\"></span><span class=\"ff1\">za di </span></div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">sconfini sopra le Sogli<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di Rilevanza<span class=\"ls20\">).</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-170.99536px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>controparti <span class=\"_ _6\"></span>classificate <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>Inadempienza <span class=\"_ _6\"> </span>Probabile <span class=\"_ _6\"> </span>Forborne <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revale <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>c.d. <span class=\"_ _4\"> </span>\u201ccure <span class=\"_ _6\"></span>period\u201d <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>lmen<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls10 ws0\">12<span class=\"ls0\"> mesi, al <span class=\"_ _2\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>potr\u00e0 <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>riclassificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bonis, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>presenti s<span class=\"_ _3\"></span>confini <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">capo <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>debitore <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>debitore <span class=\"_ _5\"></span>abb<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>pagato <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _6\"></span>significativo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>che, <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>generale, <span class=\"_ _5\"></span>siano </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">comunque soddisfatti i <span class=\"_ _0\"></span>criteri per il rientro i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> bonis delle contr<span class=\"_ _0\"></span>oparti.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _5\"></span>classific<span class=\"_ _0\"></span>ate <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>\u201ccr<span class=\"_ _3\"></span>editi <span class=\"_ _5\"></span>scaduti <span class=\"_ _5\"></span>e/o <span class=\"_ _6\"></span>sconfinanti\u201d, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>passaggio <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bonis <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>effettuato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>via </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">automatica <span class=\"_ _3\"></span>trascorso il <span class=\"_ _3\"></span>probation <span class=\"_ _3\"></span>period d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>90 <span class=\"_ _3\"></span>giorni; <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>stesso meccanismo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>esposizioni di <span class=\"_ _3\"></span>modesta <span class=\"_ _3\"></span>entit\u00e0, <span class=\"_ _3\"></span>g<span class=\"_ _5\"></span>i\u00e0 </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">automaticamente <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>inadempienze <span class=\"_ _2\"></span>probabili,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>qualora, <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>verifica <span class=\"_ _5\"></span>automatica, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevato <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>superament<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">delle condizioni che <span class=\"_ _0\"></span>ne hanno determinato la cla<span class=\"_ _0\"></span>ssificazione. </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>Convalida <span class=\"_ _3\"></span>Interna <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Controlli <span class=\"_ _2\"></span>dell\u2019Area <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>Officer <span class=\"_ _2\"></span>effettua <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>control<span class=\"_ _5\"></span><span class=\"ff1\">lo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">secondo <span class=\"_ _20\"> </span>livello <span class=\"_ _20\"> </span>su <span class=\"_ _20\"> </span>singole <span class=\"_ _20\"> </span>controparti <span class=\"_ _20\"> </span>nei <span class=\"_ _20\"> </span>di<span class=\"_ _3\"></span>versi <span class=\"_ _20\"> </span>stati <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>credito <span class=\"_ _20\"> </span>deteriorato, <span class=\"_ _20\"> </span>selezionate <span class=\"_ _20\"> </span>a <span class=\"_ _23\"> </span>campione <span class=\"_ _20\"> </span>con <span class=\"_ _20\"> </span>criteri </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">prevalentemente risk based, a<span class=\"_ _3\"></span>l fine <span class=\"_ _3\"></span>di ver<span class=\"_ _3\"></span>ificarne la corretta c<span class=\"_ _3\"></span>lassificazione e/o l\u2019adeguato provisioning, nonch\u00e9 <span class=\"_ _3\"></span>l\u2019adeguate<span class=\"_ _2\"></span><span class=\"ff1\">zza  </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">dei processi gestion<span class=\"_ _0\"></span>ali e di recupero. </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb ye05 ffa fs6 fc2 sc0 ls0 ws0\">3.2 Write-<span class=\"ls5c\">off</span> </div><div class=\"t m0 x0 h2 y45c ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quel c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>attiene <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>deteriorati, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>ricorda, <span class=\"_ _3\"></span>infine, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>ricorre a<span class=\"_ _3\"></span>llo <span class=\"_ _3\"></span>stralcio/cancella<span class=\"_ _2\"></span>zione <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> </div><div class=\"t m0 x0 h2 y45d ff1 fs0 fc0 sc0 ls0 ws0\">integrale <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">di <span class=\"_ _4\"> </span>partite <span class=\"_ _4\"> </span>contabili <span class=\"_ _4\"> </span>inesigibili <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cwrite<span class=\"_ _3\"></span></span>-off<span class=\"ff4\">\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>procede <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>imputazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>perdite <span class=\"_ _4\"> </span>del </span></div><div class=\"t m0 x0 h2 y142 ff1 fs0 fc0 sc0 ls0 ws0\">residuo non ancora rett<span class=\"_ _0\"></span>ificato nei seguenti <span class=\"_ _0\"></span>casi: </div><div class=\"t m0 x0 h2 y45e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>irrecuperabilit\u00e0 del <span class=\"_ _3\"></span>credito, risultante da <span class=\"_ _3\"></span>elementi <span class=\"_ _3\"></span>certi e <span class=\"_ _3\"></span>precisi (quali, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo di <span class=\"_ _3\"></span>esempio, irreperibilit\u00e0 e <span class=\"_ _3\"></span>nullatenen<span class=\"_ _5\"></span>za <span class=\"_ _3\"></span>del<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y45f ff1 fs0 fc0 sc0 ls0 ws0\">debitore, <span class=\"_ _6\"></span>mancati <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ecuperi <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>esecuzioni <span class=\"_ _6\"></span>mobiliari <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>immobiliari, <span class=\"_ _6\"></span>pignoramenti <span class=\"_ _5\"></span>negativi, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rocedure <span class=\"_ _5\"></span>concorsuali <span class=\"_ _6\"></span>chius<span class=\"_ _0\"></span>e </div><div class=\"t m0 x2a h2 y460 ff1 fs0 fc0 sc0 ls0 ws0\">con non completo risto<span class=\"_ _0\"></span>ro per la Banca, se <span class=\"_ _0\"></span>non vi sono ulteriori g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzie utilme<span class=\"_ _0\"></span>nte escutibili etc.);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y461 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>cessione di credito; </span></div><div class=\"t m0 x0 h2 y462 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>rinuncia al credito, in<span class=\"_ _0\"></span> conseguenza di remissione unilater<span class=\"_ _0\"></span>ale del debito o re<span class=\"_ _0\"></span>siduo a fronte di contr<span class=\"_ _0\"></span>atti transattivi;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y463 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>senza <span class=\"_ _3\"></span>rinuncia al <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quel che <span class=\"_ _3\"></span>attiene a<span class=\"_ _3\"></span>gli stralci <span class=\"_ _3\"></span>integrali o <span class=\"_ _3\"></span>parziali <span class=\"_ _3\"></span>senza <span class=\"_ _3\"></span>rinuncia del <span class=\"_ _3\"></span>credito, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>evit<span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>il </span></div><div class=\"t m0 x2a h2 y2f5 ff1 fs0 fc0 sc0 ls0 ws0\">mantenimento  in  B<span class=\"_ _0\"></span>ilancio <span class=\"_ _16\"> </span>di  crediti  che,  pur  continuando <span class=\"_ _16\"> </span>ad  essere  gestit<span class=\"_ _0\"></span>i  dalle <span class=\"_ _16\"> </span>strutture  di  recupero, <span class=\"_ _16\"> </span>presentano<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y464 ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>recupero <span class=\"_ _6\"></span>molto <span class=\"_ _4\"></span>marginali, <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>procede <span class=\"_ _4\"></span>allo <span class=\"_ _6\"></span>st<span class=\"_ _3\"></span>ralcio <span class=\"_ _6\"></span>integrale <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>parziale <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>irrecuperabilit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>credito <span class=\"_ _6\"></span>pur </div><div class=\"t m0 x2a h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">senza <span class=\"_ _5\"></span>chiusura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>pratica <span class=\"_ _5\"></span>legale. <span class=\"_ _5\"></span>Lo <span class=\"_ _5\"></span>stralcio <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>int<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ressare <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>olo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>porzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>accantonamenti; </div><div class=\"t m0 x2a h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">pertanto <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>pu\u00f2 <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tralciato <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>limite <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span><span class=\"ff2\">Net <span class=\"_ _5\"></span>Book <span class=\"_ _2\"></span>Value</span>. <span class=\"_ _2\"></span>Su <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _2\"></span>periodica, <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ertanto <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>procede </div><div class=\"t m0 x2a h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _5\"></span>definizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>portafogli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sofferenza <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>assoggettare <span class=\"_ _4\"></span>ad <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>stralcio <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>parziale <span class=\"_ _5\"></span>aventi <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>seguenti </div><div class=\"t m0 x2a h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">macro-caratteristiche: </div><div class=\"t m0 x2a h2 y182 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4\">percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>00% <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>anzianit\u00e0 <span class=\"_ _2\"></span>(intesa <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>nello <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u201csofferenza\u201d)<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x62 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\">&gt; di 1 anno; </div><div class=\"t m0 x2a h2 y1e8 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>percentuale di copertura &gt; 95% e<span class=\"_ _3\"></span> anzianit\u00e0 <span class=\"_ _3\"></span><span class=\"ff4\">(intesa come periodo di permanenza nello stato di<span class=\"_ _3\"></span> \u201csofferenza\u201d) &gt; 5 anni </span></span></div><div class=\"t m0 x62 h2 y469 ff1 fs0 fc0 sc0 ls0 ws0\">o &gt; 8 anni, rispettivam<span class=\"_ _0\"></span>ente in caso di cre<span class=\"_ _0\"></span>diti non ipotecari e d<span class=\"_ _0\"></span>i crediti ipotecari. </div><div class=\"t m0 x2a h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 poi p<span class=\"_ _3\"></span>ossibile procedere alla definizione di portafogli da<span class=\"_ _3\"></span> stralciare con caratteristiche omogene<span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>diverse da quelle <span class=\"_ _3\"></span>sopra<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">indicate, ma riferibili <span class=\"_ _3\"></span>a esposizioni <span class=\"_ _3\"></span>che presentino <span class=\"_ _3\"></span>marginali possibilit\u00e0 di <span class=\"_ _3\"></span>recupero della <span class=\"_ _3\"></span>quota accantonata <span class=\"_ _3\"></span>e in <span class=\"_ _3\"></span>presenza </div><div class=\"t m0 x2a h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>quota <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accantonamento <span class=\"_ _6\"></span>minima <span class=\"_ _6\"></span>(calcolata <span class=\"_ _6\"></span>tenendo <span class=\"_ _6\"></span>conto <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>stralci <span class=\"_ _6\"></span>accumulati <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>posizione, <span class=\"_ _16\"> </span>secondo <span class=\"_ _6\"></span>la </div><div class=\"t m0 x2a h32 y46c ff4 fs0 fc0 sc0 ls0 ws0\">stessa  regola  prevista <span class=\"_ _1d\"> </span>a  livello  prudenziale  dal  framework  del <span class=\"_ _1d\"> </span>cosiddett<span class=\"_ _0\"></span>o  \u201c<span class=\"_ _3\"></span>Calendar  Provisioning\u201d)  almeno  pari  al </div><div class=\"t m0 x2a h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">complemento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>stimato <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>rilevati <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>sofferenza <span class=\"_ _2\"></span>operate </div><div class=\"t m0 x2a h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">dal Gruppo. </div><div class=\"t m0 x2a h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso del <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>effettuato circa <span class=\"_ _3\"></span>658 <span class=\"_ _3\"></span>milioni di <span class=\"_ _3\"></span>stralci d<span class=\"_ _3\"></span>i crediti <span class=\"_ _3\"></span>deteriorati lordi. <span class=\"_ _3\"></span>Di questi, <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>475 <span class=\"_ _3\"></span>mi<span class=\"_ _5\"></span>lioni </div><div class=\"t m0 x2a h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">riguardano <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>maggior parte <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>tilizzo de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>gi\u00e0 a<span class=\"_ _3\"></span>ccantonato. Tali <span class=\"_ _2\"></span>stralci sono <span class=\"_ _2\"></span>riferib<span class=\"_ _2\"></span>ili <span class=\"_ _3\"></span>per </div><div class=\"t m0 x2a h32 y471 ff4 fs0 fc0 sc0 ls0 ws0\">oltre l\u201987% <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>posizioni cancellate che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>ancora soggette a <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>escussione, per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>quali gli <span class=\"_ _3\"></span>eventuali recuperi </div><div class=\"t m0 x2a h2 y22a ff1 fs0 fc0 sc0 ls0 ws0\">da incasso successi<span class=\"_ _0\"></span>vi al write-off saranno rilevati fra le ri<span class=\"_ _0\"></span>prese di valore del c<span class=\"_ _0\"></span>onto economico. </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1058 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h1bb y4ce ffa fs6 fc2 sc0 ls0 ws0\">3.3 Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>impaired <span class=\"_ _3\"></span>acquisite o origina<span class=\"_ _3\"></span>te  </div><div class=\"t m0 x0 h2 y6bb ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>principio <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>considerati <span class=\"_ _5\"></span>deteriorati <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>iniziale <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>bilancio, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>rag<span class=\"_ _5\"></span>ione </div><div class=\"t m0 x0 h2 y6bc ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019elevato <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>associato, <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>definiti <span class=\"_ _5\"></span>Purchased <span class=\"_ _2\"></span>or <span class=\"_ _5\"></span>Originated <span class=\"_ _2\"></span>Credit <span class=\"_ _2\"></span>Imp<span class=\"_ _5\"></span><span class=\"ff1\">aired <span class=\"_ _2\"></span>Asset <span class=\"_ _5\"></span>(POCI). <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>crediti,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6bd ff4 fs0 fc0 sc0 ls0 ws0\">qualora <span class=\"_ _2\"></span>rientrino <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erimetro <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019impairment <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>appostando <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dalla </span></div><div class=\"t m0 x0 h2 y6be ff1 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rilevazione <span class=\"_ _3\"></span>iniziale <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ff4\">fondi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>erdite <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>coprano <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _3\"></span>vita <span class=\"_ _2\"></span>residua<span class=\"_ _3\"></span></span> <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>Expected <span class=\"_ _3\"></span>Credit </div><div class=\"t m0 x0 h2 y6bf ff4 fs0 fc0 sc0 ls0 ws0\">Loss <span class=\"_ _2\"></span>lifetime). <span class=\"_ _5\"></span>Trattandosi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>ne <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>prevista <span class=\"_ _5\"></span>l\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>Stage <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>ferma <span class=\"_ _5\"></span>rest<span class=\"_ _5\"></span><span class=\"ff1\">ando <span class=\"_ _5\"></span>la<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6c0 ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>spostati, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>vita, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Stage <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>aso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui, <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>b<span class=\"_ _2\"></span><span class=\"ff4\">ase <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>creditizio, <span class=\"_ _2\"></span>non </span></div><div class=\"t m0 x0 h2 y6c1 ff1 fs0 fc0 sc0 ls0 ws0\">risultino pi\u00f9 impair<span class=\"_ _0\"></span>ed. </div><div class=\"t m0 x0 h2 y6c2 ff1 fs0 fc0 sc0 ls0 ws0\">I  crediti  POCI <span class=\"_ _1d\"> </span>iscritti<span class=\"_ _0\"></span>  nel  bilancio  del <span class=\"_ _1d\"> </span>Gruppo  possono  derivar<span class=\"_ _0\"></span>e  da  singole  operazioni  di  rine<span class=\"_ _3\"></span>goziazi<span class=\"_ _0\"></span>one  di  esposizioni </div><div class=\"t m0 x0 h2 y6c3 ff4 fs0 fc0 sc0 ls0 ws0\">deteriorate <span class=\"_ _4\"> </span>svolte <span class=\"_ _7\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>routinaria <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>creditizia<span class=\"_ _3\"></span><span class=\"ff1\">, <span class=\"_ _7\"> </span>oppure <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>rilevati <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Business </span></div><div class=\"t m0 x0 h32 y492 ff4 fs0 fc0 sc0 ls0 ws0\">Combinations. Relativamente a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quest\u2019ultima fattispecie, <span class=\"_ _3\"></span>l\u2019acquisizione dell\u2019ex <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>avvenuta nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>aveva </div><div class=\"t m0 x0 h2 y493 ff1 fs0 fc0 sc0 ls0 ws0\">comportato <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rilevazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ospicuo <span class=\"_ _5\"></span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>deterio<span class=\"_ _2\"></span>rati, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>pertanto <span class=\"_ _5\"></span>stati <span class=\"_ _6\"></span>inizialmente <span class=\"_ _6\"></span>rilevati <span class=\"_ _5\"></span>come </div><div class=\"t m0 x0 h2 y6c4 ff1 fs0 fc0 sc0 ls0 ws0\">POCI <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>sensi <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _7\"> </span>contabile <span class=\"_ _16\"> </span>IFRS <span class=\"_ _16\"> </span>9 <span class=\"_ _16\"> </span>ed  i<span class=\"_ _0\"></span>scritti <span class=\"_ _16\"> </span>in <span class=\"_ _16\"> </span>bilancio <span class=\"_ _7\"> </span>al  fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>determinato <span class=\"_ _7\"> </span>in  sede <span class=\"_ _7\"> </span>di  P<span class=\"_ _0\"></span>urchase <span class=\"_ _16\"> </span>Price<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c5 ff1 fs0 fc0 sc0 ls0 ws0\">Allocation, quale valore di pr<span class=\"_ _3\"></span>ima iscrizione. Pi\u00f9 in <span class=\"_ _3\"></span>dettaglio, alla data di a<span class=\"_ _5\"></span>cquisizione (4 agosto 2020) le<span class=\"_ _3\"></span> risultanze contabili del </div><div class=\"t m0 x0 h2 y6c6 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo UBI presentav<span class=\"_ _0\"></span>ano un ammontare di credit<span class=\"_ _0\"></span>i deteriorati lordi di c<span class=\"_ _0\"></span>irca 6,5 miliardi (8 mili<span class=\"_ _0\"></span>ardi in termini di cre<span class=\"_ _0\"></span>dito van<span class=\"_ _2\"></span>tato). </div><div class=\"t m0 x0 h2 y90e ff1 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _5\"></span>luce <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>dismissioni <span class=\"_ _5\"></span>effettuate, <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _2\"></span>POCI <span class=\"_ _5\"></span>riferibili <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span><span class=\"ff4\">l\u2019ex <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>iscritti <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dicembre </span></div><div class=\"t m0 x0 h2 y90f ff1 fs0 fc0 sc0 ls0 ws0\">2022 <span class=\"_ _4\"></span>residuano <span class=\"_ _4\"></span>fra <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>costo <span class=\"_ _4\"></span>ammortizzato <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>importi <span class=\"_ _4\"> </span>sostanzialmente <span class=\"_ _6\"></span>residuali <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ulteriore <span class=\"_ _4\"> </span>riduzione </div><div class=\"t m0 x0 h2 y910 ff1 fs0 fc0 sc0 ls0 ws0\">rispetto a fine <span class=\"_ _3\"></span>2021, ammontando complessi<span class=\"_ _0\"></span>vamente a 188 <span class=\"_ _3\"></span>milioni, r<span class=\"_ _3\"></span>iferibili per 131 <span class=\"_ _3\"></span>milioni a crediti deteriorati e per 57 <span class=\"_ _3\"></span>milioni </div><div class=\"t m0 x0 h2 y101d ff1 fs0 fc0 sc0 ls0 ws0\">a posizioni in bonis (<span class=\"_ _0\"></span>284 milioni compl<span class=\"_ _0\"></span>essivamente, con 211 mi<span class=\"_ _0\"></span>lioni deteriorati <span class=\"_ _0\"></span>e 73 milioni in bonis al 3<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span> dicembre 2021).<span class=\"_ _90\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y101e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y39 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y4a8 ff5 fs6 fc2 sc0 ls0 ws0\"> <span class=\"_ _2f\"> </span> </div></div>4.<span class=\"ls0\"> <span class=\"_ _28\"> </span>ATTIVIT\u00c0 <span class=\"_ _2b\"> </span>FINANZ<span class=\"_ _3\"></span>IARIE <span class=\"_ _2b\"> </span>OGG<span class=\"_ _3\"></span>ETTO <span class=\"_ _2b\"> </span>DI <span class=\"_ _2b\"> </span>RINEGOZ<span class=\"_ _3\"></span>IAZIONI <span class=\"_ _2b\"> </span>COMMERCIA<span class=\"_ _3\"></span>LI <span class=\"_ _2b\"> </span>ED <span class=\"_ _2b\"> </span>ESPOSIZIONI </span>OGGETTO DI CONCE<span class=\"_ _3\"></span>SSIONI <span class=\"_ _3\"></span> Le  misure <span class=\"_ _16\"> </span>di  co<span class=\"_ _0\"></span>ncessione  (\u201cfor<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>earance  m<span class=\"_ _0\"></span>easures\u201d)  r<span class=\"_ _0\"></span>appresentano  q<span class=\"_ _35\"></span>uelle  concessioni <span class=\"_ _16\"> </span>nei  confr<span class=\"_ _0\"></span>onti  di <span class=\"_ _16\"> </span>un  debitor<span class=\"_ _0\"></span>e  che<span class=\"_ _0\"></span> affronta, <span class=\"_ _16\"> </span>o  potre<span class=\"_ _0\"></span>bbe <span class=\"_ _16\"> </span>trovarsi  ad <span class=\"_ _7\"> </span>af<span class=\"_ _3\"></span>frontare,  situa<span class=\"_ _0\"></span>zioni  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>difficolt\u00e0  nel <span class=\"_ _7\"> </span>rispetto  dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ropri <span class=\"_ _16\"> </span>impegni <span class=\"_ _16\"> </span>contrattuali <span class=\"_ _16\"> </span>tali <span class=\"_ _16\"> </span>da  no<span class=\"_ _35\"></span>n consentirgli di far fro<span class=\"_ _0\"></span>nte agli originari imp<span class=\"_ _0\"></span>egni di pagamento (\u201c<span class=\"_ _0\"></span>troubled debt\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>termine <span class=\"_ _1c\"> </span>\u201cconcessioni\u201d <span class=\"_ _1c\"> </span>si <span class=\"_ _1c\"> </span>indicano <span class=\"_ _1c\"> </span>sia <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>modifiche <span class=\"_ _1c\"> </span>contrattuali <span class=\"_ _1c\"> </span>accord<span class=\"_ _0\"></span>ate <span class=\"_ _1c\"> </span>al <span class=\"_ _1c\"> </span>debi<span class=\"_ _2\"></span><span class=\"ff1\">tore <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>difficolt\u00e0 <span class=\"_ _1c\"> </span>finanziaria </span>(\u201cmodification\u201d), <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>l\u2019erogazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziament<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>consentire <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oddisfacimento<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>dell\u2019obbligazione <span class=\"_ _5\"></span>preesistente<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(\u201crefinancing\u201d).  R<span class=\"_ _0\"></span>ientrano  nelle<span class=\"_ _35\"></span>  \u201cconcessioni\u201d  anche <span class=\"_ _16\"> </span>le  modifiche  cont<span class=\"_ _0\"></span>rattuali,  liberame<span class=\"_ _0\"></span>nte  richie<span class=\"_ _0\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">ibili  d<span class=\"_ _0\"></span>a  un  d<span class=\"_ _0\"></span>ebitore  nel<span class=\"_ _35\"></span> </span>contesto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _6\"></span>sottoscritto, <span class=\"_ _6\"></span>ma <span class=\"_ _4\"></span>solamente <span class=\"_ _5\"></span>allorch\u00e9 <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>creditore <span class=\"_ _6\"></span>ritenga <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>esistano <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>presupposti <span class=\"_ _6\"></span>perch\u00e9 <span class=\"_ _6\"></span>quel<span class=\"_ _0\"></span> debitore <span class=\"_ _6\"></span>risulti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>difficolt\u00e0 <span class=\"_ _6\"></span>finanziaria <span class=\"_ _5\"></span>(c.d. <span class=\"_ _6\"> </span>\u201ce<span class=\"_ _3\"></span>mbedded <span class=\"_ _5\"></span>forbearance <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lauses\u201d). <span class=\"_ _5\"></span>Sono <span class=\"_ _6\"> </span>pertanto <span class=\"_ _6\"> </span>da <span class=\"_ _6\"> </span>esclude<span class=\"_ _5\"></span><span class=\"ff1\">re <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>nozione <span class=\"_ _6\"></span>di </span>forborne le rinegozia<span class=\"_ _0\"></span>zioni effettuate per mo<span class=\"_ _0\"></span>tivi/prassi commercial<span class=\"_ _0\"></span>i, che prescindono d<span class=\"_ _0\"></span>alle difficolt\u00e0 fin<span class=\"_ _0\"></span>anziarie del debitor<span class=\"_ _2\"></span><span class=\"ls10\">e.</span> In <span class=\"_ _5\"></span>molti <span class=\"_ _2\"></span>casi, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>situazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>difficolt\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>accompagnata <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>situazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>squilibrio <span class=\"_ _2\"></span>econo<span class=\"_ _5\"></span>mico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>debitore, rappresentata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>inadeguatezza <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _4\"></span>tipica <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>remunerare, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _5\"></span>le <span class=\"_ _4\"></span>consuete <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>onti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>normali condizioni di mercat<span class=\"_ _0\"></span>o, tutti i fattori produttiv<span class=\"_ _0\"></span>i di cui l\u2019impresa h<span class=\"_ _0\"></span>a bisogno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019individuazione <span class=\"_ _23\"> </span>delle <span class=\"_ _29\"> </span>esposizioni <span class=\"_ _29\"> </span>oggetto <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>misure <span class=\"_ _29\"> </span>di <span class=\"_ _29\"> </span>concessione <span class=\"_ _29\"> </span>(\u201cforborn<span class=\"_ _0\"></span>e <span class=\"_ _29\"> </span>assets\u201d <span class=\"_ _23\"> </span>o <span class=\"_ _29\"> </span>\u201cesposizioni <span class=\"_ _29\"> </span>forborne\u201d),<span class=\"_ _0\"></span> coerentemente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"> </span>dalla <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>EBA <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>differenza <span class=\"_ _6\"> </span>dell<span class=\"_ _3\"></span>\u2019approccio <span class=\"_ _6\"></span>\u201cper <span class=\"_ _6\"> </span>debitore\u201d <span class=\"_ _6\"> </span>utilizzato <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>Gruppo Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span><span class=\"ff4\">esposizioni <span class=\"_ _4\"> </span>deteriorate, <span class=\"_ _4\"> </span>avviene <span class=\"_ _4\"> </span>necessariamente <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>approccio <span class=\"_ _4\"> </span>\u201cper </span>transazione\u201d. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>termine <span class=\"_ _7\"> </span>\u201cesposizione\u201d, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>questo <span class=\"_ _7\"> </span>contesto, <span class=\"_ _4\"> </span>si <span class=\"_ _16\"> </span>fa <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>singolo <span class=\"_ _7\"> </span>contratto <span class=\"_ _7\"> </span>rinegoziato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l complesso delle esp<span class=\"_ _0\"></span>osizioni nei confronti d<span class=\"_ _0\"></span>el medesimo debitore. Pi\u00f9 <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>generale, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>muovendo <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>indicazioni <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Autorit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Vigilanza, <span class=\"_ _3\"></span>preved<span class=\"_ _5\"></span><span class=\"lsc\">e </span>degli <span class=\"_ _3b\"> </span>elementi <span class=\"_ _3b\"> </span>per <span class=\"_ _1f\"> </span>l\u2019identificazione <span class=\"_ _3b\"> </span>della <span class=\"_ _3b\"> </span>difficolt\u00e0 <span class=\"_ _3b\"> </span>finanziaria <span class=\"_ _3b\"> </span>(del <span class=\"_ _1f\"> </span>debitore <span class=\"_ _3b\"> </span>performing) <span class=\"_ _2a\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _3b\"> </span>in <span class=\"_ _3b\"> </span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _3b\"> </span>di rinegoziazione/rifinanziam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto, <span class=\"_ _1d\"> </span>comporta <span class=\"_ _1d\"> </span>la  c<span class=\"_ _3\"></span>lassificazione  di <span class=\"_ _1d\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _1d\"> </span>(o <span class=\"_ _1d\"> </span>pi\u00f9) <span class=\"_ _1d\"> </span>linea/linee  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>credito <span class=\"_ _1d\"> </span>tra <span class=\"_ _1d\"> </span>quella/e  o<span class=\"_ _3\"></span>ggetto  di concessione nel cas<span class=\"_ _0\"></span>o si verifichi almeno u<span class=\"_ _0\"></span>na delle seguenti con<span class=\"_ _0\"></span>dizioni:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>un peggioramento sign<span class=\"_ _0\"></span>ificativo del rating d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l debitore rilevato n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l co<span class=\"_ _3\"></span>rso dei tre mesi precedenti; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la p<span class=\"_ _3\"></span>resenza di <span class=\"_ _3\"></span>scaduti par<span class=\"_ _3\"></span>i o <span class=\"_ _3\"></span>superiori <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>trenta giorni <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data della <span class=\"_ _3\"></span>misura associato <span class=\"_ _3\"></span>a u<span class=\"_ _3\"></span>n livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating nella <span class=\"_ _3\"></span>fascia <span class=\"_ _6\"></span>pi\u00f9 </span>rischiosa; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">esito semaforico EWS (Ea<span class=\"_ _0\"></span>rly Warning System<span class=\"_ _0\"></span>) pari a \u201crosso\u201d, a<span class=\"_ _0\"></span>ssociato a un livello <span class=\"_ _0\"></span>di r<span class=\"_ _2\"></span><span class=\"ff1\">ating nella fasci<span class=\"_ _0\"></span>a pi\u00f9 rischiosa. </span></span></span>Lo stato di difficolt<span class=\"_ _0\"></span>\u00e0 finanziaria si presum<span class=\"_ _0\"></span>e sempre nel caso in c<span class=\"_ _0\"></span>ui il debitore sia clas<span class=\"_ _0\"></span>sificato tra le attivit\u00e0<span class=\"_ _0\"></span> deteriorate<span class=\"_ _2\"></span>. La <span class=\"_ _18\"> </span>definizione <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>es<span class=\"_ _0\"></span>posizione <span class=\"_ _18\"> </span>forborne <span class=\"_ _18\"> </span>risulta <span class=\"_ _18\"> </span>essere <span class=\"_ _18\"> </span>\u201ctrasversale\u201d <span class=\"_ _18\"> </span>alle <span class=\"_ _1c\"> </span>macro<span class=\"_ _3\"></span><span class=\"ff1\">-categorie <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>cl<span class=\"_ _3\"></span>assificazione <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>crediti </span>(performing e <span class=\"_ _2\"></span>non performing). <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>forborne <span class=\"_ _3\"></span>assets, <span class=\"_ _3\"></span>possono <span class=\"_ _3\"></span>essere r<span class=\"_ _3\"></span>icompresi nello <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>(performing) <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>nello <span class=\"_ _3\"></span>Stage <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>(Non<span class=\"_ _0\"></span> Performing <span class=\"ff4\">\u2013</span> c.d. operazio<span class=\"_ _0\"></span>ni oggetto di co<span class=\"_ _0\"></span>ncessioni deteriorate)<span class=\"_ _0\"></span>.<span class=\"_ _90\"> </span>Le <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>forbearance <span class=\"_ _2\"></span>concesse <span class=\"_ _5\"></span>vengon<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>monitorate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>minimi, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifferenziati <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>amministrativo <span class=\"_ _2\"></span>di rischio assegnato all<span class=\"_ _0\"></span>a controparte, in dettagli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">24 mesi per le posizion<span class=\"_ _0\"></span>i in bonis (\u201cprobat<span class=\"_ _0\"></span>ion period\u201d);<span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>36 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassificate <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>deteriorato, <span class=\"_ _7\"> </span>rappresentati<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span><span class=\"ff4\">da <span class=\"_ _7\"> </span>12  m<span class=\"_ _35\"></span>esi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>\u201ccure <span class=\"_ _7\"> </span>period\u201d <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>lteriori <span class=\"_ _7\"> </span>24 <span class=\"_ _16\"> </span>mesi <span class=\"_ _7\"> </span>di </span></span>\u201cprobation period\u201d.<span class=\"ff1\"> </span>All\u2019atto <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>concessione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>misura <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>Forbeara<span class=\"_ _0\"></span>nce <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>una <span class=\"_ _1d\"> </span>controparte <span class=\"_ _1d\"> </span>performing, <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>effettuate <span class=\"_ _1d\"> </span>verifich<span class=\"_ _0\"></span>e quantitative <span class=\"_ _6\"></span>(indicatore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _4\"></span>ridotta <span class=\"_ _6\"></span>stabili<span class=\"_ _3\"></span><span class=\"ff4\">to <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"> </span>misura <span class=\"_ _4\"> </span>dell\u20191%) <span class=\"_ _6\"></span>e/o <span class=\"_ _4\"> </span>qualitative <span class=\"_ _6\"> </span>previste <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Linee </span>Guida <span class=\"_ _7\"> </span>EBA <span class=\"_ _7\"> </span>sull\u2019applicazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>definizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>default <span class=\"_ _7\"> </span>ai <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ensi <span class=\"_ _7\"> </span>dell\u2019articolo <span class=\"_ _4\"> </span>178 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>regolamento <span class=\"_ _7\"> </span>(UE) <span class=\"_ _7\"> </span>n. <span class=\"_ _7\"> </span>575/2013 <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he potrebbero determin<span class=\"_ _0\"></span>are l\u2019eventuale classifi<span class=\"_ _0\"></span>cazione tra i Crediti D<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>terior<span class=\"_ _3\"></span><span class=\"ff1\">ati. </span>L\u2019identificazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>un\u2019esposizione <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _4\"> </span>forborne <span class=\"_ _7\"> </span>implica <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ecessariamente, <span class=\"_ _4\"> </span>secondo <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>interpretazioni <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa Sanpaolo,  l\u2019esistenza  di  un <span class=\"_ _1d\"> </span>\u201cincremento  significati<span class=\"_ _0\"></span>vo\u201d  della  rischiosit\u00e0 <span class=\"_ _1d\"> </span>rispett<span class=\"_ _0\"></span>o  all\u2019origination  del <span class=\"_ _1d\"> </span>credito  (e,  quindi,  una<span class=\"_ _5\"></span><span class=\"ff1\"> </span>classificazione <span class=\"ff4\">\u2013</span> <span class=\"ff4\">in sede di a<span class=\"_ _0\"></span>ssegnazione dell\u2019attr<span class=\"_ _0\"></span>ibuto \u201cforborne\u201d \u2013<span class=\"ff1\"> negli Stages 2 o 3). </span></span>A <span class=\"_ _2\"></span>differenza <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>forbearance, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riguardano <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>finanziaria, <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>rinegoz<span class=\"_ _2\"></span>iazioni per <span class=\"_ _4\"> </span>motivi <span class=\"_ _6\"></span>commerciali <span class=\"_ _4\"></span>vedono <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>involti <span class=\"_ _4\"> </span>debitori <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>versano <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>condizioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>difficolt\u00e0 <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>inanziaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>includono <span class=\"_ _6\"></span>tutte <span class=\"_ _4\"> </span>le operazioni volte ad a<span class=\"_ _0\"></span>deguare l\u2019onerosit\u00e0 <span class=\"_ _0\"></span>del debito alle c<span class=\"_ _0\"></span>ondizioni di merc<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>aventi <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>oggetto <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>inegoziazioni <span class=\"_ _4\"> </span>commerciali <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>omportano <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>variazion<span class=\"_ _2\"></span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>originarie <span class=\"_ _7\"> </span>del contratto, <span class=\"_ _5\"></span>solitamente <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>debitore, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>attiene <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>genere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>aspetti <span class=\"_ _6\"></span>connessi <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>onerosit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>debito <span class=\"_ _5\"></span>(o <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>su<span class=\"_ _5\"></span><span class=\"ls17\">a </span>durata), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>conseguente <span class=\"_ _6\"></span>beneficio <span class=\"_ _4\"></span>economico <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>debitore. <span class=\"_ _4\"> </span>In <span class=\"_ _4\"> </span>linea <span class=\"_ _4\"> </span>generale <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>ritiene <span class=\"_ _6\"></span>c<span class=\"_ _5\"></span>he, <span class=\"_ _4\"></span>ogniqualvolta <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>banca effettui <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>rinegoziazione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>evitare <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>perdere <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>proprio <span class=\"_ _2\"></span>cliente, <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>inegoziazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>considerata <span class=\"_ _3\"></span>co<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>me sostanziale in quanto, se non <span class=\"_ _3\"></span>fosse effettuata, il cliente si <span class=\"_ _3\"></span>finanzierebbe presso un altro intermed<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>rio e la banca <span class=\"_ _3\"></span>subirebbe un decremento dei ricavi f<span class=\"_ _0\"></span>uturi previsti. Tali <span class=\"_ _6\"></span>operazioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>determinate <span class=\"_ _5\"></span>condizioni, <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>contabilmente <span class=\"_ _6\"></span>assimilate <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>un\u2019estinzione <span class=\"_ _5\"></span>anticipata <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>debito <span class=\"_ _6\"> </span>originario <span class=\"_ _6\"></span>e all\u2019apertura di un nuo<span class=\"_ _0\"></span>vo finanziamento.<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-465.26135px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI N<span class=\"_ _3\"></span>ATURA QUANT<span class=\"_ _3\"></span>ITATIVA<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y1712 ff5 fs6 fc2 sc0 ls0 ws0\">A. QUALIT\u00c0 DEL CR<span class=\"_ _3\"></span>EDITO<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1d0 ff4 fs0 fc0 sc0 ls0 ws0\">Ai fini dell\u2019informativa di natura quantitativa sulla qualit\u00e0<span class=\"_ _0\"></span> del credito, con il termine \u201cesposizioni creditizie\u201d si intendo<span class=\"_ _5\"></span><span class=\"ff1\">no esclusi i </span></div><div class=\"t m0 x0 h2 ya40 ff1 fs0 fc0 sc0 ls0 ws0\">titoli di capitale e le q<span class=\"_ _0\"></span>uote di OICR. </div><div class=\"t m0 x0 h2 y1693 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>termin<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span><span class=\"ff4\">\u201cesposizioni <span class=\"_ _5\"></span>creditizie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>cassa\u201d <span class=\"_ _6\"> </span>si <span class=\"_ _4\"> </span>intendono <span class=\"_ _5\"></span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>per <span class=\"_ _4\"> </span>cassa <span class=\"_ _6\"></span>vantate <span class=\"_ _6\"></span>verso <span class=\"_ _6\"> </span>banche <span class=\"_ _5\"></span>o </span></div><div class=\"t m0 x0 h2 ya62 ff1 fs0 fc0 sc0 ls0 ws0\">clientela, <span class=\"_ _4\"> </span>qualunque <span class=\"_ _4\"></span>sia <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>loro <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>allocazione <span class=\"_ _4\"> </span>contabile <span class=\"_ _4\"> </span>(valutate <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>economico, </div><div class=\"t m0 x0 h2 ybcf ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>impatto <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _6\"></span>redditivit\u00e0 <span class=\"_ _4\"></span>complessiva,<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>valutate <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>ammortizzato, <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>via <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y69c ff1 fs0 fc0 sc0 ls0 ws0\">dismissione). I crediti a vista verso banche e <span class=\"_ _3\"></span>Banche Centrali rientrano nella definizione di esposizioni creditizie per cass<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> ma </div><div class=\"t m0 x0 h4f y69d ff1 fs0 fc0 sc0 ls0 ws0\">sono convenzionalmente esclu<span class=\"_ _0\"></span>si dalle tabelle dell<span class=\"_ _0\"></span>a Sezione 1, salvo i <span class=\"_ _0\"></span>casi espressamente i<span class=\"_ _0\"></span>ndicati in cui occorre c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nsiderarli.<span class=\"_ _2\"></span><span class=\"ff9 fs19\"> </span></div><div class=\"t m0 x0 h2 y69e ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _6\"></span>il <span class=\"_ _6\"> </span>termine <span class=\"_ _6\"> </span>\u201cesposizioni <span class=\"_ _6\"> </span>creditizie <span class=\"_ _6\"></span>fuori <span class=\"_ _6\"> </span>bilancio\u201d <span class=\"_ _6\"></span>si <span class=\"_ _6\"> </span>intendono <span class=\"_ _6\"> </span>tutte <span class=\"_ _6\"> </span>le <span class=\"_ _6\"> </span>operazioni <span class=\"_ _6\"> </span>finanziarie <span class=\"_ _6\"></span>diverse <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>quelle<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>cas<span class=\"_ _6\"></span><span class=\"ff1\">sa<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y69f ff1 fs0 fc0 sc0 ls0 ws0\">(garanzie <span class=\"_ _4\"> </span>finanzia<span class=\"ff4\">rie <span class=\"_ _7\"> </span>rilasciate, <span class=\"_ _4\"> </span>impegni <span class=\"_ _4\"> </span>revocabili <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>irrevocabili, <span class=\"_ _4\"> </span>derivati, <span class=\"_ _4\"> </span>ecc.) <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>mportano <span class=\"_ _4\"> </span>l\u2019assunzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>rischio </span></div><div class=\"t m0 x0 h2 y5f9 ff1 fs0 fc0 sc0 ls0 ws0\">creditizio, qualunque s<span class=\"_ _3\"></span>ia l<span class=\"_ _3\"></span>a finalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali operazioni <span class=\"_ _3\"></span>(negoziazione, copertura, ecc.). <span class=\"_ _3\"></span>Tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>esposizioni creditizie fuor<span class=\"_ _3\"></span>i<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>bilancio, </div><div class=\"t m0 x0 h2 y6a0 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 altres\u00ec incluso il <span class=\"_ _3\"></span>rischio di controparte connesso con le eventuali operazioni di prestito titoli. Cos\u00ec come viene riportato se del </div><div class=\"t m0 x0 h2 y6a1 ff1 fs0 fc0 sc0 ls0 ws0\">caso il rischio di <span class=\"_ _3\"></span>controparte connesso con le esposizioni relative<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>a operazioni pronti contro termine passive, di <span class=\"_ _3\"></span>concession<span class=\"_ _2\"></span>e o </div><div class=\"t m0 x0 h2 y6a2 ff1 fs0 fc0 sc0 ls0 ws0\">assu<span class=\"ff4\">nzione di merci in prestito, <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>onch\u00e9 con i finanziamenti c<span class=\"_ _0\"></span>on margini rientranti nella nozio<span class=\"_ _0\"></span>ne di \u201cOperazioni SFT<span class=\"_ _0\"></span>\u201d (Securities </span></div><div class=\"t m0 x0 h2 y5de ff1 fs0 fc0 sc0 ls0 ws0\">Financing Transaction<span class=\"_ _0\"></span>s) definita nella no<span class=\"_ _0\"></span>rmativa prudenziale. </div><div class=\"t m0 x0 h2 y5df ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _1d\"> </span>esposizioni <span class=\"_ _17\"> </span>creditizie <span class=\"_ _1d\"> </span>deteriorate <span class=\"_ _17\"> </span>(per <span class=\"_ _1d\"> </span>cassa <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>fuori <span class=\"_ _17\"> </span>bilancio) <span class=\"_ _1d\"> </span>no<span class=\"_ _2\"></span>n <span class=\"_ _17\"> </span>includono <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _1d\"> </span>finanziarie <span class=\"_ _17\"> </span>detenute <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>la </div><div class=\"t m0 x0 h2 y5e0 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione  e  i  derivati  di  copertura,  che  sono  pertanto,  convenzionalme<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te,  rilevati  tra  le  esposizioni  creditizie  non<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5e1 ff1 fs0 fc0 sc0 ls0 ws0\">deteriorate. </div><div class=\"t m0 x0 h24 y6a3 ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6a4 ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y3c9 ff5 fs12 fc2 sc0 ls0 ws0\">A.1. <span class=\"_ _7\"> </span>E<span class=\"_ _3\"></span>sposizioni <span class=\"_ _16\"> </span>creditizie <span class=\"_ _16\"> </span>deteriorate <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>non <span class=\"_ _16\"> </span>deterio<span class=\"_ _3\"></span>rate: <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>nsisten<span class=\"_ _3\"></span>ze, <span class=\"_ _16\"> </span>rettifiche <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>valore, <span class=\"_ _16\"> </span>dinamica <span class=\"_ _16\"> </span>e </div><div class=\"t m0 xf4 h57 yfc2 ff5 fs12 fc2 sc0 ls0 ws0\">distribuzione economica </div><div class=\"t m0 x0 h2 yd9e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yf68 ffa fs0 fc2 sc0 ls0 ws0\">A.1.1. Consolidato pru<span class=\"_ _0\"></span>denziale - Distribuzione delle atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie per<span class=\"_ _0\"></span> fasce di scadut<span class=\"_ _0\"></span>o (valori di bilancio) </div><div class=\"t m0 x0 h95 yccd ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w166 h47\" style=\"left:541.4556px; bottom:165.84967px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w495 h47\" style=\"left:-4.050377px; bottom:146.34967px;\"><div class=\"t m0 x41 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">Portafogli/stadi di rischio </div></div><div class=\"c w496 h47\" style=\"left:143.55162px; bottom:146.34967px;\"><div class=\"t m0 x86 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">PRIMO STADIO </div></div><div class=\"c w497 h47\" style=\"left:262.61862px; bottom:146.34967px;\"><div class=\"t m0 x9b h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">SECONDO STADIO </div></div><div class=\"c w497 h47\" style=\"left:381.20462px; bottom:146.34967px;\"><div class=\"t m0 x86 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">TERZO STADIO </div></div><div class=\"c w498 h47\" style=\"left:501.51965px; bottom:146.34967px;\"><div class=\"t m0 x12 h8f yba1 ff5 fsf fc2 sc0 ls0 ws0\">IMPAIRED ACQUISITE O </div><div class=\"t m0 xb8 h8f y13d ff5 fsf fc2 sc0 ls0 ws0\">ORIGINATE </div></div><div class=\"c w493 h5f\" style=\"left:143.55162px; bottom:107.34967px;\"><div class=\"t m0 xae h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">Da 1 </div><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div></div><div class=\"c w195 h5f\" style=\"left:182.2786px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">fino a 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni  </div></div><div class=\"c w494 h5f\" style=\"left:222.3706px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Oltre 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni </div></div><div class=\"c w195 h5f\" style=\"left:262.61862px; bottom:107.34967px;\"><div class=\"t m0 xae h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">Da 1 </div><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div></div><div class=\"c w313 h5f\" style=\"left:302.2426px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">fino a 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni  </div></div><div class=\"c w494 h5f\" style=\"left:341.73663px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Oltre 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni </div></div><div class=\"c w195 h5f\" style=\"left:381.20462px; bottom:107.34967px;\"><div class=\"t m0 xae h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">Da 1 </div><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div></div><div class=\"c w494 h5f\" style=\"left:421.29663px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">fino a 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni  </div></div><div class=\"c w313 h5f\" style=\"left:462.3246px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Oltre 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni </div></div><div class=\"c w494 h5f\" style=\"left:501.51965px; bottom:107.34967px;\"><div class=\"t m0 xae h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">Da 1 </div><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div></div><div class=\"c w195 h5f\" style=\"left:541.4556px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">30 giorni </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">fino a 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni  </div></div><div class=\"c w499 h5f\" style=\"left:580.92365px; bottom:107.34967px;\"><div class=\"t m0 x8 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Oltre 90 </div><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">giorni </div></div><div class=\"c w495 h8c\" style=\"left:-4.050377px; bottom:81.92163px;\"><div class=\"t m0 x41 h2d y75b ff1 fsf fc2 sc0 ls0 ws0\"> 1. Attivit\u00e0 finanziarie valutate al costo </div><div class=\"t m0 x41 h2d yb4a ff1 fsf fc2 sc0 ls0 ws0\">ammortizzato </div></div><div class=\"c w493 h8c\" style=\"left:143.55162px; bottom:81.92163px;\"><div class=\"t m0 xa1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">1.823 </div></div><div class=\"c w195 h8c\" style=\"left:182.2786px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">168<span class=\"ls0\"> </span></div></div><div class=\"c w494 h8c\" style=\"left:222.3706px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">272<span class=\"ls0\"> </span></div></div><div class=\"c w195 h8c\" style=\"left:262.61862px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">686<span class=\"ls0\"> </span></div></div><div class=\"c w313 h8c\" style=\"left:302.2426px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">466<span class=\"ls0\"> </span></div></div><div class=\"c w494 h8c\" style=\"left:341.73663px; bottom:81.92163px;\"><div class=\"t m0 x95 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w195 h8c\" style=\"left:381.20462px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">360<span class=\"ls0\"> </span></div></div><div class=\"c w494 h8c\" style=\"left:421.29663px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">187<span class=\"ls0\"> </span></div></div><div class=\"c w313 h8c\" style=\"left:462.3246px; bottom:81.92163px;\"><div class=\"t m0 x6 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">2.913 </div></div><div class=\"c w494 h8c\" style=\"left:501.51965px; bottom:81.92163px;\"><div class=\"t m0 x9a h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w195 h8c\" style=\"left:541.4556px; bottom:81.92163px;\"><div class=\"t m0 x86 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w499 h8c\" style=\"left:580.92365px; bottom:81.92163px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">138<span class=\"ls0\"> </span></div></div><div class=\"c w495 h7e\" style=\"left:-4.050377px; bottom:56.64966px;\"><div class=\"t m0 x41 h2d y9bd ff1 fsf fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al fair </div><div class=\"t m0 x41 h2d yc61 ff1 fsf fc2 sc0 ls0 ws0\">value con impatto sulla redditivit\u00e0 </div><div class=\"t m0 x41 h2d y1 ff1 fsf fc2 sc0 ls0 ws0\">complessiva </div></div><div class=\"c w493 h7e\" style=\"left:143.55162px; bottom:56.64966px;\"><div class=\"t m0 x9a h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w195 h7e\" style=\"left:182.2786px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h7e\" style=\"left:222.3706px; bottom:56.64966px;\"><div class=\"t m0 x9a h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w195 h7e\" style=\"left:262.61862px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w313 h7e\" style=\"left:302.2426px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h7e\" style=\"left:341.73663px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h7e\" style=\"left:381.20462px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h7e\" style=\"left:421.29663px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w313 h7e\" style=\"left:462.3246px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h7e\" style=\"left:501.51965px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h7e\" style=\"left:541.4556px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h7e\" style=\"left:580.92365px; bottom:56.64966px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w495 h11a\" style=\"left:-4.050377px; bottom:31.195648px;\"><div class=\"t m0 x41 h2d y75b ff1 fsf fc2 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie in corso di </div><div class=\"t m0 x41 h2d yb4a ff1 fsf fc2 sc0 ls0 ws0\">dismissione </div></div><div class=\"c w493 h11a\" style=\"left:143.55162px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h11a\" style=\"left:182.2786px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h11a\" style=\"left:222.3706px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h11a\" style=\"left:262.61862px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w313 h11a\" style=\"left:302.2426px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w494 h11a\" style=\"left:341.73663px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h11a\" style=\"left:381.20462px; bottom:31.195648px;\"><div class=\"t m0 x86 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w494 h11a\" style=\"left:421.29663px; bottom:31.195648px;\"><div class=\"t m0 x86 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w313 h11a\" style=\"left:462.3246px; bottom:31.195648px;\"><div class=\"t m0 x88 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">277<span class=\"ls0\"> </span></div></div><div class=\"c w494 h11a\" style=\"left:501.51965px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w195 h11a\" style=\"left:541.4556px; bottom:31.195648px;\"><div class=\"t m0 xd1 h2d yf98 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h11a\" style=\"left:580.92365px; bottom:31.195648px;\"><div class=\"t m0 x94 h2d yf98 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w17e h42\" style=\"left:-4.050377px; bottom:15.595642px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1e3 h42\" style=\"left:55.255615px; bottom:15.595642px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w493 h42\" style=\"left:143.55162px; bottom:15.595642px;\"><div class=\"t m0 xa1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.868 </div></div><div class=\"c w195 h42\" style=\"left:182.2786px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">168<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:222.3706px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">321<span class=\"ls0\"> </span></div></div><div class=\"c w195 h42\" style=\"left:262.61862px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">686<span class=\"ls0\"> </span></div></div><div class=\"c w313 h42\" style=\"left:302.2426px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">466<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:341.73663px; bottom:15.595642px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">129<span class=\"ls0\"> </span></div></div><div class=\"c w195 h42\" style=\"left:381.20462px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">364<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:421.29663px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">192<span class=\"ls0\"> </span></div></div><div class=\"c w313 h42\" style=\"left:462.3246px; bottom:15.595642px;\"><div class=\"t m0 x6 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3.190 </div></div><div class=\"c w494 h42\" style=\"left:501.51965px; bottom:15.595642px;\"><div class=\"t m0 x9a h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w195 h42\" style=\"left:541.4556px; bottom:15.595642px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:15.595642px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">148<span class=\"ls0\"> </span></div></div><div class=\"c w17e h42\" style=\"left:-4.050377px; bottom:-0.0043640137px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w1e3 h42\" style=\"left:55.255615px; bottom:-0.0043640137px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w493 h42\" style=\"left:143.55162px; bottom:-0.0043640137px;\"><div class=\"t m0 xa1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.192 </div></div><div class=\"c w195 h42\" style=\"left:182.2786px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">236<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:222.3706px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w195 h42\" style=\"left:262.61862px; bottom:-0.0043640137px;\"><div class=\"t m0 x6 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.623 </div></div><div class=\"c w313 h42\" style=\"left:302.2426px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">598<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:341.73663px; bottom:-0.0043640137px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">194<span class=\"ls0\"> </span></div></div><div class=\"c w195 h42\" style=\"left:381.20462px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">466<span class=\"ls0\"> </span></div></div><div class=\"c w494 h42\" style=\"left:421.29663px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">237<span class=\"ls0\"> </span></div></div><div class=\"c w313 h42\" style=\"left:462.3246px; bottom:-0.0043640137px;\"><div class=\"t m0 x6 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">5.455 </div></div><div class=\"c w494 h42\" style=\"left:501.51965px; bottom:-0.0043640137px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w195 h42\" style=\"left:541.4556px; bottom:-0.0043640137px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:-0.0043640137px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">261<span class=\"_ _90\"> </span><span class=\"ls0\"> </span></div></div>A.1.2. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenzia<span class=\"_ _0\"></span>le <span class=\"_ _17\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzia<span class=\"_ _0\"></span>rie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e <span class=\"_ _17\"> </span>garanzie  fi<span class=\"_ _3\"></span>nanziarie  rilasciate: dinamica delle rettifi<span class=\"_ _0\"></span>che di valore complessiv<span class=\"_ _0\"></span>e e degli accantonament<span class=\"_ _0\"></span>i complessivi  (milioni di<span class=\"_ _0\"></span> euro) Causali/stadi di<span class=\"_ _0\"></span> rischio  RETTIFICHE DI<span class=\"_ _0\"></span> VALORE COM<span class=\"_ _0\"></span>PLESSIVE Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel primo sta<span class=\"_ _0\"></span>dio Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel secondo sta<span class=\"_ _35\"></span>dio Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Rettifiche comple<span class=\"_ _0\"></span>ssive iniziali - 766<span class=\"ls0\"> </span>38<span class=\"ls0\"> </span>- 577<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>1 1.792 11<span class=\"ls0\"> </span>- 1.577 227<span class=\"ls0\"> </span>Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 finanziarie<span class=\"_ _0\"></span> acquisite o orig<span class=\"_ _0\"></span>inate - 302<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- 230<span class=\"ls0\"> </span>83<span class=\"ls0\"> </span>- 23<span class=\"ls0\"> </span>- - 1 22<span class=\"ls0\"> </span>Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-<span class=\"_ _90\"> </span>off - -<span class=\"ls3b\">78</span> -<span class=\"ls3b\">15</span> - -<span class=\"ls3b\">69</span> -<span class=\"ls3b\">24</span> - -<span class=\"ls3b\">113</span> -1 - -<span class=\"ls3b\">102</span> -<span class=\"ls3b\">12</span> Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per rischio di cre<span class=\"_ _0\"></span>dito -2 -<span class=\"ls3b\">264</span> - - -<span class=\"ls3b\">220</span> -<span class=\"ls3b\">46</span> -1 283<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>- 83<span class=\"ls0\"> </span>236<span class=\"ls0\"> </span>Modifiche con<span class=\"_ _0\"></span>trattuali senza cancellazi<span class=\"_ _0\"></span>oni - 18<span class=\"ls0\"> </span>- - 7 11<span class=\"ls0\"> </span>- 22<span class=\"ls0\"> </span>- - 15<span class=\"ls0\"> </span>7 Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima - -3 - - - -3 - 3 - - - 3 Write-off non rileva<span class=\"_ _0\"></span>ti direttamente a conto<span class=\"_ _35\"></span> economico - - - - - - - - - - - - Altre variazioni<span class=\"_ _0\"></span> 2 -<span class=\"ls3b\">34</span> - - -4 -<span class=\"ls3b\">28</span> - -<span class=\"ls3b\">22</span> - - 14<span class=\"ls0\"> </span>-<span class=\"ls3b\">36</span> Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i - 707<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>- 521<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>- 1.988 47<span class=\"ls0\"> </span>- 1.588 447<span class=\"ls0\"> </span>Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di write-off<span class=\"_ _0\"></span> - - - - - - - - - - - - Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto economico<span class=\"_ _35\"></span> - - - - - - - - - - - - (milioni di<span class=\"_ _0\"></span> euro) Causali/stadi di<span class=\"_ _0\"></span> rischio  RETTIFICHE DI<span class=\"_ _0\"></span> VALORE COM<span class=\"_ _0\"></span>PLESSIVE Attivit\u00e0 rientrant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span> nel terzo stadio<span class=\"_ _0\"></span> Attivit\u00e0 finanziarie<span class=\"_ _35\"></span> i<span class=\"_ _3\"></span>mpaired acq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isite o orig<span class=\"_ _0\"></span>inate Crediti verso banche e Banche Centrali a vista Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al costo ammortizzato Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> valutate al fair value con impatto sulla redditivit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> in corso di dismissione di cui: svalutazioni<span class=\"_ _0\"></span> individu<span class=\"_ _0\"></span>ali di cui: svalutazioni<span class=\"_ _0\"></span> collettive Rettifiche comp<span class=\"_ _0\"></span>lessive iniziali - 8.161 35<span class=\"ls0\"> </span>3.231 10.940 487<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>- 67<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 finanziarie<span class=\"_ _0\"></span> acquisite o orig<span class=\"_ _0\"></span>inate - 2 - - 2 - X X X X X Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-off - -4.119 - -3.038 -7.128 -<span class=\"ls3b\">29</span> -<span class=\"ls3b\">53</span> - -<span class=\"ls3b\">67</span> -<span class=\"ls3b\">120</span> - Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per<span class=\"_ _35\"></span> rischio di credi<span class=\"_ _0\"></span>to - 1.587 1 - 1.344 244<span class=\"ls0\"> </span>4 - - 9 -5 Modifiche con<span class=\"_ _0\"></span>trattuali senza cancellazi<span class=\"_ _0\"></span>oni - 65<span class=\"ls0\"> </span>- - 61<span class=\"ls0\"> </span>4 2 - - - 2 Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima - - - - - - - - - - - Write-off non rileva<span class=\"_ _0\"></span>ti direttamente<span class=\"_ _0\"></span> a conto economico<span class=\"_ _35\"></span> - -<span class=\"ls3b\">517</span> - -<span class=\"ls3b\">103</span> -<span class=\"ls3b\">574</span> -<span class=\"ls3b\">46</span> -<span class=\"ls3b\">35</span> - - -<span class=\"ls3b\">35</span> - Altre variazioni<span class=\"_ _0\"></span> - 57<span class=\"ls0\"> </span>- 288<span class=\"ls0\"> </span>365<span class=\"ls0\"> </span>-<span class=\"ls3b\">20</span> 54<span class=\"ls0\"> </span>- 7 61<span class=\"ls0\"> </span>- Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i - 5.236 36<span class=\"ls0\"> </span>378<span class=\"ls0\"> </span>5.010 640<span class=\"ls0\"> </span>113<span class=\"ls0\"> </span>- 7 113<span class=\"ls0\"> </span>7 Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di write-off<span class=\"_ _0\"></span> - 41<span class=\"ls0\"> </span>- 1 40<span class=\"ls0\"> </span>2 - - - - - Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto economico<span class=\"_ _35\"></span> - -<span class=\"ls3b\">79</span> - - -<span class=\"ls3b\">76</span> -3 -<span class=\"ls3b\">10</span> - - -<span class=\"ls3b\">10</span> - A.1.2. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenzia<span class=\"_ _0\"></span>le <span class=\"_ _17\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0 <span class=\"_ _1d\"> </span>finanzia<span class=\"_ _0\"></span>rie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e <span class=\"_ _17\"> </span>garanzie  fi<span class=\"_ _3\"></span>nanziarie  rilasciate: dinamica delle rettifi<span class=\"_ _0\"></span>che di valore complessiv<span class=\"_ _0\"></span>e e degli accantonament<span class=\"_ _0\"></span>i complessivi <span class=\"ffb\">\u2013</span> segue <span class=\"ffb\">\u2013</span> (milioni di<span class=\"_ _0\"></span> euro) Causali/stadi di<span class=\"_ _0\"></span> rischio  ACCANTONAMEN<span class=\"_ _0\"></span>TI COMPLESS<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span>VI SU IMPEGN<span class=\"_ _0\"></span>I A EROGARE<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>FONDI E GARANZIE FINA<span class=\"_ _0\"></span>NZIARIE R<span class=\"_ _0\"></span>ILASCIATE TOTALE Primo stadio Secondo stadi<span class=\"_ _0\"></span>o  Terzo stadio  Impegni a erogare fond<span class=\"_ _0\"></span>i e garanzie finanziarie<span class=\"_ _0\"></span> rilasciate impaired acquisiti/e o originati/e Rettifiche comp<span class=\"_ _0\"></span>lessive iniziali 110<span class=\"ls0\"> </span>104<span class=\"ls0\"> </span>233<span class=\"ls0\"> </span>- 14.690 Variazioni<span class=\"_ _0\"></span> in aumento da attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie acq<span class=\"_ _0\"></span>uisite o origin<span class=\"_ _0\"></span>ate 23<span class=\"ls0\"> </span>2 - - 363<span class=\"ls0\"> </span>Cancella<span class=\"_ _0\"></span>zioni diverse dai<span class=\"_ _0\"></span> write-off -6 -6 -4 - -7.500 Rettifiche/riprese<span class=\"_ _0\"></span> di valore nette per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>rischio di credi<span class=\"_ _0\"></span>to -<span class=\"ls3b\">42</span> 42<span class=\"ls0\"> </span>44<span class=\"ls0\"> </span>- 1.689 Modifiche con<span class=\"_ _0\"></span>trattuali senza cancel<span class=\"_ _0\"></span>lazioni 1 - - - 108<span class=\"ls0\"> </span>Cambiamen<span class=\"_ _0\"></span>ti della metodo<span class=\"_ _0\"></span>logia di stima 1 - - - 1 Write-off non rileva<span class=\"_ _0\"></span>ti direttamente<span class=\"_ _0\"></span> a conto economico<span class=\"_ _35\"></span> - - - - -<span class=\"ls3b\">655</span> Altre variazioni<span class=\"_ _0\"></span> 66<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>-6 - 425<span class=\"ls0\"> </span>Rettifiche comp<span class=\"_ _0\"></span>lessive final<span class=\"_ _0\"></span>i 153<span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>267<span class=\"ls0\"> </span>- 9.121 Recuperi da<span class=\"_ _0\"></span> incasso su attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie og<span class=\"_ _0\"></span>getto di write-off - - - - 42<span class=\"ls0\"> </span>Write-off rilevati di<span class=\"_ _0\"></span>rettamente a conto<span class=\"_ _35\"></span> economico - - - - -<span class=\"ls3b\">89</span> Il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo non <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>avvale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>metodo <span class=\"_ _2\"></span>semplificato per <span class=\"_ _3\"></span>la v<span class=\"_ _3\"></span>alutazione del <span class=\"_ _3\"></span>fondo a <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>in relazione ai crediti commerciali, alle attivit\u00e0 derivanti da contratto e ai<span class=\"_ _3\"></span> crediti impliciti nei contratti di leasing (metodo previsto<span class=\"_ _5\"></span> <span class=\"ff4\">dall\u2019IFRS</span> <span class=\"lsc\">9 </span>paragrafo 5.5.15). A.1.3. <span class=\"_ _1d\"> </span>Consolidato <span class=\"_ _1d\"> </span>prudenziale <span class=\"_ _1d\"> </span><span class=\"ffb\">\u2013</span> <span class=\"_ _1d\"> </span>Attivit\u00e0  finanziarie, <span class=\"_ _1d\"> </span>impegni <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>erogare <span class=\"_ _1d\"> </span>fondi  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>garanzie  f<span class=\"_ _3\"></span>inanziarie  rilasciate: trasferimenti tra di<span class=\"_ _0\"></span>versi stadi di rischio di c<span class=\"_ _0\"></span>redito (valori lord<span class=\"_ _0\"></span>i e nominali)<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Portafogli/stadi di rischio<span class=\"_ _3\"></span><span class=\"ls0\"> </span>VALORI <span class=\"ls0\">LORDI/VALORE NOMINALE<span class=\"_ _3\"></span> </span>Trasferimenti tra primo stadio e secondo stadio<span class=\"ls0\"> </span>Trasferimenti tra secondo stadio e terzo stadio<span class=\"ls0\"> </span>Trasferimenti tra primo stadio e terzo stadio<span class=\"ls0\"> </span>Da primo a secondo stadio Da secondo stadio a primo stadio Da secondo stadio a terzo stadio Da terzo stadio a secondo stadio  Da primo stadio a terzo stadio Da terzo stadio a primo stadio  1. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al costo am<span class=\"_ _3\"></span>mortizzato <span class=\"ls0\"> </span>27.417<span class=\"ls0\"> </span>21.356<span class=\"ls0\"> </span>1.442<span class=\"ls0\"> </span>534<span class=\"ls0\"> </span>1.708<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>2. Attivit\u00e0 finanziarie valutat<span class=\"_ _3\"></span>e al fair value <span class=\"_ _3\"></span>con impatto sulla redditivit\u00e0 complessiva <span class=\"ls0\"> </span>767<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>- - - - 3. Attivit\u00e0 finanziarie in corso<span class=\"_ _3\"></span> di dismission<span class=\"_ _3\"></span>e<span class=\"ls0\"> </span>- - - - - - 4. Impegni a erogare fondi <span class=\"_ _3\"></span>e garanzie finanziarie r<span class=\"_ _3\"></span>ilasciate<span class=\"ls0\"> </span>19.170<span class=\"ls0\"> </span>6.537<span class=\"ls0\"> </span>311<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>511<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>Totale 31.12.2022<span class=\"ls0\"> </span>47.354<span class=\"ls0\"> </span>27.936<span class=\"ls0\"> </span>1.753<span class=\"ls0\"> </span>556<span class=\"ls0\"> </span>2.219<span class=\"ls0\"> </span>180<span class=\"ls0\"> </span>Totale 31.12.2021<span class=\"ls0\"> </span>49.645<span class=\"ls0\"> </span>39.553<span class=\"ls0\"> </span>1.607<span class=\"ls0\"> </span>451<span class=\"ls0\"> </span>1.709<span class=\"ls0\"> </span>224<span class=\"ls0\"> </span>A.1.3a Finanziamenti o<span class=\"_ _0\"></span>ggetto di misure di sost<span class=\"_ _0\"></span>egno COVID-19: trasferimenti tra i diver<span class=\"_ _0\"></span>si stadi di rischio di <span class=\"_ _0\"></span>credito (valori lordi) (milioni di euro)<span class=\"_ _3\"></span> Portafogli/stadi di r<span class=\"_ _3\"></span>ischio VALORI LORDI/VA<span class=\"_ _3\"></span>LORE NOMINA<span class=\"_ _3\"></span>LE Trasferimenti tra prim<span class=\"_ _3\"></span>o  stadio e second<span class=\"_ _3\"></span>o stadio<span class=\"_ _3\"></span> Trasferimenti tra se<span class=\"_ _3\"></span>condo stadio e terzo st<span class=\"_ _3\"></span>adio Trasferimenti tra prim<span class=\"_ _3\"></span>o stadio e terzo st<span class=\"_ _3\"></span>adio Da primo a secondo stadio Da secondo stadio a primo stadio<span class=\"_ _3\"></span> Da secondo stadio a terzo stadio Da terzo stadio a secondo stadio  Da primo stadio a terzo stadio Da terzo stadio a primo stadio  A. Finanziamenti v<span class=\"_ _3\"></span>alutati al cost<span class=\"_ _3\"></span>o ammortizzato<span class=\"_ _3\"></span> 2.345 2.923 211<span class=\"ls0\"> </span>99<span class=\"ls0\"> </span>323<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>A.1 oggetto di conc<span class=\"_ _3\"></span>essione conform<span class=\"_ _3\"></span>e con le GL<span class=\"_ _3\"></span> - - - - - - A.2 oggetto di misu<span class=\"_ _3\"></span>re di moratoria in <span class=\"_ _3\"></span>essere non <span class=\"_ _3\"></span>pi\u00f9 conformi alle GL e<span class=\"_ _3\"></span> non valutate com<span class=\"_ _3\"></span>e oggetto di concessione 3 18<span class=\"ls0\"> </span>1 - - - A.3 oggetto di altr<span class=\"_ _3\"></span>e misure di conce<span class=\"_ _3\"></span>ssione<span class=\"_ _3\"></span> 289<span class=\"ls0\"> </span>3 74<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>32<span class=\"ls0\"> </span>- A.4 nuovi finanzi<span class=\"_ _3\"></span>amenti 2.053 2.902 136<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>291<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>B. Finanziamenti v<span class=\"_ _3\"></span>alutati al fair val<span class=\"_ _3\"></span>ue con impatto sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva - - - - - - B.1 oggetto di conc<span class=\"_ _3\"></span>essione conform<span class=\"_ _3\"></span>e con le GL - - - - - - B.2 oggetto di misu<span class=\"_ _3\"></span>re di moratoria in <span class=\"_ _3\"></span>essere n<span class=\"_ _3\"></span>on pi\u00f9 conformi alle GL e<span class=\"_ _3\"></span> non valutate com<span class=\"_ _3\"></span>e oggetto di concessione - - - - - - B.3 oggetto di altr<span class=\"_ _3\"></span>e misure di concessione - - - - - - B.4 nuovi finanzi<span class=\"_ _3\"></span>amenti - - - - - - Totale 31.12.2022 2.345 2.923 211<span class=\"ls0\"> </span>99<span class=\"ls0\"> </span>323<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>Totale 31.12.2021 7.818 920<span class=\"ls0\"> </span>214<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>539<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>Nella <span class=\"_ _7\"> </span>riga <span class=\"_ _16\"> </span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>\u201coggetto <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>concessione <span class=\"_ _7\"> </span>conformi <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>GL\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>rientrano <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201cGuidelines <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>legislative <span class=\"_ _2\"></span>and <span class=\"_ _5\"></span>non <span class=\"_ _16\"> </span><span class=\"ff1\">legislativ<span class=\"_ _0\"></span>e </span>moratoria on loan repayments applied in the light <span class=\"_ _3\"></span>of the COVID 19 crisis\u201d pubblicate dall\u2019EBA (<span class=\"_ _3\"></span>EBA/GL/2020/<span class=\"_ _0\"></span>02) e successive modifiche e integrazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i. Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _2\"></span>\u201coggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>moratoria <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span><span class=\"ff1\">non <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di </span>concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>misura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>conformi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>dalla banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(come <span class=\"_ _16\"> </span>definite <span class=\"_ _16\"> </span>dalle <span class=\"_ _16\"> </span>vigenti <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>egnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della valutazione effettuat<span class=\"_ _0\"></span>a al verificarsi dell\u2019ev<span class=\"_ _0\"></span>ento che ha generat<span class=\"_ _0\"></span>o la non conformit\u00e0 <span class=\"_ _0\"></span>alle EBA/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _16\"> </span><span class=\"ff4\">riga <span class=\"_ _7\"> </span>Finanziamenti <span class=\"_ _7\"> </span>\u201coggetto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>concessione\u201d <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti </span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-<span class=\"ff4\">19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>\u201cesposizione <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>definite </span>dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>se<span class=\"ff4\">gnalazioni d<span class=\"_ _3\"></span>i v<span class=\"_ _3\"></span>igilanza e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamenti oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>conformi </span>con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla <span class=\"_ _0\"></span>data in cui non so<span class=\"_ _0\"></span>no pi\u00f9 conformi alle EBA<span class=\"_ _0\"></span>/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iga <span class=\"_ _4\"></span>\"nuo<span class=\"_ _0\"></span>vi <span class=\"_ _4\"> </span>finanziamenti\" <span class=\"_ _6\"></span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>informazioni <span class=\"_ _6\"></span>relative <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>stata <span class=\"_ _6\"></span>concessa <span class=\"_ _4\"></span>nuova liquidit\u00e0 con il suppor<span class=\"_ _0\"></span>to di garanzie pu<span class=\"_ _0\"></span>bbliche. A.1.4. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa e fuori bilanc<span class=\"_ _0\"></span>io verso banche: <span class=\"_ _0\"></span>va<span class=\"_ _3\"></span>lori lordi e netti (milioni di euro) Tipologie esposizioni/valori Esposizione lorda Rettifiche di valore complessive e accantonamenti complessivi Esposizione Netta Write-off parziali complessivi Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate A. ESPOSIZIONI CREDITIZIE PER CASSA A.1 A VISTA 108.301 108.135 166<span class=\"ls0\"> </span>- - - - - - - 108.301 - a) Deteriorate - X - - - - X - - - - - b) Non deteriorate 108.301 108.135 166<span class=\"ls0\"> </span>X - - - - X - 108.301 - A.2 ALTRE 39.824 37.294 1.184 53<span class=\"ls0\"> </span>- -<span class=\"ls1c\">55</span> -<span class=\"ls1c\">15</span> -<span class=\"ls1c\">24</span> -<span class=\"ls1c\">16</span> - 39.769 - a) Sofferenze 4 X - 4 - -4 X - -4 - - - - di cui: esposizioni oggetto di concessioni - X - - - - X - - - - - b) Inadempienze probabili 48<span class=\"ls0\"> </span>X - 48<span class=\"ls0\"> </span>- -<span class=\"ls1c\">12</span> X - -<span class=\"ls1c\">12</span> - 36<span class=\"ls0\"> </span>- - di cui: esposizioni oggetto di concessioni 48<span class=\"ls0\"> </span>X - 48<span class=\"ls0\"> </span>- -<span class=\"ls1c\">12</span> X - -<span class=\"ls1c\">12</span> - 36<span class=\"ls0\"> </span>- c) Esposizioni scadute deteriorate 1 X - 1 - - X - - - 1 - - di cui: esposizioni oggetto di concessioni - X - - - - X - - - - - d) Esposizioni scadute non deteriorate 2 - 2 X - - - - X - 2 - - di cui: esposizioni oggetto di concessioni - - - X - - - - X - - - e) Altre esposizioni non deteriorate 39.769 37.294 1.182 X - -<span class=\"ls1c\">39</span> -<span class=\"ls1c\">15</span> -<span class=\"ls1c\">24</span> X - 39.730 - - di cui: esposizioni oggetto di concessioni 83<span class=\"ls0\"> </span>- 83<span class=\"ls0\"> </span>X - - - - X - 83<span class=\"ls0\"> </span>- TOTALE (A) 148.125 145.429 1.350 53<span class=\"ls0\"> </span>- -<span class=\"ls1c\">55</span> -<span class=\"ls1c\">15</span> -<span class=\"ls1c\">24</span> -<span class=\"ls1c\">16</span> - 148.070 - B. ESPOSIZIONI CREDITIZIE FUORI BILANCIO a) Deteriorate 12<span class=\"ls0\"> </span>X - 12<span class=\"ls0\"> </span>- - X - - - 12<span class=\"ls0\"> </span>- b) Non deteriorate 82.282 36.190 677<span class=\"ls0\"> </span>X - -<span class=\"ls1c\">66</span> -<span class=\"ls1c\">62</span> -4 X - 82.216 - TOTALE (B) 82.294 36.190 677<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>- -<span class=\"ls1c\">66</span> -<span class=\"ls1c\">62</span> -4 - - 82.228 - TOTALE (A+B) 230.419 181.619 2.027 65<span class=\"ls0\"> </span>- -<span class=\"ls1c\">121</span> -<span class=\"ls1c\">77</span> -<span class=\"ls1c\">28</span> -<span class=\"ls1c\">16</span> - 230.298 - A.1.5. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa e fuori bilancio verso <span class=\"_ _0\"></span>clientela: valori lordi e n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tti (milioni di euro) Tipologie esposizioni/valori Esposizione lorda Rettifiche di valore complessive e accantonamenti complessivi Esposizione Netta Write-off parziali complessivi Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate A. ESPOSIZIONI CREDITIZIE PER CASSA a) Sofferenze 3.850 X - 3.685 165<span class=\"ls0\"> </span>-2.672 X - -2.599 -<span class=\"ls1c\">73</span> 1.178 2.574 - di cui: esposizioni oggetto di concessioni 815<span class=\"ls0\"> </span>X - 772<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>-<span class=\"ls1c\">518</span> X - -<span class=\"ls1c\">496</span> -<span class=\"ls1c\">22</span> 297<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>b) Inadempienze probabili 7.431 X - 7.144 144<span class=\"ls0\"> </span>-2.956 X - -2.896 -<span class=\"ls1c\">43</span> 4.475 508<span class=\"ls0\"> </span>- di cui: esposizioni oggetto di concessioni 3.060 X - 2.951 81<span class=\"ls0\"> </span>-1.129 X - -1.102 -<span class=\"ls1c\">20</span> 1.931 180<span class=\"ls0\"> </span>c) Esposizioni scadute deteriorate 552<span class=\"ls0\"> </span>X - 550<span class=\"ls0\"> </span>2 -<span class=\"ls1c\">139</span> X - -<span class=\"ls1c\">139</span> - 413<span class=\"ls0\"> </span>- - di cui: esposizioni oggetto di concessioni 47<span class=\"ls0\"> </span>X - 47<span class=\"ls0\"> </span>- -<span class=\"ls1c\">11</span> X - -<span class=\"ls1c\">11</span> - 36<span class=\"ls0\"> </span>- d) Esposizioni scadute non deteriorate 3.923 2.373 1.412 X 9 -<span class=\"ls1c\">147</span> -<span class=\"ls1c\">15</span> -<span class=\"ls1c\">132</span> X - 3.776 - - di cui: esposizioni oggetto di concessioni 505<span class=\"ls0\"> </span>- 385<span class=\"ls0\"> </span>X 1 -<span class=\"ls1c\">53</span> - -<span class=\"ls1c\">53</span> X - 452<span class=\"ls0\"> </span>- e) Altre esposizioni non deteriorate 542.843 483.524 48.502 X 83<span class=\"ls0\"> </span>-2.594 -<span class=\"ls1c\">711</span> -1.879 X -4 540.249 - - di cui: esposizioni oggetto di concessioni 6.977 1 6.819 X 20<span class=\"ls0\"> </span>-<span class=\"ls1c\">500</span> - -<span class=\"ls1c\">498</span> X -1 6.477 - TOTALE (A) 558.599 485.897 49.914 11.379 403<span class=\"ls0\"> </span>-8.508 -<span class=\"ls1c\">726</span> -2.011 -5.634 -<span class=\"ls1c\">120</span> 550.091 3.082 B. ESPOSIZIONI CREDITIZIE FUORI BILANCIO a) Deteriorate 1.771 X - 1.765 4 -<span class=\"ls1c\">267</span> X - -<span class=\"ls1c\">267</span> - 1.504 - b) Non deteriorate 330.175 229.968 26.343 X 1 -<span class=\"ls1c\">242</span> -<span class=\"ls1c\">91</span> -<span class=\"ls1c\">151</span> X - 329.933 - TOTALE (B) 331.946 229.968 26.343 1.765 5 -<span class=\"ls1c\">509</span> -<span class=\"ls1c\">91</span> -<span class=\"ls1c\">151</span> -<span class=\"ls1c\">267</span> - 331.437 - TOTALE (A+B) 890.545 715.865 76.257 13.144 408<span class=\"ls0\"> </span>-9.017 -<span class=\"ls1c\">817</span> -2.162 -5.901 -<span class=\"ls1c\">120</span> 881.528 3.082 I rapporti i<span class=\"_ _3\"></span>ntercorrenti tra il Gruppo Bancario e le a<span class=\"_ _3\"></span>ltre Societ\u00e0 non bancarie incluse nel perimetro <span class=\"_ _3\"></span>di consolidamento contabile<span class=\"_ _0\"></span> ammontano a: - <span class=\"_ _44\"> </span>352 mili<span class=\"_ _0\"></span>oni, rettificati per 1<span class=\"_ _0\"></span>42 milioni, inclusi tra le<span class=\"_ _0\"></span> esposizioni per c<span class=\"_ _0\"></span>assa verso clientela lord<span class=\"_ _0\"></span>e deteriorate;<span class=\"_ _3\"></span> - <span class=\"_ _44\"> </span>11.797 milio<span class=\"_ _0\"></span>ni, rettificati per 22 <span class=\"_ _35\"></span>mil<span class=\"_ _3\"></span>ioni, inclusi tr<span class=\"_ _0\"></span>a le esposizioni per <span class=\"_ _0\"></span>cassa verso clientela l<span class=\"_ _0\"></span>orde non deteriorate;<span class=\"_ _3\"></span> - <span class=\"_ _44\"> </span>19 milio<span class=\"_ _0\"></span>ni, rettificati per 3 milio<span class=\"_ _0\"></span>ni, inclusi tra le <span class=\"_ _0\"></span>esposizioni fuori bilanci<span class=\"_ _0\"></span>o verso clientela l<span class=\"_ _0\"></span>orde deteriorate;<span class=\"_ _2\"></span> - <span class=\"_ _44\"> </span>8.897 mi<span class=\"_ _0\"></span>lioni, rettificati per 16 milioni, incl<span class=\"_ _0\"></span>usi tra le esposizi<span class=\"_ _0\"></span>oni fuori bilancio v<span class=\"_ _0\"></span>erso clientela lorde <span class=\"_ _0\"></span>non deteriorate.<span class=\"_ _3\"></span> Le esposizioni compre<span class=\"_ _0\"></span>ndono anche le at<span class=\"_ _0\"></span>tivit\u00e0 finanziarie allo<span class=\"_ _0\"></span>cate nel portafoglio c<span class=\"_ _0\"></span>ontabile delle attivit\u00e0<span class=\"_ _0\"></span> in via di dismissi<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ne. A.1.5a Finanziamenti og<span class=\"_ _0\"></span>getto di misure di sostegn<span class=\"_ _0\"></span>o COVID-19: valori lordi e netti (milioni di euro) Tipologie finanziamenti / valori Esposizione lorda Rettifiche di valore complessive e accantonamenti complessivi Esposizione netta Write-off parziali complessivi Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate A. FINANZIAMENTI IN SOFFERENZA 90<span class=\"ls0\"> </span>- - 90<span class=\"ls0\"> </span>- -<span class=\"ls1c\">63</span> - - -<span class=\"ls1c\">63</span> - 27<span class=\"ls0\"> </span>- a) Oggetto di concessione conformi con le GL - - - - - - - - - - - - b) Oggetto di misure di moratoria non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione - - - - - - - - - - - - c) Oggetto di altre misure di concessione 9 - - 9 - -7 - - -7 - 2 - d) Nuovi finanziamenti 81<span class=\"ls0\"> </span>- - 81<span class=\"ls0\"> </span>- -<span class=\"ls1c\">56</span> - - -<span class=\"ls1c\">56</span> - 25<span class=\"ls0\"> </span>- B. FINANZIAMENTI IN INADEMPIENZE PROBABILI 595<span class=\"ls0\"> </span>- - 594<span class=\"ls0\"> </span>1 -<span class=\"ls1c\">167</span> - - -<span class=\"ls1c\">166</span> -1 428<span class=\"ls0\"> </span>- a) Oggetto di concessione conformi con le GL - - - - - - - - - - - - b) Oggetto di misure di moratoria non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione 27<span class=\"ls0\"> </span>- - 27<span class=\"ls0\"> </span>- -<span class=\"ls1c\">11</span> - - -<span class=\"ls1c\">11</span> - 16<span class=\"ls0\"> </span>- c) Oggetto di altre misure di concessione 159<span class=\"ls0\"> </span>- - 158<span class=\"ls0\"> </span>1 -<span class=\"ls1c\">50</span> - - -<span class=\"ls1c\">49</span> -1 109<span class=\"ls0\"> </span>- d) Nuovi finanziamenti 409<span class=\"ls0\"> </span>- - 409<span class=\"ls0\"> </span>- -<span class=\"ls1c\">106</span> - - -<span class=\"ls1c\">106</span> - 303<span class=\"ls0\"> </span>- C. FINANZIAMENTI SCADUTI DETERIORATI 93<span class=\"ls0\"> </span>- - 93<span class=\"ls0\"> </span>- -<span class=\"ls1c\">19</span> - - -<span class=\"ls1c\">19</span> - 74<span class=\"ls0\"> </span>- a) Oggetto di concessione conformi con le GL - - - - - - - - - - - - b) Oggetto di misure di moratoria non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione - - - - - - - - - - - - c) Oggetto di altre misure di concessione 3 - - 3 - -1 - - -1 - 2 - d) Nuovi finanziamenti 90<span class=\"ls0\"> </span>- - 90<span class=\"ls0\"> </span>- -<span class=\"ls1c\">18</span> - - -<span class=\"ls1c\">18</span> - 72<span class=\"ls0\"> </span>- D. ALTRI FINANZIAMENTI SCADUTI NON DETERIORATI 227<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>130<span class=\"ls0\"> </span>- - -3 - -3 - - 224<span class=\"ls0\"> </span>- a) Oggetto di concessione conformi con le <span class=\"ls2d\">GL</span> - - - - - - - - - - - - b) Oggetto di misure di moratoria non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione - - - - - - - - - - - - c) Oggetto di altre misure di concessione 10<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>- - -1 - -1 - - 9 - d) Nuovi finanziamenti 217<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>120<span class=\"ls0\"> </span>- - -2 - -2 - - 215<span class=\"ls0\"> </span>- E. ALTRI FINANZIAMENTI NON DETERIORATI 33.181 29.392 3.788 - 1 -<span class=\"ls1c\">111</span> -<span class=\"ls1c\">38</span> -<span class=\"ls1c\">73</span> - - 33.070 - a) Oggetto di concessione conformi con le GL - - - - - - - - - - - - b) Oggetto di misure di moratoria non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione 77<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>- - -3 - -3 - - 74<span class=\"ls0\"> </span>- c) Oggetto di altre misure di concessione 687<span class=\"ls0\"> </span>4 683<span class=\"ls0\"> </span>- - -<span class=\"ls1c\">35</span> - -<span class=\"ls1c\">35</span> - - 652<span class=\"ls0\"> </span>- d) Nuovi finanziamenti 32.417 29.337 3.079 - 1 -<span class=\"ls1c\">73</span> -<span class=\"ls1c\">38</span> -<span class=\"ls1c\">35</span> - - 32.344 - TOTALE (A+B+C+D+E) 34.186 29.489 3.918 777<span class=\"ls0\"> </span>2 -<span class=\"ls1c\">363</span> -<span class=\"ls1c\">38</span> -<span class=\"ls1c\">76</span> -<span class=\"ls1c\">248</span> -1 33.823 - Nella <span class=\"_ _7\"> </span>riga <span class=\"_ _16\"> </span>Finanziamenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>\u201coggetto <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>concessione <span class=\"_ _7\"> </span>conformi <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>GL\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elative <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>attivit\u00e0 finanziarie <span class=\"_ _2\"></span>oggetto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>rientrano <span class=\"_ _6\"></span><span class=\"ff4\">nell\u2019ambito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Guidelines <span class=\"_ _2\"></span>on <span class=\"_ _5\"></span>legislative <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>legislative<span class=\"_ _0\"></span> </span>moratoria on loan re<span class=\"_ _0\"></span>payments applied in th<span class=\"_ _0\"></span>e light of the COVID <span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>9 crisis\u201d pubblicat<span class=\"_ _0\"></span>e dall\u2019EBA (EBA<span class=\"_ _0\"></span>/GL/2020/02) e successiv<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modifiche <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>integrazioni. <span class=\"_ _2\"></span>Al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _5\"></span>risultavano <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>importo <span class=\"_ _5\"></span>inferiore <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>milione <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>412 <span class=\"_ _5\"></span>mila euro. Nella <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ga <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _2\"></span>\u201coggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>moratoria <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>conformi <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>GL <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>valutate <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di concessione\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _6\"></span>riportati <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>og<span class=\"_ _3\"></span><span class=\"ff1\">getto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>moratoria <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>essere, <span class=\"_ _5\"></span>valutati <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>conformi <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>EBA/GL/2020/02 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla </span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>concessione <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>misura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>conformi <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>classificati <span class=\"_ _2\"></span>da<span class=\"_ _5\"></span>lla banca <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>\u201cesposizioni <span class=\"_ _7\"> </span>oggetto <span class=\"_ _16\"> </span>di  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ncessione\u201d <span class=\"_ _7\"> </span>(<span class=\"_ _2\"></span><span class=\"ff1\">come <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>efinite <span class=\"_ _7\"> </span>dalle  vig<span class=\"_ _0\"></span>enti <span class=\"_ _16\"> </span>segnalazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza) <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>seguito <span class=\"_ _16\"> </span>della </span>valutazione effettuat<span class=\"_ _0\"></span>a al verificarsi dell\u2019ev<span class=\"_ _0\"></span>ento che ha generat<span class=\"_ _0\"></span>o la non conformit\u00e0 <span class=\"_ _0\"></span>alle EBA/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Nella <span class=\"_ _7\"> </span>riga  F<span class=\"_ _0\"></span>inanziamenti <span class=\"_ _7\"> </span>\u201coggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>misure <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>concessione\u201d <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>riportate<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>informa<span class=\"_ _0\"></span>zioni <span class=\"_ _7\"> </span>relative <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>finanziamenti<span class=\"_ _35\"></span> </span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sostegno <span class=\"_ _2\"></span>COVID-<span class=\"ff4\">19 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>soddisfano <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>\u201cesposizione <span class=\"_ _2\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oncessione\u201d <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>definite </span><div class=\"c w2 h0\" style=\"left:-82.68538px; bottom:-92.22974px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">dalle v<span class=\"_ _3\"></span>igenti <span class=\"_ _3\"></span>segnalazioni di <span class=\"_ _3\"></span>vigilanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>categoria <span class=\"_ _3\"></span>\u201cFinanziamen<span class=\"_ _3\"></span><span class=\"ff1\">ti <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>conformi<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">con le GL\u201d dalla data<span class=\"_ _0\"></span> di concessione dell<span class=\"_ _0\"></span>a misura oppure dalla <span class=\"_ _0\"></span>data in cui non so<span class=\"_ _0\"></span>no pi\u00f9 conformi alle EBA<span class=\"_ _0\"></span>/GL/2020/02.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iga <span class=\"_ _4\"></span>\"nuo<span class=\"_ _0\"></span>vi <span class=\"_ _4\"></span>finanziamenti\" <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>rappresentate <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>informazioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alle <span class=\"_ _4\"> </span>esposizioni <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>cui <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>tata <span class=\"_ _4\"></span>concessa <span class=\"_ _6\"></span>nuova </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0 con il suppor<span class=\"_ _0\"></span>to di garanzie pu<span class=\"_ _0\"></span>bbliche. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sostegno <span class=\"_ _6\"></span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _6\"></span>esposti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>tabella <span class=\"_ _6\"></span>comprendono <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>allocati <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio contabile <span class=\"_ _0\"></span>delle attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie in via di dismi<span class=\"_ _0\"></span>ss<span class=\"_ _3\"></span>ione. </div><div class=\"t m0 x0 h95 y64 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y65 ffa fs0 fc2 sc0 ls0 ws0\">A.1.6. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa verso banch<span class=\"_ _0\"></span>e: dinamica delle e<span class=\"_ _0\"></span>sposizioni </div><div class=\"t m0 x127 h95 y66 ffa fs0 fc2 sc0 ls0 ws0\">deteriorate lorde </div><div class=\"t m0 x0 h95 yd80 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w1b2 h47\" style=\"left:445.98163px; bottom:775.10425px;\"><div class=\"t m0 x2a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w4c5 hdb\" style=\"left:-3.7013779px; bottom:734.0763px;\"><div class=\"t m0 x41 ha yf01 ff5 fs4 fc2 sc0 ls0 ws0\">Causali/Categorie<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 hdb\" style=\"left:357.8416px; bottom:734.0763px;\"><div class=\"t m0 xe ha yf01 ff5 fs4 fc2 sc0 ls0 ws0\">Sofferenze </div></div><div class=\"c w3b0 hdb\" style=\"left:445.98163px; bottom:734.0763px;\"><div class=\"t m0 x95 ha yf01 ff5 fs4 fc2 sc0 ls0 ws0\">Inadempienze </div><div class=\"t m0 xd ha y7b8 ff5 fs4 fc2 sc0 ls0 ws0\">probabili </div></div><div class=\"c w1e3 hdb\" style=\"left:533.5366px; bottom:734.0763px;\"><div class=\"t m0 xd1 ha yf01 ff5 fs4 fc2 sc0 ls0 ws0\">Esposizioni </div><div class=\"t m0 x43 ha y7b8 ff5 fs4 fc2 sc0 ls0 ws0\">scadute </div><div class=\"t m0 xe ha y6fe ff5 fs4 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w4c5 h42\" style=\"left:-3.7013779px; bottom:718.47626px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Esposizione lord<span class=\"_ _3\"></span>a iniziale </div></div><div class=\"c w1e3 h42\" style=\"left:357.8416px; bottom:718.47626px;\"><div class=\"t m0 x7 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w3b0 h42\" style=\"left:445.98163px; bottom:718.47626px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w1e3 h42\" style=\"left:533.5366px; bottom:718.47626px;\"><div class=\"t m0 x40 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:703.81226px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:703.81226px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:703.81226px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:703.81226px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h42\" style=\"left:-3.7013779px; bottom:688.2123px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Variazioni in aum<span class=\"_ _3\"></span>ento </div></div><div class=\"c w1e3 h42\" style=\"left:357.8416px; bottom:688.2123px;\"><div class=\"t m0 x40 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h42\" style=\"left:445.98163px; bottom:688.2123px;\"><div class=\"t m0 x40 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h42\" style=\"left:533.5366px; bottom:688.2123px;\"><div class=\"t m0 x7 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:673.3923px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.1 ingressi da esp<span class=\"_ _3\"></span>osizioni non de<span class=\"_ _3\"></span>teriorate </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:673.3923px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:673.3923px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:673.3923px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:658.7283px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.2 ingressi da attivit<span class=\"_ _3\"></span>\u00e0 finanziarie im<span class=\"_ _3\"></span>paired acquisite o<span class=\"_ _3\"></span> originate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:658.7283px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:658.7283px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:658.7283px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h103\" style=\"left:-3.7013779px; bottom:643.86926px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.3 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizioni <span class=\"_ _3\"></span>deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h103\" style=\"left:357.8416px; bottom:643.86926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h103\" style=\"left:445.98163px; bottom:643.86926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h103\" style=\"left:533.5366px; bottom:643.86926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:629.04926px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.4 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:629.04926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:629.04926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:629.04926px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:614.38525px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">B.5 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:614.38525px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:614.38525px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:614.38525px;\"><div class=\"t m0 x7 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:599.56525px;\"><div class=\"t m0 x95 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- di cui operazioni <span class=\"_ _3\"></span>di aggregazion<span class=\"_ _3\"></span>e aziendale<span class=\"_ _3\"></span> </div></div><div class=\"c w4c5 h11d\" style=\"left:-3.7013779px; bottom:584.1213px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h11d\" style=\"left:357.8416px; bottom:584.1213px;\"><div class=\"t m0 x40 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h11d\" style=\"left:445.98163px; bottom:584.1213px;\"><div class=\"t m0 x122 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">18</span> </div></div><div class=\"c w1e3 h11d\" style=\"left:533.5366px; bottom:584.1213px;\"><div class=\"t m0 x40 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:569.3013px;\"><div class=\"t m0 x12 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">C.1 uscite verso es<span class=\"_ _3\"></span>posizioni non d<span class=\"_ _3\"></span>eteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:569.3013px;\"><div class=\"t m0 x40 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:569.3013px;\"><div class=\"t m0 x40 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:569.3013px;\"><div class=\"t m0 x40 hb y335 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:554.63727px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.2 write-off </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:554.63727px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:554.63727px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:554.63727px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:539.81726px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.3 incassi </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:539.81726px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:539.81726px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">15</span> </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:539.81726px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:525.15326px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.4 realizzi per cessi<span class=\"_ _3\"></span>oni </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:525.15326px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:525.15326px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:525.15326px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:510.33325px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.5 perdite da ces<span class=\"_ _3\"></span>sione </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:510.33325px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:510.33325px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:510.33325px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h7a\" style=\"left:-3.7013779px; bottom:495.66925px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.6 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni <span class=\"_ _3\"></span>deteriorate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h7a\" style=\"left:357.8416px; bottom:495.66925px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h7a\" style=\"left:445.98163px; bottom:495.66925px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h7a\" style=\"left:533.5366px; bottom:495.66925px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:480.84924px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.7 modifiche cont<span class=\"_ _3\"></span>rattuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:480.84924px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:480.84924px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:480.84924px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h1d\" style=\"left:-3.7013779px; bottom:466.02924px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">C.8 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h1d\" style=\"left:357.8416px; bottom:466.02924px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h1d\" style=\"left:445.98163px; bottom:466.02924px;\"><div class=\"t m0 x4d hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w1e3 h1d\" style=\"left:533.5366px; bottom:466.02924px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c5 h11d\" style=\"left:-3.7013779px; bottom:450.58527px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">D. Esposizione lord<span class=\"_ _3\"></span>a finale </div></div><div class=\"c w1e3 h11d\" style=\"left:357.8416px; bottom:450.58527px;\"><div class=\"t m0 x7 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w3b0 h11d\" style=\"left:445.98163px; bottom:450.58527px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w1e3 h11d\" style=\"left:533.5366px; bottom:450.58527px;\"><div class=\"t m0 x7 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w4c5 h42\" style=\"left:-3.7013779px; bottom:434.9853px;\"><div class=\"t m0 x12 h6 y1468 ff2 fs4 fc2 sc0 ls0 ws0\">- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> </div></div><div class=\"c w1e3 h42\" style=\"left:357.8416px; bottom:434.9853px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b0 h42\" style=\"left:445.98163px; bottom:434.9853px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e3 h42\" style=\"left:533.5366px; bottom:434.9853px;\"><div class=\"t m0 x40 h6 y6ff ff2 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-82.68538px; bottom:-92.22974px;\"><div class=\"t m0 x0 h125 y1eb ffa fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1707 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ybb1 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yc90 ffa fs0 fc2 sc0 ls0 ws0\">A.1.6. Bis Consolidato p<span class=\"_ _0\"></span>rudenziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie per c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssa verso banche: dinamica delle e<span class=\"_ _0\"></span>sposizioni lorde </div><div class=\"t m0 x127 h95 ybb3 ffa fs0 fc2 sc0 ls0 ws0\">oggetto di concessioni di<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>tinte per qualit\u00e0 crediti<span class=\"_ _0\"></span>zia </div><div class=\"t m0 x0 h95 ycd8 ffa fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c wea h42\" style=\"left:443.6416px; bottom:365.38327px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w4c6 h7f\" style=\"left:-3.7013779px; bottom:306.88327px;\"><div class=\"t m0 x41 h59 y1410 ff5 fs17 fc2 sc0 ls0 ws0\">Causali/Qu<span class=\"_ _0\"></span>alit\u00e0 </div></div><div class=\"c w4c7 h7f\" style=\"left:443.6416px; bottom:306.88327px;\"><div class=\"t m0 x96 h59 y1410 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 xb8 h59 y104e ff5 fs17 fc2 sc0 ls0 ws0\">oggetto d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x9b h59 y14d3 ff5 fs17 fc2 sc0 ls0 ws0\">concessio<span class=\"_ _0\"></span>ni: </div><div class=\"t m0 x13 h59 y6cd ff5 fs17 fc2 sc0 ls0 ws0\">deteriorate<span class=\"_ _0\"></span> </div></div><div class=\"c w4c8 h7f\" style=\"left:531.8206px; bottom:306.88327px;\"><div class=\"t m0 x96 h59 y1410 ff5 fs17 fc2 sc0 ls0 ws0\">Esposizio<span class=\"_ _0\"></span>ni </div><div class=\"t m0 xe h59 y104e ff5 fs17 fc2 sc0 ls0 ws0\">oggetto d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x9b h59 y14d3 ff5 fs17 fc2 sc0 ls0 ws0\">concessio<span class=\"_ _0\"></span>ni: </div><div class=\"t m0 x87 h59 y6cd ff5 fs17 fc2 sc0 ls0 ws0\">non deter<span class=\"_ _0\"></span>iorate </div></div><div class=\"c w4c6 h6a\" style=\"left:-3.7013779px; bottom:290.19125px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale </div></div><div class=\"c w4c7 h6a\" style=\"left:443.6416px; bottom:290.19125px;\"><div class=\"t m0 x134 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w4c8 h6a\" style=\"left:531.8206px; bottom:290.19125px;\"><div class=\"t m0 x7 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:274.59128px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:274.59128px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:274.59128px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h41\" style=\"left:-3.7013779px; bottom:258.05527px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to </div></div><div class=\"c w4c7 h41\" style=\"left:443.6416px; bottom:258.05527px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h41\" style=\"left:531.8206px; bottom:258.05527px;\"><div class=\"t m0 x134 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:242.45526px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>non ogget<span class=\"_ _0\"></span>to di conce<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:242.45526px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:242.45526px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:226.85526px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.2 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>oggetto di conc<span class=\"_ _0\"></span>essioni </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:226.85526px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:226.85526px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:211.25525px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.3 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni ogg<span class=\"_ _0\"></span>etto di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eriorate </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:211.25525px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:211.25525px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:195.65527px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.4 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni de<span class=\"_ _0\"></span>teriorate no<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>oggetto <span class=\"_ _35\"></span>di concessioni </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:195.65527px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:195.65527px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h44\" style=\"left:-3.7013779px; bottom:180.01627px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento </div></div><div class=\"c w4c7 h44\" style=\"left:443.6416px; bottom:180.01627px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h44\" style=\"left:531.8206px; bottom:180.01627px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h41\" style=\"left:-3.7013779px; bottom:163.48027px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione </div></div><div class=\"c w4c7 h41\" style=\"left:443.6416px; bottom:163.48027px;\"><div class=\"t m0 x122 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">18</span> </div></div><div class=\"c w4c8 h41\" style=\"left:531.8206px; bottom:163.48027px;\"><div class=\"t m0 x4d h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:147.88026px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _0\"></span>sizioni non <span class=\"_ _0\"></span>deteriorate<span class=\"_ _0\"></span> non ogge<span class=\"_ _0\"></span>tto di conce<span class=\"_ _0\"></span>ssioni </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:147.88026px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:147.88026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:132.28026px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.2 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate oggetto di<span class=\"_ _35\"></span> concessioni </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:132.28026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:132.28026px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:116.68027px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.3 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni ogge<span class=\"_ _35\"></span>tt<span class=\"_ _3\"></span>o di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni d<span class=\"_ _0\"></span>eteriorate </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:116.68027px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:116.68027px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:101.08026px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.4 write-of<span class=\"_ _0\"></span>f </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:101.08026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:101.08026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:85.48027px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.5 incassi<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:85.48027px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">15</span> </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:85.48027px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:69.880264px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.6 realizzi <span class=\"_ _0\"></span>per cessioni<span class=\"_ _35\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:69.880264px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:69.880264px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:54.28026px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.7 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:54.28026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:54.28026px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:38.680267px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:38.680267px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:38.680267px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c6 h41\" style=\"left:-3.7013779px; bottom:22.149467px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale </div></div><div class=\"c w4c7 h41\" style=\"left:443.6416px; bottom:22.149467px;\"><div class=\"t m0 x134 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w4c8 h41\" style=\"left:531.8206px; bottom:22.149467px;\"><div class=\"t m0 x134 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w4c6 h42\" style=\"left:-3.7013779px; bottom:6.5494614px;\"><div class=\"t m0 x9b h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> </div></div><div class=\"c w4c7 h42\" style=\"left:443.6416px; bottom:6.5494614px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4c8 h42\" style=\"left:531.8206px; bottom:6.5494614px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div>A.1.7. Consolidato pru<span class=\"_ _0\"></span>denziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie pe<span class=\"_ _0\"></span>r cassa verso clien<span class=\"_ _0\"></span>tela: dinamica delle espo<span class=\"_ _0\"></span>sizioni deteriorate lorde  (milioni di eur<span class=\"_ _35\"></span>o) Causali/Ca<span class=\"_ _0\"></span>tegorie Sofferenze Inademp<span class=\"_ _0\"></span>ienze probabili Esposizio<span class=\"_ _0\"></span>ni scadute deteriorate<span class=\"_ _35\"></span> A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale 9.461 9.915 774<span class=\"ls0\"> </span>- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> 196<span class=\"ls0\"> </span>862<span class=\"ls0\"> </span>242<span class=\"ls0\"> </span>B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to 1.852 3.905 817<span class=\"ls0\"> </span>B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate 377<span class=\"ls0\"> </span>2.432 761<span class=\"ls0\"> </span>B.2 ingre<span class=\"_ _0\"></span>ssi da atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>impaired<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>acquisite o<span class=\"_ _0\"></span> originate - - - B.3 trasferi<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>enti da<span class=\"_ _0\"></span> altre categori<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>di e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>posizioni d<span class=\"_ _0\"></span>eteriorate 985<span class=\"ls0\"> </span>701<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>B.4 modifi<span class=\"_ _0\"></span>che contra<span class=\"_ _0\"></span>ttuali sen<span class=\"_ _0\"></span>za cancella<span class=\"_ _0\"></span>zioni - 9 - B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento 490<span class=\"ls0\"> </span>763<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione -7.463 -6.389 -1.039 C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate -<span class=\"ls25\">22</span> -<span class=\"ls25\">639</span> -<span class=\"ls25\">171</span> C.2 write-of<span class=\"_ _0\"></span>f -<span class=\"ls25\">549</span> -<span class=\"ls25\">194</span> -1 C.3 incassi<span class=\"_ _0\"></span> -<span class=\"ls25\">505</span> -1.106 -<span class=\"ls25\">118</span> C.4 realiz<span class=\"_ _0\"></span>zi per cessioni<span class=\"_ _35\"></span> -1.382 -1.085 -1 C.5 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> -<span class=\"ls25\">130</span> -5 -1 C.6 trasferi<span class=\"_ _0\"></span>menti ad a<span class=\"_ _0\"></span>ltre categ<span class=\"_ _0\"></span>orie di esposi<span class=\"_ _0\"></span>zioni deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e -<span class=\"ls25\">75</span> -<span class=\"ls25\">926</span> -<span class=\"ls25\">699</span> C.7 modi<span class=\"_ _0\"></span>fiche contrat<span class=\"_ _0\"></span>tuali senza <span class=\"_ _0\"></span>cancellazioni<span class=\"_ _0\"></span> - -<span class=\"ls25\">19</span> - C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> -4.800 -2.415 -<span class=\"ls25\">48</span> D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale 3.850 7.431 552<span class=\"ls0\"> </span>- di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> 93<span class=\"ls0\"> </span>507<span class=\"ls0\"> </span>172<span class=\"ls0\"> </span>Nelle <span class=\"_ _2\"></span>\u201cAltre <span class=\"_ _2\"></span>variazioni <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>aumento\u201d <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>ricompresi, <span class=\"_ _2\"></span>prevalentemente,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>incrementi <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>saldi <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>addebiti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019incremento <span class=\"_ _2\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>saldi in valuta a seguit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> della variazion<span class=\"_ _0\"></span>e del tasso di cambi<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _29\"> </span>principalme<span class=\"_ _0\"></span>nte <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _20\"> </span>c<span class=\"_ _3\"></span>lassific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e \u201cinadempienze probabi<span class=\"_ _0\"></span>li\u201d oggetto di ce<span class=\"_ _0\"></span>ssione nel corso dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"ff1\"> </span>A.1.7. Bis Consolidato p<span class=\"_ _0\"></span>rudenziale <span class=\"ffb\">\u2013</span> Esposizioni creditizie per c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssa verso client<span class=\"_ _0\"></span>ela: dinamica delle espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3\"></span> lorde oggetto di conces<span class=\"_ _0\"></span>sioni distinte per qu<span class=\"_ _0\"></span>alit\u00e0 creditizia (milioni di eur<span class=\"_ _35\"></span>o) Causali/Qu<span class=\"_ _0\"></span>alit\u00e0 Esposizio<span class=\"_ _0\"></span>ni oggetto d<span class=\"_ _0\"></span>i concessio<span class=\"_ _0\"></span>ni: deteriorate<span class=\"_ _0\"></span> Esposizio<span class=\"_ _0\"></span>ni oggetto d<span class=\"_ _0\"></span>i concessio<span class=\"_ _0\"></span>ni: non deteriorate<span class=\"_ _35\"></span> A. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> iniziale 6.170 8.616 - di cui: esp<span class=\"_ _0\"></span>osizioni c<span class=\"_ _0\"></span>edute non <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ancellate<span class=\"_ _0\"></span> 580<span class=\"ls0\"> </span>1.780 B. Variaz<span class=\"_ _0\"></span>ioni in aume<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to 1.624 2.467 B.1 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>non ogget<span class=\"_ _0\"></span>to di conce<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sioni 227<span class=\"ls0\"> </span>1.910 B.2 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni non<span class=\"_ _0\"></span> deteriorate <span class=\"_ _0\"></span>oggetto di <span class=\"_ _0\"></span>concessioni 638<span class=\"ls0\"> </span>X B.3 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni ogg<span class=\"_ _0\"></span>etto di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni de<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eriorate X 439<span class=\"ls0\"> </span>B.4 ingre<span class=\"_ _0\"></span>ssi da espos<span class=\"_ _0\"></span>izioni de<span class=\"_ _0\"></span>teriorate no<span class=\"_ _35\"></span>n <span class=\"_ _3\"></span>oggetto <span class=\"_ _35\"></span>di concessioni 173<span class=\"ls0\"> </span>6 B.5 altre <span class=\"_ _0\"></span>variazioni in au<span class=\"_ _35\"></span>mento 586<span class=\"ls0\"> </span>112<span class=\"ls0\"> </span>C. Variaz<span class=\"_ _0\"></span>ioni in dim<span class=\"_ _0\"></span>inuzione -3.872 -3.601 C.1 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _0\"></span>sizioni non <span class=\"_ _0\"></span>deteriorate<span class=\"_ _0\"></span> non ogge<span class=\"_ _0\"></span>tto di conce<span class=\"_ _0\"></span>ssioni X -1.397 C.2 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni non <span class=\"_ _35\"></span>deteriorate oggetto di<span class=\"_ _35\"></span> concessioni -<span class=\"ls25\">439</span> X C.3 uscite<span class=\"_ _0\"></span> verso espo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>izioni ogge<span class=\"_ _35\"></span>tt<span class=\"_ _3\"></span>o di con<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>essioni d<span class=\"_ _0\"></span>eteriorate X -<span class=\"ls25\">638</span> C.4 write-of<span class=\"_ _0\"></span>f -<span class=\"ls25\">127</span> - C.5 incassi<span class=\"_ _0\"></span> -<span class=\"ls25\">690</span> -<span class=\"ls25\">913</span> C.6 realiz<span class=\"_ _0\"></span>zi per cessioni<span class=\"_ _35\"></span> -<span class=\"ls25\">820</span> -<span class=\"ls25\">395</span> C.7 perdite<span class=\"_ _0\"></span> da cessione<span class=\"_ _35\"></span> -<span class=\"ls25\">56</span> - C.8 altre va<span class=\"_ _0\"></span>riazioni in di<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>inuzione<span class=\"_ _0\"></span> -1.740 -<span class=\"ls25\">258</span> D. Esposi<span class=\"_ _0\"></span>zione lorda<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>finale 3.922 7.482 - di cui: esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> cedute non<span class=\"_ _0\"></span> cancellate<span class=\"_ _0\"></span> 260<span class=\"ls0\"> </span>1.335 Nelle \u201cAltre variazioni in <span class=\"_ _0\"></span>aumento\u201d sono ricompr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>si, prevalentemente, g<span class=\"_ _0\"></span>li incrementi dei s<span class=\"_ _0\"></span>aldi per addebiti.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _23\"> </span>classific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e \u201cinadempienze probabi<span class=\"_ _0\"></span>li\u201d oggetto di ce<span class=\"_ _0\"></span>ssione <span class=\"_ _3\"></span>nel corso dell\u2019e<span class=\"_ _0\"></span>sercizio.<span class=\"ffa fc2\"> <span class=\"_ _30\"> </span></span>A.1.8 Consolidato pruden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iale <span class=\"ffb\">\u2013</span> Esposizioni creditizie p<span class=\"_ _0\"></span>er cassa deteriorate <span class=\"_ _0\"></span>verso banche: dinamica de<span class=\"_ _0\"></span>lle rettifiche di valore complessiv<span class=\"_ _0\"></span>e (milioni di euro)<span class=\"_ _3\"></span> Causali/Categorie<span class=\"_ _3\"></span> SOFFERENZE<span class=\"_ _3\"></span> INADEMPIENZE PROBABILI ESPOSIZIONI SCADUTE<span class=\"_ _3\"></span> DETERIORATE<span class=\"_ _3\"></span> Totale  di cui: esposizioni oggetto di concessioni<span class=\"_ _3\"></span> Totale  di cui: esposizioni oggetto di concessioni<span class=\"_ _3\"></span> Totale  di cui: esposizioni oggetto di concessioni A. Rettifiche compl<span class=\"_ _3\"></span>essive iniziali<span class=\"_ _3\"></span> 4 - 13<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>- - - di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> - - - - - - B. Variazioni in aum<span class=\"_ _3\"></span>ento - - - - - - B.1 rettifiche di valo<span class=\"_ _3\"></span>re di attivit\u00e0 im<span class=\"_ _3\"></span>paired acquisite <span class=\"_ _3\"></span>o originate - X - X - X B.2 altre rettifiche <span class=\"_ _3\"></span>di valore<span class=\"_ _3\"></span> - - - - - - B.3 perdite da cessi<span class=\"_ _3\"></span>one - - - - - - B.4 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizioni deteriorate - - - - - - B.5 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> - - - - - - B.6 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> - - - - - - C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> - - -1 -1 - - C.1 riprese di valo<span class=\"_ _3\"></span>re da valutazi<span class=\"_ _3\"></span>one - - -1 -1 - - C.2 riprese di valo<span class=\"_ _3\"></span>re da incasso<span class=\"_ _3\"></span> - - - - - - C.3 utili da cessio<span class=\"_ _3\"></span>ne  - - - - - - C.4 write-off - - - - - - C.5 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni deteriorate - - - - - - C.6 modifiche cont<span class=\"_ _3\"></span>rattuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> - - - - - - C.7 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> - - - - - - D. Rettifiche compl<span class=\"_ _3\"></span>essive finali<span class=\"_ _3\"></span> 4 - 12<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>- - - di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> - - - - - - A.1.9 Consolidato pruden<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iale <span class=\"ffb\">\u2013</span> Esposizioni creditizie p<span class=\"_ _0\"></span>er cassa deteriorate verso client<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>la: dinamica delle re<span class=\"_ _0\"></span>ttifiche di valore complessiv<span class=\"_ _0\"></span>e (milioni di euro)<span class=\"_ _3\"></span> Causali/Categorie<span class=\"_ _3\"></span> SOFFERENZE<span class=\"_ _3\"></span> INADEMPIENZE PROBABILI ESPOSIZIONI SCADUTE<span class=\"_ _3\"></span> DETERIORATE<span class=\"_ _3\"></span> Totale di cui: esposizioni oggetto di concessioni<span class=\"_ _3\"></span> Totale di cui: esposizioni oggetto di concessioni Totale di cui: esposizioni oggetto di concessioni A. Rettifiche compl<span class=\"_ _3\"></span>essive iniziali<span class=\"_ _3\"></span> 6.897 1.294 4.582 1.562 152<span class=\"ls0\"> </span>32<span class=\"ls0\"> </span>- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> 105<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>221<span class=\"ls0\"> </span>116<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>4 B. Variazioni in aum<span class=\"_ _3\"></span>ento 1.794 381<span class=\"ls0\"> </span>1.975 764<span class=\"ls0\"> </span>215<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>B.1 rettifiche di valo<span class=\"_ _3\"></span>re di attivit\u00e0 im<span class=\"_ _3\"></span>paired acquisite <span class=\"_ _3\"></span>o originate - X - X - X B.2 altre rettifiche <span class=\"_ _3\"></span>di valore<span class=\"_ _3\"></span> 851<span class=\"ls0\"> </span>180<span class=\"ls0\"> </span>1.566 599<span class=\"ls0\"> </span>162<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>B.3 perdite da cessi<span class=\"_ _3\"></span>one 253<span class=\"ls0\"> </span>56<span class=\"ls0\"> </span>6 1 1 - B.4 trasferimenti d<span class=\"_ _3\"></span>a altre categori<span class=\"_ _3\"></span>e di esposizi<span class=\"_ _3\"></span>oni deteriorate 463<span class=\"ls0\"> </span>121<span class=\"ls0\"> </span>185<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>9 - B.5 modifiche contr<span class=\"_ _3\"></span>attuali senza c<span class=\"_ _3\"></span>ancellazioni<span class=\"_ _3\"></span> - - 77<span class=\"ls0\"> </span>77<span class=\"ls0\"> </span>- - B.6 altre variazioni i<span class=\"_ _3\"></span>n aumento<span class=\"_ _3\"></span> 227<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>141<span class=\"ls0\"> </span>37<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>- C. Variazioni in dimi<span class=\"_ _3\"></span>nuzione<span class=\"_ _3\"></span> -6.019 -1.157 -3.601 -1.197 -228 -<span class=\"ls1b\">42</span> C.1 riprese di valo<span class=\"_ _3\"></span>re da valutazi<span class=\"_ _3\"></span>one -367 -<span class=\"ls1b\">84</span> -425 -261 -<span class=\"ls1b\">43</span> - C.2 riprese di valo<span class=\"_ _3\"></span>re da incasso<span class=\"_ _3\"></span> -<span class=\"ls1b\">99</span> -<span class=\"ls1b\">21</span> -141 -<span class=\"ls1b\">85</span> -6 - C.3 utili da cessio<span class=\"_ _3\"></span>ne -<span class=\"ls1b\">23</span> -1 -<span class=\"ls1b\">15</span> -8 - - C.4 write-off -549 -<span class=\"ls1b\">73</span> -194 -<span class=\"ls1b\">54</span> -1 - C.5 trasferimenti <span class=\"_ _3\"></span>ad altre catego<span class=\"_ _3\"></span>rie di esposizioni deteriorate -<span class=\"ls1b\">47</span> -<span class=\"ls1b\">10</span> -449 -119 -161 -<span class=\"ls1b\">42</span> C.6 modifiche cont<span class=\"_ _3\"></span>rattuali senza can<span class=\"_ _3\"></span>cellazioni<span class=\"_ _3\"></span> - - -<span class=\"ls1b\">14</span> -<span class=\"ls1b\">14</span> - - C.7 altre variazioni i<span class=\"_ _3\"></span>n diminuzione<span class=\"_ _3\"></span> -4.934 -968 -2.363 -656 -<span class=\"ls1b\">17</span> - D. Rettifiche compl<span class=\"_ _3\"></span>essive finali<span class=\"_ _3\"></span> 2.672 518<span class=\"ls0\"> </span>2.956 1.129 139<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>- di cui: esposizioni c<span class=\"_ _3\"></span>edute non c<span class=\"_ _3\"></span>ancellate<span class=\"_ _3\"></span> 46<span class=\"ls0\"> </span>7 106<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>4 Nelle <span class=\"_ _3\"></span>\u201cAltre variazioni in <span class=\"_ _3\"></span>aumento\u201d sono <span class=\"_ _3\"></span>ricompresi, prevalentemente, gli incassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>crediti cancellati integralmente dal <span class=\"_ _3\"></span>bil<span class=\"_ _5\"></span><span class=\"ff1\">ancio </span>(in <span class=\"_ _7\"> </span>contropartita <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>oce <span class=\"_ _7\"> </span>\u201cRiprese <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>incasso\u201d) <span class=\"_ _4\"> </span>e <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ncrementi<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>saldi <span class=\"_ _7\"> </span>dei <span class=\"_ _1d\"> </span><span class=\"ff1\">fondi <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>valuta <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>della </span>variazione del tasso <span class=\"_ _0\"></span>di cambio. Le <span class=\"_ _23\"> </span>\u201cAltre <span class=\"_ _20\"> </span>variazioni <span class=\"_ _20\"> </span>in <span class=\"_ _20\"> </span>diminuzione\u201d <span class=\"_ _20\"> </span>includono <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>rincipalment<span class=\"_ _0\"></span>e <span class=\"_ _20\"> </span>i <span class=\"_ _23\"> </span>portafogli <span class=\"_ _20\"> </span>creditizi <span class=\"_ _23\"> </span>classific<span class=\"_ _0\"></span>ati <span class=\"_ _20\"> </span>co<span class=\"_ _3\"></span>me <span class=\"_ _20\"> </span>\u201csofferenze\u201d <span class=\"_ _20\"> </span>e \u201cinadempienze <span class=\"_ _6\"></span>probabili\u201d <span class=\"_ _5\"></span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>cessione <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>dell\u2019esercizio. <span class=\"_ _6\"> </span>In <span class=\"_ _7\"> </span><span class=\"ff1\">tale <span class=\"_ _6\"></span>voce <span class=\"_ _6\"></span>trovano <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"></span>allocazione <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>incassi <span class=\"_ _5\"></span>di </span>interessi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mora <span class=\"_ _3\"></span>accertati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>precedenti, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>perdite <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>coperta <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>fondo, il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>decremento d<span class=\"_ _6\"></span>ei fondi in valuta a seguito della v<span class=\"_ _35\"></span>ariazione del tasso di cambio, nonch\u00e9 la r<span class=\"_ _3\"></span>iduzione dei fondi rettifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ativi dovuta al trascorr<span class=\"_ _0\"></span>ere del tempo. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-411.5813px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">A.2. Classificazione delle e<span class=\"_ _3\"></span>sposizioni in base ai rating esterni e inter<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 yaa9 ffa fs0 fc2 sc0 ls0 ws0\">A.2.1. <span class=\"_ _3\"></span>Consolidato prudenziale <span class=\"_ _3\"></span>- Distribuzione <span class=\"_ _3\"></span>delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie, degli <span class=\"_ _3\"></span>impegni a <span class=\"_ _2\"></span>erogare fondi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle garanzie </div><div class=\"t m0 x127 h95 yaaa ffa fs0 fc2 sc0 ls0 ws0\">finanziarie rilasciate pe<span class=\"_ _0\"></span>r classi di rating e<span class=\"_ _0\"></span>sterni (valori lordi) </div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y416 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>adotta <span class=\"_ _4\"> </span>sui <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"> </span>oggetto <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>segnalazione <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>valutazioni <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>seguenti <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rating </div><div class=\"t m0 x0 h2 y417 ff4 fs0 fc0 sc0 ls0 ws0\">esterne: Standard &amp; Poor\u2019s Ratings<span class=\"ff1\"> </span>Services, Moody\u2019s Investors<span class=\"_ _0\"></span> Service, Fitch Ratings e DBRS Morningstar. I rating forniti da </div><div class=\"t m0 x0 h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\">tali <span class=\"_ _4\"> </span>agenzie <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>utilizzati <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>conformit\u00e0 <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>autorizzazioni <span class=\"_ _4\"></span>ricevute <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>regolamenti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>vigore <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"></span>del </div><div class=\"t m0 x0 h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo. </div><div class=\"t m0 x0 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"> </span>che, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>ottemperanza <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>sancito <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>normativa, <span class=\"_ _4\"> </span>laddove <span class=\"_ _4\"> </span>siano <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>resenti <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>valutazioni <span class=\"_ _4\"> </span>dello <span class=\"_ _4\"> </span>stesso </div><div class=\"t m0 x0 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">cliente, <span class=\"_ _1d\"> </span>viene <span class=\"_ _1d\"> </span>adottata <span class=\"_ _1d\"> </span>quella <span class=\"_ _1d\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>prudenziale; <span class=\"_ _1d\"> </span>nel <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tre <span class=\"_ _1d\"> </span>valutazioni <span class=\"_ _1d\"> </span>quella <span class=\"_ _1d\"> </span>intermedia, <span class=\"_ _1d\"> </span>qualora <span class=\"_ _1d\"> </span>presenti <span class=\"_ _1d\"> </span>tutte <span class=\"_ _1d\"> </span>le </div><div class=\"t m0 x0 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">valutazioni, la secon<span class=\"_ _0\"></span>da migliore. </div><div class=\"t m0 x0 h2 yb39 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w4d1 h42\" style=\"left:518.3676px; bottom:420.0287px;\"><div class=\"t m0 x99 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(mil<span class=\"ls26\">ioni di euro)<span class=\"ls0\"> </span></span></div></div><div class=\"c w4d0 h7b\" style=\"left:-4.050377px; bottom:376.1927px;\"><div class=\"t m0 x41 h8d y1742 ff5 fse fc2 sc0 ls29 ws0\">Esposizioni<span class=\"ls0\"> </span></div></div><div class=\"c w4d2 h8c\" style=\"left:210.9826px; bottom:394.6007px;\"><div class=\"t m0 x123 h8d y959 ff5 fse fc2 sc0 ls26 ws0\">CLASSI RATING ESTERNI<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7b\" style=\"left:518.3676px; bottom:376.1927px;\"><div class=\"t m0 x97 h8d y1742 ff5 fse fc2 sc0 ls29 ws0\">SENZA </div><div class=\"t m0 x12 h8d y916 ff5 fse fc2 sc0 ls0 ws0\">RATING </div></div><div class=\"c wb1 h7b\" style=\"left:569.53564px; bottom:376.1927px;\"><div class=\"t m0 x87 h8d y1742 ff5 fse fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c wb2 h5b\" style=\"left:210.9826px; bottom:376.1927px;\"><div class=\"t m0 x6 h2c y326 ff1 fse fc2 sc0 ls0 ws0\">classe 1 </div></div><div class=\"c wb1 h5b\" style=\"left:262.61862px; bottom:376.1927px;\"><div class=\"t m0 x12 h2c y326 ff1 fse fc2 sc0 ls26 ws0\">Classe 2<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h5b\" style=\"left:313.00662px; bottom:376.1927px;\"><div class=\"t m0 x12 h2c y326 ff1 fse fc2 sc0 ls26 ws0\">Classe 3<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h5b\" style=\"left:364.04462px; bottom:376.1927px;\"><div class=\"t m0 x12 h2c y326 ff1 fse fc2 sc0 ls26 ws0\">Classe 4<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h5b\" style=\"left:415.52463px; bottom:376.1927px;\"><div class=\"t m0 x12 h2c y326 ff1 fse fc2 sc0 ls26 ws0\">Classe 5<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h5b\" style=\"left:467.00458px; bottom:376.1927px;\"><div class=\"t m0 x12 h2c y326 ff1 fse fc2 sc0 ls26 ws0\">Classe 6<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h7d\" style=\"left:-4.050377px; bottom:344.99268px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls26 ws0\">A. Attivit\u00e0 finanziarie valutate al costo </div><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls28 ws0\">ammortizzato<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:210.9826px; bottom:344.99268px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">17.930<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:262.61862px; bottom:344.99268px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">23.364<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h7d\" style=\"left:313.00662px; bottom:344.99268px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">64.235<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:364.04462px; bottom:344.99268px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">10.923<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:415.52463px; bottom:344.99268px;\"><div class=\"t m0 x94 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">6.063<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h7d\" style=\"left:467.00458px; bottom:344.99268px;\"><div class=\"t m0 xd1 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">374<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:518.3676px; bottom:344.99268px;\"><div class=\"t m0 xa1 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">413.994<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:569.53564px; bottom:344.99268px;\"><div class=\"t m0 xa1 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">536.883<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h27\" style=\"left:-4.050377px; bottom:331.3817px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Primo </span>stadio </div></div><div class=\"c wb2 h27\" style=\"left:210.9826px; bottom:331.3817px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">17.887<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h27\" style=\"left:262.61862px; bottom:331.3817px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">21.082<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h27\" style=\"left:313.00662px; bottom:331.3817px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">62.418<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h27\" style=\"left:364.04462px; bottom:331.3817px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10.578<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h27\" style=\"left:415.52463px; bottom:331.3817px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">4.631<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h27\" style=\"left:467.00458px; bottom:331.3817px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">113<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h27\" style=\"left:518.3676px; bottom:331.3817px;\"><div class=\"t m0 xa1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">358.898<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h27\" style=\"left:569.53564px; bottom:331.3817px;\"><div class=\"t m0 xa1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">475.607<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:317.6537px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Secondo stadio</span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:317.6537px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:317.6537px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">2.282<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:317.6537px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">1.817<span class=\"ls0\"> </span></div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:317.6537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">343<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:317.6537px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">1.300<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:317.6537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:317.6537px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">44.335<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:317.6537px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">50.220<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:304.08173px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls2b\">Terzo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:304.08173px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:304.08173px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:304.08173px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:304.08173px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:304.08173px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">132<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:304.08173px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">161<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:304.08173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10.379<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:304.08173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10.672<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:290.3537px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:290.3537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:290.3537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:290.3537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:290.3537px;\"><div class=\"t m0 xd9 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:290.3537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:290.3537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:290.3537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">382<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:290.3537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">384<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h7d\" style=\"left:-4.050377px; bottom:259.1537px;\"><div class=\"t m0 x41 h8d y959 ff5 fse fc2 sc0 ls26 ws0\">B. Attivit\u00e0 <span class=\"ls0\">finanziarie valutate al fair val<span class=\"_ _3\"></span>ue con </span></div><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls27 ws0\">impatto sulla redditivit\u00e0 complessiva<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:210.9826px; bottom:259.1537px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">16.399<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:262.61862px; bottom:259.1537px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">10.502<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h7d\" style=\"left:313.00662px; bottom:259.1537px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">14.790<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:364.04462px; bottom:259.1537px;\"><div class=\"t m0 xd1 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">963<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:415.52463px; bottom:259.1537px;\"><div class=\"t m0 x94 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">2.481<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h7d\" style=\"left:467.00458px; bottom:259.1537px;\"><div class=\"t m0 xb8 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">69<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h7d\" style=\"left:518.3676px; bottom:259.1537px;\"><div class=\"t m0 x94 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">3.284<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h7d\" style=\"left:569.53564px; bottom:259.1537px;\"><div class=\"t m0 x14 h8d y76d ff5 fse fc2 sc0 ls28 ws0\">48.488<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:245.58173px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Primo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:245.58173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">16.399<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:245.58173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10.502<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:245.58173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">14.722<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:245.58173px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">866<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:245.58173px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">2.290<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:245.58173px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:245.58173px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">2.758<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:245.58173px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">47.584<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:231.8537px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Secondo stadio</span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:231.8537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:231.8537px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:231.8537px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:231.8537px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:231.8537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">191<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:231.8537px;\"><div class=\"t m0 xd9 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:231.8537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">504<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:231.8537px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">868<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:218.28168px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls2b\">Terzo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:218.28168px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:218.28168px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:218.28168px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:218.28168px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:218.28168px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:218.28168px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:218.28168px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:218.28168px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">36<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:204.55371px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:204.55371px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d0 h41\" style=\"left:-4.050377px; bottom:188.0177px;\"><div class=\"t m0 x41 h8d y8e9 ff5 fse fc2 sc0 ls26 ws0\">C. Attivit\u00e0 finanziarie in corso di dismissione<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wb2 h41\" style=\"left:210.9826px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h41\" style=\"left:262.61862px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h41\" style=\"left:313.00662px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h41\" style=\"left:364.04462px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h41\" style=\"left:415.52463px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h41\" style=\"left:467.00458px; bottom:188.0177px;\"><div class=\"t m0 xb h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h41\" style=\"left:518.3676px; bottom:188.0177px;\"><div class=\"t m0 xd1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">754<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:569.53564px; bottom:188.0177px;\"><div class=\"t m0 xd1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">754<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:174.44568px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Primo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:174.44568px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:160.71771px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Secondo stadio</span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:160.71771px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:160.71771px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:160.71771px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:147.14569px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls2b\">Terzo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:147.14569px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:147.14569px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">725<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:147.14569px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">725<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:133.41772px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Impaired </span>acquisite o originate<span class=\"_ _3\"></span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:133.41772px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:133.41772px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:133.41772px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h41\" style=\"left:-4.050377px; bottom:116.881714px;\"><div class=\"t m0 x41 h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">Totale (A+B+C) </div></div><div class=\"c wb2 h41\" style=\"left:210.9826px; bottom:116.881714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">34.329<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:262.61862px; bottom:116.881714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">33.866<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h41\" style=\"left:313.00662px; bottom:116.881714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">79.025<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h41\" style=\"left:364.04462px; bottom:116.881714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">11.886<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:415.52463px; bottom:116.881714px;\"><div class=\"t m0 x94 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">8.544<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h41\" style=\"left:467.00458px; bottom:116.881714px;\"><div class=\"t m0 xd1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">443<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h41\" style=\"left:518.3676px; bottom:116.881714px;\"><div class=\"t m0 xa1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">418.032<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:569.53564px; bottom:116.881714px;\"><div class=\"t m0 xa1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">586.125<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h9a\" style=\"left:-4.050377px; bottom:85.6557px;\"><div class=\"t m0 x41 h8d ya90 ff5 fse fc2 sc0 ls26 ws0\">D. Impegni a erogare fondi e garanzie fi<span class=\"_ _3\"></span>nanziarie </div><div class=\"t m0 x41 h8d y7b9 ff5 fse fc2 sc0 ls2f ws0\">rilasciate<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:71.927704px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Primo stadio</span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:71.927704px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">11.594<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:71.927704px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">25.962<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:71.927704px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">51.799<span class=\"ls0\"> </span></div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:71.927704px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">13.899<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:71.927704px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">3.271<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:71.927704px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:71.927704px;\"><div class=\"t m0 xa1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">161.048<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:71.927704px;\"><div class=\"t m0 xa1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">267.715<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:58.355713px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls29\">Secondo stadio</span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:58.355713px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">27<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:58.355713px;\"><div class=\"t m0 xd1 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">211<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:58.355713px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">3.177<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:58.355713px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">2.099<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:58.355713px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">1.586<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:58.355713px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">35<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:58.355713px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">19.891<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:58.355713px;\"><div class=\"t m0 x14 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">27.026<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 hc3\" style=\"left:-4.050377px; bottom:44.627716px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls2b\">Terzo stadio</span> </div></div><div class=\"c wb2 hc3\" style=\"left:210.9826px; bottom:44.627716px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:262.61862px; bottom:44.627716px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 hc3\" style=\"left:313.00662px; bottom:44.627716px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 hc3\" style=\"left:364.04462px; bottom:44.627716px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 hc3\" style=\"left:415.52463px; bottom:44.627716px;\"><div class=\"t m0 xb8 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c wb0 hc3\" style=\"left:467.00458px; bottom:44.627716px;\"><div class=\"t m0 xd9 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c wb2 hc3\" style=\"left:518.3676px; bottom:44.627716px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">1.754<span class=\"ls0\"> </span></div></div><div class=\"c wb1 hc3\" style=\"left:569.53564px; bottom:44.627716px;\"><div class=\"t m0 x94 h2c yea5 ff1 fse fc2 sc0 ls28 ws0\">1.782<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h18\" style=\"left:-4.050377px; bottom:31.055695px;\"><div class=\"t m0 x87 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- <span class=\"ls27\">Impaired acquisite o originate<span class=\"_ _3\"></span></span> </div></div><div class=\"c wb2 h18\" style=\"left:210.9826px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:262.61862px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:313.00662px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:364.04462px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb1 h18\" style=\"left:415.52463px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb0 h18\" style=\"left:467.00458px; bottom:31.055695px;\"><div class=\"t m0 xb h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h18\" style=\"left:518.3676px; bottom:31.055695px;\"><div class=\"t m0 xd9 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c wb1 h18\" style=\"left:569.53564px; bottom:31.055695px;\"><div class=\"t m0 xd9 h2c yea5 ff1 fse fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w4d0 h41\" style=\"left:-4.050377px; bottom:14.519714px;\"><div class=\"t m0 x41 h8d y8e9 ff5 fse fc2 sc0 ls0 ws0\">Totale (D) </div></div><div class=\"c wb2 h41\" style=\"left:210.9826px; bottom:14.519714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">11.621<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:262.61862px; bottom:14.519714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">26.173<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h41\" style=\"left:313.00662px; bottom:14.519714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">54.976<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h41\" style=\"left:364.04462px; bottom:14.519714px;\"><div class=\"t m0 x14 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">15.998<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:415.52463px; bottom:14.519714px;\"><div class=\"t m0 x94 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">4.882<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h41\" style=\"left:467.00458px; bottom:14.519714px;\"><div class=\"t m0 xd1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h41\" style=\"left:518.3676px; bottom:14.519714px;\"><div class=\"t m0 xa1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">182.697<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h41\" style=\"left:569.53564px; bottom:14.519714px;\"><div class=\"t m0 xa1 h8d y8e9 ff5 fse fc2 sc0 ls28 ws0\">296.527<span class=\"ls0\"> </span></div></div><div class=\"c w4d0 h6a\" style=\"left:-4.050377px; bottom:-2.1723022px;\"><div class=\"t m0 x41 h8d yb4a ff5 fse fc2 sc0 ls0 ws0\">Totale (A+B+C+<span class=\"_ _3\"></span>D) </div></div><div class=\"c wb2 h6a\" style=\"left:210.9826px; bottom:-2.1723022px;\"><div class=\"t m0 x14 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">45.950<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h6a\" style=\"left:262.61862px; bottom:-2.1723022px;\"><div class=\"t m0 x14 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">60.039<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h6a\" style=\"left:313.00662px; bottom:-2.1723022px;\"><div class=\"t m0 xa1 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">134.001<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h6a\" style=\"left:364.04462px; bottom:-2.1723022px;\"><div class=\"t m0 x14 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">27.884<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h6a\" style=\"left:415.52463px; bottom:-2.1723022px;\"><div class=\"t m0 x14 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">13.426<span class=\"ls0\"> </span></div></div><div class=\"c wb0 h6a\" style=\"left:467.00458px; bottom:-2.1723022px;\"><div class=\"t m0 xd1 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">623<span class=\"ls0\"> </span></div></div><div class=\"c wb2 h6a\" style=\"left:518.3676px; bottom:-2.1723022px;\"><div class=\"t m0 xa1 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">600.729<span class=\"ls0\"> </span></div></div><div class=\"c wb1 h6a\" style=\"left:569.53564px; bottom:-2.1723022px;\"><div class=\"t m0 xa1 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">882.652<span class=\"ls0\"> </span></div></div>La tabella che seg<span class=\"_ _0\"></span>ue riporta il raccordo (m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>pping) tra le clas<span class=\"_ _0\"></span>si di rischio ed i rating d<span class=\"_ _0\"></span>elle agenzie utiliz<span class=\"_ _0\"></span>zate.<span class=\"_ _2\"></span> Mapping dei rating rilas<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>iati dalle agenzie di rat<span class=\"_ _0\"></span>ing esterne  ECAI Moody's Standard &amp; Po<span class=\"_ _3\"></span>or's Fitch DBRS Morningstar<span class=\"_ _3\"></span> Lungo termine Breve termine Lungo termine Breve termine Lungo termine Breve termine Lungo termine Breve termine Classe <span class=\"_ _32\"> </span>di <span class=\"_ _31\"> </span>m<span class=\"_ _3\"></span>erito <span class=\"_ _32\"> </span>di credito Classe 1 Aaa, Aa3 P-1 AAA, AA- A1+, A1 AAA, AA- F1+, F1 AAA, AA- R-1 Classe 2 A1, A3 P-2 A+, A- A2<span class=\"ls0\"> </span>A+, A- F2<span class=\"ls0\"> </span>A+, A- R-2 Classe 3 Baa1, Baa3<span class=\"_ _3\"></span> P-3 BBB+, BBB- A3<span class=\"ls0\"> </span>BBB+, BBB- F3<span class=\"ls0\"> </span>BBB+, BBB- R-3 Classe 4 Ba1, Ba3 NP<span class=\"ls0\"> </span>BB+, BB- inferiori a A3 BB+, BB- inferiori a F3 BB+, BB- inferiori a R-3 Classe 5 B1, B3 NP<span class=\"ls0\"> </span>B+, B- inferiori a A3 B+, B- inferiori a F3 B+, B- inferiori a R-3 Classe 6 Caa1 o inferiori NP<span class=\"ls0\"> </span>CCC+ o inferiori inferiori a A3 CCC+ o inferiori inferiori a F3 CCC+ o inferiori inferiori a R-3 A.2.2. <span class=\"_ _3\"></span>Consolidato prudenziale <span class=\"_ _3\"></span>- Distribuzione <span class=\"_ _3\"></span>delle attivit\u00e0 <span class=\"_ _3\"></span>finanziarie, degli <span class=\"_ _3\"></span>impegni a <span class=\"_ _3\"></span>erogare fondi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle garanzie finanziarie rilasciate pe<span class=\"_ _0\"></span>r classi di rating int<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rni (valori lordi) Come <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nelle  <span class=\"ff4\">Informazioni <span class=\"_ _7\"> </span>di  n<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tura <span class=\"_ _16\"> </span>qualitativa, <span class=\"_ _7\"> </span>nel  paragr<span class=\"_ _0\"></span>afo <span class=\"_ _16\"> </span>\u201cLa <span class=\"_ _16\"> </span>normativa <span class=\"_ _7\"> </span>Bas<span class=\"_ _3\"></span>ilea <span class=\"_ _7\"> </span>3\u201d<span class=\"_ _3\"></span>, <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>ntes<span class=\"_ _0\"></span>a </span>Sanpaolo <span class=\"_ _2\"></span>dispone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>insieme <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>validati <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iversi <span class=\"_ _2\"></span>segmenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>perativit\u00e0 <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>(Corporate, <span class=\"_ _5\"></span>S<span class=\"_ _5\"></span>ME Retail, Retail, Enti d<span class=\"_ _0\"></span>el Settore Pubblico e Banche). Ai fini della redazione della ta<span class=\"_ _0\"></span>bella, oltre ai rating relati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>i ai modelli validati, son<span class=\"_ _0\"></span>o stati impiegati tutti i rating <span class=\"_ _0\"></span>util<span class=\"_ _5\"></span>izzati nei sistemi<span class=\"_ _0\"></span> di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>creditizi, <span class=\"_ _5\"></span>ivi <span class=\"_ _2\"></span>compresi <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>rating <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>genzie <span class=\"_ _2\"></span>esterne <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span>troparti <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>segmenti <span class=\"_ _2\"></span>di clientela per cui non <span class=\"_ _0\"></span>\u00e8 disponibile un mo<span class=\"_ _0\"></span>dello interno. Le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>ive <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _2\"></span>ammontano <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>7,8<span class=\"_ _3\"></span>% <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quelle <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controparti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferiscono <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>portafogli <span class=\"_ _7\"> </span>non coperti  da  modelli  di  rating,  a <span class=\"_ _1d\"> </span>controparti  per  le <span class=\"_ _1d\"> </span>quali  il  roll  out  dei <span class=\"_ _1d\"> </span>modelli  di  rating  non  \u00e8  ancora  stato  completato<span class=\"_ _0\"></span> (principalmente  controllat<span class=\"_ _0\"></span>e  estere),  nonch\u00e9  alle  societ\u00e0  del  Gruppo  con  mission  principale  diversa  da  quella  creditizia integrate nel sistema d<span class=\"_ _0\"></span>i credit risk management<span class=\"_ _0\"></span> o <span class=\"_ _3\"></span>a esposizioni marginal<span class=\"_ _0\"></span>i. Escludendo <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>prive <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>deteriorati, <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>sserva <span class=\"_ _3\"></span>una <span class=\"_ _5\"></span>concentrazione <span class=\"_ _3\"></span>elevata <span class=\"_ _2\"></span>nelle <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>investm<span class=\"_ _5\"></span>ent grade <span class=\"_ _3\"></span>(classi <span class=\"_ _3\"></span>1, <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>AAA <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>BBB-<span class=\"_ _3\"></span>), <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>69,3% <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>totale, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>2,6% <span class=\"_ _3\"></span>rientra nella <span class=\"_ _2\"></span>fascia<span class=\"_ _0\"></span> BB+/BB (classe 4) e l\u2019<span class=\"_ _0\"></span>8% nelle classi pi\u00f9 ri<span class=\"_ _0\"></span>schiose (di cui il 2,3% <span class=\"_ _0\"></span>inferiore a B<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"ls24\">).</span> </span>(milioni di euro) Esposizioni Classi di rating interni Senza rating Totale Classe 1 Classe 2 Classe 3 Classe 4 Classe 5 Classe 6 A. Attivit\u00e0 finanziarie valutate al costo ammortizzato 91.831 46.154 168.462 125.556 33.988 17.037 53.855 536.883 - Primo stadio 91.064 45.045 162.091 108.589 22.183 9.367 37.268 475.607 - Secondo stadio 765<span class=\"ls0\"> </span>1.108 6.360 16.931 10.350 5.117 9.589 50.220 - Terzo stadio 1 - - 2 1.373 2.500 6.796 10.672 - Impaired acquisite o originate 1 1 11<span class=\"ls0\"> </span>34<span class=\"ls0\"> </span>82<span class=\"ls0\"> </span>53<span class=\"ls0\"> </span>202<span class=\"ls0\"> </span>384<span class=\"ls0\"> </span>B. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 15.298 8.508 14.013 1.637 1.996 691<span class=\"ls0\"> </span>6.345 48.488 - Primo stadio 15.282 8.484 13.965 1.016 1.921 685<span class=\"ls0\"> </span>6.231 47.584 - Secondo stadio 16<span class=\"ls0\"> </span>24<span class=\"ls0\"> </span>48<span class=\"ls0\"> </span>621<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>6 78<span class=\"ls0\"> </span>868<span class=\"ls0\"> </span>- Terzo stadio - - - - - - 36<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- Impaired acquisite o originate - - - - - - - - C. Attivit\u00e0 finanziarie in corso di dismissione - - - 8 195<span class=\"ls0\"> </span>452<span class=\"ls0\"> </span>99<span class=\"ls0\"> </span>754<span class=\"ls0\"> </span>- Primo stadio - - - - - - - - - Secondo stadio - - - 8 2 - - 10<span class=\"ls0\"> </span>- Terzo stadio - - - - 188<span class=\"ls0\"> </span>441<span class=\"ls0\"> </span>96<span class=\"ls0\"> </span>725<span class=\"ls0\"> </span>- Impaired acquisite o originate - - - - 5 11<span class=\"ls0\"> </span>3 19<span class=\"ls0\"> </span>Totale (A+B+C) 107.129 54.662 182.475 127.201 36.179 18.180 60.299 586.125 D. Impegni a erogare fondi e garanzie finanziarie rilasciate  - Primo stadio 24.502 62.299 116.759 45.823 7.857 2.127 8.348 267.715 - Secondo stadio 109<span class=\"ls0\"> </span>1.482 6.271 8.504 3.258 1.478 5.924 27.026 - Terzo stadio - - 1 2 383<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>1.222 1.782 - Impaired acquisite o originate - - - - - - 4 4 Totale (D) 24.611 63.781 123.031 54.329 11.498 3.779 15.498 296.527 Totale (A+B+C+D) 131.740 118.443 305.506 181.530 47.677 21.959 75.797 882.652 Oltre alle tabelle p<span class=\"_ _3\"></span>reviste dalla normativa, di <span class=\"_ _3\"></span>seguito viene riportata la <span class=\"_ _3\"></span>distribuzione dei rating relativa ai <span class=\"_ _3\"></span>finanziamenti<span class=\"_ _5\"></span> verso la clientela in bonis app<span class=\"_ _0\"></span>artenente alle princi<span class=\"_ _0\"></span>pali Banche del Gru<span class=\"_ _0\"></span>ppo. <span class=\"_ _3\"></span> Al <span class=\"_ _6\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _6\"></span>2022, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>quota <span class=\"_ _6\"></span>dei <span class=\"_ _4\"></span>crediti <span class=\"_ _6\"></span>verso <span class=\"_ _7\"> </span>clientela <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>bonis <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _4\"></span>attribuito <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>analitico <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>agenzia esterna, rappresenta il <span class=\"_ _0\"></span>96% dei crediti d<span class=\"_ _0\"></span>elle principali Banch<span class=\"_ _0\"></span>e del Gruppo. La <span class=\"_ _7\"> </span>distribuzione <span class=\"_ _7\"> </span>evidenzia <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _4\"> </span>Grade <span class=\"_ _7\"> </span>(da <span class=\"_ _7\"> </span>AAA <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>BBB <span class=\"_ _4\"> </span>incluso), <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>al  63,0%, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>rispetto all\u2019esercizio <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedente <span class=\"_ _6\"></span>(67,1%<span class=\"_ _0\"></span>), <span class=\"_ _6\"> </span>principalmente <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>causa <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>revisione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>sca<span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span>maestra <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>eterminate <span class=\"_ _5\"></span>tipologie <span class=\"_ _6\"> </span>di controparti <span class=\"_ _5\"></span>valutate <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>modelli<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>interni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>medesima <span class=\"_ _5\"></span>percentuale <span class=\"_ _6\"></span>calcolata <span class=\"_ _6\"></span>sull\u2019intero <span class=\"_ _5\"></span>portafoglio, <span class=\"_ _6\"></span>al <span class=\"_ _7\"> </span><span class=\"ff1\">netto <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>controparti </span>russe, \u00e8 pari al 74,2%. 0,0%17,7%9,2%36,1%30,5%5,3%1,2%1,9%10,3%18,1%36,8%26,0%6,0%0,9%AAA<span class=\"_ _5c\"> </span><span class=\"ls5d\">AA<span class=\"_ _5d\"> </span></span>A<span class=\"_ _5e\"> </span>BBB<span class=\"_ _5c\"> </span><span class=\"ls5d\">BB<span class=\"_ _5d\"> </span></span>B<span class=\"_ _56\"> </span><span class=\"ls5e\">CCC</span>20222021Gli <span class=\"_ _16\"> </span>spostamenti <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>lassi <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rating <span class=\"_ _7\"> </span>sono <span class=\"_ _16\"> </span>principalmente <span class=\"_ _7\"> </span>determinati <span class=\"_ _7\"> </span>dalle <span class=\"_ _16\"> </span>variazioni <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arametri <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>conseguenti all\u2019aggiornamento dei mo<span class=\"_ _0\"></span>delli.<span class=\"ff1\"> </span>Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>evidenziano <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>dettagli <span class=\"_ _4\"> </span>relativi <span class=\"_ _4\"> </span>alla <span class=\"_ _16\"> </span>distribuzione <span class=\"_ _4\"></span>rating <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>eguenti <span class=\"_ _4\"></span>portafogli: <span class=\"_ _4\"> </span>Corporate, <span class=\"_ _4\"> </span>Mutui <span class=\"_ _4\"> </span>Retail <span class=\"_ _7\"> </span>(Mutui residenziali a privati)<span class=\"_ _0\"></span>, SME Retail e altri <span class=\"_ _0\"></span>crediti a privati, Sovere<span class=\"_ _0\"></span>ign &amp; Enti Pubblici.  I portafogli evidenzia<span class=\"_ _0\"></span>no una quota di Inv<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>stment Grade ris<span class=\"_ _0\"></span>pettivamente pari al 59,<span class=\"_ _3\"></span>9%, 67,4%, 47,3%, <span class=\"_ _0\"></span>e 91,9%. 0.1%<span class=\"_ _90\"> </span>2.3%<span class=\"_ _90\"> </span>13.0<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>44.5%<span class=\"_ _90\"> </span>32.5%<span class=\"_ _90\"> </span>6.0%<span class=\"_ _90\"> </span>1.6%<span class=\"_ _90\"> </span>AAA<span class=\"_ _38\"> </span><span class=\"ls5f\">AA<span class=\"_ _4d\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _38\"> </span><span class=\"ls5f\">BB<span class=\"_ _4d\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span>Corporate<span class=\"_ _90\"> </span>0.0%<span class=\"_ _90\"> </span>47.3%<span class=\"_ _90\"> </span>0.0%<span class=\"_ _90\"> </span>20.1<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>30.1<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>2.1%<span class=\"_ _90\"> </span>0.4%<span class=\"_ _90\"> </span>AAA<span class=\"_ _14\"> </span><span class=\"ls60\">AA<span class=\"_ _39\"> </span></span>A<span class=\"_ _4f\"> </span>BBB<span class=\"_ _14\"> </span><span class=\"ls61\">BB<span class=\"_ _39\"> </span></span>B<span class=\"_ _12\"> </span>CC<span class=\"_ _3\"></span>C<span class=\"_ _90\"> </span>M<span class=\"_ _3\"></span>utu<span class=\"_ _3\"></span>i <span class=\"_ _35\"></span>Reta<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>l<span class=\"_ _90\"> </span>0.0%<span class=\"_ _90\"> </span>22.6<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>11.0<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>13.7<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>39.3<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>11.3%<span class=\"_ _90\"> </span>2.1%<span class=\"_ _90\"> </span>AAA<span class=\"_ _38\"> </span><span class=\"ls5f\">AA<span class=\"_ _4d\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _38\"> </span><span class=\"ls5f\">BB<span class=\"_ _4d\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span>SM<span class=\"_ _3\"></span>E R<span class=\"_ _35\"></span>etail <span class=\"_ _3\"></span>e altri <span class=\"_ _35\"></span>cre<span class=\"_ _0\"></span>diti<span class=\"_ _3\"></span> a p<span class=\"_ _3\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"_ _90\"> </span>0.0%<span class=\"_ _90\"> </span>5.7%<span class=\"_ _90\"> </span>13.3<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>72.9<span class=\"_ _3\"></span>%<span class=\"_ _90\"> </span>4.4%<span class=\"_ _90\"> </span>3.3%<span class=\"_ _90\"> </span>0.4%<span class=\"_ _90\"> </span>AAA<span class=\"_ _14\"> </span><span class=\"ls62\">AA<span class=\"_ _39\"> </span></span>A<span class=\"_ _50\"> </span>BBB<span class=\"_ _14\"> </span><span class=\"ls5f\">BB<span class=\"_ _39\"> </span></span>B<span class=\"_ _5f\"> </span>CCC<span class=\"_ _90\"> </span>Sover<span class=\"_ _35\"></span>eig<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>&amp; Enti Pubbl<span class=\"_ _3\"></span>ici<span class=\"_ _90\"> </span>A.3. Distribuzione delle esposizioni credi<span class=\"_ _3\"></span>tizie garantite per tipologia di <span class=\"_ _3\"></span>garanzia<span class=\"_ _3\"></span> A.3.1. Consolidato pru<span class=\"_ _0\"></span>denziale - Esposizioni creditizie per<span class=\"_ _0\"></span> cassa e fuori bilancio <span class=\"_ _0\"></span>verso banche garantit<span class=\"_ _0\"></span>e (milioni di <span class=\"ls28\">euro)<span class=\"ls0\"> </span></span>Esposizione lorda<span class=\"ls0\"> </span>Esposizione netta<span class=\"ls0\"> </span>Garanzie reali <span class=\"ls0\"> </span>(*)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(1)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>ipoteche<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>finanziamenti per leasing<span class=\"ls0\"> </span>Titoli<span class=\"ls0\"> </span>Altre garanzie reali<span class=\"ls0\"> </span>CLN<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Controparti centrali 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>6.437<span class=\"ls0\"> </span>6.433<span class=\"ls0\"> </span>- 5 5.559<span class=\"ls0\"> </span>172<span class=\"ls0\"> </span>- - 1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>5.596<span class=\"ls0\"> </span>5.593<span class=\"ls0\"> </span>- 5 5.193<span class=\"ls0\"> </span>172<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 1 - - - - - - - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>841<span class=\"ls0\"> </span>840<span class=\"ls0\"> </span>- - 366<span class=\"ls0\"> </span>- - - - <span class=\"ls28\">di </span>cui deteriorate - - - - - - - - 2. Esposizioni creditizie \"fuori bil<span class=\"_ _3\"></span>ancio\" garantite:<span class=\"ls0\"> </span>26.510<span class=\"ls0\"> </span>26.510<span class=\"ls0\"> </span>- - 1.929<span class=\"ls0\"> </span>11.333<span class=\"ls0\"> </span>- - 2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>4.925<span class=\"ls0\"> </span>4.925<span class=\"ls0\"> </span>- - 1.929<span class=\"ls0\"> </span>980<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>21.585<span class=\"ls0\"> </span>21.585<span class=\"ls0\"> </span>- - - 10.353<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ino a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. (milioni di euro)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Totale (2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Crediti di firma<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Amministrazioni pubbliche<span class=\"ls0\"> </span>Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti (1)+(2) Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 228<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>- 66<span class=\"ls0\"> </span>6.053<span class=\"ls0\"> </span>1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 8 3 - 66<span class=\"ls0\"> </span>5.447<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 220<span class=\"ls0\"> </span>20<span class=\"ls0\"> </span>- - 606<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2. Esposizioni creditizie \"fuori bil<span class=\"_ _3\"></span>ancio\" garantite:<span class=\"ls0\"> </span>- - - 7 76<span class=\"ls0\"> </span>- 70<span class=\"ls0\"> </span>13.415<span class=\"ls0\"> </span>2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 3 35<span class=\"ls0\"> </span>- 14<span class=\"ls0\"> </span>2.961<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 4 41<span class=\"ls0\"> </span>- 56<span class=\"ls0\"> </span>10.454<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - - - - - - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ino a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. A.3.2. Consolidato pru<span class=\"_ _0\"></span>denziale - Esposizioni creditizie per<span class=\"_ _0\"></span> cassa e fuori bilancio <span class=\"_ _0\"></span>verso clientela gar<span class=\"_ _0\"></span>antite<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>Esposizione lorda<span class=\"ls0\"> </span>Esposizione netta<span class=\"ls0\"> </span>Garanzie reali (*)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(1)<span class=\"ls0\"> </span>(2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>Ipoteche<span class=\"ls0\"> </span>Immobili <span class=\"ls0\">- </span>finanziamenti per leasing<span class=\"ls0\"> </span>Titoli<span class=\"ls0\"> </span>Altre garanzie reali<span class=\"ls0\"> </span>CLN<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Controparti centrali 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa <span class=\"ls0\">garantite:<span class=\"_ _3\"></span> </span>318.384<span class=\"ls0\"> </span>313.549<span class=\"ls0\"> </span>164.512<span class=\"ls0\"> </span>4.816<span class=\"ls0\"> </span>26.969<span class=\"ls0\"> </span>10.564<span class=\"ls0\"> </span>- - 1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>252.621<span class=\"ls0\"> </span>248.860<span class=\"ls0\"> </span>161.898<span class=\"ls0\"> </span>4.626<span class=\"ls0\"> </span>26.238<span class=\"ls0\"> </span>8.118<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 6.201<span class=\"ls0\"> </span>3.838<span class=\"ls0\"> </span>2.517<span class=\"ls0\"> </span>268<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>104<span class=\"ls0\"> </span>- - 1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>65.763<span class=\"ls0\"> </span>64.689<span class=\"ls0\"> </span>2.614<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>731<span class=\"ls0\"> </span>2.446<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 1.476<span class=\"ls0\"> </span>737<span class=\"ls0\"> </span>170<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>9 22<span class=\"ls0\"> </span>- - 2. Esposizioni creditizie \u201cfuo<span class=\"_ _3\"></span>ri bilancio\u201d garantite:<span class=\"ls0\"> </span>53.130<span class=\"ls0\"> </span>53.017<span class=\"ls0\"> </span>2.016<span class=\"ls0\"> </span>52<span class=\"ls0\"> </span>8.758<span class=\"ls0\"> </span>4.341<span class=\"ls0\"> </span>- - 2.1. totalmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>39.452<span class=\"ls0\"> </span>39.376<span class=\"ls0\"> </span>1.390<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>8.288<span class=\"ls0\"> </span>2.115<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 327<span class=\"ls0\"> </span>295<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>- 6 12<span class=\"ls0\"> </span>- - 2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>13.678<span class=\"ls0\"> </span>13.641<span class=\"ls0\"> </span>626<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>470<span class=\"ls0\"> </span>2.226<span class=\"ls0\"> </span>- - - <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> 159<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>23<span class=\"ls0\"> </span>- 1 27<span class=\"ls0\"> </span>- - (*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>difficile <span class=\"_ _3\"></span>determinazione, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale <span class=\"_ _3\"></span>della st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo <span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>sto <span class=\"_ _3\"></span>- <span class=\"_ _2\"></span>come <span class=\"_ _3\"></span><span class=\"ls28\">previsto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _2\"></span></span>- s<span class=\"_ _3\"></span>ino <span class=\"_ _3\"></span>a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. (milioni di euro)<span class=\"ls0\"> </span>Garanzie personali (*)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Totale (2)<span class=\"ls0\"> </span>Derivati su crediti<span class=\"ls0\"> </span>Crediti di firma<span class=\"ls0\"> </span>Altri derivati<span class=\"ls0\"> </span>Amministrazioni pubbliche<span class=\"ls0\"> </span>Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti (1)+(2) Banche<span class=\"ls0\"> </span>Altre societ\u00e0 finanziarie<span class=\"ls0\"> </span>Altri soggetti 1. Esposizioni creditizie per <span class=\"_ _3\"></span>cassa garantite:<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 49.862<span class=\"ls0\"> </span>766<span class=\"ls0\"> </span>3.199<span class=\"ls0\"> </span>26.698<span class=\"ls0\"> </span>287.386<span class=\"ls0\"> </span>1.1. totalmente garantite <span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 23.208<span class=\"ls0\"> </span>437<span class=\"ls0\"> </span>2.253<span class=\"ls0\"> </span>17.987<span class=\"ls0\"> </span>244.765<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 360<span class=\"ls0\"> </span>5 29<span class=\"ls0\"> </span>439<span class=\"ls0\"> </span>3.767<span class=\"ls0\"> </span>1.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 26.654<span class=\"ls0\"> </span>329<span class=\"ls0\"> </span>946<span class=\"ls0\"> </span>8.711<span class=\"ls0\"> </span>42.621<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 277<span class=\"ls0\"> </span>1 4 59<span class=\"ls0\"> </span>607<span class=\"ls0\"> </span>2. Esposizioni creditizie \u201cfuo<span class=\"_ _3\"></span>ri bilancio\u201d garantite:<span class=\"ls0\"> </span>- - - 2.477<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>1.787<span class=\"ls0\"> </span>25.015<span class=\"ls0\"> </span>44.538<span class=\"ls0\"> </span>2.1. <span class=\"ls27\">totalmente garantite<span class=\"ls0\"> </span></span>- - - 1.558<span class=\"ls0\"> </span>42<span class=\"ls0\"> </span>899<span class=\"ls0\"> </span>20.443<span class=\"ls0\"> </span>34.745<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 30<span class=\"ls0\"> </span>- 1 161<span class=\"ls0\"> </span>246<span class=\"ls0\"> </span>2.2. parzialmente garantite<span class=\"_ _3\"></span><span class=\"ls0\"> </span>- - - 919<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>888<span class=\"ls0\"> </span>4.572<span class=\"ls0\"> </span>9.793<span class=\"ls0\"> </span>- <span class=\"ls28\">di cui deteriorate<span class=\"_ _3\"></span></span> - - - 7 - - 31<span class=\"ls0\"> </span>89<span class=\"ls0\"> </span>(*) Fair <span class=\"_ _3\"></span>Value<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della gar<span class=\"_ _3\"></span>anzia <span class=\"_ _3\"></span>o, <span class=\"_ _3\"></span>qualora <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span><span class=\"ls28\">difficile <span class=\"_ _3\"></span>determinazi<span class=\"_ _3\"></span>one, <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>contrat<span class=\"_ _3\"></span>tuale della <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>essa, <span class=\"_ _3\"></span>quest'ultimo<span class=\"_ _3\"></span> esposto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>- <span class=\"_ _2\"></span>come previsto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>sino <span class=\"_ _3\"></span>a concorrenza del valore dell'esposizi<span class=\"_ _3\"></span>one netta. A.4. Consolidato prudenzia<span class=\"_ _3\"></span>le <span class=\"ff6\">\u2013</span> Attivit\u00e0 finanziarie e no<span class=\"_ _3\"></span>n finanziarie ottenute tr<span class=\"_ _3\"></span><span class=\"ff6\">amite l\u2019escussione delle </span>garanzie ricevute (milioni di euro)<span class=\"ls0\"> </span>Esposizione creditizia cancellata<span class=\"ls0\"> </span>Valore lordo<span class=\"ls0\"> </span>Rettifiche di valore complessive<span class=\"ls0\"> </span>Valore di bilancio<span class=\"_ _3\"></span><span class=\"ls0\"> </span>di cui ottenute nel corso dell'esercizio A. Attivit\u00e0 materiali <span class=\"ls0\"> </span>338<span class=\"ls0\"> </span>375<span class=\"ls0\"> </span>-<span class=\"ls28\">70</span> 305<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>A.1. Ad uso funzionale<span class=\"ls0\"> </span>1 1 - 1 - A.2. A scopo di investimento<span class=\"_ _3\"></span><span class=\"ls0\"> </span>134<span class=\"ls0\"> </span>123<span class=\"ls0\"> </span>-9 114<span class=\"ls0\"> </span>3 A.3. Rimanenze<span class=\"ls0\"> </span>203<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>-<span class=\"ls28\">61</span> 190<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>B. Titoli di capitale e titoli di debito<span class=\"_ _3\"></span> 367<span class=\"ls0\"> </span>368<span class=\"ls0\"> </span>-<span class=\"ls28\">176</span> 192<span class=\"ls0\"> </span>- C. Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - D. Attivit\u00e0 non correnti e gruppi di attivi<span class=\"_ _3\"></span>t\u00e0 in via di dismissione <span class=\"ls0\"> </span>5 6 -1 5 - D.1. Attivit\u00e0 materiali <span class=\"ls0\"> </span>5 6 -1 5 - D.2. Altre attivit\u00e0<span class=\"ls0\"> </span>- - - - - Totale 31.12.2022<span class=\"ls0\"> </span>710<span class=\"ls0\"> </span>749<span class=\"ls0\"> </span>-<span class=\"ls28\">247</span> 502<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>Totale 31.12.2021<span class=\"ls0\"> </span>735<span class=\"ls0\"> </span>775<span class=\"ls0\"> </span>-<span class=\"ls28\">196</span> 579<span class=\"ls0\"> </span>36<span class=\"ls0\"> </span>Per il Gruppo, i beni esc<span class=\"_ _0\"></span>ussi (valore di bilancio)<span class=\"_ _0\"></span> sono rappresent<span class=\"_ _0\"></span>ati principalmente da: \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali a<span class=\"_ _0\"></span>d uso funzionale: fabbricati <span class=\"_ _0\"></span>(1 milione); </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali a sco<span class=\"_ _0\"></span>po di investimento<span class=\"_ _0\"></span>: fabbricati (82 milio<span class=\"_ _0\"></span>ni); terreni (32 milioni); </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 materiali </span>\u2013<span class=\"ff1\"> Rimanenze:<span class=\"_ _0\"></span> fabbricati (178 milio<span class=\"_ _0\"></span>ni), terreni (12 milio<span class=\"_ _0\"></span>ni); <span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Titoli di capitale e tit<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>li di debito: </span>o <span class=\"_ _22\"> </span><span class=\"fs0\">part<span class=\"_ _0\"></span>ecipaz<span class=\"_ _0\"></span>ioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>24 mi<span class=\"_ _35\"></span>lioni di <span class=\"_ _0\"></span>euro<span class=\"_ _0\"></span> (prev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te ri<span class=\"_ _0\"></span>ferit<span class=\"_ _0\"></span>i all<span class=\"_ _35\"></span>a parte<span class=\"_ _0\"></span>cipazi<span class=\"_ _35\"></span>one Risa<span class=\"_ _0\"></span>namen<span class=\"_ _0\"></span>to); </span>o <span class=\"_ _22\"> </span><span class=\"fs0\">attiv<span class=\"_ _0\"></span>it\u00e0 f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>bligat<span class=\"_ _35\"></span>oriament<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>utat<span class=\"_ _0\"></span>e al <span class=\"_ _0\"></span>fair val<span class=\"_ _35\"></span>ue per 11<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>lioni<span class=\"_ _0\"></span>; </span>o <span class=\"_ _22\"> </span><span class=\"fs0\">attiv<span class=\"_ _0\"></span>it\u00e0 f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e al f<span class=\"_ _35\"></span>air valu<span class=\"_ _0\"></span>e con <span class=\"_ _0\"></span>impat<span class=\"_ _35\"></span>to sulla <span class=\"_ _35\"></span>redditivit<span class=\"_ _35\"></span>\u00e0 comple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a per <span class=\"_ _35\"></span>50 milion<span class=\"_ _0\"></span>i. </span>Si tratta di attivit\u00e0 fin<span class=\"_ _0\"></span>anziarie non pr<span class=\"_ _0\"></span>ecedentemente concess<span class=\"_ _0\"></span>e dal debitore a g<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ranzia di preesis<span class=\"_ _0\"></span>tenti finanziamenti<span class=\"_ _3\"></span> erogati, ma ac<span class=\"ff4\">quisite nell\u2019am<span class=\"_ _0\"></span>bito di accordi bila<span class=\"_ _0\"></span>terali con lo stess<span class=\"_ _0\"></span>o, a seguito dei quali il G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo ha provved<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>to alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>cancellazione dell\u2019<span class=\"_ _0\"></span>esposizione creditizia;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>Attivit\u00e0 non correnti e gr<span class=\"_ _0\"></span>uppi di attivit\u00e0 in vi<span class=\"_ _0\"></span>a di dismissione: fabbr<span class=\"_ _0\"></span>icati (4 milioni), altro (1 mil<span class=\"_ _0\"></span>ione)<span class=\"_ _2\"></span>.<span class=\"_ _90\"> </span></span>B. DISTRIBUZION<span class=\"_ _3\"></span>E E CONCENTRAZ<span class=\"_ _3\"></span>IONE DELLE<span class=\"_ _3\"></span> ESPOSIZION<span class=\"_ _3\"></span>I CREDITIZIE<span class=\"_ _2\"></span> B.1. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione settoriale<span class=\"_ _3\"></span> delle esposizioni creditizie<span class=\"_ _3\"></span> per cassa e \u201cfuori </span>bilancio\u201d verso clientela<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Contr<span class=\"_ _3\"></span>oparti Amministrazio<span class=\"_ _3\"></span>ni pubbliche Societ\u00e0 finanziarie<span class=\"_ _3\"></span> Societ\u00e0 finanziarie <span class=\"_ _3\"></span>(di cui: imprese di assic<span class=\"_ _3\"></span>urazione) Esposizione netta Rettifiche valore complessive<span class=\"_ _3\"></span> Esposizione netta Rettifiche valore complessive Esposizione netta Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> 73<span class=\"ls0\"> </span>-158 6 -<span class=\"ls1b\">23</span> - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni - - 1 -1 - - A.2 Inadempienze <span class=\"_ _3\"></span>probabili 153<span class=\"ls0\"> </span>-<span class=\"ls1b\">30</span> 105<span class=\"ls0\"> </span>-167 - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di con<span class=\"_ _3\"></span>cessioni 22<span class=\"ls0\"> </span>-<span class=\"ls1b\">10</span> 18<span class=\"ls0\"> </span>-<span class=\"ls1b\">58</span> - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 2 - 1 - - - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni - - - - - - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 90.484 -147 72.943 -120 1.315 - - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 13<span class=\"ls0\"> </span>- 140<span class=\"ls0\"> </span>-4 - - Totale (A) 90.712 -335 73.055 -310 1.315 - B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 91<span class=\"ls0\"> </span>-8 22<span class=\"ls0\"> </span>-2 - - B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 27.791 -8 66.502 -<span class=\"ls1b\">29</span> 10.312 - Totale (B) 27.882 -<span class=\"ls1b\">16</span> 66.524 -<span class=\"ls1b\">31</span> 10.312 - Totale (A+B) 31.12.2022 118.594 -351 139.579 -341 11.627 - Totale (A+B) 31.12.2021 155.202 -301 124.749 -576 10.072 - (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Contr<span class=\"_ _3\"></span>oparti Societ\u00e0 non finanz<span class=\"_ _3\"></span>iarie Famiglie Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> 681<span class=\"ls0\"> </span>-1.546 418<span class=\"ls0\"> </span>-945 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 219<span class=\"ls0\"> </span>-394 77<span class=\"ls0\"> </span>-123 A.2 Inadempienze <span class=\"_ _3\"></span>probabili 2.727 -1.906 1.490 -853 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 1.212 -810 679<span class=\"ls0\"> </span>-251 A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 133<span class=\"ls0\"> </span>-<span class=\"ls1b\">44</span> 277<span class=\"ls0\"> </span>-<span class=\"ls1b\">95</span> - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 17<span class=\"ls0\"> </span>-5 19<span class=\"ls0\"> </span>-6 A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorat<span class=\"_ _3\"></span>e 201.804 -1.594 178.794 -880 - di cui esposizioni o<span class=\"_ _3\"></span>ggetto di concessi<span class=\"_ _3\"></span>oni 5.048 -437 1.728 -112 Totale (A) 205.345 -5.090 180.979 -2.773 B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 1.336 -249 55<span class=\"ls0\"> </span>-8 B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 216.744 -179 18.221 -<span class=\"ls1b\">26</span> Totale (B) 218.080 -428 18.276 -<span class=\"ls1b\">34</span> Totale (A+B) 31.12.2022 423.425 -5.518 199.255 -2.807 Totale (A+B) 31.12.2021 444.382 -10.582 193.298 -3.205 B.2. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione territoriale delle esposizio<span class=\"_ _3\"></span>ni creditizie per cassa e \u201c<span class=\"_ _3\"></span>fuori </span>bilancio\u201d verso clientela <span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Esposizio<span class=\"_ _0\"></span>ni/Aree ge<span class=\"_ _35\"></span>ografiche Italia Altri paes<span class=\"_ _0\"></span>i europei<span class=\"_ _0\"></span> Esposizione<span class=\"_ _35\"></span> netta Rettifiche <span class=\"_ _0\"></span>valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche <span class=\"_ _0\"></span>valore complessi<span class=\"_ _0\"></span>ve A. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie per cassa A.1 Soffere<span class=\"_ _0\"></span>nze 956<span class=\"ls0\"> </span>-1.906 156<span class=\"ls0\"> </span>-<span class=\"ls25\">610</span> A.2 Inadem<span class=\"_ _0\"></span>pienze pro<span class=\"_ _0\"></span>babili 3.727 -2.417 557<span class=\"ls0\"> </span>-<span class=\"ls25\">399</span> A.3 Esposi<span class=\"_ _0\"></span>zioni scad<span class=\"_ _0\"></span>ute deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e 344<span class=\"ls0\"> </span>-<span class=\"ls25\">88</span> 61<span class=\"ls0\"> </span>-<span class=\"ls25\">44</span> A.4 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 376.976 -1.648 116.563 -<span class=\"ls25\">978</span> Totale (<span class=\"_ _0\"></span>A) 382.003 -6.059 117.337 -2.031 B. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie fuori bilanci<span class=\"_ _0\"></span>o B.1 Esposi<span class=\"_ _0\"></span>zioni deterior<span class=\"_ _35\"></span>at<span class=\"_ _3\"></span>e 1.275 -<span class=\"ls25\">219</span> 99<span class=\"ls0\"> </span>-<span class=\"ls25\">45</span> B.2 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 169.505 -<span class=\"ls25\">137</span> 114.307 -<span class=\"ls25\">84</span> Totale (<span class=\"_ _0\"></span>B) 170.780 -<span class=\"ls25\">356</span> 114.406 -<span class=\"ls25\">129</span> - - Totale (<span class=\"_ _0\"></span>A+B)  31.12.2022<span class=\"_ _0\"></span> 552.783 -6.415 231.743 -2.160 Totale (<span class=\"_ _0\"></span>A+B)  31.12.2021<span class=\"_ _0\"></span> 585.575 -12.838 231.907 -1.408 (milioni di eur<span class=\"_ _35\"></span>o) Esposizio<span class=\"_ _0\"></span>ni/Aree ge<span class=\"_ _35\"></span>ografiche America Asia Resto de<span class=\"_ _0\"></span>l mondo Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve Esposizione<span class=\"_ _35\"></span> netta Rettifiche valore complessi<span class=\"_ _0\"></span>ve A. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie per cassa A.1 Soffere<span class=\"_ _0\"></span>nze 37<span class=\"ls0\"> </span>-<span class=\"ls25\">76</span> 1 -<span class=\"ls25\">32</span> 28<span class=\"ls0\"> </span>-<span class=\"ls25\">48</span> A.2 Inadem<span class=\"_ _0\"></span>pienze pro<span class=\"_ _0\"></span>babili 16<span class=\"ls0\"> </span>-<span class=\"ls25\">63</span> 43<span class=\"ls0\"> </span>-<span class=\"ls25\">29</span> 132<span class=\"ls0\"> </span>-<span class=\"ls25\">48</span> A.3 Esposi<span class=\"_ _0\"></span>zioni scad<span class=\"_ _0\"></span>ute deteriora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e - - - - 8 -7 A.4 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 26.909 -<span class=\"ls25\">45</span> 14.481 -<span class=\"ls25\">21</span> 9.096 -<span class=\"ls25\">49</span> Totale (<span class=\"_ _0\"></span>A) 26.962 -<span class=\"ls25\">184</span> 14.525 -<span class=\"ls25\">82</span> 9.264 -<span class=\"ls25\">152</span> B. Esposi<span class=\"_ _0\"></span>zioni credit<span class=\"_ _35\"></span>izie fuori bilanci<span class=\"_ _0\"></span>o B.1 Esposi<span class=\"_ _0\"></span>zioni deterior<span class=\"_ _35\"></span>at<span class=\"_ _3\"></span>e 23<span class=\"ls0\"> </span>- 12<span class=\"ls0\"> </span>- 95<span class=\"ls0\"> </span>-3 B.2 Esposi<span class=\"_ _0\"></span>zioni non<span class=\"_ _0\"></span> deteriorate<span class=\"_ _0\"></span> 30.733 -7 11.622 -2 3.091 -<span class=\"ls25\">12</span> Totale (<span class=\"_ _0\"></span>B) 30.756 -7 11.634 -2 3.186 -<span class=\"ls25\">15</span> 57718<span class=\"ls0\"> </span>Totale (<span class=\"_ _0\"></span>A+B)  31.12.2022<span class=\"_ _0\"></span> 57.718 -<span class=\"ls25\">191</span> 26.159 -<span class=\"ls25\">84</span> 12.450 -<span class=\"ls25\">167</span> Totale (<span class=\"_ _0\"></span>A+B)  31.12.2021<span class=\"_ _0\"></span> 56.550 -<span class=\"ls25\">148</span> 29.087 -<span class=\"ls25\">64</span> 14.512 -<span class=\"ls25\">206</span> B.2.bis Consolidato prudenziale <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> Ripartizione per area geografica <span class=\"_ _3\"></span>dei rapporti con clientela <span class=\"_ _3\"></span> residente in Italia (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> Nord Ovest Nord Est Centro Sud e Isole Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche valore complessive A. Esposizioni cre<span class=\"_ _3\"></span>ditizie per cas<span class=\"_ _3\"></span>sa A.1 Sofferenze<span class=\"_ _3\"></span> 254<span class=\"ls0\"> </span>-591 171<span class=\"ls0\"> </span>-316 236<span class=\"ls0\"> </span>-389 295<span class=\"ls0\"> </span>-610 A.2 Inadempienze <span class=\"_ _3\"></span>probabili 1.424 -864 522<span class=\"ls0\"> </span>-412 916<span class=\"ls0\"> </span>-582 865<span class=\"ls0\"> </span>-559 A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> 104<span class=\"ls0\"> </span>-<span class=\"ls1b\">27</span> 44<span class=\"ls0\"> </span>-<span class=\"ls1b\">12</span> 77<span class=\"ls0\"> </span>-<span class=\"ls1b\">20</span> 119<span class=\"ls0\"> </span>-<span class=\"ls1b\">29</span> A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorat<span class=\"_ _3\"></span>e 133.051 -688 72.057 -248 113.783 -384 58.085 -328 Totale A 134.833 -2.170 72.794 -988 115.012 -1.375 59.364 -1.526 B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate 421<span class=\"ls0\"> </span>-<span class=\"ls1b\">49</span> 467<span class=\"ls0\"> </span>-<span class=\"ls1b\">84</span> 269<span class=\"ls0\"> </span>-<span class=\"ls1b\">73</span> 118<span class=\"ls0\"> </span>-<span class=\"ls1b\">13</span> B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 72.661 -<span class=\"ls1b\">96</span> 32.751 -<span class=\"ls1b\">15</span> 49.630 -<span class=\"ls1b\">16</span> 14.463 -<span class=\"ls1b\">10</span> Totale B 73.082 -145 33.218 -<span class=\"ls1b\">99</span> 49.899 -<span class=\"ls1b\">89</span> 14.581 -<span class=\"ls1b\">23</span> Totale (A+B) 31.12.2022 207.915 -2.315 106.012 -1.087 164.911 -1.464 73.945 -1.549 Totale (A+B) 31.12.2021 215.021 -4.799 104.749 -2.290 193.455 -3.006 72.350 -2.743 B.3. Consolidato prudenzia<span class=\"_ _3\"></span>le - <span class=\"ff6\">Distribuzione territoriale delle esposizio<span class=\"_ _3\"></span>ni creditizie per cassa e \u201c<span class=\"_ _3\"></span>fuori </span>bilancio\u201d verso banche<span class=\"ff5\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> Italia Altri paesi europei<span class=\"_ _3\"></span> Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive Esposizione nett<span class=\"_ _3\"></span>a Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> - - - -2 A.2 Inadempienze <span class=\"_ _3\"></span>probabili - - - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> - - 1 - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 103.544 -2 32.515 -<span class=\"ls1b\">25</span> Totale (A) 103.544 -2 32.516 -<span class=\"ls1b\">27</span> B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate - - - - B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 8.879 - 51.458 -<span class=\"ls1b\">65</span> Totale (B) 8.879 - 51.458 -<span class=\"ls1b\">65</span> Totale (A+B) 31.12.2022 112.423 -2 83.974 -<span class=\"ls1b\">92</span> Totale (A+B) 31.12.2021 136.133 -4 80.122 -<span class=\"ls1b\">11</span> (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> America Asia Resto del mon<span class=\"_ _3\"></span>do Esposizione netta Rettifiche valore complessive<span class=\"_ _3\"></span> Esposizione netta Rettifiche valore complessive Esposizione netta Rettifiche valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> - - - -2 - - A.2 Inadempienze <span class=\"_ _3\"></span>probabili 36<span class=\"ls0\"> </span>-<span class=\"ls1b\">12</span> - - - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> - - - - - - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 6.314 -1 3.026 -1 2.634 -<span class=\"ls1b\">10</span> Totale (A) 6.350 -<span class=\"ls1b\">13</span> 3.026 -3 2.634 -<span class=\"ls1b\">10</span> B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni <span class=\"_ _3\"></span>deteriorate 2 - - - 10<span class=\"ls0\"> </span>- B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 6.969 - 11.037 - 2.508 -1 Totale (B) 6.971 - 11.037 - 2.518 -1 Totale (A+B) 31.12.2022 13.321 -<span class=\"ls1b\">13</span> 14.063 -3 5.152 -<span class=\"ls1b\">11</span> Totale (A+B) 31.12.2021 11.588 -<span class=\"ls1b\">14</span> 13.093 -4 5.492 -<span class=\"ls1b\">10</span> B.3.bis Consolidato prudenziale <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> Ripartizione per area geografica <span class=\"_ _3\"></span>dei rapporti con banche <span class=\"_ _3\"></span> residenti in Italia (milioni di euro)<span class=\"_ _3\"></span> Esposizioni/Aree <span class=\"_ _3\"></span>geografiche<span class=\"_ _3\"></span> NORD OVEST<span class=\"_ _3\"></span> NORD EST CENTRO SUD E ISOLE<span class=\"_ _3\"></span> Esposizione netta<span class=\"ls0\"> </span>Rettifiche di valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche di valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche di valore complessive Esposizione netta<span class=\"ls0\"> </span>Rettifiche di valore complessive A. Esposizioni credi<span class=\"_ _3\"></span>tizie per cassa<span class=\"_ _3\"></span> A.1 Sofferenze<span class=\"_ _3\"></span> - - - - - - - - A.2 Inadempienze <span class=\"_ _3\"></span>probabili - - - - - - - - A.3 Esposizioni scad<span class=\"_ _3\"></span>ute deteriorate<span class=\"_ _3\"></span> - - - - - - - - A.4 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 3.845 -1 3.015 - 96.677 -1 7 - Totale A 3.845 -1 3.015 - 96.677 -1 7 - B. Esposizioni credi<span class=\"_ _3\"></span>tizie fuori bila<span class=\"_ _3\"></span>ncio<span class=\"_ _3\"></span> B.1 Esposizioni det<span class=\"_ _3\"></span>eriorate - - - - - - - - B.2 Esposizioni non<span class=\"_ _3\"></span> deteriorate<span class=\"_ _3\"></span> 6.465 - 749<span class=\"ls0\"> </span>- 1.661 - 4 - Totale B 6.465 - 749<span class=\"ls0\"> </span>- 1.661 - 4 - - - - - Totale (A+B) 31.12.2022 10.310 -1 3.764 - 98.338 -1 11<span class=\"ls0\"> </span>- Totale (A+B) 31.12.2021 8.969 -3 1.474 - 125.485 -1 205<span class=\"ls0\"> </span>- B.4 Grandi esposizioni  Grandi esp<span class=\"_ _0\"></span>osizioni<span class=\"_ _0\"></span> a) Valore di<span class=\"_ _0\"></span> bilancio (<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>ilioni di euro)<span class=\"_ _35\"></span> 258.353 b) Valore po<span class=\"_ _0\"></span>nderato (<span class=\"_ _0\"></span>milioni di eur<span class=\"_ _0\"></span>o) 22.314 c) Numero 9 In  b<span class=\"_ _0\"></span>ase <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>disposizioni <span class=\"_ _16\"> </span>normative <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>igenti <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>numero <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>grandi <span class=\"_ _16\"> </span>esposizioni <span class=\"_ _16\"> </span>esposto <span class=\"_ _16\"> </span>in  t<span class=\"_ _0\"></span>abella <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>determinato <span class=\"_ _16\"> </span>facendo riferimento alle \u201cesposizioni\u201d non ponderate che superano il 10<span class=\"_ _3\"></span>% del Capitale di <span class=\"_ _3\"></span>Classe 1, cos\u00ec come definito dai <span class=\"_ _3\"></span>Regolamenti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>UE <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>876/2019 <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRR2) e <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"ff4\">575/2013 (<span class=\"_ _3\"></span>CRR), dove <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>esposizioni\u201d si <span class=\"_ _3\"></span>intende <span class=\"_ _2\"></span>la somma <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 di <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cassa e </span>delle <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>fuori <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>(escluse <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>dedotte <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Capitale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>Classe <span class=\"_ _2\"></span>1) <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>cliente, <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>gruppo<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di clienti <span class=\"_ _3\"></span>conne<span class=\"_ _3\"></span><span class=\"ff4\">ssi, <span class=\"_ _3\"></span>senza <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ponderazione.<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>Tali<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>criteri <span class=\"_ _2\"></span>espositivi <span class=\"_ _2\"></span>portano <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ricomprendere <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>bilancio <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>grandi <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>soggetti <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>pur <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>ponderazione <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>0% <span class=\"_ _2\"></span>- <span class=\"_ _2\"></span><span class=\"ff4\">presentano <span class=\"_ _3\"></span>un\u2019esposizione </span>non ponderata superiore al<span class=\"_ _0\"></span> 10% del Capitale<span class=\"_ _0\"></span> di Classe 1 ai fini d<span class=\"_ _0\"></span>ei grandi<span class=\"_ _3\"></span> rischi.  Conformemente <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumento <span class=\"_ _2\"></span>EBA <span class=\"_ _2\"></span>\u201cOrientamenti <span class=\"_ _2\"></span>sui <span class=\"_ _5\"></span>clienti <span class=\"_ _2\"></span>connessi <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>sensi <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _3\"></span>4<span class=\"_ _3\"></span>.1 <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>39) del <span class=\"_ _29\"> </span>regolamento <span class=\"_ _29\"> </span>(UE) <span class=\"_ _29\"> </span>n.575/2013\u201d, <span class=\"_ _29\"> </span>sono <span class=\"_ _29\"> </span>previste <span class=\"_ _2b\"> </span><span class=\"ff1\">- <span class=\"_ _29\"> </span>nelle <span class=\"_ _29\"> </span>segnalazioni <span class=\"_ _29\"> </span>di <span class=\"_ _2b\"> </span>vigil<span class=\"_ _0\"></span>anza <span class=\"_ _2b\"> </span>-<span class=\"_ _35\"></span> <span class=\"_ _2b\"> </span>modalit\u00e0 <span class=\"_ _29\"> </span>convenzion<span class=\"_ _0\"></span>ali <span class=\"_ _29\"> </span>di </span>rappresentazione <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>Gruppi <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>clienti <span class=\"_ _17\"> </span>connessi <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>possono <span class=\"_ _17\"> </span>prevedere <span class=\"_ _17\"> </span>(nel <span class=\"_ _17\"> </span>caso <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _17\"> </span>c.d. <span class=\"_ _17\"> </span>silos) <span class=\"_ _17\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>ripetizione <span class=\"_ _1c\"> </span>- <span class=\"_ _18\"> </span>in corrispondenza <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>gni <span class=\"_ _16\"> </span>gruppo<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _7\"> </span>direttamente <span class=\"_ _7\"> </span>controllato <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>un\u2019Amministrazione <span class=\"_ _7\"> </span>cent<span class=\"_ _2\"></span><span class=\"ff1\">rale <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>ad <span class=\"_ _7\"> </span>essa <span class=\"_ _16\"> </span>legato <span class=\"_ _7\"> </span>da </span>dipendenza economica - delle <span class=\"_ _0\"></span>esposizioni verso le<span class=\"_ _0\"></span> Amministrazioni ce<span class=\"_ _0\"></span>ntrali corrispondenti. Si p<span class=\"_ _3\"></span>recisa che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli ammontari di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>lettere a<span class=\"_ _3\"></span>) e <span class=\"_ _3\"></span>b) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>numerosit\u00e0 <span class=\"_ _3\"></span>di cui <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>lettera c<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>riportati nella <span class=\"_ _3\"></span>tabella sopra<span class=\"_ _6\"></span> <span class=\"_ _3\"></span>riportata cons<span class=\"ff4\">iderano <span class=\"_ _3\"></span>tuttavia <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>volta <span class=\"_ _2\"></span>sola <span class=\"_ _2\"></span>l\u2019esposizione <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>varie <span class=\"_ _2\"></span>Amministrazioni <span class=\"_ _2\"></span>Centrali <span class=\"_ _3\"></span>verso <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa </span>Sanpaolo risulta esp<span class=\"_ _0\"></span>osto.<span class=\"fs12\"> </span>C. OPERAZIONI DI CART<span class=\"_ _3\"></span>OLARIZZAZ<span class=\"_ _3\"></span>IONE<span class=\"_ _3\"></span><span class=\"fs9\"> </span>Non <span class=\"_ _7\"> </span>formano <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rilevazione <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _16\"> </span>sezione <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cartolarizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>quali <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>riginator banche del Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo e per le <span class=\"_ _3\"></span>quali il complesso delle passivit\u00e0 emesse (es. <span class=\"_ _3\"></span>titoli ABS, finanziamenti nella fas<span class=\"_ _2\"></span><span class=\"ls17\">e </span>di <span class=\"_ _3\"></span>warehousing) dalle societ\u00e0 v<span class=\"_ _3\"></span>eicolo sia <span class=\"_ _3\"></span>sottoscritto al<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019atto <span class=\"_ _3\"></span>dell\u2019emissione da <span class=\"_ _3\"></span>una o <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>societ\u00e0 del <span class=\"_ _3\"></span>Gruppo. <span class=\"_ _3\"></span>Per l\u2019illustrazion<span class=\"_ _0\"></span>e </span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>sezione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Parte <span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Nota <span class=\"_ _2\"></span>Integrativa <span class=\"_ _2\"></span>Consolid<span class=\"_ _0\"></span>ata <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>rischi<span class=\"_ _5\"></span>o <span class=\"_ _2\"></span>di liquidit\u00e0. Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> Si riepilogano di seg<span class=\"_ _0\"></span>uito le operazio<span class=\"_ _0\"></span>ni di cartolarizzazione <span class=\"_ _0\"></span>effettuate nel cors<span class=\"_ _0\"></span>o del 2022.<span class=\"_ _3\"></span> Cartolarizzazioni GARC Nell\u2019ambito <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019operativit\u00e0 <span class=\"_ _1d\"> </span>\u201cGARC\u201d <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>corso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019esercizio <span class=\"_ _17\"> </span>Intesa <span class=\"_ _17\"> </span>Sanpaolo <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>perfezionato <span class=\"_ _17\"> </span>sei <span class=\"_ _17\"> </span>nuove <span class=\"_ _17\"> </span>operazioni <span class=\"_ _17\"> </span>di cartolarizzazione sintetica: <span class=\"_ _2\"></span>GARC <span class=\"_ _3\"></span>High <span class=\"_ _3\"></span>Potential-2, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Residential <span class=\"_ _3\"></span>Mortgages-3, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Leasing-2, <span class=\"_ _3\"></span>GARC <span class=\"_ _3\"></span>Corp<span class=\"_ _3\"></span>-5, <span class=\"_ _3\"></span>GARC CRE<span class=\"ls0\">-1 e GARC Infrastructure-1. Nello spe<span class=\"_ _0\"></span>cifico: </span>i)<span class=\"ff1 ls0\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">Per <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _5\"></span>GARC <span class=\"_ _5\"></span>High <span class=\"_ _5\"></span>Potential</span>-2 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>ceduto <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>mezzanine <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>circ<span class=\"_ _2\"></span><span class=\"lsc\">a </span></span>0,5 <span class=\"ff4\">miliardi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>residenziali <span class=\"_ _2\"></span>verso <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>7.000 <span class=\"_ _5\"></span>clienti <span class=\"_ _5\"></span>retail, <span class=\"_ _2\"></span>valutati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>modelli <span class=\"_ _2\"></span>interni <span class=\"_ _5\"></span>(IRB </span>Avanzato)<span class=\"ff15\">;<span class=\"fff fs6\"> </span></span>ii)<span class=\"ls0\"> <span class=\"_ _44\"> </span><span class=\"ff4\">P<span class=\"_ _0\"></span>er <span class=\"_ _6\"> </span>l\u2019operazione <span class=\"_ _5\"></span>GARC <span class=\"_ _6\"></span>Residential <span class=\"_ _5\"></span>Mortgages<span class=\"_ _3\"></span><span class=\"ff1\">-3 <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>ceduti <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>investitori <span class=\"_ _5\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>pper <span class=\"_ _5\"></span>junior <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il </span></span></span>rischio <span class=\"_ _5\"></span>mezzanine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>circa <span class=\"_ _6\"></span>1,4 <span class=\"_ _6\"></span>miliardi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>residenziali <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>levato <span class=\"_ _5\"></span>LTV <span class=\"_ _6\"></span>verso <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>12.800 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lienti retail, valu<span class=\"ff4\">tati attraverso l\u2019a<span class=\"_ _0\"></span>pplicazione dei m<span class=\"_ _0\"></span>odelli interni (IRB A<span class=\"_ _0\"></span>vanzato); <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>iii)<span class=\"ls0\"> <span class=\"_ _31\"> </span><span class=\"ff4\">Per <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _2\"></span>GARC <span class=\"_ _2\"></span>Leasing</span>-2<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>ceduto <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>investitori <span class=\"_ _2\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _5\"></span>junior<span class=\"_ _3\"></span><span class=\"ff2\"> <span class=\"_ _5\"></span></span>relativo <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di </span>circa 2,1 miliardi di finanziamenti leasing verso circa 2.900<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>im<span class=\"_ _3\"></span>prese appartenenti al segmento regolame<span class=\"_ _0\"></span>ntare Corporate e SME Corporate, valutati <span class=\"_ _0\"></span>attraverso l\u2019applic<span class=\"_ _0\"></span>azione dei modelli inte<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ni (IRB Avanzato);<span class=\"ff1\"> </span>iv) <span class=\"_ _1f\"> </span><span class=\"ff4\">Per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>l\u2019operazione <span class=\"_ _6\"></span>GARC <span class=\"_ _5\"></span>CORP</span>-5<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _6\"></span>ceduto <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>investitori <span class=\"_ _5\"></span>specializzati <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>junior <span class=\"_ _5\"></span>relativo <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>portafo<span class=\"_ _2\"></span>glio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i circa <span class=\"_ _2\"></span>7,5 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>4.500 <span class=\"_ _2\"></span>imprese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ppartenenti <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egmento <span class=\"_ _2\"></span>regolamentare <span class=\"_ _3\"></span>Corporate <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>SME Corporate, valutati attr<span class=\"_ _0\"></span>averso l\u2019applicazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> dei modelli interni (<span class=\"_ _0\"></span>IRB Avanzato);<span class=\"_ _3\"></span><span class=\"ff1\"> </span>v)<span class=\"ff1 ls0\"> <span class=\"_ _32\"> </span><span class=\"ff4\">Per <span class=\"_ _3\"></span>l\u2019operazione GARC Commercial Real Estate</span>-<span class=\"_ _3\"></span>1 \u00e8 stato ceduto ad<span class=\"_ _3\"></span> investitori specializzati il rischio junior relativo ad un </span>portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>1,9 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamenti <span class=\"_ _6\"></span>corporate <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>mutui <span class=\"_ _4\"></span>immobili<span class=\"_ _0\"></span>ari <span class=\"_ _4\"></span>commerciali <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>erso <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>50 <span class=\"_ _6\"></span>controparti appartenenti al segmento regol<span class=\"_ _0\"></span>amentare Corporate e SME Corpo<span class=\"ff4\">rate, valutati attraverso l\u2019applicazione dei mo<span class=\"_ _0\"></span>delli interni </span>(IRB Avanzato);<span class=\"fff fs6\"> </span>vi)<span class=\"ff1\"> <span class=\"_ _2a\"> </span><span class=\"ff4\">Per l\u2019operazione GARC Infrastructure</span>-1 \u00e8 s<span class=\"_ _3\"></span>tato ceduto ad investitori specializzati il rischio junior relativo ad un portafoglio </span>di  circ<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  2,3<span class=\"_ _0\"></span>  miliardi<span class=\"_ _0\"></span>  di <span class=\"_ _16\"> </span>finanzia<span class=\"_ _0\"></span>menti <span class=\"_ _16\"> </span>corporate  e  project <span class=\"_ _16\"> </span>finance  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ambito  infra<span class=\"_ _0\"></span>strutturale <span class=\"_ _16\"> </span>verso  ci<span class=\"_ _0\"></span>rca <span class=\"_ _16\"> </span>200  imprese<span class=\"_ _35\"></span> appartenenti al segmento regol<span class=\"_ _0\"></span>amentare Corporate e SME Corporat<span class=\"_ _0\"></span>e, valutati attraverso l\u2019applic<span class=\"_ _0\"></span>azione dei modelli interni<span class=\"_ _35\"></span> (IRB Avanzato).<span class=\"fff fs6\"> </span>In <span class=\"_ _2\"></span>ottemperanza <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etention <span class=\"_ _3\"></span>rule <span class=\"_ _2\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>vigilanza, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>prime <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>tiene <span class=\"_ _3\"></span>il 5% del portafoglio cart<span class=\"_ _0\"></span>olarizzato, mentre p<span class=\"_ _0\"></span>er le ultime due detie<span class=\"_ _0\"></span>ne il 10% del port<span class=\"_ _0\"></span>afoglio cartolarizzat<span class=\"_ _0\"></span>o.<span class=\"_ _2\"></span> I <span class=\"ls0\">portafogli delle <span class=\"_ _0\"></span>operazioni sono pre<span class=\"_ _0\"></span>valentemente costituiti <span class=\"_ _0\"></span>da client<span class=\"_ _3\"></span>ela operante nel Nord It<span class=\"_ _0\"></span>alia. </span>Cartolarizzazione Tranched Cover <span class=\"ffb\">\u2013</span> Fondo di Garanzia per le PMI  Nel <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>Fondo <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Garanzia <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>PMI, <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stato <span class=\"_ _5\"></span>completato <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>ramp<span class=\"_ _5\"></span><span class=\"ff1\">-up <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quattro<span class=\"_ _0\"></span> </span>operazioni <span class=\"_ _5\"></span>tranched <span class=\"_ _5\"></span>cover <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>por<span class=\"_ _3\"></span>tafogli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>nuova <span class=\"_ _5\"></span>erogazione <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>sostegno <span class=\"_ _5\"></span>delle imprese danneggiate d<span class=\"_ _0\"></span>all\u2019emergenza COV<span class=\"_ _0\"></span>ID<span class=\"_ _3\"></span><span class=\"ff1\">-19 per un totale co<span class=\"_ _0\"></span>mplessivo pari a circ<span class=\"_ _0\"></span>a 0,6 miliardi verso <span class=\"_ _0\"></span>circa 1.700 impre<span class=\"_ _0\"></span>se.<span class=\"_ _3\"></span> </span>Per <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"></span>operazioni <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span>detiene <span class=\"_ _4\"> </span>almeno <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>10% <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"></span>cartolarizzati <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>ottemperanza <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>retention <span class=\"_ _4\"> </span>rule prevista dalla normativ<span class=\"_ _0\"></span>a di vigilanza. Cartolarizzazione Organa  Nell\u2019ambito <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>strategia <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>riduzione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>profilo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>prevista <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _6\"> </span>2022<span class=\"_ _2\"></span><span class=\"ff1\">-2025, <span class=\"_ _4\"> </span>e, <span class=\"_ _4\"></span>nello <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>pecifico, <span class=\"_ _6\"></span>in </span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>piano <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>-risking <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>approvato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>21 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo ha <span class=\"_ _5\"></span>completato <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _5\"></span>finalizzato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>econsolidamento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>credi<span class=\"_ _5\"></span>ti <span class=\"_ _5\"></span>classificati <span class=\"_ _2\"></span>a \u201csofferenza\u201d, <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ramite <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>cartolarizzazi<span class=\"_ _0\"></span>one <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>successiva <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rilascio <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>garanzia <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tatale<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u201cGACS\u201d <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>beneficio <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>detentori <span class=\"_ _5\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>senior <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>messi <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione, <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>volta <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>tali <span class=\"_ _6\"></span>titoli<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>Senior <span class=\"_ _5\"></span>abbiano </span>ottenuto un rating \u201cin<span class=\"_ _0\"></span>vestment grade\u201d non i<span class=\"_ _0\"></span>nferiore a BBB o equi<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alente, cos\u00ec come p<span class=\"_ _0\"></span>revisto dalla <span class=\"_ _0\"></span>Legge n. 49/2016.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>(data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cut<span class=\"_ _2\"></span>-off) <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>Gross <span class=\"_ _3\"></span>Book <span class=\"_ _5\"></span>Value <span class=\"_ _3\"></span>(GBV) <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>circa <span class=\"_ _3\"></span>4<span class=\"_ _3\"></span> miliardi (GBV contabil<span class=\"_ _0\"></span>e a saldi aperti al l<span class=\"_ _0\"></span>ordo PPA). Nell\u2019ambito dell\u2019oper<span class=\"_ _0\"></span>azione, Intrum Italy S.<span class=\"_ _0\"></span>p.A. opera qual<span class=\"_ _0\"></span>e special servicer d<span class=\"_ _0\"></span>ella cartolarizzazione. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le attivit\u00e0 cartolarizz<span class=\"_ _0\"></span>ate presentano la seg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ente distribuzione p<span class=\"_ _0\"></span>er aree territoriali:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _34\"> </span>31,2% Nord-Ovest; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>25,0% Centro; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>22,5% Sud e Isole; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>21,1% Nord-Est; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>0,2% Estero. </span>La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debitori ce<span class=\"_ _0\"></span>duti <span class=\"_ _3\"></span>\u00e8 la seguente: -<span class=\"ff1\"> <span class=\"_ _34\"> </span>18,6% Imprese produttiv<span class=\"_ _0\"></span>e; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>16,1% Famiglie consum<span class=\"_ _0\"></span>atrici; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>14,9% Costruttori; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>13,8% Commercio;  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>13,3% Affari immobiliari;<span class=\"_ _0\"></span>  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>8,0% Servizi; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>15,3% altri settori di <span class=\"_ _0\"></span>attivit\u00e0 (Agricoltura, Tr<span class=\"_ _0\"></span>asporti, Attivit\u00e0 Manifa<span class=\"_ _0\"></span>tturiere).<span class=\"_ _3\"></span> </span>L\u2019operazione di cessio<span class=\"_ _0\"></span>ne \u00e8 stata strutturata<span class=\"_ _0\"></span> in due fasi principal<span class=\"_ _0\"></span>i:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>(i) <span class=\"_ _24\"> </span>Auto-cartolarizzazione: <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>fase <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>cessione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>portafoglio <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>veicolo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>artolarizzazion<span class=\"_ _35\"></span>e, Organa <span class=\"_ _3\"></span>SPV S.r.l. <span class=\"_ _3\"></span>(SPV), <span class=\"_ _3\"></span>costituito ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Legge 130<span class=\"_ _3\"></span>/99, con <span class=\"_ _3\"></span>integrale sottoscrizione d<span class=\"_ _3\"></span>a p<span class=\"_ _3\"></span>arte d<span class=\"_ _3\"></span>i Intesa <span class=\"_ _3\"></span>Sanpaolo dei  titoli  senior,  me<span class=\"_ _0\"></span>zzanine  e  junior  em<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssi  dalla  stess<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>SPV  per  finanziare  il <span class=\"_ _16\"> </span>prezzo  di  acquisto  del  portafogli<span class=\"_ _0\"></span>o. Contestualmente all\u2019emissione d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>erogato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>prestito a <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>icorso limitato <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>linea <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0 a beneficio della <span class=\"_ _3\"></span>suddetta SPV. <span class=\"_ _3\"></span>In questa fase <span class=\"_ _3\"></span>dell\u2019operazione, non a<span class=\"_ _3\"></span>vendo <span class=\"_ _2\"></span><span class=\"ff1\">ancora <span class=\"_ _3\"></span>trasferito i <span class=\"_ _3\"></span>rischi e i <span class=\"_ _3\"></span>benefici <span class=\"_ _3\"></span>degli asset </span>ceduti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>continuato <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>consolidato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _3\"></span>Contestualmente all<span class=\"_ _3\"></span>\u2019emission<span class=\"_ _0\"></span>e dei <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>lasciato, <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Moodys, <span class=\"_ _2\"></span>DBRS <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>Scope, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rating <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>classe <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enior <span class=\"_ _2\"></span>dei titoli investment grad<span class=\"_ _0\"></span>e \u201cBBB\u201d o equivalente;<span class=\"ff1\"> </span>(ii) <span class=\"_ _2a\"> </span><span class=\"ff4\">\u201cPlacement dei titoli subordinati <span class=\"_ _0\"></span>e deconsolidamento del p<span class=\"_ _0\"></span>ortafoglio ceduto\u201d: in ta<span class=\"_ _0\"></span>le fase \u00e8 stata finali<span class=\"_ _0\"></span>zzata la cessione de<span class=\"_ _2\"></span><span class=\"ff1 ls19\">l </span></span>95% <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>titoli <span class=\"_ _6\"></span>Mezzanine <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>Junior <span class=\"_ _6\"> </span>all\u2019inve<span class=\"_ _3\"></span><span class=\"ff1\">stitore <span class=\"_ _6\"></span>terzo <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>elezionato <span class=\"_ _6\"></span>tramite <span class=\"_ _6\"></span>sindacazione <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>mercato <span class=\"_ _6\"></span>e, <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>seguito <span class=\"_ _6\"></span>della </span>cessione, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>perfezionato <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>deconsolidamento <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>prudenziale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>successiva <span class=\"_ _5\"></span>richiesta<span class=\"_ _35\"></span> della <span class=\"_ _5\"></span>garanzia <span class=\"_ _2\"></span>GACS <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Fina<span class=\"_ _3\"></span><span class=\"ff1\">nze <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>Concessionaria <span class=\"_ _5\"></span>Servizi <span class=\"_ _2\"></span>Assicurativi <span class=\"_ _5\"></span>Pubblici. <span class=\"_ _2\"></span>La </span>garanzia \u00e8 stata con<span class=\"_ _0\"></span>cessa in data 10 giugn<span class=\"_ _0\"></span>o 2022. La <span class=\"_ _2\"></span>SPV <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>l\u2019acquisto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>attraverso <span class=\"_ _2\"></span>l\u2019emissione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>3 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lassi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>titoli, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>tranche <span class=\"_ _2\"></span>Senior <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>sotto<span class=\"_ _5\"></span><span class=\"ff1\">scritta </span>interamente da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Intesa Sanpaolo, mentre <span class=\"_ _3\"></span>quelle <span class=\"_ _3\"></span>Mezzanine e <span class=\"_ _3\"></span>Junior <span class=\"_ _3\"></span>sono s<span class=\"_ _3\"></span>tate sottoscritte <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il 9<span class=\"_ _3\"></span>5% da <span class=\"_ _3\"></span>investitori <span class=\"_ _3\"></span>terzi e<span class=\"_ _3\"></span> per il 5% da Intesa Sanp<span class=\"_ _0\"></span>aolo in ottemperanz<span class=\"_ _0\"></span>a alla retention rule <span class=\"_ _0\"></span>prevista dalla n<span class=\"_ _0\"></span>ormativa di vigilanza:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli senior per 970 mil<span class=\"_ _0\"></span>ioni sottoscritti integralmente da I<span class=\"_ _0\"></span>ntesa Sanpaolo; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli <span class=\"_ _2\"></span>mezzanine <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>6,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>restante <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>terzo </span>investitore; -<span class=\"ff1\"> <span class=\"_ _34\"> </span>titoli <span class=\"_ _7\"> </span>junior <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>15 <span class=\"_ _16\"> </span>milioni, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>sottoscritti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _16\"> </span>0,8 <span class=\"_ _7\"> </span>milio<span class=\"_ _2\"></span>ni <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>restante <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>terz<span class=\"_ _35\"></span>o </span>investitore. Contestualmente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>perfezionamento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019operazione, <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>conseguito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ieno <span class=\"_ _2\"></span>deconsolidamento <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>e regolamentare del pre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>etto portafoglio<span class=\"_ _0\"></span>. Tenendo conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>sottoscrizione d<span class=\"_ _3\"></span>i u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>qu<span class=\"_ _3\"></span>ota pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l 100% <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>notes <span class=\"_ _3\"></span>Senior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>notes J<span class=\"_ _3\"></span>unior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Mezzanine, in ottemperanza <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>retention <span class=\"_ _2\"></span>rule, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _2\"></span>connessa <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>trattenuta <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Grupp<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u00e8 risultata <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>consentire <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>affermare <span class=\"_ _7\"> </span>che  il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>sostanzialmente <span class=\"_ _7\"> </span>trasferito <span class=\"_ _7\"> </span>tutti <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>benefici <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>attivit\u00e0 finanziarie <span class=\"_ _7\"> </span>cedute, <span class=\"_ _7\"> </span>ricadendo <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>fattispecie <span class=\"_ _7\"> </span>prevista <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>punto <span class=\"_ _7\"> </span>a) <span class=\"_ _16\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>9.3.2.6, <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>cui <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>\u201celiminare<span class=\"_ _0\"></span> l\u2019attivit\u00e0 f<span class=\"_ _3\"></span>inanziaria e <span class=\"_ _3\"></span>rilevare separatamente come<span class=\"_ _2\"></span><span class=\"ff1\"> attivit\u00e0 <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>passivit\u00e0 qualsiasi <span class=\"_ _3\"></span>diritto e <span class=\"_ _3\"></span>obbligazione <span class=\"_ _3\"></span>originati o <span class=\"_ _3\"></span>mantenuti con </span>il trasferimento\u201d.<span class=\"ff1\"> </span>A  tal  rigu<span class=\"_ _0\"></span>ardo  si  e<span class=\"_ _0\"></span>videnzia  ch<span class=\"_ _0\"></span>e  le  note<span class=\"_ _0\"></span>s  sottoscritte <span class=\"_ _16\"> </span>da  Intesa  S<span class=\"_ _0\"></span>anpaolo,  in <span class=\"_ _16\"> </span>ragione  del <span class=\"_ _16\"> </span>business  model <span class=\"_ _16\"> </span>in  uso  e <span class=\"_ _16\"> </span>del lookthrough test effettu<span class=\"_ _0\"></span>ato, sono state classificate: -<span class=\"ff1\"> <span class=\"_ _34\"> </span>le tranche senior tra <span class=\"_ _0\"></span>i titoli al costo ammorti<span class=\"_ _0\"></span>zzato; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>le tranche mezzanin<span class=\"_ _0\"></span>e e junior tra i titol<span class=\"_ _0\"></span>i FVTPL. </span>Tale <span class=\"_ _3\"></span>operazione \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo gi\u00e0 resi noti al mercato p<span class=\"_ _0\"></span>er il Piano di Impr<span class=\"_ _0\"></span>esa 2022-2025.  Cartolarizzazione Teseo Nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>strategia <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riduzione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _4\"> </span>prevista <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _4\"> </span>2022<span class=\"_ _2\"></span><span class=\"ff1\">-2025 <span class=\"_ _4\"> </span>e, <span class=\"_ _7\"> </span>nello <span class=\"_ _4\"></span>specifico, <span class=\"_ _4\"> </span>in </span>coerenza  con  la <span class=\"_ _16\"> </span>delibera  del  C<span class=\"_ _0\"></span>onsiglio  di  Ammi<span class=\"_ _0\"></span>nistrazione  del  4  n<span class=\"_ _0\"></span>ovembre  2022,  i<span class=\"_ _0\"></span>n  data <span class=\"_ _16\"> </span>21  novembre  2022 <span class=\"_ _16\"> </span>\u00e8  stata perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>portafoglio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>crediti <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>bonis <span class=\"_ _4\"></span>rivenien<span class=\"_ _0\"></span>ti <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>leasing <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo tramite  una <span class=\"_ _16\"> </span>cartolarizzazione  ai  sens<span class=\"_ _0\"></span>i  della  L.13<span class=\"_ _0\"></span>0/99.  Il  portafogli<span class=\"_ _0\"></span>o  oggetto  di  c<span class=\"_ _35\"></span>ess<span class=\"_ _3\"></span>ione  \u00e8  c<span class=\"_ _0\"></span>ostituito  da  cre<span class=\"_ _0\"></span>diti  in  boni<span class=\"_ _35\"></span>s principalmente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>segmento <span class=\"_ _7\"> </span>SME <span class=\"_ _7\"> </span>Corporate <span class=\"_ _7\"> </span>(60% <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _4\"> </span>ceduto) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Small <span class=\"_ _7\"> </span>Business <span class=\"_ _7\"> </span>Retail <span class=\"_ _4\"> </span>(26% <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>portafoglio ceduto) aventi al 31 ottobre 2022 (data <span class=\"_ _0\"></span>di individuazione del portafoglio<span class=\"_ _0\"></span>) un Gross Book Value (GBV) pari a circa 3.761 milio<span class=\"_ _2\"></span>ni di euro. <span class=\"fc5\"> </span>Nell\u2019ambito  dell\u2019o<span class=\"_ _0\"></span>perazione  Intesa  Sanpaol<span class=\"_ _0\"></span>o,  oltre  che <span class=\"_ _16\"> </span>Originator  dell\u2019op<span class=\"_ _0\"></span>erazione,  riveste  a<span class=\"_ _0\"></span>nche  il <span class=\"_ _16\"> </span>ruolo  di  Servicer  d<span class=\"_ _0\"></span>el portafoglio.  La <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>previsto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>SPV <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti, <span class=\"_ _3\"></span>unitamente <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _2\"></span>giuridici attivi <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>passivi <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span>rivanti dai <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>leasing <span class=\"_ _6\"></span>afferenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>ceduti, <span class=\"_ _6\"></span>laddove <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>mobili <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tali <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span>ratti <span class=\"_ _6\"></span>di leasing \u00e8 rimasta in <span class=\"_ _0\"></span>capo ad Intesa Sanpao<span class=\"_ _0\"></span>lo.  Le attivit\u00e0 cartolarizz<span class=\"_ _0\"></span>ate presentano la seg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ente distribuzione p<span class=\"_ _0\"></span>er aree territoriali:<span class=\"_ _3\"></span> -<span class=\"ff1\"> <span class=\"_ _34\"> </span>63,26% Nord; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>23,76% Centro; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>12,98% Sud pi\u00f9 Isole. </span>La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debito<span class=\"_ _3\"></span>ri ceduti \u00e8 la <span class=\"_ _0\"></span>seguente: -<span class=\"ff1\"> <span class=\"_ _34\"> </span>27% Imprese produttiv<span class=\"_ _0\"></span>e, </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>22% Real Estate  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff4\">17% Commercio al <span class=\"_ _0\"></span>dettaglio e all\u2019ingrosso <span class=\"ff1\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>34% altri settori di at<span class=\"_ _0\"></span>tivit\u00e0. </span>La ripartizione per tipol<span class=\"_ _0\"></span>ogia di leasing <span class=\"_ _0\"></span>\u00e8 la seguente:  -<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ls10\">82</span>,2% leasing <span class=\"_ _0\"></span>immobiliare;  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>10,5% leasing strumen<span class=\"_ _0\"></span>tale;  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ls10\">4,</span>4% leasing e<span class=\"_ _0\"></span>nergia;  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff4\">2,9% altro (autoveic<span class=\"_ _0\"></span>oli, aeronavale\u2026). <span class=\"ff1\"> </span></span></span>Il <span class=\"_ _6\"> </span>30 <span class=\"_ _6\"> </span>nove<span class=\"_ _3\"></span>mbre <span class=\"_ _5\"></span>2022 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"></span>SPV <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>finanziato <span class=\"_ _6\"> </span>l\u2019acquisto <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>portafoglio <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>l\u2019emissione <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>4 <span class=\"_ _4\"> </span>classi <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>titoli, <span class=\"_ _6\"></span>due <span class=\"_ _16\"> </span><span class=\"ff1\">tranche </span>senior <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tasso <span class=\"_ _6\"></span>variabile, <span class=\"_ _4\"></span>entrambe <span class=\"_ _5\"></span>s<span class=\"_ _2\"></span>ottoscritte <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>100% <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>Una <span class=\"_ _7\"> </span>tranche mezzanine e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>junior <span class=\"_ _3\"></span>sottoscritte <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ottemperanza <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>retention <span class=\"_ _3\"></span>rule <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>di vigilanza, in dettaglio<span class=\"_ _0\"></span>: -<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe <span class=\"_ _6\"></span>A1 <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>senior <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ariabile <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>sottoscritta <span class=\"_ _6\"></span>completamente <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>complessivi <span class=\"_ _6\"></span>2.632 <span class=\"_ _4\"></span>mili<span class=\"_ _0\"></span>oni <span class=\"_ _6\"></span>di </span>euro; -<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe A2 <span class=\"ff4\">\u2013</span> senior tasso fis<span class=\"_ _0\"></span>so <span class=\"ff4\">\u2013</span> sottoscritta completament<span class=\"_ _0\"></span>e da Intesa Sanpaol<span class=\"_ _0\"></span>o per complessivi 564 mi<span class=\"_ _0\"></span>lioni di euro;  </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe B <span class=\"ff4\">\u2013</span> mezzanine <span class=\"ff4\">\u2013</span> sottosc<span class=\"_ _0\"></span>ritta da Intesa Sanpa<span class=\"_ _0\"></span>olo per 9,4 milioni di<span class=\"_ _0\"></span> euro e per la restante<span class=\"_ _0\"></span> parte da terzi; </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>Classe <span class=\"_ _5\"></span>J <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>junior <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>sottoscritta <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>20,5 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>9,3 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>di </span>euro e per la restant<span class=\"_ _0\"></span>e parte da terzi.  Con il perfezioname<span class=\"_ _0\"></span>nto dell\u2019operazione, I<span class=\"_ _0\"></span>ntesa Sanpaolo ha consegu<span class=\"_ _0\"></span>ito il pieno deconsoli<span class=\"_ _0\"></span>damento contabil<span class=\"_ _0\"></span>e e pru<span class=\"_ _2\"></span><span class=\"ff1\">denziale del </span>portafoglio.  Pi\u00f9 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>particolare, <span class=\"_ _2\"></span>tenendo <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>retention <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>5% <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>classi <span class=\"_ _2\"></span>emesse <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>vertical <span class=\"_ _2\"></span>slice), <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 connessa <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>trattenuta <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>risultata <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onsentire <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ffermare <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il Gruppo ha sostanzialmente trasferit<span class=\"_ _0\"></span>o tutti i rischi e <span class=\"_ _3\"></span>benefici delle attivit\u00e0 finanziarie cedute, ricadendo nella fattispeci<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span> prevista dal <span class=\"_ _3\"></span>punto<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a) <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>9.3.2.6, <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>roceduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>\u201celiminare <span class=\"_ _3\"></span>l\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _6\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>separatamente <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>att<span class=\"_ _3\"></span>ivit\u00e0 <span class=\"_ _3\"></span>o </span>passivit\u00e0 <span class=\"_ _2\"></span>qualsiasi <span class=\"_ _3\"></span>diritto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>obbligazione <span class=\"_ _2\"></span>originati <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>mantenuti <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>trasferimento\u201d. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>realizzato <span class=\"_ _3\"></span>un <span class=\"_ _5\"></span>trasfer<span class=\"_ _2\"></span><span class=\"ff1\">imento </span>significativo del risch<span class=\"_ _0\"></span>io in linea con l\u2019artic<span class=\"_ _0\"></span>olo 244(2) della CRR.<span class=\"ff1\"> </span>A <span class=\"_ _6\"></span>tal <span class=\"_ _4\"></span>riguardo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>evidenzia <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>notes <span class=\"_ _6\"></span>sottoscritte <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>ragione <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>business <span class=\"_ _6\"></span>model<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>uso<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>state classificate: -<span class=\"ff1\"> <span class=\"_ _34\"> </span>tra i titoli al costo amm<span class=\"_ _0\"></span>ortizzato, quanto alle<span class=\"_ _0\"></span> classi senior e mezz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nine;<span class=\"_ _3\"></span> </span>-<span class=\"ff1\"> <span class=\"_ _34\"> </span>tra i titoli al fair val<span class=\"_ _0\"></span>ue through profit an<span class=\"_ _0\"></span>d loss (FVTPL), limitatamente alla classe junior. </span>Tale <span class=\"_ _3\"></span>operazione \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo gi\u00e0 resi noti al mercato<span class=\"_ _0\"></span> per il Piano di Im<span class=\"_ _0\"></span>presa 2022-2025. Informazioni di natura<span class=\"_ _3\"></span> quantit<span class=\"_ _3\"></span>ativa C.1. Consolidato prudenzia<span class=\"_ _3\"></span>le - Esposizioni derivanti d<span class=\"_ _3\"></span>alle principali operazioni di car<span class=\"_ _3\"></span>tolarizzazione \u201cproprie\u201d ripartite per tipologia di a<span class=\"_ _3\"></span>ttivit\u00e0 cartolarizzate e per tipologia di esposiz<span class=\"_ _3\"></span>ioni<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Per cassa (milioni di eur<span class=\"_ _35\"></span>o) Tipologia a<span class=\"_ _0\"></span>ttivit\u00e0 car<span class=\"_ _0\"></span>tolarizzate/E<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>posizioni ESPOSIZIO<span class=\"_ _35\"></span>NI PER CASSA         Seni<span class=\"_ _0\"></span>or              Me<span class=\"_ _0\"></span>zzanine<span class=\"_ _0\"></span>         Jun<span class=\"_ _0\"></span>ior Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore A. Oggett<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di integ<span class=\"_ _0\"></span>rale cance<span class=\"_ _0\"></span>llazione<span class=\"_ _0\"></span> dal bilanc<span class=\"_ _0\"></span>io 7.401 6 49<span class=\"ls0\"> </span>-<span class=\"ls25\">10</span> 16<span class=\"ls0\"> </span>-<span class=\"ls25\">11</span> \u2013<span class=\"ff1\"> Prestiti ve<span class=\"_ _0\"></span>rso impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e (incluse<span class=\"_ _0\"></span> PMI) (<span class=\"_ _0\"></span>*) </span>3.661 7 35<span class=\"ls0\"> </span>-9 5 -<span class=\"ls25\">11</span> \u2013<span class=\"ff1\"> Leasing<span class=\"_ _0\"></span> (**) </span>3.203 -1 13<span class=\"ls0\"> </span>- 10<span class=\"ls0\"> </span>- \u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili resi<span class=\"_ _0\"></span>denziali (*) </span>537<span class=\"ls0\"> </span>- 1 -1 - - \u2013<span class=\"ff1\"> Crediti al<span class=\"_ _0\"></span> consumo </span>- - - - 1 - B. Oggett<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di parzial<span class=\"_ _35\"></span>e <span class=\"_ _3\"></span>cance<span class=\"_ _0\"></span>llazione<span class=\"_ _0\"></span> dal bilanc<span class=\"_ _0\"></span>io - - - - - - C. Non ca<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cellate d<span class=\"_ _0\"></span>al bilanci<span class=\"_ _35\"></span>o 24.824 4 97<span class=\"ls0\"> </span>7 413<span class=\"ls0\"> </span>-3 \u2013<span class=\"ff1\"> Prestiti ve<span class=\"_ _0\"></span>rso impre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e (incluse<span class=\"_ _0\"></span> PMI) (<span class=\"_ _0\"></span>***) (****) </span>17.457 7 85<span class=\"ls0\"> </span>7 225<span class=\"ls0\"> </span>- \u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili resi<span class=\"_ _35\"></span>denziali (****) </span>3.281 -1 12<span class=\"ls0\"> </span>- 160<span class=\"ls0\"> </span>-3 \u2013<span class=\"ff1\"> Leasing<span class=\"_ _0\"></span> (****) </span>2.421 -1 - - 12<span class=\"ls0\"> </span>- \u2013<span class=\"ff1\"> Mutui ipo<span class=\"_ _0\"></span>tecari su<span class=\"_ _0\"></span> immobili co<span class=\"_ _35\"></span>mmerciali (****) </span>1.665 -1 - - 16<span class=\"ls0\"> </span>- TOTALE 32.225 10<span class=\"ls0\"> </span>146<span class=\"ls0\"> </span>-3 429<span class=\"ls0\"> </span>-<span class=\"ls25\">14</span> (*) L\u2019intero impo<span class=\"_ _3\"></span>rto \u00e8 <span class=\"_ _3\"></span>riferito ad <span class=\"_ _3\"></span><span class=\"ff1\">attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>deteriorate. <span class=\"_ _3\"></span>I \"Prestiti <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>imprese (incluse <span class=\"_ _3\"></span>PMI)\" <span class=\"_ _3\"></span>si riferisc<span class=\"_ _3\"></span>ono alle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di cartolarizzazion<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Savoy, Kerm<span class=\"_ _3\"></span>a, </span>Yoda, <span class=\"_ _2\"></span>Sirio, <span class=\"_ _2\"></span>Grogu <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>Kerdos <span class=\"_ _2\"></span>(si <span class=\"_ _5\"></span>fa <span class=\"_ _2\"></span>riman<span class=\"_ _3\"></span>do <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Bilancio <span class=\"_ _2\"></span>Cons<span class=\"_ _3\"></span>olidato <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>2019<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>escrizione <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>operazioni) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>all'operazione<span class=\"_ _3\"></span> Organa (descritta nel <span class=\"_ _3\"></span>paragrafo <span class=\"_ _3\"></span>\u201cInformazioni di <span class=\"_ _3\"></span>natura qualitativa\u201d <span class=\"_ _3\"></span>della presente <span class=\"_ _3\"></span>Sezione). <span class=\"_ _3\"></span>I \"Mutui ipotecari <span class=\"_ _3\"></span>su immobi<span class=\"_ _3\"></span>li <span class=\"_ _3\"></span><span class=\"ff1\">residenziali\" si <span class=\"_ _3\"></span>riferiscono alle <span class=\"_ _3\"></span>operazioni di </span>cartolarizzazione Maior ed Iseo (rivenie<span class=\"_ _3\"></span>nti dall'aggregazione del G<span class=\"_ _3\"></span>ruppo ex UBI).<span class=\"_ _3\"></span> (**) <span class=\"_ _3\"></span>Gli <span class=\"_ _3\"></span>imp<span class=\"_ _3\"></span>orti <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _2\"></span>all'operazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cartolarizzazione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Portland <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanz<span class=\"_ _3\"></span>iarie <span class=\"_ _3\"></span>det<span class=\"_ _3\"></span>eriorate <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>amm<span class=\"_ _3\"></span>ontare <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>rispettivamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>ioni senior <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>4 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>mezza<span class=\"_ _3\"></span>nine <span class=\"_ _3\"></span>(si <span class=\"_ _3\"></span>fa<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rimand<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Bilancio <span class=\"_ _2\"></span>Consolidato <span class=\"_ _2\"></span>2021 <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>des<span class=\"_ _3\"></span>crizione <span class=\"_ _3\"></span>dell'operazion<span class=\"_ _3\"></span>e) <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>all'<span class=\"_ _3\"></span>operazione <span class=\"_ _2\"></span>Teseo <span class=\"_ _3\"></span>relativa <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanzia<span class=\"_ _3\"></span>rie <span class=\"_ _3\"></span>in bonis (descritta nel paragraf<span class=\"_ _3\"></span>o \u201cInformazion<span class=\"_ _3\"></span>i di natura qualitativa\u201d della <span class=\"_ _3\"></span>presente Sezione).<span class=\"_ _3\"></span><span class=\"ff1 ls0\"> </span>(***) <span class=\"_ _2\"></span>Gli <span class=\"_ _5\"></span>importi <span class=\"_ _5\"></span>ricomprendono <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _5\"></span>deteriorate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>29 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _5\"></span>senior, <span class=\"_ _5\"></span>53 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>q<span class=\"_ _3\"></span>uelle <span class=\"_ _5\"></span>mezzanine <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>17 milioni per quelle junior.<span class=\"ls0\"> </span>(****) Le voci includono anche gli ammont<span class=\"_ _3\"></span>ari in bonis relativi alle operazioni di <span class=\"ls0\">car<span class=\"_ _3\"></span>tolarizzazione sinte<span class=\"_ _3\"></span>tica originate dal Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo.<span class=\"_ _3\"></span> </span>Fuori bilancio Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non \u00e8 pr<span class=\"_ _0\"></span>esente. <span class=\"ff5 fs12 fc2\"> <span class=\"_ _30\"> </span> </span>C.2. Consolidato prudenzia<span class=\"_ _3\"></span>le - Esposizioni derivanti d<span class=\"_ _3\"></span>alle principali operazioni di car<span class=\"_ _3\"></span>tolarizzazione di \"terzi\" ripartite per tipologi<span class=\"_ _3\"></span>a delle attivit\u00e0 cartolarizzate e per<span class=\"_ _3\"></span> tipologia di esposizione<span class=\"_ _3\"></span> Per cassa (milioni di eur<span class=\"_ _35\"></span>o) Tipologia<span class=\"_ _0\"></span> attivit\u00e0 c<span class=\"_ _0\"></span>artolarizzat<span class=\"_ _35\"></span>e/<span class=\"_ _3\"></span>Esp<span class=\"_ _0\"></span>osizioni ESPOSIZIO<span class=\"_ _35\"></span>NI PER CASSA      Senior<span class=\"_ _0\"></span>           Mez<span class=\"_ _0\"></span>zanine     Junio<span class=\"_ _0\"></span>r Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore Valore di<span class=\"ls0\"> </span>bilancio Rettifiche/ riprese di valore Leasing <span class=\"_ _0\"></span> 4 - 4 - 2 - Obbligazioni<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>bancarie<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>garantite 36<span class=\"ls0\"> </span>- 16<span class=\"ls0\"> </span>-1 - - Mutui ipote<span class=\"_ _0\"></span>cari su i<span class=\"_ _0\"></span>mmobili com<span class=\"_ _0\"></span>merciali  126<span class=\"ls0\"> </span>-3 32<span class=\"ls0\"> </span>-1 - - Cartolari<span class=\"_ _0\"></span>zzazioni  167<span class=\"ls0\"> </span>-1 - - - - Crediti al <span class=\"_ _0\"></span>consumo 213<span class=\"ls0\"> </span>-2 16<span class=\"ls0\"> </span>-1 - - Crediti al <span class=\"_ _0\"></span>commercio 457<span class=\"ls0\"> </span>- 4 - 3 - Mutui ipote<span class=\"_ _0\"></span>cari su i<span class=\"_ _0\"></span>mmobili residen<span class=\"_ _35\"></span>ziali  876<span class=\"ls0\"> </span>-<span class=\"ls25\">12</span> 91<span class=\"ls0\"> </span>-1 - - Prestiti ver<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>o imprese<span class=\"_ _0\"></span> (incluse P<span class=\"_ _0\"></span>MI) 1.526 -<span class=\"ls25\">34</span> 120<span class=\"ls0\"> </span>-7 2 -1 Altre attivit\u00e0<span class=\"_ _0\"></span> (*) 10.707 -6 - - - - TOTALE 14.112 -<span class=\"ls25\">58</span> 283<span class=\"ls0\"> </span>-<span class=\"ls25\">11</span> 7 -1 (*) L\u2019importo <span class=\"_ _3\"></span>contempla <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>Romulus <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>6.778 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>detenuti in <span class=\"_ _3\"></span>portafogl<span class=\"_ _3\"></span>io <span class=\"_ _3\"></span>dal Gruppo <span class=\"_ _3\"></span>Bancario, <span class=\"_ _3\"></span>rappresentati <span class=\"_ _2\"></span><span class=\"ff1\">convenzionalmente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>cartolarizzazioni </span>di terzi, nonc<span class=\"_ _3\"></span>h\u00e9 crediti<span class=\"_ _3\"></span> verso il<span class=\"_ _3\"></span> veicolo <span class=\"_ _3\"></span>Duo<span class=\"_ _3\"></span>mo Funding <span class=\"_ _3\"></span>Plc per <span class=\"_ _3\"></span>3.541 mili<span class=\"_ _3\"></span>oni quali<span class=\"_ _3\"></span> utili<span class=\"_ _3\"></span>zzo di linee<span class=\"_ _3\"></span> di <span class=\"_ _3\"></span>credito. <span class=\"_ _3\"></span>Per maggior<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dettagli, <span class=\"_ _3\"></span>in merito <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>tipologia delle<span class=\"_ _3\"></span> attivit\u00e0 sottostanti, si rimanda alla sezione <span class=\"ls28\">4 </span>- R<span class=\"_ _3\"></span>ischi delle altre im<span class=\"_ _3\"></span>prese della presente Part<span class=\"_ _3\"></span>e E. Fuori bilancio (milioni di euro) Tipologia attivit\u00e0 cartolarizzate/Esposizioni GARANZIE RILASCIATE LINEE DI CREDITO Senior Mezzanine Junior Senior Mezzanine Junior Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Esposiz. netta Rettifiche/ riprese di<span class=\"ls0\"> </span>valore Duomo ABCP Conduit transactions (*) - - - - - - (*) (*) - - - - Totale - - - - - - - - - - - - (*) <span class=\"_ _6\"> </span>Con <span class=\"_ _5\"></span>rife<span class=\"_ _3\"></span>rimento <span class=\"_ _6\"> </span>all'operativit\u00e0 <span class=\"_ _5\"></span>posta <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>essere <span class=\"_ _6\"> </span>tramite <span class=\"_ _5\"></span>Duomo <span class=\"_ _6\"> </span>Funding <span class=\"_ _6\"> </span>Plc <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>finanziata <span class=\"_ _5\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"> </span>ABCP, <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>ha  concesso <span class=\"_ _5\"></span>linee <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>liquidit\u00e0 <span class=\"_ _6\"> </span>(pari <span class=\"_ _6\"> </span>a <span class=\"_ _5\"></span>6.576 <span class=\"_ _6\"> </span>milioni <span class=\"_ _6\"> </span>di esposizione netta e circa 3 milioni di riprese di valore) a garanzia di attivi gi\u00e0 ricompresi nelle \"Altre attivit\u00e0\" della Ta<span class=\"_ _3\"></span>bella C.2 per cassa. C.3. Consolidato prudenzia<span class=\"_ _3\"></span>le- Interessenze in societ\u00e0 <span class=\"_ _3\"></span>veicolo per la cartolarizzazione<span class=\"_ _3\"></span> (milioni di euro)<span class=\"ls0\"> </span>NOME CARTOLARIZZAZIONE / <span class=\"_ _3\"></span><span class=\"ls0\"> </span>DENOMINAZIONE SOCIET\u00c0 VEICOLO<span class=\"_ _3\"></span><span class=\"ls0\"> </span>SEDE LEGALE<span class=\"ls0\"> </span>CONSOLIDAMENTO (a)<span class=\"ls0\"> </span>ATTIVITA' (b) PASSIVITA' (b)<span class=\"ls0\"> </span>Crediti<span class=\"ls0\"> </span>Titoli di <span class=\"ls0\"> </span>debito<span class=\"ls0\"> </span>Altre<span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Mezzanine<span class=\"ls0\"> </span>Junior<span class=\"ls0\"> </span>Augusto S.r.l. (d)<span class=\"_ _3\"></span> Milano (e)<span class=\"ls0\"> </span>- - 2 13<span class=\"ls0\"> </span>- - Berica ABS 3 S.r.l.  (h<span class=\"_ _3\"></span>) Vicenza (e)<span class=\"ls0\"> </span>(f) (f) (f) (f) (f) (f) Brera Sec S.r.l. (c)<span class=\"_ _3\"></span> Conegliano Ven<span class=\"_ _3\"></span>eto (TV) (e)<span class=\"ls0\"> </span>16.319 - 594<span class=\"ls0\"> </span>13.869 - 2.652 Clara Sec S.r.l. (c<span class=\"_ _3\"></span>) Conegliano Ven<span class=\"_ _3\"></span>eto (TV) (e)<span class=\"ls0\"> </span>6.442 - 2.378 6.350 - 824<span class=\"ls0\"> </span>Diocleziano S.r.l. (<span class=\"_ _3\"></span>d) Milano (e)<span class=\"ls0\"> </span>1 - 1 48<span class=\"ls0\"> </span>- - Giada Sec S.r.l. (c)<span class=\"_ _3\"></span> Conegliano Ven<span class=\"_ _3\"></span>eto (TV) (e)<span class=\"ls0\"> </span>21.803 - 3.825 16.860 - 8.425 ISP CB Ipotecario S.r<span class=\"_ _3\"></span>.l. (g) Milano (e)<span class=\"ls0\"> </span>16.631 - 4.877 18.612 ISP CB Pubblico S.r.l.<span class=\"_ _3\"></span> (g) Milano (e)<span class=\"ls0\"> </span>1.943 1.212 823<span class=\"ls0\"> </span>3.897 ISP OBG S.r.l.  (g)<span class=\"_ _3\"></span> Milano (e)<span class=\"ls0\"> </span>54.200 - 6.533 60.537 UBI Finance S.r.l. <span class=\"_ _3\"></span> (g) Milano (e)<span class=\"ls0\"> </span>8.574 - 777<span class=\"ls0\"> </span>9.241 (a) Metodo di consolidamento riferito al c.d. perimetro \"prudenziale\". (b) I dati rappresentati sono al lordo di eventuali rapporti infragruppo. Gli ammontari riportati tra le attivit\u00e0 e le passivit\u00e0 si riferiscono ai valori complessivamente riportati nelle rendicontazioni contabili delle societ\u00e0 veicolo. (c) <span class=\"_ _4\"> </span>Veicolo <span class=\"_ _6\"> </span>di  autocartolarizzazione <span class=\"_ _6\"> </span>descritto <span class=\"_ _6\"> </span>nel  paragrafo <span class=\"_ _6\"> </span>2  delle<span class=\"_ _35\"></span>  Informazioni <span class=\"_ _6\"> </span>Quantitative <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sezione  1.4 <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"> </span>Banca<span class=\"_ _3\"></span>rio  - <span class=\"_ _6\"> </span>Rischio  di <span class=\"_ _6\"> </span>Liquidit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _6\"> </span>Nota Integrativa Consolidata. (d) Gli ammontari riportati tra le attivit\u00e0 e le passivit\u00e0 si riferiscono agli ultimi dati di bilancio disponibili (31.12.2021). (e) Veicolo consolidato al Patrimonio Netto. (f) Per le informazioni di Bilancio relative a questo veicolo si rimanda al prospetto pubblicato nella sezione C.4 della presente Nota Integrativa Conso<span class=\"_ _3\"></span>lidata. (g) <span class=\"_ _5\"></span>Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>veicolo <span class=\"_ _2\"></span>fu<span class=\"_ _3\"></span>nzionale <span class=\"_ _2\"></span>all'em<span class=\"_ _3\"></span>issione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cover<span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>bond <span class=\"_ _5\"></span>effettuata <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>ulteriori <span class=\"_ _2\"></span>informa<span class=\"_ _2\"></span>zioni <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>rimanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sezione <span class=\"_ _2\"></span>D <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Parte <span class=\"_ _2\"></span>E <span class=\"_ _5\"></span>della presente Nota Integrativa Consolidata. (h) Veicolo riveniente da<span class=\"ff4\">ll\u2019acquisizione di certe attivit\u00e0 e passivit\u00e0 delle ex Banche Venete.</span> Si <span class=\"_ _5\"></span>segnala <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he, <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _5\"></span>strutturate <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>proprie attivit\u00e0, <span class=\"_ _5\"></span>sussistono <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>denominate <span class=\"_ _4\"></span>Towers, <span class=\"_ _5\"></span>K-<span class=\"_ _3\"></span>Equity, <span class=\"_ _5\"></span>Savoy, <span class=\"_ _6\"></span>Kerma, <span class=\"_ _5\"></span>Yoda, <span class=\"_ _6\"></span>Maior, <span class=\"_ _6\"></span>Iseo, <span class=\"_ _6\"></span>Sirio, <span class=\"_ _5\"></span>Kerdos, <span class=\"_ _6\"></span>Grogu, <span class=\"_ _5\"></span>Portland, Organa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Teseo, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecial <span class=\"_ _3\"></span>purpose <span class=\"_ _3\"></span>vehicles <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>rappresentano <span class=\"_ _3\"></span>soggetti <span class=\"_ _2\"></span>terzi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>indipendenti <span class=\"_ _3\"></span>rispett<span class=\"_ _5\"></span><span class=\"ls17\">o </span>al Gruppo e<span class=\"_ _3\"></span> nei <span class=\"_ _3\"></span>confronti dei <span class=\"_ _3\"></span>quali lo <span class=\"_ _3\"></span>stesso <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>intrattiene legami partecipativi e c<span class=\"_ _3\"></span>he, per t<span class=\"_ _3\"></span>ale motivo, non s<span class=\"_ _3\"></span>ono rappresentati nella tabella che pre<span class=\"_ _0\"></span>cede. C.4 Consolidato prudenzial<span class=\"_ _3\"></span>e <span class=\"ff6\">\u2013</span> Societ\u00e0 veicolo per la c<span class=\"_ _3\"></span>artolarizzazione non consolidate<span class=\"_ _3\"></span> Tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>nsolidate <span class=\"_ _5\"></span>vengono <span class=\"_ _2\"></span>rappresentati <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>veicoli <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa Sanpaolo <span class=\"_ _6\"></span>non <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"></span>partecipazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>capitale <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>quelli <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>cui <span class=\"_ _4\"></span>detiene <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>residuale. <span class=\"_ _4\"></span>Per <span class=\"_ _6\"></span>ogni veicolo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>questi, u<span class=\"_ _3\"></span>tilizzati per <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>in cui <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>opera <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>originator, <span class=\"_ _3\"></span>vengono r<span class=\"_ _3\"></span>iportate nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sottostante <span class=\"_ _3\"></span>le attivit\u00e0, le passivit\u00e0, <span class=\"_ _0\"></span>nonch\u00e9 i costi e i ric<span class=\"_ _0\"></span>avi. Berica ABS 3 S.r.l. <span class=\"_ _3\"></span>(*) A. Attivit\u00e0 197<span class=\"ls0\"> </span>A.1 Crediti 197<span class=\"ls0\"> </span>A.2 Titoli - A.3 Altre attivit\u00e0<span class=\"_ _3\"></span> B.  Impiego diponibi<span class=\"_ _3\"></span>lit\u00e0 liquide<span class=\"_ _3\"></span> 13<span class=\"ls0\"> </span>B.1 Depositi press<span class=\"_ _3\"></span>o Banche  B.2 Ratei e risconti at<span class=\"_ _3\"></span>tivi  - B.3 Altri crediti  13<span class=\"ls0\"> </span>B. Passivit\u00e0<span class=\"_ _3\"></span> 162<span class=\"ls0\"> </span>B.1 Titoli emessi <span class=\"_ _3\"></span>di categoria A<span class=\"_ _3\"></span> - B.2 Titoli emessi <span class=\"_ _3\"></span>di categoria B<span class=\"_ _3\"></span> 18<span class=\"ls0\"> </span>B.3 Titoli emessi <span class=\"_ _3\"></span>di categoria C<span class=\"_ _3\"></span> - B.4 Titoli emessi <span class=\"_ _3\"></span>di categoria J<span class=\"_ _3\"></span> 115<span class=\"ls0\"> </span>B.5 Altre passivit\u00e0<span class=\"_ _3\"></span> 29<span class=\"ls0\"> </span>C. Interessi pas<span class=\"_ _3\"></span>sivi e altri oneri<span class=\"_ _3\"></span> 17<span class=\"ls0\"> </span>D. Interessi attivi <span class=\"_ _3\"></span>e altri ricavi <span class=\"_ _3\"></span> 23<span class=\"ls0\"> </span>(*) <span class=\"_ _3\"></span>Veicolo <span class=\"_ _2\"></span>utilizzato <span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cartolarizzazione <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _2\"></span>mutui <span class=\"_ _3\"></span>ipotecari <span class=\"_ _2\"></span>residenziali. <span class=\"_ _2\"></span>Le <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _5\"></span>cartolarizzate <span class=\"_ _2\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>veicolo <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di derecognition ai sensi dei principi contabili internazionali. Tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>strutturate <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>consolidate <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cartolarizzazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>detiene <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>interessenz<span class=\"_ _2\"></span><span class=\"lsc\">e </span>residuali <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>veicoli <span class=\"_ _5\"></span>Augusto <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Diocleziano <span class=\"_ _5\"></span>consolidate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>Ne<span class=\"_ _3\"></span>tto. <span class=\"_ _2\"></span>Tali <span class=\"_ _5\"></span>veicoli <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>utilizzate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di cartolarizzazione <span class=\"_ _16\"> </span>di  ass<span class=\"_ _0\"></span>ets,  i<span class=\"_ _0\"></span>n  pr<span class=\"_ _0\"></span>evalenza  fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anziamenti <span class=\"_ _16\"> </span>fondiari  e <span class=\"_ _16\"> </span>di  o<span class=\"_ _0\"></span>pere  p<span class=\"_ _0\"></span>ubbliche, <span class=\"_ _16\"> </span>di  societ\u00e0 <span class=\"_ _16\"> </span>sottoposta <span class=\"_ _16\"> </span>a  controll<span class=\"_ _0\"></span>o congi<span class=\"ff4\">unto <span class=\"_ _3\"></span>ceduta negli <span class=\"_ _3\"></span>esercizi <span class=\"_ _3\"></span>precedenti. L<span class=\"_ _3\"></span>a d<span class=\"_ _3\"></span>imensione <span class=\"_ _3\"></span>quantit<span class=\"_ _0\"></span>ativa <span class=\"_ _3\"></span>dell\u2019interessenza che <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Gruppo detiene <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>veicoli <span class=\"_ _3\"></span>\u00e8 </span>residuale. <span class=\"_ _3\"></span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _2\"></span>presenti <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>possano <span class=\"_ _3\"></span>comportare <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rnire <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>a<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>veicoli in questione. Si <span class=\"_ _2\"></span>segnala <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sa<span class=\"_ _3\"></span>npaolo <span class=\"_ _2\"></span>controlla <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>Romulus <span class=\"_ _5\"></span>Funding <span class=\"_ _2\"></span>Corporation <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Duomo <span class=\"_ _2\"></span>Funding <span class=\"_ _5\"></span>Plc <span class=\"_ _2\"></span>(inserite solo nel perimetro di consolidamento contabile ai sensi dell\u2019IFRS 10) utilizzate per operazioni in cui il Gruppo <span class=\"_ _5\"></span><span class=\"ff1\">Intesa Sanpaol<span class=\"_ _0\"></span>o </span>opera come sponsor e la<span class=\"_ _0\"></span> cui operativit\u00e0 <span class=\"_ _0\"></span>\u00e8 descritta nella S<span class=\"_ _0\"></span>ezione 4 <span class=\"_ _3\"></span>- Rischi delle altre impr<span class=\"_ _0\"></span>ese, della presente P<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rte E. C.5. Consolidato prudenzia<span class=\"_ _3\"></span>le - Attivit\u00e0 di servicer <span class=\"ff6\">\u2013</span> ca<span class=\"_ _3\"></span>rtolarizzazioni proprie: incassi dei crediti cartolarizzati e rimborsi dei titoli e<span class=\"_ _3\"></span>messi dalla societ\u00e0 veicolo per la cart<span class=\"_ _3\"></span>olarizzazione<span class=\"_ _3\"></span> SERVICER SOCIETA' VEICOLO ATTIVIT\u00c0 CARTOLARIZZATE (dato di fine periodo) (milioni di euro) INCASSI DI CREDITI REALIZZATI NELL'ANNO (milioni di euro) QUOTA PERCENTUALE DEI TITOLI RIMBORSATI  (dato di fine periodo)          <span class=\"ls0\">Senior </span>         <span class=\"ls0\">Mezzanine </span>    <span class=\"ls0\">Junior </span>Deteriorate Non deteriorate Deteriorate Non deteriorate Attivit\u00e0 Deterior. Attivit\u00e0 non deteriorate Attivit\u00e0 Deterior. Attivit\u00e0 non deteriorate Attivit\u00e0 Deterior. Attivit\u00e0 non deteriorate Intesa Sanpaolo  Berica ABS 3 S.r.l. 23<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>4 31<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>100%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>81%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Intesa Sanpaolo  Brera Sec  S.r.l. (*) (**) 61<span class=\"ls0\"> </span>16.258 7 1.673 0%<span class=\"ls0\"> </span>29%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Intesa Sanpaolo  Clara Sec S.r.l. (*) 30<span class=\"ls0\"> </span>6.412 10<span class=\"ls0\"> </span>2.159 0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Intesa Sanpaolo  Giada Sec S.r.l. (*) (***) 130<span class=\"ls0\"> </span>21.673 10<span class=\"ls0\"> </span>3.806 0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Intesa Sanpaolo  Teseo SPV S.r.l. (****) - 3.644 - - 0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Totale 244<span class=\"ls0\"> </span>48.161 31<span class=\"ls0\"> </span>7.669 Nel corso dell'anno 2022 \u00e8 stata estinta l'operazione Berica ABS 4 S.r.l. (*) Veicolo utilizzato per operazioni di autocartolarizzazione.  (**) In Brera Sec S.r.l. nel 2022 \u00e8 stata estinta l'operazione Brera SME. (***) In Giada Sec S.r.l. nel 2022 \u00e8 stata strutturata una nuova operazione di autocartolarizzazione denominata Giada Bis, ri<span class=\"_ _3\"></span>guardo la quale al 31 dicembre 2022 non si \u00e8 perfezionato nessun rimborso di titoli.  (****) Veicolo utilizzato per la nuova operazione di cartolarizzazione tradizionale di crediti leasing in bonis denominata Teseo. Si precisa che gli incassi per 129 milioni sono<span class=\"_ _3\"></span> rimasti in capo al veicolo in quanto la prima payment date sar\u00e0 a marzo 2023. C.6. Consolidato prudenzia<span class=\"_ _3\"></span>le - Societ\u00e0 veicolo per la c<span class=\"_ _3\"></span>artolarizzazione consolidate<span class=\"_ _3\"></span><span class=\"ffa fs0\"> </span>Nel corso dell\u2019eserci<span class=\"_ _0\"></span>zio 2022 non si ril<span class=\"_ _0\"></span>evano operazioni ch<span class=\"_ _0\"></span>e utilizzano societ\u00e0 vei<span class=\"_ _0\"></span>colo per la cartolariz<span class=\"_ _0\"></span>zazione consolidate.<span class=\"_ _2\"></span><span class=\"ff1\">  </span>D. OPERAZIONI DI CES<span class=\"_ _0\"></span>SIONE A. Attivit\u00e0 finanziarie cedu<span class=\"_ _0\"></span>te e non cancellate int<span class=\"_ _0\"></span>egralmente Informazioni di natura qua<span class=\"_ _0\"></span>litativa Per <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>riguarda <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>descrizione <span class=\"_ _6\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _4\"> </span>rappresentata <span class=\"_ _6\"> </span>nelle <span class=\"_ _4\"> </span>tabelle <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>riportate, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>fa <span class=\"_ _4\"> </span>rimando <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>quanto riportato in calce alle<span class=\"_ _0\"></span> tabelle stesse. Per <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>attiene <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>contro <span class=\"_ _5\"></span>termine <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>lungo <span class=\"_ _2\"></span>termi<span class=\"_ _5\"></span><span class=\"ff1\">ne, <span class=\"_ _5\"></span>si<span class=\"_ _0\"></span> </span>rimanda invece a qu<span class=\"_ _0\"></span>anto riportato nella pre<span class=\"_ _0\"></span>sente Nota integrativa<span class=\"_ _35\"></span> <span class=\"_ _2\"></span>- Parte B.<span class=\"fc2\"> </span>Informazioni di natura quan<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>itativa Consolidato prudenziale - <span class=\"_ _3\"></span>Attivit\u00e0 finanziarie cedute rileva<span class=\"_ _3\"></span>te per intero e passivit\u00e0 finanziarie associat<span class=\"_ _3\"></span>e: valori di bilancio  (milioni di euro) Attivit\u00e0 finanziarie cedute rilevate per intero<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Passivit\u00e0 finanziarie associate<span class=\"_ _3\"></span><span class=\"ls0\"> </span>Valore di bilancio di cui: oggetto di operazioni di cartolarizzazione di cui: oggetto di contratti di vendita con patto di riacquisto di cui deteriorate Valore di bilancio di cui: oggetto di operazioni di cartolarizzazione di cui: oggetto di contratti di vendita con patto di riacquisto A. Attivit\u00e0 finanziarie detenute per la negoziazione 599<span class=\"ls0\"> </span>- 599<span class=\"ls0\"> </span>X 615<span class=\"ls0\"> </span>- 615<span class=\"ls0\"> </span>1. Titoli di debito 391<span class=\"ls0\"> </span>- 391<span class=\"ls0\"> </span>X 395<span class=\"ls0\"> </span>- 395<span class=\"ls0\"> </span>2. Titoli di capitale 208<span class=\"ls0\"> </span>- 208<span class=\"ls0\"> </span>X 220<span class=\"ls0\"> </span>- 220<span class=\"ls0\"> </span>3. Finanziamenti - - - X - - - 4. Derivati - - - X - - - B. Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value - - - - - - - 1. Titoli di debito - - - - - - - 2. Titoli di capitale - - - X - - - 3. Finanziamenti - - - - - - - C. Attivit\u00e0 finanziarie designate al fair value - - - - - - - 1. Titoli di debito - - - - - - - 2. Finanziamenti - - - - - - - D. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 7.645 - 7.645 - 7.739 - 7.739 1. Titoli di debito 7.645 - 7.645 - 7.739 - 7.739 2. Titoli di capitale - - - X - - - 3. Finanziamenti - - - - - - - E. Attivit\u00e0 finanziarie valutate al costo ammortizzato 5.458 27<span class=\"ls0\"> </span>5.431 3 5.150 18<span class=\"ls0\"> </span>5.132 1. Titoli di debito 5.431 - 5.431 - 5.132 - 5.132 2. Finanziamenti 27<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>- 3 18<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>- TOTALE 31.12.2022 13.702 27<span class=\"ls0\"> </span>13.675 3 13.504 18<span class=\"ls0\"> </span>13.486 TOTALE 31.12.2021 14.213 98<span class=\"ls0\"> </span>14.115 10<span class=\"ls0\"> </span>12.546 67<span class=\"ls0\"> </span>12.479 Non <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201ccovered bond\u201d <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ceden<span class=\"_ _5\"></span><span class=\"ff1\">te </span>sia finanziatore del vei<span class=\"_ _0\"></span>colo emittente i tit<span class=\"_ _0\"></span>oli di debito. L\u2019operativit\u00e0 rappres<span class=\"_ _0\"></span>entata in tabella \u00e8 riferibile pr<span class=\"_ _0\"></span>evalentemente all\u2019utiliz<span class=\"_ _0\"></span>zo di titoli in portafoglio<span class=\"_ _0\"></span> per operazioni di p<span class=\"_ _2\"></span><span class=\"ff1\">ronti contro </span>termine e in misura mi<span class=\"_ _0\"></span>nore ai crediti ver<span class=\"_ _0\"></span>so clientela <span class=\"_ _3\"></span><span class=\"ff4\">ceduti nell\u2019a<span class=\"_ _0\"></span>mbito delle operazio<span class=\"_ _0\"></span>ni di cartolarizzazion<span class=\"_ _0\"></span>e K<span class=\"_ _3\"></span><span class=\"ff1\">-Equity e Berica. </span></span>Consolidato prudenziale <span class=\"ff6\">\u2013</span> Attivit\u00e0 finanziarie ce<span class=\"_ _3\"></span>dute rilevate parzialmente <span class=\"_ _3\"></span>e passivit\u00e0 finanziar<span class=\"_ _3\"></span>ie associate: valori di bilanci<span class=\"_ _3\"></span>o Non sussiste la fattisp<span class=\"_ _0\"></span>ecie per il Gruppo Int<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span>a Sanpaolo. Consolidato prudenziale - <span class=\"_ _3\"></span>Operazioni di cessione con passivit\u00e0 ave<span class=\"_ _3\"></span>nti rivalsa esclusivamen<span class=\"_ _3\"></span>te sulle attivit\u00e0 cedute e non cancellate inte<span class=\"_ _3\"></span>gralmente: fair value<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Rilevate <span class=\"_ _0\"></span>per intero Rilevate parzialmen<span class=\"_ _0\"></span>te 31.12.2022 31.12.2021<span class=\"_ _0\"></span> A. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie deten<span class=\"_ _0\"></span>ute per la ne<span class=\"_ _0\"></span>goziazi<span class=\"_ _0\"></span>one  599<span class=\"ls0\"> </span>- 599<span class=\"ls0\"> </span>647<span class=\"ls0\"> </span>1. Titoli di d<span class=\"_ _0\"></span>ebito 391<span class=\"ls0\"> </span>- 391<span class=\"ls0\"> </span>446<span class=\"ls0\"> </span>2. Titoli di <span class=\"_ _0\"></span>capitale 208<span class=\"ls0\"> </span>- 208<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>3. Finanzia<span class=\"_ _0\"></span>menti - - - - 4. Deriva<span class=\"_ _0\"></span>ti - - - - B. Altre att<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0  fi<span class=\"_ _0\"></span>nanziarie ob<span class=\"_ _35\"></span>bligatoriamente val<span class=\"_ _0\"></span>utate a<span class=\"_ _0\"></span>l fair value  - - - - 1. Titoli di d<span class=\"_ _0\"></span>ebito - - - - 2. Titoli di <span class=\"_ _0\"></span>capitale - - - - 3. Finanzia<span class=\"_ _0\"></span>menti - - - - C. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie designat<span class=\"_ _35\"></span>e al fair value - - - - 1. Titoli di d<span class=\"_ _0\"></span>ebito - - - - 2. Finanzia<span class=\"_ _0\"></span>menti - - - - D. Attivit\u00e0<span class=\"_ _0\"></span> finanzia<span class=\"_ _0\"></span>rie valutate<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>al fair va<span class=\"_ _35\"></span>lue con impatt<span class=\"_ _0\"></span>o sulla redditivit\u00e0<span class=\"_ _0\"></span> comples<span class=\"_ _0\"></span>siva  7.645 - 7.645 8.548 1. Titoli di d<span class=\"_ _0\"></span>ebito 7.645 - 7.645 8.548 2. Titoli di <span class=\"_ _0\"></span>capitale - - - - 3. Finanzia<span class=\"_ _0\"></span>menti - - - - E. Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie<span class=\"_ _0\"></span> valutate <span class=\"_ _0\"></span>al costo<span class=\"_ _0\"></span> ammorti<span class=\"_ _0\"></span>zzato (fair value) 4.812 - 4.812 5.018 1. Titoli di d<span class=\"_ _0\"></span>ebito 4.785 - 4.785 4.920 2. Finanzia<span class=\"_ _0\"></span>menti 27<span class=\"ls0\"> </span>- 27<span class=\"ls0\"> </span>98<span class=\"ls0\"> </span>Totale att<span class=\"_ _0\"></span>ivit\u00e0 finan<span class=\"_ _0\"></span>ziarie 13.056 - 13.056 14.213 Totale pass<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>vit\u00e0 fin<span class=\"_ _0\"></span>anziarie ass<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ciate<span class=\"_ _0\"></span> 13.504 - 13.504 12.546 Valore nett<span class=\"_ _35\"></span>o 31.12.2022<span class=\"_ _0\"></span> -<span class=\"ls25\">448</span> - -<span class=\"ls25\">448</span> X Valore nett<span class=\"_ _35\"></span>o 31.12.2021<span class=\"_ _0\"></span> 1.667 - X 1.667 Non <span class=\"_ _3\"></span>figurano <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>sopra <span class=\"_ _3\"></span>riportata <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>\u201ccovered bond\u201d <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta <span class=\"_ _3\"></span>sia <span class=\"_ _6\"> </span><span class=\"ff1\">cedente </span>sia finanziatore del v<span class=\"_ _0\"></span>eicolo emittente i tit<span class=\"_ _0\"></span>oli di debito. B. Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> cedute e cancellate integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lmente con rilevazio<span class=\"_ _0\"></span>ne del continuo coinvo<span class=\"_ _0\"></span>lgimento<span class=\"_ _3\"></span> Al 31 dicembre 2022 la<span class=\"_ _0\"></span> fattispecie non \u00e8 pr<span class=\"_ _0\"></span>esente. C. Attivit\u00e0 finanziarie<span class=\"_ _0\"></span> cedute e cancellate integr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lmente  Informazioni di natura qua<span class=\"_ _0\"></span>litativa Operazioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>mu<span class=\"_ _3\"></span>ltioriginator <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>portafogli <span class=\"_ _5\"></span>creditizi <span class=\"_ _4\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff3\">in <span class=\"_ _5\"></span>particolare <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>quelli <span class=\"_ _5\"></span>\u201cunlikely <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>pay\u201d <span class=\"_ _6\"></span>\u2013</span> <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>a cessione dei crediti a un fo<span class=\"_ _0\"></span>ndo comune di inve<span class=\"_ _0\"></span>stimento con attribuzio<span class=\"_ _0\"></span>ne delle relative quot<span class=\"_ _0\"></span>e agli interm<span class=\"_ _0\"></span>ediari cedenti<span class=\"_ _3\"></span> Al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>detiene <span class=\"_ _16\"> </span>quote <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>fondi <span class=\"_ _7\"> </span>comuni <span class=\"_ _7\"> </span>di  i<span class=\"_ _35\"></span>nvestimento <span class=\"_ _16\"> </span>acquisite <span class=\"_ _7\"> </span>nell\u2019ambito <span class=\"_ _7\"> </span>di operazioni di cessione <span class=\"_ _0\"></span>di tipo <span class=\"ff2\">multioriginator </span>di portafogli c<span class=\"_ _0\"></span>reditizi. In <span class=\"_ _1d\"> </span>relazione  alle <span class=\"_ _1d\"> </span>disposizioni  contenute <span class=\"_ _1d\"> </span>nella <span class=\"_ _1d\"> </span>Comuni<span class=\"_ _0\"></span>cazione <span class=\"_ _1d\"> </span>della  Banca <span class=\"_ _1d\"> </span>d\u2019Italia  del <span class=\"_ _1d\"> </span>23 <span class=\"_ _1d\"> </span>dicembre  2019,<span class=\"_ _3\"></span>  recepite <span class=\"_ _1d\"> </span>nel 7\u00b0<span class=\"ls0\"> <span class=\"ff4\">aggiornament<span class=\"_ _0\"></span>o <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Circolare <span class=\"_ _17\"> </span>262, <span class=\"_ _18\"> </span>si <span class=\"_ _17\"> </span>riporta <span class=\"_ _18\"> </span>di <span class=\"_ _17\"> </span>seguito <span class=\"_ _17\"> </span>l\u2019informativa <span class=\"_ _18\"> </span>inerente: <span class=\"_ _1d\"> </span>\u201c<span class=\"_ _5\"></span><span class=\"ff2\">Le <span class=\"_ _17\"> </span>operazion<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>cessione <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>tipo </span></span></span>multioriginator <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>portafogli <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizi <span class=\"_ _5\"></span><span class=\"ff3\">\u2013</span> <span class=\"_ _2\"></span><span class=\"ff3\">in <span class=\"_ _5\"></span>particolare <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quelli <span class=\"_ _2\"></span>\u201cunlikely <span class=\"_ _2\"></span>to <span class=\"_ _5\"></span>pay\u201d <span class=\"_ _5\"></span>\u2013</span> <span class=\"_ _2\"></span>riconducibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cess<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fondo<span class=\"_ _35\"></span> comune di investiment<span class=\"_ _0\"></span>o con attribuzione dell<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> relative quote agl<span class=\"_ _0\"></span>i intermediari ced<span class=\"_ _0\"></span>enti\u201d<span class=\"_ _2\"></span><span class=\"ff2\"> </span>Fondo Back2Bonis Nell\u2019ottica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>perseguire <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span><span class=\"ff1\">-</span>risking <span class=\"_ _16\"> </span>previste <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>precedente <span class=\"_ _7\"> </span>Piano <span class=\"_ _16\"> </span>d\u2019Impresa <span class=\"_ _7\"> </span>2018<span class=\"_ _2\"></span><span class=\"ff1\">-2021 <span class=\"_ _16\"> </span></span>e <span class=\"_ _7\"> </span>dall\u2019attuale <span class=\"_ _16\"> </span>Piano d\u2019Impresa <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>terzo <span class=\"_ _2\"></span>trimestre <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>processo <span class=\"_ _3\"></span>finalizzato <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> </span>deconsolidamento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>esposizioni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>reditizie <span class=\"_ _3\"></span>(comprendente <span class=\"_ _2\"></span>contratti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>beni <span class=\"_ _2\"></span>immobili) <span class=\"_ _3\"></span>classificate <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>\u201c<span class=\"_ _5\"></span><span class=\"ff2\">Unlikel<span class=\"_ _0\"></span>y </span>to <span class=\"_ _2\"></span>Pay<span class=\"ff4\">\u201d <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>sottostante <span class=\"_ _2\"></span>immobiliare, <span class=\"_ _3\"></span>detenuti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Capogruppo<span class=\"_ _3\"></span><span class=\"ff1\">, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>contestuale <span class=\"_ _3\"></span>conversione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>stessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fondo </span></span>mobiliare denominato Ba<span class=\"_ _0\"></span>ck2Bonis. L\u2019operazione, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>closing <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>avvenuto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2020, <span class=\"_ _3\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>concretizzata per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _5\"></span><span class=\"ff1\">(<span class=\"_ _3\"></span>incluse le <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>realizzate </span>negli esercizi 2019 e<span class=\"_ _3\"></span> 2020 da<span class=\"_ _3\"></span> UBI Banca, i<span class=\"_ _3\"></span>ncorporata lo scorso 2021) <span class=\"_ _3\"></span>nella cessione di <span class=\"_ _3\"></span>un portaf<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>glio crediti, rapporti giuridici di  breve  termine  e  rapporti<span class=\"_ _0\"></span>  giuridici  e  beni  da  cre<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>iti  leasing  per  un  amm<span class=\"_ _0\"></span>ontare  lordo  comples<span class=\"_ _0\"></span>sivo  di  351  milioni  ed<span class=\"_ _0\"></span> esposizione n<span class=\"_ _3\"></span>etta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>164 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>sottoscrizion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>Back2Bo<span class=\"_ _0\"></span>nis <span class=\"_ _3\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>controvalore <span class=\"_ _3\"></span>di 164 milioni, sostanzi<span class=\"_ _0\"></span>almente allineato <span class=\"_ _0\"></span>al valore netto dei cr<span class=\"_ _0\"></span>editi ceduti.<span class=\"_ _3\"></span> L\u2019operazione si <span class=\"_ _2\"></span>era <span class=\"_ _3\"></span>perfezionata mediante: <span class=\"_ _3\"></span>(i) <span class=\"_ _2\"></span>la c<span class=\"_ _3\"></span>essione dei <span class=\"_ _2\"></span>crediti bancari <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>derivanti da <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasin<span class=\"_ _5\"></span><span class=\"ff1\">g <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>un </span>veicolo d<span class=\"_ _3\"></span>i cartolarizzazione <span class=\"_ _2\"></span>Ampre S.r.l.; <span class=\"_ _3\"></span>(ii) <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cessione dei <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>giuridici e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>beni derivanti <span class=\"_ _3\"></span>dai <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di l<span class=\"_ _3\"></span>easing ad <span class=\"_ _3\"></span>Ampre LeaseCo S.r.l.; (iii) la cessione dei contratti di breve termine revolving e dei relativi rapporti giuridici<span class=\"_ _0\"></span> e crediti di ISP<span class=\"_ _5\"></span> nonch\u00e9 dei contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medio-lungo <span class=\"_ _4\"> </span>termine <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>erogazioni <span class=\"_ _4\"> </span>residue <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>relativi <span class=\"_ _7\"> </span>rapporti <span class=\"_ _4\"> </span>giuridici, <span class=\"_ _4\"> </span>diversi <span class=\"_ _7\"> </span>dai <span class=\"_ _4\"> </span>rapporti <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>beni <span class=\"_ _7\"> </span>leasing attraverso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>fronting <span class=\"_ _2\"></span>bank <span class=\"_ _6\"></span>messa <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>disposizione <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>Finanziaria <span class=\"_ _5\"></span>Internazionale <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>(iv) <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _5\"></span>integrale<span class=\"_ _2\"></span> dei titoli emessi <span class=\"ff4\">dal veicolo di cartolarizzazio<span class=\"_ _0\"></span>ne da parte del fondo Back2Bonis e (v) l\u2019acquisizi<span class=\"_ _0\"></span>one da parte di Intesa Sanpaolo </span>delle quote del Fond<span class=\"_ _0\"></span>o quale contropartita<span class=\"_ _0\"></span> dei crediti ogg<span class=\"_ _0\"></span>etto di cessione. Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>realizzata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ulteriori <span class=\"_ _3\"></span>finanzi<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>menti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>lordo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>miliardo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>esposizione netta <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>216 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _2\"></span>sottoscrizione de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Back2Bonis <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>controvalore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>216 <span class=\"_ _2\"></span>milioni,<span class=\"_ _2\"></span> con  compensa<span class=\"_ _0\"></span>zione  del <span class=\"_ _16\"> </span>prezzo  di <span class=\"_ _16\"> </span>cessione  con  il<span class=\"_ _0\"></span>  prezzo <span class=\"_ _16\"> </span>di  sottoscrizion<span class=\"_ _3\"></span>e  delle  quot<span class=\"_ _0\"></span>e  del <span class=\"_ _16\"> </span>Fondo  stesso <span class=\"_ _16\"> </span>senza  effetti<span class=\"_ _0\"></span> significativi sul conto<span class=\"_ _0\"></span> economico dell\u2019ese<span class=\"_ _0\"></span>rcizio 2022.<span class=\"ff1\"> </span>Il <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>Back2Bonis, <span class=\"_ _6\"></span>costituito <span class=\"_ _6\"></span>sotto <span class=\"_ _6\"></span>forma <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>mobiliare <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _4\"></span>quote <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>riservate <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la sottoscrizione a <span class=\"_ _2\"></span>investitori <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>fessionali, \u00e8 <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>piattaforma <span class=\"_ _3\"></span>multi-<span class=\"ff4\">originator <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gestione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _3\"></span>\u201cReal <span class=\"_ _3\"></span>Estate <span class=\"_ _3\"></span>Small </span>&amp; <span class=\"_ _5\"></span>Medium <span class=\"_ _2\"></span>Size\" <span class=\"_ _5\"></span>classificati <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>UTP <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>finanziamenti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>linee <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cred<span class=\"_ _3\"></span>ito <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>operanti <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>immobiliare o a fondi imm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>biliari (ivi inclusi quelli non i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>teramente erogati/u<span class=\"_ _0\"></span>tilizzati al momento <span class=\"_ _0\"></span>della cessione).<span class=\"_ _3\"></span> Con <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>perfezionamento <span class=\"_ _3\"></span>dell\u2019operazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>apporto <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>piattaforma, <span class=\"_ _3\"></span>ISP <span class=\"_ _2\"></span>aveva <span class=\"_ _3\"></span>provveduto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>deconsolidare <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cred<span class=\"_ _3\"></span>it<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>con successiva iscri<span class=\"_ _0\"></span>zione delle quote <span class=\"_ _0\"></span>del<span class=\"_ _3\"></span> Fondo in sostituzio<span class=\"_ _0\"></span>ne dei suddetti <span class=\"_ _0\"></span>crediti. La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei debitori ce<span class=\"_ _0\"></span>duti si concentra in misur<span class=\"_ _0\"></span>a prevalente nei set<span class=\"_ _0\"></span>tori:<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cImprese produttive\u201d c<span class=\"_ _0\"></span>on una percentual<span class=\"_ _0\"></span>e del 79,9%;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cCostruttori\u201d con una p<span class=\"_ _0\"></span>ercentuale del 12,<span class=\"ff1\">9%; </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAffari immobiliari\u201d c<span class=\"_ _0\"></span>on una percentuale <span class=\"_ _0\"></span>del 3,5%; <span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAttivit\u00e0 Finanziarie <span class=\"_ _0\"></span>e Assicurative\u201d con <span class=\"_ _0\"></span>una percentuale del <span class=\"_ _0\"></span>2,6%;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>e in misura residuale, i<span class=\"_ _0\"></span>n altri settori di atti<span class=\"_ _0\"></span>vit\u00e0 (Servizi, Trasporti<span class=\"_ _0\"></span>, Attivit\u00e0 Manifatturi<span class=\"_ _0\"></span>ere). <span class=\"_ _3\"></span> </span>Le attivit\u00e0 dei debitor<span class=\"_ _0\"></span>i ceduti presentano la seguente <span class=\"_ _0\"></span>distribuzione per are<span class=\"_ _0\"></span>e territoriali:  \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>92,2% Nord-Ovest;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>3,5% Nord-Est;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>3,2% Sud pi\u00f9 Isole; </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>1,1% Centro.  </span>Al <span class=\"_ _6\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Capog<span class=\"_ _0\"></span>ruppo <span class=\"_ _6\"></span>detiene <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>partecipazione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>55,4% <span class=\"_ _6\"></span>(con <span class=\"_ _6\"></span>limitazione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diritti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>voto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>35%) <span class=\"_ _6\"></span>nel fondo Back2Bonis cl<span class=\"_ _0\"></span>assificata tra le inter<span class=\"_ _0\"></span>essenze ad influenz<span class=\"_ _0\"></span>a notevole per un v<span class=\"_ _0\"></span>alore di bilancio cons<span class=\"_ _0\"></span>olidato pari a 387<span class=\"_ _2\"></span> milioni. <span class=\"ff2 fc2\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.51099px;\"><div class=\"t m0 x0 h4c y4 ff2 fs0 fc2 sc0 ls16 ws0\">Fo<span class=\"ls0\">ndo FI.NAV. </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ottica <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>perseguire <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>di  <span class=\"ff2 lsc\">de<span class=\"ls0\">-riskin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _16\"> </span><span class=\"ff4\">previste <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>precedente <span class=\"_ _16\"> </span>Piano <span class=\"_ _7\"> </span>d\u2019Impresa <span class=\"_ _7\"> </span>2018<span class=\"_ _2\"></span></span>-<span class=\"ff4\">2021 <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dall\u2019attuale <span class=\"_ _7\"> </span>Piano </span></span></span></span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Impresa 2022<span class=\"ff1\">-</span>2025, il Gru<span class=\"_ _0\"></span>ppo Intesa Sanpaolo <span class=\"_ _0\"></span>aveva avviato nell\u2019ultimo <span class=\"_ _0\"></span>trimestre del 2018 u<span class=\"_ _0\"></span>n\u2019operazione di conf<span class=\"_ _0\"></span>erimento<span class=\"_ _2\"></span><span class=\"ff1\"> al </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Fondo <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _6\"></span>mobiliare <span class=\"_ _5\"></span>italiano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tipo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>multicomparto <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>crediti </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">ipotecari e chirogr<span class=\"_ _0\"></span>afari non performing del <span class=\"_ _0\"></span>settore dello shipping. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Il Fondo \u00e8 riservato a <span class=\"_ _3\"></span>investitori istituzionali, gestit<span class=\"_ _0\"></span>o da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>manageme<span class=\"_ _0\"></span>nt company Davy Global Fund Management Limited, non </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">facente parte <span class=\"_ _3\"></span>del Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo, con <span class=\"_ _3\"></span>sede in <span class=\"_ _3\"></span>Irlanda, e s<span class=\"_ _3\"></span>i compone di <span class=\"_ _3\"></span>due c<span class=\"_ _3\"></span>omparti autonomi: FI.NAV. Comparto <span class=\"_ _3\"></span>A </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>Crediti, <span class=\"_ _6\"></span>dedicato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>accogliere <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>conferiti <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Unicredit <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>FI.NAV. <span class=\"_ _5\"></span>Comparto <span class=\"_ _5\"></span>B <span class=\"_ _6\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>Nuova </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Finanza, dedicato ad a<span class=\"_ _0\"></span>ccogliere i capitali di<span class=\"_ _0\"></span> investitori terzi per i<span class=\"_ _0\"></span>l rilancio delle navi<span class=\"_ _0\"></span> rimpossessate.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione, definita nel <span class=\"_ _3\"></span>2018, si <span class=\"_ _3\"></span>era perfezionata lo <span class=\"_ _3\"></span>scorso <span class=\"_ _3\"></span>2019 concretizzandosi in u<span class=\"_ _3\"></span>na cession<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo oneroso di <span class=\"_ _3\"></span>crediti </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">pro-soluto <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _4\"></span>lordo <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>155 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>ed <span class=\"_ _4\"> </span>esposizione <span class=\"_ _4\"> </span>netta <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>102 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"></span>pari <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">cessione, con comp<span class=\"_ _0\"></span>ensazione del prezz<span class=\"_ _0\"></span>o di cessione con il prez<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>o di sottoscrizion<span class=\"_ _0\"></span>e delle quote del Fo<span class=\"_ _0\"></span>ndo e<span class=\"_ _2\"></span>, pertanto, senza </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">effetti sul conto econ<span class=\"_ _0\"></span>omico dell\u2019eserci<span class=\"_ _0\"></span>zio 2019.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Nel primo t<span class=\"_ _3\"></span>rimestre 2020 si era p<span class=\"_ _3\"></span>erfezionata la cessione di un\u2019ulteriore tranche di c<span class=\"_ _3\"></span>rediti pro<span class=\"_ _2\"></span><span class=\"ff1\">-soluto per <span class=\"_ _3\"></span>un ammontare lordo di </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">37 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>etto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>34 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>allineato <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pre<span class=\"_ _3\"></span>zzo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>e, <span class=\"_ _4\"> </span>pertanto, <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _4\"> </span>effetti <span class=\"_ _7\"> </span>nel <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>econo<span class=\"_ _3\"></span>mico </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esercizio 2020.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _6\"></span>l\u2019operazione <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>configurata <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>derecognition <span class=\"_ _2\"></span>dei <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>ceduti <span class=\"_ _5\"></span>in<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">quanto, a se<span class=\"_ _3\"></span>guito della stessa, la gestione <span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>a divenuta di <span class=\"_ _3\"></span>esclusiva competenza del Fondo; <span class=\"_ _3\"></span>il Gruppo Intesa Sanpaolo aveva </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">pertanto <span class=\"_ _3\"></span>proceduto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>derecognitio<span class=\"_ _0\"></span>n <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>iscrizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>corrisponden<span class=\"_ _5\"></span>te f<span class=\"_ _3\"></span>air </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">value delle quote del F<span class=\"_ _0\"></span>ondo attribuite. </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span><span class=\"ff4\">societ\u00e0 <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"> </span>coinvolte <span class=\"_ _6\"></span>nell\u2019operazione <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>state <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _6\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>alcune <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>sue <span class=\"_ _6\"></span>controllate </span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">incorporate <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2020 <span class=\"_ _3\"></span>(Cassa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risparmio i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Bologna <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Mediocredito, <span class=\"_ _3\"></span>incorporate <span class=\"_ _3\"></span>entrambe <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>2019, <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Banca IMI incorporata nel 20<span class=\"_ _0\"></span>20). </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">A dicembre 2022 <span class=\"_ _3\"></span>si \u00e8 p<span class=\"_ _3\"></span>erfezionata la cessione di u<span class=\"_ _3\"></span>n portafoglio di <span class=\"_ _3\"></span>crediti per un <span class=\"_ _3\"></span>ammontare lordo di 74 <span class=\"_ _3\"></span>milioni ed esposizion<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">netta <span class=\"_ _6\"></span>pari <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>36 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>con <span class=\"_ _4\"></span>contestu<span class=\"_ _0\"></span>ale <span class=\"_ _6\"></span>sottoscrizione <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>quote <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>fondo <span class=\"_ _6\"></span>stesso <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>36 <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>ilioni, <span class=\"_ _6\"></span>con </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">contestuale <span class=\"_ _23\"> </span>sottoscrizione <span class=\"_ _23\"> </span>delle <span class=\"_ _29\"> </span>quote <span class=\"_ _23\"> </span>del <span class=\"_ _23\"> </span>fondo <span class=\"_ _29\"> </span>stesso <span class=\"_ _23\"> </span>per <span class=\"_ _29\"> </span>un <span class=\"_ _23\"> </span>controvalore <span class=\"_ _23\"> </span>sostanzialmente <span class=\"_ _23\"> </span>allineato <span class=\"_ _29\"> </span>al <span class=\"_ _23\"> </span>valore </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esposizione ced<span class=\"_ _0\"></span>uta, senza effetti sig<span class=\"_ _0\"></span>nificativi sul conto <span class=\"_ _0\"></span>economico dell\u2019esercizio<span class=\"_ _0\"></span> 2022. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">Il  settore  di  attivit\u00e0  economica  dei<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span><span class=\"ff4\">debitori  ceduti<span class=\"_ _0\"></span>  si  c<span class=\"_ _3\"></span>oncentra  in  misura  prevalente  nell\u2019ambito  \u201cTrasporti<span class=\"_ _0\"></span>\u201d.  Le  attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie oggetto di<span class=\"_ _0\"></span> cessione sono prese<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti in prevalenza n<span class=\"_ _0\"></span>ell\u2019area territoriale S<span class=\"_ _0\"></span>ud pi\u00f9 Isole.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>SP <span class=\"_ _7\"> </span>detiene <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _7\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>50,54% <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>FI.NAV. <span class=\"_ _16\"> </span>classificata <span class=\"_ _7\"> </span>tra <span class=\"_ _7\"> </span>le </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">interessenze <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>influenza <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>otevole <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>bilancio <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>155 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>valutazione <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>FI.NAV. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>fatto </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">registrare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>effetto <span class=\"_ _4\"> </span>positivo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span> <span class=\"_ _7\"> </span>7 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _4\"> </span>Di <span class=\"_ _7\"> </span>questi <span class=\"_ _4\"></span>+13 <span class=\"_ _4\"> </span>milioni <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>rilevati <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>con<span class=\"_ _2\"></span>to <span class=\"_ _7\"> </span>economico <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>fanno <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>alla </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">variazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>NAV <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>sconto <span class=\"_ _5\"></span>applicato, <span class=\"_ _5\"></span>mentre <span class=\"_ _4\"></span>-6 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>riferiscono <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>differenze <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>imputati, <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>da </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">policy per gli investime<span class=\"_ _0\"></span>nti IAS 28, in apposita <span class=\"_ _0\"></span>riserva di patrimo<span class=\"_ _0\"></span>nio netto.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y84 ff2 fs0 fc2 sc0 ls0 ws0\">Fondo RSCT <span class=\"ff3\">\u2013</span> Comparto Cre<span class=\"_ _0\"></span>diti </div><div class=\"t m0 x0 h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito delle attivit\u00e0 di <span class=\"ff2 ls10\">de<span class=\"ls0\">-ris<span class=\"_ _0\"></span>king<span class=\"ff1\"> <span class=\"ff4\">previste dal precedente Piano d\u2019Im<span class=\"_ _0\"></span>presa 2018<span class=\"ff1\">-</span>2021 e dall\u2019attuale Piano d\u2019Impresa 2022<span class=\"ff1\">-<span class=\"_ _90\"> </span></span></span></span></span></span></div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">2025, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>individuato <span class=\"_ _5\"></span>l\u2019opportunit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>conferire <span class=\"_ _5\"></span>asset <span class=\"_ _5\"></span>(crediti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>titoli) <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span><span class=\"ff1\">sizioni <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on </span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">performing <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fondo <span class=\"_ _3\"></span>chiuso <span class=\"_ _3\"></span>RSCT <span class=\"_ _3\"></span>FUND, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fondo <span class=\"_ _2\"></span>medesimo. II <span class=\"_ _2\"></span>progetto era <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Pillarstone </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _5\"></span>aveva <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>elezionato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>industriali <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>commerciali <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>individuare <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ciascuna <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span><span class=\"ff1\">sse </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">una  strategi<span class=\"_ _0\"></span>a  di  m<span class=\"_ _35\"></span>assimizzazione  delle  p<span class=\"_ _0\"></span>otenzialit\u00e0 <span class=\"_ _16\"> </span>di  recupero <span class=\"_ _16\"> </span>dei  crediti<span class=\"_ _0\"></span>  anche <span class=\"_ _16\"> </span>attraverso  i<span class=\"_ _0\"></span>niezioni  di <span class=\"_ _16\"> </span>nuova  fina<span class=\"_ _0\"></span>nza. </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>ggio <span class=\"_ _2\"></span>2020 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>conferimento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>18 <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da<span class=\"_ _6\"></span><span class=\"ff1 ls19\">l </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _5\"></span>ISP <span class=\"_ _5\"></span>(ISP <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI, <span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ncorporata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>SP <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>luglio <span class=\"_ _5\"></span>2020), <span class=\"_ _5\"></span>Unicredit, <span class=\"_ _5\"></span>BPER <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Cr\u00e9dit <span class=\"_ _5\"></span>Agricole <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>Fondo<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Investimento <span class=\"_ _5\"></span>Alternativo <span class=\"_ _2\"></span>chiuso <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>nuova <span class=\"_ _5\"></span>costituzione <span class=\"_ _5\"></span>RSCT <span class=\"_ _5\"></span>Fund, <span class=\"_ _5\"></span>gestito <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Davy <span class=\"_ _5\"></span>Investment <span class=\"_ _5\"></span>Fund <span class=\"_ _5\"></span>Services, <span class=\"_ _5\"></span>gestore <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">fondi <span class=\"_ _2\"></span>alternativi <span class=\"_ _2\"></span>a<span class=\"ff4\">utorizzato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>\u2019Irlanda. <span class=\"_ _3\"></span>RSCT <span class=\"_ _5\"></span>Fund <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>strutturato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>comparti <span class=\"_ _2\"></span>separati, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mparto <span class=\"_ _2\"></span>A </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>acquisiti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>cessionarie e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>comparto <span class=\"_ _3\"></span>B <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>finanza. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>cessio<span class=\"_ _5\"></span><span class=\"lsc\">ne </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _7\"> </span>maggio <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _16\"> </span>riguardato <span class=\"_ _4\"> </span>un <span class=\"_ _16\"> </span>portafoglio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>crediti, <span class=\"_ _7\"> </span>notes <span class=\"_ _16\"> </span>Sirti <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>strumenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _7\"> </span>partecipativi <span class=\"_ _7\"> </span>PS <span class=\"_ _7\"> </span>Reti <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>un </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">ammontare <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>339 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(ISP <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>IMI) <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>255 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>sostanzialmente <span class=\"_ _5\"></span>allineato <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">cessione. A luglio 2020 si era <span class=\"_ _3\"></span><span class=\"ff4\">realizzata un\u2019ulteriore<span class=\"_ _0\"></span> cessione di una posizione creditizia per un ammontare lordo di 6,3 milioni </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>,5 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>compensazione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoscrizione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fond<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">stesso. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>febbraio 2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>alizzata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cessione di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>creditizia <span class=\"_ _3\"></span>per u<span class=\"_ _3\"></span>n ammontare <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>21,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>un </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">valore di 13,9 <span class=\"_ _3\"></span>milioni, con compensazione del prezzo di cessione con il prezzo d<span class=\"_ _3\"></span>i sottoscrizione delle quote del Fondo stesso<span class=\"_ _5\"></span><span class=\"ls12\">. </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>marzo <span class=\"_ _5\"></span>2021 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>era <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span><span class=\"ff4\">essione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>posizione <span class=\"_ _2\"></span>creditizia, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>inveniente <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019incorporazio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un </span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">ammontare lordo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i 3,1 <span class=\"_ _2\"></span>milioni e <span class=\"_ _3\"></span>un\u2019esposizione <span class=\"_ _3\"></span>netta <span class=\"_ _3\"></span>pari a <span class=\"_ _2\"></span>1,2 milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>contestuale <span class=\"_ _3\"></span>sottoscrizione delle <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Fond<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">RSCT <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>1,3<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ostanzialmente <span class=\"_ _5\"></span>allineato <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>ceduti. <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>era </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">realizzata l\u2019ulteriore cessione <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na posizione c<span class=\"_ _3\"></span>reditizia per u<span class=\"_ _3\"></span>n ammontare <span class=\"_ _3\"></span>lordo <span class=\"_ _3\"></span>di 0,4 <span class=\"_ _3\"></span>milioni ad <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di 0,1 <span class=\"_ _3\"></span>milioni<span class=\"_ _5\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>con<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">compensazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>essione <span class=\"_ _4\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>sottoscrizione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>quote <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Fondo <span class=\"_ _4\"> </span>stesso. <span class=\"_ _7\"> </span>Il <span class=\"_ _4\"> </span>set<span class=\"_ _3\"></span>tore <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">economica <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>deb<span class=\"_ _3\"></span>itori <span class=\"_ _2\"></span>ceduti <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>concentra <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>\u201cImprese <span class=\"_ _2\"></span>produttive <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>installazione <span class=\"_ _2\"></span>apparecchi <span class=\"_ _2\"></span>elettrici\u201d <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span><span class=\"ff1\">na </span></div><div class=\"t m0 x0 h32 y57 ff4 fs0 fc0 sc0 ls0 ws0\">quota del 72%, di \u201cP<span class=\"_ _0\"></span>archi di divertimento e <span class=\"_ _0\"></span>pa<span class=\"_ _3\"></span>rchi tematici\u201d per u<span class=\"_ _0\"></span>na quota del 18% e del<span class=\"_ _0\"></span> \u201cCommercio al d<span class=\"_ _0\"></span>ettaglio di calzature e<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">accessori\u201d per una quo<span class=\"_ _0\"></span>ta del 10%.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">Le attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di cessio<span class=\"_ _0\"></span>ne sono presenti in <span class=\"_ _0\"></span>prevalenza nell\u2019area <span class=\"_ _0\"></span>territoriale Nord Ovest.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">Al  31  dic<span class=\"_ _0\"></span>embre  2022, <span class=\"_ _16\"> </span>la  Capogruppo <span class=\"_ _16\"> </span>ISP  detiene <span class=\"_ _16\"> </span>una  partecipazione <span class=\"_ _16\"> </span>del  70,07% <span class=\"_ _16\"> </span>nel  Fondo  RS<span class=\"_ _0\"></span>CT  cla<span class=\"_ _0\"></span>ssificata  tra  l<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">interessenze <span class=\"_ _6\"></span>ad <span class=\"_ _7\"> </span>influenza <span class=\"_ _6\"></span>notevo<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>256 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Fondo <span class=\"_ _4\"> </span>RSCT <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>fatto </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">registrare un effetto <span class=\"_ _0\"></span>ne<span class=\"ff4\">gativo nell\u2019esercizio di 4 mili<span class=\"_ _0\"></span>oni.</span><span class=\"ff4\"> </span><span class=\"ff4\"><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h4c y5f ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Fondo IDEA CCR Corpora<span class=\"_ _0\"></span>te Credit Recovery <span class=\"_ _0\"></span>II - <span class=\"_ _3\"></span>Comparto Cre<span class=\"_ _0\"></span>diti Nel <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>(nello <span class=\"_ _6\"></span>specifico <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>uccessivamen<span class=\"_ _0\"></span>te <span class=\"_ _6\"></span>incorporate: <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di Risparmio <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veneto, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Rispa<span class=\"_ _3\"></span>rmio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Firenze, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Friuli <span class=\"_ _6\"></span>Venezia <span class=\"_ _6\"></span>Giulia, <span class=\"_ _6\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Risparmio <span class=\"_ _6\"></span>in Bologna <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Mediocredito) <span class=\"_ _6\"></span>aveva <span class=\"_ _4\"> </span>partecipato <span class=\"_ _6\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Fondo <span class=\"_ _6\"></span>chiuso <span class=\"_ _6\"></span>italiano <span class=\"_ _4\"> </span>IDEA <span class=\"_ _6\"></span>CCR <span class=\"_ _4\"> </span>Corporate <span class=\"_ _4\"></span>Credit <span class=\"_ _6\"></span>Recovery <span class=\"_ _4\"></span>II <span class=\"_ _16\"> </span>- <span class=\"_ _4\"></span>Comparto<span class=\"_ _35\"></span> Crediti, gestito <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Dea Capital <span class=\"_ _3\"></span>Alternativ<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>Funds S.G.R.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>S.p.A., dedicato <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rilancio delle i<span class=\"_ _3\"></span>mprese italiane di <span class=\"_ _3\"></span>medie <span class=\"_ _3\"></span>dimensioni<span class=\"_ _35\"></span> che si <span class=\"_ _3\"></span>trovano <span class=\"_ _3\"></span>in situazioni di <span class=\"_ _3\"></span>tensione f<span class=\"_ _3\"></span>inanziaria,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>ma con <span class=\"_ _3\"></span>fondamentali industriali solidi. L\u2019operazione, perfezionata nel <span class=\"_ _6\"></span><span class=\"ff1\">2018, </span>si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>realizzata <span class=\"_ _5\"></span>mediante <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>conferimento <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>credit<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deteriorati <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>nominali <span class=\"_ _2\"></span>5<span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>esposizione <span class=\"_ _2\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di cessione <span class=\"_ _3\"></span>39,2 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>compensazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sottoscrizione, <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>importo, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>quote<span class=\"_ _5\"></span> del <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>IDEA <span class=\"_ _5\"></span>CCR <span class=\"_ _5\"></span>Corporate <span class=\"_ _6\"></span>Credit <span class=\"_ _5\"></span>Recovery <span class=\"_ _5\"></span>II <span class=\"_ _4\"> </span>- <span class=\"_ _6\"></span>Compart<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>Crediti. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>Fondo IDEA <span class=\"_ _4\"> </span>CCR <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>ulteriormente <span class=\"_ _4\"> </span>incrementata <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _4\"> </span>dell\u2019incorporazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>effettuato <span class=\"_ _4\"> </span>cessioni <span class=\"_ _7\"> </span>di posizioni creditizie nei confronti del Fondo IDEA CCR Corporate Credit <span class=\"_ _3\"></span>Re<span class=\"_ _3\"></span>covery II -<span class=\"_ _3\"></span> Comparto Crediti, gestito da <span class=\"_ _3\"></span>Dea Capital<span class=\"_ _35\"></span> Alternative <span class=\"_ _7\"> </span>Funds <span class=\"_ _7\"> </span>SGR, <span class=\"_ _16\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>2020, <span class=\"_ _7\"> </span>2019, <span class=\"_ _16\"> </span>2018 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>2017 <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>ammontare <span class=\"_ _16\"> </span>lordo <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>231 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>e un\u2019esposizione netta pari a 144 milioni, con contestu<span class=\"_ _0\"></span>ale sottoscrizione delle quote d<span class=\"_ _0\"></span>el Fo<span class=\"_ _2\"></span><span class=\"ff1\">ndo IDEA CCR II per un controvalore<span class=\"_ _0\"></span> </span>di 148 milioni, con compensazione del prezzo di cessione con il prezzo di sottoscrizione delle quote del Fondo. La ripartizio<span class=\"_ _2\"></span>ne per settori di attivit\u00e0 <span class=\"_ _0\"></span>economica dei de<span class=\"_ _0\"></span>bitori ceduti si concent<span class=\"_ _0\"></span>ra in misura prevale<span class=\"_ _0\"></span>nte nei <span class=\"_ _3\"></span>settori:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Attivit\u00e0 immobiliari\u201d <span class=\"_ _0\"></span>con una percentuale d<span class=\"_ _0\"></span>el 31,6%; <span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Trasporto e magazzin<span class=\"_ _0\"></span>aggio\u201d con una perc<span class=\"_ _0\"></span>entuale del 28%;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Attivit\u00e0 Professional<span class=\"_ _0\"></span>i, scientifiche e tecni<span class=\"_ _0\"></span>che\u201d con una percentu<span class=\"_ _0\"></span>ale del 10%; <span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Metallurgia, fabbric<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione di prodotti i<span class=\"_ _0\"></span>n metallo\u201d co<span class=\"ff1\">n una percentuale del 9,4%; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Fabbricazione di <span class=\"_ _0\"></span>autoveicoli altri mezzi <span class=\"_ _0\"></span>di trasporto\u201d con una<span class=\"_ _0\"></span> percentuale del 5,6%; <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _3\"></span>e in misura residu<span class=\"_ _0\"></span>ale, in altri settori <span class=\"_ _0\"></span>di attivit\u00e0 (Servizi, Trasp<span class=\"_ _0\"></span>orti, Attivit\u00e0 Manifatturi<span class=\"_ _0\"></span>ere).<span class=\"_ _2\"></span> </span>Le attivit\u00e0 dei debitor<span class=\"_ _0\"></span>i ceduti presentano la seguente distrib<span class=\"_ _0\"></span>uzione per aree terri<span class=\"_ _0\"></span>toriali:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>2<span class=\"_ _3\"></span>8,8% Nord-Ovest;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>1,8% Nord-Est;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>1,2% Sud pi\u00f9 Isole; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>2<span class=\"_ _3\"></span>3,8% Centro; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>4<span class=\"_ _3\"></span>,4% Estero.  </span>Nel 2022 la partecipazione della Capogruppo Intesa Sanpaolo nel<span class=\"_ _0\"></span> Fondo IDEA CCR \u00e8 variata per effetto: i) dell\u2019ingress<span class=\"_ _5\"></span><span class=\"ff1\">o della </span>quota <span class=\"_ _3\"></span>detenuta da <span class=\"_ _3\"></span>UBI <span class=\"_ _3\"></span>Leasing S.p.A., <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>maggio 2022 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ISP, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>aveva e<span class=\"_ _3\"></span>ffettuato cessioni di <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>creditizie<span class=\"_ _2\"></span> nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>Fondo <span class=\"_ _7\"> </span>IDEA <span class=\"_ _7\"> </span>CCR <span class=\"_ _16\"> </span>Corporate <span class=\"_ _7\"> </span>Credit <span class=\"_ _16\"> </span>Recovery<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>II <span class=\"_ _16\"> </span>- <span class=\"_ _16\"> </span>Comparto <span class=\"_ _7\"> </span>Crediti <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2019 <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>ammontare <span class=\"_ _7\"> </span>lordo complessi<span class=\"ff4\">vo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>5 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>un\u2019esposizione <span class=\"_ _2\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>3 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>compensazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cessione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di </span>sottoscrizione, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>importo, <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>quote <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>ii) <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>A1 <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>ISP <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Fondo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>Banca Nazionale <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Lavoro <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>vantato <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>regolato <span class=\"_ _5\"></span>mediante <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensazione<span class=\"_ _0\"></span> tramite <span class=\"_ _2\"></span>l\u2019acquisto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Back2Bonis. <span class=\"_ _3\"></span>Al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _3\"></span>detiene <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>partecipazione <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>19,98% <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el Fondo <span class=\"_ _3\"></span>IDEA <span class=\"_ _3\"></span>CCR <span class=\"_ _3\"></span>Corporate Credit <span class=\"_ _2\"></span>Recovery <span class=\"_ _3\"></span>II <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">Comparto <span class=\"_ _3\"></span>Crediti <span class=\"_ _3\"></span>classificata <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cAttivit\u00e0 <span class=\"_ _3\"></span>Finanziarie obbligatoriamente al </span>fair va<span class=\"_ _3\"></span>lue\u201d per u<span class=\"_ _3\"></span>n valore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>bilancio pari a <span class=\"_ _3\"></span>46 <span class=\"_ _3\"></span>milioni. La <span class=\"_ _3\"></span>valutazione al <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value del <span class=\"_ _3\"></span>Fondo I<span class=\"_ _3\"></span>DEA CCR <span class=\"_ _3\"></span>II h<span class=\"_ _3\"></span>a fatto <span class=\"_ _3\"></span>registra<span class=\"_ _5\"></span><span class=\"ff1\">re <span class=\"_ _3\"></span>un </span>effetto positivo sul cont<span class=\"_ _0\"></span>o econo<span class=\"ff4\">mico dell\u2019esercizio di 4 milio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>i. <span class=\"ff1\"> </span></span>Fondo IDEA CCR Corpora<span class=\"_ _0\"></span>te Credit Recovery <span class=\"_ _0\"></span>II - <span class=\"_ _3\"></span>Comparto S<span class=\"_ _0\"></span>hipping Il <span class=\"_ _2\"></span>Comparto <span class=\"_ _3\"></span>Crediti <span class=\"_ _3\"></span>Shipping <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferisce <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>performing, <span class=\"_ _5\"></span><span class=\"ff2\">unlikely <span class=\"_ _2\"></span>to <span class=\"_ _3\"></span>pay <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ingle <span class=\"_ _3\"></span>names</span>, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>focus <span class=\"_ _3\"></span>settoriale su <span class=\"_ _3\"></span>aziende <span class=\"_ _2\"></span>operanti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>segmento <span class=\"_ _3\"></span>shipping. <span class=\"_ _2\"></span>Il <span class=\"_ _3\"></span>Fondo <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>compone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tre <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mparti <span class=\"_ _3\"></span>crediti, <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>finanza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>shipping. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>seguito all\u2019incorporazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>rtecipa <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Comparto <span class=\"_ _3\"></span>Shipping <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>interessenza <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>DEA <span class=\"_ _3\"></span>CCR <span class=\"_ _2\"></span>II <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> </span>Comparto <span class=\"_ _7\"> </span>Shipping. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>2018, <span class=\"_ _7\"> </span>UBI <span class=\"_ _7\"> </span>Ban<span class=\"_ _3\"></span>ca <span class=\"_ _7\"> </span>incorporata <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>021 <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>ceduto <span class=\"_ _16\"> </span>finanziamenti <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>un ammontare <span class=\"_ _6\"></span>lordo <span class=\"_ _4\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>4<span class=\"_ _3\"></span>5 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>sposizione <span class=\"_ _6\"></span>netta <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>milioni. <span class=\"_ _6\"></span>Al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> detiene <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>partecipazione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>20,37% <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Fondo<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>IDEA <span class=\"_ _5\"></span>CCR <span class=\"_ _5\"></span>II <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">Comparto <span class=\"_ _2\"></span>Shipping <span class=\"_ _5\"></span>classificata <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>\u201cAttivit\u00e0 <span class=\"_ _5\"></span>Finanziarie </span>obbligatoriamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value\u201d <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>11 <span class=\"_ _5\"></span>milioni. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>IDEA <span class=\"_ _2\"></span>CCR<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Corporate Credit Re<span class=\"_ _0\"></span>covery II - Comparto Shipping non ha <span class=\"ff4\">fatto r<span class=\"_ _0\"></span>egistrare effetti nell\u2019es<span class=\"_ _0\"></span>ercizio per il bilancio <span class=\"_ _0\"></span>consolidato.<span class=\"_ _3\"></span><span class=\"ff9 fs19\"> </span></span>Clessidra Restructurin<span class=\"_ _0\"></span>g Fund  Clessidra  Restru<span class=\"_ _0\"></span>cturing  Fund  (F<span class=\"_ _0\"></span>ondo  CRF)  \u00e8 <span class=\"_ _16\"> </span>un  fondo  di  investime<span class=\"_ _0\"></span>nto  alternativo  m<span class=\"_ _0\"></span>obiliare  di  tipo <span class=\"_ _16\"> </span>chiuso  riservato <span class=\"_ _16\"> </span>a investitori <span class=\"_ _4\"> </span><span class=\"ff4\">istituzionali, <span class=\"_ _4\"> </span>dedicato <span class=\"_ _7\"> </span>all\u2019investimento <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>crediti <span class=\"_ _4\"> </span>classificati <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>unlikely <span class=\"_ _4\"> </span>to <span class=\"_ _7\"> </span>pay <span class=\"_ _4\"> </span>vantati <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>aziende </span>industriali pre<span class=\"ff14\">\u2010</span>individuate. A settembre 2019, UBI Banca <span class=\"_ _3\"></span>incorporata nel 2021 in Intesa Sanpaolo, aveva ceduto finanziamenti relativi <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cinque <span class=\"_ _5\"></span>controparti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>ammontare <span class=\"_ _5\"></span>lordo <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>17 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>esposizione<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>netta <span class=\"_ _5\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>11 <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>con contestuale sottoscrizione delle quo<span class=\"_ _3\"></span>te del <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>CRF per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>controvalore sostanzialmente allineato al <span class=\"_ _3\"></span>valore netto <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>credit<span class=\"_ _2\"></span><span class=\"ls13\">i </span>ceduti. Il settor<span class=\"ff4\">e d<span class=\"_ _3\"></span>i attivit\u00e0 economica dei <span class=\"_ _3\"></span>debitori ceduti si c<span class=\"_ _3\"></span>oncentra in misura prevalente nell\u2019ambito \u201c<span class=\"_ _3\"></span>Fabbric<span class=\"_ _0\"></span>azione porte in <span class=\"_ _3\"></span>legno e </span>Fabbricazione Mobili\u201d.<span class=\"ff1\"> </span>Le attivit\u00e0 finanziarie<span class=\"_ _0\"></span> oggetto di cessio<span class=\"_ _0\"></span>ne sono presenti in <span class=\"_ _0\"></span>prevalenza nell\u2019area <span class=\"_ _0\"></span>territoriale Nord Ovest.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Al <span class=\"_ _7\"> </span><span class=\"ff4\">31 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _4\"> </span>2022<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>detiene <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>par<span class=\"_ _3\"></span>tecipazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>4<span class=\"_ _3\"></span>,34% <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Fondo <span class=\"_ _16\"> </span>CRF <span class=\"_ _4\"> </span>class<span class=\"_ _3\"></span>ificata <span class=\"_ _4\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>\u201cAttivit\u00e0 </span>Finanziarie <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>bbligatoriamente<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value\u201d <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>9 <span class=\"_ _6\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>valutazione <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Fon<span class=\"_ _5\"></span><span class=\"ff1 lsc\">do </span>Clessidra Rest<span class=\"ff4\">ructuring Fun<span class=\"_ _0\"></span>d ha fatto registrare <span class=\"_ _0\"></span>un effetto positivo nell\u2019<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>sercizio di 1 milione.<span class=\"_ _90\"> </span></span>Fondo UTP Italia <span class=\"ff3\">\u2013</span> Compart<span class=\"_ _0\"></span>o Crediti Il <span class=\"_ _16\"> </span>Fondo <span class=\"_ _7\"> </span>UTP <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>talia <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>fondo <span class=\"_ _7\"> </span>comune <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>investimento <span class=\"_ _7\"> </span>mobiliare <span class=\"_ _7\"> </span>italiano <span class=\"_ _16\"> </span>alternativo <span class=\"_ _7\"> </span>(FIA) <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tipo <span class=\"_ _7\"> </span>chiuso <span class=\"_ _16\"> </span>multicomparto deputato alla gestione di cr<span class=\"_ _0\"></span>editi classificati<span class=\"_ _0\"></span> ad inadempienze pro<span class=\"_ _0\"></span>babile (UTP) e che ha <span class=\"_ _0\"></span>come target espo<span class=\"_ _0\"></span>sizioni creditizie ver<span class=\"_ _0\"></span>so societ\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>medie <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>piccole <span class=\"_ _7\"> </span>dimensioni <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>persone <span class=\"_ _7\"> </span>fisiche. <span class=\"_ _7\"> </span>A <span class=\"_ _4\"> </span>novembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>perfezionata <span class=\"_ _4\"></span>la <span class=\"_ _7\"> </span>cessione <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>della Capogruppo Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>di un p<span class=\"_ _3\"></span>ortafoglio di <span class=\"_ _3\"></span>crediti prevalentemente UTP <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>UTP Italia <span class=\"_ _3\"></span>gestito da <span class=\"_ _3\"></span>Sagitta <span class=\"_ _3\"></span>SGr con Intrum <span class=\"_ _3\"></span>Italy <span class=\"_ _3\"></span>S.p.A. come <span class=\"_ _3\"></span>special s<span class=\"_ _3\"></span>ervicer. Nello <span class=\"_ _3\"></span>specifico <span class=\"_ _3\"></span>l\u2019operazione ha <span class=\"_ _3\"></span>previsto: <span class=\"_ _3\"></span>i) l<span class=\"_ _3\"></span>a cessione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammont<span class=\"_ _2\"></span><span class=\"ff1\">are </span>lordo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>2 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>ed <span class=\"_ _7\"> </span>espo<span class=\"_ _3\"></span>sizione <span class=\"_ _7\"> </span>netta <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>25<span class=\"_ _3\"></span><span class=\"fff fs6\"> <span class=\"_ _7\"> </span></span>milioni, <span class=\"_ _7\"> </span>Finn <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>S.r<span class=\"_ _3\"></span>.l. <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>SPV <span class=\"_ _4\"> </span>130) <span class=\"_ _7\"> </span>senza <span class=\"_ _7\"> </span>effetti <span class=\"_ _7\"> </span>significativi <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>conto economico <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2022; <span class=\"_ _2\"></span>ii) <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>registrazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>25 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>SPV <span class=\"_ _2\"></span>130); <span class=\"_ _5\"></span>iii) <span class=\"_ _2\"></span>l\u2019apporto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>F<span class=\"_ _5\"></span><span class=\"ff1\">ondo </span>UTP <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>credito <span class=\"_ _5\"></span>verso <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019SPV <span class=\"_ _5\"></span>130 <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>quote <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>fondo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prezzo; <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>v) <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>asset <span class=\"_ _7\"> </span>\u2013</span> Backed (ABS) a cura del<span class=\"_ _0\"></span> veicolo e sottoscritti<span class=\"_ _0\"></span> dal Fondo con can<span class=\"_ _0\"></span>cellazione del credito v<span class=\"_ _0\"></span>erso l\u2019SPV 130. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La ripartizione per sett<span class=\"_ _0\"></span>ori di attivit\u00e0 economic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> dei<span class=\"_ _3\"></span> debitori ceduti si <span class=\"_ _0\"></span>concentra in misura pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alente nei settori:  \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Imprese Produttive\u201d<span class=\"_ _0\"></span> con una percentual<span class=\"_ _0\"></span>e del 80%;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _3\"></span>Societ\u00e0 con meno d<span class=\"_ _0\"></span>i 20 addetti\u201d con una p<span class=\"_ _0\"></span>ercentuale del 9,1%;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>e<span class=\"_ _3\"></span> in misura residu<span class=\"_ _0\"></span>ale, in altri settori di atti<span class=\"_ _0\"></span>vit\u00e0 (Famiglie consum<span class=\"_ _0\"></span>atrici, A<span class=\"_ _3\"></span>ltri intermediari finanziari). </span> Le attivit\u00e0 dei debito<span class=\"_ _0\"></span>ri ceduti presentano la <span class=\"_ _0\"></span>seguente distribuzio<span class=\"_ _0\"></span>ne per aree territori<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li: <span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>5,0% Nord-Ovest;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>8,3% Nord-Est;  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>3<span class=\"_ _3\"></span>2,6% Sud pi\u00f9 Isole; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>1<span class=\"_ _3\"></span>4,1% Centro; </span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>detiene <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>partecipazio<span class=\"_ _3\"></span><span class=\"ff4\">ne <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>27,58% <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>UTP <span class=\"_ _3\"></span>Italia <span class=\"_ _3\"></span>classificata <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>\u201cAttivit\u00e0 </span>Finanziarie obbligato<span class=\"_ _0\"></span>riamente al fair valu<span class=\"_ _0\"></span>e\u201d per un valore di bila<span class=\"_ _0\"></span>ncio pari a 25 mili<span class=\"_ _0\"></span>oni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Efesto<span class=\"fff fs6 fc0\"> </span>Efesto <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ondo <span class=\"_ _6\"></span>comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lternativo <span class=\"_ _6\"></span>mobiliare <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>taliano <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lternativo <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>FIA) <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>tipo <span class=\"_ _6\"></span>chiuso. <span class=\"_ _4\"></span>A <span class=\"_ _6\"></span>luglio <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 perfezionata <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>finanziamenti <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>ammontare <span class=\"_ _6\"></span>lordo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>esposizione <span class=\"_ _6\"></span>netta <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>9 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>con contestuale <span class=\"_ _5\"></span>sottoscrizione <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>quote <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _6\"></span>stesso <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>controvalore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>7<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>senza <span class=\"_ _6\"></span>effett<span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>conto economico dell\u2019esercizio 2022. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>settore di a<span class=\"_ _3\"></span>ttivit\u00e0 economica del <span class=\"_ _3\"></span>debitore ceduto <span class=\"_ _3\"></span>\u00e8 n<span class=\"_ _3\"></span>ell\u2019ambito \u201cImprese Produttive\u201d. L\u2019att<span class=\"_ _5\"></span><span class=\"ff1\">ivit\u00e0 </span>finanziaria oggetto di <span class=\"_ _3\"></span>cessione \u00e8 <span class=\"_ _3\"></span>presente nell\u2019area territoriale <span class=\"_ _3\"></span>Nord Ovest. <span class=\"_ _3\"></span>Al 31 d<span class=\"_ _3\"></span>icembre 2022 I<span class=\"_ _2\"></span><span class=\"ff1\">ntesa <span class=\"_ _3\"></span>Sanpaolo detiene una </span>partecipazione del 2,44% nel Fondo Efesto cla<span class=\"_ _0\"></span>ssificata tra le \u201cAttivit\u00e0 Finanziarie obbl<span class=\"_ _0\"></span>igatoriamente al fair value\u201d per un v<span class=\"_ _2\"></span><span class=\"ff1\">alore </span>di <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>milioni. La <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>Efesto <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>fatto <span class=\"_ _3\"></span>registrare <span class=\"_ _3\"></span>un<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">effetto <span class=\"_ _3\"></span>positivo <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>di </span>1 milione. Consolidato prudenziale - <span class=\"_ _3\"></span>Operazioni di covered bond  Nella <span class=\"_ _3\"></span>presente <span class=\"_ _3\"></span>sezione <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>rilevate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>covered <span class=\"_ _3\"></span>bond <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca <span class=\"_ _3\"></span>cedente <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>finanziatric<span class=\"_ _35\"></span>e coincidono. <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"></span>utilizza <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>covered <span class=\"_ _4\"> </span>bond <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>revalenteme<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>forma <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>raccolta <span class=\"_ _7\"> </span>cartolare <span class=\"_ _4\"> </span>garantita <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>attivi originati dalla stes<span class=\"_ _0\"></span>sa Intesa Sanpaolo <span class=\"_ _0\"></span>o da altra societ\u00e0 del Gr<span class=\"_ _35\"></span>uppo.<span class=\"_ _2\"></span> Intesa Sanpaolo ha r<span class=\"_ _0\"></span>ealizzato tre prog<span class=\"_ _0\"></span>rammi di emissione di O<span class=\"_ _0\"></span>bbligazioni Bancarie<span class=\"_ _0\"></span> G<span class=\"_ _2\"></span>arantite (OB<span class=\"_ _0\"></span>G). Il <span class=\"_ _2\"></span>primo <span class=\"_ _2\"></span>Programma, <span class=\"_ _3\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2009, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _2\"></span>massimo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(l\u2019ammontare <span class=\"_ _3\"></span>massi<span class=\"_ _3\"></span>mo <span class=\"_ _3\"></span>originario <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a 10 <span class=\"_ _6\"></span>miliardi<span class=\"_ _0\"></span>). <span class=\"_ _5\"></span>Il <span class=\"_ _6\"></span>garante <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>OBG <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>ISP <span class=\"_ _6\"></span>CB <span class=\"_ _5\"></span>Pubblico, <span class=\"_ _5\"></span>cessionario <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafogli <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>bonis<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>settore pubblico, <span class=\"_ _3\"></span>originati <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Infrastrutture <span class=\"_ _3\"></span>Innovazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Sviluppo, <span class=\"_ _3\"></span>ora <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. <span class=\"_ _3\"></span>Nel <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Banca<span class=\"_ _2\"></span> ha ceduto al <span class=\"_ _3\"></span>veicolo attivit\u00e0 per un<span class=\"_ _3\"></span> valore nominale originario complessivo pari a 14<span class=\"_ _3\"></span>,3 miliardi (al netto <span class=\"_ _3\"></span>di retroces<span class=\"_ _5\"></span>sioni di attivi per 0,5 miliardi), l\u2019ultim<span class=\"_ _0\"></span>a delle quali (per un <span class=\"_ _0\"></span>importo di 1 miliard<span class=\"_ _0\"></span>o) effettuata nell\u2019april<span class=\"_ _0\"></span>e 2013. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti e i titoli c<span class=\"_ _0\"></span>eduti al veicolo hann<span class=\"_ _0\"></span>o un valore di bilancio <span class=\"_ _0\"></span>di 3,2 miliardi.<span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>cessioni <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ealizzate, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>tempo, <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>OBG <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>nominale <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>5,2 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _2\"></span>cui 18,15 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _6\"></span>relativi <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>emissioni <span class=\"_ _6\"></span>ac<span class=\"_ _3\"></span>quistate <span class=\"_ _6\"></span>interamente <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"></span>Capogrup<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>estinzione <span class=\"_ _4\"></span>anticipata <span class=\"_ _6\"></span>o <span class=\"_ _7\"> </span>giunte <span class=\"_ _6\"></span>a scadenza e 3,5 miliardi oggetto di offerta d<span class=\"_ _3\"></span>i scambio agli investitori nel corso<span class=\"_ _0\"></span> del 2012, 2 miliardi dei <span class=\"_ _3\"></span>quali scaduti nel second<span class=\"_ _35\"></span>o trimestre 2017 e i re<span class=\"_ _0\"></span>stanti 1,5 miliardi scad<span class=\"_ _0\"></span>uti a gennaio 2021). Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>erano <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>essere e<span class=\"_ _3\"></span>missioni ef<span class=\"_ _3\"></span>fettuate a <span class=\"_ _2\"></span>valere <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>programma <span class=\"_ _3\"></span>garantito d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>veic<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>ISP <span class=\"_ _3\"></span>CB <span class=\"_ _3\"></span>Pubblico <span class=\"_ _3\"></span>per un nominale comple<span class=\"_ _0\"></span>ssivo di 3,6 miliardi, inter<span class=\"_ _0\"></span>amente sottoscritte <span class=\"_ _0\"></span>dalla Banca.<span class=\"_ _3\"></span> Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>decima <span class=\"_ _5\"></span>serie <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>estinzione <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>anticipata <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _2\"></span>complessivo nominale di 250 mili<span class=\"_ _0\"></span>oni, ed \u00e8 stata estinta parzialmente<span class=\"_ _0\"></span> la dodicesima serie<span class=\"_ _0\"></span> per 225 milioni. Pertanto, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>restano <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>effettuate, <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>SP <span class=\"_ _2\"></span>CB Pubblico per un nomin<span class=\"_ _0\"></span>ale complessivo di 3<span class=\"_ _0\"></span>,1 miliardi, interame<span class=\"_ _0\"></span>nte sot<span class=\"_ _3\"></span>toscritte da Intesa Sanpaol<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>. Tutti i titoli emessi a <span class=\"_ _0\"></span>valere sul programma<span class=\"_ _0\"></span> sono quotati alla Bo<span class=\"_ _0\"></span>rsa del Lussemburgo <span class=\"_ _0\"></span>e hanno rating A2 di<span class=\"_ _0\"></span> Moody\u2019s.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>Programma, <span class=\"_ _3\"></span>avviato <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>2010, <span class=\"_ _2\"></span>dell\u2019ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>(l\u2019ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _3\"></span>originario <span class=\"_ _4\"> </span><span class=\"ff1\">era <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a </span>20 miliardi), vede come <span class=\"_ _3\"></span>garante delle OBG il v<span class=\"_ _3\"></span>eicolo ISP CB Ipotecario <span class=\"_ _3\"></span>S.r.l., cessionario di mutui ipotecari residenziali it<span class=\"_ _5\"></span>aliani e, inizialmente, ob<span class=\"_ _0\"></span>bligazioni Adriano Fina<span class=\"_ _0\"></span>nce S.r.l., originati d<span class=\"_ _0\"></span>a Intesa Sanpaolo.  Nel <span class=\"_ _5\"></span>tempo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>eduto <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>veicolo <span class=\"_ _5\"></span>mutui <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nominale <span class=\"_ _5\"></span>originario <span class=\"_ _5\"></span>complessivo <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>38,4 <span class=\"_ _5\"></span>miliardi <span class=\"_ _5\"></span>(al <span class=\"_ _5\"></span>netto delle retrocessioni).  Nel corso del 2022 son<span class=\"_ _0\"></span>o state perfezion<span class=\"_ _0\"></span>ate le seguenti operazi<span class=\"_ _0\"></span>oni:<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di gennaio <span class=\"_ _0\"></span>sono stati effettuati r<span class=\"_ _0\"></span>iacquisti per un cont<span class=\"_ _0\"></span>rovalor<span class=\"_ _3\"></span>e di 116 milioni; </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di magg<span class=\"_ _0\"></span>io sono state effettuate c<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ssioni per un contro<span class=\"_ _0\"></span>valore di 2,7 miliardi. </span>Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di 16,6 m<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>liardi.<span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-251.65161px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _4\"> </span>fronte <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>cessioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _4\"> </span>atti<span class=\"_ _3\"></span>vi, <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>realizzato, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>tempo, <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>OBG <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">nominale <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>34,9 <span class=\"_ _3\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _3\"></span>cui<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>scaduti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>complessivi <span class=\"_ _3\"></span>20,6 <span class=\"_ _2\"></span>miliardi <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span>ata </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">di dicembre 2022). </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2021 ri<span class=\"_ _0\"></span>sultavano in essere emissioni effettuat<span class=\"_ _0\"></span>e a valere sul programm<span class=\"_ _0\"></span>a garantito dal vei<span class=\"_ _0\"></span>colo ISP CB Ipotecario<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">per  un <span class=\"_ _7\"> </span>v<span class=\"_ _3\"></span>alore <span class=\"_ _16\"> </span>nominale <span class=\"_ _16\"> </span>complessivo  di<span class=\"_ _0\"></span>  1<span class=\"_ _0\"></span>5,5  milia<span class=\"_ _0\"></span>rdi, <span class=\"_ _16\"> </span>di  cui <span class=\"_ _16\"> </span>10,6  m<span class=\"_ _0\"></span>iliardi <span class=\"_ _16\"> </span>collocate  p<span class=\"_ _0\"></span>resso <span class=\"_ _16\"> </span>investitori <span class=\"_ _16\"> </span>terzi  e <span class=\"_ _7\"> </span>4<span class=\"_ _3\"></span>,9<span class=\"_ _5\"></span> miliardi </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscritte <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo. <span class=\"_ _4\"> </span>Di <span class=\"_ _7\"> </span>queste <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>ltime <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>successivamente <span class=\"_ _4\"> </span>impegnata <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>pronti </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">contro termine passivi <span class=\"_ _0\"></span>per un importo di <span class=\"_ _0\"></span>343 milioni. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>scadute <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>ammontare d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>2,2 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">1 miliardo.   </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>restano <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _2\"></span>effettuate <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>valere <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>ISP <span class=\"_ _2\"></span>CB<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Ipotecario <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>nominale <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>14,3 <span class=\"_ _4\"> </span>miliardi, <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cui <span class=\"_ _4\"> </span>8,4 <span class=\"_ _4\"> </span>miliardi <span class=\"_ _4\"> </span>collocate <span class=\"_ _4\"> </span>presso <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>nvestitori <span class=\"_ _4\"></span>terzi <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>5,9 <span class=\"_ _4\"> </span>miliard<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscritte <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. Di <span class=\"_ _2\"></span>queste u<span class=\"_ _3\"></span>ltime <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>impegnata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>operazioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pronti <span class=\"_ _3\"></span>contro </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">termine passivi per un imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rto di 343 milioni. </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Tutti i titoli emessi a <span class=\"_ _0\"></span>valere sul programma<span class=\"_ _0\"></span> sono quotati alla Bo<span class=\"_ _0\"></span>rsa del Lussemburgo <span class=\"_ _0\"></span>ed hanno rating A<span class=\"_ _0\"></span>a3 di Moody\u2019s.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>terzo <span class=\"_ _5\"></span>Programma <span class=\"_ _2\"></span>multi-originator <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>emissione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>OBG, <span class=\"_ _2\"></span>avviato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2012, <span class=\"_ _5\"></span>vede <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>garante<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>veicolo <span class=\"_ _2\"></span>ISP <span class=\"_ _5\"></span>OBG </div><div class=\"t m0 x0 h32 y6e ff4 fs0 fc0 sc0 ls0 ws0\">S.r.l.  T<span class=\"_ _0\"></span>ale  progr<span class=\"_ _0\"></span>amma  \u00e8 <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ssistito <span class=\"_ _16\"> </span>da  mutui <span class=\"_ _7\"> </span>ipotecari  per <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>ammontare  mas<span class=\"_ _0\"></span>simo  di <span class=\"_ _16\"> </span>55  mil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ardi <span class=\"_ _16\"> </span>(l\u2019ammontare  mas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>imo </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">originario era pari <span class=\"_ _0\"></span>a 30 miliardi) ed \u00e8 fi<span class=\"_ _0\"></span>nalizzato a realizzar<span class=\"_ _0\"></span>e emissioni retained. </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>posto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>garan<span class=\"_ _3\"></span>zia <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>OBG <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omposto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>mu<span class=\"_ _3\"></span>tui <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>potecari <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, <span class=\"_ _2\"></span>Banco <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Napoli, <span class=\"_ _4\"></span>Cassa <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Veneto, <span class=\"_ _4\"> </span>Cassa <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>Risparmio <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>Bologna <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>Banca <span class=\"_ _6\"></span>CR <span class=\"_ _4\"> </span>Firenze <span class=\"_ _6\"></span>(fuse <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>incorporazione <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo tra l<span class=\"_ _0\"></span>uglio 2018 e febbrai<span class=\"_ _0\"></span>o 2<span class=\"_ _3\"></span>019).  </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>empo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ceduto <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>veicolo <span class=\"_ _5\"></span>mutui <span class=\"_ _5\"></span>ipotecari <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>nominale <span class=\"_ _5\"></span>originario <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">94,4 miliardi (al netto<span class=\"_ _0\"></span> delle esclusioni). </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>veicolo <span class=\"_ _2\"></span>mutui ip<span class=\"_ _3\"></span>otecari p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>valor<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nominale or<span class=\"_ _3\"></span>iginario complessivo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>12 </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">miliardi   (al netto delle<span class=\"_ _0\"></span> esclusioni). </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Sono state perfezionat<span class=\"_ _0\"></span>e le seguenti cess<span class=\"_ _0\"></span>ioni: </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di giugno p<span class=\"_ _0\"></span>er un controval<span class=\"_ _0\"></span>ore di 6,2 miliardi; </span></div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di novembre <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di 6 miliardi. </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, nel corso del 2022 <span class=\"_ _0\"></span>sono stati riacquista<span class=\"_ _0\"></span>ti crediti: </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di gennaio <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di 281 milioni. </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti da I<span class=\"_ _0\"></span>ntesa Sanpaolo al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di <span class=\"_ _0\"></span>54,2 miliardi.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>fronte <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>attivi, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ealizzato, <span class=\"_ _2\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>tempo, <span class=\"_ _2\"></span>emissioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>OBG <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>nominale </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">complessivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>86,3 <span class=\"_ _5\"></span>miliardi <span class=\"_ _2\"></span>(di <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>40,2 <span class=\"_ _5\"></span>miliardi <span class=\"_ _2\"></span>estinte <span class=\"_ _5\"></span>anticipatamente <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>rimborsate). <span class=\"_ _5\"></span>Tutti <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>emessi <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aler<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sul </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">programma sono quot<span class=\"_ _0\"></span>ati alla Borsa del Luss<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>burgo ed hanno r<span class=\"_ _0\"></span>ating A di DBRS Morning<span class=\"_ _0\"></span>star. </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>risultavano in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>emissioni <span class=\"_ _3\"></span>effettuate <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>valere <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>programma garantito <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>veicolo <span class=\"_ _3\"></span>ISP <span class=\"_ _3\"></span>OBG <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">nominale complessivo <span class=\"_ _0\"></span>di 45,9 miliardi, inter<span class=\"_ _0\"></span>amente sottoscritte <span class=\"_ _0\"></span>da Intesa <span class=\"_ _3\"></span>Sanpaolo. </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso del 2022 \u00e8 st<span class=\"_ _0\"></span>ata emessa la quar<span class=\"_ _0\"></span>antasettesima serie <span class=\"_ _0\"></span>per 10 milioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, al 31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>risultano in e<span class=\"_ _3\"></span>ssere emissioni effettuate a <span class=\"_ _3\"></span>valere sul programma <span class=\"_ _3\"></span>garantito dal <span class=\"_ _3\"></span>veicolo ISP OBG </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">per un nominale compl<span class=\"_ _0\"></span>essivo di 45,9 miliar<span class=\"_ _0\"></span>di<span class=\"_ _3\"></span>, interamente sottos<span class=\"_ _0\"></span>critte da Intesa Sanpaolo<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">Il quarto programma fu a<span class=\"_ _0\"></span>vviato dall\u2019ex Grupp<span class=\"_ _0\"></span>o UBI Banca nel cor<span class=\"_ _0\"></span>so dell\u2019esercizio 200<span class=\"_ _0\"></span>8.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>presenti <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>Programmi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Obbligazion<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Bancarie <span class=\"_ _6\"></span>Garantite <span class=\"_ _6\"></span>facenti <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>Societ\u00e0 <span class=\"_ _6\"></span>Veicolo <span class=\"_ _6\"></span>rispettivamente <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>enominate <span class=\"_ _6\"></span>UBI <span class=\"_ _6\"></span>Finance <span class=\"_ _5\"></span>S.r<span class=\"_ _3\"></span>.l. <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>UBI <span class=\"_ _6\"></span>Finance <span class=\"_ _6\"></span>CB2 </div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">S.r.l., quest\u2019ultimo c<span class=\"_ _0\"></span>hiuso nel corso del mese <span class=\"_ _0\"></span>di gennaio 2021.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">Tale pro<span class=\"_ _3\"></span>gramma  <span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>revede ad <span class=\"_ _3\"></span>oggi la <span class=\"_ _3\"></span>possibilit\u00e0 da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di Intesa <span class=\"_ _3\"></span>Sanpao<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>emettere titoli, r<span class=\"_ _3\"></span>ivolti ad <span class=\"_ _3\"></span>investitori istituzionali, </div><div class=\"t m0 x0 h32 y47 ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ammontare <span class=\"_ _3\"></span>massimo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>Programma <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>mutui <span class=\"_ _3\"></span>ipotecari <span class=\"_ _3\"></span>residenziali <span class=\"_ _3\"></span>ceduti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Rete <span class=\"_ _3\"></span>dell\u2019ex </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo UBI; queste ultime<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>avevano aderit<span class=\"_ _0\"></span>o al Programma in qu<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lit\u00e0 sia d<span class=\"_ _3\"></span>i Banche Originator c<span class=\"_ _0\"></span>he di Banche Finan<span class=\"_ _0\"></span>ziatrici. </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 <span class=\"_ _3\"></span>dicembre 2021 risultavano in essere emissioni sul programma garantito dal veicolo UBI <span class=\"_ _3\"></span>Finance per un valore no<span class=\"_ _3\"></span>minale </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">complessivo di 9,1 mili<span class=\"_ _0\"></span>ardi, di cui 7,5 miliar<span class=\"_ _0\"></span>di collocate press<span class=\"_ _0\"></span>o investitori terzi <span class=\"_ _3\"></span>e 1,6 miliardi retained. </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso del 2022 son<span class=\"_ _0\"></span>o scadute quattro s<span class=\"_ _0\"></span>erie per un import<span class=\"_ _0\"></span>o complessivo di 1,<span class=\"_ _0\"></span>4 miliardi.   <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>risultano <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>emissioni <span class=\"_ _2\"></span>sul <span class=\"_ _2\"></span>programma <span class=\"_ _2\"></span>garantito <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Finance <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>nominale </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">complessivo di 7,7 miliardi, di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui 7,5 miliardi coll<span class=\"_ _0\"></span>ocate presso investitori t<span class=\"_ _0\"></span>erzi e 0,2 miliardi ret<span class=\"_ _0\"></span>ained.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre il rati<span class=\"_ _0\"></span>ng attribuito ai titoli d<span class=\"_ _0\"></span>el programma era par<span class=\"_ _0\"></span>i a Aa3 per Mood<span class=\"_ _0\"></span>y\u2019s ed AA per DBR<span class=\"_ _0\"></span>S Morningstar.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">Nel  corso  dell\u2019esercizio  2022  Intesa <span class=\"_ _17\"> </span><span class=\"ff1\">Sanpaolo  ha  ceduto  al  veicolo  mutui  ipotecari  per  un  v<span class=\"_ _3\"></span>alore  nominale  originario </span></div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">complessivo di 751 milio<span class=\"_ _0\"></span>ni. </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">Sono state perfezionat<span class=\"_ _0\"></span>e le seguenti oper<span class=\"_ _0\"></span>azioni: </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di giugno \u00e8<span class=\"_ _0\"></span> stata effettuata u<span class=\"_ _0\"></span>na cessione per un co<span class=\"_ _0\"></span>ntrovalore di 823 milio<span class=\"_ _0\"></span>ni;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>n<span class=\"_ _3\"></span>el mese di febbraio s<span class=\"_ _0\"></span>ono stati effettuati riacqui<span class=\"_ _0\"></span>sti per un controv<span class=\"_ _0\"></span>alore di 72 milioni. </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 i <span class=\"_ _0\"></span>crediti ceduti al ve<span class=\"_ _0\"></span>icolo hanno un valor<span class=\"_ _0\"></span>e di bilancio di 8,6 mili<span class=\"_ _0\"></span>ardi.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Nella <span class=\"_ _7\"> </span>tabella <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>se<span class=\"_ _3\"></span>gue <span class=\"_ _7\"> </span>vengono <span class=\"_ _4\"> </span>evidenziati <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>principali <span class=\"_ _4\"> </span>dati <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>ISP <span class=\"_ _4\"> </span>CB <span class=\"_ _16\"> </span>Pubb<span class=\"_ _3\"></span>lico, <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>CB <span class=\"_ _7\"> </span>Ipotecario, <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>OBG <span class=\"_ _4\"> </span>e UBI Finance riferiti al 31 <span class=\"_ _0\"></span>dicembre 2022. (milioni di eur<span class=\"_ _35\"></span>o) COVERE<span class=\"_ _0\"></span>D BOND        DAT<span class=\"_ _0\"></span>I VEICOLO<span class=\"_ _0\"></span> FINANZIA<span class=\"_ _0\"></span>MENTO<span class=\"_ _0\"></span> SUBORDI<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>ATO<span class=\"_ _90\"> </span>(1)              O<span class=\"_ _0\"></span>BG EMESS<span class=\"_ _35\"></span>E Totale attivo Svalutazioni<span class=\"_ _35\"></span> cumulate <span class=\"_ _0\"></span>sul portafoglio<span class=\"_ _0\"></span> cartolarizza<span class=\"_ _0\"></span>to importo Importo nominale (2)<span class=\"_ _90\"> </span>Valore di bilancio (2)<span class=\"_ _90\"> </span>ISP CB P<span class=\"_ _0\"></span>UBBLICO  Crediti e <span class=\"_ _0\"></span>titoli del set<span class=\"_ _0\"></span>tore pubblico in<span class=\"_ _0\"></span> bonis 3.978 21<span class=\"ls0\"> </span>3.897 - - ISP CB IPO<span class=\"_ _35\"></span>T<span class=\"_ _3\"></span>ECARIO<span class=\"_ _0\"></span> Mutui ipote<span class=\"_ _0\"></span>cari residen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iali 21.508 33<span class=\"ls0\"> </span>18.612 8.702 8.328 ISP OBG<span class=\"_ _0\"></span>  Mutui ipote<span class=\"_ _0\"></span>cari 60.733 192<span class=\"ls0\"> </span>60.537 - - UBI FINA<span class=\"_ _0\"></span>NCE Mutui ipote<span class=\"_ _0\"></span>cari residen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iali 9.351 65<span class=\"ls0\"> </span>9.241 7.497 7.108 (1) Nella <span class=\"_ _3\"></span>voce <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>indicato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>prestito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ubordinato <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>veicoli <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>finanziare <span class=\"_ _3\"></span>l'acquisto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafogli<span class=\"_ _3\"></span>o posto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gara<span class=\"_ _3\"></span>nzia <span class=\"_ _3\"></span>delle OBG. <span class=\"_ _3\"></span>Tal<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span><span class=\"ls28\">prestito <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>oggetto </span>di <span class=\"_ _6\"> </span>derecognition <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>IAS <span class=\"_ _4\"> </span>compli<span class=\"_ _3\"></span>ant <span class=\"_ _4\"> </span>individuale. <span class=\"_ _6\"> </span>L'ammontare <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>riferisce <span class=\"_ _6\"> </span>all'emissi<span class=\"_ _3\"></span>one <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"> </span>realiz<span class=\"_ _3\"></span>zata <span class=\"_ _4\"> </span>nell'ambito <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _4\"> </span>programma <span class=\"_ _4\"> </span>di ammontare massimo superior<span class=\"_ _3\"></span>e.<span class=\"ls0\"> </span>(2) L'importo nominale ed il valore di<span class=\"_ _3\"></span> bilancio riportati in tabella sono <span class=\"_ _3\"></span>da considerarsi<span class=\"_ _3\"></span> al netto dei titoli riacquistati.<span class=\"_ _3\"></span> A <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Obbligazioni <span class=\"_ _4\"></span>Bancarie <span class=\"_ _4\"></span>Garantit<span class=\"_ _0\"></span>e, <span class=\"_ _4\"> </span>previste <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>normativa <span class=\"_ _4\"> </span>italiana <span class=\"_ _4\"> </span>(L. <span class=\"_ _4\"> </span>80/2005), <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>aggiungono <span class=\"_ _4\"> </span>i <span class=\"_ _4\"></span>c.d. \u201cmortgage bonds\u201d emessi dalla <span class=\"ff1\">partecipata slovacca VUB<span class=\"_ _0\"></span>. Si tratta di titoli il cui valore nominale e il cui rendiment<span class=\"_ _0\"></span>o \u00e8 garantito </span>dai c.d. \u201cmortgage loans\u201d, finanziamenti a persone fisiche con scadenz<span class=\"_ _0\"></span>a residua a trent\u2019anni garantiti da un pegno su immobil<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span>situati nella Repubbli<span class=\"_ _0\"></span>ca Slo<span class=\"ff4\">vacca e con un \u201cLoan t<span class=\"_ _0\"></span>o Value\u201d massimo dell<span class=\"_ _0\"></span>\u201980%.<span class=\"ff1\"> </span></span>Ogni emissione <span class=\"_ _3\"></span>\u00e8 caratterizzata da <span class=\"_ _3\"></span>una s<span class=\"_ _3\"></span>pecifica copertura e <span class=\"_ _3\"></span>l\u2019intero valore n<span class=\"_ _3\"></span>ominale dell\u2019emissione, inclusi gli <span class=\"_ _3\"></span>interessi, <span class=\"_ _5\"></span><span class=\"ff1\">deve </span>essere <span class=\"_ _6\"></span>garantito <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>mutui <span class=\"_ _4\"></span>ipotecari <span class=\"_ _6\"></span>su <span class=\"_ _4\"></span>immobili <span class=\"_ _6\"></span>locali <span class=\"_ _6\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>ammontare <span class=\"_ _6\"></span>pari <span class=\"_ _7\"> </span>almeno <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>90% <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>loro <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>nominale <span class=\"_ _6\"></span>ed<span class=\"_ _90\"> </span>eventualmente per il restante 10% da liquidit\u00e0 o depositi presso la Banca Centrale slovacca, la Banca Centrale Europ<span class=\"_ _0\"></span>ea, altre<span class=\"_ _2\"></span> Banche Centrali eur<span class=\"_ _0\"></span>opee o presso banche <span class=\"_ _0\"></span>che rispettano i crite<span class=\"_ _0\"></span>ri dell\u2019Art 129(1)(c) <span class=\"_ _0\"></span>del <span class=\"_ _2\"></span><span class=\"ff1\">Regolamento UE 5<span class=\"_ _0\"></span>75/2013. </span>Al <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>coprire <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _5\"></span>netti <span class=\"_ _5\"></span>negativi <span class=\"_ _2\"></span>attesi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>180 <span class=\"_ _5\"></span>giorni <span class=\"_ _5\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>Covered <span class=\"_ _2\"></span>Bonds, <span class=\"_ _5\"></span>l\u2019emittente <span class=\"_ _2\"></span>deve <span class=\"_ _5\"></span>mantene<span class=\"_ _5\"></span><span class=\"ff1\">re </span>attivit\u00e0 liquide di el<span class=\"_ _0\"></span>evata qualit\u00e0 in base agli<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Artt. 10 e 11 del Reg<span class=\"_ _35\"></span>ol<span class=\"_ _3\"></span>amento UE 61/<span class=\"_ _0\"></span>2015.<span class=\"_ _3\"></span> Al 31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 la <span class=\"_ _3\"></span>controllata VUB ha <span class=\"_ _3\"></span>emesso titoli <span class=\"_ _3\"></span>di questo ti<span class=\"_ _3\"></span>po per 4<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>miliardi, iscritti in bilancio <span class=\"_ _3\"></span>a un <span class=\"_ _3\"></span>valore pari <span class=\"_ _3\"></span>a ci<span class=\"_ _3\"></span>rca 3,8 miliardi. E. CONSOLIDATO P<span class=\"_ _3\"></span>RUDENZIAL<span class=\"_ _3\"></span>E - MOD<span class=\"_ _3\"></span>ELLI PER LA MISURAZION<span class=\"_ _3\"></span>E DEL RI<span class=\"_ _3\"></span>SCHIO DI CREDITO <span class=\"_ _2\"></span> Al 31 d<span class=\"_ _3\"></span>icembre 2022, la perdita at<span class=\"_ _3\"></span>tesa gestionale sui crediti verso <span class=\"_ _3\"></span>la clientela in bonis (<span class=\"_ _3\"></span>che tiene conto delle <span class=\"_ _3\"></span>forme tecnic<span class=\"_ _5\"></span>he di cassa <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>firma) <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>allo <span class=\"_ _2\"></span>0<span class=\"_ _3\"></span>,40%, <span class=\"_ _5\"></span><span class=\"ff4\">sostanzialmente<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _2\"></span>(0,39%); <span class=\"_ _2\"></span>l\u2019incidenza<span class=\"_ _35\"></span> </span>stabile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>frutto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>compensazione <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>riveniente <span class=\"_ _5\"></span>dalle <span class=\"_ _6\"></span>controparti <span class=\"_ _5\"></span>interessate <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>conflitto <span class=\"_ _6\"></span>russ<span class=\"_ _5\"></span>o-<span class=\"_ _90\"> </span>ucraino, e le attivit<span class=\"_ _0\"></span>\u00e0 di derisking e di mi<span class=\"ff4\">glioramento nella qual<span class=\"_ _0\"></span>it\u00e0 del credito regi<span class=\"_ _0\"></span>strata nella secon<span class=\"_ _0\"></span>da met\u00e0 dell\u2019anno. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>2,00<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>dell\u2019utilizzato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resentava <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>riduzione, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onsiderando<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sola clientela <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis, <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>rilevato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>021 <span class=\"_ _2\"></span>(-0,44%). <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>sopracitato <span class=\"_ _2\"></span>miglioramento <span class=\"_ _2\"></span>nella qualit\u00e0 del portafogli<span class=\"_ _0\"></span>o, nonch\u00e9 all\u2019inclusio<span class=\"_ _0\"></span>ne nei calcoli anali<span class=\"_ _0\"></span>tici del capitale e<span class=\"_ _0\"></span>conomico delle ba<span class=\"_ _0\"></span>nche estere pi\u00f9 sign<span class=\"_ _0\"></span>ifica<span class=\"_ _5\"></span><span class=\"ff1\">tive. </span>Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iet\u00e0 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>piano <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>roll<span class=\"_ _3\"></span>-out, <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>interni <span class=\"_ _3\"></span>regolamentari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rating, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>GD e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>EAD <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>sottoposti <span class=\"_ _3\"></span>ad un <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>controllo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>livello <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Convalida, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>descritto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>paragrafo <span class=\"_ _7\"> </span>2.3 <span class=\"_ _7\"> </span>della presente <span class=\"_ _4\"> </span>Sezione, <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>controllo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>terzo <span class=\"_ _7\"> </span>livello<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>funzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Revisione <span class=\"_ _4\"> </span>Interna. <span class=\"_ _4\"> </span>Le <span class=\"_ _7\"> </span>funzioni <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>controll<span class=\"_ _0\"></span>o producono <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Supervisor le <span class=\"_ _2\"></span>relazioni <span class=\"_ _3\"></span>annuali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conformit\u00e0 <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vigilanza, <span class=\"_ _3\"></span>nell\u2019ambito delle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>qua<span class=\"_ _5\"></span><span class=\"ff1\">li <span class=\"_ _2\"></span>si<span class=\"_ _0\"></span> </span>verifica <span class=\"_ _6\"></span>lo <span class=\"_ _5\"></span>scostamento <span class=\"_ _6\"></span>tra <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>stime <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>an<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>valori <span class=\"_ _6\"></span>realizzati <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>post. <span class=\"_ _6\"></span>Tali relazioni, <span class=\"_ _6\"></span>approvate <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di Amministrazione di Int<span class=\"_ _0\"></span>esa Sanpaolo, att<span class=\"_ _0\"></span>estano il permanere de<span class=\"_ _0\"></span>i requisiti di confo<span class=\"_ _0\"></span>rmit\u00e0.<span class=\"_ _3\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-129.96411px;\"><div class=\"t m0 x0 h19a y15a8 ff5 fs1e fc2 sc0 ls0 ws0\">1.2. RISCHI DI MERCATO </div><div class=\"t m0 x0 h2 y15a9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yedb ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenziato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>Premessa, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">Sanpaolo <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>politiche <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>all\u2019assunzione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rischi </span></div><div class=\"t m0 x0 h2 y15aa ff1 fs0 fc0 sc0 ls0 ws0\">finanziari sono definite dagli Org<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ni Amministrativi del<span class=\"_ _0\"></span>la Capogruppo, i quali si avvalg<span class=\"_ _0\"></span>ono del supporto di specifici Comita<span class=\"_ _0\"></span>t<span class=\"_ _5\"></span>i, tra </div><div class=\"t m0 x0 h2 y1531 ff1 fs0 fc0 sc0 ls0 ws0\">i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Comitato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Direzione, <span class=\"_ _3\"></span>presieduto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Cons<span class=\"_ _3\"></span>igliere <span class=\"_ _3\"></span>Delegato e <span class=\"_ _2\"></span>CEO <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>composto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>dirigenti <span class=\"_ _3\"></span>responsabili<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y15ab ff1 fs0 fc0 sc0 ls0 ws0\">delle principali fun<span class=\"_ _0\"></span>zioni aziendali, e il C<span class=\"_ _0\"></span>omitato Rischi Fina<span class=\"_ _0\"></span>nziari di Gruppo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7ec ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>Comitato<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Direzione, <span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ganismo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>deliberativo, <span class=\"_ _3\"></span>informativo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>consultivo, <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attribuite, <span class=\"_ _2\"></span>tra<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>altre, <span class=\"_ _2\"></span>le </div><div class=\"t m0 x0 h2 y15ae ff1 fs0 fc0 sc0 ls0 ws0\">funzioni  di  c<span class=\"_ _0\"></span>oadiuvare  il  C<span class=\"_ _0\"></span>onsigliere  Delegato <span class=\"_ _16\"> </span>e  CEO  nello <span class=\"_ _16\"> </span>svolgimento  delle  funzio<span class=\"_ _0\"></span>ni  che <span class=\"_ _16\"> </span>gli  competono,  rafforzare <span class=\"_ _16\"> </span>il </div><div class=\"t m0 x0 h2 y15af ff4 fs0 fc0 sc0 ls0 ws0\">coordinamento e i meccanismi di cooperazion<span class=\"_ _0\"></span>e tra le diverse aree di business, di governo e di controllo del Gruppo, nell\u2019ot<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>ica </span></div><div class=\"t m0 x0 h2 ybe4 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>condividere <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contribuire <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>assicurare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>coordinamento e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gest<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>schi <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y8ac ff1 fs0 fc0 sc0 ls0 ws0\">la salvaguardia del v<span class=\"_ _0\"></span>alore aziendale a <span class=\"_ _0\"></span>livello di Gruppo, ivi <span class=\"_ _0\"></span>compreso il buon fu<span class=\"_ _0\"></span>nzionamento del sistema<span class=\"_ _0\"></span> dei controlli <span class=\"_ _2\"></span>interni. </div><div class=\"t m0 x0 h2 yd45 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _1d\"> </span>Comitato  Rischi <span class=\"_ _1d\"> </span>Finanziari  di <span class=\"_ _1d\"> </span>Gruppo,  p<span class=\"_ _3\"></span>resieduto  dal <span class=\"_ _1d\"> </span>Chief <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Officer  e <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Chief  Financial <span class=\"_ _1d\"> </span>Officer,  compete <span class=\"_ _1d\"> </span>la </div><div class=\"t m0 x0 h2 yd46 ff4 fs0 fc0 sc0 ls0 ws0\">responsabilit\u00e0 di <span class=\"_ _3\"></span>definire le <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>guida <span class=\"_ _3\"></span>metodologiche e d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>misurazione dei rischi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>l\u2019articolazion<span class=\"_ _0\"></span>e d<span class=\"_ _3\"></span>ei li<span class=\"_ _3\"></span>miti op<span class=\"_ _5\"></span><span class=\"ff1\">erativi <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 yd47 ff1 fs0 fc0 sc0 ls0 ws0\">la  verifi<span class=\"_ _0\"></span>ca  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _16\"> </span>di  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>del  Gruppo <span class=\"_ _16\"> </span>e  de<span class=\"_ _0\"></span>lle  s<span class=\"_ _0\"></span>ue  princ<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>pali <span class=\"_ _16\"> </span>unit\u00e0  operative. <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>l  C<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mitato  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>linea, <span class=\"_ _16\"> </span>inoltre,  le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>celte<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yd48 ff1 fs0 fc0 sc0 ls0 ws0\">strategiche relative alla<span class=\"_ _0\"></span> gestione del banking <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ook da sottopo<span class=\"_ _0\"></span>rre agli Organi com<span class=\"_ _0\"></span>petenti e fissa gli indi<span class=\"_ _0\"></span>rizzi in tema di ris<span class=\"_ _2\"></span>chio di </div><div class=\"t m0 x0 h2 yd49 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0, <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>cambio. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>organismo <span class=\"_ _7\"> </span>opera <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>forza <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>deleghe <span class=\"_ _7\"> </span>operative <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>funzionali <span class=\"_ _4\"> </span>assegnate <span class=\"_ _7\"> </span>dagli <span class=\"_ _7\"> </span>Organi </div><div class=\"t m0 x0 h2 yd4a ff4 fs0 fc0 sc0 ls0 ws0\">Statutari e sulla base d<span class=\"_ _0\"></span>ell\u2019azione di coord<span class=\"_ _0\"></span>inamento del Comit<span class=\"_ _0\"></span>ato di Direzione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yd4b ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _18\"> </span>profilo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>rischio <span class=\"_ _18\"> </span>finanziario <span class=\"_ _18\"> </span>complessivo <span class=\"_ _17\"> </span>del <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>gli <span class=\"_ _18\"> </span>opportuni <span class=\"_ _18\"> </span>interventi <span class=\"_ _18\"> </span>volti <span class=\"_ _18\"> </span>a <span class=\"_ _18\"> </span>modificarlo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>esaminati </div><div class=\"t m0 x0 h2 yd4c ff1 fs0 fc0 sc0 ls0 ws0\">periodicamente dal Comi<span class=\"_ _0\"></span>tato Rischi Fin<span class=\"_ _0\"></span>anziari di Gruppo. </div><div class=\"t m0 x0 h2 yd4d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1d\"> </span>Direzione  Centrale <span class=\"_ _1d\"> </span>Market <span class=\"_ _1d\"> </span>and <span class=\"_ _1d\"> </span>Financial  Risk <span class=\"_ _1d\"> </span>Management  della <span class=\"_ _17\"> </span>Capogrupp<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>responsabil<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>dello <span class=\"_ _1d\"> </span>sviluppo  delle </div><div class=\"t m0 x0 h2 yb5c ff1 fs0 fc0 sc0 ls0 ws0\">metodologie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proposte <span class=\"_ _4\"> </span>riguardanti <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>sistema <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>limiti </div><div class=\"t m0 x0 h2 y5e2 ff1 fs0 fc0 sc0 ls0 ws0\">operativi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo. <span class=\"_ _6\"></span>La <span class=\"_ _5\"></span>stessa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>inol<span class=\"_ _3\"></span>tre <span class=\"_ _5\"></span>responsabile, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>regime <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>outsourcing, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>misurazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>per </div><div class=\"t m0 x0 h2 y5e3 ff1 fs0 fc0 sc0 ls0 ws0\">quelle realt\u00e0 operativ<span class=\"_ _0\"></span>e con le quali sia stato stipula<span class=\"_ _0\"></span>to uno specifico c<span class=\"_ _0\"></span>ontratto di servizio. </div><div class=\"t m0 x0 h2 y1a0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5e4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che segue <span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>idenzia le <span class=\"_ _3\"></span>voci <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale consolidato <span class=\"_ _3\"></span>che s<span class=\"_ _3\"></span>ono s<span class=\"_ _3\"></span>oggette a <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>mostrando </div><div class=\"t m0 x0 h2 y102 ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>rincipale <span class=\"_ _3\"></span>metrica di <span class=\"_ _2\"></span>misurazione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rappresentata dal <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _3\"></span>(il <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale </div><div class=\"t m0 x0 h2 y5e5 ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>perimetro p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>ampio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Modello <span class=\"_ _3\"></span>Interno <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>trattazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y5e6 ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _5\"></span>rimanda <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>paragrafo <span class=\"_ _2\"></span>successivo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quelle <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>monitorati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>metriche. <span class=\"_ _5\"></span>Queste <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono </div><div class=\"t m0 x0 h2 y5e7 ff4 fs0 fc0 sc0 ls0 ws0\">rappresentate princi<span class=\"_ _0\"></span>palmente dall\u2019analisi <span class=\"_ _0\"></span>di sensitivit\u00e0 ai differ<span class=\"_ _0\"></span>enti fattori di rischio <span class=\"_ _0\"></span>(tasso di interesse, cre<span class=\"_ _0\"></span>dit spread,<span class=\"_ _2\"></span><span class=\"ff1\"> ecc.). </span></div><div class=\"t m0 x0 h2 y115d ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w54b h12\" style=\"left:387.60062px; bottom:484.7669px;\"><div class=\"t m0 x77 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h18e\" style=\"left:-4.050377px; bottom:432.03888px;\"><div class=\"t m0 x41 h59 y150e ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/<span class=\"_ _0\"></span>passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie<span class=\"_ _0\"></span> </div></div><div class=\"c w131 h209\" style=\"left:232.97864px; bottom:376.4769px;\"><div class=\"t m0 x14 h59 y17d7 ff5 fs17 fc2 sc0 ls0 ws0\">VALORE D<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span> </div><div class=\"t m0 x94 h59 y17d8 ff5 fs17 fc2 sc0 ls0 ws0\">BILANCIO<span class=\"_ _0\"></span> </div><div class=\"t m0 xa1 h59 y17d9 ff5 fs17 fc2 sc0 ls0 ws0\">(a perimet<span class=\"_ _0\"></span>ro </div><div class=\"t m0 x97 h59 y17da ff5 fs17 fc2 sc0 ls0 ws0\">di vigilan<span class=\"_ _0\"></span>za) </div></div><div class=\"c w54c h18e\" style=\"left:310.04263px; bottom:432.03888px;\"><div class=\"t m0 x94 h59 y8d1 ff5 fs17 fc2 sc0 ls0 ws0\">PRINCIPA<span class=\"_ _0\"></span>LI METRI<span class=\"_ _0\"></span>CHE DI <span class=\"_ _0\"></span>MISURAZIO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>E DEL R<span class=\"_ _0\"></span>ISCHIO </div></div><div class=\"c w170 h20a\" style=\"left:310.04263px; bottom:376.4769px;\"><div class=\"t m0 xc h46 y17dc ff1 fs17 fc2 sc0 ls38 ws0\">Var<span class=\"ls0\"> </span></div><div class=\"t m0 x96 h46 y17dd ff1 fs17 fc2 sc0 ls0 ws0\">gestionale<span class=\"_ _0\"></span> </div></div><div class=\"c w54d h20a\" style=\"left:387.60062px; bottom:376.4769px;\"><div class=\"t m0 x98 h46 y17dc ff1 fs17 fc2 sc0 ls0 ws0\">Altre </div></div><div class=\"c w477 h20a\" style=\"left:453.2766px; bottom:376.4769px;\"><div class=\"t m0 xc0 h46 y17dc ff1 fs17 fc2 sc0 ls0 ws0\">Fattori di ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio misura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  </div><div class=\"t m0 xc2 h46 y17dd ff1 fs17 fc2 sc0 ls0 ws0\">con le me<span class=\"_ _0\"></span>triche  </div><div class=\"t m0 x124 h46 y17de ff1 fs17 fc2 sc0 ls0 ws0\">ricompre<span class=\"_ _0\"></span>se  </div><div class=\"t m0 x4 h46 y17df ff1 fs17 fc2 sc0 ls0 ws0\">nella colonn<span class=\"_ _0\"></span>a Altre </div></div><div class=\"c w549 h47\" style=\"left:-4.050377px; bottom:356.9769px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 soggette <span class=\"_ _3\"></span>al rischio di merc<span class=\"_ _3\"></span>ato </div></div><div class=\"c w131 h47\" style=\"left:232.97864px; bottom:356.9769px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">645.478 </div></div><div class=\"c w170 h47\" style=\"left:310.04263px; bottom:356.9769px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">93.608 </div></div><div class=\"c w54d h47\" style=\"left:387.60062px; bottom:356.9769px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">551.870 </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:341.3769px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la n<span class=\"_ _3\"></span>egoziazione<span class=\"_ _3\"></span> </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:341.3769px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">42.614 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:341.3769px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">42.260 </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:341.3769px;\"><div class=\"t m0 x48 hb y1468 ff1 fs4 fc2 sc0 ls1b ws0\">354<span class=\"ls0\"> </span></div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:341.3769px;\"><div class=\"t m0 x12 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:325.7769px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al fair <span class=\"_ _3\"></span>value </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:325.7769px;\"><div class=\"t m0 xcc hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:325.7769px;\"><div class=\"t m0 xcc hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:325.7769px;\"><div class=\"t m0 x104 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:325.7769px;\"><div class=\"t m0 x136 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w549 h7e\" style=\"left:-4.050377px; bottom:300.50488px;\"><div class=\"t m0 x41 hb y76e ff1 fs4 fc2 sc0 ls0 ws0\">Altre attivit\u00e0 finanziari<span class=\"_ _3\"></span>e obbligatori<span class=\"_ _3\"></span>amente valutate </div><div class=\"t m0 x41 hb y32b ff1 fs4 fc2 sc0 ls0 ws0\">al fair value </div></div><div class=\"c w131 h7e\" style=\"left:232.97864px; bottom:300.50488px;\"><div class=\"t m0 xa hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">5.706 </div></div><div class=\"c w170 h7e\" style=\"left:310.04263px; bottom:300.50488px;\"><div class=\"t m0 xc hb y7c9 ff1 fs4 fc2 sc0 ls1b ws0\">176<span class=\"ls0\"> </span></div></div><div class=\"c w54d h7e\" style=\"left:387.60062px; bottom:300.50488px;\"><div class=\"t m0 xf hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">5.530 </div></div><div class=\"c w477 h7e\" style=\"left:453.2766px; bottom:300.50488px;\"><div class=\"t m0 x12 hb y7c9 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h8c\" style=\"left:-4.050377px; bottom:275.07687px;\"><div class=\"t m0 x41 hb y56d ff1 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al fair val<span class=\"_ _3\"></span>ue con impatto </div><div class=\"t m0 x41 hb y32b ff1 fs4 fc2 sc0 ls0 ws0\">sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva (ifrs 7 <span class=\"_ _3\"></span>par. 8 lett. h))<span class=\"_ _3\"></span> </div></div><div class=\"c w131 h8c\" style=\"left:232.97864px; bottom:275.07687px;\"><div class=\"t m0 xd hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">49.716 </div></div><div class=\"c w170 h8c\" style=\"left:310.04263px; bottom:275.07687px;\"><div class=\"t m0 xd hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">48.342 </div></div><div class=\"c w54d h8c\" style=\"left:387.60062px; bottom:275.07687px;\"><div class=\"t m0 xf hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">1.374 </div></div><div class=\"c w477 h8c\" style=\"left:453.2766px; bottom:275.07687px;\"><div class=\"t m0 x12 hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:259.4769px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Crediti verso banc<span class=\"_ _3\"></span>he </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:259.4769px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">32.887 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:259.4769px;\"><div class=\"t m0 x122 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:259.4769px;\"><div class=\"t m0 x13 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">32.887 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:259.4769px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:243.87689px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Crediti verso clie<span class=\"_ _3\"></span>ntela </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:243.87689px;\"><div class=\"t m0 x99 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">495.952 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:243.87689px;\"><div class=\"t m0 x122 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:243.87689px;\"><div class=\"t m0 x96 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">495.952 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:243.87689px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:228.27689px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Derivati di copertu<span class=\"_ _3\"></span>ra </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:228.27689px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">10.062 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:228.27689px;\"><div class=\"t m0 xa hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">2.829 </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:228.27689px;\"><div class=\"t m0 xf hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">7.233 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:228.27689px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:212.67688px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Partecipazioni </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:212.67688px;\"><div class=\"t m0 xa hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">8.540 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:212.67688px;\"><div class=\"t m0 x122 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:212.67688px;\"><div class=\"t m0 xf hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">8.540 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:212.67688px;\"><div class=\"t m0 x147 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Equity </div></div><div class=\"c w549 h13\" style=\"left:-4.050377px; bottom:201.60089px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Passivit\u00e0 soggette <span class=\"_ _3\"></span>al rischio di merc<span class=\"_ _3\"></span>ato<span class=\"_ _3\"></span> </div></div><div class=\"c w131 h13\" style=\"left:232.97864px; bottom:201.60089px;\"><div class=\"t m0 x99 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">731.920 </div></div><div class=\"c w170 h13\" style=\"left:310.04263px; bottom:201.60089px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">55.340 </div></div><div class=\"c w54d h13\" style=\"left:387.60062px; bottom:201.60089px;\"><div class=\"t m0 x96 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">676.580 </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:186.00089px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Debiti verso banch<span class=\"_ _3\"></span>e </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:186.00089px;\"><div class=\"t m0 x99 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">137.217 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:186.00089px;\"><div class=\"t m0 x122 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:186.00089px;\"><div class=\"t m0 x96 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">137.217 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:186.00089px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:170.40088px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Debiti verso client<span class=\"_ _3\"></span>ela </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:170.40088px;\"><div class=\"t m0 x99 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">456.640 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:170.40088px;\"><div class=\"t m0 x122 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:170.40088px;\"><div class=\"t m0 x96 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">456.640 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:170.40088px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h44\" style=\"left:-4.050377px; bottom:154.7619px;\"><div class=\"t m0 x41 hb y17e1 ff1 fs4 fc2 sc0 ls0 ws0\">Titoli in circolazio<span class=\"_ _3\"></span>ne </div></div><div class=\"c w131 h44\" style=\"left:232.97864px; bottom:154.7619px;\"><div class=\"t m0 xd hb y17e1 ff1 fs4 fc2 sc0 ls0 ws0\">77.389 </div></div><div class=\"c w170 h44\" style=\"left:310.04263px; bottom:154.7619px;\"><div class=\"t m0 x122 hb y17e1 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w54d h44\" style=\"left:387.60062px; bottom:154.7619px;\"><div class=\"t m0 x13 hb y17e1 ff1 fs4 fc2 sc0 ls0 ws0\">77.389 </div></div><div class=\"c w477 h44\" style=\"left:453.2766px; bottom:154.7619px;\"><div class=\"t m0 x2a hb y17e1 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:139.1619px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Passivita' finanziari<span class=\"_ _3\"></span>e di negoziazio<span class=\"_ _3\"></span>ne </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:139.1619px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">46.533 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:139.1619px;\"><div class=\"t m0 xd hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">46.462 </div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:139.1619px;\"><div class=\"t m0 xa5 hb y1468 ff1 fs4 fc2 sc0 ls1b ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:139.1619px;\"><div class=\"t m0 x2a hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w549 h7e\" style=\"left:-4.050377px; bottom:113.88989px;\"><div class=\"t m0 x41 hb y76e ff1 fs4 fc2 sc0 ls0 ws0\">Passivita' finanziari<span class=\"_ _3\"></span>e designate al fai<span class=\"_ _3\"></span>r value (ifrs 7 </div><div class=\"t m0 x41 hb y32b ff1 fs4 fc2 sc0 ls0 ws0\">par. 8 lett. e)) </div></div><div class=\"c w131 h7e\" style=\"left:232.97864px; bottom:113.88989px;\"><div class=\"t m0 xa hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">8.795 </div></div><div class=\"c w170 h7e\" style=\"left:310.04263px; bottom:113.88989px;\"><div class=\"t m0 xa hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">8.795 </div></div><div class=\"c w54d h7e\" style=\"left:387.60062px; bottom:113.88989px;\"><div class=\"t m0 x104 hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w477 h7e\" style=\"left:453.2766px; bottom:113.88989px;\"><div class=\"t m0 x136 hb y7f0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w549 h42\" style=\"left:-4.050377px; bottom:98.28989px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Derivati di copertu<span class=\"_ _3\"></span>ra </div></div><div class=\"c w131 h42\" style=\"left:232.97864px; bottom:98.28989px;\"><div class=\"t m0 xa hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">5.346 </div></div><div class=\"c w170 h42\" style=\"left:310.04263px; bottom:98.28989px;\"><div class=\"t m0 x4a hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">83<span class=\"ls0\"> </span></div></div><div class=\"c w54d h42\" style=\"left:387.60062px; bottom:98.28989px;\"><div class=\"t m0 xf hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">5.263 </div></div><div class=\"c w477 h42\" style=\"left:453.2766px; bottom:98.28989px;\"><div class=\"t m0 x2a hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Rischio tasso<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-93.32349px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">PORTAFOGLIO DI N<span class=\"_ _3\"></span>EGOZIAZIONE DI VIGILA<span class=\"_ _3\"></span>NZA<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 he y1691 ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y547 ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he yf7e ff5 fs6 fc2 sc0 ls0 ws0\">1.2.1. RISCHIO DI TA<span class=\"_ _3\"></span>SSO DI INTE<span class=\"_ _3\"></span>RESSE E RI<span class=\"_ _3\"></span>SCHIO DI PR<span class=\"_ _3\"></span>EZZO </div><div class=\"t m0 x0 h2 y884 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y148b ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 he y125f ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y1429 ff5 fs6 fc2 sc0 ls0 ws0\">Aspetti Generali<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y25b ff4 fs0 fc0 sc0 ls0 ws0\">I requisiti normativi del portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di negoziazione sono definiti a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>l\u2019interno del Regolamento UE n<span class=\"_ _0\"></span>\u00b0 575/2013 (CRR <span class=\"_ _5\"></span><span class=\"ff1\">- Parte Tre, </span></div><div class=\"t m0 x0 h2 y25c ff1 fs0 fc0 sc0 ls0 ws0\">Titolo <span class=\"_ _5\"></span>I, <span class=\"_ _6\"></span>Capo <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>rispettivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>articoli <span class=\"_ _5\"></span>102, <span class=\"_ _6\"></span>103<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"></span>104). <span class=\"_ _6\"></span>Difatti <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ombinato <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>articoli <span class=\"_ _6\"></span>delinea <span class=\"_ _5\"></span>l\u2019insieme <span class=\"_ _5\"></span>dei </span></div><div class=\"t m0 x0 h2 y25d ff4 fs0 fc0 sc0 ls0 ws0\">requisiti  mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>strategie  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>trading,  alla <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>controllo  dei <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>esse<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y25e ff1 fs0 fc0 sc0 ls0 ws0\">connessi.  </div><div class=\"t m0 x0 h2 y25f ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rece<span class=\"_ _3\"></span>pire <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>dettato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>dotato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>terna </div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\">che individua il tra<span class=\"_ _0\"></span>ding book sulla base:  </div><div class=\"t m0 x0 h2 yae ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della valutazio<span class=\"_ _0\"></span>ne al Fair Value Thr<span class=\"_ _0\"></span>ough Profit and Loss d<span class=\"_ _0\"></span>egli strumenti detenuti <span class=\"_ _0\"></span>per la negoziazio<span class=\"_ _0\"></span>ne: <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y6a2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>delle strategie definite; </span></div><div class=\"t m0 x0 h2 yd4b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dei risk taking cent<span class=\"_ _0\"></span>re identificati; </span></div><div class=\"t m0 x0 h2 y34a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del <span class=\"_ _6\"></span>monitoraggio, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>limitazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>definiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dalla <span class=\"_ _5\"></span>normativa </span></div><div class=\"t m0 x2a h2 y34b ff1 fs0 fc0 sc0 ls0 ws0\">interna in termini di ma<span class=\"_ _0\"></span>rket risk. </div><div class=\"t m0 x0 h2 y34c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>ticolare, <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>classificati <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>trading <span class=\"_ _6\"></span>bo<span class=\"_ _3\"></span>ok <span class=\"_ _6\"></span>regolamentare <span class=\"_ _5\"></span>coincidono <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>alvo <span class=\"_ _5\"></span>specifiche <span class=\"_ _6\"></span>eccezioni <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 </div><div class=\"t m0 x0 h2 y34d ff4 fs0 fc0 sc0 ls0 ws0\">finanziarie <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>negoziazione <span class=\"_ _6\"></span>(Circolare <span class=\"_ _5\"></span>n. <span class=\"_ _6\"></span>262 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>d\u02bcItalia). <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>associazione <span class=\"_ _6\"></span>deriva <span class=\"_ _5\"></span>dall\u2019insieme <span class=\"_ _5\"></span>delle<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y34e ff1 fs0 fc0 sc0 ls0 ws0\">strategie, d<span class=\"_ _3\"></span>ei p<span class=\"_ _3\"></span>oteri, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>limiti e <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i controlli <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>limentano e <span class=\"_ _2\"></span>garantiscon<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>contiguit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>contabili </div><div class=\"t m0 x0 h2 y522 ff1 fs0 fc0 sc0 ls0 ws0\">e prudenziali. </div><div class=\"t m0 x0 h2 y350 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y351 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trading, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>derivano <span class=\"_ _2\"></span>dall\u2019effetto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iazio<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>nelle </span></div><div class=\"t m0 x0 h2 y352 ff1 fs0 fc0 sc0 ls0 ws0\">variabili <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>mercato <span class=\"_ _23\"> </span>possa<span class=\"ff4\">no <span class=\"_ _23\"> </span>generare <span class=\"_ _23\"> </span>sulle <span class=\"_ _23\"> </span>diverse <span class=\"_ _23\"> </span>poste <span class=\"_ _23\"> </span>patrimoniali <span class=\"_ _20\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _23\"> </span>Gruppo, <span class=\"_ _23\"> </span>quest\u2019ultimi <span class=\"_ _20\"> </span>sono <span class=\"_ _29\"> </span>qua<span class=\"_ _0\"></span>ntificati </span></div><div class=\"t m0 x0 h2 y353 ff4 fs0 fc0 sc0 ls0 ws0\">gestionalmente <span class=\"_ _7\"> </span>attraverso <span class=\"_ _7\"> </span>analisi <span class=\"_ _16\"> </span>giornali<span class=\"_ _0\"></span>ere <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>determinare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>vulnerabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _7\"> </span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y354 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>D<span class=\"ff4\">i <span class=\"_ _6\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _5\"></span>l\u2019elenco <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>principali <span class=\"_ _6\"></span>risk <span class=\"_ _6\"> </span>factors <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>portafoglio <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y355 ff1 fs0 fc0 sc0 ls0 ws0\">negoziazione del Gr<span class=\"_ _0\"></span>uppo \u00e8 esposto: </div><div class=\"t m0 x0 h2 y140f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>tassi di interesse; </span></div><div class=\"t m0 x0 h2 y14f2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>titoli azionari e<span class=\"_ _0\"></span> indici; </span></div><div class=\"t m0 x0 h2 y17e3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>fondi di investim<span class=\"_ _0\"></span>ento; </span></div><div class=\"t m0 x0 h2 y15fc ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>tassi di cambio; </span></div><div class=\"t m0 x0 h2 y1470 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>volatilit\u00e0 implicit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>; </span></div><div class=\"t m0 x0 h2 y12f6 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>spread dei credit def<span class=\"_ _0\"></span>ault swap (CDS); </span></div><div class=\"t m0 x0 h2 yc31 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>spread delle emi<span class=\"_ _0\"></span>ssioni obbligazionari<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1387 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>strumenti di corr<span class=\"_ _0\"></span>elazione; </span></div><div class=\"t m0 x0 h2 y85 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dividend derivati<span class=\"_ _0\"></span>ves; </span></div><div class=\"t m0 x0 h2 y906 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>asset backed se<span class=\"_ _0\"></span>curities (ABS); </span></div><div class=\"t m0 x0 h2 y43a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>merci. </span></div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y43d ff1 fs0 fc0 sc0 ls0 ws0\">Per ta<span class=\"_ _3\"></span>luni dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio sopra c<span class=\"_ _3\"></span>itati e <span class=\"_ _3\"></span>inclusi nelle <span class=\"_ _3\"></span>rilevazioni di <span class=\"_ _3\"></span>VaR <span class=\"_ _5\"></span>(Value at <span class=\"_ _3\"></span>Risk) <span class=\"_ _3\"></span><span class=\"ff4\">gestionale, l\u2019Autorit\u00e0 d<span class=\"_ _3\"></span>i Vigilanza <span class=\"_ _3\"></span>ha </span></div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc0 sc0 ls0 ws0\">validato <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>terni p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>segnalazione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>assorbimenti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>nell<span class=\"_ _5\"></span><span class=\"ff4\">\u2019ambito <span class=\"_ _3\"></span>dei </span></div><div class=\"t m0 x0 h2 y99f ff1 fs0 fc0 sc0 ls0 ws0\">rischi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>profili <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>validati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono: <span class=\"_ _5\"></span>(i) <span class=\"_ _6\"></span>generico/specifico <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>su <span class=\"_ _5\"></span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>capitale; <span class=\"_ _6\"></span>(i<span class=\"_ _6\"></span>i) <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc0 sc0 ls0 ws0\">posizione su quote di OICR<span class=\"_ _0\"></span> con liquidit\u00e0 gi<span class=\"_ _0\"></span>ornaliera; (iii) rischio <span class=\"_ _0\"></span>di posizione in merc<span class=\"_ _0\"></span>i.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yfb2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y442 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he ycac ff5 fs6 fc2 sc0 ls0 ws0\">Processi di gestion<span class=\"_ _3\"></span>e e metodi di misur<span class=\"_ _3\"></span>azione del r<span class=\"_ _3\"></span>ischio<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y89e ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019allocazione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019operativit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>trading <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>issata <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Amminist<span class=\"_ _0\"></span>razione <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>Capogruppo, <span class=\"_ _6\"></span>mediante </div><div class=\"t m0 x0 h2 y48d ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019attribuzione di limiti <span class=\"_ _0\"></span>operativi in termini d<span class=\"_ _0\"></span>i VaR alle varie unit<span class=\"_ _0\"></span>\u00e0 del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">La s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>riflette il <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivello di <span class=\"_ _3\"></span>rischiosit\u00e0 ritenuto <span class=\"_ _3\"></span>accettabile con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle singole <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness in <span class=\"_ _6\"></span>coerenza </div><div class=\"t m0 x0 h2 y89f ff4 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>orientamenti <span class=\"_ _16\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>strategici <span class=\"_ _7\"> </span>definiti <span class=\"_ _16\"> </span>dai <span class=\"_ _7\"> </span>vertici <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _7\"> </span>L\u2019attribuzione <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>dei  lim<span class=\"_ _35\"></span>iti<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>v<span class=\"_ _5\"></span><span class=\"ff1\">ari  l<span class=\"_ _0\"></span>ivelli<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y490 ff4 fs0 fc0 sc0 ls0 ws0\">gerarchici <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omporta <span class=\"_ _2\"></span>l\u2019assegnazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>poteri <span class=\"_ _2\"></span>delegati <span class=\"_ _2\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _3\"></span>responsabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>volti <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>raggiungime<span class=\"_ _2\"></span><span class=\"ff1\">nto </span></div><div class=\"t m0 x0 h2 y8a0 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>migliore trade-off tra u<span class=\"_ _3\"></span>n ambiente d<span class=\"_ _3\"></span>i rischio <span class=\"_ _3\"></span>controllato e le <span class=\"_ _3\"></span>esigenze di <span class=\"_ _3\"></span>flessibilit\u00e0 operativa. Il concreto <span class=\"_ _5\"></span>funzionamento del </div><div class=\"t m0 x0 h2 y8a1 ff1 fs0 fc0 sc0 ls0 ws0\">sistema dei limiti e d<span class=\"_ _0\"></span>ei poteri delegati si f<span class=\"_ _0\"></span>onda sui seguenti con<span class=\"_ _35\"></span>cet<span class=\"_ _3\"></span>ti: base di ge<span class=\"_ _0\"></span>rarchia e interazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y8a2 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>incipi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>condotto <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>miti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>assume <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>rileva<span class=\"_ _5\"></span><span class=\"ff1\">nza <span class=\"_ _5\"></span>la </span></div><div class=\"t m0 x0 h2 y8a3 ff1 fs0 fc0 sc0 ls0 ws0\">distinzione tra limiti <span class=\"_ _0\"></span>di primo livello e limiti d<span class=\"_ _0\"></span>i secondo livello: </div><div class=\"t m0 x0 h24 y6c5 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">limiti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>VaR)</span>: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>mite <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>C&amp;IB <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Direzione </span></div><div class=\"t m0 x2a h2 y16b3 ff1 fs0 fc0 sc0 ls0 ws0\">Tesoreria e Finanza di Gruppo sono inclusi<span class=\"_ _0\"></span> nel Risk Appetite Framew<span class=\"_ _3\"></span>ork (RAF) di Gruppo. Contestualmente sono<span class=\"_ _0\"></span> definiti </div><div class=\"t m0 x2a h2 y90e ff1 fs0 fc0 sc0 ls0 ws0\">dal <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>operativi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VaR per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>che </div><div class=\"t m0 x2a h2 y13d7 ff1 fs0 fc0 sc0 ls0 ws0\">detengono <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _3\"></span>minori <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischiosit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>marginale. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>lim<span class=\"_ _2\"></span>iti <span class=\"_ _2\"></span>vengono, <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>loro </div><div class=\"t m0 x2a h32 y910 ff4 fs0 fc0 sc0 ls0 ws0\">approvazione, <span class=\"_ _5\"></span>declinati <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>desk <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>legal <span class=\"_ _5\"></span>entity, <span class=\"_ _5\"></span>sentite <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>proposte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Business <span class=\"_ _5\"></span>Unit. <span class=\"_ _5\"></span>L\u2019andamento </div><div class=\"t m0 x2a h2 y101d ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019assorbimento <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"></span>limiti <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>analisi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>congruit\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>periodica <span class=\"_ _6\"></span>ana<span class=\"_ _2\"></span><span class=\"ff1\">lisi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Comitato </span></div><div class=\"t m0 x2a h2 y101e ff4 fs0 fc0 sc0 ls0 ws0\">Rischi Finanziari di Gr<span class=\"_ _0\"></span>uppo e del Consiglio<span class=\"_ _0\"></span> di Amministrazione n<span class=\"_ _0\"></span>ell\u2019ambito del Tabl<span class=\"_ _0\"></span>eau de Bord dei risc<span class=\"_ _0\"></span>hi di Gruppo;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y302 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">limiti di s<span class=\"_ _3\"></span>econdo livello</span> <span class=\"_ _3\"></span>(<span class=\"ff5\">sensitivity e greche<span class=\"ff4\">): <span class=\"_ _3\"></span>hanno l\u2019obiettivo di <span class=\"_ _3\"></span>controllare l\u2019operativit\u00e0 dei <span class=\"_ _2\"></span></span></span>differenti desk sulla <span class=\"_ _3\"></span>base </span></div><div class=\"t m0 x2a h2 yb9b ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>misure differenziate in <span class=\"_ _3\"></span>funzione della specificit\u00e0 <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>trattati e <span class=\"_ _3\"></span>delle strategie operative, <span class=\"_ _3\"></span>quali le <span class=\"_ _3\"></span>sensitiv<span class=\"_ _2\"></span>ity, <span class=\"_ _3\"></span>le </div><div class=\"t m0 x2a h2 y13a1 ff1 fs0 fc0 sc0 ls0 ws0\">greche e le esposizi<span class=\"_ _0\"></span>oni equivalenti; </div><div class=\"t m0 x0 h24 yf93 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">altri <span class=\"_ _1d\"> </span>li<span class=\"_ _3\"></span>miti <span class=\"_ _1d\"> </span>rilevanti<span class=\"ff4\">: <span class=\"_ _17\"> </span>hanno <span class=\"_ _1d\"> </span>l\u2019obiettivo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>residiare <span class=\"_ _1d\"> </span>par<span class=\"_ _3\"></span></span></span>ticolare <span class=\"_ _1d\"> </span>operativit\u00e0 <span class=\"_ _1d\"> </span>(a <span class=\"_ _1d\"> </span>ti<span class=\"_ _3\"></span>tolo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esempio: <span class=\"_ _1d\"> </span>limiti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>massima </span></div><div class=\"t m0 x2a h2 y656 ff1 fs0 fc0 sc0 ls0 ws0\">esposizione negativa d<span class=\"_ _0\"></span>ella riserva di v<span class=\"_ _0\"></span>alutazione, limiti di p<span class=\"_ _0\"></span>lafond per oper<span class=\"_ _0\"></span>ativit\u00e0 a rischio emitte<span class=\"_ _0\"></span>nte).<span class=\"_ _2\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-102.21411px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Taluni <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>suddetti <span class=\"_ _5\"></span>limiti <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attratti <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>RAF. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rimanda <span class=\"_ _5\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _2\"></span>\u00abIl <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controll<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">interno\u00bb per una pi\u00f9 <span class=\"_ _0\"></span>dettagliata rapprese<span class=\"_ _0\"></span>ntazione del framew<span class=\"_ _0\"></span>ork dei rischi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>rileva <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>rappresenta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>quota <span class=\"_ _6\"></span>prevalente <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>societ\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">controllate <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>detengono <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _6\"></span>minori <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>marginale <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span><span class=\"ff4\">inferiore <span class=\"_ _6\"></span>all\u20191% <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">rischi <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"> </span>complessivi <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo<span class=\"_ _3\"></span>): <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>particolare, <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>egoziazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>partecipate </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">estere sono titoli governati<span class=\"_ _0\"></span>vi locali, posizioni <span class=\"_ _0\"></span>su tassi di interess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e tassi di cambio ri<span class=\"_ _0\"></span>feriti a pay<span class=\"_ _3\"></span>-off di natura lineare. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>vi<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>metriche <span class=\"_ _5\"></span>market <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">limiti:  </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y69 ffa fs0 fc2 sc0 ls0 ws0\">VaR gestionale </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>at <span class=\"_ _7\"> </span>Risk <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>monetaria<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>basata <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>tecniche <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sintetizzare <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">massima perdita probabile, con un certo livello di confidenza, che una posizione finanziaria o un portafoglio possono subi<span class=\"_ _5\"></span>re in </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tempo <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>Holding <span class=\"_ _16\"> </span>Period) <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>variazioni <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">valutazione causate <span class=\"_ _0\"></span>da dinamiche di me<span class=\"_ _0\"></span>rcato. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Metodo: <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>matematici e <span class=\"_ _3\"></span>statistici <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>permettono di <span class=\"_ _3\"></span>calcolare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>VaR pos<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono essere <span class=\"_ _3\"></span>suddivisi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>macro-categorie: </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">approcci <span class=\"_ _4\"> </span>parametrici <span class=\"_ _7\"> </span>(varianza/covarianza) <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprocci <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>simulazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>siste<span class=\"_ _3\"></span>ma <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>uso </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">presso Intesa Sanpaol<span class=\"_ _0\"></span>o. </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019approccio utilizz<span class=\"_ _0\"></span>ato in Intesa Sanpaolo <span class=\"_ _0\"></span>si caratterizza per:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yfa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>modello di simul<span class=\"_ _0\"></span>azione storica tramite <span class=\"_ _0\"></span>piattaforma Mark to F<span class=\"_ _0\"></span>uture;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y424 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>intervallo di confi<span class=\"_ _0\"></span>denza pari al 9<span class=\"_ _0\"></span>9\u00b0 percentile; </span></div><div class=\"t m0 x0 h2 y462 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>periodo di smobiliz<span class=\"_ _0\"></span>zo considerato pa<span class=\"_ _0\"></span>ri a 1 giorno; </span></div><div class=\"t m0 x0 h2 y103b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>full revaluation d<span class=\"_ _0\"></span>elle posizioni in es<span class=\"_ _0\"></span>sere. </span></div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>scenari di s<span class=\"_ _3\"></span>imulazione storica sono <span class=\"_ _3\"></span>calcolat<span class=\"_ _3\"></span>i i<span class=\"_ _3\"></span>nternamente su serie <span class=\"_ _3\"></span>storiche dei <span class=\"_ _3\"></span>fattori d<span class=\"_ _3\"></span>i rischio <span class=\"_ _3\"></span>di 1 <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>(250 rilevazioni). </div><div class=\"t m0 x0 h2 y26c ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>ge<span class=\"_ _0\"></span>stionali <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>ciascuno<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _1c\"> </span>viene <span class=\"_ _20\"> </span>assegnata <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>probabilit\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>realiz<span class=\"_ _0\"></span>zo <span class=\"_ _1c\"> </span>non <span class=\"_ _20\"> </span>uguale <span class=\"_ _1c\"> </span>ma <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>decresce </div><div class=\"t m0 x0 h2 y26d ff1 fs0 fc0 sc0 ls0 ws0\">esponenzialmente <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>funzione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>tempo, <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>fine <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>privilegia<span class=\"_ _3\"></span>re <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>contenuto <span class=\"_ _17\"> </span>informativo <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>dati <span class=\"_ _18\"> </span>pi\u00f9 <span class=\"_ _18\"> </span>recenti. <span class=\"_ _17\"> </span>Ai <span class=\"_ _18\"> </span>fini </div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\">regolamentari, per il <span class=\"_ _0\"></span>calcolo del requisito<span class=\"_ _0\"></span> di capitale, gli scen<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri sono equipesati.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y26f ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>trimestre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Consiglio di <span class=\"_ _2\"></span>Amministrazione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>occasione <span class=\"_ _3\"></span>dell\u2019ordinario a<span class=\"_ _3\"></span>ggiornamen<span class=\"_ _2\"></span><span class=\"ff1\">to <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h32 y270 ff4 fs0 fc0 sc0 ls0 ws0\">framework <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>(nell\u2019ambito <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Appetite <span class=\"_ _4\"> </span>Framework <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>2022), <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>confermato <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y5c7 ff4 fs0 fc0 sc0 ls0 ws0\">definizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>riferito <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rading, <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>limite <span class=\"_ _5\"></span>complessivament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>riferito <span class=\"_ _2\"></span>al<span class=\"_ _6\"></span><span class=\"ff1\">le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y272 ff1 fs0 fc0 sc0 ls0 ws0\">trading e al business<span class=\"_ _0\"></span> model Hold To Col<span class=\"_ _0\"></span>lect and Sell (HTCS). </div><div class=\"t m0 x0 h2 y273 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1aa ffa fs0 fc2 sc0 ls0 ws0\">Sensitivity e grech<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y274 ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: la <span class=\"_ _3\"></span>sensitivity misura <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio riconducibile alla v<span class=\"_ _3\"></span>ariazione del <span class=\"_ _3\"></span>valore teorico <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>finanziaria al <span class=\"_ _3\"></span>mutar<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 ybd ff1 fs0 fc0 sc0 ls0 ws0\">di una quantit\u00e0 defini<span class=\"_ _0\"></span>ta dei fattori di rischio ad <span class=\"_ _0\"></span>essa connessi. Sint<span class=\"_ _0\"></span>etizza quindi: </div><div class=\"t m0 x0 h2 y894 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019ampiezza e la d<span class=\"_ _0\"></span>irezione della vari<span class=\"_ _0\"></span>azione sotto forma di m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltiplicatori o di v<span class=\"_ _0\"></span>ariazioni monetarie <span class=\"_ _0\"></span>del valore teorico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y6b1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">senza assunzioni e<span class=\"_ _0\"></span>splicite sull\u2019orizzo<span class=\"_ _0\"></span>nte temporale;<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 ydf1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>senza assunzioni e<span class=\"_ _0\"></span>splicite di correlazione tra i f<span class=\"_ _0\"></span>attori di rischio. </span></div><div class=\"t m0 x0 h2 y5f1 ff1 fs0 fc0 sc0 ls0 ws0\">Metodo<span class=\"ff4\">: l\u2019indicatore di <span class=\"_ _0\"></span>sensitivity pu\u00f2 essere <span class=\"_ _0\"></span>costruito impiegand<span class=\"_ _0\"></span>o le seguenti tecni<span class=\"_ _0\"></span>che:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y360 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>calcolo delle d<span class=\"_ _0\"></span>erivate prime e seconde <span class=\"_ _0\"></span>delle formule di valu<span class=\"_ _0\"></span>tazione; </span></div><div class=\"t m0 x0 h2 y6e3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>calcolo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>iniziale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _2\"></span>applicando <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>unidirezionali <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>indipendenti <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x2a h2 yd43 ff1 fs0 fc0 sc0 ls0 ws0\">rischio (delta, gamma, <span class=\"_ _0\"></span>vega, CR01, PV01). </div><div class=\"t m0 x0 h2 yf51 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>consentono <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _5\"></span>accurata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>profilatura <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>rischi, <span class=\"_ _6\"></span>soprattutt<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mponent<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 yf52 ff1 fs0 fc0 sc0 ls0 ws0\">opzionali. <span class=\"_ _7\"> </span>Esse <span class=\"_ _16\"> </span>misurano <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>riconducibile <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>posizione <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>mutare <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>una </div><div class=\"t m0 x0 h1b y13ee ff1 fs0 fc0 sc0 ls0 ws0\">quantit\u00e0 predefinita d<span class=\"_ _0\"></span>ei parametri di valut<span class=\"_ _0\"></span>azione quali, ad esem<span class=\"_ _0\"></span>pio, ipotesi di rialz<span class=\"_ _0\"></span>o dei tassi di int<span class=\"_ _0\"></span>eresse di un punto b<span class=\"_ _0\"></span>as<span class=\"_ _5\"></span><span class=\"ls10\">e.</span><span class=\"fs9\"> </span></div><div class=\"t m0 x0 h2 y1572 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y114d ffa fs0 fc2 sc0 ls0 ws0\">Misure di livello </div><div class=\"t m0 x0 h2 y8cf ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: <span class=\"_ _4\"> </span>Le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>ivello, <span class=\"_ _6\"></span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _6\"></span>anche <span class=\"_ _7\"> </span>sotto <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>ratio, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>metriche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rischio </div><div class=\"t m0 x0 h2 y120f ff4 fs0 fc0 sc0 ls0 ws0\">sintetiche <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>fondano <span class=\"_ _3\"></span>sull\u2019assunzione che <span class=\"_ _2\"></span>esista <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lazione d<span class=\"_ _3\"></span>iretta <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019entit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanz<span class=\"_ _2\"></span><span class=\"ff1\">iaria <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y330 ff1 fs0 fc0 sc0 ls0 ws0\">rischio. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>misure <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>permettono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>monitorare <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>mittent<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>o </div><div class=\"t m0 x0 h2 y1210 ff1 fs0 fc0 sc0 ls0 ws0\">gruppi economici. </div><div class=\"t m0 x0 h2 y1211 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>principali <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>rappresentativi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>misure <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>livello <span class=\"_ _5\"></span>sono <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>posizione <span class=\"_ _6\"></span>nominale<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>(o <span class=\"_ _6\"></span>equivalente) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>metriche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata </div><div class=\"t m0 x0 h2 yc09 ff1 fs0 fc0 sc0 ls0 ws0\">media; <span class=\"_ _4\"> </span>fanno <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Ma<span class=\"_ _3\"></span>ssima <span class=\"_ _4\"> </span>Esposizione <span class=\"_ _4\"></span>Negativa<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Valutazion<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y116e ff1 fs0 fc0 sc0 ls0 ws0\">caratterizzanti il busi<span class=\"_ _0\"></span>ness Model HTCS<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yc0b ff1 fs0 fc0 sc0 ls0 ws0\">Metodo: la determinazio<span class=\"_ _0\"></span>ne della posizione n<span class=\"_ _0\"></span>ominale (o <span class=\"ff4\">equivalente) avviene attraver<span class=\"_ _0\"></span>so l\u2019individuazione:<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y1150 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del valore nozional<span class=\"_ _0\"></span>e; </span></div><div class=\"t m0 x0 h2 y150f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del valore di mer<span class=\"_ _0\"></span>cato; </span></div><div class=\"t m0 x0 h2 y152a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della  conversione  della <span class=\"_ _1d\"> </span>posizione  di <span class=\"_ _1d\"> </span>uno  o <span class=\"_ _1d\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>strumenti  a <span class=\"_ _1d\"> </span>quella  di <span class=\"_ _1d\"> </span>uno  considerato  benchmark <span class=\"_ _1d\"> </span>(c.d.  posizione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y1032 ff1 fs0 fc0 sc0 ls0 ws0\">equivalente); </div><div class=\"t m0 x0 h2 ycc5 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della FX Exposure<span class=\"_ _0\"></span>. </span></div><div class=\"t m0 x0 h2 yce4 ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>posizione <span class=\"_ _16\"> </span>equivalente <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>definito <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>differenti <span class=\"_ _16\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>convertite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>una </div><div class=\"t m0 x0 h2 yce5 ff4 fs0 fc0 sc0 ls0 ws0\">posizione aggregata ch<span class=\"_ _0\"></span>e sia \u201cequivale<span class=\"_ _0\"></span>nte\u201d in termini di sen<span class=\"_ _0\"></span>sibilit\u00e0 alla variazione d<span class=\"_ _0\"></span>ei fattori di risc<span class=\"_ _0\"></span>hio indagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yce6 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019approcc<span class=\"ff1\">io <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>caratterizzato <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esteso <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>plafond <span class=\"_ _2\"></span>in termini <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>MtM, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>rappresentativi <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 yce7 ff1 fs0 fc0 sc0 ls0 ws0\">valore degli asset iscrit<span class=\"_ _0\"></span>ti a bilancio. </div><div class=\"t m0 x0 h24 yce8 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y2e4 ffa fs0 fc2 sc0 ls0 ws0\">Stress test </div><div class=\"t m0 x0 h2 yce9 ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: le prove di stress sono e<span class=\"_ _3\"></span>ffettuate periodicamente al fine di evidenziare e monitorare la p<span class=\"_ _2\"></span>otenziale vulnerabilit\u00e0 dei </div><div class=\"t m0 x0 h2 y1ce ff1 fs0 fc0 sc0 ls0 ws0\">portafogli di trading a<span class=\"_ _0\"></span>l verificarsi di eve<span class=\"_ _0\"></span>nti estremi oltre che ra<span class=\"_ _0\"></span>ri, non pienamente colt<span class=\"_ _0\"></span>i dai modelli di V<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>R.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 ycea ff1 fs0 fc0 sc0 ls0 ws0\">Metodo: <span class=\"_ _17\"> </span>Gli <span class=\"_ _1d\"> </span>stress <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>ambito <span class=\"_ _17\"> </span>gestionale <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>applicati <span class=\"_ _1d\"> </span>periodicamente <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>esposizioni <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>mercato,<span class=\"_ _2\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-343.4016px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">tipicamente adottando: </div><div class=\"t m0 x0 h2 y1013 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensitivity, che <span class=\"_ _2\"></span>misura l\u2019i<span class=\"_ _3\"></span>mpatto potenziale <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>metriche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>variazione d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span></span><span class=\"lsc\">un </span></span></div><div class=\"t m0 x2a h2 y413 ff1 fs0 fc0 sc0 ls0 ws0\">unico fattore di rischi<span class=\"_ _0\"></span>o o di semplici fattori mu<span class=\"_ _0\"></span>ltirischio; </div><div class=\"t m0 x0 h2 yaaa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>scenario, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span></span>otenziale <span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>metriche <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>certo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>considera </span></div><div class=\"t m0 x2a h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">pi\u00f9 fattori di rischio. </div><div class=\"t m0 x0 h2 y416 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito dello Str<span class=\"_ _0\"></span>ess Testing Programme <span class=\"_ _0\"></span>di Gruppo sono pre<span class=\"_ _0\"></span>visti i seguenti esercizi<span class=\"_ _0\"></span> di stress:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y49d ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio <span class=\"_ _2\"></span>multirischio, <span class=\"_ _2\"></span>basato <span class=\"_ _5\"></span><span class=\"ff4\">sull\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario, <span class=\"_ _2\"></span>consente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ottica <span class=\"_ _5\"></span>forward<span class=\"_ _3\"></span></span>-looking <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>simultanei<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y49e ff1 fs0 fc0 sc0 ls0 ws0\">sul <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>molteplici <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rischio, <span class=\"_ _5\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>interrelazioni <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>eventualmente <span class=\"_ _2\"></span>della </div><div class=\"t m0 x2a h2 y49f ff1 fs0 fc0 sc0 ls0 ws0\">capacit\u00e0 di reazione <span class=\"_ _0\"></span>del Top Management; </div><div class=\"t m0 x0 h2 y25b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio multirischio re<span class=\"_ _3\"></span>golamentare, disposto e<span class=\"_ _3\"></span> coordinato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>supervisor/regulator che ne<span class=\"_ _3\"></span> definisce <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>ipotesi generali <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x2a h2 y6d2 ff1 fs0 fc0 sc0 ls0 ws0\">gli <span class=\"_ _3\"></span>scenari, <span class=\"_ _3\"></span>richiede l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>full <span class=\"_ _3\"></span>revaluation degli <span class=\"_ _3\"></span>impatti, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>necessit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contribuzioni <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>struttu<span class=\"_ _5\"></span><span class=\"ls20\">re</span> </div><div class=\"t m0 x2a h2 y25d ff1 fs0 fc0 sc0 ls0 ws0\">specialistiche delle Are<span class=\"_ _0\"></span>e di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer e Chief<span class=\"_ _0\"></span> Financial Officer; </div><div class=\"t m0 x0 h2 y5dc ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio <span class=\"_ _4\"> </span>situazionale, <span class=\"_ _7\"> </span>disposto <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Top <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _4\"> </span>supervisor/regulator <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valutare <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ottica <span class=\"_ _7\"> </span>forward<span class=\"_ _5\"></span>-<span class=\"_ _90\"> </span></span></div><div class=\"t m0 x2a h2 y5dd ff4 fs0 fc0 sc0 ls0 ws0\">looking l\u2019impatto di e<span class=\"_ _0\"></span>venti particolari (r<span class=\"_ _0\"></span>elativi al co<span class=\"_ _3\"></span><span class=\"ff1\">ntesto geo-politic<span class=\"_ _0\"></span>o, finanziario, eco<span class=\"_ _0\"></span>nomico, competitivo, ecc.); </span></div><div class=\"t m0 x0 h2 y6a0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">esercizio <span class=\"_ _3\"></span>monorischio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>specifico, <span class=\"_ _2\"></span>finalizzato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>specifici <span class=\"_ _2\"></span>fattori) <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span></span> </span></div><div class=\"t m0 x2a h2 y6a1 ff1 fs0 fc0 sc0 ls0 ws0\">aree di rischio specif<span class=\"_ _0\"></span>iche. </div><div class=\"t m0 x0 h2 y6a2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5de ffa fs0 fc2 sc0 ls0 ws0\">Stressed VaR </div><div class=\"t m0 x0 h2 y5df ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metrica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stressed <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>medesime <span class=\"_ _3\"></span>tecniche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misurazione de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>VaR. <span class=\"_ _3\"></span>Rispetto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>queste <span class=\"_ _3\"></span>ultime, </div><div class=\"t m0 x0 h2 y5e0 ff1 fs0 fc0 sc0 ls0 ws0\">viene calcolata ap<span class=\"_ _0\"></span>plicando condizioni di str<span class=\"_ _0\"></span>ess di mercato regis<span class=\"_ _0\"></span>trate in un periodo st<span class=\"_ _0\"></span>orico ininterrotto <span class=\"_ _0\"></span>di 12 mesi. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y17e4 ff1 fs0 fc0 sc0 ls0 ws0\">Metodo: <span class=\"ff4\">L\u2019individuazio<span class=\"_ _0\"></span>ne di tale perio<span class=\"ff1\">do \u00e8 stata effettuata c<span class=\"_ _0\"></span>onsiderando le lin<span class=\"_ _0\"></span>ee guida seguenti: </span></span></div><div class=\"t m0 x0 h2 y5e2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve costituire u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o scenario di stre<span class=\"_ _0\"></span>ss per il portafoglio<span class=\"_ _35\"></span>;<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y34e ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve incidere sig<span class=\"_ _0\"></span>nificativamente sui <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rincipali fattori di <span class=\"_ _0\"></span>rischio del portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di Intesa Sanpaolo;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y249 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve permettere di util<span class=\"_ _35\"></span>iz<span class=\"_ _3\"></span>zare, per tutti i fa<span class=\"_ _0\"></span>ttori di rischio in port<span class=\"_ _0\"></span>afoglio, serie stori<span class=\"_ _0\"></span>che reali.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h32 y141b ff4 fs0 fc0 sc0 ls0 ws0\">Coerentemente <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u2019approccio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>simulazione <span class=\"_ _5\"></span>storica <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>VaR, <span class=\"_ _5\"></span>quest\u2019ultimo <span class=\"_ _2\"></span>punto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>condizione </div><div class=\"t m0 x0 h2 y14fe ff1 fs0 fc0 sc0 ls0 ws0\">discriminante nella <span class=\"_ _3\"></span>selezione del<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019orizzonte te<span class=\"_ _3\"></span>mporale. Infatti, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>garantire <span class=\"_ _3\"></span>l\u2019effettiva consistenza dello <span class=\"_ _3\"></span>scenario adottato </span></div><div class=\"t m0 x0 h2 y8b2 ff4 fs0 fc0 sc0 ls0 ws0\">ed evitare l\u2019utilizzo di<span class=\"_ _0\"></span> fattori driver o com<span class=\"_ _0\"></span>parable, il perio<span class=\"_ _0\"></span>do storico deve garant<span class=\"_ _0\"></span>ire l\u2019effettiva disp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nibilit\u00e0 dei dati <span class=\"_ _0\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> mercato. </span></div><div class=\"t m0 x0 h2 y17e5 ff1 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _5\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>redazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>utile <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _5\"></span>Stressed <span class=\"_ _6\"></span>VaR <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il </div><div class=\"t m0 x0 h2 y9b7 ff1 fs0 fc0 sc0 ls0 ws0\">3 ottobre 2011 ed il 20 settembr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> 2012. </div><div class=\"t m0 x0 h2 yd2a ff4 fs0 fc0 sc0 ls0 ws0\">Ai fini gestionali la metrica di Stressed VaR viene calcolata sull\u2019intero perimetro dei portafogli val<span class=\"_ _0\"></span>utati al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Fair Value del Gruppo </span></div><div class=\"t m0 x0 h32 y11da ff4 fs0 fc0 sc0 ls0 ws0\">(Trading <span class=\"_ _6\"> </span>e <span class=\"_ _7\"> </span>FVOCI <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _6\"></span>bancario) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>frequenza <span class=\"_ _4\"> </span>minima <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tressato <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>almeno </div><div class=\"t m0 x0 h2 yff7 ff4 fs0 fc0 sc0 ls0 ws0\">annuale, <span class=\"_ _2\"></span>contestualmente <span class=\"_ _3\"></span>all\u2019ordinario <span class=\"_ _2\"></span>aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(Risk <span class=\"_ _4\"> </span><span class=\"ff1\">Appetite<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y15eb ff1 fs0 fc0 sc0 ls0 ws0\">Framework). </div><div class=\"t m0 x0 h95 y1717 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ydae ffa fs0 fc2 sc0 ls0 ws0\">Incremental Risk Ch<span class=\"_ _0\"></span>arge (IRC) </div><div class=\"t m0 x0 h2 ydaf ff1 fs0 fc0 sc0 ls0 ws0\">Definizione: <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019Incremental <span class=\"_ _6\"> </span>Risk <span class=\"_ _4\"> </span>Charge <span class=\"_ _6\"></span>(IRC) <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>massima <span class=\"_ _4\"> </span>perdita <span class=\"_ _6\"> </span>potenziale <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>credit <span class=\"_ _4\"> </span>trading <span class=\"_ _6\"></span>dovuta <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y225 ff1 fs0 fc0 sc0 ls0 ws0\">upgrade/downgrade e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fallimento <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>emittenti, <span class=\"_ _3\"></span>riferita <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _3\"></span>temporale <span class=\"_ _3\"></span>annuale, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>intervallo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>confidenza <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 y4b3 ff1 fs0 fc0 sc0 ls0 ws0\">99,9%. Tale misur<span class=\"ff4\">a, a<span class=\"_ _3\"></span>ggiuntiva rispetto al VaR, \u00e8 applicata all\u2019intero portafoglio di negoziazione di Intesa Sanpaolo (come per </span></div><div class=\"t m0 x0 h2 y14d9 ff4 fs0 fc0 sc0 ls0 ws0\">le altre metriche reg<span class=\"_ _0\"></span>olamentari non \u00e8 pre<span class=\"_ _0\"></span>vista l\u2019applicazione a li<span class=\"_ _0\"></span>vello di sottoporta<span class=\"_ _0\"></span>foglio).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ybed ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019IRC <span class=\"_ _2\"></span>consente <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>corretta <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ris<span class=\"_ _3\"></span><span class=\"ff1\">chio <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>coglie, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>al </span></div><div class=\"t m0 x0 h2 y102b ff1 fs0 fc0 sc0 ls0 ws0\">rischio idiosincrati<span class=\"_ _0\"></span>co, anche i rischi di <span class=\"_ _0\"></span>evento e di default. </div><div class=\"t m0 x0 h2 y102c ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>misura si a<span class=\"_ _3\"></span>pplica a t<span class=\"_ _3\"></span>utti i <span class=\"_ _3\"></span>prodotti finanziari <span class=\"_ _3\"></span>sensibili agli spread <span class=\"_ _3\"></span>creditizi inclusi <span class=\"_ _3\"></span>nel portafoglio di <span class=\"_ _3\"></span>tr<span class=\"_ _5\"></span>ading ad <span class=\"_ _3\"></span>eccezione delle </div><div class=\"t m0 x0 h1b yd43 ff1 fs0 fc0 sc0 ls0 ws0\">cartolarizzazioni.<span class=\"fs9\"> </span></div><div class=\"t m0 x0 h2 yf51 ff1 fs0 fc0 sc0 ls0 ws0\">Metodo: <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>simulazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>basata <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Modified <span class=\"_ _3\"></span>Merton <span class=\"_ _3\"></span>Model. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transizione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>default <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>quelle <span class=\"_ _3\"></span>osservate </div><div class=\"t m0 x0 h2 yf52 ff1 fs0 fc0 sc0 ls0 ws0\">tramite <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>matrici <span class=\"_ _6\"></span>storiche <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>agenzie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating, <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>l'applicazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _16\"> </span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>default </div><div class=\"t m0 x0 h32 y13ee ff4 fs0 fc0 sc0 ls0 ws0\">maggiore  di  zero.  L\u2019asset  correlation  viene  inferita  a  partire<span class=\"_ _0\"></span>  dall\u2019equity  correlation  degli  emittenti.  Il  modello  \u00e8  basato<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y1572 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019ipotesi di consta<span class=\"_ _0\"></span>nt position con un <span class=\"_ _0\"></span>holding period di un <span class=\"_ _0\"></span>anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y114d ff1 fs0 fc0 sc0 ls0 ws0\">Un <span class=\"_ _6\"></span>programma <span class=\"_ _4\"></span>regolare <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tress <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principali <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _6\"></span>(correlazione, <span class=\"_ _6\"></span>matrici <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>transizione <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y8cf ff1 fs0 fc0 sc0 ls0 ws0\">default e spread crediti<span class=\"_ _0\"></span>zi). </div><div class=\"t m0 x0 h2 y120f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y17e6 ff5 fs6 fc2 sc0 ls0 ws0\"> <span class=\"_ _2f\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-331.24536px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y1711 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y680 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ycb0 ff5 fs0 fc2 sc0 ls0 ws0\">Evoluzione del VaR ge<span class=\"_ _0\"></span>stionale giornalie<span class=\"_ _0\"></span>ro </div><div class=\"t m0 x0 h2 yd36 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _4\"> </span>riporta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>VaR <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>giornaliero <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trading, <span class=\"_ _4\"> </span>fornendo <span class=\"_ _4\"> </span>inoltre </div><div class=\"t m0 x0 h2 yd37 ff4 fs0 fc0 sc0 ls0 ws0\">evidenza dell\u2019esposi<span class=\"_ _0\"></span>zione complessiva d<span class=\"_ _0\"></span>ei principali risk taki<span class=\"_ _0\"></span>ng center.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y49d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y49e ffa fs0 fc2 sc0 ls0 ws0\">VaR gestionale giornal<span class=\"_ _0\"></span>iero di trading<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4be ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w41e h197\" style=\"left:472.15265px; bottom:553.09265px;\"><div class=\"t m0 x35 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20b\" style=\"left:175.72662px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">4\u00b0 <span class=\"ls9\">trimestre </span></div><div class=\"t m0 xd h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20b\" style=\"left:250.13861px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">4\u00b0 trimestre </div><div class=\"t m0 x99 h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">minimo<span class=\"ls0\"> </span></div></div><div class=\"c w550 h20b\" style=\"left:324.55063px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">4\u00b0 trimestre </div><div class=\"t m0 x13 h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">massimo<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20b\" style=\"left:397.58463px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">3\u00b0 trimestre </div><div class=\"t m0 xd h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w550 h20b\" style=\"left:472.15265px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">2\u00b0 trimestre </div><div class=\"t m0 xd h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20b\" style=\"left:546.44763px; bottom:527.04065px;\"><div class=\"t m0 x95 h8d y8aa ff5 fse fc2 sc0 ls0 ws0\">1\u00b0 trimestre </div><div class=\"t m0 xd h8d y7d7 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w54e h13b\" style=\"left:-4.050377px; bottom:510.19263px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale GroupTrading Book (a) </div></div><div class=\"c w54f h13b\" style=\"left:175.72662px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">26,6<span class=\"ls0\"> </span></div></div><div class=\"c w54f h13b\" style=\"left:250.13861px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">21,5<span class=\"ls0\"> </span></div></div><div class=\"c w550 h13b\" style=\"left:324.55063px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">31,0<span class=\"ls0\"> </span></div></div><div class=\"c w54f h13b\" style=\"left:397.58463px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">26,0<span class=\"ls0\"> </span></div></div><div class=\"c w550 h13b\" style=\"left:472.15265px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">22,8<span class=\"ls0\"> </span></div></div><div class=\"c w54f h13b\" style=\"left:546.44763px; bottom:510.19263px;\"><div class=\"t m0 xd5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">21,4<span class=\"ls0\"> </span></div></div><div class=\"c w54e h20c\" style=\"left:-4.050377px; bottom:477.58862px;\"><div class=\"t m0 x87 h97 y6fe ff2 fse fc2 sc0 ls28 ws0\">di cui: Direzione Tesoreria e <span class=\"_ _3\"></span>Finanza di </div><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">Gruppo<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20c\" style=\"left:175.72662px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">6,6<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20c\" style=\"left:250.13861px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">4,9<span class=\"ls0\"> </span></div></div><div class=\"c w550 h20c\" style=\"left:324.55063px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">9,4<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20c\" style=\"left:397.58463px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">7,2<span class=\"ls0\"> </span></div></div><div class=\"c w550 h20c\" style=\"left:472.15265px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">6,1<span class=\"ls0\"> </span></div></div><div class=\"c w54f h20c\" style=\"left:546.44763px; bottom:477.58862px;\"><div class=\"t m0 xc h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">3,8<span class=\"ls0\"> </span></div></div><div class=\"c w54e h189\" style=\"left:-4.050377px; bottom:463.39264px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di <span class=\"ls0\">cui: Divisione IMI C&amp;IB </span></div></div><div class=\"c w54f h189\" style=\"left:175.72662px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">24,7<span class=\"ls0\"> </span></div></div><div class=\"c w54f h189\" style=\"left:250.13861px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">18,7<span class=\"ls0\"> </span></div></div><div class=\"c w550 h189\" style=\"left:324.55063px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">31,0<span class=\"ls0\"> </span></div></div><div class=\"c w54f h189\" style=\"left:397.58463px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">26,0<span class=\"ls0\"> </span></div></div><div class=\"c w550 h189\" style=\"left:472.15265px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">21,2<span class=\"ls0\"> </span></div></div><div class=\"c w54f h189\" style=\"left:546.44763px; bottom:463.39264px;\"><div class=\"t m0 xd5 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">17,5<span class=\"ls0\"> </span></div></div><div class=\"c w1c h20e\" style=\"left:-4.050377px; bottom:416.59265px;\"><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ogn<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riga<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>giornaliero <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>serie <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>trimestra<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>rispettivamente <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Inte<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>Sanp<span class=\"_ _3\"></span>aolo <span class=\"_ _2\"></span>(inclusivo </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>altre co<span class=\"_ _3\"></span>ntrollate), della <span class=\"_ _3\"></span>Direzione Tesoreria <span class=\"_ _3\"></span>e F<span class=\"_ _3\"></span>inanza di <span class=\"_ _3\"></span>Gruppo e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Divisione IM<span class=\"_ _3\"></span>I C&amp;IB; la <span class=\"_ _3\"></span>stim<span class=\"_ _3\"></span>a del <span class=\"_ _3\"></span>valore m<span class=\"_ _3\"></span>inimo e <span class=\"_ _3\"></span>de<span class=\"_ _2\"></span>l valore ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _3\"></span>sul perimetro <span class=\"_ _3\"></span>complessivo non </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">corrisponde alla somma dei valori individuali di colonna poich\u00e9 \u00e8 ricalcolata sulla serie storica aggregata. </div></div><div class=\"c w1c h20f\" style=\"left:-4.050377px; bottom:387.22565px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(a) Il dato Group Trading Book include il VaR gestionale della Direzione Tesoreria e Finanza di Gruppo, della Divisione IMI C&amp;IB (perimetro Trading Book) e delle altre controllate. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-331.24536px;\"><div class=\"t m0 x0 h61 ya1a ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y1e1 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1375 ff1 fs0 fc0 sc0 ls0 ws0\">Nel corso del quarto trimestre 2022, come evidenziato dalla ta<span class=\"_ _0\"></span>bella precedente, rispetto all<span class=\"_ _0\"></span>e medie del terzo trimestre 2022, si </div><div class=\"t m0 x0 h2 y88f ff1 fs0 fc0 sc0 ls0 ws0\">rileva <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sostanziale <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _6\"></span>gestionali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading <span class=\"_ _4\"></span>(26,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>quarto <span class=\"_ _6\"></span>trimestre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>26 <span class=\"_ _6\"></span>milioni <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>rzo </div><div class=\"t m0 x0 h2 y1557 ff1 fs0 fc0 sc0 ls0 ws0\">trimestre 2022). </div><div class=\"t m0 x0 h2 y1345 ff1 fs0 fc0 sc0 ls15 ws0\">Co<span class=\"ff4 ls0\">n <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019andamento <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>medesimo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>rileva <span class=\"_ _2\"></span>una </span></div><div class=\"t m0 x0 h2 yda0 ff1 fs0 fc0 sc0 ls0 ws0\">lieve <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>VaR <span class=\"_ _2\"></span>gestionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trading <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>inferiori <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>agl<span class=\"_ _6\"></span>i <span class=\"_ _3\"></span>shock </div><div class=\"t m0 x0 h2 y17e8 ff1 fs0 fc0 sc0 ls0 ws0\">eccezionali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>connessi a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>diffusione pandemica <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>COVID<span class=\"_ _2\"></span>-19. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>26,7 <span class=\"_ _2\"></span>milioni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yf1e ff1 fs0 fc0 sc0 ls0 ws0\">nel corso del 2021 a 2<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>,1 milioni del 202<span class=\"_ _0\"></span>2. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y137a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ya22 ffa fs0 fc2 sc0 ls0 ws0\">VaR gestionale giornal<span class=\"_ _0\"></span>iero di trading - Confronto 2022 <span class=\"ffb\">\u2013</span> <span class=\"_ _0\"></span>2021<span class=\"_ _90\"> </span></div><div class=\"t m0 x116 h210 y121b ffa fs11 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y527 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3b6 h197\" style=\"left:494.65564px; bottom:241.98962px;\"><div class=\"t m0 x4a h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di <span class=\"ls28\">euro)<span class=\"ls0\"> </span></span></div></div><div class=\"c w553 h42\" style=\"left:163.55861px; bottom:226.38965px;\"><div class=\"t m0 x125 h8d y32d ff5 fse fc2 sc0 ls28 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w1b9 h42\" style=\"left:413.4966px; bottom:226.38965px;\"><div class=\"t m0 x47 h8d y7b9 ff5 fse fc2 sc0 ls28 ws0\">2021<span class=\"ls0\"> </span></div></div><div class=\"c w395 h7d\" style=\"left:163.55861px; bottom:195.18964px;\"><div class=\"t m0 x13 h8d y561 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w375 h7d\" style=\"left:226.11462px; bottom:195.18964px;\"><div class=\"t m0 x9a h8d y561 ff5 fse fc2 sc0 ls42 ws0\">minimo<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h7d\" style=\"left:288.20264px; bottom:195.18964px;\"><div class=\"t m0 x88 h8d y561 ff5 fse fc2 sc0 ls42 ws0\">massimo<span class=\"ls0\"> </span></div></div><div class=\"c w375 h7d\" style=\"left:350.6286px; bottom:195.18964px;\"><div class=\"t m0 xd1 h8d y561 ff5 fse fc2 sc0 ls2b ws0\">ultimo            </div><div class=\"t m0 xd1 h8d yedc ff5 fse fc2 sc0 ls2b ws0\">giorno<span class=\"ls0\"> </span></div></div><div class=\"c w552 h7d\" style=\"left:413.4966px; bottom:195.18964px;\"><div class=\"t m0 xa5 h8d y561 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w395 h7d\" style=\"left:494.65564px; bottom:195.18964px;\"><div class=\"t m0 x9a h8d y561 ff5 fse fc2 sc0 ls42 ws0\">minimo<span class=\"ls0\"> </span></div></div><div class=\"c w375 h7d\" style=\"left:557.99164px; bottom:195.18964px;\"><div class=\"t m0 x88 h8d y561 ff5 fse fc2 sc0 ls42 ws0\">massimo<span class=\"ls0\"> </span></div></div><div class=\"c w551 h18f\" style=\"left:-4.050377px; bottom:178.31564px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale GroupTrading Book (a) </div></div><div class=\"c w395 h18f\" style=\"left:163.55861px; bottom:178.31564px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">24,1<span class=\"ls0\"> </span></div></div><div class=\"c w375 h18f\" style=\"left:226.11462px; bottom:178.31564px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">15,4<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h18f\" style=\"left:288.20264px; bottom:178.31564px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">32,5<span class=\"ls0\"> </span></div></div><div class=\"c w375 h18f\" style=\"left:350.6286px; bottom:178.31564px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">22,4<span class=\"ls0\"> </span></div></div><div class=\"c w552 h18f\" style=\"left:413.4966px; bottom:178.31564px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">26,7<span class=\"ls0\"> </span></div></div><div class=\"c w395 h18f\" style=\"left:494.65564px; bottom:178.31564px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">16,9<span class=\"ls0\"> </span></div></div><div class=\"c w375 h18f\" style=\"left:557.99164px; bottom:178.31564px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">57,8<span class=\"ls0\"> </span></div></div><div class=\"c w551 h20c\" style=\"left:-4.050377px; bottom:145.71164px;\"><div class=\"t m0 x87 h97 y6fe ff2 fse fc2 sc0 ls28 ws0\">di cui: Direzione Tesoreria e <span class=\"_ _3\"></span>Finanza di </div><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls27 ws0\">Gruppo<span class=\"ls0\"> </span></div></div><div class=\"c w395 h20c\" style=\"left:163.55861px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,9<span class=\"ls0\"> </span></div></div><div class=\"c w375 h20c\" style=\"left:226.11462px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,4<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h20c\" style=\"left:288.20264px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">9,4<span class=\"ls0\"> </span></div></div><div class=\"c w375 h20c\" style=\"left:350.6286px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">6,4<span class=\"ls0\"> </span></div></div><div class=\"c w552 h20c\" style=\"left:413.4966px; bottom:145.71164px;\"><div class=\"t m0 x139 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,8<span class=\"ls0\"> </span></div></div><div class=\"c w395 h20c\" style=\"left:494.65564px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2,3<span class=\"ls0\"> </span></div></div><div class=\"c w375 h20c\" style=\"left:557.99164px; bottom:145.71164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">5,6<span class=\"ls0\"> </span></div></div><div class=\"c w551 h189\" style=\"left:-4.050377px; bottom:131.51562px;\"><div class=\"t m0 x87 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui: Divisione IMI <span class=\"ls26\">C&amp;IB<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w395 h189\" style=\"left:163.55861px; bottom:131.51562px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">22,3<span class=\"ls0\"> </span></div></div><div class=\"c w375 h189\" style=\"left:226.11462px; bottom:131.51562px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">13,9<span class=\"ls0\"> </span></div></div><div class=\"c w3b4 h189\" style=\"left:288.20264px; bottom:131.51562px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">34,1<span class=\"ls0\"> </span></div></div><div class=\"c w375 h189\" style=\"left:350.6286px; bottom:131.51562px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">18,7<span class=\"ls0\"> </span></div></div><div class=\"c w552 h189\" style=\"left:413.4966px; bottom:131.51562px;\"><div class=\"t m0 x49 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">25,7<span class=\"ls0\"> </span></div></div><div class=\"c w395 h189\" style=\"left:494.65564px; bottom:131.51562px;\"><div class=\"t m0 xd9 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">16,0<span class=\"ls0\"> </span></div></div><div class=\"c w375 h189\" style=\"left:557.99164px; bottom:131.51562px;\"><div class=\"t m0 x98 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">51,9<span class=\"ls0\"> </span></div></div><div class=\"c w1c h204\" style=\"left:-4.050377px; bottom:83.311646px;\"><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>riga <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _3\"></span>storica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _2\"></span>giornaliero <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storica <span class=\"_ _3\"></span>annua <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>pettivamente <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>(inclusivo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">altre <span class=\"_ _5\"></span>controllate), <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Direzione <span class=\"_ _5\"></span>Tesoreria <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Finanza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>C&amp;IB; <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>perimetro <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>non </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">corrisponde alla somma dei valori individuali di colonna poich\u00e9 \u00e8 ricalcolata sulla serie storica aggregata. </div></div><div class=\"c w1c h10\" style=\"left:-4.050377px; bottom:68.33563px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(a) Il dato Group Trading Book include il VaR gestionale della Direzione Tesoreria e Finanza di Gruppo, della Divisione IMI C&amp;IB (perimetro Trading Book) e delle altre controllate. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-331.24536px;\"><div class=\"t m0 x0 h61 ya5b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y641 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1443 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1c\"> </span>dinami<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>VaR <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>Trading<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>corso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quarto <span class=\"_ _1c\"> </span>trimestre <span class=\"_ _17\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _1c\"> </span>stata <span class=\"_ _18\"> </span>invece <span class=\"_ _18\"> </span>principalmente <span class=\"_ _1c\"> </span>carat<span class=\"_ _0\"></span>terizzata </div><div class=\"t m0 x0 h32 y643 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019operativit\u00e0 <span class=\"_ _7\"> </span>condotta <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>Divisione <span class=\"_ _16\"> </span>IMI <span class=\"_ _16\"> </span>C&amp;IB. <span class=\"_ _7\"> </span>In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>grafico <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ottostante, <span class=\"_ _7\"> </span>si  rile<span class=\"_ _0\"></span>va <span class=\"_ _16\"> </span>una </div><div class=\"t m0 x0 h2 y644 ff1 fs0 fc0 sc0 ls0 ws0\">graduale riduzione attri<span class=\"_ _0\"></span>buibile ad operativit\u00e0 s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> gover<span class=\"_ _3\"></span>nativi sviluppati ed i<span class=\"_ _0\"></span>ndici di credito. Di s<span class=\"_ _0\"></span>eguito il grafico an<span class=\"_ _0\"></span>damentale:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y161 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"t m11 h217 ff5 fs41 fc2 sc0 ls0 ws0\" style=\"left:165.06323px; bottom:801.76135px;\">Evoluzione giornaliera <span class=\"_ _35\"></span>rischi di mercato - V<span class=\"_ _35\"></span>aR gestionale<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:768.96px;\">50<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:742.73425px;\">45<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:716.5084px;\">40<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:690.2742px;\">35<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:664.04834px;\">30<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:637.8226px;\">25<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:611.5968px;\">20<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:585.371px;\">15<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls65 ws0\" style=\"left:32.593246px; bottom:559.1367px;\">10<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls0 ws0\" style=\"left:37.429245px; bottom:532.9109px;\">5<span class=\"_ _90\"> </span></div><div class=\"t m11 h214 ff1 fs3e fc2 sc0 ls0 ws0\" style=\"left:37.429245px; bottom:506.68512px;\">0<span class=\"_ _90\"> </span></div><div class=\"t m11 h215 ff1 fs3f fc2 sc0 ls0 ws0\" style=\"left:38.833252px; bottom:495.89362px;\">gen-22<span class=\"_ _60\"> </span>mar-22<span class=\"_ _61\"> </span>giu-22<span class=\"_ _62\"> </span>set-22<span class=\"_ _62\"> </span>dic-22</div><div class=\"t m11 h215 ff1 fs3f fc0 sc0 ls0 ws0\" style=\"left:79.705246px; bottom:461.64313px;\"> Divisione IMI C&amp;I<span class=\"_ _0\"></span>B<span class=\"_ _63\"> </span> Group Trading Book<span class=\"_ _64\"> </span> Direzione Finanz<span class=\"_ _0\"></span>a e Tesoreria di Gruppo<span class=\"_ _90\"> </span></div><div class=\"t m0 h2 ff4 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:409.8745px;\">Analizzando l\u2019andamento della composizione de<span class=\"_ _3\"></span>l profilo di <span class=\"_ _3\"></span>rischio del <span class=\"_ _3\"></span>Gruppo per <span class=\"_ _3\"></span>il portafoglio di <span class=\"_ _3\"></span>Trading, nel <span class=\"_ _3\"></span>quarto tri<span class=\"_ _3\"></span>mes<span class=\"_ _2\"></span><span class=\"ff1\">tre </span></div><div class=\"t m0 h2 ff1 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:397.08252px;\">2022 si <span class=\"_ _3\"></span>osserva <span class=\"_ _3\"></span>la tendenziale <span class=\"_ _3\"></span>prevalenza del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio credit <span class=\"_ _3\"></span>spread e<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, rispettivamente pari a<span class=\"_ _3\"></span>l 34% <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>l 29<span class=\"_ _3\"></span>%<span class=\"_ _0\"></span> </div><div class=\"t m0 h2 ff4 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:384.44653px;\">del <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale c<span class=\"_ _3\"></span>omplessivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo. <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento invece <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _3\"></span>taking <span class=\"_ _3\"></span>center\u201d, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>osserva <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prevalenza de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span></div><div class=\"t m0 h2 ff1 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:371.65454px;\">rischio ca<span class=\"_ _3\"></span>mbio e <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Direzione <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Tesoreria di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>(rispettivamente pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>46% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>44%) <span class=\"_ _3\"></span>e del </div><div class=\"t m0 h2 ff1 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:358.9925px;\">fattore di rischio credit <span class=\"_ _0\"></span>spread e tasso di int<span class=\"_ _0\"></span>eresse per la Divi<span class=\"_ _0\"></span>sione IMI C&amp;IB (rispettiv<span class=\"_ _0\"></span>amente pari al 40% <span class=\"_ _0\"></span>e 29%).<span class=\"_ _2\"></span> </div><div class=\"t m0 h95 ffa fs0 fc2 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:333.5645px;\">Contributo dei fattori di <span class=\"_ _0\"></span>rischio al VaR gestion<span class=\"_ _0\"></span>ale complessivo </div><div class=\"c w800 h20b\" style=\"left:-4.534752px; bottom:291.1325px;\"><div class=\"t m0 x41 h59 y1265 ff5 fs17 fc2 sc0 ls0 ws0\">4\u00b0 trimestre<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>2022 <span class=\"_ _7b\"></span>Azioni <span class=\"_ _86\"></span>Tassi </div></div><div class=\"c w556 h20b\" style=\"left:297.07825px; bottom:291.1325px;\"><div class=\"t m0 xa4 h59 y1265 ff5 fs17 fc2 sc0 ls0 ws0\">Credit </div><div class=\"t m0 xb h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">spread <span class=\"_ _0\"></span> </div></div><div class=\"c w557 h20b\" style=\"left:378.38025px; bottom:291.1325px;\"><div class=\"t m0 x48 h59 y1265 ff5 fs17 fc2 sc0 ls0 ws0\">Cambi </div></div><div class=\"c w554 h20b\" style=\"left:459.07123px; bottom:291.1325px;\"><div class=\"t m0 xc0 h59 y1265 ff5 fs17 fc2 sc0 ls0 ws0\">Altri </div><div class=\"t m0 x86 h59 y329 ff5 fs17 fc2 sc0 ls0 ws0\">parametri </div></div><div class=\"c w558 h20b\" style=\"left:539.56726px; bottom:291.1325px;\"><div class=\"t m0 xa h59 y1265 ff5 fs17 fc2 sc0 ls0 ws0\">Merci </div></div><div class=\"c w48c h1f7\" style=\"left:-4.534752px; bottom:262.58453px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Direzione<span class=\"_ _0\"></span> Tesoreria e <span class=\"_ _35\"></span>F<span class=\"_ _3\"></span>inanza </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">di Gruppo<span class=\"_ _35\"></span> </div></div><div class=\"c w801 h1f7\" style=\"left:136.51524px; bottom:262.58453px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">4%<span class=\"_ _7c\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>44%</span><span class=\"_ _87\"></span><span class=\"_ _90\"> </span>6%<span class=\"_ _90\"> </span></div></div><div class=\"c w557 h1f7\" style=\"left:378.38025px; bottom:262.58453px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">46%<span class=\"ls0\"> </span></div></div><div class=\"c w7fb h1f7\" style=\"left:459.07123px; bottom:262.58453px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>0%<span class=\"_ _90\"> </span></span></div></div><div class=\"c w805 h43\" style=\"left:-4.534752px; bottom:239.18451px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Divisione <span class=\"_ _0\"></span>IMI C&amp;IB <span class=\"_ _7e\"></span><span class=\"ws0\">13%</span><span class=\"_ _88\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>29%</span><span class=\"_ _8e\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>40%<span class=\"_ _90\"> </span></span></div></div><div class=\"c w557 h43\" style=\"left:378.38025px; bottom:239.18451px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">5%<span class=\"ls0\"> </span></div></div><div class=\"c w7fb h43\" style=\"left:459.07123px; bottom:239.18451px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">8%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>5%<span class=\"_ _90\"> </span></span></div></div><div class=\"c w805 h115\" style=\"left:-4.534752px; bottom:214.38052px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale <span class=\"_ _7f\"></span><span class=\"ws0\">11%</span><span class=\"_ _89\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>29%</span><span class=\"_ _8e\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>34%<span class=\"_ _90\"> </span></span></div></div><div class=\"c w557 h115\" style=\"left:378.38025px; bottom:214.38052px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">15%<span class=\"ls0\"> </span></div></div><div class=\"c w7fb h115\" style=\"left:459.07123px; bottom:214.38052px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">7%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>4%<span class=\"_ _90\"> </span></span></div></div><div class=\"c w1c h165\" style=\"left:-4.534752px; bottom:163.68051px;\"><div class=\"t m0 x41 h2c y328 ff1 fse fc2 sc0 ls0 ws0\">(a) <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>abella <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riga<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntributo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>fattori<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hio <span class=\"_ _3\"></span>fatt<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>100% <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo, <span class=\"_ _3\"></span>disting<span class=\"_ _3\"></span>uendo <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Tesorer<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Finanza <span class=\"_ _2\"></span>di </div><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>C&amp;IB, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>fornendo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>distribuzione <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>m<span class=\"_ _3\"></span>edia <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>sti<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>giorn<span class=\"_ _3\"></span>aliere <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>quarto </div><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">trimestre 2022.<span class=\"ls0\"> </span></div></div><div class=\"t m0 h2 ff4 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:136.22452px;\">Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>avvale <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>scenario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>prove  <span class=\"ff1\">d<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 h2 ff1 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:123.393524px;\">stress. <span class=\"_ _5\"></span>A <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>Dicembre, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span><span class=\"ff4\">selezionati <span class=\"_ _5\"></span>scenari <span class=\"_ _6\"></span>relativi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019evoluzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"> </span>azionari, <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>interesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>pread<span class=\"_ _35\"></span> </span></div><div class=\"t m0 h2 ff1 fs0 fc0 sc0 ls0 ws0\" style=\"left:0.7212448px; bottom:110.75751px;\">creditizi, tassi di c<span class=\"_ _0\"></span>ambio e prezzi delle m<span class=\"_ _0\"></span>aterie prime sono cos\u00ec si<span class=\"_ _0\"></span>ntetizzati nella tab<span class=\"_ _0\"></span>ella che segue:<span class=\"_ _3\"></span> </div><div class=\"c w559 h212\" style=\"left:525.6832px; bottom:89.54152px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w55b h6d\" style=\"left:241.38626px; bottom:63.645523px;\"><div class=\"t m0 x13 h59 y85b ff5 fs17 fc2 sc0 ls0 ws0\">TASSI </div><div class=\"t m0 x6 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">D'INTERESS<span class=\"_ _35\"></span>E </div></div><div class=\"c w55a h6d\" style=\"left:122.78725px; bottom:63.645523px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">EQUITY </div></div><div class=\"c w7fc h6d\" style=\"left:337.04025px; bottom:63.645523px;\"><div class=\"t m0 x8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">CREDIT S<span class=\"_ _0\"></span>PREAD <span class=\"_ _80\"></span>CAMBI </div></div><div class=\"c w559 h6d\" style=\"left:525.6832px; bottom:63.645523px;\"><div class=\"t m0 x45 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">MATERIE <span class=\"_ _0\"></span>PRIME </div></div><div class=\"t m0 h59 ff5 fs17 fc2 sc0 ls0 ws0\" style=\"left:300.04224px; bottom:47.109528px;\">lower </div><div class=\"c w802 h9b\" style=\"left:122.78725px; bottom:26.673523px;\"><div class=\"t m0 xa1 h59 y171c ff5 fs17 fc2 sc0 ls0 ws0\">Crash <span class=\"_ _81\"></span>Bullish <span class=\"_ _8a\"></span>+40bps </div></div><div class=\"c w7fe h9b\" style=\"left:337.04025px; bottom:26.673523px;\"><div class=\"t m0 x8 h59 y171c ff5 fs17 fc2 sc0 ls0 ws0\">-25bps <span class=\"_ _82\"></span>+25bps </div></div><div class=\"c w1db h9b\" style=\"left:431.26422px; bottom:26.673523px;\"><div class=\"t m0 x6 h59 y171c ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">5%</span> </div></div><div class=\"c w803 h9b\" style=\"left:479.00024px; bottom:26.673523px;\"><div class=\"t m0 x12 h59 y171c ff5 fs17 fc2 sc0 ls0 ws0\">+5% <span class=\"_ _83\"></span>Crash <span class=\"_ _8b\"></span>Bullish </div></div><div class=\"t m0 h59 ff5 fs17 fc2 sc0 ls0 ws0\" style=\"left:303.78625px; bottom:36.033524px;\">rate </div><div class=\"c w1a1 h90\" style=\"left:-4.534752px; bottom:-0.0024719238px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Totale Trad<span class=\"_ _0\"></span>ing Book </div></div><div class=\"c w806 h90\" style=\"left:122.78725px; bottom:-0.0024719238px;\"><div class=\"t m0 x9b h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">55<span class=\"_ _84\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>15</span><span class=\"_ _8c\"></span><span class=\"_ _90\"> </span>17<span class=\"_ _8f\"></span><span class=\"_ _90\"> </span>10<span class=\"_ _90\"> </span></div></div><div class=\"c w804 h90\" style=\"left:337.04025px; bottom:-0.0024719238px;\"><div class=\"t m0 xa1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> <span class=\"_ _85\"></span><span class=\"ws0\">19</span><span class=\"_ _8d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>22<span class=\"_ _90\"> </span></span></div></div><div class=\"c w390 h90\" style=\"left:479.00024px; bottom:-0.0024719238px;\"><div class=\"t m0 xa1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w5f h90\" style=\"left:525.6832px; bottom:-0.0024719238px;\"><div class=\"t m0 xa1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w1db h90\" style=\"left:573.26324px; bottom:-0.0024719238px;\"><div class=\"t m0 x14 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare: </div><div class=\"t m0 x0 h2 y5 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionari <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificherebbero <span class=\"_ _3\"></span>potenziali <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>repentino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>corsi </span></div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">azionari n\u00e9 in caso d<span class=\"_ _0\"></span>i forte riduzione degli s<span class=\"_ _0\"></span>tessi; </div><div class=\"t m0 x0 h2 y61 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>erificherebbero <span class=\"_ _4\"></span>potenziali <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>n\u00e9 <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>repentino <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>m<span class=\"_ _2\"></span>ento <span class=\"_ _4\"> </span>che </span></div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione degli ste<span class=\"_ _0\"></span>ssi; </div><div class=\"t m0 x0 h2 y63 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _1d\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>su <span class=\"_ _17\"> </span>credit <span class=\"_ _17\"> </span>spread <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>restringimento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>25 <span class=\"_ _1d\"> </span>bps <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>spread <span class=\"_ _17\"> </span>creditizi <span class=\"_ _1d\"> </span>comporterebbe <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>perdita </span></div><div class=\"t m0 x2a h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">complessiva di 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni; </div><div class=\"t m0 x0 h2 y65 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>posizioni <span class=\"_ _2\"></span>su c<span class=\"_ _3\"></span>ambio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>verificherebbero <span class=\"_ _3\"></span>potenziali <span class=\"_ _3\"></span>perdite p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>13 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>in c<span class=\"_ _5\"></span><span class=\"ff4\">aso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>apprezzamento <span class=\"_ _3\"></span>dell\u2019euro <span class=\"_ _3\"></span>contro </span></span></div><div class=\"t m0 x2a h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">le altre valute; </div><div class=\"t m0 x0 h2 y67 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>infine, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>materie <span class=\"_ _4\"></span>prime <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>registrerebbe <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>perdita <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>17 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>ribasso <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>delle </span></div><div class=\"t m0 x2a h24 y68 ff1 fs0 fc0 sc0 ls0 ws0\">materie prime diverse <span class=\"_ _0\"></span>dai metalli preziosi.<span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h24 y69 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>all\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>limit<span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"></span>riferito <span class=\"_ _4\"></span>alle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>trading <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>business <span class=\"_ _7\"> </span>model <span class=\"_ _4\"></span>Hold <span class=\"_ _4\"></span>To <span class=\"_ _4\"> </span>Collect <span class=\"_ _4\"></span>and <span class=\"_ _4\"> </span>Sell </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">(HTCS) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>quarto <span class=\"_ _2\"></span>trimestre 2022 <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione complessiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>207 <span class=\"_ _2\"></span>milion<span class=\"_ _35\"></span>i </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">(terzo trimestre 2022 VaR g<span class=\"_ _35\"></span>es<span class=\"_ _3\"></span>tionale medio) a 155 milioni (quar<span class=\"_ _0\"></span>to trimestre 20<span class=\"_ _0\"></span>22 VaR gestionale me<span class=\"_ _0\"></span>dio). <span class=\"_ _3\"></span><span class=\"fff\"> </span></div><div class=\"t m0 x0 h24 y6d ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6f ff5 fs0 fc2 sc0 ls0 ws0\">Backtesting  </div><div class=\"t m0 x0 h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019efficacia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>VaR <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>monitorata <span class=\"_ _4\"> </span>giornalmente <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>mezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _4\"> </span>che, </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">relativamente al perim<span class=\"_ _0\"></span>etro regolamentar<span class=\"_ _0\"></span>e, consentono di confrontare: </div><div class=\"t m0 x0 h2 y72 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le stime giornaliere d<span class=\"_ _0\"></span>el valore a rischio; </span></div><div class=\"t m0 x0 h2 y73 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le <span class=\"_ _4\"> </span>rilevazioni <span class=\"_ _4\"></span>giornaliere <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>profitti/perdit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>utilizzano <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>evidenze <span class=\"_ _4\"> </span>gestional<span class=\"_ _0\"></span>i </span></div><div class=\"t m0 x2a h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">giornaliere <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>profit <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>loss <span class=\"_ _5\"></span>effettivo <span class=\"_ _6\"></span>conseguito <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>singoli <span class=\"_ _5\"></span>desk, <span class=\"_ _5\"></span>dep<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>rato <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>componenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>pertinenti </div><div class=\"t m0 x2a h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">alle <span class=\"_ _3\"></span>verifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>backtesting: <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>queste<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>esempio <span class=\"_ _3\"></span>fees <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>c<span class=\"_ _6\"></span>he </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">vengono regolarmente <span class=\"_ _0\"></span>rendicontati in ambit<span class=\"_ _0\"></span>o gestionale. </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>backtesting <span class=\"_ _4\"> </span>consente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>modello <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>cogliere <span class=\"_ _4\"> </span>correttamente, <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>punto <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vista <span class=\"_ _7\"> </span>statistico, <span class=\"_ _7\"> </span>la<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">variabilit\u00e0 <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>giornaliera <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rading, <span class=\"_ _4\"> </span>coprendo <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>osservazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>anno <span class=\"_ _4\"> </span>(circa </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">250 stime). Eventuali cr<span class=\"_ _3\"></span>iticit\u00e0 <span class=\"ff4\">re<span class=\"_ _3\"></span>lative all\u2019adeguatezza del <span class=\"_ _3\"></span>modello interno sono <span class=\"_ _3\"></span>rappresentate da <span class=\"_ _3\"></span>situazioni in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le rilevazioni </span></div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">giornaliere <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>profitti/perdite <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _5\"></span>evidenzino <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ull\u2019anno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>osservazione <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>quattro <span class=\"_ _4\"> </span>rilevazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">dita </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">giornaliera <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>normativa <span class=\"_ _6\"></span>vigente <span class=\"_ _6\"></span>richiede <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>effettuati<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">considerando sia la <span class=\"_ _0\"></span>serie di P&amp;L effettivi <span class=\"_ _0\"></span>che quelli ipotetici. </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">Nel  cors<span class=\"_ _0\"></span>o  dell\u2019u<span class=\"_ _0\"></span>ltimo  a<span class=\"_ _0\"></span>nno <span class=\"_ _16\"> </span>si  registran<span class=\"_ _0\"></span>o  tre <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ccezioni <span class=\"_ _16\"> </span>di  bac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>testing<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x90 h33 y4fc ff1 fs11 fc0 sc0 ls1a ws0\">104</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 xc5 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">  per <span class=\"_ _16\"> </span>la  misur<span class=\"_ _0\"></span>a  di <span class=\"_ _16\"> </span>VaR <span class=\"_ _16\"> </span>regolamentare <span class=\"_ _16\"> </span>per  Inte<span class=\"_ _35\"></span>sa </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo. I breach non<span class=\"_ _0\"></span> sono dovuti a m<span class=\"_ _0\"></span>ovimenti di portafogli<span class=\"_ _0\"></span>o ma ai picchi di vol<span class=\"_ _0\"></span>atilit\u00e0 sui fattori <span class=\"_ _0\"></span>di rischio tasso e credi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>o. </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x37 h2 y80a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y14ee ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y40f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y410 ff1 fsf fc0 sc0 ls1c ws0\">104</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d hb y3a ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _2\"></span>Nelle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ultime <span class=\"_ _5\"></span>25<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>osse<span class=\"_ _3\"></span>rvazioni <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistrato <span class=\"_ _5\"></span>tre <span class=\"_ _5\"></span>eccezioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>P&amp;L <span class=\"_ _2\"></span>E<span class=\"_ _3\"></span>ffettiv<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tre <span class=\"_ _5\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>P&amp;L <span class=\"_ _5\"></span>Ipotetico<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>nteggio <span class=\"_ _5\"></span>complessivo, </div><div class=\"t m0 x0 hb y411 ff1 fs4 fc0 sc0 ls0 ws0\">come <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>normati<span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferime<span class=\"_ _3\"></span>nto, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nta <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>massim<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>P&amp;<span class=\"_ _3\"></span>L <span class=\"_ _2\"></span>Effettivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>P&amp;L <span class=\"_ _3\"></span>Ip<span class=\"_ _3\"></span>otetico, <span class=\"_ _2\"></span>risultano<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dunque <span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 hb y27a ff4 fs4 fc0 sc0 ls0 ws0\">backtesting nel cor<span class=\"_ _3\"></span>so dell\u2019ultimo a<span class=\"_ _3\"></span>nno.<span class=\"ff1\"> </span></div></div><div class=\"c w55d h218\" style=\"left:32.484802px; bottom:93.45187px;\"><div class=\"t m13 x94 h219 y17fd ff1 fs42 fc2 sc0 ls0 ws0\">-50,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x94 h219 y17fe ff1 fs42 fc2 sc0 ls0 ws0\">-40,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x94 h219 y17ff ff1 fs42 fc2 sc0 ls0 ws0\">-30,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x94 h219 y1800 ff1 fs42 fc2 sc0 ls0 ws0\">-20,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x94 h219 y1801 ff1 fs42 fc2 sc0 ls0 ws0\">-10,0<span class=\"_ _90\"> </span></div><div class=\"t m13 xd1 h219 y1802 ff1 fs42 fc2 sc0 ls0 ws0\">0,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x96 h219 y1803 ff1 fs42 fc2 sc0 ls0 ws0\">10,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x96 h219 y1804 ff1 fs42 fc2 sc0 ls0 ws0\">20,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x96 h21a y1805 ff1 fs43 fc2 sc0 ls0 ws0\">30,0<span class=\"_ _90\"> </span></div><div class=\"t m13 x96 h219 y1806 ff1 fs42 fc2 sc0 ls0 ws0\">40,0<span class=\"_ _90\"> </span></div><div class=\"t m13 xb8 h219 y1807 ff1 fs42 fc2 sc0 ls0 ws0\">gen-22<span class=\"_ _65\"> </span>mar-22<span class=\"_ _66\"> </span>giu-22<span class=\"_ _67\"> </span>set-22<span class=\"_ _67\"> </span>dic-22<span class=\"_ _90\"> </span></div><div class=\"t m14 x87 h21b y1808 ff1 fs44 fc2 sc0 ls0 ws0\">Milioni di euro<span class=\"_ _90\"> </span></div><div class=\"t m13 x14b h21c y1809 ff1 fs45 fc2 sc0 ls0 ws0\">P&amp;L Effettivo<span class=\"_ _51\"> </span>P&amp;L Ipotetico<span class=\"_ _51\"> </span>VaR <span class=\"_ _0\"></span>Corrente<span class=\"_ _90\"> </span></div></div>Il rischio emittente  Il <span class=\"_ _3\"></span>rischio emittente del <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>titoli di <span class=\"_ _2\"></span>trading viene <span class=\"_ _3\"></span>analizzato tramite <span class=\"_ _3\"></span>misure di <span class=\"_ _3\"></span>livello, ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>mark <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>market, aggregando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>settore, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>monitorato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>lle classi di rating/settor<span class=\"_ _0\"></span>e che su indicatori di concentrazion<span class=\"_ _0\"></span>e. Composizione delle espos<span class=\"_ _0\"></span>izioni per tipologia em<span class=\"_ _0\"></span>ittente Totale Dettagli<span class=\"_ _0\"></span>o Corporate Financial Emergin<span class=\"_ _0\"></span>g Covered Governativ<span class=\"_ _0\"></span>i Securitis<span class=\"_ _0\"></span>. Direzione<span class=\"_ _0\"></span> Tesoreria e Finanza di <span class=\"_ _0\"></span>Gruppo 0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>0%<span class=\"ls0\"> </span>Divisione <span class=\"_ _0\"></span>IMI C&amp;IB 100%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>40%<span class=\"ls0\"> </span>12%<span class=\"ls0\"> </span>3%<span class=\"ls0\"> </span>5%<span class=\"ls0\"> </span>32%<span class=\"ls0\"> </span>Totale 100%<span class=\"ls0\"> </span>8%<span class=\"ls0\"> </span>40%<span class=\"ls0\"> </span>12%<span class=\"ls0\"> </span>3%<span class=\"ls0\"> </span>5%<span class=\"ls0\"> </span>32%<span class=\"ls0\"> </span>La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>porta <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>colonna <span class=\"_ _3\"></span>Totale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontributo <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>sposizione <span class=\"_ _3\"></span>complessi<span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>emittente <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Tesore<span class=\"_ _3\"></span><span class=\"ff1\">ria<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Division<span class=\"_ _3\"></span>e </span>IMI C&amp;IB, <span class=\"_ _3\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>ettagliando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contributo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019esposizione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mittente. I<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading<span class=\"_ _3\"></span> so<span class=\"_ _3\"></span></span>ggetto <span class=\"_ _2\"></span>a limite<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>plafond <span class=\"_ _3\"></span>emittente (escluso Governativo Italia e AAA, titoli pr<span class=\"_ _3\"></span>opri) e comprensivo dei cds (valore asso<span class=\"_ _3\"></span>luto).<span class=\"ls0\"> </span>La  composizione  del  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  soggetto  a  rischio  emit<span class=\"_ _0\"></span>tente,  nel  corso  del  q<span class=\"_ _0\"></span>uarto  trimestre,  evide<span class=\"_ _0\"></span>nzia  un\u2019esposizione<span class=\"_ _0\"></span> riconducibile <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>Divisione <span class=\"_ _7\"> </span>IMI <span class=\"_ _7\"> </span>C&amp;IB <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>prevalentemente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>settore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>settore  financial <span class=\"_ _4\"></span>e securitizazion. Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>regolamentari <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rilevano <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>variazioni <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>metriche <span class=\"_ _4\"></span>di rischio riconducibili a<span class=\"_ _0\"></span>l contesto consegue<span class=\"_ _0\"></span>nte alla pandemia da C<span class=\"_ _35\"></span>OVID<span class=\"_ _2\"></span>-19.  Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino Non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>evidenziano <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _4\"> </span>significativi <span class=\"_ _4\"> </span>deI <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>russo<span class=\"_ _3\"></span>-ucraino <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>metriche <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>del portafoglio di negozi<span class=\"_ _0\"></span>azione del Gruppo.  <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.90161px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">PORTAFOGLIO BANCAR<span class=\"_ _3\"></span>IO <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 he y1691 ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y547 ff5 fs6 fc2 sc0 ls0 ws0\">1.2.2 RISCHIO DI T<span class=\"_ _3\"></span>ASSO DI INTE<span class=\"_ _3\"></span>RESSE E RISCHI<span class=\"_ _3\"></span>O DI PR<span class=\"_ _3\"></span>EZZO<span class=\"fc5\"> </span></div><div class=\"t m0 x0 h24 y548 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y180d ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y180e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y20c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y286 ff5 fs12 fc2 sc0 ls0 ws0\">Aspetti <span class=\"_ _6\"></span>generali, <span class=\"_ _6\"></span>procedur<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>metodi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>misuraz<span class=\"_ _3\"></span>ione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>interesse <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h57 y180f ff5 fs12 fc2 sc0 ls0 ws0\">rischio di prezzo </div><div class=\"t m0 x0 h2 y813 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>\u201cbanking <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ook\u201d <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>commerciale <span class=\"_ _4\"> </span><span class=\"ff1\">costituito <span class=\"_ _5\"></span>dall'insieme <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>e </span></div><div class=\"t m0 x0 h2 y1810 ff4 fs0 fc0 sc0 ls0 ws0\">fuori <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 di <span class=\"_ _3\"></span>intermediazione c<span class=\"_ _3\"></span>reditizia <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _2\"></span>Sanpaolo:<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _5\"></span><span class=\"ff1\">asso <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y1811 ff4 fs0 fc0 sc0 ls0 ws0\">interesse del banking book (di seguit<span class=\"_ _0\"></span>o \u201crischio tasso\u201d o IRRBB) si rif<span class=\"_ _3\"></span><span class=\"ff1\">erisce pertanto al rischio attuale e prosp<span class=\"_ _0\"></span>ettico di variazioni </span></div><div class=\"t m0 x0 h2 y131f ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>avverse <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>interesse, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>riflettono <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore </div><div class=\"t m0 x0 h34 ye5e ff1 fs0 fc0 sc0 ls0 ws0\">economico che sul ma<span class=\"_ _0\"></span>rgine di interesse.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y793 ff1 fs0 fc0 sc0 ls0 ws0\">Rientra <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _7\"> </span>banc<span class=\"_ _3\"></span><span class=\"ff4\">ario <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>ai  r<span class=\"_ _0\"></span>ischi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>derivante <span class=\"_ _16\"> </span>dagli <span class=\"_ _16\"> </span>investimenti <span class=\"_ _7\"> </span>azionari  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1812 ff1 fs0 fc0 sc0 ls0 ws0\">quotate non consolid<span class=\"_ _0\"></span>ate integralmente, d<span class=\"_ _0\"></span>etenuti prevalentem<span class=\"_ _0\"></span>ente dalla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1312 ff1 fs0 fc0 sc0 ls0 ws0\">Il sistema interno di misurazione del rischio di tasso di interesse v<span class=\"_ _3\"></span>aluta e descrive l'effetto delle variazioni dei tassi di interess<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y1174 ff4 fs0 fc0 sc0 ls0 ws0\">sul valore economic<span class=\"_ _0\"></span>o e sul margine d\u2019interes<span class=\"_ _0\"></span>se e individua tutte l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> fonti significati<span class=\"_ _0\"></span>ve di rischio che influe<span class=\"_ _0\"></span>nzano il banking<span class=\"_ _2\"></span><span class=\"ff1\"> book: </span></div><div class=\"t m0 x0 h2 y1337 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>revisione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>(repricing <span class=\"_ _6\"></span>risk), <span class=\"_ _4\"></span>ovvero <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>legato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>sfasamenti <span class=\"_ _4\"></span>temporali<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>scadenze <span class=\"_ _6\"></span>(per <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">posizioni <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>(per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>variabile) <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0, <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e<span class=\"_ _5\"></span> </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">poste fuori bilancio; </div><div class=\"t m0 x0 h2 y7f8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>(yield <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span><span class=\"ff4\">rve <span class=\"_ _2\"></span>risk), <span class=\"_ _5\"></span>ovvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>mutamenti <span class=\"_ _2\"></span>nell\u2019inclinazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onformazione<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y8fa ff1 fs0 fc0 sc0 ls0 ws0\">della curva dei rendim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti; </div><div class=\"t m0 x0 h2 y427 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>(basis <span class=\"_ _2\"></span>risk), <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>legato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019imperfett<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>correlazione <span class=\"_ _3\"></span>nell\u2019aggiustamen<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pass<span class=\"_ _5\"></span><span class=\"ff1\">ivi </span></span></span></div><div class=\"t m0 x2a h2 y428 ff1 fs0 fc0 sc0 ls0 ws0\">su <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>diversi, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>altrimenti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>naloghe. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>variare <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse, </div><div class=\"t m0 x2a h2 y429 ff1 fs0 fc0 sc0 ls0 ws0\">queste <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ifferenze <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>determinare <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>imprevisti <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>differenziali <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendimento <span class=\"_ _5\"></span>fra </div><div class=\"t m0 x2a h2 y42a ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0, passivit\u00e0 e p<span class=\"_ _0\"></span>osizioni fuori bilancio aventi <span class=\"_ _0\"></span>scadenze o frequenze <span class=\"_ _0\"></span>di revisione del ta<span class=\"_ _0\"></span>sso analoghe;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y467 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio di opzione (optionality risk), ovvero il <span class=\"_ _3\"></span>rischio legato alla presenza di opzioni, automatiche o comportamentali, nell<span class=\"_ _2\"></span><span class=\"lsc\">e </span></span></div><div class=\"t m0 x2a h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0, passivit\u00e0 e strum<span class=\"_ _0\"></span>enti fuori bilanci<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>del Gruppo. </div><div class=\"t m0 x0 h2 y182 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>istema <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _4\"></span>vigente <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>inoltre <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>esaminare <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>due </div><div class=\"t m0 x0 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\">prospettive, distinte m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> complementa<span class=\"_ _0\"></span>ri: <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y1e8 ffe fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff5\"> <span class=\"_ _27\"> </span>prospettiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>economico<span class=\"ff1\"> <span class=\"_ _3\"></span>(EVE <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Economic <span class=\"_ _3\"></span>Value of <span class=\"_ _3\"></span>Equity),<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>considera <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impatto delle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span></span>tassi </span></span></div><div class=\"t m0 x2a h2 y469 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019interesse e delle c<span class=\"_ _0\"></span>onnesse volatilit\u00e0 <span class=\"_ _0\"></span>sul valore attuale di t<span class=\"_ _0\"></span>utti i flussi futuri di c<span class=\"_ _0\"></span>assa; <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y35b ffe fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff5\"> <span class=\"_ _27\"> </span>prospettiva del margine di interesse<span class=\"ff1\"> (NII <span class=\"ff4\">\u2013</span> <span class=\"ff4\">Net<span class=\"_ _3\"></span> Interest Incom<span class=\"_ _0\"></span>e), rivolta all\u2019analisi dell\u2019impatto che le vari<span class=\"_ _0\"></span>azioni dei<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"lsd\">ta</span>ssi </span></span></span></span></div><div class=\"t m0 x2a h2 y46a ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019interesse e delle c<span class=\"_ _0\"></span>onnesse volatilit\u00e0 ge<span class=\"_ _0\"></span>nerano sul margine <span class=\"_ _0\"></span>d\u2019interesse. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>prospettiva <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>indotti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">tassi rispetto ad una v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lutazione di breve p<span class=\"_ _0\"></span>eriod<span class=\"_ _3\"></span>o fornita dalla pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>spettiva del marg<span class=\"_ _0\"></span>ine di interesse. </div><div class=\"t m0 x0 h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">Il rischio di tasso \u00e8 p<span class=\"_ _0\"></span>residiato attraverso la <span class=\"_ _0\"></span>fissazione di limiti <span class=\"_ _0\"></span>applicati ad entrambe l<span class=\"_ _0\"></span>e prospettive, che si di<span class=\"_ _0\"></span>stinguono <span class=\"_ _2\"></span>in: </div><div class=\"t m0 x0 h2 y46e ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>limiti  consolidati, <span class=\"_ _16\"> </span>che  sono <span class=\"_ _16\"> </span>definiti  in <span class=\"_ _16\"> </span>sede  di  R<span class=\"_ _0\"></span>AF  e <span class=\"_ _16\"> </span>approvati  dal <span class=\"_ _16\"> </span>Cons<span class=\"_ _3\"></span>iglio  di  Amministrazio<span class=\"_ _0\"></span>ne,  sia  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  termi<span class=\"_ _0\"></span>ni  di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y46f ff4 fs0 fc0 sc0 ls0 ws0\">variazione <span class=\"_ _6\"> </span>dell\u2019EVE <span class=\"_ _4\"> </span>(sensitivity <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>\u0394<span class=\"ff1\">EVE) <span class=\"_ _4\"></span>sia <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>sensitivity <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>mar<span class=\"_ _3\"></span>gine <span class=\"_ _4\"> </span></span>(\u0394NII). <span class=\"_ _6\"> </span>I<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _6\"> </span>consolidati <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u0394EVE <span class=\"_ _6\"></span>riflettono, <span class=\"_ _6\"> </span>in </div><div class=\"t m0 x2a h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>regolamentari, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>(expect<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>exposure) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>EVE <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo. <span class=\"_ _3\"></span>Il </div><div class=\"t m0 x2a h32 y471 ff4 fs0 fc0 sc0 ls0 ws0\">livello <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>atteso <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>quantificato <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>RAF <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>l\u2019esposizione <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>uppo p<span class=\"_ _3\"></span>revede <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y22a ff4 fs0 fc0 sc0 ls0 ws0\">assumere <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019anno. <span class=\"_ _5\"></span><span class=\"ff1\">Ai <span class=\"_ _2\"></span>limiti <span class=\"_ _5\"></span>consolidati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivity <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>affianca <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>indicatore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _5\"></span>qualificato<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h32 y472 ff4 fs0 fc0 sc0 ls0 ws0\">come <span class=\"_ _6\"> </span>soglia <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>\u201cearly <span class=\"_ _4\"> </span>warning\u201d <span class=\"_ _6\"></span>approvato <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _6\"></span>Appetite <span class=\"_ _6\"> </span>Fra<span class=\"_ _3\"></span>mework <span class=\"_ _6\"></span>(RAF) <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>consente <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>controllare </div><div class=\"t m0 x2a h2 y473 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esposizione al risch<span class=\"_ _0\"></span>io di torsioni della cu<span class=\"_ _0\"></span>rva;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y474 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>limiti <span class=\"_ _3\"></span>individuali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ensitivity del <span class=\"_ _5\"></span><span class=\"ff4\">margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>\u201ccascading\u201d <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>limite </span></span></div><div class=\"t m0 x2a h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\">RAF di Gru<span class=\"_ _3\"></span>ppo, e s<span class=\"_ _3\"></span>ono proposti, previa condivisione con <span class=\"_ _3\"></span>le strutture operative, dalla <span class=\"_ _3\"></span>Direzione Centrale Rischi Finanziari </div><div class=\"t m0 x2a h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvati <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRFG). <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>limiti <span class=\"_ _2\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>caratteristiche </div><div class=\"t m0 x2a h2 y477 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _3\"></span>portafogli d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Banche/Divisioni, con <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>volumi <span class=\"_ _3\"></span>intermediati, alle <span class=\"_ _3\"></span>durate <span class=\"_ _2\"></span>medie, alla <span class=\"_ _2\"></span>tipologia <span class=\"_ _5\"></span>di </div><div class=\"t m0 x2a h2 y478 ff1 fs0 fc0 sc0 ls0 ws0\">strumenti negoziati ed <span class=\"_ _0\"></span>alla missione strateg<span class=\"_ _0\"></span>ica della Societ\u00e0 <span class=\"_ _0\"></span>al<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019interno del Gruppo.</span> </div><div class=\"t m0 x0 h2 y479 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y47a ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>mensile <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019Early <span class=\"_ _2\"></span>Warning <span class=\"_ _3\"></span>approvati <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">el </span></div><div class=\"t m0 x0 h2 y47b ff1 fs0 fc0 sc0 ls0 ws0\">Risk Appetite Framework (RA<span class=\"_ _0\"></span>F) siano rispettati a livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> consolidato e indi<span class=\"_ _0\"></span>viduale. Inoltre, il <span class=\"_ _2\"></span>Gruppo si \u00e8 dotato <span class=\"_ _0\"></span>di uno specifico </div><div class=\"t m0 x0 h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">documento <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>policy <span class=\"_ _18\"> </span>interna <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>rischio <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>tass<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>(Linee <span class=\"_ _18\"> </span>Guida <span class=\"_ _18\"> </span>IRRBB), <span class=\"_ _18\"> </span>soggetto <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>approvazione <span class=\"_ _17\"> </span>del <span class=\"_ _1c\"> </span>Consigli<span class=\"_ _35\"></span>o <span class=\"_ _1c\"> </span>di </div><div class=\"t m0 x0 h2 y47d ff4 fs0 fc0 sc0 ls0 ws0\">Amministrazione, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>l\u2019intero <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>partico<span class=\"_ _5\"></span><span class=\"ff1\">lare <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>aspetti <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y47e ff1 fs0 fc0 sc0 ls0 ws0\">governance, le metodo<span class=\"_ _0\"></span>logie in uso e la d<span class=\"_ _0\"></span>efinizione degli sc<span class=\"_ _0\"></span>enari.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y47f ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _2\"></span>IRRBB <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>generati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>portafogli<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span></div><div class=\"t m0 x0 h2 y480 ff1 fs0 fc0 sc0 ls0 ws0\">bancario: </div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls10 ws0\">1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Sensitivity del valore<span class=\"_ _0\"></span> economico <span class=\"ff4\">(\u0394EVE);</span> </span></div><div class=\"t m0 x0 h2 y482 ff1 fs0 fc0 sc0 ls10 ws0\">2.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">Sensitivity del margi<span class=\"_ _0\"></span>ne di interesse (\u0394NII);<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y483 ff1 fs0 fc0 sc0 ls10 ws0\">3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Credit Spread Ris<span class=\"_ _0\"></span>k del Banking Book (CSRB<span class=\"_ _0\"></span>B); </span></div><div class=\"t m0 x0 h2 y484 ff1 fs0 fc0 sc0 ls10 ws0\">4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Value at Risk (VaR). </span></div><div class=\"t m0 x0 h2 y485 ff1 fs0 fc0 sc0 ls0 ws0\">Le suddette misure so<span class=\"_ _0\"></span>no disponibili con rife<span class=\"_ _0\"></span>rimento a ciascuna <span class=\"_ _0\"></span>valuta rilevante del <span class=\"_ _0\"></span>portafoglio di ba<span class=\"_ _0\"></span>nking book.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y487 ff1 fs0 fc0 sc0 ls10 ws0\">La <span class=\"ff5 ls0\">sensitivit<span class=\"_ _0\"></span>y del valore economico<span class=\"ff1\"> (o sensitivity del fair value) misura la variazione del valo<span class=\"_ _0\"></span>re economico del banking bo<span class=\"_ _0\"></span>ok </span></span></div><div class=\"t m0 x0 h2 y488 ff1 fs0 fc0 sc0 ls0 ws0\">ed \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>calcolata a<span class=\"_ _3\"></span> livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>singolo cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>strumento finanziario, <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base di <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>shock <span class=\"_ _3\"></span>istantanei di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso e </div><div class=\"t m0 x0 h2 y489 ff1 fs0 fc0 sc0 ls0 ws0\">sulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>simulazioni <span class=\"_ _3\"></span>storiche di s<span class=\"_ _3\"></span>tress volte <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>identificare i c<span class=\"_ _3\"></span>asi di <span class=\"_ _3\"></span>worst <span class=\"_ _3\"></span>e best <span class=\"_ _3\"></span>case<span class=\"_ _2\"></span>. <span class=\"_ _3\"></span>Essa riflette l<span class=\"_ _3\"></span>e variazioni <span class=\"_ _3\"></span>del valore </div><div class=\"t m0 x0 h2 y48a ff1 fs0 fc0 sc0 ls0 ws0\">attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>(run<span class=\"_ _5\"></span>-off <span class=\"_ _2\"></span>balance <span class=\"_ _2\"></span>sheet). <span class=\"_ _2\"></span>I </div><div class=\"t m0 x0 h2 y48b ff1 fs0 fc0 sc0 ls0 ws0\">flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>ssa <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>present <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>sviluppati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>TIT <span class=\"_ _3\"></span>(tasso <span class=\"_ _2\"></span>interno d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>trasferimento) <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y18c ff1 fs0 fc0 sc0 ls0 ws0\">free <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>Euribor/Libor<span class=\"_ _0\"></span>) <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tualizzati <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>curve <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto <span class=\"_ _5\"></span>risk<span class=\"_ _2\"></span>-free. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>present <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>la </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">componente di <span class=\"_ _3\"></span>perdita attesa, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rappresenta la <span class=\"_ _3\"></span>quantit\u00e0 di <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca si <span class=\"_ _3\"></span>aspetta di <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>recuperare su una </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _5\"></span>esposizione <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>quindi <span class=\"_ _5\"></span>ne <span class=\"_ _6\"> </span>riduce <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>valore. <span class=\"_ _5\"></span>A <span class=\"_ _6\"> </span>tal <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dell\u2019impiego <span class=\"_ _5\"></span>aggiustato <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cre<span class=\"_ _5\"></span><span class=\"ff1\">dito </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _4\"></span>calcolato <span class=\"_ _4\"></span>decurtando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"></span>attesi <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>corrisponde<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>perdita <span class=\"_ _4\"></span>attesa <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>metodologia </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">denominata \u201ccash flow<span class=\"_ _0\"></span> adjustment\u201d (o CFA).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">Ai f<span class=\"_ _3\"></span>ini del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>dell\u2019esposizion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>dei limiti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo avviene <span class=\"_ _3\"></span>sommand<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>algebricamente l\u2019equivalente in </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Euro <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>posizioni nelle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>valute applicando <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>hock <span class=\"_ _3\"></span>parallelo di <span class=\"_ _3\"></span>+<span class=\"_ _3\"></span>100 bps<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>n<span class=\"_ _5\"></span>elle </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">diverse <span class=\"_ _7\"> </span>divise. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>analogo <span class=\"_ _16\"> </span>avviene <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>calcolo <span class=\"_ _7\"> </span>per  g<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>shock  n<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span>-paralleli <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>c<span class=\"ff4\">ont<span class=\"_ _3\"></span>rollo <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">monitoraggio dell\u2019Early Warning. La <span class=\"_ _3\"></span>sensitivity delle <span class=\"_ _3\"></span>valute rilevanti viene <span class=\"_ _3\"></span>poi corretta, <span class=\"_ _3\"></span>con una <span class=\"_ _3\"></span>tecnica <span class=\"_ _3\"></span>gestionale di \u201ccur<span class=\"_ _5\"></span><span class=\"ff1\">rency </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">aggregation\u201d per ten<span class=\"_ _0\"></span>ere in considerazi<span class=\"_ _0\"></span>one l\u2019imperfetta corr<span class=\"_ _0\"></span>elazione con i tassi del<span class=\"_ _0\"></span>la divisa <span class=\"_ _3\"></span>principale (l\u2019Euro).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y68 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span><span class=\"ff5\">sensitivity <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>margine <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>interesse</span> <span class=\"_ _16\"> </span><span class=\"ff4\">concentra <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>sull\u2019impatto <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>ca<span class=\"_ _3\"></span>mbiamenti <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>interesse <span class=\"_ _4\"> </span>possono </span></div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">produrre <span class=\"_ _4\"> </span>sull\u2019abilit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>generare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>utile. <span class=\"_ _7\"> </span>La <span class=\"_ _7\"> </span>componente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mis<span class=\"_ _2\"></span><span class=\"ff1\">urazione <span class=\"_ _4\"> </span>\u00e8 </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">rappresentata <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>margini <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>fruttifere <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>onerose, <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>dendo </div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _7\"> </span>mediante <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>derivati. <span class=\"_ _4\"> </span>L\u2019orizzonte <span class=\"_ _7\"> </span>temporale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _5\"></span><span class=\"ff1\">omunemente </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">limitato <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>breve-medio <span class=\"_ _6\"></span>termine <span class=\"_ _4\"></span>(da <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>3 <span class=\"_ _6\"></span>ann<span class=\"_ _3\"></span>i) <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>valutato <span class=\"_ _6\"></span>nell\u2019ipotesi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ziendale <span class=\"_ _6\"></span>(approccio <span class=\"_ _6\"></span>\u201cgoing </span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">concern\u201d. <span class=\"ff1\">La variazione <span class=\"_ _0\"></span>del margine di intere<span class=\"_ _0\"></span>sse viene stimata s<span class=\"_ _0\"></span>ia in condizioni di sc<span class=\"_ _0\"></span>enari attesi sia in i<span class=\"_ _0\"></span>potesi di sh<span class=\"_ _2\"></span>ock dei tassi </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _18\"> </span>interesse <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>scenari <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>stress. <span class=\"_ _18\"> </span>Ulteriori <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>adottate <span class=\"_ _17\"> </span>relativamente <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>comportamenti <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>clienti </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">(differenziate  in  f<span class=\"_ _0\"></span>unzione  degli  scen<span class=\"_ _0\"></span>ari  dei  tassi)  e  del<span class=\"_ _0\"></span>  mercato  e  alla  ris<span class=\"_ _0\"></span>posta  del  manag<span class=\"_ _0\"></span>ement  del  Gruppo/Ba<span class=\"_ _0\"></span>nca  ai </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">cambiamenti <span class=\"_ _7\"> </span>economici. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>proiezione <span class=\"_ _7\"> </span>del  m<span class=\"_ _35\"></span>ar<span class=\"_ _3\"></span>gine <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>relativa <span class=\"_ _16\"> </span>sensitivity <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>attori <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>richiedono </div><div class=\"t m0 x0 h4e y71 ff1 fs0 fc0 sc0 ls0 ws0\">pertanto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>definire <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>serie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>modellizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>volumi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi<span class=\"_ _3\"></span><span class=\"fs19 fc14\"> <span class=\"_ _6\"></span></span><span class=\"ff4\">(fisso/variabile), <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019orizzonte<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">temporale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>valute <span class=\"_ _3\"></span>rilevanti, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>modelli comportamentali <span class=\"_ _3\"></span>introdotti <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>prepayment, p<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vista, <span class=\"_ _3\"></span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">ipotesi riguardanti l\u2019e<span class=\"_ _0\"></span>voluzione del port<span class=\"_ _0\"></span>afoglio (bilancio run <span class=\"_ _0\"></span>off, costante o din<span class=\"_ _0\"></span>amico).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>limiti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sensitivity <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>istantaneo <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>parallelo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>+/<span class=\"_ _2\"></span>-50 <span class=\"_ _5\"></span>bp, <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento un orizzonte temporale di 1<span class=\"_ _3\"></span> anno e <span class=\"_ _3\"></span>in ipotesi di <span class=\"_ _3\"></span>bilancio costante. Il <span class=\"_ _3\"></span>limite di sensitivity del <span class=\"_ _3\"></span>margine \u00e8 def<span class=\"_ _3\"></span>ini<span class=\"_ _5\"></span>to quale </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">limite <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>presenta, <span class=\"_ _5\"></span>pertanto, <span class=\"_ _5\"></span>unicamente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egno <span class=\"_ _5\"></span>negativo <span class=\"_ _5\"></span>(limite <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>duzione <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">margine): l<span class=\"_ _3\"></span>\u2019utilizzo del <span class=\"_ _3\"></span>limite <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dalla sensitivity <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>genera u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>margine <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>scena<span class=\"_ _5\"></span><span class=\"ff1\">ri<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _17\"> </span>rialzo <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>ribasso <span class=\"_ _17\"> </span>parallelo <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _17\"> </span>tassi. <span class=\"_ _1d\"> </span>L<span class=\"_ _3\"></span>\u2019esposizione <span class=\"_ _1d\"> </span>totale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sensitivity <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>margine <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _1d\"> </span>somma<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>al<span class=\"_ _3\"></span>gebric<span class=\"_ _35\"></span>a </span></div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019esposizione dell<span class=\"_ _0\"></span>e singole valute. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>CRFG <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>delegata <span class=\"_ _3\"></span>l\u2019allocazione dei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>otto <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>alle s<span class=\"_ _3\"></span>ingole <span class=\"_ _3\"></span>Banche/Societ<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interes<span class=\"_ _5\"></span><span class=\"ff1\">se </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls10 ws0\">e <span class=\"_ _3\"></span><span class=\"ls0\">la <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>definire, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sensitivity <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine, d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>sottolimiti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ivisa. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>limite <span class=\"_ _3\"></span>assegnato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ciascuna <span class=\"_ _3\"></span>S<span class=\"_ _6\"></span>ociet\u00e0 </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">viene <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>storica <span class=\"_ _3\"></span>osservata <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>individuale, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>strate<span class=\"_ _5\"></span>gie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">limiti definiti per la s<span class=\"_ _0\"></span>ensitivity.  </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc14 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y7f ff1 fs0 fc0 sc0 lsd ws0\">Il <span class=\"_ _3\"></span><span class=\"ff5 ls0\">CSRBB<span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span></span>Credit <span class=\"_ _2\"></span>Spread <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Banking <span class=\"_ _3\"></span>Book<span class=\"ff1\"> <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>definito c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>del </span></span></div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>premio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>liquidit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>potenzialmente <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _7\"> </span>componenti <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>creditizio <span class=\"_ _7\"> </span>che </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">inducono <span class=\"_ _6\"></span>fluttuazioni <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>componenti <span class=\"_ _6\"></span>potenziali, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>si<span class=\"_ _5\"></span><span class=\"ls17\">a </span></div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">spiegato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>banking <span class=\"_ _6\"></span>book. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rappresentato <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>HTCS, <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">variazioni di valore d<span class=\"_ _0\"></span>eterminano un impatto<span class=\"_ _0\"></span> immediato sul patrim<span class=\"_ _0\"></span>onio del Gruppo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y85 ff1 fs0 fc0 sc0 lsd ws0\">Il <span class=\"_ _3\"></span><span class=\"ff5 ls0\">Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span>(VaR) <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _3\"></span>probabilistico <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>esprime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>massima <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>del </span></span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>potrebbe <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>entro <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>orizzonte <span class=\"_ _5\"></span>temporale, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>intervallo <span class=\"_ _5\"></span>statistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confidenza </div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">fissato. Il <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>viene utilizzato anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>consolidare l\u2019esposizione ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>finanziari assunti dalle diverse <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>G<span class=\"_ _5\"></span><span class=\"ff1\">ruppo </span></div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _2\"></span>svolgono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span><span class=\"ff4\">ttivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anking <span class=\"_ _3\"></span>book, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>dall\u2019effetto <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dalla </span></div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">correlazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>differenti valute. <span class=\"_ _2\"></span>Tale<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>calcolata e <span class=\"_ _3\"></span>monitorata, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019intero <span class=\"_ _6\"></span><span class=\"ff1\">perimetro<span class=\"_ _0\"></span>, </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">dalla Direzione Centrale Ri<span class=\"_ _0\"></span>schi Finanziari <span class=\"_ _0\"></span>e di Mercato. </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>suddette <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>adotta <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>comportamentali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>appresentazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">patrimoniali.  </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>mutui, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fa <span class=\"_ _2\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>statistiche <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>estinzione <span class=\"_ _2\"></span>anticipata <span class=\"_ _2\"></span>(prepayment), <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">ridurre <span class=\"_ _5\"></span>l\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>(overhedge) <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>(overfunding)<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>metodologia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>sviluppat<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">stima <span class=\"_ _2\"></span>coefficienti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prepayment <span class=\"_ _5\"></span>diversificati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fu<span class=\"_ _3\"></span><span class=\"ff4\">nzione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lientela, <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>dell\u2019operazione,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">come la <span class=\"_ _3\"></span>tipologia di tasso <span class=\"_ _3\"></span>del finanziamento (fisso, variabile), la <span class=\"_ _3\"></span>durata originaria del <span class=\"_ _3\"></span>finanziamento, il seasoning, inteso<span class=\"_ _6\"></span> come<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">et\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziament<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019evento<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>repayment. <span class=\"_ _3\"></span>Oggetto <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tinzioni <span class=\"_ _3\"></span>parziali, <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>estinzioni <span class=\"_ _2\"></span>totali <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">le <span class=\"_ _4\"></span>surroghe. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"> </span>modello <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>repayment <span class=\"_ _6\"></span>esamina <span class=\"_ _4\"> </span>inoltre <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>motivazio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>spin<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>prepagare; <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tale </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">aspetto, \u00e8 possibile suddividere il fenome<span class=\"_ _0\"></span>no<span class=\"_ _3\"></span> <span class=\"ff4\">tra componente strutturale (c.d. \u201cCore Prepaym<span class=\"_ _0\"></span>ent\u201d) e componente congiunturale </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">(c.d. \u201c<span class=\"_ _3\"></span>Coupon Incentive\u201d), collegata <span class=\"_ _3\"></span>principalmente alle variazioni <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>fenomeni legati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>prepayment sono <span class=\"_ _3\"></span>monitora<span class=\"_ _2\"></span><span class=\"ff1\">ti </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">mensilmente <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>coefficienti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>prepayment <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>pplicare <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>modello <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>ristimati <span class=\"_ _6\"></span>almeno <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>periodicit\u00e0 <span class=\"_ _6\"></span>annuale <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>son<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h32 y53 ff4 fs0 fc0 sc0 ls0 ws0\">sottoposti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodiche <span class=\"_ _3\"></span>verifiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>backtesting, <span class=\"_ _3\"></span>opportunamente <span class=\"_ _3\"></span>documentate <span class=\"_ _3\"></span>nell\u2019apposito <span class=\"_ _3\"></span>documento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Model <span class=\"_ _3\"></span>change, <span class=\"_ _3\"></span>per </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">assicurare <span class=\"_ _1c\"> </span>l\u2019aderenza <span class=\"_ _1c\"> </span>alla <span class=\"_ _1c\"> </span>realt\u00e0 <span class=\"_ _1c\"> </span>operativa <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>ipotesi <span class=\"_ _1c\"> </span>ass<span class=\"_ _3\"></span><span class=\"ff1\">unte <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>r<span class=\"_ _3\"></span>ecepire <span class=\"_ _1c\"> </span>eventuali <span class=\"_ _1c\"> </span>mutament<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>normativi <span class=\"_ _1c\"> </span>e/o </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">comportamentali. </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>contrattualm<span class=\"_ _0\"></span>ente a<span class=\"_ _3\"></span> vista<span class=\"_ _3\"></span> (conti <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>clientela), viene <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello di <span class=\"_ _3\"></span>rappresentazione finanziaria <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>olto </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _3\"></span>riflettere <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>comportamentali di <span class=\"_ _2\"></span>stab<span class=\"_ _3\"></span>ilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>masse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>reattivit\u00e0 <span class=\"_ _3\"></span>parziale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itardata a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>mercato. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>monitoraggio <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinuo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>istima <span class=\"_ _5\"></span>periodica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>recepire <span class=\"_ _5\"></span>tempestivamente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">delle masse e delle car<span class=\"_ _0\"></span>atteristiche della <span class=\"_ _0\"></span>clientela nel tempo intercorse, nonch\u00e9 dell<span class=\"_ _0\"></span>a normativa regol<span class=\"_ _0\"></span>amentare di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vulnerabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>manifestarsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>turbolenze <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>risch<span class=\"_ _5\"></span>io <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">tasso <span class=\"_ _3\"></span>prevede una <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>effetti prodo<span class=\"_ _3\"></span>tti <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>valore economico e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>margine di <span class=\"_ _3\"></span>interesse della b<span class=\"_ _3\"></span>anca da <span class=\"_ _3\"></span>condizioni </div><div class=\"t m0 x0 h32 y5c ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _17\"> </span>tensione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>(\u201cscenario <span class=\"_ _1d\"> </span>analysis\u201d), <span class=\"_ _18\"> </span>ovvero <span class=\"_ _17\"> </span>improvvise <span class=\"_ _1d\"> </span>variazioni <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>livello <span class=\"_ _18\"> </span>generale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>tassi <span class=\"_ _17\"> </span>d'interesse, </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">cambiamenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>fondame<span class=\"_ _3\"></span>ntali <span class=\"_ _4\"> </span>(rischio <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>base), <span class=\"_ _4\"> </span>nell'inclinazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>forma <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">rendimenti (rischio di c<span class=\"_ _0\"></span>urva dei rendimenti)<span class=\"_ _0\"></span>, nella liquidit\u00e0 dei <span class=\"_ _0\"></span>principali merc<span class=\"_ _0\"></span>ati finanziari o nell<span class=\"_ _0\"></span>a volatilit\u00e0 dei tassi <span class=\"_ _2\"></span>di mercato.  </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">Tali analisi sono c<span class=\"_ _0\"></span>ondotte sottoponendo il p<span class=\"_ _0\"></span>ortafog<span class=\"_ _3\"></span>lio a diversi sc<span class=\"_ _0\"></span>enari di variazione d<span class=\"_ _0\"></span>ei tassi: </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-305.1985px;\"><div class=\"t m0 x0 h4e y4 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">scenari regolamentari previsti dal<span class=\"_ _0\"></span> Supervisory Outlier Test (SOT) sull\u2019EVE,<span class=\"_ _3\"></span><span class=\"ff1 fs19\"> </span>che prevede un \u201cearly warning\u201d pari al 15% di </span></span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Tier <span class=\"_ _5\"></span>1, <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>scenari <span class=\"_ _6\"></span>BCBS <span class=\"_ _5\"></span>(Parallel <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>up, <span class=\"_ _6\"></span>Parallel <span class=\"_ _4\"> </span>shock <span class=\"_ _6\"></span>down, <span class=\"_ _5\"></span>Steepener <span class=\"_ _5\"></span>shock, <span class=\"_ _6\"></span>Flattener<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">shock, Short rates s<span class=\"_ _0\"></span>hock up e Short rates <span class=\"_ _0\"></span>shock down);<span class=\"ffc\"> </span></div><div class=\"t m0 x0 h2 y61 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>shock <span class=\"_ _3\"></span>diversificati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>curva <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>calcolati <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rendimenti <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>elle </span></div><div class=\"t m0 x2a h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">curve dei singoli fatt<span class=\"_ _0\"></span>ori e quelli di una curva relativa al <span class=\"_ _0\"></span>parametro eletto pivot (<span class=\"_ _0\"></span>basis risk);<span class=\"ffc\"> </span></div><div class=\"t m0 x0 h2 y63 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>scenari di stress in simul<span class=\"_ _0\"></span>azione storica.<span class=\"ffc\"> </span></span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Sono, <span class=\"_ _3\"></span>altres\u00ec, <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>comportamentali, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>poter <span class=\"_ _2\"></span>verificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _4\"></span>ipotesi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">alternative, <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>parametri <span class=\"_ _1d\"> </span>comportamentali <span class=\"_ _1d\"> </span>stimati <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>modelli. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _17\"> </span>assunti <span class=\"_ _1d\"> </span>metodologici <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>ipotesi </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">contenute negli scen<span class=\"_ _0\"></span>ari di stress sono opport<span class=\"_ _0\"></span>unatamente descritt<span class=\"_ _0\"></span>e nei documenti met<span class=\"_ _0\"></span>odologici di dettaglio.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y69 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-19 </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">le <span class=\"_ _3\"></span>strategie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>residi <span class=\"_ _3\"></span>posti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>d\u2019interesse sono <span class=\"_ _2\"></span>stati </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">realizzati <span class=\"_ _1c\"> </span>nell\u2019ottica <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>protegger<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>margine <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interesse <span class=\"_ _1c\"> </span>da <span class=\"_ _20\"> </span><span class=\"ff1\">potenziali <span class=\"_ _1c\"> </span>ulteriori <span class=\"_ _1c\"> </span>impatti <span class=\"_ _1c\"> </span>negativi <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>COVID<span class=\"_ _3\"></span>-19. <span class=\"_ _1c\"> </span>La </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">stabilizzazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>margine <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>realizzata <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>interventi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>vischiosit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>raccolta <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vista <span class=\"_ _7\"> </span>da </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">clientela, sia medi<span class=\"_ _0\"></span>ante la stipula di deri<span class=\"_ _0\"></span>vati di copertura sia in natural hedge con i mutui erogati <span class=\"_ _0\"></span>alla clientela. </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y70 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti dal confli<span class=\"_ _0\"></span>tto russo-ucraino </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Il conflitto <span class=\"_ _3\"></span>russo-ucraino ha <span class=\"_ _3\"></span>determinato un <span class=\"_ _3\"></span>generalizzato incremento dello spread <span class=\"_ _3\"></span>rispetto ai <span class=\"_ _3\"></span>bund tedeschi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conseguenza </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">un aumento dei relativi rendim<span class=\"_ _0\"></span>enti; con riferimento <span class=\"_ _0\"></span>al rischio di tasso di intere<span class=\"_ _0\"></span>sse <span class=\"_ _2\"></span>generato dal portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> bancario del Gruppo </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo, quest<span class=\"_ _0\"></span>o incremento h<span class=\"_ _0\"></span>a comportato una cont<span class=\"_ _0\"></span>razione dell'esposizio<span class=\"_ _0\"></span>ne del portafog<span class=\"_ _0\"></span>lio dei titoli governativi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y10b7 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> quantitativa <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y465 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y143f ff5 fs12 fc2 sc0 ls0 ws0\">Portafoglio bancario: modelli interni e altre <span class=\"_ _3\"></span>metodologie di analisi della sensitivi<span class=\"_ _3\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y7fb ff1 fs0 fc0 sc0 lsd ws0\">Il <span class=\"_ _4\"> </span><span class=\"ls0\">rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>interesse <span class=\"_ _6\"></span>gen<span class=\"_ _3\"></span>erato <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>bancario <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>misurato <span class=\"_ _7\"> </span>mediante <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Shift </span></div><div class=\"t m0 x0 h2 yefd ff1 fs0 fc0 sc0 ls0 ws0\">sensitivity <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>a <span class=\"_ _16\"> </span>-1.669 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>massimo <span class=\"_ _6\"></span>pari </div><div class=\"t m0 x0 h2 yf4e ff1 fs0 fc0 sc0 ls10 ws0\">a <span class=\"_ _5\"></span><span class=\"ls0\">-2.134 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>-1.016 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>quest\u2019ultimo <span class=\"_ _5\"></span>coincidente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fine <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2022. </span></span></div><div class=\"t m0 x0 h2 yeff ff4 fs0 fc0 sc0 ls0 ws0\">Quest\u2019ultimo dato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>740 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fine 2<span class=\"_ _3\"></span>021, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _6\"></span><span class=\"ff1\">-1.756 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ltimi<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 yf4f ff4 fs0 fc0 sc0 ls0 ws0\">mesi <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>origina, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>prodotti <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span><span class=\"ff1\">rivati </span></div><div class=\"t m0 x0 h2 yf50 ff1 fs0 fc0 sc0 ls0 ws0\">degli impieghi e dalla<span class=\"_ _0\"></span> contrazione del Por<span class=\"_ _0\"></span>tafoglio Titoli HTCS<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e9 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 ye6b ff1 fs0 fc0 sc0 ls0 ws0\">La sensitivity del margine di interesse <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nell\u2019ipotesi di variazione di +50, </span>-50 e di +100 punti base dei tassi <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> ammonta alla fin<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y894 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _1d\"> </span>dicembre  2022, <span class=\"_ _1d\"> </span>rispettivamente  a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>633 <span class=\"_ _1d\"> </span>milioni,  a <span class=\"_ _17\"> </span>-<span class=\"ff4\">668 <span class=\"_ _1d\"> </span>milioni  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>251 <span class=\"_ _1d\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Quest\u2019ultimo  dato <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>diminuzione </span></div><div class=\"t m0 x0 h2 y895 ff1 fs0 fc0 sc0 ls0 ws0\">(-1.596 milioni) <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>spetto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>2021, <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>.847 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sulla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _4\"> </span>incide <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y896 ff4 fs0 fc0 sc0 ls0 ws0\">indicizzazione dell\u2019operativit\u00e0<span class=\"_ _0\"></span> con la <span class=\"_ _3\"></span>BCE, operata alla fine del <span class=\"_ _3\"></span>mese ottobre, sia il rialzo dei <span class=\"_ _3\"></span>tassi di mercato di breve t<span class=\"_ _6\"></span><span class=\"ff1\">ermine, </span></div><div class=\"t m0 x0 h2 y897 ff1 fs0 fc0 sc0 ls0 ws0\">che ha determinato un<span class=\"_ _0\"></span>a maggiore reattivit\u00e0 della raccol<span class=\"_ _0\"></span>ta a vista da client<span class=\"_ _0\"></span>ela prevista dal mod<span class=\"_ _0\"></span>ello comportamentale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ye83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y898 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _1d\"> </span>tabella  e <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>grafici  sottostanti <span class=\"_ _1d\"> </span>si  fornisce <span class=\"_ _1d\"> </span>una  r<span class=\"_ _3\"></span>appresentazione  dell\u2019andamento  della <span class=\"_ _18\"> </span><span class=\"ff1\">shift-sensitivity <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valor<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h34 y702 ff1 fs0 fc0 sc0 ls0 ws0\">economico (o shift-sensitivit<span class=\"_ _0\"></span>y del fair value) e della shift-sensitivity<span class=\"ff5\"> </span>del marg<span class=\"_ _0\"></span>ine di interesse.<span class=\"fs12\"> </span></div><div class=\"t m0 x0 h2 y112f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w565 h197\" style=\"left:455.14862px; bottom:132.75851px;\"><div class=\"t m0 xb6 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w566 h197\" style=\"left:245.61462px; bottom:119.81052px;\"><div class=\"t m0 xc2 h8d y9d3 ff5 fse fc2 sc0 ls28 ws0\">2022<span class=\"ls0\"> </span></div></div><div class=\"c w567 h197\" style=\"left:455.14862px; bottom:119.81052px;\"><div class=\"t m0 xd1 h8d y9d3 ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w568 h197\" style=\"left:534.2796px; bottom:119.81052px;\"><div class=\"t m0 x99 h8d y9d3 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c w380 h42\" style=\"left:245.61462px; bottom:104.21051px;\"><div class=\"t m0 x98 h8d y7b9 ff5 fse fc2 sc0 ls42 ws0\">medio<span class=\"ls0\"> </span></div></div><div class=\"c w564 h42\" style=\"left:315.03464px; bottom:104.21051px;\"><div class=\"t m0 xad h8d y7b9 ff5 fse fc2 sc0 ls42 ws0\">minimo<span class=\"ls0\"> </span></div></div><div class=\"c w380 h42\" style=\"left:386.5086px; bottom:104.21051px;\"><div class=\"t m0 x96 h8d y7b9 ff5 fse fc2 sc0 ls42 ws0\">massimo<span class=\"ls0\"> </span></div></div><div class=\"c w563 h115\" style=\"left:-4.050377px; bottom:85.95853px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Shift Sensitivity del Fair Valu<span class=\"_ _3\"></span>e +100 bp<span class=\"ls0\"> </span></div></div><div class=\"c w380 h115\" style=\"left:245.61462px; bottom:85.95853px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.669</span> </div></div><div class=\"c w564 h115\" style=\"left:315.03464px; bottom:85.95853px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.016</span> </div></div><div class=\"c w380 h115\" style=\"left:386.5086px; bottom:85.95853px;\"><div class=\"t m0 x98 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">2.134</span> </div></div><div class=\"c w567 h115\" style=\"left:455.14862px; bottom:85.95853px;\"><div class=\"t m0 xa h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.016</span> </div></div><div class=\"c w568 h115\" style=\"left:534.2796px; bottom:85.95853px;\"><div class=\"t m0 xc h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">1.756</span> </div></div><div class=\"c w563 h5b\" style=\"left:-4.050377px; bottom:67.55051px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">Shift Sensitivity del Margine <span class=\"_ _3\"></span>di <span class=\"ls27\">Interesse <span class=\"ls0\">-<span class=\"_ _3\"></span><span class=\"ls28\">50bp</span> </span></span></div></div><div class=\"c w380 h5b\" style=\"left:245.61462px; bottom:67.55051px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">790</span> </div></div><div class=\"c w564 h5b\" style=\"left:315.03464px; bottom:67.55051px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">641</span> </div></div><div class=\"c w380 h5b\" style=\"left:386.5086px; bottom:67.55051px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">903</span> </div></div><div class=\"c w567 h5b\" style=\"left:455.14862px; bottom:67.55051px;\"><div class=\"t m0 xc h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">668</span> </div></div><div class=\"c w568 h5b\" style=\"left:534.2796px; bottom:67.55051px;\"><div class=\"t m0 x9f h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">880</span> </div></div><div class=\"c w563 h21e\" style=\"left:-4.050377px; bottom:49.45453px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Shift Sensitivity del Margine <span class=\"_ _3\"></span>di Interesse +50bp<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w380 h21e\" style=\"left:245.61462px; bottom:49.45453px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">844<span class=\"ls0\"> </span></div></div><div class=\"c w564 h21e\" style=\"left:315.03464px; bottom:49.45453px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">617<span class=\"ls0\"> </span></div></div><div class=\"c w380 h21e\" style=\"left:386.5086px; bottom:49.45453px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.105<span class=\"ls0\"> </span></div></div><div class=\"c w567 h21e\" style=\"left:455.14862px; bottom:49.45453px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">633<span class=\"ls0\"> </span></div></div><div class=\"c w568 h21e\" style=\"left:534.2796px; bottom:49.45453px;\"><div class=\"t m0 xcc h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">962<span class=\"ls0\"> </span></div></div><div class=\"c w563 h115\" style=\"left:-4.050377px; bottom:31.202515px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Shift Sensitivity del Margine <span class=\"_ _3\"></span>di Interesse +100bp<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w380 h115\" style=\"left:245.61462px; bottom:31.202515px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.179<span class=\"ls0\"> </span></div></div><div class=\"c w564 h115\" style=\"left:315.03464px; bottom:31.202515px;\"><div class=\"t m0 xa5 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">251<span class=\"ls0\"> </span></div></div><div class=\"c w380 h115\" style=\"left:386.5086px; bottom:31.202515px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.094<span class=\"ls0\"> </span></div></div><div class=\"c w567 h115\" style=\"left:455.14862px; bottom:31.202515px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">251<span class=\"ls0\"> </span></div></div><div class=\"c w568 h115\" style=\"left:534.2796px; bottom:31.202515px;\"><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.847<span class=\"ls0\"> </span></div></div>Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nteresse, <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VaR, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>643 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>u<span class=\"_ _5\"></span><span class=\"lsc\">n </span>valore <span class=\"_ _5\"></span>massimo <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>885 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>442 <span class=\"_ _6\"></span>milioni, <span class=\"_ _4\"> </span><span class=\"ff4\">dato <span class=\"_ _6\"> </span>quest\u2019ultimo <span class=\"_ _5\"></span>coincidente <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>quello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fine </span>dicemb<span class=\"ls20\">re</span> <span class=\"_ _16\"> </span><span class=\"ff4\">2022. <span class=\"_ _7\"> </span>Quest\u2019ultimo <span class=\"_ _7\"> </span>dato <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>diminuzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>67 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>2021, <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>509 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _4\"> </span>tale<span class=\"_ _5\"></span></span><span class=\"fc5\"> </span>variazione \u00e8 dovuta i<span class=\"_ _0\"></span>n gran parte alla <span class=\"_ _0\"></span>contrazione dell\u2019esposi<span class=\"_ _0\"></span>zione registrata s<span class=\"_ _0\"></span>oprattutto negli ult<span class=\"_ _0\"></span>imi mesi del 2022. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cambi<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>espresso <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>investimenti <span class=\"_ _2\"></span>partecipativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>divisa <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>(banking <span class=\"_ _5\"></span>book) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VaR, <span class=\"_ _6\"></span>\u00e8 stato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>155 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>74 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>massimo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a 252 <span class=\"_ _2\"></span>milioni, a<span class=\"_ _3\"></span>ttestandosi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>33 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di fine <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>93<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>legata <span class=\"_ _2\"></span>all\u2019incremento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olatilit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lute <span class=\"_ _2\"></span>rublo <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>usso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ste<span class=\"_ _6\"></span><span class=\"ff1\">rlina </span>egiziana.  Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>generato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>azionario <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>registrato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>medio, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di VaR, <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>475 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>valori <span class=\"_ _7\"> </span>massimo <span class=\"_ _7\"> </span>e  m<span class=\"_ _35\"></span>inimo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ari <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>5<span class=\"_ _3\"></span>60 <span class=\"_ _7\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>334  mil<span class=\"_ _35\"></span>ioni, <span class=\"_ _16\"> </span>dato <span class=\"_ _7\"> </span>quest\u2019ultimo coincidente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>33 <span class=\"_ _4\"></span>milioni <span class=\"_ _4\"></span>rispetto <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>a 367 milioni. <span class=\"_ _5\"></span>Ta<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>variazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>dovuta <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>cessioni, <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>mesi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quote relative a diverse partecipate q<span class=\"_ _0\"></span>uotate  Il <span class=\"_ _5\"></span>VAR<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>complessivo, <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>tre <span class=\"_ _5\"></span>componenti <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>descritte <span class=\"_ _2\"></span>(VAR <span class=\"_ _2\"></span>Interesse, <span class=\"_ _2\"></span>VAR <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>VAR <span class=\"_ _2\"></span>Azionario), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>nel corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _4\"> </span>mediamente <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>799 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>massimo <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>1.130 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>ed <span class=\"_ _4\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>minimo <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _4\"> </span>a 5<span class=\"lsc\">75</span> milioni, <span class=\"_ _2\"></span>attestandosi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>639 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>548 <span class=\"_ _3\"></span>milioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>beneficio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversificazione complessiva, <span class=\"_ _3\"></span>legato s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>all<span class=\"_ _2\"></span><span class=\"ls17\">a </span>ricomposizione del portafoglio <span class=\"_ _3\"></span>illustrata in relazione <span class=\"_ _3\"></span>ai singoli <span class=\"_ _3\"></span>rischi (Tasso, <span class=\"_ _3\"></span>Cambio, Investimenti azionari), che <span class=\"_ _3\"></span>all\u2019incr<span class=\"_ _5\"></span><span class=\"ff1\">emento<span class=\"_ _0\"></span> </span>delle volatilit\u00e0 di m<span class=\"_ _0\"></span>ercato. Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>grafico <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>fornisce <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>VAR <span class=\"_ _2\"></span>complessivo <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>sue <span class=\"_ _5\"></span>tre </span>componenti (VAR Intere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>se, VAR Cambio e VAR<span class=\"_ _0\"></span> Azionario).<span class=\"fs12\"> </span>(milioni di euro)<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>medio<span class=\"ls0\"> </span>minimo<span class=\"ls0\"> </span>massimo<span class=\"ls0\"> </span>Value at Risk Tasso d'interesse<span class=\"_ _3\"></span><span class=\"ls0\"> </span>643<span class=\"ls0\"> </span>442<span class=\"ls0\"> </span>885<span class=\"ls0\"> </span>442<span class=\"ls0\"> </span>509<span class=\"ls0\"> </span>Value at Risk Cambio<span class=\"_ _3\"></span><span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>74<span class=\"ls0\"> </span>252<span class=\"ls0\"> </span>126<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Value at Risk Investimenti Az<span class=\"_ _3\"></span>ionari <span class=\"ls0\"> </span>475<span class=\"ls0\"> </span>334<span class=\"ls0\"> </span>560<span class=\"ls0\"> </span>334<span class=\"ls0\"> </span>367<span class=\"ls0\"> </span>Value at Risk complessivo<span class=\"_ _3\"></span><span class=\"ls0\"> </span>799<span class=\"ls0\"> </span>575<span class=\"ls0\"> </span>1.130<span class=\"ls0\"> </span>639<span class=\"ls0\"> </span>548<span class=\"ls0\"> </span>Infine, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>fornisce <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzo, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>me<span class=\"_ _6\"></span><span class=\"ff1\">tte <span class=\"_ _5\"></span>in </span>rilievo <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _6\"> </span>sul <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _5\"></span>Net<span class=\"_ _3\"></span>to, <span class=\"_ _6\"> </span>simulando <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>shock<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>\u00b110%, <span class=\"_ _4\"> </span>del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>minoranza quotato, in gran part<span class=\"_ _0\"></span>e detenuto nella categoria<span class=\"_ _0\"></span> HTCS.  Rischio di prezzo: imp<span class=\"_ _0\"></span>atto sul patrimon<span class=\"_ _0\"></span>io netto (milioni di euro) Impatto sul patrimonio netto al 31.12.2022 Impatto sul patrimonio netto al 30.09.2022 Impatto sul patrimonio netto al 30.06.2022 Impatto sul patrimonio netto al 31.03.2022 impatto sul patrimonio netto al 31.12.2021 Shock di prezzo 10%<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>146<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>Shock di prezzo -<span class=\"ls1c\">10%</span> -<span class=\"ls1c\">73</span> -<span class=\"ls1c\">147</span> -<span class=\"ls1c\">146</span> -<span class=\"ls1c\">166</span> -<span class=\"ls1c\">177</span> 0<span class=\"_ _90\"> </span>200<span class=\"_ _90\"> </span>400<span class=\"_ _90\"> </span>600<span class=\"_ _90\"> </span>800<span class=\"_ _90\"> </span>1000<span class=\"_ _90\"> </span>1200<span class=\"_ _90\"> </span>milioni di eur<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span>Evoluzione mensile <span class=\"_ _3\"></span>del VA<span class=\"_ _0\"></span>R <span class=\"_ _3\"></span>gestion<span class=\"_ _3\"></span>ale complessiv<span class=\"_ _3\"></span>o e delle sue tre component<span class=\"_ _3\"></span>i<span class=\"_ _90\"> </span>VAR_Interes<span class=\"_ _0\"></span>se<span class=\"_ _53\"> </span>VAR_Cambio<span class=\"_ _53\"> </span>VAR_Azionario<span class=\"_ _53\"> </span>VaR TOTALE<span class=\"_ _90\"> </span>1.2.3. RISCHIO DI CAM<span class=\"_ _3\"></span>BIO <span class=\"_ _3\"></span> Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> A. Aspetti generali, proces<span class=\"_ _3\"></span>si<span class=\"fc5\"> </span>di gestione e metodi di <span class=\"_ _3\"></span>misurazione del rischio di cambio<span class=\"_ _3\"></span> Si <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>\u201cRischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio\u201d <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>avverso <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>mbio <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>valute <span class=\"_ _5\"></span>che </span>possa <span class=\"_ _3\"></span>avere <span class=\"_ _3\"></span>impatti ne<span class=\"_ _3\"></span>gativi sia <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio, che <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0, n<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>nch\u00e9 sui ratio patrimoniali. Vengono individuati <span class=\"_ _0\"></span>due tipi di Rischio <span class=\"_ _0\"></span>di Cambio: <span class=\"_ _3\"></span><span class=\"ff2\">Strutturale</span> <span class=\"ls10\">e </span><span class=\"ff2\">T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansattivo<span class=\"ff1\">.<span class=\"ff9\"> </span></span></span>Per<span class=\"ff2\"> <span class=\"_ _3\"></span>Rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _3\"></span>Strutturale</span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>intende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possa avere impatti negativi <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulle riserve camb<span class=\"_ _0\"></span>i che sono parte del P<span class=\"_ _0\"></span>atrimonio netto co<span class=\"_ _0\"></span>nsolidato di Gruppo.<span class=\"_ _3\"></span>  Per <span class=\"_ _2\"></span><span class=\"ff2\">Rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _2\"></span>Transattivo</span> <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>intende<span class=\"ff9\"> <span class=\"_ _3\"></span></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>valute che <span class=\"_ _4\"></span>possa <span class=\"_ _6\"></span>avere <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"></span>negativi <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _4\"></span>convertite <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>divisa <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span>bilancio, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>raccolta, <span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>investimento/disinvestimento <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>ta. <span class=\"_ _3\"></span>Le <span class=\"_ _5\"></span>principali<span class=\"_ _0\"></span> fonti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cambio <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>divisa <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>euro <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>corporate <span class=\"_ _6\"></span>e/o <span class=\"_ _6\"></span>retail;<span class=\"_ _5\"></span> conversione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>moneta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0, <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere, <span class=\"_ _6\"></span>negoziazione <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>divise <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>banconote <span class=\"_ _5\"></span>estere, incasso <span class=\"_ _7\"> </span>e/o <span class=\"_ _7\"> </span>pa<span class=\"_ _3\"></span>gamento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>interessi, <span class=\"_ _7\"> </span>commissioni, <span class=\"_ _7\"> </span>dividendi, <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mministrative <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>divisa, <span class=\"_ _7\"> </span>acquisto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>titoli <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>strumenti finanziari <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rivendita <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>termine, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Rientra <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _5\"></span>transattivo <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad operativit\u00e0 <span class=\"_ _5\"></span>connessa <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>strutturale, <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio<span class=\"_ _2\"></span><span class=\"ff9\"> <span class=\"_ _5\"></span></span>dai <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ividendi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eliberati dalle <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>estere<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>derivante <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _2\"></span>societari <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione delle <span class=\"_ _2\"></span>partecipazioni, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>utili/perdite <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>Filiali <span class=\"_ _2\"></span>estere <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>il Rischio di Cambio<span class=\"ff2\"> Struttural<span class=\"_ _0\"></span>e<span class=\"ff1 ls24\">).<span class=\"ls0\"> </span></span></span>La <span class=\"_ _6\"> </span>Direzione <span class=\"_ _5\"></span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>and <span class=\"_ _6\"> </span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>garantisce <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>misur<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>controllo <span class=\"_ _6\"></span>dell\u2019esposizione <span class=\"_ _5\"></span>di Capogruppo  e <span class=\"_ _16\"> </span>di  Gruppo  al <span class=\"_ _16\"> </span>Rischio  Cambi<span class=\"_ _0\"></span>o  di  Struttu<span class=\"_ _0\"></span>rale;  provvede <span class=\"_ _16\"> </span>al  calcolo  ges<span class=\"_ _0\"></span>tionale  della  O<span class=\"_ _35\"></span>ptimal  Position,  che<span class=\"_ _0\"></span> rappresenta <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>posizione <span class=\"_ _2\"></span>aperta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>movimenti del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di cambio; la <span class=\"_ _3\"></span>Direzione Centrale Market <span class=\"_ _3\"></span>and Financial <span class=\"_ _3\"></span>Risk Management produce, <span class=\"_ _3\"></span>altres\u00ec, le <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>sensitivity del capital r<span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>tio<span class=\"_ _35\"></span> ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _5\"></span>gestionale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _5\"></span>Strutturale, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>progressivo <span class=\"_ _2\"></span>allineamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>LG EBA <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>proposta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Strutturale <span class=\"_ _2\"></span>nell\u2019ambito dei limiti di VAR per i ris<span class=\"_ _0\"></span>chi di mercato. B. Attivit\u00e0 di copertura del rischio di cambio<span class=\"_ _3\"></span> L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Cambio <span class=\"_ _4\"> </span>Strutturale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>attribuisce <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _4\"> </span>poteri <span class=\"_ _4\"> </span>di direzione e coordinam<span class=\"_ _0\"></span>ento in materia <span class=\"_ _0\"></span>al fine di pervenire alla<span class=\"_ _0\"></span> definizione di u<span class=\"_ _0\"></span>na strategia unitaria<span class=\"_ _0\"></span> di Gruppo. <span class=\"_ _2\"></span> Questa <span class=\"_ _7\"> </span>scelta, <span class=\"_ _16\"> </span>coeren<span class=\"ff4\">te <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>ruolo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>interlocutore <span class=\"_ _7\"> </span>istituzionale <span class=\"_ _7\"> </span>dell\u2019Organo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Vigilanza <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Capogruppo, <span class=\"_ _7\"> </span>consente <span class=\"_ _16\"> </span>il </span>presidio <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>linea <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>specifiche <span class=\"_ _6\"> </span>responsabilit\u00e0 <span class=\"_ _6\"> </span>previste <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _6\"> </span>Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>vigilanza <span class=\"_ _6\"> </span>prudenziale, <span class=\"_ _6\"> </span>nonch\u00e9<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>di </span>attenuare e/o gestire<span class=\"_ _0\"></span> in modo appropriato questa ti<span class=\"_ _0\"></span>pologia di rischio. Il <span class=\"_ _3\"></span>presidio e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Strutturale sono <span class=\"_ _3\"></span>svolti, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Direzione Centrale <span class=\"_ _3\"></span>Tesor<span class=\"_ _5\"></span>eria e Finanza di Gruppo d<span class=\"_ _0\"></span>ella Capogruppo, ch<span class=\"_ _0\"></span>e lo gestisce in ottic<span class=\"_ _0\"></span>a di rischio / ren<span class=\"_ _3\"></span>dimento ed ottimizz<span class=\"_ _0\"></span>ando i requisiti di c<span class=\"_ _0\"></span>apitale.<span class=\"ff5 fs12 fc2\"> </span>Il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>copertura del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Transattivo <span class=\"_ _3\"></span>sono svolti, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla Direzione <span class=\"_ _2\"></span>Central<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>Teso<span class=\"_ _5\"></span>reria e Finanza di Gruppo della Capogruppo, e d<span class=\"_ _3\"></span>alla Divisione IMI Corporate &amp; Inv<span class=\"_ _2\"></span>estment Banking per il perimetro di competenza, mentre a livello local<span class=\"_ _0\"></span>e viene effettuato da<span class=\"_ _0\"></span>lle singole funzioni d<span class=\"_ _0\"></span>i tesoreria delle s<span class=\"_ _0\"></span>ociet\u00e0 e banche d<span class=\"_ _0\"></span>el Gruppo.<span class=\"_ _2\"></span> Alla <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>redazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>Bilancio <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>net<span class=\"_ _5\"></span>to, <span class=\"_ _4\"> </span>mentre <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>presenti coperture gestionali <span class=\"_ _0\"></span>del rischio di cambio di<span class=\"_ _0\"></span> attivit\u00e0 e passivit<span class=\"_ _0\"></span>\u00e0 di bilancio relative <span class=\"_ _0\"></span>all\u2019attivit\u00e0 del banking <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ook.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> Le <span class=\"_ _2\"></span>strategie <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>presidi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere, <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>necessitato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>azioni particolari nel contes<span class=\"_ _0\"></span>to conseguente alla <span class=\"_ _0\"></span>pandemia da COVID-19. Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino Il conflitto russo-<span class=\"ff4\">ucraino non ha generato criticit\u00e0 nell\u2019ambito della gestione della<span class=\"_ _3\"></span></span> liquidit\u00e0 in divisa. Limitatamente alle giornate immediatamente successive allo scoppio della guerra sul mercato si \u00e8 r<span class=\"_ _3\"></span>egistrato un incremento del costo del funding in dollar<span class=\"_ _2\"></span><span class=\"ls13\">i </span>quale <span class=\"_ _3\"></span>indicatore di <span class=\"_ _3\"></span>forte avversione a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio e <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>segmento Forex, <span class=\"_ _3\"></span>pur con <span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>iquidit\u00e0 <span class=\"_ _3\"></span>ridotta non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>comunque venuta <span class=\"_ _3\"></span>meno la possibilit\u00e0 di negozia<span class=\"_ _0\"></span>re rubli sul mercato <span class=\"_ _0\"></span>interbancario fatte s<span class=\"_ _0\"></span>alve limitazioni imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste dal regime sa<span class=\"_ _0\"></span>nzionatorio.<span class=\"_ _2\"></span> Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span> 1. Distribuzione per valuta di denominazione delle at<span class=\"_ _3\"></span>tivit\u00e0 e passivit\u00e0 e dei deriva<span class=\"_ _3\"></span>ti  (milioni di eur<span class=\"_ _35\"></span>o) Voci VALUTE Dollaro USA Sterlina<span class=\"_ _0\"></span> Kuna croata Franco svizzero Fiorino ungherese<span class=\"_ _35\"></span> Yen<span class=\"ls0\"> </span>Dollaro australia<span class=\"_ _0\"></span>no Altre valute A. ATTIVI<span class=\"_ _0\"></span>TA' FINA<span class=\"_ _0\"></span>NZIARIE 38.356 3.770 8.660 1.052 5.456 2.700 3.605 17.115 A.1 Titoli di <span class=\"_ _0\"></span>debito 8.194 661<span class=\"ls0\"> </span>848<span class=\"ls0\"> </span>- 1.112 2.457 854<span class=\"ls0\"> </span>3.316 A.2 Titoli di <span class=\"_ _0\"></span>capitale 624<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>5 63<span class=\"ls0\"> </span>2 - - 824<span class=\"ls0\"> </span>A.3 Finanzi<span class=\"_ _0\"></span>amenti a b<span class=\"_ _0\"></span>anche 10.728 623<span class=\"ls0\"> </span>434<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>1.847 48<span class=\"ls0\"> </span>1.441 5.764 A.4 Finanzi<span class=\"_ _0\"></span>amenti a <span class=\"_ _0\"></span>clientela 18.810 2.391 7.373 815<span class=\"ls0\"> </span>2.495 195<span class=\"ls0\"> </span>1.310 7.211 A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finan<span class=\"_ _0\"></span>ziarie - - - - - - - - B. ALTRE <span class=\"_ _0\"></span>ATTIVITA'<span class=\"_ _35\"></span>  3.432 556<span class=\"ls0\"> </span>771<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>204<span class=\"ls0\"> </span>103<span class=\"ls0\"> </span>117<span class=\"ls0\"> </span>2.277 C. PASS<span class=\"_ _0\"></span>IVITA' FINA<span class=\"_ _35\"></span>NZIARIE 40.959 3.147 6.988 995<span class=\"ls0\"> </span>4.769 703<span class=\"ls0\"> </span>2.164 12.218 C.1 Debiti <span class=\"_ _0\"></span>verso banche<span class=\"_ _35\"></span> 20.464 588<span class=\"ls0\"> </span>160<span class=\"ls0\"> </span>185<span class=\"ls0\"> </span>865<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>1.898 1.741 C.2 Debiti <span class=\"_ _0\"></span>verso clientel<span class=\"_ _35\"></span>a 7.025 833<span class=\"ls0\"> </span>6.828 718<span class=\"ls0\"> </span>3.889 28<span class=\"ls0\"> </span>200<span class=\"ls0\"> </span>8.494 C.3 Titoli di<span class=\"_ _0\"></span> debito 13.470 1.726 - 92<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>628<span class=\"ls0\"> </span>66<span class=\"ls0\"> </span>1.983 C.4 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie - - - - - - - - D. ALTRE P<span class=\"_ _35\"></span>ASSIVITA' 1.561 692<span class=\"ls0\"> </span>351<span class=\"ls0\"> </span>118<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>1.468 E. DERIVA<span class=\"_ _0\"></span>TI FINA<span class=\"_ _0\"></span>NZIARI  - Opzioni<span class=\"_ _0\"></span> posizioni lungh<span class=\"_ _35\"></span>e 5.552 133<span class=\"ls0\"> </span>- 53<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>336<span class=\"ls0\"> </span>posizioni co<span class=\"_ _0\"></span>rte 5.711 195<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>69<span class=\"ls0\"> </span>761<span class=\"ls0\"> </span>- Altri derivati<span class=\"_ _35\"></span> - posizioni lungh<span class=\"_ _35\"></span>e 62.767 10.972 12<span class=\"ls0\"> </span>5.946 1.849 3.246 1.501 11.711 posizioni co<span class=\"_ _0\"></span>rte 62.708 11.271 9 6.706 1.960 5.366 3.070 13.524 TOTALE<span class=\"_ _0\"></span> ATTIVITA'<span class=\"_ _35\"></span> 110.107 15.431 9.443 8.038 7.564 6.457 5.288 31.439 TOTALE<span class=\"_ _0\"></span> PASSIVIT<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>' 110.939 15.305 7.348 7.856 6.835 6.436 5.353 27.971 SBILANCIO<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(+/-) -<span class=\"ls25\">832</span> 126<span class=\"ls0\"> </span>2.095 182<span class=\"ls0\"> </span>729<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>-<span class=\"ls25\">65</span> 3.468 La <span class=\"_ _3\"></span>rappresentazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>della \u201cDistribuzione per <span class=\"_ _3\"></span>valuta di <span class=\"_ _3\"></span>denominazione delle a<span class=\"_ _3\"></span>ttivit\u00e0 e <span class=\"_ _3\"></span>passivit\u00e0 e <span class=\"_ _3\"></span>dei derivati\u201d <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tata adegu<span class=\"_ _5\"></span><span class=\"ff1\">ata </span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>visione <span class=\"_ _6\"></span>prudenziale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>meto<span class=\"_ _0\"></span>dologico <span class=\"_ _5\"></span>introdotto <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>EBA Guidelines on the treatm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nt of structural FX <span class=\"_ _0\"></span>under Article 35<span class=\"_ _0\"></span>2(2) of Regulation (EU) No<span class=\"_ _0\"></span> 575/2013 (CRR)<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> A partire dal 1\u00b0 gennai<span class=\"_ _0\"></span>o 2023 la Kuna Croata<span class=\"_ _0\"></span> \u00e8 entrata a far part<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">dell\u2019Area euro e non sar\u00e0<span class=\"_ _0\"></span> oggetto dei fut<span class=\"_ _0\"></span>uri reporting.<span class=\"ff1\"> </span></span>2. Modelli interni ed altre metodologie <span class=\"_ _3\"></span>per l\u2019analisi di sensitivit\u00e0<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>anticipato, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>transattivo, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativo <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>inserita <span class=\"_ _2\"></span>nell\u2019a<span class=\"_ _5\"></span><span class=\"ff1\">mbit<span class=\"lsc\">o </span></span>delle procedure oper<span class=\"_ _0\"></span>ative e delle m<span class=\"_ _0\"></span>etodologie di stima del V<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>R gestionale.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>espresso d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>investimenti p<span class=\"_ _3\"></span>artecipativi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>(banking <span class=\"_ _3\"></span>book), <span class=\"_ _3\"></span>ivi <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gr<span class=\"_ _5\"></span>uppo, origina <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizio <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>VaR <span class=\"_ _5\"></span>(intervallo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _2\"></span>99%, <span class=\"_ _2\"></span>holding <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriod <span class=\"_ _3\"></span>10 <span class=\"_ _5\"></span>giorni) <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>126<span class=\"_ _3\"></span><span class=\"fc5\"> <span class=\"_ _2\"></span></span>milioni. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>impatto potenziale si riflett<span class=\"_ _0\"></span>erebbe unicamente sul P<span class=\"_ _0\"></span>atrimonio netto. <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.96643px;\"><div class=\"t m0 x0 h19a y15a8 ff5 fs1e fc2 sc0 ls0 ws0\">1.3. GLI STRUMENTI DERIVATI E LE POLITICHE DI COPERTURA </div><div class=\"t m0 x0 h19a ybcc ff5 fs1e fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya4 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _3\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>2014, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _3\"></span>autori<span class=\"ff4\">z<span class=\"_ _3\"></span>zata <span class=\"_ _3\"></span>all\u2019utilizzo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>interni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>EPE <span class=\"_ _3\"></span>(Expected <span class=\"_ _2\"></span>Positive <span class=\"_ _3\"></span>Exposure) </span></div><div class=\"t m0 x0 h2 ya5 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controparte. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applica <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>quasi <span class=\"_ _2\"></span>totalit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>por<span class=\"_ _3\"></span>taf<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>glio </div><div class=\"t m0 x0 h2 ya6 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"> </span>derivati <span class=\"_ _7\"> </span>(come <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>ince <span class=\"_ _4\"></span>dalla <span class=\"_ _4\"> </span>tabella <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff4\">ttostante, <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>irca <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>95<span class=\"_ _3\"></span>% <span class=\"_ _4\"> </span>dell\u2019EAD <span class=\"_ _4\"> </span>complessiva <span class=\"_ _4\"> </span>relativa <span class=\"_ _4\"> </span>ai </span></div><div class=\"t m0 x0 h2 ya7 ff1 fs0 fc0 sc0 ls0 ws0\">derivati finanziari e creditizi \u00e8 valutata con <span class=\"_ _3\"></span>modelli EPE). I derivati il cui <span class=\"_ _3\"></span>rischio di controparte \u00e8 misurato con <span class=\"_ _3\"></span>metodi d<span class=\"_ _5\"></span>iversi da<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 ya8 ff1 fs0 fc0 sc0 ls0 ws0\">modelli <span class=\"_ _1d\"> </span>interni <span class=\"_ _1d\"> </span>rappresentano <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>quota <span class=\"_ _17\"> </span>resi<span class=\"_ _3\"></span><span class=\"ff4\">duale <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>portafoglio <span class=\"_ _1d\"> </span>(al <span class=\"_ _17\"> </span>31 <span class=\"_ _1d\"> </span>dicembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _1d\"> </span>pari <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>circa <span class=\"_ _17\"> </span>il <span class=\"_ _1d\"> </span>5% <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ell\u2019EAD<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 ya9 ff1 fs0 fc0 sc0 ls0 ws0\">complessiva) e si rif<span class=\"_ _0\"></span>eriscono a: </div><div class=\"t m0 x0 h2 yaa ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>c<span class=\"_ _3\"></span>ontratti residuali di I<span class=\"_ _0\"></span>ntesa Sanpaolo n<span class=\"_ _0\"></span>on EPE (nel rispetto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle soglie di non mat<span class=\"_ _0\"></span>erialit\u00e0 stabilite<span class=\"_ _0\"></span> da EBA);<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y137 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>EAD generate da tutte le altre banche <span class=\"_ _0\"></span>e societ\u00e0 del gruppo che non seg<span class=\"_ _0\"></span>nalano a modello i<span class=\"_ _0\"></span>nterno.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y12f3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y12f4 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>seguente <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>l\u2019EAD <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>creditizi, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uddiviso <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>metodologia<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y1d8 ff1 fs0 fc0 sc0 ls0 ws0\">valutazione. </div><div class=\"t m0 x0 h24 ya45 ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w26c h12\" style=\"left:438.4566px; bottom:721.9236px;\"><div class=\"t m0 xea h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w576 h230\" style=\"left:-4.050377px; bottom:650.5926px;\"><div class=\"t m0 x41 h59 y1845 ff5 fs17 fc2 sc0 ls0 ws0\">Categorie <span class=\"_ _0\"></span>di transa<span class=\"_ _0\"></span>zioni </div></div><div class=\"c w578 h65\" style=\"left:254.81863px; bottom:704.2956px;\"><div class=\"t m0 x127 h22 y9d3 ff5 fsa fc2 sc0 ls0 ws0\">Exposure at defau<span class=\"_ _35\"></span>lt (EAD) </div></div><div class=\"c w40d h81\" style=\"left:254.81863px; bottom:683.85956px;\"><div class=\"t m0 x4c h22 y732 ff5 fsa fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w26c h81\" style=\"left:438.4566px; bottom:683.85956px;\"><div class=\"t m0 x139 h22 y732 ff5 fsa fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w577 h231\" style=\"left:254.81863px; bottom:650.5926px;\"><div class=\"t m0 xa h22 y1847 ff5 fsa fc2 sc0 ls0 ws0\">Modelli </div><div class=\"t m0 x97 h22 y1786 ff5 fsa fc2 sc0 ls0 ws0\">standardizzati </div></div><div class=\"c w52 h231\" style=\"left:345.32462px; bottom:650.5926px;\"><div class=\"t m0 x1a h22 y1847 ff5 fsa fc2 sc0 ls0 ws0\">Modello interno<span class=\"_ _35\"></span> </div><div class=\"t m0 x49 h22 y1786 ff5 fsa fc2 sc0 ls0 ws0\">(EPE) </div></div><div class=\"c w577 h231\" style=\"left:438.4566px; bottom:650.5926px;\"><div class=\"t m0 xa h22 y1847 ff5 fsa fc2 sc0 ls0 ws0\">Modelli </div><div class=\"t m0 x97 h22 y1786 ff5 fsa fc2 sc0 ls0 ws0\">standardizzati </div></div><div class=\"c w579 h231\" style=\"left:529.13165px; bottom:650.5926px;\"><div class=\"t m0 xdd h22 y1847 ff5 fsa fc2 sc0 ls0 ws0\">Modello interno<span class=\"_ _35\"></span> </div><div class=\"t m0 x104 h22 y1786 ff5 fsa fc2 sc0 ls0 ws0\">(EPE) </div></div><div class=\"c w576 h47\" style=\"left:-4.050377px; bottom:631.0926px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Contratti deri<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>ati  </div></div><div class=\"c w577 h47\" style=\"left:254.81863px; bottom:631.0926px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">666<span class=\"ls0\"> </span></div></div><div class=\"c w52 h47\" style=\"left:345.32462px; bottom:631.0926px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">12.340 </div></div><div class=\"c w577 h47\" style=\"left:438.4566px; bottom:631.0926px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">599<span class=\"ls0\"> </span></div></div><div class=\"c w579 h47\" style=\"left:529.13165px; bottom:631.0926px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">16.270 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.96643px;\"><div class=\"t m0 x0 h116 y11d0 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y105f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2f4 ff1 fs0 fc0 sc0 ls0 ws0\">ll <span class=\"_ _5\"></span>modello <span class=\"_ _6\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _6\"></span>EPE <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>del <span class=\"_ _4\"> </span><span class=\"ff4\">collaterale <span class=\"_ _5\"></span>incassato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>mit<span class=\"_ _3\"></span>igazione <span class=\"_ _2\"></span>dell<span class=\"_ _3\"></span>\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>dell\u2019eventual<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h32 y1061 ff4 fs0 fc0 sc0 ls0 ws0\">collaterale <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>eccesso. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>garanzie <span class=\"_ _2\"></span>ricevute <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>inglobate <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019EAD <span class=\"_ _5\"></span>ammonta <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 yf67 ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _3\"></span>17.7 <span class=\"_ _3\"></span>miliardi, <span class=\"_ _3\"></span>mentre <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>collaterale <span class=\"_ _3\"></span>pagato <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>sulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>18 <span class=\"_ _3\"></span>miliardi <span class=\"_ _3\"></span>(tale <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>comprensivo <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>margini <span class=\"_ _3\"></span>iniziali <span class=\"_ _3\"></span>postati </div><div class=\"t m0 x0 h2 y11b0 ff4 fs0 fc0 sc0 ls0 ws0\">a fronte dell\u2019operativi<span class=\"_ _0\"></span>t\u00e0 con controparti<span class=\"_ _0\"></span> centrali).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h11 y38c ff1 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y58a ff5 fs6 fc2 sc0 ls0 ws0\">1.3.1. Gli strumenti de<span class=\"_ _3\"></span>rivati di negoz<span class=\"_ _3\"></span>iazione<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 he y79a ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he yf6a ff5 fs6 fc2 sc0 ls0 ws0\">A. DERIVATI FINANZIA<span class=\"_ _3\"></span>RI    </div><div class=\"t m0 x0 h24 y128f ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y392 ff5 fs12 fc2 sc0 ls0 ws0\">A.1. Derivati finanziari di negoziaz<span class=\"_ _3\"></span>ione: valori nozionali di fine periodo<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ya50 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w57c h41\" style=\"left:506.9796px; bottom:454.65656px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w57d h232\" style=\"left:-4.050377px; bottom:361.03058px;\"><div class=\"t m0 x41 h8f y162a ff5 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 sottostanti/Tipologie derivati </div></div><div class=\"c w57e h233\" style=\"left:147.91962px; bottom:435.15656px;\"><div class=\"t m0 xc2 h8f y6fe ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w57f h233\" style=\"left:378.86462px; bottom:435.15656px;\"><div class=\"t m0 x123 h8f y6fe ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w580 h1d7\" style=\"left:147.91962px; bottom:418.59457px;\"><div class=\"t m0 xc h8f y1849 ff5 fsf fc2 sc0 ls0 ws0\">Over the counter </div></div><div class=\"c w4e5 h234\" style=\"left:326.42264px; bottom:361.03058px;\"><div class=\"t m0 x14 h8f y184a ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x8 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">organizzati </div></div><div class=\"c w581 h1d7\" style=\"left:378.86462px; bottom:418.59457px;\"><div class=\"t m0 x9f h8f y1849 ff5 fsf fc2 sc0 ls0 ws0\">Over the counter </div></div><div class=\"c w21 h234\" style=\"left:570.6276px; bottom:361.03058px;\"><div class=\"t m0 x97 h8f y184a ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x41 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">organizzati </div></div><div class=\"c w26e h235\" style=\"left:147.91962px; bottom:361.03058px;\"><div class=\"t m0 x41 h8f y958 ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 xae h8f y866 ff5 fsf fc2 sc0 ls0 ws0\">centrali </div></div><div class=\"c w2f2 h1bd\" style=\"left:198.65863px; bottom:393.16656px;\"><div class=\"t m0 x6 h8f y959 ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali </div></div><div class=\"c w2dd h235\" style=\"left:378.86462px; bottom:361.03058px;\"><div class=\"t m0 xa1 h8f y958 ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 x86 h8f y866 ff5 fsf fc2 sc0 ls0 ws0\">centrali </div></div><div class=\"c w4cf h1bd\" style=\"left:443.2926px; bottom:393.16656px;\"><div class=\"t m0 x6 h8f y959 ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali </div></div><div class=\"c w2ca h236\" style=\"left:198.65863px; bottom:361.03058px;\"><div class=\"t m0 x45 h2d y95a ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x41 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2dd h236\" style=\"left:262.61862px; bottom:361.03058px;\"><div class=\"t m0 xdd h2d y95a ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi </div><div class=\"t m0 xd5 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 h2d y326 ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2cb h236\" style=\"left:443.2926px; bottom:361.03058px;\"><div class=\"t m0 x45 h2d y95a ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x41 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2dd h236\" style=\"left:506.9796px; bottom:361.03058px;\"><div class=\"t m0 xdd h2d y95a ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi </div><div class=\"t m0 xd5 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 h2d y326 ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w57a h47\" style=\"left:-4.050377px; bottom:340.90656px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito e tassi d'interesse </div></div><div class=\"c w4e5 h47\" style=\"left:147.91962px; bottom:340.90656px;\"><div class=\"t m0 x87 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.301.865 </div></div><div class=\"c w57b h47\" style=\"left:198.65863px; bottom:340.90656px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">244.096 </div></div><div class=\"c w138 h47\" style=\"left:262.61862px; bottom:340.90656px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">76.402 </div></div><div class=\"c w1b5 h47\" style=\"left:326.42264px; bottom:340.90656px;\"><div class=\"t m0 xae h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">109.527 </div></div><div class=\"c w162 h47\" style=\"left:378.86462px; bottom:340.90656px;\"><div class=\"t m0 x9b h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.933.468 </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:340.90656px;\"><div class=\"t m0 x86 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">255.211 </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:340.90656px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">70.804 </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:340.90656px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">167.501 </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:328.27057px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:328.27057px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:328.27057px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">68.869 </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:328.27057px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7.909 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:328.27057px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.004 </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:328.27057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:328.27057px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">68.964 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:328.27057px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.224 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:328.27057px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.868 </div></div><div class=\"c w57a h1c\" style=\"left:-4.050377px; bottom:315.47858px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h1c\" style=\"left:147.91962px; bottom:315.47858px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.301.865 </div></div><div class=\"c w57b h1c\" style=\"left:198.65863px; bottom:315.47858px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">175.227 </div></div><div class=\"c w138 h1c\" style=\"left:262.61862px; bottom:315.47858px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">66.617 </div></div><div class=\"c w1b5 h1c\" style=\"left:326.42264px; bottom:315.47858px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h1c\" style=\"left:378.86462px; bottom:315.47858px;\"><div class=\"t m0 x9b h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.933.468 </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:315.47858px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">186.247 </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:315.47858px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">63.792 </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:315.47858px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:302.84256px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:302.84256px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:302.84256px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:302.84256px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.607 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:302.84256px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:302.84256px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:302.84256px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:302.84256px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">751<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:302.84256px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:290.20657px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:290.20657px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:290.20657px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:290.20657px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">269<span class=\"ls0\"> </span></div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:290.20657px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">108.523 </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:290.20657px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:290.20657px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:290.20657px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:290.20657px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">160.633 </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:277.57056px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:277.57056px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:277.57056px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:277.57056px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:277.57056px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:277.57056px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:277.57056px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:277.57056px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:277.57056px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h47\" style=\"left:-4.050377px; bottom:258.07056px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale e indici azionari </div></div><div class=\"c w4e5 h47\" style=\"left:147.91962px; bottom:258.07056px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h47\" style=\"left:198.65863px; bottom:258.07056px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">6.570 </div></div><div class=\"c w138 h47\" style=\"left:262.61862px; bottom:258.07056px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">25.435 </div></div><div class=\"c w1b5 h47\" style=\"left:326.42264px; bottom:258.07056px;\"><div class=\"t m0 x96 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5.889 </div></div><div class=\"c w162 h47\" style=\"left:378.86462px; bottom:258.07056px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:258.07056px;\"><div class=\"t m0 x99 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.955 </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:258.07056px;\"><div class=\"t m0 xad h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">28.500 </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:258.07056px;\"><div class=\"t m0 x94 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.480 </div></div><div class=\"c w57a h1c\" style=\"left:-4.050377px; bottom:245.27856px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h1c\" style=\"left:147.91962px; bottom:245.27856px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:198.65863px; bottom:245.27856px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">6.101 </div></div><div class=\"c w138 h1c\" style=\"left:262.61862px; bottom:245.27856px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">25.426 </div></div><div class=\"c w1b5 h1c\" style=\"left:326.42264px; bottom:245.27856px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.961 </div></div><div class=\"c w162 h1c\" style=\"left:378.86462px; bottom:245.27856px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:245.27856px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.948 </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:245.27856px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">28.491 </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:245.27856px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">609<span class=\"ls0\"> </span></div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:232.64258px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:232.64258px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:232.64258px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">469<span class=\"ls0\"> </span></div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:232.64258px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:232.64258px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:232.64258px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:232.64258px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:232.64258px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:232.64258px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:220.00656px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:220.00656px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:220.00656px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:220.00656px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:220.00656px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:220.00656px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:220.00656px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:220.00656px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:220.00656px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:207.37057px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:207.37057px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:207.37057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:207.37057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:207.37057px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.928 </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:207.37057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:207.37057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:207.37057px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:207.37057px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.871 </div></div><div class=\"c w57a h1c\" style=\"left:-4.050377px; bottom:194.57858px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h1c\" style=\"left:147.91962px; bottom:194.57858px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:198.65863px; bottom:194.57858px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:262.61862px; bottom:194.57858px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h1c\" style=\"left:326.42264px; bottom:194.57858px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h1c\" style=\"left:378.86462px; bottom:194.57858px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:194.57858px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:194.57858px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:194.57858px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h5e\" style=\"left:-4.050377px; bottom:175.03958px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3. Valute e oro </div></div><div class=\"c w4e5 h5e\" style=\"left:147.91962px; bottom:175.03958px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h5e\" style=\"left:198.65863px; bottom:175.03958px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">163.959 </div></div><div class=\"c w138 h5e\" style=\"left:262.61862px; bottom:175.03958px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">17.532 </div></div><div class=\"c w1b5 h5e\" style=\"left:326.42264px; bottom:175.03958px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">209<span class=\"ls0\"> </span></div></div><div class=\"c w162 h5e\" style=\"left:378.86462px; bottom:175.03958px;\"><div class=\"t m0 xa h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w3c7 h5e\" style=\"left:443.2926px; bottom:175.03958px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">170.930 </div></div><div class=\"c w138 h5e\" style=\"left:506.9796px; bottom:175.03958px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">17.670 </div></div><div class=\"c w2b8 h5e\" style=\"left:570.6276px; bottom:175.03958px;\"><div class=\"t m0 x94 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.005 </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:162.40356px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:162.40356px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:162.40356px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">27.688 </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:162.40356px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.282 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:162.40356px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:162.40356px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:162.40356px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">22.674 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:162.40356px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.186 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:162.40356px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">89<span class=\"ls0\"> </span></div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:149.76756px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:149.76756px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:149.76756px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">37.274 </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:149.76756px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.952 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:149.76756px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:149.76756px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">95<span class=\"ls0\"> </span></div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:149.76756px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">44.619 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:149.76756px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4.450 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:149.76756px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:137.13158px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:137.13158px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:137.13158px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">98.710 </div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:137.13158px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">12.425 </div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:137.13158px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:137.13158px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:137.13158px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">103.454 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:137.13158px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">11.258 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:137.13158px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.901 </div></div><div class=\"c w57a h1c\" style=\"left:-4.050377px; bottom:124.33957px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h1c\" style=\"left:147.91962px; bottom:124.33957px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:198.65863px; bottom:124.33957px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:262.61862px; bottom:124.33957px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h1c\" style=\"left:326.42264px; bottom:124.33957px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w162 h1c\" style=\"left:378.86462px; bottom:124.33957px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:124.33957px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:124.33957px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:124.33957px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w57a h12\" style=\"left:-4.050377px; bottom:111.70357px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h12\" style=\"left:147.91962px; bottom:111.70357px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:198.65863px; bottom:111.70357px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">287<span class=\"ls0\"> </span></div></div><div class=\"c w138 h12\" style=\"left:262.61862px; bottom:111.70357px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">873<span class=\"ls0\"> </span></div></div><div class=\"c w1b5 h12\" style=\"left:326.42264px; bottom:111.70357px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h12\" style=\"left:378.86462px; bottom:111.70357px;\"><div class=\"t m0 xa2 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:111.70357px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">183<span class=\"ls0\"> </span></div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:111.70357px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">776<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:111.70357px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h47\" style=\"left:-4.050377px; bottom:92.20357px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4. Merci </div></div><div class=\"c w4e5 h47\" style=\"left:147.91962px; bottom:92.20357px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h47\" style=\"left:198.65863px; bottom:92.20357px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4.043 </div></div><div class=\"c w138 h47\" style=\"left:262.61862px; bottom:92.20357px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.079 </div></div><div class=\"c w1b5 h47\" style=\"left:326.42264px; bottom:92.20357px;\"><div class=\"t m0 x96 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.640 </div></div><div class=\"c w162 h47\" style=\"left:378.86462px; bottom:92.20357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:92.20357px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3.070 </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:92.20357px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.074 </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:92.20357px;\"><div class=\"t m0 x94 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.698 </div></div><div class=\"c w57a h47\" style=\"left:-4.050377px; bottom:72.70357px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">5. Altri </div></div><div class=\"c w4e5 h47\" style=\"left:147.91962px; bottom:72.70357px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h47\" style=\"left:198.65863px; bottom:72.70357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h47\" style=\"left:262.61862px; bottom:72.70357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1b5 h47\" style=\"left:326.42264px; bottom:72.70357px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w162 h47\" style=\"left:378.86462px; bottom:72.70357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:72.70357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:72.70357px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:72.70357px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57a h47\" style=\"left:-4.050377px; bottom:53.203568px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w4e5 h47\" style=\"left:147.91962px; bottom:53.203568px;\"><div class=\"t m0 x87 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.301.865 </div></div><div class=\"c w57b h47\" style=\"left:198.65863px; bottom:53.203568px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">418.668 </div></div><div class=\"c w138 h47\" style=\"left:262.61862px; bottom:53.203568px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">120.448 </div></div><div class=\"c w1b5 h47\" style=\"left:326.42264px; bottom:53.203568px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">117.265 </div></div><div class=\"c w162 h47\" style=\"left:378.86462px; bottom:53.203568px;\"><div class=\"t m0 x9b h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.933.564 </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:53.203568px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">434.166 </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:53.203568px;\"><div class=\"t m0 x86 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">118.048 </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:53.203568px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">173.684 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.96643px;\"><div class=\"t m0 x0 h61 y184e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hb y152b ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5c6 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>nozionali esposti <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>colonna Over <span class=\"_ _5\"></span>the counter <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Controparti centrali <span class=\"_ _3\"></span>afferiscono <span class=\"_ _3\"></span>a d<span class=\"_ _3\"></span>erivati di<span class=\"_ _3\"></span> tasso </div><div class=\"t m0 x0 h2 yf93 ff1 fs0 fc0 sc0 ls0 ws0\">regolati tramite com<span class=\"_ _0\"></span>pensatori legali pe<span class=\"_ _0\"></span>r 2.302 miliardi </div><div class=\"t m0 x0 h57 y184f ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-555.13245px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">A.2. Derivati finanziari di negoziaz<span class=\"_ _3\"></span>ione: fair value lordo positivo e negativo <span class=\"_ _3\"></span><span class=\"ff6\">\u2013</span> ripa<span class=\"_ _3\"></span>rtizione per prodotti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 y6c8 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w585 h152\" style=\"left:492.2766px; bottom:417.34558px;\"><div class=\"t m0 x4c h2 y6ff ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w582 h237\" style=\"left:-6.5463715px; bottom:341.21753px;\"><div class=\"t m0 x8 h2 ya69 ff5 fsf fc2 sc0 ls0 ws0\">Tipologie derivati<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w586 h11b\" style=\"left:100.49562px; bottom:402.99353px;\"><div class=\"t m0 xea h2 y1433 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w587 h11b\" style=\"left:361.70462px; bottom:402.99353px;\"><div class=\"t m0 xea h2 y1433 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w588 h189\" style=\"left:100.49562px; bottom:388.48553px;\"><div class=\"t m0 xc9 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">Over the counter<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w465 h238\" style=\"left:306.14264px; bottom:341.21753px;\"><div class=\"t m0 x88 h8f y14f7 ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x45 h2 y179f ff5 fsf fc2 sc0 ls0 ws0\">organizzati<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w588 h189\" style=\"left:361.70462px; bottom:388.48553px;\"><div class=\"t m0 x4b h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">Over the counter<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w463 h238\" style=\"left:566.8836px; bottom:341.21753px;\"><div class=\"t m0 x88 h8f y14f7 ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x45 h2 y179f ff5 fsf fc2 sc0 ls0 ws0\">organizzati<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w9e h145\" style=\"left:100.49562px; bottom:341.21753px;\"><div class=\"t m0 x45 h8f y1137 ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 x95 h2 y1722 ff5 fsf fc2 sc0 ls0 ws0\">centrali<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w589 h239\" style=\"left:157.25388px; bottom:367.11353px;\"><div class=\"t m0 x94 h2 yea4 ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w9e h145\" style=\"left:361.70462px; bottom:341.21753px;\"><div class=\"t m0 x45 h8f y1137 ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 x95 h2 y1722 ff5 fsf fc2 sc0 ls0 ws0\">centrali<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w589 h239\" style=\"left:419.73663px; bottom:367.11353px;\"><div class=\"t m0 x94 h2 yea4 ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w64 h23a\" style=\"left:157.25388px; bottom:341.21753px;\"><div class=\"t m0 x6 h2d y868 ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x1a h2 y7c9 ff1 fsf fc2 sc0 ls0 ws0\">compensazione<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h23a\" style=\"left:230.01462px; bottom:341.21753px;\"><div class=\"t m0 xdd h2d y868 ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi di </div><div class=\"t m0 x87 h2 y7c9 ff1 fsf fc2 sc0 ls0 ws0\">compensazione<span class=\"fs0\"> </span></div></div><div class=\"c w37f h23a\" style=\"left:419.73663px; bottom:341.21753px;\"><div class=\"t m0 x6 h2d y868 ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x1a h2 y7c9 ff1 fsf fc2 sc0 ls0 ws0\">compensazione<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h23a\" style=\"left:492.2766px; bottom:341.21753px;\"><div class=\"t m0 xdd h2d y868 ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi di </div><div class=\"t m0 x87 h2 y7c9 ff1 fsf fc2 sc0 ls0 ws0\">compensazione<span class=\"fs0\"> </span></div></div><div class=\"c w582 h41\" style=\"left:-6.5463715px; bottom:324.36957px;\"><div class=\"t m0 x8 h2 y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1. Fair value positivo<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:310.01758px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:310.01758px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:310.01758px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.580<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:310.01758px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">594<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:310.01758px;\"><div class=\"t m0 x98 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">54<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:310.01758px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:310.01758px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.750<span class=\"fs0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:310.01758px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">789<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:310.01758px;\"><div class=\"t m0 x99 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:295.50958px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">b) Interest rate swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:295.50958px;\"><div class=\"t m0 x9a h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">83.520<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:295.50958px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9.334<span class=\"fs0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:295.50958px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.649<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:295.50958px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:295.50958px;\"><div class=\"t m0 x9a h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">39.039<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:295.50958px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">9.181<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:295.50958px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.331<span class=\"fs0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:295.50958px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h70\" style=\"left:-6.5463715px; bottom:273.51355px;\"><div class=\"t m0 x88 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Cross currency </div><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de h70\" style=\"left:100.49562px; bottom:273.51355px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h70\" style=\"left:157.25388px; bottom:273.51355px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.599<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h70\" style=\"left:230.01462px; bottom:273.51355px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">201<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h70\" style=\"left:306.14264px; bottom:273.51355px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h70\" style=\"left:361.70462px; bottom:273.51355px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h70\" style=\"left:419.73663px; bottom:273.51355px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.250<span class=\"fs0\"> </span></div></div><div class=\"c wa8 h70\" style=\"left:492.2766px; bottom:273.51355px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">272<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h70\" style=\"left:566.8836px; bottom:273.51355px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:259.00555px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Equity swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:259.00555px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:259.00555px;\"><div class=\"t m0 xc h2 y6e4 ff1 fsf fc2 sc0 ls1c ws0\">21<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:259.00555px;\"><div class=\"t m0 x4a h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:259.00555px;\"><div class=\"t m0 xd h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:259.00555px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:259.00555px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:259.00555px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:259.00555px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:244.65356px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">e) Forward<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:244.65356px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:244.65356px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.886<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:244.65356px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">232<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:244.65356px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:244.65356px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:244.65356px;\"><div class=\"t m0 xd5 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">890<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:244.65356px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">108<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:244.65356px;\"><div class=\"t m0 xd h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">8<span class=\"fs0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:230.14557px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">f) Futures<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:230.14557px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:230.14557px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:230.14557px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:230.14557px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:230.14557px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:230.14557px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:230.14557px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:230.14557px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:215.79358px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">g) Altri<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:215.79358px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:215.79358px;\"><div class=\"t m0 xd5 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">723<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:215.79358px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">170<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:215.79358px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:215.79358px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:215.79358px;\"><div class=\"t m0 xd5 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">757<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:215.79358px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">190<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:215.79358px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h47\" style=\"left:-6.5463715px; bottom:196.29358px;\"><div class=\"t m0 x8 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:100.49562px; bottom:196.29358px;\"><div class=\"t m0 x9a h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">83.520<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w583 h47\" style=\"left:157.25388px; bottom:196.29358px;\"><div class=\"t m0 xd9 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">15.143<span class=\"ff1 fs0\"> </span></div></div><div class=\"c wa9 h47\" style=\"left:230.01462px; bottom:196.29358px;\"><div class=\"t m0 xa4 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">2.848<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w584 h47\" style=\"left:306.14264px; bottom:196.29358px;\"><div class=\"t m0 x98 h2 ye6d ff5 fsf fc2 sc0 ls1c ws0\">55<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:361.70462px; bottom:196.29358px;\"><div class=\"t m0 x9a h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">39.039<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w583 h47\" style=\"left:419.73663px; bottom:196.29358px;\"><div class=\"t m0 xd9 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">13.828<span class=\"ff1 fs0\"> </span></div></div><div class=\"c wa8 h47\" style=\"left:492.2766px; bottom:196.29358px;\"><div class=\"t m0 xa4 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">6.690<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w463 h47\" style=\"left:566.8836px; bottom:196.29358px;\"><div class=\"t m0 x99 h2 ye6d ff5 fsf fc2 sc0 ls1c ws0\">34<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w582 h152\" style=\"left:-6.5463715px; bottom:181.74658px;\"><div class=\"t m0 x8 h2 y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2. Fair value negativo<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:167.39453px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:167.39453px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:167.39453px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.803<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:167.39453px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">6.320<span class=\"fs0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:167.39453px;\"><div class=\"t m0 x98 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">44<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:167.39453px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:167.39453px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.815<span class=\"fs0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:167.39453px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">6.365<span class=\"fs0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:167.39453px;\"><div class=\"t m0 x99 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:152.88654px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">b) Interest rate swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:152.88654px;\"><div class=\"t m0 x9a h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">80.573<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:152.88654px;\"><div class=\"t m0 xd9 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">10.223<span class=\"fs0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:152.88654px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.824<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:152.88654px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:152.88654px;\"><div class=\"t m0 x9a h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">39.252<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:152.88654px;\"><div class=\"t m0 xd9 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">13.298<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:152.88654px;\"><div class=\"t m0 x9c h2 y6e4 ff1 fsf fc2 sc0 ls1c ws0\">801<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:152.88654px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h70\" style=\"left:-6.5463715px; bottom:130.89056px;\"><div class=\"t m0 x88 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">c) Cross currency </div><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de h70\" style=\"left:100.49562px; bottom:130.89056px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h70\" style=\"left:157.25388px; bottom:130.89056px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.443<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h70\" style=\"left:230.01462px; bottom:130.89056px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">878<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h70\" style=\"left:306.14264px; bottom:130.89056px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h70\" style=\"left:361.70462px; bottom:130.89056px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h70\" style=\"left:419.73663px; bottom:130.89056px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.127<span class=\"fs0\"> </span></div></div><div class=\"c wa8 h70\" style=\"left:492.2766px; bottom:130.89056px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">864<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h70\" style=\"left:566.8836px; bottom:130.89056px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:116.38257px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Equity swap<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:116.38257px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:116.38257px;\"><div class=\"t m0 xc h2 y6e4 ff1 fsf fc2 sc0 ls1c ws0\">21<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:116.38257px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:116.38257px;\"><div class=\"t m0 xd h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:116.38257px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:116.38257px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:116.38257px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:116.38257px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:102.03058px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">e) Forward<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:102.03058px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:102.03058px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.323<span class=\"fs0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:102.03058px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">365<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:102.03058px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:102.03058px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:102.03058px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">1.146<span class=\"fs0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:102.03058px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">212<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:102.03058px;\"><div class=\"t m0 x99 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w582 hbb\" style=\"left:-6.5463715px; bottom:87.52258px;\"><div class=\"t m0 x88 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">f) Futures<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:100.49562px; bottom:87.52258px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:157.25388px; bottom:87.52258px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa9 hbb\" style=\"left:230.01462px; bottom:87.52258px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w584 hbb\" style=\"left:306.14264px; bottom:87.52258px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de hbb\" style=\"left:361.70462px; bottom:87.52258px;\"><div class=\"t m0 xa4 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 hbb\" style=\"left:419.73663px; bottom:87.52258px;\"><div class=\"t m0 x9f h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c wa8 hbb\" style=\"left:492.2766px; bottom:87.52258px;\"><div class=\"t m0 x139 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w463 hbb\" style=\"left:566.8836px; bottom:87.52258px;\"><div class=\"t m0 x48 h2 y6e4 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h18a\" style=\"left:-6.5463715px; bottom:73.17053px;\"><div class=\"t m0 x88 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">g) Altri<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:100.49562px; bottom:73.17053px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:157.25388px; bottom:73.17053px;\"><div class=\"t m0 xd5 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">558<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa9 h18a\" style=\"left:230.01462px; bottom:73.17053px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">186<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w584 h18a\" style=\"left:306.14264px; bottom:73.17053px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w1de h18a\" style=\"left:361.70462px; bottom:73.17053px;\"><div class=\"t m0 xa4 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w583 h18a\" style=\"left:419.73663px; bottom:73.17053px;\"><div class=\"t m0 xd5 h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">752<span class=\"fs0 ls0\"> </span></div></div><div class=\"c wa8 h18a\" style=\"left:492.2766px; bottom:73.17053px;\"><div class=\"t m0 x9c h2 y767 ff1 fsf fc2 sc0 ls1c ws0\">422<span class=\"fs0 ls0\"> </span></div></div><div class=\"c w463 h18a\" style=\"left:566.8836px; bottom:73.17053px;\"><div class=\"t m0 x48 h2 y767 ff1 fsf fc2 sc0 ls0 ws0\">-<span class=\"fs0\"> </span></div></div><div class=\"c w582 h47\" style=\"left:-6.5463715px; bottom:53.670532px;\"><div class=\"t m0 x8 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">Totale<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:100.49562px; bottom:53.670532px;\"><div class=\"t m0 x9a h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">80.573<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w583 h47\" style=\"left:157.25388px; bottom:53.670532px;\"><div class=\"t m0 xd9 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">15.371<span class=\"ff1 fs0\"> </span></div></div><div class=\"c wa9 h47\" style=\"left:230.01462px; bottom:53.670532px;\"><div class=\"t m0 xb h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">11.573<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w584 h47\" style=\"left:306.14264px; bottom:53.670532px;\"><div class=\"t m0 x98 h2 ye6d ff5 fsf fc2 sc0 ls1c ws0\">45<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w1de h47\" style=\"left:361.70462px; bottom:53.670532px;\"><div class=\"t m0 x9a h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">39.252<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w583 h47\" style=\"left:419.73663px; bottom:53.670532px;\"><div class=\"t m0 xd9 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">18.138<span class=\"ff1 fs0\"> </span></div></div><div class=\"c wa8 h47\" style=\"left:492.2766px; bottom:53.670532px;\"><div class=\"t m0 xa4 h2 ye6d ff5 fsf fc2 sc0 ls0 ws0\">8.664<span class=\"ff1 fs0\"> </span></div></div><div class=\"c w463 h47\" style=\"left:566.8836px; bottom:53.670532px;\"><div class=\"t m0 x99 h2 ye6d ff5 fsf fc2 sc0 ls1c ws0\">35<span class=\"ff1 fs0 ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-238.52893px;\"><div class=\"t m0 x0 h113 y6c7 ff6 fs12 fc2 sc0 ls0 ws0\">A.3. <span class=\"_ _4\"> </span>Derivati <span class=\"_ _7\"> </span>finanziari <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>\u201cover <span class=\"_ _4\"> </span>the <span class=\"_ _7\"> </span>counter\u201d: <span class=\"_ _7\"> </span>valori <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ozionali <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>lordo <span class=\"_ _4\"> </span>positivo <span class=\"_ _4\"> </span>e </div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">negativo per controparti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h61 ya60 ff1 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w58c h65\" style=\"left:460.60864px; bottom:716.47705px;\"><div class=\"t m0 x120 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h40\" style=\"left:-4.050377px; bottom:684.34106px;\"><div class=\"t m0 x41 ha y76d ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 sottostan<span class=\"_ _3\"></span>ti  </div></div><div class=\"c w1d0 h40\" style=\"left:300.3706px; bottom:684.34106px;\"><div class=\"t m0 x94 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 xb ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">centrali </div></div><div class=\"c w58b h40\" style=\"left:380.1126px; bottom:684.34106px;\"><div class=\"t m0 xd9 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Banche </div></div><div class=\"c w58d h40\" style=\"left:460.60864px; bottom:684.34106px;\"><div class=\"t m0 x14 ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m0 x86 ha y6e8 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div></div><div class=\"c w58e h40\" style=\"left:540.05164px; bottom:684.34106px;\"><div class=\"t m0 xae ha ya11 ff5 fs4 fc2 sc0 ls0 ws0\">Altri soggetti<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h41\" style=\"left:-4.050377px; bottom:667.80505px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Contratti non rien<span class=\"_ _3\"></span>tranti in accordi <span class=\"_ _3\"></span>di compensazion<span class=\"_ _3\"></span>e </div></div><div class=\"c w58a h83\" style=\"left:-4.050377px; bottom:646.2771px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1) Titoli di debit<span class=\"_ _3\"></span>o e tassi d'interesse<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:632.7051px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:632.7051px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:632.7051px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.982 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:632.7051px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">16.278 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:632.7051px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">58.142 </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:618.97705px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:618.97705px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:618.97705px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">288<span class=\"ls0\"> </span></div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:618.97705px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">120<span class=\"ls0\"> </span></div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:618.97705px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.339 </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:605.4051px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:605.4051px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:605.4051px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-235 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:605.4051px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-502 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:605.4051px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3.555 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:585.9051px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2) Titoli di capitale <span class=\"_ _3\"></span>e indici azionari<span class=\"_ _3\"></span> </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:572.17706px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:572.17706px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:572.17706px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">14.300 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:572.17706px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5.362 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:572.17706px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5.773 </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:558.60504px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:558.60504px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:558.60504px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">518<span class=\"ls0\"> </span></div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:558.60504px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:558.60504px;\"><div class=\"t m0 xc9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:544.8771px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:544.8771px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:544.8771px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-841 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:544.8771px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-160 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:544.8771px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-5.009 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:525.3771px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3) Valute e oro<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:511.80505px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:511.80505px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:511.80505px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.352 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:511.80505px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.961 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:511.80505px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">13.219 </div></div><div class=\"c w58a hdc\" style=\"left:-4.050377px; bottom:498.0381px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hdc\" style=\"left:300.3706px; bottom:498.0381px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hdc\" style=\"left:380.1126px; bottom:498.0381px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w58d hdc\" style=\"left:460.60864px; bottom:498.0381px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w58e hdc\" style=\"left:540.05164px; bottom:498.0381px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">345<span class=\"ls0\"> </span></div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:484.46606px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:484.46606px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:484.46606px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-668 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:484.46606px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">31</span> </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:484.46606px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-397 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:464.96606px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4) Merci </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:451.2381px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:451.2381px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:451.2381px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:451.2381px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">114<span class=\"ls0\"> </span></div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:451.2381px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">965<span class=\"ls0\"> </span></div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:437.66608px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:437.66608px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:437.66608px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:437.66608px;\"><div class=\"t m0 xc9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:437.66608px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">139<span class=\"ls0\"> </span></div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:423.93805px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:423.93805px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:423.93805px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:423.93805px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">19</span> </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:423.93805px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-156 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:404.43805px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5) Altri </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:390.8661px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:390.8661px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:390.8661px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:390.8661px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:390.8661px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:377.13806px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:377.13806px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:377.13806px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:377.13806px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:377.13806px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:363.56604px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:363.56604px;\"><div class=\"t m0 x122 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:363.56604px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:363.56604px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:363.56604px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a hb5\" style=\"left:-4.050377px; bottom:335.17407px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Contratti rientran<span class=\"_ _3\"></span>ti in accordi di <span class=\"_ _3\"></span>compensazione<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:315.67407px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">1) Titoli di debit<span class=\"_ _3\"></span>o e tassi d'interesse<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:302.10205px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:302.10205px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.301.865 </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:302.10205px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">171.158 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:302.10205px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">58.904 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:302.10205px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">14.034 </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:288.37408px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:288.37408px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">83.520 </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:288.37408px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">6.514 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:288.37408px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3.523 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:288.37408px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">315<span class=\"ls0\"> </span></div></div><div class=\"c w58a h27\" style=\"left:-4.050377px; bottom:274.77606px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h27\" style=\"left:300.3706px; bottom:274.77606px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-80.573 </div></div><div class=\"c w58b h27\" style=\"left:380.1126px; bottom:274.77606px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-8.639 </div></div><div class=\"c w58d h27\" style=\"left:460.60864px; bottom:274.77606px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.505 </div></div><div class=\"c w58e h27\" style=\"left:540.05164px; bottom:274.77606px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.072 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:255.27606px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2) Titoli di capitale <span class=\"_ _3\"></span>e indici azionari<span class=\"_ _3\"></span> </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:241.54807px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:241.54807px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:241.54807px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.490 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:241.54807px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">4.065 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:241.54807px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:227.97607px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:227.97607px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:227.97607px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">134<span class=\"ls0\"> </span></div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:227.97607px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">64<span class=\"ls0\"> </span></div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:227.97607px;\"><div class=\"t m0 xc9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:214.24808px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:214.24808px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:214.24808px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-101 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:214.24808px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-330 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:214.24808px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:194.74808px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3) Valute e oro<span class=\"_ _3\"></span> </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:181.17606px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:181.17606px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:181.17606px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">118.496 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:181.17606px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">34.311 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:181.17606px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">11.152 </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:167.44806px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:167.44806px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:167.44806px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.610 </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:167.44806px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">867<span class=\"ls0\"> </span></div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:167.44806px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">394<span class=\"ls0\"> </span></div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:153.87607px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:153.87607px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:153.87607px;\"><div class=\"t m0 x43 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.829 </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:153.87607px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-659 </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:153.87607px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-676 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:134.37607px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">4) Merci </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:120.64807px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:120.64807px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:120.64807px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">350<span class=\"ls0\"> </span></div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:120.64807px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.725 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:120.64807px;\"><div class=\"t m0 xd5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.968 </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:107.07608px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:107.07608px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:107.07608px;\"><div class=\"t m0 x139 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:107.07608px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">219<span class=\"ls0\"> </span></div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:107.07608px;\"><div class=\"t m0 x49 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">452<span class=\"ls0\"> </span></div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:93.34808px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:93.34808px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:93.34808px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">38</span> </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:93.34808px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-189 </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:93.34808px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-333 </div></div><div class=\"c w58a h47\" style=\"left:-4.050377px; bottom:73.84808px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">5) Altri </div></div><div class=\"c w58a h18\" style=\"left:-4.050377px; bottom:60.276062px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h18\" style=\"left:300.3706px; bottom:60.276062px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h18\" style=\"left:380.1126px; bottom:60.276062px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d h18\" style=\"left:460.60864px; bottom:60.276062px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e h18\" style=\"left:540.05164px; bottom:60.276062px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a hc3\" style=\"left:-4.050377px; bottom:46.548065px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 hc3\" style=\"left:300.3706px; bottom:46.548065px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b hc3\" style=\"left:380.1126px; bottom:46.548065px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d hc3\" style=\"left:460.60864px; bottom:46.548065px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e hc3\" style=\"left:540.05164px; bottom:46.548065px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58a h27\" style=\"left:-4.050377px; bottom:32.937073px;\"><div class=\"t m0 x12 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3\"></span> </div></div><div class=\"c w1d0 h27\" style=\"left:300.3706px; bottom:32.937073px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58b h27\" style=\"left:380.1126px; bottom:32.937073px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58d h27\" style=\"left:460.60864px; bottom:32.937073px;\"><div class=\"t m0 x4b hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58e h27\" style=\"left:540.05164px; bottom:32.937073px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.43518px;\"><div class=\"t m0 x0 h57 y6c7 ff6 fs12 fc2 sc0 ls0 ws0\">A.4. Vita residua dei deriva<span class=\"_ _3\"></span>ti finanziari \u201cover the counter\u201d<span class=\"_ _3\"></span>: valori nozionali <span class=\"_ _3\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y6c8 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w30e h77\" style=\"left:450.93665px; bottom:865.9228px;\"><div class=\"t m0 x7a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w590 h23b\" style=\"left:-4.050377px; bottom:831.9148px;\"><div class=\"t m0 x41 h59 y75a ff5 fs17 fc2 sc0 ls0 ws0\">Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua </div></div><div class=\"c w110 h23b\" style=\"left:282.7426px; bottom:831.9148px;\"><div class=\"t m0 x1a h59 y75a ff5 fs17 fc2 sc0 ls0 ws0\">Fino ad 1 <span class=\"_ _0\"></span>anno </div></div><div class=\"c w3f8 h23b\" style=\"left:366.69662px; bottom:831.9148px;\"><div class=\"t m0 x6 h59 y75a ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 1 a<span class=\"_ _0\"></span>nno e </div><div class=\"t m0 x95 h59 yea4 ff5 fs17 fc2 sc0 ls0 ws0\">fino a 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w110 h23b\" style=\"left:450.93665px; bottom:831.9148px;\"><div class=\"t m0 x94 h59 y75a ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w591 h23b\" style=\"left:535.37164px; bottom:831.9148px;\"><div class=\"t m0 xa h59 y75a ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w590 h42\" style=\"left:-4.050377px; bottom:816.3148px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi di interes<span class=\"_ _0\"></span>se </div></div><div class=\"c w110 h42\" style=\"left:282.7426px; bottom:816.3148px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">847.618 </div></div><div class=\"c w3f8 h42\" style=\"left:366.69662px; bottom:816.3148px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.021.245<span class=\"_ _0\"></span> </div></div><div class=\"c w110 h42\" style=\"left:450.93665px; bottom:816.3148px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">753.500 </div></div><div class=\"c w591 h42\" style=\"left:535.37164px; bottom:816.3148px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.622.363<span class=\"_ _0\"></span> </div></div><div class=\"c w590 h11d\" style=\"left:-4.050377px; bottom:800.87085px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.2 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i capitale e<span class=\"_ _0\"></span>d indici<span class=\"_ _0\"></span> azionari </div></div><div class=\"c w110 h11d\" style=\"left:282.7426px; bottom:800.87085px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">11.182 </div></div><div class=\"c w3f8 h11d\" style=\"left:366.69662px; bottom:800.87085px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">19.440 </div></div><div class=\"c w110 h11d\" style=\"left:450.93665px; bottom:800.87085px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.383 </div></div><div class=\"c w591 h11d\" style=\"left:535.37164px; bottom:800.87085px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">32.005 </div></div><div class=\"c w590 h11d\" style=\"left:-4.050377px; bottom:785.4268px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.3 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su valu<span class=\"_ _0\"></span>te e oro </div></div><div class=\"c w110 h11d\" style=\"left:282.7426px; bottom:785.4268px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">129.901 </div></div><div class=\"c w3f8 h11d\" style=\"left:366.69662px; bottom:785.4268px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">38.991 </div></div><div class=\"c w110 h11d\" style=\"left:450.93665px; bottom:785.4268px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">12.599 </div></div><div class=\"c w591 h11d\" style=\"left:535.37164px; bottom:785.4268px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">181.491 </div></div><div class=\"c w590 h11d\" style=\"left:-4.050377px; bottom:769.98285px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su merci </div></div><div class=\"c w110 h11d\" style=\"left:282.7426px; bottom:769.98285px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.632 </div></div><div class=\"c w3f8 h11d\" style=\"left:366.69662px; bottom:769.98285px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.490 </div></div><div class=\"c w110 h11d\" style=\"left:450.93665px; bottom:769.98285px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w591 h11d\" style=\"left:535.37164px; bottom:769.98285px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.122 </div></div><div class=\"c w590 h11d\" style=\"left:-4.050377px; bottom:754.5388px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.5 Altri der<span class=\"_ _0\"></span>ivati finan<span class=\"_ _0\"></span>ziari  </div></div><div class=\"c w110 h11d\" style=\"left:282.7426px; bottom:754.5388px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3f8 h11d\" style=\"left:366.69662px; bottom:754.5388px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w110 h11d\" style=\"left:450.93665px; bottom:754.5388px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w591 h11d\" style=\"left:535.37164px; bottom:754.5388px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w58f h6a\" style=\"left:-4.050377px; bottom:737.8468px;\"><div class=\"t m0 xfd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20f h6a\" style=\"left:186.6466px; bottom:737.8468px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w110 h6a\" style=\"left:282.7426px; bottom:737.8468px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">991.333 </div></div><div class=\"c w3f8 h6a\" style=\"left:366.69662px; bottom:737.8468px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.082.166<span class=\"_ _0\"></span> </div></div><div class=\"c w110 h6a\" style=\"left:450.93665px; bottom:737.8468px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">767.482 </div></div><div class=\"c w591 h6a\" style=\"left:535.37164px; bottom:737.8468px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.840.981<span class=\"_ _0\"></span> </div></div><div class=\"c w58f h41\" style=\"left:-4.050377px; bottom:719.43884px;\"><div class=\"t m0 xfd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w20f h41\" style=\"left:186.6466px; bottom:719.43884px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w110 h41\" style=\"left:282.7426px; bottom:719.43884px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">730.422 </div></div><div class=\"c w3f8 h41\" style=\"left:366.69662px; bottom:719.43884px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.012.428<span class=\"_ _0\"></span> </div></div><div class=\"c w110 h41\" style=\"left:450.93665px; bottom:719.43884px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">742.928 </div></div><div class=\"c w591 h41\" style=\"left:535.37164px; bottom:719.43884px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.485.778<span class=\"_ _0\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.43518px;\"><div class=\"t m0 x0 h61 yd47 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y9af ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y261 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y1859 ff5 fs6 fc2 sc0 ls0 ws0\">B. DERIVATI CR<span class=\"_ _3\"></span>EDITIZI </div><div class=\"t m0 x0 h24 yd4b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y384 ff5 fs12 fc2 sc0 ls0 ws0\">B.1. Derivati creditizi di ne<span class=\"_ _3\"></span>goziazione: valori nozional<span class=\"_ _3\"></span>i di fine periodo </div><div class=\"t m0 x0 h2 yb7e ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w593 h77\" style=\"left:442.20062px; bottom:631.8838px;\"><div class=\"t m0 xc8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w592 h88\" style=\"left:-4.050377px; bottom:580.2478px;\"><div class=\"t m0 x41 h59 y10db ff5 fs17 fc2 sc0 ls0 ws0\">Categorie <span class=\"_ _0\"></span>di operaz<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>oni </div></div><div class=\"c w593 h47\" style=\"left:442.20062px; bottom:612.3838px;\"><div class=\"t m0 x13 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Derivati d<span class=\"_ _0\"></span>i negoziazi<span class=\"_ _35\"></span>one </div></div><div class=\"c w19e h40\" style=\"left:442.20062px; bottom:580.2478px;\"><div class=\"t m0 x88 h59 y8aa ff5 fs17 fc2 sc0 ls0 ws0\">su un si<span class=\"_ _0\"></span>ngolo </div><div class=\"t m0 xb h59 ye6d ff5 fs17 fc2 sc0 ls0 ws0\">soggetto </div></div><div class=\"c w594 h40\" style=\"left:531.4716px; bottom:580.2478px;\"><div class=\"t m0 x6 h59 y8aa ff5 fs17 fc2 sc0 ls0 ws0\">su pi\u00f9 s<span class=\"_ _0\"></span>oggetti </div><div class=\"t m0 x48 h59 ye6d ff5 fs17 fc2 sc0 ls0 ws0\">(basket) </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:564.6478px;\"><div class=\"t m0 x41 h59 y6ce ff5 fs17 fc2 sc0 ls0 ws0\">1. Acquist<span class=\"_ _0\"></span>i di protez<span class=\"_ _35\"></span>ione </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:549.0478px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts  </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:549.0478px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.582 </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:549.0478px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">68.356 </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:533.4478px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Credit spre<span class=\"_ _35\"></span>ad products </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:533.4478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:533.4478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:517.84784px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap  </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:517.84784px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:517.84784px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:502.2478px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri  </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:502.2478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:502.2478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w595 h10\" style=\"left:-4.050377px; bottom:486.64783px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2022 </div></div><div class=\"c w19e h10\" style=\"left:442.20062px; bottom:486.64783px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.582 </div></div><div class=\"c w594 h10\" style=\"left:531.4716px; bottom:486.64783px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">68.356 </div></div><div class=\"c w595 h10\" style=\"left:-4.050377px; bottom:471.0478px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2021 </div></div><div class=\"c w19e h10\" style=\"left:442.20062px; bottom:471.0478px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.531 </div></div><div class=\"c w594 h10\" style=\"left:531.4716px; bottom:471.0478px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">67.468 </div></div><div class=\"c w592 h10\" style=\"left:-4.050377px; bottom:455.4478px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Vendite <span class=\"_ _0\"></span>di protez<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>one </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:439.84784px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts  </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:439.84784px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.890 </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:439.84784px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">65.183 </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:424.2478px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Credit spre<span class=\"_ _35\"></span>ad products </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:424.2478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:424.2478px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w592 h44\" style=\"left:-4.050377px; bottom:408.62183px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap  </div></div><div class=\"c w19e h44\" style=\"left:442.20062px; bottom:408.62183px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h44\" style=\"left:531.4716px; bottom:408.62183px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w592 h42\" style=\"left:-4.050377px; bottom:393.02182px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri  </div></div><div class=\"c w19e h42\" style=\"left:442.20062px; bottom:393.02182px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w594 h42\" style=\"left:531.4716px; bottom:393.02182px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w595 h10\" style=\"left:-4.050377px; bottom:377.4218px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2022 </div></div><div class=\"c w19e h10\" style=\"left:442.20062px; bottom:377.4218px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">7.890 </div></div><div class=\"c w594 h10\" style=\"left:531.4716px; bottom:377.4218px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">65.183 </div></div><div class=\"c w595 h10\" style=\"left:-4.050377px; bottom:361.8218px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2021 </div></div><div class=\"c w19e h10\" style=\"left:442.20062px; bottom:361.8218px;\"><div class=\"t m0 x49 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">8.043 </div></div><div class=\"c w594 h10\" style=\"left:531.4716px; bottom:361.8218px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">63.098 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.43518px;\"><div class=\"t m0 x0 h61 y108e ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hb y3fd ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya27 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y22b ff1 fs0 fc0 sc0 ls0 ws0\">prodotti strutturati di <span class=\"_ _0\"></span>credito. </div><div class=\"t m0 x0 h24 y14cf ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1130 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yb8b ff5 fs12 fc2 sc0 ls0 ws0\">B.2. Derivati creditizi di ne<span class=\"_ _3\"></span>goziazione: fair value lordo<span class=\"_ _3\"></span> positivo e negativo <span class=\"ff6\">\u2013</span> ripar<span class=\"_ _3\"></span>tizione per prodotti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1390 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w410 h64\" style=\"left:415.52463px; bottom:265.56982px;\"><div class=\"t m0 x1b3 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w40f h7d\" style=\"left:-4.050377px; bottom:234.36981px;\"><div class=\"t m0 x41 h59 y566 ff5 fs17 fc2 sc0 ls0 ws0\">Tipologie<span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span> </div></div><div class=\"c w128 h7d\" style=\"left:415.52463px; bottom:234.36981px;\"><div class=\"t m0 xdd h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2022 </div></div><div class=\"c w411 h7d\" style=\"left:511.3476px; bottom:234.36981px;\"><div class=\"t m0 x9b h59 y7b8 ff5 fs17 fc2 sc0 ls0 ws0\">Totale 31<span class=\"_ _0\"></span>.12.2021 </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:218.7698px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1. Fair va<span class=\"_ _0\"></span>lue posit<span class=\"_ _0\"></span>ivo </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:203.16983px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">a) <span class=\"ls0\">Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _0\"></span>cts </span></div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:203.16983px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">936<span class=\"ls0\"> </span></div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:203.16983px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.225 </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:187.56982px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Credit spre<span class=\"_ _35\"></span>ad products </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:187.56982px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:187.56982px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h44\" style=\"left:-4.050377px; bottom:171.93082px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap </div></div><div class=\"c w128 h44\" style=\"left:415.52463px; bottom:171.93082px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h44\" style=\"left:511.3476px; bottom:171.93082px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:156.33081px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:156.33081px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:156.33081px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h47\" style=\"left:-4.050377px; bottom:136.83083px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w128 h47\" style=\"left:415.52463px; bottom:136.83083px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">936<span class=\"ls0\"> </span></div></div><div class=\"c w411 h47\" style=\"left:511.3476px; bottom:136.83083px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.225 </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:121.23082px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2. Fair va<span class=\"_ _0\"></span>lue negativ<span class=\"_ _0\"></span>o </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:105.63081px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a) Credit de<span class=\"_ _0\"></span>fault produ<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ts </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:105.63081px;\"><div class=\"t m0 xc7 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">943<span class=\"ls0\"> </span></div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:105.63081px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2.341 </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:90.03082px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b) Credit spre<span class=\"_ _35\"></span>ad products </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:90.03082px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:90.03082px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:74.43082px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">c) Total rat<span class=\"_ _0\"></span>e of return<span class=\"_ _0\"></span> swap </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:74.43082px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:74.43082px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h42\" style=\"left:-4.050377px; bottom:58.830826px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">d) Altri </div></div><div class=\"c w128 h42\" style=\"left:415.52463px; bottom:58.830826px;\"><div class=\"t m0 x100 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w411 h42\" style=\"left:511.3476px; bottom:58.830826px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w40f h47\" style=\"left:-4.050377px; bottom:39.330826px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w128 h47\" style=\"left:415.52463px; bottom:39.330826px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">943<span class=\"ls0\"> </span></div></div><div class=\"c w411 h47\" style=\"left:511.3476px; bottom:39.330826px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.341 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.43518px;\"><div class=\"t m0 x0 h61 y276 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hb y4a8 ff1 fs4 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13ca ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _3\"></span>de<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h57 y372 ff1 fs0 fc0 sc0 ls0 ws0\">prodotti strutturati di <span class=\"_ _0\"></span>credito.<span class=\"ff5 fs12 fc2\"> </span><span class=\"ff5 fs12 fc2\"><span class=\"_ _30\"> </span></span><span class=\"ff5 fs12 fc2\"> </span></div></div>B.3. <span class=\"_ _4\"> </span>Derivati <span class=\"_ _7\"> </span>creditizi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>negoziazione <span class=\"_ _7\"> </span>\u201cover <span class=\"_ _7\"> </span>the <span class=\"_ _4\"> </span>co<span class=\"_ _3\"></span>unter\u201d: <span class=\"_ _4\"> </span>valori <span class=\"_ _7\"> </span>nozionali, <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>lordo <span class=\"_ _7\"> </span>(positivo <span class=\"_ _4\"> </span>e negativo) per controparti (milioni di eur<span class=\"_ _35\"></span>o) Contropa<span class=\"_ _0\"></span>rti centrali<span class=\"_ _0\"></span> Banche Altre socie<span class=\"_ _0\"></span>t\u00e0 finanziar<span class=\"_ _0\"></span>ie Altri so<span class=\"_ _0\"></span>ggetti Contratti <span class=\"_ _0\"></span>non rient<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anti in acc<span class=\"_ _35\"></span>ordi di compensa<span class=\"_ _0\"></span>zione 1) <span class=\"ls0\">Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne </span>\u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span>X - - 275<span class=\"ls0\"> </span>\u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span>X - - 22<span class=\"ls0\"> </span>\u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span>X - - - 2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne \u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span>X - 36<span class=\"ls0\"> </span>8 \u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span>X - - - \u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span>X - - -8 Contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>n accord<span class=\"_ _0\"></span>i di com<span class=\"_ _0\"></span>pensazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e 1) Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne \u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span>53.496 11.408 10.759 - \u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span>15<span class=\"ls0\"> </span>168<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>- \u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span>-<span class=\"ls25\">421</span> -<span class=\"ls25\">77</span> -<span class=\"ls25\">83</span> - 2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne \u2212<span class=\"ff1\"> valore no<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionale <span class=\"_ _0\"></span> </span>53.235 10.587 9.207 - \u2212<span class=\"ff1\"> fair value p<span class=\"_ _35\"></span>os<span class=\"_ _3\"></span>itivo <span class=\"_ _0\"></span> </span>410<span class=\"ls0\"> </span>62<span class=\"ls0\"> </span>112<span class=\"ls0\"> </span>- \u2212<span class=\"ff1\"> fair value n<span class=\"_ _35\"></span>egativo </span>-<span class=\"ls25\">13</span> -<span class=\"ls25\">185</span> -<span class=\"ls25\">156</span> - Al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sussistono <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _3\"></span>ricompresi <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>riportata <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nclusi <span class=\"_ _2\"></span>nel <span class=\"_ _4\"></span>perimetro <span class=\"_ _3\"></span>dei prodotti strutturati di <span class=\"_ _0\"></span>credito. B.4. Vita residua dei deriva<span class=\"_ _3\"></span>ti creditizi di negoziazione \u201cover<span class=\"_ _3\"></span> the counter\u201d: valori nozionali<span class=\"_ _3\"></span><span class=\"ff5\"> </span>(milioni di eur<span class=\"_ _35\"></span>o) Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua Fino ad 1 <span class=\"_ _0\"></span>anno Oltre 1 a<span class=\"_ _0\"></span>nno e fino a 5 a<span class=\"_ _0\"></span>nni Oltre 5 a<span class=\"_ _0\"></span>nni Totale 1. Vendita di<span class=\"_ _0\"></span> protezione<span class=\"_ _35\"></span> 7.767 64.382 924<span class=\"ls0\"> </span>73.073 2. Acquis<span class=\"_ _0\"></span>to di prote<span class=\"_ _0\"></span>zione 8.088 67.174 676<span class=\"ls0\"> </span>75.938 Totale 31<span class=\"_ _0\"></span>.12.2022 15.855 131.556 1.600 149.011 Totale 31<span class=\"_ _0\"></span>.12.2021 9.145 135.770 1.225 146.140 B.5. Derivati creditizi connessi con la <span class=\"_ _3\"></span>fair value option: variaz<span class=\"_ _3\"></span>ioni annue Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo non detiene in p<span class=\"_ _0\"></span>ortafoglio derivati <span class=\"_ _0\"></span>creditizi connessi <span class=\"_ _0\"></span>con la fair value opti<span class=\"_ _0\"></span>on.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-103.62036px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">1.3.2. Le coperture con<span class=\"_ _3\"></span>tabili<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y1711 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y1861 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y956 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span><span class=\"ff4\">sede <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>prima <span class=\"_ _7\"> </span>applicazione <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _4\"> </span>9<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>esercitato <span class=\"_ _7\"> </span>l\u2019opzione <span class=\"_ _4\"> </span>prevista <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>citato <span class=\"_ _4\"> </span>Principio </span></div><div class=\"t m0 x0 h2 y1d0 ff1 fs0 fc0 sc0 ls0 ws0\">contabile <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>applicare <span class=\"_ _2\"></span>integralmente <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>regole <span class=\"_ _2\"></span>dello <span class=\"_ _5\"></span>IAS <span class=\"_ _2\"></span>39 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>tipologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>coperture <span class=\"_ _2\"></span>(micro <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>macro)<span class=\"_ _5\"></span><span class=\"ls12\">. </span></div><div class=\"t m0 x0 h2 ya40 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto non trovano a<span class=\"_ _0\"></span>pplicazione le <span class=\"ff4\">previsioni dell\u2019IFRS 9<span class=\"_ _0\"></span> in tema di copert<span class=\"_ _0\"></span>ura.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h57 y3c ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1862 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yea8 ff5 fs12 fc2 sc0 ls69 ws0\">A.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura del fair value<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y65c ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>posta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>finalizzata <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>immunizzare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>bancario <span class=\"_ _5\"></span>dalle<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y2a7 ff1 fs0 fc0 sc0 ls0 ws0\">variazioni di fair valu<span class=\"_ _0\"></span>e della raccolta e <span class=\"_ _0\"></span>deg<span class=\"_ _3\"></span>li impieghi causate d<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>i movimenti della<span class=\"_ _0\"></span> curva dei tassi di inter<span class=\"_ _0\"></span>esse (rischio tasso)<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y117b ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo adotta sia <span class=\"_ _0\"></span>coperture specifiche (mi<span class=\"_ _0\"></span>cro fair value hedge<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span> che coperture ge<span class=\"_ _0\"></span>neriche (macro fair val<span class=\"_ _0\"></span>ue hedge).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 ye5d ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>micro <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>hedge, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>coperti <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>prestiti <span class=\"_ _3\"></span>obbligazionari <span class=\"_ _2\"></span>emessi, <span class=\"_ _3\"></span>titoli <span class=\"_ _2\"></span>dell\u2019attivo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>impieghi </div><div class=\"t m0 x0 h2 y170e ff1 fs0 fc0 sc0 ls0 ws0\">a clientela. </div><div class=\"t m0 x0 h2 y170f ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito del macro <span class=\"_ _0\"></span>fair value hedge, l<span class=\"_ _0\"></span>a copertura generica vie<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e applicata a:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ycb6 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a vista stabile (cor<span class=\"_ _0\"></span>e deposit), sulla base normati<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>a di riferimento<span class=\"_ _3\"></span> <span class=\"ff4\">nella versione \u201cCarve</span>-<span class=\"ff4\">out\u201d dello IAS 39 second<span class=\"_ _0\"></span>o </span></span></div><div class=\"t m0 x2a h32 y147a ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019opzione <span class=\"_ _7\"> </span>prevista <span class=\"_ _7\"> </span>dall\u2019IFRS <span class=\"_ _7\"> </span>9 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>avvalersi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>possibilit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>pplicare <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>isposizioni <span class=\"_ _4\"> </span>dello <span class=\"_ _16\"> </span>IAS <span class=\"_ _4\"> </span>3<span class=\"_ _3\"></span>9 <span class=\"_ _7\"> </span>in </div><div class=\"t m0 x2a h2 y147b ff1 fs0 fc0 sc0 ls0 ws0\">materia di coperture; </div><div class=\"t m0 x0 h2 ycb7 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>quota <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>fissata <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>var<span class=\"_ _3\"></span>iabile, <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>macro<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>hedge <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x2a h2 ye62 ff1 fs0 fc0 sc0 ls0 ws0\">tasso insito nelle cedol<span class=\"_ _0\"></span>e a tasso variabile<span class=\"_ _0\"></span> degli impieghi erogati,<span class=\"_ _0\"></span> quando il tasso c<span class=\"_ _0\"></span>edolare viene fi<span class=\"_ _0\"></span>ssato;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y555 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>una porzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>impieghi creditizi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tasso f<span class=\"_ _3\"></span>isso; per <span class=\"_ _3\"></span>questa <span class=\"_ _3\"></span>tipologia, in <span class=\"_ _3\"></span>linea c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span><span class=\"ff4\">la <span class=\"_ _3\"></span>versione \u201cCarve</span>-<span class=\"_ _3\"></span><span class=\"ff4\">out\u201d dello <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>39, </span></span></div><div class=\"t m0 x2a h2 y19f ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>adottato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>generica <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _3\"></span>aperto <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>pproccio <span class=\"_ _3\"></span>bottom<span class=\"_ _2\"></span>-layer <span class=\"_ _3\"></span>che, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>coerenza </div><div class=\"t m0 x2a h2 y109d ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>metodologia <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>misurazione <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tasso <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>interesse <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>prevede <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>modellizz<span class=\"_ _0\"></span>azione <span class=\"_ _4\"></span>d<span class=\"_ _5\"></span>el <span class=\"_ _4\"></span>fenomeno <span class=\"_ _6\"></span>del </div><div class=\"t m0 x2a h2 y109e ff4 fs0 fc0 sc0 ls0 ws0\">prepayment, risulta m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ggiormente correlat<span class=\"_ _0\"></span>o all\u2019attivit\u00e0 di gestio<span class=\"_ _0\"></span>ne dei rischi ed al <span class=\"_ _0\"></span>dinamismo delle m<span class=\"_ _0\"></span>asse.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ye46 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>tipologie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>utilizzati <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>interest <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ate <span class=\"_ _5\"></span>swap <span class=\"_ _5\"></span>(IRS) <span class=\"_ _5\"></span>plain <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>strutturati, <span class=\"_ _4\"> </span>overnight <span class=\"_ _6\"></span>index </div><div class=\"t m0 x0 h2 ye47 ff1 fs0 fc0 sc0 ls0 ws0\">swap (OIS), cross curre<span class=\"_ _0\"></span>ncy swap (CCS), vendite<span class=\"_ _0\"></span> forward ed opzioni <span class=\"_ _0\"></span>su tassi, realizzati c<span class=\"_ _0\"></span>on controparti terze.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ye48 ff4 fs0 fc0 sc0 ls0 ws0\">I derivati non sono quotati su mercati regolame<span class=\"_ _0\"></span>ntati, ma negoziati nell\u2019ambito dei circuiti ov<span class=\"_ _0\"></span>er the counter (OTC). Rientrano<span class=\"_ _2\"></span><span class=\"ff1\"> tra </span></div><div class=\"t m0 x0 h2 ye49 ff1 fs0 fc0 sc0 ls0 ws0\">i contratti over the cou<span class=\"_ _0\"></span>nter (OTC) anche quell<span class=\"_ _0\"></span>i stipulati tramite Cl<span class=\"_ _0\"></span>earing House.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y70e ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ye4a ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y97d ff5 fs12 fc2 sc0 ls69 ws0\">B.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura dei flussi finanziari<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>posta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere dal<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _3\"></span>Sanpaolo ha <span class=\"_ _3\"></span>l\u2019obiettivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>coprire l\u2019esposizione a <span class=\"_ _3\"></span>variazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>f<span class=\"_ _5\"></span><span class=\"ff1\">lussi </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>futuri, <span class=\"_ _5\"></span>attribuibili <span class=\"_ _3\"></span>ai <span class=\"_ _5\"></span>movimenti <span class=\"_ _3\"></span>della <span class=\"_ _5\"></span>curva <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _2\"></span>associati <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>attivit\u00e0/passivit<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>come </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">pagamenti di interes<span class=\"_ _0\"></span>si futuri variabili su u<span class=\"_ _0\"></span>n debito/credito o ad<span class=\"_ _0\"></span> una transazione fut<span class=\"_ _0\"></span>ura prevista alt<span class=\"_ _0\"></span>amente probabile.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo adotta sia <span class=\"_ _0\"></span>coperture specifiche (mi<span class=\"_ _0\"></span>cro cash flow h<span class=\"_ _0\"></span>edge) che coperture g<span class=\"_ _0\"></span>eneriche (macr<span class=\"_ _0\"></span>o cash flow hedge).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito del micr<span class=\"_ _0\"></span>o cash flow hedge, sono <span class=\"_ _0\"></span>coperti principalm<span class=\"_ _0\"></span>ente prestiti obbliga<span class=\"_ _0\"></span>zionari emessi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13d0 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito del macro <span class=\"_ _0\"></span>cash flow hedge, la c<span class=\"ff1\">opertura generica vie<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e applicata a: </span></div><div class=\"t m0 x0 h2 y904 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a tasso <span class=\"_ _0\"></span>variabile nella misura i<span class=\"_ _0\"></span>n cui \u00e8 utilizzata per fin<span class=\"_ _0\"></span>anziare impieghi a t<span class=\"_ _0\"></span>asso fisso;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y29c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so variabile a copertur<span class=\"_ _0\"></span>a della raccolta a ta<span class=\"_ _0\"></span>sso fisso. </span></div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 ls0 ws0\">I derivati utilizzati sono interest rate swap (IRS)<span class=\"_ _3\"></span> realizzati con controparti terze ovvero con altre soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo che, a loro </div><div class=\"t m0 x0 h2 y43a ff1 fs0 fc0 sc0 ls0 ws0\">volta, <span class=\"_ _16\"> </span>coprono <span class=\"_ _7\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>sul <span class=\"_ _7\"> </span>me<span class=\"_ _3\"></span>rcato <span class=\"_ _16\"> </span>affinch\u00e9 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>iano <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispettati <span class=\"_ _7\"> </span>i  requi<span class=\"_ _0\"></span>siti <span class=\"_ _16\"> </span>richiesti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>esternalizzaz<span class=\"_ _0\"></span>ione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>coperture <span class=\"_ _7\"> </span>co<span class=\"_ _6\"></span><span class=\"ls17\">n </span></div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\">controparti terze per q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>alificare le copert<span class=\"_ _0\"></span>ure c<span class=\"_ _3\"></span>ome IAS compliant<span class=\"_ _0\"></span> a livello di bilancio c<span class=\"_ _0\"></span>onsolidato.<span class=\"ff9\"> </span></div><div class=\"t m0 x0 h2 y43d ff4 fs0 fc0 sc0 ls0 ws0\">I derivati non sono quotati su mercati regolame<span class=\"_ _0\"></span>ntati, ma negoziati nell\u2019ambito dei circuiti <span class=\"_ _3\"></span><span class=\"ff1\">over the counter (OTC). Rientrano tra </span></div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc0 sc0 ls0 ws0\">i contratti over the count<span class=\"_ _0\"></span>er (OTC) anche quelli intermedia<span class=\"_ _0\"></span>ti tramite Clearing House. </div><div class=\"t m0 x0 h24 y43f ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y440 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1129 ff5 fs12 fc2 sc0 ls69 ws0\">C.<span class=\"ls0\"> <span class=\"_ _26\"> </span>Attivit\u00e0 di coper<span class=\"_ _3\"></span>tura di investimenti esteri<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yca ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>dell\u2019esercizio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>adottato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>edge <span class=\"_ _5\"></span>accounting, <span class=\"_ _2\"></span>coperture <span class=\"_ _5\"></span>volte <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>terilizzare <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>effet<span class=\"_ _5\"></span><span class=\"ff1 ls12\">ti </span></div><div class=\"t m0 x0 h2 ycb ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>oscillazioni <span class=\"_ _2\"></span>strutturali <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cambi <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>posizioni <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>esentabili <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>requisiti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>cambio.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y11b ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>coperture attivate <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio d<span class=\"_ _3\"></span>i ca<span class=\"_ _3\"></span>mbio strutturale, <span class=\"_ _3\"></span>tali da <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>impatti <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>riserve c<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mbi che </div><div class=\"t m0 x0 h2 ycd ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>consolidato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo. <span class=\"_ _4\"></span>Tali <span class=\"_ _2\"></span>coperture <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>separato <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>qualificate <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>coperture </div><div class=\"t m0 x0 h2 yce ff1 fs0 fc0 sc0 ls0 ws0\">specifiche <span class=\"_ _16\"> </span>di  f<span class=\"_ _0\"></span>air  val<span class=\"_ _0\"></span>ue  (m<span class=\"_ _0\"></span>icro <span class=\"_ _16\"> </span>fair <span class=\"_ _16\"> </span>value  hedge<span class=\"_ _0\"></span>) <span class=\"_ _16\"> </span>e  nel <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _16\"> </span>consolidato <span class=\"_ _16\"> </span>assumono <span class=\"_ _16\"> </span>la  configu<span class=\"_ _0\"></span>razione <span class=\"_ _16\"> </span>di  co<span class=\"_ _0\"></span>perture <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 ycf ff1 fs0 fc0 sc0 ls0 ws0\">investimenti netti i<span class=\"_ _0\"></span>n valuta. </div><div class=\"t m0 x0 h2 yd0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y73a ff5 fs12 fc2 sc0 ls0 ws0\">D. Strumenti di copertura </div><div class=\"t m0 x0 h2 y493 ff1 fs0 fc0 sc0 ls10 ws0\">Le <span class=\"ff4 ls0\">principali cause di inefficacia del modello adottato dal Gruppo p<span class=\"_ _3\"></span>er la verifica dell\u2019efficacia delle coperture sono imputabil<span class=\"_ _5\"></span><span class=\"ff1\">i ai </span></span></div><div class=\"t m0 x0 h2 y6c4 ff1 fs0 fc0 sc0 ls0 ws0\">seguenti fenomeni: </div><div class=\"t m0 x0 h2 y494 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>disallineamento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _6\"></span>nozionale <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>derivato <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _6\"></span>sottostante <span class=\"_ _6\"></span>coperto <span class=\"_ _4\"></span>rilevato <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>momento<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>designazione<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>iniziale <span class=\"_ _6\"></span>o </span></div><div class=\"t m0 x2a h2 y9d1 ff1 fs0 fc0 sc0 ls0 ws0\">generato successivam<span class=\"_ _0\"></span>ente, come nel caso di<span class=\"_ _0\"></span> rimborsi parziali <span class=\"_ _0\"></span>dei mutui o riacquisto d<span class=\"_ _0\"></span>ei prestiti obbliga<span class=\"_ _0\"></span>zionari;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y496 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">applicazione di curve diverse su derivato di copertura ed oggetto coperto ai fini dell\u2019effettuazion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> del test di efficacia su<span class=\"_ _5\"></span><span class=\"ff1\">lle </span></span></span></div><div class=\"t m0 x2a h2 y497 ff1 fs0 fc0 sc0 ls14 ws0\">co<span class=\"ls0\">perture di tipo fair va<span class=\"_ _3\"></span>lue hedge. I d<span class=\"_ _3\"></span>erivati, normalmente collateralizzati o stipulati tramite <span class=\"_ _3\"></span>Clea<span class=\"_ _0\"></span>ring House, sono <span class=\"_ _3\"></span>scontati<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y5b1 ff1 fs0 fc0 sc0 ls0 ws0\">alle curve Overnight, me<span class=\"_ _0\"></span>ntre gli oggetti c<span class=\"_ _0\"></span>operti sono scontati all<span class=\"_ _0\"></span>a curva di indicizza<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione dello strume<span class=\"_ _0\"></span>nto di copertura;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y2c8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inclusion<span class=\"ff4\">e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>test <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>efficacia <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>gamba <span class=\"_ _2\"></span>variabile <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>derivato <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>nell\u2019ipotesi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201ctipo </span></span></div><div class=\"t m0 x2a h2 y499 ff4 fs0 fc0 sc0 ls0 ws0\">fair value hedge\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y203 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019inefficacia della co<span class=\"_ _0\"></span>pertura \u00e8 prontam<span class=\"_ _0\"></span>ente rilevata ai fini:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf12 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">della determinazio<span class=\"_ _0\"></span>ne dell\u2019effetto a <span class=\"_ _0\"></span>conto <span class=\"ff1\">economico; </span></span></span></div><div class=\"t m0 x0 h2 y1682 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della valutazio<span class=\"_ _0\"></span>ne in merito alla possi<span class=\"_ _0\"></span>bilit\u00e0 di continuare a<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span> applicare le rego<span class=\"_ _0\"></span>le di hedge accou<span class=\"_ _0\"></span>nting.<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y1731 ff4 fs0 fc0 sc0 ls0 ws0\">Il Gruppo non utilizz<span class=\"_ _0\"></span>a le coperture dinamiche,<span class=\"_ _0\"></span> cos\u00ec come definit<span class=\"_ _0\"></span>e nell\u2019IFRS 7, paragrafo <span class=\"_ _0\"></span>23C.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _9\"> </span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.76099px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">E. Elementi coperti </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yaa9 ff1 fs0 fc0 sc0 ls0 ws0\">Le principali tipologie<span class=\"_ _0\"></span> di elementi coperti sono: </div><div class=\"t m0 x0 h2 ycb0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">titoli di debit<span class=\"_ _0\"></span>o dell\u2019attivo;<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y256 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>titoli di debit<span class=\"_ _0\"></span>o emessi e raccolta non <span class=\"_ _0\"></span>cartolare; </span></div><div class=\"t m0 x0 h2 y136 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so fisso; </span></div><div class=\"t m0 x0 h2 y1693 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>impieghi a tas<span class=\"_ _0\"></span>so variabile; </span></div><div class=\"t m0 x0 h2 y15ae ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>componente opzio<span class=\"_ _0\"></span>nale implicita nei mu<span class=\"_ _0\"></span>tui a tasso variabile; </span></div><div class=\"t m0 x0 h2 y1115 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>cedola gi\u00e0 fissat<span class=\"_ _0\"></span>a di impieghi a tas<span class=\"_ _0\"></span>so <span class=\"_ _3\"></span>variabile; </span></div><div class=\"t m0 x0 h2 y15e7 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>raccolta a vist<span class=\"_ _0\"></span>a modellizzata; </span></div><div class=\"t m0 x0 h2 y14cd ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>investimenti n<span class=\"_ _0\"></span>etti in valuta. </span></div><div class=\"t m0 x0 h24 y13cd ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf64 ff6 fs0 fc2 sc0 ls0 ws0\">E.1 Titoli di debito d<span class=\"_ _0\"></span>ell\u2019attivo<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y1538 ff1 fs0 fc0 sc0 ls0 ws0\">Sono coperti in <span class=\"_ _3\"></span>relazioni di c<span class=\"_ _3\"></span>opertura di <span class=\"_ _3\"></span>tipo micro fair <span class=\"_ _3\"></span>value hedge, utilizzando interest <span class=\"_ _3\"></span>rate swap (IRS), overnight <span class=\"_ _3\"></span>index <span class=\"_ _5\"></span>swap </div><div class=\"t m0 x0 h2 yff2 ff1 fs0 fc0 sc0 ls0 ws0\">(OIS) e cross currency sw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>p (CCS) come strum<span class=\"_ _0\"></span>enti di copertura.  </div><div class=\"t m0 x0 h2 y93c ff4 fs0 fc0 sc0 ls0 ws0\">In genere \u00e8 coperto il ri<span class=\"_ _0\"></span>schio tasso per tutt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> la durata dell\u2019<span class=\"ff1\">obbligazione. </span></div><div class=\"t m0 x0 h2 y12a3 ff4 fs0 fc0 sc0 ls0 ws0\">Per verif<span class=\"_ _3\"></span>icare l\u2019efficacia della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>\u00e8 utilizzato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Dollar Offset <span class=\"_ _3\"></span>Method. <span class=\"_ _3\"></span>Tale metodo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basato sul <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>tra le <span class=\"_ _3\"></span>var<span class=\"_ _5\"></span><span class=\"ff1\">iazioni<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1863 ff1 fs0 fc0 sc0 ls0 ws0\">cumulate (da inizio <span class=\"_ _3\"></span>copertura) di fair value dello <span class=\"_ _3\"></span>strumento di copertura, attribuibili al r<span class=\"_ _3\"></span>ischio coperto, e<span class=\"_ _5\"></span> le <span class=\"_ _3\"></span>variazioni passate di </div><div class=\"t m0 x0 h2 yb05 ff4 fs0 fc0 sc0 ls0 ws0\">fair value dell\u2019eleme<span class=\"_ _0\"></span>nto coperto (c.d. d<span class=\"_ _0\"></span>elta fair value), al ne<span class=\"_ _0\"></span>tto del rateo di interes<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>e.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yeac ff1 fs0 fc0 sc0 ls0 ws0\">Sono relazioni di <span class=\"_ _3\"></span>copertura di tipo <span class=\"_ _3\"></span>micro fair value <span class=\"_ _3\"></span>hedge anche quelle da riferire <span class=\"_ _3\"></span>alle operazioni di <span class=\"_ _3\"></span>vendita forward su tit<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>li del </div><div class=\"t m0 x0 h2 y1520 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio HTCS, effettuate per consentire<span class=\"_ _0\"></span> un hedge dei rischi sul fair value da movimenti di spread di credito e delle curve di </div><div class=\"t m0 x0 h32 y7c4 ff4 fs0 fc0 sc0 ls0 ws0\">tasso. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>attiene <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>vendita <span class=\"_ _5\"></span>forward, <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfigura <span class=\"_ _2\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>erivato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>transazione <span class=\"_ _2\"></span>\u201cnon <span class=\"_ _5\"></span>regular </div><div class=\"t m0 x0 h2 y1374 ff4 fs0 fc0 sc0 ls0 ws0\">way\u201d, <span class=\"_ _5\"></span>s<span class=\"ff1\">i <span class=\"_ _6\"></span>procede <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>separazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>componente <span class=\"_ _5\"></span>spot <span class=\"_ _5\"></span>(i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>pronti) <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>designando <span class=\"_ _5\"></span>come </span></div><div class=\"t m0 x0 h24 y77d ff1 fs0 fc0 sc0 ls0 ws0\">strumento di copertura<span class=\"_ _0\"></span> in una relazione di f<span class=\"_ _0\"></span>air value hedging sol<span class=\"_ _0\"></span>o la componente <span class=\"_ _0\"></span>spot.<span class=\"_ _2\"></span><span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h24 y6f5 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yd9e ff5 fs0 fc2 sc0 ls0 ws0\">E.2 Titoli di debito em<span class=\"_ _0\"></span>essi e raccolta non cartol<span class=\"_ _0\"></span>are </div><div class=\"t m0 x0 h2 yf68 ff1 fs0 fc0 sc0 lsd ws0\">Il<span class=\"ls0\"> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>attualmente <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttive <span class=\"_ _2\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>raccolta <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>fisso <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>strutturata <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h2 y1272 ff1 fs0 fc0 sc0 ls0 ws0\">coperture <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>micro <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>low <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>macro <span class=\"_ _5\"></span>cash <span class=\"_ _4\"></span>flow <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>raccolta <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>tasso <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariabile, <span class=\"_ _4\"> </span>ut<span class=\"_ _3\"></span>ilizzando <span class=\"_ _5\"></span>interest <span class=\"_ _6\"></span>rate <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>wap </div><div class=\"t m0 x0 h2 y1521 ff1 fs0 fc0 sc0 ls0 ws0\">(IRS), overnight index swa<span class=\"_ _0\"></span>p (OIS) e cross c<span class=\"_ _0\"></span>urrency swap (CCS) come st<span class=\"_ _0\"></span>rumenti di copertura<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1522 ff4 fs0 fc0 sc0 ls0 ws0\">In genere \u00e8 coperto il ri<span class=\"_ _0\"></span>schio tasso per tutt<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> la durata dell\u2019obb<span class=\"_ _0\"></span>ligazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ya96 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>coperture <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _3\"></span>micro, l<span class=\"_ _3\"></span>\u2019efficacia della <span class=\"_ _2\"></span>copertura \u00e8 <span class=\"_ _2\"></span>verificata u<span class=\"_ _3\"></span>tilizzando il<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">Dollar <span class=\"_ _3\"></span>Offset <span class=\"_ _3\"></span>Method. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basato </span></div><div class=\"t m0 x0 h2 y14f2 ff1 fs0 fc0 sc0 ls0 ws0\">sul <span class=\"_ _6\"></span>rapporto <span class=\"_ _5\"></span>tra <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>variazioni <span class=\"_ _6\"></span>cumulate <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>da <span class=\"_ _6\"></span>inizio <span class=\"_ _5\"></span>copertura) <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cassa <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>strumento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertur<span class=\"_ _5\"></span>a, </div><div class=\"t m0 x0 h2 y141c ff1 fs0 fc0 sc0 ls0 ws0\">attribuibili <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>coperto, <span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>le <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _5\"></span>passate <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>lussi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _6\"> </span>cassa <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019elemento <span class=\"_ _5\"></span>coperto <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"></span>delta <span class=\"_ _6\"> </span>fair </span></div><div class=\"t m0 x0 h2 y1356 ff1 fs0 fc0 sc0 ls0 ws0\">value), al netto del rate<span class=\"_ _0\"></span>o di interesse. </div><div class=\"t m0 x0 h32 y1347 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>coperture <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>tipo <span class=\"_ _4\"> </span>macro, <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>verificata <span class=\"_ _4\"> </span>mediante <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>test <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>capienza. <span class=\"_ _4\"> </span>Tale <span class=\"_ _6\"> </span>test <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>un </div><div class=\"t m0 x0 h2 y1794 ff1 fs0 fc0 sc0 ls0 ws0\">confronto <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>lementi <span class=\"_ _5\"></span>coperti, <span class=\"_ _5\"></span>riferiti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>raccolta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>(c.d. <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>future <span class=\"_ _2\"></span>altamente </div><div class=\"t m0 x0 h2 ydb0 ff4 fs0 fc0 sc0 ls0 ws0\">probabili) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>riscontrata <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>l\u2019intera <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span><span class=\"ff1\">lla </span></div><div class=\"t m0 x0 h2 y226 ff1 fs0 fc0 sc0 ls0 ws0\">relazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingola <span class=\"_ _2\"></span>fas<span class=\"ff4\">c<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>temporale. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>\u2019oggetto <span class=\"_ _3\"></span>coperto, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _5\"></span>caso, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rappresentato <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa </span></div><div class=\"t m0 x0 h2 yace ff1 fs0 fc0 sc0 ls0 ws0\">attesi originati dall<span class=\"_ _0\"></span>a raccolta che si verific<span class=\"_ _0\"></span>heranno lungo la <span class=\"_ _0\"></span>vita delle emissio<span class=\"_ _0\"></span>ni stesse.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y1500 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y14ad ff5 fs0 fc2 sc0 ls0 ws0\">E.3 Impieghi a tasso fi<span class=\"_ _0\"></span>sso </div><div class=\"t m0 x0 h2 y1523 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>designato <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _6\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>fisso <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>macro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value </div><div class=\"t m0 x0 h2 y13d8 ff1 fs0 fc0 sc0 ls0 ws0\">hedge, <span class=\"_ _16\"> </span>riconducibile <span class=\"_ _7\"> </span>a  m<span class=\"_ _35\"></span>utui <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>segmento <span class=\"_ _7\"> </span>retail,  u<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ilizzando <span class=\"_ _7\"> </span>principalmente  interest <span class=\"_ _7\"> </span>rate  sw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>p <span class=\"_ _16\"> </span>(IRS) <span class=\"_ _16\"> </span>come <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y1524 ff1 fs0 fc0 sc0 ls0 ws0\">copertura.  </div><div class=\"t m0 x0 h2 y1864 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito del micr<span class=\"_ _0\"></span>o fair value hedge, i<span class=\"_ _0\"></span>n genere<span class=\"ff1\"> \u00e8<span class=\"_ _3\"></span> coperto il ri<span class=\"_ _0\"></span>schio tasso per tu<span class=\"_ _0\"></span>tta la durata del s<span class=\"_ _0\"></span>ottostante.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y8ea ff4 fs0 fc0 sc0 ls0 ws0\">Per le coperture di ti<span class=\"_ _0\"></span>po micro, l\u2019efficacia del<span class=\"_ _0\"></span>la copertura \u00e8 verifica<span class=\"_ _0\"></span>ta utilizzando il Dolla<span class=\"_ _0\"></span>r Offset Method. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y39f ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>operture <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>macro, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impieghi <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>aperto, <span class=\"_ _3\"></span>cio\u00e8 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituito <span class=\"_ _3\"></span>dinamicamente </div><div class=\"t m0 x0 h2 yf53 ff1 fs0 fc0 sc0 ls0 ws0\">dagli strumenti a t<span class=\"_ _0\"></span>asso fisso gestiti a li<span class=\"_ _0\"></span>vello aggregato tramite i <span class=\"_ _0\"></span>derivati di copertu<span class=\"_ _0\"></span>ra stipulati nel t<span class=\"_ _0\"></span>empo. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y102d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019efficacia delle <span class=\"_ _3\"></span>macro coperture <span class=\"_ _3\"></span>sugli i<span class=\"_ _3\"></span>mpieghi a <span class=\"_ _3\"></span>tasso f<span class=\"_ _3\"></span>isso \u00e8 <span class=\"_ _3\"></span>periodicamente verificata sul<span class=\"_ _5\"></span><span class=\"ff1\">la base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>specifici test <span class=\"_ _3\"></span>prospettici </span></div><div class=\"t m0 x0 h2 yf8b ff1 fs0 fc0 sc0 ls0 ws0\">e retrospettivi volti a di<span class=\"_ _3\"></span>mostrare che il portafoglio oggetto di possibile copertura contenga un ammontare di attivit\u00e0 <span class=\"_ _3\"></span>il cui<span class=\"_ _5\"></span> profilo </div><div class=\"t m0 x0 h2 y102e ff1 fs0 fc0 sc0 ls0 ws0\">di sensitivity e le cui <span class=\"_ _0\"></span>variazioni di fair valu<span class=\"_ _0\"></span>e per il rischio tasso<span class=\"_ _0\"></span> rispecchino qu<span class=\"_ _3\"></span>elle dei derivati utiliz<span class=\"_ _0\"></span>zati per la copertura. </div><div class=\"t m0 x0 h2 yc08 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1465 ff5 fs0 fc2 sc0 ls0 ws0\">E.4 Impieghi a tasso vari<span class=\"_ _0\"></span>abile </div><div class=\"t m0 x0 h2 y1406 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>attive <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tipo <span class=\"_ _2\"></span>macro <span class=\"_ _3\"></span>cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>hedge <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>impieghi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>variabile, <span class=\"_ _3\"></span>utilizzan<span class=\"_ _5\"></span><span class=\"lsc\">do </span></div><div class=\"t m0 x0 h2 y1865 ff1 fs0 fc0 sc0 ls0 ws0\">principalmente IRS com<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> strumenti di cop<span class=\"_ _0\"></span>ertura. </div><div class=\"t m0 x0 h2 y15dd ff1 fs0 fc0 sc0 ls0 ws0\">L<span class=\"ff4\">\u2019efficacia <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>verificata <span class=\"_ _5\"></span>mediante<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>test <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>capienza. <span class=\"_ _2\"></span>Tale <span class=\"_ _5\"></span>test <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>confronto <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>consistenza <span class=\"_ _2\"></span>degli<span class=\"_ _5\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y1150 ff1 fs0 fc0 sc0 ls0 ws0\">elementi coperti, riferiti agli i<span class=\"_ _3\"></span>mpieghi in essere a <span class=\"_ _3\"></span>tasso variabile e quella degli s<span class=\"_ _3\"></span>trumenti di copertura, che d<span class=\"_ _3\"></span>eve essere s<span class=\"_ _6\"></span>empr<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y14fc ff4 fs0 fc0 sc0 ls0 ws0\">riscontrata <span class=\"_ _3\"></span>lungo <span class=\"_ _3\"></span>l\u2019intera <span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>singola <span class=\"_ _2\"></span>fascia <span class=\"_ _3\"></span>temporale. <span class=\"_ _3\"></span>L\u2019oggetto <span class=\"_ _3\"></span>coperto, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>questo <span class=\"_ _3\"></span>cas<span class=\"_ _5\"></span><span class=\"ff1\">o, <span class=\"_ _2\"></span>\u00e8 </span></div><div class=\"t m0 x0 h2 y13c4 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentato dai flu<span class=\"_ _0\"></span>ssi di cassa attesi orig<span class=\"_ _0\"></span>inati dagli impieghi<span class=\"_ _0\"></span> che si verificheran<span class=\"_ _0\"></span>no lungo la vita <span class=\"_ _0\"></span>degli attivi stessi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y13c5 ff5 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y13c6 ff5 fs0 fc2 sc0 ls0 ws0\">E.5 Componente opzional<span class=\"_ _0\"></span>e implicita nei mutui a ta<span class=\"_ _0\"></span>sso variabile </div><div class=\"t m0 x0 h2 y13c7 ff1 fs0 fc0 sc0 ls0 ws0\">Sono <span class=\"_ _5\"></span>coperte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>micro <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>componenti <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>pzionali <span class=\"_ _2\"></span>implicite <span class=\"_ _5\"></span>(opzioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tasso) <span class=\"_ _5\"></span>ne<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 yeef ff1 fs0 fc0 sc0 ls0 ws0\">mutui a tasso variabile<span class=\"_ _0\"></span>, utilizzando opzio<span class=\"_ _0\"></span>ni (cap, floor, collar) come strumenti di copertur<span class=\"_ _0\"></span>a.  </div><div class=\"t m0 x0 h2 y13c8 ff4 fs0 fc0 sc0 ls0 ws0\">I sottostanti possono e<span class=\"_ _0\"></span>ssere coperti parzialm<span class=\"_ _0\"></span>ente o totalmente, n<span class=\"_ _0\"></span>el tempo e nell\u2019impor<span class=\"_ _0\"></span>to.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y135c ff4 fs0 fc0 sc0 ls0 ws0\">Per verificare l\u2019effi<span class=\"_ _0\"></span>cacia della copertur<span class=\"_ _0\"></span>a \u00e8 utilizzato il Dollar<span class=\"_ _0\"></span> Offset Method. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y13c9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y119c ff5 fs0 fc2 sc0 ls0 ws0\">E.6 Cedola gi\u00e0 fissat<span class=\"_ _0\"></span>a di impieghi a tasso vari<span class=\"_ _0\"></span>abile </div><div class=\"t m0 x0 h2 yf12 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>designato <span class=\"_ _4\"> </span>relazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>ipo <span class=\"_ _4\"> </span>macro <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _4\"> </span>hedge <span class=\"_ _4\"> </span>sulle <span class=\"_ _7\"> </span>cedole <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>fissate <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>impieghi <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tasso<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y13ca ff1 fs0 fc0 sc0 ls0 ws0\">variabile utilizzando <span class=\"_ _0\"></span>overnight index swa<span class=\"_ _0\"></span>p (OIS) come strumen<span class=\"_ _0\"></span>ti di copertura.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y13cb ff1 fs0 fc0 sc0 ls0 ws0\">Scopo di <span class=\"_ _3\"></span>questo t<span class=\"_ _3\"></span>ipo di <span class=\"_ _3\"></span>copertura \u00e8 <span class=\"_ _3\"></span>quello d<span class=\"_ _3\"></span>i immunizzar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio tasso <span class=\"_ _3\"></span>determinato dalle <span class=\"_ _3\"></span>cedole gi\u00e0 <span class=\"_ _3\"></span>fissate degli <span class=\"_ _3\"></span>impieghi a </div><div class=\"t m0 x0 h2 y13cc ff1 fs0 fc0 sc0 ls0 ws0\">tasso variabile. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-134.8219px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Per verificare l\u2019efficacia della copertura \u00e8 utilizzato il Dollar Offset Method, mentre l\u2019effettiva consisten<span class=\"_ _0\"></span>za degli element<span class=\"_ _5\"></span><span class=\"ff1\">i coperti </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 verificata con un test<span class=\"_ _0\"></span> di capienza.  </div><div class=\"t m0 x0 h24 y6 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y61 ff5 fs0 fc2 sc0 ls0 ws0\">E.7 Raccolta a vista mod<span class=\"_ _0\"></span>ellizzata. </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>raccolta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>vista <span class=\"_ _5\"></span>modellizzata <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>coperta <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>copertura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>macro <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>hedge, <span class=\"_ _2\"></span>come <span class=\"_ _5\"></span>previsto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>\u201ccarve<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">out\u201d dello IAS 39<span class=\"ff1\"> utilizzand<span class=\"_ _0\"></span>o interest rate sw<span class=\"_ _0\"></span>ap (IRS) e overnight inde<span class=\"_ _0\"></span>x swap (OIS) co<span class=\"_ _3\"></span>me strumenti di copert<span class=\"_ _0\"></span>ura. </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Scopo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>tipo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>opertura <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>immunizzare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>possibili <span class=\"_ _5\"></span>cali <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>riducano <span class=\"_ _5\"></span>lo<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">spread generato dall<span class=\"_ _0\"></span>a raccolta core. </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Il modello \u00e8 oggetto di contin<span class=\"_ _0\"></span>uo monitoraggio ed attivit\u00e0 di verifica da parte della Direzione Centrale Ma<span class=\"_ _0\"></span>rket and Financial Ris<span class=\"_ _35\"></span>k </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Management, <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>recepire <span class=\"_ _5\"></span>tempestivamente <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>ariazioni <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>principali <span class=\"_ _5\"></span>caratteristiche <span class=\"_ _6\"></span>(masse, <span class=\"_ _6\"></span>stabilit\u00e0, <span class=\"_ _5\"></span>reattivit\u00e0)<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>e, </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">ove opportuno, appo<span class=\"_ _0\"></span>rtare i necessari aggiu<span class=\"_ _0\"></span>stamenti.  </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Per verifi<span class=\"ff4\">care l\u2019efficacia <span class=\"_ _0\"></span>della copertura \u00e8 utili<span class=\"_ _0\"></span>zzato il Dollar Off<span class=\"_ _0\"></span>set Method. <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6b ff5 fs0 fc2 sc0 ls0 ws0\">E.8 Investimenti este<span class=\"_ _0\"></span>ri </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>attualmente <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>attive <span class=\"_ _6\"></span>relazioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertura <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>investimenti <span class=\"_ _5\"></span>netti <span class=\"_ _4\"></span>in <span class=\"_ _5\"></span>valuta <span class=\"_ _6\"></span>utilizzando <span class=\"_ _6\"></span>quali <span class=\"_ _6\"></span>strumenti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>copertu<span class=\"_ _5\"></span>ra </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">contratti derivati a te<span class=\"_ _0\"></span>rmine su valute (Outright forward). </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Scopo <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>copertura <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _4\"> </span>immunizzare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>dagli <span class=\"_ _4\"></span>effetti<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>der<span class=\"_ _3\"></span>ivanti <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>var<span class=\"_ _3\"></span>iazioni <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>rapporto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>cambio <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>possano<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">avere impatti sulle ri<span class=\"_ _0\"></span>serve cambi che sono <span class=\"_ _0\"></span>parte del patrimonio n<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto consolidato di G<span class=\"_ _0\"></span>ruppo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Del <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontratto <span class=\"_ _4\"> </span>derivato <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>termine <span class=\"_ _4\"></span>su <span class=\"_ _7\"> </span>valute <span class=\"_ _4\"> </span>viene <span class=\"_ _7\"> </span>designato <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _4\"> </span>hedge <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _4\"> </span>la </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">variazione relativa al<span class=\"_ _0\"></span> cambio a pronti (com<span class=\"_ _0\"></span>ponente spot), enucl<span class=\"_ _0\"></span>eando quest\u2019ultim<span class=\"_ _0\"></span>a dal fair value com<span class=\"_ _0\"></span>plessivo dello strum<span class=\"_ _0\"></span>ento.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Tale copertura, nel bilancio separato <span class=\"_ _3\"></span>\u00e8 qualificata quale copertura specifica di <span class=\"_ _3\"></span>fair value (micro fair value hedge) e nel <span class=\"_ _3\"></span>bilanci<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">consolidato assume la <span class=\"_ _0\"></span>configurazione di <span class=\"_ _0\"></span>copertura di investime<span class=\"_ _0\"></span>nti netti in valuta.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _5\"></span>verifica <span class=\"_ _6\"></span>dell\u2019efficacia<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>copertura <span class=\"_ _6\"> </span><span class=\"ff1\">a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>separata <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>utilizzato <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Dollar <span class=\"_ _5\"></span>Offset <span class=\"_ _5\"></span>Method, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo la consisten<span class=\"_ _0\"></span>za degli elementi <span class=\"_ _0\"></span>coperti \u00e8 verificata attr<span class=\"_ _0\"></span>averso un test di ca<span class=\"_ _0\"></span>pienza. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 hfb y115c fff fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y963 ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span>  </div><div class=\"t m0 x0 h24 y921 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yd2a ff5 fs12 fc2 sc0 ls0 ws0\">A. Derivati finanziari di copertura<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y9ff ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c ya7a ff2 fs0 fc2 sc0 ls0 ws0\">A.1 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura: valori<span class=\"_ _0\"></span> nozionali di fine per<span class=\"_ _0\"></span>iodo<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y24c ff5 fs0 fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w57c h47\" style=\"left:506.9796px; bottom:433.26508px;\"><div class=\"t m0 xa2 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w361 h23c\" style=\"left:-4.050377px; bottom:346.3471px;\"><div class=\"t m0 x41 h8f y1866 ff5 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 sottostanti/Tipologie derivati </div></div><div class=\"c w59e h23d\" style=\"left:162.4276px; bottom:416.57312px;\"><div class=\"t m0 xc2 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w59f h23d\" style=\"left:391.96863px; bottom:416.57312px;\"><div class=\"t m0 xc2 h8f yb42 ff5 fsf fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w5a0 hca\" style=\"left:162.4276px; bottom:400.0371px;\"><div class=\"t m0 xc h8f y9b8 ff5 fsf fc2 sc0 ls0 ws0\">Over the counter </div></div><div class=\"c w21 h23e\" style=\"left:341.73663px; bottom:346.3471px;\"><div class=\"t m0 x97 h8f y1867 ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x41 h8f y12ba ff5 fsf fc2 sc0 ls0 ws0\">organizzati </div></div><div class=\"c w580 hca\" style=\"left:391.96863px; bottom:400.0371px;\"><div class=\"t m0 xc h8f y9b8 ff5 fsf fc2 sc0 ls0 ws0\">Over the counter </div></div><div class=\"c w21 h23e\" style=\"left:570.6276px; bottom:346.3471px;\"><div class=\"t m0 x97 h8f y1867 ff5 fsf fc2 sc0 ls0 ws0\">Mercati </div><div class=\"t m0 x41 h8f y12ba ff5 fsf fc2 sc0 ls0 ws0\">organizzati </div></div><div class=\"c w26e h23f\" style=\"left:162.4276px; bottom:346.3471px;\"><div class=\"t m0 x41 h8f y1868 ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 x1a h8f y1869 ff5 fsf fc2 sc0 ls0 ws0\">centrali </div></div><div class=\"c w4cf h240\" style=\"left:213.32263px; bottom:378.6391px;\"><div class=\"t m0 x6 h8f y186a ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali </div></div><div class=\"c wb2 h240\" style=\"left:391.96863px; bottom:378.6391px;\"><div class=\"t m0 x41 h8f y186a ff5 fsf fc2 sc0 ls0 ws0\">Controparti </div><div class=\"t m0 xae h8f y186b ff5 fsf fc2 sc0 ls0 ws0\">centrali </div></div><div class=\"c w4cf h240\" style=\"left:443.2926px; bottom:378.6391px;\"><div class=\"t m0 x6 h8f y186a ff5 fsf fc2 sc0 ls0 ws0\">Senza controparti centrali </div></div><div class=\"c w2ca h241\" style=\"left:213.32263px; bottom:346.3471px;\"><div class=\"t m0 x45 h2d y780 ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x41 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2cc h241\" style=\"left:277.28262px; bottom:346.3471px;\"><div class=\"t m0 xdd h2d y780 ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi </div><div class=\"t m0 xd5 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2cb h241\" style=\"left:443.2926px; bottom:346.3471px;\"><div class=\"t m0 x45 h2d y780 ff1 fsf fc2 sc0 ls0 ws0\">Con accordi di </div><div class=\"t m0 x41 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w2dd h241\" style=\"left:506.9796px; bottom:346.3471px;\"><div class=\"t m0 xdd h2d y780 ff1 fsf fc2 sc0 ls0 ws0\">Senza accordi </div><div class=\"t m0 xd5 h2d y82b ff1 fsf fc2 sc0 ls0 ws0\">di </div><div class=\"t m0 x41 h2d y96e ff1 fsf fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w59d h41\" style=\"left:-4.050377px; bottom:329.1871px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1. Titoli di debito e tassi d'interesse </div></div><div class=\"c w4e5 h41\" style=\"left:162.4276px; bottom:329.1871px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">322.529 </div></div><div class=\"c w57b h41\" style=\"left:213.32263px; bottom:329.1871px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">28.225 </div></div><div class=\"c w3c5 h41\" style=\"left:277.28262px; bottom:329.1871px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">8.873 </div></div><div class=\"c w2b8 h41\" style=\"left:341.73663px; bottom:329.1871px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h41\" style=\"left:391.96863px; bottom:329.1871px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">253.424 </div></div><div class=\"c w3c7 h41\" style=\"left:443.2926px; bottom:329.1871px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">29.784 </div></div><div class=\"c w138 h41\" style=\"left:506.9796px; bottom:329.1871px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">8.435 </div></div><div class=\"c w2b8 h41\" style=\"left:570.6276px; bottom:329.1871px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:316.5511px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:316.5511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:316.5511px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.587 </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:316.5511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:316.5511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:316.5511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:316.5511px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.851 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:316.5511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:316.5511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:303.9151px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:303.9151px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">322.529 </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:303.9151px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">26.269 </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:303.9151px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.873 </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:303.9151px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:303.9151px;\"><div class=\"t m0 xae h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">253.424 </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:303.9151px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">27.195 </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:303.9151px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7.687 </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:303.9151px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h1c\" style=\"left:-4.050377px; bottom:291.1231px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h1c\" style=\"left:162.4276px; bottom:291.1231px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:213.32263px; bottom:291.1231px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">349<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h1c\" style=\"left:277.28262px; bottom:291.1231px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:341.73663px; bottom:291.1231px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h1c\" style=\"left:391.96863px; bottom:291.1231px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:291.1231px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">718<span class=\"ls0\"> </span></div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:291.1231px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">748<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:291.1231px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:278.4871px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:278.4871px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:278.4871px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:278.4871px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:278.4871px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:278.4871px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:278.4871px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:278.4871px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:278.4871px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:265.8511px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:265.8511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:265.8511px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:265.8511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:265.8511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:265.8511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:265.8511px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:265.8511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:265.8511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h41\" style=\"left:-4.050377px; bottom:249.3151px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2. Titoli di capitale e indici azionari </div></div><div class=\"c w4e5 h41\" style=\"left:162.4276px; bottom:249.3151px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h41\" style=\"left:213.32263px; bottom:249.3151px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h41\" style=\"left:277.28262px; bottom:249.3151px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h41\" style=\"left:341.73663px; bottom:249.3151px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h41\" style=\"left:391.96863px; bottom:249.3151px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h41\" style=\"left:443.2926px; bottom:249.3151px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h41\" style=\"left:506.9796px; bottom:249.3151px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h41\" style=\"left:570.6276px; bottom:249.3151px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h1c\" style=\"left:-4.050377px; bottom:236.5231px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h1c\" style=\"left:162.4276px; bottom:236.5231px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:213.32263px; bottom:236.5231px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h1c\" style=\"left:277.28262px; bottom:236.5231px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:341.73663px; bottom:236.5231px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h1c\" style=\"left:391.96863px; bottom:236.5231px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:236.5231px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:236.5231px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:236.5231px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:223.88712px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:223.88712px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:223.88712px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:223.88712px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:223.88712px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:223.88712px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:223.88712px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:223.88712px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:223.88712px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:211.2511px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:211.2511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:211.2511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:211.2511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:211.2511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:211.2511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:211.2511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:211.2511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:211.2511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:198.61511px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:198.61511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:198.61511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:198.61511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:198.61511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:198.61511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:198.61511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:198.61511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:198.61511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h1c\" style=\"left:-4.050377px; bottom:185.82309px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h1c\" style=\"left:162.4276px; bottom:185.82309px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:213.32263px; bottom:185.82309px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h1c\" style=\"left:277.28262px; bottom:185.82309px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:341.73663px; bottom:185.82309px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h1c\" style=\"left:391.96863px; bottom:185.82309px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:185.82309px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:185.82309px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:185.82309px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h41\" style=\"left:-4.050377px; bottom:169.28711px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3. Valute e oro </div></div><div class=\"c w4e5 h41\" style=\"left:162.4276px; bottom:169.28711px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h41\" style=\"left:213.32263px; bottom:169.28711px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">9.528 </div></div><div class=\"c w3c5 h41\" style=\"left:277.28262px; bottom:169.28711px;\"><div class=\"t m0 xa h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h41\" style=\"left:341.73663px; bottom:169.28711px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w94 h41\" style=\"left:391.96863px; bottom:169.28711px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h41\" style=\"left:443.2926px; bottom:169.28711px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">9.576 </div></div><div class=\"c w138 h41\" style=\"left:506.9796px; bottom:169.28711px;\"><div class=\"t m0 xa h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h41\" style=\"left:570.6276px; bottom:169.28711px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">175<span class=\"ls0\"> </span></div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:156.6511px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">a) Opzioni </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:156.6511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:156.6511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:156.6511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:156.6511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:156.6511px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:156.6511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:156.6511px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:156.6511px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h17\" style=\"left:-4.050377px; bottom:143.9761px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">b) Swap </div></div><div class=\"c w4e5 h17\" style=\"left:162.4276px; bottom:143.9761px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h17\" style=\"left:213.32263px; bottom:143.9761px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.321 </div></div><div class=\"c w3c5 h17\" style=\"left:277.28262px; bottom:143.9761px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h17\" style=\"left:341.73663px; bottom:143.9761px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w94 h17\" style=\"left:391.96863px; bottom:143.9761px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h17\" style=\"left:443.2926px; bottom:143.9761px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.576 </div></div><div class=\"c w138 h17\" style=\"left:506.9796px; bottom:143.9761px;\"><div class=\"t m0 xa h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w2b8 h17\" style=\"left:570.6276px; bottom:143.9761px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">175<span class=\"ls0\"> </span></div></div><div class=\"c w59d h1c\" style=\"left:-4.050377px; bottom:131.18411px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">c) Forward </div></div><div class=\"c w4e5 h1c\" style=\"left:162.4276px; bottom:131.18411px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h1c\" style=\"left:213.32263px; bottom:131.18411px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">207<span class=\"ls0\"> </span></div></div><div class=\"c w3c5 h1c\" style=\"left:277.28262px; bottom:131.18411px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:341.73663px; bottom:131.18411px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h1c\" style=\"left:391.96863px; bottom:131.18411px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h1c\" style=\"left:443.2926px; bottom:131.18411px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h1c\" style=\"left:506.9796px; bottom:131.18411px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h1c\" style=\"left:570.6276px; bottom:131.18411px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:118.548096px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">d) Futures </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:118.548096px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:118.548096px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:118.548096px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:118.548096px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:118.548096px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:118.548096px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:118.548096px;\"><div class=\"t m0 xc0 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:118.548096px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h12\" style=\"left:-4.050377px; bottom:105.912094px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">e) Altri </div></div><div class=\"c w4e5 h12\" style=\"left:162.4276px; bottom:105.912094px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h12\" style=\"left:213.32263px; bottom:105.912094px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h12\" style=\"left:277.28262px; bottom:105.912094px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:341.73663px; bottom:105.912094px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h12\" style=\"left:391.96863px; bottom:105.912094px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h12\" style=\"left:443.2926px; bottom:105.912094px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h12\" style=\"left:506.9796px; bottom:105.912094px;\"><div class=\"t m0 xc0 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h12\" style=\"left:570.6276px; bottom:105.912094px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h41\" style=\"left:-4.050377px; bottom:89.3761px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4. Merci </div></div><div class=\"c w4e5 h41\" style=\"left:162.4276px; bottom:89.3761px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h41\" style=\"left:213.32263px; bottom:89.3761px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h41\" style=\"left:277.28262px; bottom:89.3761px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h41\" style=\"left:341.73663px; bottom:89.3761px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h41\" style=\"left:391.96863px; bottom:89.3761px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h41\" style=\"left:443.2926px; bottom:89.3761px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h41\" style=\"left:506.9796px; bottom:89.3761px;\"><div class=\"t m0 xc0 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h41\" style=\"left:570.6276px; bottom:89.3761px;\"><div class=\"t m0 xd9 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h6a\" style=\"left:-4.050377px; bottom:72.6841px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">5. Altri </div></div><div class=\"c w4e5 h6a\" style=\"left:162.4276px; bottom:72.6841px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w57b h6a\" style=\"left:213.32263px; bottom:72.6841px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c5 h6a\" style=\"left:277.28262px; bottom:72.6841px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h6a\" style=\"left:341.73663px; bottom:72.6841px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w94 h6a\" style=\"left:391.96863px; bottom:72.6841px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3c7 h6a\" style=\"left:443.2926px; bottom:72.6841px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w138 h6a\" style=\"left:506.9796px; bottom:72.6841px;\"><div class=\"t m0 xc0 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2b8 h6a\" style=\"left:570.6276px; bottom:72.6841px;\"><div class=\"t m0 xd9 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w59d h47\" style=\"left:-4.050377px; bottom:53.184097px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w4e5 h47\" style=\"left:162.4276px; bottom:53.184097px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">322.529 </div></div><div class=\"c w57b h47\" style=\"left:213.32263px; bottom:53.184097px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">37.753 </div></div><div class=\"c w3c5 h47\" style=\"left:277.28262px; bottom:53.184097px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">8.894 </div></div><div class=\"c w2b8 h47\" style=\"left:341.73663px; bottom:53.184097px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">316<span class=\"ls0\"> </span></div></div><div class=\"c w94 h47\" style=\"left:391.96863px; bottom:53.184097px;\"><div class=\"t m0 xae h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">253.424 </div></div><div class=\"c w3c7 h47\" style=\"left:443.2926px; bottom:53.184097px;\"><div class=\"t m0 xad h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">39.360 </div></div><div class=\"c w138 h47\" style=\"left:506.9796px; bottom:53.184097px;\"><div class=\"t m0 x99 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">8.461 </div></div><div class=\"c w2b8 h47\" style=\"left:570.6276px; bottom:53.184097px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">175<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-134.8219px;\"><div class=\"t m0 x0 h116 yfb7 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y7e5 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1372 ff1 fs0 fc0 sc0 lsd ws0\">Il <span class=\"ff4 ls0\">valore nozio<span class=\"_ _0\"></span>nale medio nell\u2019es<span class=\"_ _0\"></span>ercizio dei derivati fi<span class=\"_ _0\"></span>nanziari di copertura amm<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nta a 335.456 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y1044 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y186c ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-530.04065px;\"><div class=\"t m0 x0 h4c y4 ff2 fs0 fc2 sc0 ls0 ws0\">A.2 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura: fair v<span class=\"_ _0\"></span>alue lordo positivo e <span class=\"_ _0\"></span>negativo <span class=\"_ _3\"></span>- ripartizione per prod<span class=\"_ _0\"></span>otti </div><div class=\"t m0 x0 h116 y1480 ff5 fs1c fc5 sc0 ls0 ws0\"> </div></div><div class=\"c w36f h69\" style=\"left:516.9636px; bottom:441.65735px;\"><div class=\"t m0 xe hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w5a6 h242\" style=\"left:-4.050377px; bottom:280.82135px;\"><div class=\"t m0 x41 h8d y186d ff5 fse fc2 sc0 ls0 ws0\">Tipologie <span class=\"ls2b\">derivati</span> </div></div><div class=\"c w5a7 hc9\" style=\"left:132.78761px; bottom:393.92133px;\"><div class=\"t m0 x1b3 h8d y9d7 ff5 fse fc2 sc0 ls2b ws0\">Fair value positivo e negativo<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w36f hc9\" style=\"left:516.9636px; bottom:393.92133px;\"><div class=\"t m0 xdd h8d y9d7 ff5 fse fc2 sc0 ls29 ws0\">Variazione del valore </div><div class=\"t m0 x87 h8d y867 ff5 fse fc2 sc0 ls2b ws0\">usato per calcolare </div><div class=\"t m0 x88 h8d y731 ff5 fse fc2 sc0 ls0 ws0\">l'efficacia della </div><div class=\"t m0 xd1 h8d y564 ff5 fse fc2 sc0 ls28 ws0\">copertura <span class=\"ls0\"> </span></div></div><div class=\"c w49e h13b\" style=\"left:132.78761px; bottom:376.29333px;\"><div class=\"t m0 xc7 h8d yb4a ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5a8 h13b\" style=\"left:236.41061px; bottom:376.29333px;\"><div class=\"t m0 x41 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w5a9 h13b\" style=\"left:326.42264px; bottom:376.29333px;\"><div class=\"t m0 x122 h8d yb4a ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5aa h13b\" style=\"left:423.9486px; bottom:376.29333px;\"><div class=\"t m0 x41 h8d yb4a ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c w275 h243\" style=\"left:518.3676px; bottom:355.85736px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c wb1 h243\" style=\"left:569.53564px; bottom:355.85736px;\"><div class=\"t m0 x87 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w13a h51\" style=\"left:132.78761px; bottom:355.85736px;\"><div class=\"t m0 xa5 h8d y13fc ff5 fse fc2 sc0 ls27 ws0\">Over the counter<span class=\"ls0\"> </span></div></div><div class=\"c w5ab h1f5\" style=\"left:306.14264px; bottom:280.82135px;\"><div class=\"t mb xae h8d y1 ff5 fse fc2 sc0 ls9 ws0\">Mercati organizzati</div><div class=\"t mb xae h8d y186e ff5 fse fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w59d h51\" style=\"left:326.42264px; bottom:355.85736px;\"><div class=\"t m0 x43 h8d y13fc ff5 fse fc2 sc0 ls27 ws0\">Over the counter<span class=\"ls0\"> </span></div></div><div class=\"c w5ac h1f5\" style=\"left:492.2766px; bottom:280.82135px;\"><div class=\"t mb x95 h8d y1 ff5 fse fc2 sc0 ls9 ws0\">Mercati organizzati</div><div class=\"t mb x95 h8d y186e ff5 fse fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5ad h244\" style=\"left:132.78761px; bottom:280.82135px;\"><div class=\"t mb x95 h8d y1 ff5 fse fc2 sc0 ls26 ws0\">Controparti </div><div class=\"t mb xd1 h8d y1 ff5 fse fc2 sc0 ls28 ws0\">centrali</div><div class=\"t mb xd1 h8d y82c ff5 fse fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5ae h18c\" style=\"left:168.08263px; bottom:327.62134px;\"><div class=\"t m0 xa1 h8d y731 ff5 fse fc2 sc0 ls29 ws0\">Senza controparti centrali<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w5af h244\" style=\"left:326.42264px; bottom:280.82135px;\"><div class=\"t mb x97 h8d y1 ff5 fse fc2 sc0 ls26 ws0\">Controparti </div><div class=\"t mb x9a h8d y1 ff5 fse fc2 sc0 ls28 ws0\">centrali</div><div class=\"t mb x9a h8d y82c ff5 fse fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5ae h18c\" style=\"left:355.93262px; bottom:327.62134px;\"><div class=\"t m0 xa1 h8d y731 ff5 fse fc2 sc0 ls29 ws0\">Senza controparti centrali<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w8 h18c\" style=\"left:516.9636px; bottom:327.62134px;\"><div class=\"t m0 x41 h8d y732 ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w92 h18c\" style=\"left:569.53564px; bottom:327.62134px;\"><div class=\"t m0 x41 h8d y732 ff5 fse fc2 sc0 ls28 ws0\">31.12.2021<span class=\"ls0\"> </span></div></div><div class=\"c wd7 h245\" style=\"left:168.08263px; bottom:280.82135px;\"><div class=\"t m0 xdd h2c y104e ff1 fse fc2 sc0 ls26 ws0\">Con accordi di </div><div class=\"t m0 x41 h2c yf1a ff1 fse fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c wd7 h245\" style=\"left:236.41061px; bottom:280.82135px;\"><div class=\"t m0 xdd h2c y104e ff1 fse fc2 sc0 ls29 ws0\">Senza accordi </div><div class=\"t m0 xc h2c yf1a ff1 fse fc2 sc0 ls28 ws0\">di </div><div class=\"t m0 x41 h2c y13a ff1 fse fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c wd7 h245\" style=\"left:355.93262px; bottom:280.82135px;\"><div class=\"t m0 xdd h2c y104e ff1 fse fc2 sc0 ls26 ws0\">Con accordi di </div><div class=\"t m0 x41 h2c yf1a ff1 fse fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c wd7 h245\" style=\"left:423.9486px; bottom:280.82135px;\"><div class=\"t m0 xdd h2c y104e ff1 fse fc2 sc0 ls29 ws0\">Senza accordi </div><div class=\"t m0 xc h2c yf1a ff1 fse fc2 sc0 ls28 ws0\">di </div><div class=\"t m0 x41 h2c y13a ff1 fse fc2 sc0 ls0 ws0\">compensazione </div></div><div class=\"c w381 h102\" style=\"left:-4.050377px; bottom:269.12134px;\"><div class=\"t m0 x41 h8d yfc ff5 fse fc2 sc0 ls2b ws0\">Fair value positivo<span class=\"ls0\"> </span></div></div><div class=\"c w381 h1c\" style=\"left:-4.050377px; bottom:256.32935px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">a) Opzioni<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h1c\" style=\"left:132.78761px; bottom:256.32935px;\"><div class=\"t m0 x9a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h1c\" style=\"left:168.08263px; bottom:256.32935px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w23e h1c\" style=\"left:236.41061px; bottom:256.32935px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h1c\" style=\"left:304.27063px; bottom:256.32935px;\"><div class=\"t m0 x12 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h1c\" style=\"left:326.42264px; bottom:256.32935px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h1c\" style=\"left:355.93262px; bottom:256.32935px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w5a4 h1c\" style=\"left:423.9486px; bottom:256.32935px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h1c\" style=\"left:492.2766px; bottom:256.32935px;\"><div class=\"t m0 x97 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h1c\" style=\"left:516.9636px; bottom:256.32935px;\"><div class=\"t m0 xad h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">47</span> </div></div><div class=\"c w92 h1c\" style=\"left:569.53564px; bottom:256.32935px;\"><div class=\"t m0 x86 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">114</span> </div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:243.69336px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">b) Interest rate swap<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:243.69336px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">17.193<span class=\"ls0\"> </span></div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:243.69336px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.637<span class=\"ls0\"> </span></div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:243.69336px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">830<span class=\"ls0\"> </span></div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:243.69336px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:243.69336px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.816<span class=\"ls0\"> </span></div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:243.69336px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">712<span class=\"ls0\"> </span></div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:243.69336px;\"><div class=\"t m0 x9c h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:243.69336px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:243.69336px;\"><div class=\"t m0 x14 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">18.312<span class=\"ls0\"> </span></div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:243.69336px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">2.505<span class=\"ls0\"> </span></div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:231.05737px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">c) Cross currency swap </div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:231.05737px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:231.05737px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">325<span class=\"ls0\"> </span></div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:231.05737px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:231.05737px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:231.05737px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:231.05737px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">483<span class=\"ls0\"> </span></div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:231.05737px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:231.05737px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:231.05737px;\"><div class=\"t m0 xad h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">-<span class=\"ls28\">92</span> </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:231.05737px;\"><div class=\"t m0 xb8 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:218.42133px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">d) Equity swap<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:218.42133px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:218.42133px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:218.42133px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:218.42133px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:218.42133px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:218.42133px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:218.42133px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:218.42133px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:218.42133px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:218.42133px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h23\" style=\"left:-4.050377px; bottom:205.59033px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">e) Forward<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h23\" style=\"left:132.78761px; bottom:205.59033px;\"><div class=\"t m0 x9a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h23\" style=\"left:168.08263px; bottom:205.59033px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h23\" style=\"left:236.41061px; bottom:205.59033px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h23\" style=\"left:304.27063px; bottom:205.59033px;\"><div class=\"t m0 x12 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h23\" style=\"left:326.42264px; bottom:205.59033px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h23\" style=\"left:355.93262px; bottom:205.59033px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h23\" style=\"left:423.9486px; bottom:205.59033px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h23\" style=\"left:492.2766px; bottom:205.59033px;\"><div class=\"t m0 x97 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h23\" style=\"left:516.9636px; bottom:205.59033px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h23\" style=\"left:569.53564px; bottom:205.59033px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:192.95435px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls27 ws0\">f) Futures<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:192.95435px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:192.95435px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:192.95435px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:192.95435px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:192.95435px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:192.95435px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:192.95435px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:192.95435px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:192.95435px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:192.95435px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:180.31836px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">g) Altri<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:180.31836px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:180.31836px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:180.31836px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:180.31836px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:180.31836px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:180.31836px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:180.31836px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:180.31836px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:180.31836px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:180.31836px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h47\" style=\"left:-4.050377px; bottom:160.81836px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5a1 h47\" style=\"left:132.78761px; bottom:160.81836px;\"><div class=\"t m0 xab h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">17.193 </div></div><div class=\"c w23e h47\" style=\"left:168.08263px; bottom:160.81836px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.037 </div></div><div class=\"c w23e h47\" style=\"left:236.41061px; bottom:160.81836px;\"><div class=\"t m0 xa h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">830<span class=\"ls0\"> </span></div></div><div class=\"c w5a2 h47\" style=\"left:304.27063px; bottom:160.81836px;\"><div class=\"t m0 x12 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h47\" style=\"left:326.42264px; bottom:160.81836px;\"><div class=\"t m0 xab h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.816 </div></div><div class=\"c w23e h47\" style=\"left:355.93262px; bottom:160.81836px;\"><div class=\"t m0 xd h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.221 </div></div><div class=\"c w5a4 h47\" style=\"left:423.9486px; bottom:160.81836px;\"><div class=\"t m0 xa2 h8f y767 ff5 fsf fc2 sc0 ls1c ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w5a5 h47\" style=\"left:492.2766px; bottom:160.81836px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h47\" style=\"left:516.9636px; bottom:160.81836px;\"><div class=\"t m0 x95 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">18.173 </div></div><div class=\"c w92 h47\" style=\"left:569.53564px; bottom:160.81836px;\"><div class=\"t m0 x9a h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.459 </div></div><div class=\"c w381 h102\" style=\"left:-4.050377px; bottom:149.11835px;\"><div class=\"t m0 x41 h8d yec ff5 fse fc2 sc0 ls2b ws0\">Fair value negativo<span class=\"ls0\"> </span></div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:136.48236px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">a) Opzioni<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:136.48236px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:136.48236px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:136.48236px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:136.48236px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:136.48236px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:136.48236px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:136.48236px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:136.48236px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:136.48236px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:136.48236px;\"><div class=\"t m0 xd9 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w381 h1c\" style=\"left:-4.050377px; bottom:123.69037px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">b) Interest rate swap<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h1c\" style=\"left:132.78761px; bottom:123.69037px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">12.471<span class=\"ls0\"> </span></div></div><div class=\"c w23e h1c\" style=\"left:168.08263px; bottom:123.69037px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">1.631<span class=\"ls0\"> </span></div></div><div class=\"c w23e h1c\" style=\"left:236.41061px; bottom:123.69037px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w5a2 h1c\" style=\"left:304.27063px; bottom:123.69037px;\"><div class=\"t m0 x12 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h1c\" style=\"left:326.42264px; bottom:123.69037px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">5.238<span class=\"ls0\"> </span></div></div><div class=\"c w23e h1c\" style=\"left:355.93262px; bottom:123.69037px;\"><div class=\"t m0 xd9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">2.492<span class=\"ls0\"> </span></div></div><div class=\"c w5a4 h1c\" style=\"left:423.9486px; bottom:123.69037px;\"><div class=\"t m0 x9c h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w5a5 h1c\" style=\"left:492.2766px; bottom:123.69037px;\"><div class=\"t m0 x97 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h1c\" style=\"left:516.9636px; bottom:123.69037px;\"><div class=\"t m0 x14 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">13.360<span class=\"ls0\"> </span></div></div><div class=\"c w92 h1c\" style=\"left:569.53564px; bottom:123.69037px;\"><div class=\"t m0 x94 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">5.743<span class=\"ls0\"> </span></div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:111.05432px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">c) Cross currency swap </div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:111.05432px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:111.05432px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">788<span class=\"ls0\"> </span></div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:111.05432px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:111.05432px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:111.05432px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:111.05432px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">380<span class=\"ls0\"> </span></div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:111.05432px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:111.05432px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:111.05432px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.015<span class=\"ls0\"> </span></div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:111.05432px;\"><div class=\"t m0 xd1 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">378<span class=\"ls0\"> </span></div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:98.418335px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">d) <span class=\"ls29\">Equity swap<span class=\"ls0\"> </span></span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:98.418335px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:98.418335px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:98.418335px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:98.418335px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:98.418335px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:98.418335px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:98.418335px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:98.418335px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:98.418335px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:98.418335px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:85.78235px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">e) Forward<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:85.78235px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:85.78235px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:85.78235px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:85.78235px;\"><div class=\"t m0 x12 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:85.78235px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:85.78235px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:85.78235px;\"><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:85.78235px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:85.78235px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:85.78235px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h1c\" style=\"left:-4.050377px; bottom:72.99036px;\"><div class=\"t m0 x87 h2c y6ff ff1 fse fc2 sc0 ls27 ws0\">f) Futures<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h1c\" style=\"left:132.78761px; bottom:72.99036px;\"><div class=\"t m0 x9a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h1c\" style=\"left:168.08263px; bottom:72.99036px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h1c\" style=\"left:236.41061px; bottom:72.99036px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h1c\" style=\"left:304.27063px; bottom:72.99036px;\"><div class=\"t m0 x12 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a3 h1c\" style=\"left:326.42264px; bottom:72.99036px;\"><div class=\"t m0 x95 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h1c\" style=\"left:355.93262px; bottom:72.99036px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h1c\" style=\"left:423.9486px; bottom:72.99036px;\"><div class=\"t m0 x10a h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h1c\" style=\"left:492.2766px; bottom:72.99036px;\"><div class=\"t m0 x97 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h1c\" style=\"left:516.9636px; bottom:72.99036px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h1c\" style=\"left:569.53564px; bottom:72.99036px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h12\" style=\"left:-4.050377px; bottom:60.35437px;\"><div class=\"t m0 x87 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">g) Altri<span class=\"ls0\"> </span></div></div><div class=\"c w5a1 h12\" style=\"left:132.78761px; bottom:60.35437px;\"><div class=\"t m0 x9a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:168.08263px; bottom:60.35437px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:236.41061px; bottom:60.35437px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a2 h12\" style=\"left:304.27063px; bottom:60.35437px;\"><div class=\"t m0 x1a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w5a3 h12\" style=\"left:326.42264px; bottom:60.35437px;\"><div class=\"t m0 x95 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w23e h12\" style=\"left:355.93262px; bottom:60.35437px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a4 h12\" style=\"left:423.9486px; bottom:60.35437px;\"><div class=\"t m0 x10a h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a5 h12\" style=\"left:492.2766px; bottom:60.35437px;\"><div class=\"t m0 x97 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h12\" style=\"left:516.9636px; bottom:60.35437px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w92 h12\" style=\"left:569.53564px; bottom:60.35437px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w381 h47\" style=\"left:-4.050377px; bottom:40.85437px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5a1 h47\" style=\"left:132.78761px; bottom:40.85437px;\"><div class=\"t m0 xab h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">12.471 </div></div><div class=\"c w23e h47\" style=\"left:168.08263px; bottom:40.85437px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.425 </div></div><div class=\"c w23e h47\" style=\"left:236.41061px; bottom:40.85437px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w5a2 h47\" style=\"left:304.27063px; bottom:40.85437px;\"><div class=\"t m0 x1a h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w5a3 h47\" style=\"left:326.42264px; bottom:40.85437px;\"><div class=\"t m0 xab h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">5.238 </div></div><div class=\"c w23e h47\" style=\"left:355.93262px; bottom:40.85437px;\"><div class=\"t m0 xd h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.880 </div></div><div class=\"c w5a4 h47\" style=\"left:423.9486px; bottom:40.85437px;\"><div class=\"t m0 xa2 h8f y6e4 ff5 fsf fc2 sc0 ls1c ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w5a5 h47\" style=\"left:492.2766px; bottom:40.85437px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wb2 h47\" style=\"left:516.9636px; bottom:40.85437px;\"><div class=\"t m0 x95 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">14.376 </div></div><div class=\"c w92 h47\" style=\"left:569.53564px; bottom:40.85437px;\"><div class=\"t m0 x9a h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">6.123<span class=\"_ _90\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-270.85315px;\"><div class=\"t m0 x0 h4c y4 ff3 fs0 fc2 sc0 ls0 ws0\">A.3 Derivati finanziari <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i copertura \u201cov<span class=\"_ _0\"></span>er the counter\u201d: <span class=\"ff2\">valori nozionali, fair value lor<span class=\"_ _0\"></span>do positivo e negati<span class=\"_ _0\"></span>vo per controparti </span></div><div class=\"t m0 x0 h116 y1480 ff5 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5b2 h44\" style=\"left:457.9566px; bottom:701.7808px;\"><div class=\"t m0 x120 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5b0 h40\" style=\"left:-4.050377px; bottom:669.64484px;\"><div class=\"t m0 x41 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 s<span class=\"_ _0\"></span>ottostanti <span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h40\" style=\"left:279.93463px; bottom:669.64484px;\"><div class=\"t m0 x86 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Contropa<span class=\"_ _0\"></span>rti </div><div class=\"t m0 x43 h59 y82d ff5 fs17 fc2 sc0 ls0 ws0\">centrali<span class=\"_ _0\"></span> </div></div><div class=\"c w5a8 h40\" style=\"left:368.72464px; bottom:669.64484px;\"><div class=\"t m0 x43 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Banche </div></div><div class=\"c w5b3 h40\" style=\"left:457.9566px; bottom:669.64484px;\"><div class=\"t m0 x94 h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Altre socie<span class=\"_ _0\"></span>t\u00e0 </div><div class=\"t m0 xe h59 y82d ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div></div><div class=\"c wac h40\" style=\"left:546.44763px; bottom:669.64484px;\"><div class=\"t m0 xdd h59 yb34 ff5 fs17 fc2 sc0 ls0 ws0\">Altri so<span class=\"_ _0\"></span>ggetti </div></div><div class=\"c w5b0 h8c\" style=\"left:-4.050377px; bottom:644.21686px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Contratti <span class=\"_ _0\"></span>non rient<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>anti in acc<span class=\"_ _35\"></span>ordi di compensa<span class=\"_ _0\"></span>zione </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:624.71686px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">1) <span class=\"ls0\">Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _0\"></span> tassi d'int<span class=\"_ _0\"></span>eresse </span></div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:612.0809px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:612.0809px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:612.0809px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.834 </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:612.0809px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4.039 </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:612.0809px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:599.4448px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:599.4448px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:599.4448px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">497<span class=\"ls0\"> </span></div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:599.4448px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">333<span class=\"ls0\"> </span></div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:599.4448px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:586.80884px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:586.80884px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:586.80884px;\"><div class=\"t m0 xc9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">16</span> </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:586.80884px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-2 </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:586.80884px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:567.30884px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:554.51685px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:554.51685px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:554.51685px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:554.51685px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:554.51685px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:541.88086px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:541.88086px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:541.88086px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:541.88086px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:541.88086px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:529.2449px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:529.2449px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:529.2449px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:529.2449px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:529.2449px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:509.74487px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3) Valute e<span class=\"_ _0\"></span> oro </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:497.10883px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:497.10883px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:497.10883px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:497.10883px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:497.10883px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:484.31683px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:484.31683px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:484.31683px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:484.31683px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:484.31683px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h17\" style=\"left:-4.050377px; bottom:471.64185px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h17\" style=\"left:279.93463px; bottom:471.64185px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h17\" style=\"left:368.72464px; bottom:471.64185px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w5b3 h17\" style=\"left:457.9566px; bottom:471.64185px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h17\" style=\"left:546.44763px; bottom:471.64185px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:452.14185px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4) Merci </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:439.50586px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:439.50586px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:439.50586px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:439.50586px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:439.50586px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:426.86987px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:426.86987px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:426.86987px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:426.86987px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:426.86987px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:414.07788px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:414.07788px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:414.07788px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:414.07788px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:414.07788px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:394.57788px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">5) <span class=\"ls0\">Altri </span></div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:381.94183px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:381.94183px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:381.94183px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:381.94183px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:381.94183px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:369.30585px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:369.30585px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:369.30585px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:369.30585px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:369.30585px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:356.66986px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:356.66986px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:356.66986px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:356.66986px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:356.66986px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h8c\" style=\"left:-4.050377px; bottom:331.24182px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Contratti <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>n accord<span class=\"_ _0\"></span>i di com<span class=\"_ _0\"></span>pensazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:311.74182px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1) Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi d'int<span class=\"_ _0\"></span>eresse </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:299.10583px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:299.10583px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">322.529 </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:299.10583px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">26.545 </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:299.10583px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.680 </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:299.10583px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:286.46985px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:286.46985px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">17.193 </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:286.46985px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.668 </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:286.46985px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">44<span class=\"ls0\"> </span></div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:286.46985px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:273.67786px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:273.67786px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-12.471 </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:273.67786px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1.119 </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:273.67786px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">517</span> </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:273.67786px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:254.17786px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari </div></div><div class=\"c w5b0 h17\" style=\"left:-4.050377px; bottom:241.51587px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h17\" style=\"left:279.93463px; bottom:241.51587px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h17\" style=\"left:368.72464px; bottom:241.51587px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h17\" style=\"left:457.9566px; bottom:241.51587px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h17\" style=\"left:546.44763px; bottom:241.51587px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:228.87985px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:228.87985px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:228.87985px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:228.87985px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:228.87985px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:216.24384px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:216.24384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:216.24384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:216.24384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:216.24384px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:196.74384px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3) Valute e<span class=\"_ _0\"></span> oro </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:183.95184px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore nozional<span class=\"_ _35\"></span>e </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:183.95184px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:183.95184px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">7.918 </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:183.95184px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.610 </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:183.95184px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:171.31586px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:171.31586px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:171.31586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">293<span class=\"ls0\"> </span></div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:171.31586px;\"><div class=\"t m0 x134 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:171.31586px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:158.67984px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:158.67984px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:158.67984px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">465</span> </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:158.67984px;\"><div class=\"t m0 x139 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">324</span> </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:158.67984px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:139.17984px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4) Merci </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:126.54385px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:126.54385px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:126.54385px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:126.54385px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:126.54385px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:113.75186px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:113.75186px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:113.75186px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:113.75186px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:113.75186px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:101.115845px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:101.115845px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:101.115845px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:101.115845px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:101.115845px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h47\" style=\"left:-4.050377px; bottom:81.615845px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5) Altri </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:68.97986px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:68.97986px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:68.97986px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:68.97986px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:68.97986px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h12\" style=\"left:-4.050377px; bottom:56.34384px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> positivo </div></div><div class=\"c w5b1 h12\" style=\"left:279.93463px; bottom:56.34384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h12\" style=\"left:368.72464px; bottom:56.34384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h12\" style=\"left:457.9566px; bottom:56.34384px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h12\" style=\"left:546.44763px; bottom:56.34384px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b0 h1c\" style=\"left:-4.050377px; bottom:43.55185px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> negativo<span class=\"_ _0\"></span> </div></div><div class=\"c w5b1 h1c\" style=\"left:279.93463px; bottom:43.55185px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5a8 h1c\" style=\"left:368.72464px; bottom:43.55185px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b3 h1c\" style=\"left:457.9566px; bottom:43.55185px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wac h1c\" style=\"left:546.44763px; bottom:43.55185px;\"><div class=\"t m0 x4c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"_ _90\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.30786px;\"><div class=\"t m0 x0 h4c y4 ff3 fs0 fc2 sc0 ls0 ws0\">A.4 Vita residua dei <span class=\"_ _0\"></span>derivati finanziari <span class=\"_ _0\"></span>di copertura \u201cover th<span class=\"_ _0\"></span>e counter\u201d: valori nozi<span class=\"_ _0\"></span>onali <span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h24 y73f ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5b6 h44\" style=\"left:469.65662px; bottom:874.4821px;\"><div class=\"t m0 x3e h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5b7 h23b\" style=\"left:-4.050377px; bottom:840.4741px;\"><div class=\"t m0 x41 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Sottostant<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>/Vita res<span class=\"_ _0\"></span>idua </div></div><div class=\"c w5b5 h23b\" style=\"left:289.45062px; bottom:840.4741px;\"><div class=\"t m0 xa1 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Fino ad 1 <span class=\"_ _0\"></span>anno </div></div><div class=\"c w5b4 h23b\" style=\"left:378.86462px; bottom:840.4741px;\"><div class=\"t m0 x14 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 1 a<span class=\"_ _0\"></span>nno e </div><div class=\"t m0 x96 h59 yea4 ff5 fs17 fc2 sc0 ls0 ws0\">fino a 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w323 h23b\" style=\"left:469.65662px; bottom:840.4741px;\"><div class=\"t m0 x97 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Oltre 5 a<span class=\"_ _0\"></span>nni </div></div><div class=\"c w5b8 h23b\" style=\"left:544.2636px; bottom:840.4741px;\"><div class=\"t m0 xd9 h59 y1273 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5b7 h42\" style=\"left:-4.050377px; bottom:824.87415px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.1 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi di in<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>eresse </div></div><div class=\"c w5b5 h42\" style=\"left:289.45062px; bottom:824.87415px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">83.539 </div></div><div class=\"c w5b4 h42\" style=\"left:378.86462px; bottom:824.87415px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">151.813 </div></div><div class=\"c w323 h42\" style=\"left:469.65662px; bottom:824.87415px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">124.275 </div></div><div class=\"c w5b8 h42\" style=\"left:544.2636px; bottom:824.87415px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">359.627 </div></div><div class=\"c w5b7 h42\" style=\"left:-4.050377px; bottom:809.2741px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.2 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su titoli d<span class=\"_ _0\"></span>i capitale e<span class=\"_ _0\"></span>d indici<span class=\"_ _0\"></span> azionari </div></div><div class=\"c w5b5 h42\" style=\"left:289.45062px; bottom:809.2741px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b4 h42\" style=\"left:378.86462px; bottom:809.2741px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:469.65662px; bottom:809.2741px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b8 h42\" style=\"left:544.2636px; bottom:809.2741px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b7 h42\" style=\"left:-4.050377px; bottom:793.67413px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.3 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su valu<span class=\"_ _0\"></span>te ed oro </div></div><div class=\"c w5b5 h42\" style=\"left:289.45062px; bottom:793.67413px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">687<span class=\"ls0\"> </span></div></div><div class=\"c w5b4 h42\" style=\"left:378.86462px; bottom:793.67413px;\"><div class=\"t m0 x10a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3.704 </div></div><div class=\"c w323 h42\" style=\"left:469.65662px; bottom:793.67413px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5.158 </div></div><div class=\"c w5b8 h42\" style=\"left:544.2636px; bottom:793.67413px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9.549 </div></div><div class=\"c w5b7 h42\" style=\"left:-4.050377px; bottom:778.07416px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.4 Deriva<span class=\"_ _0\"></span>ti finanziari<span class=\"_ _0\"></span> su merci </div></div><div class=\"c w5b5 h42\" style=\"left:289.45062px; bottom:778.07416px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b4 h42\" style=\"left:378.86462px; bottom:778.07416px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:469.65662px; bottom:778.07416px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b8 h42\" style=\"left:544.2636px; bottom:778.07416px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b7 h42\" style=\"left:-4.050377px; bottom:762.4741px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">A.5 Altri der<span class=\"_ _0\"></span>ivati finan<span class=\"_ _0\"></span>ziari </div></div><div class=\"c w5b5 h42\" style=\"left:289.45062px; bottom:762.4741px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b4 h42\" style=\"left:378.86462px; bottom:762.4741px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w323 h42\" style=\"left:469.65662px; bottom:762.4741px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5b8 h42\" style=\"left:544.2636px; bottom:762.4741px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wd1 h47\" style=\"left:-4.050377px; bottom:742.9741px;\"><div class=\"t m0 x163 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5b4 h47\" style=\"left:198.65863px; bottom:742.9741px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w5b5 h47\" style=\"left:289.45062px; bottom:742.9741px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">84.226 </div></div><div class=\"c w5b4 h47\" style=\"left:378.86462px; bottom:742.9741px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">155.517 </div></div><div class=\"c w323 h47\" style=\"left:469.65662px; bottom:742.9741px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">129.433 </div></div><div class=\"c w5b8 h47\" style=\"left:544.2636px; bottom:742.9741px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">369.176 </div></div><div class=\"c wd1 h47\" style=\"left:-4.050377px; bottom:721.44617px;\"><div class=\"t m0 x163 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5b4 h47\" style=\"left:198.65863px; bottom:721.44617px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w5b5 h47\" style=\"left:289.45062px; bottom:721.44617px;\"><div class=\"t m0 xc0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">60.347 </div></div><div class=\"c w5b4 h47\" style=\"left:378.86462px; bottom:721.44617px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">126.333 </div></div><div class=\"c w323 h47\" style=\"left:469.65662px; bottom:721.44617px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">114.565 </div></div><div class=\"c w5b8 h47\" style=\"left:544.2636px; bottom:721.44617px;\"><div class=\"t m0 xe h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">301.245 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-98.30786px;\"><div class=\"t m0 x0 h116 y13f0 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 yd67 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y582 ff5 fs12 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y12fb ff6 fs12 fc2 sc0 ls0 ws0\">Informativa sull\u2019incertezza derivante dalla ri<span class=\"_ _3\"></span>forma <span class=\"ff5\">deg<span class=\"_ _3\"></span>li indici di riferimento dei derivati di coper<span class=\"_ _3\"></span>tura </span></div><div class=\"t m0 x0 h2 y12f5 ff1 fs0 fc0 sc0 ls0 ws0\">Come  illustrato <span class=\"_ _16\"> </span>nella  Parte  A  Politic<span class=\"_ _0\"></span>he  Contabili,  il <span class=\"_ _16\"> </span>Gruppo  Intesa  Sa<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>paolo  applica,  a <span class=\"_ _16\"> </span>decorrere  dal  Bil<span class=\"_ _0\"></span>ancio  2019,  i<span class=\"_ _35\"></span>l </div><div class=\"t m0 x0 h2 yceb ff1 fs0 fc0 sc0 ls0 ws0\">Regolamento <span class=\"_ _4\"> </span>n.34/2020 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>15 <span class=\"_ _7\"> </span>gennaio <span class=\"_ _7\"> </span>2020 <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>adottato <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ocumento <span class=\"_ _4\"> </span>emesso <span class=\"_ _7\"> </span>dall<span class=\"_ _2\"></span>o <span class=\"_ _7\"> </span>IASB <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2019 <span class=\"_ _4\"> </span>sulla </div><div class=\"t m0 x0 h2 yfd6 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cRiforma <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>indici <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eterminazione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>modifiche<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>all\u2019IFRS <span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>Finanziamenti <span class=\"_ _3\"></span>finanzi<span class=\"_ _5\"></span><span class=\"ff1\">ari, </span></div><div class=\"t m0 x0 h32 y7f7 ff4 fs0 fc0 sc0 ls0 ws0\">allo <span class=\"_ _5\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _5\"></span>Strumenti <span class=\"_ _2\"></span>finanziari: <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>val<span class=\"_ _3\"></span>utazione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>all\u2019IFRS <span class=\"_ _2\"></span>7<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Strumenti <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>nanziari: <span class=\"_ _2\"></span>i<span class=\"_ _5\"></span>nformazioni <span class=\"_ _2\"></span>integrative)\u201d. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 ya1a ff1 fs0 fc0 sc0 ls0 ws0\">regolamento <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"></span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>introdotte <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>modifiche <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>tema <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>coperture <span class=\"_ _4\"> </span>(hedge <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ccounting) <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>finalit\u00e0 <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 yf84 ff4 fs0 fc0 sc0 ls0 ws0\">evitare <span class=\"_ _4\"> </span>che<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>incertezze <span class=\"_ _7\"> </span>sull\u2019ammontare <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>tempistiche <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _7\"> </span>derivanti <span class=\"_ _4\"> </span>dalla <span class=\"_ _7\"> </span>rifo<span class=\"_ _5\"></span><span class=\"ff1\">rma <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>tassi <span class=\"_ _7\"> </span>possano<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y8f0 ff4 fs0 fc0 sc0 ls0 ws0\">comportare l\u2019interruzio<span class=\"_ _0\"></span>ne delle coperture in essere e diffi<span class=\"_ _0\"></span>colt\u00e0 a designare nuove relazio<span class=\"_ _0\"></span>ni di copertura. Pertant<span class=\"_ _0\"></span>o, l\u2019analis<span class=\"_ _2\"></span><span class=\"ff1\">i<span class=\"_ _3\"></span> della </span></div><div class=\"t m0 x0 h2 ya1b ff1 fs0 fc0 sc0 ls0 ws0\">tenuta de<span class=\"_ _3\"></span>lle coperture <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>effettuata considerando <span class=\"_ _3\"></span>i flussi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tempistiche dei <span class=\"_ _3\"></span>derivati d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere, presumendo </div><div class=\"t m0 x0 h2 y91f ff1 fs0 fc0 sc0 ls0 ws0\">che gli indici di riferimento per la determinazione dei tassi di interesse esistenti non siano modificati a seguito della<span class=\"_ _0\"></span> rif<span class=\"_ _5\"></span>orma dei </div><div class=\"t m0 x0 h2 ya1c ff1 fs0 fc0 sc0 ls0 ws0\">tassi interbancari (cd. I<span class=\"_ _0\"></span>nterest Rate Benchm<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rk Reform o IBOR <span class=\"_ _0\"></span>Reform). <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8b3 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _5\"></span>seguire <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ornisce <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019informati<span class=\"_ _0\"></span>va <span class=\"_ _6\"></span>richiesta <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>7, <span class=\"_ _6\"></span>paragrafo <span class=\"_ _5\"></span>24H, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>all\u2019incertezza <span class=\"_ _5\"></span>derivante <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>riforma <span class=\"_ _5\"></span>degli </span></div><div class=\"t m0 x0 h2 ya1e ff4 fs0 fc0 sc0 ls0 ws0\">indici di riferimento per la determinazione dei tassi di interesse su<span class=\"_ _3\"></span>lle relazioni di copertura e l\u2019importo nominale degli st<span class=\"_ _5\"></span><span class=\"ff1\">rumenti </span></div><div class=\"t m0 x0 h2 y13e2 ff1 fs0 fc0 sc0 ls0 ws0\">di  copertura  p<span class=\"_ _0\"></span>otenzialmente  i<span class=\"_ _0\"></span>mpattati  dalla <span class=\"_ _16\"> </span>riforma  dei  tas<span class=\"_ _0\"></span>si  benchmark.  Si <span class=\"_ _16\"> </span>rinvia  anche <span class=\"_ _16\"> </span>a  quanto  ripor<span class=\"_ _0\"></span>tato  nella  N<span class=\"_ _0\"></span>ota </div><div class=\"t m0 x0 h2 y8b5 ff1 fs0 fc0 sc0 ls0 ws0\">Integrativa <span class=\"_ _16\"> </span>del  Bilancio <span class=\"_ _16\"> </span>consolidato, <span class=\"_ _16\"> </span>nella  Premessa <span class=\"_ _16\"> </span>della  P<span class=\"_ _0\"></span>arte  E<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  Informazio<span class=\"_ _0\"></span>ni  sui <span class=\"_ _16\"> </span>rischi  e <span class=\"_ _16\"> </span>sulle <span class=\"_ _16\"> </span>relative  politiche<span class=\"_ _35\"></span>  di </div><div class=\"t m0 x0 h2 y86a ff1 fs0 fc0 sc0 ls0 ws0\">copertura, per una ill<span class=\"_ _0\"></span>ustrazione di come il Gruppo <span class=\"_ _0\"></span>sta gestendo il proces<span class=\"_ _0\"></span>so di transizione ai tas<span class=\"_ _0\"></span>si di riferimento alt<span class=\"_ _0\"></span>ernativi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1872 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13bf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 ye4c ff5 fs12 fc2 sc0 ls0 ws0\">B. Derivati creditizi di copertura<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 yb13 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y16b8 ff2 fs0 fc2 sc0 ls0 ws0\">B.1 Derivati creditizi di<span class=\"_ _0\"></span> copertura: valori nozio<span class=\"_ _0\"></span>nali di fine perio<span class=\"_ _0\"></span>do<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4c yb15 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c ye21 ff2 fs0 fc2 sc0 ls0 ws0\">B.2 Derivati creditizi di<span class=\"_ _0\"></span> copertura: fair val<span class=\"_ _0\"></span>ue l<span class=\"_ _3\"></span>ordo positivo e negat<span class=\"_ _0\"></span>ivo - ripartizione per prodotti </div><div class=\"t m0 x0 h24 yb16 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y110 ff3 fs0 fc2 sc0 ls0 ws0\">B.3 Derivati creditizi di<span class=\"_ _0\"></span> copertura \u201cover the <span class=\"_ _0\"></span>counter\u201d: valori nozi<span class=\"_ _0\"></span>onali, fair value lordo p<span class=\"_ _0\"></span>ositivo e negativo <span class=\"_ _0\"></span>per contropart<span class=\"_ _2\"></span><span class=\"ff2\">i </span></div><div class=\"t m0 x0 h24 yb17 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yb18 ff3 fs0 fc2 sc0 ls0 ws0\">B.4 Vita residua dei <span class=\"_ _0\"></span>derivati creditizi di cop<span class=\"_ _0\"></span>ertura \u201cover the count<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u201d: valori nozionali<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 xc8 h2 yb19 ff1 fs0 fc0 sc0 ls0 ws0\">Il Gruppo Intesa Sanpa<span class=\"_ _0\"></span>olo non detiene in p<span class=\"_ _0\"></span>ortafoglio derivati <span class=\"_ _0\"></span>creditizi classifi<span class=\"_ _0\"></span>cati di copertura.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 yb1a ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yb1b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y877 ff5 fs12 fc2 sc0 ls0 ws0\">C. Strumenti non derivati di copertura<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y32e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y90a ff2 fs0 fc2 sc0 ls0 ws0\">C.1 Strumenti di coper<span class=\"_ _0\"></span>tura diversi da derivati: ripar<span class=\"_ _0\"></span>tizione per portafogli<span class=\"_ _0\"></span>o contabile e tipol<span class=\"_ _0\"></span>ogia di copertura<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3de ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>9, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applica<span class=\"_ _6\"></span><span class=\"ff1\">re<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y3df ff1 fs0 fc0 sc0 ls0 ws0\">integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principi<span class=\"_ _3\"></span><span class=\"ff4\">o <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontabile <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>AS <span class=\"_ _2\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _5\"></span>accounting\u201d <span class=\"_ _3\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _2\"></span>carve<span class=\"_ _3\"></span></span>-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y3e0 ff1 fs0 fc0 sc0 ls0 ws0\">dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per le coperture spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifiche che per l<span class=\"_ _0\"></span>e macro coperture).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y3e1 ff1 fs0 fc0 sc0 ls0 ws0\">Per  q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esta <span class=\"_ _16\"> </span>ragione <span class=\"_ _16\"> </span>il  Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>non  h<span class=\"ff4\">a  in<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>portafoglio  s<span class=\"_ _0\"></span>trumenti <span class=\"_ _16\"> </span>finanziari <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>riportare <span class=\"_ _16\"> </span>nella <span class=\"_ _16\"> </span>tabella  \u201cC.<span class=\"_ _35\"></span>1 </span></div><div class=\"t m0 x0 h2 y3e2 ff4 fs0 fc0 sc0 ls0 ws0\">Strumenti di copertura <span class=\"_ _0\"></span>diversi da derivati: ri<span class=\"_ _0\"></span>partizione per portaf<span class=\"_ _0\"></span>oglio contabile e ti<span class=\"_ _0\"></span>pologia di copertura<span class=\"_ _0\"></span>\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y3e3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y3e4 ff2 fs0 fc2 sc0 ls0 ws0\">Derivati di copertura d<span class=\"_ _0\"></span>el fair value </div><div class=\"t m0 x0 h2 y3e5 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>relazion<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>principalmente <span class=\"_ _3\"></span>indicizzati <span class=\"_ _3\"></span>all\u2019Euribor, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>metodologia <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y3e6 ff1 fs0 fc0 sc0 ls0 ws0\">calcolo <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>oggetto <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>revisione <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>2019 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>oter <span class=\"_ _7\"> </span>continuare <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>utilizzare <span class=\"_ _4\"> </span>tale <span class=\"_ _7\"> </span>parametro <span class=\"_ _16\"> </span>anche <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>il </div><div class=\"t m0 x0 h2 y3e7 ff1 fs0 fc0 sc0 ls10 ws0\">1\u00b0<span class=\"ls0\"> gennaio <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>esistenti <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>qu<span class=\"_ _3\"></span><span class=\"ff4\">e<span class=\"_ _3\"></span>lli <span class=\"_ _2\"></span>nuovi. <span class=\"_ _5\"></span>Per <span class=\"_ _2\"></span>rendere <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Euribor <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>onforme <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>regolamento <span class=\"_ _3\"></span>dell\u2019<span class=\"_ _3\"></span>UE <span class=\"_ _2\"></span>sui </span></span></div><div class=\"t m0 x0 h2 yf37 ff1 fs0 fc0 sc0 ls0 ws0\">benchmark (Benchmarks Regul<span class=\"_ _0\"></span>ation, BMR - <span class=\"ff4\">Re<span class=\"_ _3\"></span>golamento n. 2<span class=\"_ _0\"></span>016/1011/UE), l\u2019EMMI <span class=\"ff1\">- European Money Mar<span class=\"_ _0\"></span>kets Institute -<span class=\"_ _3\"></span> <span class=\"lsc\">ha </span></span></span></div><div class=\"t m0 x0 h2 y3e9 ff4 fs0 fc0 sc0 ls0 ws0\">reso <span class=\"_ _6\"></span>operativo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>passaggio <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _6\"></span>metodolog<span class=\"_ _0\"></span>ia <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _6\"></span>\u201cibri<span class=\"_ _3\"></span>da\u201d. <span class=\"_ _6\"> </span>L\u2019attuale <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>calcolo <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>sono </span></div><div class=\"t m0 x0 h2 y3ea ff1 fs0 fc0 sc0 ls0 ws0\">state c<span class=\"_ _3\"></span>ompletate a <span class=\"_ _2\"></span>fine novembre <span class=\"_ _3\"></span>2019 <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">non <span class=\"_ _2\"></span>modifica <span class=\"_ _3\"></span>la variabile <span class=\"_ _3\"></span>economica <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l\u2019indice <span class=\"_ _3\"></span>misura: <span class=\"_ _3\"></span>l\u2019Euribor esprime <span class=\"_ _3\"></span>l\u2019effettivo </span></div><div class=\"t m0 x0 h2 y3eb ff1 fs0 fc0 sc0 ls0 ws0\">costo della raccolta <span class=\"_ _0\"></span>per le banche europee <span class=\"_ _0\"></span>contributrici ed \u00e8 sem<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>re dis<span class=\"_ _3\"></span>ponibile e consultabile.  </div><div class=\"t m0 x0 h2 y3ec ff4 fs0 fc0 sc0 ls0 ws0\">Pertanto, non si ritiene che ci si<span class=\"_ _0\"></span>a incertezza sul timing o sull\u2019am<span class=\"_ _35\"></span>mo<span class=\"_ _3\"></span>ntare dei flussi di cassa d<span class=\"_ _0\"></span>ell\u2019Euribor e non si c<span class=\"_ _0\"></span>onsider<span class=\"_ _5\"></span><span class=\"ff1\">ano le </span></div><div class=\"t m0 x0 h2 y3ed ff4 fs0 fc0 sc0 ls0 ws0\">coperture <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>collegate <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>l\u2019Euribor <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>impattate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iforma, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019im<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>ostazione <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>adottata <span class=\"_ _6\"></span>negli<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y3ee ff1 fs0 fc0 sc0 ls0 ws0\">esercizi precedenti. </div><div class=\"t m0 x0 h2 y3ef ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y3f0 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>ai <span class=\"_ _7\"> </span>benchmark <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>cessazione <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>corrispondenti <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>transizione <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>sono<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yf3b ff1 fs0 fc0 sc0 ls0 ws0\">concluse <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>modo <span class=\"_ _6\"></span>positivo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rispettivi <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>enchmark. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>qua<span class=\"_ _2\"></span>nto <span class=\"_ _6\"></span>riguarda <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>residuali <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y3f2 ff1 fs0 fc0 sc0 ls0 ws0\">copertura a<span class=\"_ _3\"></span>ncora <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>Eonia <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>indice sottostante <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>EONIA <span class=\"_ _3\"></span>OIS) </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-630.6227px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">nonch\u00e9  i<span class=\"_ _35\"></span>  contratti <span class=\"_ _16\"> </span>con  t<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>sso <span class=\"_ _16\"> </span>di  r<span class=\"_ _0\"></span>emunerazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lativi <span class=\"_ _16\"> </span>collaterali <span class=\"_ _16\"> </span>all\u2019EONIA, <span class=\"_ _16\"> </span>si <span class=\"_ _1d\"> </span><span class=\"ff1\">rileva <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>al  31 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _16\"> </span>2022 <span class=\"_ _16\"> </span>non </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">residuano pi\u00f9 posizioni<span class=\"_ _0\"></span> aperte. </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _4\"> </span>derivati <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _7\"> </span>indicizzati <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>LI<span class=\"_ _3\"></span>BOR, <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cessazione <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>31 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _7\"> </span>2021 </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">(principalmente rispett<span class=\"_ _0\"></span>o a quelli espressi<span class=\"_ _0\"></span> in divisa GBP, CHF, JP<span class=\"_ _0\"></span>Y e<span class=\"_ _3\"></span>d EUR), si evidenzia che le c<span class=\"_ _0\"></span>orrispondenti esposi<span class=\"_ _0\"></span>zioni non </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">risultavano pi\u00f9 present<span class=\"_ _0\"></span>i gi\u00e0 a partire d<span class=\"_ _0\"></span>ai primi mesi del 202<span class=\"_ _0\"></span>2.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>attiene <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>contratti <span class=\"_ _7\"> </span>derivati <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>copertura <span class=\"_ _7\"> </span>indicizzati <span class=\"_ _4\"> </span>al <span class=\"_ _16\"> </span>LIBOR <span class=\"_ _7\"> </span>USD <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>segnala <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>transizione <span class=\"_ _4\"> </span>dovr\u00e0 <span class=\"_ _7\"> </span>essere </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">effettuata entro <span class=\"_ _3\"></span>il 30 giugno 2023 <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> il 31 <span class=\"_ _3\"></span>dicembre 2021 rappresentava la data <span class=\"_ _3\"></span>ultima per la <span class=\"_ _3\"></span>pubblicazione dei soli tassi L<span class=\"_ _3\"></span>IBOR </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">USD <span class=\"_ _6\"></span>ad <span class=\"_ _4\"> </span>una <span class=\"_ _6\"></span>settimana <span class=\"_ _4\"></span>ed <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>due <span class=\"_ _6\"></span>mesi <span class=\"_ _4\"> </span>- <span class=\"_ _4\"></span>pertanto <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>assaggio <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>nuovi <span class=\"_ _6\"></span>RFR, <span class=\"_ _6\"></span>risultano <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">interesse <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>soli <span class=\"_ _6\"></span>strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>presentano <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>scadenza <span class=\"_ _5\"></span>successiva <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>tale <span class=\"_ _5\"></span>data. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>essazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>LIBOR </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">USD <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>determina <span class=\"_ _5\"></span>particolari <span class=\"_ _5\"></span>incertezze <span class=\"_ _5\"></span>se <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>quelle <span class=\"_ _5\"></span>legate <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>te<span class=\"_ _3\"></span>mpistiche <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>negoziazione <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>potrebbero <span class=\"_ _5\"></span>essere </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">posticipate dalle stess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> controparti. </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>pecifico, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>presenti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>hedge <span class=\"_ _2\"></span>indicizzati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>LIBOR <span class=\"_ _3\"></span>USD <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nozionale <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">13.332 milioni, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>rappresentare il <span class=\"_ _3\"></span>4% del <span class=\"_ _3\"></span>totale d<span class=\"_ _3\"></span>ei derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fair v<span class=\"_ _3\"></span>alue hedge <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo. Al <span class=\"_ _3\"></span>31 dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>erano inv<span class=\"_ _5\"></span>ece </div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">presenti <span class=\"_ _5\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>hedge <span class=\"_ _6\"></span>indicizzati <span class=\"_ _5\"></span>all\u2019EONIA <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>nozionale <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>4 <span class=\"_ _6\"> </span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>LIBOR <span class=\"_ _6\"></span>USD <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>nozionale <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">16.646 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>LIBOR <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>divise <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>nozionale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>62 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>appresentare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>6% <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>totale <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>f<span class=\"_ _5\"></span>air </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">value hedge del Gru<span class=\"_ _0\"></span>ppo. </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Si evidenzia che <span class=\"_ _3\"></span>tali importi sono inclusi nella <span class=\"_ _2\"></span>disclosure <span class=\"ff4\">fornita sull\u2019</span>I<span class=\"_ _3\"></span>BOR Reform nella Parte <span class=\"_ _3\"></span>A Sezione 5 <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>Altri Aspetti. Nello </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">specifico <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>pubblicata <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>nella <span class=\"_ _3\"></span>colonna <span class=\"_ _3\"></span>\u201cderivati\u201d <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>derivati <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>ch<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>ancora </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">transitati <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alternativi a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022. <span class=\"_ _3\"></span>Si <span class=\"_ _2\"></span>rinvia <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>le s<span class=\"_ _3\"></span>ezione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>analisi <span class=\"_ _3\"></span>qualitative <span class=\"_ _3\"></span>sulle<span class=\"_ _6\"></span> <span class=\"_ _3\"></span>modalit\u00e0 </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">di gestione della tr<span class=\"_ _0\"></span>ansizione da part<span class=\"_ _0\"></span>e del Gruppo. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y75 ff2 fs0 fc2 sc0 ls0 ws0\">Derivati di copertura di<span class=\"_ _0\"></span> flussi finanziari </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>derivati <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>relazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cash <span class=\"_ _5\"></span>flow <span class=\"_ _2\"></span><span class=\"ff4\">sono <span class=\"_ _5\"></span>indicizzati <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019Euribor. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _5\"></span>hedge, <span class=\"_ _2\"></span>il </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo non <span class=\"_ _3\"></span>ritiene che c<span class=\"_ _3\"></span>i sia <span class=\"_ _3\"></span>incertezza sul <span class=\"_ _2\"></span>timing <span class=\"ff4\">o <span class=\"_ _3\"></span>sull\u2019ammontare dei flussi <span class=\"_ _3\"></span>di cassa <span class=\"_ _3\"></span>dell\u2019Euribor e, <span class=\"_ _3\"></span>pertanto, non <span class=\"_ _3\"></span>consider<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">le coperture di cash flow come i<span class=\"_ _35\"></span>mp<span class=\"_ _3\"></span>attate dalla riform<span class=\"_ _0\"></span>a. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y111d ff5 fs12 fc2 sc0 ls0 ws0\"> <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-385.08752px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">D. Strumenti coperti  </div><div class=\"t m0 x0 h2 yaa8 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>avvale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>possibilit\u00e0, <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>introduzione <span class=\"_ _2\"></span>dell\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>continuare <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>applicare </span></div><div class=\"t m0 x0 h2 yaa9 ff4 fs0 fc0 sc0 ls0 ws0\">integralmente <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IAS <span class=\"_ _5\"></span>39 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>\u201chedge <span class=\"_ _2\"></span>accounting\u201d <span class=\"_ _2\"></span>(nella <span class=\"_ _5\"></span>versione <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>arve<span class=\"_ _2\"></span><span class=\"ff1\">-out <span class=\"_ _5\"></span>omologat<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per le coperture spe<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ifiche che per <span class=\"_ _3\"></span>le macro coperture). </div><div class=\"t m0 x0 h4c y415 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y416 ff2 fs0 fc2 sc0 ls0 ws0\">D.1 Coperture del fair <span class=\"_ _0\"></span>value </div><div class=\"t m0 x0 h24 ya0e ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w225 h42\" style=\"left:490.09265px; bottom:522.80646px;\"><div class=\"t m0 x4a hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c we3 h246\" style=\"left:208.95459px; bottom:405.80646px;\"><div class=\"t m0 x95 ha y12cc ff5 fs4 fc2 sc0 ls0 ws0\">Coperture </div><div class=\"t m0 xae ha y1874 ff5 fs4 fc2 sc0 ls0 ws0\">specifiche: </div><div class=\"t m0 x96 ha y1875 ff5 fs4 fc2 sc0 ls0 ws0\">valore di </div><div class=\"t m0 xd1 ha y1876 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w554 h246\" style=\"left:279.93463px; bottom:405.80646px;\"><div class=\"t m0 xd1 ha y12cc ff5 fs4 fc2 sc0 ls0 ws0\">Coperture </div><div class=\"t m0 x94 ha y1874 ff5 fs4 fc2 sc0 ls0 ws0\">specifiche - </div><div class=\"t m0 x45 ha y1875 ff5 fs4 fc2 sc0 ls0 ws0\">posizioni nette: </div><div class=\"t m0 xf ha y1876 ff5 fs4 fc2 sc0 ls0 ws0\">valore di </div><div class=\"t m0 xae ha y1424 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio delle </div><div class=\"t m0 xf ha y1877 ff5 fs4 fc2 sc0 ls0 ws0\">attivit\u00e0 o </div><div class=\"t m0 x8 ha y1878 ff5 fs4 fc2 sc0 ls0 ws0\">passivit\u00e0 (prima </div><div class=\"t m0 xa2 ha y6cb ff5 fs4 fc2 sc0 ls0 ws0\">della </div><div class=\"t m0 x41 ha yf60 ff5 fs4 fc2 sc0 ls0 ws0\">compensazione)<span class=\"_ _3\"></span> </div></div><div class=\"c w5bb hc8\" style=\"left:359.98862px; bottom:489.5785px;\"><div class=\"t m0 xa5 ha yf60 ff5 fs4 fc2 sc0 ls0 ws0\">Coperture speci<span class=\"_ _3\"></span>fiche </div></div><div class=\"c w223 h246\" style=\"left:556.43164px; bottom:405.80646px;\"><div class=\"t m0 xa1 ha y12cc ff5 fs4 fc2 sc0 ls0 ws0\">Coperture </div><div class=\"t m0 x12 ha y1874 ff5 fs4 fc2 sc0 ls0 ws0\">generiche: </div><div class=\"t m0 x88 ha y1875 ff5 fs4 fc2 sc0 ls0 ws0\">Valore di </div><div class=\"t m0 x94 ha y1876 ff5 fs4 fc2 sc0 ls0 ws0\">bilancio </div></div><div class=\"c w139 h247\" style=\"left:359.98862px; bottom:405.80646px;\"><div class=\"t m0 x14 hb y143c ff1 fs4 fc2 sc0 ls0 ws0\">Variazioni </div><div class=\"t m0 x12 hb y1626 ff1 fs4 fc2 sc0 ls0 ws0\">cumulate di </div><div class=\"t m0 x95 hb y14e6 ff1 fs4 fc2 sc0 ls0 ws0\">fair value </div><div class=\"t m0 x98 hb yb32 ff1 fs4 fc2 sc0 ls0 ws0\">dello </div><div class=\"t m0 x14 hb yb33 ff1 fs4 fc2 sc0 ls0 ws0\">strumento </div><div class=\"t m0 x86 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">coperto </div></div><div class=\"c w223 h247\" style=\"left:425.97662px; bottom:405.80646px;\"><div class=\"t m0 x87 hb y143c ff1 fs4 fc2 sc0 ls0 ws0\">Cessazione </div><div class=\"t m0 x98 hb y1626 ff1 fs4 fc2 sc0 ls0 ws0\">della </div><div class=\"t m0 xae hb y14e6 ff1 fs4 fc2 sc0 ls0 ws0\">copertura: </div><div class=\"t m0 x88 hb yb32 ff1 fs4 fc2 sc0 ls0 ws0\">variazioni </div><div class=\"t m0 x9b hb yb33 ff1 fs4 fc2 sc0 ls0 ws0\">cumulate </div><div class=\"t m0 xa1 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">residue del </div><div class=\"t m0 x9b hb y70d ff1 fs4 fc2 sc0 ls0 ws0\">fair value </div></div><div class=\"c w222 h247\" style=\"left:490.09265px; bottom:405.80646px;\"><div class=\"t m0 xab hb y143c ff1 fs4 fc2 sc0 ls0 ws0\">Variazioni del </div><div class=\"t m0 x1a hb y1626 ff1 fs4 fc2 sc0 ls0 ws0\">valore usato </div><div class=\"t m0 x6 hb y14e6 ff1 fs4 fc2 sc0 ls0 ws0\">per rilevare </div><div class=\"t m0 xa1 hb yb32 ff1 fs4 fc2 sc0 ls0 ws0\">l'inefficacia </div><div class=\"t m0 x98 hb yb33 ff1 fs4 fc2 sc0 ls0 ws0\">della </div><div class=\"t m0 x88 hb yb34 ff1 fs4 fc2 sc0 ls0 ws0\">copertura </div></div><div class=\"c w5bc h65\" style=\"left:-4.050377px; bottom:388.17847px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">A. Attivit\u00e0 </div></div><div class=\"c w5bc hab\" style=\"left:-4.050377px; bottom:349.13947px;\"><div class=\"t m0 x41 ha y165f ff5 fs4 fc2 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair <span class=\"_ _3\"></span>value con </div><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">impatto sulla redditi<span class=\"_ _3\"></span>vit\u00e0 complessi<span class=\"_ _3\"></span>va - </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">copertura di:<span class=\"_ _3\"></span> </div></div><div class=\"c we3 hab\" style=\"left:208.95459px; bottom:349.13947px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">30.794 </div></div><div class=\"c w554 hab\" style=\"left:279.93463px; bottom:349.13947px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hab\" style=\"left:359.98862px; bottom:349.13947px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-4.934 </div></div><div class=\"c w223 hab\" style=\"left:425.97662px; bottom:349.13947px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-2.221 </div></div><div class=\"c w222 hab\" style=\"left:490.09265px; bottom:349.13947px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-4.575 </div></div><div class=\"c w223 hab\" style=\"left:556.43164px; bottom:349.13947px;\"><div class=\"t m0 xc ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:335.5675px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Titoli di debito <span class=\"_ _3\"></span>e tassi d'interess<span class=\"_ _3\"></span>e </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:335.5675px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">28.597 </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:335.5675px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:335.5675px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4.905 </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:335.5675px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.214 </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:335.5675px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-4.566 </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:335.5675px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc hc3\" style=\"left:-4.050377px; bottom:321.83948px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Titoli di capitale<span class=\"_ _3\"></span> e indici aziona<span class=\"_ _3\"></span>ri </div></div><div class=\"c we3 hc3\" style=\"left:208.95459px; bottom:321.83948px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 hc3\" style=\"left:279.93463px; bottom:321.83948px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:359.98862px; bottom:321.83948px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:425.97662px; bottom:321.83948px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 hc3\" style=\"left:490.09265px; bottom:321.83948px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:556.43164px; bottom:321.83948px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:308.26746px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3\"></span> </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:308.26746px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:308.26746px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:308.26746px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:308.26746px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:308.26746px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:308.26746px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc hc3\" style=\"left:-4.050377px; bottom:294.5395px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.4 Crediti </div></div><div class=\"c we3 hc3\" style=\"left:208.95459px; bottom:294.5395px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 hc3\" style=\"left:279.93463px; bottom:294.5395px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:359.98862px; bottom:294.5395px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:425.97662px; bottom:294.5395px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 hc3\" style=\"left:490.09265px; bottom:294.5395px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:556.43164px; bottom:294.5395px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:280.96747px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.5 Altri </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:280.96747px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">2.197 </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:280.96747px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:280.96747px;\"><div class=\"t m0 x48 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">29</span> </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:280.96747px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-7 </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:280.96747px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-9 </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:280.96747px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc haa\" style=\"left:-4.050377px; bottom:248.67548px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al <span class=\"_ _3\"></span>costo </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">ammortizzato - c<span class=\"_ _3\"></span>opertura di: </div></div><div class=\"c we3 haa\" style=\"left:208.95459px; bottom:248.67548px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">35.329 </div></div><div class=\"c w554 haa\" style=\"left:279.93463px; bottom:248.67548px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 haa\" style=\"left:359.98862px; bottom:248.67548px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-2.568 </div></div><div class=\"c w223 haa\" style=\"left:425.97662px; bottom:248.67548px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-1.028 </div></div><div class=\"c w222 haa\" style=\"left:490.09265px; bottom:248.67548px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-2.536 </div></div><div class=\"c w223 haa\" style=\"left:556.43164px; bottom:248.67548px;\"><div class=\"t m0 xd1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">99.032 </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:235.10345px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Titoli di debito e t<span class=\"_ _3\"></span>assi d'interess<span class=\"_ _3\"></span>e </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:235.10345px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">34.751 </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:235.10345px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:235.10345px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.766 </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:235.10345px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1.028 </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:235.10345px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.738 </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:235.10345px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc hc3\" style=\"left:-4.050377px; bottom:221.37549px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Titoli di capitale<span class=\"_ _3\"></span> e indici aziona<span class=\"_ _3\"></span>ri </div></div><div class=\"c we3 hc3\" style=\"left:208.95459px; bottom:221.37549px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 hc3\" style=\"left:279.93463px; bottom:221.37549px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:359.98862px; bottom:221.37549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:425.97662px; bottom:221.37549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 hc3\" style=\"left:490.09265px; bottom:221.37549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:556.43164px; bottom:221.37549px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:207.80347px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3\"></span> </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:207.80347px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:207.80347px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:207.80347px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:207.80347px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:207.80347px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:207.80347px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc hc3\" style=\"left:-4.050377px; bottom:194.0755px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.4 Crediti </div></div><div class=\"c we3 hc3\" style=\"left:208.95459px; bottom:194.0755px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 hc3\" style=\"left:279.93463px; bottom:194.0755px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:359.98862px; bottom:194.0755px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:425.97662px; bottom:194.0755px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 hc3\" style=\"left:490.09265px; bottom:194.0755px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:556.43164px; bottom:194.0755px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:180.50348px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.5 Altri </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:180.50348px;\"><div class=\"t m0 xa5 hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">421<span class=\"ls0\"> </span></div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:180.50348px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:180.50348px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:180.50348px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:180.50348px;\"><div class=\"t m0 xd hb y6ff ff1 fs4 fc2 sc0 ls1b ws0\">202<span class=\"ls0\"> </span></div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:180.50348px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5b9 h47\" style=\"left:-4.050377px; bottom:161.00348px;\"><div class=\"t m0 x8d ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5ba h47\" style=\"left:117.34335px; bottom:161.00348px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c we3 h47\" style=\"left:208.95459px; bottom:161.00348px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">66.123 </div></div><div class=\"c w554 h47\" style=\"left:279.93463px; bottom:161.00348px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h47\" style=\"left:359.98862px; bottom:161.00348px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-7.502 </div></div><div class=\"c w223 h47\" style=\"left:425.97662px; bottom:161.00348px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-3.249 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:161.00348px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-7.111 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:161.00348px;\"><div class=\"t m0 xd1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">99.032 </div></div><div class=\"c w5b9 h47\" style=\"left:-4.050377px; bottom:140.87946px;\"><div class=\"t m0 x8d ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5ba h47\" style=\"left:117.34335px; bottom:140.87946px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c we3 h47\" style=\"left:208.95459px; bottom:140.87946px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">84.679 </div></div><div class=\"c w554 h47\" style=\"left:279.93463px; bottom:140.87946px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h47\" style=\"left:359.98862px; bottom:140.87946px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">3.383 </div></div><div class=\"c w223 h47\" style=\"left:425.97662px; bottom:140.87946px;\"><div class=\"t m0 xd ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:140.87946px;\"><div class=\"t m0 xb8 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">2.773 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:140.87946px;\"><div class=\"t m0 xd1 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">76.009 </div></div><div class=\"c w5bc h23\" style=\"left:-4.050377px; bottom:128.06146px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">B. Passivit\u00e0<span class=\"_ _3\"></span> </div></div><div class=\"c w5bc h40\" style=\"left:-4.050377px; bottom:95.925476px;\"><div class=\"t m0 x41 ha y709 ff5 fs4 fc2 sc0 ls0 ws0\">1. Passivit\u00e0 finan<span class=\"_ _3\"></span>ziarie valutate al <span class=\"_ _3\"></span>costo </div><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">ammortizzato - c<span class=\"_ _3\"></span>opertura di: <span class=\"_ _3\"></span> </div></div><div class=\"c we3 h40\" style=\"left:208.95459px; bottom:95.925476px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">55.128 </div></div><div class=\"c w554 h40\" style=\"left:279.93463px; bottom:95.925476px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h40\" style=\"left:359.98862px; bottom:95.925476px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-3.589 </div></div><div class=\"c w223 h40\" style=\"left:425.97662px; bottom:95.925476px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-370 </div></div><div class=\"c w222 h40\" style=\"left:490.09265px; bottom:95.925476px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-3.764 </div></div><div class=\"c w223 h40\" style=\"left:556.43164px; bottom:95.925476px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">111.035 </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:82.353485px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.1 Titoli di debito <span class=\"_ _3\"></span>e tassi d'interess<span class=\"_ _3\"></span>e </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:82.353485px;\"><div class=\"t m0 xf hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">49.462 </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:82.353485px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:82.353485px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-2.997 </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:82.353485px;\"><div class=\"t m0 xa4 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">66</span> </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:82.353485px;\"><div class=\"t m0 xad hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-3.219 </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:82.353485px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc hc3\" style=\"left:-4.050377px; bottom:68.62549px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.2 Valute e oro<span class=\"_ _3\"></span> </div></div><div class=\"c we3 hc3\" style=\"left:208.95459px; bottom:68.62549px;\"><div class=\"t m0 x9f hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w554 hc3\" style=\"left:279.93463px; bottom:68.62549px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 hc3\" style=\"left:359.98862px; bottom:68.62549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:425.97662px; bottom:68.62549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w222 hc3\" style=\"left:490.09265px; bottom:68.62549px;\"><div class=\"t m0 xc hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w223 hc3\" style=\"left:556.43164px; bottom:68.62549px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5bc h18\" style=\"left:-4.050377px; bottom:55.053467px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">1.3 Altri </div></div><div class=\"c we3 h18\" style=\"left:208.95459px; bottom:55.053467px;\"><div class=\"t m0 xb hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">5.666 </div></div><div class=\"c w554 h18\" style=\"left:279.93463px; bottom:55.053467px;\"><div class=\"t m0 x134 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h18\" style=\"left:359.98862px; bottom:55.053467px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-592 </div></div><div class=\"c w223 h18\" style=\"left:425.97662px; bottom:55.053467px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-304 </div></div><div class=\"c w222 h18\" style=\"left:490.09265px; bottom:55.053467px;\"><div class=\"t m0 xd9 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">-545 </div></div><div class=\"c w223 h18\" style=\"left:556.43164px; bottom:55.053467px;\"><div class=\"t m0 x9c hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">X </div></div><div class=\"c w5b9 h47\" style=\"left:-4.050377px; bottom:35.553467px;\"><div class=\"t m0 x8d ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5ba h47\" style=\"left:117.34335px; bottom:35.553467px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c we3 h47\" style=\"left:208.95459px; bottom:35.553467px;\"><div class=\"t m0 xf ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">55.128 </div></div><div class=\"c w554 h47\" style=\"left:279.93463px; bottom:35.553467px;\"><div class=\"t m0 x134 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h47\" style=\"left:359.98862px; bottom:35.553467px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-3.589 </div></div><div class=\"c w223 h47\" style=\"left:425.97662px; bottom:35.553467px;\"><div class=\"t m0 xd9 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-370 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:35.553467px;\"><div class=\"t m0 xad ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">-3.764 </div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:35.553467px;\"><div class=\"t m0 x9a ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">111.035 </div></div><div class=\"c w5b9 h47\" style=\"left:-4.050377px; bottom:15.273468px;\"><div class=\"t m0 x8d ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w5ba h47\" style=\"left:117.34335px; bottom:15.273468px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c we3 h47\" style=\"left:208.95459px; bottom:15.273468px;\"><div class=\"t m0 xf ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">61.269 </div></div><div class=\"c w554 h47\" style=\"left:279.93463px; bottom:15.273468px;\"><div class=\"t m0 x134 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w139 h47\" style=\"left:359.98862px; bottom:15.273468px;\"><div class=\"t m0 xd ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">740<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:425.97662px; bottom:15.273468px;\"><div class=\"t m0 xa2 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w222 h47\" style=\"left:490.09265px; bottom:15.273468px;\"><div class=\"t m0 xd ha y335 ff5 fs4 fc2 sc0 ls1b ws0\">697<span class=\"ls0\"> </span></div></div><div class=\"c w223 h47\" style=\"left:556.43164px; bottom:15.273468px;\"><div class=\"t m0 xd1 ha y335 ff5 fs4 fc2 sc0 ls0 ws0\">61.554<span class=\"_ _90\"> </span> </div></div>D.2 Copertura dei flus<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i finanziari e degli<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>investimenti esteri (milioni di eur<span class=\"_ _35\"></span>o) Variazione<span class=\"_ _0\"></span> del valore usat<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> per rilevare l'inefficac<span class=\"_ _0\"></span>ia della copertura<span class=\"_ _35\"></span> Riserve <span class=\"_ _0\"></span>da copertura<span class=\"_ _0\"></span>  Cessazi<span class=\"_ _0\"></span>one della<span class=\"_ _0\"></span> copertura:<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>valore residuo <span class=\"_ _0\"></span>delle riserve di<span class=\"_ _0\"></span> copertura<span class=\"_ _35\"></span> A. Cope<span class=\"_ _0\"></span>rtura di fl<span class=\"_ _0\"></span>ussi finanz<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ari 1. Attivit\u00e0<span class=\"_ _35\"></span> 640<span class=\"ls0\"> </span>-488 - 1.1 Titoli di <span class=\"_ _0\"></span>debito e ta<span class=\"_ _0\"></span>ssi d'inter<span class=\"_ _0\"></span>esse 640<span class=\"ls0\"> </span>-488 - 1.2 Titoli di <span class=\"_ _0\"></span>capitale e <span class=\"_ _0\"></span>indici aziona<span class=\"_ _35\"></span>ri - - - 1.3 Valute e<span class=\"_ _0\"></span> oro - - - 1.4 Crediti<span class=\"_ _0\"></span> - - - 1.5 Altri - - - 2. Passivit\u00e0<span class=\"_ _0\"></span> 192<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1.1 Titoli di <span class=\"_ _0\"></span>debito e ta<span class=\"_ _0\"></span>ssi d'inter<span class=\"_ _0\"></span>esse 192<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>- 1.2 Valute e<span class=\"_ _0\"></span> oro - - - 1.3 Altri - - - Totale (<span class=\"_ _0\"></span>A) 31.12.2022<span class=\"_ _0\"></span> 832<span class=\"ls0\"> </span>-466 - Totale (<span class=\"_ _0\"></span>A) 31.12.2021<span class=\"_ _0\"></span> -751 -607 - B. Cope<span class=\"_ _0\"></span>rtura degli<span class=\"_ _0\"></span> investimen<span class=\"_ _0\"></span>ti esteri X 10<span class=\"ls0\"> </span>- Totale (<span class=\"_ _0\"></span>A+B) 31.12.2022<span class=\"_ _0\"></span> 832<span class=\"ls0\"> </span>-456 - Totale (<span class=\"_ _0\"></span>A+B) 31.12.2021<span class=\"_ _0\"></span> -751 -607 - E. Effetti delle operazioni di copertura a <span class=\"_ _3\"></span>patrimonio netto<span class=\"_ _3\"></span> E.1 Riconciliazion<span class=\"_ _0\"></span>e delle componenti di pat<span class=\"_ _0\"></span>rimonio netto (milioni di euro)<span class=\"_ _3\"></span> Riserva da coper<span class=\"_ _3\"></span>tura dei flussi fi<span class=\"_ _3\"></span>nanziari<span class=\"_ _3\"></span> Riserva da coper<span class=\"_ _3\"></span>tura di investim<span class=\"_ _3\"></span>enti esteri<span class=\"_ _3\"></span> Titoli di debito e tassi d'interesse<span class=\"_ _3\"></span> Titoli di capitale e indici azionari Valute e oro Crediti Altri Titoli di debito e tassi d'interesse Titoli di capitale e <span class=\"ls0\">indici </span>azionari Valute e oro Crediti Altri Esistenze iniziali<span class=\"_ _3\"></span> -607 - - - - - - - - - Variazioni di fair v<span class=\"_ _3\"></span>alue (quota efficace) 141<span class=\"ls0\"> </span>- - - - - - - - - Rigiri a conto econ<span class=\"_ _3\"></span>omico - - - - - - - - - - di cui: transazioni f<span class=\"_ _3\"></span>uture non pi\u00f9 attese - - - - - X X X X X Altre variazioni<span class=\"_ _3\"></span> - - - - - - - 10<span class=\"ls0\"> </span>- - di cui: trasferimen<span class=\"_ _3\"></span>ti al valore contabile iniziale <span class=\"_ _3\"></span>degli strumenti coperti - - - - - X X X X X Rimanenze finali<span class=\"_ _3\"></span> -466 - - - - - - 10<span class=\"ls0\"> </span>- - Si segnala che la fa<span class=\"_ _3\"></span>ttispecie \u201cStrumenti<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>copertura (elementi non designati)\u201d non risulta presente dal momento che il <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _17\"> </span>Sanpaolo <span class=\"_ _17\"> </span>si <span class=\"_ _17\"> </span>avvale <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>possibilit\u00e0, <span class=\"_ _1d\"> </span>prevista <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>sede <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>introduzione <span class=\"_ _1d\"> </span>dell\u2019IFRS <span class=\"_ _17\"> </span>9, <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>continuare <span class=\"_ _17\"> </span>ad <span class=\"_ _17\"> </span>applicare integralmente le <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>principio <span class=\"_ _3\"></span>contabile IAS<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">39 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>tema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>\u201chedge <span class=\"_ _3\"></span>accounting\u201d <span class=\"_ _3\"></span>(nella versione <span class=\"_ _3\"></span>\u201ccarve<span class=\"_ _3\"></span></span>-<span class=\"ff4\">out\u201d <span class=\"_ _3\"></span>omologata </span>dalla Commissione Eu<span class=\"_ _0\"></span>ropea) per ogni tipol<span class=\"_ _0\"></span>ogia di copertura (si<span class=\"_ _0\"></span>a per coperture specifi<span class=\"_ _0\"></span>che che per le macr<span class=\"_ _0\"></span>o coperture)<span class=\"_ _90\"> </span>.<span class=\"_ _2\"></span> <div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-133.08911px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">1.3.3. Altre informazioni <span class=\"_ _3\"></span>sugli strumenti de<span class=\"_ _3\"></span>rivati (di <span class=\"_ _2\"></span>negoziazione e di cop<span class=\"_ _3\"></span>ertura)<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y1711 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y680 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y1cf ff5 fs12 fc2 sc0 ls0 ws0\">A. Derivati finanziari e creditizi<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h24 y12f9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y136 ff3 fs0 fc2 sc0 ls0 ws0\">A.1 Derivati finanziari <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> creditizi \u201cover the c<span class=\"_ _0\"></span>ounter\u201d: fair value n<span class=\"_ _0\"></span>etti per controparti<span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h116 y54a ff5 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w260 h42\" style=\"left:468.25262px; bottom:772.3089px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w541 h13c\" style=\"left:315.03464px; bottom:717.0849px;\"><div class=\"t m0 xae h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Contropa<span class=\"_ _0\"></span>rti </div><div class=\"t m0 xb8 h59 y8c8 ff5 fs17 fc2 sc0 ls0 ws0\">centrali<span class=\"_ _0\"></span> </div></div><div class=\"c w1be h13c\" style=\"left:391.96863px; bottom:717.0849px;\"><div class=\"t m0 xe h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Banche </div></div><div class=\"c w1bf h13c\" style=\"left:468.25262px; bottom:717.0849px;\"><div class=\"t m0 x87 h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Altre socie<span class=\"_ _0\"></span>t\u00e0 </div><div class=\"t m0 x95 h59 y8c8 ff5 fs17 fc2 sc0 ls0 ws0\">finanziar<span class=\"_ _0\"></span>ie </div></div><div class=\"c w1be h13c\" style=\"left:544.2636px; bottom:717.0849px;\"><div class=\"t m0 x1a h59 yb94 ff5 fs17 fc2 sc0 ls0 ws0\">Altri so<span class=\"_ _0\"></span>ggetti </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:701.48486px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">A. Derivat<span class=\"_ _0\"></span>i finanziari<span class=\"_ _0\"></span> </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:681.98486px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1) Titoli d<span class=\"_ _0\"></span>i debito e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>tassi d'int<span class=\"_ _0\"></span>eresse  </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:666.3849px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:666.3849px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.650.362<span class=\"_ _0\"></span> </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:666.3849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:666.3849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:666.3849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:650.7849px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:650.7849px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">564<span class=\"ls0\"> </span></div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:650.7849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:650.7849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:650.7849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:635.1849px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:635.1849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:635.1849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:635.1849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:635.1849px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:615.6849px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Titoli d<span class=\"_ _0\"></span>i capitale <span class=\"_ _0\"></span>e indici a<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ionari </div></div><div class=\"c w5c4 h44\" style=\"left:-4.050377px; bottom:600.0459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore nozional<span class=\"_ _35\"></span>e </div></div><div class=\"c w541 h44\" style=\"left:315.03464px; bottom:600.0459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h44\" style=\"left:391.96863px; bottom:600.0459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h44\" style=\"left:468.25262px; bottom:600.0459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h44\" style=\"left:544.2636px; bottom:600.0459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:584.44586px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:584.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:584.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:584.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:584.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:568.8459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:568.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:568.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:568.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:568.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:549.3459px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3) Valute e<span class=\"_ _0\"></span> oro </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:533.7459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:533.7459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:533.7459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:533.7459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:533.7459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:518.1459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:518.1459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:518.1459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:518.1459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:518.1459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:502.5459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:502.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:502.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:502.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:502.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:483.0459px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">4) Merci </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:467.44586px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore nozional<span class=\"_ _35\"></span>e </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:467.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:467.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:467.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:467.44586px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:451.8459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:451.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:451.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:451.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:451.8459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:436.2459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:436.2459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:436.2459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:436.2459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:436.2459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:416.7459px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">5) Altri </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:401.14587px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:401.14587px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:401.14587px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:401.14587px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:401.14587px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:385.5459px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:385.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:385.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:385.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:385.5459px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h44\" style=\"left:-4.050377px; bottom:369.9199px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h44\" style=\"left:315.03464px; bottom:369.9199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h44\" style=\"left:391.96863px; bottom:369.9199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h44\" style=\"left:468.25262px; bottom:369.9199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h44\" style=\"left:544.2636px; bottom:369.9199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h43\" style=\"left:-4.050377px; bottom:346.5199px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">B. Derivat<span class=\"_ _0\"></span>i creditizi </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:327.0199px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1) Acquist<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> protezio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:311.4199px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:311.4199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:311.4199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:311.4199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:311.4199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:295.8199px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:295.8199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:295.8199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:295.8199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:295.8199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:280.21988px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:280.21988px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:280.21988px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:280.21988px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:280.21988px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h47\" style=\"left:-4.050377px; bottom:260.71988px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2) Vendita<span class=\"_ _0\"></span> protezio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:245.1199px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- valore noz<span class=\"_ _0\"></span>ionale </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:245.1199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:245.1199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:245.1199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:245.1199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:229.5199px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto po<span class=\"_ _0\"></span>sitivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:229.5199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:229.5199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:229.5199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:229.5199px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c4 h42\" style=\"left:-4.050377px; bottom:213.91989px;\"><div class=\"t m0 x12 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- fair value<span class=\"_ _0\"></span> netto nega<span class=\"_ _0\"></span>tivo </div></div><div class=\"c w541 h42\" style=\"left:315.03464px; bottom:213.91989px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:391.96863px; bottom:213.91989px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1bf h42\" style=\"left:468.25262px; bottom:213.91989px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1be h42\" style=\"left:544.2636px; bottom:213.91989px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-133.08911px;\"><div class=\"t m0 x0 h116 y3df ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc97 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11fa ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>accoglie <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alori <span class=\"_ _5\"></span>rivenienti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>compensazioni <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ffettuate <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>derivati <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>accordi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>compensazi<span class=\"_ _5\"></span>one </div><div class=\"t m0 x0 h2 ya0d ff1 fs0 fc0 sc0 ls0 ws0\">soddisfano i criteri pre<span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>isti dallo IAS 32 p<span class=\"_ _0\"></span>aragrafo 42. </div><div class=\"t m0 x0 h2 y11fb ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>esposto <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>ferisce p<span class=\"_ _3\"></span>rincipalmente ai <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>creditizi <span class=\"_ _3\"></span>OTC <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 yccf ff1 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>compensatore <span class=\"_ _3\"></span>legale <span class=\"_ _3\"></span>LCH <span class=\"_ _2\"></span>Ltd. <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>proceduto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>separata <span class=\"_ _3\"></span>compensazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bilancio <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>fair <span class=\"_ _2\"></span>value </div><div class=\"t m0 x0 h2 y1814 ff4 fs0 fc0 sc0 ls0 ws0\">riconducibili all\u2019opera<span class=\"_ _0\"></span>tivit\u00e0 in conto propri<span class=\"_ _0\"></span>o ed all\u2019operativit\u00e0 p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span><span class=\"ff1\">conto della clientela. </span></div><div class=\"t m0 x0 h2 y113e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>risultato <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mpensazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>complessivamente <span class=\"_ _2\"></span>positivo <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>564 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>(fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>positivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>85.957 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>valu<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y1815 ff1 fs0 fc0 sc0 ls0 ws0\">negativo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>85.393 <span class=\"_ _4\"></span>mili<span class=\"_ _0\"></span>oni), <span class=\"_ _6\"></span>ascrivibile <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>risultato <span class=\"_ _6\"></span>positivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>147 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>derivati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>negoziazi<span class=\"_ _2\"></span>one <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>per <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>risultato </div><div class=\"t m0 x0 h2 y1140 ff1 fs0 fc0 sc0 ls0 ws0\">sempre <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ositivo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>417 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>derivati <span class=\"_ _7\"> </span>di  co<span class=\"_ _0\"></span>pertura, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>riportato <span class=\"_ _7\"> </span>nella  Pa<span class=\"_ _0\"></span>rte <span class=\"_ _16\"> </span>B <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Nota <span class=\"_ _16\"> </span>integrativa <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _7\"> </span>per </div><div class=\"t m0 x0 h2 y1234 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019operativit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>(derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione) <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>Attivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _2\"></span>finanz<span class=\"_ _2\"></span><span class=\"ff1\">iarie <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>negoziazione </span></div><div class=\"t m0 x0 h2 ye52 ff4 fs0 fc0 sc0 ls0 ws0\">per 4.384 <span class=\"_ _3\"></span>milioni e per <span class=\"_ _3\"></span>l\u2019operativit\u00e0 in conto proprio <span class=\"_ _3\"></span>(derivati di negoziazione e <span class=\"_ _3\"></span>derivati di copertura) t<span class=\"_ _3\"></span>ra le <span class=\"_ _3\"></span>Passivit\u00e0 fi<span class=\"_ _5\"></span><span class=\"ff1\">nanziarie </span></div><div class=\"t m0 x0 h2 yf75 ff1 fs0 fc0 sc0 ls0 ws0\">di negoziazione per <span class=\"_ _0\"></span>3.820 milioni.</div><div class=\"t m0 x0 h24a yfa4 ff19 fs6 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7e7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4af ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-97.68286px;\"><div class=\"t m0 x0 h19a y15a8 ff6 fs1e fc2 sc0 ls0 ws0\">1.4 RISCHIO DI LIQUIDITA\u2019<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h126 y1881 ff5 fs19 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y1882 ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA Q<span class=\"_ _3\"></span>UALITATIVA<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h22e y10c7 ff1b fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y914 ff5 fs6 fc2 sc0 ls4e ws0\">A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di gestione <span class=\"_ _3\"></span>e metodi di m<span class=\"_ _3\"></span>isurazione del rischio di<span class=\"_ _3\"></span> liquidit\u00e0 <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h24 y417 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y418 ff4 fs0 fc0 sc0 ls0 ws0\">Si definisce rischio di liquidit\u00e0 il rischio che la Banca non riesca a far fronte ai p<span class=\"_ _3\"></span>ropri impegni di pagamento per l\u2019incapa<span class=\"_ _2\"></span><span class=\"ff1\">c<span class=\"_ _3\"></span>it\u00e0 sia </span></div><div class=\"t m0 x0 h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">di reperire fondi sul mercat<span class=\"_ _0\"></span>o (funding liquidity ri<span class=\"_ _0\"></span>sk), sia di smobili<span class=\"_ _0\"></span>zzare i propri attivi (m<span class=\"_ _0\"></span>arket liquidity risk).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1739 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _16\"> </span>predisposizione <span class=\"_ _7\"> </span>di  un <span class=\"_ _7\"> </span>adeguato <span class=\"_ _16\"> </span>sistema <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>governo <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>assu<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ruolo <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ondamentale <span class=\"_ _7\"> </span>per  i<span class=\"_ _35\"></span>l </div><div class=\"t m0 x0 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">mantenimento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>stabilit\u00e0 <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>mercato, <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>squilibri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>singola </div><div class=\"t m0 x0 h2 y14df ff1 fs0 fc0 sc0 ls0 ws0\">istituzione finanziaria<span class=\"_ _0\"></span> possono avere ripe<span class=\"_ _0\"></span>rcussioni sistemich<span class=\"_ _0\"></span>e. Tale sistema deve e<span class=\"_ _0\"></span>ssere integrato in qu<span class=\"_ _0\"></span>ello complessivo per <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">gestione dei rischi e <span class=\"_ _0\"></span>prevedere contr<span class=\"ff4\">olli incisivi e coerenti<span class=\"_ _0\"></span> con l\u2019evoluzione <span class=\"_ _0\"></span>del contesto di riferim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y14fd ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y41f ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>istema <span class=\"_ _5\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>sviluppa <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>quadro <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Appeti<span class=\"_ _6\"></span>te </div><div class=\"t m0 x0 h2 y140 ff1 fs0 fc0 sc0 ls0 ws0\">Framework <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>soglie <span class=\"_ _5\"></span>massime<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tolleranza <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>ivi <span class=\"_ _2\"></span>approvate, <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>stabiliscono </div><div class=\"t m0 x0 h2 y141 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>debba <span class=\"_ _7\"> </span>mantenere <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>posizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _7\"> </span>adeguata <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ronteggiar<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>periodi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tensione, <span class=\"_ _7\"> </span>anche </div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc0 sc0 ls0 ws0\">prolungati, <span class=\"_ _4\"></span>sui <span class=\"_ _4\"> </span>diversi <span class=\"_ _7\"> </span>mercati <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>approvvigionamento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>funding, <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>nche <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>costituzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>adeguate <span class=\"_ _4\"> </span>riserve <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y421 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0 <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>marketable <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rifinanziabili <span class=\"_ _3\"></span>presso <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Centrali. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>mantenimento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un </div><div class=\"t m0 x0 h2 y422 ff1 fs0 fc0 sc0 ls0 ws0\">equilibrato rapporto fra <span class=\"_ _3\"></span>fonti in <span class=\"_ _3\"></span>entrata e <span class=\"_ _3\"></span>flussi in <span class=\"_ _3\"></span>uscita, sia nel<span class=\"_ _2\"></span> breve <span class=\"_ _3\"></span>che nel <span class=\"_ _3\"></span>medio-lungo t<span class=\"_ _3\"></span>ermine. Tale obiettivo \u00e8 <span class=\"_ _3\"></span>sviluppato </div><div class=\"t m0 x0 h2 y15b2 ff4 fs0 fc0 sc0 ls0 ws0\">dalle \u201cLinee Guida di Governo del rischio Liquidit\u00e0 di Gr<span class=\"_ _0\"></span>uppo\u201d approvate dagli Organi Societ<span class=\"_ _0\"></span>ari di Intesa Sanpaolo, applicand<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y424 ff1 fs0 fc0 sc0 ls0 ws0\">le vigenti disposizi<span class=\"_ _0\"></span>oni regolamentari in m<span class=\"_ _0\"></span>ateria.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yfe ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y426 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>disposizion<span class=\"ff4\">i <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>introdotte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Unione <span class=\"_ _2\"></span>Europea <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2013 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>successivamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _3\"></span>stabiliscono </span></div><div class=\"t m0 x0 h2 y427 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche debbano <span class=\"_ _3\"></span>rispettare: (i) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>requisito minimo <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>opertura della <span class=\"_ _3\"></span>liquidit\u00e0 di <span class=\"_ _3\"></span>breve termine <span class=\"_ _3\"></span>(Liquidity <span class=\"_ _3\"></span>Coverage R<span class=\"_ _5\"></span>atio </div><div class=\"t m0 x0 h2 y428 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> LCR &gt; 100%), <span class=\"_ _3\"></span>nonch\u00e9 (ii) il requisito minimo di liquidit\u00e0 struttu<span class=\"_ _0\"></span>rale (Net Stable Funding Ratio <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> NSFR &gt;100%), come stabiliti </span></div><div class=\"t m0 x0 h2 y429 ff4 fs0 fc0 sc0 ls0 ws0\">nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span><span class=\"ff1\">Direttiva <span class=\"_ _4\"> </span>2019/878/UE, <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>575/2013, <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>Regolamento <span class=\"_ _4\"></span>2019/876 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Regolamento<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h4e y42a ff1 fs0 fc0 sc0 ls0 ws0\">Delegato <span class=\"_ _16\"> </span>(UE) <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>015/61 <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _16\"> </span>relativi  s<span class=\"_ _0\"></span>upplementi/modifiche.<span class=\"fs19\"> <span class=\"_ _16\"> </span></span><span class=\"ff4\">Completano <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>quadro <span class=\"_ _16\"> </span>normativo <span class=\"_ _7\"> </span>gli  \u201cImpleme<span class=\"_ _0\"></span>nting <span class=\"_ _16\"> </span>Technical </span></div><div class=\"t m0 x0 h32 y42c ff4 fs0 fc0 sc0 ls0 ws0\">Standard\u201d <span class=\"_ _29\"> </span>sviluppati <span class=\"_ _2b\"> </span>d<span class=\"_ _0\"></span>all\u2019Autorit\u00e0 <span class=\"_ _29\"> </span>Bancaria <span class=\"_ _2b\"> </span>E<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ropea <span class=\"_ _29\"> </span>(EBA) <span class=\"_ _29\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _2b\"> </span>l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2b\"> </span>Gu<span class=\"_ _0\"></span>idelines <span class=\"_ _29\"> </span>della <span class=\"_ _2b\"> </span>BC<span class=\"_ _0\"></span>E <span class=\"_ _29\"> </span>f<span class=\"_ _3\"></span>inalizzati <span class=\"_ _29\"> </span>ad <span class=\"_ _2b\"> </span>accr<span class=\"_ _0\"></span>escere </div><div class=\"t m0 x0 h2 y2b8 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019armonizzazione <span class=\"_ _17\"> </span>regolamentare <span class=\"_ _18\"> </span>dell\u2019Unione <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>quadro <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _1c\"> </span>c.d. <span class=\"_ _18\"> </span>Meccanismo <span class=\"_ _18\"> </span>Unico <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>Vigilanza <span class=\"_ _18\"> </span>(Single <span class=\"_ _18\"> </span>Supervisory<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y42f ff1 fs0 fc0 sc0 ls0 ws0\">Mechanism <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">SSM) <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>sempre in <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>ma di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>utovalutazione, c.d. <span class=\"_ _3\"></span>\u201cInternal L<span class=\"_ _3\"></span>iquidity<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1e7 ff4 fs0 fc0 sc0 ls0 ws0\">Adequacy Assessment <span class=\"_ _3\"></span>Process\u201d (<span class=\"_ _3\"></span>ILAAP), da <span class=\"_ _3\"></span>condurre c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>periodicit\u00e0 annuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cSupervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluation </div><div class=\"t m0 x0 h2 y432 ff4 fs0 fc0 sc0 ls0 ws0\">Process\u201d (SREP).<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y11dc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y434 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _2\"></span>Gu<span class=\"_ _3\"></span>ida <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>Liquidit\u00e0\u201d <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fare <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>della </span></div><div class=\"t m0 x0 h2 y435 ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0 <span class=\"_ _3\"></span>presenti <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>\u201cDisposizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche\u201d <span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>via <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>recepito </span></div><div class=\"t m0 x0 h2 y436 ff1 fs0 fc0 sc0 ls0 ws0\">tutte le suddette disp<span class=\"_ _0\"></span>osizioni normative, <span class=\"_ _0\"></span>applicando le vigenti di<span class=\"_ _0\"></span>sposizioni regol<span class=\"_ _0\"></span>amentari. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y437 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>quadro, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Liquidit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>Gruppo\u201d, <span class=\"_ _4\"> </span>approvate <span class=\"_ _6\"></span>dagl<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>Organi <span class=\"_ _6\"></span>Societari <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa </span></div><div class=\"t m0 x0 h32 y438 ff4 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, <span class=\"_ _7\"> </span>il<span class=\"_ _3\"></span>lustrano <span class=\"_ _7\"> </span>i  com<span class=\"_ _0\"></span>piti <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>diverse <span class=\"_ _7\"> </span>funzioni <span class=\"_ _16\"> </span>aziendali, <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>norme <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>l\u2019insieme <span class=\"_ _7\"> </span>dei  pro<span class=\"_ _0\"></span>cessi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>e  gestion<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y29c ff4 fs0 fc0 sc0 ls0 ws0\">finalizzati <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>assicurare <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>prudente <span class=\"_ _5\"></span>presidio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>liquidit\u00e0, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revenendo <span class=\"_ _5\"></span>l\u2019insorgere <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>situa<span class=\"_ _5\"></span><span class=\"ff1\">zioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crisi. <span class=\"_ _6\"></span>A <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ine,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y24f ff4 fs0 fc0 sc0 ls0 ws0\">comprendono <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019identificazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>misurazione dell\u2019esposizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ver<span class=\"_ _3\"></span>ifi<span class=\"_ _5\"></span><span class=\"ff1\">ca <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y43a ff4 fs0 fc0 sc0 ls0 ws0\">rispetto  dei <span class=\"_ _1d\"> </span>limiti,  nonch\u00e9  le  regole <span class=\"_ _1d\"> </span>per  l\u2019effettuazione  di  prove <span class=\"_ _1d\"> </span>di  stress  e <span class=\"_ _1d\"> </span>l\u2019individuazi<span class=\"_ _0\"></span>one <span class=\"_ _18\"> </span><span class=\"ff1\">di <span class=\"_ _1d\"> </span>appropriate  iniziative  di </span></div><div class=\"t m0 x0 h2 y189 ff4 fs0 fc0 sc0 ls0 ws0\">attenuazione del risc<span class=\"_ _0\"></span>hio, oltre alla predis<span class=\"_ _0\"></span>posizione di piani d\u2019em<span class=\"_ _0\"></span>ergenza e il rep<span class=\"_ _0\"></span>orting informativo agli <span class=\"_ _0\"></span>organi aziendali. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y43d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y113 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>principi <span class=\"_ _5\"></span>essenziali <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ispira <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liqui<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y43f ff1 fs0 fc0 sc0 ls0 ws0\">sono:  </div><div class=\"t m0 x0 h2 y440 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">presenza <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>politica <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>gestione <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>liquidit\u00e0 <span class=\"_ _1c\"> </span>approvata <span class=\"_ _1c\"> </span>dai <span class=\"_ _1c\"> </span>vertici <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>chiarament<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>comunicata <span class=\"_ _1c\"> </span>all\u2019intern<span class=\"_ _0\"></span>o </span></span></div><div class=\"t m0 x2a h2 y441 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019istituzione;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y442 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>oper<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>all\u2019interno <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>limiti <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>oglie <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>atte<span class=\"_ _2\"></span></span>nzione <span class=\"_ _6\"></span>assegnati <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>struttura <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x2a h2 y1111 ff1 fs0 fc0 sc0 ls0 ws0\">controllo autonoma dal<span class=\"_ _0\"></span>la prima; </div><div class=\"t m0 x0 h2 y444 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>disponibilit\u00e0 costante di riser<span class=\"_ _0\"></span>ve di liquidit\u00e0 adegu<span class=\"_ _0\"></span>ate in relazione<span class=\"_ _0\"></span> alla soglia di toller<span class=\"_ _0\"></span>anza al rischio di liq<span class=\"_ _0\"></span>uidit\u00e0 presce<span class=\"_ _2\"></span>lta; </span></div><div class=\"t m0 x0 h2 y11c0 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">valutazione <span class=\"_ _18\"> </span>dell\u2019impatto <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>diversi <span class=\"_ _18\"> </span>scenari, <span class=\"_ _18\"> </span>inclusi <span class=\"_ _18\"> </span>qu<span class=\"_ _3\"></span></span>elli <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>tress, <span class=\"_ _18\"> </span>sui <span class=\"_ _18\"> </span>flussi <span class=\"_ _18\"> </span>temporali <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>entrata <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>u<span class=\"_ _3\"></span>scita <span class=\"_ _17\"> </span>e </span></div><div class=\"t m0 x2a h2 y446 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019adeguatezza quant<span class=\"_ _0\"></span>itativa e q<span class=\"_ _0\"></span>ualitativa delle riserve di liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idit\u00e0;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y9eb ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>adozione di<span class=\"_ _3\"></span> un <span class=\"_ _3\"></span>sistema di <span class=\"_ _3\"></span>prezzi per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trasferimento interno dei <span class=\"_ _3\"></span>fondi che <span class=\"_ _3\"></span>incorpori accuratamente <span class=\"_ _3\"></span>il costo/beneficio del<span class=\"_ _5\"></span>la </span></div><div class=\"t m0 x2a h2 y448 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0, sulla base d<span class=\"_ _0\"></span>elle condizioni di r<span class=\"_ _0\"></span>accolta del Gruppo Int<span class=\"_ _0\"></span>esa Sanpaolo;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1035 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gestione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>risi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>enga <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>considerazione <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>sul <span class=\"_ _7\"> </span>governo <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _7\"> </span>di </span></div><div class=\"t m0 x2a h2 y1036 ff4 fs0 fc0 sc0 ls0 ws0\">gestione della crisi n<span class=\"_ _0\"></span>ell\u2019ambito del Piano <span class=\"_ _0\"></span>di <span class=\"_ _3\"></span><span class=\"ff1\">Recovery e del Pia<span class=\"_ _0\"></span>no di Resolution. </span></div><div class=\"t m0 x2a h2 y1037 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb8 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>iquidit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efiniscono <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>dettaglio <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>compiti <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>Organi <span class=\"_ _5\"></span>Societari<span class=\"_ _5\"></span> <span class=\"_ _6\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 ydb9 ff4 fs0 fc0 sc0 ls0 ws0\">riportano <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>vertice <span class=\"_ _7\"> </span>alcuni <span class=\"_ _4\"> </span>importanti <span class=\"_ _4\"> </span>adempimenti <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>l\u2019approvazione <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>indicatori <span class=\"_ _4\"> </span>di<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>misurazione, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>def<span class=\"_ _3\"></span>inizione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y132a ff4 fs0 fc0 sc0 ls0 ws0\">principali <span class=\"_ _5\"></span>ipotesi <span class=\"_ _5\"></span>sottostanti <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>stress <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>composizione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attenzione <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019attivazio<span class=\"_ _5\"></span><span class=\"ff1\">ne <span class=\"_ _5\"></span>dei </span></div><div class=\"t m0 x0 h2 yf59 ff1 fs0 fc0 sc0 ls0 ws0\">piani di emergenza. </div><div class=\"t m0 x0 h2 y184d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf5b ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perseguire <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>politica <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>integrata <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>coerente, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>decisioni <span class=\"_ _6\"></span>strategiche <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 yfa4 ff1 fs0 fc0 sc0 ls0 ws0\">materia  di  gov<span class=\"_ _0\"></span>erno  e  gestione<span class=\"_ _35\"></span>  de<span class=\"_ _3\"></span>l  rischio <span class=\"_ _16\"> </span>di  liquidit\u00e0  sono  r<span class=\"_ _0\"></span>imesse  agli  O<span class=\"_ _0\"></span>rgani  Societ<span class=\"_ _0\"></span>ari  della  Ca<span class=\"_ _0\"></span>pogruppo.  In  quest<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y1038 ff1 fs0 fc0 sc0 ls0 ws0\">prospettiva, la <span class=\"_ _3\"></span>Capogruppo svolge le proprie <span class=\"_ _3\"></span>funzioni di p<span class=\"_ _3\"></span>residio e <span class=\"_ _3\"></span>gestione d<span class=\"_ _2\"></span>ella liquidit\u00e0 con r<span class=\"_ _3\"></span>iferimento non solo <span class=\"_ _3\"></span>alla propria </div><div class=\"t m0 x0 h2 ycd4 ff4 fs0 fc0 sc0 ls0 ws0\">realt\u00e0 <span class=\"_ _2\"></span>aziendale, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>valutando <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>esposto. <span class=\"_ _2\"></span>All<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 yadc ff1 fs0 fc0 sc0 ls0 ws0\">scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>massimizzare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>coordinamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>controllo <span class=\"_ _5\"></span>integrato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio </div><div class=\"t m0 x0 h2 y10d0 ff4 fs0 fc0 sc0 ls0 ws0\">Liquidit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>individuano <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>seguenti <span class=\"_ _5\"></span>perimetri <span class=\"_ _6\"></span>societari: <span class=\"_ _6\"></span>(i) <span class=\"_ _6\"></span>\u201cPerimetro <span class=\"_ _5\"></span>sub<span class=\"_ _5\"></span><span class=\"ff1\">-</span>consolidato<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>Area <span class=\"_ _6\"> </span>euro\u201d, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>comprende <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y10d1 ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>sue <span class=\"_ _3\"></span>Filiali <span class=\"_ _3\"></span>estere <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>italiane ed <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tere <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>dell'Area euro <span class=\"_ _2\"></span>il cui <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y10d2 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>bloccato <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>limitato <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>vincoli <span class=\"_ _4\"> </span>normativi <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>pertanto <span class=\"_ _4\"> </span>contribuiscono <span class=\"_ _4\"> </span>all'equilibrio <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>integrat<span class=\"_ _5\"></span><span class=\"ls17\">a </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">nell'area dell'euro, di cui \u00e8 diretta responsa<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ile la Tesoreria centrale, fermo<span class=\"_ _3\"></span> restando il rispetto di limiti previsti per ogni singola<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">legal <span class=\"_ _6\"></span>entity; <span class=\"_ _6\"></span>(ii) <span class=\"_ _6\"> </span>Perimetro <span class=\"_ _6\"></span>\u201cAltre <span class=\"_ _5\"></span>Banche/Societ\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo\u201d, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _4\"> </span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>cui <span class=\"_ _4\"> </span>gestione<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">della liquidit\u00e0 \u00e8 <span class=\"_ _3\"></span>svolta dalle funzioni d<span class=\"_ _3\"></span>i Tesoreria/ALM di ciascuna con<span class=\"_ _2\"></span>trollata, sotto <span class=\"_ _3\"></span>la guida e <span class=\"_ _3\"></span>il monitoraggio delle <span class=\"_ _3\"></span>competenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">strutture della Capogru<span class=\"_ _0\"></span>ppo. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>funzioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>preposte <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>corretta <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>Linee <span class=\"_ _3\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>l\u2019adeguatezza <span class=\"_ _2\"></span>della<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">posizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _6\"></span>Tesoreria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Finanza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Direzione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">Pianificazione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>Controllo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gestione, <span class=\"_ _6\"></span>responsabili <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019area <span class=\"_ _6\"></span>Chief <span class=\"_ _6\"> </span>Financial <span class=\"_ _6\"> </span>Officer <span class=\"_ _4\"> </span>(CFO) <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>gestione <span class=\"_ _6\"></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Market <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management<span class=\"ff4\">, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _2\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Officer <span class=\"_ _2\"></span>(CRO) </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">ha la responsabilit<span class=\"_ _0\"></span>\u00e0 diretta della misurazion<span class=\"_ _0\"></span>e del rischio di liq<span class=\"_ _0\"></span>uidit\u00e0 su base consolid<span class=\"_ _0\"></span>ata.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>gestita <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>citate <span class=\"_ _3\"></span>strutture <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _3\"></span>CFO <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span><span class=\"ff1\">ttagliato <span class=\"_ _3\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>ed </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">una costante interazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e con le Busines<span class=\"_ _0\"></span>s Unit, nel quadro de<span class=\"_ _0\"></span>i relativi business pl<span class=\"_ _0\"></span>an redatti nel rispetto d<span class=\"_ _0\"></span>ei seguenti indiri<span class=\"_ _2\"></span>zzi: </div><div class=\"t m0 x0 h2 y6b ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>costante <span class=\"_ _4\"></span>attenzione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>idelizzazione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>clientela, <span class=\"_ _4\"></span>finalizza<span class=\"_ _0\"></span>ta <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span><span class=\"ff4\">antenimento <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019elevata <span class=\"_ _6\"> </span>consistenza <span class=\"_ _6\"></span>di </span></span></div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">depositi stabili; </div><div class=\"t m0 x0 h2 y6d ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gap raccolta<span class=\"_ _3\"></span>-impieghi tempo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tempo <span class=\"_ _3\"></span>espresso dalle <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Unit, <span class=\"_ _3\"></span>rispetto agli <span class=\"_ _3\"></span>obiettivi assegnati <span class=\"_ _3\"></span>in </span></div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">sede di piano e di <span class=\"_ _0\"></span>budget; </div><div class=\"t m0 x0 h2 y6f ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>equilibrato ricorso al mercat<span class=\"_ _0\"></span>o istituzionale, con una particolare attenzio<span class=\"_ _0\"></span>ne alla diversificazio<span class=\"_ _0\"></span>ne di segmenti e str<span class=\"_ _0\"></span>umenti;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y70 ff8 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>ricorso selettivo alle operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o dalle Banche C<span class=\"_ _0\"></span>entrali.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _2\"></span>Market <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Financial <span class=\"_ _3\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">qualit\u00e0 di attivo partecipante ai Comitati m<span class=\"_ _0\"></span>anageriali, svolge un ruolo primario nella gestio<span class=\"_ _0\"></span>ne e diffusione delle informa<span class=\"_ _0\"></span>zio<span class=\"_ _5\"></span>ni sul </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0, contribuendo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>miglioramento complessivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>consapevolezza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>sulla<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _3\"></span>In </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">particolare, <span class=\"_ _4\"> </span>garantisce <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>misurazione, <span class=\"_ _7\"> </span>sia <span class=\"_ _4\"> </span>puntuale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>prospettica, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>normali <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>stress, <span class=\"_ _4\"> </span>dell'esposizione <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _3\"></span>verificando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>attivando, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>superamento <span class=\"_ _3\"></span>deg<span class=\"_ _5\"></span>li <span class=\"_ _2\"></span>stessi, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>procedure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">reporting <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>competenti <span class=\"_ _4\"> </span>Organi <span class=\"_ _4\"> </span>Societari <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>monitorando <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>azioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rientro <span class=\"_ _4\"> </span>concordate <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">sconfinamenti. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _16\"> </span>Chief <span class=\"_ _16\"> </span>Audit <span class=\"_ _16\"> </span>Officer <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>luta <span class=\"_ _7\"> </span>la  fun<span class=\"_ _0\"></span>zionalit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _7\"> </span>assetto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>sistema <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ont<span class=\"_ _2\"></span>rolli <span class=\"_ _7\"> </span>a  presidio <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">misurazione, gestione e controllo dell\u2019esp<span class=\"_ _0\"></span>osizione al rischio di liquidit\u00e0 di Gruppo e verifica l\u2019adeguatezza e la rispondenz<span class=\"_ _5\"></span><span class=\"ff1\">a del </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">processo <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>equisiti <span class=\"_ _5\"></span>stabiliti <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>normativa. <span class=\"_ _6\"></span>Gli <span class=\"_ _5\"></span>esiti <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>controlli <span class=\"_ _5\"></span>svolti <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>sottopo<span class=\"_ _2\"></span>sti, <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>almeno <span class=\"_ _5\"></span>annuale, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Organi Societari. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>metriche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttenuazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0, s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>formalizzati <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>citate <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>Gui<span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Governo <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>rischio <span class=\"_ _6\"> </span>Liquidit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>definiscono <span class=\"_ _6\"> </span>l\u2019impianto <span class=\"_ _6\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">etodologico <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>breve </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">termine, che struttur<span class=\"_ _0\"></span>ale. </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _3\"></span>indicatori della liquidit\u00e0 di <span class=\"_ _3\"></span>breve termine intendono assicurare <span class=\"_ _3\"></span>un livello <span class=\"_ _3\"></span>adeguato e b<span class=\"_ _3\"></span>ilanciat<span class=\"_ _0\"></span>o tra <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa in <span class=\"_ _6\"></span>uscita e </div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">in entrata aventi scadenza certa o s<span class=\"_ _3\"></span>timata compresa nell\u2019orizzonte temporale<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>12 mesi, garantendo adeguata disponibilit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> di </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">riserve <span class=\"_ _4\"> </span>liquide <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>Liquidity <span class=\"_ _4\"> </span>Buffer), <span class=\"_ _4\"> </span>liberamente <span class=\"_ _4\"> </span>utilizzabili <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumento <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>mitigazione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>risch<span class=\"_ _5\"></span>io <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">liquidit\u00e0. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>tal <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>soglia <span class=\"_ _4\"></span>massim<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tolleranza <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>stema <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _6\"></span>\u00e8  d<span class=\"_ _0\"></span>eclinato </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">prevedendo specifici indicatori di breve termine<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>di natura regolament<span class=\"_ _0\"></span>are sul mese<span class=\"_ _3\"></span> (Liquidity Coverage Ratio - <span class=\"_ _3\"></span>LCR), che di </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">definizione interna (i<span class=\"_ _0\"></span>ndicatori di Survival Period<span class=\"ls24\">).</span> </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019indicatore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>LCR <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rafforzare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span><span class=\"ff1\">profilo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>termine, <span class=\"_ _5\"></span>assicurando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>detenzione <span class=\"_ _6\"></span>di </span></div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">sufficienti a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>liquide di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>levata <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>(HQLA <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>High <span class=\"_ _3\"></span>Quality<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Liquid <span class=\"_ _3\"></span>Assets) <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>vincolate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>facilmente </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">e immediatamente convertite in contanti<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>nei merca<span class=\"_ _3\"></span>ti privati per soddisfare i fabbisogni di liquidit\u00e0 a 30 giorni in uno scenario di </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">stress <span class=\"_ _5\"></span>acuto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>fine, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Liquidity <span class=\"_ _5\"></span>Coverage <span class=\"_ _2\"></span>Ratio <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _2\"></span>tra: <span class=\"_ _5\"></span>(i) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>stock <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>HQLA <span class=\"_ _7\"> </span>e <span class=\"_ _5\"></span>(ii) <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">totale <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>deflussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>alcol<span class=\"_ _3\"></span>ato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>UE) <span class=\"_ _3\"></span>2015/61<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">suoi supplementi/modific<span class=\"_ _0\"></span>he.  </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>Survival <span class=\"_ _5\"></span>Period <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>indicatore <span class=\"_ _5\"></span>interno <span class=\"_ _6\"></span>finalizzato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>misurare <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>giorno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Posizione <span class=\"_ _6\"></span>Netta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Liquidi<span class=\"_ _6\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">(calcolata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>Riserve <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Liquidit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>netti) <span class=\"_ _2\"></span>diventa <span class=\"_ _3\"></span>negativa, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risulta </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">pi\u00f9 <span class=\"_ _5\"></span>disponibile <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>coprire <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>deflussi <span class=\"_ _6\"></span>netti <span class=\"_ _5\"></span>simulati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>uscita. <span class=\"_ _6\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>ipo<span class=\"_ _5\"></span>tesi <span class=\"_ _6\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls14 ws0\">sc<span class=\"ff4 ls0\">enario, baseline e stres<span class=\"_ _0\"></span>sed, finalizzate a misurare rispettivamente: (i) l\u2019indipen<span class=\"_ _0\"></span>denza del Gruppo dalla raccolta interbancar<span class=\"_ _2\"></span><span class=\"ff1\">ia </span></span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">sui <span class=\"_ _4\"> </span>mercati <span class=\"_ _4\"> </span>finanziari, <span class=\"_ _4\"> </span>(ii) <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>sopravvivenza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>tensioni, <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>idiosincratiche, <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>seve<span class=\"_ _5\"></span>rit<span class=\"ls17\">\u00e0 </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">medio-<span class=\"ff4\">alta, <span class=\"_ _7\"> </span>gestite <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>prevedere <span class=\"_ _7\"> </span>restrizioni <span class=\"_ _7\"> </span>all\u2019attivit\u00e0 <span class=\"_ _7\"> </span>creditizia <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>clientela. <span class=\"_ _7\"> </span>Sull\u2019indicatore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Survival<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">Period <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stress <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stabilito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mantenim<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sopravvivenza <span class=\"_ _6\"></span>allo <span class=\"_ _3\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span><span class=\"lsc\">un </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">livello <span class=\"_ _3\"></span>complessivo di <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>in grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fronteggiare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>maggiori uscite <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span>n in<span class=\"_ _3\"></span>tervallo di <span class=\"_ _3\"></span>tempo <span class=\"_ _3\"></span>adeguato a <span class=\"_ _3\"></span>porr<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>in </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">essere i necessari inte<span class=\"_ _0\"></span>rventi operativi per ri<span class=\"_ _0\"></span>condurre il Gruppo i<span class=\"_ _0\"></span>n condizioni di equili<span class=\"_ _0\"></span>brio.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>Politica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Liquidit\u00e0 <span class=\"_ _3\"></span>str<span class=\"_ _3\"></span><span class=\"ff4\">utturale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>l\u2019adozione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>requisito <span class=\"_ _3\"></span>strutturale, <span class=\"_ _3\"></span>Net <span class=\"_ _2\"></span>Stable <span class=\"_ _3\"></span>Funding </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Ratio <span class=\"_ _5\"></span>(NSFR), <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>indicatore <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>fina<span class=\"_ _3\"></span>lizzato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>promuovere <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>maggiore <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>alla </div><div class=\"t m0 x0 h2 y59 ff4 fs0 fc0 sc0 ls0 ws0\">raccolta <span class=\"_ _5\"></span>stabile, <span class=\"_ _6\"></span>evitando <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">operativit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>dare <span class=\"_ _6\"></span>luogo <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ccessivi <span class=\"_ _5\"></span>squilibri <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>finanziare <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">breve <span class=\"_ _2\"></span>termine. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine, <span class=\"_ _5\"></span>esso <span class=\"_ _2\"></span>stabilisce <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>minimo <span class=\"_ _2\"></span>\u201caccettabile\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>provvista <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>all\u2019anno <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>all<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">necessit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>residua <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _4\"> </span>fuori <span class=\"_ _7\"> </span>bilancio.  Ad </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">integrazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>politica <span class=\"_ _5\"></span>interna <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Liquidit\u00e0 <span class=\"_ _5\"></span>strutturale <span class=\"_ _2\"></span>prevede<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>early <span class=\"_ _5\"></span>warnin<span class=\"_ _3\"></span>g <span class=\"_ _5\"></span>applicati <span class=\"_ _2\"></span>su <span class=\"_ _6\"></span>scadenze<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">superiori a 1 anno, c<span class=\"_ _0\"></span>on particolare attenzione ai gap di lu<span class=\"_ _0\"></span>ngo termine (&gt; 5 <span class=\"_ _0\"></span>anni). </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y5f ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>Linee <span class=\"_ _16\"> </span>Guida <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Governo <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Liquidit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>\u00e8  i<span class=\"_ _35\"></span>noltre <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>siano <span class=\"_ _7\"> </span>assicurate <span class=\"_ _7\"> </span>le </div><div class=\"t m0 x0 h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un\u2019eventuale <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _2\"></span>definita <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>situazione <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>incapacit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>far </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">fronte  ai <span class=\"_ _1d\"> </span>propri  impegni  di <span class=\"_ _1d\"> </span>cassa  in  scadenza, <span class=\"_ _1d\"> </span>a  meno  d<span class=\"_ _3\"></span>i  attivare  procedure <span class=\"_ _1d\"> </span>e/o  utilizzare  strumenti  in <span class=\"_ _1d\"> </span>maniera  non </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">riconducibile, per i<span class=\"_ _0\"></span>ntensit\u00e0 o modalit\u00e0, <span class=\"_ _0\"></span>all\u2019ordinaria ammini<span class=\"_ _0\"></span>strazione. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>Contingency <span class=\"_ _3\"></span>Liquidity <span class=\"_ _2\"></span>Plan <span class=\"_ _2\"></span>(CLP), <span class=\"_ _3\"></span>prefiggendosi <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>alvaguardia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>e, <span class=\"_ _3\"></span>contestualmente, </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>continuit\u00e0 <span class=\"_ _2\"></span>operativa <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>grave <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mergenza <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _2\"></span>assicura <span class=\"_ _2\"></span>l\u2019identificazion<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">segnali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>preallarme, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>monitoraggio, la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>procedure d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>attivare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>manifestino <span class=\"_ _3\"></span>tensioni </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _3\"></span>liquidit\u00e0, indicando <span class=\"_ _3\"></span>anche le <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>azione <span class=\"_ _3\"></span>immediate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>intervento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>risoluzione de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _3\"></span>Gli </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">indici <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>preallarme, <span class=\"_ _6\"></span>finalizzati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>gliere <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>segnali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>potenziale <span class=\"_ _6\"></span>tensione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>sistemica <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>specifica, <span class=\"_ _6\"></span>sono </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">monitorati con periodicit\u00e0 giornal<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>era dalla Direzione Centrale Rischi <span class=\"_ _3\"></span>Market and Financial Risk Managem<span class=\"_ _0\"></span>ent. <span class=\"_ _3\"></span>In tale ambito, \u00e8 </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">formalmente <span class=\"_ _5\"></span>assegnato <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _5\"></span>Tesoreria <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Finanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>responsabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Contingency<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">Funding <span class=\"_ _3\"></span>Plan <span class=\"_ _2\"></span>(CFP), <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>contiene <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>linee <span class=\"_ _2\"></span>d\u2019azione <span class=\"_ _2\"></span>attivabili <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _3\"></span>potenziali <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tr<span class=\"_ _5\"></span><span class=\"ff1\">ess,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">indicando la dimensione degli <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ffetti mitiganti per<span class=\"_ _0\"></span>seguibili in un o<span class=\"_ _0\"></span>rizzonte temporale di bre<span class=\"_ _0\"></span>ve termine.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>CLP <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _2\"></span>generale <span class=\"_ _5\"></span>piano <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gestione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Crisi <span class=\"_ _2\"></span>(ossia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _5\"></span>step <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>escalation<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _2\"></span>nell<span class=\"_ _5\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">gestione delle emergenze di liquidit\u00e0) e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>strumenti in esso p<span class=\"_ _3\"></span>revisti rappresent<span class=\"_ _0\"></span>ano una se<span class=\"_ _3\"></span>lezione<span class=\"_ _0\"></span> delle <span class=\"_ _3\"></span>azioni di recovery che </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>realizzate <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>interventi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>radicali, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _7\"> </span>tali, </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">presentano carattere <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>dimensione u<span class=\"_ _3\"></span>lt<span class=\"ff4\">eriormente s<span class=\"_ _3\"></span>traordinari. A <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategie e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>d\u2019intervento sono <span class=\"_ _3\"></span>definiti </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipologia, <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>intensit\u00e0 <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui<span class=\"_ _6\"> </span><span class=\"ff1\"> <span class=\"_ _5\"></span>si </span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">ipotizza che si verifichi<span class=\"_ _0\"></span> l\u2019emerge<span class=\"ff1\">nza. </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y71 ff5 fs0 fc2 sc0 ls0 ws0\">Posizione di liquidit<span class=\"_ _0\"></span>\u00e0 del Gruppo </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"></span>posizione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0 <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>sostenuta <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>adeguate <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>liquide <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>elevata <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"></span>(HQLA) <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"></span>significativo </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">contributo di raccolta stabile ret<span class=\"_ _0\"></span>ail <span class=\"_ _3\"></span>- <span class=\"ff4\">si \u00e8 mantenuta nel corso di tutto l\u2019esercizio 20<span class=\"_ _0\"></span>22 a<span class=\"_ _3\"></span>ll\u2019interno dei limiti di rischio previsti dalla<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">vigente Policy di Liq<span class=\"_ _0\"></span>uidit\u00e0 di Gruppo.  </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Entrambi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>regolamentari, <span class=\"_ _5\"></span>LCR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>NSFR <span class=\"_ _6\"></span>risultano <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>requisiti <span class=\"_ _5\"></span>normativi. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Liquidit<span class=\"_ _5\"></span><span class=\"ls1f\">y </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Coverage Ratio (LCR) del Gruppo Intesa Sa<span class=\"_ _3\"></span>npaolo, misurato secondo il Regolamento Deleg<span class=\"_ _0\"></span>ato (UE) 2015/61 si \u00e8 attestato in </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">media<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x125 h33 y4ab ff1 fs11 fc0 sc0 ls1a ws0\">105</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x17c h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>181,9% <span class=\"_ _6\"></span>(184,5% <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>2021). <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>NSFR <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermato <span class=\"_ _5\"></span>ampiamente <span class=\"_ _6\"></span>superiore <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>100%, <span class=\"_ _5\"></span>sostenuto <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">solida <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>stabile <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lientela, <span class=\"_ _5\"></span>ulteriormente <span class=\"_ _5\"></span>accresciuta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>adeguata <span class=\"_ _5\"></span>raccolt<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">cartolare wholesale a medio-lungo termine e dall<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>raccolta TLTRO con BCE. Al 31 dicembre 2022, il NSFR del Gruppo Intesa<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>istruzioni <span class=\"_ _2\"></span>regolamentari, \u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>126% <span class=\"_ _5\"></span>(127,3% <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>2021); <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>dicatore <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>ampiamente </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">superiore al 100% a<span class=\"_ _0\"></span>nche escludendo l\u2019app<span class=\"_ _0\"></span>orto positivo della <span class=\"_ _0\"></span>ra<span class=\"_ _3\"></span><span class=\"ff1\">ccolta TLTRO. </span></div><div class=\"t m0 x0 h2 y7c ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>urplus <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>entrambi <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>indicatori <span class=\"_ _5\"></span>regolamentari, <span class=\"_ _2\"></span>LCR <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>NSFR, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>principalmente <span class=\"_ _2\"></span>originati <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>perimetro <span class=\"_ _2\"></span>Sub<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">consolidato <span class=\"_ _6\"> </span>Area <span class=\"_ _6\"> </span>euro. <span class=\"_ _4\"> </span>Ai <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ini <span class=\"_ _6\"> </span>dell\u2019indicatore <span class=\"_ _6\"> </span>LCR, <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"> </span>avanzi <span class=\"_ _6\"> </span>individuali <span class=\"_ _4\"> </span>registrati <span class=\"_ _6\"></span>presso <span class=\"_ _6\"> </span>alcune <span class=\"_ _6\"> </span>controllate <span class=\"_ _4\"> </span>estere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>risultan<span class=\"_ _0\"></span>o </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">inoltre sterilizzati i<span class=\"_ _0\"></span>n fase di consolidame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to per vincoli alla <span class=\"_ _0\"></span>circolazione della liq<span class=\"_ _0\"></span>uidit\u00e0 presso le s<span class=\"_ _0\"></span>uddette Controllate.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>dicembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>complessive <span class=\"_ _2\"></span>riserve <span class=\"_ _5\"></span>HQLA <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>presso <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>Tesorerie<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _2\"></span>ammonta <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>complessivi <span class=\"_ _2\"></span>172,5 <span class=\"_ _5\"></span>miliardi <span class=\"_ _5\"></span>(187,1 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>2021), <span class=\"_ _2\"></span>composte <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>64% <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>cash <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">riversamenti <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanei <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>liquidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"></span>liberi <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"></span>Centrale<span class=\"_ _3\"></span>. <span class=\"_ _4\"> </span>Aggiungendo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">marketable <span class=\"_ _17\"> </span>e/o <span class=\"_ _18\"> </span>stanziabili <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>Banche <span class=\"_ _18\"> </span>Centrali, <span class=\"_ _17\"> </span>incluse <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>autocartolarizzazio<span class=\"_ _0\"></span>ni <span class=\"_ _18\"> </span>retained, <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>riserve <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>liquidit\u00e0 </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">unencumbered di Grupp<span class=\"_ _0\"></span>o risultano pari a c<span class=\"_ _0\"></span>omplessivi 177,7 mili<span class=\"_ _0\"></span>ardi <span class=\"_ _3\"></span>(192,4 miliardi a fine 2021)<span class=\"lsd\">. </span> </div><div class=\"t m0 x0 h2 y3f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w5c6 h82\" style=\"left:446.7246px; bottom:410.79404px;\"><div class=\"t m0 x1a1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5c6 h7e\" style=\"left:446.7246px; bottom:385.52203px;\"><div class=\"t m0 xad h59 y56d ff5 fs17 fc2 sc0 ls0 ws0\">      Dispon<span class=\"_ _0\"></span>ibili a pro<span class=\"_ _0\"></span>nti  </div><div class=\"t m0 xb h59 y8c0 ff5 fs17 fc2 sc0 ls0 ws0\">        (nett<span class=\"_ _0\"></span>o haircut) </div></div><div class=\"c w5c7 ha5\" style=\"left:446.7246px; bottom:363.058px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w5c8 ha5\" style=\"left:533.1876px; bottom:363.058px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span> </div></div><div class=\"c w5c5 ha5\" style=\"left:-4.050377px; bottom:340.59402px;\"><div class=\"t m0 x41 h59 y7b9 ff5 fs17 fc2 sc0 ls0 ws0\">Riserve <span class=\"_ _0\"></span>di Liquidit\u00e0<span class=\"_ _0\"></span> HQLA </div></div><div class=\"c w5c7 ha5\" style=\"left:446.7246px; bottom:340.59402px;\"><div class=\"t m0 x8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>172.<span class=\"_ _0\"></span>527 </div></div><div class=\"c w5c8 ha5\" style=\"left:533.1876px; bottom:340.59402px;\"><div class=\"t m0 x8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>187.<span class=\"_ _35\"></span>066 </div></div><div class=\"c w5c5 h7e\" style=\"left:-4.050377px; bottom:315.32202px;\"><div class=\"t m0 x12 h46 yc61 ff1 fs17 fc2 sc0 ls0 ws0\">Cassa e De<span class=\"_ _0\"></span>positi pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>so Banche<span class=\"_ _35\"></span> Centrali (HQLA)  </div></div><div class=\"c w5c7 h7e\" style=\"left:446.7246px; bottom:315.32202px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>109.<span class=\"_ _0\"></span>792 </div></div><div class=\"c w5c8 h7e\" style=\"left:533.1876px; bottom:315.32202px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>135.<span class=\"_ _35\"></span>061 </div></div><div class=\"c w5c5 h8c\" style=\"left:-4.050377px; bottom:289.894px;\"><div class=\"t m0 x12 h46 y7c9 ff1 fs17 fc2 sc0 ls0 ws0\">Titoli alta<span class=\"_ _0\"></span>mente Liquidi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(HQLA) </div></div><div class=\"c w5c7 h8c\" style=\"left:446.7246px; bottom:289.894px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _5d\"> </span>62.735 </div></div><div class=\"c w5c8 h8c\" style=\"left:533.1876px; bottom:289.894px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _5d\"> </span>52.005 </div></div><div class=\"c w5c5 h7e\" style=\"left:-4.050377px; bottom:264.62204px;\"><div class=\"t m0 x41 h59 yc61 ff5 fs17 fc2 sc0 ls0 ws0\">Altre Rise<span class=\"_ _0\"></span>rve stanzia<span class=\"_ _35\"></span>bili e/o marketab<span class=\"_ _0\"></span>le </div></div><div class=\"c w5c7 h7e\" style=\"left:446.7246px; bottom:264.62204px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _41\"> </span>5.<span class=\"_ _3\"></span>222 </div></div><div class=\"c w5c8 h7e\" style=\"left:533.1876px; bottom:264.62204px;\"><div class=\"t m0 x8 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _41\"> </span>5.<span class=\"_ _3\"></span>306 </div></div><div class=\"c w5c5 h8c\" style=\"left:-4.050377px; bottom:239.19403px;\"><div class=\"t m0 x41 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\">Totale Ris<span class=\"_ _0\"></span>erve di L<span class=\"_ _0\"></span>iquidit\u00e0 di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Gruppo </div></div><div class=\"c w5c7 h8c\" style=\"left:446.7246px; bottom:239.19403px;\"><div class=\"t m0 x8 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>177.<span class=\"_ _0\"></span>749 </div></div><div class=\"c w5c8 h8c\" style=\"left:533.1876px; bottom:239.19403px;\"><div class=\"t m0 x8 h59 y7c9 ff5 fs17 fc2 sc0 ls0 ws0\"> <span class=\"_ _56\"> </span>192.<span class=\"_ _35\"></span>372 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x0 h61 y2d9 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y233 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y138c ff4 fs0 fc0 sc0 ls0 ws0\">Regolari <span class=\"_ _1d\"> </span>prove <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>stress <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>svolte <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>valutare <span class=\"_ _17\"> </span>l\u2019impatto  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>eventi <span class=\"_ _1d\"> </span>negativi <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>posizione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>liquidit\u00e0 <span class=\"_ _1d\"> </span>aziendale <span class=\"_ _1d\"> </span>e </div><div class=\"t m0 x0 h2 y822 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019adeguatezza <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orrente <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>prospettica <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Gruppo, <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>de<span class=\"_ _6\"></span><span class=\"ff1 ls19\">l </span></div><div class=\"t m0 x0 h2 ycc2 ff1 fs0 fc0 sc0 ls0 ws0\">mercato, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>consentire <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>pronta <span class=\"_ _16\"> </span>conoscibilit\u00e0 <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>Organi <span class=\"_ _7\"> </span>Aziendali <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sopraggiunte <span class=\"_ _7\"> </span>vulnerabilit\u00e0 <span class=\"_ _7\"> </span>ed </div><div class=\"t m0 x0 h2 yab7 ff4 fs0 fc0 sc0 ls0 ws0\">indirizzare l\u2019attivazio<span class=\"_ _0\"></span>ne di conseguenti az<span class=\"_ _0\"></span>ioni correttive. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yb92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf41 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>dell\u2019elevata <span class=\"_ _3\"></span>consistenza <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>(<span class=\"_ _5\"></span><span class=\"ff1\">liquide <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stanziabili), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>prove <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uno </span></div><div class=\"t m0 x0 h2 yf42 ff1 fs0 fc0 sc0 ls0 ws0\">scenario combinato di crisi d<span class=\"_ _3\"></span>i mercato e <span class=\"_ _3\"></span>specifica (con significativa perdita di <span class=\"_ _3\"></span>raccolta clientela) mostrano per il <span class=\"_ _3\"></span>Gruppo I<span class=\"_ _5\"></span>ntesa </div><div class=\"t m0 x0 h2 y85f ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _16\"> </span>risultati <span class=\"_ _7\"> </span>superiori <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>soglia <span class=\"_ _16\"> </span>obiettivo, <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>avanzo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>liqui<span class=\"_ _3\"></span>dit\u00e0  i<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>rado  di <span class=\"_ _7\"> </span>fronteggiare <span class=\"_ _16\"> </span>fuoriuscite <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa </div><div class=\"t m0 x0 h2 yf43 ff1 fs0 fc0 sc0 ls0 ws0\">straordinarie per un <span class=\"_ _0\"></span>periodo di tempo larg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mente superior<span class=\"_ _0\"></span>e a 3 mesi. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y138e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1c9 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"></span>strategia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>funding <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>incentrata <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>mantenimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>profilo <span class=\"_ _6\"></span>diversificato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>clientela, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotto,<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yfa5 ff1 fs0 fc0 sc0 ls0 ws0\">durata <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>valuta. <span class=\"_ _16\"> </span>Le <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>fonti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>finanziamento <span class=\"_ _7\"> </span>di  I<span class=\"_ _0\"></span>ntesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>comprendono: <span class=\"_ _16\"> </span>(i) <span class=\"_ _7\"> </span>depositi  d<span class=\"_ _0\"></span>erivanti <span class=\"_ _7\"> </span>dal  me<span class=\"_ _0\"></span>rcato </div><div class=\"t m0 x0 h2 yf46 ff1 fs0 fc0 sc0 ls0 ws0\">domestico  Retail  e <span class=\"_ _16\"> </span>Corporate,  che  rap<span class=\"_ _0\"></span>presentano  la <span class=\"_ _16\"> </span>parte  stabile  di  raccol<span class=\"_ _0\"></span>ta,  (ii)  fun<span class=\"_ _0\"></span>ding  di  brev<span class=\"_ _0\"></span>e  termine  su  m<span class=\"_ _0\"></span>ercati </div><div class=\"t m0 x0 h2 yf47 ff1 fs0 fc0 sc0 ls0 ws0\">wholesale, <span class=\"_ _3\"></span>costituiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>gran <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>operativit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>CD/CP, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>(iii) <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>medio/lungo <span class=\"_ _2\"></span>termine, <span class=\"_ _3\"></span>composta </div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x0 h2d y373 ff1 fsf fc0 sc0 ls1c ws0\">105</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-90.810974px;\"><div class=\"t m0 x16d h1b y18d ff1 fs9 fc0 sc0 ls0 ws0\"> <span class=\"fs4\">Il dato esposto si rif<span class=\"_ _3\"></span>erisce alla me<span class=\"_ _3\"></span>dia semplice <span class=\"_ _3\"></span>delle ultime 12 oss<span class=\"_ _3\"></span>ervazioni m<span class=\"_ _3\"></span>ensili, come da R<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>olamento 2021<span class=\"_ _3\"></span>/637.<span class=\"fs0\"> </span></span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-505.80786px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">principalmente <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>proprie <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _6\"></span>(Covered <span class=\"_ _6\"> </span>Bonds/ABS <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"> </span>senior <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>dell\u2019Euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>US, <span class=\"_ _6\"> </span>oltre <span class=\"_ _6\"> </span>a </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">subordinati) e dalle o<span class=\"_ _0\"></span>perazio<span class=\"ff4\">ni di rifinanziamento con l\u2019Eu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>osistema (T<span class=\"_ _0\"></span>LTRO). <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h32 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _1c\"> </span>Linee <span class=\"_ _18\"> </span>Guida <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Gov<span class=\"_ _0\"></span>erno <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _18\"> </span>Rischio <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>Li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _1c\"> </span>prevedono <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>regolare <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span>l\u2019analisi <span class=\"_ _18\"> </span>di </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">concentrazione sia del <span class=\"_ _0\"></span>funding (per contro<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte/prodotto), ch<span class=\"_ _0\"></span>e delle Riserve di Liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idit\u00e0 (pe<span class=\"_ _3\"></span>r emittente/controparte). </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Adeguata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tempestiva <span class=\"_ _2\"></span>informativa <span class=\"_ _2\"></span>sull\u2019evolversi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _3\"></span>e/o <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">regolarmente rilasciata agli <span class=\"_ _3\"></span>Organi aziendali e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>Comitati interni, a<span class=\"_ _3\"></span>l fine d<span class=\"_ _3\"></span>i assicurare <span class=\"_ _3\"></span>la piena <span class=\"_ _3\"></span>conos<span class=\"_ _2\"></span>cenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>governabilit\u00e0 dei<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">fattori di rischio. T<span class=\"_ _0\"></span>ale reportistica comprend<span class=\"_ _0\"></span>e la valutazione dell\u2019<span class=\"_ _0\"></span>esposizione al ris<span class=\"_ _0\"></span>chio di liquidit\u00e0 <span class=\"_ _0\"></span>determinata anche sul<span class=\"_ _2\"></span><span class=\"ff1\">la base </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>ipotesi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>avversi. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Consiglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Amministrazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>regolarmente <span class=\"_ _7\"> </span>coinvolto <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>definizione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">della strategia di ma<span class=\"_ _0\"></span>ntenimento di una p<span class=\"_ _0\"></span>osizione di liquidit\u00e0<span class=\"_ _0\"></span> adeguata a livello dell\u2019i<span class=\"_ _0\"></span>ntero Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>dell\u2019adeguatezza de<span class=\"_ _3\"></span>lla p<span class=\"_ _3\"></span>osizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo trova <span class=\"_ _3\"></span>riscontro <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>resoconto <span class=\"_ _3\"></span>ILAAP<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">(Internal  Liq<span class=\"_ _0\"></span>uidity  Adequac<span class=\"_ _0\"></span>y  Assessment <span class=\"_ _16\"> </span>Process),  che <span class=\"_ _16\"> </span>comprende <span class=\"_ _16\"> </span>anche  il  F<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>nding  Pla<span class=\"_ _0\"></span>n  del  G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo.  Nell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mbito <span class=\"_ _16\"> </span>del </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>resoconto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>Organi <span class=\"_ _3\"></span>Societari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>iquidity Ade<span class=\"_ _3\"></span>quacy<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Statement <span class=\"_ _2\"></span>(LAS), <span class=\"_ _5\"></span><span class=\"ff4\">approvato <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Amministrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>espone <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>evidenze <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>dell\u2019autovalutazione </span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019adeguatezza <span class=\"_ _16\"> </span>della  posizione  d<span class=\"_ _0\"></span>i  liquidit<span class=\"_ _0\"></span>\u00e0,  tenuto  cont<span class=\"_ _0\"></span>o  delle  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>sultanze <span class=\"_ _16\"> </span>e  dei  valori <span class=\"_ _16\"> </span>espressi  dai  princ<span class=\"_ _0\"></span>ipali  indicatori,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">manifesta <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>convincimento <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>deguata <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>profondamente <span class=\"_ _2\"></span>radicata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>cultura <span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">nei processi aziendali del Gruppo, osservando inoltre che, anche da un punto di vista <span class=\"_ _3\"></span>prospettico, l\u2019attuale<span class=\"_ _0\"></span> sistema di regol<span class=\"_ _5\"></span><span class=\"ff1\">e e </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">procedure <span class=\"_ _2\"></span>appare <span class=\"_ _5\"></span>adeguato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>governare <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ronta <span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>efficace <span class=\"_ _2\"></span>reazione, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>sfide <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>concretizzino<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">effettivamente in scen<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri di stress severi ed a<span class=\"_ _0\"></span>vversi.  </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y73 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>necessarie <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>preventive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">controllo, <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019inizio <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _5\"></span>sanitaria <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span></span>-19, </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">permangono attive nell<span class=\"_ _0\"></span>\u2019obiettivo di coglie<span class=\"_ _0\"></span>re eventuali segnali <span class=\"_ _0\"></span>di potenziale inasprim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto delle con<span class=\"_ _0\"></span>dizioni di liquidit\u00e0.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y77 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Alla luce d<span class=\"_ _3\"></span>elle contenute esposizioni verso controparti russe e<span class=\"_ _3\"></span> ucraine, la <span class=\"_ _3\"></span>posizione consolidata di liquidit\u00e0 del <span class=\"_ _3\"></span>Gruppo non ha </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">subito impatti apprezz<span class=\"_ _0\"></span>abili derivanti dal c<span class=\"_ _0\"></span>onflitto russo-ucraino. </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-265.89532px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span><span class=\"ff1 fs12 fc0\"> </span></div><div class=\"t m0 x0 h34 y3b6 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y177f ff5 fs12 fc2 sc0 ls0 ws0\">1. Distribuzione temporale per durata resid<span class=\"_ _3\"></span>ua contrattuale delle attivit\u00e0 e pas<span class=\"_ _3\"></span>sivit\u00e0 finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y15aa ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>distribuzione <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>nelle <span class=\"_ _5\"></span>tabelle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>seguono <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>egole </div><div class=\"t m0 x0 h2 y1531 ff4 fs0 fc0 sc0 ls0 ws0\">stabilite <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>(Circolar<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>262 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>hiarimenti <span class=\"_ _6\"> </span>emessi <span class=\"_ _4\"> </span>dall\u2019Organo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Vigilanza<span class=\"_ _2\"></span><span class=\"ff1\">), </span></div><div class=\"t m0 x0 h2 y15ab ff4 fs0 fc0 sc0 ls0 ws0\">ricorrendo <span class=\"_ _4\"> </span>all\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>informazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _4\"> </span>contabile <span class=\"_ _4\"> </span>esposte <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>durata <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale. <span class=\"_ _4\"> </span>Non <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>pertan<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 y7ec ff1 fs0 fc0 sc0 ls0 ws0\">utilizzati <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>natura  ge<span class=\"_ _0\"></span>stionale <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>prevedono, <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>esempio, <span class=\"_ _16\"> </span>la  m<span class=\"_ _0\"></span>odellizzazione <span class=\"_ _7\"> </span>delle  po<span class=\"_ _0\"></span>ste <span class=\"_ _16\"> </span>a  vista<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>del  pas<span class=\"_ _0\"></span>sivo <span class=\"_ _16\"> </span>e  la<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y15ae ff1 fs0 fc0 sc0 ls0 ws0\">rappresentazione delle<span class=\"_ _0\"></span> poste per cassa <span class=\"_ _0\"></span>secondo il loro grado d<span class=\"_ _0\"></span>i liquidabilit\u00e0. </div><div class=\"t m0 x0 h4c y15af ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 ybe4 ffa fs0 fc2 sc0 ls0 ws0\">Valuta di denominazion<span class=\"_ _0\"></span>e: Euro </div><div class=\"t m0 x0 h116 y244 ff5 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w537 h47\" style=\"left:534.2796px; bottom:583.34265px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w5c9 ha9\" style=\"left:-4.050377px; bottom:518.9147px;\"><div class=\"t m0 x41 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Voci/ Scaglioni temporali </div></div><div class=\"c w28e ha9\" style=\"left:165.27463px; bottom:518.9147px;\"><div class=\"t m0 xa1 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">A vista </div></div><div class=\"c w34f ha9\" style=\"left:212.23062px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 x1a h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x12 h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">7 giorni </div></div><div class=\"c w34f ha9\" style=\"left:258.09464px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 7 </div><div class=\"t m0 x12 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">giorni a </div><div class=\"t m0 x45 h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">15 giorni </div></div><div class=\"c w333 ha9\" style=\"left:304.27063px; bottom:518.9147px;\"><div class=\"t m0 x87 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x45 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">15 giorni </div><div class=\"t m0 x45 h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">a 1 mese </div></div><div class=\"c w28e ha9\" style=\"left:350.6286px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 x41 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mese fino </div><div class=\"t m0 x1a h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">a 3 mesi </div></div><div class=\"c w34f ha9\" style=\"left:397.58463px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 3 </div><div class=\"t m0 x8 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mesi fino </div><div class=\"t m0 x1a h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">a 6 mesi </div></div><div class=\"c w28e ha9\" style=\"left:442.20062px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 6 </div><div class=\"t m0 x8 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mesi fino </div><div class=\"t m0 xdd h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">a 1 anno </div></div><div class=\"c w333 ha9\" style=\"left:488.37665px; bottom:518.9147px;\"><div class=\"t m0 xab h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 xab h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">anno fino </div><div class=\"t m0 x87 h8f y9d7 ff5 fsf fc2 sc0 ls0 ws0\">a 5 anni </div></div><div class=\"c w28e ha9\" style=\"left:534.2796px; bottom:518.9147px;\"><div class=\"t m0 xa1 h8f y9d4 ff5 fsf fc2 sc0 ls0 ws0\">Oltre 5 </div><div class=\"t m0 x94 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">anni </div></div><div class=\"c w499 ha9\" style=\"left:580.92365px; bottom:518.9147px;\"><div class=\"t mb x96 h8f y1 ff5 fsf fc2 sc0 ls0 ws0\">Durata </div><div class=\"t mb xb8 h8f y1 ff5 fsf fc2 sc0 ls0 ws0\">Indeterminata</div><div class=\"t mb xb8 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:503.3147px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">A. Attivit\u00e0 per cassa </div></div><div class=\"c w28e h42\" style=\"left:165.27463px; bottom:503.3147px;\"><div class=\"t m0 x12 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">150.164 </div></div><div class=\"c w34f h42\" style=\"left:212.23062px; bottom:503.3147px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">13.534 </div></div><div class=\"c w34f h42\" style=\"left:258.09464px; bottom:503.3147px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4.019 </div></div><div class=\"c w333 h42\" style=\"left:304.27063px; bottom:503.3147px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">17.166 </div></div><div class=\"c w28e h42\" style=\"left:350.6286px; bottom:503.3147px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">21.843 </div></div><div class=\"c w34f h42\" style=\"left:397.58463px; bottom:503.3147px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">22.015 </div></div><div class=\"c w28e h42\" style=\"left:442.20062px; bottom:503.3147px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">35.595 </div></div><div class=\"c w333 h42\" style=\"left:488.37665px; bottom:503.3147px;\"><div class=\"t m0 x12 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">167.586 </div></div><div class=\"c w28e h42\" style=\"left:534.2796px; bottom:503.3147px;\"><div class=\"t m0 x12 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">197.955 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:503.3147px;\"><div class=\"t m0 x6 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4.250 </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:490.67865px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">A.1 Titoli di Stato </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:490.67865px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:490.67865px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:490.67865px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:490.67865px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:490.67865px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">649<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:490.67865px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.282 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:490.67865px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.250 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:490.67865px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.778 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:490.67865px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">43.346 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:490.67865px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h17\" style=\"left:-4.050377px; bottom:478.00366px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">A.2 Altri titoli di debito </div></div><div class=\"c w28e h17\" style=\"left:165.27463px; bottom:478.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.130 </div></div><div class=\"c w34f h17\" style=\"left:212.23062px; bottom:478.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.050 </div></div><div class=\"c w34f h17\" style=\"left:258.09464px; bottom:478.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">900<span class=\"ls0\"> </span></div></div><div class=\"c w333 h17\" style=\"left:304.27063px; bottom:478.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4.861 </div></div><div class=\"c w28e h17\" style=\"left:350.6286px; bottom:478.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">300<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:397.58463px; bottom:478.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">450<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:442.20062px; bottom:478.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">749<span class=\"ls0\"> </span></div></div><div class=\"c w333 h17\" style=\"left:488.37665px; bottom:478.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.695 </div></div><div class=\"c w28e h17\" style=\"left:534.2796px; bottom:478.00366px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">21.832 </div></div><div class=\"c w499 h17\" style=\"left:580.92365px; bottom:478.00366px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:465.21167px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">A.3 Quote OICR </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:465.21167px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.198 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:465.21167px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:465.21167px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:465.21167px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:465.21167px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:465.21167px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:465.21167px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:465.21167px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:465.21167px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:465.21167px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:452.57568px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">A.4 Finanziamenti </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:452.57568px;\"><div class=\"t m0 x12 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">145.819 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:452.57568px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">12.476 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:452.57568px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.964 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:452.57568px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">12.208 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:452.57568px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">20.894 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:452.57568px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">20.283 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:452.57568px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">33.596 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:452.57568px;\"><div class=\"t m0 x12 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">149.113 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:452.57568px;\"><div class=\"t m0 x12 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">132.777 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:452.57568px;\"><div class=\"t m0 x6 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.250 </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:439.9397px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Banche </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:439.9397px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">103.537 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:439.9397px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.769 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:439.9397px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">411<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:439.9397px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">912<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:439.9397px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">988<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:439.9397px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">511<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:439.9397px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.622 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:439.9397px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.080 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:439.9397px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">380<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:439.9397px;\"><div class=\"t m0 x6 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4.120 </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:427.30365px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Clientela </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:427.30365px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">42.282 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:427.30365px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.707 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:427.30365px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.553 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:427.30365px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">11.296 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:427.30365px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">19.906 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:427.30365px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">19.772 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:427.30365px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">31.974 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:427.30365px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">148.033 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:427.30365px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">132.397 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:427.30365px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">130<span class=\"ls0\"> </span></div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:411.70367px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">B. Passivit\u00e0 per cassa </div></div><div class=\"c w28e h42\" style=\"left:165.27463px; bottom:411.70367px;\"><div class=\"t m0 x12 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">428.655 </div></div><div class=\"c w34f h42\" style=\"left:212.23062px; bottom:411.70367px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.922 </div></div><div class=\"c w34f h42\" style=\"left:258.09464px; bottom:411.70367px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.670 </div></div><div class=\"c w333 h42\" style=\"left:304.27063px; bottom:411.70367px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.159 </div></div><div class=\"c w28e h42\" style=\"left:350.6286px; bottom:411.70367px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">13.240 </div></div><div class=\"c w34f h42\" style=\"left:397.58463px; bottom:411.70367px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">51.096 </div></div><div class=\"c w28e h42\" style=\"left:442.20062px; bottom:411.70367px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">9.465 </div></div><div class=\"c w333 h42\" style=\"left:488.37665px; bottom:411.70367px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">92.428 </div></div><div class=\"c w28e h42\" style=\"left:534.2796px; bottom:411.70367px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">21.562 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:411.70367px;\"><div class=\"t m0 xd1 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:398.91168px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.1 Depositi e conti correnti </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:398.91168px;\"><div class=\"t m0 x12 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">395.258 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:398.91168px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">712<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.126 </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.681 </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.277 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.881 </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.756 </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:398.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.259 </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:398.91168px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">816<span class=\"ls0\"> </span></div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:398.91168px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:386.2757px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Banche </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:386.2757px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.310 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">241<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">111<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">143<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">169<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">480<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:386.2757px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">308<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:386.2757px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:373.63965px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Clientela </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:373.63965px;\"><div class=\"t m0 x12 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">392.948 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:373.63965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">471<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.015 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.525 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.144 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.738 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.587 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:373.63965px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.779 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:373.63965px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">508<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:373.63965px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:361.00366px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.2 Titoli di debito </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:361.00366px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">41<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:361.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">190<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:361.00366px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">543<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:361.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.444 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:361.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.468 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:361.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.224 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:361.00366px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.716 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:361.00366px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">40.828 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:361.00366px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">16.951 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:361.00366px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:348.21167px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">B.3 Altre passivit\u00e0 </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:348.21167px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">33.356 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:348.21167px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.020 </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:348.21167px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:348.21167px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">34<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:348.21167px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.495 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:348.21167px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">46.991 </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:348.21167px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">993<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:348.21167px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">49.341 </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:348.21167px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.795 </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:348.21167px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:332.6117px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">C. Operazioni \"fuori bilancio\" </div></div><div class=\"c w5c9 h7e\" style=\"left:-4.050377px; bottom:307.33966px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.1 Derivati finanziari con scambio di </div><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:294.70367px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:294.70367px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">425<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.820 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.244 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.791 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:294.70367px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">26.476 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.951 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7.116 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:294.70367px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">14.707 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:294.70367px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">8.408 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:294.70367px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:281.91168px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:281.91168px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">456<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:281.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8.536 </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:281.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.187 </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:281.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8.212 </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:281.91168px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">13.420 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:281.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.250 </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:281.91168px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">6.172 </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:281.91168px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">13.096 </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:281.91168px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">12.759 </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:281.91168px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h7e\" style=\"left:-4.050377px; bottom:256.63965px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.2 Derivati finanziari senza scambio di </div><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h17\" style=\"left:-4.050377px; bottom:243.97766px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h17\" style=\"left:165.27463px; bottom:243.97766px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">24.138 </div></div><div class=\"c w34f h17\" style=\"left:212.23062px; bottom:243.97766px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">68<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:258.09464px; bottom:243.97766px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w333 h17\" style=\"left:304.27063px; bottom:243.97766px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">118<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:350.6286px; bottom:243.97766px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">167<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:397.58463px; bottom:243.97766px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">425<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:442.20062px; bottom:243.97766px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">869<span class=\"ls0\"> </span></div></div><div class=\"c w333 h17\" style=\"left:488.37665px; bottom:243.97766px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">260<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:534.2796px; bottom:243.97766px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w499 h17\" style=\"left:580.92365px; bottom:243.97766px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:231.18567px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:231.18567px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">25.672 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:231.18567px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:231.18567px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:231.18567px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">156<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:231.18567px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">322<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:231.18567px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">584<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:231.18567px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">905<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:231.18567px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">261<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:231.18567px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">16<span class=\"ls0\"> </span></div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:231.18567px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:218.54968px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.3 Depositi e finanziamenti da ricevere </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:205.91367px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:205.91367px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">59.541 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:205.91367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:205.91367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:205.91367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:205.91367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:205.91367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:205.91367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:205.91367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:205.91367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:205.91367px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:193.27768px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:193.27768px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:193.27768px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">55.786 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:193.27768px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:193.27768px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.213 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:193.27768px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.295 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:193.27768px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:193.27768px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:193.27768px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:193.27768px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:193.27768px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:180.48569px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.4 Impegni irrevocabili a erogare fondi </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:167.84967px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:167.84967px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.135 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:167.84967px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">10.943 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:167.84967px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:167.84967px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">339<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:167.84967px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">556<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:167.84967px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">723<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:167.84967px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.093 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:167.84967px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">17.146 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:167.84967px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.266 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:167.84967px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:155.21368px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:155.21368px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">36.478 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:155.21368px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:155.21368px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:155.21368px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:155.21368px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:155.21368px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">91<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:155.21368px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">162<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:155.21368px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:155.21368px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:155.21368px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:142.57767px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.5 Garanzie finanziarie rilasciate </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:142.57767px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.110 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:142.57767px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:142.57767px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:142.57767px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:142.57767px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">146<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:142.57767px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">103<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:142.57767px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">264<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:142.57767px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">313<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:142.57767px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">136<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:142.57767px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:129.78568px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.6 Garanzie finanziarie ricevute </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:129.78568px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">172<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:129.78568px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:129.78568px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:129.78568px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:129.78568px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:129.78568px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:129.78568px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:129.78568px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:129.78568px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:129.78568px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:117.14969px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.7 Derivati creditizi con scambio di capitale </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:104.51367px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:104.51367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:104.51367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:104.51367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:104.51367px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:104.51367px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:104.51367px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:104.51367px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:104.51367px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">536<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:104.51367px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">686<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:104.51367px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:91.877686px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:91.877686px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:91.877686px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:91.877686px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:91.877686px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:91.877686px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:91.877686px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:91.877686px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:91.877686px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">536<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:91.877686px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">686<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:91.877686px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h8c\" style=\"left:-4.050377px; bottom:66.44968px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.8 Derivati creditizi senza scambio di </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:53.81369px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:53.81369px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">502<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:53.81369px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:53.81369px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:53.81369px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:53.81369px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:53.81369px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:53.81369px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:53.81369px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:53.81369px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:53.81369px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:41.177673px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:41.177673px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">469<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:41.177673px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:41.177673px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:41.177673px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:41.177673px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:41.177673px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:41.177673px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:41.177673px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:41.177673px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:41.177673px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-106.57349px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Valuta di denominazion<span class=\"_ _0\"></span>e: Altre valute </div><div class=\"t m0 x0 h116 y1480 ff5 fs1c fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w537 h5e\" style=\"left:534.2796px; bottom:862.1605px;\"><div class=\"t m0 x9a h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w5c9 h24b\" style=\"left:-4.050377px; bottom:797.8885px;\"><div class=\"t m0 x41 h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Voci/ Scaglioni temporali </div></div><div class=\"c w28e h24b\" style=\"left:165.27463px; bottom:797.8885px;\"><div class=\"t m0 xa1 h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">A vista </div></div><div class=\"c w34f h24b\" style=\"left:212.23062px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 x1a h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">giorno a </div><div class=\"t m0 x12 h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">7 giorni </div></div><div class=\"c w34f h24b\" style=\"left:258.09464px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 7 </div><div class=\"t m0 x12 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">giorni a </div><div class=\"t m0 x45 h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">15 giorni </div></div><div class=\"c w333 h24b\" style=\"left:304.27063px; bottom:797.8885px;\"><div class=\"t m0 x87 h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre </div><div class=\"t m0 x45 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">15 giorni </div><div class=\"t m0 x45 h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">a 1 mese </div></div><div class=\"c w28e h24b\" style=\"left:350.6286px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 x41 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mese fino </div><div class=\"t m0 x1a h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">a 3 mesi </div></div><div class=\"c w34f h24b\" style=\"left:397.58463px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 3 </div><div class=\"t m0 x8 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mesi fino </div><div class=\"t m0 x1a h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">a 6 mesi </div></div><div class=\"c w28e h24b\" style=\"left:442.20062px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 6 </div><div class=\"t m0 x8 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">mesi fino </div><div class=\"t m0 xdd h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">a 1 anno </div></div><div class=\"c w333 h24b\" style=\"left:488.37665px; bottom:797.8885px;\"><div class=\"t m0 xab h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Da oltre 1 </div><div class=\"t m0 xab h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">anno fino </div><div class=\"t m0 x87 h8f ya23 ff5 fsf fc2 sc0 ls0 ws0\">a 5 anni </div></div><div class=\"c w28e h24b\" style=\"left:534.2796px; bottom:797.8885px;\"><div class=\"t m0 xa1 h8f y1886 ff5 fsf fc2 sc0 ls0 ws0\">Oltre 5 </div><div class=\"t m0 x94 h8f y9d6 ff5 fsf fc2 sc0 ls0 ws0\">anni </div></div><div class=\"c w499 h24b\" style=\"left:580.92365px; bottom:797.8885px;\"><div class=\"t mb x96 h8f y1 ff5 fsf fc2 sc0 ls0 ws0\">Durata </div><div class=\"t mb xb8 h8f y1 ff5 fsf fc2 sc0 ls0 ws0\">Indeterminata</div><div class=\"t mb xb8 h8f ya63 ff5 fsf fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:782.2885px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">A. Attivit\u00e0 per cassa </div></div><div class=\"c w28e h42\" style=\"left:165.27463px; bottom:782.2885px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">10.524 </div></div><div class=\"c w34f h42\" style=\"left:212.23062px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">6.846 </div></div><div class=\"c w34f h42\" style=\"left:258.09464px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">2.923 </div></div><div class=\"c w333 h42\" style=\"left:304.27063px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.420 </div></div><div class=\"c w28e h42\" style=\"left:350.6286px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">6.658 </div></div><div class=\"c w34f h42\" style=\"left:397.58463px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">4.133 </div></div><div class=\"c w28e h42\" style=\"left:442.20062px; bottom:782.2885px;\"><div class=\"t m0 x88 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">5.676 </div></div><div class=\"c w333 h42\" style=\"left:488.37665px; bottom:782.2885px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">26.663 </div></div><div class=\"c w28e h42\" style=\"left:534.2796px; bottom:782.2885px;\"><div class=\"t m0 x97 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">18.337 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:782.2885px;\"><div class=\"t m0 x6 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">1.322 </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:769.4965px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">A.1 Titoli di Stato </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:769.4965px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:769.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">111<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:769.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:769.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">354<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:769.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">892<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:769.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">810<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:769.4965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.260 </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:769.4965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.323 </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:769.4965px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">11.488 </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:769.4965px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:756.86053px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">A.2 Altri titoli di debito </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:756.86053px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:756.86053px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:756.86053px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">59<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:756.86053px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">195<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:756.86053px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">359<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:756.86053px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">164<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:756.86053px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">441<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:756.86053px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.285 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:756.86053px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.667 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:756.86053px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:744.2245px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">A.3 Quote OICR </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:744.2245px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">541<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:744.2245px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:744.2245px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:744.2245px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:744.2245px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:744.2245px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:744.2245px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:744.2245px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:744.2245px;\"><div class=\"t m0 xf h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:744.2245px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:731.5885px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">A.4 Finanziamenti </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.779 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.707 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.731 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.871 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.407 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.159 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.975 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:731.5885px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">17.055 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:731.5885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.182 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:731.5885px;\"><div class=\"t m0 x6 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.322 </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:718.7965px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Banche </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:718.7965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">7.012 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:718.7965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.788 </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:718.7965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.812 </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:718.7965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.409 </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:718.7965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.025 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:718.7965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">914<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:718.7965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">324<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:718.7965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">408<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:718.7965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">263<span class=\"ls0\"> </span></div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:718.7965px;\"><div class=\"t m0 x6 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.309 </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:706.1605px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Clientela </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.767 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:706.1605px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">919<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:706.1605px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">919<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.462 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.382 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.245 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3.651 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:706.1605px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">16.647 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:706.1605px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">4.919 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:706.1605px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:690.5605px;\"><div class=\"t m0 x41 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">B. Passivit\u00e0 per cassa </div></div><div class=\"c w28e h42\" style=\"left:165.27463px; bottom:690.5605px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">26.832 </div></div><div class=\"c w34f h42\" style=\"left:212.23062px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">3.598 </div></div><div class=\"c w34f h42\" style=\"left:258.09464px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">4.891 </div></div><div class=\"c w333 h42\" style=\"left:304.27063px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">6.108 </div></div><div class=\"c w28e h42\" style=\"left:350.6286px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">6.196 </div></div><div class=\"c w34f h42\" style=\"left:397.58463px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">1.312 </div></div><div class=\"c w28e h42\" style=\"left:442.20062px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">2.370 </div></div><div class=\"c w333 h42\" style=\"left:488.37665px; bottom:690.5605px;\"><div class=\"t m0 x97 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">11.864 </div></div><div class=\"c w28e h42\" style=\"left:534.2796px; bottom:690.5605px;\"><div class=\"t m0 x88 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">8.142 </div></div><div class=\"c w499 h42\" style=\"left:580.92365px; bottom:690.5605px;\"><div class=\"t m0 xd1 h8f y6e4 ff5 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:677.9245px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.1 Depositi e conti correnti </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:677.9245px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">25.077 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.383 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.458 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.974 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.230 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:677.9245px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">808<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.648 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:677.9245px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.716 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:677.9245px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">359<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:677.9245px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:665.2885px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Banche </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:665.2885px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.588 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">729<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">531<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">666<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">543<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:665.2885px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">99<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">260<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:665.2885px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">798<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:665.2885px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">75<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:665.2885px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:652.4965px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Clientela </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:652.4965px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">23.489 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:652.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">654<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:652.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">927<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:652.4965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.308 </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:652.4965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.687 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:652.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">709<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:652.4965px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.388 </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:652.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">918<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:652.4965px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">284<span class=\"ls0\"> </span></div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:652.4965px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h17\" style=\"left:-4.050377px; bottom:639.82153px;\"><div class=\"t m0 x87 h2d y95e ff1 fsf fc2 sc0 ls0 ws0\">B.2 Titoli di debito </div></div><div class=\"c w28e h17\" style=\"left:165.27463px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">132<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:212.23062px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">110<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:258.09464px; bottom:639.82153px;\"><div class=\"t m0 x88 h2d y95e ff1 fsf fc2 sc0 ls0 ws0\">1.227 </div></div><div class=\"c w333 h17\" style=\"left:304.27063px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">577<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:350.6286px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">458<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:397.58463px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w28e h17\" style=\"left:442.20062px; bottom:639.82153px;\"><div class=\"t m0 x96 h2d y95e ff1 fsf fc2 sc0 ls1c ws0\">673<span class=\"ls0\"> </span></div></div><div class=\"c w333 h17\" style=\"left:488.37665px; bottom:639.82153px;\"><div class=\"t m0 x88 h2d y95e ff1 fsf fc2 sc0 ls0 ws0\">9.049 </div></div><div class=\"c w28e h17\" style=\"left:534.2796px; bottom:639.82153px;\"><div class=\"t m0 x88 h2d y95e ff1 fsf fc2 sc0 ls0 ws0\">6.935 </div></div><div class=\"c w499 h17\" style=\"left:580.92365px; bottom:639.82153px;\"><div class=\"t m0 xd1 h2d y95e ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:627.1855px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">B.3 Altre passivit\u00e0 </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.623 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.105 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.206 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.557 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3.508 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:627.1855px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">303<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:627.1855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:627.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.099 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:627.1855px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">848<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:627.1855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h42\" style=\"left:-4.050377px; bottom:611.5855px;\"><div class=\"t m0 x41 h8f y767 ff5 fsf fc2 sc0 ls0 ws0\">C. Operazioni \"fuori bilancio\" </div></div><div class=\"c w5c9 h8c\" style=\"left:-4.050377px; bottom:586.15753px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.1 Derivati finanziari con scambio di </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:573.5215px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:573.5215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">14.959 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:573.5215px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5.653 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">12.622 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">17.107 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:573.5215px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8.030 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">11.320 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">17.395 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:573.5215px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">10.723 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:573.5215px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:560.8855px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:560.8855px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">254<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:560.8855px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">14.143 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:560.8855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.716 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:560.8855px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">13.676 </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:560.8855px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">30.101 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:560.8855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9.688 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:560.8855px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">11.985 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:560.8855px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">18.887 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:560.8855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">6.052 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:560.8855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h8c\" style=\"left:-4.050377px; bottom:535.4575px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.2 Derivati finanziari senza scambio di </div><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:522.82153px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:522.82153px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.808 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:522.82153px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:522.82153px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">61<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:522.82153px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:522.82153px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:522.82153px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">227<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:522.82153px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">274<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:522.82153px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:522.82153px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:522.82153px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:510.1855px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:510.1855px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5.667 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:510.1855px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:510.1855px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">53<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:510.1855px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">69<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:510.1855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">40<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:510.1855px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">201<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:510.1855px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">273<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:510.1855px;\"><div class=\"t m0 xb8 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:510.1855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:510.1855px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:497.5495px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.3 Depositi e finanziamenti da ricevere </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:484.7575px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:484.7575px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.950 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:484.7575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:484.7575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:484.7575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:484.7575px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:484.7575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:484.7575px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:484.7575px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:484.7575px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:484.7575px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:472.12152px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:472.12152px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:472.12152px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">199<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:472.12152px;\"><div class=\"t m0 x88 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.001 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:472.12152px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">659<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:472.12152px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">736<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:472.12152px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:472.12152px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:472.12152px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">155<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:472.12152px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:472.12152px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:459.48553px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.4 Impegni irrevocabili a erogare fondi </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:446.8495px;\"><div class=\"t m0 x14 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:446.8495px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.563 </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:446.8495px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">113<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:446.8495px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:446.8495px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">157<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:446.8495px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.286 </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:446.8495px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">724<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:446.8495px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.181 </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:446.8495px;\"><div class=\"t m0 x97 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">11.677 </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:446.8495px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.142 </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:446.8495px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:434.0575px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:434.0575px;\"><div class=\"t m0 x97 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">15.810 </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:434.0575px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:434.0575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:434.0575px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:434.0575px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:434.0575px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:434.0575px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:434.0575px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:434.0575px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:434.0575px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:421.4215px;\"><div class=\"t m0 x87 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">C.5 Garanzie finanziarie rilasciate </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:421.4215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">839<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:421.4215px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:421.4215px;\"><div class=\"t m0 xb8 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:421.4215px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">48<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:421.4215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">124<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:421.4215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">127<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:421.4215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">245<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:421.4215px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">371<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:421.4215px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">92<span class=\"ls0\"> </span></div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:421.4215px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h17\" style=\"left:-4.050377px; bottom:408.75952px;\"><div class=\"t m0 x87 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">C.6 Garanzie finanziarie ricevute </div></div><div class=\"c w28e h17\" style=\"left:165.27463px; bottom:408.75952px;\"><div class=\"t m0 x13 h2d y1888 ff1 fsf fc2 sc0 ls1c ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w34f h17\" style=\"left:212.23062px; bottom:408.75952px;\"><div class=\"t m0 x99 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h17\" style=\"left:258.09464px; bottom:408.75952px;\"><div class=\"t m0 x99 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h17\" style=\"left:304.27063px; bottom:408.75952px;\"><div class=\"t m0 x99 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h17\" style=\"left:350.6286px; bottom:408.75952px;\"><div class=\"t m0 xf h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h17\" style=\"left:397.58463px; bottom:408.75952px;\"><div class=\"t m0 x99 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h17\" style=\"left:442.20062px; bottom:408.75952px;\"><div class=\"t m0 xf h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h17\" style=\"left:488.37665px; bottom:408.75952px;\"><div class=\"t m0 xf h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h17\" style=\"left:534.2796px; bottom:408.75952px;\"><div class=\"t m0 xf h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h17\" style=\"left:580.92365px; bottom:408.75952px;\"><div class=\"t m0 xd1 h2d y1888 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:396.1235px;\"><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">C.7 Derivati creditizi con scambio di capitale </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:383.3315px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:383.3315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:383.3315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:383.3315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:383.3315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:383.3315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:383.3315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:383.3315px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:383.3315px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:383.3315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:383.3315px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:370.69553px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:370.69553px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:370.69553px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:370.69553px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:370.69553px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:370.69553px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:370.69553px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:370.69553px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:370.69553px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:370.69553px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:370.69553px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h7e\" style=\"left:-4.050377px; bottom:345.42352px;\"><div class=\"t m0 x87 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">C.8 Derivati creditizi senza scambio di </div><div class=\"t m0 x87 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">capitale </div></div><div class=\"c w5c9 h1c\" style=\"left:-4.050377px; bottom:332.6315px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni lunghe </div></div><div class=\"c w28e h1c\" style=\"left:165.27463px; bottom:332.6315px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">432<span class=\"ls0\"> </span></div></div><div class=\"c w34f h1c\" style=\"left:212.23062px; bottom:332.6315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:258.09464px; bottom:332.6315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:304.27063px; bottom:332.6315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:350.6286px; bottom:332.6315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h1c\" style=\"left:397.58463px; bottom:332.6315px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:442.20062px; bottom:332.6315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h1c\" style=\"left:488.37665px; bottom:332.6315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h1c\" style=\"left:534.2796px; bottom:332.6315px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h1c\" style=\"left:580.92365px; bottom:332.6315px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5c9 h12\" style=\"left:-4.050377px; bottom:319.9955px;\"><div class=\"t m0 x14 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- Posizioni corte </div></div><div class=\"c w28e h12\" style=\"left:165.27463px; bottom:319.9955px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">435<span class=\"ls0\"> </span></div></div><div class=\"c w34f h12\" style=\"left:212.23062px; bottom:319.9955px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:258.09464px; bottom:319.9955px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:304.27063px; bottom:319.9955px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:350.6286px; bottom:319.9955px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34f h12\" style=\"left:397.58463px; bottom:319.9955px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:442.20062px; bottom:319.9955px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w333 h12\" style=\"left:488.37665px; bottom:319.9955px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w28e h12\" style=\"left:534.2796px; bottom:319.9955px;\"><div class=\"t m0 xf h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w499 h12\" style=\"left:580.92365px; bottom:319.9955px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-106.57349px;\"><div class=\"t m0 x0 h116 y13a7 ff5 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ydf3 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y7d4 ff5 fs12 fc2 sc0 ls0 ws0\">2. Operazioni di autocartolariz<span class=\"_ _3\"></span>zazione  </div><div class=\"t m0 x0 h2 ya09 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>riporta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>llustrazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _5\"></span>originate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span></div><div class=\"t m0 x0 h2 y1550 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sottoscritto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>to<span class=\"_ _3\"></span>talit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>(autocartolarizzazioni) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che </span></div><div class=\"t m0 x0 h2 ydf5 ff4 fs0 fc0 sc0 ls0 ws0\">non sono esposte nelle<span class=\"_ _0\"></span> tabelle di Nota In<span class=\"_ _0\"></span>tegrativa della Parte E<span class=\"_ _0\"></span>, sezione C \u201cOper<span class=\"_ _0\"></span>azioni di cartolarizzazi<span class=\"_ _0\"></span>one\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1889 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y8e ffa fs0 fc2 sc0 ls0 ws0\">Brera Sec S.r.l. <span class=\"_ _24\"> </span> </div><div class=\"t m0 x0 h2 y2f8 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span><span class=\"ff4\">ottobre <span class=\"_ _4\"> </span>2017 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _4\"> </span>st<span class=\"_ _3\"></span>rutturata <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autocartolarizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>realizzata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque </span></div><div class=\"t m0 x0 h2 y2f9 ff1 fs0 fc0 sc0 ls0 ws0\">portafogli <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>crediti <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>veicolo <span class=\"_ _17\"> </span>Brera <span class=\"_ _18\"> </span>Sec <span class=\"_ _18\"> </span>S.r.l. <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _17\"> </span>da <span class=\"_ _18\"> </span>Capogruppo <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>quattro <span class=\"_ _18\"> </span>banche <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Gruppo </div><div class=\"t m0 x0 h2 y2fa ff1 fs0 fc0 sc0 ls0 ws0\">successivamente incorporate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo (Banco <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Napoli, <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Ro<span class=\"_ _3\"></span>magna e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y2fb ff1 fs0 fc0 sc0 ls0 ws0\">Risparmio del Friuli Venezia Giulia, incorporate nella seconda met\u00e0 del 2018, e Cassa di Risparmio in Bologna). Il sottostant<span class=\"_ _3\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y2fc ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 <span class=\"_ _7\"> </span>cost<span class=\"_ _3\"></span>ituito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>mutui <span class=\"_ _16\"> </span>ipotecari <span class=\"_ _7\"> </span>residenzi<span class=\"_ _3\"></span><span class=\"ff4\">ali <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>famiglie <span class=\"_ _7\"> </span>consumatrici <span class=\"_ _7\"> </span>e/o <span class=\"_ _16\"> </span>produttrici. <span class=\"_ _7\"> </span>L\u2019operazione <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>prima </span></div><div class=\"t m0 x0 h2 y2fd ff4 fs0 fc0 sc0 ls0 ws0\">operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201c) m<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>lti<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>Originator del Gru<span class=\"_ _0\"></span>ppo. </span></div><div class=\"t m0 x0 h2 y2fe ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>costituzione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>acquistata <span class=\"_ _4\"></span>sul<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yeee ff4 fs0 fc0 sc0 ls0 ws0\">mercato, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>(95%) <span class=\"_ _5\"></span>rimarr\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>societaria <span class=\"_ _2\"></span>esterna <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>(fondazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diritto <span class=\"_ _2\"></span>olandese, <span class=\"_ _2\"></span>c.<span class=\"_ _5\"></span><span class=\"ff1\">d. </span></div><div class=\"t m0 x0 h2 ydf6 ff1 fs0 fc0 sc0 ls0 ws0\">Stichting).  </div><div class=\"t m0 x0 h2 y808 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>m<span class=\"_ _2\"></span>entre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y337 ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services<span class=\"_ _0\"></span> S.p.A. </div><div class=\"t m0 x0 h2 yb99 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>l\u2019emissione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>SPV <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>tranche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli: <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>tranche <span class=\"_ _2\"></span>senior, <span class=\"_ _2\"></span>quotata <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Borsa<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y1414 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>Lussemburgo, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ating <span class=\"_ _5\"></span>attribuito <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>agenzie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _5\"></span>(Moody\u2019s <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>DBRS <span class=\"_ _5\"></span>Morningstar) <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>una <span class=\"_ _6\"> </span>tranche <span class=\"_ _6\"></span>junior <span class=\"_ _5\"></span>non </div><div class=\"t m0 x0 h2 y1415 ff1 fs0 fc0 sc0 ls0 ws0\">quotata e senza rating.  </div><div class=\"t m0 x0 h2 y1416 ff1 fs0 fc0 sc0 ls0 ws0\">Sia <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>senior <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>junior <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>-quota <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>banca <span class=\"_ _6\"></span>cedente <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y1417 ff1 fs0 fc0 sc0 ls0 ws0\">cessione di ciascun <span class=\"_ _0\"></span>portafoglio e pertant<span class=\"_ _0\"></span>o oggi risultano integ<span class=\"_ _0\"></span>ralmente sottoscritt<span class=\"_ _0\"></span>i da Intesa San<span class=\"_ _0\"></span>paolo. <span class=\"_ _2\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-162.57349px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _20\"> </span>tito<span class=\"ff4\">lo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _20\"> </span>nell\u2019a<span class=\"_ _0\"></span>mbito <span class=\"_ _20\"> </span>dell\u2019oper<span class=\"_ _0\"></span>azione <span class=\"_ _20\"> </span>\u00e8 <span class=\"_ _1c\"> </span>stato <span class=\"_ _20\"> </span>utilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>di </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>otale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>7,1 <span class=\"_ _2\"></span>miliardi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>iascun <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>ceduto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _3\"></span>regolato <span class=\"_ _3\"></span>con </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">l'emissione dei titoli <span class=\"_ _0\"></span>dell'11 dicembre <span class=\"_ _0\"></span>2017 per complessivi 7,1<span class=\"_ _0\"></span> miliardi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">I titoli senior, sono q<span class=\"_ _0\"></span>uotati con il rating Aa<span class=\"_ _0\"></span>3 di Moody's e A (Hig<span class=\"_ _0\"></span>h) di DBRS Morningst<span class=\"_ _0\"></span>ar. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _2\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pari<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>2.831 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>senior <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>1.067 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">junior.  </div><div class=\"t m0 x0 h95 y65 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y66 ffa fs0 fc2 sc0 ls0 ws0\">Brera Sec S.r.l. (SEC<span class=\"_ _0\"></span> 2) </div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">Nel  mese  di <span class=\"_ _1d\"> </span>settembre  2019  \u00e8 <span class=\"_ _1d\"> </span>stata  strutturata  un\u2019operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e  di <span class=\"_ _1d\"> </span>autocartola<span class=\"_ _0\"></span>rizzazione  realizzata  con  la  cessione  del </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ve<span class=\"_ _3\"></span><span class=\"ff4\">icolo <span class=\"_ _6\"> </span>Brera <span class=\"_ _6\"> </span>Sec <span class=\"_ _4\"> </span>S.r.l. <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo. <span class=\"_ _6\"></span>L\u2019operazione <span class=\"_ _6\"></span>costituisce <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>seconda </span></div><div class=\"t m0 x0 h2 y69 ff4 fs0 fc0 sc0 ls0 ws0\">operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201d) <span class=\"_ _0\"></span>del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>l\u2019emissione <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>SPV, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>novembre <span class=\"_ _5\"></span>2019,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>titoli: <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>tranche <span class=\"_ _5\"></span>senior, </span></div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">quotata presso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Borsa di <span class=\"_ _3\"></span>Lussemburgo <span class=\"_ _3\"></span>con rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>agenzie di<span class=\"_ _3\"></span> rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS <span class=\"_ _3\"></span>Morningstar) ed <span class=\"_ _3\"></span>una<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">tranche junior non quot<span class=\"_ _0\"></span>ata e senza rating.  </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo.  </div><div class=\"t m0 x0 h32 y6e ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>dell\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>operazioni <span class=\"_ _1c\"> </span>di </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>amministrativa <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ocietaria <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services<span class=\"_ _0\"></span> S.p.A. </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,5 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato con <span class=\"_ _3\"></span>l'emiss<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">titoli, il 27 novembre <span class=\"_ _0\"></span>2019, per complessivi 7,5 miliar<span class=\"_ _0\"></span>di. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating Aa<span class=\"_ _0\"></span>3 di Moody's e A (Hig<span class=\"_ _0\"></span>h) di DBRS Morningstar. </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 4.52<span class=\"_ _0\"></span>3 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 860 milioni <span class=\"_ _0\"></span>per i titoli ju<span class=\"_ _2\"></span>nior.  </div><div class=\"t m0 x0 h95 y76 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y77 ffa fs0 fc2 sc0 ls0 ws0\">Brera Sec S.r.l. (SEC 3) </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ottobre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione <span class=\"_ _5\"></span>realizzata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>crediti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _7\"> </span>ve<span class=\"_ _3\"></span>icolo <span class=\"_ _7\"> </span>Brera  Se<span class=\"_ _0\"></span>c  S<span class=\"_ _0\"></span>.r.l. <span class=\"_ _16\"> </span>originati <span class=\"_ _7\"> </span>da  I<span class=\"_ _0\"></span>ntesa <span class=\"_ _16\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>\u2019operazione <span class=\"_ _7\"> </span>costituisce <span class=\"_ _1d\"> </span><span class=\"ff1\">la  te<span class=\"_ _0\"></span>rza </span></div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201d) <span class=\"_ _0\"></span>del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y7b ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"> </span>l\u2019emissione <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>SPV, <span class=\"_ _6\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2021, <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"> </span>tranche <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>itoli: <span class=\"_ _5\"></span>una <span class=\"_ _4\"> </span>tranche <span class=\"_ _5\"></span>senior, </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">quotata presso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Borsa di <span class=\"_ _3\"></span>Lussem<span class=\"_ _3\"></span><span class=\"ff4\">burgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>agenzie di <span class=\"_ _3\"></span>rating (<span class=\"_ _3\"></span>Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">tranche junior non quot<span class=\"_ _0\"></span>ata e senza rating.  </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y7f ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>de<span class=\"_ _3\"></span>ll\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>u<span class=\"_ _3\"></span>tilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>di </div><div class=\"t m0 x0 h2 y80 ff4 fs0 fc0 sc0 ls0 ws0\">rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services S.p.A.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,7 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato con <span class=\"_ _3\"></span>l'emiss<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">titoli, in data 1\u00b0 dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2021, per com<span class=\"_ _0\"></span>plessivi 7,7 miliardi. </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating A1 <span class=\"_ _0\"></span>di<span class=\"_ _3\"></span> Moody's e A (High) d<span class=\"_ _0\"></span>i DBRS Morningstar. </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.51<span class=\"_ _0\"></span>5 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 725 milioni <span class=\"_ _0\"></span>per i titoli ju<span class=\"_ _2\"></span>nior. </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y88 ffa fs0 fc2 sc0 ls0 ws0\">Clara Sec S.r.l.   </div><div class=\"t m0 x0 h32 y89 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>dell\u2019anno <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span>\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>oggetto <span class=\"_ _6\"> </span>crediti <span class=\"_ _6\"> </span>rivenienti <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">prestiti personali perform<span class=\"_ _0\"></span>ing nell\u2019ambito del <span class=\"_ _0\"></span>credito al consumo <span class=\"_ _0\"></span>ed erogati a famiglie<span class=\"_ _0\"></span> consumatrici.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">edere <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">segregato. </div><div class=\"t m0 x0 h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cre<span class=\"_ _2\"></span><span class=\"ff1\">diti <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>Clara </span></div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Sec S.r.l.. </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>cost<span class=\"_ _3\"></span>ituzione <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>acquistata <span class=\"_ _4\"> </span>sul </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">mercato, il cui controll<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> (95%) rimarr\u00e0 in c<span class=\"_ _0\"></span>apo ad un\u2019entit\u00e0 este<span class=\"_ _0\"></span>rn<span class=\"_ _3\"></span><span class=\"ff1\">a al Gruppo (fondazion<span class=\"_ _0\"></span>e di diritto olandese, c.<span class=\"_ _0\"></span>d. Stichting). </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services<span class=\"_ _0\"></span> S.p.A. </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione ha previst<span class=\"_ _0\"></span>o l\u2019emissione da p<span class=\"ff1\">arte della SPV, il 23 giugno 2020, di due tranche <span class=\"_ _0\"></span>di titoli: una tranche se<span class=\"_ _0\"></span>nior, quotata<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">con rating attribuit<span class=\"_ _0\"></span>o da due agenzie di rat<span class=\"_ _0\"></span>ing (Moody\u2019s e DBRS<span class=\"_ _0\"></span> Morningstar) ed una tr<span class=\"_ _0\"></span>anche junior non quota<span class=\"_ _0\"></span>ta e senza rating.<span class=\"_ _2\"></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono stati sottoscritti <span class=\"_ _0\"></span>da Intesa Sanpaol<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y53 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>dell\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>operazioni <span class=\"_ _1c\"> </span>di </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,6 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione de<span class=\"_ _3\"></span>l portafoglio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l'emissione dei </div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">titoli, il 23 giugno 2<span class=\"_ _0\"></span>020, per comples<span class=\"_ _0\"></span>sivi 7,2 miliardi. </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating A1 <span class=\"_ _0\"></span>di Moody's e A di DBR<span class=\"_ _35\"></span>S Mo<span class=\"_ _3\"></span>rnigstar. </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>perfeziona<span class=\"_ _3\"></span>ta <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>cessione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>controvalore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>1,4 <span class=\"_ _7\"> </span>miliardi; <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>aprile <span class=\"_ _7\"> </span>un </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">riacquisto per un contr<span class=\"_ _0\"></span>ovalore di 88 milioni <span class=\"_ _0\"></span>e nel mese di ottobr<span class=\"_ _0\"></span>e una cessione per un <span class=\"_ _0\"></span>controvalore di 1,<span class=\"_ _0\"></span>5 miliardi.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.350 milioni per i titoli senior e a <span class=\"_ _0\"></span>824 milioni per i titol<span class=\"_ _0\"></span>i junior.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yfa5 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-454.9641px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Giada Sec S.r.l.   </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Nel  mese  di <span class=\"_ _1d\"> </span>novembre  2020  \u00e8 <span class=\"_ _1d\"> </span>stata  strutturata  un\u2019operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e  di <span class=\"_ _1d\"> </span>autocartola<span class=\"_ _0\"></span>rizzazione  realizzata  con  la  cessione  del </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>crediti, <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>imprese <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>segmento <span class=\"_ _7\"> </span>small <span class=\"_ _7\"> </span>business, <span class=\"_ _7\"> </span>SME <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Corporate <span class=\"_ _7\"> </span>originati <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Intesa </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, alla societ\u00e0 veicol<span class=\"_ _0\"></span>o Giada Sec S.r.l..  </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>cedere <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>ortafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tempo </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">segregato. </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>cost<span class=\"_ _3\"></span>ituzione <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>acquistata <span class=\"_ _4\"> </span>sul </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">mercato, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>(95%) <span class=\"_ _5\"></span>rimarr\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>societaria <span class=\"_ _2\"></span>esterna <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>(fondazione <span class=\"_ _4\"> </span><span class=\"ff1\">di <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>landese, <span class=\"_ _2\"></span>c.d. </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Stichting).  </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services<span class=\"_ _0\"></span> S.p.A. </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione ha previsto l\u2019emissione da parte della SPV di due t<span class=\"_ _3\"></span><span class=\"ff1\">ranche di t<span class=\"_ _3\"></span>itoli: una tranche senior, quotata presso la Borsa di </span></div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">Lussemburgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due a<span class=\"_ _3\"></span>genzie di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una<span class=\"_ _3\"></span> tranche <span class=\"_ _3\"></span>junior non <span class=\"_ _3\"></span>quotata </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">e senza rating.  </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati so<span class=\"_ _3\"></span>ttoscritti da Intesa <span class=\"_ _35\"></span>Sanpaolo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>titolo senior <span class=\"_ _3\"></span>emesso nell\u2019ambito <span class=\"_ _3\"></span>dell\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>quotato con <span class=\"_ _3\"></span>il r<span class=\"_ _3\"></span>ating A1 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Moody\u2019s e <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>DBRS <span class=\"_ _3\"></span>Morningstar \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>utilizza<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">come collaterale a g<span class=\"_ _0\"></span>aranzia di operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o sull\u2019Eurosistema. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Il corrispettivo totale di ces<span class=\"_ _0\"></span>sione \u00e8 pari a 10,1 mil<span class=\"_ _0\"></span>iardi. </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">l prezzo di cessione <span class=\"_ _0\"></span>del portafoglio \u00e8 stat<span class=\"_ _0\"></span>o regolato con l'emi<span class=\"_ _0\"></span>ssione dei titoli, il 21 di<span class=\"_ _0\"></span>cembre 2020, per un p<span class=\"_ _0\"></span>ari ammontare.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Nel mese di maggio 20<span class=\"_ _0\"></span>22 \u00e8 stata perfezi<span class=\"_ _0\"></span>onata una cessione pe<span class=\"_ _0\"></span>r un controvalore di<span class=\"_ _0\"></span> 1,7 m<span class=\"_ _3\"></span>iliardi. </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.61<span class=\"_ _0\"></span>0 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 3.485 milioni per i t<span class=\"_ _0\"></span>itoli <span class=\"_ _2\"></span>junior. </div><div class=\"t m0 x0 h95 y74 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y75 ffa fs0 fc2 sc0 ls0 ws0\">Giada Sec S.r.l. (Giada B<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span>S) </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _6\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ottobre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione <span class=\"_ _5\"></span>realizzata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti, <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _2\"></span>ero<span class=\"_ _3\"></span>gati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>piccole <span class=\"_ _5\"></span>medie <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>(\u201cSME\u201d), <span class=\"_ _5\"></span>ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>ditte <span class=\"_ _5\"></span>individua<span class=\"_ _5\"></span><span class=\"ff1\">li <span class=\"_ _5\"></span>e </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">fina<span class=\"ff4\">nziamenti <span class=\"_ _5\"></span>concessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>clientela <span class=\"_ _5\"></span>corporate <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>segmento <span class=\"_ _6\"></span>\u2018large <span class=\"_ _5\"></span>corporate\u2019, <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _5\"></span>Giada <span class=\"_ _6\"> </span>Sec </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">S.r.l.   </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>cedere <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">segregato. </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione ha previsto l\u2019emissione da parte della SPV di due tranche di titoli: una tranche senior, quotata presso l<span class=\"_ _5\"></span><span class=\"ff1\">a Borsa di </span></div><div class=\"t m0 x0 h32 y7e ff4 fs0 fc0 sc0 ls0 ws0\">Lussemburgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due a<span class=\"_ _3\"></span>genzie di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una<span class=\"_ _3\"></span> tranche <span class=\"_ _3\"></span>junior non <span class=\"_ _3\"></span>quotata </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">e senza rating.  </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo. </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>titolo senior <span class=\"_ _3\"></span>emess<span class=\"ff4\">o <span class=\"_ _3\"></span>nell\u2019ambito dell\u2019operazione quotato <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>A1 <span class=\"_ _3\"></span>di Moody\u2019s <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>DBRS Morningstar \u00e8<span class=\"_ _3\"></span> stato <span class=\"_ _3\"></span>utilizzato </span></div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">come collaterale a g<span class=\"_ _0\"></span>aranzia di operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o sull\u2019Eurosistema. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">Securitisation Services<span class=\"_ _0\"></span> S.p.A. </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Il corrispettivo totale <span class=\"_ _0\"></span>di cessione \u00e8 pari a <span class=\"_ _0\"></span>15,2 miliardi. </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"> </span>regolato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l'emissione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>titoli, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>5 <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">15,2 miliardi. </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 10.2<span class=\"_ _0\"></span>50 milioni per i titoli senior<span class=\"_ _0\"></span> e a 4.940 milioni p<span class=\"_ _0\"></span>er i titoli<span class=\"_ _2\"></span> junior. </div></div><div class=\"c w263 h12\" style=\"left:436.8966px; bottom:777.64545px;\"><div class=\"t m0 x128 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(milioni di euro)<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h24c\" style=\"left:-4.050377px; bottom:733.62744px;\"><div class=\"t m0 x41 h8d y188a ff5 fse fc2 sc0 ls29 ws0\">Veicolo<span class=\"ls0\"> </span></div></div><div class=\"c wac h24c\" style=\"left:232.97864px; bottom:733.62744px;\"><div class=\"t m0 xd9 h8d y188a ff5 fse fc2 sc0 ls0 ws0\">Tipo di  </div><div class=\"t m0 x43 h8d y916 ff5 fse fc2 sc0 ls9 ws0\">titolo<span class=\"ls0\"> </span></div><div class=\"t m0 xf h8d y32a ff5 fse fc2 sc0 ls28 ws0\">emesso<span class=\"ls0\"> </span></div></div><div class=\"c w225 h24c\" style=\"left:307.70264px; bottom:733.62744px;\"><div class=\"t m0 xaa h8d y188a ff5 fse fc2 sc0 ls0 ws0\">Tipologia </div><div class=\"t m0 xb6 h8d y916 ff5 fse fc2 sc0 ls28 ws0\">attivo<span class=\"ls0\"> </span></div><div class=\"t m0 x4 h8d y32a ff5 fse fc2 sc0 ls28 ws0\">cartolarizz.<span class=\"ls0\"> </span></div></div><div class=\"c w19a h24c\" style=\"left:436.8966px; bottom:733.62744px;\"><div class=\"t m0 x7 h8d y188a ff5 fse fc2 sc0 ls26 ws0\">Rating<span class=\"ls0\"> </span></div><div class=\"t m0 x134 h8d y916 ff5 fse fc2 sc0 ls28 ws0\">esterno<span class=\"ls0\"> </span></div></div><div class=\"c wac h24c\" style=\"left:546.44763px; bottom:733.62744px;\"><div class=\"t m0 x86 h8d y188a ff5 fse fc2 sc0 ls26 ws0\">Nozionale<span class=\"ls0\"> </span></div><div class=\"t m0 x4a h8d y916 ff5 fse fc2 sc0 ls28 ws0\">al<span class=\"ls0\"> </span></div><div class=\"t m0 x9a h8d y32a ff5 fse fc2 sc0 ls28 ws0\">31.12.2022<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:708.3554px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">BRERA SEC S.r.l.<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h43\" style=\"left:-4.050377px; bottom:684.95544px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h43\" style=\"left:546.44763px; bottom:684.95544px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">3.898<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:659.5274px;\"><div class=\"t m0 x147 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class A RMBS F/R Notes <span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:232.97864px; bottom:659.5274px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h8c\" style=\"left:307.70264px; bottom:659.5274px;\"><div class=\"t m0 x94 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali  <span class=\"ls0\"> </span></div></div><div class=\"c w19a h8c\" style=\"left:436.8966px; bottom:659.5274px;\"><div class=\"t m0 x9a h2c y6fe ff1 fse fc2 sc0 ls29 ws0\">Aa3 Moody's / AH di </div><div class=\"t m0 x13 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">DBRS Morningstar <span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:546.44763px; bottom:659.5274px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">2.831<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:634.25543px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class B RMBS Fixed Rate and Additional <span class=\"_ _3\"></span>Return Notes<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:634.25543px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:634.25543px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali  <span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:634.25543px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:634.25543px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">1.067<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:608.82745px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls26 ws0\">BRERA SEC S.r.l. (SEC 2)<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h43\" style=\"left:-4.050377px; bottom:585.4274px;\"><div class=\"t m0 x41 h97 y6ff ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h43\" style=\"left:546.44763px; bottom:585.4274px;\"><div class=\"t m0 x43 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">5.383<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:560.1554px;\"><div class=\"t m0 x147 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class A RMBS F/R Notes <span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:560.1554px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:560.1554px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:560.1554px;\"><div class=\"t m0 x9a h2c y562 ff1 fse fc2 sc0 ls29 ws0\">Aa3 Moody's / AH di </div><div class=\"t m0 x13 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">DBRS Morningstar<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:560.1554px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">4.523<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h11a\" style=\"left:-4.050377px; bottom:534.6884px;\"><div class=\"t m0 x94 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class B RMBS Fixed Rate and <span class=\"ls29\">Addition<span class=\"_ _3\"></span>al Return Notes<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c wac h11a\" style=\"left:232.97864px; bottom:534.6884px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h11a\" style=\"left:307.70264px; bottom:534.6884px;\"><div class=\"t m0 x94 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h11a\" style=\"left:436.8966px; bottom:534.6884px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h11a\" style=\"left:546.44763px; bottom:534.6884px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">860<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:509.41644px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls26 ws0\">BRERA SEC S.r.l (SEC 3)<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h43\" style=\"left:-4.050377px; bottom:486.01642px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h43\" style=\"left:546.44763px; bottom:486.01642px;\"><div class=\"t m0 x43 h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">7.240<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:460.58844px;\"><div class=\"t m0 x147 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class A RMBS F/R Notes <span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:232.97864px; bottom:460.58844px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h8c\" style=\"left:307.70264px; bottom:460.58844px;\"><div class=\"t m0 x94 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h8c\" style=\"left:436.8966px; bottom:460.58844px;\"><div class=\"t m0 x8 h2c y6fe ff1 fse fc2 sc0 ls29 ws0\">A1 Moody's / AH di DBRS </div><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">Morningstar<span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:546.44763px; bottom:460.58844px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">6.515<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:435.3164px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class B RMBS Fixed Rate and Additional <span class=\"_ _3\"></span>Return Notes<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:435.3164px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:435.3164px;\"><div class=\"t m0 x94 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">Mutui ipotecari residenziali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:435.3164px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:435.3164px;\"><div class=\"t m0 xa2 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">725<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:409.88843px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls26 ws0\">CLARA SEC S.r.l.<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h43\" style=\"left:-4.050377px; bottom:386.4884px;\"><div class=\"t m0 x41 h97 y6ff ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h43\" style=\"left:546.44763px; bottom:386.4884px;\"><div class=\"t m0 x43 h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">7.174<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:361.21643px;\"><div class=\"t m0 xf4 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class A Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:361.21643px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:361.21643px;\"><div class=\"t m0 x4a h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Prestiti personali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:361.21643px;\"><div class=\"t m0 x87 h2c y562 ff1 fse fc2 sc0 ls29 ws0\">A1 Moody's / A di DBRS </div><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">Morningstar<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:361.21643px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">6.350<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:335.78845px;\"><div class=\"t m0 xf4 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:232.97864px; bottom:335.78845px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h8c\" style=\"left:307.70264px; bottom:335.78845px;\"><div class=\"t m0 x4a h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">Prestiti personali <span class=\"ls0\"> </span></div></div><div class=\"c w19a h8c\" style=\"left:436.8966px; bottom:335.78845px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:546.44763px; bottom:335.78845px;\"><div class=\"t m0 xa2 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">824<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:310.51642px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls27 ws0\">GIADA SEC S.r.l.<span class=\"ls0\"> </span></div></div><div class=\"c w5ca hb1\" style=\"left:-4.050377px; bottom:287.09042px;\"><div class=\"t m0 x41 h97 y6e4 ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac hb1\" style=\"left:546.44763px; bottom:287.09042px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">10.095<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:261.6624px;\"><div class=\"t m0 xf4 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class A Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:232.97864px; bottom:261.6624px;\"><div class=\"t m0 xd h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h8c\" style=\"left:307.70264px; bottom:261.6624px;\"><div class=\"t m0 xab h2c y6fe ff1 fse fc2 sc0 ls26 ws0\">Crediti clientela Small business, </div><div class=\"t m0 x49 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w19a h8c\" style=\"left:436.8966px; bottom:261.6624px;\"><div class=\"t m0 x87 h2c y6fe ff1 fse fc2 sc0 ls29 ws0\">A1 <span class=\"ff4 ls9\">Moody\u2019s / A di DBRS </span></div><div class=\"t m0 x104 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">Morningstar<span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:546.44763px; bottom:261.6624px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">6.610<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:236.39041px;\"><div class=\"t m0 xf4 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:236.39041px;\"><div class=\"t m0 x48 h2c y6e4 ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:236.39041px;\"><div class=\"t m0 xab h2c y562 ff1 fse fc2 sc0 ls26 ws0\">Crediti clientela Small business, </div><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">SME e Corporate <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:236.39041px;\"><div class=\"t m0 xc9 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:236.39041px;\"><div class=\"t m0 x43 h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">3.485<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:210.96243px;\"><div class=\"t m0 x41 h8d y6ff ff5 fse fc2 sc0 ls27 ws0\">GIADA SEC S.r.l. (GIADA BIS)<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w5ca h43\" style=\"left:-4.050377px; bottom:187.56244px;\"><div class=\"t m0 x41 h97 y6ff ff2 fse fc2 sc0 ls28 ws0\">di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h43\" style=\"left:546.44763px; bottom:187.56244px;\"><div class=\"t m0 xb h8d y6ff ff5 fse fc2 sc0 ls28 ws0\">15.190<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h7e\" style=\"left:-4.050377px; bottom:162.29044px;\"><div class=\"t m0 xf4 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Class A<span class=\"ls0\"> <span class=\"ls29\">Asset Backed F/R Notes <span class=\"_ _3\"></span></span> </span></div></div><div class=\"c wac h7e\" style=\"left:232.97864px; bottom:162.29044px;\"><div class=\"t m0 xd h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">Senior<span class=\"ls0\"> </span></div></div><div class=\"c w225 h7e\" style=\"left:307.70264px; bottom:162.29044px;\"><div class=\"t m0 xab h2c y562 ff1 fse fc2 sc0 ls26 ws0\">Crediti clientela Small business, </div><div class=\"t m0 x49 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w19a h7e\" style=\"left:436.8966px; bottom:162.29044px;\"><div class=\"t m0 x87 h24d y562 ff4 fse fc2 sc0 ls29 ws0\">A1 Moody\u2019s / A di DBRS </div><div class=\"t m0 x104 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">Morningstar<span class=\"ls0\"> </span></div></div><div class=\"c wac h7e\" style=\"left:546.44763px; bottom:162.29044px;\"><div class=\"t m0 xb h2c y6e4 ff1 fse fc2 sc0 ls28 ws0\">10.250<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h8c\" style=\"left:-4.050377px; bottom:136.86243px;\"><div class=\"t m0 xf4 h2c y6ff ff1 fse fc2 sc0 ls26 ws0\">Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:232.97864px; bottom:136.86243px;\"><div class=\"t m0 x48 h2c y6ff ff1 fse fc2 sc0 ls0 ws0\">Junior </div></div><div class=\"c w225 h8c\" style=\"left:307.70264px; bottom:136.86243px;\"><div class=\"t m0 xab h2c y6fe ff1 fse fc2 sc0 ls26 ws0\">Crediti clientela Small business, </div><div class=\"t m0 x49 h2c y6ff ff1 fse fc2 sc0 ls29 ws0\">SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w19a h8c\" style=\"left:436.8966px; bottom:136.86243px;\"><div class=\"t m0 xc9 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">no rating<span class=\"ls0\"> </span></div></div><div class=\"c wac h8c\" style=\"left:546.44763px; bottom:136.86243px;\"><div class=\"t m0 x43 h2c y6ff ff1 fse fc2 sc0 ls28 ws0\">4.940<span class=\"ls0\"> </span></div></div><div class=\"c w5ca h40\" style=\"left:-4.050377px; bottom:85.22644px;\"><div class=\"t m0 x41 h8d y6e4 ff5 fse fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c wac h40\" style=\"left:546.44763px; bottom:85.22644px;\"><div class=\"t m0 xb h8d y6e4 ff5 fse fc2 sc0 ls28 ws0\">48.980<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-210.92657px;\"><div class=\"t m0 x0 h61 y145b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd8b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y14ed ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell'esercizio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>estinte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>autocartolarizzazione <span class=\"_ _3\"></span>Adriano <span class=\"_ _2\"></span>Lease <span class=\"_ _2\"></span>SEC <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Brera <span class=\"_ _2\"></span>Sec </div><div class=\"t m0 x0 h2 yd8c ff1 fs0 fc0 sc0 ls0 ws0\">S.r.l. (SME).  </div><div class=\"t m0 x0 h2 y4a9 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ex <span class=\"_ _17\"> </span>UBI <span class=\"_ _18\"> </span>Leasing, <span class=\"_ _17\"> </span>incorporata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>S.p.A. <span class=\"_ _17\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>2022, <span class=\"_ _17\"> </span>era <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _17\"> </span>l\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>auto<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span></div><div class=\"t m0 x0 h19a y188d ff1 fs0 fc0 sc0 ls0 ws0\">car<span class=\"ff4\">tolarizzazione UBI SPV<span class=\"_ _0\"></span> Lease 2016, anch\u2019e<span class=\"_ _0\"></span>ssa estinta nel co<span class=\"_ _0\"></span>rso dell\u2019esercizio 20<span class=\"_ _0\"></span>22.<span class=\"_ _3\"></span><span class=\"ff5 fs1e fc2\"> </span></span></div><div class=\"t m0 x0 h19a y10f5 ff5 fs1e fc2 sc0 ls0 ws0\"> <span class=\"_ _46\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-137.93286px;\"><div class=\"t m0 x0 h19a y15a8 ff5 fs1e fc2 sc0 ls0 ws0\">ALTRE INFORMAZIONI SUI RISCHI FINANZIARI<span class=\"ff1 fs0 fc0\"> </span></div><div class=\"t m0 x0 h24 y15a9 ff5 fs0 fc5 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yedb ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y7ea ff5 fs12 fc2 sc0 ls0 ws0\">ESPOSIZIONE AL RISCHIO SOVRANO PER PAESE<span class=\"_ _3\"></span> DI RESIDENZA DELLA CONT<span class=\"_ _3\"></span>ROPARTE <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y188e ff1 fs0 fc0 sc0 ls0 ws0\">Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>segue <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riportato, <span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>dati <span class=\"_ _2\"></span>gestionali<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>sov<span class=\"_ _3\"></span>rano <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y178c ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo con riferimento all\u2019A<span class=\"_ _0\"></span>ttivit\u00e0 bancaria.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y188f ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w5cd h47\" style=\"left:473.71265px; bottom:760.75714px;\"><div class=\"t m0 x40 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">(milioni di euro)<span class=\"_ _3\"></span> </div></div><div class=\"c w5ce h7e\" style=\"left:130.95462px; bottom:735.48517px;\"><div class=\"t m0 x182 ha y10e3 ff5 fs4 fc2 sc0 ls0 ws0\">                       TIT<span class=\"_ _3\"></span>OLI DI DEBITO<span class=\"_ _3\"></span> </div></div><div class=\"c w101 h24e\" style=\"left:546.44763px; bottom:630.1851px;\"><div class=\"t m0 x9a ha y1890 ff5 fs4 fc2 sc0 ls0 ws0\">IMPIEGHI </div></div><div class=\"c w5cf h5f\" style=\"left:130.95462px; bottom:696.48517px;\"><div class=\"t m0 x17c ha y885 ff5 fs4 fc2 sc0 ls0 ws0\">GRUPPO BANCARIO<span class=\"_ _3\"></span> </div></div><div class=\"c w5d0 h24f\" style=\"left:473.71265px; bottom:630.1851px;\"><div class=\"t m0 x95 ha y1891 ff5 fs4 fc2 sc0 ls0 ws0\">TOTALE </div><div class=\"t m0 x4a h106 y1892 ff5 fs1b fc2 sc0 ls0 ws0\">(1)<span class=\"_ _90\"> </span></div><div class=\"t m0 x122 ha y1891 ff5 fs4 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w235 h174\" style=\"left:130.95462px; bottom:630.1851px;\"><div class=\"t m0 xc0 ha y1894 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 xd9 ha y1895 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 xa1 ha y183c ff5 fs4 fc2 sc0 ls0 ws0\">valutate al costo </div><div class=\"t m0 x96 ha y916 ff5 fs4 fc2 sc0 ls0 ws0\">ammortizzato<span class=\"_ _3\"></span> </div></div><div class=\"c w2a8 h174\" style=\"left:221.12262px; bottom:630.1851px;\"><div class=\"t m0 x8d ha y1894 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x135 ha y1895 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 xa1 ha y183c ff5 fs4 fc2 sc0 ls0 ws0\">valutate al fair valu<span class=\"_ _3\"></span>e con </div><div class=\"t m0 xae ha y916 ff5 fs4 fc2 sc0 ls0 ws0\">impatto sulla redditi<span class=\"_ _3\"></span>vit\u00e0 </div><div class=\"t m0 xcc ha y77e ff5 fs4 fc2 sc0 ls0 ws0\">complessiva </div></div><div class=\"c w5cc h174\" style=\"left:347.50864px; bottom:630.1851px;\"><div class=\"t m0 x8d ha y1894 ff5 fs4 fc2 sc0 ls0 ws0\">Attivit\u00e0 </div><div class=\"t m0 x135 ha y1895 ff5 fs4 fc2 sc0 ls0 ws0\">finanziarie<span class=\"_ _3\"></span> </div><div class=\"t m0 xa1 ha y183c ff5 fs4 fc2 sc0 ls0 ws0\">valutate al fair valu<span class=\"_ _3\"></span>e con </div><div class=\"t m0 x9c ha y916 ff5 fs4 fc2 sc0 ls0 ws0\">impatto a conto </div><div class=\"t m0 x134 ha y77e ff5 fs4 fc2 sc0 ls0 ws0\">economico </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:616.45715px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Paesi UE </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:616.45715px;\"><div class=\"t m0 x104 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">30.875 </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:616.45715px;\"><div class=\"t m0 x47 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">24.708 </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:616.45715px;\"><div class=\"t m0 x101 ha y6ff ff5 fs4 fc2 sc0 ls1b ws0\">616<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:616.45715px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">56.199 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:616.45715px;\"><div class=\"t m0 x98 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">10.128 </div></div><div class=\"c w5cb h69\" style=\"left:-4.050377px; bottom:599.88214px;\"><div class=\"t m0 x41 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">Austria </div></div><div class=\"c w235 h69\" style=\"left:130.95462px; bottom:599.88214px;\"><div class=\"t m0 x4b hb y118b ff1 fs4 fc2 sc0 ls1b ws0\">615<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h69\" style=\"left:221.12262px; bottom:599.88214px;\"><div class=\"t m0 x101 hb y118b ff1 fs4 fc2 sc0 ls1b ws0\">160<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h69\" style=\"left:347.50864px; bottom:599.88214px;\"><div class=\"t m0 x63 hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5d0 h69\" style=\"left:473.71265px; bottom:599.88214px;\"><div class=\"t m0 x9c hb y118b ff1 fs4 fc2 sc0 ls1b ws0\">776<span class=\"ls0\"> </span></div></div><div class=\"c w101 h69\" style=\"left:546.44763px; bottom:599.88214px;\"><div class=\"t m0 x4c hb y118b ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:586.1541px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Belgio </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:586.1541px;\"><div class=\"t m0 x9f hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">2.405 </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:586.1541px;\"><div class=\"t m0 x16d hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">1.962 </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:586.1541px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">101<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:586.1541px;\"><div class=\"t m0 x48 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">4.468 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:586.1541px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:572.58215px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Bulgaria </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:572.58215px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:572.58215px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:572.58215px;\"><div class=\"t m0 x63 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:572.58215px;\"><div class=\"t m0 x9f hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:572.58215px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:558.8541px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Croazia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:558.8541px;\"><div class=\"t m0 x4b hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">151<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:558.8541px;\"><div class=\"t m0 x16d hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">1.100 </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:558.8541px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:558.8541px;\"><div class=\"t m0 x48 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">1.323 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:558.8541px;\"><div class=\"t m0 x48 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">1.378 </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:545.28217px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Cipro </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:545.28217px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:545.28217px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:545.28217px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:545.28217px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:545.28217px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:531.55414px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Repubblica Ceca<span class=\"_ _3\"></span> </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:531.55414px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:531.55414px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:531.55414px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:531.55414px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:531.55414px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:517.9821px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Danimarca </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:517.9821px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:517.9821px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:517.9821px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:517.9821px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:517.9821px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:504.25415px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Estonia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:504.25415px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:504.25415px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:504.25415px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:504.25415px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:504.25415px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:490.68213px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Finlandia </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:490.68213px;\"><div class=\"t m0 x4b hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">255<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:490.68213px;\"><div class=\"t m0 xea hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:490.68213px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:490.68213px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">268<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:490.68213px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:476.95416px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Francia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:476.95416px;\"><div class=\"t m0 x9f hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">6.457 </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:476.95416px;\"><div class=\"t m0 x16d hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">2.370 </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:476.95416px;\"><div class=\"t m0 xb6 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">-309 </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:476.95416px;\"><div class=\"t m0 x48 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">8.518 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:476.95416px;\"><div class=\"t m0 x9f hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:463.38214px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Germania </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:463.38214px;\"><div class=\"t m0 x4b hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">262<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:463.38214px;\"><div class=\"t m0 x101 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">538<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:463.38214px;\"><div class=\"t m0 xb6 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">-151 </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:463.38214px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">649<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:463.38214px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:449.6541px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Grecia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:449.6541px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:449.6541px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:449.6541px;\"><div class=\"t m0 x124 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:449.6541px;\"><div class=\"t m0 x10a hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">-8 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:449.6541px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:436.08215px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Ungheria </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:436.08215px;\"><div class=\"t m0 x4b hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">141<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:436.08215px;\"><div class=\"t m0 x101 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">787<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:436.08215px;\"><div class=\"t m0 xea hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">39<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:436.08215px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">967<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:436.08215px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">313<span class=\"ls0\"> </span></div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:422.35413px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Irlanda </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:422.35413px;\"><div class=\"t m0 x4b hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">336<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:422.35413px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:422.35413px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:422.35413px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">407<span class=\"ls0\"> </span></div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:422.35413px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:408.78217px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Italia </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:408.78217px;\"><div class=\"t m0 x104 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">14.994 </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:408.78217px;\"><div class=\"t m0 x47 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">11.255 </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:408.78217px;\"><div class=\"t m0 x101 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">622<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:408.78217px;\"><div class=\"t m0 x98 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">26.871 </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:408.78217px;\"><div class=\"t m0 x48 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">8.019 </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:395.05414px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Lettonia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:395.05414px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:395.05414px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:395.05414px;\"><div class=\"t m0 x127 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:395.05414px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:395.05414px;\"><div class=\"t m0 x104 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:381.48212px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Lituania </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:381.48212px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:381.48212px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:381.48212px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:381.48212px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:381.48212px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hdc\" style=\"left:-4.050377px; bottom:367.72815px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Lussemburgo </div></div><div class=\"c w235 hdc\" style=\"left:130.95462px; bottom:367.72815px;\"><div class=\"t m0 x4b hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">265<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 hdc\" style=\"left:221.12262px; bottom:367.72815px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">392<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hdc\" style=\"left:347.50864px; bottom:367.72815px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">88<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hdc\" style=\"left:473.71265px; bottom:367.72815px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">745<span class=\"ls0\"> </span></div></div><div class=\"c w101 hdc\" style=\"left:546.44763px; bottom:367.72815px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:354.15613px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Malta </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:354.15613px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:354.15613px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:354.15613px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:354.15613px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:354.15613px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:340.42813px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Paesi Bassi </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:340.42813px;\"><div class=\"t m0 x4b hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">828<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:340.42813px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:340.42813px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:340.42813px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">872<span class=\"ls0\"> </span></div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:340.42813px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:326.85614px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Polonia </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:326.85614px;\"><div class=\"t m0 x135 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:326.85614px;\"><div class=\"t m0 xea hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">65<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:326.85614px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:326.85614px;\"><div class=\"t m0 x104 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:326.85614px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:313.12814px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Portogallo </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:313.12814px;\"><div class=\"t m0 x4b hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">388<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:313.12814px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">621<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:313.12814px;\"><div class=\"t m0 x2a hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">-<span class=\"ls1b\">41</span> </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:313.12814px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">968<span class=\"ls0\"> </span></div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:313.12814px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:299.55615px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Romania </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:299.55615px;\"><div class=\"t m0 x135 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:299.55615px;\"><div class=\"t m0 x101 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">370<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:299.55615px;\"><div class=\"t m0 x124 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:299.55615px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">435<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:299.55615px;\"><div class=\"t m0 x9f hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:285.82812px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Slovacchia </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:285.82812px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:285.82812px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">892<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:285.82812px;\"><div class=\"t m0 x63 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:285.82812px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">894<span class=\"ls0\"> </span></div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:285.82812px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">149<span class=\"ls0\"> </span></div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:272.25613px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Slovenia </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:272.25613px;\"><div class=\"t m0 x4 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:272.25613px;\"><div class=\"t m0 x101 hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">148<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:272.25613px;\"><div class=\"t m0 x63 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:272.25613px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">151<span class=\"ls0\"> </span></div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:272.25613px;\"><div class=\"t m0 x9c hb y8c0 ff1 fs4 fc2 sc0 ls1b ws0\">178<span class=\"ls0\"> </span></div></div><div class=\"c w5cb hc3\" style=\"left:-4.050377px; bottom:258.52814px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Spagna </div></div><div class=\"c w235 hc3\" style=\"left:130.95462px; bottom:258.52814px;\"><div class=\"t m0 x9f hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">3.683 </div></div><div class=\"c w2a8 hc3\" style=\"left:221.12262px; bottom:258.52814px;\"><div class=\"t m0 x16d hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">3.971 </div></div><div class=\"c w5cc hc3\" style=\"left:347.50864px; bottom:258.52814px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">145<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hc3\" style=\"left:473.71265px; bottom:258.52814px;\"><div class=\"t m0 x48 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">7.799 </div></div><div class=\"c w101 hc3\" style=\"left:546.44763px; bottom:258.52814px;\"><div class=\"t m0 x104 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">64<span class=\"ls0\"> </span></div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:244.95615px;\"><div class=\"t m0 x41 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">Svezia </div></div><div class=\"c w235 h18\" style=\"left:130.95462px; bottom:244.95615px;\"><div class=\"t m0 x0 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h18\" style=\"left:221.12262px; bottom:244.95615px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:244.95615px;\"><div class=\"t m0 x127 hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h18\" style=\"left:473.71265px; bottom:244.95615px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w101 h18\" style=\"left:546.44763px; bottom:244.95615px;\"><div class=\"t m0 x4c hb y8c0 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h18\" style=\"left:-4.050377px; bottom:225.45615px;\"><div class=\"t m0 x41 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">Paesi non UE<span class=\"_ _3\"></span> </div></div><div class=\"c w5cc h18\" style=\"left:347.50864px; bottom:225.45615px;\"><div class=\"t m0 x127 ha y6ff ff5 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:209.85614px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Albania </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:209.85614px;\"><div class=\"t m0 x135 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">93<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:209.85614px;\"><div class=\"t m0 x101 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">489<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:209.85614px;\"><div class=\"t m0 x63 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:209.85614px;\"><div class=\"t m0 x9c hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">583<span class=\"ls0\"> </span></div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:209.85614px;\"><div class=\"t m0 x9f hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:194.25613px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Egitto </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:194.25613px;\"><div class=\"t m0 x135 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">96<span class=\"ls0\"> </span></div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:194.25613px;\"><div class=\"t m0 x16d hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">1.145 </div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:194.25613px;\"><div class=\"t m0 x127 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:194.25613px;\"><div class=\"t m0 x48 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">1.241 </div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:194.25613px;\"><div class=\"t m0 x9c hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">515<span class=\"ls0\"> </span></div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:178.65613px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Giappone </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:178.65613px;\"><div class=\"t m0 x0 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:178.65613px;\"><div class=\"t m0 x16d hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">2.404 </div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:178.65613px;\"><div class=\"t m0 x127 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:178.65613px;\"><div class=\"t m0 x48 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">2.404 </div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:178.65613px;\"><div class=\"t m0 x4c hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:163.05615px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Russia </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:163.05615px;\"><div class=\"t m0 x0 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:163.05615px;\"><div class=\"t m0 xea hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:163.05615px;\"><div class=\"t m0 x127 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:163.05615px;\"><div class=\"t m0 x104 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">31<span class=\"ls0\"> </span></div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:163.05615px;\"><div class=\"t m0 x4c hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:147.45615px;\"><div class=\"t m0 x41 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">Serbia </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:147.45615px;\"><div class=\"t m0 x4 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:147.45615px;\"><div class=\"t m0 x101 hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">536<span class=\"ls0\"> </span></div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:147.45615px;\"><div class=\"t m0 x127 hb y9f7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:147.45615px;\"><div class=\"t m0 x9c hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">543<span class=\"ls0\"> </span></div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:147.45615px;\"><div class=\"t m0 x9c hb y9f7 ff1 fs4 fc2 sc0 ls1b ws0\">165<span class=\"ls0\"> </span></div></div><div class=\"c w5cb hdc\" style=\"left:-4.050377px; bottom:133.68915px;\"><div class=\"t m0 x41 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">Regno Unito </div></div><div class=\"c w235 hdc\" style=\"left:130.95462px; bottom:133.68915px;\"><div class=\"t m0 x0 hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2a8 hdc\" style=\"left:221.12262px; bottom:133.68915px;\"><div class=\"t m0 x101 hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">173<span class=\"ls0\"> </span></div></div><div class=\"c w5cc hdc\" style=\"left:347.50864px; bottom:133.68915px;\"><div class=\"t m0 xea hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 hdc\" style=\"left:473.71265px; bottom:133.68915px;\"><div class=\"t m0 x9c hb y7b7 ff1 fs4 fc2 sc0 ls1b ws0\">192<span class=\"ls0\"> </span></div></div><div class=\"c w101 hdc\" style=\"left:546.44763px; bottom:133.68915px;\"><div class=\"t m0 x4c hb y7b7 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h42\" style=\"left:-4.050377px; bottom:118.08914px;\"><div class=\"t m0 x41 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">U.S.A. </div></div><div class=\"c w235 h42\" style=\"left:130.95462px; bottom:118.08914px;\"><div class=\"t m0 x9f hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">1.398 </div></div><div class=\"c w2a8 h42\" style=\"left:221.12262px; bottom:118.08914px;\"><div class=\"t m0 x16d hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">6.944 </div></div><div class=\"c w5cc h42\" style=\"left:347.50864px; bottom:118.08914px;\"><div class=\"t m0 x101 hb y1468 ff1 fs4 fc2 sc0 ls1b ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w5d0 h42\" style=\"left:473.71265px; bottom:118.08914px;\"><div class=\"t m0 x48 hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">8.468 </div></div><div class=\"c w101 h42\" style=\"left:546.44763px; bottom:118.08914px;\"><div class=\"t m0 x4c hb y1468 ff1 fs4 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5cb h40\" style=\"left:-4.050377px; bottom:85.95314px;\"><div class=\"t m0 x41 hb y6ff ff1 fs4 fc2 sc0 ls0 ws0\">Dati gestionali </div></div><div class=\"c w1c h40\" style=\"left:-4.050377px; bottom:53.81714px;\"><div class=\"t m0 x41 hb y709 ff1 fs4 fc2 sc0 ls0 ws0\">(1) <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>(esclusi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>q<span class=\"_ _3\"></span>uali <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestite <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>disponibilit\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>accolte <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>polizze<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assicurative <span class=\"_ _6\"></span>emesse <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>totale </div><div class=\"t m0 x41 hb y6ff ff4 fs4 fc2 sc0 ls0 ws0\">rischio degli assic<span class=\"_ _3\"></span>urati) relativi all\u2019Itali<span class=\"_ _3\"></span>a amm<span class=\"_ _3\"></span>ontano a 45.491 m<span class=\"_ _3\"></span>ilioni.<span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-137.93286px;\"><div class=\"t m0 x0 h61 yf5b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb2d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb2e ff4 fs0 fc0 sc0 ls0 ws0\">Come evidenziato <span class=\"_ _3\"></span>nella tabella, a <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>l\u2019esposizione del <span class=\"_ _3\"></span>Gruppo bancario in <span class=\"_ _5\"></span><span class=\"ff1\">titoli emessi d<span class=\"_ _3\"></span>alle Amministrazioni pubbliche </span></div><div class=\"t m0 x0 h2 y23f ff1 fs0 fc0 sc0 ls0 ws0\">italiane <span class=\"_ _5\"></span>centrali <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>locali <span class=\"_ _6\"></span>ammonta <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>27<span class=\"_ _2\"></span><span class=\"fc5\"> <span class=\"_ _6\"></span></span>miliardi <span class=\"_ _5\"></span>(31 miliardi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _5\"></span>2021), <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>aggiungono <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>8 <span class=\"_ _6\"></span>miliardi </div><div class=\"t m0 x0 h2 yb2f ff1 fs0 fc0 sc0 ls0 ws0\">rappresentati da impiegh<span class=\"_ _0\"></span>i (9 miliardi a fine 2021). <span class=\"_ _30\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-123.09143px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">INFORMATIVA SUI PRODOT<span class=\"_ _3\"></span>TI STRUTTURATI DI CREDITO<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019esposizione al risc<span class=\"_ _0\"></span>hio in prodotti struttu<span class=\"_ _0\"></span>rati di credito si at<span class=\"_ _0\"></span>testa al 31 dicembre 2<span class=\"_ _0\"></span>022 a 3.303 milioni, <span class=\"_ _0\"></span>con un decremento<span class=\"_ _2\"></span><span class=\"ff1\"> netto </span></div><div class=\"t m0 x0 h2 yaa9 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _17\"> </span>318 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>rispetto <span class=\"_ _1d\"> </span>allo <span class=\"_ _17\"> </span>stock <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>3.621 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>del <span class=\"_ _17\"> </span>31 <span class=\"_ _17\"> </span>dicembre <span class=\"_ _17\"> </span>2021. <span class=\"_ _1d\"> </span>L<span class=\"_ _3\"></span>\u2019esposizione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>incl<span class=\"_ _2\"></span><span class=\"ff1\">ude <span class=\"_ _17\"> </span>investimenti <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>CLO </span></div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">(Collateralized <span class=\"_ _1d\"> </span>Loan <span class=\"_ _17\"> </span>Obligations) <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>1.643 <span class=\"_ _17\"> </span>milioni, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>ABS <span class=\"_ _17\"> </span>(Asset <span class=\"_ _17\"> </span>Backed <span class=\"_ _17\"> </span>Securities) <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>1.588 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>CDO </div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">(Collateralized Debt O<span class=\"_ _0\"></span>bligations) per 72 milio<span class=\"_ _0\"></span>ni, che si conferm<span class=\"_ _0\"></span>ano quale operativit\u00e0 margi<span class=\"_ _0\"></span>nale anche nel 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6ca ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w5d3 h42\" style=\"left:533.1876px; bottom:797.4386px;\"><div class=\"t m0 x6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5d1 h47\" style=\"left:-4.050377px; bottom:777.9386px;\"><div class=\"t m0 x41 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Categorie <span class=\"_ _0\"></span>contabili </div></div><div class=\"c w5d4 h47\" style=\"left:199.75061px; bottom:777.9386px;\"><div class=\"t m0 xb6 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w5d2 h47\" style=\"left:455.14862px; bottom:777.9386px;\"><div class=\"t m0 x94 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w5d3 h47\" style=\"left:533.1876px; bottom:777.9386px;\"><div class=\"t m0 x87 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">      Varia<span class=\"_ _0\"></span>zioni </div></div><div class=\"c w300 h45\" style=\"left:199.75061px; bottom:733.01056px;\"><div class=\"t m0 x41 h46 y742 ff1 fs17 fc2 sc0 ls0 ws0\">Collaterali<span class=\"_ _0\"></span>zed </div><div class=\"t m0 xd9 h46 y7b6 ff1 fs17 fc2 sc0 ls0 ws0\">Loan </div><div class=\"t m0 x6 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Obligations<span class=\"_ _0\"></span> </div></div><div class=\"c w4cc h45\" style=\"left:267.61063px; bottom:733.01056px;\"><div class=\"t m0 xb8 h46 y742 ff1 fs17 fc2 sc0 ls0 ws0\">Asset </div><div class=\"t m0 x96 h46 y7b6 ff1 fs17 fc2 sc0 ls0 ws0\">Backed </div><div class=\"t m0 xae h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Securities<span class=\"_ _0\"></span> </div></div><div class=\"c w300 h45\" style=\"left:333.62463px; bottom:733.01056px;\"><div class=\"t m0 x41 h46 y742 ff1 fs17 fc2 sc0 ls0 ws0\">Collaterali<span class=\"_ _0\"></span>zed </div><div class=\"t m0 xb h46 y7b6 ff1 fs17 fc2 sc0 ls0 ws0\">Debt </div><div class=\"t m0 x6 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Obligations<span class=\"_ _0\"></span> </div></div><div class=\"c w4f4 h45\" style=\"left:402.1086px; bottom:733.01056px;\"><div class=\"t m0 xae h59 y742 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w21 h45\" style=\"left:533.1876px; bottom:733.01056px;\"><div class=\"t m0 x41 h59 y917 ff5 fs17 fc2 sc0 ls0 ws0\">assolute </div></div><div class=\"c w35f h45\" style=\"left:582.9516px; bottom:733.01056px;\"><div class=\"t m0 x9b h59 y917 ff5 fs17 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w5d1 h81\" style=\"left:-4.050377px; bottom:712.5746px;\"><div class=\"t m0 x41 h46 y562 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie de<span class=\"_ _0\"></span>tenute per <span class=\"_ _0\"></span>la </div><div class=\"t m0 x41 h46 y17c6 ff1 fs17 fc2 sc0 ls0 ws0\">negoziazion<span class=\"_ _0\"></span>e </div></div><div class=\"c w300 h81\" style=\"left:199.75061px; bottom:712.5746px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">339<span class=\"ls0\"> </span></div></div><div class=\"c w4cc h81\" style=\"left:267.61063px; bottom:712.5746px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">478<span class=\"ls0\"> </span></div></div><div class=\"c w300 h81\" style=\"left:333.62463px; bottom:712.5746px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f4 h81\" style=\"left:402.1086px; bottom:712.5746px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">817<span class=\"ls0\"> </span></div></div><div class=\"c w5d2 h81\" style=\"left:455.14862px; bottom:712.5746px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.049 </div></div><div class=\"c w21 h81\" style=\"left:533.1876px; bottom:712.5746px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">232</span> </div></div><div class=\"c w35f h81\" style=\"left:582.9516px; bottom:712.5746px;\"><div class=\"t m0 x1a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-22,1 </div></div><div class=\"c w5d1 h7d\" style=\"left:-4.050377px; bottom:681.3746px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie ob<span class=\"_ _0\"></span>bligatoria<span class=\"_ _0\"></span>mente valu<span class=\"_ _0\"></span>tate </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">al fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w300 h7d\" style=\"left:199.75061px; bottom:681.3746px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4cc h7d\" style=\"left:267.61063px; bottom:681.3746px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w300 h7d\" style=\"left:333.62463px; bottom:681.3746px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f4 h7d\" style=\"left:402.1086px; bottom:681.3746px;\"><div class=\"t m0 xb h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w5d2 h7d\" style=\"left:455.14862px; bottom:681.3746px;\"><div class=\"t m0 x122 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w21 h7d\" style=\"left:533.1876px; bottom:681.3746px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w35f h7d\" style=\"left:582.9516px; bottom:681.3746px;\"><div class=\"t m0 x96 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d1 h7d\" style=\"left:-4.050377px; bottom:650.17456px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al fair <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alue con </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">impatto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _35\"></span> complessiva </div></div><div class=\"c w300 h7d\" style=\"left:199.75061px; bottom:650.17456px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">769<span class=\"ls0\"> </span></div></div><div class=\"c w4cc h7d\" style=\"left:267.61063px; bottom:650.17456px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">776<span class=\"ls0\"> </span></div></div><div class=\"c w300 h7d\" style=\"left:333.62463px; bottom:650.17456px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w4f4 h7d\" style=\"left:402.1086px; bottom:650.17456px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.545 </div></div><div class=\"c w5d2 h7d\" style=\"left:455.14862px; bottom:650.17456px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.701 </div></div><div class=\"c w21 h7d\" style=\"left:533.1876px; bottom:650.17456px;\"><div class=\"t m0 x94 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">156</span> </div></div><div class=\"c w35f h7d\" style=\"left:582.9516px; bottom:650.17456px;\"><div class=\"t m0 xa1 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-9,2 </div></div><div class=\"c w5d1 h9a\" style=\"left:-4.050377px; bottom:618.93555px;\"><div class=\"t m0 x41 h46 y1517 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al cos<span class=\"_ _0\"></span>to </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">ammortiz<span class=\"_ _0\"></span>zato </div></div><div class=\"c w300 h9a\" style=\"left:199.75061px; bottom:618.93555px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">535<span class=\"ls0\"> </span></div></div><div class=\"c w4cc h9a\" style=\"left:267.61063px; bottom:618.93555px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">331<span class=\"ls0\"> </span></div></div><div class=\"c w300 h9a\" style=\"left:333.62463px; bottom:618.93555px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h9a\" style=\"left:402.1086px; bottom:618.93555px;\"><div class=\"t m0 xd1 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">938<span class=\"ls0\"> </span></div></div><div class=\"c w5d2 h9a\" style=\"left:455.14862px; bottom:618.93555px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">868<span class=\"ls0\"> </span></div></div><div class=\"c w21 h9a\" style=\"left:533.1876px; bottom:618.93555px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">70<span class=\"ls0\"> </span></div></div><div class=\"c w35f h9a\" style=\"left:582.9516px; bottom:618.93555px;\"><div class=\"t m0 xae h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8,1 </div></div><div class=\"c w5d1 h64\" style=\"left:-4.050377px; bottom:601.46356px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w300 h64\" style=\"left:199.75061px; bottom:601.46356px;\"><div class=\"t m0 x99 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.643 </div></div><div class=\"c w4cc h64\" style=\"left:267.61063px; bottom:601.46356px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1.588 </div></div><div class=\"c w300 h64\" style=\"left:333.62463px; bottom:601.46356px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">72<span class=\"ls0\"> </span></div></div><div class=\"c w4f4 h64\" style=\"left:402.1086px; bottom:601.46356px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.303 </div></div><div class=\"c w5d2 h64\" style=\"left:455.14862px; bottom:601.46356px;\"><div class=\"t m0 xa h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.621 </div></div><div class=\"c w21 h64\" style=\"left:533.1876px; bottom:601.46356px;\"><div class=\"t m0 x94 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">318</span> </div></div><div class=\"c w35f h64\" style=\"left:582.9516px; bottom:601.46356px;\"><div class=\"t m0 xa1 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-8,8 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-123.09143px;\"><div class=\"t m0 x0 h61 ye07 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y977 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y978 ff1 fs0 fc0 sc0 ls0 ws0\">La  presente  informativa  include  quali  prod<span class=\"_ _0\"></span>otti  strutturati  di  credito,  titoli  di  debito  detenuti  dal  Gruppo  il  cui  tranching<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h32 y144e ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019emissione presenti diversi gradi di s<span class=\"_ _3\"></span>ubordinazion<span class=\"_ _0\"></span>e e che <span class=\"_ _3\"></span>non siano stati emessi nell\u2019ambito di operazioni originate da entit\u00e0 </div><div class=\"t m0 x0 h2 y8f1 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo e<span class=\"_ _3\"></span> da <span class=\"_ _3\"></span>Public Entity, <span class=\"_ _3\"></span>oltre che <span class=\"_ _3\"></span>di operazioni <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo finanzia la <span class=\"_ _3\"></span>propria clientela <span class=\"_ _3\"></span>corpor<span class=\"_ _5\"></span>ate </div><div class=\"t m0 x0 h2 yf1c ff1 fs0 fc0 sc0 ls0 ws0\">e financial institution <span class=\"_ _0\"></span>(operativit\u00e0 posta in essere dal Gr<span class=\"_ _0\"></span>uppo per il tramite<span class=\"_ _0\"></span> della controllata Du<span class=\"_ _0\"></span>omo Funding Plc). </div><div class=\"t m0 x0 h2 y7fa ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>pur <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cogliere <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>opportunit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>denota <span class=\"_ _2\"></span>maggiori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isinvestiment<span class=\"_ _35\"></span>i </div><div class=\"t m0 x0 h2 y17a4 ff4 fs0 fc0 sc0 ls0 ws0\">unitamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>rimborsi, <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019assunz<span class=\"_ _3\"></span><span class=\"ff1\">ione <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>interessato <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value, <span class=\"_ _7\"> </span>sia </span></div><div class=\"t m0 x0 h2 y97b ff1 fs0 fc0 sc0 ls0 ws0\">detenute per la n<span class=\"_ _3\"></span>egoziazione che con impatto sulla redditivit\u00e0 complessiva, ed <span class=\"_ _3\"></span>attivit\u00e0 valutate al costo ammortizzato, per u<span class=\"_ _5\"></span>na </div><div class=\"t m0 x0 h2 yba0 ff1 fs0 fc0 sc0 ls0 ws0\">variazione complessiv<span class=\"_ _0\"></span>a in diminuzione di 3<span class=\"_ _0\"></span>18 <span class=\"_ _3\"></span>milioni. </div><div class=\"t m0 x0 h2 y97d ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(titoli di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>ABS <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CLO) passano <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.753 <span class=\"_ _3\"></span>milioni di <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>2.365 <span class=\"_ _3\"></span>milioni <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h32 y130d ff4 fs0 fc0 sc0 ls0 ws0\">dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>decremento <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>388<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>milioni <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ascrivere <span class=\"_ _16\"> </span>prevalentemente <span class=\"_ _7\"> </span>all\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _7\"> </span>IMI </div><div class=\"t m0 x0 h2 y97e ff1 fs0 fc0 sc0 ls0 ws0\">Corporate <span class=\"_ _3\"></span>&amp; <span class=\"_ _2\"></span>Investment <span class=\"_ _3\"></span>Banking, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y97f ff1 fs0 fc0 sc0 ls0 ws0\">misura minore su quelle <span class=\"_ _0\"></span>valutate al fair value <span class=\"_ _0\"></span>con impatto sulla re<span class=\"_ _0\"></span>dditivit\u00e0 complessiva. </div><div class=\"t m0 x0 h2 yb0d ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>classificate <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cos<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebito <span class=\"_ _6\"></span>ABS, <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CDO) <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>938 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>a </div><div class=\"t m0 x0 h2 y153 ff1 fs0 fc0 sc0 ls0 ws0\">dicembre 2022, si conf<span class=\"_ _0\"></span>rontano con una consi<span class=\"_ _0\"></span>stenza di 868 mili<span class=\"_ _0\"></span>oni a dicembre 20<span class=\"_ _0\"></span>21 per un incremen<span class=\"_ _0\"></span>to netto di 70 milioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y14ff ff1 fs0 fc0 sc0 ls0 ws0\">Da <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>punto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vista<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>economico, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risultato <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mple<span class=\"_ _3\"></span>ssivo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>-49 <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>confronta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risultato <span class=\"_ _5\"></span>al </div><div class=\"t m0 x0 h2 y86c ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 di +10 milioni. </span></div><div class=\"t m0 x0 h2 y149d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>risultato delle at<span class=\"_ _3\"></span>tivit\u00e0 detenute per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>negoziazione, voce 8<span class=\"_ _3\"></span>0 del <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico, ammonta a <span class=\"_ _5\"></span>-49 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span>d \u00e8 <span class=\"_ _3\"></span>afferente a<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x0 h2 y982 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni  in  CLO  ed  ABS,  -27  milioni  da  val<span class=\"_ _0\"></span>utazioni  e  -<span class=\"ff4\">22  milioni  da  cessioni, <span class=\"_ _16\"> </span>come  anche  l\u2019impatto  economic<span class=\"_ _0\"></span>o  al </span></div><div class=\"t m0 x0 h2 y1472 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 di +9 milioni, <span class=\"_ _0\"></span>+4 milioni da valutazio<span class=\"_ _0\"></span>ni e +5 milioni da ce<span class=\"_ _0\"></span>ssioni.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y984 ff1 fs0 fc0 sc0 ls0 ws0\">Il  ris<span class=\"_ _0\"></span>ultato <span class=\"_ _16\"> </span>delle  at<span class=\"_ _0\"></span>tivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>obbligatoriamente<span class=\"_ _0\"></span>  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al  fair <span class=\"_ _16\"> </span>v<span class=\"_ _3\"></span>alue  nullo <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31  dic<span class=\"_ _0\"></span>embre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>si  confronta<span class=\"_ _0\"></span>  co<span class=\"_ _35\"></span>n </div><div class=\"t m0 x0 h2 y985 ff1 fs0 fc0 sc0 ls6a ws0\">+1<span class=\"ls0\"> milione d<span class=\"_ _0\"></span>el 31 dicembre 202<span class=\"_ _0\"></span>1. </span></div><div class=\"t m0 x0 h2 y986 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>classificati <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>al  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>redditivit\u00e0 <span class=\"_ _7\"> </span>compless<span class=\"_ _5\"></span>iva, </div><div class=\"t m0 x0 h2 y987 ff1 fs0 fc0 sc0 ls0 ws0\">registrano al 31 <span class=\"_ _3\"></span>dicembre 2022 u<span class=\"_ _3\"></span>na variazion<span class=\"_ _3\"></span>e negativa <span class=\"_ _3\"></span>di fair <span class=\"_ _3\"></span>value per <span class=\"_ _3\"></span>-43 <span class=\"_ _3\"></span>milioni a r<span class=\"_ _3\"></span>iserva di patri<span class=\"_ _3\"></span>monio netto (da r<span class=\"_ _3\"></span>iserva di </div><div class=\"t m0 x0 h2 ya05 ff1 fs0 fc0 sc0 ls0 ws0\">-1 <span class=\"_ _4\"></span>milione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>-<span class=\"ff4\">44 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022); <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>rilevano <span class=\"_ _4\"> </span>inoltre<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>impatti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>cessioni <span class=\"_ _4\"> </span>sul </span></div><div class=\"t m0 x0 h2 ya85 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio per -3 milioni, che i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece erano nulli nel precedente <span class=\"_ _0\"></span>esercizio. </div><div class=\"t m0 x0 h2 y5c9 ff1 fs0 fc0 sc0 ls0 ws0\">Sui <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>dicembre 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>+3 <span class=\"_ _3\"></span>mili<span class=\"_ _5\"></span>oni,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>+1 <span class=\"_ _3\"></span>da </div><div class=\"t m0 x0 h2 y5cb ff4 fs0 fc0 sc0 ls0 ws0\">componenti valutative e +2 <span class=\"_ _3\"></span>da cessioni, si confronta con l<span class=\"_ _3\"></span>\u2019impatto complessivamente nullo<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>al 31 dicembre <span class=\"_ _3\"></span>2021, -1 <span class=\"_ _3\"></span>milione da </span></div><div class=\"t m0 x0 h2 yf27 ff1 fs0 fc0 sc0 ls0 ws0\">componenti valutativ<span class=\"_ _0\"></span>e e +1 milione da cessio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ycf8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w5d6 h41\" style=\"left:504.79565px; bottom:213.77756px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5d5 h250\" style=\"left:-4.050377px; bottom:152.27457px;\"><div class=\"t m0 x41 h59 y1896 ff5 fs17 fc2 sc0 ls0 ws0\">Risultati <span class=\"_ _0\"></span>di conto ec<span class=\"_ _35\"></span>onomico  </div><div class=\"t m0 x41 h59 y1897 ff5 fs17 fc2 sc0 ls0 ws0\">per categ<span class=\"_ _0\"></span>oria conta<span class=\"_ _0\"></span>bile </div></div><div class=\"c w5d7 h6a\" style=\"left:205.52261px; bottom:197.08557px;\"><div class=\"t m0 xaa h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w1e2 h250\" style=\"left:431.7486px; bottom:152.27457px;\"><div class=\"t m0 xae h59 y1896 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021 </div></div><div class=\"c w5d6 h6a\" style=\"left:504.79565px; bottom:197.08557px;\"><div class=\"t m0 x9a h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">      Varia<span class=\"_ _0\"></span>zioni </div></div><div class=\"c w300 hb6\" style=\"left:205.52261px; bottom:152.27457px;\"><div class=\"t m0 x41 h46 y1898 ff1 fs17 fc2 sc0 ls0 ws0\">Collaterali<span class=\"_ _0\"></span>zed </div><div class=\"t m0 xd9 h46 y1899 ff1 fs17 fc2 sc0 ls0 ws0\">Loan </div><div class=\"t m0 x6 h46 y1517 ff1 fs17 fc2 sc0 ls0 ws0\">Obligations<span class=\"_ _0\"></span> </div></div><div class=\"c w30f hb6\" style=\"left:272.9146px; bottom:152.27457px;\"><div class=\"t m0 x95 h46 y1898 ff1 fs17 fc2 sc0 ls0 ws0\">Asset </div><div class=\"t m0 x87 h46 y1899 ff1 fs17 fc2 sc0 ls0 ws0\"> Backed </div><div class=\"t m0 x41 h46 y1517 ff1 fs17 fc2 sc0 ls0 ws0\">Securities<span class=\"_ _35\"></span> </div></div><div class=\"c w2e hb6\" style=\"left:324.55063px; bottom:152.27457px;\"><div class=\"t m0 x41 h46 y1898 ff1 fs17 fc2 sc0 ls0 ws0\">Collaterali<span class=\"_ _0\"></span>zed </div><div class=\"t m0 xb h46 y1899 ff1 fs17 fc2 sc0 ls0 ws0\">Debt </div><div class=\"t m0 x6 h46 y1517 ff1 fs17 fc2 sc0 ls0 ws0\">Obligations<span class=\"_ _0\"></span> </div></div><div class=\"c w18a hb6\" style=\"left:393.2166px; bottom:152.27457px;\"><div class=\"t m0 x41 h59 y1898 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w25c hb6\" style=\"left:504.79565px; bottom:152.27457px;\"><div class=\"t m0 x96 h59 y1898 ff5 fs17 fc2 sc0 ls0 ws0\">assolute </div></div><div class=\"c w3dc hb6\" style=\"left:576.7116px; bottom:152.27457px;\"><div class=\"t m0 x86 h59 y1898 ff5 fs17 fc2 sc0 ls0 ws0\">% </div></div><div class=\"c w5d5 ha5\" style=\"left:-4.050377px; bottom:129.81056px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie de<span class=\"_ _0\"></span>tenute per <span class=\"_ _0\"></span>la </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">negoziazion<span class=\"_ _0\"></span>e </div></div><div class=\"c w300 ha5\" style=\"left:205.52261px; bottom:129.81056px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">36</span> </div></div><div class=\"c w30f ha5\" style=\"left:272.9146px; bottom:129.81056px;\"><div class=\"t m0 x13 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">13</span> </div></div><div class=\"c w2e ha5\" style=\"left:324.55063px; bottom:129.81056px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a ha5\" style=\"left:393.2166px; bottom:129.81056px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">49</span> </div></div><div class=\"c w1e2 ha5\" style=\"left:431.7486px; bottom:129.81056px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w25c ha5\" style=\"left:504.79565px; bottom:129.81056px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">58</span> </div></div><div class=\"c w5d5 h7d\" style=\"left:-4.050377px; bottom:98.610565px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie ob<span class=\"_ _0\"></span>bligatoria<span class=\"_ _0\"></span>mente valu<span class=\"_ _0\"></span>tate </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">al fair value<span class=\"_ _0\"></span> </div></div><div class=\"c w300 h7d\" style=\"left:205.52261px; bottom:98.610565px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h7d\" style=\"left:272.9146px; bottom:98.610565px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2e h7d\" style=\"left:324.55063px; bottom:98.610565px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h7d\" style=\"left:393.2166px; bottom:98.610565px;\"><div class=\"t m0 x86 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1e2 h7d\" style=\"left:431.7486px; bottom:98.610565px;\"><div class=\"t m0 x4a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w25c h7d\" style=\"left:504.79565px; bottom:98.610565px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-1 </div></div><div class=\"c w5d5 h40\" style=\"left:-4.050377px; bottom:66.47456px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _0\"></span>tate al fair <span class=\"_ _0\"></span>value con </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">impatto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _35\"></span> complessiva </div></div><div class=\"c w300 h40\" style=\"left:205.52261px; bottom:66.47456px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h40\" style=\"left:272.9146px; bottom:66.47456px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w2e h40\" style=\"left:324.55063px; bottom:66.47456px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w18a h40\" style=\"left:393.2166px; bottom:66.47456px;\"><div class=\"t m0 x9b h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-3 </div></div><div class=\"c w1e2 h40\" style=\"left:431.7486px; bottom:66.47456px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25c h40\" style=\"left:504.79565px; bottom:66.47456px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3dc h40\" style=\"left:576.7116px; bottom:66.47456px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d5 h14\" style=\"left:-4.050377px; bottom:36.99057px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al cos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">ammortiz<span class=\"_ _0\"></span>zato </div></div><div class=\"c w300 h14\" style=\"left:205.52261px; bottom:36.99057px;\"><div class=\"t m0 x49 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w30f h14\" style=\"left:272.9146px; bottom:36.99057px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w2e h14\" style=\"left:324.55063px; bottom:36.99057px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w18a h14\" style=\"left:393.2166px; bottom:36.99057px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w1e2 h14\" style=\"left:431.7486px; bottom:36.99057px;\"><div class=\"t m0 x139 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w25c h14\" style=\"left:504.79565px; bottom:36.99057px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w3dc h14\" style=\"left:576.7116px; bottom:36.99057px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5d5 h47\" style=\"left:-4.050377px; bottom:17.49057px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w300 h47\" style=\"left:205.52261px; bottom:17.49057px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">36</span> </div></div><div class=\"c w30f h47\" style=\"left:272.9146px; bottom:17.49057px;\"><div class=\"t m0 x13 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">15</span> </div></div><div class=\"c w2e h47\" style=\"left:324.55063px; bottom:17.49057px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w18a h47\" style=\"left:393.2166px; bottom:17.49057px;\"><div class=\"t m0 xae h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">49</span> </div></div><div class=\"c w1e2 h47\" style=\"left:431.7486px; bottom:17.49057px;\"><div class=\"t m0 xc h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w25c h47\" style=\"left:504.79565px; bottom:17.49057px;\"><div class=\"t m0 x9c h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">59</span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-94.71411px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">INFORMATIVA SULLE LEVERAGED TRANSACT<span class=\"_ _3\"></span>IONS<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yaa8 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1c\"> </span>BCE <span class=\"_ _1c\"> </span>ha <span class=\"_ _1c\"> </span>pubblicat<span class=\"_ _0\"></span>o, <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span><span class=\"ff4\">2017, <span class=\"_ _1c\"> </span>specifiche <span class=\"_ _1c\"> </span>Linee <span class=\"_ _1c\"> </span>Guida <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>Leveraged <span class=\"_ _1c\"> </span>Transactions <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>\u201cGuidance <span class=\"_ _18\"> </span>on<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Leverage<span class=\"_ _35\"></span>d </span></div><div class=\"t m0 x0 h2 yaa9 ff4 fs0 fc0 sc0 ls0 ws0\">Transactions\u201d),  che  si  applican<span class=\"_ _0\"></span>o  a  tutti  gli  enti  significativi  sottopo<span class=\"_ _0\"></span>sti  alla  vigilanza  diretta  della  BCE  stes<span class=\"_ _0\"></span>sa.  Obiettivo<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yaaa ff1 fs0 fc0 sc0 ls0 ws0\">dichiarato <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>afforzam<span class=\"ff4\">ento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>presidi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>qualificate <span class=\"_ _2\"></span>\u201ca <span class=\"_ _2\"></span>leva\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y415 ff1 fs0 fc0 sc0 ls0 ws0\">un  loro  increm<span class=\"_ _0\"></span>ento  a  livello  gl<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bale  e  in  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  contesto  di <span class=\"_ _16\"> </span>mercato  fortemente  c<span class=\"_ _0\"></span>ompetitivo,  caratteri<span class=\"_ _0\"></span>zzato  da  un  p<span class=\"_ _0\"></span>eriodo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y416 ff1 fs0 fc0 sc0 ls0 ws0\">prolungato di tassi b<span class=\"_ _0\"></span>assi e dalla consegu<span class=\"_ _0\"></span>ente ricerca di rendimenti. </div><div class=\"t m0 x0 h2 y417 ff1 fs0 fc0 sc0 ls0 ws0\">Il perimetro <span class=\"_ _3\"></span>oggetto delle Linee <span class=\"_ _3\"></span>Guida della <span class=\"_ _3\"></span>BCE include, o<span class=\"_ _3\"></span>ltre alle <span class=\"_ _3\"></span>esposizioni nei confronti di <span class=\"_ _3\"></span>soggetti la <span class=\"_ _3\"></span>cui ma<span class=\"_ _3\"></span>ggioranza<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>detenuta <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ponsor <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leva <span class=\"_ _6\"></span>finanziaria <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>prenditore </div><div class=\"t m0 x0 h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">misurato <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>rapporto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Indebitamento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpless<span class=\"_ _0\"></span>ivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>MOL, <span class=\"_ _3\"></span>risulti <span class=\"_ _2\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>4. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>esplicitament<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\">escluse dal perimetro delle Leveraged<span class=\"_ _0\"></span> Transactions le controparti con rating in area Investment Gra<span class=\"_ _0\"></span>de, pe<span class=\"_ _2\"></span>rsone fisiche, istituti </div><div class=\"t m0 x0 h2 y41b ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>istituti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>genere, <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>pubblici, <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>\u201cno <span class=\"_ _2\"></span>profit\u201d, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>contr<span class=\"_ _5\"></span><span class=\"ff1\">oparti <span class=\"_ _2\"></span>con </span></div><div class=\"t m0 x0 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">affidamenti <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>certa <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _3\"></span>(5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>ME <span class=\"_ _2\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>SME <span class=\"_ _3\"></span>Corporate </div><div class=\"t m0 x0 h32 y41d ff4 fs0 fc0 sc0 ls0 ws0\">(quest\u2019ultime <span class=\"_ _6\"> </span>se <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>sponsor <span class=\"_ _4\"> </span>finanziario). <span class=\"_ _4\"> </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>escluse <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>specialised <span class=\"_ _4\"> </span>lending <span class=\"_ _4\"> </span>(project<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y41e ff1 fs0 fc0 sc0 ls0 ws0\">finance, real estate e o<span class=\"_ _0\"></span>bject financing) e <span class=\"_ _0\"></span>alcune altre tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di affidamenti, quali<span class=\"_ _0\"></span> le operazion<span class=\"_ _3\"></span>i di trade finance. </div><div class=\"t m0 x0 h32 y41f ff4 fs0 fc0 sc0 ls0 ws0\">Al 31 <span class=\"_ _3\"></span>dicembre 2022 per il <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo le operazioni che rispondono alla de<span class=\"_ _3\"></span>finizione di \u201cLeveraged Transactions\u201d<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y140 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>ammontano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>26,2 <span class=\"_ _2\"></span>miliardi, <span class=\"_ _3\"></span>riferiti a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1.864 <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>(35,3 <span class=\"_ _2\"></span>miliardi il <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ato <span class=\"_ _3\"></span>corrispondent<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al </div><div class=\"t m0 x0 h2 y141 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). Il calo nei d<span class=\"_ _0\"></span>odici mesi \u00e8 concent<span class=\"_ _0\"></span>rato principalmente:<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y420 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>75% <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _2\"></span>dovuto <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019uscita <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>segnalazione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>miglioramento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>rating </div><div class=\"t m0 x2a h2 y421 ff1 fs0 fc0 sc0 ls0 ws0\">(passato in area investm<span class=\"_ _0\"></span>ent grade), di c<span class=\"_ _0\"></span>ontroparti con importo rilevante;   </div><div class=\"t m0 x0 h2 y422 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>23% <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>Bank <span class=\"_ _4\"> </span>Luxembourg, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>dell\u2019esposizione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>controparte <span class=\"_ _4\"> </span>rilevante, <span class=\"_ _6\"> </span>non </div><div class=\"t m0 x2a h2 y423 ff1 fs0 fc0 sc0 ls0 ws0\">compensata dai nuo<span class=\"_ _0\"></span>vi ingressi. </div><div class=\"t m0 x0 h2 y424 ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _4\"> </span>segnala <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>coerentemente<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Linee <span class=\"_ _4\"> </span>Guida <span class=\"_ _4\"> </span>BCE, <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Credit<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tato </span></div><div class=\"t m0 x0 h32 y425 ff4 fs0 fc0 sc0 ls0 ws0\">sottoposto  all\u2019approvazione  del  Consiglio  di  Ammi<span class=\"_ _0\"></span>nistrazione  uno  specifico  limite  per  lo  stock  in  essere  di  Leveraged </div><div class=\"t m0 x0 h2 y426 ff4 fs0 fc0 sc0 ls0 ws0\">Transactions <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>operazioni, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>inea <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>l\u2019appetito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>que<span class=\"_ _5\"></span><span class=\"ff1\">sta <span class=\"_ _2\"></span>tipologia <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y427 ff1 fs0 fc0 sc0 ls0 ws0\">operativit\u00e0. </div><div class=\"t m0 x0 h2 y428 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y429 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y188c ff5 fs12 fc2 sc0 ls0 ws0\">INFORMATIVA SUGLI INVEST<span class=\"_ _3\"></span>IMENTI IN HEDGE FUND </div><div class=\"t m0 x0 h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">La consistenza del <span class=\"_ _3\"></span>portafoglio hedge fund di Capogruppo al <span class=\"_ _3\"></span>31 dicembre 2022 si a<span class=\"_ _3\"></span>ttesta a 173 milioni <span class=\"_ _3\"></span>per il t<span class=\"_ _3\"></span>rading book ed a<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">184  milioni <span class=\"_ _16\"> </span>per  il  banking <span class=\"_ _16\"> </span>book  per  complessi<span class=\"_ _0\"></span>vi  357  m<span class=\"_ _3\"></span>ilioni,  a  fro<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te  rispettivam<span class=\"_ _0\"></span>ente  di  2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>  milioni  e <span class=\"_ _16\"> </span>di  200  milioni <span class=\"_ _16\"> </span>al </div><div class=\"t m0 x0 h2 y271 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 per complessivi 2<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>7 milioni. </span></div><div class=\"t m0 x0 h2 y272 ff1 fs0 fc0 sc0 ls0 ws0\">Gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anking <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>obbligatoriam<span class=\"_ _5\"></span>ente </div><div class=\"t m0 x0 h2 y273 ff1 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>adottano <span class=\"_ _2\"></span>strategie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>medio/lungo <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riscatto </div><div class=\"t m0 x0 h2 y1aa ff1 fs0 fc0 sc0 ls0 ws0\">superiori a quelli p<span class=\"_ _0\"></span>revisti per i fondi UCITS<span class=\"_ _0\"></span> (Undertakings for<span class=\"_ _0\"></span> Collective Investment S<span class=\"_ _0\"></span>chemes in Transferabl<span class=\"_ _0\"></span>e Securities).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y274 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>regist<span class=\"_ _3\"></span>rato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ncremento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>consistenze <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>anno <span class=\"_ _7\"> </span>precedente <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>130 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Nello <span class=\"_ _7\"> </span>scorso </div><div class=\"t m0 x0 h2 ybd ff1 fs0 fc0 sc0 ls0 ws0\">esercizio <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>CRR2 <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>vigore <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>30 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>significativi </div><div class=\"t m0 x0 h2 ybe ff1 fs0 fc0 sc0 ls0 ws0\">disinvestimenti, per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modifiche introdotte <span class=\"_ _3\"></span>nella modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>calcolo degli assorbimenti d<span class=\"_ _3\"></span>i capitale associati <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>investimenti in </div><div class=\"t m0 x0 h2 ybf ff4 fs0 fc0 sc0 ls0 ws0\">fondi; al fine di ripristinare i pre<span class=\"_ _35\"></span>cedenti livelli di consistenza, nel corso dell\u2019anno 2<span class=\"_ _0\"></span>022 sono stati effettuati maggiori i<span class=\"_ _2\"></span><span class=\"ff1\">nvestimenti<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yc0 ff1 fs0 fc0 sc0 ls0 ws0\">che  interessan<span class=\"_ _0\"></span>o  prioritariamente  he<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ge  funds  U<span class=\"_ _0\"></span>CITS  (U<span class=\"_ _0\"></span>ndertakings  fo<span class=\"_ _0\"></span>r  Collective <span class=\"_ _16\"> </span>Investment  S<span class=\"_ _0\"></span>chemes  in  Tr<span class=\"_ _0\"></span>ansferable </div><div class=\"t m0 x0 h2 yc1 ff1 fs0 fc0 sc0 ls0 ws0\">Securities) che meglio <span class=\"_ _0\"></span>soddisfano i requisiti d<span class=\"_ _0\"></span>i assorbimento patri<span class=\"_ _0\"></span>moniale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yc2 ff1 fs0 fc0 sc0 ls0 ws0\">Quanto <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>economici, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>rileva <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>risultato <span class=\"_ _2\"></span>compless<span class=\"_ _2\"></span>ivamente <span class=\"_ _5\"></span>negativo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>-9 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>afferente </div><div class=\"t m0 x0 h2 yc3 ff1 fs0 fc0 sc0 ls0 ws0\">interamente  ad  effetti  valutativi  di <span class=\"_ _1d\"> </span>fondi  in  portafoglio  tra  le  a<span class=\"_ _3\"></span>ttivit\u00e0  finanziarie  obbligatoriamente<span class=\"_ _0\"></span>  valutate  al <span class=\"_ _1d\"> </span>fair  valu<span class=\"_ _2\"></span><span class=\"lsc\">e </span> </div><div class=\"t m0 x0 h2 yc4 ff1 fs0 fc0 sc0 ls0 ws0\">(-7 milioni) e tra le attivit\u00e0 detenut<span class=\"_ _0\"></span>e per la negoziazione (<span class=\"_ _3\"></span>-2 milioni), che si confronta con un impatto compl<span class=\"_ _0\"></span>essivo di +14 milioni </div><div class=\"t m0 x0 h2 yc5 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>(-7 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>+21 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie </div><div class=\"t m0 x0 h2 yc6 ff1 fs0 fc0 sc0 ls0 ws0\">obbligatoriamente valu<span class=\"_ _0\"></span>tate al fair value), <span class=\"_ _0\"></span>imputabile per +9 m<span class=\"_ _0\"></span>ilioni ad effett<span class=\"_ _3\"></span>i valutativi e per +<span class=\"_ _0\"></span>5 milioni ad impatti d<span class=\"_ _0\"></span>a realizzo. </div><div class=\"t m0 x0 h2 yc7 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, si <span class=\"_ _3\"></span>rileva <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>022 r<span class=\"_ _3\"></span>isultano n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>portafoglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Eurizon <span class=\"_ _2\"></span>Capital SGR <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>hedge </div><div class=\"t m0 x0 h2 yc8 ff4 fs0 fc0 sc0 ls0 ws0\">fund <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>50 <span class=\"_ _2\"></span>milioni, con <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>nell\u2019anno <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">-3 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>detenuti <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica </span></div><div class=\"t m0 x0 h2 yc9 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>seeding, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>costituzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>composto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>comuni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yca ff1 fs0 fc0 sc0 ls0 ws0\">quali \u00e8 stata avviata la <span class=\"_ _0\"></span>commercializzazion<span class=\"_ _0\"></span>e, a sostegno dei fondi st<span class=\"_ _0\"></span>essi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 ycb ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ycc ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y504 ff5 fs12 fc2 sc0 ls0 ws0\">INFORM<span class=\"ff6\">ATIVA CIRCA L\u2019OPERAT<span class=\"_ _3\"></span>IVITA\u2019 IN DERIVATI DI NEGOZIAZIONE STIPULAT<span class=\"_ _3\"></span>I CON LA CLIENTELA<span class=\"_ _3\"></span></span> </div><div class=\"t m0 x0 h2 y6c0 ff1 fs0 fc0 sc0 ls0 ws0\">Considerando i soli <span class=\"_ _3\"></span>rapporti con <span class=\"_ _3\"></span>clientela, alla <span class=\"_ _3\"></span>data del <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembre 2022, il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo presentava, <span class=\"_ _3\"></span>in relazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y6c1 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019operativit\u00e0 <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>intermediazione <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>derivati <span class=\"_ _20\"> </span><span class=\"ff1\">con <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>controparti <span class=\"_ _20\"> </span>clientela <span class=\"_ _1c\"> </span>retail, <span class=\"_ _20\"> </span>imprese <span class=\"_ _1c\"> </span>non <span class=\"_ _20\"> </span>finanziarie <span class=\"_ _1c\"> </span>ed <span class=\"_ _20\"> </span>enti <span class=\"_ _1c\"> </span>e<span class=\"_ _3\"></span>d </span></div><div class=\"t m0 x0 h2 y6c2 ff1 fs0 fc0 sc0 ls0 ws0\">amministrazioni pubbliche (escluse quindi, oltre alle istituzioni creditizie, anche le imprese finanziarie e <span class=\"_ _3\"></span>quelle assicurat<span class=\"_ _5\"></span>ive) un </div><div class=\"t m0 x0 h2 y6c3 ff1 fs0 fc0 sc0 ls0 ws0\">fair value <span class=\"_ _3\"></span>positivo, al lordo <span class=\"_ _3\"></span>degli accordi di <span class=\"_ _3\"></span>nett<span class=\"_ _3\"></span>ing, par<span class=\"_ _3\"></span>i a 3.049 <span class=\"_ _3\"></span>milioni (6.917 <span class=\"_ _3\"></span>milioni al 31 <span class=\"_ _3\"></span>dicembre 2021). Il <span class=\"_ _3\"></span>valore nozionale </div><div class=\"t m0 x0 h2 y492 ff1 fs0 fc0 sc0 ls0 ws0\">di tali derivati era par<span class=\"_ _0\"></span>i a 29.872 milioni<span class=\"_ _0\"></span> (64.254 milioni al 3<span class=\"_ _0\"></span>1 dicembre 2021). </div><div class=\"t m0 x0 h2 y493 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, il nozionale <span class=\"_ _0\"></span>dei contratti plain vanill<span class=\"_ _0\"></span>a risultava pari a 26.826 mili<span class=\"_ _0\"></span>oni (59<span class=\"_ _2\"></span>.649 milioni al 31 dicembr<span class=\"_ _0\"></span>e 2021), mentre </div><div class=\"t m0 x0 h2 y6c4 ff1 fs0 fc0 sc0 ls0 ws0\">gli strutturati erano p<span class=\"_ _0\"></span>ari a 3.046 milioni (<span class=\"_ _0\"></span>4.605 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6c5 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>10 <span class=\"_ _6\"></span>clienti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>esposti <span class=\"_ _6\"></span>era <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>1.726<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(4.416 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y6c6 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span></div><div class=\"t m0 x0 h2 y90e ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>gativo <span class=\"_ _5\"></span>riferito <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>totale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _6\"></span>criteri, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sime </div><div class=\"t m0 x0 h2 y90f ff1 fs0 fc0 sc0 ls0 ws0\">tipologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>stesse <span class=\"_ _2\"></span>controparti, <span class=\"_ _5\"></span>risultava <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>sempre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>6.149 </div><div class=\"t m0 x0 h2 y910 ff1 fs0 fc0 sc0 ls0 ws0\">milioni <span class=\"_ _6\"></span>(2.192 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2021). <span class=\"_ _4\"> </span>Il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>nozionale <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"> </span>derivati <span class=\"_ _6\"></span>era <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>74.174 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>(34.378 <span class=\"_ _4\"></span>milioni <span class=\"_ _16\"> </span>al </div><div class=\"t m0 x0 h2 y101d ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span></div><div class=\"t m0 x0 h2 y101e ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, il nozionale <span class=\"_ _0\"></span>dei contratti plain vanill<span class=\"_ _0\"></span>a risultava pari a <span class=\"_ _3\"></span>69.140 milioni (31.493 milioni al 31 dicem<span class=\"_ _0\"></span>bre 2021), mentre </div><div class=\"t m0 x0 h2 y101f ff1 fs0 fc0 sc0 ls0 ws0\">quello degli strutturat<span class=\"_ _0\"></span>i era pari a 5.034 milioni (2.885 milioni<span class=\"_ _0\"></span> al 31 dicembre 202<span class=\"_ _0\"></span>1).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1020 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>fair value degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _3\"></span>derivati stipulati con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>clientela \u00e8 s<span class=\"_ _3\"></span>tato determinato tenendo conto, <span class=\"_ _3\"></span>come per <span class=\"_ _3\"></span>tutt<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>gli altri </div><div class=\"t m0 x0 h2 y189b ff1 fs0 fc0 sc0 ls0 ws0\">derivati <span class=\"_ _6\"></span>OTC, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>(cosiddetto <span class=\"_ _5\"></span>bilateral <span class=\"_ _6\"></span>Credit <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>Adjustment). <span class=\"_ _6\"></span>Sui <span class=\"_ _5\"></span>contratt<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y1124 ff4 fs0 fc0 sc0 ls0 ws0\">rimanenza  al  31  di<span class=\"_ _0\"></span>cembre  2022,  ci<span class=\"_ _0\"></span>\u00f2  ha  comportato  la<span class=\"_ _0\"></span>  rilevazione  a <span class=\"_ _16\"> </span>conto  economico,  nell\u2019ambi<span class=\"_ _0\"></span>to  del  \u201cRisultato  nett<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y189c ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019attivit\u00e0 di nego<span class=\"_ _0\"></span>ziazione\u201d, di un impatt<span class=\"_ _0\"></span>o positivo di 102 mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span><span class=\"ff1\">(impatto positivo di 97 mili<span class=\"_ _0\"></span>oni al 31 dicembre 2<span class=\"_ _0\"></span>021). </span></div></div>Per <span class=\"_ _16\"> </span>quanto  c<span class=\"_ _0\"></span>oncerne <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>metodologie <span class=\"_ _16\"> </span>utilizzate <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _16\"> </span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _16\"> </span>del  fair <span class=\"_ _7\"> </span>value  d<span class=\"_ _0\"></span>egli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari, <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>rinvia <span class=\"_ _16\"> </span>ai paragra<span class=\"ff4\">fi specificatamen<span class=\"_ _0\"></span>te dedicati a tale arg<span class=\"_ _0\"></span>omento nell\u2019ambito <span class=\"_ _0\"></span>delle Note illustrative d<span class=\"_ _0\"></span>elle politiche <span class=\"_ _0\"></span>contabili.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Si <span class=\"_ _2\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>\u201cstrutturati\u201d <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>costituiti <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mbinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>eleme<span class=\"_ _5\"></span><span class=\"ff1\">ntari <span class=\"_ _3\"></span>e </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>valori <span class=\"_ _4\"></span>sopra <span class=\"_ _4\"> </span>riportati <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ncludono <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _4\"></span>embedded <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>obbligazioni <span class=\"_ _4\"> </span>strutturate <span class=\"_ _4\"> </span>emesse <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>le relative coperture po<span class=\"_ _0\"></span>ste in essere dal grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span><span class=\"ff5 fs12 fc2\"> </span>1.5. RISCHI OPERATIVI INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUALITATI<span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di <span class=\"_ _3\"></span>gestione e metodi di m<span class=\"_ _3\"></span>isurazione d<span class=\"_ _3\"></span>el rischio operativo<span class=\"_ _2\"></span> </span>Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>operativo <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>subire <span class=\"_ _2\"></span>perdite <span class=\"_ _5\"></span>derivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _5\"></span>inadeguatezza <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disfunzione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>proced<span class=\"_ _5\"></span>ure, risorse umane e sist<span class=\"_ _0\"></span>emi interni, oppure da <span class=\"_ _0\"></span>eventi esogeni<span class=\"_ _90\"> </span>106<span class=\"_ _90\"> </span>. <span class=\"ls0\"> </span>Il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>adotta <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>strategia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>assunzione <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _6\"></span>orientata <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>criteri <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>prudente gestione  e  finalizzata  a  garantire  solidit\u00e0  e  continuit\u00e0  aziend<span class=\"_ _0\"></span>ale  nel  lungo  periodo.  Inoltre,  il  Gruppo  pone  particolar<span class=\"_ _0\"></span>e attenzione al conseguimento di<span class=\"_ _0\"></span> un equilibrio ot<span class=\"_ _0\"></span>timale tra obiettivi<span class=\"_ _0\"></span> di crescita e di reddi<span class=\"_ _0\"></span>tivit\u00e0 e rischi con<span class=\"_ _0\"></span>seguenti.<span class=\"_ _2\"></span> In <span class=\"_ _3\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>finalit\u00e0, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>tempo <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>framework <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>governo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>perativ<span class=\"_ _5\"></span><span class=\"ls13\">i, </span>stabilendo normativa e<span class=\"_ _0\"></span> processi organizzativi per la mi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>urazione, la gestion<span class=\"_ _0\"></span>e e il controllo deg<span class=\"_ _0\"></span>li stessi.<span class=\"_ _3\"></span> Ai f<span class=\"_ _3\"></span>ini di <span class=\"_ _3\"></span>Vigilanza, il <span class=\"_ _3\"></span>Gruppo adotta, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>requisito patrimoniale, <span class=\"_ _3\"></span>il Metodo Avanzato <span class=\"_ _3\"></span>(AMA) <span class=\"_ _3\"></span>in partial<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>use con <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>metodi <span class=\"_ _3\"></span>standardizzato (<span class=\"_ _3\"></span>TSA) e <span class=\"_ _3\"></span>base <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>BIA). <span class=\"_ _2\"></span>Al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Metodo <span class=\"_ _3\"></span>Avanzato <span class=\"_ _3\"></span>\u00e8 cost<span class=\"_ _3\"></span>ituito da Intesa Sanpaolo (incluse le ex Banche e Soc<span class=\"_ _0\"></span>iet\u00e0 in essa incorporate) e dalle princip<span class=\"_ _0\"></span>ali banche e societ\u00e0 delle Divisioni Priv<span class=\"_ _2\"></span>ate Banking e Asset Ma<span class=\"_ _0\"></span>nagement, da VUB<span class=\"_ _0\"></span> Banka e PBZ Banka. Modello di Governo Un <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>operativi <span class=\"_ _5\"></span>efficace <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>efficiente <span class=\"_ _5\"></span>presuppone <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>strettamente <span class=\"_ _2\"></span>integrato <span class=\"_ _5\"></span>nei processi <span class=\"_ _7\"> </span>decisionali <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>gestione <span class=\"_ _7\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _7\"> </span>aziendale. <span class=\"_ _7\"> </span>Per <span class=\"_ _7\"> </span>tale <span class=\"_ _16\"> </span>ragione, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>scelto <span class=\"_ _16\"> </span>di </span>coinvolgere <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>responsabilit\u00e0 <span class=\"_ _6\"></span>diretta <span class=\"_ _4\"> </span>nel <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _4\"> </span>rischi <span class=\"_ _4\"></span>operativi <span class=\"_ _4\"></span>(c.d. <span class=\"_ _6\"></span>Operational <span class=\"_ _4\"></span>Risk <span class=\"_ _6\"></span>Management) <span class=\"_ _4\"></span>le Unit\u00e0 Organizzative (b<span class=\"_ _0\"></span>usiness unit, struttur<span class=\"_ _0\"></span>e centrali/di support<span class=\"_ _0\"></span>o) della Capogruppo, d<span class=\"_ _0\"></span>elle Banche e delle Soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo. Il modello di governo<span class=\"_ _0\"></span> del rischio operativ<span class=\"_ _0\"></span>o \u00e8 sviluppato in ottica <span class=\"_ _0\"></span>di:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>ottimizzazione e valorizzazio<span class=\"_ _0\"></span>ne dei presidi org<span class=\"_ _0\"></span>anizzativi, delle int<span class=\"_ _0\"></span>errelazioni e dei flus<span class=\"_ _0\"></span>si informativi intercorre<span class=\"_ _0\"></span>nti fra le<span class=\"_ _2\"></span> Unit\u00e0 </span>Organizzative <span class=\"_ _16\"> </span>esistenti <span class=\"_ _16\"> </span>e  integr<span class=\"_ _0\"></span>azio<span class=\"ff4\">n<span class=\"_ _3\"></span>e  d<span class=\"_ _0\"></span>ell\u2019approccio <span class=\"_ _16\"> </span>di  g<span class=\"_ _0\"></span>estione <span class=\"_ _16\"> </span>del  ri<span class=\"_ _0\"></span>schio <span class=\"_ _16\"> </span>operativo  co<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>  a<span class=\"_ _0\"></span>ltri  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>delli <span class=\"_ _16\"> </span>aziendali </span>sviluppati a fronte di <span class=\"_ _0\"></span>specifici rischi (es. Co<span class=\"_ _0\"></span>ntinuit\u00e0 Operati<span class=\"_ _0\"></span>va, Sicurezza Informatic<span class=\"_ _0\"></span>a, ecc.);<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>trasparenza <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>diffusione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>modelli, <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>metodologie<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>criteri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>alisi, <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>misurazione <span class=\"_ _3\"></span>utilizzati, <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fine </span>di facilitare il proces<span class=\"_ _0\"></span>so di diffusione cultur<span class=\"_ _0\"></span>ale e la comprensio<span class=\"_ _0\"></span>ne delle logiche s<span class=\"_ _0\"></span>ottostanti le scelte<span class=\"_ _0\"></span> adottate.<span class=\"_ _2\"></span> Il <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>una  Fun<span class=\"_ _0\"></span>zione <span class=\"_ _16\"> </span>centralizzata <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>gestione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>rischio <span class=\"_ _16\"> </span>operativo, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Direzione  E<span class=\"_ _35\"></span>nterprise  Ris<span class=\"_ _35\"></span>k Management. <span class=\"_ _3\"></span>L\u2019Unit\u00e0 <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabile <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>progettazione, <span class=\"_ _2\"></span>dell\u2019implementazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>presidio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>metodologico <span class=\"_ _3\"></span>e organizzativo, <span class=\"_ _4\"> </span>n<span class=\"ff4\">onch\u00e9 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>profili <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>rischio, <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>\u2019efficaci<span class=\"_ _0\"></span>a <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mitigazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>del </span>reporting <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>vertici <span class=\"_ _5\"></span>aziendali. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>requisiti <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>vigente, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _5\"></span>Organizzative <span class=\"_ _5\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la responsabilit\u00e0 della <span class=\"_ _3\"></span>rilevazione, della <span class=\"_ _3\"></span>valutazione, della gestione <span class=\"_ _3\"></span>e della <span class=\"_ _3\"></span>mitigazione dei <span class=\"_ _3\"></span>rischi: a<span class=\"_ _3\"></span>l loro <span class=\"_ _3\"></span>interno sono <span class=\"_ _3\"></span>individuate 106 <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>compo<span class=\"_ _3\"></span>nente <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>perdite <span class=\"_ _6\"> </span>econom<span class=\"_ _3\"></span>iche, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>presi <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>i <span class=\"_ _6\"> </span>rischi: <span class=\"_ _6\"></span>legale, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>dotta, <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>conf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>it\u00e0, <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>financial crime, <span class=\"_ _3\"></span>fiscale<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>IT <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cybe<span class=\"_ _3\"></span>r, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sicu<span class=\"_ _3\"></span>rezza <span class=\"_ _3\"></span>fisica, <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>operativa, <span class=\"_ _2\"></span>terze <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>arti, <span class=\"_ _3\"></span>q<span class=\"_ _3\"></span><span class=\"ff4\">ualit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ati, <span class=\"_ _3\"></span>frod<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocesso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019employer <span class=\"_ _2\"></span>risk. <span class=\"_ _2\"></span>Sono <span class=\"_ _3\"></span>esclu<span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rischi<span class=\"_ _3\"></span> </span>strategici e di rep<span class=\"_ _3\"></span>utazione.<span class=\"fs0\"> </span>CdA, CEO, Comitati<span class=\"_ _3\"></span> direzionali (Comitato Rischi<span class=\"_ _3\"></span> e Sostenibilit\u00e0), Comitati manageriali (Comitato Coordinamento Controlli e Ri<span class=\"_ _3\"></span>schi Non Finanziari<span class=\"_ _3\"></span>)<span class=\"_ _90\"> </span>Definizion<span class=\"_ _3\"></span>e obiettivi e politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Supervisione e Indirizzo Strategico<span class=\"_ _90\"> </span>Area di Governo Chi<span class=\"_ _3\"></span>ef Risk Officer, Funzione Centralizza<span class=\"_ _3\"></span>ta di gestione del rischio operati<span class=\"_ _3\"></span>vo (Operational, Technology <span class=\"_ _3\"></span>&amp; Information Risk Management)<span class=\"_ _90\"> </span>Coordinamento dell\u2019attuazione degli indirizzi<span class=\"_ _3\"></span> e delle politiche di governo dei rischi operativi<span class=\"_ _90\"> </span>Definizione, sviluppo, mantenimento del Framework di gestione dei rischi operativi<span class=\"_ _90\"> </span>Unit\u00e0 Organizzative di<span class=\"_ _3\"></span> Capogruppo/Societ\u00e0 del Gruppo (funzioni di Operati<span class=\"_ _3\"></span>onal<span class=\"_ _90\"> </span>Risk Management Decentrato e Referenti, funzioni<span class=\"_ _3\"></span> di risk management locali<span class=\"_ _3\"></span>)  Presidio dei rischi<span class=\"_ _3\"></span> operativi nelle singol<span class=\"_ _3\"></span>e Unit\u00e0 Organizzative/Societ\u00e0 del Gruppo<span class=\"_ _90\"> </span>Alimentazi<span class=\"_ _3\"></span>one del sistema di gestione dei<span class=\"_ _3\"></span> Rischi Operativi (eventi operativi, critici<span class=\"_ _3\"></span>t\u00e0, azioni di mitigazione, autodiagnosi)<span class=\"_ _90\"> </span>le <span class=\"_ _4\"> </span>funzioni <span class=\"_ _4\"> </span>responsabili <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>processi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Operational<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019unit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>appartenenza <span class=\"_ _4\"> </span>(raccolta <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ensiment<span class=\"_ _0\"></span>o strutturato <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>informazioni <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>agli <span class=\"_ _4\"> </span>eventi <span class=\"_ _4\"> </span>operativi, <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ilevazione <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le <span class=\"_ _4\"></span>criticit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>correlate <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>mitigazione, esecuzione <span class=\"_ _5\"></span>dell\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>della <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _2\"></span>associata <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>contesto <span class=\"_ _5\"></span>operativo). <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>supportare <span class=\"_ _5\"></span>co<span class=\"_ _5\"></span><span class=\"ff1 lsc\">n </span>continuit\u00e0 <span class=\"_ _16\"> </span>il  proces<span class=\"_ _0\"></span>so <span class=\"_ _16\"> </span>di  gover<span class=\"_ _0\"></span>no <span class=\"_ _16\"> </span>del  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>operativo <span class=\"_ _16\"> </span>\u00e8  attivo <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>programma <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>trutturato <span class=\"_ _7\"> </span>di  formazione <span class=\"_ _7\"> </span>per  le <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ersone attivamente coinvolt<span class=\"_ _0\"></span>e nel processo stesso. Rischio ICT Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>considera <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>formativo <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimaria <span class=\"_ _5\"></span>importanza<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>conseguimento <span class=\"_ _5\"></span>dei<span class=\"_ _0\"></span> propri <span class=\"_ _3\"></span>obiettivi <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trategici, <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 s<span class=\"_ _3\"></span>ociale, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>considerazione <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>criticit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>processi <span class=\"_ _2\"></span>az<span class=\"_ _5\"></span>iendali che <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>esso <span class=\"_ _17\"> </span>dipendono. <span class=\"_ _1d\"> </span>Conseguent<span class=\"_ _0\"></span>emente <span class=\"_ _1d\"> </span>si <span class=\"_ _1d\"> </span>i<span class=\"_ _3\"></span>mpegna <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>creare <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mbiente <span class=\"_ _1d\"> </span>resilient<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>ad <span class=\"_ _1d\"> </span>investire<span class=\"_ _2\"></span> <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _1d\"> </span>e infrastrutture <span class=\"_ _3\"></span>volte <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>minimizzar<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _2\"></span>potenziale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>ICT <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>proteggere <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _2\"></span>immagine<span class=\"_ _2\"></span><span class=\"ff1\">, <span class=\"_ _5\"></span>i </span>propri clienti e i pr<span class=\"_ _0\"></span>opri dipendenti. Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>dotato, <span class=\"_ _6\"></span>quindi, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>principi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>regole <span class=\"_ _5\"></span>finalizz<span class=\"_ _2\"></span>ati <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>identificare <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>misurare <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>ICT <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>sono esposti <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>asset <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>valutare <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>presidi <span class=\"_ _2\"></span>esistenti <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>individuare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>adeguate <span class=\"_ _2\"></span>modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trattamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>tali <span class=\"_ _2\"></span>rischi, <span class=\"_ _3\"></span>c<span class=\"_ _5\"></span>oerente con il processo di ge<span class=\"_ _0\"></span>stione dei rischi o<span class=\"_ _0\"></span>perativi. In linea con il quadro metodologico definito per il govern<span class=\"_ _0\"></span>o dei rischi operativi, il modello di gover<span class=\"_ _0\"></span>no del rischio ICT \u00e8 sviluppato<span class=\"_ _0\"></span> in ottica di integrazio<span class=\"_ _0\"></span>ne e coordinamento<span class=\"_ _0\"></span> delle competenze s<span class=\"_ _0\"></span>pecifiche delle str<span class=\"_ _0\"></span>utture coinvolte.<span class=\"_ _3\"></span> Per <span class=\"_ _4\"> </span>Rischio <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>CT <span class=\"_ _4\"> </span>(Information <span class=\"_ _4\"> </span>and <span class=\"_ _7\"> </span>Communication <span class=\"_ _7\"> </span>Technology<span class=\"_ _0\"></span>) <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>intende <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incorrere <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>perdite <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>conomiche, <span class=\"_ _4\"></span>di reputazione <span class=\"_ _16\"> </span>e  di  quot<span class=\"_ _0\"></span>e  di  m<span class=\"_ _35\"></span>ercato,  in  rel<span class=\"_ _0\"></span>azione  all\u2019utili<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zo  di <span class=\"_ _16\"> </span>tecnologia  d<span class=\"_ _0\"></span>ell\u2019informazione <span class=\"_ _16\"> </span>e  della <span class=\"_ _16\"> </span>comunicazione.  N<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lla rappresentazione <span class=\"_ _5\"></span>integrata <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>aziendali <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>fini <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>denziali <span class=\"_ _5\"></span>tale <span class=\"_ _6\"></span>tipologia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>considerata, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>specifici aspetti, tra i rischi op<span class=\"_ _0\"></span>erativi, reputazionali e <span class=\"_ _0\"></span>strategici.  Il rischio ICT compr<span class=\"_ _0\"></span>ende:  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _1d\"> </span>rischio  cyber <span class=\"_ _1d\"> </span>(ivi  compreso  il <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>di  sicurezza  informatica):<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>rischio  di <span class=\"_ _1d\"> </span>incorrere  in<span class=\"_ _3\"></span>  perdite <span class=\"_ _1d\"> </span>economiche,  di </span>reputazione e di quote <span class=\"_ _0\"></span>di mercato dovuto a: o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque  a<span class=\"_ _0\"></span>ccesso <span class=\"_ _16\"> </span>o  t<span class=\"_ _0\"></span>entativo <span class=\"_ _16\"> </span>di  ac<span class=\"_ _0\"></span>cesso  n<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>autorizzato <span class=\"_ _16\"> </span>al  sist<span class=\"_ _0\"></span>ema  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>formativo <span class=\"_ _7\"> </span>del<span class=\"_ _3\"></span>  G<span class=\"_ _35\"></span>ruppo  o <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>dati  e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>le </span>informazioni digitali i<span class=\"_ _0\"></span>vi contenuti; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>qualunque <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>vento <span class=\"_ _2\"></span>(doloso <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>involontario) <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span><span class=\"ff4\">avorito <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>causato <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019uso <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>tecnologia <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>essa <span class=\"_ _3\"></span>connesso <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>o </span></span>potrebbe <span class=\"_ _4\"> </span>avere <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>impatto <span class=\"_ _4\"> </span>negativo <span class=\"_ _4\"> </span>sull\u2019integrit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>disponibilit\u00e0, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riservatezza <span class=\"_ _4\"> </span>e/o <span class=\"_ _4\"> </span>l\u2019autenticit\u00e0 <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>dati <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>delle informazioni azienda<span class=\"_ _0\"></span>li, ovvero sulla co<span class=\"_ _0\"></span>ntinuit\u00e0 dei processi a<span class=\"_ _0\"></span>zi<span class=\"_ _3\"></span>endali; o<span class=\"ff1\"> <span class=\"_ _3c\"> </span>uso e/o diffusione impropri di<span class=\"_ _0\"></span> dati e informazio<span class=\"_ _0\"></span>ni digitali, anche n<span class=\"_ _0\"></span>on direttamente prodotti <span class=\"_ _0\"></span>e gestiti dal Gruppo ISP;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>tecnologico: <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>incorrere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>perdite <span class=\"_ _2\"></span>economiche, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>reputazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>quote <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>relazione </span>all<span class=\"ff4\">\u2019utilizzo del sistema i<span class=\"_ _0\"></span>nformativo aziendal<span class=\"_ _0\"></span>e e connesso a malfu<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>zionamento di hardw<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>re, software e reti<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Processo di Gestione de<span class=\"_ _0\"></span>i Rischi Operativi di Grupp<span class=\"_ _0\"></span>o Il processo di gestio<span class=\"_ _0\"></span>ne dei rischi operativ<span class=\"_ _0\"></span>i del Gruppo Intesa Sa<span class=\"_ _0\"></span>npaolo si articola <span class=\"_ _0\"></span>nelle <span class=\"_ _2\"></span>seguenti fasi:<span class=\"_ _0\"></span> Identificazione La <span class=\"_ _17\"> </span>fase <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>identificazione <span class=\"_ _17\"> </span>comprende <span class=\"_ _17\"> </span>le <span class=\"_ _17\"> </span>attivit\u00e0 <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>raccolta <span class=\"_ _1d\"> </span>e <span class=\"_ _18\"> </span>classificazione <span class=\"_ _1d\"> </span>delle <span class=\"_ _17\"> </span>informazioni <span class=\"_ _17\"> </span>quali<span class=\"_ _5\"></span>-quantitative<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>che consentono di indi<span class=\"_ _0\"></span>viduare e descrivere l<span class=\"_ _0\"></span>e potenziali aree di ri<span class=\"_ _0\"></span>schio operativo del Gr<span class=\"_ _0\"></span>uppo. In <span class=\"_ _3\"></span>particolare, prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"ff4\">raccolta e l\u2019agg<span class=\"_ _0\"></span>iornamento dei dati sugli <span class=\"_ _0\"></span>eventi operativi (L<span class=\"_ _0\"></span>oss Data Collection), d<span class=\"_ _0\"></span>ecentrata sulle Unit<span class=\"_ _0\"></span>\u00e0 Organizzative;<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione dei p<span class=\"_ _0\"></span>rocessi aziendali <span class=\"_ _0\"></span>e delle componenti <span class=\"_ _0\"></span>del sistema informa<span class=\"_ _0\"></span>tivo a maggior ris<span class=\"_ _0\"></span>chio potenzial<span class=\"_ _2\"></span><span class=\"ff1 lsc\">e;<span class=\"ls0\"> </span></span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">la determinazione dell\u2019<span class=\"_ _0\"></span>applicabilit\u00e0 e della<span class=\"_ _0\"></span> rilevanza dei fatt<span class=\"_ _0\"></span>ori di rischio operativo <span class=\"_ _0\"></span>definiti;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019identificazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ei  p<span class=\"_ _0\"></span>rogetti <span class=\"_ _16\"> </span>che  im<span class=\"_ _0\"></span>plicheranno <span class=\"_ _16\"> </span>modifiche <span class=\"_ _16\"> </span>rilevanti <span class=\"_ _16\"> </span>al  sistem<span class=\"_ _0\"></span>a  inf<span class=\"_ _0\"></span>ormativo <span class=\"_ _16\"> </span>o  modifi<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _16\"> </span>a  compon<span class=\"_ _0\"></span>enti </span></span>rilevanti del sistema <span class=\"_ _0\"></span>informativo;<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4 ls11\">l\u2019i</span>ndividuazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>scenari <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>rilevanti, <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>contesto <span class=\"_ _7\"> </span>esterno <span class=\"_ _16\"> </span>(es. <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>esterni <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>perdita, </span>evoluzione regolament<span class=\"_ _0\"></span>are, trend emergenti<span class=\"_ _0\"></span>, strategic e threat i<span class=\"_ _0\"></span>ntelligence);<span class=\"_ _90\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019individuazione e l\u2019a<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>alisi di criticit\u00e0 <span class=\"_ _0\"></span>che interessano le<span class=\"_ _3\"></span><span class=\"ff1\"> aree di o<span class=\"_ _0\"></span>perativit\u00e0 del Gruppo. </span></span></span>Valutazione e misurazi<span class=\"_ _0\"></span>one  La <span class=\"_ _7\"> </span>fase <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>comprende <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>determinazione <span class=\"_ _4\"> </span>quali<span class=\"_ _2\"></span>-<span class=\"ff4\">quantitativa <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>rischi </span>operativi del Gruppo. Essa prevede: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>lo <span class=\"_ _20\"> </span>svolgimento <span class=\"_ _23\"> </span>almeno <span class=\"_ _20\"> </span>annuale <span class=\"_ _20\"> </span>del <span class=\"_ _29\"> </span>processo <span class=\"_ _20\"> </span>di <span class=\"_ _20\"> </span>auto-<span class=\"ff4\">valutazione <span class=\"_ _20\"> </span>dell\u2019esposizione <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>rischio <span class=\"_ _20\"> </span>operativo <span class=\"_ _20\"> </span>e <span class=\"_ _23\"> </span>ICT </span></span>(Autodiagnosi); \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019esecuzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>preventive <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>ICT <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>accordi <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>terze <span class=\"_ _2\"></span>parti <span class=\"_ _2\"></span>(es.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>esternalizzazione <span class=\"_ _2\"></span>di </span></span>attivit\u00e0), <span class=\"_ _3\"></span>operazioni di <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>iniziative <span class=\"_ _2\"></span>progettuali, introduzione <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>revisione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>nuovi <span class=\"_ _3\"></span>prodotti e <span class=\"_ _2\"></span>servizi, avvio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove<span class=\"_ _0\"></span> attivit\u00e0 e ingresso in <span class=\"_ _0\"></span>nuovi mercati; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la definizione della ril<span class=\"_ _0\"></span>evanza delle criticit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> individuate; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la <span class=\"_ _2\"></span>trasformazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _5\"></span>raccolte <span class=\"_ _3\"></span>(es<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>dati <span class=\"_ _2\"></span>interni <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ster<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>perdita <span class=\"_ _2\"></span>operativa, <span class=\"_ _5\"></span>livelli <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span>rischio, probabilit\u00e0 e <span class=\"_ _0\"></span>impatto in caso di reali<span class=\"_ _0\"></span>zzazione degli sc<span class=\"_ _0\"></span>enari di rischio) in m<span class=\"_ _0\"></span>isure sintetiche di risc<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>io;<span class=\"_ _2\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>la determinazione del capital<span class=\"_ _0\"></span>e economico e regolamentare medi<span class=\"_ _0\"></span>ante il modello inte<span class=\"_ _3\"></span>rno e i metodi semplificati definiti dalla<span class=\"_ _35\"></span> </span>normativa vigente. Monitoraggio e controll<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span>La fase di monitor<span class=\"_ _0\"></span>aggio ha l\u2019obiettivo di a<span class=\"_ _0\"></span>nalizzare e controlla<span class=\"_ _0\"></span>re nel continuo: <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>basandosi <span class=\"_ _2\"></span>sull\u2019organizzazione <span class=\"_ _3\"></span>strutturata dei <span class=\"_ _2\"></span>risultati ottenuti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>attivit\u00e0 </span></span>di <span class=\"_ _4\"> </span>identificazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>valutazione <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>misurazione <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>sull\u2019osservazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>rappresentino <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>buona <span class=\"_ _6\"> </span>proxy dell\u2019esposizione ai ri<span class=\"_ _0\"></span>schi operativi (es. limit<span class=\"_ _0\"></span>i, early warning e <span class=\"_ _0\"></span>in<span class=\"_ _3\"></span><span class=\"ff1\">dicatori definiti in ambito RA<span class=\"_ _0\"></span>F); </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">l\u2019evoluzione del <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>insito <span class=\"_ _3\"></span>nell\u2019adozione di <span class=\"_ _3\"></span>nuove <span class=\"_ _2\"></span>tecnologie o <span class=\"_ _3\"></span>nell\u2019implementazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modifiche rilevanti <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span></span><span class=\"ls13\">i </span></span>sistemi preesistenti.  Mitigazione La <span class=\"_ _3\"></span>fase <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>mitigazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finalizzate <span class=\"_ _3\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">contenimento <span class=\"_ _3\"></span>dell\u2019esposizione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _3\"></span>operativi, <span class=\"_ _3\"></span>definite <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base </span>di quanto emerso in <span class=\"_ _0\"></span>sede di identificazione, mis<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>razione, valuta<span class=\"_ _0\"></span>zione e monitoraggio. Es<span class=\"_ _0\"></span>sa prevede:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019individuazion<span class=\"_ _0\"></span>e, <span class=\"_ _16\"> </span>definizione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>attuazione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>correttive <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>c.d. <span class=\"_ _16\"> </span>azioni <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">itigazione) <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ecessarie <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>colmare <span class=\"_ _16\"> </span>le </span></span></span>carenze di presidio rile<span class=\"_ _0\"></span>vate o a ricondurre l<span class=\"_ _0\"></span>a rilevanza delle criti<span class=\"_ _0\"></span>cit\u00e0 individuate entro<span class=\"_ _0\"></span> la tolleranza definit<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>;<span class=\"_ _2\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">la promozione di<span class=\"_ _0\"></span> iniziative finalizzate al<span class=\"_ _0\"></span>la diffusione della <span class=\"_ _0\"></span>cultura del rischio o<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>erativo all\u2019interno <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span><span class=\"ff1\">el Gruppo; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la definizione delle strategie di trasferimento dei rischi operativi, in <span class=\"_ _3\"></span>termini di ottimizzazione delle coperture assicurati<span class=\"_ _2\"></span>ve e </span>delle altre eventuali f<span class=\"_ _0\"></span>orme di trasferim<span class=\"_ _0\"></span>ento del rischio tem<span class=\"_ _0\"></span>po per tempo adottat<span class=\"_ _0\"></span>e dal Gruppo.<span class=\"_ _3\"></span> A tale <span class=\"_ _3\"></span>riguardo, oltr<span class=\"ff4\">e ad<span class=\"_ _3\"></span> usufruire di un <span class=\"_ _3\"></span>programma assicurativo tradizionale (a tutela <span class=\"_ _3\"></span>da illeciti come <span class=\"_ _3\"></span>l\u2019infedelt\u00e0 dei dipendenti,<span class=\"_ _0\"></span> </span>furto <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>danneggiamenti, <span class=\"_ _20\"> </span>trasporto <span class=\"_ _20\"> </span>valori, <span class=\"_ _20\"> </span>frode <span class=\"_ _20\"> </span>informatica, <span class=\"_ _20\"> </span>falsificazione, <span class=\"_ _20\"> </span>cyber, <span class=\"_ _20\"> </span>incendio <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>terremoto <span class=\"_ _20\"> </span>nonch\u00e9 <span class=\"_ _23\"> </span>da<span class=\"_ _0\"></span> responsabilit\u00e0 civile verso terzi), il Gruppo ha stipulato, nel rispetto dei requisiti stabiliti dalla normativa e per fruire dei benefici<span class=\"_ _0\"></span> patrimoniali <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>stessa <span class=\"_ _2\"></span>previsti, <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>polizza <span class=\"_ _2\"></span>assicurativa <span class=\"_ _2\"></span>denominata <span class=\"_ _3\"></span>Operational <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Insurance <span class=\"_ _2\"></span>Programme <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>offre <span class=\"_ _2\"></span>una copertura <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>hoc <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Societ\u00e0 <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>AMA, <span class=\"_ _3\"></span>elevando <span class=\"_ _3\"></span>sensibilmente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>massimali <span class=\"_ _3\"></span>coperti, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>trasferimento <span class=\"_ _3\"></span>al mercato assicurativo d<span class=\"_ _0\"></span>el rischio derivante <span class=\"_ _0\"></span>da perdite operative ril<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>vanti. <span class=\"_ _3\"></span> Inoltre, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguarda <span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>infrastrutture <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contenere <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fenomeni <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>eventi<span class=\"_ _0\"></span> ambientali <span class=\"_ _6\"></span>catastrofici, <span class=\"_ _6\"></span>situazioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>crisi <span class=\"_ _6\"></span>internazionali, <span class=\"_ _6\"></span>manifestazio<span class=\"_ _0\"></span>ni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>protesta <span class=\"_ _6\"></span>sociale, <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>pu\u00f2 <span class=\"_ _6\"></span>attivare <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie soluzioni di continuit<span class=\"_ _0\"></span>\u00e0 operativa.  Comunicazione La <span class=\"_ _3\"></span>fase <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>comunicazione <span class=\"_ _3\"></span>comprende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>redisposizio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>idonei <span class=\"_ _3\"></span>flussi <span class=\"_ _3\"></span>informativi <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>gestione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>operativi, volti a fornire inform<span class=\"_ _0\"></span>azioni utili, ad esempio,<span class=\"_ _0\"></span> per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019analisi e la com<span class=\"_ _0\"></span>prensione delle eventu<span class=\"_ _0\"></span>ali dinamiche sott<span class=\"_ _0\"></span>ostanti l\u2019evoluzione del <span class=\"_ _3\"></span><span class=\"ff1\">livello di esposi<span class=\"_ _0\"></span>zione ai rischi operativ<span class=\"_ _0\"></span>i; </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _3c\"> </span><span class=\"ff4 fs0\">l\u2019analisi e l<span class=\"_ _0\"></span>a comprensione dell<span class=\"_ _0\"></span>e principali criticit\u00e0 ri<span class=\"_ _0\"></span>levate; <span class=\"_ _3\"></span><span class=\"ff1 fs12\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"fc0\">la definizione del<span class=\"_ _0\"></span>le azioni di miti<span class=\"_ _0\"></span>gazione e delle priorit\u00e0<span class=\"_ _0\"></span> di intervento.<span class=\"_ _3\"></span><span class=\"fs12\"> </span><span class=\"ff5 fc2\"> </span></span></span>Autodiagnosi L\u2019autodiagnosi <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>qual<span class=\"_ _3\"></span><span class=\"ff1\">e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>Unit\u00e0 <span class=\"_ _2\"></span>Organizzative <span class=\"_ _2\"></span>identificano <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>proprio <span class=\"_ _5\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esposizione <span class=\"_ _2\"></span>al </span>rischio operativo e ICT<span class=\"_ _0\"></span>. Essa comprende <span class=\"ff4\">l\u2019Operational Ris<span class=\"_ _0\"></span>k Assessment e l\u2019ICT Ri<span class=\"_ _0\"></span>sk Assessment, a loro v<span class=\"_ _0\"></span>olta costituiti da:<span class=\"ff1\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Valutazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Contesto <span class=\"_ _6\"></span>Operativo <span class=\"_ _4\"></span>(VCO): <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>tramite<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>vengono <span class=\"_ _4\"></span>identificati <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>Fattori <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Rischio <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ilevanti <span class=\"_ _5\"></span>e </span>viene valutato il relati<span class=\"_ _0\"></span>vo livello di pre<span class=\"_ _0\"></span>sidio<span class=\"_ _90\"> </span>107<span class=\"_ _90\"> </span>. \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>Analisi <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>Scenario <span class=\"_ _17\"> </span>(AS): <span class=\"_ _17\"> </span>metodologia <span class=\"_ _17\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _17\"> </span>analisi <span class=\"_ _17\"> </span>prospettica <span class=\"_ _17\"> </span>che <span class=\"_ _18\"> </span>trova <span class=\"_ _17\"> </span>declinazione <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>un <span class=\"_ _17\"> </span>processo <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>istematico,<span class=\"_ _35\"></span> </span>tipicamente <span class=\"_ _5\"></span>ripetuto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span><span class=\"ff4\">cadenza <span class=\"_ _5\"></span>predefinita <span class=\"_ _5\"></span>ma <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _6\"></span>essere <span class=\"_ _2\"></span>condotto <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>hoc, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>consiste <span class=\"_ _5\"></span>nell\u2019ipotizzare <span class=\"_ _5\"></span>il </span>verificarsi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ituazioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>articolari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scenari) <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>prevederne <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>conseguenze. <span class=\"_ _2\"></span>Una <span class=\"_ _5\"></span>volta <span class=\"_ _2\"></span>identificati <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>opportunamente caratterizzati, <span class=\"_ _6\"></span>gli <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>debbono <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>valutati: <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>isogna <span class=\"_ _6\"></span>cio\u00e8 <span class=\"_ _4\"></span>determinare <span class=\"_ _6\"></span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento <span class=\"_ _6\"></span>(frequenza) <span class=\"_ _6\"></span>e impatto <span class=\"_ _6\"></span>potenziale <span class=\"_ _6\"></span>(impatto <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>peggiore), <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>accadimento, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>situazione <span class=\"_ _6\"></span>descritta <span class=\"_ _6\"></span>dallo <span class=\"_ _6\"></span>scenario medesimo.  107<span class=\"_ _90\"> </span>La <span class=\"_ _3\"></span>valutazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>applicabilit<span class=\"_ _3\"></span>\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rileva<span class=\"_ _3\"></span>nza <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Fattori <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>vien<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffettuata, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>erne <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>ICT <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>rte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>funzioni <span class=\"_ _2\"></span>tecnich<span class=\"_ _3\"></span>e, delle  fu<span class=\"_ _0\"></span>nzioni  di <span class=\"_ _4\"> </span>cybe<span class=\"_ _3\"></span>rsecurity  e <span class=\"_ _4\"> </span>dell<span class=\"_ _3\"></span>e  funzioni <span class=\"_ _4\"> </span>di  continuit\u00e0  operativa, <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er  quanto <span class=\"_ _4\"> </span>conce<span class=\"_ _3\"></span>rne <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>rischio  operativo  d<span class=\"_ _0\"></span>alle  funzioni<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>O<span class=\"_ _3\"></span>perational  Risk Management Dec<span class=\"_ _3\"></span>entrato.<span class=\"fs0\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-667.7453px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">Modello interno per la m<span class=\"_ _0\"></span>isurazione del ris<span class=\"_ _0\"></span>chio operativo </div><div class=\"t m0 x0 h32 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>modello <span class=\"_ _2\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>calcolo <span class=\"_ _2\"></span>dell\u2019assorbimento <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>concepito <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>modo <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>combinare </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">tutte le principali fonti <span class=\"_ _3\"></span>informative sia di tipo <span class=\"_ _3\"></span>quantitativo (perdite operative: eventi interni ed esterni, stime deriv<span class=\"_ _5\"></span><span class=\"ff4\">anti da<span class=\"_ _3\"></span>ll\u2019Analisi<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">di Scenario) che q<span class=\"_ _0\"></span>ualitativo (Valutazio<span class=\"_ _0\"></span>ne del Contesto O<span class=\"_ _0\"></span>perativo).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>quindi <span class=\"_ _2\"></span>individuato <span class=\"_ _3\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>minima, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _2\"></span>necessaria <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massima<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">perdita <span class=\"_ _3\"></span>potenziale; \u00e8 <span class=\"_ _2\"></span>stimato <span class=\"_ _3\"></span>utilizzando un <span class=\"_ _5\"></span>modello di <span class=\"_ _3\"></span>Loss <span class=\"_ _2\"></span>Distribution <span class=\"_ _3\"></span>Approach (modello <span class=\"_ _3\"></span>statistico <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>derivazione a<span class=\"_ _3\"></span>ttuarial<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>operative), <span class=\"_ _3\"></span>applicato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>storici <span class=\"_ _2\"></span>sia <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>risultati <span class=\"_ _3\"></span>dell\u2019analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sce<span class=\"_ _5\"></span><span class=\"ff1\">nario <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">orizzonte <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>anno, <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">un <span class=\"_ _2\"></span>intervallo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>99,90%. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>prevede <span class=\"_ _3\"></span>inoltre <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">un <span class=\"_ _6\"></span>fattore <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>correzione, <span class=\"_ _4\"></span>derivant<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>analisi <span class=\"_ _4\"></span>qualitative<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>contesto <span class=\"_ _6\"></span>operativo <span class=\"_ _6\"></span>(VCO), <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tenere <span class=\"_ _6\"></span>cont<span class=\"_ _5\"></span><span class=\"lsc\">o </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019efficacia dei cont<span class=\"_ _0\"></span>rolli interni ne<span class=\"ff1\">lle varie Unit\u00e0 Organiz<span class=\"_ _0\"></span>zative. </span></div><div class=\"t m0 x0 h32 y68 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>componente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mitigazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>modello <span class=\"_ _3\"></span>interno <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>autorizzata <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2013 </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">e ha esplicato i su<span class=\"_ _0\"></span>oi benefici gestionali e <span class=\"_ _0\"></span>sul requisito patrimo<span class=\"_ _0\"></span>niale con pari decorre<span class=\"_ _0\"></span>nza.<span class=\"_ _2\"></span>  </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y6b ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti dalla pandem<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>a COVID-<span class=\"lsc\">19</span> </div><div class=\"t m0 x0 h32 y6c ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2022, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>gole <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>adottate <span class=\"_ _4\"> </span>sin <span class=\"_ _4\"> </span>dall\u2019inizio <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a, <span class=\"_ _7\"> </span>volte <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>garantire <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>continuit\u00e0 </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019operativit\u00e0 <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>salvaguardia <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>salute <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>clienti, <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>fornitori, <span class=\"_ _3\"></span>so<span class=\"_ _5\"></span><span class=\"ff1\">no <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostantemente <span class=\"_ _3\"></span>rivalutate <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">aggiornate in base al<span class=\"_ _0\"></span>l\u2019evoluzione della<span class=\"_ _0\"></span> situazione sanitaria <span class=\"_ _0\"></span>e alle prescrizi<span class=\"_ _0\"></span>oni normative.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Dal punto di vista <span class=\"_ _0\"></span>dei rischi operativi, non s<span class=\"_ _0\"></span>i segnalano ulterio<span class=\"_ _0\"></span>ri impatti specific<span class=\"_ _0\"></span>atamente dovuti alla p<span class=\"_ _0\"></span>andemia. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y71 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>concerne <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>operativi, <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>conflitto <span class=\"_ _3\"></span>russo<span class=\"_ _2\"></span>-ucraino <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>taluni <span class=\"_ _2\"></span>interventi <span class=\"_ _2\"></span>messi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>al </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">fine di <span class=\"_ _3\"></span>garantire la <span class=\"_ _3\"></span>continuit\u00e0 operativa del <span class=\"_ _3\"></span>Gruppo, in <span class=\"_ _3\"></span>particolare gli <span class=\"_ _3\"></span>ext<span class=\"_ _3\"></span><span class=\"ls24\">ra</span>-<span class=\"ff4\">costi sostenuti <span class=\"_ _3\"></span>per l<span class=\"_ _3\"></span>\u2019ambito Business Continuity e <span class=\"_ _3\"></span>le </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">perdite <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>danni <span class=\"_ _4\"></span>fisici <span class=\"_ _6\"></span>direttamente <span class=\"_ _4\"></span>cagionati <span class=\"_ _6\"></span>alle <span class=\"_ _4\"></span>sedi/filiali <span class=\"_ _6\"></span>situati <span class=\"_ _4\"> </span>nella <span class=\"_ _4\"></span>zona <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>conflitto. <span class=\"_ _4\"></span>Tali <span class=\"_ _6\"></span>informazion<span class=\"_ _5\"></span>i <span class=\"_ _4\"></span>sono </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">utilizzate ai fini del m<span class=\"_ _0\"></span>onitoraggio dell\u2019esp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>sizione al rischio <span class=\"_ _0\"></span>ope<span class=\"_ _3\"></span><span class=\"ff1\">rativo, incluso quello riferit<span class=\"_ _0\"></span>o al Risk Appetite Fram<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>work.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y10b7 ff5 fs6 fc2 sc0 ls0 ws0\"> <span class=\"_ _2f\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-504.86682px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>requisito <span class=\"_ _5\"></span>patrimoniale, <span class=\"_ _2\"></span>il <span class=\"_ _6\"></span>Gruppo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>dotta <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>combinazione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Metodi <span class=\"_ _5\"></span>(AMA, <span class=\"_ _5\"></span>TSA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>BIA) <span class=\"_ _5\"></span>previsti </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc0 sc0 ls0 ws0\">dalla normativa. </div><div class=\"t m0 x0 h24 ycb0 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019assorbimento  pat<span class=\"ff1\">rimoniale  cos\u00ec  ottenuto  \u00e8<span class=\"_ _3\"></span>  di <span class=\"_ _1d\"> </span>2.039  milioni<span class=\"ff5\"> <span class=\"_ _1d\"> </span></span>al  31<span class=\"_ _3\"></span>  dicembre  2022,  sostanzialmente  stabile  rispetto <span class=\"_ _1d\"> </span>ai </span></div><div class=\"t m0 x0 h2 yd36 ff1 fs0 fc0 sc0 ls0 ws0\">2.024 milioni del 31 dicembr<span class=\"_ _0\"></span>e 2021. </div><div class=\"t m0 x0 h2 yd37 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y49d ff1 fs0 fc0 sc0 ls0 ws0\">Di <span class=\"_ _4\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _4\"></span>si <span class=\"_ _4\"> </span>illustra <span class=\"_ _7\"> </span>la <span class=\"_ _4\"></span>ripartizione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>requisito <span class=\"_ _4\"> </span>patrimoniale <span class=\"_ _4\"> </span>relativo <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Metodo <span class=\"_ _4\"> </span>Avanzato <span class=\"_ _4\"> </span>ripartito <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>tipologia <span class=\"_ _4\"> </span>d<span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>evento </div><div class=\"t m0 x0 h2 y49e ff1 fs0 fc0 sc0 ls0 ws0\">operativo. </div><div class=\"t m0 x0 h13e y75f ff9 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x83 h24 y25b ff5 fs0 fc2 sc0 ls0 ws0\">Ripartizione del Requi<span class=\"_ _0\"></span>sito Patrimoniale (Metod<span class=\"_ _0\"></span>o Avanzato <span class=\"ff6\">\u2013</span> AMA) per tipologia di evento o<span class=\"_ _35\"></span>perativo<span class=\"_ _3\"></span> </div><div class=\"t m0 xcd h24 y25c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x50 h24 y5c7 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h24 ycfb ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y782 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento alle <span class=\"_ _3\"></span>fonti di <span class=\"_ _3\"></span>manifestazione del rischio operativo, viene d<span class=\"_ _3\"></span>i seguito fornita una<span class=\"_ _3\"></span> rappresentazione grafica rel<span class=\"_ _5\"></span>ativa </div><div class=\"t m0 x0 h2 y222 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019impatto delle perd<span class=\"_ _0\"></span>ite contabilizzate <span class=\"_ _0\"></span>nel corso dell\u2019esercizio<span class=\"_ _0\"></span> in base alla tip<span class=\"_ _0\"></span>ologia di evento. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y168a ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tipo<span class=\"_ _3\"></span>logia <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>evento <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _6\"></span>significativa <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _4\"> </span><span class=\"ff2\">Clienti, <span class=\"_ _5\"></span>Prodotti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Prassi <span class=\"_ _5\"></span>Operative <span class=\"_ _6\"></span></span>che <span class=\"_ _6\"></span>include <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>perdite </div><div class=\"t m0 x0 h2 y1183 ff1 fs0 fc0 sc0 ls0 ws0\">connesse <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>inadempienze <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>obblighi <span class=\"_ _4\"> </span>professionali <span class=\"_ _4\"> </span>verso <span class=\"_ _4\"> </span>clienti, <span class=\"_ _4\"> </span>fornitori <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>outsourcer <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>prestazioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>servizi <span class=\"_ _4\"></span>e </div><div class=\"t m0 x0 h2 y1138 ff1 fs0 fc0 sc0 ls0 ws0\">fornitura di prodotti a<span class=\"_ _0\"></span>lla clientela eseguite in modo im<span class=\"_ _0\"></span>proprio o neglig<span class=\"_ _0\"></span>ente.<span class=\"_ _3\"></span> </div><div class=\"t m0 xcd h24 y154 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x184 h24 yb0f ff5 fs0 fc2 sc0 ls0 ws0\">Ripartizione delle perd<span class=\"_ _0\"></span>ite operative contabilizzate<span class=\"_ _0\"></span> nel 2022, sudd<span class=\"_ _0\"></span>ivise per tipologia di eve<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span> </div><div class=\"t m0 xcd h24 y18c6 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x1a7 he y172c ff5 fs6 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y3ab ff5 fs6 fc2 sc0 ls0 ws0\"> <span class=\"_ _2f\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">RISCHI LEGALI<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _7\"> </span>3<span class=\"_ _3\"></span>1 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>risultavano <span class=\"_ _7\"> </span>pendenti <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>livello <span class=\"_ _7\"> </span>di  G<span class=\"_ _35\"></span>ruppo <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>con  e<span class=\"_ _0\"></span>sclusione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risanamento  S<span class=\"_ _0\"></span>.p.A. <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>soggetta <span class=\"_ _7\"> </span>a </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc0 sc0 ls0 ws0\">direzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>coordinamento <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>parte <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>circa <span class=\"_ _6\"></span>37.400 <span class=\"_ _4\"></span>vertenze, <span class=\"_ _6\"></span>diverse <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>quelle <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>tipo <span class=\"_ _6\"></span>fiscale, <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>un </div><div class=\"t m0 x0 h2 ycb0 ff1 fs0 fc0 sc0 ls0 ws0\">petitum<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x128 h33 y179a ff1 fs11 fc0 sc0 ls1a ws0\">108</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x1b3 h2 ycb0 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"ff4\">co<span class=\"_ _3\"></span>mplessivo di circa 3.850 milioni. Tale importo compre<span class=\"_ _0\"></span>nde l\u2019insieme delle vertenze per le quali il<span class=\"_ _5\"></span><span class=\"ff1\"> rischio di esborso </span></span></div><div class=\"t m0 x0 h2 yd36 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>risorse <span class=\"_ _3\"></span>economiche derivante <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>potenziale soccombenza <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>valutato <span class=\"_ _3\"></span>possibile <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>quindi, n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>include le<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 yd37 ff4 fs0 fc0 sc0 ls0 ws0\">vertenze <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>quali <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _6\"> </span>valutato <span class=\"_ _6\"> </span>remoto. <span class=\"_ _4\"> </span>Nell\u2019ambito <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>suddette <span class=\"_ _6\"> </span>vertenze <span class=\"_ _6\"> </span>rilevano <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>umeric<span class=\"_ _2\"></span><span class=\"ff1\">amente <span class=\"_ _6\"></span>alcuni </span></div><div class=\"t m0 x0 h32 y49d ff4 fs0 fc0 sc0 ls0 ws0\">contenziosi <span class=\"_ _4\"> </span>seriali <span class=\"_ _4\"> </span>presenti <span class=\"_ _6\"> </span>presso <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>estere <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>25.600 <span class=\"_ _4\"> </span>controversie) <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>nel<span class=\"_ _3\"></span>l\u2019insieme <span class=\"_ _6\"> </span>rappresentano <span class=\"_ _4\"> </span>un </div><div class=\"t m0 x0 h2 y49e ff1 fs0 fc0 sc0 ls0 ws0\">petitum molto contenut<span class=\"_ _0\"></span>o. </div><div class=\"t m0 x0 h2 y49f ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>alle <span class=\"_ _2\"></span>suddette <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>stati <span class=\"_ _5\"></span>oggetto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>pecifica <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>attenta <span class=\"_ _2\"></span>analisi <span class=\"_ _5\"></span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x0 h2 y4a0 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Gruppo. <span class=\"_ _6\"></span>In <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>quali <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>stima <span class=\"_ _4\"></span>sussista <span class=\"_ _6\"></span>una <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>esborso <span class=\"_ _4\"> </span>superiore <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>50% <span class=\"_ _6\"></span>e </div><div class=\"t m0 x0 h2 y4a1 ff1 fs0 fc0 sc0 ls0 ws0\">qualora <span class=\"_ _16\"> </span>sia  po<span class=\"_ _0\"></span>ssibile <span class=\"_ _16\"> </span>effettuare <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>stima  at<span class=\"_ _0\"></span>tendibile <span class=\"_ _16\"> </span>del  r<span class=\"_ _0\"></span>elativo <span class=\"_ _16\"> </span>ammontare <span class=\"_ _16\"> </span>(c.d. <span class=\"_ _16\"> </span>vertenze <span class=\"_ _16\"> </span>con  ris<span class=\"_ _0\"></span>chio<span class=\"_ _2\"></span>  probabile), <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>\u00e8 </div><div class=\"t m0 x0 h2 y4a2 ff4 fs0 fc0 sc0 ls0 ws0\">provveduto a disporre <span class=\"_ _0\"></span>specifici e congrui acc<span class=\"_ _0\"></span>antonamenti al Fo<span class=\"_ _0\"></span>ndo per Rischi e On<span class=\"_ _0\"></span>eri. Ferma restando l\u2019<span class=\"_ _0\"></span>alea di incertezza <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4a3 ff1 fs0 fc0 sc0 ls0 ws0\">caratterizza <span class=\"_ _6\"></span>ogni <span class=\"_ _4\"></span>contenzioso, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stima <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>obbligazioni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>potrebbero <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>mergere <span class=\"_ _6\"></span>dalle <span class=\"_ _6\"></span>controversie <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>pertan<span class=\"ff4\">to <span class=\"_ _4\"> </span>l\u2019entit\u00e0<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y4a4 ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _5\"></span>accantonamenti <span class=\"_ _2\"></span>eventualmente <span class=\"_ _2\"></span>costituiti <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span><span class=\"ff4\">deriva <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>valutazioni <span class=\"_ _2\"></span>previsionali <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>l\u2019esito <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio. <span class=\"_ _5\"></span>Tali <span class=\"_ _2\"></span>valutazioni </span></div><div class=\"t m0 x0 h2 yac0 ff1 fs0 fc0 sc0 ls0 ws0\">previsionali vengo<span class=\"_ _0\"></span>no in ogni caso effettu<span class=\"_ _0\"></span>ate sulla base di tutt<span class=\"_ _0\"></span>e le informazioni disp<span class=\"_ _0\"></span>onibili al moment<span class=\"_ _0\"></span>o della sti<span class=\"_ _2\"></span>ma.  </div><div class=\"t m0 x0 h2 y45c ff1 fs0 fc0 sc0 ls0 ws0\">Le sole vertenze con <span class=\"_ _3\"></span>rischio probabile sono circa 28.300 con <span class=\"_ _3\"></span>un petitum di 1.<span class=\"_ _3\"></span>788 milioni e accantonamenti per 744 <span class=\"_ _3\"></span>milioni. La<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y45d ff1 fs0 fc0 sc0 ls0 ws0\">componente r<span class=\"_ _3\"></span>iferita <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>risulta pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>5.280 <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>petitum <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>1.433 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y142 ff1 fs0 fc0 sc0 ls0 ws0\">accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>550 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>ambito <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>2.860 <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo,<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y45e ff1 fs0 fc0 sc0 ls0 ws0\">maggiormente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ettagliate <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>seguito. <span class=\"_ _4\"></span>Rispetto <span class=\"_ _4\"></span>ai <span class=\"_ _4\"></span>valori <span class=\"_ _4\"></span>dello <span class=\"_ _4\"> </span>scorso <span class=\"_ _4\"> </span>anno <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>evidenzia <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>diminuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del </div><div class=\"t m0 x0 h2 y45f ff1 fs0 fc0 sc0 ls0 ws0\">petitum. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>riguardato <span class=\"_ _3\"></span>principalmente <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>anatocismo, <span class=\"_ _3\"></span>interessi <span class=\"_ _3\"></span>ultra <span class=\"_ _3\"></span>legali <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>altre </div><div class=\"t m0 x0 h2 y460 ff1 fs0 fc0 sc0 ls0 ws0\">condizioni e le conte<span class=\"_ _0\"></span>stazioni su prodotti <span class=\"_ _0\"></span>bancari.  </div><div class=\"t m0 x0 h2 y461 ff1 fs0 fc0 sc0 ls0 ws0\">Le controversie riferite alle altre controllate italiane risultano circa 700 con un <span class=\"_ _2\"></span>petitum di <span class=\"_ _3\"></span>246 milioni ed accantonamenti per 91 </div><div class=\"t m0 x0 h2 y462 ff1 fs0 fc0 sc0 ls0 ws0\">milioni. Quelle riferite alle controllate estere sono circa 22.300 con un petitum di <span class=\"_ _3\"></span>109 milioni e accantonamenti per 103 mil<span class=\"_ _5\"></span>ioni<span class=\"ls12\">, </span></div><div class=\"t m0 x0 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">sulle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>incide <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _3\"></span>citato <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eriale<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x159 h33 y18c7 ff1 fs11 fc0 sc0 ls1a ws0\">109<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 xd6 h2 y463 ff1 fs0 fc0 sc0 ls0 ws0\">: <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>19.000 <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>riferite <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>controllat<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y2f5 ff1 fs0 fc0 sc0 ls0 ws0\">Banca Intesa Beograd <span class=\"_ _0\"></span>in relazione a due fil<span class=\"_ _0\"></span>oni di con<span class=\"_ _3\"></span>tenzioso di <span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ui si d\u00e0 evidenza <span class=\"_ _0\"></span>nello specifico <span class=\"_ _0\"></span>paragrafo. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y464 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019articolazione per p<span class=\"_ _3\"></span>rincipali categorie d<span class=\"_ _3\"></span>elle vertenze <span class=\"_ _3\"></span>con ris<span class=\"_ _2\"></span><span class=\"ff1\">chio <span class=\"_ _3\"></span>probabile evidenzia l<span class=\"_ _3\"></span>a prevalenza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fattispecie correlate alla </span></div><div class=\"t m0 x0 h2 y465 ff1 fs0 fc0 sc0 ls0 ws0\">ordinaria attivit\u00e0 bancaria e creditizia de<span class=\"_ _0\"></span>l Gruppo: le vertenze riguardanti co<span class=\"_ _0\"></span>ntestazioni relative ai<span class=\"_ _0\"></span> prodotti e servizi ban<span class=\"_ _5\"></span>cari e di </div><div class=\"t m0 x0 h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">investimento  o  su  posizioni  crediti<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ie  e  revocatorie<span class=\"_ _3\"></span>  fallimentari  rappresentan<span class=\"_ _0\"></span>o  circa  il  74%  del  petitum  e  il  75%  degli<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y467 ff1 fs0 fc0 sc0 ls0 ws0\">accantonamenti. <span class=\"_ _4\"></span>Le <span class=\"_ _4\"></span>restanti <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>rappresentate <span class=\"_ _4\"></span>prevalentemente <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>altri <span class=\"_ _4\"> </span>procedimenti <span class=\"_ _4\"></span>civili <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>amministrativi, <span class=\"_ _4\"></span>da </div><div class=\"t m0 x0 h2 y468 ff1 fs0 fc0 sc0 ls0 ws0\">cause giuslavoristiche <span class=\"_ _0\"></span>o procedimenti di tip<span class=\"_ _0\"></span>o penale o connessi<span class=\"_ _0\"></span> a <span class=\"_ _3\"></span>irregolarit\u00e0 operative. </div><div class=\"t m0 x0 h2 y182 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2ba ff1 fs0 fc0 sc0 ls0 ws0\">Nei para<span class=\"_ _3\"></span>grafi che <span class=\"_ _3\"></span>seguono sono <span class=\"_ _3\"></span>fornite <span class=\"_ _3\"></span>sintetiche informazioni sulle <span class=\"_ _3\"></span>vertenze considerate <span class=\"_ _3\"></span>rilevanti <span class=\"_ _5\"></span>- p<span class=\"_ _3\"></span>rincipalmente quelle con </div><div class=\"t m0 x0 h2 y1e8 ff4 fs0 fc0 sc0 ls0 ws0\">petitum <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uperiore <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>20 <span class=\"_ _5\"></span>milioni <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sborso <span class=\"_ _3\"></span>ritenuto <span class=\"_ _2\"></span>\u2018probabile\u2019 <span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>\u2018possibile\u2019 <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>asistiche <span class=\"_ _3\"></span>considerate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y469 ff1 fs0 fc0 sc0 ls0 ws0\">rilievo. </div><div class=\"t m0 x0 h2 yee7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46a ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in materia d<span class=\"_ _0\"></span>i anatocismo e <span class=\"_ _0\"></span>altre condizioni di cont<span class=\"_ _0\"></span>o/affidamento, no<span class=\"_ _0\"></span>nch\u00e9 in materia di usur<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span><span class=\"ff1 fc0\">  </span></div><div class=\"t m0 x0 h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>questo <span class=\"_ _2\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>rappresenta <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>anni <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>parte <span class=\"_ _2\"></span>rilevante <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contenzioso </div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">civile <span class=\"_ _5\"></span>promosso <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confronti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>sistema <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>it<span class=\"_ _3\"></span>aliano, <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>mostrato <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>riduzione <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>umero <span class=\"_ _5\"></span>assoluto <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>nel </div><div class=\"t m0 x0 h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _16\"> </span>co<span class=\"ff4\">mplessivo <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>domande <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _7\"> </span>all\u2019anno <span class=\"_ _16\"> </span>precedente. <span class=\"_ _7\"> </span>Nel <span class=\"_ _16\"> </span>complesso <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>numero <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>vertenze <span class=\"_ _7\"> </span>inclusivo <span class=\"_ _16\"> </span>delle </span></div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">mediazioni, con <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>probabile <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>2.860. I<span class=\"_ _3\"></span>l pe<span class=\"_ _3\"></span>titum risulta <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>491 <span class=\"_ _3\"></span>milioni con <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>180 <span class=\"_ _3\"></span>mili<span class=\"_ _2\"></span>oni. </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>altre <span class=\"_ _17\"> </span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _17\"> </span>civili, <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>valutazione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>rischio <span class=\"_ _17\"> </span>relativo <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>questo <span class=\"_ _17\"> </span>filone <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>contenzioso <span class=\"_ _17\"> </span>viene <span class=\"_ _17\"> </span>effettuata </div><div class=\"t m0 x0 h32 y470 ff4 fs0 fc0 sc0 ls0 ws0\">analiticamente tenendo conto, per ogni vertenza, <span class=\"_ _3\"></span>delle domande avanzate, delle difese che s<span class=\"_ _3\"></span>ono state svolte, <span class=\"_ _3\"></span>dell\u2019andamento<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">del giudizio e degli or<span class=\"_ _0\"></span>ientamenti della giurisprudenza.<span class=\"_ _0\"></span>  </div><div class=\"t m0 x0 h32 y22a ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _6\"></span>ricorda <span class=\"_ _5\"></span>poi <span class=\"_ _6\"> </span>che <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>2016 <span class=\"_ _6\"></span>l\u2019art. <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>20 <span class=\"_ _6\"></span>TUB, <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>regolamenta <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>capitalizzazione <span class=\"_ _5\"></span>degli <span class=\"_ _6\"> </span>interessi <span class=\"_ _6\"></span>nelle <span class=\"_ _5\"></span>operazioni </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">bancarie, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>modificato <span class=\"_ _2\"></span>stabilendo <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>divieto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>anatocismo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delegando <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>regolare <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>materi<span class=\"_ _5\"></span>a. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>febbraio <span class=\"_ _5\"></span>2017 </div><div class=\"t m0 x0 h32 y1058 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019Autorit\u00e0 Garante della <span class=\"_ _3\"></span>Concorrenza e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Mercato ha <span class=\"_ _3\"></span>avviato nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>Intesa Sanpaolo un <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>presunte </div><div class=\"t m0 x0 h32 y474 ff4 fs0 fc0 sc0 ls0 ws0\">pratiche <span class=\"_ _3\"></span>commerciali scorrette aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto, t<span class=\"_ _3\"></span>ra l\u2019altro, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modalit\u00e0 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>le quali <span class=\"_ _3\"></span>era <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>chiesta a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>clie<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ti l\u2018autorizzazione </div><div class=\"t m0 x0 h2 y475 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019addebito de<span class=\"_ _3\"></span>gli interessi <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>normativa in<span class=\"_ _3\"></span>trodotta nel <span class=\"_ _3\"></span>2016. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2017 <span class=\"_ _3\"></span>l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>concl<span class=\"_ _5\"></span><span class=\"ff1\">uso </span></div><div class=\"t m0 x0 h2 y476 ff4 fs0 fc0 sc0 ls0 ws0\">il <span class=\"_ _1c\"> </span>procedim<span class=\"_ _0\"></span>ento <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>che <span class=\"_ _1c\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>avrebbe <span class=\"_ _18\"> </span>attuato <span class=\"_ _1c\"> </span>una <span class=\"_ _18\"> </span>politica <span class=\"_ _1c\"> </span>\u201caggressiva<span class=\"_ _0\"></span>\u201d <span class=\"_ _1c\"> </span>finalizzata <span class=\"_ _18\"> </span>all\u2019ac<span class=\"_ _2\"></span><span class=\"ff1\">quisizione </span></div><div class=\"t m0 x0 h32 y477 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019autorizzazione, <span class=\"_ _4\"> </span>sollecitando <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>concederla <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>mezzi <span class=\"_ _4\"> </span>comunicativi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>metterli <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>di </div><div class=\"t m0 x0 h2 y478 ff1 fs0 fc0 sc0 ls0 ws0\">considerare <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onseguenze <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>celta <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>conteggio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ugli <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>debitori <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitalizzati. <span class=\"_ _2\"></span>Al<span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>luce <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y479 ff4 fs0 fc0 sc0 ls0 ws0\">ci\u00f2, l\u2019Autorit\u00e0 ha <span class=\"_ _3\"></span>stabilito una <span class=\"_ _3\"></span>sanzione a <span class=\"_ _3\"></span>carico di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo di 2 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>Intesa Sanpaolo ha <span class=\"_ _3\"></span>presentato ricorso d<span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\">anzi </span></div><div class=\"t m0 x0 h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">al  T.A.R.  del <span class=\"_ _16\"> </span>Lazio,  ritenendo <span class=\"_ _16\"> </span>il  provvedimento  infond<span class=\"_ _0\"></span>ato.<span class=\"_ _3\"></span>  Con  sentenza  d<span class=\"_ _0\"></span>el  2  gennaio  202<span class=\"_ _0\"></span>3  il  TAR  ha <span class=\"_ _16\"> </span>confermato  il </div><div class=\"t m0 x0 h2 y47b ff1 fs0 fc0 sc0 ls0 ws0\">provvedimento sanzio<span class=\"_ _0\"></span>natorio e la banca presenter\u00e0 ap<span class=\"_ _0\"></span>pello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  </div><div class=\"t m0 x0 h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y47d ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in materia d<span class=\"_ _0\"></span>i servizi di investime<span class=\"_ _0\"></span>nto<span class=\"_ _3\"></span><span class=\"ff1 fc0\">  </span></div><div class=\"t m0 x0 h32 y47e ff4 fs0 fc0 sc0 ls0 ws0\">Anche  in <span class=\"_ _1d\"> </span>questo  ambito <span class=\"_ _1d\"> </span>le  vertenze <span class=\"_ _1d\"> </span>hanno  mostrato  un <span class=\"_ _1d\"> </span>andamento  in <span class=\"_ _1d\"> </span>numero  assoluto  in <span class=\"_ _1d\"> </span>flessione  rispetto  all\u2019anno </div><div class=\"t m0 x0 h2 y47f ff1 fs0 fc0 sc0 ls10 ws0\">pr<span class=\"ls0\">ecedent<span class=\"_ _0\"></span>e; <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sottogruppo pi\u00f9 <span class=\"_ _3\"></span>significativo \u00e8 <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>vertenze in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di d<span class=\"_ _3\"></span>erivati. Il <span class=\"_ _3\"></span>numero <span class=\"_ _3\"></span>complessivo delle <span class=\"_ _3\"></span>verten<span class=\"_ _5\"></span>ze </span></div><div class=\"t m0 x0 h2 y480 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"> </span>probabile <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>circa <span class=\"_ _4\"></span>350. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>petitum <span class=\"_ _6\"></span>ammonta <span class=\"_ _6\"></span>complessivamente <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>circa </div><div class=\"t m0 x0 h2 y481 ff1 fs0 fc0 sc0 ls0 ws0\">242 milioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>144 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Come <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>altre <span class=\"_ _2\"></span>vertenze <span class=\"_ _2\"></span>civili, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>questo </div><div class=\"t m0 x0 h2 y482 ff1 fs0 fc0 sc0 ls0 ws0\">filone <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>contenzioso <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>effettuata <span class=\"_ _2\"></span>analiticamente t<span class=\"_ _3\"></span>enendo <span class=\"_ _3\"></span>conto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>vertenza, <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>avanzate, <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>difese </div><div class=\"t m0 x0 h2 y483 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span><span class=\"ff4\">state <span class=\"_ _5\"></span>svolte, <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudizio <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>orientamenti <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>giurispr<span class=\"_ _0\"></span>udenza. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rileva <span class=\"_ _5\"></span>inoltre <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 y484 ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _6\"></span>154 <span class=\"_ _6\"></span>controversie <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>142 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ertenze <span class=\"_ _6\"></span>avviate <span class=\"_ _6\"></span>dagli <span class=\"_ _6\"></span>azionisti <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>bbligazionisti <span class=\"_ _5\"></span>subordinat<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y485 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cazzerati\u201d<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>delle <span class=\"_ _4\"> </span>ex <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Marche, <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>Popolare <span class=\"_ _4\"> </span>dell\u2019Etruria <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Lazio <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>Cassa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>della </div><div class=\"t m0 x0 h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\">Provincia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Chieti, <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>possibile. <span class=\"_ _2\"></span>Tali <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>assistiti <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>garanzie <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>obblighi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>manleva <span class=\"_ _3\"></span>ass<span class=\"_ _5\"></span>unti </div><div class=\"t m0 x2d h2 ydb ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y4ac ff1 fsf fc0 sc0 ls1c ws0\">108</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d h1b y4ad ff1 fs9 fc0 sc0 ls0 ws0\"> <span class=\"_ _6\"></span><span class=\"fs4\">I <span class=\"_ _6\"> </span>dati <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>petitum <span class=\"_ _6\"> </span>non <span class=\"_ _4\"> </span>comprendono <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>pretes<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>valor<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>indeter<span class=\"_ _3\"></span><span class=\"ff4\">minato, <span class=\"_ _4\"> </span>vale <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>quelle <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>all\u2019instau<span class=\"_ _3\"></span>rarsi <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>vertenza <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ontengono <span class=\"_ _4\"> </span>una </span></span></div><div class=\"t m0 x0 hb y754 ff1 fs4 fc0 sc0 ls0 ws0\">specifica <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>econom<span class=\"_ _3\"></span>ica; il <span class=\"_ _3\"></span>valor<span class=\"_ _3\"></span>e di <span class=\"_ _3\"></span>queste <span class=\"_ _3\"></span>vertenz<span class=\"_ _3\"></span>e vie<span class=\"_ _3\"></span>ne d<span class=\"_ _3\"></span>eterminato <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>procedim<span class=\"_ _3\"></span>ento allo<span class=\"_ _3\"></span>rch\u00e9 <span class=\"_ _3\"></span>emergon<span class=\"_ _3\"></span>o gl<span class=\"_ _2\"></span>i elem<span class=\"_ _3\"></span>enti <span class=\"_ _3\"></span>sufficienti <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la </div><div class=\"t m0 x0 h2 y911 ff1 fs4 fc0 sc0 ls0 ws0\">valutazione.<span class=\"fs0\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y410 ff1 fsf fc0 sc0 ls1c ws0\">109</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d hb y3a ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>t<span class=\"ff4\">ali <span class=\"_ _5\"></span>fattispecie <span class=\"_ _6\"> </span>gli <span class=\"_ _5\"></span>accanto<span class=\"_ _3\"></span>namenti <span class=\"_ _5\"> </span>evid<span class=\"_ _3\"></span>enziano <span class=\"_ _5\"></span>un\u2019incid<span class=\"_ _3\"></span>enza <span class=\"_ _5\"></span>relativame<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>superior<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"> </span>al <span class=\"_ _5\"> </span>p<span class=\"_ _3\"></span>etitum <span class=\"_ _5\"></span>(determ<span class=\"_ _3\"></span>inato <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>ba<span class=\"_ _3\"></span></span>se <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>richiesta </div><div class=\"t m0 x0 hb y411 ff1 fs4 fc0 sc0 ls0 ws0\">originaria <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>client<span class=\"_ _3\"></span>e) <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>tener <span class=\"_ _6\"></span>conto <span class=\"_ _4\"> </span>degli <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nteressi <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>spese <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>egali <span class=\"_ _6\"></span>da <span class=\"_ _6\"> </span>riconosc<span class=\"_ _3\"></span>ere <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>controp<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>potenziali <span class=\"_ _6\"> </span>ampli<span class=\"_ _3\"></span>amenti <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>ric<span class=\"_ _3\"></span>hiesta </div><div class=\"t m0 x0 hb y27a ff1 fs4 fc0 sc0 ls0 ws0\">originaria avanzati<span class=\"_ _3\"></span> in sede di giudizio<span class=\"_ _3\"></span>.<span class=\"_ _90\"> </span></div></div>dal <span class=\"_ _5\"></span>Venditore <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>Fo<span class=\"ff4\">ndo <span class=\"_ _5\"></span>Nazionale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Risoluzione) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>dell\u2019ex <span class=\"_ _5\"></span>UBI <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>ora <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>coprono, <span class=\"_ _5\"></span>pertanto,<span class=\"_ _0\"></span> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>eventuali <span class=\"_ _6\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>originate <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>svolte <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Banche <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>\u201cOld <span class=\"_ _4\"> </span>Banks\u201d) <span class=\"_ _6\"> </span>prima <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>essere <span class=\"_ _4\"> </span>sottoposte <span class=\"_ _6\"> </span>alla procedura <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>risoluzione, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span><span class=\"ff4\">n <span class=\"_ _6\"></span>relazione, <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>l\u2019altro, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>legale, <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>genere <span class=\"_ _5\"></span>connessi <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>o </span>minacciato, ovvero alle v<span class=\"_ _0\"></span>iolazioni di legg<span class=\"_ _0\"></span>e e alle eventuali passi<span class=\"_ _0\"></span>vit\u00e0 potenziali.<span class=\"_ _3\"></span> Contenzioso in materia d<span class=\"_ _0\"></span>i strumenti finanzi<span class=\"_ _0\"></span>ari derivati<span class=\"ff1 fc0\">  </span>Nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019operativit\u00e0 <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>strumenti <span class=\"_ _6\"></span>derivati, <span class=\"_ _6\"> </span>continuano <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>essere <span class=\"_ _6\"> </span>oggetto <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>un\u2019attenta <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>monitoraggio <span class=\"_ _6\"> </span>i <span class=\"_ _4\"> </span>rischi legali connessi ai proc<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>dimenti g<span class=\"_ _0\"></span>iudiziali con Enti locali, lor<span class=\"_ _0\"></span>o societ\u00e0 controllate<span class=\"_ _0\"></span> e controparti priv<span class=\"_ _0\"></span>ate. <span class=\"_ _2\"></span> In particolare, sono <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>corso contenziosi <span class=\"_ _3\"></span>con 20 <span class=\"_ _3\"></span>Enti territoriali, con <span class=\"_ _3\"></span>rischio possibile o <span class=\"_ _3\"></span>probabile, per p<span class=\"_ _3\"></span>retese complessive pari a <span class=\"_ _3\"></span>142 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>contenziosi con <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>Societ\u00e0 controllate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Enti pubblici, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>complessive pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>66 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>contenzi<span class=\"_ _2\"></span>osi con <span class=\"_ _5\"></span>Privati, <span class=\"_ _2\"></span>valutati <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>probabile, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>197 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>questi <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>43 <span class=\"_ _2\"></span>posizioni <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>anche richieste  di  restituzion<span class=\"_ _0\"></span>e  di  somme  su  altri  rapporti  int<span class=\"_ _0\"></span>rattenuti  con  la  Banca.  Al  nett<span class=\"_ _0\"></span>o  di  tali  ultime  posizioni, <span class=\"_ _16\"> </span>il  valore complessivo delle dom<span class=\"_ _0\"></span>ande formulate nei giudizi aventi ad ogg<span class=\"_ _35\"></span>et<span class=\"_ _3\"></span>to i soli deriv<span class=\"_ _0\"></span>ati ammonta a circa<span class=\"_ _0\"></span> 84 milioni.<span class=\"_ _3\"></span> Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _2\"></span>stipulati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Enti <span class=\"_ _2\"></span>locali, <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>avviate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>6 <span class=\"_ _2\"></span>nuo<span class=\"_ _5\"></span>ve vertenze <span class=\"_ _3\"></span>(Provincia <span class=\"_ _3\"></span>Catanzaro, Provincia <span class=\"_ _3\"></span>Varese, <span class=\"_ _3\"></span>Provincia <span class=\"_ _3\"></span>di Rov<span class=\"_ _3\"></span>igo, <span class=\"_ _3\"></span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Marsciano, Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Soriano del <span class=\"_ _2\"></span>Cimino e Comune di Servigliano<span class=\"_ _0\"></span>) con pretese comples<span class=\"_ _0\"></span>sive per 27 milioni.   Nel medesimo esercizio <span class=\"_ _0\"></span>sono pervenute 4<span class=\"_ _0\"></span> sentenze relative ai<span class=\"_ _0\"></span> seguenti procedimenti<span class=\"_ _0\"></span>:<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Comune <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Faenza: <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>decisione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>1\u00b0 <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _16\"> </span>d\u2019appello <span class=\"_ _4\"> </span>di <span class=\"_ _16\"> </span>Bologna <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>confermato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>nullit\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el<span class=\"_ _0\"></span> </span></span>contratto. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>secuzione<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>primo <span class=\"_ _6\"></span>grado, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>provveduto <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>,8 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>\u00c8 <span class=\"_ _4\"></span>stato<span class=\"_ _0\"></span> proposto ricorso per C<span class=\"_ _0\"></span>assazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di <span class=\"_ _3\"></span>Santa <span class=\"_ _3\"></span>Maria Capua Vetere: <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma, con <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>del 2 <span class=\"_ _3\"></span>marzo <span class=\"_ _3\"></span>2022, ha <span class=\"_ _3\"></span>rigettato la <span class=\"_ _3\"></span>dom<span class=\"_ _2\"></span>anda <span class=\"_ _3\"></span>di </span>nullit\u00e0 <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>derivati, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ormulata <span class=\"_ _5\"></span>dall\u2019Ente <span class=\"_ _2\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ha, <span class=\"_ _6\"></span>invece, <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>accertamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei costi <span class=\"_ _7\"> </span>impliciti <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>comunicati <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>fase <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>stipula <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>condannato <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>1,1 <span class=\"_ _4\"> </span>mil<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _4\"> </span>interessi <span class=\"_ _4\"> </span>e rivalutazione. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune di Vittorio Veneto<span class=\"_ _0\"></span>: il Tribunale di Venezia<span class=\"_ _0\"></span>, con sentenza non definitiva del 29 marz<span class=\"_ _0\"></span>o 2022, ha dichiarato la nullit<span class=\"_ _35\"></span>\u00e0 </span>di <span class=\"_ _5\"></span>due <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>imettendo <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>decisione <span class=\"_ _5\"></span>finale <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>quantificazione <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>restitutori <span class=\"_ _2\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span><span class=\"ls24\">ri</span> <span class=\"_ _2\"></span><span class=\"ls17\">a </span>5,8 milioni.  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Provincia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Pavia: <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>decisione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _2\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>confermato <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contratto.<span class=\"_ _0\"></span> </span>In <span class=\"_ _4\"> </span>esecuzione <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>primo <span class=\"_ _4\"> </span>grado, <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>aveva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>10,1<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>\u00c8 <span class=\"_ _7\"> </span>stato proposto ricorso per C<span class=\"_ _0\"></span>assazione. Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei conte<span class=\"_ _0\"></span>nziosi pi\u00f9 rilevanti co<span class=\"_ _0\"></span>n Enti locali:  <span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Venezia: <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>vertenza <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>regolato <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>ISDA <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>petitum <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>71 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>euro. <span class=\"_ _4\"></span>Con<span class=\"_ _35\"></span> </span>sentenza <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>14 <span class=\"_ _7\"> </span>ottobre <span class=\"_ _7\"> </span>202<span class=\"ff4\">2, <span class=\"_ _7\"> </span>l\u2019High <span class=\"_ _7\"> </span>Court <span class=\"_ _4\"> </span>of <span class=\"_ _7\"> </span>Justice <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>Londra <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>ritenuto <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Comune <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>avesse <span class=\"_ _4\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>potere <span class=\"_ _7\"> </span>di </span>sottoscrivere (\u201ccapacity\u201d) contratti <span class=\"_ _3\"></span>derivati speculativi <span class=\"_ _3\"></span>che co<span class=\"_ _3\"></span>mportav<span class=\"_ _0\"></span>ano <span class=\"_ _3\"></span>indebitamento. Di <span class=\"_ _3\"></span>conseguenz<span class=\"_ _0\"></span>a, h<span class=\"_ _3\"></span>a stabilito <span class=\"_ _3\"></span>che l\u2018Ente <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>differ<span class=\"ff1\">enz<span class=\"_ _3\"></span>iali <span class=\"_ _3\"></span>versati <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nel<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>sola <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>eccedano <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>esborsi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>carico </span>della <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tessa, <span class=\"_ _6\"></span>affrontati <span class=\"_ _6\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>copertura <span class=\"_ _4\"> </span>\"back<span class=\"_ _3\"></span>-<span class=\"ls12\">to</span>-<span class=\"ff4\">back\" <span class=\"_ _4\"> </span>(almeno <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ino <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"> </span>2020, <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>l\u2019Ente <span class=\"_ _6\"> </span>ha </span>contestato <span class=\"_ _1d\"> </span>formalmente <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>validit\u00e0 <span class=\"_ _1d\"> </span>dell\u2019operazione). <span class=\"_ _1d\"> </span>N<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>caso <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>specie, <span class=\"_ _1d\"> </span>l\u2019applicazione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>rincipio <span class=\"_ _1d\"> </span>ridurrebb<span class=\"_ _0\"></span>e significativamente l\u2019ob<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ligo restitutorio nei c<span class=\"_ _0\"></span>onfronti del Comun<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Le parti hanno formaliz<span class=\"_ _0\"></span>zato i motivi di <span class=\"_ _0\"></span>appello entro la scadenz<span class=\"_ _0\"></span>a prevista del 3 fe<span class=\"_ _0\"></span>bbraio 2023. <span class=\"_ _3\"></span> In una successiva udie<span class=\"_ _0\"></span>nza del 6 febbraio 2<span class=\"_ _0\"></span>023 \u00e8 stata accolt<span class=\"_ _0\"></span>a la richiesta di rinvi<span class=\"_ _0\"></span>are all\u2019esito dell\u2019ap<span class=\"_ _0\"></span>pello il momento dell<span class=\"_ _2\"></span><span class=\"ff1 ls10\">a </span>definizione dei rap<span class=\"_ _0\"></span>porti di dare/avere tra l<span class=\"_ _0\"></span>e parti (\u201cconsequent<span class=\"_ _0\"></span>ial hearing\u201d) per eff<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto della sente<span class=\"_ _0\"></span>nza della High Court. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La Banca \u00e8 stata, inoltre,<span class=\"_ _0\"></span> condannata al pag<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mento delle sp<span class=\"_ _0\"></span>ese legali richieste dal<span class=\"_ _0\"></span> Comune nella mi<span class=\"_ _0\"></span>sura del 70% di cui il 35%, pari a circa 2 mili<span class=\"_ _0\"></span>oni di sterline da ver<span class=\"_ _0\"></span>sarsi entro il 20 febbr<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>io. <span class=\"_ _3\"></span> Per <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>guarda <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>secondo <span class=\"_ _3\"></span>giud<span class=\"_ _3\"></span>izio <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Venezia<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dinanzi <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>giudice <span class=\"_ _2\"></span>italiano <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>presunti<span class=\"_ _35\"></span> inadempimenti <span class=\"_ _2\"></span>derivanti <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>mandato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>prestazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ervizi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>investimento<span class=\"_ _0\"></span>, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>issato <span class=\"_ _2\"></span>una<span class=\"_ _0\"></span> nuova <span class=\"_ _3\"></span>udienza <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>giorno <span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2023, <span class=\"_ _5\"></span><span class=\"ff3\">\u201crilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>appare <span class=\"_ _3\"></span>opportuno <span class=\"_ _2\"></span>sen<span class=\"ff2\">tire <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>avere <span class=\"_ _2\"></span>chiarimenti <span class=\"_ _3\"></span>stante <span class=\"_ _3\"></span>la </span></span>probabile definizio<span class=\"_ _0\"></span>ne del giudizio svoltosi in U.K.<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff1\">  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Comune <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Perugia: <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2020 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Comune <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Perugia <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>citazione <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elazione <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>quattro <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tratti <span class=\"_ _3\"></span>derivati </span>stipulati <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>2006, <span class=\"_ _7\"> </span>chiedendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>res<span class=\"_ _3\"></span>tituzione <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>somme <span class=\"_ _4\"> </span>versate, <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>quantificare <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>causa. <span class=\"_ _4\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>ha ammesso una consulenz<span class=\"_ _0\"></span>a tecnica, rinvi<span class=\"_ _0\"></span>ando all\u2019udienza del <span class=\"_ _0\"></span>9 marzo 2023 per l\u2019esam<span class=\"_ _0\"></span>e dell\u2019elaborato perit<span class=\"_ _0\"></span>ale. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>Con <span class=\"_ _7\"> </span>riguardo <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>contratti <span class=\"_ _7\"> </span>stipulati <span class=\"_ _4\"> </span>con <span class=\"_ _16\"> </span>Contr<span class=\"_ _0\"></span>ollate <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Enti <span class=\"_ _7\"> </span>loca<span class=\"_ _3\"></span>li <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _7\"> </span>promossi <span class=\"_ _7\"> </span>nuovi <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontenziosi, <span class=\"_ _4\"> </span>mentre <span class=\"_ _7\"> </span>sono intervenute n.2 senten<span class=\"_ _0\"></span>ze relative ai segu<span class=\"_ _0\"></span>enti procedimenti: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Azienda <span class=\"_ _5\"></span>Socio <span class=\"_ _5\"></span>Sanitaria <span class=\"_ _5\"></span>territoriale <span class=\"_ _2\"></span>Valle <span class=\"_ _6\"></span>Olona: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Busto <span class=\"_ _5\"></span>Arsizio, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>provvedimento <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>6 <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>ha </span>dichiarato la nullit\u00e0 del contratto. In esecu<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione della sentenza, la Banca ha <span class=\"_ _0\"></span>provveduto al pagamento di 1,<span class=\"_ _0\"></span>8 milioni ed ha<span class=\"_ _0\"></span> presentato appello. \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">Aler <span class=\"_ _3\"></span>S.p.A.: con <span class=\"_ _3\"></span>sentenza del <span class=\"_ _3\"></span>1\u00b0 agosto <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>la Corte <span class=\"_ _3\"></span>d\u2019Appello d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Milano ha <span class=\"_ _3\"></span>confermato la <span class=\"_ _3\"></span>nullit\u00e0 del <span class=\"_ _3\"></span>contratto s<span class=\"_ _3\"></span>tipulat<span class=\"_ _0\"></span>o </span></span>con <span class=\"_ _5\"></span>l<span class=\"ff4\">\u2019allora <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>OPI. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>effetto <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>condanna <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>grado, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>provveduto <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span>4,6 <span class=\"ff4\">milioni. Sono in cors<span class=\"_ _0\"></span>o le valutazioni sull\u2019o<span class=\"_ _0\"></span>pportunit\u00e0 di propor<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>e ricorso per Cas<span class=\"_ _0\"></span>sazione.            <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Di seguito, si forni<span class=\"_ _0\"></span>sce una sintesi dei contenziosi pi\u00f9 rilevan<span class=\"_ _0\"></span>ti con Controllate da<span class=\"_ _0\"></span> Enti locali: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Terni <span class=\"_ _6\"></span>Reti <span class=\"_ _6\"></span>Sud <span class=\"_ _4\"></span>S.r.l.<span class=\"ff2 lsd\">: <span class=\"_ _6\"></span></span>il <span class=\"_ _6\"></span>contenzioso <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>contratto <span class=\"_ _5\"></span>der<span class=\"_ _3\"></span>ivato, <span class=\"_ _6\"></span>stipulato <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>agosto <span class=\"_ _6\"></span>2007 <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>ex <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>del<span class=\"_ _3\"></span>le<span class=\"_ _0\"></span> </span>Marche<span class=\"_ _90\"> </span>110 <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Terni <span class=\"_ _6\"></span>Re<span class=\"_ _3\"></span>ti <span class=\"_ _6\"></span>Sud <span class=\"_ _6\"></span>S.r.l., <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>capitale <span class=\"_ _5\"></span>sociale <span class=\"_ _6\"></span>detenuto <span class=\"_ _6\"></span>integralment<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>Comune <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Terni. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>controparte contesta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>nullit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>derivato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>mancata <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omunicazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>MTM <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>degli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>probabilistici <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>violazione <span class=\"_ _5\"></span>degli 110 <span class=\"_ _3\"></span>Si <span class=\"_ _3\"></span>ric<span class=\"_ _3\"></span>orda <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tenziosi <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sistiti <span class=\"_ _3\"></span>dalle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>garanzie<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>obblighi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>manleva <span class=\"_ _2\"></span>assunti<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Ven<span class=\"_ _3\"></span>ditore <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>Fondo <span class=\"_ _3\"></span>Na<span class=\"_ _3\"></span>zionale <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>Ri<span class=\"_ _3\"></span>soluzione) <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>avore <span class=\"_ _3\"></span>di UBI <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>relazi<span class=\"ff4\">one <span class=\"_ _3\"></span>all\u2019<span class=\"_ _3\"></span>acquisizione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>Nuove <span class=\"_ _3\"></span>B<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marc<span class=\"_ _3\"></span>he, <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>dell\u2019Etr<span class=\"_ _3\"></span>uria <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span></span>Lazio <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> Cassa <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Ri<span class=\"_ _3\"></span>sparmio <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>Provinci<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Chieti <span class=\"_ _6\"> </span>e <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>prono, <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ertanto, <span class=\"_ _6\"> </span>anc<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>eventuali <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _6\"> </span>dall<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"> </span>svo<span class=\"_ _3\"></span><span class=\"ff4\">lte <span class=\"_ _4\"> </span>dalle <span class=\"_ _6\"> </span>Ban<span class=\"_ _3\"></span>che <span class=\"_ _6\"> </span>(c.d. <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Old </span>Banks\u201d) <span class=\"_ _3\"></span>prima <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>re s<span class=\"_ _3\"></span>ottoposte <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>procedur<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risoluzione, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazio<span class=\"_ _3\"></span>ne, <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u2019altro, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>natura <span class=\"_ _3\"></span>legale, <span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>genere <span class=\"_ _3\"></span>connessi <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>cont<span class=\"_ _3\"></span>enzioso <span class=\"_ _3\"></span>in </span>essere o minacciat<span class=\"_ _3\"></span>o, ovvero alle viol<span class=\"_ _3\"></span>azioni di le<span class=\"_ _3\"></span>gge e alle eventu<span class=\"_ _3\"></span>ali passivi<span class=\"_ _3\"></span>t\u00e0 potenziali.<span class=\"_ _90\"> </span><span class=\"_ _3\"></span> obblighi <span class=\"_ _7\"> </span>informativi, <span class=\"_ _4\"> </span>formulando <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>richiesta <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>22 <span class=\"_ _16\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>CTU <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>r<span class=\"_ _2\"></span>inviato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>causa <span class=\"_ _7\"> </span>al 13<span class=\"ls0\"> giugno 202<span class=\"_ _35\"></span>3<span class=\"_ _3\"></span>.  </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>EUR <span class=\"_ _3\"></span>S.p.A.<span class=\"_ _3\"></span>: <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>mese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>atto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>citazione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>S.p.<span class=\"_ _3\"></span>A., <span class=\"_ _2\"></span>partecipata <span class=\"_ _3\"></span>dal </span>Ministero <span class=\"_ _2\"></span>dell\u2019Economia <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Finanze <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Roma <span class=\"_ _5\"></span>Capitale. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio, <span class=\"_ _2\"></span>ol<span class=\"_ _5\"></span><span class=\"ff1\">tre <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>ISP, <span class=\"_ _5\"></span>anche<span class=\"_ _0\"></span> </span>altri <span class=\"_ _6\"></span>intermediari <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>derivati <span class=\"_ _6\"></span>regolati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>ISDA <span class=\"_ _6\"></span>stipulati <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>finanziamento <span class=\"_ _5\"></span>concesso <span class=\"_ _4\"> </span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ool. <span class=\"_ _6\"></span>All\u2019udienza<span class=\"_ _0\"></span> dell\u20198 <span class=\"_ _2\"></span>novembre <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>ritenuto <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>matura <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _2\"></span>sull'eccezione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ifetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>giurisd<span class=\"_ _2\"></span><span class=\"ff1\">izione </span>del <span class=\"_ _2\"></span>Giudice <span class=\"_ _5\"></span>italiano <span class=\"_ _2\"></span>sollevata <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>convenute <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>assegnato <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>termini <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>deposito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>memorie <span class=\"_ _2\"></span>conclusionali. <span class=\"_ _2\"></span>La quota di rischio in <span class=\"_ _0\"></span>capo ad Intesa Sanpa<span class=\"_ _0\"></span>olo \u00e8 pari a 22 mili<span class=\"_ _0\"></span>oni.  <span class=\"_ _3\"></span> Con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>privati <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>vertenze <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>riduzione <span class=\"_ _4\"> </span>sia <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>quanto <span class=\"_ _4\"> </span>riguardo <span class=\"_ _4\"></span>lo <span class=\"_ _4\"> </span>stock <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>quanto riguarda il flusso.<span class=\"fc5\"> </span>Contenzioso relativo ai<span class=\"_ _0\"></span> finanziamenti in CHF <span class=\"_ _0\"></span>nei confronti della cont<span class=\"_ _0\"></span>rollata croata Privre<span class=\"_ _0\"></span>dna Banka Zagreb Dd<span class=\"_ _3\"></span> Come <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>precedenti<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>bilanci, <span class=\"_ _16\"> </span><span class=\"ff4\">Potro\u0161a\u010d <span class=\"_ _7\"> </span>\u2013</span> <span class=\"_ _16\"> </span>Croatian <span class=\"_ _7\"> </span>Union <span class=\"_ _7\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _7\"> </span>the <span class=\"_ _16\"> </span>Consumer <span class=\"_ _4\"> </span>Pro<span class=\"_ _3\"></span>tection <span class=\"_ _7\"> </span>Association <span class=\"_ _7\"> </span>aveva avviato <span class=\"_ _7\"> </span>un\u2019azione <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>controllata <span class=\"_ _16\"> </span>Privred<span class=\"_ _0\"></span>na <span class=\"_ _16\"> </span>Banka <span class=\"_ _7\"> </span>Zagreb <span class=\"_ _16\"> </span>(\u201cPBZ\u201d) <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>altre <span class=\"_ _7\"> </span>sette <span class=\"_ _7\"> </span>banche <span class=\"_ _16\"> </span>croate <span class=\"_ _1d\"> </span><span class=\"ff1\">Secondo<span class=\"_ _0\"></span> </span>l\u2019attrice <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche <span class=\"_ _3\"></span>convenute <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>posto <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>condotte s<span class=\"_ _3\"></span>corrette <span class=\"_ _3\"></span>attraverso l\u2019asserito <span class=\"_ _3\"></span>utilizzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>illegittime in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>poteva <span class=\"_ _3\"></span>essere <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>unilateralmente <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>banca <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>denominando <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>franchi <span class=\"_ _3\"></span>svizzeri (o <span class=\"_ _5\"></span>indicizzando <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tale<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valuta) <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>asseritamente <span class=\"_ _5\"></span>informare <span class=\"_ _2\"></span>adeguatamente <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>consu<span class=\"_ _3\"></span>matori <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rischi prima <span class=\"_ _4\"> </span>della <span class=\"_ _6\"> </span>sottoscrizione <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>relativi <span class=\"_ _4\"> </span>contratti <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>finanziament<span class=\"_ _0\"></span>o. <span class=\"_ _4\"> </span>Nel <span class=\"_ _6\"> </span>settembre <span class=\"_ _4\"> </span>2019 <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Corte<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>Suprema <span class=\"_ _6\"> </span>croata, <span class=\"_ _4\"> </span>nell\u2019ambito dell\u2019azione <span class=\"_ _3\"></span>collettiva <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _3\"></span>Potro\u0161a\u010d, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019impugnazione <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>banche <span class=\"_ _2\"></span>convenute <span class=\"_ _2\"></span>avverso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>decisione<span class=\"_ _0\"></span> della <span class=\"_ _3\"></span>High <span class=\"_ _2\"></span>Commercial <span class=\"_ _3\"></span>Court <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2018 <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>confermato <span class=\"_ _3\"></span>l\u2019orientamento <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>corti <span class=\"_ _2\"></span>inferiori <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>banche, <span class=\"_ _3\"></span>inserendo nei <span class=\"_ _4\"> </span>contratti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>finanziamento <span class=\"_ _4\"> </span>clauso<span class=\"_ _3\"></span>le <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>enominazione <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>valuta <span class=\"_ _4\"> </span>svizzera <span class=\"_ _7\"> </span>(o <span class=\"_ _4\"> </span>indicizzazione <span class=\"_ _4\"></span>alla <span class=\"_ _4\"> </span>medesima) illegittime <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>nulle, <span class=\"_ _5\"></span>avrebbero <span class=\"_ _5\"></span>leso <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>collettivi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>diritti <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>consumatori. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecisione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _7\"> </span>stata impugnata <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>PBZ <span class=\"_ _4\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Cor<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>Cos<span class=\"_ _3\"></span><span class=\"ff4\">tituzionale, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>all\u2019inizio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2021 <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>respinto <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>ricorso. <span class=\"_ _6\"> </span>La<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>controllata <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>quindi </span>presentato <span class=\"_ _6\"></span>ricorso <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Diritti <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019Uomo, <span class=\"_ _5\"></span>respinto <span class=\"_ _6\"> </span>nella <span class=\"_ _6\"> </span>parte <span class=\"_ _6\"> </span>finale <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>2022. <span class=\"_ _4\"> </span>Sulla <span class=\"_ _5\"></span>scorta <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>cennata<span class=\"_ _2\"></span><span class=\"ff1\"> </span>azione <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>tutela <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>collett<span class=\"_ _3\"></span>ivi <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>consumatori, <span class=\"_ _5\"></span>svariati <span class=\"_ _6\"></span>clienti <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>avviato <span class=\"_ _6\"></span>cause <span class=\"_ _6\"></span>individuali <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>confronti <span class=\"_ _6\"></span>di PBZ, <span class=\"_ _2\"></span>nonostante <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ggior <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>essi <span class=\"_ _2\"></span>avesse<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>liberamente <span class=\"_ _2\"></span>accettato <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>convertire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>euro <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziamenti <span class=\"_ _2\"></span>originariamente<span class=\"_ _0\"></span> denominati <span class=\"_ _4\"> </span>in <span class=\"_ _16\"> </span>CHF <span class=\"_ _4\"> </span>(o <span class=\"_ _16\"> </span>indicizzati <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>valut<span class=\"_ _3\"></span><span class=\"ff4\">a), <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>effetto <span class=\"_ _7\"> </span>retroattivo, <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>coerenza <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019Act <span class=\"_ _7\"> </span>on <span class=\"_ _16\"> </span>the <span class=\"_ _7\"> </span>Amendments<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>to <span class=\"_ _7\"> </span>the </span>Consumer Credit <span class=\"_ _3\"></span>Act (Croatian Official <span class=\"_ _3\"></span>Gazette 102/2015 \u201cLe<span class=\"_ _3\"></span>gge di <span class=\"_ _3\"></span>Conversione\u201d). Nel marzo <span class=\"_ _3\"></span>2020 la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>Suprema croata, nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _3\"></span>denominato <span class=\"_ _3\"></span>\u201cmodel <span class=\"_ _2\"></span>case\u201d <span class=\"_ _2\"></span>(un <span class=\"_ _5\"></span><span class=\"ff1\">procedimento <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>vincolanti <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli </span>organi giurisdizionali di rango inferiore, avente l'obiettivo di uniformare l\u2019indirizzo giurisprudenzi<span class=\"_ _0\"></span>ale), ha stabilito che <span class=\"_ _6\"></span><span class=\"ff1\">gli accordi </span>di <span class=\"_ _6\"></span>conversione <span class=\"_ _6\"></span>conclusi <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>banche <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _4\"> </span>finanziati, <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Legge <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Conversione <span class=\"_ _6\"></span>croata <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2015,<span class=\"_ _0\"></span> producono <span class=\"_ _6\"></span>effetti <span class=\"_ _4\"></span>giuridici<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>validi <span class=\"_ _6\"></span>anche <span class=\"_ _4\"></span>nel <span class=\"_ _6\"></span>caso <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>clausole <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>finanziamento <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>valu<span class=\"_ _5\"></span>ta svizzera  o  al <span class=\"_ _1d\"> </span>tasso  di  interesse  variabile <span class=\"_ _1d\"> </span>fosser<span class=\"_ _0\"></span>o  nulle. <span class=\"_ _1d\"> </span>Nel <span class=\"_ _1d\"> </span><span class=\"ff4\">maggio  2022  la <span class=\"_ _1d\"> </span>Corte  di  Giustizia  UE,  nell\u2019ambito  di <span class=\"_ _1d\"> </span>u<span class=\"_ _0\"></span>n </span>procedimento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio <span class=\"_ _3\"></span>pregiudiziale <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>oinvolgeva <span class=\"_ _3\"></span>altro <span class=\"_ _3\"></span>intermediario, <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>stabilito <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Giustizia <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>giurisdiz<span class=\"_ _5\"></span>ione in <span class=\"_ _6\"></span>relazione <span class=\"_ _4\"></span>agli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onversione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusi <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Le<span class=\"_ _2\"></span><span class=\"ff4\">gge <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>Conversione, <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>quant<span class=\"_ _0\"></span>o <span class=\"_ _6\"> </span>successivi <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019adesione<span class=\"_ _35\"></span> </span>della <span class=\"_ _5\"></span>Croazia <span class=\"_ _5\"></span>all\u2019Unione <span class=\"_ _6\"></span>Europea, <span class=\"_ _2\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Direttiva <span class=\"_ _5\"></span>concernente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>clausole <span class=\"_ _5\"></span>abusive <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>consumatori <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si applica ai menzionati a<span class=\"_ _0\"></span>ccordi di conversi<span class=\"_ _0\"></span>one, il cui contenuto ri<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>roduce dispo<span class=\"_ _3\"></span>sizioni del diritto n<span class=\"_ _0\"></span>azionale.  Il <span class=\"_ _3\"></span>20 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Dipartimento <span class=\"_ _3\"></span>Civile <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uprema <span class=\"_ _3\"></span>croata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _3\"></span>l'interpretazione <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>giuridic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>degli accordi <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conversione <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>contratti <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>finanziamento <span class=\"_ _1d\"> </span>da <span class=\"_ _1d\"> </span>CHF <span class=\"_ _1d\"> </span>ad <span class=\"_ _1d\"> </span>EUR <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>sui <span class=\"_ _1d\"> </span>diritti <span class=\"_ _1d\"> </span>dei <span class=\"_ _1d\"> </span>consu<span class=\"_ _5\"></span>matori. <span class=\"_ _1d\"> </span>In <span class=\"_ _1d\"> </span>forza <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>tale interpretazione, un <span class=\"_ _3\"></span>consumatore <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulato un <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conversione <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>citata <span class=\"_ _3\"></span>Legge <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2015, ha <span class=\"_ _2\"></span>diritto <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span><span class=\"ls13\">l </span>pagamento <span class=\"_ _4\"> </span>degli <span class=\"_ _4\"> </span>interessi <span class=\"_ _7\"> </span>legali <span class=\"_ _4\"> </span>sugli <span class=\"_ _7\"> </span>importi <span class=\"_ _4\"> </span>pagati <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>banca <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>conteggiato <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _4\"> </span>di  conversione <span class=\"_ _4\"> </span>del finanziamento, <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>singolo <span class=\"_ _2\"></span>versamento <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>conversione <span class=\"_ _3\"></span>stessa. <span class=\"_ _5\"></span>Una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>l\u2019interpretazion<span class=\"_ _0\"></span>e<span class=\"_ _5\"></span><span class=\"ff1\"> </span>giuridica sar\u00e0 registr<span class=\"_ _0\"></span>ata dal Court Practi<span class=\"_ _0\"></span>ce Records Departme<span class=\"_ _0\"></span>nt, sar\u00e0 definitiva e vin<span class=\"_ _0\"></span>colante per i tribun<span class=\"_ _0\"></span>ali di g<span class=\"_ _2\"></span>rado inferiore. Il <span class=\"_ _2\"></span>numero <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>uove <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>individuali <span class=\"_ _3\"></span>avviate <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>PBZ <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>risultato <span class=\"_ _2\"></span>inferiore <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>dato <span class=\"_ _2\"></span>relativo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2021; <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla fine <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>cause <span class=\"_ _6\"></span>pendenti <span class=\"_ _2\"></span>erano <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>migliaia. <span class=\"_ _5\"></span>Non <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _5\"></span>escludere <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>futuro <span class=\"_ _5\"></span>possano <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>avvia<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>ulteriori cause nei confronti di PB<span class=\"_ _0\"></span>Z in relazione a q<span class=\"_ _0\"></span>uesto tipo di finanzia<span class=\"_ _0\"></span>menti. <span class=\"_ _3\"></span><span class=\"ff2 fc2\"> </span>Contenzioso nei confro<span class=\"_ _0\"></span>nti della controlla<span class=\"_ _0\"></span>ta estera Banca Inte<span class=\"_ _0\"></span>sa Beograd (Serbia<span class=\"_ _0\"></span>)<span class=\"_ _3\"></span> Si segnalano i segue<span class=\"_ _0\"></span>nti filoni di cont<span class=\"_ _0\"></span>enzioso seriale che <span class=\"_ _0\"></span>hanno investito <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019intero sistema <span class=\"_ _0\"></span>bancario serbo.<span class=\"ff1\"> </span></span>1) Processing fees Contenzioso <span class=\"_ _20\"> </span>giudiziale <span class=\"_ _23\"> </span>riguardante <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>spese <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>istruttoria <span class=\"_ _20\"> </span>(\u201cprocessing <span class=\"_ _20\"> </span>fees\u201d) <span class=\"_ _23\"> </span>applicate <span class=\"_ _20\"> </span>dalle <span class=\"_ _23\"> </span>banche <span class=\"_ _20\"> </span>al <span class=\"_ _23\"> </span>momento<span class=\"_ _35\"></span> dell\u2019erogazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>finanziamenti. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>ricorrenti, <span class=\"_ _2\"></span>persone <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>isiche <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>giuridiche, <span class=\"_ _2\"></span>chiedono <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>r<span class=\"_ _5\"></span><span class=\"ff1\">estituzion<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>oneri <span class=\"_ _2\"></span>ritenendoli <span class=\"_ _3\"></span>non </span>dovuti.  Le<span class=\"_ _0\"></span>  prime<span class=\"_ _0\"></span>  contestazioni<span class=\"_ _0\"></span>  sono <span class=\"_ _16\"> </span>sorte  nel<span class=\"_ _0\"></span>  2017 <span class=\"_ _16\"> </span>e  hann<span class=\"_ _0\"></span>o  registrato<span class=\"_ _0\"></span>  un <span class=\"_ _16\"> </span>significativo  in<span class=\"_ _0\"></span>cremento <span class=\"_ _16\"> </span>di  cause <span class=\"_ _16\"> </span>negli  anni<span class=\"_ _35\"></span> successivi, <span class=\"_ _3\"></span>seppure <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>importi <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>modesti. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Beograd <span class=\"_ _2\"></span>risultava <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>onvenuta <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>18.600<span class=\"_ _0\"></span> cause <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>possibile <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>probabile <span class=\"_ _5\"></span>(a <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>erano <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>24.500); <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>relative <span class=\"_ _6\"></span>somme <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>linea <span class=\"_ _5\"></span>capitale complessivamente <span class=\"_ _5\"></span>richieste <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>restituzione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmontavano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>1,3 <span class=\"_ _4\"></span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>maggior <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>dei<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>Tribunali <span class=\"_ _5\"></span>ha accolto le richieste della clientela sulla base di un\u2019interpretazion<span class=\"_ _0\"></span>e della normativa avversata dalle banche. Nel settembre 2<span class=\"_ _2\"></span><span class=\"ff1\">0<span class=\"_ _3\"></span>21 </span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>Suprema <span class=\"_ _2\"></span>serba <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconosciuto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mmissioni <span class=\"_ _2\"></span>applicati <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>moment<span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>loro erogazione, <span class=\"_ _16\"> </span>purch\u00e9 <span class=\"_ _16\"> </span>indicati <span class=\"_ _16\"> </span>nell\u2019offerta <span class=\"_ _16\"> </span>contrattuale. <span class=\"_ _16\"> </span>Nel <span class=\"_ _16\"> </span>corso  d<span class=\"_ _0\"></span>el  2<span class=\"_ _0\"></span>022 <span class=\"_ _16\"> </span>il  flu<span class=\"_ _0\"></span>sso <span class=\"_ _16\"> </span>di  nuove <span class=\"_ _7\"> </span>vertenze  ha <span class=\"_ _7\"> </span>evidenziato  u<span class=\"_ _0\"></span>na significativa riduzion<span class=\"_ _0\"></span>e rispetto al 2021 ed al<span class=\"_ _0\"></span>cuni clienti hanno rin<span class=\"_ _0\"></span>unciato a quelle gi<span class=\"_ _0\"></span>\u00e0 pendenti. <span class=\"_ _3\"></span> 2) NKOSK Contenzioso <span class=\"_ _18\"> </span>giudiziale <span class=\"_ _18\"> </span>relativo <span class=\"_ _18\"> </span>a <span class=\"_ _1c\"> </span>fin<span class=\"_ _0\"></span>anziamenti <span class=\"_ _18\"> </span>immobiliari <span class=\"_ _18\"> </span>assicurati <span class=\"_ _18\"> </span>attraverso <span class=\"_ _18\"> </span>la <span class=\"_ _1c\"> </span>Nati<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nal <span class=\"_ _18\"> </span>Housing <span class=\"_ _18\"> </span>Loan <span class=\"_ _1c\"> </span>Insur<span class=\"_ _0\"></span>ance Corporation (NKOSK), il cui p<span class=\"_ _3\"></span>remio \u00e8 posto a<span class=\"_ _3\"></span> carico dei f<span class=\"_ _3\"></span>inanziati. Questi ultimi ritengono che essendo <span class=\"_ _3\"></span>la Banca a <span class=\"_ _3\"></span>beneficiar<span class=\"_ _2\"></span><span class=\"ls17\">e </span>dell\u2019assicurazione, il re<span class=\"_ _3\"></span><span class=\"ff1\">lativo p<span class=\"_ _3\"></span>remio dovrebbe rimanere <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico della <span class=\"_ _3\"></span>medesima. A <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>Intesa Beograd r<span class=\"_ _3\"></span>isultava </span>convenuta <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>1.100 <span class=\"_ _3\"></span>cause <span class=\"_ _2\"></span>valutate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>possibile <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>robabile <span class=\"_ _3\"></span>(a <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>circa <span class=\"_ _2\"></span>1.000); <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>omme <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea<span class=\"_ _2\"></span> capitale  c<span class=\"_ _0\"></span>omplessivamente <span class=\"_ _16\"> </span>richie<span class=\"_ _3\"></span>ste  i<span class=\"_ _0\"></span>n  restituzio<span class=\"_ _0\"></span>ne  alla  B<span class=\"_ _35\"></span>anca  ammontavano <span class=\"_ _16\"> </span>a  circa <span class=\"_ _16\"> </span>1,1  milio<span class=\"_ _0\"></span>ni.  La <span class=\"_ _16\"> </span>maggior  parte<span class=\"_ _0\"></span>  dei<span class=\"_ _0\"></span> Tribunali <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>clientela <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>un\u2019interpretazione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>nor<span class=\"_ _3\"></span>mativa<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>avversata <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>banche. <span class=\"_ _5\"></span>Ne<span class=\"_ _6\"></span><span class=\"ff1 ls13\">l </span>settembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Corte <span class=\"_ _5\"></span>Suprema <span class=\"_ _6\"></span>Serba <span class=\"_ _5\"></span>ha r<span class=\"_ _3\"></span><span class=\"ff4\">iconosciuto <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>legittimit\u00e0 <span class=\"_ _5\"></span>dell\u2019attribuzione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ssicurativo <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>dei </span>mutuatari, a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condizione <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l'obbligazione s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>chiaramente d<span class=\"_ _3\"></span>escritta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sede <span class=\"_ _3\"></span>precontrattuale<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>flu<span class=\"_ _5\"></span>sso di nuove cause \u00e8 cresciu<span class=\"_ _0\"></span>to in misura limita<span class=\"_ _0\"></span>ta<span class=\"_ _3\"></span> rispetto al 2021 e<span class=\"_ _0\"></span>d alcuni clienti hanno<span class=\"_ _0\"></span> rinunciato a q<span class=\"_ _0\"></span>uelle gi\u00e0 pendenti.<span class=\"_ _90\"> </span>Sentenza <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Giustizia <span class=\"_ _2\"></span>UE <span class=\"_ _2\"></span>dell\u201911 <span class=\"_ _2\"></span>settembre <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"ff2\"> <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _2\"></span>sentenza </span></span>Lexitor<span class=\"ffa fc0\"> </span>L\u2019articolo <span class=\"_ _3\"></span>16, <span class=\"_ _2\"></span>par. <span class=\"_ _2\"></span>1, <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>direttiva <span class=\"_ _3\"></span>2008/4<span class=\"_ _3\"></span><span class=\"ff1\">8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contratti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>consumatori <span class=\"_ _3\"></span>stabilisce <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso </span>anticipato <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>inanziamento <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>consumatore <span class=\"_ _7\"> </span>\u201cha <span class=\"_ _16\"> </span>diritto <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>riduzione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>costo <span class=\"_ _7\"> </span>totale <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>credito, <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comprende <span class=\"_ _7\"> </span>gli interessi <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _16\"> </span>costi <span class=\"_ _7\"> </span>dovuti <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>estante <span class=\"_ _7\"> </span>durat<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>contratto\u201d. <span class=\"_ _4\"> </span>Secondo <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _7\"> </span>sentenza <span class=\"_ _7\"> </span>Lexitor, <span class=\"_ _7\"> </span>questa <span class=\"_ _7\"> </span>nor<span class=\"_ _3\"></span>ma <span class=\"_ _7\"> </span>deve <span class=\"_ _7\"> </span>essere </span>interpretata nel senso che <span class=\"_ _3\"></span>il diritto alla <span class=\"_ _3\"></span>riduzione del costo tota<span class=\"_ _3\"></span>le del credito include tutti <span class=\"_ _3\"></span>i costi <span class=\"_ _3\"></span>posti a carico <span class=\"_ _3\"></span>del co<span class=\"_ _5\"></span>nsumatore; quindi, <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>quelli <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>prel<span class=\"_ _3\"></span>iminari <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>contestuali <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>stipula <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>upfront <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>esempio <span class=\"_ _3\"></span>gli oneri di istruttoria <span class=\"_ _0\"></span>o le commissioni ag<span class=\"_ _0\"></span>enziali). L\u2019art. 16, par. 1, della direttiva 2008/48 \u00e8 stato <span class=\"_ _3\"></span>recepito in Italia con l\u2019art. 125 sexies del Testo Unico Bancario (TU<span class=\"_ _5\"></span><span class=\"ff1\">B), secondo </span>cui <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ticipato <span class=\"_ _3\"></span>\u201cil <span class=\"_ _5\"></span>consumatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>riduzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>all\u2019importo <span class=\"_ _7\"> </span><span class=\"ff1\">degli<span class=\"_ _0\"></span> </span>interessi <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>osti <span class=\"_ _4\"> </span>dovuti <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>vita <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>contratto\u201d. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"> </span>norma <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia, <span class=\"_ _4\"> </span>l\u2019Arbi<span class=\"_ _5\"></span><span class=\"ff1\">tro <span class=\"_ _4\"></span>Bancario </span>Finanziario <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>giurisprudenza h<span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>l\u2019obbligo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>restituzione <span class=\"_ _3\"></span>riguardasse <span class=\"_ _3\"></span>solo <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>maturano <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>cors<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>del <span class=\"_ _2\"></span>rapporto <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>recurring) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>siano <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>corrisposti <span class=\"_ _2\"></span>anticipatamente <span class=\"_ _3\"></span>dal <span class=\"_ _5\"></span>cliente <span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>finanziatore: <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>ca<span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>rimborso anticipato, <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>devono <span class=\"_ _2\"></span>appunto essere <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>estituiti p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>maturata; <span class=\"_ _3\"></span>l\u2019obbligo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rest<span class=\"_ _3\"></span>ituzione non<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>inv<span class=\"_ _5\"></span><span class=\"ff1\">ece <span class=\"_ _2\"></span>i </span>costi upfront. A <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>exitor <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>sorta <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>questione <span class=\"_ _2\"></span>se <span class=\"_ _5\"></span>l\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sexies <span class=\"_ _5\"></span>TUB <span class=\"_ _2\"></span>debba <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span>rpretato <span class=\"_ _2\"></span>conformemente <span class=\"_ _2\"></span>al </span>principio da essa sta<span class=\"_ _0\"></span>bilito o se il nuovo prin<span class=\"_ _0\"></span>cipio richieda una m<span class=\"_ _0\"></span>odifica legislativ<span class=\"_ _0\"></span>a. <span class=\"_ _3\"></span> Secondo <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>principio <span class=\"_ _6\"></span>comunitario <span class=\"_ _5\"></span>dell\u2019\u201dinterpretazione <span class=\"_ _5\"></span>conforme\u201d, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>giudici <span class=\"_ _5\"></span>nazionali <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>enuti <span class=\"_ _5\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>interpretare <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>orme <span class=\"_ _5\"></span>de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>proprio ordinamento in modo da renderle coerenti con il dettato delle disposizio<span class=\"_ _0\"></span>ni europee. Tuttavia, se la norma nazionale h<span class=\"_ _5\"></span><span class=\"ls17\">a </span>un<span class=\"ff4 ls0\">\u2019interpreta<span class=\"_ _0\"></span>zione <span class=\"_ _7\"> </span>univoca, <span class=\"_ _16\"> </span>essa <span class=\"_ _7\"> </span>non <span class=\"_ _16\"> </span>pu\u00f2 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _7\"> </span>(re)interpretata <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>allinearla <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>diverse <span class=\"_ _16\"> </span>previsioni <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una </span>direttiva europea: i principi riconosci<span class=\"_ _0\"></span>uti dallo stesso ordinamento dell\u2019Unione escl<span class=\"_ _0\"></span>udono che al giudice nazionale possa esse<span class=\"_ _2\"></span><span class=\"ff1\">re </span>richies<span class=\"ff4\">to <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>procedere <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>lettura <span class=\"_ _2\"></span>contra <span class=\"_ _5\"></span>legem <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>norme <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll\u2019ordinamen<span class=\"_ _0\"></span>to <span class=\"_ _5\"></span>interno. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>questo <span class=\"_ _5\"></span>proposito <span class=\"_ _2\"></span>va <span class=\"_ _5\"></span>rilevato <span class=\"_ _5\"></span>che </span>l\u2019art. <span class=\"_ _6\"></span>125 <span class=\"_ _6\"> </span>sexies <span class=\"_ _6\"> </span>TUB <span class=\"_ _6\"> </span>era <span class=\"_ _6\"> </span>sempre <span class=\"_ _6\"> </span>stato <span class=\"_ _6\"> </span>interpretato <span class=\"_ _6\"> </span>nel <span class=\"_ _6\"> </span>senso <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>ipotesi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>rimborso <span class=\"_ _5\"></span>anticipato <span class=\"_ _6\"> </span>l\u2019obbligo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>restituzione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riguardasse solo i costi rec<span class=\"_ _0\"></span>urring, con esclusione q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>indi dei costi upfr<span class=\"_ _0\"></span>ont. <span class=\"_ _3\"></span> La <span class=\"_ _6\"> </span>Banca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>\u2019Italia <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _6\"></span>Lexitor <span class=\"_ _5\"></span>nel <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2019 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>emanato <span class=\"_ _6\"></span>\u201clinee <span class=\"_ _5\"></span>orientative\u201d <span class=\"_ _6\"> </span>attuative <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>principio<span class=\"_ _0\"></span> della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>UE, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>senso <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>costi <span class=\"_ _5\"></span>(compresi <span class=\"_ _2\"></span>quindi <span class=\"_ _5\"></span>quelli<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>upfront) <span class=\"_ _2\"></span>vadano <span class=\"_ _5\"></span>inclusi <span class=\"_ _2\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>restituire <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di rimborso anticipato, <span class=\"_ _0\"></span>sia per i nuovi rapp<span class=\"_ _0\"></span>orti sia per i rapporti <span class=\"_ _0\"></span>in essere.<span class=\"_ _3\"></span> Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _18\"> </span>ha <span class=\"_ _18\"> </span>deciso <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>seguire <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>\u201c<span class=\"_ _3\"></span>linee <span class=\"_ _18\"> </span>orientative\u201d <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _18\"> </span>Banca <span class=\"_ _18\"> </span>d\u2019Italia, <span class=\"_ _18\"> </span>pur <span class=\"_ _1c\"> </span>ritenendo <span class=\"_ _18\"> </span>fondate <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>suddette argomentazioni legali s<span class=\"_ _0\"></span>ulla non interpretabilit\u00e0 del<span class=\"_ _0\"></span>l\u2019art. 125 sexies TUB in senso co<span class=\"_ _0\"></span>nforme alla sentenza Lexito<span class=\"_ _0\"></span>r. \u00c8 stato qu<span class=\"_ _2\"></span><span class=\"ff1\">indi </span>disposto <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>accantonament<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Fondo <span class=\"_ _4\"></span>Rischi <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Oneri <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>ai <span class=\"_ _4\"></span>maggiori <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>neri <span class=\"_ _6\"></span>stimati <span class=\"_ _4\"></span>derivanti <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>decisione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i segui<span class=\"ff4\">re le \u201clinee orient<span class=\"_ _0\"></span>ative\u201d della Banca d\u2019<span class=\"_ _0\"></span>Italia. <span class=\"ff1\"> </span></span>Dal <span class=\"_ _2\"></span>25 <span class=\"_ _3\"></span>luglio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>vigore <span class=\"_ _2\"></span>l\u2019art.11<span class=\"_ _3\"></span><span class=\"ff1\">-</span>octies, <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>106/2021 <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>legislatore <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>dell\u2019art.125 sexies TUB con l\u2019int<span class=\"_ _0\"></span>ento di risolvere la situazi<span class=\"_ _0\"></span>one di incertezza <span class=\"_ _0\"></span>determinata<span class=\"_ _3\"></span><span class=\"ff1\"> dalla sentenza Lexito<span class=\"_ _0\"></span>r, con le seguenti previ<span class=\"_ _0\"></span>sioni: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>immobiliare <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>consumatori, <span class=\"_ _3\"></span>l\u2019eliminazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>invio all\u2019art. <span class=\"_ _3\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _3\"></span>TUB <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>l\u2019inserimento d<span class=\"_ _6\"></span></span><span class=\"ls13\">i </span></span>una previsione specifica per l\u2019estinzi<span class=\"_ _0\"></span>one anticipata di tale tipologia di fi<span class=\"_ _3\"></span><span class=\"ff1\">nanziamenti, limitando il rimborso ai soli interessi <span class=\"_ _35\"></span>e </span>costi dovuti per la vit<span class=\"_ _0\"></span>a residua del contra<span class=\"_ _0\"></span>tto; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>disciplina <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>consumo, <span class=\"_ _3\"></span>viene <span class=\"_ _2\"></span>modificato <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>testo <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>125 <span class=\"_ _3\"></span>sexies <span class=\"_ _2\"></span>TUB, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>recepire <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>principi </span></span>della  sentenza  Lexitor, <span class=\"_ _1d\"> </span>indicando  per\u00f2 <span class=\"_ _1d\"> </span>come  criterio  preferenziale  per  il <span class=\"_ _1d\"> </span>calcolo  del  rimborso  il  criterio  de<span class=\"_ _3\"></span>l  costo ammortizzato; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019efficacia  di <span class=\"_ _1d\"> </span>tali <span class=\"_ _1d\"> </span>disposizioni  \u00e8 <span class=\"_ _1d\"> </span>limitata  a<span class=\"_ _3\"></span>i  contratti <span class=\"_ _1d\"> </span>sottoscritti  successivamente  all\u2019entrata  in <span class=\"_ _1d\"> </span>vigore <span class=\"_ _1d\"> </span>della  legge <span class=\"_ _1d\"> </span>di </span></span>conversione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>decreto. <span class=\"_ _6\"></span>Per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>precedenza <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>espressamente <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>che <span class=\"_ _4\"></span>continuino <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>essere applicati la norma di <span class=\"_ _0\"></span>legge e le disposizio<span class=\"_ _0\"></span>ni di Vigilanza pre<span class=\"_ _0\"></span>vigenti.<span class=\"_ _3\"></span> La nuova norma <span class=\"_ _3\"></span>non ha determinato significativi impatti per quanto r<span class=\"_ _3\"></span>iguarda i contratti di nuova <span class=\"_ _5\"></span>stipula: per <span class=\"_ _3\"></span>i prestiti personali, infatti, le <span class=\"_ _3\"></span>clausole contrattuali sono gi\u00e0 conformi alla <span class=\"_ _3\"></span>stessa e per i <span class=\"_ _3\"></span>prodotti di c<span class=\"_ _3\"></span>essione del quinto le soc<span class=\"_ _3\"></span>iet\u00e0 del Gruppo<span class=\"_ _5\"></span> In<span class=\"_ _3\"></span>tesa Sanpaolo <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>adottato <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>model<span class=\"_ _3\"></span>lo <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>\u201ctutto <span class=\"_ _5\"></span>TAN\u201d, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>prevede, <span class=\"_ _2\"></span>oltre <span class=\"_ _6\"> </span>agli <span class=\"_ _5\"></span>interessi, <span class=\"_ _2\"></span>l\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>costi accessori <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>carico <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>cliente. <span class=\"_ _5\"></span>Per <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>concerne <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>consumo <span class=\"_ _6\"></span>stipulati <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>entrata <span class=\"_ _6\"></span>i<span class=\"_ _5\"></span><span class=\"lsc\">n </span>vigore della nuova nor<span class=\"_ _3\"></span>ma, anche se estinti successivamente a tale data, <span class=\"_ _3\"></span>il rimborso dei <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>osti up f<span class=\"_ _3\"></span>ront potrebbe essere limitato a quanto contrattualme<span class=\"_ _0\"></span>nte pattuito.  Il Collegio di <span class=\"_ _3\"></span>Coordinamento ABF a cui \u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>rimessa la questione del rimborso <span class=\"_ _3\"></span>dei costi up <span class=\"_ _3\"></span>front dopo l\u2019entrata in v<span class=\"_ _3\"></span>igore <span class=\"_ _5\"></span><span class=\"ff1\">del </span>c.d. <span class=\"_ _3\"></span>\u201cemendamento Lexitor\u201d si<span class=\"_ _3\"></span> \u00e8 <span class=\"_ _3\"></span>pronunciato <span class=\"_ _3\"></span>il 15 <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span><span class=\"ff1\">ttobre <span class=\"_ _3\"></span>2021 c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>la decisione <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>21676 enunciando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>seguente principio: <span class=\"_ _3\"></span>in </span>applicazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Novella <span class=\"_ _3\"></span>legislativa <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>all\u2019art.11 <span class=\"_ _3\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _3\"></span>2\u00b0, <span class=\"_ _3\"></span>ultimo <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>D.L. <span class=\"_ _3\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>73, <span class=\"_ _3\"></span>converti<span class=\"_ _5\"></span><span class=\"ff1\">to </span>in <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>n\u00b0 <span class=\"_ _2\"></span>106 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>23 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>estinz<span class=\"_ _2\"></span>ione <span class=\"_ _3\"></span>anticipata <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>stipulato <span class=\"_ _3\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>entrata <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>igore<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itato <span class=\"_ _3\"></span>provvedimento <span class=\"_ _3\"></span>normativo, <span class=\"_ _2\"></span>deve <span class=\"_ _2\"></span>distinguersi <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>relativi <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggette <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>maturazione <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell\u2019in<span class=\"_ _5\"></span><span class=\"ff1\">tero </span>svolgimento <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>rapporto <span class=\"_ _7\"> </span>negoziale <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>rec<span class=\"_ _3\"></span>urring) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>costi <span class=\"_ _16\"> </span>relativi <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>adempimenti <span class=\"_ _4\"> </span>preliminari <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>concessione <span class=\"_ _4\"> </span>del prestito (c.d. costi up <span class=\"_ _3\"></span>front). Da ci\u00f2 consegue la<span class=\"_ _3\"></span> retrocedibilit\u00e0 dei primi e non <span class=\"_ _3\"></span>anche dei secondi, limitatamente alla quot<span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>non maturata in ragione <span class=\"_ _0\"></span>dell\u2019anticipata estinzi<span class=\"_ _0\"></span>one.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019in<span class=\"ff1\">dirizzo <span class=\"_ _2\"></span>espresso <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>Collegio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Coordinamento <span class=\"_ _2\"></span>ABF <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>singoli <span class=\"_ _2\"></span>collegi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>richieste <span class=\"_ _2\"></span>di </span>restituzione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>ro <span class=\"_ _7\"> </span>quota <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>costi <span class=\"_ _7\"> </span>up <span class=\"_ _16\"> </span>front. <span class=\"_ _7\"> </span>Le <span class=\"_ _7\"> </span>decisioni <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>sospese <span class=\"_ _7\"> </span>nemmeno <span class=\"_ _7\"> </span>dopo <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>remissione <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>Corte costituzionale <span class=\"_ _6\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>questione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>legittimit\u00e0 <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>novella <span class=\"_ _4\"></span>legisla<span class=\"_ _0\"></span>tiva <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dir\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>seguito. <span class=\"_ _4\"></span>Il <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"></span>2021 <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Banca d\u2019Italia <span class=\"_ _5\"></span>ha, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _5\"></span>comunicato <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>intermediari <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fronte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>modifiche <span class=\"_ _5\"></span>apportate <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>L. <span class=\"_ _5\"></span>106/2021 <span class=\"_ _5\"></span>all\u2019art. <span class=\"_ _5\"></span>125 <span class=\"_ _5\"></span>sex<span class=\"_ _6\"></span><span class=\"ff1\">ies </span>TUB <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>rite<span class=\"ff4\">nersi <span class=\"_ _3\"></span>superate <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>proprie \u201c<span class=\"_ _3\"></span>linee o<span class=\"_ _3\"></span>rientative\u201d del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>estinzione <span class=\"_ _3\"></span>anticipata d<span class=\"_ _3\"></span>ei </span>finanziamenti di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>consumo, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>chiedeva <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>includendo <span class=\"_ _3\"></span>tutti <span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>costi a carico del consumator<span class=\"_ _0\"></span>e (recurring ed up front) ad <span class=\"_ _0\"></span>esclusione dell<span class=\"_ _0\"></span>e imposte.<span class=\"_ _3\"></span> La <span class=\"_ _1d\"> </span>giurisprudenz<span class=\"_ _0\"></span>a <span class=\"_ _1d\"> </span>ordinaria  si <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>divisa <span class=\"_ _1d\"> </span>sull\u2019applica<span class=\"_ _0\"></span>zione <span class=\"_ _1d\"> </span>della  nuova <span class=\"_ _1d\"> </span>norma. <span class=\"_ _1d\"> </span>Diversi  giudici <span class=\"_ _1d\"> </span>hanno  applicato <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>nuova disposizione <span class=\"_ _6\"> </span>respingendo <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>richiesta <span class=\"_ _6\"></span>dell\u2019attore <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>imborso <span class=\"_ _6\"></span>pro <span class=\"_ _4\"> </span>quota <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>commissioni <span class=\"_ _6\"></span>up <span class=\"_ _4\"> </span>front <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _6\"></span>dell\u2019estinzion<span class=\"_ _35\"></span>e anticipata. <span class=\"_ _4\"></span>In <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>numero <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>irrilevante<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>casi, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _6\"></span>in <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>davanti <span class=\"_ _4\"></span>ai <span class=\"_ _4\"> </span>Giudici <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Pace, <span class=\"_ _4\"> </span>tuttavia, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stat<span class=\"_ _5\"></span><span class=\"lsc\">o </span>riconosciuto <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>liente <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rimborso <span class=\"_ _2\"></span>pro <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>degli <span class=\"_ _5\"></span>oneri <span class=\"_ _2\"></span>up <span class=\"_ _5\"></span>front<span class=\"_ _2\"></span>, <span class=\"_ _5\"></span>ritenendo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>motivazioni <span class=\"_ _2\"></span>diverse <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>discutibili, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he<span class=\"_ _90\"> </span> debbano comunque app<span class=\"_ _3\"></span>licarsi i p<span class=\"_ _3\"></span>rincipi Lexitor <span class=\"_ _3\"></span>anche dopo <span class=\"_ _3\"></span>l\u2019entrata in <span class=\"_ _3\"></span>vigore della n<span class=\"_ _3\"></span>ovella legislativa. Tali <span class=\"_ _3\"></span>pronunce di <span class=\"_ _3\"></span>nor<span class=\"_ _5\"></span><span class=\"ff1\">ma </span>sono oggetto di impug<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>azione da parte d<span class=\"_ _0\"></span>ella Banca. Con <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>nr. <span class=\"_ _5\"></span>263 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>22 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>Costituzionale <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>questione <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>legittimit\u00e0 <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>ituzionale<span class=\"_ _0\"></span> sollevata <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Torino <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>termediario specializzato <span class=\"_ _3\"></span>in<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-135.12036px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">cessione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span><span class=\"ff4\">stituzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>costi <span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>front, <span class=\"_ _3\"></span>dichiarando <span class=\"_ _2\"></span>l\u2019illegittimit\u00e0 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituzionale <span class=\"_ _3\"></span>dell\u2019art. <span class=\"_ _2\"></span>11 <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _2\"></span>2,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>decreto <span class=\"_ _2\"></span>legge <span class=\"_ _2\"></span>25 <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>73, <span class=\"_ _2\"></span>convertito <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>modificazioni, <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>legge <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>3 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>106, <span class=\"_ _2\"></span>limitatamente <span class=\"_ _3\"></span>alle<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">parole \u201c<span class=\"ff2\">e le norme second<span class=\"_ _0\"></span>a<span class=\"ff3\">rie contenute nelle disp<span class=\"_ _0\"></span>osizioni di trasparenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> e di vigilanza dell<span class=\"_ _0\"></span>a Banca d\u2019Italia<span class=\"_ _3\"></span><span class=\"ff4\">\u201d. <span class=\"ff1\"> </span></span></span></span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _2\"></span>luce <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pronunciamento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>potenziale </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">onere <span class=\"_ _2\"></span>connesso <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>parziale <span class=\"_ _2\"></span>dic<span class=\"_ _3\"></span><span class=\"ff4\">hiarazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>illegittimit\u00e0 <span class=\"_ _2\"></span>costituzionale <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>11<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>octies, <span class=\"_ _2\"></span>comma <span class=\"_ _5\"></span>2, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>decreto </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">legge 25 maggio 2021,<span class=\"_ _0\"></span> n. 73, effettuando u<span class=\"_ _0\"></span>n specifico accanton<span class=\"_ _0\"></span>amento a fondo rischi <span class=\"_ _0\"></span>ed oneri.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Il 9 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2023 a <span class=\"_ _3\"></span>Corte di <span class=\"_ _3\"></span>Giustizia Europea, nell\u2019ambito di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>procedimen<span class=\"_ _3\"></span><span class=\"ff1\">to or<span class=\"_ _3\"></span>iginato da un <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>pregiudiziale rinveniente </span></div><div class=\"t m0 x0 h32 y65 ff4 fs0 fc0 sc0 ls0 ws0\">dalla  C<span class=\"_ _0\"></span>orte  S<span class=\"_ _0\"></span>uprema <span class=\"_ _16\"> </span>austriaca,  si<span class=\"_ _0\"></span>  \u00e8 <span class=\"_ _16\"> </span>pronunciat<span class=\"_ _0\"></span>a  in <span class=\"_ _16\"> </span>merito <span class=\"_ _16\"> </span>all\u2019applicabilit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>principio <span class=\"_ _16\"> </span>Lexitor  al <span class=\"_ _16\"> </span>credito <span class=\"_ _16\"> </span>immobiliare <span class=\"_ _16\"> </span>ai </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">consumatori. <span class=\"_ _4\"> </span>La <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>austriaca <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>chiesto <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Giustizia <span class=\"_ _7\"> </span>Europea <span class=\"_ _4\"> </span>se<span class=\"_ _2\"></span> <span class=\"_ _16\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>irettiva <span class=\"_ _4\"> </span>2014/17 <span class=\"_ _7\"> </span>relativa <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>credito </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">immobiliare <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>consumatori <span class=\"_ _6\"></span>ostasse <span class=\"_ _5\"></span>o <span class=\"_ _4\"></span>meno <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>una <span class=\"_ _5\"></span>normativa <span class=\"_ _6\"></span>nazionale <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>prevedesse <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iritto <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>consumatore <span class=\"_ _6\"></span>alla </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">riduzione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>redito, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rimborso <span class=\"_ _2\"></span>ant<span class=\"_ _3\"></span>icipato <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>medesimo, <span class=\"_ _2\"></span>includesse<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>soltanto <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>interessi <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>costi </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">che dipendono dalla <span class=\"_ _0\"></span>durata del credito. La Cor<span class=\"_ _0\"></span>te ha dichiarato c<span class=\"_ _0\"></span>he la direttiva 2014/17 <span class=\"_ _0\"></span>non osta a una simile <span class=\"_ _0\"></span>normativa.  <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">Secondo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>itto <span class=\"_ _3\"></span>alla ri<span class=\"_ _3\"></span>duzione <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>che, <span class=\"_ _3\"></span>indipendentemente dalla <span class=\"_ _3\"></span>durata <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>contratto, <span class=\"_ _3\"></span>si<span class=\"_ _6\"></span>ano </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">posti  a <span class=\"_ _1d\"> </span>carico  del  consumatore  a<span class=\"_ _3\"></span>  favore  sia <span class=\"_ _1d\"> </span>del  creditore  che <span class=\"_ _1d\"> </span>dei  terzi  per<span class=\"_ _3\"></span>  prestazioni  che  s<span class=\"_ _3\"></span>iano  gi\u00e0  state <span class=\"_ _1d\"> </span>eseguit<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">integralmente al momento <span class=\"_ _0\"></span>del rimborso anticip<span class=\"_ _0\"></span>ato (quali le spes<span class=\"_ _0\"></span>e di istruttoria e di <span class=\"_ _0\"></span>perizia). <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, nel <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Commissione Eu<span class=\"_ _3\"></span>ropea ha <span class=\"_ _3\"></span>avviato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>procedimento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revisione <span class=\"_ _3\"></span>della direttiva <span class=\"_ _3\"></span>comunitaria sul <span class=\"_ _3\"></span>credito <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">consumo <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>2008/48, <span class=\"_ _7\"> </span>a  valere<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>quale <span class=\"_ _16\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>stata <span class=\"_ _16\"> </span>pronunciata <span class=\"_ _7\"> </span>la  sen<span class=\"_ _0\"></span>tenza <span class=\"_ _16\"> </span>Lexitor. <span class=\"_ _7\"> </span>A  seguito <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>proposta <span class=\"_ _16\"> </span>legislativ<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">inizialmente <span class=\"_ _7\"> </span>formulata <span class=\"_ _16\"> </span>dalla  C<span class=\"_ _0\"></span>ommissione, <span class=\"_ _7\"> </span>\u00e8  iniziata <span class=\"_ _7\"> </span>la  f<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>se <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>coinvolgimento <span class=\"_ _7\"> </span>del  Parlam<span class=\"_ _35\"></span>ento  Europeo <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del  Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>siglio </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Europeo che nei me<span class=\"_ _0\"></span>si scorsi hanno defi<span class=\"_ _0\"></span>nito le proprie posi<span class=\"_ _0\"></span>zio<span class=\"_ _3\"></span>ni con la pubblicazione d<span class=\"_ _0\"></span>elle rispettive pr<span class=\"_ _0\"></span>oposte.  </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso tra Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita S.<span class=\"_ _0\"></span>p.A. e RB Holding S<span class=\"_ _0\"></span>.p.A. e la famiglia Favare<span class=\"_ _0\"></span>tto<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _3\"></span>maggio 2020 <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>Vita <span class=\"_ _3\"></span>S.p.A. ha <span class=\"_ _3\"></span>perfezionato un\u2019operazione d<span class=\"_ _3\"></span>i investimento n<span class=\"_ _3\"></span>ella societ\u00e0 <span class=\"_ _3\"></span>RBM Assicur<span class=\"_ _5\"></span><span class=\"ff1\">azioni </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Salute <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>la principale <span class=\"_ _3\"></span>compagnia assicurativa <span class=\"_ _3\"></span>italiana nel <span class=\"_ _3\"></span>ramo <span class=\"_ _3\"></span>salute <span class=\"_ _3\"></span>detenuta dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>RB Ho<span class=\"_ _3\"></span>lding S.p.A. <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ile </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _6\"> </span>famiglia <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Dott. <span class=\"_ _6\"></span>Roberto <span class=\"_ _5\"></span>Favaretto, <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>portato <span class=\"_ _6\"></span>all\u2019attuale <span class=\"_ _6\"> </span>controllo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Intesa <span class=\"_ _4\"> </span>Vita <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ociet\u00e0 </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">assicurativa, ora denomi<span class=\"_ _0\"></span>nata Intesa Sanpa<span class=\"_ _0\"></span>olo RBM Salute S.p.A. </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Nello <span class=\"_ _3\"></span>scorso maggio <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo Vita<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span> inviato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>socia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>minoranza RB <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>S.p.A. u<span class=\"_ _3\"></span>na r<span class=\"_ _3\"></span>ichiesta di <span class=\"_ _3\"></span>indennizzo <span class=\"_ _3\"></span>ai </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">sensi <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>effetti <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>rela<span class=\"_ _3\"></span><span class=\"ff4\">zione <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>mergere <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>situazioni <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _2\"></span>luogo <span class=\"_ _2\"></span>(o <span class=\"_ _3\"></span>potrebbero </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">dar luogo) a passivit<span class=\"_ _0\"></span>\u00e0 quantificabili allo<span class=\"_ _0\"></span> stato in oltre 129 m<span class=\"_ _0\"></span>ilioni di euro e sos<span class=\"_ _0\"></span>tanzialmente rigu<span class=\"_ _0\"></span>ardanti:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y8fc ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l'incremento <span class=\"_ _17\"> </span>dell\u2019onere <span class=\"_ _18\"> </span>dei <span class=\"_ _18\"> </span>sinistri <span class=\"_ _18\"> </span>concernenti <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>Polizza <span class=\"_ _1c\"> </span></span>M\u00e8taSalute <span class=\"_ _18\"> </span><span class=\"ff4\">conseguente <span class=\"_ _17\"> </span>all\u2019eliminazione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>ratich<span class=\"_ _35\"></span>e </span></span></div><div class=\"t m0 x2a h2 y24b ff4 fs0 fc0 sc0 ls0 ws0\">commerciali scorrette <span class=\"_ _0\"></span>oggetto di un proced<span class=\"_ _0\"></span>imento avviato dall\u2019A<span class=\"_ _35\"></span>GCM,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y42f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">posizioni <span class=\"_ _7\"> </span>creditorie <span class=\"_ _4\"> </span>(per <span class=\"_ _16\"> </span>\u2018regolazioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>premio\u2019) <span class=\"_ _7\"> </span>iscritte <span class=\"_ _7\"> </span>all\u2019attivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>bilancio <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>mo<span class=\"_ _3\"></span>mento <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>closing <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _7\"> </span>interamente<span class=\"_ _35\"></span> </span></span></div><div class=\"t m0 x2a h2 y430 ff1 fs0 fc0 sc0 ls0 ws0\">svalutate successivamente al <span class=\"_ _0\"></span>closing a seguito del<span class=\"_ _0\"></span>la verificata i<span class=\"_ _0\"></span>nesigibilit\u00e0 dei cre<span class=\"_ _0\"></span>diti stessi,<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1e8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>penali <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _16\"> </span>ritardi <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>pagamenti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sinistri <span class=\"_ _16\"> </span>relativi <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>Polizza <span class=\"_ _16\"> </span>ASDEP  <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>Assistenza <span class=\"_ _16\"> </span>Sanitaria <span class=\"_ _16\"> </span>Dipendenti <span class=\"_ _7\"> </span>Enti </span></div><div class=\"t m0 x2a h2 y469 ff1 fs0 fc0 sc0 ls0 ws0\">Pubblici. </div><div class=\"t m0 x0 h2 y35b ff1 fs0 fc0 sc0 ls0 ws0\">RB <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>ogni <span class=\"_ _5\"></span>addebito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>nell<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>decade <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>luglio, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>famiglia <span class=\"_ _2\"></span>Favaretto, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>presentato <span class=\"_ _2\"></span>una </div><div class=\"t m0 x0 h32 y46a ff4 fs0 fc0 sc0 ls0 ws0\">domanda <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Camera <span class=\"_ _5\"></span>Arbitrale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>deducendo <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019invalidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>clausole <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>investimento <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>patto </div><div class=\"t m0 x0 h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">parasociale del 2020 (tra cui <span class=\"_ _3\"></span>quelle relative alle opzioni <span class=\"_ _2\"></span>di acquisto e <span class=\"_ _3\"></span>di vendita della partecipazione di <span class=\"_ _3\"></span>minoranza e al patto di </div><div class=\"t m0 x0 h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">non concorrenza), inadempimenti di Intesa <span class=\"_ _3\"></span>Sanpaolo Vita a <span class=\"_ _3\"></span>impegni contrattuali (quale il <span class=\"_ _3\"></span>patto di consultazione in <span class=\"_ _3\"></span>relazione <span class=\"_ _5\"></span>al </div><div class=\"t m0 x0 h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">rinnovo del contratto M\u00e8taSalut<span class=\"_ _0\"></span>e e alla cessazione del <span class=\"_ _3\"></span><span class=\"ff4\">rapporto con il precedente AD), la <span class=\"_ _0\"></span>violazione da parte di quest\u2019ultima di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\">regole di buona fede e <span class=\"_ _0\"></span>correttezza, co<span class=\"_ _0\"></span>n una richiesta di ris<span class=\"_ _0\"></span>arcimento di danni per<span class=\"_ _0\"></span> complessivi 423,<span class=\"_ _0\"></span>5 milioni di euro.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _4\"></span>Sanp<span class=\"_ _0\"></span>aolo <span class=\"_ _6\"></span>Vita <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>termine <span class=\"_ _6\"></span>assegnato <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>5 <span class=\"_ _6\"></span>settembr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>depositato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>risposta <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>Came<span class=\"_ _0\"></span>ra <span class=\"_ _4\"></span>Arbitrale, </div><div class=\"t m0 x0 h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">contestando <span class=\"_ _5\"></span>integralmente <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _5\"></span>avversarie <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>anzi <span class=\"_ _6\"></span>formulando <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\">importo complessivo pari a 129,4 <span class=\"_ _3\"></span>milioni di euro, per <span class=\"_ _3\"></span>violazione, da parte di <span class=\"_ _3\"></span>RB Ho<span class=\"_ _2\"></span>ld, di <span class=\"_ _3\"></span>dichiarazioni e garanzie rilasciate e di </div><div class=\"t m0 x0 h32 y22a ff4 fs0 fc0 sc0 ls0 ws0\">impegni <span class=\"_ _5\"></span>assunti <span class=\"_ _6\"> </span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>contratto <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>investimento, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"> </span>dell\u2019obbligo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>comportamento <span class=\"_ _5\"></span>secondo <span class=\"_ _6\"> </span>correttezza <span class=\"_ _5\"></span>e <span class=\"_ _4\"> </span>buona <span class=\"_ _5\"></span>fede, </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">integralmente richiama<span class=\"_ _0\"></span>ndo le contestazioni<span class=\"_ _0\"></span> illustrate nella ric<span class=\"_ _0\"></span>hiesta di indennizzo <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> maggio scorso.  </div><div class=\"t m0 x0 h32 y473 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"> </span>parti <span class=\"_ _7\"> </span>costituite, <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>raggiunto <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>\u2019accordo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>nomina <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>presidente <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>Arbitrale, <span class=\"_ _4\"> </span>hanno <span class=\"_ _4\"> </span>avanzato </div><div class=\"t m0 x0 h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">richiesta congiunta a<span class=\"_ _0\"></span>l Consiglio Arbitrale<span class=\"_ _0\"></span> affinch\u00e9 la nomin<span class=\"_ _0\"></span>a venga differita. </div><div class=\"t m0 x0 h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\">Ove <span class=\"_ _3\"></span>consultazioni t<span class=\"_ _3\"></span>ra le <span class=\"_ _2\"></span>parti <span class=\"_ _3\"></span>portasse<span class=\"ff4\">ro <span class=\"_ _3\"></span>all\u2019individuazione dell\u2019interesse <span class=\"_ _3\"></span>verso <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>composizione <span class=\"_ _3\"></span>transattiva, <span class=\"_ _3\"></span>la pendenza <span class=\"_ _3\"></span>del </span></div><div class=\"t m0 x0 h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\">contenzioso non impedis<span class=\"_ _0\"></span>ce la verifica d<span class=\"_ _0\"></span>ella percorribilit\u00e0 di<span class=\"_ _0\"></span> tale ipotesi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y477 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y478 ff3 fs0 fc2 sc0 ls0 ws0\">Contenzioso <span class=\"_ _4\"> </span>derivante <span class=\"_ _7\"> </span>dall\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>acquisizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>certe <span class=\"_ _4\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>passivit\u00e0 <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>rappo<span class=\"_ _2\"></span><span class=\"ff2\">rti <span class=\"_ _7\"> </span>giuridici <span class=\"_ _4\"> </span>facenti <span class=\"_ _7\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>Banca<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h4c y479 ff2 fs0 fc2 sc0 ls0 ws0\">Popolare di Vicenza S.<span class=\"_ _0\"></span>p.A. in LCA e a Veneto B<span class=\"_ _0\"></span>anca S.p.A. in LCA </div><div class=\"t m0 x0 h2 y47a ff1 fs0 fc0 sc0 ls0 ws0\">In via preliminare <span class=\"_ _0\"></span>si ricorda quanto segu<span class=\"_ _0\"></span>e: </div><div class=\"t m0 x0 h2 y47b ff1 fs0 fc0 sc0 ls10 ws0\">a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>agli <span class=\"_ _2\"></span>accordi <span class=\"_ _3\"></span>fra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>due <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>(Contratto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cessione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>26 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Seco<span class=\"_ _5\"></span>ndo </span></div><div class=\"t m0 x2a h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">Accordo <span class=\"_ _4\"> </span>Ricognitivo <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>17 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _7\"> </span>2018) <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndividuate <span class=\"_ _4\"></span>due <span class=\"_ _4\"> </span>distinte <span class=\"_ _7\"> </span>categorie <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>contenziosi <span class=\"_ _4\"> </span>(r<span class=\"_ _3\"></span>iferibili <span class=\"_ _4\"></span>anche <span class=\"_ _4\"> </span>alle </div><div class=\"t m0 x2a h2 y47d ff1 fs0 fc0 sc0 ls0 ws0\">partecipate delle ex Ba<span class=\"_ _0\"></span>nche Venete incluse<span class=\"_ _0\"></span> nella cessione): </div><div class=\"t m0 x2a h2 y47e ff1 fs0 fc0 sc0 ls0 ws0\">a1 <span class=\"_ _7\"> </span>- <span class=\"_ _7\"> </span><span class=\"ff4\">il <span class=\"_ _4\"> </span>c.d. <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _4\"> </span>Pregresso, <span class=\"_ _7\"> </span>incluso <span class=\"_ _4\"> </span>fra <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _7\"> </span>dell\u2019Insieme<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>Aggregato <span class=\"_ _4\"> </span>trasferito <span class=\"_ _4\"> </span>a <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>che </div><div class=\"t m0 x2a h2 y47f ff1 fs0 fc0 sc0 ls0 ws0\">ricomprende, <span class=\"_ _2\"></span>salvo <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>importanti <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>(cfr. <span class=\"_ _6\"></span><span class=\"ff2\">infra</span> <span class=\"_ _2\"></span><span class=\"ff2\">sub</span> <span class=\"_ _2\"></span>a2)<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>civili <span class=\"_ _5\"></span>relativi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>pendenti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>26 </div><div class=\"t m0 x2a h2 y480 ff1 fs0 fc0 sc0 ls0 ws0\">giugno 2017 e comu<span class=\"_ _0\"></span>nque diversi da quelli r<span class=\"_ _0\"></span>ientranti nel c.d. Co<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tenzioso Escluso (c<span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>r. punto successivo<span class=\"_ _0\"></span>); </div><div class=\"t m0 x2a h2 y481 ff1 fs0 fc0 sc0 ls10 ws0\">a2 <span class=\"ls0\">- <span class=\"_ _3\"></span><span class=\"ff4\">il <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>Contenzioso Escluso, che <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>carico delle <span class=\"_ _3\"></span>Banche in<span class=\"_ _3\"></span> LCA <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>riguarda, tra <span class=\"_ _3\"></span>l\u2019altro, le <span class=\"_ _3\"></span>vertenze <span class=\"_ _3\"></span>(anche se </span></span></div><div class=\"t m0 x2a h2 y482 ff1 fs0 fc0 sc0 ls0 ws0\">gi\u00e0 <span class=\"_ _6\"></span>pendenti <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _4\"> </span>giugno <span class=\"_ _6\"></span>2017) <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>romosse <span class=\"_ _6\"></span> <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>azionisti/obbligazionisti<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>convertibili <span class=\"_ _4\"></span>e/o <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>del<span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>due <span class=\"_ _4\"></span>ex </div><div class=\"t m0 x2a h32 y483 ff4 fs0 fc0 sc0 ls0 ws0\">Banche <span class=\"_ _7\"> </span>Venete <span class=\"_ _7\"> </span>(tra <span class=\"_ _7\"> </span>cui <span class=\"_ _16\"> </span>quelle <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivanti <span class=\"_ _7\"> </span>dalle <span class=\"_ _7\"> </span>c.d. <span class=\"_ _7\"> </span>\u201coperazioni <span class=\"_ _7\"> </span>baciate\u201d), <span class=\"_ _7\"> </span>quelle <span class=\"_ _7\"> </span>connesse <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>cred<span class=\"_ _3\"></span>iti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eteriorati, <span class=\"_ _7\"> </span>quelle </div><div class=\"t m0 x2a h32 y484 ff4 fs0 fc0 sc0 ls0 ws0\">relative <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>rapporti <span class=\"_ _7\"> </span>estinti <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _7\"> </span>data <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>cessione <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>controversie <span class=\"_ _7\"> </span>(quale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>ne <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>l\u2019oggetto) <span class=\"_ _7\"> </span>sorte <span class=\"_ _7\"> </span>dopo <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x2a h2 y485 ff1 fs0 fc0 sc0 ls0 ws0\">cessione <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>o <span class=\"_ _7\"> </span>fatti <span class=\"_ _7\"> </span>occorsi <span class=\"_ _7\"> </span>prima <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>stessa. <span class=\"_ _7\"> </span>Rientrano <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _7\"> </span>Escluso <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>vertenze </div><div class=\"t m0 x2a h2 y486 ff1 fs0 fc0 sc0 ls0 ws0\">riconducibili a tutte le categorie qui elencate (<span class=\"_ _2\"></span><span class=\"ff2 ls1f\">sub</span> <span class=\"_ _3\"></span>a2) promosse nei confronti di Banca <span class=\"_ _3\"></span>Nuova e Banca Apulia (o di Intesa </div><div class=\"t m0 x2a h2 y487 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _3\"></span>quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>stesse); <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Contenzioso <span class=\"_ _3\"></span>Pregresso <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativi<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y488 ff1 fs0 fc0 sc0 ls0 ws0\">accantonamenti; <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>aso, <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>accantonamenti <span class=\"_ _2\"></span>trasferiti <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rivelassero <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsufficienti, <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>diritto </div><div class=\"t m0 x2a h2 y489 ff1 fs0 fc0 sc0 ls0 ws0\">di essere indennizza<span class=\"_ _0\"></span>ta dalle Banche in LCA, ai termini prev<span class=\"_ _0\"></span>isti nel Contratto di Ce<span class=\"_ _0\"></span>ssione del 26 giugno<span class=\"_ _0\"></span> 2017;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y48a ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-107.35474px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls10 ws0\">b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>successivamente <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>26 <span class=\"_ _16\"> </span>giugno <span class=\"_ _7\"> </span>2017, <span class=\"_ _7\"> </span>sono <span class=\"_ _7\"> </span>state <span class=\"_ _7\"> </span>avviate <span class=\"_ _16\"> </span>o <span class=\"_ _7\"> </span>riassunte <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _16\"> </span>alcune <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ause </span></div><div class=\"t m0 x2a h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">rientranti nel Conten<span class=\"_ _0\"></span>zioso Escluso. Con <span class=\"_ _0\"></span>riguardo a queste cause: </div><div class=\"t m0 x2a h2 y413 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>fa <span class=\"_ _3\"></span>(e <span class=\"_ _2\"></span>far\u00e0) <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>giudizio <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>straneit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>carenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>legittimazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>passiva; <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>i\u00f2, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ulla </span></div><div class=\"t m0 x62 h2 y414 ff1 fs0 fc0 sc0 ls0 ws0\">base <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>quanto <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Decreto <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span>gge <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _3\"></span>(art. <span class=\"_ _2\"></span>3) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ipulati <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>Banche <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>LCA, <span class=\"_ _3\"></span>sia <span class=\"_ _2\"></span>in </div><div class=\"t m0 x62 h2 ydad ff1 fs0 fc0 sc0 ls0 ws0\">conformit\u00e0 <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>prescrizioni <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Commissione <span class=\"_ _2\"></span>europea <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>aiuti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>(Decisione <span class=\"_ _2\"></span>C(2017) <span class=\"_ _2\"></span>4501 <span class=\"_ _2\"></span>final <span class=\"_ _3\"></span>e </div><div class=\"t m0 x62 h2 ycb2 ff1 fs0 fc0 sc0 ls0 ws0\">Allegato <span class=\"_ _6\"></span>B <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>26.6.2017), <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>vietano <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>farsi <span class=\"_ _6\"></span>carico <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>qualunque<span class=\"_ _0\"></span> </div><div class=\"t m0 x62 h2 y1014 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cclaim\u201d relativo a pre<span class=\"_ _0\"></span>tese d<span class=\"ff1\">i azionisti e obbligazionisti<span class=\"_ _0\"></span> subordinati delle <span class=\"_ _0\"></span>ex Banche Venete; </span></div><div class=\"t m0 x2a h2 y418 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>(e <span class=\"_ _3\"></span>comunque <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>oneri <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>qualsiasi titolo <span class=\"_ _3\"></span>sostenuti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>in </span></div><div class=\"t m0 x62 h2 y419 ff4 fs0 fc0 sc0 ls0 ws0\">relazione al suo coinvolgime<span class=\"_ _0\"></span>nto in ogni Contenzioso E<span class=\"_ _0\"></span>scluso), quest\u2019ultima<span class=\"_ _3\"></span><span class=\"ff1\"> ha diritto di essere rist<span class=\"_ _0\"></span>orata dalle Banche </span></div><div class=\"t m0 x62 h2 y41a ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _6\"></span>L<span class=\"_ _3\"></span>CA <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dal <span class=\"_ _6\"></span>Contratto <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Cessione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dai <span class=\"_ _6\"></span>successivi <span class=\"_ _4\"></span>accordi. <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>stesse <span class=\"_ _4\"> </span>Banche <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>LCA </div><div class=\"t m0 x62 h2 y41b ff1 fs0 fc0 sc0 ls0 ws0\">hanno <span class=\"_ _3\"></span>contrattualmente <span class=\"_ _3\"></span>riconosciuto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _3\"></span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Contenzioso <span class=\"_ _3\"></span>Escluso,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff4\">tant\u2019\u00e8 <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>si </span></div><div class=\"t m0 x62 h2 y41c ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>vari <span class=\"_ _16\"> </span>giudizi <span class=\"_ _4\"> </span>avv<span class=\"_ _3\"></span>iati <span class=\"_ _7\"> </span>(o <span class=\"_ _7\"> </span>riassunti) <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>azionisti <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>obbligazionisti<span class=\"_ _0\"></span> </div><div class=\"t m0 x62 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">convertibili <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>/o <span class=\"_ _4\"> </span>subordinati <span class=\"_ _6\"></span>(o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>comunque <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ientranti <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>categoria <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Contenzioso <span class=\"_ _4\"> </span>Escluso), <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>hiedendo <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>veder </div><div class=\"t m0 x62 h2 y41e ff1 fs0 fc0 sc0 ls0 ws0\">dichiarata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"></span>propria <span class=\"_ _6\"></span>esclusiva <span class=\"_ _4\"> </span>legittimazione <span class=\"_ _4\"></span>passiva <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>la <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onseguente <span class=\"_ _6\"></span>estromissione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>tali </div><div class=\"t m0 x62 h2 y41f ff1 fs0 fc0 sc0 ls0 ws0\">giudizi. </div><div class=\"t m0 x0 h2 y140 ff1 fs0 fc0 sc0 ls0 ws0\">Tutti <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>obblighi e <span class=\"_ _2\"></span>responsabilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>indennizzo assunti <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>LCA <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>coperti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>una<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y141 ff1 fs0 fc0 sc0 ls0 ws0\">garanzia <span class=\"_ _2\"></span>pubblica <span class=\"_ _5\"></span><span class=\"ff4\">(\u201c<span class=\"_ _3\"></span>Garanzia <span class=\"_ _2\"></span>Indennizzi\u201d), <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>costituiva <span class=\"_ _5\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resupposto <span class=\"_ _2\"></span>essenziale <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Contratto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Cessione;<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc0 sc0 ls0 ws0\">garanzia che \u00e8 stata fo<span class=\"_ _0\"></span>rmalizzata in data 1<span class=\"_ _0\"></span>5 novembre 2022.  </div><div class=\"t m0 x0 h2 y421 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa Sanpaolo ha inviato, nel temp<span class=\"_ _0\"></span>o, alle due Banche Venete in LCA, in forza degli o<span class=\"_ _0\"></span>bbl<span class=\"_ _2\"></span>ighi contrattuali assunti dalle stesse,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h4c y422 ff4 fs0 fc0 sc0 ls0 ws0\">alcune <span class=\"_ _5\"></span>comunicazioni <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>\u201c<span class=\"ff2\">claim</span>\u201d) <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontenenti <span class=\"_ _5\"></span>richieste <span class=\"_ _5\"></span>(o <span class=\"_ _6\"> </span>riserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>richiesta) <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>rimborso/indennizzo <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>gi\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y423 ff1 fs0 fc0 sc0 ls0 ws0\">sub\u00ecti <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>otenziali <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>Contenzios<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>Pregresso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso, <span class=\"_ _6\"></span>nonch\u00e9<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>violazione <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y424 ff1 fs0 fc0 sc0 ls0 ws0\">dichiarazioni e gar<span class=\"_ _0\"></span>anzie relative a talune <span class=\"_ _0\"></span>attivit\u00e0 e passivit\u00e0 tr<span class=\"_ _0\"></span>asferite a Intesa Sa<span class=\"_ _0\"></span>npaolo.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y425 ff4 fs0 fc0 sc0 ls0 ws0\">Nelle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>formalizzazione <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>\u201cGaranzia <span class=\"_ _16\"> </span>Indennizzi\u201d, <span class=\"_ _16\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo <span class=\"_ _16\"> </span>e  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>due  Ba<span class=\"_ _0\"></span>nche  Ve<span class=\"_ _0\"></span>nete  i<span class=\"_ _35\"></span>n  LCA <span class=\"_ _16\"> </span>hanno </div><div class=\"t m0 x0 h2 y426 ff1 fs0 fc0 sc0 ls0 ws0\">negoziato <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sot<span class=\"ff4\">t<span class=\"_ _3\"></span>oscritto, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>14 <span class=\"_ _2\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cTerzo <span class=\"_ _3\"></span>Accordo\u201d <span class=\"_ _3\"></span>volto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>disciplinare <span class=\"_ _3\"></span>taluni <span class=\"_ _3\"></span>aspetti <span class=\"_ _3\"></span>esecutivi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Contratto<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y427 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>Cessione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>26 <span class=\"_ _4\"></span>giugno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>017 <span class=\"_ _6\"></span>(cos\u00ec <span class=\"_ _6\"></span>come <span class=\"_ _4\"></span>precedentemente<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>avvenuto <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>occasione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"></span>precedenti <span class=\"_ _6\"></span>accordi <span class=\"_ _4\"></span>ricognitivi<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y428 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscritti nel corso del 201<span class=\"_ _0\"></span>7 e del 2018) e, in ta<span class=\"_ _0\"></span>le occasione, Intesa Sanpaolo e le due B<span class=\"_ _0\"></span>anche Venete in <span class=\"_ _0\"></span>LCA:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y465 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno previsto il prolu<span class=\"_ _0\"></span>ngamento della durata dei cont<span class=\"_ _0\"></span>ratti di finanziamento sull<span class=\"_ _0\"></span>o sbilancio di cessione e s<span class=\"_ _0\"></span>ulla cessione dei </span></div><div class=\"t m0 x2a h2 y466 ff1 fs0 fc0 sc0 ls0 ws0\">crediti High Risk e le<span class=\"_ _0\"></span> relative condizio<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span>i con allineament<span class=\"_ _0\"></span>o delle garanzie; </div><div class=\"t m0 x0 h2 y26f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno precisato, sia <span class=\"_ _3\"></span>con riferimento <span class=\"_ _3\"></span>ai claim gi\u00e0 <span class=\"_ _3\"></span>inviati da <span class=\"_ _3\"></span>Intesa Sanpaolo che <span class=\"_ _3\"></span>per il <span class=\"_ _3\"></span>futuro, a<span class=\"_ _3\"></span>lcuni aspetti relativi a <span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>pi </span></div><div class=\"t m0 x2a h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _6\"></span>modi <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>relative <span class=\"_ _6\"></span>richieste <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ristoro, <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>garanzia <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>favore <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _2\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>forza <span class=\"_ _5\"></span>della </div><div class=\"t m0 x2a h2 y5c7 ff1 fs0 fc0 sc0 ls0 ws0\">Garanzia Indennizzi; </div><div class=\"t m0 x0 h2 yeff ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>hanno concordato <span class=\"_ _0\"></span>alcune modalit\u00e0 di e<span class=\"_ _0\"></span>fficace gestione d<span class=\"_ _0\"></span>ei contenziosi in c<span class=\"_ _0\"></span>ui Intesa Sanpaolo ve<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ga coinvolta.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yf4f ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _16\"> </span>ordinanza <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>20 <span class=\"_ _16\"> </span>luglio  2<span class=\"_ _0\"></span>021,  i<span class=\"_ _35\"></span>l  Tribunale <span class=\"_ _7\"> </span>di  Fire<span class=\"_ _0\"></span>nze, <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>giudizio <span class=\"_ _16\"> </span>ascrivibil<span class=\"_ _2\"></span><span class=\"ff1\">e  al <span class=\"_ _7\"> </span>Contenzioso <span class=\"_ _16\"> </span>Escluso </span></div><div class=\"t m0 x0 h2 yf50 ff1 fs0 fc0 sc0 ls0 ws0\">promosso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>c.d. <span class=\"_ _6\"></span><span class=\"ff2\">misselling</span> <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>BPVi, <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(che <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>eccepito <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>proprio <span class=\"_ _5\"></span>difetto <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y1e9 ff1 fs0 fc0 sc0 ls0 ws0\">legittimazione <span class=\"_ _7\"> </span>passiva <span class=\"_ _16\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>D.L. <span class=\"_ _7\"> </span>99/2017 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>contratto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>cessione), <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>messo <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Corte <span class=\"_ _16\"> </span>cost<span class=\"_ _2\"></span>ituzionale <span class=\"_ _16\"> </span>l<span class=\"_ _0\"></span>a </div><div class=\"t m0 x0 h2 y893 ff1 fs0 fc0 sc0 ls0 ws0\">questione di legittimit\u00e0 <span class=\"_ _0\"></span>costituzionale del D.<span class=\"_ _0\"></span>L. 99/2017. </div><div class=\"t m0 x0 h2 y894 ff1 fs0 fc0 sc0 ls0 ws0\">Si t<span class=\"_ _3\"></span>ratta del pri<span class=\"_ _3\"></span>mo caso di <span class=\"_ _3\"></span>rimessione alla <span class=\"_ _3\"></span>Corte costituzionale di <span class=\"_ _3\"></span>questioni relative al <span class=\"_ _3\"></span>D.L. 9<span class=\"_ _3\"></span>9/2017;<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>finora, infatti, <span class=\"_ _3\"></span>le n<span class=\"_ _5\"></span>umerose </div><div class=\"t m0 x0 h2 y895 ff1 fs0 fc0 sc0 ls0 ws0\">istanze <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>rimession<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>costituzionale <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>mulate <span class=\"_ _5\"></span>dal<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>controparti <span class=\"_ _6\"></span>nei <span class=\"_ _4\"></span>giudizi <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Contenzioso <span class=\"_ _6\"></span>Escluso <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>rano </div><div class=\"t m0 x0 h2 y896 ff1 fs0 fc0 sc0 ls0 ws0\">sempre state respinte <span class=\"_ _0\"></span>dai giudici, perch\u00e9 gi<span class=\"_ _0\"></span>udicate irrilevanti <span class=\"_ _0\"></span>o manifestatamente inf<span class=\"_ _0\"></span>ondate.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y897 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _1c\"> </span>costituirsi <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _1c\"> </span>la <span class=\"_ _1c\"> </span>Banca <span class=\"_ _1c\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>contestato <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>provvedimento <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>rimessione <span class=\"_ _1c\"> </span>censu<span class=\"_ _3\"></span><span class=\"ff4\">randone <span class=\"_ _1c\"> </span>l<span class=\"_ _3\"></span>\u2019inammissibilit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>e </span></div><div class=\"t m0 x0 h2 ye83 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019infondatezza; <span class=\"_ _5\"></span>ci\u00f2 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>considerazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>normativa <span class=\"_ _6\"></span>UE <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nazionale <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>materia <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>aiuti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Stato <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _5\"></span>dell\u2019operazione<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y898 ff4 fs0 fc0 sc0 ls0 ws0\">sulle <span class=\"_ _6\"> </span>Banche <span class=\"_ _6\"> </span>Venete, <span class=\"_ _6\"></span>correttamente <span class=\"_ _5\"></span>applicata <span class=\"_ _6\"> </span>dal <span class=\"_ _6\"> </span>le<span class=\"_ _3\"></span>gislator<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nazionale, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dell\u2019assenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>effetti <span class=\"_ _6\"></span>disc<span class=\"_ _2\"></span><span class=\"ff1\">riminatori <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>confronti </span></div><div class=\"t m0 x0 h2 y702 ff1 fs0 fc0 sc0 ls0 ws0\">degli azionisti <span class=\"_ _3\"></span>e obbl<span class=\"_ _3\"></span>igazionisti subordinati delle banche <span class=\"_ _3\"></span>venete. Anche <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Presidenza del <span class=\"_ _3\"></span>Consiglio dei <span class=\"_ _3\"></span>Ministri e <span class=\"_ _3\"></span>BPVi <span class=\"_ _3\"></span>in L<span class=\"_ _6\"></span>CA </div><div class=\"t m0 x0 h2 y899 ff4 fs0 fc0 sc0 ls0 ws0\">(nonch\u00e9 <span class=\"_ _1c\"> </span>la <span class=\"_ _18\"> </span>Banca <span class=\"_ _1c\"> </span>d\u2019Italia, <span class=\"_ _1c\"> </span>qu<span class=\"_ _0\"></span>ale <span class=\"_ _1c\"> </span><span class=\"ff2\">amicus <span class=\"_ _1c\"> </span>curiae<span class=\"ff1\">)</span> <span class=\"_ _1c\"> </span></span>si <span class=\"_ _18\"> </span>sono <span class=\"_ _1c\"> </span>costituite <span class=\"_ _18\"> </span>nel <span class=\"_ _1c\"> </span>giudizio <span class=\"_ _18\"> </span>concludendo <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>l\u2019inamm<span class=\"ff1\">issibilit\u00e0 <span class=\"_ _18\"> </span>e </span></div><div class=\"t m0 x0 h2 yc93 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019infondatezza delle q<span class=\"_ _0\"></span>uestioni di legittimit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> costituzionale <span class=\"_ _0\"></span>sollevate.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y89a ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1d\"> </span>Corte, <span class=\"_ _1d\"> </span>con <span class=\"_ _1d\"> </span>la <span class=\"_ _1d\"> </span>sentenza <span class=\"_ _1d\"> </span>n. <span class=\"_ _1d\"> </span>225 <span class=\"_ _1d\"> </span>depositata <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>7 <span class=\"_ _1d\"> </span>novembre <span class=\"_ _1d\"> </span>2022, <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>accoglimento <span class=\"_ _1d\"> </span>delle  d<span class=\"_ _3\"></span>ifese <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaolo,<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y89b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Avvocatura <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>Stato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Popolare <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vicenza<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>LCA, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>dichiarato <span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>mmissibili tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>questioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimit\u00e0 </span></div><div class=\"t m0 x0 h2 y89c ff1 fs0 fc0 sc0 ls0 ws0\">costituzionale,  prendendo<span class=\"_ _0\"></span>  anche  posizione  sulla  infondatez<span class=\"_ _0\"></span>za  delle  stesse  in  aderenza  con  le  difese  svolte  da  Intes<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y89d ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo. </div><div class=\"t m0 x0 h2 y32f ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>penale <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019ipotesi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>aggiotaggio <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>ostacolo <span class=\"_ _2\"></span>all\u2019esercizio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y89e ff1 fs0 fc0 sc0 ls0 ws0\">funzioni <span class=\"_ _7\"> </span>delle  A<span class=\"_ _35\"></span>utorit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Vigilanza <span class=\"_ _7\"> </span>nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>esponenti <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Veneto <span class=\"_ _7\"> </span>Banca, <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>gennaio <span class=\"_ _7\"> </span>2018 <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>GUP <span class=\"_ _16\"> </span>ha </div><div class=\"t m0 x0 h2 y48d ff1 fs0 fc0 sc0 ls0 ws0\">autorizzato <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>citazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>quale <span class=\"_ _6\"></span>responsabile <span class=\"_ _6\"></span>civi<span class=\"_ _2\"></span><span class=\"ff4\">le, <span class=\"_ _6\"> </span>assumendo <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>l\u2019esclusione <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>cessione <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>Intes<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x0 h2 y48e ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo  d<span class=\"_ _0\"></span>ei  debiti, <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>responsabilit\u00e0 <span class=\"_ _16\"> </span>e  delle  pas<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ivit\u00e0  d<span class=\"_ _0\"></span>erivanti  d<span class=\"_ _0\"></span>alle  operazi<span class=\"_ _0\"></span>oni  di <span class=\"_ _16\"> </span>commercializzazione <span class=\"_ _16\"> </span>di  azion<span class=\"_ _0\"></span>i  e </div><div class=\"t m0 x0 h2 y48f ff1 fs0 fc0 sc0 ls0 ws0\">obbligazioni <span class=\"_ _2\"></span>subordinate <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>prevista <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>D.L. <span class=\"_ _2\"></span>99/2017 <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>sarebbe <span class=\"_ _2\"></span>inopponibile <span class=\"_ _2\"></span>ai <span class=\"_ _6\"></span>terzi, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>applicherebbe <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>fattispecie </div><div class=\"t m0 x0 h2 y490 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019art. 2560 C.C. e, pe<span class=\"_ _0\"></span>rtanto, Intesa Sanp<span class=\"_ _0\"></span>aolo sarebbe subentrat<span class=\"_ _0\"></span>a in tali passivit\u00e0.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yf49 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>si <span class=\"_ _16\"> </span>sono <span class=\"_ _7\"> </span>costituite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>quel <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>oltre <span class=\"_ _16\"> </span>3.800 <span class=\"_ _7\"> </span>parti <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ivili <span class=\"_ _7\"> </span>titolari <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>azioni <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>obbligazi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ni </div><div class=\"t m0 x0 h2 y8a1 ff1 fs0 fc0 sc0 ls0 ws0\">subordinate di <span class=\"_ _2\"></span>Veneto Banca. <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>quindi <span class=\"_ _3\"></span>costituita chiedendo <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _3\"></span>esclusione <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>procedimento. A <span class=\"_ _3\"></span>sua </div><div class=\"t m0 x0 h2 y8a2 ff1 fs0 fc0 sc0 ls0 ws0\">volta, Veneto Banca in L<span class=\"_ _3\"></span>CA \u00e8 <span class=\"_ _3\"></span>intervenut<span class=\"_ _0\"></span>a volontariamente affermando la propria le<span class=\"_ _3\"></span>gittimazio<span class=\"_ _0\"></span>ne passiva esclusiva, sostanziale </div><div class=\"t m0 x0 h2 y8a3 ff1 fs0 fc0 sc0 ls0 ws0\">e processuale.  </div><div class=\"t m0 x0 h2 y8a4 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>marzo 2<span class=\"_ _3\"></span>018 <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>GUP <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ichiarato <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>propria <span class=\"_ _2\"></span>incompetenza <span class=\"_ _3\"></span>territoriale, <span class=\"_ _3\"></span>trasferendo <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Procura <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Repubblica <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y40e ff1 fs0 fc0 sc0 ls0 ws0\">Treviso. Sono pertanto<span class=\"_ _0\"></span> venute meno la citazi<span class=\"_ _0\"></span>one del responsabile ci<span class=\"_ _0\"></span>vile e le costituzio<span class=\"_ _0\"></span>ni delle parti civili.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8a6 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>eg<span class=\"ff4\">uito <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>rasferimento<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>degli <span class=\"_ _7\"> </span>atti <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>Procura <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Treviso, <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>stato <span class=\"_ _7\"> </span>disposto <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rinvio <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>giudizio <span class=\"_ _7\"> </span>dell\u2019ex <span class=\"_ _16\"> </span>Amministrator<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 x0 h2 y1021 ff1 fs0 fc0 sc0 ls0 ws0\">Delegato di Veneto Ba<span class=\"_ _0\"></span>nca, Vincenzo Co<span class=\"_ _0\"></span>nsoli, per i reati di agg<span class=\"_ _0\"></span>iotaggio, ostacolo <span class=\"_ _0\"></span>alla vigilanza bancaria <span class=\"_ _0\"></span>e falso in prosp<span class=\"_ _0\"></span>etto<span class=\"_ _5\"></span><span class=\"lsd\">. </span> </div><div class=\"t m0 x0 h2 ydbb ff1 fs0 fc0 sc0 ls0 ws0\">Il GUP ha respinto la ric<span class=\"_ _0\"></span>hiesta di autorizzazio<span class=\"_ _0\"></span>ne alla citazione di I<span class=\"_ _0\"></span>ntesa Sanpaolo qual<span class=\"_ _0\"></span>e responsabile civil<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1059 ff4 fs0 fc0 sc0 ls0 ws0\">Analoga <span class=\"_ _16\"> </span>richiesta <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>stata  r<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>spinta <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>del  <span class=\"ff1\">procedimento <span class=\"_ _7\"> </span>penale  da<span class=\"_ _0\"></span>vanti <span class=\"_ _16\"> </span>al  Tri<span class=\"_ _0\"></span>bunale <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>Vicenza <span class=\"_ _16\"> </span>nei  c<span class=\"_ _0\"></span>onfronti <span class=\"_ _16\"> </span>di </span></div><div class=\"t m0 x0 h2 ydbd ff1 fs0 fc0 sc0 ls0 ws0\">esponenti e dirigenti <span class=\"_ _0\"></span>della Banca Popolare di Vicenza. </div><div class=\"t m0 x0 h1b y1066 ff1 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h254 y1020 ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in materia d<span class=\"_ _0\"></span>i fideiussioni <span class=\"_ _0\"></span>bancarie<span class=\"fs9\">  </span></div><div class=\"t m0 x0 h2 y189b ff1 fs0 fc0 sc0 ls0 ws0\">Questo <span class=\"_ _5\"></span>filone <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contenzioso <span class=\"_ _5\"></span>deriva <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Corte <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2017, <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>provvedimento <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y1124 ff4 fs0 fc0 sc0 ls0 ws0\">2005 della Banca <span class=\"_ _3\"></span>d\u2019Italia relativo a <span class=\"_ _3\"></span>uno schema di <span class=\"_ _3\"></span>fideiussione sottopostole dall\u2019ABI (concordato con le <span class=\"_ _3\"></span>principali associazi<span class=\"_ _5\"></span><span class=\"ff1\">oni </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.93286px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"></span>con<span class=\"ff4\">sumatori). <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>d\u2019Italia <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>ritenuto <span class=\"_ _6\"></span>che <span class=\"_ _4\"> </span>tre <span class=\"_ _6\"> </span>clausole <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>questo <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>chema <span class=\"_ _6\"> </span>avrebbero <span class=\"_ _6\"> </span>potuto <span class=\"_ _4\"> </span>comportare <span class=\"_ _6\"></span>effetti </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">anticoncorrenziali se<span class=\"_ _0\"></span> applicate in m<span class=\"_ _0\"></span>odo uniforme dalle ban<span class=\"_ _0\"></span>che.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _7\"> </span>Cassazione, <span class=\"_ _16\"> </span>richiamando <span class=\"_ _4\"> </span>tale<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>provvedimento, <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>formulato <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>seguente  nu<span class=\"_ _0\"></span>ovo <span class=\"_ _7\"> </span>principio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>diritto: <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>na <span class=\"_ _7\"> </span>volta <span class=\"_ _16\"> </span>accertata<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esistenza  di  un\u2019intesa  a<span class=\"_ _0\"></span>nticoncorrenziale  illecita <span class=\"_ _16\"> </span>e  quindi  nulla,  l\u2019illiceit\u00e0  invest<span class=\"_ _0\"></span>e  anche  le  fideiussioni  se  costit<span class=\"_ _0\"></span>uisco<span class=\"_ _5\"></span><span class=\"ff1\">no </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">applicazione dell\u2019inte<span class=\"_ _0\"></span>sa illecita, pure<span class=\"_ _0\"></span> se rilasciate prima <span class=\"_ _0\"></span>dell\u2019accertamento d<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>ll\u2019intesa stessa.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>giudizio <span class=\"_ _3\"></span>recuperatorio <span class=\"_ _3\"></span>gestito <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Italfondiario <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Banca, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>questione <span class=\"_ _2\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>conseguen<span class=\"_ _2\"></span><span class=\"ff1\">ze </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>enunciato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>singole <span class=\"_ _3\"></span>fideiussioni <span class=\"_ _2\"></span>rilasciate <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>schema <span class=\"_ _2\"></span>ABI<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>rimessa </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">alle Sezioni Unite (SS.UU.<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>. </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">In particolare, \u00e8 st<span class=\"_ _0\"></span>ato chiesto di valutare: </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls10 ws0\">a.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>presenza <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>clausole <span class=\"_ _18\"> </span>illecite <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>contratto <span class=\"_ _18\"> </span>giustifichi <span class=\"_ _18\"> </span>la <span class=\"_ _18\"> </span>dichiarazione <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>nullit\u00e0 <span class=\"_ _18\"> </span>delle <span class=\"_ _18\"> </span>stesse <span class=\"_ _18\"> </span>o <span class=\"_ _1c\"> </span>legittimi<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">esclusivamente l\u2019eserc<span class=\"_ _0\"></span>izio dell\u2019azione ris<span class=\"_ _0\"></span>ar<span class=\"_ _3\"></span><span class=\"ff1\">citoria; </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls10 ws0\">b.<span class=\"ls0\"> <span class=\"_ _25\"> </span>in caso di nullit\u00e0, q<span class=\"_ _0\"></span>uale sia la tipologi<span class=\"_ _0\"></span>a del vizio che la <span class=\"_ _0\"></span>determini e a chi spetti<span class=\"_ _0\"></span> la legittimazion<span class=\"_ _0\"></span>e a farlo valere;<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls14 ws0\">c.<span class=\"ls0\"> <span class=\"_ _33\"> </span>se sia ammissibile la nullit<span class=\"_ _0\"></span>\u00e0 parziale della fideius<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ione;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls10 ws0\">d.<span class=\"ls0\"> <span class=\"_ _25\"> </span>se, <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>verificare <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>coincidenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>clausole <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>que<span class=\"_ _3\"></span>lle <span class=\"_ _5\"></span>ritenute <span class=\"_ _2\"></span>illecite, <span class=\"_ _2\"></span>debba <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>meno <span class=\"_ _5\"></span>indagata <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>volont\u00e0 </span></div><div class=\"t m0 x2a h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">delle parti riguardo al<span class=\"_ _0\"></span>l\u2019operazione e cio<span class=\"_ _0\"></span>\u00e8 se esse vi avrebb<span class=\"_ _0\"></span>ero comunque dato cors<span class=\"_ _0\"></span>o conoscendo l\u2019illicei<span class=\"_ _0\"></span>t\u00e0 delle stesse.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>30 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2021 <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>SS.UU. <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>pronunciate <span class=\"_ _3\"></span>dichiarando <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>nullit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>parziale <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>fideiussioni <span class=\"_ _3\"></span>redatte <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>modello <span class=\"_ _3\"></span>ABI <span class=\"_ _2\"></span>in </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">relazione alle clau<span class=\"_ _0\"></span>sole 2, 6 e 8. </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>SS.UU. <span class=\"_ _5\"></span>hanno <span class=\"_ _6\"></span>optato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>soluzione <span class=\"_ _5\"></span>intermedia <span class=\"_ _6\"></span>escludendo <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>due <span class=\"_ _5\"></span>ipotizzabili: <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>escluso <span class=\"_ _6\"></span>la </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">piena <span class=\"_ _7\"> </span>validit\u00e0 <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>fideiussione, <span class=\"_ _7\"> </span>soluzione <span class=\"_ _4\"> </span>ch<span class=\"_ _3\"></span>e <span class=\"_ _16\"> </span>avrebbe <span class=\"_ _4\"> </span>consentito <span class=\"_ _4\"> </span>esclusivamente <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>risarcimento <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>danno <span class=\"_ _7\"> </span>quale <span class=\"_ _7\"> </span>unico </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">rimedio utilizzabile dal <span class=\"_ _3\"></span>fideiussore (come suggerito nelle conclusioni del <span class=\"_ _3\"></span>Procuratore Generale prima dell\u2019udienza dello scor<span class=\"_ _6\"></span><span class=\"ff1\">so </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">23 novembre); dall'altr<span class=\"_ _0\"></span>a hanno escluso che p<span class=\"_ _0\"></span>ossa esser<span class=\"ff4\">e ritenuto nullo l\u2019intero contratt<span class=\"_ _0\"></span>o fideiussorio.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">A circa un anno dalla sentenza delle SS.UU. non si \u00e8 registr<span class=\"_ _0\"></span>ato un aumento del contenzi<span class=\"_ _0\"></span>oso, che nel complesso risulta tuttora<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">di dimensioni modeste. </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y76 ff2 fs0 fc2 sc0 ls0 ws0\">Abba' Andrea + 207 </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Trattasi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controversia<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>pendente <span class=\"_ _2\"></span>ava<span class=\"_ _3\"></span>nti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Milano, <span class=\"_ _2\"></span>sez. <span class=\"_ _5\"></span>Imprese, <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Signor <span class=\"_ _2\"></span>Abb\u00e0 <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>207 </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">obbligazionisti <span class=\"_ _6\"></span>subordinati <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>Marche<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-149.93286px;\"><div class=\"t m0 xb0 h33 y589 ff1 fs11 fc0 sc0 ls1a ws0\">111<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-149.93286px;\"><div class=\"t m0 x10c h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">. <span class=\"_ _4\"></span>Gli <span class=\"_ _6\"></span>attori <span class=\"_ _6\"></span>domandano <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>dichiarazione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>nullit\u00e0 <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>obbligazioni <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>il </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">risarcimento del d<span class=\"_ _0\"></span>anno subito. La domand<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> \u00e8<span class=\"_ _3\"></span> quantificata in <span class=\"_ _0\"></span>31 milioni circa.  </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">La  Banca  si  \u00e8  costituita  in  giudizio  eccependo  la  propria  carenza  di  legittimazione  passiva,  in  particolare  d<span class=\"_ _0\"></span>educendo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019esclusione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>obbligazioni <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>questione <span class=\"_ _2\"></span>dal <span class=\"_ _3\"></span>perimetro <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>cessione <span class=\"_ _2\"></span>dall\u2019Ente <span class=\"_ _2\"></span>Ponte <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Ba<span class=\"_ _5\"></span><span class=\"ff1\">nca. <span class=\"_ _2\"></span>Ex <span class=\"_ _2\"></span>UBI <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>ha </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">altres\u00ec eccepito la prescrizione delle doman<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>e attoree e il difetto di legittimazione delle contr<span class=\"_ _0\"></span>oparti, le quali non essendo<span class=\"_ _2\"></span> <span class=\"ff4\">\u201cprimi </span></div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">prenditori\u201d <span class=\"_ _2\"></span>non <span class=\"_ _6\"></span>sono, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>x <span class=\"_ _5\"></span>lege, <span class=\"_ _5\"></span>legittimati <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>far <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alere <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>vizio <span class=\"_ _5\"></span>genetico <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>obbligazioni <span class=\"_ _5\"></span>originari<span class=\"_ _5\"></span><span class=\"ff1\">e. <span class=\"_ _5\"></span>\u00c8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>infine <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>videnziata </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019assenza dei motivi <span class=\"_ _0\"></span>di nullit\u00e0 delle obblig<span class=\"_ _0\"></span>azioni, nonch\u00e9 del n<span class=\"_ _0\"></span>esso causale tra l<span class=\"_ _0\"></span>e condotte contestat<span class=\"_ _0\"></span>e alla Banca e il dan<span class=\"_ _0\"></span>no<span class=\"_ _5\"></span><span class=\"ff1\">. </span></div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>gestore <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Fondo <span class=\"_ _2\"></span>Nazionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Risoluzione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>intervenuta <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedi<span class=\"_ _2\"></span><span class=\"ff1\">mento <span class=\"_ _2\"></span>aderendo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x0 h32 y80 ff4 fs0 fc0 sc0 ls0 ws0\">conclusioni <span class=\"_ _2\"></span>formulate <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>UBI <span class=\"_ _2\"></span>Banca.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>causa <span class=\"_ _2\"></span>successivamente <span class=\"_ _2\"></span>all\u2019interruzione <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>decesso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _5\"></span>degli <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttori <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">riassunta; il Tribunal<span class=\"_ _0\"></span>e di Milano ha conces<span class=\"_ _0\"></span>so i termini per il d<span class=\"_ _0\"></span>eposito delle memorie<span class=\"_ _0\"></span> istruttorie e fissa<span class=\"_ _3\"></span>to udienza al 28/3/2023.  </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h254 y83 ff2 fs0 fc2 sc0 ls0 ws0\">AC Costruzioni S.r.<span class=\"fc0 ls11\">l.<span class=\"fs9 ls0\"> </span></span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">Giudizio <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>AC <span class=\"_ _3\"></span>Costruzioni <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3\"></span>(successivamente <span class=\"_ _3\"></span>fallita) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Cava <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>relio <span class=\"_ _3\"></span>(deceduto <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>corso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>causa) <span class=\"_ _2\"></span>volto <span class=\"_ _3\"></span>ad </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">ottenere <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>declaratoria <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>contrattuale <span class=\"_ _4\"></span>e/o <span class=\"_ _7\"> </span>extracontrattuale <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>revoca <span class=\"_ _4\"></span>degli <span class=\"_ _4\"> </span>affidamenti </div><div class=\"t m0 x0 h32 y86 ff4 fs0 fc0 sc0 ls0 ws0\">effettuata <span class=\"_ _7\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>1998 <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>condanna <span class=\"_ _7\"> </span>della  s<span class=\"_ _0\"></span>tessa <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>risarcimento <span class=\"_ _7\"> </span>dei  da<span class=\"_ _0\"></span>nni <span class=\"_ _16\"> </span>conseguenti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019intimata <span class=\"_ _7\"> </span>revoca, <span class=\"_ _16\"> </span>quantificati <span class=\"_ _16\"> </span>in </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">complessivi 33 milioni <span class=\"_ _0\"></span>circa. </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Le  do<span class=\"_ _3\"></span>mande  avversarie  sono  state  i<span class=\"_ _3\"></span>ntegralm<span class=\"ff4\">ente <span class=\"_ _1d\"> </span>respinte  sia  dal <span class=\"_ _1d\"> </span>Tribunale  di <span class=\"_ _1d\"> </span>Cosenz<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>  che <span class=\"_ _1d\"> </span>dalla  Corte  d\u2019Appello <span class=\"_ _1d\"> </span>di </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Catanzaro, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accoglimento <span class=\"_ _2\"></span>delle r<span class=\"_ _3\"></span>agioni <span class=\"_ _3\"></span>formulate <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>grado <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _3\"></span>impugnata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>eredi </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">del Cava e dal fallim<span class=\"_ _0\"></span>ento della AC Costr<span class=\"_ _0\"></span>uzioni, con controricorso e ricorso incidentale.  </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _7\"> </span>ordinanza <span class=\"_ _7\"> </span>depositata <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>Corte <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Cassazione<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>rigettato <span class=\"_ _7\"> </span>integralmente <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>ricorsi <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resentati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alle </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">controparti con cons<span class=\"_ _0\"></span>eguente condann<span class=\"_ _0\"></span>a alle spese in favor<span class=\"_ _0\"></span>e della Banca.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Il contenzioso risulta<span class=\"_ _0\"></span> quindi definitivamente concluso<span class=\"_ _0\"></span> senza esborsi. </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y4b ff2 fs0 fc2 sc0 ls0 ws0\">Citt\u00e0 Metropolitana di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> Capitale (gi<span class=\"_ _0\"></span>\u00e0 Provincia di Roma) </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Davanti <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>Procura <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>pende <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _3\"></span>penale <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>carico <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ex <span class=\"_ _5\"></span>manager <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>Imi <span class=\"_ _2\"></span>per </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">concorso in truffa ag<span class=\"_ _0\"></span>gravata ai <span class=\"ff4\">danni dell\u2019ente pubblic<span class=\"_ _0\"></span>o Citt\u00e0 Metropolit<span class=\"_ _0\"></span>ana di Roma Capitale, gi<span class=\"_ _0\"></span>\u00e0 Provincia di Rom<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y4e ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>procedimento <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>riferisce <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>complessa <span class=\"_ _2\"></span>operazione <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>acquisto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _2\"></span>dell\u2019ente <span class=\"_ _2\"></span>territoriale, <span class=\"_ _2\"></span>tramite <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Fondo <span class=\"_ _2\"></span>Immobili<span class=\"_ _5\"></span><span class=\"ff1\">are </span></div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Provincia di Roma (i<span class=\"_ _0\"></span>nteramente partecipat<span class=\"ff4\">o dalla Provincia me<span class=\"_ _0\"></span>desima), della nu<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>va sede dell\u2019EUR.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione immobilia<span class=\"_ _0\"></span>re \u00e8 stata finanziata <span class=\"_ _0\"></span>per 232 milioni da U<span class=\"_ _0\"></span>nicredit, BNL e Ban<span class=\"_ _0\"></span>ca IMI (ciascuna per la q<span class=\"_ _0\"></span>uota di 1/3).<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"> </span>dell\u2019ex <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>IMI <span class=\"_ _4\"> </span>viene <span class=\"_ _4\"> </span>contestato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>aver <span class=\"_ _6\"> </span>indotto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>errore <span class=\"_ _7\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>concorso <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>manager <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>altre <span class=\"_ _6\"></span>due </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">banche finanziatrici, sette manag<span class=\"_ _0\"></span>er della SGR gestore del Fondo della Provincia e due pubblici ufficiali <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>gli organi di controllo </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">interni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Fondo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>rappresentativi <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Provincia, <span class=\"_ _3\"></span>facendo <span class=\"_ _2\"></span>ottenere <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>f<span class=\"_ _2\"></span>inanziatrici <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ingiusto <span class=\"_ _3\"></span>profitto <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>cagionando </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>conseguenza <span class=\"_ _3\"></span>all\u2019ente <span class=\"_ _3\"></span>pubblico <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>rilevante. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Procura <span class=\"_ _3\"></span>sostiene <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>finanziatrici avrebber<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">sottoscritto con il Fondo Immobiliare un prestito a condizioni diverse e pi\u00f9 onero<span class=\"_ _2\"></span>se rispetto a <span class=\"_ _3\"></span>quelle previste nel bando di gara </div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">indetto dall\u2019ente pubbli<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>o per l\u2019opera<span class=\"_ _0\"></span>zione.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedimento <span class=\"_ _2\"></span>penale <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ndagata <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>Lgs. <span class=\"_ _5\"></span>231/01 <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>(quale <span class=\"_ _2\"></span>incorporante <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>IMI), </div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">insieme alle altre du<span class=\"_ _0\"></span>e banche finanziatrici e alla societ\u00e0 di ge<span class=\"_ _0\"></span>stione del fondo immo<span class=\"_ _0\"></span>biliare. </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>provvedimenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>23 <span class=\"_ _6\"></span>maggio <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>4 <span class=\"_ _6\"></span>giugno <span class=\"_ _2\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Repubblica <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>lo <span class=\"_ _6\"></span>stralcio </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>dell\u2019ex <span class=\"_ _5\"></span>manager <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>IMI <span class=\"_ _6\"></span>sia <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>chiederne <span class=\"_ _5\"></span>l\u2019archiviazio<span class=\"_ _2\"></span><span class=\"ff1\">ne. <span class=\"_ _5\"></span>Con <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ecreto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2022, </span></div><div class=\"t m0 x0 h32 y5b ff4 fs0 fc0 sc0 ls0 ws0\">divenuto <span class=\"_ _5\"></span>definitivo <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>dicembre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>Procura <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>disposto <span class=\"_ _5\"></span>l\u2019archiviazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>procedimento <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>carico <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Banca. <span class=\"_ _6\"> </span>Ci <span class=\"_ _5\"></span>si <span class=\"_ _6\"> </span>attende </div><div class=\"t m0 x0 h2 y5c ff4 fs0 fc0 sc0 ls0 ws0\">inoltre che venga form<span class=\"_ _0\"></span>alizzata la richiest<span class=\"_ _0\"></span>a di archiviazione an<span class=\"_ _0\"></span>che nei confronti dell\u2019e<span class=\"_ _0\"></span>x manager<span class=\"_ _3\"></span><span class=\"ff1\"> di Banca IMI.<span class=\"_ _90\"> </span></span><span class=\"ff1\">  </span></div><div class=\"t m0 x0 h254 y13bb ff2 fs9 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y303 ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div><div class=\"t m0 x2d h2 y372 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>Contenzioso societ\u00e0 e<span class=\"_ _0\"></span>sattoriali<span class=\"ff1 fs9 fc0\">  </span>Nel contesto della reinternalizzazione della riscossione dei tributi da parte dello Stato, Intesa Sanpaolo ha c<span class=\"_ _3\"></span>eduto ad Equit<span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lia S.p.A. <span class=\"_ _6\"></span>oggi <span class=\"_ _4\"> </span>Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _4\"></span>Entrate <span class=\"_ _6\"></span>Riscossione, <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>totalit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gest <span class=\"_ _6\"></span>Line <span class=\"_ _4\"> </span>e <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ETR/ESATRI, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>che gest<span class=\"ff4\">ivano <span class=\"_ _2\"></span>l\u2019attivit\u00e0 <span class=\"_ _5\"></span>esattoriale, <span class=\"_ _2\"></span>impegnandosi <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>indennizzare <span class=\"_ _2\"></span>l\u2019acquirente <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>oneri <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>questa <span class=\"_ _2\"></span>sopportati <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>conseguenza </span>dell\u2019attivit\u00e0 di risco<span class=\"_ _0\"></span>ssione svolta sino alla <span class=\"_ _0\"></span>data dell\u2019acquisto d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>lle partecipazioni.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Si <span class=\"_ _2\"></span>tratta <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>c<span class=\"_ _2\"></span>ontenzioso <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>impositori, <span class=\"_ _2\"></span>contribuenti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>opravvenienze passive e minusvalenz<span class=\"_ _0\"></span>e rispetto alla situ<span class=\"_ _0\"></span>azione patrimoniale di <span class=\"_ _0\"></span>cessione.<span class=\"_ _3\"></span> Nel <span class=\"_ _2\"></span>complesso <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>avanzate <span class=\"_ _3\"></span>risultano <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _3\"></span>74,9 <span class=\"_ _2\"></span>milioni. <span class=\"_ _2\"></span>Concluse <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tav<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>tecnico <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confronto <span class=\"_ _3\"></span>con l\u2019Agenzia <span class=\"_ _6\"></span>delle <span class=\"_ _6\"> </span>Entrate <span class=\"_ _6\"> </span>Riscossione <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"> </span>reciproche <span class=\"_ _6\"></span>pretese, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>ora <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>vanzate <span class=\"_ _6\"></span>trattative <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>definizione <span class=\"_ _6\"></span>delle stesse.  Energy S.r.l. La <span class=\"_ _2\"></span>Energy <span class=\"_ _2\"></span>S.r.l., <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>quale <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>C.I.S.I. <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>ceduto <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>utti <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>propri <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>terz<span class=\"_ _3\"></span>i, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>proposto dinnanzi <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"></span>Sanpaolo <span class=\"_ _6\"></span>domanda <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>vanificazione <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>finanziament<span class=\"_ _35\"></span>o agevolato di circa 22 <span class=\"_ _3\"></span>milioni concesso alla C.I.S.I. S.r.l. nel 1997 ai sensi <span class=\"_ _5\"></span>della L. 488/92 e l<span class=\"_ _3\"></span>a condanna in solido del <span class=\"_ _3\"></span>Ministero dello <span class=\"_ _20\"> </span>Svilupp<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>Economico, <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>Intesa <span class=\"_ _20\"> </span>Sanpaolo <span class=\"_ _1c\"> </span>(quale <span class=\"_ _20\"> </span>concessionaria <span class=\"_ _1c\"> </span>per<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>l\u2019<span class=\"_ _3\"></span>istruttoria <span class=\"_ _1c\"> </span>procedimentale) <span class=\"_ _20\"> </span>e <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>Vittoria Assicurazioni <span class=\"_ _7\"> </span>(garante <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>seconda <span class=\"_ _7\"> </span>tranche <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>finanziam<span class=\"_ _0\"></span>ento) <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>risarci<span class=\"_ _2\"></span>re <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>anni <span class=\"_ _7\"> </span>asseritamente <span class=\"_ _7\"> </span>subiti, quantificati <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omplessivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>53 <span class=\"_ _5\"></span>milioni. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>posto <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fondamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>l'esito <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un procedimento <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>enale <span class=\"_ _6\"></span>originato <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>esposto <span class=\"_ _6\"></span>nei <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>onfronti <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>C.I.S.I. <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>suo <span class=\"_ _6\"></span>amministratore <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>e<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>gravi <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>rregolarit\u00e0 <span class=\"_ _6\"></span>ed inadempienze <span class=\"_ _6\"></span>nell'esecuzione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>piano <span class=\"_ _4\"></span>industriale <span class=\"_ _6\"></span>oggetto <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>finanziamento, <span class=\"_ _6\"></span>procedimento <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>aveva <span class=\"_ _4\"></span>indotto <span class=\"_ _6\"></span>alla <span class=\"_ _4\"> </span>revoca della concessione di fi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>anza agevolata. Intesa <span class=\"_ _1d\"> </span>Sanpaolo <span class=\"_ _1d\"> </span>si  \u00e8 <span class=\"_ _1d\"> </span>cost<span class=\"_ _3\"></span>ituita  ne<span class=\"_ _3\"></span>gando  la <span class=\"_ _1d\"> </span>fondatezza <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>pretese  a<span class=\"_ _3\"></span>vve<span class=\"_ _3\"></span>rsarie, <span class=\"_ _1d\"> </span>eccependo  la <span class=\"_ _1d\"> </span>nullit\u00e0 <span class=\"_ _1d\"> </span>della <span class=\"_ _1d\"> </span>citazione, l\u2019intervenuta <span class=\"_ _2\"></span>prescrizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>qualsiasi <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>risarcitoria <span class=\"_ _5\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca, <span class=\"_ _5\"></span>l\u2019infondatezza <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>merito <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>pretese <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>l\u2019inid<span class=\"_ _5\"></span><span class=\"ff1\">onea </span>rappresentazione di <span class=\"_ _0\"></span>un danno.  Avviato <span class=\"_ _16\"> </span>l\u2019iter <span class=\"_ _16\"> </span>processuale <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>scambiate <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>memorie<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>rito <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>svolgimento <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>istruttoria.  In <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>0 <span class=\"_ _16\"> </span>dicembre <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _16\"> </span>il </span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>depositato <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>respinto <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>domande <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Energy, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span>l <span class=\"_ _5\"></span>10 <span class=\"_ _5\"></span>gennaio <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di appello. Engineering Service S.<span class=\"_ _0\"></span>r.l. Nel <span class=\"_ _6\"></span>2015 <span class=\"_ _4\"> </span>Engineering <span class=\"_ _6\"></span>Service <span class=\"_ _6\"></span>S.r.<span class=\"_ _3\"></span>l. <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>promosso <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>giu<span class=\"_ _0\"></span>dizio <span class=\"_ _6\"></span>civile <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>confronti <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>MISE, <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>BPER <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ex <span class=\"_ _4\"> </span>UBI <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>in<span class=\"_ _0\"></span> relazione <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>concessione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>agevolazioni <span class=\"_ _3\"></span>pubbliche <span class=\"_ _3\"></span>all\u2019imprenditoria. L<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>attrice <span class=\"_ _2\"></span>imputa <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>nostra <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>(ed <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>BPER)<span class=\"_ _5\"></span><span class=\"ff1\"> </span>ritardi <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>erogazioni, <span class=\"_ _3\"></span>ritardi <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>avrebbero <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>crisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>dell\u2019impresa <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>la conseguente perdita d<span class=\"_ _0\"></span>el contributo pu<span class=\"_ _0\"></span>bblico. Nei confronti del nos<span class=\"_ _0\"></span>tro Istituto \u00e8 stata form<span class=\"_ _0\"></span>ulata domanda di risa<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>cimento danni per 2<span class=\"_ _0\"></span>8 milioni circa.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span><span class=\"ff4\">difese <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>sostenuto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>tempi <span class=\"_ _2\"></span>dell\u2019istruttori<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ipesi <span class=\"_ _3\"></span>da <span class=\"_ _5\"></span>BPER, <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>quindi <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>volta<span class=\"_ _0\"></span> </span>domanda di manleva. A <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>revoca <span class=\"_ _7\"> </span>dell\u2019ordi<span class=\"_ _0\"></span>nanza <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>sposta <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>CTU, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Tribunale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Roma, <span class=\"_ _7\"> </span>con  <span class=\"ff1\">sentenza <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>9 </span>novembre  2<span class=\"_ _0\"></span>021,  ha <span class=\"_ _16\"> </span>rigettato  integralm<span class=\"_ _0\"></span>ente  la <span class=\"_ _16\"> </span>domanda  dell\u2019attrice,<span class=\"_ _0\"></span>  condann<span class=\"_ _0\"></span>andola  alla <span class=\"_ _16\"> </span>rifusione <span class=\"_ _16\"> </span>delle  spese <span class=\"_ _16\"> </span>legali  nei<span class=\"_ _0\"></span> confronti di tutte le p<span class=\"_ _0\"></span>arti convenute. La sentenza \u00e8 passata in<span class=\"_ _0\"></span> giudicato per ma<span class=\"_ _0\"></span>ncata impugnazio<span class=\"_ _0\"></span>ne nei termini di l<span class=\"_ _0\"></span>egge.<span class=\"_ _3\"></span> Fallimento G.I.&amp; E. Nel  novem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re  20<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>1,  il <span class=\"_ _16\"> </span>Fallimento <span class=\"_ _16\"> </span>G.I.&amp;  E. <span class=\"_ _16\"> </span>S.p.A. <span class=\"_ _16\"> </span>ha  prom<span class=\"_ _0\"></span>osso  u<span class=\"_ _0\"></span>n\u2019azione <span class=\"_ _16\"> </span>di  risarcim<span class=\"_ _0\"></span>ento <span class=\"_ _16\"> </span>danni  nei <span class=\"_ _16\"> </span>confronti <span class=\"_ _16\"> </span>di  Intesa Sanpaolo  (quale  incorporante  B<span class=\"_ _0\"></span>anca  dell\u2019Adriatico)  ed  UBI  (q<span class=\"_ _0\"></span>uale  incorporante  Banca  Marche  e  Popolare  di  Ancor<span class=\"_ _0\"></span>a), invocandone la responsabilit\u00e0 per aver contribuit<span class=\"_ _0\"></span>o, in concorso <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>ltri istituti bancari e con la condotta degli a<span class=\"_ _3\"></span>mministratori<span class=\"_ _0\"></span> e degli organi di contro<span class=\"_ _0\"></span>llo, all\u2019artificiale<span class=\"_ _0\"></span> mantenimento in vita <span class=\"_ _0\"></span>della societ\u00e0 ed al<span class=\"_ _0\"></span>l\u2019aggravamento del <span class=\"_ _0\"></span>suo dissesto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il danno asseritamente lame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tato \u00e8 stato quantifi<span class=\"_ _0\"></span>cato da controp<span class=\"_ _0\"></span>arte in 22,5 milioni circa.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>scioglimento <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>riserva <span class=\"_ _5\"></span>assunta <span class=\"_ _3\"></span>all\u2019udienza <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>16.12.2022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>disposto <span class=\"_ _2\"></span>lo <span class=\"_ _5\"></span>svolgimento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>CTU <span class=\"_ _2\"></span>richiesta <span class=\"_ _2\"></span>dal<span class=\"_ _5\"></span><span class=\"ff1\"> </span>Fallimento.  Fallimento Isoldi Hol<span class=\"_ _0\"></span>ding<span class=\"ff1 fs9 fc0\">  </span>Il <span class=\"_ _4\"> </span>Fallimento <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _4\"></span>ha <span class=\"_ _4\"> </span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio, <span class=\"_ _4\"></span>avanti <span class=\"_ _6\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>Tribunale <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>Bologna, <span class=\"_ _6\"></span>ex <span class=\"_ _7\"> </span>UBI <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>(<span class=\"_ _3\"></span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Nuova <span class=\"_ _4\"> </span>Banca Etruria  e <span class=\"_ _16\"> </span>di  C<span class=\"_ _0\"></span>entrobanca), <span class=\"_ _16\"> </span>Intesa  Sanpaol<span class=\"_ _0\"></span>o  e <span class=\"_ _16\"> </span>altre <span class=\"_ _16\"> </span>5  banche <span class=\"_ _16\"> </span>con  atto <span class=\"_ _16\"> </span>di  citazio<span class=\"_ _0\"></span>ne  d<span class=\"_ _0\"></span>el  giug<span class=\"_ _0\"></span>no  2020 <span class=\"_ _16\"> </span>invocando  l<span class=\"_ _0\"></span>a  lor<span class=\"_ _35\"></span>o responsabilit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _4\"></span>via <span class=\"_ _6\"></span>solid<span class=\"ff4\">ale <span class=\"_ _6\"> </span>con <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>\u2019organo <span class=\"_ _6\"></span>amministrativo <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>Isol<span class=\"_ _3\"></span>di <span class=\"_ _6\"></span>Holding, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>relazione <span class=\"_ _6\"></span>ad <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>serie <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>atti <span class=\"_ _6\"></span>dissipativi <span class=\"_ _6\"></span>che </span>avrebbero <span class=\"_ _5\"></span>contribuito <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>artificiale <span class=\"_ _5\"></span>sopravvivenza <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>periodo <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2011 <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _6\"></span>giugno <span class=\"_ _5\"></span>2013, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>una condotta <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>sarebbe <span class=\"_ _6\"></span>realizzata <span class=\"_ _6\"></span>mediante <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>risanamento <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>art. <span class=\"_ _5\"></span>67,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>co. <span class=\"_ _6\"></span>3, <span class=\"_ _6\"></span>lett. <span class=\"_ _6\"></span>d) <span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>fall. fondato  su <span class=\"_ _16\"> </span>atti  illegittimi<span class=\"_ _0\"></span>  e  d<span class=\"_ _0\"></span>i  un  a<span class=\"_ _0\"></span>ccordo  ad <span class=\"_ _16\"> </span>esso  strume<span class=\"_ _0\"></span>ntale,  che <span class=\"_ _16\"> </span>prevedeva  l\u2019erog<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione <span class=\"_ _16\"> </span>di  nuova  f<span class=\"_ _0\"></span>inanza,  atti <span class=\"_ _16\"> </span>che avrebbero artificialm<span class=\"_ _0\"></span>ente procrastinato <span class=\"ff4\">la crisi della societ\u00e0<span class=\"_ _0\"></span> ed occultato l\u2019irre<span class=\"_ _0\"></span>versibilit\u00e0 del disse<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>to. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _3\"></span>Fallimento Isoldi ha <span class=\"_ _3\"></span>altres\u00ec <span class=\"_ _3\"></span>formulato domanda, <span class=\"_ _3\"></span>in via <span class=\"_ _3\"></span>solidale, solo verso <span class=\"_ _3\"></span>Intesa Sanpaolo <span class=\"_ _3\"></span>(ante incorporazione <span class=\"_ _3\"></span>UBI Banca<span class=\"_ _2\"></span><span class=\"ls20\">) </span>e <span class=\"_ _3\"></span>MPS in<span class=\"_ _3\"></span>vocando la<span class=\"_ _3\"></span> loro <span class=\"_ _3\"></span>responsabilit\u00e0, <span class=\"_ _3\"></span>in concorso <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l\u2019Am<span class=\"_ _3\"></span><span class=\"ff1\">ministratore <span class=\"_ _3\"></span>Unico d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Isoldi Holding, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>condotte asseritamente </span>illecite <span class=\"_ _6\"> </span>connesse <span class=\"_ _4\"> </span>all\u2019opera<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>salvataggio <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>Aedes <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>quale <span class=\"_ _4\"> </span>Isoldi <span class=\"_ _6\"> </span>Holding <span class=\"_ _6\"> </span>aveva <span class=\"_ _4\"> </span>interesse <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>rilevare <span class=\"_ _4\"> </span>la partecipazione di maggio<span class=\"_ _0\"></span>ranza. Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>l\u2019ex <span class=\"_ _6\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"></span>si<span class=\"ff1\"> <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>ritualmente <span class=\"_ _6\"></span>costituite <span class=\"_ _4\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Tribunale<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>adito, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>ordinanza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _4\"></span>luglio <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>021, <span class=\"_ _6\"></span>ha </span>dichiarato <span class=\"_ _4\"></span>la <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"> </span>incompetenza. <span class=\"_ _4\"> </span>La <span class=\"_ _4\"> </span>controparte <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>riassunto <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>giudizio <span class=\"_ _4\"></span>riproponendo <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>medesime <span class=\"_ _4\"></span>domande <span class=\"_ _4\"></span>avanti <span class=\"_ _4\"></span>al Tribunale di Torino; la <span class=\"_ _3\"></span>Banca si \u00e8 <span class=\"_ _3\"></span>costituita per<span class=\"_ _3\"></span> <span class=\"ff4\">l\u2019udienza fissata al 3 <span class=\"_ _3\"></span>marzo 2022. All\u2019udienza del 16 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span></span>2023 <span class=\"_ _3\"></span><span class=\"ls11\">il </span>giudice si \u00e8 <span class=\"_ _6\"></span>riservato <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>decidere <span class=\"_ _6\"></span>sulle <span class=\"_ _5\"></span>eccezioni <span class=\"_ _6\"></span>preliminari. <span class=\"_ _4\"></span>Il <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>anno <span class=\"_ _5\"></span>complessivamente <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>amentato <span class=\"_ _5\"></span>dalla <span class=\"_ _6\"></span>controparte <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>appare <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo stato precisamente qu<span class=\"_ _0\"></span>antificabile tenuto <span class=\"_ _0\"></span>conto anche delle differenti condotte cen<span class=\"_ _0\"></span>surate alle divers<span class=\"_ _0\"></span>e banche.  <span class=\"_ _3\"></span> Societ\u00e0 Italiana per l<span class=\"_ _0\"></span>e Condotte d\u2019Acqua S.<span class=\"_ _0\"></span>p.A. in Amministrazio<span class=\"_ _0\"></span>ne Straordinaria<span class=\"ff1 fc0\"> </span>Con <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>tto <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>citazione <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>23 <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>Societ\u00e0 <span class=\"_ _4\"> </span>Italian<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>Condotte <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>\u2019Acqua <span class=\"_ _6\"> </span>S.p.A. <span class=\"_ _4\"> </span>(ammessa <span class=\"_ _16\"> </span><span class=\"ff1\">alla <span class=\"_ _4\"></span>Proce<span class=\"_ _0\"></span>dura </span>\u201cMarzano\u201d con <span class=\"_ _3\"></span>D.M. <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>agosto <span class=\"_ _3\"></span>2018) <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>chiesto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Tribunale di <span class=\"_ _3\"></span>Roma <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>a ti<span class=\"_ _3\"></span>tolo di <span class=\"_ _3\"></span>risarcimento <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno per <span class=\"_ _3\"></span>la somma <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>389,3 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(ovvero <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>diversa <span class=\"_ _16\"> </span>somma <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>risulter\u00e0 <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>corso <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>giudizio), <span class=\"_ _16\"> </span>oltre <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ivalutazione <span class=\"_ _7\"> </span>monetari<span class=\"_ _5\"></span>a, interessi di legge e s<span class=\"_ _0\"></span>pese. La <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _6\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>solidale, <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(anche <span class=\"_ _6\"></span>quale <span class=\"_ _4\"> </span>incorporante <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Medio <span class=\"_ _4\"></span>Credito <span class=\"_ _6\"></span>Italiano,<span class=\"_ _0\"></span> Banca  IMI, <span class=\"_ _16\"> </span>UBI  B<span class=\"_ _0\"></span>anca <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _16\"> </span>\u201cquale  acquirente <span class=\"_ _7\"> </span>dell\u2019azienda\u201d  di  V<span class=\"_ _35\"></span>eneto  Banca <span class=\"_ _16\"> </span>e  di <span class=\"_ _16\"> </span>Banca  P<span class=\"_ _0\"></span>opolare <span class=\"_ _16\"> </span>di  Vi<span class=\"_ _2\"></span><span class=\"ff1\">cenza),  dei<span class=\"_ _35\"></span> </span>componenti <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gestion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Sorveglianza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Condotte <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _5\"></span>numerose <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>di factor. La <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>fonda <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>asseriti <span class=\"_ _7\"> </span>comportamenti <span class=\"_ _7\"> </span>posti <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>essere <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vario <span class=\"_ _7\"> </span>titolo <span class=\"_ _7\"> </span>dai <span class=\"_ _7\"> </span>convenuti <span class=\"_ _7\"> </span>ritenuti <span class=\"_ _7\"> </span>fonte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>pregiu<span class=\"_ _2\"></span>dizio <span class=\"_ _7\"> </span>al patrimonio <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>massa <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>creditori; <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>particolare, <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>banche <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>actor, <span class=\"_ _4\"> </span>viene ipotizzata u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>loro <span class=\"_ _3\"></span>responsabilit\u00e0 <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>aver <span class=\"_ _3\"></span>concesso <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>mantenuto <span class=\"_ _3\"></span>abusivamente <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Condotte contribuendo<span class=\"_ _2\"></span> cos\u00ec alla prosecuzione <span class=\"_ _0\"></span>in perdita della <span class=\"_ _0\"></span>sua attivit\u00e0, con agg<span class=\"_ _0\"></span>ravamento del dissesto. La prima udienza \u00e8 fis<span class=\"_ _0\"></span>sata a settembre 2023. Allo <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>possibile <span class=\"_ _5\"></span>effettuare <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>stima <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>imputabile <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>anche<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>tenuto <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>differenti condotte imputate ai n<span class=\"_ _0\"></span>umerosi convenuti.  L\u2019Amministrazione <span class=\"_ _5\"></span>Straordinaria <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>inoltre <span class=\"_ _6\"></span>promosso <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>fronti <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>tre <span class=\"_ _6\"> </span>giudizi <span class=\"_ _6\"> </span>di <span class=\"_ _6\"></span>revocatoria <span class=\"_ _6\"></span>fallimentare<span class=\"_ _35\"></span> dinanzi al Tribunale <span class=\"_ _0\"></span>di Roma, con richiesta <span class=\"_ _0\"></span>di restituzione di som<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span> per circa 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _2\"></span>i.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Pesaro La Fondazione Cassa di Risparmio di Pesaro <span class=\"_ _0\"></span>2018 ha promosso azione risarcitori<span class=\"_ _0\"></span>a nei confronti di ex UBI Banca (in qualit\u00e0 di<span class=\"_ _0\"></span> ente <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ucceduto <span class=\"_ _6\"> </span>all\u2019emittente <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>Marche <span class=\"_ _4\"> </span>S.p.A.<span class=\"_ _90\"> </span>112<span class=\"_ _90\"> </span>)<span class=\"_ _90\"> </span>e <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>PwC <span class=\"_ _6\"></span>(la <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>certificato <span class=\"_ _4\"></span>tutti <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>bilanci <span class=\"_ _6\"></span>ed attestato <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>dati <span class=\"_ _16\"> </span>indicati <span class=\"_ _4\"> </span>nel <span class=\"_ _16\"> </span>Prospetto <span class=\"_ _7\"> </span>Informativo) <span class=\"_ _7\"> </span>sostenendo <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _7\"> </span>le <span class=\"_ _16\"> </span>convenute <span class=\"_ _4\"> </span>avrebbero <span class=\"_ _7\"> </span>diffuso <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pubblico <span class=\"_ _7\"> </span>dei risparmiatori <span class=\"_ _7\"> </span>dati <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>informazioni <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lativi <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>economica <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>patrimoniale <span class=\"_ _7\"> </span>no<span class=\"_ _2\"></span>nch\u00e9 <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rospettive <span class=\"_ _7\"> </span>reddituali <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella Banca <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Marche <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>si <span class=\"_ _6\"></span>sarebbero <span class=\"_ _2\"></span>rivelati <span class=\"_ _5\"></span>totalmente <span class=\"_ _5\"></span>errati <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>fuorvianti. <span class=\"_ _5\"></span>Tali <span class=\"_ _5\"></span>informazioni, <span class=\"_ _2\"></span>contenute <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>bilanci <span class=\"_ _7\"> </span>al 31<span class=\"ls0\"> dicembre 2010 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>giugno <span class=\"_ _3\"></span>2011 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>Prospetto Informativo, <span class=\"_ _3\"></span>avrebbero <span class=\"_ _3\"></span>indotto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Fo<span class=\"_ _2\"></span>ndazione <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sottoscrivere <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>azioni </span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _4\"></span>emesse <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>aumento <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>marzo <span class=\"_ _6\"></span>2012. <span class=\"_ _4\"> </span>Tali <span class=\"_ _6\"></span>titoli <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>registrato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>egli <span class=\"_ _6\"></span>anni <span class=\"_ _4\"></span>successivi <span class=\"_ _6\"></span>una marcata riduzione dell<span class=\"_ _0\"></span>a loro quotazione di m<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>rcato, determinan<span class=\"_ _0\"></span>do una perdita qu<span class=\"_ _0\"></span>antificata in 52 mili<span class=\"_ _2\"></span>oni circa. Nel <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>desivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di legittimazione passiva <span class=\"_ _3\"></span>sollevata da <span class=\"_ _3\"></span>UBI, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione delle <span class=\"_ _3\"></span>previsioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>Lgs. <span class=\"_ _3\"></span>180/2015 che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato la<span class=\"_ _3\"></span> proced<span class=\"_ _6\"></span>ura<span class=\"_ _35\"></span> di <span class=\"_ _6\"></span>risoluzione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>Marche. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Tribunale, <span class=\"_ _5\"></span>rigettate <span class=\"_ _6\"></span>tutte <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>istanze <span class=\"_ _5\"></span>istruttorie <span class=\"_ _6\"></span>formulate, <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>inviato <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>per<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>la precisazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>conclusioni <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>13 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021. <span class=\"_ _2\"></span>Precisate <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>conclusioni, <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>parti <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>depositato <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>memorie <span class=\"_ _3\"></span>conclusional<span class=\"_ _5\"></span><span class=\"ls13\">i:</span> causa in attesa di se<span class=\"_ _0\"></span>ntenza.  Fondazione Cassa di Ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>parmio di Jesi A <span class=\"_ _7\"> </span>gen<span class=\"_ _3\"></span>naio <span class=\"_ _7\"> </span>2016 <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>Fondazione <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Risparmio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Jesi <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>promosso <span class=\"_ _7\"> </span>azione <span class=\"_ _7\"> </span>risarcitoria <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ei <span class=\"_ _7\"> </span>confronti <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>UBI <span class=\"_ _16\"> </span>Banca (in <span class=\"ff4\">qualit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>ente <span class=\"_ _6\"></span>asseritamente <span class=\"_ _5\"></span>succeduto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019emittente <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Marche <span class=\"_ _4\"> </span></span>S.p.A.<span class=\"_ _90\"> </span>113<span class=\"_ _90\"> </span>) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>PwC <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ha certificato <span class=\"_ _2\"></span>tutti <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>bilanci <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>attestato <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ati <span class=\"_ _2\"></span>indicati <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>Prospetto <span class=\"_ _2\"></span>Informativo) <span class=\"_ _5\"></span>sostenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>convenute <span class=\"_ _5\"></span>avrebbero <span class=\"_ _2\"></span>dif<span class=\"_ _5\"></span>fuso presso il pubblico dei risparmiatori dati e informazioni relativi alla situ<span class=\"_ _3\"></span>azione economica e patrimoniale nonch\u00e9 alle prospettive reddituali <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Marche <span class=\"_ _2\"></span>S.p.A. c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>sarebbero <span class=\"_ _3\"></span>rivelati <span class=\"_ _3\"></span>totalmente <span class=\"_ _3\"></span>errati <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fuorvianti. <span class=\"_ _3\"></span>Tali <span class=\"_ _2\"></span>informazioni, c<span class=\"_ _3\"></span>onte<span class=\"_ _5\"></span>nute<span class=\"_ _0\"></span> nei  bila<span class=\"_ _0\"></span>nci  al <span class=\"_ _16\"> </span>31 <span class=\"_ _16\"> </span>dicembre  20<span class=\"_ _0\"></span>10  e <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _16\"> </span>30  giugno <span class=\"_ _16\"> </span>2011 <span class=\"_ _16\"> </span>e  nel <span class=\"_ _16\"> </span>Prospetto  I<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>formativo, <span class=\"_ _16\"> </span>avrebbero  indotto <span class=\"_ _16\"> </span>la  F<span class=\"_ _0\"></span>ondazione <span class=\"_ _7\"> </span>a sottoscrivere  l<span class=\"_ _0\"></span>e  azioni <span class=\"_ _16\"> </span>della  B<span class=\"_ _0\"></span>anca  emesse <span class=\"_ _16\"> </span>in  sede <span class=\"_ _16\"> </span>di  aumento <span class=\"_ _16\"> </span>di  capitale <span class=\"_ _16\"> </span>nel  marzo <span class=\"_ _16\"> </span>2012.  Il <span class=\"_ _16\"> </span>valore  di <span class=\"_ _16\"> </span>tali  titoli  s<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>\u00e8 successivamente azzera<span class=\"_ _0\"></span>to determinando una per<span class=\"_ _0\"></span>dita quantificat<span class=\"_ _0\"></span>a in 25 milioni circ<span class=\"_ _0\"></span>a.<span class=\"_ _3\"></span> Nel <span class=\"_ _17\"> </span>cor<span class=\"ff4\">so <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>giudizio <span class=\"_ _17\"> </span>Banca <span class=\"_ _17\"> </span>d\u2019Italia <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>svolto <span class=\"_ _17\"> </span>intervento <span class=\"_ _17\"> </span>adesivo <span class=\"_ _17\"> </span>dipendente <span class=\"_ _1d\"> </span>sostenendo <span class=\"_ _17\"> </span>l\u2019eccezione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>carenza <span class=\"_ _17\"> </span>di </span>legittimazione <span class=\"_ _3\"></span>passiva <span class=\"_ _3\"></span>sollevata d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>UBI <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>ragione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>previsioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _3\"></span>180/2015 <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>disciplinato <span class=\"_ _4\"></span>la procedura di risoluzione di B<span class=\"_ _0\"></span>anca delle Marche. Con <span class=\"_ _3\"></span>sentenza <span class=\"_ _2\"></span>resa <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>18 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Ancona <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>accolto <span class=\"_ _3\"></span>l\u2019eccezione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>carenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legittimazione <span class=\"_ _3\"></span>passiva sollevata <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>rigettando <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>domande <span class=\"_ _3\"></span>formulate. <span class=\"_ _3\"></span>Nel <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>impugnazione <span class=\"_ _3\"></span>proposto <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Fonda<span class=\"_ _5\"></span>zione <span class=\"_ _3\"></span>dinanzi a<span class=\"_ _3\"></span>lla<span class=\"_ _0\"></span> Corte d\u2019Appello di A<span class=\"_ _0\"></span>ncona<span class=\"ff1 fs6\"> </span>l\u2019udienza di precisazione delle<span class=\"_ _0\"></span> conclusioni \u00e8 stat<span class=\"_ _0\"></span>a rinviata al 9 magg<span class=\"_ _0\"></span>io 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Gruppo Alitalia: Azio<span class=\"_ _0\"></span>ni revocatorie Nell\u2019agosto <span class=\"_ _3\"></span>2011, <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Amministra<span class=\"_ _0\"></span>zione <span class=\"_ _3\"></span>Straordinaria <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"lsc\">e <span class=\"_ _2\"></span></span>precisamente <span class=\"_ _2\"></span>Alitalia <span class=\"_ _3\"></span>Linee <span class=\"_ _2\"></span>Aeree, <span class=\"_ _2\"></span>Alitalia </span>Servizi, <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Airport <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Alitalia <span class=\"_ _2\"></span>Express <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>hanno <span class=\"_ _5\"></span>promosso <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca, <span class=\"_ _2\"></span>davanti <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Tribuna<span class=\"_ _0\"></span>le <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma, <span class=\"_ _2\"></span>cinque giudizi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>revocatoria <span class=\"_ _4\"> </span>fallimentare <span class=\"_ _4\"> </span>(di <span class=\"_ _4\"> </span>cui <span class=\"_ _4\"> </span>uno <span class=\"_ _7\"> </span>contro <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>Cassa <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>Risparmio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Fir<span class=\"_ _2\"></span>enze) <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>richiesta <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>di complessivi 44,6 milio<span class=\"_ _0\"></span>ni. Con  la<span class=\"_ _0\"></span>  co<span class=\"_ _0\"></span>stituzione <span class=\"_ _16\"> </span>in  g<span class=\"_ _0\"></span>iudizio,  \u00e8<span class=\"_ _0\"></span>  s<span class=\"_ _0\"></span>tata  o<span class=\"_ _0\"></span>pposta <span class=\"_ _16\"> </span>una  li<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ea <span class=\"_ _16\"> </span>difensiva <span class=\"_ _16\"> </span>basata  pri<span class=\"_ _0\"></span>ncipalmente <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _16\"> </span>nullit\u00e0 <span class=\"_ _16\"> </span>delle  azio<span class=\"_ _0\"></span>ni  p<span class=\"_ _35\"></span>er indeterminatezza <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>domande, <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>esclusione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>presupposto <span class=\"_ _3\"></span>sogg<span class=\"_ _2\"></span>ettivo <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>conoscenza <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>insolvenza <span class=\"_ _2\"></span>del Gruppo <span class=\"_ _5\"></span>Alitalia <span class=\"_ _5\"></span>(oggetto <span class=\"_ _2\"></span>prima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _5\"></span>Air <span class=\"_ _5\"></span>France <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>poi <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>successivo <span class=\"_ _5\"></span>salvataggio <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ilotato <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>italiano), <span class=\"_ _2\"></span>nonch\u00e9 sulla non revocabilit\u00e0 d<span class=\"_ _0\"></span>elle partite in accr<span class=\"_ _0\"></span>edito, considerata la<span class=\"_ _0\"></span> peculiarit\u00e0 <span class=\"_ _3\"></span>delle movimentazioni <span class=\"_ _0\"></span>di conto. Falliti <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>primi <span class=\"_ _6\"></span>tentativi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ra<span class=\"_ _3\"></span>ggiung<span class=\"_ _0\"></span>ere <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>accordo <span class=\"_ _6\"></span>transattivo, <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>marzo <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Tribunale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Roma <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>accolto <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>domanda <span class=\"_ _5\"></span>di Alitalia Servizi, co<span class=\"_ _0\"></span>ndannando la Banca al<span class=\"_ _0\"></span>la restituzione di cir<span class=\"_ _0\"></span>ca 17 milioni, oltre a<span class=\"_ _0\"></span>ccessori.  <span class=\"_ _3\"></span> Oltre <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>censurabile <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>merito, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>pronuncia <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>essere <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>emessa <span class=\"_ _6\"></span>prima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>termine <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>deposito <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lle comparse conclusio<span class=\"_ _0\"></span>nali, per cui, nell\u2019atto di<span class=\"_ _0\"></span> appello successivam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte proposto, \u00e8 st<span class=\"_ _0\"></span>ata sollevata in via pregi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>diziale eccezi<span class=\"_ _2\"></span><span class=\"ff1\">one </span>di <span class=\"_ _7\"> </span>null<span class=\"ff4\">it\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>sentenza, <span class=\"_ _7\"> </span>unitamente <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>richiesta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>sospensione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>provvisoria <span class=\"_ _7\"> </span>esecutivit\u00e0 <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>stessa, <span class=\"_ _16\"> </span>quest\u2019ultima </span>accolta <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>provvedimento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Appello. <span class=\"_ _6\"></span>Le <span class=\"_ _2\"></span>cause <span class=\"_ _2\"></span>Alitalia <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Aeree <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>Alitalia <span class=\"_ _3\"></span>Express <span class=\"_ _2\"></span>sono invece <span class=\"_ _16\"> </span>state <span class=\"_ _16\"> </span>vinte <span class=\"_ _16\"> </span>in  p<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ima <span class=\"_ _16\"> </span>istanza. <span class=\"_ _7\"> </span>Le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>procedure <span class=\"_ _7\"> </span>hanno <span class=\"_ _16\"> </span>promosso <span class=\"_ _16\"> </span>appello, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Alitalia <span class=\"_ _16\"> </span>Express <span class=\"_ _7\"> </span>si<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _16\"> </span>gi\u00e0 <span class=\"_ _16\"> </span>concluso favorevolmente, con s<span class=\"_ _0\"></span>uccessiva impugnativa<span class=\"_ _0\"></span> in Cassazione da <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte della Proced<span class=\"_ _0\"></span>ura. <span class=\"_ _3\"></span> Per Alitalia Airport, p<span class=\"_ _0\"></span>ure vinta in prima ista<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za, la sentenza favor<span class=\"_ _35\"></span>e<span class=\"_ _2\"></span>vole \u00e8 passata in giudicat<span class=\"_ _0\"></span>o.<span class=\"_ _90\"> </span>Anche <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>promossa <span class=\"_ _5\"></span>contro <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>ex <span class=\"_ _6\"></span>Cassa <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Risparmio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Firenze <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _6\"></span>favorevolmen<span class=\"_ _0\"></span>te <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>primi <span class=\"_ _5\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>gradi <span class=\"_ _5\"></span>di giudizio, con impugn<span class=\"_ _0\"></span>ativa in Cassazione ad o<span class=\"_ _0\"></span>pera della controp<span class=\"_ _0\"></span>arte.  <span class=\"_ _3\"></span> Tutto <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>predetto <span class=\"_ _17\"> </span>con<span class=\"_ _3\"></span>tenzioso,<span class=\"_ _0\"></span> <span class=\"_ _18\"> </span>dopo <span class=\"_ _17\"> </span>lu<span class=\"_ _3\"></span>nghe <span class=\"_ _18\"> </span>trattative <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>frattempo <span class=\"_ _18\"> </span>riprese, <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _18\"> </span>stato <span class=\"_ _18\"> </span>definito <span class=\"_ _17\"> </span>nel <span class=\"_ _18\"> </span>novembre <span class=\"_ _17\"> </span>del <span class=\"_ _17\"> </span>2022 riconoscendo alla co<span class=\"_ _0\"></span>ntroparte la somma di<span class=\"_ _0\"></span> 12,8 milioni. Gruppo Elifani Causa <span class=\"_ _3\"></span>promossa <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2009 <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Edilizia <span class=\"_ _3\"></span>Immobiliare <span class=\"_ _3\"></span>San <span class=\"_ _2\"></span>Giorgio 89 <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>(ora <span class=\"_ _3\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Enselfin, c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>sua sostituzione), <span class=\"_ _2\"></span>San <span class=\"_ _5\"></span>Paolo <span class=\"_ _5\"></span>Edilizia <span class=\"_ _5\"></span>S.r.l., <span class=\"_ _5\"></span>Hotel <span class=\"_ _2\"></span>Cristallo <span class=\"_ _5\"></span>S.r.l. <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>socio <span class=\"_ _5\"></span>garante <span class=\"_ _2\"></span>Mario <span class=\"_ _5\"></span>Elifani <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>risarcimen<span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>dei danni <span class=\"_ _6\"></span>subiti <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>asserita <span class=\"_ _4\"></span>condo<span class=\"_ _0\"></span>tta <span class=\"_ _4\"></span>illegittima <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>Banca, <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>avere <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>stessa <span class=\"_ _6\"></span>richiesto <span class=\"_ _4\"></span>garanzie <span class=\"_ _5\"></span>spro<span class=\"_ _5\"></span>porzionate <span class=\"_ _6\"></span>rispetto <span class=\"_ _6\"></span>al credito <span class=\"_ _6\"></span>concesso, <span class=\"_ _6\"></span>escusso <span class=\"_ _6\"></span>garanzie <span class=\"_ _6\"></span>pignoratizie, <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>interessi <span class=\"_ _6\"></span>usurari <span class=\"_ _6\"></span>su<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>mutui <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>ef<span class=\"_ _3\"></span>fettuato <span class=\"_ _6\"></span>erronee <span class=\"_ _6\"></span>segnalazioni <span class=\"_ _6\"></span>in Centrale Rischi. L\u2019importo <span class=\"_ _1d\"> </span>inizialmente <span class=\"_ _1d\"> </span>preteso <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>mmontava <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>circa <span class=\"_ _1d\"> </span>116 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>la <span class=\"_ _17\"> </span>controversia <span class=\"_ _1d\"> </span>ha <span class=\"_ _17\"> </span>come <span class=\"_ _1d\"> </span>presu<span class=\"_ _2\"></span><span class=\"ff1\">p<span class=\"_ _3\"></span>posto <span class=\"_ _1d\"> </span>le <span class=\"_ _17\"> </span>medesime </span>circostanze <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>massima <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>lamentate <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>giudizi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>anatocismo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>interessi <span class=\"_ _2\"></span>ultralegali <span class=\"_ _2\"></span>promosse <span class=\"_ _2\"></span>dalle <span class=\"_ _3\"></span>suddette societ\u00e0 nel 2004 e definite transattivamente<span class=\"_ _0\"></span> a inizio 2014. Il giudizio ha avuto esito favorevole per la Banca s<span class=\"_ _2\"></span>ia <span class=\"_ _3\"></span>in primo che in secondo grado. Con ordinanza del 27 dicembre 2019 la <span class=\"_ _3\"></span>Corte di Cassazione ha parzialmente accolto il ricorso delle controparti, con rinvio. L<span class=\"_ _5\"></span><span class=\"ls17\">e </span>controparti <span class=\"_ _3\"></span>hanno <span class=\"_ _3\"></span>riassunto <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>avanti <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _3\"></span>d'Appello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _3\"></span>quantificando <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>oman<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>complessivi <span class=\"_ _3\"></span>100 <span class=\"_ _2\"></span>milioni circa.  Con <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>giugno <span class=\"_ _4\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>Corte <span class=\"_ _6\"></span>d'Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Milano, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>rinvio, <span class=\"_ _6\"></span>ha <span class=\"_ _4\"> </span>rigettato <span class=\"_ _6\"></span>le <span class=\"_ _4\"> </span>domande <span class=\"_ _6\"></span>svolte <span class=\"_ _4\"></span>dagli <span class=\"_ _6\"></span>attori, condannandoli <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>anche <span class=\"_ _16\"> </span>questa <span class=\"_ _4\"> </span>sentenza <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>nuova<span class=\"_ _3\"></span>mente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpugnata<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>Cass<span class=\"_ _0\"></span>azione <span class=\"_ _7\"> </span>dal<span class=\"_ _2\"></span>le <span class=\"_ _7\"> </span>controparti <span class=\"_ _7\"> </span>con ricorso notificato il 3<span class=\"_ _0\"></span>0 novembre 2022. Mariella Burani Fashio<span class=\"_ _0\"></span>n Group S.p.A. in<span class=\"_ _0\"></span> liquidazione e fallim<span class=\"_ _0\"></span>ento (\u201cMBFG\u201d)<span class=\"ff2\"> </span>Il <span class=\"_ _4\"></span>Fallimento <span class=\"_ _6\"></span>Mariella <span class=\"_ _4\"></span>Burani <span class=\"_ _6\"></span>Fashion <span class=\"_ _4\"></span>Group <span class=\"_ _6\"></span>S.p.A. <span class=\"_ _4\"></span>nel <span class=\"_ _4\"></span>gennaio <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2018 <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>convenuto <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>giudizio <span class=\"_ _6\"></span>gli <span class=\"_ _6\"></span>ex<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>amministratori <span class=\"_ _5\"></span>e sindaci, le societ\u00e0 di revisione e ex <span class=\"_ _3\"></span>UBI Banca (quale incorporante di Centrobanca), chiedendo la condanna al risarcimento di<span class=\"_ _2\"></span> pretesi danni subiti p<span class=\"_ _0\"></span>er effetto di plurimi <span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tti di mala gestio <span class=\"_ _0\"></span>della societ\u00e0 in <span class=\"_ _0\"></span>bonis.<span class=\"_ _3\"></span> Secondo <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>prospettazione <span class=\"_ _2\"></span>attorea, <span class=\"_ _3\"></span>Centrobanca, <span class=\"_ _3\"></span>confluita <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ex <span class=\"_ _3\"></span>UBI <span class=\"_ _2\"></span>Banca, <span class=\"_ _2\"></span>avrebbe <span class=\"_ _3\"></span>sostenuto <span class=\"_ _3\"></span>finanziariamente <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2008 <span class=\"_ _3\"></span>la controllante <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>fallita <span class=\"_ _5\"></span>(Mariella <span class=\"_ _5\"></span>Burani <span class=\"_ _6\"></span>Holding <span class=\"_ _5\"></span>S.p.A.) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _5\"></span>operazione <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>controllata, <span class=\"_ _5\"></span>nonostante <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>segnali<span class=\"_ _6\"></span> <span class=\"_ _5\"></span>di insolvenza <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>quest\u2019ultima <span class=\"_ _5\"></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>nifestatisi <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>decorrere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>settembre <span class=\"_ _5\"></span>2007, <span class=\"_ _5\"></span>cagionando <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>danno <span class=\"_ _6\"></span>quantificato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>92 <span class=\"_ _6\"></span>milioni </span>circa. La <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>eccepito <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _5\"></span>preliminar<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>difetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>legittimazione <span class=\"_ _2\"></span>attiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Fallimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>finanziamento <span class=\"_ _2\"></span>oggetto<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>di contestazione era s<span class=\"_ _3\"></span>tato ero<span class=\"_ _3\"></span><span class=\"ff4\">gato a <span class=\"_ _3\"></span>favore <span class=\"_ _3\"></span>della controllante di <span class=\"_ _3\"></span>Mariella Burani <span class=\"_ _3\"></span>Fashion Group <span class=\"_ _3\"></span>S.p.A.; inoltre l\u2019asserito danno <span class=\"_ _3\"></span>di </span>cui il Fallimento chie<span class=\"_ _0\"></span>de il risarcimento s<span class=\"_ _0\"></span>arebbe stato in realt\u00e0<span class=\"_ _0\"></span> subito dai creditori <span class=\"_ _0\"></span>della societ\u00e0 (e non <span class=\"_ _0\"></span>dalla procedura).<span class=\"_ _3\"></span> Per quanto riguarda il merito <span class=\"ff4\">delle contesta<span class=\"_ _0\"></span>zioni, la Banca ha evidenzia<span class=\"_ _0\"></span>to la correttezza del propr<span class=\"_ _0\"></span>io operato nonch\u00e9 l\u2019esclusiv<span class=\"_ _0\"></span>a </span>responsabilit\u00e0 <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>bon<span class=\"_ _3\"></span>is, <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>imputabile <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>esclusiva <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>falsi, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>diffusione <span class=\"_ _4\"> </span>di <span class=\"_ _2\"></span>false informazioni e la con<span class=\"_ _0\"></span>t<span class=\"ff4\">inuazione dell\u2019attivit\u00e0 social<span class=\"_ _0\"></span>e in una asserita <span class=\"_ _0\"></span>situazione di insolve<span class=\"_ _0\"></span>nza.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il giudizio si trova in f<span class=\"_ _0\"></span>ase istruttoria.  Fallimento Sim <span class=\"ff1 fc0\"> </span>Con <span class=\"_ _2\"></span>atto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>citazione <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>ottobre <span class=\"_ _2\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Fallimento <span class=\"_ _2\"></span>SIM <span class=\"_ _5\"></span>S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>convenuto <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>giudizio <span class=\"_ _2\"></span>Intesa <span class=\"_ _4\"></span>Sanpaolo<span class=\"_ _0\"></span> (unitamente ad altri <span class=\"_ _0\"></span>7 istituti di credito) ava<span class=\"_ _0\"></span>nti il Tribunale di C<span class=\"_ _0\"></span>atania, con prima u<span class=\"_ _0\"></span>dienza in data 31 m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rzo 2023.<span class=\"_ _2\"></span> Trattasi di azione risarcitoria promossa per danni <span class=\"_ _0\"></span>asseritamente sub\u00ecti dalla societ\u00e0 e dai credito<span class=\"_ _0\"></span>ri in ragione di comportam<span class=\"_ _2\"></span>enti delle banche qualific<span class=\"_ _0\"></span>ati dalla controparte <span class=\"_ _0\"></span>come \u201cantigiuridici\u201d, <span class=\"_ _0\"></span>che avrebbero determin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to un\u2019abusiva conce<span class=\"_ _0\"></span>ssione di credito.<span class=\"_ _2\"></span><span class=\"ff1\">  </span>La pretesa risarcitori<span class=\"_ _0\"></span>a \u00e8 stata quantificata i<span class=\"_ _0\"></span>n 47 milioni circa, <span class=\"_ _0\"></span>con richiesta di condan<span class=\"_ _0\"></span>na in solido tra le <span class=\"_ _0\"></span>banche convenute<span class=\"_ _2\"></span><span class=\"ls12\">. </span> Offerta di diamanti Nell\u2019ottobre <span class=\"_ _3\"></span>2015, <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tipulato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>accordo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>collaborazione <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>Diamond <span class=\"_ _3\"></span>Private <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>(DPI) <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>disciplinare le <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>segnalazione <span class=\"_ _7\"> </span>dell\u2019offerta <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>diamanti <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>parte <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>DPI <span class=\"_ _7\"> </span>ai<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>clienti <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>Con <span class=\"_ _7\"> </span>tale <span class=\"_ _7\"> </span>in<span class=\"_ _5\"></span><span class=\"ff1\">iziativa, <span class=\"_ _7\"> </span>si </span>intendeva <span class=\"_ _3\"></span>rendere <span class=\"_ _2\"></span>disponibile <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>clienti <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>soluzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>cosiddetto <span class=\"_ _2\"></span>\u201cbene <span class=\"_ _3\"></span>rifugi<span class=\"_ _6\"></span>o\u201d <span class=\"_ _3\"></span>in cui <span class=\"_ _6\"></span>allocare <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>quota <span class=\"_ _4\"></span>margina<span class=\"_ _0\"></span>le <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>patrimonio <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>orizzonte <span class=\"_ _5\"></span>temporale <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>lungo <span class=\"_ _5\"></span>periodo. <span class=\"_ _6\"></span>I <span class=\"_ _4\"></span>diamanti <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>rano <span class=\"_ _6\"></span>og<span class=\"_ _5\"></span>getto <span class=\"_ _6\"></span>di vendita da diversi an<span class=\"_ _0\"></span>ni presso altre prim<span class=\"_ _0\"></span>arie reti bancarie nazio<span class=\"_ _0\"></span>nali.<span class=\"_ _3\"></span> L\u2019attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>segnalazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>svolta <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revalentement<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>nel <span class=\"_ _6\"> </span>2016, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>alo <span class=\"_ _5\"></span>significativo <span class=\"_ _6\"> </span>a <span class=\"_ _6\"></span>partire <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>medesimo<span class=\"_ _35\"></span> anno. Complessivamente  i  clienti  che  hanno  acqui<span class=\"_ _0\"></span>sta<span class=\"_ _3\"></span>to  diamanti  sono  circa  8.000,  per  un  importo  complessivo  pari  a  oltre 130 milioni. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>commercializzazione <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>improntato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trasparenza, <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>presidi <span class=\"_ _4\"> </span>progressivamente rafforzati nel tempo, <span class=\"_ _0\"></span>inclusi, tra l\u2019altro, co<span class=\"_ _0\"></span>ntrolli di qualit\u00e0<span class=\"ff1\"> <span class=\"_ _3\"></span>sui diamanti <span class=\"_ _0\"></span>e di congruit\u00e0 dei <span class=\"_ _0\"></span>prezzi praticati da DPI. </span>Nel <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>017, <span class=\"_ _7\"> </span>l\u2019AGCM <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>avviato, <span class=\"_ _7\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>delle <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>commercializzano <span class=\"_ _7\"> </span>diamanti, <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>DPI <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>tra <span class=\"_ _7\"> </span>societ\u00e0) procedimenti per l\u2019acc<span class=\"_ _0\"></span>ertamento di comportam<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti in violazione <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>elle disposizio<span class=\"_ _3\"></span><span class=\"ff1\">ni in materia di p<span class=\"_ _0\"></span>ratiche commerciali scor<span class=\"_ _0\"></span>rette. </span>In aprile tali procedime<span class=\"_ _0\"></span>nti sono stati este<span class=\"_ _0\"></span>si alle banche che han<span class=\"_ _0\"></span>no svolto attivit\u00e0 d<span class=\"_ _0\"></span>i segnalazione <span class=\"_ _0\"></span>dei servizi di dette s<span class=\"_ _0\"></span>oci<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>t\u00e0. A <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nclusione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>procedimenti, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>30 <span class=\"_ _3\"></span>ottobre <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>l\u2019AGCM <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>notificato <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimenti <span class=\"_ _3\"></span>sanzionatori <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>aver <span class=\"_ _2\"></span>accertato <span class=\"_ _3\"></span>la </span>presunta contrariet\u00e0 al Codi<span class=\"_ _0\"></span>ce del Consumo delle con<span class=\"_ _0\"></span>dotte di DPI nonch\u00e9 delle b<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nche a cui il procedim<span class=\"_ _0\"></span>ento era stato esteso, consistenti  <span class=\"ff4\">\u2013</span>  in  sintesi  <span class=\"ff4\">\u2013</span>  <span class=\"ff4\">nell\u2019aver  fornito  una  rappresentazione  parzi<span class=\"_ _0\"></span>ale,  ingan<span class=\"_ _3\"></span><span class=\"ff1\">nevole  e  fuorviante  delle  caratteristich<span class=\"_ _0\"></span>e </span></span>dell\u2019acquisto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>diamanti, <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>dalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>prospettato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>quotazione <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019andamento <span class=\"_ _3\"></span>del mercato. <span class=\"_ _4\"> </span>L\u2019Autorit\u00e0 <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>irrogato <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _7\"> </span>una <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>3 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>ridotta <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ispe<span class=\"_ _2\"></span>tto <span class=\"_ _4\"> </span>all\u2019iniziale <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"> </span>di 3,5 <span class=\"ff4\">milioni, avendo l\u2019Autorit\u00e0 <span class=\"_ _3\"></span>riconosciuto<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il pregio <span class=\"_ _3\"></span>delle iniziative poste in <span class=\"_ _3\"></span>essere dalla <span class=\"_ _3\"></span>Banca a p<span class=\"_ _3\"></span>artire dal 2016 <span class=\"_ _3\"></span>per rafforz<span class=\"_ _5\"></span><span class=\"ff1\">are </span></span>i presidi del process<span class=\"_ _0\"></span>o di offerta volti a gara<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>tire, in particolare, l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> corretta informa<span class=\"_ _3\"></span>tiva alla clientela. A seguito del provvedimento d<span class=\"_ _0\"></span>ell\u2019AGCM, la Banca ha corri<span class=\"_ _0\"></span>sposto l\u2019importo ogg<span class=\"_ _0\"></span>etto di sanzione e depositato ri<span class=\"_ _0\"></span>corso al TAR del Lazio <span class=\"_ _17\"> </span>per <span class=\"_ _18\"> </span>l\u2019impugnazio<span class=\"_ _0\"></span>ne. <span class=\"_ _17\"> </span>Con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>uddetto <span class=\"_ _17\"> </span>ricorso, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>data <span class=\"_ _18\"> </span>16 <span class=\"_ _17\"> </span>novembre <span class=\"_ _17\"> </span>2022 <span class=\"_ _17\"> </span>il <span class=\"_ _18\"> </span>TAR <span class=\"_ _17\"> </span>ha <span class=\"_ _17\"> </span>confermato <span class=\"_ _18\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1 ls13\">l </span>provvedimento sanzio<span class=\"_ _0\"></span>natorio e la Banca presenter\u00e0 <span class=\"_ _0\"></span>appello avanti il C<span class=\"_ _0\"></span>onsiglio di Stato.  A partire da novembre 2<span class=\"_ _35\"></span>0<span class=\"_ _3\"></span>17, la Banca h<span class=\"_ _0\"></span>a: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rescisso <span class=\"_ _1d\"> </span>l\u2019accordo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>collaborazione <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>Diamond <span class=\"_ _17\"> </span>Private <span class=\"_ _1d\"> </span>Investment <span class=\"_ _17\"> </span>(DPI) <span class=\"_ _1d\"> </span>e <span class=\"_ _17\"> </span>cessato <span class=\"_ _17\"> </span>l\u2019attivit\u00e0, <span class=\"_ _1d\"> </span>gi\u00e0 <span class=\"_ _1d\"> </span>sospesa <span class=\"_ _17\"> </span>nel </span></span>precedente mese di otto<span class=\"_ _0\"></span>bre; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">attivato un <span class=\"_ _3\"></span>processo che <span class=\"_ _3\"></span>prevede il <span class=\"_ _3\"></span>riconoscimento alla c<span class=\"_ _3\"></span>lientela dell\u2019originario costo <span class=\"_ _3\"></span>sostenuto per <span class=\"_ _3\"></span>l\u2019acquisto dei <span class=\"_ _3\"></span>preziosi<span class=\"_ _2\"></span></span> </span>ed <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>ritiro <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>pietre, <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>soddisfare <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>esigenze <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rivendita <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>clientela <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>causa <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>ill<span class=\"_ _5\"></span>iquidit\u00e0 <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 creata sul mercato, <span class=\"_ _0\"></span>non sono soddisfatte d<span class=\"_ _0\"></span>a DPI; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>inviato <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"></span>2018 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"></span>comunicazione<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"></span>clienti <span class=\"_ _6\"></span>possessori <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>diamanti <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>ribadire <span class=\"_ _4\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bene </span>durevole delle pietre, confermando, tra <span class=\"_ _3\"></span>l\u2019altro, la <span class=\"_ _2\"></span><span class=\"ff1\">disponibilit\u00e0 della Banca ad <span class=\"_ _3\"></span>intervenire direttamente a fronte di <span class=\"_ _3\"></span>eventual<span class=\"_ _0\"></span>i </span>esigenze di realizzo m<span class=\"_ _0\"></span>anifestate dalla <span class=\"_ _0\"></span>clientela e non soddi<span class=\"_ _0\"></span>sfatte da DPI.<span class=\"_ _3\"></span> Nel <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>pervenute 34 <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>0,5 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>richieste <span class=\"_ _3\"></span>di r<span class=\"_ _3\"></span>iacquisto comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _3\"></span>pervenute dalla <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>lientela <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>soddisfatte <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>6.854 <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>controvalore <span class=\"_ _6\"></span>complessivo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>116,3 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>valutazione <span class=\"_ _6\"></span>dei diamanti <span class=\"_ _18\"> </span>riacquistati <span class=\"_ _17\"> </span>viene <span class=\"_ _18\"> </span>effettuata <span class=\"_ _18\"> </span>prendendo <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>considerazione <span class=\"_ _17\"> </span>i <span class=\"_ _18\"> </span>va<span class=\"_ _3\"></span>lori <span class=\"_ _17\"> </span>espressi <span class=\"_ _18\"> </span>dall\u2019indice <span class=\"_ _18\"> </span>IDEX <span class=\"_ _18\"> </span>Diamond <span class=\"_ _18\"> </span>Ret<span class=\"_ _2\"></span><span class=\"ff1\">ail </span>Benchmark, una delle <span class=\"_ _0\"></span>principali piattaf<span class=\"_ _0\"></span>orme di trading on li<span class=\"_ _0\"></span>ne utilizzato nelle pri<span class=\"_ _0\"></span>ncipali piazze da pi\u00f9 di <span class=\"_ _0\"></span>7.000 operatori.<span class=\"_ _2\"></span> Nel <span class=\"_ _4\"></span>mese <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>febbraio <span class=\"_ _4\"></span>2019 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>notificato <span class=\"_ _6\"></span>un <span class=\"_ _4\"> </span>sequestro <span class=\"_ _6\"></span>preventivo <span class=\"_ _6\"></span>penale <span class=\"_ _4\"></span>per <span class=\"_ _6\"></span>11,1 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>somma <span class=\"_ _6\"></span>corrispondente <span class=\"_ _6\"></span>alle commissioni riconosciut<span class=\"_ _0\"></span>e da DPI alla Banca. Le indagini preliminari a<span class=\"_ _0\"></span>vviate dalla Procura della R<span class=\"_ _0\"></span>epubblica di Milano riguar<span class=\"_ _0\"></span>dano anche altre quattro Ba<span class=\"_ _0\"></span>nche (maggiormente coinvolte) e due soci<span class=\"_ _0\"></span>et\u00e0 che commercializzano <span class=\"_ _0\"></span>diamanti. Nell\u2019ottobre 2019 <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tato notificato <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019avviso di <span class=\"_ _3\"></span>conclusione de<span class=\"_ _3\"></span>lle indagini <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>quale emerge che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>indagati due <span class=\"_ _3\"></span>gestori <span class=\"_ _3\"></span>della Banca <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa <span class=\"_ _6\"></span>aggravata <span class=\"_ _6\"> </span>(in <span class=\"_ _4\"> </span>concorso <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>altri <span class=\"_ _4\"> </span>soggetti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>individuare) <span class=\"_ _6\"> </span>ed <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>orso <span class=\"_ _4\"> </span>l\u2019identific<span class=\"_ _0\"></span>azione <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>al<span class=\"_ _6\"></span><span class=\"ff1\">tri </span>esponenti <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019ipotesi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autoricic<span class=\"_ _3\"></span>laggio, <span class=\"_ _7\"> </span>mentre <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>ISP <span class=\"_ _7\"> </span>viene <span class=\"_ _7\"> </span>contestato <span class=\"_ _4\"> </span>l\u2019illecito <span class=\"_ _7\"> </span>amministrativo <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>D. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _4\"> </span>231<span class=\"_ _3\"></span>/2001 <span class=\"_ _4\"> </span>in relazione a quest\u2019ultim<span class=\"_ _0\"></span>o reato presupposto.<span class=\"ff1\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>quest\u2019ultima <span class=\"_ _6\"> </span>contestazione, <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>mese <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _4\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _4\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>GIP <span class=\"_ _4\"> </span>ha a<span class=\"ff4\">ccolto  l\u2019istanz<span class=\"_ _0\"></span>a  di  p<span class=\"_ _0\"></span>atteggiamento  \u2013<span class=\"ff1\">  presentat<span class=\"_ _0\"></span>a  da  Inte<span class=\"_ _0\"></span>sa  Sanpa<span class=\"_ _0\"></span>olo  al <span class=\"_ _16\"> </span>solo  fine  di <span class=\"_ _16\"> </span>evitare  il <span class=\"_ _16\"> </span>protrarsi  della <span class=\"_ _16\"> </span>pendenza </span></span>giudiziaria  e  s<span class=\"_ _0\"></span>ulla  quale  la  P<span class=\"_ _0\"></span>rocura  avev<span class=\"_ _0\"></span>a  espresso  pare<span class=\"_ _0\"></span>re  favorevole <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span>  pronuncian<span class=\"_ _0\"></span>do  una  sentenza  c<span class=\"_ _0\"></span>he  ha  dis<span class=\"_ _0\"></span>posto l\u2019applicazione della <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span><span class=\"ff1\">la <span class=\"_ _3\"></span>sanzione pecuniaria <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>importo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>100 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>confisca <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sole <span class=\"_ _3\"></span>somme <span class=\"_ _3\"></span>costituenti <span class=\"_ _3\"></span>il </span>profitto del reato di a<span class=\"_ _0\"></span>utoriciclaggio, quanti<span class=\"_ _0\"></span>ficate in 61 mila eur<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> A <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>parziale <span class=\"_ _6\"></span>trasferimento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>, <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>motivi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>compete<span class=\"_ _0\"></span>nza <span class=\"_ _6\"></span>te<span class=\"_ _2\"></span>rritoriale, <span class=\"_ _5\"></span>davanti <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Tribunale <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Roma, nell\u2019agosto <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>not<span class=\"_ _3\"></span>ificata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>revoca <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>questro<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>disposto <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>febbraio <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>avente <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>profit<span class=\"_ _5\"></span><span class=\"ff1\">to </span>del <span class=\"_ _4\"> </span>presunto <span class=\"_ _4\"></span>reato <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>truffa, <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>restituzione <span class=\"_ _4\"> </span>integrale <span class=\"_ _4\"></span>alla <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>somma <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>11,<span class=\"_ _2\"></span>1 <span class=\"_ _4\"> </span>milioni. <span class=\"_ _4\"> </span>Definita <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>posizione <span class=\"_ _4\"></span>della<span class=\"_ _0\"></span> Banca, ci si attende <span class=\"_ _0\"></span>che la Procura di Mi<span class=\"_ _0\"></span>lano richieda l\u2019arc<span class=\"_ _0\"></span>hiviazione nei confronti<span class=\"_ _0\"></span> dei due gestori in<span class=\"_ _0\"></span>dagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Private banker (San<span class=\"_ _0\"></span>paolo Invest SIM, incorp<span class=\"_ _0\"></span>orata nella controll<span class=\"_ _0\"></span>ante Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo <span class=\"_ _0\"></span>Private Banking) Una <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>ispettiva <span class=\"_ _5\"></span>effettuata <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Audit <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fatto <span class=\"_ _5\"></span>emergere <span class=\"_ _2\"></span>gravi <span class=\"_ _5\"></span>irregolarit\u00e0 <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _2\"></span>dell\u2019ex <span class=\"_ _2\"></span>Sanpa<span class=\"_ _6\"></span><span class=\"ff1\">olo </span>Invest  SIM.  L<span class=\"_ _0\"></span>e  verifiche <span class=\"_ _16\"> </span>svolte  hanno  accert<span class=\"_ _0\"></span>ato  gravi <span class=\"_ _16\"> </span>irregolarit\u00e0  ai  dan<span class=\"_ _0\"></span>ni  di  diversi <span class=\"_ _16\"> </span>clienti,  quali  di<span class=\"_ _0\"></span>strazioni  di <span class=\"_ _16\"> </span>fo<span class=\"_ _5\"></span>ndi  e rendicontazioni riporta<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ti importi increment<span class=\"_ _0\"></span>ali non veritieri.  In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>giugno <span class=\"_ _3\"></span>2019 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Societ\u00e0 <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>risolto <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>giusta <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>agenzia <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>private <span class=\"_ _3\"></span>banker <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>provveduto <span class=\"_ _4\"></span><span class=\"lsc\">a </span>comunicare <span class=\"_ _7\"> </span>i  f<span class=\"_ _0\"></span>atti <span class=\"_ _16\"> </span>emersi <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>l\u2019Aut<span class=\"_ _0\"></span>orit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>all\u2019O<span class=\"_ _3\"></span><span class=\"ff1\">rganismo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>vigilanza <span class=\"_ _7\"> </span>dei  c<span class=\"_ _0\"></span>onsulenti <span class=\"_ _7\"> </span>finanziari <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>dapprima </span>sospeso e poi radiat<span class=\"_ _0\"></span>o a dicembre 2019 il p<span class=\"_ _0\"></span>rivate banker dall\u2019Al<span class=\"_ _35\"></span>bo un<span class=\"_ _3\"></span>ico dei cons<span class=\"_ _0\"></span>ulenti finanziari.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dell\u2019illecito, <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ricevuto <span class=\"_ _3\"></span>complessivamente <span class=\"_ _2\"></span>278 <span class=\"_ _2\"></span>richieste <span class=\"_ _6\"></span><span class=\"ff1\">risarcitorie <span class=\"_ _2\"></span>(comprendent<span class=\"_ _0\"></span>i <span class=\"_ _2\"></span>reclami, <span class=\"_ _2\"></span>mediazioni <span class=\"_ _2\"></span>e </span>cause), per un <span class=\"_ _3\"></span>importo di circa 62,9 <span class=\"_ _3\"></span>milioni, per lo pi\u00f9 <span class=\"_ _3\"></span>fondate su asserite distrazioni di denaro, perdite derivanti da <span class=\"_ _3\"></span>oper<span class=\"_ _5\"></span>ativit\u00e0 disconosciuta in strum<span class=\"_ _0\"></span>enti finanziari, f<span class=\"_ _0\"></span>alse rendicontazioni <span class=\"_ _0\"></span>e addebito di<span class=\"_ _3\"></span> commissioni relative al<span class=\"_ _0\"></span> servizio di consulenza. Ad oggi pendono 55 <span class=\"_ _0\"></span>richieste, per un val<span class=\"_ _0\"></span>ore attuale di circa 2<span class=\"_ _0\"></span>5,5 milioni, a seg<span class=\"_ _0\"></span>uito della definizio<span class=\"_ _0\"></span>ne di 223 posizioni.<span class=\"_ _3\"></span> Dai clienti indebitamente accreditati \u00e8 <span class=\"_ _3\"></span>stato recuperato l\u2019importo complessivo di 6,4 <span class=\"_ _5\"></span><span class=\"ff1\">milioni (gi\u00e0 restituito ai <span class=\"_ _3\"></span>clienti danneggiati)<span class=\"_ _0\"></span> </span>e ad oggi pendono s<span class=\"_ _0\"></span>equestri per 42 milioni. A <span class=\"_ _5\"></span>carico <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>private <span class=\"_ _5\"></span>banker, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>sequestro <span class=\"_ _5\"></span>conservativo, <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>quanto <span class=\"_ _5\"></span>rinvenuto <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>conti <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>depositi <span class=\"_ _5\"></span>accesi presso <span class=\"_ _5\"></span>istituti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>credito <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>sulla <span class=\"_ _5\"></span>posiz<span class=\"_ _3\"></span><span class=\"ff4\">ione <span class=\"_ _6\"></span>previdenziale <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>sultante <span class=\"_ _5\"></span>presso <span class=\"_ _5\"></span>Enasarco. <span class=\"_ _5\"></span>Nella <span class=\"_ _5\"></span>conseguente <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>merito <span class=\"_ _6\"></span>l\u2019ex </span>private <span class=\"_ _5\"></span>banker <span class=\"_ _5\"></span>ha <span class=\"_ _6\"></span>formulato <span class=\"_ _5\"></span>domanda <span class=\"_ _5\"></span>riconvenzionale <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>complessivi <span class=\"_ _5\"></span>0,6 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>titolo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mancata <span class=\"_ _6\"></span>corresponsione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle indennit\u00e0 di risoluzio<span class=\"_ _0\"></span>ne del rapporto.  \u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span><span class=\"ff4\">inoltre <span class=\"_ _3\"></span>avv<span class=\"_ _3\"></span>iato <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>giudizio <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _3\"></span>dell\u2019ex <span class=\"_ _3\"></span>private <span class=\"_ _2\"></span>banker <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>recupero <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _3\"></span>derivanti <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>recesso </span>dal contratto di agenzia, per complessivi 1,6 milioni, oltre interessi a titolo di indennit\u00e0 di mancato<span class=\"_ _0\"></span> preavviso, di penale <span class=\"_ _5\"></span>relati<span class=\"ls1f\">va </span>ad un contratto di fin<span class=\"_ _0\"></span>anziamento e di restit<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>zione di anticipi di<span class=\"_ _0\"></span> bonus.<span class=\"_ _3\"></span> A <span class=\"_ _6\"></span>fronte <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>connessi <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>predetto <span class=\"_ _6\"></span>illecito, <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>ffettuati <span class=\"_ _5\"></span>accantonamenti, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>lo <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>fronte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>danni <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ccert<span class=\"_ _5\"></span>ati relativamente alle richi<span class=\"_ _0\"></span>este risarcitorie e <span class=\"_ _0\"></span>alle ca<span class=\"_ _3\"></span>use pendenti<span class=\"ff5\">. </span>I <span class=\"_ _3\"></span>predetti <span class=\"_ _3\"></span>accantonamenti <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>copertura <span class=\"_ _3\"></span>prevista <span class=\"_ _3\"></span>dall\u2019apposita polizza <span class=\"_ _3\"></span>assicurativa <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>quale <span class=\"_ _6\"> </span><span class=\"ff1\">la </span>Compagnia ha gi\u00e0 ri<span class=\"_ _0\"></span>conosciuto un primo a<span class=\"_ _0\"></span>nticipo di 744 mila e<span class=\"_ _0\"></span>uro<span class=\"_ _3\"></span><span class=\"ff5\">. </span>Reyl &amp; Cie (Svizzera) - Procedi<span class=\"_ _35\"></span>me<span class=\"_ _3\"></span>nto ex D. Lgs. 231/2001 dell<span class=\"_ _0\"></span>a Procura della Rep<span class=\"_ _0\"></span>ubblica presso il Tri<span class=\"_ _0\"></span>bunale di Milano La <span class=\"_ _5\"></span>Procura <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Repubblic<span class=\"_ _0\"></span>a <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>vviato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>procedimento <span class=\"_ _5\"></span>penale <span class=\"_ _5\"></span>ex <span class=\"_ _5\"></span>D. <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>gs. <span class=\"_ _2\"></span>231/2001 <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Reyl <span class=\"_ _2\"></span>&amp; <span class=\"_ _5\"></span>Cie (societ\u00e0  svizzera <span class=\"_ _1d\"> </span>controllata  da <span class=\"_ _1d\"> </span>Fideuram <span class=\"_ _1d\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _1d\"> </span>Intesa <span class=\"_ _1d\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>Private <span class=\"_ _1d\"> </span>Banking)  per <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>reato  presupposto  di <span class=\"_ _1d\"> </span>riciclaggio, asseritamente commesso da un suo <span class=\"_ _3\"></span>ex d<span class=\"_ _3\"></span>ipendente (licenziato nel 2020) ed <span class=\"_ _3\"></span>ha ord<span class=\"_ _3\"></span>inato il sequestro di <span class=\"_ _3\"></span>valori di <span class=\"_ _3\"></span>propriet\u00e0 della<span class=\"_ _2\"></span> stessa Reyl <span class=\"_ _3\"></span>per c<span class=\"_ _3\"></span>irca 1,1 <span class=\"_ _3\"></span>milioni d<span class=\"_ _3\"></span>i euro. <span class=\"_ _3\"></span>Il p<span class=\"_ _3\"></span>rocedimento vede coinvolta a<span class=\"_ _3\"></span>lt<span class=\"_ _3\"></span>res\u00ec <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>banca sv<span class=\"_ _3\"></span>izzera Cramer &amp; <span class=\"_ _3\"></span>Cie. <span class=\"_ _3\"></span>N\u00e9 <span class=\"_ _3\"></span>Fideuram ISPPB <span class=\"_ _3\"></span>n\u00e9 <span class=\"_ _2\"></span>ISP <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isultano <span class=\"_ _3\"></span>attualmente <span class=\"_ _3\"></span>coinvolte <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rocedimento<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span>I <span class=\"_ _3\"></span>fatti <span class=\"_ _2\"></span>contestati <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riferiscono <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _3\"></span>intervenuti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>8, prima dell\u2019ingresso di Reyl &amp; Cie nel <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo, avvenuto nel mag<span class=\"_ _2\"></span>gio 2021. In base all\u2019accusa, l\u2019ex dipendente, insieme <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>fratello <span class=\"_ _6\"></span>dipendente <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>Banca <span class=\"_ _6\"></span>Cramer <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>CIE <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>consulente <span class=\"_ _6\"></span>esterno, <span class=\"_ _6\"></span>avrebbe <span class=\"_ _6\"></span>messo <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>atto <span class=\"_ _6\"></span>pratiche <span class=\"_ _6\"></span>volte <span class=\"_ _6\"></span>a favorire <span class=\"_ _6\"> </span>l\u2019evasione <span class=\"_ _6\"> </span>fiscale <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>lienti <span class=\"_ _6\"> </span>italiani <span class=\"_ _6\"> </span>attraverso <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>trasferimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>co<span class=\"_ _2\"></span><span class=\"ff1\">nti <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"></span>Svizzera <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>filiali <span class=\"_ _6\"></span>site <span class=\"_ _6\"></span>presso <span class=\"_ _4\"></span>le </span>Bahamas  a<span class=\"_ _0\"></span>l  fine <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>consentire  ai <span class=\"_ _16\"> </span>clienti  me<span class=\"_ _0\"></span>desimi  di <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>relevare <span class=\"_ _16\"> </span>disponibilit\u00e0 <span class=\"_ _16\"> </span>di  denaro <span class=\"_ _16\"> </span>da  t<span class=\"_ _0\"></span>ali  conti <span class=\"_ _16\"> </span>senza <span class=\"_ _16\"> </span>possibilit\u00e0 <span class=\"_ _16\"> </span>di tracciamento <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>Autorit\u00e0 <span class=\"_ _7\"> </span>italiane. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>relazione <span class=\"_ _7\"> </span>al  pro<span class=\"_ _0\"></span>vvedimento <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>da<span class=\"_ _2\"></span><span class=\"ff4\">ll\u2019Autorit\u00e0 <span class=\"_ _16\"> </span>Giudiziaria<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>svizzera <span class=\"_ _7\"> </span>\u00e8 </span>attualmente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>predisposizione <span class=\"_ _5\"></span>l\u2019atto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>impugnazione, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>sar\u00e0 <span class=\"_ _6\"> </span>tuttavia <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>separata <span class=\"_ _6\"></span>valutazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prima <span class=\"_ _3\"></span>della s<span class=\"_ _3\"></span>ua <span class=\"_ _3\"></span>formalizzazione.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>procedimento penale <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>D. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>gs. 231/2<span class=\"_ _5\"></span>001 <span class=\"_ _3\"></span>pendente <span class=\"_ _3\"></span>in I<span class=\"_ _3\"></span>talia si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sta valutando  la<span class=\"_ _0\"></span>  possibilit<span class=\"_ _0\"></span>\u00e0  di  fo<span class=\"_ _0\"></span>rmulare <span class=\"_ _16\"> </span>un\u2019istanza  di  r<span class=\"_ _0\"></span>iduzione  dell<span class=\"_ _0\"></span>\u2019importo  del<span class=\"_ _0\"></span>lo  stesso. <span class=\"_ _16\"> </span>Dall\u2019esame <span class=\"_ _16\"> </span>della  document<span class=\"_ _0\"></span>azione processuale <span class=\"_ _4\"> </span>emergono <span class=\"_ _4\"> </span>infatti <span class=\"_ _4\"> </span>elementi <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>fanno <span class=\"_ _7\"> </span>ritenere <span class=\"_ _4\"> </span>ragionevole <span class=\"_ _4\"> </span>l\u2019accoglimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>istanza.  <span class=\"ff1\">Nei <span class=\"_ _4\"> </span>confronti <span class=\"_ _4\"> </span>di<span class=\"_ _90\"> </span></span>Reyl <span class=\"ff4\">&amp; <span class=\"_ _6\"></span>Cie <span class=\"_ _5\"></span>non <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>formulata <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>richiesta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>interdizione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>svolgimento <span class=\"_ _6\"></span>dell\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>Italia <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _5\"></span>se <span class=\"_ _6\"> </span>le <span class=\"_ _6\"></span>indagini<span class=\"_ _35\"></span> </span>sono tuttora pendenti e<span class=\"_ _0\"></span> non \u00e8 ancora possi<span class=\"_ _0\"></span>bile accedere ai relat<span class=\"_ _0\"></span>ivi atti.<span class=\"_ _3\"></span> Tirrenia di Navigazio<span class=\"_ _0\"></span>ne in A.S.: Az<span class=\"_ _0\"></span>io<span class=\"_ _3\"></span>ni revocatorie A <span class=\"_ _2\"></span>luglio <span class=\"_ _2\"></span>2013 <span class=\"_ _2\"></span>Tirrenia <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Naviga<span class=\"_ _0\"></span>zione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>A.S. <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>avanti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Roma <span class=\"_ _3\"></span>due <span class=\"_ _5\"></span>revocatori<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>fallimentari <span class=\"_ _3\"></span>contro <span class=\"_ _2\"></span>la ex Cassa di Risparmio d<span class=\"_ _0\"></span>i Venezia per 2,7 milio<span class=\"_ _0\"></span>ni e contro l\u2019ex Banco <span class=\"_ _0\"></span>di Napoli per 33,8 mi<span class=\"_ _0\"></span>lioni.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _6\"></span>causa <span class=\"_ _5\"></span>cont<span class=\"_ _3\"></span>ro <span class=\"_ _6\"></span>l\u2019ex <span class=\"_ _5\"></span>CR <span class=\"_ _6\"> </span>Venezia <span class=\"_ _4\"> </span><span class=\"ff1\">pende <span class=\"_ _6\"></span>ora <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>appello, <span class=\"_ _6\"></span>proposto <span class=\"_ _6\"></span>dalla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>dopo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>decisione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>2016 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>condanna <span class=\"_ _6\"></span>al </span>pagamento di 2,8 milio<span class=\"_ _0\"></span>ni.  Anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _3\"></span>contro <span class=\"_ _3\"></span>l\u2019ex <span class=\"_ _2\"></span>Banco d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Napoli <span class=\"_ _3\"></span>pende <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>agamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>14,5 <span class=\"_ _4\"> </span><span class=\"ff1\">mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>oltre </span>accessori,  pro<span class=\"_ _0\"></span>nunciata <span class=\"_ _16\"> </span>dal  Tribunale <span class=\"_ _16\"> </span>nel  2021. <span class=\"_ _16\"> </span>Tale  condann<span class=\"_ _0\"></span>a  non <span class=\"_ _16\"> </span>\u00e8  stata  s<span class=\"_ _0\"></span>ospesa  e<span class=\"_ _0\"></span>  la <span class=\"_ _16\"> </span>Banca,  nell\u2019ottobre <span class=\"_ _16\"> </span>2022,  h<span class=\"_ _0\"></span>a provveduto al pagame<span class=\"_ _0\"></span>nto di 15,2 milioni, c<span class=\"_ _0\"></span>on riserva di ripeti<span class=\"_ _0\"></span>zione all\u2019esito del gr<span class=\"_ _0\"></span>avame.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>A <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>dell\u2019appello <span class=\"_ _3\"></span>proposto<span class=\"ff1\"> <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontroparte si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>costituita <span class=\"_ _3\"></span>avanzando <span class=\"_ _3\"></span>appello <span class=\"_ _3\"></span>incidentale <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>pretesa di </span>restituzione <span class=\"_ _5\"></span>dell\u2019import<span class=\"_ _0\"></span>o <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>28 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>un\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>aluta, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>igettata <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>gra<span class=\"_ _5\"></span><span class=\"ff1\">do <span class=\"_ _6\"></span>e </span>che si reputa sar\u00e0 resp<span class=\"_ _0\"></span>inta anche in appello. Vertenza Selarl Bruno R<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ulet (gi\u00e0 Dargent Ti<span class=\"_ _0\"></span>rmant Raulet) Si <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>ratta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>causa <span class=\"_ _4\"> </span>promossa <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>Francia <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>2001 <span class=\"_ _6\"> </span>dal <span class=\"_ _4\"> </span>fallimento <span class=\"_ _6\"> </span>dell\u2019imprenditore <span class=\"_ _6\"> </span>immobiliare <span class=\"_ _4\"> </span>Philippe <span class=\"_ _6\"> </span>Vincent, <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>ha chiesto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>risarcimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>56,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span><span class=\"ff4\">l\u2019asserito <span class=\"_ _2\"></span>\u201c<span class=\"_ _3\"></span>sostegno <span class=\"_ _5\"></span>finanziario <span class=\"_ _5\"></span>abusivo\u201d <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>sarebbe <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>concesso<span class=\"_ _0\"></span> </span>all\u2019imprenditore. La pretesa del <span class=\"_ _3\"></span>fallimento \u00e8 sempre <span class=\"_ _3\"></span>stata rigettata nei <span class=\"_ _3\"></span>vari gradi <span class=\"_ _3\"></span>di giudizio intercorsi durante 17 <span class=\"_ _3\"></span>anni, f<span class=\"_ _6\"></span><span class=\"ff1\">ino alla </span>sentenza della <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Colmar del <span class=\"_ _3\"></span>maggio 2018 <span class=\"_ _3\"></span>che h<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>condannato la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>risarcimento di c<span class=\"_ _3\"></span>irca 23 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La s<span class=\"_ _3\"></span>entenza di <span class=\"_ _5\"></span>Colmar <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _5\"></span>impugnata <span class=\"_ _5\"></span>davanti <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Cassazione <span class=\"_ _5\"></span>francese, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>gennaio <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>annullato <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>cassato <span class=\"_ _5\"></span>con rinvio alla Corte di A<span class=\"_ _0\"></span>ppello di Metz la d<span class=\"_ _0\"></span>ecisione della Corte di A<span class=\"_ _35\"></span>p<span class=\"_ _2\"></span>pello di Colmar. In conseg<span class=\"_ _0\"></span>uenza di ci\u00f2, nel primo <span class=\"_ _0\"></span>trimestre del 2020 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>ottenuto <span class=\"_ _3\"></span>la restituzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>pagati a <span class=\"_ _2\"></span>seguito della <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>appello di <span class=\"_ _2\"></span>Colm<span class=\"_ _2\"></span>ar del <span class=\"_ _3\"></span>2018. Alla <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di lu<span class=\"_ _3\"></span>glio 2020 il<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>curatore fallimentare ha <span class=\"_ _3\"></span>r<span class=\"_ _2\"></span><span class=\"ff4\">iassunto la <span class=\"_ _3\"></span>causa <span class=\"_ _3\"></span>davanti alla <span class=\"_ _3\"></span>Corte d<span class=\"_ _3\"></span>\u2019Appello di <span class=\"_ _3\"></span>Metz, <span class=\"_ _3\"></span>chiedendo </span>il <span class=\"_ _4\"> </span>pagamento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>55,6 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(pari <span class=\"_ _4\"> </span>all\u2019intero <span class=\"_ _4\"> </span>passivo <span class=\"_ _7\"> </span>fallimentare, <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>edotto <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>dalla <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>l\u2019immobile<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>cu<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>acquisto <span class=\"_ _3\"></span>venne <span class=\"_ _2\"></span>finanziato <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>Banca); <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Banca <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ostituit<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>contestato <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pretese <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vversarie. <span class=\"_ _3\"></span>Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _3\"></span>resa <span class=\"_ _2\"></span>il 27 <span class=\"_ _7\"> </span>luglio <span class=\"_ _4\"> </span>2021 <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>d\u2019Appello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Metz <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>accolto <span class=\"_ _4\"> </span>parzialmente <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>omanda <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>curatela, <span class=\"_ _4\"> </span>condannando <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>al pagamento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>20 <span class=\"_ _4\"></span>milion<span class=\"_ _0\"></span>i, <span class=\"_ _6\"></span>oltre <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>spese <span class=\"_ _6\"></span>legali <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>diversi <span class=\"_ _6\"></span>gradi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>giu<span class=\"_ _2\"></span>dizio <span class=\"_ _6\"></span>(e <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>amente <span class=\"_ _6\"></span>20,6 <span class=\"_ _6\"></span>milioni). <span class=\"_ _6\"></span>La Corte <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>quantificato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>danno <span class=\"_ _3\"></span>patito <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>massa <span class=\"_ _3\"></span>fallimentare <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>finanziamento <span class=\"_ _3\"></span>accordato <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>Banca, <span class=\"_ _3\"></span>dedotto<span class=\"_ _5\"></span> quanto <span class=\"_ _4\"> </span>ricavato <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span>lla <span class=\"_ _4\"></span>vendita <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>bene <span class=\"_ _4\"> </span>posto <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>garanzia. <span class=\"_ _4\"> </span>A <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>Banca<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>presentato <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Corte <span class=\"_ _4\"> </span>di Cassazione <span class=\"_ _5\"></span>francese. <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>parallelo, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>curatela <span class=\"_ _2\"></span>ha <span class=\"_ _6\"></span>impugnato <span class=\"_ _2\"></span>autonomamente <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>decisione <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Corte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Appello, <span class=\"_ _2\"></span>insistendo per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>condanna <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Banca a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>dell\u2019intero <span class=\"_ _3\"></span>passivo falli<span class=\"_ _3\"></span>mentar<span class=\"_ _0\"></span>e. <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>novembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">roceduto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>a </span>favore <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>uratela <span class=\"_ _3\"></span>dell\u2019importo <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>condanna; <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>somme <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>mporaneam<span class=\"_ _0\"></span>ente <span class=\"_ _3\"></span>depositate <span class=\"_ _3\"></span>presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>CARPA<span class=\"_ _0\"></span> (Cassa <span class=\"_ _6\"></span>dell\u2019Ordine <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>Avvocati), <span class=\"_ _5\"></span>indisponibili <span class=\"_ _6\"> </span>sino <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>pronuncia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Cassazione. <span class=\"_ _5\"></span>I<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>4 <span class=\"_ _6\"> </span>ottobr<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 </span>tenuta <span class=\"_ _3\"></span>udienza di <span class=\"_ _3\"></span>discussione. <span class=\"_ _3\"></span>Alla <span class=\"_ _3\"></span>fine del<span class=\"_ _3\"></span>lo scorso <span class=\"_ _3\"></span>mese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>novembre <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cassazione ha <span class=\"_ _3\"></span>respinto <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ricorsi <span class=\"_ _3\"></span>presentat<span class=\"_ _2\"></span><span class=\"ls13\">i </span>dalla Banca e <span class=\"_ _3\"></span>dalla curatela. La sentenza del<span class=\"_ _3\"></span>la Corte di <span class=\"_ _3\"></span>Appello di Metz \u00e8<span class=\"_ _3\"></span> diventata pertanto definitiva. Le s<span class=\"_ _3\"></span>omme gi<span class=\"_ _5\"></span>\u00e0 v<span class=\"_ _3\"></span>ersate dalla Banca a seguit<span class=\"_ _0\"></span>o di tale decisione son<span class=\"_ _0\"></span>o state pertanto re<span class=\"_ _0\"></span>se disponibili alla <span class=\"_ _0\"></span>curatela.<span class=\"_ _3\"></span> Causa promossa nei c<span class=\"_ _0\"></span>onfronti di due societ\u00e0 <span class=\"_ _0\"></span>controllate unghere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>i di Intesa Sanpaolo La <span class=\"_ _6\"></span>causa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>connessa <span class=\"_ _6\"></span>ad <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>contratto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>locazione <span class=\"_ _6\"></span>risolto <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>010. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>il conduttore <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>promosso <span class=\"_ _7\"> </span>giudizio <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sede <span class=\"_ _16\"> </span>civile <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _7\"> </span>integrato <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>pretesa <span class=\"_ _7\"> </span>iniziale, <span class=\"_ _7\"> </span>formulando <span class=\"_ _7\"> </span>nuove domande ed elevando <span class=\"ff4\">\u2013</span> con<span class=\"_ _0\"></span>seguentemente <span class=\"ff4\">\u2013</span> <span class=\"ff4\">l\u2019ammontare c<span class=\"_ _0\"></span>omplessivo delle <span class=\"_ _0\"></span>pretese a ci<span class=\"ff1\">rca 31 milioni di euro. </span></span>A <span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>glio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Tribunale <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>rigettato <span class=\"_ _3\"></span>tutte <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>pretese <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>attrice, <span class=\"_ _3\"></span>ritenendo <span class=\"_ _2\"></span>quest\u2019ultima <span class=\"_ _3\"></span>carente <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>legittim<span class=\"_ _5\"></span><span class=\"ff1\">azione </span>ad agire. Contro tale d<span class=\"_ _0\"></span>ecisione la contro<span class=\"_ _0\"></span>parte ha presentato <span class=\"_ _0\"></span>appello.<span class=\"_ _90\"> </span>Nel <span class=\"_ _6\"></span>mese <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>C<span class=\"_ _3\"></span><span class=\"ff4\">orte <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>Appello <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>parzialmente <span class=\"_ _6\"> </span>accolto <span class=\"_ _6\"> </span>l\u2019impugnazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>contro<span class=\"_ _0\"></span>parte, <span class=\"_ _6\"> </span>condannando <span class=\"_ _6\"> </span>una </span>delle <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _3\"></span>convenute <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>pagamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>circa <span class=\"_ _2\"></span>9,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>euro. <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>controllata <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>presentato <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>davanti <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>Cort<span class=\"_ _5\"></span><span class=\"lsc\">e </span>Suprema <span class=\"ff4\">che ha sospes<span class=\"_ _0\"></span>o l\u2019esecuzione della <span class=\"ff1\">sentenza impug<span class=\"_ _0\"></span>nata. </span></span>Le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>erano <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>2012 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>riconoscimento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>crediti <span class=\"_ _5\"></span>vantati <span class=\"_ _2\"></span>nei <span class=\"_ _5\"></span>confronti <span class=\"_ _4\"> </span>del conduttore in virt\u00f9 di c<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>noni di locazione <span class=\"_ _0\"></span>non saldati. Tale proce<span class=\"_ _0\"></span>dimento \u00e8 tuttora in <span class=\"_ _0\"></span>corso.<span class=\"_ _3\"></span> Contenzioso del lavoro<span class=\"ffa\"> <span class=\"ff1 fc0\"> </span></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda il <span class=\"_ _3\"></span>contenzioso del <span class=\"_ _3\"></span>lavoro, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>dicembre 2022, <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2021, <span class=\"_ _3\"></span>non r<span class=\"_ _3\"></span>isultavano in <span class=\"_ _3\"></span>essere controversie <span class=\"_ _6\"> </span>rilevanti <span class=\"_ _6\"> </span>sotto <span class=\"_ _4\"> </span>l\u2019aspetto <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>qualitativo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>quantitativo. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>generale, <span class=\"_ _6\"> </span>tutte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>cause <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>lavoro <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"> </span>assi<span class=\"_ _2\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>tite <span class=\"_ _6\"></span>da </span>accantonamenti spe<span class=\"_ _0\"></span>cifici, adeguati a frontegg<span class=\"_ _0\"></span>iare eventuali e<span class=\"_ _0\"></span>sborsi.<span class=\"_ _3\"></span> Attivit\u00e0 potenziali<span class=\"ff5 fc5\"> <span class=\"ff1 fc0\"> </span></span>Quanto <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>potenziali <span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>particolare <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _4\"></span>IMI/SIR <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ricorda <span class=\"_ _4\"></span>che <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>seguito <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>sentenza <span class=\"_ _4\"> </span>passata <span class=\"_ _4\"> </span>in giudicato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>era <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>accertata <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _4\"></span>penale <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>giudice <span class=\"_ _7\"> </span>Metta <span class=\"_ _4\"> </span>corrotto <span class=\"_ _4\"> </span>(e <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>correi <span class=\"_ _4\"> </span>Rovelli, <span class=\"_ _7\"> </span>Acampora,<span class=\"_ _35\"></span> Pacifico <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Previti), <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>responsabili <span class=\"_ _2\"></span>erano <span class=\"_ _2\"></span>stati <span class=\"_ _5\"></span>condannati <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>risarcimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>danni, <span class=\"_ _5\"></span>rimettendone <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relativa <span class=\"_ _5\"></span>quantificazion<span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>al giudice <span class=\"_ _2\"></span>civile. <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>aveva <span class=\"_ _5\"></span>quindi <span class=\"_ _3\"></span>promosso <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>causa <span class=\"_ _2\"></span>presso <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>dei suddetti responsabili<span class=\"_ _0\"></span> al risarcimento d<span class=\"_ _0\"></span>el danno. Con <span class=\"_ _2\"></span>sentenza <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>maggio <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>015, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Tribunale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Roma <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>provveduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quantificare <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>danni <span class=\"_ _5\"></span>patrimoniali <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>patrimonia<span class=\"_ _5\"></span>li <span class=\"_ _5\"></span>in favore di Intesa Sanpaolo e<span class=\"_ _3\"></span> a condannare Acampora e <span class=\"_ _3\"></span>Metta <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">nonch\u00e9 in solido con <span class=\"_ _3\"></span>quest\u2019ultimo (ai sensi della Legge n<span class=\"_ _3\"></span>. 117<span class=\"_ _0\"></span> </span>del <span class=\"_ _7\"> </span>1988 <span class=\"_ _7\"> </span>sulla <span class=\"_ _7\"> </span>responsabilit\u00e0 <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>magistrati) <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Presidenza <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>Consiglio <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>Ministri  <span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>favore <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Intesa<span class=\"_ _0\"></span> Sanpaolo di 1<span class=\"_ _3\"></span>73 milioni <span class=\"_ _3\"></span>al netto d<span class=\"_ _3\"></span>el prelievo <span class=\"_ _3\"></span>fiscale, oltre interessi <span class=\"_ _3\"></span>legali a d<span class=\"_ _3\"></span>ecorrere dal 1\u00b0 <span class=\"_ _3\"></span>febbraio 2015 sino a<span class=\"_ _3\"></span>l soddisfo <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>al ristoro <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>spese <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gali. <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>\u2019importo <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>condanna <span class=\"_ _2\"></span>teneva <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>ricevuto <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transazioni <span class=\"_ _2\"></span>nel<span class=\"_ _5\"></span><span class=\"ff1\"> </span>fr<span class=\"ls0\">attempo interven<span class=\"_ _0\"></span>ute con la famiglia R<span class=\"_ _0\"></span>ovelli e con le contro<span class=\"_ _0\"></span>parti Previti e Pacifi<span class=\"_ _0\"></span>co.<span class=\"_ _3\"></span> </span>La <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>d\u2019Appello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Roma <span class=\"_ _5\"></span>nel <span class=\"_ _4\"> </span>luglio <span class=\"_ _6\"></span>2016 <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>sospeso <span class=\"_ _6\"> </span>l\u2019efficacia <span class=\"_ _6\"> </span>esecutiva <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>sentenza <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _6\"> </span>grado <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>somm<span class=\"_ _35\"></span>a eccedente <span class=\"_ _2\"></span>l\u2019importo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>130 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>oltre <span class=\"_ _5\"></span>accessori <span class=\"_ _3\"></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>spese, <span class=\"_ _2\"></span>rinviando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>causa <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>precisazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>conclusioni <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno </span>2018. <span class=\"_ _3\"></span>Per <span class=\"_ _2\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>questa <span class=\"_ _3\"></span>decisione, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>016 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Presidenza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Ministri <span class=\"_ _3\"></span>aveva <span class=\"_ _2\"></span>accreditato <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>favore <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Intesa Sanpaolo <span class=\"_ _3\"></span>la somma <span class=\"_ _3\"></span>di 131.173.551,58 euro <span class=\"_ _3\"></span>(corrisp<span class=\"_ _3\"></span><span class=\"ff4\">ondenti ai <span class=\"_ _3\"></span>130 milioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cui all\u2019ordinanza, oltre <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>interessi legali e<span class=\"_ _90\"> </span></span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-124.04224px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">spese <span class=\"_ _2\"></span>liquidate). <span class=\"_ _5\"></span>Onde <span class=\"_ _2\"></span>evitare <span class=\"_ _2\"></span>contestazioni, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>era <span class=\"_ _2\"></span>proceduto <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>richiedere <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>incassare <span class=\"_ _2\"></span>solo <span class=\"_ _5\"></span>l\u2019importo <span class=\"_ _2\"></span>esatto <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>dispositiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">stesso, senza operare il <span class=\"_ _3\"></span>c.d. \u201cgross<span class=\"_ _3\"></span><span class=\"ff1\">-</span>up\u201d. Il <span class=\"_ _3\"></span>16 aprile 2<span class=\"_ _3\"></span>020 \u00e8 <span class=\"_ _3\"></span>stata depositata la sentenza della <span class=\"_ _3\"></span>Corte d\u2019Appello di <span class=\"_ _3\"></span>Roma che ha </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">sostanzialmente confermato la pronuncia resa dal Tribunale, pur riducendo l\u2019importo del danno non patrimoniale all\u2019importo di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">8 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>(rispetto <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>77 <span class=\"_ _16\"> </span>milioni <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>erano <span class=\"_ _7\"> </span>stati  qua<span class=\"_ _0\"></span>ntifi<span class=\"_ _3\"></span>cati <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>giudice <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>primo <span class=\"_ _16\"> </span>grado), <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>ha  st<span class=\"_ _0\"></span>abilito <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>condanna <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">108 milioni, da ritenersi s<span class=\"_ _0\"></span>empre al netto del p<span class=\"_ _0\"></span>relievo fiscale, oltr<span class=\"_ _0\"></span>e ad interessi legali <span class=\"_ _0\"></span>e spese.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>secondo <span class=\"_ _5\"></span>trimestre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>depositato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>Banca <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>correzione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>er<span class=\"_ _2\"></span>rore <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>contenuto <span class=\"_ _5\"></span>nella </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">pronuncia <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>danno <span class=\"_ _2\"></span>liquidato; <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d\u2019Appello <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rovvedimento depositato <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2020 <span class=\"_ _2\"></span>ha </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">rigettato <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>presentato <span class=\"_ _7\"> </span>dalla  Ba<span class=\"_ _0\"></span>nca. <span class=\"_ _16\"> </span>La <span class=\"_ _16\"> </span>Banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>maggio <span class=\"_ _16\"> </span>2021 <span class=\"_ _16\"> </span>ha <span class=\"_ _16\"> </span>notificato <span class=\"_ _16\"> </span>ricorso <span class=\"_ _16\"> </span>per <span class=\"_ _16\"> </span>Cass<span class=\"_ _2\"></span>azione <span class=\"_ _16\"> </span>avverso  l<span class=\"_ _35\"></span>a </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">sentenza resa dalla Co<span class=\"_ _0\"></span>rte d\u2019Appello di R<span class=\"_ _0\"></span>oma il 16 aprile 2020. I<span class=\"_ _0\"></span>l ricorso contiene <span class=\"_ _0\"></span>due motivi principali:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls10 ws0\">a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>la riduzione <span class=\"_ _3\"></span>a 8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>del danno n<span class=\"_ _3\"></span>on patrimoniale operata <span class=\"_ _3\"></span>dalla Corte <span class=\"_ _3\"></span>d'Appello, a f<span class=\"_ _3\"></span>ronte dei <span class=\"_ _3\"></span>77 milioni <span class=\"_ _3\"></span>riconosciuti dalla<span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">sentenza di primo grado,<span class=\"_ _0\"></span> risulta arbitraria e n<span class=\"_ _0\"></span>on supportata da <span class=\"_ _0\"></span>un solido ragioname<span class=\"_ _0\"></span>nto logico<span class=\"_ _3\"></span>-giuridico;  </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls10 ws0\">b)<span class=\"ls0\"> <span class=\"_ _24\"> </span><span class=\"ff4\">anche accettando la riduzion<span class=\"_ _0\"></span>e sub a), la Corte nel rideterminare l\u2019importo d<span class=\"_ _0\"></span>el danno complessivo ha comme<span class=\"_ _0\"></span>sso un error<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>calcolo. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>profilo <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _6\"></span>oggetto <span class=\"_ _6\"></span>dell'istanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>correzione <span class=\"_ _5\"></span>materiale <span class=\"_ _5\"></span>depositata <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2020, <span class=\"_ _5\"></span>rigettata <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>in </div><div class=\"t m0 x2a h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">quanto ritenuto da que<span class=\"_ _0\"></span>st\u2019ultima un tema <span class=\"_ _0\"></span>rimediabile media<span class=\"_ _0\"></span>nte impugnazione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"> </span>10 <span class=\"_ _4\"> </span>gennaio <span class=\"_ _6\"> </span>2023 <span class=\"_ _4\"> </span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>tenuta <span class=\"_ _4\"> </span>l\u2019udienza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>discussione <span class=\"_ _6\"> </span>avanti <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>Corte <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Cassazione. <span class=\"_ _5\"></span>L<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>Corte, <span class=\"_ _4\"></span>dopo <span class=\"_ _6\"></span>aver <span class=\"_ _6\"></span>ascoltato <span class=\"_ _4\"></span>le </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">conclusioni delle parti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> la relazione del Pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>curatore General<span class=\"_ _0\"></span>e, ha trattenuto la ca<span class=\"_ _0\"></span>usa a decisione.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h34 y198 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 y144d ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h34 yff3 ff1 fs12 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he yfd6 ff5 fs6 fc2 sc0 ls0 ws0\">CONTENZIOSO FISCAL<span class=\"_ _3\"></span>E       <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yde2 ff1 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Gruppo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>fine <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>pretese <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>contenziosi <span class=\"_ _2\"></span>fiscali <span class=\"_ _6\"></span>(imposta, <span class=\"_ _3\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>interessi) <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y74d ff1 fs0 fc0 sc0 ls0 ws0\">219 milioni, in lieve aum<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto rispetto ai <span class=\"_ _0\"></span>215 milioni del 31 <span class=\"_ _0\"></span>dicembre 2021. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yf19 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>derivanti <span class=\"_ _6\"></span>dal <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>fiscale <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>presidiati <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>adeguati <span class=\"_ _6\"></span>accantonamenti <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>oneri </div><div class=\"t m0 x0 h2 y17c ff1 fs0 fc0 sc0 ls0 ws0\">(70 milioni nel 2022 rispett<span class=\"_ _0\"></span>o ai 76 milioni del 202<span class=\"_ _0\"></span>1). </div><div class=\"t m0 x0 h2 y2b4 ff1 fs0 fc0 sc0 ls0 ws0\">Per la <span class=\"_ _3\"></span>Capogruppo sono pendenti 473 pratiche di <span class=\"_ _3\"></span>contenzioso (628 pratiche al <span class=\"_ _3\"></span>31 dicembre 2021), <span class=\"_ _3\"></span>per un valore c<span class=\"_ _3\"></span>omplessiv<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 yee3 ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>(imposta, <span class=\"_ _2\"></span>sanzioni <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>teressi) <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>(135 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021), <span class=\"_ _6\"></span>conteggiato <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>sia </div><div class=\"t m0 x0 h2 y144a ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>amministrativa sia <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>procedimenti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sede <span class=\"_ _3\"></span>giurisdizionale ne<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi gra<span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>merito <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>legitti<span class=\"_ _5\"></span>mit\u00e0. </div><div class=\"t m0 x0 h2 yee4 ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"></span>contesti, <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>effettivi <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _6\"></span>quantificati <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>57 <span class=\"_ _4\"></span>milioni <span class=\"_ _6\"></span>(57 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>anche <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 y799 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span></div><div class=\"t m0 x0 h2 y1057 ff1 fs0 fc0 sc0 ls0 ws0\">Rispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>dato <span class=\"_ _5\"></span>luogo <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>movimentazioni<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ignificative <span class=\"_ _3\"></span>delle </div><div class=\"t m0 x0 h2 ycfb ff1 fs0 fc0 sc0 ls0 ws0\">pretese sono rappre<span class=\"_ _0\"></span>sentati: </div><div class=\"t m0 x0 h2 y13fd ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>13,5 mil<span class=\"_ _3\"></span>ioni), da: <span class=\"_ _2\"></span>i) nuove <span class=\"_ _3\"></span>contes<span class=\"_ _3\"></span>tazioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,4 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relative <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>reimpossessat<span class=\"_ _35\"></span>i </span></div><div class=\"t m0 x2a h2 y222 ff4 fs0 fc0 sc0 ls0 ws0\">da <span class=\"_ _6\"></span>contratti <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>leasing <span class=\"_ _6\"></span>risolti <span class=\"_ _5\"></span>(1 <span class=\"_ _6\"></span>milione) <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>reddito <span class=\"_ _6\"></span>(0,4 <span class=\"_ _6\"></span>milioni), <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>netto <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>posizioni <span class=\"_ _6\"></span>sorte <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>definite <span class=\"_ _5\"></span>nell\u2019anno <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">er </span></div><div class=\"t m0 x2a h2 yb86 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019analisi dettagliata dei contenziosi <span class=\"_ _3\"></span>in argomento si <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span><span class=\"ff1\">nvia al <span class=\"_ _3\"></span>Bilancio consolidato al <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e 2021); <span class=\"_ _3\"></span>ii) accertamento </span></div><div class=\"t m0 x2a h32 yd54 ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _16\"> </span>imposta <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>cessione <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>(1,8 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _16\"> </span>iii) <span class=\"_ _7\"> </span>avviso <span class=\"_ _16\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>registro <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>u <span class=\"_ _7\"> </span>sentenza </div><div class=\"t m0 x2a h2 y1138 ff1 fs0 fc0 sc0 ls0 ws0\">accertativa <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>credito <span class=\"_ _4\"></span>fallimentare <span class=\"_ _6\"></span>(0,6 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _6\"></span>iv) <span class=\"_ _4\"> </span>avviso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acc<span class=\"_ _2\"></span>ertamento <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>IVA <span class=\"_ _4\"></span>leasing <span class=\"_ _4\"></span>nautico <span class=\"_ _4\"></span>anno </div><div class=\"t m0 x2a h32 y1184 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019imposta <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _6\"> </span>(per <span class=\"_ _6\"></span>1,5 <span class=\"_ _6\"> </span>milioni); <span class=\"_ _6\"></span>v) <span class=\"_ _6\"> </span>adeguamento <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestazione <span class=\"_ _5\"></span>ex <span class=\"_ _4\"> </span>Sudameri<span class=\"_ _0\"></span>s <span class=\"_ _6\"></span>per <span class=\"_ _6\"> </span>6,3 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>dovuto </div><div class=\"t m0 x2a h2 yb0f ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019apprezzamento <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>aluta <span class=\"_ _6\"> </span>brasiliana <span class=\"_ _4\"> </span>sull\u2019euro; <span class=\"_ _6\"></span>vi) <span class=\"_ _4\"> </span>avvisi <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>registro <span class=\"_ _4\"> </span>su <span class=\"_ _16\"> </span><span class=\"ff1\">causali <span class=\"_ _6\"></span>varie <span class=\"_ _4\"> </span>(0,6 <span class=\"_ _4\"></span>milioni); <span class=\"_ _6\"></span>vii) </span></div><div class=\"t m0 x2a h2 y15f5 ff1 fs0 fc0 sc0 ls0 ws0\">interessi maturati sul c<span class=\"_ _0\"></span>ontenzioso in essere p<span class=\"_ _0\"></span>er circa 1 milione; </div><div class=\"t m0 x0 h2 y18c9 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>22,8 <span class=\"_ _2\"></span>milioni) <span class=\"_ _3\"></span>da: <span class=\"_ _5\"></span>i) <span class=\"_ _3\"></span>chiusure <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontenziosi <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>registro <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>11,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>riferib<span class=\"_ _5\"></span>ili </span></div><div class=\"t m0 x2a h2 y1319 ff1 fs0 fc0 sc0 ls0 ws0\">principalmente <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>operazion<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>scorporo <span class=\"_ _3\"></span>d\u2019azienda <span class=\"_ _2\"></span>(tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali: <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>.d. <span class=\"_ _3\"></span>Manzoni/Melville <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>8,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>pratica <span class=\"_ _3\"></span>per </span></div><div class=\"t m0 x2a h32 y18ca ff4 fs0 fc0 sc0 ls0 ws0\">riqualifica <span class=\"_ _6\"> </span>cessione <span class=\"_ _4\"> </span>ramo <span class=\"_ _4\"> </span>d\u2019azienda <span class=\"_ _6\"> </span>Banca <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Trento <span class=\"_ _6\"> </span>e <span class=\"_ _4\"> </span>Bolzano/Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>1,2 <span class=\"_ _4\"> </span>milioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>pratica <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>rettifica </div><div class=\"t m0 x2a h2 yacf ff4 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ramo <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>Credit<span class=\"_ _3\"></span><span class=\"ff1\">o <span class=\"_ _5\"></span>Piemontese/Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>1,6 <span class=\"_ _5\"></span>milioni); <span class=\"_ _5\"></span>ii) <span class=\"_ _5\"></span>chiusure <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>contenziosi <span class=\"_ _5\"></span>per </span></div><div class=\"t m0 x2a h2 y1b5 ff1 fs0 fc0 sc0 ls0 ws0\">IMU <span class=\"_ _6\"></span>su <span class=\"_ _6\"></span>immobili <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>contratti <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>easing <span class=\"_ _5\"></span>sia <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>eguito <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>definizione <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>annullamento <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>Comuni <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>4,4 </div><div class=\"t m0 x2a h2 y875 ff1 fs0 fc0 sc0 ls0 ws0\">milioni; iii) 6,6 milioni per conte<span class=\"_ _0\"></span>nziosi di diversa natura,<span class=\"_ _3\"></span> <span class=\"ff4\">tra i quali l\u2019annullam<span class=\"_ _0\"></span>ento parziale in autot<span class=\"_ _0\"></span>utela della contestazione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y876 ff4 fs0 fc0 sc0 ls0 ws0\">IVA <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>1,6 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019anno d\u2019imposta <span class=\"_ _3\"></span>2014, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contestazioni <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>materi<span class=\"_ _0\"></span>a </div><div class=\"t m0 x2a h2 y145a ff1 fs0 fc0 sc0 ls0 ws0\">di IRES e IRAP per 2 milio<span class=\"_ _0\"></span>ni. </div><div class=\"t m0 x0 h2 y878 ff1 fs0 fc0 sc0 ls0 ws0\">Sempre <span class=\"_ _23\"> </span>rispetto <span class=\"_ _23\"> </span>al <span class=\"_ _23\"> </span>31<span class=\"_ _3\"></span> <span class=\"_ _23\"> </span>dicembre <span class=\"_ _29\"> </span>2021, <span class=\"_ _20\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _23\"> </span>la <span class=\"_ _29\"> </span>Capogr<span class=\"_ _0\"></span>uppo <span class=\"_ _23\"> </span>le <span class=\"_ _23\"> </span>principali <span class=\"_ _23\"> </span>variazioni <span class=\"_ _23\"> </span>degli <span class=\"_ _23\"> </span>accantonamenti <span class=\"_ _23\"> </span>(rimasti </div><div class=\"t m0 x0 h2 y185a ff1 fs0 fc0 sc0 ls0 ws0\">sostanzialmente invari<span class=\"_ _0\"></span>ati) sono colleg<span class=\"_ _0\"></span>ate: </div><div class=\"t m0 x0 h2 y15f6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>aumento (<span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>milioni): <span class=\"_ _3\"></span>i) <span class=\"_ _3\"></span>all\u2019adeguamento di <span class=\"_ _3\"></span>1,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contestazione ex <span class=\"_ _3\"></span>Sudameris <span class=\"_ _3\"></span>relativa <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>componenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 yc66 ff1 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">sanzioni <span class=\"_ _4\"> </span>(valutate <span class=\"_ _6\"> </span>maggiormente <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>rischio), <span class=\"_ _6\"></span>dovuto <span class=\"_ _6\"> </span>all<span class=\"_ _3\"></span>\u2019apprezzam<span class=\"_ _0\"></span>ento <span class=\"_ _6\"> </span>della<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>valuta <span class=\"_ _4\"> </span>brasiliana <span class=\"_ _6\"> </span>sull\u2019euro; <span class=\"_ _4\"> </span>ii) <span class=\"_ _6\"></span>a </span></div><div class=\"t m0 x2a h2 yb8e ff1 fs0 fc0 sc0 ls0 ws0\">contestazioni <span class=\"_ _1d\"> </span>in <span class=\"_ _17\"> </span>materia <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>IMU <span class=\"_ _1d\"> </span>(1 <span class=\"_ _17\"> </span>milione), <span class=\"_ _17\"> </span>ancora <span class=\"_ _1d\"> </span>pendenti <span class=\"_ _1d\"> </span>a <span class=\"_ _17\"> </span>fine <span class=\"_ _17\"> </span>anno; <span class=\"_ _1d\"> </span>iii) <span class=\"_ _17\"> </span>al <span class=\"_ _17\"> </span>maggior <span class=\"_ _1d\"> </span>accantonamento <span class=\"_ _1d\"> </span>sulla </div><div class=\"t m0 x2a h2 y12af ff1 fs0 fc0 sc0 ls0 ws0\">contestazione <span class=\"_ _5\"></span>IVA <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>leasing <span class=\"_ _6\"></span>nautico <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>1,5 <span class=\"_ _5\"></span>milioni; <span class=\"_ _5\"></span>iv) <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>sanzione <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>aggi <span class=\"_ _5\"></span>(2 <span class=\"_ _5\"></span>milioni) <span class=\"_ _5\"></span>compresi <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>una </div><div class=\"t m0 x2a h2 y1277 ff1 fs0 fc0 sc0 ls0 ws0\">cartella <span class=\"_ _16\"> </span>di  pag<span class=\"_ _0\"></span>amento <span class=\"_ _16\"> </span>di  complessi<span class=\"_ _0\"></span>vi  1<span class=\"_ _0\"></span>0  mi<span class=\"_ _0\"></span>lioni  p<span class=\"_ _0\"></span>er  sfavorevole  s<span class=\"_ _0\"></span>entenza <span class=\"_ _16\"> </span>della  C<span class=\"_ _0\"></span>orte  d<span class=\"_ _0\"></span>i  C<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ssazione <span class=\"_ _16\"> </span>collegata <span class=\"_ _16\"> </span>alla </div><div class=\"t m0 x2a h32 y12b0 ff4 fs0 fc0 sc0 ls0 ws0\">controversia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ull\u2019operazi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>scorporo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>ISP <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>State <span class=\"_ _2\"></span>Street <span class=\"_ _2\"></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _2\"></span>(il </div><div class=\"t m0 x2a h2 ya89 ff4 fs0 fc0 sc0 ls0 ws0\">giudizio sull\u2019avviso di l<span class=\"_ _3\"></span>iquidazion<span class=\"_ _0\"></span>e per <span class=\"_ _3\"></span>l\u2019imposta di re<span class=\"_ _3\"></span>gistro connesso a tale operazione \u00e8<span class=\"_ _3\"></span> tuttora in <span class=\"_ _3\"></span>corso); v) per <span class=\"_ _3\"></span>maggior<span class=\"_ _2\"></span><span class=\"ff1 ls13\">i </span></div><div class=\"t m0 x2a h2 y15f7 ff1 fs0 fc0 sc0 ls0 ws0\">accantonamenti <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>1,3 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>varie <span class=\"_ _2\"></span>pratiche <span class=\"_ _3\"></span>nuove <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>gi\u00e0<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3\"></span>(di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>0,8 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>contenziosi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>materia <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y18cb ff1 fs0 fc0 sc0 ls0 ws0\">imposta di registro); </div><div class=\"t m0 x0 h2 y837 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>diminuzione <span class=\"_ _3\"></span>(circa <span class=\"_ _2\"></span>6,8 <span class=\"_ _2\"></span>milioni): <span class=\"_ _2\"></span>i) <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>favorevole <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>hiusura <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposta <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>registro <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iferibile <span class=\"_ _4\"></span>al<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y18cc ff4 fs0 fc0 sc0 ls0 ws0\">conferimento <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>successiva <span class=\"_ _5\"></span>cessione <span class=\"_ _6\"> </span><span class=\"ff1\">della <span class=\"_ _6\"></span>partecipazione <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Trento <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>ISP <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>1,1 <span class=\"_ _5\"></span>milioni); </span></div><div class=\"t m0 x2a h2 y23a ff1 fs0 fc0 sc0 ls11 ws0\">ii)<span class=\"ls0\"> <span class=\"ff4\">al rilascio, <span class=\"_ _3\"></span>relativo alla <span class=\"_ _3\"></span>chiusura del <span class=\"_ _3\"></span>Processo Verbale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Constatazione per l\u2019anno <span class=\"_ _3\"></span>2016 p<span class=\"_ _3\"></span>er 1,3 <span class=\"_ _3\"></span>milioni, a <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>della </span></span></div><div class=\"t m0 x2a h2 ye53 ff1 fs0 fc0 sc0 ls0 ws0\">contestuale <span class=\"_ _3\"></span>notifica <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>relativo a<span class=\"_ _3\"></span>vviso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>materia d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>IVA <span class=\"_ _3\"></span>leasing <span class=\"_ _3\"></span>nautico. <span class=\"_ _3\"></span>Le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>movimentazioni in <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento </div><div class=\"t m0 x2a h2 y15f9 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _5\"></span>diminuzione <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>questa <span class=\"_ _6\"></span>posizione <span class=\"_ _5\"></span>derivano <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>puntuale <span class=\"_ _5\"></span>rilevazione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>inizialmente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>timata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>alle </div><div class=\"t m0 x2a h2 y128 ff1 fs0 fc0 sc0 ls0 ws0\">risultanze  della <span class=\"_ _16\"> </span>verifica  su  20<span class=\"_ _0\"></span>14  e  2015;  iii<span class=\"_ _35\"></span>)<span class=\"_ _3\"></span>  alle  c<span class=\"_ _0\"></span>ontestazioni  IMU<span class=\"_ _0\"></span>  per<span class=\"_ _2\"></span>  3,3  mil<span class=\"_ _0\"></span>ioni  per  e<span class=\"_ _0\"></span>ffetto  dell<span class=\"_ _0\"></span>a  definizione  d<span class=\"_ _0\"></span>i </div><div class=\"t m0 x2a h2 y13b9 ff1 fs0 fc0 sc0 ls0 ws0\">controversie <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>immobili <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eimpossessati d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>contratti <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>risolti, <span class=\"_ _3\"></span>sor<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>anni <span class=\"_ _2\"></span>precedenti; <span class=\"_ _3\"></span>iv) <span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>milione <span class=\"_ _2\"></span>per </div><div class=\"t m0 x2a h2 y13ba ff1 fs0 fc0 sc0 ls0 ws0\">contenziosi di divers<span class=\"_ _0\"></span>a natura, principalm<span class=\"_ _0\"></span>ente in materia di IRES <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>d IRAP. </div><div class=\"t m0 x0 h2 y2cb ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>d<span class=\"ff4\">ell\u2019anno <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>definite <span class=\"_ _3\"></span>(c.d. <span class=\"_ _2\"></span>rilievi <span class=\"_ _3\"></span>chiusi) <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>state <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>40 <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>24,7 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>inclusi <span class=\"_ _2\"></span>i </span></div><div class=\"t m0 x0 h2 y13bc ff4 fs0 fc0 sc0 ls0 ws0\">rilievi sorti e definiti <span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>ell\u2019anno, con un e<span class=\"_ _0\"></span>sborso di 3,6 milioni rif<span class=\"_ _0\"></span>eribile principalment<span class=\"_ _0\"></span>e alle contestazioni IMU <span class=\"_ _0\"></span>(2,5 milio<span class=\"_ _2\"></span><span class=\"ff1\">ni). </span></div><div class=\"t m0 x0 h2 y4b1 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-111.88599px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>le  parteci<span class=\"_ _0\"></span>pate  it<span class=\"_ _0\"></span>aliane <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _16\"> </span>fiscale  a<span class=\"_ _0\"></span>l <span class=\"_ _16\"> </span>31  dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re <span class=\"_ _16\"> </span>2022  ammo<span class=\"_ _0\"></span>nta <span class=\"_ _16\"> </span>a  comple<span class=\"_ _0\"></span>ssivi <span class=\"_ _16\"> </span>85  mi<span class=\"_ _0\"></span>lioni  (<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>1  mi<span class=\"_ _35\"></span>li<span class=\"_ _3\"></span>oni <span class=\"_ _16\"> </span>al </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021), fronteggiati <span class=\"_ _0\"></span>da accantonamenti sp<span class=\"_ _0\"></span>ecifici per 9 milioni (11 m<span class=\"_ _0\"></span>ilioni nel bilan<span class=\"_ _0\"></span>cio 2021). <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Rispetto  al  31  dicembre  202<span class=\"_ _35\"></span>1<span class=\"_ _3\"></span>,  i<span class=\"_ _3\"></span>  <span class=\"ff4\">principali  eventi  che <span class=\"_ _16\"> </span>hanno  dato  luogo  a  movimentazioni<span class=\"_ _35\"></span> <span class=\"_ _1d\"> </span>significative  dell<span class=\"_ _0\"></span>\u2019ammontare<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">complessivo delle pr<span class=\"_ _0\"></span>etese (+14 milioni) <span class=\"_ _0\"></span>sono i seguenti: </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>16 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>controversie <span class=\"_ _4\"></span>riferibili <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipalmente <span class=\"_ _4\"></span>a: <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>Private <span class=\"_ _7\"> </span>Bankin<span class=\"_ _0\"></span>g <span class=\"_ _4\"> </span>(10,4 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _4\"> </span>Ca<span class=\"_ _2\"></span>rgeas </span></div><div class=\"t m0 x2a h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Assicurazioni (4,6 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni); Provis e altre c<span class=\"_ _0\"></span>ontroversie minori (1<span class=\"_ _0\"></span> milione);<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>2 milioni di contro<span class=\"_ _0\"></span>versie chiuse riferite<span class=\"_ _0\"></span> a Fideuram Vita, Inte<span class=\"_ _0\"></span>sa Sanpaolo Vita, Fide<span class=\"_ _0\"></span>uram ISPPB, Siref e UB<span class=\"_ _0\"></span>I Leasing.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">La diminuzione dell\u2019a<span class=\"_ _0\"></span>ccantonamento risp<span class=\"_ _0\"></span>etto al 31 <span class=\"ff1\">dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _0\"></span>1, pari a 2 milioni, <span class=\"_ _0\"></span>\u00e8 principalmente riferit<span class=\"_ _0\"></span>a a:<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>+<span class=\"_ _3\"></span>1,2 milioni di acc<span class=\"_ _0\"></span>antonamento sulle n<span class=\"_ _0\"></span>uove controversie s<span class=\"_ _0\"></span>orte;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span></span>1,5 milioni per eff<span class=\"_ _0\"></span>etto dell\u2019incorporazio<span class=\"_ _0\"></span>ne di UBI Leasing;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>-<span class=\"_ _3\"></span>1 milione con riferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to alle pratiche chiu<span class=\"_ _0\"></span>se precedenteme<span class=\"_ _0\"></span>nte cautel<span class=\"_ _3\"></span>ate. </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>vertenze <span class=\"_ _5\"></span>fiscali <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elative <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>(9 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fine <span class=\"_ _5\"></span>2021) <span class=\"_ _5\"></span>fronteggiate <span class=\"_ _7\"> </span><span class=\"lsc\">da </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">accantonamenti per <span class=\"_ _0\"></span>4 milioni (8 milioni nel <span class=\"_ _0\"></span>2021). </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>variazioni <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>fondo <span class=\"_ _4\"></span>rischi <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>dovu<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>definizio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>ta<span class=\"_ _3\"></span>lune <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroversie <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Intesa </div><div class=\"t m0 x0 h24 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo Bank Alba<span class=\"_ _0\"></span>nia e di Bank of Alexa<span class=\"_ _0\"></span>ndria e, con riferime<span class=\"_ _0\"></span>nto al solo contest<span class=\"_ _0\"></span>ato, dalle sanzioni ir<span class=\"_ _0\"></span>rogate ad UBI Trust<span class=\"_ _0\"></span>ee.<span class=\"_ _2\"></span><span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Nei <span class=\"_ _2\"></span>paragrafi <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>seguono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _2\"></span>fornite <span class=\"_ _5\"></span>informazioni <span class=\"_ _2\"></span>sulle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tualm<span class=\"_ _3\"></span>ente <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>rilevanti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>taluni <span class=\"_ _5\"></span>inviti <span class=\"_ _2\"></span>a </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">comparire relativi <span class=\"_ _0\"></span>a controllate italiane no<span class=\"_ _0\"></span>tificati a dicembre 2<span class=\"_ _0\"></span>022.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y70 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y71 ffa fs0 fc2 sc0 ls0 ws0\">Capogruppo<span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y73 ff2 fs0 fc2 sc0 ls0 ws0\">Contenziosi <span class=\"_ _5\"></span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposta <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>registro, <span class=\"_ _5\"></span>per <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>petitum <span class=\"_ _5\"></span>complessivo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>38 <span class=\"_ _6\"></span>mil<span class=\"_ _3\"></span>ioni, <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>iqualificazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni<span class=\"_ _5\"></span> <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h255 y74 ff3 fs0 fc2 sc0 ls0 ws0\">conferimento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019azienda <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>azienda <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>conseguente <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>maggior <span class=\"_ _5\"></span>valore<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h4c y75 ff3 fs0 fc2 sc0 ls0 ws0\">dell\u2019azienda<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>tratta d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>contenziosi aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>recuperi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conferimento aziendale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>su<span class=\"_ _5\"></span>ccessiva </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">vendita delle partecipazioni, riqualificati dal Fisco <span class=\"_ _3\"></span>come cessioni di rami a<span class=\"_ _3\"></span>ziendali e sul conseguente accertamento di <span class=\"_ _3\"></span>maggi<span class=\"_ _2\"></span>or </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>ramo. <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>stati <span class=\"_ _3\"></span>definiti <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c.d. <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ace <span class=\"_ _3\"></span>fiscale, <span class=\"_ _5\"></span><span class=\"ff2 lsc\">ex</span> <span class=\"_ _3\"></span>articolo <span class=\"_ _3\"></span>6 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el decreto <span class=\"_ _3\"></span>fiscale <span class=\"_ _2\"></span>collegato <span class=\"_ _3\"></span>alla </div><div class=\"t m0 x0 h32 y79 ff4 fs0 fc0 sc0 ls0 ws0\">Legge <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>Bilancio <span class=\"_ _4\"> </span>2019 <span class=\"_ _7\"> </span>(D.L. <span class=\"_ _4\"> </span>n. <span class=\"_ _7\"> </span>119<span class=\"_ _3\"></span>/2018), <span class=\"_ _4\"> </span>perch\u00e9 <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>veva <span class=\"_ _7\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>provveduto <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>ersamento <span class=\"_ _4\"> </span>dell\u2019intero <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>mmontare </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">accertato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>effetto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>definizione <span class=\"_ _2\"></span>non<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>avrebbe <span class=\"_ _5\"></span>avuto <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>restituzione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _5\"></span>somme <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ccedenti <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quanto<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">dovuto per la definizi<span class=\"_ _0\"></span>one, oppure perc<span class=\"_ _0\"></span>h\u00e9 vi erano fondate <span class=\"_ _0\"></span>prospettive di esit<span class=\"_ _0\"></span>o favorevole dei giu<span class=\"_ _0\"></span>dizi pendenti in Ca<span class=\"_ _0\"></span>ssazione.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y7d ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in tema di<span class=\"_ _0\"></span> IMU su immobili non <span class=\"_ _0\"></span>reimpossessati a s<span class=\"_ _0\"></span>eguito della risoluzio<span class=\"_ _0\"></span>ne dei relativi cont<span class=\"_ _0\"></span>ratti di leasing <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>conte<span class=\"ff4\">nzioso <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _3\"></span>l\u2019individuazione <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>dell\u2019IMU <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>immobili <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>propriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>leasing <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>banche <span class=\"_ _2\"></span>concessi <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>locazione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>terzi, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>risolto <span class=\"_ _2\"></span>anticipata<span class=\"_ _5\"></span>mente </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>inadempimento del <span class=\"_ _3\"></span>locatario ovvero <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>sciolto per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>rocedure concorsuali <span class=\"_ _3\"></span>coinvolgenti il <span class=\"_ _3\"></span>locatario stesso, <span class=\"_ _3\"></span>senza </div><div class=\"t m0 x0 h32 y81 ff4 fs0 fc0 sc0 ls0 ws0\">che  qu<span class=\"_ _0\"></span>est\u2019ultimo  a<span class=\"_ _0\"></span>bbia  p<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>r\u00f2  pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>vveduto <span class=\"_ _16\"> </span>alla  rico<span class=\"_ _0\"></span>nsegna  del <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ene <span class=\"_ _16\"> </span>al  locatore. <span class=\"_ _16\"> </span>Su  t<span class=\"_ _0\"></span>ale  questi<span class=\"_ _0\"></span>one  \u00e8 <span class=\"_ _16\"> </span>sorto <span class=\"_ _16\"> </span>negli  anni <span class=\"_ _16\"> </span>un </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">contenzioso <span class=\"_ _7\"> </span>fiscale <span class=\"_ _7\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>riguardato <span class=\"_ _7\"> </span>anche <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>ex <span class=\"_ _16\"> </span>Mediocr<span class=\"_ _0\"></span>edito <span class=\"_ _7\"> </span>Italiano <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Provis) <span class=\"_ _7\"> </span>riguardante <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>riconducibilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ella </div><div class=\"t m0 x0 h32 y83 ff4 fs0 fc0 sc0 ls0 ws0\">soggettivit\u00e0 <span class=\"_ _16\"> </span>passiva <span class=\"_ _16\"> </span>IMU  (a<span class=\"_ _0\"></span>ncora) <span class=\"_ _16\"> </span>in  cap<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>all\u2019utilizzatore <span class=\"_ _16\"> </span>ovvero <span class=\"_ _16\"> </span>(gi\u00e0)  alla <span class=\"_ _7\"> </span>societ\u00e0  di <span class=\"_ _16\"> </span>leasing/banca <span class=\"_ _16\"> </span>nel <span class=\"_ _16\"> </span>lasso  t<span class=\"_ _0\"></span>emporale </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">intercorrente <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>risoluzione <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>scioglimento) <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>materiale <span class=\"_ _5\"></span>riconsegna <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>bene <span class=\"_ _2\"></span>al </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">locatore. <span class=\"_ _7\"> </span>Nel <span class=\"_ _7\"> </span>2020 <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>affermata <span class=\"_ _7\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>tesi <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>soggettivit\u00e0 <span class=\"_ _7\"> </span>IMU <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>leasing/ba<span class=\"_ _0\"></span>nche <span class=\"_ _7\"> </span>dalla <span class=\"_ _7\"> </span>data <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>risoluzione </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">giuridica <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>contratto, <span class=\"_ _6\"></span>indipendentemente <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>reimpossessamento <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>bene. <span class=\"_ _6\"></span>Inoltre, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Legge <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2020 <span class=\"_ _6\"></span>ha <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto </div><div class=\"t m0 x0 h32 y87 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019abolizione <span class=\"_ _7\"> </span>dell'Imposta <span class=\"_ _4\"> </span>unica <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>munale <span class=\"_ _7\"> </span>(IUC), <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>sue <span class=\"_ _7\"> </span>componenti <span class=\"_ _7\"> </span>relative <span class=\"_ _7\"> </span>all\u2019Imposta <span class=\"_ _7\"> </span>municipale <span class=\"_ _7\"> </span>propria <span class=\"_ _7\"> </span>(IMU) <span class=\"_ _7\"> </span>ed <span class=\"_ _7\"> </span>al </div><div class=\"t m0 x0 h2 y88 ff1 fs0 fc0 sc0 ls0 ws0\">Tributo <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>servizi <span class=\"_ _3\"></span>indivisibili (<span class=\"_ _3\"></span>TASI), e<span class=\"_ _2\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019unificazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>imposte n<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>nuova <span class=\"_ _3\"></span>IMU <span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>18 <span class=\"_ _2\"></span>marzo 2020, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Ministero<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Economia <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Finanze <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Dipartimento <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>Finanze <span class=\"_ _7\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Legislazione <span class=\"_ _4\"> </span>Tributaria <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>Federalismo <span class=\"_ _4\"> </span>Fiscale, <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>la </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">circolare <span class=\"_ _3\"></span>nr. <span class=\"_ _2\"></span>1/DF, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>commento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>fornito <span class=\"_ _2\"></span>precise <span class=\"_ _3\"></span>indicazioni <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>soggettivit\u00e0 <span class=\"_ _3\"></span>passiva <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>IMU <span class=\"_ _3\"></span>con </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>risoluzione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contratto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>leasing, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>linea <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>giurisprudenza <span class=\"_ _3\"></span>prevalente. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>considerazion<span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">ci\u00f2, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>deciso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>procedere, <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>tire <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>2020, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>dell\u2019IMU <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>tutti <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>immobili <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>leasing <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>contratti<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y49 ff4 fs0 fc0 sc0 ls0 ws0\">risolti, <span class=\"_ _4\"> </span>indipend<span class=\"_ _0\"></span>entemente <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span>ll\u2019avvenut<span class=\"_ _0\"></span>a <span class=\"_ _4\"> </span>riconsegna <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>bene, <span class=\"_ _6\"> </span>promuovendo <span class=\"_ _4\"> </span>ove <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ossibile <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>rivalsa <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>confronti </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _3\"></span>ex <span class=\"_ _2\"></span>utilizzatori. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _3\"></span>deciso <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>progr<span class=\"_ _2\"></span>essivo <span class=\"_ _3\"></span>abbandono <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tutti <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endenti <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ccertamenti <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alle </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">annualit\u00e0  fino <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>2019, <span class=\"_ _1d\"> </span>previo  esperimento  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>tentati<span class=\"_ _0\"></span>vo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>conciliazio<span class=\"_ _0\"></span>ne <span class=\"_ _1d\"> </span>giudiziale  presso <span class=\"_ _1d\"> </span>i <span class=\"_ _1d\"> </span>Comuni <span class=\"_ _1d\"> </span>interess<span class=\"_ _0\"></span>ati <span class=\"_ _1d\"> </span>per </div><div class=\"t m0 x0 h2 y4c ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019annullamento delle <span class=\"_ _0\"></span>sanzioni e la com<span class=\"_ _0\"></span>pensazione delle spe<span class=\"ff1\">se di giudizio. </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 lsd ws0\">Il <span class=\"ff2 ls0\">petitum<span class=\"ff1\"> compl<span class=\"_ _0\"></span>essivo \u00e8 di 7 milioni. </span></span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y4f ff2 fs0 fc2 sc0 ls0 ws0\">Contenzioso in tema di<span class=\"_ _0\"></span> IVA su operazioni di l<span class=\"_ _0\"></span>easing nautico  </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riguardo <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ex <span class=\"_ _5\"></span>Mediocredito <span class=\"_ _3\"></span>Italiano, <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>avviata <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _2\"></span>fiscale <span class=\"_ _3\"></span>generale <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">parte <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span><span class=\"ff4\">Guardia di <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Milano in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>aprile <span class=\"_ _3\"></span>2019 che <span class=\"_ _3\"></span>riguardava gli <span class=\"_ _3\"></span>anni <span class=\"_ _3\"></span>d\u2019imposta 2014 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2015 <span class=\"_ _3\"></span>ai f<span class=\"_ _3\"></span>ini I<span class=\"_ _3\"></span>VA e <span class=\"_ _3\"></span>gli </span></div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">anni <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2015 <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>2017 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fi<span class=\"_ _3\"></span>ni <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>conclusa <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>ottobre <span class=\"_ _5\"></span>2020 <span class=\"_ _5\"></span>contestando: <span class=\"_ _5\"></span>i) <span class=\"_ _2\"></span>i<span class=\"_ _6\"> </span><span class=\"ff1 ls19\">l </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">regime IVA di <span class=\"ff4\">non imponibilit\u00e0, ai sensi dell\u2019articolo 8</span>-<span class=\"_ _3\"></span>bis del D.P.R. n. 633/72, applicato dalla societ\u00e0 al leasing nautico<span class=\"_ _0\"></span> e ii) la </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">non imponibilit\u00e0 dell\u2019<span class=\"_ _0\"></span>art. 7<span class=\"ff1\">-</span>bis del D.P.R. n. 633/72 per <span class=\"_ _0\"></span>una operazione di ris<span class=\"_ _0\"></span>catto di imbarcazione<span class=\"_ _0\"></span> riferita all\u2019anno <span class=\"_ _0\"></span>2014.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">\u00c8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _4\"> </span>c<span class=\"ff4\">o<span class=\"_ _3\"></span>nseguentemente <span class=\"_ _4\"> </span>notificato <span class=\"_ _4\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>2014 <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>parte <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>Direzione <span class=\"_ _4\"> </span>Regionale <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">(maggiorato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>interessi e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sanzioni), avverso <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>ricorso. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>febbraio <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tata depositata </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">la <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, <span class=\"_ _5\"></span>parzialmente <span class=\"_ _5\"></span>favorevole <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>Banca, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>quale <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>giudici, </div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">preso <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>riduzione <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>autotutela <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>dell\u2019Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>Entrate <span class=\"_ _2\"></span>dell\u2019IVA <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span><span class=\"ff1\">certata, <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riconosciute <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ovute </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">le sanzioni irrogate per 2 milioni (valore d<span class=\"_ _0\"></span>el petitum 4 milioni). <span class=\"_ _3\"></span>Sulla posizione la Banca ha effettuat<span class=\"_ _0\"></span>o accantonamenti in merito </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">alla pr<span class=\"_ _3\"></span>ima contestazione, solo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio per <span class=\"_ _3\"></span>imposta e<span class=\"_ _3\"></span> interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non anche <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>sanzioni, <span class=\"_ _3\"></span>mentre per <span class=\"_ _3\"></span>la seconda <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>ritiene<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _6\"></span>l\u2019eventuale <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>fiscale <span class=\"_ _5\"></span>ricada <span class=\"_ _6\"></span>contrattualmente <span class=\"_ _5\"></span>sul <span class=\"_ _6\"></span>cliente, <span class=\"_ _6\"></span>ma <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rudenzialment<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>l<span class=\"_ _2\"></span><span class=\"ff1\">a <span class=\"_ _6\"></span>controversia <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>cautelata <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">componenti sanzioni<span class=\"_ _0\"></span> e interessi. La contro<span class=\"_ _0\"></span>versia pende in Cort<span class=\"_ _0\"></span>e di Giustizia di secon<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>grado. </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>l\u2019anno d\u2019imposta 2015, <span class=\"_ _3\"></span>l\u2019avviso di a<span class=\"_ _3\"></span>ccertamento afferente a <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>unico rilievo d<span class=\"_ _3\"></span>i non <span class=\"_ _3\"></span>imponibilit\u00e0 ex <span class=\"_ _3\"></span>articolo 8<span class=\"_ _5\"></span><span class=\"ff1\">-bis <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>D.P.R.<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">n. <span class=\"_ _5\"></span>633/72, <span class=\"_ _5\"></span>applicato <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>leasing <span class=\"_ _2\"></span>nautico <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>esborso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>2 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>utilizzo <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>fondo<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">rischi contenzioso fisc<span class=\"_ _0\"></span>ale gi\u00e0 costituito n<span class=\"_ _0\"></span>el 2019 per 2,9 milio<span class=\"_ _0\"></span>ni.<span class=\"_ _90\"> </span> <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-188.16724px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Anche <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>l\u2019anno <span class=\"_ _5\"></span>2016, <span class=\"_ _5\"></span>l\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>notificato <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>1\u00b0 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>relativo <span class=\"_ _5\"></span>avviso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accertamento <span class=\"_ _5\"></span>(valore <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">petitum 1,5 milioni). Il gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizio pende dinanzi la Corte di Gi<span class=\"_ _0\"></span>ustizia Tributaria <span class=\"_ _0\"></span>di primo grado. </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Relativamente agli anni d\u2019imposta 2015 e 2017 a<span class=\"_ _3\"></span>i fini delle imposte dirette la <span class=\"_ _3\"></span>verifica si \u00e8 conclusa invece senza la <span class=\"_ _3\"></span>rilevaz<span class=\"_ _2\"></span><span class=\"ff1\">ione </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">di irregolarit\u00e0. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x1bf h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">*  *  * </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Con riguardo invece all<span class=\"_ _0\"></span>e controversie definite nel periodo, si <span class=\"_ _0\"></span>segnala:  </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls11 ws0\">i)<span class=\"ls0\"> <span class=\"_ _1e\"> </span> il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _4\"> </span>relativo <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _4\"> </span>Manzoni <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>Melville<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>S.r.l. <span class=\"_ _7\"> </span>mediante <span class=\"_ _7\"> </span>scissione <span class=\"_ _4\"> </span>parziale <span class=\"_ _7\"> </span>non </span></div><div class=\"t m0 x2a h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">proporzionale  di <span class=\"_ _1d\"> </span>un <span class=\"_ _1d\"> </span>ra<span class=\"_ _3\"></span>mo  d<span class=\"_ _3\"></span>\u2019azienda  \u201cprivate <span class=\"_ _1d\"> </span>equity\u201d <span class=\"_ _1d\"> </span>riqualificata  dall\u2019Agenzia <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>Entrate  come <span class=\"_ _1d\"> </span>cessio<span class=\"_ _2\"></span><span class=\"ff1\">ne <span class=\"_ _1d\"> </span>diretta </span></div><div class=\"t m0 x2a h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019azienda a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019art. 2<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>D.P.R. <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>131/1986 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>richiesta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>6,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _2\"></span>oltre i<span class=\"_ _3\"></span>nteressi. <span class=\"_ _5\"></span><span class=\"ff1\">L<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x2a h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">Banca <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>vinto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>grado <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>Cassazione <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>nell\u2019anno; </div><div class=\"t m0 x2a h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\">p<span class=\"ff4\">er l\u2019effetto \u00e8 venuta meno tale contestazione<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>quantificata in complessivi 8,3 milioni (di cui interessi per 1,6 milioni). Nel<span class=\"_ _2\"></span><span class=\"ff1\">le </span></span></div><div class=\"t m0 x2a h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">precedenti <span class=\"_ _3\"></span>informative <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>bilancio, <span class=\"_ _2\"></span>relativamente <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>suddetta <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>registro <span class=\"_ _3\"></span>proporzionale <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>a </div><div class=\"t m0 x2a h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">riqu<span class=\"ff4\">alificazione <span class=\"_ _4\"> </span>dell\u2019operazione <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iorganiz<span class=\"_ _0\"></span>zazione, <span class=\"_ _4\"> </span>ex <span class=\"_ _7\"> </span>art. <span class=\"_ _4\"> </span>20 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>131/1986, <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>conferimento <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>zienda <span class=\"_ _4\"> </span>e </span></div><div class=\"t m0 x2a h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">cessione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>artecipazione <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>cessione <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>\u2019azienda, <span class=\"_ _17\"> </span>si <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _17\"> </span>evidenziata <span class=\"_ _18\"> </span>la <span class=\"_ _17\"> </span>pubblicazione <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>sentenza <span class=\"_ _17\"> </span>della <span class=\"_ _18\"> </span>Corte<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Costituzionale <span class=\"_ _5\"></span>n. 39/2021 <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>16 <span class=\"_ _6\"></span>marzo <span class=\"_ _5\"></span>2021, <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onclusioni <span class=\"_ _5\"></span>confermavano <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>precedente <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>della </div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">stessa Corte n. 158 <span class=\"_ _0\"></span>del 21 luglio 2020. </div><div class=\"t m0 x2a h32 y70 ff4 fs0 fc0 sc0 ls0 ws0\">Alla  luce  di  questa  second<span class=\"_ _0\"></span>a  pronuncia  della  Corte  Costituzi<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nale  si  riteneva  concl<span class=\"_ _0\"></span>usa  l\u2019annosa  querelle  con  esit<span class=\"_ _35\"></span>i </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">favorevoli <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>numerosi <span class=\"_ _3\"></span>contenziosi <span class=\"_ _3\"></span>pendenti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Cassazione; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iguardo v<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tuttavia <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>gnalato c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>Corte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x2a h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Cassazione, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>Ordinanza <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>10283/2022 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>31<span class=\"_ _3\"></span> marzo <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>presupposto <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>alternativit\u00e0 </div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">IVA/registro <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _7\"> </span>fondamentale <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ddivenire <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>una <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>efinizione <span class=\"_ _7\"> </span>unitaria <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>nozione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>azienda <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>fini <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>entrambe <span class=\"_ _7\"> </span>le </div><div class=\"t m0 x2a h32 y74 ff4 fs0 fc0 sc0 ls0 ws0\">imposte,  h<span class=\"_ _3\"></span>a <span class=\"_ _1d\"> </span>rimesso  alla <span class=\"_ _1d\"> </span>Corte <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Giustizia <span class=\"_ _1d\"> </span>UE <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>giudizi<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>compatibilit\u00e0  dell\u2019articolo <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>TUR  (secondo <span class=\"_ _1d\"> </span>cui </div><div class=\"t m0 x2a h32 y75 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019applicazione <span class=\"_ _3\"></span>dell\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>registro <span class=\"_ _3\"></span>va <span class=\"_ _2\"></span>effettuata <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>contenuto <span class=\"_ _3\"></span>dell\u2019atto <span class=\"_ _3\"></span>presentato <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>registrazione, s<span class=\"_ _3\"></span>enza </div><div class=\"t m0 x2a h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">tener  conto  degli<span class=\"_ _0\"></span>  elementi  ext<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>a  testuali  non<span class=\"_ _0\"></span>  direttamente  desumi<span class=\"_ _0\"></span>bili),  rispetto  al<span class=\"_ _0\"></span>la  normativa  IVA<span class=\"_ _35\"></span>  che  disciplina  il </div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">trattamento <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>cessioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>azienda <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>soggette <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>tr<span class=\"_ _3\"></span>ibut<span class=\"_ _3\"></span>o) <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dei <span class=\"_ _6\"></span>singoli <span class=\"_ _6\"></span>beni <span class=\"_ _6\"></span>(operazioni <span class=\"_ _6\"></span>imponibili). <span class=\"_ _6\"></span>La </div><div class=\"t m0 x2a h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">Corte <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Giustizia <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019Unione <span class=\"_ _6\"></span>Europea <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>ordinanza <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>21<span class=\"_ _3\"></span><span class=\"ff1\"> dicembre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Causa <span class=\"_ _4\"></span>C-</span>250/22 <span class=\"_ _5\"></span>ha <span class=\"_ _6\"> </span>dichiarato <span class=\"_ _6\"> </span>che: <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span><span class=\"ff2\">La </span></div><div class=\"t m0 x2a h4c y79 ff2 fs0 fc0 sc0 ls0 ws0\">domanda <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>pronuncia <span class=\"_ _5\"></span>pregiudiziale <span class=\"_ _5\"></span>proposta <span class=\"_ _6\"></span>dalla <span class=\"_ _5\"></span>Corte <span class=\"_ _6\"></span>suprema <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>(Italia), <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>ordinanza <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>marzo </div><div class=\"t m0 x2a h255 y7a ff3 fs0 fc0 sc0 ls0 ws0\">2022, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>manifestamente <span class=\"_ _4\"> </span>irricevibile\u201d <span class=\"_ _4\"> </span>\u201cnon <span class=\"_ _4\"> </span>avendo <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>giudice <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>rinvio <span class=\"_ _4\"> </span>esposto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>modo <span class=\"_ _7\"> </span>sufficiente <span class=\"_ _4\"> </span>sotto <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>profilo </div><div class=\"t m0 x2a h4c y7b ff3 fs0 fc0 sc0 ls0 ws0\">l\u2019interpretazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>5, <span class=\"_ _5\"></span>paragrafo <span class=\"_ _5\"></span>8, <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>sesta <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dell\u2019articolo <span class=\"_ _5\"></span>19 <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>direttiva <span class=\"_ _5\"></span>IVA <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>r<span class=\"_ _6\"></span><span class=\"ff2\">ilevante <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fini </span></div><div class=\"t m0 x2a h4c y7c ff3 fs0 fc0 sc0 ls0 ws0\">dell\u2019applicazione <span class=\"_ _2\"></span>dell\u2019articolo <span class=\"_ _5\"></span>20 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>TUR <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span><span class=\"ff4\">Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _5\"></span>dell\u2019Imposta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Registro, <span class=\"_ _5\"></span><span class=\"ff2\">n<span class=\"_ _3\"></span>.d.r.)</span>\u201d. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>Corte <span class=\"_ _5\"></span>precisa <span class=\"_ _5\"></span>altres\u00ec <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span><span class=\"ff2 ls13\">il </span></span></div><div class=\"t m0 x2a h4c y7d ff2 fs0 fc0 sc0 ls0 ws0\">giudice del <span class=\"_ _3\"></span>rinvio <span class=\"_ _3\"></span>conserva <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>diritto di <span class=\"_ _3\"></span>presentare una<span class=\"_ _3\"></span> nuova <span class=\"_ _3\"></span>domanda <span class=\"_ _3\"></span>di p<span class=\"_ _3\"></span>ronuncia pregiudiziale fornendo <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>Co<span class=\"_ _5\"></span>rte <span class=\"_ _3\"></span>tutti </div><div class=\"t m0 x2a h2 y7e ff3 fs0 fc0 sc0 ls0 ws0\">gli elementi che le con<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>entano di pronun<span class=\"_ _0\"></span>ciarsi\u201d<span class=\"_ _3\"></span><span class=\"ff1\">; la tematica \u00e8 og<span class=\"_ _35\"></span>get<span class=\"_ _3\"></span>to di attento mo<span class=\"_ _0\"></span>nitoraggio; </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls11 ws0\">ii)<span class=\"ls0\">  <span class=\"_ _1f\"> </span>il <span class=\"_ _16\"> </span>contenzioso <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>al  <span class=\"ff4\">conf<span class=\"_ _0\"></span>erimento <span class=\"_ _7\"> </span>d\u2019azienda <span class=\"_ _7\"> </span>e  su<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>cessiva <span class=\"_ _7\"> </span>cessione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>partecipazione <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>Banca <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Trento <span class=\"_ _7\"> </span>e </span></span></div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">Bolzano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>riqua<span class=\"ff4\">li<span class=\"_ _3\"></span>ficato <span class=\"_ _2\"></span>dall\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>diretta <span class=\"_ _5\"></span>dell\u2019azienda <span class=\"_ _5\"></span>(sempre <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _5\"></span>del </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">citato <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>rt. <span class=\"_ _1d\"> </span>20 <span class=\"_ _17\"> </span>D.P.R. <span class=\"_ _17\"> </span>n. <span class=\"_ _1d\"> </span>131/1986) <span class=\"_ _17\"> </span>con <span class=\"_ _1d\"> </span>r<span class=\"_ _3\"></span>ichiesta <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>imposta <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>registro <span class=\"_ _17\"> </span>proporzionale <span class=\"_ _1d\"> </span>(0,8 <span class=\"_ _17\"> </span>milioni) <span class=\"_ _1d\"> </span>oltre <span class=\"_ _17\"> </span>interessi </div><div class=\"t m0 x2a h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">(0,3 milioni), <span class=\"_ _2\"></span>importi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>accantonati. <span class=\"_ _2\"></span>Da<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">ultimo <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Cassazione, <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>sentenza <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>epositata <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ll\u2019anno, <span class=\"_ _3\"></span>ha </span></div><div class=\"t m0 x2a h32 y83 ff4 fs0 fc0 sc0 ls0 ws0\">rilevato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>riqualificazione del<span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>conferimento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ramo <span class=\"_ _3\"></span>d\u2019azienda, <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>dalla <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>partecipazioni </div><div class=\"t m0 x2a h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">nella <span class=\"_ _3\"></span>conferitaria, <span class=\"_ _3\"></span>non \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>consentita <span class=\"_ _3\"></span>dalla l<span class=\"_ _3\"></span>egge (<span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sens<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _2\"></span>dell\u2019art. 20 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>D.P.R. n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>131/1986) e <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>natura d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>imposta </span></div><div class=\"t m0 x2a h32 y85 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019atto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>riveste <span class=\"_ _2\"></span>l\u2019imposta <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistro, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>osservato <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Corte <span class=\"_ _2\"></span>Costituzionale <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>sopra <span class=\"_ _2\"></span>citata <span class=\"_ _2\"></span>pronuncia <span class=\"_ _2\"></span>n. </div><div class=\"t m0 x2a h2 y86 ff4 fs0 fc0 sc0 ls0 ws0\">158/2020; per l\u2019effett<span class=\"_ _0\"></span>o, \u00e8 stato rilasciat<span class=\"_ _0\"></span>o quanto a suo tempo <span class=\"_ _0\"></span>accant<span class=\"_ _3\"></span><span class=\"ff1\">onato. </span></div><div class=\"t m0 x2a h24 y87 ff4 fs0 fc0 sc0 ls0 ws0\">Per quanto concerne le filiali di Intesa <span class=\"_ _3\"></span>Sanpaolo localizz<span class=\"_ _0\"></span>ate all\u2019estero<span class=\"_ _3\"></span><span class=\"ff5\"> <span class=\"ff1\">s<span class=\"_ _3\"></span>i evidenzia che: a) \u00e8 in c<span class=\"_ _3\"></span>orso una verifica fiscale in </span></span></div><div class=\"t m0 x2a h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">materia <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>IVA <span class=\"_ _2\"></span>sulla <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Londra <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _3\"></span>2016, <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2018; <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>segnalan<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">rilievi; b) <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>in corso <span class=\"_ _3\"></span>due verifiche <span class=\"_ _3\"></span>fiscali <span class=\"_ _3\"></span>in materia d<span class=\"_ _3\"></span>i imposte <span class=\"_ _3\"></span>dirette <span class=\"_ _3\"></span>sulla filiale d<span class=\"_ _3\"></span>i New <span class=\"_ _3\"></span>York: la<span class=\"_ _3\"></span> prima <span class=\"_ _3\"></span>verifica, i<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>ziata<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _2\"></span>gennaio <span class=\"_ _2\"></span>2021, <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>condotta <span class=\"_ _2\"></span>dall\u2019<span class=\"ff1\">Internal <span class=\"_ _5\"></span>Revenue <span class=\"_ _3\"></span>Service <span class=\"_ _5\"></span>(IRS) <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>dichiarazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>presentat<span class=\"_ _0\"></span>a </span></div><div class=\"t m0 x2a h32 y47 ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>d\u2019imposta 2018; <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>momento <span class=\"_ _3\"></span>non si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>contestazioni; la seconda <span class=\"_ _3\"></span>verifica, notificata <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>luglio 2021, <span class=\"_ _3\"></span>\u00e8 </div><div class=\"t m0 x2a h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">condotta <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>itt\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Ne<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>York <span class=\"_ _3\"></span>(NYC), <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2018 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>2019; <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>momento n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">contestazioni. <span class=\"ff4\">Le <span class=\"_ _3\"></span>precedenti <span class=\"_ _3\"></span>verifiche condotte dallo <span class=\"_ _3\"></span>Stato d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>New York <span class=\"_ _3\"></span>relativamente ai <span class=\"_ _3\"></span>periodi d\u2019imposta 2<span class=\"_ _3\"></span>015 e <span class=\"_ _3\"></span>2016 <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x2a h2 y4a ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IRS <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>iuse <span class=\"_ _2\"></span>senza <span class=\"_ _6\"></span>contestazioni; <span class=\"_ _5\"></span>c) <span class=\"_ _4\"> </span><span class=\"ff1\">si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>chiusa <span class=\"_ _5\"></span>senza <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>la </span></div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">verifica <span class=\"_ _5\"></span>iniziata <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>aprile <span class=\"_ _5\"></span>202<span class=\"ff4\">1<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>dall\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>entrate <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Madrid <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>l\u2019anno <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>016 <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _6\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _5\"></span>sui <span class=\"_ _5\"></span>redditi <span class=\"_ _6\"></span>con<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y4c ff4 fs0 fc0 sc0 ls0 ws0\">riguardo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>filiale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Madrid <span class=\"_ _2\"></span>dell\u2019incorporata <span class=\"_ _2\"></span>UBI <span class=\"_ _5\"></span>Banca, <span class=\"_ _5\"></span>chiusa <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2018. <span class=\"_ _5\"></span>Pi\u00f9 <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>dettaglio, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>erdita <span class=\"_ _2\"></span>fiscale </div><div class=\"t m0 x2a h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">dichiarata dalla <span class=\"_ _3\"></span>filiale per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span><span class=\"ff1\">16 <span class=\"_ _3\"></span>in 724<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>mila euro \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata rettificata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione per <span class=\"_ _3\"></span>complessivi 722 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, di </span></div><div class=\"t m0 x2a h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _7\"> </span>150  m<span class=\"_ _35\"></span>ila <span class=\"_ _16\"> </span>euro <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>interessi <span class=\"_ _7\"> </span>non <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>educibili <span class=\"_ _7\"> </span>siccome <span class=\"_ _7\"> </span>relativi <span class=\"_ _16\"> </span>a <span class=\"_ _7\"> </span>indebitamento <span class=\"_ _7\"> </span>eccedente <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>vigilanza </div><div class=\"t m0 x2a h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">richiesto ai <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ini del<span class=\"_ _3\"></span>la normativa <span class=\"_ _3\"></span>regolamentare sp<span class=\"_ _2\"></span><span class=\"ff4\">agnola (applicazione della <span class=\"_ _3\"></span>c <span class=\"_ _2\"></span>d. \u201c<span class=\"_ _3\"></span><span class=\"ff2\">thin <span class=\"_ _3\"></span>capitalization <span class=\"_ _3\"></span>rule</span>\u201d) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>572 <span class=\"_ _3\"></span>mila euro </span></div><div class=\"t m0 x2a h32 y50 ff4 fs0 fc0 sc0 ls0 ws0\">per  spese <span class=\"_ _1d\"> </span>non  deducibili,  ri<span class=\"_ _3\"></span>ferite  a <span class=\"_ _1d\"> </span>servizi  prestati  a<span class=\"_ _3\"></span>lla  filiale  dall\u2019allora <span class=\"_ _1d\"> </span>casa  madre <span class=\"_ _1d\"> </span>lussemburghes<span class=\"_ _0\"></span>e  (UBI <span class=\"_ _1d\"> </span>Banca<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">International S.A.), <span class=\"_ _2\"></span>in forza <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>normativa <span class=\"_ _3\"></span>spagnola <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span><span class=\"ff2\">transfer <span class=\"_ _3\"></span>pricing</span> <span class=\"_ _3\"></span>internazionale. La <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione della <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>fiscale </div><div class=\"t m0 x2a h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">non <span class=\"_ _6\"></span>ha<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>gener<span class=\"_ _0\"></span>ato <span class=\"_ _6\"></span>alcuna <span class=\"_ _4\"> </span>imposta <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>sanzione <span class=\"_ _4\"> </span>dovuta; <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span>) <span class=\"_ _6\"></span>si <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>chiusa <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>v<span class=\"_ _3\"></span>erifica <span class=\"_ _6\"></span>fiscale <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>mate<span class=\"_ _0\"></span>ria <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>IVA <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"></span>filiale <span class=\"_ _6\"></span>di </div><div class=\"t m0 x2a h2 y53 ff4 fs0 fc0 sc0 ls0 ws0\">Varsavia per i<span class=\"_ _3\"></span> periodi d\u2019imposta 2016<span class=\"_ _3\"></span><span class=\"ff1\">-2020 sui <span class=\"_ _3\"></span>servizi finanziari (SWIFT). <span class=\"_ _3\"></span>La filiale ha<span class=\"_ _3\"></span> provveduto al pagamento integrale </span></div><div class=\"t m0 x2a h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>contestato <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>13 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro <span class=\"_ _5\"></span>(inclusi <span class=\"_ _5\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>sanzioni); <span class=\"_ _5\"></span>f) <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>iliale <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>Monaco <span class=\"_ _2\"></span>di </div><div class=\"t m0 x2a h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">Baviera <span class=\"_ _4\"> </span>dell\u2019incorporata <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>gli <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>2015 <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>2018, <span class=\"_ _7\"> </span>avviata <span class=\"_ _4\"> </span>nel <span class=\"_ _4\"> </span>20<span class=\"_ _3\"></span><span class=\"ff1\">2<span class=\"_ _3\"></span>1. <span class=\"_ _4\"> </span>I <span class=\"_ _4\"> </span>verificatori <span class=\"_ _4\"> </span>stanno <span class=\"_ _4\"> </span>acquisendo </span></div><div class=\"t m0 x2a h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">documentazione contabile e fiscale;<span class=\"_ _3\"></span> g) <span class=\"_ _3\"></span>la verifica <span class=\"_ _3\"></span>fiscale sulla filiale di <span class=\"_ _3\"></span>Madrid di ISP con <span class=\"_ _3\"></span>riferimento alla deducibilit\u00e0 delle </div><div class=\"t m0 x2a h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">spese <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>regia <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2,2 <span class=\"_ _2\"></span>milioni per <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>periodo <span class=\"_ _3\"></span>d\u2019imposta <span class=\"_ _3\"></span>2015, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>conclusa <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _6\"> </span><span class=\"ff1\">ripresa <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tassazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>93 <span class=\"_ _3\"></span>mila <span class=\"_ _3\"></span>euro, </span></div><div class=\"t m0 x2a h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">pi\u00f9  i<span class=\"_ _0\"></span>nteressi <span class=\"_ _16\"> </span>(17  mila <span class=\"_ _16\"> </span>euro) <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sanzione  (<span class=\"_ _0\"></span>20  mil<span class=\"_ _0\"></span>a  euro<span class=\"_ _0\"></span>).  L<span class=\"_ _0\"></span>a  fil<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>ale <span class=\"_ _16\"> </span>ha  provve<span class=\"_ _0\"></span>duto  al<span class=\"_ _0\"></span>  pagam<span class=\"_ _35\"></span>ento  integrale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>quanto </div><div class=\"t m0 x2a h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">contestato.<span class=\"_ _90\"> </span> </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5b ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y5c ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h95 y4 ffa fs0 fc2 sc0 ls0 ws0\">Societ\u00e0 del Grupp<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h95 y5 ffa fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Per  B<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>nca  F<span class=\"_ _0\"></span>ideuram <span class=\"_ _16\"> </span>sono <span class=\"_ _16\"> </span>pendenti <span class=\"_ _16\"> </span>in  Ca<span class=\"_ _0\"></span>ssazione, <span class=\"_ _16\"> </span>su <span class=\"_ _16\"> </span>ricorso  d<span class=\"_ _0\"></span>ella <span class=\"_ _16\"> </span>Ban<span class=\"_ _2\"></span>ca, <span class=\"_ _16\"> </span>tre  c<span class=\"_ _0\"></span>ause <span class=\"_ _16\"> </span>riguardanti  l<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>presunta  m<span class=\"_ _35\"></span>ancata </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">effettuazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>ritenuta <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>27% <span class=\"_ _4\"></span>sugli <span class=\"_ _4\"></span>interessi <span class=\"_ _6\"></span>maturati <span class=\"_ _4\"></span>negli <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>2009, <span class=\"_ _4\"></span>2010 <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2011 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>u <span class=\"_ _4\"></span>conti <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _6\"></span>bancari <span class=\"_ _4\"> </span>esteri </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">intrattenuti <span class=\"_ _5\"></span>presso <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>(Luxembourg) <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>fondi <span class=\"_ _6\"></span>comuni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>investimento <span class=\"_ _4\"> </span><span class=\"ff4\">di <span class=\"_ _6\"></span>diritto <span class=\"_ _6\"></span>lussemburghese <span class=\"_ _5\"></span>\u201cstorici\u201d </span></div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">(Fonditalia <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>Interfund <span class=\"_ _5\"></span>SICAV), <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>quali <span class=\"_ _5\"></span>negli <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>accertati <span class=\"_ _5\"></span>Banca <span class=\"_ _6\"></span>Fideuram <span class=\"_ _5\"></span>era <span class=\"_ _5\"></span>unicamente <span class=\"_ _5\"></span>banca <span class=\"_ _5\"></span>collocatrice <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>banca<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">corrispondente <span class=\"_ _3\"></span>(valore <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessivo d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>controversie <span class=\"_ _2\"></span>9,3 <span class=\"_ _2\"></span>milio<span class=\"_ _0\"></span>ni). <span class=\"_ _2\"></span>Essendo <span class=\"_ _3\"></span>risultata <span class=\"_ _3\"></span>soccombente <span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>tutti <span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">giudizi, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _4\"></span>ritenuto <span class=\"_ _6\"></span>opportuno <span class=\"_ _4\"></span>predisporre <span class=\"_ _4\"> </span>- <span class=\"_ _4\"> </span><span class=\"ff4\">sentito <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>consulente<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>incaricato <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>ll\u2019assistenza<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>nei <span class=\"_ _4\"> </span>giudizi <span class=\"_ _6\"> </span>pendenti <span class=\"_ _4\"> </span>dinanzi <span class=\"_ _4\"> </span>al </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">giudice di legittimit\u00e0 - un accant<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>namento a fondo <span class=\"_ _0\"></span>rischi a copertura del r<span class=\"_ _0\"></span>ischio comprensivo di<span class=\"_ _0\"></span> san<span class=\"_ _3\"></span>zioni e interessi.  </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _3\"></span>Sanpaolo Private Banking, <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>tempo pendenti <span class=\"_ _3\"></span>contenziosi IRES <span class=\"_ _3\"></span>e IRAP <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>alla deduzione <span class=\"_ _3\"></span>(avvenuta negli <span class=\"_ _3\"></span>anni </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">2011 <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>seguenti) d<span class=\"_ _3\"></span>ella <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ammortamento <span class=\"_ _3\"></span>dell\u2019avviamento, scaturita <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conferimenti <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>rami <span class=\"_ _3\"></span>aziendali <span class=\"_ _3\"></span>priva<span class=\"_ _5\"></span><span class=\"ff1\">te <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Cassa dei <span class=\"_ _2\"></span>Risparmi di <span class=\"_ _3\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Romagna n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>2009, <span class=\"_ _3\"></span>Banca d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Trento e <span class=\"_ _2\"></span>Bolzano e <span class=\"_ _2\"></span>Cassa di <span class=\"_ _2\"></span>Risparmio di </div><div class=\"t m0 x0 h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Firenze <span class=\"_ _7\"> </span>nel<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>2010, <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Ri<span class=\"_ _0\"></span>sparmio <span class=\"_ _16\"> </span>Pistoi<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>ucchesia <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Cassa <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>Risparmio <span class=\"_ _16\"> </span>dell\u2019Umbria <span class=\"_ _7\"> </span>nel <span class=\"_ _16\"> </span>2013, <span class=\"_ _7\"> </span>affrancati <span class=\"_ _16\"> </span>dalla </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">confe<span class=\"ff4\">ritaria ai sensi dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>rt. 15, comma 10<span class=\"_ _0\"></span>, del D.L. 29 novem<span class=\"_ _0\"></span>bre 2008, n. 185. <span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Lo stato dei contenzi<span class=\"_ _0\"></span>osi \u00e8 il seguent<span class=\"_ _0\"></span>e: </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>011: <span class=\"_ _6\"></span>favorevole <span class=\"_ _5\"></span>sentenza <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>2763/2019, <span class=\"_ _6\"></span>depositata <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>26 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2019, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>Commissione <span class=\"_ _5\"></span>Tributaria <span class=\"_ _6\"></span>Regionale </span></div><div class=\"t m0 x2a h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>ombardia <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span><span class=\"ff4\">respinto <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>merito <span class=\"_ _7\"> </span>l\u2019appello <span class=\"_ _4\"> </span>principale <span class=\"_ _7\"> </span>dell\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate <span class=\"_ _7\"> </span>avverso <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>sentenza <span class=\"_ _4\"> </span>della </span></div><div class=\"t m0 x2a h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _3\"></span>Provinciale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Milano <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>7028/2017 <span class=\"_ _2\"></span>(ammontare <span class=\"_ _3\"></span>della<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>lessiva <span class=\"_ _3\"></span>pretesa <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>,9 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>di </div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">cui <span class=\"_ _2\"></span>3,8 <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>3,5 <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>sanzioni). <span class=\"_ _2\"></span>Il <span class=\"_ _6\"></span><span class=\"ff4\">giudice <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>econdo <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>ha <span class=\"_ _5\"></span>anche <span class=\"_ _2\"></span>accolto <span class=\"_ _2\"></span>l\u2019appello <span class=\"_ _2\"></span>incidentale <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>societ\u00e0 </span></div><div class=\"t m0 x2a h32 y71 ff4 fs0 fc0 sc0 ls0 ws0\">sulla <span class=\"_ _17\"> </span>questione <span class=\"_ _1d\"> </span>pregiudiziale <span class=\"_ _1d\"> </span>della <span class=\"_ _17\"> </span>decadenza <span class=\"_ _1d\"> </span>dell\u2019Amministrazione <span class=\"_ _1d\"> </span>f<span class=\"_ _3\"></span>inanziaria <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>potere <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>accertamento; <span class=\"_ _17\"> </span>infatti,<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 y72 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019affrancamento <span class=\"_ _3\"></span>dell<span class=\"_ _3\"></span>\u2019avviamento<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _2\"></span>evidenziato <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span>chiarazione <span class=\"_ _2\"></span>relativa <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>d\u2019imposta <span class=\"_ _2\"></span>2010, <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>avvisi </div><div class=\"t m0 x2a h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>notificati <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>2017, <span class=\"_ _7\"> </span>quindi <span class=\"_ _4\"> </span>ol<span class=\"_ _3\"></span>tre <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>termini <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ecadenziali <span class=\"_ _4\"> </span>individuati <span class=\"_ _4\"> </span>dall\u2019art. <span class=\"_ _4\"> </span>43 <span class=\"_ _16\"> </span>D.P.R. <span class=\"_ _4\"> </span>n. <span class=\"_ _4\"> </span>600/73. <span class=\"_ _7\"> </span>Il </div><div class=\"t m0 x2a h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">giudizio pende in Ca<span class=\"_ _0\"></span>ssazione su ricorso <span class=\"_ _0\"></span>dell\u2019Avvocatura Gener<span class=\"_ _0\"></span>ale dello <span class=\"_ _3\"></span><span class=\"ff1\">Stato e la Banca ha pred<span class=\"_ _0\"></span>isposto controricorso; </span></div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _5\"></span>2012: <span class=\"_ _5\"></span>sfavorevoli <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Regionale <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Lombardia <span class=\"_ _5\"></span>nn. <span class=\"_ _2\"></span>5172/2019 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>5173/2019 </span></div><div class=\"t m0 x2a h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>appelli <span class=\"_ _5\"></span>dell\u2019Agenzia <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Entrate <span class=\"_ _5\"></span>(ammontare <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>complessiva <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>retesa <span class=\"_ _5\"></span>pa<span class=\"_ _2\"></span><span class=\"ff1\">ri <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>8,4 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cui </span></div><div class=\"t m0 x2a h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">3,9 per imposte e 3,<span class=\"_ _0\"></span>9 per sanzioni). \u00c8 stato p<span class=\"_ _0\"></span>resentato ricorso in <span class=\"_ _0\"></span>Cassazione;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2013: favorevoli sentenze sia della <span class=\"_ _3\"></span>Commissione Tributari<span class=\"_ _0\"></span>a Provinciale sia della <span class=\"_ _3\"></span>Commissione Tributaria Regionale<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">(ammontare <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>complessiva <span class=\"_ _7\"> </span>prete<span class=\"_ _3\"></span><span class=\"ff4\">sa <span class=\"_ _7\"> </span>pari <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>10,6 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>cui <span class=\"_ _7\"> </span>4,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>imposta <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>4<span class=\"_ _3\"></span>,9 <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>sanzioni). <span class=\"_ _4\"> </span>L\u2019<span class=\"_ _3\"></span>Agenzia <span class=\"_ _4\"> </span>ha </span></div><div class=\"t m0 x2a h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">proposto ricorso per C<span class=\"_ _0\"></span>assazione e la Banc<span class=\"_ _0\"></span>a si \u00e8 costituita con co<span class=\"_ _0\"></span>ntroricorso;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nni <span class=\"_ _16\"> </span>2014 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>2015: <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Sez. <span class=\"_ _16\"> </span>2^ <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Commissione <span class=\"_ _7\"> </span>Tributaria <span class=\"_ _16\"> </span>Provinciale <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Milano <span class=\"_ _7\"> </span>con  se<span class=\"_ _0\"></span>ntenza <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>. <span class=\"_ _16\"> </span>50<span class=\"_ _2\"></span>4/2/2020 <span class=\"_ _7\"> </span>del </span></div><div class=\"t m0 x2a h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">7 febbraio 2020, deposita<span class=\"_ _0\"></span>ta il 13 febbraio<span class=\"_ _0\"></span> 2020, ha accolto i ri<span class=\"_ _0\"></span>corsi IRES e IRAP per e<span class=\"_ _0\"></span>ntrambe le annualit\u00e0 (gi<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dizi riuniti). </div><div class=\"t m0 x2a h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019ammontare della pretesa <span class=\"_ _3\"></span>tributaria ammonta a <span class=\"_ _3\"></span>16,7 mil<span class=\"_ _3\"></span>ioni (di c<span class=\"_ _3\"></span>ui 7,9 <span class=\"_ _3\"></span>per imposte e<span class=\"_ _3\"></span> 7,9 <span class=\"_ _3\"></span>per sanzioni), o<span class=\"_ _3\"></span>ltre inter<span class=\"_ _5\"></span><span class=\"ff1\">essi. In </span></div><div class=\"t m0 x2a h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">data 18 <span class=\"_ _3\"></span>marzo 2022 \u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>depositata la sentenza favorevole di <span class=\"_ _3\"></span>secondo grado n<span class=\"_ _3\"></span>. 1044 in <span class=\"_ _3\"></span>merito agli anni <span class=\"_ _3\"></span>2014 e <span class=\"_ _3\"></span>2015. </div><div class=\"t m0 x2a h32 y7f ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1d\"> </span>Commi<span class=\"_ _0\"></span>ssione  Tributaria  Regionale <span class=\"_ _1d\"> </span>della  Lombardia  ha  respinto  l\u2019appello  dell\u2019Agenzia  delle <span class=\"_ _1d\"> </span>Entrate  avverso  la </div><div class=\"t m0 x2a h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prim<span class=\"ff4\">o <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>accolto <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>ricorsi <span class=\"_ _5\"></span>(riuniti) <span class=\"_ _5\"></span>IRES <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>IRAP <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>tali <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta. <span class=\"_ _5\"></span>L\u2019Agenzia <span class=\"_ _2\"></span>ha </span></div><div class=\"t m0 x2a h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">proposto ricorso per c<span class=\"_ _0\"></span>assazione;   </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2016</span>: <span class=\"_ _3\"></span>in data 29 <span class=\"_ _3\"></span>aprile 2021 sono <span class=\"_ _3\"></span>stati notificati gli <span class=\"_ _3\"></span>avvisi di accertamento IRES e <span class=\"_ _3\"></span>IRAP per <span class=\"_ _3\"></span>l\u2018anno di impost<span class=\"_ _2\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span> 2016. </span></div><div class=\"t m0 x2a h32 y83 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019importo d<span class=\"_ _3\"></span>edotto dalla <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ora <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>DRE <span class=\"_ _3\"></span>Lombardia <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>annualit\u00e0 <span class=\"_ _3\"></span>riguarda <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>medesimo <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>gi\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h32 y84 ff4 fs0 fc0 sc0 ls0 ws0\">rettificato  per <span class=\"_ _16\"> </span>l\u2019anno  2015,  p<span class=\"_ _0\"></span>ari  a  1<span class=\"_ _0\"></span>2,1  milioni, <span class=\"_ _16\"> </span>cui  corrispondono <span class=\"_ _16\"> </span>una  maggiore <span class=\"_ _16\"> </span>IRES  per  3,3 <span class=\"_ _16\"> </span>milioni  e <span class=\"_ _16\"> </span>IRAP  per </div><div class=\"t m0 x2a h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">0,7 milioni, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _5\"></span>interessi, <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _6\"></span>complessivo <span class=\"_ _5\"></span>8,2 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>ioni). <span class=\"_ _5\"></span>La <span class=\"_ _6\"></span>Commissione <span class=\"_ _6\"></span>tributaria <span class=\"_ _5\"></span>provinciale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Milano, </div><div class=\"t m0 x2a h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sentenza <span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>1962 <span class=\"_ _2\"></span>depositata <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>6 <span class=\"_ _5\"></span>luglio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>respinto <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>ricorsi <span class=\"_ _2\"></span>riuniti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>Private </div><div class=\"t m0 x2a h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">Banking,  compensando  le <span class=\"_ _1d\"> </span>spese <span class=\"_ _1d\"> </span>tra  le  parti. <span class=\"_ _1d\"> </span>La  sentenza  oltre <span class=\"_ _1d\"> </span>ad  aver <span class=\"_ _1d\"> </span>respinto  la <span class=\"_ _1d\"> </span>que<span class=\"_ _0\"></span>stione  pregiudiziale  sulla </div><div class=\"t m0 x2a h32 y88 ff4 fs0 fc0 sc0 ls0 ws0\">decadenza <span class=\"_ _3\"></span>dell\u2019Ufficio <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>potere <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ota <span class=\"_ _3\"></span>sentenza <span class=\"_ _3\"></span>n.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>8500/2021 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>SS.UU. <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>rte <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">Cassazione, ha respint<span class=\"_ _0\"></span>o i ricorsi anche nel m<span class=\"_ _0\"></span>erito<span class=\"_ _3\"></span><span class=\"ff4\">. Il termine per <span class=\"_ _0\"></span>la proposizione dell\u2019ap<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>ello scade il 5 feb<span class=\"_ _0\"></span>braio 2023.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y46 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span>a<span class=\"_ _3\"></span>nno 2<span class=\"_ _3\"></span>017</span>: <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>instaurato il <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>avverso <span class=\"_ _3\"></span>l\u2019avviso di <span class=\"_ _3\"></span>accertamento. <span class=\"_ _3\"></span>L\u2019importo d<span class=\"_ _3\"></span>edotto e <span class=\"_ _3\"></span>contestato <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>2017 </div><div class=\"t m0 x2a h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">riguarda <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>medesimo <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _4\"> </span>rett<span class=\"_ _3\"></span>ificato <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019anno <span class=\"_ _4\"> </span>2016 <span class=\"_ _7\"> </span>(1<span class=\"_ _3\"></span><span class=\"ff1\">2,1 <span class=\"_ _7\"> </span>milioni), <span class=\"_ _4\"> </span>cui <span class=\"_ _7\"> </span>corrispondono <span class=\"_ _6\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>IRES <span class=\"_ _7\"> </span>per </span></div><div class=\"t m0 x2a h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">3,3 <span class=\"ff4\">milioni <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>IRAP <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>0,7 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>sanzioni <span class=\"_ _5\"></span>(totale <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>8,6 <span class=\"_ _5\"></span>milioni). <span class=\"_ _2\"></span>L\u2019avviso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>accertamento <span class=\"_ _5\"></span>\u00e8 </span></div><div class=\"t m0 x2a h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">stato <span class=\"_ _16\"> </span>impugnato <span class=\"_ _7\"> </span>con  r<span class=\"_ _0\"></span>icorso <span class=\"_ _7\"> </span>notificato <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>DRE <span class=\"_ _16\"> </span>Lombardia <span class=\"_ _7\"> </span>il  3 <span class=\"_ _7\"> </span>giugno <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>e  depositato <span class=\"_ _16\"> </span>presso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Commissione<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h32 y4a ff4 fs0 fc0 sc0 ls0 ws0\">Tributaria <span class=\"_ _1d\"> </span>Provin<span class=\"_ _0\"></span>ciale <span class=\"_ _1d\"> </span>di  Milano <span class=\"_ _1d\"> </span>il <span class=\"_ _1d\"> </span>20 <span class=\"_ _1d\"> </span>giugno  2022 <span class=\"_ _1d\"> </span>(RGR.  n. <span class=\"_ _1d\"> </span>2683/2022). <span class=\"_ _1d\"> </span>Si  attende <span class=\"_ _1d\"> </span>la  fissazione <span class=\"_ _1d\"> </span>dell\u2019udienza  di </div><div class=\"t m0 x2a h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">trattazione. </div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>totale <span class=\"_ _6\"></span>contestato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>mmonta <span class=\"_ _5\"></span>dun<span class=\"_ _3\"></span>que, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>imposte, <span class=\"_ _6\"></span>sanzioni <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>interessi, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>61 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>Sulla <span class=\"_ _6\"></span>base<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>parere <span class=\"_ _6\"></span>rilasciato <span class=\"_ _6\"></span>dallo </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">studio <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>assiste <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>banca <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>valutato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ossibile, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>le<span class=\"_ _3\"></span>gittimit\u00e0 <span class=\"_ _2\"></span>dell\u2019affrancamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>degli </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">avviamenti che si generano ex novo in capo alla conferitaria <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span>posto a suo tempo in essere anche<span class=\"_ _3\"></span> da a<span class=\"_ _3\"></span>ltre societ\u00e0 del Gruppo<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>contestato a <span class=\"_ _3\"></span>nessuna <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">\u00e8<span class=\"_ _3\"></span> stata <span class=\"_ _3\"></span>esplicitamente <span class=\"_ _3\"></span>ammessa dall\u2019Agenzia <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Circolare n. <span class=\"_ _3\"></span>8/E <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>\u00e8 c<span class=\"_ _3\"></span>oerente con <span class=\"_ _3\"></span>le </span></div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">previsioni dell\u2019art. <span class=\"_ _0\"></span>15, comma 10, del D.L. n<span class=\"_ _0\"></span>. 185/2008.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">Cargeas <span class=\"_ _16\"> </span>Assicurazioni, <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _16\"> </span>di  assi<span class=\"_ _0\"></span>curazione<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>acquisita <span class=\"_ _16\"> </span>da <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>arte <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _16\"> </span>Vita <span class=\"_ _7\"> </span>il  27 <span class=\"_ _16\"> </span>maggio <span class=\"_ _7\"> </span>2021, <span class=\"_ _16\"> </span>\u00e8  sta<span class=\"_ _0\"></span>ta </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">interessata da una v<span class=\"_ _0\"></span>erifica dell\u2019Agenzia d<span class=\"_ _0\"></span>elle Entrate, Direzio<span class=\"_ _0\"></span>ne Regionale dell<span class=\"_ _0\"></span>a Lombardia <span class=\"_ _3\"></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> Ufficio Gra<span class=\"_ _0\"></span>ndi Contribuenti, v<span class=\"_ _0\"></span>olta </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _3\"></span>riscontrare la <span class=\"_ _3\"></span>corretta applicazione, <span class=\"_ _3\"></span>con r<span class=\"_ _3\"></span>iferimento <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>annualit\u00e0 dal <span class=\"_ _3\"></span>2010 <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2018, delle <span class=\"_ _3\"></span>disposizioni t<span class=\"_ _3\"></span>ributarie in <span class=\"_ _3\"></span>materia di </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">assicurazioni private<span class=\"_ _0\"></span> e di contratti vitalizi <span class=\"_ _0\"></span>di cui alla legge 2<span class=\"_ _0\"></span>9 ottobre 1961, n. 121<span class=\"_ _35\"></span>6<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>esito <span class=\"_ _7\"> </span>alla <span class=\"_ _4\"> </span>verifica <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>contestata <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>classificazione <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>polizze <span class=\"_ _7\"> </span>assicurative <span class=\"_ _16\"> </span><span class=\"ff4\">aventi <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>\u201cperdita </span></div><div class=\"t m0 x0 h2 y56 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019impiego\u201d <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>obbligatori<span class=\"_ _0\"></span>amente <span class=\"_ _2\"></span>connessi <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _2\"></span>garantiti <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>essione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>quinto <span class=\"_ _3\"></span>dello <span class=\"_ _5\"></span>stipendio <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>facoltativament<span class=\"_ _2\"></span><span class=\"ff1 ls17\">e </span></div><div class=\"t m0 x0 h2 y57 ff4 fs0 fc0 sc0 ls0 ws0\">ad <span class=\"_ _3\"></span>altri mutui, <span class=\"_ _3\"></span>finanziamenti e c<span class=\"_ _3\"></span>rediti al <span class=\"_ _3\"></span>consumo), soggette <span class=\"_ _3\"></span>all\u2019imposta sui <span class=\"_ _3\"></span>premi assi<span class=\"_ _2\"></span><span class=\"ff1\">curativi <span class=\"_ _3\"></span>con al<span class=\"_ _3\"></span>iquota del 2<span class=\"_ _3\"></span>,5%, in <span class=\"_ _3\"></span>polizze </span></div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">per assicurazione del rischio di \u201ccredito<span class=\"_ _0\"></span>\u201d, soggette ad aliquota del 12,5%. L\u2019Agenzia <span class=\"_ _0\"></span>sostiene che sebbene il rischio assicur<span class=\"_ _2\"></span><span class=\"ff1\">ato </span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">(sulla <span class=\"_ _17\"> </span>cui <span class=\"_ _18\"> </span>base <span class=\"_ _18\"> </span>il <span class=\"_ _17\"> </span>premio <span class=\"_ _18\"> </span>viene <span class=\"_ _17\"> </span>determinato <span class=\"_ _17\"> </span>con <span class=\"_ _18\"> </span>criteri <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>natura <span class=\"_ _17\"> </span>statistico/attuari<span class=\"_ _2\"></span>ale) <span class=\"_ _17\"> </span>sia <span class=\"_ _18\"> </span>rappresentato <span class=\"_ _17\"> </span>dalla <span class=\"_ _17\"> </span>perdita </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019impiego, <span class=\"_ _5\"></span>sarebbe <span class=\"_ _6\"></span>applicabile <span class=\"_ _5\"></span>l\u2019aliquota <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>12,5 <span class=\"_ _6\"> </span>per <span class=\"_ _6\"></span>cento <span class=\"_ _5\"></span>prevista <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>assicurazioni <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _5\"></span>n<span class=\"_ _6\"></span><span class=\"ff1\">ella </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">considerazione che l<span class=\"_ _0\"></span>a polizza - in ultima istanza - <span class=\"ff4\">tutelerebbe l\u2019in<span class=\"_ _0\"></span>teresse patrimoniale dell\u2019ente finanzi<span class=\"_ _0\"></span>atore alla riscossion<span class=\"_ _0\"></span>e del </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">proprio credito. </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _4\"> </span>contestazione <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>una <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>settore <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>imprese <span class=\"_ _6\"></span>assicurative <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>anni <span class=\"_ _4\"> </span>ritengono <span class=\"_ _6\"></span>apodittiche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>strumentali <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>e </div><div class=\"t m0 x0 h2 y5e ff4 fs0 fc0 sc0 ls0 ws0\">motivazioni dell\u2019Agenzi<span class=\"_ _0\"></span>a. Anche l\u2019ANIA \u00e8 intervenuta r<span class=\"_ _0\"></span>ecentemente sul tem<span class=\"_ _3\"></span><span class=\"ff1\">a con la circolare prot. 0082 del 5 marz<span class=\"_ _0\"></span>o 2021 (che<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 y5f ff4 fs0 fc0 sc0 ls0 ws0\">richiama <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ircolare <span class=\"_ _3\"></span>prot. <span class=\"_ _3\"></span>127 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>prile <span class=\"_ _3\"></span>2005) <span class=\"_ _3\"></span>segnalando <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>assunto <span class=\"_ _3\"></span>dell\u2019Agenzia <span class=\"_ _3\"></span>crei <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>serie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>conseguenze </div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">asistematiche <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>abnormi <span class=\"_ _6\"></span>sicuramente <span class=\"_ _6\"></span>estranee <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>volont\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>legislatore <span class=\"_ _5\"></span>della <span class=\"_ _16\"> </span><span class=\"ff4\">legge <span class=\"_ _6\"></span>n. <span class=\"_ _6\"> </span>1216, <span class=\"_ _6\"> </span>ma <span class=\"_ _6\"> </span>anche <span class=\"_ _4\"> </span>all\u2019orient<span class=\"_ _0\"></span>amento </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _3\"></span>stessa <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>espressa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>dell\u2019aliquota <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>2,5<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>circolare <span class=\"_ _3\"></span>n. <span class=\"_ _2\"></span>29/<span class=\"_ _5\"></span><span class=\"ff1 ls3e\">E </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">del 2001. </div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _4\"> </span>merito, <span class=\"_ _6\"></span>precisa <span class=\"_ _4\"> </span>l\u2019ANIA, <span class=\"_ _6\"></span>nelle <span class=\"_ _4\"> </span>polizze <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>qualifica <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>assicurato <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _6\"> </span>individ<span class=\"_ _2\"></span><span class=\"ff1\">uata <span class=\"_ _4\"></span>nella <span class=\"_ _6\"></span>persona <span class=\"_ _4\"></span>fisica <span class=\"_ _6\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>aderisce <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>iena<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">autonomia <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>polizza <span class=\"_ _5\"></span>collettiva <span class=\"_ _2\"></span>proposta <span class=\"_ _5\"></span>dall\u2019istituto <span class=\"_ _2\"></span>finanziatore <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>assetto <span class=\"_ _5\"></span>contrattuale <span class=\"_ _5\"></span>vale <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>riconoscere <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>debi<span class=\"_ _6\"></span><span class=\"ff1\">tore<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">persona fisica <span class=\"_ _3\"></span>il soggetto nell\u2019interesse del <span class=\"_ _3\"></span>quale la polizza <span class=\"_ _3\"></span>viene stipulata<span class=\"_ _2\"></span><span class=\"ff1\">, in <span class=\"_ _3\"></span>quanto il <span class=\"_ _3\"></span>rischio oggetto della c<span class=\"_ _3\"></span>opertura (perdita </span></div><div class=\"t m0 x0 h2 y63 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019occupazione che d<span class=\"_ _0\"></span>etermina l\u2019impossibi<span class=\"_ _0\"></span>lit\u00e0 di onorare il debi<span class=\"_ _0\"></span>to) non pu\u00f2 che prod<span class=\"_ _0\"></span>ursi in capo a quest\u2019<span class=\"_ _0\"></span>ultimo. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _5\"></span>dallo <span class=\"_ _5\"></span>schema <span class=\"_ _6\"></span>negoziale <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>evince <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>finanziatore <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>contraente <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span>olizza <span class=\"_ _5\"></span>esclusivamente <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>formale,<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">mentre, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>virt\u00f9 <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>manifestazione <span class=\"_ _6\"></span>della <span class=\"_ _4\"> </span>propria <span class=\"_ _4\"></span>volont\u00e0 <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aderire <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>contratto <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>costo <span class=\"_ _6\"></span>addebitatogli <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>riferisc<span class=\"_ _2\"></span><span class=\"ls17\">e </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">esclusivamente <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>premio <span class=\"_ _2\"></span>assicurativo <span class=\"_ _2\"></span>pagato, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>lavoratore <span class=\"_ _2\"></span>finanziato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>rivestire, <span class=\"_ _2\"></span>ef<span class=\"_ _5\"></span>fettivame<span class=\"_ _0\"></span>nte, <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>qualifica <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contraente, </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">oltre che quella di <span class=\"_ _0\"></span>assicurato. </div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>ulteriore <span class=\"_ _3\"></span>supporto <span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>anche <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>comunicazione dei <span class=\"_ _2\"></span>dati <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>notizie <span class=\"_ _2\"></span>relative <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ggetti <span class=\"_ _3\"></span>contrae<span class=\"_ _5\"></span>nti </div><div class=\"t m0 x0 h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">annualmente <span class=\"_ _6\"> </span>trasmessa <span class=\"_ _6\"> </span>all\u2019Anagrafe <span class=\"_ _4\"> </span>tributaria<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>contempla <span class=\"_ _4\"> </span>l\u2019indicazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"> </span>singoli <span class=\"_ _4\"> </span>aderenti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>po<span class=\"_ _3\"></span>lizza <span class=\"_ _6\"> </span>collettiva, <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>quanto </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">soggetti che sopport<span class=\"_ _0\"></span>ano l\u2019onere del premio<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y6b ff4 fs0 fc0 sc0 ls0 ws0\">A <span class=\"_ _1f\"> </span>seguito <span class=\"_ _28\"> </span>della <span class=\"_ _1f\"> </span>verifica, <span class=\"_ _1f\"> </span>Cargeas <span class=\"_ _1f\"> </span>Assicurazioni <span class=\"_ _1f\"> </span>ha <span class=\"_ _28\"> </span>ricevuto <span class=\"_ _1f\"> </span>il <span class=\"_ _28\"> </span>25 <span class=\"_ _1f\"> </span>maggio <span class=\"_ _1f\"> </span>2021 <span class=\"_ _1f\"> </span>l<span class=\"_ _3\"></span>\u2019avviso <span class=\"_ _1f\"> </span>di <span class=\"_ _1f\"> </span>accertamento </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls10 ws0\">n.<span class=\"ls0\"> <span class=\"ff4\">TMB032S000<span class=\"_ _0\"></span>39/2021 per <span class=\"_ _3\"></span>l\u2019anno <span class=\"_ _3\"></span>2010<span class=\"_ _3\"></span><span class=\"ff1\"> dove <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>accertata una <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>imposta di <span class=\"_ _3\"></span>1,7 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>interessi per <span class=\"_ _3\"></span>0,7 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>e </span></span></span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">sanzioni di 3,4 milion<span class=\"_ _0\"></span>i pari al 200% <span class=\"_ _0\"></span>dell\u2019imposta accertata <span class=\"_ _0\"></span>(sanzione minima ex l<span class=\"_ _0\"></span>ege), per un totale com<span class=\"_ _0\"></span>plessivo di 5,7 milio<span class=\"_ _3\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i. </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 <span class=\"_ _2\"></span>luglio <span class=\"_ _3\"></span>2021 <span class=\"_ _5\"></span>lo <span class=\"_ _3\"></span>stesso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>impugnato <span class=\"_ _3\"></span>avanti <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>Commissio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Milano <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>entenza </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls10 ws0\">n.<span class=\"ls0\"> <span class=\"ff4\">2396 <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>1\u00b0 <span class=\"_ _7\"> </span>settembre <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>ha<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>accolto <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>ricorso <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>annullato <span class=\"_ _7\"> </span>l\u2019avviso <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>accertamento. <span class=\"_ _7\"> </span>Pende <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>termine <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>l\u2019appello </span></span></div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019Ufficio.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>corso<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dell\u2019anno <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _2\"></span>pu<span class=\"_ _3\"></span><span class=\"ff1\">bblicate <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _2\"></span>sentenze <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Commissione <span class=\"_ _2\"></span>Tributaria <span class=\"_ _2\"></span>Provinciale <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Milano <span class=\"_ _5\"></span>(la <span class=\"_ _2\"></span>n. <span class=\"_ _5\"></span>343 </span></div><div class=\"t m0 x0 h32 y72 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>gennaio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>n. <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>214 <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>28 <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>2022) <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>hanno <span class=\"_ _2\"></span>riguardato <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tematica <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>\u201criclassificazione\u201d <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>polizze<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y73 ff4 fs0 fc0 sc0 ls0 ws0\">contro  il  rischio  di  p<span class=\"_ _3\"></span>erdita  d\u2019impiego  (soggett<span class=\"ff1\">e <span class=\"_ _1d\"> </span>ad  imposta  con  aliquota  del  2,5%)  in  luogo <span class=\"_ _1d\"> </span>di  quelle  contro  il  rischio </span></div><div class=\"t m0 x0 h32 y74 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019insolvenza <span class=\"_ _7\"> </span>patrimoniale <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>debitore, <span class=\"_ _7\"> </span>ossia <span class=\"_ _16\"> </span>quelle <span class=\"_ _7\"> </span>cosiddette <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>copertura <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _16\"> </span>credito <span class=\"_ _7\"> </span>(so<span class=\"_ _3\"></span>ggette <span class=\"_ _7\"> </span>ad <span class=\"_ _7\"> </span>imposta <span class=\"_ _16\"> </span>con </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">aliquota del <span class=\"_ _3\"></span>12,5%). Gli <span class=\"_ _3\"></span>esiti sono <span class=\"_ _3\"></span>risultati sfavorevoli alle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ricorrenti esterne <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo (pur <span class=\"_ _3\"></span>avendo la </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">sentenza n. 343 rico<span class=\"_ _0\"></span>nosciuto l\u2019inapplic<span class=\"_ _0\"></span>abilit\u00e0 delle sanzioni <span class=\"_ _0\"></span>per manifesta obiettiva<span class=\"_ _0\"></span> incertezza nell\u2019appli<span class=\"_ _0\"></span>cabilit\u00e0 della nor<span class=\"_ _2\"></span><span class=\"ff1\">ma). </span></div><div class=\"t m0 x0 h2 y77 ff4 fs0 fc0 sc0 ls0 ws0\">Ci\u00f2 <span class=\"_ _5\"></span>nonostante, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _5\"></span>ben <span class=\"_ _5\"></span>espresse <span class=\"_ _5\"></span>dall\u2019A<span class=\"_ _3\"></span><span class=\"ff1\">NIA <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>valutazioni <span class=\"_ _5\"></span>formalizzate <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>difensori <span class=\"_ _2\"></span>patrocinanti, <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">rischio di soccombe<span class=\"_ _0\"></span>nza \u00e8 stato ritenuto possi<span class=\"_ _0\"></span>bile.  </div><div class=\"t m0 x0 h2 y79 ff4 fs0 fc0 sc0 ls0 ws0\">Sempre <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>citata, <span class=\"_ _5\"></span>Cargeas <span class=\"_ _5\"></span>Assicurazioni <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>ricevuto <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>6<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>l\u2019avviso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>accertament<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls10 ws0\">n.<span class=\"ls0\"> TMB03<span class=\"ff4\">2S002<span class=\"_ _0\"></span>16/2022 <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>l\u2019anno <span class=\"_ _3\"></span>2011 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>accertata <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>maggiore <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mposta <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>1,3 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>0,5 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 x0 h2 y7b ff4 fs0 fc0 sc0 ls0 ws0\">interessi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>2,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>sanzioni, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>200<span class=\"_ _3\"></span>% del<span class=\"_ _3\"></span>l\u2019impost<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>accertata <span class=\"_ _3\"></span>(sanzione <span class=\"_ _3\"></span>minima <span class=\"_ _3\"></span>ex <span class=\"_ _3\"></span>lege), <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>totale <span class=\"_ _3\"></span>complessiv<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">di 4,6 milioni.  </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>motivazioni <span class=\"_ _2\"></span>contenute <span class=\"_ _2\"></span>nel<span class=\"_ _3\"></span>l\u2019atto<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>impositivo <span class=\"_ _2\"></span>sopra <span class=\"_ _5\"></span>indicato <span class=\"_ _2\"></span>riferito <span class=\"_ _5\"></span>all\u2019anno <span class=\"_ _2\"></span>2011 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>identiche <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>quelle <span class=\"_ _5\"></span>indicate <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019an<span class=\"_ _5\"></span><span class=\"ff1\">no </span></div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">2010. </div><div class=\"t m0 x0 h2 y7f ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>Societ\u00e0 <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>soccombenza <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>all\u2019annualit\u00e0 <span class=\"_ _5\"></span>2011, <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>que<span class=\"_ _3\"></span>llo <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>2010, <span class=\"_ _5\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">ia <span class=\"_ _5\"></span>da </span></div><div class=\"t m0 x0 h32 y80 ff4 fs0 fc0 sc0 ls0 ws0\">ritenere <span class=\"_ _5\"></span>possibile, <span class=\"_ _5\"></span>pertanto <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>proceder\u00e0, <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>legge, <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>l\u2019impugnazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>predetto <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>vviso <span class=\"_ _5\"></span>avanti <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>competente<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">Corte di Giustizia. </div><div class=\"t m0 x0 h2 y82 ff4 fs0 fc0 sc0 ls0 ws0\">Provis ha <span class=\"_ _3\"></span>pratiche di <span class=\"_ _3\"></span>contenzioso IMU e <span class=\"_ _3\"></span>TASI <span class=\"_ _3\"></span>pendenti o <span class=\"_ _3\"></span>comunque prossime all\u2019avvio del <span class=\"_ _3\"></span>valore complessiv<span class=\"_ _2\"></span><span class=\"ff1\">o <span class=\"_ _3\"></span>di 3,8 <span class=\"_ _3\"></span>milioni <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">fronte delle quali l\u2019<span class=\"_ _0\"></span>accantonamento al f<span class=\"_ _0\"></span>ondo rischi \u00e8 pari a <span class=\"_ _0\"></span>4,2 milioni compren<span class=\"_ _0\"></span>sivo di spese legali.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y84 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>28 <span class=\"_ _6\"> </span>ottobre <span class=\"_ _4\"> </span>2022 <span class=\"_ _6\"> </span>Fideuram <span class=\"_ _4\"> </span>SGR <span class=\"_ _6\"> </span>(c<span class=\"_ _3\"></span>ome <span class=\"_ _6\"> </span>pure <span class=\"_ _4\"> </span>ISP <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"> </span>consolidante) <span class=\"_ _4\"> </span>ha <span class=\"_ _6\"> </span>ricevuto <span class=\"_ _4\"> </span>dall\u2019Agenzia <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>Entrate <span class=\"_ _7\"> </span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>Direzion<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">Regionale <span class=\"_ _1d\"> </span>della  L<span class=\"_ _3\"></span><span class=\"ff4\">ombardia  un <span class=\"_ _1d\"> </span>invito <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>comparire <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>relazione  all\u2019annualit\u00e0 <span class=\"_ _1d\"> </span>2016  per <span class=\"_ _1d\"> </span>I<span class=\"_ _3\"></span>RES <span class=\"_ _1d\"> </span>ed  I<span class=\"_ _3\"></span>RAP, <span class=\"_ _1d\"> </span>a  s<span class=\"_ _3\"></span>eguito  d<span class=\"_ _3\"></span>ella </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">documentazione consegn<span class=\"_ _0\"></span>ata in risposta a questionario notificato<span class=\"_ _0\"></span> il 21 aprile 2021, e ci\u00f2 al fine di instaurare il contradditt<span class=\"_ _2\"></span>orio in </div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">ordine <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>presunte <span class=\"_ _4\"> </span>criticit\u00e0 <span class=\"_ _16\"> </span>di <span class=\"_ _4\"> </span>transfer <span class=\"_ _7\"> </span>pricing <span class=\"_ _7\"> </span>emerse <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _3\"></span>lazione <span class=\"_ _4\"> </span>alle <span class=\"_ _7\"> </span>transazioni <span class=\"_ _7\"> </span>relative <span class=\"_ _4\"> </span>ai <span class=\"_ _7\"> </span>corrispettivi <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>commission<span class=\"_ _0\"></span>i </div><div class=\"t m0 x0 h32 y88 ff4 fs0 fc0 sc0 ls0 ws0\">percepite <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>Fideuram <span class=\"_ _6\"> </span>SGR <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>l\u2019attivit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>gestore <span class=\"_ _6\"></span>delegato <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>fondi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>investimento <span class=\"_ _6\"> </span>effettuata <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>favore <span class=\"_ _4\"> </span>della <span class=\"_ _6\"></span>consociata </div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">irlandese Fideuram <span class=\"_ _3\"></span>Asset Manage<span class=\"ff4\">me<span class=\"_ _3\"></span>nt Ireland <span class=\"_ _3\"></span>(delegante). Con <span class=\"_ _3\"></span>particolare riguardo a <span class=\"_ _3\"></span>tali <span class=\"_ _3\"></span>commissioni di <span class=\"_ _3\"></span>gestione, l\u2019Agenzia </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">riprende <span class=\"_ _4\"> </span>analoghe <span class=\"_ _7\"> </span>rettifiche <span class=\"_ _4\"> </span>effettuate <span class=\"_ _4\"> </span>per <span class=\"_ _7\"> </span>le <span class=\"_ _7\"> </span>annualit\u00e0 <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>2011 <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>2013 <span class=\"_ _4\"> </span>(<span class=\"_ _3\"></span>che <span class=\"_ _4\"> </span>diedero <span class=\"_ _7\"> </span>luogo <span class=\"_ _4\"> </span>ad <span class=\"_ _7\"> </span>atti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>accertamento <span class=\"_ _4\"> </span>con </div><div class=\"t m0 x0 h32 y47 ff4 fs0 fc0 sc0 ls0 ws0\">adesione <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>annualit\u00e0) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>rettifica <span class=\"_ _2\"></span>l\u2019imponibile <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Fideuram <span class=\"_ _2\"></span>SGR <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>560 <span class=\"_ _2\"></span>mila <span class=\"_ _2\"></span>euro. <span class=\"_ _2\"></span>Fideuram <span class=\"_ _2\"></span>ha </div><div class=\"t m0 x0 h32 y48 ff4 fs0 fc0 sc0 ls0 ws0\">aderito <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>tale <span class=\"_ _3\"></span>proposta <span class=\"_ _3\"></span>sottoscrivendo <span class=\"_ _3\"></span>l\u2019atto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>15 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>provvedendo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pagamento </div><div class=\"t m0 x0 h2 y49 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019importo dovuto (220 <span class=\"_ _3\"></span>mila euro) <span class=\"_ _3\"></span>il 20 <span class=\"_ _3\"></span>dicembre<span class=\"ff1\"> <span class=\"_ _3\"></span>2022. In <span class=\"_ _3\"></span>relazione a possibili <span class=\"_ _3\"></span>analoghe contestazioni per gli a<span class=\"_ _3\"></span>nni successivi </span></div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">fino <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>2019, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>500 <span class=\"_ _6\"></span>mila <span class=\"_ _5\"></span>euro<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>possibile <span class=\"_ _6\"></span>onere <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>termini <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>imposte <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>interessi, <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ffettuando <span class=\"_ _5\"></span>un<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y4b ff4 fs0 fc0 sc0 ls0 ws0\">accantonamento al conto e<span class=\"_ _3\"></span>conomico 2022. D\u2019intesa co<span class=\"_ _2\"></span><span class=\"ff1\">n il <span class=\"_ _3\"></span>consulente che segue <span class=\"_ _3\"></span>la contestazione, nessun <span class=\"_ _3\"></span>accantonamento<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>\u00e8 </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">stato <span class=\"_ _6\"></span>operato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>successivi, <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>risulta <span class=\"_ _6\"></span>prossima <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>definizione <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>accordi <span class=\"_ _6\"></span>bilaterali <span class=\"_ _6\"></span>presentati <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _5\"></span><span class=\"ls17\">0 </span></div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">(quindi, applicabili <span class=\"_ _0\"></span>da tale periodo per 5 a<span class=\"_ _0\"></span>nni) alle autorit<span class=\"ff4\">\u00e0 irlandesi e italiane sull\u2019attivi<span class=\"_ _0\"></span>t\u00e0 contestata.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">Eurizon <span class=\"_ _4\"> </span>Capital <span class=\"_ _7\"> </span>SGR <span class=\"_ _7\"> </span><span class=\"ff4\">(di <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>EC <span class=\"_ _4\"> </span>ITA\u201d) <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>22 <span class=\"_ _7\"> </span>dicembre <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>h<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>ricevuto <span class=\"_ _7\"> </span>dall\u2019Agenzia <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>Entrate<span class=\"_ _0\"></span>  \u2013<span class=\"ff1\"> <span class=\"_ _4\"> </span>Direzione </span></span></div><div class=\"t m0 x0 h2 y4f ff4 fs0 fc0 sc0 ls0 ws0\">Regionale  della <span class=\"_ _1d\"> </span>Lombardia  (di  seguito <span class=\"_ _1d\"> </span>l\u2019\u201dAdE\u201d  o <span class=\"_ _1d\"> </span>l\u2019\u201dUfficio\u201d)  un <span class=\"_ _1d\"> </span>invito  a  comparire <span class=\"_ _1d\"> </span>ai  fin<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _1d\"> </span>IRAP<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>e, <span class=\"_ _1d\"> </span>congiu<span class=\"_ _0\"></span>ntamente  alla </span></div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">consolidante fiscale Int<span class=\"_ _0\"></span>esa Sanpaolo (di <span class=\"_ _0\"></span>seguito \u201cCapogruppo\u201d),<span class=\"_ _0\"></span> un invito a comp<span class=\"_ _0\"></span>arire ai fini IRE<span class=\"_ _0\"></span>S per l\u2019annualit\u00e0 201<span class=\"_ _0\"></span>6.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y51 ff4 fs0 fc0 sc0 ls0 ws0\">EC <span class=\"_ _5\"></span>ITA <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Capogruppo <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>presentate <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>8 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>all\u2019incontro <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>attivando, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>modo,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di </span></div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">contraddittorio della <span class=\"_ _0\"></span>durata di circa quattr<span class=\"_ _0\"></span>o mesi. </div><div class=\"t m0 x0 h32 y53 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019AdE, <span class=\"_ _1c\"> </span>dopo <span class=\"_ _1c\"> </span>aver <span class=\"_ _1c\"> </span>esamin<span class=\"_ _0\"></span>ato <span class=\"_ _1c\"> </span>le <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>infragruppo<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>poste <span class=\"_ _1c\"> </span>in <span class=\"_ _1c\"> </span>essere <span class=\"_ _1c\"> </span>da <span class=\"_ _1c\"> </span>EC <span class=\"_ _1c\"> </span>ITA <span class=\"_ _18\"> </span>nei <span class=\"_ _1c\"> </span>confronti <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>controllata<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y54 ff4 fs0 fc0 sc0 ls0 ws0\">lussemburghese <span class=\"_ _4\"> </span>Eurizon <span class=\"_ _7\"> </span>Capital <span class=\"_ _7\"> </span>S.A. <span class=\"_ _4\"> </span>(di <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>\u201cEC <span class=\"_ _7\"> </span>LUX\u201d), <span class=\"_ _7\"> </span>contesta <span class=\"_ _4\"> </span>l\u2019analisi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>su<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>trasferimento <span class=\"_ _4\"> </span>effettuata <span class=\"_ _4\"> </span>nella </span></div><div class=\"t m0 x0 h2 y55 ff1 fs0 fc0 sc0 ls0 ws0\">documentazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span><span class=\"ff4\">di <span class=\"_ _5\"></span>EC <span class=\"_ _2\"></span>ITA, <span class=\"_ _2\"></span>ritenendo <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tessa <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>rispecchierebbe <span class=\"_ _2\"></span>l\u2019effettiva <span class=\"_ _2\"></span>ripartizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>funzioni, </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">rischi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>esistente <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>precisamente <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>prestazioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>servizi svol<span class=\"_ _3\"></span>te da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>confronti<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _3\"></span>sebbene <span class=\"_ _3\"></span>formalmente scomp<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>pluralit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>separate, dal <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>vista <span class=\"_ _3\"></span>sostanziale <span class=\"_ _3\"></span>sarebbero </div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">\u201c<span class=\"ff2\">riconducibili ad <span class=\"_ _3\"></span>una pi\u00f9 <span class=\"_ _3\"></span>ampia attivit\u00e0 <span class=\"_ _3\"></span>imprenditoriale<span class=\"ff3\">\u201d<span class=\"ff1\"> <span class=\"_ _3\"></span>svolta <span class=\"_ _3\"></span>da EC <span class=\"_ _3\"></span>ITA <span class=\"_ _3\"></span>a favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>EC LUX. <span class=\"_ _3\"></span>Pertanto, applicando un <span class=\"_ _3\"></span>metodo </span></span></span></div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>libera <span class=\"_ _2\"></span>conc<span class=\"_ _3\"></span>orrenza <span class=\"_ _3\"></span>diverso <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>ado<span class=\"_ _3\"></span>ttato da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA, <span class=\"_ _3\"></span>determina <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>maggior <span class=\"_ _3\"></span>imponibile a </div><div class=\"t m0 x0 h2 y5a ff1 fs0 fc0 sc0 ls0 ws0\">fini IRES ed IRAP di 151,1 milioni, cui corrispondono imposte IRES ed IRAP per 50 milioni (41,6 milioni per IRES e 8,4 milion<span class=\"_ _2\"></span><span class=\"ls19\">i </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">per IRAP), interessi pe<span class=\"_ _0\"></span>r complessivi 9,6 milioni e sanzioni per co<span class=\"_ _0\"></span>mplessivi 15 milioni. </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>specie, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>determinazion<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>prezzi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>trasferime<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to, <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>EC <span class=\"_ _6\"></span>ITA <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>ritenuto <span class=\"_ _6\"></span>corretto </div><div class=\"t m0 x0 h2 y5d ff1 fs0 fc0 sc0 ls0 ws0\">adottare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>metodo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>Comparable <span class=\"_ _6\"></span>Uncontrolled <span class=\"_ _4\"></span>Price <span class=\"_ _6\"></span>(o <span class=\"_ _4\"></span>CUP) <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>prezzare <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"></span>dei <span class=\"_ _4\"></span>servizi, <span class=\"_ _16\"> </span>in <span class=\"_ _6\"></span>primis <span class=\"_ _4\"> </span>del <span class=\"_ _4\"></span>servizio <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">delega di <span class=\"_ _3\"></span>gestione, <span class=\"_ _3\"></span>resi ad <span class=\"_ _3\"></span>EC LUX, <span class=\"_ _3\"></span>allineando il <span class=\"_ _3\"></span>prezzo addebitato a<span class=\"_ _3\"></span>d EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>ai prezzi <span class=\"_ _3\"></span>che la <span class=\"_ _3\"></span>stessa <span class=\"_ _3\"></span>EC ITA <span class=\"_ _3\"></span>addebita/paga </div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>deleghe <span class=\"_ _3\"></span>attive/passive <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>controparti <span class=\"_ _3\"></span>terze, <span class=\"_ _2\"></span>l\u2019AdE <span class=\"_ _3\"></span>invece <span class=\"_ _3\"></span>ritiene <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>metodo <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _2\"></span>appropriato <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>Transacti<span class=\"_ _2\"></span><span class=\"ff1\">onal </span></div><div class=\"t m0 x0 h2 y60 ff1 fs0 fc0 sc0 ls0 ws0\">Net Margin Me<span class=\"ff4\">thod (TNMM), che prevede in sostanza l\u2019allocazione di una percentuale di margine netto rispetto al valore della</span><span class=\"ff4\"><span class=\"_ _0\"></span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">produzione <span class=\"_ _5\"></span>su<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>analisi, <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>caso <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>specie <span class=\"_ _6\"> </span>EC <span class=\"_ _6\"> </span>LUX. <span class=\"_ _6\"> </span>Nel <span class=\"_ _6\"> </span>dettaglio, <span class=\"_ _6\"> </span>l\u2019AdE <span class=\"_ _6\"> </span>ritiene <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>rapporto <span class=\"_ _6\"></span>utili <span class=\"_ _6\"> </span>lord<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">imposte/commissio<span class=\"ff4\">ni <span class=\"_ _5\"></span>attive <span class=\"_ _6\"> </span>rilevato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>capo <span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>L<span class=\"_ _3\"></span>UX <span class=\"_ _5\"></span>(3<span class=\"_ _3\"></span>8,5%) <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _5\"></span>eccessivo. <span class=\"_ _6\"> </span>Conseguentemente <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _6\"> </span>approccio, <span class=\"_ _6\"> </span>l\u2019utile </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">ante <span class=\"_ _7\"> </span>imposte <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>EC <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _7\"> </span>(208,6 <span class=\"_ _16\"> </span>milioni)<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>viene <span class=\"_ _16\"> </span>attribuito <span class=\"_ _7\"> </span>solo <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>circa <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>quarto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>Lussemburgo <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>circa <span class=\"_ _16\"> </span>tre <span class=\"_ _7\"> </span>quarti </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">(151,1 milioni) <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA. <span class=\"_ _2\"></span>\u00c8 <span class=\"_ _3\"></span>impor<span class=\"_ _3\"></span>tante <span class=\"_ _3\"></span>notare <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>scelta <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>conseguenti r<span class=\"_ _3\"></span>isultati <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>allocazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ricavi <span class=\"_ _2\"></span>tra </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Lussemburgo ed Italia m<span class=\"_ _0\"></span>uove <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nella tesi dell\u2019AdE \u2013</span> dalla convin<span class=\"_ _0\"></span>zione che EC LUX ri<span class=\"_ _0\"></span>ceva da EC ITA un co<span class=\"_ _0\"></span>ntributo intangibile. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">Come confermato anche dal parere ril<span class=\"_ _3\"></span><span class=\"ff4\">asciato dal consulente che a<span class=\"_ _3\"></span>ssiste EC ITA, la contestazione mossa dall\u2019Ufficio presenta </span></div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">diversi <span class=\"_ _4\"> </span>profili <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>infondatezza: <span class=\"_ _4\"> </span>a) <span class=\"_ _7\"> </span>l\u2019intangibile<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>influenza <span class=\"_ _4\"> </span>sui <span class=\"_ _7\"> </span>prezzi <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rasferimento <span class=\"_ _4\"> </span>infragruppo<span class=\"_ _3\"></span></span>; <span class=\"_ _7\"> </span>b) <span class=\"_ _7\"> </span>l\u2019Ufficio, <span class=\"_ _4\"> </span>poi, <span class=\"_ _7\"> </span>ha </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">completamente <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>gnorato <span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>risultanze <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>propria <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>scorsi <span class=\"_ _2\"></span>relativamente <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>precedenti <span class=\"_ _2\"></span>periodi <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">imposta <span class=\"_ _3\"></span>2011-2015, che <span class=\"_ _3\"></span>avevano <span class=\"_ _3\"></span>condotto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>conclusione di <span class=\"_ _3\"></span>atti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con a<span class=\"_ _3\"></span>desione aventi <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>rettifica </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>trasferimento <span class=\"_ _6\"></span>praticati <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"></span>tra <span class=\"_ _4\"></span>EC <span class=\"_ _4\"></span>ITA <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>EC <span class=\"_ _4\"> </span>L<span class=\"_ _3\"></span>UX <span class=\"_ _6\"></span>su <span class=\"_ _4\"> </span>basi <span class=\"_ _4\"> </span>completamente <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>iverse <span class=\"_ _6\"></span>da <span class=\"_ _7\"> </span>quelle <span class=\"_ _6\"></span>che </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">emergono ora <span class=\"_ _3\"></span>relativamente al 2016. <span class=\"_ _3\"></span>In tale <span class=\"_ _3\"></span>contesto, tra <span class=\"_ _3\"></span>l\u2019altro, EC LUX <span class=\"_ _3\"></span>aveva fornito a<span class=\"_ _3\"></span>ll\u2019Ufficio informazioni circa l\u2019inta<span class=\"_ _5\"></span><span class=\"ff1\">ngible </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>il suo <span class=\"_ _3\"></span>ammortamento fiscale <span class=\"_ _3\"></span>extra-contabile. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>sede di <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>degli atti <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>desione relativi a<span class=\"_ _3\"></span>i periodi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta 2011<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">2015, <span class=\"_ _2\"></span>l\u2019<span class=\"_ _3\"></span>Ufficio <span class=\"_ _2\"></span>aveva <span class=\"_ _2\"></span>acquisito <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>informazioni <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>merito <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>suddetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortamento <span class=\"_ _2\"></span>extra<span class=\"_ _2\"></span><span class=\"ff1\">-contabile, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>enza <span class=\"_ _2\"></span>tuttavia </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">ritenere che dovessero avere un impatto ai fi<span class=\"ff4\">ni <span class=\"_ _3\"></span>della determinazi<span class=\"_ _0\"></span>one dei prezzi di trasferimento tra EC ITA e EC LUX. L\u2019Ufficio </span></div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">aveva <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>noltre <span class=\"_ _2\"></span>valutato <span class=\"_ _5\"></span>idonea <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>documentazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>transfer <span class=\"_ _5\"></span>pricing <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>redisposta <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>suo <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>da <span class=\"_ _6\"></span>EC <span class=\"_ _2\"></span>I<span class=\"_ _3\"></span>TA <span class=\"_ _2\"></span>basata <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>metodo </div><div class=\"t m0 x0 h32 y6d ff4 fs0 fc0 sc0 ls0 ws0\">CUP, <span class=\"_ _3\"></span>riconoscendo a <span class=\"_ _2\"></span>quest\u2019ulti<span class=\"_ _35\"></span>ma<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>enalty protectio<span class=\"_ _3\"></span>n; <span class=\"_ _3\"></span>c) <span class=\"_ _3\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>omesso <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>ompiere un\u2019apposita <span class=\"_ _3\"></span>analisi volta <span class=\"_ _3\"></span>ad </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">indentificare le <span class=\"_ _3\"></span>funzioni <span class=\"_ _3\"></span>svolte, i<span class=\"_ _3\"></span> rischi <span class=\"_ _3\"></span>assunti e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i beni<span class=\"_ _3\"></span> utilizzati <span class=\"_ _3\"></span>in c<span class=\"_ _3\"></span>oncreto da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>EC LUX <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>il periodo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>imposta <span class=\"_ _3\"></span>20<span class=\"_ _5\"></span>16, <span class=\"_ _3\"></span>ma </div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>limitato <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>qualificare <span class=\"_ _6\"></span>EC <span class=\"_ _5\"></span>LUX <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mplessa\u201d <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>erronea <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onvinzione <span class=\"_ _5\"></span>che </div><div class=\"t m0 x0 h2 y70 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019ammortamento fiscale <span class=\"_ _3\"></span>extra<span class=\"_ _3\"></span><span class=\"ff1\">-</span>contabile<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>capo <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>EC <span class=\"_ _3\"></span>LUX <span class=\"_ _3\"></span>sarebbe <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>riconducibile ad <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>\u201cbene intangibile\u201d <span class=\"_ _3\"></span>contribuito d<span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">EC <span class=\"_ _2\"></span>ITA <span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>conseguenza, <span class=\"_ _3\"></span>sempre <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragione <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span><span class=\"ff4\">tale <span class=\"_ _2\"></span>contributo <span class=\"_ _2\"></span>\u201cunico\u201d <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>fiscale, <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">ritenuto <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>applicabili <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>specie <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>metodi <span class=\"_ _5\"></span>\u201ctradizionali\u201d<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>determinazione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>libera <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>oncorrenza <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _5\"></span>i<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span></div><div class=\"t m0 x0 h32 y73 ff4 fs0 fc0 sc0 ls0 ws0\">CUP; <span class=\"_ _3\"></span>d) <span class=\"_ _2\"></span>l\u2019Ufficio <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>ignorato <span class=\"_ _3\"></span>l\u2019approccio <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>esso <span class=\"_ _2\"></span>stesso <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>nel<span class=\"_ _2\"></span>l\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>procedimento d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>accertamento <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>adesione </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">concluso <span class=\"_ _16\"> </span>nel  2022  c<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  la <span class=\"_ _16\"> </span>societ\u00e0  Fi<span class=\"_ _0\"></span>deuram  SG<span class=\"_ _0\"></span>R,  sopra<span class=\"_ _0\"></span>  commentato,<span class=\"_ _0\"></span>  avente <span class=\"_ _16\"> </span>ad  ogg<span class=\"_ _0\"></span>etto <span class=\"_ _16\"> </span>i  rapporti  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>fragruppo <span class=\"_ _16\"> </span>con  la </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">consociata <span class=\"_ _4\"> </span>irlandese <span class=\"_ _4\"> </span>FAMI. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>ultimo <span class=\"_ _4\"> </span>contesto, <span class=\"_ _4\"> </span>infatti, <span class=\"_ _4\"> </span>l\u2019Uffici<span class=\"_ _0\"></span>o, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>presenza <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\">perazioni <span class=\"_ _6\"></span>infragruppo <span class=\"_ _4\"> </span>similari <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>quelle </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">concluse <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>ITA <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>EC <span class=\"_ _3\"></span>LUX, <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>ritenuto <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>metodo <span class=\"_ _3\"></span>maggiormente <span class=\"_ _3\"></span>appropriato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>circostanze <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>caso </div><div class=\"t m0 x0 h32 y77 ff4 fs0 fc0 sc0 ls0 ws0\">fosse proprio il CUP; e) da ultimo, l\u2019Ufficio, pur avendo dato atto che sulle medesime operazion<span class=\"_ _2\"></span>i infragruppo oggetto dell\u2019invit<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">\u00e8 <span class=\"_ _2\"></span>tuttora <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>procedura <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>accordo <span class=\"_ _2\"></span>preventivo <span class=\"_ _3\"></span>bilaterale <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ottenere <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>conclusione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>accordo <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ui <span class=\"_ _3\"></span>prezzi <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">trasferimento  t<span class=\"_ _0\"></span>ra  le  Au<span class=\"_ _0\"></span>torit\u00e0  Comp<span class=\"_ _0\"></span>etenti  itali<span class=\"_ _0\"></span>ane  e  lu<span class=\"_ _0\"></span>ssemburghesi,  n<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>n  ha <span class=\"_ _16\"> </span>valorizzato  in <span class=\"_ _16\"> </span>alcun<span class=\"_ _2\"></span>  modo  tale  c<span class=\"_ _0\"></span>ircostanza,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">nonostante <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>ale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>rocedura <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>accordo <span class=\"_ _5\"></span>preventivo <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>ta <span class=\"_ _2\"></span>avviata <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>EC <span class=\"_ _5\"></span>ITA <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>conclusione <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>uddetti <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">adesione relativi ai p<span class=\"_ _0\"></span>eriodi di impost<span class=\"_ _0\"></span>a 2011<span class=\"_ _3\"></span>-2015 e dunque c<span class=\"_ _0\"></span>omprenda anche il 2<span class=\"_ _0\"></span>016. </div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">Tali <span class=\"_ _5\"></span>argomentazioni <span class=\"_ _2\"></span>sar<span class=\"ff4\">anno <span class=\"_ _5\"></span>tutte <span class=\"_ _5\"></span>rappresentate <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ocumentate <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>contraddittorio <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>l\u2019AdE <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dovr\u00e0 <span class=\"_ _5\"></span>concludersi <span class=\"_ _2\"></span>entro <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls10 ws0\">30<span class=\"ls0\"> aprile 2023. </span></div><div class=\"t m0 x0 h2 y7e ff4 fs0 fc0 sc0 ls0 ws0\">Con riguardo alle so<span class=\"_ _0\"></span>ciet\u00e0 controllate estere<span class=\"_ _0\"></span> si segnalano le seg<span class=\"_ _0\"></span>uenti evoluzioni d<span class=\"_ _0\"></span>el contenzioso i<span class=\"_ _0\"></span>ntervenute nell\u2019anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _5\"></span>Bank <span class=\"_ _6\"></span>Albania <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>interessata <span class=\"_ _5\"></span>principalmente <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>i) <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>contenzioso <span class=\"_ _5\"></span>pendente <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>Cassazione <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>ricorso <span class=\"_ _5\"></span>della </div><div class=\"t m0 x0 h32 y80 ff4 fs0 fc0 sc0 ls0 ws0\">Banca, <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>ad <span class=\"_ _4\"> </span>oggetto <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>cancellazione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>crediti <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>pi\u00f9 <span class=\"_ _4\"> </span>esigibili <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>secondo <span class=\"_ _4\"> </span>l\u2019amministra<span class=\"_ _0\"></span>zione <span class=\"_ _6\"> </span>finanziaria <span class=\"_ _6\"> </span>avrebbero </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">portato <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>diminuzione <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>le<span class=\"_ _2\"></span>gittima <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _5\"></span>imponibile <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>fini <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>imposte <span class=\"_ _2\"></span>dirette <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>annualit\u00e0 <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>2003 <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2007 </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">(petitum <span class=\"_ _7\"> </span>1,3 <span class=\"_ _7\"> </span>milioni); <span class=\"_ _7\"> </span>ii) <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>contenzioso <span class=\"_ _7\"> </span>ex <span class=\"_ _16\"> </span>Veneto <span class=\"_ _4\"> </span>Banka <span class=\"_ _7\"> </span>pendente <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>secondo <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>relativo <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>errori <span class=\"_ _7\"> </span>commessi <span class=\"_ _7\"> </span>nella </div><div class=\"t m0 x0 h2 y83 ff4 fs0 fc0 sc0 ls0 ws0\">dichiarazione <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>redditi <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>periodo <span class=\"_ _16\"> </span>d\u2019im<span class=\"_ _3\"></span><span class=\"ff1\">posta <span class=\"_ _7\"> </span>2013 <span class=\"_ _7\"> </span>(petitum <span class=\"_ _16\"> </span>33 <span class=\"_ _7\"> </span>mila <span class=\"_ _16\"> </span>euro); <span class=\"_ _7\"> </span>Si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>definito <span class=\"_ _7\"> </span>invece <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>pagamento <span class=\"_ _7\"> </span>di </span></div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">1 milione,  con  utilizzo  del  fo<span class=\"_ _35\"></span>ndo, <span class=\"_ _1d\"> </span>il  conten<span class=\"_ _0\"></span>zioso  relativo  ad  errori <span class=\"_ _16\"> </span>commessi  nella  dichiarazione <span class=\"_ _16\"> </span>dei  redditi  del  periodo </div><div class=\"t m0 x0 h2 y85 ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019imposta 2011.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">Bank <span class=\"_ _16\"> </span>of <span class=\"_ _16\"> </span>Alexandria <span class=\"_ _7\"> </span>ha  i<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>corso <span class=\"_ _7\"> </span>due  v<span class=\"_ _0\"></span>erific<span class=\"_ _3\"></span><span class=\"ff4\">he <span class=\"_ _16\"> </span>fiscali <span class=\"_ _16\"> </span>relative <span class=\"_ _7\"> </span>alla <span class=\"_ _16\"> </span>corporate <span class=\"_ _16\"> </span>income <span class=\"_ _7\"> </span>tax  per <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>\u2019imposta <span class=\"_ _7\"> </span>2018  e<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y87 ff4 fs0 fc0 sc0 ls0 ws0\">all\u2019imposta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ollo <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>2019. <span class=\"_ _3\"></span>Al <span class=\"_ _2\"></span>momento <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3\"></span>formulate <span class=\"_ _2\"></span>contestazioni. <span class=\"_ _3\"></span>Inoltre, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>endente <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>contenzioso a<span class=\"_ _3\"></span>vente<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">ad oggetto i<span class=\"_ _3\"></span>l mancato versamento dell\u2019imposta di <span class=\"_ _3\"></span>bol<span class=\"_ _3\"></span><span class=\"ff1\">lo da <span class=\"_ _3\"></span>parte delle fi<span class=\"_ _3\"></span>liali della banca del v<span class=\"_ _3\"></span>alore complessivo di 2,1<span class=\"_ _3\"></span> milioni di </span></div><div class=\"t m0 x0 h2 y89 ff4 fs0 fc0 sc0 ls0 ws0\">euro <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>1984 <span class=\"_ _6\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>2008 <span class=\"_ _5\"></span>(era <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>5,8 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021). <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>riduzione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontestato <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>fondo </span></div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">rischi <span class=\"_ _2\"></span>(-3,7 <span class=\"_ _5\"></span>milioni) <span class=\"_ _2\"></span>deriva <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>part<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>controversie <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>utilizzo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>relativo <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>rischi. <span class=\"_ _2\"></span>La <span class=\"_ _5\"></span>verifica <span class=\"_ _2\"></span>fiscale </div><div class=\"t m0 x0 h2 y47 ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019imposta di boll<span class=\"_ _0\"></span>o relativa al periodo <span class=\"_ _0\"></span>d\u2019imposta 2019 si \u00e8 c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>iusa senza rilievi.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 y48 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _5\"></span>controversia <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>annualit\u00e0 <span class=\"_ _2\"></span>2014 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2015 <span class=\"_ _5\"></span>afferente <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>controllata <span class=\"_ _5\"></span>estera<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"_ _5\"></span></span>UBI <span class=\"_ _5\"></span>Trustee <span class=\"_ _5\"></span>S.A. <span class=\"_ _2\"></span>(<span class=\"_ _3\"></span>trust <span class=\"_ _5\"></span>company <span class=\"_ _2\"></span>residente <span class=\"_ _5\"></span>in </div><div class=\"t m0 x0 h32 y49 ff4 fs0 fc0 sc0 ls0 ws0\">Lussemburgo), <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"> </span>chiusa <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>enza <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>accordo <span class=\"_ _6\"></span>con <span class=\"_ _6\"> </span>l\u2019Amministrazione <span class=\"_ _6\"></span>finanziaria <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>trust <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>dei </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">titolari effettivi dei m<span class=\"_ _0\"></span>edesimi.  </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">Infine, si <span class=\"_ _3\"></span>segnala che p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>IMI SEC \u00e8<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>corso un <span class=\"_ _3\"></span>audit condotto da<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span><span class=\"ff4\">lo <span class=\"_ _3\"></span>Stato di <span class=\"_ _3\"></span>New <span class=\"_ _3\"></span>York in <span class=\"_ _3\"></span>relazione al reddito <span class=\"_ _3\"></span>d\u2019impresa delle </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">annualit\u00e0 2015, 2016<span class=\"_ _0\"></span> e 2017. Al momento <span class=\"_ _0\"></span>non si segnalano riliev<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4d ff1 fs0 fc0 sc0 ls0 ws0\">Altra <span class=\"_ _5\"></span>verifica <span class=\"_ _5\"></span>fiscale <span class=\"_ _5\"></span>avviata <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>riguarda <span class=\"_ _4\"></span>EXELIA<span class=\"_ _0\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">relativamente <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>periodi <span class=\"_ _5\"></span>d\u2019imposta <span class=\"_ _5\"></span>2016 <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>2017<span class=\"_ _3\"></span></span><span class=\"ls12\">. <span class=\"_ _6\"></span></span>Al <span class=\"_ _5\"></span>momento <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>si </div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">segnalano rilievi. </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">Si  me<span class=\"_ _0\"></span>nziona <span class=\"_ _16\"> </span>infine <span class=\"_ _16\"> </span>un  cont<span class=\"_ _0\"></span>enzioso <span class=\"_ _16\"> </span>pendente <span class=\"_ _16\"> </span>in  Bra<span class=\"_ _0\"></span>sile <span class=\"_ _16\"> </span>relativo  a<span class=\"_ _0\"></span>lla <span class=\"_ _16\"> </span>ex  co<span class=\"_ _0\"></span>ntrollata <span class=\"_ _16\"> </span>Banco  S<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>dameris <span class=\"_ _16\"> </span>Brasil <span class=\"_ _16\"> </span>(ora  B<span class=\"_ _0\"></span>anco </div><div class=\"t m0 x0 h2 y50 ff1 fs0 fc0 sc0 ls0 ws0\">Santander <span class=\"_ _5\"></span>Brasil), <span class=\"_ _2\"></span>ceduta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>2003 <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>ABN <span class=\"_ _2\"></span>AMRO <span class=\"_ _5\"></span>Brasil <span class=\"_ _5\"></span>(ora <span class=\"_ _2\"></span>Gruppo <span class=\"_ _6\"></span>Santander), <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>onere <span class=\"_ _2\"></span>economico <span class=\"_ _5\"></span>ricade <span class=\"_ _5\"></span>su <span class=\"_ _5\"></span>Intesa </div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo, <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>mpegni <span class=\"_ _3\"></span>assunti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>suo <span class=\"_ _2\"></span>tempo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cessionaria <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>essendo <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>Settlement <span class=\"_ _3\"></span>Agreement </div><div class=\"t m0 x0 h32 y52 ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>2019 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Banco <span class=\"_ _3\"></span>Santander <span class=\"_ _2\"></span>Brasil. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>contenzioso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>denominato <span class=\"_ _2\"></span>\u201cCausa <span class=\"_ _2\"></span>PDD1\u201d <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>verte <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>imposte <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>redditi <span class=\"_ _2\"></span>e </div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">contribuzione sociale per il 1<span class=\"_ _0\"></span>995.<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _5\"></span>depositata <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>sentenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>primo <span class=\"_ _5\"></span>grado <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>giudice <span class=\"_ _2\"></span>civile <span class=\"_ _5\"></span>ordinario <span class=\"_ _5\"></span>che, <span class=\"_ _5\"></span>pur <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>arzialmente<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">accolto <span class=\"_ _4\"> </span>alcune <span class=\"_ _4\"> </span>eccezioni <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>banca, <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dimostrata <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>complesso <span class=\"_ _4\"> </span>favorevole <span class=\"_ _4\"> </span>all\u2019Amministrazione <span class=\"_ _4\"> </span>fiscale <span class=\"_ _4\"> </span>brasiliana.  <span class=\"ff1\">La<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">sentenza \u00e8 stata impugnata e il giud<span class=\"_ _3\"></span>izio pende in secondo grado. Il petitum \u00e8 di <span class=\"_ _3\"></span>euro 41,6 milioni, al cambio di dice<span class=\"_ _3\"></span>mbre 202<span class=\"_ _2\"></span><span class=\"lsc\">2 </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">(35 milioni al 3<span class=\"_ _3\"></span>1.12.2021), valorizzato in misura corrispondente al deposito cauzionale versato dalla <span class=\"_ _3\"></span>Banca per adire il <span class=\"_ _3\"></span>giud<span class=\"_ _5\"></span>ice </div><div class=\"t m0 x0 h2 y58 ff4 fs0 fc0 sc0 ls0 ws0\">civile (216 milioni <span class=\"_ _0\"></span>di reals brasiliani) e i<span class=\"_ _0\"></span>scritto nell\u2019attivo pat<span class=\"_ _0\"></span>rimoniale, <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 y59 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>novit\u00e0 <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>due. <span class=\"_ _5\"></span>La <span class=\"_ _5\"></span>prima <span class=\"_ _5\"></span>concerne <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilascio, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>13 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2022, <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>parere <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Prof. <span class=\"_ _6\"></span>Terci<span class=\"_ _0\"></span>o </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">Sampaio <span class=\"_ _3\"></span>Ferraz <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>quale, <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019altro, <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>confe<span class=\"_ _3\"></span><span class=\"ff1\">r<span class=\"_ _3\"></span>mata <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>tesi <span class=\"_ _2\"></span>sostenuta <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>transattiva </span></div><div class=\"t m0 x0 h2 y5b ff4 fs0 fc0 sc0 ls0 ws0\">per <span class=\"_ _3\"></span>il 1<span class=\"_ _3\"></span>995 con <span class=\"_ _3\"></span>l\u2019Amministrazione brasiliana in<span class=\"_ _3\"></span> base <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>apposita n<span class=\"_ _3\"></span>orma <span class=\"_ _3\"></span>locale (art. <span class=\"_ _3\"></span>17 <span class=\"_ _3\"></span>della Legge <span class=\"_ _3\"></span>n. <span class=\"_ _3\"></span>9799/1999) <span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>ggetto di<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">contenzioso <span class=\"_ _5\"></span>amministrativo <span class=\"_ _5\"></span>chiuso <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>con<span class=\"_ _3\"></span>tribuente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>due <span class=\"_ _6\"></span>decisioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Tribunale <span class=\"_ _5\"></span>Amministrativo <span class=\"_ _5\"></span>(CARF), <span class=\"_ _5\"></span>non </div><div class=\"t m0 x0 h32 y5d ff4 fs0 fc0 sc0 ls0 ws0\">pu\u00f2 <span class=\"_ _4\"> </span>essere <span class=\"_ _7\"> </span>messa <span class=\"_ _4\"> </span>nuovamente <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>discussione, <span class=\"_ _4\"> </span>come <span class=\"_ _7\"> </span>invece <span class=\"_ _4\"> </span>fatto <span class=\"_ _7\"> </span>dall\u2019Erario <span class=\"_ _4\"> </span>brasiliano <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>contenzioso <span class=\"_ _7\"> </span>giurisdizio<span class=\"_ _0\"></span>nale </div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">attualmente pendent<span class=\"_ _0\"></span>e in secondo grado. </div><div class=\"t m0 x0 h2 y5f ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _6\"></span>b<span class=\"_ _3\"></span>ase <span class=\"_ _6\"></span>ai <span class=\"_ _4\"> </span>pareri <span class=\"_ _6\"></span>dei<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>consulent<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>locali, <span class=\"_ _4\"></span>tali <span class=\"_ _6\"></span>argomentazioni <span class=\"_ _4\"></span>conse<span class=\"_ _0\"></span>ntono <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>confermare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>soccombenza <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>giudizio </div><div class=\"t m0 x0 h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">come <span class=\"_ _5\"></span>remoto <span class=\"_ _2\"></span>per<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omponente <span class=\"_ _2\"></span>interessi <span class=\"_ _5\"></span>(pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>circa <span class=\"_ _5\"></span>25,6 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito <span class=\"_ _5\"></span>iscritto <span class=\"_ _5\"></span>nell\u2019attivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>patrimoniale). <span class=\"_ _7\"> </span><span class=\"ff1\">Su<span class=\"_ _90\"> </span></span><span class=\"ff1\"> </span></div></div>imposte <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sanzioni <span class=\"_ _5\"></span>(corrisponden<span class=\"ff4\">ti <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>complessivi <span class=\"_ _5\"></span>16 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>deposito) <span class=\"_ _5\"></span>prudenzialmente <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>conferma <span class=\"_ _5\"></span>l\u2019accantonamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l </span>50% <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tale <span class=\"_ _4\"> </span>ammontare, <span class=\"_ _4\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>complessivi,8 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>(+ <span class=\"_ _7\"> </span>1,2 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>rispetto <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>31 <span class=\"_ _4\"> </span>dice<span class=\"_ _3\"></span>mbre <span class=\"_ _4\"> </span>2021). <span class=\"_ _4\"> </span>L\u2019incremento <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>dovuto all\u2019apprezzamento <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>valuta <span class=\"_ _5\"></span>brasiliana <span class=\"_ _6\"></span>sull\u2019<span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>cambio <span class=\"_ _6\"></span>rilevato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>fine <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>valutazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>della controversia <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>connesso <span class=\"_ _4\"> </span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"> </span>novit\u00e0 <span class=\"_ _4\"></span>riguarda <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>notificazione, <span class=\"_ _6\"></span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>ottobre, <span class=\"_ _4\"></span>da <span class=\"_ _6\"></span>par<span class=\"_ _3\"></span>te <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Fisco brasiliano d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un\u2019intimazione di <span class=\"_ _3\"></span>pagamento <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>asseri<span class=\"_ _3\"></span><span class=\"ff1\">ta <span class=\"_ _3\"></span>carenza <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>deposito giudiziario <span class=\"_ _3\"></span>costituito d<span class=\"_ _3\"></span>al c<span class=\"_ _3\"></span>ontribuente a <span class=\"_ _2\"></span>copertura<span class=\"_ _0\"></span> </span>del <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"></span>fiscale <span class=\"_ _6\"> </span>tutt\u2019ora <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>contestazione. <span class=\"_ _6\"> </span>Al <span class=\"_ _4\"> </span>riguardo, <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _6\"></span>presentata <span class=\"_ _6\"> </span>una <span class=\"_ _4\"> </span>memoria <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>opposizione <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>tale <span class=\"_ _4\"> </span>intimazione<span class=\"_ _0\"></span> evidenziando che il <span class=\"_ _3\"></span>Fisco brasiliano ha <span class=\"_ _3\"></span>erroneamente con<span class=\"_ _3\"></span>teggiato il v<span class=\"_ _3\"></span>alore degli <span class=\"_ _3\"></span>interessi maturati sul deposito giudiziario che invece <span class=\"_ _3\"></span>coprirebbero <span class=\"_ _3\"></span>ampiamente <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>pretesa <span class=\"_ _3\"></span>dell\u2019Amministrazione <span class=\"_ _3\"></span>finanziaria. <span class=\"_ _3\"></span>I <span class=\"_ _2\"></span>consulenti <span class=\"_ _3\"></span>locali <span class=\"_ _3\"></span>confermano <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tale <span class=\"_ _2\"></span>atto <span class=\"_ _3\"></span>non modifica le stime di ris<span class=\"_ _0\"></span>chio ad ogg<span class=\"_ _0\"></span>i espresse in riferimento al contenzioso in essere. * * * A fr<span class=\"_ _3\"></span>onte della <span class=\"_ _3\"></span>totalit\u00e0 <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>ratiche di <span class=\"_ _3\"></span>contenzioso <span class=\"_ _3\"></span>fiscale in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembre 2022, <span class=\"_ _3\"></span>per un <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>complessivo, come <span class=\"_ _4\"></span>in precedenza <span class=\"_ _3\"></span>indicato, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>219 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>nell\u2019at<span class=\"_ _2\"></span><span class=\"ff1\">tivo <span class=\"_ _3\"></span>dello <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo </span>sono iscritti 44 milioni <span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>i crediti per importi <span class=\"_ _0\"></span>pagati a titolo prov<span class=\"_ _0\"></span>visorio in presenza di ac<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ertamenti, 21 mili<span class=\"_ _0\"></span>oni dei quali<span class=\"_ _2\"></span> riferiti alla Capogruppo. La <span class=\"_ _3\"></span>quota del fondo <span class=\"_ _3\"></span>rischi che <span class=\"_ _3\"></span>fronteggia le <span class=\"_ _3\"></span>relative controversi<span class=\"_ _3\"></span>e con <span class=\"_ _3\"></span>iscrizione a <span class=\"_ _3\"></span>ruolo provvisoria ammonta a <span class=\"_ _3\"></span>32 <span class=\"_ _3\"></span>milioni, di cui 26 milioni relativi a I<span class=\"_ _0\"></span>ntesa Sanpaolo.  Detti <span class=\"_ _1d\"> </span>versamenti  a <span class=\"_ _1d\"> </span>titolo <span class=\"_ _1d\"> </span>provvisorio  sono <span class=\"_ _1d\"> </span>stati <span class=\"_ _1d\"> </span>effettuati <span class=\"_ _1d\"> </span>in  ot<span class=\"_ _3\"></span>temperanza<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>specifiche <span class=\"_ _1d\"> </span>disposizioni  legislative,  c<span class=\"_ _3\"></span>he <span class=\"_ _1d\"> </span>ne prevedono <span class=\"_ _5\"></span>l\u2019obbligatoriet\u00e0 <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>meccanismo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tipo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>utomatico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>tutto <span class=\"_ _5\"></span>indipendente <span class=\"_ _2\"></span>dall\u2019effettiva <span class=\"_ _5\"></span>fondatezza <span class=\"_ _2\"></span>delle connesse pretese fiscali, <span class=\"_ _0\"></span>e quindi dal maggiore o minore<span class=\"_ _0\"></span> rischio di soccombenza <span class=\"_ _0\"></span>nei relativi giudizi. Si tr<span class=\"_ _0\"></span>atta cio\u00e8 di pagam<span class=\"_ _2\"></span>enti eseguiti <span class=\"_ _2\"></span>unicamente <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>ragion<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dell'esecutoriet\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>dotati <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>atti <span class=\"_ _5\"></span>amministrativi <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>contengono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pretesa <span class=\"_ _2\"></span>fiscale <span class=\"_ _2\"></span>di riferimento, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>meno <span class=\"_ _3\"></span>neppure <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>impugnazione, che <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>efficacia <span class=\"_ _3\"></span>sospensiva, <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nulla <span class=\"_ _3\"></span>toglie o aggiunge <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>valutazioni <span class=\"_ _2\"></span>sull\u2019e<span class=\"_ _3\"></span><span class=\"ff1\">ffettivo <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>soccombenza, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _2\"></span>misurazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>operata <span class=\"_ _2\"></span>secondo <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>criterio <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>dallo </span>IAS 37 per le passivit\u00e0.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1005": {
   "value": "A.1.2. Distribuzione delle attivit\u00e0 finanziarie per portafogli di appartenenza e per qualit\u00e0 creditizia  (valori lordi e netti) \u2013 Escluse compagnie assicurative (milioni di euro) Portafogli/qualit\u00e0  ATTIVITA' DETERIORATE ATTIVITA' NON DETERIORATE TOTALE (esposizione netta) Esposizione lorda Rettifiche di valore complessive Esposizione netta Write-off parziali complessivi Esposizione lorda Rettifiche di valore complessive Esposizione netta 1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 10.729 -5.222 5.507 3.081 525.258 -2.687 522.571 528.078 2. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva 36 -36 - - 48.449 -81 48.368 48.368 3. Attivit\u00e0 finanziarie designate al fair value - - - - X X 1 1 4. Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value 45 -12 33 - X X 1.100 1.133 5. Attivit\u00e0 finanziarie in corso di dismissione 744 -386 358 1 10 - 10 368 Totale 31.12.2022 11.554 -5.656 5.898 3.082 573.717 -2.768 572.050 577.948 Totale 31.12.2021 19.944 -11.594 8.350 7.158 728.675 -2.606 727.277 735.627 (milioni di euro) Portafogli/qualit\u00e0 ATTIVIT\u00c0 DI EVIDENTE SCARSA QUALIT\u00c0 CREDITIZIA ALTRE ATTIVIT\u00c0 Minusvalenze cumulate Esposizione netta Esposizione netta 1. Attivit\u00e0 finanziarie detenute per la negoziazione -27 22 41.328 2. Derivati di copertura - - 10.062 Totale 31.12.2022 -27 22 51.390 Totale 31.12.2021 -26 34 48.047 A.1.2. Bis Distribuzione delle attivit\u00e0 finanziarie per portafogli di appartenenza e per qualit\u00e0 creditizia  (valori lordi e netti) \u2013 Compagnie assicurative  (milioni di euro) Portafogli / Qualit\u00e0 Attivit\u00e0 deteriorate Attivit\u00e0 non deteriorate Totale (esposizione netta) Esposizione lorda Rettifiche specifiche Esposizione netta Esposizione lorda Rettifiche di portafoglio Esposizione netta 1. Attivit\u00e0 finanziarie disponibili per la vendita - - - 71.084 - 71.084 71.084 2. Attivit\u00e0 finanziarie detenute sino alla scadenza - - - - - - - 3. Crediti verso banche - - - 40 - 40 40 4. Crediti verso clientela - - - 40 - 40 40 5. Attivit\u00e0 finanziarie valutate al fair value - - - X X 5.176 5.176 6. Attivit\u00e0 finanziarie in corso di dismissione - - - - - - - Totale 31.12.2022 - - - 71.164 - 76.340 76.340 Totale 31.12.2021 - - - 88.625 - 94.157 94.157 (milioni di euro) Portafogli / Qualit\u00e0 Attivit\u00e0 di evidente scarsa qualit\u00e0 creditizia Altre attivit\u00e0 Minusvalenze cumulate Esposizione netta Esposizione netta 1. Attivit\u00e0 finanziarie detenute per la negoziazione - - 759 2. Derivati di copertura - - 13 Totale 31.12.2022 - - 772 Totale 31.12.2021 - - 1.147 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1006": {
   "value": "A.3. Distribuzione delle esposizioni creditizie garantite per tipologia di garanzia A.3.1. Consolidato prudenziale - Esposizioni creditizie per cassa e fuori bilancio verso banche garantite (milioni di euro) Esposizione lorda Esposizione netta Garanzie reali  (*) Garanzie personali (*) (1) (2) Derivati su crediti Immobili - ipoteche Immobili - finanziamenti per leasing Titoli Altre garanzie reali CLN Altri derivati Controparti centrali 1. Esposizioni creditizie per cassa garantite: 6.437 6.433 - 5 5.559 172 - - 1.1. totalmente garantite  5.596 5.593 - 5 5.193 172 - - - di cui deteriorate 1 - - - - - - - 1.2. parzialmente garantite 841 840 - - 366 - - - - di cui deteriorate - - - - - - - - 2. Esposizioni creditizie \"fuori bilancio\" garantite: 26.510 26.510 - - 1.929 11.333 - - 2.1. totalmente garantite 4.925 4.925 - - 1.929 980 - - - di cui deteriorate - - - - - - - - 2.2. parzialmente garantite 21.585 21.585 - - - 10.353 - - - di cui deteriorate - - - - - - - - (*) Fair Value della garanzia o, qualora sia di difficile determinazione, valore contrattuale della stessa, quest'ultimo esposto - come previsto dalla normativa - sino a concorrenza del valore dell'esposizione netta. (milioni di euro) Garanzie personali (*) Totale (2) Derivati su crediti Crediti di firma Altri derivati Amministrazioni pubbliche Banche Altre societ\u00e0 finanziarie Altri soggetti (1)+(2) Banche Altre societ\u00e0 finanziarie Altri soggetti 1. Esposizioni creditizie per cassa garantite: - - - 228 23 - 66 6.053 1.1. totalmente garantite  - - - 8 3 - 66 5.447 - di cui deteriorate - - - - - - - - 1.2. parzialmente garantite - - - 220 20 - - 606 - di cui deteriorate - - - - - - - - 2. Esposizioni creditizie \"fuori bilancio\" garantite: - - - 7 76 - 70 13.415 2.1. totalmente garantite - - - 3 35 - 14 2.961 - di cui deteriorate - - - - - - - - 2.2. parzialmente garantite - - - 4 41 - 56 10.454 - di cui deteriorate - - - - - - - - (*) Fair Value della garanzia o, qualora sia di difficile determinazione, valore contrattuale della stessa, quest'ultimo esposto - come previsto dalla normativa - sino a concorrenza del valore dell'esposizione netta. A.3.2. Consolidato prudenziale - Esposizioni creditizie per cassa e fuori bilancio verso clientela garantite (milioni di euro) Esposizione lorda Esposizione netta Garanzie reali (*) Garanzie personali (*) (1) (2) Derivati su crediti Immobili - Ipoteche Immobili - finanziamenti per leasing Titoli Altre garanzie reali CLN Altri derivati Controparti centrali 1. Esposizioni creditizie per cassa garantite: 318.384 313.549 164.512 4.816 26.969 10.564 - - 1.1. totalmente garantite  252.621 248.860 161.898 4.626 26.238 8.118 - - - di cui deteriorate 6.201 3.838 2.517 268 45 104 - - 1.2. parzialmente garantite 65.763 64.689 2.614 190 731 2.446 - - - di cui deteriorate 1.476 737 170 65 9 22 - - 2. Esposizioni creditizie \u201cfuori bilancio\u201d garantite: 53.130 53.017 2.016 52 8.758 4.341 - - 2.1. totalmente garantite 39.452 39.376 1.390 10 8.288 2.115 - - - di cui deteriorate 327 295 36 - 6 12 - - 2.2. parzialmente garantite 13.678 13.641 626 42 470 2.226 - - - di cui deteriorate 159 136 23 - 1 27 - - (*) Fair Value della garanzia o, qualora sia di difficile determinazione, valore contrattuale della stessa, quest'ultimo esposto - come previsto dalla normativa - sino a concorrenza del valore dell'esposizione netta. (milioni di euro) Garanzie personali (*) Totale (2) Derivati su crediti Crediti di firma Altri derivati Amministrazioni pubbliche Banche Altre societ\u00e0 finanziarie Altri soggetti (1)+(2) Banche Altre societ\u00e0 finanziarie Altri soggetti 1. Esposizioni creditizie per cassa garantite: - - - 49.862 766 3.199 26.698 287.386 1.1. totalmente garantite  - - - 23.208 437 2.253 17.987 244.765 - di cui deteriorate - - - 360 5 29 439 3.767 1.2. parzialmente garantite - - - 26.654 329 946 8.711 42.621 - di cui deteriorate - - - 277 1 4 59 607 2. Esposizioni creditizie \u201cfuori bilancio\u201d garantite: - - - 2.477 92 1.787 25.015 44.538 2.1. totalmente garantite - - - 1.558 42 899 20.443 34.745 - di cui deteriorate - - - 30 - 1 161 246 2.2. parzialmente garantite - - - 919 50 888 4.572 9.793 - di cui deteriorate - - - 7 - - 31 89 (*) Fair Value della garanzia o, qualora sia di difficile determinazione, valore contrattuale della stessa, quest'ultimo esposto - come previsto dalla normativa - sino a concorrenza del valore dell'esposizione netta. A.4. Consolidato prudenziale \u2013 Attivit\u00e0 finanziarie e non finanziarie ottenute tramite l\u2019escussione delle garanzie ricevute (milioni di euro) Esposizione creditizia cancellata Valore lordo Rettifiche di valore complessive Valore di bilancio di cui ottenute nel corso dell'esercizio A. Attivit\u00e0 materiali  338 375 -70 305 15 A.1. Ad uso funzionale 1 1 - 1 - A.2. A scopo di investimento 134 123 -9 114 3 A.3. Rimanenze 203 251 -61 190 12 B. Titoli di capitale e titoli di debito 367 368 -176 192 - C. Altre attivit\u00e0 - - - - - D. Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione  5 6 -1 5 - D.1. Attivit\u00e0 materiali  5 6 -1 5 - D.2. Altre attivit\u00e0 - - - - - Totale 31.12.2022 710 749 -247 502 15 Totale 31.12.2021 735 775 -196 579 36 Per il Gruppo, i beni escussi (valore di bilancio) sono rappresentati principalmente da: \u2013  Attivit\u00e0 materiali ad uso funzionale: fabbricati (1 milione); \u2013  Attivit\u00e0 materiali a scopo di investimento: fabbricati (82 milioni); terreni (32 milioni); \u2013  Attivit\u00e0 materiali \u2013 Rimanenze: fabbricati (178 milioni), terreni (12 milioni);  \u2013  Titoli di capitale e titoli di debito: o  partecipazioni per 24 milioni di euro (prevalentemente riferiti alla partecipazione Risanamento); o  attivit\u00e0 finanziarie obbligatoriamente valutate al fair value per 118 milioni; o  attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva per 50 milioni. Si tratta di attivit\u00e0 finanziarie non precedentemente concesse dal debitore a garanzia di preesistenti finanziamenti erogati, ma acquisite nell\u2019ambito di accordi bilaterali con lo stesso, a seguito dei quali il Gruppo ha provveduto alla cancellazione dell\u2019esposizione creditizia; \u2013  Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione: fabbricati (4 milioni), altro (1 milione). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-976": {
   "value": "1.2. RISCHI DI MERCATO Come <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>ev<span class=\"_ _3\"></span>idenziato <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>Premessa, <span class=\"_ _4\"> </span>nel <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span><span class=\"ff4\">Sanpaolo <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>politiche <span class=\"_ _4\"> </span>relative <span class=\"_ _4\"> </span>all\u2019assunzione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>rischi </span>finanziari sono definite dagli Org<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ni Amministrativi del<span class=\"_ _0\"></span>la Capogruppo, i quali si avvalg<span class=\"_ _0\"></span>ono del supporto di specifici Comita<span class=\"_ _0\"></span>t<span class=\"_ _5\"></span>i, tra i <span class=\"_ _3\"></span>quali <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>segnalano <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Comitato <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Direzione, <span class=\"_ _3\"></span>presieduto <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>Cons<span class=\"_ _3\"></span>igliere <span class=\"_ _3\"></span>Delegato e <span class=\"_ _2\"></span>CEO <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>composto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>dirigenti <span class=\"_ _3\"></span>responsabili<span class=\"_ _35\"></span> delle principali fun<span class=\"_ _0\"></span>zioni aziendali, e il C<span class=\"_ _0\"></span>omitato Rischi Fina<span class=\"_ _0\"></span>nziari di Gruppo.<span class=\"_ _3\"></span> Al <span class=\"_ _3\"></span>Comitato<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Direzione, <span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ganismo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>ruolo <span class=\"_ _2\"></span>deliberativo, <span class=\"_ _3\"></span>informativo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>consultivo, <span class=\"_ _3\"></span>sono<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>attribuite, <span class=\"_ _2\"></span>tra<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>altre, <span class=\"_ _2\"></span>le funzioni  di  c<span class=\"_ _0\"></span>oadiuvare  il  C<span class=\"_ _0\"></span>onsigliere  Delegato <span class=\"_ _16\"> </span>e  CEO  nello <span class=\"_ _16\"> </span>svolgimento  delle  funzio<span class=\"_ _0\"></span>ni  che <span class=\"_ _16\"> </span>gli  competono,  rafforzare <span class=\"_ _16\"> </span>il coordinamento e i meccanismi di cooperazion<span class=\"_ _0\"></span>e tra le diverse aree di business, di governo e di controllo del Gruppo, nell\u2019ot<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>ica </span>di <span class=\"_ _3\"></span>condividere <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>scelte <span class=\"_ _3\"></span>aziendali, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>contribuire <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>assicurare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>coordinamento e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gest<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>integrata <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>schi <span class=\"_ _2\"></span>e la salvaguardia del v<span class=\"_ _0\"></span>alore aziendale a <span class=\"_ _0\"></span>livello di Gruppo, ivi <span class=\"_ _0\"></span>compreso il buon fu<span class=\"_ _0\"></span>nzionamento del sistema<span class=\"_ _0\"></span> dei controlli <span class=\"_ _2\"></span>interni. Al <span class=\"_ _1d\"> </span>Comitato  Rischi <span class=\"_ _1d\"> </span>Finanziari  di <span class=\"_ _1d\"> </span>Gruppo,  p<span class=\"_ _3\"></span>resieduto  dal <span class=\"_ _1d\"> </span>Chief <span class=\"_ _1d\"> </span>Risk <span class=\"_ _1d\"> </span>Officer  e <span class=\"_ _1d\"> </span>dal <span class=\"_ _1d\"> </span>Chief  Financial <span class=\"_ _1d\"> </span>Officer,  compete <span class=\"_ _1d\"> </span>la responsabilit\u00e0 di <span class=\"_ _3\"></span>definire le <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>guida <span class=\"_ _3\"></span>metodologiche e d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>misurazione dei rischi <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>l\u2019articolazion<span class=\"_ _0\"></span>e d<span class=\"_ _3\"></span>ei li<span class=\"_ _3\"></span>miti op<span class=\"_ _5\"></span><span class=\"ff1\">erativi <span class=\"_ _3\"></span>e </span>la  verifi<span class=\"_ _0\"></span>ca  del <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>rofilo <span class=\"_ _16\"> </span>di  risc<span class=\"_ _0\"></span>hio <span class=\"_ _16\"> </span>del  Gruppo <span class=\"_ _16\"> </span>e  de<span class=\"_ _0\"></span>lle  s<span class=\"_ _0\"></span>ue  princ<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>pali <span class=\"_ _16\"> </span>unit\u00e0  operative. <span class=\"_ _7\"> </span>I<span class=\"_ _3\"></span>l  C<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>mitato  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>linea, <span class=\"_ _16\"> </span>inoltre,  le <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>celte<span class=\"_ _5\"></span> strategiche relative alla<span class=\"_ _0\"></span> gestione del banking <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ook da sottopo<span class=\"_ _0\"></span>rre agli Organi com<span class=\"_ _0\"></span>petenti e fissa gli indi<span class=\"_ _0\"></span>rizzi in tema di ris<span class=\"_ _2\"></span>chio di liquidit\u00e0, <span class=\"_ _7\"> </span>tasso <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>cambio. <span class=\"_ _7\"> </span>Questo <span class=\"_ _7\"> </span>organismo <span class=\"_ _7\"> </span>opera <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>forza <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>deleghe <span class=\"_ _7\"> </span>operative <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>funzionali <span class=\"_ _4\"> </span>assegnate <span class=\"_ _7\"> </span>dagli <span class=\"_ _7\"> </span>Organi Statutari e sulla base d<span class=\"_ _0\"></span>ell\u2019azione di coord<span class=\"_ _0\"></span>inamento del Comit<span class=\"_ _0\"></span>ato di Direzione.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _18\"> </span>profilo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>rischio <span class=\"_ _18\"> </span>finanziario <span class=\"_ _18\"> </span>complessivo <span class=\"_ _17\"> </span>del <span class=\"_ _1c\"> </span>Gruppo <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>gli <span class=\"_ _18\"> </span>opportuni <span class=\"_ _18\"> </span>interventi <span class=\"_ _18\"> </span>volti <span class=\"_ _18\"> </span>a <span class=\"_ _18\"> </span>modificarlo <span class=\"_ _17\"> </span>sono <span class=\"_ _18\"> </span>esaminati periodicamente dal Comi<span class=\"_ _0\"></span>tato Rischi Fin<span class=\"_ _0\"></span>anziari di Gruppo. La <span class=\"_ _1d\"> </span>Direzione  Centrale <span class=\"_ _1d\"> </span>Market <span class=\"_ _1d\"> </span>and <span class=\"_ _1d\"> </span>Financial  Risk <span class=\"_ _1d\"> </span>Management  della <span class=\"_ _17\"> </span>Capogrupp<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>responsabil<span class=\"_ _0\"></span>e <span class=\"_ _1d\"> </span>dello <span class=\"_ _1d\"> </span>sviluppo  delle metodologie <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>monitoraggio <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>aziendali <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>proposte <span class=\"_ _4\"> </span>riguardanti <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>sistema <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>limiti operativi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo. <span class=\"_ _6\"></span>La <span class=\"_ _5\"></span>stessa <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>inol<span class=\"_ _3\"></span>tre <span class=\"_ _5\"></span>responsabile, <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>regime <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>outsourcing, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>misurazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>per quelle realt\u00e0 operativ<span class=\"_ _0\"></span>e con le quali sia stato stipula<span class=\"_ _0\"></span>to uno specifico c<span class=\"_ _0\"></span>ontratto di servizio. La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che segue <span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>idenzia le <span class=\"_ _3\"></span>voci <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>Stato <span class=\"_ _3\"></span>patrimoniale consolidato <span class=\"_ _3\"></span>che s<span class=\"_ _3\"></span>ono s<span class=\"_ _3\"></span>oggette a <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>mostrando le <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>la p<span class=\"_ _3\"></span>rincipale <span class=\"_ _3\"></span>metrica di <span class=\"_ _2\"></span>misurazione<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rappresentata dal <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _3\"></span>(il <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale viene <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>su <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>perimetro p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>ampio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>quello <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Modello <span class=\"_ _3\"></span>Interno <span class=\"_ _3\"></span>sui <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>trattazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>si <span class=\"_ _5\"></span>rimanda <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>paragrafo <span class=\"_ _2\"></span>successivo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quelle <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>quali <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>ri<span class=\"_ _2\"></span>schi <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>monitorati <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>altre <span class=\"_ _2\"></span>metriche. <span class=\"_ _5\"></span>Queste <span class=\"_ _2\"></span>ultime <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ono rappresentate princi<span class=\"_ _0\"></span>palmente dall\u2019analisi <span class=\"_ _0\"></span>di sensitivit\u00e0 ai differ<span class=\"_ _0\"></span>enti fattori di rischio <span class=\"_ _0\"></span>(tasso di interesse, cre<span class=\"_ _0\"></span>dit spread,<span class=\"_ _2\"></span><span class=\"ff1\"> ecc.). </span>(milioni di euro)<span class=\"_ _3\"></span> Attivit\u00e0/<span class=\"_ _0\"></span>passivit\u00e0 fi<span class=\"_ _0\"></span>nanziarie<span class=\"_ _0\"></span> VALORE D<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span> BILANCIO<span class=\"_ _0\"></span> (a perimet<span class=\"_ _0\"></span>ro di vigilan<span class=\"_ _0\"></span>za) PRINCIPA<span class=\"_ _0\"></span>LI METRI<span class=\"_ _0\"></span>CHE DI <span class=\"_ _0\"></span>MISURAZIO<span class=\"_ _35\"></span>N<span class=\"_ _3\"></span>E DEL R<span class=\"_ _0\"></span>ISCHIO Var<span class=\"ls0\"> </span>gestionale<span class=\"_ _0\"></span> Altre Fattori di ri<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>chio misura<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i  con le me<span class=\"_ _0\"></span>triche  ricompre<span class=\"_ _0\"></span>se  nella colonn<span class=\"_ _0\"></span>a Altre Attivit\u00e0 soggette <span class=\"_ _3\"></span>al rischio di merc<span class=\"_ _3\"></span>ato 645.478 93.608 551.870 Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>detenute per la n<span class=\"_ _3\"></span>egoziazione<span class=\"_ _3\"></span> 42.614 42.260 354<span class=\"ls0\"> </span>Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>designate al fair <span class=\"_ _3\"></span>value 1 1 - - Altre attivit\u00e0 finanziari<span class=\"_ _3\"></span>e obbligatori<span class=\"_ _3\"></span>amente valutate al fair value 5.706 176<span class=\"ls0\"> </span>5.530 Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> Attivit\u00e0 finanziarie <span class=\"_ _3\"></span>valutate al fair val<span class=\"_ _3\"></span>ue con impatto sulla redditivit\u00e0 com<span class=\"_ _3\"></span>plessiva (ifrs 7 <span class=\"_ _3\"></span>par. 8 lett. h))<span class=\"_ _3\"></span> 49.716 48.342 1.374 Rischio tasso, risc<span class=\"_ _3\"></span>hi di credito, equity<span class=\"_ _3\"></span> Crediti verso banc<span class=\"_ _3\"></span>he 32.887 - 32.887 Rischio tasso<span class=\"_ _3\"></span> Crediti verso clie<span class=\"_ _3\"></span>ntela 495.952 - 495.952 Rischio tasso<span class=\"_ _3\"></span> Derivati di copertu<span class=\"_ _3\"></span>ra 10.062 2.829 7.233 Rischio tasso<span class=\"_ _3\"></span> Partecipazioni 8.540 - 8.540 Equity Passivit\u00e0 soggette <span class=\"_ _3\"></span>al rischio di merc<span class=\"_ _3\"></span>ato<span class=\"_ _3\"></span> 731.920 55.340 676.580 Debiti verso banch<span class=\"_ _3\"></span>e 137.217 - 137.217 Rischio tasso<span class=\"_ _3\"></span> Debiti verso client<span class=\"_ _3\"></span>ela 456.640 - 456.640 Rischio tasso<span class=\"_ _3\"></span> Titoli in circolazio<span class=\"_ _3\"></span>ne 77.389 - 77.389 Rischio tasso<span class=\"_ _3\"></span> Passivita' finanziari<span class=\"_ _3\"></span>e di negoziazio<span class=\"_ _3\"></span>ne 46.533 46.462 71<span class=\"ls0\"> </span>Rischio tasso<span class=\"_ _3\"></span> Passivita' finanziari<span class=\"_ _3\"></span>e designate al fai<span class=\"_ _3\"></span>r value (ifrs 7 par. 8 lett. e)) 8.795 8.795 - - Derivati di copertu<span class=\"_ _3\"></span>ra 5.346 83<span class=\"ls0\"> </span>5.263 Rischio tasso<span class=\"_ _3\"></span> PORTAFOGLIO DI N<span class=\"_ _3\"></span>EGOZIAZIONE DI VIGILA<span class=\"_ _3\"></span>NZA<span class=\"_ _3\"></span> 1.2.1. RISCHIO DI TA<span class=\"_ _3\"></span>SSO DI INTE<span class=\"_ _3\"></span>RESSE E RI<span class=\"_ _3\"></span>SCHIO DI PR<span class=\"_ _3\"></span>EZZO Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> Aspetti Generali<span class=\"_ _3\"></span> I requisiti normativi del portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di negoziazione sono definiti a<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>l\u2019interno del Regolamento UE n<span class=\"_ _0\"></span>\u00b0 575/2013 (CRR <span class=\"_ _5\"></span><span class=\"ff1\">- Parte Tre, </span>Titolo <span class=\"_ _5\"></span>I, <span class=\"_ _6\"></span>Capo <span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>rispettivame<span class=\"_ _0\"></span>nte <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>articoli <span class=\"_ _5\"></span>102, <span class=\"_ _6\"></span>103<span class=\"_ _3\"></span><span class=\"ff4\">, <span class=\"_ _6\"></span>104). <span class=\"_ _6\"></span>Difatti <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ombinato <span class=\"_ _5\"></span>disposto <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>tali <span class=\"_ _5\"></span>articoli <span class=\"_ _6\"></span>delinea <span class=\"_ _5\"></span>l\u2019insieme <span class=\"_ _5\"></span>dei </span>requisiti  mi<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>imi <span class=\"_ _16\"> </span>necessari <span class=\"_ _16\"> </span>all\u2019identificazione <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>strategie  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>trading,  alla <span class=\"_ _16\"> </span>misurazione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>controllo  dei <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>esse<span class=\"_ _5\"></span><span class=\"ff1\"> </span>connessi.  Il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rece<span class=\"_ _3\"></span>pire <span class=\"_ _5\"></span>quanto <span class=\"_ _2\"></span>dettato <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>riferimento, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>dotato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span>terna che individua il tra<span class=\"_ _0\"></span>ding book sulla base:  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della valutazio<span class=\"_ _0\"></span>ne al Fair Value Thr<span class=\"_ _0\"></span>ough Profit and Loss d<span class=\"_ _0\"></span>egli strumenti detenuti <span class=\"_ _0\"></span>per la negoziazio<span class=\"_ _0\"></span>ne: <span class=\"_ _2\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>delle strategie definite; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dei risk taking cent<span class=\"_ _0\"></span>re identificati; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del <span class=\"_ _6\"></span>monitoraggio, <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>limitazione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>definiti <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>quanto <span class=\"_ _6\"></span>previsto <span class=\"_ _4\"></span>dalla <span class=\"_ _5\"></span>normativa </span>interna in termini di ma<span class=\"_ _0\"></span>rket risk. In <span class=\"_ _5\"></span>par<span class=\"_ _3\"></span>ticolare, <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>asset <span class=\"_ _6\"></span>classificati <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>trading <span class=\"_ _6\"></span>bo<span class=\"_ _3\"></span>ok <span class=\"_ _6\"></span>regolamentare <span class=\"_ _5\"></span>coincidono <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>alvo <span class=\"_ _5\"></span>specifiche <span class=\"_ _6\"></span>eccezioni <span class=\"_ _6\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 finanziarie <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>negoziazione <span class=\"_ _6\"></span>(Circolare <span class=\"_ _5\"></span>n. <span class=\"_ _6\"></span>262 <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>d\u02bcItalia). <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>associazione <span class=\"_ _6\"></span>deriva <span class=\"_ _5\"></span>dall\u2019insieme <span class=\"_ _5\"></span>delle<span class=\"_ _5\"></span><span class=\"ff1\"> </span>strategie, d<span class=\"_ _3\"></span>ei p<span class=\"_ _3\"></span>oteri, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>limiti e <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>i controlli <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>limentano e <span class=\"_ _2\"></span>garantiscon<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>contiguit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>coerenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>contabili e prudenziali. Nell\u2019ambito <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>rischi <span class=\"_ _3\"></span>connessi <span class=\"_ _2\"></span>all\u2019attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trading, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>derivano <span class=\"_ _2\"></span>dall\u2019effetto <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iazio<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>nelle </span>variabili <span class=\"_ _23\"> </span>di <span class=\"_ _23\"> </span>mercato <span class=\"_ _23\"> </span>possa<span class=\"ff4\">no <span class=\"_ _23\"> </span>generare <span class=\"_ _23\"> </span>sulle <span class=\"_ _23\"> </span>diverse <span class=\"_ _23\"> </span>poste <span class=\"_ _23\"> </span>patrimoniali <span class=\"_ _20\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _23\"> </span>Gruppo, <span class=\"_ _23\"> </span>quest\u2019ultimi <span class=\"_ _20\"> </span>sono <span class=\"_ _29\"> </span>qua<span class=\"_ _0\"></span>ntificati </span>gestionalmente <span class=\"_ _7\"> </span>attraverso <span class=\"_ _7\"> </span>analisi <span class=\"_ _16\"> </span>giornali<span class=\"_ _0\"></span>ere <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>periodo <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>l\u2019obiettivo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>determinare <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>vulnerabilit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _7\"> </span>di<span class=\"_ _5\"></span><span class=\"ff1\"> </span>negoziazione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo. <span class=\"_ _6\"></span>D<span class=\"ff4\">i <span class=\"_ _6\"> </span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>isponibile <span class=\"_ _5\"></span>l\u2019elenco <span class=\"_ _6\"> </span>dei <span class=\"_ _6\"> </span>principali <span class=\"_ _6\"></span>risk <span class=\"_ _6\"> </span>factors <span class=\"_ _6\"></span>a <span class=\"_ _6\"> </span>cui <span class=\"_ _6\"> </span>il <span class=\"_ _6\"> </span>portafoglio <span class=\"_ _6\"></span>di </span>negoziazione del Gr<span class=\"_ _0\"></span>uppo \u00e8 esposto: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>tassi di interesse; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>titoli azionari e<span class=\"_ _0\"></span> indici; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>fondi di investim<span class=\"_ _0\"></span>ento; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>tassi di cambio; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>volatilit\u00e0 implicit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>spread dei credit def<span class=\"_ _0\"></span>ault swap (CDS); </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>spread delle emi<span class=\"_ _0\"></span>ssioni obbligazionari<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>strumenti di corr<span class=\"_ _0\"></span>elazione; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>dividend derivati<span class=\"_ _0\"></span>ves; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>asset backed se<span class=\"_ _0\"></span>curities (ABS); </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>merci. </span>Per ta<span class=\"_ _3\"></span>luni dei <span class=\"_ _3\"></span>fattori di <span class=\"_ _3\"></span>rischio sopra c<span class=\"_ _3\"></span>itati e <span class=\"_ _3\"></span>inclusi nelle <span class=\"_ _3\"></span>rilevazioni di <span class=\"_ _3\"></span>VaR <span class=\"_ _5\"></span>(Value at <span class=\"_ _3\"></span>Risk) <span class=\"_ _3\"></span><span class=\"ff4\">gestionale, l\u2019Autorit\u00e0 d<span class=\"_ _3\"></span>i Vigilanza <span class=\"_ _3\"></span>ha </span>validato <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>terni p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>segnalazione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>assorbimenti <span class=\"_ _3\"></span>patrimoniali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>nell<span class=\"_ _5\"></span><span class=\"ff4\">\u2019ambito <span class=\"_ _3\"></span>dei </span>rischi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato, <span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>profili <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>validati <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono: <span class=\"_ _5\"></span>(i) <span class=\"_ _6\"></span>generico/specifico <span class=\"_ _5\"></span>su <span class=\"_ _6\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>su <span class=\"_ _5\"></span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>capitale; <span class=\"_ _6\"></span>(i<span class=\"_ _6\"></span>i) <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di posizione su quote di OICR<span class=\"_ _0\"></span> con liquidit\u00e0 gi<span class=\"_ _0\"></span>ornaliera; (iii) rischio <span class=\"_ _0\"></span>di posizione in merc<span class=\"_ _0\"></span>i.<span class=\"_ _3\"></span> Processi di gestion<span class=\"_ _3\"></span>e e metodi di misur<span class=\"_ _3\"></span>azione del r<span class=\"_ _3\"></span>ischio<span class=\"_ _3\"></span> L\u2019allocazione <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>l\u2019operativit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>trading <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>issata <span class=\"_ _5\"></span>dal <span class=\"_ _4\"> </span>Consiglio <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>Amminist<span class=\"_ _0\"></span>razione <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>Capogruppo, <span class=\"_ _6\"></span>mediante l\u2019attribuzione di limiti <span class=\"_ _0\"></span>operativi in termini d<span class=\"_ _0\"></span>i VaR alle varie unit<span class=\"_ _0\"></span>\u00e0 del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La s<span class=\"_ _3\"></span>truttura dei <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>riflette il <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ivello di <span class=\"_ _3\"></span>rischiosit\u00e0 ritenuto <span class=\"_ _3\"></span>accettabile con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>alle singole <span class=\"_ _3\"></span>aree <span class=\"_ _3\"></span>di b<span class=\"_ _3\"></span>usiness in <span class=\"_ _6\"></span>coerenza con <span class=\"_ _16\"> </span>gli <span class=\"_ _7\"> </span>orientamenti <span class=\"_ _16\"> </span>gestionali <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>strategici <span class=\"_ _7\"> </span>definiti <span class=\"_ _16\"> </span>dai <span class=\"_ _7\"> </span>vertici <span class=\"_ _16\"> </span>aziendali. <span class=\"_ _7\"> </span>L\u2019attribuzione <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>dei  lim<span class=\"_ _35\"></span>iti<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>v<span class=\"_ _5\"></span><span class=\"ff1\">ari  l<span class=\"_ _0\"></span>ivelli<span class=\"_ _0\"></span> </span>gerarchici <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omporta <span class=\"_ _2\"></span>l\u2019assegnazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>poteri <span class=\"_ _2\"></span>delegati <span class=\"_ _2\"></span>ai<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ifferenti <span class=\"_ _3\"></span>responsabili <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>aree <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>business, <span class=\"_ _2\"></span>volti <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>raggiungime<span class=\"_ _2\"></span><span class=\"ff1\">nto </span>del <span class=\"_ _3\"></span>migliore trade-off tra u<span class=\"_ _3\"></span>n ambiente d<span class=\"_ _3\"></span>i rischio <span class=\"_ _3\"></span>controllato e le <span class=\"_ _3\"></span>esigenze di <span class=\"_ _3\"></span>flessibilit\u00e0 operativa. Il concreto <span class=\"_ _5\"></span>funzionamento del sistema dei limiti e d<span class=\"_ _0\"></span>ei poteri delegati si f<span class=\"_ _0\"></span>onda sui seguenti con<span class=\"_ _35\"></span>cet<span class=\"_ _3\"></span>ti: base di ge<span class=\"_ _0\"></span>rarchia e interazi<span class=\"_ _0\"></span>one.<span class=\"_ _2\"></span> L\u2019applicazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>incipi <span class=\"_ _3\"></span>ha <span class=\"_ _5\"></span>condotto <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>definizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>struttura <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>li<span class=\"_ _3\"></span>miti <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>quale <span class=\"_ _2\"></span>assume <span class=\"_ _2\"></span>particolare <span class=\"_ _2\"></span>rileva<span class=\"_ _5\"></span><span class=\"ff1\">nza <span class=\"_ _5\"></span>la </span>distinzione tra limiti <span class=\"_ _0\"></span>di primo livello e limiti d<span class=\"_ _0\"></span>i secondo livello: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">limiti <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>primo <span class=\"_ _5\"></span>livello <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>VaR)</span>: <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>mite <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>quelli <span class=\"_ _6\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>C&amp;IB <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Direzione </span>Tesoreria e Finanza di Gruppo sono inclusi<span class=\"_ _0\"></span> nel Risk Appetite Framew<span class=\"_ _3\"></span>ork (RAF) di Gruppo. Contestualmente sono<span class=\"_ _0\"></span> definiti dal <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>operativi <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VaR per<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>che detengono <span class=\"_ _3\"></span>portafogli <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>negoziazione <span class=\"_ _3\"></span>minori <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>cui <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischiosit\u00e0 \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>marginale. <span class=\"_ _2\"></span>Tali <span class=\"_ _3\"></span>lim<span class=\"_ _2\"></span>iti <span class=\"_ _2\"></span>vengono, <span class=\"_ _3\"></span>successivamente <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>loro approvazione, <span class=\"_ _5\"></span>declinati <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>desk <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>singole <span class=\"_ _5\"></span>legal <span class=\"_ _5\"></span>entity, <span class=\"_ _5\"></span>sentite <span class=\"_ _5\"></span>anche <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>proposte <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Business <span class=\"_ _5\"></span>Unit. <span class=\"_ _5\"></span>L\u2019andamento dell\u2019assorbimento <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>tali <span class=\"_ _6\"></span>limiti <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _6\"> </span>relativa <span class=\"_ _6\"> </span>analisi <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>congruit\u00e0 <span class=\"_ _5\"></span>sono <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>periodica <span class=\"_ _6\"></span>ana<span class=\"_ _2\"></span><span class=\"ff1\">lisi <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Comitato </span>Rischi Finanziari di Gr<span class=\"_ _0\"></span>uppo e del Consiglio<span class=\"_ _0\"></span> di Amministrazione n<span class=\"_ _0\"></span>ell\u2019ambito del Tabl<span class=\"_ _0\"></span>eau de Bord dei risc<span class=\"_ _0\"></span>hi di Gruppo;<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">limiti di s<span class=\"_ _3\"></span>econdo livello</span> <span class=\"_ _3\"></span>(<span class=\"ff5\">sensitivity e greche<span class=\"ff4\">): <span class=\"_ _3\"></span>hanno l\u2019obiettivo di <span class=\"_ _3\"></span>controllare l\u2019operativit\u00e0 dei <span class=\"_ _2\"></span></span></span>differenti desk sulla <span class=\"_ _3\"></span>base </span>di <span class=\"_ _3\"></span>misure differenziate in <span class=\"_ _3\"></span>funzione della specificit\u00e0 <span class=\"_ _3\"></span>degli strumenti <span class=\"_ _3\"></span>trattati e <span class=\"_ _3\"></span>delle strategie operative, <span class=\"_ _3\"></span>quali le <span class=\"_ _3\"></span>sensitiv<span class=\"_ _2\"></span>ity, <span class=\"_ _3\"></span>le greche e le esposizi<span class=\"_ _0\"></span>oni equivalenti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff5\">altri <span class=\"_ _1d\"> </span>li<span class=\"_ _3\"></span>miti <span class=\"_ _1d\"> </span>rilevanti<span class=\"ff4\">: <span class=\"_ _17\"> </span>hanno <span class=\"_ _1d\"> </span>l\u2019obiettivo <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>residiare <span class=\"_ _1d\"> </span>par<span class=\"_ _3\"></span></span></span>ticolare <span class=\"_ _1d\"> </span>operativit\u00e0 <span class=\"_ _1d\"> </span>(a <span class=\"_ _1d\"> </span>ti<span class=\"_ _3\"></span>tolo <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>esempio: <span class=\"_ _1d\"> </span>limiti <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>massima </span>esposizione negativa d<span class=\"_ _0\"></span>ella riserva di v<span class=\"_ _0\"></span>alutazione, limiti di p<span class=\"_ _0\"></span>lafond per oper<span class=\"_ _0\"></span>ativit\u00e0 a rischio emitte<span class=\"_ _0\"></span>nte).<span class=\"_ _2\"></span> Taluni <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>suddetti <span class=\"_ _5\"></span>limiti <span class=\"_ _5\"></span>possono <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>attratti <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>RAF. <span class=\"_ _5\"></span>Si <span class=\"_ _5\"></span>rimanda <span class=\"_ _5\"></span>altr<span class=\"_ _2\"></span>es\u00ec <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>aragrafo <span class=\"_ _2\"></span>\u00abIl <span class=\"_ _5\"></span>sistema <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controll<span class=\"_ _0\"></span>o interno\u00bb per una pi\u00f9 <span class=\"_ _0\"></span>dettagliata rapprese<span class=\"_ _0\"></span>ntazione del framew<span class=\"_ _0\"></span>ork dei rischi.<span class=\"_ _3\"></span> Si <span class=\"_ _6\"></span>rileva <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Capogruppo <span class=\"_ _6\"></span>rappresenta <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>quota <span class=\"_ _6\"></span>prevalente <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>mentre <span class=\"_ _5\"></span>alcune <span class=\"_ _6\"></span>altre <span class=\"_ _6\"></span>societ\u00e0<span class=\"_ _0\"></span> controllate <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>detengono <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>negoziazione <span class=\"_ _6\"></span>minori <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischiosit\u00e0 <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>marginale <span class=\"_ _6\"></span>(<span class=\"_ _2\"></span><span class=\"ff4\">inferiore <span class=\"_ _6\"></span>all\u20191% <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei </span>rischi <span class=\"_ _4\"> </span>gestionali <span class=\"_ _4\"> </span>complessivi <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo<span class=\"_ _3\"></span>): <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>particolare, <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>fattori <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>portafogli <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>egoziazione <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>partecipate estere sono titoli governati<span class=\"_ _0\"></span>vi locali, posizioni <span class=\"_ _0\"></span>su tassi di interess<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> e tassi di cambio ri<span class=\"_ _0\"></span>feriti a pay<span class=\"_ _3\"></span>-off di natura lineare. Di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>vi<span class=\"_ _3\"></span>ene <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>maggiore <span class=\"_ _5\"></span>rappresentazione <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>metriche <span class=\"_ _5\"></span>market <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>isk <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _5\"></span>nella <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _2\"></span>dei limiti:  VaR gestionale Definizione: <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Value <span class=\"_ _7\"> </span>at <span class=\"_ _7\"> </span>Risk <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>una <span class=\"_ _7\"> </span>stima <span class=\"_ _16\"> </span>monetaria<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>rischio <span class=\"_ _7\"> </span>basata <span class=\"_ _7\"> </span>su <span class=\"_ _7\"> </span>tecniche <span class=\"_ _7\"> </span>statistiche <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>grado <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>sintetizzare <span class=\"_ _7\"> </span>la massima perdita probabile, con un certo livello di confidenza, che una posizione finanziaria o un portafoglio possono subi<span class=\"_ _5\"></span>re in un <span class=\"_ _7\"> </span>determinato <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>tempo <span class=\"_ _7\"> </span>(c.d. <span class=\"_ _7\"> </span>Holding <span class=\"_ _16\"> </span>Period) <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>fronte <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>variazioni <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>fattori <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>sottostanti <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>modelli <span class=\"_ _7\"> </span>di valutazione causate <span class=\"_ _0\"></span>da dinamiche di me<span class=\"_ _0\"></span>rcato. Metodo: <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>modelli <span class=\"_ _3\"></span>matematici e <span class=\"_ _3\"></span>statistici <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>permettono di <span class=\"_ _3\"></span>calcolare <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>VaR pos<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono essere <span class=\"_ _3\"></span>suddivisi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>macro-categorie: approcci <span class=\"_ _4\"> </span>parametrici <span class=\"_ _7\"> </span>(varianza/covarianza) <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>pprocci <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>asano <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>tecniche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>simulazione, <span class=\"_ _4\"> </span>quale <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>siste<span class=\"_ _3\"></span>ma <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>uso presso Intesa Sanpaol<span class=\"_ _0\"></span>o. L\u2019approccio utilizz<span class=\"_ _0\"></span>ato in Intesa Sanpaolo <span class=\"_ _0\"></span>si caratterizza per:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>modello di simul<span class=\"_ _0\"></span>azione storica tramite <span class=\"_ _0\"></span>piattaforma Mark to F<span class=\"_ _0\"></span>uture;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>intervallo di confi<span class=\"_ _0\"></span>denza pari al 9<span class=\"_ _0\"></span>9\u00b0 percentile; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>periodo di smobiliz<span class=\"_ _0\"></span>zo considerato pa<span class=\"_ _0\"></span>ri a 1 giorno; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>full revaluation d<span class=\"_ _0\"></span>elle posizioni in es<span class=\"_ _0\"></span>sere. </span>Gli <span class=\"_ _3\"></span>scenari di s<span class=\"_ _3\"></span>imulazione storica sono <span class=\"_ _3\"></span>calcolat<span class=\"_ _3\"></span>i i<span class=\"_ _3\"></span>nternamente su serie <span class=\"_ _3\"></span>storiche dei <span class=\"_ _3\"></span>fattori d<span class=\"_ _3\"></span>i rischio <span class=\"_ _3\"></span>di 1 <span class=\"_ _3\"></span>anno <span class=\"_ _3\"></span>(250 rilevazioni). Ai <span class=\"_ _1c\"> </span>fin<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>ge<span class=\"_ _0\"></span>stionali <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>ciascuno<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>s<span class=\"_ _3\"></span>cenario <span class=\"_ _1c\"> </span>viene <span class=\"_ _20\"> </span>assegnata <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>probabilit\u00e0 <span class=\"_ _1c\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _20\"> </span>realiz<span class=\"_ _0\"></span>zo <span class=\"_ _1c\"> </span>non <span class=\"_ _20\"> </span>uguale <span class=\"_ _1c\"> </span>ma <span class=\"_ _20\"> </span>che <span class=\"_ _1c\"> </span>decresce esponenzialmente <span class=\"_ _17\"> </span>in <span class=\"_ _18\"> </span>funzione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>tempo, <span class=\"_ _17\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>fine <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>privilegia<span class=\"_ _3\"></span>re <span class=\"_ _18\"> </span>il <span class=\"_ _18\"> </span>contenuto <span class=\"_ _17\"> </span>informativo <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>dati <span class=\"_ _18\"> </span>pi\u00f9 <span class=\"_ _18\"> </span>recenti. <span class=\"_ _17\"> </span>Ai <span class=\"_ _18\"> </span>fini regolamentari, per il <span class=\"_ _0\"></span>calcolo del requisito<span class=\"_ _0\"></span> di capitale, gli scen<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri sono equipesati.<span class=\"_ _3\"></span> Si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>primo <span class=\"_ _3\"></span>trimestre <span class=\"_ _3\"></span>2022, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Consiglio di <span class=\"_ _2\"></span>Amministrazione,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>occasione <span class=\"_ _3\"></span>dell\u2019ordinario a<span class=\"_ _3\"></span>ggiornamen<span class=\"_ _2\"></span><span class=\"ff1\">to <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> </span>framework <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>rischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>(nell\u2019ambito <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Appetite <span class=\"_ _4\"> </span>Framework <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>2022), <span class=\"_ _7\"> </span>ha <span class=\"_ _4\"> </span>confermato <span class=\"_ _7\"> </span>la definizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>limite <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>riferito <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>rading, <span class=\"_ _2\"></span>all\u2019interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>limite <span class=\"_ _5\"></span>complessivament<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>riferito <span class=\"_ _2\"></span>al<span class=\"_ _6\"></span><span class=\"ff1\">le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di<span class=\"_ _0\"></span> </span>trading e al business<span class=\"_ _0\"></span> model Hold To Col<span class=\"_ _0\"></span>lect and Sell (HTCS). Sensitivity e grech<span class=\"_ _0\"></span>e Definizione: la <span class=\"_ _3\"></span>sensitivity misura <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio riconducibile alla v<span class=\"_ _3\"></span>ariazione del <span class=\"_ _3\"></span>valore teorico <span class=\"_ _3\"></span>di una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>finanziaria al <span class=\"_ _3\"></span>mutar<span class=\"_ _35\"></span>e di una quantit\u00e0 defini<span class=\"_ _0\"></span>ta dei fattori di rischio ad <span class=\"_ _0\"></span>essa connessi. Sint<span class=\"_ _0\"></span>etizza quindi: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019ampiezza e la d<span class=\"_ _0\"></span>irezione della vari<span class=\"_ _0\"></span>azione sotto forma di m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ltiplicatori o di v<span class=\"_ _0\"></span>ariazioni monetarie <span class=\"_ _0\"></span>del valore teorico;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">senza assunzioni e<span class=\"_ _0\"></span>splicite sull\u2019orizzo<span class=\"_ _0\"></span>nte temporale;<span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>senza assunzioni e<span class=\"_ _0\"></span>splicite di correlazione tra i f<span class=\"_ _0\"></span>attori di rischio. </span>Metodo<span class=\"ff4\">: l\u2019indicatore di <span class=\"_ _0\"></span>sensitivity pu\u00f2 essere <span class=\"_ _0\"></span>costruito impiegand<span class=\"_ _0\"></span>o le seguenti tecni<span class=\"_ _0\"></span>che:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>calcolo delle d<span class=\"_ _0\"></span>erivate prime e seconde <span class=\"_ _0\"></span>delle formule di valu<span class=\"_ _0\"></span>tazione; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>calcolo <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>iniziale <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ttenuto <span class=\"_ _2\"></span>applicando <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>unidirezionali <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>indipendenti <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di </span>rischio (delta, gamma, <span class=\"_ _0\"></span>vega, CR01, PV01). Le <span class=\"_ _6\"></span>misure <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sensitivit\u00e0 <span class=\"_ _6\"></span>consentono <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rendere <span class=\"_ _4\"></span>pi\u00f9 <span class=\"_ _5\"></span>accurata <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>profilatura <span class=\"_ _5\"></span>dei <span class=\"_ _4\"></span>rischi, <span class=\"_ _6\"></span>soprattutt<span class=\"_ _0\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>presenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mponent<span class=\"_ _0\"></span>i opzionali. <span class=\"_ _7\"> </span>Esse <span class=\"_ _16\"> </span>misurano <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _7\"> </span>riconducibile <span class=\"_ _7\"> </span>alla <span class=\"_ _7\"> </span>variazione <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _7\"> </span>posizione <span class=\"_ _7\"> </span>finanziaria <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>mutare <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>una quantit\u00e0 predefinita d<span class=\"_ _0\"></span>ei parametri di valut<span class=\"_ _0\"></span>azione quali, ad esem<span class=\"_ _0\"></span>pio, ipotesi di rialz<span class=\"_ _0\"></span>o dei tassi di int<span class=\"_ _0\"></span>eresse di un punto b<span class=\"_ _0\"></span>as<span class=\"_ _5\"></span><span class=\"ls10\">e.</span><span class=\"fs9\"> </span>Misure di livello Definizione: <span class=\"_ _4\"> </span>Le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>ivello, <span class=\"_ _6\"></span>uti<span class=\"_ _3\"></span>lizzate <span class=\"_ _6\"></span>anche <span class=\"_ _7\"> </span>sotto <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>ratio, <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ndicatori <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>supporto <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>metriche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>rischio sintetiche <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>fondano <span class=\"_ _3\"></span>sull\u2019assunzione che <span class=\"_ _2\"></span>esista <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>lazione d<span class=\"_ _3\"></span>iretta <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>l\u2019entit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanz<span class=\"_ _2\"></span><span class=\"ff1\">iaria <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>profilo <span class=\"_ _3\"></span>di </span>rischio. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>particolare, <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>misure <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>livello <span class=\"_ _5\"></span>permettono <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>monitorare <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>natura <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>esposizioni <span class=\"_ _5\"></span>verso <span class=\"_ _5\"></span>determinati <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>mittent<span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>o gruppi economici. I <span class=\"_ _6\"></span>principali <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>rappresentativi <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>misure <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>livello <span class=\"_ _5\"></span>sono <span class=\"_ _4\"></span>la <span class=\"_ _5\"></span>posizione <span class=\"_ _6\"></span>nominale<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>(o <span class=\"_ _6\"></span>equivalente) <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>metriche <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>durata media; <span class=\"_ _4\"> </span>fanno <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>indicatori <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>livello <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>misure <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Ma<span class=\"_ _3\"></span>ssima <span class=\"_ _4\"> </span>Esposizione <span class=\"_ _4\"></span>Negativa<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Riserva <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Valutazion<span class=\"_ _35\"></span>e caratterizzanti il busi<span class=\"_ _0\"></span>ness Model HTCS<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Metodo: la determinazio<span class=\"_ _0\"></span>ne della posizione n<span class=\"_ _0\"></span>ominale (o <span class=\"ff4\">equivalente) avviene attraver<span class=\"_ _0\"></span>so l\u2019individuazione:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del valore nozional<span class=\"_ _0\"></span>e; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>del valore di mer<span class=\"_ _0\"></span>cato; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della  conversione  della <span class=\"_ _1d\"> </span>posizione  di <span class=\"_ _1d\"> </span>uno  o <span class=\"_ _1d\"> </span>pi\u00f9 <span class=\"_ _1d\"> </span>strumenti  a <span class=\"_ _1d\"> </span>quella  di <span class=\"_ _1d\"> </span>uno  considerato  benchmark <span class=\"_ _1d\"> </span>(c.d.  posizione<span class=\"_ _0\"></span> </span>equivalente); \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>della FX Exposure<span class=\"_ _0\"></span>. </span>Nella <span class=\"_ _7\"> </span>determinazione <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>posizione <span class=\"_ _16\"> </span>equivalente <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>definito <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>differenti <span class=\"_ _16\"> </span>attivit\u00e0, <span class=\"_ _7\"> </span>convertite <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>una posizione aggregata ch<span class=\"_ _0\"></span>e sia \u201cequivale<span class=\"_ _0\"></span>nte\u201d in termini di sen<span class=\"_ _0\"></span>sibilit\u00e0 alla variazione d<span class=\"_ _0\"></span>ei fattori di risc<span class=\"_ _0\"></span>hio indagati.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>In <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>l\u2019approcc<span class=\"ff1\">io <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>caratterizzato <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esteso <span class=\"_ _3\"></span>ricorso <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>plafond <span class=\"_ _2\"></span>in termini <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>MtM, <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>rappresentativi <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> </span>valore degli asset iscrit<span class=\"_ _0\"></span>ti a bilancio. Stress test Definizione: le prove di stress sono e<span class=\"_ _3\"></span>ffettuate periodicamente al fine di evidenziare e monitorare la p<span class=\"_ _2\"></span>otenziale vulnerabilit\u00e0 dei portafogli di trading a<span class=\"_ _0\"></span>l verificarsi di eve<span class=\"_ _0\"></span>nti estremi oltre che ra<span class=\"_ _0\"></span>ri, non pienamente colt<span class=\"_ _0\"></span>i dai modelli di V<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>R.<span class=\"_ _2\"></span> Metodo: <span class=\"_ _17\"> </span>Gli <span class=\"_ _1d\"> </span>stress <span class=\"_ _1d\"> </span>test <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>ambito <span class=\"_ _17\"> </span>gestionale <span class=\"_ _1d\"> </span>vengono <span class=\"_ _1d\"> </span>applicati <span class=\"_ _1d\"> </span>periodicamente <span class=\"_ _1d\"> </span>alle <span class=\"_ _1d\"> </span>esposizioni <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>rischio <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>mercato,<span class=\"_ _2\"></span> tipicamente adottando: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensitivity, che <span class=\"_ _2\"></span>misura l\u2019i<span class=\"_ _3\"></span>mpatto potenziale <span class=\"_ _3\"></span>sulle <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>metriche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>variazione d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span></span><span class=\"lsc\">un </span></span>unico fattore di rischi<span class=\"_ _0\"></span>o o di semplici fattori mu<span class=\"_ _0\"></span>ltirischio; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">analisi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>scenario, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>l\u2019impatto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span></span>otenziale <span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _3\"></span>metriche <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>certo <span class=\"_ _3\"></span>scenario <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>considera </span>pi\u00f9 fattori di rischio. Nell\u2019ambito dello Str<span class=\"_ _0\"></span>ess Testing Programme <span class=\"_ _0\"></span>di Gruppo sono pre<span class=\"_ _0\"></span>visti i seguenti esercizi<span class=\"_ _0\"></span> di stress:<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio <span class=\"_ _2\"></span>multirischio, <span class=\"_ _2\"></span>basato <span class=\"_ _5\"></span><span class=\"ff4\">sull\u2019analisi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>scenario, <span class=\"_ _2\"></span>consente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutare <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ottica <span class=\"_ _5\"></span>forward<span class=\"_ _3\"></span></span>-looking <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _5\"></span>simultanei<span class=\"_ _35\"></span> </span>sul <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>molteplici <span class=\"_ _5\"></span>fattori <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rischio, <span class=\"_ _5\"></span>tenendo <span class=\"_ _2\"></span>conto <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>interrelazioni <span class=\"_ _5\"></span>fra <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _5\"></span>ed <span class=\"_ _5\"></span>eventualmente <span class=\"_ _2\"></span>della capacit\u00e0 di reazione <span class=\"_ _0\"></span>del Top Management; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio multirischio re<span class=\"_ _3\"></span>golamentare, disposto e<span class=\"_ _3\"></span> coordinato <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>supervisor/regulator che ne<span class=\"_ _3\"></span> definisce <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>ipotesi generali <span class=\"_ _3\"></span>e </span>gli <span class=\"_ _3\"></span>scenari, <span class=\"_ _3\"></span>richiede l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>full <span class=\"_ _3\"></span>revaluation degli <span class=\"_ _3\"></span>impatti, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>conseguente <span class=\"_ _3\"></span>necessit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>contribuzioni <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>struttu<span class=\"_ _5\"></span><span class=\"ls20\">re</span> specialistiche delle Are<span class=\"_ _0\"></span>e di Governo Chi<span class=\"_ _0\"></span>ef Risk Officer e Chief<span class=\"_ _0\"></span> Financial Officer; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>esercizio <span class=\"_ _4\"> </span>situazionale, <span class=\"_ _7\"> </span>disposto <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Top <span class=\"_ _7\"> </span>Management <span class=\"_ _4\"> </span>o <span class=\"_ _16\"> </span>dal <span class=\"_ _4\"> </span>supervisor/regulator <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valutare <span class=\"_ _4\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>ottica <span class=\"_ _7\"> </span>forward<span class=\"_ _5\"></span>-<span class=\"_ _90\"> </span></span>looking l\u2019impatto di e<span class=\"_ _0\"></span>venti particolari (r<span class=\"_ _0\"></span>elativi al co<span class=\"_ _3\"></span><span class=\"ff1\">ntesto geo-politic<span class=\"_ _0\"></span>o, finanziario, eco<span class=\"_ _0\"></span>nomico, competitivo, ecc.); </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">esercizio <span class=\"_ _3\"></span>monorischio <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>specifico, <span class=\"_ _2\"></span>finalizzato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>valutare <span class=\"_ _2\"></span>l\u2019impatto <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rodotto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>scenari <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>uno <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _3\"></span>specifici <span class=\"_ _2\"></span>fattori) <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span></span> </span>aree di rischio specif<span class=\"_ _0\"></span>iche. Stressed VaR Definizione: <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>metrica <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Stressed <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>basata <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>medesime <span class=\"_ _3\"></span>tecniche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>misurazione de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>VaR. <span class=\"_ _3\"></span>Rispetto <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>queste <span class=\"_ _3\"></span>ultime, viene calcolata ap<span class=\"_ _0\"></span>plicando condizioni di str<span class=\"_ _0\"></span>ess di mercato regis<span class=\"_ _0\"></span>trate in un periodo st<span class=\"_ _0\"></span>orico ininterrotto <span class=\"_ _0\"></span>di 12 mesi. <span class=\"_ _2\"></span> Metodo: <span class=\"ff4\">L\u2019individuazio<span class=\"_ _0\"></span>ne di tale perio<span class=\"ff1\">do \u00e8 stata effettuata c<span class=\"_ _0\"></span>onsiderando le lin<span class=\"_ _0\"></span>ee guida seguenti: </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve costituire u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>o scenario di stre<span class=\"_ _0\"></span>ss per il portafoglio<span class=\"_ _35\"></span>;<span class=\"_ _2\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve incidere sig<span class=\"_ _0\"></span>nificativamente sui <span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>rincipali fattori di <span class=\"_ _0\"></span>rischio del portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di Intesa Sanpaolo;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il periodo deve permettere di util<span class=\"_ _35\"></span>iz<span class=\"_ _3\"></span>zare, per tutti i fa<span class=\"_ _0\"></span>ttori di rischio in port<span class=\"_ _0\"></span>afoglio, serie stori<span class=\"_ _0\"></span>che reali.<span class=\"_ _2\"></span> </span>Coerentemente <span class=\"_ _2\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>l\u2019approccio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>simulazione <span class=\"_ _5\"></span>storica <span class=\"_ _2\"></span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>alcolo <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>VaR, <span class=\"_ _5\"></span>quest\u2019ultimo <span class=\"_ _2\"></span>punto <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>condizione discriminante nella <span class=\"_ _3\"></span>selezione del<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019orizzonte te<span class=\"_ _3\"></span>mporale. Infatti, <span class=\"_ _3\"></span>al fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>garantire <span class=\"_ _3\"></span>l\u2019effettiva consistenza dello <span class=\"_ _3\"></span>scenario adottato </span>ed evitare l\u2019utilizzo di<span class=\"_ _0\"></span> fattori driver o com<span class=\"_ _0\"></span>parable, il perio<span class=\"_ _0\"></span>do storico deve garant<span class=\"_ _0\"></span>ire l\u2019effettiva disp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>nibilit\u00e0 dei dati <span class=\"_ _0\"></span>di<span class=\"_ _5\"></span><span class=\"ff1\"> mercato. </span>Alla <span class=\"_ _5\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>redazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Bilancio <span class=\"_ _5\"></span>2022, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>periodo <span class=\"_ _5\"></span>utile <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>rilevazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ello <span class=\"_ _5\"></span>Stressed <span class=\"_ _6\"></span>VaR <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il 3 ottobre 2011 ed il 20 settembr<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> 2012. Ai fini gestionali la metrica di Stressed VaR viene calcolata sull\u2019intero perimetro dei portafogli val<span class=\"_ _0\"></span>utati al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>Fair Value del Gruppo </span>(Trading <span class=\"_ _6\"> </span>e <span class=\"_ _7\"> </span>FVOCI <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>imetro <span class=\"_ _6\"></span>bancario) <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>frequenza <span class=\"_ _4\"> </span>minima <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>revisione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>periodo <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tressato <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>almeno annuale, <span class=\"_ _2\"></span>contestualmente <span class=\"_ _3\"></span>all\u2019ordinario <span class=\"_ _2\"></span>aggiornamento <span class=\"_ _2\"></span>annuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>framework <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>(Risk <span class=\"_ _4\"> </span><span class=\"ff1\">Appetite<span class=\"_ _0\"></span> </span>Framework). Incremental Risk Ch<span class=\"_ _0\"></span>arge (IRC) Definizione: <span class=\"_ _6\"></span><span class=\"ff4\">l\u2019Incremental <span class=\"_ _6\"> </span>Risk <span class=\"_ _4\"> </span>Charge <span class=\"_ _6\"></span>(IRC) <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>la <span class=\"_ _6\"> </span>massima <span class=\"_ _4\"> </span>perdita <span class=\"_ _6\"> </span>potenziale <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"> </span>credit <span class=\"_ _4\"> </span>trading <span class=\"_ _6\"></span>dovuta <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>un<span class=\"_ _0\"></span> </span>upgrade/downgrade e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fallimento <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>emittenti, <span class=\"_ _3\"></span>riferita <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _3\"></span>temporale <span class=\"_ _3\"></span>annuale, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>intervallo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>confidenza <span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>al 99,9%. Tale misur<span class=\"ff4\">a, a<span class=\"_ _3\"></span>ggiuntiva rispetto al VaR, \u00e8 applicata all\u2019intero portafoglio di negoziazione di Intesa Sanpaolo (come per </span>le altre metriche reg<span class=\"_ _0\"></span>olamentari non \u00e8 pre<span class=\"_ _0\"></span>vista l\u2019applicazione a li<span class=\"_ _0\"></span>vello di sottoporta<span class=\"_ _0\"></span>foglio).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019IRC <span class=\"_ _2\"></span>consente <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>corretta <span class=\"_ _2\"></span>rappresentazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ris<span class=\"_ _3\"></span><span class=\"ff1\">chio <span class=\"_ _2\"></span>specifico <span class=\"_ _5\"></span>su <span class=\"_ _2\"></span>titoli <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>debito <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>poich\u00e9 <span class=\"_ _2\"></span>coglie, <span class=\"_ _2\"></span>oltre <span class=\"_ _2\"></span>al </span>rischio idiosincrati<span class=\"_ _0\"></span>co, anche i rischi di <span class=\"_ _0\"></span>evento e di default. La <span class=\"_ _3\"></span>misura si a<span class=\"_ _3\"></span>pplica a t<span class=\"_ _3\"></span>utti i <span class=\"_ _3\"></span>prodotti finanziari <span class=\"_ _3\"></span>sensibili agli spread <span class=\"_ _3\"></span>creditizi inclusi <span class=\"_ _3\"></span>nel portafoglio di <span class=\"_ _3\"></span>tr<span class=\"_ _5\"></span>ading ad <span class=\"_ _3\"></span>eccezione delle cartolarizzazioni.<span class=\"fs9\"> </span>Metodo: <span class=\"_ _3\"></span>La <span class=\"_ _2\"></span>simulazione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>basata <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>Modified <span class=\"_ _3\"></span>Merton <span class=\"_ _3\"></span>Model. <span class=\"_ _3\"></span>Le <span class=\"_ _2\"></span>probabilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>transizione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>default <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>quelle <span class=\"_ _3\"></span>osservate tramite <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>matrici <span class=\"_ _6\"></span>storiche <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>principali <span class=\"_ _4\"></span>agenzie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating, <span class=\"_ _4\"></span>con <span class=\"_ _6\"></span>l'applicazione <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _16\"> </span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>probabilit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>default maggiore  di  zero.  L\u2019asset  correlation  viene  inferita  a  partire<span class=\"_ _0\"></span>  dall\u2019equity  correlation  degli  emittenti.  Il  modello  \u00e8  basato<span class=\"_ _0\"></span> sull\u2019ipotesi di consta<span class=\"_ _0\"></span>nt position con un <span class=\"_ _0\"></span>holding period di un <span class=\"_ _0\"></span>anno.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>Un <span class=\"_ _6\"></span>programma <span class=\"_ _4\"></span>regolare <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tress <span class=\"_ _6\"></span>viene <span class=\"_ _6\"></span>applicato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>principali <span class=\"_ _6\"></span>parametri <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _6\"></span>(correlazione, <span class=\"_ _6\"></span>matrici <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>transizione <span class=\"_ _5\"></span>e default e spread crediti<span class=\"_ _0\"></span>zi). Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span> Evoluzione del VaR ge<span class=\"_ _0\"></span>stionale giornalie<span class=\"_ _0\"></span>ro Si <span class=\"_ _4\"> </span>riporta <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>seguito <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>rappresentazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>VaR <span class=\"_ _4\"> </span>gestionale <span class=\"_ _4\"> </span>giornaliero <span class=\"_ _4\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _4\"> </span>solo <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>trading, <span class=\"_ _4\"> </span>fornendo <span class=\"_ _4\"> </span>inoltre evidenza dell\u2019esposi<span class=\"_ _0\"></span>zione complessiva d<span class=\"_ _0\"></span>ei principali risk taki<span class=\"_ _0\"></span>ng center.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>VaR gestionale giornal<span class=\"_ _0\"></span>iero di trading<span class=\"ff1\"> </span>(milioni di euro)<span class=\"ls0\"> </span>4\u00b0 <span class=\"ls9\">trimestre </span>medio<span class=\"ls0\"> </span>4\u00b0 trimestre minimo<span class=\"ls0\"> </span>4\u00b0 trimestre massimo<span class=\"ls0\"> </span>3\u00b0 trimestre medio<span class=\"ls0\"> </span>2\u00b0 trimestre medio<span class=\"ls0\"> </span>1\u00b0 trimestre medio<span class=\"ls0\"> </span>Totale GroupTrading Book (a) 26,6<span class=\"ls0\"> </span>21,5<span class=\"ls0\"> </span>31,0<span class=\"ls0\"> </span>26,0<span class=\"ls0\"> </span>22,8<span class=\"ls0\"> </span>21,4<span class=\"ls0\"> </span>di cui: Direzione Tesoreria e <span class=\"_ _3\"></span>Finanza di Gruppo<span class=\"ls0\"> </span>6,6<span class=\"ls0\"> </span>4,9<span class=\"ls0\"> </span>9,4<span class=\"ls0\"> </span>7,2<span class=\"ls0\"> </span>6,1<span class=\"ls0\"> </span>3,8<span class=\"ls0\"> </span>di <span class=\"ls0\">cui: Divisione IMI C&amp;IB </span>24,7<span class=\"ls0\"> </span>18,7<span class=\"ls0\"> </span>31,0<span class=\"ls0\"> </span>26,0<span class=\"ls0\"> </span>21,2<span class=\"ls0\"> </span>17,5<span class=\"ls0\"> </span>La <span class=\"_ _2\"></span>tabella <span class=\"_ _2\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>ogn<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>riga<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _2\"></span>gestionale <span class=\"_ _2\"></span>giornaliero <span class=\"_ _2\"></span>calcolato <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>serie <span class=\"_ _2\"></span>storica <span class=\"_ _2\"></span>trimestra<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>rispettivamente <span class=\"_ _3\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Inte<span class=\"_ _3\"></span>sa <span class=\"_ _3\"></span>Sanp<span class=\"_ _3\"></span>aolo <span class=\"_ _2\"></span>(inclusivo delle <span class=\"_ _3\"></span>altre co<span class=\"_ _3\"></span>ntrollate), della <span class=\"_ _3\"></span>Direzione Tesoreria <span class=\"_ _3\"></span>e F<span class=\"_ _3\"></span>inanza di <span class=\"_ _3\"></span>Gruppo e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Divisione IM<span class=\"_ _3\"></span>I C&amp;IB; la <span class=\"_ _3\"></span>stim<span class=\"_ _3\"></span>a del <span class=\"_ _3\"></span>valore m<span class=\"_ _3\"></span>inimo e <span class=\"_ _3\"></span>de<span class=\"_ _2\"></span>l valore ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _3\"></span>sul perimetro <span class=\"_ _3\"></span>complessivo non corrisponde alla somma dei valori individuali di colonna poich\u00e9 \u00e8 ricalcolata sulla serie storica aggregata. (a) Il dato Group Trading Book include il VaR gestionale della Direzione Tesoreria e Finanza di Gruppo, della Divisione IMI C&amp;IB (perimetro Trading Book) e delle altre controllate. Nel corso del quarto trimestre 2022, come evidenziato dalla ta<span class=\"_ _0\"></span>bella precedente, rispetto all<span class=\"_ _0\"></span>e medie del terzo trimestre 2022, si rileva <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>sostanziale <span class=\"_ _6\"></span>stabilit\u00e0 <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _6\"></span>gestionali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>trading <span class=\"_ _4\"></span>(26,6 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>quarto <span class=\"_ _6\"></span>trimestre <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>26 <span class=\"_ _6\"></span>milioni <span class=\"_ _4\"></span>nel <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>rzo trimestre 2022). Co<span class=\"ff4 ls0\">n <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>invece <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ll\u2019andamento <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>orso <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>medesimo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>rileva <span class=\"_ _2\"></span>una </span>lieve <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>VaR <span class=\"_ _2\"></span>gestionale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>trading <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ffetto <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>valori <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _3\"></span>inferiori <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>agl<span class=\"_ _6\"></span>i <span class=\"_ _3\"></span>shock eccezionali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>connessi a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>diffusione pandemica <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>COVID<span class=\"_ _2\"></span>-19. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>26,7 <span class=\"_ _2\"></span>milioni<span class=\"_ _0\"></span> nel corso del 2021 a 2<span class=\"_ _35\"></span>4<span class=\"_ _3\"></span>,1 milioni del 202<span class=\"_ _0\"></span>2. <span class=\"_ _3\"></span> VaR gestionale giornal<span class=\"_ _0\"></span>iero di trading - Confronto 2022 <span class=\"ffb\">\u2013</span> <span class=\"_ _0\"></span>2021<span class=\"_ _90\"> </span>(milioni di <span class=\"ls28\">euro)<span class=\"ls0\"> </span></span>2022<span class=\"ls0\"> </span>2021<span class=\"ls0\"> </span>medio<span class=\"ls0\"> </span>minimo<span class=\"ls0\"> </span>massimo<span class=\"ls0\"> </span>ultimo            giorno<span class=\"ls0\"> </span>medio<span class=\"ls0\"> </span>minimo<span class=\"ls0\"> </span>massimo<span class=\"ls0\"> </span>Totale GroupTrading Book (a) 24,1<span class=\"ls0\"> </span>15,4<span class=\"ls0\"> </span>32,5<span class=\"ls0\"> </span>22,4<span class=\"ls0\"> </span>26,7<span class=\"ls0\"> </span>16,9<span class=\"ls0\"> </span>57,8<span class=\"ls0\"> </span>di cui: Direzione Tesoreria e <span class=\"_ _3\"></span>Finanza di Gruppo<span class=\"ls0\"> </span>5,9<span class=\"ls0\"> </span>2,4<span class=\"ls0\"> </span>9,4<span class=\"ls0\"> </span>6,4<span class=\"ls0\"> </span>2,8<span class=\"ls0\"> </span>2,3<span class=\"ls0\"> </span>5,6<span class=\"ls0\"> </span>di cui: Divisione IMI <span class=\"ls26\">C&amp;IB<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>22,3<span class=\"ls0\"> </span>13,9<span class=\"ls0\"> </span>34,1<span class=\"ls0\"> </span>18,7<span class=\"ls0\"> </span>25,7<span class=\"ls0\"> </span>16,0<span class=\"ls0\"> </span>51,9<span class=\"ls0\"> </span>La <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>ogni <span class=\"_ _2\"></span>riga <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>variabilit\u00e0 <span class=\"_ _3\"></span>storica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _2\"></span>giornaliero <span class=\"_ _3\"></span>calcolato <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>serie <span class=\"_ _2\"></span>storica <span class=\"_ _3\"></span>annua <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>pettivamente <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>(inclusivo <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle altre <span class=\"_ _5\"></span>controllate), <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>Direzione <span class=\"_ _5\"></span>Tesoreria <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Finanza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _2\"></span>C&amp;IB; <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>valore <span class=\"_ _5\"></span>minimo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>ma<span class=\"_ _3\"></span>ssimo <span class=\"_ _2\"></span>su<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>perimetro <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>non corrisponde alla somma dei valori individuali di colonna poich\u00e9 \u00e8 ricalcolata sulla serie storica aggregata. (a) Il dato Group Trading Book include il VaR gestionale della Direzione Tesoreria e Finanza di Gruppo, della Divisione IMI C&amp;IB (perimetro Trading Book) e delle altre controllate. La <span class=\"_ _1c\"> </span>dinami<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>a <span class=\"_ _18\"> </span>del <span class=\"_ _1c\"> </span>VaR <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>Trading<span class=\"_ _0\"></span> <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span>corso <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>quarto <span class=\"_ _1c\"> </span>trimestre <span class=\"_ _17\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _1c\"> </span>stata <span class=\"_ _18\"> </span>invece <span class=\"_ _18\"> </span>principalmente <span class=\"_ _1c\"> </span>carat<span class=\"_ _0\"></span>terizzata dall\u2019operativit\u00e0 <span class=\"_ _7\"> </span>condotta <span class=\"_ _16\"> </span>dalla <span class=\"_ _16\"> </span>Divisione <span class=\"_ _16\"> </span>IMI <span class=\"_ _16\"> </span>C&amp;IB. <span class=\"_ _7\"> </span>In <span class=\"_ _16\"> </span>particolare, <span class=\"_ _16\"> </span>come <span class=\"_ _16\"> </span>evidenziato <span class=\"_ _7\"> </span>dal <span class=\"_ _16\"> </span>grafico <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ottostante, <span class=\"_ _7\"> </span>si  rile<span class=\"_ _0\"></span>va <span class=\"_ _16\"> </span>una graduale riduzione attri<span class=\"_ _0\"></span>buibile ad operativit\u00e0 s<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span> gover<span class=\"_ _3\"></span>nativi sviluppati ed i<span class=\"_ _0\"></span>ndici di credito. Di s<span class=\"_ _0\"></span>eguito il grafico an<span class=\"_ _0\"></span>damentale:<span class=\"_ _3\"></span> Evoluzione giornaliera <span class=\"_ _35\"></span>rischi di mercato - V<span class=\"_ _35\"></span>aR gestionale<span class=\"_ _90\"> </span>50<span class=\"_ _90\"> </span>45<span class=\"_ _90\"> </span>40<span class=\"_ _90\"> </span>35<span class=\"_ _90\"> </span>30<span class=\"_ _90\"> </span>25<span class=\"_ _90\"> </span>20<span class=\"_ _90\"> </span>15<span class=\"_ _90\"> </span>10<span class=\"_ _90\"> </span>5<span class=\"_ _90\"> </span>0<span class=\"_ _90\"> </span>gen-22<span class=\"_ _60\"> </span>mar-22<span class=\"_ _61\"> </span>giu-22<span class=\"_ _62\"> </span>set-22<span class=\"_ _62\"> </span>dic-22 Divisione IMI C&amp;I<span class=\"_ _0\"></span>B<span class=\"_ _63\"> </span> Group Trading Book<span class=\"_ _64\"> </span> Direzione Finanz<span class=\"_ _0\"></span>a e Tesoreria di Gruppo<span class=\"_ _90\"> </span>Analizzando l\u2019andamento della composizione de<span class=\"_ _3\"></span>l profilo di <span class=\"_ _3\"></span>rischio del <span class=\"_ _3\"></span>Gruppo per <span class=\"_ _3\"></span>il portafoglio di <span class=\"_ _3\"></span>Trading, nel <span class=\"_ _3\"></span>quarto tri<span class=\"_ _3\"></span>mes<span class=\"_ _2\"></span><span class=\"ff1\">tre </span>2022 si <span class=\"_ _3\"></span>osserva <span class=\"_ _3\"></span>la tendenziale <span class=\"_ _3\"></span>prevalenza del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rischio credit <span class=\"_ _3\"></span>spread e<span class=\"_ _3\"></span> tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, rispettivamente pari a<span class=\"_ _3\"></span>l 34% <span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>l 29<span class=\"_ _3\"></span>%<span class=\"_ _0\"></span> del <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale c<span class=\"_ _3\"></span>omplessivo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Gruppo. <span class=\"_ _3\"></span>Con <span class=\"_ _3\"></span>riferimento invece <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>singoli <span class=\"_ _3\"></span>\u201crisk <span class=\"_ _3\"></span>taking <span class=\"_ _3\"></span>center\u201d, <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>osserva <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>prevalenza de<span class=\"_ _5\"></span><span class=\"ff1 ls13\">l </span>rischio ca<span class=\"_ _3\"></span>mbio e <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Direzione <span class=\"_ _3\"></span>Finanza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Tesoreria di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>(rispettivamente pari <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>46% e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>44%) <span class=\"_ _3\"></span>e del fattore di rischio credit <span class=\"_ _0\"></span>spread e tasso di int<span class=\"_ _0\"></span>eresse per la Divi<span class=\"_ _0\"></span>sione IMI C&amp;IB (rispettiv<span class=\"_ _0\"></span>amente pari al 40% <span class=\"_ _0\"></span>e 29%).<span class=\"_ _2\"></span> Contributo dei fattori di <span class=\"_ _0\"></span>rischio al VaR gestion<span class=\"_ _0\"></span>ale complessivo 4\u00b0 trimestre<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>2022 <span class=\"_ _7b\"></span>Azioni <span class=\"_ _86\"></span>Tassi Credit spread <span class=\"_ _0\"></span> Cambi Altri parametri Merci Direzione<span class=\"_ _0\"></span> Tesoreria e <span class=\"_ _35\"></span>F<span class=\"_ _3\"></span>inanza di Gruppo<span class=\"_ _35\"></span> 4%<span class=\"_ _7c\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>44%</span><span class=\"_ _87\"></span><span class=\"_ _90\"> </span>6%<span class=\"_ _90\"> </span>46%<span class=\"ls0\"> </span>0%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>0%<span class=\"_ _90\"> </span></span>Divisione <span class=\"_ _0\"></span>IMI C&amp;IB <span class=\"_ _7e\"></span><span class=\"ws0\">13%</span><span class=\"_ _88\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>29%</span><span class=\"_ _8e\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>40%<span class=\"_ _90\"> </span></span>5%<span class=\"ls0\"> </span>8%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>5%<span class=\"_ _90\"> </span></span>Totale <span class=\"_ _7f\"></span><span class=\"ws0\">11%</span><span class=\"_ _89\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>29%</span><span class=\"_ _8e\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>34%<span class=\"_ _90\"> </span></span>15%<span class=\"ls0\"> </span>7%<span class=\"_ _7d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>4%<span class=\"_ _90\"> </span></span>(a) <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>abella <span class=\"_ _3\"></span>riporta <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>ogni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riga<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntributo <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>fattori<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>risc<span class=\"_ _3\"></span>hio <span class=\"_ _3\"></span>fatt<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>100% <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>cap<span class=\"_ _3\"></span>itale <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omplessivo, <span class=\"_ _3\"></span>disting<span class=\"_ _3\"></span>uendo <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ra <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Tesorer<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>Finanza <span class=\"_ _2\"></span>di Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>Divisione <span class=\"_ _5\"></span>IMI <span class=\"_ _5\"></span>C&amp;IB, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _5\"></span>fornendo <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>distribuzione <span class=\"_ _5\"></span>sul <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>complessivo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>calcolato <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>m<span class=\"_ _3\"></span>edia <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>sti<span class=\"_ _3\"></span>me <span class=\"_ _2\"></span>giorn<span class=\"_ _3\"></span>aliere <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>quarto trimestre 2022.<span class=\"ls0\"> </span>Il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontrollo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _5\"></span>relativamente <span class=\"_ _5\"></span>all\u2019attivit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>avvale <span class=\"_ _6\"></span>anche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>scenario <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>prove  <span class=\"ff1\">d<span class=\"_ _0\"></span>i </span>stress. <span class=\"_ _5\"></span>A <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>Dicembre, <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>impatti <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span><span class=\"ff4\">selezionati <span class=\"_ _5\"></span>scenari <span class=\"_ _6\"></span>relativi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ll\u2019evoluzio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>prezzi <span class=\"_ _6\"> </span>azionari, <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>interesse, <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>pread<span class=\"_ _35\"></span> </span>creditizi, tassi di c<span class=\"_ _0\"></span>ambio e prezzi delle m<span class=\"_ _0\"></span>aterie prime sono cos\u00ec si<span class=\"_ _0\"></span>ntetizzati nella tab<span class=\"_ _0\"></span>ella che segue:<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) TASSI D'INTERESS<span class=\"_ _35\"></span>E EQUITY CREDIT S<span class=\"_ _0\"></span>PREAD <span class=\"_ _80\"></span>CAMBI MATERIE <span class=\"_ _0\"></span>PRIME lower Crash <span class=\"_ _81\"></span>Bullish <span class=\"_ _8a\"></span>+40bps -25bps <span class=\"_ _82\"></span>+25bps -<span class=\"ls25\">5%</span> +5% <span class=\"_ _83\"></span>Crash <span class=\"_ _8b\"></span>Bullish rate Totale Trad<span class=\"_ _0\"></span>ing Book 55<span class=\"_ _84\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>15</span><span class=\"_ _8c\"></span><span class=\"_ _90\"> </span>17<span class=\"_ _8f\"></span><span class=\"_ _90\"> </span>10<span class=\"_ _90\"> </span>-<span class=\"ls25\">16</span> <span class=\"_ _85\"></span><span class=\"ws0\">19</span><span class=\"_ _8d\"></span><span class=\"ws0\"><span class=\"_ _90\"> </span>22<span class=\"_ _90\"> </span></span>-<span class=\"ls25\">13</span> -<span class=\"ls25\">17</span> 6 In particolare: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>mercati <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zionari <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificherebbero <span class=\"_ _3\"></span>potenziali <span class=\"_ _2\"></span>perdite <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>\u00e9 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>repentino <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>umento <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>corsi </span>azionari n\u00e9 in caso d<span class=\"_ _0\"></span>i forte riduzione degli s<span class=\"_ _0\"></span>tessi; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>assi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>interesse <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>erificherebbero <span class=\"_ _4\"></span>potenziali <span class=\"_ _4\"></span>perdite <span class=\"_ _4\"></span>n\u00e9 <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>repentino <span class=\"_ _4\"> </span>au<span class=\"_ _3\"></span>m<span class=\"_ _2\"></span>ento <span class=\"_ _4\"> </span>che </span>riduzione degli ste<span class=\"_ _0\"></span>ssi; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _1d\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>posizioni <span class=\"_ _1d\"> </span>su <span class=\"_ _17\"> </span>credit <span class=\"_ _17\"> </span>spread <span class=\"_ _1d\"> </span>un <span class=\"_ _17\"> </span>restringimento <span class=\"_ _1d\"> </span>di <span class=\"_ _17\"> </span>25 <span class=\"_ _1d\"> </span>bps <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>spread <span class=\"_ _17\"> </span>creditizi <span class=\"_ _1d\"> </span>comporterebbe <span class=\"_ _1d\"> </span>una <span class=\"_ _17\"> </span>perdita </span>complessiva di 16 mili<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ni; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>posizioni <span class=\"_ _2\"></span>su c<span class=\"_ _3\"></span>ambio <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>verificherebbero <span class=\"_ _3\"></span>potenziali <span class=\"_ _3\"></span>perdite p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>13 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>in c<span class=\"_ _5\"></span><span class=\"ff4\">aso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>apprezzamento <span class=\"_ _3\"></span>dell\u2019euro <span class=\"_ _3\"></span>contro </span></span>le altre valute; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>infine, <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>posizioni <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>materie <span class=\"_ _4\"></span>prime <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>registrerebbe <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>perdita <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>17 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>aso <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>ribasso <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>prezzi <span class=\"_ _4\"> </span>delle </span>materie prime diverse <span class=\"_ _0\"></span>dai metalli preziosi.<span class=\"ff5 fc2\"> </span>In <span class=\"_ _4\"> </span>relazione <span class=\"_ _4\"> </span>all\u2019utilizzo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>limit<span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>complessivo <span class=\"_ _4\"></span>riferito <span class=\"_ _4\"></span>alle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>trading <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>business <span class=\"_ _7\"> </span>model <span class=\"_ _4\"></span>Hold <span class=\"_ _4\"></span>To <span class=\"_ _4\"> </span>Collect <span class=\"_ _4\"></span>and <span class=\"_ _4\"> </span>Sell </span>(HTCS) <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>rileva <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>quarto <span class=\"_ _2\"></span>trimestre 2022 <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>iduzione complessiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>gestionale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>207 <span class=\"_ _2\"></span>milion<span class=\"_ _35\"></span>i (terzo trimestre 2022 VaR g<span class=\"_ _35\"></span>es<span class=\"_ _3\"></span>tionale medio) a 155 milioni (quar<span class=\"_ _0\"></span>to trimestre 20<span class=\"_ _0\"></span>22 VaR gestionale me<span class=\"_ _0\"></span>dio). <span class=\"_ _3\"></span><span class=\"fff\"> </span>Backtesting  L\u2019efficacia <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>modello <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>calcolo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>VaR <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>ssere <span class=\"_ _4\"> </span>monitorata <span class=\"_ _4\"> </span>giornalmente <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>mezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nalisi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _4\"> </span>che, relativamente al perim<span class=\"_ _0\"></span>etro regolamentar<span class=\"_ _0\"></span>e, consentono di confrontare: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le stime giornaliere d<span class=\"_ _0\"></span>el valore a rischio; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>le <span class=\"_ _4\"> </span>rilevazioni <span class=\"_ _4\"></span>giornaliere <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>profitti/perdit<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _4\"> </span>per <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>cui <span class=\"_ _4\"> </span>determinazione <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>utilizzano <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>evidenze <span class=\"_ _4\"> </span>gestional<span class=\"_ _0\"></span>i </span>giornaliere <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>profit <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>loss <span class=\"_ _5\"></span>effettivo <span class=\"_ _6\"></span>conseguito <span class=\"_ _2\"></span>dai <span class=\"_ _6\"></span>singoli <span class=\"_ _5\"></span>desk, <span class=\"_ _5\"></span>dep<span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>rato <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>componenti <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>pertinenti alle <span class=\"_ _3\"></span>verifiche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>backtesting: <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>queste<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>esempio <span class=\"_ _3\"></span>fees <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>costi <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziari <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>gestione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>posizioni <span class=\"_ _3\"></span>c<span class=\"_ _6\"></span>he vengono regolarmente <span class=\"_ _0\"></span>rendicontati in ambit<span class=\"_ _0\"></span>o gestionale. Il <span class=\"_ _7\"> </span>backtesting <span class=\"_ _4\"> </span>consente <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>v<span class=\"_ _3\"></span>erificare <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>capacit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>modello <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>cogliere <span class=\"_ _4\"> </span>correttamente, <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>punto <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>vista <span class=\"_ _7\"> </span>statistico, <span class=\"_ _7\"> </span>la<span class=\"_ _0\"></span> variabilit\u00e0 <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>giornaliera <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>t<span class=\"_ _3\"></span>rading, <span class=\"_ _4\"> </span>coprendo <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>periodo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>osservazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>un <span class=\"_ _7\"> </span>anno <span class=\"_ _4\"> </span>(circa 250 stime). Eventuali cr<span class=\"_ _3\"></span>iticit\u00e0 <span class=\"ff4\">re<span class=\"_ _3\"></span>lative all\u2019adeguatezza del <span class=\"_ _3\"></span>modello interno sono <span class=\"_ _3\"></span>rappresentate da <span class=\"_ _3\"></span>situazioni in <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>le rilevazioni </span>giornaliere <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>profitti/perdite <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>backtesting <span class=\"_ _5\"></span>evidenzino <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ull\u2019anno <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>osservazione <span class=\"_ _4\"> </span>pi\u00f9 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>quattro <span class=\"_ _4\"> </span>rilevazioni<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>in <span class=\"_ _6\"></span>cui <span class=\"_ _6\"> </span>la <span class=\"_ _4\"> </span>per<span class=\"_ _5\"></span><span class=\"ff1\">dita </span>giornaliera <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>superiore <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>stima <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>rischio. <span class=\"_ _6\"></span>La <span class=\"_ _6\"></span>normativa <span class=\"_ _6\"></span>vigente <span class=\"_ _6\"></span>richiede <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _6\"></span>retrospettivi <span class=\"_ _6\"></span>siano <span class=\"_ _6\"></span>effettuati<span class=\"_ _0\"></span> considerando sia la <span class=\"_ _0\"></span>serie di P&amp;L effettivi <span class=\"_ _0\"></span>che quelli ipotetici. Nel  cors<span class=\"_ _0\"></span>o  dell\u2019u<span class=\"_ _0\"></span>ltimo  a<span class=\"_ _0\"></span>nno <span class=\"_ _16\"> </span>si  registran<span class=\"_ _0\"></span>o  tre <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>ccezioni <span class=\"_ _16\"> </span>di  bac<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>testing<span class=\"_ _90\"> </span>104  per <span class=\"_ _16\"> </span>la  misur<span class=\"_ _0\"></span>a  di <span class=\"_ _16\"> </span>VaR <span class=\"_ _16\"> </span>regolamentare <span class=\"_ _16\"> </span>per  Inte<span class=\"_ _35\"></span>sa Sanpaolo. I breach non<span class=\"_ _0\"></span> sono dovuti a m<span class=\"_ _0\"></span>ovimenti di portafogli<span class=\"_ _0\"></span>o ma ai picchi di vol<span class=\"_ _0\"></span>atilit\u00e0 sui fattori <span class=\"_ _0\"></span>di rischio tasso e credi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>o. 104 <span class=\"_ _2\"></span>Nelle<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ultime <span class=\"_ _5\"></span>25<span class=\"_ _3\"></span>0 <span class=\"_ _2\"></span>osse<span class=\"_ _3\"></span>rvazioni <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>B<span class=\"_ _3\"></span>anca <span class=\"_ _5\"></span>ha <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>egistrato <span class=\"_ _5\"></span>tre <span class=\"_ _5\"></span>eccezioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>P&amp;L <span class=\"_ _2\"></span>E<span class=\"_ _3\"></span>ffettiv<span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>tre <span class=\"_ _5\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>P&amp;L <span class=\"_ _5\"></span>Ipotetico<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>Per <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>nteggio <span class=\"_ _5\"></span>complessivo, come <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>normati<span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferime<span class=\"_ _3\"></span>nto, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>nta <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>massim<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>eccezioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>P&amp;<span class=\"_ _3\"></span>L <span class=\"_ _2\"></span>Effettivo <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>P&amp;L <span class=\"_ _3\"></span>Ip<span class=\"_ _3\"></span>otetico, <span class=\"_ _2\"></span>risultano<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dunque <span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>eccezioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di backtesting nel cor<span class=\"_ _3\"></span>so dell\u2019ultimo a<span class=\"_ _3\"></span>nno.<span class=\"ff1\"> </span>-50,0<span class=\"_ _90\"> </span>-40,0<span class=\"_ _90\"> </span>-30,0<span class=\"_ _90\"> </span>-20,0<span class=\"_ _90\"> </span>-10,0<span class=\"_ _90\"> </span>0,0<span class=\"_ _90\"> </span>10,0<span class=\"_ _90\"> </span>20,0<span class=\"_ _90\"> </span>30,0<span class=\"_ _90\"> </span>40,0<span class=\"_ _90\"> </span>gen-22<span class=\"_ _65\"> </span>mar-22<span class=\"_ _66\"> </span>giu-22<span class=\"_ _67\"> </span>set-22<span class=\"_ _67\"> </span>dic-22<span class=\"_ _90\"> </span>Milioni di euro<span class=\"_ _90\"> </span>P&amp;L Effettivo<span class=\"_ _51\"> </span>P&amp;L Ipotetico<span class=\"_ _51\"> </span>VaR <span class=\"_ _0\"></span>Corrente<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-571.04224px;\"><div class=\"t m0 x0 h24 y10ab ff5 fs0 fc2 sc0 ls0 ws0\">Il rischio emittente  </div><div class=\"t m0 x0 h2 y180a ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>rischio emittente del <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>titoli di <span class=\"_ _2\"></span>trading viene <span class=\"_ _3\"></span>analizzato tramite <span class=\"_ _3\"></span>misure di <span class=\"_ _3\"></span>livello, ovvero <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>termini di <span class=\"_ _3\"></span>mark <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>market, </div><div class=\"t m0 x0 h2 y11b6 ff1 fs0 fc0 sc0 ls0 ws0\">aggregando <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>esposizioni <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>classi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rating <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>settore, <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>viene <span class=\"_ _5\"></span>monitorato <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>operativi <span class=\"_ _2\"></span>basati <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>su<span class=\"_ _5\"></span>lle </div><div class=\"t m0 x0 h2 y282 ff1 fs0 fc0 sc0 ls0 ws0\">classi di rating/settor<span class=\"_ _0\"></span>e che su indicatori di concentrazion<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 yded ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y914 ffa fs0 fc2 sc0 ls0 ws0\">Composizione delle espos<span class=\"_ _0\"></span>izioni per tipologia em<span class=\"_ _0\"></span>ittente </div><div class=\"t m0 x0 h210 y741 ffa fs11 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1693 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w55f h42\" style=\"left:121.71161px; bottom:324.52777px;\"><div class=\"t m0 xf h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w560 h42\" style=\"left:192.2626px; bottom:324.52777px;\"><div class=\"t m0 x156 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Dettagli<span class=\"_ _0\"></span>o </div></div><div class=\"c wfe h42\" style=\"left:192.2626px; bottom:308.92773px;\"><div class=\"t m0 x14 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Corporate </div></div><div class=\"c w561 h42\" style=\"left:264.0226px; bottom:308.92773px;\"><div class=\"t m0 x9b h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Financial </div></div><div class=\"c wfe h42\" style=\"left:334.7166px; bottom:308.92773px;\"><div class=\"t m0 x88 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Emergin<span class=\"_ _0\"></span>g </div></div><div class=\"c w562 h42\" style=\"left:407.25662px; bottom:308.92773px;\"><div class=\"t m0 x9a h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Covered </div></div><div class=\"c w561 h42\" style=\"left:477.92462px; bottom:308.92773px;\"><div class=\"t m0 x87 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Governativ<span class=\"_ _0\"></span>i </div></div><div class=\"c we3 h42\" style=\"left:548.7876px; bottom:308.92773px;\"><div class=\"t m0 x95 h59 y96e ff5 fs17 fc2 sc0 ls0 ws0\">Securitis<span class=\"_ _0\"></span>. </div></div><div class=\"c w55e h21d\" style=\"left:-4.050377px; bottom:277.10376px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Direzione<span class=\"_ _0\"></span> Tesoreria e </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Finanza di <span class=\"_ _0\"></span>Gruppo </div></div><div class=\"c w55f h21d\" style=\"left:121.71161px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h21d\" style=\"left:192.2626px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h21d\" style=\"left:264.0226px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h21d\" style=\"left:334.7166px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w562 h21d\" style=\"left:407.25662px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h21d\" style=\"left:477.92462px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c we3 h21d\" style=\"left:548.7876px; bottom:277.10376px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">0%<span class=\"ls0\"> </span></div></div><div class=\"c w55e h43\" style=\"left:-4.050377px; bottom:253.70374px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Divisione <span class=\"_ _0\"></span>IMI C&amp;IB </div></div><div class=\"c w55f h43\" style=\"left:121.71161px; bottom:253.70374px;\"><div class=\"t m0 xd9 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">100%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h43\" style=\"left:192.2626px; bottom:253.70374px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">8%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h43\" style=\"left:264.0226px; bottom:253.70374px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">40%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h43\" style=\"left:334.7166px; bottom:253.70374px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12%<span class=\"ls0\"> </span></div></div><div class=\"c w562 h43\" style=\"left:407.25662px; bottom:253.70374px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">3%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h43\" style=\"left:477.92462px; bottom:253.70374px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">5%<span class=\"ls0\"> </span></div></div><div class=\"c we3 h43\" style=\"left:548.7876px; bottom:253.70374px;\"><div class=\"t m0 x48 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32%<span class=\"ls0\"> </span></div></div><div class=\"c w55e h21e\" style=\"left:-4.050377px; bottom:229.05579px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w55f h21e\" style=\"left:121.71161px; bottom:229.05579px;\"><div class=\"t m0 xd9 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">100%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h21e\" style=\"left:192.2626px; bottom:229.05579px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">8%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h21e\" style=\"left:264.0226px; bottom:229.05579px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">40%<span class=\"ls0\"> </span></div></div><div class=\"c wfe h21e\" style=\"left:334.7166px; bottom:229.05579px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">12%<span class=\"ls0\"> </span></div></div><div class=\"c w562 h21e\" style=\"left:407.25662px; bottom:229.05579px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">3%<span class=\"ls0\"> </span></div></div><div class=\"c w561 h21e\" style=\"left:477.92462px; bottom:229.05579px;\"><div class=\"t m0 xd5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">5%<span class=\"ls0\"> </span></div></div><div class=\"c we3 h21e\" style=\"left:548.7876px; bottom:229.05579px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">32%<span class=\"ls0\"> </span></div></div><div class=\"c w1c h190\" style=\"left:-4.050377px; bottom:183.50378px;\"><div class=\"t m0 x41 h2c y328 ff4 fse fc2 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>porta <span class=\"_ _3\"></span>nella <span class=\"_ _2\"></span>colonna <span class=\"_ _3\"></span>Totale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontributo <span class=\"_ _3\"></span>all\u2019e<span class=\"_ _3\"></span>sposizione <span class=\"_ _3\"></span>complessi<span class=\"_ _3\"></span>va <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>schio <span class=\"_ _3\"></span>emittente <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Tesore<span class=\"_ _3\"></span><span class=\"ff1\">ria<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Finanza <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>Division<span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">IMI C&amp;IB, <span class=\"_ _3\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>ettagliando <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>contributo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ell\u2019esposizione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tipologia <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mittente. I<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>perimetro <span class=\"_ _3\"></span>corrisponde <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading<span class=\"_ _3\"></span> so<span class=\"_ _3\"></span></span>ggetto <span class=\"_ _2\"></span>a limite<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>plafond <span class=\"_ _3\"></span>emittente </div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(escluso Governativo Italia e AAA, titoli pr<span class=\"_ _3\"></span>opri) e comprensivo dei cds (valore asso<span class=\"_ _3\"></span>luto).<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-571.04224px;\"><div class=\"t m0 x0 h61 y180b ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y8dc ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y1529 ff4 fs0 fc0 sc0 ls0 ws0\">La  composizione  del  portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  soggetto  a  rischio  emit<span class=\"_ _0\"></span>tente,  nel  corso  del  q<span class=\"_ _0\"></span>uarto  trimestre,  evide<span class=\"_ _0\"></span>nzia  un\u2019esposizione<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yaad ff1 fs0 fc0 sc0 ls0 ws0\">riconducibile <span class=\"_ _4\"> </span>unicamente <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>Divisione <span class=\"_ _7\"> </span>IMI <span class=\"_ _7\"> </span>C&amp;IB <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>prevalentemente <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>ti<span class=\"_ _3\"></span>toli <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _4\"> </span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>settore <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>settore  financial <span class=\"_ _4\"></span>e </div><div class=\"t m0 x0 h2 y1263 ff1 fs0 fc0 sc0 ls0 ws0\">securitizazion. </div><div class=\"t m0 x0 h2 ye92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17d1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1a3 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> </div><div class=\"t m0 x0 h2 yccd ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>gestionali <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>regolamentari <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rilevano <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>variazioni <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>metriche <span class=\"_ _4\"></span>di </div><div class=\"t m0 x0 h2 y11d1 ff1 fs0 fc0 sc0 ls0 ws0\">rischio riconducibili a<span class=\"_ _0\"></span>l contesto consegue<span class=\"_ _0\"></span>nte alla pandemia da C<span class=\"_ _35\"></span>OVID<span class=\"_ _2\"></span>-19.  </div><div class=\"t m0 x0 h2 y122b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y79b ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino </div><div class=\"t m0 x0 h2 y79c ff1 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>evidenziano <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>mpatti <span class=\"_ _4\"> </span>significativi <span class=\"_ _4\"> </span>deI <span class=\"_ _7\"> </span>conflitto <span class=\"_ _7\"> </span>russo<span class=\"_ _3\"></span>-ucraino <span class=\"_ _7\"> </span>sulle <span class=\"_ _7\"> </span>metriche <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>ischi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _7\"> </span>del </div><div class=\"t m0 x0 h2 y4a6 ff1 fs0 fc0 sc0 ls0 ws0\">portafoglio di negozi<span class=\"_ _0\"></span>azione del Gruppo.  </div><div class=\"t m0 x0 h2 y151 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y79f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a1 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1b2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y180c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y774 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y141e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7a7 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>PORTAFOGLIO BANCAR<span class=\"_ _3\"></span>IO <span class=\"_ _3\"></span> 1.2.2 RISCHIO DI T<span class=\"_ _3\"></span>ASSO DI INTE<span class=\"_ _3\"></span>RESSE E RISCHI<span class=\"_ _3\"></span>O DI PR<span class=\"_ _3\"></span>EZZO<span class=\"fc5\"> </span>Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> Aspetti <span class=\"_ _6\"></span>generali, <span class=\"_ _6\"></span>procedur<span class=\"_ _3\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>metodi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>misuraz<span class=\"_ _3\"></span>ione <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>interesse <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>del rischio di prezzo Il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>\u201cbanking <span class=\"_ _5\"></span>b<span class=\"_ _3\"></span>ook\u201d <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>definito <span class=\"_ _5\"></span>come <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>commerciale <span class=\"_ _4\"> </span><span class=\"ff1\">costituito <span class=\"_ _5\"></span>dall'insieme <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>egli <span class=\"_ _5\"></span>elementi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>bilancio <span class=\"_ _5\"></span>e </span>fuori <span class=\"_ _3\"></span>bilancio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>fanno <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>dell\u2019attivit\u00e0 di <span class=\"_ _3\"></span>intermediazione c<span class=\"_ _3\"></span>reditizia <span class=\"_ _3\"></span>svolta d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Gruppo Intesa <span class=\"_ _2\"></span>Sanpaolo:<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>t<span class=\"_ _5\"></span><span class=\"ff1\">asso <span class=\"_ _3\"></span>di </span>interesse del banking book (di seguit<span class=\"_ _0\"></span>o \u201crischio tasso\u201d o IRRBB) si rif<span class=\"_ _3\"></span><span class=\"ff1\">erisce pertanto al rischio attuale e prosp<span class=\"_ _0\"></span>ettico di variazioni </span>del <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>ancario <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>variazioni <span class=\"_ _4\"> </span>avverse <span class=\"_ _7\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>interesse, <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>si <span class=\"_ _7\"> </span>riflettono <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ia <span class=\"_ _4\"> </span>sul <span class=\"_ _7\"> </span>valore economico che sul ma<span class=\"_ _0\"></span>rgine di interesse.<span class=\"fs12\"> </span>Rientra <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _7\"> </span>banc<span class=\"_ _3\"></span><span class=\"ff4\">ario <span class=\"_ _16\"> </span>anche <span class=\"_ _16\"> </span>l\u2019esposizione <span class=\"_ _7\"> </span>ai  r<span class=\"_ _0\"></span>ischi <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>derivante <span class=\"_ _16\"> </span>dagli <span class=\"_ _16\"> </span>investimenti <span class=\"_ _7\"> </span>azionari  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>societ\u00e0<span class=\"_ _0\"></span> </span>quotate non consolid<span class=\"_ _0\"></span>ate integralmente, d<span class=\"_ _0\"></span>etenuti prevalentem<span class=\"_ _0\"></span>ente dalla Capogrup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span> Il sistema interno di misurazione del rischio di tasso di interesse v<span class=\"_ _3\"></span>aluta e descrive l'effetto delle variazioni dei tassi di interess<span class=\"_ _0\"></span>e sul valore economic<span class=\"_ _0\"></span>o e sul margine d\u2019interes<span class=\"_ _0\"></span>se e individua tutte l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> fonti significati<span class=\"_ _0\"></span>ve di rischio che influe<span class=\"_ _0\"></span>nzano il banking<span class=\"_ _2\"></span><span class=\"ff1\"> book: </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>revisione <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>tasso <span class=\"_ _6\"></span>(repricing <span class=\"_ _6\"></span>risk), <span class=\"_ _4\"></span>ovvero <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>rischio <span class=\"_ _6\"></span>legato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _6\"></span>sfasamenti <span class=\"_ _4\"></span>temporali<span class=\"_ _35\"></span> <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"></span>scadenze <span class=\"_ _6\"></span>(per <span class=\"_ _4\"></span>le </span>posizioni <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>fisso) <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>nella <span class=\"_ _5\"></span>data <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>revisione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>tasso <span class=\"_ _6\"></span>(per <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>posizioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tasso <span class=\"_ _6\"></span>variabile) <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>attivit\u00e0, <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _6\"></span>e<span class=\"_ _5\"></span> poste fuori bilancio; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>urva <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>rendimenti <span class=\"_ _2\"></span>(yield <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span><span class=\"ff4\">rve <span class=\"_ _2\"></span>risk), <span class=\"_ _5\"></span>ovvero <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>legato <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>mutamenti <span class=\"_ _2\"></span>nell\u2019inclinazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>onformazione<span class=\"_ _35\"></span> </span></span>della curva dei rendim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>(basis <span class=\"_ _2\"></span>risk), <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>legato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019imperfett<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>correlazione <span class=\"_ _3\"></span>nell\u2019aggiustamen<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>attivi <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>pass<span class=\"_ _5\"></span><span class=\"ff1\">ivi </span></span></span>su <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>diversi, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rev<span class=\"_ _3\"></span>isione <span class=\"_ _3\"></span>del<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>rezzo <span class=\"_ _2\"></span>altrimenti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>naloghe. <span class=\"_ _2\"></span>Al <span class=\"_ _2\"></span>variare <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interesse, queste <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ifferenze <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>determinare <span class=\"_ _6\"></span>cambiamenti <span class=\"_ _5\"></span>imprevisti <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>finanziari <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>nei <span class=\"_ _6\"></span>differenziali <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>rendimento <span class=\"_ _5\"></span>fra attivit\u00e0, passivit\u00e0 e p<span class=\"_ _0\"></span>osizioni fuori bilancio aventi <span class=\"_ _0\"></span>scadenze o frequenze <span class=\"_ _0\"></span>di revisione del ta<span class=\"_ _0\"></span>sso analoghe;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>rischio di opzione (optionality risk), ovvero il <span class=\"_ _3\"></span>rischio legato alla presenza di opzioni, automatiche o comportamentali, nell<span class=\"_ _2\"></span><span class=\"lsc\">e </span></span>attivit\u00e0, passivit\u00e0 e strum<span class=\"_ _0\"></span>enti fuori bilanci<span class=\"_ _0\"></span>o <span class=\"_ _3\"></span>del Gruppo. Il <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>istema <span class=\"_ _4\"></span>di <span class=\"_ _7\"> </span>misurazione <span class=\"_ _4\"></span>vigente <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>consente <span class=\"_ _4\"> </span>inoltre <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>esaminare <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>profilo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>rischio <span class=\"_ _4\"> </span>sulla <span class=\"_ _7\"> </span>base <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>due prospettive, distinte m<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> complementa<span class=\"_ _0\"></span>ri: <span class=\"_ _3\"></span> \u2013<span class=\"ff5\"> <span class=\"_ _27\"> </span>prospettiva <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>economico<span class=\"ff1\"> <span class=\"_ _3\"></span>(EVE <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>Economic <span class=\"_ _3\"></span>Value of <span class=\"_ _3\"></span>Equity),<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>considera <span class=\"_ _3\"></span><span class=\"ff4\">l\u2019impatto delle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span></span>tassi </span></span>d\u2019interesse e delle c<span class=\"_ _0\"></span>onnesse volatilit\u00e0 <span class=\"_ _0\"></span>sul valore attuale di t<span class=\"_ _0\"></span>utti i flussi futuri di c<span class=\"_ _0\"></span>assa; <span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff5\"> <span class=\"_ _27\"> </span>prospettiva del margine di interesse<span class=\"ff1\"> (NII <span class=\"ff4\">\u2013</span> <span class=\"ff4\">Net<span class=\"_ _3\"></span> Interest Incom<span class=\"_ _0\"></span>e), rivolta all\u2019analisi dell\u2019impatto che le vari<span class=\"_ _0\"></span>azioni dei<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"lsd\">ta</span>ssi </span></span></span></span>d\u2019interesse e delle c<span class=\"_ _0\"></span>onnesse volatilit\u00e0 ge<span class=\"_ _0\"></span>nerano sul margine <span class=\"_ _0\"></span>d\u2019interesse. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _2\"></span>prospettiva <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _3\"></span>si <span class=\"_ _5\"></span>basa <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>valutazione <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>indotti <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>dei tassi rispetto ad una v<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>lutazione di breve p<span class=\"_ _0\"></span>eriod<span class=\"_ _3\"></span>o fornita dalla pr<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>spettiva del marg<span class=\"_ _0\"></span>ine di interesse. Il rischio di tasso \u00e8 p<span class=\"_ _0\"></span>residiato attraverso la <span class=\"_ _0\"></span>fissazione di limiti <span class=\"_ _0\"></span>applicati ad entrambe l<span class=\"_ _0\"></span>e prospettive, che si di<span class=\"_ _0\"></span>stinguono <span class=\"_ _2\"></span>in: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>limiti  consolidati, <span class=\"_ _16\"> </span>che  sono <span class=\"_ _16\"> </span>definiti  in <span class=\"_ _16\"> </span>sede  di  R<span class=\"_ _0\"></span>AF  e <span class=\"_ _16\"> </span>approvati  dal <span class=\"_ _16\"> </span>Cons<span class=\"_ _3\"></span>iglio  di  Amministrazio<span class=\"_ _0\"></span>ne,  sia  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  termi<span class=\"_ _0\"></span>ni  di<span class=\"_ _0\"></span> </span>variazione <span class=\"_ _6\"> </span>dell\u2019EVE <span class=\"_ _4\"> </span>(sensitivity <span class=\"_ _6\"></span>o <span class=\"_ _4\"> </span>\u0394<span class=\"ff1\">EVE) <span class=\"_ _4\"></span>sia <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>sensitivity <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>mar<span class=\"_ _3\"></span>gine <span class=\"_ _4\"> </span></span>(\u0394NII). <span class=\"_ _6\"> </span>I<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _6\"> </span>consolidati <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>\u0394EVE <span class=\"_ _6\"></span>riflettono, <span class=\"_ _6\"> </span>in coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>contesto <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>regolamentari, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>medio <span class=\"_ _2\"></span>atteso <span class=\"_ _2\"></span>(expect<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>exposure) <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>EVE <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo. <span class=\"_ _3\"></span>Il livello <span class=\"_ _3\"></span>medio <span class=\"_ _3\"></span>atteso <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>iene <span class=\"_ _3\"></span>quantificato <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>RAF <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>definito <span class=\"_ _3\"></span>come <span class=\"_ _3\"></span>l\u2019esposizione <span class=\"_ _3\"></span>media <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>uppo p<span class=\"_ _3\"></span>revede <span class=\"_ _3\"></span>di assumere <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019anno. <span class=\"_ _5\"></span><span class=\"ff1\">Ai <span class=\"_ _2\"></span>limiti <span class=\"_ _5\"></span>consolidati <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sensitivity <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>affianca <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>indicatore <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rischio, <span class=\"_ _5\"></span>qualificato<span class=\"_ _35\"></span> </span>come <span class=\"_ _6\"> </span>soglia <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>\u201cearly <span class=\"_ _4\"> </span>warning\u201d <span class=\"_ _6\"></span>approvato <span class=\"_ _6\"> </span>nell\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Risk <span class=\"_ _6\"></span>Appetite <span class=\"_ _6\"> </span>Fra<span class=\"_ _3\"></span>mework <span class=\"_ _6\"></span>(RAF) <span class=\"_ _6\"> </span>che <span class=\"_ _4\"> </span>consente <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>controllare l\u2019esposizione al risch<span class=\"_ _0\"></span>io di torsioni della cu<span class=\"_ _0\"></span>rva;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>limiti <span class=\"_ _3\"></span>individuali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ensitivity del <span class=\"_ _5\"></span><span class=\"ff4\">margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rientrano <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>\u201ccascading\u201d <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>limite </span></span>RAF di Gru<span class=\"_ _3\"></span>ppo, e s<span class=\"_ _3\"></span>ono proposti, previa condivisione con <span class=\"_ _3\"></span>le strutture operative, dalla <span class=\"_ _3\"></span>Direzione Centrale Rischi Finanziari e <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>approvati <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Comitato <span class=\"_ _2\"></span>Rischi <span class=\"_ _3\"></span>Finanziari <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>CRFG). <span class=\"_ _3\"></span>Tali <span class=\"_ _3\"></span>limiti <span class=\"_ _2\"></span>tengono <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>caratteristiche dei <span class=\"_ _3\"></span>portafogli d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Banche/Divisioni, con <span class=\"_ _3\"></span>particolare <span class=\"_ _3\"></span>riferimento a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>volumi <span class=\"_ _3\"></span>intermediati, alle <span class=\"_ _3\"></span>durate <span class=\"_ _2\"></span>medie, alla <span class=\"_ _2\"></span>tipologia <span class=\"_ _5\"></span>di strumenti negoziati ed <span class=\"_ _0\"></span>alla missione strateg<span class=\"_ _0\"></span>ica della Societ\u00e0 <span class=\"_ _0\"></span>al<span class=\"_ _3\"></span><span class=\"ff4\">l\u2019interno del Gruppo.</span> La <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _3\"></span>Rischi <span class=\"_ _2\"></span>Finanziari <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Mercato <span class=\"_ _2\"></span>procede <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>verifica <span class=\"_ _2\"></span>mensile <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l\u2019Early <span class=\"_ _2\"></span>Warning <span class=\"_ _3\"></span>approvati <span class=\"_ _2\"></span>n<span class=\"_ _5\"></span><span class=\"ff1\">el </span>Risk Appetite Framework (RA<span class=\"_ _0\"></span>F) siano rispettati a livell<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> consolidato e indi<span class=\"_ _0\"></span>viduale. Inoltre, il <span class=\"_ _2\"></span>Gruppo si \u00e8 dotato <span class=\"_ _0\"></span>di uno specifico documento <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _18\"> </span>policy <span class=\"_ _18\"> </span>interna <span class=\"_ _17\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>rischio <span class=\"_ _18\"> </span>di <span class=\"_ _1c\"> </span>tass<span class=\"_ _0\"></span>o <span class=\"_ _18\"> </span>(Linee <span class=\"_ _18\"> </span>Guida <span class=\"_ _18\"> </span>IRRBB), <span class=\"_ _18\"> </span>soggetto <span class=\"_ _18\"> </span>ad <span class=\"_ _18\"> </span>approvazione <span class=\"_ _17\"> </span>del <span class=\"_ _1c\"> </span>Consigli<span class=\"_ _35\"></span>o <span class=\"_ _1c\"> </span>di Amministrazione, <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>disciplina <span class=\"_ _2\"></span>l\u2019intero <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>partico<span class=\"_ _5\"></span><span class=\"ff1\">lare <span class=\"_ _5\"></span>gli <span class=\"_ _5\"></span>aspetti <span class=\"_ _2\"></span>di </span>governance, le metodo<span class=\"_ _0\"></span>logie in uso e la d<span class=\"_ _0\"></span>efinizione degli sc<span class=\"_ _0\"></span>enari.<span class=\"_ _3\"></span> Nell\u2019ambito <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>inee <span class=\"_ _3\"></span>Guida <span class=\"_ _2\"></span>IRRBB <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>definite <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>metodologie <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>rischi <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>generati <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>portafogli<span class=\"_ _5\"></span><span class=\"ff1 ls17\">o </span>bancario: 1.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Sensitivity del valore<span class=\"_ _0\"></span> economico <span class=\"ff4\">(\u0394EVE);</span> </span>2.<span class=\"ls0\"> <span class=\"_ _25\"> </span><span class=\"ff4\">Sensitivity del margi<span class=\"_ _0\"></span>ne di interesse (\u0394NII);<span class=\"ff1\"> </span></span></span>3.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Credit Spread Ris<span class=\"_ _0\"></span>k del Banking Book (CSRB<span class=\"_ _0\"></span>B); </span>4.<span class=\"ls0\"> <span class=\"_ _25\"> </span>Value at Risk (VaR). </span>Le suddette misure so<span class=\"_ _0\"></span>no disponibili con rife<span class=\"_ _0\"></span>rimento a ciascuna <span class=\"_ _0\"></span>valuta rilevante del <span class=\"_ _0\"></span>portafoglio di ba<span class=\"_ _0\"></span>nking book.<span class=\"_ _2\"></span> La <span class=\"ff5 ls0\">sensitivit<span class=\"_ _0\"></span>y del valore economico<span class=\"ff1\"> (o sensitivity del fair value) misura la variazione del valo<span class=\"_ _0\"></span>re economico del banking bo<span class=\"_ _0\"></span>ok </span></span>ed \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>calcolata a<span class=\"_ _3\"></span> livello <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>singolo cash <span class=\"_ _3\"></span>flow <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>strumento finanziario, <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>base di <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>shock <span class=\"_ _3\"></span>istantanei di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ta<span class=\"_ _5\"></span>sso e sulla base <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>simulazioni <span class=\"_ _3\"></span>storiche di s<span class=\"_ _3\"></span>tress volte <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>identificare i c<span class=\"_ _3\"></span>asi di <span class=\"_ _3\"></span>worst <span class=\"_ _3\"></span>e best <span class=\"_ _3\"></span>case<span class=\"_ _2\"></span>. <span class=\"_ _3\"></span>Essa riflette l<span class=\"_ _3\"></span>e variazioni <span class=\"_ _3\"></span>del valore attuale <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>posizioni <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>bilancio <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>tutta <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>residua <span class=\"_ _2\"></span>fino <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>scadenza <span class=\"_ _2\"></span>(run<span class=\"_ _5\"></span>-off <span class=\"_ _2\"></span>balance <span class=\"_ _2\"></span>sheet). <span class=\"_ _2\"></span>I flussi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>ssa <span class=\"_ _3\"></span>utilizzati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>determinare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>present <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>sono <span class=\"_ _3\"></span>sviluppati <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>TIT <span class=\"_ _3\"></span>(tasso <span class=\"_ _2\"></span>interno d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>trasferimento) <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>tasso <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isk<span class=\"_ _2\"></span>-<span class=\"_ _90\"> </span>free <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>Euribor/Libor<span class=\"_ _0\"></span>) <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span>tualizzati <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>curve <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sconto <span class=\"_ _5\"></span>risk<span class=\"_ _2\"></span>-free. <span class=\"_ _6\"></span>Nel <span class=\"_ _5\"></span>calcolo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>present <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>crediti <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderata <span class=\"_ _5\"></span>la componente di <span class=\"_ _3\"></span>perdita attesa, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>rappresenta la <span class=\"_ _3\"></span>quantit\u00e0 di <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa che <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Banca si <span class=\"_ _3\"></span>aspetta di <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>recuperare su una data <span class=\"_ _5\"></span>esposizione <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>quindi <span class=\"_ _5\"></span>ne <span class=\"_ _6\"> </span>riduce <span class=\"_ _5\"></span>il <span class=\"_ _6\"> </span>valore. <span class=\"_ _5\"></span>A <span class=\"_ _6\"> </span>tal <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>attuale <span class=\"_ _6\"></span>dell\u2019impiego <span class=\"_ _5\"></span>aggiustato <span class=\"_ _5\"></span>per <span class=\"_ _6\"> </span>il <span class=\"_ _5\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cre<span class=\"_ _5\"></span><span class=\"ff1\">dito </span>viene <span class=\"_ _4\"></span>calcolato <span class=\"_ _4\"></span>decurtando <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cassa <span class=\"_ _4\"></span>attesi <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>il <span class=\"_ _4\"></span>corrisponde<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>perdita <span class=\"_ _4\"></span>attesa <span class=\"_ _6\"></span>secondo <span class=\"_ _4\"></span>una <span class=\"_ _4\"> </span>metodologia denominata \u201ccash flow<span class=\"_ _0\"></span> adjustment\u201d (o CFA).<span class=\"ff1\"> </span>Ai f<span class=\"_ _3\"></span>ini del <span class=\"_ _3\"></span>controllo <span class=\"_ _3\"></span>dell\u2019esposizion<span class=\"_ _0\"></span>e e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>monitoragg<span class=\"_ _0\"></span>io <span class=\"_ _3\"></span>dei limiti, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>calcolo avviene <span class=\"_ _3\"></span>sommand<span class=\"_ _2\"></span>o <span class=\"_ _3\"></span>algebricamente l\u2019equivalente in Euro <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>posizioni nelle <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>valute applicando <span class=\"_ _3\"></span>uno <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>hock <span class=\"_ _3\"></span>parallelo di <span class=\"_ _3\"></span>+<span class=\"_ _3\"></span>100 bps<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>curve <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi <span class=\"_ _3\"></span>n<span class=\"_ _5\"></span>elle diverse <span class=\"_ _7\"> </span>divise. <span class=\"_ _16\"> </span>In <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>analogo <span class=\"_ _16\"> </span>avviene <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>calcolo <span class=\"_ _7\"> </span>per  g<span class=\"_ _35\"></span>l<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>shock  n<span class=\"_ _0\"></span>on<span class=\"_ _3\"></span>-paralleli <span class=\"_ _16\"> </span>ai <span class=\"_ _16\"> </span>fini <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>c<span class=\"ff4\">ont<span class=\"_ _3\"></span>rollo <span class=\"_ _7\"> </span>dell\u2019esposizione <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>del </span>monitoraggio dell\u2019Early Warning. La <span class=\"_ _3\"></span>sensitivity delle <span class=\"_ _3\"></span>valute rilevanti viene <span class=\"_ _3\"></span>poi corretta, <span class=\"_ _3\"></span>con una <span class=\"_ _3\"></span>tecnica <span class=\"_ _3\"></span>gestionale di \u201ccur<span class=\"_ _5\"></span><span class=\"ff1\">rency </span>aggregation\u201d per ten<span class=\"_ _0\"></span>ere in considerazi<span class=\"_ _0\"></span>one l\u2019imperfetta corr<span class=\"_ _0\"></span>elazione con i tassi del<span class=\"_ _0\"></span>la divisa <span class=\"_ _3\"></span>principale (l\u2019Euro).<span class=\"ff1\"> </span>La <span class=\"_ _7\"> </span><span class=\"ff5\">sensitivity <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>margine <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>interesse</span> <span class=\"_ _16\"> </span><span class=\"ff4\">concentra <span class=\"_ _4\"> </span>l\u2019analisi <span class=\"_ _4\"> </span>sull\u2019impatto <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>ca<span class=\"_ _3\"></span>mbiamenti <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>tassi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>interesse <span class=\"_ _4\"> </span>possono </span>produrre <span class=\"_ _4\"> </span>sull\u2019abilit\u00e0 <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>generare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>livello <span class=\"_ _4\"> </span>stabile <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>utile. <span class=\"_ _7\"> </span>La <span class=\"_ _7\"> </span>componente<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>degli <span class=\"_ _4\"> </span>utili <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mis<span class=\"_ _2\"></span><span class=\"ff1\">urazione <span class=\"_ _4\"> </span>\u00e8 </span>rappresentata <span class=\"_ _2\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>differenza <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>margini <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>interesse <span class=\"_ _5\"></span>prodotti <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>fruttifere <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>passivit\u00e0 <span class=\"_ _5\"></span>onerose, <span class=\"_ _5\"></span>inclu<span class=\"_ _5\"></span>dendo anche <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>risultati <span class=\"_ _7\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>copertura <span class=\"_ _7\"> </span>mediante <span class=\"_ _4\"> </span>ricorso <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>derivati. <span class=\"_ _4\"> </span>L\u2019orizzonte <span class=\"_ _7\"> </span>temporale <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>c<span class=\"_ _5\"></span><span class=\"ff1\">omunemente </span>limitato <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>breve-medio <span class=\"_ _6\"></span>termine <span class=\"_ _4\"></span>(da <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>3 <span class=\"_ _6\"></span>ann<span class=\"_ _3\"></span>i) <span class=\"_ _4\"></span><span class=\"ff4\">e <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>valutato <span class=\"_ _6\"></span>nell\u2019ipotesi <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ziendale <span class=\"_ _6\"></span>(approccio <span class=\"_ _6\"></span>\u201cgoing </span>concern\u201d. <span class=\"ff1\">La variazione <span class=\"_ _0\"></span>del margine di intere<span class=\"_ _0\"></span>sse viene stimata s<span class=\"_ _0\"></span>ia in condizioni di sc<span class=\"_ _0\"></span>enari attesi sia in i<span class=\"_ _0\"></span>potesi di sh<span class=\"_ _2\"></span>ock dei tassi </span>di <span class=\"_ _18\"> </span>interesse <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>scenari <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>stress. <span class=\"_ _18\"> </span>Ulteriori <span class=\"_ _17\"> </span>ipotesi <span class=\"_ _17\"> </span>vengono <span class=\"_ _17\"> </span>anche <span class=\"_ _18\"> </span>adottate <span class=\"_ _17\"> </span>relativamente <span class=\"_ _17\"> </span>a <span class=\"_ _18\"> </span>comportamenti <span class=\"_ _17\"> </span>dei <span class=\"_ _18\"> </span>clienti (differenziate  in  f<span class=\"_ _0\"></span>unzione  degli  scen<span class=\"_ _0\"></span>ari  dei  tassi)  e  del<span class=\"_ _0\"></span>  mercato  e  alla  ris<span class=\"_ _0\"></span>posta  del  manag<span class=\"_ _0\"></span>ement  del  Gruppo/Ba<span class=\"_ _0\"></span>nca  ai cambiamenti <span class=\"_ _7\"> </span>economici. <span class=\"_ _7\"> </span>La <span class=\"_ _16\"> </span>proiezione <span class=\"_ _7\"> </span>del  m<span class=\"_ _35\"></span>ar<span class=\"_ _3\"></span>gine <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>relativa <span class=\"_ _16\"> </span>sensitivity <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>variazioni <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>attori <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>mercato <span class=\"_ _7\"> </span>richiedono pertanto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>definire <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>serie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ipotesi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>modellizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>sviluppo <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>volumi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>tassi<span class=\"_ _3\"></span><span class=\"fs19 fc14\"> <span class=\"_ _6\"></span></span><span class=\"ff4\">(fisso/variabile), <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>\u2019orizzonte<span class=\"_ _0\"></span> </span>temporale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>riferimento, <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>valute <span class=\"_ _3\"></span>rilevanti, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>modelli comportamentali <span class=\"_ _3\"></span>introdotti <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>prepayment, p<span class=\"_ _3\"></span>oste <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vista, <span class=\"_ _3\"></span>ecc.) <span class=\"_ _4\"></span>e <span class=\"_ _3\"></span>le ipotesi riguardanti l\u2019e<span class=\"_ _0\"></span>voluzione del port<span class=\"_ _0\"></span>afoglio (bilancio run <span class=\"_ _0\"></span>off, costante o din<span class=\"_ _0\"></span>amico).<span class=\"_ _3\"></span><span class=\"ff1\"> </span>I <span class=\"_ _5\"></span>limiti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sensitivity <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>margine <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>definiti <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>istantaneo <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>parallelo <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>+/<span class=\"_ _2\"></span>-50 <span class=\"_ _5\"></span>bp, <span class=\"_ _5\"></span>avendo <span class=\"_ _2\"></span>a riferimento un orizzonte temporale di 1<span class=\"_ _3\"></span> anno e <span class=\"_ _3\"></span>in ipotesi di <span class=\"_ _3\"></span>bilancio costante. Il <span class=\"_ _3\"></span>limite di sensitivity del <span class=\"_ _3\"></span>margine \u00e8 def<span class=\"_ _3\"></span>ini<span class=\"_ _5\"></span>to quale limite <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>perdita <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>conto <span class=\"_ _6\"></span>economico <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>presenta, <span class=\"_ _5\"></span>pertanto, <span class=\"_ _5\"></span>unicamente <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>egno <span class=\"_ _5\"></span>negativo <span class=\"_ _5\"></span>(limite <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>duzione <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>del margine): l<span class=\"_ _3\"></span>\u2019utilizzo del <span class=\"_ _3\"></span>limite <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>rappresentato <span class=\"_ _3\"></span>dalla sensitivity <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>genera u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>riduzione del <span class=\"_ _3\"></span>margine <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>scena<span class=\"_ _5\"></span><span class=\"ff1\">ri<span class=\"_ _0\"></span> </span>di <span class=\"_ _17\"> </span>rialzo <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>ribasso <span class=\"_ _17\"> </span>parallelo <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span><span class=\"ff4\">i <span class=\"_ _17\"> </span>tassi. <span class=\"_ _1d\"> </span>L<span class=\"_ _3\"></span>\u2019esposizione <span class=\"_ _1d\"> </span>totale <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>sensitivity <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>margine <span class=\"_ _1d\"> </span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _1d\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _1d\"> </span>somma<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>al<span class=\"_ _3\"></span>gebric<span class=\"_ _35\"></span>a </span>dell\u2019esposizione dell<span class=\"_ _0\"></span>e singole valute. <span class=\"ff1\"> </span>Al <span class=\"_ _3\"></span>CRFG <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>delegata <span class=\"_ _3\"></span>l\u2019allocazione dei <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>otto <span class=\"_ _3\"></span>limiti <span class=\"_ _3\"></span>alle s<span class=\"_ _3\"></span>ingole <span class=\"_ _3\"></span>Banche/Societ<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interes<span class=\"_ _5\"></span><span class=\"ff1\">se </span>e <span class=\"_ _3\"></span><span class=\"ls0\">la <span class=\"_ _2\"></span>possibilit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>definire, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sensitivity <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>margine, d<span class=\"_ _3\"></span>ei <span class=\"_ _3\"></span>sottolimiti <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ivisa. <span class=\"_ _3\"></span>Il <span class=\"_ _2\"></span>limite <span class=\"_ _3\"></span>assegnato <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>ciascuna <span class=\"_ _3\"></span>S<span class=\"_ _6\"></span>ociet\u00e0 </span>viene <span class=\"_ _3\"></span>definito <span class=\"_ _3\"></span>sulla <span class=\"_ _2\"></span>base <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>volatilit\u00e0 <span class=\"_ _3\"></span>storica <span class=\"_ _3\"></span>osservata <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>margine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>individuale, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>coerenza <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>strate<span class=\"_ _5\"></span>gie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i limiti definiti per la s<span class=\"_ _0\"></span>ensitivity.  Il <span class=\"_ _3\"></span><span class=\"ff5 ls0\">CSRBB<span class=\"ff1\"> <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span></span>Credit <span class=\"_ _2\"></span>Spread <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Banking <span class=\"_ _3\"></span>Book<span class=\"ff1\"> <span class=\"_ _2\"></span>viene <span class=\"_ _3\"></span>definito c<span class=\"_ _3\"></span>ome <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>del </span></span>rischio <span class=\"_ _7\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>credito, <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>premio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>liquidit\u00e0 <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>potenzialmente <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ltre <span class=\"_ _7\"> </span>componenti <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _7\"> </span>con<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>creditizio <span class=\"_ _7\"> </span>che inducono <span class=\"_ _6\"></span>fluttuazioni <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>prezzo <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>credito, <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>premio <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>altre <span class=\"_ _4\"></span>componenti <span class=\"_ _6\"></span>potenziali, <span class=\"_ _6\"></span>che <span class=\"_ _4\"></span>non <span class=\"_ _6\"></span>si<span class=\"_ _5\"></span><span class=\"ls17\">a </span>spiegato <span class=\"_ _5\"></span>dal <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>banking <span class=\"_ _6\"></span>book. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>riferimento <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>rappresentato <span class=\"_ _5\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>HTCS, <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>cui variazioni di valore d<span class=\"_ _0\"></span>eterminano un impatto<span class=\"_ _0\"></span> immediato sul patrim<span class=\"_ _0\"></span>onio del Gruppo.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span><span class=\"ff5 ls0\">Value <span class=\"_ _3\"></span>at <span class=\"_ _2\"></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span>(VaR) <span class=\"_ _3\"></span>rappresenta <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tipo <span class=\"_ _3\"></span>probabilistico <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>esprime <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>massima <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>del </span></span>portafoglio <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>potrebbe <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>subita <span class=\"_ _5\"></span>entro <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>orizzonte <span class=\"_ _5\"></span>temporale, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>intervallo <span class=\"_ _5\"></span>statistico <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>confidenza fissato. Il <span class=\"_ _3\"></span>VaR <span class=\"_ _3\"></span>viene utilizzato anche <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>consolidare l\u2019esposizione ai <span class=\"_ _3\"></span>rischi <span class=\"_ _3\"></span>finanziari assunti dalle diverse <span class=\"_ _3\"></span>Societ\u00e0 del <span class=\"_ _3\"></span>G<span class=\"_ _5\"></span><span class=\"ff1\">ruppo </span>che <span class=\"_ _2\"></span>svolgono <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span><span class=\"ff4\">ttivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>anking <span class=\"_ _3\"></span>book, <span class=\"_ _2\"></span>tenendo <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>considerazione <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>enefici <span class=\"_ _3\"></span>prodotti <span class=\"_ _2\"></span>dall\u2019effetto <span class=\"_ _2\"></span>diversificazione <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>dalla </span>correlazione tra <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversi <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>differenti valute. <span class=\"_ _2\"></span>Tale<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>misura <span class=\"_ _3\"></span>viene <span class=\"_ _3\"></span>calcolata e <span class=\"_ _3\"></span>monitorata, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019intero <span class=\"_ _6\"></span><span class=\"ff1\">perimetro<span class=\"_ _0\"></span>, </span>dalla Direzione Centrale Ri<span class=\"_ _0\"></span>schi Finanziari <span class=\"_ _0\"></span>e di Mercato. Nel <span class=\"_ _2\"></span>calcolo <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>suddette <span class=\"_ _2\"></span>misure <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>adotta <span class=\"_ _3\"></span>modelli <span class=\"_ _2\"></span>comportamentali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>appresentazione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>poste patrimoniali.  Per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>mutui, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>fa <span class=\"_ _2\"></span>ricorso <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>tecniche <span class=\"_ _2\"></span>statistiche <span class=\"_ _2\"></span>per <span class=\"_ _6\"></span>determinare <span class=\"_ _3\"></span>la <span class=\"_ _5\"></span>probabilit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>estinzione <span class=\"_ _2\"></span>anticipata <span class=\"_ _2\"></span>(prepayment), <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di ridurre <span class=\"_ _5\"></span>l\u2019esposizio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>tasso <span class=\"_ _5\"></span>(overhedge) <span class=\"_ _2\"></span>ed <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>(overfunding)<span class=\"_ _35\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>metodologia<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>sviluppat<span class=\"_ _2\"></span><span class=\"ff1 lsc\">a </span>stima <span class=\"_ _2\"></span>coefficienti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prepayment <span class=\"_ _5\"></span>diversificati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>fu<span class=\"_ _3\"></span><span class=\"ff4\">nzione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>tipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>lientela, <span class=\"_ _3\"></span>caratteristiche <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>inanziarie <span class=\"_ _3\"></span>dell\u2019operazione,<span class=\"_ _0\"></span> </span>come la <span class=\"_ _3\"></span>tipologia di tasso <span class=\"_ _3\"></span>del finanziamento (fisso, variabile), la <span class=\"_ _3\"></span>durata originaria del <span class=\"_ _3\"></span>finanziamento, il seasoning, inteso<span class=\"_ _6\"></span> come<span class=\"_ _35\"></span> et\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>inanziament<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>data<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dell\u2019evento<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>repayment. <span class=\"_ _3\"></span>Oggetto <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tinzioni <span class=\"_ _3\"></span>parziali, <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>estinzioni <span class=\"_ _2\"></span>totali <span class=\"_ _3\"></span>e le <span class=\"_ _4\"></span>surroghe. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"> </span>modello <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>repayment <span class=\"_ _6\"></span>esamina <span class=\"_ _4\"> </span>inoltre <span class=\"_ _6\"></span>le <span class=\"_ _7\"> </span>motivazio<span class=\"_ _0\"></span>ni <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>spin<span class=\"_ _3\"></span>gono <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>cliente <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>prepagare; <span class=\"_ _4\"></span>rispetto <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>tale aspetto, \u00e8 possibile suddividere il fenome<span class=\"_ _0\"></span>no<span class=\"_ _3\"></span> <span class=\"ff4\">tra componente strutturale (c.d. \u201cCore Prepaym<span class=\"_ _0\"></span>ent\u201d) e componente congiunturale </span>(c.d. \u201c<span class=\"_ _3\"></span>Coupon Incentive\u201d), collegata <span class=\"_ _3\"></span>principalmente alle variazioni <span class=\"_ _3\"></span>di mercato. <span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>fenomeni legati <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>prepayment sono <span class=\"_ _3\"></span>monitora<span class=\"_ _2\"></span><span class=\"ff1\">ti </span>mensilmente <span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>coefficienti <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>prepayment <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span>pplicare <span class=\"_ _5\"></span>al <span class=\"_ _4\"> </span>modello <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _6\"></span>ristimati <span class=\"_ _6\"></span>almeno <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>periodicit\u00e0 <span class=\"_ _6\"></span>annuale <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>son<span class=\"_ _0\"></span>o sottoposti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodiche <span class=\"_ _3\"></span>verifiche <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>backtesting, <span class=\"_ _3\"></span>opportunamente <span class=\"_ _3\"></span>documentate <span class=\"_ _3\"></span>nell\u2019apposito <span class=\"_ _3\"></span>documento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Model <span class=\"_ _3\"></span>change, <span class=\"_ _3\"></span>per assicurare <span class=\"_ _1c\"> </span>l\u2019aderenza <span class=\"_ _1c\"> </span>alla <span class=\"_ _1c\"> </span>realt\u00e0 <span class=\"_ _1c\"> </span>operativa <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>ipotesi <span class=\"_ _1c\"> </span>ass<span class=\"_ _3\"></span><span class=\"ff1\">unte <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>per <span class=\"_ _1c\"> </span>r<span class=\"_ _3\"></span>ecepire <span class=\"_ _1c\"> </span>eventuali <span class=\"_ _1c\"> </span>mutament<span class=\"_ _0\"></span>i <span class=\"_ _1c\"> </span>normativi <span class=\"_ _1c\"> </span>e/o </span>comportamentali. Per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>contrattualm<span class=\"_ _0\"></span>ente a<span class=\"_ _3\"></span> vista<span class=\"_ _3\"></span> (conti <span class=\"_ _3\"></span>correnti <span class=\"_ _3\"></span>clientela), viene <span class=\"_ _3\"></span>adottato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>modello di <span class=\"_ _3\"></span>rappresentazione finanziaria <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>olto a <span class=\"_ _3\"></span>riflettere <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>caratteristiche <span class=\"_ _3\"></span>comportamentali di <span class=\"_ _2\"></span>stab<span class=\"_ _3\"></span>ilit\u00e0 <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>masse <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>reattivit\u00e0 <span class=\"_ _3\"></span>parziale <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>itardata a<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>tassi di <span class=\"_ _5\"></span>mercato. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>modello <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>oggetto <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>monitoraggio <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontinuo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>istima <span class=\"_ _5\"></span>periodica <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>recepire <span class=\"_ _5\"></span>tempestivamente <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>variazioni delle masse e delle car<span class=\"_ _0\"></span>atteristiche della <span class=\"_ _0\"></span>clientela nel tempo intercorse, nonch\u00e9 dell<span class=\"_ _0\"></span>a normativa regol<span class=\"_ _0\"></span>amentare di riferiment<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span> Al <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurare <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>vulnerabilit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>manifestarsi <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>turbolenze <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>risch<span class=\"_ _5\"></span>io <span class=\"_ _3\"></span>di tasso <span class=\"_ _3\"></span>prevede una <span class=\"_ _3\"></span>valutazione degli <span class=\"_ _3\"></span>effetti prodo<span class=\"_ _3\"></span>tti <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>valore economico e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>margine di <span class=\"_ _3\"></span>interesse della b<span class=\"_ _3\"></span>anca da <span class=\"_ _3\"></span>condizioni di <span class=\"_ _17\"> </span>tensione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>mercato <span class=\"_ _17\"> </span>(\u201cscenario <span class=\"_ _1d\"> </span>analysis\u201d), <span class=\"_ _18\"> </span>ovvero <span class=\"_ _17\"> </span>improvvise <span class=\"_ _1d\"> </span>variazioni <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>livello <span class=\"_ _18\"> </span>generale <span class=\"_ _17\"> </span>dei <span class=\"_ _17\"> </span>tassi <span class=\"_ _17\"> </span>d'interesse, cambiamenti <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>relazioni <span class=\"_ _4\"> </span>tra <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>tassi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"> </span>fondame<span class=\"_ _3\"></span>ntali <span class=\"_ _4\"> </span>(rischio <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>base), <span class=\"_ _4\"> </span>nell'inclinazione <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>forma <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>curva <span class=\"_ _4\"> </span>dei rendimenti (rischio di c<span class=\"_ _0\"></span>urva dei rendimenti)<span class=\"_ _0\"></span>, nella liquidit\u00e0 dei <span class=\"_ _0\"></span>principali merc<span class=\"_ _0\"></span>ati finanziari o nell<span class=\"_ _0\"></span>a volatilit\u00e0 dei tassi <span class=\"_ _2\"></span>di mercato.  Tali analisi sono c<span class=\"_ _0\"></span>ondotte sottoponendo il p<span class=\"_ _0\"></span>ortafog<span class=\"_ _3\"></span>lio a diversi sc<span class=\"_ _0\"></span>enari di variazione d<span class=\"_ _0\"></span>ei tassi: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">scenari regolamentari previsti dal<span class=\"_ _0\"></span> Supervisory Outlier Test (SOT) sull\u2019EVE,<span class=\"_ _3\"></span><span class=\"ff1 fs19\"> </span>che prevede un \u201cearly warning\u201d pari al 15% di </span></span>Tier <span class=\"_ _5\"></span>1, <span class=\"_ _6\"></span>calcolato <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>scenari <span class=\"_ _6\"></span>BCBS <span class=\"_ _5\"></span>(Parallel <span class=\"_ _5\"></span>shock <span class=\"_ _5\"></span>up, <span class=\"_ _6\"></span>Parallel <span class=\"_ _4\"> </span>shock <span class=\"_ _6\"></span>down, <span class=\"_ _5\"></span>Steepener <span class=\"_ _5\"></span>shock, <span class=\"_ _6\"></span>Flattener<span class=\"_ _0\"></span> shock, Short rates s<span class=\"_ _0\"></span>hock up e Short rates <span class=\"_ _0\"></span>shock down);<span class=\"ffc\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>shock <span class=\"_ _3\"></span>diversificati <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>curva <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>principali <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>calcolati <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rendimenti <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>elle </span>curve dei singoli fatt<span class=\"_ _0\"></span>ori e quelli di una curva relativa al <span class=\"_ _0\"></span>parametro eletto pivot (<span class=\"_ _0\"></span>basis risk);<span class=\"ffc\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>scenari di stress in simul<span class=\"_ _0\"></span>azione storica.<span class=\"ffc\"> </span></span>Sono, <span class=\"_ _3\"></span>altres\u00ec, <span class=\"_ _2\"></span>previsti <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>stress <span class=\"_ _2\"></span>test <span class=\"_ _3\"></span>sui <span class=\"_ _2\"></span>modelli <span class=\"_ _3\"></span>comportamentali, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>modo <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>poter <span class=\"_ _2\"></span>verificare <span class=\"_ _3\"></span>gli <span class=\"_ _2\"></span>impatti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3\"></span>di <span class=\"_ _4\"></span>ipotesi<span class=\"_ _0\"></span> alternative, <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _1d\"> </span>ai <span class=\"_ _1d\"> </span>parametri <span class=\"_ _1d\"> </span>comportamentali <span class=\"_ _1d\"> </span>stimati <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>modelli. <span class=\"_ _1d\"> </span>Gli <span class=\"_ _17\"> </span>assunti <span class=\"_ _1d\"> </span>metodologici <span class=\"_ _1d\"> </span>sottostanti <span class=\"_ _1d\"> </span>le <span class=\"_ _1d\"> </span>ipotesi contenute negli scen<span class=\"_ _0\"></span>ari di stress sono opport<span class=\"_ _0\"></span>unatamente descritt<span class=\"_ _0\"></span>e nei documenti met<span class=\"_ _0\"></span>odologici di dettaglio.<span class=\"_ _3\"></span> Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-19 Nel <span class=\"_ _3\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>2022,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">le <span class=\"_ _3\"></span>strategie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>residi <span class=\"_ _3\"></span>posti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>nell\u2019ambito <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>gestion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>d\u2019interesse sono <span class=\"_ _2\"></span>stati </span>realizzati <span class=\"_ _1c\"> </span>nell\u2019ottica <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>protegger<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>il <span class=\"_ _1c\"> </span>margine <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>interesse <span class=\"_ _1c\"> </span>da <span class=\"_ _20\"> </span><span class=\"ff1\">potenziali <span class=\"_ _1c\"> </span>ulteriori <span class=\"_ _1c\"> </span>impatti <span class=\"_ _1c\"> </span>negativi <span class=\"_ _1c\"> </span>del <span class=\"_ _1c\"> </span>COVID<span class=\"_ _3\"></span>-19. <span class=\"_ _1c\"> </span>La </span>stabilizzazione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>margine <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>realizzata <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>interventi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>copertura <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>vischiosit\u00e0 <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>raccolta <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>vista <span class=\"_ _7\"> </span>da clientela, sia medi<span class=\"_ _0\"></span>ante la stipula di deri<span class=\"_ _0\"></span>vati di copertura sia in natural hedge con i mutui erogati <span class=\"_ _0\"></span>alla clientela. Impatti derivanti dal confli<span class=\"_ _0\"></span>tto russo-ucraino Il conflitto <span class=\"_ _3\"></span>russo-ucraino ha <span class=\"_ _3\"></span>determinato un <span class=\"_ _3\"></span>generalizzato incremento dello spread <span class=\"_ _3\"></span>rispetto ai <span class=\"_ _3\"></span>bund tedeschi e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conseguenza un aumento dei relativi rendim<span class=\"_ _0\"></span>enti; con riferimento <span class=\"_ _0\"></span>al rischio di tasso di intere<span class=\"_ _0\"></span>sse <span class=\"_ _2\"></span>generato dal portafogli<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> bancario del Gruppo Intesa Sanpaolo, quest<span class=\"_ _0\"></span>o incremento h<span class=\"_ _0\"></span>a comportato una cont<span class=\"_ _0\"></span>razione dell'esposizio<span class=\"_ _0\"></span>ne del portafog<span class=\"_ _0\"></span>lio dei titoli governativi.<span class=\"_ _3\"></span> Informazioni di natura<span class=\"_ _3\"></span> quantitativa <span class=\"_ _3\"></span> Portafoglio bancario: modelli interni e altre <span class=\"_ _3\"></span>metodologie di analisi della sensitivi<span class=\"_ _3\"></span>t\u00e0 Il <span class=\"_ _4\"> </span><span class=\"ls0\">rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>tasso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>interesse <span class=\"_ _6\"></span>gen<span class=\"_ _3\"></span>erato <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>bancario <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo, <span class=\"_ _4\"> </span>misurato <span class=\"_ _7\"> </span>mediante <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>Shift </span>sensitivity <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>registrato <span class=\"_ _4\"></span>nel <span class=\"_ _4\"> </span>corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2022 <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>medio <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>a <span class=\"_ _16\"> </span>-1.669 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>un <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>massimo <span class=\"_ _6\"></span>pari a <span class=\"_ _5\"></span><span class=\"ls0\">-2.134 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _4\"></span>-1.016 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span><span class=\"ff4\">d<span class=\"_ _3\"></span>ato <span class=\"_ _5\"></span>quest\u2019ultimo <span class=\"_ _5\"></span>coincidente <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quello <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>fine <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2022. </span></span>Quest\u2019ultimo dato <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>diminuzione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>740 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>fine 2<span class=\"_ _3\"></span>021, <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _6\"></span><span class=\"ff1\">-1.756 <span class=\"_ _3\"></span>milioni. <span class=\"_ _3\"></span>La <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>ltimi<span class=\"_ _35\"></span> </span>mesi <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>origina, <span class=\"_ _5\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>dagli <span class=\"_ _2\"></span>effetti <span class=\"_ _5\"></span>prodotti <span class=\"_ _2\"></span>dell\u2019aumento <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>t<span class=\"_ _3\"></span>assi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse, <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>interventi <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>copertura <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span><span class=\"ff1\">rivati </span>degli impieghi e dalla<span class=\"_ _0\"></span> contrazione del Por<span class=\"_ _0\"></span>tafoglio Titoli HTCS<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> La sensitivity del margine di interesse <span class=\"ff4\">\u2013</span> <span class=\"ff4\">nell\u2019ipotesi di variazione di +50, </span>-50 e di +100 punti base dei tassi <span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> ammonta alla fin<span class=\"_ _35\"></span>e di <span class=\"_ _1d\"> </span>dicembre  2022, <span class=\"_ _1d\"> </span>rispettivamente  a<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>633 <span class=\"_ _1d\"> </span>milioni,  a <span class=\"_ _17\"> </span>-<span class=\"ff4\">668 <span class=\"_ _1d\"> </span>milioni  e<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>251 <span class=\"_ _1d\"> </span>milioni.<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>Quest\u2019ultimo  dato <span class=\"_ _1d\"> </span>\u00e8 <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>diminuzione </span>(-1.596 milioni) <span class=\"_ _4\"> </span>ri<span class=\"_ _3\"></span>spetto <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>2021, <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>1<span class=\"_ _3\"></span>.847 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Sulla <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>iduzione <span class=\"_ _4\"> </span>incide <span class=\"_ _7\"> </span>sia <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>modifica <span class=\"_ _7\"> </span>nelle <span class=\"_ _7\"> </span>regole <span class=\"_ _4\"> </span>di indicizzazione dell\u2019operativit\u00e0<span class=\"_ _0\"></span> con la <span class=\"_ _3\"></span>BCE, operata alla fine del <span class=\"_ _3\"></span>mese ottobre, sia il rialzo dei <span class=\"_ _3\"></span>tassi di mercato di breve t<span class=\"_ _6\"></span><span class=\"ff1\">ermine, </span>che ha determinato un<span class=\"_ _0\"></span>a maggiore reattivit\u00e0 della raccol<span class=\"_ _0\"></span>ta a vista da client<span class=\"_ _0\"></span>ela prevista dal mod<span class=\"_ _0\"></span>ello comportamentale.<span class=\"_ _3\"></span> Nella <span class=\"_ _1d\"> </span>tabella  e <span class=\"_ _1d\"> </span>nei <span class=\"_ _1d\"> </span>grafici  sottostanti <span class=\"_ _1d\"> </span>si  fornisce <span class=\"_ _1d\"> </span>una  r<span class=\"_ _3\"></span>appresentazione  dell\u2019andamento  della <span class=\"_ _18\"> </span><span class=\"ff1\">shift-sensitivity <span class=\"_ _1d\"> </span>del <span class=\"_ _1d\"> </span>valor<span class=\"_ _35\"></span>e </span>economico (o shift-sensitivit<span class=\"_ _0\"></span>y del fair value) e della shift-sensitivity<span class=\"ff5\"> </span>del marg<span class=\"_ _0\"></span>ine di interesse.<span class=\"fs12\"> </span>(milioni di euro)<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>medio<span class=\"ls0\"> </span>minimo<span class=\"ls0\"> </span>massimo<span class=\"ls0\"> </span>Shift Sensitivity del Fair Valu<span class=\"_ _3\"></span>e +100 bp<span class=\"ls0\"> </span>-<span class=\"ls28\">1.669</span> -<span class=\"ls28\">1.016</span> -<span class=\"ls28\">2.134</span> -<span class=\"ls28\">1.016</span> -<span class=\"ls28\">1.756</span> Shift Sensitivity del Margine <span class=\"_ _3\"></span>di <span class=\"ls27\">Interesse <span class=\"ls0\">-<span class=\"_ _3\"></span><span class=\"ls28\">50bp</span> </span></span>-<span class=\"ls28\">790</span> -<span class=\"ls28\">641</span> -<span class=\"ls28\">903</span> -<span class=\"ls28\">668</span> -<span class=\"ls28\">880</span> Shift Sensitivity del Margine <span class=\"_ _3\"></span>di Interesse +50bp<span class=\"_ _3\"></span><span class=\"ls0\"> </span>844<span class=\"ls0\"> </span>617<span class=\"ls0\"> </span>1.105<span class=\"ls0\"> </span>633<span class=\"ls0\"> </span>962<span class=\"ls0\"> </span>Shift Sensitivity del Margine <span class=\"_ _3\"></span>di Interesse +100bp<span class=\"_ _3\"></span><span class=\"ls0\"> </span>1.179<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>2.094<span class=\"ls0\"> </span>251<span class=\"ls0\"> </span>1.847<span class=\"ls0\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-151.18286px;\"><div class=\"t m0 xcd h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x1b4 h2 y17a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y13cf ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1787 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x1b4 h2 y99c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y116a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y17ba ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nteresse, <span class=\"_ _3\"></span>misurato <span class=\"_ _2\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ermini <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>VaR, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>643 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>u<span class=\"_ _5\"></span><span class=\"lsc\">n </span></div><div class=\"t m0 x0 h2 y1813 ff1 fs0 fc0 sc0 ls0 ws0\">valore <span class=\"_ _5\"></span>massimo <span class=\"_ _6\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _5\"></span>885 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>ed <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>minimo <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>442 <span class=\"_ _6\"></span>milioni, <span class=\"_ _4\"> </span><span class=\"ff4\">dato <span class=\"_ _6\"> </span>quest\u2019ultimo <span class=\"_ _5\"></span>coincidente <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>quello <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>fine </span></div><div class=\"t m0 x0 h2 y1442 ff1 fs0 fc0 sc0 ls0 ws0\">dicemb<span class=\"ls20\">re</span> <span class=\"_ _16\"> </span><span class=\"ff4\">2022. <span class=\"_ _7\"> </span>Quest\u2019ultimo <span class=\"_ _7\"> </span>dato <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _16\"> </span>in <span class=\"_ _7\"> </span>diminuzione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>67 <span class=\"_ _16\"> </span>milioni <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>fine <span class=\"_ _7\"> </span>2021, <span class=\"_ _7\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>509 <span class=\"_ _16\"> </span>milioni; <span class=\"_ _4\"> </span>tale<span class=\"_ _5\"></span></span><span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 y14a0 ff4 fs0 fc0 sc0 ls0 ws0\">variazione \u00e8 dovuta i<span class=\"_ _0\"></span>n gran parte alla <span class=\"_ _0\"></span>contrazione dell\u2019esposi<span class=\"_ _0\"></span>zione registrata s<span class=\"_ _0\"></span>oprattutto negli ult<span class=\"_ _0\"></span>imi mesi del 2022. <span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y17a7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb6e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>cambi<span class=\"_ _3\"></span>o <span class=\"_ _5\"></span>espresso <span class=\"_ _5\"></span>dagli <span class=\"_ _5\"></span>investimenti <span class=\"_ _2\"></span>partecipativi <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>divisa <span class=\"_ _5\"></span>estera <span class=\"_ _5\"></span>(banking <span class=\"_ _5\"></span>book) <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>misurato <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>VaR, <span class=\"_ _6\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y1735 ff1 fs0 fc0 sc0 ls0 ws0\">stato <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>mediamente <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>155 <span class=\"_ _2\"></span>milioni, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>74 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>massimo <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a </div><div class=\"t m0 x0 h2 y231 ff1 fs0 fc0 sc0 ls0 ws0\">252 <span class=\"_ _2\"></span>milioni, a<span class=\"_ _3\"></span>ttestandosi <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>su <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>126 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>aumento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>33 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 yf8c ff4 fs0 fc0 sc0 ls0 ws0\">fine <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>93<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>milioni; <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>legata <span class=\"_ _2\"></span>all\u2019incremento <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olatilit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>lute <span class=\"_ _2\"></span>rublo <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>usso <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ste<span class=\"_ _6\"></span><span class=\"ff1\">rlina </span></div><div class=\"t m0 x0 h2 y11fa ff1 fs0 fc0 sc0 ls0 ws0\">egiziana.  </div><div class=\"t m0 x0 h2 y113d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11fb ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>generato <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>azionario <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>registrato <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>medio, <span class=\"_ _2\"></span>misurato <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h32 yccf ff4 fs0 fc0 sc0 ls0 ws0\">VaR, <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>475 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>valori <span class=\"_ _7\"> </span>massimo <span class=\"_ _7\"> </span>e  m<span class=\"_ _35\"></span>inimo <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>ari <span class=\"_ _7\"> </span>rispettivamente <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>5<span class=\"_ _3\"></span>60 <span class=\"_ _7\"> </span>milioni <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>a <span class=\"_ _7\"> </span>334  mil<span class=\"_ _35\"></span>ioni, <span class=\"_ _16\"> </span>dato <span class=\"_ _7\"> </span>quest\u2019ultimo </div><div class=\"t m0 x0 h2 y1814 ff1 fs0 fc0 sc0 ls0 ws0\">coincidente <span class=\"_ _4\"></span>con <span class=\"_ _4\"> </span>quello <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>dicembre <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>diminuzione <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>33 <span class=\"_ _4\"></span>milioni <span class=\"_ _4\"></span>rispetto <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>valore <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>fine <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2<span class=\"_ _3\"></span>021 <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>a </div><div class=\"t m0 x0 h2 y113e ff1 fs0 fc0 sc0 ls0 ws0\">367 milioni. <span class=\"_ _5\"></span>Ta<span class=\"_ _3\"></span>le <span class=\"_ _6\"></span>variazione <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>dovuta <span class=\"_ _6\"></span>principalmente <span class=\"_ _6\"></span>alle <span class=\"_ _6\"></span>cessioni, <span class=\"_ _5\"></span>effettuate <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>ultimi <span class=\"_ _6\"></span>mesi <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>quote </div><div class=\"t m0 x0 h2 y1815 ff1 fs0 fc0 sc0 ls0 ws0\">relative a diverse partecipate q<span class=\"_ _0\"></span>uotate  </div><div class=\"t m0 x0 h2 y1140 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1234 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>VAR<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>complessivo, <span class=\"_ _2\"></span>costituito <span class=\"_ _2\"></span>dalle <span class=\"_ _2\"></span>tre <span class=\"_ _5\"></span>componenti <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>descritte <span class=\"_ _2\"></span>(VAR <span class=\"_ _2\"></span>Interesse, <span class=\"_ _2\"></span>VAR <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>VAR <span class=\"_ _2\"></span>Azionario), <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>nel </div><div class=\"t m0 x0 h2 ye52 ff1 fs0 fc0 sc0 ls0 ws0\">corso <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>2<span class=\"_ _3\"></span>022 <span class=\"_ _4\"> </span>mediamente <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>799 <span class=\"_ _7\"> </span>milioni, <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>massimo <span class=\"_ _4\"> </span>pari <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>1.130 <span class=\"_ _7\"> </span>milioni <span class=\"_ _4\"></span>ed <span class=\"_ _4\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valore <span class=\"_ _7\"> </span>minimo <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _4\"> </span>a </div><div class=\"t m0 x0 h2 y5d3 ff1 fs0 fc0 sc0 ls0 ws0\">5<span class=\"lsc\">75</span> milioni, <span class=\"_ _2\"></span>attestandosi <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>639 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>aumento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>9<span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>milioni <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 y1816 ff1 fs0 fc0 sc0 ls0 ws0\">fine <span class=\"_ _3\"></span>dicembre <span class=\"_ _3\"></span>2021 pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>548 <span class=\"_ _3\"></span>milioni<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>effetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>riduzione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>beneficio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>diversificazione complessiva, <span class=\"_ _3\"></span>legato s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>all<span class=\"_ _2\"></span><span class=\"ls17\">a </span></div><div class=\"t m0 x0 h2 y316 ff4 fs0 fc0 sc0 ls0 ws0\">ricomposizione del portafoglio <span class=\"_ _3\"></span>illustrata in relazione <span class=\"_ _3\"></span>ai singoli <span class=\"_ _3\"></span>rischi (Tasso, <span class=\"_ _3\"></span>Cambio, Investimenti azionari), che <span class=\"_ _3\"></span>all\u2019incr<span class=\"_ _5\"></span><span class=\"ff1\">emento<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y9d ff1 fs0 fc0 sc0 ls0 ws0\">delle volatilit\u00e0 di m<span class=\"_ _0\"></span>ercato. </div><div class=\"t m0 x0 h2 y1144 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>grafico <span class=\"_ _2\"></span>sottostanti <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>fornisce <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>rappresentazion<span class=\"_ _0\"></span>e <span class=\"_ _5\"></span>dell\u2019andamento <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>VAR <span class=\"_ _2\"></span>complessivo <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>sue <span class=\"_ _5\"></span>tre </span>componenti (VAR Intere<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>se, VAR Cambio e VAR<span class=\"_ _0\"></span> Azionario).<span class=\"fs12\"> </span>(milioni di euro)<span class=\"ls0\"> </span>2022<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>31.12.2021<span class=\"ls0\"> </span>medio<span class=\"ls0\"> </span>minimo<span class=\"ls0\"> </span>massimo<span class=\"ls0\"> </span>Value at Risk Tasso d'interesse<span class=\"_ _3\"></span><span class=\"ls0\"> </span>643<span class=\"ls0\"> </span>442<span class=\"ls0\"> </span>885<span class=\"ls0\"> </span>442<span class=\"ls0\"> </span>509<span class=\"ls0\"> </span>Value at Risk Cambio<span class=\"_ _3\"></span><span class=\"ls0\"> </span>155<span class=\"ls0\"> </span>74<span class=\"ls0\"> </span>252<span class=\"ls0\"> </span>126<span class=\"ls0\"> </span>93<span class=\"ls0\"> </span>Value at Risk Investimenti Az<span class=\"_ _3\"></span>ionari <span class=\"ls0\"> </span>475<span class=\"ls0\"> </span>334<span class=\"ls0\"> </span>560<span class=\"ls0\"> </span>334<span class=\"ls0\"> </span>367<span class=\"ls0\"> </span>Value at Risk complessivo<span class=\"_ _3\"></span><span class=\"ls0\"> </span>799<span class=\"ls0\"> </span>575<span class=\"ls0\"> </span>1.130<span class=\"ls0\"> </span>639<span class=\"ls0\"> </span>548<span class=\"ls0\"> </span>Infine, <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>fornisce <span class=\"_ _5\"></span>un\u2019analisi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>sensitivit\u00e0 <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>bancario <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>prezzo, <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>me<span class=\"_ _6\"></span><span class=\"ff1\">tte <span class=\"_ _5\"></span>in </span>rilievo <span class=\"_ _6\"> </span>l\u2019impatto <span class=\"_ _6\"> </span>sul <span class=\"_ _4\"> </span>Patrimonio <span class=\"_ _5\"></span>Net<span class=\"_ _3\"></span>to, <span class=\"_ _6\"> </span>simulando <span class=\"_ _6\"> </span>uno <span class=\"_ _6\"> </span>shock<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dei <span class=\"_ _6\"> </span>prezzi <span class=\"_ _6\"> </span>pari <span class=\"_ _4\"> </span>a <span class=\"_ _6\"> </span>\u00b110%, <span class=\"_ _4\"> </span>del <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ortafoglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>zionario <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>minoranza quotato, in gran part<span class=\"_ _0\"></span>e detenuto nella categoria<span class=\"_ _0\"></span> HTCS.  Rischio di prezzo: imp<span class=\"_ _0\"></span>atto sul patrimon<span class=\"_ _0\"></span>io netto (milioni di euro) Impatto sul patrimonio netto al 31.12.2022 Impatto sul patrimonio netto al 30.09.2022 Impatto sul patrimonio netto al 30.06.2022 Impatto sul patrimonio netto al 31.03.2022 impatto sul patrimonio netto al 31.12.2021 Shock di prezzo 10%<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>147<span class=\"ls0\"> </span>146<span class=\"ls0\"> </span>166<span class=\"ls0\"> </span>177<span class=\"ls0\"> </span>Shock di prezzo -<span class=\"ls1c\">10%</span> -<span class=\"ls1c\">73</span> -<span class=\"ls1c\">147</span> -<span class=\"ls1c\">146</span> -<span class=\"ls1c\">166</span> -<span class=\"ls1c\">177</span> 0<span class=\"_ _90\"> </span>200<span class=\"_ _90\"> </span>400<span class=\"_ _90\"> </span>600<span class=\"_ _90\"> </span>800<span class=\"_ _90\"> </span>1000<span class=\"_ _90\"> </span>1200<span class=\"_ _90\"> </span>milioni di eur<span class=\"_ _0\"></span>o<span class=\"_ _90\"> </span>Evoluzione mensile <span class=\"_ _3\"></span>del VA<span class=\"_ _0\"></span>R <span class=\"_ _3\"></span>gestion<span class=\"_ _3\"></span>ale complessiv<span class=\"_ _3\"></span>o e delle sue tre component<span class=\"_ _3\"></span>i<span class=\"_ _90\"> </span>VAR_Interes<span class=\"_ _0\"></span>se<span class=\"_ _53\"> </span>VAR_Cambio<span class=\"_ _53\"> </span>VAR_Azionario<span class=\"_ _53\"> </span>VaR TOTALE<span class=\"_ _90\"> </span><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-230.74536px;\"><div class=\"t m0 x0 he ye87 ff5 fs6 fc2 sc0 ls0 ws0\">1.2.3. RISCHIO DI CAM<span class=\"_ _3\"></span>BIO <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1711 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y680 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycb0 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 he y10fa ff5 fs6 fc2 sc0 ls0 ws0\">Informazioni di natura<span class=\"_ _3\"></span> qualitativa<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h22e y13e0 ff1b fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y379 ff5 fs12 fc2 sc0 ls0 ws0\">A. Aspetti generali, proces<span class=\"_ _3\"></span>si<span class=\"fc5\"> </span>di gestione e metodi di <span class=\"_ _3\"></span>misurazione del rischio di cambio<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y15ac ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _5\"></span>definisce <span class=\"_ _5\"></span>\u201cRischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio\u201d <span class=\"_ _5\"></span>l\u2019effetto <span class=\"_ _5\"></span>avverso <span class=\"_ _2\"></span>potenziale <span class=\"_ _5\"></span>derivante <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>rapporto <span class=\"_ _2\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _5\"></span>ca<span class=\"_ _3\"></span>mbio <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>valute <span class=\"_ _5\"></span>che </span></div><div class=\"t m0 x0 h2 y748 ff1 fs0 fc0 sc0 ls0 ws0\">possa <span class=\"_ _3\"></span>avere <span class=\"_ _3\"></span>impatti ne<span class=\"_ _3\"></span>gativi sia <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>valorizzazione delle <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>bilancio, che <span class=\"_ _3\"></span>sulla <span class=\"_ _3\"></span>redditivit\u00e0, n<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>nch\u00e9 sui </div><div class=\"t m0 x0 h2 y15e7 ff1 fs0 fc0 sc0 ls0 ws0\">ratio patrimoniali. </div><div class=\"t m0 x0 h2 ya13 ff1 fs0 fc0 sc0 ls0 ws0\">Vengono individuati <span class=\"_ _0\"></span>due tipi di Rischio <span class=\"_ _0\"></span>di Cambio: <span class=\"_ _3\"></span><span class=\"ff2\">Strutturale</span> <span class=\"ls10\">e </span><span class=\"ff2\">T<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>ansattivo<span class=\"ff1\">.<span class=\"ff9\"> </span></span></span></div><div class=\"t m0 x0 h2 y15e9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y142a ff1 fs0 fc0 sc0 ls0 ws0\">Per<span class=\"ff2\"> <span class=\"_ _3\"></span>Rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _3\"></span>Strutturale</span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>intende <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possa </div><div class=\"t m0 x0 h2 y6ef ff1 fs0 fc0 sc0 ls0 ws0\">avere impatti negativi <span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ulle riserve camb<span class=\"_ _0\"></span>i che sono parte del P<span class=\"_ _0\"></span>atrimonio netto co<span class=\"_ _0\"></span>nsolidato di Gruppo.<span class=\"_ _3\"></span>  </div><div class=\"t m0 x0 h2 yfd3 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11ad ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span><span class=\"ff2\">Rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _2\"></span>Transattivo</span> <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>intende<span class=\"ff9\"> <span class=\"_ _3\"></span></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>potenziale <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>variazioni <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>rapporto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>valute </div><div class=\"t m0 x0 h2 yc59 ff1 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _4\"></span>possa <span class=\"_ _6\"></span>avere <span class=\"_ _4\"> </span>impatti <span class=\"_ _4\"></span>negativi <span class=\"_ _6\"></span>sia <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"></span>valore <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"></span>bilancio <span class=\"_ _6\"></span>quando <span class=\"_ _4\"></span>convertite <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>divisa <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y11cf ff1 fs0 fc0 sc0 ls0 ws0\">bilancio, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>redditivit\u00e0 <span class=\"_ _3\"></span>relativa <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>raccolta, <span class=\"_ _2\"></span>impiego <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>investimento/disinvestimento <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>ta. <span class=\"_ _3\"></span>Le <span class=\"_ _5\"></span>principali<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y7c2 ff1 fs0 fc0 sc0 ls0 ws0\">fonti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>cambio <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>rappresentate <span class=\"_ _5\"></span>da: <span class=\"_ _6\"></span>impieghi <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>divisa <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>euro <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>corporate <span class=\"_ _6\"></span>e/o <span class=\"_ _6\"></span>retail;<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y7f6 ff1 fs0 fc0 sc0 ls0 ws0\">conversione <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>moneta <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attivit\u00e0, <span class=\"_ _5\"></span>passivit\u00e0, <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>gli <span class=\"_ _5\"></span>utili <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>filiali <span class=\"_ _5\"></span>estere, <span class=\"_ _6\"></span>negoziazione <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>divise <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>banconote <span class=\"_ _5\"></span>estere, </div><div class=\"t m0 x0 h2 yd9b ff1 fs0 fc0 sc0 ls0 ws0\">incasso <span class=\"_ _7\"> </span>e/o <span class=\"_ _7\"> </span>pa<span class=\"_ _3\"></span>gamento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>interessi, <span class=\"_ _7\"> </span>commissioni, <span class=\"_ _7\"> </span>dividendi, <span class=\"_ _7\"> </span>spese <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>mministrative <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>divisa, <span class=\"_ _7\"> </span>acquisto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>titoli <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>strumenti </div><div class=\"t m0 x0 h2 y11d0 ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>scopo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>rivendita <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>breve <span class=\"_ _5\"></span>termine, <span class=\"_ _2\"></span>ecc. <span class=\"_ _5\"></span>Rientra <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _5\"></span>transattivo <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>ad </div><div class=\"t m0 x0 h2 yd9d ff1 fs0 fc0 sc0 ls0 ws0\">operativit\u00e0 <span class=\"_ _5\"></span>connessa <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>quella <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>genera <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>cambio <span class=\"_ _5\"></span>strutturale, <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>esempio<span class=\"_ _2\"></span><span class=\"ff9\"> <span class=\"_ _5\"></span></span>dai <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ividendi <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>eliberati </div><div class=\"t m0 x0 h2 yb4 ff1 fs0 fc0 sc0 ls0 ws0\">dalle <span class=\"_ _2\"></span>partecipate <span class=\"_ _2\"></span>estere<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quello <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>derivante <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _2\"></span>societari <span class=\"_ _2\"></span>legati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione </div><div class=\"t m0 x0 h2 y141b ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>partecipazioni, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>omprende <span class=\"_ _3\"></span>anche <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>utili/perdite <span class=\"_ _3\"></span>delle <span class=\"_ _5\"></span>Filiali <span class=\"_ _2\"></span>estere <span class=\"_ _2\"></span>(c.d. <span class=\"_ _2\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>il </div><div class=\"t m0 x0 h2 y14fe ff1 fs0 fc0 sc0 ls0 ws0\">Rischio di Cambio<span class=\"ff2\"> Struttural<span class=\"_ _0\"></span>e<span class=\"ff1 ls24\">).<span class=\"ls0\"> </span></span></span></div><div class=\"t m0 x0 h32 y8b2 ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _6\"> </span>Direzione <span class=\"_ _5\"></span>Centrale <span class=\"_ _6\"></span>Market <span class=\"_ _5\"></span>and <span class=\"_ _6\"> </span>Financial <span class=\"_ _6\"></span>Risk <span class=\"_ _6\"></span>Management<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>garantisce <span class=\"_ _5\"></span>la <span class=\"_ _4\"> </span>misur<span class=\"_ _0\"></span>azione <span class=\"_ _5\"></span>ed <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>controllo <span class=\"_ _6\"></span>dell\u2019esposizione <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y17e5 ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo  e <span class=\"_ _16\"> </span>di  Gruppo  al <span class=\"_ _16\"> </span>Rischio  Cambi<span class=\"_ _0\"></span>o  di  Struttu<span class=\"_ _0\"></span>rale;  provvede <span class=\"_ _16\"> </span>al  calcolo  ges<span class=\"_ _0\"></span>tionale  della  O<span class=\"_ _35\"></span>ptimal  Position,  che<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y105 ff1 fs0 fc0 sc0 ls0 ws0\">rappresenta <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>posizione <span class=\"_ _2\"></span>aperta <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>valuta <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>olta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>neutralizzare <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>sensitivity <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>ratio <span class=\"_ _2\"></span>dai <span class=\"_ _2\"></span>movimenti del <span class=\"_ _2\"></span>tasso <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 h2 yd2a ff1 fs0 fc0 sc0 ls0 ws0\">cambio; la <span class=\"_ _3\"></span>Direzione Centrale Market <span class=\"_ _3\"></span>and Financial <span class=\"_ _3\"></span>Risk Management produce, <span class=\"_ _3\"></span>altres\u00ec, le <span class=\"_ _3\"></span>analisi di <span class=\"_ _3\"></span>sensitivity del capital r<span class=\"_ _3\"></span>a<span class=\"_ _5\"></span>tio<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y140f ff1 fs0 fc0 sc0 ls0 ws0\">ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>monitoraggio <span class=\"_ _5\"></span>gestionale <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _5\"></span>Strutturale, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>ottica <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>progressivo <span class=\"_ _2\"></span>allineamento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>LG </div><div class=\"t m0 x0 h32 yff7 ff4 fs0 fc0 sc0 ls0 ws0\">EBA <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>definisce <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>proposta <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>limiti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Transattivo <span class=\"_ _2\"></span>connesso <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>Rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Cambio <span class=\"_ _2\"></span>Strutturale <span class=\"_ _2\"></span>nell\u2019ambito </div><div class=\"t m0 x0 h2 y1705 ff1 fs0 fc0 sc0 ls0 ws0\">dei limiti di VAR per i ris<span class=\"_ _0\"></span>chi di mercato. </div><div class=\"t m0 x0 h24 y1717 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y944 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y6fb ff5 fs12 fc2 sc0 ls0 ws0\">B. Attivit\u00e0 di copertura del rischio di cambio<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h32 y11dd ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019attivit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Cambio <span class=\"_ _4\"> </span>Strutturale <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _4\"> </span>attribuisce <span class=\"_ _4\"> </span>alla <span class=\"_ _7\"> </span>Capogruppo <span class=\"_ _4\"> </span>poteri <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y183b ff1 fs0 fc0 sc0 ls0 ws0\">direzione e coordinam<span class=\"_ _0\"></span>ento in materia <span class=\"_ _0\"></span>al fine di pervenire alla<span class=\"_ _0\"></span> definizione di u<span class=\"_ _0\"></span>na strategia unitaria<span class=\"_ _0\"></span> di Gruppo. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 ycf3 ff1 fs0 fc0 sc0 ls0 ws0\">Questa <span class=\"_ _7\"> </span>scelta, <span class=\"_ _16\"> </span>coeren<span class=\"ff4\">te <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>ruolo <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>interlocutore <span class=\"_ _7\"> </span>istituzionale <span class=\"_ _7\"> </span>dell\u2019Organo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>Vigilanza <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Capogruppo, <span class=\"_ _7\"> </span>consente <span class=\"_ _16\"> </span>il </span></div><div class=\"t m0 x0 h2 ydb1 ff4 fs0 fc0 sc0 ls0 ws0\">presidio <span class=\"_ _6\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>linea <span class=\"_ _4\"> </span>con <span class=\"_ _6\"> </span>le <span class=\"_ _4\"> </span>specifiche <span class=\"_ _6\"> </span>responsabilit\u00e0 <span class=\"_ _6\"> </span>previste <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>alle <span class=\"_ _6\"> </span>Disposizioni <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>vigilanza <span class=\"_ _6\"> </span>prudenziale, <span class=\"_ _6\"> </span>nonch\u00e9<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>di </span></div><div class=\"t m0 x0 h2 y11a7 ff1 fs0 fc0 sc0 ls0 ws0\">attenuare e/o gestire<span class=\"_ _0\"></span> in modo appropriato questa ti<span class=\"_ _0\"></span>pologia di rischio. </div><div class=\"t m0 x0 h2 y947 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>presidio e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>rischio di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Strutturale sono <span class=\"_ _3\"></span>svolti, <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>Direzione Centrale <span class=\"_ _3\"></span>Tesor<span class=\"_ _5\"></span>eria e </div><div class=\"t m0 x0 h57 y29d ff1 fs0 fc0 sc0 ls0 ws0\">Finanza di Gruppo d<span class=\"_ _0\"></span>ella Capogruppo, ch<span class=\"_ _0\"></span>e lo gestisce in ottic<span class=\"_ _0\"></span>a di rischio / ren<span class=\"_ _3\"></span>dimento ed ottimizz<span class=\"_ _0\"></span>ando i requisiti di c<span class=\"_ _0\"></span>apitale.<span class=\"ff5 fs12 fc2\"> </span></div><div class=\"t m0 x0 h2 y13d9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1405 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>presidio <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>copertura del <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Cambio <span class=\"_ _3\"></span>Transattivo <span class=\"_ _3\"></span>sono svolti, <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>livello accentrato, <span class=\"_ _3\"></span>dalla Direzione <span class=\"_ _2\"></span>Central<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>Teso<span class=\"_ _5\"></span>reria </div><div class=\"t m0 x0 h2 y13da ff1 fs0 fc0 sc0 ls0 ws0\">e Finanza di Gruppo della Capogruppo, e d<span class=\"_ _3\"></span>alla Divisione IMI Corporate &amp; Inv<span class=\"_ _2\"></span>estment Banking per il perimetro di competenza, </div><div class=\"t m0 x0 h2 y1007 ff1 fs0 fc0 sc0 ls0 ws0\">mentre a livello local<span class=\"_ _0\"></span>e viene effettuato da<span class=\"_ _0\"></span>lle singole funzioni d<span class=\"_ _0\"></span>i tesoreria delle s<span class=\"_ _0\"></span>ociet\u00e0 e banche d<span class=\"_ _0\"></span>el Gruppo.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yab2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb1f ff1 fs0 fc0 sc0 ls0 ws0\">Alla <span class=\"_ _4\"> </span>data <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>redazione <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>Bilancio <span class=\"_ _4\"> </span>non <span class=\"_ _7\"> </span>sono <span class=\"_ _4\"> </span>presenti <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>copertura <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>patrimonio <span class=\"_ _4\"> </span>net<span class=\"_ _5\"></span>to, <span class=\"_ _4\"> </span>mentre <span class=\"_ _4\"> </span>sono<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>presenti </div><div class=\"t m0 x0 h2 y11ed ff4 fs0 fc0 sc0 ls0 ws0\">coperture gestionali <span class=\"_ _0\"></span>del rischio di cambio di<span class=\"_ _0\"></span> attivit\u00e0 e passivit<span class=\"_ _0\"></span>\u00e0 di bilancio relative <span class=\"_ _0\"></span>all\u2019attivit\u00e0 del banking <span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ook.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h24 yc64 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y8eb ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> </div><div class=\"t m0 x0 h2 y102f ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _2\"></span>strategie <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>presidi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>essere, <span class=\"_ _2\"></span>finalizzati <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>chio <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cambio, <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>necessitato <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>modifiche <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>azioni </div><div class=\"t m0 x0 h2 y1093 ff1 fs0 fc0 sc0 ls0 ws0\">particolari nel contes<span class=\"_ _0\"></span>to conseguente alla <span class=\"_ _0\"></span>pandemia da COVID-19. </div><div class=\"t m0 x0 h2 ya88 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf70 ff5 fs0 fc2 sc0 ls0 ws0\">Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino </div><div class=\"t m0 x0 h2 y1030 ff1 fs0 fc0 sc0 ls0 ws0\">Il conflitto russo-<span class=\"ff4\">ucraino non ha generato criticit\u00e0 nell\u2019ambito della gestione della<span class=\"_ _3\"></span></span> liquidit\u00e0 in divisa. Limitatamente alle giornate </div><div class=\"t m0 x0 h2 y150f ff1 fs0 fc0 sc0 ls0 ws0\">immediatamente successive allo scoppio della guerra sul mercato si \u00e8 r<span class=\"_ _3\"></span>egistrato un incremento del costo del funding in dollar<span class=\"_ _2\"></span><span class=\"ls13\">i </span></div><div class=\"t m0 x0 h2 y172b ff1 fs0 fc0 sc0 ls0 ws0\">quale <span class=\"_ _3\"></span>indicatore di <span class=\"_ _3\"></span>forte avversione a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>rischio e <span class=\"_ _3\"></span>sul <span class=\"_ _3\"></span>segmento Forex, <span class=\"_ _3\"></span>pur con <span class=\"_ _3\"></span>l<span class=\"_ _2\"></span>iquidit\u00e0 <span class=\"_ _3\"></span>ridotta non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>comunque venuta <span class=\"_ _3\"></span>meno la </div><div class=\"t m0 x0 h2 y172c ff1 fs0 fc0 sc0 ls0 ws0\">possibilit\u00e0 di negozia<span class=\"_ _0\"></span>re rubli sul mercato <span class=\"_ _0\"></span>interbancario fatte s<span class=\"_ _0\"></span>alve limitazioni imp<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>ste dal regime sa<span class=\"_ _0\"></span>nzionatorio.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y172d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y172e ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycc7 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Informazioni di natura<span class=\"_ _3\"></span> quantitativa<span class=\"_ _3\"></span> 1. Distribuzione per valuta di denominazione delle at<span class=\"_ _3\"></span>tivit\u00e0 e passivit\u00e0 e dei deriva<span class=\"_ _3\"></span>ti  (milioni di eur<span class=\"_ _35\"></span>o) Voci VALUTE Dollaro USA Sterlina<span class=\"_ _0\"></span> Kuna croata Franco svizzero Fiorino ungherese<span class=\"_ _35\"></span> Yen<span class=\"ls0\"> </span>Dollaro australia<span class=\"_ _0\"></span>no Altre valute A. ATTIVI<span class=\"_ _0\"></span>TA' FINA<span class=\"_ _0\"></span>NZIARIE 38.356 3.770 8.660 1.052 5.456 2.700 3.605 17.115 A.1 Titoli di <span class=\"_ _0\"></span>debito 8.194 661<span class=\"ls0\"> </span>848<span class=\"ls0\"> </span>- 1.112 2.457 854<span class=\"ls0\"> </span>3.316 A.2 Titoli di <span class=\"_ _0\"></span>capitale 624<span class=\"ls0\"> </span>95<span class=\"ls0\"> </span>5 63<span class=\"ls0\"> </span>2 - - 824<span class=\"ls0\"> </span>A.3 Finanzi<span class=\"_ _0\"></span>amenti a b<span class=\"_ _0\"></span>anche 10.728 623<span class=\"ls0\"> </span>434<span class=\"ls0\"> </span>174<span class=\"ls0\"> </span>1.847 48<span class=\"ls0\"> </span>1.441 5.764 A.4 Finanzi<span class=\"_ _0\"></span>amenti a <span class=\"_ _0\"></span>clientela 18.810 2.391 7.373 815<span class=\"ls0\"> </span>2.495 195<span class=\"ls0\"> </span>1.310 7.211 A.5 Altre a<span class=\"_ _0\"></span>ttivit\u00e0 finan<span class=\"_ _0\"></span>ziarie - - - - - - - - B. ALTRE <span class=\"_ _0\"></span>ATTIVITA'<span class=\"_ _35\"></span>  3.432 556<span class=\"ls0\"> </span>771<span class=\"ls0\"> </span>987<span class=\"ls0\"> </span>204<span class=\"ls0\"> </span>103<span class=\"ls0\"> </span>117<span class=\"ls0\"> </span>2.277 C. PASS<span class=\"_ _0\"></span>IVITA' FINA<span class=\"_ _35\"></span>NZIARIE 40.959 3.147 6.988 995<span class=\"ls0\"> </span>4.769 703<span class=\"ls0\"> </span>2.164 12.218 C.1 Debiti <span class=\"_ _0\"></span>verso banche<span class=\"_ _35\"></span> 20.464 588<span class=\"ls0\"> </span>160<span class=\"ls0\"> </span>185<span class=\"ls0\"> </span>865<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>1.898 1.741 C.2 Debiti <span class=\"_ _0\"></span>verso clientel<span class=\"_ _35\"></span>a 7.025 833<span class=\"ls0\"> </span>6.828 718<span class=\"ls0\"> </span>3.889 28<span class=\"ls0\"> </span>200<span class=\"ls0\"> </span>8.494 C.3 Titoli di<span class=\"_ _0\"></span> debito 13.470 1.726 - 92<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>628<span class=\"ls0\"> </span>66<span class=\"ls0\"> </span>1.983 C.4 Altre pa<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie - - - - - - - - D. ALTRE P<span class=\"_ _35\"></span>ASSIVITA' 1.561 692<span class=\"ls0\"> </span>351<span class=\"ls0\"> </span>118<span class=\"ls0\"> </span>73<span class=\"ls0\"> </span>27<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>1.468 E. DERIVA<span class=\"_ _0\"></span>TI FINA<span class=\"_ _0\"></span>NZIARI  - Opzioni<span class=\"_ _0\"></span> posizioni lungh<span class=\"_ _35\"></span>e 5.552 133<span class=\"ls0\"> </span>- 53<span class=\"ls0\"> </span>55<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>336<span class=\"ls0\"> </span>posizioni co<span class=\"_ _0\"></span>rte 5.711 195<span class=\"ls0\"> </span>- 37<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>340<span class=\"ls0\"> </span>69<span class=\"ls0\"> </span>761<span class=\"ls0\"> </span>- Altri derivati<span class=\"_ _35\"></span> - posizioni lungh<span class=\"_ _35\"></span>e 62.767 10.972 12<span class=\"ls0\"> </span>5.946 1.849 3.246 1.501 11.711 posizioni co<span class=\"_ _0\"></span>rte 62.708 11.271 9 6.706 1.960 5.366 3.070 13.524 TOTALE<span class=\"_ _0\"></span> ATTIVITA'<span class=\"_ _35\"></span> 110.107 15.431 9.443 8.038 7.564 6.457 5.288 31.439 TOTALE<span class=\"_ _0\"></span> PASSIVIT<span class=\"_ _35\"></span>A<span class=\"_ _3\"></span>' 110.939 15.305 7.348 7.856 6.835 6.436 5.353 27.971 SBILANCIO<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(+/-) -<span class=\"ls25\">832</span> 126<span class=\"ls0\"> </span>2.095 182<span class=\"ls0\"> </span>729<span class=\"ls0\"> </span>21<span class=\"ls0\"> </span>-<span class=\"ls25\">65</span> 3.468 La <span class=\"_ _3\"></span>rappresentazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>della \u201cDistribuzione per <span class=\"_ _3\"></span>valuta di <span class=\"_ _3\"></span>denominazione delle a<span class=\"_ _3\"></span>ttivit\u00e0 e <span class=\"_ _3\"></span>passivit\u00e0 e <span class=\"_ _3\"></span>dei derivati\u201d <span class=\"_ _3\"></span>\u00e8 s<span class=\"_ _3\"></span>tata adegu<span class=\"_ _5\"></span><span class=\"ff1\">ata </span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>dal <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>dicembre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>visione <span class=\"_ _6\"></span>prudenziale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>aderenza <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>nuovo <span class=\"_ _5\"></span>framework <span class=\"_ _5\"></span>meto<span class=\"_ _0\"></span>dologico <span class=\"_ _5\"></span>introdotto <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>EBA Guidelines on the treatm<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nt of structural FX <span class=\"_ _0\"></span>under Article 35<span class=\"_ _0\"></span>2(2) of Regulation (EU) No<span class=\"_ _0\"></span> 575/2013 (CRR)<span class=\"_ _0\"></span>.<span class=\"_ _2\"></span> A partire dal 1\u00b0 gennai<span class=\"_ _0\"></span>o 2023 la Kuna Croata<span class=\"_ _0\"></span> \u00e8 entrata a far part<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span><span class=\"ff4\">dell\u2019Area euro e non sar\u00e0<span class=\"_ _0\"></span> oggetto dei fut<span class=\"_ _0\"></span>uri reporting.<span class=\"ff1\"> </span></span>2. Modelli interni ed altre metodologie <span class=\"_ _3\"></span>per l\u2019analisi di sensitivit\u00e0<span class=\"_ _3\"></span><span class=\"ff5\"> </span>Come <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>anticipato, <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cambio <span class=\"_ _2\"></span>transattivo, <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>elativo <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>negoziazione, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>inserita <span class=\"_ _2\"></span>nell\u2019a<span class=\"_ _5\"></span><span class=\"ff1\">mbit<span class=\"lsc\">o </span></span>delle procedure oper<span class=\"_ _0\"></span>ative e delle m<span class=\"_ _0\"></span>etodologie di stima del V<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>R gestionale.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>rischio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cambio <span class=\"_ _3\"></span>espresso d<span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>investimenti p<span class=\"_ _3\"></span>artecipativi <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>divisa <span class=\"_ _3\"></span>estera <span class=\"_ _3\"></span>(banking <span class=\"_ _3\"></span>book), <span class=\"_ _3\"></span>ivi <span class=\"_ _3\"></span>incluse <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gr<span class=\"_ _5\"></span>uppo, origina <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>sercizio <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>VaR <span class=\"_ _5\"></span>(intervallo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>confidenza <span class=\"_ _2\"></span>99%, <span class=\"_ _2\"></span>holding <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriod <span class=\"_ _3\"></span>10 <span class=\"_ _5\"></span>giorni) <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>126<span class=\"_ _3\"></span><span class=\"fc5\"> <span class=\"_ _2\"></span></span>milioni. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>impatto potenziale si riflett<span class=\"_ _0\"></span>erebbe unicamente sul P<span class=\"_ _0\"></span>atrimonio netto. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-977": {
   "value": "1.4 RISCHIO DI LIQUIDITA\u2019<span class=\"ff5\"> </span>INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA Q<span class=\"_ _3\"></span>UALITATIVA<span class=\"_ _3\"></span> A.<span class=\"ls0\"> <span class=\"_ _2b\"> </span>Aspetti gene<span class=\"_ _3\"></span>rali, processi di gestione <span class=\"_ _3\"></span>e metodi di m<span class=\"_ _3\"></span>isurazione del rischio di<span class=\"_ _3\"></span> liquidit\u00e0 <span class=\"_ _2\"></span> </span>Si definisce rischio di liquidit\u00e0 il rischio che la Banca non riesca a far fronte ai p<span class=\"_ _3\"></span>ropri impegni di pagamento per l\u2019incapa<span class=\"_ _2\"></span><span class=\"ff1\">c<span class=\"_ _3\"></span>it\u00e0 sia </span>di reperire fondi sul mercat<span class=\"_ _0\"></span>o (funding liquidity ri<span class=\"_ _0\"></span>sk), sia di smobili<span class=\"_ _0\"></span>zzare i propri attivi (m<span class=\"_ _0\"></span>arket liquidity risk).<span class=\"_ _3\"></span> La <span class=\"_ _16\"> </span>predisposizione <span class=\"_ _7\"> </span>di  un <span class=\"_ _7\"> </span>adeguato <span class=\"_ _16\"> </span>sistema <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>governo <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>gestione <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>tale <span class=\"_ _16\"> </span>rischio <span class=\"_ _7\"> </span>assu<span class=\"_ _3\"></span>me <span class=\"_ _7\"> </span>un<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>ruolo <span class=\"_ _7\"> </span>f<span class=\"_ _3\"></span>ondamentale <span class=\"_ _7\"> </span>per  i<span class=\"_ _35\"></span>l mantenimento <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>stabilit\u00e0 <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>singola <span class=\"_ _3\"></span>banca, <span class=\"_ _3\"></span>ma <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>mercato, <span class=\"_ _3\"></span>considerato <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>squilibri <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>singola istituzione finanziaria<span class=\"_ _0\"></span> possono avere ripe<span class=\"_ _0\"></span>rcussioni sistemich<span class=\"_ _0\"></span>e. Tale sistema deve e<span class=\"_ _0\"></span>ssere integrato in qu<span class=\"_ _0\"></span>ello complessivo per <span class=\"_ _2\"></span>la gestione dei rischi e <span class=\"_ _0\"></span>prevedere contr<span class=\"ff4\">olli incisivi e coerenti<span class=\"_ _0\"></span> con l\u2019evoluzione <span class=\"_ _0\"></span>del contesto di riferim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Il <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>istema <span class=\"_ _5\"></span>interno <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>gestione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>sviluppa <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>quadro <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>Risk <span class=\"_ _5\"></span>Appeti<span class=\"_ _6\"></span>te Framework <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>soglie <span class=\"_ _5\"></span>massime<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>tolleranza <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _5\"></span>ivi <span class=\"_ _2\"></span>approvate, <span class=\"_ _5\"></span>che <span class=\"_ _2\"></span>stabiliscono che <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>debba <span class=\"_ _7\"> </span>mantenere <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>posizione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _7\"> </span>adeguata <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>modo <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>f<span class=\"_ _3\"></span>ronteggiar<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>periodi <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>tensione, <span class=\"_ _7\"> </span>anche prolungati, <span class=\"_ _4\"></span>sui <span class=\"_ _4\"> </span>diversi <span class=\"_ _7\"> </span>mercati <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>approvvigionamento <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>funding, <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>nche <span class=\"_ _7\"> </span>attraverso <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>costituzione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>adeguate <span class=\"_ _4\"> </span>riserve <span class=\"_ _7\"> </span>di liquidit\u00e0 <span class=\"_ _3\"></span>rappresentate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>marketable <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rifinanziabili <span class=\"_ _3\"></span>presso <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>Centrali. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>richiesto <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>mantenimento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un equilibrato rapporto fra <span class=\"_ _3\"></span>fonti in <span class=\"_ _3\"></span>entrata e <span class=\"_ _3\"></span>flussi in <span class=\"_ _3\"></span>uscita, sia nel<span class=\"_ _2\"></span> breve <span class=\"_ _3\"></span>che nel <span class=\"_ _3\"></span>medio-lungo t<span class=\"_ _3\"></span>ermine. Tale obiettivo \u00e8 <span class=\"_ _3\"></span>sviluppato dalle \u201cLinee Guida di Governo del rischio Liquidit\u00e0 di Gr<span class=\"_ _0\"></span>uppo\u201d approvate dagli Organi Societ<span class=\"_ _0\"></span>ari di Intesa Sanpaolo, applicand<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>le vigenti disposizi<span class=\"_ _0\"></span>oni regolamentari in m<span class=\"_ _0\"></span>ateria.<span class=\"_ _3\"></span> Le <span class=\"_ _2\"></span>disposizion<span class=\"ff4\">i <span class=\"_ _2\"></span>sulla <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>introdotte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>all\u2019Unione <span class=\"_ _2\"></span>Europea <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>giugno <span class=\"_ _2\"></span>2013 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>successivamente <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ggiornate, <span class=\"_ _3\"></span>stabiliscono </span>che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>banche debbano <span class=\"_ _3\"></span>rispettare: (i) <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>requisito minimo <span class=\"_ _3\"></span>di c<span class=\"_ _3\"></span>opertura della <span class=\"_ _3\"></span>liquidit\u00e0 di <span class=\"_ _3\"></span>breve termine <span class=\"_ _3\"></span>(Liquidity <span class=\"_ _3\"></span>Coverage R<span class=\"_ _5\"></span>atio \u2013<span class=\"ff1\"> LCR &gt; 100%), <span class=\"_ _3\"></span>nonch\u00e9 (ii) il requisito minimo di liquidit\u00e0 struttu<span class=\"_ _0\"></span>rale (Net Stable Funding Ratio <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> NSFR &gt;100%), come stabiliti </span>nell\u2019ambito <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span><span class=\"ff1\">Direttiva <span class=\"_ _4\"> </span>2019/878/UE, <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Regolamento <span class=\"_ _4\"> </span>(UE) <span class=\"_ _4\"> </span>575/2013, <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>Regolamento <span class=\"_ _4\"></span>2019/876 <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Regolamento<span class=\"_ _35\"></span> </span>Delegato <span class=\"_ _16\"> </span>(UE) <span class=\"_ _7\"> </span>2<span class=\"_ _3\"></span>015/61 <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _16\"> </span>relativi  s<span class=\"_ _0\"></span>upplementi/modifiche.<span class=\"fs19\"> <span class=\"_ _16\"> </span></span><span class=\"ff4\">Completano <span class=\"_ _16\"> </span>il <span class=\"_ _16\"> </span>quadro <span class=\"_ _16\"> </span>normativo <span class=\"_ _7\"> </span>gli  \u201cImpleme<span class=\"_ _0\"></span>nting <span class=\"_ _16\"> </span>Technical </span>Standard\u201d <span class=\"_ _29\"> </span>sviluppati <span class=\"_ _2b\"> </span>d<span class=\"_ _0\"></span>all\u2019Autorit\u00e0 <span class=\"_ _29\"> </span>Bancaria <span class=\"_ _2b\"> </span>E<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ropea <span class=\"_ _29\"> </span>(EBA) <span class=\"_ _29\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _2b\"> </span>l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2b\"> </span>Gu<span class=\"_ _0\"></span>idelines <span class=\"_ _29\"> </span>della <span class=\"_ _2b\"> </span>BC<span class=\"_ _0\"></span>E <span class=\"_ _29\"> </span>f<span class=\"_ _3\"></span>inalizzati <span class=\"_ _29\"> </span>ad <span class=\"_ _2b\"> </span>accr<span class=\"_ _0\"></span>escere l\u2019armonizzazione <span class=\"_ _17\"> </span>regolamentare <span class=\"_ _18\"> </span>dell\u2019Unione <span class=\"_ _18\"> </span>nel <span class=\"_ _18\"> </span>quadro <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _1c\"> </span>c.d. <span class=\"_ _18\"> </span>Meccanismo <span class=\"_ _18\"> </span>Unico <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>Vigilanza <span class=\"_ _18\"> </span>(Single <span class=\"_ _18\"> </span>Supervisory<span class=\"_ _0\"></span> </span>Mechanism <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">SSM) <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>sempre in <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>ma di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0,<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>anche <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>esercizio <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>utovalutazione, c.d. <span class=\"_ _3\"></span>\u201cInternal L<span class=\"_ _3\"></span>iquidity<span class=\"_ _0\"></span> </span>Adequacy Assessment <span class=\"_ _3\"></span>Process\u201d (<span class=\"_ _3\"></span>ILAAP), da <span class=\"_ _3\"></span>condurre c<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>periodicit\u00e0 annuale<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>\u201cSupervisory Review <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Evaluation Process\u201d (SREP).<span class=\"ff1\"> </span>Le <span class=\"_ _2\"></span>\u201cLinee <span class=\"_ _2\"></span>Gu<span class=\"_ _3\"></span>ida <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>Liquidit\u00e0\u201d <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _6\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ltre <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fare <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>indicazioni <span class=\"_ _3\"></span>della </span>Banca <span class=\"_ _3\"></span>d\u2019Italia <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>materia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0 <span class=\"_ _3\"></span>presenti <span class=\"_ _3\"></span>nell<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>\u201cDisposizioni <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Vigilanza <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>banche\u201d <span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>hanno <span class=\"_ _3\"></span>via <span class=\"_ _2\"></span>via <span class=\"_ _2\"></span>recepito </span>tutte le suddette disp<span class=\"_ _0\"></span>osizioni normative, <span class=\"_ _0\"></span>applicando le vigenti di<span class=\"_ _0\"></span>sposizioni regol<span class=\"_ _0\"></span>amentari. <span class=\"_ _3\"></span> In <span class=\"_ _6\"> </span>ta<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>quadro, <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>\u201cLinee <span class=\"_ _4\"> </span>Guida <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Governo <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Rischio <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Liquidit\u00e0 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _6\"> </span>Gruppo\u201d, <span class=\"_ _4\"> </span>approvate <span class=\"_ _6\"></span>dagl<span class=\"_ _2\"></span><span class=\"ff1\">i <span class=\"_ _4\"></span>Organi <span class=\"_ _6\"></span>Societari <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Intesa </span>Sanpaolo, <span class=\"_ _7\"> </span>il<span class=\"_ _3\"></span>lustrano <span class=\"_ _7\"> </span>i  com<span class=\"_ _0\"></span>piti <span class=\"_ _16\"> </span>delle <span class=\"_ _16\"> </span>diverse <span class=\"_ _7\"> </span>funzioni <span class=\"_ _16\"> </span>aziendali, <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>norme <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>l\u2019insieme <span class=\"_ _7\"> </span>dei  pro<span class=\"_ _0\"></span>cessi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>controllo <span class=\"_ _7\"> </span>e  gestion<span class=\"_ _35\"></span>e finalizzati <span class=\"_ _5\"></span>ad <span class=\"_ _6\"> </span>assicurare <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>prudente <span class=\"_ _5\"></span>presidio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>liquidit\u00e0, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revenendo <span class=\"_ _5\"></span>l\u2019insorgere <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>situa<span class=\"_ _5\"></span><span class=\"ff1\">zioni <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crisi. <span class=\"_ _6\"></span>A <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>ine,<span class=\"_ _0\"></span> </span>comprendono <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>l\u2019identificazione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>fattori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>rischio, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>misurazione dell\u2019esposizione <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>ver<span class=\"_ _3\"></span>ifi<span class=\"_ _5\"></span><span class=\"ff1\">ca <span class=\"_ _3\"></span>del </span>rispetto  dei <span class=\"_ _1d\"> </span>limiti,  nonch\u00e9  le  regole <span class=\"_ _1d\"> </span>per  l\u2019effettuazione  di  prove <span class=\"_ _1d\"> </span>di  stress  e <span class=\"_ _1d\"> </span>l\u2019individuazi<span class=\"_ _0\"></span>one <span class=\"_ _18\"> </span><span class=\"ff1\">di <span class=\"_ _1d\"> </span>appropriate  iniziative  di </span>attenuazione del risc<span class=\"_ _0\"></span>hio, oltre alla predis<span class=\"_ _0\"></span>posizione di piani d\u2019em<span class=\"_ _0\"></span>ergenza e il rep<span class=\"_ _0\"></span>orting informativo agli <span class=\"_ _0\"></span>organi aziendali. <span class=\"_ _2\"></span><span class=\"ff1\"> </span>I <span class=\"_ _2\"></span>principi <span class=\"_ _5\"></span>essenziali <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>si <span class=\"_ _2\"></span>ispira <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>sistema <span class=\"_ _2\"></span>interno <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>controllo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liqui<span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>it\u00e0 <span class=\"_ _2\"></span>definito <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>tali <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida<span class=\"_ _35\"></span> sono:  \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">presenza <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>una <span class=\"_ _1c\"> </span>politica <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>gestione <span class=\"_ _1c\"> </span>della <span class=\"_ _1c\"> </span>liquidit\u00e0 <span class=\"_ _1c\"> </span>approvata <span class=\"_ _1c\"> </span>dai <span class=\"_ _1c\"> </span>vertici <span class=\"_ _1c\"> </span>e <span class=\"_ _1c\"> </span>chiarament<span class=\"_ _0\"></span>e <span class=\"_ _1c\"> </span>comunicata <span class=\"_ _1c\"> </span>all\u2019intern<span class=\"_ _0\"></span>o </span></span>dell\u2019istituzione;<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">esistenza <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>una <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>truttura <span class=\"_ _5\"></span>operativa <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>oper<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>all\u2019interno <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>limiti <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>oglie <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>atte<span class=\"_ _2\"></span></span>nzione <span class=\"_ _6\"></span>assegnati <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>struttura <span class=\"_ _5\"></span>di </span>controllo autonoma dal<span class=\"_ _0\"></span>la prima; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>disponibilit\u00e0 costante di riser<span class=\"_ _0\"></span>ve di liquidit\u00e0 adegu<span class=\"_ _0\"></span>ate in relazione<span class=\"_ _0\"></span> alla soglia di toller<span class=\"_ _0\"></span>anza al rischio di liq<span class=\"_ _0\"></span>uidit\u00e0 presce<span class=\"_ _2\"></span>lta; </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff4\">valutazione <span class=\"_ _18\"> </span>dell\u2019impatto <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>diversi <span class=\"_ _18\"> </span>scenari, <span class=\"_ _18\"> </span>inclusi <span class=\"_ _18\"> </span>qu<span class=\"_ _3\"></span></span>elli <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>tress, <span class=\"_ _18\"> </span>sui <span class=\"_ _18\"> </span>flussi <span class=\"_ _18\"> </span>temporali <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>entrata <span class=\"_ _18\"> </span>e <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>u<span class=\"_ _3\"></span>scita <span class=\"_ _17\"> </span>e </span>sull\u2019adeguatezza quant<span class=\"_ _0\"></span>itativa e q<span class=\"_ _0\"></span>ualitativa delle riserve di liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idit\u00e0;<span class=\"_ _3\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>adozione di<span class=\"_ _3\"></span> un <span class=\"_ _3\"></span>sistema di <span class=\"_ _3\"></span>prezzi per <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>trasferimento interno dei <span class=\"_ _3\"></span>fondi che <span class=\"_ _3\"></span>incorpori accuratamente <span class=\"_ _3\"></span>il costo/beneficio del<span class=\"_ _5\"></span>la </span>liquidit\u00e0, sulla base d<span class=\"_ _0\"></span>elle condizioni di r<span class=\"_ _0\"></span>accolta del Gruppo Int<span class=\"_ _0\"></span>esa Sanpaolo;<span class=\"_ _3\"></span> \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>gestione <span class=\"_ _7\"> </span>della <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>situazione <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>risi <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>enga <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>considerazione <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>inee <span class=\"_ _7\"> </span>guida <span class=\"_ _7\"> </span>sul <span class=\"_ _7\"> </span>governo <span class=\"_ _7\"> </span>dei <span class=\"_ _7\"> </span>processi <span class=\"_ _7\"> </span>di </span>gestione della crisi n<span class=\"_ _0\"></span>ell\u2019ambito del Piano <span class=\"_ _0\"></span>di <span class=\"_ _3\"></span><span class=\"ff1\">Recovery e del Pia<span class=\"_ _0\"></span>no di Resolution. </span>Le <span class=\"_ _5\"></span>Linee <span class=\"_ _5\"></span>Guida <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>iquidit\u00e0 <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>efiniscono <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>dettaglio <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>compiti <span class=\"_ _5\"></span>attribuiti <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>Organi <span class=\"_ _5\"></span>Societari<span class=\"_ _5\"></span> <span class=\"_ _6\"></span><span class=\"ls17\">e </span>riportano <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>vertice <span class=\"_ _7\"> </span>alcuni <span class=\"_ _4\"> </span>importanti <span class=\"_ _4\"> </span>adempimenti <span class=\"_ _4\"> </span>quali <span class=\"_ _4\"> </span>l\u2019approvazione <span class=\"_ _4\"> </span>degli <span class=\"_ _7\"> </span>indicatori <span class=\"_ _4\"> </span>di<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>misurazione, <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>def<span class=\"_ _3\"></span>inizione <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>elle<span class=\"_ _0\"></span> </span>principali <span class=\"_ _5\"></span>ipotesi <span class=\"_ _5\"></span>sottostanti <span class=\"_ _5\"></span>agli <span class=\"_ _5\"></span>scenari <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>stress <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>composizione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>soglie <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>attenzione <span class=\"_ _5\"></span>utilizzate <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>l\u2019attivazio<span class=\"_ _5\"></span><span class=\"ff1\">ne <span class=\"_ _5\"></span>dei </span>piani di emergenza. Al <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>ine <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>perseguire <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>politica <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>gestione <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>rischi <span class=\"_ _4\"></span>integrata <span class=\"_ _4\"> </span>e <span class=\"_ _4\"></span>coerente, <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>decisioni <span class=\"_ _6\"></span>strategiche <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>livello <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>in materia  di  gov<span class=\"_ _0\"></span>erno  e  gestione<span class=\"_ _35\"></span>  de<span class=\"_ _3\"></span>l  rischio <span class=\"_ _16\"> </span>di  liquidit\u00e0  sono  r<span class=\"_ _0\"></span>imesse  agli  O<span class=\"_ _0\"></span>rgani  Societ<span class=\"_ _0\"></span>ari  della  Ca<span class=\"_ _0\"></span>pogruppo.  In  quest<span class=\"_ _0\"></span>a prospettiva, la <span class=\"_ _3\"></span>Capogruppo svolge le proprie <span class=\"_ _3\"></span>funzioni di p<span class=\"_ _3\"></span>residio e <span class=\"_ _3\"></span>gestione d<span class=\"_ _2\"></span>ella liquidit\u00e0 con r<span class=\"_ _3\"></span>iferimento non solo <span class=\"_ _3\"></span>alla propria realt\u00e0 <span class=\"_ _2\"></span>aziendale, <span class=\"_ _5\"></span>ma <span class=\"_ _2\"></span>anche <span class=\"_ _5\"></span>valutando <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cui <span class=\"_ _5\"></span>esso <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>esposto. <span class=\"_ _2\"></span>All<span class=\"_ _5\"></span><span class=\"ff1 lsc\">o </span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>massimizzare <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>coordinamento <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>controllo <span class=\"_ _5\"></span>integrato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>rischio <span class=\"_ _4\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>Linee <span class=\"_ _2\"></span>Guida <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Governo <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>rischio Liquidit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>individuano <span class=\"_ _5\"></span>i <span class=\"_ _4\"> </span>seguenti <span class=\"_ _5\"></span>perimetri <span class=\"_ _6\"></span>societari: <span class=\"_ _6\"></span>(i) <span class=\"_ _6\"></span>\u201cPerimetro <span class=\"_ _5\"></span>sub<span class=\"_ _5\"></span><span class=\"ff1\">-</span>consolidato<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>Area <span class=\"_ _6\"> </span>euro\u201d, <span class=\"_ _6\"> </span>che <span class=\"_ _6\"> </span>comprende <span class=\"_ _6\"></span>la Capogruppo con <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>sue <span class=\"_ _3\"></span>Filiali <span class=\"_ _3\"></span>estere <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>tutte <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>altre <span class=\"_ _3\"></span>Banche <span class=\"_ _3\"></span>italiane ed <span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tere <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>dell'Area euro <span class=\"_ _2\"></span>il cui <span class=\"_ _3\"></span>trasferimento <span class=\"_ _3\"></span>di liquidit\u00e0 <span class=\"_ _4\"></span>non <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>bloccato <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>limitato <span class=\"_ _4\"></span>da <span class=\"_ _4\"> </span>vincoli <span class=\"_ _4\"> </span>normativi <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>pertanto <span class=\"_ _4\"> </span>contribuiscono <span class=\"_ _4\"> </span>all'equilibrio <span class=\"_ _4\"> </span>della <span class=\"_ _7\"> </span>gestione <span class=\"_ _4\"> </span>integrat<span class=\"_ _5\"></span><span class=\"ls17\">a </span>nell'area dell'euro, di cui \u00e8 diretta responsa<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>ile la Tesoreria centrale, fermo<span class=\"_ _3\"></span> restando il rispetto di limiti previsti per ogni singola<span class=\"_ _35\"></span> legal <span class=\"_ _6\"></span>entity; <span class=\"_ _6\"></span>(ii) <span class=\"_ _6\"> </span>Perimetro <span class=\"_ _6\"></span>\u201cAltre <span class=\"_ _5\"></span>Banche/Societ\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo\u201d, <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>estere <span class=\"_ _4\"> </span>del <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _4\"> </span>la <span class=\"_ _5\"></span>cui <span class=\"_ _4\"> </span>gestione<span class=\"_ _3\"></span><span class=\"ff1\"> </span>della liquidit\u00e0 \u00e8 <span class=\"_ _3\"></span>svolta dalle funzioni d<span class=\"_ _3\"></span>i Tesoreria/ALM di ciascuna con<span class=\"_ _2\"></span>trollata, sotto <span class=\"_ _3\"></span>la guida e <span class=\"_ _3\"></span>il monitoraggio delle <span class=\"_ _3\"></span>competenti<span class=\"_ _35\"></span> strutture della Capogru<span class=\"_ _0\"></span>ppo. Le <span class=\"_ _3\"></span>funzioni <span class=\"_ _2\"></span>aziendali <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>preposte <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>garantire <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>corretta <span class=\"_ _2\"></span>applicazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>Linee <span class=\"_ _3\"></span>Guida <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>l\u2019adeguatezza <span class=\"_ _2\"></span>della<span class=\"_ _0\"></span> posizione <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>sono, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>particolare, <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _6\"></span>Tesoreria <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Finanza <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Gruppo <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>Direzione<span class=\"_ _0\"></span> Pianificazione <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>Controllo <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gestione, <span class=\"_ _6\"></span>responsabili <span class=\"_ _6\"></span>nell\u2019ambito <span class=\"_ _6\"></span>dell\u2019area <span class=\"_ _6\"></span>Chief <span class=\"_ _6\"> </span>Financial <span class=\"_ _6\"> </span>Officer <span class=\"_ _4\"> </span>(CFO) <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"> </span>gestione <span class=\"_ _6\"></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>liquidit\u00e0, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Direzione <span class=\"_ _2\"></span>Centrale <span class=\"_ _5\"></span>Market <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>Financial <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Management<span class=\"ff4\">, <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _2\"></span>Chief <span class=\"_ _2\"></span>Risk <span class=\"_ _2\"></span>Officer <span class=\"_ _2\"></span>(CRO) </span>ha la responsabilit<span class=\"_ _0\"></span>\u00e0 diretta della misurazion<span class=\"_ _0\"></span>e del rischio di liq<span class=\"_ _0\"></span>uidit\u00e0 su base consolid<span class=\"_ _0\"></span>ata.<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>gestita <span class=\"_ _3\"></span>dalle <span class=\"_ _2\"></span>citate <span class=\"_ _3\"></span>strutture <span class=\"_ _2\"></span>dell\u2019area <span class=\"_ _3\"></span>CFO <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttraverso <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span><span class=\"ff1\">ttagliato <span class=\"_ _3\"></span>presidio <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>flussi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>ed </span>una costante interazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e con le Busines<span class=\"_ _0\"></span>s Unit, nel quadro de<span class=\"_ _0\"></span>i relativi business pl<span class=\"_ _0\"></span>an redatti nel rispetto d<span class=\"_ _0\"></span>ei seguenti indiri<span class=\"_ _2\"></span>zzi: \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>costante <span class=\"_ _4\"></span>attenzione <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>grado <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>f<span class=\"_ _3\"></span>idelizzazione <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>clientela, <span class=\"_ _4\"></span>finalizza<span class=\"_ _0\"></span>ta <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span><span class=\"ff4\">antenimento <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>un\u2019elevata <span class=\"_ _6\"> </span>consistenza <span class=\"_ _6\"></span>di </span></span>depositi stabili; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>monitoraggio <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>gap raccolta<span class=\"_ _3\"></span>-impieghi tempo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>tempo <span class=\"_ _3\"></span>espresso dalle <span class=\"_ _3\"></span>Business <span class=\"_ _3\"></span>Unit, <span class=\"_ _3\"></span>rispetto agli <span class=\"_ _3\"></span>obiettivi assegnati <span class=\"_ _3\"></span>in </span>sede di piano e di <span class=\"_ _0\"></span>budget; \u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>equilibrato ricorso al mercat<span class=\"_ _0\"></span>o istituzionale, con una particolare attenzio<span class=\"_ _0\"></span>ne alla diversificazio<span class=\"_ _0\"></span>ne di segmenti e str<span class=\"_ _0\"></span>umenti;<span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span>ricorso selettivo alle operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o dalle Banche C<span class=\"_ _0\"></span>entrali.<span class=\"_ _3\"></span> </span>La <span class=\"_ _2\"></span>Direzione <span class=\"_ _3\"></span>Centrale <span class=\"_ _2\"></span>Market <span class=\"_ _3\"></span>and <span class=\"_ _2\"></span>Financial <span class=\"_ _3\"></span>Risk <span class=\"_ _2\"></span>Management <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsabilit\u00e0 <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>controlli <span class=\"_ _3\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>in qualit\u00e0 di attivo partecipante ai Comitati m<span class=\"_ _0\"></span>anageriali, svolge un ruolo primario nella gestio<span class=\"_ _0\"></span>ne e diffusione delle informa<span class=\"_ _0\"></span>zio<span class=\"_ _5\"></span>ni sul rischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>iquidit\u00e0, contribuendo <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>miglioramento complessivo <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>consapevolezza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>sulla<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>posizione <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>essere. <span class=\"_ _3\"></span>In particolare, <span class=\"_ _4\"> </span>garantisce <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>misurazione, <span class=\"_ _7\"> </span>sia <span class=\"_ _4\"> </span>puntuale <span class=\"_ _7\"> </span>che <span class=\"_ _7\"> </span>prospettica, <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>condizioni <span class=\"_ _7\"> </span>normali <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>stress, <span class=\"_ _4\"> </span>dell'esposizione <span class=\"_ _4\"> </span>di Gruppo <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>rischi <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _3\"></span>verificando <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>limiti <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>attivando, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>superamento <span class=\"_ _3\"></span>deg<span class=\"_ _5\"></span>li <span class=\"_ _2\"></span>stessi, <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>procedure <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i reporting <span class=\"_ _4\"></span>nei <span class=\"_ _4\"></span>confronti <span class=\"_ _4\"></span>dei <span class=\"_ _4\"> </span>competenti <span class=\"_ _4\"> </span>Organi <span class=\"_ _4\"> </span>Societari <span class=\"_ _6\"></span>e <span class=\"_ _7\"> </span>monitorando <span class=\"_ _4\"></span>le <span class=\"_ _4\"></span>azioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>rientro <span class=\"_ _4\"> </span>concordate <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>eventuali sconfinamenti. Il <span class=\"_ _16\"> </span>Chief <span class=\"_ _16\"> </span>Audit <span class=\"_ _16\"> </span>Officer <span class=\"_ _7\"> </span>va<span class=\"_ _3\"></span>luta <span class=\"_ _7\"> </span>la  fun<span class=\"_ _0\"></span>zionalit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>comp<span class=\"_ _3\"></span>lessivo <span class=\"_ _7\"> </span>assetto <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>sistema <span class=\"_ _16\"> </span>dei <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>ont<span class=\"_ _2\"></span>rolli <span class=\"_ _7\"> </span>a  presidio <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>processo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i misurazione, gestione e controllo dell\u2019esp<span class=\"_ _0\"></span>osizione al rischio di liquidit\u00e0 di Gruppo e verifica l\u2019adeguatezza e la rispondenz<span class=\"_ _5\"></span><span class=\"ff1\">a del </span>processo <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>equisiti <span class=\"_ _5\"></span>stabiliti <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>normativa. <span class=\"_ _6\"></span>Gli <span class=\"_ _5\"></span>esiti <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>controlli <span class=\"_ _5\"></span>svolti <span class=\"_ _5\"></span>sono <span class=\"_ _6\"></span>sottopo<span class=\"_ _2\"></span>sti, <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>cadenza <span class=\"_ _5\"></span>almeno <span class=\"_ _5\"></span>annuale, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>gli Organi Societari. Le <span class=\"_ _3\"></span>metriche <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>misurazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>trumenti di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ttenuazione del <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0, s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>formalizzati <span class=\"_ _3\"></span>dalle <span class=\"_ _3\"></span>citate <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>Gui<span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> Governo <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>rischio <span class=\"_ _6\"> </span>Liquidit\u00e0 <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>definiscono <span class=\"_ _6\"> </span>l\u2019impianto <span class=\"_ _6\"> </span>m<span class=\"_ _2\"></span><span class=\"ff1\">etodologico <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>sia <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>breve </span>termine, che struttur<span class=\"_ _0\"></span>ale. Gli <span class=\"_ _3\"></span>indicatori della liquidit\u00e0 di <span class=\"_ _3\"></span>breve termine intendono assicurare <span class=\"_ _3\"></span>un livello <span class=\"_ _3\"></span>adeguato e b<span class=\"_ _3\"></span>ilanciat<span class=\"_ _0\"></span>o tra <span class=\"_ _3\"></span>flussi di <span class=\"_ _3\"></span>cassa in <span class=\"_ _6\"></span>uscita e in entrata aventi scadenza certa o s<span class=\"_ _3\"></span>timata compresa nell\u2019orizzonte temporale<span class=\"_ _0\"></span> di <span class=\"_ _3\"></span>12 mesi, garantendo adeguata disponibilit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> di </span>riserve <span class=\"_ _4\"> </span>liquide <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>Liquidity <span class=\"_ _4\"> </span>Buffer), <span class=\"_ _4\"> </span>liberamente <span class=\"_ _4\"> </span>utilizzabili <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>trumento <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>rincipale <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>mitigazione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>risch<span class=\"_ _5\"></span>io <span class=\"_ _4\"> </span>di liquidit\u00e0. <span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>tal <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>coerenza <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>soglia <span class=\"_ _4\"></span>massim<span class=\"_ _0\"></span>a <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>tolleranza <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>r<span class=\"_ _3\"></span>ischio <span class=\"_ _5\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0, <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>stema <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _6\"></span>limiti <span class=\"_ _6\"></span>\u00e8  d<span class=\"_ _0\"></span>eclinato prevedendo specifici indicatori di breve termine<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>di natura regolament<span class=\"_ _0\"></span>are sul mese<span class=\"_ _3\"></span> (Liquidity Coverage Ratio - <span class=\"_ _3\"></span>LCR), che di definizione interna (i<span class=\"_ _0\"></span>ndicatori di Survival Period<span class=\"ls24\">).</span> L\u2019indicatore <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>LCR <span class=\"_ _6\"> </span>ha <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>finalit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rafforzare <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span><span class=\"ff1\">profilo <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>rischio <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>termine, <span class=\"_ _5\"></span>assicurando <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>detenzione <span class=\"_ _6\"></span>di </span>sufficienti a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _3\"></span>liquide di <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>levata <span class=\"_ _3\"></span>qualit\u00e0 <span class=\"_ _3\"></span>(HQLA <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>High <span class=\"_ _3\"></span>Quality<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Liquid <span class=\"_ _3\"></span>Assets) <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>vincolate <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>possano <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>facilmente e immediatamente convertite in contanti<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>nei merca<span class=\"_ _3\"></span>ti privati per soddisfare i fabbisogni di liquidit\u00e0 a 30 giorni in uno scenario di stress <span class=\"_ _5\"></span>acuto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0. <span class=\"_ _5\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _5\"></span>fine, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Liquidity <span class=\"_ _5\"></span>Coverage <span class=\"_ _2\"></span>Ratio <span class=\"_ _5\"></span>misura <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>rapporto <span class=\"_ _2\"></span>tra: <span class=\"_ _5\"></span>(i) <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>llo <span class=\"_ _2\"></span>stock <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>HQLA <span class=\"_ _7\"> </span>e <span class=\"_ _5\"></span>(ii) <span class=\"_ _5\"></span>il totale <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>deflussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>cassa <span class=\"_ _3\"></span>netti <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>alcol<span class=\"_ _3\"></span>ato <span class=\"_ _3\"></span>secondo <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>parametri <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>scenario <span class=\"_ _3\"></span>definiti <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>Regolamento <span class=\"_ _3\"></span>Delegato <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>UE) <span class=\"_ _3\"></span>2015/61<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"lsc\">e </span>suoi supplementi/modific<span class=\"_ _0\"></span>he.  Il <span class=\"_ _6\"></span>Survival <span class=\"_ _5\"></span>Period <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>invece <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>indicatore <span class=\"_ _5\"></span>interno <span class=\"_ _6\"></span>finalizzato <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>misurare <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rimo <span class=\"_ _5\"></span>giorno <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ui <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Posizione <span class=\"_ _6\"></span>Netta <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>Liquidi<span class=\"_ _6\"></span>t\u00e0 (calcolata <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>differenza <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>Riserve <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Liquidit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isponibili e <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>deflussi <span class=\"_ _3\"></span>netti) <span class=\"_ _2\"></span>diventa <span class=\"_ _3\"></span>negativa, <span class=\"_ _3\"></span>ovvero <span class=\"_ _2\"></span>quando <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>risulta pi\u00f9 <span class=\"_ _5\"></span>disponibile <span class=\"_ _5\"></span>u<span class=\"_ _3\"></span>lteriore <span class=\"_ _5\"></span>liquidit\u00e0 <span class=\"_ _6\"></span>per <span class=\"_ _5\"></span>coprire <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>deflussi <span class=\"_ _6\"></span>netti <span class=\"_ _5\"></span>simulati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>uscita. <span class=\"_ _6\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _6\"></span>fine <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>previste <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>diverse <span class=\"_ _6\"></span>ipo<span class=\"_ _5\"></span>tesi <span class=\"_ _6\"></span>di<span class=\"_ _0\"></span> sc<span class=\"ff4 ls0\">enario, baseline e stres<span class=\"_ _0\"></span>sed, finalizzate a misurare rispettivamente: (i) l\u2019indipen<span class=\"_ _0\"></span>denza del Gruppo dalla raccolta interbancar<span class=\"_ _2\"></span><span class=\"ff1\">ia </span></span>sui <span class=\"_ _4\"> </span>mercati <span class=\"_ _4\"> </span>finanziari, <span class=\"_ _4\"> </span>(ii) <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>sopravvivenza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>caso <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>ulteriori <span class=\"_ _4\"> </span>tensioni, <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>mercato <span class=\"_ _4\"></span>e <span class=\"_ _4\"> </span>idiosincratiche, <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>seve<span class=\"_ _5\"></span>rit<span class=\"ls17\">\u00e0 </span>medio-<span class=\"ff4\">alta, <span class=\"_ _7\"> </span>gestite <span class=\"_ _7\"> </span>senza <span class=\"_ _16\"> </span>prevedere <span class=\"_ _7\"> </span>restrizioni <span class=\"_ _7\"> </span>all\u2019attivit\u00e0 <span class=\"_ _7\"> </span>creditizia <span class=\"_ _16\"> </span>nei <span class=\"_ _7\"> </span>confronti <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>clientela. <span class=\"_ _7\"> </span>Sull\u2019indicatore <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Survival<span class=\"_ _0\"></span> </span>Period <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stress <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stabilito <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>mantenim<span class=\"_ _0\"></span>ento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>orizzonte <span class=\"_ _2\"></span>minimo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>sopravvivenza <span class=\"_ _6\"></span>allo <span class=\"_ _3\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>prevedere <span class=\"_ _2\"></span><span class=\"lsc\">un </span>livello <span class=\"_ _3\"></span>complessivo di <span class=\"_ _3\"></span>riserve <span class=\"_ _3\"></span>in grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>fronteggiare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>maggiori uscite <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cassa <span class=\"_ _3\"></span>in u<span class=\"_ _3\"></span>n in<span class=\"_ _3\"></span>tervallo di <span class=\"_ _3\"></span>tempo <span class=\"_ _3\"></span>adeguato a <span class=\"_ _3\"></span>porr<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>in essere i necessari inte<span class=\"_ _0\"></span>rventi operativi per ri<span class=\"_ _0\"></span>condurre il Gruppo i<span class=\"_ _0\"></span>n condizioni di equili<span class=\"_ _0\"></span>brio.<span class=\"_ _2\"></span> La <span class=\"_ _3\"></span>Politica <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Liquidit\u00e0 <span class=\"_ _3\"></span>str<span class=\"_ _3\"></span><span class=\"ff4\">utturale <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>include <span class=\"_ _3\"></span>l\u2019adozione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>requisito <span class=\"_ _3\"></span>strutturale, <span class=\"_ _3\"></span>Net <span class=\"_ _2\"></span>Stable <span class=\"_ _3\"></span>Funding </span>Ratio <span class=\"_ _5\"></span>(NSFR), <span class=\"_ _6\"></span>previsto <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>regolamentare. <span class=\"_ _6\"></span>Tale <span class=\"_ _5\"></span>indicatore <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>fina<span class=\"_ _3\"></span>lizzato <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>promuovere <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>maggiore <span class=\"_ _5\"></span>ricorso <span class=\"_ _5\"></span>alla raccolta <span class=\"_ _5\"></span>stabile, <span class=\"_ _6\"></span>evitando <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>l\u2019<span class=\"_ _3\"></span><span class=\"ff1\">operativit\u00e0 <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>medio <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>lungo <span class=\"_ _5\"></span>termine <span class=\"_ _6\"></span>possa <span class=\"_ _5\"></span>dare <span class=\"_ _6\"></span>luogo <span class=\"_ _6\"></span>ad <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>ccessivi <span class=\"_ _5\"></span>squilibri <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>finanziare <span class=\"_ _5\"></span>a </span>breve <span class=\"_ _2\"></span>termine. <span class=\"_ _2\"></span>A <span class=\"_ _5\"></span>tal <span class=\"_ _2\"></span>fine, <span class=\"_ _5\"></span>esso <span class=\"_ _2\"></span>stabilisce <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>ammontare <span class=\"_ _2\"></span>minimo <span class=\"_ _2\"></span>\u201caccettabile\u201d <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>provvista <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>all\u2019anno <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>all<span class=\"_ _5\"></span><span class=\"ff1 ls17\">e </span>necessit\u00e0 <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>riginate <span class=\"_ _4\"> </span>dalle <span class=\"_ _7\"> </span>caratterist<span class=\"_ _3\"></span>iche <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>liquidit\u00e0 <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>durata <span class=\"_ _7\"> </span>residua <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>esposizioni <span class=\"_ _4\"> </span>fuori <span class=\"_ _7\"> </span>bilancio.  Ad integrazione, <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>politica <span class=\"_ _5\"></span>interna <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Liquidit\u00e0 <span class=\"_ _5\"></span>strutturale <span class=\"_ _2\"></span>prevede<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>degli <span class=\"_ _5\"></span>indicatori <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>early <span class=\"_ _5\"></span>warnin<span class=\"_ _3\"></span>g <span class=\"_ _5\"></span>applicati <span class=\"_ _2\"></span>su <span class=\"_ _6\"></span>scadenze<span class=\"_ _0\"></span> superiori a 1 anno, c<span class=\"_ _0\"></span>on particolare attenzione ai gap di lu<span class=\"_ _0\"></span>ngo termine (&gt; 5 <span class=\"_ _0\"></span>anni). Nell\u2019ambito <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>Linee <span class=\"_ _16\"> </span>Guida <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>Governo <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Rischio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>Liquidit\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>\u00e8  i<span class=\"_ _35\"></span>noltre <span class=\"_ _16\"> </span>previsto <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>siano <span class=\"_ _7\"> </span>assicurate <span class=\"_ _7\"> </span>le modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>governo <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>un\u2019eventuale <span class=\"_ _2\"></span>crisi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _2\"></span>definita <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>situazione <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>difficolt\u00e0 <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>incapacit\u00e0 <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>far </span>fronte  ai <span class=\"_ _1d\"> </span>propri  impegni  di <span class=\"_ _1d\"> </span>cassa  in  scadenza, <span class=\"_ _1d\"> </span>a  meno  d<span class=\"_ _3\"></span>i  attivare  procedure <span class=\"_ _1d\"> </span>e/o  utilizzare  strumenti  in <span class=\"_ _1d\"> </span>maniera  non riconducibile, per i<span class=\"_ _0\"></span>ntensit\u00e0 o modalit\u00e0, <span class=\"_ _0\"></span>all\u2019ordinaria ammini<span class=\"_ _0\"></span>strazione. <span class=\"_ _3\"></span><span class=\"ff1\"> </span>Il <span class=\"_ _2\"></span>Contingency <span class=\"_ _3\"></span>Liquidity <span class=\"_ _2\"></span>Plan <span class=\"_ _2\"></span>(CLP), <span class=\"_ _3\"></span>prefiggendosi <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>alvaguardia <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>patrimonio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>e, <span class=\"_ _3\"></span>contestualmente, di <span class=\"_ _2\"></span>garanzia <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>continuit\u00e0 <span class=\"_ _2\"></span>operativa <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>grave <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>mergenza <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>liquidit\u00e0, <span class=\"_ _2\"></span>assicura <span class=\"_ _2\"></span>l\u2019identificazion<span class=\"_ _2\"></span><span class=\"ff1\">e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei </span>segnali <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>preallarme, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>loro <span class=\"_ _3\"></span>continuo <span class=\"_ _3\"></span>monitoraggio, la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>definizione <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>procedure d<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>attivare <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>caso <span class=\"_ _2\"></span>si <span class=\"_ _3\"></span>manifestino <span class=\"_ _3\"></span>tensioni sulla <span class=\"_ _3\"></span>liquidit\u00e0, indicando <span class=\"_ _3\"></span>anche le <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>azione <span class=\"_ _3\"></span>immediate e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gli strumenti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>intervento per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>risoluzione de<span class=\"_ _3\"></span>ll\u2019emergenz<span class=\"_ _0\"></span>a<span class=\"_ _5\"></span><span class=\"ff1\">. <span class=\"_ _3\"></span>Gli </span>indici <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>preallarme, <span class=\"_ _6\"></span>finalizzati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>gliere <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>segnali <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>una <span class=\"_ _4\"></span>potenziale <span class=\"_ _6\"></span>tensione <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0, <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>sistemica <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _6\"></span>specifica, <span class=\"_ _6\"></span>sono monitorati con periodicit\u00e0 giornal<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>era dalla Direzione Centrale Rischi <span class=\"_ _3\"></span>Market and Financial Risk Managem<span class=\"_ _0\"></span>ent. <span class=\"_ _3\"></span>In tale ambito, \u00e8 formalmente <span class=\"_ _5\"></span>assegnato <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>Direzione <span class=\"_ _6\"></span>Centrale <span class=\"_ _5\"></span>Tesoreria <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Finanza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>responsabilit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>redigere <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Contingency<span class=\"_ _35\"></span> Funding <span class=\"_ _3\"></span>Plan <span class=\"_ _2\"></span>(CFP), <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>contiene <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _3\"></span>linee <span class=\"_ _2\"></span>d\u2019azione <span class=\"_ _2\"></span>attivabili <span class=\"_ _3\"></span>allo <span class=\"_ _2\"></span>scopo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>fronteggiare <span class=\"_ _3\"></span>potenziali <span class=\"_ _2\"></span>situazioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tr<span class=\"_ _5\"></span><span class=\"ff1\">ess,<span class=\"_ _0\"></span> </span>indicando la dimensione degli <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ffetti mitiganti per<span class=\"_ _0\"></span>seguibili in un o<span class=\"_ _0\"></span>rizzonte temporale di bre<span class=\"_ _0\"></span>ve termine.<span class=\"_ _3\"></span> Il <span class=\"_ _5\"></span>CLP <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>parte <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>pi\u00f9 <span class=\"_ _2\"></span>generale <span class=\"_ _5\"></span>piano <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gestione <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _5\"></span>Crisi <span class=\"_ _2\"></span>(ossia <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>primo <span class=\"_ _5\"></span>step <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>escalation<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>previsto <span class=\"_ _2\"></span>nell<span class=\"_ _5\"></span><span class=\"lsc\">a </span>gestione delle emergenze di liquidit\u00e0) e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>strumenti in esso p<span class=\"_ _3\"></span>revisti rappresent<span class=\"_ _0\"></span>ano una se<span class=\"_ _3\"></span>lezione<span class=\"_ _0\"></span> delle <span class=\"_ _3\"></span>azioni di recovery che si <span class=\"_ _5\"></span>ritiene <span class=\"_ _5\"></span>possono <span class=\"_ _5\"></span>essere <span class=\"_ _5\"></span>realizzate <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>termine <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>anticipate <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>ad <span class=\"_ _5\"></span>altri <span class=\"_ _6\"></span>interventi <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _5\"></span>radicali, <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>quanto <span class=\"_ _7\"> </span>tali, presentano carattere <span class=\"_ _3\"></span>e/o <span class=\"_ _3\"></span>dimensione u<span class=\"_ _3\"></span>lt<span class=\"ff4\">eriormente s<span class=\"_ _3\"></span>traordinari. A <span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>fine, <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>strategie e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>d\u2019intervento sono <span class=\"_ _3\"></span>definiti </span>in <span class=\"_ _5\"></span>funzione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>tipologia, <span class=\"_ _2\"></span>durata <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>intensit\u00e0 <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>seconda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>contesto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>cui<span class=\"_ _6\"> </span><span class=\"ff1\"> <span class=\"_ _5\"></span>si </span>ipotizza che si verifichi<span class=\"_ _0\"></span> l\u2019emerge<span class=\"ff1\">nza. </span>Posizione di liquidit<span class=\"_ _0\"></span>\u00e0 del Gruppo La <span class=\"_ _4\"></span>posizione <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>liquidit\u00e0 <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>sostenuta <span class=\"_ _4\"></span>da <span class=\"_ _4\"></span>adeguate <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"> </span>liquide <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>elevata <span class=\"_ _4\"> </span>qualit\u00e0 <span class=\"_ _4\"></span>(HQLA) <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>dal <span class=\"_ _4\"></span>significativo contributo di raccolta stabile ret<span class=\"_ _0\"></span>ail <span class=\"_ _3\"></span>- <span class=\"ff4\">si \u00e8 mantenuta nel corso di tutto l\u2019esercizio 20<span class=\"_ _0\"></span>22 a<span class=\"_ _3\"></span>ll\u2019interno dei limiti di rischio previsti dalla<span class=\"_ _35\"></span> </span>vigente Policy di Liq<span class=\"_ _0\"></span>uidit\u00e0 di Gruppo.  Entrambi <span class=\"_ _5\"></span>gli <span class=\"_ _6\"></span>indicatori <span class=\"_ _6\"></span>regolamentari, <span class=\"_ _5\"></span>LCR <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>NSFR <span class=\"_ _6\"></span>risultano <span class=\"_ _5\"></span>superiori <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>requisiti <span class=\"_ _5\"></span>normativi. <span class=\"_ _6\"></span>Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>2022, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>Liquidit<span class=\"_ _5\"></span><span class=\"ls1f\">y </span>Coverage Ratio (LCR) del Gruppo Intesa Sa<span class=\"_ _3\"></span>npaolo, misurato secondo il Regolamento Deleg<span class=\"_ _0\"></span>ato (UE) 2015/61 si \u00e8 attestato in media<span class=\"_ _90\"> </span>105 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>181,9% <span class=\"_ _6\"></span>(184,5% <span class=\"_ _6\"></span>nel <span class=\"_ _5\"></span>2021). <span class=\"_ _6\"></span>Anche <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>NSFR <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>confermato <span class=\"_ _5\"></span>ampiamente <span class=\"_ _6\"></span>superiore <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>100%, <span class=\"_ _5\"></span>sostenuto <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>una solida <span class=\"_ _5\"></span>base <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>stabile <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>lientela, <span class=\"_ _5\"></span>ulteriormente <span class=\"_ _5\"></span>accresciuta <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _6\"> </span>dell\u2019anno, <span class=\"_ _5\"></span>oltre <span class=\"_ _6\"></span>che <span class=\"_ _5\"></span>da <span class=\"_ _6\"> </span>adeguata <span class=\"_ _5\"></span>raccolt<span class=\"_ _5\"></span><span class=\"ff1 lsc\">a </span>cartolare wholesale a medio-lungo termine e dall<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>raccolta TLTRO con BCE. Al 31 dicembre 2022, il NSFR del Gruppo Intesa<span class=\"_ _35\"></span> Sanpaolo, <span class=\"_ _3\"></span>misurato <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>istruzioni <span class=\"_ _2\"></span>regolamentari, \u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>126% <span class=\"_ _5\"></span>(127,3% <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _3\"></span>2021); <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>dicatore <span class=\"_ _3\"></span>resta <span class=\"_ _3\"></span>ampiamente superiore al 100% a<span class=\"_ _0\"></span>nche escludendo l\u2019app<span class=\"_ _0\"></span>orto positivo della <span class=\"_ _0\"></span>ra<span class=\"_ _3\"></span><span class=\"ff1\">ccolta TLTRO. </span>I <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>urplus <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>entrambi <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>indicatori <span class=\"_ _5\"></span>regolamentari, <span class=\"_ _2\"></span>LCR <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>NSFR, <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>principalmente <span class=\"_ _2\"></span>originati <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>perimetro <span class=\"_ _2\"></span>Sub<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span>consolidato <span class=\"_ _6\"> </span>Area <span class=\"_ _6\"> </span>euro. <span class=\"_ _4\"> </span>Ai <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ini <span class=\"_ _6\"> </span>dell\u2019indicatore <span class=\"_ _6\"> </span>LCR, <span class=\"_ _4\"> </span>gli <span class=\"_ _6\"> </span>avanzi <span class=\"_ _6\"> </span>individuali <span class=\"_ _4\"> </span>registrati <span class=\"_ _6\"></span>presso <span class=\"_ _6\"> </span>alcune <span class=\"_ _6\"> </span>controllate <span class=\"_ _4\"> </span>estere<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"></span>risultan<span class=\"_ _0\"></span>o </span>inoltre sterilizzati i<span class=\"_ _0\"></span>n fase di consolidame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>to per vincoli alla <span class=\"_ _0\"></span>circolazione della liq<span class=\"_ _0\"></span>uidit\u00e0 presso le s<span class=\"_ _0\"></span>uddette Controllate.<span class=\"_ _3\"></span> A <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>dicembre <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>022, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>puntuale <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>complessive <span class=\"_ _2\"></span>riserve <span class=\"_ _5\"></span>HQLA <span class=\"_ _2\"></span>disponibili <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>pronti <span class=\"_ _2\"></span>presso <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>diverse <span class=\"_ _2\"></span>Tesorerie<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>del Gruppo <span class=\"_ _2\"></span>ammonta <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>complessivi <span class=\"_ _2\"></span>172,5 <span class=\"_ _5\"></span>miliardi <span class=\"_ _5\"></span>(187,1 <span class=\"_ _2\"></span>miliardi <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fine <span class=\"_ _5\"></span>2021), <span class=\"_ _2\"></span>composte <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>circa <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>64% <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>cash <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>dei riversamenti <span class=\"_ _6\"></span>te<span class=\"_ _3\"></span>mporanei <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>liquidit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>eccesso <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>forma <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>depositi <span class=\"_ _4\"></span>liberi <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"></span>Centrale<span class=\"_ _3\"></span>. <span class=\"_ _4\"> </span>Aggiungendo <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>altre <span class=\"_ _4\"> </span>riserve marketable <span class=\"_ _17\"> </span>e/o <span class=\"_ _18\"> </span>stanziabili <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>resso <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>Banche <span class=\"_ _18\"> </span>Centrali, <span class=\"_ _17\"> </span>incluse <span class=\"_ _18\"> </span>le <span class=\"_ _18\"> </span>autocartolarizzazio<span class=\"_ _0\"></span>ni <span class=\"_ _18\"> </span>retained, <span class=\"_ _17\"> </span>le <span class=\"_ _18\"> </span>riserve <span class=\"_ _17\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _17\"> </span>liquidit\u00e0 unencumbered di Grupp<span class=\"_ _0\"></span>o risultano pari a c<span class=\"_ _0\"></span>omplessivi 177,7 mili<span class=\"_ _0\"></span>ardi <span class=\"_ _3\"></span>(192,4 miliardi a fine 2021)<span class=\"lsd\">. </span> (milioni di eur<span class=\"_ _35\"></span>o)       Dispon<span class=\"_ _0\"></span>ibili a pro<span class=\"_ _0\"></span>nti          (nett<span class=\"_ _0\"></span>o haircut) 31.12.2022 31.12.2021<span class=\"_ _0\"></span> Riserve <span class=\"_ _0\"></span>di Liquidit\u00e0<span class=\"_ _0\"></span> HQLA  <span class=\"_ _56\"> </span>172.<span class=\"_ _0\"></span>527  <span class=\"_ _56\"> </span>187.<span class=\"_ _35\"></span>066 Cassa e De<span class=\"_ _0\"></span>positi pre<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>so Banche<span class=\"_ _35\"></span> Centrali (HQLA)   <span class=\"_ _56\"> </span>109.<span class=\"_ _0\"></span>792  <span class=\"_ _56\"> </span>135.<span class=\"_ _35\"></span>061 Titoli alta<span class=\"_ _0\"></span>mente Liquidi<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>(HQLA)  <span class=\"_ _5d\"> </span>62.735  <span class=\"_ _5d\"> </span>52.005 Altre Rise<span class=\"_ _0\"></span>rve stanzia<span class=\"_ _35\"></span>bili e/o marketab<span class=\"_ _0\"></span>le  <span class=\"_ _41\"> </span>5.<span class=\"_ _3\"></span>222  <span class=\"_ _41\"> </span>5.<span class=\"_ _3\"></span>306 Totale Ris<span class=\"_ _0\"></span>erve di L<span class=\"_ _0\"></span>iquidit\u00e0 di<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Gruppo  <span class=\"_ _56\"> </span>177.<span class=\"_ _0\"></span>749  <span class=\"_ _56\"> </span>192.<span class=\"_ _35\"></span>372 Regolari <span class=\"_ _1d\"> </span>prove <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>stress <span class=\"_ _1d\"> </span>sono <span class=\"_ _1d\"> </span>svolte <span class=\"_ _1d\"> </span>per <span class=\"_ _1d\"> </span>valutare <span class=\"_ _17\"> </span>l\u2019impatto  di<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>eventi <span class=\"_ _1d\"> </span>negativi <span class=\"_ _1d\"> </span>sulla <span class=\"_ _1d\"> </span>posizione <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>liquidit\u00e0 <span class=\"_ _1d\"> </span>aziendale <span class=\"_ _1d\"> </span>e sull\u2019adeguatezza <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iserve <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>liquidit\u00e0, <span class=\"_ _5\"></span>in <span class=\"_ _6\"> </span>relazione <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>situazione <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orrente <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>prospettica <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Gruppo, <span class=\"_ _6\"> </span>della <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>de<span class=\"_ _6\"></span><span class=\"ff1 ls19\">l </span>mercato, <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _16\"> </span>modo <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>consentire <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>pronta <span class=\"_ _16\"> </span>conoscibilit\u00e0 <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>Organi <span class=\"_ _7\"> </span>Aziendali <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>sopraggiunte <span class=\"_ _7\"> </span>vulnerabilit\u00e0 <span class=\"_ _7\"> </span>ed indirizzare l\u2019attivazio<span class=\"_ _0\"></span>ne di conseguenti az<span class=\"_ _0\"></span>ioni correttive. <span class=\"ff1\"> </span>In <span class=\"_ _2\"></span>considerazione <span class=\"_ _2\"></span>dell\u2019elevata <span class=\"_ _3\"></span>consistenza <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>riserve <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>disponibili <span class=\"_ _3\"></span>(<span class=\"_ _5\"></span><span class=\"ff1\">liquide <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>stanziabili), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>prove <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>stress, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>uno </span>scenario combinato di crisi d<span class=\"_ _3\"></span>i mercato e <span class=\"_ _3\"></span>specifica (con significativa perdita di <span class=\"_ _3\"></span>raccolta clientela) mostrano per il <span class=\"_ _3\"></span>Gruppo I<span class=\"_ _5\"></span>ntesa Sanpaolo <span class=\"_ _16\"> </span>risultati <span class=\"_ _7\"> </span>superiori <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>soglia <span class=\"_ _16\"> </span>obiettivo, <span class=\"_ _7\"> </span>con  u<span class=\"_ _0\"></span>n <span class=\"_ _16\"> </span>avanzo <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>liqui<span class=\"_ _3\"></span>dit\u00e0  i<span class=\"_ _0\"></span>n  g<span class=\"_ _35\"></span>rado  di <span class=\"_ _7\"> </span>fronteggiare <span class=\"_ _16\"> </span>fuoriuscite <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>cassa straordinarie per un <span class=\"_ _0\"></span>periodo di tempo larg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mente superior<span class=\"_ _0\"></span>e a 3 mesi. <span class=\"_ _3\"></span> La <span class=\"_ _6\"></span>strategia <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>funding <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>incentrata <span class=\"_ _6\"></span>sul <span class=\"_ _6\"></span>mantenimento <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _4\"></span>profilo <span class=\"_ _6\"></span>diversificato <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>clientela, <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rodotto,<span class=\"_ _2\"></span> durata <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>valuta. <span class=\"_ _16\"> </span>Le <span class=\"_ _7\"> </span>principali <span class=\"_ _16\"> </span>fonti <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>finanziamento <span class=\"_ _7\"> </span>di  I<span class=\"_ _0\"></span>ntesa <span class=\"_ _16\"> </span>Sanpaolo <span class=\"_ _7\"> </span>comprendono: <span class=\"_ _16\"> </span>(i) <span class=\"_ _7\"> </span>depositi  d<span class=\"_ _0\"></span>erivanti <span class=\"_ _7\"> </span>dal  me<span class=\"_ _0\"></span>rcato domestico  Retail  e <span class=\"_ _16\"> </span>Corporate,  che  rap<span class=\"_ _0\"></span>presentano  la <span class=\"_ _16\"> </span>parte  stabile  di  raccol<span class=\"_ _0\"></span>ta,  (ii)  fun<span class=\"_ _0\"></span>ding  di  brev<span class=\"_ _0\"></span>e  termine  su  m<span class=\"_ _0\"></span>ercati wholesale, <span class=\"_ _3\"></span>costituiti <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>gran <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>operativit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>CD/CP, <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>(iii) <span class=\"_ _2\"></span>raccolta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>medio/lungo <span class=\"_ _2\"></span>termine, <span class=\"_ _3\"></span>composta 105 <span class=\"fs4\">Il dato esposto si rif<span class=\"_ _3\"></span>erisce alla me<span class=\"_ _3\"></span>dia semplice <span class=\"_ _3\"></span>delle ultime 12 oss<span class=\"_ _3\"></span>ervazioni m<span class=\"_ _3\"></span>ensili, come da R<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>olamento 2021<span class=\"_ _3\"></span>/637.<span class=\"fs0\"> </span></span>principalmente <span class=\"_ _6\"></span>da <span class=\"_ _4\"> </span>proprie <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>missioni <span class=\"_ _6\"></span>(Covered <span class=\"_ _6\"> </span>Bonds/ABS <span class=\"_ _4\"> </span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ltri <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>itoli <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>debito <span class=\"_ _6\"> </span>senior <span class=\"_ _4\"> </span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"> </span>dell\u2019Euro <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>US, <span class=\"_ _6\"> </span>oltre <span class=\"_ _6\"> </span>a subordinati) e dalle o<span class=\"_ _0\"></span>perazio<span class=\"ff4\">ni di rifinanziamento con l\u2019Eu<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>osistema (T<span class=\"_ _0\"></span>LTRO). <span class=\"ff1\"> </span></span>Le <span class=\"_ _1c\"> </span>Linee <span class=\"_ _18\"> </span>Guida <span class=\"_ _18\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Gov<span class=\"_ _0\"></span>erno <span class=\"_ _18\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _18\"> </span>Rischio <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>Li<span class=\"_ _3\"></span>quidit\u00e0 <span class=\"_ _18\"> </span>del <span class=\"_ _18\"> </span>Gruppo <span class=\"_ _1c\"> </span>prevedono <span class=\"_ _18\"> </span>il <span class=\"_ _1c\"> </span>regolare <span class=\"_ _18\"> </span>monitoraggio <span class=\"_ _18\"> </span>del<span class=\"_ _3\"></span>l\u2019analisi <span class=\"_ _18\"> </span>di concentrazione sia del <span class=\"_ _0\"></span>funding (per contro<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>arte/prodotto), ch<span class=\"_ _0\"></span>e delle Riserve di Liq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>idit\u00e0 (pe<span class=\"_ _3\"></span>r emittente/controparte). Adeguata <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tempestiva <span class=\"_ _2\"></span>informativa <span class=\"_ _2\"></span>sull\u2019evolversi <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Banca <span class=\"_ _3\"></span>e/o <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>\u00e8 regolarmente rilasciata agli <span class=\"_ _3\"></span>Organi aziendali e <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>Comitati interni, a<span class=\"_ _3\"></span>l fine d<span class=\"_ _3\"></span>i assicurare <span class=\"_ _3\"></span>la piena <span class=\"_ _3\"></span>conos<span class=\"_ _2\"></span>cenza <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>governabilit\u00e0 dei<span class=\"_ _0\"></span> fattori di rischio. T<span class=\"_ _0\"></span>ale reportistica comprend<span class=\"_ _0\"></span>e la valutazione dell\u2019<span class=\"_ _0\"></span>esposizione al ris<span class=\"_ _0\"></span>chio di liquidit\u00e0 <span class=\"_ _0\"></span>determinata anche sul<span class=\"_ _2\"></span><span class=\"ff1\">la base </span>di <span class=\"_ _6\"></span>ipotesi <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>scenari <span class=\"_ _6\"></span>avversi. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Consiglio <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Amministrazi<span class=\"_ _0\"></span>one <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>regolarmente <span class=\"_ _7\"> </span>coinvolto <span class=\"_ _6\"></span>nella <span class=\"_ _4\"></span>definizione<span class=\"_ _0\"></span> della strategia di ma<span class=\"_ _0\"></span>ntenimento di una p<span class=\"_ _0\"></span>osizione di liquidit\u00e0<span class=\"_ _0\"></span> adeguata a livello dell\u2019i<span class=\"_ _0\"></span>ntero Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>La <span class=\"_ _3\"></span>valutazione <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>dell\u2019adeguatezza de<span class=\"_ _3\"></span>lla p<span class=\"_ _3\"></span>osizione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo trova <span class=\"_ _3\"></span>riscontro <span class=\"_ _2\"></span>nel <span class=\"_ _3\"></span>resoconto <span class=\"_ _3\"></span>ILAAP<span class=\"_ _5\"></span><span class=\"ff1\"> </span>(Internal  Liq<span class=\"_ _0\"></span>uidity  Adequac<span class=\"_ _0\"></span>y  Assessment <span class=\"_ _16\"> </span>Process),  che <span class=\"_ _16\"> </span>comprende <span class=\"_ _16\"> </span>anche  il  F<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>nding  Pla<span class=\"_ _0\"></span>n  del  G<span class=\"_ _35\"></span>r<span class=\"_ _3\"></span>uppo.  Nell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>mbito <span class=\"_ _16\"> </span>del processo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>approvazione <span class=\"_ _3\"></span>annuale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _3\"></span>resoconto <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _2\"></span>degli <span class=\"_ _3\"></span>Organi <span class=\"_ _3\"></span>Societari <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>L<span class=\"_ _3\"></span>iquidity Ade<span class=\"_ _3\"></span>quacy<span class=\"_ _35\"></span> Statement <span class=\"_ _2\"></span>(LAS), <span class=\"_ _5\"></span><span class=\"ff4\">approvato <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Amministrazione,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>espone <span class=\"_ _5\"></span>anche <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>evidenze <span class=\"_ _2\"></span>principali <span class=\"_ _2\"></span>dell\u2019autovalutazione </span>dell\u2019adeguatezza <span class=\"_ _16\"> </span>della  posizione  d<span class=\"_ _0\"></span>i  liquidit<span class=\"_ _0\"></span>\u00e0,  tenuto  cont<span class=\"_ _0\"></span>o  delle  r<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>sultanze <span class=\"_ _16\"> </span>e  dei  valori <span class=\"_ _16\"> </span>espressi  dai  princ<span class=\"_ _0\"></span>ipali  indicatori,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>manifesta <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>convincimento <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>liquidit\u00e0 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>deguata <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>profondamente <span class=\"_ _2\"></span>radicata <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ella <span class=\"_ _2\"></span>cultura <span class=\"_ _3\"></span>e nei processi aziendali del Gruppo, osservando inoltre che, anche da un punto di vista <span class=\"_ _3\"></span>prospettico, l\u2019attuale<span class=\"_ _0\"></span> sistema di regol<span class=\"_ _5\"></span><span class=\"ff1\">e e </span>procedure <span class=\"_ _2\"></span>appare <span class=\"_ _5\"></span>adeguato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>governare <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ronta <span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>efficace <span class=\"_ _2\"></span>reazione, <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>caso <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>rischi <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>sfide <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>concretizzino<span class=\"_ _0\"></span> effettivamente in scen<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ri di stress severi ed a<span class=\"_ _0\"></span>vversi.  Impatti derivanti d<span class=\"_ _0\"></span>alla pandemia COVID-<span class=\"lsc\">19</span> Tutte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>necessarie <span class=\"_ _5\"></span>misure <span class=\"_ _2\"></span>preventive <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>gestione <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span><span class=\"ff4\">controllo, <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _2\"></span>attivate <span class=\"_ _5\"></span>sin <span class=\"_ _5\"></span>dall\u2019inizio <span class=\"_ _2\"></span>dell\u2019emergenza <span class=\"_ _5\"></span>sanitaria <span class=\"_ _2\"></span>COVID<span class=\"_ _2\"></span></span>-19, permangono attive nell<span class=\"_ _0\"></span>\u2019obiettivo di coglie<span class=\"_ _0\"></span>re eventuali segnali <span class=\"_ _0\"></span>di potenziale inasprim<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nto delle con<span class=\"_ _0\"></span>dizioni di liquidit\u00e0.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Impatti derivanti d<span class=\"_ _0\"></span>al conflitto russo-ucraino Alla luce d<span class=\"_ _3\"></span>elle contenute esposizioni verso controparti russe e<span class=\"_ _3\"></span> ucraine, la <span class=\"_ _3\"></span>posizione consolidata di liquidit\u00e0 del <span class=\"_ _3\"></span>Gruppo non ha subito impatti apprezz<span class=\"_ _0\"></span>abili derivanti dal c<span class=\"_ _0\"></span>onflitto russo-ucraino. INFORMAZIONI DI NATU<span class=\"_ _3\"></span>RA QUANTITATI<span class=\"_ _3\"></span>VA <span class=\"_ _3\"></span><span class=\"ff1 fs12 fc0\"> </span>1. Distribuzione temporale per durata resid<span class=\"_ _3\"></span>ua contrattuale delle attivit\u00e0 e pas<span class=\"_ _3\"></span>sivit\u00e0 finanziarie<span class=\"_ _3\"></span> La <span class=\"_ _5\"></span>distribuzione <span class=\"_ _2\"></span>temporale <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _5\"></span>finanziarie <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>rappresentata <span class=\"_ _2\"></span>nelle <span class=\"_ _5\"></span>tabelle <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>seguono <span class=\"_ _5\"></span>secondo <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>egole stabilite <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>alla <span class=\"_ _6\"> </span>normativa <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>(Circolar<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>262 <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>d\u2019Italia <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>relativi <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>hiarimenti <span class=\"_ _6\"> </span>emessi <span class=\"_ _4\"> </span>dall\u2019Organo <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>Vigilanza<span class=\"_ _2\"></span><span class=\"ff1\">), </span>ricorrendo <span class=\"_ _4\"> </span>all\u2019utilizzo <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>informazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>natura <span class=\"_ _4\"> </span>contabile <span class=\"_ _4\"> </span>esposte <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>durata <span class=\"_ _4\"> </span>residua <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>ontrattuale. <span class=\"_ _4\"> </span>Non <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>pertan<span class=\"_ _5\"></span><span class=\"ff1\">to </span>utilizzati <span class=\"_ _16\"> </span>dati <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>natura  ge<span class=\"_ _0\"></span>stionale <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>prevedono, <span class=\"_ _16\"> </span>ad <span class=\"_ _16\"> </span>esempio, <span class=\"_ _16\"> </span>la  m<span class=\"_ _0\"></span>odellizzazione <span class=\"_ _7\"> </span>delle  po<span class=\"_ _0\"></span>ste <span class=\"_ _16\"> </span>a  vista<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>del  pas<span class=\"_ _0\"></span>sivo <span class=\"_ _16\"> </span>e  la<span class=\"_ _0\"></span> rappresentazione delle<span class=\"_ _0\"></span> poste per cassa <span class=\"_ _0\"></span>secondo il loro grado d<span class=\"_ _0\"></span>i liquidabilit\u00e0. Valuta di denominazion<span class=\"_ _0\"></span>e: Euro (milioni di euro) Voci/ Scaglioni temporali A vista Da oltre 1 giorno a 7 giorni Da oltre 7 giorni a 15 giorni Da oltre 15 giorni a 1 mese Da oltre 1 mese fino a 3 mesi Da oltre 3 mesi fino a 6 mesi Da oltre 6 mesi fino a 1 anno Da oltre 1 anno fino a 5 anni Oltre 5 anni Durata IndeterminataA. Attivit\u00e0 per cassa 150.164 13.534 4.019 17.166 21.843 22.015 35.595 167.586 197.955 4.250 A.1 Titoli di Stato 17<span class=\"ls0\"> </span>8 155<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>649<span class=\"ls0\"> </span>1.282 1.250 9.778 43.346 - A.2 Altri titoli di debito 1.130 1.050 900<span class=\"ls0\"> </span>4.861 300<span class=\"ls0\"> </span>450<span class=\"ls0\"> </span>749<span class=\"ls0\"> </span>8.695 21.832 - A.3 Quote OICR 3.198 - - - - - - - - - A.4 Finanziamenti 145.819 12.476 2.964 12.208 20.894 20.283 33.596 149.113 132.777 4.250 - Banche 103.537 3.769 411<span class=\"ls0\"> </span>912<span class=\"ls0\"> </span>988<span class=\"ls0\"> </span>511<span class=\"ls0\"> </span>1.622 1.080 380<span class=\"ls0\"> </span>4.120 - Clientela 42.282 8.707 2.553 11.296 19.906 19.772 31.974 148.033 132.397 130<span class=\"ls0\"> </span>B. Passivit\u00e0 per cassa 428.655 2.922 1.670 4.159 13.240 51.096 9.465 92.428 21.562 - B.1 Depositi e conti correnti 395.258 712<span class=\"ls0\"> </span>1.126 1.681 2.277 1.881 2.756 2.259 816<span class=\"ls0\"> </span>- - Banche 2.310 241<span class=\"ls0\"> </span>111<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>143<span class=\"ls0\"> </span>169<span class=\"ls0\"> </span>480<span class=\"ls0\"> </span>308<span class=\"ls0\"> </span>- - Clientela 392.948 471<span class=\"ls0\"> </span>1.015 1.525 2.144 1.738 2.587 1.779 508<span class=\"ls0\"> </span>- B.2 Titoli di debito 41<span class=\"ls0\"> </span>190<span class=\"ls0\"> </span>543<span class=\"ls0\"> </span>2.444 6.468 2.224 5.716 40.828 16.951 - B.3 Altre passivit\u00e0 33.356 2.020 1 34<span class=\"ls0\"> </span>4.495 46.991 993<span class=\"ls0\"> </span>49.341 3.795 - C. Operazioni \"fuori bilancio\" C.1 Derivati finanziari con scambio di capitale - Posizioni lunghe 425<span class=\"ls0\"> </span>6.820 2.244 8.791 26.476 5.951 7.116 14.707 8.408 - - Posizioni corte 456<span class=\"ls0\"> </span>8.536 2.187 8.212 13.420 4.250 6.172 13.096 12.759 - C.2 Derivati finanziari senza scambio di capitale - Posizioni lunghe 24.138 68<span class=\"ls0\"> </span>4 118<span class=\"ls0\"> </span>167<span class=\"ls0\"> </span>425<span class=\"ls0\"> </span>869<span class=\"ls0\"> </span>260<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>- - Posizioni corte 25.672 30<span class=\"ls0\"> </span>12<span class=\"ls0\"> </span>156<span class=\"ls0\"> </span>322<span class=\"ls0\"> </span>584<span class=\"ls0\"> </span>905<span class=\"ls0\"> </span>261<span class=\"ls0\"> </span>16<span class=\"ls0\"> </span>- C.3 Depositi e finanziamenti da ricevere - Posizioni lunghe 59.541 - - - - - - - - - - Posizioni corte 5 55.786 99<span class=\"ls0\"> </span>1.213 2.295 70<span class=\"ls0\"> </span>- 53<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>- C.4 Impegni irrevocabili a erogare fondi - Posizioni lunghe 4.135 10.943 7 339<span class=\"ls0\"> </span>556<span class=\"ls0\"> </span>723<span class=\"ls0\"> </span>2.093 17.146 2.266 - - Posizioni corte 36.478 50<span class=\"ls0\"> </span>7 42<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>91<span class=\"ls0\"> </span>162<span class=\"ls0\"> </span>104<span class=\"ls0\"> </span>3 - C.5 Garanzie finanziarie rilasciate 1.110 14<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>146<span class=\"ls0\"> </span>103<span class=\"ls0\"> </span>264<span class=\"ls0\"> </span>313<span class=\"ls0\"> </span>136<span class=\"ls0\"> </span>- C.6 Garanzie finanziarie ricevute 172<span class=\"ls0\"> </span>- - - - - - - - - C.7 Derivati creditizi con scambio di capitale - Posizioni lunghe - - - - - 20<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>536<span class=\"ls0\"> </span>686<span class=\"ls0\"> </span>- - Posizioni corte - - - - - 20<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>536<span class=\"ls0\"> </span>686<span class=\"ls0\"> </span>- C.8 Derivati creditizi senza scambio di capitale - Posizioni lunghe 502<span class=\"ls0\"> </span>- - - - - - - - - - Posizioni corte 469<span class=\"ls0\"> </span>- - - - - - - - - Valuta di denominazion<span class=\"_ _0\"></span>e: Altre valute (milioni di euro) Voci/ Scaglioni temporali A vista Da oltre 1 giorno a 7 giorni Da oltre 7 giorni a 15 giorni Da oltre 15 giorni a 1 mese Da oltre 1 mese fino a 3 mesi Da oltre 3 mesi fino a 6 mesi Da oltre 6 mesi fino a 1 anno Da oltre 1 anno fino a 5 anni Oltre 5 anni Durata IndeterminataA. Attivit\u00e0 per cassa 10.524 6.846 2.923 4.420 6.658 4.133 5.676 26.663 18.337 1.322 A.1 Titoli di Stato 5 111<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>354<span class=\"ls0\"> </span>892<span class=\"ls0\"> </span>810<span class=\"ls0\"> </span>1.260 5.323 11.488 - A.2 Altri titoli di debito 199<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>59<span class=\"ls0\"> </span>195<span class=\"ls0\"> </span>359<span class=\"ls0\"> </span>164<span class=\"ls0\"> </span>441<span class=\"ls0\"> </span>4.285 1.667 - A.3 Quote OICR 541<span class=\"ls0\"> </span>- - - - - - - - - A.4 Finanziamenti 9.779 6.707 2.731 3.871 5.407 3.159 3.975 17.055 5.182 1.322 - Banche 7.012 5.788 1.812 1.409 2.025 914<span class=\"ls0\"> </span>324<span class=\"ls0\"> </span>408<span class=\"ls0\"> </span>263<span class=\"ls0\"> </span>1.309 - Clientela 2.767 919<span class=\"ls0\"> </span>919<span class=\"ls0\"> </span>2.462 3.382 2.245 3.651 16.647 4.919 13<span class=\"ls0\"> </span>B. Passivit\u00e0 per cassa 26.832 3.598 4.891 6.108 6.196 1.312 2.370 11.864 8.142 - B.1 Depositi e conti correnti 25.077 1.383 1.458 1.974 2.230 808<span class=\"ls0\"> </span>1.648 1.716 359<span class=\"ls0\"> </span>- - Banche 1.588 729<span class=\"ls0\"> </span>531<span class=\"ls0\"> </span>666<span class=\"ls0\"> </span>543<span class=\"ls0\"> </span>99<span class=\"ls0\"> </span>260<span class=\"ls0\"> </span>798<span class=\"ls0\"> </span>75<span class=\"ls0\"> </span>- - Clientela 23.489 654<span class=\"ls0\"> </span>927<span class=\"ls0\"> </span>1.308 1.687 709<span class=\"ls0\"> </span>1.388 918<span class=\"ls0\"> </span>284<span class=\"ls0\"> </span>- B.2 Titoli di debito 132<span class=\"ls0\"> </span>110<span class=\"ls0\"> </span>1.227 577<span class=\"ls0\"> </span>458<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>673<span class=\"ls0\"> </span>9.049 6.935 - B.3 Altre passivit\u00e0 1.623 2.105 2.206 3.557 3.508 303<span class=\"ls0\"> </span>49<span class=\"ls0\"> </span>1.099 848<span class=\"ls0\"> </span>- C. Operazioni \"fuori bilancio\" C.1 Derivati finanziari con scambio di capitale - Posizioni lunghe 142<span class=\"ls0\"> </span>14.959 5.653 12.622 17.107 8.030 11.320 17.395 10.723 - - Posizioni corte 254<span class=\"ls0\"> </span>14.143 5.716 13.676 30.101 9.688 11.985 18.887 6.052 - C.2 Derivati finanziari senza scambio di capitale - Posizioni lunghe 2.808 5 61<span class=\"ls0\"> </span>81<span class=\"ls0\"> </span>43<span class=\"ls0\"> </span>227<span class=\"ls0\"> </span>274<span class=\"ls0\"> </span>2 19<span class=\"ls0\"> </span>- - Posizioni corte 5.667 1 53<span class=\"ls0\"> </span>69<span class=\"ls0\"> </span>40<span class=\"ls0\"> </span>201<span class=\"ls0\"> </span>273<span class=\"ls0\"> </span>3 20<span class=\"ls0\"> </span>- C.3 Depositi e finanziamenti da ricevere - Posizioni lunghe 2.950 - - - - - - - - - - Posizioni corte - 199<span class=\"ls0\"> </span>1.001 659<span class=\"ls0\"> </span>736<span class=\"ls0\"> </span>2 - 155<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>- C.4 Impegni irrevocabili a erogare fondi - Posizioni lunghe 1.563 113<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>157<span class=\"ls0\"> </span>1.286 724<span class=\"ls0\"> </span>1.181 11.677 1.142 - - Posizioni corte 15.810 26<span class=\"ls0\"> </span>- - 1 2 10<span class=\"ls0\"> </span>6 - - C.5 Garanzie finanziarie rilasciate 839<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>8 48<span class=\"ls0\"> </span>124<span class=\"ls0\"> </span>127<span class=\"ls0\"> </span>245<span class=\"ls0\"> </span>371<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>- C.6 Garanzie finanziarie ricevute 96<span class=\"ls0\"> </span>- - - - - - - - - C.7 Derivati creditizi con scambio di capitale - Posizioni lunghe - - - - - - 28<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>- - - Posizioni corte - - - - - - 28<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>- - C.8 Derivati creditizi senza scambio di capitale - Posizioni lunghe 432<span class=\"ls0\"> </span>- - - - - - - - - - Posizioni corte 435<span class=\"ls0\"> </span>- - - - - - - - - 2. Operazioni di autocartolariz<span class=\"_ _3\"></span>zazione  Si <span class=\"_ _6\"></span>riporta <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>breve <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>llustrazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>operazioni <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cartolarizzazione <span class=\"_ _5\"></span>originate <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>a<span class=\"_ _5\"></span><span class=\"ls13\">l </span>31<span class=\"ls0\"> dicembre <span class=\"_ _3\"></span>2022, <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la <span class=\"_ _6\"></span>Banca <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sottoscritto <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>to<span class=\"_ _3\"></span>talit\u00e0 <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>titoli <span class=\"_ _2\"></span>emessi <span class=\"_ _5\"></span>dal <span class=\"_ _2\"></span>relativo <span class=\"_ _2\"></span>veicolo <span class=\"_ _2\"></span>(autocartolarizzazioni) <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>che </span>non sono esposte nelle<span class=\"_ _0\"></span> tabelle di Nota In<span class=\"_ _0\"></span>tegrativa della Parte E<span class=\"_ _0\"></span>, sezione C \u201cOper<span class=\"_ _0\"></span>azioni di cartolarizzazi<span class=\"_ _0\"></span>one\u201d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Brera Sec S.r.l. <span class=\"_ _24\"> </span> Nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span><span class=\"ff4\">ottobre <span class=\"_ _4\"> </span>2017 <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _4\"> </span>st<span class=\"_ _3\"></span>rutturata <span class=\"_ _4\"> </span>un\u2019operazione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>autocartolarizzazio<span class=\"_ _0\"></span>ne <span class=\"_ _7\"> </span>realizzata <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l<span class=\"_ _3\"></span>a <span class=\"_ _4\"> </span>cessione <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>inque </span>portafogli <span class=\"_ _17\"> </span>di <span class=\"_ _18\"> </span>crediti <span class=\"_ _18\"> </span>alla <span class=\"_ _18\"> </span>societ\u00e0 <span class=\"_ _18\"> </span>veicolo <span class=\"_ _17\"> </span>Brera <span class=\"_ _18\"> </span>Sec <span class=\"_ _18\"> </span>S.r.l. <span class=\"_ _17\"> </span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _17\"> </span>da <span class=\"_ _18\"> </span>Capogruppo <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>da <span class=\"_ _18\"> </span>quattro <span class=\"_ _18\"> </span>banche <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>Gruppo successivamente incorporate <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ntesa <span class=\"_ _2\"></span>Sanpaolo (Banco <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Napoli, <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Risparmio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Forl\u00ec <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>Ro<span class=\"_ _3\"></span>magna e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Cassa <span class=\"_ _3\"></span>di Risparmio del Friuli Venezia Giulia, incorporate nella seconda met\u00e0 del 2018, e Cassa di Risparmio in Bologna). Il sottostant<span class=\"_ _3\"></span><span class=\"lsc\">e </span>\u00e8 <span class=\"_ _7\"> </span>cost<span class=\"_ _3\"></span>ituito <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>mutui <span class=\"_ _16\"> </span>ipotecari <span class=\"_ _7\"> </span>residenzi<span class=\"_ _3\"></span><span class=\"ff4\">ali <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>capo <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>famiglie <span class=\"_ _7\"> </span>consumatrici <span class=\"_ _7\"> </span>e/o <span class=\"_ _16\"> </span>produttrici. <span class=\"_ _7\"> </span>L\u2019operazione <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>prima </span>operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201c) m<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>lti<span class=\"_ _3\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>Originator del Gru<span class=\"_ _0\"></span>ppo. </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>costituzione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _7\"> </span>acquistata <span class=\"_ _4\"></span>sul<span class=\"_ _0\"></span> mercato, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>(95%) <span class=\"_ _5\"></span>rimarr\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>societaria <span class=\"_ _2\"></span>esterna <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>(fondazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>diritto <span class=\"_ _2\"></span>olandese, <span class=\"_ _2\"></span>c.<span class=\"_ _5\"></span><span class=\"ff1\">d. </span>Stichting).  Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>m<span class=\"_ _2\"></span>entre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services<span class=\"_ _0\"></span> S.p.A. L\u2019operazione <span class=\"_ _3\"></span>ha <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>l\u2019emissione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>SPV <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>tranche <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>titoli: <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>tranche <span class=\"_ _2\"></span>senior, <span class=\"_ _2\"></span>quotata <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>resso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Borsa<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del <span class=\"_ _6\"></span>Lussemburgo, <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ating <span class=\"_ _5\"></span>attribuito <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>agenzie <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>rating <span class=\"_ _5\"></span>(Moody\u2019s <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>DBRS <span class=\"_ _5\"></span>Morningstar) <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>una <span class=\"_ _6\"> </span>tranche <span class=\"_ _6\"></span>junior <span class=\"_ _5\"></span>non quotata e senza rating.  Sia <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>senior <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>i <span class=\"_ _4\"></span>titoli <span class=\"_ _6\"></span>junior <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _6\"></span>sottoscritti <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>-quota <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>gni <span class=\"_ _6\"></span>singola <span class=\"_ _6\"></span>banca <span class=\"_ _6\"></span>cedente <span class=\"_ _6\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>prezzo <span class=\"_ _6\"></span>di cessione di ciascun <span class=\"_ _0\"></span>portafoglio e pertant<span class=\"_ _0\"></span>o oggi risultano integ<span class=\"_ _0\"></span>ralmente sottoscritt<span class=\"_ _0\"></span>i da Intesa San<span class=\"_ _0\"></span>paolo. <span class=\"_ _2\"></span> Il <span class=\"_ _20\"> </span>tito<span class=\"ff4\">lo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _20\"> </span>nell\u2019a<span class=\"_ _0\"></span>mbito <span class=\"_ _20\"> </span>dell\u2019oper<span class=\"_ _0\"></span>azione <span class=\"_ _20\"> </span>\u00e8 <span class=\"_ _1c\"> </span>stato <span class=\"_ _20\"> </span>utilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>di </span>rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema.<span class=\"ff1\"> </span>Il <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>otale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>7,1 <span class=\"_ _2\"></span>miliardi. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>prezzo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>iascun <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>ceduto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _3\"></span>regolato <span class=\"_ _3\"></span>con l'emissione dei titoli <span class=\"_ _0\"></span>dell'11 dicembre <span class=\"_ _0\"></span>2017 per complessivi 7,1<span class=\"_ _0\"></span> miliardi.<span class=\"_ _3\"></span> I titoli senior, sono q<span class=\"_ _0\"></span>uotati con il rating Aa<span class=\"_ _0\"></span>3 di Moody's e A (Hig<span class=\"_ _0\"></span>h) di DBRS Morningst<span class=\"_ _0\"></span>ar. <span class=\"_ _3\"></span> Al <span class=\"_ _2\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>dicembre <span class=\"_ _5\"></span>2022 <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>valore <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>sottoscritti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>pari<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>2.831 <span class=\"_ _2\"></span>milioni <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>titoli <span class=\"_ _2\"></span>senior <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>1.067 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>titoli junior.  Brera Sec S.r.l. (SEC<span class=\"_ _0\"></span> 2) Nel  mese  di <span class=\"_ _1d\"> </span>settembre  2019  \u00e8 <span class=\"_ _1d\"> </span>stata  strutturata  un\u2019operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e  di <span class=\"_ _1d\"> </span>autocartola<span class=\"_ _0\"></span>rizzazione  realizzata  con  la  cessione  del portafoglio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _6\"></span>alla <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _6\"></span>ve<span class=\"_ _3\"></span><span class=\"ff4\">icolo <span class=\"_ _6\"> </span>Brera <span class=\"_ _6\"> </span>Sec <span class=\"_ _4\"> </span>S.r.l. <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>riginati <span class=\"_ _5\"></span>da <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo. <span class=\"_ _6\"></span>L\u2019operazione <span class=\"_ _6\"></span>costituisce <span class=\"_ _5\"></span>la <span class=\"_ _6\"> </span>seconda </span>operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201d) <span class=\"_ _0\"></span>del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019operazione <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>previsto <span class=\"_ _5\"></span>l\u2019emissione <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>arte <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>SPV, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>27 <span class=\"_ _6\"></span>novembre <span class=\"_ _5\"></span>2019,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>due <span class=\"_ _5\"></span>t<span class=\"_ _3\"></span>ranche <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>titoli: <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>tranche <span class=\"_ _5\"></span>senior, </span>quotata presso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Borsa di <span class=\"_ _3\"></span>Lussemburgo <span class=\"_ _3\"></span>con rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>agenzie di<span class=\"_ _3\"></span> rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS <span class=\"_ _3\"></span>Morningstar) ed <span class=\"_ _3\"></span>una<span class=\"_ _0\"></span> tranche junior non quot<span class=\"_ _0\"></span>ata e senza rating.  Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo.  Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>dell\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>operazioni <span class=\"_ _1c\"> </span>di rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema.<span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _7\"> </span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>amministrativa <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ocietaria <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services<span class=\"_ _0\"></span> S.p.A. Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,5 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato con <span class=\"_ _3\"></span>l'emiss<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei titoli, il 27 novembre <span class=\"_ _0\"></span>2019, per complessivi 7,5 miliar<span class=\"_ _0\"></span>di. I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating Aa<span class=\"_ _0\"></span>3 di Moody's e A (Hig<span class=\"_ _0\"></span>h) di DBRS Morningstar. Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 4.52<span class=\"_ _0\"></span>3 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 860 milioni <span class=\"_ _0\"></span>per i titoli ju<span class=\"_ _2\"></span>nior.  Brera Sec S.r.l. (SEC 3) Nel <span class=\"_ _6\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ottobre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione <span class=\"_ _5\"></span>realizzata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>del portafoglio <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>crediti <span class=\"_ _7\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _7\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _7\"> </span>ve<span class=\"_ _3\"></span>icolo <span class=\"_ _7\"> </span>Brera  Se<span class=\"_ _0\"></span>c  S<span class=\"_ _0\"></span>.r.l. <span class=\"_ _16\"> </span>originati <span class=\"_ _7\"> </span>da  I<span class=\"_ _0\"></span>ntesa <span class=\"_ _16\"> </span>Sanpaolo. <span class=\"_ _7\"> </span>L<span class=\"_ _3\"></span>\u2019operazione <span class=\"_ _7\"> </span>costituisce <span class=\"_ _1d\"> </span><span class=\"ff1\">la  te<span class=\"_ _0\"></span>rza </span>operazione di cartolari<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>zazione Residentia<span class=\"_ _0\"></span>l Mortgage Backe<span class=\"_ _0\"></span>d Security (\u201cRMBS\u201d) <span class=\"_ _0\"></span>del Gruppo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019operazione <span class=\"_ _6\"></span>ha <span class=\"_ _6\"></span>previsto <span class=\"_ _6\"> </span>l\u2019emissione <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>parte <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>SPV, <span class=\"_ _6\"> </span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>1\u00b0 <span class=\"_ _6\"> </span>dicembre <span class=\"_ _6\"> </span>2021, <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ue <span class=\"_ _6\"> </span>tranche <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>itoli: <span class=\"_ _5\"></span>una <span class=\"_ _4\"> </span>tranche <span class=\"_ _5\"></span>senior, quotata presso <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>Borsa di <span class=\"_ _3\"></span>Lussem<span class=\"_ _3\"></span><span class=\"ff4\">burgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>agenzie di <span class=\"_ _3\"></span>rating (<span class=\"_ _3\"></span>Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una </span>tranche junior non quot<span class=\"_ _0\"></span>ata e senza rating.  Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo. <span class=\"_ _3\"></span> Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>de<span class=\"_ _3\"></span>ll\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>u<span class=\"_ _3\"></span>tilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _20\"> </span>di <span class=\"_ _1c\"> </span>operazioni <span class=\"_ _1c\"> </span>di rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema. <span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services S.p.A.<span class=\"_ _0\"></span> Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,7 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>Il prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato con <span class=\"_ _3\"></span>l'emiss<span class=\"_ _5\"></span>ione <span class=\"_ _3\"></span>dei titoli, in data 1\u00b0 dicem<span class=\"_ _35\"></span>b<span class=\"_ _3\"></span>re 2021, per com<span class=\"_ _0\"></span>plessivi 7,7 miliardi. I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating A1 <span class=\"_ _0\"></span>di<span class=\"_ _3\"></span> Moody's e A (High) d<span class=\"_ _0\"></span>i DBRS Morningstar. Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.51<span class=\"_ _0\"></span>5 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 725 milioni <span class=\"_ _0\"></span>per i titoli ju<span class=\"_ _2\"></span>nior. Clara Sec S.r.l.   Nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>dell\u2019anno <span class=\"_ _6\"></span>2020 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _6\"> </span>un<span class=\"_ _3\"></span>\u2019operazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione<span class=\"_ _0\"></span> <span class=\"_ _6\"> </span>avente <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>oggetto <span class=\"_ _6\"> </span>crediti <span class=\"_ _6\"> </span>rivenienti <span class=\"_ _6\"></span>da prestiti personali perform<span class=\"_ _0\"></span>ing nell\u2019ambito del <span class=\"_ _0\"></span>credito al consumo <span class=\"_ _0\"></span>ed erogati a famiglie<span class=\"_ _0\"></span> consumatrici.<span class=\"_ _3\"></span><span class=\"ff1\"> </span>L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>c<span class=\"_ _2\"></span><span class=\"ff1\">edere <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>rediti <span class=\"_ _5\"></span>di </span>analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span> segregato. L\u2019operazione <span class=\"_ _2\"></span>si<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>realizzata <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>cessione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cre<span class=\"_ _2\"></span><span class=\"ff1\">diti <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _5\"></span>veicolo <span class=\"_ _5\"></span>Clara </span>Sec S.r.l.. Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>cost<span class=\"_ _3\"></span>ituzione <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>acquistata <span class=\"_ _4\"> </span>sul mercato, il cui controll<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> (95%) rimarr\u00e0 in c<span class=\"_ _0\"></span>apo ad un\u2019entit\u00e0 este<span class=\"_ _0\"></span>rn<span class=\"_ _3\"></span><span class=\"ff1\">a al Gruppo (fondazion<span class=\"_ _0\"></span>e di diritto olandese, c.<span class=\"_ _0\"></span>d. Stichting). </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services<span class=\"_ _0\"></span> S.p.A. L\u2019operazione ha previst<span class=\"_ _0\"></span>o l\u2019emissione da p<span class=\"ff1\">arte della SPV, il 23 giugno 2020, di due tranche <span class=\"_ _0\"></span>di titoli: una tranche se<span class=\"_ _0\"></span>nior, quotata<span class=\"_ _0\"></span> </span>con rating attribuit<span class=\"_ _0\"></span>o da due agenzie di rat<span class=\"_ _0\"></span>ing (Moody\u2019s e DBRS<span class=\"_ _0\"></span> Morningstar) ed una tr<span class=\"_ _0\"></span>anche junior non quota<span class=\"_ _0\"></span>ta e senza rating.<span class=\"_ _2\"></span><span class=\"ff1\">  </span>Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono stati sottoscritti <span class=\"_ _0\"></span>da Intesa Sanpaol<span class=\"_ _0\"></span>o. <span class=\"_ _3\"></span> Il <span class=\"_ _20\"> </span>titolo <span class=\"_ _1c\"> </span>senior <span class=\"_ _20\"> </span>emesso <span class=\"_ _1c\"> </span>nell\u2019ambito <span class=\"_ _20\"> </span>dell\u2019operazione <span class=\"_ _1c\"> </span>\u00e8 <span class=\"_ _20\"> </span>stato <span class=\"_ _1c\"> </span>ut<span class=\"_ _3\"></span>ilizzato <span class=\"_ _1c\"> </span>come <span class=\"_ _20\"> </span>collaterale <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>garanzia <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>operazioni <span class=\"_ _1c\"> </span>di rifinanziamento sull\u2019Eu<span class=\"_ _0\"></span>rosistema. <span class=\"ff1\"> </span>Il <span class=\"_ _3\"></span>corrispettivo totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>7,6 <span class=\"_ _3\"></span>miliardi. <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>cessione de<span class=\"_ _3\"></span>l portafoglio <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>regolato <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>l'emissione dei titoli, il 23 giugno 2<span class=\"_ _0\"></span>020, per comples<span class=\"_ _0\"></span>sivi 7,2 miliardi. I titoli senior sono qu<span class=\"_ _0\"></span>otati con il rating A1 <span class=\"_ _0\"></span>di Moody's e A di DBR<span class=\"_ _35\"></span>S Mo<span class=\"_ _3\"></span>rnigstar. Nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>febbraio <span class=\"_ _7\"> </span>2022 <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>stata <span class=\"_ _7\"> </span>perfeziona<span class=\"_ _3\"></span>ta <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>cessione <span class=\"_ _4\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _7\"> </span>un <span class=\"_ _4\"> </span>controvalore <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>1,4 <span class=\"_ _7\"> </span>miliardi; <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>mese <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>aprile <span class=\"_ _7\"> </span>un riacquisto per un contr<span class=\"_ _0\"></span>ovalore di 88 milioni <span class=\"_ _0\"></span>e nel mese di ottobr<span class=\"_ _0\"></span>e una cessione per un <span class=\"_ _0\"></span>controvalore di 1,<span class=\"_ _0\"></span>5 miliardi.<span class=\"_ _2\"></span> Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.350 milioni per i titoli senior e a <span class=\"_ _0\"></span>824 milioni per i titol<span class=\"_ _0\"></span>i junior.<span class=\"_ _3\"></span> Giada Sec S.r.l.   Nel  mese  di <span class=\"_ _1d\"> </span>novembre  2020  \u00e8 <span class=\"_ _1d\"> </span>stata  strutturata  un\u2019operazio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e  di <span class=\"_ _1d\"> </span>autocartola<span class=\"_ _0\"></span>rizzazione  realizzata  con  la  cessione  del portafoglio <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>crediti, <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span>rogati <span class=\"_ _4\"> </span>ad <span class=\"_ _16\"> </span>imprese <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>segmento <span class=\"_ _7\"> </span>small <span class=\"_ _7\"> </span>business, <span class=\"_ _7\"> </span>SME <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>Corporate <span class=\"_ _7\"> </span>originati <span class=\"_ _7\"> </span>da <span class=\"_ _7\"> </span>Intesa Sanpaolo, alla societ\u00e0 veicol<span class=\"_ _0\"></span>o Giada Sec S.r.l..  L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>cedere <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>p<span class=\"_ _5\"></span>ortafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>tempo segregato. Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _7\"> </span>assunto <span class=\"_ _4\"> </span>una <span class=\"_ _7\"> </span>quota <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minoranza <span class=\"_ _4\"></span>(5%) <span class=\"_ _4\"> </span>nella <span class=\"_ _7\"> </span>SPV <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nuova <span class=\"_ _4\"> </span>cost<span class=\"_ _3\"></span>ituzione <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>che <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tata <span class=\"_ _4\"> </span>acquistata <span class=\"_ _4\"> </span>sul mercato, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>controllo <span class=\"_ _2\"></span>(95%) <span class=\"_ _5\"></span>rimarr\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>capo <span class=\"_ _5\"></span>ad <span class=\"_ _2\"></span>un\u2019entit\u00e0 <span class=\"_ _2\"></span>societaria <span class=\"_ _2\"></span>esterna <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>Gruppo <span class=\"_ _2\"></span>(fondazione <span class=\"_ _4\"> </span><span class=\"ff1\">di <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>landese, <span class=\"_ _2\"></span>c.d. </span>Stichting).  Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services<span class=\"_ _0\"></span> S.p.A. L\u2019operazione ha previsto l\u2019emissione da parte della SPV di due t<span class=\"_ _3\"></span><span class=\"ff1\">ranche di t<span class=\"_ _3\"></span>itoli: una tranche senior, quotata presso la Borsa di </span>Lussemburgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due a<span class=\"_ _3\"></span>genzie di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una<span class=\"_ _3\"></span> tranche <span class=\"_ _3\"></span>junior non <span class=\"_ _3\"></span>quotata e senza rating.  Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati so<span class=\"_ _3\"></span>ttoscritti da Intesa <span class=\"_ _35\"></span>Sanpaolo.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>titolo senior <span class=\"_ _3\"></span>emesso nell\u2019ambito <span class=\"_ _3\"></span>dell\u2019operazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>quotato con <span class=\"_ _3\"></span>il r<span class=\"_ _3\"></span>ating A1 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Moody\u2019s e <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>DBRS <span class=\"_ _3\"></span>Morningstar \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>utilizza<span class=\"_ _5\"></span><span class=\"ff1\">to </span>come collaterale a g<span class=\"_ _0\"></span>aranzia di operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o sull\u2019Eurosistema. <span class=\"ff1\"> </span>Il corrispettivo totale di ces<span class=\"_ _0\"></span>sione \u00e8 pari a 10,1 mil<span class=\"_ _0\"></span>iardi. l prezzo di cessione <span class=\"_ _0\"></span>del portafoglio \u00e8 stat<span class=\"_ _0\"></span>o regolato con l'emi<span class=\"_ _0\"></span>ssione dei titoli, il 21 di<span class=\"_ _0\"></span>cembre 2020, per un p<span class=\"_ _0\"></span>ari ammontare.<span class=\"_ _2\"></span> Nel mese di maggio 20<span class=\"_ _0\"></span>22 \u00e8 stata perfezi<span class=\"_ _0\"></span>onata una cessione pe<span class=\"_ _0\"></span>r un controvalore di<span class=\"_ _0\"></span> 1,7 m<span class=\"_ _3\"></span>iliardi. Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 6.61<span class=\"_ _0\"></span>0 milioni per i titoli se<span class=\"_ _0\"></span>nior e a 3.485 milioni per i t<span class=\"_ _0\"></span>itoli <span class=\"_ _2\"></span>junior. Giada Sec S.r.l. (Giada B<span class=\"_ _35\"></span>I<span class=\"_ _3\"></span>S) Nel <span class=\"_ _6\"></span>mese <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>ottobre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>stata <span class=\"_ _6\"></span>strutturata <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>nuova <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>perazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>autocartolarizzazione <span class=\"_ _5\"></span>realizzata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>cessione <span class=\"_ _5\"></span>del portafoglio <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>crediti, <span class=\"_ _5\"></span>originati <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _2\"></span>ero<span class=\"_ _3\"></span>gati <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>piccole <span class=\"_ _5\"></span>medie <span class=\"_ _5\"></span>imprese <span class=\"_ _5\"></span>(\u201cSME\u201d), <span class=\"_ _5\"></span>ivi <span class=\"_ _5\"></span>incluse <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>ditte <span class=\"_ _5\"></span>individua<span class=\"_ _5\"></span><span class=\"ff1\">li <span class=\"_ _5\"></span>e </span>fina<span class=\"ff4\">nziamenti <span class=\"_ _5\"></span>concessi <span class=\"_ _5\"></span>a <span class=\"_ _6\"> </span>clientela <span class=\"_ _5\"></span>corporate <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>riconducibili <span class=\"_ _5\"></span>al <span class=\"_ _6\"> </span>segmento <span class=\"_ _6\"></span>\u2018large <span class=\"_ _5\"></span>corporate\u2019, <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>veicolo <span class=\"_ _5\"></span>Giada <span class=\"_ _6\"> </span>Sec </span>S.r.l.   L\u2019operazione <span class=\"_ _6\"></span>si <span class=\"_ _5\"></span>con<span class=\"_ _3\"></span>figura <span class=\"_ _5\"></span>come <span class=\"_ _4\"> </span>revolving; <span class=\"_ _5\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>avr\u00e0 <span class=\"_ _6\"> </span>facolt\u00e0 <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>cedere <span class=\"_ _6\"> </span>al <span class=\"_ _6\"> </span>Veicolo <span class=\"_ _6\"></span>ulteriori <span class=\"_ _6\"></span>portafogli <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>crediti <span class=\"_ _5\"></span>d<span class=\"_ _5\"></span><span class=\"ff1\">i </span>analoghe <span class=\"_ _5\"></span>caratteristi<span class=\"_ _0\"></span>che <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>qualit\u00e0 <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Veicolo <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquister\u00e0 <span class=\"_ _2\"></span>attingendo <span class=\"_ _5\"></span>agli <span class=\"_ _2\"></span>incassi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>portafoglio <span class=\"_ _5\"></span>tempo <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>te<span class=\"_ _3\"></span>mpo<span class=\"_ _2\"></span> segregato. L\u2019operazione ha previsto l\u2019emissione da parte della SPV di due tranche di titoli: una tranche senior, quotata presso l<span class=\"_ _5\"></span><span class=\"ff1\">a Borsa di </span>Lussemburgo con <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>attribuito da <span class=\"_ _3\"></span>due a<span class=\"_ _3\"></span>genzie di <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>(Moody\u2019s e <span class=\"_ _3\"></span>DBRS Mo<span class=\"_ _3\"></span>rningstar) ed una<span class=\"_ _3\"></span> tranche <span class=\"_ _3\"></span>junior non <span class=\"_ _3\"></span>quotata e senza rating.  Sia i titoli senior che <span class=\"_ _0\"></span>i titoli junior sono <span class=\"_ _0\"></span>stati sottoscritti da In<span class=\"_ _0\"></span>tesa Sanpaolo. Il <span class=\"_ _3\"></span>titolo senior <span class=\"_ _3\"></span>emess<span class=\"ff4\">o <span class=\"_ _3\"></span>nell\u2019ambito dell\u2019operazione quotato <span class=\"_ _3\"></span>con il <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>A1 <span class=\"_ _3\"></span>di Moody\u2019s <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>DBRS Morningstar \u00e8<span class=\"_ _3\"></span> stato <span class=\"_ _3\"></span>utilizzato </span>come collaterale a g<span class=\"_ _0\"></span>aranzia di operazi<span class=\"_ _0\"></span>oni di rifinanziament<span class=\"_ _0\"></span>o sull\u2019Eurosistema. <span class=\"ff1\"> </span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>occupa <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>gestione <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>Veicolo, <span class=\"_ _6\"></span>mentre<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>gestione <span class=\"_ _5\"></span>amministrativa <span class=\"_ _6\"></span>societaria <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>seguita <span class=\"_ _6\"></span>da Securitisation Services<span class=\"_ _0\"></span> S.p.A. Il corrispettivo totale <span class=\"_ _0\"></span>di cessione \u00e8 pari a <span class=\"_ _0\"></span>15,2 miliardi. Il <span class=\"_ _4\"> </span>prezzo <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>cessione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"></span>stato <span class=\"_ _4\"> </span>regolato <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>l'emissione <span class=\"_ _4\"> </span>dei <span class=\"_ _7\"> </span>titoli, <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>5 <span class=\"_ _4\"> </span>di<span class=\"_ _3\"></span>cembre <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>c<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>i 15,2 miliardi. Al 31 dicembre 2022 il <span class=\"_ _0\"></span>valore dei titoli in <span class=\"_ _0\"></span>essere \u00e8 pari a 10.2<span class=\"_ _0\"></span>50 milioni per i titoli senior<span class=\"_ _0\"></span> e a 4.940 milioni p<span class=\"_ _0\"></span>er i titoli<span class=\"_ _2\"></span> junior. (milioni di euro)<span class=\"ls0\"> </span>Veicolo<span class=\"ls0\"> </span>Tipo di  titolo<span class=\"ls0\"> </span>emesso<span class=\"ls0\"> </span>Tipologia attivo<span class=\"ls0\"> </span>cartolarizz.<span class=\"ls0\"> </span>Rating<span class=\"ls0\"> </span>esterno<span class=\"ls0\"> </span>Nozionale<span class=\"ls0\"> </span>al<span class=\"ls0\"> </span>31.12.2022<span class=\"ls0\"> </span>BRERA SEC S.r.l.<span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>3.898<span class=\"ls0\"> </span>Class A RMBS F/R Notes <span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Mutui ipotecari residenziali  <span class=\"ls0\"> </span>Aa3 Moody's / AH di DBRS Morningstar <span class=\"ls0\"> </span>2.831<span class=\"ls0\"> </span>Class B RMBS Fixed Rate and Additional <span class=\"_ _3\"></span>Return Notes<span class=\"ls0\"> </span>Junior Mutui ipotecari residenziali  <span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>1.067<span class=\"ls0\"> </span>BRERA SEC S.r.l. (SEC 2)<span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>5.383<span class=\"ls0\"> </span>Class A RMBS F/R Notes <span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Mutui ipotecari residenziali <span class=\"ls0\"> </span>Aa3 Moody's / AH di DBRS Morningstar<span class=\"ls0\"> </span>4.523<span class=\"ls0\"> </span>Class B RMBS Fixed Rate and <span class=\"ls29\">Addition<span class=\"_ _3\"></span>al Return Notes<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>Junior Mutui ipotecari residenziali <span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>860<span class=\"ls0\"> </span>BRERA SEC S.r.l (SEC 3)<span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>7.240<span class=\"ls0\"> </span>Class A RMBS F/R Notes <span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Mutui ipotecari residenziali <span class=\"ls0\"> </span>A1 Moody's / AH di DBRS Morningstar<span class=\"ls0\"> </span>6.515<span class=\"ls0\"> </span>Class B RMBS Fixed Rate and Additional <span class=\"_ _3\"></span>Return Notes<span class=\"ls0\"> </span>Junior Mutui ipotecari residenziali <span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>725<span class=\"ls0\"> </span>CLARA SEC S.r.l.<span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>7.174<span class=\"ls0\"> </span>Class A Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Prestiti personali <span class=\"ls0\"> </span>A1 Moody's / A di DBRS Morningstar<span class=\"ls0\"> </span>6.350<span class=\"ls0\"> </span>Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span>Junior Prestiti personali <span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>824<span class=\"ls0\"> </span>GIADA SEC S.r.l.<span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>10.095<span class=\"ls0\"> </span>Class A Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span>Senior<span class=\"ls0\"> </span>Crediti clientela Small business, SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span>A1 <span class=\"ff4 ls9\">Moody\u2019s / A di DBRS </span>Morningstar<span class=\"ls0\"> </span>6.610<span class=\"ls0\"> </span>Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span>Junior Crediti clientela Small business, SME e Corporate <span class=\"_ _3\"></span><span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>3.485<span class=\"ls0\"> </span>GIADA SEC S.r.l. (GIADA BIS)<span class=\"_ _3\"></span><span class=\"ls0\"> </span>di cui emissioni in Euro<span class=\"_ _3\"></span><span class=\"ls0\"> </span>15.190<span class=\"ls0\"> </span>Class A<span class=\"ls0\"> <span class=\"ls29\">Asset Backed F/R Notes <span class=\"_ _3\"></span></span> </span>Senior<span class=\"ls0\"> </span>Crediti clientela Small business, SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span>A1 Moody\u2019s / A di DBRS Morningstar<span class=\"ls0\"> </span>10.250<span class=\"ls0\"> </span>Class B Asset Backed F/R Notes <span class=\"_ _3\"></span><span class=\"ls0\"> </span>Junior Crediti clientela Small business, SME e Corporate<span class=\"_ _3\"></span><span class=\"ls0\"> </span>no rating<span class=\"ls0\"> </span>4.940<span class=\"ls0\"> </span>TOTALE 48.980<span class=\"ls0\"> </span>Nel <span class=\"_ _2\"></span>corso <span class=\"_ _2\"></span>dell'esercizio <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>estinte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>autocartolarizzazione <span class=\"_ _3\"></span>Adriano <span class=\"_ _2\"></span>Lease <span class=\"_ _2\"></span>SEC <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Brera <span class=\"_ _2\"></span>Sec S.r.l. (SME).  Nell\u2019ex <span class=\"_ _17\"> </span>UBI <span class=\"_ _18\"> </span>Leasing, <span class=\"_ _17\"> </span>incorporata <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>Intesa <span class=\"_ _18\"> </span>Sanpaolo <span class=\"_ _17\"> </span>S.p.A. <span class=\"_ _17\"> </span>ne<span class=\"_ _3\"></span>l <span class=\"_ _17\"> </span>corso <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>2022, <span class=\"_ _17\"> </span>era <span class=\"_ _17\"> </span>p<span class=\"_ _3\"></span>resente <span class=\"_ _17\"> </span>l\u2019operazione <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>auto<span class=\"_ _5\"></span><span class=\"ff1\">-<span class=\"_ _90\"> </span></span>car<span class=\"ff4\">tolarizzazione UBI SPV<span class=\"_ _0\"></span> Lease 2016, anch\u2019e<span class=\"_ _0\"></span>ssa estinta nel co<span class=\"_ _0\"></span>rso dell\u2019esercizio 20<span class=\"_ _0\"></span>22.<span class=\"_ _3\"></span><span class=\"ff5 fs1e fc2\"> </span></span>ALTRE INFORMAZIONI SUI RISCHI FINANZIARI<span class=\"ff1 fs0 fc0\"> </span>ESPOSIZIONE AL RISCHIO SOVRANO PER PAESE<span class=\"_ _3\"></span> DI RESIDENZA DELLA CONT<span class=\"_ _3\"></span>ROPARTE <span class=\"_ _3\"></span> Nella <span class=\"_ _2\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>segue <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>riportato, <span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>base <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>dati <span class=\"_ _2\"></span>gestionali<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>dettaglio <span class=\"_ _2\"></span>delle <span class=\"_ _3\"></span>esposizioni <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>sov<span class=\"_ _3\"></span>rano <span class=\"_ _3\"></span>del Gruppo Intesa Sanp<span class=\"_ _0\"></span>aolo con riferimento all\u2019A<span class=\"_ _0\"></span>ttivit\u00e0 bancaria.<span class=\"ff1\"> </span>(milioni di euro)<span class=\"_ _3\"></span>                        TIT<span class=\"_ _3\"></span>OLI DI DEBITO<span class=\"_ _3\"></span> IMPIEGHI GRUPPO BANCARIO<span class=\"_ _3\"></span> TOTALE (1)<span class=\"_ _90\"> </span>Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al costo ammortizzato<span class=\"_ _3\"></span> Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _3\"></span>e con impatto sulla redditi<span class=\"_ _3\"></span>vit\u00e0 complessiva Attivit\u00e0 finanziarie<span class=\"_ _3\"></span> valutate al fair valu<span class=\"_ _3\"></span>e con impatto a conto economico Paesi UE 30.875 24.708 616<span class=\"ls0\"> </span>56.199 10.128 Austria 615<span class=\"ls0\"> </span>160<span class=\"ls0\"> </span>1 776<span class=\"ls0\"> </span>- Belgio 2.405 1.962 101<span class=\"ls0\"> </span>4.468 - Bulgaria - - 3 3 - Croazia 151<span class=\"ls0\"> </span>1.100 72<span class=\"ls0\"> </span>1.323 1.378 Cipro - - - - - Repubblica Ceca<span class=\"_ _3\"></span> - - - - - Danimarca - - - - - Estonia - - - - - Finlandia 255<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>- 268<span class=\"ls0\"> </span>- Francia 6.457 2.370 -309 8.518 3 Germania 262<span class=\"ls0\"> </span>538<span class=\"ls0\"> </span>-151 649<span class=\"ls0\"> </span>- Grecia - - -8 -8 - Ungheria 141<span class=\"ls0\"> </span>787<span class=\"ls0\"> </span>39<span class=\"ls0\"> </span>967<span class=\"ls0\"> </span>313<span class=\"ls0\"> </span>Irlanda 336<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>26<span class=\"ls0\"> </span>407<span class=\"ls0\"> </span>- Italia 14.994 11.255 622<span class=\"ls0\"> </span>26.871 8.019 Lettonia - - - - 20<span class=\"ls0\"> </span>Lituania - - - - - Lussemburgo 265<span class=\"ls0\"> </span>392<span class=\"ls0\"> </span>88<span class=\"ls0\"> </span>745<span class=\"ls0\"> </span>- Malta - - - - - Paesi Bassi 828<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>872<span class=\"ls0\"> </span>- Polonia 28<span class=\"ls0\"> </span>65<span class=\"ls0\"> </span>- 93<span class=\"ls0\"> </span>- Portogallo 388<span class=\"ls0\"> </span>621<span class=\"ls0\"> </span>-<span class=\"ls1b\">41</span> 968<span class=\"ls0\"> </span>- Romania 66<span class=\"ls0\"> </span>370<span class=\"ls0\"> </span>-1 435<span class=\"ls0\"> </span>4 Slovacchia - 892<span class=\"ls0\"> </span>2 894<span class=\"ls0\"> </span>149<span class=\"ls0\"> </span>Slovenia 1 148<span class=\"ls0\"> </span>2 151<span class=\"ls0\"> </span>178<span class=\"ls0\"> </span>Spagna 3.683 3.971 145<span class=\"ls0\"> </span>7.799 64<span class=\"ls0\"> </span>Svezia - - - - - Paesi non UE<span class=\"_ _3\"></span> - Albania 93<span class=\"ls0\"> </span>489<span class=\"ls0\"> </span>1 583<span class=\"ls0\"> </span>1 Egitto 96<span class=\"ls0\"> </span>1.145 - 1.241 515<span class=\"ls0\"> </span>Giappone - 2.404 - 2.404 - Russia - 31<span class=\"ls0\"> </span>- 31<span class=\"ls0\"> </span>- Serbia 7 536<span class=\"ls0\"> </span>- 543<span class=\"ls0\"> </span>165<span class=\"ls0\"> </span>Regno Unito - 173<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>192<span class=\"ls0\"> </span>- U.S.A. 1.398 6.944 126<span class=\"ls0\"> </span>8.468 - Dati gestionali (1) <span class=\"_ _5\"></span>I <span class=\"_ _5\"></span>titoli <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>debito <span class=\"_ _6\"></span>da <span class=\"_ _5\"></span>attivit\u00e0<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assicurativa <span class=\"_ _6\"></span>(esclusi <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>tit<span class=\"_ _3\"></span>oli <span class=\"_ _5\"></span>nei<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>q<span class=\"_ _3\"></span>uali <span class=\"_ _5\"></span>risultano <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestite <span class=\"_ _5\"></span>le <span class=\"_ _6\"></span>disponibilit\u00e0 <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>accolte <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>polizze<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assicurative <span class=\"_ _6\"></span>emesse <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>totale rischio degli assic<span class=\"_ _3\"></span>urati) relativi all\u2019Itali<span class=\"_ _3\"></span>a amm<span class=\"_ _3\"></span>ontano a 45.491 m<span class=\"_ _3\"></span>ilioni.<span class=\"ff1\"> </span>Come evidenziato <span class=\"_ _3\"></span>nella tabella, a <span class=\"_ _3\"></span>fine 2022 <span class=\"_ _3\"></span>l\u2019esposizione del <span class=\"_ _3\"></span>Gruppo bancario in <span class=\"_ _5\"></span><span class=\"ff1\">titoli emessi d<span class=\"_ _3\"></span>alle Amministrazioni pubbliche </span>italiane <span class=\"_ _5\"></span>centrali <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>locali <span class=\"_ _6\"></span>ammonta <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>27<span class=\"_ _2\"></span><span class=\"fc5\"> <span class=\"_ _6\"></span></span>miliardi <span class=\"_ _5\"></span>(31 miliardi <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>31 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _5\"></span>2021), <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>si <span class=\"_ _6\"></span>aggiungono <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>8 <span class=\"_ _6\"></span>miliardi rappresentati da impiegh<span class=\"_ _0\"></span>i (9 miliardi a fine 2021). <span class=\"_ _30\"> </span> INFORMATIVA SUI PRODOT<span class=\"_ _3\"></span>TI STRUTTURATI DI CREDITO<span class=\"_ _3\"></span> L\u2019esposizione al risc<span class=\"_ _0\"></span>hio in prodotti struttu<span class=\"_ _0\"></span>rati di credito si at<span class=\"_ _0\"></span>testa al 31 dicembre 2<span class=\"_ _0\"></span>022 a 3.303 milioni, <span class=\"_ _0\"></span>con un decremento<span class=\"_ _2\"></span><span class=\"ff1\"> netto </span>di <span class=\"_ _17\"> </span>318 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>rispetto <span class=\"_ _1d\"> </span>allo <span class=\"_ _17\"> </span>stock <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>3.621 <span class=\"_ _17\"> </span>milioni <span class=\"_ _1d\"> </span>del <span class=\"_ _17\"> </span>31 <span class=\"_ _17\"> </span>dicembre <span class=\"_ _17\"> </span>2021. <span class=\"_ _1d\"> </span>L<span class=\"_ _3\"></span>\u2019esposizione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>incl<span class=\"_ _2\"></span><span class=\"ff1\">ude <span class=\"_ _17\"> </span>investimenti <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>CLO </span>(Collateralized <span class=\"_ _1d\"> </span>Loan <span class=\"_ _17\"> </span>Obligations) <span class=\"_ _1d\"> </span>p<span class=\"_ _3\"></span>er <span class=\"_ _1d\"> </span>1.643 <span class=\"_ _17\"> </span>milioni, <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>ABS <span class=\"_ _17\"> </span>(Asset <span class=\"_ _17\"> </span>Backed <span class=\"_ _17\"> </span>Securities) <span class=\"_ _1d\"> </span>per <span class=\"_ _17\"> </span>1.588 <span class=\"_ _17\"> </span>milioni <span class=\"_ _17\"> </span>ed <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>CDO (Collateralized Debt O<span class=\"_ _0\"></span>bligations) per 72 milio<span class=\"_ _0\"></span>ni, che si conferm<span class=\"_ _0\"></span>ano quale operativit\u00e0 margi<span class=\"_ _0\"></span>nale anche nel 20<span class=\"_ _0\"></span>22.<span class=\"_ _2\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Categorie <span class=\"_ _0\"></span>contabili 31.12.2022<span class=\"_ _0\"></span> 31.12.2021       Varia<span class=\"_ _0\"></span>zioni Collaterali<span class=\"_ _0\"></span>zed Loan Obligations<span class=\"_ _0\"></span> Asset Backed Securities<span class=\"_ _0\"></span> Collaterali<span class=\"_ _0\"></span>zed Debt Obligations<span class=\"_ _0\"></span> Totale assolute % Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie de<span class=\"_ _0\"></span>tenute per <span class=\"_ _0\"></span>la negoziazion<span class=\"_ _0\"></span>e 339<span class=\"ls0\"> </span>478<span class=\"ls0\"> </span>- 817<span class=\"ls0\"> </span>1.049 -<span class=\"ls25\">232</span> -22,1 Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie ob<span class=\"_ _0\"></span>bligatoria<span class=\"_ _0\"></span>mente valu<span class=\"_ _0\"></span>tate al fair value<span class=\"_ _0\"></span> - 3 - 3 3 - - Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al fair <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alue con impatto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _35\"></span> complessiva 769<span class=\"ls0\"> </span>776<span class=\"ls0\"> </span>- 1.545 1.701 -<span class=\"ls25\">156</span> -9,2 Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al cos<span class=\"_ _0\"></span>to ammortiz<span class=\"_ _0\"></span>zato 535<span class=\"ls0\"> </span>331<span class=\"ls0\"> </span>72<span class=\"ls0\"> </span>938<span class=\"ls0\"> </span>868<span class=\"ls0\"> </span>70<span class=\"ls0\"> </span>8,1 Totale 1.643 1.588 72<span class=\"ls0\"> </span>3.303 3.621 -<span class=\"ls25\">318</span> -8,8 La  presente  informativa  include  quali  prod<span class=\"_ _0\"></span>otti  strutturati  di  credito,  titoli  di  debito  detenuti  dal  Gruppo  il  cui  tranching<span class=\"_ _0\"></span> all\u2019emissione presenti diversi gradi di s<span class=\"_ _3\"></span>ubordinazion<span class=\"_ _0\"></span>e e che <span class=\"_ _3\"></span>non siano stati emessi nell\u2019ambito di operazioni originate da entit\u00e0 del <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo e<span class=\"_ _3\"></span> da <span class=\"_ _3\"></span>Public Entity, <span class=\"_ _3\"></span>oltre che <span class=\"_ _3\"></span>di operazioni <span class=\"_ _3\"></span>con cui <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo finanzia la <span class=\"_ _3\"></span>propria clientela <span class=\"_ _3\"></span>corpor<span class=\"_ _5\"></span>ate e financial institution <span class=\"_ _0\"></span>(operativit\u00e0 posta in essere dal Gr<span class=\"_ _0\"></span>uppo per il tramite<span class=\"_ _0\"></span> della controllata Du<span class=\"_ _0\"></span>omo Funding Plc). La <span class=\"_ _2\"></span>dinamica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>portafoglio <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>pur <span class=\"_ _2\"></span>sempre <span class=\"_ _2\"></span>volta <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>cogliere <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>opportunit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>mercato, <span class=\"_ _2\"></span>denota <span class=\"_ _2\"></span>maggiori <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isinvestiment<span class=\"_ _35\"></span>i unitamente <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>rimborsi, <span class=\"_ _7\"> </span>rispetto <span class=\"_ _4\"> </span>all\u2019assunz<span class=\"_ _3\"></span><span class=\"ff1\">ione <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>nuove <span class=\"_ _7\"> </span>posizioni <span class=\"_ _7\"> </span>che <span class=\"_ _4\"> </span>hanno <span class=\"_ _7\"> </span>interessato <span class=\"_ _4\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _7\"> </span>value, <span class=\"_ _7\"> </span>sia </span>detenute per la n<span class=\"_ _3\"></span>egoziazione che con impatto sulla redditivit\u00e0 complessiva, ed <span class=\"_ _3\"></span>attivit\u00e0 valutate al costo ammortizzato, per u<span class=\"_ _5\"></span>na variazione complessiv<span class=\"_ _0\"></span>a in diminuzione di 3<span class=\"_ _0\"></span>18 <span class=\"_ _3\"></span>milioni. Le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>valutate al <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>(titoli di <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>ABS <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>CLO) passano <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>.753 <span class=\"_ _3\"></span>milioni di <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>icembr<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>2.365 <span class=\"_ _3\"></span>milioni <span class=\"_ _6\"></span>di dicembre <span class=\"_ _7\"> </span>2022, <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>decremento <span class=\"_ _7\"> </span>netto <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>388<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>milioni <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ascrivere <span class=\"_ _16\"> </span>prevalentemente <span class=\"_ _7\"> </span>all\u2019operativit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Divisione <span class=\"_ _7\"> </span>IMI Corporate <span class=\"_ _3\"></span>&amp; <span class=\"_ _2\"></span>Investment <span class=\"_ _3\"></span>Banking, <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>valere <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _3\"></span>maggiore <span class=\"_ _3\"></span>sulle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3\"></span>finanziarie <span class=\"_ _3\"></span>detenute <span class=\"_ _2\"></span>per <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>negoziazione <span class=\"_ _3\"></span>ed <span class=\"_ _2\"></span>in misura minore su quelle <span class=\"_ _0\"></span>valutate al fair value <span class=\"_ _0\"></span>con impatto sulla re<span class=\"_ _0\"></span>dditivit\u00e0 complessiva. Le <span class=\"_ _6\"></span>esposizioni <span class=\"_ _6\"></span>classificate <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _4\"></span>valutate <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>cos<span class=\"_ _3\"></span>to <span class=\"_ _6\"></span>ammortizzato <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span>titoli <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ebito <span class=\"_ _6\"></span>ABS, <span class=\"_ _6\"></span>CLO <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CDO) <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>938 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>a dicembre 2022, si conf<span class=\"_ _0\"></span>rontano con una consi<span class=\"_ _0\"></span>stenza di 868 mili<span class=\"_ _0\"></span>oni a dicembre 20<span class=\"_ _0\"></span>21 per un incremen<span class=\"_ _0\"></span>to netto di 70 milioni.<span class=\"_ _3\"></span> Da <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>punto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>vista<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>economico, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risultato <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>mple<span class=\"_ _3\"></span>ssivo <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _5\"></span>2022 <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>-49 <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>si <span class=\"_ _6\"></span>confronta <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risultato <span class=\"_ _5\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 di +10 milioni. </span>Il <span class=\"_ _3\"></span>risultato delle at<span class=\"_ _3\"></span>tivit\u00e0 detenute per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>negoziazione, voce 8<span class=\"_ _3\"></span>0 del <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico, ammonta a <span class=\"_ _5\"></span>-49 <span class=\"_ _3\"></span>milioni e<span class=\"_ _3\"></span>d \u00e8 <span class=\"_ _3\"></span>afferente a<span class=\"_ _3\"></span>lle esposizioni  in  CLO  ed  ABS,  -27  milioni  da  val<span class=\"_ _0\"></span>utazioni  e  -<span class=\"ff4\">22  milioni  da  cessioni, <span class=\"_ _16\"> </span>come  anche  l\u2019impatto  economic<span class=\"_ _0\"></span>o  al </span>31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 di +9 milioni, <span class=\"_ _0\"></span>+4 milioni da valutazio<span class=\"_ _0\"></span>ni e +5 milioni da ce<span class=\"_ _0\"></span>ssioni.<span class=\"_ _3\"></span> </span>Il  ris<span class=\"_ _0\"></span>ultato <span class=\"_ _16\"> </span>delle  at<span class=\"_ _0\"></span>tivit\u00e0  f<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>nanziarie <span class=\"_ _16\"> </span>obbligatoriamente<span class=\"_ _0\"></span>  val<span class=\"_ _0\"></span>utate <span class=\"_ _16\"> </span>al  fair <span class=\"_ _16\"> </span>v<span class=\"_ _3\"></span>alue  nullo <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>31  dic<span class=\"_ _0\"></span>embre <span class=\"_ _16\"> </span>2022, <span class=\"_ _16\"> </span>si  confronta<span class=\"_ _0\"></span>  co<span class=\"_ _35\"></span>n +1<span class=\"ls0\"> milione d<span class=\"_ _0\"></span>el 31 dicembre 202<span class=\"_ _0\"></span>1. </span>Le <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>sposizioni <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>titoli <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>debito <span class=\"_ _16\"> </span>classificati <span class=\"_ _7\"> </span>tra <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _7\"> </span>valutate <span class=\"_ _7\"> </span>al  f<span class=\"_ _0\"></span>air <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>impatto <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>redditivit\u00e0 <span class=\"_ _7\"> </span>compless<span class=\"_ _5\"></span>iva, registrano al 31 <span class=\"_ _3\"></span>dicembre 2022 u<span class=\"_ _3\"></span>na variazion<span class=\"_ _3\"></span>e negativa <span class=\"_ _3\"></span>di fair <span class=\"_ _3\"></span>value per <span class=\"_ _3\"></span>-43 <span class=\"_ _3\"></span>milioni a r<span class=\"_ _3\"></span>iserva di patri<span class=\"_ _3\"></span>monio netto (da r<span class=\"_ _3\"></span>iserva di -1 <span class=\"_ _4\"></span>milione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>dicembre <span class=\"_ _4\"> </span>2021 <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>-<span class=\"ff4\">44 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>dicembre <span class=\"_ _6\"></span>2022); <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>ell\u2019anno <span class=\"_ _4\"> </span>in <span class=\"_ _6\"> </span>corso <span class=\"_ _4\"> </span>si <span class=\"_ _4\"> </span>rilevano <span class=\"_ _4\"> </span>inoltre<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>impatti <span class=\"_ _6\"> </span>da <span class=\"_ _4\"> </span>cessioni <span class=\"_ _4\"> </span>sul </span>portafoglio per -3 milioni, che i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>vece erano nulli nel precedente <span class=\"_ _0\"></span>esercizio. Sui <span class=\"_ _3\"></span>titoli <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>debito <span class=\"_ _3\"></span>classificati <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>attivit\u00e0 v<span class=\"_ _3\"></span>alutate <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>ammortizzato, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>dicembre 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>risultato <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>+3 <span class=\"_ _3\"></span>mili<span class=\"_ _5\"></span>oni,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>+1 <span class=\"_ _3\"></span>da componenti valutative e +2 <span class=\"_ _3\"></span>da cessioni, si confronta con l<span class=\"_ _3\"></span>\u2019impatto complessivamente nullo<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>al 31 dicembre <span class=\"_ _3\"></span>2021, -1 <span class=\"_ _3\"></span>milione da </span>componenti valutativ<span class=\"_ _0\"></span>e e +1 milione da cessio<span class=\"_ _0\"></span>ni.<span class=\"_ _3\"></span> (milioni di eur<span class=\"_ _35\"></span>o) Risultati <span class=\"_ _0\"></span>di conto ec<span class=\"_ _35\"></span>onomico  per categ<span class=\"_ _0\"></span>oria conta<span class=\"_ _0\"></span>bile 31.12.2022<span class=\"_ _0\"></span> 31.12.2021       Varia<span class=\"_ _0\"></span>zioni Collaterali<span class=\"_ _0\"></span>zed Loan Obligations<span class=\"_ _0\"></span> Asset  Backed Securities<span class=\"_ _35\"></span> Collaterali<span class=\"_ _0\"></span>zed Debt Obligations<span class=\"_ _0\"></span> Totale assolute % Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie de<span class=\"_ _0\"></span>tenute per <span class=\"_ _0\"></span>la negoziazion<span class=\"_ _0\"></span>e -<span class=\"ls25\">36</span> -<span class=\"ls25\">13</span> - -<span class=\"ls25\">49</span> 9 -<span class=\"ls25\">58</span> Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie ob<span class=\"_ _0\"></span>bligatoria<span class=\"_ _0\"></span>mente valu<span class=\"_ _0\"></span>tate al fair value<span class=\"_ _0\"></span> - - - - 1 -1 Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _0\"></span>tate al fair <span class=\"_ _0\"></span>value con impatto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivit\u00e0<span class=\"_ _35\"></span> complessiva - -3 - -3 - 3 - Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al cos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o ammortiz<span class=\"_ _0\"></span>zato - 1 2 3 - 3 - Totale -<span class=\"ls25\">36</span> -<span class=\"ls25\">15</span> 2 -<span class=\"ls25\">49</span> 10<span class=\"ls0\"> </span>-<span class=\"ls25\">59</span> INFORMATIVA SULLE LEVERAGED TRANSACT<span class=\"_ _3\"></span>IONS<span class=\"_ _3\"></span> La <span class=\"_ _1c\"> </span>BCE <span class=\"_ _1c\"> </span>ha <span class=\"_ _1c\"> </span>pubblicat<span class=\"_ _0\"></span>o, <span class=\"_ _1c\"> </span>nel <span class=\"_ _1c\"> </span><span class=\"ff4\">2017, <span class=\"_ _1c\"> </span>specifiche <span class=\"_ _1c\"> </span>Linee <span class=\"_ _1c\"> </span>Guida <span class=\"_ _18\"> </span>sulle <span class=\"_ _1c\"> </span>Leveraged <span class=\"_ _1c\"> </span>Transactions <span class=\"_ _18\"> </span>(<span class=\"_ _3\"></span>\u201cGuidance <span class=\"_ _18\"> </span>on<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span>Leverage<span class=\"_ _35\"></span>d </span>Transactions\u201d),  che  si  applican<span class=\"_ _0\"></span>o  a  tutti  gli  enti  significativi  sottopo<span class=\"_ _0\"></span>sti  alla  vigilanza  diretta  della  BCE  stes<span class=\"_ _0\"></span>sa.  Obiettivo<span class=\"_ _5\"></span><span class=\"ff1\"> </span>dichiarato <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>afforzam<span class=\"ff4\">ento <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>presidi <span class=\"_ _2\"></span>aziendali <span class=\"_ _2\"></span>sulle <span class=\"_ _5\"></span>operazioni <span class=\"_ _2\"></span>qualificate <span class=\"_ _2\"></span>\u201ca <span class=\"_ _2\"></span>leva\u201d, <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _2\"></span>di </span>un  loro  increm<span class=\"_ _0\"></span>ento  a  livello  gl<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>bale  e  in  u<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  contesto  di <span class=\"_ _16\"> </span>mercato  fortemente  c<span class=\"_ _0\"></span>ompetitivo,  caratteri<span class=\"_ _0\"></span>zzato  da  un  p<span class=\"_ _0\"></span>eriodo<span class=\"_ _0\"></span> prolungato di tassi b<span class=\"_ _0\"></span>assi e dalla consegu<span class=\"_ _0\"></span>ente ricerca di rendimenti. Il perimetro <span class=\"_ _3\"></span>oggetto delle Linee <span class=\"_ _3\"></span>Guida della <span class=\"_ _3\"></span>BCE include, o<span class=\"_ _3\"></span>ltre alle <span class=\"_ _3\"></span>esposizioni nei confronti di <span class=\"_ _3\"></span>soggetti la <span class=\"_ _3\"></span>cui ma<span class=\"_ _3\"></span>ggioranza<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>del capitale <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>detenuta <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ponsor <span class=\"_ _3\"></span>finanziari, <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>esposizioni <span class=\"_ _3\"></span>nelle <span class=\"_ _2\"></span>quali <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>leva <span class=\"_ _6\"></span>finanziaria <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>prenditore misurato <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>rapporto <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>Indebitamento <span class=\"_ _3\"></span>finanziario <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpless<span class=\"_ _0\"></span>ivo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>MOL, <span class=\"_ _3\"></span>risulti <span class=\"_ _2\"></span>superiore <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>4. <span class=\"_ _3\"></span>Sono <span class=\"_ _2\"></span>peraltro <span class=\"_ _2\"></span>esplicitament<span class=\"_ _35\"></span>e escluse dal perimetro delle Leveraged<span class=\"_ _0\"></span> Transactions le controparti con rating in area Investment Gra<span class=\"_ _0\"></span>de, pe<span class=\"_ _2\"></span>rsone fisiche, istituti di <span class=\"_ _2\"></span>credito, <span class=\"_ _2\"></span>istituti <span class=\"_ _2\"></span>finanziari <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>settore <span class=\"_ _2\"></span>finanziario <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>genere, <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>pubblici, <span class=\"_ _2\"></span>enti <span class=\"_ _2\"></span>\u201cno <span class=\"_ _2\"></span>profit\u201d, <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>contr<span class=\"_ _5\"></span><span class=\"ff1\">oparti <span class=\"_ _2\"></span>con </span>affidamenti <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>sotto <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>certa <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>materialit\u00e0 <span class=\"_ _3\"></span>(5 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro), <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>controparti <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>ME <span class=\"_ _2\"></span>Retail <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>quelle <span class=\"_ _2\"></span>SME <span class=\"_ _3\"></span>Corporate (quest\u2019ultime <span class=\"_ _6\"> </span>se <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>possedute <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>sponsor <span class=\"_ _4\"> </span>finanziario). <span class=\"_ _4\"> </span>Sono <span class=\"_ _6\"></span>inoltre <span class=\"_ _4\"> </span>escluse <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>operazioni <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>specialised <span class=\"_ _4\"> </span>lending <span class=\"_ _4\"> </span>(project<span class=\"_ _0\"></span> finance, real estate e o<span class=\"_ _0\"></span>bject financing) e <span class=\"_ _0\"></span>alcune altre tipologi<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span> di affidamenti, quali<span class=\"_ _0\"></span> le operazion<span class=\"_ _3\"></span>i di trade finance. Al 31 <span class=\"_ _3\"></span>dicembre 2022 per il <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo le operazioni che rispondono alla de<span class=\"_ _3\"></span>finizione di \u201cLeveraged Transactions\u201d<span class=\"_ _35\"></span> delle <span class=\"_ _3\"></span>Linee <span class=\"_ _3\"></span>Guida <span class=\"_ _3\"></span>BCE <span class=\"_ _3\"></span>ammontano <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>26,2 <span class=\"_ _2\"></span>miliardi, <span class=\"_ _3\"></span>riferiti a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1.864 <span class=\"_ _3\"></span>linee <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _3\"></span>(35,3 <span class=\"_ _2\"></span>miliardi il <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ato <span class=\"_ _3\"></span>corrispondent<span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). Il calo nei d<span class=\"_ _0\"></span>odici mesi \u00e8 concent<span class=\"_ _0\"></span>rato principalmente:<span class=\"_ _0\"></span> <span class=\"_ _3\"></span> </span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>75% <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _2\"></span>dovuto <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>l\u2019uscita <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>perimetro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>segnalazione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>miglioramento <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>loro <span class=\"_ _2\"></span>rating (passato in area investm<span class=\"_ _0\"></span>ent grade), di c<span class=\"_ _0\"></span>ontroparti con importo rilevante;   \u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per <span class=\"_ _4\"> </span>il <span class=\"_ _6\"> </span>23% <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>Bank <span class=\"_ _4\"> </span>Luxembourg, <span class=\"_ _6\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _4\"> </span>riduzione <span class=\"_ _6\"> </span>dell\u2019esposizione <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>una <span class=\"_ _6\"> </span>controparte <span class=\"_ _4\"> </span>rilevante, <span class=\"_ _6\"> </span>non compensata dai nuo<span class=\"_ _0\"></span>vi ingressi. Si <span class=\"_ _4\"> </span>segnala <span class=\"_ _4\"> </span>che, <span class=\"_ _4\"> </span>coerentemente<span class=\"_ _35\"></span> <span class=\"_ _7\"> </span>con <span class=\"_ _4\"> </span>quanto <span class=\"_ _4\"> </span>richiesto <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>Linee <span class=\"_ _4\"> </span>Guida <span class=\"_ _4\"> </span>BCE, <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>ll\u2019ambito <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Credit<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>Risk <span class=\"_ _4\"> </span>Appetite <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tato </span>sottoposto  all\u2019approvazione  del  Consiglio  di  Ammi<span class=\"_ _0\"></span>nistrazione  uno  specifico  limite  per  lo  stock  in  essere  di  Leveraged Transactions <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>dei <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>imiti <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuove <span class=\"_ _2\"></span>operazioni, <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>inea <span class=\"_ _3\"></span>con <span class=\"_ _5\"></span>l\u2019appetito <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>que<span class=\"_ _5\"></span><span class=\"ff1\">sta <span class=\"_ _2\"></span>tipologia <span class=\"_ _3\"></span>di </span>operativit\u00e0. INFORMATIVA SUGLI INVEST<span class=\"_ _3\"></span>IMENTI IN HEDGE FUND La consistenza del <span class=\"_ _3\"></span>portafoglio hedge fund di Capogruppo al <span class=\"_ _3\"></span>31 dicembre 2022 si a<span class=\"_ _3\"></span>ttesta a 173 milioni <span class=\"_ _3\"></span>per il t<span class=\"_ _3\"></span>rading book ed a<span class=\"_ _5\"></span> 184  milioni <span class=\"_ _16\"> </span>per  il  banking <span class=\"_ _16\"> </span>book  per  complessi<span class=\"_ _0\"></span>vi  357  m<span class=\"_ _3\"></span>ilioni,  a  fro<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te  rispettivam<span class=\"_ _0\"></span>ente  di  2<span class=\"_ _35\"></span>7<span class=\"_ _3\"></span>  milioni  e <span class=\"_ _16\"> </span>di  200  milioni <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021 per complessivi 2<span class=\"_ _35\"></span>2<span class=\"_ _3\"></span>7 milioni. </span>Gli <span class=\"_ _2\"></span>investimenti <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>anking <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>sono <span class=\"_ _5\"></span>contabilizzati <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>categoria <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>obbligatoriam<span class=\"_ _5\"></span>ente valutate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>riguardano <span class=\"_ _3\"></span>fondi <span class=\"_ _3\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>adottano <span class=\"_ _2\"></span>strategie <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>medio/lungo <span class=\"_ _3\"></span>termine <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>tempi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riscatto superiori a quelli p<span class=\"_ _0\"></span>revisti per i fondi UCITS<span class=\"_ _0\"></span> (Undertakings for<span class=\"_ _0\"></span> Collective Investment S<span class=\"_ _0\"></span>chemes in Transferabl<span class=\"_ _0\"></span>e Securities).<span class=\"_ _3\"></span> Nel <span class=\"_ _7\"> </span>2022 <span class=\"_ _7\"> </span>si <span class=\"_ _7\"> </span>\u00e8 <span class=\"_ _7\"> </span>regist<span class=\"_ _3\"></span>rato <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>i<span class=\"_ _3\"></span>ncremento <span class=\"_ _4\"> </span>delle <span class=\"_ _7\"> </span>consistenze <span class=\"_ _7\"> </span>rispetto <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _7\"> </span>anno <span class=\"_ _7\"> </span>precedente <span class=\"_ _7\"> </span>per <span class=\"_ _7\"> </span>130 <span class=\"_ _7\"> </span>milioni. <span class=\"_ _7\"> </span>Nello <span class=\"_ _7\"> </span>scorso esercizio <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>prima <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>pplicazione <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>normativa <span class=\"_ _5\"></span>CRR2 <span class=\"_ _5\"></span>entrata <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>vigore <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>30 <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>2021 <span class=\"_ _5\"></span>aveva <span class=\"_ _5\"></span>portato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>significativi disinvestimenti, per <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>modifiche introdotte <span class=\"_ _3\"></span>nella modalit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>calcolo degli assorbimenti d<span class=\"_ _3\"></span>i capitale associati <span class=\"_ _3\"></span>agli <span class=\"_ _3\"></span>investimenti in fondi; al fine di ripristinare i pre<span class=\"_ _35\"></span>cedenti livelli di consistenza, nel corso dell\u2019anno 2<span class=\"_ _0\"></span>022 sono stati effettuati maggiori i<span class=\"_ _2\"></span><span class=\"ff1\">nvestimenti<span class=\"_ _0\"></span> </span>che  interessan<span class=\"_ _0\"></span>o  prioritariamente  he<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ge  funds  U<span class=\"_ _0\"></span>CITS  (U<span class=\"_ _0\"></span>ndertakings  fo<span class=\"_ _0\"></span>r  Collective <span class=\"_ _16\"> </span>Investment  S<span class=\"_ _0\"></span>chemes  in  Tr<span class=\"_ _0\"></span>ansferable Securities) che meglio <span class=\"_ _0\"></span>soddisfano i requisiti d<span class=\"_ _0\"></span>i assorbimento patri<span class=\"_ _0\"></span>moniale.<span class=\"_ _3\"></span> Quanto <span class=\"_ _2\"></span>agli <span class=\"_ _5\"></span>effetti <span class=\"_ _2\"></span>economici, <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>rileva <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>risultato <span class=\"_ _2\"></span>compless<span class=\"_ _2\"></span>ivamente <span class=\"_ _5\"></span>negativo <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>-9 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>afferente interamente  ad  effetti  valutativi  di <span class=\"_ _1d\"> </span>fondi  in  portafoglio  tra  le  a<span class=\"_ _3\"></span>ttivit\u00e0  finanziarie  obbligatoriamente<span class=\"_ _0\"></span>  valutate  al <span class=\"_ _1d\"> </span>fair  valu<span class=\"_ _2\"></span><span class=\"lsc\">e </span> (-7 milioni) e tra le attivit\u00e0 detenut<span class=\"_ _0\"></span>e per la negoziazione (<span class=\"_ _3\"></span>-2 milioni), che si confronta con un impatto compl<span class=\"_ _0\"></span>essivo di +14 milioni al <span class=\"_ _5\"></span>31 <span class=\"_ _6\"></span>dicembre <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>(-7 <span class=\"_ _6\"></span>milioni <span class=\"_ _6\"></span>dalle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _6\"></span>finanziarie <span class=\"_ _5\"></span>detenute <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>la <span class=\"_ _5\"></span>negoziazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>+21 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _5\"></span>finanziarie obbligatoriamente valu<span class=\"_ _0\"></span>tate al fair value), <span class=\"_ _0\"></span>imputabile per +9 m<span class=\"_ _0\"></span>ilioni ad effett<span class=\"_ _3\"></span>i valutativi e per +<span class=\"_ _0\"></span>5 milioni ad impatti d<span class=\"_ _0\"></span>a realizzo. Nel <span class=\"_ _3\"></span>gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo, si <span class=\"_ _3\"></span>rileva <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>31 <span class=\"_ _2\"></span>dicembre 2<span class=\"_ _3\"></span>022 r<span class=\"_ _3\"></span>isultano n<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>portafoglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Eurizon <span class=\"_ _2\"></span>Capital SGR <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nche <span class=\"_ _3\"></span>hedge fund <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>50 <span class=\"_ _2\"></span>milioni, con <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>impatto <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>economico <span class=\"_ _3\"></span>nell\u2019anno <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span><span class=\"ff1\">-3 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Questi <span class=\"_ _3\"></span>ultimi <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>detenuti <span class=\"_ _3\"></span>secondo <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>logica </span>di <span class=\"_ _2\"></span>seeding, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>costituzione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>portafoglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>composto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>quote <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>fondi <span class=\"_ _3\"></span>comuni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>investimento <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>i<span class=\"_ _2\"></span> quali \u00e8 stata avviata la <span class=\"_ _0\"></span>commercializzazion<span class=\"_ _0\"></span>e, a sostegno dei fondi st<span class=\"_ _0\"></span>essi.<span class=\"_ _3\"></span> INFORM<span class=\"ff6\">ATIVA CIRCA L\u2019OPERAT<span class=\"_ _3\"></span>IVITA\u2019 IN DERIVATI DI NEGOZIAZIONE STIPULAT<span class=\"_ _3\"></span>I CON LA CLIENTELA<span class=\"_ _3\"></span></span> Considerando i soli <span class=\"_ _3\"></span>rapporti con <span class=\"_ _3\"></span>clientela, alla <span class=\"_ _3\"></span>data del <span class=\"_ _3\"></span>31 d<span class=\"_ _3\"></span>icembre 2022, il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa Sanpaolo presentava, <span class=\"_ _3\"></span>in relazion<span class=\"_ _2\"></span><span class=\"lsc\">e </span>all\u2019operativit\u00e0 <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>intermediazione <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>derivati <span class=\"_ _20\"> </span><span class=\"ff1\">con <span class=\"_ _20\"> </span>le <span class=\"_ _1c\"> </span>controparti <span class=\"_ _20\"> </span>clientela <span class=\"_ _1c\"> </span>retail, <span class=\"_ _20\"> </span>imprese <span class=\"_ _1c\"> </span>non <span class=\"_ _20\"> </span>finanziarie <span class=\"_ _1c\"> </span>ed <span class=\"_ _20\"> </span>enti <span class=\"_ _1c\"> </span>e<span class=\"_ _3\"></span>d </span>amministrazioni pubbliche (escluse quindi, oltre alle istituzioni creditizie, anche le imprese finanziarie e <span class=\"_ _3\"></span>quelle assicurat<span class=\"_ _5\"></span>ive) un fair value <span class=\"_ _3\"></span>positivo, al lordo <span class=\"_ _3\"></span>degli accordi di <span class=\"_ _3\"></span>nett<span class=\"_ _3\"></span>ing, par<span class=\"_ _3\"></span>i a 3.049 <span class=\"_ _3\"></span>milioni (6.917 <span class=\"_ _3\"></span>milioni al 31 <span class=\"_ _3\"></span>dicembre 2021). Il <span class=\"_ _3\"></span>valore nozionale di tali derivati era par<span class=\"_ _0\"></span>i a 29.872 milioni<span class=\"_ _0\"></span> (64.254 milioni al 3<span class=\"_ _0\"></span>1 dicembre 2021). In particolare, il nozionale <span class=\"_ _0\"></span>dei contratti plain vanill<span class=\"_ _0\"></span>a risultava pari a 26.826 mili<span class=\"_ _0\"></span>oni (59<span class=\"_ _2\"></span>.649 milioni al 31 dicembr<span class=\"_ _0\"></span>e 2021), mentre gli strutturati erano p<span class=\"_ _0\"></span>ari a 3.046 milioni (<span class=\"_ _0\"></span>4.605 milioni al 31 di<span class=\"_ _0\"></span>cembre 2021).<span class=\"_ _3\"></span> Si <span class=\"_ _6\"></span>segnala <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>positivo <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>contratti <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>essere <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>10 <span class=\"_ _6\"></span>clienti <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>i\u00f9 <span class=\"_ _5\"></span>esposti <span class=\"_ _6\"></span>era <span class=\"_ _6\"></span>di <span class=\"_ _7\"> </span>1.726<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>(4.416 <span class=\"_ _6\"></span>milioni <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span>Per <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontro, <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _5\"></span>ne<span class=\"_ _3\"></span>gativo <span class=\"_ _5\"></span>riferito <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>totale <span class=\"_ _6\"></span>dei <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontratti <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>essere, <span class=\"_ _6\"></span>determinato <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>gli <span class=\"_ _5\"></span>stessi <span class=\"_ _6\"></span>criteri, <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>med<span class=\"_ _5\"></span>e<span class=\"_ _3\"></span>sime tipologie <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>contratti, <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>ei <span class=\"_ _2\"></span>confronti <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>stesse <span class=\"_ _2\"></span>controparti, <span class=\"_ _5\"></span>risultava <span class=\"_ _6\"></span>- <span class=\"_ _5\"></span>sempre <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>icembre <span class=\"_ _2\"></span>2<span class=\"_ _3\"></span>022 <span class=\"_ _5\"></span>- <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>6.149 milioni <span class=\"_ _6\"></span>(2.192 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"></span>al <span class=\"_ _6\"></span>31 <span class=\"_ _4\"></span>dicembre <span class=\"_ _6\"></span>2021). <span class=\"_ _4\"> </span>Il <span class=\"_ _6\"></span>valore <span class=\"_ _4\"> </span>nozionale <span class=\"_ _6\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>tali <span class=\"_ _4\"> </span>derivati <span class=\"_ _6\"></span>era <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>74.174 <span class=\"_ _4\"> </span>milioni, <span class=\"_ _6\"></span>(34.378 <span class=\"_ _4\"></span>milioni <span class=\"_ _16\"> </span>al 31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021). </span>In particolare, il nozionale <span class=\"_ _0\"></span>dei contratti plain vanill<span class=\"_ _0\"></span>a risultava pari a <span class=\"_ _3\"></span>69.140 milioni (31.493 milioni al 31 dicem<span class=\"_ _0\"></span>bre 2021), mentre quello degli strutturat<span class=\"_ _0\"></span>i era pari a 5.034 milioni (2.885 milioni<span class=\"_ _0\"></span> al 31 dicembre 202<span class=\"_ _0\"></span>1).<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>fair value degli <span class=\"_ _3\"></span>strumenti finanziari <span class=\"_ _3\"></span>derivati stipulati con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>clientela \u00e8 s<span class=\"_ _3\"></span>tato determinato tenendo conto, <span class=\"_ _3\"></span>come per <span class=\"_ _3\"></span>tutt<span class=\"_ _5\"></span>i <span class=\"_ _3\"></span>gli altri derivati <span class=\"_ _6\"></span>OTC, <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>qualit\u00e0 <span class=\"_ _5\"></span>creditizia <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>singole <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ontroparti <span class=\"_ _5\"></span>(cosiddetto <span class=\"_ _5\"></span>bilateral <span class=\"_ _6\"></span>Credit <span class=\"_ _6\"></span>Value <span class=\"_ _5\"></span>Adjustment). <span class=\"_ _6\"></span>Sui <span class=\"_ _5\"></span>contratt<span class=\"_ _5\"></span>i <span class=\"_ _6\"></span>in rimanenza  al  31  di<span class=\"_ _0\"></span>cembre  2022,  ci<span class=\"_ _0\"></span>\u00f2  ha  comportato  la<span class=\"_ _0\"></span>  rilevazione  a <span class=\"_ _16\"> </span>conto  economico,  nell\u2019ambi<span class=\"_ _0\"></span>to  del  \u201cRisultato  nett<span class=\"_ _2\"></span><span class=\"ff1 lsc\">o </span>dell\u2019attivit\u00e0 di nego<span class=\"_ _0\"></span>ziazione\u201d, di un impatt<span class=\"_ _0\"></span>o positivo di 102 mili<span class=\"_ _0\"></span>oni <span class=\"_ _3\"></span><span class=\"ff1\">(impatto positivo di 97 mili<span class=\"_ _0\"></span>oni al 31 dicembre 2<span class=\"_ _0\"></span>021). </span>Per <span class=\"_ _16\"> </span>quanto  c<span class=\"_ _0\"></span>oncerne <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>metodologie <span class=\"_ _16\"> </span>utilizzate <span class=\"_ _7\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _16\"> </span>determinazio<span class=\"_ _0\"></span>ne <span class=\"_ _16\"> </span>del  fair <span class=\"_ _7\"> </span>value  d<span class=\"_ _0\"></span>egli <span class=\"_ _16\"> </span>strumenti <span class=\"_ _16\"> </span>finanziari, <span class=\"_ _16\"> </span>si <span class=\"_ _16\"> </span>rinvia <span class=\"_ _16\"> </span>ai paragra<span class=\"ff4\">fi specificatamen<span class=\"_ _0\"></span>te dedicati a tale arg<span class=\"_ _0\"></span>omento nell\u2019ambito <span class=\"_ _0\"></span>delle Note illustrative d<span class=\"_ _0\"></span>elle politiche <span class=\"_ _0\"></span>contabili.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Si <span class=\"_ _2\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>stati <span class=\"_ _2\"></span>considerati <span class=\"_ _2\"></span>\u201cstrutturati\u201d <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>contratti <span class=\"_ _2\"></span>costituiti <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mbinazione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>strumenti <span class=\"_ _2\"></span>derivati <span class=\"_ _2\"></span>eleme<span class=\"_ _5\"></span><span class=\"ff1\">ntari <span class=\"_ _3\"></span>e </span>che <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>valori <span class=\"_ _4\"></span>sopra <span class=\"_ _4\"> </span>riportati <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>i<span class=\"_ _3\"></span>ncludono <span class=\"_ _4\"></span>i <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>erivati <span class=\"_ _4\"></span>embedded <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>obbligazioni <span class=\"_ _4\"> </span>strutturate <span class=\"_ _4\"> </span>emesse <span class=\"_ _4\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>le relative coperture po<span class=\"_ _0\"></span>ste in essere dal grup<span class=\"_ _0\"></span>po.<span class=\"_ _3\"></span><span class=\"ff5 fs12 fc2\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-933": {
   "value": "Parte F \u2013 Informazioni sul patrimonio consolidato SEZIONE 1 \u2013 IL PATRIMONIO CONSOLIDATO A. Informazioni di natura qualitativa     Il  presidio  dell\u2019adeguatezza  patrimoniale  a  livello  consolidato  e  di  singola  partecipata  \u00e8  assicurato  dall\u2019attivit\u00e0  di  capital management nell\u2019ambito  della  quale  vengono  definite,  nel  rispetto  dei  vincoli  regolamentari e  in  coerenza  con  il  profilo di rischio assunto dal Gruppo, la dimensione e la combinazione ottimale tra i diversi strumenti di patrimonializzazione.  Il Gruppo Intesa Sanpaolo assegna un ruolo prioritario alla gestione e all\u2019allocazione delle risorse patrimoniali, sia come leva strategica che come strumento per assicurare la coerenza dei piani operativi delle unit\u00e0 di business.  Una volta definiti gli obiettivi strategici di redditivit\u00e0, solidit\u00e0 patrimoniale e di liquidit\u00e0 che il Gruppo intende perseguire, le risorse patrimoniali e finanziarie sono allocate alle unit\u00e0 di business attraverso un processo che  ne valuta il potenziale di crescita, la capacit\u00e0 di creazione di valore e l\u2019autonomia finanziaria.  Il capitale a rischio considerato \u00e8 duplice:  \u2013  capitale regolamentare a fronte dei rischi di Pillar 1; \u2013  capitale interno complessivo a fronte dei rischi di Pillar 2, ai fini del processo ICAAP. Il capitale regolamentare e il capitale interno complessivo differiscono tra loro per definizione e per copertura delle categorie di rischio. Il primo discende da schemi definiti nella normativa di vigilanza, il secondo dalle misurazioni gestionali. L\u2019attivit\u00e0  di  capital  management  si  sostanzia,  pertanto,  nel  governo  dell\u2019adeguatezza  patrimoniale  attuale  e  prospettica attraverso un attento presidio sia dei vincoli regolamentari di Pillar 1 (dal 1\u00b0 gennaio 2014 secondo le regole di Basilea 3), sia dei vincoli gestionali di Pillar 2. Le proiezioni sono prodotte anche in situazioni di stress al fine di assicurare che le risorse disponibili siano adeguate a coprire tutti i rischi anche in condizioni congiunturali avverse. Dal 2013 inoltre, il Gruppo redige un  Recovery  Plan,  in  linea con  le  previsioni regolamentari  (direttive  \u201cBank  Recovery  and  Resolution  Directive  \u2013 BRRD\u201d - 2014/59/UE, recepita in Italia il 16 novembre 2015 con D. Lgs. n. 180 e n.181, e \u201cBank Recovery and Resolution Directive \u2013 BRRD II\u201d - Direttiva (UE) 2019/879, recepita in Italia l\u20198 novembre 2021 con D. Lgs. n.193, entrato in vigore il 1\u00b0 dicembre 2021), le prassi internazionali ed in coerenza sia con il Risk Appetite Framework di Gruppo sia con il modello di gestione delle crisi adottato dalla Banca. Annualmente, nell\u2019ambito del processo di assegnazione degli obiettivi di budget viene svolta una verifica di compatibilit\u00e0 delle proiezioni a  livello  consolidato e  di  singola partecipata. In  funzione delle  dinamiche attese degli aggregati patrimoniali ed economici, se necessario, gi\u00e0 in questa fase vengono identificate le opportune azioni di \u201ccapital management\u201d per assicurare alle singole unit\u00e0 di business le risorse finanziarie necessarie. Trimestralmente, viene effettuata un\u2019attivit\u00e0 di monitoraggio del rispetto dei livelli di patrimonializzazione, intervenendo, quando necessario, con appropriate azioni. Il rispetto dell\u2019adeguatezza patrimoniale viene perseguito attraverso varie leve, quali la politica di distribuzione dei dividendi, la definizione  di  operazioni  di  finanza  strategica  (aumenti  di  capitale,  emissione  di  prestiti  convertibili  e  di  obbligazioni subordinate, dismissione di  attivit\u00e0  non strategiche, ecc.) e la gestione degli  investimenti,  in particolare degli  impieghi,  in funzione della rischiosit\u00e0 delle controparti.  Ulteriori  analisi  ai  fini  del  controllo  preventivo  dell\u2019adeguatezza  patrimoniale  vengono  svolte  in  occasione  di  operazioni  di carattere straordinario (fusioni, acquisizioni, cessioni, ecc.) sia interne al gruppo che modificative del perimetro dello stesso.  A  seguito  del  Supervisory  Review  and  Evaluation  Process  (SREP),  la  BCE  fornisce  annualmente  la  decisione  finale  del requisito patrimoniale che Intesa Sanpaolo deve rispettare a livello consolidato. Il  3  febbraio  2022  Intesa  Sanpaolo  ha  reso  noto  di  aver  ricevuto  la  decisione  finale  della  BCE  riguardante  il  requisito patrimoniale da rispettare a partire dal 1\u00b0 marzo 2022.  Il requisito patrimoniale da rispettare complessivamente in termini di Common Equity Tier 1 ratio risulta pari a 8,95%.  A determinare tale requisito concorrono:  \u2013  il requisito SREP in termini di Total Capital ratio pari a 9,79%, che comprende il requisito minimo di Pillar 1 dell\u20198% nel cui ambito il 4,5% in termini di CET1, e un requisito aggiuntivo di Pillar 2 dell\u20191,79%, nel cui ambito l\u20191,01% in termini di CET1 applicando la modifica regolamentare introdotta dalla BCE a decorrere dal 12 marzo 2020 115 ; \u2013  i requisiti aggiuntivi, interamente in termini di Common Equity Tier 1 ratio, relativi a: o  Capital Conservation Buffer, pari al 2,5%; o  O-SII Buffer (Other Systemically Important Institutions Buffer), pari allo 0,75%; o  riserva di capitale anticiclica (Countercyclical Capital Buffer), pari allo 0,19% 116 . A  partire  dal  30  settembre  2019,  il  Gruppo  Intesa  Sanpaolo,  a  seguito  dell\u2019autorizzazione  ricevuta  da  BCE,  calcola  i coefficienti  patrimoniali  applicando  il  cosiddetto  Danish  Compromise  per  cui  gli  investimenti  assicurativi,  detenuti indirettamente per il tramite di Intesa Sanpaolo Vita, vengono trattati come attivi ponderati per il rischio anzich\u00e9 dedotti  dal capitale. 115 La modifica prevede che il requisito di Pillar 2 venga rispettato utilizzando parzialmente strumenti di capitale diversi dal Common Equity Tier 1. 116 Countercyclical  Capital  Buffer  calcolato  considerando  l\u2019esposizione  al  31  dicembre  2022  nei  vari  Paesi  in  cui  \u00e8  presente  il  Gruppo  e  i  rispettivi requisiti stabiliti dalle competenti autorit\u00e0 nazionali relativi al 2024 se disponibili o al pi\u00f9 recente aggiornamento del periodo di riferimento (requisito pari a zero per l\u2019Italia per il 2022 e per il primo trimestre 2023).  Come gi\u00e0 riportato nella Parte E, rispetto al 31 dicembre 2021, per quanto riguarda l\u2019ambito di applicazione dei modelli interni relativi ai rischi creditizi, si segnala il recepimento del provvedimento autorizzativo BCE all\u2019utilizzo, a fini regolamentari, dei nuovi modelli Retail a partire da settembre 2022.modelli Institutions e SME Retail, a partire da giugno 2021. Per quanto riguarda il rischio di controparte, il Gruppo bancario ha migliorato la misurazione ed il monitoraggio del rischio, affinando  gli  strumenti richiesti nell\u2019ambito della  normativa  di \u201cBasilea  3\u201d.  Ai  fini  segnaletici  Capogruppo  \u00e8 autorizzata alla segnalazione del requisito a fronte di rischio di controparte sia per derivati che SFT (Securities Financing Transactions, ossia repo, pronti contro termine e security lending) tramite la metodologia dei modelli interni. Tale autorizzazione \u00e8 stata ottenuta per i derivati a partire dal primo trimestre del 2014, per gli SFT a partire dalla segnalazione del 31 dicembre 2016.  Ai fini gestionali le metodologie avanzate di misurazione del rischio sono implementate per i derivati OTC di Capogruppo a partire dal 2010 e successivamente estese nel corso del 2015 alle Securities Financing Transactions. Rispetto al 31 dicembre 2021 si segnala che, a partire dal secondo trimestre 2022, sono state riviste le regole di ammissibilit\u00e0 per i titoli presi a garanzia nell\u2019ambito di operazioni SFT, alla luce di quanto previsto dall\u2019art. 271.2 CRR. Al fine di mantenere un adeguato livello di controllo sulla materialit\u00e0 di operazioni precedentemente considerate a rischio pieno, \u00e8 stato istituito un limite di concentrazione su garanzie che presentino ridotti livelli di liquidit\u00e0 o merito di credito. \u00c8 stato inoltre definito un nuovo processo  di  valutazione  per  garanzie  costituite  da  tranche  senior  di  cartolarizzazioni,  al  fine  di  renderle  ammissibili  a mitigazione di esposizioni derivanti da SFT. A partire dal quarto trimestre 2022, in risposta a richiesta di BCE, \u00e8 stato attivato un processo di esclusione dal modello interno di rischio controparte di quelle transazioni che non rispettino, in termini di valutazione, soglie di coerenza fra i sistemi di rischio e quelli di front office. Per quanto attiene ai  rischi operativi, il Gruppo ha ottenuto l\u2019autorizzazione all\u2019utilizzo del Metodo Avanzato AMA (modello interno)  per  la  determinazione  del  relativo  requisito  patrimoniale  a  partire  dalla  segnalazione  al  31 dicembre 2009.  Al 31 dicembre 2022 il perimetro relativo al Metodo Avanzato \u00e8 costituito da Intesa Sanpaolo (incluse le ex Banche e Societ\u00e0 in essa incorporate) e dalle principali banche e societ\u00e0 delle Divisioni Private Banking e Asset Management, da VUB Banka e Privredna Banka Zagreb. Il  15  dicembre 2022  Intesa  Sanpaolo ha  reso  noto  di  aver  ricevuto  la  decisione  finale  della  BCE riguardante il  requisito patrimoniale da rispettare a partire dal 1\u00b0 gennaio 2023.  Il  requisito  patrimoniale da rispettare complessivamente  in  termini di  Common Equity Tier 1 ratio risulta  attualmente pari all\u20198,91%. A determinare tale requisito concorrono: \u2013  il requisito SREP in termini di Total Capital ratio pari a 9,72%, che comprende il requisito minimo di Pillar 1 dell\u20198% nel cui ambito il 4,5% in termini di CET1, e un requisito aggiuntivo di Pillar 2 dell\u20191,72%, nel cui ambito lo 0,97% in termini di CET1 applicando la modifica regolamentare introdotta dalla BCE a decorrere dal 12 marzo 2020; \u2013  i requisiti aggiuntivi, interamente in termini di Common Equity Tier 1 ratio, relativi a: o  Capital Conservation Buffer, pari al 2,5%; o  O-SII Buffer (Other Systemically Important Institutions Buffer), pari allo 0,75%; o  riserva di capitale anticiclica (Countercyclical Capital Buffer), pari allo 0,19% 117 . A  partire  dal  1\u00b0  gennaio  2018  ha  preso  avvio  il  periodo  transitorio,  il  quale  si  concluder\u00e0  con  l\u2019ultima  reporting  date  al 31 dicembre 2022, volto a mitigare gli impatti patrimoniali legati all\u2019introduzione del nuovo principio contabile IFRS 9. Intesa Sanpaolo, infatti, avvalendosi della facolt\u00e0 prevista dal Regolamento UE 2395/2017, ha optato per l\u2019adozione dell\u2019approccio \u201cstatico\u201d che consente di sterilizzare nel proprio CET1 una quota progressivamente decrescente dell\u2019impatto IFRS 9 relativo alla sola componente di FTA relativa all\u2019impairment. In particolare, la risultante dal confronto tra le rettifiche di valore IAS 39 al 31 dicembre 2017 e quelle IFRS 9 all\u20191 gennaio 2018 \u2013 relativo ai crediti e titoli in bonis (stage 1 e 2) ed alle rettifiche su NPL (stage 3) al netto della fiscalit\u00e0 e azzerata l\u2019eventuale shortfall in essere - viene re-inclusa nel patrimonio secondo percentuali di  phase-in  pari  al  70%  nel  2020,  50%  nel  2021  e  infine  25%  nel  2022.  Nell\u2019ambito  del  contesto  legato  alla  pandemia  COVID-19, \u00e8 stato pubblicato, con iter approvativo accelerato (c.d. \u201cquick fix\u201d), il Regolamento (UE) 2020/873 del 24 giugno 2020, che modifica i regolamenti (UE) n. 575/2013 (CRR) e (UE) 2019/876 (CRR 2), contenente disposizioni temporanee di sostegno in termini di capitale e liquidit\u00e0. Tra le disposizioni contenute nel Regolamento (UE) 2020/873 inerenti al calcolo dei fondi propri, il Gruppo Intesa Sanpaolo ha optato per non avvalersi, sin dal 30 giugno 2020, n\u00e9 delle modifiche al regime transitorio per l\u2019applicazione dell\u2019IFRS 9 (art. 473 bis CRR), n\u00e9 della reintroduzione temporanea del filtro prudenziale volto ad escludere gli utili e le perdite non realizzati misurati al valore equo con impatto sulla redditivit\u00e0 complessiva (FVOCI) per le esposizioni verso le amministrazioni centrali e organismi del settore pubblico (art.468 CRR).  Infine, sin da 31 dicembre 2020,  il  Gruppo  Intesa  Sanpaolo applica  il  Regolamento Delegato (UE)  2020/2176,  entrato in vigore il 23 dicembre 2020, che modifica il Regolamento delegato (UE) 241/2014 per  quanto riguarda la deduzione delle attivit\u00e0 sotto forma di software dagli elementi del capitale primario di classe 1. Il Regolamento, il cui scopo \u00e8, tra gli altri, anche  quello di sostenere la  transizione verso un settore bancario pi\u00f9 digitalizzato,  introduce il criterio di  ammortamento prudenziale applicato a tutte le attivit\u00e0 sotto forma di software su un periodo di 3 anni, indipendentemente dalla vita utile stimata  a  fini  contabili.  Nello  specifico,  la  differenza,  se  positiva,  tra  l'ammortamento  accumulato  prudenziale  e l'ammortamento accumulato contabile (incluse le perdite di valore durevoli) viene completamente dedotta dal capitale CET1.   117 Cfr. nota precedente. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-934": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-139.49536px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h9 y6 ff1 fs5 fc2 sc0 ls0 ws0\">Parte G <span class=\"ff4\">\u2013</span> Opera<span class=\"_ _3\"></span>zioni di aggregazio<span class=\"_ _3\"></span>ne riguar<span class=\"_ _3\"></span>danti </div><div class=\"t m0 x0 h9 y256 ff4 fs5 fc2 sc0 ls0 ws0\">imprese o rami d\u2019azienda<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y4bd ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1114 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y887 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1115 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y342 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 ya43 ff5 fs12 fc2 sc0 ls0 ws0\">SEZIONE 1 - <span class=\"ff6\">OPERAZIONI <span class=\"_ _3\"></span>REALIZZATE DURANTE L\u2019ESE<span class=\"_ _3\"></span>RCIZIO </span> </div><div class=\"t m0 x0 h2 y13cd ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf64 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y98e ff5 fs0 fc2 sc0 ls0 ws0\">1.1 <span class=\"_ _1c\"> </span>Operazioni di aggregazione </div><div class=\"t m0 x0 h2 y18f8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w3df h1c\" style=\"left:493.40765px; bottom:663.56665px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w5fa h25b\" style=\"left:-4.050377px; bottom:589.4276px;\"><div class=\"t m0 x41 h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Denomi<span class=\"_ _0\"></span>nazione </div></div><div class=\"c w58e h25b\" style=\"left:218.47061px; bottom:589.4276px;\"><div class=\"t m0 x9c h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Data </div><div class=\"t m0 x41 h59 y18fa ff6 fs17 fc2 sc0 ls0 ws0\">dell\u2019ope<span class=\"_ _0\"></span>razione<span class=\"ff5\"> </span></div><div class=\"t m0 x9f h59 y18fb ff5 fs17 fc2 sc0 ls2c ws0\">(a)<span class=\"ls0\"> </span></div></div><div class=\"c w8a h25b\" style=\"left:298.6546px; bottom:589.4276px;\"><div class=\"t m0 x96 h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Costo </div><div class=\"t m0 x41 h59 y18fa ff5 fs17 fc2 sc0 ls0 ws0\">operazio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w300 h25b\" style=\"left:358.7406px; bottom:589.4276px;\"><div class=\"t m0 x41 h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Interessen<span class=\"_ _0\"></span>za </div><div class=\"t m0 xa2 h59 y18fa ff5 fs17 fc2 sc0 ls0 ws0\">% </div><div class=\"t m0 xa h59 y18fb ff5 fs17 fc2 sc0 ls0 ws0\">(b) </div></div><div class=\"c w5fb h25b\" style=\"left:428.31665px; bottom:589.4276px;\"><div class=\"t m0 x87 h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Margine <span class=\"_ _0\"></span>di </div><div class=\"t m0 x41 h59 y18fa ff5 fs17 fc2 sc0 ls0 ws0\">intermed<span class=\"_ _0\"></span>iaz. </div><div class=\"t m0 x43 h59 y18fb ff5 fs17 fc2 sc0 ls2c ws0\">(c)<span class=\"ls0\"> </span></div></div><div class=\"c w5e h25b\" style=\"left:493.40765px; bottom:589.4276px;\"><div class=\"t m0 x86 h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Utile/ </div><div class=\"t m0 x88 h59 y18fa ff5 fs17 fc2 sc0 ls0 ws0\">Perdita </div><div class=\"t m0 x41 h59 y18fb ff5 fs17 fc2 sc0 ls0 ws0\">d'eserciz<span class=\"_ _0\"></span>io </div><div class=\"t m0 xd9 h59 y18fc ff5 fs17 fc2 sc0 ls0 ws0\">(d)  </div></div><div class=\"c w5fc h25b\" style=\"left:552.2196px; bottom:589.4276px;\"><div class=\"t m0 xab h59 y18f9 ff5 fs17 fc2 sc0 ls0 ws0\">Utile/Perd<span class=\"_ _0\"></span>ita </div><div class=\"t m0 x96 h59 y18fa ff5 fs17 fc2 sc0 ls0 ws0\">rilevata </div><div class=\"t m0 x98 h59 y18fb ff5 fs17 fc2 sc0 ls0 ws0\">dalla </div><div class=\"t m0 x86 h59 y18fc ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 x41 h59 y18fd ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div><div class=\"t m0 xa h59 yb41 ff5 fs17 fc2 sc0 ls2c ws0\">(e) <span class=\"ls0\"> </span></div></div><div class=\"c w5fa h7e\" style=\"left:-4.050377px; bottom:564.15564px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1. Compagn<span class=\"_ _0\"></span>ie de Ban<span class=\"_ _0\"></span>que Priv\u00e9e <span class=\"_ _35\"></span>Quilvest S.A </div></div><div class=\"c w58e h7e\" style=\"left:218.47061px; bottom:564.15564px;\"><div class=\"t m0 xad h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\">-</span>giu<span class=\"ls0\">-</span>22<span class=\"ls0\"> </span></div></div><div class=\"c w8a h7e\" style=\"left:298.6546px; bottom:564.15564px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">184<span class=\"ls0\"> </span></div></div><div class=\"c w300 h7e\" style=\"left:358.7406px; bottom:564.15564px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">100<span class=\"ls0\"> </span></div></div><div class=\"c w5fb h7e\" style=\"left:428.31665px; bottom:564.15564px;\"><div class=\"t m0 xa h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">66<span class=\"ls0\"> </span></div></div><div class=\"c w5e h7e\" style=\"left:493.40765px; bottom:564.15564px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w5fc h7e\" style=\"left:552.2196px; bottom:564.15564px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w5fa h8c\" style=\"left:-4.050377px; bottom:538.72766px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">2. VUB Gen<span class=\"_ _0\"></span>erali Docho<span class=\"_ _35\"></span>dkova Spravcovska<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Spolocnos<span class=\"_ _0\"></span>t A.S.   </div></div><div class=\"c w58e h8c\" style=\"left:218.47061px; bottom:538.72766px;\"><div class=\"t m0 xe h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\">-ott-</span>22<span class=\"ls0\"> </span></div></div><div class=\"c w8a h8c\" style=\"left:298.6546px; bottom:538.72766px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w300 h8c\" style=\"left:358.7406px; bottom:538.72766px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">50<span class=\"ls0\"> </span></div></div><div class=\"c w5fb h8c\" style=\"left:428.31665px; bottom:538.72766px;\"><div class=\"t m0 xc0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w5e h8c\" style=\"left:493.40765px; bottom:538.72766px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w5fc h8c\" style=\"left:552.2196px; bottom:538.72766px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w1c h74\" style=\"left:-4.050377px; bottom:499.72766px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(a) Data di acquisizione del controllo. <span class=\"ls0\"> </span></div></div><div class=\"c w1c h6c\" style=\"left:-4.050377px; bottom:473.9876px;\"><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">(b) <span class=\"_ _2\"></span>Somma <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>percentuale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>interesse<span class=\"_ _3\"></span>nza <span class=\"_ _2\"></span>acquisita <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>diritto <span class=\"_ _2\"></span>di<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>voto <span class=\"_ _2\"></span>nell'asse<span class=\"_ _3\"></span>mblea <span class=\"_ _2\"></span>ordinaria <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>eventu<span class=\"_ _3\"></span>ali <span class=\"_ _2\"></span>opzioni <span class=\"_ _5\"></span>sul<span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>lle <span class=\"_ _2\"></span>minor<span class=\"_ _3\"></span>anze. <span class=\"_ _2\"></span>Nel <span class=\"_ _2\"></span>caso <span class=\"_ _5\"></span>di </div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls29 ws0\">VUB Generali, tenendo conto della qu<span class=\"_ _3\"></span>ota gi\u00e0 <span class=\"_ _3\"></span><span class=\"ls28\">precedentemente detenuta da VU<span class=\"_ _3\"></span>B Banka, pari al 50%<span class=\"_ _3\"></span>, la percentuale di inte<span class=\"_ _3\"></span>ressenza complessiv<span class=\"_ _3\"></span>a \u00e8 pari al 100%.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w1c h42\" style=\"left:-4.050377px; bottom:458.38763px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(c) Margine di intermediazione (Voce 120 <span class=\"_ _3\"></span>del conto economico) riferito all'inter<span class=\"_ _3\"></span>o esercizio 2022.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1c h47\" style=\"left:-4.050377px; bottom:438.88763px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(d)</div><div class=\"t m0 x6 h72 y9d3 ff1 fs1d fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xa1 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Utile/Perdita registrata dalla partec<span class=\"_ _3\"></span>ipat<span class=\"ls28\">a/business per l'intero e<span class=\"_ _3\"></span>sercizio 2022.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span></div></div><div class=\"c w1c h41\" style=\"left:-4.050377px; bottom:422.35162px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(e)</div><div class=\"t m0 x6 h72 y9d3 ff1 fs1d fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xa1 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">Utile/Perdita registrata dalla partec<span class=\"_ _3\"></span>ipata/business successivament<span class=\"_ _3\"></span>e alla data di acquisizione e inclusa nel ris<span class=\"_ _3\"></span>ultato consoli<span class=\"_ _3\"></span><span class=\"ls0\">dato del Gruppo Intesa San<span class=\"_ _3\"></span>paolo. </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-139.49536px;\"><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1464 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y12f6 ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lle <span class=\"_ _16\"> </span>operazioni<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>aggregazione <span class=\"_ _7\"> </span>aziendale <span class=\"_ _16\"> </span>riepilogate <span class=\"_ _7\"> </span>nella <span class=\"_ _16\"> </span>tabella <span class=\"_ _7\"> </span>precedente, <span class=\"_ _16\"> </span>contabilizzate <span class=\"_ _7\"> </span>sulla <span class=\"_ _16\"> </span>base <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>quanto </div><div class=\"t m0 x0 h2 y999 ff4 fs0 fc0 sc0 ls0 ws0\">previsto <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>3, <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tate <span class=\"_ _2\"></span>realizzate <span class=\"_ _2\"></span>alcune <span class=\"_ _2\"></span>operazioni <span class=\"_ _5\"></span>straordinarie <span class=\"_ _2\"></span>infragruppo, <span class=\"_ _2\"></span>senza <span class=\"_ _2\"></span>effetti <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ul <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _2\"></span>consolida<span class=\"_ _5\"></span><span class=\"ff1\">to; </span></div><div class=\"t m0 x0 h2 yda8 ff1 fs0 fc0 sc0 ls0 ws0\">tali <span class=\"_ _5\"></span><span class=\"ff4\">operazioni, <span class=\"_ _2\"></span>escluse <span class=\"_ _5\"></span>dall\u2019ambito <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>applicazione <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>3, <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>omportato <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>trasferimento <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rami <span class=\"_ _5\"></span>d\u2019azienda <span class=\"_ _2\"></span>o <span class=\"_ _5\"></span>entit\u00e0 </span></div><div class=\"t m0 x0 h2 y1ed ff1 fs0 fc0 sc0 ls0 ws0\">giuridiche <span class=\"_ _4\"> </span>tra <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>appartenenti <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>o <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>aggregazione <span class=\"_ _7\"> </span>tra <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>tesse <span class=\"_ _4\"> </span>(under </div><div class=\"t m0 x0 h2 y7ff ff1 fs0 fc0 sc0 ls0 ws0\">common control).  </div><div class=\"t m0 x0 h2 y18fe ff1 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>considerazione della <span class=\"_ _3\"></span>finalit\u00e0 meramente <span class=\"_ _3\"></span>riorganizzativa delle <span class=\"_ _3\"></span>operazioni ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>applicazione della <span class=\"_ _3\"></span>policy <span class=\"_ _3\"></span>contabile di <span class=\"_ _3\"></span>Grup<span class=\"_ _5\"></span>po </div><div class=\"t m0 x0 h2 y6e5 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _2\"></span>materia, <span class=\"_ _3\"></span>esse <span class=\"_ _5\"></span>sono <span class=\"_ _3\"></span>state <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>continuit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valori <span class=\"_ _2\"></span>contabili <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>bilanci <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>eparati <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>coinvolte, <span class=\"_ _2\"></span>s<span class=\"_ _5\"></span>enza <span class=\"_ _2\"></span>la </div><div class=\"t m0 x0 h2 yb49 ff1 fs0 fc0 sc0 ls0 ws0\">rilevazione di effetti <span class=\"_ _0\"></span>economici.  </div><div class=\"t m0 x0 h2 y2c6 ff4 fs0 fc0 sc0 ls0 ws0\">Le principali operazi<span class=\"_ _0\"></span>oni infragruppo <span class=\"_ _0\"></span>perfezionate nell\u2019eserc<span class=\"_ _0\"></span>izio hanno riguard<span class=\"_ _0\"></span>ato:<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y8c2 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>cessione <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Vita <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>ad <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>48,99% <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>partecipazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 yb6c ff1 fs0 fc0 sc0 ls0 ws0\">Smart Care S.r.l.;  </div><div class=\"t m0 x0 h2 y12f7 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>conferimento <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>S.p.A. a<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>Acantus <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>mo <span class=\"_ _3\"></span>d'azienda <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>credito <span class=\"_ _2\"></span>su <span class=\"_ _3\"></span>pegno <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x2a h2 y1842 ff1 fs0 fc0 sc0 ls0 ws0\">un aumento di capitale<span class=\"_ _0\"></span> dedicato;  </div><div class=\"t m0 x0 h2 y1696 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di Intesa San<span class=\"_ _0\"></span>paolo Private Bank (S<span class=\"_ _0\"></span>uisse) Morval S.A. i<span class=\"_ _0\"></span>n Reyl &amp; CIE S.<span class=\"_ _3\"></span>A.;  </span></div><div class=\"t m0 x0 h2 y1843 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>cessione della parte<span class=\"_ _0\"></span>cipazione di UBI Trust<span class=\"_ _0\"></span>ee S.A. da Intesa San<span class=\"_ _0\"></span>paolo S.p.A. a Fideu<span class=\"_ _0\"></span>ram Bank Luxembourg S.A<span class=\"_ _0\"></span>.; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y18ff ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di V\u00daB Leasing A.S.<span class=\"_ _0\"></span> in Vseobecna <span class=\"_ _0\"></span>Uverova Banka A.S.;  </span></div><div class=\"t m0 x0 h2 y9ea ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>scissione parziale di IW Bank S.p.A. a favore di Fideuram <span class=\"_ _3\"></span>- </span>Intesa <span class=\"_ _3\"></span>Sanpaolo<span class=\"_ _0\"></span> Private Banking S.p.A. di un ramo d\u2019azienda </div><div class=\"t m0 x2a h2 ybbb ff1 fs0 fc0 sc0 ls0 ws0\">costituito dai <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>bancari <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alle at<span class=\"_ _3\"></span>tivit\u00e0 bancar<span class=\"_ _3\"></span>ie, <span class=\"_ _3\"></span>crediti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>bonis <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>sofferenza, attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>trading e<span class=\"_ _3\"></span>voluto, attivit\u00e0 <span class=\"_ _3\"></span>di </div><div class=\"t m0 x2a h2 y836 ff1 fs0 fc0 sc0 ls0 ws0\">finanza e gestione d<span class=\"_ _0\"></span>el portafoglio titoli <span class=\"_ _0\"></span>di propriet\u00e0;  </div><div class=\"t m0 x0 h2 ybbd ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>scissione <span class=\"_ _2\"></span>parziale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Fideuram <span class=\"_ _2\"></span></span>\u2013<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>Private <span class=\"_ _2\"></span>Banking <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>favore <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>compendio </span></div><div class=\"t m0 x2a h2 y1328 ff1 fs0 fc0 sc0 ls0 ws0\">cost<span class=\"ff4\">ituito <span class=\"_ _3\"></span>dai <span class=\"_ _2\"></span>crediti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bonis <span class=\"_ _2\"></span>facenti <span class=\"_ _2\"></span>parte <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>ramo <span class=\"_ _2\"></span>d\u2019azienda <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>IW <span class=\"_ _2\"></span>Bank <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>cui <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>punto <span class=\"_ _2\"></span>precedente <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>relativa<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 ybbf ff1 fs0 fc0 sc0 ls0 ws0\">provvista e dal person<span class=\"_ _0\"></span>ale;  </div><div class=\"t m0 x0 h2 y1697 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>cessione da <span class=\"_ _3\"></span>Eurizon Capital SGR <span class=\"_ _3\"></span>S.p.A. a <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo Vita S.p.A. del <span class=\"_ _3\"></span>17,7% della <span class=\"_ _3\"></span>partecipazione in Euriz<span class=\"_ _2\"></span>on <span class=\"_ _3\"></span>Capital </span></div><div class=\"t m0 x2a h2 ybc1 ff1 fs0 fc0 sc0 ls0 ws0\">Real Asset SGR S.p.A.; </div><div class=\"t m0 x0 h2 y1699 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di UBI Leasing S.p.A<span class=\"_ _0\"></span>. in Intesa Sanpaolo S.<span class=\"_ _0\"></span>p.A; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ybc3 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di PBZ Stambena St<span class=\"_ _0\"></span>edionica d.d. in P<span class=\"_ _0\"></span>rivredna Banka Zagreb d.d; </span></div><div class=\"t m0 x0 h2 y1900 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di Cargeas Assicurazioni S.p.A. in I<span class=\"_ _0\"></span>ntesa Sanpaolo Assi<span class=\"_ _0\"></span>cura S.p.A.; </span></div><div class=\"t m0 x0 h2 y169b ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di Intesa San<span class=\"_ _0\"></span>paolo Smart Care S.r.l<span class=\"_ _0\"></span>. in Intesa Sanpaolo S.<span class=\"_ _0\"></span>p.A; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 ybc6 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorpor<span class=\"_ _0\"></span>azione di Intesa San<span class=\"_ _0\"></span>paolo Agents4You S.p.A<span class=\"_ _0\"></span>. in Intesa Sanpaolo S.<span class=\"_ _0\"></span>p.A.;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y169d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>fusione per incorporazione di<span class=\"_ _0\"></span> Obviam AG S.A. i<span class=\"_ _0\"></span>n Asteria Investmen<span class=\"_ _0\"></span>t Managers S.A.; </span></div><div class=\"t m0 x0 h2 y2ee ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fusione per <span class=\"_ _2\"></span>incorporazio<span class=\"_ _0\"></span>ne <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>Invest Societ\u00e0 <span class=\"_ _3\"></span>d\u2019Intermediazione Mobiliare <span class=\"_ _3\"></span>S.p.A. <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Fideuram <span class=\"_ _5\"></span><span class=\"ff1\">- <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y862 ff1 fs0 fc0 sc0 ls0 ws0\">Private Banking S.p.A. </div><div class=\"t m0 x0 h4c ybc8 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y169f ff2 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-105.79224px;\"><div class=\"t m0 x0 h4c y4 ff3 fs0 fc2 sc0 ls0 ws0\">Variazioni annue dell<span class=\"_ _0\"></span>\u2019avviamento<span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y73f ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w5ff h17\" style=\"left:505.88763px; bottom:869.9618px;\"><div class=\"t m0 xb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _0\"></span>o) </div></div><div class=\"c w5fe h47\" style=\"left:-4.050377px; bottom:850.4618px;\"><div class=\"t m0 x41 h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0/Va<span class=\"_ _0\"></span>lori </div></div><div class=\"c w5ff h47\" style=\"left:505.88763px; bottom:850.4618px;\"><div class=\"t m0 x10a h59 y6cc ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:834.86176px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Avviame<span class=\"_ _0\"></span>nto inizia<span class=\"_ _0\"></span>le </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:834.86176px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.574 </div></div><div class=\"c w5fe h64\" style=\"left:-4.050377px; bottom:817.3898px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Aumenti </div></div><div class=\"c w5ff h64\" style=\"left:505.88763px; bottom:817.3898px;\"><div class=\"t m0 x16d h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">52<span class=\"ls0\"> </span></div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:801.78973px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Avviamen<span class=\"_ _0\"></span>ti rilevati<span class=\"_ _0\"></span> nel corso dell<span class=\"_ _35\"></span>'esercizio </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:801.78973px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:786.18976px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Differen<span class=\"_ _0\"></span>ze positive <span class=\"_ _0\"></span>di cambio e <span class=\"_ _35\"></span>alt<span class=\"_ _3\"></span>re variazio<span class=\"_ _35\"></span>ni </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:786.18976px;\"><div class=\"t m0 x16d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:770.5898px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Diminuz<span class=\"_ _0\"></span>ioni </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:770.5898px;\"><div class=\"t m0 x101 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:754.98975px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Rettifiche<span class=\"_ _0\"></span> di valore r<span class=\"_ _0\"></span>ilevate nel<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>corso dell'e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>ercizio </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:754.98975px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:739.3898px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Disinve<span class=\"_ _0\"></span>stimenti </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:739.3898px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5fe h42\" style=\"left:-4.050377px; bottom:723.78973px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- Differen<span class=\"_ _0\"></span>ze negative<span class=\"_ _0\"></span> di cambio<span class=\"_ _0\"></span> e altre <span class=\"_ _0\"></span>variazioni (ri<span class=\"_ _0\"></span>classifica <span class=\"_ _0\"></span>tra le attivi<span class=\"_ _0\"></span>t\u00e0 in via<span class=\"_ _0\"></span> di dismissi<span class=\"_ _0\"></span>one) </div></div><div class=\"c w5ff h42\" style=\"left:505.88763px; bottom:723.78973px;\"><div class=\"t m0 x101 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w5fe h47\" style=\"left:-4.050377px; bottom:698.36176px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Avviame<span class=\"_ _0\"></span>nto finale </div></div><div class=\"c w5ff h47\" style=\"left:505.88763px; bottom:698.36176px;\"><div class=\"t m0 x0 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.626 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-105.79224px;\"><div class=\"t m0 x0 h61 yb58 ff1 fs1c fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y11ce ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c yf7 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y126e ff2 fs0 fc2 sc0 ls0 ws0\">Avviamenti </div><div class=\"t m0 x0 h2 y247 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w4e7 h69\" style=\"left:397.58463px; bottom:641.07074px;\"><div class=\"t m0 x152 h46 yc5a ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w600 h86\" style=\"left:-4.050377px; bottom:612.8348px;\"><div class=\"t m0 x41 h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">CGU/Avv<span class=\"_ _0\"></span>iamenti </div></div><div class=\"c w601 h86\" style=\"left:397.58463px; bottom:612.8348px;\"><div class=\"t m0 xc h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2022 </div></div><div class=\"c w602 h86\" style=\"left:508.2276px; bottom:612.8348px;\"><div class=\"t m0 xc h59 ya71 ff5 fs17 fc2 sc0 ls0 ws0\">31.12.2021<span class=\"_ _0\"></span>  </div></div><div class=\"c w600 h6a\" style=\"left:-4.050377px; bottom:596.14276px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Banca dei<span class=\"_ _0\"></span> Territori  </div></div><div class=\"c w601 h6a\" style=\"left:397.58463px; bottom:596.14276px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w602 h6a\" style=\"left:508.2276px; bottom:596.14276px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:579.60675px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">IMI Corpora<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>e &amp; Inves<span class=\"_ _35\"></span>tment Banking </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:579.60675px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:579.60675px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">56<span class=\"ls0\"> </span></div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:563.07074px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Insurance<span class=\"_ _35\"></span> </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:563.07074px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:563.07074px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">976<span class=\"ls0\"> </span></div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:546.5348px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Asset Manage<span class=\"_ _35\"></span>ment  </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:546.5348px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.059 </div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:546.5348px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.060 </div></div><div class=\"c w600 h6a\" style=\"left:-4.050377px; bottom:529.8428px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Private Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span>ing  </div></div><div class=\"c w601 h6a\" style=\"left:397.58463px; bottom:529.8428px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.535 </div></div><div class=\"c w602 h6a\" style=\"left:508.2276px; bottom:529.8428px;\"><div class=\"t m0 xda h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.482 </div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:513.30676px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">International<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>Subsidiar<span class=\"_ _35\"></span>y<span class=\"_ _3\"></span> Banks<span class=\"_ _0\"></span> </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:513.30676px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:513.30676px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:496.77075px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Bank of Ale<span class=\"_ _0\"></span>xandria (E<span class=\"_ _0\"></span>gitto)  </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:496.77075px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:496.77075px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w600 h41\" style=\"left:-4.050377px; bottom:480.23474px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Pravex Ban<span class=\"_ _35\"></span>k<span class=\"_ _3\"></span> (Ucraina)<span class=\"_ _0\"></span> </div></div><div class=\"c w601 h41\" style=\"left:397.58463px; bottom:480.23474px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w602 h41\" style=\"left:508.2276px; bottom:480.23474px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w600 h47\" style=\"left:-4.050377px; bottom:460.73474px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale  </div></div><div class=\"c w601 h47\" style=\"left:397.58463px; bottom:460.73474px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.626 </div></div><div class=\"c w602 h47\" style=\"left:508.2276px; bottom:460.73474px;\"><div class=\"t m0 xda h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">3.574 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-105.79224px;\"><div class=\"t m0 x0 h61 y1356 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5ed ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y5ee ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y5ef ff5 fs0 fc2 sc0 ls0 ws0\">1.2 <span class=\"_ _1c\"> </span>Altre informazioni </div><div class=\"t m0 x0 h24 y5f0 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 ydf1 ff6 fs0 fc2 sc0 ls0 ws0\">L\u2019acquisizione di Comp<span class=\"_ _0\"></span>agnie de Banque Priv\u00e9<span class=\"_ _0\"></span>e Quilvest S.A.<span class=\"ff5\"> </span></div><div class=\"t m0 x0 h2 y5f1 ff4 fs0 fc0 sc0 ls0 ws0\">Nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>rafforzamento <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>riposizionamento <span class=\"_ _5\"></span>strategico <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _5\"></span>estere <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>Divisione <span class=\"_ _2\"></span>Private <span class=\"_ _5\"></span>Banking<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5f2 ff4 fs0 fc0 sc0 ls0 ws0\">previsto <span class=\"_ _6\"></span>nel <span class=\"_ _6\"></span>Piano <span class=\"_ _5\"></span>d\u2019Impresa <span class=\"_ _6\"></span>2018<span class=\"_ _3\"></span><span class=\"ff1\">-2021, <span class=\"_ _6\"></span>rispettivament<span class=\"_ _0\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>6 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>8 <span class=\"_ _6\"></span>luglio <span class=\"_ _6\"></span>2021, <span class=\"_ _5\"></span>i <span class=\"_ _4\"></span>Consigli <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Intesa </span></div><div class=\"t m0 x0 h2 y322 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>Fideuram <span class=\"_ _4\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff4\">Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _4\"> </span>Private <span class=\"_ _6\"> </span>Banking <span class=\"_ _4\"> </span>(nel <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>\u201c<span class=\"_ _3\"></span>Fideuram\u201d) <span class=\"_ _6\"></span>hanno <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>utorizzato <span class=\"_ _6\"> </span>l\u2019acquisizione, <span class=\"_ _6\"> </span>da </span></div><div class=\"t m0 x0 h32 y323 ff4 fs0 fc0 sc0 ls0 ws0\">parte <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>Fideuram <span class=\"_ _5\"></span>Bank <span class=\"_ _2\"></span>L<span class=\"_ _3\"></span>uxembourg <span class=\"_ _2\"></span>(nel <span class=\"_ _5\"></span>seguito <span class=\"_ _5\"></span>\u201cFideuram <span class=\"_ _2\"></span>Bank <span class=\"_ _2\"></span>Lux\u201d), <span class=\"_ _5\"></span>controllata <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>100% <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>Fideuram, <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>totalit\u00e0 <span class=\"_ _5\"></span>del </div><div class=\"t m0 x0 h2 y5f3 ff1 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _5\"></span>sociale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Com<span class=\"ff4\">pa<span class=\"_ _3\"></span>gnie <span class=\"_ _5\"></span>de <span class=\"_ _6\"></span>Banque <span class=\"_ _5\"></span>Priv\u00e9e <span class=\"_ _5\"></span>Quilvest <span class=\"_ _5\"></span>(nel <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>guito <span class=\"_ _5\"></span>\u201cCBPQ\u201d), <span class=\"_ _5\"></span>banca <span class=\"_ _6\"></span>private <span class=\"_ _5\"></span>lussemburghese <span class=\"_ _5\"></span>controllata<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y5f4 ff1 fs0 fc0 sc0 ls0 ws0\">interamente dalla holdi<span class=\"_ _0\"></span>ng Quilvest Wealt<span class=\"_ _0\"></span>h Management.  </div><div class=\"t m0 x0 h2 y5f5 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019acquisizione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>CBPQ <span class=\"_ _6\"></span>ha <span class=\"_ _6\"> </span>permesso <span class=\"_ _6\"> </span>la <span class=\"_ _6\"> </span>creazione <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>un <span class=\"_ _6\"> </span>ul<span class=\"_ _3\"></span>teriore <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>ub <span class=\"_ _6\"></span>europeo <span class=\"_ _6\"></span>della <span class=\"_ _6\"> </span>Divisione <span class=\"_ _6\"> </span>Private <span class=\"_ _6\"> </span>Banki<span class=\"_ _2\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>g, <span class=\"_ _6\"></span>accanto <span class=\"_ _5\"></span>a </span></div><div class=\"t m0 x0 h2 y5f6 ff1 fs0 fc0 sc0 ls0 ws0\">quello <span class=\"_ _6\"></span>gi\u00e0 <span class=\"_ _4\"></span>presente <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>Svizzera, <span class=\"_ _6\"></span>destinato <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>clientela <span class=\"_ _6\"></span>europea <span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>internazionale, <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsentendo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sviluppare <span class=\"_ _6\"></span>le <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _6\"></span>di<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y22e ff1 fs0 fc0 sc0 ls0 ws0\">private banking in ar<span class=\"_ _0\"></span>ee con promettenti pre<span class=\"_ _0\"></span>visioni di crescita, c<span class=\"_ _0\"></span>ome il Lussemburgo e<span class=\"_ _0\"></span>d il Belgio.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5f7 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span><span class=\"ff4\">mpravendita \u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>finalizzato dalle <span class=\"_ _3\"></span>parti <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _3\"></span>settembre <span class=\"_ _3\"></span>2021 <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>closing <span class=\"_ _3\"></span>condizionato <span class=\"_ _3\"></span>all\u2019otteniment<span class=\"_ _35\"></span>o </span></div><div class=\"t m0 x0 h2 y5f8 ff4 fs0 fc0 sc0 ls0 ws0\">delle necessarie <span class=\"_ _3\"></span>autorizzazioni da <span class=\"_ _3\"></span>parte delle <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>Autorit\u00e0 di <span class=\"_ _3\"></span>Vigilanza. Conclusosi <span class=\"_ _3\"></span>l\u2019iter autorizzativo, <span class=\"_ _3\"></span>l\u2019operazione \u00e8<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>stata </span></div><div class=\"t m0 x0 h2 y92b ff1 fs0 fc0 sc0 ls0 ws0\">perfezionata <span class=\"ff4\">in data 30 giugn<span class=\"_ _0\"></span>o 2022 con l\u2019acqui<span class=\"_ _0\"></span>sto da parte di Fi<span class=\"_ _0\"></span>deuram Bank Lux del 10<span class=\"_ _0\"></span>0% del capitale so<span class=\"_ _0\"></span>ciale di CBPQ. <span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y968 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"></span>parti <span class=\"_ _5\"></span>hanno <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>attuito <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>prezzo <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>valorizzazione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>100% <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>CBPQ <span class=\"_ _6\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>180 <span class=\"_ _6\"></span>milioni. <span class=\"_ _6\"></span>Per <span class=\"_ _5\"></span>accertare <span class=\"_ _5\"></span>la </div><div class=\"t m0 x0 h2 y969 ff1 fs0 fc0 sc0 ls0 ws0\">congruit\u00e0 <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>vista<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>economico <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>finanziario <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>richiesta <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>erzo <span class=\"_ _3\"></span>indipendente <span class=\"_ _3\"></span>una <span class=\"_ _2\"></span>specifica <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>airness <span class=\"_ _3\"></span>opinion </div><div class=\"t m0 x0 h2 y8d0 ff4 fs0 fc0 sc0 ls0 ws0\">che ha attestato come <span class=\"_ _0\"></span>il prezzo pattuito <span class=\"_ _0\"></span>per l\u2019acquisizione del<span class=\"_ _0\"></span> 100% del capital<span class=\"_ _0\"></span>e sociale di CBPQ possa c<span class=\"_ _0\"></span>onsiderarsi congruo.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y2f8 ff1 fs0 fc0 sc0 ls0 ws0\">La valorizzazione di <span class=\"_ _0\"></span>180 milioni \u00e8 stata soggetta ad un <span class=\"_ _0\"></span>aggiustamento prezzo <span class=\"_ _0\"></span>al fine di tener co<span class=\"_ _0\"></span>nto delle variazioni p<span class=\"_ _0\"></span>atrimoniali </div><div class=\"t m0 x0 h2 y96a ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>intervenute <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _2\"></span>2021 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>closing. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>aggiustamento <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>mportato <span class=\"_ _3\"></span>una <span class=\"_ _5\"></span>variazione <span class=\"_ _2\"></span>in<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y2fa ff1 fs0 fc0 sc0 ls0 ws0\">incremento del <span class=\"_ _3\"></span>valore di <span class=\"_ _3\"></span>CBPQ p<span class=\"_ _3\"></span>a<span class=\"ff4\">ri <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa 4 <span class=\"_ _3\"></span>milioni; <span class=\"_ _3\"></span>conseguentemente, il prezzo <span class=\"_ _3\"></span>definitivo per <span class=\"_ _3\"></span>l\u2019acquisizione del <span class=\"_ _3\"></span>100% della </span></div><div class=\"t m0 x0 h2 y96b ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 si \u00e8 attestato<span class=\"_ _0\"></span> a 184 milioni. </div><div class=\"t m0 x0 h25c y5ac fff fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y8c4 ff3 fs0 fc2 sc0 ls0 ws0\">La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019operazione di a<span class=\"_ _0\"></span>ggregazione e il proc<span class=\"_ _0\"></span>esso di Purchase Pric<span class=\"_ _0\"></span>e Allocation (P<span class=\"_ _0\"></span>PA)<span class=\"_ _2\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h32 y14f9 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019acquisizione <span class=\"_ _17\"> </span>del <span class=\"_ _18\"> </span>controllo <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>CBPQ <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>\u00e8 <span class=\"_ _1c\"> </span>configu<span class=\"_ _0\"></span>rata <span class=\"_ _18\"> </span>come <span class=\"_ _18\"> </span>\u201cbusiness <span class=\"_ _18\"> </span>combination\u201d <span class=\"_ _17\"> </span>(o <span class=\"_ _18\"> </span>aggregazione <span class=\"_ _18\"> </span>aziendale) <span class=\"_ _17\"> </span>da </div><div class=\"t m0 x0 h32 y496 ff4 fs0 fc0 sc0 ls0 ws0\">contabilizzarsi <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>all\u2019IFRS <span class=\"_ _4\"> </span>3 <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _6\"></span>l\u2019applicazione <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>metodo <span class=\"_ _4\"> </span>dell\u2019acquisizione. <span class=\"_ _6\"> </span>In <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>tale <span class=\"_ _4\"> </span>metodo <span class=\"_ _6\"></span>occorre </div><div class=\"t m0 x0 h2 y51b ff1 fs0 fc0 sc0 ls0 ws0\">procedere a: </div><div class=\"t m0 x0 h2 y498 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>identific</span>are l\u2019acquirente e<span class=\"_ _0\"></span> la data dell\u2019acqui<span class=\"_ _0\"></span>sizione; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y51d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinare il costo dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>cquisizione; <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y202 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>allocare  il<span class=\"_ _0\"></span>  costo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell\u2019acquisizio<span class=\"_ _0\"></span>ne  (cosid<span class=\"_ _0\"></span>detta  \u201cP<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>rchase  P<span class=\"_ _0\"></span>rice <span class=\"_ _16\"> </span>Allocation\u201d,  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  s<span class=\"_ _0\"></span>eguito <span class=\"_ _16\"> </span>\u201cPPA\u201d)  rilevand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  le <span class=\"_ _16\"> </span>attivit\u00e0,  l<span class=\"_ _35\"></span>e </div><div class=\"t m0 x2a h2 ycc9 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 e le passivit\u00e0 po<span class=\"_ _3\"></span>tenziali ritenute id<span class=\"_ _3\"></span>entificabili della societ\u00e0 acquisita ai <span class=\"_ _3\"></span>relativi fair value alla data di<span class=\"_ _3\"></span> acquisizione<span class=\"_ _0\"></span>, </div><div class=\"t m0 x2a h2 y2f0 ff1 fs0 fc0 sc0 ls0 ws0\">ad <span class=\"_ _6\"></span>eccezione <span class=\"_ _6\"></span>delle <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _6\"></span>non <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>orrenti <span class=\"_ _6\"></span>(o <span class=\"_ _6\"></span>gruppi <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>dismissione) <span class=\"_ _5\"></span>cl<span class=\"_ _3\"></span>assificate <span class=\"_ _5\"></span>come<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>possedute <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>vendita <span class=\"_ _6\"></span>secondo </div><div class=\"t m0 x2a h2 y1901 ff4 fs0 fc0 sc0 ls0 ws0\">quanto <span class=\"_ _3\"></span>previsto <span class=\"_ _2\"></span>dall\u2019IFRS <span class=\"_ _3\"></span>5. <span class=\"_ _2\"></span>Queste <span class=\"_ _2\"></span>ultime, <span class=\"_ _3\"></span>infatti<span class=\"_ _2\"></span><span class=\"ff1\">, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>netto <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>costi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>vendita. <span class=\"_ _3\"></span>Devono, </span></div><div class=\"t m0 x2a h2 y1902 ff1 fs0 fc0 sc0 ls0 ws0\">inoltre, essere iscritt<span class=\"_ _0\"></span>e eventuali attivit\u00e0<span class=\"_ _0\"></span> immateriali ancorch\u00e9 <span class=\"_ _0\"></span>non gi\u00e0 rilevate dal sogg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto acquisito.<span class=\"_ _3\"></span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-99.24536px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Ferma <span class=\"_ _2\"></span>restando <span class=\"_ _3\"></span>l\u2019identificazione <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>Fideuram<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Bank <span class=\"_ _2\"></span>Lux <span class=\"_ _2\"></span>quale <span class=\"_ _3\"></span>soggetto <span class=\"_ _2\"></span>acquir<span class=\"_ _3\"></span><span class=\"ff1\">ent<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tata <span class=\"_ _3\"></span>identificata </span></div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">nel 30 giugno 2022, vale a dire la data <span class=\"_ _3\"></span>in cui \u00e8 stata perfezionata l\u2019operazione. \u00c8 dunque da tale data che Fideuram Bank Lux<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">(e <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>conseguenza <span class=\"_ _6\"></span>indirettamente <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"></span>Sanpaolo) <span class=\"_ _5\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>acquisito <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>con<span class=\"_ _5\"></span><span class=\"ff4\">trollo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>CBPQ <span class=\"_ _6\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _6\"></span>dell\u2019IFRS <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>0, <span class=\"_ _6\"> </span>con </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">conseguente obbligo di<span class=\"_ _0\"></span> includerla nel pro<span class=\"_ _0\"></span>prio perimetro di co<span class=\"_ _0\"></span>nsolidamento. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PPA <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>primo <span class=\"_ _2\"></span>consolidamento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>CBPQ <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>bilancio <span class=\"_ _2\"></span>consolidato <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _2\"></span>si <span class=\"_ _5\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">fatto <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>iferimento <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>situazione <span class=\"_ _5\"></span>patrimoniale <span class=\"_ _5\"></span>predisposta <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>30 <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2022, <span class=\"_ _5\"></span>mentre <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>risultato <span class=\"_ _5\"></span>economico <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>societ\u00e0 <span class=\"_ _5\"></span>nel </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">bilancio consolidato <span class=\"_ _0\"></span>di Intesa Sanpaolo \u00e8<span class=\"_ _0\"></span> stato incluso a parti<span class=\"_ _0\"></span>re dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>22.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>dell\u2019acquisizione, pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>84 <span class=\"_ _3\"></span>milioni, \u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>dete<span class=\"_ _3\"></span><span class=\"ff1\">r<span class=\"_ _3\"></span>minato a <span class=\"_ _3\"></span>partire <span class=\"_ _3\"></span>dal <span class=\"_ _3\"></span>corrispettivo <span class=\"_ _3\"></span>trasferito <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>closing <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l </span></div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">100% <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>CBPQ, <span class=\"_ _6\"> </span>pari <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>180<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>milioni, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>cui <span class=\"_ _6\"> </span>si <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ggiunto, <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>me <span class=\"_ _6\"></span>indicato <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"></span>precedenza, <span class=\"_ _6\"></span>l\u2019aggiustament<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>4 <span class=\"_ _6\"></span>milioni <span class=\"_ _2\"></span>definito <span class=\"_ _5\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _5\"></span>dell\u2019incr<span class=\"_ _3\"></span><span class=\"ff1\">emento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>patrimonio <span class=\"_ _2\"></span>netto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>tra <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>data <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>losing <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>il </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls10 ws0\">31<span class=\"ls0\"> dicembre 2<span class=\"_ _0\"></span>021.  </span></div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Una volta <span class=\"_ _3\"></span>definito il <span class=\"_ _3\"></span>costo d<span class=\"_ _3\"></span>i acquisizione, esso \u00e8<span class=\"_ _3\"></span> stato <span class=\"_ _3\"></span>allocato al <span class=\"_ _3\"></span>patrimonio netto <span class=\"_ _3\"></span>oggetto di <span class=\"_ _3\"></span>acquisizione rettificato pe<span class=\"_ _5\"></span>r <span class=\"_ _3\"></span>tener </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">conto del fair value d<span class=\"_ _0\"></span>elle attivit\u00e0 e passivit\u00e0 acquisite.<span class=\"_ _0\"></span>  </div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">Con riferimento all\u2019allocazione del costo di acquisizio<span class=\"_ _0\"></span>ne, avvalendosi della facolt\u00e0 prevista al par. 45 dell\u2019IFRS 3, che con<span class=\"_ _5\"></span><span class=\"ff1\">cede </span></div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">al soggetto <span class=\"_ _3\"></span>acquirente 12 mesi d<span class=\"_ _3\"></span>alla data di <span class=\"_ _3\"></span>acquisizione per completare <span class=\"_ _3\"></span>in via <span class=\"_ _3\"></span>definitiva il <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>esso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>PPA, si se<span class=\"_ _3\"></span>gnala che le </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 sono state com<span class=\"_ _0\"></span>pletate per il Bilan<span class=\"_ _0\"></span>cio 2022, ancorch\u00e9 l<span class=\"_ _0\"></span>a data di acquisizio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e fosse il 30 gi<span class=\"_ _0\"></span>ugno 2022.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Pertanto, ai fini del <span class=\"_ _3\"></span>Bilancio 2022, con il <span class=\"_ _3\"></span>supporto di un esperto indipendente, \u00e8 s<span class=\"_ _3\"></span>tato completato in via definit<span class=\"_ _5\"></span>iva il <span class=\"_ _3\"></span>processo di </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">PPA, conc<span class=\"_ _3\"></span>ludendo le ana<span class=\"_ _3\"></span>lisi volte <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>ideterminare<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value d<span class=\"_ _3\"></span>elle attivit\u00e0 <span class=\"_ _3\"></span>acquisite e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>passivit\u00e0 assunte e<span class=\"_ _3\"></span> ad <span class=\"_ _3\"></span>indiv<span class=\"_ _5\"></span>iduare </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">eventuali <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>tangibili <span class=\"_ _5\"></span>specifici <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>rilevati <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>recedenza <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>bilancio <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CBPQ. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>particolar <span class=\"_ _6\"></span>modo, <span class=\"_ _5\"></span>sono<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>emerse <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>seguenti </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">poste contabili come me<span class=\"_ _0\"></span>ritevoli di atte<span class=\"_ _0\"></span>nzione in termini di pot<span class=\"_ _0\"></span>enziali differenze tra<span class=\"_ _0\"></span> valori contabili e fai<span class=\"_ _0\"></span>r value:<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il portafoglio titoli;  </span></div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>il portafoglio crediti a<span class=\"_ _0\"></span> medio lungo termin<span class=\"_ _0\"></span>e; <span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span>due <span class=\"_ _16\"> </span>intangibili <span class=\"_ _16\"> </span>specifici <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>vita <span class=\"_ _16\"> </span>definita <span class=\"_ _16\"> </span>legati<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>alla  Cu<span class=\"_ _0\"></span>stomer <span class=\"_ _16\"> </span>Relationship, <span class=\"_ _7\"> </span>tipici <span class=\"_ _16\"> </span>del  s<span class=\"_ _0\"></span>ettore <span class=\"_ _16\"> </span>del  W<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>alth  M<span class=\"_ _35\"></span>anagement, </span></div><div class=\"t m0 x2a h32 y77 ff4 fs0 fc0 sc0 ls0 ws0\">precedentemente n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>rilevati <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>CBPQ; <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>pri<span class=\"_ _3\"></span>mo <span class=\"_ _3\"></span>legato <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>masse <span class=\"_ _3\"></span>acquisite <span class=\"_ _3\"></span>(c.d. <span class=\"_ _3\"></span>\u201c<span class=\"_ _3\"></span>Asset </div><div class=\"t m0 x2a h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">under <span class=\"_ _3\"></span>Manageme<span class=\"_ _0\"></span>nt <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span><span class=\"ff4\">AuM)\u201d, il secondo a<span class=\"_ _3\"></span>lla relazione con <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>clientela p<span class=\"_ _3\"></span>er l\u2019attivit\u00e0 <span class=\"_ _3\"></span>bancaria di raccolta <span class=\"_ _3\"></span>diretta a <span class=\"_ _3\"></span>vista (c.d. </span></div><div class=\"t m0 x2a h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Core Deposits <span class=\"ff4\">\u2013</span> CD). </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>particolar <span class=\"_ _4\"> </span>modo, <span class=\"_ _6\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>portafoglio <span class=\"_ _4\"> </span>titoli <span class=\"_ _4\"> </span>gi\u00e0 <span class=\"_ _6\"></span>espresso <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _6\"> </span>v<span class=\"_ _3\"></span>alue <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>el <span class=\"_ _4\"> </span>bilancio <span class=\"_ _6\"> </span>de<span class=\"_ _3\"></span>lla <span class=\"_ _6\"> </span>societ\u00e0, <span class=\"_ _4\"> </span>nell\u2019ambito  <span class=\"ff1\">del </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">processo d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>PPA, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>verifica d<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span><span class=\"ff4\">l <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>portafoglio, l\u2019esperto <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>fatto <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>ciascun <span class=\"_ _3\"></span>titolo <span class=\"_ _3\"></span>alla </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>acquisizione, <span class=\"_ _5\"></span>sulla <span class=\"_ _6\"></span>base <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>evidenze <span class=\"_ _5\"></span>tratte <span class=\"_ _5\"></span>da <span class=\"_ _6\"></span>info <span class=\"_ _5\"></span>providers, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>linea <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>Fair <span class=\"_ _5\"></span>Value <span class=\"_ _5\"></span>Policy <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Intesa<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo. <span class=\"_ _7\"> </span>Il <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>valutazione<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ha <span class=\"_ _16\"> </span>fatto <span class=\"_ _7\"> </span>emergere <span class=\"_ _4\"> </span>un <span class=\"_ _16\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _7\"> </span>complessivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _7\"> </span>titoli <span class=\"_ _7\"> </span>allineato <span class=\"_ _7\"> </span>a <span class=\"_ _16\"> </span>quell<span class=\"_ _35\"></span>o </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">riveniente dal bilanci<span class=\"_ _0\"></span>o di CBPQ.  </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>portafoglio <span class=\"_ _3\"></span>crediti, <span class=\"_ _2\"></span>ai <span class=\"_ _3\"></span>fini <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>determinazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>perimetro <span class=\"_ _3\"></span>oggetto <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione, p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>quanto <span class=\"_ _2\"></span>attiene<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>le </div><div class=\"t m0 x0 h2 y80 ff1 fs0 fc0 sc0 ls0 ws0\">esposizioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>scadenza <span class=\"_ _6\"></span>inferiore <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>2 <span class=\"_ _6\"></span>mesi, <span class=\"_ _6\"></span>trattandosi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>operativit\u00e0 <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>breve <span class=\"_ _6\"></span>termine, <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>valore <span class=\"_ _6\"></span>contabile <span class=\"_ _6\"></span>risultante <span class=\"_ _6\"></span>dalla </div><div class=\"t m0 x0 h2 y81 ff1 fs0 fc0 sc0 ls0 ws0\">situazione <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>CBPQ <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _2\"></span>ritenuto <span class=\"_ _3\"></span>una<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ragionevole <span class=\"_ _3\"></span>approssimazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _2\"></span>in<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h2 y82 ff1 fs0 fc0 sc0 ls0 ws0\">linea <span class=\"_ _6\"></span>c<span class=\"ff4\">on <span class=\"_ _5\"></span>quanto <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>13<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>tenuto <span class=\"_ _6\"></span>conto <span class=\"_ _5\"></span>che <span class=\"_ _6\"> </span>l\u2019attualizzazione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"></span>flussi <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>cassa <span class=\"_ _6\"></span>futuri <span class=\"_ _5\"></span>risulta <span class=\"_ _6\"></span>poco <span class=\"_ _5\"></span>significativa </span></div><div class=\"t m0 x0 h2 y83 ff1 fs0 fc0 sc0 ls0 ws0\">anche <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>variazioni <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>tassi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>mercato <span class=\"_ _2\"></span>di <span class=\"_ _6\"></span>riferimento. <span class=\"_ _5\"></span>Per <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>portafoglio <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>medio<span class=\"_ _2\"></span>-lungo <span class=\"_ _5\"></span>termine, <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>metodologia<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y84 ff1 fs0 fc0 sc0 ls0 ws0\">utilizza<span class=\"ff4\">ta dall\u2019esperto al fine d<span class=\"_ _3\"></span>i stimare il fair<span class=\"_ _3\"></span> value del portafoglio crediti ha <span class=\"_ _3\"></span>previsto l\u2019attualizzazione dei flussi di cassa <span class=\"_ _3\"></span>ad<span class=\"_ _5\"></span></span> uno </div><div class=\"t m0 x0 h2 y85 ff1 fs0 fc0 sc0 ls0 ws0\">specifico <span class=\"_ _2\"></span>tasso <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>sconto <span class=\"_ _2\"></span>(metodo <span class=\"_ _2\"></span>Discounted <span class=\"_ _2\"></span>Cash <span class=\"_ _5\"></span>Flow <span class=\"_ _2\"></span>Model, <span class=\"_ _2\"></span>DCF). <span class=\"_ _5\"></span>Nello <span class=\"_ _2\"></span>specifico, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ingolo <span class=\"_ _2\"></span>credito <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m0 x0 h2 y86 ff1 fs0 fc0 sc0 ls0 ws0\">s<span class=\"ff4\">tato stimato con un approccio \u201c<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>iretto\u201d sviluppato a partir<span class=\"_ _0\"></span>e dai flussi di cassa lordi atte<span class=\"_ _0\"></span>si (quota capitale e quota intere<span class=\"_ _0\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">si), dai </span></span></div><div class=\"t m0 x0 h2 y87 ff1 fs0 fc0 sc0 ls0 ws0\">quali <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>sottratti <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>costi <span class=\"_ _2\"></span>operativi <span class=\"_ _3\"></span>riconducibili <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gestione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>portafoglio, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>(Expected <span class=\"_ _3\"></span>C<span class=\"_ _5\"></span>redit <span class=\"_ _2\"></span>Loss <span class=\"_ _3\"></span><span class=\"ff4\">\u2013</span> </div><div class=\"t m0 x0 h2 y88 ff4 fs0 fc0 sc0 ls0 ws0\">ECL) e <span class=\"_ _3\"></span>il costo derivante da<span class=\"_ _3\"></span>ll\u2019assorbime<span class=\"_ _0\"></span>nto del capitale <span class=\"_ _3\"></span>regolamentare. I flussi di c<span class=\"_ _3\"></span>assa netti cos\u00ec determinati <span class=\"_ _3\"></span>sono quindi <span class=\"_ _5\"></span><span class=\"ff1\">stati </span></div><div class=\"t m0 x0 h2 y89 ff1 fs0 fc0 sc0 ls0 ws0\">attualizzati <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>sconto <span class=\"_ _5\"></span>composto <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>tasso <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _2\"></span>espressivo <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>investimento <span class=\"_ _2\"></span>pr<span class=\"_ _3\"></span>ivo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischi<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>da <span class=\"_ _5\"></span>uno </div><div class=\"t m0 x0 h2 y46 ff1 fs0 fc0 sc0 ls0 ws0\">sconto di liquidit\u00e0. </div><div class=\"t m0 x0 h2 y47 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _7\"> </span>processo <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>valutazione <span class=\"_ _7\"> </span>ha <span class=\"_ _7\"> </span>determinato <span class=\"_ _16\"> </span>un <span class=\"_ _7\"> </span>fair <span class=\"_ _7\"> </span>value <span class=\"_ _16\"> </span>complessivo <span class=\"_ _7\"> </span>del <span class=\"_ _7\"> </span>portafoglio <span class=\"_ _7\"> </span>crediti <span class=\"_ _7\"> </span>allineato <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>valore <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ilancio </div><div class=\"t m0 x0 h2 y48 ff1 fs0 fc0 sc0 ls0 ws0\">riveniente dal bilanci<span class=\"_ _0\"></span>o di CBPQ, che \u00e8 st<span class=\"_ _0\"></span>ato pertanto confermato <span class=\"_ _0\"></span>ai fini del processo di P<span class=\"_ _0\"></span>PA. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y49 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, <span class=\"_ _6\"></span>sono <span class=\"_ _4\"></span>state <span class=\"_ _6\"></span>condotte <span class=\"_ _4\"></span>ulteriori <span class=\"_ _5\"></span>ana<span class=\"_ _3\"></span>lisi <span class=\"_ _6\"></span>che <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>anno <span class=\"_ _6\"></span>portato <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>rilevazione <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>due <span class=\"_ _4\"> </span>specifici <span class=\"_ _6\"></span>intangibili <span class=\"_ _6\"></span>relativi <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lle <span class=\"_ _6\"></span>attivi<span class=\"_ _5\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y4a ff1 fs0 fc0 sc0 ls0 ws0\">legate <span class=\"_ _5\"></span>alla <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>(<span class=\"_ _3\"></span><span class=\"ff2\">Customer <span class=\"_ _2\"></span>Relationship <span class=\"_ _6\"></span>Related</span>), <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>particolar <span class=\"_ _5\"></span>modo <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>raccolta <span class=\"_ _6\"></span>indiretta <span class=\"_ _2\"></span>(Asset<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>under <span class=\"_ _5\"></span>Management <span class=\"_ _4\"> </span>- </div><div class=\"t m0 x0 h2 y4b ff1 fs0 fc0 sc0 ls0 ws0\">AuM) <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>que<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>diretta <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>vista <span class=\"_ _3\"></span>(Core <span class=\"_ _2\"></span>Deposits <span class=\"_ _5\"></span>- <span class=\"_ _2\"></span><span class=\"ff4\">CD). <span class=\"_ _3\"></span>L\u2019<span class=\"_ _3\"></span>eventuale <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>tali <span class=\"_ _3\"></span>attivit\u00e0 <span class=\"_ _2\"></span>risiede <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>benefici <span class=\"_ _2\"></span>economici <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>la </span></div><div class=\"t m0 x0 h2 y4c ff1 fs0 fc0 sc0 ls0 ws0\">banca pu\u00f2 <span class=\"_ _3\"></span>trarre <span class=\"_ _3\"></span>vantaggio nel corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>tempo per <span class=\"_ _3\"></span>effetto delle <span class=\"_ _3\"></span>relazioni <span class=\"_ _3\"></span>instaurate con la <span class=\"_ _3\"></span>propria c<span class=\"_ _3\"></span>lientela. Ai <span class=\"_ _3\"></span>fini della<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>stima </div><div class=\"t m0 x0 h2 y4d ff4 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _6\"></span>valore <span class=\"_ _5\"></span>delle <span class=\"_ _6\"></span>due <span class=\"_ _6\"> </span>attivit\u00e0 <span class=\"_ _6\"></span>intangibili, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _6\"></span>come <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>revisto <span class=\"_ _5\"></span>dallo <span class=\"_ _6\"></span>IAS <span class=\"_ _5\"></span>3<span class=\"_ _3\"></span>8 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>dall\u2019IFRS <span class=\"_ _5\"></span>3, <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>onsiderati <span class=\"_ _5\"></span>solo <span class=\"_ _6\"> </span>i <span class=\"_ _6\"></span>rappo<span class=\"_ _5\"></span><span class=\"ff1\">rti </span></div><div class=\"t m0 x0 h2 y4e ff1 fs0 fc0 sc0 ls0 ws0\">contrattuali in essere alla data di <span class=\"_ _3\"></span>acquisizione, in quanto la capacit\u00e0 di <span class=\"_ _3\"></span>generazione di nuovi rapporti non pu\u00f2 <span class=\"_ _3\"></span>essere sepa<span class=\"_ _5\"></span>rata<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y4f ff1 fs0 fc0 sc0 ls0 ws0\">e trasferita a terzi. C<span class=\"_ _0\"></span>onseguentemente, l<span class=\"_ _0\"></span>e attivit\u00e0 intangibili ril<span class=\"_ _0\"></span>evate sono state consi<span class=\"_ _0\"></span>derate a vita utile <span class=\"_ _0\"></span>definita. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>specifico <span class=\"_ _2\"></span>riferimento <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>raccolta <span class=\"_ _5\"></span>indiretta, <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>identificato <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>un\u2019attivit\u00e0 <span class=\"_ _2\"></span>immateriale <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>le<span class=\"_ _3\"></span>gato <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>relazioni <span class=\"_ _7\"> </span><span class=\"ff1\">esistenti </span></div><div class=\"t m0 x0 h2 y51 ff1 fs0 fc0 sc0 ls0 ws0\">con <span class=\"_ _5\"></span>la <span class=\"_ _6\"></span>clientela <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>attivit\u00e0 <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Asset <span class=\"_ _5\"></span>under <span class=\"_ _6\"></span>Management <span class=\"_ _5\"></span>(AuM) <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>valore <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>banca <span class=\"_ _5\"></span>pu\u00f2 <span class=\"_ _6\"></span>beneficiare <span class=\"_ _5\"></span>nel <span class=\"_ _6\"></span>corso <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y52 ff4 fs0 fc0 sc0 ls0 ws0\">tempo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>seguito <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>tali <span class=\"_ _2\"></span>relazioni. <span class=\"_ _2\"></span>Per <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>attiene <span class=\"_ _3\"></span>invece <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>raccolta <span class=\"_ _2\"></span>diretta <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>vista, <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>dell\u2019attivit\u00e0 <span class=\"_ _2\"></span>intangibi<span class=\"_ _5\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>isiede </span></div><div class=\"t m0 x0 h2 y53 ff1 fs0 fc0 sc0 ls0 ws0\">nella capacit\u00e0 <span class=\"_ _3\"></span>della banca d<span class=\"_ _3\"></span>i beneficiare di <span class=\"_ _3\"></span>una componente di <span class=\"_ _3\"></span>raccolta diretta da<span class=\"_ _3\"></span>lla propria clientela <span class=\"_ _3\"></span>a costi <span class=\"_ _3\"></span>inferiori ris<span class=\"_ _5\"></span>petto a </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\">quelli di mercato. </div><div class=\"t m0 x0 h2 y55 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>due <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _2\"></span>alla <span class=\"_ _5\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _2\"></span>l\u2019esperto <span class=\"_ _5\"></span>indipendent<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>fatto <span class=\"_ _2\"></span>riferimento <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>metodo </span></div><div class=\"t m0 x0 h2 y56 ff1 fs0 fc0 sc0 ls0 ws0\">dei <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>risultato <span class=\"_ _4\"> </span>incrementali <span class=\"_ _4\"> </span>(Multi <span class=\"_ _4\"> </span>period <span class=\"_ _4\"> </span>Excess <span class=\"_ _7\"> </span>Earnings <span class=\"_ _4\"></span>Method <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span><span class=\"ff4\">MEEM), <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>quale <span class=\"_ _4\"> </span>definisce <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>valore <span class=\"_ _4\"> </span>dell\u2019attivit\u00e0 </span></div><div class=\"t m0 x0 h2 y57 ff1 fs0 fc0 sc0 ls0 ws0\">intangibile <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>partire <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>flussi <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>lordi <span class=\"_ _5\"></span>generati <span class=\"_ _2\"></span>dagli <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>ntangibili <span class=\"_ _2\"></span>oggetto <span class=\"_ _2\"></span>di<span class=\"_ _5\"></span> <span class=\"_ _5\"></span><span class=\"ff4\">valutazione <span class=\"_ _2\"></span>attraverso <span class=\"_ _5\"></span>l\u2019utiliz<span class=\"_ _0\"></span>zo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 y58 ff1 fs0 fc0 sc0 ls0 ws0\">dati <span class=\"_ _4\"></span>prospettici <span class=\"_ _6\"></span>opportunamente <span class=\"_ _4\"></span>rettificati <span class=\"_ _6\"></span>per <span class=\"_ _4\"> </span>tenere <span class=\"_ _4\"></span>conto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>i) <span class=\"_ _4\"></span>costi <span class=\"_ _6\"></span>amministrativi <span class=\"_ _6\"></span>n<span class=\"_ _3\"></span>ecessari <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _6\"></span>produzione <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>flussi  di<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y59 ff1 fs0 fc0 sc0 ls0 ws0\">reddito, <span class=\"_ _16\"> </span>ii) <span class=\"_ _16\"> </span>effetto <span class=\"_ _16\"> </span>fiscale, <span class=\"_ _16\"> </span>iii) <span class=\"_ _7\"> </span>costo  con<span class=\"_ _0\"></span>nesso <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>capitale <span class=\"_ _16\"> </span>assorbito <span class=\"_ _7\"> </span>da<span class=\"_ _3\"></span>lle <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _16\"> </span>int<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ngibili, <span class=\"_ _16\"> </span>iv) <span class=\"_ _16\"> </span>costo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>rischio, <span class=\"_ _16\"> </span>laddove </div><div class=\"t m0 x0 h2 y5a ff4 fs0 fc0 sc0 ls0 ws0\">applicabile <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>v) <span class=\"_ _7\"> </span>costo <span class=\"_ _4\"> </span>associato <span class=\"_ _4\"> </span>all\u2019uso <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>altri <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>contribuiscono <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>generazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>flussi <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>cassa <span class=\"_ _4\"> </span>associati <span class=\"_ _4\"> </span>agli<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5b ff1 fs0 fc0 sc0 ls0 ws0\">intangibili specifici. \u00c8 stato successivamente calc<span class=\"_ _0\"></span>olato il valore attuale dei flussi di <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>assa netti attribuibili agli intangib<span class=\"_ _0\"></span>ili oggetto </div><div class=\"t m0 x0 h2 y5c ff1 fs0 fc0 sc0 ls0 ws0\">di valutazione sulla b<span class=\"_ _0\"></span>ase di un tasso di sconto ra<span class=\"_ _0\"></span>ppresentativo del <span class=\"_ _0\"></span>costo del capitale.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y5d ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>valutazione h<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>determinato <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>complessivo <span class=\"_ _3\"></span>dell\u2019intangibile <span class=\"_ _3\"></span>AuM <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>43<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>corrispond<span class=\"_ _5\"></span><span class=\"ff1\">ente <span class=\"_ _3\"></span>allo </span></div><div class=\"t m0 x0 h2 y5e ff1 fs0 fc0 sc0 ls0 ws0\">0,7% <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>acquisite <span class=\"_ _3\"></span>(in <span class=\"_ _2\"></span>linea <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>precedenti <span class=\"_ _3\"></span>PPA <span class=\"_ _3\"></span>gi\u00e0 <span class=\"_ _2\"></span>realizzate <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Gruppo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo), <span class=\"_ _3\"></span>mentre <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _2\"></span>dei </div><div class=\"t m0 x0 h2 y5f ff4 fs0 fc0 sc0 ls0 ws0\">Core <span class=\"_ _3\"></span>Deposits \u00e8 <span class=\"_ _3\"></span>risultato pari a<span class=\"_ _3\"></span> 30 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>pari all\u20191,8% d<span class=\"_ _3\"></span>ei depositi a<span class=\"_ _3\"></span> vista <span class=\"_ _3\"></span>alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>acquisizione.<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Sono inoltre s<span class=\"_ _6\"></span><span class=\"ff1\">tate <span class=\"_ _3\"></span>iscritte<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y60 ff4 fs0 fc0 sc0 ls0 ws0\">le correlate passivit\u00e0<span class=\"_ _0\"></span> fiscali, cos\u00ec come pre<span class=\"_ _0\"></span>visto dallo IAS 12, s<span class=\"_ _0\"></span>ulla base dell\u2019aliqu<span class=\"_ _0\"></span>ota nominale lussemb<span class=\"_ _0\"></span>urghese.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-445.74377px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Ai  fini  della  determinazio<span class=\"_ _0\"></span>ne  dei  criteri  di  amm<span class=\"_ _0\"></span>ortamento  dei  due  intangib<span class=\"_ _0\"></span>ili,  sulla  base  de<span class=\"_ _0\"></span>ll\u2019assunzione  adottata <span class=\"_ _16\"> </span>per  la </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">valori<span class=\"ff4\">zzazione <span class=\"_ _3\"></span>dell\u2019intangibile <span class=\"_ _2\"></span>AuM, <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>sottostanti, <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>eriodo <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ammortamento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">definito <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>16 <span class=\"_ _5\"></span>anni <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>decorrenza <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>quisizio<span class=\"_ _0\"></span>ne. <span class=\"_ _2\"></span>Pe<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>componente <span class=\"_ _5\"></span>dei <span class=\"_ _5\"></span>CD, <span class=\"_ _2\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>la <span class=\"_ _5\"></span>specifica </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">tipologia  di<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>clientela  la<span class=\"_ _0\"></span>  ra<span class=\"_ _0\"></span>ccolta <span class=\"_ _16\"> </span>diretta  \u00e8 <span class=\"_ _16\"> </span>correlata <span class=\"_ _16\"> </span>alle <span class=\"_ _16\"> </span>masse, <span class=\"_ _16\"> </span>\u00e8  stat<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>assunta  un<span class=\"_ _0\"></span>a <span class=\"_ _16\"> </span>durata  resid<span class=\"_ _0\"></span>ua  i<span class=\"_ _0\"></span>n  lin<span class=\"_ _0\"></span>ea  co<span class=\"_ _0\"></span>n  qu<span class=\"_ _0\"></span>ella </div><div class=\"t m0 x0 h2 y62 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019intangibile AuM.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h4f ybfc ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y1903 ff3 fs0 fc2 sc0 ls0 ws0\">Sintesi del processo di<span class=\"_ _0\"></span> allocazione del cost<span class=\"_ _0\"></span>o di acquisizione <span class=\"_ _0\"></span>e la determinazione dell\u2019<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>vviamento<span class=\"_ _3\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y18e1 ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _4\"> </span>disposto <span class=\"_ _4\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _4\"> </span></span>3, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>acquisizione <span class=\"_ _4\"> </span>l\u2019acquirente <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>rilevare <span class=\"_ _4\"> </span>l\u2019avviamento <span class=\"_ _6\"> </span>acquisito <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>un\u2019aggregazione </div><div class=\"t m0 x0 h2 y98b ff1 fs0 fc0 sc0 ls0 ws0\">aziendale <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>misurare <span class=\"_ _2\"></span>inizialmente <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>importo <span class=\"_ _2\"></span>residuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>acquisizione, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>quanto </div><div class=\"t m0 x0 h32 yc04 ff4 fs0 fc0 sc0 ls0 ws0\">esso <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>ituisce <span class=\"_ _2\"></span>l\u2019eccedenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019aggregazi<span class=\"_ _0\"></span>one <span class=\"_ _5\"></span>aziendale <span class=\"_ _2\"></span>rispetto <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>d\u2019interessenza <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>fair </div><div class=\"t m0 x0 h2 yb ff1 fs0 fc0 sc0 ls0 ws0\">value netto delle attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span>, passivit\u00e0 e passivi<span class=\"_ _0\"></span>t\u00e0 potenziali ide<span class=\"_ _0\"></span>ntificate. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yc21 ff4 fs0 fc0 sc0 ls0 ws0\">Come descritto in prec<span class=\"_ _0\"></span>edenza, l\u2019avviamento <span class=\"_ _0\"></span>\u00e8 stato rilevato com<span class=\"_ _0\"></span>e differenza tra il cos<span class=\"_ _0\"></span>to dell\u2019acquisizion<span class=\"_ _0\"></span>e ed il patrimonio n<span class=\"_ _2\"></span><span class=\"ff1\">etto  </span></div><div class=\"t m0 x0 h32 yc57 ff4 fs0 fc0 sc0 ls0 ws0\">della  societ\u00e0  espresso  al <span class=\"_ _1d\"> </span>fair  value  alla <span class=\"_ _1d\"> </span>data  di  acquisizione.  Il  costo  dell\u2019acquisizione  complessivo  \u00e8  ri<span class=\"_ _3\"></span>sultato  pari  a </div><div class=\"t m0 x0 h2 y1555 ff1 fs0 fc0 sc0 ls0 ws0\">184 milioni,  m<span class=\"_ _0\"></span>entre  il <span class=\"_ _16\"> </span>patrimonio  nett<span class=\"_ _0\"></span>o  IAS/IFRS<span class=\"_ _0\"></span>  di  CB<span class=\"_ _0\"></span>PQ  og<span class=\"_ _35\"></span>getto  di  acquisi<span class=\"_ _0\"></span>zione  al <span class=\"_ _16\"> </span>30  giug<span class=\"_ _0\"></span>no  2022,  o<span class=\"_ _35\"></span>pportunamente </div><div class=\"t m0 x0 h2 ya15 ff1 fs0 fc0 sc0 ls0 ws0\">rivalutato al fair valu<span class=\"_ _0\"></span>e, si \u00e8 attestato a 14<span class=\"_ _0\"></span>2 milioni. </div><div class=\"t m0 x0 h2 y14aa ff4 fs0 fc0 sc0 ls0 ws0\">Nella tabella seguente <span class=\"_ _0\"></span>\u00e8 riepilogata l\u2019all<span class=\"_ _0\"></span>ocazione del costo <span class=\"_ _0\"></span>di acquisizione e la d<span class=\"_ _0\"></span>eterm<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nazione finale del<span class=\"_ _0\"></span>l\u2019avviamento<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1262 ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:330.79822px;\"><div class=\"t m0 x95 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w535 h86\" style=\"left:526.1676px; bottom:302.56226px;\"><div class=\"t m0 x13 h59 y745 ff5 fs17 fc2 sc0 ls0 ws0\">CBPQ </div></div><div class=\"c w3d5 h82\" style=\"left:-4.050377px; bottom:285.83124px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Costo di ac<span class=\"_ _0\"></span>quisizione<span class=\"_ _0\"></span> definitivo<span class=\"_ _0\"></span> di CBPQ<span class=\"_ _0\"></span> alla data di<span class=\"_ _0\"></span> acquisizio<span class=\"_ _0\"></span>ne </div></div><div class=\"c w3fc h82\" style=\"left:417.08463px; bottom:285.83124px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">a </div></div><div class=\"c w535 h82\" style=\"left:526.1676px; bottom:285.83124px;\"><div class=\"t m0 xf h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">180<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h41\" style=\"left:-4.050377px; bottom:269.29523px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Aggiusta<span class=\"_ _0\"></span>mento prezzo<span class=\"_ _0\"></span> </div></div><div class=\"c w3fc h41\" style=\"left:417.08463px; bottom:269.29523px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">b </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:269.29523px;\"><div class=\"t m0 xd h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w3d5 h41\" style=\"left:-4.050377px; bottom:252.75922px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Costo di<span class=\"_ _0\"></span> acquisizio<span class=\"_ _0\"></span>ne definiti<span class=\"_ _0\"></span>vo </div></div><div class=\"c w3fc h41\" style=\"left:417.08463px; bottom:252.75922px;\"><div class=\"t m0 xad h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">c = a + b<span class=\"_ _0\"></span> </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:252.75922px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">184<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h81\" style=\"left:-4.050377px; bottom:232.32324px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Patrimoni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> netto I<span class=\"_ _0\"></span>AS/IFRS a<span class=\"_ _0\"></span>lla data di acqu<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>sizione<span class=\"_ _0\"></span> </div></div><div class=\"c w3fc h81\" style=\"left:417.08463px; bottom:232.32324px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">d </div></div><div class=\"c w535 h81\" style=\"left:526.1676px; bottom:232.32324px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h6a\" style=\"left:-4.050377px; bottom:215.63123px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Effetti di PP<span class=\"_ _35\"></span>A </div></div><div class=\"c w3fc h6a\" style=\"left:417.08463px; bottom:215.63123px;\"><div class=\"t m0 x9a h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">e = f + g +<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>h </div></div><div class=\"c w535 h6a\" style=\"left:526.1676px; bottom:215.63123px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">55<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h41\" style=\"left:-4.050377px; bottom:199.09521px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile AuM<span class=\"_ _0\"></span> </div></div><div class=\"c w3fc h41\" style=\"left:417.08463px; bottom:199.09521px;\"><div class=\"t m0 xd5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">f </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:199.09521px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h41\" style=\"left:-4.050377px; bottom:182.5592px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile CD </div></div><div class=\"c w3fc h41\" style=\"left:417.08463px; bottom:182.5592px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">g </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:182.5592px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h41\" style=\"left:-4.050377px; bottom:166.02325px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui impo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te differite<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passive<span class=\"_ _0\"></span> su intangi<span class=\"_ _0\"></span>bili AuM<span class=\"_ _0\"></span> e CD </div></div><div class=\"c w3fc h41\" style=\"left:417.08463px; bottom:166.02325px;\"><div class=\"t m0 xa5 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">h </div></div><div class=\"c w535 h41\" style=\"left:526.1676px; bottom:166.02325px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">18</span> </div></div><div class=\"c w3d5 h43\" style=\"left:-4.050377px; bottom:142.62323px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Patrimoni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> netto al<span class=\"_ _0\"></span> fair value<span class=\"_ _0\"></span> alla data <span class=\"_ _0\"></span>di acquis<span class=\"_ _0\"></span>izione </div></div><div class=\"c w3fc h43\" style=\"left:417.08463px; bottom:142.62323px;\"><div class=\"t m0 xb8 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">i = d +e<span class=\"_ _0\"></span> </div></div><div class=\"c w535 h43\" style=\"left:526.1676px; bottom:142.62323px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">142<span class=\"ls0\"> </span></div></div><div class=\"c w3d5 h47\" style=\"left:-4.050377px; bottom:117.19525px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Avviame<span class=\"_ _0\"></span>nto rilevat<span class=\"_ _0\"></span>o </div></div><div class=\"c w3fc h47\" style=\"left:417.08463px; bottom:117.19525px;\"><div class=\"t m0 x48 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">c <span class=\"ls0\">- <span class=\"ls6c\">i </span> </span></div></div><div class=\"c w535 h47\" style=\"left:526.1676px; bottom:117.19525px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-445.74377px;\"><div class=\"t m0 x0 h2 y151 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h2 y998 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y590 ff1 fs0 fc0 sc0 ls0 ws0\">Dal <span class=\"_ _6\"></span>confronto <span class=\"_ _6\"></span>tra <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>costo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>acquisizione <span class=\"_ _6\"></span>complessivo <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>patrimonio <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>etto <span class=\"_ _6\"></span>al <span class=\"_ _5\"></span>fa<span class=\"_ _3\"></span>ir <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>CBPQ <span class=\"_ _6\"></span>\u00e8 <span class=\"_ _6\"></span>emersa <span class=\"_ _6\"></span>una <span class=\"_ _6\"></span>differenza </div><div class=\"t m0 x0 h2 y7cc ff1 fs0 fc0 sc0 ls0 ws0\">residua <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>allocare <span class=\"_ _2\"></span>par<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>42 <span class=\"_ _5\"></span>milioni <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stata <span class=\"_ _2\"></span>imputata <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>avviamento <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>conclusione <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>PPA. <span class=\"_ _5\"></span>Per <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>IAS <span class=\"_ _2\"></span>36 </div><div class=\"t m0 x0 h2 y1af ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019avviamento <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>attivit\u00e0 <span class=\"_ _2\"></span>intangibili <span class=\"_ _5\"></span>rilevate <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>un\u2019aggregazione <span class=\"_ _2\"></span>aziendale <span class=\"_ _2\"></span>devono, <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>acquisizione, <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>alloc<span class=\"_ _5\"></span><span class=\"ff1\">a<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y14a6 ff4 fs0 fc0 sc0 ls0 ws0\">alla  CGU  che <span class=\"_ _1d\"> </span>si  prevede  possa  beneficiare  delle  sinergie  dell\u2019aggregazione;<span class=\"_ _0\"></span>  nell\u2019ambito  del <span class=\"_ _1d\"> </span>Grup<span class=\"_ _2\"></span><span class=\"ff1\">po  Intesa  Sanpaolo, </span></div><div class=\"t m0 x0 h2 y171b ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019avviamento e le du<span class=\"_ _0\"></span>e attivit\u00e0 intangi<span class=\"_ _0\"></span>bili legate alle masse e<span class=\"_ _0\"></span> alla raccolta di<span class=\"_ _0\"></span>retta sono stati all<span class=\"_ _0\"></span>ocati alla CGU Private B<span class=\"_ _0\"></span>an<span class=\"_ _2\"></span><span class=\"ff1\">k<span class=\"_ _3\"></span>ing. </span></div><div class=\"t m0 x0 h2 y4ea ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya80 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>completezza, <span class=\"_ _3\"></span>si <span class=\"_ _2\"></span>riporta <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>seguito <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>situazione <span class=\"_ _3\"></span>patrimoniale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>CBPQ <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _3\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _3\"></span>confronto <span class=\"_ _3\"></span>tra <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>valori </div><div class=\"t m0 x0 h2 y324 ff1 fs0 fc0 sc0 ls0 ws0\">contabili rivenienti da<span class=\"_ _0\"></span>l bilancio IAS / IFRS d<span class=\"_ _0\"></span>ella societ\u00e0 e i relati<span class=\"_ _0\"></span>vi fair value rivenient<span class=\"_ _0\"></span>i dal processo di PP<span class=\"_ _0\"></span>A.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h61 y985 ff1 fs1c fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w604 h41\" style=\"left:319.55862px; bottom:861.0985px;\"><div class=\"t m0 x11b h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w605 h25d\" style=\"left:-4.050377px; bottom:787.9085px;\"><div class=\"t m0 x41 h59 y1158 ff5 fs17 fc2 sc0 ls0 ws0\">Voci dell'a<span class=\"_ _0\"></span>ttivo </div></div><div class=\"c w606 h25e\" style=\"left:319.55862px; bottom:832.68054px;\"><div class=\"t m0 xa5 h59 y564 ff5 fs17 fc2 sc0 ls0 ws0\">Compag<span class=\"_ _0\"></span>nie de Ban<span class=\"_ _35\"></span>que Priv\u00e9e Quilvest<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>S.A </div></div><div class=\"c w607 hba\" style=\"left:319.55862px; bottom:787.9085px;\"><div class=\"t m0 x87 h59 ya6d ff5 fs17 fc2 sc0 ls0 ws0\">Valore c<span class=\"_ _0\"></span>ontabile a<span class=\"_ _0\"></span>lla  </div><div class=\"t m0 x12 h59 y76d ff5 fs17 fc2 sc0 ls0 ws0\">data di acq<span class=\"_ _0\"></span>uisizione<span class=\"_ _0\"></span> </div></div><div class=\"c w607 hba\" style=\"left:429.87665px; bottom:787.9085px;\"><div class=\"t m0 x86 h59 ya6d ff5 fs17 fc2 sc0 ls0 ws0\">Differen<span class=\"_ _0\"></span>ze di fair </div><div class=\"t m0 x4 h59 y76d ff5 fs17 fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w116 hba\" style=\"left:541.4556px; bottom:787.9085px;\"><div class=\"t m0 xdd h59 y867 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> alla </div><div class=\"t m0 xd9 h59 y8aa ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 x6 h59 ya10 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w603 h53\" style=\"left:-4.050377px; bottom:771.3725px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Cassa e dis<span class=\"_ _0\"></span>ponibilit\u00e0 l<span class=\"_ _0\"></span>iquide </div></div><div class=\"c w608 h53\" style=\"left:319.55862px; bottom:771.3725px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.255 </div></div><div class=\"c w608 h53\" style=\"left:429.87665px; bottom:771.3725px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h53\" style=\"left:541.4556px; bottom:771.3725px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.255 </div></div><div class=\"c w603 h6a\" style=\"left:-4.050377px; bottom:754.68054px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al fair <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alue con i<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>patto a<span class=\"_ _0\"></span> conto econo<span class=\"_ _35\"></span>mico </div></div><div class=\"c w608 h6a\" style=\"left:319.55862px; bottom:754.68054px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w608 h6a\" style=\"left:429.87665px; bottom:754.68054px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h6a\" style=\"left:541.4556px; bottom:754.68054px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w603 h6c\" style=\"left:-4.050377px; bottom:728.9405px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al fair <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alue con i<span class=\"_ _0\"></span>mpatto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivi<span class=\"_ _0\"></span>t\u00e0 </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">complessi<span class=\"_ _0\"></span>va </div></div><div class=\"c w608 h6c\" style=\"left:319.55862px; bottom:728.9405px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">209<span class=\"ls0\"> </span></div></div><div class=\"c w608 h6c\" style=\"left:429.87665px; bottom:728.9405px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h6c\" style=\"left:541.4556px; bottom:728.9405px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">209<span class=\"ls0\"> </span></div></div><div class=\"c w603 h1d\" style=\"left:-4.050377px; bottom:714.1205px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al cos<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>o ammor<span class=\"_ _0\"></span>tizzato </div></div><div class=\"c w608 h1d\" style=\"left:319.55862px; bottom:714.1205px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">601<span class=\"ls0\"> </span></div></div><div class=\"c w608 h1d\" style=\"left:429.87665px; bottom:714.1205px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h1d\" style=\"left:541.4556px; bottom:714.1205px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">601<span class=\"ls0\"> </span></div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:697.58453px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">a) crediti <span class=\"_ _0\"></span>verso banch<span class=\"_ _0\"></span>e </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:697.58453px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:697.58453px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:697.58453px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">21<span class=\"ls0\"> </span></div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:681.0485px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">b) crediti <span class=\"_ _0\"></span>verso clientela<span class=\"_ _0\"></span> </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:681.0485px;\"><div class=\"t m0 x8d h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">580<span class=\"ls0\"> </span></div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:681.0485px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:681.0485px;\"><div class=\"t m0 xc h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">580<span class=\"ls0\"> </span></div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:664.5125px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 ma<span class=\"_ _0\"></span>teriali </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:664.5125px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:664.5125px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:664.5125px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w603 h6a\" style=\"left:-4.050377px; bottom:647.8205px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 im<span class=\"_ _0\"></span>materiali </div></div><div class=\"c w608 h6a\" style=\"left:319.55862px; bottom:647.8205px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w608 h6a\" style=\"left:429.87665px; bottom:647.8205px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w11a h6a\" style=\"left:541.4556px; bottom:647.8205px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">117<span class=\"ls0\"> </span></div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:631.2845px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile AuM<span class=\"_ _0\"></span> </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:631.2845px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:631.2845px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:631.2845px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">43<span class=\"ls0\"> </span></div></div><div class=\"c w603 h69\" style=\"left:-4.050377px; bottom:614.70953px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile Core<span class=\"_ _35\"></span> Deposits - <span class=\"ls6b\">CD</span> </div></div><div class=\"c w608 h69\" style=\"left:319.55862px; bottom:614.70953px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w608 h69\" style=\"left:429.87665px; bottom:614.70953px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w11a h69\" style=\"left:541.4556px; bottom:614.70953px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">30<span class=\"ls0\"> </span></div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:598.1735px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui a<span class=\"_ _0\"></span>vviamento </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:598.1735px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:598.1735px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:598.1735px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w603 h6a\" style=\"left:-4.050377px; bottom:581.4815px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fi<span class=\"_ _0\"></span>scali </div></div><div class=\"c w608 h6a\" style=\"left:319.55862px; bottom:581.4815px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w608 h6a\" style=\"left:429.87665px; bottom:581.4815px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h6a\" style=\"left:541.4556px; bottom:581.4815px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w603 h41\" style=\"left:-4.050377px; bottom:564.9455px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Altre attivit\u00e0<span class=\"_ _0\"></span> </div></div><div class=\"c w608 h41\" style=\"left:319.55862px; bottom:564.9455px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w608 h41\" style=\"left:429.87665px; bottom:564.9455px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h41\" style=\"left:541.4556px; bottom:564.9455px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">32<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:545.4455px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale del<span class=\"_ _0\"></span>l'attivo </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:545.4455px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.107 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:545.4455px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:545.4455px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.222 </div></div><div class=\"c w605 h25f\" style=\"left:-4.050377px; bottom:452.7815px;\"><div class=\"t m0 x41 h59 y1906 ff5 fs17 fc2 sc0 ls0 ws0\">Voci del <span class=\"_ _0\"></span>passivo e<span class=\"_ _0\"></span> del patrim<span class=\"_ _0\"></span>onio nett<span class=\"_ _0\"></span>o </div></div><div class=\"c w606 h260\" style=\"left:319.55862px; bottom:497.70953px;\"><div class=\"t m0 xa5 h59 yf98 ff5 fs17 fc2 sc0 ls0 ws0\">Compag<span class=\"_ _0\"></span>nie de Ban<span class=\"_ _35\"></span>que Priv\u00e9e Quilvest<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>S.A </div></div><div class=\"c w607 hba\" style=\"left:319.55862px; bottom:452.7815px;\"><div class=\"t m0 x87 h59 y708 ff5 fs17 fc2 sc0 ls0 ws0\">Valore c<span class=\"_ _0\"></span>ontabile a<span class=\"_ _0\"></span>lla  </div><div class=\"t m0 x12 h59 y76d ff5 fs17 fc2 sc0 ls0 ws0\">data di acq<span class=\"_ _0\"></span>uisizione<span class=\"_ _0\"></span> </div></div><div class=\"c w607 hba\" style=\"left:429.87665px; bottom:452.7815px;\"><div class=\"t m0 x86 h59 y708 ff5 fs17 fc2 sc0 ls0 ws0\">Differen<span class=\"_ _0\"></span>ze di fair </div><div class=\"t m0 x4 h59 y76d ff5 fs17 fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w116 hba\" style=\"left:541.4556px; bottom:452.7815px;\"><div class=\"t m0 xdd h59 y13a9 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> alla </div><div class=\"t m0 xd9 h59 y868 ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 x6 h59 ya10 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:432.0335px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> finanziarie <span class=\"_ _0\"></span>valutate al<span class=\"_ _0\"></span> costo a<span class=\"_ _35\"></span>mmortizzato </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:432.0335px;\"><div class=\"t m0 x4 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.963 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:432.0335px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:432.0335px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1.963 </div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:412.5335px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">a) debiti ver<span class=\"_ _0\"></span>so banche<span class=\"_ _0\"></span> </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:412.5335px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:412.5335px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:412.5335px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:393.0335px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">b) debiti ver<span class=\"_ _0\"></span>so la clien<span class=\"_ _0\"></span>tela </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:393.0335px;\"><div class=\"t m0 x4 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.943 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:393.0335px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:393.0335px;\"><div class=\"t m0 x43 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1.943 </div></div><div class=\"c w603 h5e\" style=\"left:-4.050377px; bottom:373.5075px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> finanziarie d<span class=\"_ _0\"></span>i negozia<span class=\"_ _0\"></span>zione </div></div><div class=\"c w608 h5e\" style=\"left:319.55862px; bottom:373.5075px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w608 h5e\" style=\"left:429.87665px; bottom:373.5075px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h5e\" style=\"left:541.4556px; bottom:373.5075px;\"><div class=\"t m0 xcc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">4 </div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:354.0075px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> fiscali </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:354.0075px;\"><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:354.0075px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:354.0075px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:334.5075px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">a) corren<span class=\"_ _0\"></span>ti </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:334.5075px;\"><div class=\"t m0 x123 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:334.5075px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:334.5075px;\"><div class=\"t m0 xcc h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">8 </div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:315.0075px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">b) differite<span class=\"_ _0\"></span> </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:315.0075px;\"><div class=\"t m0 xb6 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:315.0075px;\"><div class=\"t m0 xc2 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:315.0075px;\"><div class=\"t m0 x4a h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:295.5075px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Altre passi<span class=\"_ _0\"></span>vit\u00e0 </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:295.5075px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:295.5075px;\"><div class=\"t m0 xb6 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:295.5075px;\"><div class=\"t m0 x4a h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:276.0075px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Voci di patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:276.0075px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">87<span class=\"ls0\"> </span></div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:276.0075px;\"><div class=\"t m0 xc2 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">97<span class=\"ls0\"> </span></div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:276.0075px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">184<span class=\"ls0\"> </span></div></div><div class=\"c w603 h47\" style=\"left:-4.050377px; bottom:256.5075px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale del<span class=\"_ _0\"></span> passivo e<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>del patr<span class=\"_ _0\"></span>imonio nett<span class=\"_ _35\"></span>o </div></div><div class=\"c w608 h47\" style=\"left:319.55862px; bottom:256.5075px;\"><div class=\"t m0 x4 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.107 </div></div><div class=\"c w608 h47\" style=\"left:429.87665px; bottom:256.5075px;\"><div class=\"t m0 x8d h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">115<span class=\"ls0\"> </span></div></div><div class=\"c w11a h47\" style=\"left:541.4556px; bottom:256.5075px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">2.222 </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-123.57349px;\"><div class=\"t m0 x0 h2 y13e5 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h2 y3dd ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 xcd h2 y11f9 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y12dc ff6 fs0 fc2 sc0 ls0 ws0\">L\u2019acquisizione di VUB<span class=\"_ _0\"></span> Generali Dochodkov<span class=\"_ _0\"></span>a Spravcovska S<span class=\"_ _0\"></span>polocnost A.S.<span class=\"ff1 fc0\"> </span></div><div class=\"t m0 x0 h32 y736 ff4 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>deteneva, <span class=\"_ _6\"> </span>per <span class=\"_ _6\"> </span>il <span class=\"_ _4\"> </span>tramite <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>controllata <span class=\"_ _4\"> </span>Vseobecn<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>Uverova <span class=\"_ _6\"> </span>Banka <span class=\"_ _4\"> </span>A.S. <span class=\"_ _6\"></span>(nel <span class=\"_ _6\"> </span>seguito <span class=\"_ _6\"> </span>\u201cVUB\u201d), <span class=\"_ _4\"> </span>il <span class=\"_ _6\"></span>50% <span class=\"_ _6\"> </span>del </div><div class=\"t m0 x0 h32 ycfa ff4 fs0 fc0 sc0 ls0 ws0\">capitale <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Generali <span class=\"_ _2\"></span>Dochodkova <span class=\"_ _3\"></span>Spravcovska <span class=\"_ _2\"></span>Spolocnost <span class=\"_ _3\"></span>A.S. <span class=\"_ _2\"></span>(nel <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>\u201cVUB <span class=\"_ _3\"></span>Generali\u201d), <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>una </div><div class=\"t m0 x0 h2 yeb5 ff4 fs0 fc0 sc0 ls0 ws0\">joint venture <span class=\"_ _3\"></span>avviata nel c<span class=\"_ _3\"></span>orso del <span class=\"_ _3\"></span>2004 con <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Generali, al <span class=\"_ _3\"></span>fine di <span class=\"_ _3\"></span>sviluppare l\u2019offerta d<span class=\"_ _3\"></span>i fondi <span class=\"_ _3\"></span>pensione a <span class=\"_ _3\"></span>contribu<span class=\"_ _5\"></span><span class=\"ff1\">zione<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y1249 ff1 fs0 fc0 sc0 ls0 ws0\">volo<span class=\"ff4\">ntaria in <span class=\"_ _3\"></span>Slovacchia. La <span class=\"_ _3\"></span>societ\u00e0 era c<span class=\"_ _3\"></span>lassificata tra <span class=\"_ _3\"></span>le partecipazioni sottoposte a <span class=\"_ _3\"></span>controllo congiunto <span class=\"_ _3\"></span>ai sensi <span class=\"_ _3\"></span>dell\u2019IFRS 1<span class=\"_ _5\"></span></span><span class=\"lsc\">1 </span></div><div class=\"t m0 x0 h2 y3e4 ff1 fs0 fc0 sc0 ls0 ws0\">e consolidata con il me<span class=\"_ _0\"></span>todo del patrim<span class=\"_ _0\"></span>onio netto. </div><div class=\"t m0 x0 h2 y13ab ff1 fs0 fc0 sc0 ls0 ws0\">Considerato <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>he, <span class=\"_ _7\"> </span>nel <span class=\"_ _7\"> </span>corso <span class=\"_ _16\"> </span>degli <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>nni, <span class=\"_ _7\"> </span>VUB <span class=\"_ _7\"> </span>Generali <span class=\"_ _7\"> </span>aveva <span class=\"_ _7\"> </span>p<span class=\"_ _3\"></span>erseguito <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>proprio<span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>sviluppo <span class=\"_ _7\"> </span>principalmente <span class=\"_ _7\"> </span>tramite <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ete </div><div class=\"t m0 x0 h2 y3e6 ff4 fs0 fc0 sc0 ls0 ws0\">distributiva di VUB e <span class=\"_ _3\"></span>all\u2019indotto generato dalla rete di<span class=\"_ _3\"></span> agenti gi\u00e0 partner di <span class=\"_ _3\"></span>VUB per l\u2019intermediazione di altri prodotti ba<span class=\"_ _5\"></span><span class=\"ff1\">n<span class=\"_ _3\"></span>cari, \u00e8 </span></div><div class=\"t m0 x0 h32 y805 ff4 fs0 fc0 sc0 ls0 ws0\">stata <span class=\"_ _2\"></span>valutata <span class=\"_ _5\"></span>l\u2019opportunit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>interrompere <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>joint <span class=\"_ _2\"></span>venture <span class=\"_ _5\"></span>attraverso <span class=\"_ _2\"></span>l\u2019acquis<span class=\"_ _2\"></span>izione <span class=\"_ _2\"></span>da <span class=\"_ _5\"></span>Generali <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>un\u2019ulteriore <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>VUB </div><div class=\"t m0 x0 h2 y3e8 ff4 fs0 fc0 sc0 ls0 ws0\">Generali, pari al 5,26%<span class=\"_ _0\"></span> del capitale so<span class=\"_ _0\"></span>ciale, al fine di acqui<span class=\"_ _0\"></span>sirne il controllo ai s<span class=\"_ _0\"></span>ensi dell\u2019IFRS 10.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y13b8 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019operazione <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>stata <span class=\"_ _4\"> </span>strutturata <span class=\"_ _6\"> </span>prevedendo, <span class=\"_ _4\"> </span>oltre <span class=\"_ _6\"> </span>all\u2019acquisto <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ella <span class=\"_ _4\"> </span>quota <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>5,26% <span class=\"_ _4\"> </span>del <span class=\"_ _6\"> </span>capitale <span class=\"_ _4\"> </span>socia<span class=\"_ _2\"></span><span class=\"ff1\">le, <span class=\"_ _4\"> </span>un <span class=\"_ _4\"></span>meccanismo<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h2 y1907 ff1 fs0 fc0 sc0 ls0 ws0\">incrociato di <span class=\"_ _3\"></span>opzioni put <span class=\"_ _3\"></span>&amp; call <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo Intesa Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>il Gruppo <span class=\"_ _3\"></span>Generali che, in <span class=\"_ _3\"></span>caso <span class=\"_ _3\"></span>di esercizio, <span class=\"_ _3\"></span>permetter\u00e0 a <span class=\"_ _3\"></span>V<span class=\"_ _2\"></span>UB </div><div class=\"t m0 x0 h32 y1908 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>incrementare <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ropria <span class=\"_ _3\"></span>interessenza <span class=\"_ _2\"></span>sino <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>VUB <span class=\"_ _3\"></span>Generali, <span class=\"_ _2\"></span>attraverso <span class=\"_ _2\"></span>l\u2019acquis<span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>dell\u2019ulteriore </div><div class=\"t m0 x0 h2 y1552 ff1 fs0 fc0 sc0 ls0 ws0\">quota di minoranza, <span class=\"_ _0\"></span>pari al 44,74% del c<span class=\"_ _0\"></span>apitale sociale.  </div><div class=\"t m0 x0 h2 y9c ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>contratto <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>compravendita <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>l\u2019aggiornamento <span class=\"_ _6\"> </span>del <span class=\"_ _7\"> </span>patto <span class=\"_ _4\"> </span>parasociale <span class=\"_ _4\"> </span>preesistente<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _4\"> </span>finalizzati <span class=\"_ _4\"> </span>dalle <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>data<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1553 ff1 fs0 fc0 sc0 ls0 ws0\">5 <span class=\"ff4\">aprile <span class=\"_ _16\"> </span>2022 <span class=\"_ _16\"> </span>con  closi<span class=\"_ _0\"></span>ng  c<span class=\"_ _0\"></span>ondizionato <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>ll\u2019ottenimento<span class=\"ff1\">  delle <span class=\"_ _7\"> </span>necessarie  auto<span class=\"_ _0\"></span>rizzazioni <span class=\"_ _16\"> </span>da <span class=\"_ _16\"> </span>parte  dell<span class=\"_ _0\"></span>e  di<span class=\"_ _0\"></span>verse <span class=\"_ _16\"> </span>Autorit\u00e0 <span class=\"_ _16\"> </span>di </span></span></div><div class=\"t m0 x0 h2 y3ef ff4 fs0 fc0 sc0 ls0 ws0\">Vigilanza. <span class=\"_ _3\"></span>Conclusosi <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019iter <span class=\"_ _3\"></span>autorizzativo, <span class=\"_ _3\"></span>l\u2019operazione <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stata <span class=\"_ _2\"></span>perfezionata <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _3\"></span>24 <span class=\"_ _2\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>con <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>\u2019acquisto <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>part<span class=\"_ _5\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y1909 ff1 fs0 fc0 sc0 ls0 ws0\">VUB del 5,26% del capit<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le sociale di VUB<span class=\"_ _0\"></span> Generali. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-107.19849px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>l\u2019<span class=\"ff1\">acquisizione <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>5,26% <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>capitale <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>VUB <span class=\"_ _5\"></span>Generali, <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>parti <span class=\"_ _6\"></span>hanno <span class=\"_ _5\"></span>pattuito <span class=\"_ _5\"></span>un <span class=\"_ _5\"></span>prezzo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>circa <span class=\"_ _5\"></span>5 <span class=\"_ _6\"></span>milioni, <span class=\"_ _5\"></span>regolato <span class=\"_ _5\"></span>per </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">cassa, <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>tiene con<span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>di u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>valorizzazione del <span class=\"_ _3\"></span>100% <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>societ\u00e0 p<span class=\"_ _3\"></span>ari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>circa <span class=\"_ _3\"></span>85 <span class=\"_ _3\"></span>milioni, <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>congruit\u00e0, dal <span class=\"_ _3\"></span>punto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>v<span class=\"_ _5\"></span>ista </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">economico e finanziario, <span class=\"_ _0\"></span>\u00e8 stata confermata <span class=\"_ _0\"></span>da apposita fairness<span class=\"_ _0\"></span> opinion di un terzo es<span class=\"_ _0\"></span>perto indipendente.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Al  momento <span class=\"_ _16\"> </span>del  closing, <span class=\"_ _16\"> </span>sulla  base  della  q<span class=\"_ _35\"></span>uota  detenuta,  p<span class=\"_ _0\"></span>ari  al  55,<span class=\"_ _0\"></span>26%  e  d<span class=\"_ _0\"></span>ei  diritti <span class=\"_ _16\"> </span>di  governance <span class=\"_ _16\"> </span>spettanti  a  V<span class=\"_ _0\"></span>UB, </div><div class=\"t m0 x0 h32 y62 ff4 fs0 fc0 sc0 ls0 ws0\">quest\u2019ultima, e quindi <span class=\"_ _3\"></span>il Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo, ha <span class=\"_ _3\"></span>acquisito il controllo della <span class=\"_ _3\"></span>societ\u00e0 ai s<span class=\"_ _3\"></span>ensi dell\u2019IFRS 10, <span class=\"_ _3\"></span>con conseguente </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">obbligo di consolid<span class=\"_ _0\"></span>amento integrale della <span class=\"_ _0\"></span>societ\u00e0. </div><div class=\"t m0 x0 h4c y64 ff2 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y65 ff3 fs0 fc2 sc0 ls0 ws0\">La contabilizzazione d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>ll\u2019operazione di a<span class=\"_ _0\"></span>ggregazione e il proc<span class=\"_ _0\"></span>esso di Purchase Pric<span class=\"_ _0\"></span>e Allocation (P<span class=\"_ _0\"></span>PA)<span class=\"_ _2\"></span><span class=\"ff2\"> </span></div><div class=\"t m0 x0 h2 y66 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019acquisizi<span class=\"ff1\">one <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>controllo <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>cui, <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>detto <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>precedenza, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>Gruppo <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>tramite <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h32 y67 ff4 fs0 fc0 sc0 ls0 ws0\">VUB,  deteneva <span class=\"_ _1d\"> </span>gi\u00e0  in <span class=\"_ _1d\"> </span>precedenza  un\u2019interessenza  pari  al <span class=\"_ _1d\"> </span>50%,  \u00e8 <span class=\"_ _1d\"> </span>stata  considerata,  cos\u00ec <span class=\"_ _1d\"> </span>come  previsto  d<span class=\"_ _3\"></span>all\u2019IFRS  3, </div><div class=\"t m0 x0 h32 y68 ff4 fs0 fc0 sc0 ls0 ws0\">un\u2019aggregazione <span class=\"_ _3\"></span>aziendale <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>alizzata <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _2\"></span>fasi <span class=\"_ _3\"></span>(o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>\u201cbusiness <span class=\"_ _3\"></span>combination <span class=\"_ _3\"></span>achieved <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>stages\u201d), <span class=\"_ _3\"></span>ossia <span class=\"_ _2\"></span>un\u2019aggregazione <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>cui </div><div class=\"t m0 x0 h32 y69 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019acquirente <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>cquisisce <span class=\"_ _5\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>controllo <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>un <span class=\"_ _6\"> </span>soggetto <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>cui <span class=\"_ _4\"> </span>deteneva <span class=\"_ _6\"> </span>gi\u00e0 <span class=\"_ _6\"></span>un\u2019interessenza <span class=\"_ _6\"></span>immediatamente <span class=\"_ _5\"></span>prima <span class=\"_ _6\"> </span>della <span class=\"_ _6\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">acquisizione. <span class=\"_ _23\"> </span>Secondo <span class=\"_ _29\"> </span>l\u2019IFRS <span class=\"_ _23\"> </span>3 <span class=\"_ _29\"> </span>tutte<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span>le <span class=\"_ _29\"> </span>business <span class=\"_ _23\"> </span>combination <span class=\"_ _23\"> </span>devono <span class=\"_ _29\"> </span>essere <span class=\"_ _29\"> </span>contabilizzate<span class=\"_ _0\"></span> <span class=\"_ _29\"> </span>secondo <span class=\"_ _23\"> </span>il <span class=\"_ _29\"> </span>metodo </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019acquisizione; i<span class=\"_ _0\"></span>n base a tale met<span class=\"_ _0\"></span>odo occorre procedere a:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>identificare l\u2019acquire<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te e la data dell\u2019acq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>isizione;<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6d ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinare <span class=\"_ _1c\"> </span>il <span class=\"_ _20\"> </span>costo <span class=\"_ _20\"> </span>dell\u2019acq<span class=\"_ _0\"></span>uisizione,<span class=\"ff1\"> <span class=\"_ _20\"> </span>comprensivo, <span class=\"_ _1c\"> </span>per <span class=\"_ _20\"> </span>le <span class=\"_ _20\"> </span>aggregazioni <span class=\"_ _1c\"> </span>aziendali <span class=\"_ _20\"> </span>realizzate <span class=\"_ _1c\"> </span>in <span class=\"_ _20\"> </span>pi\u00f9 <span class=\"_ _20\"> </span>fasi, <span class=\"_ _1c\"> </span>della </span></div><div class=\"t m0 x2a h2 y6e ff4 fs0 fc0 sc0 ls0 ws0\">riespressione al fair <span class=\"_ _0\"></span>value dell\u2019interess<span class=\"_ _0\"></span>enza detenuta in preced<span class=\"_ _35\"></span>enza nel soggetto acquisito;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>allocare  il<span class=\"_ _0\"></span>  costo <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ell\u2019acquisizio<span class=\"_ _0\"></span>ne  (cosid<span class=\"_ _0\"></span>detta  \u201cP<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>rchase  P<span class=\"_ _0\"></span>rice <span class=\"_ _16\"> </span>Allocation\u201d,  d<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>  s<span class=\"_ _0\"></span>eguito <span class=\"_ _16\"> </span>\u201cPPA\u201d)  rilevand<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  le <span class=\"_ _16\"> </span>at<span class=\"_ _2\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>ivit\u00e0,  l<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x2a h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 e le passivit\u00e0 poten<span class=\"_ _0\"></span>ziali ritenute identific<span class=\"_ _0\"></span>abili della societ\u00e0 acquisita ai r<span class=\"_ _0\"></span>elativi fair value a tale data, ad e<span class=\"_ _0\"></span>c<span class=\"_ _5\"></span>cezione<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>correnti <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>gruppi <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>dismissione) <span class=\"_ _2\"></span>classificate <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>possedute <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>la <span class=\"_ _5\"></span>vendita <span class=\"_ _2\"></span>secondo <span class=\"_ _5\"></span>quanto <span class=\"_ _4\"></span>previsto </div><div class=\"t m0 x2a h2 y72 ff4 fs0 fc0 sc0 ls0 ws0\">dall\u2019IFRS <span class=\"_ _2\"></span>5. <span class=\"_ _5\"></span>Queste <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>ltime, <span class=\"_ _2\"></span>infatti, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>contabilizzate <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>netto <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>vendita. <span class=\"_ _2\"></span>Devono, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>e<span class=\"_ _3\"></span>ssere<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x2a h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">iscritte eventuali attivit<span class=\"_ _35\"></span>\u00e0<span class=\"_ _3\"></span> immateriali anco<span class=\"_ _0\"></span>rch\u00e9 non gi\u00e0 rilevate d<span class=\"_ _0\"></span>al soggetto acquisito<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h4f y17d0 ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1060 ff4 fs0 fc0 sc0 ls0 ws0\">Fermo <span class=\"_ _4\"> </span>restando <span class=\"_ _6\"> </span>l\u2019identificazio<span class=\"ff1\">ne <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>VUB <span class=\"_ _4\"> </span>quale <span class=\"_ _6\"></span>soggetto <span class=\"_ _4\"> </span>acquirente, <span class=\"_ _6\"></span>nonostante <span class=\"_ _4\"> </span>questa <span class=\"_ _4\"></span>abbia <span class=\"_ _6\"></span>acquisito <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>controllo <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>VUB </span></div><div class=\"t m0 x0 h2 y1061 ff1 fs0 fc0 sc0 ls0 ws0\">Generali <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>ottobre <span class=\"_ _3\"></span>2022, <span class=\"_ _2\"></span>tenuto opportunamente <span class=\"_ _3\"></span>conto <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>fatto <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>societ\u00e0, <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>accordi <span class=\"_ _3\"></span>contrattuali, <span class=\"_ _6\"></span><span class=\"lsc\">ha </span></div><div class=\"t m0 x0 h2 y1062 ff1 fs0 fc0 sc0 ls0 ws0\">predisposto <span class=\"_ _2\"></span>una <span class=\"_ _5\"></span>situazione <span class=\"_ _2\"></span>patrimoniale <span class=\"_ _5\"></span>ed <span class=\"_ _2\"></span>economica <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _5\"></span>ottobre <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>che<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>tra <span class=\"_ _5\"></span>tale <span class=\"_ _2\"></span>data <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>quella <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>losing <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>sono<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yb82 ff1 fs0 fc0 sc0 ls0 ws0\">intervenuti eventi straordinari o materiali, <span class=\"_ _3\"></span>la data d<span class=\"_ _3\"></span>i acquisizione contabile \u00e8 <span class=\"_ _3\"></span>stata convenzionalmente assunta al 1<span class=\"_ _3\"></span>\u00b0 novemb<span class=\"_ _5\"></span>re </div><div class=\"t m0 x0 h2 y8e1 ff1 fs0 fc0 sc0 ls0 ws0\">2022. Pertanto, ai <span class=\"_ _3\"></span>fini della s<span class=\"_ _3\"></span>ituazione pa<span class=\"_ _3\"></span>trimoniale oggetto di primo <span class=\"_ _3\"></span>consolidamento, cos\u00ec come per <span class=\"_ _3\"></span>la determinazione dei fair </div><div class=\"t m0 x0 h2 y695 ff1 fs0 fc0 sc0 ls0 ws0\">value delle attivit\u00e0 e passivit<span class=\"_ _0\"></span>\u00e0 acquisite, si \u00e8 fatto riferime<span class=\"_ _0\"></span>nto alla situazione patrim<span class=\"_ _0\"></span>oniale IAS/IFRS predispo<span class=\"_ _0\"></span>sta dalla so<span class=\"_ _2\"></span>ciet\u00e0 al </div><div class=\"t m0 x0 h2 y1063 ff1 fs0 fc0 sc0 ls0 ws0\">31 ottobre 2022. Con riferimento al recepimento degli effetti economici nel bilancio consolidato di VUB<span class=\"_ _0\"></span> e d<span class=\"_ _3\"></span>i Intesa Sanpaolo, il </div><div class=\"t m0 x0 h2 yc8a ff1 fs0 fc0 sc0 ls0 ws0\">risultato economico <span class=\"_ _0\"></span>di VUB Generali \u00e8 stat<span class=\"_ _0\"></span>o incluso a partire d<span class=\"_ _0\"></span>al 1\u00b0 novembre 2022.  </div><div class=\"t m0 x0 h2 y1360 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1609 ff4 fs0 fc0 sc0 ls0 ws0\">Sulla base di quanto disposto dall\u2019IFRS 3, il costo di acquisizione \u00e8 stato de<span class=\"_ _3\"></span><span class=\"ff1\">terminato tenendo conto del fair value, alla data di </span></div><div class=\"t m0 x0 h2 yaca ff4 fs0 fc0 sc0 ls0 ws0\">acquisizione  dell\u2019i<span class=\"_ _0\"></span>nteressenza  g<span class=\"_ _0\"></span>i\u00e0  detenuta,  delle <span class=\"_ _16\"> </span>attivit\u00e0  trasferite <span class=\"_ _16\"> </span>dall'acquirente  ai  p<span class=\"_ _0\"></span>recedenti  soci  d<span class=\"_ _0\"></span>ell'acquisita,  d<span class=\"_ _0\"></span>el<span class=\"_ _5\"></span><span class=\"ff1\">le </span></div><div class=\"t m0 x0 h2 y160a ff1 fs0 fc0 sc0 ls0 ws0\">passivit\u00e0 <span class=\"_ _6\"></span>sostenute <span class=\"_ _4\"></span>dall'acquirent<span class=\"_ _0\"></span>e <span class=\"_ _4\"></span>per <span class=\"_ _4\"></span>tali <span class=\"_ _6\"></span>soggetti <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>interessenze <span class=\"_ _7\"> </span>emesse <span class=\"_ _6\"></span>dall'acquirente. <span class=\"_ _4\"></span>In <span class=\"_ _6\"></span>particolar <span class=\"_ _4\"> </span>modo, <span class=\"_ _6\"></span>come </div><div class=\"t m0 x0 h32 yacb ff4 fs0 fc0 sc0 ls0 ws0\">anticipato  in  prec<span class=\"_ _0\"></span>edenza,  il  principio<span class=\"_ _0\"></span>  prevede  che,  in  u<span class=\"_ _0\"></span>n\u2019aggregazione<span class=\"_ _0\"></span>  aziendale  realizzata<span class=\"_ _0\"></span>  in  pi\u00f9  fasi, <span class=\"_ _16\"> </span>come  nel  caso </div><div class=\"t m0 x0 h2 yf9e ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019acquisizione <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>Generali, <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _3\"></span>debba <span class=\"_ _2\"></span>tenere <span class=\"_ _3\"></span>conto <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>alla <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>ta <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>acquisizione, </span></div><div class=\"t m0 x0 h32 yab1 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019interessenza <span class=\"_ _1d\"> </span>nell\u2019acquisita <span class=\"_ _1d\"> </span>precedentement<span class=\"_ _0\"></span>e <span class=\"_ _17\"> </span>posseduta <span class=\"_ _1d\"> </span>dall\u2019acquirente; <span class=\"_ _1d\"> </span>nello <span class=\"_ _1d\"> </span>specifico <span class=\"_ _17\"> </span>l'acquirente <span class=\"_ _1d\"> </span>deve <span class=\"_ _1d\"> </span>ricalcolare </div><div class=\"t m0 x0 h2 ycd6 ff1 fs0 fc0 sc0 ls0 ws0\">l'interessenza che deteneva in preceden<span class=\"_ _0\"></span>za nell'acquisita al rispettivo fair valu<span class=\"_ _0\"></span>e alla data di<span class=\"_ _2\"></span> acquisizione e rilevare la differenza </div><div class=\"t m0 x0 h2 yc3a ff1 fs0 fc0 sc0 ls0 ws0\">rispetto al precedent<span class=\"_ _0\"></span>e valore contabile<span class=\"_ _0\"></span> come utile o perdita n<span class=\"_ _0\"></span>el proprio conto eco<span class=\"_ _0\"></span>nomico.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y7cf ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair val<span class=\"_ _3\"></span>ue della <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>gi\u00e0 detenuta in <span class=\"_ _3\"></span>VUB Generali <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>fatto riferimento alla <span class=\"_ _3\"></span>valutazione, negozi<span class=\"_ _5\"></span><span class=\"lsc\">at<span class=\"ls17\">a </span></span></div><div class=\"t m0 x0 h2 yc3b ff4 fs0 fc0 sc0 ls0 ws0\">dalle <span class=\"_ _5\"></span>parti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>confermata <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>fairness <span class=\"_ _5\"></span>opinion <span class=\"_ _2\"></span>del<span class=\"_ _3\"></span>l\u2019esperto <span class=\"_ _2\"></span>contabile, <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>100% <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>soc<span class=\"_ _3\"></span>iet\u00e0, <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>85 <span class=\"_ _5\"></span>milioni, <span class=\"_ _5\"></span>tenuto <span class=\"_ _2\"></span>con<span class=\"_ _5\"></span><span class=\"ff1\">to </span></div><div class=\"t m0 x0 h32 y8bf ff4 fs0 fc0 sc0 ls0 ws0\">che <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019acquisizione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>quota <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>5<span class=\"_ _3\"></span>,26%, <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>attribuito <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>VUB <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>controllo <span class=\"_ _3\"></span>su <span class=\"_ _5\"></span>VUB <span class=\"_ _3\"></span>Generali, <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>pagato <span class=\"_ _2\"></span>alcun </div><div class=\"t m0 x0 h2 yc3d ff1 fs0 fc0 sc0 ls0 ws0\">premio <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>controllo, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>quanto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>prezzo <span class=\"_ _2\"></span>negoziato <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _3\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>mero <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>-quota <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>soc<span class=\"_ _3\"></span>iet\u00e0.<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y72e ff1 fs0 fc0 sc0 ls0 ws0\">Sulla <span class=\"_ _2\"></span>base <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>valore, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>va<span class=\"_ _3\"></span>lue <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>50% <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _2\"></span>gi\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>etenuto <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo, <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>tramite <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>VUB,<span class=\"_ _5\"></span> <span class=\"_ _2\"></span><span class=\"lsc\">\u00e8 </span></div><div class=\"t m0 x0 h2 y2d2 ff1 fs0 fc0 sc0 ls24 ws0\">ri<span class=\"ff4 ls0\">sultato <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>circa <span class=\"_ _6\"> </span>43 <span class=\"_ _4\"> </span>milioni <span class=\"_ _5\"></span>che, <span class=\"_ _6\"> </span>confrontato <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il <span class=\"_ _5\"></span>va<span class=\"_ _3\"></span>lore <span class=\"_ _5\"></span>di <span class=\"_ _4\"> </span>carico <span class=\"_ _6\"></span>contabile <span class=\"_ _5\"></span>del<span class=\"_ _3\"></span>l\u2019interesse<span class=\"_ _0\"></span>nza <span class=\"_ _6\"></span>alla <span class=\"_ _6\"> </span>data <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>acquisizion<span class=\"_ _5\"></span><span class=\"ff1 lsc\">e </span></span></div><div class=\"t m0 x0 h2 y730 ff1 fs0 fc0 sc0 ls0 ws0\">(circa 11 milioni), ha d<span class=\"_ _0\"></span>eterminato un effett<span class=\"_ _0\"></span>o positivo nel conto e<span class=\"_ _0\"></span>conomico consolidato<span class=\"_ _0\"></span> di circa 32 milioni.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yb6d ff1 fs0 fc0 sc0 ls0 ws0\">Oltre <span class=\"_ _1d\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _17\"> </span>quota <span class=\"_ _1d\"> </span>acquisita <span class=\"_ _17\"> </span>per <span class=\"_ _17\"> </span>cassa <span class=\"_ _1d\"> </span>e<span class=\"_ _3\"></span>d <span class=\"_ _1d\"> </span>a <span class=\"_ _18\"> </span>quella <span class=\"_ _1d\"> </span>gi\u00e0 <span class=\"_ _17\"> </span>detenuta, <span class=\"_ _1d\"> </span>opportunamente <span class=\"_ _1d\"> </span>rivalutata <span class=\"_ _1d\"> </span>a<span class=\"_ _3\"></span>l <span class=\"_ _1d\"> </span>fair <span class=\"_ _17\"> </span>value, <span class=\"_ _17\"> </span>ai <span class=\"_ _17\"> </span>fini <span class=\"_ _1d\"> </span>de<span class=\"_ _3\"></span>lla </div><div class=\"t m0 x0 h32 y835 ff4 fs0 fc0 sc0 ls0 ws0\">determinazione <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>costo <span class=\"_ _5\"></span>dell\u2019acquisizione, <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>tenuto <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>meccanismo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>opzioni <span class=\"_ _5\"></span>put <span class=\"_ _6\"></span>&amp; <span class=\"_ _5\"></span>call, <span class=\"_ _5\"></span>attraverso <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>quale <span class=\"_ _5\"></span>VUB </div><div class=\"t m0 x0 h2 y151e ff1 fs0 fc0 sc0 ls0 ws0\">potr\u00e0 <span class=\"_ _3\"></span>acquisire, nei <span class=\"_ _3\"></span>termini <span class=\"_ _3\"></span>previs<span class=\"_ _3\"></span>ti <span class=\"_ _3\"></span>dagli <span class=\"_ _3\"></span>accordi c<span class=\"_ _3\"></span>ontrattuali, le <span class=\"_ _3\"></span>restanti <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>VUB <span class=\"_ _3\"></span>Generali, fino <span class=\"_ _3\"></span>ad <span class=\"_ _3\"></span>arrivare <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>possederne </div><div class=\"t m0 x0 h2 yc42 ff1 fs0 fc0 sc0 ls0 ws0\">il 100% del capital<span class=\"_ _0\"></span>e sociale, nel period<span class=\"_ _0\"></span>o compreso tra il 20<span class=\"_ _0\"></span>25 e il 2029. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y12dd ff4 fs0 fc0 sc0 ls0 ws0\">Stante <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>presenza <span class=\"_ _3\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>put <span class=\"_ _3\"></span>option <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>dell\u2019azionista <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>minoranza, <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>VUB <span class=\"_ _3\"></span>s<span class=\"_ _5\"></span><span class=\"ff1\">i <span class=\"_ _3\"></span>configura <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>impegno <span class=\"_ _3\"></span>incondizionato <span class=\"_ _3\"></span>ad </span></div><div class=\"t m0 x0 h2 yc43 ff1 fs0 fc0 sc0 ls0 ws0\">acquistare <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>sottostanti <span class=\"_ _3\"></span>le <span class=\"_ _2\"></span>opzioni <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>rilevato <span class=\"_ _3\"></span>come <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziaria <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ilancio <span class=\"_ _3\"></span>consolidato <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>sogg<span class=\"_ _5\"></span>etto </div><div class=\"t m0 x0 h2 ybdf ff1 fs0 fc0 sc0 ls0 ws0\">controllante.  Pert<span class=\"_ _0\"></span>anto,  il  patrim<span class=\"_ _0\"></span>onio  di  pertine<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>za  di  terzi <span class=\"_ _16\"> </span>\u00e8  stato  cancellato  a  f<span class=\"_ _0\"></span>ro<span class=\"_ _2\"></span>nte  della  rilev<span class=\"_ _0\"></span>azione  di  una <span class=\"_ _16\"> </span>passivit\u00e0 </div><div class=\"t m0 x0 h2 yc45 ff4 fs0 fc0 sc0 ls0 ws0\">finanziaria, <span class=\"_ _3\"></span>anch\u2019essa <span class=\"_ _3\"></span>espressa <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>fair <span class=\"_ _3\"></span>value, <span class=\"_ _3\"></span>rappresentativa <span class=\"_ _3\"></span>dell\u2019impegno <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>VUB <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>acquistare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>azioni <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>VUB <span class=\"_ _2\"></span>Generali <span class=\"_ _3\"></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y15ec ff1 fs0 fc0 sc0 ls0 ws0\">pertinenza di t<span class=\"_ _3\"></span>erzi. Per <span class=\"_ _3\"></span>quanto riguarda <span class=\"_ _3\"></span>la determinazione del <span class=\"_ _3\"></span>fair value <span class=\"_ _3\"></span>alla data <span class=\"_ _3\"></span>di acqu<span class=\"_ _5\"></span>isizione della passivit\u00e0 <span class=\"_ _3\"></span>connessa alla </div><div class=\"t m0 x0 h2 yc47 ff1 fs0 fc0 sc0 ls0 ws0\">put option si \u00e8 fatto ri<span class=\"_ _0\"></span>ferimento, anche in q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>esto caso, alla <span class=\"_ _0\"></span>valutazione del 1<span class=\"_ _0\"></span>00% della societ\u00e0 a<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>quisita negoziata <span class=\"_ _0\"></span>dalle pa<span class=\"_ _5\"></span>rti. </div><div class=\"t m0 x0 h2 yfe4 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>sintesi, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>acquisizione <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mplessiv<span class=\"_ _0\"></span>o <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>risultato <span class=\"_ _2\"></span>pari <span class=\"_ _6\"> </span><span class=\"ff1\">a <span class=\"_ _5\"></span>85 <span class=\"_ _2\"></span>milioni, <span class=\"_ _2\"></span>ovvero <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>omma <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>prezzo </span></div><div class=\"t m0 x0 h2 yfe5 ff4 fs0 fc0 sc0 ls0 ws0\">pagato da <span class=\"_ _3\"></span>VUB per <span class=\"_ _3\"></span>acquisire l\u2019ulteriore <span class=\"_ _3\"></span>quota del 5<span class=\"_ _3\"></span>,26% del capitale <span class=\"_ _3\"></span>sociale della <span class=\"_ _3\"></span>societ\u00e0 (pari <span class=\"_ _3\"></span>a circa 5<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milioni),<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>del fair<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>value </span></div><div class=\"t m0 x0 h2 ycad ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019interessenza <span class=\"_ _5\"></span>gi\u00e0 <span class=\"_ _5\"></span>posseduta <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>precedenza <span class=\"_ _5\"></span>(43 <span class=\"_ _5\"></span>milioni) <span class=\"_ _6\"></span>e <span class=\"_ _5\"></span>dell\u2019ammontare <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>p<span class=\"_ _5\"></span><span class=\"ff1\">assivit\u00e0 <span class=\"_ _5\"></span>finanziaria <span class=\"_ _5\"></span>rilevata, <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>ta <span class=\"_ _5\"></span>di </span></div><div class=\"t m0 x0 h2 yc9c ff4 fs0 fc0 sc0 ls0 ws0\">acquisizione, nei confr<span class=\"_ _0\"></span>onti degli azionisti <span class=\"_ _0\"></span>di minoranza, per l\u2019im<span class=\"_ _0\"></span>pegno sottostante ag<span class=\"_ _0\"></span>li accordi di <span class=\"_ _0\"></span>put option (37 milioni). <span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yc4c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf8f ff1 fs0 fc0 sc0 ls0 ws0\">Ai <span class=\"_ _5\"></span>fini <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Bilancio <span class=\"_ _5\"></span>2022, <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>supporto <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>esperto <span class=\"_ _5\"></span>indipendente, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _6\"></span>co<span class=\"_ _3\"></span>mpletato <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>via <span class=\"_ _2\"></span>definitiva <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>PPA, </div><div class=\"t m0 x0 h2 yc4e ff1 fs0 fc0 sc0 ls0 ws0\">concludendo <span class=\"_ _6\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>analisi <span class=\"_ _4\"></span>volte <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>rideterminare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"></span>value <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"></span>attivit\u00e0 <span class=\"_ _4\"></span>acquisite <span class=\"_ _4\"></span>e <span class=\"_ _4\"></span>delle <span class=\"_ _6\"></span>passivit\u00e0 <span class=\"_ _4\"> </span>assunte <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>ad <span class=\"_ _4\"> </span>individuar<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 yeb6 ff1 fs0 fc0 sc0 ls0 ws0\">eventuali intangibili s<span class=\"_ _0\"></span>pecifici non rilevat<span class=\"_ _0\"></span>i in precedenza nel <span class=\"_ _0\"></span>bilancio di VUB G<span class=\"_ _3\"></span>enerali. </div><div class=\"t m0 x0 h32 y339 ff4 fs0 fc0 sc0 ls0 ws0\">Dall\u2019analisi <span class=\"_ _16\"> </span>del  bila<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>cio <span class=\"_ _16\"> </span>e  a <span class=\"_ _16\"> </span>seguito  d<span class=\"_ _0\"></span>elle  i<span class=\"_ _0\"></span>nformazioni <span class=\"_ _16\"> </span>fornite <span class=\"_ _16\"> </span>dalla  so<span class=\"_ _0\"></span>ciet\u00e0, <span class=\"_ _16\"> </span>alla  data <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>acquisizione <span class=\"_ _16\"> </span>non  son<span class=\"_ _0\"></span>o <span class=\"_ _16\"> </span>emerse </div><div class=\"t m0 x0 h2 yf77 ff1 fs0 fc0 sc0 ls0 ws0\">differenze significative <span class=\"_ _0\"></span>tra i valori contabil<span class=\"_ _0\"></span>i rivenienti dal bila<span class=\"_ _0\"></span>ncio IAS/IFRS di VUB Ge<span class=\"_ _0\"></span>nerali ed i relativi v<span class=\"_ _0\"></span>alori di fair<span class=\"_ _2\"></span> value. </div><div class=\"t m0 x0 h2 y4e9 ff1 fs0 fc0 sc0 ls0 ws0\">Infine, sono state co<span class=\"_ _0\"></span>ndotte analisi spe<span class=\"_ _0\"></span>cifiche che hanno portato<span class=\"_ _0\"></span> alla rilevazione<span class=\"_ _0\"></span> di un intangibile <span class=\"_ _0\"></span>relativo alle attivit\u00e0<span class=\"_ _0\"></span> le<span class=\"_ _5\"></span>gate alla  </div><div class=\"t m0 x0 h2 ycae ff1 fs0 fc0 sc0 ls0 ws0\">clientela (<span class=\"_ _3\"></span><span class=\"ff2\">Customer<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>Relationship Related<span class=\"ff4\">), <span class=\"_ _3\"></span>in particolar <span class=\"_ _3\"></span>modo all\u2019attivit\u00e0 di r<span class=\"_ _3\"></span>isparmio gestito (Asset <span class=\"_ _3\"></span>under Man<span class=\"_ _3\"></span><span class=\"ff1\">agement <span class=\"_ _3\"></span>- <span class=\"_ _3\"></span>AuM) </span></span></span></div><div class=\"t m0 x0 h2 y119d ff1 fs0 fc0 sc0 ls0 ws0\">svolta dal soggetto a<span class=\"_ _0\"></span>cquisito. </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-377.5891px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">All\u2019interno <span class=\"_ _7\"> </span>delle  at<span class=\"_ _0\"></span>tivit\u00e0 <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>AuM <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>ientrano <span class=\"_ _7\"> </span>tipicamente <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>relazioni <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>la  cl<span class=\"_ _0\"></span>ientela <span class=\"_ _7\"> </span>b<span class=\"_ _3\"></span>ancaria <span class=\"_ _7\"> </span>relative  a<span class=\"_ _0\"></span>ll\u2019intermediazione<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls19\">i </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">prodotti <span class=\"_ _18\"> </span>di <span class=\"_ _18\"> </span>r<span class=\"_ _3\"></span>isparmio <span class=\"_ _18\"> </span>gestito, <span class=\"_ _18\"> </span>ovvero <span class=\"_ _1c\"> </span>G<span class=\"_ _0\"></span>estioni <span class=\"_ _18\"> </span>Patrimoniali, <span class=\"_ _18\"> </span>Fondi <span class=\"_ _1c\"> </span>comuni <span class=\"_ _17\"> </span>di <span class=\"_ _1c\"> </span>invest<span class=\"_ _3\"></span>imento <span class=\"_ _18\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _18\"> </span>SICAV, <span class=\"_ _18\"> </span>nonch\u00e9 <span class=\"_ _1c\"> </span>prodot<span class=\"_ _0\"></span>ti </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">previdenziali e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>assicurativi. <span class=\"_ _3\"></span>Nel c<span class=\"_ _3\"></span>aso <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>specie, <span class=\"_ _3\"></span>VUB <span class=\"_ _3\"></span>Generali <span class=\"_ _3\"></span>opera <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>mercato d<span class=\"_ _3\"></span>el <span class=\"_ _3\"></span>risparmio prev<span class=\"_ _3\"></span>idenzial<span class=\"_ _0\"></span>e, <span class=\"_ _3\"></span>rappresentando </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">una delle principali s<span class=\"_ _0\"></span>ociet\u00e0 di gestione <span class=\"_ _0\"></span>di fondi pensione <span class=\"_ _0\"></span>nel mercato slovacco. </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valutazione <span class=\"_ _2\"></span><span class=\"ff4\">dell\u2019attivit\u00e0 <span class=\"_ _3\"></span>intangibile <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _5\"></span>fatto <span class=\"_ _3\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello <span class=\"_ _2\"></span>Discounted <span class=\"_ _3\"></span>Cash <span class=\"_ _2\"></span>Flow </span></div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">(DCF) <span class=\"_ _4\"> </span>che <span class=\"_ _4\"> </span>prevede <span class=\"_ _4\"> </span>l\u2019attualizza<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>ione, <span class=\"_ _4\"> </span>alla <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ata <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>valutazione,<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>redditivit\u00e0 <span class=\"_ _4\"> </span>generata <span class=\"_ _6\"> </span>dalle <span class=\"_ _4\"> </span>masse <span class=\"_ _4\"> </span>acquisite <span class=\"_ _6\"> </span>(<span class=\"_ _3\"></span>soggette <span class=\"_ _6\"> </span>a </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls0 ws0\">progressivo <span class=\"_ _1c\"> </span>deperimen<span class=\"ff4\">to <span class=\"_ _20\"> </span>nel <span class=\"_ _1c\"> </span>corso <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>tempo), <span class=\"_ _1c\"> </span>considerando <span class=\"_ _1c\"> </span>i <span class=\"_ _20\"> </span>relativi <span class=\"_ _1c\"> </span>costi <span class=\"_ _20\"> </span>collegati <span class=\"_ _1c\"> </span>e <span class=\"_ _20\"> </span>l\u2019assorbimento <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>capitale </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">regolamentare. I flus<span class=\"_ _0\"></span>si di cassa netti s<span class=\"_ _0\"></span>ono quindi stati attualiz<span class=\"_ _0\"></span>zati ad un tasso di s<span class=\"_ _0\"></span>conto espressivo del c<span class=\"_ _0\"></span>osto del capitale<span class=\"_ _2\"></span>. </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _2\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>valutazione <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>deter<span class=\"_ _3\"></span><span class=\"ff4\">minato <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>complessivo <span class=\"_ _2\"></span>dell\u2019intangibile <span class=\"_ _2\"></span>AuM <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>80 <span class=\"_ _5\"></span>milioni, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>quale </span></div><div class=\"t m0 x0 h2 y67 ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>tate <span class=\"_ _6\"> </span>iscritte <span class=\"_ _4\"> </span>le <span class=\"_ _6\"> </span>correlate <span class=\"_ _4\"> </span>passivit\u00e0 <span class=\"_ _6\"> </span>fiscali <span class=\"_ _4\"> </span>differite, <span class=\"_ _6\"></span>cos\u00ec <span class=\"_ _6\"> </span>come <span class=\"_ _4\"> </span>previsto <span class=\"_ _6\"> </span>dallo <span class=\"_ _4\"> </span>IAS <span class=\"_ _6\"> </span>12, <span class=\"_ _4\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _6\"> </span>dell\u2019aliquota <span class=\"_ _6\"> </span>nomin<span class=\"_ _5\"></span><span class=\"ff1\">ale </span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">slovacca. </div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _4\"></span>riferimento <span class=\"_ _6\"></span>alla <span class=\"_ _4\"></span>dete<span class=\"ff4\">rminazione <span class=\"_ _4\"> </span>dei <span class=\"_ _6\"> </span>criteri <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>ammortamento <span class=\"_ _6\"> </span>dell\u2019intangibile, <span class=\"_ _6\"> </span>sulla <span class=\"_ _4\"> </span>base <span class=\"_ _4\"> </span>dell\u2019assunzione <span class=\"_ _6\"></span>adottata <span class=\"_ _4\"> </span>ai <span class=\"_ _6\"> </span>fini </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>valorizzazione <span class=\"_ _2\"></span>dell\u2019intangibile <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>ferimento <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>vita <span class=\"_ _2\"></span>utile <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>masse <span class=\"_ _2\"></span>sottostanti, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>periodo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>mmortamento <span class=\"_ _3\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _6\"></span><span class=\"ff1\">tato<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">definito <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>28 <span class=\"_ _2\"></span>anni <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>decorrenza <span class=\"_ _2\"></span>dalla<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ata <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisizione. <span class=\"_ _2\"></span>Tale <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>terminato <span class=\"_ _3\"></span>sulla <span class=\"_ _5\"></span>base <span class=\"_ _2\"></span>dello <span class=\"_ _2\"></span>smontamento<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y6c ff4 fs0 fc0 sc0 ls0 ws0\">delle masse, tenuto <span class=\"_ _0\"></span>conto dell\u2019attuale et\u00e0<span class=\"_ _0\"></span> pensionabile dei cli<span class=\"_ _0\"></span>enti.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h4c y6e ff2 fs0 fc2 sc0 ls0 ws0\">Sintesi del processo di<span class=\"_ _0\"></span> allocazione del cost<span class=\"_ _0\"></span>o di acquisizione <span class=\"_ _0\"></span>e la determinazione fin<span class=\"_ _0\"></span>al<span class=\"_ _3\"></span><span class=\"ff3\">e<span class=\"_ _3\"></span> dell\u2019avvia<span class=\"_ _0\"></span>mento<span class=\"ff2\"> </span></span></div><div class=\"t m0 x0 h32 y6f ff4 fs0 fc0 sc0 ls0 ws0\">Come <span class=\"_ _4\"> </span>disposto <span class=\"_ _4\"> </span>dall\u2019IFRS <span class=\"_ _4\"> </span>3, <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"> </span>data <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>acquisizione <span class=\"_ _4\"> </span>l\u2019acquire<span class=\"_ _0\"></span>nte <span class=\"_ _4\"> </span>deve <span class=\"_ _4\"> </span>rilevare <span class=\"_ _4\"> </span>l\u2019avviamento <span class=\"_ _4\"> </span>acquisito <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>un\u2019aggregazione </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">aziendale <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>misurare <span class=\"_ _2\"></span>inizialmente <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>avviamento <span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>importo <span class=\"_ _2\"></span>residuale <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>acquisizione, <span class=\"_ _2\"></span>in<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>quanto </div><div class=\"t m0 x0 h2 y71 ff4 fs0 fc0 sc0 ls0 ws0\">esso <span class=\"_ _2\"></span>cost<span class=\"_ _3\"></span>ituisce <span class=\"_ _2\"></span>l\u2019eccedenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>costo <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ell\u2019aggregazione<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>aziendale <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>quota <span class=\"_ _2\"></span>d\u2019interessenza <span class=\"_ _2\"></span>dell\u2019acquirente <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>fai<span class=\"_ _5\"></span><span class=\"ff1 ls20\">r </span></div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _3\"></span>netto <span class=\"_ _3\"></span>delle attivit\u00e0, <span class=\"_ _3\"></span>passivit\u00e0 <span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>assivit\u00e0 potenziali <span class=\"_ _3\"></span>identificate; <span class=\"_ _3\"></span>qualora invece <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>attivit\u00e0 ne<span class=\"_ _5\"></span>tte <span class=\"_ _3\"></span>identificabili </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _2\"></span>soggetto <span class=\"_ _2\"></span>acquisito <span class=\"_ _2\"></span>risulti <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>acquisizione <span class=\"_ _2\"></span>occorre <span class=\"_ _2\"></span>rilevare <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>provento <span class=\"_ _2\"></span>(badwill <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>negative <span class=\"_ _2\"></span>goodwill) <span class=\"_ _4\"> </span>nel </div><div class=\"t m0 x0 h2 y74 ff4 fs0 fc0 sc0 ls0 ws0\">conto economico dell\u2019a<span class=\"_ _0\"></span>cquirente. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">Come descritto <span class=\"_ _3\"></span>in precedenza, tenendo <span class=\"_ _3\"></span>opportunamente conto dei <span class=\"_ _3\"></span>meccanismi <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span> put <span class=\"_ _3\"></span>&amp; call <span class=\"_ _3\"></span>sottostanti la <span class=\"_ _3\"></span>quota di <span class=\"_ _3\"></span>minoranza<span class=\"_ _0\"></span>, </div><div class=\"t m0 x0 h2 y76 ff4 fs0 fc0 sc0 ls0 ws0\">sia il <span class=\"_ _3\"></span>costo dell\u2019acquisizione complessivo che il <span class=\"_ _3\"></span>patrimonio netto IAS/FRS opportunamente rivalutato <span class=\"_ _3\"></span>al fair <span class=\"_ _3\"></span>value della soci<span class=\"_ _5\"></span><span class=\"ff1\">et\u00e0 </span></div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _3\"></span>risultati <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>85 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Ne <span class=\"_ _3\"></span>consegue <span class=\"_ _3\"></span>che, <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>termine <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>processo <span class=\"_ _3\"></span>di <span class=\"_ _6\"></span>PPA, <span class=\"_ _3\"></span>non <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stata <span class=\"_ _3\"></span>rilevata <span class=\"_ _3\"></span>alcuna <span class=\"_ _3\"></span>posta <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>titolo <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">avviamento. </div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Per ulteriori dettagli <span class=\"_ _0\"></span>di sintesi, si veda l<span class=\"_ _0\"></span>a seguente tabella: </div><div class=\"t m0 x0 h4f y143f ff9 fs19 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w96 h41\" style=\"left:411.62463px; bottom:251.18188px;\"><div class=\"t m0 x147 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w4fd h86\" style=\"left:528.0396px; bottom:222.94586px;\"><div class=\"t m0 x6 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">VUB Gene<span class=\"_ _0\"></span>rali </div></div><div class=\"c w609 h43\" style=\"left:-4.050377px; bottom:199.5459px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Costo di<span class=\"_ _0\"></span> acquisizio<span class=\"_ _0\"></span>ne  </div></div><div class=\"c w252 h43\" style=\"left:411.62463px; bottom:199.5459px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">a </div></div><div class=\"c w4fd h43\" style=\"left:528.0396px; bottom:199.5459px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w609 h43\" style=\"left:-4.050377px; bottom:176.14587px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Patrimonio<span class=\"_ _0\"></span> netto IAS/<span class=\"_ _0\"></span>IFRS alla da<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>a di acqu<span class=\"_ _35\"></span>is<span class=\"_ _3\"></span>izione </div></div><div class=\"c w252 h43\" style=\"left:411.62463px; bottom:176.14587px;\"><div class=\"t m0 xa2 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">b </div></div><div class=\"c w4fd h43\" style=\"left:528.0396px; bottom:176.14587px;\"><div class=\"t m0 x98 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w609 h43\" style=\"left:-4.050377px; bottom:152.74591px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Effetti di PP<span class=\"_ _35\"></span>A </div></div><div class=\"c w252 h43\" style=\"left:411.62463px; bottom:152.74591px;\"><div class=\"t m0 xf h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">c = d + e<span class=\"_ _0\"></span> </div></div><div class=\"c w4fd h43\" style=\"left:528.0396px; bottom:152.74591px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w609 h82\" style=\"left:-4.050377px; bottom:136.0279px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile AuM<span class=\"_ _0\"></span> </div></div><div class=\"c w252 h82\" style=\"left:411.62463px; bottom:136.0279px;\"><div class=\"t m0 xa2 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">d </div></div><div class=\"c w4fd h82\" style=\"left:528.0396px; bottom:136.0279px;\"><div class=\"t m0 x98 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w609 h41\" style=\"left:-4.050377px; bottom:119.49188px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui impo<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>te differite<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>passive<span class=\"_ _0\"></span> su intangi<span class=\"_ _0\"></span>bile AuM </div></div><div class=\"c w252 h41\" style=\"left:411.62463px; bottom:119.49188px;\"><div class=\"t m0 xa2 h162 y335 ffa fs17 fc2 sc0 ls0 ws0\">e </div></div><div class=\"c w4fd h41\" style=\"left:528.0396px; bottom:119.49188px;\"><div class=\"t m0 x99 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">-<span class=\"ls25\">17</span> </div></div><div class=\"c w609 h41\" style=\"left:-4.050377px; bottom:102.9559px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Patrimoni<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> netto I<span class=\"_ _0\"></span>AS/IFRS a<span class=\"_ _0\"></span>l fair val<span class=\"_ _0\"></span>ue </div></div><div class=\"c w252 h41\" style=\"left:411.62463px; bottom:102.9559px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">f = b +c <span class=\"_ _0\"></span> </div></div><div class=\"c w4fd h41\" style=\"left:528.0396px; bottom:102.9559px;\"><div class=\"t m0 x98 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w609 h5b\" style=\"left:-4.050377px; bottom:78.6199px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Avviame<span class=\"_ _0\"></span>nto rilevat<span class=\"_ _0\"></span>o </div></div><div class=\"c w252 h5b\" style=\"left:411.62463px; bottom:78.6199px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">a <span class=\"ls0\">- f </span></div></div><div class=\"c w4fd h5b\" style=\"left:528.0396px; bottom:78.6199px;\"><div class=\"t m0 xd h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-377.5891px;\"><div class=\"t m0 x0 h4f yf03 ff9 fs19 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1363 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y136e ff1 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>icorda <span class=\"_ _16\"> </span>inoltre <span class=\"_ _7\"> </span>che, <span class=\"_ _16\"> </span>secondo <span class=\"_ _7\"> </span>quanto  <span class=\"ff4\">previsto <span class=\"_ _7\"> </span>dallo <span class=\"_ _16\"> </span>IAS <span class=\"_ _16\"> </span>36, <span class=\"_ _7\"> </span>le<span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>attivit\u00e0 <span class=\"_ _7\"> </span>intangibili <span class=\"_ _7\"> </span>ri<span class=\"_ _3\"></span>levate <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>un\u2019aggregazione <span class=\"_ _16\"> </span>aziendal<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h2 yee8 ff1 fs0 fc0 sc0 ls0 ws0\">devono, <span class=\"_ _23\"> </span>dalla <span class=\"_ _23\"> </span>data <span class=\"_ _29\"> </span>di <span class=\"_ _23\"> </span>acquisizione, <span class=\"_ _23\"> </span>essere <span class=\"_ _23\"> </span>allocate <span class=\"_ _23\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _23\"> </span>CGU <span class=\"_ _29\"> </span>che <span class=\"_ _23\"> </span>si <span class=\"_ _23\"> </span>prevede <span class=\"_ _29\"> </span>possa <span class=\"_ _23\"> </span>beneficiare <span class=\"_ _23\"> </span>delle <span class=\"_ _23\"> </span>sinergie </div><div class=\"t m0 x0 h2 y184b ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019aggregazione; <span class=\"_ _5\"></span>nell\u2019ambito <span class=\"_ _6\"></span>del <span class=\"_ _6\"> </span>Gruppo <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"> </span>Sanpaolo, <span class=\"_ _6\"></span>l\u2019i<span class=\"_ _3\"></span><span class=\"ff1\">ntangibile <span class=\"_ _6\"></span>AuM, <span class=\"_ _6\"></span>rilevato <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>sede <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>PPA, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>tato <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>llocato <span class=\"_ _5\"></span>alla </span></div><div class=\"t m0 x0 h2 y113a ff4 fs0 fc0 sc0 ls0 ws0\">CGU \u201cInternational Su<span class=\"_ _0\"></span>bsidiary Banks\u201d.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y116b ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-364.47974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">Per completezza, si <span class=\"_ _3\"></span>riporta di seguito la<span class=\"_ _3\"></span> situazione patrimoniale di VUB <span class=\"_ _3\"></span>Generali alla data d<span class=\"_ _3\"></span>i acquisizione con il <span class=\"_ _3\"></span>confronto <span class=\"_ _5\"></span>tra <span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">valori contabili rivenienti dal <span class=\"_ _0\"></span>bilancio IAS / IFRS <span class=\"_ _0\"></span>della societ\u00e0 e i relativi<span class=\"_ _0\"></span> fair value rivenienti <span class=\"_ _0\"></span>dal processo di PPA<span class=\"_ _0\"></span>. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h24 y3b6 ff5 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w60b h41\" style=\"left:333.62463px; bottom:594.7383px;\"><div class=\"t m0 x1bb h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w60c h261\" style=\"left:-4.050377px; bottom:505.03827px;\"><div class=\"t m0 x41 h59 y190a ff5 fs17 fc2 sc0 ls0 ws0\">Voci dell'a<span class=\"_ _0\"></span>ttivo </div></div><div class=\"c w60d hbf\" style=\"left:333.62463px; bottom:569.31024px;\"><div class=\"t m0 x124 h59 y1316 ff5 fs17 fc2 sc0 ls0 ws0\">VUB Gene<span class=\"_ _0\"></span>rali </div></div><div class=\"c w3bd h262\" style=\"left:333.62463px; bottom:505.03827px;\"><div class=\"t m0 x6 h59 y13b ff5 fs17 fc2 sc0 ls0 ws0\">Valore c<span class=\"_ _0\"></span>ontabile </div><div class=\"t m0 xc7 h59 yecf ff5 fs17 fc2 sc0 ls0 ws0\">alla  </div><div class=\"t m0 x49 h59 y12aa ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 xd1 h59 y7b4 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w3d7 h262\" style=\"left:429.87665px; bottom:505.03827px;\"><div class=\"t m0 x6 h59 yecf ff5 fs17 fc2 sc0 ls0 ws0\">Differen<span class=\"_ _0\"></span>ze di fair </div><div class=\"t m0 x4c h59 y12aa ff5 fs17 fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w3bd h262\" style=\"left:524.7636px; bottom:505.03827px;\"><div class=\"t m0 x9a h59 y9d7 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> alla </div><div class=\"t m0 x49 h59 ya70 ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 xd1 h59 y10e3 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:487.09827px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Cassa e dis<span class=\"_ _0\"></span>ponibilit\u00e0 l<span class=\"_ _0\"></span>iquide </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:487.09827px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:487.09827px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:487.09827px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60a h14\" style=\"left:-4.050377px; bottom:457.61426px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fina<span class=\"_ _0\"></span>nziarie valu<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>ate al fair <span class=\"_ _35\"></span>v<span class=\"_ _3\"></span>alue con i<span class=\"_ _35\"></span>m<span class=\"_ _3\"></span>patto sulla<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>redditivi<span class=\"_ _0\"></span>t\u00e0 </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">complessi<span class=\"_ _0\"></span>va </div></div><div class=\"c w60e h14\" style=\"left:333.62463px; bottom:457.61426px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w60f h14\" style=\"left:429.87665px; bottom:457.61426px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60e h14\" style=\"left:524.7636px; bottom:457.61426px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:441.07825px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 im<span class=\"_ _0\"></span>materiali </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:441.07825px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">6 </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:441.07825px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:441.07825px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">86<span class=\"ls0\"> </span></div></div><div class=\"c w60a h6a\" style=\"left:-4.050377px; bottom:424.3863px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- di cui in<span class=\"_ _0\"></span>tangibile AuM<span class=\"_ _0\"></span> </div></div><div class=\"c w60e h6a\" style=\"left:333.62463px; bottom:424.3863px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60f h6a\" style=\"left:429.87665px; bottom:424.3863px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w60e h6a\" style=\"left:524.7636px; bottom:424.3863px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:407.85028px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Attivit\u00e0 fi<span class=\"_ _0\"></span>scali </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:407.85028px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:407.85028px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:407.85028px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:391.31427px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale del<span class=\"_ _0\"></span>l'attivo </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:391.31427px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:391.31427px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:391.31427px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w60c h263\" style=\"left:-4.050377px; bottom:293.77527px;\"><div class=\"t m0 x41 h59 y12d7 ff5 fs17 fc2 sc0 ls0 ws0\">Voci del <span class=\"_ _0\"></span>passivo e<span class=\"_ _0\"></span> del patrim<span class=\"_ _35\"></span>onio netto </div></div><div class=\"c w60d h53\" style=\"left:333.62463px; bottom:358.04724px;\"><div class=\"t m0 x124 h59 y32b ff5 fs17 fc2 sc0 ls0 ws0\">VUB Gene<span class=\"_ _0\"></span>rali </div></div><div class=\"c w3bd h262\" style=\"left:333.62463px; bottom:293.77527px;\"><div class=\"t m0 x6 h59 y13b ff5 fs17 fc2 sc0 ls0 ws0\">Valore c<span class=\"_ _0\"></span>ontabile </div><div class=\"t m0 xc7 h59 yecf ff5 fs17 fc2 sc0 ls0 ws0\">alla  </div><div class=\"t m0 x49 h59 y12aa ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 xd1 h59 y7b4 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w3d7 h262\" style=\"left:429.87665px; bottom:293.77527px;\"><div class=\"t m0 x6 h59 yecf ff5 fs17 fc2 sc0 ls0 ws0\">Differen<span class=\"_ _0\"></span>ze di fair </div><div class=\"t m0 x4c h59 y12aa ff5 fs17 fc2 sc0 ls0 ws0\">value </div></div><div class=\"c w3bd h262\" style=\"left:524.7636px; bottom:293.77527px;\"><div class=\"t m0 x9a h59 y9d7 ff5 fs17 fc2 sc0 ls0 ws0\">Fair value<span class=\"_ _0\"></span> alla </div><div class=\"t m0 x49 h59 ya70 ff5 fs17 fc2 sc0 ls0 ws0\">data di </div><div class=\"t m0 xd1 h59 y10e3 ff5 fs17 fc2 sc0 ls0 ws0\">acquisizi<span class=\"_ _0\"></span>one </div></div><div class=\"c w60a h6a\" style=\"left:-4.050377px; bottom:275.83527px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Passivit\u00e0<span class=\"_ _0\"></span> fiscali </div></div><div class=\"c w60e h6a\" style=\"left:333.62463px; bottom:275.83527px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60f h6a\" style=\"left:429.87665px; bottom:275.83527px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w60e h6a\" style=\"left:524.7636px; bottom:275.83527px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:259.29926px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">a) corren<span class=\"_ _0\"></span>ti </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:259.29926px;\"><div class=\"t m0 x35 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:259.29926px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:259.29926px;\"><div class=\"t m0 x35 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:242.76324px;\"><div class=\"t m0 x41 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">b) <span class=\"ls0\">differite </span></div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:242.76324px;\"><div class=\"t m0 xaa h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:242.76324px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:242.76324px;\"><div class=\"t m0 x40 h104 y335 ff2 fs17 fc2 sc0 ls25 ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:226.22723px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Altre passi<span class=\"_ _0\"></span>vit\u00e0 </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:226.22723px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:226.22723px;\"><div class=\"t m0 xaa h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:226.22723px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w60a h6a\" style=\"left:-4.050377px; bottom:209.53528px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Voci di patri<span class=\"_ _0\"></span>monio ne<span class=\"_ _0\"></span>tto </div></div><div class=\"c w60e h6a\" style=\"left:333.62463px; bottom:209.53528px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w60f h6a\" style=\"left:429.87665px; bottom:209.53528px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w60e h6a\" style=\"left:524.7636px; bottom:209.53528px;\"><div class=\"t m0 x40 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">85<span class=\"ls0\"> </span></div></div><div class=\"c w60a h41\" style=\"left:-4.050377px; bottom:192.99927px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale del<span class=\"_ _0\"></span> passivo<span class=\"_ _0\"></span> e del patr<span class=\"_ _35\"></span>i<span class=\"_ _3\"></span>monio nett<span class=\"_ _35\"></span>o </div></div><div class=\"c w60e h41\" style=\"left:333.62463px; bottom:192.99927px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w60f h41\" style=\"left:429.87665px; bottom:192.99927px;\"><div class=\"t m0 x40 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">80<span class=\"ls0\"> </span></div></div><div class=\"c w60e h41\" style=\"left:524.7636px; bottom:192.99927px;\"><div class=\"t m0 xc7 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">104<span class=\"ls0\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-364.47974px;\"><div class=\"t m0 x0 h24 y1e9 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y435 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y436 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y437 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y438 ff5 fs0 fc2 sc0 ls0 ws0\">SEZIONE 2 - <span class=\"ff6\">OPERAZION<span class=\"_ _0\"></span>I REALIZZATE DOPO<span class=\"_ _0\"></span> LA CHIUSURA DELL\u2019E<span class=\"_ _0\"></span>SERCIZIO<span class=\"ff5\"> </span></span></div><div class=\"t m0 x0 h24 y29c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y439 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y43a ff5 fs0 fc2 sc0 ls0 ws0\">2.1 Operazioni di aggr<span class=\"_ _0\"></span>egazione </div><div class=\"t m0 x0 h32 y43b ff4 fs0 fc0 sc0 ls0 ws0\">Successivamente <span class=\"_ _1c\"> </span>alla <span class=\"_ _1c\"> </span>chiusur<span class=\"_ _0\"></span>a <span class=\"_ _1c\"> </span>dell\u2019esercizio <span class=\"_ _1c\"> </span>2022 <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>sono <span class=\"_ _1c\"> </span>state <span class=\"_ _1c\"> </span>realizzate <span class=\"_ _1c\"> </span>operazio<span class=\"_ _0\"></span>ni <span class=\"_ _1c\"> </span>di <span class=\"_ _1c\"> </span>aggregazione <span class=\"_ _1c\"> </span>aziendal<span class=\"_ _35\"></span>e </div><div class=\"t m0 x0 h2 y43d ff4 fs0 fc0 sc0 ls0 ws0\">disciplinate dall\u2019IFRS 3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y43f ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y441 ff5 fs0 fc2 sc0 ls0 ws0\">SEZIONE 3 <span class=\"ff6\">\u2013</span> RETTIFICHE<span class=\"_ _0\"></span> RETROSPETTIVE </div><div class=\"t m0 x0 h2 y442 ff4 fs0 fc0 sc0 ls0 ws0\">Non <span class=\"_ _18\"> </span>si <span class=\"_ _18\"> </span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _17\"> </span>rettifiche <span class=\"_ _1c\"> </span>ril<span class=\"_ _0\"></span>evate <span class=\"_ _18\"> </span>nell\u2019esercizio <span class=\"_ _18\"> </span>corrente <span class=\"_ _18\"> </span>relative <span class=\"_ _1c\"> </span><span class=\"ff1\">a<span class=\"_ _3\"></span>lle <span class=\"_ _18\"> </span>aggregazioni <span class=\"_ _18\"> </span>aziendali <span class=\"_ _18\"> </span>verificatesi <span class=\"_ _18\"> </span>in <span class=\"_ _18\"> </span>esercizi </span></div><div class=\"t m0 x0 h2 y1111 ff1 fs0 fc0 sc0 ls0 ws0\">precedenti. </div><div class=\"t m0 x0 h2 y444 ff1 fs0 fc0 sc0 ls0 ws0\">  </div><div class=\"t m0 x0 h2 y445 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y446 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y447 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y448 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1035 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1036 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1037 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y132a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf59 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yf5a ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-935": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-166.47974px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h31 y6 ff1 fs5 fc2 sc0 ls0 ws0\">Parte H<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Opera<span class=\"_ _3\"></span>zioni con parti corr<span class=\"_ _3\"></span>elate<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y18f ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y256 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y257 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y258 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y259 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h57 y3bc ff5 fs12 fc2 sc0 ls0 ws0\">A)  LE OPERAZIONI CON PART<span class=\"_ _3\"></span>I CORRELATE </div><div class=\"t m0 x0 h2 y69c ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y69d ff5 fs0 fc2 sc0 ls0 ws0\">1. Aspetti procedurali<span class=\"fc5\"> </span></div><div class=\"t m0 x0 h2 y69e ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>adottato, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y69f ff1 fs0 fc0 sc0 ls0 ws0\">Regolamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gest<span class=\"_ _3\"></span>ione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Collegati <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y5f9 ff1 fs0 fc0 sc0 ls6d ws0\">Gr<span class=\"ls0\">uppo e Soggetti Rilevanti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>x art. 136 TUB.  </span></div><div class=\"t m0 x0 h2 y6a0 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _5\"></span>Regolament<span class=\"_ _0\"></span>o, <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _5\"></span>aggiornato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>emanata <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Consob, <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>sensi </div><div class=\"t m0 x0 h2 y6a1 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019art. <span class=\"_ _6\"> </span>2391 <span class=\"_ _4\"> </span>bis <span class=\"_ _4\"> </span><span class=\"ff1\">C.C.</span>, <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>disposizioni <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>vigilanza <span class=\"_ _4\"> </span>introdotte <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>d\u2019Ital<span class=\"_ _3\"></span><span class=\"ff1\">ia <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>2 <span class=\"_ _6\"></span>dicembre <span class=\"_ _4\"> </span>2011 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>materia <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y6a2 ff4 fs0 fc0 sc0 ls0 ws0\">attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>conflitti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>grup<span class=\"_ _0\"></span>pi <span class=\"_ _5\"></span>bancari <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>\u201cSoggetti <span class=\"_ _5\"></span>Collegati\u201d <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>emana<span class=\"_ _6\"></span><span class=\"ff1\">te <span class=\"_ _2\"></span>in </span></div><div class=\"t m0 x0 h2 y5de ff4 fs0 fc0 sc0 ls0 ws0\">attuazione <span class=\"_ _5\"></span>dell\u2019art. <span class=\"_ _5\"></span>53, <span class=\"_ _5\"></span>comma <span class=\"_ _6\"></span>4 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ss. <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _6\"></span>Bancar<span class=\"_ _0\"></span>io <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">ibera <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>luglio <span class=\"_ _6\"></span>2008, </span></div><div class=\"t m0 x0 h2 y5df ff1 fs0 fc0 sc0 ls10 ws0\">n.<span class=\"ls0\"> <span class=\"ff4\">277 nonch\u00e9,<span class=\"_ _0\"></span> in aggiunta, delle regol<span class=\"_ _0\"></span>e stabilite dall\u2019art. <span class=\"_ _0\"></span>136 del Testo Unico<span class=\"_ _0\"></span> Bancario.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 y5e0 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5e1 ff4 fs0 fc0 sc0 ls0 ws0\">Il Regolamento disci<span class=\"_ _0\"></span>plina per l\u2019intero Gru<span class=\"_ _0\"></span>ppo Intesa Sanpaolo i <span class=\"_ _0\"></span>seguenti aspetti:<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y5e2 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i criteri per ide<span class=\"_ _0\"></span>ntificare le Parti Correl<span class=\"_ _0\"></span>ate e<span class=\"_ _3\"></span> i Soggetti Coll<span class=\"_ _0\"></span>egati; </span></div><div class=\"t m0 x0 h2 y34e ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il processo di istruttoria, deliberazione e informazione agli Organi sociali per le operazioni realizz<span class=\"_ _0\"></span>ate con Parti Correlate<span class=\"_ _5\"></span> <span class=\"lsc\">e </span></span></div><div class=\"t m0 x2a h2 y34f ff1 fs0 fc0 sc0 ls0 ws0\">Soggetti Collegati; </div><div class=\"t m0 x0 h2 y141b ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019informazione al m<span class=\"_ _0\"></span>ercato per le oper<span class=\"_ _0\"></span>azioni con Parti Correl<span class=\"_ _0\"></span>ate;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 x0 h2 yd9e ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i <span class=\"_ _3\"></span>limiti p<span class=\"_ _3\"></span>rudenziali <span class=\"ff4\">e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>adempimenti di <span class=\"_ _3\"></span>segnalazione per<span class=\"_ _3\"></span>iodica alla <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia per <span class=\"_ _2\"></span>le attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>dei </span></span></div><div class=\"t m0 x2a h2 yf68 ff1 fs0 fc0 sc0 ls0 ws0\">Soggetti Collegati;  </div><div class=\"t m0 x0 h2 yda0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le regole che rig<span class=\"_ _0\"></span>uardano i controlli <span class=\"_ _0\"></span>e i presidi organizzativ<span class=\"_ _0\"></span>i;<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 yda1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le <span class=\"_ _3\"></span>regole <span class=\"_ _3\"></span>generali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>disclosure <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>stensione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gesti<span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _3\"></span>personali <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>esponenti, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x2a h2 y58b ff1 fs0 fc0 sc0 ls0 ws0\">dei collaboratori azie<span class=\"_ _0\"></span>ndali anche diversi <span class=\"_ _0\"></span>dai Soggetti Collegati<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yda2 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yec5 ff1 fs0 fc0 sc0 ls0 ws0\">Ai  sensi <span class=\"_ _16\"> </span>del  Regolamento <span class=\"_ _16\"> </span>sono  consider<span class=\"_ _0\"></span>ati  Parti  C<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrelate  d<span class=\"_ _0\"></span>i  Intesa  Sa<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>paolo:  i <span class=\"_ _16\"> </span>soggetti  c<span class=\"_ _0\"></span>he  esercitano  i<span class=\"_ _35\"></span>l  controllo  o </div><div class=\"t m0 x0 h2 y15fb ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019inf<span class=\"ff1\">luenza <span class=\"_ _4\"> </span>notevole, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>collegate, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>joint <span class=\"_ _4\"> </span>venture, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>fondi <span class=\"_ _4\"></span>pensione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>Esponenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>Key </span></div><div class=\"t m0 x0 h2 y15fc ff1 fs0 fc0 sc0 ls0 ws0\">Manager di Intesa S<span class=\"_ _0\"></span>anpaolo, con i relati<span class=\"_ _0\"></span>vi stretti familiari e le<span class=\"_ _0\"></span> entit\u00e0 partecipate ril<span class=\"_ _0\"></span>evanti. <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y8b9 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019insieme <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _4\"> </span>Collegat<span class=\"_ _0\"></span>i <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gr<span class=\"ff1\">uppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ostituito <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ciascuna <span class=\"_ _4\"> </span>banca <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>(compresa <span class=\"_ _6\"></span>la </span></div><div class=\"t m0 x0 h2 y8ba ff1 fs0 fc0 sc0 ls0 ws0\">Capogruppo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascun <span class=\"_ _5\"></span>intermediario <span class=\"_ _5\"></span>vigilato <span class=\"_ _2\"></span>rilevante <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2% <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>live<span class=\"_ _5\"></span>llo </div><div class=\"t m0 x0 h2 y591 ff1 fs0 fc0 sc0 ls0 ws0\">consolidato. Rispetto a cias<span class=\"_ _0\"></span>cuna banca o intermediario vigilato rilevante del Grupp<span class=\"_ _0\"></span>o sono Soggetti Collegati: i) gli <span class=\"_ _0\"></span>azionisti che<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y15fd ff4 fs0 fc0 sc0 ls0 ws0\">esercitano il <span class=\"_ _3\"></span>controllo, l\u2019influenza notevole <span class=\"_ _3\"></span>o che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comunque tenuti a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>richiedere autorizzazione ai sensi <span class=\"_ _3\"></span>dell\u2019art. 19 <span class=\"_ _3\"></span>TU<span class=\"_ _5\"></span><span class=\"ff1\">B <span class=\"_ _3\"></span>o </span></div><div class=\"t m0 x0 h2 y592 ff4 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _4\"> </span>grado <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nominare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>componente <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ell\u2019<span class=\"ff1\">or<span class=\"_ _3\"></span>gano <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>funzione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>upervision<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>strategica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _4\"> </span>gruppi </span></div><div class=\"t m0 x0 h2 y228 ff1 fs0 fc0 sc0 ls0 ws0\">societari;  ii) <span class=\"_ _16\"> </span>le  entit\u00e0  controllate,  c<span class=\"_ _0\"></span>ontrollate  co<span class=\"_ _0\"></span>ngiuntamente <span class=\"_ _16\"> </span>e  collegate,  nonch\u00e9  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  entit\u00e0  da  q<span class=\"_ _0\"></span>ueste  controll<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  anche<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y593 ff1 fs0 fc0 sc0 ls0 ws0\">congiuntamente ad altr<span class=\"_ _0\"></span>i; iii) gli espone<span class=\"_ _0\"></span>nti aziendali<span class=\"_ _3\"></span> con i relativi p<span class=\"_ _0\"></span>arenti fino al second<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> grado e le entit\u00e0 <span class=\"_ _0\"></span>partecipate rilevanti. </div><div class=\"t m0 x0 h2 yc06 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb2 ff1 fs0 fc0 sc0 ls0 ws0\">In  vi<span class=\"_ _0\"></span>a  di <span class=\"_ _7\"> </span>autoregolamentazione, <span class=\"_ _16\"> </span>la  Banca <span class=\"_ _7\"> </span>ha  esteso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>disciplina  i<span class=\"_ _0\"></span>n  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  operazi<span class=\"_ _0\"></span>oni <span class=\"_ _16\"> </span>con  Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>ella </div><div class=\"t m0 x0 h2 y15ff ff4 fs0 fc0 sc0 ls0 ws0\">sull\u2019attivit\u00e0 di rischio <span class=\"_ _0\"></span>e conflitti di <span class=\"ff1\">interesse nei confronti dei Sog<span class=\"_ _0\"></span>getti Colleg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti a:<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y1600 ff1 fs0 fc0 sc0 ls10 ws0\">a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>gli <span class=\"_ _5\"></span>azionisti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _5\"></span>societari <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>abbiano <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>oto </span></div><div class=\"t m0 x2a h2 yaed ff1 fs0 fc0 sc0 ls0 ws0\">della <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>superiore <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>minima <span class=\"_ _3\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isciplin<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>comunicaz<span class=\"_ _3\"></span>ione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>rilevanti <span class=\"_ _3\"></span>nelle </div><div class=\"t m0 x2a h2 ye73 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>quotate <span class=\"_ _6\"></span>calcolata <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>sole <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>gestione, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>questi <span class=\"_ _6\"></span>controllate<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y597 ff1 fs0 fc0 sc0 ls0 ws0\">anche congiuntamente<span class=\"_ _0\"></span> ad altri; </div><div class=\"t m0 x0 h2 y1601 ff1 fs0 fc0 sc0 ls10 ws0\">b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>esponenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>oro <span class=\"_ _5\"></span>stretti <span class=\"_ _2\"></span>familiari <span class=\"_ _2\"></span>i) <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>cariche <span class=\"_ _2\"></span>esecutive <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>presidente </span></div><div class=\"t m0 x2a h32 y599 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019organo di <span class=\"_ _3\"></span>amministrazione, ii) <span class=\"_ _3\"></span>detengono <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>partecipazione qualificata <span class=\"_ _3\"></span>uguale <span class=\"_ _3\"></span>o s<span class=\"_ _3\"></span>uperiore al <span class=\"_ _3\"></span>10% <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capitale o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dei </div><div class=\"t m0 x2a h2 y13dc ff1 fs0 fc0 sc0 ls0 ws0\">diritti di voto di tale e<span class=\"_ _0\"></span>ntit\u00e0, o una posizion<span class=\"_ _0\"></span>e di influenza note<span class=\"_ _0\"></span>vole<span class=\"_ _2\"></span>; </div><div class=\"t m0 x0 h2 y59b ff1 fs0 fc0 sc0 ls14 ws0\">c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>le societ\u00e0 con le quali il Gruppo presenta signifi<span class=\"_ _0\"></span>cativi legami partecipativi <span class=\"_ _0\"></span>e finanziari in quanto riferibili ad almeno due<span class=\"_ _2\"></span> dei </span></div><div class=\"t m0 x2a h2 y116d ff1 fs0 fc0 sc0 ls0 ws0\">seguenti indicatori: </div><div class=\"t m0 x2a h2 y12ca ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">partecipazione della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo con <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>compresa <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u20191% <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span></span>glia <span class=\"_ _2\"></span>minima </span></div><div class=\"t m0 x62 h2 y1602 ff1 fs0 fc0 sc0 ls0 ws0\">prevista dalla discipli<span class=\"_ _0\"></span>na sulla comunic<span class=\"_ _0\"></span>azione delle partecip<span class=\"_ _0\"></span>azioni rilevanti nelle <span class=\"_ _0\"></span>societ\u00e0 con azion<span class=\"_ _0\"></span>i quotate; <span class=\"_ _2\"></span> </div><div class=\"t m0 x2a h2 y13dd ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>partecipazione da <span class=\"_ _0\"></span>parte di entit\u00e0 del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po Intesa Sanpaolo <span class=\"_ _0\"></span>nella controparte <span class=\"_ _0\"></span>superiore al 10% dei d<span class=\"_ _0\"></span>iritti di voto; <span class=\"_ _2\"></span> </span></div><div class=\"t m0 x2a h2 y4e2 ffd fs0 fc0 sc0 ls0 ws0\">o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione significativa cr<span class=\"_ _0\"></span>editizia del Gruppo ver<span class=\"_ _0\"></span>so la controparte. </span></div><div class=\"t m0 x0 h2 y1031 ff1 fs0 fc0 sc0 ls0 ws0\">Tale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oluzione <span class=\"_ _5\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sviluppare <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>standard <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>elevato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>monitoraggio <span class=\"_ _5\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>in </div><div class=\"t m0 x0 h2 y59e ff1 fs0 fc0 sc0 ls0 ws0\">potenziale rischio <span class=\"_ _0\"></span>di conflitto di inter<span class=\"_ _0\"></span>essi.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y1032 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y5a0 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>Regolamento contempla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>cautele <span class=\"_ _3\"></span>istruttorie che <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere o<span class=\"_ _3\"></span>sservate dalle <span class=\"_ _3\"></span>strutture della <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alle </div><div class=\"t m0 x0 h2 y1033 ff1 fs0 fc0 sc0 ls0 ws0\">societ\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e </div><div class=\"t m0 x0 h2 y1710 ff1 fs0 fc0 sc0 ls0 ws0\">Soggetti rilevanti ex <span class=\"_ _0\"></span>art. 136 TUB, al fine di soddisfar<span class=\"_ _0\"></span>e le esigenze di c<span class=\"_ _0\"></span>orrettezza sostanziale <span class=\"_ _0\"></span>delle transazioni, <span class=\"_ _0\"></span>richiedendo, tra </div><div class=\"t m0 x0 h32 y80a ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019altro, <span class=\"_ _16\"> </span>un  e<span class=\"_ _0\"></span>same <span class=\"_ _16\"> </span>dettagliato <span class=\"_ _16\"> </span>delle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>tivazioni, <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>interessi, <span class=\"_ _16\"> </span>degli  e<span class=\"_ _0\"></span>ffetti <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>punto  di <span class=\"_ _7\"> </span>vista  patrim<span class=\"_ _0\"></span>oniale, <span class=\"_ _16\"> </span>economico <span class=\"_ _16\"> </span>e </div><div class=\"t m0 x0 h2 y1604 ff1 fs0 fc0 sc0 ls0 ws0\">finanziario e delle <span class=\"_ _0\"></span>condizioni d<span class=\"ff4\">ell\u2019operazione.</span> </div><div class=\"t m0 x0 h2 y1605 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-197.83911px;\"><div class=\"t m0 x0 h32 y4 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>adottata <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Consob <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>regime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esenzioni, </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">integrali o parziali, d<span class=\"_ _0\"></span>all\u2019applicazione <span class=\"_ _0\"></span>della disciplina.<span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto <span class=\"_ _3\"></span>attiene ai p<span class=\"_ _3\"></span>rofili deliberativi delle operaz<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti Correlate di Intesa <span class=\"_ _3\"></span>Sanpaolo e Soggetti <span class=\"_ _3\"></span>Collegati di Gruppo, </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">il procedimento vien<span class=\"_ _0\"></span>e differenziato per: </div><div class=\"t m0 x0 h2 y17b0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>importo <span class=\"_ _5\"></span>esiguo: <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>controvalore <span class=\"_ _5\"></span>inferiore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>250 <span class=\"_ _5\"></span>mila <span class=\"_ _6\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>1 <span class=\"_ _6\"></span>milione <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i </span></div><div class=\"t m0 x2a h2 ycb2 ff1 fs0 fc0 sc0 ls0 ws0\">soggetti diversi d<span class=\"ff4\">alle persone<span class=\"_ _0\"></span> fisiche (escluse <span class=\"_ _0\"></span>dall\u2019applicazione dell<span class=\"_ _0\"></span>a disciplina);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y417 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>minore <span class=\"_ _2\"></span>rilevanza: <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>controvalore <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>soglie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>esiguit\u00e0 <span class=\"_ _2\"></span>(250 <span class=\"_ _5\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _3\"></span>ed </span></div><div class=\"t m0 x2a h2 y418 ff1 fs0 fc0 sc0 ls0 ws0\">1 milione <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>soggetti <span class=\"_ _6\"></span>diversi <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"></span>persone <span class=\"_ _6\"></span>fisiche), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>inferi<span class=\"_ _3\"></span>ore <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>soglie <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>rilevanza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>seguito </div><div class=\"t m0 x2a h2 y419 ff1 fs0 fc0 sc0 ls0 ws0\">indicate; </div><div class=\"t m0 x0 h2 y4a0 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di <span class=\"_ _3\"></span>maggiore rilevanza: di controvalore superiore a<span class=\"_ _3\"></span>lla soglia del <span class=\"_ _3\"></span>5% de<span class=\"_ _3\"></span>gli indicatori definiti dalla <span class=\"_ _3\"></span>Consob e d<span class=\"_ _3\"></span>alla<span class=\"_ _5\"></span> </span></div><div class=\"t m0 x2a h2 y4a1 ff4 fs0 fc0 sc0 ls0 ws0\">Banca d\u2019Italia (circa <span class=\"_ _0\"></span>2,8 miliardi per il Gr<span class=\"_ _0\"></span>uppo Intesa Sanpaol<span class=\"_ _0\"></span>o<span class=\"_ _3\"></span><span class=\"ff1 ls20\">);<span class=\"ls0\"> </span></span></div><div class=\"t m0 x0 h2 y25d ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di comp<span class=\"_ _0\"></span>etenza assembleare, a n<span class=\"_ _0\"></span>orma di legge o di S<span class=\"_ _0\"></span>tatuto.<span class=\"_ _3\"></span> </span></div><div class=\"t m0 x0 h2 y25e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h32 y25f ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>finalizzato <span class=\"_ _7\"> </span>all\u2019approvazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Soggetti <span class=\"_ _7\"> </span>Collegati <span class=\"_ _4\"> </span>di </div><div class=\"t m0 x0 h2 y260 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo,  un  ruolo <span class=\"_ _1d\"> </span>qualifi<span class=\"_ _0\"></span>cato  \u00e8  svolto  d<span class=\"_ _3\"></span>al  Comitato  per  le  ope<span class=\"_ _2\"></span>razioni  con <span class=\"_ _1d\"> </span>Parti  Correlat<span class=\"_ _0\"></span>e,  in  possesso  dei  requisiti  di </div><div class=\"t m0 x0 h32 y261 ff4 fs0 fc0 sc0 ls0 ws0\">indipendenza <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>Codice <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>utodisciplina <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _7\"> </span>quotate <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>dall\u2019art. <span class=\"_ _7\"> </span>148 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _7\"> </span>Unico <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Finanza. <span class=\"_ _7\"> </span>Il </div><div class=\"t m0 x0 h2 y262 ff1 fs0 fc0 sc0 ls0 ws0\">Comitato <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Parti <span class=\"_ _2\"></span>Correlate <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vvalersi, <span class=\"_ _3\"></span>ove <span class=\"_ _2\"></span>ritenuto <span class=\"_ _6\"></span>opportuno, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esperti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndipendenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>alla </div><div class=\"t m0 x0 h2 y263 ff4 fs0 fc0 sc0 ls0 ws0\">significativit\u00e0, <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>particolari <span class=\"_ _16\"> </span>caratteristiche <span class=\"_ _7\"> </span>economiche <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>strutturali <span class=\"_ _7\"> </span>dell\u2019operazione <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>natura <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>correlat<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>o </span></div><div class=\"t m0 x0 h2 y265 ff1 fs0 fc0 sc0 ls0 ws0\">soggetto collegato. </div><div class=\"t m0 x0 h2 y266 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trutture <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">evono <span class=\"_ _5\"></span>coinvolgere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Comitato <span class=\"_ _3\"></span>nelle <span class=\"_ _5\"></span>fasi <span class=\"_ _2\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>trattative, </span></div><div class=\"t m0 x0 h32 y267 ff4 fs0 fc0 sc0 ls0 ws0\">attraverso <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019invio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>flusso <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpleto <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>tempestivo <span class=\"_ _7\"> </span>e  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>facolt\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Comitato <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>richiedere <span class=\"_ _16\"> </span>ulteriori <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>e </div><div class=\"t m0 x0 h2 y268 ff1 fs0 fc0 sc0 ls0 ws0\">formulare osservazi<span class=\"_ _0\"></span>oni. </div><div class=\"t m0 x0 h2 y269 ff1 fs0 fc0 sc0 ls0 ws0\">Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>senti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Regolamento <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>realizzate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>correlata <span class=\"_ _2\"></span>o </div><div class=\"t m0 x0 h2 y26a ff1 fs0 fc0 sc0 ls0 ws0\">soggetto collegato sono riservate alla competenz<span class=\"_ _0\"></span>a deliberativa del Consiglio, previo parere del Comitato per le operazioni co<span class=\"_ _5\"></span><span class=\"ls17\">n </span></div><div class=\"t m0 x0 h2 y26b ff1 fs0 fc0 sc0 ls0 ws0\">Parti Correlate. </div><div class=\"t m0 x0 h32 y26c ff4 fs0 fc0 sc0 ls0 ws0\">Il  Regolamento <span class=\"_ _16\"> </span>prevede  specifici <span class=\"_ _16\"> </span>presidi  nel  caso  i<span class=\"_ _0\"></span>n  cui  sia  delib<span class=\"_ _0\"></span>erata  un\u2019operazio<span class=\"_ _0\"></span>ne  di  minore <span class=\"_ _16\"> </span>o  maggiore  rilevanz<span class=\"_ _0\"></span>a, </div><div class=\"t m0 x0 h2 y26d ff1 fs0 fc0 sc0 ls0 ws0\">nonostante il parere <span class=\"_ _0\"></span>negativo del Comita<span class=\"_ _0\"></span>to per le operazioni <span class=\"_ _0\"></span>con Parti Correlate.  </div><div class=\"t m0 x0 h2 y26e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y26f ff1 fs0 fc0 sc0 ls0 ws0\">Le operazioni realizzate d<span class=\"_ _0\"></span>alle societ\u00e0 controllate co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span> Parti Correlate di Intesa Sanpaolo e Sogge<span class=\"_ _0\"></span>tti Collegati di Grupp<span class=\"_ _0\"></span>o devono </div><div class=\"t m0 x0 h2 y270 ff1 fs0 fc0 sc0 ls0 ws0\">essere <span class=\"_ _2\"></span>deliberate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>stesse <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>interessate <span class=\"_ _3\"></span>previo <span class=\"_ _2\"></span>benestare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _3\"></span>che </div><div class=\"t m0 x0 h2 y5c7 ff4 fs0 fc0 sc0 ls0 ws0\">viene rilasciato se<span class=\"_ _0\"></span>condo l\u2019iter sopra desc<span class=\"_ _0\"></span>ritto. <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y272 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y273 ff1 fs0 fc0 sc0 ls0 ws0\">Il  Regol<span class=\"ff4\">amento  definisce  altres\u00ec  i  criteri  gener<span class=\"_ _0\"></span>ali  per  l\u2019informativa  da  rendere,  almen<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  trimestralmente,  anche  ai  sen<span class=\"_ _0\"></span>si </span></div><div class=\"t m0 x0 h2 y1aa ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019art.<span class=\"ff1\"> 150 <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _6\"></span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>Finanza, <span class=\"_ _6\"></span>agli <span class=\"_ _4\"></span>amministratori <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>all'organo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ordine <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>Parti </span></div><div class=\"t m0 x0 h2 y274 ff1 fs0 fc0 sc0 ls0 ws0\">Correlate <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>perfezionate <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>fine <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 ybd ff4 fs0 fc0 sc0 ls0 ws0\">fornire <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>completo <span class=\"_ _3\"></span>dell\u2019insieme <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>significative <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>volumi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>princip<span class=\"_ _5\"></span><span class=\"ff1\">ali </span></div><div class=\"t m0 x0 h2 ybe ff1 fs0 fc0 sc0 ls0 ws0\">caratteristiche <span class=\"_ _16\"> </span>di  <span class=\"ff4\">tu<span class=\"_ _0\"></span>tte  qu<span class=\"_ _0\"></span>elle <span class=\"_ _16\"> </span>delegate. <span class=\"_ _16\"> </span>L\u2019informativa<span class=\"_ _0\"></span>  de<span class=\"_ _0\"></span>ve  r<span class=\"_ _0\"></span>iguardare <span class=\"_ _16\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>operazioni, <span class=\"_ _16\"> </span>anche  se <span class=\"_ _7\"> </span>esenti  da <span class=\"_ _7\"> </span>procedura </span></div><div class=\"t m0 x0 h2 ybf ff1 fs0 fc0 sc0 ls0 ws0\">deliberativa, di controvalore superior<span class=\"_ _0\"></span>e alle soglie di esiguit\u00e0; sono escluse le oper<span class=\"_ _0\"></span>azioni di minore rilevanza di finanziame<span class=\"_ _2\"></span>nto e </div><div class=\"t m0 x0 h2 yc0 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _6\"></span>raccolta <span class=\"_ _5\"></span>bancaria <span class=\"_ _6\"></span>infragruppo <span class=\"_ _6\"></span>(sempre <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>riguardino <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltra <span class=\"_ _5\"></span>parte </div><div class=\"t m0 x0 h2 yc1 ff1 fs0 fc0 sc0 ls0 ws0\">correlata <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>soggetto <span class=\"_ _4\"> </span>collegato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>presentino <span class=\"_ _4\"></span>condizioni <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>standard). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minore <span class=\"_ _4\"> </span>rilevanza </div><div class=\"t m0 x0 h2 yc2 ff1 fs0 fc0 sc0 ls0 ws0\">infragruppo ordinarie<span class=\"_ _0\"></span> e a con<span class=\"ff4\">dizioni di mercato \u00e8, i<span class=\"_ _0\"></span>nvece, prevista un\u2019info<span class=\"_ _0\"></span>rmativa di tipo aggreg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to su base ann<span class=\"_ _0\"></span>uale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y700 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc4 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>realizzate <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>italiane <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano </div><div class=\"t m0 x0 h2 yc5 ff1 fs0 fc0 sc0 ls0 ws0\">considerate esenti, <span class=\"_ _2\"></span>fermo il <span class=\"_ _3\"></span>benestare <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>Capogrupp<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>deliberate dal <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativo Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazi<span class=\"_ _0\"></span>one, </div><div class=\"t m0 x0 h32 yc6 ff4 fs0 fc0 sc0 ls0 ws0\">previo <span class=\"_ _6\"> </span>parere <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>Comitato <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Consiglieri <span class=\"_ _4\"> </span>indipendenti <span class=\"_ _6\"> </span>costituito <span class=\"_ _4\"> </span>all\u2019intern<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Consigli<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Banca </div><div class=\"t m0 x0 h2 yc7 ff1 fs0 fc0 sc0 ls0 ws0\">stessa. Sono, inoltre, p<span class=\"_ _0\"></span>reviste regole specif<span class=\"_ _0\"></span>ic<span class=\"_ _3\"></span>he di rendicontazi<span class=\"_ _0\"></span>one delle opera<span class=\"_ _0\"></span>zioni agli Organi dell<span class=\"_ _0\"></span>a Banca. </div><div class=\"t m0 x0 h2 yc8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yc9 ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Regolame<span class=\"_ _0\"></span>nto <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Soggetti <span class=\"_ _2\"></span>Rilevanti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>136 <span class=\"_ _5\"></span>TUB, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicato <span class=\"_ _4\"> </span><span class=\"ff1\">da </span></div><div class=\"t m0 x0 h2 yca ff1 fs0 fc0 sc0 ls0 ws0\">tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>Banche <span class=\"_ _16\"> </span>italiane <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>ivi <span class=\"_ _16\"> </span>inclus<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo. <span class=\"_ _7\"> </span>Tale <span class=\"_ _16\"> </span>norma <span class=\"_ _16\"> </span>richiede <span class=\"_ _7\"> </span>l\u2019adozione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>una </span></div><div class=\"t m0 x0 h32 ycb ff4 fs0 fc0 sc0 ls0 ws0\">procedura  deliberativa  aggravata  (delibera  unanime  dell\u2019organo  amministra<span class=\"_ _0\"></span>tivo,  con  esclusione  del  voto  dell\u2019esponente </div><div class=\"t m0 x0 h2 y11b ff4 fs0 fc0 sc0 ls0 ws0\">interessato, <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>voto <span class=\"_ _16\"> </span>favorevole <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>l\u2019organo <span class=\"_ _7\"> </span>di  controllo) <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>consentire<span class=\"_ _2\"></span><span class=\"ff1\">  agli <span class=\"_ _7\"> </span>esponenti <span class=\"_ _16\"> </span>bancari <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>assumere, </span></div><div class=\"t m0 x0 h2 ycd ff1 fs0 fc0 sc0 ls0 ws0\">direttamente o indire<span class=\"_ _0\"></span>ttamente, obbliga<span class=\"_ _0\"></span>zioni con la banca nella<span class=\"_ _0\"></span> quale gli stessi rive<span class=\"_ _0\"></span>stono la carica di espone<span class=\"_ _0\"></span>nte. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 yce ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ycf ff4 fs0 fc0 sc0 ls0 ws0\">Sono  i<span class=\"_ _0\"></span>noltre <span class=\"_ _16\"> </span>fatti <span class=\"_ _16\"> </span>salvi  gli<span class=\"_ _0\"></span>  ob<span class=\"_ _0\"></span>blighi <span class=\"_ _16\"> </span>previsti <span class=\"_ _16\"> </span>dal  Codic<span class=\"_ _0\"></span>e  Ci<span class=\"_ _0\"></span>vile <span class=\"_ _16\"> </span>(art.  239<span class=\"_ _0\"></span>1)  e<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>all\u2019art. <span class=\"_ _16\"> </span>53  TU<span class=\"_ _0\"></span>B  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  m<span class=\"_ _0\"></span>ate<span class=\"_ _2\"></span><span class=\"ff1\">ria  di <span class=\"_ _16\"> </span>interessi <span class=\"_ _16\"> </span>degli </span></div><div class=\"t m0 x0 h2 yd0 ff1 fs0 fc0 sc0 ls0 ws0\">amministratori.  </div><div class=\"t m0 x0 h2 yd1 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>l\u2019art. <span class=\"_ _3\"></span>2391 <span class=\"_ _5\"></span><span class=\"ff1\">C.C. <span class=\"_ _3\"></span>stabilisce <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ciascun <span class=\"_ _2\"></span>Consigliere <span class=\"_ _3\"></span>dia <span class=\"_ _3\"></span>notizia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>detenuto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 yd2 ff4 fs0 fc0 sc0 ls0 ws0\">terzi, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ossa <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>gestoria, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad <span class=\"_ _4\"> </span><span class=\"ff1\">una <span class=\"_ _2\"></span>determinata <span class=\"_ _3\"></span>operazione. <span class=\"_ _2\"></span>Ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>della </span></div><div class=\"t m0 x0 h2 yd3 ff1 fs0 fc0 sc0 ls0 ws0\">predetta <span class=\"_ _2\"></span>disposizione, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>competenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>delibere <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quelle <span class=\"_ _2\"></span>operazioni, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>Parti <span class=\"_ _2\"></span>Correlate, </div><div class=\"t m0 x0 h2 yd4 ff1 fs0 fc0 sc0 ls0 ws0\">nelle <span class=\"_ _16\"> </span>quali <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Consigliere <span class=\"_ _7\"> </span>Delegato <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>itolare <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>proprio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di <span class=\"_ _1d\"> </span><span class=\"ff4\">terzi <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>osservi <span class=\"_ _16\"> </span>quindi <span class=\"_ _7\"> </span>l\u2019obbligo <span class=\"_ _7\"> </span>di </span></div><div class=\"t m0 x0 h2 yd5 ff4 fs0 fc0 sc0 ls0 ws0\">astensione dal compie<span class=\"_ _0\"></span>re l\u2019operazione, in<span class=\"_ _0\"></span>vestendo della stessa l<span class=\"_ _0\"></span>\u2019organo collegi<span class=\"_ _0\"></span>ale ex art. 2391 <span class=\"_ _3\"></span><span class=\"ff1\">C.C. </span></div><div class=\"t m0 x0 h2 yd6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb72 ff4 fs0 fc0 sc0 ls0 ws0\">In a<span class=\"_ _3\"></span>ggiunta, l\u2019art. 53 <span class=\"_ _3\"></span>TUB prevede <span class=\"_ _3\"></span>che gli <span class=\"_ _3\"></span>amministratori delle banche <span class=\"_ _3\"></span>debbano astenersi dalle <span class=\"_ _3\"></span>deliberazioni in <span class=\"_ _3\"></span>cui ab<span class=\"_ _5\"></span><span class=\"ff1\">biano <span class=\"_ _3\"></span>un </span></div><div class=\"t m0 x0 h2 yd8 ff1 fs0 fc0 sc0 ls0 ws0\">conflitto di interessi <span class=\"_ _0\"></span>per conto proprio o d<span class=\"_ _0\"></span>i terzi. </div><div class=\"t m0 x0 h2 yd9 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>2. Informazioni sui saldi <span class=\"_ _0\"></span>con parti correlate I <span class=\"_ _3\"></span>saldi creditori e <span class=\"_ _3\"></span>debitori in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>conti consolidati nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>parti correlate <span class=\"_ _6\"></span>- diverse d<span class=\"_ _3\"></span>a quelle infragruppo <span class=\"_ _1c\"> </span>consoli<span class=\"_ _0\"></span>date <span class=\"_ _1c\"> </span>integrali <span class=\"_ _1c\"> </span>- <span class=\"_ _1c\"> </span>risultano <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mplessivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>rilev<span class=\"_ _0\"></span>ante <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _18\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _1c\"> </span>dimension<span class=\"_ _0\"></span>e patrimoniale <span class=\"_ _6\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _4\"> </span>Parimenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>risulta <span class=\"_ _4\"> </span>rilevante <span class=\"_ _4\"> </span>l\u2019incid<span class=\"_ _0\"></span>enza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>oneri <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>arti <span class=\"_ _4\"> </span>correlate <span class=\"_ _6\"> </span>sul <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isultato <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>gestione consolidato.              31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie (1)<span class=\"_ _90\"> </span>6.997 0,8 Totale altre<span class=\"_ _0\"></span> attivit\u00e0 (2)<span class=\"_ _90\"> </span>188<span class=\"ls0\"> </span>0,8 Totale pas<span class=\"_ _0\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie (3)<span class=\"_ _90\"> </span>5.348 0,7 Totale altre<span class=\"_ _0\"></span> passivi<span class=\"_ _0\"></span>t\u00e0 (4)<span class=\"_ _90\"> </span>882<span class=\"ls0\"> </span>0,8 (1) <span class=\"ls27\">Include le voci 10, 20, 30, 35, 40, 4<span class=\"_ _3\"></span>5 e 70 dell'attivo di Stato p<span class=\"_ _3\"></span>atrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>(2) Include le voci 50, 60, 120 e 130 dell'at<span class=\"_ _3\"></span>tivo di Stato patrimoniale.<span class=\"ls0\"> </span>(3) Include le voci 10, 15, 20, 30 e 35 del <span class=\"_ _3\"></span>passivo di Stato patrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(4) Include le voci 40, <span class=\"ls0\">50, 70, 80, 90, 100 <span class=\"_ _3\"></span>e 110 del passivo di Stato <span class=\"_ _3\"></span>patrimoniale.<span class=\"_ _3\"></span> </span>             31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale inter<span class=\"_ _0\"></span>essi attivi 59<span class=\"ls0\"> </span>0,4 Totale inter<span class=\"_ _0\"></span>essi pas<span class=\"_ _0\"></span>sivi -<span class=\"ls25\">31</span> 0,9 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> attive 35<span class=\"ls0\"> </span>0,3 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> passive -<span class=\"ls25\">52</span> 1,9 Totale co<span class=\"_ _0\"></span>sti di funzion<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> (1)<span class=\"_ _90\"> </span>-<span class=\"ls25\">194</span> 1,7 (1) Include la voce 190 del conto economi<span class=\"_ _3\"></span>co.<span class=\"ls0\"> </span>Nei confronti di societ\u00e0<span class=\"_ _0\"></span> collegate, nell\u2019eserc<span class=\"_ _0\"></span>izio si registrano rip<span class=\"_ _0\"></span>rese di valore nett<span class=\"_ _0\"></span>e su finanziamenti p<span class=\"_ _0\"></span>ari a circa 4 <span class=\"_ _2\"></span><span class=\"ff1\">milioni. </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>dell\u2019operativit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna <span class=\"_ _2\"></span>categoria <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controparte <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>orrelata,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>soggetti <span class=\"_ _6\"></span>indicati <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>IAS <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>4, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019operativit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>consolidate <span class=\"_ _7\"> </span><span class=\"ff1\">integralmente, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>degli </span>Azionisti <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sa<span class=\"_ _3\"></span>npaolo e <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>gruppi <span class=\"_ _3\"></span>societari <span class=\"_ _3\"></span>(entit\u00e0 <span class=\"_ _3\"></span>controllate <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>altri, <span class=\"_ _3\"></span>control<span class=\"_ _5\"></span>lanti <span class=\"_ _3\"></span>o sottoposte a comune controllo) che abbiano una p<span class=\"_ _3\"></span>artecipazione al capitale con diritto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>di voto della <span class=\"_ _3\"></span>Banca superiore alla soglia<span class=\"_ _0\"></span> minima <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _5\"></span>comunicazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>calcolat<span class=\"_ _5\"></span><span class=\"ls17\">a </span>sulle <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>azioni <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>propriet\u00e0 <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>gestione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>ulteriori <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>inclus<span class=\"_ _2\"></span>i <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>perimetro <span class=\"_ _1d\"> </span>definito <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>via <span class=\"_ _17\"> </span>di autoregolamentazione. Nella <span class=\"_ _3\"></span>tabella che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>non v<span class=\"_ _3\"></span>iene invece <span class=\"_ _3\"></span>rappresentata l\u2019incidenza delle <span class=\"_ _3\"></span>operazioni c<span class=\"_ _3\"></span>on parti <span class=\"_ _3\"></span>correlate <span class=\"_ _3\"></span>sui flussi <span class=\"_ _3\"></span>finanziari<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>del </span>Gruppo, in quanto non <span class=\"_ _0\"></span>significativa. Per <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>chiarezza <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>coerente<span class=\"_ _3\"></span>mente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>segnalazioni <span class=\"_ _2\"></span>inviate <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>Autorit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Vigilanza,<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>fuori bilancio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>dettagliate <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>righe <span class=\"_ _4\"> </span>distinte, <span class=\"_ _4\"> </span>raggruppando <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>lato <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>garanzie/impegni <span class=\"_ _4\"> </span>rilasciati<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dall\u2019altro <span class=\"_ _4\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>garanzie/impegni  ricevuti. <span class=\"_ _1d\"> </span>Nella  prima<span class=\"_ _3\"></span>  c<span class=\"_ _3\"></span>ategoria  sono <span class=\"_ _1d\"> </span>stati  inclusi <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>gli  impegni <span class=\"_ _1d\"> </span>revocabili  rilasciati <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>importo complessivo \u00e8 pari a 1<span class=\"_ _0\"></span> miliardo.<span class=\"_ _90\"> </span>(milioni di euro) Entit\u00e0 controllate non consolidate integralmente Entit\u00e0 sottoposte a controllo congiunto e <span class=\"ls0\">relative </span>controllate Entit\u00e0 collegate e relative controllate Esponenti, Key Manager e soggetti ad essi riconducibili Fondi Pensione TOTALE Azionisti (*) Societ\u00e0 con le quali il Gruppo presenta significativi  legami partecipativi e finanziari (**) Altre societ\u00e0 riconducibili agli Esponenti  (***) Cassa e disponibilit\u00e0 liquide - - - - - - - 483<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico - - 229<span class=\"ls0\"> </span>- - 229<span class=\"ls0\"> </span>- 2.571 - a) Attivit\u00e0 finanziarie detenute per la negoziazione - - - - - - - 2.526 - b) attivit\u00e0 finanziarie designate al fair value - - - - - - - - - c) altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value - - 229<span class=\"ls0\"> </span>- - 229<span class=\"ls0\"> </span>- 45<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva - - - - - - 19<span class=\"ls0\"> </span>- - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39 - - - - - - 2 15<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al costo ammortizzato - 342<span class=\"ls0\"> </span>328<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>- 689<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>927<span class=\"ls0\"> </span>2 a) Crediti verso banche - - 5 - - 5 - 741<span class=\"ls0\"> </span>- b) Crediti verso clientela - 342<span class=\"ls0\"> </span>323<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>- 684<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>186<span class=\"ls0\"> </span>2 Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 - - - - - - - - - Altre attivit\u00e0 20<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- - 62<span class=\"ls0\"> </span>- 126<span class=\"ls0\"> </span>- Partecipazioni 49<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>1.831 - - 2.013 - - - Passivit\u00e0 finanziarie valutate al costo ammortizzato 17<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>1.163 171<span class=\"ls0\"> </span>2.908 5 a) debiti verso banche - - 2 - - 2 - 2.719 - b) debiti verso la clientela 17<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>661<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>1.161 171<span class=\"ls0\"> </span>189<span class=\"ls0\"> </span>5 Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 - - - - - - - - - Passivit\u00e0 finanziarie di negoziazione - - 9 - - 9 - 1.092 - Passivit\u00e0 finanziarie designate al fair value - - - - - - - - - Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39 - - - - - - - - - Altre passivit\u00e0 3 - 24<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>517<span class=\"ls0\"> </span>566<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>303<span class=\"ls0\"> </span>- Garanzie e impegni rilasciati 37<span class=\"ls0\"> </span>379<span class=\"ls0\"> </span>206<span class=\"ls0\"> </span>7 1 630<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>1.091 - Garanzie e impegni ricevuti - 10<span class=\"ls0\"> </span>9 7 - 26<span class=\"ls0\"> </span>1 10<span class=\"ls0\"> </span>- (*) <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>autoregolamentazione, <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>cietari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>detengono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>rtecipazione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"> </span>superiore <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _5\"></span>minima <span class=\"_ _5\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disciplina <span class=\"_ _5\"></span>sulla<span class=\"_ _0\"></span> comunicazione  delle <span class=\"_ _4\"> </span>partecipazioni  rilevanti <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>elle  societ\u00e0 <span class=\"_ _4\"> </span>con  azio<span class=\"_ _0\"></span>ni  quotate <span class=\"_ _4\"> </span>calcolata  sulle <span class=\"_ _4\"> </span>sole  azioni<span class=\"_ _35\"></span>  in  propriet\u00e0 <span class=\"_ _4\"> </span>o  in <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span>estione,  nonch\u00e9  le <span class=\"_ _6\"> </span>en<span class=\"_ _3\"></span>tit\u00e0  da<span class=\"_ _0\"></span>  questi <span class=\"_ _4\"> </span>controllate<span class=\"_ _35\"></span> congiuntamente. (**) <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>via <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>autor<span class=\"_ _3\"></span>egolamentazione, <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>seguenti <span class=\"_ _3\"></span>indicato<span class=\"_ _3\"></span>ri: <span class=\"_ _3\"></span>i) <span class=\"_ _2\"></span>partecipazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contr<span class=\"_ _3\"></span>oparte <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanp<span class=\"_ _3\"></span>aolo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>quota compresa tra l\u20191% e la soglia minima<span class=\"_ _3\"></span> prevista dalla disciplina sulla comunicazi<span class=\"_ _3\"></span><span class=\"ff1\">one delle partecipazioni rilevanti nelle societ\u00e0 con azioni quotate; ii) partecipazione da parte<span class=\"_ _3\"></span> di entit\u00e0 </span>del Gruppo ISP nella controparte superiore al 10% dei diritti di voto; iii) e<span class=\"_ _3\"></span>sposizione significativa creditizia del Gruppo v<span class=\"_ _3\"></span>erso la controparte. Gli importi riportati si riferiscono in<span class=\"_ _3\"></span> larga<span class=\"_ _0\"></span> misura alle societ\u00e0 del Gruppo JP Morgan. (***) <span class=\"_ _6\"> </span>In  via <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>autorego<span class=\"_ _3\"></span>lamentazione, <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>lle <span class=\"_ _6\"> </span>quali  gli<span class=\"_ _35\"></span>  esponenti <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>o  i <span class=\"_ _6\"> </span>loro <span class=\"_ _6\"> </span>stretti  fa<span class=\"_ _0\"></span>miliari <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>hann<span class=\"_ _3\"></span><span class=\"ff4\">o<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>cariche <span class=\"_ _4\"> </span>esecutive <span class=\"_ _6\"> </span>o  di <span class=\"_ _6\"> </span>presidente <span class=\"_ _6\"> </span>dell\u2019orga<span class=\"_ _3\"></span></span>no <span class=\"_ _6\"> </span>di amministrazione; ii) d<span class=\"_ _3\"></span>etengono una partecipazione qualificata <span class=\"_ _3\"></span>uguale o superiore <span class=\"_ _3\"></span>al 10% del capitale <span class=\"_ _3\"></span>o dei <span class=\"_ _3\"></span>diritti di voto d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tale entit\u00e0, o <span class=\"_ _3\"></span>sulla quale <span class=\"_ _3\"></span>tali persone possono <span class=\"_ _3\"></span>esercitare un'influenza notevole.  La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Partecipazioni <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>ntrollata <span class=\"_ _2\"></span>Obviam <span class=\"_ _2\"></span>AG <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>ndo <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>efficacia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>precedenza <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>consolid<span class=\"_ _2\"></span>ata <span class=\"_ _2\"></span>al Patrimonio netto) Per <span class=\"_ _4\"> </span>completezza <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnala <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>collegate <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"></span>significative <span class=\"_ _4\"> </span>incluse <span class=\"_ _4\"> </span>nel  perimetro <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>cor<span class=\"_ _3\"></span>relate,<span class=\"_ _0\"></span> secondo <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>previsto dalla <span class=\"_ _3\"></span>formulazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>Intrum <span class=\"_ _3\"></span>Italy <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Penghua <span class=\"_ _3\"></span>Fund <span class=\"_ _3\"></span>Management Co. Ltd, <span class=\"_ _3\"></span>RSCT Fund <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Comparto Crediti, <span class=\"_ _3\"></span>Back2Bo<span class=\"_ _0\"></span>nis, <span class=\"_ _3\"></span>FI.NAV. Comparto <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>Crediti, Equiter <span class=\"_ _3\"></span>S.p.A., Cassa<span class=\"_ _3\"></span> di <span class=\"_ _2\"></span>Risparmio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Fermo S.p.A., <span class=\"_ _5\"></span>Camfin <span class=\"_ _5\"></span>S.p.A., <span class=\"_ _5\"></span>Neva <span class=\"_ _5\"></span>First <span class=\"_ _5\"></span>- <span class=\"_ _6\"></span><span class=\"ff4\">FCC, <span class=\"_ _5\"></span>Bancomat <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>Alpian<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>S.A., <span class=\"_ _2\"></span>1875 <span class=\"_ _6\"></span>Finance <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>AG, <span class=\"_ _5\"></span>Digit\u2019ed <span class=\"_ _5\"></span>Holding <span class=\"_ _2\"></span>S.p<span class=\"_ _3\"></span>.A., </span>Warrant Hub <span class=\"_ _3\"></span>S.p.A. Tra <span class=\"_ _3\"></span>le principali entit\u00e0 s<span class=\"_ _3\"></span>ottoposte a c<span class=\"_ _3\"></span>ontrollo congiunto (joint venture) <span class=\"_ _3\"></span>si segnalano: <span class=\"_ _3\"></span>Mir Capit<span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Sca Sicar, PBZ Croatia Osiguranje P<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>blic Limited Compa<span class=\"_ _0\"></span>ny for Compulsory Pensi<span class=\"_ _0\"></span>on Fund Manageme<span class=\"_ _0\"></span>nt e Mooney Group S.p.A.<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-401.91724px;\"><div class=\"t m0 x0 h24 y4 ff5 fs0 fc2 sc0 ls0 ws0\">3. Informazioni sulle ope<span class=\"_ _0\"></span>razioni con parti corre<span class=\"_ _0\"></span>late </div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">Si  rappresenta  che <span class=\"_ _1d\"> </span>le  operazioni  con  parti <span class=\"_ _1d\"> </span>correlate  infragruppo,  consolidate  i<span class=\"_ _2\"></span>ntegrali,  non <span class=\"_ _1d\"> </span>sono  incluse  nel  presente </div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">documento in quanto e<span class=\"_ _0\"></span>lise a livello consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ato.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto concerne l<span class=\"_ _0\"></span>e operazioni di Intesa S<span class=\"_ _0\"></span>anpaolo S.p.A. si <span class=\"_ _0\"></span>rinvia a quanto espost<span class=\"_ _0\"></span>o nella Parte H del B<span class=\"_ _0\"></span>ilancio individuale<span class=\"_ _2\"></span>. </div><div class=\"t m0 x0 h4c y62 ff2 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y63 ffa fs0 fc2 sc0 ls0 ws0\">Operazioni di maggiore rilev<span class=\"_ _0\"></span>anza </div><div class=\"t m0 x0 h32 y64 ff4 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>effettuate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>qualificabili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>maggiore<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">rilevanza\u201d n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>standard <span class=\"_ _3\"></span>soggette <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>app<span class=\"_ _3\"></span>licazione del <span class=\"_ _3\"></span>Regolamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls11 ws0\">la<span class=\"ls0\"> <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Operazioni con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti Collegati <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Rilevanti </span></div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">ex art. 136 TUB <span class=\"ff4\">\u2013</span> <span class=\"ff4\">all\u2019obbligo <span class=\"_ _0\"></span>di pubblicazi<span class=\"_ _0\"></span>one di un documento i<span class=\"_ _0\"></span>nformativo al mercat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y68 ff1 fs0 fc0 sc0 ls0 ws0\">Si r<span class=\"_ _3\"></span>icorda che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>maggiore ril<span class=\"_ _3\"></span><span class=\"ff4\">evanza <span class=\"_ _3\"></span>nell\u2019esercizio sono <span class=\"_ _3\"></span>quelle che <span class=\"_ _3\"></span>superano <span class=\"_ _3\"></span>la soglia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Fondi Propri <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">livello consolidato <span class=\"_ _0\"></span>(circa 2,8 miliardi) o<span class=\"_ _0\"></span> degli altri indicatori <span class=\"_ _0\"></span>definiti dalla normati<span class=\"_ _0\"></span>va Consob.<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y6a ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y6b ffa fs0 fc2 sc0 ls0 ws0\">Altre operazioni signific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tive </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>realizzate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _16\"> </span><span class=\"ff4\">Sanpaolo <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrelate <span class=\"_ _4\"> </span>generalmente <span class=\"_ _4\"> </span>rientrano <span class=\"_ _4\"> </span>nel<span class=\"_ _3\"></span>l\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>dell\u2019ordinaria </span></div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">operativit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>norma <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cond<span class=\"_ _3\"></span>izioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>comunque <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>di </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">reciproca convenien<span class=\"_ _0\"></span>za economica, nel risp<span class=\"_ _0\"></span>etto delle procedure interne sopra richiamat<span class=\"_ _0\"></span>e. </div><div class=\"t m0 x0 h2 y6f ff4 fs0 fc0 sc0 ls0 ws0\">Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>\u201cdi <span class=\"_ _2\"></span>minore <span class=\"_ _3\"></span>rilevanza\u201d <span class=\"_ _2\"></span>perfezionate <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Inte<span class=\"_ _5\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">Sanpaolo con contropa<span class=\"_ _0\"></span>rti correlate. </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esponenti <span class=\"_ _3\"></span>azi<span class=\"_ _3\"></span>endali, <span class=\"_ _2\"></span>i key <span class=\"_ _2\"></span>manager, i <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>stretti <span class=\"_ _3\"></span>familiari <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>soggetti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questi </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">partecipati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevante, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconducibili <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>normale <span class=\"_ _3\"></span>operativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicando, <span class=\"_ _2\"></span>ov<span class=\"_ _5\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">ne <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>presupposti, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>convenzioni <span class=\"_ _4\"> </span>riservate <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tutto <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>personale <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>pieno <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>trasparenza <span class=\"_ _4\"></span>dell<span class=\"_ _0\"></span>e </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">condizioni praticate. </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>operazioni <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _16\"> </span>controllate <span class=\"_ _7\"> </span>congiuntamente <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>collegate, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>partecipate </div><div class=\"t m0 x0 h2 y78 ff1 fs0 fc0 sc0 ls0 ws0\">rilevanti in ragione d<span class=\"_ _0\"></span>ella presenza di significativi legami parte<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipativi e finanziari, s<span class=\"_ _0\"></span>i segnalano: </div><div class=\"t m0 x0 h2 y8fb ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"></span>5 <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>23 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Mooney <span class=\"_ _7\"> </span>Group <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>azioni <span class=\"_ _4\"></span>ordinarie <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>IMEL </span></div><div class=\"t m0 x2a h2 y8fc ff4 fs0 fc0 sc0 ls0 ws0\">Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>esito <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>conferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>proprio <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>IME<span class=\"_ _2\"></span><span class=\"ff1\">L <span class=\"_ _7\"> </span>Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>successiva<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y24b ff1 fs0 fc0 sc0 ls0 ws0\">sottoscrizione, con Mo<span class=\"_ _0\"></span>oney Group S.p.A., di <span class=\"_ _0\"></span>un accordo comme<span class=\"_ _0\"></span>rciale;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y42f ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _3\"></span>ricapitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>10 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Mooney <span class=\"_ _2\"></span>Group <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>delle </span></div><div class=\"t m0 x2a h2 y430 ff1 fs0 fc0 sc0 ls0 ws0\">condizioni applicate <span class=\"_ _0\"></span>agli strumenti finanziari in essere <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di circa 262 milioni; </div><div class=\"t m0 x0 h2 y1e8 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la stipula di un contratto di fornitura di servizi tra <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo Private Banking S.p.A. e <span class=\"_ _3\"></span>Alpian S.A. volto a </span></div><div class=\"t m0 x2a h2 y469 ff4 fs0 fc0 sc0 ls0 ws0\">regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>sviluppo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>software<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>esclusiva <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Lussemburgo. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato </span></div><div class=\"t m0 x2a h2 y35b ff1 fs0 fc0 sc0 ls0 ws0\">stipulato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>maggio<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>2022, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ficacia <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2028 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>controvalore <span class=\"_ _3\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>contratto \u00e8 </div><div class=\"t m0 x2a h2 y46a ff1 fs0 fc0 sc0 ls0 ws0\">stato <span class=\"_ _16\"> </span>formalizzato <span class=\"_ _7\"> </span>successivamente <span class=\"_ _16\"> </span>alla <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>partecip<span class=\"_ _3\"></span>azione <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>di  Fid<span class=\"_ _0\"></span>euram <span class=\"_ _16\"> </span>-  Inte<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>Sanpaolo </div><div class=\"t m0 x2a h2 y46b ff1 fs0 fc0 sc0 ls0 ws0\">Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>14,9% <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>influenza <span class=\"_ _5\"></span>notevole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y46c ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"></span>Alpian <span class=\"_ _4\"></span>S.A., <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>presenza <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>R<span class=\"_ _2\"></span>eyl <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"></span>CIE <span class=\"_ _4\"></span>S.A. <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il </div><div class=\"t m0 x2a h2 y46d ff1 fs0 fc0 sc0 ls0 ws0\">12,8%. </div><div class=\"t m0 x0 h2 y46e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y46f ff1 fs0 fc0 sc0 ls0 ws0\">Da  ultimo  si <span class=\"_ _1d\"> </span>segnalano  gli  affidamenti  e  le  proroghe  delle  linee  a <span class=\"_ _1d\"> </span>favore  di  VUB  Generali <span class=\"_ _1d\"> </span>Dochodk<span class=\"_ _0\"></span>ova  Spravcocska </div><div class=\"t m0 x0 h2 y470 ff1 fs0 fc0 sc0 ls0 ws0\">Spolocnost A.S. </div><div class=\"t m0 x0 h2 y471 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y22a ffa fs0 fc2 sc0 ls0 ws0\">Altre informazioni rilev<span class=\"_ _0\"></span>anti </div><div class=\"t m0 x0 h2 y472 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _3\"></span>riferimento alle <span class=\"_ _3\"></span>societ\u00e0 v<span class=\"_ _3\"></span>alutate al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto, s<span class=\"_ _3\"></span>ono s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>registrate <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>artecipazioni detenute </div><div class=\"t m0 x0 h2 y473 ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _5\"></span>Intrum <span class=\"_ _5\"></span>Italy <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _5\"></span>Mir <span class=\"_ _5\"></span>Capital <span class=\"_ _5\"></span>S.C.A. <span class=\"_ _5\"></span>Sicar, <span class=\"_ _6\"></span>Misr <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>For <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Investments <span class=\"_ _5\"></span>Mutual <span class=\"_ _5\"></span>Fund <span class=\"_ _5\"></span>Co. <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>liquidazione,<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y474 ff1 fs0 fc0 sc0 ls0 ws0\">Backtowork24 S.r.l., G<span class=\"_ _0\"></span>ilda S.r.l. e Marketw<span class=\"_ _0\"></span>all S.r.l. </div><div class=\"t m0 x0 h2 y475 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y476 ff1 fs0 fc0 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-268.49536px;\"><div class=\"t m0 x0 h57 y6c7 ff5 fs12 fc2 sc0 ls0 ws0\">B) <span class=\"_ _2d\"> </span>INF<span class=\"_ _3\"></span>ORMAZIONI <span class=\"_ _2d\"> </span>S<span class=\"_ _3\"></span>UI <span class=\"_ _2e\"> </span>COMPENSI <span class=\"_ _2e\"> </span>CORRISPOSTI <span class=\"_ _2e\"> </span>AI <span class=\"_ _2e\"> </span>COMPONENTI <span class=\"_ _2e\"> </span>DEGLI <span class=\"_ _2e\"> </span>ORGANI <span class=\"_ _2e\"> </span>DI </div><div class=\"t m0 x0 h57 y954 ff5 fs12 fc2 sc0 ls0 ws0\">AMMINISTRAZIONE E DI CONTROLLO E AI DI<span class=\"_ _3\"></span>RIGENTI CON RESPONSABILIT\u00c0 S<span class=\"_ _3\"></span>TRATEGICHE<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y18e ff4 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>riporta <span class=\"_ _3\"></span>l\u2019ammontare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>compensi <span class=\"_ _3\"></span>corrisposti nel <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Organi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Ammini<span class=\"_ _2\"></span><span class=\"ff1\">strazione <span class=\"_ _3\"></span>e </span></div><div class=\"t m0 x0 h2 y18f ff1 fs0 fc0 sc0 ls0 ws0\">Controllo <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>Direttori <span class=\"_ _7\"> </span>Generali <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensi <span class=\"_ _4\"> </span>relativi <span class=\"_ _7\"> </span>agli <span class=\"_ _7\"> </span>altri <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>responsabili<span class=\"_ _5\"></span>t\u00e0 </div><div class=\"t m0 x0 h2 y256 ff4 fs0 fc0 sc0 ls0 ws0\">strategiche <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ientrano <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>nozione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>\u201cparte <span class=\"_ _6\"> </span>correlata\u201d, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>mporti <span class=\"_ _6\"></span>massimi <span class=\"_ _6\"> </span>relativi  <span class=\"ff1\">all<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>parte<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y257 ff1 fs0 fc0 sc0 ls0 ws0\">variabile  dell<span class=\"_ _0\"></span>a  retribuzione  c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e  saranno <span class=\"_ _16\"> </span>corrisposti  in  d<span class=\"_ _0\"></span>enaro  e/o  i<span class=\"_ _0\"></span>n  azioni  dell<span class=\"_ _0\"></span>a  Capogrup<span class=\"_ _0\"></span>po,  in  base <span class=\"_ _16\"> </span>alle  politiche <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y258 ff1 fs0 fc0 sc0 ls0 ws0\">retribuzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>subordinatamen<span class=\"_ _0\"></span>te <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>verifica <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>conseguiment<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>target <span class=\"_ _4\"></span>assegnati <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle </div><div class=\"t m0 x0 h2 y259 ff1 fs0 fc0 sc0 ls10 ws0\">de<span class=\"ls0\">terminazioni<span class=\"_ _0\"></span> dei competenti Org<span class=\"_ _0\"></span>ani di Capogruppo. </span></div><div class=\"t m0 x0 hb y1d3 ff1 fs4 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c w34e h41\" style=\"left:472.15265px; bottom:611.4746px;\"><div class=\"t m0 x135 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">(milioni di eur<span class=\"_ _35\"></span>o) </div></div><div class=\"c w617 hac\" style=\"left:192.2626px; bottom:562.64667px;\"><div class=\"t m0 x135 h59 y801 ff5 fs17 fc2 sc0 ls0 ws0\">ORGANI DI<span class=\"_ _35\"></span> </div><div class=\"t m0 x13 h59 y78d ff5 fs17 fc2 sc0 ls0 ws0\">AMMINIS<span class=\"_ _0\"></span>TRAZIONE/<span class=\"_ _0\"></span> </div><div class=\"t m0 x135 h59 y82b ff5 fs17 fc2 sc0 ls0 ws0\">ORGANI DI<span class=\"_ _35\"></span> </div><div class=\"t m0 xc h59 y32b ff5 fs17 fc2 sc0 ls0 ws0\">CONTRO<span class=\"_ _0\"></span>LLO<span class=\"_ _90\"> </span></div><div class=\"t m0 x128 h107 y747 ff5 fs7 fc2 sc0 ls0 ws0\">(1)<span class=\"_ _90\"> </span></div><div class=\"t m0 x129 h59 y32b ff5 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w468 hac\" style=\"left:324.55063px; bottom:562.64667px;\"><div class=\"t m0 xd h59 y744 ff5 fs17 fc2 sc0 ls0 ws0\">ALTRI MA<span class=\"_ _0\"></span>NAGERS<span class=\"_ _0\"></span> </div><div class=\"t m0 x65 h107 y95a ff5 fs7 fc2 sc0 ls0 ws0\">(2)<span class=\"_ _90\"> </span></div><div class=\"t m0 x66 h59 y744 ff5 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w34e hac\" style=\"left:472.15265px; bottom:562.64667px;\"><div class=\"t m0 x95 h59 y744 ff5 fs17 fc2 sc0 ls0 ws0\">TOTALE<span class=\"_ _0\"></span> al 31.12.2022<span class=\"_ _0\"></span> </div></div><div class=\"c w51d h5f\" style=\"left:192.2626px; bottom:523.64667px;\"><div class=\"t m0 x9b h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 xa5 h59 y13a ff5 fs17 fc2 sc0 ls37 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x41 h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a </div></div><div class=\"c w106 h5f\" style=\"left:256.84662px; bottom:523.64667px;\"><div class=\"t m0 x94 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 x45 h59 y13a ff5 fs17 fc2 sc0 ls0 ws0\">corrispost<span class=\"_ _0\"></span>o </div></div><div class=\"c w616 h5f\" style=\"left:324.55063px; bottom:523.64667px;\"><div class=\"t m0 xd h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 x4b h59 y13a ff5 fs17 fc2 sc0 ls37 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a </div></div><div class=\"c w2df h5f\" style=\"left:408.97263px; bottom:523.64667px;\"><div class=\"t m0 x88 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 x41 h59 y13a ff5 fs17 fc2 sc0 ls0 ws0\">corrispost<span class=\"_ _0\"></span>o </div></div><div class=\"c w3ab h5f\" style=\"left:472.15265px; bottom:523.64667px;\"><div class=\"t m0 xd h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 x4b h59 y13a ff5 fs17 fc2 sc0 ls37 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x9b h59 yf1b ff5 fs17 fc2 sc0 ls0 ws0\">competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a </div></div><div class=\"c w2df h5f\" style=\"left:557.99164px; bottom:523.64667px;\"><div class=\"t m0 x88 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Importo </div><div class=\"t m0 x41 h59 y13a ff5 fs17 fc2 sc0 ls0 ws0\">corrispost<span class=\"_ _0\"></span>o </div></div><div class=\"c w615 hd3\" style=\"left:-4.050377px; bottom:502.27466px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Benefici a b<span class=\"_ _0\"></span>reve term<span class=\"_ _0\"></span>ine </div><div class=\"t m0 x124 hf yb4a ff1 fs7 fc2 sc0 ls0 ws0\">(3)<span class=\"_ _90\"> </span></div><div class=\"t m0 x128 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w51d hd3\" style=\"left:192.2626px; bottom:502.27466px;\"><div class=\"t m0 x43 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">18<span class=\"ls0\"> </span></div></div><div class=\"c w106 hd3\" style=\"left:256.84662px; bottom:502.27466px;\"><div class=\"t m0 xa5 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w616 hd3\" style=\"left:324.55063px; bottom:502.27466px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">63<span class=\"ls0\"> </span></div></div><div class=\"c w2df hd3\" style=\"left:408.97263px; bottom:502.27466px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">51<span class=\"ls0\"> </span></div></div><div class=\"c w3ab hd3\" style=\"left:472.15265px; bottom:502.27466px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">81<span class=\"ls0\"> </span></div></div><div class=\"c w2df hd3\" style=\"left:557.99164px; bottom:502.27466px;\"><div class=\"t m0 xa4 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">64<span class=\"ls0\"> </span></div></div><div class=\"c w615 h83\" style=\"left:-4.050377px; bottom:480.74664px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Benefici su<span class=\"_ _0\"></span>ccessivi al<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> di lavoro </div><div class=\"t m0 x176 hf yb4a ff1 fs7 fc2 sc0 ls0 ws0\">(4)<span class=\"_ _90\"> </span></div><div class=\"t m0 x1db h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w51d h83\" style=\"left:192.2626px; bottom:480.74664px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w106 h83\" style=\"left:256.84662px; bottom:480.74664px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w616 h83\" style=\"left:324.55063px; bottom:480.74664px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2df h83\" style=\"left:408.97263px; bottom:480.74664px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w3ab h83\" style=\"left:472.15265px; bottom:480.74664px;\"><div class=\"t m0 x4d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w2df h83\" style=\"left:557.99164px; bottom:480.74664px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w615 h92\" style=\"left:-4.050377px; bottom:459.33563px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Altri bene<span class=\"_ _0\"></span>fici a lungo<span class=\"_ _0\"></span> termine </div><div class=\"t m0 x62 hf yb4a ff1 fs7 fc2 sc0 ls0 ws0\">(5)<span class=\"_ _90\"> </span></div><div class=\"t m0 x1a0 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w51d h92\" style=\"left:192.2626px; bottom:459.33563px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w106 h92\" style=\"left:256.84662px; bottom:459.33563px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w616 h92\" style=\"left:324.55063px; bottom:459.33563px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">12<span class=\"ls0\"> </span></div></div><div class=\"c w2df h92\" style=\"left:408.97263px; bottom:459.33563px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w3ab h92\" style=\"left:472.15265px; bottom:459.33563px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c w2df h92\" style=\"left:557.99164px; bottom:459.33563px;\"><div class=\"t m0 xd5 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w615 h58\" style=\"left:-4.050377px; bottom:424.23566px;\"><div class=\"t m0 x41 h46 y85b ff1 fs17 fc2 sc0 ls0 ws0\">Indennit\u00e0 per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>la cessa<span class=\"_ _0\"></span>zione del <span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">rapporto di<span class=\"_ _0\"></span> lavoro </div><div class=\"t m0 xda hf yb4a ff1 fs7 fc2 sc0 ls0 ws0\">(6)<span class=\"_ _90\"> </span></div><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w51d h58\" style=\"left:192.2626px; bottom:424.23566px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w106 h58\" style=\"left:256.84662px; bottom:424.23566px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w616 h58\" style=\"left:324.55063px; bottom:424.23566px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h58\" style=\"left:408.97263px; bottom:424.23566px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ab h58\" style=\"left:472.15265px; bottom:424.23566px;\"><div class=\"t m0 x7 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w2df h58\" style=\"left:557.99164px; bottom:424.23566px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w615 h83\" style=\"left:-4.050377px; bottom:402.70764px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Pagamenti<span class=\"_ _0\"></span> in azioni </div><div class=\"t m0 x120 hf yb4a ff1 fs7 fc2 sc0 ls0 ws0\">(7)<span class=\"_ _90\"> </span></div><div class=\"t m0 x123 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w51d h83\" style=\"left:192.2626px; bottom:402.70764px;\"><div class=\"t m0 xc h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w106 h83\" style=\"left:256.84662px; bottom:402.70764px;\"><div class=\"t m0 x104 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w616 h83\" style=\"left:324.55063px; bottom:402.70764px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w2df h83\" style=\"left:408.97263px; bottom:402.70764px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3ab h83\" style=\"left:472.15265px; bottom:402.70764px;\"><div class=\"t m0 x122 h46 y335 ff1 fs17 fc2 sc0 ls25 ws0\">25<span class=\"ls0\"> </span></div></div><div class=\"c w2df h83\" style=\"left:557.99164px; bottom:402.70764px;\"><div class=\"t m0 xa2 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w615 h8c\" style=\"left:-4.050377px; bottom:358.87164px;\"><div class=\"t m0 x41 h59 y335 ff5 fs17 fc2 sc0 ls0 ws0\">Totale </div></div><div class=\"c w51d h8c\" style=\"left:192.2626px; bottom:358.87164px;\"><div class=\"t m0 x43 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w106 h8c\" style=\"left:256.84662px; bottom:358.87164px;\"><div class=\"t m0 xa5 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">14<span class=\"ls0\"> </span></div></div><div class=\"c w616 h8c\" style=\"left:324.55063px; bottom:358.87164px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">105<span class=\"ls0\"> </span></div></div><div class=\"c w2df h8c\" style=\"left:408.97263px; bottom:358.87164px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">57<span class=\"ls0\"> </span></div></div><div class=\"c w3ab h8c\" style=\"left:472.15265px; bottom:358.87164px;\"><div class=\"t m0 x9f h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">124<span class=\"ls0\"> </span></div></div><div class=\"c w2df h8c\" style=\"left:557.99164px; bottom:358.87164px;\"><div class=\"t m0 xa4 h59 y335 ff5 fs17 fc2 sc0 ls25 ws0\">71<span class=\"ls0\"> </span></div></div><div class=\"c w1c h58\" style=\"left:-4.050377px; bottom:323.77167px;\"><div class=\"t m0 x41 h2c y6fe ff1 fse fc2 sc0 ls0 ws0\">(1) <span class=\"_ _2\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>48 <span class=\"_ _2\"></span>cariche. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>ricompr<span class=\"_ _3\"></span>esi <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>2,1 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>82 <span class=\"_ _5\"></span>cariche <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span><span class=\"ls26\">Consigli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Amministrazione <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>organi <span class=\"_ _5\"></span>assimilati) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto </span></div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">riversati interamente ad altre Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo.<span class=\"ls0\"> </span></div></div><div class=\"c w1c h6c\" style=\"left:-4.050377px; bottom:298.03162px;\"><div class=\"t m0 x41 h2c y562 ff1 fse fc2 sc0 ls0 ws0\">(2) <span class=\"_ _6\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>99 <span class=\"_ _6\"> </span>posizioni. <span class=\"_ _6\"> </span>In <span class=\"_ _6\"> </span>tabella<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>ricompresi <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>5,1 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _6\"> </span>riferiti <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>13 <span class=\"_ _6\"> </span>cariche <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Direttori <span class=\"_ _6\"> </span>Genera<span class=\"_ _3\"></span>li <span class=\"_ _6\"> </span>(o <span class=\"_ _6\"> </span>figure <span class=\"_ _6\"> </span>assimilate) <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"> </span>riv<span class=\"_ _3\"></span>ersati </div><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls26 ws0\">interamente ad altre Societ\u00e0 del Gruppo.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1c h65\" style=\"left:-4.050377px; bottom:280.40363px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(3) Include anche i compensi fissi e variabi<span class=\"_ _3\"></span>li degli Amministratori in quanto assimila<span class=\"_ _3\"></span>bili al costo del lavoro e gli on<span class=\"_ _3\"></span>eri so<span class=\"ls0\">ciali a car<span class=\"_ _3\"></span>ico dell'azienda per i dipendenti.<span class=\"_ _3\"></span> </span></div></div><div class=\"c w1c h64\" style=\"left:-4.050377px; bottom:262.93164px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(4) <span class=\"ls27\">Include la contribuzione aziendale <span class=\"_ _3\"></span>ai fondi pensione e l<span class=\"_ _3\"></span>'accantonamento al TFR n<span class=\"_ _3\"></span>elle misure previste dalla leg<span class=\"_ _3\"></span>ge e dai regol<span class=\"_ _3\"></span>a</span>menti aziendali.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1c h77\" style=\"left:-4.050377px; bottom:245.27765px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(5) Include una stima degli accantonament<span class=\"_ _3\"></span>i per i premi di anzianit\u00e0 dei dipendenti<span class=\"_ _3\"></span>.<span class=\"ls0\"> </span></div></div><div class=\"c w1c h64\" style=\"left:-4.050377px; bottom:227.80563px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(6) Include le indennit\u00e0 con<span class=\"ls27\">trattualmen<span class=\"_ _3\"></span>te dovute per la cessazione del<span class=\"_ _3\"></span> rapporto di lav<span class=\"_ _3\"></span>oro.<span class=\"ls0\"> </span></span></div></div><div class=\"c w1c h65\" style=\"left:-4.050377px; bottom:210.17764px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(7) Include la quota della parte variabile d<span class=\"_ _3\"></span>ella retribuzione a breve/lungo termine <span class=\"_ _3\"></span>da corrispondere in azioni di Intesa Sanp<span class=\"_ _3\"></span><span class=\"ls0\">aolo / tramite il Piano <span class=\"_ _3\"></span>POP e PSP.<span class=\"_ _3\"></span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-268.49536px;\"><div class=\"t m0 x0 h61 y72d ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb87 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ya81 ff4 fs0 fc0 sc0 ls0 ws0\">Dettagliate <span class=\"_ _4\"> </span>informazioni <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>remunerazio<span class=\"_ _0\"></span>ne, <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _4\"> </span>dell\u2019art. <span class=\"_ _6\"> </span>123<span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>ter <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Testo <span class=\"_ _4\"> </span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Finanza, </span></div><div class=\"t m0 x0 h32 y144c ff4 fs0 fc0 sc0 ls0 ws0\">vengono <span class=\"_ _16\"> </span>annualmente <span class=\"_ _16\"> </span>pubblicate <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>specifica <span class=\"_ _16\"> </span>\u201cRelazione <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>politica <span class=\"_ _16\"> </span>in  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  rem<span class=\"_ _0\"></span>unerazione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sui </div><div class=\"t m0 x0 h2 y1434 ff1 fs0 fc0 sc0 ls0 ws0\">compensi co<span class=\"ff4\">rrisposti\u201d, n<span class=\"_ _0\"></span>ella quale vengono indi<span class=\"_ _0\"></span>cati:<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h2 y8ce ff4 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _6\"></span>dettaglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalitico <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>compensi <span class=\"_ _5\"></span>corrisposti <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>organi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Controll<span class=\"_ _0\"></span>o, <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>Direttori </span></div><div class=\"t m0 x2a h2 y1491 ff1 fs0 fc0 sc0 ls0 ws0\">Generali e, in forma <span class=\"_ _0\"></span>aggregata, agli altri Di<span class=\"_ _0\"></span>rigenti con Respo<span class=\"_ _0\"></span>nsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y172a ff4 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i <span class=\"_ _6\"></span>dett</span>agli <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>l\u2019evoluzione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>piani <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Stock<span class=\"ff1\">-</span>option <span class=\"_ _6\"></span>assegnate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>dell\u2019Organo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione, <span class=\"_ _5\"></span>ai <span class=\"_ _4\"> </span>Direttori<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y1f4 ff1 fs0 fc0 sc0 ls0 ws0\">Generali e agli altri Dirig<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti con Resp<span class=\"_ _0\"></span>onsabilit\u00e0 Strategich<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y11bf ff4 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i <span class=\"_ _2\"></span>dettagli <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>piani <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>incentivazione <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asati <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span><span class=\"ff1\">anziari, <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Stock-option, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _2\"></span>del </span></div><div class=\"t m0 x2a h2 y17e6 ff1 fs0 fc0 sc0 ls0 ws0\">Consigliere Delegato e<span class=\"_ _0\"></span> CEO e degli altri Di<span class=\"_ _0\"></span>rigenti con Respons<span class=\"_ _0\"></span>abilit\u00e0 Strategiche; </div><div class=\"t m0 x0 h2 yd88 ff4 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i  dettagli <span class=\"_ _16\"> </span>dei  piani <span class=\"_ _16\"> </span>di  incen<span class=\"_ _0\"></span>tivazione  m<span class=\"_ _0\"></span>onetari  a<span class=\"_ _0\"></span>  favore <span class=\"_ _16\"> </span>del  Consigliere <span class=\"_ _16\"> </span>Delegato  e<span class=\"_ _0\"></span>  CEO <span class=\"_ _16\"> </span>e  degli <span class=\"_ _16\"> </span>altri  Dirigenti <span class=\"_ _16\"> </span>co<span class=\"_ _0\"></span>n </span></div><div class=\"t m0 x2a h2 yd89 ff1 fs0 fc0 sc0 ls0 ws0\">Responsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he; </div><div class=\"t m0 x0 h2 yd8a ff4 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le  azio<span class=\"_ _0\"></span>ni  de<span class=\"_ _0\"></span>lla  Ca<span class=\"_ _0\"></span>pogruppo  e<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>delle  societ<span class=\"_ _0\"></span>\u00e0  cont<span class=\"_ _0\"></span>rollate <span class=\"_ _16\"> </span>detenute  dai <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponenti <span class=\"_ _16\"> </span>degli  O<span class=\"_ _0\"></span>rgani <span class=\"_ _16\"> </span>di  amministr<span class=\"_ _0\"></span>azione <span class=\"_ _16\"> </span>e </span></div><div class=\"t m0 x2a h2 y164 ff1 fs0 fc0 sc0 ls0 ws0\">controllo e dai Dirige<span class=\"_ _0\"></span>nti con responsabilit<span class=\"_ _0\"></span>\u00e0 strategiche nonch\u00e9 d<span class=\"_ _0\"></span>agli altri soggetti col<span class=\"_ _0\"></span>legati.<span class=\"_ _3\"></span>  </div><div class=\"t m0 x0 h2 yd8b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y166 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd8c ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd8d ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd8e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd8f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd90 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd91 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yd92 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4e7 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yfb8 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y4fa ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-978": {
   "value": "Parte H<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Opera<span class=\"_ _3\"></span>zioni con parti corr<span class=\"_ _3\"></span>elate<span class=\"_ _3\"></span> A)  LE OPERAZIONI CON PART<span class=\"_ _3\"></span>I CORRELATE 1. Aspetti procedurali<span class=\"fc5\"> </span>Il <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>adottato, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l Regolamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gest<span class=\"_ _3\"></span>ione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Collegati <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> Gr<span class=\"ls0\">uppo e Soggetti Rilevanti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>x art. 136 TUB.  </span>Tale <span class=\"_ _5\"></span>Regolament<span class=\"_ _0\"></span>o, <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _5\"></span>aggiornato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>emanata <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Consob, <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>sensi dell\u2019art. <span class=\"_ _6\"> </span>2391 <span class=\"_ _4\"> </span>bis <span class=\"_ _4\"> </span><span class=\"ff1\">C.C.</span>, <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>disposizioni <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>vigilanza <span class=\"_ _4\"> </span>introdotte <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>d\u2019Ital<span class=\"_ _3\"></span><span class=\"ff1\">ia <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>2 <span class=\"_ _6\"></span>dicembre <span class=\"_ _4\"> </span>2011 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>materia <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> </span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>conflitti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>grup<span class=\"_ _0\"></span>pi <span class=\"_ _5\"></span>bancari <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>\u201cSoggetti <span class=\"_ _5\"></span>Collegati\u201d <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>emana<span class=\"_ _6\"></span><span class=\"ff1\">te <span class=\"_ _2\"></span>in </span>attuazione <span class=\"_ _5\"></span>dell\u2019art. <span class=\"_ _5\"></span>53, <span class=\"_ _5\"></span>comma <span class=\"_ _6\"></span>4 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ss. <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _6\"></span>Bancar<span class=\"_ _0\"></span>io <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">ibera <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>luglio <span class=\"_ _6\"></span>2008, </span>n.<span class=\"ls0\"> <span class=\"ff4\">277 nonch\u00e9,<span class=\"_ _0\"></span> in aggiunta, delle regol<span class=\"_ _0\"></span>e stabilite dall\u2019art. <span class=\"_ _0\"></span>136 del Testo Unico<span class=\"_ _0\"></span> Bancario.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Il Regolamento disci<span class=\"_ _0\"></span>plina per l\u2019intero Gru<span class=\"_ _0\"></span>ppo Intesa Sanpaolo i <span class=\"_ _0\"></span>seguenti aspetti:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i criteri per ide<span class=\"_ _0\"></span>ntificare le Parti Correl<span class=\"_ _0\"></span>ate e<span class=\"_ _3\"></span> i Soggetti Coll<span class=\"_ _0\"></span>egati; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il processo di istruttoria, deliberazione e informazione agli Organi sociali per le operazioni realizz<span class=\"_ _0\"></span>ate con Parti Correlate<span class=\"_ _5\"></span> <span class=\"lsc\">e </span></span>Soggetti Collegati; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019informazione al m<span class=\"_ _0\"></span>ercato per le oper<span class=\"_ _0\"></span>azioni con Parti Correl<span class=\"_ _0\"></span>ate;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i <span class=\"_ _3\"></span>limiti p<span class=\"_ _3\"></span>rudenziali <span class=\"ff4\">e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>adempimenti di <span class=\"_ _3\"></span>segnalazione per<span class=\"_ _3\"></span>iodica alla <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia per <span class=\"_ _2\"></span>le attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>dei </span></span>Soggetti Collegati;  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le regole che rig<span class=\"_ _0\"></span>uardano i controlli <span class=\"_ _0\"></span>e i presidi organizzativ<span class=\"_ _0\"></span>i;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le <span class=\"_ _3\"></span>regole <span class=\"_ _3\"></span>generali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>disclosure <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>stensione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gesti<span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _3\"></span>personali <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>esponenti, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e </span>dei collaboratori azie<span class=\"_ _0\"></span>ndali anche diversi <span class=\"_ _0\"></span>dai Soggetti Collegati<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Ai  sensi <span class=\"_ _16\"> </span>del  Regolamento <span class=\"_ _16\"> </span>sono  consider<span class=\"_ _0\"></span>ati  Parti  C<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrelate  d<span class=\"_ _0\"></span>i  Intesa  Sa<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>paolo:  i <span class=\"_ _16\"> </span>soggetti  c<span class=\"_ _0\"></span>he  esercitano  i<span class=\"_ _35\"></span>l  controllo  o l\u2019inf<span class=\"ff1\">luenza <span class=\"_ _4\"> </span>notevole, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>collegate, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>joint <span class=\"_ _4\"> </span>venture, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>fondi <span class=\"_ _4\"></span>pensione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>Esponenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>Key </span>Manager di Intesa S<span class=\"_ _0\"></span>anpaolo, con i relati<span class=\"_ _0\"></span>vi stretti familiari e le<span class=\"_ _0\"></span> entit\u00e0 partecipate ril<span class=\"_ _0\"></span>evanti. <span class=\"_ _3\"></span> L\u2019insieme <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _4\"> </span>Collegat<span class=\"_ _0\"></span>i <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gr<span class=\"ff1\">uppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ostituito <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ciascuna <span class=\"_ _4\"> </span>banca <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>(compresa <span class=\"_ _6\"></span>la </span>Capogruppo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascun <span class=\"_ _5\"></span>intermediario <span class=\"_ _5\"></span>vigilato <span class=\"_ _2\"></span>rilevante <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2% <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>live<span class=\"_ _5\"></span>llo consolidato. Rispetto a cias<span class=\"_ _0\"></span>cuna banca o intermediario vigilato rilevante del Grupp<span class=\"_ _0\"></span>o sono Soggetti Collegati: i) gli <span class=\"_ _0\"></span>azionisti che<span class=\"_ _0\"></span> esercitano il <span class=\"_ _3\"></span>controllo, l\u2019influenza notevole <span class=\"_ _3\"></span>o che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comunque tenuti a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>richiedere autorizzazione ai sensi <span class=\"_ _3\"></span>dell\u2019art. 19 <span class=\"_ _3\"></span>TU<span class=\"_ _5\"></span><span class=\"ff1\">B <span class=\"_ _3\"></span>o </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nominare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>componente <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ell\u2019<span class=\"ff1\">or<span class=\"_ _3\"></span>gano <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>funzione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>upervision<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>strategica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _4\"> </span>gruppi </span>societari;  ii) <span class=\"_ _16\"> </span>le  entit\u00e0  controllate,  c<span class=\"_ _0\"></span>ontrollate  co<span class=\"_ _0\"></span>ngiuntamente <span class=\"_ _16\"> </span>e  collegate,  nonch\u00e9  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  entit\u00e0  da  q<span class=\"_ _0\"></span>ueste  controll<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  anche<span class=\"_ _0\"></span> congiuntamente ad altr<span class=\"_ _0\"></span>i; iii) gli espone<span class=\"_ _0\"></span>nti aziendali<span class=\"_ _3\"></span> con i relativi p<span class=\"_ _0\"></span>arenti fino al second<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> grado e le entit\u00e0 <span class=\"_ _0\"></span>partecipate rilevanti. In  vi<span class=\"_ _0\"></span>a  di <span class=\"_ _7\"> </span>autoregolamentazione, <span class=\"_ _16\"> </span>la  Banca <span class=\"_ _7\"> </span>ha  esteso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>disciplina  i<span class=\"_ _0\"></span>n  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  operazi<span class=\"_ _0\"></span>oni <span class=\"_ _16\"> </span>con  Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>ella sull\u2019attivit\u00e0 di rischio <span class=\"_ _0\"></span>e conflitti di <span class=\"ff1\">interesse nei confronti dei Sog<span class=\"_ _0\"></span>getti Colleg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti a:<span class=\"_ _3\"></span> </span>a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>gli <span class=\"_ _5\"></span>azionisti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _5\"></span>societari <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>abbiano <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>oto </span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>superiore <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>minima <span class=\"_ _3\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isciplin<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>comunicaz<span class=\"_ _3\"></span>ione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>rilevanti <span class=\"_ _3\"></span>nelle societ\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>quotate <span class=\"_ _6\"></span>calcolata <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>sole <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>gestione, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>questi <span class=\"_ _6\"></span>controllate<span class=\"_ _35\"></span> anche congiuntamente<span class=\"_ _0\"></span> ad altri; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>esponenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>oro <span class=\"_ _5\"></span>stretti <span class=\"_ _2\"></span>familiari <span class=\"_ _2\"></span>i) <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>cariche <span class=\"_ _2\"></span>esecutive <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>presidente </span>dell\u2019organo di <span class=\"_ _3\"></span>amministrazione, ii) <span class=\"_ _3\"></span>detengono <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>partecipazione qualificata <span class=\"_ _3\"></span>uguale <span class=\"_ _3\"></span>o s<span class=\"_ _3\"></span>uperiore al <span class=\"_ _3\"></span>10% <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capitale o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dei diritti di voto di tale e<span class=\"_ _0\"></span>ntit\u00e0, o una posizion<span class=\"_ _0\"></span>e di influenza note<span class=\"_ _0\"></span>vole<span class=\"_ _2\"></span>; c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>le societ\u00e0 con le quali il Gruppo presenta signifi<span class=\"_ _0\"></span>cativi legami partecipativi <span class=\"_ _0\"></span>e finanziari in quanto riferibili ad almeno due<span class=\"_ _2\"></span> dei </span>seguenti indicatori: o<span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">partecipazione della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo con <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>compresa <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u20191% <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span></span>glia <span class=\"_ _2\"></span>minima </span>prevista dalla discipli<span class=\"_ _0\"></span>na sulla comunic<span class=\"_ _0\"></span>azione delle partecip<span class=\"_ _0\"></span>azioni rilevanti nelle <span class=\"_ _0\"></span>societ\u00e0 con azion<span class=\"_ _0\"></span>i quotate; <span class=\"_ _2\"></span> o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>partecipazione da <span class=\"_ _0\"></span>parte di entit\u00e0 del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po Intesa Sanpaolo <span class=\"_ _0\"></span>nella controparte <span class=\"_ _0\"></span>superiore al 10% dei d<span class=\"_ _0\"></span>iritti di voto; <span class=\"_ _2\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione significativa cr<span class=\"_ _0\"></span>editizia del Gruppo ver<span class=\"_ _0\"></span>so la controparte. </span>Tale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oluzione <span class=\"_ _5\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sviluppare <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>standard <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>elevato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>monitoraggio <span class=\"_ _5\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>in potenziale rischio <span class=\"_ _0\"></span>di conflitto di inter<span class=\"_ _0\"></span>essi.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>Regolamento contempla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>cautele <span class=\"_ _3\"></span>istruttorie che <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere o<span class=\"_ _3\"></span>sservate dalle <span class=\"_ _3\"></span>strutture della <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alle societ\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e Soggetti rilevanti ex <span class=\"_ _0\"></span>art. 136 TUB, al fine di soddisfar<span class=\"_ _0\"></span>e le esigenze di c<span class=\"_ _0\"></span>orrettezza sostanziale <span class=\"_ _0\"></span>delle transazioni, <span class=\"_ _0\"></span>richiedendo, tra l\u2019altro, <span class=\"_ _16\"> </span>un  e<span class=\"_ _0\"></span>same <span class=\"_ _16\"> </span>dettagliato <span class=\"_ _16\"> </span>delle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>tivazioni, <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>interessi, <span class=\"_ _16\"> </span>degli  e<span class=\"_ _0\"></span>ffetti <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>punto  di <span class=\"_ _7\"> </span>vista  patrim<span class=\"_ _0\"></span>oniale, <span class=\"_ _16\"> </span>economico <span class=\"_ _16\"> </span>e finanziario e delle <span class=\"_ _0\"></span>condizioni d<span class=\"ff4\">ell\u2019operazione.</span> In <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>adottata <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Consob <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>regime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esenzioni, integrali o parziali, d<span class=\"_ _0\"></span>all\u2019applicazione <span class=\"_ _0\"></span>della disciplina.<span class=\"ff1\"> </span>Per quanto <span class=\"_ _3\"></span>attiene ai p<span class=\"_ _3\"></span>rofili deliberativi delle operaz<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti Correlate di Intesa <span class=\"_ _3\"></span>Sanpaolo e Soggetti <span class=\"_ _3\"></span>Collegati di Gruppo, il procedimento vien<span class=\"_ _0\"></span>e differenziato per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>importo <span class=\"_ _5\"></span>esiguo: <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>controvalore <span class=\"_ _5\"></span>inferiore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>250 <span class=\"_ _5\"></span>mila <span class=\"_ _6\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>1 <span class=\"_ _6\"></span>milione <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i </span>soggetti diversi d<span class=\"ff4\">alle persone<span class=\"_ _0\"></span> fisiche (escluse <span class=\"_ _0\"></span>dall\u2019applicazione dell<span class=\"_ _0\"></span>a disciplina);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>minore <span class=\"_ _2\"></span>rilevanza: <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>controvalore <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>soglie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>esiguit\u00e0 <span class=\"_ _2\"></span>(250 <span class=\"_ _5\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _3\"></span>ed </span>1 milione <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>soggetti <span class=\"_ _6\"></span>diversi <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"></span>persone <span class=\"_ _6\"></span>fisiche), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>inferi<span class=\"_ _3\"></span>ore <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>soglie <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>rilevanza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>seguito indicate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di <span class=\"_ _3\"></span>maggiore rilevanza: di controvalore superiore a<span class=\"_ _3\"></span>lla soglia del <span class=\"_ _3\"></span>5% de<span class=\"_ _3\"></span>gli indicatori definiti dalla <span class=\"_ _3\"></span>Consob e d<span class=\"_ _3\"></span>alla<span class=\"_ _5\"></span> </span>Banca d\u2019Italia (circa <span class=\"_ _0\"></span>2,8 miliardi per il Gr<span class=\"_ _0\"></span>uppo Intesa Sanpaol<span class=\"_ _0\"></span>o<span class=\"_ _3\"></span><span class=\"ff1 ls20\">);<span class=\"ls0\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di comp<span class=\"_ _0\"></span>etenza assembleare, a n<span class=\"_ _0\"></span>orma di legge o di S<span class=\"_ _0\"></span>tatuto.<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>finalizzato <span class=\"_ _7\"> </span>all\u2019approvazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Soggetti <span class=\"_ _7\"> </span>Collegati <span class=\"_ _4\"> </span>di Gruppo,  un  ruolo <span class=\"_ _1d\"> </span>qualifi<span class=\"_ _0\"></span>cato  \u00e8  svolto  d<span class=\"_ _3\"></span>al  Comitato  per  le  ope<span class=\"_ _2\"></span>razioni  con <span class=\"_ _1d\"> </span>Parti  Correlat<span class=\"_ _0\"></span>e,  in  possesso  dei  requisiti  di indipendenza <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>Codice <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>utodisciplina <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _7\"> </span>quotate <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>dall\u2019art. <span class=\"_ _7\"> </span>148 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _7\"> </span>Unico <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Finanza. <span class=\"_ _7\"> </span>Il Comitato <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Parti <span class=\"_ _2\"></span>Correlate <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vvalersi, <span class=\"_ _3\"></span>ove <span class=\"_ _2\"></span>ritenuto <span class=\"_ _6\"></span>opportuno, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esperti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndipendenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>alla significativit\u00e0, <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>particolari <span class=\"_ _16\"> </span>caratteristiche <span class=\"_ _7\"> </span>economiche <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>strutturali <span class=\"_ _7\"> </span>dell\u2019operazione <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>natura <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>correlat<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>o </span>soggetto collegato. Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trutture <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">evono <span class=\"_ _5\"></span>coinvolgere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Comitato <span class=\"_ _3\"></span>nelle <span class=\"_ _5\"></span>fasi <span class=\"_ _2\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>trattative, </span>attraverso <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019invio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>flusso <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpleto <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>tempestivo <span class=\"_ _7\"> </span>e  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>facolt\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Comitato <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>richiedere <span class=\"_ _16\"> </span>ulteriori <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>e formulare osservazi<span class=\"_ _0\"></span>oni. Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>senti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Regolamento <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>realizzate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>correlata <span class=\"_ _2\"></span>o soggetto collegato sono riservate alla competenz<span class=\"_ _0\"></span>a deliberativa del Consiglio, previo parere del Comitato per le operazioni co<span class=\"_ _5\"></span><span class=\"ls17\">n </span>Parti Correlate. Il  Regolamento <span class=\"_ _16\"> </span>prevede  specifici <span class=\"_ _16\"> </span>presidi  nel  caso  i<span class=\"_ _0\"></span>n  cui  sia  delib<span class=\"_ _0\"></span>erata  un\u2019operazio<span class=\"_ _0\"></span>ne  di  minore <span class=\"_ _16\"> </span>o  maggiore  rilevanz<span class=\"_ _0\"></span>a, nonostante il parere <span class=\"_ _0\"></span>negativo del Comita<span class=\"_ _0\"></span>to per le operazioni <span class=\"_ _0\"></span>con Parti Correlate.  Le operazioni realizzate d<span class=\"_ _0\"></span>alle societ\u00e0 controllate co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span> Parti Correlate di Intesa Sanpaolo e Sogge<span class=\"_ _0\"></span>tti Collegati di Grupp<span class=\"_ _0\"></span>o devono essere <span class=\"_ _2\"></span>deliberate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>stesse <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>interessate <span class=\"_ _3\"></span>previo <span class=\"_ _2\"></span>benestare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _3\"></span>che viene rilasciato se<span class=\"_ _0\"></span>condo l\u2019iter sopra desc<span class=\"_ _0\"></span>ritto. <span class=\"ff1\"> </span>Il  Regol<span class=\"ff4\">amento  definisce  altres\u00ec  i  criteri  gener<span class=\"_ _0\"></span>ali  per  l\u2019informativa  da  rendere,  almen<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  trimestralmente,  anche  ai  sen<span class=\"_ _0\"></span>si </span>dell\u2019art.<span class=\"ff1\"> 150 <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _6\"></span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>Finanza, <span class=\"_ _6\"></span>agli <span class=\"_ _4\"></span>amministratori <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>all'organo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ordine <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>Parti </span>Correlate <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>perfezionate <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>fine <span class=\"_ _6\"></span>di fornire <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>completo <span class=\"_ _3\"></span>dell\u2019insieme <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>significative <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>volumi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>princip<span class=\"_ _5\"></span><span class=\"ff1\">ali </span>caratteristiche <span class=\"_ _16\"> </span>di  <span class=\"ff4\">tu<span class=\"_ _0\"></span>tte  qu<span class=\"_ _0\"></span>elle <span class=\"_ _16\"> </span>delegate. <span class=\"_ _16\"> </span>L\u2019informativa<span class=\"_ _0\"></span>  de<span class=\"_ _0\"></span>ve  r<span class=\"_ _0\"></span>iguardare <span class=\"_ _16\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>operazioni, <span class=\"_ _16\"> </span>anche  se <span class=\"_ _7\"> </span>esenti  da <span class=\"_ _7\"> </span>procedura </span>deliberativa, di controvalore superior<span class=\"_ _0\"></span>e alle soglie di esiguit\u00e0; sono escluse le oper<span class=\"_ _0\"></span>azioni di minore rilevanza di finanziame<span class=\"_ _2\"></span>nto e di <span class=\"_ _6\"></span>raccolta <span class=\"_ _5\"></span>bancaria <span class=\"_ _6\"></span>infragruppo <span class=\"_ _6\"></span>(sempre <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>riguardino <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltra <span class=\"_ _5\"></span>parte correlata <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>soggetto <span class=\"_ _4\"> </span>collegato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>presentino <span class=\"_ _4\"></span>condizioni <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>standard). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minore <span class=\"_ _4\"> </span>rilevanza infragruppo ordinarie<span class=\"_ _0\"></span> e a con<span class=\"ff4\">dizioni di mercato \u00e8, i<span class=\"_ _0\"></span>nvece, prevista un\u2019info<span class=\"_ _0\"></span>rmativa di tipo aggreg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to su base ann<span class=\"_ _0\"></span>uale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>realizzate <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>italiane <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano considerate esenti, <span class=\"_ _2\"></span>fermo il <span class=\"_ _3\"></span>benestare <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>Capogrupp<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>deliberate dal <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativo Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazi<span class=\"_ _0\"></span>one, previo <span class=\"_ _6\"> </span>parere <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>Comitato <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Consiglieri <span class=\"_ _4\"> </span>indipendenti <span class=\"_ _6\"> </span>costituito <span class=\"_ _4\"> </span>all\u2019intern<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Consigli<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Banca stessa. Sono, inoltre, p<span class=\"_ _0\"></span>reviste regole specif<span class=\"_ _0\"></span>ic<span class=\"_ _3\"></span>he di rendicontazi<span class=\"_ _0\"></span>one delle opera<span class=\"_ _0\"></span>zioni agli Organi dell<span class=\"_ _0\"></span>a Banca. Il <span class=\"_ _5\"></span>Regolame<span class=\"_ _0\"></span>nto <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Soggetti <span class=\"_ _2\"></span>Rilevanti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>136 <span class=\"_ _5\"></span>TUB, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicato <span class=\"_ _4\"> </span><span class=\"ff1\">da </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>Banche <span class=\"_ _16\"> </span>italiane <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>ivi <span class=\"_ _16\"> </span>inclus<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo. <span class=\"_ _7\"> </span>Tale <span class=\"_ _16\"> </span>norma <span class=\"_ _16\"> </span>richiede <span class=\"_ _7\"> </span>l\u2019adozione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>una </span>procedura  deliberativa  aggravata  (delibera  unanime  dell\u2019organo  amministra<span class=\"_ _0\"></span>tivo,  con  esclusione  del  voto  dell\u2019esponente interessato, <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>voto <span class=\"_ _16\"> </span>favorevole <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>l\u2019organo <span class=\"_ _7\"> </span>di  controllo) <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>consentire<span class=\"_ _2\"></span><span class=\"ff1\">  agli <span class=\"_ _7\"> </span>esponenti <span class=\"_ _16\"> </span>bancari <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>assumere, </span>direttamente o indire<span class=\"_ _0\"></span>ttamente, obbliga<span class=\"_ _0\"></span>zioni con la banca nella<span class=\"_ _0\"></span> quale gli stessi rive<span class=\"_ _0\"></span>stono la carica di espone<span class=\"_ _0\"></span>nte. <span class=\"_ _2\"></span> Sono  i<span class=\"_ _0\"></span>noltre <span class=\"_ _16\"> </span>fatti <span class=\"_ _16\"> </span>salvi  gli<span class=\"_ _0\"></span>  ob<span class=\"_ _0\"></span>blighi <span class=\"_ _16\"> </span>previsti <span class=\"_ _16\"> </span>dal  Codic<span class=\"_ _0\"></span>e  Ci<span class=\"_ _0\"></span>vile <span class=\"_ _16\"> </span>(art.  239<span class=\"_ _0\"></span>1)  e<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>all\u2019art. <span class=\"_ _16\"> </span>53  TU<span class=\"_ _0\"></span>B  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  m<span class=\"_ _0\"></span>ate<span class=\"_ _2\"></span><span class=\"ff1\">ria  di <span class=\"_ _16\"> </span>interessi <span class=\"_ _16\"> </span>degli </span>amministratori.  In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>l\u2019art. <span class=\"_ _3\"></span>2391 <span class=\"_ _5\"></span><span class=\"ff1\">C.C. <span class=\"_ _3\"></span>stabilisce <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ciascun <span class=\"_ _2\"></span>Consigliere <span class=\"_ _3\"></span>dia <span class=\"_ _3\"></span>notizia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>detenuto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span>terzi, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ossa <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>gestoria, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad <span class=\"_ _4\"> </span><span class=\"ff1\">una <span class=\"_ _2\"></span>determinata <span class=\"_ _3\"></span>operazione. <span class=\"_ _2\"></span>Ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>della </span>predetta <span class=\"_ _2\"></span>disposizione, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>competenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>delibere <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quelle <span class=\"_ _2\"></span>operazioni, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>Parti <span class=\"_ _2\"></span>Correlate, nelle <span class=\"_ _16\"> </span>quali <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Consigliere <span class=\"_ _7\"> </span>Delegato <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>itolare <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>proprio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di <span class=\"_ _1d\"> </span><span class=\"ff4\">terzi <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>osservi <span class=\"_ _16\"> </span>quindi <span class=\"_ _7\"> </span>l\u2019obbligo <span class=\"_ _7\"> </span>di </span>astensione dal compie<span class=\"_ _0\"></span>re l\u2019operazione, in<span class=\"_ _0\"></span>vestendo della stessa l<span class=\"_ _0\"></span>\u2019organo collegi<span class=\"_ _0\"></span>ale ex art. 2391 <span class=\"_ _3\"></span><span class=\"ff1\">C.C. </span>In a<span class=\"_ _3\"></span>ggiunta, l\u2019art. 53 <span class=\"_ _3\"></span>TUB prevede <span class=\"_ _3\"></span>che gli <span class=\"_ _3\"></span>amministratori delle banche <span class=\"_ _3\"></span>debbano astenersi dalle <span class=\"_ _3\"></span>deliberazioni in <span class=\"_ _3\"></span>cui ab<span class=\"_ _5\"></span><span class=\"ff1\">biano <span class=\"_ _3\"></span>un </span>conflitto di interessi <span class=\"_ _0\"></span>per conto proprio o d<span class=\"_ _0\"></span>i terzi. 2. Informazioni sui saldi <span class=\"_ _0\"></span>con parti correlate I <span class=\"_ _3\"></span>saldi creditori e <span class=\"_ _3\"></span>debitori in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>conti consolidati nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>parti correlate <span class=\"_ _6\"></span>- diverse d<span class=\"_ _3\"></span>a quelle infragruppo <span class=\"_ _1c\"> </span>consoli<span class=\"_ _0\"></span>date <span class=\"_ _1c\"> </span>integrali <span class=\"_ _1c\"> </span>- <span class=\"_ _1c\"> </span>risultano <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mplessivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>rilev<span class=\"_ _0\"></span>ante <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _18\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _1c\"> </span>dimension<span class=\"_ _0\"></span>e patrimoniale <span class=\"_ _6\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _4\"> </span>Parimenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>risulta <span class=\"_ _4\"> </span>rilevante <span class=\"_ _4\"> </span>l\u2019incid<span class=\"_ _0\"></span>enza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>oneri <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>arti <span class=\"_ _4\"> </span>correlate <span class=\"_ _6\"> </span>sul <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isultato <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>gestione consolidato.              31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie (1)<span class=\"_ _90\"> </span>6.997 0,8 Totale altre<span class=\"_ _0\"></span> attivit\u00e0 (2)<span class=\"_ _90\"> </span>188<span class=\"ls0\"> </span>0,8 Totale pas<span class=\"_ _0\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie (3)<span class=\"_ _90\"> </span>5.348 0,7 Totale altre<span class=\"_ _0\"></span> passivi<span class=\"_ _0\"></span>t\u00e0 (4)<span class=\"_ _90\"> </span>882<span class=\"ls0\"> </span>0,8 (1) <span class=\"ls27\">Include le voci 10, 20, 30, 35, 40, 4<span class=\"_ _3\"></span>5 e 70 dell'attivo di Stato p<span class=\"_ _3\"></span>atrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>(2) Include le voci 50, 60, 120 e 130 dell'at<span class=\"_ _3\"></span>tivo di Stato patrimoniale.<span class=\"ls0\"> </span>(3) Include le voci 10, 15, 20, 30 e 35 del <span class=\"_ _3\"></span>passivo di Stato patrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(4) Include le voci 40, <span class=\"ls0\">50, 70, 80, 90, 100 <span class=\"_ _3\"></span>e 110 del passivo di Stato <span class=\"_ _3\"></span>patrimoniale.<span class=\"_ _3\"></span> </span>             31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale inter<span class=\"_ _0\"></span>essi attivi 59<span class=\"ls0\"> </span>0,4 Totale inter<span class=\"_ _0\"></span>essi pas<span class=\"_ _0\"></span>sivi -<span class=\"ls25\">31</span> 0,9 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> attive 35<span class=\"ls0\"> </span>0,3 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> passive -<span class=\"ls25\">52</span> 1,9 Totale co<span class=\"_ _0\"></span>sti di funzion<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> (1)<span class=\"_ _90\"> </span>-<span class=\"ls25\">194</span> 1,7 (1) Include la voce 190 del conto economi<span class=\"_ _3\"></span>co.<span class=\"ls0\"> </span>Nei confronti di societ\u00e0<span class=\"_ _0\"></span> collegate, nell\u2019eserc<span class=\"_ _0\"></span>izio si registrano rip<span class=\"_ _0\"></span>rese di valore nett<span class=\"_ _0\"></span>e su finanziamenti p<span class=\"_ _0\"></span>ari a circa 4 <span class=\"_ _2\"></span><span class=\"ff1\">milioni. </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>dell\u2019operativit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna <span class=\"_ _2\"></span>categoria <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controparte <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>orrelata,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>soggetti <span class=\"_ _6\"></span>indicati <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>IAS <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>4, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019operativit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>consolidate <span class=\"_ _7\"> </span><span class=\"ff1\">integralmente, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>degli </span>Azionisti <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sa<span class=\"_ _3\"></span>npaolo e <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>gruppi <span class=\"_ _3\"></span>societari <span class=\"_ _3\"></span>(entit\u00e0 <span class=\"_ _3\"></span>controllate <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>altri, <span class=\"_ _3\"></span>control<span class=\"_ _5\"></span>lanti <span class=\"_ _3\"></span>o sottoposte a comune controllo) che abbiano una p<span class=\"_ _3\"></span>artecipazione al capitale con diritto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>di voto della <span class=\"_ _3\"></span>Banca superiore alla soglia<span class=\"_ _0\"></span> minima <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _5\"></span>comunicazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>calcolat<span class=\"_ _5\"></span><span class=\"ls17\">a </span>sulle <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>azioni <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>propriet\u00e0 <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>gestione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>ulteriori <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>inclus<span class=\"_ _2\"></span>i <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>perimetro <span class=\"_ _1d\"> </span>definito <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>via <span class=\"_ _17\"> </span>di autoregolamentazione. Nella <span class=\"_ _3\"></span>tabella che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>non v<span class=\"_ _3\"></span>iene invece <span class=\"_ _3\"></span>rappresentata l\u2019incidenza delle <span class=\"_ _3\"></span>operazioni c<span class=\"_ _3\"></span>on parti <span class=\"_ _3\"></span>correlate <span class=\"_ _3\"></span>sui flussi <span class=\"_ _3\"></span>finanziari<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>del </span>Gruppo, in quanto non <span class=\"_ _0\"></span>significativa. Per <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>chiarezza <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>coerente<span class=\"_ _3\"></span>mente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>segnalazioni <span class=\"_ _2\"></span>inviate <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>Autorit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Vigilanza,<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>fuori bilancio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>dettagliate <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>righe <span class=\"_ _4\"> </span>distinte, <span class=\"_ _4\"> </span>raggruppando <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>lato <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>garanzie/impegni <span class=\"_ _4\"> </span>rilasciati<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dall\u2019altro <span class=\"_ _4\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>garanzie/impegni  ricevuti. <span class=\"_ _1d\"> </span>Nella  prima<span class=\"_ _3\"></span>  c<span class=\"_ _3\"></span>ategoria  sono <span class=\"_ _1d\"> </span>stati  inclusi <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>gli  impegni <span class=\"_ _1d\"> </span>revocabili  rilasciati <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>importo complessivo \u00e8 pari a 1<span class=\"_ _0\"></span> miliardo.<span class=\"_ _90\"> </span> (milioni di euro) Entit\u00e0 controllate non consolidate integralmente Entit\u00e0 sottoposte a controllo congiunto e <span class=\"ls0\">relative </span>controllate Entit\u00e0 collegate e relative controllate Esponenti, Key Manager e soggetti ad essi riconducibili Fondi Pensione TOTALE Azionisti (*) Societ\u00e0 con le quali il Gruppo presenta significativi  legami partecipativi e finanziari (**) Altre societ\u00e0 riconducibili agli Esponenti  (***) Cassa e disponibilit\u00e0 liquide - - - - - - - 483<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico - - 229<span class=\"ls0\"> </span>- - 229<span class=\"ls0\"> </span>- 2.571 - a) Attivit\u00e0 finanziarie detenute per la negoziazione - - - - - - - 2.526 - b) attivit\u00e0 finanziarie designate al fair value - - - - - - - - - c) altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value - - 229<span class=\"ls0\"> </span>- - 229<span class=\"ls0\"> </span>- 45<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva - - - - - - 19<span class=\"ls0\"> </span>- - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39 - - - - - - 2 15<span class=\"ls0\"> </span>- Attivit\u00e0 finanziarie valutate al costo ammortizzato - 342<span class=\"ls0\"> </span>328<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>- 689<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>927<span class=\"ls0\"> </span>2 a) Crediti verso banche - - 5 - - 5 - 741<span class=\"ls0\"> </span>- b) Crediti verso clientela - 342<span class=\"ls0\"> </span>323<span class=\"ls0\"> </span>19<span class=\"ls0\"> </span>- 684<span class=\"ls0\"> </span>47<span class=\"ls0\"> </span>186<span class=\"ls0\"> </span>2 Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 - - - - - - - - - Altre attivit\u00e0 20<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>- - 62<span class=\"ls0\"> </span>- 126<span class=\"ls0\"> </span>- Partecipazioni 49<span class=\"ls0\"> </span>133<span class=\"ls0\"> </span>1.831 - - 2.013 - - - Passivit\u00e0 finanziarie valutate al costo ammortizzato 17<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>663<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>1.163 171<span class=\"ls0\"> </span>2.908 5 a) debiti verso banche - - 2 - - 2 - 2.719 - b) debiti verso la clientela 17<span class=\"ls0\"> </span>257<span class=\"ls0\"> </span>661<span class=\"ls0\"> </span>28<span class=\"ls0\"> </span>198<span class=\"ls0\"> </span>1.161 171<span class=\"ls0\"> </span>189<span class=\"ls0\"> </span>5 Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al costo ammortizzato ai sensi dello IAS 39 - - - - - - - - - Passivit\u00e0 finanziarie di negoziazione - - 9 - - 9 - 1.092 - Passivit\u00e0 finanziarie designate al fair value - - - - - - - - - Passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS 39 - - - - - - - - - Altre passivit\u00e0 3 - 24<span class=\"ls0\"> </span>22<span class=\"ls0\"> </span>517<span class=\"ls0\"> </span>566<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>303<span class=\"ls0\"> </span>- Garanzie e impegni rilasciati 37<span class=\"ls0\"> </span>379<span class=\"ls0\"> </span>206<span class=\"ls0\"> </span>7 1 630<span class=\"ls0\"> </span>15<span class=\"ls0\"> </span>1.091 - Garanzie e impegni ricevuti - 10<span class=\"ls0\"> </span>9 7 - 26<span class=\"ls0\"> </span>1 10<span class=\"ls0\"> </span>- (*) <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>autoregolamentazione, <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>cietari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>detengono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>rtecipazione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"> </span>superiore <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _5\"></span>minima <span class=\"_ _5\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disciplina <span class=\"_ _5\"></span>sulla<span class=\"_ _0\"></span> comunicazione  delle <span class=\"_ _4\"> </span>partecipazioni  rilevanti <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>elle  societ\u00e0 <span class=\"_ _4\"> </span>con  azio<span class=\"_ _0\"></span>ni  quotate <span class=\"_ _4\"> </span>calcolata  sulle <span class=\"_ _4\"> </span>sole  azioni<span class=\"_ _35\"></span>  in  propriet\u00e0 <span class=\"_ _4\"> </span>o  in <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span>estione,  nonch\u00e9  le <span class=\"_ _6\"> </span>en<span class=\"_ _3\"></span>tit\u00e0  da<span class=\"_ _0\"></span>  questi <span class=\"_ _4\"> </span>controllate<span class=\"_ _35\"></span> congiuntamente. (**) <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>via <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>autor<span class=\"_ _3\"></span>egolamentazione, <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>seguenti <span class=\"_ _3\"></span>indicato<span class=\"_ _3\"></span>ri: <span class=\"_ _3\"></span>i) <span class=\"_ _2\"></span>partecipazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contr<span class=\"_ _3\"></span>oparte <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanp<span class=\"_ _3\"></span>aolo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>quota compresa tra l\u20191% e la soglia minima<span class=\"_ _3\"></span> prevista dalla disciplina sulla comunicazi<span class=\"_ _3\"></span><span class=\"ff1\">one delle partecipazioni rilevanti nelle societ\u00e0 con azioni quotate; ii) partecipazione da parte<span class=\"_ _3\"></span> di entit\u00e0 </span>del Gruppo ISP nella controparte superiore al 10% dei diritti di voto; iii) e<span class=\"_ _3\"></span>sposizione significativa creditizia del Gruppo v<span class=\"_ _3\"></span>erso la controparte. Gli importi riportati si riferiscono in<span class=\"_ _3\"></span> larga<span class=\"_ _0\"></span> misura alle societ\u00e0 del Gruppo JP Morgan. (***) <span class=\"_ _6\"> </span>In  via <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>autorego<span class=\"_ _3\"></span>lamentazione, <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>lle <span class=\"_ _6\"> </span>quali  gli<span class=\"_ _35\"></span>  esponenti <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>o  i <span class=\"_ _6\"> </span>loro <span class=\"_ _6\"> </span>stretti  fa<span class=\"_ _0\"></span>miliari <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>hann<span class=\"_ _3\"></span><span class=\"ff4\">o<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>cariche <span class=\"_ _4\"> </span>esecutive <span class=\"_ _6\"> </span>o  di <span class=\"_ _6\"> </span>presidente <span class=\"_ _6\"> </span>dell\u2019orga<span class=\"_ _3\"></span></span>no <span class=\"_ _6\"> </span>di amministrazione; ii) d<span class=\"_ _3\"></span>etengono una partecipazione qualificata <span class=\"_ _3\"></span>uguale o superiore <span class=\"_ _3\"></span>al 10% del capitale <span class=\"_ _3\"></span>o dei <span class=\"_ _3\"></span>diritti di voto d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tale entit\u00e0, o <span class=\"_ _3\"></span>sulla quale <span class=\"_ _3\"></span>tali persone possono <span class=\"_ _3\"></span>esercitare un'influenza notevole.  La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Partecipazioni <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>ntrollata <span class=\"_ _2\"></span>Obviam <span class=\"_ _2\"></span>AG <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>ndo <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>efficacia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>precedenza <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>consolid<span class=\"_ _2\"></span>ata <span class=\"_ _2\"></span>al Patrimonio netto) Per <span class=\"_ _4\"> </span>completezza <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnala <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>collegate <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"></span>significative <span class=\"_ _4\"> </span>incluse <span class=\"_ _4\"> </span>nel  perimetro <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>cor<span class=\"_ _3\"></span>relate,<span class=\"_ _0\"></span> secondo <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>previsto dalla <span class=\"_ _3\"></span>formulazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>Intrum <span class=\"_ _3\"></span>Italy <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Penghua <span class=\"_ _3\"></span>Fund <span class=\"_ _3\"></span>Management Co. Ltd, <span class=\"_ _3\"></span>RSCT Fund <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Comparto Crediti, <span class=\"_ _3\"></span>Back2Bo<span class=\"_ _0\"></span>nis, <span class=\"_ _3\"></span>FI.NAV. Comparto <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>Crediti, Equiter <span class=\"_ _3\"></span>S.p.A., Cassa<span class=\"_ _3\"></span> di <span class=\"_ _2\"></span>Risparmio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Fermo S.p.A., <span class=\"_ _5\"></span>Camfin <span class=\"_ _5\"></span>S.p.A., <span class=\"_ _5\"></span>Neva <span class=\"_ _5\"></span>First <span class=\"_ _5\"></span>- <span class=\"_ _6\"></span><span class=\"ff4\">FCC, <span class=\"_ _5\"></span>Bancomat <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>Alpian<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>S.A., <span class=\"_ _2\"></span>1875 <span class=\"_ _6\"></span>Finance <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>AG, <span class=\"_ _5\"></span>Digit\u2019ed <span class=\"_ _5\"></span>Holding <span class=\"_ _2\"></span>S.p<span class=\"_ _3\"></span>.A., </span>Warrant Hub <span class=\"_ _3\"></span>S.p.A. Tra <span class=\"_ _3\"></span>le principali entit\u00e0 s<span class=\"_ _3\"></span>ottoposte a c<span class=\"_ _3\"></span>ontrollo congiunto (joint venture) <span class=\"_ _3\"></span>si segnalano: <span class=\"_ _3\"></span>Mir Capit<span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Sca Sicar, PBZ Croatia Osiguranje P<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>blic Limited Compa<span class=\"_ _0\"></span>ny for Compulsory Pensi<span class=\"_ _0\"></span>on Fund Manageme<span class=\"_ _0\"></span>nt e Mooney Group S.p.A.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span>3. Informazioni sulle ope<span class=\"_ _0\"></span>razioni con parti corre<span class=\"_ _0\"></span>late Si  rappresenta  che <span class=\"_ _1d\"> </span>le  operazioni  con  parti <span class=\"_ _1d\"> </span>correlate  infragruppo,  consolidate  i<span class=\"_ _2\"></span>ntegrali,  non <span class=\"_ _1d\"> </span>sono  incluse  nel  presente documento in quanto e<span class=\"_ _0\"></span>lise a livello consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ato.<span class=\"_ _3\"></span> Per quanto concerne l<span class=\"_ _0\"></span>e operazioni di Intesa S<span class=\"_ _0\"></span>anpaolo S.p.A. si <span class=\"_ _0\"></span>rinvia a quanto espost<span class=\"_ _0\"></span>o nella Parte H del B<span class=\"_ _0\"></span>ilancio individuale<span class=\"_ _2\"></span>. Operazioni di maggiore rilev<span class=\"_ _0\"></span>anza Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>effettuate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>qualificabili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>maggiore<span class=\"_ _0\"></span> rilevanza\u201d n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>standard <span class=\"_ _3\"></span>soggette <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>app<span class=\"_ _3\"></span>licazione del <span class=\"_ _3\"></span>Regolamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per </span>la<span class=\"ls0\"> <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Operazioni con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti Collegati <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Rilevanti </span>ex art. 136 TUB <span class=\"ff4\">\u2013</span> <span class=\"ff4\">all\u2019obbligo <span class=\"_ _0\"></span>di pubblicazi<span class=\"_ _0\"></span>one di un documento i<span class=\"_ _0\"></span>nformativo al mercat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Si r<span class=\"_ _3\"></span>icorda che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>maggiore ril<span class=\"_ _3\"></span><span class=\"ff4\">evanza <span class=\"_ _3\"></span>nell\u2019esercizio sono <span class=\"_ _3\"></span>quelle che <span class=\"_ _3\"></span>superano <span class=\"_ _3\"></span>la soglia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Fondi Propri <span class=\"_ _3\"></span>a </span>livello consolidato <span class=\"_ _0\"></span>(circa 2,8 miliardi) o<span class=\"_ _0\"></span> degli altri indicatori <span class=\"_ _0\"></span>definiti dalla normati<span class=\"_ _0\"></span>va Consob.<span class=\"_ _3\"></span> Altre operazioni signific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tive Le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>realizzate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _16\"> </span><span class=\"ff4\">Sanpaolo <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrelate <span class=\"_ _4\"> </span>generalmente <span class=\"_ _4\"> </span>rientrano <span class=\"_ _4\"> </span>nel<span class=\"_ _3\"></span>l\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>dell\u2019ordinaria </span>operativit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>norma <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cond<span class=\"_ _3\"></span>izioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>comunque <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>di reciproca convenien<span class=\"_ _0\"></span>za economica, nel risp<span class=\"_ _0\"></span>etto delle procedure interne sopra richiamat<span class=\"_ _0\"></span>e. Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>\u201cdi <span class=\"_ _2\"></span>minore <span class=\"_ _3\"></span>rilevanza\u201d <span class=\"_ _2\"></span>perfezionate <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Inte<span class=\"_ _5\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>a </span>Sanpaolo con contropa<span class=\"_ _0\"></span>rti correlate. I <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esponenti <span class=\"_ _3\"></span>azi<span class=\"_ _3\"></span>endali, <span class=\"_ _2\"></span>i key <span class=\"_ _2\"></span>manager, i <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>stretti <span class=\"_ _3\"></span>familiari <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>soggetti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questi partecipati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevante, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconducibili <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>normale <span class=\"_ _3\"></span>operativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicando, <span class=\"_ _2\"></span>ov<span class=\"_ _5\"></span><span class=\"lsc\">e </span>ne <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>presupposti, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>convenzioni <span class=\"_ _4\"> </span>riservate <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tutto <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>personale <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>pieno <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>trasparenza <span class=\"_ _4\"></span>dell<span class=\"_ _0\"></span>e condizioni praticate. Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>operazioni <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _16\"> </span>controllate <span class=\"_ _7\"> </span>congiuntamente <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>collegate, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>partecipate rilevanti in ragione d<span class=\"_ _0\"></span>ella presenza di significativi legami parte<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipativi e finanziari, s<span class=\"_ _0\"></span>i segnalano: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"></span>5 <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>23 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Mooney <span class=\"_ _7\"> </span>Group <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>azioni <span class=\"_ _4\"></span>ordinarie <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>IMEL </span>Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>esito <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>conferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>proprio <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>IME<span class=\"_ _2\"></span><span class=\"ff1\">L <span class=\"_ _7\"> </span>Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>successiva<span class=\"_ _0\"></span> </span>sottoscrizione, con Mo<span class=\"_ _0\"></span>oney Group S.p.A., di <span class=\"_ _0\"></span>un accordo comme<span class=\"_ _0\"></span>rciale;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _3\"></span>ricapitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>10 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Mooney <span class=\"_ _2\"></span>Group <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>delle </span>condizioni applicate <span class=\"_ _0\"></span>agli strumenti finanziari in essere <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di circa 262 milioni; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la stipula di un contratto di fornitura di servizi tra <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo Private Banking S.p.A. e <span class=\"_ _3\"></span>Alpian S.A. volto a </span>regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>sviluppo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>software<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>esclusiva <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Lussemburgo. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato </span>stipulato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>maggio<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>2022, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ficacia <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2028 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>controvalore <span class=\"_ _3\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>contratto \u00e8 stato <span class=\"_ _16\"> </span>formalizzato <span class=\"_ _7\"> </span>successivamente <span class=\"_ _16\"> </span>alla <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>partecip<span class=\"_ _3\"></span>azione <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>di  Fid<span class=\"_ _0\"></span>euram <span class=\"_ _16\"> </span>-  Inte<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>Sanpaolo Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>14,9% <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>influenza <span class=\"_ _5\"></span>notevole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo<span class=\"_ _35\"></span> Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"></span>Alpian <span class=\"_ _4\"></span>S.A., <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>presenza <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>R<span class=\"_ _2\"></span>eyl <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"></span>CIE <span class=\"_ _4\"></span>S.A. <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il 12,8%. Da  ultimo  si <span class=\"_ _1d\"> </span>segnalano  gli  affidamenti  e  le  proroghe  delle  linee  a <span class=\"_ _1d\"> </span>favore  di  VUB  Generali <span class=\"_ _1d\"> </span>Dochodk<span class=\"_ _0\"></span>ova  Spravcocska Spolocnost A.S. Altre informazioni rilev<span class=\"_ _0\"></span>anti Con <span class=\"_ _3\"></span>riferimento alle <span class=\"_ _3\"></span>societ\u00e0 v<span class=\"_ _3\"></span>alutate al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto, s<span class=\"_ _3\"></span>ono s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>registrate <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>artecipazioni detenute in <span class=\"_ _5\"></span>Intrum <span class=\"_ _5\"></span>Italy <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _5\"></span>Mir <span class=\"_ _5\"></span>Capital <span class=\"_ _5\"></span>S.C.A. <span class=\"_ _5\"></span>Sicar, <span class=\"_ _6\"></span>Misr <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>For <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Investments <span class=\"_ _5\"></span>Mutual <span class=\"_ _5\"></span>Fund <span class=\"_ _5\"></span>Co. <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>liquidazione,<span class=\"_ _35\"></span> Backtowork24 S.r.l., G<span class=\"_ _0\"></span>ilda S.r.l. e Marketw<span class=\"_ _0\"></span>all S.r.l. B) <span class=\"_ _2d\"> </span>INF<span class=\"_ _3\"></span>ORMAZIONI <span class=\"_ _2d\"> </span>S<span class=\"_ _3\"></span>UI <span class=\"_ _2e\"> </span>COMPENSI <span class=\"_ _2e\"> </span>CORRISPOSTI <span class=\"_ _2e\"> </span>AI <span class=\"_ _2e\"> </span>COMPONENTI <span class=\"_ _2e\"> </span>DEGLI <span class=\"_ _2e\"> </span>ORGANI <span class=\"_ _2e\"> </span>DI AMMINISTRAZIONE E DI CONTROLLO E AI DI<span class=\"_ _3\"></span>RIGENTI CON RESPONSABILIT\u00c0 S<span class=\"_ _3\"></span>TRATEGICHE<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>riporta <span class=\"_ _3\"></span>l\u2019ammontare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>compensi <span class=\"_ _3\"></span>corrisposti nel <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Organi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Ammini<span class=\"_ _2\"></span><span class=\"ff1\">strazione <span class=\"_ _3\"></span>e </span>Controllo <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>Direttori <span class=\"_ _7\"> </span>Generali <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensi <span class=\"_ _4\"> </span>relativi <span class=\"_ _7\"> </span>agli <span class=\"_ _7\"> </span>altri <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>responsabili<span class=\"_ _5\"></span>t\u00e0 strategiche <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ientrano <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>nozione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>\u201cparte <span class=\"_ _6\"> </span>correlata\u201d, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>mporti <span class=\"_ _6\"></span>massimi <span class=\"_ _6\"> </span>relativi  <span class=\"ff1\">all<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>parte<span class=\"_ _0\"></span> </span>variabile  dell<span class=\"_ _0\"></span>a  retribuzione  c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e  saranno <span class=\"_ _16\"> </span>corrisposti  in  d<span class=\"_ _0\"></span>enaro  e/o  i<span class=\"_ _0\"></span>n  azioni  dell<span class=\"_ _0\"></span>a  Capogrup<span class=\"_ _0\"></span>po,  in  base <span class=\"_ _16\"> </span>alle  politiche <span class=\"_ _16\"> </span>di retribuzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>subordinatamen<span class=\"_ _0\"></span>te <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>verifica <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>conseguiment<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>target <span class=\"_ _4\"></span>assegnati <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle de<span class=\"ls0\">terminazioni<span class=\"_ _0\"></span> dei competenti Org<span class=\"_ _0\"></span>ani di Capogruppo. </span>(milioni di eur<span class=\"_ _35\"></span>o) ORGANI DI<span class=\"_ _35\"></span> AMMINIS<span class=\"_ _0\"></span>TRAZIONE/<span class=\"_ _0\"></span> ORGANI DI<span class=\"_ _35\"></span> CONTRO<span class=\"_ _0\"></span>LLO<span class=\"_ _90\"> </span>(1)<span class=\"_ _90\"> </span>ALTRI MA<span class=\"_ _0\"></span>NAGERS<span class=\"_ _0\"></span> (2)<span class=\"_ _90\"> </span>TOTALE<span class=\"_ _0\"></span> al 31.12.2022<span class=\"_ _0\"></span> Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Benefici a b<span class=\"_ _0\"></span>reve term<span class=\"_ _0\"></span>ine (3)<span class=\"_ _90\"> </span>18<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>81<span class=\"ls0\"> </span>64<span class=\"ls0\"> </span>Benefici su<span class=\"_ _0\"></span>ccessivi al<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> di lavoro (4)<span class=\"_ _90\"> </span>- - 5 5 5 5 Altri bene<span class=\"_ _0\"></span>fici a lungo<span class=\"_ _0\"></span> termine (5)<span class=\"_ _90\"> </span>1 1 12<span class=\"ls0\"> </span>1 13<span class=\"ls0\"> </span>2 Indennit\u00e0 per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>la cessa<span class=\"_ _0\"></span>zione del <span class=\"_ _0\"></span> rapporto di<span class=\"_ _0\"></span> lavoro (6)<span class=\"_ _90\"> </span>- - - - - - Pagamenti<span class=\"_ _0\"></span> in azioni (7)<span class=\"_ _90\"> </span>- - 25<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>- Totale 19<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>105<span class=\"ls0\"> </span>57<span class=\"ls0\"> </span>124<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>(1) <span class=\"_ _2\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>48 <span class=\"_ _2\"></span>cariche. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>ricompr<span class=\"_ _3\"></span>esi <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>2,1 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>82 <span class=\"_ _5\"></span>cariche <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span><span class=\"ls26\">Consigli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Amministrazione <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>organi <span class=\"_ _5\"></span>assimilati) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto </span>riversati interamente ad altre Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo.<span class=\"ls0\"> </span>(2) <span class=\"_ _6\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>99 <span class=\"_ _6\"> </span>posizioni. <span class=\"_ _6\"> </span>In <span class=\"_ _6\"> </span>tabella<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>ricompresi <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>5,1 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _6\"> </span>riferiti <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>13 <span class=\"_ _6\"> </span>cariche <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Direttori <span class=\"_ _6\"> </span>Genera<span class=\"_ _3\"></span>li <span class=\"_ _6\"> </span>(o <span class=\"_ _6\"> </span>figure <span class=\"_ _6\"> </span>assimilate) <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"> </span>riv<span class=\"_ _3\"></span>ersati interamente ad altre Societ\u00e0 del Gruppo.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(3) Include anche i compensi fissi e variabi<span class=\"_ _3\"></span>li degli Amministratori in quanto assimila<span class=\"_ _3\"></span>bili al costo del lavoro e gli on<span class=\"_ _3\"></span>eri so<span class=\"ls0\">ciali a car<span class=\"_ _3\"></span>ico dell'azienda per i dipendenti.<span class=\"_ _3\"></span> </span>(4) <span class=\"ls27\">Include la contribuzione aziendale <span class=\"_ _3\"></span>ai fondi pensione e l<span class=\"_ _3\"></span>'accantonamento al TFR n<span class=\"_ _3\"></span>elle misure previste dalla leg<span class=\"_ _3\"></span>ge e dai regol<span class=\"_ _3\"></span>a</span>menti aziendali.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(5) Include una stima degli accantonament<span class=\"_ _3\"></span>i per i premi di anzianit\u00e0 dei dipendenti<span class=\"_ _3\"></span>.<span class=\"ls0\"> </span>(6) Include le indennit\u00e0 con<span class=\"ls27\">trattualmen<span class=\"_ _3\"></span>te dovute per la cessazione del<span class=\"_ _3\"></span> rapporto di lav<span class=\"_ _3\"></span>oro.<span class=\"ls0\"> </span></span>(7) Include la quota della parte variabile d<span class=\"_ _3\"></span>ella retribuzione a breve/lungo termine <span class=\"_ _3\"></span>da corrispondere in azioni di Intesa Sanp<span class=\"_ _3\"></span><span class=\"ls0\">aolo / tramite il Piano <span class=\"_ _3\"></span>POP e PSP.<span class=\"_ _3\"></span> </span>Dettagliate <span class=\"_ _4\"> </span>informazioni <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>remunerazio<span class=\"_ _0\"></span>ne, <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _4\"> </span>dell\u2019art. <span class=\"_ _6\"> </span>123<span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>ter <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Testo <span class=\"_ _4\"> </span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Finanza, </span>vengono <span class=\"_ _16\"> </span>annualmente <span class=\"_ _16\"> </span>pubblicate <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>specifica <span class=\"_ _16\"> </span>\u201cRelazione <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>politica <span class=\"_ _16\"> </span>in  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  rem<span class=\"_ _0\"></span>unerazione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sui compensi co<span class=\"ff4\">rrisposti\u201d, n<span class=\"_ _0\"></span>ella quale vengono indi<span class=\"_ _0\"></span>cati:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _6\"></span>dettaglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalitico <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>compensi <span class=\"_ _5\"></span>corrisposti <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>organi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Controll<span class=\"_ _0\"></span>o, <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>Direttori </span>Generali e, in forma <span class=\"_ _0\"></span>aggregata, agli altri Di<span class=\"_ _0\"></span>rigenti con Respo<span class=\"_ _0\"></span>nsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i <span class=\"_ _6\"></span>dett</span>agli <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>l\u2019evoluzione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>piani <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Stock<span class=\"ff1\">-</span>option <span class=\"_ _6\"></span>assegnate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>dell\u2019Organo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione, <span class=\"_ _5\"></span>ai <span class=\"_ _4\"> </span>Direttori<span class=\"_ _35\"></span> Generali e agli altri Dirig<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti con Resp<span class=\"_ _0\"></span>onsabilit\u00e0 Strategich<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i <span class=\"_ _2\"></span>dettagli <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>piani <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>incentivazione <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asati <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span><span class=\"ff1\">anziari, <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Stock-option, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _2\"></span>del </span>Consigliere Delegato e<span class=\"_ _0\"></span> CEO e degli altri Di<span class=\"_ _0\"></span>rigenti con Respons<span class=\"_ _0\"></span>abilit\u00e0 Strategiche; \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i  dettagli <span class=\"_ _16\"> </span>dei  piani <span class=\"_ _16\"> </span>di  incen<span class=\"_ _0\"></span>tivazione  m<span class=\"_ _0\"></span>onetari  a<span class=\"_ _0\"></span>  favore <span class=\"_ _16\"> </span>del  Consigliere <span class=\"_ _16\"> </span>Delegato  e<span class=\"_ _0\"></span>  CEO <span class=\"_ _16\"> </span>e  degli <span class=\"_ _16\"> </span>altri  Dirigenti <span class=\"_ _16\"> </span>co<span class=\"_ _0\"></span>n </span>Responsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he; \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le  azio<span class=\"_ _0\"></span>ni  de<span class=\"_ _0\"></span>lla  Ca<span class=\"_ _0\"></span>pogruppo  e<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>delle  societ<span class=\"_ _0\"></span>\u00e0  cont<span class=\"_ _0\"></span>rollate <span class=\"_ _16\"> </span>detenute  dai <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponenti <span class=\"_ _16\"> </span>degli  O<span class=\"_ _0\"></span>rgani <span class=\"_ _16\"> </span>di  amministr<span class=\"_ _0\"></span>azione <span class=\"_ _16\"> </span>e </span>controllo e dai Dirige<span class=\"_ _0\"></span>nti con responsabilit<span class=\"_ _0\"></span>\u00e0 strategiche nonch\u00e9 d<span class=\"_ _0\"></span>agli altri soggetti col<span class=\"_ _0\"></span>legati.<span class=\"_ _3\"></span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1007": {
   "value": "Parte H<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Opera<span class=\"_ _3\"></span>zioni con parti corr<span class=\"_ _3\"></span>elate<span class=\"_ _3\"></span> A)  LE OPERAZIONI CON PART<span class=\"_ _3\"></span>I CORRELATE 1. Aspetti procedurali<span class=\"fc5\"> </span>Il <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo S.p.A. <span class=\"_ _2\"></span>ha <span class=\"_ _3\"></span>adottato, <span class=\"_ _3\"></span>nel <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>procedure <span class=\"_ _3\"></span>previste <span class=\"_ _3\"></span>dalla <span class=\"_ _3\"></span>normativa,<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l Regolamento <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>gest<span class=\"_ _3\"></span>ione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Collegati <span class=\"_ _3\"></span>del<span class=\"_ _35\"></span> Gr<span class=\"ls0\">uppo e Soggetti Rilevanti <span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>x art. 136 TUB.  </span>Tale <span class=\"_ _5\"></span>Regolament<span class=\"_ _0\"></span>o, <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>ultimo <span class=\"_ _5\"></span>aggiornato <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>giugno <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>2021, <span class=\"_ _5\"></span>tiene <span class=\"_ _5\"></span>conto <span class=\"_ _2\"></span>sia <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>emanata <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Consob, <span class=\"_ _5\"></span>ai <span class=\"_ _2\"></span>sensi dell\u2019art. <span class=\"_ _6\"> </span>2391 <span class=\"_ _4\"> </span>bis <span class=\"_ _4\"> </span><span class=\"ff1\">C.C.</span>, <span class=\"_ _4\"> </span>che <span class=\"_ _6\"> </span>delle <span class=\"_ _4\"> </span>disposizioni <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>vigilanza <span class=\"_ _4\"> </span>introdotte <span class=\"_ _6\"> </span>dalla <span class=\"_ _4\"> </span>Banca <span class=\"_ _4\"> </span>d\u2019Ital<span class=\"_ _3\"></span><span class=\"ff1\">ia <span class=\"_ _4\"></span>il <span class=\"_ _6\"></span>1<span class=\"_ _3\"></span>2 <span class=\"_ _6\"></span>dicembre <span class=\"_ _4\"> </span>2011 <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>materia <span class=\"_ _4\"></span>di<span class=\"_ _0\"></span> </span>attivit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>rischio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>conflitti <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>interesse <span class=\"_ _2\"></span>delle <span class=\"_ _5\"></span>banche <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>grup<span class=\"_ _0\"></span>pi <span class=\"_ _5\"></span>bancari <span class=\"_ _2\"></span>nei <span class=\"_ _2\"></span>confronti <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>\u201cSoggetti <span class=\"_ _5\"></span>Collegati\u201d <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _2\"></span>emana<span class=\"_ _6\"></span><span class=\"ff1\">te <span class=\"_ _2\"></span>in </span>attuazione <span class=\"_ _5\"></span>dell\u2019art. <span class=\"_ _5\"></span>53, <span class=\"_ _5\"></span>comma <span class=\"_ _6\"></span>4 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ss. <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>Testo <span class=\"_ _5\"></span>Unico <span class=\"_ _6\"></span>Bancar<span class=\"_ _0\"></span>io <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _6\"></span>alla <span class=\"_ _5\"></span>del<span class=\"_ _2\"></span><span class=\"ff1\">ibera <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>CICR <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>luglio <span class=\"_ _6\"></span>2008, </span>n.<span class=\"ls0\"> <span class=\"ff4\">277 nonch\u00e9,<span class=\"_ _0\"></span> in aggiunta, delle regol<span class=\"_ _0\"></span>e stabilite dall\u2019art. <span class=\"_ _0\"></span>136 del Testo Unico<span class=\"_ _0\"></span> Bancario.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>Il Regolamento disci<span class=\"_ _0\"></span>plina per l\u2019intero Gru<span class=\"_ _0\"></span>ppo Intesa Sanpaolo i <span class=\"_ _0\"></span>seguenti aspetti:<span class=\"ff1\"> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i criteri per ide<span class=\"_ _0\"></span>ntificare le Parti Correl<span class=\"_ _0\"></span>ate e<span class=\"_ _3\"></span> i Soggetti Coll<span class=\"_ _0\"></span>egati; </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>il processo di istruttoria, deliberazione e informazione agli Organi sociali per le operazioni realizz<span class=\"_ _0\"></span>ate con Parti Correlate<span class=\"_ _5\"></span> <span class=\"lsc\">e </span></span>Soggetti Collegati; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019informazione al m<span class=\"_ _0\"></span>ercato per le oper<span class=\"_ _0\"></span>azioni con Parti Correl<span class=\"_ _0\"></span>ate;<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>i <span class=\"_ _3\"></span>limiti p<span class=\"_ _3\"></span>rudenziali <span class=\"ff4\">e <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>adempimenti di <span class=\"_ _3\"></span>segnalazione per<span class=\"_ _3\"></span>iodica alla <span class=\"_ _3\"></span>Banca <span class=\"_ _3\"></span>d\u2019Italia per <span class=\"_ _2\"></span>le attivit\u00e0 <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>rischio nei <span class=\"_ _3\"></span>confronti <span class=\"_ _3\"></span>dei </span></span>Soggetti Collegati;  \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le regole che rig<span class=\"_ _0\"></span>uardano i controlli <span class=\"_ _0\"></span>e i presidi organizzativ<span class=\"_ _0\"></span>i;<span class=\"_ _3\"></span> </span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>le <span class=\"_ _3\"></span>regole <span class=\"_ _3\"></span>generali <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>disclosure <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>stensione <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>gesti<span class=\"_ _3\"></span>one <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>interessi <span class=\"_ _3\"></span>personali <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>esponenti, <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dipendenti <span class=\"_ _2\"></span>e </span>dei collaboratori azie<span class=\"_ _0\"></span>ndali anche diversi <span class=\"_ _0\"></span>dai Soggetti Collegati<span class=\"_ _0\"></span>. <span class=\"_ _3\"></span> Ai  sensi <span class=\"_ _16\"> </span>del  Regolamento <span class=\"_ _16\"> </span>sono  consider<span class=\"_ _0\"></span>ati  Parti  C<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>rrelate  d<span class=\"_ _0\"></span>i  Intesa  Sa<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>paolo:  i <span class=\"_ _16\"> </span>soggetti  c<span class=\"_ _0\"></span>he  esercitano  i<span class=\"_ _35\"></span>l  controllo  o l\u2019inf<span class=\"ff1\">luenza <span class=\"_ _4\"> </span>notevole, <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>controllate <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>collegate, <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>joint <span class=\"_ _4\"> </span>venture, <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>fondi <span class=\"_ _4\"></span>pensione <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Gruppo, <span class=\"_ _4\"> </span>gli <span class=\"_ _7\"> </span>Esponenti <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>i <span class=\"_ _7\"> </span>Key </span>Manager di Intesa S<span class=\"_ _0\"></span>anpaolo, con i relati<span class=\"_ _0\"></span>vi stretti familiari e le<span class=\"_ _0\"></span> entit\u00e0 partecipate ril<span class=\"_ _0\"></span>evanti. <span class=\"_ _3\"></span> L\u2019insieme <span class=\"_ _6\"> </span>dei <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _4\"> </span>Collegat<span class=\"_ _0\"></span>i <span class=\"_ _6\"> </span>di<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>Gr<span class=\"ff1\">uppo <span class=\"_ _4\"></span>\u00e8 <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>ostituito <span class=\"_ _6\"></span>dai <span class=\"_ _4\"> </span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>ciascuna <span class=\"_ _4\"> </span>banca <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"></span>(compresa <span class=\"_ _6\"></span>la </span>Capogruppo) <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>ciascun <span class=\"_ _5\"></span>intermediario <span class=\"_ _5\"></span>vigilato <span class=\"_ _2\"></span>rilevante <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _2\"></span>superiori <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>2% <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>totale <span class=\"_ _5\"></span>dei <span class=\"_ _2\"></span>fondi <span class=\"_ _5\"></span>propri <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>live<span class=\"_ _5\"></span>llo consolidato. Rispetto a cias<span class=\"_ _0\"></span>cuna banca o intermediario vigilato rilevante del Grupp<span class=\"_ _0\"></span>o sono Soggetti Collegati: i) gli <span class=\"_ _0\"></span>azionisti che<span class=\"_ _0\"></span> esercitano il <span class=\"_ _3\"></span>controllo, l\u2019influenza notevole <span class=\"_ _3\"></span>o che <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>comunque tenuti a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>richiedere autorizzazione ai sensi <span class=\"_ _3\"></span>dell\u2019art. 19 <span class=\"_ _3\"></span>TU<span class=\"_ _5\"></span><span class=\"ff1\">B <span class=\"_ _3\"></span>o </span>in <span class=\"_ _4\"> </span>grado <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>nominare <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>componente <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>ell\u2019<span class=\"ff1\">or<span class=\"_ _3\"></span>gano <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>funzione <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>gestione <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>upervision<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>strategica <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>i <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>elativi <span class=\"_ _4\"> </span>gruppi </span>societari;  ii) <span class=\"_ _16\"> </span>le  entit\u00e0  controllate,  c<span class=\"_ _0\"></span>ontrollate  co<span class=\"_ _0\"></span>ngiuntamente <span class=\"_ _16\"> </span>e  collegate,  nonch\u00e9  l<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>  entit\u00e0  da  q<span class=\"_ _0\"></span>ueste  controll<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te  anche<span class=\"_ _0\"></span> congiuntamente ad altr<span class=\"_ _0\"></span>i; iii) gli espone<span class=\"_ _0\"></span>nti aziendali<span class=\"_ _3\"></span> con i relativi p<span class=\"_ _0\"></span>arenti fino al second<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> grado e le entit\u00e0 <span class=\"_ _0\"></span>partecipate rilevanti. In  vi<span class=\"_ _0\"></span>a  di <span class=\"_ _7\"> </span>autoregolamentazione, <span class=\"_ _16\"> </span>la  Banca <span class=\"_ _7\"> </span>ha  esteso <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>disciplina  i<span class=\"_ _0\"></span>n  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  operazi<span class=\"_ _0\"></span>oni <span class=\"_ _16\"> </span>con  Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>  qu<span class=\"_ _0\"></span>ella sull\u2019attivit\u00e0 di rischio <span class=\"_ _0\"></span>e conflitti di <span class=\"ff1\">interesse nei confronti dei Sog<span class=\"_ _0\"></span>getti Colleg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>ti a:<span class=\"_ _3\"></span> </span>a)<span class=\"ls0\"> <span class=\"_ _24\"> </span>gli <span class=\"_ _5\"></span>azionisti <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _5\"></span>societari <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>abbiano <span class=\"_ _5\"></span>una <span class=\"_ _6\"></span>partecipazio<span class=\"_ _0\"></span>ne <span class=\"_ _5\"></span>al <span class=\"_ _6\"></span>capitale <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>diritto <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>oto </span>della <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>superiore <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _2\"></span>minima <span class=\"_ _3\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>isciplin<span class=\"_ _0\"></span>a <span class=\"_ _2\"></span>sulla <span class=\"_ _2\"></span>comunicaz<span class=\"_ _3\"></span>ione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _2\"></span>rilevanti <span class=\"_ _3\"></span>nelle societ\u00e0 <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>quotate <span class=\"_ _6\"></span>calcolata <span class=\"_ _6\"></span>sulle <span class=\"_ _6\"></span>sole <span class=\"_ _5\"></span>azioni <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>propriet\u00e0 <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>gestione, <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>da <span class=\"_ _6\"></span>questi <span class=\"_ _6\"></span>controllate<span class=\"_ _35\"></span> anche congiuntamente<span class=\"_ _0\"></span> ad altri; b)<span class=\"ls0\"> <span class=\"_ _24\"> </span>le <span class=\"_ _2\"></span>societ\u00e0 <span class=\"_ _2\"></span>n<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>quali <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>esponenti <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>l<span class=\"_ _3\"></span>oro <span class=\"_ _5\"></span>stretti <span class=\"_ _2\"></span>familiari <span class=\"_ _2\"></span>i) <span class=\"_ _5\"></span>hanno <span class=\"_ _2\"></span>cariche <span class=\"_ _2\"></span>esecutive <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>presidente </span>dell\u2019organo di <span class=\"_ _3\"></span>amministrazione, ii) <span class=\"_ _3\"></span>detengono <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>partecipazione qualificata <span class=\"_ _3\"></span>uguale <span class=\"_ _3\"></span>o s<span class=\"_ _3\"></span>uperiore al <span class=\"_ _3\"></span>10% <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>capitale o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>dei diritti di voto di tale e<span class=\"_ _0\"></span>ntit\u00e0, o una posizion<span class=\"_ _0\"></span>e di influenza note<span class=\"_ _0\"></span>vole<span class=\"_ _2\"></span>; c)<span class=\"ls0\"> <span class=\"_ _25\"> </span>le societ\u00e0 con le quali il Gruppo presenta signifi<span class=\"_ _0\"></span>cativi legami partecipativi <span class=\"_ _0\"></span>e finanziari in quanto riferibili ad almeno due<span class=\"_ _2\"></span> dei </span>seguenti indicatori: o<span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff4\">partecipazione della <span class=\"_ _3\"></span>controparte <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo con <span class=\"_ _3\"></span>una <span class=\"_ _3\"></span>quota <span class=\"_ _3\"></span>compresa <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>l\u20191% <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span></span>glia <span class=\"_ _2\"></span>minima </span>prevista dalla discipli<span class=\"_ _0\"></span>na sulla comunic<span class=\"_ _0\"></span>azione delle partecip<span class=\"_ _0\"></span>azioni rilevanti nelle <span class=\"_ _0\"></span>societ\u00e0 con azion<span class=\"_ _0\"></span>i quotate; <span class=\"_ _2\"></span> o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>partecipazione da <span class=\"_ _0\"></span>parte di entit\u00e0 del Gru<span class=\"_ _35\"></span>p<span class=\"_ _3\"></span>po Intesa Sanpaolo <span class=\"_ _0\"></span>nella controparte <span class=\"_ _0\"></span>superiore al 10% dei d<span class=\"_ _0\"></span>iritti di voto; <span class=\"_ _2\"></span> </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span>esposizione significativa cr<span class=\"_ _0\"></span>editizia del Gruppo ver<span class=\"_ _0\"></span>so la controparte. </span>Tale <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>oluzione <span class=\"_ _5\"></span>consente <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>sviluppare <span class=\"_ _5\"></span>uno <span class=\"_ _6\"></span>standard <span class=\"_ _6\"></span>pi\u00f9 <span class=\"_ _5\"></span>elevato <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>monitoraggio <span class=\"_ _5\"></span>delle<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>transazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>p<span class=\"_ _3\"></span>rincipali <span class=\"_ _5\"></span>entit\u00e0 <span class=\"_ _6\"></span>in potenziale rischio <span class=\"_ _0\"></span>di conflitto di inter<span class=\"_ _0\"></span>essi.<span class=\"_ _3\"></span> Il <span class=\"_ _3\"></span>Regolamento contempla <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>diverse <span class=\"_ _3\"></span>cautele <span class=\"_ _3\"></span>istruttorie che <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere o<span class=\"_ _3\"></span>sservate dalle <span class=\"_ _3\"></span>strutture della <span class=\"_ _3\"></span>Capogruppo <span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>alle societ\u00e0 <span class=\"_ _6\"></span>controllate <span class=\"_ _5\"></span>nella <span class=\"_ _6\"></span>realizzazione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>operazioni <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo, <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>e Soggetti rilevanti ex <span class=\"_ _0\"></span>art. 136 TUB, al fine di soddisfar<span class=\"_ _0\"></span>e le esigenze di c<span class=\"_ _0\"></span>orrettezza sostanziale <span class=\"_ _0\"></span>delle transazioni, <span class=\"_ _0\"></span>richiedendo, tra l\u2019altro, <span class=\"_ _16\"> </span>un  e<span class=\"_ _0\"></span>same <span class=\"_ _16\"> </span>dettagliato <span class=\"_ _16\"> </span>delle  m<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>tivazioni, <span class=\"_ _16\"> </span>degli <span class=\"_ _16\"> </span>interessi, <span class=\"_ _16\"> </span>degli  e<span class=\"_ _0\"></span>ffetti <span class=\"_ _16\"> </span>dal <span class=\"_ _16\"> </span>punto  di <span class=\"_ _7\"> </span>vista  patrim<span class=\"_ _0\"></span>oniale, <span class=\"_ _16\"> </span>economico <span class=\"_ _16\"> </span>e finanziario e delle <span class=\"_ _0\"></span>condizioni d<span class=\"ff4\">ell\u2019operazione.</span> In <span class=\"_ _2\"></span>coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>regolamentazione <span class=\"_ _2\"></span>adottata <span class=\"_ _3\"></span>dal<span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>Consob <span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>dalla <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>d\u2019Italia, <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>regime <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esenzioni, integrali o parziali, d<span class=\"_ _0\"></span>all\u2019applicazione <span class=\"_ _0\"></span>della disciplina.<span class=\"ff1\"> </span>Per quanto <span class=\"_ _3\"></span>attiene ai p<span class=\"_ _3\"></span>rofili deliberativi delle operaz<span class=\"_ _3\"></span>ioni <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>Parti Correlate di Intesa <span class=\"_ _3\"></span>Sanpaolo e Soggetti <span class=\"_ _3\"></span>Collegati di Gruppo, il procedimento vien<span class=\"_ _0\"></span>e differenziato per: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>importo <span class=\"_ _5\"></span>esiguo: <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>controvalore <span class=\"_ _5\"></span>inferiore <span class=\"_ _5\"></span>o <span class=\"_ _6\"></span>pari <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>250 <span class=\"_ _5\"></span>mila <span class=\"_ _6\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>le <span class=\"_ _5\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _6\"></span>ed <span class=\"_ _5\"></span>1 <span class=\"_ _6\"></span>milione <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i </span>soggetti diversi d<span class=\"ff4\">alle persone<span class=\"_ _0\"></span> fisiche (escluse <span class=\"_ _0\"></span>dall\u2019applicazione dell<span class=\"_ _0\"></span>a disciplina);<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni <span class=\"_ _3\"></span>di <span class=\"_ _5\"></span>minore <span class=\"_ _2\"></span>rilevanza: <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>controvalore <span class=\"_ _2\"></span>superiore <span class=\"_ _2\"></span>alle <span class=\"_ _5\"></span>soglie <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>esiguit\u00e0 <span class=\"_ _2\"></span>(250 <span class=\"_ _5\"></span>mila <span class=\"_ _3\"></span>euro <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>persone <span class=\"_ _5\"></span>fisiche <span class=\"_ _3\"></span>ed </span>1 milione <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>i <span class=\"_ _4\"></span>soggetti <span class=\"_ _6\"></span>diversi <span class=\"_ _4\"></span>dalle <span class=\"_ _4\"></span>persone <span class=\"_ _6\"></span>fisiche), <span class=\"_ _4\"> </span>ma <span class=\"_ _4\"> </span>inferi<span class=\"_ _3\"></span>ore <span class=\"_ _4\"> </span>o <span class=\"_ _4\"></span>pari <span class=\"_ _4\"></span>alle <span class=\"_ _4\"></span>soglie <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>maggiore <span class=\"_ _4\"> </span>rilevanza <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>seguito indicate; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di <span class=\"_ _3\"></span>maggiore rilevanza: di controvalore superiore a<span class=\"_ _3\"></span>lla soglia del <span class=\"_ _3\"></span>5% de<span class=\"_ _3\"></span>gli indicatori definiti dalla <span class=\"_ _3\"></span>Consob e d<span class=\"_ _3\"></span>alla<span class=\"_ _5\"></span> </span>Banca d\u2019Italia (circa <span class=\"_ _0\"></span>2,8 miliardi per il Gr<span class=\"_ _0\"></span>uppo Intesa Sanpaol<span class=\"_ _0\"></span>o<span class=\"_ _3\"></span><span class=\"ff1 ls20\">);<span class=\"ls0\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>operazioni di comp<span class=\"_ _0\"></span>etenza assembleare, a n<span class=\"_ _0\"></span>orma di legge o di S<span class=\"_ _0\"></span>tatuto.<span class=\"_ _3\"></span> </span>Nel <span class=\"_ _7\"> </span>processo <span class=\"_ _7\"> </span>finalizzato <span class=\"_ _7\"> </span>all\u2019approvazion<span class=\"_ _0\"></span>e <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>operazioni <span class=\"_ _7\"> </span>con <span class=\"_ _7\"> </span>Parti <span class=\"_ _16\"> </span>Correlate <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaol<span class=\"_ _0\"></span>o <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>Soggetti <span class=\"_ _7\"> </span>Collegati <span class=\"_ _4\"> </span>di Gruppo,  un  ruolo <span class=\"_ _1d\"> </span>qualifi<span class=\"_ _0\"></span>cato  \u00e8  svolto  d<span class=\"_ _3\"></span>al  Comitato  per  le  ope<span class=\"_ _2\"></span>razioni  con <span class=\"_ _1d\"> </span>Parti  Correlat<span class=\"_ _0\"></span>e,  in  possesso  dei  requisiti  di indipendenza <span class=\"_ _7\"> </span>previsti <span class=\"_ _7\"> </span>dal <span class=\"_ _7\"> </span>Codice <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>utodisciplina <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _7\"> </span>quotate <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>dall\u2019art. <span class=\"_ _7\"> </span>148 <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _7\"> </span>Unico <span class=\"_ _16\"> </span>della <span class=\"_ _7\"> </span>Finanza. <span class=\"_ _7\"> </span>Il Comitato <span class=\"_ _3\"></span>per <span class=\"_ _5\"></span>le <span class=\"_ _3\"></span>operazioni <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Parti <span class=\"_ _2\"></span>Correlate <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>u\u00f2 <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>vvalersi, <span class=\"_ _3\"></span>ove <span class=\"_ _2\"></span>ritenuto <span class=\"_ _6\"></span>opportuno, <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>esperti <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndipendenti <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>alla significativit\u00e0, <span class=\"_ _7\"> </span>alle <span class=\"_ _7\"> </span>particolari <span class=\"_ _16\"> </span>caratteristiche <span class=\"_ _7\"> </span>economiche <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>strutturali <span class=\"_ _7\"> </span>dell\u2019operazione <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>alla <span class=\"_ _16\"> </span>natura <span class=\"_ _7\"> </span>della <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>correlat<span class=\"_ _5\"></span><span class=\"ff1\">a <span class=\"_ _7\"> </span>o </span>soggetto collegato. Per <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>rilevanza <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>trutture <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span><span class=\"ff4\">evono <span class=\"_ _5\"></span>coinvolgere <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Comitato <span class=\"_ _3\"></span>nelle <span class=\"_ _5\"></span>fasi <span class=\"_ _2\"></span>dell\u2019istruttoria <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _2\"></span>trattative, </span>attraverso <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>\u2019invio <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>flusso <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpleto <span class=\"_ _7\"> </span>e <span class=\"_ _16\"> </span>tempestivo <span class=\"_ _7\"> </span>e  c<span class=\"_ _0\"></span>on <span class=\"_ _16\"> </span>la <span class=\"_ _7\"> </span>facolt\u00e0 <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Comitato <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>richiedere <span class=\"_ _16\"> </span>ulteriori <span class=\"_ _7\"> </span>informazioni <span class=\"_ _7\"> </span>e formulare osservazi<span class=\"_ _0\"></span>oni. Tutte <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>operazioni <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>iano <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>senti <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Regolamento <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _2\"></span>realizzate <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>Capogruppo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>correlata <span class=\"_ _2\"></span>o soggetto collegato sono riservate alla competenz<span class=\"_ _0\"></span>a deliberativa del Consiglio, previo parere del Comitato per le operazioni co<span class=\"_ _5\"></span><span class=\"ls17\">n </span>Parti Correlate. Il  Regolamento <span class=\"_ _16\"> </span>prevede  specifici <span class=\"_ _16\"> </span>presidi  nel  caso  i<span class=\"_ _0\"></span>n  cui  sia  delib<span class=\"_ _0\"></span>erata  un\u2019operazio<span class=\"_ _0\"></span>ne  di  minore <span class=\"_ _16\"> </span>o  maggiore  rilevanz<span class=\"_ _0\"></span>a, nonostante il parere <span class=\"_ _0\"></span>negativo del Comita<span class=\"_ _0\"></span>to per le operazioni <span class=\"_ _0\"></span>con Parti Correlate.  Le operazioni realizzate d<span class=\"_ _0\"></span>alle societ\u00e0 controllate co<span class=\"_ _0\"></span>n<span class=\"_ _3\"></span> Parti Correlate di Intesa Sanpaolo e Sogge<span class=\"_ _0\"></span>tti Collegati di Grupp<span class=\"_ _0\"></span>o devono essere <span class=\"_ _2\"></span>deliberate <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Consiglio <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Amministrazione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>elle <span class=\"_ _2\"></span>stesse <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ociet\u00e0 <span class=\"_ _2\"></span>interessate <span class=\"_ _3\"></span>previo <span class=\"_ _2\"></span>benestare <span class=\"_ _2\"></span>della <span class=\"_ _5\"></span>Capogruppo, <span class=\"_ _3\"></span>che viene rilasciato se<span class=\"_ _0\"></span>condo l\u2019iter sopra desc<span class=\"_ _0\"></span>ritto. <span class=\"ff1\"> </span>Il  Regol<span class=\"ff4\">amento  definisce  altres\u00ec  i  criteri  gener<span class=\"_ _0\"></span>ali  per  l\u2019informativa  da  rendere,  almen<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span>  trimestralmente,  anche  ai  sen<span class=\"_ _0\"></span>si </span>dell\u2019art.<span class=\"ff1\"> 150 <span class=\"_ _6\"></span>del <span class=\"_ _7\"> </span>Testo <span class=\"_ _6\"></span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"></span>Finanza, <span class=\"_ _6\"></span>agli <span class=\"_ _4\"></span>amministratori <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>all'organo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>controllo <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>ordine <span class=\"_ _4\"></span>alle <span class=\"_ _6\"></span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>Parti </span>Correlate <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>Soggetti <span class=\"_ _6\"></span>Collegati <span class=\"_ _6\"></span>perfezionate <span class=\"_ _6\"></span>nel <span class=\"_ _4\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>riferimento<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>dalla <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>da <span class=\"_ _4\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllate, <span class=\"_ _6\"></span>al <span class=\"_ _4\"></span>fine <span class=\"_ _6\"></span>di fornire <span class=\"_ _3\"></span>un <span class=\"_ _3\"></span>quadro <span class=\"_ _3\"></span>completo <span class=\"_ _3\"></span>dell\u2019insieme <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>operazioni <span class=\"_ _3\"></span>pi\u00f9 <span class=\"_ _3\"></span>significative <span class=\"_ _3\"></span>poste <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>essere, <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>volumi <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>princip<span class=\"_ _5\"></span><span class=\"ff1\">ali </span>caratteristiche <span class=\"_ _16\"> </span>di  <span class=\"ff4\">tu<span class=\"_ _0\"></span>tte  qu<span class=\"_ _0\"></span>elle <span class=\"_ _16\"> </span>delegate. <span class=\"_ _16\"> </span>L\u2019informativa<span class=\"_ _0\"></span>  de<span class=\"_ _0\"></span>ve  r<span class=\"_ _0\"></span>iguardare <span class=\"_ _16\"> </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>operazioni, <span class=\"_ _16\"> </span>anche  se <span class=\"_ _7\"> </span>esenti  da <span class=\"_ _7\"> </span>procedura </span>deliberativa, di controvalore superior<span class=\"_ _0\"></span>e alle soglie di esiguit\u00e0; sono escluse le oper<span class=\"_ _0\"></span>azioni di minore rilevanza di finanziame<span class=\"_ _2\"></span>nto e di <span class=\"_ _6\"></span>raccolta <span class=\"_ _5\"></span>bancaria <span class=\"_ _6\"></span>infragruppo <span class=\"_ _6\"></span>(sempre <span class=\"_ _5\"></span>che <span class=\"_ _6\"></span>non <span class=\"_ _6\"></span>riguardino <span class=\"_ _6\"></span>una <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _6\"></span>controllata <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>interessi <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>ignificativi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>ltra <span class=\"_ _5\"></span>parte correlata <span class=\"_ _4\"> </span>o <span class=\"_ _4\"> </span>soggetto <span class=\"_ _4\"> </span>collegato <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>presentino <span class=\"_ _4\"></span>condizioni <span class=\"_ _4\"> </span>non <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>mercato <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>standard). <span class=\"_ _4\"> </span>Per <span class=\"_ _4\"> </span>le <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>perazioni <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>minore <span class=\"_ _4\"> </span>rilevanza infragruppo ordinarie<span class=\"_ _0\"></span> e a con<span class=\"ff4\">dizioni di mercato \u00e8, i<span class=\"_ _0\"></span>nvece, prevista un\u2019info<span class=\"_ _0\"></span>rmativa di tipo aggreg<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>to su base ann<span class=\"_ _0\"></span>uale.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span>Le <span class=\"_ _5\"></span>operazioni <span class=\"_ _5\"></span>realizzate <span class=\"_ _5\"></span>dalle <span class=\"_ _5\"></span>banche <span class=\"_ _5\"></span>italiane <span class=\"_ _5\"></span>controllate <span class=\"_ _2\"></span>con <span class=\"_ _6\"></span>Parti <span class=\"_ _5\"></span>Correlate <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>Soggetti <span class=\"_ _5\"></span>Collegati <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>siano considerate esenti, <span class=\"_ _2\"></span>fermo il <span class=\"_ _3\"></span>benestare <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>Capogrupp<span class=\"_ _0\"></span>o, <span class=\"_ _3\"></span>devono <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>deliberate dal <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elativo Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Amministrazi<span class=\"_ _0\"></span>one, previo <span class=\"_ _6\"> </span>parere <span class=\"_ _4\"> </span>di <span class=\"_ _6\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _4\"> </span>Comitato <span class=\"_ _6\"></span>di <span class=\"_ _6\"> </span>Consiglieri <span class=\"_ _4\"> </span>indipendenti <span class=\"_ _6\"> </span>costituito <span class=\"_ _4\"> </span>all\u2019intern<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Consigli<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Banca stessa. Sono, inoltre, p<span class=\"_ _0\"></span>reviste regole specif<span class=\"_ _0\"></span>ic<span class=\"_ _3\"></span>he di rendicontazi<span class=\"_ _0\"></span>one delle opera<span class=\"_ _0\"></span>zioni agli Organi dell<span class=\"_ _0\"></span>a Banca. Il <span class=\"_ _5\"></span>Regolame<span class=\"_ _0\"></span>nto <span class=\"_ _2\"></span>disciplina <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>l\u2019operativit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>Soggetti <span class=\"_ _2\"></span>Rilevanti <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>dell\u2019art. <span class=\"_ _2\"></span>136 <span class=\"_ _5\"></span>TUB, <span class=\"_ _3\"></span>che <span class=\"_ _5\"></span>deve <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicato <span class=\"_ _4\"> </span><span class=\"ff1\">da </span>tutte <span class=\"_ _16\"> </span>le <span class=\"_ _7\"> </span>Banche <span class=\"_ _16\"> </span>italiane <span class=\"_ _16\"> </span>del <span class=\"_ _16\"> </span>Gruppo <span class=\"_ _7\"> </span>Intesa <span class=\"_ _16\"> </span>Sanpaolo, <span class=\"_ _7\"> </span>ivi <span class=\"_ _16\"> </span>inclus<span class=\"_ _3\"></span><span class=\"ff4\">a <span class=\"_ _16\"> </span>la <span class=\"_ _16\"> </span>Capogruppo. <span class=\"_ _7\"> </span>Tale <span class=\"_ _16\"> </span>norma <span class=\"_ _16\"> </span>richiede <span class=\"_ _7\"> </span>l\u2019adozione <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>una </span>procedura  deliberativa  aggravata  (delibera  unanime  dell\u2019organo  amministra<span class=\"_ _0\"></span>tivo,  con  esclusione  del  voto  dell\u2019esponente interessato, <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>voto <span class=\"_ _16\"> </span>favorevole <span class=\"_ _7\"> </span>de<span class=\"_ _3\"></span>i <span class=\"_ _16\"> </span>componenti <span class=\"_ _16\"> </span>l\u2019organo <span class=\"_ _7\"> </span>di  controllo) <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>consentire<span class=\"_ _2\"></span><span class=\"ff1\">  agli <span class=\"_ _7\"> </span>esponenti <span class=\"_ _16\"> </span>bancari <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>assumere, </span>direttamente o indire<span class=\"_ _0\"></span>ttamente, obbliga<span class=\"_ _0\"></span>zioni con la banca nella<span class=\"_ _0\"></span> quale gli stessi rive<span class=\"_ _0\"></span>stono la carica di espone<span class=\"_ _0\"></span>nte. <span class=\"_ _2\"></span> Sono  i<span class=\"_ _0\"></span>noltre <span class=\"_ _16\"> </span>fatti <span class=\"_ _16\"> </span>salvi  gli<span class=\"_ _0\"></span>  ob<span class=\"_ _0\"></span>blighi <span class=\"_ _16\"> </span>previsti <span class=\"_ _16\"> </span>dal  Codic<span class=\"_ _0\"></span>e  Ci<span class=\"_ _0\"></span>vile <span class=\"_ _16\"> </span>(art.  239<span class=\"_ _0\"></span>1)  e<span class=\"_ _0\"></span>  d<span class=\"_ _0\"></span>all\u2019art. <span class=\"_ _16\"> </span>53  TU<span class=\"_ _0\"></span>B  i<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>  m<span class=\"_ _0\"></span>ate<span class=\"_ _2\"></span><span class=\"ff1\">ria  di <span class=\"_ _16\"> </span>interessi <span class=\"_ _16\"> </span>degli </span>amministratori.  In <span class=\"_ _3\"></span>particolare, <span class=\"_ _3\"></span>l\u2019art. <span class=\"_ _3\"></span>2391 <span class=\"_ _5\"></span><span class=\"ff1\">C.C. <span class=\"_ _3\"></span>stabilisce <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>ciascun <span class=\"_ _2\"></span>Consigliere <span class=\"_ _3\"></span>dia <span class=\"_ _3\"></span>notizia <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ogni <span class=\"_ _3\"></span>interesse <span class=\"_ _3\"></span>detenuto, <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>conto <span class=\"_ _3\"></span>proprio <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </span>terzi, <span class=\"_ _2\"></span>che <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ossa <span class=\"_ _2\"></span>rilevare <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>funzione <span class=\"_ _2\"></span>gestoria, <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>riferimento <span class=\"_ _3\"></span>ad <span class=\"_ _4\"> </span><span class=\"ff1\">una <span class=\"_ _2\"></span>determinata <span class=\"_ _3\"></span>operazione. <span class=\"_ _2\"></span>Ai <span class=\"_ _2\"></span>sensi <span class=\"_ _2\"></span>della </span>predetta <span class=\"_ _2\"></span>disposizione, <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>competenza <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Consiglio <span class=\"_ _5\"></span>le <span class=\"_ _2\"></span>delibere <span class=\"_ _5\"></span>relative <span class=\"_ _2\"></span>a <span class=\"_ _6\"></span>quelle <span class=\"_ _2\"></span>operazioni, <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>Parti <span class=\"_ _2\"></span>Correlate, nelle <span class=\"_ _16\"> </span>quali <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Consigliere <span class=\"_ _7\"> </span>Delegato <span class=\"_ _16\"> </span>sia <span class=\"_ _7\"> </span>t<span class=\"_ _3\"></span>itolare <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>in<span class=\"_ _3\"></span>teresse <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>conto <span class=\"_ _7\"> </span>proprio <span class=\"_ _16\"> </span>o <span class=\"_ _16\"> </span>di <span class=\"_ _1d\"> </span><span class=\"ff4\">terzi <span class=\"_ _7\"> </span>ed <span class=\"_ _16\"> </span>osservi <span class=\"_ _16\"> </span>quindi <span class=\"_ _7\"> </span>l\u2019obbligo <span class=\"_ _7\"> </span>di </span>astensione dal compie<span class=\"_ _0\"></span>re l\u2019operazione, in<span class=\"_ _0\"></span>vestendo della stessa l<span class=\"_ _0\"></span>\u2019organo collegi<span class=\"_ _0\"></span>ale ex art. 2391 <span class=\"_ _3\"></span><span class=\"ff1\">C.C. </span>In a<span class=\"_ _3\"></span>ggiunta, l\u2019art. 53 <span class=\"_ _3\"></span>TUB prevede <span class=\"_ _3\"></span>che gli <span class=\"_ _3\"></span>amministratori delle banche <span class=\"_ _3\"></span>debbano astenersi dalle <span class=\"_ _3\"></span>deliberazioni in <span class=\"_ _3\"></span>cui ab<span class=\"_ _5\"></span><span class=\"ff1\">biano <span class=\"_ _3\"></span>un </span>conflitto di interessi <span class=\"_ _0\"></span>per conto proprio o d<span class=\"_ _0\"></span>i terzi. 2. Informazioni sui saldi <span class=\"_ _0\"></span>con parti correlate I <span class=\"_ _3\"></span>saldi creditori e <span class=\"_ _3\"></span>debitori in <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>al 31 <span class=\"_ _3\"></span>dicembre 2022 <span class=\"_ _3\"></span>nei <span class=\"_ _3\"></span>conti consolidati nei <span class=\"_ _3\"></span>confronti di <span class=\"_ _3\"></span>parti correlate <span class=\"_ _6\"></span>- diverse d<span class=\"_ _3\"></span>a quelle infragruppo <span class=\"_ _1c\"> </span>consoli<span class=\"_ _0\"></span>date <span class=\"_ _1c\"> </span>integrali <span class=\"_ _1c\"> </span>- <span class=\"_ _1c\"> </span>risultano <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _18\"> </span>co<span class=\"_ _3\"></span>mplessivame<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>te <span class=\"_ _1c\"> </span>non <span class=\"_ _1c\"> </span>rilev<span class=\"_ _0\"></span>ante <span class=\"_ _1c\"> </span>rispetto <span class=\"_ _18\"> </span>al<span class=\"_ _3\"></span>la <span class=\"_ _1c\"> </span>dimension<span class=\"_ _0\"></span>e patrimoniale <span class=\"_ _6\"> </span>del <span class=\"_ _7\"> </span>Gruppo. <span class=\"_ _4\"> </span>Parimenti <span class=\"_ _6\"></span>non <span class=\"_ _4\"> </span>risulta <span class=\"_ _4\"> </span>rilevante <span class=\"_ _4\"> </span>l\u2019incid<span class=\"_ _0\"></span>enza <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>proventi <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>oneri <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>on <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>arti <span class=\"_ _4\"> </span>correlate <span class=\"_ _6\"> </span>sul <span class=\"_ _4\"> </span>r<span class=\"_ _3\"></span>isultato <span class=\"_ _6\"> </span>d<span class=\"_ _5\"></span><span class=\"ff1 ls13\">i </span>gestione consolidato.              31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale attivi<span class=\"_ _0\"></span>t\u00e0 finanzia<span class=\"_ _0\"></span>rie (1)<span class=\"_ _90\"> </span>6.997 0,8 Totale altre<span class=\"_ _0\"></span> attivit\u00e0 (2)<span class=\"_ _90\"> </span>188<span class=\"ls0\"> </span>0,8 Totale pas<span class=\"_ _0\"></span>sivit\u00e0 finan<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>iarie (3)<span class=\"_ _90\"> </span>5.348 0,7 Totale altre<span class=\"_ _0\"></span> passivi<span class=\"_ _0\"></span>t\u00e0 (4)<span class=\"_ _90\"> </span>882<span class=\"ls0\"> </span>0,8 (1) <span class=\"ls27\">Include le voci 10, 20, 30, 35, 40, 4<span class=\"_ _3\"></span>5 e 70 dell'attivo di Stato p<span class=\"_ _3\"></span>atrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></span>(2) Include le voci 50, 60, 120 e 130 dell'at<span class=\"_ _3\"></span>tivo di Stato patrimoniale.<span class=\"ls0\"> </span>(3) Include le voci 10, 15, 20, 30 e 35 del <span class=\"_ _3\"></span>passivo di Stato patrimoniale.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(4) Include le voci 40, <span class=\"ls0\">50, 70, 80, 90, 100 <span class=\"_ _3\"></span>e 110 del passivo di Stato <span class=\"_ _3\"></span>patrimoniale.<span class=\"_ _3\"></span> </span>             31.12.<span class=\"_ _35\"></span>2022 Importo (milioni d<span class=\"_ _0\"></span>i euro) Incidenza<span class=\"_ _0\"></span> (%) Totale inter<span class=\"_ _0\"></span>essi attivi 59<span class=\"ls0\"> </span>0,4 Totale inter<span class=\"_ _0\"></span>essi pas<span class=\"_ _0\"></span>sivi -<span class=\"ls25\">31</span> 0,9 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> attive 35<span class=\"ls0\"> </span>0,3 Totale co<span class=\"_ _0\"></span>mmissioni<span class=\"_ _0\"></span> passive -<span class=\"ls25\">52</span> 1,9 Totale co<span class=\"_ _0\"></span>sti di funzion<span class=\"_ _0\"></span>amento<span class=\"_ _0\"></span> (1)<span class=\"_ _90\"> </span>-<span class=\"ls25\">194</span> 1,7 (1) Include la voce 190 del conto economi<span class=\"_ _3\"></span>co.<span class=\"ls0\"> </span>Nei confronti di societ\u00e0<span class=\"_ _0\"></span> collegate, nell\u2019eserc<span class=\"_ _0\"></span>izio si registrano rip<span class=\"_ _0\"></span>rese di valore nett<span class=\"_ _0\"></span>e su finanziamenti p<span class=\"_ _0\"></span>ari a circa 4 <span class=\"_ _2\"></span><span class=\"ff1\">milioni. </span>Si <span class=\"_ _5\"></span>riportano <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>i <span class=\"_ _5\"></span>principali <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>riferimento <span class=\"_ _2\"></span>dell\u2019operativit\u00e0 <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>iascuna <span class=\"_ _2\"></span>categoria <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>controparte <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>orrelata,<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _5\"></span>sulla </span>base <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>soggetti <span class=\"_ _6\"></span>indicati <span class=\"_ _5\"></span>nello <span class=\"_ _6\"></span>IAS <span class=\"_ _5\"></span>2<span class=\"_ _3\"></span>4, <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>netto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ell\u2019operativit\u00e0<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>entit\u00e0 <span class=\"_ _6\"></span>consolidate <span class=\"_ _7\"> </span><span class=\"ff1\">integralmente, <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>la <span class=\"_ _6\"></span>categoria <span class=\"_ _6\"></span>degli </span>Azionisti <span class=\"_ _3\"></span>rilevanti <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sa<span class=\"_ _3\"></span>npaolo e <span class=\"_ _2\"></span>relativi <span class=\"_ _3\"></span>gruppi <span class=\"_ _3\"></span>societari <span class=\"_ _3\"></span>(entit\u00e0 <span class=\"_ _3\"></span>controllate <span class=\"_ _3\"></span>anche <span class=\"_ _2\"></span>congiuntament<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>ad <span class=\"_ _2\"></span>altri, <span class=\"_ _3\"></span>control<span class=\"_ _5\"></span>lanti <span class=\"_ _3\"></span>o sottoposte a comune controllo) che abbiano una p<span class=\"_ _3\"></span>artecipazione al capitale con diritto<span class=\"_ _2\"></span> <span class=\"_ _3\"></span>di voto della <span class=\"_ _3\"></span>Banca superiore alla soglia<span class=\"_ _0\"></span> minima <span class=\"_ _5\"></span>prevista <span class=\"_ _5\"></span>dalla <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>isciplina <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>ulla <span class=\"_ _5\"></span>comunicazione <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>partecipazioni <span class=\"_ _5\"></span>rilevanti <span class=\"_ _5\"></span>nelle <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>quotate <span class=\"_ _5\"></span>calcolat<span class=\"_ _5\"></span><span class=\"ls17\">a </span>sulle <span class=\"_ _17\"> </span>sole <span class=\"_ _17\"> </span>azioni <span class=\"_ _17\"> </span>in <span class=\"_ _1d\"> </span>propriet\u00e0 <span class=\"_ _17\"> </span>o <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>gestione, <span class=\"_ _17\"> </span>nonch\u00e9 <span class=\"_ _1d\"> </span>con <span class=\"_ _17\"> </span>gli <span class=\"_ _17\"> </span>ulteriori <span class=\"_ _17\"> </span>soggetti <span class=\"_ _17\"> </span>inclus<span class=\"_ _2\"></span>i <span class=\"_ _17\"> </span>nel <span class=\"_ _17\"> </span>perimetro <span class=\"_ _1d\"> </span>definito <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>via <span class=\"_ _17\"> </span>di autoregolamentazione. Nella <span class=\"_ _3\"></span>tabella che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>non v<span class=\"_ _3\"></span>iene invece <span class=\"_ _3\"></span>rappresentata l\u2019incidenza delle <span class=\"_ _3\"></span>operazioni c<span class=\"_ _3\"></span>on parti <span class=\"_ _3\"></span>correlate <span class=\"_ _3\"></span>sui flussi <span class=\"_ _3\"></span>finanziari<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>del </span>Gruppo, in quanto non <span class=\"_ _0\"></span>significativa. Per <span class=\"_ _5\"></span>maggiore <span class=\"_ _2\"></span>chiarezza <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>coerente<span class=\"_ _3\"></span>mente <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>segnalazioni <span class=\"_ _2\"></span>inviate <span class=\"_ _5\"></span>alle <span class=\"_ _5\"></span>Autorit\u00e0 <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>Vigilanza,<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>si <span class=\"_ _5\"></span>precisa <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>poste <span class=\"_ _5\"></span>fuori bilancio <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _4\"> </span>dettagliate <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>due <span class=\"_ _4\"> </span>righe <span class=\"_ _4\"> </span>distinte, <span class=\"_ _4\"> </span>raggruppando <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>un <span class=\"_ _7\"> </span>lato <span class=\"_ _4\"> </span>le <span class=\"_ _7\"> </span>garanzie/impegni <span class=\"_ _4\"> </span>rilasciati<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>dall\u2019altro <span class=\"_ _4\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>garanzie/impegni  ricevuti. <span class=\"_ _1d\"> </span>Nella  prima<span class=\"_ _3\"></span>  c<span class=\"_ _3\"></span>ategoria  sono <span class=\"_ _1d\"> </span>stati  inclusi <span class=\"_ _1d\"> </span>anche <span class=\"_ _1d\"> </span>gli  impegni <span class=\"_ _1d\"> </span>revocabili  rilasciati <span class=\"_ _1d\"> </span>il  cui <span class=\"_ _1d\"> </span>importo complessivo \u00e8 pari a 1<span class=\"_ _0\"></span> miliardo.<span class=\"_ _90\"> </span> <div class=\"c w84 h65\" style=\"left:515.87164px; bottom:861.86945px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">(milioni di euro) </div></div><div class=\"c w45 h264\" style=\"left:169.36545px; bottom:771.20746px;\"><div class=\"t m0 x13 h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">Entit\u00e0 </div><div class=\"t m0 x6 h8f y1398 ff5 fsf fc2 sc0 ls0 ws0\">controllate </div><div class=\"t m0 x98 h8f y12cf ff5 fsf fc2 sc0 ls43 ws0\">non </div><div class=\"t m0 x87 h8f y190d ff5 fsf fc2 sc0 ls0 ws0\">consolidate </div><div class=\"t m0 x41 h8f y190e ff5 fsf fc2 sc0 ls0 ws0\">integralmente </div></div><div class=\"c w34 h264\" style=\"left:230.01462px; bottom:771.20746px;\"><div class=\"t m0 x95 h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">Entit\u00e0 </div><div class=\"t m0 x41 h8f y1398 ff5 fsf fc2 sc0 ls0 ws0\">sottoposte </div><div class=\"t m0 x41 h8f y12cf ff5 fsf fc2 sc0 ls0 ws0\">a controllo </div><div class=\"t m0 xab h8f y190d ff5 fsf fc2 sc0 ls0 ws0\">congiunto </div><div class=\"t m0 xdd h8f y190e ff5 fsf fc2 sc0 ls1c ws0\">e <span class=\"ls0\">relative </span></div><div class=\"t m0 x41 h8f y8a8 ff5 fsf fc2 sc0 ls0 ws0\">controllate </div></div><div class=\"c w34 h264\" style=\"left:278.53064px; bottom:771.20746px;\"><div class=\"t m0 x95 h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">Entit\u00e0 </div><div class=\"t m0 xdd h8f y1398 ff5 fsf fc2 sc0 ls0 ws0\">collegate </div><div class=\"t m0 xdd h8f y12cf ff5 fsf fc2 sc0 ls0 ws0\">e relative </div><div class=\"t m0 x41 h8f y190d ff5 fsf fc2 sc0 ls0 ws0\">controllate </div></div><div class=\"c w613 h264\" style=\"left:327.67062px; bottom:771.20746px;\"><div class=\"t m0 x1a h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">Esponenti, </div><div class=\"t m0 xe h8f y1398 ff5 fsf fc2 sc0 ls0 ws0\">Key </div><div class=\"t m0 x87 h8f y12cf ff5 fsf fc2 sc0 ls0 ws0\">Manager e </div><div class=\"t m0 x45 h8f y190d ff5 fsf fc2 sc0 ls0 ws0\">soggetti ad </div><div class=\"t m0 xe h8f y190e ff5 fsf fc2 sc0 ls0 ws0\">essi </div><div class=\"t m0 x41 h8f y8a8 ff5 fsf fc2 sc0 ls0 ws0\">riconducibili </div></div><div class=\"c w1ef h264\" style=\"left:382.92062px; bottom:771.20746px;\"><div class=\"t m0 x97 h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">Fondi </div><div class=\"t m0 x41 h8f y1398 ff5 fsf fc2 sc0 ls0 ws0\">Pensione </div></div><div class=\"c w29a h264\" style=\"left:427.06863px; bottom:771.20746px;\"><div class=\"t m0 x41 h8f y190c ff5 fsf fc2 sc0 ls0 ws0\">TOTALE </div></div><div class=\"c w22f h264\" style=\"left:475.8966px; bottom:771.20746px;\"><div class=\"t m0 x41 h2d y190c ff1 fsf fc2 sc0 ls0 ws0\">Azionisti </div><div class=\"t m0 x94 h2d y1398 ff1 fsf fc2 sc0 ls0 ws0\">(*) </div></div><div class=\"c wff h264\" style=\"left:515.87164px; bottom:771.20746px;\"><div class=\"t m0 x8 h2d y190c ff1 fsf fc2 sc0 ls0 ws0\">Societ\u00e0 con </div><div class=\"t m0 x97 h2d y1398 ff1 fsf fc2 sc0 ls0 ws0\">le quali il </div><div class=\"t m0 x88 h2d y12cf ff1 fsf fc2 sc0 ls0 ws0\">Gruppo </div><div class=\"t m0 x97 h2d y190d ff1 fsf fc2 sc0 ls0 ws0\">presenta </div><div class=\"t m0 xdd h2d y190e ff1 fsf fc2 sc0 ls0 ws0\">significativi  </div><div class=\"t m0 x9b h2d y8a8 ff1 fsf fc2 sc0 ls0 ws0\">legami </div><div class=\"t m0 xab h2d y13a9 ff1 fsf fc2 sc0 ls0 ws0\">partecipativi </div><div class=\"t m0 xdd h2d yabd ff1 fsf fc2 sc0 ls0 ws0\">e finanziari </div><div class=\"t m0 xe h2d y6fe ff1 fsf fc2 sc0 ls0 ws0\">(**) </div></div><div class=\"c w614 h264\" style=\"left:568.13165px; bottom:771.20746px;\"><div class=\"t m0 x41 h2d y190c ff1 fsf fc2 sc0 ls0 ws0\">Altre societ\u00e0 </div><div class=\"t m0 x8 h2d y1398 ff1 fsf fc2 sc0 ls0 ws0\">riconducibili </div><div class=\"t m0 xe h2d y12cf ff1 fsf fc2 sc0 ls0 ws0\">agli </div><div class=\"t m0 x87 h2d y190d ff1 fsf fc2 sc0 ls0 ws0\">Esponenti  </div><div class=\"t m0 x13 h2d y190e ff1 fsf fc2 sc0 ls0 ws0\">(***) </div></div><div class=\"c w612 hd3\" style=\"left:-4.050377px; bottom:749.83545px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Cassa e disponibilit\u00e0 liquide </div></div><div class=\"c w45 hd3\" style=\"left:169.36545px; bottom:749.83545px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hd3\" style=\"left:230.01462px; bottom:749.83545px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hd3\" style=\"left:278.53064px; bottom:749.83545px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 hd3\" style=\"left:327.67062px; bottom:749.83545px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef hd3\" style=\"left:382.92062px; bottom:749.83545px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a hd3\" style=\"left:427.06863px; bottom:749.83545px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f hd3\" style=\"left:475.8966px; bottom:749.83545px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff hd3\" style=\"left:515.87164px; bottom:749.83545px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">483<span class=\"ls0\"> </span></div></div><div class=\"c w614 hd3\" style=\"left:568.13165px; bottom:749.83545px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 hb5\" style=\"left:-4.050377px; bottom:721.4434px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value con </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">impatto a conto economico </div></div><div class=\"c w45 hb5\" style=\"left:169.36545px; bottom:721.4434px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hb5\" style=\"left:230.01462px; bottom:721.4434px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hb5\" style=\"left:278.53064px; bottom:721.4434px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">229<span class=\"ls0\"> </span></div></div><div class=\"c w613 hb5\" style=\"left:327.67062px; bottom:721.4434px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef hb5\" style=\"left:382.92062px; bottom:721.4434px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a hb5\" style=\"left:427.06863px; bottom:721.4434px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">229<span class=\"ls0\"> </span></div></div><div class=\"c w22f hb5\" style=\"left:475.8966px; bottom:721.4434px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff hb5\" style=\"left:515.87164px; bottom:721.4434px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.571 </div></div><div class=\"c w614 hb5\" style=\"left:568.13165px; bottom:721.4434px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h70\" style=\"left:-4.050377px; bottom:699.44745px;\"><div class=\"t m0 x87 hbe y732 ff2 fsf fc2 sc0 ls0 ws0\">a) Attivit\u00e0 finanziarie detenute per la </div><div class=\"t m0 x87 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">negoziazione </div></div><div class=\"c w45 h70\" style=\"left:169.36545px; bottom:699.44745px;\"><div class=\"t m0 xd5 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h70\" style=\"left:230.01462px; bottom:699.44745px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h70\" style=\"left:278.53064px; bottom:699.44745px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h70\" style=\"left:327.67062px; bottom:699.44745px;\"><div class=\"t m0 xa4 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h70\" style=\"left:382.92062px; bottom:699.44745px;\"><div class=\"t m0 xe hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h70\" style=\"left:427.06863px; bottom:699.44745px;\"><div class=\"t m0 x13 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h70\" style=\"left:475.8966px; bottom:699.44745px;\"><div class=\"t m0 xd1 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h70\" style=\"left:515.87164px; bottom:699.44745px;\"><div class=\"t m0 x96 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">2.526 </div></div><div class=\"c w614 h70\" style=\"left:568.13165px; bottom:699.44745px;\"><div class=\"t m0 xd hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h6a\" style=\"left:-4.050377px; bottom:682.75543px;\"><div class=\"t m0 x87 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">b) attivit\u00e0 finanziarie designate al fair value </div></div><div class=\"c w45 h6a\" style=\"left:169.36545px; bottom:682.75543px;\"><div class=\"t m0 xd5 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h6a\" style=\"left:230.01462px; bottom:682.75543px;\"><div class=\"t m0 xd9 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h6a\" style=\"left:278.53064px; bottom:682.75543px;\"><div class=\"t m0 xd9 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h6a\" style=\"left:327.67062px; bottom:682.75543px;\"><div class=\"t m0 xa4 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h6a\" style=\"left:382.92062px; bottom:682.75543px;\"><div class=\"t m0 xe hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h6a\" style=\"left:427.06863px; bottom:682.75543px;\"><div class=\"t m0 x13 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h6a\" style=\"left:475.8966px; bottom:682.75543px;\"><div class=\"t m0 xd1 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h6a\" style=\"left:515.87164px; bottom:682.75543px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 h6a\" style=\"left:568.13165px; bottom:682.75543px;\"><div class=\"t m0 xd hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h7e\" style=\"left:-4.050377px; bottom:657.4834px;\"><div class=\"t m0 x87 hbe y732 ff2 fsf fc2 sc0 ls0 ws0\">c) altre attivit\u00e0 finanziarie obbligatoriamente </div><div class=\"t m0 x87 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">valutate al fair value </div></div><div class=\"c w45 h7e\" style=\"left:169.36545px; bottom:657.4834px;\"><div class=\"t m0 xd5 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h7e\" style=\"left:230.01462px; bottom:657.4834px;\"><div class=\"t m0 xd9 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h7e\" style=\"left:278.53064px; bottom:657.4834px;\"><div class=\"t m0 x86 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">229<span class=\"ls0\"> </span></div></div><div class=\"c w613 h7e\" style=\"left:327.67062px; bottom:657.4834px;\"><div class=\"t m0 xa4 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h7e\" style=\"left:382.92062px; bottom:657.4834px;\"><div class=\"t m0 xe hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h7e\" style=\"left:427.06863px; bottom:657.4834px;\"><div class=\"t m0 x95 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">229<span class=\"ls0\"> </span></div></div><div class=\"c w22f h7e\" style=\"left:475.8966px; bottom:657.4834px;\"><div class=\"t m0 xd1 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h7e\" style=\"left:515.87164px; bottom:657.4834px;\"><div class=\"t m0 x99 hbe y767 ff2 fsf fc2 sc0 ls1c ws0\">45<span class=\"ls0\"> </span></div></div><div class=\"c w614 h7e\" style=\"left:568.13165px; bottom:657.4834px;\"><div class=\"t m0 xd hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h74\" style=\"left:-4.050377px; bottom:628.15546px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value con </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">impatto sulla redditivit\u00e0 complessiva </div></div><div class=\"c w45 h74\" style=\"left:169.36545px; bottom:628.15546px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h74\" style=\"left:230.01462px; bottom:628.15546px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h74\" style=\"left:278.53064px; bottom:628.15546px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h74\" style=\"left:327.67062px; bottom:628.15546px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h74\" style=\"left:382.92062px; bottom:628.15546px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h74\" style=\"left:427.06863px; bottom:628.15546px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h74\" style=\"left:475.8966px; bottom:628.15546px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c wff h74\" style=\"left:515.87164px; bottom:628.15546px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 h74\" style=\"left:568.13165px; bottom:628.15546px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h9a\" style=\"left:-4.050377px; bottom:596.91644px;\"><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie di pertinenza delle imprese </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">di assicurazione valutate al fair value ai sensi </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">dello IAS 39 </div></div><div class=\"c w45 h9a\" style=\"left:169.36545px; bottom:596.91644px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h9a\" style=\"left:230.01462px; bottom:596.91644px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h9a\" style=\"left:278.53064px; bottom:596.91644px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h9a\" style=\"left:327.67062px; bottom:596.91644px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h9a\" style=\"left:382.92062px; bottom:596.91644px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h9a\" style=\"left:427.06863px; bottom:596.91644px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h9a\" style=\"left:475.8966px; bottom:596.91644px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c wff h9a\" style=\"left:515.87164px; bottom:596.91644px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c w614 h9a\" style=\"left:568.13165px; bottom:596.91644px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h81\" style=\"left:-4.050377px; bottom:576.4804px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie valutate al costo </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">ammortizzato </div></div><div class=\"c w45 h81\" style=\"left:169.36545px; bottom:576.4804px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h81\" style=\"left:230.01462px; bottom:576.4804px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">342<span class=\"ls0\"> </span></div></div><div class=\"c w34 h81\" style=\"left:278.53064px; bottom:576.4804px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">328<span class=\"ls0\"> </span></div></div><div class=\"c w613 h81\" style=\"left:327.67062px; bottom:576.4804px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w1ef h81\" style=\"left:382.92062px; bottom:576.4804px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h81\" style=\"left:427.06863px; bottom:576.4804px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">689<span class=\"ls0\"> </span></div></div><div class=\"c w22f h81\" style=\"left:475.8966px; bottom:576.4804px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c wff h81\" style=\"left:515.87164px; bottom:576.4804px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">927<span class=\"ls0\"> </span></div></div><div class=\"c w614 h81\" style=\"left:568.13165px; bottom:576.4804px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w612 h18\" style=\"left:-4.050377px; bottom:562.90845px;\"><div class=\"t m0 x87 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">a) Crediti verso banche </div></div><div class=\"c w45 h18\" style=\"left:169.36545px; bottom:562.90845px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h18\" style=\"left:230.01462px; bottom:562.90845px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h18\" style=\"left:278.53064px; bottom:562.90845px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w613 h18\" style=\"left:327.67062px; bottom:562.90845px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h18\" style=\"left:382.92062px; bottom:562.90845px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h18\" style=\"left:427.06863px; bottom:562.90845px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w22f h18\" style=\"left:475.8966px; bottom:562.90845px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h18\" style=\"left:515.87164px; bottom:562.90845px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">741<span class=\"ls0\"> </span></div></div><div class=\"c w614 h18\" style=\"left:568.13165px; bottom:562.90845px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 hc3\" style=\"left:-4.050377px; bottom:549.1804px;\"><div class=\"t m0 x87 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">b) Crediti verso clientela </div></div><div class=\"c w45 hc3\" style=\"left:169.36545px; bottom:549.1804px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hc3\" style=\"left:230.01462px; bottom:549.1804px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">342<span class=\"ls0\"> </span></div></div><div class=\"c w34 hc3\" style=\"left:278.53064px; bottom:549.1804px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">323<span class=\"ls0\"> </span></div></div><div class=\"c w613 hc3\" style=\"left:327.67062px; bottom:549.1804px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">19<span class=\"ls0\"> </span></div></div><div class=\"c w1ef hc3\" style=\"left:382.92062px; bottom:549.1804px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a hc3\" style=\"left:427.06863px; bottom:549.1804px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">684<span class=\"ls0\"> </span></div></div><div class=\"c w22f hc3\" style=\"left:475.8966px; bottom:549.1804px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">47<span class=\"ls0\"> </span></div></div><div class=\"c wff hc3\" style=\"left:515.87164px; bottom:549.1804px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">186<span class=\"ls0\"> </span></div></div><div class=\"c w614 hc3\" style=\"left:568.13165px; bottom:549.1804px;\"><div class=\"t m0 xb h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w612 hc4\" style=\"left:-4.050377px; bottom:513.1444px;\"><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">Attivit\u00e0 finanziarie di pertinenza delle imprese </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">di assicurazione valutate al costo ammortizzato </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">ai sensi dello IAS 39 </div></div><div class=\"c w45 hc4\" style=\"left:169.36545px; bottom:513.1444px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hc4\" style=\"left:230.01462px; bottom:513.1444px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hc4\" style=\"left:278.53064px; bottom:513.1444px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 hc4\" style=\"left:327.67062px; bottom:513.1444px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef hc4\" style=\"left:382.92062px; bottom:513.1444px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a hc4\" style=\"left:427.06863px; bottom:513.1444px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f hc4\" style=\"left:475.8966px; bottom:513.1444px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff hc4\" style=\"left:515.87164px; bottom:513.1444px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 hc4\" style=\"left:568.13165px; bottom:513.1444px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:496.6084px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Altre attivit\u00e0 </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:496.6084px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">20<span class=\"ls0\"> </span></div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:496.6084px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:496.6084px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">42<span class=\"ls0\"> </span></div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:496.6084px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:496.6084px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:496.6084px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">62<span class=\"ls0\"> </span></div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:496.6084px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:496.6084px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">126<span class=\"ls0\"> </span></div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:496.6084px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h6a\" style=\"left:-4.050377px; bottom:479.91644px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Partecipazioni </div></div><div class=\"c w45 h6a\" style=\"left:169.36545px; bottom:479.91644px;\"><div class=\"t m0 x48 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">49<span class=\"ls0\"> </span></div></div><div class=\"c w34 h6a\" style=\"left:230.01462px; bottom:479.91644px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">133<span class=\"ls0\"> </span></div></div><div class=\"c w34 h6a\" style=\"left:278.53064px; bottom:479.91644px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">1.831 </div></div><div class=\"c w613 h6a\" style=\"left:327.67062px; bottom:479.91644px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h6a\" style=\"left:382.92062px; bottom:479.91644px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h6a\" style=\"left:427.06863px; bottom:479.91644px;\"><div class=\"t m0 xa1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.013 </div></div><div class=\"c w22f h6a\" style=\"left:475.8966px; bottom:479.91644px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h6a\" style=\"left:515.87164px; bottom:479.91644px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 h6a\" style=\"left:568.13165px; bottom:479.91644px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h64\" style=\"left:-4.050377px; bottom:462.44446px;\"><div class=\"t m0 x41 h2d yff0 ff1 fsf fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie valutate al costo </div><div class=\"t m0 x41 h2d yed2 ff1 fsf fc2 sc0 ls0 ws0\">ammortizzato </div></div><div class=\"c w45 h64\" style=\"left:169.36545px; bottom:462.44446px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w34 h64\" style=\"left:230.01462px; bottom:462.44446px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">257<span class=\"ls0\"> </span></div></div><div class=\"c w34 h64\" style=\"left:278.53064px; bottom:462.44446px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">663<span class=\"ls0\"> </span></div></div><div class=\"c w613 h64\" style=\"left:327.67062px; bottom:462.44446px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w1ef h64\" style=\"left:382.92062px; bottom:462.44446px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w29a h64\" style=\"left:427.06863px; bottom:462.44446px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.163 </div></div><div class=\"c w22f h64\" style=\"left:475.8966px; bottom:462.44446px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">171<span class=\"ls0\"> </span></div></div><div class=\"c wff h64\" style=\"left:515.87164px; bottom:462.44446px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">2.908 </div></div><div class=\"c w614 h64\" style=\"left:568.13165px; bottom:462.44446px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w612 hc3\" style=\"left:-4.050377px; bottom:448.71643px;\"><div class=\"t m0 x87 hbe y6e4 ff2 fsf fc2 sc0 ls0 ws0\">a) debiti verso banche </div></div><div class=\"c w45 hc3\" style=\"left:169.36545px; bottom:448.71643px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hc3\" style=\"left:230.01462px; bottom:448.71643px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 hc3\" style=\"left:278.53064px; bottom:448.71643px;\"><div class=\"t m0 x99 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w613 hc3\" style=\"left:327.67062px; bottom:448.71643px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef hc3\" style=\"left:382.92062px; bottom:448.71643px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a hc3\" style=\"left:427.06863px; bottom:448.71643px;\"><div class=\"t m0 x86 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2 </div></div><div class=\"c w22f hc3\" style=\"left:475.8966px; bottom:448.71643px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff hc3\" style=\"left:515.87164px; bottom:448.71643px;\"><div class=\"t m0 x96 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">2.719 </div></div><div class=\"c w614 hc3\" style=\"left:568.13165px; bottom:448.71643px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h18\" style=\"left:-4.050377px; bottom:435.1444px;\"><div class=\"t m0 x87 hbe y767 ff2 fsf fc2 sc0 ls0 ws0\">b) debiti verso la clientela </div></div><div class=\"c w45 h18\" style=\"left:169.36545px; bottom:435.1444px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">17<span class=\"ls0\"> </span></div></div><div class=\"c w34 h18\" style=\"left:230.01462px; bottom:435.1444px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">257<span class=\"ls0\"> </span></div></div><div class=\"c w34 h18\" style=\"left:278.53064px; bottom:435.1444px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">661<span class=\"ls0\"> </span></div></div><div class=\"c w613 h18\" style=\"left:327.67062px; bottom:435.1444px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">28<span class=\"ls0\"> </span></div></div><div class=\"c w1ef h18\" style=\"left:382.92062px; bottom:435.1444px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">198<span class=\"ls0\"> </span></div></div><div class=\"c w29a h18\" style=\"left:427.06863px; bottom:435.1444px;\"><div class=\"t m0 xa1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.161 </div></div><div class=\"c w22f h18\" style=\"left:475.8966px; bottom:435.1444px;\"><div class=\"t m0 x88 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">171<span class=\"ls0\"> </span></div></div><div class=\"c wff h18\" style=\"left:515.87164px; bottom:435.1444px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">189<span class=\"ls0\"> </span></div></div><div class=\"c w614 h18\" style=\"left:568.13165px; bottom:435.1444px;\"><div class=\"t m0 xb h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">5 </div></div><div class=\"c w612 h111\" style=\"left:-4.050377px; bottom:393.15442px;\"><div class=\"t m0 x41 h2d y1727 ff1 fsf fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di pertinenza delle </div><div class=\"t m0 x41 h2d y9bf ff1 fsf fc2 sc0 ls0 ws0\">imprese di assicurazione valutate al costo </div><div class=\"t m0 x41 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">ammortizzato ai sensi dello IAS 39 </div></div><div class=\"c w45 h111\" style=\"left:169.36545px; bottom:393.15442px;\"><div class=\"t m0 xd5 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h111\" style=\"left:230.01462px; bottom:393.15442px;\"><div class=\"t m0 xd9 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h111\" style=\"left:278.53064px; bottom:393.15442px;\"><div class=\"t m0 xd9 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h111\" style=\"left:327.67062px; bottom:393.15442px;\"><div class=\"t m0 xa4 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h111\" style=\"left:382.92062px; bottom:393.15442px;\"><div class=\"t m0 xe h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h111\" style=\"left:427.06863px; bottom:393.15442px;\"><div class=\"t m0 x13 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h111\" style=\"left:475.8966px; bottom:393.15442px;\"><div class=\"t m0 xd1 h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h111\" style=\"left:515.87164px; bottom:393.15442px;\"><div class=\"t m0 xd h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 h111\" style=\"left:568.13165px; bottom:393.15442px;\"><div class=\"t m0 xd h2d y1431 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:376.61844px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di negoziazione </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:376.61844px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:376.61844px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:376.61844px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:376.61844px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:376.61844px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:376.61844px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:376.61844px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:376.61844px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.092 </div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:376.61844px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:360.08243px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie designate al fair value </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:360.08243px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:360.08243px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:360.08243px;\"><div class=\"t m0 xd9 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:360.08243px;\"><div class=\"t m0 xa4 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:360.08243px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:360.08243px;\"><div class=\"t m0 x13 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:360.08243px;\"><div class=\"t m0 xd1 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:360.08243px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:360.08243px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 haa\" style=\"left:-4.050377px; bottom:327.79044px;\"><div class=\"t m0 x41 h2d y731 ff1 fsf fc2 sc0 ls0 ws0\">Passivit\u00e0 finanziarie di pertinenza delle </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">imprese di assicurazione valutate al fair value </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">ai sensi dello IAS 39 </div></div><div class=\"c w45 haa\" style=\"left:169.36545px; bottom:327.79044px;\"><div class=\"t m0 xd5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 haa\" style=\"left:230.01462px; bottom:327.79044px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 haa\" style=\"left:278.53064px; bottom:327.79044px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w613 haa\" style=\"left:327.67062px; bottom:327.79044px;\"><div class=\"t m0 xa4 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1ef haa\" style=\"left:382.92062px; bottom:327.79044px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a haa\" style=\"left:427.06863px; bottom:327.79044px;\"><div class=\"t m0 x13 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w22f haa\" style=\"left:475.8966px; bottom:327.79044px;\"><div class=\"t m0 xd1 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c wff haa\" style=\"left:515.87164px; bottom:327.79044px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w614 haa\" style=\"left:568.13165px; bottom:327.79044px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:311.25443px;\"><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Altre passivit\u00e0 </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:311.25443px;\"><div class=\"t m0 xa5 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">3 </div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:311.25443px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:311.25443px;\"><div class=\"t m0 xe h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">24<span class=\"ls0\"> </span></div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:311.25443px;\"><div class=\"t m0 xd9 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">22<span class=\"ls0\"> </span></div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:311.25443px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">517<span class=\"ls0\"> </span></div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:311.25443px;\"><div class=\"t m0 x95 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">566<span class=\"ls0\"> </span></div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:311.25443px;\"><div class=\"t m0 x94 h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">13<span class=\"ls0\"> </span></div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:311.25443px;\"><div class=\"t m0 xad h2d y6e4 ff1 fsf fc2 sc0 ls1c ws0\">303<span class=\"ls0\"> </span></div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:311.25443px;\"><div class=\"t m0 xd h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:294.7184px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Garanzie e impegni rilasciati </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:294.7184px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">37<span class=\"ls0\"> </span></div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:294.7184px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">379<span class=\"ls0\"> </span></div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:294.7184px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">206<span class=\"ls0\"> </span></div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:294.7184px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:294.7184px;\"><div class=\"t m0 xad h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:294.7184px;\"><div class=\"t m0 x95 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">630<span class=\"ls0\"> </span></div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:294.7184px;\"><div class=\"t m0 x94 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">15<span class=\"ls0\"> </span></div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:294.7184px;\"><div class=\"t m0 x96 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1.091 </div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:294.7184px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w612 h41\" style=\"left:-4.050377px; bottom:278.18243px;\"><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">Garanzie e impegni ricevuti </div></div><div class=\"c w45 h41\" style=\"left:169.36545px; bottom:278.18243px;\"><div class=\"t m0 xd5 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w34 h41\" style=\"left:230.01462px; bottom:278.18243px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w34 h41\" style=\"left:278.53064px; bottom:278.18243px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">9 </div></div><div class=\"c w613 h41\" style=\"left:327.67062px; bottom:278.18243px;\"><div class=\"t m0 x48 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">7 </div></div><div class=\"c w1ef h41\" style=\"left:382.92062px; bottom:278.18243px;\"><div class=\"t m0 xe h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w29a h41\" style=\"left:427.06863px; bottom:278.18243px;\"><div class=\"t m0 x9a h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">26<span class=\"ls0\"> </span></div></div><div class=\"c w22f h41\" style=\"left:475.8966px; bottom:278.18243px;\"><div class=\"t m0 x86 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">1 </div></div><div class=\"c wff h41\" style=\"left:515.87164px; bottom:278.18243px;\"><div class=\"t m0 x99 h2d y767 ff1 fsf fc2 sc0 ls1c ws0\">10<span class=\"ls0\"> </span></div></div><div class=\"c w614 h41\" style=\"left:568.13165px; bottom:278.18243px;\"><div class=\"t m0 xd h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c h9b\" style=\"left:-4.050377px; bottom:235.28244px;\"><div class=\"t m0 x41 h2d y76a ff1 fsf fc2 sc0 ls0 ws0\">(*) <span class=\"_ _2\"></span>In <span class=\"_ _5\"></span>via <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>autoregolamentazione, <span class=\"_ _2\"></span>azionisti <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>relativi <span class=\"_ _5\"></span>gruppi <span class=\"_ _2\"></span>so<span class=\"_ _3\"></span>cietari <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>detengono <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>pa<span class=\"_ _3\"></span>rtecipazione <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>capitale <span class=\"_ _6\"> </span>superiore <span class=\"_ _5\"></span>alla <span class=\"_ _2\"></span>soglia <span class=\"_ _5\"></span>minima <span class=\"_ _5\"></span>prevista <span class=\"_ _2\"></span>dalla <span class=\"_ _5\"></span>disciplina <span class=\"_ _5\"></span>sulla<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">comunicazione  delle <span class=\"_ _4\"> </span>partecipazioni  rilevanti <span class=\"_ _6\"> </span>n<span class=\"_ _3\"></span>elle  societ\u00e0 <span class=\"_ _4\"> </span>con  azio<span class=\"_ _0\"></span>ni  quotate <span class=\"_ _4\"> </span>calcolata  sulle <span class=\"_ _4\"> </span>sole  azioni<span class=\"_ _35\"></span>  in  propriet\u00e0 <span class=\"_ _4\"> </span>o  in <span class=\"_ _4\"> </span>g<span class=\"_ _3\"></span>estione,  nonch\u00e9  le <span class=\"_ _6\"> </span>en<span class=\"_ _3\"></span>tit\u00e0  da<span class=\"_ _0\"></span>  questi <span class=\"_ _4\"> </span>controllate<span class=\"_ _35\"></span> </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">congiuntamente. </div></div><div class=\"c w1c h78\" style=\"left:-4.050377px; bottom:187.39044px;\"><div class=\"t m0 x41 h2d y74f ff1 fsf fc2 sc0 ls0 ws0\">(**) <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>via <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>autor<span class=\"_ _3\"></span>egolamentazione, <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>presentano <span class=\"_ _2\"></span>almeno <span class=\"_ _3\"></span>due <span class=\"_ _2\"></span>dei <span class=\"_ _3\"></span>seguenti <span class=\"_ _3\"></span>indicato<span class=\"_ _3\"></span>ri: <span class=\"_ _3\"></span>i) <span class=\"_ _2\"></span>partecipazione <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>contr<span class=\"_ _3\"></span>oparte <span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanp<span class=\"_ _3\"></span>aolo <span class=\"_ _3\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _3\"></span>quota </div><div class=\"t m0 x41 h2d y76a ff4 fsf fc2 sc0 ls0 ws0\">compresa tra l\u20191% e la soglia minima<span class=\"_ _3\"></span> prevista dalla disciplina sulla comunicazi<span class=\"_ _3\"></span><span class=\"ff1\">one delle partecipazioni rilevanti nelle societ\u00e0 con azioni quotate; ii) partecipazione da parte<span class=\"_ _3\"></span> di entit\u00e0 </span></div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">del Gruppo ISP nella controparte superiore al 10% dei diritti di voto; iii) e<span class=\"_ _3\"></span>sposizione significativa creditizia del Gruppo v<span class=\"_ _3\"></span>erso la controparte. Gli importi riportati si riferiscono in<span class=\"_ _3\"></span> larga<span class=\"_ _0\"></span> </div><div class=\"t m0 x41 h2d y767 ff1 fsf fc2 sc0 ls0 ws0\">misura alle societ\u00e0 del Gruppo JP Morgan. </div></div><div class=\"c w1c h265\" style=\"left:-4.050377px; bottom:147.25943px;\"><div class=\"t m0 x41 h2d y1911 ff1 fsf fc2 sc0 ls0 ws0\">(***) <span class=\"_ _6\"> </span>In  via <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>autorego<span class=\"_ _3\"></span>lamentazione, <span class=\"_ _6\"> </span>societ\u00e0 <span class=\"_ _6\"> </span>ne<span class=\"_ _3\"></span>lle <span class=\"_ _6\"> </span>quali  gli<span class=\"_ _35\"></span>  esponenti <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>In<span class=\"_ _3\"></span>tesa <span class=\"_ _6\"> </span>Sanpaolo <span class=\"_ _6\"> </span>o  i <span class=\"_ _6\"> </span>loro <span class=\"_ _6\"> </span>stretti  fa<span class=\"_ _0\"></span>miliari <span class=\"_ _4\"> </span>i) <span class=\"_ _6\"> </span>hann<span class=\"_ _3\"></span><span class=\"ff4\">o<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>cariche <span class=\"_ _4\"> </span>esecutive <span class=\"_ _6\"> </span>o  di <span class=\"_ _6\"> </span>presidente <span class=\"_ _6\"> </span>dell\u2019orga<span class=\"_ _3\"></span></span>no <span class=\"_ _6\"> </span>di </div><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">amministrazione; ii) d<span class=\"_ _3\"></span>etengono una partecipazione qualificata <span class=\"_ _3\"></span>uguale o superiore <span class=\"_ _3\"></span>al 10% del capitale <span class=\"_ _3\"></span>o dei <span class=\"_ _3\"></span>diritti di voto d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>tale entit\u00e0, o <span class=\"_ _3\"></span>sulla quale <span class=\"_ _3\"></span>tali persone possono <span class=\"_ _3\"></span>esercitare </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">un'influenza notevole.  </div></div><div class=\"c w1c h14\" style=\"left:-4.050377px; bottom:117.77542px;\"><div class=\"t m0 x41 h2d y732 ff1 fsf fc2 sc0 ls0 ws0\">La <span class=\"_ _2\"></span>voce <span class=\"_ _2\"></span>Partecipazioni <span class=\"_ _2\"></span>non <span class=\"_ _3\"></span>include <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>co<span class=\"_ _3\"></span>ntrollata <span class=\"_ _2\"></span>Obviam <span class=\"_ _2\"></span>AG <span class=\"_ _3\"></span>esse<span class=\"_ _3\"></span>ndo <span class=\"_ _2\"></span>stata <span class=\"_ _2\"></span>incorporata <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>Asteria <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>efficacia <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>dicembre <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>precedenza <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>consolid<span class=\"_ _2\"></span>ata <span class=\"_ _2\"></span>al </div><div class=\"t m0 x41 h2d y6e4 ff1 fsf fc2 sc0 ls0 ws0\">Patrimonio netto) </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-121.71057px;\"><div class=\"t m0 x0 h61 yfe6 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yab9 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y2e2 ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _4\"> </span>completezza <span class=\"_ _7\"> </span>si <span class=\"_ _4\"> </span>segnala <span class=\"_ _4\"> </span>che <span class=\"_ _7\"> </span>le <span class=\"_ _4\"> </span>entit\u00e0 <span class=\"_ _7\"> </span>collegate <span class=\"_ _4\"> </span>maggiormente <span class=\"_ _4\"></span>significative <span class=\"_ _4\"> </span>incluse <span class=\"_ _4\"> </span>nel  perimetro <span class=\"_ _4\"></span>delle <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>cor<span class=\"_ _3\"></span>relate,<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y4fd ff1 fs0 fc0 sc0 ls0 ws0\">secondo <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>previsto dalla <span class=\"_ _3\"></span>formulazione <span class=\"_ _3\"></span>dello <span class=\"_ _3\"></span>IAS <span class=\"_ _3\"></span>24 <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>vigore, <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>Intrum <span class=\"_ _3\"></span>Italy <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Penghua <span class=\"_ _3\"></span>Fund <span class=\"_ _3\"></span>Management Co. </div><div class=\"t m0 x0 h2 y1041 ff1 fs0 fc0 sc0 ls0 ws0\">Ltd, <span class=\"_ _3\"></span>RSCT Fund <span class=\"_ _3\"></span>-<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Comparto Crediti, <span class=\"_ _3\"></span>Back2Bo<span class=\"_ _0\"></span>nis, <span class=\"_ _3\"></span>FI.NAV. Comparto <span class=\"_ _3\"></span>A <span class=\"_ _2\"></span>- <span class=\"_ _3\"></span>Crediti, Equiter <span class=\"_ _3\"></span>S.p.A., Cassa<span class=\"_ _3\"></span> di <span class=\"_ _2\"></span>Risparmio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Fermo </div><div class=\"t m0 x0 h2 y7e5 ff1 fs0 fc0 sc0 ls0 ws0\">S.p.A., <span class=\"_ _5\"></span>Camfin <span class=\"_ _5\"></span>S.p.A., <span class=\"_ _5\"></span>Neva <span class=\"_ _5\"></span>First <span class=\"_ _5\"></span>- <span class=\"_ _6\"></span><span class=\"ff4\">FCC, <span class=\"_ _5\"></span>Bancomat <span class=\"_ _2\"></span>S.p.A., <span class=\"_ _5\"></span>Alpian<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>S.A., <span class=\"_ _2\"></span>1875 <span class=\"_ _6\"></span>Finance <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>AG, <span class=\"_ _5\"></span>Digit\u2019ed <span class=\"_ _5\"></span>Holding <span class=\"_ _2\"></span>S.p<span class=\"_ _3\"></span>.A., </span></div><div class=\"t m0 x0 h2 y1043 ff1 fs0 fc0 sc0 ls0 ws0\">Warrant Hub <span class=\"_ _3\"></span>S.p.A. Tra <span class=\"_ _3\"></span>le principali entit\u00e0 s<span class=\"_ _3\"></span>ottoposte a c<span class=\"_ _3\"></span>ontrollo congiunto (joint venture) <span class=\"_ _3\"></span>si segnalano: <span class=\"_ _3\"></span>Mir Capit<span class=\"_ _2\"></span>al <span class=\"_ _3\"></span>Sca Sicar, </div><div class=\"t m0 x0 h24 y1044 ff1 fs0 fc0 sc0 ls0 ws0\">PBZ Croatia Osiguranje P<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>blic Limited Compa<span class=\"_ _0\"></span>ny for Compulsory Pensi<span class=\"_ _0\"></span>on Fund Manageme<span class=\"_ _0\"></span>nt e Mooney Group S.p.A.<span class=\"_ _3\"></span><span class=\"ff5 fc2\"> </span></div><div class=\"t m0 x0 h24 y186c ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1046 ff5 fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>3. Informazioni sulle ope<span class=\"_ _0\"></span>razioni con parti corre<span class=\"_ _0\"></span>late Si  rappresenta  che <span class=\"_ _1d\"> </span>le  operazioni  con  parti <span class=\"_ _1d\"> </span>correlate  infragruppo,  consolidate  i<span class=\"_ _2\"></span>ntegrali,  non <span class=\"_ _1d\"> </span>sono  incluse  nel  presente documento in quanto e<span class=\"_ _0\"></span>lise a livello consoli<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>ato.<span class=\"_ _3\"></span> Per quanto concerne l<span class=\"_ _0\"></span>e operazioni di Intesa S<span class=\"_ _0\"></span>anpaolo S.p.A. si <span class=\"_ _0\"></span>rinvia a quanto espost<span class=\"_ _0\"></span>o nella Parte H del B<span class=\"_ _0\"></span>ilancio individuale<span class=\"_ _2\"></span>. Operazioni di maggiore rilev<span class=\"_ _0\"></span>anza Nel <span class=\"_ _4\"> </span>corso <span class=\"_ _7\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>non <span class=\"_ _4\"> </span>sono <span class=\"_ _4\"> </span>state <span class=\"_ _7\"> </span>effettuate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>operazioni <span class=\"_ _7\"> </span>qualificabili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>\u201c<span class=\"_ _3\"></span>maggiore<span class=\"_ _0\"></span> rilevanza\u201d n<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>ordinarie <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>non <span class=\"_ _2\"></span>a <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>mercato <span class=\"_ _3\"></span>o <span class=\"_ _2\"></span>standard <span class=\"_ _3\"></span>soggette <span class=\"_ _5\"></span>\u2013<span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>app<span class=\"_ _3\"></span>licazione del <span class=\"_ _3\"></span>Regolamento <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>per </span>la<span class=\"ls0\"> <span class=\"_ _3\"></span>gestione d<span class=\"_ _3\"></span>elle <span class=\"_ _3\"></span>Operazioni con <span class=\"_ _3\"></span>Parti <span class=\"_ _3\"></span>Correlate <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>Soggetti Collegati <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Soggetti <span class=\"_ _3\"></span>Rilevanti </span>ex art. 136 TUB <span class=\"ff4\">\u2013</span> <span class=\"ff4\">all\u2019obbligo <span class=\"_ _0\"></span>di pubblicazi<span class=\"_ _0\"></span>one di un documento i<span class=\"_ _0\"></span>nformativo al mercat<span class=\"_ _0\"></span>o.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></span>Si r<span class=\"_ _3\"></span>icorda che <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>operazioni di<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>maggiore ril<span class=\"_ _3\"></span><span class=\"ff4\">evanza <span class=\"_ _3\"></span>nell\u2019esercizio sono <span class=\"_ _3\"></span>quelle che <span class=\"_ _3\"></span>superano <span class=\"_ _3\"></span>la soglia <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>Fondi Propri <span class=\"_ _3\"></span>a </span>livello consolidato <span class=\"_ _0\"></span>(circa 2,8 miliardi) o<span class=\"_ _0\"></span> degli altri indicatori <span class=\"_ _0\"></span>definiti dalla normati<span class=\"_ _0\"></span>va Consob.<span class=\"_ _3\"></span> Altre operazioni signific<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>tive Le <span class=\"_ _7\"> </span>operazioni <span class=\"_ _4\"> </span>realizzate <span class=\"_ _4\"> </span>dal <span class=\"_ _7\"> </span>Gruppo <span class=\"_ _4\"> </span>Intesa <span class=\"_ _16\"> </span><span class=\"ff4\">Sanpaolo <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>parti <span class=\"_ _4\"> </span>c<span class=\"_ _3\"></span>orrelate <span class=\"_ _4\"> </span>generalmente <span class=\"_ _4\"> </span>rientrano <span class=\"_ _4\"> </span>nel<span class=\"_ _3\"></span>l\u2019ambito<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>dell\u2019ordinaria </span>operativit\u00e0 <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>norma <span class=\"_ _4\"> </span>poste <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>essere <span class=\"_ _4\"></span>a <span class=\"_ _6\"></span>cond<span class=\"_ _3\"></span>izioni <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>mercato <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>comunque <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"></span>base <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>valutazioni <span class=\"_ _6\"></span>di reciproca convenien<span class=\"_ _0\"></span>za economica, nel risp<span class=\"_ _0\"></span>etto delle procedure interne sopra richiamat<span class=\"_ _0\"></span>e. Si <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egnalano <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _2\"></span>le <span class=\"_ _3\"></span>principali <span class=\"_ _2\"></span>operazioni <span class=\"_ _3\"></span>\u201cdi <span class=\"_ _2\"></span>minore <span class=\"_ _3\"></span>rilevanza\u201d <span class=\"_ _2\"></span>perfezionate <span class=\"_ _3\"></span>nell\u2019esercizio <span class=\"_ _3\"></span>da<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>societ\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>Inte<span class=\"_ _5\"></span><span class=\"ff1\">s<span class=\"_ _3\"></span>a </span>Sanpaolo con contropa<span class=\"_ _0\"></span>rti correlate. I <span class=\"_ _3\"></span>rapporti <span class=\"_ _3\"></span>tra <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo e <span class=\"_ _3\"></span>gli <span class=\"_ _3\"></span>esponenti <span class=\"_ _3\"></span>azi<span class=\"_ _3\"></span>endali, <span class=\"_ _2\"></span>i key <span class=\"_ _2\"></span>manager, i <span class=\"_ _3\"></span>relativi <span class=\"_ _3\"></span>stretti <span class=\"_ _3\"></span>familiari <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>soggetti <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>questi partecipati <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>misura <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ilevante, <span class=\"_ _3\"></span>sono <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>iconducibili <span class=\"_ _3\"></span>alla <span class=\"_ _5\"></span>normale <span class=\"_ _3\"></span>operativit\u00e0 <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>posti <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _2\"></span>applicando, <span class=\"_ _2\"></span>ov<span class=\"_ _5\"></span><span class=\"lsc\">e </span>ne <span class=\"_ _4\"> </span>ricorrano <span class=\"_ _6\"></span>i <span class=\"_ _4\"> </span>presupposti, <span class=\"_ _4\"></span>le <span class=\"_ _6\"></span>convenzioni <span class=\"_ _4\"> </span>riservate <span class=\"_ _6\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tutto <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>personale <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>ipendente <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>pieno <span class=\"_ _4\"> </span>rispetto <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>trasparenza <span class=\"_ _4\"></span>dell<span class=\"_ _0\"></span>e condizioni praticate. Per <span class=\"_ _16\"> </span>quanto <span class=\"_ _7\"> </span>riguarda <span class=\"_ _7\"> </span>l<span class=\"_ _3\"></span>e <span class=\"_ _7\"> </span>operazioni <span class=\"_ _16\"> </span>con <span class=\"_ _7\"> </span>entit\u00e0 <span class=\"_ _16\"> </span>controllate <span class=\"_ _7\"> </span>congiuntamente <span class=\"_ _7\"> </span>o <span class=\"_ _16\"> </span>collegate, <span class=\"_ _16\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>le <span class=\"_ _16\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>partecipate rilevanti in ragione d<span class=\"_ _0\"></span>ella presenza di significativi legami parte<span class=\"_ _35\"></span>c<span class=\"_ _3\"></span>ipativi e finanziari, s<span class=\"_ _0\"></span>i segnalano: \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _4\"> </span>vendita <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>parte <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>Banca <span class=\"_ _4\"></span>5 <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>per <span class=\"_ _4\"> </span>circa <span class=\"_ _4\"> </span>23 <span class=\"_ _4\"> </span>milioni <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Mooney <span class=\"_ _7\"> </span>Group <span class=\"_ _4\"> </span>S.p.A. <span class=\"_ _4\"></span>delle <span class=\"_ _4\"></span>azioni <span class=\"_ _4\"></span>ordinarie <span class=\"_ _4\"></span>della <span class=\"_ _4\"> </span>IMEL </span>Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _7\"> </span>ad <span class=\"_ _16\"> </span>esito <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>conferimento <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _7\"> </span>un <span class=\"_ _16\"> </span>proprio <span class=\"_ _7\"> </span>ramo <span class=\"_ _16\"> </span>d\u2019azienda <span class=\"_ _4\"> </span>n<span class=\"_ _3\"></span>ella <span class=\"_ _7\"> </span>IME<span class=\"_ _2\"></span><span class=\"ff1\">L <span class=\"_ _7\"> </span>Mooney <span class=\"_ _7\"> </span>S.p.A. <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>la <span class=\"_ _16\"> </span>successiva<span class=\"_ _0\"></span> </span>sottoscrizione, con Mo<span class=\"_ _0\"></span>oney Group S.p.A., di <span class=\"_ _0\"></span>un accordo comme<span class=\"_ _0\"></span>rciale;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la <span class=\"_ _3\"></span>ricapitalizzazione <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>10 <span class=\"_ _2\"></span>milioni <span class=\"_ _3\"></span>da <span class=\"_ _3\"></span>parte <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Banca <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>favore <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Mooney <span class=\"_ _2\"></span>Group <span class=\"_ _3\"></span>S.p.A., <span class=\"_ _3\"></span>nonch\u00e9 <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>revisione <span class=\"_ _3\"></span>delle </span>condizioni applicate <span class=\"_ _0\"></span>agli strumenti finanziari in essere <span class=\"_ _0\"></span>per un controvalore <span class=\"_ _0\"></span>di circa 262 milioni; \u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>la stipula di un contratto di fornitura di servizi tra <span class=\"_ _3\"></span>Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo Private Banking S.p.A. e <span class=\"_ _3\"></span>Alpian S.A. volto a </span>regolare <span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>condizioni <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>lo <span class=\"_ _3\"></span>sviluppo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>software<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>ia <span class=\"_ _3\"></span>esclusiva <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>Italia <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>Lussemburgo. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>contratto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato </span>stipulato <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>data <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>maggio<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>2022, <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>ficacia <span class=\"_ _3\"></span>fino <span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>2028 <span class=\"_ _2\"></span>e <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>controvalore <span class=\"_ _3\"></span>massimo <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>5 <span class=\"_ _2\"></span>milioni. <span class=\"_ _3\"></span>Tale <span class=\"_ _3\"></span>contratto \u00e8 stato <span class=\"_ _16\"> </span>formalizzato <span class=\"_ _7\"> </span>successivamente <span class=\"_ _16\"> </span>alla <span class=\"_ _7\"> </span>so<span class=\"_ _3\"></span>ttoscrizione <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>una <span class=\"_ _16\"> </span>partecip<span class=\"_ _3\"></span>azione <span class=\"_ _16\"> </span>diretta <span class=\"_ _7\"> </span>di  Fid<span class=\"_ _0\"></span>euram <span class=\"_ _16\"> </span>-  Inte<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>a <span class=\"_ _16\"> </span>Sanpaolo Private <span class=\"_ _5\"></span>Banking <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _5\"></span>nella <span class=\"_ _5\"></span>societ\u00e0 <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>14,9% <span class=\"_ _5\"></span>che <span class=\"_ _5\"></span>ha <span class=\"_ _5\"></span>determinato <span class=\"_ _5\"></span>una <span class=\"_ _5\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>influenza <span class=\"_ _5\"></span>notevole <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Gruppo<span class=\"_ _35\"></span> Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _6\"></span>sulla <span class=\"_ _4\"> </span>societ\u00e0 <span class=\"_ _4\"></span>Alpian <span class=\"_ _4\"></span>S.A., <span class=\"_ _6\"></span>tenuto <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>presenza <span class=\"_ _6\"></span>nel <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>anche <span class=\"_ _4\"></span>di <span class=\"_ _4\"></span>R<span class=\"_ _2\"></span>eyl <span class=\"_ _4\"> </span>&amp; <span class=\"_ _4\"></span>CIE <span class=\"_ _4\"></span>S.A. <span class=\"_ _6\"></span>con <span class=\"_ _4\"> </span>il 12,8%. Da  ultimo  si <span class=\"_ _1d\"> </span>segnalano  gli  affidamenti  e  le  proroghe  delle  linee  a <span class=\"_ _1d\"> </span>favore  di  VUB  Generali <span class=\"_ _1d\"> </span>Dochodk<span class=\"_ _0\"></span>ova  Spravcocska Spolocnost A.S. Altre informazioni rilev<span class=\"_ _0\"></span>anti Con <span class=\"_ _3\"></span>riferimento alle <span class=\"_ _3\"></span>societ\u00e0 v<span class=\"_ _3\"></span>alutate al <span class=\"_ _3\"></span>patrimonio <span class=\"_ _3\"></span>netto, s<span class=\"_ _3\"></span>ono s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>registrate <span class=\"_ _3\"></span>rettifiche di <span class=\"_ _3\"></span>valore <span class=\"_ _3\"></span>delle p<span class=\"_ _3\"></span>artecipazioni detenute in <span class=\"_ _5\"></span>Intrum <span class=\"_ _5\"></span>Italy <span class=\"_ _6\"></span>S.p.A., <span class=\"_ _5\"></span>Mir <span class=\"_ _5\"></span>Capital <span class=\"_ _5\"></span>S.C.A. <span class=\"_ _5\"></span>Sicar, <span class=\"_ _6\"></span>Misr <span class=\"_ _5\"></span>Alexandria <span class=\"_ _2\"></span>For <span class=\"_ _6\"></span>Financial <span class=\"_ _5\"></span>Investments <span class=\"_ _5\"></span>Mutual <span class=\"_ _5\"></span>Fund <span class=\"_ _5\"></span>Co. <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>liquidazione,<span class=\"_ _35\"></span> Backtowork24 S.r.l., G<span class=\"_ _0\"></span>ilda S.r.l. e Marketw<span class=\"_ _0\"></span>all S.r.l. B) <span class=\"_ _2d\"> </span>INF<span class=\"_ _3\"></span>ORMAZIONI <span class=\"_ _2d\"> </span>S<span class=\"_ _3\"></span>UI <span class=\"_ _2e\"> </span>COMPENSI <span class=\"_ _2e\"> </span>CORRISPOSTI <span class=\"_ _2e\"> </span>AI <span class=\"_ _2e\"> </span>COMPONENTI <span class=\"_ _2e\"> </span>DEGLI <span class=\"_ _2e\"> </span>ORGANI <span class=\"_ _2e\"> </span>DI AMMINISTRAZIONE E DI CONTROLLO E AI DI<span class=\"_ _3\"></span>RIGENTI CON RESPONSABILIT\u00c0 S<span class=\"_ _3\"></span>TRATEGICHE<span class=\"_ _3\"></span> La <span class=\"_ _3\"></span>tabella <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>segue <span class=\"_ _3\"></span>riporta <span class=\"_ _3\"></span>l\u2019ammontare <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>compensi <span class=\"_ _3\"></span>corrisposti nel <span class=\"_ _2\"></span>2022 <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>componenti <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>Organi d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Ammini<span class=\"_ _2\"></span><span class=\"ff1\">strazione <span class=\"_ _3\"></span>e </span>Controllo <span class=\"_ _4\"> </span>e<span class=\"_ _3\"></span> <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>Direttori <span class=\"_ _7\"> </span>Generali <span class=\"_ _7\"> </span>delle <span class=\"_ _7\"> </span>societ\u00e0 <span class=\"_ _7\"> </span>controllate, <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _4\"> </span>i <span class=\"_ _7\"> </span>co<span class=\"_ _3\"></span>mpensi <span class=\"_ _4\"> </span>relativi <span class=\"_ _7\"> </span>agli <span class=\"_ _7\"> </span>altri <span class=\"_ _16\"> </span>dirigenti <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>responsabili<span class=\"_ _5\"></span>t\u00e0 strategiche <span class=\"_ _6\"> </span>della <span class=\"_ _4\"> </span>Capogruppo <span class=\"_ _6\"></span>che <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ientrano <span class=\"_ _6\"></span>nella <span class=\"_ _4\"> </span>nozione <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>\u201cparte <span class=\"_ _6\"> </span>correlata\u201d, <span class=\"_ _4\"> </span>inclusi <span class=\"_ _6\"> </span>gli <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>mporti <span class=\"_ _6\"></span>massimi <span class=\"_ _6\"> </span>relativi  <span class=\"ff1\">all<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>parte<span class=\"_ _0\"></span> </span>variabile  dell<span class=\"_ _0\"></span>a  retribuzione  c<span class=\"_ _35\"></span>h<span class=\"_ _3\"></span>e  saranno <span class=\"_ _16\"> </span>corrisposti  in  d<span class=\"_ _0\"></span>enaro  e/o  i<span class=\"_ _0\"></span>n  azioni  dell<span class=\"_ _0\"></span>a  Capogrup<span class=\"_ _0\"></span>po,  in  base <span class=\"_ _16\"> </span>alle  politiche <span class=\"_ _16\"> </span>di retribuzione <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Gruppo, <span class=\"_ _4\"></span>subordinatamen<span class=\"_ _0\"></span>te <span class=\"_ _4\"> </span>alla <span class=\"_ _4\"></span>verifica <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>conseguiment<span class=\"_ _0\"></span>o <span class=\"_ _4\"> </span>dei <span class=\"_ _4\"> </span>target <span class=\"_ _4\"></span>assegnati <span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>lle de<span class=\"ls0\">terminazioni<span class=\"_ _0\"></span> dei competenti Org<span class=\"_ _0\"></span>ani di Capogruppo. </span>(milioni di eur<span class=\"_ _35\"></span>o) ORGANI DI<span class=\"_ _35\"></span> AMMINIS<span class=\"_ _0\"></span>TRAZIONE/<span class=\"_ _0\"></span> ORGANI DI<span class=\"_ _35\"></span> CONTRO<span class=\"_ _0\"></span>LLO<span class=\"_ _90\"> </span>(1)<span class=\"_ _90\"> </span>ALTRI MA<span class=\"_ _0\"></span>NAGERS<span class=\"_ _0\"></span> (2)<span class=\"_ _90\"> </span>TOTALE<span class=\"_ _0\"></span> al 31.12.2022<span class=\"_ _0\"></span> Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Importo di<span class=\"ls0\"> </span>competen<span class=\"_ _35\"></span>z<span class=\"_ _3\"></span>a Importo corrispost<span class=\"_ _0\"></span>o Benefici a b<span class=\"_ _0\"></span>reve term<span class=\"_ _0\"></span>ine (3)<span class=\"_ _90\"> </span>18<span class=\"ls0\"> </span>13<span class=\"ls0\"> </span>63<span class=\"ls0\"> </span>51<span class=\"ls0\"> </span>81<span class=\"ls0\"> </span>64<span class=\"ls0\"> </span>Benefici su<span class=\"_ _0\"></span>ccessivi al<span class=\"_ _0\"></span> rapporto<span class=\"_ _0\"></span> di lavoro (4)<span class=\"_ _90\"> </span>- - 5 5 5 5 Altri bene<span class=\"_ _0\"></span>fici a lungo<span class=\"_ _0\"></span> termine (5)<span class=\"_ _90\"> </span>1 1 12<span class=\"ls0\"> </span>1 13<span class=\"ls0\"> </span>2 Indennit\u00e0 per<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>la cessa<span class=\"_ _0\"></span>zione del <span class=\"_ _0\"></span> rapporto di<span class=\"_ _0\"></span> lavoro (6)<span class=\"_ _90\"> </span>- - - - - - Pagamenti<span class=\"_ _0\"></span> in azioni (7)<span class=\"_ _90\"> </span>- - 25<span class=\"ls0\"> </span>- 25<span class=\"ls0\"> </span>- Totale 19<span class=\"ls0\"> </span>14<span class=\"ls0\"> </span>105<span class=\"ls0\"> </span>57<span class=\"ls0\"> </span>124<span class=\"ls0\"> </span>71<span class=\"ls0\"> </span>(1) <span class=\"_ _2\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>4<span class=\"_ _3\"></span>48 <span class=\"_ _2\"></span>cariche. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>tabella <span class=\"_ _5\"></span>non <span class=\"_ _5\"></span>sono <span class=\"_ _2\"></span>ricompr<span class=\"_ _3\"></span>esi <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>2,1 <span class=\"_ _5\"></span>milioni <span class=\"_ _5\"></span>riferiti <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>82 <span class=\"_ _5\"></span>cariche <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span><span class=\"ls26\">Consigli <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Amministrazione <span class=\"_ _5\"></span>(o <span class=\"_ _2\"></span>organi <span class=\"_ _5\"></span>assimilati) <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>quanto </span>riversati interamente ad altre Societ\u00e0 del <span class=\"_ _3\"></span>Gruppo.<span class=\"ls0\"> </span>(2) <span class=\"_ _6\"></span>Cifre <span class=\"_ _5\"></span>riferite <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>99 <span class=\"_ _6\"> </span>posizioni. <span class=\"_ _6\"> </span>In <span class=\"_ _6\"> </span>tabella<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>non <span class=\"_ _6\"> </span>sono <span class=\"_ _6\"> </span>ricompresi <span class=\"_ _6\"></span>circa <span class=\"_ _6\"></span>5,1 <span class=\"_ _5\"></span>mili<span class=\"_ _3\"></span>oni <span class=\"_ _6\"> </span>riferiti <span class=\"_ _6\"> </span>a <span class=\"_ _6\"> </span>13 <span class=\"_ _6\"> </span>cariche <span class=\"_ _6\"> </span>di <span class=\"_ _6\"> </span>Direttori <span class=\"_ _6\"> </span>Genera<span class=\"_ _3\"></span>li <span class=\"_ _6\"> </span>(o <span class=\"_ _6\"> </span>figure <span class=\"_ _6\"> </span>assimilate) <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>quanto <span class=\"_ _6\"> </span>riv<span class=\"_ _3\"></span>ersati interamente ad altre Societ\u00e0 del Gruppo.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(3) Include anche i compensi fissi e variabi<span class=\"_ _3\"></span>li degli Amministratori in quanto assimila<span class=\"_ _3\"></span>bili al costo del lavoro e gli on<span class=\"_ _3\"></span>eri so<span class=\"ls0\">ciali a car<span class=\"_ _3\"></span>ico dell'azienda per i dipendenti.<span class=\"_ _3\"></span> </span>(4) <span class=\"ls27\">Include la contribuzione aziendale <span class=\"_ _3\"></span>ai fondi pensione e l<span class=\"_ _3\"></span>'accantonamento al TFR n<span class=\"_ _3\"></span>elle misure previste dalla leg<span class=\"_ _3\"></span>ge e dai regol<span class=\"_ _3\"></span>a</span>menti aziendali.<span class=\"_ _3\"></span><span class=\"ls0\"> </span>(5) Include una stima degli accantonament<span class=\"_ _3\"></span>i per i premi di anzianit\u00e0 dei dipendenti<span class=\"_ _3\"></span>.<span class=\"ls0\"> </span>(6) Include le indennit\u00e0 con<span class=\"ls27\">trattualmen<span class=\"_ _3\"></span>te dovute per la cessazione del<span class=\"_ _3\"></span> rapporto di lav<span class=\"_ _3\"></span>oro.<span class=\"ls0\"> </span></span>(7) Include la quota della parte variabile d<span class=\"_ _3\"></span>ella retribuzione a breve/lungo termine <span class=\"_ _3\"></span>da corrispondere in azioni di Intesa Sanp<span class=\"_ _3\"></span><span class=\"ls0\">aolo / tramite il Piano <span class=\"_ _3\"></span>POP e PSP.<span class=\"_ _3\"></span> </span>Dettagliate <span class=\"_ _4\"> </span>informazioni <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>merito <span class=\"_ _4\"> </span>alle <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>remunerazio<span class=\"_ _0\"></span>ne, <span class=\"_ _4\"> </span>ai <span class=\"_ _4\"> </span>sensi <span class=\"_ _4\"> </span>dell\u2019art. <span class=\"_ _6\"> </span>123<span class=\"_ _2\"></span><span class=\"ff1\">-<span class=\"_ _3\"></span>ter <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>Testo <span class=\"_ _4\"> </span>Unico <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>Finanza, </span>vengono <span class=\"_ _16\"> </span>annualmente <span class=\"_ _16\"> </span>pubblicate <span class=\"_ _16\"> </span>nell\u2019ambito <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>specifica <span class=\"_ _16\"> </span>\u201cRelazione <span class=\"_ _16\"> </span>sulla <span class=\"_ _16\"> </span>politica <span class=\"_ _16\"> </span>in  m<span class=\"_ _0\"></span>ateria <span class=\"_ _16\"> </span>di  rem<span class=\"_ _0\"></span>unerazione <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>sui compensi co<span class=\"ff4\">rrisposti\u201d, n<span class=\"_ _0\"></span>ella quale vengono indi<span class=\"_ _0\"></span>cati:<span class=\"ff1\"> </span></span>\u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>il <span class=\"_ _6\"></span>dettaglio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>nalitico <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>compensi <span class=\"_ _5\"></span>corrisposti <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>componenti <span class=\"_ _6\"></span>degli <span class=\"_ _6\"></span>organi <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>Controll<span class=\"_ _0\"></span>o, <span class=\"_ _6\"></span>ai <span class=\"_ _6\"></span>Direttori </span>Generali e, in forma <span class=\"_ _0\"></span>aggregata, agli altri Di<span class=\"_ _0\"></span>rigenti con Respo<span class=\"_ _0\"></span>nsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i <span class=\"_ _6\"></span>dett</span>agli <span class=\"_ _6\"></span>e <span class=\"_ _6\"> </span>l\u2019evoluzione <span class=\"_ _5\"></span>dei <span class=\"_ _6\"> </span>piani <span class=\"_ _6\"> </span>di <span class=\"_ _4\"> </span>Stock<span class=\"ff1\">-</span>option <span class=\"_ _6\"></span>assegnate <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>componenti <span class=\"_ _5\"></span>dell\u2019Organo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>Amministrazione, <span class=\"_ _5\"></span>ai <span class=\"_ _4\"> </span>Direttori<span class=\"_ _35\"></span> Generali e agli altri Dirig<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nti con Resp<span class=\"_ _0\"></span>onsabilit\u00e0 Strategich<span class=\"_ _0\"></span>e;<span class=\"_ _3\"></span> \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i <span class=\"_ _2\"></span>dettagli <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>l\u2019evoluzi<span class=\"_ _0\"></span>one <span class=\"_ _2\"></span>dei <span class=\"_ _5\"></span>piani <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>incentivazione <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>asati <span class=\"_ _2\"></span>su <span class=\"_ _5\"></span>strumenti <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span><span class=\"ff1\">anziari, <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>dalle <span class=\"_ _5\"></span>Stock-option, <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>favore <span class=\"_ _2\"></span>del </span>Consigliere Delegato e<span class=\"_ _0\"></span> CEO e degli altri Di<span class=\"_ _0\"></span>rigenti con Respons<span class=\"_ _0\"></span>abilit\u00e0 Strategiche; \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>i  dettagli <span class=\"_ _16\"> </span>dei  piani <span class=\"_ _16\"> </span>di  incen<span class=\"_ _0\"></span>tivazione  m<span class=\"_ _0\"></span>onetari  a<span class=\"_ _0\"></span>  favore <span class=\"_ _16\"> </span>del  Consigliere <span class=\"_ _16\"> </span>Delegato  e<span class=\"_ _0\"></span>  CEO <span class=\"_ _16\"> </span>e  degli <span class=\"_ _16\"> </span>altri  Dirigenti <span class=\"_ _16\"> </span>co<span class=\"_ _0\"></span>n </span>Responsabilit\u00e0 Strategic<span class=\"_ _0\"></span>he; \u2212<span class=\"ff1\"> <span class=\"_ _1e\"> </span>le  azio<span class=\"_ _0\"></span>ni  de<span class=\"_ _0\"></span>lla  Ca<span class=\"_ _0\"></span>pogruppo  e<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>delle  societ<span class=\"_ _0\"></span>\u00e0  cont<span class=\"_ _0\"></span>rollate <span class=\"_ _16\"> </span>detenute  dai <span class=\"_ _7\"> </span>c<span class=\"_ _3\"></span>omponenti <span class=\"_ _16\"> </span>degli  O<span class=\"_ _0\"></span>rgani <span class=\"_ _16\"> </span>di  amministr<span class=\"_ _0\"></span>azione <span class=\"_ _16\"> </span>e </span>controllo e dai Dirige<span class=\"_ _0\"></span>nti con responsabilit<span class=\"_ _0\"></span>\u00e0 strategiche nonch\u00e9 d<span class=\"_ _0\"></span>agli altri soggetti col<span class=\"_ _0\"></span>legati.<span class=\"_ _3\"></span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-936": {
   "value": "<div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h31 y6 ff1 fs5 fc2 sc0 ls0 ws0\">Parte I<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Acco<span class=\"_ _3\"></span>rdi di pagamento basati su <span class=\"_ _3\"></span>propri <span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h9 y256 ff1 fs5 fc2 sc0 ls0 ws0\">strumenti patrimoniali<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y4bd ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1114 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y887 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y1115 ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y342 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 yf0 ff5 fs0 fc2 sc0 ls0 ws0\">A. INFORMAZIONI DI NATURA<span class=\"_ _35\"></span> QUALITATIVA </div><div class=\"t m0 x0 h24 y117b ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y11ac ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y1447 ff5 fs0 fc2 sc0 ls0 ws0\">Descrizione degli ac<span class=\"_ _0\"></span>cordi di pagamento basa<span class=\"_ _0\"></span>ti su propri strumenti patr<span class=\"_ _0\"></span>imoniali </div><div class=\"t m0 x0 h2 y1da ff1 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7c0 ffa fs0 fc2 sc0 ls0 ws0\">Piano di incentivazion<span class=\"_ _0\"></span>e annuale basato su strum<span class=\"_ _0\"></span>enti finanziari </div><div class=\"t m0 x0 h2 y814 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _4\"> </span>Disposizioni <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>Vigilanza <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>materia <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>politiche <span class=\"_ _4\"> </span>e <span class=\"_ _7\"> </span>prassi <span class=\"_ _4\"></span>di <span class=\"_ _4\"> </span>remunerazione <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>incentivazione <span class=\"_ _4\"> </span>nelle <span class=\"_ _4\"> </span>banche <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>nei <span class=\"_ _7\"> </span>gruppi<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y5b4 ff4 fs0 fc0 sc0 ls0 ws0\">bancari <span class=\"_ _6\"></span>emanate <span class=\"_ _5\"></span>il <span class=\"_ _4\"> </span>30 <span class=\"_ _6\"></span>marzo <span class=\"_ _5\"></span>2011 <span class=\"_ _6\"> </span>(ora <span class=\"_ _4\"> </span>integr<span class=\"_ _0\"></span>ate <span class=\"_ _6\"></span>nella <span class=\"_ _6\"> </span>Circolare <span class=\"_ _6\"></span>285 <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>ella <span class=\"_ _6\"></span>Banca <span class=\"_ _5\"></span>d\u2019Italia), <span class=\"_ _6\"> </span>hanno <span class=\"_ _6\"> </span>prescritto, <span class=\"_ _6\"> </span>tra <span class=\"_ _6\"> </span>l\u2019altro, <span class=\"_ _6\"></span>c<span class=\"_ _5\"></span><span class=\"ff1 lsc\">he </span></div><div class=\"t m0 x0 h2 y144 ff4 fs0 fc0 sc0 ls0 ws0\">parte dei premi annuali erog<span class=\"_ _0\"></span>ati ai cosiddetti \u201cRisk Taker\u201d veng<span class=\"_ _0\"></span>a attribuita mediante l\u2019<span class=\"_ _0\"></span>assegnazione di strumenti fi<span class=\"_ _0\"></span>nanziari, <span class=\"_ _2\"></span><span class=\"ff1\">in<span class=\"_ _3\"></span> un </span></div><div class=\"t m0 x0 h2 yd3d ff1 fs0 fc0 sc0 ls0 ws0\">orizzonte  di  t<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>mpo  pluri<span class=\"_ _0\"></span>ennale.  Conseg<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>entemente,  il <span class=\"_ _16\"> </span>Gruppo  Intesa<span class=\"_ _0\"></span>  Sanpaolo <span class=\"_ _16\"> </span>prevede  piani <span class=\"_ _16\"> </span>di  incentivazione <span class=\"_ _16\"> </span>annuali </div><div class=\"t m0 x0 h2 y5b5 ff1 fs0 fc0 sc0 ls0 ws0\">collegati alle performa<span class=\"_ _0\"></span>nce in ottemperanza ai q<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ali: </div><div class=\"t m0 x0 h2 y17a ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">con <span class=\"_ _17\"> </span>riferimento <span class=\"_ _1d\"> </span>ai <span class=\"_ _18\"> </span>risultati <span class=\"_ _1d\"> </span>dell\u2019esercizio <span class=\"_ _17\"> </span>2017 <span class=\"_ _17\"> </span>e <span class=\"_ _17\"> </span>in <span class=\"_ _17\"> </span>attuazione <span class=\"_ _17\"> </span>della <span class=\"_ _17\"> </span>delibera <span class=\"_ _17\"> </span>assembleare <span class=\"_ _1d\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>27<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>apr<span class=\"_ _3\"></span>ile <span class=\"_ _1d\"> </span>2018, <span class=\"_ _17\"> </span>i<span class=\"_ _3\"></span>l </span></span></div><div class=\"t m0 x2a h2 y2b2 ff1 fs0 fc0 sc0 ls10 ws0\">12<span class=\"ls0\"> settembr<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>2018, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>complessivamente <span class=\"_ _4\"></span>acquistato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>IMI<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x13e h33 y127d ff1 fs11 fc0 sc0 ls1a ws0\">118<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x188 h2 y2b2 ff1 fs0 fc0 sc0 ls0 ws0\">, <span class=\"_ _4\"> </span>incaricata <span class=\"_ _4\"> </span><span class=\"ff4\">dell\u2019esecuzione <span class=\"_ _6\"> </span>del </span></div><div class=\"t m0 x2a h2 y826 ff1 fs0 fc0 sc0 ls0 ws0\">programma <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>12.686.321 <span class=\"_ _5\"></span>azioni <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>rdinarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>(pari <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>0,07% <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>irca <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _5\"></span>ordinario) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>un </div><div class=\"t m0 x2a h2 yde3 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo medio di acq<span class=\"_ _0\"></span>uisto per azione pari a <span class=\"_ _0\"></span>2,291 euro, per un c<span class=\"_ _0\"></span>ontrovalore totale di<span class=\"_ _0\"></span> 29.061.008 euro;<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yee3 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _7\"> </span><span class=\"ff4\">ai <span class=\"_ _7\"> </span>risultati <span class=\"_ _4\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>2018 <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>in <span class=\"_ _4\"> </span>attuazione <span class=\"_ _7\"> </span>della <span class=\"_ _4\"> </span>delibera <span class=\"_ _7\"> </span>assembleare <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>30 <span class=\"_ _4\"> </span>apr<span class=\"_ _3\"></span>ile <span class=\"_ _4\"> </span>2019, <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>17 <span class=\"_ _4\"> </span>e </span></span></div><div class=\"t m0 x2a h2 y818 ff1 fs0 fc0 sc0 ls10 ws0\">18<span class=\"ls0\"> settembr<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span>2019, <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>Gruppo <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>complessivamente <span class=\"_ _4\"></span>acquistato <span class=\"_ _7\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _4\"> </span>tramite <span class=\"_ _4\"></span>Banca <span class=\"_ _4\"></span>IMI<span class=\"_ _90\"> </span></span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x13e h33 y1315 ff1 fs11 fc0 sc0 ls1a ws0\">119<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x188 h32 y818 ff4 fs0 fc0 sc0 ls0 ws0\">, <span class=\"_ _4\"> </span>incaricata <span class=\"_ _4\"> </span>dell\u2019esecuzione <span class=\"_ _6\"></span>del<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 yee4 ff1 fs0 fc0 sc0 ls0 ws0\">programma <span class=\"_ _2\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>. <span class=\"_ _2\"></span>17.137.954 <span class=\"_ _5\"></span>azioni <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>rdinarie <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>(pari <span class=\"_ _5\"></span>allo <span class=\"_ _5\"></span>0,10% <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>sociale <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>rdinario) <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>un </div><div class=\"t m0 x2a h2 y799 ff1 fs0 fc0 sc0 ls0 ws0\">prezzo <span class=\"_ _5\"></span>medio <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>acquisto <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>azi<span class=\"_ _3\"></span>one <span class=\"_ _2\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>2,129<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>euro, <span class=\"_ _5\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>controvalore <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>36.481.543 <span class=\"_ _5\"></span>euro. <span class=\"_ _2\"></span>Il<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>programma <span class=\"_ _5\"></span>di<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y1057 ff4 fs0 fc0 sc0 ls0 ws0\">acquisto <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _4\"> </span>altres\u00ec <span class=\"_ _7\"> </span>al <span class=\"_ _4\"> </span>servizio <span class=\"_ _4\"> </span>dell\u2019eventuale <span class=\"_ _4\"> </span>correspons<span class=\"_ _3\"></span><span class=\"ff1\">ione <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>compensi <span class=\"_ _4\"> </span>riconosciuti <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>Risk <span class=\"_ _7\"> </span>Taker <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>o<span class=\"_ _3\"></span>ccasione <span class=\"_ _4\"></span>della </span></div><div class=\"t m0 x2a h2 ycfb ff1 fs0 fc0 sc0 ls0 ws0\">cessazione anticipat<span class=\"_ _0\"></span>a del rapporto di lavoro<span class=\"_ _0\"></span> (c.d. Severance), c<span class=\"_ _0\"></span>ome previsto dall<span class=\"_ _0\"></span>e Disposizioni di Vigila<span class=\"_ _0\"></span>nza;<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y1910 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">con <span class=\"_ _2\"></span>riferi<span class=\"_ _3\"></span>mento <span class=\"_ _2\"></span>ai <span class=\"_ _5\"></span>risultati <span class=\"_ _2\"></span>dell\u2019esercizio <span class=\"_ _5\"></span>2019 <span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>attuazione <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>delibera <span class=\"_ _5\"></span>asse<span class=\"_ _2\"></span></span>mbleare <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>27 <span class=\"_ _5\"></span>aprile <span class=\"_ _5\"></span>2020, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>16, <span class=\"_ _2\"></span>1<span class=\"_ _3\"></span>7 <span class=\"_ _2\"></span>e </span></div><div class=\"t m0 x2a h2 yb85 ff1 fs0 fc0 sc0 ls10 ws0\">18<span class=\"ls0\"> novembr<span class=\"_ _0\"></span>e 2<span class=\"_ _3\"></span>020, il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>complessivamente acquistato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>tramite la <span class=\"_ _3\"></span>propria Divisione <span class=\"_ _3\"></span>IMI Corporate <span class=\"_ _3\"></span>&amp; Investment </span></div><div class=\"t m0 x2a h2 y223 ff4 fs0 fc0 sc0 ls0 ws0\">Banking, <span class=\"_ _6\"></span>incaricata <span class=\"_ _6\"></span>dell\u2019esecuzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>programma <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>25.400.000 <span class=\"_ _4\"></span>azioni <span class=\"_ _5\"></span>ordinarie <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _7\"> </span>(pari <span class=\"_ _6\"></span>allo <span class=\"_ _6\"></span>0,13% </span></div><div class=\"t m0 x2a h2 y964 ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>capitale <span class=\"_ _7\"> </span>sociale <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Capogruppo) <span class=\"_ _7\"> </span>a  un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _16\"> </span>medio <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _7\"> </span>per  azi<span class=\"_ _0\"></span>one <span class=\"_ _16\"> </span>pari <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>1,852 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro, <span class=\"_ _7\"> </span>per  un<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 y10e5 ff1 fs0 fc0 sc0 ls0 ws0\">controvalore <span class=\"_ _2\"></span>totale <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>47.046.279 <span class=\"_ _2\"></span>euro. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>programma <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>altres\u00ec <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>servizio <span class=\"_ _2\"></span>del <span class=\"_ _6\"></span>Piano <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Incentivazione <span class=\"_ _2\"></span>2018<span class=\"_ _5\"></span>-<span class=\"_ _90\"> </span></div><div class=\"t m0 x2a h2 yd00 ff1 fs0 fc0 sc0 ls0 ws0\">2021 destinato ai Consulenti Finanziari delle Reti Fideuram <span class=\"_ _3\"></span>- Intesa Sanpaolo Private Banking e Sanpaolo Invest nonch\u00e9 </div><div class=\"t m0 x2a h32 y155 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019eventuale  corresponsione  di  compensi  r<span class=\"_ _3\"></span>iconosciuti  a  Risk  Taker <span class=\"_ _1d\"> </span>in  occasione  della <span class=\"_ _1d\"> </span>cessazio<span class=\"_ _0\"></span>ne  anticipata  del </div><div class=\"t m0 x2a h2 yaea ff1 fs0 fc0 sc0 ls0 ws0\">rapporto di lavoro (c.d.<span class=\"_ _0\"></span> Severance), come previsto dall<span class=\"_ _0\"></span>e Disposizioni di Vig<span class=\"_ _0\"></span>ilanza; </div><div class=\"t m0 x0 h2 y66c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">con <span class=\"_ _4\"> </span>riferimento <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>risultati <span class=\"_ _7\"> </span>dell\u2019esercizio <span class=\"_ _4\"> </span>2020 <span class=\"_ _7\"> </span>e <span class=\"_ _4\"> </span>in <span class=\"_ _7\"> </span>attuazione <span class=\"_ _4\"> </span>del<span class=\"_ _3\"></span>la <span class=\"_ _4\"> </span>delibera <span class=\"_ _7\"> </span>assembleare <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>28 <span class=\"_ _4\"> </span>aprile <span class=\"_ _7\"> </span>2021, <span class=\"_ _7\"> </span>il <span class=\"_ _4\"> </span>13 <span class=\"_ _7\"> </span>e </span></span></div><div class=\"t m0 x2a h2 y66d ff1 fs0 fc0 sc0 ls10 ws0\">14<span class=\"ls0\"> settembr<span class=\"_ _0\"></span>e 2<span class=\"_ _3\"></span>021, il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>complessivamente acquistato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>tramite la <span class=\"_ _3\"></span>propria Div<span class=\"_ _3\"></span>isione IMI <span class=\"_ _3\"></span>Corporate &amp; <span class=\"_ _3\"></span>Investment<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y66e ff4 fs0 fc0 sc0 ls0 ws0\">Banking, <span class=\"_ _6\"></span>incaricata <span class=\"_ _6\"></span>dell\u2019esecuzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>programma <span class=\"_ _4\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>20.000.000 <span class=\"_ _4\"></span>azioni <span class=\"_ _5\"></span>ordinarie <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(pari <span class=\"_ _6\"></span>allo <span class=\"_ _6\"></span>0,10%<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h2 y66f ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>el <span class=\"_ _16\"> </span>capitale <span class=\"_ _7\"> </span>sociale <span class=\"_ _16\"> </span>della <span class=\"_ _16\"> </span>Capogruppo) <span class=\"_ _7\"> </span>a  un <span class=\"_ _7\"> </span>prezzo <span class=\"_ _16\"> </span>medio <span class=\"_ _16\"> </span>di <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>cquisto <span class=\"_ _7\"> </span>per  azi<span class=\"_ _0\"></span>one <span class=\"_ _16\"> </span>pari <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>2,391 <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>uro, <span class=\"_ _1d\"> </span>per <span class=\"_ _7\"> </span>u<span class=\"_ _3\"></span>n </div><div class=\"t m0 x2a h32 y131a ff4 fs0 fc0 sc0 ls0 ws0\">controvalore totale <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>47.822.401 euro. <span class=\"_ _3\"></span>Il <span class=\"_ _3\"></span>programma <span class=\"_ _3\"></span>di a<span class=\"_ _3\"></span>cquisto \u00e8 <span class=\"_ _3\"></span>altres\u00ec a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>servizio del <span class=\"_ _3\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>incentivazione dell\u2019ex </div><div class=\"t m0 x2a h32 y671 ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _4\"> </span>UBI <span class=\"_ _4\"> </span>Banca <span class=\"_ _6\"> </span>basato <span class=\"_ _4\"> </span>su <span class=\"_ _4\"> </span>azioni <span class=\"_ _4\"> </span>relativo <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ll\u2019esercizio <span class=\"_ _6\"> </span>2020 <span class=\"_ _4\"> </span>destinato <span class=\"_ _6\"> </span>ai <span class=\"_ _7\"> </span>Risk <span class=\"_ _6\"> </span>Taker, <span class=\"_ _4\"> </span>delle <span class=\"_ _4\"> </span>residue <span class=\"_ _4\"> </span>quote <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>azioni </div><div class=\"t m0 x2a h2 ybf1 ff1 fs0 fc0 sc0 ls0 ws0\">rinveni<span class=\"ff4\">enti <span class=\"_ _29\"> </span>da <span class=\"_ _2b\"> </span>si<span class=\"_ _0\"></span>stemi <span class=\"_ _29\"> </span>incentivanti <span class=\"_ _29\"> </span>dell\u2019ex <span class=\"_ _2b\"> </span>Gr<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ppo <span class=\"_ _29\"> </span>UBI <span class=\"_ _2b\"> </span>Ban<span class=\"_ _0\"></span>ca <span class=\"_ _29\"> </span>per <span class=\"_ _2b\"> </span>eserci<span class=\"_ _0\"></span>zi <span class=\"_ _29\"> </span>precedenti <span class=\"_ _29\"> </span>nonch\u00e9 <span class=\"_ _2b\"> </span>dell\u2019e<span class=\"_ _0\"></span>ventuale </span></div><div class=\"t m0 x2a h2 y673 ff1 fs0 fc0 sc0 ls0 ws0\">corresponsione di compensi riconosciuti in occasione della cessazione anticipata del rapporto di <span class=\"_ _3\"></span>lavoro (c.d. Severance), </div><div class=\"t m0 x2a h2 y1568 ff1 fs0 fc0 sc0 ls0 ws0\">come previsto dalle Di<span class=\"_ _0\"></span>sposizioni di Vigilanza; </div><div class=\"t m0 x0 h2 yb8c ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">con <span class=\"_ _6\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"> </span>risultati <span class=\"_ _6\"></span>dell\u2019esercizio <span class=\"_ _5\"></span>2021 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>attuazione <span class=\"_ _5\"></span>della <span class=\"_ _6\"> </span>delibera <span class=\"_ _6\"></span>assembleare <span class=\"_ _5\"></span>del <span class=\"_ _6\"> </span>29 <span class=\"_ _6\"> </span>aprile <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>dal <span class=\"_ _5\"></span>1<span class=\"_ _3\"></span>2 <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l </span></span></div><div class=\"t m0 x2a h2 y10eb ff1 fs0 fc0 sc0 ls10 ws0\">14<span class=\"ls0\"> settembr<span class=\"_ _0\"></span>e 2<span class=\"_ _3\"></span>022, il <span class=\"_ _3\"></span>Gruppo ha <span class=\"_ _3\"></span>complessivamente acquistato <span class=\"_ _3\"></span><span class=\"ff4\">\u2013<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span>tramite la <span class=\"_ _3\"></span>propria Divisione <span class=\"_ _3\"></span>IMI Corporate <span class=\"_ _3\"></span>&amp; Investment </span></div><div class=\"t m0 x2a h2 y1563 ff1 fs0 fc0 sc0 ls0 ws0\">Ban<span class=\"ff4\">king, <span class=\"_ _6\"></span>incaricata <span class=\"_ _6\"></span>dell\u2019esecuzione <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>l <span class=\"_ _6\"></span>programma <span class=\"_ _4\"> </span>\u2013</span> <span class=\"_ _6\"></span>n. <span class=\"_ _6\"></span>46.216.652 <span class=\"_ _4\"></span>azioni <span class=\"_ _5\"></span>ordinarie <span class=\"_ _6\"></span>Intesa <span class=\"_ _6\"></span>Sanpaolo <span class=\"_ _4\"></span>(pari <span class=\"_ _6\"></span>allo <span class=\"_ _6\"></span>0,24%<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y104b ff1 fs0 fc0 sc0 ls0 ws0\">circa <span class=\"_ _6\"></span>del <span class=\"_ _4\"></span>capitale <span class=\"_ _6\"></span>sociale <span class=\"_ _6\"></span>della <span class=\"_ _4\"></span>Capogruppo<span class=\"_ _90\"> </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x1ac h33 yf8c ff1 fs11 fc0 sc0 ls1a ws0\">120<span class=\"_ _90\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 xba h2 y104b ff1 fs0 fc0 sc0 ls0 ws0\">) <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>un <span class=\"_ _6\"></span>prezzo <span class=\"_ _4\"> </span>medio <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>acquisto <span class=\"_ _6\"></span>per <span class=\"_ _6\"></span>azione <span class=\"_ _4\"></span>pari <span class=\"_ _6\"></span>a <span class=\"_ _4\"> </span>1,8932 <span class=\"_ _6\"></span>euro, <span class=\"_ _4\"></span>per<span class=\"_ _35\"></span> <span class=\"_ _4\"></span>un </div><div class=\"t m0 x2a h2 ybde ff1 fs0 fc0 sc0 ls0 ws0\">controvalore <span class=\"_ _3\"></span>totale <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>87.496.321,48 <span class=\"_ _3\"></span>euro. <span class=\"_ _2\"></span>Il <span class=\"_ _2\"></span>programma d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>acquisto <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>altres\u00ec <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>servizio <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>sistema <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ncentivazion<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>del </div><div class=\"t m0 x2a h32 yaf4 ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo <span class=\"_ _6\"> </span>Privredna <span class=\"_ _6\"> </span>Banka <span class=\"_ _6\"> </span>Zagreb <span class=\"_ _6\"> </span>(PBZ) <span class=\"_ _6\"> </span>basato <span class=\"_ _6\"> </span>su <span class=\"_ _4\"> </span>azioni <span class=\"_ _6\"></span>relativo <span class=\"_ _6\"></span>all\u2019esercizio <span class=\"_ _6\"></span>2021 <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>delle <span class=\"_ _6\"> </span>residue <span class=\"_ _4\"> </span>quote <span class=\"_ _5\"></span>in <span class=\"_ _4\"> </span>strumenti<span class=\"_ _35\"></span> </div><div class=\"t m0 x2a h2 ydaa ff1 fs0 fc0 sc0 ls0 ws0\">finanziari <span class=\"_ _2\"></span>rinvenienti <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>piani <span class=\"_ _5\"></span>precedenti, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _5\"></span>Piani <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Incentivazione <span class=\"_ _2\"></span>a <span class=\"_ _5\"></span>Lungo <span class=\"_ _5\"></span>Termine <span class=\"_ _2\"></span>destinati <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>Consulenti <span class=\"_ _2\"></span>Finanziari<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 yaf6 ff1 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _5\"></span>Reti <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>Gruppo <span class=\"_ _5\"></span>Fideuram <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span><span class=\"ff4\">Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>Private <span class=\"_ _5\"></span>Banking <span class=\"_ _5\"></span>nonch\u00e9 <span class=\"_ _6\"></span>dell\u2019eventuale <span class=\"_ _5\"></span>correspon<span class=\"_ _0\"></span>sione <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>compensi </span></div><div class=\"t m0 x2a h2 yaf7 ff1 fs0 fc0 sc0 ls0 ws0\">riconosciuti in occ<span class=\"_ _0\"></span>asione della cessazion<span class=\"_ _0\"></span>e anticipata del rapp<span class=\"_ _0\"></span>or<span class=\"_ _3\"></span>to di lavoro (c.d. Severance<span class=\"_ _0\"></span>). </div><div class=\"t m0 x0 h32 yaf8 ff4 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _6\"> </span>As<span class=\"_ _3\"></span>semblee <span class=\"_ _6\"></span>di <span class=\"_ _4\"> </span>cui <span class=\"_ _6\"></span>sopra <span class=\"_ _6\"> </span>hanno, <span class=\"_ _4\"> </span>altres\u00ec, <span class=\"_ _6\"> </span>autorizzato <span class=\"_ _4\"> </span>l\u2019alien<span class=\"_ _0\"></span>azione <span class=\"_ _6\"></span>sul <span class=\"_ _4\"> </span>mercato <span class=\"_ _6\"></span>regolamentato <span class=\"_ _6\"></span>delle <span class=\"_ _4\"> </span>azioni <span class=\"_ _6\"> </span>eventualmente </div><div class=\"t m0 x0 h2 y94e ff4 fs0 fc0 sc0 ls0 ws0\">eccedenti l\u2019effettiv<span class=\"_ _0\"></span>o fabbisogno, ovvero l<span class=\"_ _0\"></span>a loro conservazione<span class=\"_ _0\"></span> a servizio di eventu<span class=\"_ _0\"></span>ali futuri piani di i<span class=\"_ _3\"></span><span class=\"ff1\">ncentivazione. </span></div><div class=\"t m0 x0 h2 yaf9 ff1 fs0 fc0 sc0 ls0 ws0\">Le <span class=\"_ _5\"></span>suddette <span class=\"_ _5\"></span>azioni <span class=\"_ _2\"></span>saranno <span class=\"_ _5\"></span>attribuite <span class=\"_ _5\"></span>ai <span class=\"_ _5\"></span>beneficiari <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>rispetto <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>norme <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttuative <span class=\"_ _2\"></span>contenute <span class=\"_ _5\"></span>nei <span class=\"_ _5\"></span>sistemi <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>incentivazio<span class=\"_ _5\"></span>ne<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yafa ff4 fs0 fc0 sc0 ls0 ws0\">che richiedono, di norma, la <span class=\"_ _3\"></span>permanenza in servizio dei beneficiari s<span class=\"_ _3\"></span>ino al momento dell\u2019effettiva consegna dei t<span class=\"_ _5\"></span><span class=\"ff1\">itoli agli stessi </span></div><div class=\"t m0 x2d h2 y110d ff1 fs0 fc0 sc0 ls0 ws0\"> </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d yf11 ff1 fsf fc0 sc0 ls1c ws0\">118</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d h2e y809 ff1 fsa fc0 sc0 ls0 ws0\"> <span class=\"fs4\">Incorporata in Intesa<span class=\"_ _3\"></span> Sanpaolo il 20<span class=\"_ _3\"></span> luglio 202<span class=\"_ _3\"></span>0. </span></div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y7e6 ff1 fsf fc0 sc0 ls1c ws0\">119</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d hb y83c ff1 fs4 fc0 sc0 ls0 ws0\"> Incorporata in Inte<span class=\"_ _3\"></span>sa Sanpaolo il <span class=\"_ _3\"></span>20 luglio 202<span class=\"_ _3\"></span>0. </div></div><div class=\"c we h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x0 h2d y339 ff1 fsf fc0 sc0 ls1c ws0\">120</div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-91.00354px;\"><div class=\"t m0 x16d hb y4e8 ff1 fs4 fc0 sc0 ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff4\">Co<span class=\"_ _3\"></span>nsiderando, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>relazione<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>ris<span class=\"_ _3\"></span>petto <span class=\"_ _5\"></span>della <span class=\"_ _5\"></span>delibera <span class=\"_ _5\"> </span>autoriz<span class=\"_ _3\"></span>zativa <span class=\"_ _5\"></span>dell\u2019Asse<span class=\"_ _3\"></span>mblea <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>del <span class=\"_ _5\"> </span>29 <span class=\"_ _5\"></span>april<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>202<span class=\"_ _3\"></span>2, <span class=\"_ _2\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span></span>19.430.463<span class=\"_ _3\"></span>.305 <span class=\"_ _5\"></span>azioni </div><div class=\"t m0 x0 hb y454 ff1 fs4 fc0 sc0 ls0 ws0\">ordinarie <span class=\"_ _2\"></span>prive <span class=\"_ _5\"></span>del <span class=\"_ _2\"></span>valore <span class=\"_ _5\"></span>nominale <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>suddi<span class=\"_ _3\"></span>viso <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>capit<span class=\"_ _3\"></span>ale <span class=\"_ _2\"></span>sociale <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>ari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>10.08<span class=\"_ _3\"></span>4.445.147,92 <span class=\"_ _5\"></span>euro <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>nte <span class=\"_ _5\"></span>aumento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>apitale <span class=\"_ _2\"></span>social<span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>eseguito <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n </div><div class=\"t m0 x0 hb y4e9 ff1 fs4 fc0 sc0 ls0 ws0\">data <span class=\"_ _1d\"> </span>30 <span class=\"_ _1d\"> </span>giugno <span class=\"_ _1d\"> </span>2022 <span class=\"_ _17\"> </span>nel <span class=\"_ _1d\"> </span>contesto <span class=\"_ _1d\"> </span>del<span class=\"_ _3\"></span> <span class=\"_ _1d\"> </span>Piano <span class=\"_ _1d\"> </span>di <span class=\"_ _1d\"> </span>Incentivazi<span class=\"_ _3\"></span>one <span class=\"_ _1d\"> </span>a <span class=\"_ _1d\"> </span>Lungo <span class=\"_ _1d\"> </span>Term<span class=\"_ _3\"></span>ine <span class=\"_ _1d\"> </span>LECOIP <span class=\"_ _1d\"> </span>3.0 <span class=\"_ _1d\"> </span>20<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>-2025 <span class=\"_ _1d\"> </span>bas<span class=\"_ _3\"></span>ato <span class=\"_ _1d\"> </span>su <span class=\"_ _1d\"> </span>strumenti <span class=\"_ _1d\"> </span>finanzi<span class=\"_ _3\"></span>ari <span class=\"_ _1d\"> </span>(a </div><div class=\"t m0 x0 hb y4b0 ff1 fs4 fc0 sc0 ls0 ws0\">10.368.870.930,0<span class=\"_ _3\"></span>8 <span class=\"_ _3\"></span>euro <span class=\"_ _2\"></span>suddiviso <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>19.977.435.9<span class=\"_ _3\"></span>63 <span class=\"_ _3\"></span>azioni) <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>successiv<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>nullame<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>delle <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>proprie <span class=\"_ _3\"></span>acquis<span class=\"_ _3\"></span>tate <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>esecuzione <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>prog<span class=\"_ _3\"></span>ramma <span class=\"_ _3\"></span>di </div><div class=\"t m0 x0 hb y4b1 ff1 fs4 fc0 sc0 ls0 ws0\">buyback com<span class=\"_ _3\"></span>unicato al m<span class=\"_ _3\"></span>ercato il 2<span class=\"_ _3\"></span>4 giugno <span class=\"_ _3\"></span>2022 e a<span class=\"_ _3\"></span>vviato il <span class=\"_ _3\"></span>4 luglio 202<span class=\"_ _3\"></span>2 (il <span class=\"_ _3\"></span>capitale sociale<span class=\"_ _3\"></span> si \u00e8 m<span class=\"_ _3\"></span>odificato nell<span class=\"_ _3\"></span>a sua c<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>posizion<span class=\"_ _3\"></span>e, per la<span class=\"_ _3\"></span> riduzione <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 hb y411 ff1 fs4 fc0 sc0 ls0 ws0\">numero <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>azio<span class=\"_ _3\"></span>ni <span class=\"_ _2\"></span>che <span class=\"_ _5\"></span>lo <span class=\"_ _5\"></span>costituisco<span class=\"_ _3\"></span>no, <span class=\"_ _2\"></span>m<span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>uo <span class=\"_ _5\"></span>ammontare, <span class=\"_ _5\"></span>rimasto <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>10.<span class=\"_ _3\"></span>368.870.930,0<span class=\"_ _3\"></span>8 <span class=\"_ _2\"></span>eur<span class=\"_ _3\"></span>o). <span class=\"_ _5\"></span>Le <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>zioni <span class=\"_ _5\"></span>acquistate <span class=\"_ _5\"></span>erano <span class=\"_ _5\"></span>pari <span class=\"_ _5\"></span>a <span class=\"_ _2\"></span>circa <span class=\"_ _5\"></span>lo </div><div class=\"t m0 x0 hb y27a ff4 fs4 fc0 sc0 ls0 ws0\">0,24% del capital<span class=\"_ _3\"></span>e sociale consid<span class=\"_ _3\"></span>erando le 19.<span class=\"_ _3\"></span>267.277.397 azioni<span class=\"_ _3\"></span> che lo costi<span class=\"_ _3\"></span>tuivano al mom<span class=\"_ _3\"></span>ento dell\u2019acqui<span class=\"_ _3\"></span>sto.<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-96.12036px;\"><div class=\"t m0 x0 h2 y4 ff4 fs0 fc0 sc0 ls0 ws0\">e <span class=\"_ _3\"></span>sottopongono ciascuna <span class=\"_ _3\"></span>quota differita <span class=\"_ _3\"></span>dell\u2019incentivo (sia <span class=\"_ _3\"></span>essa <span class=\"_ _3\"></span>erogata <span class=\"_ _3\"></span>in forma <span class=\"_ _3\"></span>cash, <span class=\"_ _3\"></span>sia <span class=\"_ _3\"></span>mediante strumenti <span class=\"_ _3\"></span>finanziari) a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span><span class=\"ff1\">un </span></div><div class=\"t m0 x0 h2 y5 ff1 fs0 fc0 sc0 ls0 ws0\">meccanismo di correzio<span class=\"_ _35\"></span>n<span class=\"_ _3\"></span>e ex post <span class=\"ff4\">\u2013</span> <span class=\"ff4\">cosiddetta \u201cmalus conditio<span class=\"_ _0\"></span>n\u201d \u2013<span class=\"ff1\"> secondo il quale il relativo im<span class=\"_ _0\"></span>porto riconosc<span class=\"_ _3\"></span>iuto e il num<span class=\"_ _0\"></span>ero </span></span></div><div class=\"t m0 x0 h2 y6 ff4 fs0 fc0 sc0 ls0 ws0\">delle <span class=\"_ _3\"></span>eventuali <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>attribuite <span class=\"_ _3\"></span>potranno <span class=\"_ _3\"></span>essere <span class=\"_ _3\"></span>decurtati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>relazione <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>grado <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>conseguimento, <span class=\"_ _3\"></span>nell\u2019esercizio a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>q<span class=\"_ _6\"></span><span class=\"ff1\">uota<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y61 ff1 fs0 fc0 sc0 ls0 ws0\">differita <span class=\"_ _2b\"> </span>fa <span class=\"_ _29\"> </span>riferimento, <span class=\"_ _2b\"> </span>di <span class=\"_ _2b\"> </span>s<span class=\"_ _0\"></span>pecifici <span class=\"_ _2b\"> </span>obiettivi <span class=\"_ _29\"> </span>economico<span class=\"_ _3\"></span>-patrimoniali <span class=\"_ _2b\"> </span>che <span class=\"_ _2b\"> </span>mi<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>urano <span class=\"_ _2b\"> </span>la <span class=\"_ _29\"> </span>sostenibilit\u00e0 <span class=\"_ _2b\"> </span>nel <span class=\"_ _2b\"> </span>t<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span>mpo <span class=\"_ _2b\"> </span>dei<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">risultati conseguiti. </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y64 ffa fs0 fc2 sc0 ls0 ws0\">Piani di incentivazione<span class=\"_ _0\"></span> a lungo termine 2018-2021: Piano P<span class=\"_ _35\"></span>OP e Piano LECOIP 2.0 </div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>oncomitanza <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>lancio <span class=\"_ _6\"> </span>del <span class=\"_ _6\"> </span>Piano <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>\u2019Impresa <span class=\"_ _5\"></span>2018<span class=\"_ _3\"></span><span class=\"ff1\">-</span>2021 <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>stati <span class=\"_ _5\"></span>avviati <span class=\"_ _6\"> </span>due <span class=\"_ _6\"></span>piani <span class=\"_ _5\"></span>d\u2019incentivazione <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>lungo <span class=\"_ _6\"></span>termine </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">destinati a differenti cluster d<span class=\"_ _0\"></span>i popolazione: </div><div class=\"t m0 x0 h2 y458 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Piano POP (Performan<span class=\"_ _0\"></span>ce-based Option Plan) destinato al Top M<span class=\"_ _0\"></span>anagement, ai Risk Taker e ai Manager Str<span class=\"_ _0\"></span>ategici che si </span></div><div class=\"t m0 x2a h2 y459 ff1 fs0 fc0 sc0 ls0 ws0\">conclude nel mese di Ma<span class=\"_ _0\"></span>rzo 2023; </div><div class=\"t m0 x0 h2 y14df ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Piano LECOIP 2.0 d<span class=\"_ _0\"></span>estinato ai Manager e a<span class=\"_ _0\"></span>l restante personale<span class=\"_ _0\"></span> conclusosi nel mese di <span class=\"_ _3\"></span>Marzo 2022. </span></div><div class=\"t m0 x0 h2 y41d ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento alla popolazione Top Management, Risk Taker e Manager Strategici, che ha un <span class=\"_ _3\"></span>impatto diretto sui risultati del<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y41e ff4 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>stato <span class=\"_ _3\"></span>adottato <span class=\"_ _2\"></span>uno <span class=\"_ _3\"></span>strumento <span class=\"_ _3\"></span>esplicitamente <span class=\"_ _3\"></span>connesso <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>raggiungimento <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>biettivi <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>Piano <span class=\"_ _3\"></span>d\u2019Impresa<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con </span></div><div class=\"t m0 x0 h2 y41f ff1 fs0 fc0 sc0 ls0 ws0\">un profilo di rischio/r<span class=\"_ _0\"></span>endimento adegu<span class=\"_ _0\"></span>ato al ruolo ricoperto<span class=\"_ _0\"></span> e ai livelli di ambi<span class=\"_ _0\"></span>zione e sfida del Bu<span class=\"_ _0\"></span>siness Plan. <span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y140 ff4 fs0 fc0 sc0 ls0 ws0\">Il Piano POP \u00e8 basato su strumenti finanziari collegati alle azioni (\u201cCall Option\u201d) e sottoposti al ragg<span class=\"_ _0\"></span>iungimento di <span class=\"_ _5\"></span><span class=\"ff1\">condizioni di </span></div><div class=\"t m0 x0 h32 y141 ff4 fs0 fc0 sc0 ls0 ws0\">performance <span class=\"_ _1c\"> </span>chiave <span class=\"_ _20\"> </span>del <span class=\"_ _20\"> </span>Pian<span class=\"_ _0\"></span>o <span class=\"_ _20\"> </span>d\u2019Impresa <span class=\"_ _1c\"> </span>nonch\u00e9 <span class=\"_ _20\"> </span>subordinati <span class=\"_ _1c\"> </span>a <span class=\"_ _20\"> </span>condizioni <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>attivazione <span class=\"_ _20\"> </span>e <span class=\"_ _1c\"> </span>di <span class=\"_ _20\"> </span>accesso <span class=\"_ _1c\"> </span>individuale </div><div class=\"t m0 x0 h2 y420 ff1 fs0 fc0 sc0 ls0 ws0\">(c.d. compliance breach)<span class=\"_ _0\"></span>. </div><div class=\"t m0 x0 h2 y421 ff4 fs0 fc0 sc0 ls0 ws0\">L\u2019intero <span class=\"_ _7\"> </span>ammontare <span class=\"_ _7\"> </span>maturato <span class=\"_ _7\"> </span>sar\u00e0 <span class=\"_ _16\"> </span>liquidato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>azioni <span class=\"_ _7\"> </span>e  i<span class=\"_ _35\"></span>n <span class=\"_ _16\"> </span>un <span class=\"_ _16\"> </span>orizzonte <span class=\"_ _7\"> </span>temporale <span class=\"_ _7\"> </span>di <span class=\"_ _7\"> </span>3/5 <span class=\"_ _16\"> </span>anni, <span class=\"_ _7\"> </span>in <span class=\"_ _16\"> </span>funzione<span class=\"_ _3\"></span><span class=\"ff1\">  d<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>cluster <span class=\"_ _16\"> </span>di </span></div><div class=\"t m0 x0 h2 y422 ff1 fs0 fc0 sc0 ls0 ws0\">appartenenza  d<span class=\"_ _3\"></span>el <span class=\"_ _1d\"> </span>beneficiario,<span class=\"_ _0\"></span> <span class=\"_ _1d\"> </span>previa <span class=\"_ _1d\"> </span>verifica <span class=\"_ _1d\"> </span>delle <span class=\"_ _1d\"> </span>condizioni  d<span class=\"_ _3\"></span>i <span class=\"_ _1d\"> </span>malus, <span class=\"_ _1d\"> </span>definite <span class=\"_ _1d\"> </span>in <span class=\"_ _1d\"> </span>modo <span class=\"_ _1d\"> </span>speculare <span class=\"_ _1d\"> </span>alle  c<span class=\"_ _3\"></span>ondizioni  d<span class=\"_ _3\"></span>i </div><div class=\"t m0 x0 h2 y423 ff1 fs0 fc0 sc0 ls0 ws0\">attivazione, negli anni i<span class=\"_ _0\"></span>n cui queste sia<span class=\"_ _0\"></span>no previste.  </div><div class=\"t m0 x0 h2 y424 ff1 fs0 fc0 sc0 ls0 ws0\">Inoltre, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>giugno <span class=\"_ _6\"></span>2018 <span class=\"_ _6\"></span>il <span class=\"_ _4\"></span>Gruppo <span class=\"_ _5\"></span>ha <span class=\"_ _4\"></span>firmato <span class=\"_ _5\"></span>con <span class=\"_ _4\"></span>J.P. <span class=\"_ _6\"></span>Morgan <span class=\"_ _5\"></span>un <span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>cordo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>accollo <span class=\"_ _6\"></span>liberatorio, <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>cui <span class=\"_ _6\"></span>h<span class=\"_ _3\"></span>a <span class=\"_ _6\"></span>trasferito <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>J.P. </div><div class=\"t m0 x0 h32 y425 ff4 fs0 fc0 sc0 ls0 ws0\">Morgan <span class=\"_ _2\"></span>l\u2019obbligo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>consegna <span class=\"_ _2\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Gruppo <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>eventuali <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>ordinarie <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>saranno <span class=\"_ _2\"></span>dovute </div><div class=\"t m0 x0 h2 y426 ff1 fs0 fc0 sc0 ls0 ws0\">alla <span class=\"_ _16\"> </span>scadenza <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _16\"> </span>Opzioni <span class=\"_ _7\"> </span>POP <span class=\"_ _16\"> </span>e, <span class=\"_ _16\"> </span>conseguentemente, <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>lla <span class=\"_ _16\"> </span>controparte <span class=\"_ _7\"> </span>stess<span class=\"_ _2\"></span><span class=\"ff4\">a  l\u2019<span class=\"_ _35\"></span>assunzione <span class=\"_ _16\"> </span>di  t<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>tti <span class=\"_ _16\"> </span>i <span class=\"_ _16\"> </span>rischi <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>volatilit\u00e0 </span></div><div class=\"t m0 x0 h2 y427 ff1 fs0 fc0 sc0 ls10 ws0\">del<span class=\"ls0\"> Pian<span class=\"_ _0\"></span>o.  </span></div><div class=\"t m0 x0 h2 y428 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _7\"> </span>riferimento <span class=\"_ _7\"> </span>ai <span class=\"_ _7\"> </span>Manager <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>al <span class=\"_ _7\"> </span>r<span class=\"_ _3\"></span>estante <span class=\"_ _7\"> </span>personale, <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>sostanziale <span class=\"_ _4\"> </span>continuit\u00e0 <span class=\"_ _7\"> </span>con <span class=\"_ _16\"> </span>il <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _7\"> </span>2014<span class=\"_ _2\"></span>-2017, <span class=\"_ _16\"> </span>\u00e8 <span class=\"_ _7\"> </span>stato <span class=\"_ _7\"> </span>invece </div><div class=\"t m0 x0 h2 y429 ff1 fs0 fc0 sc0 ls0 ws0\">introdotto un piano di<span class=\"_ _0\"></span> retention 2018 <span class=\"ff4\">\u2013</span> 2021 LECOIP 2.0.  </div><div class=\"t m0 x0 h2 y42a ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _6\"></span>piano <span class=\"_ _4\"> </span>LECOIP <span class=\"_ _6\"></span>2.0, <span class=\"_ _4\"> </span>finalizzato <span class=\"_ _6\"></span>a <span class=\"_ _4\"></span>favorire <span class=\"_ _6\"></span>la <span class=\"_ _4\"></span>condivisione <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>tutti <span class=\"_ _4\"> </span>i <span class=\"_ _6\"></span>l<span class=\"_ _3\"></span>ivelli <span class=\"_ _6\"></span>de<span class=\"_ _2\"></span><span class=\"ff4\">ll\u2019organizzazione <span class=\"_ _6\"></span>del <span class=\"_ _4\"> </span>valore <span class=\"_ _6\"></span>creato <span class=\"_ _6\"> </span>nel <span class=\"_ _4\"> </span>tempo <span class=\"_ _6\"> </span>a </span></div><div class=\"t m0 x0 h2 y42c ff4 fs0 fc0 sc0 ls0 ws0\">seguito <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>raggiungimento <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>obiettivi <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>d\u2019Impresa <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>promuovere <span class=\"_ _3\"></span>l\u2019identificazione <span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>lo <span class=\"_ _3\"></span>spirito <span class=\"_ _2\"></span>di <span class=\"_ _3\"></span>appartenenza <span class=\"_ _6\"> </span><span class=\"ff1\">al </span></div><div class=\"t m0 x0 h2 y42e ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _4\"> </span>\u00e8 <span class=\"_ _7\"> </span>assegnato <span class=\"_ _7\"> </span>in <span class=\"_ _7\"> </span>Certificates <span class=\"_ _4\"></span>emessi <span class=\"_ _4\"> </span>da <span class=\"_ _7\"> </span>JP <span class=\"_ _7\"> </span>Morgan, <span class=\"_ _4\"> </span>ovvero <span class=\"_ _7\"> </span>strumenti <span class=\"_ _4\"> </span>finanz<span class=\"_ _2\"></span>iari <span class=\"_ _4\"> </span>b<span class=\"_ _3\"></span>asati <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>azioni. <span class=\"_ _7\"> </span>In <span class=\"_ _4\"> </span>particolare, <span class=\"_ _7\"> </span>il </div><div class=\"t m0 x0 h2 y42f ff1 fs0 fc0 sc0 ls0 ws0\">Piano LECOIP 2.0 prevede:  </div><div class=\"t m0 x0 h2 y2ba ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019assegnazione <span class=\"_ _2\"></span>gratuita <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>dipendente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>ordinarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>nuova <span class=\"_ _5\"></span>emissione <span class=\"_ _2\"></span>rivenienti <span class=\"_ _5\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _5\"></span>aumento </span></span></div><div class=\"t m0 x2a h2 y1e8 ff4 fs0 fc0 sc0 ls0 ws0\">gratuito di capitale (\u201cFr<span class=\"_ _0\"></span>ee Shares\u201d); <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y1aa ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019assegnazione <span class=\"_ _7\"> </span>gratuita <span class=\"_ _16\"> </span>al <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ip</span>endente <span class=\"_ _16\"> </span>di <span class=\"_ _16\"> </span>ulteriori <span class=\"_ _7\"> </span>azioni  o<span class=\"_ _0\"></span>rdinarie <span class=\"_ _7\"> </span>Intesa  S<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>npaolo, <span class=\"_ _7\"> </span>di  n<span class=\"_ _0\"></span>uova <span class=\"_ _16\"> </span>emissione<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>a <span class=\"_ _16\"> </span>fronte <span class=\"_ _16\"> </span>del<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x2a h32 y274 ff4 fs0 fc0 sc0 ls0 ws0\">medesimo <span class=\"_ _7\"> </span>au<span class=\"_ _3\"></span>mento <span class=\"_ _7\"> </span>gratuito <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>capitale <span class=\"_ _16\"> </span>(\u201cMatching <span class=\"_ _7\"> </span>Shares\u201d), <span class=\"_ _7\"> </span>e  la <span class=\"_ _7\"> </span>sottoscrizione, <span class=\"_ _7\"> </span>da <span class=\"_ _16\"> </span>parte <span class=\"_ _7\"> </span>del  d<span class=\"_ _0\"></span>ipendente, <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>azioni </div><div class=\"t m0 x2a h2 ybd ff1 fs0 fc0 sc0 ls0 ws0\">ordinarie <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _3\"></span>rivenient<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>da <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>au<span class=\"_ _3\"></span>mento <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>capitale a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>gamen<span class=\"_ _0\"></span>to <span class=\"_ _3\"></span>riservato <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>dipendenti, </div><div class=\"t m0 x2a h2 ybe ff4 fs0 fc0 sc0 ls0 ws0\">con emissione di azi<span class=\"_ _0\"></span>oni a un prezzo scontato<span class=\"_ _0\"></span> rispetto al valore <span class=\"_ _0\"></span>di mercato (\u201cAzioni Sc<span class=\"_ _0\"></span>ontate\u201d).<span class=\"_ _3\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 ybf ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _4\"> </span>Certificates <span class=\"_ _4\"></span>sono <span class=\"_ _6\"></span>suddivisi <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>due <span class=\"_ _4\"></span>categorie <span class=\"_ _6\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>hanno <span class=\"_ _6\"></span>c<span class=\"_ _3\"></span>aratteristiche <span class=\"_ _6\"></span>diverse <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>seconda <span class=\"_ _4\"></span>che <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>i<span class=\"_ _2\"></span>ano <span class=\"_ _4\"></span>destinati <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _4\"></span>dipendenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yc0 ff4 fs0 fc0 sc0 ls0 ws0\">\u201cProfessional\u201d <span class=\"_ _5\"></span>oppure <span class=\"_ _5\"></span>\u201cManager\u201d <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>perimetro <span class=\"_ _5\"></span>italiano <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Gruppo. <span class=\"_ _5\"></span>I <span class=\"_ _6\"></span>Certificates <span class=\"_ _2\"></span>riflettono <span class=\"_ _6\"></span>i <span class=\"_ _5\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>opzioni <span class=\"_ _5\"></span>aven<span class=\"_ _5\"></span><span class=\"ff1\">t<span class=\"_ _3\"></span>i </span></div><div class=\"t m0 x0 h2 yc1 ff1 fs0 fc0 sc0 ls0 ws0\">come sottostante <span class=\"_ _3\"></span>azioni ordinarie <span class=\"_ _3\"></span>Intesa Sanpaolo e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>consentono al di<span class=\"_ _3\"></span>pendente di <span class=\"_ _3\"></span>ricevere alla <span class=\"_ _3\"></span>scaden<span class=\"_ _2\"></span>za, <span class=\"_ _3\"></span>salvo <span class=\"_ _3\"></span>il verificarsi di </div><div class=\"t m0 x0 h2 yc2 ff1 fs0 fc0 sc0 ls0 ws0\">determinati <span class=\"_ _2\"></span>eventi, <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _2\"></span>cassa <span class=\"_ _2\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>ordinarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo) <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>originario <span class=\"_ _2\"></span>delle<span class=\"_ _5\"></span> </div><div class=\"t m0 x0 h32 y700 ff4 fs0 fc0 sc0 ls0 ws0\">Free <span class=\"_ _5\"></span>Shares <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>Matching <span class=\"_ _2\"></span>Shares <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>i <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>ipendenti <span class=\"_ _5\"></span>\u201cProfes<span class=\"_ _0\"></span>sional\u201d <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>al <span class=\"_ _5\"></span>75% <span class=\"_ _5\"></span>dello <span class=\"_ _5\"></span>stesso <span class=\"_ _5\"></span>per <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>dipend<span class=\"_ _5\"></span>enti <span class=\"_ _5\"></span>\u201cManager\u201d, <span class=\"_ _5\"></span>pi\u00f9 </div><div class=\"t m0 x0 h32 yc4 ff4 fs0 fc0 sc0 ls0 ws0\">l\u2019eventuale apprezzamento, rispetto al valore di mercato originario, connesso all\u2019ammontare di Free <span class=\"_ _3\"></span>Shares, Matching Shares </div><div class=\"t m0 x0 h2 yc5 ff1 fs0 fc0 sc0 ls0 ws0\">e Azioni Scontate.  </div><div class=\"t m0 x0 h2 yc6 ff4 fs0 fc0 sc0 ls0 ws0\">I Piani POP e LECOIP 2.0 <span class=\"_ _0\"></span>sono stati sottopo<span class=\"_ _0\"></span>sti all\u2019approvazione <span class=\"_ _0\"></span>dell\u2019Assemblea ordinar<span class=\"_ _0\"></span>ia dei<span class=\"_ _2\"></span><span class=\"ff1\"> soci del 27 ap<span class=\"_ _0\"></span>rile 2018.  </span></div><div class=\"t m0 x0 h2 yc7 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _6\"></span>p<span class=\"_ _3\"></span>articolare <span class=\"_ _6\"></span>riferimento <span class=\"_ _6\"></span>al <span class=\"_ _4\"> </span>Piano <span class=\"_ _6\"></span>LECOIP <span class=\"_ _4\"></span>2.0, <span class=\"_ _6\"></span>la <span class=\"_ _4\"> </span>parte <span class=\"_ _6\"></span>s<span class=\"_ _3\"></span>traordinaria <span class=\"_ _6\"></span>della <span class=\"_ _6\"></span>stessa <span class=\"_ _4\"> </span>Assemblea <span class=\"_ _6\"></span>ha <span class=\"_ _4\"></span>deliberato <span class=\"_ _6\"></span>in <span class=\"_ _4\"></span>merito <span class=\"_ _6\"></span>al </div><div class=\"t m0 x0 h2 yc8 ff4 fs0 fc0 sc0 ls0 ws0\">conferimento di <span class=\"_ _3\"></span>u<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>delega a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>Consiglio d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>Amministrazione ad <span class=\"_ _3\"></span>aumentare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>capitale <span class=\"_ _3\"></span>sociale <span class=\"_ _3\"></span>ai <span class=\"_ _3\"></span>sensi <span class=\"_ _3\"></span>dell\u2019a<span class=\"_ _5\"></span><span class=\"ff1\">rt. <span class=\"_ _3\"></span>2443 <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>codice<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h32 yc9 ff4 fs0 fc0 sc0 ls0 ws0\">civile, <span class=\"_ _4\"> </span>funzionale <span class=\"_ _4\"> </span>all\u2019attuazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Piano <span class=\"_ _7\"> </span>LECOIP <span class=\"_ _4\"> </span>2.0. <span class=\"_ _4\"> </span>Tali <span class=\"_ _4\"> </span>aumenti <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>capitale <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>stati <span class=\"_ _4\"> </span>eseguiti <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>da<span class=\"_ _3\"></span>ta <span class=\"_ _4\"> </span>11 <span class=\"_ _4\"> </span>luglio <span class=\"_ _4\"> </span>2018 </div><div class=\"t m0 x0 h2 yca ff4 fs0 fc0 sc0 ls0 ws0\">contestualmente all\u2019<span class=\"_ _0\"></span>avvio dei Piani di i<span class=\"_ _0\"></span>ncentivazione a lung<span class=\"_ _0\"></span>o termine 2018<span class=\"ff1\">-<span class=\"_ _3\"></span>2021. </span></div><div class=\"t m0 x0 h2 ycb ff1 fs0 fc0 sc0 ls0 ws0\">Relativamente al Piano POP, si e<span class=\"_ _3\"></span>videnzia che <span class=\"ff4\">\u2013</span> <span class=\"ff4\">a<span class=\"_ _3\"></span> fronte dell\u2019insorgere di eventi esogeni di natura straordinaria (in particolare, </span></div><div class=\"t m0 x0 h2 y11b ff1 fs0 fc0 sc0 ls0 ws0\">la ridotta <span class=\"_ _3\"></span>distribuzione dei dividendi del <span class=\"_ _3\"></span>settore bancario europeo nel con<span class=\"_ _3\"></span>testo della pandemia da COVID<span class=\"_ _5\"></span>-<span class=\"ff4\">19), e<span class=\"_ _3\"></span> con l\u2019obiettivo </span></div><div class=\"t m0 x0 h2 ycd ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>neutralizzarne <span class=\"_ _2\"></span>gli <span class=\"_ _5\"></span>effetti <span class=\"_ _5\"></span>tecnici <span class=\"_ _2\"></span>sui <span class=\"_ _2\"></span>meccanismi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>f<span class=\"_ _3\"></span>unzionamento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Piano <span class=\"_ _2\"></span>che, <span class=\"_ _5\"></span>nei <span class=\"_ _2\"></span>fatti, <span class=\"_ _2\"></span>ne <span class=\"_ _5\"></span>compromettevano <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valenza </div><div class=\"t m0 x0 h2 yce ff1 fs0 fc0 sc0 ls0 ws0\">incentivante, ossia <span class=\"_ _3\"></span>la possibilit\u00e0 che <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Piano <span class=\"_ _3\"></span>POP possa <span class=\"_ _3\"></span>essere r<span class=\"_ _3\"></span>ealisticamente in <span class=\"_ _3\"></span>the money <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte <span class=\"_ _3\"></span>del recupero <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>valor<span class=\"_ _2\"></span><span class=\"lsc\">e </span></div><div class=\"t m0 x0 h2 ycf ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>titolo <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>ripresa <span class=\"_ _3\"></span>della <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>golare di<span class=\"_ _3\"></span>stribuzione <span class=\"_ _3\"></span>dei <span class=\"_ _3\"></span>dividendi <span class=\"_ _5\"></span><span class=\"ff4\">\u2013</span> <span class=\"_ _3\"></span><span class=\"ff4\">l<span class=\"_ _3\"></span>\u2019Assemblea<span class=\"_ _0\"></span> <span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>inaria <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>28 <span class=\"_ _3\"></span>apr<span class=\"_ _3\"></span>ile <span class=\"_ _3\"></span>2021 </span></div><div class=\"t m0 x0 h2 yd0 ff1 fs0 fc0 sc0 ls0 ws0\">ha approvato talune m<span class=\"_ _0\"></span>odifiche. </div><div class=\"t m0 x0 h2 yd1 ff4 fs0 fc0 sc0 ls0 ws0\">In particolare, le modifiche pre<span class=\"_ _0\"></span>viste hanno riguardat<span class=\"_ _0\"></span>o il meccanismo di correzione dello <span class=\"_ _0\"></span>strike price in funzione dell\u2019amm<span class=\"_ _0\"></span>ont<span class=\"_ _5\"></span><span class=\"ff1\">are </span></div><div class=\"t m0 x0 h2 yd2 ff1 fs0 fc0 sc0 ls0 ws0\">di dividendi effettivamente distribuiti in ciascun anno<span class=\"_ _3\"></span> di piano rispetto <span class=\"_ _3\"></span>alle attese di consensus e<span class=\"_ _3\"></span> il posticipo del <span class=\"_ _3\"></span>c.d. Av<span class=\"_ _6\"></span>eraging<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 yd3 ff4 fs0 fc0 sc0 ls0 ws0\">Period <span class=\"_ _3\"></span>(i.e. <span class=\"_ _3\"></span>periodo di <span class=\"_ _3\"></span>osservazione <span class=\"_ _3\"></span>durante <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>quale <span class=\"_ _3\"></span>si <span class=\"_ _3\"></span>forma <span class=\"_ _3\"></span>la media <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>prezzo <span class=\"_ _3\"></span>dell\u2019azione <span class=\"_ _3\"></span>ISP da <span class=\"_ _3\"></span>confrontarsi <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>lo <span class=\"_ _6\"></span><span class=\"ff1\">strike </span></div><div class=\"t m0 x0 h2 yd4 ff4 fs0 fc0 sc0 ls0 ws0\">price), <span class=\"_ _16\"> </span>originariamente <span class=\"_ _16\"> </span>fissato <span class=\"_ _7\"> </span>ne<span class=\"_ _3\"></span>ll\u2019intervallo <span class=\"_ _7\"> </span>temporale <span class=\"_ _16\"> </span>11  m<span class=\"_ _0\"></span>arzo <span class=\"_ _16\"> </span>2021 <span class=\"_ _1d\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _16\"> </span>11  m<span class=\"_ _35\"></span>arzo  2022, <span class=\"_ _7\"> </span>di  un <span class=\"_ _7\"> </span>a<span class=\"_ _3\"></span>nno <span class=\"_ _16\"> </span>con <span class=\"_ _16\"> </span>conseguente </span></div><div class=\"t m0 x0 h2 yd5 ff1 fs0 fc0 sc0 ls0 ws0\">posticipazione di un <span class=\"_ _0\"></span>anno anche della <span class=\"_ _0\"></span>data di esercizio dell<span class=\"_ _0\"></span>e opzioni POP. </div><div class=\"t m0 x0 h2 yd6 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb72 ff1 fs0 fc0 sc0 ls0 ws0\">Entrambi <span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>piani <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>incentivazio<span class=\"_ _0\"></span>ne <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>lungo <span class=\"_ _6\"></span>termine <span class=\"_ _6\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>ogg<span class=\"_ _3\"></span>etto <span class=\"_ _6\"></span>(POP <span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>LECOIP <span class=\"_ _5\"></span>2.<span class=\"_ _3\"></span>0) <span class=\"_ _6\"></span>rientrano <span class=\"_ _5\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _6\"></span>perimetro <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>applicazione </div><div class=\"t m0 x0 h32 yd8 ff4 fs0 fc0 sc0 ls0 ws0\">dell\u2019IFRS <span class=\"_ _5\"></span>2 <span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>sono <span class=\"_ _6\"></span>qualificabil<span class=\"_ _0\"></span>i <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>ome <span class=\"_ _5\"></span>operazioni <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>pagamento <span class=\"_ _5\"></span>basato <span class=\"_ _6\"> </span>su <span class=\"_ _6\"></span>azioni <span class=\"_ _5\"></span>regolate <span class=\"_ _6\"></span>con <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>trumenti <span class=\"_ _5\"></span>rappresentativi <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 yd9 ff4 fs0 fc0 sc0 ls0 ws0\">capitale (c.d. piani \u201ceq<span class=\"_ _35\"></span>u<span class=\"_ _3\"></span>ity<span class=\"ff1\">-</span>settled\u201d). <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 yda ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 ydb ff1 fs0 fc0 sc0 ls0 ws0\">Con ri<span class=\"_ _3\"></span>ferimento al Piano <span class=\"_ _3\"></span>POP, <span class=\"_ _3\"></span>alla data <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>assegnazione \u00e8 <span class=\"_ _3\"></span>stato definito <span class=\"_ _3\"></span>il fair <span class=\"_ _3\"></span>value degli <span class=\"_ _3\"></span>strumenti rappresentativi di <span class=\"_ _3\"></span>capitale </div><div class=\"t m0 x0 h2 ydc ff1 fs0 fc0 sc0 ls0 ws0\">oggetto <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>(rappresentato <span class=\"_ _5\"></span>dal <span class=\"_ _6\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>delle <span class=\"_ _5\"></span>opzioni <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ettificato <span class=\"_ _5\"></span>per <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>vincolo <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>disponibilit\u00e0 <span class=\"_ _5\"></span>cui <span class=\"_ _6\"></span>saranno <span class=\"_ _5\"></span>soggett<span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>le </div><div class=\"t m0 x0 h2 y275 ff4 fs0 fc0 sc0 ls0 ws0\">azioni <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>seguito <span class=\"_ _7\"> </span>dell\u2019e<span class=\"ff1\">sercizio <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>elle <span class=\"_ _4\"> </span>opzioni) <span class=\"_ _7\"> </span>e <span class=\"_ _7\"> </span>successivamente <span class=\"_ _4\"> </span>aggiornato <span class=\"_ _7\"> </span>a <span class=\"_ _4\"> </span>seguito <span class=\"_ _7\"> </span>delle <span class=\"_ _4\"> </span>mo<span class=\"_ _3\"></span>difiche <span class=\"_ _4\"> </span>del <span class=\"_ _7\"> </span>Piano. <span class=\"_ _4\"> </span>I<span class=\"_ _3\"></span>l <span class=\"_ _7\"> </span>Piano<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y4fe ff1 fs0 fc0 sc0 ls0 ws0\">prevede <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>performance <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>on <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>mercato <span class=\"_ _2\"></span>(le <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>ttivazione <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>performance </div><div class=\"t m0 x0 h2 y4ff ff1 fs0 fc0 sc0 ls0 ws0\">conditions), di <span class=\"_ _3\"></span>cui <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _3\"></span>stato <span class=\"_ _3\"></span>tenut<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>conto a<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>fine d<span class=\"_ _3\"></span>i determinare <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>numero d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>azioni per <span class=\"_ _3\"></span>la <span class=\"_ _3\"></span>valorizzazione <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>costo del <span class=\"_ _3\"></span>piano. <span class=\"_ _3\"></span>Tali </div><div class=\"t m0 x0 h2 y9f5 ff1 fs0 fc0 sc0 ls0 ws0\">stime sono oggetto di <span class=\"_ _3\"></span>revisione nel corso del vesting period <span class=\"_ _3\"></span>e fino alla scadenza. Il costo <span class=\"_ _3\"></span>del piano, cos\u00ec definito, \u00e8 <span class=\"_ _3\"></span>imput<span class=\"_ _5\"></span>ato a </div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-108.91724px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _2\"></span>(come <span class=\"_ _3\"></span>cos<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>lavoro) <span class=\"_ _2\"></span>pro <span class=\"_ _2\"></span>rata <span class=\"_ _2\"></span>temporis <span class=\"_ _2\"></span>lungo <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>periodo <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>maturazione <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _3\"></span>eneficio, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>ad </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">una <span class=\"_ _3\"></span>specifica <span class=\"_ _2\"></span>riserva <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Patrimonio <span class=\"_ _3\"></span>Netto. <span class=\"_ _2\"></span>Analoga <span class=\"_ _3\"></span>rappresentazione <span class=\"_ _3\"></span>contabile <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>sensi <span class=\"_ _2\"></span>dell\u2019IFRS <span class=\"_ _3\"></span>2 <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>applicata <span class=\"_ _3\"></span>alle <span class=\"_ _2\"></span>modifiche<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">al <span class=\"_ _6\"></span>Piano. <span class=\"_ _5\"></span>In <span class=\"_ _6\"></span>particolare, <span class=\"_ _5\"></span>il <span class=\"_ _5\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _6\"></span>del <span class=\"_ _5\"></span>piano <span class=\"_ _6\"></span>originario <span class=\"_ _5\"></span>continua <span class=\"_ _5\"></span>ad <span class=\"_ _6\"></span>essere <span class=\"_ _5\"></span>rilevato <span class=\"_ _6\"></span>lungo <span class=\"_ _5\"></span>il <span class=\"_ _6\"></span>vesting <span class=\"_ _5\"></span>period <span class=\"_ _6\"></span>iniziale <span class=\"_ _5\"></span>(ovvero <span class=\"_ _6\"></span>fino </div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">all\u201911 <span class=\"_ _3\"></span>marzo <span class=\"_ _2\"></span>2022), <span class=\"_ _3\"></span>mentre <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>costo <span class=\"_ _2\"></span>aggiuntivo <span class=\"_ _3\"></span>relativo <span class=\"_ _3\"></span>alla <span class=\"_ _2\"></span>modifica <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _2\"></span>rilevato <span class=\"_ _3\"></span>lungo <span class=\"_ _2\"></span>il <span class=\"_ _3\"></span>nuovo <span class=\"_ _3\"></span>vesting <span class=\"_ _2\"></span>period, <span class=\"_ _3\"></span>ovv<span class=\"_ _5\"></span><span class=\"ff1\">ero </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">fino <span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>10 <span class=\"_ _4\"></span>marzo <span class=\"_ _5\"></span>2023. <span class=\"_ _6\"></span>Il <span class=\"_ _4\"></span>posticipo <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>un <span class=\"_ _6\"></span>anno <span class=\"_ _6\"></span>del <span class=\"_ _6\"></span>periodo <span class=\"_ _6\"></span>di <span class=\"_ _4\"></span>osservazione,<span class=\"_ _0\"></span> <span class=\"_ _6\"></span>con <span class=\"_ _6\"></span>conseguente <span class=\"_ _6\"></span>allungamento <span class=\"_ _5\"></span>del <span class=\"_ _4\"></span>periodo <span class=\"_ _5\"></span>di </div><div class=\"t m0 x0 h2 y63 ff1 fs0 fc0 sc0 ls0 ws0\">permanenza in servizi<span class=\"_ _0\"></span>o, si configura infa<span class=\"_ _0\"></span>tti come un increment<span class=\"_ _0\"></span>o del vesting period. </div><div class=\"t m0 x0 h2 y64 ff1 fs0 fc0 sc0 ls22 ws0\">Al<span class=\"ls0\"> verificarsi <span class=\"_ _7\"> </span>degli <span class=\"_ _16\"> </span>eventi <span class=\"_ _7\"> </span>che <span class=\"_ _16\"> </span>comportano <span class=\"_ _7\"> </span>per <span class=\"_ _16\"> </span>i <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>ipendenti <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>perdita <span class=\"_ _16\"> </span>del <span class=\"_ _7\"> </span>d<span class=\"_ _3\"></span>iri<span class=\"_ _2\"></span>tto <span class=\"_ _7\"> </span>ai <span class=\"_ _16\"> </span>benefici <span class=\"_ _7\"> </span>del <span class=\"_ _16\"> </span>Piano <span class=\"_ _7\"> </span>POP <span class=\"_ _16\"> </span>(performance<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y65 ff4 fs0 fc0 sc0 ls0 ws0\">condition, <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>attivazione <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>enir <span class=\"_ _2\"></span>meno <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>serv<span class=\"_ _3\"></span>izio) <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>iscrive <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n\u2019attivi<span class=\"_ _5\"></span><span class=\"ff1\">t\u00e0 </span></div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">finanziaria <span class=\"_ _5\"></span>in <span class=\"_ _6\"></span>contropartita <span class=\"_ _2\"></span>al <span class=\"_ _6\"></span>Patrimonio <span class=\"_ _5\"></span>Netto. <span class=\"_ _5\"></span>Nelle <span class=\"_ _5\"></span>v<span class=\"_ _3\"></span>alutazioni <span class=\"_ _5\"></span>successive <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>var<span class=\"_ _2\"></span>iazioni <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>value <span class=\"_ _6\"></span>sono <span class=\"_ _5\"></span>rilevate <span class=\"_ _5\"></span>a <span class=\"_ _6\"></span>conto </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">economico. <span class=\"_ _7\"> </span>Per <span class=\"_ _7\"> </span>quanto <span class=\"_ _7\"> </span>concerne <span class=\"_ _7\"> </span>il <span class=\"_ _7\"> </span>diritto <span class=\"_ _7\"> </span>di <span class=\"_ _16\"> </span>accollo <span class=\"_ _16\"> </span><span class=\"ff4\">\u2013</span> <span class=\"_ _7\"> </span>essendo <span class=\"_ _7\"> </span>nella <span class=\"_ _7\"> </span>sostanza <span class=\"_ _7\"> </span>configurabile <span class=\"_ _7\"> </span>come <span class=\"_ _7\"> </span>la <span class=\"_ _7\"> </span>modalit\u00e0 <span class=\"_ _7\"> </span>operativa </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">adottata <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>Gruppo <span class=\"_ _3\"></span>per <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>mpiere a<span class=\"_ _3\"></span>ll\u2019obbligazione d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>delivery <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>isica <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>azioni <span class=\"_ _2\"></span>rinvenient<span class=\"_ _2\"></span><span class=\"ff1\">e <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>Piano <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>appresentazion<span class=\"_ _35\"></span>e </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">contabile <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _2\"></span>quella <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>uno <span class=\"_ _5\"></span>strumento <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>capitale <span class=\"_ _2\"></span>movimentando <span class=\"_ _5\"></span>in <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>ontropartita <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _5\"></span>Netto. <span class=\"_ _2\"></span>Si <span class=\"_ _5\"></span>precisa, <span class=\"_ _5\"></span>inoltre, <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>l<span class=\"_ _2\"></span><span class=\"lsc\">a </span></div><div class=\"t m0 x0 h2 y6a ff4 fs0 fc0 sc0 ls0 ws0\">modifica <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>Piano <span class=\"_ _7\"> </span>POP <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>comportato <span class=\"_ _4\"> </span>anche <span class=\"_ _7\"> </span>la <span class=\"_ _4\"> </span>conseguente <span class=\"_ _4\"> </span>modifica <span class=\"_ _4\"> </span>dell\u2019accollo <span class=\"_ _4\"> </span>liberatorio <span class=\"_ _4\"> </span>gi\u00e0  <span class=\"ff1\">s<span class=\"_ _0\"></span>tipulato <span class=\"_ _4\"></span>tra <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>Banca, <span class=\"_ _4\"> </span>i </span></div><div class=\"t m0 x0 h2 y6b ff4 fs0 fc0 sc0 ls0 ws0\">beneficiari e <span class=\"_ _3\"></span>il p<span class=\"_ _3\"></span>artner finanziario, <span class=\"_ _3\"></span>in forza <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>quale quest\u2019ultima <span class=\"_ _3\"></span>si \u00e8 <span class=\"_ _3\"></span>accollata <span class=\"_ _3\"></span>l\u2019obbligo di <span class=\"_ _3\"></span>consegna ai <span class=\"_ _3\"></span>Beneficiari d<span class=\"_ _3\"></span>el<span class=\"_ _5\"></span><span class=\"ff1\">le <span class=\"_ _3\"></span>azioni<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 hfb y6c ff1 fs0 fc0 sc0 ls0 ws0\">ISP sottostanti alle Op<span class=\"_ _0\"></span>zioni POP.<span class=\"fff fs6\"> </span> </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">Per <span class=\"_ _17\"> </span>quanto <span class=\"_ _17\"> </span>riguarda <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>Piano <span class=\"_ _18\"> </span>LECOIP <span class=\"_ _17\"> </span>2.0, <span class=\"_ _17\"> </span>alla <span class=\"_ _17\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _17\"> </span>assegn<span class=\"_ _3\"></span>azione <span class=\"_ _17\"> </span>\u00e8 <span class=\"_ _17\"> </span>s<span class=\"_ _3\"></span>tato <span class=\"_ _17\"> </span>calcolato <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>fair <span class=\"_ _17\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _17\"> </span>strumenti </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">rappresentativi di capitale oggetto del p<span class=\"_ _3\"></span>iano (equivalente alla somma del <span class=\"_ _3\"></span>fair value delle <span class=\"_ _3\"></span>azioni assegnate gratuitamente e d<span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>l </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">fair value dello sconto per le azi<span class=\"_ _0\"></span>oni a pagamento) e non pi\u00f9 modificato. <span class=\"_ _3\"></span>Il Piano prevede la presenza di condizi<span class=\"_ _0\"></span>oni di servizio e </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>performance <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>(i <span class=\"_ _5\"></span>trigger <span class=\"_ _2\"></span>events), <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _5\"></span>stato <span class=\"_ _2\"></span>tenu<span class=\"_ _3\"></span>to <span class=\"_ _2\"></span>conto <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>fine <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>determinare <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>numero <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>per <span class=\"_ _7\"> </span>la </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">valorizzazione del <span class=\"_ _3\"></span>costo <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>piano. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>stime <span class=\"_ _3\"></span>sono <span class=\"_ _3\"></span>state oggetto <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>revi<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ione <span class=\"_ _3\"></span>nel corso <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>vesting <span class=\"_ _3\"></span>period e <span class=\"_ _2\"></span>fino a<span class=\"_ _3\"></span>lla <span class=\"_ _3\"></span>scadenza. </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Il costo d<span class=\"_ _3\"></span>el piano, cos\u00ec <span class=\"_ _3\"></span>definito, \u00e8 stato imputato a <span class=\"_ _3\"></span>conto economico (come costo del <span class=\"_ _3\"></span>lavoro) pro <span class=\"_ _3\"></span>rata temporis lungo il p<span class=\"_ _3\"></span>eri<span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>do </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">di maturazione del b<span class=\"_ _0\"></span>eneficio, in contro<span class=\"_ _0\"></span>partita ad una specific<span class=\"_ _0\"></span>a riserv<span class=\"_ _3\"></span>a di Patrimonio Netto. </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>verificarsi <span class=\"_ _3\"></span>degli <span class=\"_ _2\"></span>eventi <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>comportano <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3\"></span>dipendenti <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3\"></span>del <span class=\"_ _3\"></span>diritto <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>benefici <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>LECOIP <span class=\"_ _3\"></span>2.0 <span class=\"_ _3\"></span>Certificates <span class=\"_ _3\"></span>(t<span class=\"_ _5\"></span>rigger </div><div class=\"t m0 x0 h2 y75 ff4 fs0 fc0 sc0 ls0 ws0\">events <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>venir <span class=\"_ _4\"> </span>meno <span class=\"_ _4\"> </span>della <span class=\"_ _4\"> </span>permanenza <span class=\"_ _6\"> </span>in <span class=\"_ _4\"> </span>servizio) <span class=\"_ _4\"> </span>Intesa <span class=\"_ _4\"> </span>Sanpaolo <span class=\"_ _4\"> </span>ha <span class=\"_ _4\"> </span>iscritto <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>bilancio <span class=\"_ _4\"> </span>un\u2019attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4\"> </span>finanziaria <span class=\"_ _4\"> </span>(il <span class=\"_ _4\"> </span>credito </span></div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">ceduto <span class=\"_ _3\"></span>rappresentativo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Certificate) <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contropartita <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Patrimonio <span class=\"_ _2\"></span>Netto. <span class=\"_ _3\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Certificates <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>nel <span class=\"_ _2\"></span>bilancio <span class=\"_ _3\"></span>del </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Gruppo, <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tati <span class=\"_ _5\"></span>classificati, <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>ossequio <span class=\"_ _5\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>previsioni <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>principio <span class=\"_ _5\"></span>contabile <span class=\"_ _5\"></span>IFRS <span class=\"_ _6\"></span>9, <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>ll<span class=\"ff4\">a <span class=\"_ _5\"></span>voce <span class=\"_ _5\"></span>20.c) <span class=\"_ _5\"></span>\u201c<span class=\"_ _3\"></span>Attivit\u00e0 <span class=\"_ _5\"></span>finanziarie </span></div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">valutate <span class=\"_ _16\"> </span>al  fair <span class=\"_ _7\"> </span>value  con <span class=\"_ _16\"> </span>impatto <span class=\"_ _16\"> </span>a  conto <span class=\"_ _7\"> </span>e<span class=\"_ _3\"></span>conomico: <span class=\"_ _16\"> </span>Altre <span class=\"_ _16\"> </span>attivit\u00e0  f<span class=\"_ _0\"></span>inanziarie <span class=\"_ _16\"> </span>obbligatoriamente <span class=\"_ _16\"> </span>valutate <span class=\"_ _16\"> </span>al  f<span class=\"_ _0\"></span>air  v<span class=\"_ _0\"></span>alue\u201d<span class=\"_ _5\"></span><span class=\"ff1 ls1d\">. </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">Contestualmente, qualora vi sia stata la neces<span class=\"_ _0\"></span>sit\u00e0 di adeguare la stima precedentem<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>nte effettuat<span class=\"_ _3\"></span>a,<span class=\"_ _3\"></span> \u00e8 stato modificato il costo </div><div class=\"t m0 x0 h2 y7a ff1 fs0 fc0 sc0 ls0 ws0\">del Piano a fronte di <span class=\"_ _0\"></span>un adeguamento del P<span class=\"_ _0\"></span>atrimonio Netto. </div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y7c ffa fs0 fc2 sc0 ls0 ws0\">Piani di incentivazione<span class=\"_ _0\"></span> a lungo termine 2022-2025: Piano Pe<span class=\"_ _0\"></span>rformance Share e Pi<span class=\"_ _0\"></span>ano LECOIP 3.0 </div><div class=\"t m0 x0 h2 y7d ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _4\"> </span>concomitanza <span class=\"_ _4\"> </span>con <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>lancio <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>Piano <span class=\"_ _4\"> </span>d\u2019Impresa <span class=\"_ _4\"> </span>2022<span class=\"_ _2\"></span><span class=\"ff1\">-2025 <span class=\"_ _4\"></span>sono <span class=\"_ _4\"></span>stati <span class=\"_ _4\"> </span></span>avviati <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>ue <span class=\"_ _4\"> </span>nuovi <span class=\"_ _4\"> </span>piani <span class=\"_ _4\"> </span>d\u2019incentivazione <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>lungo </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\">termine destinati a di<span class=\"_ _0\"></span>fferenti cluster di po<span class=\"_ _0\"></span>polazione: </div><div class=\"t m0 x0 h2 y8ff ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Piano <span class=\"_ _7\"> </span>Performance <span class=\"_ _7\"> </span>Share <span class=\"_ _7\"> </span>(PSP) <span class=\"_ _16\"> </span>destinato <span class=\"_ _7\"> </span>al <span class=\"_ _16\"> </span>Management <span class=\"_ _4\"> </span>del <span class=\"_ _16\"> </span>Gruppo, <span class=\"_ _7\"> </span>ivi <span class=\"_ _16\"> </span>inclusi <span class=\"_ _7\"> </span>il <span class=\"_ _16\"> </span>Consigl<span class=\"_ _0\"></span>iere <span class=\"_ _7\"> </span>Delegato <span class=\"_ _16\"> </span>e <span class=\"_ _7\"> </span>CEO, <span class=\"_ _7\"> </span>i </span></div><div class=\"t m0 x2a h2 y900 ff1 fs0 fc0 sc0 ls0 ws0\">restanti Risk Taker Apic<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>li di Gruppo e gli altri Risk Taker <span class=\"_ _0\"></span>di Gruppo (perimetro Itali<span class=\"_ _0\"></span>a ed estero); </div><div class=\"t m0 x0 h2 y435 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span>Piano LECOIP 3.0 destin<span class=\"_ _0\"></span>ato a tutti i Profe<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>sional del perimetro<span class=\"_ _0\"></span> italiano del Gruppo. </span></div><div class=\"t m0 x0 h2 y436 ff1 fs0 fc0 sc0 ls0 ws0\">Con riferimento al Management, Intesa Sanpaolo ha ritenuto di a<span class=\"_ _3\"></span>dottare un Piano esplicitamente connesso al ragg<span class=\"_ _2\"></span>iungimento </div><div class=\"t m0 x0 h32 y437 ff4 fs0 fc0 sc0 ls0 ws0\">degli <span class=\"_ _16\"> </span>obiettivi <span class=\"_ _16\"> </span>del  Pi<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>no <span class=\"_ _16\"> </span>d\u2019Impresa, <span class=\"_ _16\"> </span>che <span class=\"_ _16\"> </span>abbia <span class=\"_ _16\"> </span>un  pr<span class=\"_ _0\"></span>ofilo  d<span class=\"_ _0\"></span>i <span class=\"_ _16\"> </span>rischio/rendimento <span class=\"_ _7\"> </span>ade<span class=\"_ _3\"></span>guato <span class=\"_ _16\"> </span>al <span class=\"_ _16\"> </span>ruolo <span class=\"_ _16\"> </span>ricoperto <span class=\"_ _16\"> </span>e <span class=\"_ _16\"> </span>ai  livelli<span class=\"_ _0\"></span> <span class=\"_ _16\"> </span>di </div><div class=\"t m0 x0 h2 y438 ff4 fs0 fc0 sc0 ls0 ws0\">ambizione e sfida dello<span class=\"_ _0\"></span> stesso e che pre<span class=\"_ _0\"></span>veda l\u2019adozione delle P<span class=\"_ _0\"></span>erformance Share quale <span class=\"_ _0\"></span>strumento finanzi<span class=\"_ _0\"></span>ario.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y29c ff1 fs0 fc0 sc0 ls0 ws0\">Nel <span class=\"_ _2\"></span>dettagli<span class=\"ff4\">o, <span class=\"_ _2\"></span>il <span class=\"_ _5\"></span>Piano <span class=\"_ _2\"></span>Performance <span class=\"_ _2\"></span>Share <span class=\"_ _2\"></span>prevede <span class=\"_ _2\"></span>l\u2019assegnazione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>az<span class=\"_ _3\"></span>ioni <span class=\"_ _2\"></span>ordinarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuova <span class=\"_ _5\"></span>emissione <span class=\"_ _3\"></span>a </span></div><div class=\"t m0 x0 h2 y439 ff1 fs0 fc0 sc0 ls0 ws0\">fronte  di  un  a<span class=\"_ _0\"></span>umento  di  c<span class=\"_ _0\"></span>apitale  gratuito, <span class=\"_ _16\"> </span>sottoposte  al  rag<span class=\"_ _35\"></span>giun<span class=\"_ _3\"></span>gimento <span class=\"_ _16\"> </span>di  condizioni  di  p<span class=\"_ _0\"></span>erformance  chiave <span class=\"_ _16\"> </span>del  Piano </div><div class=\"t m0 x0 h2 y43a ff4 fs0 fc0 sc0 ls0 ws0\">d\u2019Impresa, <span class=\"_ _4\"> </span>soggette <span class=\"_ _4\"> </span>all\u2019appl<span class=\"ff1\">icazione <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>demoltiplicatori <span class=\"_ _4\"></span>basati <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>target <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>sostenibilit\u00e0 <span class=\"_ _7\"> </span>nonch\u00e9 <span class=\"_ _7\"> </span>subordinate <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>condizioni <span class=\"_ _4\"></span>di </span></div><div class=\"t m0 x0 h2 y43b ff1 fs0 fc0 sc0 ls0 ws0\">attivazione e di ac<span class=\"_ _0\"></span>cesso individuale (c.d. compliance breach).  </div><div class=\"t m0 x0 h2 y43d ff1 fs0 fc0 sc0 ls0 ws0\">Le azioni eventualmente maturate saranno corris<span class=\"_ _0\"></span>poste in un orizzonte temporale di 4/5 anni secondo schemi di payout definiti </div><div class=\"t m0 x0 h2 y29e ff1 fs0 fc0 sc0 ls0 ws0\">in <span class=\"_ _6\"></span>funzione <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>cluster <span class=\"_ _6\"></span>di <span class=\"_ _6\"></span>appartenenza <span class=\"_ _5\"></span>del <span class=\"_ _6\"></span>beneficiario, <span class=\"_ _4\"></span><span class=\"ff4\">dell\u2019ammontare <span class=\"_ _5\"></span>della <span class=\"_ _6\"></span>remunerazione <span class=\"_ _5\"></span>variabile <span class=\"_ _6\"></span>complessiva <span class=\"_ _4\"> </span></span><span class=\"ls10\">e <span class=\"_ _5\"></span></span>della </div><div class=\"t m0 x0 h2 y43f ff1 fs0 fc0 sc0 ls0 ws0\">sua <span class=\"_ _3\"></span>incidenza <span class=\"_ _3\"></span>rispetto <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>remunerazione fissa<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Le <span class=\"_ _3\"></span>quote <span class=\"_ _3\"></span>differite s<span class=\"_ _3\"></span>ono <span class=\"_ _3\"></span>inoltre soggette <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>verifica <span class=\"_ _3\"></span>delle <span class=\"_ _3\"></span>condizioni d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>malus, </div><div class=\"t m0 x0 h2 y440 ff1 fs0 fc0 sc0 ls0 ws0\">definite in modo spe<span class=\"_ _0\"></span>culare alle condizi<span class=\"_ _0\"></span>oni di attivazione. </div><div class=\"t m0 x0 h2 y441 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _5\"></span>riferimento <span class=\"_ _5\"></span>ai <span class=\"_ _6\"></span>Professional, <span class=\"_ _2\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>sostanziale <span class=\"_ _5\"></span>continuit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _6\"></span>il <span class=\"_ _5\"></span>Piano <span class=\"_ _6\"></span>LE<span class=\"_ _2\"></span>COIP <span class=\"_ _5\"></span>2.0, <span class=\"_ _5\"></span>\u00e8<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>stato <span class=\"_ _5\"></span>strutturato <span class=\"_ _5\"></span>un <span class=\"_ _6\"></span>piano <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>retention </div><div class=\"t m0 x0 h32 y442 ff4 fs0 fc0 sc0 ls0 ws0\">denominato  \u201cLECOIP  3.0\u201d  con <span class=\"_ _1d\"> </span>lo  scopo  d<span class=\"_ _3\"></span>i  proseguire  nell\u2019opera  di  r<span class=\"_ _3\"></span>afforzamento  dell\u2019identificazi<span class=\"_ _0\"></span>one  e <span class=\"_ _1d\"> </span>dello  spirito  di </div><div class=\"t m0 x0 h2 y443 ff1 fs0 fc0 sc0 ls0 ws0\">appartenenza del pers<span class=\"_ _0\"></span>onale, in coerenz<span class=\"_ _0\"></span>a con la cultura orga<span class=\"_ _0\"></span>nizzativa inclusiva d<span class=\"_ _0\"></span>el Gr<span class=\"_ _3\"></span>uppo. </div><div class=\"t m0 x0 h2 y444 ff1 fs0 fc0 sc0 ls0 ws0\">Il Piano LECOIP 3.0 \u00e8 <span class=\"_ _0\"></span>assegnato in Certifi<span class=\"_ _0\"></span>cates emessi da JP M<span class=\"_ _0\"></span>organ, ovvero strumen<span class=\"_ _0\"></span>ti finanziari basati su a<span class=\"_ _0\"></span>zioni, e prevede:<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 y479 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019attribuzione</span> <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>azioni <span class=\"_ _2\"></span>ordinarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>nuova <span class=\"_ _2\"></span>emissione <span class=\"_ _2\"></span>r<span class=\"_ _3\"></span>ivenienti <span class=\"_ _3\"></span>da <span class=\"_ _2\"></span>u<span class=\"_ _3\"></span>n <span class=\"_ _2\"></span>aumento <span class=\"_ _2\"></span>gratuito <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _2\"></span>(Free </span></div><div class=\"t m0 x2a h2 y47a ff1 fs0 fc0 sc0 ls22 ws0\">Sh<span class=\"ff4 ls0\">are) <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>un <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>mmontare <span class=\"_ _3\"></span>pari <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ll\u2019anticipo <span class=\"_ _3\"></span>sul <span class=\"_ _2\"></span>Premio <span class=\"_ _3\"></span>Variabile <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Risultato <span class=\"_ _3\"></span>maturato <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>l\u2019anno <span class=\"_ _3\"></span>2022 <span class=\"_ _2\"></span>(ferma <span class=\"_ _2\"></span>restando <span class=\"_ _3\"></span>la </span></div><div class=\"t m0 x2a h2 y47b ff1 fs0 fc0 sc0 ls0 ws0\">facolt\u00e0 <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>dipendente <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>richiedere <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>tale <span class=\"_ _2\"></span>anticipo <span class=\"_ _5\"></span>gli <span class=\"_ _2\"></span>venga <span class=\"_ _2\"></span>corrisposto <span class=\"_ _2\"></span>per <span class=\"_ _5\"></span>cassa <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>quindi <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>aderire <span class=\"_ _2\"></span>al <span class=\"_ _5\"></span>LECOIP<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 y47c ff1 fs0 fc0 sc0 ls0 ws0\">3.0);  </div><div class=\"t m0 x0 h2 yd1 ff7 fs0 fc0 sc0 ls0 ws0\">\u2212<span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff4\">l\u2019assegnaz</span>ione gratuita di <span class=\"_ _0\"></span>ulteriori azioni a fronte del medesim<span class=\"_ _0\"></span>o aumento gratuito di capital<span class=\"_ _0\"></span>e (Matching Share) in funzio<span class=\"_ _0\"></span>ne </span></div><div class=\"t m0 x2a h2 yd2 ff1 fs0 fc0 sc0 ls0 ws0\">del <span class=\"_ _3\"></span>ruolo <span class=\"_ _2\"></span>ricoperto <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>della <span class=\"_ _3\"></span>seniority <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _3\"></span>sottoscrizione, <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>determinate <span class=\"_ _3\"></span>proporzioni <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ispetto <span class=\"_ _3\"></span>alle <span class=\"_ _3\"></span>azioni <span class=\"_ _2\"></span>gratuite <span class=\"_ _3\"></span>ricevute,<span class=\"_ _5\"></span> <span class=\"_ _2\"></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 x2a h2 yd3 ff1 fs0 fc0 sc0 ls0 ws0\">azioni <span class=\"_ _4\"> </span>ordinarie <span class=\"_ _7\"> </span>Intesa <span class=\"_ _7\"> </span>Sanpaolo <span class=\"_ _7\"> </span>di <span class=\"_ _4\"> </span>nuova <span class=\"_ _7\"> </span>emissione <span class=\"_ _7\"> </span>rivenienti <span class=\"_ _4\"> </span>da <span class=\"_ _4\"> </span>u<span class=\"_ _3\"></span>n <span class=\"_ _7\"> </span>aumento <span class=\"_ _4\"> </span>di <span class=\"_ _7\"> </span>capitale <span class=\"_ _4\"> </span>a <span class=\"_ _7\"> </span>pa<span class=\"_ _3\"></span>gamento <span class=\"_ _4\"> </span>riservato <span class=\"_ _4\"> </span>a<span class=\"_ _3\"></span>i </div><div class=\"t m0 x2a h2 yd4 ff1 fs0 fc0 sc0 ls0 ws0\">dipendenti, a un prezz<span class=\"_ _35\"></span>o<span class=\"_ _3\"></span> di emissione scont<span class=\"_ _0\"></span>ato rispetto al valore d<span class=\"_ _0\"></span>i mercato (Azioni Sc<span class=\"_ _0\"></span>ontate).<span class=\"_ _3\"></span> </div><div class=\"t m0 x0 h2 yd5 ff1 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _5\"></span>Certificates <span class=\"_ _5\"></span>riflettono <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>termini <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>alcune <span class=\"_ _5\"></span>opzioni <span class=\"_ _5\"></span>aventi<span class=\"_ _2\"></span> <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>sottostante <span class=\"_ _5\"></span>azioni <span class=\"_ _2\"></span>ord<span class=\"_ _3\"></span>inarie <span class=\"_ _2\"></span>Intesa <span class=\"_ _5\"></span>Sanpaolo <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>consentono <span class=\"_ _5\"></span>al </div><div class=\"t m0 x0 h2 yd6 ff1 fs0 fc0 sc0 ls0 ws0\">dipendente <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>ricevere <span class=\"_ _3\"></span>alla <span class=\"_ _3\"></span>scadenza, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>alvo <span class=\"_ _3\"></span>il <span class=\"_ _2\"></span>verificarsi <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>determinati <span class=\"_ _3\"></span>eventi, <span class=\"_ _3\"></span>un <span class=\"_ _2\"></span>ammontare <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ontanti <span class=\"_ _3\"></span>(o <span class=\"_ _2\"></span>in <span class=\"_ _3\"></span>azioni <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rdin<span class=\"_ _5\"></span>arie </div><div class=\"t m0 x0 h2 yb72 ff1 fs0 fc0 sc0 ls0 ws0\">Intesa <span class=\"_ _1c\"> </span>Sanpa<span class=\"_ _0\"></span>olo) <span class=\"_ _1c\"> </span>pari <span class=\"_ _18\"> </span>al <span class=\"_ _1c\"> </span>valore <span class=\"_ _1c\"> </span>di <span class=\"_ _18\"> </span>mercato <span class=\"_ _1c\"> </span>originario<span class=\"_ _35\"></span> <span class=\"_ _1c\"> </span>delle<span class=\"_ _3\"></span> <span class=\"_ _1c\"> </span><span class=\"ff4\">Free <span class=\"_ _1c\"> </span>Shares <span class=\"_ _18\"> </span>e <span class=\"_ _1c\"> </span>delle <span class=\"_ _1c\"> </span>Matching <span class=\"_ _18\"> </span>Shares, <span class=\"_ _1c\"> </span>pi\u00f9 <span class=\"_ _18\"> </span>l<span class=\"_ _3\"></span>\u2019eventuale<span class=\"_ _35\"></span> </span></div><div class=\"t m0 x0 h32 yd8 ff4 fs0 fc0 sc0 ls0 ws0\">apprezzamento, <span class=\"_ _2\"></span>rispetto <span class=\"_ _5\"></span>al <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>alore <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _5\"></span>originario, <span class=\"_ _2\"></span>connesso <span class=\"_ _5\"></span>all\u2019ammontare <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Free <span class=\"_ _5\"></span>Shares, <span class=\"_ _5\"></span>Matching <span class=\"_ _5\"></span>Shares <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Azioni<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 yd9 ff1 fs0 fc0 sc0 ls0 ws0\">Scontate.  </div><div class=\"t m0 x0 h2 yda ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _17\"> </span>casi <span class=\"_ _17\"> </span>residuali, <span class=\"_ _17\"> </span>l\u2019ammontare <span class=\"_ _17\"> </span>sar\u00e0 <span class=\"_ _17\"> </span>liquidato <span class=\"_ _17\"> </span>secondo <span class=\"_ _17\"> </span>specifici <span class=\"_ _17\"> </span>schemi<span class=\"_ _3\"></span><span class=\"ff1\"> <span class=\"_ _18\"> </span>di <span class=\"_ _17\"> </span>incasso <span class=\"_ _17\"> </span>che <span class=\"_ _17\"> </span>prevedono <span class=\"_ _17\"> </span>il <span class=\"_ _17\"> </span>differimento <span class=\"_ _17\"> </span>e <span class=\"_ _18\"> </span>il </span></div><div class=\"t m0 x0 h2 ydb ff1 fs0 fc0 sc0 ls0 ws0\">riconoscimento di <span class=\"_ _3\"></span>parte d<span class=\"_ _3\"></span>el p<span class=\"_ _3\"></span>remio in <span class=\"_ _3\"></span>strumenti <span class=\"_ _3\"></span>finanziari. Tali <span class=\"_ _3\"></span>schemi sono <span class=\"_ _3\"></span>differenziati <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>funzione del <span class=\"_ _3\"></span>cluster <span class=\"_ _3\"></span>di popolaz<span class=\"_ _5\"></span>ione </div><div class=\"t m0 x0 h2 ydc ff1 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _2\"></span>appartenenza <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>maturazione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>premio <span class=\"_ _2\"></span>nonch\u00e9 <span class=\"_ _2\"></span>de<span class=\"_ _3\"></span>ll'amm<span class=\"_ _0\"></span>ontare <span class=\"_ _2\"></span>della <span class=\"_ _2\"></span>remuner<span class=\"_ _2\"></span>azione <span class=\"_ _2\"></span>variabile <span class=\"_ _2\"></span>complessiva <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>della <span class=\"_ _2\"></span>sua </div><div class=\"t m0 x0 h2 y275 ff1 fs0 fc0 sc0 ls0 ws0\">incidenza rispetto all<span class=\"_ _0\"></span>a remunerazione fis<span class=\"_ _0\"></span>sa. </div><div class=\"t m0 x0 h32 y4fe ff4 fs0 fc0 sc0 ls0 ws0\">I <span class=\"_ _6\"> </span>Piani <span class=\"_ _6\"> </span>Performance <span class=\"_ _6\"></span>Share <span class=\"_ _6\"></span>Plan <span class=\"_ _5\"></span>e <span class=\"_ _6\"> </span>L<span class=\"_ _3\"></span>ECOIP <span class=\"_ _5\"></span>3.0 <span class=\"_ _6\"> </span>sono <span class=\"_ _4\"> </span>stati <span class=\"_ _5\"></span>sottoposti <span class=\"_ _6\"> </span>all\u2019approvazione <span class=\"_ _5\"></span>dell<span class=\"_ _3\"></span>\u2019Assemblea <span class=\"_ _5\"></span>ordinaria <span class=\"_ _6\"></span>dei <span class=\"_ _6\"></span>soci <span class=\"_ _6\"></span>del </div><div class=\"t m0 x0 h2 y4ff ff1 fs0 fc0 sc0 ls10 ws0\">29<span class=\"ls0\"> aprile 2022.<span class=\"_ _0\"></span>  </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-238.4422px;\"><div class=\"t m0 x0 h2 y4 ff1 fs0 fc0 sc0 ls0 ws0\">La <span class=\"_ _1d\"> </span>parte  straordinaria <span class=\"_ _1d\"> </span>della  ste<span class=\"_ _3\"></span>ssa <span class=\"_ _1d\"> </span>Assemblea  ha <span class=\"_ _1d\"> </span>deliberato  in <span class=\"_ _1d\"> </span>merito <span class=\"_ _1d\"> </span>al  conferimento <span class=\"_ _1d\"> </span>di  una <span class=\"_ _1d\"> </span>delega <span class=\"_ _1d\"> </span>al <span class=\"_ _1d\"> </span>Consigli<span class=\"_ _0\"></span>o <span class=\"_ _1d\"> </span>di </div><div class=\"t m0 x0 h2 y5 ff4 fs0 fc0 sc0 ls0 ws0\">Amministrazione ad aum<span class=\"_ _0\"></span>entare il capitale socia<span class=\"_ _0\"></span>le ai sensi dell\u2019a<span class=\"_ _0\"></span>rt. 2443 del codice civi<span class=\"_ _0\"></span>le, funzionale all\u2019attu<span class=\"_ _0\"></span>azione dei Pia<span class=\"_ _2\"></span><span class=\"ff1\">ni. </span></div><div class=\"t m0 x0 h2 y6 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _3\"></span>21 <span class=\"_ _2\"></span>giugno 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>Consiglio <span class=\"_ _3\"></span>di <span class=\"_ _3\"></span>Amministr<span class=\"_ _3\"></span><span class=\"ff4\">azione <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>ISP <span class=\"_ _3\"></span>ha <span class=\"_ _3\"></span>esercitato <span class=\"_ _2\"></span>la d<span class=\"_ _3\"></span>elega <span class=\"_ _3\"></span>conferitagli <span class=\"_ _3\"></span>dall\u2019Assemble<span class=\"_ _0\"></span>a <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>gli <span class=\"_ _3\"></span>aumenti <span class=\"_ _3\"></span>di </span></div><div class=\"t m0 x0 h2 y61 ff4 fs0 fc0 sc0 ls0 ws0\">capitale a favore dei <span class=\"_ _0\"></span>dipendenti del Gr<span class=\"_ _0\"></span>uppo funzionali all\u2019attu<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>zione del Pi<span class=\"_ _0\"></span>ano LECOIP 3.0 2022<span class=\"_ _3\"></span><span class=\"ff1\">-2025.  </span></div><div class=\"t m0 x0 h2 y62 ff1 fs0 fc0 sc0 ls0 ws0\">Entrambi i piani di incentivaz<span class=\"_ _0\"></span>ione a lungo termine in ogg<span class=\"_ _35\"></span>e<span class=\"_ _3\"></span>tto (Piano<span class=\"_ _3\"></span> Performance Share e LECOIP 3.0) rientrano nel perim<span class=\"_ _0\"></span>etro </div><div class=\"t m0 x0 h32 y63 ff4 fs0 fc0 sc0 ls0 ws0\">di <span class=\"_ _4\"> </span>applicazione <span class=\"_ _4\"> </span>dell\u2019IFRS <span class=\"_ _7\"> </span>2 <span class=\"_ _4\"> </span>e <span class=\"_ _4\"> </span>sono <span class=\"_ _7\"> </span>qualificabili <span class=\"_ _4\"> </span>come <span class=\"_ _4\"> </span>operazioni <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>pagamento <span class=\"_ _4\"> </span>basato <span class=\"_ _4\"> </span>su <span class=\"_ _7\"> </span>azioni <span class=\"_ _4\"> </span>regolate <span class=\"_ _4\"> </span>con <span class=\"_ _7\"> </span>strumenti<span class=\"_ _0\"></span> </div><div class=\"t m0 x0 h2 y64 ff4 fs0 fc0 sc0 ls0 ws0\">rappresentativi di ca<span class=\"_ _0\"></span>pitale (c.d. piani \u201cequity<span class=\"ff1\">-</span>settled\u201d). <span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y65 ff1 fs0 fc0 sc0 ls0 ws0\">Con <span class=\"_ _1d\"> </span>riferimento <span class=\"_ _1d\"> </span>al <span class=\"_ _17\"> </span>Piano <span class=\"_ _17\"> </span>Performance <span class=\"_ _1d\"> </span>Share, <span class=\"_ _17\"> </span>alla <span class=\"_ _1d\"> </span>data <span class=\"_ _17\"> </span>di <span class=\"_ _1d\"> </span>asse<span class=\"_ _3\"></span>gnazione  v<span class=\"_ _3\"></span>iene <span class=\"_ _1d\"> </span>calcolato <span class=\"_ _1d\"> </span>il <span class=\"_ _17\"> </span>fair <span class=\"_ _1d\"> </span>value <span class=\"_ _17\"> </span>degli <span class=\"_ _1d\"> </span>strumenti </div><div class=\"t m0 x0 h2 y66 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentativi <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>capitale <span class=\"_ _6\"></span>oggetto <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>el <span class=\"_ _5\"></span>Piano. <span class=\"_ _6\"></span>Il <span class=\"_ _6\"></span>Piano <span class=\"_ _6\"></span>prevede <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>presenza <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>condizioni <span class=\"_ _5\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _6\"></span>servizio <span class=\"_ _5\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _6\"></span>di <span class=\"_ _5\"></span>per<span class=\"_ _3\"></span>formance <span class=\"_ _5\"></span>delle </div><div class=\"t m0 x0 h2 y67 ff1 fs0 fc0 sc0 ls0 ws0\">quali <span class=\"_ _4\"> </span>occorre <span class=\"_ _7\"> </span>tener <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _4\"> </span>determinare <span class=\"_ _4\"> </span>il <span class=\"_ _7\"> </span>numero <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>az<span class=\"_ _3\"></span>ioni <span class=\"_ _4\"> </span>per <span class=\"_ _4\"> </span>la<span class=\"_ _3\"></span> <span class=\"_ _4\"> </span>valorizzazione <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Piano. <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"> </span>stime </div><div class=\"t m0 x0 h2 y68 ff4 fs0 fc0 sc0 ls0 ws0\">saranno <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ggetto <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>revisione <span class=\"_ _2\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>dell\u2019Accrual <span class=\"_ _2\"></span>Period <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>fino <span class=\"_ _5\"></span>alla <span class=\"_ _5\"></span>scadenza. <span class=\"_ _5\"></span>Ulteriorm<span class=\"_ _0\"></span>ente, <span class=\"_ _2\"></span>ne<span class=\"_ _3\"></span>lla <span class=\"_ _2\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>fair<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h2 y69 ff1 fs0 fc0 sc0 ls0 ws0\">value del Piano, occ<span class=\"_ _0\"></span>orre tener conto dell<span class=\"_ _0\"></span>a<span class=\"_ _3\"></span> <span class=\"ff4\">presenza di con<span class=\"_ _0\"></span>dizioni di performance <span class=\"_ _0\"></span>di \u201cmercato\u201d.<span class=\"ff1\"> </span></span></div><div class=\"t m0 x0 h32 y6a ff4 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _4\"> </span>costo <span class=\"_ _6\"> </span>del <span class=\"_ _4\"> </span>Piano, <span class=\"_ _6\"> </span>cos\u00ec <span class=\"_ _4\"> </span>definito, <span class=\"_ _6\"> </span>\u00e8 <span class=\"_ _4\"> </span>imputato <span class=\"_ _6\"> </span>a <span class=\"_ _4\"> </span>conto <span class=\"_ _6\"> </span>e<span class=\"_ _3\"></span>conomico <span class=\"_ _6\"> </span>(come <span class=\"_ _6\"> </span>costo <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>lavoro) <span class=\"_ _6\"></span>pro <span class=\"_ _6\"> </span>ra<span class=\"_ _3\"></span>ta <span class=\"_ _4\"> </span>temporis<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span>lungo <span class=\"_ _6\"> </span>l\u2019Accrual </div><div class=\"t m0 x0 h2 y6b ff1 fs0 fc0 sc0 ls0 ws0\">Period <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>beneficio, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>contropartita <span class=\"_ _2\"></span>ad <span class=\"_ _5\"></span>una <span class=\"_ _2\"></span>specifica <span class=\"_ _5\"></span>riserva <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Patrimonio <span class=\"_ _2\"></span>Net<span class=\"_ _2\"></span>to. <span class=\"_ _2\"></span>Al <span class=\"_ _5\"></span>verificarsi <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>eventi <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>he <span class=\"_ _2\"></span>comportano </div><div class=\"t m0 x0 h2 y6c ff1 fs0 fc0 sc0 ls0 ws0\">per i <span class=\"_ _3\"></span>dipendenti la perdita <span class=\"_ _3\"></span>del diritto ai benefici de<span class=\"_ _3\"></span>l Piano (obiettivi di p<span class=\"_ _3\"></span>erformance, condizioni di attivazione e <span class=\"_ _3\"></span>venir me<span class=\"_ _5\"></span>no <span class=\"_ _3\"></span>della </div><div class=\"t m0 x0 h2 y6d ff1 fs0 fc0 sc0 ls0 ws0\">permanenza <span class=\"_ _3\"></span>in <span class=\"_ _2\"></span>servizio), <span class=\"_ _2\"></span>qualora <span class=\"_ _2\"></span>vi <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>necessit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>adeguare <span class=\"_ _3\"></span>la <span class=\"_ _2\"></span>stima <span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>edentemente <span class=\"_ _2\"></span>effettuata, <span class=\"_ _3\"></span>ISP <span class=\"_ _2\"></span>modifica <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>costo <span class=\"_ _2\"></span>del </div><div class=\"t m0 x0 h2 y6e ff1 fs0 fc0 sc0 ls0 ws0\">Piano a fronte di un <span class=\"_ _0\"></span>adeguamento del Patrim<span class=\"_ _0\"></span>onio Netto.  </div><div class=\"t m0 x0 h2 y6f ff1 fs0 fc0 sc0 ls0 ws0\">Per quanto riguarda il <span class=\"_ _3\"></span>Piano LECOIP 3.0, <span class=\"_ _3\"></span>alla data d<span class=\"_ _3\"></span>i assegnazione viene calcolato il fair v<span class=\"_ _3\"></span>alue degli strumenti rappresentativi<span class=\"_ _35\"></span> </div><div class=\"t m0 x0 h2 y70 ff1 fs0 fc0 sc0 ls0 ws0\">di capitale o<span class=\"_ _3\"></span>ggetto del <span class=\"_ _3\"></span>Piano (equivale<span class=\"_ _0\"></span>nte alla somma <span class=\"_ _3\"></span>del fair value d<span class=\"_ _3\"></span>elle azioni assegnate gratuitamente e dal <span class=\"_ _3\"></span>fair value dello </div><div class=\"t m0 x0 h2 y71 ff1 fs0 fc0 sc0 ls0 ws0\">sconto per le azioni <span class=\"_ _0\"></span>a pagamento) e non pi<span class=\"_ _0\"></span>\u00f9 modificato.  </div><div class=\"t m0 x0 h2 y72 ff1 fs0 fc0 sc0 ls0 ws0\">Il <span class=\"_ _5\"></span>Piano <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>revede <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _3\"></span>resenza <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>condizioni <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>servizio <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>performance <span class=\"_ _2\"></span>non <span class=\"_ _5\"></span>di <span class=\"_ _5\"></span>mercato <span class=\"_ _3\"></span>(<span class=\"_ _3\"></span>i <span class=\"_ _2\"></span>t<span class=\"_ _5\"></span>rigger <span class=\"_ _2\"></span>event), <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>cui <span class=\"_ _2\"></span>occorre <span class=\"_ _2\"></span>tener </div><div class=\"t m0 x0 h2 y73 ff1 fs0 fc0 sc0 ls0 ws0\">conto <span class=\"_ _4\"> </span>al <span class=\"_ _7\"> </span>fine <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>d<span class=\"_ _3\"></span>eterminare <span class=\"_ _4\"> </span>il <span class=\"_ _4\"> </span>nu<span class=\"_ _3\"></span>mero <span class=\"_ _4\"> </span>di <span class=\"_ _4\"> </span>azioni <span class=\"_ _7\"> </span>per <span class=\"_ _4\"> </span>la <span class=\"_ _7\"> </span>valorizzazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>costo <span class=\"_ _7\"> </span>del <span class=\"_ _4\"> </span>Piano. <span class=\"_ _7\"> </span>Tali <span class=\"_ _4\"></span>stime <span class=\"_ _4\"> </span>saranno <span class=\"_ _7\"> </span>oggetto <span class=\"_ _4\"></span>di </div><div class=\"t m0 x0 h2 y74 ff1 fs0 fc0 sc0 ls0 ws0\">revisione <span class=\"_ _5\"></span>nel <span class=\"_ _5\"></span>corso <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>vesting <span class=\"_ _5\"></span>period <span class=\"_ _5\"></span>e <span class=\"_ _6\"></span>fino <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>lla <span class=\"_ _5\"></span>scadenza. <span class=\"_ _5\"></span>Il <span class=\"_ _5\"></span>costo <span class=\"_ _5\"></span>del <span class=\"_ _5\"></span>Piano, <span class=\"_ _5\"></span>cos\u00ec <span class=\"_ _5\"></span>definito, <span class=\"_ _5\"></span>\u00e8 <span class=\"_ _7\"> </span>imputato <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>conto <span class=\"_ _5\"></span>economico </div><div class=\"t m0 x0 h2 y75 ff1 fs0 fc0 sc0 ls0 ws0\">(come <span class=\"_ _4\"></span>costo <span class=\"_ _4\"></span>del <span class=\"_ _6\"></span>lavoro) <span class=\"_ _4\"> </span>pro <span class=\"_ _4\"> </span>rata <span class=\"_ _4\"> </span>temporis <span class=\"_ _4\"></span>lungo <span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>periodo <span class=\"_ _4\"></span>di <span class=\"_ _6\"></span>maturazione <span class=\"_ _4\"> </span>del <span class=\"_ _4\"> </span>beneficio, <span class=\"_ _4\"></span>in <span class=\"_ _6\"></span>contropartita <span class=\"_ _4\"></span>ad <span class=\"_ _4\"></span>una <span class=\"_ _6\"></span>specifica </div><div class=\"t m0 x0 h2 y76 ff1 fs0 fc0 sc0 ls0 ws0\">riserva di Patrimonio N<span class=\"_ _0\"></span>etto.  </div><div class=\"t m0 x0 h2 y77 ff1 fs0 fc0 sc0 ls0 ws0\">Al <span class=\"_ _3\"></span>v<span class=\"_ _3\"></span>erificarsi <span class=\"_ _3\"></span>degli <span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>venti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>comportano <span class=\"_ _3\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>perdita <span class=\"_ _2\"></span>del <span class=\"_ _3\"></span>d<span class=\"_ _5\"></span>iritto <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>benefici <span class=\"_ _3\"></span>del <span class=\"_ _2\"></span>LECOIP <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>.0. <span class=\"_ _2\"></span>Certificate <span class=\"_ _3\"></span>(trigger </div><div class=\"t m0 x0 h2 y78 ff4 fs0 fc0 sc0 ls0 ws0\">events <span class=\"_ _3\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>enir <span class=\"_ _2\"></span>meno <span class=\"_ _3\"></span>della <span class=\"_ _2\"></span>permanenza <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>servizio) <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>iscrive <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3\"></span>finanziaria <span class=\"_ _2\"></span>(il <span class=\"_ _2\"></span>credito <span class=\"_ _3\"></span>ced<span class=\"_ _5\"></span><span class=\"ff1\">uto </span></div><div class=\"t m0 x0 h2 y79 ff1 fs0 fc0 sc0 ls0 ws0\">rappresentativo <span class=\"_ _3\"></span>dei <span class=\"_ _5\"></span>Certificat<span class=\"_ _0\"></span>e) <span class=\"_ _2\"></span>in <span class=\"_ _5\"></span>contropartita <span class=\"_ _3\"></span>al <span class=\"_ _2\"></span>Patrimonio <span class=\"_ _2\"></span>Netto. <span class=\"_ _6\"></span>In <span class=\"_ _2\"></span>particolare, <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Certificate <span class=\"_ _2\"></span>iscritti <span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>el <span class=\"_ _2\"></span>bilancio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Gruppo </div><div class=\"t m0 x0 h2 y7a ff4 fs0 fc0 sc0 ls0 ws0\">sono <span class=\"_ _2\"></span>classificati, <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _3\"></span>ssequio <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>previsioni <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9<span class=\"_ _3\"></span>, <span class=\"_ _2\"></span>alla <span class=\"_ _2\"></span>voce <span class=\"_ _5\"></span>20.c) <span class=\"_ _2\"></span>\u201cAttivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>valutate<span class=\"_ _5\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span>a<span class=\"_ _3\"></span>l <span class=\"_ _2\"></span>fair </span></div><div class=\"t m0 x0 h2 y7b ff1 fs0 fc0 sc0 ls0 ws0\">value <span class=\"_ _4\"> </span>con <span class=\"_ _4\"></span>impatto <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>conto <span class=\"_ _4\"></span>economico: <span class=\"_ _4\"></span>Altre <span class=\"_ _6\"></span>a<span class=\"_ _3\"></span>ttivit\u00e0 <span class=\"_ _4\"></span>finanzi<span class=\"_ _3\"></span><span class=\"ff4\">arie <span class=\"_ _4\"> </span>obbligatoriamente <span class=\"_ _6\"> </span>valutate <span class=\"_ _4\"> </span>al <span class=\"_ _4\"> </span>fair <span class=\"_ _4\"> </span>value\u201d. <span class=\"_ _4\"> </span>Contestualmente,<span class=\"_ _0\"></span> </span></div><div class=\"t m0 x0 h2 y7c ff1 fs0 fc0 sc0 ls0 ws0\">qualora <span class=\"_ _2\"></span>vi <span class=\"_ _5\"></span>sia <span class=\"_ _5\"></span>necessit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>adeguare <span class=\"_ _5\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _3\"></span>tima <span class=\"_ _2\"></span>precedentemente <span class=\"_ _2\"></span>effettuata, <span class=\"_ _5\"></span>viene <span class=\"_ _5\"></span>modificato<span class=\"_ _0\"></span> <span class=\"_ _5\"></span>il <span class=\"_ _2\"></span>c<span class=\"_ _3\"></span>osto <span class=\"_ _2\"></span>del <span class=\"_ _5\"></span>Piano <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>fronte <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>un </div><div class=\"t m0 x0 h2 y7d ff1 fs0 fc0 sc0 ls0 ws0\">adeguamento del Patrim<span class=\"_ _0\"></span>onio Netto. </div><div class=\"t m0 x0 h2 y7e ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y7f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h24 y80 ff5 fs0 fc2 sc0 ls0 ws0\">B. INFORMAZIONI DI NATURA<span class=\"_ _35\"></span> QUANTITATIVA </div><div class=\"t m0 x0 h24 y81 ff5 fs0 fc2 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y82 ffa fs0 fc2 sc0 ls0 ws0\">Evoluzione dei piani di inc<span class=\"_ _0\"></span>entivazione annuali ba<span class=\"_ _0\"></span>sati su strumenti finanzi<span class=\"_ _0\"></span>ari nel 2022 </div><div class=\"t m0 x0 h2 y3f7 ff1 fs0 fc2 sc0 ls0 ws0\"> </div></div><div class=\"c w447 hab\" style=\"left:290.8546px; bottom:240.8548px;\"><div class=\"t m0 xa5 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Numero </div><div class=\"t m0 x40 h59 y85a ff5 fs17 fc2 sc0 ls37 ws0\">di<span class=\"ls0\"> </span></div><div class=\"t m0 x10a h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">azioni </div></div><div class=\"c w3b1 hab\" style=\"left:384.6366px; bottom:240.8548px;\"><div class=\"t m0 x94 h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Prezzo me<span class=\"_ _35\"></span>d<span class=\"_ _3\"></span>io </div><div class=\"t m0 xe h59 y85a ff5 fs17 fc2 sc0 ls0 ws0\">di eserciz<span class=\"_ _0\"></span>io  </div><div class=\"t m0 x10a h59 y747 ff5 fs17 fc2 sc0 ls0 ws0\">(euro) </div></div><div class=\"c w357 hab\" style=\"left:477.92462px; bottom:240.8548px;\"><div class=\"t m0 x3e h59 y859 ff5 fs17 fc2 sc0 ls0 ws0\">Vita Resi<span class=\"_ _0\"></span>dua </div></div><div class=\"c w61a h81\" style=\"left:-4.050377px; bottom:220.4188px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _0\"></span> esistenti al<span class=\"_ _0\"></span> 31 dicembr<span class=\"_ _0\"></span>e 2021 </div></div><div class=\"c w447 h81\" style=\"left:290.8546px; bottom:220.4188px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">22.529.826<span class=\"_ _0\"></span> </div></div><div class=\"c w3b1 h81\" style=\"left:384.6366px; bottom:220.4188px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w357 h81\" style=\"left:477.92462px; bottom:220.4188px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2022/2026<span class=\"_ _35\"></span> </div></div><div class=\"c w61a h42\" style=\"left:-4.050377px; bottom:204.81879px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _0\"></span> assegnati<span class=\"_ _0\"></span> nel corso del<span class=\"_ _35\"></span>l'esercizio (a) </div></div><div class=\"c w447 h42\" style=\"left:290.8546px; bottom:204.81879px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">29.523.155<span class=\"_ _0\"></span> </div></div><div class=\"c w3b1 h42\" style=\"left:384.6366px; bottom:204.81879px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w357 h42\" style=\"left:477.92462px; bottom:204.81879px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2022/2027<span class=\"_ _35\"></span> </div></div><div class=\"c w61a h42\" style=\"left:-4.050377px; bottom:189.21881px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _0\"></span> non pi\u00f9 at<span class=\"_ _0\"></span>tribuibili (b) </div></div><div class=\"c w447 h42\" style=\"left:290.8546px; bottom:189.21881px;\"><div class=\"t m0 x9c h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">154.176 </div></div><div class=\"c w3b1 h42\" style=\"left:384.6366px; bottom:189.21881px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61a h42\" style=\"left:-4.050377px; bottom:173.6188px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _0\"></span> vested nel co<span class=\"_ _35\"></span>rso dell'esercizio <span class=\"_ _0\"></span>e attribuiti </div></div><div class=\"c w447 h42\" style=\"left:290.8546px; bottom:173.6188px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">24.615.984<span class=\"_ _0\"></span> </div></div><div class=\"c w3b1 h42\" style=\"left:384.6366px; bottom:173.6188px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w61a h42\" style=\"left:-4.050377px; bottom:158.0188px;\"><div class=\"t m0 x41 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">Strumenti <span class=\"_ _0\"></span>finanziari e<span class=\"_ _35\"></span>s<span class=\"_ _3\"></span>istenti al 31<span class=\"_ _35\"></span> <span class=\"_ _3\"></span>dicembre 2<span class=\"_ _35\"></span>022 </div></div><div class=\"c w447 h42\" style=\"left:290.8546px; bottom:158.0188px;\"><div class=\"t m0 x99 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">27.282.821<span class=\"_ _0\"></span> </div></div><div class=\"c w3b1 h42\" style=\"left:384.6366px; bottom:158.0188px;\"><div class=\"t m0 x35 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w357 h42\" style=\"left:477.92462px; bottom:158.0188px;\"><div class=\"t m0 x8d h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">2023/2027<span class=\"_ _35\"></span> </div></div><div class=\"c w61a h42\" style=\"left:-4.050377px; bottom:142.4188px;\"><div class=\"t m0 x12 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">di cui: ves<span class=\"_ _0\"></span>ted ed attribui<span class=\"_ _35\"></span>t<span class=\"_ _3\"></span>i al 31<span class=\"_ _0\"></span> dicembre 2022<span class=\"_ _0\"></span> </div></div><div class=\"c w447 h42\" style=\"left:290.8546px; bottom:142.4188px;\"><div class=\"t m0 x35 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w3b1 h42\" style=\"left:384.6366px; bottom:142.4188px;\"><div class=\"t m0 x35 h104 y335 ff2 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w357 h42\" style=\"left:477.92462px; bottom:142.4188px;\"><div class=\"t m0 x65 h46 y335 ff1 fs17 fc2 sc0 ls0 ws0\">- </div></div><div class=\"c w1c hc6\" style=\"left:-4.050377px; bottom:112.77881px;\"><div class=\"t m0 x41 h2c y6ff ff1 fse fc2 sc0 ls9 ws0\">(a) Comprensivi delle azioni rivenienti da <span class=\"_ _3\"></span>Operazioni Societarie.<span class=\"_ _3\"></span><span class=\"ls0\"> </span></div></div><div class=\"c w1c h115\" style=\"left:-4.050377px; bottom:94.526794px;\"><div class=\"t m0 x41 h2c y6e4 ff1 fse fc2 sc0 ls9 ws0\">(b) Azioni non pi\u00f9 consegnabili ai benefici<span class=\"_ _3\"></span>ari a seguito del <span class=\"ls0\">venir meno<span class=\"_ _3\"></span> del relativo rapporto di lavoro <span class=\"_ _3\"></span>e/o per effetto dell'applica<span class=\"_ _3\"></span>zione delle c.d. malus condition.<span class=\"_ _3\"></span> </span></div></div><div class=\"c w2 h0\" style=\"left:-83.03438px; bottom:-238.4422px;\"><div class=\"t m0 x0 h61 yda9 ff1 fs1c fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 yb8f ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h2 y50 ff4 fs0 fc0 sc0 ls0 ws0\">In <span class=\"_ _5\"></span>aggiunta <span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>le <span class=\"_ _5\"></span>azioni <span class=\"_ _5\"></span>sopra <span class=\"_ _5\"></span>indicate, <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>conformit\u00e0 <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>le <span class=\"_ _6\"> </span>Disposizioni <span class=\"_ _5\"></span>di <span class=\"_ _6\"></span>Banca <span class=\"_ _2\"></span>d<span class=\"_ _3\"></span>\u2019Italia <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>tema <span class=\"_ _5\"></span>di <span class=\"_ _6\"> </span>remunerazioni <span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>con <span class=\"_ _6\"> </span>le<span class=\"_ _5\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 x0 h32 ye72 ff4 fs0 fc0 sc0 ls0 ws0\">Politiche <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Remunerazione <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>Incentivazione <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>Gruppo, <span class=\"_ _5\"></span>nel <span class=\"_ _2\"></span>corso <span class=\"_ _5\"></span>dell\u2019anno <span class=\"_ _2\"></span>2022 <span class=\"_ _5\"></span>sono <span class=\"_ _5\"></span>state <span class=\"_ _2\"></span>assegnate <span class=\"_ _5\"></span>512.540 <span class=\"_ _2\"></span>azioni <span class=\"_ _5\"></span>con </div><div class=\"t m0 x0 h2 y52 ff1 fs0 fc0 sc0 ls0 ws0\">riferimento <span class=\"_ _4\"></span>ai <span class=\"_ _4\"></span>compensi <span class=\"_ _4\"></span>riconosciuti <span class=\"_ _6\"></span>in <span class=\"_ _4\"> </span>occasione <span class=\"_ _4\"></span>della <span class=\"_ _4\"></span>cessazione <span class=\"_ _6\"></span>anticipata <span class=\"_ _4\"></span>del <span class=\"_ _4\"> </span>rapporto <span class=\"_ _6\"></span>d<span class=\"_ _3\"></span>i <span class=\"_ _4\"> </span>lavoro <span class=\"_ _4\"> </span>(c.d. <span class=\"_ _4\"> </span>Severance). <span class=\"_ _6\"></span>Tali </div><div class=\"t m0 x0 h2 yb91 ff1 fs0 fc0 sc0 ls0 ws0\">azioni, attribuite in u<span class=\"_ _0\"></span>n orizzonte di tem<span class=\"_ _0\"></span>po pluriennale, hann<span class=\"_ _0\"></span>o una vita residua c<span class=\"_ _0\"></span>ompresa tra nove<span class=\"_ _0\"></span>mbre 2022 e ottobre 2<span class=\"_ _0\"></span>026.<span class=\"_ _2\"></span> </div><div class=\"t m0 x0 h2 y54 ff1 fs0 fc0 sc0 ls0 ws0\"> </div><div class=\"t m0 x0 h95 y55 ffa fs0 fc2 sc0 ls0 ws0\"> <span class=\"_ _9\"> </span> </div></div>Dettaglio per vita residu<span class=\"_ _0\"></span>a Vita resi<span class=\"_ _0\"></span>dua (a) Numero di<span class=\"ls0\"> </span>azioni 2023<span class=\"ls0\"> </span>6.046.025<span class=\"_ _0\"></span> 2024<span class=\"ls0\"> </span>9.834.313<span class=\"_ _0\"></span> 2025<span class=\"ls0\"> </span>5.920.481<span class=\"_ _0\"></span> 2026<span class=\"ls0\"> </span>3.845.713<span class=\"_ _0\"></span> 2027<span class=\"ls0\"> </span>1.636.289<span class=\"_ _0\"></span> (a) Fine retention period<span class=\"ls0\"> </span>Evoluzione degli strument<span class=\"_ _0\"></span>i a lungo termine ba<span class=\"_ _0\"></span>sati su azioni: POP<span class=\"_ _0\"></span>, LECOIP 2.0, Performance Share Plan (PSP<span class=\"_ _0\"></span>) e LECOIP 3.0 PERFORMANCE-BASED OPTION PLAN (POP)    <span class=\"ls0\">Opzioni POP a </span>luglio 2018 (a) Opzioni POP al 31.12.2021                 <span class=\"ls0\">Opzioni POP al 31.12.2022 </span>Numero opzioni  POP Fair value medio unitario Numero opzioni  POP Fair value medio unitario di cui: Opzioni POP ristrutturate al 07.06.2021 Numero opzioni  POP - variazioni dell'esercizio (b) Numero opzioni  POP  Fair value medio unitario di cui: Opzioni POP ristrutturate al 07.06.2021 Numero opzioni  POP  Fair value medio unitario Numero opzioni  POP  Fair value medio unitario Totale Beneficiari (Top Management, Risk Takers and Key Managers) 517.066.285 0,3098 477.580.743 - 370.862.202 0,0819 -39.407 370.822.795 - 370.822.795 - (a) Numero di opzioni POP e relativo fair value medio assegnate in data 11 luglio 2018 ai b<span class=\"_ _0\"></span>eneficiari (Top Management, Risk T<span class=\"_ _3\"></span>aker e Manager Strategici). (b) <span class=\"_ _3\"></span>Numero di <span class=\"_ _3\"></span>opzioni <span class=\"_ _3\"></span>POP ristru<span class=\"_ _3\"></span>tturate per <span class=\"_ _3\"></span>cui \u00e8 <span class=\"_ _3\"></span>previsto <span class=\"_ _3\"></span>il <span class=\"_ _3\"></span>subentro di <span class=\"_ _3\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo nei <span class=\"_ _3\"></span>diritti <span class=\"_ _3\"></span>che <span class=\"_ _3\"></span>sarebbero stati r<span class=\"_ _3\"></span>iconosciuti ai <span class=\"_ _3\"></span>dipendenti <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fronte del <span class=\"_ _3\"></span>mancato <span class=\"_ _3\"></span>rispetto della permanenza in servizio e altre condizioni di maturazione. PIANO LECOIP 2.0          Free Shares          a luglio 2018        Matching Shares  a luglio 2018       Azioni scontate  a luglio 2018       Azioni Sell to cover  a luglio 2018 (a) Numero totale azioni assegnate  a luglio 2018 Numero LECOIP Certificates al 31.12.2021 Variazioni dell'esercizio (c) Numero  LECOIP  Certificates al<span class=\"ls0\"> </span>31.12.2022 Fair value  medio al<span class=\"ls0\"> </span>31.12.2022 Numero di azioni  Fair value medio unitario Numero di azioni  Fair value medio unitario Numero di azioni  Fair value medio unitario (b) Numero di azioni  Fair value medio unitario Totale Dipendenti 25.147.152 2,4750 47.411.243 2,4750 507.908.765 0,3771 96.595.275 2,5416 677.062.435 67.626.889 -2.931.290 - - (a) Azioni assegnate destin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te a coprire l'esbors<span class=\"_ _0\"></span>o relativo all'imposizione fiscale a carico del <span class=\"_ _0\"></span>dipendente. (b) Fair value dello scont<span class=\"_ _0\"></span>o di sottoscrizione. (c) <span class=\"_ _3\"></span>Num<span class=\"_ _3\"></span>ero <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Certificates <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>subentro <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _2\"></span>Sanpaolo <span class=\"_ _3\"></span>nei <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>sarebbero <span class=\"_ _3\"></span>stati <span class=\"_ _2\"></span>riconosciuti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>i <span class=\"_ _5\"></span>dipendenti <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ronte <span class=\"_ _3\"></span>dei <span class=\"_ _2\"></span>Certificates <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>erivante <span class=\"_ _3\"></span>dal <span class=\"_ _2\"></span>mancato <span class=\"_ _3\"></span>rispetto <span class=\"_ _2\"></span>della condizione di permanenza in<span class=\"_ _0\"></span> servizio e altre condi<span class=\"_ _0\"></span>zioni di maturazione. PERFORMANCE SHARE PLAN (PSP) Numero Performance Share a giugno 2022 (a) Variazioni dell'esercizio (b)     <span class=\"ls0\">Numero Performance </span>Share al 31.12.2022 Fair value unitario Totale Beneficiari (tutto il Management, ivi incluso il Consigliere Delegato e CEO, i restanti Risk Taker Apicali di Gruppo e gli altri Risk Taker del Gruppo - perimetro Italia e estero) 150.774.451 -1.552.971 149.221.480 0,9979 (a) Numero di Performance Share assegnate in data 30 giugno 2022 ai beneficiari (tutto il Management, ivi incluso il Consiglier<span class=\"_ _3\"></span>e Delegato e CEO, i restanti Risk Taker Apicali di Gruppo e gli altri Risk Taker del Gruppo - perimetro Italia e estero). (b) Numero di Performance Share che non verranno riconosciute ai dipendenti a fronte del mancato rispetto della permanenza in<span class=\"_ _3\"></span> servizio o altre condizioni di maturazione. PIANO LECOIP 3.0          Free Shares              a giugno 2022        Matching Shares        a giugno 2022       Azioni scontate         a giugno 2022       Azioni Sell to cover  a giugno 2022 (a) Numero totale azioni assegnate  a giugno 2022 Numero LECOIP Certificates a giugno 2022 Variazioni dell'esercizio (c) Numero  LECOIP  Certificates al<span class=\"ls0\"> </span>31.12.2022 Fair value  medio al<span class=\"ls0\"> </span>31.12.2022 Numero di azioni  Fair value medio unitario Numero di azioni  Fair value medio unitario Numero di azioni  Fair value medio unitario (b) Numero di azioni  Fair value medio unitario Totale Dipendenti 33.745.462 1,7800 39.591.828 1,7800 386.972.658 0,3409 86.662.710 1,7800 546.972.658 73.337.290 -536.380 72.800.910 3,6670 (a) Azioni assegnate destin<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>te a coprire l'esbors<span class=\"_ _0\"></span>o relativo all'imposizione fisc<span class=\"_ _35\"></span>a<span class=\"_ _3\"></span>le a carico del dip<span class=\"_ _0\"></span>endente.<span class=\"_ _3\"></span> (b) Fair value dello scont<span class=\"_ _0\"></span>o di sottoscrizione. (c) <span class=\"_ _3\"></span>Num<span class=\"_ _3\"></span>ero <span class=\"_ _3\"></span>di <span class=\"_ _2\"></span>Certificates <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>\u00e8 <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>subentro <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>Intesa <span class=\"_ _3\"></span>Sanpaolo <span class=\"_ _2\"></span>nei <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>iritti <span class=\"_ _3\"></span>che <span class=\"_ _2\"></span>sarebbero <span class=\"_ _2\"></span>stati <span class=\"_ _3\"></span>ricono<span class=\"_ _3\"></span>sciuti <span class=\"_ _3\"></span>ai <span class=\"_ _2\"></span>dipendenti <span class=\"_ _3\"></span>a <span class=\"_ _2\"></span>fronte <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>Certificates <span class=\"_ _3\"></span>derivante <span class=\"_ _3\"></span>da<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mancato <span class=\"_ _2\"></span>rispetto <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>lla condizione di permanenza in<span class=\"_ _0\"></span> servizio e altre condi<span class=\"_ _0\"></span>zioni di maturazione. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:2W8N8UU78PMDQKZENC08",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-937": {
   "value": "Parte L<span class=\"ff5\"> <span class=\"ff6\">\u2013</span> </span>Informativa di se<span class=\"_ _3\"></span>ttore<span class=\"_ _3\"></span> Distribuzione per settori di attivit\u00e0: dati economici (a) (milioni di euro) Voci Banca dei Territori IMI Corporate &amp; Investment Banking International Subsidiary Banks Private Banking Asset Management Insurance Centro di<span class=\"ls0\"> </span>Governo (b) Totale Interessi netti 3.957 2.132 1.592 419<span class=\"ls0\"> </span>- - 1.400 9.500 Commissioni nette 4.744 1.156 574<span class=\"ls0\"> </span>1.980 913<span class=\"ls0\"> </span>3 -<span class=\"ls1c\">451</span> 8.919 Risultato dell'attivit\u00e0 assicurativa - - - - - 1.616 89<span class=\"ls0\"> </span>1.705 Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie al fair value  120<span class=\"ls0\"> </span>1.047 129<span class=\"ls0\"> </span>60<span class=\"ls0\"> </span>-<span class=\"ls1c\">21</span> - 43<span class=\"ls0\"> </span>1.378 Altri proventi (oneri) operativi netti -8 -2 -<span class=\"ls1c\">68</span> 16<span class=\"ls0\"> </span>70<span class=\"ls0\"> </span>-<span class=\"ls1c\">12</span> -<span class=\"ls1c\">28</span> -<span class=\"ls1c\">32</span> Proventi operativi netti 8.813 4.333 2.227 2.475 962<span class=\"ls0\"> </span>1.607 1.053 21.470 Spese del personale -3.430 -<span class=\"ls1c\">528</span> -<span class=\"ls1c\">573</span> -<span class=\"ls1c\">486</span> -<span class=\"ls1c\">110</span> -<span class=\"ls1c\">148</span> -1.467 -6.742 Spese amministrative -2.964 -<span class=\"ls1c\">870</span> -<span class=\"ls1c\">431</span> -<span class=\"ls1c\">354</span> -<span class=\"ls1c\">106</span> -<span class=\"ls1c\">217</span> 2.030 -2.912 Ammortamento immobilizzazioni immateriali e materiali -3 -<span class=\"ls1c\">20</span> -<span class=\"ls1c\">114</span> -<span class=\"ls1c\">81</span> -6 -<span class=\"ls1c\">20</span> -1.036 -1.280 Costi operativi -6.397 -1.418 -1.118 -<span class=\"ls1c\">921</span> -<span class=\"ls1c\">222</span> -<span class=\"ls1c\">385</span> -<span class=\"ls1c\">473</span> -10.934 Risultato della gestione operativa 2.416 2.915 1.109 1.554 740<span class=\"ls0\"> </span>1.222 580<span class=\"ls0\"> </span>10.536 Rettifiche di valore nette su crediti -1.238 -1.564 -<span class=\"ls1c\">345</span> -<span class=\"ls1c\">12</span> - - 46<span class=\"ls0\"> </span>-3.113 Altri accantonamenti netti e rettifiche di valore nette su altre attivit\u00e0    -<span class=\"ls1c\">68</span> -<span class=\"ls1c\">131</span> -<span class=\"ls1c\">20</span> 13<span class=\"ls0\"> </span>- 90<span class=\"ls0\"> </span>-<span class=\"ls1c\">165</span> -<span class=\"ls1c\">281</span> Altri proventi (oneri) netti 11<span class=\"ls0\"> </span>- 35<span class=\"ls0\"> </span>- - 8 148<span class=\"ls0\"> </span>202<span class=\"ls0\"> </span>Utile (Perdita) delle attivit\u00e0 operative cessate - - - - - - - - Risultato corrente lordo 1.121 1.220 779<span class=\"ls0\"> </span>1.555 740<span class=\"ls0\"> </span>1.320 609<span class=\"ls0\"> </span>7.344 Imposte sul reddito -<span class=\"ls1c\">375</span> -<span class=\"ls1c\">519</span> -<span class=\"ls1c\">191</span> -<span class=\"ls1c\">444</span> -<span class=\"ls1c\">184</span> -<span class=\"ls1c\">347</span> 1 -2.059 Oneri di integrazione e incentivazione all'esodo (al netto delle imposte) -<span class=\"ls1c\">42</span> -<span class=\"ls1c\">21</span> -<span class=\"ls1c\">44</span> -<span class=\"ls1c\">37</span> -1 -<span class=\"ls1c\">14</span> 19<span class=\"ls0\"> </span>-<span class=\"ls1c\">140</span> Effetti economici dell'allocazione dei costi di acquisizione (al netto delle imposte) -<span class=\"ls1c\">32</span> - - -<span class=\"ls1c\">21</span> -4 -<span class=\"ls1c\">65</span> -<span class=\"ls1c\">89</span> -<span class=\"ls1c\">211</span> Tributi ed altri oneri riguardanti il sistema bancario (al netto delle imposte) -<span class=\"ls1c\">214</span> - -<span class=\"ls1c\">40</span> -<span class=\"ls1c\">21</span> - - -<span class=\"ls1c\">301</span> -<span class=\"ls1c\">576</span> Rettifiche di valore <span class=\"ff4\">dell\u2019avviamento e delle </span>altre attivit\u00e0 intangibili (al netto delle imposte) - - - - - - - - Utile (Perdita) del periodo di pertinenza di terzi 13<span class=\"ls0\"> </span>1 - 2 -1 -<span class=\"ls1c\">24</span> 5 -4 Risultato netto 2022 471<span class=\"ls0\"> </span>681<span class=\"ls0\"> </span>504<span class=\"ls0\"> </span>1.034 550<span class=\"ls0\"> </span>870<span class=\"ls0\"> </span>244<span class=\"ls0\"> </span>4.354 Risultato netto 2021 316<span class=\"ls0\"> </span>2.247 463<span class=\"ls0\"> </span>1.076 787<span class=\"ls0\"> </span>712<span class=\"ls0\"> </span>-1.416 4.185 (a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. (b) Al Centro di Governo sono ricondotte le elisioni infrasettoriali. In  applicazione  del <span class=\"_ _1d\"> </span>principio  contabile  IFRS  15,  in<span class=\"_ _3\"></span>  particolare  dei  paragrafi <span class=\"_ _1d\"> </span>114  e  115  c<span class=\"_ _3\"></span>he  richiedono  di <span class=\"_ _1d\"> </span>illustrare  la disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>cavi <span class=\"_ _2\"></span>provenienti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>contratti <span class=\"_ _2\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _5\"></span>clienti, <span class=\"_ _2\"></span>vengono <span class=\"_ _5\"></span>di <span class=\"_ _2\"></span>seguito <span class=\"_ _5\"></span>esposte <span class=\"_ _2\"></span>le <span class=\"_ _5\"></span>commissioni <span class=\"_ _2\"></span>at<span class=\"_ _3\"></span>tive <span class=\"_ _2\"></span>e <span class=\"_ _5\"></span>passiv<span class=\"_ _5\"></span><span class=\"lsc\">e </span>per settore di attivit\u00e0. (milioni di euro)<span class=\"ls0\"> </span>Voci (a)<span class=\"ls0\"> </span>Banca<span class=\"ls0\"> </span>dei<span class=\"ls0\"> </span>Territori IMI Corporate &amp; Investment Banking<span class=\"ls0\"> </span>International<span class=\"ls0\"> </span>Subsidiary<span class=\"ls0\"> </span>Banks<span class=\"ls0\"> </span>Private<span class=\"ls0\"> </span>Banking<span class=\"ls0\"> </span>Asset<span class=\"ls0\"> </span>Management<span class=\"ls0\"> </span>Insurance<span class=\"ls0\"> </span>Centro<span class=\"ls0\"> </span>di<span class=\"ls0\"> </span>Governo<span class=\"ls0\"> </span>(b)<span class=\"ls0\"> </span>Totale Garanzie rilasciate<span class=\"ls0\"> </span>97<span class=\"ls0\"> </span>326<span class=\"ls0\"> </span>45<span class=\"ls0\"> </span>2 - - 2 472<span class=\"ls0\"> </span>Servizi di incasso e pagame<span class=\"_ _3\"></span>nto<span class=\"ls0\"> </span>438<span class=\"ls0\"> </span>125<span class=\"ls0\"> </span>197<span class=\"ls0\"> </span>6 - - 1 767<span class=\"ls0\"> </span>Conti correnti<span class=\"ls0\"> </span>1.198<span class=\"ls0\"> </span>33<span class=\"ls0\"> </span>145<span class=\"ls0\"> </span>10<span class=\"ls0\"> </span>- - - 1.386<span class=\"ls0\"> </span>Servizio Bancomat e carte di<span class=\"_ _3\"></span> credito<span class=\"ls0\"> </span>587<span class=\"ls0\"> </span>4 263<span class=\"ls0\"> </span>17<span class=\"ls0\"> </span>- - - 871<span class=\"ls0\"> </span>Attivit\u00e0 bancaria commerciale<span class=\"_ _3\"></span><span class=\"ls0\"> </span>2.320<span class=\"ls0\"> </span>488<span class=\"ls0\"> </span>650<span class=\"ls0\"> </span>35<span class=\"ls0\"> </span>- - 3 3.496<span class=\"ls0\"> </span>Intermediazione e <span class=\"ls0\">collocamento titoli<span class=\"_ _3\"></span> </span>1.233<span class=\"ls0\"> </span>220<span class=\"ls0\"> </span>18<span class=\"ls0\"> </span>275<span class=\"ls0\"> </span>337<span class=\"ls0\"> </span>- -<span class=\"ls28\">1.083</span> 1.000<span class=\"ls0\"> </span>Intermediazione valute<span class=\"ls0\"> </span>5 2 4 3 - - 2 16<span class=\"ls0\"> </span>Gestioni patrimoniali<span class=\"_ _3\"></span><span class=\"ls0\"> </span>100<span class=\"ls0\"> </span>2 27<span class=\"ls0\"> </span>1.883<span class=\"ls0\"> </span>1.914<span class=\"ls0\"> </span>- -<span class=\"ls28\">271</span> 3.655<span class=\"ls0\"> </span>Distribuzione prodotti assicurativi<span class=\"_ _3\"></span><span class=\"ls0\"> </span>877<span class=\"ls0\"> </span>- 32<span class=\"ls0\"> </span>678<span class=\"ls0\"> </span>- 3 -3 1.587<span class=\"ls0\"> </span>Altre commissioni <span class=\"ls26\">intermediazione / </span>gestione<span class=\"ls0\"> </span>218<span class=\"ls0\"> </span>31<span class=\"ls0\"> </span>11<span class=\"ls0\"> </span>188<span class=\"ls0\"> </span>- - -<span class=\"ls28\">13</span> 435<span class=\"ls0\"> </span>Attivit\u00e0 di gestione, intermediazione e consulenza<span class=\"ls0\"> </span>2.433<span class=\"ls0\"> </span>255<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>3.027<span class=\"ls0\"> </span>2.251<span class=\"ls0\"> </span>3 -<span class=\"ls28\">1.368</span> 6.693<span class=\"ls0\"> </span>Altre commissioni nette<span class=\"ls0\"> </span>328<span class=\"ls0\"> </span>597<span class=\"ls0\"> </span>92<span class=\"ls0\"> </span>25<span class=\"ls0\"> </span>181<span class=\"ls0\"> </span>- 42<span class=\"ls0\"> </span>1.265<span class=\"ls0\"> </span>Commissione attive<span class=\"ls0\"> </span>5.081<span class=\"ls0\"> </span>1.340<span class=\"ls0\"> </span>834<span class=\"ls0\"> </span>3.087<span class=\"ls0\"> </span>2.432<span class=\"ls0\"> </span>3 -<span class=\"ls28\">1.323</span> 11.454<span class=\"ls0\"> </span>Commissioni passive<span class=\"ls0\"> </span>-<span class=\"ls28\">337</span> -<span class=\"ls28\">184</span> -<span class=\"ls28\">260</span> -<span class=\"ls28\">1.107</span> -<span class=\"ls28\">1.519</span> - 872<span class=\"ls0\"> </span>-<span class=\"ls28\">2.535</span> Commissioni nette 2022<span class=\"ls0\"> </span>4.744<span class=\"ls0\"> </span>1.156<span class=\"ls0\"> </span>574<span class=\"ls0\"> </span>1.980<span class=\"ls0\"> </span>913<span class=\"ls0\"> </span>3 -<span class=\"ls28\">451</span> 8.919<span class=\"ls0\"> </span>Commissioni nette 2021<span class=\"ls0\"> </span>(dati rideterminati)<span class=\"ls0\"> </span>4.809<span class=\"ls0\"> </span>1.135<span class=\"ls0\"> </span>546<span class=\"ls0\"> </span>2.096<span class=\"ls0\"> </span>1.282<span class=\"ls0\"> </span>2 -<span class=\"ls28\">343</span> 9.527<span class=\"ls0\"> </span> (a)  Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione.  (b)  Al Centro di Governo sono ricondotte le elisioni infrasettoriali. Distribuzione per settore di attivit\u00e0: dati patrimoniali (a) (milioni di euro) Voci Banca dei Territori IMI Corporate &amp; Investment Banking International Subsidiary Banks Private Banking Asset Management Insurance Centro di<span class=\"ls0\"> </span>Governo (b) Totale Finanziamenti verso clientela 31.12.2022 247.522 132.927 40.212 15.104 282<span class=\"ls0\"> </span>- 10.807 446.854 31.12.2021 250.592 152.543 38.970 14.450 783<span class=\"ls0\"> </span>- 8.533 465.871 Raccolta diretta bancaria 31.12.2022 291.089 94.785 54.364 50.447 26<span class=\"ls0\"> </span>- 54.675 545.386 31.12.2021 291.697 94.844 51.504 55.895 21<span class=\"ls0\"> </span>- 63.287 557.248 (a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. (b) Al Centro di Governo sono ricondotte le elisioni infrasettoriali. Distribuzione per aree geografiche: dati economici (a) (milioni di euro)<span class=\"_ _3\"></span> Voci Italia Europa Resto del Mondo<span class=\"_ _3\"></span> Totale Interessi netti 7.013 1.806 681<span class=\"ls0\"> </span>9.500 Commissioni nette<span class=\"_ _3\"></span> 7.154 1.576 189<span class=\"ls0\"> </span>8.919 Risultato dell'attivit<span class=\"_ _3\"></span>\u00e0 assicurativa<span class=\"_ _3\"></span> 1.408 297<span class=\"ls0\"> </span>- 1.705 Risultato netto delle<span class=\"_ _3\"></span> attivit\u00e0 e passivi<span class=\"_ _3\"></span>t\u00e0 finanziarie al<span class=\"_ _3\"></span> fair value <span class=\"_ _3\"></span> 1.233 139<span class=\"ls0\"> </span>6 1.378 Altri proventi (one<span class=\"_ _3\"></span>ri) operativi netti<span class=\"_ _3\"></span> -<span class=\"ls1b\">92</span> 1 59<span class=\"ls0\"> </span>-<span class=\"ls1b\">32</span> Proventi operativi <span class=\"_ _3\"></span>netti 16.716 3.819 935<span class=\"ls0\"> </span>21.470 Spese del person<span class=\"_ _3\"></span>ale -5.848 -720 -174 -6.742 Spese amministrativ<span class=\"_ _3\"></span>e -2.347 -466 -<span class=\"ls1b\">99</span> -2.912 Ammortamento imm<span class=\"_ _3\"></span>obilizzazioni im<span class=\"_ _3\"></span>materiali e mat<span class=\"_ _3\"></span>eriali<span class=\"_ _3\"></span> -1.111 -138 -<span class=\"ls1b\">31</span> -1.280 Costi operativi<span class=\"_ _3\"></span> -9.306 -1.324 -304 -10.934 Risultato della <span class=\"_ _3\"></span>gestione operativa<span class=\"_ _3\"></span> 7.410 2.495 631<span class=\"ls0\"> </span>10.536 Rettifiche di valore <span class=\"_ _3\"></span>nette su credi<span class=\"_ _3\"></span>ti -1.936 -1.097 -<span class=\"ls1b\">80</span> -3.113 Altri accantonamen<span class=\"_ _3\"></span>ti netti e rettifiche<span class=\"_ _3\"></span> di valore nette s<span class=\"_ _3\"></span>u altre attivit\u00e0    -170 -118 7 -281 Altri proventi (one<span class=\"_ _3\"></span>ri) netti 173<span class=\"ls0\"> </span>30<span class=\"ls0\"> </span>-1 202<span class=\"ls0\"> </span>Utile (Perdita) delle <span class=\"_ _3\"></span>attivit\u00e0 opera<span class=\"_ _3\"></span>tive cessate<span class=\"_ _3\"></span> - - - - Risultato corrente <span class=\"_ _3\"></span>lordo 5.477 1.310 557<span class=\"ls0\"> </span>7.344 Imposte sul reddito<span class=\"_ _3\"></span> -1.599 -338 -122 -2.059 Oneri di integrazio<span class=\"_ _3\"></span>ne e incentivazion<span class=\"_ _3\"></span>e all'eso<span class=\"_ _3\"></span>do (al netto delle imposte) -<span class=\"ls1b\">88</span> -<span class=\"ls1b\">52</span> - -140 Effetti economici <span class=\"_ _3\"></span>dell'allocazione <span class=\"_ _3\"></span>dei costi di acq<span class=\"_ _3\"></span>uisizione (al netto delle impost<span class=\"_ _3\"></span>e) -213 2 - -211 Tributi ed altri oneri<span class=\"_ _3\"></span> riguardanti il sistem<span class=\"_ _3\"></span>a bancario<span class=\"_ _3\"></span> (al netto delle imposte) -508 -<span class=\"ls1b\">68</span> - -576 Rettifiche di valore <span class=\"_ _3\"></span>dell\u2019avviame<span class=\"_ _3\"></span>nto e delle altr<span class=\"_ _3\"></span>e attivit\u00e0 intangibili <span class=\"_ _3\"></span><span class=\"ff1\"> </span>(al<span class=\"ls0\"> netto delle im<span class=\"_ _3\"></span>poste) </span>- - - - Utile (Perdita) del p<span class=\"_ _3\"></span>eriodo di pertin<span class=\"_ _3\"></span>enza di terzi<span class=\"_ _3\"></span> 23<span class=\"ls0\"> </span>-1 -<span class=\"ls1b\">26</span> -4 Risultato netto 20<span class=\"_ _3\"></span>22 3.092 853<span class=\"ls0\"> </span>409<span class=\"ls0\"> </span>4.354 Risultato netto 20<span class=\"_ _3\"></span>21 2.023 1.714 448<span class=\"ls0\"> </span>4.185  (a)  Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. I <span class=\"_ _3\"></span>raggruppamenti per aree <span class=\"_ _3\"></span>geografiche sono <span class=\"_ _3\"></span>effettuati facendo riferimento alla <span class=\"_ _3\"></span>localizzazione delle entit\u00e0 <span class=\"_ _3\"></span>costituenti il <span class=\"_ _3\"></span>Gru<span class=\"_ _5\"></span>ppo. Le <span class=\"ls0\">Filiali <span class=\"_ _3\"></span>estere sono<span class=\"_ _3\"></span> indicate <span class=\"_ _3\"></span>con <span class=\"_ _3\"></span>riferimento al <span class=\"_ _3\"></span>Paese d<span class=\"_ _3\"></span>i <span class=\"_ _3\"></span>localizzazione delle fi<span class=\"_ _3\"></span>liali stesse. <span class=\"_ _3\"></span>Per <span class=\"_ _3\"></span>quanto <span class=\"_ _3\"></span>riguarda le <span class=\"_ _3\"></span>imposte <span class=\"_ _6\"></span>sul </span>reddito, dal <span class=\"_ _3\"></span>momento che Intesa <span class=\"_ _3\"></span>Sanpaolo non <span class=\"_ _3\"></span>ha esercitato <span class=\"_ _3\"></span>l\u2019opzione per il <span class=\"_ _3\"></span>regime di <span class=\"_ _3\"></span>esenzione del <span class=\"_ _3\"></span>reddito delle <span class=\"_ _3\"></span>filiali est<span class=\"_ _5\"></span><span class=\"ff1 ls10\">er<span class=\"lsc\">e </span></span>(c.d. Branch exemptio<span class=\"_ _0\"></span>n), i redditi di tali entit<span class=\"_ _0\"></span>\u00e0 vengono tassati a<span class=\"_ _0\"></span>nche in Italia. In  applicazione  del  principio<span class=\"_ _0\"></span>  contabile  IFRS  15,  in  particolare  dei  parag<span class=\"_ _0\"></span>rafi  114  e  115,  che  richiedono  di  illustrare  l<span class=\"_ _35\"></span>a disaggregazione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>ri<span class=\"_ _3\"></span>cavi <span class=\"_ _2\"></span>provenienti <span class=\"_ _2\"></span>dai <span class=\"_ _5\"></span>contrat<span class=\"_ _3\"></span>ti <span class=\"_ _5\"></span>con <span class=\"_ _5\"></span>i <span class=\"_ _2\"></span>clienti, <span class=\"_ _2\"></span>v<span class=\"_ _3\"></span>engono <span class=\"_ _2\"></span>di <span class=\"_ _5\"></span>seguito <span class=\"_ _2\"></span>esposte <span class=\"_ _5\"></span>le <span class=\"_ _5\"></span>commissioni <span class=\"_ _2\"></span>attive <span class=\"_ _5\"></span>e <span class=\"_ _2\"></span>passive per area geografica <span class=\"_ _0\"></span>di attivit\u00e0.<span class=\"fs9\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci Italia Europa Resto del Mondo<span class=\"_ _3\"></span> Totale Commissioni attiv<span class=\"_ _3\"></span>e 2022 11.329 3.088 237<span class=\"ls0\"> </span>14.654 2021 (Dati ridete<span class=\"_ _3\"></span>rminati) 12.154 3.422 222<span class=\"ls0\"> </span>15.798 Commissioni passiv<span class=\"_ _3\"></span>e 2022 -4.175 -1.512 -<span class=\"ls1b\">48</span> -5.735 2021 (Dati ridete<span class=\"_ _3\"></span>rminati) -4.410 -1.817 -<span class=\"ls1b\">44</span> -6.271 (a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. Distribuzione per aree geografiche: dati patrimoniali (a)<span class=\"_ _90\"> </span>(milioni di euro)<span class=\"_ _3\"></span> Voci Italia Europa Resto del Mondo<span class=\"_ _3\"></span> Totale Finanziamenti ver<span class=\"_ _3\"></span>so clientela 31.12.2022 365.428 63.173 18.253 446.854 31.12.2021 383.765 62.328 19.778 465.871 Raccolta diretta ba<span class=\"_ _3\"></span>ncaria 31.12.2022 466.841 71.010 7.535 545.386 31.12.2021 480.993 68.136 8.119 557.248 I raggruppamenti per aree geografiche sono effettuati facendo riferimento alla localizzazione<span class=\"_ _0\"></span> delle entit\u00e0 costituenti il <span class=\"_ _3\"></span>Gruppo. (a) Dati riferiti agli schemi riclassificati, come riportati nella Relazione sull'andamento della gestione. ",
   "dimensions": {
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  "fid-8a0f61da-5b5a-4325-9285-0a0cb2e2e65b": {
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